ERP Appendixes MY 1952

Appendix A

The Nation's Economic Accounts

CONTENTSPage

The Nation's economic accounts 125Statistical tables relating to the Nation's economic accounts:

A-l. The Nation's economic accounts, calendar years 1951-52. 128A-2. Consumer account, calendar years 1951-52 129A-3. Business account, calendar years 1951-52. 130A-4. International account, calendar years 1951-52 130A-5. Government account (Federal, State, and local), calendar

years 1951-52 131A-6. Reconciliation of Federal Government expenditures on

income and product account with consolidated cashstatement and administrative budget, calendar years1951-52 132

A-7. Reconciliation of Federal Government receipts on incomeand product account with consolidated cash statementand administrative budget, calendar years 1951-52. ... 133

A-8. Federal cash payments to the public by type of recipientand transaction, calendar years 1951-52 134

209722—52 9 123

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

The Nation's Economic Accounts

The Nation's economic accounts presented in tables A-l to A-5 are de-signed to show the major economic developments of the last year and a half,and to throw light on the process of change and adjustment within theeconomy. However, the accounts are more nearly like snapshots taken atintervals than like a moving picture which shows the process of change. Thecausal elements must be inferred from a succession of static pictures.

It is in the nature of the accounting concepts used that, for the economyas a whole, total income received and total output (or expenditure) arealways equal: the sum of the components of income, such as rents, wages,profits, and interest, must equal the value of the output of goods and serv-ices. Thus, in the Nation's economic accounts, receipts and expendituresadd to the same total, which is the gross national output or expenditure.It follows that if the receipts of any one sector of the economy exceed theexpenditures of that sector, this will be balanced by an excess of expendi-ture over receipts in another sector. This balance is shown in the thirdcolumn of table A-l.

So much for the static relations. If we think of the process of change itbecomes evident that, while income and expenditure for the economy as awhole are equal for any period, the expenditure of one period may differfrom the income of the preceding period. This results from the fact thatcollectively all the economic units may wish to buy more than currentoutput (i. e., they may be trying to spend more than their current income),thereby stimulating increases in prices, production, or both, or they may betrying to reduce spending below the level of income and output, whichtends to bring prices down, to reduce production, and to cause unintendedinventory accumulation. Only by rare coincidence will the aggregates ofcountless individual, business, and government decisions to spend or savematch up so that the desire to save by some is exactly counterbalanced byplans to spend more than income by others. When this does happen, theeconomy remains stabilized at a given level of output and prices. When itdoes not happen, forces will be set in motion which operate to changeeither the physical volume of activity, or the price level, or both. It followsthat if there is to be steady expansion of the economy at stable prices, totalspending in each succeeding period must rise somewhat above the incomeof the preceding period.

The economic forces and developments that were discussed in Part Iof this Review are reflected in the national account figures presented in

125


the tables of this appendix. Accordingly, no statement of these forcesand developments is included here.

The estimates included in the Nation's economic accounts are all takenfrom the national income and product statistics of the Department of Com-merce. The 1951 National Income Supplement to the Survey of CurrentBusiness has complete statistics from 1929 to 1950, as well as much ex-planatory material. Revised estimates for 1949-51 can be found in theSurvey of Current Business, July 1952. Many of these estimates are repro-duced in tables in Appendix B of this report. Some notes on the fouraccounts contained in the accompanying tables follow:

Consumer accountThe consumer account, table A-2, summarizes the more detailed statis-

tics on personal income and consumption contained in appendix tablesB-4, B-7, and B-9. It should be noted that, whereas personal incomeincludes the income of unincorporated businesses and farms, only expendi-tures for consumption purposes are included in this account. Investmentsof both corporate and noncorporate businesses are included in the businessaccount. Residential construction, whether for owner-occupancy or forrental purposes, is also included with business investment, while the actualor imputed rent of dwellings is included in consumer expenditure. Giftsto residents of foreign countries are also part of consumer expenditure.

