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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C , MARCH 28, 1940
SUMMARY OF BUSINESS TRENDS
T ATEST available data show that the general decline in busiJ-J ness activity continues. The downward movement is on the
whole slight, with some seasonal increases tending to retard the
drop. The curve of steel production still points downward as it
has throughout the first quarter. The rate is scheduled at 60.7
percent for the current week, less than the output in the latter
part of August. Automobile production showed a decline from
the relatively high level of recent weeks—from 105.7 to 103.4
thousand units. While total carloadings receded contraseasonally, principally because of the failure of the miscellaneous
component to show its expected seasonal improvement, the
overall allowing was mixed: ore, forest products,-and 1. c. 1.
carloadings improved less than seasonally; coal and coke combined and livestock carloadings decreased less than seasonally.
Electric power and crude oil production remained virtually the
same. Bituminous coal production increased contraseasonally,
anthracite more than seasonally. Construction awards during the first half of March made a somewhat better showing
than in February.
Employment and income indexes for February reflect the general slackening of business in that month. Total income payments to individuals showed a decline of 1.1 points in the adjusted
index from the January figure of 89.5. Income from farm marketihgs advanced on a seasonally adjusted basis. The Federal
Reserve adjusted factory employment index fell to 102.2 in
February from 103.9 in January. The durable goods industries
reported a reduction while for the nondurable group the increase
was not up to seasonal expectations. Manufacturing pay rolls
which usually rise in February decreased half a point to 97.8 in
the Bureau of Labor Statistics' unadjusted index. Notwithstanding the substantial backlogs of orders in many durable goods
lines, total pay rolls for this group was less in February than in
January. In machinery lines, aggregate activity apparently held
steady, and the same was true for transportation equipment, and
lumber and allied products. In the iron and steel and nonferrous metals industries, however, there was some slackening,
particularly in the brass, bronze, and copper products group.
Pay rolls ih nondurable goods increased half a point to 99, with
large seasonal gains in textiles and wearing apparel.
Retail sales of department stores were only 6 percent larger
than a year ago in the week ended March 16. Considering the
early date of Easter this year, the comparison is not favorable,
though adverse weather conditions are reported to have retarded
shopping in some areas.
SELECTED BUSINESS INDICATORS
FREIGHT CAR LOADINGS
ELECTRIC POWER PRODUCTION
STEEL INGOT PRODUCTION
(BILLIONS
(PERCENT OF CAPACITY)
OF KILOWATT
(THOUSANDS OF CARS)
HOURS)
900
r^
800
rv
100
^^^Af
\
f
600
500
^—v I ,
BITUMINOUS COAL PRODUCTION
i
AUTOMOBILE PRODUCTION
(DAILY
(THOUSANDS OF VEHICLES)
AVERAGE - T H O U S A N D S
!
.
\ i W _ 0-/939 J\ P*"*A
400 Ar-
i
l
.
,
1
i
COMMERCIAL LOANS
(BILLIONS OF DOLLARS)
OF TONS)
S.I
f!940
4.8
4.4
4.0
/ $ » —A A I
3.6
PRICES OF 3 5 0 INDUSTRIAL STOCKS
PRICE INDEX OF 28 BASIC COMMODITIES
(AUG. 1939 = 100)
80
A.
• I i t1 i , I• ,
(INDEX, 1926 * 100)
•. I, , 1, . I , •
1939
1938
INCOME PAYMENTS
1938
1937
100
MONTHLY DATA
95
1939
1940
FACTORY EMPLOYMENT 8c PAYROLLS
(1923-25 = 100)
(SEASONALLY ADJUSTED 1929 - ( 0 0 )
120
MONTHLY DATA
110
•
90
100
85
90
80
80
75
70 « . I . . I . . . | M
1937
219188—40
^-EMPLOYMENT
\> \+^(ADJUST£D)^^*-
/
MYROLLS - A
(UHADJUSTCO)
7
^ \
70
. . i . . 1 . . i ; . , . \ , , 1 , , 1 , ,, .1 , . 1 , . I . ,
1933
1939
1940
60 « . : I : , , 1 M I . ,
1937
1938
., i,. i
1939
194-0
WEEKLY BUSINESS INDICATORS
[Weekly average, 1923-28=100]
1939
1940
ITEM
Business activity:!
New York Times§cf
Barron'sc?
Business Week
ITEM
Mar. Mar. Mar. Mar. Feb. Mar. Mar. Mar. Mar.
2
24 25 18 26
9
19
23 16
---- -
Commodity prices, wholesale:
Dupt. of Labor, 1926=* 100:
Combined index (813)
F a r m oroducts (67)
Food (122)
411 other (624)
Fisher's index, 1926=100:
Combined index (120)
Copper clectroyltic!
