ERP Appendixes Jan 1952 2
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Transcript of ERP Appendixes Jan 1952 2
Appendix B
Statistical Tables Relating to Employment,Production, and Purchasing Power
CONTENTS
National income or expenditure: PageB-l. Gross national product or expenditure, 1929-51 167B-2. Gross national product or expenditure in 1939 prices, 1929-51 168B-3. Gross national product or expenditure in 1951 prices, 1929-51 169B-4. Personal consumption expenditures, 1929-51 170B-5. Gross private domestic investment, 1929-51 171B-6. National income by distributive shares, 1929-51 172B-7. Personal income, 1929-51 173B-8. Relation of national income and personal income, 1929-51 174B-9. Disposition of personal income, 1929-51 175B-10. Total and per capita disposable personal income in current and 1951
prices, 1929-51 176Employment and wages:
B—11. Labor force, employment, and unemployment, 1929-51 177B-l 2. Number of wage and salary workers in nonagricultural establishments,
1929-51 178B-l 3. Average weekly hours in selected industries, 1929-51 179B-l4. Average hourly earnings in selected industries, 1929-51 180B-15. Average gross weekly earnings in selected industries, 1929-51 181
Production and business activity:B-l 6. Indexes of industrial and agricultural production, 1929-51 182B-l7. Production of selected commodities in the free world, 1950-51 183B-l8. New construction activity, 1929-51 184B-l 9. Business expenditures for new plant and equipment, 1929-52 185B-20. Inventories and sales in manufacturing and trade, 1939-51 186B-21. Sales, stocks, orders, and receipts at 296 department stores, 1939-51. . 187
Prices:B-22. Consumers' price index, 1929-51 188B-23. Wholesale price index, 1929-51 189B—24. Indexes of prices received and prices paid by farmers, and parity
ratio, 1929-51 190B-25. Percentage increases in wholesale prices and cost of living in the United
States and foreign countries since June 1950 191Credit, money supply, and Federal finance:
B-26. Consumer credit outstanding, 1929-51 192B-27. Loans and investments of all commercial banks, 1929-51 193B-28. Deposits and currency, 1929-51 194B-29. Estimated ownership of Federal obligations, 1939-51 195B-30. U. S. Government debt—volume and kind of obligations, 1929-51 196B-31. Bond yields and interest rates, selected years, 1929-51 197
165
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Corporate profits and finance: pageB-32. Profits before and after tax, all private corporations, 1929-51 198B-33. Sales and profits of large manufacturing corporations, 1939-51 199B—34. Relation of profits before and after taxes to stockholders' equity, private
manufacturing corporations, by industry group, 1947—49 averageand 1950-51 200
B—35. Relation of profits before and after taxes to sales, private manufacturingcorporations, by industry group, 1947—49 average and 1950—51.... 201
B—36. Relation of profits before and after taxes to stockholders' equity and tosales, all private manufacturing corporations, by size class, 1947—49average and 1950-51 202
B—37. Sources and uses of corporate funds, 1947—51 203International transactions:
B-38. International transactions of the United States, 1948-51 204B—39. United States exports and imports of goods and services, by area,
1948-51 205B-40. U. S. Government grants, other unilateral transfers, and loans to foreign
countries, 1948-51 206B-41. United States merchandise exports, including reexports, by area,
1936-38 quarterly average and 1947-51 207B—42. Indexes of quantity and unit value of United States domestic merchan-
dise exports, by economic class, 1936—38 quarterly average and1947-51 208
B—43. United States general merchandise imports, by area, 1936—38 quarterlyaverage and 1947-51 209
B-44. Indexes of quantity and unit value of United States merchandise im-ports for consumption, by economic class, 1936—38 quarterly averageand 1947-51 210
B-45. United States exports of selected capital goods to ERP countries andunderdeveloped areas, 1950-51 211
Summary:B-46. Changes in selected economic series since 1939 and 1950 and during
1951 212
166
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Statistical Tables Relating to Employment,Production, and Purchasing Power
TABLE B-l.—Gross national product or expenditure, 1929—51
[Billions of dollars]
Period
1929..._1930.1931193219331934
193519361937.1938 _1939
19401941. _194219431944....1945._._ _.1946194719481949
19501951 «
1950: First halfSecond half _ _ _ _ _ _ _
1951: First halfSecond half 6
1950: First quarterSecond quarterThird quarterFourth quarter
1951: First quarterSecond quarterThird quarterFourth quarter6...
Grossnational
prod-uct
103.890.975.958.355.864.972.282.590.284.791.3
101.4126.4161.6194.3213.7215.2211.1233.3259.0257.3282.6326.8
Personal ,consump-
tion ex-pendi-tures 1
78.870.861.249.246.351.956.262.567.164.567.572.182.391.2
102.2111.6123.1146.9165. 6177.9180.2193.6204.4
Grossprivatedomes-tic in-vest-
ment 2
15.810.25.4.9
1.32.86.18.3
11.46.39.9
13.918.310.95.77.7
10.728.730.242.733.048.958.8
Netforeigninvest-ment
0.8.7.2.2.2.4
-.1-.1
.11.1.9
1.51.1-.2
-2.2-2.1-1.4
4.68.91.9.5
-2.3.1
Government purchases of goods and services
Total
8.59.29.28.18.09.89.9
11.711.612.813.113.924.759.788.696.582.830.928.636.643.642.563.5
Federal
Total 3
1.31.41.51.52.03.02.94.54.65.35.26.2
16.952.081.289.074.820.915.821.025.522.841.9
Na-tional
security 4
(5)
(5)(6)(6)(5)(6)
(5)(5)(a)(5)
1.2
2.213.849.479.787.573.818.512.015.518.918.937.8
Other
(5)
35)8)(5)(5)(5)(5)(8)3.94.03.22.71.51.61.02.53.85.66.63.94.1
Stateandlocal
7.27.87.76.65.96.87.06.97.07.57.97.87.87.77.47.58.0
10.012.815.618.119.721.6
Seasonally adjusted annual rates
269.7295.6323.4330.3264.4275.0287.4303.7319.0327.8327.6333.0
186.7200.4205.0203.8184.7188.7202.5198.4208.2201.7202.5205.0
44.053.862.854.840.147.947.360.260.165.655.754.0
-1.6-3.0-1.4
1.6-1.7-1.6-3.2-2.7-2.7O1.22.0
40.744.356.970.141.340.140.847.853.460.468.272.0
21.424.235.648.222.020.921.227.332.439.046.649.8
16.920.932.043.416.717.117.923.928.835.342.044.9
4.63.33.64.85.33.83.23.43.63.64.64.9
19.220.221.221.919.319.219.720.421.121.421.622.2
1 See appendix table B-4 for major components.2 See appendix table B-5 for major components.3 Net of Government sales, which have been deducted from the national security expenditures.4 For 1947-51, "national security" expenditures include the following: military services, international
security and foreign relations, development and control of atomic energy, promotion cf merchant marine,promotion of defense production and economic stabilization, and civil defense. (See The Budget of theUnited States Government for the Fiscal Year Ending June 30, 1953, for items included in each of theseclassifications.) Prior to 1947, the expenditures are based on items formerly classified as "war" by theBureau of the Budget and Treasury Department. For all years, the expenditures exclude Governmentsales and have been adjusted to the concept of purchases of goods and services.
8 Not available.6 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.7 Less than 50 million dollars.
NOTE.—The figures beginning with 1948 are based on the revised series of national income and product ofthe Department of Commerce. For detail, see the National Income Supplement to the Survey of CurrentBusiness, 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
167
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TABLE B-2.—Gross national product or expenditure in 1939 prices, 1929-51
[Billions of dollars, 1939 prices]
Period
1929 .
1930193119321933... .1934
1935. . .193619371938.1939
1940194119421943... .1944
19451946194719481949
195019513
Totalgrossna-
tionalprod-uct
85.9
78.172.361.961.567.9
73.983.987.984.091.3
100.0115.5129.7145.7156.9
153.4138.4138.6143.5143.5
154.3166.5
Personal consumptionexpenditures
Total
62.2
58.656.651.851.154.0
57.262.865.063.967.5
71.376.675.878.081.1
86.395.798.3
100.3102.9
108.7107.5
Dur-able
goods
8.0
6.45.33.93.84.4
5.46.67.05.76.7
7.78.95.75.04.6
5.310.412.312.612.9
15.513.4
Non-dur-able
goods
29.1
27.727.525.224.927.0
28.631.832.933.435.3
37.140.141.342.644.5
47.950.249.549.750.4
51.751.1
Serv-ices
25.1
24.523.922.722.422.6
23.224.425.124.825.5
26.527.628.830.432.0
33.235.236.438.039.6
41.643.0
Gross private domesticinvestment
Total
14.9
10.15.91.11.63.5
6.79.3
11.46.39.9
13.717.19.35.46.6
8.320.319.322.717.8
24.828.1
Newcon-
struc-tion
7.4
5.43.82.11.51.7
2.23.13.83.34.9
5.46.13.31.92.0
2.66.06.98.07.9
9.48.9
Pro-duc-ers'
dur-able
equip-ment
6.1
4.83.31.92.02.7
3.64.85.53.94.6
6.07.24.43.65.1
6.79.9
11.812.611.6
13.215.0
Changein
busi-ness
inven-tories
1.5
-.2-1.1-3.0-1.8-.8
.91.42.1
-1.0.4
2.33.81.6-.1
-1.04.4.6
2.1-1.7
2.24.2
Netfor-eignin-
vest-ment
0.8
.6
.3
.2
.1
.3
-.1-.2
.11.0.9
1.2.7
-.4-2.1-2.2
-1.82.74.81.4.6
Governmentpurchases of goods
and services
Total
7.9
8.79.48.98.7
10.1
10.111.911.412.713.1
13.821.145.064.371.3
60.619.616.119.222.2
20.828.7
Fed-eral
1.3
1.51.61.72.33.1
3.04.94.45.35.2
6.113.838.358.265.4
54.612.88.5
10.913.0
11.018.7
Stateandlocal
6.6
7.37.87.26.47.0
7.17.16.97.47.9
7.77.36.76.16.0
6.06.87.68.29.2
9.810.0
Grosspri-vate
prod-uct2
81.5
73.567.757.456.562.0
67.676.480.976.483.7
92.1106.2116.5125.3133.0
129.7125.6128.8133.7133.2
143.8153.3
1 See Survey of Current Business, January 1951, and the National Income Supplement to the Survey ofCurrent Business, 1951, for explanation of conversion of estimates in current prices to those in 1939 prices.2 Total gross national product less compensation of general government employees.
3 Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily^add to totals because of rounding.Source: Department of Commerce (except as noted).
168
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TABLE B-3.—Gross national product or expenditure in 1951 prices, 1929-51l
[Billions of dollars, 1951 prices]
Period
1929
19301931193219331934
193519361937 .19381939
19401941194219431944
1945 .194619471948 . .1949
1950...1951* ..
1950: First halfSecond half
1951: First halfSecond half*
1950: First quarterSecond quarter. _.Third quarterFourth quarter. . .
1951: First quarterSecond quarter. __Third quarterFourth quarter*..
Totalgrossna-
tionalprod-uct
167.2
151.4139.7118.4117.0130.8
142.5163.2170.8163.9179.3
197.3229.6262.4296.6320.0
309.4272.9271.5280.4280.1
301.2326. 8
Personal consump-tion expenditures
3oEH
118.1
111.0107.197.696.5
102.4
108.8120.1124.2122.3129.4
137.0147.6145.5149.3155.3
165.6184.1188.6191.9196.6
207.5204.4
bo0)
1ft
16.3
13.010.88.07.79.0
n.o13.414.211.713.5
15.618.111.510.19.3
10.721.024.925.426.1
31.227.1
m
§>
r2321fc
62.8
59.959.454.454.158.3
61.868.871.172.276.4
80.386.889.492.196.3
103.5108.5107.1107.6109.1
111.7110.6
'>1
39.0
38.136.935.234.735.1
36.037.938.938.439.5
41.142.744.647.149.7
51.454.656.658.961.4
64.666.6
Gross private do-mestic investment
3e32.7
22.113.52.73.57.2
14.019.723.913.521.6
29.636.619.911.213.3
16.642.640.247.637.4
52.558.8
|
1
18fco>fc
18.4
13.79.75.43.64.1
5.57.99.58.3
12.3
13.715.48.34.75.0
6.515.217.220.019.7
23.722.2
r23£Si"wft®B0 0<rs ®T301-i
PH
11.1
8.86.13.63.74.8
6.68.8
10.07.38.5
11.013.28.26.79.4
12.218.121.723.221.3
24.127.6
•aS|
o
•Sl<u_g
aO
3.2
-.4-2.3-6.3-3.8-1.7
1.93.04.4
-2.1.8
4.98.03.4-.2
-1.1
-2.19.31.34.4
-3.6
4.79.1
Netfor-eignin-
vest-ment
-0.8
-.9-1.4-1.3-1.8-.9
-2.5-2.7-2.3
-.5
.2-1.3-3.3-7.6-8.1
-8.02.87.2
-1.5-3.0
-4.6.1
Government pur-chases of goodsand services
aoEH
17.2
19.220.519.418.822.1
22.226.125.028.128.8
30.546.7
100.3143.7159.5
135.243.435.542.449.1
45.863.5
Federal
i§2.9
3.33.53.85.16.9
6.710.910.011.911.7
13.830.985.8
130.5146.6
122.228.619.124.529.1
24.641.9
>>
Po>-3r-J'd
II•P Xg.
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
2.7
4.925.281.5
128.1144.2
120.625.314.518.121.6
20.437.8
i£'d§3$03
14.3
15.917.015.613.715.2
15.515.215.016.217.1
16.715.814.513.212.9
13.014.816.417.920.0
21.221.6
Seasonally adjusted annual rates
294.2307.9
323.8329.8
289.8298.6301.5314.3
319.5328.2328.4331.1
204.4210.6
205.5203.2
203.5205.2214.4206.9
209.4201.6203.1203.4
29.033.4
28.825.3
28.929.036.430.4
31.726.025.525.1
111.4112.0
110.4110.9
111.3111.6113.0110.9
111.7109.1110.7111.1
64.065.3
66.267.0
63.364.665.065.6
66.066.566 967.2
49.255.6
63.054.6
45.153.249.261.9
60.465.755.753.5
23.024.4
23.221.2
22.723.424.624.1
24.022.521.620.8
22.525.7
26.628.6
21.123.925.925.5
26.027.128.228.9
3.65.5
13.24.8
1.35.9
-1.312.3
10.416.15.93.8
-4.6-4.6
-1.61.8
-4.7-4.4-5.2-3.9
-3.2
~"I.~42.3
45.246.2
56.970.0
45.944.643.149.4
52.960.968.271.9
24.025.2
35.448.4
24.623.522.128.2
31.739.246.750.0
19.021.7
32.043.6
18.719.318.724.7
28.535.542.145.1
21.221.1
21.421.7
21.321.121.021.2
21.221.721.521.9
1 These estimates represent a rough conversion of the Department of Commerce series in 1939 prices.(See appendix table B-2.) This was done by major components, using the implicit price indexes for theyear 1951 as a base. Although it would have been preferable to redeflate the series by minor components,this would not substantially change the results except possibly for the period of World War II, and for theseries on change in business inventories.
2 See appendix table B-l, footnotes 3 and 4.3 Not available.* Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Council of Economic Advisers.
169
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TABLE B-4.—Personal consumption expenditures 9 1929-51
[Billions of dollars]
Period
1929..
19301931193219331934. .
19351936. _ .193719381939
194019411942.. .19431944
19451946194719481949
19501951*
1950: First halfSecond half
1951: First half _Second half*
1950: First quarterSecond quarter.. .Third quarterFourth quarter .
1951: First quarter. -Second quarterThird quarterFourth quarter *
Totalex-
pendi-tures
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.391.2
102.2111.6
123.1146.9165.6177.9180.2
193.6204.4
Durable goods
Total
9.4
7.35.63.73.54.3
5.26.47.05.86.7
7.99.87.16.87.1
8.516.621.422.923.9
29.227.1
Auto-mo-bilesandparts
3.2
2.21.6.9
1.01.4
1.92.32.41.62.1
2.73.3.7.8.9
1.14.26.67.59.4
12.310.5
Other
6.1
5.14.02.82.52.9
3.34.14.64.14.6
5.16.46.46.06.2
7.412.414.815.414.5
16.916.5
Nondurable goods
Total
37.7
34.129.022.722.326.7
29.432.935.234.035.3
37.644.052.961.067.1
74.985.895.1
100.998.7
102.3110.6
Foodi
19.7
18.114.811.411.514.3
16.318.520.019.019.3
20.724.430.535.338.9
43.050.356.659.758.6
60.967.3
Cloth-ing 2
9.2
7.96.85.04.65.6
5.96.56.76.67.0
7.48.8
11.013.715.3
17.118.619.120.118.9
18.819.8
Other
8.9
8.17.46.46.26.9
7.27.98.68.48.9
9.510.811.411.912.9
14.816.919.421.121.3
22.623.6
Services
Total
31.7
29.526.622.820.620.9
21.723.324.924.725.5
26.628.531.234.437.4
39.744.549.154.157.6
62.166.7
Hous-ings
11.4
11.010.29.07.87.5
7.67.98.48.78.9
9.29.9
10.611.111.7
12.213.014.616.518.1
19.921.4
Other
20.2
18.516.413.812.713.4
14.115.416.516.016.5
17.418.720.623.325.7
27.531.434.537.739.4
42.245.2
Seasonally adjusted annual rates
186.7200.4
205. 0203.8
184.7188.7202.5198.4
208.2201.7202.5205.0
26.531.9
28.725.4
26.326.634.329.4
31.525.925.325.5
10.913.6
11.69.5
10.411.414.312.9
12.510.89.69.3
15.618.2
17.115.9
15.915.220.016.5
19.015.215.716.2
99.4105.2
110.5110.7
98.4100.4105.5104.9
111.5109.5110.0111.5
59.262.7
67.067.6
58.759.762.662.7
67.066.967.367.9
18.219.4
19.919.6
17.918.519.619.2
20.419.519.419.7
22.023.1
23.623.6
21.822.223.323.0
24.123.123.223.9
60.863.4
«5.767.6
60.161.662.764.0
65.266.267.268.0
19.520.3
21.121.8
19.319.720.120.5
20.921.321.622.0
41.443.1
44.745.8
40.841.942.643.5
44.345.045.646.0
1 Includes alcoholic beverages.2 Includes shoes and standard clothing issued to military personnel.3 Includes imputed rental value of owner-occupied dwellings.* Estimates based on incomplete data; fourth quarter by Council of Economic'Advisers.
NOTE.—The figures beginning with 1948 are based on the revised series of national income and product ofthe Department of Commerce. For detail, see the National Income Supplement to the Survey of CurrentBusiness, 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
170
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TABLE B-5.—Gross private domestic investment, 1929-51
[Billions of dollars]
Period
1929
193019311932 — ...19331934
19351936193719381939
194019411942 _19431944
19451946194719481949
19501951 8
1950: 1st half2dhalf__- ._-
1951: 1st half.
1950: 1st quarter...2d quarter..3d quarter..4th quarter.
1951: 1st quarter...2d quarter. .3d quater..-4th quarter 8.
