Economic Indicators: April 1950 - FRASER...Economic Indicators APRIL 1950 Prepared for the Joint...

Economic IndicatorsAPRIL 1950

Prepared for the Joint Committee on the Economic Report

by the Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1950

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT COMMITTEE ON THE ECONOMIC REPORT

(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)

JOSEPH C. O'MAHONEY, Wyoming, Chairman

EDWARD J. HART, New Jersey, Viet Chairman

FRANCIS J. MYERS, Pennsylvania WRIGHT PATMAN, Texas

JOHN J. SPARKMAN, Alabama WALTER B, HUBER, Ohio

PAUL H. DOUGLAS, Illinois FRANK BUCHANAN, Pennsylvania

ROBERT A. TAFT, Ohio JESSE P. WOLCOTT, Michigan

RALPH E. FLANDERS, Vermont ROBERT F. RICH, Pennsylvania

ARTHUR V. WATKINS, Utah CHRISTIAN A. HERTER, Massachusetts

THEODOBE J. KEEPS, Staff DirectorGROVER W. ENSUSY, Associate Staff Director

JOHN W. LEHMAN, Clerk

[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]

JOINT RESOLUTION [S. J. Res. 55]

To print the monthly publication entitled "Economic Indicators*7

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Committee on the EconomReport be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish 01copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of tlHouse of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the JoiiCommittee on the Economic Report; and the required number of copies to the Superintendent of Documents for distribution to depositolibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.

Approved June 23, 1949.

To the Members of Congress:From the time the Joint Committee on the Economic Report was established its members realized that one of i

basic needs was a concise and meaningful picture of current economic trends and developments.Fortunately, the joint committee found that Economic Indicators, a set of basic charts and tables compiled month

by the Council of Economic Advisers, admirably filled this need. While this material was prepared originally for tuse of the President, the Council, and other officials in the executive offices, the Council made it available to the joicommittee.

Other Members of Congress also expressed an interest in being able to obtain a quick picture of current econonfacts without having to go through voluminous and specialized documents. In addition businessmen, farm leadelabor organizations, and representatives of the press and radio indicated their desire for this information.

Accordingly, the joint committee provided the Congress and the public with a limited number of copiesEconomic Indicators as a committee print pending final action on authorizing the publication on a more permanent basAs is indicated above such legislation has now been passed and the committee will issue the report on a regular montlbasis.

Comments or suggestions with respect to possible improvements in this presentation will always be welcome

ti.s.s./

Chairman, Joint Committee on the Economic Report

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Letter o£ Transmittal

Hon. JOSEPH C. O'MAHONEY, Chairman,Joint Committee on the Economic Report,

United States Congress, Washington, D. C.

DEAR SENATOR: The Council of Economic Advisers is happy to cooperate with theJoint Committee on the Economic Report in making Economic Indicators available to theCongress as a whole and to the general public, in accordance with Public Law 120, Eighty-first Congress.

In carrying out its mandate under the Employment Act of 1946, the Council has foundit desirable to bring together in concise and graphic form the most important facts showingcurrent trends in the Nation's economy. Thus the Executive Office is in a better positionto point up the key problems of national economic policy and to promote the improvementand coordination of the Federal Government's widespread statistical services.

In this undertaking the Council has the full cooperation of the several agencies of theFederal Government that collect statistical material. In many cases these agencies supplyadvance estimates for use in Economic Indicators. While the charts are drawn through thecourtesy of the Graphics Unit in the Office of the Secretary of Commerce, the Council takescomplete responsibility for the graphic presentation.

This material has proven useful to the President, the Council, the executive depart-ments, and the Congress. Furthermore, its usefulness to the general public has been im-pressed upon us, particularly by the representatives of business, labor, agriculture, andconsumer organizations with whom we regularly consult.

We believe that the Congress is performing a service of real value by making thismaterial available.

Sincerely yours,

Chairman.

0/

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ContentsTHE TOTAL OUTPUT OF THE ECONOMY

PageThe Nation's Economic Budget 1Gross National Product 2

PRICESConsumers' Prices 3Wholesale Prices 4Prices Received and Paid by Farmers 5Stock Prices 6

EMPLOYMENTLabor Force 7Nonagricultural Employment—Selected Industries 8Average Weekly Hours—Selected Industries 9Work Stoppages 10

PRODUCTION AND BUSINESS ACTIVITYIndustrial Production 11Weekly Production—Selected Indicators 12Production of Selected Manufactures 13New Construction 14New Housing Starts 15Expenditures for New Plant and Equipment 16New Corporate Security Issues 17Inventories and Sales 18Merchandise Exports and Imports 19

PURCHASING POWERNational Income 20Corporate Profits 21Personal Income 22Consumer Income, Spending, and Saving 23Personal Consumption Expenditures 24Per Capita Income 25Average Hourly Earnings—Selected Industries 26Average Weekly Earnings—Selected Industries 27Farm Income 28Consumer Credit 29

MONEY, BANKING, AND FEDERAL FINANCEBank Loans and Investments 30Money Supply 31Federal Cash Receipts From and Payments to the Public 32

IV


THE TOTAL OUTPUT OF THE ECONOMY

THE NATION'S ECONOMIC BUDGETThe peak rate of residential construction and continued high expenditures for consumer durable goodsstimulated economic activity during 1st quarter I960. The payment of the National Service Life Insurancedividend to veterans resulted in a sharp rise in consumer disposable income, most of which was notspent during 1 st quarter.

1949 9 4th QuarterTOTAL (Gross National Product)

(BILLIONS OF DOLLARS)" EXCESS OFEXPENDITURES (-), RECEIPTS (+)

CONSUMERS Transfer paymentsI/- O -f

BUSINESS

INTERNATIONAL

GOVERNMENT (Federal, state, and local)

57.4

SO. 2

^Transfer payments -

T-^*:-:'̂ ! CON-•i-:;:::i:::i SUMER>:;-:£fr:l SAVING

EXCESS OFINVESTMENT

\ EXCESS OF•\ RECEIPTS

CASHDEFICIT

I960, 1st Quarter (BILLIONS OF DOLLARS)-^TOTAL (Gross National Product)

CONSUMERS

BUSINESS

INTERNATIONAL

- 2.0

GOVERNMENT (Federal, state and local)

57.4

Transfer p'ayments

:i:|:ii:Sii|i!:!i!il SUMEI::::;:-:;:::::-;::::::l SAVth

IMERNG

EXCESS OFINVESTMENT

EXCESS OFRECEIPTS

CASHDEFICIT

MHWCI SPl ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1950, APPENDIX A COUNCIL OF ECONOMIC ADVISERS


GROSS NATIONAL PRODUCTGross notional product—the market value of the Nation's output of goods and services—in 1st quarter of1950 was about I percent above 4th quarter of 1949, according to preliminary data. Personal consumptionexpenditures and gross private domestic investment accounted for most of the increase.

BILLIONS OF DOLLARS300

-50

ANNUAL TOTALS

GROSS NATIONAL PRODUCT

ANNUAL RATES, SEASONALLY ADJUSTED

PERSONAL CONSUMPTION EXPENDITURES

BILLIONS OP DOLLARS300

250

200

GROSS PRIVATE DOMESTIC INVESTMENT

«••*******0V***«>^>v « • -̂ —

GOVERNMENT PURCHASES OF GOODS AND SERVICES

\'NET FOREIGN INVESTMENT

I I I 1 1 I I I I I 1 I

150

100

50

40 42 44 46 48 3 4

1947

I* 2 3

19482 3 4

1949I 2

1950

[Billions of dollars]

Period

193919441946 _1947 __ _ . _ _1948-.- _ _ _ ._ _ _ _ _ _ _ _1949

1948: Third quarterFourth quarter

1949: First quarterSecond quarterThird quarter _ _Fourth quarter

1 950 : First quarter l

Total grossnationalproduct

91. 3213. 7212. 6235. 7262.4257. 4

Personalconsump-

tion expen-ditures

67. 5111. 6147. 8166. 9178. 8179.4

Gross privatedomestic

investment

9.97. 7

29. 531, 145. 034. 7

Net foreigninvestment

0.92 14 78. 91. 90

Governmentpurchases ofgoods andservices

13. 196. 530. 728. 836. 743. 4

Annual rates, seasonally adjusted

266. 5270. 3

262. 0257. 9254. 6255.2

258. 0

180. 3180. 9

178. 7179. 3179. 7179.8

181.0

47. 148.0

40. 033. 232. 133. 7

35.0

-0. 11.0

1. 01.2

-.3-2.0

-2.0

39.240.3

42. 344. 243. 243.7

44.0

1 Estimates by Council of Economic Advisers; based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).


PRICES

220

200

180

160

140

120

100

80

0

CONSUMERS' PRICESConsumers' prices continued to decline slightly in February. A drop in food prices and a slight decrease inapparel prices were partially offset by increases in rent and prices of housefurrrishings, fuel, electricityand refrigeration.

PERCENT OF 1935-39 AVERAGE PERCENT OF 1935-39 AVERAGf

MONTHLY AVERAGE

AF O O D * . / /\

//

1 /APPAREL*. // 1

/ ^^X^ALL ITEMS

If RENTV^X^

*^^

^'

* — v-» ^x-1 1 1 1 1 1 1 1 1 1

939 40 41 42 43 44 45 46 47 48 49

SOURCE; DEPARTMENT OF LABOR

vXX

' '

-̂̂ ~^

_^^-»-«^r-»~» • • •-»— *-*"̂

I ' ' ' ' ' ' ' ' ' '

S^ V

">

A , , T - -^-^-^-*-*-»-*-

1 1 I i I 1 I I 1 I 1

**^»

"• i

"•»»

-«— •*

I 1 1 1 1 1 1 1 1 1 1

1948 1949 1950

COUNCIL OF ECONOMIC ADVISERS

•

220

200

180

160

140

120

100

80

0

[1935-39=100]

Period

1940 monthly average ...1941 monthly average „•1942 monthly average1943 monthly average1944 monthly average . . ..1945 monthly average .1946 monthly average .1947 monthly average ..1948 monthly average .1949 monthly average1949: January 15 _ .