Business account

In the business account, table A-3, receipts of business include the undis-tributed profits of corporations after adjustment for inventory valuation,plus the capital consumption allowances of both corporate and noncorporateenterprises and institutions, and depreciation on residences. Depreciationallowances must be added to receipts, since investment is on a grossbasis; that is, before deduction for depreciation. As mentioned above,business investment includes additions to plant and equipment and inven-tories of both corporate and noncorporate enterprises, as well as residentialconstruction for owner-occupancy. Additional information relating tobusiness is contained in appendix tables B-5, B-18, B-19, B-32, and B-37.

International account

Net foreign investment, table A-4, represents the excess of United Statescurrent receipts over current payments arising from transactions in goodsand services (including investment income) and unilateral transfers such asprivate remittances or Government grants. Expenditures for these unilat-eral transfers are included in consumer expenditures and Governmentexpenditures for goods and services, and exports which arise from them areincluded in the current receipts component of net foreign investment. Con-sequently, the payments involved in the transfers themselves must be in-cluded in the current payment component of net foreign investment inorder to avoid double counting. (See also appendix tables B-38 throughB-44.)

126


Government account

In table A-5, government receipts and expenditures are shown on anincome and product account basis rather than on a cash or administrativebudget basis, so as to be consistent with the receipts and expenditure ac-counts of the other sectors and with the gross national product total. Gov-ernment transfer payments, such as social security and veterans' benefits,and interest charges represent income to the recipients, but are not includedin the gross national product. Therefore, these payments are subtractedfrom both receipts and expenditures.

The income and product accounts of the government are on a consoli-dated basis, just as the cash accounts are, but they depart from the latterbecause of the timing of the items included in each and because of con-ceptual differences. (See appendix table B-31 for government cash receiptsfrom and payments to the public.) The income and product accounts ofthe government are designed to be in accord with the accrual recordsmaintained by private business. Thus, business taxes, especially thoseon corporate profits, are recorded on an accrual rather than a col-lections basis, and government expenditures for goods are corrected forthe lag between deliveries and payments therefor. All capital transactions,such as receipts from the sale of government property and changes in loansand investments of government credit agencies, are excluded from the in-come and product accounts, although such transactions are included in boththe cash and administrative budgets. A reconciliation of Federal Govern-ment receipts and expenditures, as reported in the Nation's economic ac-counts, with receipts and expenditures in the consolidated cash and conven-tional administrative budgets, is presented in tables A-6 and A-7. For adescription of the differences between the consolidated cash budget andthe conventional administrative budget, see Special Analysis A, the Budgetof the United States Government for the Fiscal Year Ending June 30, 1953,p. 1142.

127


TABLE A—1.— The Nation's economic accounts, calendar years 1951—52

[Billions of dollars, seasonally adjusted annual rates]

Economic group

Consumers:Disposable personal income -Personal consumption expendi-

tures -Personal net saving (+)

Business:Gross retained earningsGross private domestic invest-

mentExcess of investment ( — )

International:Net foreign investment

Excess of receipts (+) or in-vestment (— )

Government (Federal, State, andlocal):

Tax and nontax receipts or ac-cruals

Less: Transfers, interest, andsubsidies (net) __

Equals: Net receipts ..

Total government expendituresLess: Transfers, interest, and

subsidies (net) __ _

Equals: Purchases of goods andservices

Excess of receipts (+) or ex-penditures ( — )

Statistical discrepancy

Gross national product ._

1951, first half

Re-ceipts

220.6

29 3

88 3

17.2

71.1

3.2

324. 4

Ex-pendi-tures

207.5

62.5

—1 4

73.1

17.2

55 8

324.4

Excessof re-ceiptsOf) or

ex-pendi-tures(-)

+13.1

—33 2

4-1.4

+15. 3

+3 2

.0

1951, second half

Re-ceipts

229.3

36 4

85.3

16.7

68.6

— 4

334.0

Ex-pendi-tures

208.4

54.6

1 8

85.9

16.7

69 2

334.0

Excessof re-ceipts(+)or

ex-pendi-tures<-)

+20.9

—18 2

-1.8

— 6

—.4

.0

1952, Arst half 1

Re-ceipts

231.0

36.2

91 2

17.2

74.0

—.2

341.2

Ex-pendi-tures

214 1

49.0

1 4

94.0

17.2

76.7

341.2

Excessof re-ceipts(+)or

ex-pendi-tures(-)

+16.9

-12.8

-1.4

-2.7

-.2

.0

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

Source: Based on the national income and product statistics of the Department of Commerce (except asnoted).