Totalgrosspri-vate
domes-tic
invest-ment
15.8
10.25.4.9
1.32.8
6.18.3
11.46.39.9
13.918.310.95.77.7
10.728.730.242.733.0
48.958.8
Nonfarm producers'plant and equipment
Total i
9.8
7.64.62.52.33.1
3.85.26.64.75.7
7.49.35.84.66.3
8.715.520.323.422.0
25.631.6
Equip-ment2
5.6
4.32.81.61.62.2
2.93.94.73.44.0
5.36.64.13.54.7
6.310.714.616.715.6
18.823.2
Con-struc-tion i s
4.2
3.41.81.0.7.9
.0
.3
.9
.4
.7
2.12.71.71.11.6
2.44.85.76.76.4
6.88.4
Farm equipment andconstruction
Total <
1.1
.9
.5
.3
.3
.4
.6
.81.0.8.8
1.01.31.0.9
1.2
1.42.43.84.64.7
4.85.6
Equip-ment
0.8
.7
.4
.3
.3
.3
.5
.6
.8
.6
.6
.81.0.7.6.9
1.11.62.53.23.4
3.64.3
Con-struc-tion
0.3
.2
.1
.1
.2
.2
.2
.2
.2
.3
.3
.3
.3
.3
.91.31.41.3
1.21.3
Rasi-dential
con-struc-tion
(non-farm)1 5
2.8
1.41.2.5.3.4
.71.11.41.52.7
3.03.41.81.0.8
1.14.06.38.68.3
12.610.8
Otherpri-vatecon-
struc-tions
0.5
.5
.4
.2
.1
.1
.1
.1
.2
.2
.2
.2
.3
.1
.1
.2
.6
.71.01.3
1.51.7
Net change inbusiness inventories
Total
1.6
-.3-1.4-2.6-1.6-1.1
.91.02.3
-1.0.4
2.33.92.1-.9-.8
— 7
-'.85.0
-3.2
4.39.1
Non-farmafter
revalu-ation
adjust-ment
1.8
-1.7-2.6-1.3
.2
.42.11.8
-1.1.3
2.03.4.8
-.5-.3
-.66.31.43.7
-2.5
3.68.0
Farm
-0.3
-.2.3
5.,-1.3
.5-1.1
.5
.1
.1
.2
.51.3
-.4-.5
-.1-.2
-2.21.3
-.7
.81.1
Seasonally adjusted annual rates
44.053.8
62.854.8
40.147.947.360.2
60.165.655.754.0
23.028.2
30.333.0
22.024.027.528.9
29.531.132.733.3
16.820.9
21.924.5
15.817.820.521.3
21.422.524.025.0
6.27.2
8.38.5
6.26.27.07.5
8.18.68.78.3
4.65.0
5.85.3
4.34.85.24.8
5.75.95.45.3
3.43.8
4.64.0
3.13.64.03.7
4.54.74.14.0
1.21.2
1.21.3
1.21.21.21.1
1.21.21.31.3
11.813.4
11.99.8
11.212.413.713.1
12.910.89.7
10.0
1.51.6
1.81.6
1.51.51.51.6
1.71.91.81.4
3.15.6
13.15.0
1.15.2-.711.8
10.315.96.14.0
2.84.4
12.04.0
1.14.4
-1.810.6
9.114.85.13.0
.41.2
1.21.0
0
l!2
1.21.11.01.0
1 Items for 1945 and earlier years are not comparable with those for later years, nor with figures shown inappendix table B-18. Items for all years are not comparable with those shown in appendix table B-19,principally because the latter exclude certain equipment and construction outlays charged to currentexpense.
2 Total producers' durable equipment less "farm machinery and equipment" and farmers' purchases of"tractors" and "business motor vehicles." These figures assume that farmers purchase 85 and 15 percent,respectively, of all tractors and motor vehicles used for productive purposes.
3 Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings, stores,restaurants, and garages. Includes hotel construction prior to 1946 only.
* Farm construction (residential and nonresidential) plus "farm machinery and equipment" and farmers'purchases of "tractors" and "business motor vehicles." (See footnote 2.)
8 Includes construction of hotels, tourist cabins, motor courts, and dormitories since 1946 only.• Includes religious, educational, social and recreational, hospital and institutional, miscellaneous non-
residential, and all other private.7 Less than 50 million dollars.8 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.
NOTE.—The figures beginning with 1948 are based on the revised series of national income and product ofthe Department of Commerce. For detail, see the National Income Supplement tojfche" Survey of CurrentBusiness, 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
977891—52171
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-6.—National income by distributive shares, 1929-51
[Billions of dollars]
Period
1929 .
19301931 .193219331934
193519361937.1938 .. .1939
19401941.194219431944
1945 .1946194719481949
1950..1951 •
1950: First halfSecond half
1951: First halfSecond half «
1950: First quarter .Second quarterThird quarter . _Fourth quarter
1951: First quarterSecond quarterThird quarter •Fourth quarter 5
Totalna-
tionalin-
come1
87.4
75.058.941.739.648.6
56.864.773.667.472.5
81.3103.8137. 1169.7183.8
182.7180.3198.7223.5216.7
239.0276.0
Com-pen-
sationof em-ploy-ees 2
50.8
46.539.530.829 3sili37.142.747.744.747.8
51.864.3S4.9
109.2121.2
123.0117.1128.0140.2139.9
153.3178.1
Business and pro-fessional incomeand inventory
valuationadjustment
Total
8.3
7.05.33.22.94.3
5.06.16.66.36.8
7.79.6
12.615.017.2
18.720.619.822.120.9
22.323.6
In-come
ofunin-corpo-ratedenter-prises
8.1
6. 34.72.93.44.3
5.06.26.76.16.9
7.810.212.915.117.2
18.822.421.322.520.3
23.824.4
In-ven-toryvalu-ationad-
just-ment
0.1
.8
.6
.3-.5-.1
-.1. i
l l.2o
-.1-.6
A
-.2-.1
-.1-1.8-1.5-.4
.6
-1.6-.7
In-come
offarmpro-prie-tors
5.7
3.92.91.72.32.3
4.93.95.64.44.5
4.96.9
10.511.811.8
12.514.815.617.713.0
13.717.0
Rent-al in-come
ofper-sons
5.8
4.83.62.52.02.1
2.32.73.13.33.5
3.64.35.46.16.5
6.36.67.17.57.5
8.08.4
Corporate profitsand inventory
valuationadjustment
Total
10.3
6.61.6
-2.0-2.0
1.1
3.04.96.24.35.8
9.214.619.924.324.0
19.218.324.731.730.5
36.243.1
Cor-porate
profitsbeforetax 3
9.8
3.3-.8
-3.0.2
1.7
3.25.76.23.36.5
9.317.221.125.124.3
19.723.530.533.828.3
41.444.8
In-ven-toryvalu-ationad-
just-ment
0..5
3.32.41.0
-2.1-.6
— 2-'.7(<)1.0
-.7
-.1-2.6-1.2-.8— 3
-.6-5.2-5.8-2.1
2.1
-5.1-1.7
Netin-
terest
6.5
6.25.95.45.04.8
4.54.54.44.34.2
4.14.13.93.43.1
3.02.93.54.34.9
5.45.7
Seasonally adjusted annual rates
225.0253.0
271.8280.0
219.3230.6245.8260.1
269.4274.3278.1282.0
145.4161.2
174.8181.4
142.2148.6157.3165.2
172. 1177.4180.4182.5
21.523.1
23.823.4
21.121.923.223.0
24.123.623.423.5
22.025.6
25.723.0
21.322.826.324.9
27.224.222.823.3
-.6-2.5
-1.8.4
2-ilo-3.2-1.8
-3.1-.5
.6
.2
12.415.0
16.417.6
12.512.214.315.8
16.416.317.318.0
7.88.2
8.28.4
7.87.88.18.4
8.38.28.48.5
32.639.8
43.043.2
30.534.837.442.2
42.943.042.843.7
34.748.0
48.641.0
31.937.545.750.3
51.845.440.042.0
-2.0-8.2
-5.62.2
-1.4-2.7-8.3-8.2
-8.9-2.3
2.81.7
5.25.6
5.65.8
5.25.35.55.6
5.65.75.85.8
1 National income is the total net income earned in production by individuals and businesses. The conceptof national income currently used differs from the concept of gross national product in that it excludes de-preciation charges and other allowances for business and institutional consumption of durable capital goods,and indirect business taxes.
2 Includes wage and salary receipts and other labor income (see appendix table B-7), and employer andemployee contributions for social insurance (see appendix table B-8).
3 See appendix table B-32 for corporate tax liability (Federal and State income and excess profits taxes)and corporate profits after tax.
4 Less than 50 million dollars.5 Estimates based on incomplete data; corporate profits and total national income for third quarter and all
items for fourth quarter by Council of Economic Advisers.
NOTE.—The figures beginning with 1948 are based on the revised series of national income and productof the Department of Commerce. For detail, see the National Income Supplement to the Survey of Cur-rent Business, 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
172
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-7.—Personal income, 1929-51
[Billions of dollars)
Period
1929
19301931 . .193219331934 .
193519361937.19381939 -. _
1940 ..1941194219431944
1945 .. _194619471948 . _1949
1950 _ . ._ . ...1951 « _
1950: First halfSecond half
1951: First halfSecond half 5
1950: First quarterSecond quarterThird quarterFourth quarter. . _
1951: First quarterSecond quarter. _.Third quarter. _ 1 _Fourth quarter <L_
Totalpersonalincome
85.1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.3
122.7150.3165.9
171.9177.7191.0209.5205.1
224.7251.3
Salaries,wages,
and otherlabor
income 1
50.5
46.339.230.529.033.8
36.842.145.942.845.7
49.561.581.4
104.5116.2
116.9111.1122.3134.9134.2
146.4169.8
Proprie-tors'and
rentalincome 2
19.7
15.711.87.47.28.7
12.112.615.414.014.7
16.320.828.432.835.5
37.542.042.447.341.4
44.049.0
Dividendsand
personalinterestincome 3
13.3
12.611.19.18.28.6
8.610.110.38.79.2
9.49.99.7
10.010.6
11.413.214.516.017.1
19.320.1
Transferpayments
1.5
1.52.72.22.12.2
2.43.52.42.83.0
3.13.13.23.03.6
6.211.411.811.312.4
15.112.5
Nonagri-culturalpersonalincome 4
76.8
70.060.146.243.049.5
53.462.866.562.166.3
71.586.1
109.4135.2150.5
155.7158.8170.8187.1187.6
206.6229.6
Agri-culturalincome
8.3
6.24.73.13.63.7
6.55.67.56.26.3
6.89.2
13.315.115.4
16.218.920.222.417.5
18.121.7
Seasonally adjusted annual rates
216.7232.8
247.0255.6
216.3217.1227.3238.3
244.1249.9253.2258. 0 *
4'
138.7154.1
166.5173.0
135.6141.8150.3157.9
163.8169.2171. 4
U 174.6
41.646.4
48.449.6
41.441.845.647.2
48.848.149.150.0
18.020.5
19.620.5
17.618.419.621.4
19.220.120.220.8
18.411.8
12.412.6
21.715.011.811.9
12.312.512.612.6
200.0213.1
226.1233.2
199.5200.6208.5217.7
223.2229.0231.2235.2
16.619.8
21.022.4
16.816.518.820.6
20.921.022.122.8
1 Differs from "compensation of employees" in appendix table B-6, in that it excludes employer andemployee contributions to social insurance. Includes wage and salary receipts and other labor income-compensation for injuries, employer contributions to private pension and welfare funds, pay of militaryreservists not on full-time active duty (pay for full-time active duty included in military wages and salaries),directors' fees, jury and witness fees, compensation of prison inmates, Government payments to enemyprisoners of war, marriage fees to justices of the peace, and merchant marine war-risk life and injury claims.
2 See appendix table B-6 for major components.3 See appendix table B-32 for dividend payments.* Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural cor-porations.
5 Estimates'based on incomplete data; fourth quarter by Council of Economic Advisers.
NOTE.—The figures beginning with 1948 are based on the revised series of national income and productof the (Department of Commerce. For detail, see the National Income Supplement to the Survey ofCurrent Business, 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—8.—Relation of national income and personal income, 1929-51
[Billions of dollars]
Period
1929
19301931.1932 ... . .19331934
1935. ...1936—19371938 _._1939...
1940194119421943 _ _1944
194519461947 . .19481949
195019512 _
1950: First halfSecond half _
1951: First halfSecond half 2
1950: First quarterSecond quarterThird quarterFourth quarter
1951: First quarterSecond quarterThird quarter * _ _ _ _Fourth quarter2...
Nationalincome
87.4
75.058.941.739.648.6
56.864.773 667.472.5
81.3103.8137.1169.7183.8
182.7180.3198.7223. 5216.7
239.0276.0
Less:
Corpo-rate
profitsand in-
ven-toryvalu-ation
adjust-ment
10.3
6.61.6
-2.0-2.0
1.1
3.04.96.24.35.8
9.214.619.924.324.0
19.218.324.731.730.5
36.243.1
Contri-butions
tosocialinsur-ance
0.2
.3
.3
.3
.3
.3
.3
.61.82.02.1
2.32.83.54.55.2
6.16.05.75.25.7
7.08.4
Excessof
wageac-
crualsoverdis-
burse-ments
•
0.2-.2
0)0)0)0)0)
0)0)
Plus:
Gov-ern-menttrans-
ferpay-
ments
0.9
1.02.01.41.51.6
1.82.91.92.42.5
2.72.62.72.53.1
5.610.911.110.511.6
14.311.7
Netinter-est
paidby
gov-ern-ment
1.0
1.01.11.11.21.2
1.11.11.21.21.2
1.31.31.52.12.8
3.74.44.44.54.6
4.74.8
Divi-dends
5.8
5.54.12.62.12.6
2.94.64.73.23.8
4.04.54.34.54.7
4.75.86.67.27.6
9.29.5
Busi-ness
trans-fer
pay-ments
0.6
.5
.6
.7' .7
.6
.6
.6
.6
.4
.5
.4
.5
.5
.5
.5
.5
.6
.7
.7
.7
.8
.8
Equals:Per-sonalincome
85.1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.3
122.7150.3165.9
171.9177.7191.0209.5205.1
224.7251.3
Seasonally adjusted annual rates
225.0253.0
271.8280.0
219.3230.6245.8260.1
269.4274.3278.1282.0
32.639.8
43.043.2
30.534.837.442.2
42.943.042.843.7
6.77.2
8.48.5
6.66.87.07.4
8.38.48.48.6
0)0)
(0(')
0)0)0)0)
0)0)
.7—.7
17.611.0
11.611.8
21.014.211.011.1
11.511.811.811.8
4,74.7
4.84.8
4.74.74.74.7
4.84.84.84.9
8.110.2
9.29.8
7.88.49.4
11.1
8.89.69.6
10.1
.7
.8
.8
.8
.7
.7
.8
.8
.8
.8
.8
.8
216.7232.8
247.0255.6
216.3217.1227.3238.3
244.1249.9253.2258.0
1 Less than 50 million dollars.2 Estimates based on incomplete data; corporate profits and total national income for third quarter and
all items for fourth quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1948 are based on the revised series of national income and product
of the Department of Commerce. For detail, see the National Income Supplement to the Survey ofCurrent Business, 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
174
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-9.—Disposition of personal income, 1929—51
[Billions of dollars]
Period
1929 _ _ _
1930 . .193119321933 _1934
1935 _ _193619371938 _ _1939
1940 . .194119421943 _1944
1945 __1946194719481949 _ .
1950 .1951 *
1950: First halfSecond half
1951: First halfSecond half 1
1950: First quarterSecond quarterThird quarter ._Fourth quarter.. ...
1951: First quarterSecond quarterThird quarter _ . _Fourth quarter l
Personalincome
85.1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.3
122.7150.3165.9
171.9177.7191.0209.5205.1
224.7251.3
Less:Personaltax andnontax
payments
2.6
2.51.91.51.51.6
1.92.32.92.92.4
2.63.36.0
17.818.9
20.918.821.521.118.6
20.528.4
Equals:Dispos-
ablepersonalincome
82.5
73.763.047.845.251.6
58.066.171.165.570.2
75.792.0
116.7132.4147.0
151.1158.9169.5188.4186.4
204.3222.8?
Less:Personal
con-sumptionexpendi-
tures
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.391.2
102.2111.6
123.1146. 9165.6177.9180.2
193.6204.4
Equals:Personal
netsaving
3.7
2.91.8
-1.4-1.2
— 2
1.83.63.91.02.7
3.79.8
25.630.235.4
28.012.03.9
10.56.3
10.718.5
Netsaving aspercentof dis-
posablepersonalincome
4.5
3.92.9
-2.9-2.7-.4
3.15.45.51.53.8
4.910.721.922.824.1
18.57.62.35.63.4
5.28.3
\ "I Seasonafly adjusted annual rates
216.7232.8
247.0255.6
216.3217.1227.3238.3
244.1249.9253.2258.0
19.221.6
27.729.2
19.019.520.223.1
27.428.028.430.0
197.4211.2
219.3226.4
197.3197.5207.1215.2
216.8221.8224.7228.0
186.7200.4
205.0203.8
184.7188.7202.5198.4
208.2201.7202.5205.0
10.710.7
14.322.6
12.58.94.6
16.8
8.520.122.223.0
5.45.1
6.510.0
6.34.52.27.8
3.99.19.9
10.1
1 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.NOTE.—-The figures beginning with 1948 are based on the revised series of national income and product
of the Department of Commerce. For detail, see the National Income Supplement to the Survey ofCurrent Business, 1951.
Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-10.— Total and per capita disposable personal income in current and 1951 prices, 1929-51
Period
1929
19301931 _1932 . _19331934
1935 _1936 .193719381939
1940 _ _ _1941 _ _19421943 . _.1944 _
19451946194719481949
1950 _1951 »
1950: First half- . -.-Second, half
1951- First halfSecond half 3 _- -
1950: First quarter.Second quarterThird quarterFourth quarter
1951: First quarterSecond quarterThird quarter .Fourth quarter 3 .
Total disposable personalincome (billions of dollars)
Currentprices
82.5
73.763.047.845.251.6
68.066.171.165.570.2
75.792.0
116.7132.4147.0
151.1158.9169.5188.4186.4
204.3222.8
1951prices l
123.7
115.5110.394.894.2
101.8
112.2127.1131.4124.3134.5
143.9164.9186.1193.3204.5
203.4199.1193.1203.2203.3
219.0222.8
Per capita disposable per-sonal income (dollars)
Currentprices
678
599508383360408
456516552505536
573690866968
1,062
1,0801,1241,1761,2851,250
1,3471,443
1951prices *
1,016
939890760750805
882992
1,020958
1,027
1,0891,2371,3811,4131,477
1,4541,4091,3391,3861,363
1,4441,443
Seasonally adjusted annual rates
197.4211.2
219.3226.4
197.3197.5207.1215.2
216.8221.8224.7228.0
216.0221.9
220.0225.8
217.3214.7219.4224.4
218.1221.8225.4226.2
1,3061,385
1,4271,460
1,3081,3051,3621,409
1,4131,4401,4521,467
1,4301,456
1,4311,456
1,4411,4181,4431,469
1,4221,4401,4561,455
Population(thousands) 3
121,770
123,077124, 040124, 840125, 579126,374
127, 250128,053128,825129,825130,880
132, 114133, 377134,831136,719138, 390
139, 934141,398144, 129146, 621149, 149
151, 689154,353
151, 132152, 438
153,699155, 107
150, 847151, 390152, 068152, 774
153,396154, Oil154, 724155, 469
1 Dollar estimates in current prices divided by an over-all price index for personal consumption expendi-tures. This price index was based on Department of Commerce data shifted from a 1939 base.
2 Provisional intercensal estimates of the population of continental United States including armed forcesoverseas, taking into account the final 1950 census total population count. Annual data are as of July 1;quarterly and semi-annual data as of middle of period.
3 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.
NOTE.—The figures beginning with 1948 are based on the revised series of national income and product ofthe Department of Commerce. For detail, see the National Income Supplement to the Survey of CurrentBusiness, 1951.
Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.
