Full text of Survey of Current Business : October 1948
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OCTOBER 1948
SURVEY OF
rar
U. S. DEPARTMENT OF C O M M E R C E
B U R E A U OF F O R E I G N AND D O M E S T I C COMMERCE
DEPARTMENT OF COMMERCE
FIELD SERVICE
SURVEY
OF CURRENT BUSINESS
THE BUSINESS SITUATION
1
The Federal Fiscal Position
8
Plant and Equipment Expenditures
9
Employment Trends
10
*
*
Minneapolis 1, Minn.
125 S. Third St.
Mobile, Ala.
109-13 St. Joseph St.
New Orleans 12, La.
333 St. Charles Ave.
Charleston 3, S. C.
18 Broad St.
New York 1, N. Y.
350 Fifth Ave.
Cheyenne, Wyo.
304 Federal Office Bldg.
Oklahoma City 2, Okla.
102 NW. Third St.
Chicago 4, 111.
332 S. Michigan Are.
Cincinnati 2, Ohio
105 W. Fourth St.
Cleveland 14, Ohio
925 Euclid Ave.
*
SPECIAL ARTICLES
Dallas 2, Tex.
1114 Commerce St.
Retail Sales and Consumer Income
12
Public and Private Debt in 1947
20
*
*
MONTHLY BUSINESS STATISTICS . . . . S-l to S-40
. . .
Denver 2, Colo.
828 Seventeenth St.
Detroit 26, Mich.
230 W. Fort St.
*
NEW OR REVISED STATISTICAL SERIES . . . . 24
* * *
Statistical Index .
Boston 9, Mass.
2 India St.
Butte, Mont.
14 W. Granite St.
PAGE
Milwaukee l,Wis.
517 E. Wisconsin Ave.
Buffalo 3, N. Y.
117 Silicon St.
tents
Miami 32, Fla.
36 NE. First St.
Baltimore 2, Md.
103 S. Gay St.
OCTOBER 1948
Memphis 3, Tenn.
229 Federal Bldg.
Atlanta 1, Ga.
50 Whitehall St. SW.
No. 10
Albuquerque, N. Mex.
203 W. Gold Ave.
. Inside Back Cover
El Paso 7, Tex.
310 San Francisco St.
Omaha 2, Nebr.
1319 Farnam St,
Philadelphia 2, Pa.
42 S. Fifteenth St.
Phoenix 8, Ariz.
234 N. Central Ave.
Pittsburgh 19, Pa.
700 Grant St.
Portland 4, Oreg.
520 SW. Morrison St.
Providence 3, R. I.
24 Weybossett St.
Reno, Nev.
50 Sierra St.
Hartford 1, Conn.
135 High St.
Houston 14, Tex.
602 Federal Office Bldg,
Richmond 19, Va.
801 E. Broad St.
St. Louis 1, Mo.
1114 Market St.
Jacksonville 1, Fla.
311 W. Monroe St.
Published by the Department of Commerce, C H A R L E S S A W Y E R ,
Secretary. Office of Business Economics, M. JOSEPH MEEHAN, Acting
Director. Subscription price, including weekly statistical supplement, $3 a
year; Foreign $4. Single copy, 25 cents. Send remittances to any Department of Commerce Field Office or to the Superintendent of Documents,
United States Government Printing Office, Washington 25, D. C. Special
subscription arrangements, including changes of address, should be made
directly with the Superintendent of Documents.
Salt Lake City 1, Utah
350 S. Main St.
Kansas City 6, Mo.
911 Walnut St.
San Francisco 11, Calif.
555 Battery St.
Los Angeles 12, Calif.
312 North Spring St.
Savannah, Ga.
125-29 Bull St.
Louisville 1, Ky.
631 Federal Bldg.
Seattle 4, Wash.
909 First Ave.
For local telephone listing, consult section
devoted to U. S. Government
Make check payable to Treasurer of the United States.
P U B L I S H E D WITH THE A P P R O V A L OF THE D I R E C T O R OF THE B U D G E T (42 J. C. P.)
OCTOBER 1948
\I
Civilian employment has continued to climb
slowly- apart from seasonal influences....
I
%
*
^
MILLIONS OF PERSONS
1
1
40
'///////////////
!
1
30
I
1
S
I
S
1
S
1
1
" I
1
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.
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i ||
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WSM
i
l
M
10
-
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0
1939
41
**
45
«$
2
ANNUAL AVERAGES
°
50
•1
•1
» I
1947
1948
„ I
^
MONTHLY DATA
^
as nonmanufacturing employment
showed further gains....
INDEX, 1945 = 100
I
1
|
|
INDEX, 1945 = 100
120
120
8
°
| centering primarily in these
I industry groups.
INDEX, 1945 = 100
INDEX, 1945 = 1 0 0
200
140
140
_
GOVERNMENT^
A...
..>
..
i M II
1948
SOURCES OF DATA. CIVI
^MPLOYMENT, U. S. DEPARTMENT OF COMMERCE, BUREAU OF THE
CENSUS; INDEXES, U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS, BASED
UPON DATA OF THE U.S. DEPARTMENT OF LABOR, BUREAU OF LABOR STATISTICS.
§
1
U.S. DEPARTMENT .OF COMMERCE,
OFFICE OF BUSINESS ECONOMICS.,
^
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$$
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48-428^
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SITUATION
1
iii;•mz#xmmfmti&\ 0 SRicULTURAL^
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20
THE
1
1
-^
xf^-S
50
^
70
A
*
1
1
MILLIONS OF PERSONS
TOTAL Ci VI LI AN
EMPLOYMENT ^
60
|
|
By the Office of Business Economics
E<
ECONOMIC activity has rounded the Labor Day milestone and moved into the fall period with the usual seasonal
acceleration. Industrial output, construction, employment,
and sales all give evidence of a sustained high aggregate
volume of business. In the commodity markets, price
trends were more mixed than in the preceding months, with
industrial prices higher, and agricultural prices easing as the
harvests were gathered.
The dollar value of national output continued to move
ahead during the third quarter. The major part of this
advance was accounted for by rising prices although there
was some advance in output during this period. Most of
the increase in output went to consumers and to Government.
Consumers spent substantially more for durable goods,
particularly automobiles. The change in expenditures for
nondurable goods was small. Increased prices for various
services, including rent, resulted in larger service outlays.
Expenditures for producers' durable equipment were higher
than in the second quarter. The increase in all types of
construction, while only nominal, reflected a sustained high
volume in this field of activity.
The major elements contributing to the rise in Government purchases of goods and services were increased foreign
aid and increased pay rates effective at midyear. There
were also a moderate growth in Government employment
including the armed forces, more public construction, and a
decline in sales of Government surplus property—which are
deducted to arrive at net expenditures.
The net foreign investment was down substantially. The
excess of exports over imports was somewhat less than in the
second quarter. The major difference, however, was the
financing of a larger part of the net exports through Government aid instead of by loans.
Personal incomes were up in line with the higher value of
the gross national product. Increases in the compensation
of employees more than offset the decline in net income of
farm proprietors which resulted from lower prices received
by farmers and from less-than-seasonal increases in marketings.
Underlying the higher pay rolls were increased employment and rising wage rates. Wage increases which were
effective for only part of the second quarter enhanced thirdquarter employee earnings.
The quarter-to-quarter increase in consumer buying power
was also affected by the cut in personal income tax rates.
SUEVEY OF CURRENT BUSINESS
Lowered withholdings of wages and salaries at the new rates
were effective for only the last 2 months of the second
quarter.
Uptrend in Personal Incomes
The bottom left panel of chart 2 shows the extent of the
advance in the flow of personal incomes through August, the
latest month for which detailed statistics are available.
Personal incomes in August rose to 215 billion dollars at a
seasonally adjusted annual rate. This compares with the
second-quarter average of 209 billion dollars.
The sharp rise of 2.2 billions in personal incomes from
July to August was mainly centered in wage and salary disbursements, and was the result of higher wage rates and some
expansion in employment. Increased wage and salary disbursements were rather generally distributed among all industries, with the largest advances occurring in manufacturing, agriculture, trade, and the Federal Government.
Farm income declined in August as receipts from farm
marketings fell off after seasonal adjustment. Still, net
income of farm proprietors for the first 8 months of 1948 was
at an annual rate of 18.4 billion dollars, 18 percent above the
same period of last year. This increase reflects primarily
larger farm production this year than in 1947, when the corn
crop, particularly, was short. Income from farm marketings
was up by a considerably smaller percentage, but in 1947
part of the marketings reflected the flow of farm commodities
from inventories carried over from the preceding year. The
value of the inventories thus marketed is excluded from farm
income in order to show only that part earned from current
production. The increase in farm inventories indicated for
1948, upon the basis of bumper crops, is included in the
above estimates.
Since May, wage and salary disbursements have increased
from an annual rate of 129 billion to the 137-billion-dollar
rate in August. This movement in effect represents the
increase in total personal income for that period, since
changes in the other components of personal income have
been largely offsetting.
The following table presents estimates of personal income
for July and August 1948 and for the first 8 months of this
year in comparison with earlier periods:
Table 1.—Monthly Personal Income in the United States
[Seasonal adjusted annual rates in billions of dollars]
August
1948
July
1948
First 8 months Annual
average
1947
1948
1947
215.1
212.9
209.7
190.7
195.2
.
134.7
136.9
131.8
134.0
128. 5
130.6
117.9
120.0
120.1
122.2
Commodity -producing industries 1
Distributive industries 1
Service industries l _ _
. _ _. _
Government
61.4
39.5
16.5
19.5
60.0
39.0
16.2
18.8
58.6
38.1
15.7
18.2
53.4
34.2
15.0
17.4
54.6
35.0
15.1
17.4
Less employee contributions for social insurance
Other labor income __ _._ _ __ __ _ _.
Proprietors' and rental income
Personal interest income 2and dividends
Total transfer payments
2.2
2.1
50.3
17.1
10.9
2.2
2.1
51.0
17.0
11.0
2.1
2.0
51.1
16.8
11.3
2.1
1.8
45.1
15.2
10.7
2.1
1.8
46.0
15.6
11.7
191.9
23.2
189.3
23.6
186. 3
23.4
170.6
20.1
174.9
20.3
Total personal income
Wage and salary receipts, total
Total employer disbursements
Total nonagricultural income 3
Total agricultural income
1
"Commodity-producing industries" consists of agriculture, forestry and fisheries, mining,
contract construction, and manufacturing. "Distributive industries" consists of wholesale
and retail trade, transportation, and communications and public utilities. "Service industries" comprises finance, insurance, and real estate and services.
2
Consists mainly of payments to veterans, and social insurance and unemployment compensation payments.
3
Equals personal income exclusive of net income of unincorporated farm enterprises, farm
wages, agricultural net rents, agrocultural net interest, and net dividends paid by agricultural
corporations.
Source: U. S. Department of Commerce, Office of Business Economics.
October 1948
Rise in Wage Rates
The recent rise of wage rates reflects the spreading effects
of the "third round 77 wage settlement reached in the spring
and summer months. Increased weekly earnings for production workers in manufacturing were a result not only of
these wage adjustments but also a recovery in hours worked
in hard-goods manufacturing from the seasonal low in July.
Gross hourly earnings in the durable-goods industries rose
by about a cent and a half to $1.42 an hour from July to
August as compared with a rise of 1 cent in the soft-goods
group. Over the past year, hourly earnings have risen
approximately 11 cents an hour, or 9 percent, for all manufacturing. This compares with a 12.4-cent increase in the
preceding 12 months which covered for the most part the
period of the "second round 7 ' settlements.
Goods Flow in Large Volume in August
While indications as to the volume of business in September are clear, the latest comprehensive statistics now
available cover the month of August.
At the manufacturing stage, August sales recovered fully,
as shown in chart 3, from their seasonal dip in July. The
August rise of 1.5 billion dollars was twice as large as in
the same month last year and brought total manufacturers7
sales for the month up to 18.0 billion dollars or slightly
above the June figures. The primary factor was the rise
of nearly 1 billion dollars in shipments by the nondurablegoods industries. Virtually all soft lines participated but
the more-than-seasonal upswing in textile and apparel sales
was particularly noteworthy in view of the sharp drop in
July.
Sales by producers of durable goods in August were half a
billion dollars larger than in July. After allowing for
normal seasonal variation, the increase was larger than that
for nondurables. All major industry groups joined in the
rise with the basic metal-producing groups leading. Over
the 12 months between August 1947 and 1948, it is clear
from chart 3 that sales of durable goods have risen consistently at a faster rate than nondurables.
Wholesalers7 sales rose about 400 million dollars from July
to a total of 8.2 billions. The rise was distributed about
equally between durable and nondurable goods and was
somewhat larger than the July-August rise in recent years.
At retail, sales of all retail stores aggregated 10.7 billion
dollars in August. After adjustment for seasonal variation,
this represented a small improvement over the July sales
volume. The improvement was largely due to a much
better than seasonal rise in sales of durable-goods stores as
sales of nondurable-goods stores declined more than seasonally.
This rise in business sales volume during August was also
accompanied by an increase of 900 million dollars in stocks
of goods held by business firms. Of this total, the 500million-dollar increase in retail inventories and the 200million increase in manufacturers7 stocks were largely
seasonal in nature. After adjustment for seasonal effects,
the 100-million-dollar increase in inventories held by retail
building-materials and hardware dealers, and a somewhat
smaller rise in wholesale food stocks, were the only sizable
changes.
Upon comparison of August 1948 sales and inventories
with those of August 1947, it is seen that total business sales
were 4.7 billion dollars higher while total inventories were
6.7 billions larger. The larger gain in inventories compared
to sales was, with a few exceptions, a general occurrence.
Value of Construction at Peak
The value of new construction put in place in September
rose over August to exceed 1.8 billion dollars, which is 27 per-
SUEVEY OF CURRENT BUSINESS
October 1948
Chart 2.—Trends in Selected Business Indicators
INDEX, 1935 - 39 = 100
BILLIONS OF D O L L A R S
2.5
INDEX, 1 9 3 5 - 3 9 = 100
300
150
NEW CONSTRUCTION
ACTIVITY
INDUSTRIAL PRODUCTION
(SEASONALLY A D J U S T E D )
AGRICULTURAL PRODUCTION FOR
SALE AND HOME CONSUMPTION
(PRIVATE AND PUBLIC)
260
2.0
140
220
1.5
130
ALL •
180
COMMODITIES'
^
***
/
/
/
ALL LIVESTOCKS'
AND PRODUCTS
120
1.0
ALL CROPS
I 10
140
0
100
1946
1947
1948
1944
NEW PLANT AND EQUIPMENT
EXPENDITURES, EXCLUDING
AGRICULTURE
PERSONAL CONSUMPTION
EXPENDITURES
(SEASONALLY ADJUSTED QUARTERLY
TOTALS, AT ANNUAL RATES)
\
100
BILLIONS
2.0
B I L L I O N S OF D O L L A R S
8
B I L L I O N S OF DOLLARS
300
225
I I I I I I I i I 1 I I I I II I I I l I I I i I I I i i I I Ii i i
1946
1947
1948
1945
1946
I
1947
1948^
OF D O L L A R S
U.S. FOREIGN TRADE
_(TOTALS FOR THE QUARTER)
TOTAL EXPORTS
1.5
150
1.0
75
.5
1946
1947
1946
1948^
B I L L I O N S OF DOLLARS
250
BILLIONS
40
1947
1946
1948^
1947
1948
I N D E X , 1 9 3 5 - 3 9 = 100
OF D O L L A R S
260
PERSONAL INCOME
COMMERCIAL BANK LENDING ^
(SEASONALLY ADJUSTED MONTHLY TOTALS',
AT ANNUAL RATES)
(FEDERAL RESERVE WEEKLY REPORTING MEMBER
BANKS, WEDNESDAY NEAREST END OF MONTH)
225
PRICES
220
30
WHOLESALE
(ALL COMMODITIES)
200
20
180
175
10
140
CONSUMERS
Change in series
I I I I I I I I I I I I I i I I I I i i iI
150
1946
1947
1948
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS
1946
1947
1948
I I I I I I I 1 1 It
100
1946
1947
1948^
ECONOMICS.
1
Indexes are based upon preliminary crop indications as of August 1948 and estimated
marketings and home consumption of livestock and livestock products for the calendar year
1948.
2
Data for the third quarter of 1948 are preliminary estimates.
3
Data for the third quarter of 1948 are preliminary estimates, based upon anticipated
capital expenditures by business.
4
Data include commercial, industrial, and agricultural loans, real estate loans, and "other
loans" (largely consumer), but do not include security loans and loans to banks. Beginning
with June 30, 1948, individual loan items are reported gross, i. e., before deductions of valuation reserves, instead of net as previously. The latest figure plotted in the chart is for September 22, 1948.
' The wholesale price index for September 1948 was estimated by the U. S. Department of
Commerce, Office of Business Economics, and was based upon the movement indicated by
the weekly wholesale price index of the Bureau of Labor Statistics.
Sources of data: Industrial production and commercial bank lending, Board of Governors
of the Federal Reserve System; agricultural production, U. S. Department of Agriculture,
Bureau of Agricultural Economics; new plant and equipment expenditures, U. S. Department
of Commerce, Office of Business Economics and Securities and Exchange Commission;
foreign trade, U. S. Department of Commerce, Bureau of the Census; prices, U. S. Department of Labor, Bureau of Labor Statistics (wholesale price index was recomputed with 193539 as base by the Office of Business Economics); other series, U. S. Department of Commerce,
Office of Business Economics.
cent greater than the total for last September (see chart
2). In the first 9 months of this year the value of new work
has exceeded 13 billion dollars, in comparison with last year's
9-month total of 9.7 billion. Increased employment, shown
in the bottom panel of the chart on page 1, at higher wage
rates and a greater flow of building materials at advanced
prices have made possible this rise in value.
Housing Starts Fall in August
Some let-up in the high rate of residential starts occurred
in August as the total number of nonfarm dwelling units
begun fell to 83,000, a drop of 11,000 from the July total. In
the preceding 4 months new units started fluctuated at a
high rate between 94,000 and 99,000 (see table 2). While
SURVEY OF CURRENT BUSINESS
seasonal patterns have not been as uniform in the postwar as
in the prewar period, some seasonal drop from the recent high
figures was anticipated.
October 1948
extent than small-home starts. In the multifamily dwelling
field, FHA mortgage insurance has been of major importance;
over 60 percent of the private nonfarm multifamily dwelling
units started last year were financed under FHA's title VI
Table 2.—New Permanent Nonfarm Dwelling Units Started
program. The lapse of title VI authority resulted in the
complete cessation of applications for mortgage insurance
[Thousands]
on multifamily units during the period from May through
1948
1946
1947
August 10, since there were no applications under the
regular rental housing insurance program of title II. In
Month
Actual Cumula- Actual Cumula- Actual CumulaAugust multifamily applications totaled only 1,200 units, or
tive
tive
tive
only one-sixth of the number in August 1947. Rental units
started under FHA inspection dropped from 7,100 in July
52.6
January
52.6
37.5
37.5
39.3
39.3
102. 2
82.1
February
_ .
42.4
79.9
49.6
42.8
to 3,100 in August. It now seems likely that the gains in
177.3
March
75.1
62.0
141.9
56.0
138.1
205.2
276.1
April
98.8
67.0
208.9
67.1
FHA rental housing starts in 1948 over 1947 will be consid99.4
375.5
67.1
72.9
278.1
May
276.0
erably smaller than was suggested by the high rate of rental
471.5
77.2
355.3
64.1
96.0
340.1
June
565.5
62.6
436. 4
94.0
July
402.7
81.1
housing activity in the first half of this year, when almost
648.5
86.3
83.0
65.4
522.7
August
468.1
57 6
616.5
525.7
September
93.8
as many units were begun as were started in the entire year
710.5
94 0
57 8
October
583 5
of 1947.
790.2
631.2
November
47.7
79.7
39 3
849.0
December
670 5
58 8
Title VI authority to insure mortgages on multifamily
structures was extended by the new law through March 1949.
Source: U. S. Department of Labor, Bureau of Labor Statistics.
Mortgages may still be insured up to 90 percent of cost, but
the cost basis has been changed from "present day" costs
FHA Mortgage-Insurance Program Changes
to either "present day" costs or replacement costs as of
December 1947, whichever is lower. Costs on apartmentFactors bearing on recent housing developments were
house construction in large cities have risen about 7 percent
the lapse this spring in FHA's emergency authority to insure
since last December. To this extent, builders are likely to
mortgages and the passage by Congress in August of the
find themselves required to invest more of their own funds
Housing Act ol 1948. FHA's authority to insure mortgages
than was required before the new legislation became
on new small homes under title VI expired at the end of
effective.
April of this year and was not renewed in the new legislation.
Upon the basis of the above considerations, it seems
It was under title VI, added to the National Housing Act
probable that the expiration of the Government's emergency
early in 1941 and designed to cover houses built under
authority to insure home mortgages this spring and the
emergency conditions, that FHA carried on the bulk of its
transition to the new-housing legislation, which was enacted
new home-mortgage insuring operations in the war and postin August, have had a temporary retarding effect on midsumwar period. The importance of the title is illustrated by the
mer housing starts. It is too early to say what effect the
fact that in 1947 over 20 percent of all permanent nonnew-housing legislation will have on residential construction
farm dwelling units (exclusive of multifamily units) were
in the near future. Although financing terms under FHA's
begun under FHA inspection and of this proportion almost
regular mortgage-insurance program have now been liber90 percent were title VI units.
alized, small homebuilders and purchasers will now have
With the expiration of title VI, builders of small homes
their properties appraised under stricter standards than
still had recourse to FHA's regular insurance program under
prevailed under FHA's emergency-insurance program. On
title II. Applications under title II during the transition
the other hand, two provisions of the new law, namely the
months of May, June, and July were some 20 percent below
permissible increase in interest rates on Gl-home loans from
the number of applications filed under both titles in the same
4 to 4K percent and the expansion of the Governmentmonths of 1947. They were well below applications in the
supported secondary market for such loans, may possibly
first quarter of 1948, which were, however, exceptionally
increase the willingness of financial institutions to expand
high. Although most FHA offices at the end of April had
their lending under the Gl-home-loan program.
large backlogs of applications for small home mortgage insurance which had not materialized into starts, a small part of
the decline in total starts may be attributed to the falling-off
More Diversity in Commodity Markets
in FHA applications during the spring and early summer.
Another reason for the decline in August starts may have
Prices of industrial commodities, which have risen at an
been the uncertainty on the part of builders—both immediaccelerated rate since June, continued to advance in Septemately before and after the passage of the new law—as to the
ber. Sustained or increased demands, coupled with adsignificance of the legislation. The new act, designed to
vancing raw materials costs and wage rates and higher
stimulate home construction, represents in general a con- freight charges, have resulted in higher quotations for a
tinuation of the relatively easy credit terms which have been
broad list of manufactured goods. While the effects of
available to home builders and purchasers through FHA
these factors have not been pervasive throughout the price
mortgage insurance and the Veterans' Administration homestructure—particularly among the nondurables, as noted
loan guaranties. For small homes (one- to four-family units)
below—their net influence resulted in advancing the Bureau
the new law liberalizes the financing terms under FHA's
of Labor Statistics weekly wholesale price index of nonfarm,
regular insurance program, title II, laying primary emphasis
nonfood prices somewhat further above the August average.
on low-cost homes, but it abolishes the emergency program
The September rise, however, was offset by the decline of
under title VI. The emergency rental housing mortgagefarm product and food prices, leaving the index of all cominsurance program under title VI, however, is extended until
modity prices substantially unchanged from August.
next March.
Characteristic of the September forward move in industrial prices was the continued adjustment of manufactured
foods prices to the widespread advance (noted in the August
Rental Housing
URVEY) of industrial material prices in July and early
August. Price adjustments in September extended to a wide
The lapse of title VI authority between April and August
range of agricultural machinery and equipment (which inprobably affected multifamily housing starts to a greater
SUEVEY OF CUEEENT BUSINESS
October 1948
eluded a 9-percent advance in farm tractors), to radios, gas
stoves, and other home furnishings, and a number of commodities, such as pipe, storage batteries, and zinc products,
which reflected previous advances in nonferrous metals
prices.
In the farm and food sector, livestock and meat prices at
the end of September had recovered from the price dip that
occurred earlier in the month, although the trend was again
downward in early October as marketings increased seasonally. In grain prices the spring and summer decline, which
has characterized their movement since crop prospects improved, leveled out in September in most cases at the
approximate support-loan levels. In the case of the wheat
crop, September data showing the extent of support-loan
activity are not yet available, but about one-tenth of the
wheat crop had already been placed under loan or purchase
option by the beginning of September. Smaller fractions of
the other grain crops have been placed in this manner.
Futures prices on corn have been fluctuating at and just
under the loan level, reflecting the expectancy of the record
feed supply per grain-consuming animal, as discussed in the
September SURVEY.
The most distinctive feature of the current price advance
which began after the February 1948 downturn and which
has proceeded at an accelerated rate since June, has been the
shrinkage in the number of participating groups as compared
with the widespread advances of last year (see table 3).
From June 1947 to January 1948 the all-commodity index
advanced 12 percent, with all major price areas sharing in the
increase. Except for a 6-percent advance in textile-product
prices, all other groups increased close to or more than the
average rise. In the latest rise (which began in March 1948,
recovered to the previous peak in June, and accelerated
thereafter) the all-commodity advance was limited to 5
percent—chiefly because of the conflicting trends among the
price groups.
shoes, and textiles have not participated in the current price
advance. In the producer nondurable-goods segment,
prices of chemicals, drugs, and Pharmaceuticals have declined with the expansion of plant capacity, while those of
industrial fats and oils have receded in reaction to the
generally improved supply situation in all fats and oils.
Backlog Demands Support Price Pressure
Aside from foods, the main upward pull on the wholesale
price level has been exerted in those areas where backlog
demands continue strong, as in the metal products, building
materials, and other producer and consumer durable groups.
This tendency has been particularly evident in price developments since June, with almost the entire advance in
industrial prices concentrated in these areas. Recent
upward movements have brought these prices in line with
the general advance of industrial prices since 1939, although
these increases have been much less than those for farm
products and foods. As the postwar expansion of capital
equipment developed, metals and metal-products prices,
which had lagged behind the general price advance, picked
up momentum and have now risen 81 percent from 1939 to
August 1948, compared with 88 percent for the average of
nonfarm, nonfood prices, while building materials prices
have more than doubled. Prices of farm products and
foods, however, have advanced 193 percent and 169 percent,
respectively, since 1939.
Examination of the minor commodity groups of the
Bureau of Labor Statistics wholesale price index emphasizes
that the price advance beginning in March 1948 has been
not only smaller but also less sweeping in coverage than that
of the previous price swing between June 1947 and January
1948. This is shown in the following table, which classifies
the 48 unduplicated subgroups of the BLS wholesale price
index:
Table 3.—Wholesale Price Indexes
[1926=100]
June 1947January
1948
Item
February
1948-August
1948
Percent change
Group
June
1947
February
1948
August
1948
Postwar peak
June
1947January
1948
February
1948August
1948
165.7
160.9
169.4
169. 4 (Aug. 1948)
+12.2
+5.3
177.8
161.8
199.2
179.9
185.3
172.4
191.1
189.5
199. 2 (Jan. 1948)
189. 5 (Aug. 1948)
+12.0
+11.2
131.6
148.3
147.6
153.0
153.0 (Aug. 1948)
+12.7
+3.7
173.8
139.9
200.3
148.4
192.8
148.9
188.4
148.5
203. 4 (Dec. 1947)
150. 3 (Apr. 1948)
+15.2
+6.1
-2.3
-0.3
104.0
142.0
130.0
154.3
130.8
155.3
136.6
170.8
136. 6 (Aug. 1948)
170. 8 (Aug. 1948)
+25.0
+8.7
+4.4
+10.0
174.1
193.3
192.7
202.8
202. 8 (Aug. 1948)
+11.0
+5.2
120.8
129.7
113.5
138.8
141.3
123.6
134.6
141.8
120.1
132.0
145.4
119.6
138. 8 (Jan. 1948)
145. 4 (Aug. 1948)
123. 6 (Jan. 1948)
+14.9
+8.9
+8.9
-1.9
+2.5
-0.4
Sources: Indexes from U. S. Department of Labor, Bureau of Labor Statistics; computations by U. S. Department of Commerce, Office of Business Economics.
Excepting food prices, the nondurable goods, as shown in
table 3, have not consistently shared in the February-toAugust increases. Farm product prices, which rose sharply
last year because of the corn-induced grain shortage, reached
their peak in January 1948 and have since declined as crop
prospects improved both at home and abroad. In those
industrial sectors where demand backlogs are largely satisfied
and where production is based on current replacement needs,
the prices of such nondurable consumer goods as leather,
Number falling ..
Number stable _ _
Number rising
0-10 percent increase
10-20 percent increase
20-30 percent increase
_.
30-40 percent increase
Over 40 percent increase __
4
0
44
.
._
15
2
31
21
14
5
3
1
23
7
0
1
48
48
o
+3.1
+9.9
All commodities- _ . 147.7
Farm products. _
Foods
Commodities other than
farm products and
foods
Hides and leather
products
Textile products
Fuel and lighting
materials
Metal and metal
products
Building materials.- _ _ _
Chemicals and allied
products
Housefurnishing goods___
Miscellaneous
January
1948
Total
In the last 6-month period there has been a greater dispersion of price changes, with 15 price groups falling compared
with 4 groups in the earlier period. The pattern into which
the rising groups fit is also different. In the latest period
there is a concentration of price groups in the 0-10 percent
range, with only 8 groups advancing more than 10 percent,
compared to 23 groups in the earlier period. As suggested
above, the differences in the two patterns are the result of
various influences but especially the improvement of crop
condition in 1948, the satisfaction of many of the most
urgent demands in some nonagricultural consumer-goods
areas, and the improvement in supplies in some producer
goods.
Nonfood Prices Sustain Retail Price Advance
At the retail level, larger supplies in most cases have not
yet been effective in limiting the price advance, as in wholesale markets. Higher retail prices for nonfood consumer
goods and services raised the consumers' price index in
August to 174.5 (1935-39 — 100). The steadiness of food
SURVEY OF CURRENT BUSINESS
6
prices in August, following the 7-percent increase since
March, reflected seasonal downturns in the prices of fresh
fruits and vegetables which about compensated for further
increases in prices of meats and seasonal rises in dairy products and eggs. While the major effects of the decline in
agricultural prices on retail food prices will be delayed, as
outlined in the September SURVEY, a further decline in wheat
flour prices in August has reduced this price by 12 percent
since January.
In August, for the second consecutive month, all nonfood
group indexes participated in the advance in consumer
prices. Despite declines in important cotton-goods items,
which partly reflected lower raw cotton costs and a freer
supply of finished goods, higher prices for woolen garments
have raised the apparel index. Electrical appliances, such
as refrigerators and washing machines, pushed up the housefurnishings group while fuel and rent costs also continued to
advance.
The broad distribution of recent advances is indicated in
table 4, giving the contribution of the various groups in the
consumers' price index over the past 2 years. Although the
over-all advance in the year ending August 1948 amounted
to 9 percent, as compared with 11 percent in the year ending
August 1947, the nonfood indexes increased their contribution to the total rise to 51 percent in the later period from
42 percent in the earlier period. The greater importance of
the nonfood indexes in the total rise in the last year has
resulted chiefly from heavier contributions made by fuels,
transportation, and rents, although rent costs remain relatively low as compared with the general retail level.
October 1948
months of May and June and the peak first-quarter rate.
Output of nondurable goods increased 4 percent over July
in contrast with an increase of less than 1 percent in durablegoods manufacturing.
Raw materials supplies, in the aggregate, have been running above last year's volume and have provided the basis
for the gradual expansion in nonfarm output which has
occurred this year. Nevertheless, basic supplies continue
to be a limiting factor in some industries. Steel remains as
the principal material in tight supply, notwithstanding the
record peacetime production which in the first 9 months of
1948 has exceeded last year's output by over 2 million net
tons. New supplies of nonferrous metals (domestic production plus imports) have likewise shown improvement, but a
sustained high level of over-all consumption which has
exceeded production has resulted in a reduction of stocks of
most nonferrous metals now in the hands of producers.
Despite lower coal production, domestic supplies have
actually been higher so far this year because of the reduced
volume of exports, while supplies of crude petroleum continue in record volume. With reference to nonmetallic
materials, increases have occurred in the output of lumber
and other building materials and in new supplies of wood
pulp and raw cotton.
The industrial production pattern, as pointed out in previous reviews, has shown very little change—aside from
Chart 3.—Manufacturers9 Sales l
INDEX, AVERAGE MONTH = 100
400
Table 4.—Distribution of Increase in the Consumers' Price Index
August 1946 to August 1947
Contribution to
Pertotal
cent
change
change (percentage points)
Group
Combined index. _. _ _.
Food
Apparel . _ _ _ . .
Rent
Fuel, electricity, and ice
Housefurnishings
Miscellaneous
.
Percent
distribution of
total
change
August 1947 to August 1948
Contribution to
Pertotal
cent
change
change (percentage points)
11.2
11.2
100.0
8.9
8.9
14.8
15.3
2.3
8.9
15.1
7.7
6.5
2.0
.3
.5
.5
1.5
58.0
17.9
2.7
4.5
4.5
13.4
10.2
7.4
5.8
10.5
6.6
9.0
4.4
.9
.8
.5
.3
1.9
Percent
distribution of
total
change
350
DURABLE GOODS
INDUSTRIES
300
250
49.4
10.1
9.0
5.6
3.4
21.3
^NONDURABLE GOODS
INDUSTRIES
100.0
200
150
NOTE.—Detail may not add to total because of rounding.
Source: Calculated from data of U. S. Department of Labor, Bureau of Labor Statistics.
Industrial Production
Industrial production picked up in August and September
from its seasonal slump in July. The August rise was
featured by larger-than-seasonal gains in the output of
steel, lumber, textiles, tobacco, paper, and industrial chemicals, with small but widespread advances occurring in other
segments of manufacturing. Preliminary data for the month
of September indicate a continuance of the high August rate
although production trends in some of the heavy basic industries were rather mixed. While steel-mill operations
averaged slightly higher than in August, output of coal,
automobiles, and crude petroleum declined, with the drop
in the latter two commodities largely the direct or indirect
result of work stoppages.
Total output, as measured by the Federal Reserve seasonally-adjusted production index, advanced from 186 in July
to 191 in August (1935-39=100). Before adjustment for
seasonal variation, output for the month was the highest
reached this year and equaled the October 1947 high, but
after seasonal adjustment output was still slightly below the
100 I I 1 I I I I I I I I I I I I I I I I I I I I I I I ! I I I I I I I I I
1946
DEPARTMENT OF COMMERCE,
1947
OFFICE
1948
OF BUSINESS ECONOMICS.
48-
i Indexes are based upon date adjusted for a uniform work-month of 25 days.
Source of data: U. S. Department of Commerce, Office of Business Economics.
fluctuations associated with work stoppages and normal seasonal variations—since the high first quarter of 1948. It
should be noted, however, that when compared with the
corresponding month in the previous year, industrial output
continues to make small but consistent gains, indicating
that some expansion of productive capacity is taking place.
Most of the major durable-goods industries, supported
by large backlogs of demand derived from business consumer, and Government sources, continue to operate at or
close to peak rates consistent with the flow of essential
materials. In the nondurable-goods industries, the dominant feature over the past 12 months has been the downward
adjustments under way in certain individual industries at
the same time that the over-all trend has generally been
rising or stable.
This development is typical of an economy which has
been operating at a very high level for an extended period of
SUEVEY OF CUERENT BUSINESS
October 1948
time. The shifts that have been going on during most of the
recent period are illustrated more clearly in the accompanying table which shows the fluctuations in the number of
industries reporting increases or decreases in production as
compared with the previous year. The data are based on
71 components of the Federal Reserve industrial production
index before any adjustment for seasonal variation and
cover the 12 months7 period ended June 1948, the latest
month for which complete data are available.
It will be noted that the table indicates an increasing degree
of diversity. As might be expected, the components where
most of the declines have occurred during this period centered in the nondurable-goods industries. However, the
only industries that have shown consistent downward tendencies w^ere glass containers, raw-cotton and apparel-wool
consumption, rubber products, and certain manufactured
food products and alcoholic beverages. For the month of
June, 3 of the durable-goods industries and 17 of the nondurable-goods lines along with 2 minerals were lower than
in June 1947.
Table 5.—Change in Output of Individual Industries Over a
Year Ago
Number of industries
Month
Higher
1947: June
July
August
September
October
November..
December
1948: January
February
March
April
May
June
__
56
45
47
47
49
46
44
39
41
35
37
40
49
Lower
15
23
20
24
20
25
26
29
29
33
30
27
22
No change
3
4
2
1
3
1
3
4
4
Source: U. S. Department of Commerce, Office of Business Economics; based on data
from Board of Governors of the Federal Reserve System.
Both durable and nondurable manufactures shared in the
recovery from July to August. Much of the rise, however,
may be attributable to seasonal factors and in particular to
the reopening of plants after vacation shut-downs. This is
especially true in the case of the soft-goods industries where
the effects of factory closings for workers' holidays were
quite marked.
For the durable-goods industries where output held relatively steady between June and July, production trends in
August were somewhat uneven. Increases in output of
iron and steel, lumber, and stone, clay, and glass products
offset the decline in transportation equipment, chiefly automobiles, while output of machinery equipment and non-
ferrous metals products remained virtually unchanged.
Plants producing freight cars, however, turned out nearly
10,400 units in August, up almost 2,000 from July, and thus
for the second time exceeded the monthly goal of 10,000 set
in the spring of 1947.
Scattered data indicating activity in the consumer durable
industries show that output during the month of August,
while higher than in July, generally remained considerably
below earlier peak months. In the case of radios, the number of units produced both in July and August was below
the comparable months of 1946 and 1947, while output of
vacuum cleaners in August fell below last year's volume by
a considerable margin.
In the nondurable-goods industries, the August rebound in
output from the July level extended to all groups with the
exception of manufactured foods, which showed a moderate
drop. In textile manufacturing, total activity continued to
run ahead of 1947, owing chiefly to the continuing uptrend
in the rate of deliveries of rayon and nylon synthetic fibers,
which more than offset the reduced volume of mill takings
of raw cotton and wool. The recovery of about 11 percent
in mill consumption of cotton between July and August
was about the same as that which occurred in the same
period last year. However, on a daily average basis, consumption in August remained below last year's volume, a
continuance of the trend which has been in evidence over the
past 12 months. During the first 8 months of this year,
mills consumed an average of 787,000 bales as against a
monthly average of 809,000 bales in the comparable period
a year ago. On the other hand, output of cotton broad
woven goods, which is a better measure of cotton-fabric manufacturing, in the first half of 1948 exceeded last year's
figure by approximately 3 percent.
The divergent trends of cotton consumption and cotton
fabric production can be explained chiefly by the fact that
cotton consumption represents only the first stage in the
production process and gives no indication of the amount of
processing required to turn out the end product. Moreover,
mills for the past 18 months have been shifting from heavier
and coarser war fabrics and constructions that were bought
by the Government to the lighter fabrics more desired by the
commercial trade for civilian uses. Thus, while cotton
consumption in the first 8 months of the year amounted to
6.3 million bales as compared with 6.5 million bales in the
corresponding period last year, spindle hours worked in the
same period reached a total of 85 million as against 81
million in the January-August period of 1947.
A similar development, although somewhat less pronounced than in cotton manufacturing, has been experienced
in wool manufactures where the decline in consumption of
apparel wool in 1948 has been concurrent with an expansion
in the output of woolen and worsted woven goods.
SURVEY OF CUERENT BUSINESS
8
October 1948
The Federal Fiscal Position
.HEAVIER Federal outlays for foreign assistance and
national defense during the current fiscal year, coupled with
reduced tax rates on individual incomes, have an important
bearing on the markets for the national output of goods and
services. The approximate magnitude and the significance
of the shift in the Government's fiscal position are clear
even though the actual receipts and expenditures for the
current fiscal year ending next June cannot be forecast
with exactitude.
In the last half of fiscal 1948 the excess of Federal cash
receipts over cash payments to the public was at an annual
rate of 12.6 billion dollars. The Midyear Budget Review
statement by the President estimated receipts for the current
fiscal year at 6.0 billion dollars below the January-June 1948
rate and expenditures at 5.2 billion dollars higher, thus leaving
a cash surplus of 1.4 billion dollars.
Cash Payments 5 Billion Dollars Higher
As shown in table 6, the new estimates of cash payments to
the public are 42.7 billion dollars in the present fiscal year
as compared with the seasonally adjusted annual rate of
37.5 billion dollars in the last half of fiscal 1948. Implicit in
these estimates is a rising trend of expenditures which will
bring the annual rate of payments in the last half of the
current fiscal year to an even higher level.
Table 6.—Federal Receipts From and Payments to the Public,
Excluding Major Intra-Government and Noncash Transactions
[Billions of dollars]
Fiscal year 1949
(estimated)
Annual
rate
Fiscal
Change
year 1948 JanuaryJune 1948 Amount
from
JanuaryJune 1948
Item
Receipts from the public
Budget accounts:
Direct taxes on individuals
Direct taxes on corporations
._
Employment taxes '
Excise taxes and customs
__
Miscellaneous receipts
Trust accounts 1
_ _ __
Total receipts from the public
21.9
10.2
.8
7.8
3.4
3.6
23.0
11.4
.8
7.9
3.5
3.6
18.4
11.2
.8
8.1
2.1
3.5
-4.6
-.2
47.7
50.1
44.1
-6.0
2 11.9
5.1
6.4
3.9
2.3
5.6
2.9
.6
10.9
4.8
6.6
3.9
2.4
5.4
3.2
.3
12.3
7.3
6.5
3.8
2.8
7.3
2.9
.2
+1.4
+2.5
-.2
-.2
-.3
-.1
.5
-.2
.1
O
-.4
38.7
_.
37.5
42.7
+5.2
9.0
12.6
1.4
-11.2
+.2
-1.4
-.1
Payments to the public
Budget accounts:
National defense
International affairs and finance 3 Veterans' services and benefits
Interest on the public debt ...
Refunds of receipts . . _ _
. __ _ .
Other
Trust accounts 3
Exchange Stabilization Fund
Deduction frpm Federal employee's salaries for
retirement
_
Clearing account for outstanding checks and telegraphic reports
'Adjustment to daily Treasury statement basis. _.
Total payments to the public. ___
Excess of receipts over payments -
.. _ _
(4)
-!l
+.4
+1.9
-.3
-.1
NOTE.—Detail will not necessarily add to totals due to rounding.
1
Employment taxes for Old Age and Survivors Insurance are included in trust fund
receipts, and excluded from budget receipts.
2
Includes 1.5 billion dollars in cash redemptions of armed forces leave bonds.
3
Payments from Foreign Economic Cooperation Trust Fund are included in budget
payments for international affairs and finance, and excluded from trust account payments.
4
Less than 50 million dollars.
Sources: Statement by the President reviewing the 1949 Budget (August 15,1949) for fiscal years
1948 and 1949; U. S. Bureau of the Budget for January-June 1948 seasonally adjusted annual
rates.
The largest factor in the estimated rise is the increase in
foreign aid. Within this category most of the increase is
chargeable to the Economic Cooperation Administration
program for promoting European recovery. Actual outlays
under this program had scarcely commenced before the present
fiscal year began and will gather momentum as the year
progresses. The estimated 2.5 billion dollar increase, comparing fiscal 1949 with the annual rate in the last half of
fiscal 1948 implies a substantially higher annual rate later
in the year.
Outlays for national defense are estimated to be 1.4 billion
dollars larger than the annual rate in the last half of fiscal
1948. Major items in this increase are the stepped-up
procurement of aircraft and of raw materials for stock piling.
These programs were just getting under way at the beginning
of the current fiscal year. Thus they call for a rising trend
of outlays and a correspondingly higher year-end rate.
The Revenue Act of 1948, which reduced tax rates applicable to 1948 individual incomes, was made effective as to
withholdings of wages and salaries after May 1. Refunds
for over withholding, which have exceeded 1 billion dollars
in each of the past two fiscal years, will be increased by
several hundred millions in fiscal 1949 because of the withholding at higher rates during the first 4 months of calendar
1948. The increase in refunds of all types of receipts,
estimated at 400 million dollars, will be concentrated in the
last half of the fiscal year when practically all the individual
income tax refunds will be paid.
All other cash payments are estimated at 1 billion dollars
higher than the annual rate in the last half offiscal1948.
Much of this increase is due to enlarged outlays for public
works and payments in support of private construction.
These estimates are, of course, based on present expenditure programs. In addition to the usual difficulties of forecasting expenditures almost a year in advance, they are
subject to such contingencies as the possible need to spend
even more on national defense than is now contemplated,.
Tax Rate Reduction Lowers Yield 5 Billion Dollars
Based upon an assumed "continuation of approximately
the same level of incomes" the Budget Review estimated total
receipts from the public at 44.1 billion dollars in fiscal
1949 compared with an annual rate of 50.1 billion in the
last half of fiscal 1948. Of the indicated 6 billion drop, 4.6
billion is in gross receipts from direct taxes on individuals.
The bulk of this figure, which is in addition to the refunds
mentioned above, is in individual income taxes and only a
small part in estate and gift taxes. A decline of 1.4 billion
dollars in "miscellaneous receipts," due chiefly to the rapid
fall in sales of surplus property, accounts for virtually all
of the remainder.
While the new tax rates were effective as to withholdings of
wages and salaries after May 1, the withholdings at the
lower rate would not reach the Treasury in significant volume
until after the end of the 1948 fiscal year. Virtually the full
impact of the lower rates is effective infiscal1949.
Fiscal Shift a Market Factor
Examination of the Budget Review indicates that the
increase in direct Federal purchases of goods and services is
expected to be at least equal to the estimated 5.2-billiondollar net increase in total Federal payments to the public.
Thus, there is a commensurate direct addition to the aggregate demand for the national output. Furthermore, if sales
of Government surplus property decline by more than 1
billion dollars, as estimated, this will release an equivalent
amount of buying power for the purchase of currently produced goods.
As indicated above, the effect of the reduced tax rates is
to increase the disposable income of individuals by roughly
SURVEY OF CURRENT BUSINESS
October 1948
5 billion dollars. There is every reason to expect that a
large part of this additional income will be spent and thereby also add to the demand for the national output.
Of the estimated tax reduction, roughly two-thirds accrues
to individuals with incomes of less than 5 thousand dollars.
In this bracket the propensity to spend any increase in income on personal consumption is high. Less than 15 percent
goes to individuals with incomes of over 25 thousand dollars,
where there is a greater tendency to save a substantial part
of any increase.
The fraction of the tax reduction which is not spent on
personal consumption provides additional funds for capital
investment. This could also result in some addition to
aggregate demand if it stimulated additional direct investment by individuals in such things as housing and individually
owned businesses.
To date these shifts have materialized only in part, and
their full impact on Federal receipts and expenditures will
be visible only as the year progresses. However, the anticipation of an enlarged Government market has already had a
stimulating effect on business, out of proportion to the change
in Government receipts and expenditures that has actually
occurred. Since the possibilities of increasing the physical
volume of national output are limited, the net result has
been to increase demand relative to supply.
The quantitative estimates of the changes in Federal expenditures and receipts are based upon a continuation of the
present le^el of national income. To the extent that the
shift in fiscal position or other factors result in a further
increase in incomes, actual tax collections in the current
fiscal year will be larger than estimated and there will be less
reduction in the cash surplus. Correspondingly, the addition to consumer buying power attributable to tax reduction
will be larger than the estimated 5 billion.
Prospective Repayment of Borrowing Lower
for Fiscal 1949
The prospective decline in the surplus of cash receipts
over payments will reduce materially the rate at which public
borrowing can be repaid. In fiscal 1948 the record-breaking
cash surplus of 9 billion dollars allowed repayment of more
than 7.3 billion dollars of borrowed funds concurrently with
a rise of 1.6 billion dollars in Treasury cash balance.
The shift in Government and private debt during the
calendar year 1947 is reviewed in a special article in this issue.
In the current fiscal year the Midyear Review estimated
that the Treasury cash balance can be reduced by 1.4 billion
dollars. The projected cash surplus of 1.4 billion dollars,
coupled with the estimated 1.4 billion decline in cash bal-
ance, would permit 2.8 billion repayment of borrowing this
year.
"Cash" vs. "Budget" Estimates
The foregoing discussion has been in terms of "cash" receipts from and payments to the public rather than "budget" receipts and expenditures. The conventional budget
accounts reflect legal distinctions which, while useful for
certain purposes, do not directly measure the Government's
transactions with the rest of the economy. The cash accounting, by ignoring the distinctions between budget
accounts and the accounts for trust funds and other legal
entities, gives a more comprehensive measure of Federal
Government transactions. In consolidating the various sets
of accounts it eliminates intragovernmental transfers of
funds and noncash transactions which may at times affect
substantially the budget surplus or deficit without corresponding effect upon payments to and from the public.
The following summary table compares the cash and budget accounts of the Federal Government for the current and
just completed fiscal years:
[Billions of dollars]
Fiscal year
Item
1948
Budget receipts
_ ___
_ ___ _
Receipts from the public
Budget expenditures
._
Payments to the public
Budget surplus. _
_
_
Adjustment for Foreign Economic Cooperation Trust Fund J
Adjusted budget surplus _ _ _ _ _ _ _
Excess of receipts from the public overpayments to the public
_ _
44.5
47.7
36.1
38.7
8.4
-3.0
5.4
9.0
1949
40.7
44.1
42.2
42.7
-1.5
+3.0
1.5
1.4
i The Economic Cooperation Act required the transfer of 3 billion dollars of the 1948 budget
surplus to pay part of the 1949 expenditures of that act. This adjustment does not affect the
receipts from and payments to the public.
The detailed adjustments are too numerous to permit a
summary reconciliation between the two sets of accounts.
On the receipt side, however, the largest single item in both
years is pay-roll tax receipts of the Federal Old Age and Survivors Trust Fund and other trust funds, which are cash
receipts from the public but are not counted as net budget
receipts. On the expenditure side the redemption of armed
forces leave bonds was counted as a cash payment to the
public in fiscal 1948, whereas the original issuance of those
bonds was counted as a budget expenditure in fiscal 1947.
This accounts in part for the larger estimated increase in
budget expenditures than in cash payments to the public
from fiscal 1948 tofiscal1949.
Plant and Equipment Expenditures
1 HE total of investment in new plant and equipment
planned by American business, exclusive of agriculture,
continued upward in the second half of 1948. Capital
expenditures anticipated for the last 6 months of the year, as
estimated from reports made quarterly to the Department
of Commerce and the Securities and Exchange Commission,
aggregated 9.6 billion dollars as against 9.1 billion in the
second half of 1947. Rising costs, however, accounted for
the bulk of this increase and available price data suggest
continued relative stability in the physical volume of capital
investment at the high levels reached a year ago.
The 18.6 billion dollars now estimated for total plant and
equipment expenditures during 1948 is approximately the
same as the preliminary estimate based on reports submitted
by business early this year—and 2.4 billion dollars more
than the 1947 total.
807380—48
2
Although capital investment planned for the fourth
quarter of 1948, as shown in table 7, was slightly less than
the actual expenditures in the last quarter of 1947, it should
be noted that the former figure is subject to the usual upward
end-of-year adjustment in business accounts customarily
made in periods of rising prices to compensate for the
underestimation of costs in the preceding quarters. The
planned expenditures of 4.7 billion dollars in the final quarter
of 1948 exceeded by nearly 700 million dollars the corresponding estimate of planned expenditures made for 1947 at
this time a year ago.
Capital investment for all major industries except "other
transportation" is expected to be greater in 1948 than in
the preceding year. In manufacturing, which accounts for
more than 40 percent of all plant and equipment expenditures, the largest anticipated increases were for petroleum,
SUEVEY OF CURRENT BUSINESS
10
October 1948
Table 7.—Expenditures for New Plant and Equipment by United States Business
l
[Millions of dollars]
1948
1947
Total
1946 JanuaryMarch
Industrial group
AprilJune
July- OctoberSeptem- December
ber
&eco
a
c
^
--
Total
1,160
210
300
190
620
1,340
7,460
690
910
800
1,900
4,430
3 940
4 140
4 940
16 180
3 670
3 560
4 070
3 770
4 440
4,020
15 680
15,180
5 910
560
570
660
1 040
3,300
1 450
150
160
180
330
900
1 850
160
220
230
450
1,030
1 870
12 040
Manufacturin
Mining
Railroad
Other transportation
Electric and gas utilities
Commercial and miscellaneous 3-
Industrial group
3 160
11 960
11 020
3 440
3 640
180
230
200
500
2 290
Total
1946
Manufacturing
5,910
560
Mining. _ _ _ _ -._
570
Railroad
Other transportation
660
Electric and gas utilities __ .3 . 1,040
Commercial and miscellaneous _ 3,300
JanuaryMarch
1,800
180
270
180
500
AprilJune
2,160
2,140
200
360
170
690
200
300
190
640
1,240
12 040
4,170
180
380
150
700
8, 030
770
1,320
680
2, 540
5,280
4,950
4,570
4,690
4,780
1,330
4,690
18, 630
4,810
4,480
4,100
1,940
1,360
1,340
11,960
11, 029
Total' Actual
Second estimate .
First estimate
July- OctoberSeptem- Decem- Total 2
ber 2
ber 2
1
Excluding agriculture.
2 Estimates are based upon anticipated capital expenditures by business.
3
Includes trade, service, finance, and communication.
NOTE.—Figures are rounded and will not necessarily add to totals.
Sources: U. S. Department of Commerce, Office of Business Economics, and Securities and Exchange Commission.
iron and steel, and machinery. For the textile industry,
where sales have been somewhat hesitant in recent months,
capital expenditures were expected to fall below those of last
year. Anticipations in most other manufacturing industries
showed moderate increases.
Analysis of the anticipated expenditures of the manufacturing group by size of firm reveals considerable difference in
the current behavior of the larger concerns with assets of 5
million dollars and over, and all others. The smaller concerns, which until recently have been expanding rapidly,
expect a decline in their capital investment in the second
half of 1948 as compared with either the first half of this
year or the second half of last year. The larger companies,
which account for the bulk of total investment, expect a
further increase. It is of interest to note that the most
recent data available from the Federal Trade Commission
and the Securities and Exchange Commission suggest some
deterioration in the profit experience of the smaller manufacturing corporations with assets under 5 million dollars in
relation to that of larger firms, although profit rates generally
remained at high levels.
Employment Trends
THE present labor-market situation is typified by the
trends shown in the chart on page 1 of this issue. Employment in September totaled 60.3 million persons. Although
this was down from the high summer figures, the drop was
almost entirely seasonal in nature. From the January low,
nonfarm employment rose steadily through the spring and
summer months but with the reopening of schools, there
was a drop in September to 51.6 million persons. The number of persons thus employed in September was 1.5 million
above the January 1948 low, about equal to the increase
over the similar period of 1947. Of this expansion, roughly
one-third can be attributed to seasonal influences, while
the remainder reflects the continuing pressure of demand
for labor.
In comparing the first 9 months of 1947 and 1948, the
changing nature of the civilian labor force should be noted.
In both intervals the civilian labor force expanded by about
the same amount—this despite the fact that there was a
small net transfer from civilian pursuits to the armed forces
in 1948 in contrast to the net reduction of almost 400 thousand in armed forces personnel in the 1947 period. The
expansion of employment this year was made possible by a
larger-than-normal increase in the total labor force stemming
chiefly from the favorable labor market and from the necessity of augmenting personal incomes in those instances where
incomes have not kept pace with costs.
Chart 4.—Percentage Distribution of the Noninstitutional Population 1
PERCENT
100
80
N THE LABOR FORCE
60
40
IN THE LABOR FORCEi
£0
1929
1940
1944
AUG.
1947
AUG.
1948
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
High Labor Force Participation
i Population data relate to persons 14 years of age and over. Percentages for August 1947
and 1948 are based upon seasonally adjusted data.
Sources: Basic data, U. S. Department of Commerce, Bureau of the Census; monthly
data adjusted by the U. S. Department of Commerce, Office of Business Economics.
The proportion of the total population of working age
engaged in the labor force currently and in war and selected
prewar years is shown in chart 4. The chart makes clear
that the postwar labor force has become an increasingly
high proportion of the population in comparison with, for
example, the 1929 proportion.
October 1948
SURVEY OF CURRENT BUSINESS
The decline in labor-force participation as compared with
the war years was, of course, to be expected in view of the
special wartime circumstances which induced many "nonworkers" either to enter the labor force or to postpone retirement from the working population. The withdrawal of
these persons from the working population as the pressure
of war demands receded came to a halt early in the postwar
period. Subsequently the labor-force proportion has grown.
Pace of Employment Rise Moderated
With major reconversion difficulties surmounted, and
manpower reserves available for civilian work dwindling,
the upward trend in employment has been somewhat moderated in recent months. The slower rate thus far in 1948 is
most evident in the manufacturing group of industries, as
may be seen in the middle panel of the chart on page 1. The
1948 winter-months7 dip in manufacturing employment was
somewhat sharper than in 1947, whereas the usual springsummer rise was about the same in the two periods. After
allowing for these seasonal influences, it appears that the
number of factory workers employed in August (the latest
month for which detailed employment data are now available) was unchanged from the total at the end of 1947. The
rise in employment from August a year ago, about a halfmillion for manufacturing as a whole, compares with a gain
of about 900 thousand over the preceding 12-month interval.
In attempting to appraise the significance of recent changes
in manufacturing employment, a major difficulty is encountered in the shifting vacation patterns which have emerged
in the postwar summer months, and which have varied
considerably from industry to industry. The increasing importance of vacations as a seasonal factor may be illustrated
by the following figures on the number of persons holding
jobs but not at work during the Census survey weeks of July
and August of the last 3 years:
With a job but not at work—Average for July and August
1946
1947
1948
Millions of persons
Total..
3.5
4.4
On vacation.
Other
2.2
1.3
3.0
1.4
4.1
1.6
Percent
On vacation as percent of civilian employment-
3.8
5.0
6.6
In general, employment gains among manufacturing
groups over the past year have been moderate but widespread. For example, industries employing about 70 percent of all production workers in manufacturing showed
some increase in work forces over a year ago, with the
average advance amounting to 6 percent. In those industries where employment is down from a year ago, the reductions were also generally moderate, averaging 4 percent.
Materials shortages and capacity considerations have
been major limiting factors in the case of some metal-fabricating industries. Among the nondurable-goods lines, seasonal factors have dominated employment trends in recent
months. The increase in activity in the textile, apparel,
and leather groups after the spring and early summer letdown resulted in a higher work force, approaching or above
the early 1948 peak. Employment in apparel and other
finished textile products, at 1.4 million in August, was 11
percent above that of the preceding year, a rise exceeded,
among the major manufacturing industries, only by a 13percent expansion of employment on basic products of
lumber and timber.
11
Employment Rises in Nonmanufaeturing
Despite the large increase in manufacturing employment
over most of the postwar period—1 million since VJ-day—
the total of 16.5 million employees in August was about 1.4
million below the wartime high attained in late 1943. By
way of contrast, employment in private nonmanufacturing
industries, which had been under considerable restraint
during the war years, rose steadily since the latter part of
the war period and by August of this year was 4.5 millions,
or 25 percent, above the VJ-day total.
These contrasting trends largely account for the shift in
relative importance of employment as shown in chart 5.
Chart 5.—Percentage Distribution of Employees in Nonagricultural Establishments 1
PERCENT
100
GOVERNMENT
80
PRIVATE
NONMANUFACTURING
60
40
PRIVATE
MANUFACTURING
20
1929
1940
1944
AUG.
AUG.
1947
1948
i Percentages for August 1947 and 1948 are based upon seasonally adjusted data.
Sources: Basic data, U. S. Department of Labor, Bureau of Labor Statistics; monthly data
seasonally adjusted by the Board of Governors of the Federal Reserve System.
Reflecting the continued high demand for industrial and
residential construction, building employment continued to
expand in August. The August work force on contract
construction is substantially above a year ago. A large
rise was registered also in Government employment, mainly
at the State and local Government level, reflecting in large
part increased road construction and building activity.
The New Defense Program
The new draft legislation is prospectively one of the most
significant factors bearing on the labor market in the months
ahead. By the middle of next year, the size of the armed
forces is expected to be almost 2 million persons, or about
400 thousand more than the current total. After accounting for rejections, deferments, membership in reserves and
enrollment in schools, the manpower pool available is reduced to less than 1 million. Of these eligibles, almost
9 out of 10 will be in the age groups under 21 years, persons
who have not yet acquired any substantial degree of experience in the labor market.
Over the current fiscal year, when the armed forces are
expected to expand by about a half-million persons, the
"normal" expansion of the labor force can be expected to be
at least as large if not larger and chiefly in the same age
group as those entering the armed forces. Thus, apart from
other developments, it is apparent that the new draft legislation will not seriously affect the current civilian supply of
manpower, but will rather limit the expected new supply.
(Continued on page 24)
By Clement Winston and Mabel A. Smith
Retail Sales and Consumer
Income
A
PREVIOUS review of the postwar pattern of retail
trade, which appeared in the SURVEY OF CURRENT BUSINESS
toward the end of 1946, gave a description of the retail
situation after VJ-day and an appraisal of the position of
sales in various lines of business.1 That analysis made use
of the average relationship of sales and disposable income
over the period from 1929 to 1941.
The present article is concerned primarily with the changes
which have developed in the past 2 years. Within this
period the process of reconversion to a peacetime economy
operating at full capacity has made great progress. The
supply situation has eased in many lines of retail activity.
The demand side of the picture has also changed, with consumer wants carried over from wartime partly satisfied, and
with consumer expenditures influenced by, as well as influencing, the upward movement of prices.
In analyzing the impact of these developments on retail
activity, the historical sales-income relationships used in the
earlier article have been recomputed on the basis of revised
estimates of retail sales and disposable personal income.
The nature of these revisions has been discussed in previous
issues of the SURVEY.2
Caution should be exercised in attempting to relate the
conclusions stated in this article to the activities of an
individual store or a group of stores. The data studied here
apply to broad areas of retail trade, comprising stores which
may differ appreciably in size, location, and commodities
handled. A comparison of the position of a given store
with that of the corresponding broad line of trade must take
into consideration the effect of these factors, as well as of
changes in the business population.
The Nature of Retail Sales Data
Retail stores as defined in this study are stores whose
retail operations yield greater receipts than any of their
other activities. Thus, some wholesale trade and service
receipts are included in the series used, but the amounts
involved are negligible in most lines of trade.
It is important to realize that the store definitions are not
on a commodity basis, since stores may sell many varieties
of goods. For example, the same store may carry men's and
women's wear and shoes, or both hardware and household
appliances. A store is classified according to the category
of goods which accounts for the greatest part of its sales.
Even the broad categories are not immune to this overlapping. A store belongs in the durable- or nondurablegoods group, according as its sales are primarily of durables
or nondurables. However, establishments classified as nondurable-goods stores may sell a considerable amount of
1
Retail Sales and Consumer Income Since VJ-day, SURVEY OF CURRENT BUSINESS, October
1946.
2 For the revision of retail sales estimates, see the September 1948 issue. For disposable
income, see the issue of July 1948.
NOTE.—Mr. Winston and Miss Smith are members of the Business Structure Division,
Office of Business Economics.
12
durable goods, and the converse is also true. Thus, department stores are classified in the nondurable-goods group,
although they form an important channel of distribution of
consumer durable goods at retail. Similarly, homefurnishing stores are in the durables since their sales of furniture and
other hard goods exceed their sales of such nondurable items
as linens and curtains.
Retail sales and consumer expenditures for goods are very
closely related. There are, however, important differences
between these two measures. For example, contained in the
retail-sales figures, but not in consumer expenditures, are
purchases at retail for business purposes of such items as
motor vehicles, building materials, and farm implements.
On the other hand, retail sales exclude purchases made by
consumers at establishments such as hotels not classified as
retail stores, as well as imputed items counted as consumer
expenditures, such as food and fuel produced and consumed
on farms and military issues of food and clothing. Since
these offsetting items have usually been of approximately
the same size, retail sales and consumer expenditures for
goods have differed very little in aggregate amount, except
in the war years.
Notes on Methodology
In studying the present position of retail business by
comparing it with earlier periods—and in any similar analysis—an immediate problem arises. Retail sales have in
the past changed in value and in composition along with
disposable personal income. However, income today is far
higher than in any prewar year. It is necessary, therefore,
to extrapolate to postwar income levels in order to derive a
norm against which to measure recent retail activity.
The difficulty is that different methods of extrapolation
do not give uniform results. Since these methods are based
on fairly successful descriptions of past data, over the limited
period for which comparable figures are available, and are
all more or less plausible on a priori grounds, it is not possible
to decide which is likely to give best results until data covering a longer time period are at hand.
Accordingly, three different measures have been used in the
analysis. They are: the ratio of retail sales to disposable
personal income, the correlation of the dollar value of sales
with disposable income, and the correlation of deflated per
capita sales with deflated per capita disposable income.
Each of these measures involves a distinct assumption about
the manner in which retail activity varies. These assumptions are mutually inconsistent, except under special conditions which are approximately realized during the period
1929-41 but which in the postwar period do not hold to the
same extent.
In using the ratio of sales to income as a gage, the percentages of disposable income spent in the various types of
stores in the last 2 years are compared with the corre-
October 1948
spending figures for the prosperous years of 1929 and 1941.
Implicit in such a comparison is the assumption that normally in years of full employment, the proportions of income
expended in the different kinds of retail outlets—or at
least on the different types of consumer goods—are approximately constant, apart from long-term trends. For many
kinds of business, the ratios of sales to income in 1929 and
1941 differed very little.
The correlation analyses, while again relating sales by
line of trade to disposable income, assume that the relationships, over the observed range of income, can be approximated by straight lines. The analysis using current dollars
corresponds to the assumption that consumers determine the
distribution of income among saving and the different types
of expenditure on the basis of their money incomes; for the
deflated per capita analysis, real per capita income is implied
to be the basis. The data for the period 1929 to 1941—and
also the tentative figures for total sales going back to 1923—
conform rather well with either of these assumptions. The
fit for some lines of trade is not quite so good with the deflated per capita figures, but this may be ascribable to the
difficulties involved in proper deflation.
In the following presentation, the ratio is discussed more
frequently than the other measures, largely because of its
simplicity. The ratio analysis has the further merit of adjusting roughly for the effects on retail sales of the various
stages in the business cycle; it has the disadvantage of
making no allowance for the differential effect of differences
in the level of income at corresponding points in two or more
cycles. The correlation analysis is not subject to this disadvantage, but, on the other hand, it may not adequately
take into account cyclical variations in extrapolating beyond
the 1929-41 range of income. It would be more satisfactory
to introduce explicitly the important cyclical influences into
the assumed relationship; an attempt to use the ratio of
current to past peak income to measure such influences did
not prove successful.
The correlation employing deflated per capita figures,
apart from adjusting for price changes, allows for differences
in population. At the same level of disposable income,
a larger population is equivalent to lower per capita income
and presumably implies a different rate of spending. Moreover, the adjustment for price changes is desirable because
it does not assume that people react in the same way to
changes in the price level as to changes in real income.
However, in the absence of firm estimates of deflated sales
and income, the current dollar figures are used in the presentation.
The constant dollar correlations have been
computed from approximate data where available, and used
to check the conclusions drawn from the other measures.
While recognizing that many other measures could be
selected, it is felt that the three which have been employed
are representative of the range of results which might have
been obtained using other plausible approaches. One promising procedure which could not be tried for lack of data
involves the introduction of accumulated saving as an additional variable. It has been necessary, therefore, to consider
the effect on sales of the completely new level of saving in the
postwar period in nonquantitative terms only.
The expected levels of sales for the postwar period on the
three bases are generally not too far apart for nondurablegoods stores, and the corresponding deviations between
observed and calculated sales are usually of the same sign,
although they may differ in size. This is not true for some
groups of durable-goods stores, where the current salesincome ratio is equal to or even above that for 1929 or 1941,
while sales fall below the value expected in terms of the
current or constant dollar correlation analysis. Wherever,
in the discussion which follows, the implications of the three
measures are not consistent, this is explicitly stated.
13
SURVEY OF CURRENT BUSINESS
Sales Related to Income
From 1929 to 1941 sales of retail stores, when expressed as
a percentage of disposable personal 3income, fluctuated in
most years between 55 and 60 percent. The ratio fell below
the lower limit at the bottom of the depression, and rose above
the upper in the 2 years immediately before the war (chart 1).
By the first half of 1946 the ratio of sales to income had fully
recovered from its wartime low. In the 2 years which
followed, retail sales continued to grow relative to income,
although they now show signs of leveling off, nearly at the 70percent mark.
The correlation analysis in chart 2 shows a similar picture.
An extremely close linear relationship between sales and disposable income characterized the years from 1929 to 1941.
Moreover, by the middle of 1946 purchases in retail stores
were higher than would have been expected on the basis of
this relationship, and they continued to grow more rapidly
than income. By the first half of 1948 this upward push
appeared to have lost its momentum—not in absolute terms,
but relative to the increase in income—and retail sales have
practically ceased moving away from the line of relationship.
Several factors have clearly helped to keep sales in the last
2 years higher than might have been expected in terms of
historical patterns. The effect of the backlog of deferred
demand for consumer goods was reinforced by a considerable
Chart 1.—Retail Store Sales as a Percentage of Disposable
Personal Income
PERCENT
80
PERCENT
180
ALL RETAIL STORES
60
60
40
NONDURABLE GOODS STORES
DURABLE GOODS STORES
20
I I
1929
31
I
33
I
37
I
I I
I
39
41
YEARS
I I
43
I
45
I
47
I
I
1946 1947 1948
HALF — YEARS-^
49-420
i Percentages are based upon half-yearly totals, seasonally adjusted, at annual rates.
Source of data: U. S. Department of Commerce, Office of Business Economics.
accumulation of wartime savings. Also, proportionately
smaller consumer expenditures on certain services have made
a larger portion of income available for buying goods.
Examples of services which have taken a smaller share of
income than before the war are rent, domestic service, household utilities, interest on personal debt, and foreign travel
expenditures. The most important of these quantitatively
is rent, which advanced rather slowly after the war because
of the maintenance of rent controls after other price restrictions were lifted.
The relationship of sales to income in chart 2 is modified
somewhat if the figures are adjusted for price and population
changes. A conclusive discussion of the effect of price
changes is not possible at this time, since final estimates
3 Rough estimates indicate that during the twenties the percentage remained within these
same limits.
SUEVEY OF CUREENT BUSINESS
14
Chart 2.—Relationship Between Sales of All Retail Stores
and Disposable Personal Income
130
NOTE: - LINE OF REGRESSION WAS
FITTED TO DATA FOR 1929, 1933,
AND 1 9 3 5 - 4 1 .
120
© H A L F - Y E A R L Y TOTALS, SEASONALLY
ADJUSTED, AT ANNUAL RATES.
>l I 0
IOO
z
o 90
80
70
60
50
40
30
20
40
60
80
100
120
140
160
180
200
DISPOSABLE PERSONAL INCOME (BILLIONS OF DOLLARS)
Source of data: U. S. Department of Commerce, Office of Business Economics.
of deflated sales and income are not yet available. However,
an analysis of tentative figures from 1923 on has been made,
using deflated sales and deflated disposable income on both a
total and a per capita basis. The results imply a much
smaller excess of retail sales in real per capita terms than is
indicated by the dollar analysis.
This further analysis suggests that the greater rate of
population growth in the last 6 years may be partly responsible for the high level of sales relative to income in the postwar period as compared with prewar experience. However,
changes in the level and structure of prices are quantitatively
more important in their effect on the current sales-income
relationships. Prices of retail goods have advanced much
more from the prewar to the postwar period than the average
prices of other goods and services reflected in income. As a
result, the physical volume of retail sales is not so high relative to real income as is indicated by the dollar figures.