128


TABLE A-2.—Consumer account, calendar years 1951—52


Receipts or expenditures

Personal income:Salaries, wages, and other labor income _ . _ - -Farm proprietors' incomeBusiness and professional income 2

Rental income _ _ _Dividends and personal interest incomeTransfer payments - _

Total

Less: Personal tax and nontax payments:FederalState and local

Total

Equals: Disposable personal income . . _

Less: Personal consumption expenditures 3

Equals: Personal net savinp

1951

Total

170.715.626.28.9

20.412.4

254.1

26.13.0

29.1

225.0

208.0

+17.0

Firsthalf

167.414.826.18.5

20.012.3

249.0

25. 52.9

28.4

220.6

207.5

+13.1

Secondhalf

174.016.426.39.2

20.712.4

259.0

26.73.1

29.7

229.3

208.4

+20.9

1952,first

half*

178.215.027.49.4

21.012.5

263. 5

29.33.3

32.5

231. 0

214.1

+16. 9

1 Estimates based on incomplete data; second quarter by Council of Economic Advisers.2 Includes adjustment for inventory valuation.3 For detail, see appendix table B-4.

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

Source: See table A-l.

129


TABLE A-3,—Business account, calendar years 1951-52


Receipts or investment

Receipts:Corporate profits before tax _ __Less: Corporate tax liability 3 ,.

Dividend payments

Equals: Corporate undistributed profits

Plus: Capital consumption allowances 8

Corporate inventory valuation adjustment * _Excess of wage accruals over disbursements

Equals: Gross retained earnings-

Expenditures:New construction . _ . . _

Residential (nonfarm)... _Other private construction

Producers' durable equipment .. ...Change in inventories

Total gross private domestic investment *

Excess of investment (—)... -

Total

42.924.29 0

9.6

24.6-1.3(5)

32.9

23.311.012.324.910 3

58.5

-25.6

1951

Firsthalf

46 726.48.8

11.4

23.8-5.8

—.1

29.3

24.111.812.225.013.3

62.5

-33.2

Secondhalf

39.022.09 2

7.8

25.43.1.1

36.4

22.410.112.324.87.4

54.6

—18.2

1952,first

half i

41.223.89.2

8.2

27.11.0

— 1

36.2

23.611.012.625.8— .4

49.0

— 12.8

* Estimates based on incomplete data; second quarter by Council of Economic Advisers.2 Federal and State corporate income and excess profits taxes.»Includes capital consumption allowances on noncorporate capital, including residences.* The adjustment measures the excess of the value of the change in the volume of nonfarm business inven-

tories valued at average prices during the period over the change in the book value.' Less than 50 million dollars.* For additional detail, see appendix table B-5.NOTE.—Detail will not necessarily add to totals because of rounding.Source: See table A-l.

TABLE A—4.—International account, calendar years 1951—52

[Billions of dollars, annual rates]

Item

Exports of goods and services - -Less* Imports of goods and services

Equals" Surplus of exports of 'goods and services

Less: Net unilateral transfers: *Government 8

Private .. ...

E quals * Net foreign investment - -

Total

20.215 1

5 1

4 5.4

9

1951

Firsthalf

19.315.7

3.6

4.6.4

-1.4

Secondhalf

21.114.5

6 6

4.4.4

1 8

1952,

half i

21.415. 7

5.7

3.9.4

1.4

1 Estimates based on incomplete data; second quarter by Council of Economic Advisers.8 Net unilateral transfers are included with Government or private expenditures for goods and services.For example, remittances (gifts) made by American citizens to relatives or charitable groups abroad are in-cluded with consumer expenditures. Government aid in the form of grants is included in Governmentpurchases of goods and services. Thus, net unilateral transfers must be deducted from tho export surplusto avoid double counting.