Cotton, middling, spot
Construction contracts?
distribution: Carload ings
Employment: Detroit, factory
finance*
Failures, commercial-...
Bond yields!
Stock prices!.....
78.3
68 5
69.9
83.1
78.4
68.8
70.5
83.2
78.6
69 4
71 0
83 3
76.6
66 7
70.8
80.6
76.7
67 1
70.7
80.7
79.2
69 6
73.1
82.7
79.5
70 5
73.4
82.8
84.1 84.3 84.2 84.4 84.8 79.8 79.9 81.9 82.3
81.2 81.9 81.9 81.9 80.4 79.7 79.7 71.0 71.0
40.4 40.8 41.5 41.5 41.9 32.7 31.6 32.0 31.6
74.5 45.5 90.2 55.0
37.2
64.6 64.8 66.2 62.1 63.1 61.7 59.8 56.4
111.4
110.7
99.7
Petroleum!
Steel ingots©
Receipts, primary markets:
Cattle and calves
62.2 62.4 68.8 66.3 55 3 85.0 73.2 67.3 61.2
62.0 62.2 62.4 62.6 6? 4 65.2 64.5 76.6 75.2
110.4 111.0 111.2 110.4 111.1 101.9 106.2 82.9 89.7
1938
Mar. Mar. Mar. Mar. Feb. Mar. Mar. Mar. Mar.
24 25 18 26 19
2
9
23 16
Finance—Continued.
Banking:
Debits, outside N. Y. C.t—Federal Reserve Reporting
member banks:
Loans, total
....
Interest rates:
Call loans!
Time loans!
Currency in circulation!
Production:
Automobiles
Bituminous coal!
Cotton consumption!
Electric powerf
95.2 96.0 96.8 96.1 88.5 88.7 80.0 79.3
103.8 104.0 106.2 10S.R 94.1 94.0 73.2 73.6
107.4 107.9 110.3 111.4 99.2 99.1 80.5 79.9
78.2
68 0
70.4
83.0
1939
1940
1938
Cotton
Wheat
103 9, R9 3 100.8 103.1 97.5 90 3 Sfi ft 82 3 87.8
68.9 68.9 68.7 68.2 68.3 65.7 66.3 70.5 71.1
24.2 94 9 24.2 24.2 24.2 24.2 24.2 ?4 9 ?4 9
28 6 28.6 28 6 28 6 28 6 28 6 28 6 28.6 28 6
154.3 154 0 154.2 153.6 153.3 139.3 139.3 130 3 130. 5
131.5 134.5 131.7 128.3 130.6 113.7 110.3 66.9 67.5
82.7 80.6 86.1 90.9 73.0 75.6 52.3 56.9
126.8 125.8 126.8 111.1 109.8 89.1 89.1
147.7 147.9 148.8 147.4 132.0 133.6 118.5 121.1
46.4 44.0 42.7 46.1 38.4 38.9 36.3 38.4
186.8 183.8 182.3 179.2 162.4 162.5 163.5 164.9
107.0 111.0 110.8 113.0 115.1 95.2 95.7 56.9 54.2
54 ft 52.5 54.9 52.3 63 0 57.6 67.9 71 7
55 ? 46.2 51.7 52 4 36 8 36.1 37.9 38 1
61.5 76 9 68.8 8fiL9 77..3 36*5 .33,5 .43.1 60.4
51.1 56.4 68.4 65A 36. S 42.5 36.3 27.1 30.3
• D a t a do not cover calendar weeks in all cases.
§Computed normal=100.
JDaily average.
t Weekly average, 1928-30=100.
^Seasonally Adjusted.
©Index for week ended Mar. 30 is 10-1.1.
cfFor description of these indexes, see p . 4 of the Deo. 16, 1937 issue.
WEEKLY BUSINESS STATISTICS*
1940
Mar. 23
C O M M O D I T Y P R I C E S , WHOLESALE
Copper, electrolytic, New York?
_dol. per lb__
0.112
.110
Cotton, middling, spot, N e w York
_
_do.
2.29
Food index (BradstTeet'*)
do.
36.84
Iron and steel, composite
___doL per ton__
1.03
Wheat, N o . 2 Hard Winter (Kansas City)_dol. per bu_.
Banking:
FINANCE
Debits, New York City..
mil. of doL.
3,598
Debits, outside New York City (140 cities)
do
4,787
Federal Reserve banks:
Reserve bank credit, total
^
do
2,520
U.S. Government securities
do
2,475
Member bank reserve balances
-_..do
12,256
Excess reserves, estimated
_
do
5,594
Federal Reserve reporting member banks:
Deposits, demand adjusted
_do.__.
19,251
Deposits, time
do.