February 15March 15...April 15_May 15June 15July 15August 15 . » „September 15_ .October 15November 15 . _ .December 15

1950: January 15 -February 15 —

All items

100. 2105. 2116. 5123 6125. 5128. 4139. 3159. 2171. 2169. 1170. 9169. 0169. 5169.7169. 2169. 6168. 5168. 8169. 6168. 5168. 6167 5166. 9166. 5

Food

96. 6105. 5123. 9138 0136. 1139. 1159. 6193. 8210. 2201. 9204. 8199. 7201. 6202. 8202.4204. 3201. 7202. 6204. 2200. 6200. 8197. 3196. 0194. 8

Apparel

101. 7106. 3124. 2129. 7138. 8145. 9160. 2185. 8198.0190. 1196. 5195. 1193. 9192. 5191. 3190. 3188. 5187.4187. 2186. 8186. 3185. 8185. 0184. 8

Rent

104. 6106. 2108. 5108. 0108. 2108. 3108. 6111. 2117. 4120. 8119. 7119. 9120. 1120. 3120.4120. 6120. 7120. 8121. 2121. 5122. 0122. 2122. 6122. 8

Fuel, elec-tricity, andrefrigeration

99.7102. 2105.4107. 7109. 8110. 3112. 4121. 1133. 9137. 5138.2138. 8138. 9137.4135.4135. 6135. 6135. 8137.0138.4139. 1139. 7140. 0140.3

House fur-nishings

100.5107.3122.2125.6136.4145.8159.2184.4195.8189.0196.5195.6193.8191.9189.5187.3186.8184.8185.6185.2185.4185.4184.7185.3

Miscellane-ous

101.11040110.9115.8121.3124.1128.8139.9149.9154.6154.1154. 1154.4154. 6154.5154. 2154.3154.8155. 2155.2154. 9155. 5155. 1155. 1

NOTE,—Prices are for moderate-income families in large cities.Source: Department of Labor.


WHOLESALE PRICESIndustrial prices continued during March the stability which has characterized them since last June. Moderatechanges in farm and food prices left them somewhat lower at the end of the month.

PERCENT OF 1926 AVERAGE200

180

160

140

OTHER THAN FARMPRODUCTS AND FOODS

•(INDUSTRIAL)

120

120 (—

100

PERCENT OF 1926 AVERAGEEtO

200

ISO

160

140

120

too

0 1 IL I i I I i I i } i I | | i i I lj i i i t I 1 i l l i t i i i . i i I i j i i i I i I i I i I i i i l l I.; ) i i i 1 i i i i I I I i l l i I i I I i j I i i i 1 , 1 [ [ i I ' i 1 ' \ I I L I • > - ' -i < I 1 i I i I I.J 01942 1943 1944 1945 1946 1947 1948 1949 1950

LATEST DATA PLOTTED ; MONTHLY - MARCHW E E K L Y - MARCH 28

SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS

[1926=100]

Period

1942 monthly average1946 monthly average - _

June _ _ _ .. .1947 monthly average-1948 monthly average1949 monthly average „1949: February

Mareh__ .AprilMay ,JuneJulyAugustSeptember-October . „ _NovemberDecember _ _

1950: JanuaryFebruaryMarch 1

Week ended:1950: February 28

March 7 _14 _ _. . .2128

April 4 _ . - _

All com-modities

98. 8121. 1112. 9152. 1165. 1155.0158. 1158.4156. 9155. 7154. 5153 5152. 9153. 6152. 2151. 6151. 2151 5152 7152. 5

152. 6152. 0152. 0151. 7152. 1152. 0

Farm prod-ucts

105 9148. 9140. 1181.2188. 3165. 6168. 3171. 5170. 5171. 2168. 8166. 2162. 3163. 1159. 6156. 8154. 9154 7159. 1158. 8

159. 4158. 0159. 2157. 4158. 5157. 6

Foods

99 6130 7112. 9168. 7179. 1

•161. 6161. 5162. 9162. 9163. 8162.4161 3160 6162.0159. 6158.9155.8154. 8156 8155. 2

157. 8156. 0155. 5155. 2155. 9155. 7

Other thanfarm prod-

ucts and foods

95 5109. 5105. 6135. 2151.0147. 3151. 8150.7148.9146.8145.6145 0145. 0145. 3145. 0144. 9145. 5145. 8145. 9146. 0

145.4145.4145.2145.4145. 6145.6

1 Estimate based on change in weekly data.Source: Department of Labor.


PRICES RECEIVED AND PAID BY FARMERSPrices paid by farmers rose from February 15 to March 15, reflecting increases in commodities used inproduction, especially feeder livestock. A sharp drop in truck-crop prices and a seasonal decrease indairy products were offset by increases in most other groups, so that the prices received index wasunchanged and the parity ratio fell I percent.

PERCENT OF 1910-14 AVERAGE

350

300

150

too ^^

PRICES RECEIVED

PRICES PAID(INCL. INTEREST, TAXES

AND WAGE RATES)

PARITY RATIO*

PERCENT OF I9IOH4 AVERAGE

350

300

250

200

ISO

100

50

1939 40 41 42 43 44 45 46 47 48 49

M I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I IJ F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

1948 1949 I960

#• RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES AND WAGE RATES.

SOURCE: DEPARTMENT OF AGRICULTURE

[1910-14= 100]

PricesPeriod received

by farmers

1939 monthly average „ 951942 monthly average 1581944 monthly average 2 1961945 monthly average 2 2061946 monthly average _ 2 2341947 monthly average 2751948 monthly average 2851949 monthly average 249

1949: February 15 255March 15 258April 15 256May 15.._. _ _ 253June 15 249July 15 246August 15 244September 15 _ 247October 15 242November 15 237December 15 233

1950: January 15 235February 15_ _ 237March 15 _ 237

COUNCIL ECONOMIC ADVISERS

Prices paid byfarmers (includ-

ing interest,taxes, and

wage rates)

123152182189207240259250

252255254253252250249248246245246

249248250

Parity ratio l

77104108109113115110100

10110110110099

100989795

949695

1 Ratio of index of prices received to index of prices paid, interest, taxes, and wage rates.2 Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat

between October 1943 and June 1946.Source: Department of Agriculture.

64907—50


STOCK PRICESWith the stock market continuing strong during March, most stock prices were higher than at any time sincethe 1946 peak.

PERCENT OF 1935-39 AVERAGE175

150

1 2 5

100

75

50

WEEKLY AVERAGE

\_^_

J I I 1 I t I I 1 I

INDUSTRIALS

.

UTILITIES

WEEKLY AVERAGE

COMPOSITE INDEX

1 1 1 1 1


i i i t i l i i i i

150

125

100

75

50

1939 40 41 42 43 44 45 46 47 48 49 J F M A M J J A S O N D

1943

J F M A M J J A S O N

1949M A M J J A S O N

I960

SOURCE: STANDARD AND POOR'S CORPORATION COUNCIL Of CCOWOMIC ADVISERS

[1935-39=100]

Period

Weeklv average:1939 -_ _ '19421946_1948-19491949:

1950:

Week end1950:

FebruaryMarchApril. _May _ _JuneJulyAugust _ _ _SeptemberOctoberNovemberDecemberJanuarvFebruary _ ^ _ _ _ _March _

ed:March 1

815 „_22 _ __ ___29

April 5

Combinedindex l

94. 269. 4

139. 9124.4121. 3117. 2118. 0118. 5117. 7112.0117. 8121. 8123. 8127. 3129. 1132. 7135. 1136. 6138. 8

137.4137. 6139. 1140.4139.5140. 6

Industrials

94. 871. 3

143. 4130. 6127. 5122. 7123. 7124. 2123. 5117.0123.8128. 0130. 3134. 4136. 5140. 3142. 6144.4146. 5

145.0145.2146. 8148. 2147. 3148.6

Railroads

74.766. 1

143.0114. 796.499. 697.497. 195. 888.490. 694.295. 197. 696.2

101.0107. 8107.2108. 5

108.6108.2109. 7108. 6107. 5

• 108. 7

Utilities

98. 661. 3

120. 296. 297. 594. 495. 396. 195. 393.095. 498. 5

100. 0101.2102.6104. 1105.8107.4109. 6

108.2108. 8109. 6111. 0110.3110.9

1 Combined index prior to June 23, 1948, was based on 402 common stocks, and included 354 industrials,20 railroads, and 28 utilities; thereafter, 416 common stocks are represented, with 365 industrials, 20 railroads,and 31 utilities.

Source: Standard & Poor's Corporation.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENTLABOR FORCEUnemployment in March declined by more than 550,000. Agricultural employment increasedseasonally by about 450,000. Employment in nonagricultural industries also increased seasonally.

MILLIONS OF PERSONS MILLIONS OF PERSONS

60

50

40

30

20

10

0

iy;. ..!' ,'ui

•I

•

-

~

1

m

* ''•

••

"'*/•

sffi

9/,

— -9,9*

«. - •

-,-.

M

9

_

_

-

-

UNEMPLOYMENT TOTAL\ LABOR FORCE

.̂ ivXTX !̂*̂ ^^ \ ^^-^^

1 -- ; - -

.

_ ' '

NONAGR

• • : ;

• ;

i i i i i 1 i t i i I

CULTURAL EMPLOYMENT

\ \^\ t " 4 I f I I I I

x'̂ ^x-x-x' —

•

.