* For further detail, see appendix table B-39. These figures do not agree with unilateral transfers "in-cluded in appendix table A-8, which is on a Daily Treasury Statement basis and is gross.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: See table A-l.

130


TABLE A—5.—Government account (Federal, State, and local), calendar years 1951-52


Receipts or expenditures

Federal Government:Receipts:

Tax and nontax receipts or accruals 2

Less:Transfers and net interest paymentsFederal grants-in-aid to State and local governmentsSubsidies less current surplus of Government enterprises. _.

Equals: Net receipts _ _. . . _ _

Expenditures:Total expendituresLess:

Transfers and net interest paymentsFederal grants-in-aid to State and local governmentsSubsidies less current surplus of Government enterprises - _ _

Equals: Purchases of goods and services. . .

Excess of receipts (+) or expenditures (— ) _ . . . . _

State and local governments:Receipts:

Tax and nontax receipts or accruals 2 _Federal grants-in-aid to State and local governmentsCurrent surplus of Government enterprisesLess: Transfers and net interest payments _ _

Equals: Net receipts . . . .

Expenditures:Total expendituresLess' Transfers and net interest paymentsPlus' Current surplus of Government enterprises

Equals: Purchases of goods and services . . _ _

Excess of receipts (-J-) or expenditures (— ) . - _

Total government:Receipts: 3

Tax and nontax receipts or accruals 2 . _ _Less:

Transfers and net interest paymentsSubsidies less current surplus of government enterprises

Equals: Net receipts - - .

Expenditures: »Total expenditures .Less:

Transfers and net interest payments _ .Subsidies less current surplus of government enterprises

Equals: Purchases of goods and services _.

Excess of receipts (+) or expenditures (—)

Total

66.1

13.22.41.3

49.2

57.8

13 22.41.3

40.9

+8.3

20.72.4.8

3.2

20.7

24.13 2.8

21.7

—1.0

86.8

16 4.5

69.9

79.5

16.4. 5

G2. 6

+7.3

1951

Firsthalf

67.8

13.12.31.7

50.7

51 6

13 12.31.7

34.6

+16.1

20.62.3.8

3.2

20.4

23. 83 2.8

21.4

—1.0

88.3

16 3.9

71.1

73.1

16.3.9

55.8

+15.3

Secondhalf

64.4

13.32.4.9

47.7

63 9

13 32 4.9

47.2

+.5

20 92.4.8

3,2

20 9

24.43 2.8

22 0

—1 1

86.3

16 5.2

63 6

85 9

16.5.2

69.2

-.6

1952,firsthalf»

69.6

13.32.01.4

53.0

70 4

13 32.01.4

53.6

-.6

21.52.0.8

3.4

21.0

25.73 4.8

23.1

—2.1

91.2

16 6.6

74.0

94.0

16.6.6

76.7

-2.7

1 Estimates based on incomplete data; second quarter by Council of Economic Advisers.2 Includes personal tax and nontax receipts, indirect business tax and nontax accruals, corporate profits

tax accruals (including excess profits tax accruals), and contributions for social insurance.3 Federal grants-in-aid to State and local governments are reflected in Federal expenditures and State

and local receipts and expenditures. Total government receipts and expenditures have been adjusted toeliminate this duplication.

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

Source: See appendix table A-l.

131


TABLE A—6.—Reconciliation of Federal Government expenditures on income and product accountwith consolidated cash statement and administrative budget, calendar years 1951-52


Item

Federal expenditures on income and product account:

Purchases of goods and services (net).Transfer paymentsNet interest paid by the Federal GovernmentSubsidies less current surplus of Government enterprisesGrants-in-aid to State and local governments.. _ _

TotalLess:

Transfer to trust accountsFederal employee contributions to retirement funds _Accrued interest on savings bonds and Treasury billsSeasonal and other adjustments to Commodity Credit Corporation

expenditures _ _ _ .Increase in accounts payable to business

Plus:Major loans and net investments (excluding Commodity Credit

Corporation)Federal Government sales-District of Columbia expenditures . - _ .Miscellaneous capital transactionsStatistical errors and omissions. ,

Equals: Consolidated cash expenditures

Less:Cash trust account expendituresClearing account for outstanding checks . _ _

Plus:Noncash interest payments _Transfer to trust accountsFederal employee contributions to retirement funds .