October 1948
percent of income, have been much more volatile. As may
be seen from the chart, this category from 1929 to 1941
accounted for most of the fluctuation of the ratio for total
sales. The durable-goods ratio has clearly moved up and
down with the business cycle, reaching its highest values in
such years as 1929 and 1941. The unavailability of consumers' durable goods during the war is seen in the drastic
dip of the ratio; the achievements of postwar production
are mirrored in the steep climb of the last 2 years. The
proportion of income spent on these goods has now risen to
a point comparable with the prewar peaks, and there is still
no indication that it has reached the top of its ascent,
although in 1948 the ratio has been increasing at a slower rate.
The correlation analysis of chart 3 confirms the relation
found for nondurable-goods stores, but throws some additional light on the movements of sales in durable-goods
stores relative to consumer income. The behavior of the
sales-income ratio for the latter group conforms to a pattern
in which sales vary linearly with disposable income, and
higher income levels are associated with larger values of the
sales-income ratio. Durable-goods sales, accordingly, have
not yet reached the value that would be expected on the
basis of this relationship.
As with total retail sales, current activity for both durableand nondurable-goods stores is much closer to expected
levels in real per capita terms. Retail prices of nondurable
goods have advanced more on the average than those of
durable goods, and this has been reflected in the divergent
tendencies expressed by the dollar figures. Further, there
is some reason to believe that an extremely high birth rate,
such as that characterizing recent years, affects sales of
nondurable goods to a greater extent than durable goods; a
Chart 3.—Relationship Between Sales of Durable and
Nondurable Goods Retail Stores and Disposable Personal Income
100
N O T E : - L I N E S OF REGRESSION W E R E FITTED
TO DATA FOR 1929, 1933, AND 1935-41.
90
® H A L F - Y E A R L Y TOTALS, SEASONALLY
ADJUSTED, AT A N N U A L RATES.
80
g 60
o
_j
.j
NONDURABLE GOODS
2 50
40
30
Durable- and Nondurable-Goods Stores
The separation in chart 1 of total sales into sales of nondurable- and durable-goods stores, each expressed in terms of
disposable income, reveals a difference in the behavior of the
two components. During the thirties, sales of nondurable
goods constituted a practically fixed percentage of disposable
income. The ratio dipped somewhat during the war, but
rapidly recovered at the end of hostilities and moved upward
into new ground. Sales at nondurable-goods stores in the
last 2 years have leveled off in terms of income, and have
shown signs of falling back in 1948.
The movements of sales at durable-goods stores, as a
20
10
40
U.S.
J
I
60
80
100
120
140
160
180
DISPOSABLE PERSONAL INCOME (BILLIONS OF DOLLARS)
DEPARTMENT OF COMMERCE,
OFFICE
OF BUSINESS ECONOMICS.
Source of data: U. S. Department of Commerce, Office of Business Economics.
200
46-418
SUEVEY OF CUKRENT BUSINESS
October 1948
high marriage rate, on the other hand, may work in the
opposite direction.
Variations by Lines of Trade
The various lines of retail activity have participated to
different degrees in the general growth of sales during the
past 2 years. The diversity is more marked in 1948, and a
number of lines show signs of losing some of the ground
gained during and after the war.
The variations in recent behavior of selected lines of trade
are brought out in charts 4 and 5, which relate the sales of
certain types of durable- and nondurable-goods stores to
consumer income. Lines of regression were computed for
the different types of stores, and have been used to check
the inferences drawn from the ratio analysis. The regression
formulas are summarized in table 1.
Lines of constant percentage have been drawn on the
charts relating sales to income. By the use of these lines it
is possible to follow visually the movements of the salesincome ratio. The ratios for the different types of stores
are given in table 2. Generally speaking, it is in the discus-
15
sion of durable-goods lines that the correlation methods serve
to supplement the sales-income ratio in appraising the current situation. In most of these lines, as with the sales of all
durable-goods stores, the size of the sales-income ratio has
tended to vary with the level of income. To the extent that
the tendency has persisted, these types of stores would be
expected to show currently a higher ratio of sales to disdisposable personal income than they did before the war.
Motor-Vehicle Dealers
Dollar sales of this group in 1948 were at a rate more than
six times the wartime low, and almost twice those of 1941.
The ratio of sales to consumer income is now almost up to
that for 1940 or 1941. Nevertheless, it is apparent from the
chart that sales of mo tor-vehicle dealers are still well below
their expected value based upon the prewar regression. This
group by itself currently accounts for almost all of the
apparent deficiency of total sales of durable-goods stores in
terms of the relationship to income.
It is evident that since 1946 the value of sales of motor
vehicles has been limited by the number of cars available
Chart 4.—Relationship Between Sales of Selected Durable Goods Retail Stores, by Types of Stores, and Disposable
Personal Income
® HALF-YEARLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES.
SALES
(BILLIONS OF DOLLARS)
CONSTANT PERCENTAGE RELATIONS BETWEEN RETAIL SALES AND DISPOSABLE PERSONAL INCOME.
SALES
(BILLIONS OF DOLLARS)
SALES
(BILLIONS OF D O L L A R S )
1.8
18.0
MOTOR-VEHICLE DEALERS/
7.2
AUTOMOTIVE PARTS
- AND ACCESSORIES
STORES
16.0
1.6
14.0
1.4
12.0
1.2
1.0
4.0
8.0
.8
3.2
6.0
.6
2.4
4.0
.4
1.6
2.0
.2
"--'
4.8
10.0
BUILDING MATERIAL
DEALERS
5.6
.8
i
40
6.4 I
I
l
I
l
I
I
60
80
100
120
140
160
180
200
|
I
|
|
I
I
I
~~1
FURNITURE AND
5-6 - HOUSEFURNISHINGS
STORES
4.8 4.0 h
X
X
2.4 |
-
X'
2
_. /
32 h
l
//'
x/
fiMLfl-|
*~S£
6.4
I
I
I
I
40
60
80
100
120
140
160
1
180
20O
3.2 |
|
i
I
I
I
I
I
|
2.8 |- AND RADIO STORES
2.4 -
1.6
1.4
H
4
!
60
80
I
I
I
IOO I2O 140
160
180
200
80
100 120 140 160 180
DISPOSABLE PERSONAL INCOME
(BILLIONS OF DOLLARS)
200
I
l
I
I
I
JEWELRY STORES
1-2
10
H
/X
1-2 h
4O
-6
1-6
H
i
.S-\
A^48
/*$
2.0 h
H
I
./'
.4 .
"x
0 i.
4O
I
60
1
!
1
1
I
I
i
80
100 120 140 160 180 200
DISPOSABLE PERSONAL INCOME
(BILLIONS OF DOLLARS)
U. S. DEPARTMENT OF COMMERCE,
0
I
40
60
I
OFFICE OF BUSINESS ECONOMICS.
Source of data: U. S. Department of Commerce, Office of Business Economics.
t
I
I
I
I
80
100 120 140 160
180
DISPOSABLE PERSONAL INCOME
(BILLIONS OF DOLLARS)
2OO
40
60
46-421
SURVEY OF CURRENT BUSINESS
16
October 1948
Chart 5.—Relationship Between Sales of Selected Nondurable Goods Retail Stores, by Types of Stores, and Disposable
Personal Income
HALF-YEARLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES.
CONSTANT PERCENTAGE RELATIONS BETWEEN RETAIL SALES AND DISPOSABLE PERSONAL INCOME.
(BILLIONS OF DOLLARS)
7.2
SALES
(BILLIONS OF DOLLARS)
1.8
SALES
(BILLIONS OF DOLLARS)
3.6
SALES
WOMEN'S APPAREL AND
MEN'S CLOTHING AND
6.4 - ACCESSORY STORES
5.6
2.8
4.8
2.4
4.0
2.0
3.2
1.6
2.4
1.2
1.6
.8
.8
/
3.2 - FURNISHINGS STORES
.4
1
I
I
I
I
60
80
100
120
140
160
180
200
I
I
I
|
I
|
|
[/
I
.2
I
40
0
I I .0
DEPARTMENT STORES
10.0 - (EXCLUDING MAIL ORDER)
/
40
1.8 I
I
I
I
l
I
I
60
80
100
120
140
160
180
200
I
I
I
I
I
I
I
I
MAIL ORDER
1.6 -(CATALOG SALES)
/
4.0 h
1.2 -
S?'
H
' '
/ ^1BM.X'
!VX%
/
/ -
I
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60
/
.6 r-
H
I
I
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I
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80
100
120
140
160
V^48-
t
I
140
160
180
200
3.2
^"'
/
2.4
-
.^0.5%
^^
-4 h P9faJ%>''™
I
I
/'^
2*<^i*4s
-
40
16.0
GROCERY AND COMBINATION
STORES
2.0
1.6
1.2
0 I
180 200
32.0
28.0
I
120
3.6
.2
40
I
100
'7''J^-- •••
.8 -
H
3.0
2.0
I
80
4.0
/
/
5.0 h
60
4.4
-
1.4 -
••/ r/- ">/
'
40
/
~
/
6.0 h
I
U^7
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6
Ar
8.0 -
I
/
/ , mi / z&*94a
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9.0 -
/
14.0
I
I
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I
II
II
60
80
100
120
140
160
I
i
r
I
r
II
T
I
180 200
r
EATING AND DRINKING
PLACES
.8
40
A
60
I
1
I
I
I
T
80
100
120
140
160
180
200
7.2
FILLING STATIONS
/
6.4
24.0
12.0
5.6
20.0
10.0
4.8
16.0
8.0
4.0
12.0
6.0
3.2
8.0
4.0
2.4
4.0
2.0
1.6
I
0
4O
I
I
I
I
I
60
8O
100
120
140
160
180 200
DISPOSABLE PERSONAL INCOME
(BILLIONS OF DOLLARS)
0 I
40
I
60
II
80
\I
120
I
I
140
I
160
I
I
180 200
DISPOSABLE PERSONAL INCOME
(BILLIONS OF DOLLARS)
U. 5. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
Source of data: TJ. S. Department of Commerce, Office of Business Economics.
\I
100
.8
40
J
60
I
I
I
I
-I
80
100
120
140
160
180
200
DISPOSABLE PERSONAL INCOME
(BILLIONS OF DOLLARS)
48-422
SUKVEY OF CUEKENT BUSINESS
October 1948
for sale. Moreover, low scrappage rates during and since
the war have materially increased the average age of cars
in use.4 As a result, expenditures in this field to replace the
over-age cars, as well as to take care of normal replacement
and to satisfy increased demand because of high incomes
and savings and population growth, will operate to absorb
all scheduled new car production. Thus the position of
sales relative to income will continue to depend on supply
for some time to come.
Table 1.—Retail Store Sales as a Percentage of Disposable Personal
Income
1947
1946
1 Q48
Kind of business
1929
1933
1939
1941
First
half
Sec- First Sec- first
ond half ond half
half
half
58.7
54.3
59.9
60.3
61.7
64.9
67.6
68.8
69.0
Durable-goods stores
17 2
Automotive group
8.5
Motor- vehicle dealers. _. 7.8
Parts and accessories
.7
Building materials and hardware group
4.7
Building materials.-.
3.2
Farm implements
.6
Hardware
_ _
.9
Home-furnishing group
3.3
Furniture and housefurnishings
2.2
Household appliances
and radios
1.1
Jewelry
.6
10.7
5.2
4.7
.5
14 8
7.9
7.2
.7
17.0
9.3
8.5
.8
12 2
4.4
3.3
1.1
15. 1
6.6
5.6
1.0
16.9
7.7
6.7
1.0
18.1
8.2
7.2
1.0
18.9
8.9
8.0
.9
3.0
1.9
.4
.7.
2.1
3.9
2.5
.5
.9
2.5
4.2
2.6
.6
1.0
2.8
4.1
2.5
.5
1.1
2.9
4.4
2.7
.5
1.2
3.2
4.9
3.1
.6
1.2
3.5
5.5
3.5
.7
1.3
3.7
5.7
3.7
.8
1.3
3.6
1.4
1.7
1.9
2.0
2.0
2.1
2.2
2.1
.7
.4
.8
.5
.9
.6
.9
.9
1.2
.8
1.4
.8
1.5
.7
1.4
.7
Nondurable-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 (excluding
mail order)
Mail order
General, including general merchandise with
food
Dry goods and ither
general merchandise...
Variety _ _ _ ._
Other retail stores
Liquor
All other __
43.6
4.3
45.1
4 6
43.3
4.5
49.5
5.8
49.9
5.5
50.7
5.4
50.7
5.4
50.1
5.2
All retail stores
41.6
5.1
1.6
1.2
1.2
1.2
1.4
1.4
1.4
1.4
1.3
1.8
1.7
1.9
1.8
2.7
2.4
2.4
2.4
.5
.9
2.4
3.2
15.0
.7
.9
2.2
5.0
14.5
.7
.8
2.0
5.2
13.7
.8
.9
2.3
7.9
15.3
.8
.9
2.2
7.6
16.1
.8
.9
2.1
7.4
17.1
.8
.9
2.1
7.0
17.0
.7
.8
2.0
6.8
17.1
8.9
4 4
2.2
10.9
11.1
3.9
3.4
11.0
11.0
3.5
4.0
9.2
10.4
3.2
3.8
8.6
11.6
37
2.5
9.2
12.4
3.7
2.6
9.2
13.3
3.8
2.8
9.2
13.4
3.7
3.1
9.2
13.5
3.6
3.4
8.9
47.7
.5
5. 1
.5
5.0
7
4.8
7
5.5
6
5.5
6
5.5
6
5.5
.7
5.3
.7
3.3
2.6
1.3
1.1
1.1
1.1
1.1
1.1
1.0
1.3
1.1
5.4
1.3
1.5
4.3
(i)
4.3
.9
1.4
5.5
.8
4.7
.8
1.3
5.6
.8
4.8
.9
1.2
6.6
12
5.4
.9
1.2
6.6
1.2
5.4
.9
1.1
6.6
1.1
5.5
.9
1.2
6.6
1. 1
5.7
.8
1.1
6.7
1.0
5.7
5.4
i Less than 0.5 percent.
Source: U. S. Department of Commerce, Office of Business Economics.
Automotive Parts and Accessories
The need for new tires and batteries at the end of the war
raised sales of these stores very steeply, and by the middle of
1946 the ratio of sales to consumer income was well above
that of 1941. However, it did not take long to catch up with
the backlog, and by the beginning of 1947 activity had
ceased to grow, and was dropping back relative to income.
Nevertheless, the demand for auto parts has been sufficient to sustain sales at an extremely high rate, more than
twice the 1941 figure. Since the number of cars on the road
will reach even higher levels, and will for some time include
an unusual proportion of older cars, the outlook for this
group is favorable so long as general business activity keeps up.
Building Materials
The primary activity of these stores is the sale in retail
quantities of lumber; heating and plumbing equipment; wall
4
For a more complete discussion relating to automobiles and household appliances, see
Backlog Demand for Consumers' Durable Goods, SURVEY, April 1948.
807380-48
3
paper, paint, or glass; lighting fixtures, cables, and other
electrical supplies for construction; and building materials
such as roofing, sand, and gravel. Before the war, sales of
lumber dealers accounted for about two-thirds of the total
for the group.
In the past 2 years sales of building materials have risen
rapidly and steadily, and in the first half of 1948 were more
than two and one-half times the value in 1929 or 1941.
Even allowing for the increase in disposable income, sales
are relatively higher than in 1929, the last year of the building boom which followed the First World War. It should be
noted that construction in 1929 had already dropped off
from the peak reached earlier in the twenties.
Demand for building materials at these stores has been
sufficient to push prices very high, although greatly increased
costs of production have played an important part also.
Lumber, the major commodity handled, is selling at about
three times its 1939 price. In part the higher sales of these
dealers reflect the increase in their wholesale activities resulting from the postwar boom in construction. The considerable volume of new construction undertaken by individuals,
who ordinarily obtain their materials from retail dealers, has
also been an important source of demand. The proportion
of owner-occupied homes has increased, and tenants today
assume a greater responsibility for keeping up their residences. Home owners and tenants, insofar as they do their
own maintenance and repairs, normally go to retail dealers
for supplies.
Table 2.—Percent Distribution of Retail Sales by Kinds of
Business
2.4
.7
10
2.0
2.6
13.3
17
1946
1947
1929
1933
1939
1948,
1941 First Sec- First Sec- first
half
half ond half ond
half
half
Durable-goods stores
29.3
14.5
Automotive group. _ .. _
Motor-vehicle dealers
13.3
Parts and accessories
1.2
Building-materials and hard- 7.9
ware group.
5.4
Building materials
Farm implements
1.1
1.5
Hardware
Home-furnishings group
5.7
Furniture and house3.7
furnishings
Household
appliances
1.9
and radios
.
Jewelry
1.1
19.8
9.7
8.7
.9
5.5
24.7
13.2
12.0
1.2
6.5
28.1
15.4
14.0
1.4
7.0
19.8
7.1
5.4
1.7
6.6
23.2
10.2
8.6
1.6
6.8
25.1
11.4
10.0
1.5
7.3
26.3
11.9
10.5
1.4
8.0
27.4
12.9
11.6
1.4
8.3
3.5
.7
1.3
3.9
4.2
.8
1.5
4.1
4.4
.9
1.6
4.7
4.1
.7
1.8
4.7
4.1
.8
1.8
5.0
4.5
.9
1.8
5.2
5.1
1.1
1.9
5.3
5.3
1.1
1.9
5.2
2.6
2.9
3.2
3.2
3.1
3.1
3.2
3.1
1.3
.7
1.3
.9
1.5
1.1
1.5
1.4
1.9
1.3
2.1
1.2
2.1
1.1
2.1
1.0
Nondurable-goods stores .
Apparel group
Men's clothing and furnishings , .
Women's apparel and
accessories
Family and other apparel
Shoes
Drugstores
Eating and drinking places ._
Food group..
._ _
Grocery and combination
Other food
Filling stations .
General-merchandise group_.
Department (excluding
mail order)
Mailorder
General, including general merchandise with
food
Dry goods and other
general merchandise. ..
Variety
Other retail stores
Liquor
Allother
. ....
70.7
8.8
80.2
7.9
75.3
7.8
71.9
7.5
80.2
9.4
76.8
8.5
74.9
8.0
73.7
7.9
72.6
7.6
Kind of business
2.8
2.2
2.0
2.0
2.3
2.2
2.1
2.0
1.9
3.1
3.1
3.1
3.0
4.3
3.7
3.5
3.5
3.4
1.2
1.7
3.5
4.4
22.6
.9
1.7
4.3
5.8
27.6
1.1
1.5
3.7
8.4
24.2
1.1
1.4
3.3
8.6
22.7
1.3
1.5
3.7
12.8
24.8
1.2
1.4
3.4
11.8
24.9
1.1
1.3
3.2
10.9
25.2
1.1
1.3
3.0
10.2
24.8
1.1
1.2
2.9
9.8
24.8
15.2
7.5
3.7
18.6
20.4
7.2
6.2
20.3
18.4
5.8
6.7
15.4
17.3
5.4
6.2
14.3
18.8
5.9
4.0
14.9
19.1
5.7
4.1
14.1
19.7
5.5
4.2
13.6
19.5
5.3
4.6
13.4
19.5
5.3
4.9
12.9
8.1
.9
9.5
.9
8.4
1.1
7.9
1.1
8.9
.9
8.4
.9
8.1
.9
7.9
1.0
7.7
.9
5.6
4.8
2.2
1.8
1.7
1.6
1.6
1.6
1.5
2.2
1.9
9.2
2.4
2.8
8.0
.1
7.9
1.4
2.3
9.2
1.4
7.8
1.3
2.1
9.3
1.4
7.9
1.5
1.9
10.7
2.0
8.7
1.4
1.8
10.1
1.8
8.3
1.3
1.7
9.8
1.6
8.2
1.3
1.7
9.8
1.5
8.3
1.2
1.6
9.7
1.4
8.3
9.2
Source: U. S. Department of Commerce, Office of Business Economics.
Furniture and Furnishings
After participating in the rapid growth of retail activity
in 1946 and early 1947, furniture and furnishings stores had
18
SUEVEY OF CUERENT BUSINESS
achieved a rate of sales about twice that of 1941 in dollar
value. As a percent of income, sales were somewhat above
those of 1941, and almost up to 1929. However, in the last
year sales have advanced very little.
The cessation of the advance for these stores is brought
out more strongly by the correlation analysis, which implies
that the ratio of sales to income in the postwar period is
below the expected value. Moreover, the high marriage rate
during and after the war and the great volume of residential
construction also suggest that sales of furniture and furnishings should be further above 1941, in terms of income.
In spite of their gains, therefore, there is some reason to
believe that furniture and furnishings stores are not doing
so well as might have been expected in the competition for
the consumer dollar. Data on consumer expenditures suggest
that this is due to furniture rather than furnishings. Purchases of furniture—particularly for replacement purposes—
are more readily deferred than other necessities. Sales in this
group have probably been held down by high prices; among
the components of the consumer price index, furniture has
advanced in price more than any other durable commodity,
and more than any broad group of commodities, including
food and apparel. The over-all furniture and furnishings
price index has kept pace with apparel and is not far behind
food in the extent of its rise.
October 1948
diately after the war, when durable goods were relatively
unobtainable, and that as durable sales mounted rapidly,
nondurable sales continued to go up proportionately with
income. The reasons for higher expenditures on goods relative to income in the postwar years as compared with the
prewar period have already been discussed.
Only in the most recent months, with hard goods beginning
to account for their full share of retail sales, have the soft
lines experienced even a small encroachment on their advanced position. Consumers tend to cling to their patterns
of consumption, and try to maintain their scale of purchasing
of given items even while increasing their expenditures in
other directions. Moreover, when the desire for the newly
available goods requires a reduction in the rate of expenditure
for other items, declines will appear first in those categories
where new tastes have taken hold less firmly.
These considerations account in part for the diverse experiences of the various types of nondurable-goods stores in
the past 2 years. They help to explain the strength of food
sales, and the more favorable recent showing of women's
apparel as compared with men's wear. Reasons of a different
sort are more important in such other groups as department
stores and filling stations.
Grocery Stores and Restaurants
Household Appliance and Radio Stores
Nondurable-Goods Stores
Much of the extra portion of consumer income which has
one into purchases of nondurable goods in the last 2 years
as been spent on food. Total sales of grocery and combination stores in 1947 and the first half of 1948 were much more
than twice the 1941 values.
An article in the SURVEY, earlier this year, pointed out
that the increase in expenditures for food corresponded to a
substantial rise in per capita food consumption, as measured
by an index which includes not only changes in quantity
but also replacement of less expensive by more expensive
items of food.5 In terms of this index, per capita consumption of food is about 15 percent above the 1923-29 average,
and even further above that for the thirties. Even this
index does not completely reflect increases in real consumption.
The reasons cited earlier for higher nondurable-goods
expenditures apply specifically to expenditures for food,
which is the major component of the group. Moreover, the
apparent acquisition of a higher standard of food consumption and the tendency to resist a return to a lower one has
helped to push the price of food to more than twice its prewar
cost. It seems probable that with the passing of the temporary factors which permit unusual expenditures in this
category, some price readjustment will occur, but that real
consumption will be maintained well above its prewar levels
Sales of eating and drinking places, after a steady growth,
until the fall of 1946 which continued the strong upward
trend shown in the prewar and war years, have ceased to
advance in the last 2 years. In consequence, the percentage
of spendable income represented by these sales has declined,
although it is still one-third above the 1941 ration.
Much of this decline in the sales-income ratio represents a
smaller portion of income spent on alcoholic beverages,
which in 1939 accounted for approximately one-third of the
receipts of eating and drinking places. Also, with a large
number of housewives leaving the labor force after the end
of the war, there was a greater tendency to eat at home
rather than to dine out. Moreover, the recent shift away
from luxuries has reduced expenditures hi night clubs and
cabarets.
It was noted earlier that sales of nondurable-goods stores
took a disproportionate share of consumer income imme-
6 Food Consumption. Expenditures, and Prices. SURVEY OF CURRENT BUSINESS, January
1948.
Here, as in the case of automotive dealers, sales at the
war's end were very low. However, production advanced
rapidly and by 1947 sales were three times the value shown
for the year 1941. Since mid-1947, sales have continued to
rise, although at a lesser rate, and now account for about
IK percent of total disposable income. This compares with a
figure in the neighborhood of 1 percent in 1929 and 1941.
At the present time, except for television and sewing
machines and some models of other major household appliances, notably refrigerators, supply of such commodities
seems to be generally much more adequate to meet consumer
demands. As indicated in a previous study, even though
production is far above any prewar year, the backlog of
demand for these commodities accumulated in the war years
is, on the whole, still substantial.
Although only of moderate effect up to the present, the
sale of television sets is potentially of large importance to
this group. Even under conservative estimates, the new
industry is likely to bolster sales of this group for a number
of years.
Jewelry Stores
Sales at jewelry stores were the first to register any weakness in consumer spending. The peak in sales was reached
early in 1946, and since then the trend has been generally
downward.
Most of the items sold in jewelry stores are in the luxury
class and, consequently, they are especially sensitive to income changes and shifts in the price structure. As more
and more types of durable goods appeared and prices generally tended upward, demand for jewelry weakened somewhat.
By the first half of 1948, jewelry-store sales were down 8 percent from the 1946 rate. In spite of this drop, the ratio of
sales to income in the first half of 1948 is still slightly higher
than that shown in 1941. However, sales have fallen moderately below the expected level based on the correlation
analysis.
f
October 1948
SUEVEY OF CUKKENT BUSINESS
Apparel
During the thirties, the percentage of consumer income
spent in each of the three main kinds of apparel stores—
women's apparel, men's wear, and shoe stores—fluctuated
very little. In the postwar period, the three types of stores
have not behaved consistently.
Purchases at women's wear stores have grown at the same
rate as income in the last 2 years, and have taken a share of
income nearly one-third larger than in the prewar years.
The ratio for men's clothing stores shows a much smaller
increase over the earlier period, and has lost some ground in
the last 2 years, after the initial demands of the men returning from the services were satisfied. The shoe-store ratio
since the end of the war has not exceeded the average value
in the thirties, and in the first half of 1948 has dropped to
the 1941 level, the prewar low. The correlation analysis,
moreover, implies that shoe-store sales are below their
expected value. In real terms, sales of shoes are about
the same as in 1941, with income much higher.
A full discussion of the complex position of the apparel
group will not be undertaken at the present time. However, some of the factors influencing the present situation
may be briefly indicated. Women during the war became
accustomed to spending a greater part of the family income
on their clothing, because more of them were working, and
because of the unavailability of other goods. After the
end of the war their natural inclination to continue this rate
of expenditure was encouraged by a drastic style change,
requiring a considerable overhaul of their wardrobes, and by
the active promotional efforts of apparel stores.
Greater expenditures by women may have had some part
in holding down the allowance in the family budget for men's
clothing. However, also important is the fact that men who
acquired new wardrobes after the end of the war have been
in a position to forego further purchases in the interim.
The situation of shoe stores is influenced by a number of
factors. This group has exhibited a long-term downward
trend in activity; retail sales in 1940 were 20 percent below
1929, although disposable income in the 2 years was comparable. Much of the drop represented lower shoe prices,
but it is also true that shoe stores have not held their own in
competition with shoe departments of department stores and
other apparel stores. In 1929, shoe stores accounted for
about 60 percent of retail shoe sales, but by 1939, only 55
percent was sold in these stores.
Sales of shoes have been affected in 1948 by the price
factor. Except for luxury items, one of the earliest commodities to encounter effective buyer resistance to higher
prices was footwear.
Estimates of retail shoe-store sales give no information
about sales of the various kinds of shoes, but some light on
this point can be obtained by using production data. Compared with 1941, the high point of the prewar period, total
shoe production has changed very little in 1947 and 1948, in
spite of the higher level of income currently. A small drop
in men's shoes is offset by a rise in women's and other footwear. Of particular interest is the substantial percentage
increase from the prewar period in the output of infants',
babies', and children's shoes.
Filling Stations
Purchases at filling stations are almost twice those in
1941. However, in spite of their recent rapid rate of increase, they account for a smaller part of income than they
did before the war. The sales of this group are determined
primarily by automobile mileage, and this depends on the
number of cars in use, as well as on the average distance
19
driven. Sales should continue to grow as more cars appear
on the road.
Department Stores and Mail-Order Houses
In the years prior to 1942, the proportion of income
channeled to department stores varied in a narrow band
slightly under 5 percent. After dropping during the war,
it has gone up again and in the past 2 years it has remained
at about 5% percent of income, higher than in any year of
the earlier period.
The behavior of department stores has closely paralleled
that of non-durable-goods stores in the aggregate, both in the
prewar and postwar period. This is to be expected, since
non-durable goods represent about 80 percent of departmentstore sales. Moreover, within departments the relative
gains have for the most part followed closely those of the
corresponding retail outlets. The outstanding exception is
the furniture and furnishings department where the increase
for department stores since 1946 has been appreciably smaller
than for other retail stores handling these lines.
The catalog sales of mail-order houses have in the past 2
years represented about the same proportion of total income
as they did in the period 1935-41. Durable goods are more
important in mail-order catalog sales than they are in sales
of department stores. As a result the mail order salesincome ratio has grown somewhat in the past 2 years, while
that of department stores remained constant.
Both department stores and mail-order houses have followed a cautious policy within the last 18 months, preferring
to sacrifice sales rather than to take undue risks by carrying
large inventories. Moreover, there is little indication of any
recent tendency to relax this policy to any important degree.
Drug Stores
This group, like several of the other nondurables, expe
rienced the lowest sales in relation to income in the most
prosperous prewar years. However, unlike most nondurables, the ratio during the last 2 years has remained below
the 1933 peak, and in the first half of 1948 is down to the
levels of 1929 and 1941. The dollar value of sales has held
up, although it has failed to advance with income.
Drug-store sales recently have been feeling the effects of
the reduced demand for such luxury items as high-priced
cosmetics and toiletries. Also, their attempts to add to
their sales by carrying small household appliances, such as
irons and toasters, have encountered the competition provided by the increasing number of appliance stores.
Distribution of Sales by Type of Store
Although it bears only indirectly on the main discussion
of this article, it is of interest to see how the variations in
the sales-income relationships of the different groups of retail
stores are associated with changes in the relative importance
of these groups in the retail structure. A comparison of
this nature is afforded by table 3, which shows the shares of
the retail dollar spent at each type of store in selected years.
It may be seen that, on the whole, the tendency in the
postwar period has been to return to the distribution of
retail activity that existed in 1941. With some exceptions,
the different types of outlets were closer in the first half of
1948 to their relative position in 1941 than they had been
since 1942.
Some of the exceptions deserve mention. Both the household-appliance and radio stores and the building-material
group have shared in the growth evidenced by all durable(Continued on page 23)
By Elwyn T. Bonnell
Public and Private Debt
in 1947
Private-Debt Components Show Marked Rise
HE purpose of this article is to present estimates oj
public and private debt as of the end of 1947 and revi~
sions of certain of the previously published series back
to 1940. The scope of the text has been restricted to a
very brief summary of the quantitative results of the
study.
A more thoroughgoing analysis is not attempted.
Such an analysis would have to go beyond the data on
indebtedness that are here presented, and relate them
to other items in the balance sheets of the various
sectors of the economy, such as the several types of assets
and equity claims; to the movement of prices and interest
rates; as well as to theflov: of incomes and production as
depicted in the national income and product accounts
regularly published by the Department of Commerce.
1 OTAL public and private net debt rose almost 17 billion
dollars during 1947, reaching 410 billion dollars at the end of
December. All major forms of private debt moved upward
from 1946 to 1947, their rise greatly exceeding both the
continued decline in Federal Government debt and the relatively small increment in State and local government
indebtedness.
The increase of 10.1 billion dollars in private net debt
from 1945 to 1946 offset only in part the drop of 23.0 billion
dollars in Federal Government net debt. But the upward
surge of 22.4 billion in private net debt from 1946 to 1947
was substantially larger than the further reduction of 6.4
billion in Federal Government net debt and raised total net
debt to the highest point yet reached. At the close of 1947
the private component aggregated 172 billion dollars, an
amount representing 42 percent of total net public and private indebtedness as compared with a similar relationship
of 34 percent in 1945.
These recent developments may be compared with the
roles of private debt and Federal Government debt in past
periods. From 1933 to 1945 a continuous expansion in
Federal debt resulting from expenditures during the depression, the armament program, and the wartime budget
deficits successively shaped the total net debt curve. But
from 1916 to 1933, except for a brief period in the first World
War, private-debt financing exerted the dominant influence.
These trends in the debt pattern are illustrated in the
accompanying chart.
NOTE.—Mr. Bonnell is a member of the National Income Division, Office of Business
Economics.
20
Of the private-debt components shown below in tables 5
and 7, the largest absolute increase during 1947 occurred in
the 1- to 4-family urban residential mortgage debt owed by
individual and noncorporate borrowers. Such mortgages
were expanded over 5 billion dollars in the course of the
year. The largest relative increase, however, was recorded
in the consumer credit area, which advanced 3.3 billion
dollars to 13.4 billion at the year's end.
Noteworthy expansions from 1946 to 1947 were registered
in several other categories of private debt: farm credit (0.9
billion dollars); urban multifamily and commercial mortgage
Chart 1.—Net Public and Private Debt, by Major Components, End of Calendar Year
BILLIONS OF DOLLARS
500
300 TOTAL PUBLIC
AND PRIVATE
200 -
PR I VA TE, NONCORPORA TE+/
1916
18
20
22
24
26
28
30
32
^PUBLIC, STATE 8 LOCAL
34
36
38
40
42
44
46
48
1
Represents individual and noncorporate private debt.
Sources of data: U. S. Department of Commerce, Office of Business Economics, based
upon data from various governmental and private agencies.
credit (1.7 billion); unincorporated business debt (1.0
billion); corporate long-term debt (4.1 billion); corporate
short-term notes and accounts payable (3.5 billion); and
corporate short-term "other" payables (4.0 billion). In two
private-debt categories—long-term debt of railway corporations and borrowings by unincorporated businesses or individuals for financial purposes—reductions of 0.1 and 1.1
billion dollars, respectively, are to be noted. The contraction in noncorporate financial debt primarily reflects continued control by the Board of Governors of the Federal
Reserve System in the security loans market through its
Regulations T and U.
SURVEY OF CURRENT BUSINESS
October 1948
21
Debt Series Revised Back to 1940
tables replace all previously published debt estimates for
the years 1940 through 1946.
The present report is intended to be used in conjunction
with the article "Public and Private Debt in 1946," published in the September 1947 SURVEY OF CURRENT BUSINESS.
(Reprints are available from the Washington office or any
of the field offices of the Department listed on the inside
front cover of the SURVEY.) From that article may be
obtained estimates for years prior to 1939 1 and a discussion
of the net and gross debt concepts. The reader is cautioned
against interpreting the debt estimates without first acquainting himself with the explanation of their conceptual framework published in the September 1947 SURVEY.
The statistical bases for the present estimates are generally similar to those used by the Department of Commerce
in the past. These have been explained in articles in the
September 1945 and July 1944 issues of the SURVEY and in
the special bulletin entitled "Indebtedness in the United
States, 1929-41" (Department of Commerce, Economic
Series No. 21, U. S. Government Printing Office, 1942).
The discussions in the September 1946 and September 1947
articles were limited to modifications of previous procedures.
The following tables correspond to tables 10-16 in the
September 1947 issue of the SURVEY.
Estimates of public and private debt as of the end of
1947 are presented in the accompanying tables. In addition,
certain of the series have been revised back to 1940. These
1
The Board of Governors of the Federal Reserve System published revised estimates of
total consumer credit, covering the years 1929 to 1948, in the August 1948 issue of the FEDERAL
RESERVE BULLETIN. The revisions are downward, differences between the new and old
estimates amounting to no more than 10 million dollars in any of the years in the 1929-38
period. Tables 10 and 11 in the September 1947 SURVEY article are not affected.
Public Debt Continues Peacetime Contraction
Net public debt was reduced 5.6 billion dollars during
1947; all of this cut resulted from Federal Government debt
operations, offset to a minor extent by an increase in State
and local government indebtedness.
The debt owed to the public and State and local governments by the Federal Government was reduced to 223 billion
dollars at the end of 1947. Of the total contraction of 6.4
billion dollars, 5.7 billion occurred in obligations of the
Federal Government proper and 0.7 billion in the claims
against the Federal Government agencies and corporations.
These reductions in net debt were accompanied by a continued expansion in the Federal debt issues held by Treasury,
trust fund, and investment accounts of the Federal Government and Federal agencies.
In contrast to this further drop in Federal debt, State
and local government indebtedness rose 0.8 billion dollars
during the year ended June 30, 1947. This reversal of a
downward movement existing since the beginning of the war
was due primarily to new bond flotations by State governments to finance veterans' bonuses and services.
Table 1.—Net Public and Private Debt, End of Calendar Year, 1939-47
[Billions of dollars]
Public
Public and
private,
total
End of year
Private
Individual and noncorporate
Corporate
Total
Federal
State and
local
Mortgage
Total
Total
Long-term Short-term
Total
Farm
184.6
191.0
212.7
260.7
314.3
371.6
406.2
393.1
409.9
1939
1940
1941
1942
1943
1944
1945
1946
1947
58.9
61.3
72.6
117.5
169.3
226.0
266.5
243.3
237.7
42.6
44.8
56.3
101.7
154.4
211.9
252.7
229.7
223.3
16.3
16.5
16.3
15.8
14.9
14.1
13.7
13.6
14.4
125.7
129.7
140.1
143.1
145.0
145.7
139. 7
149.8
172.2
73.5
75.6
83.4
91.6
95.5
94.0
84.2
87.8
99.4
44.4
43.7
43.6
42.7
41.0
39.8
38.3
41.0
45.1
29.2
31.9
39.8
49.0
54.5
54.2
45.9
46.8
54.3
52.1
54.2
56.6
51.5
49.5
51.6
55.5
61.9
72.8
Nonmortgage
Urban
(nonfarm)
2
Farm 3
26.4
27.3
28.6
28.0
27.3
27.2
27.9
33.5
40.3
6.6
6.5
6.4
6.0
5.4
4.9
4.7
4.8
4.9
Nonfarm 4
16.8
17.7
18.9
14.6
14.0
16.7
20.5
20.8
24.1
2.3
2.6
2.9
2.9
2.8
2.8
2.5
2.8
3.6
1
3
4
2
Data for State and local governments are for June 30 of each year.
Data are for noncorporate borrowers only (see table 6).
Comprises non-real-estate farm debt contracted for productive purposes.
Comprises debt incurred for commercial (nonfarm), financial and consumer purposes, including debt owed by farmers for financial and consumer purposes.
Sources: U. S. Department of Agriculture; Bureau of Agricultural Economics; U. S. Department of Commerce, Bureau of the Census and Office of Business Economics.
Table 2.—Gross Public and Private Debt, End of Calendar Year, 1939-47 *
[Billions of dollars]
Public
Public
and
private,
total
End of year
Private
Individual and noncorporate
Corporate
Total
Federal
State and
local
Total
Long-term Short-term
Total
Farm
1939
1940
1941
1942
1943
19441945
1946
1947
_.
_
_
209.1
216.9
243.4
300.7
365.2
431.7
463.0
452.6
475.5
70.1
73.8
89.2
142.9
205.4
271.2
309.2
288.1
286.6
50.1
53.6
69.0
123.2
186.7
253.7
292.6
272.1
269.8
20.0
20.2
20.2
19.7
18.7
17.5
16.6
15.9
16.8
139.0
143.1
154.2
157.8
159.8
160.5
153.8
164.5
188.9
Nonmortgage
Mortgage
Total
86.8
89.0
97.5
106.3
110.3
108.9
98.2
102.6
116.1
52.1
51.2
51.2
50.2
48.4
47.0
45.3
48.1
53.0
34.7
37.7
46.3
56.2
62.0
61.9
52.9
54.5
63.1
52.1
54.2
56.6
51.5
49.5
51.6
55.5
61.9
72.8
6.6
6.5
6.4
6.0
5.4
4.9
4.7
4.8
4.9
Urban
(nonfarm) 2
26.4
27.3
28.6
28.0
27.3
27.2
27.9
33.5
40.3
1 Data for State and local government debt are for June 30 of each year. Components will not necessarily add to total because of rounding.
2
Data are for noncorporate borrowers only (see table 6).
3 Comprises nonreal estate farm debt contracted for productive purposes and owed to institutional lenders.
4
Comprises debt incurred for commercial (nonfarm), financial and consumer purposes, including debt owed by farmers for financial and consumer purposes.
Sources: U. S. Department of Agriculture; Bureau of Agricultural Economics, U. S. Department of Commerce, Bureau of the Census of Business Economics.
Farm 3
2.3
2.6
2.9
2.9
2.8
2.8
2.5
2.8
3.6
Nonfarm 4
16.8
17.7
18.9
14.6
14.0
16.7
20.5
20.8
24.1
SURVEY OF CUERENT BUSINESS
22
October 1948
Table 3.—Gross and Net Federal Government Debt, End of Calendar Year, 1939-47
[Millions of dollars]
Duplicating debt
Gross debt
Federal Government
End of year
Federal
Government and
Federal
agency,
total
1939
1940.
1941
1942.
1943
1944
1945
1946
1947
Interest-bearing
Total
Total
41, 465
44, 472
57, 533
107, 308
164, 508
228, 891
275, 694
257, 649
254, 205
41, 961
45, 040
58, 020
108, 170
165, 878
230, 630
278, 115
259, 149
256, 900
50, 113
53, 569
68, 990
123, 212
186, 666
253, 694
292, 600
272, 147
269, 753
Public
issues
Special
issues
37, 234
39, 102
50, 551
98, 276
151, 805
212, 565
255, 693
233, 064
225, 250
Federal
GovernFederal2 ment and
Nonin- agency
Federal
terest
agency,
bearing 1
total
4,231
5,370
6,982
9,032
12, 703
16, 326
20, 000
24, 585
28, 955
8, 152
8,529
10, 970
15, 042
20, 788
23, 064
14, 485
12, 998
12, 853
496
568
487
862
1,370
1,739
2,421
1,500
2,695
1 Includes matured debt on which interest has ceased.
Bonds, debentures, and notes payable, including securities held by the U. S. Treasury.
Source: U. S. Treasury Department.
2
7,481
8,756
12, 706
21, 516
32, 229
41, 805
39, 857
42, 398
46, 435
3
4
Federal
Government securities
held by
Federal
agencies
and trust
funds
Net debt
Federal agency securities
1,315
1,410
3,457
9,588
15, 726
20, 133
12, 816
11, 485
12, 083
6,166
7,346
9,249
11,928
16, 503
21, 672
27, 041
30, 913
34, 352
Federal
Govern- Federal
ment and GovernHeld by Federal
other
ment
Federal agency,
total
agencies
Held by Held in
Federal
U.S.
trust
Treasury funds
Total
101
90
1,278
5,193
7,848
11, 494
11, 775
10, 693
11, 840
(4)
(4)
(4)
(4)
3
44
44
43
43
43
1,170
1,276
2,136
4,352
7,835
8,639
1,041
792
243
42, 632
44, 813
56, 284
101, 696
154, 437
211, 889
252, 743
229, 749
223, 318
Federal
agency
35, 795
37, 694
48, 771
96, 242
149, 375
208, 958
251, 074
228, 236
222, 548
6,837
7,119
7,513
5,454
5,062
2,931
1,669
1,513
770
Bonds, debentures, and notes payable.
Less than $500,000.
Table 4.—Gross and Net State and Local Government Debt, June 30, 1939-47
[Millions of dollars]
Duplicating debt 2
Gross debt
Local
End of fiscal year
State
and
local,
total i
1939
1940
1941_
1942
1943
1944
1945
1946
1947
19, 996
20, 246
20, 226
19, 690
18. 692
17, 471
16, 589
15, 922
16, 819
State
Total
3,343
3,526
3,413
3.211
2,909
2,768
2,425
2,358
2,972
County
16, 653
16, 720
16, 813
16, 479
15, 783
14, 703
14, 164
13, 564
13, 847
2,219
2,156
2,046
1,846
1,634
1,694
1,545
1,417
1,481
City
and
township
10, 215
10, 189
10, 210
10, 079
9,784
8,826
8,589
8,267
8,275
Net debt
State
School
district
Special
district
1,837
1,813
1,787
1,701
1,573
1,465
1,363
1,283
1,355
2,382
2,562
2,770
2,853
2,792
2,718
2,667
2,597
2,736
State
and
local,
total
3,682
3,785
3,889
3/847
3,810
3,397
2, 864
2,349
2,428
Total
Local
Sinking
funds
Trust,
etc.,
funds
396
363
300
276
306
247
175
141
144
973
1,070
1,253
1,265
1,270
1,104
871
613
660
1,369
1,433
1,553
1,541
1,576
1,351
1,046
754
804
Total
Sinking
funds
Trust,
etc.,
funds
,372
,350
,358
,344
,302
,142
960
869
860
941
1,002
978
962
932
904
858
726
764
2,313
2,352 '
2,336
2,306
2,234
2,046
1,818
1,595
1,624
State
and
local,
total
State
16, 314
16, 461
16, 337
15, 843
14, 882
14, 074
13, 725
13, 573
14, 391
1,974
2,093
1,860
1,670
1,333
1,417
1,379
1,604
2,168
Local
14, 340
14, 368
14, 477
14, 173
13, 549
12, 657
12, 346
11, 969
12, 223
1
2
Includes State loans to local units.
Comprises State and local government securities held by State and local governments.
Source: U. S. Department of Commerce, Bureau of the Census and Office of Business Economics.
Table 5.—Gross and Net Corporate Debt, End of Calendar Year, 1939-47
[Millions of dollars]
All corporations
Railway corporations
Short-term *
End of year
Total
Longterm !
Total
Notes
and
accounts
payable
Nonrailway corporations
Short-term 1
Total
Other
Longterm !
Total
Notes
and
accounts
payable
Short-term 1
Total
Other
Longterm !
Total
Notes
and
accounts
payable
Other
GROSS CORPORATE DEBT
1939
1940
1941
1942
1943
1944
1945
1946
1947
_
_
_ _ _ _ _
_ _
_
86, 807
88, 966
97, 543
106, 331
110, 316
108, 887
98, 220
102, 551
116, 132
52, 113
51, 233
51, 245
50,165
48, 354
47,018
45, 321
48, 067
53, 048
34, 694
37, 733
46, 298
56, 168
61,962
61,869
52, 899
54, 484
63, 084
22, 167
22, 717
26, 156
26, 032
26,318
26, 799
25, 441
30, 319
34, 486
12, 527
15,016
20, 142
30, 134
35, 644
35, 070
27, 458
24, 165
28, 598
16, 964
17, 170
17, 308
17, 684
18, 131
17,221
15,411
13, 714
13, 875
13, 262
13, 390
14, 100
14, 682
14, 797
14, 840
7,747
7, 580
7,631
7,498
7,314
7,186
6,999
7,027
7,952
5,515
5,810
6,469
7,184
7,483
7,654
7,014
7,700
8,788
3,676
3,780
4,346
4,323
4,362
4,543
4,218
5,033
5, 725
1,839
2,030
2,123
2,861
3,121
3,111
2,796
2,667
3,063
1,378
,443
,484
,487
,558
,510
,485
807
835
14, 475
14, 544
14, 388
13, 983
13, 391
12, 625
11,874
10, 877
10, 804
2,489
2,626
2,920
3,701
4,740
4,596
3,537
2,837
3,071
1,856
2,126
2,391
3,117
3,872
3,757
2,656
2,038
2,175
69, 843
71,796
80, 235
88, 647
92, 185
91, 666
82, 809
88, 837
102, 257
37, 638
36, 689
36, 857
36, 182
34, 963
34, 393
33, 447
37, 190
42, 244
32, 205
35, 107
43, 378
52, 465
57, 222
57, 273
49, 362
51, 647
60, 013
21, 534
22, 217
25, 627
25, 448
25, 450
25, 960
24, 560
29, 520
33, 590
10,671
12,890
17,751
27,017
31, 772
31,313
24, 802
22, 127
26, 423.
88
70
74
81
120
116
124
111
125
228
261
281
291
291
275
262
229
210
11,884
11,947
12, 616
13, 195
13, 239
13, 330
12, 528
13,920
15, 905
6,685
6,468
6,502
6,383
6,167
6,067
5,900
6,560
7,452
5,199
5, 479
6,114
6,812
7,072
7,263
6,628
7,360
8,453
3,588
3,710
4,272
4,242
4,242
4,427
4,094
4,922
5,600
1, 611
1, 769
1, 842
2, 570
2, 830
2, 836
2,534
2,438
2, 853
545
430
455
503
748
723
757
688
771
1,628
1,865
2,110
2,826
3,581
3,482
2,394
1,809
1,965
57,959
59, 849
67, 619
75, 452
78, 946
78, 336
70, 281
74,917
86, 352
30, 953
30, 221
30, 355
29, 799
28, 796
28, 326
27,547
30, 630
34, 792
27, 006
29, 628
37,264
45, 653
50,150
50, 010
42, 734
44, 287
51, 560
17, 946
18, 507
21, 355
21, 206
21,208
21, 533
20, 466
24, 598
27,990
9,060
11, 121
15, 909
24, 447
28,942
28, 477
22, 268
19, 689
23, 570
633
500
529
584
868
839
881
799
896
DUPLICATING CORPORATE DEBT
1939
1940
1941
1942
1943
1944
1945
1946
1947
_ .
14,013
_ -
14, 727
16, 740
1,062
1,112
1,129
1,115
1,147
1,119
1,099
467
500
316
331
355
372
411
391
386
340
335
NET CORPORATE DEBT
1939
1940
1941
1942
1943
1944
1945
1946
1947
73, 545
75, 576
83, 443
91,649
95, 519
94, 047
84, 207
87, 824
99, 392
44,366
43, 653
43, 614
42, 667
41,040
39, 832
38, 322
41,040
45, 096
29, 179
31,923
39, 829
48, 982
54, 479
54, 215
45, 885
46, 784
54, 296
18, 491
18, 937
21, 810
21,709
21,956
22, 256
21,223
25, 286
28, 761
10, 688
12,986
18,019
27, 273
32, 523
31, 959
24, 662
21, 498
25, 535
15, 586
15, 727
15, 824
16, 197
16, 573
15, 711
13,926
12,907
13,040
13, 413
13, 432
13, 259
12, 868
12, 244
11,506
10, 775
10, 410
10, 304
2,173
2,295
2,565
3,329
4,329
4,205
3,151
2,497
2,736
i Long-term debt is defined as having an original maturity of 1 year or more from date of issue; short-term debt as having an original maturity of less than 1 year.
Sources: U. S. Treasury Department, Bureau of Internal Revenue; Interstate Commerce Commission; U. S. Department of Commerce, Office of Business Economics.
SUEVEY OF CURRENT BUSINESS
October 1948
23
Table 6.—Urban Real Estate Mortgage Debt by Lender Groups, End of Calendar Year, 1939-47 1
[Milllions of dollars]
1-4 family residential
Residential and commercial
End of year
Total
30, 314
31, 255
32, 407
31, 907
30, 994
30, 792
31, 684
37, 974
45, 472
1939
1940
1941 '
1942
1943
1944
1945
1946 3
1947
Corporate
2
3,871
3,924
3,845
3,903
3,686
3,641
3,767
4,426
5,208
Noncorporate
26, 443
27, 331
28, 562
28, 004
27, 308
27, 151
27, 917
33, 548
40, 264
Total
Savings
and loan
associations
18, 216
19, 103
20, 095
19, 908
19, 542
19, 528
19, 991
24, 427
29, 745
Insurance
companies
1,490
1,758
1,976
2,255
2,410
2,458
2,258
2,570
3,459
3, 758
4,084
4,552
4,556
4,584
4,799
5,376
7,141
8,900
Mutual
savings
banks
2,680
2,700
2,730
2,700
2,660
2,570
2, 530
2,680
3,000
Multifamily residential and commercial
IndiComviduals
mercial H.O.L.C.
and
banks
others
1,810
2,095
2,470
2,480
2,450
2,410
2,575
3,900
5,200
2,038
1,956
1,777
1,567
1,338
1,091
852
636
486
Insurance
companies
Total
6,440
6,510
6,590
6,350
6,100
6.200
6,400
7,500
8,700
12, 098
12, 152
12, 312
11, 999
11, 452
11, 264
11, 693
13, 547
15, 727
3,368
3,379
3,618
3,635
3,516
3, 480
3,672
3,862
4,356
Mutual
savings
banks
Commercial
banks
2,143
2,147
2,072
1,922
1,756
1,728
1,670
1,752
1,828
1,887
1,902
1,870
1,776
1,608
1,556
1,676
2,633
3,423
Individuals
and
others
4,700
4,724
4, 752
4,666
4,572
4,500
4,675
5,300
6,120
1
The data represent mortgage loans on commercial and residential property, and exclude real estate mortgage bonds. Multifamily and commercial property mortgages owned by corporations and held by other nonfinancial corporations are also excluded.
2 The corporate mortgage debt toial is included in the total corporate long-term debt outstanding, table 5.
3
Due to the lack of final data from the Home Loan Bank Board, the estimates for 1947 are highly tentative.
Sources: Home Loan Bank Board; U. S. Department of Commerce, Office of Business Economics.
Table 7.—Individual and Noncorporate Debt, End of Calendar Year, 1939-47
[Millions of dollars]
Farm
Farm and
nonfarm
total
End of year
1939
1940
1941
1942
1943
1944
1945
1946
1947
-
---.
.__.
--
-_
52, 137
54, 161
56, 641
51, 470
49, 508
51, 621
55, 541
61, 931
72, 790
Nonfarm
Urban mortgage
Total
farm
8,873
9,135
9, 227
8,843
8,180
7, 731
7,172
7,535
8,433
Farm
mortgage *
Nonrealestate 2
6,586
6,491
6,372
5,951
5,389
4,933
4,682
4,777
4,882
Total nonfarm
2,287
2,644
2,855
2,892
2,791
2,798
2,490
2,758
3,551
43, 264
45, 026
47, 414
42, 627
41, 328
43, 890
48, 369
54, 396
64, 357
Total
26, 443
27, 331
28, 562
28, 004
27, 308
27, 151
27, 917
33, 548
40, 264
Other
Multi1-4 family family and
commercial
17, 305
18, 148
19, 090
18, 913
18, 565
18, 552
18, 991
23, 206
28, 258
9,138
9, 183
9,472
9,091
8,743
8,599
8,926
10, 342
12, 006
Total
16, 821
17, 695
18, 852
14, 623
14, 020
16, 739
20, 452
20, 848
24, 093
Commercial (nonfarm)
Financial 3 Consumer
3,028
3,494
4,129
3, 354
3,168
3,227
3,912
5,122
6,100
5,811
5,070
4,845
4,808
5,537
7, 758
9,927
5,592
4,570
7,982
9,131
9,878
6,461
5,315
5,754
6,613
10, 134
13, 423
1 Includes regular mortgages, purchase-money mortgages, and sales contracts.
2
Includes agricultural loans to farmers and farmers' cooperatives by institutional lenders; farmers' financial and consumer debt are included under the "nonfarm" categories.
3 Comprise debt owed to banks for purchasing or carrying securities, customers' debt to brokers, and debt owed to life insurance companies by policy holders.
Sources: U. S. Treasury Department; U. S. Department of Agriculture, Bureau of Agricultural Economics; Home Loan Bank Board; Board of Governors of the Federal Reserve System;
U. S. Department of Commerce, Bureau of the Census and Office of Business Economics.
Retail Sales and Consumer Income
(Continued from page 19)
goods stores, and by 1948 account for a larger part of the
retail business than they did in 1929, the high point of the
1929-41 period. Drug stores have had a directly contrasting
experience; their constantly declining importance in the last
2 years leaves them with a percent of total sales below 1941,
the prewar low. Variety stores have likewise fallen back
relative to other stores, and are of less importance than
formerly.
In some of the lines of trade discussed earlier, disparate
results were indicated by the sales-income ratio and the
correlation analysis. It is noteworthy that in virtually
every such case, the implications of the percent distribution
of total sales conform better with the conclusions based on
the correlation analysis than with those shown by the ratio.
Wherever the ratio implied that sales are now in line with
1929 or 1941 while the correlation analysis suggested that
sales are low in terms of income compared with those years,
the corresponding kind of business currently accounts for a
lower proportion of total retail sales than in either 1929 or
1941. This holds for total durable goods, and for such
lines as furniture and furnishings, jewelry, and shoes. Even
where the difference in result is only a matter of the size of
the discrepancy from expected levels, the percent distribution of total sales usually agrees more closely with the correlation analysis. For example, sales of motor-vehicle
dealers form a definitely smaller part of total sales in 1948
than they did in the prewar peak years, although the sales
income ratio suggests that this group is not far from its
position in those years.
Table 3.—Sales-Income Regressions
All retail stores
Durable-goods stores
Nondurable-goods stores
S=-5.33+. 664 I.
S=—6.36+.242 I
S= 1. 03+. 422 I.
DURABLE-GOODS STORES
Automotive group._. _
S= -3513+131. 27 I.
Motor-vehicle dealers
S=-3270+120.62 I.
Parts and accessories
S = —252+10. 76 I.
Building-materials and hardware group
S--1691-35. 97t+63.49 I.
Building materials
S=-1304-36. 9lt+43. 73 I.
Farm implements
S=-130+56.60 C.
Hardware
S--191+6. 47t+ll. 52 I.
Home-furnishings group
S=-1304-47.21t+45.11 I.
Furniture and housefurnishings
S = -858-24. 92t+30. 09 I.
Household appliances and radios
S = -440-21. 51t+14. 88 I.
Jewelry
S=-305+9. 63 I.
NONDURABLE-GOODS STORES
S= -536-38. 07t+54. 42 I.
Apparel group
S = -328-32.56t+17.63I.
Men's clothing and furnishings
S=-110+19. 80 I.
Women's apparel and accessories
S =-13+6. 98 I.
Family and other apparel
S = -14-8.83t+9.18I.
Shoes
S= 323+16.781.
Drugstores
S - 262+188. 81t+38. 67 I.
Eating and drinking places
S= 1306+121.721.
Food group
S = 1955+129. 94t+75. 90 I.
Grocery and combination
S = -319-71.50t+40.68I.
Other food
S = -357+42. 73 I.
Filling stations
S= 414-148.15t+91.07 I.
General-merchandise group
S= 386+43.891.
Department (excluding mail order)
S = -12+8. 72t+6.44 I.
Mail order
S= 419-85. 62t+10. 93 I.
General, incl. general merchandise with food
S = -20-33. 21t+9. 97 I.
Dry goods and other general merchandise
S= 352+17. 45t+8. 04 I.
Variety
S = -942+20. 27t+66. 82 I.
Other retail stores
Regressions are based on years 1929, 1933, 1935-41 (excluding 1933 for family and other
apparel and for filling stations, and 1929 for general including general merchandise with food).
S = Sales in millions of dollars (all retail, durable, and nondurable goods totals in billions),
I = disposable personal income in billions of dollars, t=year 1936, and C=cash farm income
(including Government payments) in billions of dollars.
Source: U. S. Department of Commerce, Office of Business Economics.
24
SURVEY OF CURRENT BUSINESS
Employment Trends
(Continued from page 11)
Other Defense Demands
The availability of manpower for private production will
also be affected by the enlarged defense program calling for
increased output of aircraft and other military-type products,
and for expanded civilian employment in the military establishments. Disregarding the indirect effects of the defense
program on aggregate demand for the national output,
which are of course very important, it seems clear that the
needs of the present program can be met and still leave as
much manpower for civilian production as at present. This
is partly because it is expected that over the next year, the
labor force will be augmented by veterans now in school
but due to return to "normal" civilian pursuits. This
group, better educated or trained than the average normal
new addition, may total about 300 thousand persons.
On balance, therefore, it appears that the new supply of
persons available for employment, either in the armed
services or in civilian occupations, will be sufficient to meet
the new demands now in prospect because of the defense
programs.
There are, moreover, certain intangible factors which
indicate that further potential additions to effective manpower resources may be available should they be required.
There is, first, the possibility of increased productivity.
This factor, which has been difficult to measure in the
postwar period could make possible some increase in civilian
supplies. However, in the metalworking industries which
would be primarily affected by the new defense programs,
any substantial increase in civilian output would be dependent on improved civilian supplies of basic raw materials—
those materials which are now in relatively tight demand
and which will be primarily affected by the new defense
programs.
Of lesser impact, but nevertheless still important, is the
possibility of increased hours of work. The workweek has
remained virtually stable over the last 2 years, as is evident
from the figures on hours worked in manufacturing and in
all nonagricultural occupations.
As these data suggest, should the occasion arise, the manpower available could be increased substantially. It may
be noted however, in durable-goods manufacturing—particularly affected by the level of armaments outlays—the
scheduled workweek currently calls for more than the 40hour week generally considered to be typical. In other
words, industry is already operating on a schedule which
involves payment of overtime premium wages. Further
October 1948
extension of the workweek would necessarily involve additional premium payments which would add more than
proportionately to total monetary costs and would therefore
be a factor pressing upward on the price structure. Moreover, it must be remembered that the advantages of such
an increase in hours are limited by the fact that some critical
industries—notably steel —are already engaged in round-theclock operations.
Finally, the number of persons seeking or at work is
responsive to the total demand picture, and hence it is possible that an increase in labor demand may call forth an
increased labor supply. On the other hand, it should be
remembered that there has been a somewhat larger-thanusual labor force participation in the recent period and there
may be in consequence a net addition to the labor force in
the next year lower than the usual "normal" increment.
Unemployment Near Postwar Minimum
The manpower reserve available in the ranks of the unemployed is already at or close to the minimum possible in
peacetime. In August the unemployed totaled about 2
million. While this is substantially in excess of the wartime
level, it is clear that little further reduction is probable under
peacetime conditions. In all previous peacetime years for
which data are available, the proportion of the labor force
unemployed was never lower than at present.
Table 8.—Average Hours Worked per Week: Nonagricultural and
Manufacturing Occupations
[Hours per week]
All nonManufacagricultural
turing
Period
1939 average
1944 average
1946 average
1947 average
(i)
46 2
43 0
42 3
1948' January
February
March
April
M a y
June
July
August
-
_
_ _ _ _ _
___
_ _ _
__..
_ _ _ _ _ _
7
2
4
3
42.4
42 6
42 4
42 0
42 3
39
40
40
40
41
8
4
6
4
2
42 2
41.6
42 0
42 1
41 9
_
1947: August
September
October
November
December
37
45
40
40
40
40
40
40
39
40
39
40
5
2
4
1
9
2
9
0
42 3
40 3
42 6
i Not available.
Sources: U. S. Department of Commerce, Bureau of the Census, for all nonagriculture;
U. S. Department of Labor, Bureau of Labor Statistics, for manufacturing.
Sales of Paint, Varnish, Lacquer, and Filler: Revised Data for Page S-26 l
[Thousands of dollars]
Classified
Classified
Total
1946:
January
February
March
April
May
June
July
August
September __.
___.._.
55 842
54 510
64 627
72, 240
71, 481
66, 789
64 989
68 332
62, 971
49 701
48, 829
58, 207
64, 921
64, 146
60, 140
59, 044
61 090
55, 690
Industrial
19 829
17, 705
21,037
24, 309
24, 200
24, 204
24, 427
26 414
24, 120
Unclassified
Toral
Trade
29 872
31,124
37, 170
40, 612
39, 946
35, 936
34, 617
34 676
31, 570
6,141
5,681
6,421
7,319
7,336
6,649
5,944
7,242
7,280
1946— Continued
October
November- _
December
Monthly average _ .
1947:
January _ _
February
_ _
__
69, 844
69, 912
73, 362
63, 008
62, 260
65,954
Industrial
28, 235
27, 374
30, 342
Trade
Unclassified
34, 773
34, 885
35, 612
6, 836
7,652
7,407
66, 242
59, 416
24,350
35, 066
6, 826
83, 989
81, 446
74, 411
73, 087
32, 203
29, 779
42, 207
43, 309
9, 578
8,358
i Compiled by the U.S. Department of Commerce, Bureau of the Census. Data represent final revisions for 1946. For figures for later months of 1947, see p. S-26 of this issue and
p. S-25 of the May 1948 issue.
y
BUSINESS STATISTICS
THE DATA here are a continuation of the statistics published in the 1947 Statistical Supplement to the SURVEY OF CURRENT BUSINESS.
That volume contains monthly data for the years 1941 to 1946, and monthly averages for earlier years back to 1935 insofar as available; it also
provides a description of each series and references to sources of monthly figures prior to 1941. Series added or revised since publication of the
1947 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical data and
a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer to adjustment of monthly
figures for seasonal variation.
Data subsequent to August for selected series will be found in the Weekly Supplement to the Survey.
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCTf
Seasonally adjusted quarterly totals at annual rates:
National income, total
bil. of dol
Compensation of employees, total
do
Waces and salaries, total
do
Private
do
Military
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' and rental income, total
do
Business and professional
_
do
Farm
do
Rental income o f persons
_ _ _ _ _ do _
Corporate profits and inventory valuation adjustment total
bil. of dol
Corporate profits before tax, total
do
Corporate profits tax liability
do
Corporate profits after tax
do
Inventorv valuation adjustment
do
Net interest
do
200.6
127.6
122.5
105 3
3.7
13. 5
5.1
44.4
23.0
14.3
7.1
212.8
132.2
127. 1
109 5
3.6
14.0
5.0
48.6
24.7
16.5
7.4
215.1
133 7
128.8
111 1
3.5
14 2
4.9
50 6
25.0
18.0
7.5
221.4
133.9
129. 1
111 0
3.6
14 5
4.9
51.9
25.4
18.9
7.6
24.3
29.1
11.4
17.7
-4.8
4.4
27.5
32.4
12.7
19.7
-4.9
4.5
26 2
31.4
12.2
19.2
—5.3
4.6
30.9
33.4
13.0
20.4
-2.5
4.7
Gross national product total
do
Personal consumption expenditures total do
Durable goods
do
Nondurable goods
do
Services
do
Gross private domestic investment
do
New construction
do
Producers' durable equipment
do
Change in business inventories
do
Net foreign investment
do
Government purchases of goods and services,
total
bil of dol
Federal (les^ Government sales)
do
State and local
do
227.9
165 6
21. 1
96.8
47.7
25 6
11.6
17.6
-3.5
8.4
243.8
171 1
22.1
100.2
48.8
35.4
14.0
18.9
2.5
8.2
243 8
172 0
21 4
101.0
49 6
38.5
14.3
19 6
4.6
39
248.2
175 1
22.3
102.4
50.4
37 2
14.3
20 6
2.3
3.9
28.3
15.7
12.6
29.0
15.5
13.5
29 4
16.0
13.4
32.1
17.9
14.2
Personal income total
Less* Personal tax and nontax pavments
Equals' Disposable personal income
Personal saving<5§
196 7
21.7
175.0
9.4
203.1
22.2
180.9
9.7
207.3
23 6
183 7
11.7
208 8
21.6
187.3
12.2
do
do
do
do
PERSONAL INCOME BY SOURCE t
Seasonally adjusted, at annual rates:
Total personal income
bil. of dol
Wage and salary receipts, total
do
Employer disbursements, total
do
Commodity-producing industries
do
Distributive industries . _
do _
Service industries
_
do
Government
do
Less employee contributions for social insurance
bil of dol
Other labor income
do
Proprietors' and rental income _ _
_do_
Personal interest income and dividends _ _ _ d o
Total transfer payments
_ _ __ _ _ _ -..do. _
Total nonagricultural income
do
190.8
120.1
122.2
54.3
35.4
15.3
17.2
206.2
121.9
123.9
55.4
36.0
15.2
17.3
200.0
122.7
124.7
55.9
36.0
15.2
17.6
201.4
125.5
127.3
57.4
37.1
15.2
17.6
207.7
127.4
129.4
59.2
37.4
15.2
17.6
209.4
127.5
129.7
59.3
37.5
15.3
17.6
206.8
126.9
128.9
58.0
37.8
15.4
17.7
205.6
125.7
127.8
57.0
37.5
15.4
17.9
207.4
125.0
127.0
56.3
37.2
15.6
17.9
207.2
126.8
128.8
57.2
37.9
15.6
18.1
212.3
129.7
131.9
59.6
38.2
15.8
18.3
' 212. 9
' 131. 8
' 134. 0
'60.0
'39.0
' 16.2
'18.8
215.1
134.7
136.9
61.4
39.5
16.5
19.5
2.1
1.8
42.8
15.6
10.5
2.0
1.9
45.0
16.2
21.2
2.0
1.9
47.5
15.9
12.0
1.8
1.9
47.1
16.1
10.8
2.0
1.9
51.3
16.2
10.9
2.2
1.9
52.4
16.5
11.1
2.0
2.0
50.0
16.6
11.3
2.1
1.9
49.3
16.6
12.1
2.0
2.0
51.9
16.7
11.8
2.0
2.0
50.7
16.8
10.9
2.2
2.0
52.8
16.8
••11.1
2.2
2.1
'51.0
17.0
'11.0
2.2
2.1
50.3
17.1
10.9
173.1
187.4
179.7
181.4
184.2
184.7
184.5
184.1
183.7
184.4
187.7
' 189. 3
191.9
NEW PLANT AND EQUIPMENT EXPENDITURES
4,960
4,140
4,170
' 4, 810
All industries total
mil. of. dol
620
500
500
••640
Electric and gas utilities
do
r
2,290
1,870
1 800
2, 140
Manufacturing
do
210
180
180
••200
Mining
do
310
270
230
'300
Railroad
_ _ ._
do _
190
180
200
'190
Other transportation
do
1,340
1,240
1,160
' 1, 340
Commercial and miscellaneous
do
' Revised.
§ Personal savings is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
F Revised series. Estimates of national income, gross national product, and personal income have been revised beginning 1944; see pp. 27-29 of the July 1948 Survey for the revised figures.
807380°—48
4
S-l
SURVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
GENERAL BUSINESS INDICATORS—Continued
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Government
payments, total J _
. _ _ _ _ _ mil. o f dol
From marketings and CCC loans, total
do
Crops
do
Livestock and products, total _ _ _.do _ _
Dairy products
do
Meat animals
.
do _.
Poultry and eggs
do
Indexes of cash receipts from marketings and CCC
loans, unadj listed :J
All commodities
1935-39=100-.