176
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—11.—Labor force, employment, and unemployment, 1929-51
Period
Monthly average:1929
19301931 - -193219331934
19351936193719381939
19401941194219431944 _ _
1945 .1946194719481949
19501951 __ _
1950* First half . __ _.Second half
1951* First halfSecond half __
1950* JanuaryFebruaryMarch - _-AprilMayJuneJulyAugust .September _ _ __O ctoberNovember ._December
1951* January ,__FebruaryMarchApril _ _ _ _ _ _ _ _MayJuneJulyAugustSeptember _ _OctoberNovemberDecember
Totallaborforce
(includ-ing
armedforces) *
Armedforces i
Civilian labor force
Totalcivilianlaborforce
Employment 2
Total Agri-cultural
Nonagri-cultural
Unem-ploy-ment
Thousands of persons, 14 years of age and over
49, 440
50, 08050,68051, 25051,84052,490
53, 14053, 74054,32054, 95055,600
56,03057,38060,23064,41065, 890
65,14060,8206 ,6086 ,7486 ,571
64 599(' .
63,77665,422
(3)(3)
62, 83563,00363,02163,51364,10866, 17765, 74266,20465, 02065, 43865, 45364,674
(8)
(3)
(3)(3)
(3)
260
260260250250260
270300320340370
3901,4703,8208,870
11, 260
11, 2803,3001,4401,3061,466
1,500(3)
1,3471,653
(3)(3)
1,4081,3661,3461,3301,3201,3111,3151,3371,4531,7341,9412, 136
(3)
i(3)i(3)
49, 180
49, 82050, 42051,00051, 59052, 230
52, 87053, 44054, 00054, 61055, 230
55,64055, 91056, 41055, 54054, 630
53, 86057, 52060,16861, 44262, 105
63,09962,884
62, 42963, 769
62, 25463, 513
61,42761,63761, 67562,18362, 78864,86664,42764,86763, 56763, 70463,51262, 538
61, 51461,31362, 32561, 78962,80363,78364,38264,20863,18663, 45263,16462, 688
47, 630
45, 48042,40038, 94038, 76040, 890
42,26044, 41046,30044,22045, 750
47, 52050,35053, 75054,47053, 960
52,82055,25058, 02759,37858, 710
59, 95761,005
58, 55561, 358
60,18961,820
56, 94756, 95357, 55158,66859, 73161,48261,21462.36761, 22661, 76461, 27160,308
59, 01058, 90560,17960,04461, 19361, 80362, 52662, 63061, 58061,83661, 33661, 014
10, 450
10,34010,29010, 17010, 0909,900
10, 11010,0009,8209,6909,610
9,5409,1009,2509,0808,950
8,5808,3208,2667,9738,026
7*, 5077,054
7,2337,781
6,7447,365
6,1986,2236,6757,1958,0629,0468,4408,1607,8118,4917,5516,234
6,0185,9306,3936,6457,4408,0357,9087,6887,5267,6687,0226,378
37, 180
35, 14032, 11028, 77028, 67030, 990
32, 15034, 41036, 48034, 53036, 140
37, 98041, 25044, 50045, 39045, 010
44, 24046, 93049, 76151, 40550, 684
52, 45053, 951
51, 32253, 578
53, 44654,455
50, 74950, 73050, 87751,47351, 66952, 43652, 77454, 20753, 41553, 27353,72154, 075
52, 99352, 97653, 78553,40053, 75353, 76854, 61854,94254, 05454, 16854,31454,636
1,550
4,3408,020
12,06012,83011, 340
10, 6109,0307,700
10,3909,480
8,1205,5602, 6601,070
670
1,0402,2702,1422,0643,395
3,1421,879
3,8742,411
2,0651,693
4,4804,6844,1233,5153,0573,3843,2132,5002,3411,9402,2402,229
2,5032,4072,1471,7441,6091,9801,8561,5781,6061,6161,8281,674
Unem-ploy-mentas per-cent oftotal
civilianlaborforce
3.2
8.715.923.624.921.7
20.116.914.319.017.2
14.69.94.71.91.2
1.93.93.63.45.5
5.03.0
6.23.8
3.32.7
7.37.66.75.74.95.25.03.93.73.03.53.6
4.13.93.42.82.63.12.92.52.52.52.92.7
i Data for 1940-50 exclude about 150,000 members of the armed forces who were outside the continentalUnited States in 1940 and who were therefore not enumerated in the 1940 census. This figure is deductedby the Census Bureau from its current estimates for comparability with 1940 data.
* 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.
»Not available.NOTE.—Labor force data are based on a survey made during the week which includes the 8th of the monthDetail will not necessarily add to totals because of rounding.Sources: Department of Labor (1929-39) and Department of Commerce (1940-51).
177
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—12.—Number of wage and salary workers in nonagricultural establishments, 1929-51 *
[Thousands of employees]
Period
Monthly average:1929. .
1930193119321933. .1934
19351936193719381939194019411942 _1943194419451946.1947 ._19481949. .
1950 .1951 *
1950: First halfSecond half. -.
1951: First half..Second half *__
1950: JanuaryFebruaryMarchApril . .MayJuneJulyAugustSeptemberOctoberNovemberDecember
1951: JanuaryFebruaryMarchApril ..._MayJuneJulyAugustSeptember *...October*November f.__
Totalwageand
salarywork-
ers
31,04129, 14326, 38323,37723, 46625, 69926, 79228, 80230, 71828, 90230, 28732, 03136,16439, 69742, 04241,48040, 06941,41243, 37144, 20143, 00644,12446, 266
42, 71045, 53845, 88046, 73142, 12541, 66142, 29542, 92643, 31143, 94544, 09645, 08045, 68445, 89845, 87346, 59545, 24645, 39045, 85045,99846, 22646, 56746, 43246, 72446, 92146, 84146, 736
Manufacturing
Total
10, 534
9,4018,0216,7977,2588,3468,9079,653
10, 6069,253
10, 07810,78012, 97415,05117, 38117,11115,30214, 46115,24715, 28614, 14614, 88415,92614, 22015,54915,92515, 92813, 98013, 99714, 10314, 16214, 41314, 66614, 77715, 45015,68515, 82715, 76515, 78915, 78415, 97816, 02215, 95515, 85315, 95615, 81316,00816,02015, 94015, 861
Dur-able
goods
(3)(3)(3)(3)(3)(3)(3)(3)(3)(3)
4,6835,3376,9458,804
11,07710, 8589,0797,7398,3738,3157,4658,0088,914
7,5688,4498,9278,8977,3427,3247.4187, 5487,8097,9647,9788,2948,4238,6188,6648,7178,7428,8778,9699,0038,9758,9988,8398,8788,9028,9228,944
Non-dura-
blegoods
(3)
(3)(3)(3)(3)(3)(3)(3)(3)(«)
5,3945,4436,0286,2476,3046,2536,2226,7226,8746,9706,681
6,8767,013
6,6537,100
6,9977,031
6,6386,6736,6856,6146,6046,7026,7997,1567,2627,2097,1017,0727,0427,1017,0536,9526,8786,9586,9747,1307,1187,0186,917
Min-ing
1,078
1,000864722735874
888937
1,006882845916947983917883826852943981932
904919
870939923914
«861«595
938939940946922950946939938937932930924911915927906922916911916
Con-tractcon-
struc-tion
1,4971,3721,214
970809862912
1,1451,1121,0551,1501,2941,7902,170,567,094,132,661,982
2,1652,156
2,3182,5732,0702,5652,4322,7421,9191,8611,9072,0762,2452,4142,5322,6292,6262,6312,5712,4032,2812,2282,3262,4712,5982,6862,7542,8092,7612,7502,637
Trans-porta-
tionand
publicutilities
3,9073,6753,2432,8042,6592,7362,7712,9563,1142,8402,9123,0133,2483,4333, 6193,7983,8724,0234,1224,1513,9794,0104,1433,9034,1174,1164,1763,8693,8413,8733,9283,8854,0234,0624,1204,1394,1324,1234, 1254,0724,0824,1124,1324,1374,1614,1764,1904,1784,1674,167
Trades
6,4016,0645,5314,9074,9995,5525,6926,0766,5436,4536,6126,9407,4167,3337,1897,2607,5228,6029,1969,4919,4389,5249,7169,2819,7669,6509,7959,2469,1529,2069, 3469,3269, 4119.3909,4749,6419,7529,896
10,4439,5929,5549,7139,6279,6839,7329,6679,6419,7749,871
10,024
Fi-nance
1,4311,3981,3331,2701,2251,2471,2621,3131,3551,3471,3821,4191,4621,4401,4011,3741,3941,5861,6411,7161,7631,8121,8791,7971,8271,8591,9031, 7721,7771,7911,8031,8121, 8271,8311,8371,8271,8211,8201,8281,8311,8391,8541,8651,8741,8931,9081,9141,8941,8981,901
Serv-ice2
3,1273,0842,9132,6822,6142,7842,8833,0603,2333,1963,3213,4773,7053,8573,9193,9344,0554,6214,7864,7994,7824,7614,7644,7464,7764,7294,8064,7014,6964,7084, 7574,7904,8264,8414,8274,8164,7574,7234,6944,6664,6574,6824, 7454,7894,8354,8524,8394,8344,7724,733
Gov-ern-
ment,(Fed-eral,
State,and
local)
3,0663,1493,2643,2253,1673,2983,4773,6623, 7493,8763,9874,1924,6225,4316,0496,0265,9675,6075,4545,6135,8115,9106,3465,8225,9986,2466,4665,7775,7425,7695,9155,9005,8325,7415,7936,0046,0396,0376,3766,0886,1226,2176,2926,3776,3776, 3566,4016,5446,5326,497
1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedor received pay during the pay period ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Not comparable with estimates ofnonagricultural employment of the civilian labor force reported by the Department of Commerce (appendixtable B-ll) which include proprietors, self-employed persons, and domestic servants, which count personsas employed when they are not at work because of industrial disputes, bad weather, or temporary lay-offs,and which are based on an enumeration of population, whereas the estimates in this table are based on reportsfrom employing establishments.
2 Data for the trade and service divisions, beginning with 1939, are not comparable with data shown forearlier years because of the shift of the autom otive repair service industry from the trade to the servicedivision.
s Not available.4 Estimates based on incomplete data.6 Data reflect work stoppages in bituminous coal mining.NOTE.—Detail will not necessarily add to totals because of rounding.Adjustments have been made to levels indicated by data of unemployment insurance agencies and the
Bureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from 1947 bench-mark levels, thereby providing consistent series.
Source: Department of Labor.
178
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-13.—Average weekly hours in selected industries, 1929-51
Period
Monthly average:1929
19301931193219331934
19351936 . .193719381939 . .
19401941194219431944.
19451946194719481949
19501951 4
1950: First halfSecond half...
1951: First halfSecond half *_.
1950: JanuaryFebruaryMarch. __ _.AprilM a y _ _ _ _ _JuneJulyAugustSeptemberOctoberNovemberDecember
1951: JanuaryFebruaryMarchApril..MayJuneJulvAugustSeptember * _ _October*November4..
Manufacturing
Total
44.2
42.140.538.338.134.6
36.639.238.635.637.7
38.140.642.944.945.2
43.440.440.440.139.2
40.540.7
39.941.1
40.940.4
39.739.739.739.739.940.540.541.241.041.341.141.4
41.040.941.141.040.740.740.240.340.640.440.3
Durablegoods
0)
0)0)32.634.833.9
37.341.040.035.038.0
39.342.145.146.646.6
44.140.240.640.539.5
41.241.6
40.541.8
41.841.3
40.040.140.240.740.841.341.141.841.742.141.842.2
41.541.641.942.041.841.840.941.341.541.641.3
Non-durablgoods
(0
0)0)41.940.035.1
36.137.737.436.137.4
37.038.940.342.543.1
42.340.540.139.638.8
39.739.5
39.140.2
39.839.1
39.439.339.238.538.939.539.840.540.140.340.340.5
40.240.040.039.739.339.439.339.139.338.939.1
Bituminouscoal
mining
38.4
33.528.327.229.527.0
26.428.827.923.527.1
28.131.132.936.643.4
42.341.640.738.032.6
35.035.0
32.336.1
34.635.5
824.5«25.4
39.236.034.134.734.635.535.536.136.438.5
37.634.133.633.933.334.832.734.936. 736.40)
Build-ingcon-
struc-tion
0)
(>)0)0)0)28.9
30.132.833.432.132.6
33.134.836.438.439.6
39.038.137.6
»37.336.7
36.337.4
35.437.1
36.638.3
34.833.734.535.636.537.036.937.636.737.437.336.7
36.735.335.836.837.537.738.138.238 238.' 60)
Class Isteamrail-
roads
44.8
43.141.138.938.840.4
41.142.543.242.543.4
44.045.646.948.749.1
48.545.946.346.143.5
40.8C1)
40.541.0
41.4(l)
39.839.841.639.940.241.939.442.740.541.841.440.0
42.241.242.040.841.141.240.342.339.2
8
Tele-phone
0)
0)C1)(0(00)
0)0)38.838.939.1
39.540.140.541.942.3
(2)39.437.439.238.5
38.939.2
38.739.1
39.039.3
38.538.638.538.738.939.139.439.339.639.438.039.1
38.939.238.938.739.039.439.839.239.439.1(0
Whole-sale
trade
(')
88( 0 -
80)(00)
0)0)0)
8S41.040.940.7
40.740.7
40.440.9
40.640.9
40.640.340.340.140.440.640.940.940.740.940.841.2
40.840.640.640.640.640.740.740.741.041.0C1)
Retailtrade
(excepteatingand
drink-ing
places)
0)
' 8(')iO0)
0)0)0)(00)
0)0)0)
80)0)40.340.340.4
40.540.1
40.440.6
40.040.2
40.440.440.340.240.440.941.241.140.440.340.040.7
40.340.139.739.939.840.440.840.840.139.8(0
Hotels(year-
round)
0)
0)0)0)0)0)
0)0)0)«0)
0)0)0)0)0)
0)0)45.244.344.2
43.943.3
43.943.9
43.343.2
43.943.843.844.044.143.843.844.043.844.043.743.9
43.443.243.343.343.443.443.443.343.243.2
O
1 Not available.2 Average for year not available because new series was started in April 1945. Beginning with June 1949
data relate to nonsupervisory employees only.3 Not strictly comparable with previous data.* Estimates based on incomplete data.* Data reflect work stoppages, or 3-day workweek.NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-
roads, and for nonsupervisory employees in other industries. Data are for payroll periods ending closestto the middle of the month except in railroads where monthly data are used.
Adjustments have been made to levels indicated by data of unemployment insurance agencies and theBureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from 1947 bench-mark levels, thereby providing consistent series.
The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual average for 1950 which has been weighted by data on man-hours.
Source: Department of Labor.
179
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-14.—Average hourly earnings in selected industries, 1929-51
Period
Monthly average:1929 ...
1930 .1931193219331934
1935193619371938 ..1939...194019411942 ...19431944
1945 .194619471948 _.1949
1950....1951 «
1950: First halfSecond half...
1951: First halfSecond half «..
1950: January _FebruaryMarchAprilMayJuneJulyAugustSeptember. ...OctoberNovemberDecember
1951: JanuaryFebruaryMarchAprilMayJune.July..AugustSeptember «...October eNovember «...
Manufacturing
Total
$0. 566
.552
.515
.446
.442
.532
.550
.556
.624
.627
.633
.661
.729
.853
.9611.019
1.0231.0861.2371.3501. 401
1.4651. 590
1. 4321.494
1.5751.608
1.418.420.424.434.442.453.462.464.479.501.514.543
.555
.561
.571
.578
.5861.5991.5981.5961.6121.6141.619
Dura-ble
goods
(2)
(2)(2)
$0.497.472.556
.577
.586
.674
.686
.698
.724
.808
.9471.0591.117
1.1111.1561.2921.4101.469
1.5371.673
1.4971. 570
1.6551.695
1.4851.4831.4861.4991.5091.5221.5331.5391.5621.5771.5871.619
1.6301.6391.6541.6591.6651.6811.6821.6841.7031.7031.705
Non-durablegoods
(2)
(2)(2)
$0. 420.427.515
.530
.529
.577
.584
.582
.602
.640
.723
.803
.861
.9041.0151.1711.2781.325
1.3781.477
1.3541.399
1.4661.490
1.343.350.353.355.358.365.375.374.379.404.419.443.456.458.460.465.474.484.488.481.490
1.4911.501
Bitumi-nouscoal
mining
$0. 681
.684
.647
.520
.501
.673
.745
.794
.856
.878
.886
.883
.9931.0591.1391.186
1.2401.4011.6361.8981.941
2.0102.2081.9912.016
2.1932.225
U.9337 1. 962
2.0092.0222.0052.0152.0142.0012.0262.0222.0132.0202.0382.2192.2222.2312.2182.2322.2542.2132.2342.216(2)
Build-ing con-struc-tion
(2)
(2)(2)(2)(2)
$0. 795
.815
.824
.903
.908
.932
.9581.0101.1481.2521.319
1.3791.4781.681
4 1. 8481.935
2. 0312.192
1.9902.065
2.1662.2231.976.988.995.986.998.995
2.0062.0212.0672.0822.0932.1202.1352.1572.1632.1672.1822.1942.1952.2072.2332.235(2)
Class Isteamrail-
roads
$0. 636
.644
.651
.600
.595
.602
.651
.659
.676
.712
.714
.717
.751
.824
.897
.938
.9421.1161.1701.3091.419
1.549(2)
1.5441.554
« 1.710(2)
1.5501.5671.5321.5461.5361.5321.5531.5331.5601. 5441.5611.575
1.6081.6871.7021.7401.7471.7731.7901.7651.818(2)(2)
Tele-phone
(2)
(2)(2)(2)(2)(2)
(2)(2)
$0. 774.816.822
.827
.820
.843
.870
.911
(3)1.1241.1971.2481.345
1.3981.484
1.3821.414
1.4581.514
1.3801.3911.3761.3811.3811.3861.3951.3921.4091.4261.4221.440
1.4501.4691.4531.4501.4511.4751.4901.5011.5211.532(2)
Whole-sale
trade
(2)
(2)(2)(2)(2)(2)
(2)C2)(2)(2)(2)
(2)
8(2)(2)
(2)(2)
$1.2681.3591.414
1.4831.582
1.4561.508
1.5691.5981.4321.4461.4531.4661.4631.4761.4941.4891.4971.5081.5191.541
1. 5551.5671.5671.5751.5711.5811.5861.5851.6011.602(2)
Retailtrade
(excepteatingand
drink-ing
places)
(2)
(2)
8'»•88(2)C2)(2)(2)(2)(2)
(2)(2)
$1.0091.0881.137
1.1761.253
1.1561.194
1.2441.264
1.1531.1451.1481.1561.162.175.189.192.200.199.198.187
.237
.236
.233
.249
.252
.256
.262
.2591.2691.266
(2) .
Hotels(year-
round) i
(2)
(2)(2)(2)(2)(2)
(2)(2)(2)(2)(2)
(2)(2)(2)(2)(2)
(2)(2)
$0.650.709.743
.771
.816
.758
.784
.807
.827
.753
.765
.755
.756
.756
.761
.765
.771
.783
.788
.795
.801
.804
.811
.801
.806
.807
.812
.817
.815.831.833
(2)
1 Money payments only; additional value of room, board, uniforms, and tips not included.2 Not available.a Not available. Series beginning April 1945 includes only employees subject to provisions of the Fair
Labor Standards Act and is not comparable with preceding series which includes all employees. BeginningJune 1949, data relate to nonsupervisory employees.
< Not strictly comparable with previous data.« Preliminary average; does not include any retroactive wage payments.8 Estimates based on in complete data.
f Data reflect work stoppages or 3-day workweek.NOTE.—Data are for production workers in manufacturing and mining, hourly rated employees in rail-
roads, and for all nonsupervisory employees in other industries. Data are for payroll periods ending closestto the middle of the month except in railroads where monthly data are used.
Adjustments have been made to levels indicated by data of unemployment insurance agencies and theBureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from 1947 bench-mark levels, thereby providing consistent series.
The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual average for 1950 which has been weighted by data on man-hours.
Source: Department of Labor.
180
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-15.—Average gross weekly earnings in selected industries) 1929—51
Period
Monthly average:1929
19301931193219331934
19351936193719381939
19401941 -194219431944 _ .
19451946 ' _ .194719481949
1950. .1951 6
1950: First halfSecond halL..