Equals: Administrative budget expenditures (net) .

Total

40.98.64.61.32.4

57.8

1.0.4.7

.0

.6

1.8.4.1.6.0

58 0

4 3.1

1.81 0.4

56.8

1951

Firsthalf

34.68.54.51.72.3

51.6

.3

.4

.6

.9

.4

1.6.3.1.6

— . 2

51.4

3.3

2.3.3.4

51.1

Secondhalf

47.28.74.6.9

2.4

63.9

1.7.4.8

Q

.8

2.0.5.1.7.3

64.7

5.3.3

1.41.7.4

62.6

1952,firsthalf i

53.68.74.61 42.0

70 4

6.4.7

.6o

2 2.4.1.7

—.3

71 2

4.0.5

2.1.6.4

69 7

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

Sources: Bureau of the Budget, Treasury Department, and Department of Commerce (except as noted).

13*


TABLE A—7.—Reconciliation of Federal Government receipts on income and product account withconsolidated cash statement and administrative budget, calendar years 1951—52


Item

Federal receipts on income and product account:

Personal tax arsd nontax liabilities _ .Corporate profits tax accrualsIndirect business tax and nontax liabilitiesContributions for social insurance - - _

TotalLess:

Excess of corporate profits tax accruals over cash collections (net ofrefunds)

Excess of individual income tax withholdings by employers overdeposits with Treasury

Transfer to trust accounts..Federal employee contributions to retirement funds

Plus:Sales of Government propertyProceeds of Government-owned securities . ..Other capital receipts _District of Columbia revenuesStatistical errors and omissions _

Equals* Consolidated cash receipts .

Less* Cash trust account receipts . -Plus: Payments to Treasury by Federal agencies and other noncash

budget receipts

Equals* Administrative budget receipts

Total

26.123 49.57.1

66.1

7.0

.6

.6

.4

.4

.4

.9

.1

.0

59.3

6.1

.2

53 5

1951

Firsthalf

25.525 59 67.1

67 8

6.7

—2 9.3.4

.3

.5

.8

.1

.1

65.1

6.0

.3

59 4

Secondhalf

26.721 29 47.1

64 4

7.1

4 1.94

5.3.9.1

— . l

53.6

6.1

.1

47 6

1952,first

halfi

29.323 o10 07.4

69 6

—5.9

—6 6.64

4.3.8.1

—.3

82 4

6.0

.2

76 6

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


Sources: Bureau of the Budget, Treasury Department, and Department of Commerce ("except as noted).

133


TABLE A-8.—Federal cash payments to the public by type of recipient and transaction, calendayears 1951-52

[Billions of dollars]

Cash payments

Direct cash payments for goods and services, excluding payments formilitary services: 2

Payments to individuals for services rendered:Civilian wages and salaries (excluding Post Office):

Federal3

Grants- and loans-in-aid for performance of specified services,net* _ _

Total - .-

Payments to business for goods and services:Public works:

Federal .Grants-in-aid and loans for public works

Other goods and services *Payments to foreign countries and international institutions

for goods and services

Total..

Direct cash payments for goods and services— payments for militaryservices: 7

Military personnel - -IVIalor procurement and production

Stockpiling of strategic and critical materialsOperation and maintenance of equipment, research and develop-

ment reserve forces and other

Total

Loans and transfer payments to individuals:Social insurance and public assistance:

Federal employees' retirement benefit paymentsOld-age and disability benefit payments _ -Unemployment insurance benefit paymentsGrants-in-aid for pubtic assistance

Readjustment benefits, pensions, and other payments to veterans 8.Loans to home owners netInterest 8 . _ _ _Other10

Total -

Loans, investments, subsidies, and other transfers to business and agri-culture:

Farmers:Price support, net (including supply program)International Wheat AgreementOther loans and direct subsidies to farmers

Business:Home mortgage purchases from financial institutions -_ .Loans, netDirect subsidy payments

Subsidy arising from t h e postal deficit _ _ _ _ _ . _ _ .Interest 9

Total

Loans and transfer payments to foreign countries and international in-stitutions:

Unilateral transfers:Military aid __Economic aid. _

Loans.. -Subscriptions to the International Bank and Monetary Fund (net

cash withdrawals) . .