Crops
- do
Livestock
do
Indexes of volume of farm marketings, unadjusted :{
All commodities
1935-39 = 100
Crops
- _-do _ _
Livestock
do
2,562
2,693
2, 683
1, 203
1,480
2,722
2,716
1,235
1,481
468
873
243
446
745
258
430
783
246
313
216
386
360
274
426
'404
'421
391
409
433
391
113
76
141
118
76
150
130
98
154
r
144
' 153
r
137
146
163
133
188
186
192
193
' 187
P194
197
193
197
199
r 193
P199
223
203
137
178
116
284
199
202
190
193
158
160
201
232
192
228
207
143
178
125
283
201
204
193
201
160
169
219
240
202
217
177
144
169
131
275
200
199
203
208
183
168
227
237
197
221
207
144
163
134
223
207
148
161
141
276
193
'220
••200
' 151
r 157
P223
173
142
253
437
120
117
122
146
176
176
253
434
126
124
127
144
173
172
252
433
114
101
123
141
174
178
251
439
110
105
113
143
•P 88
p 87
•p 99
P 119
P 155
189
118
165
160
187
108
157
152
175
92
163
157
141
91
163
159
121
85
167
160
116
90
169
163
177
173
249
436
108
109
107
153
201
127
97
170
164
P 204
•p 205
P 208
p 214
*> ?15
v 211
p 213
177
156
223
164
139
280
167
181
177
158
225
172
149
290
172
172
179
150
230
163
131
287
166
139
178
144
223
179
153
300
181
153
179
155
215
179
153
166
153
205
175
147
137
159
200
174
147
158
160
122
161
164
145
158
162
126
163
166
132
155
163
119
169
165
106
151
162
111
164
166
85
149
160
112
161
165
81
182
187
190
192
192
193
-do
188
192
197
199
198
200
do
_ -do
do
do do
_ do
do
do
do
210
142
133
170
217
140
128
174
223
143
128
179
224
150
137
185
229
153
139
189
229
155
143
195
180
199
182
202
176
201
177
201
183
205
171
162
231
171
160
243
174
161
229
178
162
229
196
166
218
2, 552
1 300
1,252
3,113
3,103
1,641
1,462
3,818
3,807
2 211
1,596
3,276
3,264
1,678
1,586
2,843
2,826
1,231
1,595
2,571
2,545
1,034
1,511
1,862
1,833
713
1,120
1,932
1,892
629
1,263
2,075
2,006
629
1,377
2.119
2,081
618
1,463
2,437
2,394
781
1,613
365
631
233
339
853
248
321
975
278
296
970
303
307
977
299
329
968
206
318
593
201
373
645
237
392
720
250
460
725
255
384
455
330
467
575
386
573
774
421
491
588
419
425
431
421
383
362
399
276
250
295
285
220
333
308
235
364
152
176
134
175
214
145
204
265
158
168
181
159
144
136
150
133
128
136
108
100
114
109
82
129
185
191
194
193
189
189
190
191
197
200
200
196
197
197
Durable manufactures
do
Iron and steel
do
Lumber and products
do
Furniture
- do
Lumber
do
Machinery
__ __ do __
Nonferrous metals and products
do
Fabricating
_.do __
Smelting and refining
do
Stone clay and glass products.
_ do __
Cement
do
Clay products
_ __ _ _ do _
Glass containers
do
Transportation equipment
_ _ _ do _
Automobiles (incl. parts).
do
212
188
151
160
147
267
170
167
180
207
193
166
241
213
180
219
195
150
164
143
276
174
171
182
210
198
166
248
227
197
224
204
150
172
138
280
179
180
176
210
202
169
236
232
198
224
202
148
176
133
281
185
188
178
206
192
169
231
234
200
227
205
140
181
119
288
189
192
183
200
178
172
203
244
206
226
203
138
179
117
285
195
198
188
190
161
166
196
244
206
Nondurable manufactures
Alcoholic beverages
Chemicals
- Industrial chemicals
_
Leather and products
Leather tanning
Shoes
Manufactured food products
Dairy products
-M!eat packing
Processed fruits and vegetables
Paper and products
Paper and pulp
_ _ _Petroleum and coal products
Coke
Printing and publishing
Rubber products
Textiles and products
Cotton consumption
Tiayon deliveries
\Vool textile production
Tobacco products
173
181
245
431
116
114
117
178
178
206
248
425
121
118
123
182
181
252
251
427
126
123
128
167
180
196
252
431
126
126
126
161
171
146
255
438
113
112
114
154
P 192
P 156
P 121
-p 91
127
263
158
152
136
290
159
153
144
173
163
157
P 201
P 203
171
139
2io
154
130
267
156
165
170
145
217
160
130
278
168
172
do
do
do
_do
do
-- - -do
155
155
114
151
161
151
do
INDUSTRIAL PRODUCTION
Federal Reserve Index
Unadjusted combined index
1935-39=100-Manufactures
Minerals
Fuels
Anthracite
Bituminous coal
Crude petroleum
M^etals
- --
do
_
Adjusted combined index^
Manufactures
-
Durable manufactures
Lumber and products _
Lumber
Nonferrous metals
_
Smelting and refining
Stone, clay, and glass products
Cement
Clay products
Glass containers
_
-
do
do
do __
do
-do
do
do ___
do
--do __
do
_-do _
do
__do
do
do
-_do
do
_ -do
do
- -do
do
do
r
296
r
303
r
298
r
273
196
194
203
211
196
171
233
218
179
'194
193
209
203
175
206
223
187
r
T
179
186
253
449
108
105
110
163
T
r
148
268
185
186
r 187
201
207
P215
' 169
P 176
198
226
••236
••205
P231
P199
r 170
P180
188
184
'247
'433
P256
P450
P 108
'94
90
96
r
P224
172
P223
151
122
165
160
" 184
r 149
P 220
P221
P217
174
159
175
156
205
174
140
313
' 137
' 200
'153
176
136
154
r
201
r
308
176
147
185
147
177
155
179
173
179
163
149
161
118
155
167
83
136
146
108
97
169
82
145
149
105
102
171
126
164
168
116
171
172
144
194
191
188
201
200
195
226
150
135
199
229
151
137
201
188
202
190
207
199
179
200
208
168
208
r
173
206
P 157
P161
P 156
P269
P 184
P183
P 187
126
147
170
115
'323
P117
P 176
P198
p 111
P222
P 165
160
P218
178
147
P204
P166
127
P317
184
' 153
'172
'148
P164
P166
P117
P 158P175
P 149
192
192
' 186
P191
197
198
'192
P196
217
145
132
200
r221
142
131
196
222
140
129
193
'219
' 142
192
211
203
211
203
206
194
207
196
176
219
193
173
227
187
172
218
190
176
208
P221
P 148
P 140
p 184
P 187
P207
163
164
105
157
173
' 158
160
100
143
135
'185
'188
'200
188
' 169
206
P 171
217
' 169
178
179
173
178
172
p 176
176
179
177
177
180
169
Nondurable manufactures
_._ _ . - do _ .
182
173
179
170
167
191
229
219
167
167
198
198
176
Alcoholic beverages
do
251
254
252
249
256
255
249
'251
P260
248
248
250
Chemicals
_ _ do-_ _
249
124
114
120
108
122
'96
109
126
P109
123
115
110
116
Leather and products
do
95
109
121
122
116
102
105
116
113
107
120
115
Leather tanning
_
do 156
158
158
159
158
' 160
163
158
160
158
157
Manufactured food products
do
157
P157
v 147
v 147
P151
P 154
P152
P 140
v 138
P 139
P 139
P 145
»152
P 149
v 148
Dairy products
_
do
142
135
147
125
146
Meatpacking _.
_
._ _ _ d o _ .
145
127
152
170
160
150
131
126
141
134
144
147
' 142
159
129
Processed fruits and vegetables
_do 159
138
155
149
138
p 117
Paper and products _ _ . _ _
do . _
169
163
165
163
163
' 150
P165
165
158
166
159
168
158
164
' 146
Paper and pulp
do
159
163
153
157
160
153
157
158
160
153
161
r
Kevised.
p Preliminary.
t Data have been revised beginning January 1946 to incorporate revisions in reports on production and sales of farm products; the revised figures for January 1946-June 1947 will be published later. Annual indexes of volume of farm marketings for 1939, 1941, and 1944-45, which supersede monthly averages for these years shown in the 1947 Supplement, are published in the
table on the back cover of the February 1948 Survey; these annual indexes include revisions in marketings data, and also for 1945 adjustments to 1945 Census data, which have not been incorporated in the monthly indexes for these years; data for 1940-44 for all series and also monthly indexes of volume of farm marketings for 1945, are subject to further revisions to adjust the series
to Census data.
^ Seasonal factors for a number of industries were fixed at 100 beginning various months during 1939-42; data for these industries are shown only in the unadjusted series.
SURVEY OF CURRENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-3
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION— Continued
Adjustedl— Continued
Manufactures — Continued
Nondurable manufactures— Continued
Petroleum and coal products. __ 1935-39= 100. _
Printing and publishing
do
Textiles and products
do
Tobacco products
do
Minerals
__ __ . __
do
Metals
do
p201
145
154
160
150
117
P203
144
160
163
153
111
P204
152
164
175
155
107
"205
152
172
169
155
109
P208
146
163
149
156
117
32 113
P214
148
179
153
154
117
P215
157
179
155
155
120
P211
150
175
164
142
118
P220
156
176
163
162
128
P221
157
174
166
159
128
p217
'147
'153
148
'153
' 114
P218
P155
P166
»178
P159
P 116
34, 948
16, 777
6,613
10, 164
7,389
2,076
5,313
10, 782
36, 511
17, 871
7,184
10, 687
7,766
2} 145
5,621
10, 874
' 34, 865
' 16, 397
' 6, 473
' 9, 924
' 7, 796
2,088
' 5, 708
' 10, 738
p 36, 895
p 17, 997
p 7, 198
v 10, 799
* 8, 160
P 2, 253
P 5, 907
P 10, 672
51, 102
29, 161
13, 692
15, 469
51, 230
29, 437
13, 780
15, 657
' 51, 374
29, 726
13, 849
15, 877
'
'
'
'
p 52, 642
v 30, 434
p 14, 099
p 16, 335
' 12, 735 p 12, 779
12, 473
' 7, 833
7,726
f 7, 946
' 9, 550 p 9, 709
9,528
' 8, 044
8,011
p 8, 223
2,906
2,896
P 2, 880
' 5, 148
5, 105
P 5-; 343
' 13, 637 ' 13, 498 p 13, 985
P213
154
174
183
147
137
BUSINESS SALES AND INVENTORIES f
mil of dol
do _._
do
do __
do
do
_-do
do
of month,
mil of dol
do_ _
do
_ ___do_ _
15, 257
5.858
9,399
7,072
1,791
5,281
9, 784
34, 612
16, 597
6,395
10, 202
7,763
1,951
5,812
10, 252
37, 739
18, 082
7,028
11,054
8,716
2,179
6,537
10, 941
35, 239
16, 554
6,348
10, 206
8.013
1,998
6,015
10, 672
38, 426
17, 523
6.988
10, 535
8,262
2,076
6,186
12, 641
' 33, 928 ' 32, 294 ' 36, 577 ' 35, 586
'16,552 ' 16,225 '18,117 ' 17, 229
' 6, 408 ' 6, 465 ' 7, 381 ' 6, 865
10. 364
10, 736
10, 144
9,760
7,652
7,726
7,692
7,121
2,225
2,176
1,893
1,901
5,427
5,550
5.228
5,791
10, 734
8,948
10, 705
9,684
45, 934
27, 051
13, 131
13, 920
46, 443
27, 055
13, 131
13. 924
47, 837
27, 397
13, 222
14, 175
48, 581
27, 627
13, 226
14, 401
47, 991
28, 020
13, 335
14, 685
' 49, 130
28, 501
13, 456
15, 045
_ __-do _
do
_.do_ __
do
__do _
do
do
11,611
7,701
7,739
7,068
2,331
4,737
11,815
11, 688
7,643
7,724
7,233
2,392
4,841
12, 155
11, 958
7,648
7,791
7,342
2,404
4,938
13, 099
12, 123
7,608
7,896
7,467
2,439
5,028
13, 487
12, 537
7,518
7,965
7,545
2,524
5,021
12, 426
12, 323
7,865
'8,313
7,850
2,594
5,256
12, 779
12, 067
7,858
8,843
7,885
2,664
5,221
13, 625
12, 149
7,874
9,041
7,869
2,751
5,118
14, 280
12, 197
7,882
9,082
7,777
2,803
4,974
14, 164
12, 205
7,918
9,314
7,801
2,810
4,991
13, 992
Sales total
average month 1939— 100
Durable goods industries
do
Iron, steel, a n d products. _ _ _ _ _ _ _ _
do.__
Nonferrous metals and products
do
Electrical machinery and equipment _ do, _
Machinery, except electrical
_ do
Automobiles and equipment..
.do.
Transportation equipment, except automobiles
do
Furniture and finished lumber products... do
Stone, clay, and glass products
do
Other durable goods industries
do, ._
Nondurable goods industries
do
Food and kindred products
do. _ _
Beverages _
_. _
_ _ do. _
Textile-mill products, excluding apparel- _ do
Leather and products
do
Paper and allied products
do. ..
Printing and publishing
__ _
do~__
Chemicals and allied products
do
Petroleum and coal products _
do
Rubber products
do
Tobacco manufactures
__ _
do
Other nondurable goods industries
do
287
301
296
327
349
295
326
325
342
321
392
410
324
399
328
348
330
386
421
329
410
337
353
335
442
444
325
401
330
360
331
423
470
347
424
311
329
325
364
386
304
383
331
360
336
415
446
356
424
' 326
365
345
410
442
363
435
324
353
325
415
440
350
413
328
353
338
419
431
356
401
336
369
341
422
452
381
433
'308
'333
'301
'350
'410
'317
'438
P338
P370
P363
p403
p424
p337
p461
406
251
226
258
279
291
296
275
277
295
251
287
257
312
213
284
483
286
249
270
315
332
356
312
288
312
289
329
269
346
239
336
489
279
255
274
316
320
397
319
306
331
291
336
267
348
223
341
486
271
250
288
328
335
416
319
251
328
344
328
302
354
226
352
514
275
236
272
312
313
373
327
286
312
300
312
318
307
232
305
446
270
223
276
301
313
268
301
303
320
235
320
328
282
206
296
493
308
222
277
314
305
273
350
327
334
271
327
336
289
216
329
500
273
252
271
307
297
251
345
300
333
268
315
322
285
218
341
500
256
274
255
307
299
294
333
266
332
263
334
318
312
225
326
486
248
263
261
314
321
286
327
240
338
271
327
337
317
233
313
'540
264
273
262
317
326
311
340
245
330
269
320
329
'342
249
316
'457
'226
267
248
'294
'310
- 345
'269
'256
'301
'232
292
'337
'339
'245
'254
p494
P260
P283
p290
P320
p305
P368
p336
p311
p344
P250
p328
p335
p354
P266
*>344
Inventories, book value, end of month, total. do
Durable goods industries
do
Iron, steel, and products
_
do
Nonferrous metals and products
do
Electrical machinery and equipment
do
Machinery, except electrical
do
Automobiles and equipment
__
.do
Transportation equipment, except automobiles
do
Furniture and finished lumber productsjdo
Stone clay and glass products
do
Other durable goods industries +
_ _ _ do
Nondurable goods industries
do
Food and kindred products
do
Beverages
_ do
Textile-mill products, excluding apparel, .do
Leather and products
do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
_ _ __ do
Rubber products
do
Tobacco manufactures
_ do
Other nondurable goods industries
do
252
272
199
262
375
276
452
252
272
200
259
374
277
451
255
274
201
259
375
280
449
257
274
203
249
373
282
449
261
277
204
251
370
285
447
265
279
202
249
372
291
462
268
280
205
250
376
293
472
270
281
205
257
384
295
473
271
284
206
262
388
297
472
274
286
213
262
394
297
479
277
288
218
263
397
299
476
281
'290
'226
271
'398
'298
'475
P283
P292
P230
P279
P399
p299
P473
644
••212
161
••201
235
213
327
223
207
253
370
261
169
258
212
297
634
'211
157
'204
235
220
338
220
198
260
368
256
171
246
216
288
637
' 219
162
'207
239
238
345
218
195
262
367
253
174
247
225
288
621
'216
168
'213
243
244
336
226
209
265
355
259
176
242
229
290
623
'239
170
'217
248
250
335
224
223
268
361
271
178
257
233
293
633
241
168
218
254
255
357
238
229
268
362
273
177
271
237
301
632
234
163
213
257
244
355
249
238
272
383
279
178
283
234
319
625
242
165
202
262
243
356
255
241
276
398
289
182
294
232
329
632
255
163
204
261
236
359
253
241
276
424
285
186
293
229
332
630
259
161
189
264
229
376
256
251
287
423
286
194
296
225
348
625
260
159
189
268
227
372
256
262
292
433
284
200
295
227
375
'635
'259
' 159
'183
274
'237
358
'261
'264
'305
'432
'284
'207
'289
229
'405
P626
P261
P172
pl83
P276
P234
P347
P261
P255
p310
*428
*285
P21-9
P287
P241
P405
Business sales, total
Manufacturing, total.
Durable goods industries
Nondurable goods industries.
Wholesale
_ _
_
Durable goods establishments
Nondurable goods establishments
Retail
Business inventories, book value, end
total
Manufacturing, total __
Durable goods industries
Nondurable goods industries
By degree of fabrication:
Purchased materials .
Goods in process
Finished goods
Wholesale
Durable goods establishments _
Nondurable goods establishments
Retail
' 50, 278 ' 51, 213
29, 064
28, 768
13, 566
13, 525
15, 498
15, 243
51, 760
30, 218
13, 967
16, 251
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— INDEXES OF VALUE f
_
_ _
_ _
_
'246
265
244
*260
252
251
251
257
252
268
255
231
260
New orders total §
do
'291
307
P315
267
292
314
291
287
292
307
291
292
261
Durable goods industries
do
'311
335
282
»366
321
320
371
322
325
348
308
312
286
Iron, steel, and products
do
'305
330
284
P300
309
299
312
329
344
346
348
345
307
Machinery including electrical
do
Other durable goods, excluding trans259
'259
*273
239
248
243
243
240
231
220
230
199
230
portation equipment
do
240
'219
230
P227
228
230
223
244
227
228
234
240
213
Nondurable goods industries
-do
' Revised, p Preliminary.
J See note marked "T' on p. 8-2.
5 The new orders indexes are being revised.
! Data for 1946-47 published in the May to September 1948 issues have been revised; revisions for January 1946-July 1947 are available upon request.
t Revised series The series for manufacturers' and wholesalers' sales and inventories, retail inventories, and total sales and inventories have been revised for all years and estimates of
retail sales beginning 1942. For monthly figures for January 1946-March 1947 and earlier annual figures for manufacturers' sales and inventories (except as indicated in note marked "J") and an
explanation of the revision see pp • 8 9 23 and 24 of the May 1948 Survey; complete monthly revisions will be published later. For reference to revised data for the retail series and a breakdown of sales and inventories by durable goods and nondurable goods stores, see p. S-8 of this issue. Annual data for 1929-47 and monthly data for January-June 1947 for wholesale sales and
year-end figures for 1938-47 for wholesale inventories are on pp. 23 and 24 of the August 1948 Survey; monthly data for 1941-46 for sales and 1942-47 for inventories are on pp. 23 and 24 of the
September 1948 Survey. Sales and inventories of service and limited-function wholesalers only are published currently on p. S-9.
S-4
SUEVEY OF CUKRENT BUSINESS
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER
Operating businesses, total, end of quarter
Contract construction
Manufacturing
Servce industries
Retail trade
Wholesale trade
All other
thous
do
do
do
do
do
do
3 816 6
276.3
317 6
726.8
1 755 2
179.8
560.9
3 838 6
281.6
317 4
733.0
1 762 1
181.7
562.9
p 3 867 7
v 289. 9
p317 8
p 741. 0
P! 769 7
p 184. 1
p 565. 2
do
do
do
do
do
do
do
85.1
15 2
80
17.1
28 2
6.2
10 2
76 2
12 9
68
16.2
24 8
5.7
99
p94. 0
P 17 5
P 8. 8
p20. 1
*>29. 1
P6.9
P 11.7
Discontinued businesses, quarterly, total
do
Contract construction
do
Manufacturing
do
Service industries
- - do
Retail trade
do
"Wholesale trade
do
All other
do
54.5
7 6
6.9
11.1
17.8
3.9
7.2
54.2
76
7.0
10.1
17.9
3 7
7.9
P64.9
p9. 1
J»8. 4
Pl2. 1
P21. 4
p 4. 5
p9. 4
Business transfers, quarterly
98.4
76.6
pill. 4
New businesses, quarterly total
Contract construction
Manufacturing
Service industries
Retail trade
Wholesale trade
All other
do _
BUSINESS INCORPORATIONS
number. _
2,494
2,612
3,269
2,767
3,160
3,688
2,479
2,995
2,869
2,594
2,752
2,351
2,084
INDUSTRIAL AND COMMERCIAL
FAILURES
Failures, total _
_
number_..
Commercial service
do
Construction
.
do
Manufacturing and mining
do
Retail trade
do
Wholesale trade
- do. _
Liabilities, total
thous. of dol._
Commercial service
_
_ _ do _ _
Construction
do
Manufacturing and mining
do
Retail trade
do .
Wholesale trade
do
287
23
19
99
102
44
14, 903
655
176
10, 426
1,668
1,978
292
28
20
101
103
40
10, 034
829
444
5,964
1,390
1,407
336
29
25
98
129
55
21, 322
1,074
2,301
13, 337
2,289
2,321
313
23
25
124
115
26
16, 345
505
537
12,574
1,531
1,198
317
23
26
112
123
33
25, 499
1, 232
455
20, 937
1,908
967
356
29
23
108
153
43
12, 965
711
820
6,892
2,837
1,705
417
44
22
151
165
35
25, 619
979
1,987
17, 897
3,410
1,346
477
47
43
136
194
57
17,481
1,883
957
9,243
3,714
1,684
404
50
30
99
175
50
15, 296
1,472
1,662
7,057
2,476
2,629
426
30
31
135
158
72
13, 814
1,058
588
7,030
2,679
2,459
463
49
36
130
194
54
12, 163
1,317
984
5,147
3,037
1,678
420
37
36
119
166
62
13, 876
1,279
1,163
7,208
2,281
1,945
439
35
40
109
194
61
21, 442
9,034
1,861
5,580
3,036
1,931
New incorporations (4 States)
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS
Prices received, all farm products§
1909-14=100..
Crops
do
Food grain
do
Feed grain and hay
do_ __
Tobacco
do
Cotton
.
do_ __
Fruit
_ ___
_ _
do .
Truck crops
do
Oil-bearins" crops
_
do_ _.
Livestock and products
do
Meat animals
do
Dairy products
do
Poultry and eggs __ .__
_ _ do_ _
Prices paid:
All commodities
- . 1910-14=100
Commodities used in living
do
Commodities used in production
do
All commodities, interest and taxes
do
Parity ratio
do
276
255
246
270
383
267
177
211
308
295
349
258
224
286
254
278
297
352
252
181
179
311
315
367
282
246
289
261
302
284
357
247
166
238
344
313
360
283
251
287
268
312
283
354
257
151
272
349
304
338
293
242
301
281
318
305
377
275
149
294
367
320
352
311
262
307
284
322
318
377
267
135
320
377
328
379
313
231
279
257
251
261
374
248
136
320
333
300
331
307
218
283
262
260
284
372
256
140
295
339
302
342
298
212
291
276
268
291
371
275
142
340
351
304
347
296
214
289
267
261
282
370
284
141
262
357
309
361
291
211
295
261
249
278
370
284
155
213
364
326
390
291
221
301
253
240
256
370
266
172
213
366
344
417
300
234
293
236
227
235
386
245
183
172
310
344
411
305
247
249
256
239
234
118
253
259
246
238
120
254
261
246
239
121
257
264
248
241
119
262
268
254
245
123
266
272
259
251
122
263
270
255
248
112
262
267
255
247
115
264
268
258
249
117
265
270
259
250
116
266
271
259
251
118
266
273
258
251
120
266
275
254
251
117
RETAIL PRICES
All commodities (U. S. Department of Commerce
r
184.9
185.9
184.9
188.4
192.1
193.5
195. 1
190.3
181.4
188.6
190.8
189.0
index)
__
1935-39=100 .
196.2
Coal (U. S. Department of Labor indexes):
131.9
129.4
130.5
130.4
132.1
132.4
134. 7
126.5
128.3
p 144 9
137.1
132.1
132.0
Anthracite
1923-25=100
140.5
143.8
139.1
144.3
145.7
146.4
139.4
150.5
152.3
146.5
147.4
Bituminous
do
156.7
v 158 5
Consumers' price index (U. S. Dept. of Labor):
164.9
167.0
168.8
163. 8
163.8
166.9
167.5
170.5
171.7
160.3
173.7
169.3
All items
1935-39=100
174.5
191.2
192.1
189.0
190.2
185.9
197.5
196.9
195.1
187.6
196. 4
197.1
196.3
Apparel _ _
.
. do
199.7
206.9
201.6
202.7
210.9
207.9
209.7
203.5
204.7
196.5
214.1
202.3
Food
do
216.8
216 6
167.9
170.5
172.7
155. 7
157.8
171.1
160.3
171.2
171.8
171.0
171.0
Cereals and bakery products __ _ _
do_ __.
170 8
171.0
204.9
205.7
190.1
198.4
195.2
183.8
205.9
204.4
205.8
204.8
201.1
Dairy products
do
211 0
209.0
196.6
199.6
205.3
208.3
199.8
198.2
214.9
206.9
213.0
217.4
218.0
213.4
Fruits and vegetables ._
do. __
199 6
235. 5
237.5
227.0
240.6
255. 1
227.3
228.4
224.8
233.8
244.2
224.7
Meats
do
261.8
267 0
126.9
127.8
125.2
129.5
123.8
124.6
130. 0
Fuel, electricity, and ice
_ _
do. _.
131.8
130.7
132.6
130.3
134.8
136 8
92.6
92.2
92.5
92.1
93.1
93.9
92.0
94.1
93.2
94.4
93.8
Gas and electricity
do
94.2
94 5
165.9
157.4
160.5
154. 8
162.0
156.3
165.0
168.6
166.7
Other fuels and ice _
__
do_ _
170.1
166.0
174.2
178 1
188.9
187.8
191.4
184.2
187.5
194.9
192.3
193.6
194.8
194.7
193.0
Housefurnishings
do
195.9
196 3
114.9
115. 2
115.9
115.4
113.6
111.2
116.5
116.3
116.0
117.0
Rent
_
do. _ _
117.3
116.3
717 7
141.8
139.8
144.4
146.4
143.0
140.8
146.4
147.5
147.5
146.2
Miscellaneous
do
147.8
152.4
150.8
r
Preliminary.
Revised.
§ September 1948 indexes: All farm products, 290; crops, 231; food grain, 223; feed gram and hay, 223; tobacco, 406; cotton, 250; fruit, 185, truck crops, 150; oil-bearing crops, 282; livestock and
products, 343; meat animals, 408; dairy products, 302; poultry and eggs, 253.
NOTE FOR WHOLESALE PRICE INDEXES, p. 8-5.— The Department of Labor is currently reviewing and revising the samples of commodities and of reporters for the indexes, subgroup by
subgroup, to reflect postwar changes in production and distribution. As subgroup revisions are completed, the revisions are incorporated in the pertinent group indexes and the all-commodity
index and the subgroup indexes are revised retroactively for the entire period covered by the revision; however, to avoid repeated revisions of the group indexes and the all-commodity index,
these are not revised retroactively more than 2 months. If introduction of a revised subgroup into the calculations changes significantly the levels of the group indexes and the all-commodity
index, the latter indexes computed with the original sample for the first month of the revision will be provided in a footnote. In some instances, it is necessary to correct previously published
indexes because of late reports, incorrect reports, or other errors in prices previously used. Indexes for the 2 latest months are preliminary and are currently revised to incorporate corrections
received in the 2 months following. Any additional corrections received are incorporated in final annual summaries issued in the middle of the year. Indexes for July-December 1947 were
corrected in the September 1948 Survey. Corrected indexes for January-June 1947 are available upon request.
SURVEY OF CURKENT BUSINESS
October 1 4
98
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-5
1948
1947
September
August
October
November
December
January
February
March
April
May
June
July
August
COMMODITY PRICES—Continued
WHOLESALE PRICES
U. S. Department of Labor indexes:!
All commoditiescf
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 productscf-do
Foods
do
Cereal products
- ._
do _
Dairy products
do
Fruits a n d vegetables.
_ _ _ _ d o _
Meats
do
Commodities other than farm products and
foodsc?
1926=100
'
Building materials
do
Brick and tile
do
Cement
do
Lumber
do _ _
Paint and paint materials
do
Chemicals and allied products
-_ _ do_ _
Chemicals
do
Drug and pharmaceutical materials. -do
Fertilizer materials
do
Oils and fats
do
Fuel and lighting materials
___do
Electricity
__ do
Gas
do
Petroleum products
do
Hides and leather products
do
Hides and skins
.
-do _
Leather
do
Shoes
.
do _.
Housefurnisbing goods §
do
Furnishings _
do
Furniture t
do
Metals and metal productscf_.do_ _
Iron and steel
do
Metals, nonferrous
_
do. _
Plumbing and heating equipment
do
Textile products
do
Clothing
do
Cotton goods
do
Hosiery and underwear _
do
Rayon
do
Silk
do...
Woolen and worsted goods
do
Miscellaneous
do
Automobile tires and tubes
- do
Paper and pulp
do
Wholesale prices, actual. (See respective commodities.)
PURCHASING POWER OF THE DOLLAR
As measured by —
Wholesale prices
___1935-39=100__
Consumers' prices __
_ _
do. __
Retail food prices
do
153.7
157.4
158.5
159.6
163.2
165 7
160 9
161 4
162 8
163.9
166.2
168.6
169.4
147.9
167.0
148.8
181.6
208.8
215.9
147. 3
172.3
153.3
164.3
133.0
234.6
151.8
170.9
150.5
186.4
230.3
224.8
150.8
179.2
158.2
170.6
130.1
244.8
151.2
175.2
152.6
189.7
241.4
224.5
151.5
177.7
166.7
167.3
130.8
230.0
152.4
175.5
154.9
187.9
245.5
211.0
153.1
177.9
172.1
175.9
135.5
217.6
154.9
182.0
1 56. 5
196.7
252.7
226.3
155. 6
178.4
170.6
183.5
135.4
214.8
157.8
183.9
157.6
199 2
256.3
232.9
158.2
179.9
170.1
183.9
140.7
222.3
154.5
174.9
155.2
185 3
220.0
210 0
155.3
172.4
160.2
184.8
144.5
206.2
155.8
174.7
152.9
186 0
218.0
209 4
155.7
173.8
158.6
179.8
145.7
217.1
157.6
175.5
154.1
186.7
217.9
204.4
157.3
176.7
158.0
181.0
148.6
226.0
158.5
177.6
153.8
189 1
213.5
219.0
158.2
177.4
156.3
176.6
147.0
233.2
' 159. 6
182.6
154.5
196.0
209.2
239.2
' 159. 4
181.4
155.1
181.3
147.7
241.3
r
162. 5
184.2
155.9
' 195. 2
190.6
250.8
162.5
188.3
154.5
182.9
151.2
263.8
164.5
182.0
159.7
191.1
179.2
250.0
164.5
189.5
154.0
185.1
140.7
273.7
136.2
179. 6
144.3
116.9
276.9
154. 2
117.5
117.5
136.6
105.7
133.1
112.6
64.5
86.0
92.2
182.8
214.5
191.1
176.5
129.9
138.0
129.1
148.5
138.3
141.8
129.4
141.8
135.8
201.8
99.9
37.0
68.2
133.3
113.1
60.8
158.1
138.3
183.4
145.4
119.1
286.5
157.1
122.3
118.2
136.6
109.8
163.3
114.2
65.2
87.0
93.7
185.6
221.1
197.4
176.8
131.3
138.5
131.3
150.1
139.0
142.0
136.0
142.4
135.9
202.5
99.9
37.0
68.3
133.8
115.9
60.8
159.5
140.1
185.8
146.4
120.1
290.2
160.7
128.6
122.1
137.5
111.5
193.4
116.1
64.9
86.8
96.5
193.1
243.7
205.1
180.6
132.4
139.4
134.1
150.5
139.3
142.0
136.1
143.4
136.2
204.7
100.0
37.0
71.2
134.3
117.1
60.8
159.8
142.1
187.7
148.1
120.6
296.0
161.8
135.8
124.3
151.1
112.4
226.7
118.2
66.3
83.6
99.9
202.5
263.2
216.9
187.0
137.5
140.5
134.7
150.8
139.5
142.2
136.1
145.2
137.1
209.3
101.4
37.0
73.3
134.9
118.8
61.0
160.7
145.5
191.0
148.8
121.6
303.2
164.0
135.0
124.1
154.9
114.4
215.9
124.6
66.5
85.4
112.0
203.4
256.9
217.2
190.7
139.4
142.8
136.2
151.5
140.2
143.0
136.1
148.0
137.8
213.7
103.0
40.0
73.3
139.6
121.5
63.4
164.7
148.3
193. 3
150. 9
126.5
307.3
163.2
138.8
125.8
154.4
115.7
236.7
130.0
66.4
84.5
120.7
200.3
238.9
209.4
194.3
141.3
143.8
139.1
154.3
144.6
145. 5
138.8
148. 4
143.4
214.8
104.4
40.7
46.4
141.9
123.6
63.4
168.1
147.6
192.7
151.1
127.2
303. 8
159.6
134.6
126.5
154.3
115.1
201.5
130.8
66.6
85.8
121.7
192.8
207.2
199.6
194.7
141.8
144.4
139.4
155.3
146.3
146.8
138.7
148.9
144.7
214.9
105.0
40.7
46.4
143.0
120.1
63.4
167.4
147.7
193.1
151.6
127.4
303.8
156.7
136.1
126.8
154.4
114.9
211.4
130.9
65.7
88.7
121.8
185.4
186.2
185.9
193.8
142.0
144.7
139.4
155.9
147.7
146.8
138. 7
149.8
144.6
218.3
105.4
40.7
46.4
145. 7
120.8
63.4
167.3
148.7
195.0
152.5
127.5
309.2
158.6
136.2
126.8
153.8
115.2
212.3
131.6
66.1
89.1
121.8
186.1
199.3
183.6
191.7
142.3
145.2
139.6
157.2
149.4
149.8
138.7
150.3
145. 8
219.2
105.4
40.7
46.4
147.5
121.8
63.4
167.5
149.1
196.4
152.8
128.2
312.9
158.4
134.7
125.9
153.3
115.0
205.0
132.6
65.4
89.3
122.1
188.4
218.0
188.2
185.6
142.6
145. 8
139.6
157.1
148.9
150.0
143.2
150.2
145.8
217.8
105. 4
40.7
46.4
147.5
121.5
63.5
167.4
149.6
196.8
153.3
128.8
313.2
158.7
135.8
126.2
153.7
113.9
212.7
133.1
65.7
90.7
122.1
187.7
215.2
186.9
185.8
' 143. 2
' 146. 7
' 139. 9
' 158. 5
149.4
152.1
145. 3
149.6
145.2
213.1
105.3
40.7
46.4
147.5
121.5
63.5
167.3
'151.0
' 199. 5
157.9
' 132. 2
••316.8
157.8
134.4
127.8
153.6
115.0
193.2
135.7
153.0
202.8
158.6
133.3
318.2
158.0
132. 0
126.3
153.3
114.9
180.3
136.6
90.4
122.1
189.2
220.3
189.2
186.3
144.5
148.5
T
140. 4
r
162. 2
153.1
153.7
145.3
r
149. 0
146.7
r
209. 3
r
104. 9
40.7
46.4
147.5
120.3
66.2
166.8
122. 1
188.4
212.1
186.0
189.4
145.4
149.3
141.6
170.8
162.8
165.9
153. 2
148.5
146.7
205.3
104.9
41.6
46.4
149.4
119.6
66.2
169.0
52.4
62.4
50.8
61.1
61.1
49.1
50.8
61.1
49.6
50.4
60.6
49.5
49.3
59.9
48.3
48.6
59.2
47.7
50.0
59.7
48.9
49.9
59.9
49.4
49.4
59.1
48.1
49.1
58.7
47.4
48.4
68.2
46.7
47.7
57-6
46.1
47.5
57.3
46.2
1,166
1,311
1,024
1,461
1,120
585
1,616
1,235
r
635
' 1, 715
r
1,318
'680
1,790
1 351
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY
New construction, total
mil. of dol
Private, total
do
Residential (nonfarm)
do
NonresidentiaV'buiiding, except farm and public
utility total
mil of dol
Industrial.
do_
F a r m construction
____do
Public utility
_
do
Public, total
do
Residential
do
Military and naval
do
Nonresidential building, total
do
Industrial
do___
Highway
do
All other
do
1,364
1,042
1,423
1,086
1,497
1,129
260
139
75
207
322
8
22
45
1
149
98
267
138
65
214
337
7
22
49
1
159
100
275
137
50
214
368
9
23
53
1
178
105
500
540
590
1,432
1, 141
1,320
1,097
1,157
1,009
837
400
610
948
500
119
95
284
134
15
188
223
8
17
52
0)
65
81
273
130
14
161
209
9
14
53
1
56
77
265
125
14
158
172
6
11
49
1
41
65
266
120
23
176
226
5
12
65
1
57
87
264
116
37
198
287
6
13
71
2
98
99
277
111
50
208
341
5
13
77
2
136
110
305
110
62
233
381
5
11
79
2
167
119
'123
334
113
82
245
439
5
13
96
2
200
125
29, 793
715, 108
223, 505
491, 603
21, 696
625, 363
207, 481
417, 882
23, 125
615, 206
196, 530
418, 676
20, 557
681, 967
248, 443
433, 524
27, 999
689, 763
181, 044
508, 719
37, 061
873, 882
236, 330
637, 552
37, 282
970, 789
298, 213
672, 576
33, 088
935, 188
324, 226
610, 962
36, 216
962, 685
334, 501
628, 184
33, 801
854, 091
275, 510
578, 581
630
287
136
25
199
291
8
19
50
0)
940
475
525
'324
'110
81
233
'397
'5
r 12
'88
2
169
690
CONTRACT AWARDS
Construction contracts awarded in 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
thous of sq. ft
Valuation...
..thous. of dol_.
31, 885
823 216
217,811
605, 405
27, 185
649, 996
192, 660
457, 336
36, 339
793, 286
208, 947
584, 339
3,252
3,622
5,134
4,249
3,205
3,295
5,294
4,642
4,746
4,907
4,213
4,546
4,915
33, 088
27, 719
29, 097
24, 114
28, 552
34, 478
40, 413
33, 802
44, 609
33, 954
25, 671
41 682
33, 478
244, 495
240, 544
272, 395
248, 939
243, 416
364, 211
337, 603
395, 971
395, 104
239, 915
308, 750
277, 888
290, 807
' Revised. *> Preliminary. * Less than $500,000. t See note for wholesale prices at the bottom of p. S-4 regarding revisions of the indexes.
§ See note marked "t".
q" Current prices of motor vehicles were introduced into the calculations beginning October 1946 while April 1942 prices were carried forward in earlier computations; October 1946-July
1948 indexes using April 1942 motor vehicle prices are shown in previous issues of the Survey; August 1948 indexes using April 1942 prices are as follows: All commodities, 166.3; manufactured
products, 159.3; C9mmodities other than farm products, 160.6; commodities other than farm products and foods, 148.0; metals and metal products, 147.9.
f Revised series. The index of wholesale prices of furniture has been revised beginning 1943; revisions for 1943^46 will be shown later. The revision has been incorporated in the group index
and other composite indexes beginning November 1947; if this revision had not been made, the November 1947 index for housefurnishing goods would have been 133.2.
SUEVEY OF CURRENT BUSINESS
S-6
October 1948
1948
1947
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
August
September
October
November
December
January
February
March
April
May
June
July
August
CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS—Continued
Construction contracts awarded in 37 States (F. W.
Dodge Corp.)— Continued
Residential buildings:
Projects
_
number
Floor area
thous. of sq. f t _ _
Valuation
thous. of dol
Public works:
Projects
number
Valuation
thous. of dol
Utilities:
Projects
number
Valuation
thous. of dol_.
Value of contracts awarded (F. R. indexes):
Total, unadjusted
1923-25=100..
Residential, unadjusted
do
Total, adjusted.
do _
Residential, adjusted
do
Engineering construction:
Contract awards (E. N. R.) §
thous. of dol..
Highway concrete pavement contract awards :cf
Total . ,
thous. of sq. vd
Airports
do
Roads
do
Streets and allevs
do
NEW
24, 789
47, 805
308, 937
21,154
30, 037
268, 543
29, 473
52, 302
349, 490
24, 147
42, 696
290, 220
17, 402
32, 192
226, 796
18, 899
32, 183
238, 098
16, 336
31, 474
232, 250
23, 227
35, 385
276, 541
30, 448
46, 526
351, 604
30, 320
51, 710
369, 780
26, 366
40, 149
355, 296
28, 780
44, 420
349,699
27, 085
44, 577
337, 550
1,761
137, 471
1,522
110, 556
1,425
112, 726
1, 114
138, 606
809
113,289
718
108, 891
803
143, 033
915
109, 596
1,524
132, 598
1,659
159, 700
1,813
167, 984
1,763
169,293
1,679
148, 856
420
86, 001
296
30, 982
307
53, 182
283
42, 866
233
40, 783
213
27, 673
213
34, 289
235
54, 687
343
52, 077
396
45, 338
363
47, 707
379
48, 589
395
58, 935
173
148
166
150
184
168
183
168
175
164
184
170
173
157
193
163
159
137
197
161
156
126
191
152
161
135
187
152
182
156
181
148
206
181
181
154
226
195
188
165
233
194
201
177
'224
r
!89
r
205
'187
212
180
203
181
413, 494
494, 805
575, 089
474, 357
503, 384
441,955
474, 643
508, 096
777, 159
535, 184
596, 332
713, 719
560, 292
3,285
79
1,468
1,737
2,760
163
1,133
1,464
3,260
203
1,946
1,110
2,349
5
1,592
752
2,863
124
1,776
963
1,723
6
1,040
677
2,304
10
1.425
869
4,386
361
2, 654
1,371
5, 073
353
2,734
1,986
5,124
10
3,187
1,928
5,205
190
2,128
2,887
4,114
595
1,648
1,870
4,021
341
2,073
1,606
86,300
93, 800
94, 000
79, 700
58, 800
75, 100
' 98, 800
97, 000
96, 000
94, 000
83, 000
54, 561
54, 112
' r42, 106
3, 327
r
8, 679
r
449
' 47, 393
46, 133
36, 524
2,731
6,878
' 1, 260
47, 512
46, 706
35, 816
2,296
8,594
806
' 275 8
' 371. 5
' 497. 4
' 283. 4
' 317. 3
DWELLING UNITS AND URBAN
BUILDING
New permanent nonfarm dwelling units started
(U S Department of Labor)*
number
Urban building authorized (U. S. Dept. of Labor):!
New urban dwelling: units, tot alt
number
Privately financed, total J
do... _
Units in 1 -family structures t
do
Units in 2-family structures
_ _ do _ _ _
Units in multifamily structures t-do
Publicly financed, total
do _.
Indexes of urban building authorized:
Number of new dwelling units! 193^ 39 — 100
Valuation of building total J
do
New residential building t
do
New nonresidential buildingt
do
Additions alterations and repairs!
do
51, 313
51, 121
39, 233
3,521
8,367
192
52, 152
51, 877
40, 834
2,992
8,051
275
56, 330
55, 870
42, 825
3, 536
9,509
460
41, 875
41,010
30, 284
3,316
7,410
865
36, 452
36, 088
26. 596
2, 443
7,049
364
295 9
324 6
447.9
234 9
280 0
300 9
' 319.5
459. 1
216.7
298 1
394 5
344.7
516.2
216. 5
291 9
241 9
285.5
399.8
211.9
219 8
210 2
274.0
345 8
228.6
230.8
r
r
r
52,600
r
33, 492
32, 523
23, 704
2,280
6,539
r
969
49, 600
r
r
r
33f 362
32, 236
22, 142
1, 863
r
8, 231
1, 126
192 3
243. 7
309.7
196. 2
218 8
19° 0
236.8
315.9
182.2
200.6
r
r
51, 186
50, 861
'r37, 593
4, 092
9.176
'325
r
r
r
r
r
64, 896
64, 427
45, 746
r
6, 991
11, 690
'469
' 53, 621
' 52, 614
r
41, 280
r
3, 715
r
7,619
r
1, 007
372 8
408.6
622.9
253. 0
330.1
308 8
375.7
531. 8
265.3
311.3
314 6
399.8
555.0
283.8
351.8
293 4
360.9
484.5
287.2
274.9
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914—100
American Appraisal Co.:
Average 30 cities
1913—100
Atlanta
do
New York
__ do. _
San Francisco
do
St. Louis
do__ _
Associated General Contractors (all types)
do
E. H. Boeckh and Associates, Inc.:*
Average 20 cities:
Apartments, hotels, and office buildings:
Brick and concrete U S avg 1926 29—100
Brick and steel
do
Brick and wood
do
Commercial and factory buildings:
Brick and concrete
do
Brick and steel
do
Brick and wood
do
Frame
do
Steel
do
Residences:
Brick
do
Frame
do
Engineering News-Record:
Building
1913=100
Construction
do. _
Public Roads Adm.— Highway construction:
Composite standard mile*
1925 29—100
325
310
307
304
446
470
448
417
441
300
452
475
452
424
446
307
456
479
469
427
449
312
464
494
480
429
456
314
468
501
488
433
459
318
472
505
491
435
462
320
475
508
495
436
469
321
478
514
502
437
470
321
481
515
503
441
471
321
485
523
503
439
470
321
486
524
504
439
475
332
493
522
507
450
477
337
184 8
187.0
199.9
186 4
189.9
204.3
187 2
190.5
205.0
188 3
192.1
207.8
190 1
193.5
210.5
191 3
194.8
211.3
192 2
195.6
212.0
194 5
197.6
215.1
196.8
199.8
216.7
200 2
202.5
219.0
203.2
205.6
221.3
206. 2
209. 5
223. 4
186. 7
186.0
194.5
207.0
172. 6
187.9
187.8
197.7
213.1
173.9
188.6
188.6
198.6
213. 7
174.5
189.4
189.9
200.7
217.5
175.8
192.2
191.8
203.5
220.6
177.8
193.7
192.7
204.5
221.2
178.6
194.7
193.7
205.1
221.9
179.5
197.0
195.3
208.1
225.5
180.6
199.5
197.7
209.8
227.0
182.5
203.3
200.8
212.0
229.0
184.8
206.4
203.2
214.3
230.9
187.0
209. 2
208. 4
216.1
232.8
195.4
200.2
201.4
204.6
206. 8
205.3
207.4
208.1
210.7
211.0
213.8
211.8
214.7
212.4
215.2
215.6
218.5
217.2
219.8
219.6
222.1
222.0
224.2
223. 8
225.9
322. 6
426.4
327.3
434.6
329.2
436.9
333.1
441.1
333.6
441.7
335.5
442.7
334.2
443.6
334.6
443.0
333.9
447.9
339.3
455.8
342.4
463.2
355.5
475.5
495
523
507
450
477
340
150.5
146 7
142 9
356.7
475. f.
155 9
CONSTRUCTION MATERIALS
Production of selected construction materials, index:*
Unadjusted
1939=100
Adjusted
_
_
-do
147.6
129.9
149.1
138.2
159.0
143.0
139.6
140.3
136.5
153.8
131.5
154.0
r
!21.5
r
147. 3
140.3
148.5
r
143. 0
' 143. 9
146.3
138.3
152.1
142.1
» 153. 7
» 144. 5
REAL ESTATE
Home mortgages insured by Fed. Hous. Admin.:
124, 512
179, 412
164, 094
186, 859
159, 967
138, 587
98,464
151, 524
151, 558
129,894
119,927
95, 652
Premium paying mortgages
thous. of dol. . 81,835
Loans outstanding of agencies under the Home
Loan Bank Board:
Federal Home Loan Banks, outstanding advances
397
392
391
478
475
418
374
373
436
336
314
493
360
to member institutions
mil. of dol
Home Owners' Loan Corporation, balances of
497
414
424
434
444
454
465
475
486
508
532
520
loans outstanding
mil. of doL' Revised, p Preliminary. § Data for October 1947 and January, April, and July 1948 are for 5 weeks; other months, 4 weeks.
c^Data for October 1947 and March and June 1948 are for 5 weeks; December covers November 29-December 31, January, January 1-30; other months, 4 weeks.
<|The series under building authorized were formerly shown as "urban dwelling units scheduled to be started" and "indexes of building construction based on building permits;" see
also note in July 1948 Survey. There have been minor revisions in figures for number of dwelling units beginning January 1946; revisions through April 1947 are available upon request.
{Revisions for July 1947: Number of urban dwelling units—total, 47,262; privately financed 47,226; 1-family, 37,005; multifamily, 7,168. Indexes—number of dwelling units, 272.5; permit
valuation, total, 307.3; new residential, 406.3; new nonresidential, 219.6; additions, alterations and repairs, 312.1.
*New series. The new series for new permanent nonfarm dwelling units started has been substituted beginning January 1941 for the series on "total nonfarm dwelling units scheduled to be
started" shown in the 1947 Supplement; see note marked "*" on p. S-5 of the July 1948 Survey for a brief description of the series; data for January 1941-April 1947 are available upon request;
data prior to 1941 shown in the 1947 Supplement are comparable with the current series. The new 20-city averages of construction costs from E. H. Boeckh and Associates have been substituted
for the series for selected cities shown in the Survey through the August 1948 issue; monthly figures beginning 1934 and earlier annual data will be published later. See note marked "*" on
p. S-6 of the September 1948 Survey for brief descriptions of the index of highway construction costs and the index of production of selected construction materials and source of data through
1946 for the latter series.
SUEVEY OF CURRENT BUSINESS
October 1948
S-7
1947
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
August
September
October
1948
November
December
January
February
March
April
May
June
July
August
CONSTRUCTION AND REAL ESTATE— Continued
REAL ESTATE— Continued
New mortgage loans of all savings and loan associations, estimated, total
thous. of doL.
By purpose of loan:
Home construction
do
Home purchase
._
__do
Refinancing
do
Repairs and reconditioning...
_ do_
All other purposes
do
New nonfarm mortgages recorded ($20,000 and
under), estimated, total
thous. of dol
Nonfarm foreclosures, index, adjustedfl935-39=100__
Fire losses
thous. of dol__
351, 757
356, 871
376, 000
311, 292
310, 201
273, 202
254, 581
318, 602
336, 947
332, 441
346, 469
331,893
317,842
83, 355
200, 183
25, 263
13, 018
29,938
86, 097
203, 443
27, 322
12, 297
27, 712
95, 364
208, 488
28, 523
13, 213
30, 412
76, 718
170, 831
24, 747
10, 415
28, 581
82, 234
163, 703
26, 042
9,806
28, 416
70, 274
140, 122
25, 856
8,679
28, 271
66, 894
126, 462
23, 511
8,374
29, 340
97, 325
146, 213
29, 677
11,519
33, 868
97, 458
156, 701
30, 973
14, 189
37, 626
93, 315
161, 309
29, 400
14, 308
34, 109
100, 149
169, 206
28, 615
14, 349
34, 150
101,236
152, 875
26, 876
14, 794
36, 112
92, 132
151, 882
25, 324
15, 526
32, 978
954, 569 1, 006, 626
6.7
5.8
68, 361
51, 346
909, 447
6.5
63, 010
826, 874
6.8
71, 521
955, 441
7.0
74, 236
993, 678
999, 456 1, 049, 591 1 , 018, 397
1,024,323
289
321
242
312
319
290
346
227
322
308
256
329
312
274.9
988, 446 1, 022, 648 1,103,030
6.6
6.9
6.6
54, 946
51, 359
47, 990
59, 256
54, 706
50, 955
302
63,751
299
344
262
279
300
49, 543
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:
Printers' Ink, combined index
1935-39-100
262
279
Magazinesf
do _.
Newspapers
do
218
Outdoor . _ . _
do_ _
319
Radio
do
291
Tide advertising index adjustedf
do
256 3
Radio advertising:^
Cost of facilities total
thous of dol
14 461
Automobiles and accessories
do
485
Clothing
do
187
Electric household equipment
do
278
Financial
do
393
Foods food beverages, confections
do
4 268
Gasoline and oil
do
439
Housefurnishings, etc
do
172
Soap, cleansers, etc
do __
1 483
Smoking materials
do
1 568
Toilet goods medical supplies
do
3 868
All other
do
1 318
Magazine advertising:!
Cost total
do_
Automobiles and accessories
do
Clothing
do. _.
Electric household equipment
do
Financial
do_ __
Foods food beverages confections
do
Gasoline and oil
do. __
Housefurnishings, etc - _
-do
Soap cleansers etc
do
Office furnishing and supplies
do
Smoking materials
do
Toilet goods medical supplies
do
All other
do_ _
Linage total
thous. of lines
4 132
Newspaper advertising:
Linage total (52 cities)
do
157 980
40 625
Classified
__
do
Display, total
do
117, 355
6 107
Automotive
-do _
Financial
do
1 769
General
-~
do
22 881
Retail
do.
86 597
261 0
256 8
257 8
269
315
199
229
320
238.2
274 6
271.6
294
333
247
294
314
283.9
271.0
P277
*326
233
288
271
250. 1
15 252
17 376
16 905
17, 780
17 544
16, 715
17, 803
17 077
17, 321
15, 631
13, 223
527
151
345
367
597
139
379
471
5,128
420
168
693
121
569
450
5,000
585
254
1,704
1,809
4 967
1,594
1,499
1,662
4,688
1,820
1,647
1,848
5,033
1,600
1,452
1, 595
4,694
1,535
1,734
1,770
5,031
1,456
711
121
603
483
4,893
441
177
662
152
651
481
4,859
432
192
1,544
1,798
4,991
1,538
717
133
543
482
4,766
564
232
538
105
642
376
428
156
728
92
511
464
5,203
504
152
699
118
603
511
4 402
739
195
333
440
4,907
450
172
1,672
1,718
4 857
1,401
27, 688
2,604
1,887
1,012
37. 486
2,771
3,640
1,590
47, 992
3, 450
6,121
2,446
45, 917
3,442
5,004
2,719
666
4,763
4,474
1 126, 436
i 7, 308
i 13, 191
7,017
1,833
1 17, 399
1,331
9,952
2,585
2,532
3,073
1 15, 691
i 44, 524
3,229
3,641
12, 094
4,175
726
6,748
640
2,802
1,104
850
990
6,304
15, 810
4,581
173 871
41,610
132, 262
5,438
1 809
27, 171
97 843
198, 478
44,141
154, 337
6, 552
2,194
33, 444
112, 148
194, 808
41, 447
153, 361
5,957
2,033
32, 004
113, 367
186, 913
37, 530
149, 383
5,215
1,986
24, 935
117, 247
155, 428
39, 600
115, 828
5,180
2,896
20, 404
87, 348
167, 945
40, 048
127, 897
6, 181
1,869
25, 477
94, 369
281
328
217
289
298
1,715
1 580
4 268
1 314
i 99, 308
i 7 555
1110, 191
3 872
1
1, 567
1 13 543
12 142
i 6, 051
i 2 558
1 1 650
i 2 827
1 12 771
1
34, 582
4 738
284
333
214
287
309
277
329
200
258
312
258
291
205
290
303
253.5
585
4,517
6,311
304
381
1,117
613
414
918
3,793
9,923
1,916
1,155
495
883
5,584
r345
444
161
370
82
656
373
3,405
435
183
1,775
1,746
4, 804
1,567
1,755
1,711
4,545
1,169
1,473
1,532
3,765
949
52, Oil
4,241
5,152
3,137
42, 264
3,667
3,469
2,821
29, 495
3,068
1,115
1,476
715
5,905
848
3, 556
1,270
691
1,019
5,711
15, 037
4,391
784
6,657
1,048
4,129
1,532
1,054
1,216
5,702
17, 360
4,288
629
5,456
972
2,982
1,156
608
1,174
5,375
13, 954
3,160
3,171
3,968
189, 555
43, 985
145, 571
6,394
2,225
28, 106
108, 846
197, 221
45, 848
151, 373
7,047
2, 295
30, 475
111, 557
197, 809
47, 643
150, 166
7,557
2,120
31, 092
109, 396
185, 847
43, 999
141, 848
8,814
2,203
28, 365
102, 467
161, 430
43, 081
118,349
6,714
2,448
22, 790
86, 396
176, 800
46, 467
130, 333
7,066
1,782
23, 001
98, 484
5,122
536
225
r
4,184
517
4,651
852
1,143
926
378
978
4,430
9,962
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number
Value
PERSONAL CONSUMPTION
TURES
thousands _
thous. of doL-
3 822
81, 664
4 041
89, 874
4,401
91, 665
4,185
85, 095
4,710
91, 655
4, 586
92, 651
4,339
86, 412
5,281
106, 540
5,122
95, 871
4,470
88, 565
4,733
94, 494
4,503
90, 545
5,176
87, 845
thousands _
thous. of doLEXPENDI-
12 587
166, 697
13, 334
197, 141
15, 371
223, 262
13, 922
196, 844
15, 652
214, 581
14, 412
201, 299
13, 135
186, 247
16, 749
240, 369
15, 552
220, 748
14, 252
198, 921
15, 267
217, 320
14, 408
206, 027
14, 207
208, 527
Seasonally adjusted quarterly totals at annual rates :f
UrOOUb ^ju
- . , ' , ,
"
-,
Ant mnhilf"?'{3nd Dart'?
-p,
..
n ^ icphold emiiDment
PI th'
r\
L/iOGiimg diiu bh' »_
ue
±000. ana a co o o ue
--g
do
do
do
- --
165 6
21 1
7 2
99
39
96 8
19 2
58 3
36
1.8
3.9
Other nondurable goods. _ .
do
10.0
171.1
22.1
172.0
21.4
175.1
22.3
7.8
7.7
9.8
3.9
10.7
4.0
100.2
20.0
59.6
101.0
18.9
61.3
102.4
20.1
61.6
3.8
1.9
4.0
3.9
1.9
3.9
3.9
1.8
4.0
10.9
11.1
10.9
10.3
7.7
3.9
i The figures shown in the September and December columns are totals for July-September and October-December, respectively; monthly figures not available.
i Data beginning January 1948 for magazine advertising include advertising in farm magazines and some other magazines which is not included in earlier data and there have been changes
effective January 1948 in the classifications of electric household equipment, housefurnishings, etc., soap, cleaners, etc., and toilet goods in both the radio and magazine series. Inclusion of
advertising in farm magazines in the 1948 data for magazines materially affected the comparability of the figures for automobiles and accessories and, to a lesser extent, the comparability of
data for other classifications. Adjustments of earlier data are under consideration by the compiling agency and more complete information on the changes will be published later.
t Revised series The index of nonfarm foreclosures has been revised beginning 1938 because of discovery of certain errors in reporting; revisions through April 1947 will be shown later.
There have been minor revisions in Printers' Ink index of magazine advertising to include advertising in farm magazines formerly shown as one of the five major components of the advertising
index- revisions are available upon request. The Tide advertising index has been completely revised and is now based on dollar costs for all media—newspapers, magazines, farm papers,
business papers, radio (network and spot), and outdoor advertising; revised data beginning 1936 will be shown later. Estimates of personal consumption expenditures have been revised beginning 1944; revised figures for the grand total and for total durable and nondurable goods and services are shown as a component of gross national product on p. 28 of the July 1948 Survey;
revised figures through the first quarter of 1947 for the subgroups will be shown later.
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
DOMESTIC TRADE—Continued
PERSONAL CONSUMPTION EXPENDITURE S—Con tinued
Seasonally adj. quarterly totals at annual rates — Con.
Goods and services— Continued.
Services
bil. of dol _
Household operation
do
Housing
do
Personal service
do
Recreation
do
Transportation
do __
Other services
do
48.8
7.3
15.2
3.2
3.8
4.5
14.8
47.7
7.0
14.6
3.2
3.8
4.5
14.5
50.4
7.6
15 7
3.2
3.9
4.6
15.4
49.6
7.5
15 4
3.2
38
4. 5
15 1
RETAIL TRADE
All types of retail stores:^
Estimated sales, totalf
niil. of dol
Durable goods storest
do
Automotive group f
_ do _
Miotor vehicles f
do
Parts and accessories
do
Building materials and hardware group f
mil. of dol__
Building materials
do
Farm implementsf
do.
Hardware
do
Home furnishings groupf
- do
Furniture and house furnishingsf
do
Household appliances and radios _ . do
Jewelry stores
do _
Nondurable goods storest
do
Apparel group
_ _ _ - do
Men's clothing and furnishings
_ do
Women's apparel and accessories
do
Family and other apparel
-do
Shoes
do __
Drugstores
do
Eating and drinking places
do
Food groupf
-- do __
Grocery and combination!
- do
Other food
_.do _
Filling stations
do
General merchandise group t
- do
Department, including mail-order
do
General, including general merchandise
with food
mil of doL
Dry goods and other general merchandise
do_ _ _
Variety t
do __
Other retail stores
-do
Liquor
do
Other
do Indexes of sales:
Unadjusted total t
1935-39=100-Durable goods storest
do
Nondurable goods storest
do
Adjusted, total t
do
Durable goods storest
-do
Automotivet
do_ _
Building materials and hardware t
do
Homefurnishingst
-- -- do ,
Jewelry
_dO
9,784
2,535
1,146
1,004
142
10, 252
2,726
1,217
1,075
142
10, 941
2,995
1,332
1,182
150
10, 672
2,776
1,240
1,088
152
12, 641
3,087
1,251
1,089
162
9,684
2,516
1,257
1,143
114
8 948
2 350
1,195
1 088
106
10, 734
2 956
1,538
1 402
136
10, 705
3 107
1,498
1,344
154
10, 782
2,962
1,329
1,176
153
10, 874
3, 150
1,431
1,259
173
793
514
100
179
507
306
201
89
7,249
636
149
284
91
112
306
1,109
2,634
2,075
558
485
1,171
750
870
575
101
193
542
333
209
97
7,526
860
214
383
120
144
303
1,095
2,486
1. 936
551
466
1,363
916
977
645
128
204
585
350
235
101
7,946
880
219
397
124
140
310
1,118
2,638
2,070
568
483
1,476
996
827
528
102
197
587
359
229
121
7,896
922
253
400
137
131
297
1,008
2,542
2,007
534
496
1,616
1,111
838
494
91
252
719
419
300
279
9,554
1,248
372
512
190
174
409
1,072
2,751
2,161
591
496
2,232
1,485
730
461
106
163
451
264
187
78
7,169
663
169
302
92
100
295
995
2,624
2,084
540
479
1,087
719
658
417
90
151
426
251
175
71
6 598
604
149
280
85
90
287
930
2 360
1 862
498
435
1,039
690
819
510
123
186
520
307
213
78
7,778
910
212
419
125
154
305
1,030
2,595
2 038
557
495
1,392
940
953
589
146
218
575
341
233
82
7,598
781
181
368
103
128
294
1,034
2,608
2 056
552
523
1,343
910
959
601
139
218
. 579
355
224
95
7,820
808
193
371
107
137
304
1,060
2,716
2,144
572
550
1,368
906
1,030
656
153
221
586
350
236
103
7,724
801
215
343
105
138
301
1,066
2,613
2,033
580
552
1,364
905
157
122
148
160
171
160
168
168
194
136
116
148
908
152
756
132
155
953
136
816
141
172
1,042
167
875
150
188
1,016
168
848
210
342
1,347
248
1,098
104
128
1,025
146
879
97
131
943
130
812
128
177
1,051
144
907
125
149
1,015
143
872
131
161
1,015
142
873
294.3
314.4
287.7
302.9
313.1
253.3
374.8
392.1
416.0
299.6
292.8
258.1
413.6
315.2
219.2
252.3
324.0
11,815
3,954
909
1, 557
1,122
366
7,861
1,636
459
309
1,679
184
2,342
1,252
326.9
351.0
319.0
317.7
340.5
281.4
404.2
415.0
438.6
310.3
324.9
259. 0
421.5
324.9
217.7
261.2
337.5
12, 155
4,013
974
1,550
1,093
396
8,142
1,727
453
295
1,767
191
2,455
1,254
329.3
363.5
318.2
318.6
347.7
297.3
411.3
401.3
409.1
309.1
303.2
259.1
421.9
331.6
219.6
252.5
342.5
13, 099
4,182
997
1,515
1,220
450
8,917
1,889
523
316
1,942
213
2,736
1.298
340.6
366.1
332.3
322.8
349.7
292.1
417.3
419.4
415.4
314.0
326.3
255.2
398.6
327.7
238.1
268.6
352.7
13, 487
4,195
1,057
1,512
1,137
489
9,292
1,913
590
315
2, 033
228
2,854
1,359
385.9
383.4
386.7
328.8
361.2
309.0
424.5
420.0
426.3
318.2
322.2
256.2
417.7
331.0
233.4
273.0
361.3
12, 426
4,148
1,099
1,534
1,130
385
8,278
1,558
581
333
1, 937
217
2,344
1,308
292.9
312.1
286.6
324.7
357.4
308.7
423.3
403.7
410.1
314.1
307.8
257.1
413.6
335.6
246.2
253.8
355. 6
12, 779
4,358
1,146
1,639
1,197
376
8,421
1,652
568
352
1,9*6
226
2,451
1,256
296.0
313.9
290.2
324.6
357.6
314.0
423.5
391.3
388.6
313.9
315.2
261.5
413.6
335. 5
241.4
254.1
348.9
13, 625
4,634
1,190
1,760
1,275
409
8,991
1,887
542
341
2,000
203
2,705
1,313
324.0
359 7
312.4
330.7
376. 0
347.4
422.0
395.1
391.6
316.0
314.4
260.3
417.2
339.2
251.7
257.3
341.8
14, 280
5,011
1, 251
2,048
1,271
441
9,269
2,009
533
341
1,962
197
2,877
1,350
333.1
391 2
314.2
337.9
386.5
347.6
441.5
424.6
404.7
322.0
315.3
255.5
420.1
344.2
260.3
269.8
348.9
14, 164
4,946
1,219
2,053
1,232
442
9,218
2,064
530
339
1,860
209
2,883
1,333
332.2
376.2
317.8
329.5
355.3
286.4
444.3
432.8
400.8
321.1
319.8
252.2
408.8
341.6
258.7
270.8
354.5
13, 992
4,925
1,219
1,989
1,275
442
9,067
2,014
512
325
1,851
184
2,802
1,379
' r 10. 738
3. 188
1,569
1,389
180
10, 672
3, 290
1, 654
1, 433
171
575
581
1,221
765
938
655
135
198
566
334
232
S2
7, 382
636
135
307
90
104
299
1, 091
2, 576
2,013
563
570
1,264
829
170
176
162
130
160
1,027
134
893
118
161
984
142
842
116
157
946
131
815
'992
'630
158
203
549
315
234
78
r 7, 549
630
154
'276
86
r 114
307
' 1, 064
' 2, 762
r 2, 187
'323. 1
339.1
395.5
396.3
' 299. 5
320.4
' 336. 9
337.1
' 389. 8
376.9
344.8
319.6
' 453. 8
456.7
436.9
432.7
381.1
412.3
'319.7
324.1
'311.3
326.9
' 255. 7
255.8
' 414. 7
419.5
' 333. 1
338.8
' 262. 2
259.1
277.9
275.9
350.9
360.3
r
' 13, 498
13, 637
r
' 4, 927
4, 941
' 1, 262
1,297
' 1, 964 ' 1, 974
' 1, 292
1,263
'399
417
T
' 8, 571
8, 696
' 1, 749
1,834
'497
506
'322
327
' 1, 826
1,841
150
169
' 2, 657
2,663
' 1, 370
' 1, 356
328.8
408. 3
302. 9
337. 3
403.0
363.6
464.9
437. 5
390. 4
315.9
305.4
254.0
406.8
331.1
257.8
277.0
342.3
13, 985
5, 03 6
1,237
2,091
1,298
410
8,949
1,984
498
319
1,836
182
2,823
1,307
Nondurable goods storest
do
Apparel
- - do
Drug
-do
Eating and drinking places
do
Foodt
--do ...
Filling stations
do
General merchandiset
do
Other retail stores
- do
Estimated inventories, totalf
mil. of dol_.
Durable goods stores
do
Automotive group
_do
Building materials and hardware group .do
Homefurnishings group
_ _ _ _ do _ _
Jewelry stores
do
Nondurable goods stores
do
Apparel group
__do
Drug stores
do
E at ing and drinking places
do . _
Food group
do
Filling stations
do
General merchandise group
do
Other retail stores
do
Chain stores and mail-order houses: <?
' 2, 281
2,198
1,874
2,355
2,317
2,266
2,315
2,869
2,015
2,358
2,330
2,145
2,049
Sales estimated total t
-do_
254
'208
196
253
173
170
288
235
260
253
246
358
187
Apparel group
do
26
24
42
32
44
48
71
38
30
38
47
55
27
Mien's wear
do
'106
124
104
82
112
161
119
138
80
116
113
109
90
Women's wear
-do
44
94
72
'60
53
46
71
72
78
65
70
55
67
Shoes
-do
'54
41
44
42
50
49
28
56
46
37
28
47
46
Automotive parts and accessories
-do
'113
112
75
81
110
117
68
80
101
117
119
88
99
Building materials
do. _ _
70
66
66
66
68
69
65
98
68
69
67
67
68
Drug
do
54
54
52
52
54
54
52
54
52
51
52
49
50
Eating and drinking places
__do
21
26
22
45
35
29
27
29
28
27
28
25
27
Furniture and housef urnishings
- _ - do
There have been revisions beginning 1947 in the chain-store series and some earlier revisions; see note marked "£" on p.. S-9.
.
.
' Revised.
| Estimates of retail sales and indexes of sales, with the exception of data for jewelry stores, filling stations, general stores, including general merchandise with food, and dry goods and
other general merchandise stores, have been revised beginning 1947 and there have been earlier revisions in the series marked with a "t" as follows: Total, durable goods and nondurable
goods stores, motor vehicles, and the automotive group, grocery and combination and the food group, beginning 1942; farm implements and the building materials and hardware group,
beginning 1943; variety and the general merchandise group, beginning 1944; furniture and house furnishings and the home furnishings group, beginning 1945. Revised annual figures through
1947 and an explanation of the revisions are published on p. 22 of the September 1948 Survey. All revisions through June 1947 will be shown later.
tRevised series. See note marked "t" on p. S-7 with regard to revisions in the series on personal consumption expenditures, note marked "t" above regarding revisions in the indicated series under sales of all types of retail stores, and note marked "J" on p. S-9 regarding revisions in data for sales of chain-stores and mail-order houses. Estimates of retail inventories
have been revised for all years and data by kinds of business have been added; year-end figures for 1929, 1933, and 1935-46 are on p. 23 of the June 1948 Survey and monthly averages for 1939 and
1940, and monthly data for 1941-47 are on p. 31 of the July 1948 Survey.
October 1948
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through.
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
September
S-9
1948
1947
August
October
November
December
January
February
March
April
May
June
July
August
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Chain stores and mail-order houses — Continued
Sales, estimated — Continued t
520
General merchandise group f
mil. of doL_
Department, dry goods, and general merchan303
dise
mil. of dol
82
Mail-order (catalog sales)
do
123
Variety f
do._
723
Grocery and combination
do
Indexes of sales: t
262.4
Unadjusted, combined indexf
1935-39=100-282.2
Adjusted, combined index f
do
300.6
Apparel group
__ do _
305.7
Men's wear
do
360.3
Women's wear _
_
do .
240.8
Shoes
do
240.0
Automotive parts and accessories
do
T
333. 7
Building materials
_ do
229.0
Drug
do
220.2
Eating and drinking places
do
248.7
Furniture and housefurnishings
do.
273.8
General merchandise group t
do
Department dry goods and general mer322.4
chandise
1935-39=100
276.3
Mail-order
_
_ _ do
198.6
Variety f
do
322.4
Grocery and combination
do _
Department stores:
Accounts, collections, and sales by type of
payment:
Accounts receivable; end of month:
145
Charge accounts
1941 average = 10084
Installment accounts
__ _ _ . __do __.
Ratio of collections to accounts receivable:
51
Charge accounts .
percent. .