1951: First half. .._.Second half «.
1950: January - _.FebruaryMarchAprilMay _ _JuneJulyAugust _ _SeptemberOctoberNovemberDecember
1951' January . __FebruaryMarch. .__ .April _May .JuneJulyAugustSeptember 6_ _October6
November 6_ _
Manufacturing
Total
$25. 03
23.2520.8717.0516.7318.40
20.1321.7824.0522.3023.86
25.2029.5836.6543.1446.0844.3943.8249.9754. 1454.92
59.3364.63
57.0861.38
64.4264.89
56.2956.3756.5356. 9357. 5458.8559.2160.3260.6461.9962.2363. 88
63.7663.8464. 5764.7064. 5565. 0864.2464.3265. 4565.2165.25
Dura-ble
goods
$27. 22
24.7721.2816.2116.4318.87
21.5224.0426.9124.0126.50
28.4434.0442.7349.3052.07
49.0546.4952.4657.1158.03
63.3269.54
60.6865.59
69.1170.05
59.4059.4759.7461. 0161.5762.8663.0164.3365.1466.3966.3468.3267.6568.1869.3069.6869.6070.2768.7969. 5570.6770.8470.42
Non-durable
goods
$22. 93
21.8420.5017.5716.8918.05
19.1119.9421.5321.0521. 78
22.2724.9229.1334.1237.12
38.2941.1446.9650.6151.41
54.7158.31
52.9956.32
58.3058.3352.9153.0653.0452.1752. 8353.9254.7355.6555.3056.5857.1958.4458.5358.3258.4058.1657.9358.4758.4857.9158. 5658.0058.69
Bituminouscoal
mining
$25. 72
22.2117.6913. 9114.4718.10
19.5822.7123.8420.8023.88
24.7130.8635.0241.6251.27
52.2558.0366.5972.1263.28
70. 3577.13
64.5072.78
75.6978.87
? 47. 367 49. 83
78.7572.7968.3769.9269.6871.0471.9272.9973.2777.7776.6375.6774.6675.6373. 8677.6773.7177.2381.9980.66(2)
Build-ing con-struc-tion
(2)
(2)(2)(2)(2)
$22. 97
24.5127.0130.1429.1930.39
31.7035.1441.8048. 1352.18
53.7356.2463. 30
* 68. 8570.95
73.7382.0270.3476.60
79.3785.20
68.7667.0068.8370.7072.9373.8274.0275.9975.8677.8778.0777.8078.3576.1477.4479.7581.8382.7183.6384.3185.3086.27(2)
Class Isteamrail-
roads
$28. 49
27.7626. 7623.3423.0924.32
26.7628.0129.2030.2630.99
31.5534.2538.6543.6846.06
45. 6951.2254.1760.3461.73
63.20(2)
62.5763.67
570.78(2)
61.6962.3763.7361.6961.7564.1961.1965.4663.1864.5464.6363.0067.8669.5071.4870.9971.8073.0572.1474.6671.27(2)(2)
Tele-phone
(2)
(2)(2)(2)(2)(2)
(2)(2)
$29. 8131.5331.94
32.4432.7433.9736.3038.39
(3)44.0444.7748.9251.78
54.3858.0853.5255. 33
56.8959.51
53. 1353. 6952.9853.4453.7254.1954.9654.7155.8056.1854.0456.3056.4157. 5856.5256.1256.5958.1259.3058.8459.9359.90(2)
Wholesale
trade
(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)
$51.9955.5857.55
60.3664.47
58.8061.68
63.7965.28
58. 1458.2758.5658.7959.1159.9361.1060.9060.9361.6861.9863.4963.4463.6263.6263.9563.7864.3564.5564. 5165.6465.68(2)
Retailtrade
(excepteatingand
drink-ing
places)
(2)
(2)(2)(2)(2)(2)
(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)<2)(2)
$40. 6643.8545.93
47.6350.26
46. 7648.50
49.8050.82
46.5846.2646.2646.4746.9448.0648.9948.9948.4848.3247. 9248.31
49.8549.5648.9549.8449.8350.7451.4951.3750.8950. 39(2)
Hotels(year-
round)1
(2)
(2)(2)(2)(2)(2)
(2)(2)(2)(2)(2)
(2)(2)(2)(2)(2)
(2)(2)
$29. 3631.4132.84
33.8535.31
33.2634.38
34.9635.74
33. 0633.5133.0733.2633. 3433.3333. 5133.9234.3034.6734.7435.1634.8935.0434.6834.9035.0235.2435. 4635.2935.9035.99(2)
1 Money payments only; additional value of room, board, uniforms, and tips not included.2 Not available.3 Not available. Series beginning April 1945 includes only employees subject to provisions of the Fair
Labor Standards Act and is not comparable with preceding series which includes all employees. BeginningJune 1949, data relate to nonsupervisory employees.
* Not strictly comparable with previous data.5 Preliminary average; does not include any retroactive wage payments.6 Estimates based on incomplete data.7 Data reflect work stoppages, or 3-day workweek.
NOTE.—Data are for production workers in manufacturing and mining, hourly rated employees in rail-roads, and for all nonsupervisory employees in other industries. Data are for payroll periods ending closestto the middle of the month except in railroads where monthly data are used.
Adjustments have been made to levels indicated by data of unemployment insurance agencies and theBureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from 1947 benchmark levels, thereby providing consistent series.
The half-year data are straight arithmetic averages of the monthly figures and not strictly comparable withthe annual average for 1950 which has been weighted by datajon man-hours.
Source: Department of Labor.
181
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TABLE B-16.—Indexes of industrial and agricultural production, 1929-51
f 1935-39 =100]
Period 1
1929
1930 . _193119321933 _1934
19351936193719381939
194019411942 .-_19431944
19451946 .194719481949
195019513 _
1950' First halfSecond half _ _. .
1951: First halfSecond half 8
1950: January _.February _ -MarchAprilMayJune .-JulyAugustSeptemberOctober _.NovemberDecember
1951* JanuaryFebruaryMarchAprilMayJune _.JulyAugustSeptember _ - _October...November *December8 - - ..
Industrial production
Total
110
9175586975
8710311389
109
125162199239235
203170187192176
200219
Manufactures
Total
110
9074576874
8710411387
109
126168212258252
214177194198183
209229
Durable
132
9867415465
8310812278
109
139201279360353
274192220225202
237273
Nondurable
93
8479707981
9010010695
109
115142158176171
166165172177168
187194
Minerals
107
9380677680
8699
11297
106
117125129132140
137134149155135
148165
Adjusted for seasonal variation
189211
222217
183180187190195199196209211216215218
221221222223222221212217219218218218
198220
233226
192192194199204208206218220225224229
231232234234233231222226228'226227227
220254
274272
209207211222231237235247251261260268
268271277279276274265267272274275
. 276
181193
199189
179180181180181184181195194196195197
201201199198198197187193193188188187
138158
162167
130118144140145151144159163166160157
164158158164165165156165167174171168
Agricul-tural pro-duction 2
97
951041019379
9685
108105106
110114128125130
129134129141140
138139
(4)(4)
(«)(4)
(*)(4)(4)(4)(4)(4)(4)(4)(4)(4)(*)(4)
(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)
1 For industrial production, axerage of monthly indexes is used for year or half year.2 Index of volume of farm production for human use.» Estimates based on incomplete data.4, Because of the extreme seasonal nature of agricultural crop production, only an annual index has been
computed.Sources: Board of Governors of the Federal Reserve System and Department of Agriculture.
182
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TABLE B—17.—Production oj selected commodities in the free world, 1950-51
Commodity
AluminumBread grains _ __ _Coarse grains ^Cobalt 5
Copper 5
CottonFats and oils
Fertilizer (nitroge-nous)
Iron oreLead 5
Lumber .Manganese oreMeat
NewsprintNickel « _ - . .Petroleum (crude)Rubber (natural and
synthetic)Sulfur— nativeTin6 - .Tungsten8
Wood pulp (mechani-cal and chemical)
Wool
Zinc»
Quantity
Unit
Thous. metric tons..Million bushelsMillion bushelsThous. poundsThous. metric tons..Thous bales 6
Thous. short tons-oil content
Thous. metric tons-nitrogen content. .
Million metric tons.Thous. metric tons..Million board feetThous. metric tons._Million pounds-
carcass weightThous. metric tons..Thous. metric tons..Million barrels
Thous. long tonsThous. long tonsThous. metric tons..Metric tons
Thous. metric tons..Million pounds-
greasy basisThous. metric tons..
1950
Freeworldtotal
1,2953 4, 3503 9, 10415, 8552,281
321,922
17, 350
3 3, 682198
1,45957, 4003,200
61,2008,160
1203,477
2,3855,564
1709,000
29,300
3,5191,737
UnitedStates
6523 1, 0503 4, 897
660823
3 9, 877
6,154
3996100390
39, 400126
22, 109900
1,972
«4765,192
2,020
13,400
253561
Restof freeworld
6433 3, 3003 4, 20715, 1951.458
312,045
11, 196
3 2, 68698
1,06918, 0003,074
39,0917,260
1201,505
1,909372170
6,980
15, 900
3,2661,176
19511
Freeworldtotal
1,5834 4, 4264 9, 40818, 0002,362
4 27, 635
17,6004 3, 815
2451,579
56, 5003,400
61, 8008,500
1283,950
2,8595,646
16511,400
32,200
3,6091,941
UnitedStates
7604 1, 0244 4, 738
950862
4 15, 800
6,3754 1,046
130381
39, 900107
22, 365990
2,240
89005,223
2,570
15,000
260635
Restof freeworld
8234 3, 4024 4, 67017, 0501,500
4 11, 835
11, 225
4 2, 769115
1,19817,0003,293
39, 4357,510
1281,710
1,959423165
8,830
17, 200
3,3491,306
Percentagechange,
1950 to 1951 *
T3
|g
-f22
11+14+4
+26
+1
+4+24+82+6
+1+4+7
+14
+20+1-3
+27
+10
+3+12
Uni
ted S
tate
s
+17-2-3
+44+5
+60
+4
+5+302+1-15
+1+10
+14
+89+1
+27
+12
+3+13
JL•̂££<x>«
+28+3
+11+12+3-2
Q
+3+17+12-6+7
+1+3
&+3
+143
+27
+8
+3+11
1 Estimates based on incomplete data.2 Barley, oats, and corn.3 Data are for crop year 1950-51.4 Data are for crop year 1951-52.« Production represents metal content of mine production.6 Bales of 478 pounds net.* Less than 0.5 percent.8 Synthetic rubber.
Source: Department of State.
183
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TABLE B-18.—New construction activity, 1929-51
[Value put in place, millions of dollars]
Period
1929
1930 ...1931193219331934
19351936193 /1938 .1939
19401941 - -1942 _1943 .1944
1945 -- -19461947194g _1949
19501951 _
1950: First halfSecond half...
1951: First halfSecond half...
1950* JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember —OctoberNovemberDecember
1951* JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
Totalnewcon-
struc-tion
10, 793
8,7416,4273,5382,8793,720
4,2326,4976,9996,9808,198
8,68211,95714, 0758,3015,259
5,63312, 00016, 62721, 57222, 584
27,90229,863
Private construction
Totalpri-
vate 1
8,307
5,8833,768"1,6761,2311,509
1,9992,9813,9033,5604,389
5,0546,2063,4151,9792,186
3,2359,638
13, 13116, 66516, 181
20, 78920, 823
Resi-den-tial
build-ing
(non-farm)
3,625
2,0751,565
630470625
1,0101,5651,8751,9902,680
2,9853,5101,715
885815
1,1004,0156,3108, 5808,267
12, 60010,915
Non-resi-den-tial
build-ing
(non-farm)
2,694
2,0031,099
502406456
472713
1,085764786
1,0251,482
635233351
1, 0203,3413,1423,6213,228
3,7774,907
Otherpri-
vate2
1,988
1,8051,104
544355428
517703943806923
1,0441,2141,065
8611,020
1,1152,2823,6794, 4644,686
4,4125,001
Public construction
Totalpublic
2,486
2,8582,6591,8621,6482,211
2,2333, 5163,0963,4203,809
3,6285,751
10,6606, 3223,073
2, 3982,3623,4964,9076,403
7,1139,040
Mili-taryand
naval
19
2940343047
37293762
125
3851,6205, 0162, 550
837
690188204158137
1771, 045
Non-resi-den-tial
build-ing
659
660612415230363
328701550672970
6151,6463, 6852,0101,361
937354599
1,3012,068
2,4023,318
High-ways
1,266
1,5161, 355
958847
1,000
8451, 3621,2261,4211,381
1,3021,066
734446362
398895
1,5141, 8562,129
2,3502,225
Otherpublic 3
542
653652455535801
1,0231,4241,2831,2651,333
1,3261,4191,2251,316
513
373925
1,1791,5922,069
2,1842, 452
Seasonally adjusted annual rates
26, 54229, 262
30, 71829,008
25, 14025, 76426, 64027,00026, 91627, 79228,16428,88429, 53229, 74829, 97629, 268
30, 07230, 52832, 00431, 52430, 38429, 79629, 31629, 07629, 13628, 70428,87228,944
19, 57622,002
21, 90219, 744
18, 14419,18819, 32019, 71620, 24420,84421, 61222,08022,32022, 32021, 99621,684
21, 98422,63222, 89622, 14021, 15620,60420, 49620, 12420,05219, 60819, 29618, 888
11, 79413, 406
11, 8849,946
10,48811,54411, 55612,00012, 31212, 86413, 48813, 81213, 93213, 60812, 93612, 660
12, 70812, 99612, 86411, 89210, 65610, 18810, 0329,6969,780
10, 04410,1889,936
3,3664,188
5,2064,608
3,2523,3243,2883,3243,4803,5283,6723,8043,9964,3204,6444,692
4,6804,9805,2205,3885,5685,4005,3525,2685,0764,3803,8763,696
4,4164,408
4,8126,190
4,4044,3204,4764,3924,4524,4524,4524,4644,3924,3924,4164,332
4,5964,6564,8124,8604,9325,0165,1125,1605,1965,1845,2325,256
6,9667,260
8,8169,264
6,9966,5767,3207,2846,6726,9486,5526,8047,2127,4287,9807,584
8,0887,8969,1089,3849,2289,1928,8208,9529,0849,0969,576
10, 056
124230
6901,400
156132120120108108108168216276288324
372480624780912972996
1,1281,2121,3561,6682,040
2,2222,582
3,2903,346
2,1002,1962,1842,1962,3642,2922,1602,2562,5082,7722,8802,916
3,0723,0363,2643,3963,4803,4923,3003,3123,3003,2403,4083,516
2,4102,290
2,3882,062
2,4602,0762,8202,7362,0042,3642,2562,3042,3762,1722,5202,112
2, 2922,1362,7602,6642,2802, 1962,1362,1722,1722,0281,9321,932
2,2102,158
2,4482,456
2,2802,1722,1962,2322,1962,1842,0282,0762,1122,2082,2922,232
2,3522,2442,4602,5442,5562,5322,3882,3402,4002,4722,5682,568
1 Excludes construction expenditures for crude petroleum and natural-gas drilling, and therefore doesnot agree with the new construction expenditures included in the gross national product.
2 Includes public utility, farm, and other private construction not separately shown.»Includes residential, sewer and water, miscellaneous public service enterprises, conservation and
development, and all other public construction not separately shown.Sources: Department of Commerce and Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-19.—Business expenditures for new plant and equipment, 1929-52
[Millions of dollars]
Period
1929
193019311932 ._19331934
103519361937. _ ._ ._-19381939
1940194119421943 ...1944
19451946 ,19471948 _ .1949
19501951« _ _
1950: First half.Second half
1951: First halfSecond half *
1950: First quarterSecond quarterThird quarterFourth quarter
1951: First quarter _._Second quarterThird quarterFourth quarter fl .
1952: First quarter 8
Total i
9,165
7,6104,7122,6082,1373,080
3,7385,0776,7304,5205,213
6,4908,1906,1104,5305,210
7,40612, 92217,42620, 03218, 021
17, 83223, 125
Manufacturing and mining
Total
3,596
2,5411,435
930992
1,460
1,7902,4503,3301,8302,323
3,1404,0803,1702,6102,890
4,4267,3479,3969, 9367,887
8,17511, 947
Manu-factur-
ing
(3)
(3)(3)(3)(3)(3)
(3)(3)(3)(3)1,943
2,5803,4002,7602,2502,390
3,9836,7908,7039,1347,149
7,49111,141
Mining
(3)
(3)(3)(3)(3)(3)
(3)(3)(3)(3)380
560680410360500
443557693802738
684806
Transportation
Rail-road
840
865360164101218
166306525238280
440560540460580
552573906
1,3191,350
1,1361,564
Other
(4)
(4)(4)(4)(4)(4)
(4)(4)(4)(4)
280
390340260190280
321659798700525
437517
Electricand gasutilities
(4)
(4)
8(4)(4)
(4)(4)(4)(4)
480
550710680540490
6301,0451,8972,6833, 140
3,1673,654
Com-mercial
andmiscel-
laneous a
4,729
4,2042,9171,5141, 0441,402
1,7822,3212,8752,4521,850
1,9802,4901,470
730970
1,4773,2984,4295,3945,119
4,9175,443
Annual rates, not adjusted for seasonal variation
15, 60420, 058
21, 55224, 700
14, 47616, 73218, 04822, 068
19, 45223, 65223, 37626,024
22,916
6,9289,422
10,68413, 212
6,3607,4968,156
10, 688
9,34812, 02012, 16014, 264
12,872
6, 3168,666
9,91212, 372
5,7766,856
' 7, 4369,896
8,61611, 20811, 36413, 380
12, 040
612756
772840
584640720792
732812796884
832
1,0601,210
1,4301,698
9281,1921,1401,280
1,2121,6481,5081,888
1,596
338536
522512
316360492580
500544480544
552
2,8223,512
3,2924,016
2,6123,0323,2843,740
3,0123,5723,7324,300
3,536
4,4565,378
5,6245,262
4,2604,6524,9765,780
5,3805,8685,4965, 028
4,360
* Excludes agriculture and outlays charged to current account.2 Commercial and miscellaneous include trade, service, finance, and communication for all years shown.
Prior to 1939, miscellaneous also included transportation other than railroad, and electric and gas utilitieswhich are not available separately for these years.
8 Not available separately for years prior to 1939.4 Included in commercial and miscellaneous prior to 1939.• Estimates for fourth quarter of 1951 and first quarter of 1952 are based on anticipated capital expenditures
reported in late October and November.
NOTE.—These figures do not agree with those shown in column 2 of appendix table B-5 and included in thegross national product estimates of the Department of Commerce, principally because the latter cover certainequipment and construction outlays charged to current expense. Figures for 1929-44 (except manufac-turing for 1939) are Federal Reserve Board estimates based on Securities and Exchange Commission andother data.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
185
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TABLE B—20.—Inventories and sales in manufacturing and trade, 1939—51
[Adjusted for seasonal variation]
Period
1939
19401941194219431944
1945194619471948 _1949
195019514
1950: First half... .Second half .
1951: First half—.Second half*.
1950: JanuaryFebruary. _ .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December—
1951: JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember 4.October *November 4.