5,333
Investments, total§
do
14,792
XJ. S. Government direct obligations..
do
8,941
Obligations fully guaranteed by U. S. Government
___
mil.ofdoL.
Loans, total§
do.
8,606
Commercial, industrial, and agricultural loans§
toil, of doL.
4,379
Interest rates, call loansj
percent-.
1.00
Interest rates, time loansj...
„
do
1.25
Exchange rates:
French franc?
___
center2.114
Pound sterlingt
..dollars..
3.732
Failures, commercial
number.
253
Currency in circulationt-mil. of dol.
7,492
Security markets:
Bond sales (N. Y. S. E.)
thous. of dol. par v a l u e . .
23,150
Bond yields (Moodfs) (120bonds)t
percent..
3.58
Stock sales (iV. Y. S. E.)
thous. of shares..
2,782
Stock prices {N. Y. Times)X
dol. per s h a r e . .
107.23
Stock prices (Standard Statistics) (420)
1926=100..
91.1
Industrials (350)
do,
107.2
Public utilities (40)
do.
86.5
Railroads (30)
do.
28.5
PRODUCTION, CONSTRUCTION, AND
Production:
DISTRIBUTION
Automobiles!
number... 103,395
Bituminous coal?
__thous. of short tons..
Electric power
mil. of kw.-hrs__
Petroleum]:
_.
thous. of bbl_.
Steel ingots®
pet. of capacity.. """62.1"
Construction-contract awardsj..
thous. of dol..
Distribution:
;
Freight-car loadings, total...
__
cars..
Coal and coke
.
...
_.do
Forest products
do
Grains and grain products
.do
Livestock..
do
Merchandise, 1. c. 1.
do...
Ore
...:
do
Miscellaneous
. do.--.
Receipts:
Cattle and calves
...thousands..
Hogs
.
__
do
Cotton into sight
thous. of bales..
160
Wheat, at primary markets
thous. of b n . .
4,065
Mar. 16
Mar. 9
1938
1939
Mar. 2
Feb. 24
Feb. 17
Mar. 25
Mar. 18
Mar. 26
1937
Mar. 19 Mar. 27
0.113
.111
2.31
36.86
1.00
0.113
.113
2.32
36.83
1.00
0.113
.113
2.30
36.83
1.00
0.111
.114
2.34
36.83
1.03
0.110
.113
2.33
37.00
o.no
.089
2.31
36.42
.68
0.110
.086
2.29
36.39
.69
0.098
.087
2.46
38.75
.90
0.098
.086
2.48
38.78
.91
0.160
.146
3.01
40.13
1.41
3,581
4,142
3,552
4,675
2,673
3,983
3,084
4,523
2,604
3,713
3,509
4,181
4,112
4,011
3,197
3,819
3,747
4,079
4,920
4,839
2,524
2,477
12,439
5,777
2,515
2,477
12,367
5,733
2,537
2,477
12,318
5,687
2,523
2,477
12,241
5,629
2,530
2,477
12,151
5,580
2,573
2,564
8,989
3,364
2,595
2,564
9,077
3,443
2,592
2,564
7,333
1,559
2,608
2,564
7,328
1,460
2,463
2,430
6,578
1,269
19,507
5,343
14,821
8,943
19,341
5,303
14,764
8,900
19,414
5,290
14,740
8,851
19,256
5,277
14,680
8,830
19,062
5,260
14,686
8,855
15,976
5,212
13,533
8,238
16,143
5,198
13,541
8,280
14,301
5,231
12,107
7,876
14,335
5,223
12,255
8,089
15,336
5,129
13,213
8,696
2,387
8,616
2,400
8,591
2,421
8,528
2,425
8,531
2,420
8,516
2,036
8,209
1,205
9,347
4,355
1.00
1.25
4,324
1.00
1.25
4,316
1.00
1.25
4,309
1.00
1.25
3,805
1.00
1.25
1,166
8,805
4,306
1.00
1.25
1,164
4,367
1.00
1.25
2,023
8,281
3,794
1.00
1.25
4,335
1.00
1.25
1.00
1.25
2.134
3.766
254
7,480
2.212
3.903
280
7,487
2.233
3.940
270
7,459
2,240
3.954
225
7,446
2.243
3.958
292
7,420
2.647
4.682
350
6,765
2.649
4.685
298
6,763
3.044
4.961
274
6,328
3.070
4.970
249
6,338
4.593
4.885
199
6,381
36,990
3.59
4,121
107.75
91.8
107.8
87.6
28.9
33,840
3.60
3,653
108.02
91.8
108.0
86.7
29.3
28,190
3.61
3,015
107.25
91.1
106.8
87.6
28.8
26,360
3.60
3,253
107.94
92.2
108.3
87.9
28.9
27,070
3.60
2.860
108.32
91.9
107.8
87.7
29.0
32,130
3.76
4,995
99.00
86.7
102.1
81.8
27.1
40,060
3.72
5,593
103.09
92.5
109.0
86.4
29.5
36,640
4.42
6.654
80.50
71.9
85.7
* 64.6
21.3
39,310
4.34
4,874
87.16
77.4
92.3