Total

Clearing account for outstanding checks and telegraphic reports

Total Federal cash payments to the public

Total

3.0

.9

3.8

2.1.8.9

. .1

3.8

9.77.51 2.7

10.7

29.8

.32,2.9

1.25.2.1

1.1-.1

11.0

A

.2

.8

.5(6)

(6U 73.1

4 8

1.62.9

3

(6)

4.7

+.1

58.0

1951

Firsthalf

1.5

.4

1.9

.9

.3

.4

(6)

1.6

4.42.8

3.4

4.3

12.2

.11.1.5.6

2.6(6)

.6o

5.4

^.1.4

.2(6)

(6).4

1 5

2 3

.71.6

2

(C)

2 4

(6)

25 7

Secondhalf

1.5

.4

1.9

1.1.5.6

(6)

2.2

5.34.7

9.3

G. 3

17.5

.11.1.4.6

2.7.1. 5

(6)

5.6

i.1.3

.3(6)

(6).3

1.6

2 5

1.01.3.1

(6)

2.4

+.1

! 32.3!

1952,firsthalf*

1.6

.5

2.1

1.3.3.4

(6)

2.0

5.76.51 1.5

7.1

20.9

.21.2.6.6

2.3(6)

.6-.2

5.2

—.2.1.5

.2(6)(8)

.41.4

2.4

1.41.2.1

(6)

2.7

+.3

35.6

Footnotes on following page.

134


1 Estimates based on incomplete data.2 Differs from the national income concept of "Government purchases of goods and services" by exclud

ing, in addition to military services, farm price-support expenditures, and unilateral aid to foreign countries.Grants to States and localities for public works, here included as a Federal expenditure, would be includedin the national income accounts as a State and local expenditure. There are other less significant differencesbetween the two concepts.3 Excludes payroll deductions for Federal employees' retirement.

* Includes all grants-in-aid and loans to public bodies for purposes other than public works and publicassistance. Includes, in addition, one-third of Federal expenditures for veterans' tuition, books, andsupplies.

s This figure is obtained as a residual by deducting all other expenditures from total cash payments tothe public. This residual is subject to a high margin of error, since many of the detailed expenditure figuresare estimated from records maintained on different bases. Conceptually, it includes purchases of suppliesand equipment, payments for transportation, communication, and various contractual services.

• Less than 50 million dollars.7 Excludes retired pay and redemption of Armed Forces Leave bonds which are included below as pay-

ments to veterans. Also excludes payroll deductions for civilian employees' retirement.s Includes cashing of terminal leave bonds, retired pay of military personnel, and National Service and

Government Life Insurance refunds and benefits in addition to veterans' pensions and readjustment bene-fits. Includes only one-third of payments for veterans' tuition, books, and supplies.

»Includes a small amount of interest on tax refunds in addition to interest on the public debt. Interestpaid to business includes about 100 million dollars of interest paid each year by the Federal Government toState and local governments. (Interest in appendix table A-2— Consumer account—is net and is on anaccrual rather than a cash basis; it includes interest paid by State and local governments and by Govern-ment corporations.)

10 Represents transactions in deposit funds (including partially-owned Government corporations) andin trust funds not specified elsewhere.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Bureau of the Budget.