Total manufactur-ing and trade
Millions ofdollars
Inve
ntor
ies l
20,051
22, 17628, 78031,09131,34331,059
30,89342, 94250, 60555, 64750,921
60,43469,880
52, 82860, 434
69, 44269, 880
51, 20150, 87251, 12651, 46552, 27152, 82852, 30453, 61955, 14657, 11258, 95460, 434
62, 05063,41665,24067,36168, 98169, 44270, 26870, 08369, 92270,00869, 880
1OQ
10, 802
12, 13415,81118,62421, 92023, 985
23. 85227, 15133, 15636, 43834, 467
39, 05143, 707
36, 48041, 621
44, 38242,898
34, 10435,18236, 10735, 92038, 33139, 23941, 38743, 44440,81941, 20840,61242, 254
45, 93344, 82644, 24243,47044, 74843, 07241,72943,04841, 34844, 31944,044
Rat
io o
f in
vent
orie
sto
sal
es 3
1.77
1.731.601.661.401.33
1.301.351.441.471.55
1.381.55
1.421.35
1.491.63
1.501.451.421.431.361.351.261.231.351.391.451.43
1.351.411.471.551.541.611.681.631.691.581.59
Manufacturing
Millions ofdollars
Inve
ntor
ies
*
11,465
12,81916,96019, 28720,09819, 507
18,39024,49828,92031, 73428,690
33, 25341, 462
29, 12333, 253
39, 00941, 462
28, 70728, 47228,43228, 59928, 83029,12329, 10429, 25330, 12330,94732, 24533, 253
34, 12034, 65735, 55736, 90838, 06839, 00939, 90840, 58041, 08941, 35441,462
e*
. J8
5,112
6,8598,172
10,43012, 82013, 782
12, 87312, 61715, 91817, 63016,339
19, 06422, 219
17, 54020,589
22, 57921, 787
15, 91516, 57917,23017, 25518, 98819, 27119, 76621, 41320, 10120, 68420, 52421, 048
22, 56022, 26122, 60522, 47923,43422, 13321, 26821, 77620, 70622, 59222, 592
Rat
io o
f in
vent
orie
sto
sal
es 3
2.12
2.071.801.781.521.45
1.481.681.731.731.85
1.561.73
1.641.50
1.611.88
1.801.721.651.661.521.511.471.371.501.501.571.58
1.511.561.571.641.621.761.881.861.981.831.84
Wholesale trade
Millions ofdollars
Inve
ntor
ies l
3,052
3, 2384,0443, 783,6843,912
4,5556,5927,6258,0857,729
9,38810, 010
8,1319,388
10, 15110, 010
7,6797,7057,7857,9528,0928,1318,0258,2368,4248,7759,0059,388
9,4759,7159,940
10, 10710, 27010, 15110,31510, 07410, 07210, 10910,010
«
102
2,187
2,4103,0333,4263,8304,152
4,4765,9937,2727,9317,235
8,0128,903
7,4528,572
9,0368,744
7,1147,2947,4827,2337,6877,8998,6369,0668,3378,4818,3208,595
9,7619,2228,9848,6848,8838,6798,3848,8248,3669,1618,983
Rat
io o
f in
vent
orie
s^t
o sa
les
*
1.35
1.301.2:1. 19.97.94
.91
.921.02.99
1.07
1.031.13
1.061.01
1.101.16
1.081.061.041.101.051.03.93.91
1.011.031.081.09
.971.051.111.161.161.171.231.141.201.101.11
Retail trade
Millions ofdollars
Inve
ntor
ies
*
5,534
6.1197,7768,0237,5617,640
7,94911, 85214, 06015, 82814, 502
17, 79318,408
15, 57417, 793
20, 28218,408
14, 81514, 69514, 90914, 91415, 34915, 57415, 17516, 13016, 59917, 39017, 70417, 793
18,45519,04419, 74320, 34620, 64320,28220, 04519, 42918, 76118,54518,408
."3GO
3,504
3,8654,6064,7685,2705,851
6,5038,5419,967
10, 87710, 893
11, 97412,586
11,48912, 459
12,76812, 367
11,07511, 30911, 39511, 43211, 65612, 06912, 98512, 96512, 38112, 04311, 76812, 611
13, 61213, 34312, 65312, 30712, 43112, 26012, 07712, 44812, 27612, 56612,469
Rat
io o
f in
vent
orie
sto
sal
es 3
1.53
1.491.491.761.421.32
1.211.151.281.411.40
1.331.54
1.311.35
1.551.54
1.341.301.311.301.321.291.171.241.341.441.501.41
1.361.431.561.651.661.651.661.561.531.481.48
1 Book value, end of period.2 Monthly average shown for year and half-year and total for month.3 For annual and semiannual periods, ratio of average end-of-month inventories to average monthly
sales; for monthly data, ratio of end-of-month inventories to sales for month.* Estimates based on incomplete data.NOTE.—The inventory figures in this table do not agree with the estimates of "change in business in-
ventories" included in the gross national product since they cover only manufacturing and trade ratherthan all business, and show inventories in terms of current book value without adjustment for revaluation.
Source: Department of Commerce.
186
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—21.—Sales, stocks, orders, and receipts at 296 department stores, 1939—51
Period
Monthly average:1939
19401941194219431944
194519461947 -.19481949
1950 .19513
1950: First halfSecond half
1951: First halfSecond half3.- .
1950: JanuaryFebruaryAfarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember - _
1951: January _ _ _FebruaryMarchAprilMayJuneJulyAugustSeptemberOctober... ___November
Reported data(millions of dollars) 1
Sales(total formonth)
128
136156179204227
255318337352333
347335
298396
324348
256247320318330318292332369360405615
337284347312339326257309343388442
Stocks(end ofmonth)
344
353419599509535
563715826912862
9421,131
8731, 012
1,1401,119
789853920930906837791919
1,0261,1691,210
956
9921,0891,217,240,193,112,069,106,117,152
1,149
Out-standing
orders(end ofmonth)
(2)
108194263530560
729909552465350
466437
333598
466403
390393326271249370694754700582444412
657652467338295386434395404408374
Derived data(millions of dollars) 1
Receipts(total
formonth)
130
137165182203226
256344338356331
361353
306416
350356
256311387328306249246460476503448362
373381475335292245214346354423439
Neworders
(total formonth)
(2)
(2)170192223236
269327336335331
370349
318423
346353
349314320273284370570520422385308330
618376290206249336262307363427405
Ratio
Stocksto sales
2.69
2.602.693.352.502.36
2.212.252.452.592.59
2.713.38
2.932.56
3.522.93
3.083.452.882.922.752.632.712.772.783.252.981.55
2.943.833.513.973.523.414.163.583.262.972.60
Out-standing
ordersto sales
(3)
0.791.241.472.602.47
2.862.861.641.321.05
1.341.30
1.121.51
1.441.16
1.521.591.02.85.75
1.162.382.271.901.621.09.67
1.952.301.351.08.87
1.181.691.281.181.05.85
Out-standingorders
to^stocks
(2)
0.31.46.44
1.041.05
1.291.27.67.51.41
.49
.39
.38
.59
.41
.40
.49
.46
.35
.29
.27
.44
.88
.82
.68
.50
.37
.43
.66
.60
.38
.27
.25
.35
.41
.36
.36
.35
.32
1 Not adjusted for seasonal variation.2 Not available.3 Averages based on data through November.NOTE.—These figures are not estimates for all department stores in the United States. Figures for sales,
stocks, and outstanding orders are based on actual reports from the 296 stores. Receipts of goods are de-rived from the reported figures on sales and stocks. New orders are derived from estimates of receipts andreported figures on outstanding orders.
Semiannual and annual data on receipts and new orders cannot be derived directly from the monthlyaverages of sales, stocks, and outstanding orders.
Source: Board of Governors of the Federal Reserve System.
977891—52- -13
187
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-22.—Consumers' price index, 1929-51
For moderate-income families in large cities
[1935-39-100]
Period
Monthly average:1929
19301931 ._ _19321933 ._1934
193519361937 ._19381939 .
194019411942 . _19431944 _ . . _ _
1945 . -19461947 .19481949
195019511
1950' First halfSecond half - - -
1951: First halfSecond half *
1950: January 15February 15March 15April 15May 15June 15July 15 . . . .August 15September 15October 15 .-_November 15December 15
1951: January 15 _ .February 15March 15April 15May 15June 15July 15August 15September 15October 15November 15December 15 _._
Allitems
122.5
119.4108.797.692.495.7
98.199.1
102.7100.899.4
100.2105.2116.6123.7125.7
128.6139.5159.6171.9170.2
171.9185.3
168. 8175.1
184.2186 7
168.2167.9168.4168.5169.3170.2172.0173.4174.6175.6176.4178.8
181.5183.8184.5184.6185.4185. 2185.5185.5186.6187.4188.6
(2)
Food
132.5
126.0103.986.584.193.7
100.4101.3105.397.895.2
96.6105.5123.9138.0136.1
139.1159.6193.8210.2201.9
204.5227.4
198.0211.0
225.7229 1
196.0194.9196. 6197.3199.8203.1208.2209.9210.0210.6210.8216.3
221.9226. 0226.2225.7227.4226.9227.7227.0227. 3229.2231.4231. 9
Apparel
115.3
112.7102.690.887.996.1
96.897.6
102.8102.2100.5
101.7106.3124.2129.7138.8
145.9160.2185.8198.0190.1
187.7204.3
184.9190.5
202.5206.5
185.0184.9185.1184.9184.7184.6184.5185.7189.8193. 0194.3195.5
198.5202.0203. 1203 6204.0204.0203.3203 6209 0208.9207.6
(3)
Rent
141.4
137.5130.3116.9100.794.4
94.296.4
100.9104.1104.3
104.6106.4108.8108.7109.1
109.5110.1113.6121.2126.4
131.0136.0
130.1132.0
134.7137. 5
129.4129.7129.8130.1130.6130.9131. 3131.6131.8132.0132.5132.9
133.2134.0134.7135.1135.4135.7136.2136 8137.5138.2138.9
(2)
Fuel,elec-
tricity,and re-friger-ation
112.5
111.4108.9103.4100.0101.4
100.7100.2100.299.999.0
99.7102.2105.4107.7109.8
110.3112.4121.1133.9137.5
140.6144.1
139.8141.4
143.8144 4
140.0140.1140.3140.3138.8139.1139.4140.2141.2142.0142.5142.8
143.3143.9144.2144.0143.6143. 6144.0144 2144.4144.6144.8
(2)
House-furnish-
ings
111.7
108.998.085.484.292.8
94.896.3
104.3103.3101.3
100.5107.3122.2125.6136.4
145. 8159.2184.4195. 8189.0
190.2210.9
185.1195.4
210.8211. 1
184.7185.2185.3185.4185.0184.8186. 1189.1194.2198.7201.1203. 2
207.4209.7210.7211.8212.6212.5212.4210 8211.1210.4210 8
(2)
Miscel-laneous
104.6
105.1104.1101.798.497.9
98.198.7
101.0101.5100.7
101. 1104.0110.9115.8121.3
124.1128.8139. 9149.9154.6
156.5165.0
154.9158.0
164.0166.3
155.1155.1155.0154.7155.1154.6155.2156.8157.8158.3159. 2160.6
162.1163. 2164.3164. 6165.0164.8165.01^5.4166.0166.6168.4(2)
i Averages based on data through November, except for food.8 Not available.
Source: Department of Labor.
188
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-23— Wholesale price index, 1929-51
[1926«=100]
Period
Monthly average:1929
19301931..—-193219331934
19351933193719381939
19401941194219431944
19451946194719481949
19501951 i
1950- First halfSecond half _
1951- First half .. „Second half 1
1950* JanuaryFebruaryTvlarchAprilMav - - - -
July _AugustSeptemberOctoberNovemberDecember
1951' JanuaryFebruary _ _MarchApril _ _MayJuneJuly .. - -AugustSeptemberOctober..NovemberDecember * ..
All
com
mod
itie
s
95.3
86.473.064.865.974.9
80.080.886.378.677.1
78.687.398.8
103.1104.0
105.8121.1152.1165.1155.0
161 5180.5
153.8169.2
182.6178.3
151.4152.8152.7152. 8155.9157 3162.9166.4169. 5169.1171.7175.3
180,1183. 6184.0183.6182.9181.7179.4178. 0177.6178. 1178. 3
JLZ&-8-/ 77 *
Far
m p
rodu
cts
104.9
88.364.848.251.465.3
78.880.986.468.565.3
67.782.4
105.9122.6123.3
128.2148.9181.2188.3165.5
170.4196.4
160.5180.5
200.2192.6
154.7159. 1159.4159.3164. 7165.9176.0177.6180.4177.8183. 7187.4
194.2202.6203.8202.5199.6198.6194. 0190. 6189.2192.3195. 2
• 194. 2*?
t)o&
99.9
90.574.661.060.570.5
83.782.185.573.670.4
71.382,799.6
108.6104.9
105.2130.7168. 7179.1161.4
166. 2186.9
157.4175.0
186.0187.8
154.8156.7155.5155.3159.9162. 1171.4174.6177.2172.5175. 2179.0
182.2187.6186. 6185.8187.3186.3186.0187.3188.0189.4188.8187.5
Other than farm products and foods
1EH
91.6
85.275.070.271.278.4
77.979.685.381.781.3
83.089.095.596.998.5
99.7109.5135.2151.0147.3
153.2169.4
146.8159.7
171.5167.3
145.8146.0146.1146.3147.6148.7151.6155.5159.2161.5163. 7166.7
170.3171.8172.4172.3171.6170.5168.6167.2167.0166.7166.9167.4
£A
3«is3*s
109.1
100.086.172.980.986.6
89.695.4
104.692.895.6
100.8108.3117.7117.5116.7
118.1137.2182.4188.8180.4
191.9221.1
180.2204.1
234.3207.9
179.3179.0179.6179.4181.0182.6187.2195.6203.0208.6211.5218.7
234. 8238.2236.2233. 3232.6230.6221.9213.7212.1208.3196. 8194.4
IrSXoH
90.4
80.366.354.964.872.9
70.971.576.366.769.7
73.884.896.997.498.4
100.1116.3141.7149.8140.4
148.0172.2
137.2158.6
180.8163.6
138.5138.2137.3136.4136.1136.8142.6149.5158.3163.1166.8171.4
178.2181.1183. 2182.8182. 1177.7173.2167.5163.2157. 7159. 5160.7
I§•!i!§s*3£
83.0
78.567.570.366.373.3
73.576.277.676.573.1
71.776.278.580.883.0
84.090.1
108.7134. 2131.7
133.2138.2
131.6134.9
137.8138.7
131.0131.5131.5130.9131.9132.6133.5134.2134.9135.3135, 7135.7
136.4138.1138.6138.1137. 5137.8137.9138.1138.8138.9139,1139.2
3
4|a«>s
100.5
92.184.580.279.886.9
86. 487.095.795.794.4
95.899.4
103.8103.8103.8
104.7115.5145. 0163.6170.2
173.6189.1
169.4177.9
188.4189.9
168.5168.7168.6168.8169.9171.9172.4174.4176.7178.6180.4184.9
187. 5188.1188.8189.0188.8188.2187.9188.1189.1191.2191.5191.5
iaI1«
95.4
89.979.271.477.086.2
85.385.795.290.390.5
94.8103.2110.2111.4115.5
117.8132.6179.7199.1193.4
206. 0225.6
195.6216.5
227.4223.7
191.6192.8194.2194.8198.1202.1207.2213.9219.7218.9217.8221.4
226.1228.1228.5228.5227. 8225.6223. 7222.5223.0223. 6224.6224.8
•dg w
~f2f tS'gOSA OSO
94.0
88.779.373.972.175.3
79.078.782.677.076.0
77.084.495.594.995.2
95.2101.4127.3135.7118.6
122.7142.7
115.7129.5
145.7139.6
115.3115.0116.2117.0116.4114.5118.1122.5128.7132.2135.7139.6
144.5147.3146.4147.9145. 7142.3139. 4140.1140.8141 1138.7137.8
bO
.2,£3m
If•s*topOw
94.3
92.784.975.175.881.5
80.681.789.786.885.3
88.594.3
102.4102.7104.3
104,5111.6131.1144.5145.3
153.2175.9
145, 8160.4
178.1173.7
144.9145.2145. 5145. 8146.6146.9148.7153. 9159. 2163.8166.9170.2
174.7175. 4178.8180.1180.0179.5178.8175. 3172.4171.7172.0172.0
182.6
77.769.864.462.569.7
68.370.577.873.374.8
77.382.089.792.293.6
94.7100.3115.5120. 5112.3
120.9141.1
112.1130.0
142.3139.9
110.0110.0110.7112.6114.7114.7119.0124.3127.4131.3137.6140.5
142.4142.7142.5142.7141.7141.7138.8138.2138.5139.3141.4143.4
* Estimates based on incomplete data; by Council of Economic Advisers.
Source: Department of Labor (except as noted).
189
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—24.—Indexes of prices received and prices paid by farmers^ and parity ratio ̂ 1929—51
[1910-14=100]
Period
Monthly average:1929
19301931193219331934
19351936...193719381939.
194019411942..19431944
1945...19461947.19481949...
1950...-1951
1950: First half.Second half
1951: First halfSecond half
1950: January 15February 15.-March 15April 15May 15..June 15July 15August 15September 15.October 15November 15..December 15..
1951: January 15February 15. -March 15April 15May 15June 15July 15August 15September 15.October 15- —November 15..December 15..
Pricesreceived
148
12587657090
1091141229795
100123158
21922196
22062234
275285249
256302
241272
306296
235237237241247247263267272268276
313311309305301294292291296301305
Prices paid(including in-terest, taxes,
and wagerates)
160
151130112109120
124124131124122
124132151170182
189207239259250
255281
250260
279283
248248250250253254256257260261263265
272276280283283282282282282283284284
Parityratio *
92
67
6475
92937878
8193105113108
109113115110100
100107
105
110105
959695969897103104105103105108
110113111109108107104104103105106107
1 Ratio of prices received to prices paid (including interest, taxes, and wage rates).2 Includes subsidy payments between October 1943 and June 1946.
Source: Department of Agriculture.
190
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-25.—Percentage increases in wholesale prices and cost of living in the United States andforeign countries since June 1950
Country
United States
Africa and Near East:AlgeriaEgypt _Iran _IraqIsrael _Lebanon . .MoroccoTunisiaUnion of South Africa
Western European countries;Austria2
BelgiumDenmarkFrancoGermany (Federal Republic) _ _GreeceIrelandItaly .NetherlandsNorwayPortugalSpainSweden _ .Switzerland _ ._TurkeyUnited Kingdom .
Latin America:ArgentinaBrazilChile.. .Costa RicaCuba _Dominican RepublicEl SalvadorGuatemala . ,MexicoNicaraguaParaguayPeru i.Venezuela __
Pacific and Far East:AustraliaIndiaIndochina . _ _Japan •New ZealandPhilippines _ _Thailand
Other:CanadaFinland
Wholesale prices
Percentageincrease,June 1950to latest
date
13
1512175
1434321716
52303346293019172431103837169
28
0)2743-6
0)1403
323661257
31103556171714
1553
Latest date 1951
December
AugustSeptemberOctoberSeptemberSeptemberOctoberAugustAugustOctober
OctoberOctoberNovemberNovemberOctoberSeptemberSeptemberNovemberSeptemberNovemberSeptemberSeptemberSeptemberOctoberOctoberOctober
OctoberSeptemberOctober
NovemberAugustNovemberNovemberAugustJuneJuneSeptember
AugustNovemberSeptemberOctoberSeptemberOctoberSeptember
OctoberOctober
Cost of living
Percentageincrease,June 1950to latest
date
11
111178
1113
0)20
7
491415271119391212203
111984
13
2212398
1015122
16*37
28114
274
16271512JO
1518
Latest date 1951
November
JulySeptemberOctoberSeptemberAugustOctober
SeptemberOctober
OctoberOctoberOctoberOctoberOctoberOctoberJune-Aug. quarterOctoberSeptemberOctoberOctoberSeptemberAugustOctoberSeptemberSeptember
AprilOctoberSeptemberSeptemberJuneOctoberDecemberOctoberAugustAugustJuneJuneSeptember
Third quarterSeptemberAugustSeptemberThird quarterSeptemberAugust
OctoberSeptember
1 Not available.2 Covers basic materials only.3 May 1950 to latest quarter.4 Retail food prices only.NOTE.—-The components of the indexes are not always the same for each country.Source: International Monetary Fund.
