ERP Appendixes MY 1950 2

Appendix BStatistical Tables Relating to Employment,

Production, and Purchasing Power

CONTENTSNational income or expenditure: Page

B-l. Gross national product or expenditure, 1929-50 115B-2. Personal consumption expenditures, 1929-50 116B-3. Gross private domestic investment, 1929-50 117B-4. National income by distributive shares, 1929-50 118B-5. Personal income, 1929-50 119B-6. Relation of national income and personal income, 1929-50 120B-7. Disposition of personal income, 1929-50 121B-8. Total and per capita disposable personal income in current and 1949

dollars, 1929-50 122Employment and wages:

B-9. Labor force, employment, and unemployment, 1929-50 123B-10. Number of wage and salary workers in nonagricultural establish-

ments, 1929-50 124B-ll. Average gross weekly earnings in selected industries, 1929-50 125B-l2. Average hourly earnings in selected industries, 1929-50 126B-l 3. Average weekly hours in selected industries, 1929-50 127

Production and business activity:B-l4. Physical production index of goods and selected services, 1929-50, . . 128B-15. Industrial production index, 1929-50 129B-16. New construction activity, 1929-50 130B-l 7. Business expenditures for new plant and equipment, 1929-50 131B-l8. Inventories and sales in manufacturing and trade, 1939-50 132B—19. Manufacturers' inventories by stage of fabrication and as ratios to

sales, 1946-50 133B-20. Sales, stocks, and outstanding orders at 296 department stores,

1939-50 134Prices:

B-21. Consumers' price index, 1929-50 135B-22. Wholesale price index, 1929-50 136B-23. Indexes of prices received and prices paid by farmers, and parity ratio,

1929-50 137

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

Money, banking, and credit: PageB-24. Consumer credit outstanding, 1929-50 138B—25. Loans and investments of all commercial banks and weekly reporting

member banks, 1929-50 139B-26. Deposits and currency, 1929-50 140B-27. Estimated ownership of Federal securities, 1939-50 141B-28. Bond yields and interest rates, selected years, 1929-50 142

Corporate profits and finance:B-29. Profits before and after tax, all private corporations, 1929-50 143B-30. Sales and profits of large manufacturing corporations, 1939-50 144B-31. Relation of profits before and after taxes to stockholders' equity, private

manufacturing corporations, by industry group, 1948—50 145B-32. Relation of profits before and after taxes to sales, private manufacturing

corporations, by industry group, 1948—50. 146B-33. Relation of profits before and after taxes to stockholders' equity and

to sales, all private manufacturing corporations, by size class,1948-50 147

B-34. Sources and uses of corporate funds, 1946-50 148International transactions:

B-35. The international transactions of the United States, 1947-50 149B—36. United States exports and imports of goods and services, by area,

1937 and 1947-50 150B—37. United States Government grants, loans, and other transfers to foreign

countries, 1947-50 151B—38. United States merchandise export surplus, by area, 1936—38 quarterly

average and 1947-50 152B—39. United States merchandise exports, including reexports, by area,

1936-38 quarterly average and 1947-50 153B—40. United States domestic merchandise exports, by economic class,

1936-38 quarterly average and 1947-50 154B—41. Indexes of quantity and unit value of United States domestic mer-

chandise exports, by economic class, 1936—38 quarterly averageand 1947-50 155

B-42. United States general merchandise imports, by area, 1936-38 quarterlyaverage and 1947-50 156

B—43. United States merchandise imports for consumption, by economicclass, 1936-38 quarterly average and 1947-50 157

B-44. Indexes of quantity and unit value of United States merchandiseimports for consumption, by economic class, 1936—38 quarterlyaverage and 1947-50 158

Summary:B-45. Changes in selected economic'series since 1939 and 1949 159

114


Statistical Tables Relating to Employment, Production,and Purchasing Power

TABLE B-l .—Gross national product or expenditure, 1929-501

[Billions of dollars]

Period

1929 _. ._.

19301931 ._19321933 . . . . _1934

19351936193719381939

19401941__19421943 _1944

19451946194719481949

1949— First half _. .Second half

1950 — First half *

1949— First quarterSecond quarterThird quarter. _ _ _ ._Fourth quarter __ __

1950 — First quarter. _.Second quarter 2

Grossnationalproduct

103.8

90.975.958.355.864.9

72.282.590.284.791.3

101.4126.4161.6194.3213.7

215.2211.1233.3259. 1255.6

Personalconsump-tion ex-

penditures

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146.9165.6177.4178.8

Grossprivate

domesticinvestment

15.8

10.25.4.9

1.32.8

6.18.3

11.46.39.9

13. 918.310.95.77.7

,10. 728. 730.243.133.0

Net foreigninvestment

0.8

.7

.2

.2

.2

.4

-.1-.1

.11.1.9

1.51.1-.2

-2.2-2.1

-1.44.68.91.9.4

Govern-ment pur-chases of

goods andservices

8.5

9.29.28.18.09.8

9.911.711.612.813.1

13.924.759.788.696.5

82.830.928.636.643.3

Annual rates, seasonally adjusted

257.0254.1

265.2

258.8255.2254.4253.8

262.5268.0

177.9179.8

183.4

177.4178.4179.0180.6

182.4184.5

34.431.6

42.2

37.531.332.131.2

40.544.0

1.2-.3

-2.0

1.01.3.1

-.7

-1.9-2.0

43.643.0

41.4

42.944.343.242.8

41.441.5

1 The figures for 1946-50 are based on the revised series of national income and product of the Departmentof Commerce. For detail, see the "Survey of Current Business," July 1950.

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


TABLE B—2.—Personal consumption expenditures, 1929—50 l


Period

1929. .

1930 .193119321933. . . _1934

19351936193719381939. . . _. . _

1940 . .194119421943..1944

19451946194719481949.. .. . _

1949— First half. ..__Second half

1950— First half «

1949— First quarterSecond quarter _ _ _Third quarterFourth quarter

1950— First quarterSecond 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

123.1146.9165.6177.4178.8

Durable goods

Total

9.4

7.35.63.73.54.3

5.26.47.05.86.7

7.99.87.16.87.1

8.516.621.422.923.8

Auto-mo-bilesand

parts

3.2

2.21.6.9

1.01.4

1.92.32.41.62.1

2.73.3.7.8.9

1.14.26.67.59.5

Other

6.1

5.14.02.82.52.9

3.34.14.64.14.6

5.16.46.46.06.2

7.412.414.815.414.3

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

100.998.5

Food'

19.7

18.114.811.411.514.3

16.318.520.019.019.3

20.724.430.535.338.9

43.050.356.659.958.6

Cloth-ings

9.2

7.96.85.04.65.6

5.96.56.76.67.0

7.48.8

11.013.715.3

17.118.619.120.018.6

Other

8.9

8.17.46.46.26.9

7.27.98.68.48.9

9.510.811.411.912.9

14.816.919.421.021.3

Services

Total

31.7

29.526.622.820.620.9

21.723.324.924.725.5

26.628.531.234.437.4

39.744.449.153.756.5

Hous-ing*

11.4

11.010.29.07.87.5

7.67.98.48.78.9

9.29.9

10.611.111.7

12.213.014.616.117.2

Other

20.2

18.516.413.812.713.4

14. 115.416.516.016.5

17.418.720.623.325.7

27.531.434.537.639.3


177.9179.8

183.4

177.4178.4179.0180.6

182.4184.5

22.725.0

27.0

22.423.024.725.3

26.927.2

8.610.3

11.0

8.29.1

10.210.4

10.811.3

14.014.7

16.0

14.213.914.514.9

16.115.9

99.397.8

98.0

99.499.297.697.9

97.598.5

58.958.4

58.5

59.158.758.458.3

58.358.7

19.218.0

17.9

19.319.118.018.1

17.718,1

21.221.4

21.6

21.021.421.221.5

21.521.7

55.957.0

58.4

55.656.256.657.4

58.058.8

17.017.4

18.0

16.817.117.317.6

17.918.2

39.039.6

40.4

38.839.139.339.8

40.140.6


2 Includes alcoholic beverages.3 Includes shoes and standard clothing issued to military personnel.* Includes imputed rental value of owner-occupied dwellings.s Estimates based on incomplete data; second quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

116


TABLE B-3.—Gross private domestic investment., 1929-50 l


Period

1929- .

19301931-19321933 _1934

1935---,.- . .-19361937 -_ - -19381939 .

1940194119421943.1944-..

1945 _ . _.19461947.19481949

1949— First halfSecond half

1950— First half a

1949— First quarterSecond quarterThird quarterFourth quarter

1950— First quarterSecond quarter 9

Totalgrosspri-vate

domes-tic

nvest -ment 2

15.8

10.25.4.9

1.32.8

6.18.3

11.46.39.9

13.918.310.95.77.7

10.728.730.243.133.0

Nonfarm producers'plant and equipment

Total 2

9.8

7.64.62.52.33.1

3.85.26.64.75.7

7.49.35.84.66.3

8.715.620.323.522.6

Equip-ment 3

5.6

4.32.81.61.62.2

2.93.94.73.44.0

5.36.64.13.54.7

6.310.714.616.716.1

Con-struc-

tion 2 4

4.2

3.41.81.0

!9

1.01.31.91.41.7

2.12.71.71.11.6

2.44.95.76.86.5

Farmequip-mentandcon-

struc-tion 8

1.1

.9

.5

.3

.3

.4

.6

.81.0.8.8

1.01.31.0.9

1.2

1.42.53.84.64.7

Resi-dential

con-struc-tion(non-

farm)26

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

Otherpri-

vatecon-

struc-tion 7

0.5

.5

.4

.2

.1

.1

.1

.1

.2

.2

.2

.2

.3

.1(8)

.1

.2

.5

.61.01.2

Net change in busi-ness 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

-.76.1-.85.5

-3.7

Non-farmafter

revalu-ation

adjust-ment

1.8

(8)-1.7-2.6-1.3

.2

.42 11.8

-1.1.3

2.03.4.8

-.5o

-.66.31.44.4

-3.1

Farm

-0.3

2!s

(8)-.3

-1.3

.5-1.1

.5

.1

.1

.2

.51.3

-.4

-.1-.2

-2.21.2-.6


34.431.6

42.2

37.531.332.131.2

40.544.0

23.321.9

23.2

23.523.022.221.6

22.324.3

16.415.8

16.9

16.616.316.015.5

16.017.8

6.86.2

6.4

6.96.76.26.1

6.36.5

4.84.6

4.6

4.84.84.74.4

4.54.8

7.78.9

11.3

7.87.68.29.5

11.011.6

1.21.2

1.4

1.21.21.21.3

1.41.4

2 5-5.0

1.6

.3-5.3-4.2-5.7

1.32.0

-2.2-4.0

2.4

.1-4.5-3.2-4.7

2.12.6

-.3-1.0

-.7

.2-.8

-1.0-.9

-.8-.6

1 The figures for 1946-50 are based on the revised series of national income and product of the Departmenof Commerce. For detail, see the "Survey of Current Business," July 1950.

2 Items for 1945 and earlier years are not comparable with those for later years, nor with figures shown inTable B-16. Revisions of construction estimates noted under Table B-16 have been incorporated inTable B-3 for 1946 and subsequent years only.

3 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.

* 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.

fi Farm construction (residential and nonresidential) plus "farm machinery and equipment" and farmers'purchases of "tractors" and "business motor vehicles." (See footnote 3.)

6 Includes construction of hotels, tourist cabins, motor courts, and dormitories since 1946 only.7 Includes religious, educational, social and recreational, hospital and institutional, and miscellaneous

nonresidential.8 Less than 50 million dollars.s Estimates based on incomplete data; second quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.

Source: Department of Commerce (except as noted).

117


TABLE B~~4.—National income by distributive shares, 1929—501


Period

1929

19301931..19321933.1934

19351936 . . .19371938 .1939 .. __

1940. _ .19411942 .19431944

19451946. ..1947 _.1948 .1949 ..

1949— First half.Second half

1950— First half •

1949 — First quarter.Second quarterThird quarter. .Fourth quarter

1950— First quarter .Second quarter 6

Totalnation-

alin-

come2

87.4

75.058.941.739.648.6

56.864.773.667.472.5

81.3103.8137.1169.7183.8

182.7180.3198.7223.5216.8

Com-pen-

sationof em-ploy-ees3

50.8

46.539.530.829.334.1

37.142.747.744.747.8

51.864.384.9

109.2121.2

123.0117.1128.0140.2140.6

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. 6-.15.017.2

18.720.619.822.121.0

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

In-ven-toryvalu-ationad-

just-ment

0.1

.8

.6

.3-.5-.1

-.1-.1(5).2

-.2

-.1-.6-.4-.2-.1

-.1-1.8-1.5-.4

.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

12.514.815.617.713.4

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

6.36.67.17.57.3

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

19.218.324.731.829.9

Cor-po-rateprof-its

beforetax*

9.8

3.3-.8

-3.0.2

1.7

3.25.76.23.36.5

9.317.221.125.124.3

19.723.530.533.927.6

In-ven-toryvalu-ationad-

just-ment

0.5

3.32.41.0

-2.1-.6

-.2-.7(5)1.0-.7

-.1-2.6-1.2

— 8-!3

-.6-5.2-5.8-2.0

2.2

Netinter-est

6.5

6.25.95.45.04.8

4.54.54.44.34.2

4.14.13.93.43.1

3.02.93.54.14.7


218.3215.4

219.1

218.8217.8216.7214.2

217.2221.0

141.0140.1

144.4

141.5140.5140.0140.2

142.3146.6

21.320.6

21.8

21.521.120.720.6

21.422.2

20.420.1

22.6

20.720.120.020.3

21.623.6

.9

.5

-.8

.81.0.7.3

-.2-1.4

14.312.5

12.2

14.913.712.212.8

12.811.6

7.47.2

7.2

7.47.47.27.3

7.37.2

29.630.1

28.4

28.830.431.828.4

28.428.4

27.427.9

30.1

28.326.428.227.6

29.231.0

2.22.2

-1.6

.53.93.7.8

-.7-2.6

4.64.8

5.0

4.64.74.84.8

5.05.0

i The figures for 1946-50 are based on the revised series of national income and product of the Departmentof Commerce. For detail, see the "Survey of Current Business," July I960.

* National income is the total net income earned in producti on 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.

3 Includes wage and salary receipts and other labor income (see appendix table B-5), and employer andemployee contributions for social insurance.

* See appendix table B-29 for corporate tax liability (Federal and State income and excess profits taxes)and corporate profits after taxes.

6 Less than 50 million dollars.«Estimates based on incomplete data; second quarter by Council of Economic Advisers.

NOTE.—Detail will not necessarily add to totals because of rounding.


118


TABLE B-5.—Personal income, 1929-50l


Period

1929

19301931193219331934

1935 . _1936 - -193719381939 _ . _

1940 -1941 . .194219431944

1945 . . .19461947 _ _1948 .1949

1949— First half _Second half . .