28
Installment accounts
do_
Sales by type of payment:
56
Cash sales
percent of total sales
38
Charge account sales
_ do
6
Installment sales
do __
236
Sales, unadjusted, total U. S.f
1935-39=100-310
Atlanta
__
--- do __
176
Boston
-- do
224
Chicago
do __
237
Cleveland
do
r
330
Dallas
do
277
Kansas City
do
242
Minneapolis
do
'178
New York
__ __do
193
Philadelphia
do
'234
Richmond
__
do
264
St Louis
do
'313
San Franciscof
do
284
Sales adjusted, total U. S.f
do
352
Atlanta
__do_ _ _
237
Boston f
do
266
Chicago
do
273
Cleveland
_. do _
r
375
Dallas
do
'308
Kansas Cityf
- do__
271
Minneapolis1
do
r
244
New Yorkd
do
r
257
Philadelphia!
do
'283
Richmond
do __
307
St Louis
do
'353
San Franciscof
do
Stocks, total U.S., end of month:
245
Unadjusted
do
'228
Adjusted
__
___do __
Mail-order and store sales:
254 738
Total sales 2 companies
thous of dol
97, 334
Montgomery Ward & Co
do
157, 405
Sears, Roebuck & Co
do__Rural sales of general merchandise:
306.6
Total U S , unadjusted
1929-31=100
297.0
East
do
403.9
South
- do
262.5
Middle West
do
372.8
Far West
do _
374.8
Total U . S., adjusted
_
_ _ _ do ___
372.6
East
do
560.2
South
_
do__
318.2
Middle West
do
404.8
Far West
do
596
648
700
961
451
434
603
589
591
606
569
588
347
108
129
662
366
126
143
754
399
132
157
755
528
131
288
786
249
84
108
804
230
84
110
725
330
113
149
797
348
103
126
792
357
86
135
844
364
95
135
770
342
78
136
824
342
102
132
741
297.2
292.5
326.1
346.5
390.2
253.7
228.3
361. 5
229.7
221.3
262.4
287.1
303.1
289.3
300.8
288.5
365.9
246 6
217.5
••334 8
227.2
220.9
224.3
276 5
321.4
298.4
323.3
333.7
398.0
244 8
246.0
' 326. 1
226.0
211.9
279.3
294.1
379.6
302.2
325.4
332.8
396.2
253.9
243.9
' 331. 8
228.7
219.1
287.3
304.2
259.2
294.9
287.2
278.0
362.9
218.5
214.2
351. 3
228.0
220.2
262.1
284.2
269.2
296. 8
298.7
285 5
383.3
223 2
219.7
344 2
234.5
223 0
258 7
284 2
303.5
303.0
311.0
277 9
400 6
242 4
228.3
r
336 3
231.6
228 6
252 4
292 6
303.9
312.4
316.6
282 2
411 0
239 8
254.2
f 359 7
225 3
227 5
256 0
311 2
310.8
311.2
319.4
287 5
415.0
243 3
251. 5
'379 1
227.7
226 8
269 8
295 4
313.1
313.0
321.5
301 2
411.2
245 1
253.5
r
384 2
228.1
231 6
264.3
311 3
291.3
314.8
321.4
289 6
417.8
246 1
277.6
383 5
235.9
229 5
265 6
'314 0
295.7
317.2
327.4
287 3
429.7
246 2
257.5
390 2
232.2
227 0
269.9
320 6
344.6
263. 7
213.4
326.0
322.7
256.7
212 1
339.5
347.9
283.0
219.7
338.1
348.2
291.9
245.8
337.5
340.5
268.6
208.3
350.1
337.1
267.2
215 1
353.7
347 3
270.3
223 2
359.8
383 2
285 1
218 8
363.3
357 1
280.0
210 9
371.0
377 3
297.0
220 4
357.4
'380 7
309.8
216.2
' 360. 9
382.6
329.7
223.3
364.5
166
87
181
95
204
111
263
136
205
127
181.
124
190
129
192
131
193
134
193
136
168
139
166
144
53
31
57
31
55
30
54
29
53
24
49
23
53
27
52
25
52
24
52
24
51
23
51
23
54
40
6
300
368
248
296
293
387
336
311
244
266
322
340
345
294
361
241
290
290
368
323
287
239
266
303
337
345
53
40
7
299
372
234
284
290
396
336
304
253
280
324
330
350
279
348
'211
266
271
360
320
276
r
225
265
297
308
340
53
40
7
376
460
306
364
371
507
392
335
323
370
394
428
421
302
383
244
298
296
415
335
281
248
280
310
339
348
54
39
7
485
619
419
455
479
633
505
424
408
460
542
516
571
303
394
239
293
309
388
334
277
241
277
322
337
361
54
39
7
225
284
170
217
216
316
245
214
192
204
214
239
'281
286
355
224
271
284
390
306
286
240
272
286
291
348
53
40
7
238
316
174
225
233
324
254
206
202
216
245
258
295
286
359
226
281
284
368
292
267
241
280
306
307
327
52
41
7
285
387
228
266
284
384
301
263
234
284
317
318
326
285
368
228
274
270
384
307
278
229
263
317
318
339
51
41
8
288
366
231
283
280
399
320
284
237
262
295
326
333
306
390
243
289
295
448
337
283
255
278
321
343
362
52
41
7
300
375
240
289
304
393
326
294
252
287
311
333
339
310
394
242
289
320
418
336
306
268
284
313
340
364
52
41
7
289
333
242
290
288
345
301
277
246
266
294
311
338
312
397
252
299
306
406
328
' 291
265
283
335
346
372
54
38
8
243
314
r
176
243
244
331
r
270
r
238
181
207
235
277
311
316
392
r
255
312
313
436
r
322
r
294
266
288
328
355
365
52
39
9
*259
354
v 174
248
268
365
»302
261
187
216
260
305
*>337
P311
402
P236
295
308
419
*>336
292
256
289
315
354
382
r
257
r
232
r
284
'252
'296
273
'244
'285
'253
'289
'279
'304
'303
'313
307
'309
297
'297
278
284
274
273
•P 287
J>266
306, 643
117. 507
189, 136
333, 123
127, 144
205, 979
355, 255
129, 206
226, 048
415, 686
148, 113
267, 573
230, 794
74, 116
156, 679
215, 575
75, 631
139, 944
301, 627
107, 103
194, 524
319 342
115, 382
203, 959
297 939
104, 612
193, 327
308, 843
105, 305
203, 538
284, 626
97, 833
186, 793
302 716
108 903
193, 813
375.9
340.6
523.6
320.8
446. 9
355. 6
346.5
474.3
313.0
381.9
405.1
398.1
612.6
333. 4
446.3
311.8
309.3
413.3
262.5
371.6
484.6
491.4
727.8
405.4
515.3
372.5
381.2
530.1
309.2
424.8
466.6
448.6
644.9
389.9
568.2
291.8
269.4
429.3
249.9
348.1
273.8
262.8
423.8
224.6
301. 4
359.7
345.8
535.7
293.6
410.1
299.8
295.7
462.6
250.5
309.4
370.5
361. 5
507.3
315.1
418.1
358.8
370.4
485. 1
309.4
382.3
408.6
412.4
537. 2
349. 2
464.5
342.6
343.3
467.7
293.4
375.6
372.8
360.2
530.8
314.2
420.6
322.1
306.9
428.4
277.5
362.7
350.9
333.6
505.1
293.0
403.4
333.6
320.5
433.2
293.6
399.7
366.2
349.1
538.8
311.0
419.4
283.2
245. 5
374.0
249.1
356.3
387.9
344.8
550.8
337. 5
434.5
352 3
333. 1
491.4
299 2
437.4
430.7
418 0
681.6
362.7
474 9
5,912
1,923
3,989
5,697
2,298
3,399
6,679
2,144
4,535
5,740
2,307
3,433
6,036
1,967
4,069
5,804
2,338
3,466
6,178
2,046
4,132
5,832
2,418
3,414
5,720
1,874
3,846
6,105
2,485
3,620
5,282
1,867
3,415
6, 113
2,552
3,561
5,868
2,143
3,725
6,157
2,635
3,522
5,815
2,193
3,622
6,107
2,685
3,422
5,517
2,047
3,470
6,136
2,692
3,444
5,735
2,114
3,621
6,410
2,784
3,626
' 5, 750
2,057
3, 693
6, 382
2,774
' 3, 608
6 073
2 221
3,852
6 464
2 759
3 705
r
r
r
r
r
r
WHOLESALE TRADE
Service and limited function wholesaler:
Sales estimated, total t
mil. of dol
Durable goods establishments t
- do___
Nondurable goods establishment t
do
Inventories estimated, total*
do
Durable goods establishments* _
-do __
Nondurable goods establishments*
do
5,342
1,766
3,576
5,577
2,241
3,336
r
r
' Revised. *> Preliminary, c? Revisions for adjusted index: 1946—June, 167; July, 164; Sept., 167; Oct., 175; 1947—June, 238; July, 233; Sept., 210; Oct., 181.
{There have been revisions beginning 1947 in the series for chain-stores and mail-order houses and additional revisions back through 1942 for the total and back through 1944 for variety
and the general merchandise group; revisions through June 1947 will be shown later.
*New series. Monthly figures for 1942-47 and year-end figures or monthly averages for 1938-41 for inventories of service and limited-function wholesalers are on p. 24 of the September 1948
Survey.
fRevised series. For revised figures for 1919-40 for the index of department store sales for the San Francisco district, see p. 23 of the April 1948 Survey; there have been further minor
revisions in the indexes beginning October 1940 as published on that page and currently prior to the August 1948 issue. The adjusted index of department store sales for the Boston, Philadelphia, and Kansas City districts have been revised beginning April 1940, February 1940, and August 1941, respectively; there have been minor revisions in the indexes for the United States as
published prior to this issue to incorporate revisions in the district indexes; revised figures through February 1947 for Kansas Ctiy, March 1947 for Philadelphia, and June 1947 for Boston and
the United States are available upon request. For sales of service and limited-function wholesalers for 1939-46, see p. 23 of the September 1948 Survey; earlier annual totals and figures
for early months of 1947 are on pp. 23 and 24 of the August 1948 issue. Data for all wholesalers are published currently on p. S-3. See note marked "I" regarding revisions in chain-store series
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
October
"ovem-
Decem-
February
January
March
April
May
June
July
August.
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
1
Employment status of noninstitutional population:
Estimated number 14 years of age and over,
108, 346 i 108, 597
107,918
107, 839
108, 262
108, 173
107, 979
107, 755
107, 675
total
thousands
108, 124
108, 050
107, 590
108, 660
53,014
53, 275 i 53, 436
53, 24i
53,113
53, 204
53,135
53, 080
53, 045
52, 978
Male
do _ _
53, 461
53, 161
53, 190
54, 759
55,071 i 55, 161
55, 021
54, 844
54, 805
54, 661
55, 199
54, 969
54, 889
54, 710
54, 612
54, 934
Female
do
65, 135
64, 740
61,660
60, 870
61,510
62, 219
62, 130
64, 511
61,005
61,760
61,004
60, 455
63,017
Total labor force, including armed forces
do
1,261
1,238
1,293
1,241
1,294
1, 325
1,236
1,280
1,327
1,226
1,352
1,236
'1,346
Armed forces
do
63, 842
63, 479
60, 422
59,214
60,216
59, 5PO
60, 784
63, 186
59, 769
60, 524
59, 778
60, 892
61,665
Civilian labor force, total
_ _.do __.
45, 437
44, 794
43, 298
43, 369
42, 846
42, 892
43, 148
45, 215
43, 443
43, 551
43, 009
43, 026
44, 540
Male
do
18, 685
17, 124
17,155
16, 698
17, 068
18,405
16, 368
17, 449
17, 233
17,125
17, 971
16, 752
16, 760
Female
_
do
61, 615
58, 660
57, 149
57, 947
58, 595
58, 872
61, 296
58, 330
57,139
59, 204
59 569
61, 245
57, 329
Employed
do
43, 989
42, 058
41,653
43, 889
43, 420
41,273
41,972
41,801
42,158
43, 022
41,137
42, 260
41, 244
Male
do
16, 602
17, 626
17,876
16, 529
16, 294
17, 356
15, 876
16, 623
16,714
16, 085
16, 002
16, 944
16, 547
Female
do .
7,861
9,163
9,396
8,444
7,448
6,962
7,985
8, 975
6,771
7,060
8,622
8,727
6,847
Agricultural employment
do
52, 452
51,899
50, 609
52, 801
50, 800
50, 883
50, 985
50, 089
50, 594
50, 482
50, 583
50, 145
50, 368
Nonagricultural employment
do__
1,761
2,227
2,184
2,193
1,643
1, 941
2, 065
1,621
1,687
1,912
* 2, 096
2,639
2,440
"Unemployed
do
43, 462
44, 149
43, 605
46, 602
46, 414
47, 524
47, 047
47,119
46, 330
45, 544
44, 573
47, 046
45, 535
Not in labor force
- _ do
Employees in nonagricultural establishments:!
Unadjusted (U. S. Department of Labor):
44, 626 ' 45, 008 ' 45, 074 * 45, 514
44, 299
45, 618
44, 918
44, 603
44, 513
44, 279
44, 600
44, 758
Total
thousands. . 44, 125
' 16, 113 ' 16, 155 p 16, 456
15, 904
15,950
16, 354
16, 267
16, 256
16,175
16, 269
16, 209
15, 962
16, 183
Manufacturing
do
933
'922
P949
925
'950
924
817
923
922
921
923
914
922
Mining
- do
2,052
' 2, 217 v 2, 250
' 2, 173
1,933
1,978
2,046
1,805
1,731
1,871
2,099
2,107
2,096
Construction
do
4,042
' 4, 135
3,974
*> 4, 149
' 4, 105
4,071
4,077
4,134
4,032
4,019
4,163
4,020
4,097
Transportation and public utilities
do
9,617
9,671
' 9, 647 P 9, 665
9, 576
9,886
10, 288
9,598
9, 622
9, 684
9,471
9,356
9,520
Trade
_
. _ _ do
1,716
1, 754
1,726
1,704
1,676
1,673
v 1, 761
1,668
1,697
1,680
1,671
1,688
1,690
Finance
- - - -- do
' 4, 645 P 4, 634
4,738
4,663
4,768
4,688
4,619
4,729
4,723
4,670
4,634
4,662
4,730
Service
do__ _
5,624
' 5, 599 * 5, 650
5,607
5,577
5,638
5,387
5,498
5,414
5,403
5,318
5,546
5,492
Government
- - do_ __
Adjusted (Federal Reserve) :f
44, 584 ' 44, 726 ' 45, 052 ' 45, 248 f 45, 347
44, 791
44, 800
44, 625
44, 755
45, 019
44, 291
44, 557
43, 967
Total
do
' 16, 018 ' 16, 170 ' 16, 285 p 16, 293
16, 045
16, 266
16,216
16, 246
16,332
16,161
16,039
15,804
16, 208
Manufacturing
- do
r
'936
P941
'947
'915
820
926
922
927
919
918
916
930
920
Mining
--- do .
' 2, 092
P 2, 103
2,032
' 2, 110
1,972
1,941
2,018
2,006
1,969
1,945
2,056
1,999
1,959
Construction
- - do_ __
' 4, 056 ' 4, 077 P 4, 087
4,028
3,995
4, 089
4,069
4,071
4,075
4,080
4,128
4,101
4,102
Transportation and public utilities
do
' 9, 792 p 9, 810
9,689
9,721
9,780
9,679
9, 634
9,694
9,636
9,664
9,613
9,542
9,497
Trade
- do ...
1,699
v 1, 752
1,696
1,737
1,700
1,693
1,697
1,688
1,690
1,698
1,676
1,688
1,680
Finance
do_ _
' 4, 645 P 4, 634
4,738
4,663
4,768
4, 688
4,729
4,723
4, 670
4,634
4,619
4,730
4. 662
Service
- --- --do .
5,586
' 5, 705 v 5, 727
5, 567
5,626
5,441
5, 405
5, 524
5, 545
5, 519
5,414
5,385
5,390
Government
- - do. _
Estimated production workers in manufacturing
industries, total (U. S. Dept. of Labor) J
12, 791 ' 12, 738 ' 12, 954 ' 12, 973 v 13, 240
thousands. . 12, 928
13, 131
13, 263
13, 176
13, 150
13, 143
13, 125
13, 066
6, 642
6,683
' 6, 667 p 6, 705
6,658
6, 81 6
6,746
6,791
6,711
6, 795
6, 555
6, 681
6,630
Durable goods industries^
do
1,600
' 1, 601 v 1, 628
1,610
1,603
1,633
1,634
1,634
1,604
1,619
1, 609
1,628
1,597
Iron and steel and their products}
do
Blast furnaces, steel works, and rolling mills
512
527
523
518
516
509
509
498
498
499
thousands .503
498
'535
546
548
P 537
563
595
577
596
588
578
569
584
588
Electrical machinery^
do
1,207
1,217
1,202
* 1, 190
' 1, 199
1,232
1,218
1,231
1, 235
1,237
1,214
1, 209
1,198
Machinery except electrical!}!
__ do . 493
490
496
488
499
500
497
499
503
500
499
495
Machinery and machine shop products t~ do
47
47
48
49
48
51
51
52
50
53
50
52
M^achine tools
do_ _.
'772
P 765
'799
'828
784
'772
785
789
766
764
741
720
767
Automobiles^
do
Transportation equipment, except automo434
430
438
462
465
463
452
M28
472
464
414
405
427
biles:}:
thousands __
125
130
128
137
136
135
133
133
135
134
130
131
Aircraft and parts, excluding engines. _ _ do —
25
26
25
26
25
25
25
26
26
27
26
27
Aircraft engines
do
104
109
116
123
126
118
128
133
126
93
100
87
Shipbuilding and boatbuilding
do
~v~Ml~
'388
398
398
406
413
409
409
413
410
404
400
396
Nonferrous metals and their products}:-- -do
772
754
P 8.39
799
'828
749
751
751
738
750
745
736
745
Lumber and timbera basic products $
do
r
'653
'628
' 611
680
616
' 584
'607
'598
'611
'613
'613
'615
Sawmills and log ing camps !J!
do
452
459
p 4(>5
470
458
485
489
487
483
475
490
466
460
Furniture and finished lumber productsj.do
232
233
228
240
247
244
249
249
247
239
233
230
Furniture
- -- - do
P 459
458
454
451
450
452
445
483
466
487
475
443
460
Stone clay and glass products^
do
' 6, 096 ' 6, 296 ' 6, 306 P 6, 535
6,108
6,355
6, 355
6,430
6, 462
6,495
6,340
6,447
6,373
Nondurable goods industries^
do
Textile-mill products and other fiber manufac' 1, 243 P 1, 276
1,295
1,293
1,301
1,271
1,249
1, 312
1,292
1,290
1,202
1,306
1,223
tures J
thousands _
Cotton manufactures, except small wares
509
528
525
526
529
523
517
525
524
508
499
thousands _ .
494
113
112
108
112
112
111
108
107
107
106
103
102
Silk and rayon goods
do
Woolen and worsted manufactures except
174
173
175
167
178
177
174
171
177
169
180
163
dyeing and
finishing
thousands
Apparel and other finished textile products!
1,095
1,082
1,103
' 1, 070 p 1, 178
1,165
1,143
1,117
1,166
1, 147
1,127
1,096
thousands _.
1,071
314
310
297
315
310
309
311
311
299
308
307
295
Mien's clothing
do
435
428
440
437
482
452
485
471
462
452
476
440
^Women's clothing
do
'359
'376
P383
'373
372
396
399
402
400
396
393
390
385
Leather and leather products^
do
r
'226
'254
'236
240
'237
'255
' 251
' 256
' 258
' 248
249
'246
Boots and shoes t
do
1,091
1,259
' 1, 367 p 1, 399
1,049
1,047
1, 255
1,159
1,191
1,288
1,483
1,353
1, 442
Food and kindred products!
do
225
220
226
218
220
221
225
217
215
225
220
218
Baking
do
'168
138
246
127
122
149
172
123
129
240
384
350
Canning and preserving
do
189
190
116
97
204
181
192
187
197
183
182
183
Slaughtering and meat packing
do
85
83
^86
84
86
88
90
88
87
89
86
87
85
Tobacco manufacturers t
_ _ _ _ do __
389
'390
'388
P 395
389
393
398
394
392
395
392
388
387
Paper and allied products J
do
r
'204
'204
'206
206
'204
' 203
'201
'203
'203
200
-•200
'200
Paper and pulp t
do
Printing, publishing, and allied industries J
M32
'430
M33
432
445
444
'433
435
439
441
438
437
434
thousands. _
146
'147
145
145
'147
146
144
145
144
145
144
143
Newspapers and periodicals J
do
184
184
'183
183
' 185
' 191
' 191
' 190
' 189
-•184
'188
'186
Printing* book and job J
do
572
'564
p 579
572
589
580
587
592
586
588
588
576
563
Chemicals and allied products t
do
193
198
198
196
198
196
195
196
197
198
195
196
Chemicals
- do_ _.
170
165
170
*172
167
164
165
165
165
163
164
166
166
Products of petroleum and coal J
do
' 114
115
' 114
'112
' 112
' 112
117
'113
' 113
117
'112
••115
Petroleum refining J
do
195
p 194
'190
195
212
208
204
' 198
210
208
203
203
210
Rubber products $
-- do _ _
r
102
92
91
'102
'93
' 106
' 102
91
'96
'99
••105
'101
Rubber tires and inner tubes t
do. ._
'
1 Revised, p Preliminary.
The estimates take account of recently acquired revised information on births and deaths not available when the estimates for earlier months were prepared.The June-July 1948 net
•change shown by the figures, therefore, reflects not only the actual monthly increase but also the effect of the incorporation of the revised data.
t The unadjusted estimates of employment in nonagricultural establishments have been revised beginning January 1946 for manufacturing, mining, and government and 1945 for construction, trade, finance and the total, to adjust the series to Federal Security Agency data for 1946; revisions affected the data for transportation and public utilities only beginning January
1947; data for service were not affected. Revisions through April 1947 will be shown later. See note marked "t" on p. S-ll with regard to revisions in the indicated series for production
workers.
t Revised series. The adjusted estimates of employees in nonagricultural establishments have been revised to incorporate revisions in the unadjusted series referred to in note marked
"J" above and there have been revisions in seasonal adjustments affecting the figures in most cases back to 1939; revisions through April 1947 will be shown later. Estimates of production
workers in the machinery and machine-shop products industry have been revised beginning January 1939 to adjust the series to Federal Security Agency data through 1945; revisions through
March 1947 will be published later.
SUEVEY OF CURRENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-ll
1948
1947
August
Septem-
ber
October
Novem-
ber
Decem-
January
ber
Febru-
ary
March
April
May
June
July
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
1
EMPLOYMENT— Continued
Production workers, unadjusted index, all manufacturing (U. S. Dept. of Labor)!.... 1939=100-.
Durable goods industries!
do
Iron and steel and their products!
do
Blast furnaces, steel works, and rolling mills
1939—100
Electrical machinery!. _ .__
do _
Machinery, except electrical!
__ _
do _
Machine tools
do
Automobiles!
do
Transportation equipment, except automobiles ! _ _ . •
1939=100
Aircraft and parts excluding engines do
Aircraft engines
do
' 158. 4
184. 6
'161.4
157.8
181.5
161.0
160.2
183.6
161.7
160.4
185.0
162.3
160.8
186.8
163.3
161.9
188.8
164.7
160. 5
188.2
164.9
159.5
185. 8
164.2
160.3
188.1
164.8
156.1
185.1
161.7
155. 5
183.9
161.4
158.1
184.4
162.4
130 9
219.6
226.8
238 4
143.2
184.1
130 0
223.0
228.8
240 2
142.9
190. 5
130 0
226.9
229.7
242 2
142.4
190.0
130 2
229.7
230. 5
239 5
139.5
190.4
130.4
230. 2
233.8
240 3
140.2
195.2
131 0
227.0
233. 0
240 9
137.6
196.0
130 9
225.4
234.0
242 2
137.6
178.9
132 9
222.9
233.1
240 9
134.5
195.0
131.8
217.4
227.4
238 8
130.4
191.9
133.3
211.6
228. 5
235 8
129.7
190.5
134.6
210.8
230.4
237.5
128.4
183.2
135.5
' 206. 4
' 226. 9
234.8
127.7
' 195. 0
255.0
329 3
299.9
125 8
172.8
177.3
' 195 9
140.1
129.4
151.2
139.1
260.7
327.0
299.2
134 3
174.7
177.3
' 195. 5
141.9
131.0
152.3
141.8
269.2
337.4
294.8
144 7
176. 3
178.6
196. 5
144.8
134.1
152. 8
141.1
284.6
336 2
291.0
169 9
178.8
178.5
' 195 4
147.1
136.9
154.0
140.4
291. 6
335.8
291.0
181 5
180.3
178. 4
194. 7
148.3
138.7
154. 7
140.7
297.3
339.5
284. 0
191 9
178.4
175.6
190 6
149.J
139.8
151.6
138.7
292.6
341.1
280.1
184 4
178.5
175.0
' 189 4
149.2
140.2
150. 9
138.7
292.7
342.9
276.9
181 6
180.0
178.3
193. 5
147.8
138.8
153. 9
138.4
290.9
346.0
278.4
176 8
176.9
179.4
194. 8
143.4
134.7
153. 7
133.3
276.0
315.3
282.4
167 6
173.7
183.6
' 200. 1
139.7
131.1
154.7
133.1
273.7
321.5
290.8
157 0
173.8
190.0
208. 2
139. 8
130.3
156.0
137. 4
' 270. 6
328.5
287.4
149.8
* 169. 1
r
196. 9
216.8
' 137. 8
128.2
153.2
' 137. 7
"171.8
" 199. 6
»111.6
N on ferrous metals and their products JL~ -do. ._
Lumber and timber basic products}:
do
r
r
r
Sawmills and logging camp**!
do
Furniture and finished lumber productst-do___
Furniture
do
Stone, clay, and glass products!
do
Nondurable goods industries! .
do_ _
Textile-mill products and other fiber manu106.9
112.7
105.1
113.0
109.2
114.2
111.1
factures! .
._.
1939=100
Cotton manufactures, except small wares
125.1
119 3
125 2
121.5
118.1
125 6
123 6
1939—100
84.9
85.5
80.2
87.6
84.4
81.6
83.5
Silk and rayon °~oods
do
Woolen and worsted manufactures, except
112.4
113.9
103.3
112.5
110.5
107.0
108.4
dveing and
finishing
1939—100
Apparel and other finished textile products!
135. 6
138.9
144.8
142.7
147.7
145.3
141.5
1939=100..
134. 2
135.2
135 5
134. 7
133. 6
128.3
130.4
JV^en 's clothing
do
153.9
164.4
166.4
158.0
161.5
169.5
158.0
Women's clothing
do
114.9
111.1
115.3
112.2
113.2
115.8
114.1
Leather and leather products!"
do
' 106. 4 ' 107. 2
' 108. 7 ' 110. 6 r 111.0
r 107. 8
'111.7
Boots and shoes !
do
146.9
168.8
158. 3
335. 6
173.6
150. 7
139.3
Food and kindred products!
do
116.0
114.5
115. 5
117. 9
114.1
113.1
118. 1
Biking
do
99.1
232. 7
255.7
82. 1
85.5
114.4
159.8
Canning and preserving
do
150.8
135. 5
135. 5
134.7
138. 5
145.7
142.0
Slaughtering and meat packing
do
94.4
92.3
95.1
93.9
91.6
93.6
96.5
Tobacco manufactures!
do _
149.9
146.2
145.7
147.8
147.8
148.7
148.6
Paper and allied products!
do
r
r
' 147. 4
147. 2
' 145. 2 r 145. 3
r 145. 7
' 145. 0
147. 3
Paper and pulp!
do
134.0
135.7
133.2
133.5
135.4
132.3
134.6
Printing,publishing and allied industries !_do
120.5
121.4
122.7
121.0
122.2
121.7
121.8
Newspapers and periodicals!
do
r
r
148. 6
r 150. 0
' 144. 4
147. 1
r 149. 3
' 145. 7 ' 148. 3
Printing' book and job!
do
204.1
205.4
204.2
195.3
199.9
203.2
204.5
Chemicals and allied products!
. _. do. _
282. 8
283.3
280.8
279.0
278.9
281.0
280.9
Chemicals
do
155. 5
153.9
155.0
157.0
156.4
155.8
156. 1
Products of petroleum and coal!
_. _ _ d o .
r
' 153. 7 ' 153. 5 r 153. 1
' 156. 3 ' 154. 9 ' 153. 5
153. 4
Petroleum refining!
do
173.5
175.3
167.9
168.1
172.0
174.0
171.7
Rubber products!
do
' 185. 5 '182.4
' 193. 0
' 185. 2 ' 188. 0 ' 188. 7 r 187. 8
Rubber tires and inner tubes!
_ - do
Production workers, adjusted index, all manu161.2
156. 3
158.9
159.8
161.1
160.4
160.0
facturing (Federal Reserve) !
.-1939=100
186.8
188.6
183.2
186.4
180.7
188.7
184.8
Durable goods industries!
do. .
139.3
139.4
137.1
139.7
140.4
138.7
139.7
Nondurable goods industries!
do
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Mining: f
91.5
91.1
91.2
91.7
91.0
91.2
91.6
Anthracite
1939=100
108.3
105.0
106.0
107.4
106.8
106.8
108.7
Bituminous coal
do
97.0
97.4
96.9
96.5
98.3
96.8
95.8
Metal
do
112.2
122.6
126.2
129.8
128.7
116.7
127.6
Quarrying and nonmetallic
do
110.4
114.5
112.5
111.1
110.5
110.5
111.1
Crude petroleum and natural gas production do
Public utilities:
110.3
110.2
109.9
109.4
110.3
109.8
109.7
Electric light and power
do
128.6
128.6
129.2
128.7
130.7
129.6
128.8
Street railways and busses
do.
100.5
98.1
97.8
97.2
97.6
97.2
99.8
Telegraph
do
196.2
195.0
192.9
195.0
193. 3
193.8
191.6
Telephone
do
Services:
156. 5
162.1
149.3
159.4
160.1
164.4
152.8
Cleaning and dyeing
do
120.9
123.1
120.1
125.0
124.3
117.6
121.3
Power laundries
_
do
118.1
117.4
117.2
117.6
116.8
117.1
117.7
Hotels (year-round)
do
Trade:
130.2
112.4
110.0
111.8
114.4
119.8
115.8
Retail, total
..
do .
113.9
114.4
117.4
116.1
115.0
112.6
114.7
Food
do
175.5
122.8
122.9
115.7
131.3
129.4
143.6
General merchandise
do
117.1
112.2
115.5
116.1
116.5
113.3
116.3
Wholesale
- __do
Miscellaneous employment data:
218, 587
190, 678
282, 762
271, 998
198, 438
246, 777
295, 234
Federal and State highways total§
number
65, b36
115, 565
125, 999
41,184
47, 734
91, 065
120, 546
Construction (Federal and State)
do
110, 544
112,332
106, 305
108, 224
123, 976
113,058
117, 605
Maintenance (State)
do
Federal civilian employees:
1,766
1,781
1,769
1,773
1,784
1,774
1,767
United States
-- thousands
200
196
195
198
195
195
196
District of Columbia
_.do
Railway employees (class I steam railways) :
1,363
1,370
1,340
1,348
1,387
1,411
1,393
Total
- thousandsIndexes:
128.5
129.1
130.4
132.9
131.3
135.3
133.6
Unadjusted
1935-39=100.
132.5 1
131.7
134.2
130.2
132.5
128.6
130.4
Adiusted
do
r
'
r
r
r
r
"161.6
" 185. 7
» 164. 2
" 207. 3
f 225. 2
» 190. 1
* 270. 0
"141.7
" 156. 3
T, 142. 7
114.7
113.7
113.0
113.2
' 108. 7
126.6
88.1
125. 8
88.2
125.4
88.3
126.1
89.0
121.6
85.4
113.1
111.0
109.9
110.3
106.0
147.5
137. 0
168.3
114.1
' 110. 1
134. 5
115.4
81.2
134. 0
93.4
148.0
' 147. 0
132.8
122.0
' 145. 3
203. 6
280.8
155.4
r
155. 0
168.9
' 177. 7
139.8
135.0
153.7
107.1
r
102. 2
122.6
114.3
84.3
71.9
92.4
146.8
' 147. 8
131.8
122.2
' 143. 5
201.4
283.2
154.9
r
155. 2
163.8
' 170. 7
137. 1
134. 9
149.4
r
103. 3
'97.7
r
127. 7
115.4
91.7
86.0
90.5
r
146. 5
r
148. 5
r
132.0
r
123. 3
r
144. 3
198.4
279.8
157.3
r
156. 7
T
161.1
r
168. 5
' 138. 6
136.9
152.1
r
107. 4
' 102. 5
147.4
118.0
r 111.7
139. 9
90.6
r
146. 9
' 148. 2
132. 8
r
123. 8
' 144. 5
198.4
283.5
r
160. 3
' 159. 2
'161.6
' 169. 4
'135.6
129.1
152.7
' 108. 3
104.0
'160.0
118.9
163.8
140.9
'88.8
' 146. 1
149.5
'131.1
123.7
143.4
' 195. 7
275.8
' 160. 7
159.8
' 157. 5
167.6
P 92. 6
" 148. 7
160.1
188.4
137.7
157.1
185.5
134.7
156. 7
184.1
135.1
158.7
183.9
' 138. 8
' 159. 6
' 184. 7
' 139. 8
" 160. 0
" 184. 8
" 140. 5
92.6
108.0
98.7
116.8
111.1
91.9
79.7
99.0
122.5
111.2
91.4
108. 9
98. 7
124.2
112. 5
92.6
' 109. 6
100.2
126. 8
116.7
91.1
101.7
99.1
126.7
119.7
110.9
128.7
98.2
197.4
111.7
128.3
97.9
198.3
112.3
128.5
96.3
198.4
114.0
128.3
96.0
' 199. 4
115.7
127.2
95.7
202.5
154.8
117.7
116.4
159.0
118.3
116.9
160.6
119.0
117.0
' 162. 9
121.5
117.6
159. 2
122.1
116.0
113.8
116.7
124.5
115.3
112.8
116.1
123.4
114.8
113.1
116.3
123.7
114.5
113.6
115.5
124.8
115.3
111.9
113.8
121.3
116.2
202, 090
50, 461
108, 045
233, 105
78, 726
109, 522
264, 290
105, 547
112,631
286, 258
117, 968
118,870
307, 451
135,452
121, 828
1,794
201
1,811
202
1,826
203
1,860
206
1,877
207
r
r
" 149. 2
"110.5
" 163. 7
" 132. 0
"201.0
" 162. 0
" 160. 7
" 1,895
"208
1,346
1,287
1,350
1,381
v 1, 391
p 1,384
129.0
132.3
123.2
125.2
129.5
130.0
' 132. 5
' 130. 7
P133.4
P 130. 7
" 132. 7
v 130. 0
!Estimates of production worker employment (p. S-10), employment indexes, and pay roll indexes (p. S-12) for all manufacturing, total durable and nondurable goods industries, the industry groups, and the indicated individual manufacturing industries have been revised beginning January 1946, or found to need no revision, to adjust the series to levels indicated by Federal
Security Agency data for 1946; revisions through April 1947 for the manufacturing industry groups and the totals and through July 1947 for the individual industries will be shown later. Data
for the other individual manufacturing industries, with the exception of those in the transportation equipment group, have been adjusted to Federal Security Agency data through 1945. The
industries in the transportation equipment group have been adjusted to 1939 Census of Manufactures data only.
§Total includes State engineering, supervisory, and administrative employees not shown separately.
fRevised series. Indexes for machinery and machine-shop products have been revised beginning 1939 to adjust the series to Federal Security Agency data through 1945; revisions through
March 1947 will be shown later. Indexes for the mining industries have also been revised beginning 1939 and have been adjusted to Federal Security Agency data through 1946; revised
figures for 1939-47 will be shown later.
SUEVEY OF CUEKENT BUSINESS
S-12
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1947
August
Septem-
ber
October
1948
Novem-
ber
Decem-
ber
January
Febru-
ary
March
April
May
June
July
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS
Production-worker pay rolls, unadjusted index,
all manufacturing (U. S. Dept. of Labor)!
1939=100..
Durable goods industries!
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 productsf- do
Machine tools
_ _
do_._
Automobiles!
do
Transportation equipment, except automobiles !
1939=100
Aircraft and parts, excluding engines do
Aircraft engines
do
Shipbuilding and boatbuilding.. _ ._ .do
Nonferrous metals and their products! do
Lumber and timber basic products! __ do
Sawmills and logging camps!
do
Furniture and finished lumber products! do. _
Furniture
do
Stone, clay, and glass products!-.. _ _ _ do. _
Nondurable goods industries!
do
Textile-mill products and other fiber manufactures!
1939=100..
Cotton manufactures, exc. small wares do
Silk and ravon goods
do
Woolen and worsted manufactures, except
dyeing and
finishing
1939=100..
Apparel and other finished textile products!
1939=100
Men's clothine _ .
do
Women's clothing
do
Leather and leather products!do
Boots and shoes!
do
Food and kindred products!
do
Baking
do
Canning and preserving ...
do
Slaughtering and meat packing
do
Tobacco manufactures! _.
do
Paper and allied products!
_ _ _ _ do.
Paper and pulp!
do
Printing, publishing, and allied industries!
1939 -100. _
Newspapers and periodicals! _ _
do
Printing; book and job!
do
Chemicals and allied products!
do_-_
Chemicals
do
Products of petroleum and coal!
__ _ do.. _
Petroleum refinin^!
do
Kubber products!
_
do
Rubber tires and inner tubes!
do
Nonmanufacturing, unadjusted (TJ. S. Dept. of
Labor) :
Mining:t
Anthracite
_
1939«=100..
Bituminous coal
do
Metal
_
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas prod
do
Public utilities:
Electric light and power
do
Street railways and busses
- do
Telegraph
do
Telephone
do
Services:
Cleaning and dveing
-. do
Power laundries
do
Hotels (year-round)
_. .do
Trade:
Retail total
do
Food
do
General merchandise
do
Wholesale
do.
331.5
366.8
316.8
345.3
382.2
327.7
350.1
389.9
331.6
353.4
395.0
335.1
365. 7
411.0
345.8
358.7
403.1
341.9
354.1
393.1
337.6
358. 4
402.0
340. 8
347.1
393.4
' 329, 6
' 346. 7
r
390. 8
334.4
' 359. 0
401.3
340.5
360.1
403.1
336.9
254.2
428.1
434. 5
462.1
253. 6
345.1
254. 5
450. 5
451.4
477.9
257. 4
380. 6
251.9
464.6
458 0
480.0
257.5
385. 8
255. 1
471.9
459. 6
481.5
253. 3
395.6
257.8
481.2
479.9
500.7
262.2
427.7
261.2
471.0
473.8
494.9
250. 1
408.7
257. 5
465. 1
471.9
495. 5
254. 4
357.6
260.9
459. 1
475.2
496.4
249.2
396.5
253. 0
444.3
463.8
493.6
240. 2
386.2
265.4
431.6
466.4
491.0
240.7
362.6
268.4
' 439. 6
480.7
500.7
242.9
380.9
269.9
436.5
469.5
489.3
238. 7
423.3
492. 4
637.6
486.7
241.8
335.3
429.7
r 485. 2
311.6
284.7
31 5. 5
297.0
509.8
623.3
501.3
262.0
349.5
427.4
r 480. 4
324.3
297.9
320.2
309.0
541.5
663.8
499.9
289.9
359. 3
427.2
r 476. 2
338.8
315.0
328. 2
311.2
555. 1
653.8
479.2
316.6
367. 3
429.1
r 476. 2
343.0
323. 2
331.2
312.8
600.2
668.7
503.5
378.9
377.8
431.8
' 473. 4
355.7
334.3
335. 7
321.4
611.2
657.4
482.9
416.7
372.7
413. 5
r 450. 3
352 2
333. 4
322.9
315.3
593.3
667. 3
469. 4
385.4
372.9
417.2
r 452. 4
350. 2
333.6
321.4
316.0
600.4
675.9
473.9
383.7
377.1
427.6
r 466. 4
349.2
330 9
336. 6
315 7
601.4
695. 2
481.0
373. 6
368.3
433.4
333. 0
314.6
337.9
301.9
566.4
634.2
493.5
345. 7
362.5
' 461. 1
' 508. 4
325.6
307.2
343.4
r
303. 6
561.2
649.2
517.5
321. 7
368.1
' 497. 3
r
555. 6
326.0
304.2
' 347. 1
r
317. 7
552. 4
661.1
533.1
305.3
361.2
511.7
575.6
320. 4
296.5
335.5
318.1
246.2
305.7
208. 5
262.9
317. 4
220.2
271.8
329. 1
227.6
288.2
362.1
236. 6
302.0
376.4
248.1
303.0
378.7
252. 6
310.6
377.0
262.4
315.6
385.1
267.8
307. 1
374.7
267.4
303.8
369.7
268.6
304.6
365.9
271.5
285.4
341.3
257.1
321. 1
322.1
308.6
307.9
311.5
294.9
343.2
324.8
376. 4
251. 7
' 249. 7
285. 8
227.1
204.6
276.6
204.6
330. 8
r
335. 6
306.5
317. 1
307. 1
227.1
'219.5
267.4
227.6
216.9
179.9
205.7
325.7
' 333. 3
297.9
311.5
299. 3
r
215.4
' 202. 8
281.3
235.1
234.2
211.3
201.3
' 331. 1
'343.2
303.6
312. 9
310.7
r
233. 4
' 225. 3
330.1
245.4
r
282. 9
315.4
205.8
' 337. 8
' 347. 7
303.6
294.1
326.6
236.9
231.1
353.5
247. 6
421.2
305. 9
205.5
341.7
358.9
258. 5
229.2
292 5
425. 1
558 6
320.0
306 6
320.6
292 4
259. 5
234.6
' 291. 0
422.1
564. 8
316.7
••310.9
312.8
r
286. 4
r
r
' 264. 9
260.1
235.5
296.0
430.2
573.1
353.4
344.9
329.1
329.8
r 471. 0
233.6
268.5
270.4
276.6
294.4
292.0
288.4
264.8
323. 1
235.8
r
230. 9
349.3
218.4
653. 7
270.0
203.0
307.2
»• 317. 3
303.8
284.9
334.7
248.1
' 243. 7
356. 1
223. 2
683. 8
271.9
205.3
31 f. 5
' 322. 0
320.5
303.5
349.5
251.8
r 246. 6
332.8
230.8
437.9
271.7
214. 5
320.5
r 322. 6
304.8
301.5
319.3
252. 5
' 246. 7
323.5
227.8
265. 7
317.4
216.3
325.9
r 325. 0
327.3
309. 5
355.9
259. 6
r 256. 0
321.9
229.2
250.2
338.9
219.8
334.0
' 332. 5
337. 0
313. 4
374.8
258.7
* 258. 3
296.6
221.5
216.2
304.2
210.5
328.0
' 330. 3
345.2
316.4
387. 1
262.5
r 261. 0
288. 5
234.1
216.5
263.3
195.7
328. 9
«- 333. 8
240.0
214.0
' 267. 3
390.2
527.0
302.1
r
289. 4
337.6
r
355. 5
249.7
221.6
r 279. 3
403.1
527.3
307.5
r 294. 4
348.3
r 355. 3
252.8
221.6
r 285. 8
409.6
529. 8
301.8
r 286. 6
354. 4
r 354. 7
257.2
224.0
' 292. 5
416.4
540.8
309.5
r
295. 9
361.4
' 362. 4
263.1
230.0
r 297. 8
424.1
555. 8
313.3
373.6
' 365. 6
255.3
218.9
' 295. 9
426.7
561.3
318.1
* 303. 9
354.9
' 344. 4
254.7
224.6
' 290. 9
425.6
559.2
315.4
' 302. 1
337.2
r
315. 4
244.0
314.7
193.3
317.2
204.0
237.9
321.6
193.6
315.9
206. 5
252.7
327.5
192.7
319.2
199.9
224.4
327.4
194.8
305.7
211.0
239. 4
345. 8
198.8
295.3
203.2
242.4
350.5
198.9
272.8
215. 5
232.8
320.0
201.7
262. 0
219.9
255. 9
342.0
201.3
272.7
218.3
195. 4
167.4
201.7
295.4
213.4
182.9
225.2
213.5
306.2
183.1
224.1
211.8
312.3
182.8
223. 2
208.1
314.2
187.6
223. 6
206.8
321.5
185.7
226.7
207.8
313.0
187.9
230.1
209.5
315.8
188.2
234.7
212.6
316.3
184 4
232.6
213 0
314.7
188. 6
227.1
224.8
317.7
285.0
231.3
221.0
301.7
236.2
222.4
303. 8
232.3
226.9
293. 7
226.8
228.6
292.8
233.6
233.2
285. 6
232.9
230. 4
271.9
225. 4
233.2
291.2
227 5
229.0
197.6
212.2
212.0
198.2
202.5
209.2
220.4
203.3
207.1
213.8
224.5
206.9
216. 5
220.0
251.1
213.6
237.6
221.5
314. 0
213.9
209.4
219.4
233. 0
211.7
208.4
221.5
221.4
214.9
39.8
40.0
39.6
40.4
40.6
40.3
40.6
40.9
40.5
40.4
40.7
40.5
41.2
41.7
41.2
40.5
40.9
40.6
39.2
39.2
40.5
39.0
40.4
41.1
39.0
40.6
41.3
39.4
40.6
41.2
39.5
41.1
42.2
40.9
41.4
37.2
41.3
41.8
39.2
41.3
42.1
39.5
41.4
41.9
39.8
39.6
39.7
40.4
40.0
39.2
39.3
39.5
43.3
43.1
39.3
40.0
39.5
40.2
42.8
42.5
40.2
40.5
39.8
40.8
42.6
42.2
r WO. 4
r
r
r
262. 2
236. 5
' 296. 7
422.5
563. 2
r
335. 8
' 326. 2
' 318. 9
r
305. 7
r
r 238. 1
r
299. 3
432. 6
585.9
' 342. 2
r
330. 8
r
330. 2
r
322. 0
246.2
344. 3
206. 1
312.5
223.4
r
246. 0
' 344. 2
r
208. 2
321.7
227.1
192.7
293.8
202.2
322.3
241.1
192. 1
228.1
231.1
326.1
r
196 2
231.2
228.5
327. 1
202 5
232. 2
233 2
336.4
308.0
231.5
233.4
312.4
232.3
234.6
' 324. 8
238 3
236.5
308 0
240 6
234.7
210 4
226.1
225.5
210 8
211.1
225. 5
225.8
211.0
213.8
227.0
229.2
211.8
218 3
231.9
236.5
211.8
218 9
232.9
234.0
215 3
40.2
40.5
40 4
40.4
40.9
40 6
40.1
40.5
39.9
39.9
40.1
40 3
40 2
40.7
40 3
r
39'9
'40 2
39 6
39.5
40.5
41.8
39.5
40.4
41.4
39 4
40.3
41.6
38.6
39.9
41.4
39 9
39.6
41.1
39 3
40.0
41.4
38 7
39 5
40.7
42.7
43.1
41.4
42.0
42.0
39.6
41.8
42.3
38.1
41.8
42.3
38.9
41.6
42.0
38.6
41.6
42 0
35.2
41.6
42 0
38.1
40.7
41 4
39 3
38.6
40.8
40.3
39.6
40.3
40.5
40.0
39 8
39 2
39 3
39.4
!36.1
41.1
42.2
41.9
40.6
41.2
40.5
41.8
43.2
42.8
39.4
40.6
40.9
41.2
42 .4
42.0
39.9
40.1
38.9
41.2
41.7
41.1
40.1
40 6
40.3
41.1
42.3
42.0
40.6
40 5
40.2
40.9
42.1
41.6
40.4
40 9
39.4
40.6
42.5
42.2
40.4
40 6
39.2
40.8
43.6
43.5
39 9
40 6
38.8
40.1
42.7
42.6
r
r
r
r
LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. of
Labor) :
All manufacturing
- hours
Durable goods industries
do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling
mills
hours
Electrical machinery
__ do
Machinery, except electrical
__do
Machinery and machine-shop products
hours ..
Machine tools
do
Automobiles
-do
Transportation equipment, except automobiles
hours. _
Aircraft and parts, excluding engines
hours. .
Aircraft engines
do
Shipbuilding and boatbuilding
do
Nonferrous metals and their products. -do
Lumber and timber basic products
do
Sawmills and logging camps _
.do
•"Revised. » Preliminary.
The reduction reflects incomplete return to previous work schedule after termination of work stoppages and observance of Armistice Day in some yards.
^Revised beginning January 1946; see note marked "i" on p. S-ll.
fRevised series. Data revised beginning 1939; see note marked "t" on p. S-ll.
1
r
P 40 0
P 40 7
SUEVEY OF CUERENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-13
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS— Continued
Average weekly hours per worker— Continued
Manufacturing— Continued
Durable goods industries— Continued
Furniture and finished lumber products
hours. _
Furniture
_ do
Stone, clay, and glass products
do
Nondurable goods industries
do
Textile-mill products and other fiber manufactures
hours
Cotton manufactures, except small wares
hours. _
Silk and rayon goods
do
Woolen and worsted manufactures, except
dyeing and
finishing
hours
Apparel and other finished textile products
hours. _
Men's clothing
do
Women's clothing
__ _ do
Leather and leather products
do
Boots and shoes- _
__ do
Food and kindred products
do
BakingJ_ .
do. _
Canning and preserving
_
_ _ do
Slaughtering and meat packing
do
Tobacco manufactures _
do
Paper and allied products
do
Paper and pulp _.
.
. d o
Printing, publishing, and allied industries
hours
Newspapers and periodicals _ _ . _ _ _ do
Printing; book and job
. do
Chemicals and allied products
do
Chemicals . .
_
_
do
Products of petroleum and coal
do
Petroleum refining
_ _ _ _ _ _ do
Rubber products
do
Rubber tires and inner tubes
do
Nonmanufacturing industries:
Building construction (private)
do
Mining:
Anthracite
do
Bituminous coal
.
_ do
Metal
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas production
hours. _
Public utilities:
Electric light and power
do
Street railways arid busses
do
Telegraph
do
Telephone
do
Services:
Cleaning and dvcing
do
Power laundries
_
_ _ __ _ _ _ do
Hotels (year-round)
do
Trade:
Retail
__.
._
do
Wholesale
do
Industrial disputes (strikes and lock-outs) :
Beginning in month:
Work stoppages
_ ... . number.
Workers involved
thousands
In effect during month:
Work stoppages
number
Workers involved
thousands
Man -days idle during month ._ _ _ _
do
Percent of available working time
U. S. Employment Service placement activities:
Non agricultural placements
thousands
Unemployment compensation (Soc. Sec. Admin.) :
Initial claims c?
- thousands
Continued claims
do
Benefit payments:
Beneficiaries., weekly average
do
Amount of payments
thous. of dol
Veterans' unemployment allowances:
Initial claims
thousands
Continued claims
_ __
do
Claims filed during last week of month _._do
Amount of pavments
thous. of dol
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
41.2
41.0
40.6
39.5
41.5
41.4
40.4
40.2
42.1
42.3
40.8
40.2
41.8
42.3
40.5
40.1
42.7
42.9
41.0
40.8
41.9
42.2
40.0
40.0
41.4
41.9
39.9
39.9
41.8
42.1
40.8
39.9
41.0
41.1
40.7
39.6
40.8
40.8
40.7
39.5
40.6
40.6
40.6
39.8
40.3
40.0
39.4
39.5
38.2
39.5
39.7
40.1
41.0
40.5
40.2
40.6
39.9
39.6
39.5
38.6
38.4
40.0
39.2
40.9
39.6
41.0
40.4
41.2
41.1
42.3
40.7
41.9
40.1
41.8
40.7
42.2
40.1
41.8
39.6
41.8
39.1
41.8
38.0
41.6
36.6
40.2
39.7
39.6
41.2
40.8
40.8
40.7
39.9
40.1
40.3
39.5
35.2
35.1
34.6
38.1
37.7
43.4
41.9
42.6
43.0
39.2
42.4
44.1
36.0
36.8
35.0
39.1
38.8
43.4
41.6
42.8
43.4
39.2
42.9
44.5
36.9
37.9
35.8
39.0
38.7
42.8
41.9
40.9
43.2
39.7
43.0
44.4
36.4
37.5
35.3
38.3
37.8
42.5
41.6
35.9
46.9
39.4
43.2
44.4
37.1
37.7
36.2
39.1
38.7
43.3
42.3
37.7
47.7
39.9
43.8
44.9
36.6
37.1
36.0
39.0
38.8
42.0
41.6
37.3
44.8
38.6
43.1
44.4
36.7
37.1
36.1
39.0
38.8
41.7
43.6
38.4
40.7
36.2
43.1
44.5
36.7
37.4
36.1
37.8
37.5
41.6
41.9
36.5
43.6
37.7
43.1
44.5
36.2
37.3
35.1
36.2
35.3
42.4
42.1
37.0
48.1
38.2
42.7
44.1
35.8
36.8
35.1
'35.5
35.6
36.4
35.0
37.0
36.4
42.8
42.9
'38.0
44.2
37.8
42.8
44.1
35.8
36.7
34.9
37.4
37.0
42.6
42.7
39.0
42.9
38.0
42.6
44.0
39.4
38.5
40. 0
40.9
40.7
40.6
40.3
38.7
37.8
40.2
39.0
40.8
41.0
40.5
41.0
40.7
39.9
38.9
40.0
38.7
40.7
41.4
40.8
40.5
39.9
40. 1
38.7
40.0
38.6
40.7
41.3
40.9
41.2
41.0
39.9
38.9
40.4
39.1
41.1
41.5
41.2
40.8
40.3
40.9
39.5
39.5
37.8
40.7
41.4
41.2
40. 7
39.8
39.7
38.2
39.1
38.3
39.8
41.1
41.1
40.8
40.0
38.5
36.0
39.5
38.4
40.3
41.2
41.0
40.6
40.1
37.8
34.8
39.2
38.5
39.9
41.0
41.1
40.3
40.2
37.8
35.3
39.1
38.3
39.8
41.0
41.2
41.2
40.9
' 39.0
37.4
39.1
38.0
39.7
41.4
41.9
40.7
39.7
38.8
38.8
37.8
39.7
41.1
41.3
40.8
40.4
39.7
39.3
38.2
37.9
38.1
36.6
37.9
37.2
36.7
37.1
37.0
37.1
37.9
37.5
38.5
39.1
41.4
46.1
38. 2
39.1
41.6
46.1
40.0
39.9
42.3
46.4
36.2
38.5
41. 7
44.6
38.4
41.2
42.7
44.4
39.0
40.9
42.5
42.7
36.2
38.7
42.9
42.1
40.3
40.6
42.4
42.9
132.1
127.0
42.1
43.7
39.4
40.3
'42.8
44.4
39.4
'39.9
'42.4
44.7
31.5
34.2
40.7
44.1
40.1
40. 3
40.0
40.9
39.5
39.9
40.4
39.7
40.0
40.2
39.5
39.9
42.4
46.3
44.4
38.9
42.2
47.7
44.5
38.7
41.6
47.3
44.4
38.7
41.8
46.6
44.1
38.8
41.7
46.8
45.0
39.4
41.7
'46.8
45.1
'39.5
41.8
46.6
45.8
39.9
••34.3
'42.5
42.7
36.8
46.7
37.7
42.8
44.6
••40.3
42.4
46.6
44.8
38.7
42.0
46.1
44.5
39.1
42.1
45.7
44.8
39.3
42.4
45.4
44.0
39.5
42.2
46.8
43.9
39.0
40.8
42.2
45.0
41.9
42.4
44.1
41.5
42.3
44.0
40.9
41.7
44.4
41.5
42.6
44.1
41.4
42.3
43.9
40.5
41.9
44.6
41.5
42.0
44.0
42.1
42.2
44.2
42.0
41.8
'• 44. 2
'42.4
41.8
'44.1
41.7
42.2
44.1
41.0
41.1
40.0
41.2
40.0
41.3
39.5
41.4
39.7
41.6
39.8
41.0
40.0
41.1
39.8
40.9
39.8
41.0
39.9
41.2
40.3
41.1
40.8
41.2
336
113
219
79
219
64
178
57
119
32
P175
"75
"200
"70
P225
"275
"175
"275
"165
"310
"165
"335
"500
583
259
393
171
1,780
.2
328
139
829
.1
236
57
590
.1
"250
v 1. 000
p.l
"300
"110
.4
435
187
1,970
.3
"350
"550
v 6, 000
".8
"400
"625
v 8, 000
"1.1
"425
"350
f 4, 100
v. 6
484
546
528
451
397
374
623
565
617
602
"39. 4
2,520
r
PlOO
P725
'.1
344
'878
4, 865
947
' 4, 042
' 4, 244
r
924
76, 573
1,046
' 4, 637
4,296
3,742
3,359
2,848
915
66, 804
779
59, 258
656
52, 782
593
41, 677
621
52, 202
776
59, 209
849
60, 730
386
3, 023
715
59, 521
2,663
315
528
53, 336
289
1, 939
419
38, 153
290
1,609
395
29, 554
398
2, 241
443
40, 209
437
2, 553
'628
48, 933
2,637
651
49, 466
604
55, 782
522
46, 940
5.3
5.3
.4
.8
4.0
.1
5.9
5.9
.4
.9
4.5
.1
5.5
5.0
.4
.9
3.6
.1
4.8
4.0
.4
.8
2.7
.1
3.6
3.7
.4
.9
2.3
.1
4.6
4.3
.4
1.2
2.6
.1
3.9
4.2
.4
1.7
2.5
.1
4.0
4.5
.4
1.2
2.8
.1
4.0
4.7
.4
1.2
3.0
.1
374
904
r 73, 574
355
2,930
299
2.323
P525
P300
"335
"150
"525
*225
p 2, 200
P. 3
P 1, 750
P. 2
482
524
478
509
r 1,015
923
2 4, 614
839
4,294
705
4,001
66, 432
847
71, 940
811
67, 619
778
64, 562
244
1,727
390
33, 535
358
1,716
385
30, 676
303
1,720
398
31, 626
302
1,741
396
32, 732
'5.7
'4.5
.4
'1.1
"2.9
.1
p4.7
"4. 4
». 4
P 1. 0
'2.9
".1
458
413
••883
830
3, 701
"475
"240
" 2, 000
v .3
P225
' 4, 259
••899
r
4.1
4.3
.3
1.1
2.8
.1
WAGES
Average weekly earnings (U. S. Dept. of Labor) :
52.69
51.29
51.05
52.07
50.43
49.17
51.75
52.07
All manufacturing
dollars
54.69
54.86
56. 48
54.06
52.46
55.46
54. 77
55.25
Durable eoods industries
.__ _ ._ do
56. 96
56. 61
58. 13
56.21
56.99
54. 53
57.43
57.28
Iron and steel and their Droducts
do
Blast furnaces, steel works, and rolling
59.52
58.56
60.58
60.01
58.96
59.74
58.25
59.26
mills
dollars
55.34
54.32
54.10
54.82
53.46
51. 53
54.41
54.50
Electrical machinery
do
' Revised, p Preliminary.
1
Data reflect work stoppages.
2
Partly estimated.
{Data beginning May 1947 are not comparable with earlier data; comparable April 1947 figures and April 1947 figures comparable with
Survey.
d1 Revision for July 1947, 943.
51.79
'52.89
54.96
56.49
51.86
' 54. 81
' 57. 39
' 56. 23
' 53. 08
' 56. 48
58.37
53.86
60.54
53.70
' 59. 54
' 54. 84
60.37
55.60
'57.70
57.74
" 53. 86
"57.83
earlier data are shown on p. S-12 of the June 1948
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated, statistics through
1-946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1947
August
Septem-
ber
October
1948
Novem-
ber
Decem-
ber
January
Febru-
ary
March
May
June
59.30
* 59. 33
•• 60. 50
59. 97
58.57
60.29
59. 14
59.05
60.63
54.44
59.51
61.75
61.23
58.81
60.90
64.37
59.89
57.75
60.33
62.04
54.87
45.59
43.99
46.34
47.64
51.77
48.33
59. 30
57.74
61.02
60.40
' 54. 96
' 47. 39
46.23
46.39
47.60
* 52. 30
' 48. 65
r 59. 27
' 57. 99
62.14
r
59. 76
r 55. 90
r 49. 42
48.58
r 46. 54
47.57
f'52.41
' 49. 37
45.46
' 45. 22
45.29
44.15
43.08
48.31
' 42. 64
48.38
r 42. 00
48.47
40.63
47.69
April
July
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Average weekly earnings— Continued
Manufacturing — Continued
Durable goods industries— Continued
Machinery, except electrical _ _ . dollars
57.92
57.87
57.36
55.74
59.12
58.65
59.13
59.67
Machinery and machine-shop
prod56.41
56.75
ucts
dollars
58.11
57.03
55.07
58.29
58.33
59. 22
59.25
58.69
59.64
Machine tools
do
60.54
59. 53
57.77
60.58
61.34
59.35
Automobiles
do
60.30
61. 30
55.76
60.96
64.64
59.81
59.00
Transportation equipment, except auto56.54
58.08
56. 42
55.75
mobiles
dollars
59.40
58.67
59.56
59.79
54. 44
56.01
55.48
56. 13
55.30
Aircraft and parts, excluding engines-do
56.71
55.53
57.12
58. 43
59. 19
57.52
56.58
Aircraft engines
do
59.53
58. 29
59. 30
60.39
57.71
Shipbuilding and boatbuilding
do
59.31
55.20
56. 93
62.07
61.45
64.05
61.74
52.62
54.27
53.59
Nonferrous metals and their products. _do
51.07
55.23
55.07
55.06
55.53
45.41
45.30
45.23
45.32
Lumber and timber basic products
do
45.32
45.01
44.49
45.65
44.58
Sawmills and logging camps
do
44.09
44.27
44.05
43.86
43.41
42.94
44.20
46.32
46.53
45. 38
Furniture and finished lumber products. do
44.09
47.02
47.72
47.08
46.68
46.24
Furniture
do
47.76
48.07
44.58
48.54
48.38
48.58
49.10
50.38
49.57
Stone, clay, and glass products
do
49.06
51.41
50.47
50.10
49.98
51.00
46.78
47.29
45.78
Nondurable goods industries._
do
47.56
48.45
48.56
48.72
48.66
Textile-mill products and other fiber
41.39
41.94
39.44
manufactures
dollars
43.73
46.32
45.19
45.79
45.15
Cotton manufactures, except small wares
38.55
39.22
42.47
43.98
37.50
dollars
43.81
43.43
43.64
Silk and rayon goods
do
44. 84
43.57
43.23
41.65
47.55
48.53
47.92
46.48
Woolen and worsted manufactures, except
46.99
46.95
dyeing and
finishing
dollars
46.70
48.79
42.28
53.49
52.82
49.12
Apparel and other finished textile products
38. 78
37.64
37.09
36.57
40.09
40.00
40.23
dollars..
39.00
Men's clothing
do
41.05
42.24
42.78
44.05
44.11
38.66
44.73
43.11
Women's clothing
do
45.78
46.91
43.82
45.49
48.10
48.52
49. 09
46.76
Leather and leather products
do
41.89
42.18
40.25
42.34
42.63
41.93
41. 87
42.67
40.12
Boots and shoes
_ do
40.41
40.21
41.09
39.98
38.32
41.35
40.87
Food and kindred products .
do
49.04
49.61
49.45
49.44
49.90
49.18
49.36
50.93
Baking! - do
46.14
46.85
45.52
47.38
46.26
47.03
49.30
47.43
Canning and preserving .
do
44.75
43.69
37.94
40.77
41.10
45.88
42.73
41.14
Slaughtering and meat packing
do
54.98
55.31
56.62
57. 12
61.31
54.33
51.88
61.57
Tobacco manufactures
do
37.90
37.33
37.67
36.52
35.04
37.97
37.26
39.16
Paper and allied products
do
52.22
51.99
50.72
53.82
53.20
52.80
53.61
53.69
Paper and pulp
..
do
57.14
57. 10
56.30
57.40
58.50
57.75
58.41
58. 21
Printing, publishing, and allied industries
61.62
62.30
61.61
59.48
62.41
63.97
62.72
dollars..
63.37
Newspapers and periodicals
do
69.40
69.78
69.18
67.74
71.32
68.96
70.36
71.45
Printing; book and job
do
58.32
58.63
55.95
59.35
60.96
60.23
60.13
60.22
Chemicals and allied products
do
52.67
51. 81
53.15
54. 15
54. 12
51.27
54.31
53.73
Chemicals. _ . __
do
58. 46
57.98
60.84
60.82
60.80
59.21
57.44
60.07
Products of petroleum and coal
do
60.94
61.84
60.62
62.54
64.62
64.58
64.47
63.21
Petroleum refining.
_
do
63.51
64.75
67.54
63.12
65.86
67.77
67.64
66.32
Rubber products
do
57. 62
57. 76
53.24
57. 33
57. 99
55. 92
54.70
59.47
Rubber tires and inner tubes..
do
63.78
64.75
64. 86
61.15
55.54
62.72
58.22
65.74
Average hourly earnings (U. S. Dept. of Labor):
All manufacturing
dollars
1.258
1.249
1.268
1.236
1.285
1.289
1.287
1.278
Durable goods industries
do
1.331
1.312
1.352
1.346
1.337
1.355 . 1. 352
1.354
Iron and steel and their products
do
1.396
1.404
1.397
1.412
1.376
1. 414
1.409
1.412
Blast furnaces, steel works, and rolling
1. 502
1.513
mills. .. ...
._
dollars
1.488
1.533
1.513
1.510
.510
1.519
1.325
Electrical machinery
do
1.314
1.352
1.339
1.331
1.348
.350
1.346
1.395
Machinery, except electrical,
do
1.404
1.400
.421
1.415
1.377
1.417
1.413
Machinery and machine-shop products
1.374
1.392
1.381
1.370
1.353
.395
1.389
dollars-1.391
1.405
1.394
1.412
1. 408
Machine tools
.
do
1.432
.433
1.420
1.424
Automobiles..
do
1.515
1.526
.539
1.538
1.540
1.500
1.548
1.563
Transportation equipment, except automo1.424
1.462
1.437
.472
1.482
1.479
1.406
biles
dollars
1.465
Aircraft and parts, excluding engines
1.395
1.386
.414
1.408
1.413
1.406
1.381
dollars _ _
1.406
1. 461
Aircraft engines
do
1.461
1.443
1.460
1.452
1.461
.467
1.465
Shipbuilding and boatbuilding-.- .. do
1.529
1.460
1.567
1.490
.539
1. 582
1. 447
1.525
1.312
1.309
1.294
Nonferrous metals and their products do
.344
1.336
1.338
1.320
1.327
1.062
1.063
Lumber and timber basic products
do
1.074
1.048
.071
1.050
1.080
1 . 056
Sawmills and logging camps
do
1.046
1.049
1.044
1.023
1.056
.046
1.055
1.032
Furniture and finished lumber products
1.105
1.093
1.108
1.122
1.070
1.127
dollars _ _
.126
1.117
Furniture. .
.
do
1.117
1.089
1.151
1.130
1.137
.156
1. 155
1. 145
1.234
1.227
Stone, clay, and glass products
do
1.208
1.255
1.253
1.247
1. 245
.260
Nondurable goods industries
... do
1.175
1.165
1.185
1.158
1.217
1. 210
1.220
1.196
Textile-mill products and other fiber manu1.055
1.048
1.032
factures .
dollars
1.139
1.090
1. 140
1.115
1.100
Cotton manufactures, except small wares
.985
1.051
.991
.977
1.083
dollars. _
1.081
1.077
1.061
Silk and rayon goods
.
do
1.062
1.057
1.043
1.088
1.151
1.137
1.147
1.100
Woolen and worsted manufactures, except
dyeing and
finishing
dollars. .
1.188
1.178
1.169
1.156
1.195
1.192
1.313
1.303
Apparel and other finished textile products
1.051
1.046
1.038
1.094
1.092
1.052
1.019
1.098
dollars
Men's clothing
do
1.106
1.116
1.120
1.090
1.176
1.178
.136
.188
Women's clothing
do
1.279
1.285
1.279
1.217
1.334
1.327
.270
.310
1.072
1.082
Leather and leather products
__ do
1.095
1.095
1.057
1.102
.092
.106
1.035
Boots and shoes _
do
1.046
1.018
1.059
1.065
1.059
.056
.071
1. 129
1.159
Food and kindred products
do
1.173
1.140
.175
1.181
1.177
.187
Bakingt
_ _
do
1. 104
1.115
1.091
1.132
1.115
1. 131
.119
.131
1.025
Canning and preserving... ._
do
1.062
1.083
1.100
1.102
1.118
.093
1.120
1.276
Slaughtering and meat packing
do
1.273
1.267
1.305
1.275
1.277
.291
1.301
.952
.954
.951
Tobacco manufactures. .
_ do
.956
.984
.968
.983
.968
1.196
1.215
Paper and allied products
do
1.222
1.210
1.235
1. 245
1.226
1.249
Paper and pulp
. do
1.283
1.287
1. 276
1.292
1.295
1.313
1.310
1.301
r
Revised. *> Preliminary.
JData beginning May 1947 are not comparable with earlier data. Comparable figures for April 1947 and April 1947 figures comparable
1948 Survey.
58. 88
57.80
64.79
59.49
56.35
49.09
48.34
46.35
47.04
51.50
' 49. 50 » 49. 77
52.33
52.61
53.10
52.31
37.61
44.31
43.20
40.34
38.09
50.95
48.00
41.63
68.51
37.19
53.36
58.02
37.24
43.50
43.27
' 39. 65
r
36. 79
' 51. 26
r
49. 09
41. 35
67.66
37.12
r
54. 28
r
59. 47
37.61
43.19
43.94
' 41. 38
»• 39. 00
' 52. 08
38.80
42.84
45. 91
41. 55
39.42
51.82
50.01
41.78
59.79
38.51
56.06
61.42
64.62
72.79
61.26
54.38
60.97
64.45
68.50
53.39
56.54
' 65. 06
' 73. 04
r
61. 92
55.24
61.48
r
67. 16
71.14
r
55. 45
61.15
- 65. 53
73. 36
62.25
r
56. 62
r
63. 17
1.292
1.357
1.416
r
r 50. 03
r 41. 16
62.14
' 37. 86
r
55. 31
r
60. 40
63.96
65.06
72.39
62.06
57. 14
63.49
69.30
73.68
58. 31
66.30
1.315
' 1. 332
r 67. 18
' 70. 92
' 57. 14
1. 301
1.366
1.423
' 1. 383
* 1. 431
1.457
1.513
1.350
1. 431
1.515
1.357
1.441
' 1. 515
r
1. 373
1.461
1. 559
1.409
1.475
1. 408
1.437
1.533
1.418
1.443
1.548
1.432
1.469
1.609
1.444
1.469
1.640
1.478
1.481
' 1. 489
1.501
1.421
1.491
.541
.343
.083
.057
1.428
1.494
1.531
1. 355
1.115
1.095
1.436
1.532
1. 525
1.447
1.594
1.531
1. 405
1. 151
1.136
r
r
r
r
r 1. 369
r
1. 134
1.116
r 1. 406
1.136
1.167
1. 286
1. 230
1.145
, 1. 174
' 1. 291
1.242
1.138
r
1. 142
1.147
1.145
1.076
1.156
r
1. 078
1.157
1.075
1.159
1.070
1.147
1.311
1.314
1.320
1.327
.040
.173
.201
.116
.080
.201
.138
.130
.425
.973
.250
.313
1.040
1.171
1.206
r
1. 118
' 1. 074
r
1. 207
1.055
1.169
1.239
' 1. 118
r
1. 074
1.217
' 1. 165
1.090
1.379
' 1. 003
r
1. 292
' 1. 368
v 1. 345
v 1. 422
1.083
1.159
1.308
1.112
1.067
1.217
1.168
1.083
1.369
1.014
1.317
1.400
.131
.161
.271
.220
r
r
r 1. 148
1.125
1.424
.984
1. 269
' 1. 334
r
1. 152
1.178
1.306
r 1. 252
P 1.264"
with earlier data are shown on p. S-14 of the June
SURVEY OF CURRENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-15
1948
1947
August
September
October
November
December
January
February
March
April
May
July
June
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES— Continued
Average hourly earnings— Continued
Manufacturing — Continued
Nondurable goods industries— Continued
Printing, publishing, and allied industries
dollars _
Newspapers and periodicals
do
Printing; book and job .