68.0
24.6
73,610
3.93
6,831
134.11
126.0
147.9
102.8
61.0
105,720
1,409
2.400
3,890
64.7
103,560
1,372
2,464
3,829
64.6
100,855
1,467
2,479
. 3,798
65.9
11,963
102,670
1,548
2,455
3,732
67.1
7,312
95,0£0
1,517
2,476
3,718
68.8
8,074
89,400
1,243
2,199
3,382
55.4
14,489
86,725
1,287
2,225
3,384
55.7
8,823
52,600
891
1,975
3.406
33.7
53,055
969
2,018
3,434
32.1
111,115
1,917
2,200
3,431
89.6
618,9S5
134,916
30,877
31,577
10,039
147,527
10,310
253,139
620,997
132,293
31,564
30,548
10,972
149,291
10,368
255,961
G34,410
139,935
32, 2G9
35,323
11,131
149,550
10,078
256,124
595,032
144,976
30,146
31,223
10,768
133,908
9,690
234,315
607,924
141,741
30.532
30.897
11,083
142,687
9,789
240,895
005,462
120,968
28,109
31,680
11,315
153,714
7,577
252.099
591,166
120,268
26,142
29,985
11,220
152,321
8.932
242,298
572,952
85,518
27,501
37,898
10,619
152,811
7,649
250,956
540,365
92,281
26,443
30,452
11,524
150,821
7,895
220,949
756,416
183,298
38,012
27,779
10,807
170,403
12,035
314,082
172
358
198
4,483
166
300
179
5,444
173
336
226
5,181
165
340
201
2,929
161
3f>4
199
235
95
3,380
182
234
100
2,891
214
246
112
2,159
226
247
157
2,408
204
245
1S7
1.385
239
2,001
®Rate for week ended Mar. 30 is 60.7.
JDaily average.
•Data do not cover calendar weeks in all cases,
$Xo longer strictly comparable; for an explanation, see the corresponding data on p. 30 of the April 1939 issue of the SURVEY, ^Source: Ward's Automotive Reports.
MONTHLY BUSINESS STATISTICS
1940
Monthly statistics through December 1937, to
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1938 Supplement to the Sur?ey
ary
BUSINESS I N D E X E S
Pages 6, 7, 8
Income payments:!
Adjusted index
_._
1929=100^
Total.
.mil. of dol..
Salaries and wages:
Adjusted index.
1929=100..
Total
mil. of dol__
Commodity producing industries.do
Distributive Industries
do
Service industries
...do
Government
-do
Work relief wages
do
Direct and other relief
do
Sccial-security benefits and other labor
income
mil. of doL.
Dividends and interest
do—
Entrepreneurial income and net rents and
royalties
•—
mil. of dol__
Total nonagricultural income
-do
Adjusted index of nonagricultural in*
come
.:_„1929=100..
Industrial production (F. R.):
Combined index, unadjusted...1923-25=100..
Manufactures, unadjusted
do
Minerals, unadjusted
do
Combined index, adjusted __
do
Manufactures, adjusted
do
Automobiles
...do
Textiles
....do....
Minerals, adjusted.
do
COMMODITY PRICES
Pages 12,13,131,134
Wholesale prices:
U. S. Department of Labor indexes:
Combined index (813 quotations}.1926= 100..
Economic classes:
Finished products
do
Raw materials
do
Semimanufactures. __
do
Farm products
do—
Foods..
do—
Commodities other than farm products
and foods
._
.1926=100..
Pig iron:
Basic (valley furnace). .dol. per long ton..
Composite
_
do
Foundry, No. 2, northern (Pittsburgh)
dol. per long ton..
Composite, finished steel
dol. per lb.
Steel billets, rerolling (Pittsburgh)
dol. per long ton..
Structural steel (Pittsburgh).-dol. perlb..
Steel scrap (Chicago).-dol. per gross ton..
EMPLOYMENT CONDITIONS AND
WAGES
Page? 31, 32, 33, 35, 37, 40, 41, 43, 44
Employment:
Factory, unadjusted (IT. S. Department of
Labor)f~
1923-25=100..
Durable goods
do
Nondurable goods
do
Factory, adjusted (Federal Reserve)!--do
Durable goods
—do—
Nondurable goods.
do—
Nonmanufacturlng, unadjusted (U. 8. Department of Labor):
Mining!