1950— First half 6. . . _

1949— First quarter.Second quarter. _. .Third quarterFourth quarter ..


Totalpersonalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150. 3165.9

171.9177.7191.0209.5206.1

Salaries,wages,

and otherlabor

income 2

50.5

46.339.230.529.033.8

36.842.145.942.845.7

49.561.581.4

104.5116.2

116.9111.1122.3135.0134.9

Proprie-tors' and

rentalincome 3

19.7

15.711.87.47.28.7

12.112.615.414.014.7

16.320.828.432.835.5

37.542.042.447.341.7

Dividendsand

personalinterestincome 4

13.3

12.611.19.18.28.6

8.610.110.38.79.2

9.49.99.7

10.010.6

11.413.214.516.117.2

Transferpayments

1.5

1.52.72.22.12.2

2.43.52.42.83.0

3.13.13.23.03.6

6.211.411.811.212.3

Nonagri-culturalpersonalincome 8

76.8

70.060.146.243.049.5

53.462.866.562.166.3

71.586.1

109.4135. 2150.5

155. 7158.8170.8187.0188.2


207.7204. 6

215.0

208.6206.8203.8205. 4

216.4213.7

135.4134.4

137.6

135.7135.2134.4134. 5

135.5139.8

43.040.4

41.2

43.842.240.140.7

41.541.0

17.117.3

17.8

17.117.116.817.8

17.717.9

12.112.6

18.3

11.812.412.612.5

21.615.0

188.8187.8

198.6

189.0188. 5187.3188.2

199. 3197.9


2 Differs from "compensation of employees" in appendix table B-4, 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 andsalaries), directors' fees, jury and witness fees, compensation of prison inmates, Government payments toenemy prisoners of war, marriage fees to justices of the peace, and merchant marine war-risk life and injuryclaims.

3 See appendix table B-4, for major components: business and professional income, income of farmproprietors, and rental income.

4 See appendix table B-6, for dividend payments and net interest paid by Government and table B-4for other net interest payments.

« Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agri-cultural net rents, agricultural net interest, and net dividends paid by agricultural corporations.

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



TABLE B—6.—Relation of national income and personal income, 1929—50l


Period

1929

19301931 . .193219331934 . ..

1935 . . _193619371938 . .1939 —

194019411942 _ -.. _ .-19431944 _

1945 .1946 _194719481949

1949— First halfSecond half _ _ .

1950— First half 3

1949 — First quarter. . _ _ - _Second quarterThird quarter __ _. -_Fourth quarter

1950 — First quarterSecond quarter 3

Nation-al

income

87.4

75.058.941.739.648.6

56.864 773.667.472.5

81 3103.8137.1169.7183.8

182.7180.3198.7223.5216.8

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

19.218.324.731.829.9

Contri-butions

tosocialinsur-ance

0.2

.3

.3

.3

.3

.3

.36

1.82.02.1

2 32.83.54.55.2

6.16.05.75.25.7

Excessof

wageac-

crualsoverdis-

burse-ments

0.2-.2

(2)(3)(2)(2)(2)

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

5.610.911.110.611.6

Netinter-

estpaidby

Gov-ern-

ment

1.0

1.01.11.11.21.2

1.11.11.21.21.2

1.31.31.52.12.8

3.74.44.44.54.7

Divi-dends

5.8

5.54.12.62.12.6

2.94.64.73.23.8

4.04.54.34.54.7

4.75.86.67.57.8

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

Equals:per-sonal

income

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9177.7191.0209.5206.1


218.3215.4

219.1

218.8217.8216.7214. 2

217.2221.0

29.630.1

28.4

28.830.431.828.4

28.428.4

5.65.6

6.8

5.75.65.65.7

6.76.8

-.1

.1-.3

11.411.8

17.6

11.211.711.911.8

20.914.3

4.64.7

4.7

4.64.64.74.7

4.74.7

7.87.8

8.2

7.97.77.48.2

8.18.2

.7

.7

.7

.7

.7

.7

.7

.7

.7

207.7204.6

215.0

208.6206.8203.8205.4

216.4213.7

1 The figures for 1946-50 are based on the revised series of national income and product of the Departmentof Commerce. For detail, see the "Survey of Current of Business," July 1950.

2 Less than 50 million dollars.* Estimates based on incomplete data; second quarter by Council of Economic Advisers.



ISO


TABLE B-7.—Disposition of personal income, 1929-50l

Period

1929

1930 -1931193219331934

1935 .1936193719381939

19401941 ._. _ .1942 _ _ .19431944

19451946 _194719481949


1950— Fjrst half 2

1949 — First quarterSecond quarterThird quarterFourth quarter.. _.


Personalincome

Less:Personaltax andnontax

payments

Equals:Disposa-

blepersonalincome

Less:Personal

con-sumptionexpendi-

tures

Equals:Personal

netsaving

Billions of dollars

85.1

76.264.849.346.653.2

39.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9177.7191.0209.5206.1

2.6

2.51.91.51.51.6

1.92.32.92.92.4

2.63.36.0

17.818.9

20.918.821.521.218.7

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.7132.4147.0

151.1158.9169.5188.4187.4

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146.9165.6177.4178.8

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

10.98.6

Netsaving aspercentof dis-

posableincome

4.5

3.92.9

-2.9-2.7-.4

3.15.45.51.53.8

4.910.721.922.824.1

18.57.62.35.84.6


207.7204.6

215.0

208.6206.8203.8205. 4

216.4213.7

18.718.7

18.9

18.718.718.718.7

18.719.1

189.0186.0

196.2

189.9188.2185.1186.8

197.7194.6

177.9179.8

183.4

177.4178.4179.0180.6

182.4184.5

11.26.2

12.7

12.59.86.26.2

15.310.1

5.93.3

6.5

6.65.23.33.3

7.75.2

i The figures for 1946-50 are based on the revised series of national income and product of the Departmen tof Commerce. For detail, see the "Survey of Current Business,'' July 1950.

3 Estimates based on incomplete data; second quarter by Council of Economic Advisers.



121


TABLE B-8.—Total and per capita disposable personal income in current and 1949 dollars, 1929-50

Period

1929

1930 - --19311932 . ._- .19331934 -- - - -

19351936 _. . _ . _ _1937 ...19381939

19401941 . .194219431944 -

19451946 - - -_19471948 _ ..- ._1949

1949 — First halfSecond half _ _

1950— First half 8 ..

1949 — First quarter - -Second quarter _ ._Third quarterFourth quarter


Total disposablepersonal income

(billions ofdollars) 1

Currentprices

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.7132.4147.0

151.1158.9169.5188.4187.4

1949prices 2

114.0

104. 498.082.882.891.2

100.0112.8117. 1109.9119. 4

127.7147.9167.9177.21.91. 7

191.8188.3179.7186.2187.4

Per capitadisposable income

(dollars) 1

Currentprices

678

599508383360408

456516552505536

574691867970

1,065

1,0821,1251,1771,2851,256

1949prices 2

936

848790663659722

786881909847912

9681,1101,2471,2981,388

1,3741,3331,2481,2701,256


189.0186.0

196.2

189.9188.2185. 1186.8

197.7194.6

188.4186.6

197.8

189.1187.8185.3187.7

200.5195.0

1,2721,240

1,298

1,2801,2641,2371,243

1,3101,285

1,2681,244

1,308

1,2751,2611,2391.249

1,3291,288

Con-sumers'

priceindex(1949=

100)

72.4

70.664.357.754.656.6

58.058.660.759.658.8

59.362.2

469.5474.7<76.7

< 78. 8<84.4<94.3101.2100.0

100.399.7

99.2

100.4100.299.999.5

98.699.8

Popula-tion

(thou-sands) 8

121,770

123, 077124,040124.840125. 579126. 374

127. 250128,053128.825129,825130, 880

331,970133, 203134,665136,497138,083

139, 586141, 235144,024146, 571149, 215

148, 639149, 947

151, 188

148, 338148, 918149, 578150, 290

150,903151, 444


2 Dollar estimates in current prices divided by the consumers' price index on the base 1949=100 to give arough measure of changes in buying power of disposable personal income.

3 Estimated population of continental United States, including armed forces overseas; annual data asof July 1 and quarterly and semiannual data as of middle of period, interpolated from published monthlyestimates. Population in continental United States is currently estimated at 150,520,000 on April 1, accord-ing to preliminary counts for the 1950 Census; including armed forces overseas, it is 150,930,000. Estimatesmade prior to the 1950 Census results and used'in this table put total population, including armed forcesoverseas, at 151,188,000 on April 1, which is 258,000 higher than the first official results of the 1950 Census.Intercensual estimates used here for 1941 through second quarter of 1950 will be adjusted later to take careof this small difference.

4 The consumers' price index has been roughly adjusted to take account of the understatement during theprice-control period. This adjustment is in line with the report of the Technical Committee (better knownas the Mitchell committee) on the consumers' price index. The unadjusted index will be found in appendixtable B-21.

* Estimates based on incomplete data; second quarter by Council of Economic Advisers.

Sources: Department of Commerce and Department of Labor (except as noted).

122


TABLE B-9.—Labor force, employment, and unemployment, 1929—50

Period

Monthly average:1929

193019311932 . _ -19331934

193519361937 .19381939

19401941 - - - _1942. _19431944

19451946 -194719481949 .

1949~-First halfSecond half.

1950— First half .

1949 JanuaryFebruary.MarchAprilMay -_JuneJulyAugustSeptemberOctober __ _NovemberDecember

1950 — JanuaryFebruaryMarch _AprilMay . . .June

Totallaborforce

(includ-ing

armedforces) 1

Armedforces *

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, 14060,82061,60862, 74863, 571

62, 73264, 411

63, 776

61, 54661,89662, 30562, 32763, 45264,86665, 27865, 10564, 22264,02164,36363,475

62,83563, 00363, 02163, 51364,10866, 177

260

260260250250260

270300320340370

3901,4703,8208,870

11, 260

11, 2803,3001,4401, 3061,466

1,4831,450

1,347

1,4681,5081,4911,4921,4691,4681,4631,4681,4591,4451,4361,430

1,4081,3661,3461,3301,3201,311

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

61, 24962,960

62,429

60, 07860, 38860, 81460,83561,98363, 39863,81563, 63762,76362,57662, 92762, 045

61,42761, 63761, 67562, 18362, 78864, 866

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

58,06059, 359

58,555

57,41457, 16857, 64757,81958, 69459, 61959, 72059,94759,41159, 00159, 51858, 556

56,94756, 95357, 55158,66859, 73161,482

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

7,9408,112

7,233

6,7636,9937,3937,8208,9749,6969,6478,5078,1587,7107,8786,773

6,1986, 2236,6757,1958,0629,046

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

50,12051, 247

51, 322

50, 65150, 17450, 25449, 99949, 72049, 92450, 07351, 44151, 25451,29051, 64051, 783

50, 74950, 73050, 87751,47351, 66952, 436

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

3,1893,602

3,874

2,6643,2213,1673,0163,2893,7784,0953,6893,3513,5763,4093,489

4,4804,6844,1233,5153,0573,384

Unem-ploy-ment

as 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

5.25.7

6.2

4.45.35.25.05.36.06.45.85.35.75.45.6

7.37.66.75.74.95.2

1 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 deducted bythe Census Bureau from its current estimates for comparability with 1940 data.

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

NOTE.—Labor force data are based on a survey made during the week which includes the 8th of themonth.

Detail will not necessarily add to totals because of rounding.

Sources: Department of Labor (1929-39) and Department of Commerce (1940-50).

894762—50 -9 123


TABLE B-10.—Number of wage and salary workers in nonagricultural establishments, 1929-50l

[Thousands of employees]

Period

Montly average:1929

193019311932 ..19331934

19351936193719381939

194019411942 _ _ .19431944

194519461947 _19481949

1949— First halfSecond half—

1950— First half 4. ...

1949— January _...--FebruaryMarchAprilMayJuneJulyAugustSeptember _..OctoberNovember-December-..

1950— JanuaryFebruaryMarchApril4

May*June *

Totalwageand

salarywork-

ers

31,041

29, 14326,38323, 37723, 46625,699

26,79228, 80230, 71828,90230,287

32,03136,16439, 69742,04241,480

40,06941, 41243, 37144, 20143,006

42,99343,019

42,695

43, 44943, 06142, 91842, 96642, 73142,83542, 57342,99443, 46642, 60142, 78443, 694

42, 12541, 66142, 29542, 91343,31243,865

Manufacturing

Total

10,534

9,4018,0216,7977, 2588,346

8,9079,653

10,6069,253

10,078

10, 78012, 97415,05117, 38117, 111

15, 30214, 46115,24715,28614, 146

14,30713, 986

14, 218

14, 78214, 64914, 47514, 17713,87713,88413, 75714, 11414, 31213, 89213, 80714, 031

13, 98013, 99714, 10314, 16714,41614,645

Dura-ble

goods

(8)

8(3)

88(3)(3)

4,683

5,3376,9458,8041,0770, 858

9,0797,7398,3738,3157,465

7,7127,218

7,568

8,0447,9237,8197,6567,4417,3927,2557,3027,4096,9867,0507,303

7,3427,3247,4187,5547,8117,961

Non-dura-ble

goods

(»)

i(3)(3)

8(3)

5,394

5,4436,0286,2476,3046,253

6,2226,7226,8746,9706,681

6,5956,768

6,650

6,7386,7266, 6566,5216,4366,4926,5026,8126,9036,9066,7576,728

6,6386,6736,6856,6136,6056,684

Min-ing

1,078

1,000864722735874

888937

1,006882845

916947983917883

826852943981932

981883

869

991986981984974968943956948

5593917940

«861«595

938938938941

Con-tractcon-

struc-tion

1,497

1,3721,214

970809862

9121,1451,1121,0551,150

1,2941,7902,1701,5671,094

1,1321,6611,9822,1652,156

2,0442,267

2,064

2,0161,9261,9472,0362,1372,2052,2772,3402,3412,3132,2442,088

1,9191,8611,9072,0682,2342,397

^rans-porta-tionandublicutili-ties

3,907

3,6753,2432,8042,6592,736

2,7712,9563,1142,8402,912

3,0133,2483,4333,6193,798

3,8724,0234,1224,1513,977

4,0163,942

3,900

4,0544,0243,9753,9914,0214,0314,0073,9923,9593,8713,8923,930

3,8693,8413,8733,9273,8874,000

Trade(2)

6,401

6,0645,5314,9074,9995,552

5,6926,0766,5436,4536,705

7,0557,5677,4817,3227,399

7,6858,8159,1969,4919,438

9,3589,518

9,279

9,3889,2929,3109,4789,3429,3369,2209,2139,4099,5059,607

10, 156

9,2469,1529,2069,3389,3339,396

Fi-nance

1,431

1,3981,3331,2701,2251,247

1,2621,3131,3551,3471,382

1,4191,4621,4401, 4011,374

1,3941,5861,6411,7161, 763

1,7521,772

1, 797

1,7311,7351,7491,7571,7631,7741,7801,7801,7711,7671,7661,770

1,7721,7771,7911,8031,8121,825

Serv-ice a

3,127

3,0842,9132,6822,6142,784

2,8833,0603,2333,1963,228

3,3623,5543,7083,7863,795

3,8914,4084,7864,7994,781

4,7604,803

4,747

4,7234,7124,7204,7684,8044,8344,8514,8364,8334,7944,7684,738

4,7014,6964,7084,7574,7924,829

Gov-ern-

ment(Fed-eral,

State,and

local)

3,066

3,1493,2643,2253,1673,298

3,4773,6623,7493,8763,987

4,1924,6225,4316,0496,026

5,9675,6075,4545,6135,813

5,7765,847

5,823

5,7645,7375,7615,7755,8135,8035,7385,7636,8935,8665,7836,041

5,7775,7425,7695,9155,9005,832

»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 estimatesof nonagricultural employment of the civilian labor force reported by the Department of Commerce (ap-pendix table B-9) which include proprietors, self-employed persons, and domestic servants; which countpersons as employed when they are not at work because of industrial disputes, bad weather, or temporarylay-offs, and which are based on an enumeration of population, whereas the estimates in this table are basedon reports from employing establishments.