; -

'." " ' ;

' - • ' ]

1 1 I 1 1 1 1 1 1 I 1

70

60

50

4O

30

20

10

n

PERCENT PERCENT20

15

10

5

0

ii iMc-R/ im /~>va*rrMT DCTD^CTMT r\c T A T A i I A Q A D crnorc

-

--

fx'::>>:-:JI.Y.V.Y.vl fTTTTTTl l.v.v.v.-J1. ....... .•! 1. . ..-.-. . ,\ [-:•:•:•>»:}

-

^_^--~— -^^^^^WWil̂ ^

1939 1944 1947 1948 1949

MONTHLY AVERAGE " '948

•Xv^\v>>i-x%\tv>>;l>>>;l>;\-:1>>x^-:v>:lv>>>}:v:\'t<v>t-x\%\|v>xt-xxi->. 1 1 1 1 1 1 1 I. _ _ , ) _ . . , .

20

15

10

5

0, , . . » , , . . 0 . D | , „ . . . , , . S 0 . „

1949 1950

Period

1939 monthly average1944 monthly average1947 monthly average1948 monthly average.- _ _1949 monthly average

1949: FebruaryMarchAprilMay _ _ _ _t. "jJuneJuly „AugustSeptemberOctoberNovemberDecember

1950: JanuaryFebruaryMarch

Total laborforce, in-cludingarmedforces

Civilian employment 1

TotalIn non-

agriculturalindustries

In agri-culture

Armedforces

Unemploy-ment

Thousands of persons 14 years of age and over

55, 60065, 89061, 60862, 74863, 571

61, 89662, 30562, 32763, 45264, 86665, 27865, 10564, 22264, 02164, 36363, 47562, 83563, 00363, 021

45, 75053, 96058, 02759, 37858, 710

57, 16857, 64757, 81958, 69459, 61959, 72059, 94759,41159, 00159, 51858, 55656, 94756, 95357, 551

36, 14045, 01049, 76151, 40550, 684

50, 17450, 25449, 99949, 72049, 92450, 07351, 44151, 25451, 29051, 64051, 78350, 74950, 73050, 877

9, 6108,9508,2667,9738,026

6,9937, 3937,8208,9749,6969, 6478,5078, 1587,7107,8786,7736, 1986, 2236,675

37011, 2601,4401,3071,466

1,5081,4911,4921,4691,4681,4631,4681,4591,4451, 4361, 4301,4081, 3661,346

9,480670

2, 1422,0643,395

3, 2213, 1673,0163,2893,7784,0953, 6893, 3513,5763,4093,4894,4804,6844,123

Unemploy-ment as

percent oftotal labor

force

17. 11.03.53. 35.3

5.25. 14. 85. 25. 86. 35.75. 25. 65. 35. 57. 17. 46. 5

1 Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather,temporary lay-off, and industrial disputes.

NOTE.—Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MILLAND9.0

8.5

8.0

7.5

7,0

0

3,0

2.5

2.0

1.5

1.0

0

NONAGRICULTURAL EMEmployment In February was slightly lower in durable rremployment was seriously affected by the coal strike,increase in nondurable manufacturing and the decrease

IONS OF WAGESALARY WORKERS

DURABLE MANUFACTURING

1947^

<>^^-— ̂ JIcL~"~' """--v^ __f^ ..~-^"*"

i..

1949 ^̂ "̂ N^

r- ^~\-- \̂ /•Elsfrl \ ^/

"~" 1 1 1 1 1 1 1 1 1 1 1 '==L

U F M A M J J A S O N ' D

CONTRACT CONSTRUCTION

*-o»-I948X^^£^ ^^^ "̂̂ ^

/isp 1949 ' ̂ ^*~^. — - ""--îl<^^>^~

1947

~~"" 1 1 1 1 1 1 1 1 1 1 1

J F M A M J J A S O N D

SOURCE: DEPARTMENT OF LABOR

[PLCiqnufactSeason

n trade

MILLIAND J8.0

7.5

7.0

6.5

6.0

0

10.5

10.0

9.5

9,0

8.5

0

)YMENT - SELECTED INDUSTRIESuring because of the auto strike. Miningal factors accounted for the employmentand construction.

ONS OF WAGESALARY WORKERS

NONDURABLE MANUFACTURING

1948 j^^^ô^"" Q" •- ""<<o~««,fmm<. • •• • """""_ JMX*/ÎX* " " ^**0^^--- -

m, ,9J9 -

~ 1 1 1 1 1 1 I I 1 1 1 ~J F M A M J J A, S 0 N D

TRADE

//•j/'

,3,3 ^ ̂ /

plsftp . '

—r*>~*~

1947

~~ 1 I 1 1 I 1 ! 1 1 1 1 ~~1J F M A M J J A S O N O

[Thousands of wage and salary workers l]

Period

9 monthly average3 monthly average6 monthly average7 monthly average _ _ _ ~ _8 monthly average _ . « _ _ _9 monthly average 3 ._9: January - -

February^ , . ._March - „ _ _ _ _ . .April. - . ^ _ ^ _MayJune : ,JulyAugustSeptemberOctoberNovemberDecember 3

>0* January 3

February 3

Manufacturing

Total

10, 07817, 38114, 46115, 24715, 28614, 14714, 78214, 64914, 47514, 17713, 87713, 88413, 75714, 11414, 31213, 89213, 80714, 03313, 99714, 016

Durablegoods

(2)(2)(2)8,3738,3157,4658,0447,9237,8197,6567,4417,3927,2557,3027,4096,9867,0507,3007,3547,344

Nondur-able goods

(2)(2)(2)6,8746,9706,6826,7386,7266,6566,5216,4366,4926,5026,8126, 9036,9066,7576,7336, 6436,672

Contractconstruc-

tion

1, 1501,5671,6611,9822,1652, 1562,0161, 9261,9472,0362, 1372,2052, 2772,3402,3412,3132, 2442,0881,9141,829

Trade

6,7057,3228,8159, 1969,4919,4389,3889,2929,3109,4789,3429, 3369,2209,2139,4099, 5059,607

10, 1549,2669, 178

Financeand

service

4,6105, 1875,9946,4276,5156,5446,4546,4476,4696,5256,5676,6086,6316,6166,6046,5616,5346,5066,4736,476

Government(Federal,

State, local)

3,9876,0495,6075,4545,6135,8115,7645,7375,7615,7755,8135,8035,7385,7635,8935,8665,7836,0415,7775, 742

Transporta-tion andpublicutilities

2,9123,6194,0234, 1224, 1513,9794,0544,0243,9753,9914,0214,0314,0073,9923,9593, 8713,8923,9343,8733,835

Mining

845917852943981932991986981984974968943956948593917940858617

1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period endingirest the 1 5th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this

>prietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; andich are based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.

3 Not available.* Preliminary estimate. Source: Department of Labor.


1

HOUF

42

40

38

36

34

0

42

40

38

36

34

0

AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES

"he workweek in February was almost stable in both durable and nondurable manufacturing industries.

*S PER WEEK HOURS PER WEEK


-~vy l̂

M M I 1 1 1 1 i

N \̂A^V

1 J 1 1 1 1 1 1 1 1 1

Vv/V

JJI J l l l l 1 IL 1 1 1 II ] 1 U_LI_

1947 1948 1949 I960

BUILDING CONSTRUCTION

*

*,,.

^~M\

ILJI.LLJ.LLL1947 1948

\

,

f

t i i i i i i i i t l

1949 1950

42

40

38

36

34

0

42

40

38

36

34

„:


. .

1 1 1 ! 1 1 1 1 1 1 1

V-

1 1 1 1 1 1 1 i i 1 1

. S*~h\XV

1 1 ! 1 1 1 1 1 I 1 I

*«•

1 I I 1 1 1 1 1 I I 1

1947 1948 1949 1950

RETAIL TRADE

—TVs*. — /\ ,*_/V/r

i i i i i 1 t i i i i

^r-

1 1 I i I 1 1 1 1 1 11947 1948


1 1 1 1 1 1 | 1 1 1 1 i i i i i 1 i i i l i1949 I95O

[Hours per week, selected industries l]

Period

1939 monthly average1943 monthly average1946 monthly average1947 monthly average.1948 monthly average.1949 monthly average 3

1948: December1949: January . _

FebruaryMarchAprilMay . _ _ -June. _JulyAugustSftptem her - . -. ~OctoberNovemberDecember s

1950 : January 3

February 3

Total

37. 744 940 440 440. 139. 240. 139. 539. 439. 138.438 638 838. 839. 139 639 739 139 939. 739.7

Manufacturing

Durablegoods

(2)(2)

(2)

40 640. 539. 540 740. 139. 939. 539. 039 039 238 839. 339 639 939 040 140 040. 1

r

Nondurablegoods

(2)(2)

(2)

40 139 638. 839 338. 738. 838. 637. 638 138 538 738. 939 639 639 339. 539. 339.4

T>. •! J-.tsuilaingconstruction

(3)M(2)(2)

37 336 637 837 036 536. 136. 437 237 137 137.236 536 936 135 834 8

(2)

Retail trade

(2)

M?2)

40 340 340 440 440 240 240 140 240 340 540 940 940 540 440 140- 740 4

(2)1 For production and related workers.1 Not available.1 Preliminary estimate.Source: Department of Labor.


WORK STOPPAGESDue primarily to the work stoppage in the coal mining and automobile industries, man-days of idleness jumpedfrom 2.6 million in January to 7.8 million in February.

MILLIONS OF MAN-DAYS IDLE MILLIONS OF MAN-DAYS IDLE20

15

MONTHLY AVERAGE

1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949

SOURCE: DEPARTMENT OF LABOR.