Anthracite
....1929*100..
Bituminous coal...1
-do
Metalliferous
_
..do
Petroleum, crude, producing
do.__.
Quarrying and nonmetallic
_^.do
Public utilities:
Electric light and pbwerf
.-do
Street railways and bussesf
.do—
Telephone and telegraphy
do
Trade :f
Retail, total
do....
Wholesale
do___.
Pay rolls:
Factory, unadjusted (IT. S. Department of
Labor)t
....1923-25=100..
Durable goods
.
do
Nondurable goods...-.
do—
Nonmanufacturine, unadjusted (IT. 8. De-
1939
1940
DecemAugust SeptemOctober November
ber
ber
February
March
88.4
83.0
5,247
83.0
5,654
83.4
5,432
84.1
5,918
83.7
5,695
85.4
5,400
86.8
6,010
»86.0
*3,682
p 1.325
*870
P g3i
v 514
v 142
"95
81.0
3,550
1,212
849
799
510
ISO
90
81.4
3,598
1,235
862
806
520
175
87
82.8
3,665
1 281
874
815
530
165
85
82.8
3,516
1,271
868
810
422
145
85
84.0
3,560
1,318
871
813
423
135
87
84.5
3,692
P455
82.0
3,522
1,215
826
796
503
182
93
133
433
84.1
5,727
82.1
3,575
1,235
850
797
SOS
187
95
148
772
139
471
145
920
136
849
145
451
135
805
P 1,175
"5,071
1,066
4,848
1,109
5,222
83.8
85.4
85.5
1,157
4,887
86.7
l t 291
5,364
84.4
1,137
4,943
84.3
1,103
5,453
J-88.8
1,137
5,256
84.8
133
760
1,121
5,192
M09
99
98
105
99
97
100
109
11G
100
100
102
98
96
91
110
110
95
96
88
92
92
87
97
95
94
94
97
92
91
73
104
98
97
105
98
97
81
111
104
97
95
107
101
100
87
111
106
76.9
76.7
76.2
76.2
75. r,
80.2
70.9
74.4
67.2
71.5
80.2
70.1
74.6
65.8
70.2
80.1
68.5
74.4
63.7
68.6
79.9
68.9
74.3
63.7
68.2
79.6
67.7
74.1
62.4
67.6
*5,554
78.7
81.4
72.7
79.9
68.7
71.1
April
May-
June
July
88.0
6,195
88.5
5,804
••89.5
'89.5
6,065
3,858
1,434
922
835
539
128
3,834
1,421
911
839
'531
132
87
87.3
'87.7
3,878
1,413
942
8.M
'534
138
87
'87.2
3,721
1,337
r892
837
••517
136
94
129
49G
132
1,514
143
855
1,338
5,510
1,258
5,217
1,277
'6,306
1,252
'5,516
87.0
88.8
89.5
96
103
104
89
120
91
. 112
110
123
111
111
85
121
114
124
122
132
121
121
78
125
121
124
123
127
124
121
90
126
124
120
121
113
128
129
'127
123
120
117
116
'120
'119
118
'128
114
'125
75.4
75.0
79.1
79.4
79.2
79.2
79.4
79.2
67.8
74.4
62.6
67.5
79.1'
66.5
74.5
61.0
67.2
81.9
72.6
81.8
68.7
75.1
82.3
72.3
83.1
67.1
73.3
82.0
72.4
. 82.1
67.3
72.3
81.7
73.3
82.0
67.6
71.9
81.7
73.8
81.7
69.1
71.7
1,357
892
821
507
••115
87
'89.8
83.9
83.2
80.2
80.4
80.5
80.6
80.2
80.2
80.1
82.1
' 83.8
84.0
22.50
23.15
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
21.50
22.35
22.50
23.15
22.50
23.15
22.50
23.15
22.50
23.15
24.89
22.89
22.89
22.89
22.89
22.89
22.89
22.89
23.89
24.89
24.89
24.89
24.89
.0265
.0268
.026S
.0268
.0264
.0262
.0261
.0261
.0261
.0263
.0263
.0265
.0265
34.00
.0210
15.75
34.00
.0210
14.06
34.00
.0210
14.25
34.00
.0210
13.38
34.00
.0210
12.80
34.00
.0210
13.56
34.00
. 0210
13.56
34.00
.0210
13.88
34.00
.0210
16.22
34.00
.0210
19.05
34.00
.0210
17.66
34.00
.0210
16.56
34.00
.0210
16.38
101.4
96.6
106.0
102.2
97.5
106.6
83.3
103.5
94.3
84.2
103.9
94.3
84.1
104.0
94.0
83.7
103.8
94.1
84.8
103.0
93.8
83.9
103.3
93.0
84.0
101.6
93.3
82.9
103.3
93.4
84.6
101.8
94.3