135


Appendix B

Statistical Tables Relating to Employment,Production, and Purchasing Power

CONTENTS

National income or expenditure: PagoB-l. Gross national product or expenditure, 1929-52 139B-2. Gross national product or expenditure in 1951 prices, 1929-52 140B-3. Gross national product or expenditure in 1939 prices, 1929-51 142B-4. Personal consumption expenditures, 1929—52 143B~5. Gross private domestic investment, 1929-52 144B-6. National income by distributive shares, 1929-52 145B-7. Personal income, 1929-52 146B-8. Relation of national income and personal income, 1929-52 147B-9. Disposition of personal income, 1929-52 148B-10. Total and per capita disposable personal income in current and 1951

prices, 1929-52 149Employment and wages:

B—11. Labor force, employment, and unemployment, 1929—52 150B-l 2. Number of wage and salary workers in nonagricultural establishments,

1929-52 151B-l 3. Average weekly hours in selected industries, 1929-52 152B-l4. Average hourly earnings in selected industries, 1929-52 153B-l 5. Average gross weekly earnings in selected industries, 1929—52 . . . . . . . . 154

Production and business activity:B—16. Indexes of industrial and agricultural production, 1929—52 155B-17. New construction activity, 1929-52 156B—18. Business expenditures for new plant and equipment, 1929—52 157B—19. Inventories and sales in manufacturing and trade, 1939-52 158B-20. Sales, stocks, orders, and receipts at 296 department stores, 1939-52.. 159

Prices:B-21. Wholesale price index, 1929-52 160B-22. Consumers' price index, 1929-52 162B-23. Indexes of prices received and prices paid by farmers, and parity

ratio, 1929-52 163B-24. Indexes of wholesale prices and cost of living in the United States and

foreign countries, selected dates since June 1950 164

137


Credit, m©ney supply, and Federal finance: PageB-25. Consumer credit outstanding, 1929-52 165B-26. Loans and investments of all commercial banks, 1929-52 166B-27. Deposits and currency, 1929-52 167B-28. Estimated ownership of Federal obligations, 1939-52 168B-29. U. S. Government debt—volume and kind of obligations, 1929-52. . . 169B-30. Bond yields and interest rates, 1929-52 170B-31. Government cash receipts from and payments to the public, calendar

years, 1943-52 171Corporate profits and finance:

B-32. Profits before and after tax, all private corporations, 1929-52 172B-33. Sales and profits of large manufacturing corporations, 1939-52 173B-34. Relation of profits before and after taxes to stockholders' equity, private

manufacturing corporations, by industry group, 1947-49 averageand 1950-51 174

B-35. Relation of profits before and after taxes to sales, private manufactur-ing corporations, by industry group, 1947-49 average and 1950-51.. 175

B-36. Relation of profits before and after taxes to stockholders' equity and tosales, all private manufacturing corporations, by asset size class,1947-49 average and 1950-51 176

B-37. Sources and uses of corporate funds, 1946-52 177International transactions:

B-38. International transactions of the United States, 1949-52 178B-39. United States exports and imports of goods and services, by area,

1949-52 179B—40. U. S. Government grants, other unilateral transfers, and loans to for-

eign countries, 1949-52 180B—41. United States merchandise exports, including reexports, by area,

1936-38 quarterly average and 1947-52 181B—42. Indexes of quantity and unit value of United States domestic mer-

chandise exports, by economic class, 1936-38 quarterly averageand 1947-52 182

B-43. United States general merchandise imports, by area, 1936-38 quar-terly average and 1947-52 183

B—44. Indexes of quantity and unit value of United States merchandise im-ports for consumption, by economic class, 1936-38 quarterly aver-age and 1947-52 184

Summary:B—45. Changes in selected economic series since 1939 and 1951 185

138


TABLE B—1.—Gross national product or expenditure, 1929—52


Period

1929 . ..

19301931 .. .. .1932 _ ._.19331934 .

193519361937 -.19381939

19401941194219431944

19451946194719481949

1950 .1951

1951: First halfSecond half

1952: First half •

1951: First quarterSecond quarter...Third quarter....Fourth quarter..