Period

19391941... .194219431944 . . . . . . .19451946 ,1947104819491949: January

FebruaryMarch _ „April _ _ _May _ __ ......JuneJulyAugustSeptemberOctober.NovemberDecember

1950: January ^February l _

Man-days of idlenessduring period

Monthlyaverage

(thousands)

1,4831,917

3481,125

7273,1669,6672,8832,8424,208

726675

3,4601, 8803,4304,4702,3502, 1406, 270

17, 5006,2701, 350

2, 6007,850

Percent ofestimated

working time

0. 28.32.05. 15.09.47

1.43.41. 37.59. 10. 10.45.27. 49. 61.35. 27. 87

2.49.93. 19

. 381. 27

Workers involved instoppages

Beginningin

period(thousands)

1, 1702,360

8401,9802, 1203,4704,6002, 1701, 9603,030

7778

490160231572110134507570-5746

18575

In effectduringmonth

(thousands)

100106520208309673249232603977914417

300515

Number of stoppages

Beginningin

period

2,6134,2882,9683,7524,9564,7504,9853,6933,4193,606

275239289360449377343365287256197170

225210

In effectduringmonth

382369436531678632603643536475388323

340325

1 Preliminary estimate. Source: Department of Labor.


PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTIONThe upward trend in industrial production, which started last November, was interrupted in February by workstoppages. But preliminary March data indicate recovery in the total index in spite of a small drop innondurable manufacturing output.


300

200

100

i I I I J I i I


300

200

100

1939 40 41 42 43 44 45 46 47 48 49

1948 1949 1950

* PRELIMINARY ESTIMATE

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[1935-39=100, seasonally adjusted]

Period

1943 monthly average1946 monthly average1947 monthly average1948 monthly average1949 monthly average -1949" January

FebruaryMarchAprilMay - -JuneJuly _ _ _ __August _SeptemberOctober. _NovemberDecember

1950: Januarv _ _February l

March 1

Totalindustrialproduction

239170187192176191189184179174169161170174166173179183180184

I

Total

258177194198183198196193184179176168177184176179188193191192

Manufacture

Durablegoods

360192220225202227225223212201194185193199175181203209207210

s

Nondura-ble goods

176165172177168175173168162161161154165173177177176179179177

Minerals

132134149155135149149136148145133123129119112141132130118142

1 Preliminary estimate.Source; Boajrd of Governors of the Federal Reserve System.


M i l3

2

1

O

M I L L3.0

2.0

I.O

0

WEEKLY PRODUCTION -Steel ingot production rose sharply in March. Electric povcoal mining returned to regular operations. Automobilesthan in February but below the January peak rates.

-LIONS OF TONS

STEEL

,S49~Y 1 /

uI I 1 1 1 1 1 1 1 I

J F M A M J J A S O N D

ONS OF SHORT TONS

BITUMINOUS COAL

1948^^ «

1949 Jj / 1 'N 1 L

" lEELj, / 1 ^^ 1

^ r K 1 •Uu i! \ '

j F M A M J J A S O N D

SOURCES: AMERICAN IRON AND STEEL INSTITUTE, EDISON ELECTRIC INSTITUTE, DEPA

SEver prowere b

BILL7.0

6.0

5.O

0

THOU•ISO

120

BO

O

RTMENT 0

LECTED INDICATORSduction continued at peak rates. Bituminouseing assembled at a somewhat higher rate

ONS OF KILOWATT HOURS

ELECTRIC POWER

J 194

s

v^^»^

^

<n/ v V

SANDS

1 1 1F M A

i i iIi J J

CARS AND TRUCKS A

~ l\ IE33 A i V~

Y 7A Mlr^A, \

I1

,/K '/ ,948 S \

1 1 1

y-II

i i i0 F M A M 0 0

F THE INTERIOR, WARD'S AUTOMOTIVE REPORTS.

Steel

PeriodThousands of Percent of

net tons capacity '

Weeklv average:1947 1, 6281948 1, 6951949 1, 493

Week ended:1949: March 5 . 1,853

12 1, 86919 . 1,88026 1, 864

April 2 . 1,8409 ... 1, 821

1950: March 4 - - 1,40511 1,40118 1,71225 1, 821

April 1 1.843

93.094. 181.0

100. 5101.4102. 0101. 199 898.8

73.773. 589-895.596. 7

Electric power,by utilities(millions of

kilowatt-hours)

4,8215,3005,500

5,5525,5315,4965, 4045,3785,360

5,8795,9376,0155,993

3 5, 912

Bituminouscoal

(thousands ofshort tons) !

2,0581,9481,418

1,7691,780

498405

1,9871,909

5132,2002, 2332,085

3 2, 165

I I I IA S 0 N D

.N

'V ^

Ti i i i

A S O N D


Cars andtrucks

(number)

90, 860100, 670120, 800

113, 317109, 101115, 671115, 168113, 784126, 165

116, 869118,459128, 056133, 897

3 132, 877

1 Based on weekly net ton capacity of 1,749,928 for 1947, 1,802,476 for 1948, 1,843,516 for 1949,and 1, 906,268 for 1950.3 Daily average for week.3 Data became available after chart was prepared.Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Auto-

motive Reports.


]F1c

PERCI250

800

150

100

0

350

300

250

200

150

100

0

OF^reduction of most durable goods except iron and sfhe largest increases were in machinery and lumber;ontinued at high rates reached last fall.

INT OF 1935-39 AVERAGE

IRON A

/~\ A/Y/ / S*-. ^""-LUMBI f \ f

V x'

sID

ER

STEEL

-*\ r</

\̂'*«»''**'*•*

AND PRODUCTS"

L J L_ 'i r i i i i i i i i T~I MI i 1 1 1 1 1 1 1 1

r\ ,» I |A

x-vf1 I 1 i 1 1 I 1 1 1 1

fX

jV*

1 1 1 1 1 1 i 1 1 if

n•">K; \ v \/ \j \,>\/ /•' \

J NONFERROUS

~"1 1 1 I 1 i 1 | | f~~

H NERYv

METALS AND PROD

LLm 1 1 1 1 1 1 1 1 1

KV,), r'

/ \ 1JCTS V

I 1 1 M 1 i 1 1 1 I

J

f

1 1 1 1 1 1 1 1 1 rr40 42 44 46 48 1948 1949 I960

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

JFEreel and

and pr<

PERCI250

200

150

100

0

350

300

250

200

150

100

0

D MANUFACTUREStransportation equipment increased in February.

Dducts. Output of most nondurable industries

ENT OF 1935-39 AVERAGE

1 \ PETROLEi V «

\ >'*•1 Vi V

r^J^\/ 4 "̂"A. *I/ ^-TEXTILE

/""i i i i i i i i i r~i

UNOC

5

AND COALv^)UCTS ^r--.̂ v

^v>iND PRODUCTS

"77 1 l 1 1 i l l 1 1

\A/

A /•

V

1 1 1 1 1 i 1 1 1 1 1

hl

•s

mi M i nFr

|304\

1 1

1 \

1 » c*.

; \ ̂I V \iijiii1 ****

CAL PRODUCTS

^^s*f — p-

— «s^s^i y^~\^ s1 S ^MANUFACTURED FOOD/ S PRODUCTS

" JLL J Lr~7 i i i i i i i i i i rTi 1 1 1 1 1 1 1 1 1

40 42 44 46 48 1948

x/

^— ̂ x-x.

1 I I i 1 1 I 1 1 i i

••*

1 1 . 1 1 1 1 1 1 rn1949 I960

[1935-39=100, seasonally adjusted]

Period

9 4 3 monthly average. _ _ _946 monthly average. _ _ __947 monthly average948 monthly average9 4 9 monthly average- _ _ _ _ _ _949 * January

FebruarvMarchApril _ _ - _Mav _ _ _ _ _June - - - -- -JulvAugustSeptemberOctoberNovember _ _ _ _ _ _ _ .December _ _ _

950* JanuarvFebruary * _ _

Durable manufactures

Iron andsteel

208150195208188228232233219204177156178179102145201203201

Lumber andproducts

129131143145131129123129126126123115126132133147159145154

Machinery

443240276277234268262252240232225217216224226217227228237

Nonferrousmetals andproducts

267157187193159183185183167145133127141157164163165179182

Nondurable manufactures

Textiles andproducts

153162163169147160157142129123126120140155169175173178174

Petroleumand coalproducts

185173193218209228221213209207202198203208198205219211198

Manufac-tured foodproducts

145150157159163160162162162163165161166167165160160161162

Chemicalproducts

384236251254240257250245237234233228229236240243246249248

1 Preliminary estimate.Source: Board of Governors of the Federal Reserve System.

64007—50 3


NEW CONSTRUCTIONNew construction rose in March, maintaining its lead over last year in all construction activity except privatenonresidential.

M I L L I O N S OF DOLLARS2,000

1,500

1,000

500

i i i\\i

m

i&ii%:

\

!

MILLIONS OF DOLLARS

2,000

1939 1942 1944 1946 1947 1948

* INCLUDES PUBLIC RESIDENTIAL CONSTRUCTION

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR

JA S 0 N D J F M A M J J A S 0 N D J F M A M J J A S 0 N D J F M A M J

I,50O

1,000

500


(Millions of dollars]

Period

1939 monthly average. __ .1 942 monthly average1944 monthly average1946 monthly average1947 monthly average- _1948 monthly average-1949 monthly average1949* February

March ; .April - ;_.-.» _-.i-May : „_ .