83.9
104.2
93.5
83.0
103.5
95.3
84.7
105.3
96.3
83.9
108.1
95.9
85.3
105.9
'100.2
89.8
110.2
97.5
88.9
105.7
103.6
96.1
110.8
101.2
' 94.6
107.6
103.8
98.2
109.2
103.4
97.3
109.2
104.1
100.1
'108.0
104.6
100.0
108.9
' 101. 5
'97.4
' 105.3
' 103.9
'99.7
' 108.0
51.7
87.4
61.0
66.2
40.1
53.0
25.9
61.5
65.8
43.0
52.6
47.9
61.9
66.1
45.6
51.2
78.3
61.6
67.0
47.3
44.7
79.4
60.4
67.3
47.5
48.5
81.4
60.4
66.7
48.1
49.4
85.4
62.9
65.0
47.9
51.9
93.0
65.3
64.3
48.0
51.3
94.9
'66.5
63.8
47.1
51.0
92.6
67.3
63.8
44.0
51.5
91.7
66.6
63.1
37.5
87.0
76.3
74.4
87.7
75.9
75.1
88.2
76.3
75.8
89.2
76.8
76.4
90.0
76.5
76.5
90.6
76.6
76.6
90.6
76.6
76.4
90.4
77.0
76.5
90.3
76.8
76.1
90.1
76.4
75.8
75.9
76.2
89.4
76.6
75.8
52.2
88.6
60.9
66.4
37.9
86.9
76.1
74.3
87.1
90.3
84.9
87.9
87.4
88.5
87.3
87.2
88.1
87.2
87.9
86.3
89.0
90.5
90.5
91.7
92.4
93.3
92.1
104.2
92.
88.3
90.5
97.8
96.7
99.0
86.0
77.7
95.3
87.6
79.4
96.7
85.5
79.5
92.2
85.0
78.8
91.9
86.5
80.7
93.0
84.4
76.0
93.7
89.7
81.5
99.0
93.8
87.8
100.5
101.6
99.6
103.9
101.6
100.9
102.4
'103.
'104.6
102.8
'98.3
'98.2
98.5
52.0
91.8
66.1
63.1
38.1
Mining:
52.5
26.6
52.2
42.0
40.1
33.8
25.
36.1
57.0
43.4
45.2
34.2
32.9
Anthracite
1929=100..
90.8
84.3
96.3
97.6
80.2
74.6
64.5
66.5
20.4
17.6
81.2
88.0
77.8
Bituminous coaL.i:
do
63.1
65.0
63.9
63.4
55.1
53.0
48.5
53.8
54.1
52.6
63.4
63.8
53.6
Metalliferous
.;.
...do...
58.4
59.2
59.6
58.8
60.8
62.0
61.9
62.5
61.2
60.8
62.7
58.7
61.3
Petroleum, crude, producing
do...
29.8
39.2
42.9
45.6
42.
42.9
40.9
41.7
39.7
35.9
29.7
30.9
33.1
Quarrying and nonmetallic
do
Public utilities:
•
102.
101.1
102.5
102.0
102.2
102.
101.1
101.2
99.9
98.3
97.7
98.2
102.5
Electric light and powerf
do,,.
69.6
71.2
69.
69.3
69.8
69.4
70.0
68.9
68.4
69.3
71.9
6S.7
Street railways and bussesf
do_.
97.
97.2
96.9
9S.6
96.3
96.6
95.7
95.7
94.0
93.8
95.5
93.6
Telephone and telegraphf
do...
Trade:f
80.8
91.8
83.2
83.6
80.9
78.0
79.5
79.9
81.1
79.6
76.5
77.7
79.1
Retail, total
do...
77.3
79.
79.0
80.
78.0
76.2
75.8
75. S
74.9
74.8
74.7
74.6
Wholesale—
:
do...
76.8
'Revised.
:. P Preliminary.
^"r revised
income
payments
1929, see table 41, pp. 15-16 of the October 1939 SURVEY. For revised data for factory employment, unadjusted
series.
For
revised
incomesee
i footnotebeginning
and fRevised
adjusted, "and
payrolls,
unadjusted,
marked " f" on p. 25 of the March 1940 SURVEY. The indicated nonmanufacturing employment and pay-roll series have
been revised beginning 1929 except for the telephone and telegraph series for which revisions began in 1932; revised data not shown on p. 28 of the March 1940 SLRVEY will
appear in a subsequent Issue,
MONTHLY BUSINESS STATISTICS—Continued
Monthly statistics through December 1937, to
gether with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey
1940
1939
1940
February
February
March
April
May
June
' July
Decem- January
August Septem- October November
ber
FOREIGN TRADE
Pages 79, 80, 82, 83
Indexes:
Exports:
62
58
60
66
91
Total value, unadjusted
1923-25=100.