* Data for the trade and service divisions, beginning with 1947, are not comparable with data shown forearlier years because of the shift of the automotive repair service industry from the trade to the service di-vision.

« Not available.• Estimates based on incomplete data.' 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.

124


TABLE B-l 1.—Average gross weekly earnings in selected industries, 7929—50

Period


19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

1949— First halfSecond half- _

1950— First half «...

1949 — JanuaryFebruaryMarchApril . _MayJuneJulyAugustSeptember _ _ .OctoberNovember...December

1950— JanuaryFebruaryMarchApril < L _ _May8

June *

Manufacturing

Total

$25. 03

23. 2520.8717.0516.7318.40

20.1321.7824.0522.3023.86

25.2029.5836.6543.1446.08

44.3943.8249.9754.1454.92

54.6455.13

57.12

55.5055.2054.7453.8054.0854.5154.6354.7055.7255.2654.4356.04

56.2956.3756.5356.9357.7258.89

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

57.9058.01

60.74

58.8?58.4957.8357.2157.2157.8257.3157.8958. 6958.1756.8259.19

59.4059.4759.7460.9761.7263.14

Non-durablegoods

(2)

(2)(2)(2)(2)(2)

(2)

8(2)(2)

(2)

8(2)(2)(2)(2)

$46. 9650.6151.41

50.8052.11

52.97

51.3551.3351.0749.6750.4150. 9751.5551.3152.5952.4752.0752.69

52.9153.0653.0452.2152.8753.74

Bitumi-nouscoal

mining

$25. 72

22.2117.6913.9114.4718.10

19.5822.7123.8420.8023.88

24.7130.8635.0241.6251.27

52.2558.0356. 5972.1263.28

70.9454.99

63.76

76.3273.56

7 70. 5472.3372.98

7 59. 90M7.947 49. 517 52. 46763.10

68.177 48. 74

747.367 49. 83

78.7572.8670.01(')

Build-ng 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

70.8071.03

69.78

70.8870.5369.8370.3371.8171.4471.2871.9570.6971.8070.2170.26

68.7667.0068.8370.7073.60(')

Class Isteamrail-

roads

$28. 49

27.7626. 7623.3423.0924.32

26.7628.0129.2030.2630.99

31.5534.2538.6543.6846.06

45. 6951.2254.2259.14

« 60. 53

560.39561.00

5 62. 37

60.2161.6460.0062.5160.6957.2760.3762.6460.9858.9861.6061.45

61.6962.3763.7361.69(2)(2)

Tele-phone

(2)

(2)(2)(2)(2)(2)

(2)(2)

$29. 8131. 5331.94

32. 4432.7433.9736.3038.39

(»)44.0444.7748.9251.78

50.9052.71

53.40

49.8450.8450.8250.5851.8451.4651.9051.5752.6153.2954.4052.49

53.1353.6952.9853.4453.76(a)

Whole-sale

trade

(2)

(2)(2)(2)(2)(2)

(2)(2)(2)(2)(2)

(2)(2)(2)(2)(2)

(2)(2)

$51.9955.5857.55

57.2357.84

58.52

57.2456.8256.8857.1257.8357.4958.1857.1057.3558.3657.8658.20

58.1458.2758.5658.6958.74(2)

Ketailtrade

(2)

(2)(2)(2)(2)(2)

(2)(2)(2)(2)(2)

(2)(2)(2)(2)(2)

(2)(3)

$40.6643.8545.93

45.5646.32

46.49

45.5145.1444.9545.3145.9846.4546.9546.8746.5846.0645. 6345.83

46.5846.2646.2646.4746.86(')

Hotels(year

round)1

(2)

(2) .(2)(2)(2)(2)

(2)(2)(2)(2)(2)

(2)

8(2)(2)

9

$29.3631.4132.84

32.6032.99

33.21

32.4132.4732.5332.3532.9932.8532.9032.9332.9032.8433.1333.24

33.0633.5133.0733.1233.29C2)

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.

4 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 hi 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 averages which have been weighted by data on man-hours.


125


TABLE B—12.—Average hourly earnings in selected industries, 1929-50

Period


1930193119321933. _1934

1935 __.1936193719381939

1940 ...19411942 _19431944

194519461947 ._19481949


1950-Firsthalf6...

1949— JanuaryFebruaryMarchAprilMay-JuneJulyAugust .September. _.OctoberNovember- _ .December

1950— JanuaryFebruaryMarchApril ».. _MayZeJune 6

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

1.4021.401

1.432

1.4051.4011.4001.4011.4011.4051.4081.3991.4071.3921.3921.408

1.4181.4201.4241.4341.4431.454

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

1.4681.470

1.498

1.4671.4661.4641.4671.4671. 4751.4771.4731.4821.4581.4571.476

1.4851.4831.4861.4981.5091.525

Non-durablegoods

(2)

(2)(2)(2)(2)(2)

(2)(2)(2)(2)(2)

(2)(2)(2)(2)(2)

(2)(2)

$1. 1711.2781.325

1.3241.327

1.354

.327

.323

.323

.321

.323

.324

.332

.319

.328

.325

.325

.334

.343

.350

.353

.356

.359

.364

Bitumi-nouscoal

mining

$0.681

.684

.647

.520

.501

.673

.745

.794

.856

.878

.886

.883

.993

.059

.139

.186

.240

.401

.636

.898

.941

.943

.941

.987

.947

.941

.938

.9341.9461.9511.9101.8971.9431.9781.9991.919

1.9331.9622.0092.0242.006(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

* 1. 8481.935

1.9281.941

1.989

1.9181.9301.9331.9341.9301.9241.9221.9321.9381.9441.9471.964

1.9761.9881.9951.9862.000(2)

Class Isteamrail-roads

$0.636

.644

.651

.600

.595

.602

.651

.659

.676

.712

.714

.717

.751

.824

.897

.938

.9421.1161.1711.284

51.414

5 1. 3466 1. 482

6 1. 549

1.3331.3431.318.359.367.354.369.354.540

1.5371.5431.547

1.5501.5671.5321.546(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

1.3251.367

1.382

1.2981.3171.3271. 3241.3431.3401.3481.3431. 3631.3771.4021.367

1.3801.3911.3761.3811.382(2)

Whole-sale

trade

(2)

(2)(2)(2)(2)C2)

(2)(2)(2)(2)(2)

(2)(2)(2)(2)(2)

(2)(2)

$1. 2681.3591. 414

1.4081.419

1.449

1.4031.4031.4011. 4071.4211.4161.4261.4031.4091.4271.4251.423

1.4321.4461.4531.4601.454(2)

Retailtrade

(2)

(2)(2)(2)(2)(2)

(2)(2)(2)(2)(2)

8(2)(2)(2)

(2)(2)

$1. 0091.0881.137

1.1321.141

1.152

1.1321.1231.1211.1271.1411. 1471.1481.1461.1501.1401.1381.126

1.1531.1451.1481.1531.160(2)

Hotels(year

round) 1

(2)

(2)(2)(2)C2)(2)

(2)(2)C2)C2)C2)

(2)

8§8

$0. 650.709.743

.736

.749

.758

.735

.738

.731

.732

.738

.745

.746

.745

.746

.743

.753

.759

.753

.765

.755

.758

.760(2)

1 Money payments only: additional value of room, board, uniforms, and tips not included.' 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.

4 Not strictly comparable with previous data.6 Preliminary average; does not include any retroactive wage payments.6 Estimates based on incomplete data.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 endingclosest to the middle of the month except in railroads where monthly data are used.

Adjustments have been made to levels indicated by data of unemployment insuance agencies and theBureau of Old-Age and Survivors Insurance through 1947, and havejbeen 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 averages which have been weighted by data on man-hours.

Source; Department of Labor.

126


TABLE B-13.—Average weekly hours in selected industries, 1929-50

Period


19301931193219331934

19351936 _193719381939

19401941194219431944

194519461947_19481949

1949— First halfSecond half. _

1950— First half < _ _ _

1949 — JanuaryFebruaryMarchApril . _MayJuneJulyAugust-.September _._OctoberNovemberDecember

1950— JanuaryFebruaryMarchApril <May * _June 4

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

39.039.4

39.9

39.539.439.138.438.638.838.839.139.639.739.139.8

39.739.739.739.740.040.5

Durablegoods

C1)

(0(032.634.833.9

37.341.040.035.038.0

39.342.145.146.646.6

44.140.240.640.539.5

39.439.4

40.6

40.139.939.539.039.039.238.839.339.639.939.040.1

40.040.140.240.740.941.4

Non-durablegoods

C1)

0)0)41.940.035.1

36.137.737.436.137.4

37.038.940.342. 543.1

42.340.540.139.638.8

38.439.3

39.1

38.738.838.637.638.138.538.738.939.639.639.339.5

39.439.339.238.538.939.4

Bitumi-nouscoal

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

36.528.3

32.0

39.237.9

536.437.437.5

530.7525.1526.1£27.0531.9

34.1525.4

524.5525.439.236.034.90)

Build-ingcon-

struc-tion

0)

0)(0(00)28.9

30.132.833.432.132.6

33.134.836.438.439.6

39.038.137.6

337.336.7

36.736.6

35.1

37.036.536.136.437.237.137.137.236.536.936.135.8

34.833.734.535.636.8(0

Class Isteamrail-

roads

44.8

43.141.138.938.840.4

41.142.543.242.543.4

44.045.646.948.749.1

48.545.946.346.143.1

44.941.4

40.3

45.245.945.546.044.442.344.146.439.638.340.039.9

39.839.841.639.90)0)

Tele-phone

C1)

0)0)0)0)(0

0)0)38.838.939.1

39.540.140.541.942.3

(2)39.437.439.238.5

38.438.6

38.6

38.438.638.338.238.638.438.538.438.638.738.838.4

.38.538.638.538.738. 9C1)

Whole-sale

trade

(0

(00)C1)(0(0

(0(0(0(0(0

(0(00)(0C)

C1)(041.040.940.7

40.640.8

40.4

40.840.540.640.640.740.640.840.740.740.940.640.9

40.640.340.340.240.4C1)

Retailtrade

(0

0)C1)(0(00)(0(00)0)0)(0(00)(0(')

0)0)40.340.340.4

40.240.6

40.4

40.240.240.140.240.340.540.940.940.540.440.140.7

40.440.440.340.340.4(0

Hotels(year

round)

0)

0)0)(00)(<)

(00)0)0)(0(0

(00)0)(0

0)0)45.244.344.2

44.344.1

43.8

44.144.044.544.244.744.144.144.244.144.244.043.8

43.943.843.843.743.8

0)

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.6 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 closest tothe 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 averages which have been weighted by data on man-hours.

Source: Department of bor.

127


TABLE B-14.—Physical production index of goods and selected services, 1929-50

[1935-39=100.1]

Period

Weights: 2TotalNonagricultural

1929

19301931193219331934 . _

1935193619371938-1939

194019411942.19431944 . .

19451946.19471948 .1949 .


1950— First half 5.-.. _

Production of goods

Totalpro-

ductionof goods

100.0

110

9584687274

8799

11093

109

122153184206201

178161174183174

(3)(3)

(3)

Agri-cultural

pro-duction

19.5

97

951041019379

9685

108105106

110114128125130

129134129141140

(4)(4)

(*)

Nonagricultural production

Total

78.0100.0

113

9579606773

8510311190

110

125162197225218

190168185193182

186179

198

Indus-trial

produc-tion

65.681.6

110

9175586975

8710311389

109

125162199239235

203170187192176

181170

189

Con-struc-tion

9.011.1

157

132109685059

70102103103121

1271621689561

63115133157168

162173

190

Electricand gasutilities

5.87.2

88

8784767781

8797

104100111

123141158183191

187188214243248

249247

269

Production ofselected services

Trans-por-

tation

117

10489737683

8810111095

106

117146185220230

217198208209194

199188

194

Tele-phoneand

telegraph

110

106101918486

9098

102102108

115126135143147

158182196207212

(3)(3)

(3)

1 All half-year data have been seasonally adjusted except the electric and gas utilities for which no satis-factory adjustment factor is available.

2 Computed from the Department of Commerce national income data. The weight factors are percent-ages of the national income for each industry to the total for the 5 industries. The agriculture weight ex-cludes net rents paid by landlords living on farms, imputed rents, and subsidy payments. The weightfor construction has been adjusted to include force account and other construction done outside of the con-tract construction industry, the weights for other industry groups to exclude such construction. Manu-factures and minerals of the industrial production index were weighted into the total indexes separatelybut only the total industrial production index is shown here. See appendix table B-15 for the individualcomponents of the index of industrial production.

3 Not available.* Because of the extreme seasonal nature of agricultural crop production, only an annual index has been

computed.« Estimates based on incomplete data.NOTE.—A composite index of production of goods and services has not been compiled because of the

inadequate data for measuring the production of services. The only service production data used were fortransportation and for communications by telephone and telegraph. Data for measuring such servicesas wholesale and retail trade, finance, insurance, real estate, Government, and communication other thantelephone and telegraph were inadequate for separate indexes and for an index for all services other thantransportation, telephone, and telegraph.