. June :JulyAugust - -September... ..October • .NovemberDecember

1950: January i.-. _ _ _February --.March 2

Total newconstruction

5261, 118

345871

1, 1941,5651,6111, 1721, 2671,3701,5761,7351,8331,9031,9221, 8791,7671,6121,4961,3951,500

Private construction

Totalprivate

317251152688932

1,2141,172

905951989

1,1081,2291,3011,3431,3681, 3431,2951,2251, 1391,0681,125

Residential(nonfarm)

17611045

265438602585400420445530600650675710715715690650590620

Other

141141107422493612586505531544578629651668658628580535489478505

Federal,State, and

local »

208867193184262351439267316381468506532560554536472387357327375

1 Includes public residential construction.1 Preliminary estimate.Sources: Department of Commerce and Department of Labor.


NEW HOUSING STARTSHousing starts continued their record pace in February and again in March, according to preliminary reports.

THOUSANDS OF UNITS

125THOUSANDS OF UNITS

125

50

25

50

SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS

1\ /r j. -L.iVlontn

JanuaryFebruaryMarch _April _ _ _ __MavVMO-J -~ ~ ~ -JuneJuly -_ _ _ - _ -AugustSeptember _OctoberNovemberDecember _ _

Total _ ._ _ - _ _ _ _

Monthly average

1947

39, 30048, 80056, 00067, 10072, 90077, 20081, 10086, 30093, 80094, 00079, 70058, 800

849, 000

70, 750

New nonfarm

1948

53, 50050, 10076, 40099, 500

100, 30097, 80095, 00086, 60082, 20073, 40063, 60052, 900

931, 300

77, 600

units started

1949

50, 00050, 40069, 40088, 30095, 40095, 50096, 10099, 000

102, 900104, 30095, 500

1 79, 0001 1, 025, 800

1 85, 500

1950

1 80, 0001 80, 000

1 Preliminary estimate.Source: Department of Labor.

15


EXPENDITURES FOR NEW PLANTAND EQUIPMENTPlant and equipment expenditures by nonagricultural business firms in 1949 were 6 percent less than in 1948.Anticipated expenditures during 1st half of 1950 are reported 8 percent below those of 1st half of 1949 whilethose for the year I960 are reported II percent below 1949.


ANNUAL RATES*


1939 194! 1948 1949 2 31948

£ TRANSPORTATION AND^fe: ELECTRIC AND GAS :££

UTILITIES

MANUFACTURINGAND

MINING

2 31949

20

I 0

SOURCES: SECURITIES AND EXCHANGE COMMISSION AND u.s. DEPARTMENT OF COMMERCE

2 2nd HalfI960


I Millions of dollars, annual rates, not adjusted for seasonal]

Period

1939..19411945194819491950 3 -_ _1948: Third quarter ... _.„_ __

Fourth quarter1949: First quarter ..

Second quarterThird quarter. _ _ „Fourth quarter. _

1950: First quarter3

Second quarter 3

Second half3 _

Total1

5,2008, 1906,630

19, 230•18, 12016, 09019, 32021, 64017, 84018, 64017, 48018, 52016, 44017, 04015. 440

Manufac-turing

1,9303,4003,2108,3407,2506,7408,3609,2807,4007,5206,7607,3206, 7606,9606. 620

Mining

380680440800740650800880760760720720680680620

Transportation

Railroad

280560550

1,3201,350

9301,3201,6401,4401,5201,240132001,0001,040

840

Other

280340320700520350680680520560560480320360360

Electric andgas utilities

480710630

2,6803, 1402, 9402,7603,4002,7203,1203,1603,5602, 9603,2402, 780

Commercialand miscel-

laneous f

1,8502,4901,4805,3905, 1204,4805,4405,7605,0405, 1605,0405,2804,6804,7204,260

1 Excludes agriculture.2 Commercial and miscellaneous composed of trade, service, finance, and communication.3 Figures for 1950 are based on anticipated capital expenditures.NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Com-

merce, principally because the latter cover agricultural investment and also certain equipment and construction outlays charged tocurrent expense. Figures for 1939-44 are Federal Reserve Board estimates based on Securities and Exchange Commission andother data.

Detail will not necessarily add to totals because annual rates are based on quarterly figures rounded to the nearest 10,000,000.Sources: Securities and Exchange Commission and Department of Commerce (except as noted).


NEW CORPORATE SECURITY ISSUESNew corporate issues showed a seasonal rise in the 4th quarter of the year but were far below the totalfor the 4th quarter of 1948.

BILLIONS OF DOLLARS

3.0

2.5

BILLIONS OF DOLLARS

3.0

2 .5

2. 0

.5

1939 1943 1946 1947 1948

SOURCE: SECURITIES AND EXCHANGE COMMISSION. COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

Period

1939 quarterly average- - .. -1943 quarterly average1946 quarterly average - .. •.1947 quarterly average . -- -- -. .--1948 quarterly average - --. -1949 quarterly average 2 _ _ __ -1947" Third quarter . . .

Fourth quarter -1948: First quarter _

Second quarter .. -Third quarterFourth quarter - .. . .. .

1949' First quarter .. ..Second quarter— .. .. .Third quarterFourth quarter 2

Estimatednet pro-

ceeds

529287

1,6891,6171,7481,5201,3742,3111,7691,8171,3522,0541, 1952,4751,0061,403

Proposed uses of net proceeds

New money

Total

8177

8201,1481,4911,209

8842,0001,5111,4931,0871, 874

9542,088

834960

Plant andequipment

4335

529852

1,060948692

1,654918

1,091774

1,459762

1,679677675

Workingcapital

3942

291296431261192347593402314415193409157285

Retirementof debt and

stock '

448210869469257311490310260325265180241386172444

1 Includes small amount for other purposes.3 Preliminary estimate.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Securities and Exchange Commission.


BILL

20

1 0

O

BILL

40

30

20

1 0

0

INVENTORIES AND SALESSales of manufacturing and trad^ concerns, after allowance for seasonal variation, rose moderately inFebruary. Manufacturers' and wholesalers' inventories showed practically no change during the month.

IONS OF DOLLARS BILLIONS OF DOLLARS

WHOLESALE

INVE

>•

••J*9f**^

1 1 i 1 1 1 ! 1 1

Ml

L

ORiES

i 1 1 1 l 1 1 1 i 1 1 I 140 42 44 46 48 1947 1948 1949 I95C

IONS OF DOLLARS

MANUFACTURERS

MONTHLY AVERAGE'

INVE

\j

*

/ ^J^

/1 I 1 1 L i J 1 I

^1T

IL

SE

ORIES

\\>••

••*

-r-^ES

i I l 1 i 1 1 1 l i l

.••••**"**

.-•***"

.. ~*N

1 1 1 1 1 1 1 1 1 1 1

*•*•••.

''--.....

'-^-VVv

1 1 1 1 1 1 1 1 1 1 1

***

! 1

20

I 0

0

)

PERCE

400

300

200

1 00

0

RETAIL

MONTHLY AVERAGE

INVEf

y/** /

.,.~̂ s,

I 1 1 1 I I 1 1 1

T(

L

)RIES

...v. •7 =

1 1 1 II 1 I ! 1 1 1

— „. ,-

1 i 1 l l 1 l l i i l 1 1 1 1 ! 1 I 1 1 1 1

«*

40 42 44 46 48 1947 1948 1949 I960

MT OF 1935-1939 AVERAGE

DEPARTMENT STORES

'¥

fl

//INVEf

S

i J 1 1 1 l 1 I 1

XL

T(

SEASONALLY ADJUSTED

* ^ — , .

'""'•• t /,̂ *»...-**

)RIES

I I I I i 1 1 1 i I l

40 42 44 46 48 1947 1948 1949 1950 40 42 44 46 48 1947

SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1 1 ! 1 1 i 1 1 1 1 1

x/̂ -̂ ,,/XX

i 1 I 1 I 1 1 1 1 1 1

1948 1949

s

950

Period

JanuaryFebruaryMarch _ _April _ _ _ _ _ _ _May _JuneJuly _August _SeptemberOctoberNovemberDecember 6

January 6

February 6

Wholesale

Inventories * Sales 2

Retail

Inventories 1 Sales 2

Manufacturers

Inventories l Sales 2

Millions of dollars, seasonally adjusted 4

3,1753,6844,6386,6658,6539,5119,0319,4649,4799,2939,3309, 1539,0029,0919,0619, 1869, 1379, 1139,0318,9769,002

2,5054,2734,9836,6017,7548,3557,5117,7237,6807,8907,4227,5397,7187, 1587,5227,5187, 1207,5537,2917, 1947,586

5,5327,3617,543

11, 22613, 22114, 96913,69814, 65914, 47914, 70014, 45814, 13914, 18213, 86213,93214, 35514, 47514, 33613, 69813, 84013, 883

3,5045, 2776,3158,3589, 909

10, 83710, 68210,61110, 70610, 72410, 81410, 75910, 68410, 54910, 66910, 85610, 67810, 63010, 50310, 84010, 990

11,46520, 09818, 39024, 81829, 81834, 06630, 89934, 40934, 40834, 22334, 01833, 56533, 25032, 36731, 63831, 06030, 74430, 54730, 89931, 10631, 100

5, 10012, 82212, 88312, 84117, 07618, 99817, 81417, 88018, 17518, 45117, 64317, 74117, 99017, 11"418, 94518, 86616, 80517, 31316, 84017, 58017, 700

Department stores

Inventories 3 Sales 8

1935-39=100, seasonallyadjusted

102155166213255291270279277283280273265256253264270273271272280

106168207264286302285295281277294292285280283289276276293284280

Book value, end of period.Monthly average for year and total for month.Indexes computed from data on retail value of sales for month and retail book value of inventories, end of period.All dollar figures, except for retail sales, have been revised and do not agree with data published prior to October 1949.Preliminary estimates.

Sources: Department of Commerce and Board of Governors of the Federal Reserve System.


MERCHANDISE EXPORTS AND IMPORTSExports in February recovered o part of their sharp January decline. Imports fell but apparently only becauseof the shortness of the month, since imports per working day maintained or recent expanding levels.