70
70
Total value, adjusted
do...
100
U. S. merchandise, unadjusted:
101
113
107
108
130
Quantity
do
61
61
63
66
67
91
Value
do
71
62
62
62
62
Unit value
do...
70
Imports:
55
49
52
63
58
62
Total value, unadjusted
do__
54
53
61
49
57
58
53
62
57
Total value, adjusted
do
Value:
Exports, including reexports
thous. of dol.. 346,779 218,559 268,364 230,947 249,259 236,058 229,628 250,839
199,775 158,035 190,437 186,195 202,502 178,953 168,925 175, 756
General imports, total
—do
Imports for consumption, total—
_do___ 189,824 152,528 191,226 185,800 194,193 178,405 170,451 180,379
CHEMICALS AND ALLIED PRODUCTS
Page 90
Chemicals:
Alcohol, denatured:
Consumption
thous. of wine gal.
Production
do...
Stocks, end of month
_
__do
Alcohol, ethyl:
Production..
thous. of proof gal..
Stocks, warehoused, end of month.-.do
Withdrawn for denaturing
do
Withdrawn, tax-paid. _
do
76
72
117
76
65
131
87
56
59
67
65
288,573
181,461
199,483
332,079
215,281
207,140
77
67
116
77
67
97
95
140
96
138
96
70
73
73
76
75
74
77
292,582 367,819 368,584
235,402 246,903 241,89.7
214,454 232,738 234,634
8,505
8,460
1,366
6,558
6,446
1,260
7,578
7,616
1,294
7,523
7,719
1,485
8,203
8,490
1,76G
7,944
8,166
1,982
7,395
7,437
2,015
9.202
9,190
2,007
12,848
12,625
L776
15,453
15,181
1,496
13,068
13,060
1,479
11,434
11,158
1,173
10,147
10,398
1,417
20,381
18, 773
14,697
1,640
14,650
26,072
11,198
1,363
17,438
27,741
13,202
1,851
17,857
29,625
13,253
2,074
18,655
31,078
15,031
2,009
16,838
30,860
15,029
1,858
17,643
32,232
13,823
1,765
18,539
32,919
16,050
1,780
18,104
25,913
22,315
2,187
20,965
17,974
26,033
2,248
21,787
14,168
22,944
2,282
22,080
14,614
19,524,
1,729
20,656
15,279
18,386
1.504
4,237
4,169
7,994
3,685
3,82fi
3,588
3,916
7,191
3.788
2,930
7,926
17,946
11,066
510,606
14,921
13,485
FOODSTUFFS AND TOBACCO
.
Pages 102,116
Alcoholic beverages:
Fermented malt liquors:
3,482
Production._
thous. of bbl__
5,651
4,641
4,497
3,478
6,271
4,392
5,637
5,450
1
3,031
Tax-paid withdrawals. _
do
3,985
3,822
3,238
5,656
5,079
4,921
5,538
5,715
8,265
7,774
Stocks
do.
8,746
8,000
9,447
8,112
9,330
Distilled spirits:
10,700 13,022 10,940 10,756
Production
..thous. of tax gal.. 11,846
10,244
8,304
5,381
6,112
8,566
7,593
Tax-paid withdrawals
do
7,928
-5.605
6,456
8,772
6,663
$14,505 513,462 516,755 519,162 521,251 522,058 520,429 518,487 514,433
Stocks
do.
Whisky:
8,724
7,972
8,513
9,599
Production.
_
.do
5,774
9,993
4,985
4,392
3,711
4,996
4,866
5,728
6,616
Tax-paid withdrawals
do
6,791
6,793
4,343
5,098
4,885
470,519 472,934 475,150 477,136 478,741 478,900 477,149 475,371 472,499
Stocks.
do
Rectified spirits and wines, production,
2,683
3,425
total
thous. of proof gal..
3,670
3,817
4,005
2,930
2,960
3,189
C)
2,192
Whisky*.
do_.
2,800
2,496
3,078
2,014
3,258
1,977
2,332
(V
Indicated consumption for beverage pur7,743 10, 771
9,137
j spirits*!
thous. of proof gaL.
7,570
9,775
8,122
6,816
9,357
6,131
7,142
6,767
Whisky*t
.........do.
Tobacco:
Manufactured products:
Consumption (tax-paid withdrawals):
11,782 14,244 12,269 15,445 16,595 14,260
13,163
Small cigarettes
..millions.. 375,824
361,233 437,584 403,042 470,580 486,721 42',, 533
Large cigars
thousands
Manufactured tobacco and snuff
thous. of l b . . 26,857 25,425 29,594 25,628 30,499 30,107 26,246
METALS AND MANUFACTURES
Page 139
Machinery and apparatus:
Foundry equipment;
Orders:
New
1922-24=100..