Sources: Based on the following data:Agricultural production: Department of Agriculture index of /arm output which measures the physical

volume of farm production for human use.Industrial production: Federal Reserve index of industrial production.Construction: Department of Commerce value of new construction activity deflated by their index of

construction costs and converted into relatives with 1935-39 as 100.Electric and gas utilities: Based on the following series: Electric power produced by utilities as reported

by the Federal Power Commission, and sales of manufactured and mixed gas to consumers as reported bythe American Gas Association. The two series are converted into relatives with the average for the period1935-39 as 100. The relative series are combined into an index with electric power given a weight of 85and gas 15, the respective percentages of the revenues of each of the utilities to the total revenues producedby both in the base period 1935-39.

Transportation: Department of Commerce index of transportation.Telephone and telegraph: Based on Department of Labor production indexes for 1935-49 and on a series

of Works Progress Administration for 1929-34. These indexes are for class A telephone carriers and theprincipal wire-telegraph and ocean-cable carriers which file annual reports with the Federal Communica-tions Commission.

128


TABLE B-15.—Industrial production index, 1929-50

[1935-39=100, adjusted for seasonal variation]

PeriodTotal

industrialproduction

Manufactures

Total Durable NondurableMinerals

Monthly average:1929 _..

1930193119321933 _ _ _ _1934

19351936193719381939

19401941194219431944

194519461947.19481949

1949—First half....Second half..

1950-Firsthain..

1949—JanuaryFebruaryMarchAprilMay..June.JulyAugustSeptember..OctoberNovember...December...

1950—JanuaryFebruary....March.AprilMay'June*

110

9175586975

8710311389

109

125162199239235

203170187192176

181170

189

191189184179174169161170-174166173179

183180187190195199

110

9074576874

8710411387109

168212258252

214177194198183

188179

198196193184179175168178184176179188

192192194199203207

132

67415465

8310812278109

139201279360353

274192220225202

214189

219

227225223212201194185193199175181203

209207211222231236

8479707981

9010010695109

115142158176171

166165172177

167170

181

175173168162161161154165172177177176

179180181180181183

107

93

6776

11297106

117125129132140

137134149155135

143126

138

149149136148145133123129119112141132

130118144140145151

1 Estimates based on incomplete data.Source: Board of Governors of the Federal Eeserve System.

129


TABLE B-16.—New construction activity, 1929-50

[Value put in place, millions of dollars]

Period

1929

19301931193219331934

19351936 . .193719381939 ... _ .

1940194119421943 , . _1944

19451946194719481949


1950— First half 4 - -

1949 — January _ _ _FebruaryMarchAprilMayJuneJulyAugustSeptember _October _ _ _ _ _NovemberDecember

1950 — JanuaryFebruaryMarchAprilM a y _ _ _ _ _ _June4

Totalnewcon-

struc-tion i

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, 594

Private construction

Totalpri-vate

8,307

5,8833,7681, 6761,2311,509

1,9992,9813,9033,5604,389

5, 0546,2063,4151,9792,186

3,2359,638

13, 13116, 66516, 204

Resi-den-tial

build-ing

(non-farm)

3,625

2,0751,565

630470625

1,0101,5651,8751,9902,680

2,9853,5101,715

885815

1,1004,0156,3108,5808,290

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

Otherpri-

vate 2

1,988

1,8051,104

544355428

517703943806923

1,0441,2141,065

8611,020

1,1152,2823,6794,4644,686

Public construction

Totalpublic

2,486

2,8582,6591,8621,6482,211

2,2333,5163,0963,4203,809

3,0285,751

10, 6606,3223, 073

2,3982,3623,4964,9076,390

Mili-taryand

naval

19

2940343647

37293762

125

3851,6205,0162,550

837

690188204158137

Non-resi-den-tial

build-ing

659

660612415230363

328701550672970

6151,6463,6852,0101,361

937354599

1,3012,056

High-ways

1,266

1,5161,355

958847

1,000

8451,3621, 2261,4211,381

1,3021,066

734446362

398895

1,5141,8562,129

Otherpub-lics

542

653652455535801

1,0231, 4241,2831,2651,333

1,3261.4191,2251,316

513

373925

1,1791,5922,068

Annual rates, adjusted for seasonal variation

22, 10423, 084

25, 852

22, 09222, 34422, 26021, 87621, 99622, 05622,00822, 23622, 76423, 20823, 82024, 468

24, 81625, 52426,00426, 19626, 16026, 412

15, 91216, 496

19, 102

16, 12816, 16416, 10415, 70815, 66015, 70815, 82815, 86415, 99616, 50017, 13617, 652

18, 07219, 20018, 94819, 24819, 44019, 704

7,7128,868

11, 306

7,9087,8247,7407,5007,5727,7287,9928,1128,4729,0249,504

10, 104

10, 35611, 47211, 25611, 48411, 53211,736

3,4183,038

3,366

3,6003,5643,4803,4203,3123,1323,0843,0482,9162,9403,0963,144

3,2403,3243,2883,3243,4923,528

4,7824,590

4,430

4,6204,7764,8844,7884,7764,8484,7524,7044,6084,5364,5364,404

4,4764,4044,4044,4404,4164,440

6,1926,588

6,750

5,9646,1806,1566, 1686,3366,3486,1806,3726,7686,7086,6846,816

6,7446,3247,0566,9486, 7206,708

126148

128

120132120120120144132144144156156156

132144120120120132

1,9322,180

2,166

1,8961,9321,9561,8961,9441,9681,8961,9922,3762,4122,2682,136

2,1122,1962,1722,1362,1842,196

2,1522,106

2,226

2,1602,2202,1242,1242,1842,1002,1122,1362,0281,9202,0762,364

2, 2081,8362,5562,4482,1602,148

1,9822,154

2,230

1,7881,8961,9562,0282,0882,1362,0402,1002,2202,2202,1842,160

2,2922,1482,2082,2442,2562,232

1 Excludes construction expenditures for crude petroleum and natural-gas drilling, and therefore does notagree with the new construction expenditures included in the gross national product.

2 Includes public utility, farm and other private construction, not separately'shown.3 Includes residential, sewer and water, miscellaneous public service enterprises, conservation and devel-

opment, and all other public construction not separately shown.* Estimates based on incomplete data.NOTE.—Series revised to include architectural and engineering fees, land development costs and profits on

land development, operative builders' margins, additions and alterations, dormitories and other shelter in"private residential building"; privately-owned sewage disposal and water supply facilities, and privately-owned toll bridges and roads, parks, playgrounds, race tracks, stadiums, swimming pools, and similarrecreational facilities, in "other private construction"; and construction of atomic energy facilities in "publicconstruction." For detail see Construction and Construction Materials, Statistical Supplement, May 1950.

Sources: Department of Commerce and Department of Labor.

130


TABLE B-17.—Business expenditures for new plant and equipment, 1929-50

[Millions of dollars]

Period

1929

19301931 . _193219331934 - .

19351936193719381939

1940194119421943- _1944

194519461947. . . .19481949


1950— First half «

1949 — First quarterSecond quarterThird quarter _Fourth quarter


Third quarter 5 _ _ . .

Total i

9,165

7,6104,7122,6082,1373,080

3,7385,0776,7304,5205, 200

6,4908,1906, 1104, 5305,210

6,63012, 04016, 18019,23018, 120

Manufacturing and mining

Total

3,596

2,5411,435

930992

1,460

1,7902,4503,3301,8302,310

3,1404,0803,1702, 6102,890

3,6506,4708,1509,1407,990

Manu-factur-

ing

(3)

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

(3)(3)(3)(3)1,930

2,5803,4002,7602,2502,390

3,2105,9107,4608,3407,250

Mining

(3)

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

(3)(3)(3)(3)380

560680410360500

440560690800740

Transportation

Rail-road

840

865360164101218

166306525238280

440560540460580

550570910

1,3201,350

Other

(4)

(*)(*)(4)(4)(4)

(4)(*)(4)(4)

280

390340260190280

320660800700520

Electricand gasutilities

(4)

(4)(4)(4)(4)(4)

(4)(4)(4)(4)

480

550710680540490

6301,0401,9002,6803,140

Com-mercial

andmiscel-

laneous 2

4,729

4,2042,9171,5141,0441,402

1,7822,3212,8752,4521,850

1,9802,4901,470

730970

1,4803,3004,4305,3905,120

Annual rates, not adjusted for seasonal variation

18, 24018, 000

16, 460

17, 84018, 64017, 48018, 520

14, 80018, 12017, 920

8,2207,760

7,600

8,1608,2807,4808,040

6,6808,5208, 360

7,4607,040

6,980

7,4007,5206,7607,320

6,0807,8807,680

760720

620

760760720720

600640680

1,4801,220

1,060

1,4401,5201,2401,200

9201,2001,160

540520

340

520560560480

320360400

2,9203,360

3,000

2,7203,1203,1603,560

2,6003,4003,280

5,1005,160

4,460

5,0405,1605,0405, 280

4,2404,6804,720

1 Excludes agriculture.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.

s Not available separately for years prior to 1939.4 Included in commercial and miscellaneous prior to 1939.* Estimates for second and third quarters of 1950 are based on anticipated capital expenditures of business.NOTE.—These figures do not agree with those shown in column 2 of table B-3 and included in the gross

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 are Federal ReserveBoard estimates based on Securities and Exchange Commission and other data.

Detail will not necessarily add to totals because figures are rounded to the nearest 10 million dollars.

Sources: Securities and Exchange Commission and Department of Commerce (except as noted).

'31


TABLE B—18.—Inventories and sales in manufacturing and trade, 1939—50

[Adjusted for seasonal variation]

Period

1939

1940 _ -1941194219431944

194519461947 - -19481949

1949— First half. _.Second half.

1949— JanuaryFebruary. ...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..JDecember- _

1950— JanuaryFebruary. _.MarchAprilMay 4

Total manufacturingand trade

Millions ofdollars

Inve

ntor

ies

i

20, 172

22, 18428, 77231, 01331, 14330,887

30, 57142, 70951,69258, 54653, 628

56,43553,628

58,53258,36758, 21657, 80656, 85856, 43555, 32054,63154, 61754, 35653,99653,628

54, 12553,93254, 51354, 74855, 228

w

1CQ

11, 109

12, 52016,41219, 24022, 37224,084

24,18127,80034, 73938, 19035,997

36,35835,658

36, 21536, 56137,06535, 87936, 03936r39134,82037, 13737,23934,60335, 49634,651

35, 67836,46337,94636, 82239,283

05 Obfi-t-»33 n

33 tn OTK^ en Q}

Rati

o

of

a^in

ve

nto

rim

on

thly

sal

1.73

1.681.531.601.361.30

1.271.291.381.451.56

1.591.53

1.621.601.571.621.591.561.601.481.471.571.531.55

1.511.481.431.481.40

Manufacturing

Millions ofdollars

Inve

ntor

ies

l

11, 465

12, 81916, 96019, 28720,09819,507

18,39024, 81829, 81834, 06630, 899

33,25130,899

34,40934,40934, 22334, 01833, 56633, 251£2,36731, 63831,07630, 74430, 54730,899

31, 13631,09831, 10331, 21431, 500

«

3

5,100

5,8528,168

10, 42512,82213,788

12, 88312, 84117, 07618,99817, 815

17,98017,650

17, 88118, 17518, 45117, 64317, 74117,98917, 11418, 94618, 86516, 80517,31316, 857

17,65018,03519, 14418, 45620, 100

Rat

io

of

aver

age

inv

ento

ries

to

mon

thly

sal

es *

2.11

2.061.781.771.511.45

1.481.651.641.681.84

1.891.78

1.911.891.861.931.901.861.921.691.661.841.771.82

1.761.731.621.691.56

Wholesale trade

Millions ofdollars

Inve

ntor

ies

*

3,175

3,3254,1823,8583,6843,980

4,6386,6658,6539,5119,031

9,0029,031

9,4649,4799,2939,3309,1539,0029,0919,0619,1869, 1379,1139,031

8,9919,0349,1289,3969,455

<*jg

2,505

2,8023,6204,0124, 2734,561

4,9836,6017,7548,3557,500

7,6627,360

7,7237,6807.8907,4227,5397,7187,1577,5227,5187,1207, 5537,291

7,1737,3277,6777,2947,938

Rat

io

of

aver

age

inv

ento

ries

to

mon

thly

sal

es '

1.21

1.161.031.02.86.86

.82

.821.031.091.23

1.221.24

1.231.231.191.251.231.181.261.211.211.291.211.24

1.261.231.181.271.19

Retail trade

Millions ofdollars

Inve

ntor

ies l

5,532

6,0407,6307,8687,3617,400

7, 54311, 22613, 22114, 96913, 698

14, 18213, 698

14, 65914, 47914, 70014, 45814, 13914, 18213, 86213, 93214, 35514,47514, 33613, 698

13,99813,80014, 28214, 13814, 273

S£

3,504

3,8664,6244, 8035,2775,735

6,3158,3589,909

10, 83710,682

10, 71610, 648

10,61110, 70610,72410,81410, 75910, 68410, 54910, 66910,85610,67810,63010, 503

10,85511, 10111, 12511,07211,245

Rat

io

of

aver

age

inv

en

tori

es

tom

onth

ly s

ales

3

1.53

1.471.461.711.381.31

1.201.111.221.321.34

1.351.33

1.401.361.361.351.331.331. 331.301.301.351.361.33

1.281.251.261.281.26

1 Book value, end of period.2 Monthly average shown for year and half year and total for month.* Average inventories based on centered averages of end-of-period figures.< Estimates based on incomplete data.NOTE.—The inventory figures in this table do not agree with the estimates of "change in business inven-

tories" included in the gross national product since they cover only manufacturing and trade rather thanall business, and show inventories in terms of current book value without adjustment for revaluation.

Source: Department of Commerce.


TABLE B-19.—Manufacturers'" inventories by stage of fabrication and as ratios to sales, 1946-50

[Not adjusted for seasonal variation]

Period

1946194719481949.