191977891—52- -14
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-26.—Consumer credit outstanding, 1929-51
[Millions of dollars]
End of period
1929
193019311932 — .19331934
19351936 - - ._-1937 .19381939 - -
194019411942 .19431944
1945 . -1946 -.194719481949
19501951 3
1950' JanuaryFebruary _MarchApril.MayJune _JulyAugust _ .-SeptemberOctober _ _ .November . _ _December
1951: January __FebruaryMarchAprilMayJuneJuly-AugustSeptemberOctoberNovember 3
December3.
Totalconsumer
credit
6,252
5,5704,6363,4933, 4393,846
4,7735,9336, 5136,1287,031
8, 1638-8265,6924,6004,976
5. 6278,677
11, 86214,36616, 809
20, 09720, 400
16, 36816, 15916, 33816, 63917,07717,65118, 29518, 84219,32919,39819, 40520, 097
19, 93719, 53319, 37919, 12619, 20719, 25619, 13219, 26219,36219, 58619,99620, 400
Instalment credit
Total
3,158
2, 6882,2041, 5181,5881,860
2,6223,5183,9603,5954,424
5,4175 8873,0482,0012,061
2,3644,0006,4348,600
10, 890
13, 45913, 300
10, 83610, 88411,07711,32211,66712, 10512, 59813, 00913, 34413, 38913, 30613, 459
13, 25213,07312, 97612, 90412, 92012, 95512, 90313, 04513, 16713, 19913, 25913, 300
Automobilesale credit
1,318
928637322459576
9401,2891,384
9701,267
1,7291,942
482175200
227544
1,1511,9613,144
4,1264,000
3,1793,2563,3553,4703,6003,7903,9944,1074,2134,2274,1754,126
4,0563,9903,9463,9343,9804,0414,0614,1384,1754,1344,1004,000
Other i
1,840
1,7601,5671,1961,1291,284
1,6822,2292,5762,6253,157
3,6883,9452,5661,8261,861
2,1373,4565,2836,6397,746
9,3339,300
7,6577,6287,7227,8528,0678,3158,6048,9029,1319,1629, 1319,333
9,1969,0839,0308,9708,9408,9148,8428,9078,9929,0659,1599,300
Chargeaccounts
1,749
1,6111, 3811,1141,0811,203
1,2921,4191,4591,4871,544
1,6501,7641, 5131,4981,758
1,9813,0543,6123,8543,909
4,2394,500
3,5063,2333,2113,2413,2903,3923,5273,6363,7413,7033,7394,239
4,2484,0103,9383,7443, 7933,8043, 7433,7243,6963,8684,2064,500
Otherconsumer
credit 2
1,345
1,2711,051
861770783
85999&
1,0941,0461,063
1,0961,1751,1311,1011,157
1,2821,6231, 8161, 9122,010
2,3992,600
2, 0262,0422,0502,0762,1202,1542,1702,1972,2442,3062,3602,399
2,4372,4502,4652,4782,4942,4972,4862,4932,4992,5192,5312,600
1 Includes other sale credit and loans, including repair and modernization loans insured by FederalHousing Administration.
2 Includes loans by pawnbrokers, service credit, and single-payment loans under $3,000 made by com-mercial banks. The single-payment loan item was revised in November 1950 to exclude loans over $3,000.See Federal Reserve Bulletin for November 1950, pp. 1465-1466.
3 Estimates based on incomplete data; December by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted);
192
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TABLE B-27.—Loans and investments of all commercial banks, 1929-51]
[Billions of dollars]
End of period »
1929— June 6
1930— June5— _ .1931— June 51932— June 5
1933— June5
1934— June 5
1935193619371938 -1939
19401941194219431944
19451946 . . .19471948 .1949
1950 - ...19517
1950: January .FebruaryMarch _April ...MayJune.. _ _ _JulyAugustSeptemberOctoberNovember _December
1951: JanuaryFebruaryMarch . _April..MayJune _ _ _ _ _ _JulyAugust _September _ _ _ _ _OctoberNovember _.December 7
Totalloansand
invest-ments
49.4
48.944.936.130.432.7
36.139.638.438.7
- 40.7
43.950.767.485.1
105.5
124.0114. 0116.3114.3120.2
126.7133.8
121.2120.6120.3120.3121.2121.8122.3123.3123.6124.5125.4126.7
125. 1125.0125.7125.4125.1126.0126.1127.0128.6130.5131.9133.8
Loans
Total s
35.7
34.529.221.816.315.7
15.216.417.216.417.2
18.821.719.219.121.6
26.131.138.142.543.0
52.258.4
42.943.143.743.844.144.846.047.348.949.951.552.2
52.753.554.454.454.554.854.655.256.056.857.358.4
Commercialand indus-trial loans 4
(6)
(6)(6)(6)(9)(6)
(6)(6)(6)
5.76.4
7.39.37.97.98.0
9.614.218.218.917.1
21.926.6
17.217.217.116.816.716.917.318.319.420.021.121.9
22.323.123.823.723.623.723.524.124.825.425.926.6
Investments
Total
13.7
14.415.714.314.017.0
20.923.121.222.323.4
25.129.048.266.083.9
97.982.978.271.877.2
74.475.4
78.377.576.676.577.177.076.376.074.674.673.974.4
72.371.571.371.070.671.271.571.972.673.774.675.4
U. S. Gov-ernment
obligations
4.9
5.06.06.27.5
10.3
13.815.314.215.116.3
17.821.841.459.877.6
90.674.869.262.667.0
62.062.2
68.067.165.865.566.165.865.064.262.562.561.762.0
60.059.158.858.558.158.558.759.159.760.961.662.2
Othersecurities
8.7
9.49.78.16.56.7
7.17.97.07.27.1
7.47.26.86.16.3
7.38.19.09.2
10.2
12.413.2
10.310.410.811.011.011.211.411.812.112.112.112.4
12.412.412.612.612.512.712.812.712.912.913.013.2
1 Excludes mutual savings banks.2 June and December figures are for call dates. Other monthly data are for the last Wednesday of the
month.3 Data are shown net. Includes commercial and industrial loans, agricultural loans, loans on securities,
real estate loans, loans to banks, and "other loans," some of which represent consumer credit.4 Beginning with 1948, data are shown gross, i. e., before deduction of valuation reserves, instead of net
as for previous years. Prior to June 1947 and for months other than June and December, data are esti-mated on the basis of reported data for all insured commercial banks and for weekly reporting memberbanks.
5 June data are used because complete end-of-year data are not available prior to 1935 for U. S. Govern-ment obligations and other securities.
6 Not available.7 Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
193
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TABLE B-28.—Deposits and currency, 1929-51
[Millions of dollars]
End of period *
1929
193019311932 > '19331934
193519361937 -1938 -1939
19401941 _ .194219431944
194519461947 - -1948 — —1949
19501951 fl
1950: JanuaryFebruaryMarchAprilMayJuneJulyAugust .SeptemberOctoberNovemberDecember
1951* JanuaryFebruaryMarch . .. _ _AprilMay.JuneJuly _- _.-AugustSeptemberOctober _ _NovemberDecember '
Totaldeposits
andcurrency
54,742
53, 57248, 37945, 37042, 55148, 106
52, 72657, 59556, 78159, 87864, 733
71, 12979, 098
100, 500123, 391151, 428
176, 378167,500172, 330172, 693173, 851
180, 574189,500
173, 600172, 800172, 400172, 500173, 000174, 715174, 400175, 500176, 400176, 300177, 400180, 574
178, 800178, 900179, 900179, 800179, 100181,333180, 800181, 600183, 800185, 800187, 100189, 500
U.S.Govern-
mentdeposits2
187
324518516
1,0191,836
1,4531,235
9661,8121,480
1,1212,7629,201
11, 00321, 203
25, 5853,4962,3223, 5744,070
3,6573,800
3,9004,6005,3004,1003,8004,7514,1004,5004,8003,5003,5003,657
3,6004,7007,4006,5005,4006,6495,0004,6005,9004,2004,4003,800
Total excluding U. S. Government depositsfprivately-held money supply) *
Total
54, 555
53, 24847,86144, 85441, 53246, 270
51, 27356, 36055,81558,06663,253
70, 00876, 33691, 299
112, 388130, 225
150, 793164, 004170, 008169, 119169, 781
176, 917185, 700
169, 700168, 200167, 100168, 400169, 200169, 964170, 200171, 000171, 600172, 800173, 900176, 917
175, 200174, 200172, 500173, 300173, 700174, 684175, 800177, 000177, 900181, 600182, 700185, 700
Currencyoutsidebanks
3,557
3,6054,4704,6694,7824,655
4,9175,5165,6385,7756,401
7,3259,615
13, 94618, 83723, 505
26, 49026, 73026, 47626, 07925, 415
25, 39826, 500
24, 50024, 70024, 60024, 60024. 70025, 18524, 40024, 50024, 50024, 60024, 90025,398
24, 60024, 60024, 40024, 60024, 90025, 77625, 10025, 30025, 40025, 70025, 80026, 500
Demanddeposits
adjusted «
22,809
20, 96717, 41215, 72815, 03518,459
22, 11525, 48323, 95925, 98629, 793
34, 94538, 99248, 92260, 80366, 930
75, 85183, 31487, 12185, 52085, 750
92, 27298, 200
86,40084, 50083, 20084, 30085, 00085, 04086, 50087, 40088, 00089, 20090, 30092, 272
91, 60090, 60089, 00089, 50089, 50088, 96090, 70091, 40092, 00095, 00096, 30098, 200
Timedeposits •
28,189
28, 67625, 97924, 45721, 71523,156
24,24125, 36126, 21826, 30527, 059
27, 73827, 72928,43132, 74839, 790
48, 45253, 96056,41157, 52058,616
59,24761,000
58, 70059, 00059, 30059, 50059, 50059, 73959, 40059, 10059, 00059, 00058, 70059, 247
59, 00059, 00059, 10059, 20059, 30059, 94860, 10060, 40060, 50060, 90060, 60061,000
* June and December figures are for call dates. Other monthly data are for the last Wednesday of themonth.
i Includes U. 8. Government deposits at Federal Reserve banks and commercial and savings banks, and,beginning with 193S, includes U. S. Treasurer's time deposits, open account.
8 Includes deposits and currency held by State and local governments.< Includes demand deposits, other than interbank and U. S. Government, less cash items in process of
collection.* Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes
interbank deposits.« Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).
194
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TABLE B-29.—Estimated ownership of Federal obligations, 1939-51
[Billions of dollars—par valuesl]
End of period
1939
19401941194219431944
19451946194719481949
19501951 7
1950* 'JanuaryFebruaryMarch -AprilMayJune - -JulyAugust- -SeptemberOctoberNovemberDecember
1951: JanuaryFebruaryMarch ._April _-.MayJuneJulyAugustSeptemberOctober _ _November 7
December 7
Gross public debt and guaranteed issues *
Total
47.6
50.964.3
112.5170.1232. 1
278.7259.5257.0252.9257.2
256.7259.5
256.9256.4255.7255.7256.4257.4257.6257.9257.2257.0257.1256.7
256. 1256.0255.0254. 7255.1255.3255.7256.7257.4258.3259.6259.5
Held byU.S.
Govern-ment
invest-ment
accounts
6.5
7.69.5
12.216.921.7
27.030.934.437.339.4
39.242.3
39.038.437.637.337.437.838.038.138.939.039.239.2
39.639.739.839.940.341.041.041.542.042.042.242.3
Held by others
Totalheld byothers
41.1
43.354.7
100.2153. 2210.5
251.6228.6222.6215.5217.8
217.5217.2
217.9218.0218.1218.4219.0219.5219.6219.8218.3217.9217.9217.5
216.6216.2215.2214.9214.8214.3214.6215.2215.4216.4217.4217.2
Stateand localgovern-ments 3
0.4
.5
.71.02.14.3
6.56.37.37.98.0
7.88.0
8.08.08.48.48.38.28.38.38.28.18.17.8
7.87.97.97.98.08.08.08.08.08.18.18.0
Com-mercialbanks 4
15.9
17.321.441.159.977.7
90.874.568.762.566.8
61.861.5
67.466.464.965.265.865.664.664.162.262.261.561.8
59.958.957.858.457.858.458.758.859.460.661.261.5
FederalReservebanks
2.5
2.22.36.2
11.518.8
24.323.322.623.318.9
20.823.8
17.817.717.617.817.418.318.018.419.619.319.720.8
21.621.922.922.722.523.023.123.123.723.623.223.8
Nonbankprivatecorpora-tions andassocia-tions 4
12.2
12.816.828.242.056.8
66.260.358.656.257.7
60.157.9
58.058.960.359.960.259.960.961.360.860.961.160.1
60.761.060.459.459.958.558.659.058.158.058.757.9
Indi-viduals 6
10.1
10.613.623.737.652.9
63.964.165.565.666.5
67.066.0
66.767.066.967.167.367.567.867.867.667.567.667.0
66.866.666.266.366.566.466.366.366.266.266.266.0
1 United States savings bonds, series A-D, E, and F. are included at current redemption values.2 Excludes guaranteed securities held by the Treasury.3 Includes trust, sinking, and investment funds of State and local governments and their agencies, and
Territories and possessions.< Includes commercial banks, trust cpmpanies, and stock savings banks in the United States and in Ter-
ritories and possessions; excludes securities held in trust departments.s Includes insurance companies, mutual savings banks, savings and loan associations, nonprofit institu-
tions, corporate pension trust funds, dealers and brokers and foreign accounts in this country. Begin-ning with December 1946, the foreign accounts include investments by the International Bank for Re-construction and Development and the International Monetary Fund in special non-interest-bearingnotes issued by the U. S. Government. Beginning with June 30, 1947, includes holdings of Federal landbanks.
6 Includes partnerships and personal trust accounts.^Estimates based on incomplete data; by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Treasury Department (except as noted).
195
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TABLE B-30.-—U. S. Government debt—volume and kind of obligations, 7929-57
[Billions of dollars]
End of period
1929
19301931193219331934
1935193619371938 _ _ _ _ _ _ _ _1939
1940.194119421943__ _1944
1945 __ _194619471948 _1949
1950 _1951
1950: January _ _ _FebruaryMarch.AprilMayJuneJulyAugustSeptember _ _ _ __October ..NovemberDecember.
1951: JanuaryFebruary ._MarchApril _-May _ _ _June_JulyAugust - _ _ _ - _ _ .SeptemberOctober _November. __ _..December
i
Grosspublic
debt andguaran-
teedissues i
16.3
16.017.820.824.031.5
35.139.141.944.447.6
50.964.3
112.5170.1232.1
278.7259.5257.0252.9257.2
256.7259.5
256.9256.4255.7255.7256.4257.4257.6257.9257. 2257.0257.1256.7
256.1256.0255.0254.7255.1255.3255.7256.7257.4258.3259.6259.5
Interest-bearing public debt
Marketable publicissues
Short-term
issues 2
3.3
2.92.85.97.5
11.1
14.212.512.59.87.7
7.58.0
27.047.169.9
78.257.1
'47.745.950.2
58.365.6
49.949.851.551.652.052.452.252.256.956.055.958.3
57.457.457.457.457.458.960.360.861.963.564.565.6
|
Treasurybonds
11 3
11.313.513.414.715.4
14.319.520.524.026.9
28.033.449.367.991.6
120.4119.3117.9111.4104.8
94.076.9
104.8104.8102.8102.8102.8102.8102.8102.896.796.796.794.0
94.094.094.080.580.578.878.878.878.178.178.176.9
Nonmarketablepublic issues
UnitedStatessavingsbonds
0.2.5
1.01.42.2
3.26.1
15.027.440.4
48.249.852.155.156.7
58.057.6
57.057.257.357.457.557.557.657.557.458.058.058.0
58.057.857.857.757.657.657.557.557.557.557.657.6
Treas-ury
;ax andsavingsnotes
2.56.48.69.8
8.25.75.44.67.6
8.67.5
7.98.08.08.18.38.58.68.98.99.08.98.6
8.78.78.38.18.27.87.98.07.87.77.77.5
Specialissues 3
0.6
.8
.4
.4
.4
.6
. 7
.62.23.24.2
5.47.09.0
12.716.3
20.024.629.031.733.9
33.735.9
33.532.932.131.831.932.432.532.733.433.533.733.7
34.033.933.533.634.034.734.735.135.635.635.935.9
Non-nterest-bearing
debt
0.3
.3
.3
.4
.4
.5
1.0.7.6.5.6
.6
.5
.91.41.8
2.41.52.72.22.1
2.42.4
2.02.02.22.22.22.22.12.12.22.22.22.4
2.42.62.42.42.42.42.32.32.42.42.42.4
Fullyguar-
anteedsecuri-
ties
0.23.1
4.54.74.65.05.7
5.96.34.34.21.5
.6
.3
.1
.1(4)
(4)(*)
(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)
(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)
1 Total includes Postal Savings bonds, prewar bonds, adjusted service bonds, depositary bonds, ArmedForces leave bonds, and Treasury investment bonds, not shown separately. Excludes guaranteedsecurities held by the Treasury.
2 Includes Treasury bills, certificates of indebtedness, and Treasury notes.3 Issued to U. S. Government investment accounts; these accounts also held 6.4 billion dollars of public
marketable and nonmarketable issues on December 31,1951.* Less than 50 million dollars.Source: Treasury Department.
196
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TABLE B-31.—Bond yields and interest rates, selected years, 1929-51
[Percent per annum]
Period
Average:1929193319351937.1939
19411943
1945 . _ .1946,19471948. . _1949.
19501951
1950: First quarterSecond quarterThird quarterFourth quarter
1951: First quarterSecond quarterThird quarterFourth quarter
U. S. Government securityyields
3-monthTreas-ury
bills i
(3)0.515.137.447.023
.103373
.375
.375
.5941.0401.102
1.2181.552
1.1181.1661.2331.353
1.4001.5321.6281.649
9-12monthissues 2
(4)(4)(4)(4)(4)
(4)0.75
.81
.82
.881.141.14
1.261.72
1.141.19L271.44
1.621.841.721.73
Taxablebonds
15 yearsand over
(5)(5)(5)(5)(5)
(5)2.47
2.372.192.252.442.31
2.322.57
2.242.312.342.38
2.422.612.592.66
CorporateAaa
bonds(Moody's)
4.734.493.603.263.01
2.772.73
2.622.532.612.822.66
2.622.86
2.582.612.632.67
2.702.902.892.95
Averageof ratescharged
by bankson short-
termloans —selected
cities
(6)(6)(6)(6)
2.1
2.02.6
2.22.12.12.52.7
2.73.1
2.602.682.632.84
3.023.073.063.27
Primecommer-
cialpaper,
4-6months
5.851.73.76.94.59
.54
.69
.75
.811.031.441.48
1.452.17
1.311.311.471.71
1.962.202.252.26
Bankers'accept-ances,
90days
5.03.63.13.43.44
.44
.44
.44
.61
.871.111.12
1.151.60
1.061.061.181.31
1.511.631.631.65
FederalReservebank
discountrate
5.162.561.501.331.00
1.007 1.00
7 1.00? 1.00
1.001.341.50
1.591.75
1.501.501.621.75
1.751.751.751.75
1 Rate on new issues within period.2 Includes certificates of indebtedness and selected note and bond issues.3 Treasury bills were first issued in December 1929.
*< Not available before August 1942.s Bonds-in this classification were first issued in March 1941.6 Not available on same basis.f From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances
secured by Government securities maturing or callable in 1 year or less.
NOTE.—Yields and rates computed for New York City, except for average of rates charged on short-termoans.
Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the FederalReserve System.
197
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TABLE B—32.—Profits before and after tax, all private corporations, 1929—51
[Billions of dollars]
Period
1929
1930 —193119321933 — _ — -1934
1935 — .1936193719381939
1940 -194119421943 _1944
1945194619471948 _1949
19501951«
1950: First halfSecond half .