_
do ___
Chemicals and allied products
do
Chemicals
do
Products of petroleum and coal
do
Petroleum refining
do
Rubber products
do
Rubber tires and inner tubes
do
Nonmanufacturing industries:
Building construction (private)
do
Mining:
Anthracite .
_.
_ _ do ...
Bituminous coal
do
Metal
do . _
Quarrying and nonmetallic
do
Crude petroleum and natural gas production
dollars. .
Public utilities:
Electric light and power
do
Street railways and busses
do _ _
Telegraph
do
Telephone
__do _
Services:
Cleaning and dyeing
do
Power laundries-. _
_
do ___
Hotels (year-round)
do
Trade:
Retail
do
Wholesale
do _..
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hr
Skilled labor
do
Farm wages without board (quarterly)
dol. per month
Railway wages (average, class !)._
dol. per hr__
Road-building wages, common labor J
do
1.534
1.753
1.436
1. 263
1 432
1.509
1.591
1 447
1.661
1.540
1.758
1. 451
1.273
1.432
1. 505
1.593
1 438
1.647
1. 556
1.776
1.469
1.287
1.448
1. 518
1 607
1 453
1.661
1.568
1.791
1.479
1.293
1.457
1. 551
1.647
1 454
1.658
1.579
1 797
1.493
1.311
1 477
1. 586
1 699
1 444
1.646
1.604
1 812
1.528
1.315
1 479
1.581
1 689
1 421
1 613
1.621
1.843
1.528
1.315
1 483
1.593
1 692
1 408
1.599
1.689
1.718
1.738
1.765
1.774
1.781
1.806
1.805
1.818
1.780
1.787
1.354
1. 146
1.486
1.765
1.819
1.370
1. 156
1.510
1.784
1. 798
1.356
1. 169
1.494
1.754
1. 851
1.380
1. 178
1. 554
1.756
1.826
1. 360
1. 176
1. 543
1. 764
1 847
1.371
1 187
1. 627
1 817
1 826
1.370
1 199
1.638
1.776
1 842
1.366
1 190
1.605
i 1. 708
i 1. 821
1. 373
1.206
1.599
1.378
1.241
1.228
1.215
1.390
1. 265
1. 234
1.230
1.392
1. 265
1.227
1.241
1. 428
1.276
1. 253
1.254
1.414
1.288
1.257
1.229
1.426
1.299
1. 257
1.241
1 428
1.295
1 265
1.238
1.408
1.295
1.267
1.223
1.427
1.293
1.349
1.225
.892
.771
.660
.911
.786
.672
.919
.787
.684
925
.786
687
.921
.797
.693
924
.807
695
923
802
695
924
.805
695
933
.810
700
1.003
1.258
1.012
1.281
1.013
1.289
1.025
1.314
1.016
1.300
1 044
1.309
1 050
1.343
1.044
1.334
1 055
1.346
1.064
1.363
1 237
2.08
1 237
2. 10
1 263
2 13
1 265
2 13
1 272
2 14
1 272
2 14
1 272
2 15
1 283
2 15
1 287
2 17
1.137
1.264
1 12. 00
1. 250
1.01
1.305
1.290
113 00
1.297
91
1.326
1.279
262
290
253
301
241
311
1.508
1.736
1.406
1. 252
1.410
1.494
1.567
1 445
1.640
1.646
1.870
1.551
1.327
1 484
1.600
1.704
1 412
1.603
1.677
1. 900
1.579
1.369
1. 509
1. §50
1. 762
1 439
1.651
1.675
1.894
1.576
1.390
1.539
1.700
1.827
1 470
1.684
1.835
1.858
1.889
1.774
1.841
' 1. 384
1.226
1. 646
1.749
r
I. 850
r
1.386
1.225
1.640
1.740
1.941
1.425
1.251
1.680
1.456
1.315
1.367
1. 232
1.476
1.334
1.379
1.239
' 1. 663
' 1. 877
1. 570
1.347
1.493
r
1. 631
1.740
r
1 424
1. 636
r
1.444
1.302
1.381
1.240
r
r
r
r
r
r
r
947
.823
712
.942
.820
.715
1 070
1.353
1.077
1. 369
1 315
2 18
1 352
2 25
1 386
2 29
113 00
1.279
95
1.292
1.278
121 00
1.281
1 04
242
275
256
254
253
270
235
284
.936
.817
. 707
r
r
r
1 386
2 30
FINANCE
BANKING
Acceptances and commercial paper outstanding:
Bankers' acceptances
mil. of dol
Commercial paper
do
Agricultural loans outstanding of agencies supervised by the Farm Credit Administration:
Total
mil. of dol
Farm mortgage loans, total
do
Federal land banks
do
Land Bank Commissioner _
._
do _ _
Loans to cooperatives
do
Short-term credit
do...
Bank debits, total (141 centers)
do
New York City
_ .-do
Outside New York City
do
Federal Reserve banks, condition, end of month:
Assets, total
mil. of dol
Reserve bank credit outstanding, total
do
Discounts and advances
do
United States securities
do ._
Gold certificate reserves . _ _ _ _ ._ --do_ _
Liabilities, total
do
Deposits, total
do
Member-bank reserve balances _ ... d o _ _ _
Excess reserves (estimated)
do
Federal Reserve notes in circulation
do
Reserve ratio
. . _ _ _ - percent
Federal Reserve weekly reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
Demand, adjusted
mil of dol
Demand, except interbank:
Individuals, partnerships, and corporations
mil. of dol__
Statos and political subdivisions
do
United States Government
do. _ .
Time, except interbank, total
do
Individuals, partnerships, and corporations
mil. of doL _
States and political subdivisions
do
Interbank (demand and time)
do_ _ _
Investments, total
_
do
U. S. Government obligations, direct and
guaranteed, total
mil. of dol
Bills
_
. .
do _.
Certificates
do
Bonds (incl. guaranteed obligations)... do
Notes
do
Other securities
do
r
1
206
244
219
242
237
283
245
287
261
287
1, 746
1,018
522
75, 048
28, 331
46, 720
1,746
1,007
891
115
240
500
81, 799
31, 837
49, 962
1,739
993
882
111
284
462
94, 058
37, 504
56, 554
1,713
982
875
107
288
444
82, 740
31, 738
51, 002
1,699
973
869
103
281
445
106. 520
46, 225
60, 295
1,707
962
862
100
278
467
r
93, 970
37, 615
r
56, 355
1 724
958
860
98
270
495
r
80, 776
32, 271
r
48, 505
1 743
955
860
95
249
539
r
96, 487
39, 587
r
56, 900
1,763
954
861
93
237
574
r
91, 640
37, P55
r
53, 685
1,778
954
864
90
223
601
r
87, 236
35, 429
r
51, 807
1 809
952
864
88
234
623
97, 300
40, 633
56, 667
45, 615
22. 759
185
22, 192
20,534
45, 615
18, 695
16, 601
823
24, 345
47.7
46, 153
22, 730
92
22, 329
20,723
46,153
18, 718
16, 784
841
24, 482
48.0
46, 583
22, 906
296
22, 168
21,044
46, 583
19, 240
16, 956
864
24, 481
48.1
47, 205
22, 975
331
22, 209
21, 363
47, 205
19, 431
16, 974
829
24, 651
48.5
47, 712
23, 181
85
22, 559
21, 497
47, 712
19, 731
17, 899
1,499
24, 820
48.3
47, 327
22, 782
327
21, 925
21, 701
47, 327
20, 311
16,919
768
24, 156
48.8
46, 991
22, 109
431
21, 024
21, 776
46, 991
19 807
17,062
762
24, 045
49.7
46, 589
21, 607
430
20, 887
21, 878
46, 589
19 610
16, 639
655
23, 768
50.4
45, 499
20, 858
249
20, 340
21, 910
45, 499
19.007
16, 944
737
23, 648
51.4
46, 270
21, 576
306
20, 662
22, 036
46, 270
19, 761
17, 021
848
23, 675
50.7
47, 067
21,900
266
21,366
22, 258
47, 067
20, 176
17, 389
678
23, 675
50.7
22, 407
47, 072
20, 518
17, 696
r
877
23, 771
50.6
47, 246
22, 107
323
21,577
22, 465
47, 246
20, 462
17, 679
» 853
23, 935
50.6
46, 954
47, 056
47, 771
48, 247
48, 685
48 833
47 296
45 340
46 671
46 646
46 414
46 839
47, 010
46, 884
3,124
940
14, 520
47, 330
3,076
1,561
14, 561
47, 988
3,027
969
14, 584
48, 379
3,146
741
14, 478
49, 809
3,246
793
14, 609
48, 701
3,264
693
14, 593
47, 134
3,219
1,009
14, 801
45, 445
3,363
1,297
14, 772
46, 418
3, 484
1,309
14,790
46, 627
3,478
1,252
14, 877
46, 671
3,517
1,265
15, 016
46, 666
3,400
1,259
14, 950
46, 919
3,370
1,217
14,795
14, 104
334
10, 833
42, 587
14. 151
328
11, 178
42, 740
14, 175
327
11, 117
42, 462
14, 069
328
11,121
41, 798
14, 192
338
11, 643
41, 487
14, 127
391
10, 681
41, 559
14, 256
471
10, 422
40, 055
14, 221
478
9, 750
38, 768
14, 222
492
9,701
39, 780
14, 283
517
9,914
39,415
14, 417
520
10, 203
38, 906
14, 337
532
10, 072
39, 224
14, 271
539
10, 238
39, 114
38, 354
582
4,138
31, 015
2,619
4,233
38, 400
519
4,025
31, 224
2,632
4, 340
38, 192
769
4,032
30. 973
2,418
4,270
37, 560
948
3,291
30, 474
2,847
4,238
37, 227
1,530
3, 338
29, 505
2,854
4,260
37, 323
2,209
3,410
28, 965
2,739
4,236
35, 845
2,048
3,972
27, 266
2,559
4,210
34, 433
1,272
3,745
27, 111
2,305
4,335
35, 475
2,219
3,839
26, 997
2,420
4,305
35, 218
1,986
4,880
26, 018
2,335
4,197
34, 666
1,704
4,669
25,881
2, 412
4,240
34, 870
2,042
4,420
25, 934
2,474
4,354
34, 686
2,130
4,164
25, 802
2,590
4.428
900
118
205
Revised. » Preliminary.
Data reflect work stoppages.
2 Beginning July 1, 1948, farm mortgage loan data will be reported quarterly.
} Reported quarterly after July 1947 for the week ended nearest the 15th of the indicated month.
§ Rate as of October 1,1948: Common labor, $1.393; skilled labor, $2.32.
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
251
r
221
309
636
91, 804
35, 832
' 55, 972
47, 072
22,035
318
21, 325
262
636
87, 149
33, 031
54, 118
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
FINANCE—Continued
BANKING— Continued
Fed. Res. weekly reporting member banks, condition, Wednesday nearest end of month — Con.
Loans, total § __
mil.ofdol__
Commercial, industrial, and agricultural!- do
To brokers and dealers in securities
do
Other loans for purchasing or carrying securities §
mil. of dol__
Real estate loans§
do
Loans to banks.
_do
Other loans §
do
Money and interest rates :1
Bank rates to customers:
New York City
percent
7 other northern and eastern cities
do ___
11 southern and western cities
do
Discount rate (N. Y. F. R Bank)
do .__
Federal land bank loans
do
Federal intermediate credit bank loans
do
Open market rates, New York City:
Acceptances, prime, bankers', 90 days
do
Commercial paper, prime, 4-6 months
do
Time loans, 90 days (N. Y. S. E.)
do
Call loans, renewal (N. Y. S. E.)
do
Average yield on U. S. Govt. securities:
3-month bills
do
3-5 year taxable issues
do _
Savings deposits, balance to credit of depositors:
New York State savings banks
mil. of doL _
U. S. Postal Savings
-do
21, 212
12, 518
1,166
22, 056
13, 116
1,234
22, 572
13, 817
970
23, 229
14, 358
919
23 329
14, 658
784
23, 394
14, 727
674
23, 439
14, 540
831
23 453
14, 417
905
23, 160
14, 159
809
23, 521
14, 113
1,058
23, 770
14, 345
1,152
23, 859
14, 490
954
24, 090
14, 886
743
975
3,171
215
3,167
975
3,244
246
3,241
976
3,316
187
3, 306
945
3 388
230
3,389
880
3 460
106
3,431
811
3,516
180
3,486
764
3 569
233
3 502
761
3 615
215
3 540
749
3 669
190
3,584
772
3,755
219
3,604
780
3,825
151
3,729
778
3,858
268
3, 752
736
3,919
238
3,812
1.00
4.00
1.52
1 77
2 25
2 69
1 00
4.00
1 53
1 00
4.00
1 54
1 00
4.00
1 54
1 82
2 27
2 61
1 00
4.00
1 58
1 25
4.00
1 58
1 25
4.00
1 63
2 09
2 52
2 83
1 25
4.00
1 69
1 25
4.00
1 83
1.25
4.00
1.88
2.10
2.71
3 03
1.25
4.00
1.88
1.25
4.00
1.96
1. 50
4.00
1.96
.88
1.00
1.50
1.38
94
1.06
1.50
1.38
94
1.06
1.50
1.38
94
1.06
1.50
1.38
1 03
1.19
1.50
1.38
] 06
1.31
1.50
1.50
1 06
1.38
1.50
1.50
1 06
1.38
1.50
1.50
1 06
1. 38
1.50
1.50
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.13
1.44
I. 50
1. (13
748
1 31
804
1 28
857
1 35
932
1 47
950
1 54
977
1 J63
996
1 63
996
1 60
997
1 58
997
1.51
998
1.49
.997
1.56
1. Of >3
1. e»5
9,580
3,396
9,630
3,407
9, 655
3,412
9,681
3 413
9,802
3 417
9, 855
3 432
9,904
3 441
9,959
3 435
9,986
3,415
10, 017
3,395
10, 111
3, 379
10, 099
» 3, 359
10,112
' 3, 347
11, 454
5 198
2,167
965
11, 708
5 314
2,257
1 004
12,084
5 490
2,370
1 047
12, 671
5 765
2 551
1 099
13, 423
6 189
2 839
1 151
13, 096
6 219
2,818
1 202
12, 977
6 283
2,835
1 254
13, 423
6 533
2 986
1 367
13, 627
6 769
3,137
1 468
13, 814
6,958
3,258
1,536
14, 132
7,144
3,366
1,602
v 14, 185
p 7, 328
» 3, 477
v 1, 689
" 14, 382
P 7, 553
p 3, 640
p 1, 804
440
408
41
124
189
3,031
1,307
200
152
124
462
423
43
128
197
3 057
1,320
204
154
125
495
443
46
131
208
3,120
1,350
208
157
127
555
474
49
145
229
3 214
1 383
215
162
130
650
528
52
192
266
3 350
1 435
225
166
134
632
502
52
176
254
3 401
1,462
227
165
137
624
492
52
164
249
3 448
1,482
230
167
140
653
497
54
160
255
3 547
1 530
241
173
143
680
511
60
155
263
3,632
1,570
252
180
146
703
528
65
155
271
3,700
1,597
260
189
147
720
541
68
157
278
3 778
1,634
272
194
150
P732
v 545
v 72
» 157
P282
» 3, 851
f 1, 669
*>282
* 199
v 152
p?53
v 560
P 77
p 157
P289
» 3, 913
P 1, 704
?291
P203
v 153
482
652
114
2,755
2,581
920
497
643
114
2,864
2,609
921
517
647
114
3,029
2,647
918
538
670
116
3 309
2 680
917
558
712
120
3,612
2 702
920
572
717
121
3,240
2 713
924
587
721
121
3,067
2 705
928
604
733
123
3,281
2 689
926
622
739
123
3,259
2 665
934
635
748
124
3,263
2,661
932
645
758
125
3,364
2 678
942
*653
*>770
*>126
v 3, 202
v 2, 698
*> 957
"661
P774
P127
» 3, 14H
v 2, 717
p 964
213
36
25
22
113
216
35
27
24
107
228
39
28
23
121
233
39
27
25
142
267
46
33
30
191
248
38
27
26
110
221
38
25
25
107
287
48
32
29
140
269
50
31
27
121
258
47
31
25
123
275
54
37
27
127
j> 277
p52
*>33
v 26
*130
v 27">
•P 52
p33
J>26
v 127
CONSUMER SHORT-TERM CREDIT
Total consumer short-term credit, end of monthf
mil. of doL_
Installment credit, totalf
do
Sale credit, total
_ _ do __
Automobile dealers
do
Department stores and mail-order houses
mil. of dol_.
Furniture stores. _
_ _ do __
Household appliance stores
_
do
Jewelrv stores
do
All other
do _
Cash loans, totalf
do
Commercial banks
-do .
Credit unionsf
do
Industrial banks
_
do _
Industrial loan companies
do
Insured repair and modernization loans
mil. of doL_
Small loan companies
do
Miscellaneous lenders
do _
Charge accounts
do _
Bin gift payment loans
do
Service credit
___
do _
Consumer installment loans made during the month
by principal lending institutions:
Commercial banks
mil. of dol
Credit unionsf
do
Industrial banks
_
do _ _
Industrial loan companies
do
Small loan companies
do
r
FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures:
4 885
2,866
2,456
3 054
4 260
4 310
2 881
Receipts total
mil. of dol
4 614
3 083
5 119
6 365
2 948
2 565
4,872
2,390
2,743
2,536
Receipts, net
do
4,246
4,275
6,334
2,707
4,336
2,806
2 569
5 102
2 501
33
31
34
42
32
35
37
35
Customs
do
34
31
41
34
31
1,668
3, 435
1,345
1,666
2,769
3,237
3,159
Income taxes
do ._
5,165
1,858
1,785
1,254
3,701
1, 568
352
133
329
142
51
Social security taxes
do
70
423
176
83
401
410
67
142
643
782
695
699
767
656
629
Miscellaneous internal revenue
do
662
673
739
694
742
677
172
585
217
All other receipts
_ _ _ do ,
331
547
329
369
243
243
193
465
195
550
2,445
2,194
3,060
2,932
3,224
2,879
2,402
Expenditures, total a * _ _ _ _ _ _ _ _ _ do __
3,109
2,604
3,546
7,261
2 207
3,963
103
157
Interest on public debt
do
668
127
972
401
142
154
124
608
114
286
1 508
511
Veterans Administration
do
494
481
526
524
568
529
582
597
788
530
61 ()
562
908
1,151
936
1,006
996
1,069
National defense and related activities
do
909
850
850
933
1,155
930
810
1,538
All other expenditures^
do
764
605
656
688
885
881
1,017
1,491
1,464
665
4 260
1 734
Debt, gross, end of month:
259, 145
260, 097
259, 071
258, 212
256, 900
256, 574
254, 605
252, 990
252, 240
Public debt, total
do
252 236
252 292
253 374
253 049
256, 107
255, 591
254. 205
256, 270
253, 958
252, 100
250, 634
249, 920
Interest-bearing, total
do __ 257, 110
249, 958
250, 063
251 168
250 875
227, 890
226, 587
226, 074
225, 250
224, 810
226, 822
222, 854
Public issues
do
221, 362
220 718
220 636
219 852
219 987
220 381
29, 520
29, 220
29, 447
29, 517
28, 955
29, 148
29, 272
Special issues to trust accounts, etc_ _ d o _ _ _
29, 246
29, 201
29, 323
30 211
30 887
30 787
2,987
3,038
2,621
2,801
2,695
Noninterest bearing
do
2,616
2,505
2 356
2 320
2 278
2 229
2 175
2 206
Obligations guaranteed by U. S. Government
73
78
72
70
83
76
mil. of dol. _
74
73
70
70
69
51
47
U. S. savings bonds:
51, 699
51, 759
51, 928
52, 039
52, 174
52, 575
52, 875
53 133
Amount outstanding
do
53, 061
53 207
54 662
54 756
466
488
412
460
487
770
607
Sales, series E, F, and G _ _
do
588
468
432
497
1 673
474
404
404
432
434
454 1
357
364
442
462
452
Redemptions.
do
428
465
438
r
Revised. p Preliminary.
cf June 1948 figures include $3,000,000,000 transferred to the "Foreign Economic Cooperation Trust Fund" and considered expended during the fiscal year 1948, as required by the Economic Cooperation Act of 1948; the effect of this transfer is to charge the budget in the fiscal year 1948 for expenditures to be made in the fiscal year 1949. Figures beginning July 1,1948 therefore exclude expenditures from this fund, totaling $375,000,000 for July and August 1948.
f For bond yields see p. S-20.
§ Beginning June 30,1948, individual loan items are reported gross, i. e., before deduction of valuation reserves, instead of net as previously; data reported on a gross basis for September
3,1947 (shown here as August), for items against which reserves are held, are as follows (millions of dollars): Commercial, industrial, and agricultural loans, 12,584; "other loans for purchasing
or carrying securities," 1,166; real estate loans, 3,183; "other loans," 3,211. Data for September 1947 to May 1948 will not be available until figures are reported for the corresponding month
of the following year. Total loans are shown on a net basis for all months.
fRevised series. Credit unions have been revised to exclude real estate mortgage loans beginning 1929, and further revised on basis of year-end figures from Federal Deposit Insurance
Corp. for Federal credit unions and BLS statistics for state-chartered credit unions. The related totals have been correspondingly revised. Revisions through May 1947 are available upon
request.
SURVEY OF CUEKENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-17
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE— Con.
Government corporations and credit agencies:
Assets, except interagency, total
mil of dol
Loans receivable total (less reserves)
do
To aid agriculture
do
To aid home owners
do
To aid railroads
do
To aid other industries
do
To aid banks
do
To aid other financial institutions
do
Foreign loans
do
All other
do
Commodities, supplies, and materials
do
U S. Government securities
do
Other securities
do
Land, structures, and equipment
do
All other assets
_
_ _ do _
Liabilities, except interagency, total
do
Bonds, notes, and debentures:
Guaranteed by the United States
do
Other
do
Other liabilities
do
Privately owned interests
do
U S Government interests
do
Reconstruction Finance Corporation, loans and investments outstanding, end of month, totalf
mil. of dol. _
Industrial and commercial enterprises, including
national defense _ _ _
_ _ mil. of dol.
Financial institutions
do
Railroads, including securities from PWA do _
States, territories and political subdivisions do
United Kingdom and Republic of the Philippines
mil. of doL_
Mortgages, purchased and insured
do
Other loans _ _ _
do
31, 037
9,212
2,200
665
162
240
6
340
5,405
591
1,093
1,725
3,553
12, 662
2,792
2,895
30, 966
9,714
2,299
556
147
272
5
442
5,673
714
822
1,685
3,539
12, 600
2,607
2,808
31, 107
10, 134
2,399
623
147
259
5
379
6,093
613
570
1,845
3,526
12, 535
2,496
2,724
84
667
2,144
138
28, 005
82
689
2,037
143
28, 015
76
781
1,868
150
28 233
1,057
1,089
1,091
1,096
1,113
1,106
1,106
1,102
1,096
1,111
275
158
147
119
299
156
145
121
296
155
145
123
299
153
145
122
318
153
145
124
320
145
144
122
321
143
144
122
316
140
145
124
302
139
145
128
304
139
145
128
253
105
1
250
117
1
243
126
4
243
131
3
238
134
3
235
136
3
234
138
3
230
144
3
226
153
3
225
167
3
LIFE INSURANCE
Assets, admitted:*
All companies (Institute of Life Insurance), esti51, 735
51, 000
51, 200
52, 000
50, 700
50, 300
52, 600
52, 900
53, 100
52, 200
mated total
mil of dol
53 500
53 774
46, 825
46, 306
45, 975
46, 574
45, 829
46, 955
47, 771
48, 320
48, 084
47, 315
Securities and mortgages
do
48 579
48 871
49 companies (Life Insurance Association of
46, 279
45, 723
45, 912
45, 489
45, 215
47, 058
46, 550
46, 754
47, 522
47, 304
47, 869
America), total
mil. of dol
48, 086
48 307
34, 926
34, 717
34,911
34, 491
34, 847
34, 524
35, 359
35, 093
35, 565
35, 497
35, 463
Bonds and stocks, book value, total
do
35, 727
35, 704
20, 014
20, 465
19, 755
20, 664
20, 650
20, 889
19, 395
19, 518
19, 000
19, 162
Govt, (domestic and foreign) total
do
18, 530
18, 321
18, 787
18, 277
18, 906
18,017
18, 913
18, 710
19, 138
17, 421
17, 658
17, 796
17, 259
17. 054
U. S. Government _
__do
16, 760
16, 350
6,650
6,096
6,717
6,226
6,377
6,557
6,988
6,839
7,270
7,148
7,536
7 637
7,390
Public utility
do
2,733
2,754
2,752
2,753
2,753
2,741
2,744
2,777
2.776
2,750
2,784
Railroad
do
2,815
2,810
5,529
5,072
5,697
4,847
4,937
4,786
6,232
6,411
5,986
Other
_
do
6,518
6,679
6 851
6 931
822
963
813
689
647
657
684
594
817
Cash
do
590
656
695
690
7,181
6,789
6,912
7,020
7,296
6,687
7,560
7,422
8,121
7,828
7,697
7,977
Mortgage loans, total __
do
8 276
728
721
723
717
714
741
730
750
802
777
764
Farm
do
790
811
6.453
6,072
6,191
5,972
6,566
6,297
7,319
7,051
6,933
6,810
6,680
Other
.
_ _
do
7,465
7,186
1,684
1,673
1,677
1,688
1,680
1,670
1,725
1,705
1,694
1,715
1 742
Policy loans and premium rates
do
1 752
1,735
750
702
733
695
770
718
785
771
863
822
825
Real estate holdings
___ _
do
847
878
916
922
985
983
1,020
1, 010
964
989
979
956
Other admitted assets
do
977
1 008
976
362, 185
540, 554
392, 520
405, 921
370, 906
357, 502
481, 627 378, 769 382, 810
374, 355
406, 274
432, 885
410,719
Premium collections, totalt thous. of dol
109, 545
45, 838
62, 296
48, 640
74,411
47,410
41,310
Annuities
do
41, 296
52, 493
48, 791
87, 360
51,207
42 812
35,849
30, 960
22, 478
27. 720
34, 049
31, 082
34, 665
33, 018
27, 147
29, 056
36, 062
28, 400
31,360
Group
_
do
75, 862
59, 604
64, 056
88, 920
68, 570
64,837
58, 264
76, 236
68. 528
Industrial _ _
do_ _
61, 357
69,319
72, 129
69, 298
306, 240 242, 037 254, 922
241, 528
231, 702
229, 032
224, 989
243, 139
Ordinary
do
236, 457
276, 903
240, 632
283, 366
233, 845
Life Insurance Agency Management Association:
Insurance written (new paid-for-insurance) :
1,583
2,201
1,818
1,857
1,797
1,616
1,648
1,862
1,746
1,858
1, 851
1,816
1,707
Value, total
mil. of dol
436
212
203
186
178
201
225
195
359
201
157
225
Group
_
do_ _ _
246
324
287
366
336
326
309
383
338
393
319
369
347
Industrial
do
336
1,478
1,048
1,104
1,258
1,115
1,331
1,290
1,184
1,196
1,243
1,244
1,287
Ordinarv, total
do
1 125
91
85
72
90
68
81
85
81
90
73
78
83
New England
_
do
71
346
344
231
3?1
323
272
257
289
326
301
Middle Atlantic _
__ _ _ d o
305
287
259
318
284
304
231
241
252
290
278
272
255
East North Central
do
256
252
265
124
153
126
108
127
112
118
107
110
113
West North Central
do
119
120
111
169
138
124
134
122
141
121
140
134
148
South Atlantic-.
_do_ __
140
143
131
56
48
41
51
43
47
45
51
48
East South Central
do
51
47
50
46
115
95
93
93
93
88
100
98
99
99
102
West South Central
do
97
96
42
39
41
41
38
57
43
36
38
Mountain^ _ .
.
do
41
36
40
42
124
173
135
138
129
134
114
125
140
Pacific
do
131
122
135
140
Institute of Life Insurance:
Payments to policyholders and beneficiaries,
283, 410
278, 138
219, 223
236, 414
247, 149
244, 544
284, 967
250, 600
253, 440
307, 077 273, 084
total
thous. of dol__ 218, 389
101,334
112, 523
122, 777
121, 007
108, 179
142, 339
113, 860
101,415
109, 455
124, 695
116,083
123, 590
Death claim payments
do
36, 261
29, 838
35, 496
31, 168
38, 987
32, 986
28, 367
37,117
32, 185
36, 706
40, 157
30, 167
Matured endowments
do
6, 924
8,118
7,609
8,723
7,269
6,358
7,472
8,356
7,111
7,963
8,114
7,711
Disability payments _
do
16, 216
18. 024
24, 275
17, 975
18, 014
17, 795
17, 574
18, 164
19, 881
19, 438
19, 512
20, 337
Annuity payments
do
69, 114
35, 323
52, 452
42, 364
38, 527
44, 694
35, 218
55, 083
44, 446
40, 377
52, 497
Dividends _
do_ _
40, 555
34, 205
36, 017
32, 694
27, 829
41, 704
31, 425
30, 640
29, 457
40, 498
36, 090
36, 569
43,032
Surrender values cf
do .__
' Revised. 9 Preliminary.
cf Surrender values include premium notes and liens voided by lapse.
t Excluding accident and health premiums which were not reported prior to January 1948; these premiums totaled $179,910 for January-July 1948. The reporting companies accounted
for 84 percent of total premium income of all U. S. legal reserve life insurance companies in 1946. No change in coverage was made in January 1948 by reporting percent of total premium
income instead of business outstanding. Minor revisions for total collections and industrial for 1946-June 1947 are available upon request.
*New series. The new data measuring assets of all life insurance companies are estimated totals for all legal reserve companies based on reports from about 130 companies accounting for
92 to 95 percent of the total. Annual data back to 1916 and monthly data back to January 1945 are available upon request. The data for 49 companies, based on actual reports, replace the
data formerly shown for 36 companies; the 49 companies accounted for about 90 percent of the total assets of all legal reserve companies at the end of 1946; monthly data back to January 1947
are available upon request. Assets for the accident and health business of life insurance companies are included in the total assets of all companies and of the 49 companies but are only partially
included in the security and mortgage data; accident and health assets amounted to less than 1 percent of total assets of life insurance companies in 1947.
f Revised series, investment in capital stock of the RFC Mortgage Company and the Federal National Mortgage Association has been eliminated and, in lieu thereof, loans and purchases of the subsidiary corporations are included. Loans made by the Smaller War Plants Corporation prior to its transfer to RFC for liquidation, included in previous figures for business
enterprises beginning March 1946, and loans to U. S. Commercial Company, an RFC subsidiary, and to the Defense Homes Corporation, formerly included under "national defense," have
been omitted. Loans to railroads and to States, etc., include securities purchased from the Public Works Administration which were previously excluded. Loans to States, etc., and loans
to the United Kingdom and the Philippines were formerly included in figures.for "other loans." Data on the revised basis are available only beginning May 1947.
SURVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
April
May
June
0. 2977
.0228
.0544
.9063
.5701
*. 0047
5
. 3017
.2058
.3776
.2783
4. 0315
0. 2977
.0228
.0544
.9227
.5701
i 0047
8. 3017
.2057
.3775
.2783
4. 0312
10.2977
.0228
.0544
.9323
2. 5701
i 0047
5. 3017
.2057
.3772
.2782
4. 0313
23,169
23, 137
-63, 376 -111,546
28, 178
27, 385
262, 334
127, 328
54, 114
60, 870
38, 452
38, 545
10, 012
10, 070
5,650
6,372
23, 304
-2, 841
61, 887
213, 214
54, 745
38, 672
9,995
6,078
July
August
FINANCE—Continued
MONETARY STATISTICS
Foreign exchange rates:
Argentina
__dol. per paper peso__
Belgium
dol per franc
Brazil
dol. per cruzeiro
Canada, freerate§. -dol. per Canadian dol
Colombia
_-dol. per peso
France
- dol. per franc_.
India
dol per rupee
Mexico
dol per peso
Netherlands
dol. per guilder__
Sweden
dol. per krona
United Kingdom, free rate
dol. per £-_
Gold and silver:
Gold:
Monetary stock, U. S
mil. of dol
Net release from earmark •
thous. of dol_ Gold exports
do _
Gold imports
do
Production reported monthly totalf
do
Africa t
do
Canada
do
United States
do
Silver:
Exports
_ _
_
do _
Imports
do
Price at New York
dol. per fine oz.
Production:
Canada
thous. of fine oz
Mexico
do
United States
do
Money supply:
Currencv in circulation
mil of dol
Deposits adjusted, all banks, and currency outside banks, total .
mil. of dol
Currency outside banks
do
Deposits, adjusted, total, including U. S. deposits
mil. of dol
Demand deposits, adjusted, excl. U. S--do
Time deposits, incl. postal savings
do
Turn-over of demand deposits, except interbank and
U . S . Government, annual rate:
New York City
ratio of debits to deposits
Other leading cities
_
_
do
0. 2977
.0228
. 0544
.9200
.5698
.0084
.3017
.2058
. 3775
.2783
4. 0273
0. 2977
.0228
. 0544
.9036
.5698
.0084
.3017
.2058
.3775
.2782
4. 0300
0. 2977
.0228
.0544
.8999
. 5698
.0084
.3017
.2058
.3776
.2782
4. 0310
0. 2977
.0228
.0544
. 8959
.5698
.0084
.3018
.2058
.3777
.2783
4. 0305
21, 766
42,317
5, 118
116, 776
61,616
39, 181
9, 131
6,580
21, 955
153, 112
2,085
111,685
60, 833
38. 833
8,668
6., 526
22, 294
-3, 968
5,619
456, 450
60, 644
37, 776
9,057
7,733
22, 614
-82, 786
1,600
267, 301
59, 738
37, 396
8,826
5,791
0. 2977
.0228
.0544
.8836
.5698
.0084
.3018
.2058
.3770
. 2783
4. 0313
0. 2977
.0228
.0544
.9046
.5699
3. 0084
.3017
. 2058
.3765
.2783
4. 0307
0. 2977
.0228
. 0544
.8906
. 5701
*. 0047
.3017
.2058
.3771
.2783
4. 0311
0. 2977
.0228
.0544
.8928
. 5701
4. 0047
.3017
. 2058
.3775
.2783
4. 0313
i 0. 2977
.0228
. 0544
.9283
2
4 ( )
.C047
5
. 3017
6 . 2057
.3765
.2782
4.0314
0. 2977
.0228
.0544
.9270
(2)
.0047
«. 3017
(6)
.3762
.2782
4. 0315
23, 532 ' 23, 679
81, 671 -188,411
44, 782
2,486
222, 523
269, 178
P 23, 725
59,475
47, 353
86, 431
22, 935
22. 754
-44, 592 -14,859
6,590
2,509
180, 674 r241, 568
60, 387
60, 433
39, 079
38, 034
9, 568
9,614
6,214
6,828
23, 036
-72, 165
2,560
161, 948
57, 220
36, 561
9,156
5,489
5,719
6,180
352
3,296
.746
1,636
7,222
.746
220
6,196
.746
229
5,331
.746
5,763
5,560
.746
2,564
9,146
.746
42
5,747
.746
278
4,352
.746
630
4,659
.657
374
4,440
.706
2,509
6,087
.716
1,042
6,917
.746
1,062
3,600
2,594
924
4,100
2, 180
1,094
3,900
3,243
954
3,600
3,589
921
3,900
3,724
958
3,700
3,938
1,036
3,800
2,070
1,099
3,900
3,383
1,090
3,600
3,216
1,073
3,400
3,253
4,500
3,085
2,721
28, 434
28, 567
28, 552
28, 766
28, 868
28, 111
28, 019
27, 781
27, 716
27, 812
27, 903
27, 867
166, 900
26, 100
168, 400
26, 300
169, 700
26, 200
170, 300
26, 500
171, 446 p 170, 200
26, 476 p 25, 800
v 168, 900 p 166, 500
p 25, 700 p 25, 600
p 167, 800
P 25, 400
140, 800
83, 300
55, 800
142, 100
84, 100
56, 100
143, 500
85, 400
56, 300
143, 800
85, 900
56, 000
144, 970 p 144, 400 p 143, 200 p 140, 900
87, 123 p 86, 600 p 84, 600 p 81, 600
56, 395 v 56, 500 P 56, 800 p 56, 900
20.6
16.6
23.1
18.0
23.9
18.2
26.5
19.8
13
4,781
.738
29.9
20.0
26.2
18.7
25.6
18.6
26.4
19.1
p 28, 056
p 168, 000 P 167, 900 p 168, 700 p 169, 130
P 25, 400 P 25, 600 p 25, 500 p 25, 620
P 142, 400 P 142, 600 p 142, 300 P 143, 200 p 143, 510
p 83, 000 P 83, 200 p 82, 700 P 83. 500 p 83, 900
p 56, 900 P 57, 000 P 57, 400 P 57, 300 p 55, 220
26.5
18.6
27.9
18.7
28.0
19.1
26.6
19.1
23.9
18.5
PROFITS AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Reserve):
Net profits, total (629 cos.)
_ mil. of dol
Iron and steel (47 cos.)
do
Machinery (69 cos.) _
do
Automobiles (15 cos.)
do
Other transportation equip. (68 cos.)
do
Nonferrous metals and prod. (77 cos.)
do
Other durable goods (75 cos )
do
Foods, beverages and tobacco (49 cos.) do
Oil producing and refining (45 cos )
do
Industrial chemicals (30 cos )
do
Other nondurable goods (80 cos )
do
Miscellaneous services (74 cos.)
do
Profits and dividends (152 cos.):
Net profits
do
Dividends:
Preferred
_..
_
do
Common
do
Electric utilities net income (Fed. Res.)
do
Railways and telephone cos. (see p. S-23).
900
100
77
103
757
45
59
85
1°1
81
93
80
1 033
112
105
115
? 46
59
71
108
160
88
90
80
1,029
120
89
129
764
46
64
77
192
91
101
57
p 1, 107
432
501
529
p 569
22
190
135
23
278
160
22
207
186
P22
P218
P 156
pin
*94
*152
P771
P51
*72
P80
p 194
i>97
plOO
"79
SECURITIES ISSUED
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
652
1,409
936
965
714
741
541
857
856
capital and refunding)
mil. of dol__
813
1,160
785
542
769
591
899
681
802
1,257
495
630
New capital, total
_
__ do
713
608
1,029
621
351
768
591
1,221
888
801
629
495
531
713
608
1,026
621
Domestic total
do
326
562
374
584
444
560
259
546
365
599
132
470
926
258
Corporate
do
35
50
21
39
31
16
35
67
37
85
0
0
Federal agencies
- do
8
156
182
630
283
114
217
118
237
101
114
99
185
277
Municipal, State, etc
do
2
0
1
37
11
1
0
4
0
25
150
Foreign
do
0
0
152
166
61
175
56
66
85
134
46
101
130
165
Refunding total
do
191
166
152
61
175
66
134
46
56
85
165
101
130
191
Domestic total
do
4
14
50
97
29
84
2
3
15
76
83
122
Corporate
- - do
147
114
54
49
39
34
42
123
68
48
45
20
Federal agencies
do
40
42
1
1
8
5
50
2
3
3
2
2
2
Municipal, State, etc
do
3
<»)
0
0
0
0
0
0
0
0
0
0
0
Foreign _
_do
0
(8)
Securities and Exchange Commission:
r
1,407
1, 207
1,552
2,029
1,170
1,620
2, 507
2,414
1,376
2,038
1,253
1,357
Estimated gross proceeds, total
- do._
1,050
By type of security:
r
1, 134
1,324
1,332
1,983
1,297
1,074
1,104
1,859
1,459
2, 463
1,261
2,207
Bonds and notes, total
do
1,026
171
294
642
526
393
310
493
'530
414
412
899
346
223
Corporate
do
58
21
26
40
28
170
118
108
50
30
29
150
Common stock
_ _
_do
10
25
51
34
31
24
49
69
111
14
70
67
57
15
Preferred stock. __
do
r
Revised, p Preliminary.
1 June average is based In quotations through June 22, July average on quotations beginningJuly 15; the latter is shown for "regular" products, earlier data as official rate.
2
June average is based on quotations through June 10; July and August temporarily omitted. 3 Based on quotations through January 23 when franc was devaluated.
4
Official rate. The February figure is based on quotations beginning February 10; the free rate for this period and succeeding months is $0.0033.
5
Excludes Pakistan. 6 July average is based on quotations through July 21; August temporarily omitted. 7 Partly estimated.
8
Less than $500,000. § Official rate since July 4, 1946, is $1,000. • Or increase in earmarked gold (—).
fRevised series. Beginning in the July 1948 Survey figures for Africa and the total include production in Belgian Congo and the total includes also production in Mexico and revised figures for Australia. Data for Belgian Congo and Mexico were not available currently from May 1940 and March 1942, respectively, until July 1948 and figures reported through May 1940 for
Belgian Congo represented only about 50 percent of production while those previously included for Australia after December 1943 covered Western Australia only. Revised annual figures for
1938-46 and monthly figures for January 1946-April 1947 for the total and Africa are available upon request.
SURVEY OF CURRENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-19
1948
1947
August
September
October
November
December
January
February
March
April
May
June
August
July
FINANCE—Continued
SECURITIES ISSUED—Continued
Securities and Exchange Commission— Continued
Estimated gross proceeds— Continued
By type of issuer:
Corporate, total
mil. of dol
Industrial
_ _
do
Public utility
--- do Railroad
_ _ _ _ _
do
Real estate and
financial
-- do Non -corporate, total
_ _ ..
do
Federal agency not guaranteed
do ._
U S Government
do
State and municipal
do _
Foreign governments
do
Nonprofit
do New corporate security issues:
Estimated net proceeds, total
do
Proposed uses of proceeds:
New money, total
- -do
Plant and ecjuipment
do
Workinf capital
. -do. _ _
Retirement of debt and stock, total
do
Funded debt
do
Other debt
do
Preferred "tock
do .
Other purposes
do
Proposed uses by major groups:
Industrial total
do New money
- do
Retirement of debt and stock - _ - do _
Public utilitv total
do
New money
do_
Retirement of debt and stock
do
Railroad total
- - -do
New money
do
Retirement of debt and stock
do
Real estate and financial, total
do
New money
-do _
Retirement of debt and stock
do
State and municipal issues (Bond Buyer) :
Long term
__thous. of dol_.
Short term
do_
248
81
141
23
3
802
0
441
73
310
5
53
915
0
637
278
0
C1)
622
262
308
35
17
1,792
0
1,673
118
0
1
561
218
284
37
22
692
0
589
103
0
0)
1,078
504
498
20
56
960
0
854
105
0
0)
346
98
167
24
57
1,030
0
913
116
0
0)
613
441
121
35
16
939
0
718
220
0
0
688
126
325
81
157
1,341
0
708
633
0
0)
636
273
269
52
42
771
0
597
174
0
0
245
434
612
547
1,063
340
594
679
118
99
19
121
102
16
3
6
244
179
65
163
154
9
1
26
510
388
122
78
15
45
18
24
425
354
71
103
74
22
7
18
932
800
132
105
91
12
2
26
294
193
101
32
6
26
0
14
546
309
237
47
14
22
12
1
79
65
13
140
28
107
23
23
0
2
2
1
71
45
21
306
157
136
5
4
2
51
38
4
259
193
65
303
280
8
35
31
4
16
7
0)
213
129
71
277
245
31
37
37
0
21
15
1
496
422
67
493
480
12
20
20
0
54
9
26
95
70
24
164
149
6
23
23
0
57
52
2
425
390
35
119
106
12
34
34
0
16
15
1
194, 220
30, 715
275, 006
77, 113
121, 034
85, 242
105, 875
23, 010
101, 195
148, 464
125, 763
77, 416
482
503
393
847
241
651
227
373
282
424
550
656
241
570
630
280
606
616
257
593
617
247
393
578
612
240
614
188
0
1
C)
405
158
219
24
4
764
0
574
190
0
654
97
410
84
63
966
0
680
286
0
0
••574
••282
'178
69
46
1,933
0
1,813
120
0
0)
244
127
76
30
11
963
0
526
287
150
277
626
395
642
'564
238
560
343
217
114
83
30
1
6
434
334
100
166
62
104
0
25
356
297
60
21
1
20
0
18
563
449
114
r
74
4
45
26
5
'424
r
307
T
117
'99
8
'91
1
222
164
58
15
4
11
0
1
123
83
40
320
281
36
80
42
157
153
C)
269
154
110
265
233
31
51
32
19
41
15
7
152
120
19
216
209
2
24
24
0
4
3
1
93
70
19
403
363
40
83
69
14
62
60
C1)
'275
'168
'94
' 176
' 149
(i)
68
68
0
45
39
6
123
113
10
75
73
2
30
29
1
10
8
2
227, 408
79, 895
639, 938
103, 453
167, 626
94, 387
196, 141
24, 857
307, 848
59, 759
' 258, 299
' 104, 759
285, 561
146, 109
272
488
291
483
280
454
278
390
260
276
284
279
420
420
471
416
568
622
217
537
596
208
550
592
229
572
614
241
615
619
258
332
619
576
283
608
577
288
573
551
252
1
(l)
C)
C)
32
COMMODITY MARKETS
Volume of trading in grain futures:
Corn
Wheat
mil. of bu_.
do
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. Members
Carrying Margin Accounts)
Oash on hand and in banks
Customers' debit balances (net)
Customers' free credit balances
IVEoney borrowed
Bonds
mil of dol
do
do__
do
Prices:
Average price of all listed bonds (N. Y. S. E.),
99.84
99.62
100. 19
102. 06
' 99.93
101. 72
100. 80
99.77
100. 46
101. 19
99.97
102. 62
100. 04
total §
_
dollars. _
100. 35
100. 27
102. 54
100. 47
102. 30
101. 35
100. 74
100. 54
100. 11
100. 93
101. 65
103. 09
100. 59
Domestic
do
65.99
67.61
73.28
66 85
66.45
68.77
68. 96
66.93
65.20
70.51
71.90
73.28
66 62
Foreign
do
Standard and Poor's Corporation:
Industrial, utility, and railroad:
99.4
99.4
103.6
100.2
98.1
99.6
97.7
98.3
98.5
98.1
101.1
104.5
99.2
High grade (12 bonds) t— dol. per $100 bond..
Medium grade: t
97.3
93.2
91.4
90.5
91.2
92.7
94.4
94.5
92.8
90.7
95.7
94.6
98.5
Composite (14 bonds)
do
94.9
94.3
98.1
98 2
96.5
99.7
101.2
102.8
96.8
94.5
100.7
99.3
103.3
Industrial (5 bonds)
do
96.0
96.3
99.8
94.1
95.0
95.6
95.0
96.7
96.0
101.2
102.7
103.5
95.6
Public utility (4 bonds)
__
do
87.2
82.2
82.1
87.5
86.9
83.5
82.2
84.7
82.1
85.9
89.5
89.8
89.1
Railroad (5 bonds)
do
126.2
122.6
123.1
124.5
134.4
124.4
127.0
125.7
129.4
127.8
132.5
126.5
134.3
Domestic municipal (15 bonds)
__do
100. 73
100. 84
101. 23
101. 20
100. 70
100. 78
100. 70
101. 59
103. 44
103. 95
102. 11
103. 89
100. 82
U. S Treasury bonds, taxable
do
Sales:
Total, excluding U. S. Government bonds:
All registered exchanges:
87, 151
98, 892
51, 238
90, 704
87, 363
60, 126
67, 055
145, 181
68, 289
63, 949
85, 862
60, 326
64, 886
Market value
thous. of dol
132, 534
123, 899
84,508
134, 381
67, 315
119, 745
95, 180
186, 213
90, 827
87, 497
121, 655
80, 312
81, 063
Face value
do
New York Stock Exchange:
85, 560
83, 047
81, 942
56, 161
62, 799
93, 971
48, 470
64, 672
137, 971
59, 511
78, 192
51, 284
56, 618
Market value
do
125, 834
79, 154
128, 055
117, 483
113, 325
89, 511
178, 255
63, 479
81, 663
86, 380
69, 316
112, 210
70, 705
Face value
_
___
-do __
New York Stock Exchange, exclusive of stopped
114, 479
104, 021
108, 954
69, 745
85, 367
111, 380
141, 873
55, 967
75, 831
81, 823
105, 990
73, 440
60,490
sales, face value, total
_ thous of doL.
41
52
51
79
185
125
16
39
73
60
306
219
14
U. S Government
do
114, 428
141, 748
103, 961
108, 902
69, 729
85, 288
111,195
55, 926
75, 525
105, 771
81, 784
73, 367
60, 476
Other than U. S. Government, total§
do _
106, 223
102, 419
131,041
63, 511
74, 326
51, 100
96, 286
69, 138
99, 580
73, 830
95, 246
63, 949
52, 588
Domestic
do
7,474
8,975
4,606
7,931
5,846
10, 721
7,013
8,581
6,198
6,431
7,344
9, 265
5,216
Foreign
do
'Revised.
i Less than $500,000.
§ Sales figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included also in computing average price of all listed
bonds.
fRevised series. The price series for high grade bonds is based on average yield of 12 bonds converted to a price basis by assuming a 23A percent bond with 30 years to maturity, while the
series for medium grade bonds are converted from yields of 14 bonds assuming a 3 percent coupon with 30 years to maturity; the latter replaces the series formerly shown for medium and
lower grade bonds. Both series are average of daily figures.
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
FINANCE—Continued
SECURITY MARKETS— Continued
Bonds—Continued
Value, issues listed on N. Y. S. E.:
Face value total all issuescf
mil. of dol_Domestic
do_ _
Foreign
do
Market value total all issues $
do
Domestic
do
Foreign
do
Yields:
Domestic corporate (Moody's)
percent..
By ratings:
Aaa
do
Aa
do _ _ _
A
do
Baa
do
By groups:
Industrial
do
Public utility
do
Railroad
do
Domestic municipal:
Bond Buyer (20 cities)
- - . do _ _
Standard and Poor's Corp. (15 bonds)
do
TJ S Treasury bonds, taxable ._ _ _ _ _ _ d o
137, 628
135, 210
2,168
141,236
139, 394
1,589
137, 666
135, 281
2,135
140,499
138,715
1,533
136, 711
134, 346
2,115
138, 336
136, 568
1,521
136, 879
134, 556
2,073
137, 509
135, 804
1,462
136, 727
134, 347
2,130
136,207
134, 500
1,469
136, 543
134, 173
2,120
136, 232
134, 537
1,458
136, 531
134, 170
2,111
136, 313
134, 645
1,427
134, 201
131, 835
2,116
134, 167
132, 544
1,379
134, 297
131,931
2,116
134, 546
132, 903
1,396
134, 300
131, 931
2,119
135, 370
133, 714
1,408
131,481
129, 116
2,115
133, 746
132, 085
1,415
131, 593
129, 230
2, 113
131, 645
129, 995
1,408
131 707
129 345
2 112
131,610
129 957
],412
2.80
2.85
2.95
3.02
3.12
3.12
3.12
3.10
3.05
3.02
3.00
3.04
3.09
2.56
2.64
2.81
3.17
2.61
2.69
2.86
3.23
2.70
2.79
2.95
3.35
2.77
2.85
3.01
3.44
2.86
2.94
3.16
3.52
2.86
2.94
3.17
3.52
2.85
2.93
3.17
3.53
2.83
2.90
3.13
3.53
2.78
2 87
3.08
3.47
2.76
2.86
3.06
3.38
2.76
2.85
3.03
3.34
2.81
2.89
3.07
3.37
2
2
3
3
2.63
2. 72
3.03
2.67
2 78
3.09
2.76
2 87
3.22
2.84
2 93
3.30
2.92
3.02
3.42
2.91
3 03
3.44
2 90
3 03
3 43
2 89
3 01
3 40
2 85
2 97
3 34
2 82
2 95
3 27
2.80
2 96
3.23
2.84
3 02
3.26
2 89
3 07
3 31
1.83
1.93
2.24
1.84
1.92
2.24
1.97
2 02
2.27
2.09
2 18
2.36
2.35
2.35
2.39
2.40
2 45
2.45
2 48
2 55
2 45
2.42
2 52
2.45
2 34
2 38
2 44
2 23
2 31
2 42
2.27
2 26
2.41
2.28
2 33
2.44
2 39
2 45
2 45
192 6
36.7
100.2
1.9
573 2
31.7
362.4
55 7
427 4
60.6
199.6
6.9
176 9
23.2
101.2
13
1 139 6
98 7
726.9
99.9
527 8
100.5
224.9
6 6
199 4
33.7
99.3
14
595 5
34.0
370.0
40 4
456 0
62 9
196.1
6 8
168 9
23 6
93.8
2 4
725 6
58.9
653.8
75 6
498 2
105 0
227.0
7 0
207 8
40 1
114. 0
2 2
.3
32 9
6.1
9.3
5.2
10.9
35 5
17.0
40.6
19.4
50.7
4/7 7
13.2
36.7
12.0
.3
35 9
4.0
8.5
2 5
13.1
46 0
51.3
67.3
36.4
53 7
50 5
23.7
55.9
12 0
3
37 2
8.2
17 1
2 2
10 6
56 0
22.4
43 5
18 6
54
52
30
42
11
3
5
1
1
2
3
35 3
3.0
76
2 9
14 6
43 5
38.9
40 1
23 7
54
44
14
34
12
34
6
7
2
2.42
2.38
3.18
1.91
2.32
1 88
46.77
46 52
57.96
31.26
5.17
5.12
5.49
6. 11
4 42
3.68
2.43
2.39
3 18
1.91
2.32
1 88
46.12
45 85
57.26
30 78
5.27
5 21
5.55
6 21
4 48
3.71
2.46
2.44
3 21
1.88
2 32
1 88
47.09
47 22
56 88
30 42
5.22
5 17
5.64
6 18
4 48
3 63
2.54
2.54
3 20
1.86
2 32
1 88
45.86
46 33
53 12
29 35
5 54
5 48
6.02
6 34
4 gg
3 57
2.55
2.56
3 20
1.85
2.32
1 88
46.85
47 34
53. 00
32 14
5.44
5 41
6.04
5 76
4 78
3 50
2.56
2 57
3 22
1 84
2 32
1 88
45.58
45 42
54 56
31 87
5 62
5 66
5 90
5 77
4 63
3 49
2.56
2 58
3 21
1 84
2 32
1 88
43.57
43 20
53 38
30 36
5 88
5 97
6 01
6 06
4 77
3 62
2.59
2 60
3 21
1 94
2 32
1 88
46.53
46 60
53 89
32 96
5 57
5 58
5 96
5 89
4 60
3 40
2.62
2 64
3 22
1 94
2 32
1 88
47.95
48 02
54 89
34 93
5 46
5 50
5 87
5 55
4 50
3 29
2.65
2 68
3 21
1 94
2 33
1 88
50.36
50 77
56 78
37 22
5 26
5 28
5 56
5 21
4 43
3 09
2.67
2 69
3 21
1 99
2 33
1 86
50.24
50 77
56 50
37 53
5 31
5 30
5 68
5 30
4 54
3 34
84
94
13
44
Stocks
Cash dividend payments publicly reported:
Total dividend payments
mil. of dol
Finance
- - - do __
Manufacturing
do
Mining
do
Public utilities:
Communications
- -- ..do
Heat light and power
do
Railroad
- - do_ __
Trade
- do _.
Miscellaneous
do
Dividend rates, prices, yields, and earnings, 200
common stocks, Moody's:
Dividend rate per share (200 stocks)*
dollars. _
Industrial (125 stocks)
do_,_
Public utility (25 stocks)
do _
Railroad (25 stocks)
- - - do
Bank (15 stocks)
do ___
Insurance (10 stocks)
do
Price, per share, end of month (200 stocks)*, .do
Industrial (125 stocks)
do
Public utility (25 stocks)
do
Railroad (25 stocks)
do
Yield (200 stocks) f
- - -Percent. _
Industrial (125 stocks)
do
Public utility (25 stocks)
do _
Railroad (25 stocks)
do
Bank (15 stocks)
do
Insurance flO stocks)
do
Earnings per share, quarterly: *
Industrial (125 stocks)
.dollars.Public utility (25 stocks)
do
Railroad (25 stocks) _
do
Dividend yields, preferred stocks, high-grade, 15
stocks (Standard and Poor's Corp. ) _ _ . percent. Prices:
Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924 = 100.Dow-Jonos & Co (65 stocks)
dol. per share
Industrial (30 stocks)
do
Public utility (15 stocks)
do
Railroad (20 stocks)
do _ _
Standard and Poor's Corporation:
Industrial, utility, and railroad :§
Combined index (416 stocks) . . .1935-39=100. _
Industrial (365 stocks)
do
Capital goods (121 stocks)
do
Consumers goods (182 stocks)
do _.
Public utility (31 stocks)
do
Railroad (20 stocks)
_ _
do_ Banks N Y C (IP stocks)
do
Fire and marine insurance (18 stocks)
do
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
mil. of dol
Shares sold
thousands.
On New York Stock Exchange:
Market value
mil. of doL.
Shares sold
thousands-.
Exclusive of odd lot and stopped sales (N. Y.
Times)
thousands. .
Shares listed, New York Stock Exchange:
Market value, all listed shares
mil. of doL.
Number of shares listed
millions. .
r
5.39
3.42
3.32
6.22
3.33
6.03
0
7
0
4
1
2.69
2 73
r 3 26
1 99
2 33
1 86
48.45
48 60
56 25
35 54
5 55
5 62
5 80
5 60
4 72
3 53
3
5
3
5
9
2.77
2 82
3 26
2 04
2 33
1 86
48.61
46 60
56 17
36 59
5 70
5 80
5 80
5 58
4 54
'3 49
v
6 32
3 34
2.85
6 75
* 3 64
p 7 05
1
3.71
3.72
3.86
4.01
4.07
4.13
4.18
4.12
4.12
4.09
4.04
4.10
78.3
64.36
180 08
35 58
48.73
77.5
63. 39
176 82
35 25
48.10
78.7
63 93
181 92
35 48
49 44
75.8
63 98
181 42
34 10
47 79
76.8
63 66
179 18
33 04
49.46
73.9
63 61
176 26
33 06
51 44
70.5
60 91
168 47
31 95
49 19
75.5
61 75
169 94
32 24
50 64
78.0
66 03
180 05
33 75
56 03
82.8
69 11
186 38
35 16
60 32
82.3
70 61
191 05
35 73
61 37
78.2
69 97
187 05
35 39
62 34
77.7
67 99
181 77
34 65
60 29
124.4
130.2
117.1
132.4
101.4
105.2
98 0
116.1
123.1
128.4
115 7
130.5
102 0
103.6
97 5
114.0
125.1
131.1
119 2
132.8
101 0
104.2
96 7
116.4
123.6
130.3
118 9
131.1
97 2
100.1
94 8
117.3
122.4
129 2
117 5
128.4
94 0
103 9
91 o
116.9
120.1
126 0
115 0
125 1
95 1
106 5
93 9
119.6
114.2
119 2
108 9
117 8
92 6
101 9
91 2
117.7
116.4
121 8
111 4
118 9
93 0
105 2
92 5
119.5
124.6
130 8
119 9
125 6
96 2
115 2
94 2
125.4
130.2
136 9
125 0
131 1
99 2
122 6
97 5
131.1
135. 1
142 7
129 8
135 3
100 6
125 6
96 6
132.7
131.9
138 9
126 8
132 0
99 5
124 7
94 3
127.3
127. 1
133 5
121 fi
128 3
Q7 1
119 7
95 0
122.8
728
29, 662
722
31 649
1 230
55, 736
812
37, 277
1 178
53 160
924
40 123
777
34 336
897
41 447
1 433
63 059
1 717
77 141
1 456
62 659
1 108
45 256
7/tfV
30 823
624
21, 600
611
21, 556
1,043
40, 620
681
26, 326
1 003
38, 688
785
28 696
659
24 704
759
29 774
1 219
45 304
1 468
57 504
1 225
46 322
934
32 877
624
21 758
4.20
14, 153
16, 017
28, 635
16, 371
27 605
20 218
16 801
22 993
34 613
42 769
30 922
24 585
15 039
68, 184
1,862
67, 522
1,870
68, 884
1,879
67, 026
1,896
68, 313
1,907
66, 090
1,923
63,158
1,928
67, 757
1,933
70, 262
1,938
74, 704
1,962
74, 507
1,977
71, 056
1,991
70, 862
1,998
l
Revised.
*> Preliminary.
Data based on 14 stocks.
c? Total includes bonds of the International Bank for Reconstruction and Development not shown separately.
§ Number of stocks represents number currently used; the change in the number does not affect the continuity of the series.
*New series. The new series on dividend rates for 200 common stocks, which replace similar data formerly shown for 600 stocks, price per share, and earnings and the revised series for
yields of 200 common stocks are for an identical list of companies. Dividends are at annual rates and are determined at the end of the month on the basis of the most recent declarations.
Yields are obtained by dividing per share dividends by per share prices. Earnings are net after taxes and contingencies less preferred dividend requirements (whether actually paid or not)
and are quarterly earnings (partly estimated) at annual rate; for utilities only they are for the 12 months ended each quarter. The number of shares used to obtain per share figures represents
number outstanding per companies' balance sheets adjusted for stock splits, etc., so as to be comparable with number outstanding December 31, 1946. A more complete description of ths
series and data beginning 1929 will be published later.
t Revised series. The yield series for utility stocks has been revised to include only operating utilities beginning 1946 and earlier data have been revised back through 1942. There have
been minor revisions in the yield series for industrial and insurance stocks and revisions in the railroad series beginning in 1946. All revisions will be shown later.
STJBVEY OF CUREENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-21
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
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
255
337
132
242
315
130
263
346
131
237
315
133
229
312
136
213
290
137
208
289
139
223
304
136
219
299
136
216
293
136
198
269
136
197
272
138
108
127
118
126
148
118
136
158
117
118
141
120
143
176
124
140
175
125
141
180
128
154
200
130
126
165
131
132
170
130
146
187
129
134
177
132
98
94
98
82
105
80
'92
r77
93
80
86
87
85
104
91
103
80
101
79
99
73
95
88
121
do
do
184
170
172
143
183
144
154
135
147
133
134
142
139
175
143
162
133
163
124
146
123
149
148
188
do
do
74
80
93
98
101
102
89
96
114
118
123
115
111
107
124
109
86
80
96
99
112
122
93
103
do
'
12 240
4,701
10 577
4, 375
10 461
4,454
9 180
4,133
6 575
4, 509
5 796
3,959
5 312
4, 173
5 125
5,036
4 780
4,438
r 7 78i
r
4, 682
8 069
5,731
1 265
1, 112
153
1 185
1,068
117
1 305
1,199
105
1 185
1,095
90
1, 172
1,046
126
1,092
925
165
1 086
920
166
1, 141
943
197
1, 123
936
187
1,103
921
182
1,013
0)
(i)
1,022
0)
0)
70 452
227, 876
469 205
174, 921
126 228
196, 569
65, 753
191, 885
448, 894
176, 814
125, 380
176, 381
76 732
217, 620
445, 382
202, 801
166, 085
195, 984
72 208
203, 075
398 212
181, 038
149 991
180, 402
57, 507
215, 258
388, 700
152, 054
161, 063
197, 889
68, 967
187, 796
401, 617
138, 327
118,805
176, 117
62 374
195, 440
398 462
141, 514
113 746
174, 870
66, 134
190, 628
408, 665
151,301
126, 080
197, 952
78 626
201, 102
374, 279
150, 817
127, 878
190, 133
63, 827
193, 251
352, 362
171, 622
149, 339
172, 548
64, 596
180, 610
335, 652
178, 846
119, 129
134, 267
68, 022
209, 377
333, 475
155, 105
114, 893
141, 468
5,383
36, 807
6,397
29, 911
3,935
35, 858
4,718
34, 243
3,514
32, 513
2,439
38, 273
3,058
36, 698
2,862
36, 610
3,455
49, 593
2,314
40, 484
3,322
41, 309
3,319
44, 376
23, 822
5, 619
19 692
24, 521
56, 224
6 236
32, 689
19, 752
5,733
12, 069
29, 132
33 763
4 831
34, 163
21,314
5, 993
11,947
31, 732
32, 755
5 478
41, 507
19, 869
5,742
15, 835
26, 091
32, 365
8 728
40, 202
21,324
6,901
18, 682
30, 219
38, 397
5,818
40, 486
14, 203
6,733
18, Oil
29, 354
30, 239
6,967
42, 632
9,706
7,962
21 , 891
18, 006
37, 888
5 536
43, 584
9,201
6,868
23. 504
18, 489
24, 108
6,248
41, 540
6,446
11,177
31, 364
32, 762
11, 797
8,308
41, 851
8,788
10, 760
35, 494
25, 005
12, 093
7,435
39, 530
6,814
7,913
22, 824
32, 301
17, 474
7,473
36, 857
7,881
7,227
26, 633
26, 519
46, 791
8,528
39, 633
56, 808
59, 587
31,412
4,051
94, 466
64, 542
46, 660
38, 430
3, 032
88,500
57, 924
45, 935
37, 136
9, 158
92, 622
57, 764
29, 016
40, 663
10, 384
62, 726
56, 049
41, 761
32, 308
15, 137
58, 049
70, 859
62, 015
36, 442
7,479
72, 397
57, 195
61, 209
40, 1 65
5,175
60, 078
64, 467
91, 174
41, 212
8,176
51, 716
59, 387
88, 641
45. 730
3,981
43, 604
69, 399
61, 516
47, 589
204
45, 726
48, 016
89, 525
25, 022
23
40, 342
37, 495
80, 821
21, 990
412
65, 679
170, 532
308, 657
74, 135
44, 856
10, 602
14, 324
33, 287
44, 846
31, 364
1,255
172, 643
288, 697
64, 950
40, 252
8,530
12,285
35, 073
43, 331
33, 870
1,175
198, 582
344, 708
59, 451
52, 872
11, 605
17, 934
48, 450
52, 977
37, 065
1,287
176, 213
315, 088
58, 024
45. 525
8.193
18, 297
51, 383
52, 215
34, 514
1,173
146, 956
341, 226
56, 811
55, 316
9,873
20, 559
45, 770
60, 022
40, 183
1,164
136, 707
280, 894
51, 065
45, 779
8,028
19, 099
33, 752
44, 252
35, 359
1, 082
139,200
270, 928
48, 249
45, 649
5,909
20, 438
37, 017
37, 121
38, 397
1, 076
148, 783
306, 205
48, 865
63, 135
5,662
20, 694
39, 325
45, 597
40, 807
1,130
148, 416
300, 037
46, 512
46, 154
7,028
21, 902
40, 207
47, 132
46, 493
1,113
168,649
303, 892
38, 401
43, 023
5, 342
20, 353
50, 130
45, 810
48,719
1,092
176, 356
237, 202
27, 330
19, 945
10, 141
14, 264
32, 858
46, 454
44, 359
r
1,003
152, 713
240, 228
21, 850
37, 090
6, 372
13, 717
30, 911
46, 854
43, 671
1,013
120, 907
138, 039
139, 696
170, 180
686, 022
128, 471
105, 187
138, 094
150, 667
652, 283
140, 273
103, 710
149, 059
156, 220
737, 953
122, 798
102, 131
126, 382
145, 597
676, 453
125, 494
118, 375
100, 350
135, 882
683, 446
112, 204
99, 125
118,126
130, 409
621, 896
108. 651
118, 742
100, 970
120, 846
626, 49C
108, 369
104, 258
124, 574
129, 986
663, 347
86, 289
89, 745
128, 697
122, 428
685, 409
125, 954
74, 582
129, 797
121,116
640, 260
115, 550
81,311
112, 758
113,331
580, 447
130, 592
113,461
103, 384
115, 231
550, 502
308, 739
5,714
22 Oil
178, 628
20 754
290, 208
18 227
25 995
146, 133
25 459
308, 913
21 924
29 233
144, 522
19, 185
283, 075
24, 525
27 074
135, 368
20, 598
290, 058
37, 467
22, 381
137, 566
13, 703
281, 774
42, 633
20, 507
147, 420
12, 383
281, 195
33, 620
28, 424
141, 755
14, 429
274, 579
31,282
27 754
132, 856
9,235
272, 097
40, 439
25, 298
131, 062
9,873
238, 301
26, 475
17, 893
136, 580
10, 448
280, 940
28, 673
15, 844
159, 462
11, 608
1923-25—100
do
do
do
do
do
1924-29— 100
do
r
SHIPPING WEIGHT
Water-borne trade :d"
General imports
VALUE
Exports including reexports total!
mil of dol
Commercial
do
Foreign aid and relief §
do
By geographic regions:
Africa
thous of dol
Asia and Oceania!
do
Europe!
do
Northern North America
do
Southern North America
do
South America
do
Total exports by leading countries:
Africa:
Egypt
do
Union of South Africa
do
Asia and Oceania:
Australia including New Guinea
do
British Malaya
do
China
do
India and Pakistan
do
Japan!
do
Netherlands Indies
do
Republic of the Philippines
do
Europe:
France
do
Germany!
.
.
do
Italy!
do
Union of Soviet Socialist Republics
do
United Kingdom
do
North and South America:
Canada
do
Latin American Republics, total
do
Argentina
do
Brazil
.
do .
Chile
do
Colombia
do
Cuba
do
Mexico
do
Venezuela
do
Exports of U. S. merchandise, total ! mil. of dol
By economic classes:
Crude materials!
thous. of dol
Crude foodstuffs!
_
do
Manufactured foodstuffs and beverages! .do
Semimanufactures!
do
Finished manufactures!
do
By principal commodities:
Agricultural products, total!
do
Cotton unmanufa"tured!
do
Fruits vfTetables and preparations! do
Grains and preparations!
do
Packing house products!
do
r
r
T
r
r
295, 615
45, 904
35 084
127, 257
21, 867
T
794, 656
732, 230
765, 097
819, 597
834, 756
800, 000
873, 489
890, 286
884, 492
837, 967
978, 303
Nonagricultural products, total!
do
946, 105
14, 149
10, 591
19, 222
14, 791
10, 586
12, 937
13, 613
10, 576
19, 899
16, 209
14 501
13, 365
Aircraft parts and accessories
do
64, 084
83, 931
74, 898
72, 485
76, 732
86, 321
90,012
83, 819
83, 163
98, 504
91, 303
Automobiles, parts, and accessories
do
101, 052
64, 498
63, 415
68, 089
66. 275
63, 041
72, 509
70, 281
69, 666
70, 935
73, 958
67, 286
76, 604
Chemicals and related products!
do
11, 184
10, 975
10,615
12, 589
7,884
11, 102
13, 982
9,188
10, 384
11,036
10 079
Copper and manufactures
do
11, 210
48, 479
51, 322
61, 044
67, 058
75, 126
72, 067
75, 472
51, 332
63, 708
66, 903
57, 808
67, 099
Iron and steel-mill products
do
172, 342
184, 172
198, 453
201, 602
215, 336
204, 975
201, 453
217. 486
213, 963
209, 648
175 768
182, 422
Machinery total!
do
34, 066
28, 606
33, 484
28, 564
29, 373
27. 556
29, 358
29, 905
39, 024
32, 983
26, 234
28, 528
Agricultural
do
42, 884
37, 502
34, 345
47, 560
46, 159
47, 692
49, 215
51, 624
50,128
48, 973
42, 785
42 945
Electrical!
do
14. 990
13, 352
11, 903
16, 615
15, 654
11,477
11, 685
14, 437
15, 760
13, 219
15, 980
13, 769
Metal working
do
103, 673
89, 847
96, 008
108, 953
101, 772
104, 170
100, 051
86, 266
97, 426
99, 590
82, 491
86, 508
Other industrial
do
44, 168
47, 250
51, 469
67, 864
61, 395
49, 409
55, 572
60, 388
58, 845
51, 337
53, 459
57, 259
Petroleum and products!
do
81, 522
62, 166
87, 005
67, 328
83, 129
74, 897
77, 457
98, 946
118, 671
105, 207
78, 626
Textiles and manufactures!
do __. 119, 703
r
Revised. 1 Not available; see note marked "!". cf Unit changed from millions of pounds to thousands of long tons (2,240 pounds) as shown in 1947 Supplement.