1949— JanuaryFebruaryMarch _April _.MayJune. . _JulyAugustSeptember. ._OctoberNovember. . .December

1 950 — January. _ .FebruaryMarchAprilMay2

Total manufac-turing

Book value ofinventories atend of period

(billions ofdollars)

Mate-rialsand

goodsin

process

17.820.722.219.2

20.519.2

22.322.121.821.521.020.520.119.819.219.118.919.2

19.419.419.419.319.4

Fin-ishedgoods

7.39.4

12.011.9

12.411.9

12.312.312.512.412.412.412.212.011.711.611.711.9

11.911.711.711.711.9

Durable goods industries



Mate-rialsand

goodsin

process

9.010.311.49.2

10.59.2

11.611.511.411.310.810.510.19.99.59.39.19.2

9.29.29.29.39.5

Fin-ishedgoods

2.73.84.74.6

5.24.6

4.95.05.25.25.35.25.14.94.74.54.54.6

4.74.74.74.84.8

Ratio of aver-age inventories

to monthlysales i

Mate-rialsand

goodsin

process

1.581.451.371,40

1.481.32

1.561.56.40.49.51.37.54.27.19.34.32.27

1.251.291.071.141.09

Fin-ishedgoods

0.50.50.53.66

.67

.66

.65

.67

.62

.68

.72

.68

.78

.64

.59

.66

.65

.64

.64

.66

.55

.58

.56

Nondurable goods industries



Mate-rialsand

goodsin

process

8.810.310.810.0

10.010.0

10.710.610.410.210.210.010.09.99.79.89.8

10.0

10.310.210.210.010.0

Fin-ishedgoods

4.55.67.37.3

7.27.3

7.47.37.37.27.17.27.17.17.07.17.27.3

7.27.07.07.07.0

Ratio of aver-age inventories

to monthlysales *

Mate-rialsand

goodsin

process

0.92.92.95.97

1.03.94

1.051.06.96

1.031.041.021.09.90.87.87.92.99

1.001.00.90.98.93

Fin-ishedgoods

0.47.51.58.70

.72

.68

.72

.73

.67

.72

.73

.73

.78

.64

.62

.63

.68

.72

.72

.70

.62

.68

.65

1 Average inventories based on centered averages of end-of-period figures.2 Estimates based on incomplete data.



'33


TABLE B—20.—Sales, stocks, and outstanding orders at 296 department stores, 1939—50

Period

Monthly average:1939 128

1940 1361941 1561942 1791943 2041944 227

1945 2551946 3181947 3371948 _ . 3521949 333

1949—First half 304Second half 362

1950—First half 3 296

1949: January 267February 256March 321April 348May 322June 313July 234August 283September 334October 343November 397December 583

1950: January 256February 247March 320April 326May 3 329

Millions of dollars 1

Sales(total formonth)

Stocks(end ofmonth)

344

353419599509535

563715826912

862858

881

797856924913874806756799861952990788

787853920947897

Out-standing

orders(end ofmonth)

108194264530560

729909552465350

302398

327

381313239207283390410501444350

390393326277218

Ratio ofstocksto sales

2.69

2.602.693.352.502.36

2.212.252.452.592.58

2.842.37

2.98

2.983.342.882.622.712.583.232.822.582.782.491.35

3.073.452.882.902.73

Ratio ofordersto sales

0.791.241.472.602.47

2.862.861.641.321.05

1.10

1.10

1.461.49.98.69.64.90

1.671.451.501.29.88.51

1.521.591.02.85.75

Ratio forders

to stocks

0.31.46.44

1.041.05

1.291.27.67.51.41

.35

.46

.37

.49

.44

.34

.26

.24

.35

.52

.51

.58

.47

.35

.38

.50

.46

.35

.29

.28

1 Not adjusted for seasonal variation.2 Not available.s Estimates based on incomplete data.Note: These figures represent retail sales, stocks, and outstanding orders as reported by a sample of 296 ot

the larger department stores located in various cities throughout the country and are not estimates of totalsales, stocks, and outstanding orders for all department stores in the United States. Data are not availableprior to 1939.'

Source: Board of Governors of the Federal Reserve System.

'34


TABLE B-21.—Consumers' price index, 1929-50

For moderate-income families in large cities

[1935-39=100]

Period

1929

1930193119321933 . . _ ..1934

193519361937 _ .1938 _ _1939

19401941194219431944 . _

1945 - _194619471948 - -1949 ._

1949— First half. _ _Second half _

1950— First half

1949— January 15. .February 15March 15April 15May 15June 15 .July 15.... . _August 15September 15 ._October 1 5 _ _ _ _ _ _November 15December 15

1950 — January 15February 15. _March 15_ _ _ _ _ _April 15May 15June 15

Allitems

122.5

119.4108.797.692.495.7

98.199.1

102.7100.899.4

100.2105.2116.5123.6125. 5

128.4139.3159.2171.2169.1

169.6168.6

167.8

170.9169.0169.5169.7169.2169.6168.5168.816,9.6168.5168.6167.5

166.9166.5167.0167.3168.6170 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

202.6201.2

198.0

204.8199.7201.6202.8202.4204.3201.7202.6204.2200.6200.8197.3

196.0194.8196. 0196.6200 3204 6

Apparel

115.3

112.7102.690.887.996.1

96.897.6

102.8102.2100.5

101.7106.3124.2]29.7138.8

145. 9160.2185.8198.0190.1

193.3187.0

185.0

196.5195.1193.9192.5191.3190.3188.5187.4187.2186.8186.3185.8

185.0184.8185.0185.1185 1185 0

Rent

141.4

137.5130.3116.9100.794.4

94.296.4

100.9104.1104.3

104.6106.2108 5108 0108.2

108.3108.6111.2117.4120.8

120.2121.4

123.1

119.7119.9120.1120.3120.4120.6120.7120.8121.2121.5122 0122.2

122.6122.8122.9123 1123 5123 9

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

137.4137.6

140.0

138.2138.8138.9137.4135.4135.6135.6135.8137.0138.4139.1139.7

140^0140.3140.9141.4138 8138 9

Housefur-nish-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

192.4185.5

185.3

196.5195.6193.8191.9189.5187.3186.8184.8185.6185.2185.4185.4

184.7185.3185.4185.6185 4185 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

154.3155.0

155.1

154.1154.1154.4154.6154.5154.2154.3154.8155.2155.2154.9155.5

155.1155.1155.0154.8155 3155 3


'35


TABLEfB-22.—Wholesale price index, 7929-50

[1926=100]

Period


1930 .1931... .19321933 .1934 .

1935, _ _ . .1936193719381939

1940194119421943.1944

19451946 _.194719481949

1949— First half.Second half.

1950— First half.

1949— JanuaryFebruaryMarchApril...MayJuneJuly -AugustSeptemberOctoberNovemberDecember

1950—JanuaryFebruary.MarchApril. ..May ...June-

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

157.5152.5

153.8

160.7158.4158.6157.1155.8154.5153.6152.9153.5152.2151.6151.2

151.5152. 7152. 7152.9155.9157.3

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

170.8160.5

160.5

173.0168.9171.8170.8171.5168. 8166.2162.3163.1159. 6158.8154.9

154.7159.1159.4159.3164.7165.9

•8oo^

99.9

90.574.661.060.570.5

83.782.185.573.670.4

71.382.799.6

106.6104.9

106.2130.7168.7179.1161. 4

163.2159.7

157.4

165.8161.6162.9162.9163.8162.4161.3160. 6162.0159.6158.9155.7

154.8156.7155.5155.3159.9162.1

Other than farm products and foods

*3

1

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

149.6145.1

146.8

152.9152.1151.0149.0146.9145.5145.1145.0145.3145.0145.0145.4

145.8145.9146.1146.4147.6148.8

3Is*!oa o

B

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

180.9180.0

180.2

184.8182.3180.4179.9179.2178.8177.8178.9181.1181.3180.8179.9

179.3179.0179.6179.4181.0182.6

£3

1aS1H

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

142.8138.2

137.2

146.1145.2143.8142.1140.4139. 1138.0138.1139.0138.0138.0138.4

138.5138.2137.3136.4136.1136.8

if«S3"c303 rj

PR

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

133.3130.1

131.7

137.0136.2134.4131. 9130.1130.0130.1129.6129.9130.6130.2130.4

131.4131.3131.5131.2132.1132.7

*H

*fM•is,-4-3

i

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

172.6167.8

169.3

175.4176.3175. 4172.4168.9167.1167.9168.2168.2167.3167. 3167.8

168.4168.6168.5168.7169.7171.8

1s>IS"3

i95.4

89.979.271.477.086.2

85.386.795.290.390.5

94.8103.2110.2111.4115.5

117.8132.6179.7199.1193.4

197.6189.3

195.6

202. 3201.5200.0196.5193.9191.4189.0188.3189.4189.3189.6190.4

191.6192.8194.2194.8198.1202.2

•d

S3.3

•-H O

SB,11z*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

120.4117.0

115.9

126.3122.8121.1117.7118.1116.7118.0119. 6117.6115.9115.8115.2

115.7115.2116.3117.1116.4114.5

M.23K>

s|o> °*wa0w

94.3

92.784.975.175.881.5

80.681.789.786.886.3

88.594.3

102.4102.7104.3

104.5111.6131.1144.5145.3

147.3143.2

145.8

148.2148.5148.2147.1146.3145.3143.0142.9142.9143.0143.4144.2

144.7145.2145.5145.8146.6147.0

i

.S3S

82.6

77.769.864.462.569.7

68.370.577.873.374.8

77.382.089.792.293.6

94.7100.3115.5120.5112.3

114.7109.8

112.1

117.3115.3115.7115.6113.5111.0110.3109.8109.6109.0109.7110.7

110.0110.0110.7112.6114.7114.8


136


TABLE B-23.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-50 l

[1910-14=100]

Period

Monthly average:1929-

19301931- _193219331934—

1935193619371938--1939

19401941194219431944

194519461947 -19481949

1949—First halfSecond half. _.

1950—First half

1949—January 15February 15. _March 15April 15May 15 _June 15July 15 ._August 15September 15.October 15November 15.December 15.-

1950—January 15February 15—March 15April 15May 15June 15

Pricesreceived

148

12587657090

1091141229795

100123158

31923196

32063234

275285249

256242

241

265255258256253249246244247242237233

235237237241247247

Prices paid(including interest, taxes,

and wagerates)

160

151130112109120

124124131124123

124132152170182

189207240259250

254247

251

256252255254253252250249248246245246

249248250251254255

Parityratio »

92

8367586475s92937877

104113108

109113115110100

101

96

104101101101100

100989795

949695969797

1 Revised series; see Agricultural Prices, Supplement No. 1, January 1950, for details;2 Ratio of prices received to prices paid (including interest, taxes, and wage rates).3 Includes subsidy payments between October 1943 and June 1946.Source: Department of Agriculture.

137


TABLE B-24.—Consumer credit outstanding, 1929-50


End of period

1929

19301931193219331934

19351936193719381939 -

194019411942 _19431944 - -

19451946194719481949

1949 — JanuaryFebruary. -MarchAprilMay . _ _ _ _June _ _ _ _ _JulyAugust _ _September _ _OctoberNovemberDecember

1950 — JanuaryFebruaryMarchAprils . _May3

June3

Totalconsumer

credit

7,628

6,8215,5184,0853,9124,389

5,4346,7887,4807,0477,969

9,1159,8626,5785,3785,803

6,63710, 19113, 67316,31918, 779

15, 74815,32515, 33515, 59515,84316, 12416, 19816,45316, 80317, 22317, 81518, 779

18,34418, 12618,30218, 61019,09119. 600

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

8,4248,3398,4298,6308,8889, 1239,3359,6229,899

10, 16610, 44110, 890

10,83610, 88411,07711,31511,66712.000

Automobilesale credit

1,318

928637322459576

9401,2891,384

9701,267

1,7291, 942

482175200

227544

1, 1511, 9613,144

1,9651,9962,1052,2412,3862,4992,6102,7612,8762,9863,0853,144

3,1793, 2563,3553,4703,6153.800

Other *

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

6,4596,3436,3246,3896,5026,6246,7256,8617,0237,1807,3567,746

7,6577,6287,7227,8458, 0528.200

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

3,4573,1693,1213,2323,2353,2743,1233,0643,1233,1973,4543,909

3,5063,2333,2113,2413,2963.400

Otherconsumercredit 2

2,721

2,5221,933,453,243,326

,520,851

2,0611,9652,001

2,0482,2112,0171,8791, 984

2, 2923, 1373, 6273,8653,980

3,8673,8173,7853, 7333,7203,7273,7403,7673,7813,8603,9203,980

4,0024,0094,0144,0544,1284. 200

1 Includes other sale credit and loans including repair and modernization loans insured by FederalHousing Administration.

2 Includes single-payment loans of commercial banks and pawnbrokers, and service credit.3 Estimates based on incomplete data; June 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).

138


TABLE B—25.—Loans and investments of all commercial banks and weekly reporting member banks,1929-50


End of period 1

1929— June 2

1930— June 2 . _ _1931— June 2 .1932— June 2

1933— June 2

1934— June 2

1935— June 2 _„193619371938 - - -1939

194019411942 - -19431944

19451946 - -19471948 - -1949 -

1949 — January _ _FebruaryMarchAprilMayJune -JulyAugust - _ _SeptemberOctoberNovemberDecember

I960 — January 4

February 4

March 4 _ _April 4

May 4

June 4 _ -_ _. _ _

All commercial banks

Totalloansand

invest-ments

49.4

48.944.936.130.432.7

34.639.538.338.740.7

43.950.767.485.1

105. 5

124.0114.0116.3114.3120.2

114.6113.3112.6112.5113.4113.8114.7117.9118.5119.5119.7120.2

121.2120.6120.3120.4121.2122.4

Loans

35.7

34.529.221.816.315.7

14.916. 417.116.417.2

18.821.719.219.121.6

26.131.138.142.543.0

42.542.042.441.340.941.040.541.241.741.842.743.0

42.943.143.743.844.144.8

Investments

Total

13.7

14.415.714.314.017.0

19.723.121.222.323.4

25.129.048.266.083.9

97.982.978.271.877.2

72.171.370.271.272.572.774.376.776.877.777.077.2

78.377.576.776.677.177.6

U. S. Gov-ernmentobliga-tions

4.9

5.06.06.27.5

10.3

12.715.314.215.116.3

17.821.841.459.877.6

90.674.869.262.667.0

63.062.260.962.063.263.264.466.766.767.666.967.0

68.067.165.865.666.166.4

Othersecuri-

ties

8.7

9.49.78.16.56.7

7.07.87.17.27.1

7.47.26.86.16.3

7.38.19.09.2

10.2

9.19.19.39.29.39.59.8

10.010.210.110.110.2

10.310.410.911.011.011.2

Weekly reportingmember banks

Totalloans

16.7

17.014.711.38.98.5

8.09.29.48.48.8

9.411.410.310.813.0

15.819.423.325.624.9

25.324.925.024.023.723.923.023.524.023.924.624.9

24.624.624.924.925.025.6

Commer-cial, indus-trial, andagricul-

tural loans

(3)

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

(3)(3)

4.63.84.4

5.06.76.16.46.5

7.311.314.615.613.9

15.415.214.914.213.613.212.913.013.413.713.813.9

13.913.913.813.513.413.6

1 Reporting date nearest end of period.2 June data are used because complete end-of-year data prior to 1936 are not available for U. S. Govern-

ment obligations.3 Not available prior to May 12,1937, when the loan classification was revised.< Estimates for all commercial banks based on incomplete data; June 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).