1951: First halfSecond half 3
1950: First quarterSecond quarterThird quarter . .Fourth quarter
1951: First quarterSecond quarterThird quarter 3Fourth quarter 3
Corporateprofitsbefore
tax
9.8
3.3-.8
-3.0.2
1.7
3.25.76.23.36.5
9.317.221.125.124.3
19.723.530.533.828.3
41.444.8
Corporatetax
liability 1
1.4
.8
.5
.4
.5
.7
1.01.41.51.01.5
2.97.8
11.714.413.5
11.29.6
11.913.011.0
18.626.7
Corporate profits after tax
Total
8.4
2.5-1.3-3.4-.41.0
2.34.34.72.35.0
6.49.49.4
10.610.8
8.513.918.520.717.3
22.818.1
Dividendpayments
5.8
5.54.12.62.12.6
2.94.64.73.23.8
4.04.54.34.54.7
4.76.86.67.27.6
9.29.5
Undis-tributedprofits
2.6
-3.0-5.4-6.0-2.4-1.6
-.6-.3
00-.91.2m
T2.4[4.9'6.1[6.2
L6'1[3.8
F f 8 . 112.013.59.8
13.68.6
Seasonally adjusted annual rates
34.748.0
48.641.0
31.937.545.750.3
51.845.440.042.0
15.621.5
29.024.4
14.416.920.522.5
31.127.023.825.0
19.026.5
19.616.6
17.520.625.227.8
20.718.416.217.0
8.110.2
9.29.8
7.88.49.4
11.1
8.89.69.6
10.1
11.016.2
10.46.8
9.712.215.816.7
11.98.86.66.9
i Federal and State corporate income and excess profits taxes.a Minus 8 million dollars.» Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—No allowance has been made for inventory valuation adjustment. See appendix Table B-6 for
profits before tax and inventory valuation adjustment. The figures beginning with 1948 are based on therevised series of national income and product of the Department of Commerce. For detail, see theNational Income Supplement to the Survey of Current Business, 1951.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-33.—Sales and profits of large manufacturing corporations, 1939-51
[Millions of dollars]
Period
1939 ...
1940194]194219431944 —
1945 _1946J947 —19481949
1950
I960- First halfSecond half
1951- First half
1950' First quarter 3
Second quarter 2
Third quarter 2
Fourth quarter 2
1951: First quarter *Second quarter5
Third quarter 3
Durable goods industries(106 corporations) l
Sales
6,748
8,75012,80615,36220, 63322, 085
18,16112,37619, 48423,56723,886
29, 346
Profits
Before taxes
734
1,2262.1752,3262,3892,192
1,288608
2,3123,1053,191
5,190
After taxes
597
830982782755726
574295
1,3541,8351,887
2,549
Nondurable goods industries(94 corporations) 1
Sales
3,843
4,2575,4856,4087,6078,263
8,3718,940
11,31313, 36412,790
14,710
Profits
Before taxes
476
617980
1,0691,2931,339
1,1331,4251,7872,2081,843
2,701
After taxes
400
443538438506529
555908
1,1671,4741,211
1,510
Totals for period, not adjusted for seasonal variation
13,22916,117
17, 121
6,0047,2257,8918,. 226
8,3628,7598,003
2,1353,055
2,787
8961,2401,4031,652
1,3821,4051,193
1,1971,352
1,007
503694776576
510497429
6,7058,005
8,583
3,2513,4533,9394,066
4,3234,2604,279
1,0861,615
1,659
504581782833
850809769
662850
706
307353468382
367340332
i See Federal Reserve Bulletin, June 1949, and subsequent issues, for similar data for the following industrygroups: primary metals and products, machinery, automobiles and equipment, foods and kindred products,chemicals and allied products, and petroleum refining.
* Certain Federal income tax accruals for the first 6 months of 1950 and 1951, required by subsequent in-creases in Federal income tax rates and charged by many companies against third quarter profits, havebeen redistributed to the first and second quarters. Available information does not permit a similar redis-tribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profitstaxes. Estimates for third quarter 1951 based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Compiled by the Board of Governors of the Federal Reserve System and based on publishedreports of various industrial corporations.
199
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TABLE B-34.—Relation of profits before and ajter taxes to stockholders' equity, private manu-facturing corporations•, by industry group, 7947-49 average and 1950—51
Industry group
All private manufacturing cor-porations
Food - -. .Tobacco manufacturesTextile mill productsApparel and finished textiles __Lumber and wood products
Furniture and fixtures. _ _Paper and allied productsPrinting and publishing (except
newspapers)Chemicals and allied productsProducts of petroleum and coal
Rubber productsLeather and leather productsStone, clay, and glass products.Primary nonferrous metal industries.Primary iron and steel industries
Fabricated metal productsMachinery (except electrical and
transportation)Electrical machineryTransportation equipment (except
motor vehicles)Motor vehicles and parts
Instruments; photographic and op-tical goods; watches and clocks
Miscellaneous manufacturing (in-cluding ordnance)
All private manufacturing cor-porations
Food .-Tobacco manufacturesTextile mill productsApparel and finished textiles .Lumber and wood products
Furniture and fixturesPaper and allied productsPrinting and publishing (except
newspapers)Chemicals and allied products . .Products of petroleum and coal
Rubber products _ . _ .Leather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries .Primary iron and steel industries
Fabricated metal productsMachinery (except electrical and
transportation) _ _ _ _Electrical machineryTransportation equipment (except
motor vehicles) -..Motor vehicles and parts
Instruments; photographic and op-tical goods; watches and clocks
Miscellaneous manufacturing (in-cluding ordnance)
Percentage ratio of profits (annual rate) to stockholders' equity
1947-49aver-age
1950
Total Firstquarter
Secondquarter
Thirdquarter
1951
Firstquarter
Secondquarter
Thirdquarter
Before Federal taxes
23.2
23.619.624.821.626.0
23.626.0
23.624.020.4
19.617.622.818.420.0
24.4
24.026.8
10.434.4
22.0
19.2
28.0
22.421.222.818.029.6
27.228.4
20.032.419.2
30.819.233.225.628.4
29.2
26.041.6
18.853.2
30.8
22.8
19.6
15.616.418.011.616.8
15.620.8
20.425.212.8
14.810.820.416.020.0
18.4
18.429.2
12.039.2
20.8
10.0
24.8
20.419.217.210.428.4
23.623.2
16.828.416.8
21.212.832.422.026.8
24.8
24.431.2
17.655.2
26.0
14.8
31.2
28.825.226.026.438.0
29.228.8
24.036.420.4
38.025.239.226.829.2
34.0
26.841.2
19.258.8
33.2
29.6
32.8
20.820.429.622.034.0
34.444.0
21.640.823.2
43.222.436.432.034.8
37.6
30.847.2
19.646.0
33.6
34.8
30.4
18.420.423.211.231.6
28.842.8
26.832.423.2
41.217.639.232.835.6
33.6
34.834.4
25.244.0
33.6
26.0
25.5
18.922.511.811.520.6
22.232.6
25.431.222.9
31.316.933.224.229.7
27.2
28.128.6
18.334.0
30.0
17.3
After Federal taxes
14.4
14.012.014.812.416.8
14.016.0
14.414.815.2
11.210.414.011.612.0
14.8
14.416.0
6.019.6
13.6
11.2
15.6
12.411.612.810.017.6
15.216.4
11.618.014.0
16.810.817.615.214.4
16.0
14.020.8
10.025.2
16.8
12.4
12.0
9.210.010.86.4
10.4
8.412.8
12.815.610.0
9.66.4
12.410.411.6
11.2
10.817.2
7.222.8
12.8
5.2
15.6
12.412.010.45.2
18.0
15.214.4
9.617.613.2
13.67.2
20.014.816.0
15.6
14.818.4
10.432.4
16.0
8.4
17.6
16.413.214.416.422.8
16.016.4
14.420.814.0
22.414.822.016.015.2
19.2
14.822.0
10.028.8
18.8
16.8
14.8
10.09.6
14.411.617.2
16.018.4
10.017.214.4
18.810.816.016.013.6
17.6
15.218.4
9.217.2
14.4
16.4
13.6
9.210.010.84.4
16.0
11.617.6
13.614.015.2
15.67.2
16.814.813.6
14.4
14.814.0
11.617.2
14.0
10.0
10.4
8.89.24.84.8
10.6
9.812.4
12.410.714.5
12.26.5
12.010.48.5
11.2
10.48.6
8.010.6
10.4
6.7
Sources: Federal Trade Commission and Securities and Exchange Commission.
200
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TABLE B—35.—Relation of profits before and after taxes to sales, private manufacturing corpora-tions, by industry group, 1947-49 average and 1950—51
Industry group
All private manufacturingcorporations _
Food __ _.Tobacco manufacturersTextile mill productsApparel and finished textilesLumber and wood products
Furniture and fixturesPaper and allied productsPrinting and publishing (except
newspapers)Chemicals and allied products _Products of petroleum and coal
Rubber productsLeather and leather productsStone, clay, and glass products _ _Primary nonferrous metal industries.Primary iron and steel industries
Fabricated metal products __ .Machinery (except electrical and
transportation) _ .Electrical machinery _Transportation equipment (except
motor vehicles)Motor vehicles and parts
Instruments; photographic and opti-cal goods; watches and clocks
Miscellaneous manufacturing (in-cluding ordnance) ..
All private manufacturingcorporations
FoodTobacco manufactures-.- ._Textile mill productsApparel and finished textiles . _Lumber and wood products
Furniture and fixturesPaper and allied products - - _ ..Printing and publishing (except
newspapers).-. _ _ _ - _ _ _ _Chemicals and allied productsProducts of petroleum and coal.
Rubber productsLeather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries -Primary iron and steel industries
Fabricated metal products -Machinery (except electrical and
transportation)Electrical machineryTransportation equipment (except
motor vehicles)Motor vehicles and parts
Instruments; photographic and op-tical goods; watches and clocks
Miscellaneous manufacturing (in-cluding ordnance) _ _ _ - _ .
Profits in cents per dollar of sales
1947-49average
1950
Total Firstquarter
Secondquarter
Thirdquarter
1951
Firstquarter
Secondquarter
Thirdquarter
Before Federal taxes
10.5
6.17.8
11.65.6
14.4
8.414.0
8.613.814.7
7.75.7
13.713.411.5
10.8
6.59.9
5.512.2
12.2
8.9
12.8
6.19.0
10.55.0
15.9
9.015.4
7.918.814.9
10.66.5
18.817.315.5
12.4
13.314.3
8.917.5
15.9
10.4
10.1
4.87.49.03.5
11.2
5.912.3
8.515.610.7
6.64.2
14.113.512.7
9.7
10.711.3
6.215.3
12.6
5.5
11.8
5.68.18.93.3
15.2
8.413.6
6.817.113.5
7.84.9
18.915.915.1
11.4
12.611.7
8.617.8
14.3
7.7
13.5
7.510.111.46.3
18.5
9.515.6
9.420.515.2
11.47.4
20.517.115.7
13.0
13.614.0
9.318.0
16.8
12.5
13.5
5.49.1
11.95.4
17.7
10.519.8
8.320.916.5
13.06.9
19.718.216.5
14.5
15.015.1
7.914.0
16.0
13.8
12.9
4.98.3
10.23.2
16.1
9.419.6
9.918.617.0
12.25.9
20.119.316.6
13.1
14.512.2
8.213.8
15.6
11.3
11.5
4.98.96.13.1
11.5
8.916.8
9.618.016.8
10.05.7
18.614.916.2
11.6
13.111.1
6.712.4
14.8
8.7
After Federal taxes
6.5
3.64.86.93.39.2
4.98.6
5.28.6
11.1
4.33.38.48.36.9
6.6
3 96.0
3 27.0
7.5
5.2
7.1
3.44.95.82.89.4
5.18.8
4.510.310.7
5.83.7
10.110.27.9
6.8
7.37.2
4.78.3
8.6
5.6
6.2
2.84.65.41.97.1
3.27.5
5.49.68.2
4.22.58.68.57.5
5.9
6.46.7
3.78.9
7.7
2.9
7.4
3.45.05.21.69.7
5.48.4
3.810.610.7
5.02.7
11.710.59.0
7.1
7.77.0
5.110.5
8.9
4.5
7.6
4.35.46.53.9
11.1
5.39.0
5.611.710.5
6.64.3
11.610.28.2
7.3
7.67.5
4.88.8
9.4
7.0
6.1
2.64.35.72.89.1
4.98.3
3.98.8
10.2
5.73.38.59.06.4
6.7
6.65.9
3.75.2
6.9
6.6
5.8
2.54.14.71.38.2
3.87.9
5.07.9
11.0
4.72.48.58.76.4
5.6
6.25.0
3.7-5.4
6.4
4.9
4.7
2.33. 62.41.35.9
3.96.4
4.76.2
10.6
3.92.26.84.37.0
4.8
4.93.3
2.93.9
6.2
3.3
Source: Federal Trade Commission and Securities and Exchange Commission.
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TABLE B—36.—Relation of profits before and after taxes to stockholders' equity and to sales, allprivate manufacturing corporations, by size class, 1947-49 average and 1950-51
Assets class (thousands of dollars)
All sizes
1 to 249250 to 999.. _ _1 000 to 4,9995 000 to 99,999 _ _ .100 000 and over
All sizes
1 to 249250 to 9991 000 to 4,9995,000 to 99,999 —100 000 and over
All sizes
1 to 249250 to 9991,000 to 4,9995,000 to 99,999 __100 000 and over
All sizes
1 to 249250 to 9991,000 to 4,999 — _ . -5 000 to 99,999100,000 and over_.
1947-49average
1950
Total Firstquarter
Secondquarter
Thirdquarter
1951
Firstquarter
Secondquarter
Thirdquarter
Ratio of profits before Federal taxes (annual rate) to stockholders'equity
23.2
16.822.423.624.022.4
28.0
17.223.625.227.629.6
19.6
8.813.217.218.421.6
24.8
15.221.221.623.627.2
31.2
26.430.428.831.232.0
32.8
23.628.833.234.432.0
30.4
22.428.030.432.030.0
25.5
17.421.322.625.426.8
Profits before Federal taxes in cents per dollar of sales
10.5
4.57.28.8
10.812.2
12.8
4.37.99.5
12.515.5
10.1
2.55.17.39.5
12.8
11.8
4.27.48.5
11.314.4
13.5
6.29.8
10.313.316.0
13.5
5.48.8
10.913.815.4
12.9
5.28.5
10.112.914.9
11.5
4.27.08.2
11.014.0
Ratio of profits after Federal taxes (annual rate) to stockholders'equity
14.4
9.612.814.014.814.4
. 15.6
10.413.214.015.216.4
12.0
4.07.2
10.011.213.6
15.6
9.612.813.214.817.2
17.6
19.218.816.417.217.6
14.8
14.414.815.615.214.4
13.6
13.613.213.214.014.0
10.4
9.19.78.8
10.011.0
Profits after Federal taxes in cents per dollar of sales
6.5
2.64.25.26.67.8
7.1
2.64.45.26.98.6
6.2
1.12.74.25.88.1
7.4
2.74.45.27.0
. 9.2
7.6
4.56.05.97.48.9
6.1
3.34.55.26.07.0
5.8
3.24.04.45.66.9
4.7
2.23.23.24.35.8
Sources: Federal Trade Commission and Securities and Exchange Commission.
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TABLE B-37.—Sources and uses of corporate funds, 1947-51
[Billions of dollars]
Source or use of funds
Uses:Plant an d equipment outlays — -Inventories (change in book value)Change in customer receivables. _Cash and U. S. Government securitiesOther current assets .-
Total uses __
Sources:Internal:
Retained profits and depletion allowances _ ._Depreciation allowances , _ . .
Total internal sources
External:Change in trade debt -_ -Change in Federal income tax liabilityOther current liabilities. _ _._Change in bank loansChange in mortgagesNet new issues
Total external sources
Total sources
Discrepancy (sources less uses) _ . . _ _
1947
16.27.17,61.2-.1
32.0
11.65.2
16 8
4.62.31.02.6.6
4.4
15 5
32.3
—.3
1048
18.04.24.01.9.1
28.2
12.86.2
19 0
1.2.8
(8)1.1.7
5 9
9 7
28.7
—.5
1949
16.1-4.3—.53 0
—.2
14.1
9.17 0
16 1
—2.9-2.1_ -i
-1.9.7
4 9
—1 4
14.7
— 6
1950
16.67.5
10.05.0.3
39.4
12.97.5
20 4
5 97.1.3
2.5.9
3 7
20 4
40.8
—1.4
1951»
21.78.65.03.0.5
38.8
8.08 5
16 5
3.58.51.03 51.05 8
23 3
39.8
—1.0
* Excludes banks and insurance companies.» Estimates based on incomplete data; by Council of Economic Advisers.* Less than 50 million dollars.
Source: Department of Commerce estimates based on Securities and Exchange Commission and otherfinancial data (except as noted).
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TABLE B-38.—International transactions of the United States, 1948-51
[Millions of dollars]
Type of transaction
Exports of goods and services:Recorded goodsOther goods 2 __ _ _ _ _ -.
Total goods .Services _ _ _ _Income on investments
Total exports _ _
Imports of goods and_ser vices:Recorded goodsOther goods 2
Total goodsServicesIncome on investments
Total imports _. ..
Surplus of exports of goods_andservices:
Recorded goodsOther goods 2
Total goods -Services . -Income on investments _
Total surplus of exports
Means of financing surplus of ex-ports of goods and services:
Liquidation of gold anddollar assets by foreign coun-tries
Dollar disbursements (net) by:International Monetary
FundInternational Bank
U. S. Government sources(net):"
Grants and other unilat-eral transfers _
Long- and short-term loans _U. S. private sources (net):
Remittances. --Long- and short-term
capital 8
Total means of financ-ing
Errors and omissions
1948
12, 651695
13, 3462,2461 375
16, 967
7 124698
7 8222 162
284
10 268
5 527—3
5 52484
1 091
6 699
780
203176
4,157886
678
856
7,736—1 037
1949
12, 052285
12, 3372,2321,405
15, 974
6 622444
7 0662,184
353
9,603
5 430—159
5,27148
1 052
6 371
—60
9938
5,321647
522
589
7,156—785
1950
10, 275383
10, 6582,0241 743
14, 425
8 852463
9 3152,376
437
12, 128
1 423—80
1, 343-3521 306
2 297
—3, 645
—2037
4,120164
481
1,316
2,453—156
Total i
14, 888573
15, 4612,7502,003
20, 214
11 204649
11 8532,893
417
15, 163
3 684-76
3,608—1431 586
5 051
-122
4,508151
412
750
5,699-648
Firstquarter
3,33480
3,414565396
4,375
3 032185
3 21761286
3 915
302—105
197—47310
460
—855
—1016
1,03559
112
249
606—146
1951
Secondquarter
4 01873
4 091721471
5,283
2 980153
3 13370699
3 938
1 038—80
95815
372
1 345
—159
—1110
1,27983
96
284
1,582—237
Thirdquarter
3 686135
3 821744511
5,076
2 492139
2 63185693
3 580
1 194—4
1 190—112
418
1 496
269
C3)23
1, 10227
94
2
1,517—21
Fourthquarter 1
3 850285
4 135720625
5 480
2 700' 172
2 872719139
3 730
1 150'l!3
1 2631
486
1 750
595
1,092-18
110
215
1,994—244
1 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.2 Includes goods sold to or bought from other countries that have not been shipped from or into the United
States customs area, and other adjustments.3 Less than $500,000.4 For detail, see appendix table B-40.s Excludes purchases or sales of obligations issued by the International Bank for Reconstruction and
Development.Source: Department of Commerce (except as noted).