135.5
146.6
179.4
108.9
146.2
134.9
114.0
Unfilled, end of month
..._do
175.1
193.6
226.5
208.6
159.2
173.1
135.6
Shipments.—__
_ _ do./"
112.2
128.1
184.2
131.0
135.5
148.5
144.3
P>
11,553 12,506
9,400
6,517
508,205 512,394
7,074
8,946
10,021
7,704
5,500
8,550 10,385
469,173 465,934 465,018 469,004
5,202
4,329
6,341
5,532
4,002
3,249
2,679
2,078
13,703
12,007
16,266
14,508
12,390
10,870
8,378
7,243
8,709
7,104
11,959
10,309
16,571
500,807
14,790
486,865
33,291
30,361
131.6
123.1
143.8
184.4
174.9
132,6
220.6
224.7
170.7
203.6
257.8
170.1
15,384 14,461 12,803 14,568
551,230 505,098 331,204 388,085
30,239 28,436 24,057 26,742
165.3
222.4
200.1
197.9
231.2
193.2
STONE, CLAY, AND GLASS PRODUCTS
Pages 150,152
Portland cement:
Production
thous. of bbl__
5,505
9,674
5,041.
8,171
Percent of capacity
_
27.9
45.7
24.7
37.4
Shipments
.thous. of bbl__
5,044
9,654
4,905
8,467
Stocks, finished, end of month
do
25,895 24,092 23, 786 23,837
Stocks, clinker, end of month
do
5,986
6,568
6,298
6,447
Glass products:
Glass containers:!
Production...
. . . thous. of gross..
3,386
4,071
4,123
4,125
Percent of capacity.
_
'56.6
65.4
64.3
61.4
Shipments
thous. of gross
3,320
3,831,
3,931
3,978
Stocks, end of month
do _
8,192
9,807
8,316
8,336
Plate glass, polished, production
7,268
thous. of sq. ft... 13,175 10,165 11,790
TRANSPORTATION EQUIPMENT
Page 160
Automobiles:
Production:
" Canada, total.
number.. 18,193 14,300 17,549 16,891
Passenger cars
do . . . 12,779. 10,914 12,689 12,791
United States (factory sales), total...do
403,627 303,220 371,946 337,375
Passenger cars._.
...do
337,372 243,000 299,703 273,409
Com*l cars, trucks, road tractors...do
66,255 60,220 72,243
11,185
50.9
12, 748
22,251
5,728
11.953
56.5
12,715
21,477
5,797
12,644
57.9
11,757
22,361
5,928
12,369
56.6
13,401
21,326
5,727
11,937
56.3
13,104
20,160
5,254
12,539
57.3
12,829
* 19,870
4,854
11,053
52.2
10,147
20, 761
' 4,824
4,516
69.7
4,485
8,293
4,662
72.0
4,618
8,209
4,593
O3.8
4,158
8,572
4,802
71.4
4,760
8,548
4,250
68.3
4,979
7,739
4,891
75.5
4,471
8,061
4,300
69.1
3,884
8,374
4,046
65.0
3,114
9,237
4,263
61.6
3,726
9,601
9,289
6,212
10,450
13,663
18,369
15,812
18,477
17,257
15,706 14,515
9,135
11,585 10,585
5,112
297,542 309,738 209,359
237,870 246,704 150,738
59,672 63,034 58,621
3,475
1,068
99,868
61,407
38,461
3,921
3,494
188,757
161,625
27,132
6,205
9,488
' 43.4 '28.5
' 6, 785
23,449 25,759
5,165 ' 5,612
11,296 16,756 16,978 17,213
9,882 11,491 12,579
7,791
313,392 351,785 452,142 432,101
251,819 285,252 373,804 362,736
61,573 66,533 78,338 69,365
• Data for January are the latest available.
r Revised.
t Revised series. Data for glass containers revised beginning 1936; revisions not shown on p. 92 of the February 1940 SURVEY or on p. 53 of the January 1940 SURVEY
v i l a p J ? e a r J n t h e 1 9 4 ° Su PPlement. Total indicated consumption for beverage purposes of all spirits and whisky revised in their entirety; revisions not shown on p. 41
of the October 1939 SURVEY will appear in a subsequent issue.
*New series. Earlier data for the new series on alcoholic beverages appear in tables 2-8, pp. 15-18, of the July 1939 SURVEY.
y . S. GQVERNMENT PRINTING QFFICEt 194Q
@FedFRASER