894762—50- -10 139


TABLE B-26.—Deposits and currency, 1029-50


End of period *

1929

19301931.- _ . _ . _19321933 _ . .1934__ _„. _

1935 . .193619371938 -_.1939

194019411942-.19431944

19451946194719481949

1949 — JanuaryFebruary . _MarchAprilMay. - ._-JuneJuly _AugustSeptemberOctoberNovember .,December

1950 — January 5 .. . _ . . _February *March*April8

May6

June*

Totaldeposits

andcurrency

55, 521

54, 43949,00445, 81142, 81351, 122

55, 71860,45060,96463,19168,359

75,23882, 811

104,306127, 959155,960

180,806171, 657175, 348176, 121177, 313

174, 900174, 400172,600172,000171,300171, 602171, 500173, 800174, 400174,900175, 300177, 313

177, 100176,200176,000176, 300177,000178,800

Foreignbank

deposits(net)

563

656403169

-22-13

426479564607

1,217

1,8961,4981,6152,2652,157

2,1411,8851,6822.1032,150

2,2002,2002,1002,0001,8001,9271,9001,9001,9002,0002,1002,150

2,2002,2002,3002,4002,4002,500

UnitedStates

Govern-ment

balances a

403

535740788

1,3034,865

4,0193,6114,5854,5183,889

3,3344,977

11, 39213,30623,578

27,8725,7683,6584,8995,382

4,4005,9006,4004,5003,9004,0493,2005,0006,2005,3005,0005,382

5,1005,9006,6005,3005,1006,000

Deposits adjusted and currency(privately held money supply)

Total

54,555

53, 24847, 86144, 85441, 53246, 270

51, 27356, 36058, 81558,06663,253

70,00876,33691,299

112, 388130, 225

150, 793164.004170, 008169, 119169, 781

168,200166,300164,200165,500165,600165, 626166,300166,900166,300167,700168,100169, 781

169, 700168,200167, 100168,500169, 500170,300

Demanddepositsadjusted 3

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

85,40083,40081,10082, 40082, 50081, 87783,10083,40083, 10084,30085,00085, 750

86,40084,50083,300

. 84,50085,30086,000

Timedeposits 4

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

57, 60057, 80058,00058,10058,20058, 48358,40058, 40058, 40058, 40058,00058,616

58,70059,00059,30059, 50059,50059,700

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

25,20025,10025,10024,90025,00025, 26624,90025, 10024.90024,90025, 10025, 415

24,50024,70024,60024,60024,70024,600

i Reporting date nearest end of period.* Includes Treasury cash and balances at commercial, savings, and Federal Reserve banks.3 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of

collection.4 Includes deposits in commercial banks, mutual savings banks, and Postal Savings System.• Estimates based on incomplete data; June 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).

140


TABLE B-27.—Estimated ownership of Federal securities, 1939-50

[Billions of dollars—par valuesl]

End of period

1939

194019411942 .19431944

19451946 .194719481949

1949 — January. _February.. _ _ _ _MarchAprilMay .JuneJulyAugustSeptemberOctober.November. _ _December

1950 — JanuaryFebruary.MarchAprilMayJune 7 _

Gross debt and guaranteed obligations outstanding

Total a

47.6

50.964.3

112.5170.1232.1

278.7259.5257.0252.9257.2

252.7252.7251.7251.6251.9252.8253.9255.9256.7256.8257.0257.2

256.9256.4255.7255.7256.4257.4

Held byU.S.

Govern-ment

agenciesand trust

funds

6.5

7.69.5

12.216.921.7

27.030.934.437.339.3

37.437.537.737.537.538.338.538.839.439.339.339.3

39.038.437.637.337.437.9

Held by public

Totalheld bypublic

41.1

43.354.7

100.2153.2210.5

251.6228.6222.6215.6217.8

215.3215.2214.0214.1214.4214.5215. 4217.0217.3217.5217.7217.8

217.9218.0218.1218.4219.0219.5

Stateand localgovern-ments 3

0.4

.5

.71.02.14.3

6.56.37.37.98.1

7.87.97.97.98.08.08.08.18.18.18.18.1

8.18.28.78.78.68.5

Com-mercialbanks *

15.9

17.321.441.159.977.7

90.874.568.762.566.8

62.762.160.561.862.763.064.666.466.567.366.866.8

67.466.464.965.365.966.0

FederalReservebanks

2.5

2.22.36.2

11.518.8

24.323.322.623.318.9

22.122.321.721.119.719.318.517.518.017.317.718.9

17.817.717.617.817.418.3

Nonbankprivatecorpo-rations

andassocia-tions »

12.0

12.516.327.441.256.0

65.359.557.554.454.3

54.854.655.354.755.255.255.155.855.555.555.854.3

54.855.656.766.256.656.2

Indi-viduals8

10.4

10.914.124.538.453.5

64.864.966.667.669.5

67.968.368.668.568.868.969.169.269.269.369.369.5

69.770.070.270.370.570.5

* United States saving bonds, series A-D, E, and F, are included at current redemption values.2 Securities issued or guaranteed by the U. S. Government, excluding guaranteed securities held by the

Treasury.»Includes trust, sinking, and investment funds of State and local governments and their agencies, and

Territories and insular possessions.«Includes commercial banks, trust companies, and stock savings banks in the United States and in

Territories and insular possessions; excludes securities held in trust departments.«Includes insurance companies, mutual savings banks, savings and loan associations, dealers and brokers

and foreign accounts in this country. Beginning with December 1946, the foreign accounts include invest-ments by the International Bank for Reconstruction and Development and the International MonetaryFund in special non-interest-bearing notes issued by the U. S. Government; beginning with June 30,1947,they include holdings of Federal land banks.

* Includes partnerships and personal trust accounts.* Estimates based on incomplete data; by Council of Economic Advisers.


Source: Treasury Department (except as noted).

141


TABLE B-28.—Bond yields and interest rates, selected years> 1929-50

[Percent per annum]

Period

1929 average1933 average _ _1935 average1937 average1939 average _

1941 average1943 average. .

1945 average1946 average. .1947 average1948 average _ -1949 average


1950 — First quarterSecond quarter

U. S. Government securityyields

9-12monthcertifi-cates of

indebted-ness

0)0)(0(00)

0)0.75

.81

.82

.88

.14

.14

.22

.20

.06

.09

1.1461.19

Long-term bonds

Partiallytax-

exempt 2

3.603.312.792.742.41

2.051.98

1.66(5)(5)(5)(5)

(5)(5)(5)(5)

(5)(5)

15 yearsand over,taxable

2.47

2.372.192.252.442.31

2.402.382.242.20

2.242.31

High grade cor-porate bond

yields(Moody's)

Aaabonds

4.734.493.603.263.01

2.772.73

2.622.532.612.822.66

2.712.712.632.60

2.582.61

Baabonds

5.907.765.755.034.96

4.333.91

3.293.053.243.473.42

3.463.463.413.34

3.243.25

Bankrates onshort-term

businessloans

(3)(3)(3)(3)2.1

2.02.6

2.22.12.12.52.7

2.702. 742.632.65

2.602.68

Bankersaccept-ances 90days-NewYork

5.03.63.13.43.44

.44

.44

.44

.61

.871.111.12

1.191.191.061.06

1.061.06

FederalReserveBank

discountrate-NewYork

5.162.561.501.331.00

1.004 1.00

* 1.004 1. 00

.00

.34

.50

.50

.50

.501.50

1.501.50

1 Tax exempt prior to March 1,1941; taxable thereafter.2 Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 12 years,

in 1929 and 1933; and after 15 years, from 1935.3 Not available.4 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 in 1 year or less.No partially tax-exempt bonds due or callable in 15 years and over.

6 Beginning June 1,1950, series is based on three note issues maturing July 1,1951.

Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the FederalReserve System.

142


TABLE B-29.—Profits before and after iax^ all private corporations ^ 1929—50 ]

[Billions of dollars

Period

1929

19301931193219331934

19351936 . _ .193719381939

1940 . .1941 .194219131944

1945 .194619471948 .1949 . . . .

1949— First halfSecond half .

1950— First half 4

1949— First quarterSecond quarter __Third quarterFourth quarter. _.


Corporateprofitsbefore

tax

9.8

3.3-.8

-3.0.2

1.7

3.25.76.23.36.5

9.317.221.125.124.3

19.723.530.533.927.6

Corporatetax

liability 2

1.4

.8

.5

.4

.5

.7

1.01.41.51.01.5

2.97.8

11.714.413.5

11.29.6

11.913.010.6

Corporate profits after tax

Total

8.4

2.5-1.3-3.4

— 4LO

2.34.34.72.35.0

6.49.49.4

10.610.8

8.513.918.520.917.0

Dividendpayments

5.8

5.54.12.62.12.6

2.94.64.73.23.8

4.04.54.34.54.7

4.75.86.67.57.8

Undis-tributedprofits

2.6

-3.0-5.4-6.0-2.4-1.6

-.6-.3

W -.91.2

2.44.95.16.26.1

3.88.1

12.013.49.2


27.427.9

30.1

28.326.428.227.6

29.231.0

10.410.7

11.8

10.910.010.810.6

11.412.1

16.917.1

18.4

17.416.417.316.9

17.818.9

7.87.8

8.2

7.97.77.48.2

8.18.2

9.19.4

10.2

9.58.7

10.08.7

9.710.7

1 The figures for 1946-50 are based on the revised series of national income and product of the Departmentof Commerce. For detail, see the "Survey of Current Bvsiness," July 1950.

2 Federal and State corporate income and excess profits taxes.3 Minus 8 million dollars.* Estimates based on incomplete data; second quarter by Council of Economic Advisers.

NOTE.—No allowance has been made for inventory valuation adjustment. See appendix table B-4 forprofits before tax and inventory valuation adjustment.



143


TABLE B-30.—Sales and profits of large manufacturing corporations, 1939-50


Period

1939

19401941194219431944

1945 ..1946194719481949


1949 — First quarterSecond quarterThird quarterFourth quarter .

1950 — First quarter

Durable goods industries(106 corporations) »

Sales

6,748

8,75012,80615, 36220,63322,085

38,16112,62319,83123,81824, 152

Profits

Before taxes

734

1,2262,1752,3262,3892,192

1,288607

2,3123,1073,192

After taxes

597

830982782755726

574295

1,3551.8361,888

Nondurable goods industries(94 corporations) *

Sales

3,843

4,2575,4856,4087,6078,263

8,3718, 940

11,31313,36412,790

Profits

Before taxes

476

617980

1,0691,2931,339

1,1331,4261,7872,2081,843

After taxes

400

443538438506529

555908

1,1671, 4741,211

Totals for period, not adjusted for seasonal variation

12,54631,606

6,1496,3976,3225,284

5,969

1,6291,563

830799866697

898

957932

487470508424

529

6,2946,496

3,2433,0513,1633,333

3,251

893949

496397446503

505

577634

321256292342

323

1 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.

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 published re-

ports of various industrial corporations.

144


TABLE B—31.—Relation of profits before and after taxes to stockholders* equity, private manufacturingcorporations, by industry group, 1948—50

Industry group

All private manufacturing corporations-

FoodTobacco manufactures _ __Textile mill productsApparel and finished textiles ._ _Lumber and wood products

Furniture and fixturesPaper and allied productsPrinting and publishing (except newspapers) .Chemicals and allied productsProducts of petroleum and coal . ._ _

Rubber productsLeather and leather products ... .Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries .

Fabricated metal productsMachinery (except electrical and transporta-

tion)Electrical machineryTransportation equipment (except motor

vehicles)Motor vehicles and parts

Instruments; photographic and optical goods;watches and clocks

Miscellaneous manufacturing (includingordnance) . .

All private manufacturing corporations.

FoodTobacco 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 industriesPrimary iron and steel industries.

Fabricated metal products . .Machinery (except electrical and transporta-

tion)Electrical machinery . ..Transportation equipment (except motor

vehicles)Motor vehicles and "parts. . .._ ..

Instruments; photographic and optical goods;watches and clocks

Miscellaneous manufacturing (includingordnance)

Percentage ratio of profits (annual rate) to stockholders'equity

1948total

1949

Total Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

1950,first

quarter

Before Federal taxes

25.6

21.321.930.920.530.4

26.826.724.025.026.7

21.517.824.322.323.8

27.5

27.327.6

14.234.7

22.6

20.7

18.5

19.520.213.013.314.2

14.617.319.021.215.2

13.611.121.213.017.0

17.8

19.322.2

12.537.6

20.0

12.4

20.4

16.818.416.817.614.8

16.019.623.222.818.0

13.611.618.821.625.6

20.0

23.622.0

15.233.6

20.8

16.0

16.8

20.020.88.4

10.014.4

12.414.019.616.814.8

11.67.6

21.28.0

17.6

14.0

20.416.4

11.236.0

19.2

5.2

18.8

23.222.010.816.012.8

13.214.821.222.414.0

10.812.824.49.2

14.4

20.4

17.217.6

11.646.8

19.2

13.6

18.0

18.019.616.09.6

14.8

16.820.812.022.814.0

18.412.420.413.210.4

16.8

16.032.8

12.034.0

20.8

14.8

19.6

15.616.418.011.616.8

15.620.820.425.212.8

14.810.820.416.020.0

18.4

18.429.2

12.039.2

20.8

10.0

After Federal taxes

16.1

12.913.718.812.219.3

16.016.414.615.819.8

12.410.415.014.114.7

17.0

16.616.1

8.219.8

14.0

12.2

11.7

11.812.67.67.69.0

8.110.711.413.211.9

8.66.2

13.28.09.9

10.4

11.613.5

7.821.9

12,1

7.1

12.8

9.611.610.010.48.8

9.212.014.414.013.2

8.06.4

11.213.614.8

12.0

14.012.4

9.619.6

12.4

10.0

10.4

12.412.84.45.29.2

6.48.4

11.610.011.6

7.23.6

13.24.0

10.0

7.6

12.410.0

6.820.8

11.6

2.0

12.0

14.413.66.49.68.0

7.29.2

13.214.011.2

6.87.2

15.25.68.4

12.0

10.410.8

7.227.2

11.2

7.6

11.6

10.812.49.65.2

10.0

9.613.26.4

14.811.6

12.47.6

13.28.86.4

10.0

9.620.8

7.620.0

13.2

8.8

12.0

9.210.010.86.4

10.4

8.412.812.815.610.0

9.66.4

12.410.411.6

11.2

10.817.2

7.222.8

12.8

5.2

Source: Federal Trade Commission and Securities and Exchange Commission.

145


TABLE B—32.—Relation of profits before and after taxes to sales, private manufacturing corporations,by industry group, 1948-50

Industry group

All private manufacturing cor-porations

FoodTobacco manufactures. _Textile mill productsApparel and finished textilesLumber and wood products _ _Furniture and fixtures ._Paper and allied productsPrinting and publishing (except news-

papers) _ _ _Chemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products _ _Stone, clay, and glass productsPrimary nonferrous metal industries. _.Primary iron and steel industries ...Fabricated metal products.. _ _ ._Machinery (except electrical and trans-

portation)Electrical machineryTransportation equipment (except mo-

tor vehicles)Motor vehicles and parts..Instruments; photographic and optical

goods; watches and clocksMiscellaneous manufacturing (includ-

ing ordnance)

All private manufacturing cor-porations

FoodTobacco manufactures .Textile mill productsApparel and finished textilesLumber and wood products.