MILLIONS'OF DOLLARS MILLIONS OF DOLLARS1,600

1,200

800

J F M A M J J A S O N O J F M A M J J A1936-38

1,600

1,200

800

400

1946 1947 1948

* RECORDED MERCHANDISE EXPORTS, INCLUDING REEXPORTS, AND CIVILIAN SUPPLIES FOR OCCUPIED AREAS.

* RECORDED GENERAL MERCHANDISE IMPORTS.

SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE NAVY.

I Millions of dollars]

Period

1936-38 monthly average .. - _ _1943 monthly average - _ . . « .1946 monthlv average „_1947 monthly average1948 monthlv average1949 monthly average

1949: January _ _Febru aryMarchAprilMav -- - - - - -June . _ _ _ . . . _ . .JulyAugust. .. ._ .SeptemberOctober _ _November _ _ _ _ _ ' _ «December

1950: January _ _February.,

Exports 1

2471,080

8491,2781,0541,000

1, 1041,0431, 1771, 1661,0921, 104

899880906852837944

745770

Imports *

207282410478592553

590567633534541526457491536559594605

623599

Excesi ofexports

40798439801462447

514476544632551578442389370293243339

122171

1 Recorded merchandise exports, including reexports, and civilian supplies for occupied areas.1 Recorded general meichandise imports.Sources: Department of Commerce, Department of the Army, and Department of the Navy.


PURCHASING POWER

NATIONAL INCOMENotional income, after declining during each quarter of 1949, turned up in 1st quarter of 1950, according topreliminary data. The increase represented a rise in compensation of employees and proprietors' income.


200


200

CORPORATE PROFITS AND <:•:•:•>:•:•:•:':':•:•:•:INVENTORY VALUATION •••'•'<•'•'••''•••'••''••'''

>:?:::;:• ADJUSTMENT

SAT I ON

150

100

PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE (except as noted).


Period

193919441946 . .1947 .19481949 -

1948: Third quarter ..Fourth quarter „

1949: First quarterSecond quarter-Third quarterFourth quarter.

195(): First quarter * _ _

Totalnationalincome

72.5183.8179.6201.7226.2

1 221. 3

Compensa-tion of

employees

47.8121.2117.0127.6140.3141. 1

Proprietors'(business,

professional,farm)

and rentalincome

14.735.541.345. 149.544. 8

Net interest

4.23.13.03.43.84. 2

Corporate profits and inventoryvaluation adjustment

Total

5.824.018.325.632.6

131. 2

Profitsbeforetaxes

6.524.323.631.634.8

*28. 6

Inventoryvaluation

adjustment

-0.7-.3

-5.3-6.0-2.24-2. 6


230.4234.3224.7220. 8220. 7

*219. 1220.3

143.31449141. 9140. 8141. 1140. 9141.7

49.949.747. 145. 143. 143. 744.3

3.94.14. 14. 24. 24. 34.3

33.335.731. 630. 732. 3

!30. 230.0

36.634529.426.428. 9

129. 530.5

-3.3+ 1.2+ 2. 2+ 4.3+ 3.3+.7-.5

1 Estimates by Council of Economic Advisers; based on incomplete data,NOTE.—Detail will not necessarily add to totals because of rounding.

Source: Department of Commerce (except as noted).


CORPORATE PROFITSPreliminary estimates indicate that the improvement in profits which began in the last half of 1949 hascontinued into I960,

BILLIONS OF DOLLARS

30

20

BILLIONS OF DOLLARS

4 0ANNUAL RATES, SEASONALLY ADJUSTED

!! UNDISTRIBUTE D PROFITSH:K:J::::::::::::::::::::::::::::::::::̂ ^̂ •::::::::::::::::::::::::::::::H•••™::•S:•••••

1947 1948 1949 1950

SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)


Period

192919391944 _19461947. , .19481949 1

1948: Third quarterFourth quarter

1949: First quarter - .Second quarter . .Third quarter. . _ ._Fourth quarter * _ .

1950: First quarter1. _ _ . _ _ _ _ _

Corporateprofits

before taxes

9.86.5

24.323.631.634.828.6

Corporatetax

liability

1.41.5

13. 59.6

12.513.611.3

Corporate profits after taxes

Total

8.45.0

10. 813.919. 121.217.2

Dividendpayments

5.83.84.75.87.07.98.4

Undistributedprofits

2.61.26. 18.1

12. 113.28.8


36. 634.5

29.426.428.929.5

30.5

14.413.6

11.510.611.411.8

12.2

22.220.9

17.915.817.517.7

18.3

7.98.3

8.38.28.18.9

8.4

14.312.6

9.67.69.48.8

9. 91 Estimates by Council of Economic Advisers; based on incomplete data.NOTE.—No allowance has been made for inventory valuation adjustment.

taxes and inventory valuation adjustment.Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

See p. 20 for profits before


PERSONAL INCOMEPersonal Income reached an all-time high in February as payments on the veterans1 dividend were steppedup. Farm income declined as a smaller volume of crops were placed under loan.


200

150

BILLIONS OF DOLLARS

250ANNUAL RATES, SEASONALLY ADJUSTED

200

150

100

F M A

1950

*TERMINAL LEAVE BOND CASHING STARTED IN SEPTEMBER,

SOURCE: DEPARTMENT OF COMMERCE

1947; NATIONAL INSURANCE DIVIDEND PAYMENT STARTED IN JANUARY, 1950


Period

1939 _ _-1944194719481949

1949' JanuaryFebruary^MarchAprilMayJune-July..AugustSeptemberOctoberNovemberDecember

1950: January _February2

Totalpersonalincome

72. 6165.9193. 5211. 9209.9

Salaries, wages,and other

labor income

45.7116.2122.0135. 1135. 6

Proprietors'(business,

professional,farm)

and rentalincome

14. 735. 545. 149.544.8

Dividendsand personal

interest

9.210. 614. 816.217.2

Transferpayments

3.03.6

11.711. 112. 3


214. 6211. 3210. 2210. 5210. 2209.4207.2209. 1208. 3207.0209. 4211.9218. 1219. 1

137.9136. 1134. 4136. 0135. 8135.0135. 1135. 5135. 8134. 8134. 7136.6135. 9135. 7

48.546.646.245. 045.245. 142.843.942.742.944.943.546. 543. 9

17.017.017. 017. 117. 017. 016. 917. 117.217.317.418.917.417. 4

11.211. 612. 612.412. 212. 312.412.612. 612. 012.412.8

1 18. 322. 1

1 Includes veterans' insurance dividend—$5.4 billion, annual rate (or $450 million, monthly total) inJanuary and $9.5 billion annual rate ($800 million, monthly total) in February.

2 Preliminary estimate.NOTE.—Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.


CONSUMER INCOME, SPENDING, AND SAVINGPayment of the special insurance dividend to veterans during 1st quarter in I960 distorteddisposable personal income. It accounted for most of the increase of $9 billion (annual rate).Expenditures increased by only $1 billion, indicating that the insurance dividend was beingspent slowly. Consumer saving was temporarily high.


200

150

I 00

BILLFONS OF DOLLARS250

200


PERSONAL INCOME LESS TAXES. ^^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.

SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).


Period

19391940,19411942.194319441945.19461947.19481949

1948:

1949:

1950:

Third quarter - -_Fourth quarter . .First quarterSecond quarterThird quarterFourth quarter _First quarter2 _ _ _ _ _ _ _ _ _

Disposablepersonalincome *

70.275. 792.0

116.2131.6147.0151. 1158. 1172.0190.8191.2

Less: Personalconsumptionexpenditures

67.572. 182.390.8

101.6111.6123. 1147.8166.9178.8179. 4

Equals: Per-sonal saving

2.73.79.8

25.430.035.428.010.35.1

12.011.8


195.2196.2193.4191.4189.5190. 7199. 6

180.3180.9178.7179.3179. 7179. 8181.0

15.015.314.812.19.8

10. 818. 6

1 Income less taxes." K;:| in t j i i . r s hy Council of Economic Advisers; based on incomplete data.NOTK.—-Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.


PERSONAL CONSUMPTION EXPENDITURESPersonal consumption expenditures in 1st quarter of 1950 were back to the peak rate of 4th quarter of 1948,according to preliminary estimates. Increased expenditures for durables and services since 1948 were partiallyoffset by decreased expenditures for nondurables.

B I L L I O N S OF DOLLARS200

100


I 50

100


SOURCE. DEPARTMENT OF COMMERCE (EXCEPT A.S NOTED). COUNCIL OF ECONOMIC A D V I S E R S


Period

1939_1944.1946.1947.19481949_

1948:

1949:

1950:

Third quarterFourth quarterFirst quarterSecond quarterThird quarterFourth quarterFirst quarter J _ _ _ „ _ _

Personal consumption expenditures

Total

67.5111.6147.8166. 9178.8179.4

Nondurablegoods

35.367.186.896.2

102.298. 9

Durablegoods

6.77.1

16.522.023.524.4

Services

25.537.444. 548.853. 156. 1


180.3180.9178. 7179. 3179. 7179.8181.0

101.8103.3100.499. 897. 697.798. 0

24.822.923. 023. 625.725.225. 7

53.754.855. 355. 956.556.957. 3

1 Estimates by Council of Economic Advisers; based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.


PER CAPITA INCOME"Per capita disposable income (including veterans1 insurance dividend) increased in 1st quarter of I960, bothin terms of current dollars and in real purchasing power, according to preliminary estimates.