§ The series includes UNRRA shipments and shipments under the various foreign aid programs initiated during 1947 (U. S. Foreign Relief, Interim Aid, and Greek-Turkish Aid, Government procured items), the Economic Cooperation Administration Program which began in April 1948, and Army civilian supply shipments (see marked " 1"). Separate figures for foreign aid
and relief, other than Army civilian supply shipments, are not available after May 1948; moreover, some goods classified in previous months as commerical exports were subsequently financed
by E. C. A. and Interim-aid authorizations.
! The indexes of exports of agricultural products beginning in the May 1948 Survey, and other indicated export series beginning in the April 1948 issue, include Army civilian supply shipments (with the exception of shipments of petroleum and petroleum products other than asphalt for road building) initiated during the war period to furnish relief to the civilian populations
in occupied areas. These shipments totaled 910 million dollars in 1947; data were not reported prior to 1947. Estimated total Army civilian supply shipments for 1944-46, based on data reported by the Army and Navy, are as follows (millions of d9llars): 1944, 155; 1945, 724; 1946, 447. These 1944-46 totals include petroleum and petroleum products which are not included in
1947 and 1948 data as indicated above. "Total exports including reexports" includes comparatively small amounts under the lend-lease program which have not been shown separately since the
March 1948 Survey.
SUBVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
FOREIGN TRADE—Continued
VA LUE— Continued
General imports, totaL
thous.ofdol
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:
Africa:
Egypt
do
Union of South Africa
do
Asia and Oceania:
Australia, including New Guinea
do
British Malaya _.
_ do
China
- do
India and Pakistan
do
Japan
_ . d o
Netherlands Indies
do
Republic of the Philippines
.
- do
Europe:
France
do
Germany
do
Italy
_
do
Union of Soviet Socialist Republics., do __
United Kingdom
__
do...
North and South America:
Canada _
_
.do
Latin American Republics, total
do
Argentina
do. ..
Brazil
.
do
Chile
do
Colombia..
do
Cuba
do
Mexico
do
Venezuela
.
do
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 products, total
do
Coffee
do
Hide55 and skins
do
Rubber, crude including Guayule
do
Silk, unmanufactured
. do
Sugar
_
_ do
Wool and mohair, unmanufactured
do
Nonagricultural products total
do
Furs and manufactures
do
Nonferrous ores, metals, and manufactures,
total
thous. of dol
Copper incl ore and manufactures do
Tin, including ore
do
Paper base stocks
do
Newsprint
do _
Petroleum and products
do
r
400 217
473, 128
491, 618
454, 462
602, 841
545, 791
582, Oil
665, 955
527, 676
549 313
615 606
24, 433
56, 667
64 101
88, 616
78, 673
87, 726
43, 957
77, 879
76, 724
101, 121
70, 076
103, 370
24,311
88, 400
78, 740
108, 560
71, 556
120, 051
26, 179
92, 748
67, 022
94, 324
71, 141
103, 049
49, 749
121, 481
78, 766
121, 274
94, 359
137, 213
26, 523
124, 149
79, 149
105, 839
60, 230
149, 901
45, 513
122, 002
85, 649
101, 552
93, 771
133, 525
44, 454
138, 879
98, 964
128, 806
114, 964
139, 887
29, 285
112, 286
80, 725
114, 509
88, 248
102, 624
35, 506
112, 298
83, 462
120, 261
84, 892
112, 893
28, 868
137, 659
95 043
129, 274
76, 690
148, 072
31 932
117, 739
87 596
125, 804
73 173
122, 293
2 637
7,153
13 393
15, 708
1,835
12, 749
106
195
17, 680
1,797
9,608
2 486
11, 836
1 980
12, 983
215
15, 003
9,445
301
12, 126
9,978
1 577
12 580
5,341
14, 212
3,033
13, 759
2,479
2 975
9,055
5,781
16, 407
5,390
24, 811
1,444
1,365
10, 038
3,674
15, 789
6,626
21, 568
4,049
3,474
12, 595
9,325
15, 804
8,420
18, 784
2,524
1,572
15, 130
11,542
25, 416
15, 002
21, 270
4,450
2,345
20, 641
4,835
32, 504
6,478
22, 915
2,958
2,717
21, 883
11, 133
20, 304
12, 299
27, 383
4,385
3, 255
18, 912
24, 393
23,011
10, 590
22, 512
4,643
4 908
23, 990
7,287
16, 684
7,778
35, 563
4,019
3, 511
16, 942
5,589
20, 237
9. 133
28, 457
3,787
2 942
17, 632
13, 242
22, 204
10, 232
27, 464
5,671
6 072
25, 381
13, 468
23, 885
11, 336
22, 323
6,750
5 876
15, 387
2 783
3 408
3,493
4,568
464
558 536
484
635
971
2,188
2,508
17, 128
3,040
13, 994
15, 702
4,958
7,835
18, 424
3,997
5, 101
15, 468
3, 053
1,078
6, 105
5,027
18, 487
4,863
1,208
6,036
5,547
21, 863
4,642
2,705
5,721
1,953
20, 184
6 485
1,734
8,414
7,045
25, 578
4,858
1,358
9, 135
6,682
23, 869
4 605
1,501
7,210
7,371
20, 633
7 455
1 989
7,214
7,400
26, 314
6 190
3,062
5,941
5,705
24, 210
84, 866
158, 859
5,817
28, 236
11,602
13, 759
45, 133
16, 749
14, 016
404, 630
97, 317
167, 058
7,239
46, 705
9.076
14, 694
32, 449
21, 778
15, 657
473, 101
105, 380
183, 429
11,453
46, 741
11,243
23, 320
37, 626
19, 273
14,596
504, 914
91, 806
165, 179
12, 732
39, 561
10, 460
17, 615
36, 887
15, 732
12, 854
448, 585
117, 260
220, 940
17, 212
48, 623
14, 080
23, 761
42, 70«
23. 832
18, 464
562, 365
101, 467
200, 286
31, 674
42, 906
12, 675
27, 794
12, 098
19, 573
18, 822
556, 754
99, 895
212, 731
17,658
44, 165
17, 142
18, 135
34,681
25, 320
19, 986
573, 674
126, 629
237, 245
19, 723
40, 684
17, 874
17, 442
47, 195
27, 204
26, 880
638, 227
112, 951
176, 906
12, 464
30, 850
15, 697
8,694
33, 763
24, 227
23, 344
525, 182
116, 194
186, 486
11, 906
35, 984
13, 706
14, 182
38, 990
17, 533
22, 735
543, 603
125, 531
213, 040
17, 600
52, 445
18 004
19, 963
30 686
17, 051
25, 693
595, 911
122, 336
184, 223
16,104
36, 230
15, 815
21, 145
29, 810
18, 814
19, 863
563, 310
112, 868
60, 586
55, 678
102, 662
72, 836
142, 935
85, 483
49, 993
103, 775
90, 915
149, 385
91, 603
58, 237
110,476
95, 213
133, 887
83, 069
51, 820
100, 598
79, 211
156, 474
125, 748
60, 865
131, 539
87, 843
197, 840
108, 029
34, 905
121, 347
94, 633
177, 453
115,914
55, 917
133, 772
90, 619
195. 293
122, 012
70, 129
140, 922
110,164
168, 499
34, 856
4,428
17, 113
201, 071
57, 172
4,367
14, 924
227, 087
59, 827
6, 152
16, 190
204, 691
49, 349
8,696
18, 006
272, 553
68, 656
20,793
31, 827
277, 348
62, 324
12, 592
22, 459
143
276
828
982
6,090
39, 259
284, 201
16, 791
30, 796
30, 597
296, 326
18, 355
310, 208
63, 435
10, 587
29, 639
1, 863
39, 813
34, 803
327, 981
11, 996
25, 525
24,612
300, 636
9,600
38, 444
12, 425
9,335
25, 305
29, 375
29, 398
47, 138
19, 129
5, 692
30, 978
27, 483
30, 371
49, 643
19,027
7, 613
28, 873
37, 367
37, 277
598 416
688
701
]39
555
276
37, 386
12,317
236, 130
5,576
26, 632
15, 024
272, 030
18, 756
29, 559
16, 323
277, 827
11, 566
28, 178
15, 702
243, 895
9,408
271, 896
69, 729
12, 390
25, 739
1,098
38, 368
11,107
290, 469
12, 001
45, 017
17, 369
9,109
36, 557
27, 747
19, 284
45, 121
16, 847
13, 913
25, 191
32, 601
19, 708
42, 116
18,229
7,550
27, 055
31, 933
20, 191
35, 753
15,110
5,224
25, 396
28, 267
21, 899
51,618
21, 091
9,927
27, 354
34, 721
28, 743
153, 039 ' 153, 254
85, 284
95, 101
56, 028
63, 262
121, 298 ' 130, 225
' 109, 555 101, 761
r
187, 217
106, 830
61, 135
133, 358
107, 371
30, 254
20, 269
306, 516
15, 276
268, 016
67, 392
8,694
26, 688
2,174
22, 164
29, 007
327, 895
14, 503
238, 887
50, 357
10, 040
27, 233
3,316
22, 470
25, 142
324, 423
10, 104
44, 661
15, 376
8,452
22, 347
32, 801
32, 341
49, 045
13, 499
13, 225
28, 967
34, 395
30, 204
50, 995
18, 967
13, 947
32, 296
34, 843
34, 612
588 649
169, 296
89, 079
57, 206
138, 525
109, 204
52, 533
19, 224
7,965
29, 563
33, 093
32, 655
224, 546
39, 531
8,110
16, 405
237, 036
52, 654
6,961
16,335
TRANSPORTATION AND COMMUNICATIONS
TR AN SPORTATION
Airlines
Operations on scheduled air lines:
Miles flown, revenue
thousands..
Express and freight carried
short tons..
Express and freight ton-miles flown..thousands._
Mail ton-miles
flown...
do
Passengers carried, revenue
do
Passenger-miles flown, revenue
do
4,749
2,483
1,253
600, 262
27, 515
9,975
5,837
2,468
1,235
599, 683
28, 373
14, 207
8,203
2,791
1,195
569, 885
24, 280
11, 575
6,690
2,578
904
427, 686
24, 599
14,112
7,993
3,688
853
432, 548
Express Operations
Operating revenue
thous. of dol_
Operating income
do.__
24,406
47
26, 668
17
26,183
27,790
119
Local Transit Lines
Fares, average cash rate
cents
Passengers carried, revemiejmillions..
Operating revenues
thous. of dol
8.1134
1,429
111, 300
8.1854
1,472
113,300
8. 2104
1,570
121, 200
8.3073
1,478
115, 600
393, 637
20, 978
10, 582
6,199
2,618
694
349, 934
24, 849
12, 793
7,817
3,045
881
431,156
25, 710
12, 422
7,446
2,819
1,017
473, 950
27,176
13, 275
8,406
2,923
1,131
527, 924
28,050
13,069
8,097
2,868
1.187
575,019
29, 444
11,998
7,296
2,764
1,181
546,018
32,075
75
26, 575
73
25, 910
78
26,355
5
25, 318
131
21, 877
1
23, 632
25
23,180
20
8.3406
1,584
127,000
8. 4043
1,537
120,100
8. 4652
1,438
111, 100
8. 5234
1,581
121, 800
8. 5816
1,491
119, 500
8.6093
1,487
120,200
8. 6591
1,437
118, 300
8.9140
1,356
123, 700
8. 9694
1,342
3,824
916
75
205
225
55
63
499
1,787
3,078
730
60
166
144
34
56
434
1,454
2,954
510
53
181
141
35
64
461
1,509
2,984
408
40
173
153
49
204
447
1,510
4,404
992
72
224
200
63
395
544
1,913
3,524
795
58
189
199
42
332
408
1,499
4,183
786
67
246
322
44
408
487
1,823
3,562
746
59
212
223
43
311
420
1,548
Class I Steam Railways
Freight carloadings (A. A. R.)'H
4,424
3,164
3,808
3,600
Total cars
thousands._
934
714
758
713
'710
Coal
do.
74
60
60
54
'56
Coke
....do.
222
168
191
191
'197
Forest products
do.
245
216
177
210
'246
Grains and grain products
do.
93
91
50
74
'49
Livestock
do.
274
238
66
299
'323
Ore
do432
491
588
467
'463
Merchandise, 1. c. 1
do.
1,495
1,592
1,728
2,030
'1,594 1
Miscellaneous
do.
r
Revised.
IData for November 1947 and January, May, and July 1948 are for 5 weeks; other months, 4 weeks.
JFigures for January-March 1946 revised; see note marked "t" on p. S-22 of the July 1948 Survey.
23, 624
11, 754
6,850
2,737
752
SUEVEY OF CURRENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-23
1947
August
September
October
1948
November
December
January
February
March
April
May
June
August
July
TRANSPORTATION AND COMMUNICATIONS—Continued
THAN SPORTATION—Continued
Class I Steam Railways—Continued
Freight carloadings (Federal Reserve indexes) :
Total, unadjusted
1935-39= 100. .
Coal
.
do
Coke
do
Forest products. __ .
_
do..
Grains and grain products _.
do
Livestock.. _ _
do
Ore
do
Merchandise, 1. c. 1
do
Miscellaneous
_ do __
Total, adjusted
do
Coal..
. . . .
do
Coke
do
Forest products. . . .
_
.do
Grains and grain products
..
Livestock
do
Ore
do
Merchandise, 1. c. 1
_.
do
Miscellaneous
do
Freight-car surplus and shortage, daily average:
Car surplus, total
number
Box cars
do
Coal cars§
do
Car shortage, total
... do __
Box cars - .
do
Coal cars§
do
Financial operations (unadjusted):
Operating revenues, total _
thous. of dol_.
Freight
do
Passenger
.
do _.
Operating expenses
do
Tax accruals, joint facility and equipment rents
thous. of dol_.
Net railway operating income
do
Net incomej
do
Financial operations, adjusted:
Operating revenues total
mil of dol
Freight
do
PassenCTer
do
Railway expenses
do
Net railway operating income
do
Net income
do
Operating results:
Freight carried 1 mile
IL mil of ton-miles
Revenue per ton -mile
cents
Passengers carried 1 mile
millions
150
160
195
147
142
133
163
77
158
147
160
195
150
145
105
163
75
151
139
155
201
141
130
92
60
71
147
149
155
191
158
138
96
192
74
156
133
155
192
137
132
81
45
65
139
145
155
183
153
132
84
180
68
152
129
150
188
135
101
61
49
69
137
139
150
178
140
103
76
195
71
146
122
98
163
146
100
62
57
73
142
130
98
162
146
109
79
195
72
150
128
105
134
141
108
94
212
70
143
130
105
137
141
123
105
213
70
145
143
163
183
145
113
86
277
69
144
141
163
185
139
129
96
213
69
143
144
153
183
156
147
74
296
66
144
139
153
187
150
144
86
191
66
140
143
144
177
165
189
66
296
63
142
138
144
183
165
158
86
185
64
141
146
153
187
171
156
76
273
67
146
142
153
194
162
144
80
182
66
145
942
132
0
40, 103
20, 819
15,045
2,505
75
0
27, 865
16, 631
10, 129
5,886
712
143
12, 146
5,643
6,047
12,013
3,600
934
8,747
2,888
5,468
6, 657
1,817
132
13, 030
4,922
7,586
35, 244
2,585
27, 938
7,783
2,974
4,374
104, 170
3,459
95, 106
2, 330
1,079
1,058
14, 515
5,824
109
13,282
1,133
11,500
15,633
9,938
14
15, 350
2,002
12, 637
16, 942
1,736
11, 539
14. 108
5,020
8,279
5, 392
486
47
19, 095
5, 210
12, 985
726, 550
593, 089
80, 369
588, 591
794, 165
664, 648
75, 009
611,872
755, 324
625, 241
73, 661
595, 315
807, 428
627, 816
89, 461
631, 150
750, 735
613,361
80, 897
615, 856
715,891
589, 894
72, 065
586, 356
776, 616
642. 346
74, 398
618, 759
728, 969
601,376
69, 490
585, 625
796, 403
666, 984
71,786
616,231
838, 106
690, 838
84, 251
626, 080
841,994
685, 426
95, 094
626, 159
868, 089711, 360
92, 511
637, 362
' 98, 875
' 81, 146
51 343
89, 979
47, 979
20, 147
105, 860
76, 433
48, 904
94, 432
65, 577
43, 358
96, 255
80, 023
60,212
93, 582
41,297
18, 707
90,110
39, 425
17, 798
97, 132
60,724
35 447
90, 239
53, 104
26, 916
89, 993
90, 178
63,715
87, 047
124,979
94, 071
110, 578
105, 257
76, 474
115, 033
115, 695
719 4
581.2
83 8
655.4
64 0
31.0
716.3
583.4
80.7
680.5
35.8
3.5
739.1
611.7
76.7
696.3
42.8
9.4
786.0
653. 4
77.0
707.6
78.4
46.9
805. 7
636.9
87.8
722.5
83.2
49.8
766.6
624.1
84.7
707.0
59.6
27.8
781 1
644.2
77 4
710.5
70 6
38.3
760 8
623.3
75 5
705.4
55 4
22.2
726.1
593.6
72.1
684.4
41.7
8.8
794.7
665.0
72.8
701.0
93.7
61.8
855.6
710. 3
81.6
719.0
136.6
»• 102. 5
818.6
669.8
87.5
726.8
91.7
57.6
61 650
1 029
4 481
59 406
1.057
3,855
64 592
1.089
3,450
59 656
1.114
3,342
57 332
L159
3,948
55 125
1.197
3,654
53 579
1.176
3 198
52 466
1 300
3 271
49 902
1.284
3,043
60 250
1.183
3,151
58 231
1.262
3,660
57 995
1.261
4,094
9 991
4,697
5 294
9,196
4,272
4,924
9,153
4,451
4,703
7,905
3,633
4,273
6,535
2,820
3,715
6,400
2,774
3,625
6,446
2,815
3,631
7,002
2,998
4,005
6,826
3,106
3,720
8,167
4,063
4,099
8,765
4,461
4,304
9,004
4,407
4,507
1,928
1,813
886
1,889
1,032
1,886
1, 124
2,162
1,223
1,935
1,111
2,098
1,092
2,143
1, 165
2,064
1, 184
1,990
964
2,125
1,044
1,940
1,117
5.16
246
5.07
92
238
5.14
93
226
5.28
87
234
4.91
78
202
5.06
86
227
5.03
88
211
4.81
89
206
5.35
89
245
4.91
89
246
5.27
89
248
5.12
83
227
5.62
88
236
56 855
39, 577
1 997
13, 433
15, 277
2,855
60 324
34, 112
2,429
13, 853
12, 182
1,185
46, 492
32, 168
2,047
14, 880
13, 402
598
36, 074
25, 099
1,702
15, 618
10, 456
253
37, 411
31, 743
1,566
14, 879
11, 786
171
38, 380
36, 317
46 695
42, 469
47 587
44, 295
41, 823
40, 260
37, 517
40, 803
14, 126
14, 833
176
14, 272
17, 915
208
14, 567
26, 883
258
14, 211
25, 110
351
12, 742
27, 304
689
12, 345
30, 372
1,454
21,699
2,613
16, 168
2,800
1, 166
8 712
1,104
8,374
1,028
8,924
1,000
8,737
1,020
9,762
1,202
10, 610
1,048
9,328
1,045
9,364
975
8,676
935
8,254
1,040
9,516
1,028
9,334
210 070
114, 836
78 063
172 006
16, 305
30 794
213, 422
118, 134
77, 929
175, 079
16, 890
31 058
222, 090
121, 969
82, 528
179, 941
19, 202
31 421
217, 513
121, 596
78, 132
172, 927
20, 818
31 721
230, 620
127, 132
85, 189
184, 807
22, 010
32 094
229, 797
129, 809
81, 821
182, 116
21, 611
32 385
225, 584
128, 440
78, 490
174, 364
23, 956
32 628
237, 939
132, 124
87, 003
187, 252
23, 800
32 934
235, 094
132, 437
83, 653
183 836
24, 130
33 186
238, 347
133, 426
85, 348
185, 762
25, 250
33 499
241, 148
135, 379
85, 868
189, 214
24, 702
33, 769
16, 147
14 444
16, 370
14 466
922
16, 663
14, 530
1,128
14, 650
14, 236
d
568
16, 427
14, 633
1,091
15, 192
14, 508
d
309
14, 084
13,d210
16, 055
14, 190
900
15, 014
14, 224
d
15, 482
14, 610
d
16, 508
14, 759
741
15, 107
15, 091
d
759
1,974
1 800
d
1,996
1 820
6
2,062
1,890
d
1,931
1,837
d
2,307
1,872
125
1,773
1,538
1,629
1,567
d
123
1,885
1,843
2,089
1,787
2,012
1,758
92
60
2,065
1,702
170
2,005
1,842
102
1,815
1,961
d
%18
1,853
1,923
d
1,991
1,878
49
1,767
1,934
d
239
2,108
2,093
1,854
1,812
d
19
1,760
1,d765
1,817
1,896
d
140
1,807
1, 779
* 43
1,846
1,857
d
1,931
1,832
12
1,869
1,849
148
146
153
153
178
161
153
139
272
77
157
142
153
180
149
137
105
181
73
145
2,391
31, 766
16, 336
14,310
1,322
238
0
34, 443
17, 165
14, 913
«• 745, 976
f 596, 973
•• 94, 002
' 565, 956
177
160
175
87
284
73
150
143
146
184
152
162
92
190
73
149
175
110
156
156
188
155
152
161
235
78
163
' 145
156
192
147
152
104
163
75
149
Waterway Traffic
Clearances, vessels in foreign trade:
Total, U S ports
thous net tons
Foreign
do
United States
do
Panama Canal:
Total
thous. of long tons
In United States vessels
do
Travel
Hotels:
Average sale per occupied room
dollars..
Rooms occupied
percent of total
Restaurant sales index, same month _ _ _ 1929 =100. _
Foreign travel:
U S citizens arrivals
number
U S citizens, departures
do
Emigrants
do
Immigrants
do
Passports issued
_ __
_
do
National parks, visitors
thousands
Pullman Co.:
Revenue passenger-miles
millions
Passenger revenues
thous of dol
982
93
COMMUNICATIONS
Telephone carriers:!
Operating revenues
thous of dol
Station revenues
do
Tolls, message
do
Operating expenses
do
Net operating income
do
Phones in service end of month
thousands
Telegraph, cable, and radiotelegraph carriers:
Wire-telegraph:
Operating revenues
thous. of dol
Operating expenses incl depreciation
do
Net operating revenues
do
Ocean-cable:
Operating revenues
do
Operating expenses incl depreciation
do
Net operating revenues
do
Radiotelegraph:
Operating revenues
do
Operating expenses, incl depreciation
do
Net operating revenues
d.o
r
d
688
6
14%
11
69
*M
57
83
73
d
185
108
87
1
*64
Revised. Deficit.
§ Data have been revised beginning July 1947 to exclude covered hoppers; prior to that month covered hoppers were not shown separately from other hoppers and are included in the figures;
for total coal cars.
IData relate to Continental United States. {Revised data for July 1947, $34, 338,000.
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
May
April
June
July
August
81, 364
5,488
54, 585
89. 642
3,273
53, 375
85, 556
889
57, 443
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Ammonia, synthetic anhydrous (commercial)
short tons__
Calcium arsenate (commercial)
thous. of lb_.
Calcium carbide ("commercial) .short tons
Carbon dioxide, liquid, gas, and solid
thous. of lb__
Chlorine
_ short tons
Hydrochloric acid ( 100% HC1)
do
Lead arsenate (acid and basic)
thous. of lb__
Nitric acid (100% HN0 3 )
short tons__
Oxvgen
mil. cu. ft
Phosphoric acid (50% H 3 PO 4 )
short tons_.
Soda ash, ammonia-soda process (98-100%, Na 2
Cos)
short tons
Sodium bichromate and chromate . _ _ . do
Sodium hydroxide (100% NaOH)
do
Sodium silicate, soluble silicate glass (anhydrous)
. _ _ short tons
Sodium sulfate, Glauber's salt and crude salt
cake
_
.
short tons
Sulphuric acid (100% IhSOi):
Production
short tons
Price, wholesale, 66°, tanks, at works
dol. per short ton__
Organic chemicals:
Acetic acid (synthetic and natural), production
thous. of Ib
Acetic anhydride, production
do
Acetyl salicylic acid (aspirin), production do
Alcohol, denatured:
Production
_ _ thous. of wine gal
Consumption (withdrawals)
_ _ d o ._
Stocks
_
.
do__
Alcohol, ethyl:
Production
thous. of proof gal
Stocks, total
do
In industrial alcohol bonded warehouses-do
In denaturing plants
do
"Withdrawn for denaturing
do
Withdrawn tax-paid
do
Creosote oil, production
thous. of gal
Ethyl acetate (85%), production. _ thous. of Ib
Glycerin, refined (100 % basis) :J
High gravity and yellow distilled:
Production
thous. of Ib
Consumption
_
do
Stocks
do
Chemically pure:
Production
do
Consumption
do
Stocks
do
Methanol, production:
Natural (100%)
__
_ _ thous. of gal
Synthetic (100%)
do
Phthalic anhydride, production
thous. of lb__
93, 461
5,064
50, 827
88, 120
3, 107
47, 177
95, 826
2,272
48, 336
92, 185
2,709
48, 462
97, 773
2,190
55, 343
95, 405
2,003
58, 091
90, 550
2,433
55, 006
100,142
3,379
61, 489
92, 640
3,910
57, 649
82, 408
3,399
59, 009
107, 712
125, 992
34, 733
0)
95, 154
1,105
88, 083
102, 410
124, 178
33, 541
0)
94,564
1,093
87, 249
80,016
127, 245
36, 461
0)
99, 318
1,314
99, 213
61, 368
124, 634
37, 609
0)
101, 558
1,212
89, 353
57, 996
128, 797
38, 149
(0
104, 096
1,251
90, 412
57, 125
123,319
39, 089
3,229
103, 834
1,271
95, 331
59, 304
] 16, 143
33, 940
3,697
100, 546
1,258
90, 601
70, 590
132, 668
36, 579
3,654
101, 041
1,361
105, 097
83, 260
126, 992
36, 306
3,814
94, 904
1,362
97, 510
96, 217
130, 926
38, 349
3,127
86, 487
1,370
98, 565
103, 850 ' 118, 787
133, 231 r 129, 445
34, 930
32, 862
2,097
506
81, 888
92, 594
1,288
1,205
"•96, 864
' 95, 396
120,884
142, 412
35, 782
363, 890
7,219
181, 720
359, 004
7,350
177, 012
395, 609
8,413
186, 254
379, 821
7, 527
181, 298
389, 656
7,983
182, 806
383, 481
7,664
182, 778
360, 437
7,106
173, 693
404, 525
7,971
198, 658
357, 752
8,184
186, 300
360, 110
7,962
186, 265
347, 656
7,916
190, 576
398, 871
7,850
194, 012
394, 215
7,783
203, 274
35, 472
36, 329
43, 724
45, 233
40, 061
37, 529
44, 090
54, 702
38, 773
33, 588
39, 093
38, 230
36, 085
65, 942
65, 414
70,293
71, 245
73, 846
70, 456
64, 182
69, 688
70, 928
73, 510
65, 602
64,083
67, 293
864, 092
856, 783
897, 297
884, 365
967, 235
932, 933
893, 440
956, 957
904, 562
931, 788
838, 317
901, 994
16.50
16. 50
16.50
16.50
16.13
15.00
15.00
15.00
15.00
15.00
15.00
15.00
15.00
35, 365
53, 478
1,126
28, 606
50, 308
1,083
29, 560
55 071
1,092
30, 439
55, 347
1,016
31, 163
57 507
34, 189
62, 700
32, 624
58, 184
985
34, 605
64, 849
1,054
33, 244
60, 103
1,061
39, 091
63, 937
38, 041
57 100
37, 745
63, 246
16, 468
16, 415
r
1, 566
18, 610
18, 718
1,447
21, 744
21, 820
1,354
18, 620
19, 026
943
17,710
16, 937
1,719
12, 576
12, 436
1,850
11,051
11, 250
1,653
13,016
13, 053
1,613
13, 312
13, 208
1,712
12, 964
14, 207
1,245
12, 974
13, 154
1,073
12, 534
12, 492
1,110
14, 289
14, 124
1,282
' 29, 121
28, 637
26, 928
1,709
r 27 741
2 696
11 988
5,899
29, 906
24, 409
22, 894
1,514
34 101
3,201
13 407
6,785
39, 012
26, 634
25, 938
697
38 526
4,275
13 909
7,181
28, 472
22, 787
22, 170
618
33, 981
4,630
12, 573
7,132
26, 621
22, 373
21,783
591
32 839
4,090
14 263
8,651
17, 402
21, 248
20, 738
510
23,103
2,580
12, 835
5,261
20, 951
23, 886
22, 654
1,232
21, 151
2,678
11,925
5,712
29, 266
29, 799
29, 404
395
23,213
3,237
12, 179
5,850
27, 413
31, 601
31, 032
569
24, 899
2,846
12, 884
5,422
29, 852
34, 874
34,353
521
25, 806
4,073
11, 590
5,788
27, 668
38, 273
37, 699
574
23,446
2,933
10 654
5,763
23, 833
38, 487
38, 114
373
22 997
3,024
11 345
4, 972
25,790
36, 098
35, 654
444
26 209
3,432
8 812
7, 210
19 143
r
7 936
r
8, 311
r 17 595
7,560
7, 386
16 256
r 8 752
r
7 754
r 17 341
8,701
7,426
17 396
7,947
7,098
17, 974
7,699
7,272
18, 197
6,715
7,456
16, 744
6,383
7,379
15 221
• 8,772
7,896
18, 027
r
4 778
6,953
15 257
7 045
7,261
14 980
9 202
10, 437
8 049
18, 306
10, 294
7, 376
19, 013
11, 350
7,845
21, 866
8,293
7,116
21,923
7,704
6 776
21, 384
9,050
6,730
22, 355
r
5 557
r 5 992
21 057
8,991
7 471
20, 701
214
190
r
r
r
7 250
6 723
r 18 981
r
7,998
r g 521
20 406
r
r
r
r
r
7 956
r Q 786
19 503
r
r
r
9, 883
r 7 843
18 314
8,782
7 173
17, 781
615
r
r
r 7 511
r
17 327
979
194
6,564
11, 800
219
7 065
12, 529
229
6,832
12, 373
257
6 708
12, 396
7 199
12, 893
8 806
12, 433
9,161
12, 048
409
130
278
492
130
362
495
81
415
657
182
476
829
181
648
1, 454
1,149
197
226
198
204
212
10, 944
14, 082
10, 489
13, 072
1,478
1.114
1,291
318, 694
169, 457
128, 272
10, 030
147, 828
126, 802
78,764
276, 845
68, 429
198, 169
8,563
145 160
116, 875
76 232
r
838, 982
559
r
203
12,771
13, 632
r
649
249
r
r
!90
12, 880
11, 606
13 508
12, 133
384
99
285
r
0)
90,318
1,328
102,889
362
188
173
FERTILIZERS
Consumption, total f
thous. of short tons
Midwest States!
-.
- - do
Southern States
do
Exports, total §
short tons
Nitrogenous materials§
_ do
Phosphate materials§
.
do
Potash materials!
do
Imports, total
do
Nitrogenous materials, total
do
Nitrate of soda
do
Phosphate materials
do
Potash materials __
do
Price, wholesale, nitrate of soda, crude, f. o. b. cars,
port warehouses
dol. per short ton
Potash deliveries
short tons..
Superphosphate (bulk):
Production
do
Stocks, end of month
do
48.00
99, 728
48 00
99, 135
48 00
80, 497
48 00
84, 792
48 00
80, 338
881, 041
973, 554
926, 323
883, 852 1, 033, 294
950, 556 1 039 952 1 105 813 1 081 544
994 464
974 420
965 480
45.50
77, 680
45.50
97, 333
46. 13
112, 214
822, 448
852 303
893, 613
863 407
804, 355
866 919
657
118
539
12, 861
45.50
75, 764
43.90
83, 848
202
912
264 889
77 029
181 354
5 467
78 688
72, 494
30 339
0
0
228, 569
91, 614
127, 772
6,320
103 280
81, 777
34, 298
14 131
188
202, 191
34, 469
161, 829
3 797
104 306
92, 041
68 049
5 890
272, 541
61, 223
189, 251
10 040
102 099
78, 092
24, 994
5 037
9,154
268, 584
73, 070
181, 822
9 222
85 782
75, 226
18, 994
4,230
168
981
171, 981
31, 564
133, 078
5 524
163 761
131, 798
89, 924
8 594
6,662
208, 651
96, 967
98, 305
11, 236
86, 056
68, 383
28, 321
3,588
7,659
318 910
63, 755
241, 613
7, 563
104 887
95, 577
46, 745
4 850
' 0
257
1,196
209 169
88, 927
102, 243
8 000
115 322
103, 897
68 081
318
2,479
152, 851
14, 306
116, 204
10, 735
158 626
135, 258
99, 494
10 449
5,227
48 00
97, 029
48 00
91, 574
436
8,238
301
2
344
142
201
243
o
50 63
90,806
977 100
825 549 r 741 993
845 085
1 131 883 1 309 485 1 491 300 1 418 152
NAVAL STORES
Rosin (gum and wood) :
Production...
drums (520 lb.)._
Stocks, end of quarter
do.. _
Price, gum, wholesale, "H" grade (Sav.), bulk
dol. per 100 lb__
Turpentine (gum and wood) :
Production
bbl. (50 gal.)_.
Stocks, end of quarter
do ...
Price, gum, wholesale (Savannah)... dol. per gal._
572, 233
284, 840
6.76
7.10
.59
189, 689
194, 111
.62
382, 720
277, 980
508, 543
339, 269
8.46
.62
8.91
8.87
.64
159, 665
210, 116
.64
8.83
.63
8.55
7.19
.63
115, 460
195, 350
.64
566 300
401, 170
7.00
.62
6.80
7.52
.58
183 240
200 990
.42
7.29
.39
7.28
.38
MISCELLANEOUS
Explosives (industrial), shipments:
Black blasting powder
thous. of lb_.
3,672
3,812
3,122
3,500
3,233
3,653
3,049
2,739
2,415
3,336
2,168
2,836
52, 115
High explosives
_
do
55, 622
50, 154
48, 865
48, 707
45, 366
45, 799
54 684
46, 406
45 302
58 026
60 929
Bone black:
Production
_
.short tons..
1,085
1,065
1,085
1,102
848
1,033
1,010
1,017
519
520
607
Stocks
do
1,375
1,079
1,254
1,030
1,180
1,474
2,004
1,696
1,877
1,650
1,526
T
Revised. 1 Not available for publication.
t Revised series. Data for fertilizer consumption by midwestern States and the total were revised in the March 1948 Survey to exclude Illinois which has discontinued tag sales. Revised
data prior to 1947 are available upon request.
§ Beginning in the April 1948 Survey export figures include Army civilian supply shipments; see note marked "}" on p. S-21.
I January-July 1947 revisions: High gravity and yellow distilled—production, 7,538; 8,234; 8,562; 7,618; 6,678; 6,965; 5,483; consumption, 7,406; 7,100; 7,865; 8,037; 7,295; 6,699; 6,677; stocks,
14,361; 15,460; 17,687; 18,027; 19,188; 19,591; 19,040; chemically pure—production, 7,894; 8,573; 7,582; 8,911; 8,804; 7,980; 6,200; consumption, 6,961; 6,349; 6,473; 6,127: 5,943; 5,844; 5,644; stocks, 18,124;
17,919; 18,392; 19,198; 20,426; 20,735; 20,274.
SUKVEY OF CURRENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-25
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
CHEMICALS AND ALLIED PRODUCTS—Continued
MISCELLANEOUS— Continued
Gelatin:
Production, total.
Edible.
. . .
Stocks, total
Edible
Glue, animal:
Production
Stocks
Sulfur:
Production
.
Stocks
thous. of Ib
do .
do
do
_.
do _.
do
3,393
2,762
6,042
2,430
3,116
4,017
2,356
2,400
2,714
6,427
3,300
4,639
3,222
6,387
3,034
4,659
3,425
6,558
4,009
2,883
6,889
3,392
7,268
3,144
4,336
3,034
7,000
3>464
3,103
5,431
4,290
3,277
5,739
4,415
3,104
5,961
3,713
4,584
3,437
7,462
4,060
11,424
7,749
12, 003
14, 666
13, 636
13, 185
12, 444
14, 229
10, 605
13, 131
10, 828
11, 795
10, 957
12, 165
12, 062
11, 503
12, 960
11, 771
14, 823
2,420
7,882
3,077
8,392
9,509
4,504
423, 233
409, 610
406, 220
405, 205
425, 612
406, 964
409, 530
392, 991
389,014
388, 332
long tons
402, 832
391, 396
391, 214
do . 3, 444, 607 3, 449, 732 3, 457, 899 3, 435, 298 3, 371, 034 3, 373, 422 3, 348, 462 3, 368, 064 3, 338, 345 3, 297, 705 3, 303, 984 3,340,019 3, 310, 593
OIL SEEDS, OILS, FATS, AND
BYPRODUCTS
Animal fats, greases, and oils:
Animal fats:t
267, 662 ' 215, 921 190, 857
'
Production
_
thous. of lb_. ' 208, 120 ' 190,394 ' 227, 941 T 283, 334 ' 308, 338 302, 208 258, 924
238, 278
222, 845
222, 070
r
135,042 ' 156,053 133. 405 r 126, 774
122, 370
Consumption, factory
do
84, 640
' 127, 376
113,078
116, 137
118, 795
107 826
116, 571
135 260
378, 405
Stocks, end of month
do_ _ _ r 400, 779 ' 320, 151 ' 251, 134 ' 259, 905 ' 323, 979 350 058 369, 460 369, 989 396, 045 414, 980 431,815 449, 291
Greases:J
43, 32a
Production
do
' 44,579 r 40, 260 ' 47, 998
48, 097
51,411
47 147
50,314 ' 51 131 52 331
45 153
46 815
45 543
47,211
Consumption, factory
do
30,009
51, 931
50, 308 ' 54, 205
' 43, 620 ' 49, 846 ' 55, 244
46, 433
53, 195
5l' 525
56, 212
55 351
142, 626
149, 604
129, 997
96, 603 r 104, 052
Stocks, end of month
___
do _. ' 106, 853 ' 99, 021 r 97, 788
124, 582
122, 608
129, 645
126 831
119 272
Fish oilsit
23, 379
Production
do. __ ' 22, 667 ' 25, 242 '21,612
17,112
13, 345
4,296
7,020 r ' 4, 813
697
766
1 024
1,000
18, 459
Consumption, factory
do
' 12, 188 ' 20, 112 ' 23, 288
13, 979
17, 776
22, 833
25, 278
16 993
20,178
15 721
19, 095
23 980
Stocks, end of month
_
do . r 86, 720 ' 86, 285 ' 98, 271
89, 532
78, 276
66, 479
83, 937 ' 74, 569
60, 879
69, 069
61, 021
55 000
85 778
Vegetable oils, oilseeds, and byproducts:
Vegetable oils, total :J
'466
330
307
'477
'487
Production, crude
mil. of Ib
'246
'310
331
316
441
352
408
513
••292
'325
'436
'429
Consumption, crude, factory
do_ __
'281
322
469
351
354
425
410
385
458
Stocks, end of month:
'452
'474
448
'476
'496
'466
'482
598
Crude
do
526
555
592
465
539
'242
243
207
149
Refined
do
201
' 210
264
'293
252
227
305
292
247
37 302
19, 525
23, 434
14, 204
16, 148
27, 885
Exports§
thous of Ib
25 554
19 750
21 199
14 198
16 319
35 737
5, 462
19, 106
25, 931
23, 661
32, 474
Imports, total _
.
do _
10, 744
25, 708
32, 646
40, 402
30, 256
29 596
34 628
3,921
2, 121
9 697
15, 888
13, 208
2,801
Paint oils
do
17, 008
9 266
10, 270
21 847
10 531
11 651
2,661
15, 185
8,623
All other vegetable oils
_do _
10, 043
10, 453
15, 465
18, 555
20, 991
22, 376
16 Oil
19 065
22 977
Copra:J
'41,920 ' 47, 857 r 49, 526 60, 511
'
Consumption, factory
short tons._
23, 530
32, 503
40, 731
53, 135
35, 102
50, 194
31, 797
40, 136
61 796
25,145
26, 059
41,611
Stocks, end of month
do
26, 861 ' 23, 910 ' 23, 077
16, 638
36, 471
35, 392
22 659
21 868
28 825
37 259
53, 485
48, 297
24, 916
67, 222
85, 829
Imports
do_ ._
31, 340
51,513
55, 546
27, 644
40, 991
34, 349
56 167
Coconut or copra oil:c?
Production:
' 61, 982 ' 63, 162
53, 609
29, 945
41, 408
51, 902
77,238
Crude
_ _ _ _ _ _ _ thous. o f Ib
45 362
67, 737
40 456
64, 280
51 137
81 371
r
27 771
35, 423
28, 744
33, 498
33, 225
34, 228
35, 088
Refined
do
21,890
26 935
31 502
28 361
29 812
37 233
Consumption, factory:
r
54, 944
' 72, 343 ' 79, 649 ' 73, 161 ' 76, 851
69, 606
40, 259
Crude
do
69 523
68 333
54 088
57 539
54 484
85 370
' 32, 962 ' 30, 165 ' 29, 973 ' 26, 964 ' 28, 327
Refined _ _ _ _ _ _
_ _ do
23, 916
16, 255
23, 342
24, 666
23,575
22 985
26, 332
29 315
Stocks, end of month:
70, 315
78, 048
96, 226
86, 546
Crude
_
do_ __ ' 105, 910 ' 89,241 ' 70, 110 ' 59, 581 ' 69, 654
101, 254
85, 804
98, 773
75 584
' 10, 736 ' 11, 183 ' 10, 246 ' 10, 025 ' 11, 823
11, 164
11,561
Refined
do
14 214
11,837
10, 500
12 274
12 120
12 616
(i)
0
866
2, 991
956
5,080
Imports
_ _ _
do
3,848
7 694
9,598
6,428
6,528
11 593
Cottonseed:
24
1,509
776
373
654
476
167
95
Receipts at mills
thous. of short tons
51
74
14
22
212
345
102
596
565
647
Consumption (crush)
do
65
173
326
412
147
205
522
115
594
1,458
Stocks at mills, end of month
do
'165
289
1,515
93
1,426
503
778
188
322
96
1,116
Cottonseed cake and meal:
50,154
80, 566
191, 325
154, 388
Production
.short tons_. '46,971 156, 076 301,370 276, 451 261, 942 241, 668
67, 944
95, 374
54, 105
62, 121
' 26, 722 37, 844
74, 554
Stocks at mills, end of month
__do
82, 363
71, 590
74, 035
85, 139
100, 037
86, 060
94, 516
92, 080
71, 207
Cottonseed oil, crude:
32 145
51,209
'31,032 r 105, 641 ' 198, 851 ' 179, 183 ' 175 731 163 998
Production
thous of Ib
47 743
67 539
105 162
130 270
38 023
r
19, 202 ' 56, 980 ' 96, 256 ' 110, 229 ' 110, 827
25, 601
Stocks end of month
do
22, 893
117, 424
87, 096
43, 054
58 472
32 616
121* 742
Cottonseed oil, refined:
' 25, 216 ' 55, 933 ' 145,297 ' 158, 969 ' 161,447
35, 627
40, 299
123, 628
124, 877
Production
do
60, 035
47 952
90 821
140 848
76, 475
46, 449
106, 611
91, 090
105, 985
96, 604
Consumption, factory cT
do_ __ ' 73, 129 ' 74, 752 ' 119,562 ' 129, 816 ' 127, 104 126 686
68, 170
41, 554
44, 146
27, 891
20, 115
42, 368
20,314
42, 779
32 114
In oleomargarine
do
40 195
36 180
38 728
46 718
60, 695
' 116, 241 '91,817 ' 108, 135 ' 132, 055 ' 152, 986
98, 432
182, 206
Stocks, end of month
___do
126, 912
111, 689
158, 523
168, 750
152, 706
Price, wholesale, summer, yellow, prime (N. Y.)
.289
.224
.179
.211
.276
.237
dol. per lb_.
.290
.261
.246
.305
.299
.371
.356
Flaxseed:
2 39, 763
3 47, 309
Production (crop estimate)
thous of bu
Duluth:
1,435
2,733
12
242
911
48
216
Receipts
_
do
45
53
66
50
165
80
1
o
o
1,053
1,147
1,764
436
294
310
Shipments
do
69
459
189
183
2,463
2,699
1,019
225
747
794
Stocks, end of month_ _
do
157
20
683
843
707
728
304
Minneapolis:
1,904
8,425
1,384
4,928
2,125
8,357
653
1,360
1,224
723
870
1,178
530
Receipts
__
_ _ _
do
274
1,142
168
614
530
196
308
298
318
162
199
270
257
Shipments
do
5,004
6,305
6,434
5,833
1,420
453
636
1,888
3,099
4,263
5,114
967
2,500
Stocks, e n d o f month
_ _ _ _ _ _ _ do. _
Oil mills :c?
3,174
2,442
2,319
'3,028
'1,341
3,798
2,595
3,577
2,737
2,309
2,410
3,156
2,930
Consumption _
do
3,234
6,559
' 6, 815
6,112
4,879
'6,900
5,720
4,185
3,843
2,526
6,746
5,800
6,290
Stocks end of month
do
1
2
5
0
332
' 2
0
6
477
0
17
105
Imports
do
6.84
6.78
6.51
6.08
6.04
7.01
6.39
6.09
6.19
6.00
6.00
7.06
6.09
Price, wholesale, No. 1 (Minn.)____"dol. per bu_.
Linseed cake and meal:
49, 020
51,480
45, 360
49,500
42,000
48, 840
44, 520
47, 280
47, 580
49, 740
48, 120
50,460
Shipments from Minneapolis
thous . of Ib . _ 18, 540
Linseed oil:
48, 974
46, 264
61, 592
45, 496
51, 663
57, 465
76, 965
72, 234
54, 170
63, 142
48,030 ' 59, 084
26, 527
ProductioncT
- do. .
27,900
37, 440
29, 760
29,580
28, 020
27, 240
2] , 240
. 32, 460 33, 300
33, 720
29, 940
33, 840
33, 540
Shipments from Minneapolis
do
39, 275
40, 292
40, 871
38, 987
42, 671
40, 754
' 39, 995 ' 40, 753 ' 44, 596 ' 36, 266 ' 38, 505 39, 008
44, 330
Consumption, factory cf1 -..do
134, 511
135, 741
141, 504
131, 442
165, 273
137, 132
150, 118
Stocks at factory, end of month $
do .. ' 132, 863 ' 118, 699 ' 127, 463 ' 124, 724 ' 126, 499 135, 394
.292
.324
.346
.294
.338
.306
.303
.291
.291
.290
.318
.290
.290
Price, wholesale (N. Y.)
dol. perlb_.
Soybeans:
3
2 181, 362
205, 635
Production (crop estimate)
thous. of bu
14, 762
14. 962
14, 185
16, 481
13, 247
12,681 ' 12, 571 10, 743
' 11, 269 ' 9,809 ' 11, 494 ' 14, 704 ' 15, 268
Consumption, factory <?
do
47, 824
33, 608
43, 596
' 15, 821
36, 857
' 10, 251 ' 2, 813 ' 34, 823 ' 48, 123 ' 48, 900
27, 447
23, 042
7,690
Stocks, end of monthcf
do
l
2
3
1
' Revised.
Less than 500 pounds.
December 1 estimate.
September 1 estimate,
d For January-July 1947 revisions see note for oil seeds and oils at bottom of p. S-27,
§ Beginning in the April 1948 Survey export figures include Army civilian supply shipments: see note marked "t" on p. S-21.
tJanuary-July 1947 revisions: Animal fats—production, 305,454; 262,563; 221,341; 232,662; 263,402; 255,065; 238,493; consumption, 129,189; 140,875; 144,153; 119,426; 105,258; 105,247; 99,483; stocks,
307,717; 307,152; 286,646; 342,474; 389,150; 429,015; 446,449; greases—production, 52,951; 47,554; 44,705; 47,342; 48,931; 48,353; 46,721; consumption, 48,748; 45,591; 45,929; 42,527; 43,913; 41,237; 37,720;
Stocks, 73,528; 67,073; 64,680; 69,915; 85,100; 98,860; 102,139; fish oils—production, 1,770; 1,269; 726; 1,575; 1,852; 10,513; 22,029; consumption, 18,504; 18,796; 20,292; 19,829; 14,074; 16,428; 11,443; stocks,
107,704; 102,396; 79,693; 66,351; 58,333; 57,422; 65,510; vegetable oils—production, crude, 444; 390; 380; 351; 313; 282; 275; consumption, crude, 430; 414; 411; 395; 326; 291; 293; stocks, crude, 526; 540;
543; 538; 561; 565; 559; stocks, refined, 281; 304; 312; 358; 392; 386; 359. 1947 revisions for copra—consumption, Feb., 52,074; stocks, Feb., 74,101; June, 44,308.
SURVEY OF CURRENT BUSINESS
S-26
October 1948
1948
1947
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
August
September
October
November
December
January
February
March
April
May
June
July
August
CHEMICALS AND ALLIED PRODUCTS—Continued
OIL SEEDS, OILS, FATS, ETC.—Continued
Vegetable oils, oilseeds, etc.— Continued
Soybean oil:J
Production:
Crude
thous. of lb_- 105, 315 ' 91, 980 r 107, 584 ' 134, 042
' 88, 433 97, 345
89, 400
Refined
_ do __
91, 251
' 98, 498 r 110, 339 »• 142, 451 r 119, 475
Consumption, factory, refined
do
Stocks, end of month:
' 105, 940 r 79, 932 r 80, 648
''84 450
Crude
do
Refined
- do _ _ . ' 141, 209 «- 124, 183 r 76, 814 ' 59, 644
.264
.209
.312
Price, wholesale, edible (N. Y.)----dol. per lb_.
.233
Oleomargarine:
50, 041
67, 422
87, 005
81, 806
Production
thous. of Ib
82, 894
Consumption (tax -paid withdrawals) do...
47, 251
67. 771
78. 249
Price, wholesale, vegetable, delivered, (Chicago)
dol. per lb_.333
.295
.315
.322
Shortenings and compounds :J
•• 99, 727 ' 117, 849 ' 159, 777 ' 146, 035
Production
thous. of lb_Stocks end of month
do __ »• 45, 937 r 36 436 ' 42, 063 r 4 5 198
' 139, 990
152,966
110,912
139, 900
99 320
94, 091
139,370
110, 777
108 829
100, 295
133, 994
116 152
114, 035
128, 596
112 696
122, 268
123, 931
112 433
115, 310
77, 674
' 64, 422
.326
86 703
63, 850
.326
104 788
71 561
.262
114 745
84 848
.269
98 493
89 797
.298
86 971
87, 992
.322
65 360
80 229
.330
79,011
72,914
87 934
87, 252
80 418
72, 986
71 817
74, 314
74 079
75, 063
83 892
79, 959
75 859
69, 403
.363
.363
.351
120, 804
75 915
79, 577
72, 513
112,337
103, 706
•• 93, 395
'34 569
r 58, 826
10, 311
88, 748
112,683
»• 108, 985
r
.343
.343
.343
.343
.348
.363
r r131, 863
53 464
136, 936
54 493
101, 120
64 144
109, 013
59 550
128, 033
51 396
124, 142
56, 751
68, 914
62, 213
29 688
32, 526
6 700
88.015
78, 933
71, 256
30, 159
91, 685
82, 403
35, 328
47, 074
96. 961
87, 715
33, 846
53, 868
99, 079
89, 534
31, 909
57, 626
1,343
1,285
4,461
865
747
28, 749
10, 226
1,321
3 733
930
652
26, 701
1 9, 554
17, 634
'r 122, 791 105, 640
84, 615 108 938
' 80, 426
110,455
r
r
77, 615
70, 635
.292
55 305
63 455
.278
52,545
55, 855
61 341
PAINT SALES
Paint, varnish, lacquer, and fillers, total®
thous. of dol. .
Classified total
- - -- - --do
Industrial
do
Trade
_ _ _ _ _ do
Unclassified
do
84, 951
76, 956
31, 073
45, 883
86, 312
76, 662
31 607
45, 055
9 650
91, 443
82, 459
34, 970
47, 489
903
(i)
26, 000
1,284
4 153
921
(i)
27, 262
8,381
1,799
5, 105
1,040
(i)
28. 129
10, 931
12, 917
15 125
18, 040
7,995
8,984
71, 199
64, 200
28 623
35, 577
6 999
78, 778
31, 743
47, 035
9,237
41,097
7 677
9,283
9,246
9,545
r
80,189
30 994
49, 195
8 559
PLASTICS AND SYNTHETIC RESINS
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 _.
Other cellulose plastics
do
Phenolic and other tar acid resins
do _ _
Polystyrene
do. _.
Urea and melamine resins
do
Vinyl resins
do
Miscellaneous resins
do
1,479
3,404
7,075
5,578
5,567
5,839
8,032
6.836
7,388
1,462
4 666
832
(i)
25, 719
10, 593
6,115
16 837
7,120
3,830
842
(i)
27, 662
11, 456
6, 739
20,404
7,157
6,824
7,677
8,382
6,772
7,800
1,354
3,960
1,568
3,877
1,458
3,630
999
769
30, 594
12, 718
7,116
19, 037
1,071
974
26, 356
12, 189
6,561
19, 198
8,219
866
1,024
20, 716
10, 777
0)
15, 946
8,639
8,490
1,066
3,434
794
(i)
20,337
11, 798
0)
15, 188
9,008
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. of kw.-hr__
25, 969
Electric utilities, total
do . _ 21, 744
15,690
By fuels
_
do
6,053
By water power
do
Privately and municipally owned utilities
mil. ofkw.-hr..
18, 733
3,011
Other producers
do
4,225
Industrial establishments
do
3,892
By fuels
__
do
333
By water power
do
Sales to ultimate customers, total (Edison Electric
18, 099
Institute)
mil of kw -hr
Commercial and industrial:
3,252
Small light and power
do
9,601
Large light and power
do - 532
Railways and railroads
do
3,332
Residential or domestic
do - 681
Rural (distinct rural rates)
do - _
175
Street and highway lighting
do
Other public authorities
- do
483
44
Interdepartmental
do
Revenue from sales to ultimate customers (Edison
Electric Institute)
thous. of dol.. 315, 590
26,180
25, 634
21, 481
15, 875
26, 748
22, 338
16, 846
5,492
21, 847
15. 763
6, 084
18, 630
2,851
4, 153
19, 540
18, 977
4,063
4,410
348
4, 333
3. 950
383
18,496
18, 656
3,406
9,724
3,293
5,606
3,858
295
2,798
518
3,512
607
193
490
45
9,951
548
3,601
498
219
499
46
325, 639
328, 209
2,870
27, 951
23, 512
17, 099
6,413
28, 443
23, 958
17, 514
26, 465
22, 194
15, 821
27, 9C6
23, 478
16, 005
27, 035
7,473
26, 569
22, 296
14, 416
7,881
20,292
3,220
4,439
4,085
20, 649
18, 996
3,198
4,271
20, 015
18,802
19, 122
6,444
3,309
4,485
6,373
3,463
4,488
3,902
355
4,119
366
369
4,061
427
18, 726
19,617
20, 267
19,904
3,346
9,757
3,490
9,934
3,570
9,990
3,518
3,876
4,329
4,777
4,633
335, 687
351, 460
362, 163
578
382
234
502
51
648
379
251
530
56
685
384
248
548
66
3, 494
4,272
3,807
22,609
14, 925
7,684
3,487
4,427
27, 161
22, 705
15, 769
27, 673
23, 282
16, 430
28, 759
24, 229
17, 494
19, 446
3, 259
19, 715
20, 631
3, 597
4, ,530
4,188
342
6,937
4,456
4,034
4,391
4,061
330
19,163
19, 297
6,735
19, 367
3,382
19,969
19,400
3,497
3,450
429
219
534
59
10, 197
623
4,391
458
214
531
59
10, 014
560
4,159
463
188
509
57
10, 134
547
3,913
452
176
504
55
357, 698
354, 600
346, 646
341, 687
344, 779
613
3,567
422
466
3,971
455
3, 482
10, 261
514
3,815
510
164
499
53
9,897
6,852
3,653
10, 035
508
3,823
637
170
489
53
348,136
GAS
Manufactured and mixed gas (quarterly):
Customers end of Quarter total
thousands
Residential (incl house-heating)
do
Industrial and commercial
do _ _
Sales to consumers, total
.mil. of cu. f t _ _
Residential
do _
Industrial and commercial
___do
Revenue from sales to consumers, total
thous of dol
Residential (incl house-heating)
do
Industrial and commercial
do Natural gas (quarterly) :
Customers end of Quarter total
thousands
Residential (incl house-heating)
do
Industrial and commercial
do
Sales to consumers total
mil of cu ft
Residential (incl house-heating)
do
Industrial and commercial
- - -do _
Revenue from sales to consumers, total
thous of dol
Residential (incl house-heating)
do
Industrial and commercial
do
10, 553
10, 768
10, 050
710
205, 843
143, 042
683
138, 358
40, 635
10, 852
10, 141
703
147, 140
97, 271
48, 479
60,926
47, 076
108, 519
80, 130
135, 198
99, 715
34,601
136, 644
100, 639
27,796
176, 109
130, 434
44, 490
10, 107
9 392
708
521, 774
76, 503
439, 602
10, 688
10, 955
10, 129
818
839, 675
369, 264
r
441, 040
11,313
10,505
799
653, 824
180, 587
458, 268
324, 553
211, 399
108, 342
221, 318
117, 238
101, 472
11 058
10 350
700
108, 430
66,906
150, 444
59, 770
89, 584
9,897
784
646, 412
185, 386
452, 909
220,431
117, 858
100,887
9,862
90,174
35,203
r
Revised. * Not available for publication. <8> Revised figures for January 1946-February 1947 are shown on p. 24.
J January-July 1947 revisions: Soybean oil—production, crude, 151,554; 141,241; 145,013; 141,245; 135,878; 122,436; 125,706; consumption, refined, 108,109; 105,049; 114,072; 101,165; 71,660; 76,010;
82,208; stocks, crude; 97,376; 96,908; 94,161; 89,505; 108,833; 122,767; 125,686; stocks, refined, 70,934; 74,396; 74,054; 91,660; 114,587; 128,122; 141,760; shortenings and compounds—production, 130,961;
128,484; 138,043; 99,805; 63,140; 78,887; 79,921; stocks, 51,427; 48,320; 51,185; 66,217; 50,023; 63,091; 47,176.
SURVEY OF CUEEENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-27
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
Production
_
__ _ thous. ofbbl
Tax-paid withdrawals
__do
Stocks, end of month
do
Distilled spirits:
Production
thous. of tax gal
Consumption, apparent, for beverage purposes
thous of wine gal
Tax-paid withdrawals
thous. of tax galStocks, end of month
do
Imports
thous of proof gal
Whisky:
Production
thous. of tax gal
Tax-paid withdrawals
do
Stocks, end of month
_
do
Imports
thous of proof gal
Eectified spirits and wines, production, total
thous. of proof gal- _
Whisky
do
Wines and distilling materials:
Sparkling wines:
Production
thous of wine gal
Tax-paid withdrawals
do
Stocks, end of month
do
Imports
do
Still wines:
Production
do
Tax-paid withdrawals
do
Stocks end of month
do
Imports
do
Distilling materials produced at wineries do
r
r
6,392
5,952
9,167
6,258
5,475
9,670
6,989
6,701
9,634
7,381
6,977
9,733
7,264
6,752
9,956
8,429
8,140
9,882
8,917
8,827
9,611
8,682
8, 396
9,488
4,193
9,489
21, 884
32, 809
28, 705
25, 955
23,260
18, 779
15, 924
18 323
10, 342
516, 406
773
13 140
8,080
513 898
1 206
12 871
8, 937
523, 546
980
12 139
6, 600
545 365
943
13 129
7,210
564, 119
1,099
12, 155
6,785
580, 827
957
12, 620
6,292
593, 936
1,069
12, 235
6, 731
602, 873
877
7, 532
607, 676
655
5,507
456, 366
709
4,702
4 050
455, 409
1 059
13, 768
4,177
462, 090
892
20, 635
3 575
479, 241
866
20, 853
3,616
494, 969
996
20, 041
3,305
511, 242
863
14, 933
3,132
521, 467
942
10, 960
3,231
528, 926
809
9,540
3,977
533, 292
17, 593
16, 254
12, 732
11, 656
8,939
8,217
9,307
8,655
8,423
7,664
8,661
7,928
8,140
7,307
8,242
7,320
8,194
7,362
9,299
8,503
29
155
1,774
28
57
158
1,656
28
97
147
1,581
18
101
64
1,599
26
78
54
1,613
12
144
57
1,685
U
166
50
1,792
25
64
62
1,791
22
121
74
1,823
25
61
57
1,822
16
31, 575
8,180
171, 239
194
49 423
53, 331
11,431
215 860
175
96 627
11, 429
11, 220
216, 517
138
31 179
2,675
10, 282
205, 083
139
8 596
657
9,471
195 888
237
2 5r>4
495
8, 804
186 843
160
1 031
799
10, 904
176 213
214
2 248
647
9,952
166, 314
183
2 096
413
7,982
158, 141
168
2,610
416
8,465
147, 687
189
995
565
7,234
139, 827
141
1,342
101,310
76, 912
.802
91, 890
72, 125
.718
69, 220
46, 002
.794
74, 490
23, 672
.881
79, 080
13, 399
.851
77 095
7,323
.836
89, 990
3,482
.802
100, 025
4,449
.828
132, 675
18, 638
.801
135, 575 r 126, 390
53, 073 ' 83, 105
.786
.803
92, 670
74, 480
193, 849
164, 651
615
82, 720
64, 170
176, 626
151, 455
1, 139
61, 760
44, 480
162, 682
139, 355
1 554
60, 025
42, 395
147, 683
128, 188
1,519
65, 140
45, 740
124, 106
107, 236
1 369
64, 630
46, 730
110, 125
93, 570
1,915
80, 615
58, 915
103, 350
88, 737
1 591
96, 230
73, 490
105, 263
91, 907
2,012
129, 100
102, 620
123, 507
106, 712
2,010
132, 190 ' 116, 600 116, 600
106, 360 r 95, 600
88,060
165, 201 ' 197, 220 220,160
140, 038 ' 168, 809 187, 718
2,106
1,491
.425
.438
.442
.469
.477
.471
.423
.443
.474
.489
.520
.493
23, 045
21, 100
218, 000
20, 330
19, 500
200, 500
12, 095
12, 650
152, 500
14, 165
11, 475
156, 400
14, 720
8,575
176, 000
14, 530
8,800
193, 000
17 575
10, 275
270, 400
25, 255
13, 900
332, 000
44, 300
13, 500
449, 700
47, 890
12, 500
443, 700
41, 550
10, 800
379, 800
34, 190
11, 100
349, 600
11, 333
379, 712
9,463
284, 061
8,501
223, 940
9,362
158, 551
8,682
95, 433
9,124
73, 267
8,622
63, 117
8,777
80, 752
11, 619
177, 715
12, 615
337, 507
13, 165
444,015
14, 275
514, 094
10, 316
55, 278
15, 726
72, 852
14, 655
49, 110
8,831
25, 680
7,818
19, 601
6,868
16, 073
8 830
18, 745
16, 123
30, 555
10, 222
32, 766
12, 145
30, 416
10, 886
21, 650
8.26
5.24
8.40
5.31
8.80
5.52
8.80
5.70
8.93
5.83
9.12
5.99
9. 12
6 00
9.32
6.08
9.69
6.41
9.71
6.48
9.87
6.61
10.03
6.71
9,259
3,654
4.71
8 845
3.319
4.87
8 015
2,479
4.97
8 056
2,568
5.02
8 354
2 766
5.08
8 219
2,766
5.10
9 273
3 359
5.09
10, 002
3,876
5.07
11, 842
5,182
5.03
12, 240
5,244
5.04
11, 592
»• 4, 764
5.16
10, 557
4,418
5.29
15, 150
39, 740
15, 050
31,000
9,925
22, 320
10. 050
30, 780
11, 790
37, 700
12, 750
39,650
11, 800
52,750
13,420
64, 100
19,950
90, 250
18,200
91,600
18, 100
69,200
16, 655
50,700
18, 229
48, 813
18, 620
35, 359
15, 364
20, 450
12, 496
14, 685
12 147
14, 613
11, 871
18, 155
12 325
31, 806
15, 535
40, 293
20, 107
62, 469
23, 005
80, 093
27, 121
90,638
29, 429
97, 774
10, 553
25, 188
7,392
43 660
6,523
33 512
5,072
28, 515
5,802
19 710
6,388
9 671
7 532
6 810
6,304
5,383
13, 554
16, 336
9,572
12, 517
9,387
9 674
.102
.111
.124
.141
.146
.149
.148
.143
.144
.148
.151
8,738
8,369
9,021
9,064
8,303
9, 414
14, 187
22, 218
39, 559
7,735
12 378
r
7, 189
533, 051
797
r
8, 836
8, 845
9,050
14 216
8,639
537, 471
1, 172
23 893
16, 497
542, 907
1,414
18 047
16, 030
527, 337
1 185
7,229
r
3, 393
470, 940
757
9,790
4,258
474, 956
1 102
9,732
7,770
474, 507
1 310
56
7,819
463, 407
1 108
'8,112
7, 521
9,689
8,965
16, 480
15, 126
48
64
1,964
9
36
84
1,911
21
2 479
6,680
146, 660
117
7 948
r
6,650
6,126
9,647
6,063
6,398
9,023
DAIRY PRODUCTS
Butter, creamery:
Production (factory)
__ _ thous. of Ib r 117, 141
Stocks, cold storage, end of month
do
88, 364
.745
Price, wholesale, 92-score (New York) dol. per lb_.
Cheese:
Production (factory), total
thous. of lb_ r 108, 501
r 87, 921
American, whole milk
do
Stocks, cold storage, end of month, total -do.
202, 597
American, whole milk
do
169 571
Imports
do
647
Price, wholesale, American, single daisies (Chicago)* -.
dol. per Ib
.398
Condensed and evaporated milk:
Production:
Condensed (sweetened) :
32, 470
Bulk goods
thous. of Ib
Case goods
do
17, 150
Evaporated (unsweetened), case goods, .do
257, 400
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
thous. of lb__
10, 561
r 474, 240
Evaporated (unsweetened)
_do
Exports :§
Condensed (sweetened)
do
8, 161
Evaporated (unsweetened)
do
41, 394
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case
8.26
Evaporated (unsweetened)
do
5.20
Fluid milk:
Production
mil of Ib
10 595
Utilization in mfd. dairy productst
do
4,223
4.60
Price, dealers', standard grade
dol. per 100 lb__
Dry milk:
Production:
Dry whole milk
thous. of lb__
15, 280
Nonfat dry milk solids (human food)
do
49, 450
Stocks, manufacturers', end of month:
Dry whole milk
do
20 798
r
74, 089
Nonfat dry milk solids (human food)
_do_
Exports: §
Dry whole milk
do
10, 672
Nonfat dry milk solids (human food)
do
29 803
Price, wholesale, nonfat dry milk solids (human
food), U. S. average
_-_dol. perlb..
.097
FRUITS AND VEGETABLES
117, 685
96, 847
.756
.158
Apples:
2
i 113, 041
100, 478
Production (crop estimate)
thous of bu
687
••271
6,253
608
3,523
8,806
5,663
3,917
1,720
Shipments, carlott
no. of carloads
832
4,729
4,175
4,516
392
1,855
'148
209
34, 322
29, 807
4,896
264
10, 435
16, 567
35, 790
22, 772
Stocks, cold storage, end of month. .thous. of bu._
10, 244
12, 346
14, 233
' 8, 404
6,431
15, 061
7,590
16,502
13, 318
16, 695
14, 701
Citrus fruits, carlot shipments
no. of carloads. .
9,227
10, 409
15, 218
Frozen fruits, stocks, cold storage, end of month
280, 744 ' 340, 894 373, 186
247, 895
402, 821
405, 838
392, 077
250, 326
369, 470
343, 539
316, 819
281, 762
thous. of lb_. 408, 119
Frozen vegetables, stocks, cold storage, end of
181, 526 ' 214, 096 265, 092
176, 118
291, 752
160, 423
353, 239
254, 853
226, 619
196, 628
month
thous. of lb__ 326, 603
347, 466
323, 991
Potatoes, white:
2 408, 366
i 384, 407
Production (crop estimate)
thous ofbu
33, 052 r 16, 533
23, 059
23, 405
21, 484
22, 770
22, 092
25, 797
20,349
16, 040
27, 753
26, 158
Shipments, carlot _
no. of carloads
19,680
Price, wholesale, U. S. No. 1 (New York)*
3.757
4.723
4.165
3.624
5.915
5.224
3.769
5.332
4.393
3.405
3.280
3.240
5.380
dol. per 100 lb__
r
Revised. l December 1 estimate. 2 September 1 estimate.
§ Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "J" on p. S-21.
*New series. The new price series for cheese has been substituted for the price of twins on the Wisconsin Cheese Exchange; data beginning 1928 will be shown later. The price of U. S.
No. 1 potatoes has been substituted for Long Island No. 1; data are available beginning March 1947 and figures for March-June 1947 are shown on p. S-27 of the September 1948 Survey,
t Fluid milk, utilization in manufactured dairy products, revised for 1946; data are shown on p. S-27 of the September 1948 Survey.
NOTE FOE OIL SEEDS AND OILS, p. S-25.—J947 revisions not shown on p. S-25: Coconut or copra oil (January-July)—production, crude, 68,990; 64,767; 74,211; 74,043; 68,398; 66,074; 57,903;
consumption, crude, 62,896; 64,172; 74,396; 72,243; 70,339; 61,600; 61,987; consumption, refined, 24,973; 27,861; 31,253; 31,108; 29,071; 27,674; 24,084; stocks, crude, 86,958; 97,434; 115,753; 129,758; 138,427;
134,962; 127,938; stocks, refined, 12,507; 13,954; 13,202; 14,385; 19,065; 12,983; 14,433; cottonseed oil, refined (January-July)—consumption, 108,454; 81,677; 72,535; 52,218; 35,104; 44,618; 56,313; flaxseed—consumption, Feb. 1,519; Mar., 1,600; stocks, Feb., 1,414; linseed oil—production, Feb., 29,984; May, 25,489; consumption (January-July), 45,529; 41,613; 45,642; 47,400; 45,251; 38,800; 40,015;
stocks (January-July), 141,689; 136,794; 124,933; 131,910; 134,570; 144,439; 157,748; soybeans—consumption, Jan., 17,114; Feb., 15,995; Apr., 15,892; May, 15,004; stocks (January-July), 55,702;
51,013; 41,744; 40,959; 36,048; 28,004; 19,124.
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal§
thous. of bu.
Barley:
Production (crop estimate)
do
Receipts, principal markets
do
Stocks, domestic, end of month:
Commercial
do._ _
On farms
_.
do
Exports, including malt §
do .
Prices, wholesale (Minneapolis):
No 2, malting
dol. per bu.