Paper and allied productsPrinting and publishing (except news-

papers)Chemicals and allied products _Products of petroleum and coalRubber products _Leather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries ...Primary iron and steel industriesFabricated metal productsMachinery (except electrical and trans-

portation)Electrical machinery _ _ _ _Transportation equipment (except mo-

tor vehiclesMotor vehicles and parts-Instruments; photographic and optical

goods* watches and clocksMiscellaneous manufacturing (includ-

ing ordnance)

Profits in cents per dollar of sales

1948total

1949

Total Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

1950,firstquar-

ter

Before Federal taxes

11.15.68.3

13.55.1

15.49.2

13.8

8.513.917.48.25.6

13.914.212.211.5

12.010.1

7.012.0

12.5

9.5

9.35.58.26.93.79.35.9

10.5

7.413.212.06.03.9

13.910.710.98.7

10.69.1

6.313.5

11.6

6.2

9.94.67.78.94.8

10.46.5

11.5

9.113.213.86.24.1

12.315.213.49.8

11.89.0

7.212.0

12.0

8.4

8.55.68.24.93.19.25.29.1

7.710.811.85.02.9

14.07.5

10.87.1

10.77.1

5.512.1

11.3

2.7

9.56.58.55.94.38.15.79.5

8.614.511.64.54.3

15.78.89.99.5

10.27.9

6.115.4

11.5

6.9

9.35.38.27.82.69.4G.I

12.0

4.314.410.9

8 'o13! 611.39.38.4

9.712.5

6.214.3

11.7

6.7

10.14.87.49.03.5

11.25.9

12.3

8.515.610.76. 64.2

14.113.512.79.7

10.711.3

6.215.3

12.6

5.5

After Federal taxes

7.03.35.18.23.09.85 58.4

5.28.8

12.94.73.38.69.07.5

•7.1

7.35.9

4.06.9

7.8

5.6

5.83.35.14.12.16.03.36.5

4.58.29.43.82.28.66.76.45.1

6.45.6

3.97.9

7.1

3.6

6.12.74.85.32.96.43.77.0

5.78.1

10.33.72.27.29.57.95.8

7.15.1

4.57.1

7.2

5.2

5.23.45.02.71.65.82.75.5

4.66.59.23.11.48.63.96.23.8

6.44.5

3.37.1

6.9

1.1

6.04.05.33.52.55.23.15.7

5.49.19.12.92.59.75.65.75.7

6.24.8

3.79.0

6.7

3.9

6.03.25.24.71.46.43.57.7

2.39.29.05.52.78.77.75.75.1

5.77.9

3.98.4

7.4

4.1

6.22.84.65.41.97.13.27.5

5.49.68.24.22.58.68.57.55.9

6.46.7

3.78.9

7.7

2.9

Sources: Federal Trade Commission and Securities and Exchange Commission.

146


TABLE B-33.—Relation of profits before and after taxes to stockholders' equity and to sales, allprivate manufacturing corporations, by size class, 1948—50

Assets class(thousands of dollars)

All sizes .

1 to 249_-250to999._- . _ _1,000 to 4,9995,000 to 99,999100,000 and over-

All sizes

1 to 249250 to 999-1,000 to 4,999 .5,000 to 99,999100,000 and over-

All sizes _ -- _ _ -

1 to 249^-.250 to 9991,000 to 4,9995,000 to 99,999 „.100,000 and over

All sizes .

1 to 249 _250 to 999 .1,000 to 4,9995,000 to 99,999100,000 and over

1948total

1949

Total Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

1950,first

quarter

Ratio of profits before Federal taxes (annual rate) to stockholders' equity

25.6

15.523.824.826.426.1

18.5

9.814.115.517.723.2

20.4

14.417.217.220.022.4

16.8

10.412.815.216.018.8

18.8

14.016.016.017.230.8

18.0

0.410.413.617.620.8

19.6

8.813.217.218.421.6

Profits before Federal taxes in cents per dollar of sales

11.1

4.07.49.0

11.313.2

9.3

2.75.26.59.0

11.8

9.9

4.06.27.09.7

12.2

8.5

2.84.86.58.2

10.5

9.5

3.86.06.98.9

11.9

9.3

0.13 95! 79.1

12.6

10.1

2.55.17.39.5

12.8

Ratio of profits after Federal taxes (annual rate) to stockholders' equity

16.1

8.814.214.816.116.9

11.7

4.97.89.0

10.813.5

12.8

8.49.6

10.012.014.4

10.4

4.86.88.89.6

12.0

12.0

8.49.29.2

10.413.6

11.6

-2.05.68.0

11.214.0

12.0

4.07.2

10.011.213.6

Profits after Federal taxes in cents per dollar of sales

7.0

2.34.45.47.08.6

5.8

1.42.93.85.67.6

6.1

2.43.54.05.97.8

5.2

1.32.53.75.06.7

6.0

2.33.44.05.57.6

6.0

-0.62.03.35.88.4

6.2

1.12.74.25.88.1

Sources: Federal Trade Commission and Securities and Exchange Commission.

H7


TABLE B-34.—Sources and uses of corporate funds, 1946-50l

[Billions of dollarsl

Source or use of funds

Uses:Plant and equipment outlaysInventories (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 debtChange in Federal income tax liabilityOther current liabilitiesChange in bank loansChange in mortgages _ _ _ _Net new issues . .

Total external sources

Total sources

Discrepancy (uses less sources)

Annual totals

1946

11.611.24.8

-4.7-.7

22.2

7.64.3

11.9

4.0-1.6

1.83.3.6

2.3

10.4

22.3

-.1

1947

15.07.17.51.0-.1

30.5

11.65.2

16.8

4.42.3.4

2.6.8

4.4

14.9

31.7

-1.2

1948

17.55.02.4

.5

25.4

12.86.0

18.8

.9

.8

^i.6

5.9

9.3

28.1

-2.7

1949

16.1-4.6-.42.7-.2

13.6

8.66.7

15.3

-2.2-2.40)

-1.6.5

5.4

-.3

15.0

-1.4

Half year totals 2

1949,first half

8.2-2.5-1.6

1.2-.2

5.1

4.43.2

7.6

-2.6-1.2

.1-2.1

.23.4

-2.2

5.4

-.3

1950,first half 3

7.6.9.1

1.3(4)

9.9

5.13.5

8.6

-1.0.6

(4)-.5

.12.5

1.7

10.3

— 4

1 Excludes banks and insurance companies.2 Not adjusted for seasonal variation.aEstimates based on incomplete data; retained profits and depletion allowances by Council of Economic

Advisers.* Less than 50 million dollars.Sources: Department of Commerce estimates based on Securities and Exchange Commission and other

financial data (except as noted).

148


TABLE B-35.—The international transactions of the United States, 1947-50

[Millions^! dollars]

Type of transaction

Exports of goods and services:Recorded goods 2

Other goods3

Total goodsServicesIncome on investments. _.

Total exports _ _ _

Imports of goods and services:Recorded goods _ . _Other goods 3

Total goodsServicesIncome on investments...

Total imports.

Surplus of export of goods andservices:

Recorded goodsOther goods

Total goods

ServicesIncome on investments. _.

Total surplus of exports-

Means of financing surplus ofexports of goods and serv-ices: 4

Liquidation of gold anddollar assets by foreigncountries

Dollar disbursements by:International Mone-

tary FundInternational Bank..

United States Govern-ment sources: 6

Unilateral transfers _.Long- and short-term

loansUnited States private

sources:RemittancesLong- and short-term

capital

Total means of fi-nancing

Errors and omissions

total

15,253724

15,9772,6731,146

19, 796

5,756344

6,1001,940

249

8,289

9,497380

9,877

73389

11,50

4 46

4630

1,94

3,89

66

75

12,48-98

total

12, 653774

13, 4272,2901,375

17,092

7,124709

7,8332,239

284

10, 356

5 5296

5 59

51,09

6,73

78

2017

4,16

90

65

'86

7,74-1,01

Total

12,000337

12,3372,2961,323

15, 956

6,627517

7,1442,242

329

9,715

5,373—180

5,193

54994

6,241

9938

5,30

64

51

61

7,21-97

Firstquarter

3,325123

3,448577298

4,323

1,790170

1,96049298

2,550

1,535-47

1,488

85200

1,773

32

1,38

29

13

18

2,03-25

1949

Secondquarter

3,36293

3,455636351

4,442

1,601160

1,76158671

2,418

1,761-67

1,694

50280

2,024

372

17

1,55

10

12

120

2,30-28C

Thirdquarter

2,68486

2,770600315

3,685

1,478115

1,59368568

2,346

1,206—29

1,177

—85247

1,339

86

11

1,291

178

112

154

1,83-49

Fourthquarter

2,62935

2,664483359

3,506

1,75872

1,83047992

2,401

871-37

834

i267

1,105

—448

4711

1,074

67

138

15

1,045

19

Firstquarter

2,38143

2,424482284

3,190

1,88583

1,96848782

2.537

496-40

456

-5202

653

—471

-1222

1,008

99

112

83

84-18

50

Seconduarter »

2,500(4)

(4)(4)

(4)

3,300

1,900(4)(4)

(4

<<)2,600

600(4)

(4)

(4)

«

700

> -700

1,100

100

100

200

800-100

1 Estimates based on incomplete data; by Council of Economic Advisers.2 Figures for recorded exports of goods in 1947 have been adjusted to include goods shipped to UnitedStates armed forces abroad for distribution to civilians in occupied areas in order to make them com-parable with figures for subsequent years. Such shipments are included in exports as recorded by the Bu-reau of the Census beginning in 1948 but were not so included in prior years.

a Includes goods sold to or bought from other countries that have not been shipped from or into the UnitedStates customs area and other adjustments.

< Not available.* All figures for means of financing are on a net basis.6 Excludes subscription to the capital of the International Bank for Reconstruction and Development and

the International Monetary Fund. For detail see table B-37.' Excludes 7 million dollars of long-term and 1 million dollars of short-term notes guaranteed by the In-

ternational Bank.


'49


TABLE B—36.—United States exports and imports of goods and services, by area, 1937 and 1947—50

[Billions'lof dollars]

Area

Export surplus of goods and services: 2

Total

ERP countries. .ERP dependencies...Europe, except ERP countries—Canada and Newfoundland... .Latin-American RepublicsOther4

Exports of goods and services: 2

Total

ERP countriesERP dependenciesEurope, except ERP countries--Canada and NewfoundlandLatin- American RepublicsOther <

Imports of goods and services: 2Total .

ERP countriesERP dependenciesEurope, except ERP countries--Canada and Newfoundland ...Latin- American RepublicsOther* _ .

1937

0.28

.28-.31-.03

I -4.55

1.60.18.13

| 2.64

4.27

1.33.50.15

1 2.29

1947

11.51

5.43.34.33

[ 1.17\ 2.08I 2.15

19.80

7.22.93.56

( 2.69{ 4.82I 3.58

8.29

1.79.59.23

( 1.52{ 2.73I 1.43

1948

6.74

3.65.10.03.44

1.171.34

17.09

5.92.86.27

2.494.273.28

10.36

2.27.76.24

2.053.101.94

Annual rates

1949

Firstquar-ter

7.09

3.62.14.03.59.78

1.93

17.29

6.111.00.22

2.413.963.59

10.20

2.49.86.18

1.823.181.66

Secondquar-ter

8.10

3.86.26.05

1.09.81

2.03

17.77

6.17.98.23

3.053.683.65

9.67

2.31.73.18

1.962.871.62

Thirdquar-ter

5.36

2.64.31.02.30.58

1.50

14.74

4.79.91.20

2.483.353.02

9.38

2.15.60.17

2.182.781.51

Fourthquar-ter

4.42

2.42.09.02.22.46

1.22

14.02

4.52.81.20

2.343.442.70

9.60

2.10.72.18

2.132.981.48

1950

Firstquar-ter

2.61

2.13-.18-.02

.22-.19

.66

12.76

4.30.68.18

2.123.182.30

10.15

2.16.86.20

1.913.361.64

Secondquar-ter1

2.80

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

13. 20

(3)(3)

§(3)(3)

10.40

(3)(3)

8(3)(3)

1 Estimates based on incomplete data; by Council of Economic Advisers.2 Includes income on investments.3 Not available.< Includes international institutions.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

i no


TABLE B—37.—U. S. Government grants, loans, and other transfers to foreign countries, 1947—50


Type of aid

A. Unilateral payments:UNRRA and post-TJNRRACivilian supplies distributed

by the armed forcesTransfers to Philippines _Chinese aidKorean aid programGreek-Turkish aidInternational Refugee Organ-

izationInterim aid _ _European recovery program .Other

Total unilateral payments-Less unilateral receipts

Equals: Net unilateral pay-ments

B. Long-term loans and invest-ments:

Lend-lease creditsSurplus property including

ship sales _Export-Import Bank loansUnited Kingdom loanSubscriptions to-

International BankInternational Monetary

FundEuropean Recovery Program.Other _

Total long-term loans andinvestments

Less repayments - _

Equals net long-term loansand investments, includingInternational Bank and In-ternational Monetary Fund-__

Less subscriptions to Inter-national Bank and Inter-national Monetary Fund___

Equals net long-term loansand investments excludingInternational Bank andInternational MonetaryFund

C. Outflow of short-term capital(net)

Total net unilateral payments,loans and investments, exclud-ing International Bank and In-ternational Monetary Fund(A+B-j-C) ..

1947total

761

1 00991

74

1512

288

2,250303

1,947

273797

2 850

317

2 745

161

7, 143294

6,849

3,062

3,787

108

5,842

1948total

84

1,448130168

348

89546

1,398133

4,344183

4,161

2

192454300

47618

1,442443

999

999

-92

5,068

Total

2

1,05920<*10930

171

71

3, 732182

5, 559255

5, 304

4

24163

42559

675205

470

470

173

5,947

Firstquar-ter

2

28753493

52

18

90639

1,40927

1,382

1

1650

28111

35964

295

295

-1

1,676

1949

Secondquar-ter

25344431143

17

1,11946

1,57619

1,557

1

842

9812

16155

106

106

-2

1,661

Thirdquar-ter

33459124

41

18

94039

1,447156

1,291

2

35

1622

7541

34

34

144

1,469

Fourthquar-ter

185475

1235

18

76758

1,12753

1,074

36

3014

8045

35

35

32

1,141

19

Firstquar-ter

10940162234

17

77140

1,04941

1,008

1

51

5415

12149

72

72

27

1,107

50

Secondquar-ter i

(2)(2)

(2)(2)(2)

(2)

(2)(2)

(2)(2)

1,100

(2)

(2)(2)

(2)

(2)

(2)(2)

100

100

1,200

1 Estimates based on incomplete data; by Council of Economic Advisers,a Not available.


151


TABLE B-38.- -United States merchandise export surplus, by area, 1936—38 quarterly average and1947-50

Period

Quarterly average:1936-381947 .1948 _1949

1949— First quarterSecond quarterThird quarterFourth quarter _

1950— First quarterSecond quarter 3 _ _

Quarterly average:1936-38194719481949


1950— First quarter. .