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TABLE B--39.—United States exports and imports of goods and services, by area, 1948—51
[Billions of dollars, annual rates]
Area
Exports of goods and services: 2
ERP countries . _ _ _ERP dependenciesEurope, except ERP countries-Canada and NewfoundlandLatin- American republicsOther 4
Total exports
Imports of goods and services: 2
ERP countriesERP dependenciesEurope, except ERP countries-Canada and Newfoundland- __Latin-American republicsOther 4
Total imports
Export surplus of goods and serv-ices: 2
ERP countriesERP dependenciesEurope, except ERP countries-Canada and NewfoundlandLatin-American republicsOther*. .__
Total export surplus
ADDENDUM
Exports of goods and services tosterling area 8
Imports of goods and services fromsterling area
Export surplus with sterlingarea5
1948
5.89.85.27
2.484.223.26
16 97
2.20.74.24
2.043 081.98
10 27
3 69.11.03.45
1.141.28
6.70
2 67
1 93
.74
1949
5.39.90.21
2.593.663.21
15 97
2.22.71.18
2.012 941.54
9 60
3 17.19.03.58.72
1.67
6.37
2.52
1.73
.79
1950
4.43.58.18
2.733.922.59
14 42
2.69.89.23
2.443 562.32
12 13
1 73—.31-.04
.29
.36
.27
2.30
1 95
2.27
-.32
Total i
(3)
(3)(3)(3)(3)(3)
20 21
(3)
(3)(3)(3)(3)(3)
15 16
(3)(3)
(3)(3)(3)
(3)
5.05
(3)
(3)
(3)
Firstquarter
5.48.52.29
3.184.573.46
17 50
3.381.30.26
2.474 903.35
15 66
2.10—.78
.03
.71-.33
.11
1.84
2 31
3.00
-.69
1951
Secondquarter
7.16.68.38
3.925.123 87
21 13
3.641.21.26
2.804 183 66
15 75
3 52- 53
.121.12.94.21
5.38
2 86
3 42
-.56
Thirdquarter
6 45.74.32
3.445.344 02
20 30
3 481.13.18
3.043 512 98
14 32
2 97—.39
.14
.401.831.04
5.98
3 19
2.84
.35
Fourthquarter *
(3)(3)
(3)(3)(3)(3)
21 92
(3)(3)
(3)(3)(3)(3)
14 92
(3)(3)
(3)(3)(3)(3)
7.00
(3)
(3)
(3)
1 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.2 Includes income on investments.3 Not available.4 Includes international institutions.6 In 1950 and 195], includes "special category" exports sold for cash, but excludes all transactions under
the Mutual Defense Assistance Program.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
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TABLE B-40.—U. S. Government grants, other unilateral transfers, and loans to foreign countries,1948-51
[Millions of dollars]
Type of aid
Unilateral payments:Military-aid programs:
Mutual Defense Assist-ance Program
Greek-Turkish aidChinese aid
EGA programs:European Recovery Pro-
gramOther
Army Civilian Supply Program *.Technical Cooperation Ad-
ministrationPhilippine Rehabilitation Act.Interim aid and Post-UNRRAInternational Refugee Organi-
zation and other United Na-tions relief organizations
Other --
Total unilateral payments. ..Less: Unilateral receipts
Equals: Net unilateral jpay-ments 1
Long-term loans and investments:United Kingdom loanEuropean Recovery Program..Export-Import Bank loansSurplus property credits, in-
cluding ship sales ._Raw-material credits to occu-
pied areasUnited Nations building loan.Other
Total long-term loans andInvestments
Less: Repayments
Equals: Net long-term loansand investments
Short-term loans (net)
Total net unilateral pay-ments, loans and invest-ments
1948
34971
1 39796
1,468
130627
117107
4,362205
4,157
300476454
168
639
1,416443
973
-87
5,043
1949
17144
3 730' 92
1,082
2032
104157
5,585264
5,321
428163
30
262012
679205
474
173
5,968
1950
516625
2 719114500
7166
84122
4,295175
4,120
163193
2
28226
414287
127
37
4,284
Total i
(2)(2)(2)
(2)(2)
«(2)
(2)
(2)(2)
(2)(2)
4, 508
(2)(2)
(2)
(2)
(2)(2)
(2)(2)
134
17
4,659
Firstquarter
3223
(3)
5952681
14
1441
1,08752
1,035
3983
41
12760
67
-8
1,094
1951
Secondquarter
4543
65121
127
34
747
1,31940
1,279
2581
42
11246
66
17
1 362
Thirdquarter
4351
(3)
5394070
54
632
1,13230
1,102
7030
42
10687
19
8
1 129
Fourthquarter 1
(2)(2)(2)
(2)(2)(2)
(2)(2)
(2)(2)
(2)(2)
1,092
(2)(2)
(2)
(2)(2)(2)
(2)(2)
-18
_.
1,074
1 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.2 Not available.* Less than $500,000.4 Includes disbursements in Germany administered by EGA from funds appropriated under the Army
Civilian Supply Program.Source: Department of Commerce (except as noted).
206
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TABLE B-41.—United States merchandise exports, including reexports, by area, 1936-38 quarterlyaverage and 1947—51
Period
Quarterly average:1936-381947194819491950'1951 3
1950: First quarterSecond quarter _ _Third quarter ». .Fourth quarter 3_
1951: First quarter «...Second quarter 3.Third quarter 3. _Fourth quarter 3_
Quarterly average:1936-38194719481949I9608
1950: First quarterSecond quarter. _Third quarter ». _Fourth quarter 3.
1951: First quarter ».„Second quarter 3_Third quarter 3_ .
Total ex-ports in-cluding
reexportsCanada J
OtherWesternHemi-sphere
ERPcoun-tries 2
OtherEurope Asia*
Australiaand
OceaniaAfrica
Millions of dollars
7423,8353,1633,0132,569
4 3, 722
2,3652,5102,4512,949
3,3344,0183,686
<3,850
115528486490504
(5)
397530505583
623756606
(•)
1361,017
841725703
(5)
640668706798
867960979
(5)
2821,3241,0461,019
720(5)
776762587756
8141,028
871«
31118494135
(5)
33353734
628262
(8)
122562507534369
(5)
399381334364
470549516
(')
2380384936
(5)
37383038
444566
(•)
3220519615591
(fi)
849679
103
120156173
(5)
Percentage of total
100100100100100
100100100100
100100100
15.513.815.416.319.6
16.821.120.619.8
18.718.816.4
18.326.526.624.127.4
27.126.628.827.1
26.023.926.6
38.034.533.133.828.0
32.830.423.925.6
24.425.623.6
4.23.11.51.41.4
1.41.41.51.2
1.92.01.7
16.414.716.017.714.4
16.915.213.612.3
14.113.714.0
3.12.11.21.61.4
.6
.5
.2
.3
.3
.1
.8
4.35.36.25.13.5
3. 63.83.23.5
3.63.94.7
1 Includes Newfoundland and Labrador.2 Turkey is included with countries participating in the European Recovery Program and excluded from
Asia. Exports to Germany are included with those of ERP countries and, in the postwar period, relatealmost wholly to exports to the 3 western zones.
3 Data by area exclude, while total exports include, "special category" exports. For this reason, exportsby area will not add to total exports in these periods.
* Estimates based upon incomplete data; fourth quarter by Council of Economic Advisers,s Not available.
NOTE.—Data in this table cover all merchandise, including reexports, shipped from the United Statescustoms area to foreign countries, including, in 1947 to 1951, goods destined to United States Armed Forcesabroad for distribution in occupied areas as civilian supplies.
Detail will not necessarily add to totals because of rounding. See also footnote 3.
Source: Department of Commerce (except as noted).
207977891—52
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TABLE B-42.—Indexes of quantity and unit value of United States domestic merchandise exports,by economic class,, 1936—38 quarterly average and 1947—51
[1936-38=100]
Period
Quarterly average:1936-381947.19481949 „19501951 2 _ -
1950' First quarterSecond quarter _ _Third quarterFourth quarter
1951: First quarter ._Second quarterThird quarterFourth quarter 2 ._
Quarterly average:1936-38194719481949195019512
1950: First quarter __ .Second quarter . _Third quarterFourth quarter
1951: First quarter ._.Second quarterThird quarterFourth quarter 2
Totaldomesticexports
Crudematerials
Crudefoodstuffs !
Manu-factured
foodstuffs *
Semi-manu-
factures
Finishedmanu-
factures
Quantity indexes
100275214219193246
181194184209
223258243258
100123100126128(3)
125143112128
112126116
(3)
100397362435287(3)
284270264325
456583434
(»)
100478350297237(3)
213250224230
247280267
(3)
100203144150127(3)
121126125135
131157165
(3)
100332257250225(3)
207220220251
278317304
(3)
Unit value indexes
100188200186180205
177175180191
202210206202
100195223212220
(3)
206212226215
263275249
(3) .
100248255225193
(3)
196190192196
203219221
(3)
100218223177151
(3)
151142162169
185203192
(3)
100169184174170
(3)
164166168183
203212211
(3)
100182193184179
(3)
179175177187
195201200
(3)
1 Export indexes of crude and manufactured foodstuffs, particularly those of unit value in 1950, are in-fluenced by sales of large quantities of food products at prices considerably below market quotations. Suchexports include sales from Government-owned surplus and shipments on which subsidies were paid by theDepartment of Agriculture.
2 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.3 Not available.
NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changesin average prices has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions are reported in official foreign trade statistics, including change in aver-age prices that result from changes in the commodity composition of trade. The indexes for 1947 to 1950are based on data which include goods destined to the United States Armed Forces abroad for distributionto civilians in occupied areas.
Source: Department of Commerce (except as noted).
208
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TABLE B-43.—United States general merchandise imports, by area, 7936-38 quarterly average and1947-51
Period
Quarterly average:1936-381947 .19481949 .. ..195019513 . .
1950: First quarterSecond quarterThird quarterFourth quarter
1951: First quarterSecond quarterThird quarterFourth quarter s
Totalgeneralimports
Canada 1Other
WesternHemi-sphere
ERPcoun-tries 2
OtherEurope Asia 2
Australiaand
OceaniaAfrica
Millions of dollars
6221,4391,7811,6562,2132,801
1, 8891, 9312,3882,644
3,0322,9802, 4922,700
88282398388490
(4)
404478504575
529585552
I4)
143568627611776
(4)
727645913818
1,084894739
<.4)
152174244211315
(4)
240243323455
513514457
(4>
3045493547
(4)
45454950
635739
0)
183249324296409
(4)
302363417555
592545480
(4)
1039413152
(4)
49524760
S3184119
(4)
17829884
123(0
122103136132
169201
• 106(4)
Quarterly average:1936-38 . .19471948 -19491950 _
1950: First quarter. _Second quarterThird quarterFourth quarter
1951: First quarter .Second quarterThird quarter
Percentage of total
100100100100100
100100100100
100100100
14.119.622.323.422.1
21.424.821.121.7
17.419.622.2
23.039.535.236.935.1
38.533.438.230.9
35.830.029.7
24.412.113.712.714.2
12.712.613.517.2
16.917.218.3
4.83.12.82.12.1
2.42.32.11.9
2.11.91.6
29.417.318.217.918.5
16.018.817.521.0
19.518.319.3
1.62.72.31.92.3
2.62.72.02.3
2.76.24.8
2.75.75.55.15.6
6.55.35.75.0
5.66.74.3
1 Includes Newfoundland and Labrador.2 Turkey is included with countries participating in the European Recovery Program and excluded from
Asia. Imports from Germany are included with those of ERP countries and, in the postwar period, relatealmost wholly to imports from the three western zones.
3 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.4 Not available.
NOTE.—Data in this table cover all merchandise received in theTUmted States customs area from foreigncountries. General imports include merchandise entered immediately upon arrival into merchandisingchannels, plus entries into bonded customs warehouses.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
209
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TABLE B—44.—Indexes of quantity and unit value of United States merchandise imports foisumption, by economic class, 1936—38 quarterly average and 1947—51
[1936-38=100]
Period
Quarterly average:1936-3819471948 - . ---1949195019511
1950: First quarterSecond quarterThird quarter _ _ _Fourth quarter
1951: First quarterSecond quarterThird quarterFourth quarter *
Quarterly average:1936-38 . .1947 -_19481949 _ _ _19501951 i
1950: First quarterSecond quarterThird quarterFourth quarter
1951: First quarterSecond quarterThird quarterFourth quarter *
Totalimports forconsump-
tion
Crudematerials
Crudefoodstuffs
Manufac-tured food-
stuffsSemimanu-
facturesFinishedmanufac-
tures
Quantity indexes
100108123120146148
137136154158
163147131151
100129139125152
0)
152140155161
161144136
(2)
10096
109119113
- (2)
12194
125111
14910892
(2)
100839197
117(2)
98113143113
126129120
(2)
100130149143219
(2)
189213220247
227215182
(2)
10084
103101125
(2)107107119125147
141141126
(*)
Unit value indexes
100213235224243304
223229248270
295313312297
100180203195214
(2)
185194215255
302340316
(*)
100311343330454
(2)
410433485491
508521516
(2)
100208212202203
(2)
199199203210
214224224
(3)
100191217198193
(2)
176179197220
234242250
(a)
100245266258252
(2)
245248253262
278288313
(J)
* Estimates based on incomplete data; fourth quarter by Council of Economic Advise rs.2 Not available.NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changes
in average prices has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions are reported in official foreign trade statistics, including changes in aver-age prices that result from changes in the commodity composition of trade.
Source: Department of Commerce (except as noted).
210
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TABLE B-45.—United States exports of selected capital goods to ERP countries and underdevelopedareas, 1950-51
[Millions of dollars]
Goods and area
1950
Firsthalf
Secondhalf
1951
Firsthalf
Secondhalfi
Steel mill products:ERP countries 2 _ 52Latin American republics 75Asia 3 _ 42Africa _ _ 10
Electrical machinery and apparatus:3
ERP countries 2—_ - 34Latin American republics 78Asia3 _ _ _ _ 26Africa _
Engine, turbines, and parts, including locomotives:ERP countries*-- 8Latin American republics 32Asia 2. 20Africa _ _ 4
Construction, excavating, and conveying machinery:ERP countries 2 . 18Latin American republics ...• 30Asia 2. ___ _ _ 10Africa.. _
Mining, well, and pumping machinery:ERP countries 2__ _. 15Latin American republics 27Asia 2... _ 7Africa.. _ _ 5
Machine tools:3
ERP countries 2 _ 26Latin American republics 3Asia 2 2Africa, _ _ _ _ . (*)
Other metal working machinery:ERP countries 2 40Latin American republics _ _Asia 2 2Africa... 5
Agricultural machinery and implements:ERP countries a 7Latin American republics _ 15Asia 2 ._ 3Africa 5
Tractors, parts, and accessories: *ERP countries 2 17Latin American republics 29Asia 2 _ _ . _ 7Africa. 14
Trucks, busses, and chasses (new): *ERP countries 2
Latin American republicsAsia 2 _ _ . _ 15Africa „ 8
Miscellaneous machinery, excluding aircraft and trans-portation equipment:
ERP countries 2 _ 87Latin American republics 78Asia2 . . . .. 25Africa
10
43
14
8010224
4010435
3311524
C4)
35
141162216
1242913
421063611
451243411
174896
18441511
1045107
2131
34941
2547
11451118
13127
21
1293114
* Estimates based on data through September.2 Turkey is included in ERP countries and excluded from Asia.3 Includes "special category" commodities in first half of 1950, but excludes them thereafter.< Less than $500,000.Source: Department of Commerce.
211
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TABLE B-46.—Changes in selected economic series since 1939 and 1950 and during 1951
Source:Ap-pen-dix
tableNo.
B-l...
B-3...
B-6...
B-9___
B-10-.
B-ll..
B-15..
B-16..
B-18-.
B-19-.
B-20..
B-22..
B-23..
Economic series
Gross national productPersonal consumption expendituresGross private domestic investmentGovernment purchases of goods and
services
Gross national product in 1951 pricesPersonal consumption expendituresGross private domestic investmentGovernment purchases of goods and
services _
National incomeCompensation of employees
Personal incomeDisposable personal income. _ -Personal net saving
Per capita disposable personal income:Current prices - -1951 prices
Labor force, including armed forces _ -Civilian labor force ._ ._
EmploymentAgricultural _ _ ._Nonagricultural - ._ _
Unemployment
Average gross weekly earnings:M anuf actur ing
Durable goods . . - ._. _ _Nondurable goods. . _
Building construction
Industrial production . _ _ .Durable manufactures .Nondurable manufactures - - _ . _ . _ -Minerals
Agricultural production
New constructionPrivate - _ _ _ . _
Residential (nonfarm)Nonresidential _ _ .__ . .Other private
Public
Business expenditures for plant and equip-ment-- _ _ -
Manufacturing
Inventories, end of periodManufacturing _ _ _ .Wholesale tradeRetail trade
SalesManufacturing _ _ . .Wholesale tradeRetail trade
Consumers' price index: All items _ _ .FoodApparel _ _ _ ___RentHousefurnishings _ ._ _ _
Wholesale price index: All commoditiesFarm productsFoodsOther than farm products and foods
1939=100
1950
310287494
324
168160243
159
330321
310291396
251141
11611413178
14533
249239251243
183217172140130
340474470481478187
342386
301290308322
362373366342
173215187126188
209261236188
1951
Total 2
358303594
485
182158272
220
381373
346317685
269141
(3)11413373
14920
271262268270
201250178156131
364474407624542237
444573
349362328333
405435407359
186239203130208
234301265208
Firsthalf
354304634
434
181159292
198
375366
340312530
266139
(3)11313270
14822
270261268261
204251183153
(3)
375499443662521231
413510
346340333366
411442413364
185237201129208
237307264211
Secondhalf 2
362302554
535
184157253
243
386379
352323837
272142
(3)115135
7715118
272264268280
199'250173158
(3)
354450371586562243
474637
3493C2328333
397426400353
188241205132208
231295267206
Percentagechange '
1950to
19512
15.65.6
20.2
49.4
8.5-1.51-2.0
38.6
15. 516.2
11.89.1
72.9
7.1-.1
(3)-.31.7
-6.02.9
-40.2
8.99.86.6
11.2
9.515.23.7
11.5.7
7.0.2
-13.429.913.327.1
29.748.7
15.624.76.63.5
11.916.511.15.1
7.811.28.83.8
10.9
11.815.312.510.6
1951, firsthalf to1951,
secondhalf 2
2.1-.6
-12.7
23.2
1.9-1.1
-13.3
23.0
3.03.8
3.53.2
58.0
2.31.7
(3)2.02.79.21.9
-18.0
.71.4.1
7.3
-2.3-.7
-5.03.1
C3)
-5.6-9.9
-16.3-11.5
7.95.1
14.624.8
.66.3
-1.4-9.2
-3.3-3.5-3.2-3.1
1.41.52.02.1.1
-2.4-3.8
1.0-2.5
See footnotes at end of table.
212
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TABLE B-46.—Changes in selected economic series since 1939 and 1950 and during 1951—Continued
Source:Ap-pen-dix
tableNo.
B-24_.
B-26-.
B-27..
B-30..
B-32..
B-41..
B-43-.
Economic series
Prices received by farmersPrices paid by farmers (including interest,
taxes, and wage rates)
Consumer credit outstanding, end of period-Instalment credit
Loans and investments of all commercialbanks, end of period
Loans _ _Investments in U. S. Government
securities
Gross public debt and guaranteed issues,end of period __ _. . .
Corporate profits:Profits before taxProfits after tax
Dividend paymentsUndistributed profits
Merchandise exports, including reexports ..
General merchandise imports
1939=100
1950
269
209
286304
311303
265
539
6371520242
1133
<346
*356
1951
Total 2
318
230
290301
329340
266
545
6891207250717
<502
4450
Firsthalf
322
229
274293
310319
250
536
7481307242867
M95
4483
Secondhalf 2
312
232
290301
329340
266
545
6311107258567
4508
4417
Percentagechange l
1950to
19512
11.8
10.2
1.5- 1.2
5.611.9
.3
1.0
8.2-20.6
3.3-36.8
44.9
26.6
1951, firsthalf to
1951,secondhalf 2
-3. a
1.4
5.9-2.7
6.26.6
6.3
1.6-
-15.6-15. a
6.5-34.6
2.5-
-13. 6
1 Changes are computed from data as reported and therefore may differ slightly from changes computedfrom the indexes shown here.
2 Estimates based on incomplete data.3 Not available.4 1936-38 average =100.
213
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