No 3 straight
do
Corn:
Production (crop estimate)
mil. of bu
Grindings, wet process
thous. of bu.
Receipts principal markets
do
Stocks, domestic, end of month:
Commercial
do__
On farms
mil. of bu__
Exports, including meal §
thous. of bu__
Prices, wholesale:
No 3 white (Chicago)
dol. per bu
No 3, yellow (Chicago)
do_ . .
Weighted average, 5 markets, all grades. -do
Oats:
Production (crop estimate)
mil. of bu
Receipts, principal markets
thous. of bu_.
Stocks, domestic, end of month:
Commerical
do
On
farms
-do
Exports including oatme&l §
do
Price, wholesale, No. 3, white (Chicago)
dol. per bu_.
Rice:
Production (crop estimate)
thous. of bu__
California:
Receipts, domestic, rough.-thous. of Ib.Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of month
thous. of lb_.
Southern States (Ark., La., Term., Tex.):
Receipts, rough, at mills, thous. of bbl. (162 lb.)_Shipments from mills, milled rice., thous. of Ib...
Stocks, domestic, rough and cleaned (cleaned
basis), end of month
thous. of lb_.
Exports §
do _
Imports
do
Price, wholesale, head, clean (N. O.)~dol. per lb__
Rye:
Production (crop estimate)
thous. of bu
Receipts, principal markets
do
Stocks, commercial, domestic, end of month -do
Price, wholesale, No. 2 (Minne.)
dol. perbu__
Wheat:
Production (crop estimate) total
mil.ofbu
Spring wheat
do
Winter wheat
do
Receipts, principal markets
thous. of bu_.
Disappearance, domestic-.
--do
Stocks, end of month:
Canada (Canadian wheat)
do
United States domestic total t
do
Commercial
__do
Interior mills, elevators, and warehouses
thous. of bu
Merchant mills
do
On farms
do
Exports, total, including flour §
do
Wheat only §
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
dol. per bu__
No. 2, hard winter (Kansas City)
_ do
No. 2, red winter (St. Louis)
do
Weighted avg., 6 markets, all grades
do
Wheat flour:
Product ion :t
Flour®
thous. of sacks (100 Ib.)
Operations, percent o f capacity.
___.
Offal®
short tons..
Grindings of wheat t
thous. of bu
Stocks held by mills, end of month®
thous. of sacks (100 lb.)_.
Exports§
do
Prices, wholesale:®
Standard patents (Minneapolis)
dol. per sack (1001b.)._
Winter, straights (Kansas City)
do
67, 855
51, 799
47, 281
42, 447
42, 395
1
49, 622
42, 269
37, 195
39, 303
35, 726
46, 867
53, 012
279, 182
10, 021
8,679
5,773
5,737
5,717
7,270
8,455
8,271
2 317, 229
22, 535
12,026
27, 114
25, 093
14,605
12, 111
14, 263
27, 444
160, 403
2,713
29, 679
27, 846
21, 521
7,597
465
794
668
1,106
6,740
3 26, 600
812
6,537
859
15, 756
68, 696
1,157
10, 879
2,641
26, 581
117,300
1,370
24, 205
4,234
2.299
2.143
2.276
2.117
2.379
2.218
2.590
2.426
2.711
2.510
2.675
2.507
2.359
2.142
2.433
2.243
2.381
2.267
2.354
2.227
2.267
2.099
1.754
1.704
1. 486
1.366
11,083
22, 653
11, 100
22, 920
11,387
20, 915
10, 831
22, 898
2. 401
9, 762
20, 293
10, 180
26, 368
8,386
18, 426
7,999
12,116
7,804
19, 569
8,408
19, 028
8,962
24, 406
8,438
15, 688
2 3, 529
8,799
16, 897
7,675
7,910
3 254. 2
1,951
7,284
11,648
20, 996
5,040
999
603
941
1, 213
382
5,210
426.5
524
1,972
1,496
9,293
849 2
783
7,520
1,425
13,218
1,517.9
1,027
17, 035
5,827
2.740
2.346
2.295
2. 583
2. 513
2.370
2.508
2.403
2.277
2.465
2.423
2.345
2.572
2.611
2. 489
2. 692
2.711
2.582
(4)
2. 253
2.152
2.442
2.301
2.229
2.390
2.318
2.257
2.388
2.306
2.249
2.445
2.316
2.259
2.280
2.136
2.100
2.250
1.951
1. 949
29,125
26, 015
16, 260
7,583
1,216
8,594
11, 684
5,804
8,411
8,203
8,700
9,046
14, 780
2 1, 493
27, 329
15, 861
26, 644
964, 340
663
27, 797
22, 103
7,077
1,663
18, 405
2,614
1,291
1,113
610
1,841
171 479
1,968
3,821
2,728
3,288
410 644
1,091
1,937
609
14,037
743, 783
1,741
9,968
950
1.014
1.161
1.201
1.241
1.273
1.401
1.273
1.298
1.253
1.170
1.111
.770
1,704
1
1
8
1,251
1,140
i 79, 345
.716
276,993
4,100
14, 150
7,522
6,891
149,012
44, 308
87,717
44, 912
50, 962
29,161
58,208
54,875
82, 010
79,646
72, 810
27, 317
102, 109
66, 780
63, 423
47, 603
38,635
33, 947
32, 446
26, 491
3, 630
17, 818
5,937
4,080
53, 635
63, 855
66, 894
52, 698
28,434
48, 056
48, 963
40,358
29, 168
22, 528
7,607
••363
••209
207
••616
'157
' 130, 523 ' 89, 254 ' 95, 263 ' 122, 578 ' 82, 400
129
50,220
5
24, 939
1,210
80, 124
38,896
19, 161
454
.159
16,058
7,663
350
.165
61, 195
' 5, 877
«• 2, 521
••935
••581
' 3, 348
'31,501 r 181, 836 ' 312, 232 ' 278, 838 •• 162, 090
r 39, 499 ' 201, 391 ' 489, 483 " 475, 620 ' 414, 010 ' 355, 777 •• 306, 419 ' 235, 886 ' 133, 832
118,889
21,592
61,944
90, 675
31,628
104, 889
63, 322
93, 137
140, 214
204
1,236
424
209
2
267
647
1,266
480
.114
.122
.134
.118
.121
.125
.127
.129
.129
1
2,634
2,214
2.466
2,084
3,824
2.817
1,366
4,262
2.853
512
4,427
2.824
25, 977
443
4,072
2.769
i 1,364.9
i 296. 9
1
1, 068. 0
40, 678
44, 065
325, 626
91,342
74, 023
326, 531
68,185
58,688
113,863
1,122,206
175,069
146, 292
130, 639
167, 718
166, 359
152, 400
126, 282
796, 618
141,889
56,843
38,605
196, 631
136,216
610, 300
46, 278
29,132
41,862
26, 366
36, 834
25, 933
112,279
111,730
427, 620
38, 301
26, 421
2.710
2.318
2.384
2.472
2.840
2.646
2.704
2.801
3.167
2.953
2. 952
3.093
3. 231
2.999
3.020
3.154
25, 936
86.4
497, 920
59, 619
24, 787
85.8
474, 190
56, 720
26, 327
84.3
506, 140
60, 393
7,606
4,946
7,150
6.490
5. 595
6.925
6.138
437
3,636
2.763
367
2,688
2.410
609
1,521
2.562
654
1,286
2.530
73, 496
14,014
897
.138
657
954
2.412
438
531
2.247
1,053
901
1.783
.162
2 26, 664
3, 634
2,666
1.598
2 1, 285. 0
2 303, 6
298L4
150, 846
85, 359
35, 022
16,053
14, 967
317,047
23,209
30, 520
50, 471
284, 763
115,735
102, 328
53, 096
64, 533
56, 694
49, 622
48, 305
3194,890
3 34, 065
34, 765
97, 989
85, 835
479 648
70, 174
72,082
124,041
169, 181
211, 023
45, 940
24,502
39, 147
27, 121
75, 382
73,714
256, 533
33, 522
21,534
36, 197
21,118
33, 629
19, 707
3
29,683
3 34, 300
3 94, 312
43, 562
24, 527
48, 908
32, 748
3.160
3.011
3.089
3.110
3.198
3.032
3.120
3.149
2.765
2. 508
2.866
2.684
2.667
2.454
2.538
2.609
2.669
2.445
2.546
2.612
2.625
2.402
2.440
2.596
2.601
2.294
2. 325
2.562
2.427
2.193
2.248
2.308
2. 319
2.150
2. 163
2. 218
23, 676
89.0
449, 691
54, 188
23,475
78.0
448, 184
53,734
24, 174
80.0
460, 890
55, 141
21, 002
78.1
401, 960
47, 974
21, 768
69.0
415, 510
49, 631
22, 079
72.6
422, 334
50,288
22, 670
77.7
430, 408
51, 883
22, 827
80.3
438, 162
52, 416
24, 179
80.0
466. 902
55, 664
24, 940
82.8
478, 262
57, 352
6,462
4,546
5,912
4,954
8,940
5,015
5,031
4,999
6,288
5,806
4,595
7,938
6,73
7.431
6.700
7.640
6.895
7.263
6.738
7.175
6.735
6.294
5.736
6.162
5.650
6.075
5.569
5.845
5.415
5.769
5.094
5.662
5.110
5. 595
5.181
LIVESTOCK
Cattle and calves:
Slaughter (Federally inspected):
509
620
511
550
719
762
577
569
586
566
673
813
628
Calves
thous. of animals
1,109
899
1,046
877
977
986
1,337
1,346
1. 086
1,312
1,407
1,497
Cattle
do...
1,217
r
Revised. ! December 1 estimate. 2 September 1 estimate.
3 includes old crop only; new grain not reported in stock figures until crop year begins in July for barley, oats, and wheat and October for corn. 4 No quotation.
IThe total includes wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins not included in the break-down of stocks.
§Begmning in the April 1948 Survey, export figures include Army civilian supply exports; see note marked "t" on p. S-21.
JData beginning July 1947 represent estimates for approximately 1,100 mills, about 425 of which report monthly and the rest annually; the 1,100 mills are believed to account for about 98
percent of United States wheat flour production.
®Data for production and stocks of wheat flour were shown in barrels hi the August 1948 Survey and earlier issues and should be multiplied by 1.96, while price was shown per barrel and
should be divided by 1.96 for comparison with figures given here and in the 1947 Statistical Supplement to the Survey; data for offal were formerly shown in millions of pounds and should be
converted to tons of 2,000 pounds.
SURVEY OF CUEEENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-29
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK— Continued
Cattle and calves— Continued.
Receipts, principal markets ...thous. of animals.Shipments, feeder, to 8 corn belt States
do
Prices, wholesale:
Beef steers (Chicago)
dol. per 100 lb,_
Steers, stocker and feeder (Kansas City) -do
Calves, vealers (Chicago)
do
Hogs:
Slaughter (Federally inspected) ..thous. of animals. .
Receipts, principal markets
- do
Prices:
Wholesale, average, all grades (Chicago)
dol. per 100 lb_Hog-corn ratio
bu. of corn equal to 100 Ib. of live hog__
Sheep and lambs:
Slaughter (Federally inspected)
thous. of animals _ _
Receipts, principal markets
do
Shipments, feeder, to 8 corn belt States
do
Prices, wholesale:
Lambs, average (Chicago)
dol. per 100 Ib
Lambs, feeder, good and choice (Omaha). do
2,259
198
3,199
395
3, 353
621
2,617
321
2,233
145
2,028
103
1,485
59
1,680
54
1,878
82
1,898
117
2,127
134
1,887
138
2,318
221
28.84
21.22
22.63
29.54
21.65
24.30
29.82
20.96
25.38
29.52
21.32
25.81
29.08
23.59
26.75
29,16
26.31
29.06
26.43
24.15
27.00
26.71
25.57
25.65
28.42
26.62
25.75
31.33
27.60
28.90
34.72
26.96
27.25
36.37
28.25
27.63
35.22
27.40
28. 00
2,731
1,774
2,948
1,942
3,978
2,305
5,501
3,303
6,254
3,771
5,223
3,272
3,746
2,305
3,574
2,309
3,343
2,462
3,562
2,660
4,235
2,863
3,044
2,022
2,440
1,707
23.74
26.66
27.81
24.96
26.31
26.71
22.25
21.40
19.79
20.15
23.10
25.17
26.89
MO. 8
11.3
12.4
11.1
10.5
10.9
11.2
10.3
9.4
9.1
10.6
12.8
14.2
1,253
1,688
283
1,458
2,452
556
1,697
2,871
677
1,471
1,833
393
1,451
1,587
131
1,347
1,428
81
1,209
1,255
64
1,175
1,259
65
1,045
1,211
69
978
1,382
106
1,262
1,590
149
1,195
1,409
61
1,264
1,932
229
20.25
21.31
22.50
22.60
22.62
21.05
22.75
20.98
24.08
20.53
25.00
21.78
23.00
20.44
21.50
19.47
24.00
21.61
26.75
22.67
29.00
0)
28.50
0)
27.00
25.97
1,289
636
62
1,356
506
81
1,556
480
62
1,740
635
52
1,918
980
39
1,762
1, 130
35
1,323
1,168
41
1,299
1,097
69
1,197
990
25
1,228
941
29
1,549
960
32
1,274
860
38
1,149
677
650, 486
106, 179
15, 263
749, 027
92, 781
23, 898
792, 883
112, 290
8,400
707, 751
151, 856
5,983
709, 306
196. 252
2,360
698, 314
193, 316
1, 389
541, 914
178, 541
1,467
563, 238
154, 411
9,165
527, 314
120, 898
1,050
503, 226
102, 578
712
615, 696
88, 705
913
577, 522
r 76, 408
2,789
599, 674
76, 050
MEATS
Total meats (including lard) :
Production (inspected slaughter)
mil. of lb_.
Stocks cold storage end of month
_ do
Exports §
do
Beef and veal:
Production (inspected slaughter)
thous. of lb_.
Stocks cold storage end of month
-do
Exports §
do
Price, wholesale, beef, fresh, native steers (Chicago)
dol. per lb__
Lamb and mutton:
Production (inspected slaughter)
thous. of lb-_
Stocks cold storage end of month
do
Pork, including lard, production (inspected
slaughter)
thous. of lb_Pork, excluding lard:
Production (inspected slaughter)
~ do _
Stocks cold storage end of month
-do
Exports 5
do
Prices, wholesale:
Hams, smoked (Chicago)
dol. per lb_.
Fresh loins, 8-10 Ib. average (New York) .do... .
Miscellaneous meats and meat products, stocks, cold
storage, end of month:
Edible offal
thous. of lb_ Canned meats and sausage and sausage room
products „
thous. of lb._
Lard:
Production (inspected slaughter)
do _
Stocks cold storage, end of month
do
Exports §
do Price, wholesale, refined (Chicago) _ _ . dol. per lb..
.469
.482
.466
.466
.468
.479
.419
.436
.468
52, 007
7,837
60, 043
6,645
69, 891
11, 893
60, 790
17,280
61, 943
20, 317
60, 107
19, 294
55, 859
16, 971
55, 049
14, 890
47, 601
9,106
.542
.578
.577
51,710
7,999
.500
42, 039
7, 665 '
49, 915
r 8, 557
53,389
9,583
586, 369
547, 045
693, 312
971, 957 1, 147, 168 1, 003, 276
724, 834
680, 771
621, 675
682, 325
881, 565
646, 403
496, 236
438, 482
264, 124
4,651
417, 926
195, 896
2,905
539, 982
187, 971
2,412
759. 222
304, 851
3,228
867, 696
527, 159
2,400
745, 581
659, 309
1,756
531, 423
700, 114
3,216
506, 096
661, 399
3,430
473, 317
606, 827
1,794
514, 718
580, 056
2,804
650, 982
582, 496
2,909
477, 942
' 508, 213
1,649
372, 166
365, 222
.641
.593
.664
.622
.589
.564
.551
.480
.577
.456
.612
.482
.538
.471
.561
.523
.569
.536
.576
.545
.610
.535
.644
.624
.658
.682
50, 393
44, 342
58, 665
55, 935
50, 544
57, 501
71, 183
74, 261
70, 766
67, 178
56, 480
51, 124
55, 760
r
36, 267
29, 458
27, 045
30, 534
41, 799
49, 953
64,622
69, 854
58, 136
48, 616
43, 787
' 42, 375
40, 508
108, 114
162, 565
34, 804
.176
94, 015
125, 579
43, 420
.232
111,619
90, 437
38, 286
.285
154, 639
73, 377
33, 522
.302
204, 084
113, 286
23, 210
.290
188, 171
133, 513
23, 143
.292
141, 384
137, 416
25, 544
.239
127, 736
129, 028
r
47, 345
.238
108, 165
138, 924
16, 328
.250
122, 340
150, 660
20, 929
.243
168, 689
181, 327
13, 725
.245
123, 277
r
174, 304
20, 747
.240
90, 594
141, 806
37, 316
183, 024
.235
51, 774
205, 653
.242
61, 637
277, 870
.236
78, 087
317, 112
.216
68, 856
317, 463
.240
28, 083
293, 640
.265
22, 385
262, 374
.260
25, 275
205, 745
.280
26, 614
153, 424
.298
31, 221
117, 935
.292
32, 736
99, 507
.296
32, 060
' 91, 186
.317
31, 520
88, 967
.336
3, 818
1,324
3,383
184
3,457
226
3,291
330
3,746
162
4,338
552
4,723
1,029
6,093
1,781
6,304
3,213
5,992
5,541
5,019
9,081
4,459
9,047
3,922
5,926
3,807
234, 434
2,804
216, 762
1,818
189, 596
824
164, 673
196
138, 192
269
122, 438
374
120, 665
1,165
143, 253
3,091
195, 954
4,903
248, 574
5,669
266, 748
r
5, 525
257, 367
4,636
234, 066
.422
.450
.464
.455
.517
.441
.434
.432
.429
.410
.416
.412
.444
56, 189
67, 698
84, 539
76, 085
65, 094
42, 059
73, 802
61, 994
63, 089
Candy, sales by manufacturers <?
thous. of dol..
Cocoa:
17, 461
32, 147
12, 645
12, 625
39, 151
19, 598
31, 858
17, 513
Imports
long tons
18, 415
.354
.394
.404
.495
.436
.345
.510
.430
.436
Price, wholesale, Accra (New York)__dol. per lb-.
Coffee:
1,285
1,413
1,412
1,452
1,595
1,433
1,220
1,570
1,550
Clearances from Brazil, total
thous. of bags..
742
979
903
1,138
1,173
1,018
1.089
760
1,117
To United States
do ...
952
1,111
1,056
1,288
1,110
1,369
1,144
1,183
1,128
Visible supply, United States
-do
1,211
1,884
1,515
1,884
1,153
1,870
2,157
2,055
1,818
Imports
do
Price, wholesale, Santos, No. 4 (New York)
.266
.264
.272
.264
.264
.272
.266
.270
.268
dol. per lb-_
Fish:
r
49, 508
47, 208
34, 867
33, 342
21, 537
28, 620
63, 927
64, 476
60, 399
Landings, fresh fish, 5 portst
thous. of lb._
142, 102
76, 743
68, 268
140, 070
133, 844
112, 046
90,491
132, 930
135, 870
Stocks, cold storage, end of month
do
Sugar:
Cuban stocks, raw, end of month
2,911
3,134
1,121
813
215
455
1,645
2,238
thous. of Spanish tons.. r 2, 446
r
Revised. * No quotation.
c?Data are being revised; the series was omitted from the 1 947 Statisti cal Supplement beca use of discc)very of in consistenci es in the d ata.
1.
civi
§Beginning in the April 1948 Survey, export figur es include Army 4-v,^ Ian supply shipment i; see note marked "i ' on p. S-2
on ~t
46, 075
45, 154
24, 208
.332
17, 586
.416
21, 090
.446
1,605
1,118
948
1,604
1,294
733
1,044
2,095
1,371
782
954
1,397
1,328
943
915
.270
.270
.270
.268
85, 601
100, 537
127, 474
135, 928
3,810
3,176
2,818
2,243
POULTRY AND EGGS
Poultry:
ReceiDts 5 markets
_ .thous. of lb..
Stocks cold storage end of month
do
Price, wholesale, live fowls (Chicago) .dol. per lb._
Eggs:
Production farm
_ .millions- Dried egg production
thous. of lb..
Stocks, cold storage, end of month:
Shell
.thous. of cases Frozen
-thous. of lb-_
Price, wholesale, U. S. standards (Chicago)
dol. per doz_-
r
r
r
.241
MISCELLANEOUS FOOD PRODUCTS
.442
SURVEY OF CURRENT BUSINESS
S-30
October 1948
1948
1947
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
August
September
October
November
December
January
February
March
April
May
June
July
August
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS—
Continued
Sugar— Continued
United States:
Deliveries and supply (raw basis):
Production and receipts:
Production
short tons
Entries from off-shore
_-do. _.
Hawaii and Puerto Rico*.
do Deliveries total
do
For domestic consumption
do
For export _
.do
Stocks, raw and refined, end of month
thous. of short tons__
Exports, refined sugar §
short tons
Imports:
Raw sugar, total
do
From Cuba
do
Refined sugar, total
do
From Cuba
do
Price (New York):
Raw, wholesale
dol. per lb_.
Refined:
Retail
do
Wholesale
__do
Tea imports
thous. of Ib
86, 749
605, 075
247, 141
f
809, 071
r
801, 807
7,264
132,019
465, 89
195, i37
740, 720
730, 790
9,930
534 233
459, 202
169 718
902 939
887, 347
15, 592
636 444
443, 968
101 681
586 012
580, 194
5,818
485, 709
384, 783
44 647
378 341
366, 575
' 1, 000
18, 451
861
8,222
911
15, 191
1,407
8,914
346, 484
346 484
33, 889
33 889
257, 629
257, 626
13, 009
13,009
275, 544
275 543
23, 477
23 477
.063
.063
.095
.082
1,275
.098
.082
4,597
TOBACCO
Leaf:
Production (crop estimate)
mil. of Ib
Stocks, dealers and manufacturers, end of quarter,
total
mil.oflb
Domestic:
Cigar leaf
do
Fire-cured and dark air-cured
do
Flue-cured and light air-cured
do
Miscellaneous domestic
do_ .
Foreign grown:
Cigar leaf
do
Cigarette tobacco
do
28, 724
Exports including scrap and stems§ thous. of Ib
5,258
Imports including scrap and stems
do
Manufactured products:
Production, manufactured tobacco, total
thous. of Ib
22, 629
306
Fine-cut chewing _
do
5,002
Plug
do
3,661
Scrap chewing
do
9,881
Smoking
do
3, 341
Snuff
do
440
Twist
do
Consumption (withdrawals) :
Cigarettes (small):
2,528
Tax-free
millions
28, 943
Tax-paid
do_ .
466, 511
Cigars (large), tax-paid
thousands
Manufactured tobacco and snuff, tax-paid
22, 184
thous. of lb_1,685
Exports cigarettes§
. millions
Price, wholesale (composite), cigarettes, f. o. b.,
6.509
destination
_ - dol. per thous..
144 172
81, 968
19 502
343 020
337 591
5,429
68 262
359, 259
56 003
388 071
382 930
5,141
59, 875
566, 627
148 444
57? 746
565, 503
7,243
445, 309
163 577
562 391
557,910
4,481
25, 222
512, 510
192, 742
599 958
595, 614
4,344
46, 339
492, 872
249, 143
818, 181
814, 200
3, 981
35, 014
489, 168
243, 933
925, 778
921, 497
4,281
42, 368
498,295
85, 122
901 689
893, 453
8, 236
1,904
20, 151
1,808
4 237
1,880
5 544
1,950
9,555
1,843
3,936
1,782
4, 120
1,502
2,890
1,106
2,905
829
283, 839
282 514
7,204
7 204
384, 959
341 283
7,497
7 497
60, 784
33 910
2,844
2 083
274, 977
251 187
26, 709
24 782
384, 684
363 978
26, 295
25 711
210, 620
204 965
51, 232
49, 787
259, 755
228 443
30, 470
30 216
195, 268
158, 918
37, 555
34, 204
195, 537
177 039
41,617
41,617
.063
.063
.063
.058
.055
.054
.054
.051
.054
.057
.058
097
.082
5,487
098
.082
6,665
.098
.082
5,429
098
.080
7,863
.093
.077
7,105
.093
.076
6,538
.093
.076
13, 052
.092
.075
8,698
.091
.074
8,895
.091
.076
7,360
.092
.076
1 1 , 766
(a)
2
i 2, 108
3,814
352
287
1, 788
3,441
375
266
2,643
2
3,333
3,800
338
216
2,633
3
3,114
3,016
33
110
47, 802
5,864
59, 406
6,720
40 905
5,808
32
123
46,014
4,007
30
127
23 601
7,713
33 601
5,725
19, 194
7,153
27 786
7,075
34, 744
6,720
20, 914
7,335
24, 233
332
4,892
3, 975
10, 849
3,719
466
26, 251
366
5,143
4,426
11,683
4,101
533
18,816
298
3,868
3,465
7,888
2,883
414
17, 283
19. 232
18, 549
20, 937
464
21,055
322
3,910
3 560
8,910
3,879
473
19, 536
3,516
3 383
8,017
3,489
334
3,522
3 183
7,791
3, 265
454
21, 340
3,221
3,200
6,998
3,130
2,706
29, 401
483, 288
3,527
33, 141
587, 880
2, 536
27, 044
495, 401
2,997
24, 946
446, 719
3,213
27, 273
461, 398
3, 578
23, 472
460, 141
3,197
29, 252
470 099
24, 706
1,937
25, 909
2,107
18, 144
1,860
15, 683
2,140
19, 587
2,000
18, 071
2,365
6.509
6.509
6.509
6.509
6.509
318
210
3
3
330
404
363
28
127
59, 006
6,337
3,415
3 270
9,015
3,176
443
257
3,704
3,733
9,251
3,511
481
2,422
31,618
449 504
2 363
29, 092
444, 491
3,250
31, 269
479, 949
3,068
»• 27, 205
430, 210
p 34, 067
505 228
20, 222
2,349
21,821
1,417
19, 024
1,448
20, 280
2,090
17, 880
1,947
21, 201
6.509
6.509
6.509
6. 509
6. 509
6.509
6.862
220
4,200
3 377
9,693
3,390
462
217
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports total hides and skins
thous. of Ib
Calf and kip skins
thous. of pieces
Cattle hides
do
Goatskins
-do
Sheep and lamb skins
do
Prices, wholesale (Chicago):
Calfskins, packers', 8 to 15 Ib
.
dol. per Ib.z
Hides, steer, packers', heavy, native
_ do
8,523
28
42
3,076
3,806
8,950
94
29
2,686
946
13 527
79
142
2,933
1,304
18 561
82
186
3,573
2,872
31 447
102
453
3,649
1,203
58 027
310
850
3,640
2,709
26 215
98
187
5,835
2 342
21 242
76
274
4,226
2 246
17 266
86
113
3,510
2 128
17 878
54
147
2,928
1,404
20 432
48
223
2,420
3,686
22 809
38
158
2,999
3 529
.619
.295
.625
.301
.669
.343
.756
.375
.745
.359
.650
.308
.415
.257
.351
.222
.392
.248
.472
.272
.435
.274
.450
.301
.388
291
LEATHER
Production:
1,125
899
912
834
818
1,069
1,106
937
836
818
935
701
Calf and kip
thous. of skins.
r
2,371
2,638
2,418
2,405
2,258
2,175
2,119
2, 183
2,269
2,330
1,833
2,310
Cattle hide
thous. of hides
r
3,775
2,878
3,407
3,188
2,985
3,319
3,408
3,363
3,540
3, 338
2,797
3,017
Goat and kid
thous. of skins _ .
r
3,094
2,934
3,647
2,892
2,829
3,169
3,001
2,782
2, 890
3,501
2 339
2,700
Sheep and lamb
do
Exports:
Sole leather:
244
32
144
' 116
52
43
135
19
25
61
53
Bends backs and sides
thous. of Ib
78
235
95
116
72
245
53
60
144
129
118
126
Offal including belting offal
do
191
3,285
2,943
2,954
2,674
1,986
1,789
2,180
2,291
2,644
Upper leather
thous. of sq. ft
1,970
2,289
2,019
Prices, wholesale:
Sole, steer, bends, tannery run (Boston)
.742
.808
.784
dol. per lb_.662
.750
.813
.653
.632
.637
.672
.676
.676
.662
Chrome, calf, black, first commercial grade, com3
3 1. 324
3 1. 324
3 1. 246
1. 272
3 1. 165
3 1. 042
1.218
3 1. 203
3 1. 048
3 1. 075
posite
dol. per sq. ft_.
31.055
31.030
1.047
r
J
2
Revised.
* Preliminary.
December 1 estimate.
September 1 estimate.
3 Comparability of the data is affected beginning September 1947 by a change in grade for one reporting firm; September 1947 figure comparable with earlier date $1.223.
0
January-April 1948 total, including corrections for months prior to April, 248,372 tons; corrected monthly figures not available.
§ Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "J" on p. S-21.
*New series. Data on entries of raw and refined sugar (raw basis) from Puerto Rico and Hawaii, compiled by the U. S. Department of Agriculture, have been substituted for receipts
of raw and refined sugar from these areas compiled by the U.S. Department of Commerce; collection of data for Hawaii has been discontinued by the latter agency.
SURVEY OF CURRENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-31
1948
1947
August
September
October
November
December
January
February
March
April
June
July
38, 417
31, 978
34,587
May
28, 466
August
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers:
38, 982
Production, total
thous. of pairs
Shoes, sandals, and play shoes, except athletic,
34, 735
total
thous. of pairs
By type of uppers: c?
v 33, 454
All leather
do
» 1, 174
Part leather and nonleather
do
By kinds:
8 449
Men's
do
1,607
Youths' and boys'
do
17 548
Women's
do
4,271
Misses' and children's
__
do
2,860
Infants' and babies'
do ._
3,676
Slippers for housewear
do
363
Athletic____
do
208
Other footwear
_
do
409
Exports
do
Prices, wholesale, factory:
9.457
Men's black calf oxford, plain toe_.dol. per pair..
6.500
Men's black calf oxford, tip toe
do
4.900
Women's black kid blucher oxford
do
40, 826
46, 765
37, 982
39, 849
40, 731
40, 290
44, 852
39, 412
r
33, 974
36, 035
40, 098
32, 561
35, 788
37, 899
37, 346
41,502
36, 306
30, 858
» 34, 767
v ] , 331
* 38, 730
» 1, 374
v 31, 294
» 1, 185
» 34, 471
» 1, 331
» 36, 118
» 1,816
P 35, 130
v 2, 126
P 38, 972
v 2, 603
v 34, 292
P 2, 319
v 28, 473
v 2, 417
8,812
1,587
18, 053
4,511
3,072
4,186
395
210
358
10, 350
1,815
19, 242
5,277
3,414
5,936
492
239
505
8,192
1,526
15, 328
4,541
2,974
4,894
351
176
430
9,306
1,556
16, 693
5,004
3,235
3,539
349
167
486
9,264
1,397
18, 483
5,350
3, 405
2,349
304
179
398
9,088
1,223
18, 371
5,277
3,387
2,464
298
182
519
9,951
1,284
20, 372
6,044
3,851
2,801
365
184
450
9,273
1,257
16, 871
5,385
3,520
2,592
337
177
565
7,828
1,252
14, 244
4,532
3,002
2,688
262
166
510
9.457
6.500
4.900
9.457
6.625
4.900
9.457
6.750
4.900
9.457
7.150
4.900
10. 437
7.150
5.700
10. 437
7.150
5.700
10. 437
7. 150
5.700
10. 437
7.012
5 562
56, 858
r
v 32, 359 * 26, 891
' 2, 401 v 1,586
r
r
8, 898
1, 557
15 972
r
4, 846
r
3,314
r
3, 374
••281
175
379
7,002
1,293
14, 241
3, 395
2,535
3,037
280
195
352
9.653
6.600
5.150
9.653
6.600
5.150
9. 653
6.750
5.150
58, 901
r
9.947
6.750
5. 150
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total sawmill products
M bd. f t _ _
Sawed timber
do
Boards, planks, scantlings, etc
do
Imports, total sawmill products
do
National Lumber Manufacturers Association:
Production, total
mil. bd. ft
Hardwoods
do
Softwoods
_
_.do__
Shipments, total
do
Hardwoods
_
_. _ do
Softwoods
do
Stocks, gross (mill and concentration yards), end
of month, total
mil. bd ft
Hardwoods
__
do_
Softwoods
do
156, 607
22, 692
97, 447
96, 768
125, 140
16, 854
88, 788
118, 356
102, 569
3,279
796
2,483
3,269
776
2,493
3,256
3,325
2,489
2,552
3,360
2,577
2,558
767
3,318
741
6,078
15,018
71, 930
148, 984
773
802
6,040
109, 799
22, 337
71, 538
128, 161
2,917
726
2,191
3,164
779
15, 432
50, 158
129, 394
57, 359
11, 840
37, 974
142, 761
75, 102
11, 390
55, 022
181, 594
41, 669
145, 949
65, 453
10, 331
46, 276
139, 146
49, 834
4,714
36, 605
164, 863
2,763
2,719
682
2,480
3,022
3,035
3,089
3,269
2,623
2,308
3,020
2,332
2,997
749
2,271
3,077
2,259
2,325
2,074
3,527
5,604
2,040
3,564
5,773
2,008
3,765
5,805
3,874
1,969
2,095
32, 893
10, 403
22, 490
47, 408
10, 262
37, 146
31, 107
33, 451
19, 418
22, 454
24, 065
26, 154
16, 124
16, 584
173, 460
650
2,113
2,844
641
2,037
2,788
672
2,116
2,385
2,203
5,801
2,135
5,557
5,739
3,539
3,599
45, 946
13, 398
32, 548
48, 875
6,048
2,191
3,857
2,217
3,861
3,852
3,666
74, 432
19, 727
54, 705
74, 521
14, 578
59, 943
54, 651
13, 149
41, 502
68, 225
20, 776
47, 449
2,188
73,414
51,172
72, 913
14, 068
2,018
2,140
631
1,849
697
1,926
5,601
714
8,323
703
738
7,566
34, 953
188, 131
' 3, 431
814
2,617
3,132
687
2,762
2,445
2,589
5,942
6,313
6,606
3,973
4,218
753
2,516
3,125
714
2,411
674
2,415
752
1,931
3,614
851
3, 375
786
2,160
4,446
SOFTWOODS
Douglas fir:
Exports, total sawmill products
M bd. ft_.
Sawed timber
do
Boards, planks, scantlings, etc
do
Prices, wholesale:
Dimension, No. 1, common, 2" x 4" x 16'
dol. per M bd. ft..
Flooring, B and better, F. G., 1" x 4". R. L.
dol. per M bd. ft._
Southern pine:
Orders new
mil. bd ft
Orders, unfilled, end of month.
do ...
Production
._.
.do
Shipments
do
Stocks, gross (mill and concentration yards)_do
Exports, total sawmill products
M bd. ft_.
Sawed timber
__do
Boards, planks, scantlings, etc
do
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" or 8" x 12'
dol. per M bd. ft..
Flooring, B and better, F. G., 1" x 4" x 12--14'
dol. per M bd. ft..
Western pine:f
Orders, new
mil. bd. ft
Orders, unfilled, end of month
do
Production
__
do
Shipments
do
Stocks gross, end of month
do
Price, wholesale, Ponderosa, boards, No. 3 common, 1" x 8"
dol. per M bd. ft
West coast woods: f
Orders new
mil. bd. ft
Orders unfilled, end of month _
do
Production
-do
Shipments
do
Stocks gross, end of month
_
do
14,015
34, 860
7,042
3,294
7,297
r
5,870
64.845
67.815
67. 815
67. 815
70. 587
67. 815
64. 350
64. 350
70. 042
74. 250
75. 240
75. 240
104. 940
111. 870
111. 870
111.870
116. 820
110. 880
104.940
104. 940
116. 078
127. 215
132. 462
133. 650
133. 650
981
641
861
910
1,451
16, 534
2,214
14, 320
857
626
799
872
1,378
860
573
876
913
1,341
693
545
676
721
1,296
8,715
1, 435
690
501
755
734
1,317
797
574
708
724
1,301
579
522
581
631
1,251
775
508
827
789
1,289
778
489
860
797
1,352
812
491
886
789
1,612
1,392
6,193
953
6, 256
781
447
885
808
1,518
10, 575
1,031
820
468
876
799
1, 595
1,402
5, 125
790
474
894
805
1,441
10, 903
2, 852
8,051
8,920
12,753
7,448
1,656
11, 097
1,472
7,280
7,738
783
6, 955
6,527
7,585
7,209
8,620
1,147
7,473
75. 240
9,544
8,734
1,369
7,365
67. 978
71. 127
73.311
74. 521
78. 316
78. 594
77. 728
77. 461
77.007
75. 325
73. 204
73.260
73.063
134. 279
138.150
141. 139
146. 731
149. 273
150.326
150. 326
152. 019
152. 164
152. 164
151. 539
151. 539
151. 906
677
517
694
623
1,204
624
542
657
599
1,262
634
569
653
607
1,309
576
604
496
541
1,264
470
526
500
548
1,217
504
561
388
469
1,136
441
576
384
426
1,094
553
648
467
481
1,080
500
654
515
493
1,102
587
685
588
557
1,131
682
702
721
666
1,186
712
714
795
699
1,282
818
728
827
723
1, 386
56.23
59.01
61.23
63.22
61.68
63.55
64.45
66. 16
66.36
67.66
68.23
70.42
78.04
691
924
648
691
725
798
879
753
836
643
759
875
741
760
625
774
788
775
869
532
625
720
629
684
479
751
760
732
709
510
680
738
689
675
524
743
673
781
777
528
769
742
633
654
590
660
754
572
634
550
575
745
577
591
530
667
700
649
658
594
705
626
793
760
682
139, 398
137, 689
37, 036
147, 823
146, 993
38, 070
170, 769
162, 059
43, 973
145. 370
149, 197
40, 524
150, 853
159, 005
31, 509
159, 395
156, 666
155, 878
39, 323
185, 716
184, 443
39, 879
164, 862
162, 975
40, 435
151,364
150, 187
149, 742
41, 425
122, 386
118, 426
44, 397
SOFTWOOD PLYWOOD
Production
thous of sq ft , %" equivalent
Shipments
do
Stocks, end of month
do _
153,017
37, 755
150, 924
40, 778
HARDWOOD FLOORING
Maple, beech, and birch:
6,175
6,075
6,175
7,575
5,975
5,8007,175
5,950
6,600
6,050
6,075
7,150
6,500
Orders new
M bd. ft
17, 225
17, 575
16, 575
14, 775
15, 975
16,000
14, 650
15,675
17, 350
15, 800
14, 475
13, 875
13, 325
Orders, unfilled, end of month
do
7,350
6,525
6,800
5,550
5,800
6,200
6,250
6,150
6,300
5,825
6,275
7,150
5, 550
Production
__ do
6,225
5,925
6, 375
6,750
6,575
5,925
5,725
5,650
5,300
6,600
5,475
5,575
6,500
Shipments
do
4,925
4,275
4,475
4,975
2,675
4,500
3,550
3,450
3,250
3,650
2,425
3,000
Stocks, end of month
do
1,950
r
Revised. *» Preliminary
1
fRevised series. Data for orders, production, silipments, £md stocks of Westerri pine and west coast woods ha ve been re ?ised beca use of chariges in the regions co vered. T he revised
figures for Western pine include all production in W?Doming, Ui ah and Co orado (for merly only parts of tllese States were inchided) and only pine iproduction instead o : total production as
,
.
cfThe figures include a comparatively small number of "other footwear" which is not shown separately from shoes, sandals, etc., in the distribution by type of uppers; there are further
small differences between the sum of the figures and the totals for shoes, sandals, and playshoes, because the latter, and also the distribution by kinds, include small revisions not available
by type of uppers.
SUEVEY OF CURRENT BUSINESS
S-32
Unices otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
LUMBER AND MANUFACTURES—Continued
HARDWOOD FLOORING— Continued
Oak:
Orders new
Orders, unfilled, end of month
Production
Shipments
Stocks mill end of month
M bd. ft
do
do
do _ _
do
57, 678
58, 064
57, 996
58, 126
8,314
53, 535
60, 195
62, 696
60, 800
8,045
61, 549
57, 626
69, 623
66, 697
10, 971
47, 646
52, 751
56, 667
55, 784
10, 704
49, 397
51, 135
57, 886
51,013
16, 086
62, 057
54, 455
61,152
61, 894
14, 605
56, 814
58, 129
57, 955
57, 078
15, 482
59, 988
55, 320
64, 991
62, 797
15, 626
64, 784
59, 397
67, 541
65, 226
17, 941
60, 293
60, 819
65, 616
63, 449
19, 654
65, 579
57, 391
70, 213
69, 007
20, 860
71, 328
58,134
76, 375
73, 575
22, 565
401, 903
21, 512
55, 263
19, 979
394, 738
28, 550
50, 754
15, 260
71 440
55, 098
76 290
74, 476
24 379
METALS AND MANUFACTURES
IRON AND STEEL
'Foreign trade:
Iron and steel products (excl. advanced mfrs.):
Exports total
short tons
Scrap
do
Imports, total
- - do
Scrap
do
568, 879
10, 717
15, 269
3,917
579, 191
15, 053
14, 953
1,828
650, 980
27, 094
13, 579
2,025
614,823
14, 057
18, 408
6 884
630, 264
26, 702
18, 934
3,789
557, 452
14, 701
21, 323
5,149
508, 740
21, 784
15, 2454,219
516, 777
22, Oil
45, 672
19, 973
468, 160
28, 986
48, 798
15, 803
401, 406
19, 675
27, 982
11, 509
4,826
2, 561
2,265
4,369
1, 295
3,074
4,898
2,460
2,438
4 525
1,436
3,089
5,484
2,865
2,619
4 489
1,475
3,014
5,176
2 643
2 533
4 449
1,442
3 007
5,306
2,722
2,584
4,316
1,416
2,901
5,294
2 789
2, 505
3 976
1,284
2,692
5,082
2 640
2,442
3 936
1,196
2 740
5,875
2,890
2,985
4,064
1,161
2,903
5,217
2 445
2,772
4 571
1,196
3,375
5,588
2,715
2,873
4,654
1,147
3,507
12, 819
13, 533
5,895
11,336
11,865
5,367
10, 108
10, 780
4,695
6,043
6 306
4 432
2,972
1,879
5,528
2,757
1 496
6,790
2,686
1 481
8,009
3,019
1,707
9,186
8,687
9 485
8,388
' 11, 865
«• 12, 537
7,716
12, 578
13, 252
7,049
12, 787
13, 491
6,349
12 122
6, 038
33, 896
30, 397
3,499
597
10 685
6,492
38 370
34, 065
4 305
580
9 785
7,151
41 641
36, 852
4 789
573
877
068
010
195
816
451
537
6,970
36 095
31, 749
4 346
297
7,057
29 081
25, 205
3 877
337
6,441
22 628
19 412
3 216
269
6,634
16 022
13, 761
2 262
o
7 677
4,976
17 125
15 172
1 953
11, 609
6,656
22, 058
19, 885
2,173
11,727
6,577
26, 965
24, 308
2,657
11, 821
6,479
32, 611
29, 419
3, 191
48
45
42
44
25
83
50
2,631
952
551
2,680
1,025
591
2,669
1,154
654
2,687
1,020
562
2,782
1,066
588
2,803
1,064
584
33 208
229, 708
62, 395
38 156
28 706
218 276
71, 568
40 138
40 105
210, 675
83, 976
47, 706
804
510
111
969
39 940
202 408
77, 757
44 042
4,917
4 850
4,801
4 745
5,228
5 254
5 015
4 912
5,177
5 057
Iron and Steel Scrap
Consumption total
thous of short
Home scrap
Purchased scrap
Stocks consumers' end of month total
Home scrap
Purchased scrap
tonsdo
do
do
do
do
Ore
Iron ore:
All districts:
Production
thous. of long tons Shipments
do
Stocks, end of month
_
_ do. _
Lake Superior district:
Shipments from upper lake ports
do
Consumption by furnaces
- do
Stocks end of month, total
do
At furnaces
__do _ _
On Lake Erie docks
do
Imports
__do
Manganese ore, imports (manganese content)
thous. of long tons _
5
7
43
38
4
o
o
11, 735
7,03-6
37 081
33, 236
3 845
403
441
68
47
39
62
46
2,769
1,024
571
2,726
1,169
660
2,691
1,051
2,602
993
556
2,587
1,072
598
2,601
585
2, 599
1, 051
49 159
205 759
77, 744
45 808
46 270
209 447
75, 194
42 582
43 921
203 351
86, 767
50 017
168
578
602
941
34, 236
191, 553
76, 079
42, 261
35 320
178, 760
81, 747
48, 113
36 601
180, 421
64, 995
34, 940
37 4&1
176 824
73, 273
41 088
5,128
5 167
4,780
4 762
5,020
5 049
3 840
3 958
5,077
5,008
4,991
4,900
5, 255
42. 00
43. 26
42. 50
2 43. 00
2 45 &2
2 45. 70
379
707
489
Pig Iron and Iron Manufactures
Castings, gray iron:
Unfilled orders for sale
thous. of short tons_Shipments, total
- - do
For sale
do
Castings, malleable iron:
Orders new for sale
short tons
Orders, unfilled, for sale
do
Shipments, total
- - do
For sale
do
Pig iron:
Production
thous. of short tons
Consumption
do
Stocks (consumers' and suppliers'), end of month
thous. of short tons.Prices, wholesale:
Basic (furnace) O -dol. per long ton
Composite©
do _ _
Foundry, No. 2, f. o. b. Neville Island©. _ d o _ - . -
35
206
72
39
42
199
80
45
914
490
598
831
828
769
759
838
794
799
780
688
712
36.00
37.21
36.50
36.00
37.21
36.50
36.00
37.28
36.50
36.00
37.32
36.50
36.20
37.53
36.50
38.88
40.28
39.50
39.00
40.63
39.50
39.00
40.63
39.50
39.00
40.63
39.50
39.00
40.97
39.50
39.00
41.29
41.90
120, 405
88, 719
22, 584
137, 457
102, 913
32, 967
148, 358
111, 288
30, 452
130, 125
97,143
25 835
148, 124
110, 970
34, 919
141, 068
108, 282
35, 129
142, 434
107, 762
34 800
162, 891
125, 550
41, 876
150, 305
114, 896
36 079
143, 337
111,616
39, 275
152, 894
117, 794
41, 587
120,445
87, 927
28, 422
140, 223
107 538
35 056
626, 227
526, 392
99, 835
98, 009
69, 639
28, 370
617, 247
518, 261
98, 986
108, 804
79,219
29, 585
593, 838
494, 933
98,905
123, 830
91, 228
32,602
585, 818
492, 808
93,010
103, 740
76, 839
26 901
593, 660
495, 947
97, 713
116, 798
86, 911
29, 887
618, 155
517, 307
100, 848
118, 534
89, 677
28 857
630, 860
523, 319
107, 541
116, 676
86, 592
30 084
641, 110
525, 543
115, 567
131,111
95. 008
36, 103
628, 123
513, 980
114, 143
114,314
79, 651
34, 663
623, 620
509, 576
114, 044
108, 546
75, 983
32, 563
640, 747
529, 237
111, 510
119,532
83, 366
36, 166
627, 131
515, 619
111,512
97, 455
70, 662
r
26, 793
634
521
112
111
79
31
6,991
90
6,797
91
7,570
98
7,242
97
7,376
95
7,473
94
6 940
93
7,608
95
6 218
7,572
95
7,256
94
2
2
2
Steel, Crude and Semimanufactures
i Steel castings:
Shipments, total _ _
short tons..
For sale, total
do
Railway specialties
do
i Steel forgings, for sale:
Orders, unfilled, total
_ _ ... do ...
Drop and upset
do
Press and open hammer
__
do ..
Shipments, total
do
Drop and upset
._do...
Press and open hammer
do
: Steel ingots and steel for castings:
Production
thous. of short tons
Percent of capacity J
Prices, wholesale:
Composite, finished steel©
dol. per lb__
Steel billets, rerolling (Pittsburgh)©
dol. per long ton._
Structural steel (Pittsburgh)©
dol. per lb._
Steel scrap, heavy melting (Pittsburgh)
dol. per long ton..
80
.0360
.0360
.0360
.0360
.0360
.0368
.0373
.0376
.0376
.0368
.0368
45.00
.0280
45.00
.0280
45.00
.0280
45. 00
.0280
45. 00
.0280
45.00
.0280
47.70
.0293
50.40
.0305
50.40
.0305
50.40
.0300
50.40
.0300
39.90
38.00
39.88
40.00
40.00
40.30
40.44
40.25
40. 25
40.25
12, 340
2,212
22
11, 294
2,201
31
10, 946
2,305
29
10, 450
2,075
18
12, 461
2,385
21
12, 191
2,239
18
11, 889
2,098
20
11, 528
2 516
11, 471
2,290
10, 810
2,019
T
7 069
89
2
' . 0386
2
J
148
205
943
097
212
885
7 438
93
2 . 0414
52. 36
.0313
2 58. 24
2 . 0350
40.25
40.75
42.75
11, 104
2 244
10, 765
2 084
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
Orders, unfilled, end of month .
thousands..
Shipments
do
Stocks, end of month
_.
do
34
24
22
26
r
v Preliminary.
Revised.
See note marked "©".
t For 1948, percent of capacity is calculated on annual capacity as of January 1, 1948, of 94,233,460 tons of steel; 1947 data are based on capacity as of January 1, 1947, 91,241,230 tons.
© The basis of price quotations for pig iron and steel was changed from basing point to f. o. b. mill or shipping point effective July 13,1948. Specifications for the structural steel price series
were revised in February 1948; however, the January price on both the new and old basis was $0.0280.
2
20
SUKVEY OF CUEEENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-33
1948
1947
August
September
October
November
December
January
February
March
April
May
208, 516
143, 112
65, 404
164, 565
980
29,356
219, 356
158, 200
61, 156
174. 830
'888
28,232
June
July
284, 039
207, 227
76, 812
' 239, 723
915
29,400
310, 007
235, 530
74, 477
274, 083
847
26, 095
August
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Steel, Manufactured Products— Continued
Cans, metal, shipments (in terms of steel con387, 784
sumed), total
short tons
314, 628
Food
do
73, 156
Nonfood
do
344, 236
Shipments for sale
- -do
799
Commercial closures production
millions
Crowns, production
thousand gross. _ 27, 229
Steel products, net shipments:
Total
thous of short tons
5,278
534
Bars hot rolled carbon
do
517
Pipe and tubes
- do _ .
Plates
do
540
Rails
do . .
190
1,199
Sheets
do
136
Strip — Cold rolled
do
135
Hot rolled
do
371
Structural shapes heavy
do
336
Tin plate and terneplate
do
393
Wire and wire products
do
r
r
354, 681
277, 968
76, 713
310, 937
867
30,019
279, 448
193, 638
85, 810
240, 670
963
32, 869
213, 904
136, 427
77, 477
182, 342
750
30, 872
253, 594
169, 103
84, 491
222, 797
829
28, 430
5,119
484
497
495
182
1,224
136
142
360
304
410
5,682
555
550
589
214
1,343
151
157
399
349
454
5,217
494
534
513
209
1,264
126
137
353
328
400
5,613
521
558
591
211
1, 352
134
149
380
370
405
5,410
521
541
530
201
1,384
146
146
334
267
429
5,046
518
519
538
172
1,198
127
136
324
247
396
5,979
560
613
630
206
1,410
158
141
382
393
449
5,096
481
518
528
145
1,310
148
132
302
310
395
5,321
484
547
563
179
1,314
142
127
362
322
409
5,477
525
565
592
189
1,302
152
139
372
334
429
5, 230
477
544
565
167
1,333
121
129
354
337
327
47, 054
164, 098
43, 228
163, 480
43, 959
118, 658
43,461
134, 148
47, 589
133, 995
48, 767
217, 602
45, 699
153, 706
51, 874
217, 907
53, 277
166, 961
55, 450
244, 852
48, 557
192, 524
52, 937
157, 183
.0600
.0617
.0625
.0625
.0670
.0711
.0725
.0725
.0741
.0815
.0884
.1087
.1084
132.2
30.4
101.8
82.5
.296
155.1
35.9
119.3
98.1
.296
187.1
40.5
146.9
120.4
.296
167.8
34.7
133.2
108.0
.296
175.6
37.5
138. 1
110.3
.296
177.5
37.9
139.6
109.7
.296
173.9
38.0
136.0
105.7
.302
200.9
41.8
159.1
126.7
.302
177.2
38.3
139.0
106.7
.302
167.2
33.9
133.3
101.9
.302
177.6
35.8
141.8
106.9
.304
160.0
28.9
131.0
99.4
.314
135.2
103.2
.338
72, 014
70, 738
66, 089
63, 266
70,361
73, 088
68, 876
73, 922
74, 045
74,714
83, 301
88, 122
96, 374
77, 212
21, 696
44, 185
2,492
41, 693
24, 679
17, 014
.2123
83, 922
92, 146
95,640
80, 113
18, 337
41, 596
3, 338
38, 258
26, 620
11, 638
.2123
76, 815
108, 277
112, 310
74, 507
19, 295
44,045
5,286
38, 759
18, 515
20, 244
.2121
72, 534
97, 525
106, 232
66, 622
22, 497
36, 902
4,864
32, 038
21, 694
10, 344
.2120
80, 954
108, 816
113, 446
76, 035
18, 299
54, 513
1,251
53, 262
29, 612
23, 650
.2120
82, 427
102, 314
118, 855
71,533
18, 013
30, 435
0
30, 435
13, 041
17, 394
.2120
82, 959
93, 588
106, 823
70, 146
18, 297
46, 638
2,825
43, 813
22, 346
21. 467
.2120
83, 909
110, 886
122, 988
68, 582
15, 043
46, 982
0
46, 982
26, 009
20, 973
.2120
88, 741
104, 044
116, 475
67, 257
23, 272
37, 727
783
36, 944
17, 980
18, 964
.2120
91, 819
104, 524
113, 389
72, 791
19, 861
33, 271
0
33, 271
15, 673
17, 598
.2120
87,678
105, 221
111, 927
73, 065
21, 079
46, 840
3,412
43, 428
25, 502
17, 926
.2120
30, 597
32, 271
30,647
32, 081
32, 512
33, 780
30, 618
31, 600
30, 567
34, 797
33, 306
32, 019
32, 407
32, 414
35, 802
34, 185
35, 512
35, 362
' 33, 219
37, 625
r
46,409
43, 725
46, 646
31, 048
46, 827
43,545
43, 483
34, 385
50, 248
46, 919
56, 247
28, 370
51, 481
47, 903
55, 034
24, 809
49, 337
45,538
52, 354
21, 787
50, 821
47, 421
51, 958
20,645
43, 598
40,400
47, 200
17, 034
50, 093
46, 579
52, 287
14,837
49, 652
46, 577
45, 031
19, 453
50, 626
47, 144
47, 652
22, 418
' 216, 508 ' 202, 518 ' 207, 675
' 134, 649 T 125, 763 ' 134, 396
76, 755
73, 279
81, 859
169, 968
181, 392
169,018
••847
••993
'797
32, 454
29, 459
28,002
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production primary
short tons
Imports bauxite
long tons.Price, wholesale, scrap castings (N. Y.)
dol. per lb._
Aluminum fabricated products, shipments, total
mil of Ibs
Castings
do
Wrought products total
do
Plate sheet and strip
do
Brass sheets wholesale price, mill
dol. per lb_.
Copper:
Production:
Mine production, recoverable copper
short tons
Crude (mine or smelter, including custom intake) cf
short tons. _
Refined $
do
Deliveries refined, domesticd"1
do
Stocks, refined, end of month cf
do_ __
Exports refined and manufactures
do
Imports total
do
For smelting refining and export
do
For domestic consumption total
do
Unrefined including scrap
do
Refined
do
Price, wholesale, electrolytic (N. Y.)--dol. per lb-_
Lead:
Ore (lead content) :
M^ine production
short tons
Receipts by smelters, domestic ore - -do
Refined:
Production, total
do
Primary
- do
Shipments (domestic)
do
Stocks, end of month
_ __ do_
Price, wholesale, pig, desilverized (New York)
dol. per lb__
Imports, total, except mfrs. (lead content)
short tons_Tin:
Production pig
long tons
^tn k<? nip- prirl nf month total
p
'
\
'
Industrial
do
/\Q
do
Imports:
Ore (tin content)
do
Bars blocks pigs etc
do
Price, wholesale, Straits (N. Y.)
doi. per lb_.
Zinc:
Mine production of recoverable zinc .-short tons
Slab zinc:
Production
- do
Shipments total §
do
Domestic
do
Stocks end of month
- do_ ._
Price, wholesale, prime Western (St. Louis)
dol. per lb__
For smelting refining and export
For domestic consumption:
Ore (zinc content)
Blocks pigs etc
r
75, 561
70, 932
' 81, 473 88, 496
102, 798
107, 014
' 108, 085 106, 467
81, 946
80, 469
15, 069
46, 688
2,753
43, 935
18, 912
25, 023
.2309
.2138
34, 090
34, 689
23, 090
24, 597
29, 558
47, 227
44, 846
46, 398
23, 240
40, 458
38, 371
40, 853
22, 846
29, 558
27, 923
33, 433
18, 971
.1950
.1500
.1500
.1500
.1500
.1500
.1500
.1500
.1500
.1721
.1750
.1750
.1781
21, 099
14, 261
14, 132
27, 416
23, 706
15, 784
26, 718
20, 873
21, 749
18, 627
13, 331
30, 255
2,510
5,049
26, 901
12, 732
14, 169
2,636
5,434
30, 665
16, 356
14, 309
3,326
5,640
35, 332
21, 336
13, 996
2,983
4,959
34, 447
20, 542
13, 905
3,211
5, 568
38, 993
24, 555
14, 438
3,452
5,604
41, 386
27, 674
13, 712
3,048
5,004
41,714
27, 086
14, 628
2,836
5,498
41,400
26, 814
14, 586
3,208
5,662
42, 597
27, 956
14, 641
3,576
5,051
47, 136
32, 437
14, 699
3,907
5,629
50, 222
35, 701
14, 521
3,724
5,368
50, 890
37, 118
13, 772
8,350
2, 105
.8000
2,989
6,470
.8000
1,745
3,429
.8000
1,439
2,443
.8000
2,566
4,855
.8539
2,201
4,653
.9400
3,668
1,539
.9400
3,595
2,294
.9400
2,137
3,318
.9400
1,335
6,026
.9400
5, 194
4,979
1.0300
3,891
2,750
1.0300
51, 221
47, 092
r
47, 700
46, 817
50, 296
48, 332
47, 790
48, 124
47, 612
54, 545
53, 042
' 50, 974
66, 852
89, 314
52, 122
161, 256
67, 867
92, 549
50, 558
136, 574
71, 745
129, 046
57, 564
79, 273
69, 682
79, 789
59, 154
69, 166
70,996
72, 151
61, 258
68, Oil
72, 776
86, 000
66, 174
55, 423
67, 917
74, 697
63, 592
48, 643
74, 322
77, 334
65, 334
45,631
71, 500
73, 915
64, 801
43, 216
73 885
72' 848
67, 291
44, 253
do
.1050
29, 364
8,430
.1050
22, 061
1,510
.1050
33, 645
562
.1050
19, 140
5,659
.1050
33, 415
10, 392
.1108
12,660
121
.1200
22, 617
6,240
.1200
21, 663
2,070
.1200
21, 097
5,717
.1200
24, 696
5,962
.1200
26, 903
3,551
.1246
24, 174
3,016
do
do
17, 842
3,092
14, 953
5,598
27, 295
5,788
9,160
4,321
12, 939
10, 084
7,958
4,581
10, 580
5,797
10, 487
9,106
4,498
10, 882
11, 209
7,525
17, 306
6,046
1. 0300
13,915
7, 243
' 68, 309 ' 69, 888
' 69, 402 r 67, 377
' 61, 195 ' 61, 349
' 43, 160 ' 45, 671
68, 180
68, 605
63, 712
45, 246
.1500
HEATING APPARATUS, EXCEPT
ELECTRIC
Boilers, radiators and convectors, cast iron:
Boilers (round and square) :
' 15, 953 P 17, 808
19, 752
22, 018
19, 699
37, 194
31, 372
28, 583
18, 660
13, 867
30, 464
28,469
Shipments
thous. of Ib
65, 676
68, 669
' 78, 834 v 84, 686
46, 774
71, 262
41, 740
39, 749
57, 443
46, 991
39, 749
45, 607
Stocks end of month
do
Radiation:
v 4, 115
4,794
5,123
5,228
5,485
5,980
5,388
5,181
5,010
4,540
4,786
5,247
Shipments
thous of sq ft
3,064
2,341
9 3, 272
2,664
3,079
2,536
3,015
2,712
2,675
2,558
2,528
3,069
Stocks, end of month.
_ -do
r
p
Revised.
Preliminary
1
d Data beginning January 1947 as shown in the December 1947 Survey and later issues include copper from all sources; the November 1947 Survey provides January-March 1947 figures
for domestic and duty-free foreign copper only, comparable with earlier data; the excise tax on copper was removed April 1, 1947.
§ Total shipments of zinc include beginning August 1947 shipments for Government account in addition to shipments to domestic consumers and export and draw-back shipments.
SURVEY OF CURRENT BUSINESS
S-34
Unless other-wise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, ETC.— Continued
Boilers, range, shipments *
number
Oil burners:
Orders, new, net
do _
Orders, unfilled, end of month
do
Shipments
do
Stocks end of month
do
Stoves and ranges, domestic cooking, exc. electric:
Shipments total*
number
Coal and wood*
do
Gas (inc. bungalow and combination) * do
Kerosene, gasoline, and fuel oil*
do
Stoves, domestic heating, shipments, total*, do ___
Coal and wood*
do
Gas*
do -_.
Kerosene, gasoline, and fuel oil*_
do. __
Warm-air furnaces (forced-air and gravity-air flow),
shipments total
number
Gas
do
Oil
do
Solid fuel
do
Water heaters nonelectric, shipments*
do
52, 967
51, 986
85, 561
666, 705
122, 632
20 397
37, 582
576, 326
127, 961
20,524
1-4,421 i—58, 225
443, 457
304, 310
128, 448
80,922
20, 541
25 561
260 580
36, 925
187,719
35, 936
603, 615
126,374
230, C40
247, 201
293, 141
37, 417
212, 806
42, 918
757, 498
166,811
288, 622
302, 065
338, 156
38, 340
261,221
38, 595
845, 318
181,346
328, 051
335, 921
281,571
31,270
210, 894
39, 407
671,388
125, 544
302, 758
243, 086
82 206
13,544
33 881
34, 781
217, 953
91,050
15,214
35, 270
40, 566
210, 360
108,419
19,632
36, 795
51,992
229, 307
72 640
13, 530
27 794
31,316
185, 932
56, 357
46 Oil
51, 722
52, 592
58,908
52, 045
41, 110
T
40, 294
30, 677
3,127 1-57, 449
149, 929
249, 309
41, 859
57, 898
50, 070
36, 466
9,727
134, 631
24, 816
60,286
8,330
124, 190
18, 797
68, 792
6,110
107, 694
22, 846
77,807
10,188
91,834
26, 058
76,005
27, 479
90,113
' 27, 948
73, 188
TO 30, 725
285, 575
27, 456
211,078
47, 041
593, 452
88, 026
295, 230
210, 196
288, 203
29, 955
210, 865
47, 383
316, 254
44, 825
141,084
130, 345
312, 406
32, 169
223, 756
56, 481
261, 925
47, 181
104, 176
110, 568
352, 613
31, 633
252, 036
68, 944
267, 649
46, 316
113, 551
107, 782
326, 149
23, 589
247, 403
55, 157
283, 028
40, 065
133, 401
109, 562
317, 531
19, 724
252, 929
44, 878
310, 479
51,072
161,049
98,358
319, 642
20, 068
259, 675
39, 899
r
379, 525
r
69, 013
170, 523
139, 989
v 256, 232
p 19, 889
p 201, 388
34, 955
P 462, 456
p 100, 841
P 176, 401
P 185, 214
67, 567
15, 283
28 311
23, 973
174, 704
46,590
10,822
16, 354
19,414
176, 736
36, 345
9,313
7,645
19, 387
159,007
39, 297
9,890
8,105
21,302
173, 291
45, 597
12, 454
9,931
23, 212
173, 438
55, 473
13,617
11, 261
30, 595
161,358
64,724
17, 269
11, 923
35,532
' 167,329
P 56, 896
p 14, 634
p 12,899
p 29, 363
P 160, 422
42,884
r
MACHINERY AND APPARATUS
Blowers, fans, and unit heaters, quarterly:
Blowers and fans new orders
thous of dol
Unit heater group, new orders
do
Foundry equipment (new), new orders,
net
1937-39=100
Machine tools, shipments*
1945-47=100-Mechanical stokers, sales:
Classes 1, 2, and 3
number..
Classes 4 and 5:
Number
_ _
Horsepower
Pumps, steam, power, centrifugal and rotary, new
orders
thous. of dol
Scales and balances (except laboratory), shipments,
quarterly
thous. of dol
8,452
7,912
12, 322
6,651
11, 809
6,467
10, 985
9,677
411 3
63.6
393.1
77.0
438.2
94.8
286 1
84.7
467.8
98.4
380.9
75.3
367.3
87.1
326.2
83.6
412.0
82.0
388.5
82.6
376.8
94.4
9,041
9,838
8,194
3,728
2,492
2,685
4,316
5,090
4,548
6,314
7,802
230
50,946
168
191
249
336
64, 870
68, 150
78, 197
92, 642
74, 488
3,480
3,819
3,635
4,703
4,312
398
97, 752
3,843
345
273
80, 640
52, 523
208
51,603
3,355
3,475
2,673
11,638
456. 3
'62.4
p 69. 2
8,428
10, 483
70, 694
r
370
88,803
396
78,051
3,724
3,512
4,075
4, 520
313
333
r
12, 628
13, 126
ELECTRICAL EQUIPMENT
Batteries (automotive replacement only), shipments
thousand s__
Domestic electrical appliances, sales billed:
Refrigerators, index
1936=100
Vacuum cleaners, standard type___ _ _ number
Washers
do
Furnaces, electric, industrial, new orders:
Unit
kilowatts
Value
thous of dol
Insulating materials and related products:
Insulating materials, sales billed, index 1936= 100
Fiber products:
Laminated fiber products, shipments
thous. of dol
Vulcanized fiber:
Consumption of fiber paper
thous. of lb__
Shipments of vulcanized products
thous. of dol_.
Steel conduit (rigid) and fittings, shipments
short tons..
Motors and generators, quarterly:
New orders, index
1936=100
Polyphase induction motors, 1-200 h. p.:§
New orders
thous. of dol
Billings
do
Direct current motors and generators, 1-200 h. p.:§
New orders
thous. of dol
Billings
do
r
2,073
2,415
2,854
2,683
2,597
2,394
2,254
1,679
1,211
1, 027
1,200
' 1, 506
2,506
133
280, 366
279 229
180
326, 882
354, 094
197
358, 546
397, 113
182
350, 470
365, 579
211
373, 254
351, 152
182
304, 273
360, 445
188
311, 448
367, 909
246
355, 415
408, 512
221
306, 588
402, 257
211
276, 657
377, 895
247
256, 071
392, 496
229, 537
326, 181
362, 169
4,464
565
4,465
354
6,378
677
3,344
350
26, 435
1,831
4,083
550
2,692
310
4,487
776
4,328
436
5,166
528
5,229
538
4,845
383
4, 853
320
350
381
345
353
356
351
398
371
344
352
3,619
4,150
4,397
3,812
4,205
4,221
4,162
4,693
4,310
4,118
4,393
4,127
5,124
4,820
5,442
5,107
4,852
5,065
4,532
5,200
5,317
4,925
4,043
3,775
1,559
1,599
1,731
1,486
1,457
1,540
1,461
1,742
1,686
1,500
1,338
1,430
1, 613
19, 745
23, 638
23, 664
22, 336
25, 319
20, 882
22, 730
23, 194
24, 653
22, 415
22, 704
23,072
19, 241
308
392
295
29, 534
32, 451
22, 871
32, 622
25, 841
32 954
4,118
4,935
5,790
5,834
5,068
5,059
5,113
329
22, 328
30, 280
390
6,144
5 078
PAPER AND PRINTING
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
thous. of cords (128 cu. ft.)
Consumption. _
do
Stocks, end of month
do
Waste paper:
Receipts
short tons
Consumption
_ _ _ do _
Btocks, end of month
do
r
1,958
1,675
4,437
1,908
1,589
4,736
1,826
1,744
4,795
1,480
1,679
4,567
1,613
1,605
4,566
1,813
1,734
4,646
1,646
1,589
4,698
1,893
1,778
4,790
1,580
1,762
4,607
629, 114
650, 690
462, 248
643, 222
638, 318
467, 651
735, 250
684, 375
512, 880
638, 505
635, 597
514, 039
633, 122
625, 971
521, 019
614, 143
674, 747
458, 366
595, 355
618, 324
429, 676
718, 411
704, 677
441, 335
687, 267
684, 277
443, 742
1,675
1,850
4,421
' 1, 903
r
1, 767
' 4, 543
658,004 •• 645, 879
655, 855 ' 624, 008
445, 216 p 461, 744
2,107
1,695
4,955
577, 035
543, 320
496, 400
Revised. P Preliminary. l Cancellations exceeded new orders.
The number of companies reporting beginning 1947 is as follows: Direct current—first quarter 1947, 28; second and third quarters 1947, 30; thereafter, 29; polyphase induction—first quarter
1947, 34; second and third quarters 1947, 36; fourth quarter 1947, 35; thereafter, 33.
*New series. Data on shipments of cooking stoves and ranges, heating stoves, range boilers, and water heaters have been substituted for production data, collection of which has been
discontinued. It should be noted that for range boilers and water heaters, shipments data have been shown in previous issues of the monthly Survey beginning with the March 1947 issue;
however, production data were substituted in the 1947 Supplement because available for a longer period than shipments. Monthly shipments for September 1943-June 1947 for stoves and
ranges and September-December 1945 for range boilers and water heaters are available upon request. The index of machine tool shipments, computed by the National Machine Tool Builders
Association beginning January 1945, has been substituted for estimates of total shipments which have been discontinued by the association; the index is based on reoorts estimated to account
for about 90 percent of industry shipments.
SURVEY OF CURRENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-35
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
'1,019
98 163
373 775
r
147 566
66 852
38, 110
r
173 839
75, 256
1,144
111 830
435 806
164 135
70 899
43, 586
183 533
82, 615
PAPER AND PRINTING—Continued
WOOD PULP
Production:
Total, all grades
-thous. of short tons..