Totalmerchan-

diseexportsurplus

Canada »Other

WesternHemi-sphere

ERPcoun-tries 2

OtherEurope Asia «

Aus-traliaand

OceaniaAfrica

Millions of dollars

1202,3961,3821,343

1,5351,7611,206

871

496600

2724688

101

94188125

1n

(4)

-7448214114

17415810714

-85(4)

1301,150

802807

910999668652

546(4)

173

6

81321

-9(4)

-61313183228

271279209153

101(4)

1341-318

20112513

-13(4)

151239870

601126935

-38(4)

Percentage of total

100100100100

100100100100

100

22.510.36.47.5

6.110.710.4

.1

-1.4

-5.818.715.58.5

11.39.08.91.6

-17.1

108.348.058.060.1

59.356.755.474.9

110.1

.83.0

.4

.5

.7

.2

.1

-1.8

-50.813.113.217.0

17.715.817.317.6

20.4

10.81.7-.21.3

1.3.6

2.11.5

-2.6

12.55.17.15.2

3.96.45.74.0

-7.7

1 Includes Newfoundland and Labrador.2 Turkey is included with ERP countries and excluded from Asia. Exports to and imports from Ger-

many in the postwar period relate almost wholly to trade with the three western zones.3 Estimates based on incomplete data; by Council of Economic Advisers.* Not available.NOTE.—Detail will not necessarily add to totals because of rounding in this table and in tables B-39and

B-42.Source: Department of Commerce (except as noted).

152


TABLE B—39.—United States merchandise exports, including reexports, by area, 7936—38 quarterlyaverage and 1947-50

Period

Quarterly average:1936-381947 .19481949

1949 — First quarterSecond quarter _ _Third quarterFourth quarter


Quarterly average:1936-381947 _19481949 .

1949 — First quarterSecond quarterThird quarterFourth quarter

1950— First quarter. _

Totalexportsinclud-

ingeexports

Canada JOther

WesternHemi-sphere

ERPcoun-tries 2

OtherEurope Asia 2

Australiaand

OceaniaAfrica

Millions of dollars

7423,8353,1633,000

3,3253,3622,6842,629

2,3812,500

115528486489

472571473442

397(4)

1361,017

841725

836738669656

640(<)

2821,3241, 0461,018

1,1601,189

843880

785<«)

311184941

42463539

36(4)

122562507524

599582474443

403(4)

23803849

54504744

36(<)

32205196154

163186142124

84(<)

Percentage of total

100100100100

100100100100

100

15.513.815.416.3

14.217.017.616.8

16.7

18.326.526.624.2

25.122.024.925.0

26.9

38.034.533.133.9

34.935.431.433.5

33.0

4.23.11.51.4

1.31.41.31.5

1.5

16.414.716.017.5

18.017.317.716.9

16.9

3.12.11.21.6

1.61. 51.81.7

1.5

4.35.36.25.1

4.95.55.34.7

3.5

1 Includes Newfoundland and Labrador.2 Turkey is included with ERP countries and excluded from Asia. Exports to Germany in the postwar

period relate almost wholly to exports to the three western zones.* Estimates based on incomplete data; by Council of Economic Advisers.4 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 1950, goods destined to United States armed forcesabroad for distribution in occupied areas as civilian supplies.



153


TABLE B-40.—United States domestic merchandise exports, by economic class, 1936—38 quarterlyaverage and 1947-50

Period

Quarterly average:1936-3819471948 ...1949


1950— First quarterSecond quarter !


1949 — First quarter ...Second quarterThird quarterFourth quarter. _ _

1950— First quarter ..

Totaldomesticexports

Crudematerials

Crudefoodstuffs

Manufac-tured

foodstuffs

Semi-manufac-

tures

Finishedmanufac-

tures

Millions of dollars

7313,7913,1332,971

3,2893,3322,6582,607

2,3542,475

167400372445

466549329436

429«

34337316335

396349325270

200(2)

42439328221

256270174187

141(2)

130446343339

386387310272

256(2)

3582,1681,7731,631

1,7861,7761,5201,442

1,328(2)

Percentage of total

100100100100

100100100100

100

22.810.611.915.0

14.216.512.416.7

18.2

4.78.9

10.111.3

12.010.512.210.4

8.5

5.711.610.57.4

7.88.16.57.2

6.0

17.811.810.911.4

11.711.611.710.4

10.9

49.057.256.654.9

54.353.357.255.3

56.4

* Estimates based on incomplete data; by Council of Economic Advisors,2 Not available.NOTE.—Data in this table cover all domestic merchandise shipped from the United States customs area

to foreign countries including, in 1947 to 1950, goods destined to United States armed forces abroad for dis-tribution in occupied areas as civilian supplies.

Detail will not necessarily add to totals because of roundingjSource: Department of Commerce (except as noted).


TABLE B—41.—Indexes of quantity and unit value of United States domestic merchandise exports,by economic class, 1936—38 quarterly average and 1947—50

[1936-38=100]

Period



1950— First quarter

Quarterly average:1936-38 .194719481949...

1949— First quarter .Second quarterThird quarterFourth quarter


Totaldomesticexports

Crudematerials

Crudefoodstuffs

Manufac-tured

foodstuffs

Semi-manufac-

tures

Finishedmanufac-

tures

Quantity indexes

100275214220

232242199200

181

100123100126

12915593

126

125

100397362435

495438439368

287

100478350297

317365235271

210

100203144150

162167144128

120

100332257252

262267235227

209

Unit value indexes

100188200185

193188182179

177

100195223212

216212212208

205

100248255225

233233216214

202

100218223177

191175175163

160

100169184174

184179165164

164

100182193181

190186181177

178

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 averageprices that result from changes in the commodity composition of trade. The indexes for 1947 to 1950 arebased on data which include goods destined to the United States armed forces abroad for distribution tocivilians in occupied areas.


894762—50 11

155


TABLE B—42.—United States general merchandise imports, by area, 1936—38 quarterly averageand 1947-50

Period


1949 — First quarterSecond quarterThird quarterFourth quarter. .

1950 — First quarter _ __Second quarter a— .


1949 — First quarterSecond quarter-Third quarterFourth quarter

1950 — First quarter .

Totalgeneralimports

Cana-da!

OtherWesternHemi-sphere

ERPcoun-tries a

OtherEurope Asia2

Australiaand

OceaniaAfrica

Millions of dollars

6221,4391,7811.657

1,7901,6011,4781,758

1,8851,900

88282398388

378383348441

404(0

143569627611

662580562642

725(0

152174244211

250190175228

239(0

30454935

34333338

45(4)

183249324296

328303265290

302(<)

10394131

34392231

49CO

17829884

103747389

122(4)

Percentage of total

100100100100

100100100100

100

14.119.622.323.4

21.123.923.525.1

21.4

23.039.535.236.9

37.036.238.036.5

38.5

24.412.113.712.7

14.011.911.813.0

12.7

4.83.12.82.1

1.92.12.22.2

2.4

29.417.318.217.9

18.318.917.916.5

16.0

1.62.72.31.9

1.92.41.51.8

2.6

2.75.75.55.1

5.84.64.95.1

6.5

1 Includes Newfoundland and Labrador.2 Turkey is included with ERP countries and excluded from Asia. Imports from Germany in the post-

war period relate almost wholly to imports from the three western zones.3 Estimates based on incomplete data; by Council of Economic Advisers.* Not available.NOTE.—Data in this table cover all merchandise received in the United States customs area from foreign

countries. 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).

156


TABLE B-43.—United States merchandise imports for consumption, by economic class, 1936-38quarterly average and 1947—50

Period


1949— First quarter . _Second quarterThird quarterFourth quarter

1950 — First quarterSecond quarter *


1949 — First quarterSecond quarterThird quarterFourth quarter


Totalimports forconsump-

tion

Crudematerials

Crudefoodstuffs

Manu-factured

foodstuffs

Semi-manu-

factures

Finishedmanu-

factures

Millions of dollars

615,416,773,650

.758,590

1, 5011,750

1,8691,885

190441537464

504449424478

537(2)

85254318333

340302287403

422(2)

95164183185

182198194168

185(2)

126311408356

398336306385

413(')

120246327312

336305290315

312(2)

Percentage of total

100100100100

100100100100

100

30.931.130.328.1

28.728.228.227.3

28.7

13.817.917.920.2

19.319.019.123.0

22.6

15.411.610.311.2

10.412.512.99.6

9.9

20.522.023.021.6

22.521.120.422.0

22.1

19.517.418.418.9

19.119.219.318.0

16.7

1 Estimates based on incomplete data; by Council of Economic Advisers.2 Not available.

NOTE.—Imports for consumption include merchandise entered immediately upon arrival into merchandis-ing or consumption channels, plus withdrawals from bonded customs warehouses for consumption.



157


TABLE B—44.—Indexes of quantity and unit value of United States merchandise imports forconsumption, by economic class, 1936—38 quarterly average and 1947—50

[1936-38=100]

Period

Quarterly average:1936-38—194719481949

1949— First quarterSecond quarterThird quarter _Fourth quarter

1950 — iFirst quarter

Quarterly average:1936-38 .194719481949 _ - _

1949— First quarterSecond quarter . . _Third quarterFourth quarter. . _ _

1950— First quarter

Total im-ports forconsump-

tion

Crudematerials

Crudefoodstuffs

Manufac-tured

foodstuffs

Semimanu-factures

Finishedmanufac-

tures

Quantity indexes

100108123120

121116111131

136

100129139125

129118116136

153

10096

109119

121116104135

121

100839197

9310510088

99

100130149142

140129130169

186

10084

103101

1059894

106

107

Unit value indexes

100213235224

235224220217

223

100180203195

206200193185

185

100311343330

330306324352

410

100208212202

205199205203

197

100191217199

225208187182

176

100245266258

267261258249

245

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 changes in averageprices that result from changes in the commodity composition of trade.


158


TABLE B-45.—-Changes in selected economic series since 1939 and 1949

Source:Appen-

dixtableNo.

B-l__-

B-4..._

B-7- —

B-8.—

B-9..._

B-ll...

B-14.._

B-15...

B-16--

B-17....

B 18

B-21...

Economic series

Gross national productPersonal consumption expendi-

tures - --Gross private domestic invest-

mentNet foreign investmentGovernment purchases of goods

and services

National incomeCompensation of employees _

Personal incomeDisposable personal incomePersonal net saving .

Per capita disposable personal income:Current dollars _1949 dollars

Labor force, including armed forcesCivilian labor force

EmploymentNonagriculturalAgricultural

Unemployment

Average gross weekly earnings:ManufacturingBituminous coal miningBuilding construction

Physical production index of goodsand selected services: Total

AgriculturalNonagricultural

Industrial production* TotalDurable manufacturesNondurable manufacturesMinerals

New construction: TotalPrivate

Residential _ _NonresidentialOther private .

public

Business expenditures for new plantand equipment

Inventories' TotalManufacturingWholesale tradeRetail

Sales' Total -ManufacturingWholesale tradeRetail _ -

Consumers' price index: All itemsFoodApparelRent

1939=100

1949

Total

280

265

33344

331

299294

284267319

234138

1141121281408436

230265233

160132165

161185154127

276369309411508168

348

266270284248

324349299305

170212189116

Firsthalf

281

264

347133

333

301295

286269415

237139

1131111271398334

229297233

(4)(4)169

166196153135

270363288435518163

351

280290284256

327353306306

171213192115

Secondhalf

278

266

319(3)

328

297293

282265230

231136

1161141301428438

231230234

(4)(4)163

156173156119

282376331387497173

346

266270284248

321346294304

170211186116

1950,1firsthalf

290

272

426(3)

316

302302

296279470

242143

1151131281427541

239267230

8180

173201166130

315435422428480177

317

274275298258

335366299316

169208184118

Percentage change to1950, first half 1

Prom 1949,first

half 2

+3.2

+3.1

+22.7-266.7

-5.0

+.4+2.4

+3.5+3.8

+13.4

+2.0+3.2

+1.7+1.9+.9

+2.4-8.9

+21.5

+4.5-10.1-1.4

i.+4.4+2.3+8.4-3.5

+17.0+20.0+46.6-1.5-7.4+9.0

-9.8

-2.1-5.3+5.0+.6

+2.4+3.9-2.3+3.4

-1.1.-2.3-4.3+2.4

Prom 1949,secondhalf 2

+4.4

+2.0

+33.5-566.7

-3.7

+1.7+3.1

+5.1+5.5

+104.8

+4.7+5.1

-1.0-.8

-1.4+.1

-10.8+7.6

+3.6+15.9-1.8

(4)(4)+10.6

+11.2+15.9+6.5+9.5

+12.0+15.8+27.5+10.8-3.5+2.5

-8.6

+3.0+1.9+4.7+4.2

+4.4+5.8+1.7+4.1

-.5-1.6-1.1+1.4

See footnotes at end of table, p. 160.

159


TABLE B-45.—Changes in selected economic series since 1939 and 7949—Continued

Source:Appen-

dixtableNo.

B-22...

B 23

B-24...

B-29...

B-39...

B-42

Economic series

Wholesale price index: All commodi-ties - -

Farm productsFoodsOther than farm products and

foods

Prices received by farmersPrices paid by farmers (including in-

terest taxes and wage rates)

Consumer credit outstanding, end ofperiod

Corporate profits:Profits before taxesProfits after taxes _

Dividend paymentsUndistributed profits

Merchandise exports, including reex-ports

General merchandise imports..

1939=100

1949

Total

201253229

181

262

203

236

425340205767

8 404

•266

Firsthalf

204262232

184

269

207

202

422338205758

8 451

8273

Secondhalf

198246227

178

255

201

236

429342205783

«358

•260

1950,1firsthalf

199246224

181

254

204

246

463368216850

«329

•304

Percentage change to1950, first half »

From 1949,firsthalf 2

-2.3-6.0-3.6

-1.9

-5.9

-1.2

+21.6

+9.9+8.9+5.1

+12.1

-27.0

+11.6

From 1949,secondhalf 2

+.9

-1.4

+1.2

-.4

+1.6

+4.4

+7.9+7.6+5.1+8.5

-8.1

+16.9

i Estimates based on incomplete data.J Changes are computed from data as reported and therefore may differ slightly from changes computed

from the indexes shown here.8 Indexes not computed because of negative values,4 Not available.' 1936-38 average =-100.

]6o


ERP Appendixes MY 1950 2

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