CURRENT DOLLARS

I I I t I I I I 11939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949

1949 I960

**CURRENT DOLLARS DIVIDED BY THE CONSUMERS* PRICE INDEX ON THE BASE 1948= 100

SOURCE: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR (EXCEPT AS NOTED). COUNCIL OF ECONOMIC ADVISERS

Period

1939-1940-1941194219431944_19451946194719481949

1948:

1949:

1950:

Third quarter .. _ _Fourth quarter >First quarter . .Second quarter. _ _Third quarterFourth quarter-First quarter 4_

Per capita disposable personalincome *

Currentdollars

$536574691867970

1,0651,0821,1191, 1941,3021,281

1948 dollars 3

$923981

1, 1251,2621,3141,4051,3891,3421,2821,3021,297

Annual rates, seasonallyadjusted

1, 3281,3281,3041,2851,2671,2691,323

1,3051,3191,3151,2981,2841,2921,360

Consumers'price index*1948=100

58. 158.561.468.773.875.877. 983.493. 1

100.098.8

Not adjustedfor seasonal

variation

101.8100.799.299.098. 798.297.3

1 Income less taxes. 2 Current dollars divided by the consumers' price index on the base 1948=100.3 The consumers' price index has been roughly adjusted to take account of the understatement from

December 1941-February 1947. This adjustment is in line with the report of the Mitchell Committee. Theunadjusted|;index will be found on page 3,

4 Estimates by Council of Economic Advisers based on incomplete data.Sources: Department of Commerce and Department of Labor. 25


DOLLA

1.60

1.50

1.40

1.30

1.20

0

2.1 0

2.00

1.90

1.80

1.70

0

AVERAGE HOURLY EAEHourly earnings for durable goods industries showed liftpartly because of the new minimum rates.

RS PER HOUR


-̂ *^™£S/

J ̂ r^J CURRENT DOLLARS

l i I | i [ i i i i i l i | i l 1 i i | | i 1 1 1 1 1 1 1 1 1 1 1

,.^™»

1 1 1 I 1 1 1 1 1 1 1

1947 1948 1949 1950


-</*1948' DOLLARS*/^/

** ' f**^/ ^* CURRENT

! ! 1 1 1 | | 1 1 1 1 1 i 1 1 i 1 1 1 1 1 !

,J

DOLLARS

1 1 1 1 ! 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1947 1948 1949 1950


>NINle chang

DOLL/

1.50

1.40

1.30

1.20

MO

0

1.30

1.20

1.10

1.00

.90

0

* NOT A V A I L A

'GS - SELECTED INDUSTRIES

e in February. But nondurable earnings increased

*RS PER HOUR


1948 DOLLARS* ' _,

/ S~^

S^ CURRENT DOLLARS

1 1 1 1 1 1 1 1 1 l l 1 l l 1 1 1 | 1 } J J

r=M

I I l l i i l 1 i t i

'

1 1 1 1 1 1 II 1 1 1

1947 1948 1949 1950

RETAIL TRADE.

1948 DOLLARS* fZ^/^*^*^

/*^*"^ CURRENT DOLLAF

^

1 | 1 t I 1 1 ! 1 | 1 1 1 1 1 1 i 1 1 1 | 1

1947 1948

3LE PRIOR TO JANUARY 1948

s

i 1 1 1 1 1 1 1 1 1 1

fr

1 1 M 1 1 1 II I 1

1949 1950

[Selected industries J]

Period

1939 monthly average1943 monthly average1946 monthly average1947 monthly average1948 monthly average1949 monthly average 4

1 949 : January -FebruaryMarch _ „April __ -. ..MayJuneJulyAugustSeptember. _ _ _OctoberNovemberDecember 4

1950: January 4_February 4

All manufacturing

Current' dollars

$0. 633.961

1.0841.2371.3501.4021.4051.4011.4001.4011.4011.4051. 4081.3991.4071. 3921.3921.4081.4191.420

1948dollars 2

$1. 0901.3021.3001.3291.3501.4191.4081.4191.4141.4141.4181.4181.4311.4191.4201.4151. 4131.4401.4551.459

Durable goods manu-facturing

Currentdollars

(3)(3)(3)

$1. 2921.4101.4691.4671.4661.4641.4671.4671.4751.4771.4731.4821.4581.4571.4751.4861.482

1948dollars 2

(3)(3)(3)

$1. 3881.4101.4871.4701.4851.4801.4801.4851.4881.5011.4941. 4951.4821.4791.5081. 5241.523

Nondurable goodsmanufacturing

Currentdollars

(3)(3)(3)

$1. 1711.2781.3251.3271.3231. 3231.3211. 3231.3241.3321.3191. 3281. 3251.3251.3351. 3441.352

1948dollars 2

(3)(3)(3)

$1. 2581.2781. 3421.3301.3401. 3361.3331. 3391. 3361.3541. 3381. 3401. 3471. 3451.3651. 3781.390

Building construction

Currentdollars

(3)(3)(3)(3)

$1. 8481.9351.9181. 9301. 9331. 9341. 9301.9241.9221.9321.9381. 9441.9471. 9641.960(3)

1948dollars 2

(3)(3)(3)(3)

$1. 8481. 9601.9221.9551.9531. 9521. 9531. 9411. 9531.9591.9561. 9761.9772. 0082.010(3)

Retail trade

Currentdollars

(3)(3)(3)

$1. 0091.0881.1361. 1321. 1231. 1211. 1271. 1411. 1471. 1481. 1461. 1501. 1401. 1381. 1221.155(3)

1948dollars 2

(3)(3)(3)$1. 0841.0881. 151-1. 1341. 1381. 1321. 1371. 1551. 1571. 1691. 1621. 1601. 1591. 1551. 1471. 185

(3)

1 Production and related workers.3 Current dollars divided by consumers' price index on base 1948=3 Not available.4 Preliminary estimates.

100. See note. 3 to table on page 25.

Source: Department of Labor,


/

DOLL65

60

55

50

45

0

80

75

70

65

60

0

AVERAGE WEEKLY EAEMthough weekly earnings of $59.43 in February for inchsame as in January, there were divergent trends withinearnings reached a new record high of $53.27.ass PER WEEK


_* _ - .. .-.. ..j1948

yv-y]y^-ci

T i l II 1 M 1 M

DOLLARS yx/»

RRENT DOLLARS

1 1 l I 1 1 l 1 l 1 1

•Sss^V

1 1 1 1 I 1 1 1 1 1 1

0mm

1 t 1 1 1 1 1 1 II 1

1947 1948 1949 1950


^t\1948 DOLLAF

•s

1 I 1 1 tJ 1 t t.....l I

is' /-*NF

^•CURRENT C

i 1 1 1 LI I 1 J_ 1 1

^svu

OLLARS

1 i LI J 1 1 1 1 1 J_

k

ft

I -^1 1 1 1 1 1 J 1 L i L

1947 1948 1949 1950

SOURCE : DEPARTMENT OF LABOR

»NINistries mthe grou

DOLL

60

55

50

45

40

0

50

45

40

35

30

0

rGS - SELECTED INDUSTRIES

anufacturing durable goods were about thep. In nondurable goods industries, weekly

ARS PER WEEK


1948

,̂ -S/̂ ^ CURR

I ' M 1 1 I'll '| 1

DOLLARS*

^ ^*s^

£NT DOLLARS

_L i 1 1 1 1 U 1 I I

-%. s**/**S^\^r^

^

I I i ii I l l i i i

S

1 1 1 1 1 1 II I 1?

1947 1948 1949 1950

RETAIL TRADE^V.

^ 1948 DOLLARS* ^^^^^

^/~f

1 1 ! 1 1 1 | 1 1 | 1

DOLLARS

1 L I 1 I 1 1 1 l I 1

1947 1948l i 1 1 ( 1 1 1 i U

^

1 1 1 1 1 1 1 I 1 1 M

1949 1950

COUNCIL OF ECONOMIC ADVISORS

[Selected industries J

Period

1939 monthly average1943 monthly average1 946 monthly average _ .. . „1947 monthly average1948 monthly average1 949 monthly average 4

1949: January „FebruaryMarchAprilMay _ „ .JuneJulyAugust-SeptemberOcUbor _._ .Nov miber!)t»(!i nibor 4

HIM): Jnm iirv 4 _!• '«*}» u n r v 4

"

All manufacturing

Currentdollars

$23. 8643. 1443.7449. 9754. 1454.9055. 5055.2054.7453.8054.0854.5154.6354.7055.7255. 2654.4356. 186. 3356. 37

1948dollars 3

$41. 0758.4652.4553. 6754. 1455. 5855. 6155.9355. 2954. 2954.7455.0055. 5255.4856. 2356. 1655. 2657.4457.7757. 93

Durable goods manu-facturing

Currentdollars

(3)(g)(3)

$52. <i f»57. 1 1f>7. 0,r>58. H.'tf>8. -Hir>7. na57. 'JJf>7. 2 157. S'J57. ;u57. SOr>s. r»95«S, 17,r)(i, h-j5<J. !,'>r»ti. 'Hf>!l. -\?t

10-18( lollnrH 3

(3)(:r)(a)

$5r». :ir»57. 1 J5S. (',7

5K. 0550. 2f55K, •} 157, 7357. 005S, ,'i55K. 1M5S. 7 1f>0. 2250, 1257, (i8f»0. -IS

f)H. Of>r » i , 08

Nondurable goodsmanufacturing

Currentdollars

(3)(3)(3)

$46. 9650. 6151. 4651.3551. 3351.0749. 6750. 4150.9751.5551. 3152. 5952. 4752.0752. 7352.8253.27

1948dollars 3

(3)(3)(3)

$50. 4450. 6152. 1051.4552.0151. 5950.1251,0251.4352.3952.0453.0753.3252.8653. 9254. 1754.75

Building construction

Currentdollars

(s)(3)a(3)

$68. 8570.9270.8870. 5369.8370.3371.8171.4471.2871.9570.6971.8070.2170. 2668.20«

1948dollars 2

(3)(3)(3)(3)

$68. 8571.8071.0271.4670. 5470.9772. 6872.0972.4472.9771.3372. 9771.2871. 8469. 95(8)

Retail trade

Currentdollars

(3)(s)(3)

$40. 6643. 8545. 9245.5145. 1444. 9545.3145.9846.4546.9546.8746. 5846.0645.6345.6746.66(3)

1948dollars *

(3)(3)(3)$43. 6743. 8546.5045. 6045.7345.4045.7246.5446.8747.8147. 5447. 0046.8146.3246.7047.86

(s)

* I MI |»r i .* i l t i t ' i . i r in and related workers.1 * w i » ' n < < f n | ) a n i divided by eoiiBumers' price index on the* N*it f»VHii i i t>|« ,

nw HHS- • 100. See note 3 to'table on page 25.