Bleached sulphate
short tons
Unbleached sulphate
do
Bleached sulphite
do
Unbleached sulphite
do _Soda
- ___do
Groundwood
do
Defibrated, exploded, etc
-do
Stocks, end of month:
Total, all grades
_ _.
do
Bleached sulphate
do
Unbleached sulphate
do
Bleached sulphite
do
Unbleached sulphite
do
Soda
do _.Groundwood
do
Exports all grades, total
- - do
Imports all grades, total
_ _ _
do
Bleached sulphate
- do
Unbleached sulphate
do
Bleached sulphite
-- do
Unbleached sulphite
do
Soda
..do
Groundwood
do
r
r
1,027
98 415
365 290
161 922
r
76,475
40, 881
170, 080
66, 877
970
92 335
333, 030
154 960
74, 753
40, 182
161,635
69, 080
1,080
103 347
374, 438
172 429
80, 272
43, 840
176, 593
79, 974
1,022
93 744
356 488
163 508
77 186
42, 218
168 859
75,041
975
91 569
332 597
155 379
78, 176
41, 668
161, 047
69, 718
1,054
102 641
373 277
164 244
82 206
43, 933
161 067
79, 051
961
95 088
321 089
157 233
76 586
39, 762
153 488
75, 000
1,086
105 190
390 188
168 923
80 127
42, 598
170 230
81, 388
1,081
102 841
384' 106
161 535
76 564
43 119
184 129
81, 521
1,127
107 217
412 959
162 481
75 857
44, 385
191 151
82, 366
1,090
104 269
401 306
156 276
73 867
43, 576
184 684
81, 567
99, 834
5 259
8 050
31 604
16 982
3 073
31 551
13 358
275 187
28 527
75' 965
53 098
83 993
1 804
30 589
94, 121
5,508
10, 507
30, 288
16 869
2,771
23 660
11, 603
186, 631
21, 301
37, 060
44, 037
54 311
1,864
26 934
93, 244
5,886
10 032
36, 547
14, 764
3,033
18 193
16,090
195, 884
22, 302
36, 470
53, 458
55, 772
1,929
24, 742
109, 968
6 089
13 270
42 846
17 716
3 492
21 702
10 334
188 053
23 009
48 938
40 544
52 915
2 075
19 237
98, 928
4,439
9 815
37, 308
18 452
2,895
21 615
8 278
210, 216
24 835
42, 907
49 427
65 284
2 293
24 277
91, 271
6 316
11 786
28 933
16 103
3 020
20 368
11 089
187 293
20 898
38 625
36 541
63 234
1 884
25 053
94, 543
7,558
11 551
30, 525
14 427
3,454
22 316
11 807
215, 851
19 886
45, 033
42 375
88 126
1 959
17 138
89, 211
6 464
12 084
22 543
14 652
3,363
24 776
4 850
208, 180
26 250
38, 667
58 216
57 794
2 414
23 385
96 598
7 127
10 553
22 317
14 566
3' 362
32 460
Q 396
17l' 010
18 420
26 148
43 502
50 537
1 674
29 532
105, 018
7 665
9 637
23 219
16 401
3 325
38 325
9 326
205, 959
27, 089
31, 470
50, 574
65 993
1, 795
27 864
102, 766
9 044
8 309
21 167
16 291
3 318
38 058
10 309
213 200
32 847
30, 322
52 490
60 443
2 542
33 183
1 763
892
767
105
1,720
873
742
105
1,898
956
827
115
1 777
898
767
111
1,743
894
740
109
1,866
949
808
110
1,701
877
718
105
1,930
958
854
117
1 908
953
843
112
1,908
960
827
122
r
96, 310
7,664
11 437
r 18 217
16 496
2 829
r 32 507
9 606
183, 646
27 214
26, 007
49 082
56 706
2 000
21 795
98
8
13
20
16
2
28
658
669
950
624
652
981
273
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:
Paper and paperboard production, total
thous. of short tons..
Paper
do
Paperboard
do
Building board
do
Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association) :
Orders new
short tons__
Orders unfilled end of month
do
Production
- do
Shipments
do
Stocks end of month
__do
Fine paper:
Orders new
- do
Orders unfilled end of month
do
Production
_. do
Shipments
_
__do
Stocks end of month
_ do
Printing paper:
Orders new
- do
Orders unfilled end of month
do
Production
- - do
Shipments
...
do
Stocks end of month
do _ _
Price, wholesale, book paper, "B" grade, English finish, white, f. o. b. mill—dol. per 100 lb._
Coarse paper :f
Orders new
short tons..
Orders unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
do
Newsprint:
Canada:
Production
_ do
Shipments from mills.
_
_._do
Stocks at mills, end of month
do .._
United States:
Consumption by publishers
. d o ._
Production
do
Shipments from mills
do
Stocks, end of month:
At mills
.. do ..
At publishers
do
In transit to publishers
do
Imports
- do
Price, rolls (New York).__dol. per short ton..
Paperboard (National Paperboard Association) :
Orders new
short tons..
Orders unfilled, end of month
do
Production, total
.. do
Percent of activity
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surface area..
Folding paper boxes, value:
New orders
1936=100
Shipments
_
do
r
687
644
719
727
203
500
696
979
183
937
731, 808
675, 902
702, 581
693, 566
210, 827
751, 536
645, 636
776, 549
778, 752
208, 265
697 825
628 202
732' 765
729 868
219 077
714, 929
606, 608
733, 484
728, 969
215, 050
795, 400
620 058
779, 406
772, 645
223, 278
694, 795
608 437
719, 036
721, 572
226, 645
792, 251
605 763
782, 537
774, 310
227, 746
749, 143
575 897
776 262
772, 672
231 688
742, 307
558, 390
776, 838
768, 128
237, 650
91
143
103
105
50
204
020
610
582
530
94, 838
136, 927
101, 775
98, 680
52, 120
109, 851
138, 850
111, 114
111, 732
51, 770
82
121
101
101
53
720
422
954
168
705
89, 886
112, 523
103, 495
95, 773
54, 234
112, 679
122 825
107, 304
108, 870
52, 915
89, 977
121, 540
97, 654
96, 009
54, 385
107, 673
125 073
105, 927
104, 313
55, 237
94, 818
117 807
104, 393
103, 541
56, 915
87,050
100, 215
103, 369
104, 156
56,000
249
269
250
253
59
259
159
563
331
512
277, 581
299 893
245, 916
243, 496
62, 096
249, 016
269 004
275, 837
275, 699
62, 782
252
267
257
257
66
829
430
210
736
036
252, 172
254 943
257, 843
261, 724
63,745
280, 132
263 383
269, 194
265, 557
66 078
238, 218
254 602
250, 387
251 8Q8
67, 470
278, 425
256 187
267, 467
263, 762
68, 042
255
246
264
259,
74
262, 705
250, 945
268, 911
263, 590
78, 865
960
660
706
989
248
10.80
10.80
10.80
10.80
042
730
895
650
756
268, 523
149 956
265, 386
262 416
63,276
241, 272
150, 610
242, 667
245, 741
62, 595
268, 636
145, 093
268, 999
267 015
62,890
260, 392
136 000
265, 314
268 448
58,850
259, 685
134, 250
268, 302
265, 065
62,090
396, 251
389, 505
74, 310
364 483
393 169
45 624
368, 925
369, 986
44, 563
371, 637
346, 870
69, 330
344, 645
332, 211
81, 764
387, 672
380, 732
88, 704
385, 606
380, 843
93, 467
388, 461
397, 706
84, 222
299, 807
70 732
70, 168
339, 286
72, 253
73, 545
338 012
66 475
66 439
322, 136
65, 880
68, 720
292, 534
65 094
65 037
307, 967
58 016
59, 019
338,337
64 894
65, 943
342, 572
69 371
69 199
11 833
295 385
84, 009
315 932
90.00
12, 397
312, 573
77, 150
357, 998
90.00
11, 105
308, 033
83, 957
355, 605
90.00
11, 141
279 631
89, 755
314, 364
90.00
8,301
292, 920
84, 113
389, 907
90.00
8,358
295, 052
89, 132
320, 564
96.00
7,355
267, 958
90, 864
293, 801
96.00
6,306
274, 453
75, 785
398, 283
96.00
728, 300
430 100
774, 800
99
797, 300
442, 400
756, 300
96
821, 800
441, 000
830, 200
101
755, 400
425, 100
758, 400
100
765, 100
457, 100
747, 500
89
826, 900
432, 900
813, 100
103
711, 300
423, 500
713, 400
100
4,801
4,905
6,416
5,130
5,063
5,185
372.6
439.3
391.7
454.3
449.1
506.9
379.4
450.1
398.5
456.2
430.4
454.8
r
r
r
r
r
10.80
10.80
647
995
641
406
190
238, 828
155, 539
233, 492
230, 171
60, 263
264, 665
159, 550
258, 098
260, 401
57, 886
241
158
249
247
60
377 941
388 106
80 932
366, 092
379,460
67, 564
281 102
70 507
69 326
10.24
233
149
247
250
58
10.80
10.80
I, 837
r
939
r 789
109
1,688
859
703
126
743, 945 r 703, 767
555 847 r 548, 855
756, 962 ' 690, 162
744, 754 ' 689, 852
249, 800 r 257, 870
r
r
r
92. 690
95 425
102, 522
r
97, 918
r
62, 955
681,850
495 065
732, 000
729, 200
259, 635
82, 000
' 89, 860
87, 200
65, 000
' 88, 108
100, 000
' 87, 545 98, 150
r
64, 080
64, 000
r
p
r
r
f
270, 285 ' 240, 375
252 355 r 251, 590
267, 238 ' 238, 236
262, 263 'r238, 470
r
92, 505
81, 750
r
r
r
r
254, 500
134 780
257, 059
255 275
r
62, 935
10.80
245, 517
155, 245
245, 463
244, 540
59, 931
T
221, 000
230, 000
245, 000
242, 200
95, 200
10.80
10.80
r 251, 600
250, 000
' 242, 186
r r242, 000
59, 000
258, 000
260, 000
58, 000
382 937
383, 594
83, 565
391,481
389,148
348, 823
72, 659
71 553
327, 060
72 075
72 441
291, 647
69, 327
68, 548
314, 045
72, 571
71, 966
6,478
268 665
88, 644
349, 649
96.00
7,584
282, 202
89, 083
368, 133
96.00
7,218
294 728
73, 363
374, 845
96.00
337, 372
80, 667
362, 174
894, 300
464, 700
861, 200
102
790, 200
397, 400
824, 200
102
791, 200
352, 000
821, 800
100
798, 000
381, 100
789,200
94
5,003
5,509
4,929
4,976
5,019
' 4, 527
5,301
409.2
449.0
467.4
476.5
378.6
438.5
394.0
417.9
445.0
478.0
415.8
451 2
459.1
10.80
' 137,000
379, 695
95, 351
7,997
96.00
706, 100
359, 000
705,600
81
370.7
127,000
396, 049
88, 450
8,602
382 849
76, 842
0)
807, 200
344 500
792, 900
92
l
Revised.
No quotation.
tRevised series. The series for coarse paper (bag, wrapping, shipping sack, converting, and glassine, greaseproof and vegetable parchment) represent the series formerly shown as
wrapping paper revised to exclude special industrial paper; data beginning January 1947 are shown on p. S-35 of the May 1948 Survey; earlier data will be published later.
SURVEY OF CURRENT BUSINESS
S-36
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
October 1948
1948
1947
September
August
October
November
December
January
February
March
April
May
June
July
August
PAPER AND PRINTING—Continued
PRINTING
Book publication, total
New books
New editions
.
number of editions
do
do
678
526
152
772
639
133
647
549
98
1, 135
885
250
1,110
835
275
763
612
151
890
732
158
805
607
198
819
637
182
918
715
203
627
504
123
689
516
173
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Production}:
thous. of short tons
Stocks in producers' storage yards, end of month
thous. of short tons..
Exports
do
Prices, composite, chestnut:
Retail f
dol. per short ton__
Wholesale _ _ _ _ _ _
do
Bituminous:
Production
thous. of short tons
Industrial consumption and retail deliveries, total
thous. of short tons_Industrial consumption, total. _. _ _ _ d o
Beehive coke ovens
_ _
do
Byproduct coke ovens
do
Cement mills . . ._
__
do
Electric powder utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial. . _ _ _
do
Retail deliveries
do
Consumption on vessels (bunker fuel)
do
Stocks, industrial and retail dealers, end of month,
total
thous. of short tons
Industrial, total
do
Byproduct coke ovens
do
Cement mills
.
do
Electric power utilities
do
Railways (class I)
_ _ _
do
Steel and rolling mills
_ do
Other industrial
do
Retail dealers
do
Exports §
do
Prices, composite:
Retail t
dol. per short ton
Wholesale:
Mine run
_
do
Prepared sizes
do
COKE
Production:
Beehive
__ _
thous. of short tons
Byproduct
do
Petroleum coke _ _ _
do
Stocks, end of month:
Byproduct plants, total.. _ _
do
At furance plants
do
At merchant plants
_ _
do
Petroleum coke
do
Exports§
_do
Price, beehive, Connellsville (furnace)
dol. per short ton_.
r
r
r
r
5, Oil
••5,158
4, 879
4,921
4,675
4,928
4,438
4,867
4,590
4,365
5, 116
295
844
398
855
529
830
675
765
702
794
511
396
320
412
256
604
153
671
96
628
63
612
51
449
135
17.48
14.615
17.71
14. 700
17.87
14. 760
18.01
14. 796
18.03
14. 803
18.22
14. 896
18.24
14.912
18.24
15.023
18.29
1 15. 139
18.60
115.332
18.94
U5.836
5, 524
4, 629
1
18.24
15.022
1
r
20.01
16. 378
50,879
52, 381
57, 301
52, 689
54, 798
55, 780
49, 711
33, 844
34,600
55, 965
r 52, 463
' 48, 238
53, 450
40,033
34, 975
896
8,033
672
7,466
8,527
736
2 8, 860
5,058
179
43, 706
36, 670
916
7,658
662
7,616
8,450
741
2
10,818
7,036
156
48,006
40, 252
965
8,278
704
8,121
9,048
826
2 12, 519
7,754
161
45, 863
37, 853
49,161
38,315
950
8,425
757
8,450
9,652
966
2
9, 31 7
10, 846
93
54, 922
41,668
47, 423
35, 746
44, 502
34, 974
39, 169
33, 541
38, 928
32, 985
8,100
r 38, 748
r 33, 578
'697
8,233
40, 403
34, 907
7,917
9,091
996
2 8, 356
11,677
7,801
8,430
1,023
2
8, 440
9,528
7,701
7,408
663
2
' 8, 155
5,170
8, 203
7, 467
706
8, 498
5, 496
55
34,011
29,600
389
6,488
649
6,919
7,044
819
2 7, 292
4,411
88
47, 157
45. 199
5,482
894
15, 739
6,522
1,128
15, 434
1,958
8,331
48, 370
46, 353
6,216
909
16, 154
6,227
1,089
15, 758
2,017
7, 148
50, 276
48, 144
7,310
1,049
16, 772
6,305
1,076
15, 632
2,132
7,023
49, 576
48, 185
8,671
1,049
15, 792
6,906
48, 613
47, 424
8,807
43, 585
42, 581
7,435
34, 418
33, 576
4,308
14, 868
7,047
13, 609
5,599
11, 745
4,864
14, 824
1,391
3,410
14, 735
1,189
3,219
14, 101
1,004
2,601
64, 057
61, 385
10, 289
1, 328
21, 107
8,685
1,166
18, 810
2,672
866
8,091
730
7,737
9,167
867
2 10, 586
8,010
131
50, 455
48, 255
8,207
1,087
16, 673
6,156
985
15, 147
2,200
6,034
52, 161
50, 124
9,148
1, 113
16, 788
6,749
1,012
15,314
2,037
4,246
963
8,400
709
8,796
9,726
1,104
2
11,970
13, 254
48
943
846
636
7,904
55
991
976
509
671
956
881
577
5,722
217
540
5,593
256
5,713
5 843
225
716
587
128
66
67
646
533
113
69
37
802
644
158
83
81
856
641
215
91
67
940
652
287
100
51
1, 123
12.500
12. 500
12.900
13.000
13.250
14.375
14.64
14.70
7.695
8.031
7.710
8.090
••589
*5 665
200
583
5,396
192
606
5,865
204
539
324
5 650
603
5 800
5,513
5 653
982
544
438
110
77
1,029
509
520
95
60
1,063
1,151
535
504
69
79
912
554
358
67
60
807
618
190
79
59
12.000
12.000
12. 125
12. 250
12.500
12.500
513
550
97
118
589
562
83
76
12. 250
210
1,040
203
102
4 491
14.50
7.575
7 922
5 886
" 15. 73
719
15.29
14.48
7.549
7 889
175
58, 139
55, 991
8,975
1,364
18, 551
8,388
1,134
17, 579
2,148
5,168
965
8, 349
i 7. 882
* 8. 347
14.15
7.528
7 798
549
58, 010
56, 166
10, 474
1,361
17, 041
8,787
1,269
17, 234
1,844
5,627
7,112
7,766
822
2 8, 056
5,628
721
15.11
14.04
7.454
7.657
210
771
11,112
842
1,019
47, 032
45, 680
7,762
1,001
14, 601
7,208
1,074
14, 034
1,352
4,728
692
i 7. 862
i 8. 272
14.01
7.424
7.642
616
776
110
848
8,036
690
7,520
7,432
798
2 7, 661
5,943
99
908
8,185
14.71
1
7. 684
18 123
242
14.80
1
7. 728
i 8 146
246
18.294
8. 800
1
435
259
15.91
1
1
8. 378
8. 866
616
716
4(i7
PETROLEUM AND PRODUCTS
Crude petroleum:
1,554
2,105
Wells completed
number
1,860
1,406
1,630
1,864
1,733
1,810
1,522
1,760
1,416
1,716
166, 330
171, 196
164, 913
163, 781
155, 224
160, 365
157, 530
170, 574
158, 736
165, 443
Production
thous. of bbl
167, 593
164 509
96
96
97
96
98
99
97
98
93
92
Refinery operations
__
percent of capacity
95
98
168, 952
174, 546
162, 854
158, 719
165, 796
156, 014
175, 705
163, 068
159, 771
165, 858
Consumption (runs to stills). .- _ -thous. of bbl
167, 007
166, 198
Stocks, end of month:
223, 124
225, 462
224, 929
223, 481
223, 430
224, 880
Gasoline-bearing in U. S., total
do
228, 523
225, 258
227, 408
223, 820
226, 666
227, 278
57 872
54, 572
58, 989
53, 891
54, 050
53, 849
53, 660
52, 864
At refineries
do
58, 751
58, 790
57, 136
60 807
148, 469
148,994
156, 224
156, 241
154, 233
152, 758
153, 378
157, 853
156, 726
At tank farms and in pipe lines. . _. do
148, 890
156, 276
150, 787
14, 964
15, 578
On leases
_ __ _do
16, 222
16, 258
16, 161
16, 075
15, 339
15, 146
14, 932
15, 661
16, 179
15, 684
Heavy in California
do
7,831
7,931
6,539
6,412
5,320
5, 194
5,275
5,623
5,725
6,756
7,498
7 228
3,844
3,699
Exports
do _
4,139
3,661
3,419
3,138
2,992
4,087
4,039
2,626
3,538
3,362
7,512
Imports
do
7,919
8,591
9, 144
8,622
7,908
9,339
12, 266
10, 804
7,638
9,767
9 393
1.810
2.010
Price (Kansas-Oklahoma) at wells. -dol. per bbl_.
1.910
2.510
2.510
2.410
1.810
2.510
2.510
2.510
2.510
2.510
2.510
Refined petroleum products:
Fuel oil:
Production:
28,254
26, 946
29,072
30, 759
Distillate fuel oil
thous. of bbl
33, 539
32, 548
27, 325
29,930
32, 688
30, 764
30, 820
29, 352
Residual fuel oil
__ _
do
39, 066
37, 344
39, 606
38, 592
37, 098
38 387
40, 523
39, 746
40 732
39, 177
39 104
37, 542
Domestic demand:
Distillate fuel oil.
_ _ _
do
19, 414
16, 093
23, 116
28, 997
42, 056
40, 426
18 305
20 896
38, 648
33, 779
22 809
25 498
Residual fuel oil
do
39, 864
43, 538
52, 015
45, 565
48, 853
40, 677
43, 995
39, 819
38, 987
38, 255
47, 808
42, 831
Consumption by type of consumer:
r
r 3, 915
4,039
' 3, 845
4, 287
' 3, 833
4,433
4,002
4,256
3,601
2,943
Electric power plants cf- do_ _
3,186
3,083
3 119
7,004
6,941
Railways (class I)
do
6,650
7, 141
6,188
6,409
6,506
5,824
6,661
5,878
5,995
6,026
5,419
Vessels (bunker oil)
do
5,901
5,382
4,510
5,054
5,948
6,676
4,800
4,606
5 775
4 651
5 685
Stocks, end of month:
63, 252
61,334
51,081
54, 707
59, 764
41,036
Distillate fuel oil
do. __
34, 590
32, 214
34,514
40, 781
48 352
58 725
52,502
52, 455
47, 091
51,334
44, 636
Residual fuel oil
^
do
52, 578
41, 945
43, 156
48, 788
43, 301
58, 431
52, 465
r
Revised.
1 The comparability of the data for both anthracite and bituminous coal is slightly affected beginning March 1948 by a substitution for one of the reporting companies; February 1948 figures
strictly comparable with March for anthracite and bituminous coal, prepared sizes, are $15.011 and $8.122, respectively; for bituminous coal, mine run, there was no change in price between
February and March on the basis of comparable reports; April 1948 figures strictly comparable with May for bituminous coal, prepared sizes, $8.154.
2
Data for coal mine fuel is included in "other industrial."
.Beginning in the April 1948 Survey, export figures include Army civilian supply shipments (see note marked "I" on p. S-21).
IThe comparability of the series has been affected from time to time by a reduction in the number of cities or by a change in the sample (see note marked "1" in the April 1948 Survey for
changes during early 1947); February-July 1947 data are directly comparable and cover 16 cities for anthracite and 30 cities for bituminous coal. Beginning August 1947 data cover 10 cities for
anthracite and 21 cities for bituminous coal. July 1947 averages comparable with August for anthracite and bituminous are $16.46 and $13.04, respectively
JJanuary-July 1947 revisions (thous. of short tons): 5,172; 4,254; 4,984; 4,293; 4,564; 4,624; 4,098. cf January-July 1947 revisions (thous. of bbl.): 4,419; 3,672; 3,569; 3,449; 3,259; 3,291- 3,732
SURVEY OF CURRENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-37
1948
1947
August
September
October
November
December
February
January
March
May
April
June
July
August
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products— Continued
Fuel oil — Continued
Exports:
3,019
Distillate fuel oil
thous. of bbl_.
781
Residual fuel oil
do
Price, wholesale, fuel oil (Pennsylvania)
dol. per gal__
.085
Kerosene:
Production
thous. of bbl
8,970
5,447
Domestic demand . ._ _
do
20, 824
Stocks, end of month
do
313
Exports
- -. _.do
Price, wholesale, water white, 47°, refinery
.092
(Pennsylvania)
dol. per gal_Lubricating oils:
4,400
Production..
thous. of bbl__
3,051
Domestic demand
__
_ __ do
8,420
Stocks, refinery, end of month
do
1,105
Exports
_
. do
Price, wholesale, cylinder, refinery (Pennsylvania)
_dol. per gaL.350
Motor fuel:
All types:
75, 745
Production, total
thous. of bbl
Gasoline and naphtha from crude petro67, 404
leum
_.
thous. of bbl.
11,254
Natural gasoline and allied products d o _ - _
Sales of 1. p. g. for fuel, etc., and transfers
2,913
of cycle products
thous. of bbl
6,477
Used at refineries
do
72, 089
Domestic demand
do _
Stocks, gasoline, end of month:
Finished gasoline, total - _.
do_ . 77,190
46, 398
At refineries
do
8,659
Unfinished gasoline
do
5,017
Natural gasoline and allied products - - do
3,224
Exports __- _
.- do_ _
Prices, gasoline:
Wholesale, refinery (Oklahoma)
.083
dol.pergaL.
.174
Wholesale, tank wagon (N. Y.)
do
.174
Retail, service stations, 50 cities
.-do _
Aviation gasoline:
3,664
Production, total-thous. of bbl__
2,061
100 octane and above
_ do
5,480
Stocks, total
do
1,968
100 octane and above __ _ __ _ _ do_ _
Asphalt:
Production _ __ _
short tons. - 987, 500
716, 500
Stocks, refinery, end of month
do
Wax:
66, 080
Production
- thous. of lb_87, 920
Stocks, refinery, end of month
do
Asphalt products, shipments:
5,672
Asphalt roofing, total
thous. of squares
Roll roofing and cap sheet:
1,590
Smooth-surfaced
do
1,332
Mineral-surfaced
_ _ _ _ do
2,750
Shingles all types
do
283
Asphalt sidings
- do
35, 456
Saturated felts
short tons
2,990
821
3,058
797
1,376
410
1,585
281
842
769
1,042
499
1,222
683
2,323
689
1,649
907
2,261
1,058
2,007
607
.087
.090
.092
.102
.110
.110
.110
.110
.110
.110
.110
8,547
6,580
22, 276
476
9,308
8,163
22,750
578
9,352
11,070
20, 626
372
10, 129
12, 904
17, 722
66
10, 697
16, 198
11,993
216
11,030
12, 608
10, 287
69
11,262
10, 884
10, 464
269
10, 236
7,774
12, 795
88
9,973
6,508
15,711
474
9,383
' 6, 351
r
18, 480
220
9,442
6,561
20, 958
362
.095
.095
.095
.108
.115
.121
.125
.125
.125
.125
4,047
3,217
8,340
896
4,350
3,427
8,157
1,090
4,264
2,917
8,531
961
4,566
3,295
8,624
1,160
4,287
3,056
1
7, 892
1,028
4,132
3,044
i 7, 829
1,143
4,404
3,231
i 7,961
1,032
4,308
3,096
!8,022
1,139
4,500
2,956
18 411
1,142
4,065
?,007
1
8, 166
1,979
.352
.360
.360
.378
.390
.390
.390
.390
.390
.390
.125
.110
.121
4,135
2,801
1
8, 350
1,134
.390
72, 944
75, 656
72, 061
75, 140
73, 812
67, 518
72, 025
74 219
79, 421
78, 543
79, 948
64, 744
11,096
67, 150
11, 685
63, 623
11, 951
66, 770
12, 357
65, 744
12,047
59, 964
11,372
63, 608
12, 296
65, 834
11, 704
70, 501
12, 072
69,883
11, 550
71,221
11,871
2,896
6,513
71, 384
3,179
6, 355
73, 295
3,513
6,323
64, 158
3,987
5,994
67, 285
3,979
6,434
61, 308
3,818
5 695
56, 487
3,879
6 187
68, 171
3,319
6 058
72 183
3,152
6 551
77, 186
2,890
5 979
78, 044
3,144
6,123
81,428
75, 882
45, 567
8,478
4,456
3,084
74, 710
45, 084
7,874
4,221
3,171
78, 669
46, 529
8,882
4,266
3,673
83, 111
51, 570
9,192
4,296
2,882
93, 290
61,134
8,877
4,323
2,075
102, 235
68, 604
8 764
4,673
1,426
103, 398
68,824
8 551
4,806
2,165
101, 280
64 553
8 549
5, 305
3,190
99, 554
61,648
8 998
5,622
3,218
96, 221
56, 231
8 297
6,077
2,977
90, 310
51,873
8 529
6,176
3,849
.084
.176
.173
.085
.176
.178
.090
.378
.179
.099
.183
.194
.105
. 188
.194
.105
. 188
.195
.105
188
.195
.105
188
.195
.105
.188
.196
.105
188
.196
3,733
2,258
5,803
2,198
3,449
2,121
5,919
2,338
3,316
2,187
6,106
2,575
3,379
2,186
6,064
2,422
3, 443
2,385
6,557
2,712
3,315
2,329
7 044
2,808
4,088
2 945
7 359
3,266
4,075
2 775
6 790
2,667
4,115
2 943
6 469
2 614
4,142
2 747
6 520
2,575
931, 800
597, 800
901, 100
540, 700
726, 900
661, 300
638, 500
731, 100
89, 880
96, 320
80, 080
91, 000
85, 960
96, 880
96, 320
98, 280
98, 000
104, 720
82, 320
103, 320
98, 280
100, 800
92, 960
108, 920
82, 600
112 560
86 240
122 920
5,886
6,640
5,549
5,686
5,549
5,121
5,155
4,946
4,636
5,220
r
1,699
1,368
2,819
300
39, 565
1,908
1,529
3,203
353
42, 637
1,649
1,254
2,647
331
36, 667
1,736
1,285
2,665
356
37, 470
1,743
1,244
2,562
338
40, 180
1,611
1,132
2 378
329
37 633
1,561
1,208
2 385
350
49 662
1,405
1 056
2 484
251
55 316
1,216
998
2 423
213
52 476
1,281
1,083
2 856
205
54 772
r
.390
587, 500
812, 400
1
.105
. 188
.195
3,044
1,825
7,186
2,964
1
551, 800
925, 800
1
624, 000
676, 900
818,400
1,020, 700 ll, 082,900 !1, 156,200
1
911, 100
1,048 000
1
.105
188
196
980, 700
957 600
74, 760
136 360
4 734
5 859
1, 163
1 028
r 2 543
r
199
r 44 912
1 271
1 153
3 435
234
53 186
r 4g 769
55 701
2 119 gig T 2 I2g 446
71, 482
64, 725
53 028
2 129 444
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
47, 289
Consumption
-longtons__
2 130, 040
Stocks end of month
- do
45, 526
Imports, including latex and Guayule
do. _
Price, wholesale, smoked sheets (New York)
.152
dol. per lb_.
Chemical (synthetic):
32, 901
Production
long tons
39, 001
Consumption
_
do
Stocks end of month
do _ _ 2 91, 288
287
Exports
_
do
Reclaimed rubber:
21, 658
Production
. _
do
21, 093
Consumption
do
2
40, 130
Stocks, end of month _
_
do
50, 557
2 122, 097
46, 285
57, 286
2114,115
49, 976
52, 076
2 110, 752
50, 946
56, 284
2 129, 038
71, 596
2
58, 174
136, 227
80, 852
2
51, 012
148, 081
54, 418
2
54, 444
130, 295
72, 070
50, 616
2 123, 248
40, 747
2
52, 022
112 724
40, 709
.166
.202
.238
.215
.219
.205
.204
.229
.233
30, 518
41,865
2 79, 246
349
33, 834
45, 668
2 67, 379
202
37, 825
39, 091
2 67, 871
221
38, 134
43, 230
2 62, 366
413
39, 428
43, 003
2
60, 290
419
39, 025
35, 375
2
65, 649
464
43, 940
38, 222
2
72, 885
387
40, 846
34, 632
2
78, 722
569
42, 866
35, 268
2
85, 734
400
22, 561
23, 801
38, 461
25, 648
26, 735
2 36, 643
23, 161
23, 491
2 36, 425
24, 089
21, 802
24, 362
22, 322
38, 313 . 2 37, 946
21, 043
21, 975
2 36, 612
7,165
7,520
1,793
5,451
276
5,464
343
7,919
8,246
2,128
5,828
289
5,191
280
8,889
8,639
2,178
6,134
327
5,513
294
7,716
7,915
2,097
5,603
215
5,277
234
8,050
6,583
2,338
4,029
216
6,975
243
7,851
5,919
2,330
3,433
157
8,806
195
6,385
5,106
2,020
2,887
200
10, 172
184
6,930
5,703
2,366
3,183
154
11, 364
161
6, 574
7,039
2,265
4,632
142
10, 940
166
6,931
6,254
1,818
4,301
135
11,611
143
7,584
7,827
2 189
5,474
164
11, 435
144
6 672
7,866
2 379
5,357
131
10, 207
175
5,179
6,499
6,937
217
6,540
7,233
6,339
157
7,619
7,616
6,424
181
6,457
6,343
6,683
137
6,544
5,324
8,088
134
6,226
5,152
9,116
101
4,980
4,505
9,657
120
5,534
5,188
9,930
126
5,578
5,807
9,737
117
5.702
5,419
10, 069
95
6,716
6,745
9,939
100
5,750
6,807
8,760
127
2
2
25, 123
25, 229
35, 943
2
25, 634
25, 885
36, 307
2
23, 678
22, 374
38, 444
2
.228
.243
f
41, 207
41,
39, 204
34
2
89 088 r 2 96
305
2
267
511
140
278
r 17 712
22, 504
r
23, 786
19 291
35, 898 r 2 34 302
TIRES AND TUBES
Pneumatic casings:
Production
Shipments, total
_ __
Original equipment
Replacement equipment
Export
.
Stocks, end of month
Exports
Inner tubes:
Production
_ ..
Shipments
_
Stocks, end of month
.
Exports
thousands _
do
do
do
do
__ __ do
do
do
do
do
do
1 New basis excluding distributors' stocks in Califprnia; comparable figures for December 31,1947: Lubricants, 7,701; asphalt, 685,600.
2 Beginning July 1947 data are reported stocks available to industry.
.237
39 628
39' 208
2 96 990
20 041
22 441
2 32 326
SURVEY OF CURRENT BUSINESS
S-38
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey
October 1948
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
171, 412
146, 164
August
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments-reams. _
130, 489
146, 111
146, 754
145, 409
125, 743
111, 889
139, 066
161, 110
160, 918
158, 554
17, 480
86
20 365
10,452
4,855
17, 319
88
19, 840
7,921
3,889
18, 300
90
20, 562
5,668
3,114
16, 814
85
16, 267
6,209
2,929
16, 123
79
12, 379
9,975
3,605
14, 541
71
9,205
15, 336
4,299
13,347
70
8.338
20, 340
5,196
14, 502
71
13, 957
20, 886
6.072
16,041
80
19, 047
17, 880
5,930
17, 740
86
19, 544
16, 086
5,650
466, 592
457, 311
511,977
456, 943
483, 622
483, 156
511,366
538, 950
451,497
460, 971
453, 100
456, 272
436, 073
431,130
452, 138
369, 034
335, 438
479, 788
317, 619
300, 386
493, 925
392, 440
414, 418
470, 041
445, 263
494, 952
421, 558
191, 199
PORTLAND CEMENT
Production
Percent of capacity
Shipments
Stocks, finished, end of month
Stocks clinker, end of month
._ thous. of bbl__
thous. of bbl
do
do
T
17, 757
89
21 426
12, 422
r
5 032
CLAY PRODUCTS
Brick, unglazed:
Production
thous. of standard brick _ _
Shipments
do _
Stocks end of month
do
Price, wholesale, common, composite, f. o. b. plant
dol. per thous. _
Clay sewer pipe, vitrified:
Production
short tons
Shipments
do.
Stocks
_
_ _
do
Structural tile, unglazed:
Production _
_
_ do .
Shipments
do
Stocks
._
_ _
do _ _
498, 171 ' 541, 527 543, 158
496, 510 ' 544, 523 544, 143
420 241 ' 413, 088 410,115
19. 937
20. 374
20. 490
20.636
20. 843
21. 093
21.194
21. 479
22. 040
111,418
110, 754
156, 544
117, 038
117, 530
155, 976
120, 704
119,913
156, 607
117, 435
110, 906
159,360
120, 892
116,647
166, 450
118, 720
98, 540
183, 694
110, 777
93, 973
200, 385
131, 353
122, 307
209, 313
122, 561
124, 272
207, 527
120, 424 ' 127, 663 118 410
120, 808 ' 128, 137 125, 064
207, 105 ' 206, 505 199, 610
114, 163
112,805
124, 935
111,230
110, 343
124, 794
115,844
119,243
119, 289
106, 221
100, 579
124, 331
97, 369
95, 319
120, 653
84. 678
77, 107
127,576
83, 982
75, 800
134, 959
99, 575
97, 871
136, 014
109, 451
113, 784
130, 818
108,946 ' 113, 675 113,810
113,588 ' 116 594 116 701
113,738
124,522 ' 118, 786
9,476
8,859
9,384
8,781
9,646
8,767
8,402
7,703
7,988
7,603
8,015
7,006
7,320
6,886
8,977
10,^899
8,951
7,383
22.204
22. 448
22. 724
22. 839
GLASS PRODUCTS
Glass containers:
Production
.
_ ._
thous. of gross
Shipments, domestic, total
do
General use food:
Narrow neck food
do
Wide mouth food (incl. packers tumblers)
thous. of gross. Beverage
(JO
Beer bottles
do
Liquor and wine
do
Medicinal and toilet
do
Chemical, household and industrialdo .
Dairy products
-- _ _ . _ . _ do
Fruit jars and jelly glasses
do
Stocks end of month
__ _ _ .
_ do
Other glassware, machine-made:
Tumblers:
Production
thous. of dozens
Shipments - --do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of dozens
Plate glass, polished, production-. -thous. of sq. ft--
8,820
7,902
8,107
7,385
'7 779
'7,585
8 89(>
8,353
1,285
1,528
823
473
482
532
578
969
549
653
829
'899
1 08°*
2,322
1 212
676
627
1,479
466
307
486
7,300
2,189
1,040
632
778
1,645
452
290
227
7,478
1 2, 251
955
744
1,279
1,794
589
315
i 17
7,896
1 1, 846
632
974
1,502
1,529
449
285
i 13
8,132
1 1, 745
526
1,271
1,167
1,603
419
384
i7
8,057
1,820
419
839
840
1,791
479
247
39
8,380
1,759
692
704
783
1,584
502
244
39
8,488
2,518
1,338
1,055
1,060
2,281
813
272
92
6,724
1,769
2 729
605
786
1,861
470
339
275
7,876
1,976
849
692
781
1,638
535
210
568
8,419
1,865
884
641
604
1,465
501
201
395
8,799
' 2, 041
'843
'729
'641
'1,413
'513
'231
'276
' 8, 704
2,324
576
566
861
1 7Q9
604
268265
8 871
5,854
4,867
8, 158
4,688
5,994
7,940
5,833
5,186
8,869
4,674
4,961
8,694
4,944
4,599
8,924
4,539
4,416
8,690
4,325
4,296
8,741
5,223
5,314
8,659
5,422
5,628
8,510
5,278
5,277
8,398
4,357
4,742
8,155
4 036
4,805
7 507
3,645
21, 401
3,483
20, 648
4,511
22, 989
4,181
18, 777
3,793
20,089
3,195
21, 958
3,051
21, 751
4,147
23, 572
3,714
23, 417
3,847
20, 783
3,351
24, 208
2,977
17, 484
24,475
GYPSUM AND PRODUCTS
Crude gypsum:
Imports
thous. of short tons
Production
do
Calcined production
do
Gypsum products sold or used:
Uncalcined
- short tons
Calcined:
For building uses:
Base-coat plasters
do
Keene's cement
- - do
All other building plasters
do
Lath
thous of sq ft
Tile
do
Wallboardd"
do
Industrial plasters
short tons
918
1,507
1,279
644
1,667
1,410
241
1,562
1,385
720
1,773
1,590
445, 659
519, 395
506, 561
523, 688
451, 070
10, 084
104, 505
462, 222
6,791
514, 871
46, 148
499, 480
10,909
116,881
488, 677
7,233
592, 627
55, 998
410, 518
1 1, 944
107, 121
530, 444
3 7, 273
3 684, 302
50, 692
545, 038
13, 812
126, 713
633, 137
6,946
659, 878
56 548
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs
Shipments
-- --do
Stocks end of month
do
11, 651
11, 828
21, 021
12, 408
13, 170
20,259
13, 962
14, 589
19, 633
12,804
13, 099
19, 338
12, 548
12, 415
22, 217
r
13, 405
13, 199
22, 494
T
13, 365
13, 178
22, 682
14, 185
13, 303
12, 162
14, 312
12,850
10, 974
' 22, 557 ' 23 067 '24 354
12 373
11, 287
' 23 742
10 099
10 094
23 748
COTTON
t
Cotton (exclusive of linters):
Production:
4
8,362
10, 056
10, 596
••682
3,899
11, 373
11, 552
Ginnings - _- - thous. of running bales _.
259
1 473
Crop estimate, equivalent 500-lb. bales
8
* 11, 851
thous of bales r
15 219
826, 216
759, 498
753, 406
860, 202
712, 864
785, 231 878, 714
Consumption
bales
727, 448
829, 730
785 440
801 142
627 393
728* 732
Stocks in the United States, end of month, total I
' 9, 639 ' 8, 585 r 7, 664
' 6, 545 ' 5, 584 ' 4, 611 '3,690
thous. of bales_- f 13, 164 ' 12, 408 r 11, 555 ' 10, 656
3,082
' 9, 473 ' 8, 431
Domestic cotton, total {
_. _
do
' 13, 025 ' 12, 273 ' 11, 382 r 10, 479
7,529
' 6, 413 ' 5, 460 '4,500
2 989
'3 590
r
' 4, 975 ' 3, 436
' 8, 687
'11,168
2, 007
' 1, 246
'951
'582
On farms and in transit!
do
'528
'372
'275
274
5,032
5,297
5,418
Public storage and compresses _ _ __ do ._
••788
2,528
5,063
4,427
3,637
2,823
2,199
1,642
1,306
1,375
1,746
2,122
Consuming establishments
do
2,048
' 1, 073
1,058
2,151
2,194
1,929
2,109
1,673
1,409
173
177
'135
154
Foreign cotton, total!
do
135
'167
135
'132
124
111
'100
93
' Revised.
i Jelly glasses included with wide mouth food containers.
a Includes a small quantity of nonreturnable containers.
3
Laminated board included with tile.
* Total ginnings of 1947 crop.
« September 1 estimate of 1948 crop.
cf Includes laminated board, reported as component board, through the last quarter of 1947 and for the second quarter of 1948.
t Revisions for 1946 and data for January-June 1947 are as follows (thousands of bales): Total stocks—May 1946, 9,658; July-December 1946, 7,326; 14,407; 13,389; 12,388; 11,106; 9,984',
January-June 1947, 8,756; 7,541; 6,296; 5,150; 4,105; 3,136; total domestic—August-December 1946, 14,254; 13,243; 12,250; 10,963; 9,826; January-June 1947, 8,605; 7,403; 6,172; 5,033; 3,992; 2,987; on
farms and in transit—August-December 1946, 8,491; 7,099; 4,456: 2,780; 1,769; January-June 1947, 1,257; 997; 722; 528; 336; 218; foreign—August-December 1946, 153; 146; 139; 143; 157; JanuaryJune 1947, 151; 138; 123; 117; 113; 149. July 1947 figures are shown in the September 1948 Survey.
SUKVEY OF CUEEENT BUSINESS
October 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-39
1948
1947
August
September
October
November
December
January
February
March
April
May
June
July
August
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (exclusive of linters) — Continued
Exports §
bales
Imports
do
Prices received by farmers
dol. per lb..
1
Prices, wholesale, middling, M«"> average, 10
markets
dol. per lb._
Cotton linters:
Consumption
_
thous. of bales
Production
_
do
Stocks, end of month
do
37 066
4,984
.332
123 545
95, 526
.312
134 190
97 946
.307
164 665
11 750
.319
229 553
15 319
.341
214 098
9 454
.331
163 498
19, 014
.307
261 062
10, 398
.318
155 080
14, 668
.341
204, 811
132, 898
3,090
148,594
8,078
.353
.352
.330
.304
.343
.316
.317
.336
.358
.352
.328
.342
.372
.376
.370
.340
.313
81
32
288
91
105
296
103
203
364
99
188
420
102
175
476
102
166
511
98
129
516
104
104
520
97
66
500
99
47
459
95
36
403
86
32
361
105
53
318
140, 711
883
128, 921
1,624
142, 285
1,196
123, 480
718
2 569
102 417
4 161
93, 907
2 308
82, 410
3, 461
80,070
2,760
79, 889
3,813
73, 129
3, 912
71, 937
2, 670
56.12
.338
.251
.232
60.05
60.96
63.82
64.70
64.31
.338
.261
240
63. 65
.338
.239
.240
58.26
45.34
45.58
.338
.208
.240
51.01
.338
.205
.230
47.86
.338
.283
239
.338
.198
.230
.338
.183
.208
.338
.177
.195
.706
.921
r
7,846
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 inches in width,
production quarterly
mil of linear yards
Exports §
thous of sq yd
Imports
do
Prices, wholesale:
Mill margins
.cents perlb..
Denims, 28-inch
dol. peryd..
Print cloth, 38^-inch, 64 x 60
do____
Sheeting, unbleached, 36-inch, 56 x 60
do
Cotton yarn, Southern, prices, wholesale, mill:
22/1, carded, white, cones
dol. per lb__
40/1, twisted, carded, skeins
do
Spindle activity (cotton system spindles) :
Active spindles, last working day, total*.. -thous, _
Consuming 100 percent cotton
_. -do __
Spindle hours operated, all fibers, total*_mil. of hr__
Average per spindle in place* ._ _ hours. _
Consuming 100 percent cotton
mil. of hr_.
O per at ions as percent of capacity f - -
2,297
r
2 588
75, 614
2, 364
2,540
46.29
.338
.172
.186
.338
.268
.232
.338
.277
.234
.706
.921
.708
.926
.720
.951
.725
.960
.765
1.019
.804
1.098
.804
1.098
.804
1.098
.804
1.098
.796
1.088
.757
1.044
.715
1. 002
22, 371
21, 197
9,552
401
9,034
119.4
22, 612
21, 410
22, 818
22, 786
21, 412
10, 132
427
121.3
133.6
475
10, 667
136.1
23, 055
21, 723
10, 693
450
10, 080
134.0
22, 787
21, 479
10, 953
461
10, 320
130.9
21,352
134.8
22, 856
21, 489
10, 441
440
9,819
137.6
22, 675
21, 328
121.0
22, 798
21, 450
11, 423
480
10, 802
139.0
23,042
419
22, 728
21, 432
10, 146
426
23,077
11, 130
466
10, 802
127.0
62.6
18.6
61.5
20.3
65.3
23.1
62.2
20.3
62 1
22.2
f 68 9
22.7
••60.9
20.6
68.1
22.7
'68.2
22.9
68.6
22.1
'70.7
22.4
8.4
6.4
2,428
3,265
8.6
6.4
9.5
5.7
1,342
9.3
5.3
1,674
7.7
4.0
1 369
8.6
4 7
2 711
4,588
8.8
4.8
9.4
4.8
5 219
4,599
3,975
5,323
4,580
.670
.320
.670
.320
.670
.320
.726
.352
.740
.360
.740
.360
.740
.360
.740
.360
.740
.360
.740
.360
.338
.255
.232
9,982
9,427
21,563
9,530
9,544
21, 708
11, 684
492
11,005
21, 694
11,318
8,482
22, 703
356
10, 019
421
101.3
119.6
7,923
9,384
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:
Consumption:
Filament yarn
mil. of Ib
Staple
fiber
do
Stocks, producers', end of month:
Filament yarn
.
_ do _ _
Staple
fiber
do
Imports
thous. of Ib
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
dol. per lb__
Staple fiber, viscose, 1H denier
do. _
Eayon broad woven goods, production, quarterly
thous of linear yards
Silk, raw:
Imports
thous. of Ib
Price, wholesale, raw, Japan, 13/15 (N. Y.)
dol. per lb__
WOOL
Consumption (scoured basis) :f
Apparel class
thous. of Ib
Carpet class
do
Imports
_
do
Prices, wholesale, Boston:
Raw, territory, 64s, 70s, 80s, scoured. -dol. per lb_.
Raw, bright fleece, 56s, greasy. _.
do
Australian, 64s, 70s, good topmaking, scoured, in
bond
dol. per lb__
.670
.320
455, 072
193
4.03
r
8.7
3.8
9 3
4.0
r
r
553 150
515 951
9.2
4.3
r
'22.2
72.3
71.4
21.8
9.4
4.2
10.5
4.7
.740
.360
.764
.368
r
547 557
(«)
294
124
379
128
397
829
417
470
1,349
1,106
4.40
175
4.40
4.40
2.60
2.60
2.60
2.60
2.60
2.60
2.60
51,680
31,600
2.60
38, 008
14, 056
35, 974
37, 988
13, 708
41, 511
49, 210
17, 850
37, 652
14, 008
48, 388
43, 830
16, 175
36,234
41, 700
15, 948
110, 302
42, 900
15, 524
79, 997
20, 265
86, 749
42, 632
17, 024
62, 324
41, 620
16, 972
48, 703
' 48, 120
51,412
74, 300
11, 284
61, 177
1.220
.565
1.220
.565
1.227
.554
1. 255
.510
1.255
.510
1.255
.510
1.255
.510
1.255
.510
1.296
.510
1. 310
.510
1.446
.550
1.480
.560
1.480
.560-
1.040
1.108
1.165
1.254
1.240
1.240
1.370
1.292
1.399
1.652
1.820
1.820
1.820
72
2, 171
45
2,223
103
98
2, 400
35
••82
59
1,874
30
124
110
166
129
113
90
91, 891
109, 789
189
118, 720
198
95, 140
116, 709
239
72, 789
87, 626
175
59, ] 64
6,316
39, 704
13, 144
61, 796
78, 170
8, 840
49, 800
19, 530
47, 740
41, 244
13, 500
1.950
2.000
2.020
'19,835
WOOL MANUFACTURES
Machinery activity (weekly average) :^
Looms:
Woolen and worsted:
Pile and Jacquard* thous. of active hours
Broad
do
Narrow
_
__
do
Carpet and rug:
Broad
do
Narrow
do
Spinning spindles:
Woolen
do
Worsted
do
Worsted combs
do
Wool yarn:
Production total ^
thous of Ib
Knitting 5
do
"Weaving ^
do
Carpet and other ^
do
Price, wholesale, worsted yarn, 2/32s (Boston)
dol. per lb_.
r
a
70
83
2,565
2,572
51
100
2 495
40
2,497
52
42
91
2,513
37
132
119
163
146
163
146
163
144
164
141
167
141
121,971
90, 474
117, 489
214
103, 677
132 418
247
102, 527
132, 666
252
129 269
250
98,429
99, 272
125 437
245
98, 572
124, 760
248
76, 760
60,900
7,024
71, 705
67, 108
67, 304
65, 876
49, 580
17, 945
39, 732
14, 144
47, 460
15, 264
43, 872
15, 492
65, 588
7,512
41, 668
16, 408
68
2,282
2,324
45
49
124
112
134
129
142
129
93,585
93, 931
122, 410
218
92, 662
47
7,052
9,235
222
C)
79
2,256
45
8,785
15,460
C)
92
8,084
43,760
(•)
82, 550
9,610
53 730 .
19, 210
7,940
C)
i
C)
7,488
42, 092
16, 296
(«)
(«)
r
r
r
r
T
r
C)
5,328
31, 544
10, 868
(')
C)
Revised.
Data not available.
§Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "§" on p. S-21.
• Included in data for broad and narrow looms prior to April 1947. JfData for October and December 1947 and March and June 1948 are for 5 weeks; other months, 4 weeks.
* New series. The new series for cotton spindle activity and the revised series for operations as a percent of capacity relate to all cotton system spindles, including data for spindles spinning synthetic and blended fibers as well as those consuming 100 percent cotton. The series designated "100 percent cotton" continue the data on active spindles and spindle hours shown in
the 1947 Supplement and in previous issues of the monthly Survey. The figures for average spindle hours per spindle in place and operations as a percent of capacity for cotton consuming
spindles for August 1945-^January 1948, as shown in the Supplement and in previous issues of the monthly Survey, are not strictly comparable with earlier data because the figures for spindles
in place collected beginning August 1945 and used in the computations include all cotton system spindles while the "in place" figures used in earlier computations related to spindles used
exclusively for spinning cotton. Data for August 1945-June 1947 for the revised series on operations as a percent of capacity and for the new series on spindles and spindle hours are available
in the May and August 1948 issues, p. S-39 and the note for cotton spindle activity at the bottom of p. S-34 in each of those issues.
fRevised series. See note marked "*".
SUKVEY OF CURRENT BUSINESS
S-40
October 1948
1948
1947
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
August
September
October
November
December
January
February
March
April
May
June
July
August
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES—Continued
Woolen and worsted woven goods, except woven
felts:
Production, quarterly, total
thous of lin. yd
Apparel fabrics total
do
Government ordersf
do
Other than Government orders totalf do
Men's and boys't
do
Women's and children'st
do
Unclassifiedf
do
Blanketing
do
Other nonapparel fabrics
do
Prices, wholesale, f. o. b. mill:
Suiting, unfinished worsted, 13 oz_.dol. per yd..
Women's dress goods, flannel, 7-7^ oz do
113, 536
99, 133
3,122
96, Oil
44, 908
41 054
10, 049
6 482
7,921
129, 382
114, 063
5,659
108, 404
51, 331
48 020
9,053
6,845
8,474
131, 414
115, 549
2,247
113, 302
55, 529
48 374
9,399
5,166
10, 699
131, 978
116, 258
3,141
113,117
55, 113
49 384
8,620
5,496
10, 224
3.118
1.732
3.118
1.732
3.118
1.732
3.118
1.732
3.316
1 732
3. 366
1.782
3.440
1.832
3.465
1.930
3.465
i 2. 113
3.465
i 2. 113
3.465
i 2. 113
4, 199
' 4, 724
2,056
3,831
5,157
3,082
2,092
4,772
4,961
3,042
3.465
i 2. 113
1
3, 564
2, 113
MISCELLANEOUS
Fur sales by dealerscf
thous of dol
r
4, 512
r
TRANSPORTATION EQUIPMENT
AIRCRAFT
Shipments total
For U S military services
Civil aircraft
Exports
number
do
do
do
1,140
211
929
156
1,351
323
1,028
184
1,041
239
802
183
867
252
615
218
790
288
502
240
607
136
471
116
622
155
467
187
863
278
585
165
931
165
766
229
953
141
812
257
1,186
227
959
333
1,119
199
920
245
349, 409
1,765
1,570
261, 158
240, 358
86, 486
66, 382
50,273
24, 317
25, 956
3,110
2,894
1,226
1,668
216
420, 269
1,607
1,412
307, 942
285, 590
110, 720
89, 724
42, 157
21, 839
20,318
3,158
2,944
1,269
1,675
214
436, 001
1,667
1,527
315, 969
295, 099
118, 365
94, 307
47, 599
22, 345
25,254
3,962
3,451
1,587
1,864
511
394, 175
1,416
1,141
305, 148
284, 730
87, 611
71, 161
39, 522
20, 480
19, 087
3,241
2,988
1,406
1,582
253
409, 957
1,449
1,087
366, 939
344, 110
101, 569
85, 971
39,007
21, 362
17,645
3,287
3,121
1,530
1,591
166
405,663
1,382
1,080
305, 081
285, 373
99, 200
83, 893
33,643
19, 458
14, 185
3,373
3,196
1,548
1,648
177
383, 002
1,101
763
274, 847
256, 753
107, 054
88, 889
30, 366
16, 422
13, 944
3,454
3,239
1,688
1,551
215
492, 034
1,430
1,217
349, 998
327, 198
140, 606
118, 572
40, 071
20, 493
19, 578
4,137
3,878
2,094
1,784
259
438, 090
1,056
910
308, 071
288, 356
128, 963
111,911
44, 854
22, 570
22, 284
4,116
3,898
2,081
1,817
218
338, 538
1,288
1,168
225, 461
209, 591
111, 789
96, 909
34, 180
16, 477
17, 703
3,688
3,541
1,876
1,665
147
431, 046
1,068
892
312, 406
293, 582
117, 572
101, 755
29, 514
14,988
14, 526
4,047
3,901
2,144
1,757
146
474, 556
1,012
947
356, 764
334, 736
116, 780
98, 249
41, 481
17,879
23, 602
' 3, 437
r
3, 240
1,657
r
1, 583
197
264 866
75, 912
251, 655
69, 899
281, 428
87, 167
258, 934
73, 737
312, 263
67, 690
274, 978
69, 486
249, 781
74, 326
311, 650
94, 806
330, 555
108, 168
255, 638
100, 614
246, 926
87, 324
291, 206
6,085
4,410
4,346
1,675
24
20
20
4
7,826
5,749
5,668
2,077
32
29
29
3
8,523
6,401
6,242
2,122
76
74
74
2
9,013
6,964
6,889
2,049
107
69
55
38
10, 091
7,914
7,661
2,177
85
71
71
14
9,254
6,866
6,561
2,388
83
57
57
26
8,502
6,345
6,306
2,157
74
54
54
20
9,321
6,959
6,940
2,362
94
74
74
20
9,367
7,041
6,726
2,326
121
107
67
14
9,712
7,171
6,651
2,541
64
64
60
0
10, 476
7,826
7,731
2,650
46
46
46
0
8,708
6,876
6,874
1,832
62
62
62
0
10, 362
7,450
7,450
2,912
1,730
1,730
1,725
1,728
1,731
1,735
1,738
1,740
1,743
1,744
1,747
1,747
1,749
81
4.9
97, 392
71, 826
25, 566
78
4.7
97, 645
73, 416
24, 229
72
4.3
103, 086
76, 713
26, 373
73
4.4
104, 788
78, 857
25, 931
72
4.3
99, 216
74,635
24, 581
76
4.5
101, 662
74, 008
27, 654
79
4.7
103, 061
75, 482
27, 579
80
4.8
105, 120
80, 772
24, 348
83
4.9
109, 567
86, 947
22, 620
86
5.1
103, 786
81, 067
22, 719
84
5.0
103, 565
79, 866
23,699
85
5.0
102, 389
75,220
27, 169
85
5.0
100, 462
73, 113
27, 289
2,709
7.6
2,706
7.6
2,646
7.5
2,612
7.5
2,483
7.1
2,581
7.4
2,702
7.8
2,873
8.3
2,879
8.4
2,887
8.5
2,803
8.3
2,774
82
2,792
83
40
40
0
811
810
1
98
9
89
46
36
10
795
794
1
62
17
45
45
35
10
922
921
1
78
18
60
33
23
10
1,147
1,146
1
110
36
74
30
20
10
1,196
1,195
1
87
20
67
96
76
20
1,417
1,416
1
150
67
83
108
89
19
1,488
1,487
1
71
12
59
119
89
30
1,431
1,431
0
153
30
123
117
89
28
1,455
1,454
1
133
28
105
111
86
25
1,485
1,485
0
135
38
97
123
101
22
1,572
1,572
0
109
28
81
119
99
20
1,509
1,509
116
99
17
365
339
26
352
262
90
375
303
72
337
273
64
394
317
77
316
270
46
358
258
100
338
288
50
337
318
19
331
286
45
292
243
49
259
230
29
MOTOR VEHICLES
Factory sales, total
_.
Coaches total
Domestic
Passenger cars, total
Domestic
._
Trucks total
Domestic
Exports total
Passenger cars
Trucks
Truck trailers, production, total
Complete trailers
Vans
_______
All other
Chassis shipped as such
Registrations:
New passenger cars
New commercial cars
._ number __
do
_ do
do
. _ _ _ do
do
.
do
do
.
do
do
.
do
do
_
_
do
do
do
do
do
461, 335
771
675
348, 804
328, 176
111, 760
97, 222
3,622
3,454
1,866
1,588
168
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total
number-Equipment manufacturers, total
do
Domestic
do
Railroad shops, domestic _
do
Passenger cars, total*
do
Equipment manufacturers, total
do
Domestic
do
Railroad shops, domestic* __ _
do
Association of American Railroads:
Freight cars, end of month:
Number owned thousands
Undergoing or awaiting classified repairs
thousands. .
Percent of total on line
_ _
Orders, unfilled- _
number
Equipment manufacturers
do
Railroad shops
_ __
do
Locomotives, end of month:
Steam, undergoing or awaiting classified repairs
number. _
Percent of total on line
Orders unfilled:
Steam locomotives, total
number
E quipment manufacturers
do
Railroad shops
do
Other locomotives, total
__
do
Equipment manufacturers
do
Railroad shops _ _ _ _
__
do
Exports of locomotives, total
do_ _
Steam
_
do
Other
do
o
97
24
73
61
61
61
0
1 510
1,510
o
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total
Domestic
Exportr
_
_
number
do
do
275
214
61
l
Revised.
Quotations for 7-7^ oz. flannel discontinued; data are estimated from changes indicated by U. S. Department of Labor index of prices of 8-8^ oz. flannel.
c? Revised data for January-July 1947 for fur sales (thousands of dollars): 3,934; 7,919; 7,399; 3,342; 2,723; 3,718; 4,090.
*New series. For data beginning January 1947, see p. S-40 of the September 1948 Survey. Production of passenger cars by railroad shops was insignificant prior to 1947; the small number
delivered in 1942-46 is given in note 2 for p. 180 in the 1947 Supplement to the Survey.
fRevised series. See note on woolen and worsted apparel fabrics in the May 1948 Survey or in the 1947 Supplement to the Survey for explanation of changes in the classifications in
the second quarter of 1947. A further change was made in the last quarter of 1947. Beginning that quarter the unclassified item consists entirely of fabrics containing 25 percent or more
wool reported by cotton and rayon weavers, and all apparel fabrics produced by woolen and worsted manufacturers are distributed to the separate classifications for men's and boys' and
women's and children's fabrics; for the second and third quarters of 1947, the unclassified item includes also 3,340,000 and 1,489,000 linear yards, respectively, which were reported by woolen
and worsted manufacturers as "all other apparel fabrics." Apparel fabrics produced for Government orders were combined with other production prior to 1947. Blankets produced for
Government orders are not available separately.
•INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40Pages marked S
38
Abrasive paper and cloth (coated)._
Acids
24
Advertising
7
2
Agricultural income and marketings
15
Agricultural wages, loans
Air-line operations
22
Aircraft
10, 11, 12, 14,40
Alcohol, denatured, ethyl, and methyl
24
Alcoholic beverages
2, 27
Aluminum
33
Animal fats, greases
25
Anthracite
2,4, 11, 12, 13, 15, 36
Apparel, wearing
4, 5, 7, 8,10, 11, 12,13, 14, 38
Armed forces
10
Asphalt and asphalt products
.__
37
Automobiles
2, 3, 7, 8,10, 11,12,14,18, 21
Banking
15,16
Barley
28
Barrels and drums
32
Battery shipments
34
Beef and veal
29
Beverages, alcoholic
2, 27
Bituminous coal
2,4, 11, 12, 13, 15,36
Boilers
33,34
Bonds, issues, prices, sales, yields
19,20
Bone black
24
Book publication
36
Brass
33
Brick
_
5,38
Brokers' loans
16,19
Building contracts awarded
5,6
Building costs..
6
Building construction (see Construction).
Building materials, prices, retail trade
5, 6, 8, 9
Business, orders, sales, inventories
3
Businesses operating and business turn-over __
4
Butter
_
_
_
27
Candy
_
29
Cans, metal
33
Capital notations
18, 19
Carloadings
22,23
Cattle and calves
28, 29
Cement
2, 5,38
Cereal and bakery products, price
4
Chain-store sales
8, 9
Cheese
27
Chemicals
2, 3, 5,10, 11,12,13, 14, 15,18, 24
Cigars and cigarettes
30
Civil-service employees
11
Clay products (see also Stone, clay; etc.)
2, 38
Clothing
4,5,7,8,10,11,12, 13,14,38
Coal
2,4,11,12,13,15,36
Cocoa
_29
Coffee
22, 29
Coke
2,36
Commercial and industrial failures
4
Construction:
New construction, dollar value
5
Contracts awarded
5, 6
Costs
6
Dwelling units started
6
Highway
6, 11
Employment, wage rates, earnings, hours _ _
10,
11,13,15
Consumer credit
16
Consumer expenditures
1,7, 8
Consumers' price index
4
Copper
21,33
Copra and coconut oil
25
Corn
19,28
Cost-of-living index (see Consumers' price
index)
4
Cotton, raw, and manufactures
2,
4, 5,10, 11, 12, 13,14, 21, 38, 39
Cottonseed, cake and meal, oil
25
Crops
2,4,25,26,28,30
Currency in circulation
18
Dairy products
2, 4, 5, 27
Debits, bank
15
Debt, short-term, consumer
16
Debt, United States Government
..
16
Department stores
8, 9,16
Deposits, bank
15, 16,18
Disputes, industrial
13
Distilled spirits
27
Dividend payments and rates
1, 20
Drug store sales
8, 9
Dwelling* units started
6
Earnings, weekly and hourly
13, 14, 15
Eggs and poultry
2, 4, 29
Electrical equipment
3, 7, 8, 34
Electric power production, sales, revenues
26
Employment estimates
10,11
Employment indexes
11
Employment security operations
13
Emigration and immigration
23
Engineering construction
6
Exchange rates, foreign
18
Expenditures, United States Government
16
Explosives
24
Exports (see also individual commodities)
21
Express operations
22
Factory, employment, pay rolls, hours, wages. 10,
11,12,13,14,15
Failures, industrial and commercial
4
Farm marketings and income
2
Farm wages
15
Farm products, farm and wholesale prices
2, 4
Fats and oils
5, 25, 26
Federal Government,
finance
16,17
Federal Reserve banks, condition of
15
Federal Reserve reporting member banks
15, 16
Fertilizers
5, 24
Fiber products
34
Pages marked S
_
__
7
fish
25, 29
25
_ 31,32
28
2,3,
4, 5, 7, 8, 10, 11, 12, 13, 14, 27, 28, 29, 30
Footwear
2,5,8,9, 10, 11, 12,13, 14,31
Foreclosures, real estate
7
Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes, and
commodity groups
21, 22
Foundry equipment
34
Freight cars (equipment)
40
Freight carloadings, cars, indexes
22, 23
Freight-car surplus and shortage
23
Fruits and vegetables
2, 4, 5,21,27
Fuel equipment and heating apparatus
33, 34
Fuel oil
36,37
Fuels
2,5,36,37
Fur
22,40
Furnaces
34
Furniture
2,5,7,8,9, 10,11, 12,13, 14
Gas, customers, sales, revenues
26
Gasoline
37
Glass and glassware (see also Stone, clay, etc.)_ 2, 38
Gelatin
25
Generators and motors
34
Glue
25
Glycerin
24
Gold
18
Grains
4,19, 21, 28
Gross national product
1
Gypsum
38
33,34
Heating and ventilating equipment
Hides and skins
5,, 22, 30
Highways
5, 6,, 11, 15
29
Hogs
-__
Home-loan banks, loans outstanding
6
Home mortgages
6,7
Hosiery
5,38
Hotels
11,12,13,, 15, 23
12,13
Hours of work per week
Housefurnishings
4, 5, 7, 8, 9
4,5,6
Housing
Immigration and emigration
_
23
21,22
Imports (see also individual commodities)
Income, personal
1
Income-tax receipts
16
Incorporations, business, new
4
Industrial production indexes
2,3
16
Instalment loans
Instalment sales, department stores
9
34
Insulating materials
17
Insurance, life
Interest and money rates
16
Inventories, manufacturers' and trade
3,8,9
2,3,
Iron and steel, crude and manufactures
5,10,11,12,13,14,18,21, 32,33
37
Kerosene
Labor force
10
Labor disputes, turn-over
13
Lamb and mutton
29
29
Lard
33
Lead
Leather and products. 2, 3, 5,10,11,12, 13, 14; 30,31
Linseed oil, cake, and meal
25
Livestock
2,4, 28,29
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
6, 7, 15 16,19
40
Locomotives
39
Looms, woolen, activity
37
Lubricants
Lumber
—_
2, 5,10,11,12,14 31,32
Machine activity, cotton, wool
39
Machine tools
10, 11, 12, 14, 34
Fire losses
Fish oils and
Flaxseed
Flooring
Flour, wheat
Food products
Machinery
2,3, 10, 11, 12, 14, 18, 21,34
Magazine advertising
7
Mail-order houses, sales
9
Manufacturers' orders, sales, inventories
3
Manufacturing production indexes
2,3
Meats and meat packing. 2, 4, 5, 10, 11, 12, 13, 14, 29
Metals
2,3,5, 10, 11, 12, 13, 14, 18,32,33
Methanol
24
Milk
27
Minerals
2,3, 10, 11, 12, 13, 15
Money supply
18
Mortgage loans
6, 7, 15
Motor fuel
37
Motor vehicles
8,40
Motors, electrical
34
National product and income
Newspaper advertising
Newsprint
New York Stock Exchange
1
7
_ _ _ 22,35
19, 20
Oats
'28
Oil burners
34
Oils and fats
5, 25, 26
Oleomargarine
_
26
Operating businesses and business turn-over __
4
Orders, new, manufacturers'
3
Paint and paint materials
5, 26
Paper and pulp
2, 5,10, 11, 12,13,14, 35
Paper products
35
Passports issued
23
Pay rolls, indexes
12
Personal income
1
Personal savings and disposable income
1
Petroleum and products
2,3,
5, 10, 11, 12, 13, 14, 15, 18, 21, 22, 36, 37
Pig iron
32
Plant and equipment expenditures
1
Pages marked S
Plastics and synthetic resins
26
Plywood
___
__
31
Pork
__
29
Postal business
.
7
Postal savings
16
Poultry and eggs
~2,4, 29
Prices (see also individual commodities):
Consumers' price index
4
Received and paid by farmers
4
Retail price indexes
4
Wholesale price indexes
5
Printing
2,3,10, 11, 12, 13, 14, 15,36
Profits, corporation
18
Public utilities
1, 4, 5,11, 12, 13, 15, 17,18,19, 20
Pullman Company
23
Pulpwood
34
Pumps
34
Purchasing power of the dollar
5
Radio advertising
7
Railways, operations, equipment, financial
statistics, employment, wages
1,
11,12,13,15,17,18,19,20,22,40
Railways, street. (See Street railways, etc.)
Rayon, and rayon manufactures.
2,
5, 10,11,12,13,14, 39
Real estate
6,7
Receipts, United States Government
16
Reconstruction Finance Corporation, loans
17
Refrigerators
34
Rents (housing), index
4
Retail trade, all retail stores, chain stores,
department stores, mail order, rural sales,
general merchandise
3,4, 7,8,9
Rice.
28
Roofing and siding, asphalt
37
Rosin and turpentine
24
Rubber, natural, synthetic, and reclaimed,
tires, and tubes
22,36,37
Rubber industry, production index, sales,
inventories, employment, pay rolls, hours,
earnings
2,3,10,11,12,13,14,15
Rye
_
28
Savings deposits
16
Savings, personal
1
Scales and balances
34
Securities issued
18, 19
Service industries employment
10,11
Sewer pipe, clay
38
Sheep and lambs
29
Shipbuilding
10, 11, 12, 14
Shoes
2,5,8,9, 10, 11, 12, 13, 14,31
Shortenings
26
Silk, imports, prices
5, 22, 39
Silver
18
Skins
5, 22,30
Slaughtering and meat packing
2,
10, 11, 12, 13, 14, 28, 29
Soybeans, and soybean oil
25, 26
Spindle activity, cotton, wool
39
Steel ingots and steel manufactures (see also
Iron and steel)
32, 33
Steel, scrap
32
Stocks, department stores (see also Manufacturers' inventories)
9
Stocks, dividends, issues, prices, sales, yields.
20
Stokers, mechanical
34
Stone, clay, and glass products
2,
10, 11,12, 13,14,38
Stoves
34
Street railways and busses
11, 12, 13, 15
Sugar
22,29,30
Sulphur
25
Sulfuric acid
24
Superphosphate
24
Tea
30
Telephone, telegraph, cable, and radio-telegraph carriers
11,12, 13,15, 23
Textiles
2, 3, 5, 10, 11, 12, 13, 14, 38, 39, 40
Tile
38
Tin
33
Tires and inner tubes
5,37,38
Tobacco
2,3,4, 7, 10, 11, 12, 13, 14,30
Tools, machine
10, 11, 12, 14,34
Trade, retail and wholesale
8,9, 10, 11, 12, 13, 15
Transit lines, local
22
Transportation, commodity and passenger
22, 23
Transportation equipment- 2, 3, 10, 11, 12, 14, 18, 40
Travel
22, 23
Truck trailers
40
Trucks and tractors
40
Turpentine and rosin
24
Unemployment and unemployment compensation
10, 13
United States Government bonds
16,18, 19
United States Government,
finance
16, 17
Utilities
1,4, 5,10,11,12,13, 15,17, 18,19,20
Vacuum cleaners
34
Variety stores
8, 9
Vegetable oils
25,26
Vegetables and fruits
2,4,5,21,27
Vessels cleared in foreign trade
23
Veterans' unemployment allowances
13
Wages, factory and miscellaneous
13,14,15
War expenditures
16, 17
Washers
34
Water heaters
34
Wax
37
Wheat and wheat
flour
19, 28
Wholesale price indexes
5
Wholesale trade
3, 9
Wood pulp
35
Wool and wool manufactures
2,
5,10,11,12,13,14,22,39,40
Zinc
33
@FedFRASER