; H»|mriit)ntit of Lnbor, 27Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM INCOMEFormers* cash receipts in February, usually a low month, were substantially smaller than in January, bothfor crops and for livestock products. Total February receipts were nearly 10 percent smaller than in February 1949.

BILLIONS OF DOLLARS liLLlONS OF DOLLARS

4

1939 40 41 42 43 44 45 46 47 48

*INCLUDES CASH FARM INCOME FROM MARKETING AND GOVERNMENT PAYMENTS.

SOURCE: DEPARTMENT OF AGRICULTURE. COUNCIL OF ECONOMIC ADVISERS

Period

1939 monthly average _.1941 monthly average1942 monthly average _-. __1944 monthly average - -1945 monthly average .- -1946 monthly average,. _1947 monthly average -1948 monthly average1949 monthly average .1949: January

FebruaryMarch. . _ _ ..April „May! ....June ...July__ _August -September .. - - -October ..NovemberDecember

1950: January 4 _ _ _February 4 _ _

Farm income(millions of

currentdollars) »

724981

1, 3401,7651,8572, 1102,5422, 6092,3092,3831,7831,9731,8501,9442,0532,1772,4172, 6083, 1393, 0502, 3262,2541,625

Prices paid byfarmers (incl.interest, taxes,

and wage rates)1948=1002

47515970738093

100979997989898979796969595959696

Farm income(millions of

1948 dollars) 8

1,5401,9242,2712, 5212, 5442,6382,7332,6092,3802,4071,8382,0131,8881,9842, 1162, 2442, 5182, 7173,3043,2112, 4482,3481,693

1 Includes cash farm income from marketings and Government payments.2 Converted from the reported base, 1910-44=100, to the base 1948=100.8 Farm income in current, dollars divided by prices paid by farmers, interest, taxes, and wage rates,

1948=100.-4 Preliminary estimates. Source: Department!ofkAgriculture,


CONSUMER CREDITCharge accounts declined seasonally in February while automobile credit continued to rise.

BILLIONS OF DOLLARS

25

BILLIONS OF DOLLARS

25

10

1943 1948

END OF YEAR

SOURCE : BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1949

END OF MONTH



End of period

1939_ _1943_1946194719481949 __ .1949: January „ _ _ _ .

February _ _ _ _ _March .AprilMayJuneJulyAugustSeptember _ _OctoberNovember „_ _ _December

1 950; JanuaryFebruary 2

Totalconsumer

creditoutstanding

7,9695,378

10, 19113, 67316, 31918, 77915, 74815, 32515, 33515, 59515, 84316, 12416, 19816, 45316, 80317, 22317,81518, 779IS, ;M7IS, I 2 < >

Instalment credit

Total

4,4242, 0014, 0006,4348, 600

10, 8908,4248, 3398,4298, 6308, 8889, 1239, 3359, 6229, 899

10, 1661C), 44110, 89010, 83910, 892

Automobilesale

credit

1,267175544

1, 1511,9613, 1441,9651,9962, 1052,2412,3862,4992,6102,7612,8762,9863,0853, 1443, 1793,258

Other salecredit and

loans

3,1571,8263,4565,2836, 6397,7466,4596,3436,3246,3896,5026,6246,7256,8617,0237, 1807,3567,7467,6607,634

Chargeaccounts

1,5441,4983,0543,6123,8543,9093,4573, 1693, 1213,2323,2353,2743, 1233,0643, 1233, 1973, 4543,9093,5063,227

Otherconsumercredit *

2,0011,8793,1373,6273,8653,9803,8673,8173,7853,7333,7203, 7273,7403,7673,7813,8603,9203,9804,0024,007

1 Im'hidoH singlt'-payrmmt IOHIIH of coininomitl hunks and pawnbrokers and service credit.3 Preliminary estimates.NOTK.— Detail will not ww.s.sjirily add to totals because of rounding.Motirw: Board of UovernorH of the Federal Reserve System.


MONEY, BANKING, AND FEDERAL FINANCE

BANK LOANS AND INVESTMENTSLoans of commercial banks rose moderately in February. U.S.Government security holdings were about$ I billion lower.


125

100


125

100

25

1939 1943 1948 1949 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M . J j A S O N D

END OF YEAR 1948 1949 I960

END OF MONTH

SOURCE : BOARD OF GOVERNORS OF THE FEDERAL- RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, all commercial banks]

End of period

19291939 . ...1945 _1947 -194819491 949 : January .

February..MarchAprilMayJune - . -July ., _._August . ._September „.OctoberNovember"December

1950: January... .February1

Totalloans and

investments

49. 540. 7

124.0116.3114.3120.81145113.4112.5112.5113.4113.8114.8117.9118. 8119. 8120. 2120.8121. 6121.0

Bank loans

36.017.226. 138. 142.543.342.442.042.441.340.941.040.541.241. 841. 942, 943.343. 143.3

Total

13. 523.497.978.271.877.572.071.470. 171.272.672.774.376.777.077.977.377.578.577.8

Investments

U.S.Government

securities

4.816.390.669.262.667.363.062.260. 962.063.263.264.466.766.867. 767. 167.368.267.2

Othersecurities

8.77. 17.39.09.2

10.29. 19. 19. 29.29. 39,59.8

10.010.210. 210.210.210. 410.4

o1 Preliminary estimates. NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System.


MONEY SUPPLYThe decline of $1.5 billion in the money supply in February wos primarily a reflection of seasonal factors.

200

175

150

125

100

BILLIONS OF DOLLARS MILLIONS Of DOLLARS

1 2 5

100

TOTAL DEPOSITS AND CURRENCY

(EXCLUDING U.S. GOVERNMENT DEPOSITS)

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M U J A S O N D

200

GOUMCJ HOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.


End of period

1930 .19431946, . . . . .1947., „ '1948 . •1949 ._ . . . "1949: January .

February _ „March „ „ „ „ „.-..AprilMav, .JuneJulyAugust -.„-,-.September „_ _October „ _ _ _ „ „NovemberDecember _

1950: January _ „ „ _February 3

Total moneysupply

63.3112.4164.0170.0169. 1170. 1168.2166. 3164. 2165.5165. 6165. 6166. 3160. 9106. 03 OS. 0108. 0170. 1170. 0ion. r»

Currencyoutsidebanks

6. 418. 826. 726. 526. 125. 025. 225. 125. 124. <)25. 02/i. a24, 925. 12«1. 1)2-1. < >25. 125. 02-1. 52-1. 7

Adjusteddemand

deposits *

29. 860. 883.387. 185. 586. 785.483. 481. 182.482. 581. 983. 183.483. 384. 685. 586. 786.884. 9

Timedeposits 8

27. 132. 754.056,457.558.457.657.858. 058. 158.258.558.458.458.458.458.058.458.758.9

1 Includes demand deposits, other than interbank and U. 8. Government, less cash items in process of col-lection.

2 Includes deposits in commercial banks, mutual navingH hankw, and Postal Savings System,3 Preliminary estimates.NOTE.—Detail will not necessarily add to totalH because of rounding.Source: Board of Governors of the Federal Reserve System.


FEDERAL CASH RECEIPTS FROMAND PAYMENTS TO THE PUBLICThe cosh surplus of about $1.7 billion for the 1st quarter of 1950 compares with a surplus of about $3.2billion for the same quarter of 1949, reflecting o decline of about $900 million in receipts ond anincrease of $ 500 million in payments.

BtLLIONS OF DOLLARS BILLIONS OF DOLLARS

1947 1948 2 1949 1950

EXCESS OF CASH RECEIPTS

EXCESS OF GASH PAYMENTS

i * ,947 a 4 i

* PRELIMINARY ESTIMATES

SOURCE: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.

3 4 I

C A L E N D A R Y E A R SI95O


Calendar years

Calendar year total:1946 • —194719481949

Quarterly total, not adjusted for seasonal:1947: First quarter _ . .

Second quarterThird quarter.Fourth quarter

1948: First quarter . . _ _ _Second quarterThird quarter _ ^ . ._Fourth quarter . _

1949: First quarter .Second quarterThird quarterFourth quarter

1950" First quarter 2

Federal cashreceipts fromthe public *

41, 42644, 27944 92041, 346

14, 3459,847

10, 2209,869

15, 03710, 23810, 0859,560

13, 1228,814

10, 1439,267

12 200

Federal cashpayments tothe public l

41, 37238, 58436 95442 634

9, 16310, 62810, 2578,5368,6379,0338,798

10, 4869, 964

11, 38910, 52810, 75310, 500

Excess of re-ceipts (+) orpayments (— )

+ 54+ 5,695+ 7,967— 1, 288

+ 5, 182—781

— 37+ 1,331+ 6,400+ 1, 205+ 1, 287

—925+ 3, 158—2, 575

— 385— 1,486+ 1, 700

12

1 Payments of refunds of Government receipts are now reported as deductions from total receipts; pre-viously, they were reported as expenditures,

1 Preliminary estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Treasury Department and Bureau of the Budget.

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