1952: First quarterSecond quarter •_

Grossna-

tionalprod-uct

103.8

90.975.958.355.864.9

72.282.590.284.791.3

101.4126.4161.6194.3213.7

215.2211.1233 3259.0258.2

284.2329.2

Per-sonalcon-

sump-tionex-

pendi-tures i

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146.9165.6177.9180.6

194.3208.0

Gross private domesticinvestment 2

1fr

15.8

10.25.4.9

1.32.8

6.18.3

11.46.39.9

13.918.310.95.77.7

10.728.730.242.733.5

50.358.5

Construction

3£

7.8

5.63.61.71.11.4

1.92.83.73.34.9

5.66.84.02.52.8

3.910.313.917.717.2

22.923.3

^x-S

«i

•81sl«

2.8

1.41.2.5.3.4

.71.11.41.62.7

3.03.41.8l:l1.14.06.38.68.3

12.611.0

10

5.0

4.22.41.2.8

1.0

1.21.72.31.82.2

112.21.52.0

2.86.37.69.19.0

10.312.3

JS,a

llo 33 &

T3 0»0

Hi

6.4

4.93.21.81.82.5

3.44.55.44.04.6

6.17.74.94.15.7

7.512.317.119.918.7

22.024.9

"§8pQ'EoBIf1-9!sza

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-.85.0

-2.5

5.510.3

Netfor-eignin-

vest-ment

0.8

.7

.2

.2

.2

.4

-.1— .1

.11.1.9

1.51.1

— 2-2.2-2.1

-1.44.68.91.9.5

-2.3.2

Government purchases ofgoods and services

3§

8.5

9.29.28.18.09.8

9.911.711.612.813.1

13.924.759.788.696.5

82.830.928.636.643.6

41.962.6

Federal *

5g1.3

1.41.51.52.03.0

2.94.84.65.35.2

6.216.952.081.289.0

74.820.915.821.125.4

22.240.9

8-—. >»

•2 I"cS£

(fi)

(8)

38)s)«(s)0)(*)1.2

2.213.849.479.787.5

73. 818.512.015.518.9

18.336.7

fe50

(5)(5)(6)(s)(5)(5)(5)(s)

83.9

4.03.22.71.51.6

1.02.53.85.86.6

3.94.2

•d§1CQ

7.2

7.87.76.65.96.8

7.06.97.07.57.9

7.87.87.77.47.5

8.010.012.815.618.2

19.721.7

Seasonally adjusted annual rates

324.4334.0

341.2

319.6329. 3330.9337.1

339.4343.0

207.5208.4

214.1

210.5204.5206.4210.5

213. 2215.0

62.554.6

49.0

59.865.256.252.9

50.048.0

24.122.4

23.6

24.723.522.422.4

23.723.5

11.810.1

11.0

12.810.99.9

10.3

11.010.9

12.212.3

12.6

11.912.612.512.1

12.712.6

25.024.8

25.8

24.825.324.924.7

25.726.0

13.37.4

-.4

10.316.38.95.8

.6-1.6

-1.41.8

1.4

-2.7-.21.12.6

1.91.0

55.869.2

76.7

51.959.867.371.2

74.479.0

34.647.2

53.6

30.838.345.548.9

51.256.0

30.942.4

48.2

27.334.541.143.8

46.050.5

3.64.8

5.3

3.53.74.55.1

6.25.5

21.422.0

23.1

21.121.621.722.3

23.223.0

1 See appendix table B-4 for major components.2 See appendix table B-5 for more detail and explanation of components.3 Net of Government sales, which have be^n deducted from the national security expenditures.4 For 1947-52 "national security" expenditures include the following: military services, international

security, and foreign relations, development and control of atomic energy, promotion of merchant marine,promotion of defense production and economic stabilization, and civil defense. (See The Budget of theUnited States Government for the Fiscal Year Ending June 30, 1953, for items included in each of theseclassifications.) Prior to 1947, the expenditure? are based on items formerly clarified as "war" by theBureau of the Budget and Treasury Department. For all years, the expenditures exclude Governmentsales and have been adjusted to the concept of purchases of goods and services.

• Not available.< Estimates based on imcomplete data; second quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1949 are based on the revised serias of national income and product

of the Department of Commerce. For detail, see the Survey of Current Business, July 1952.Detail will not necessarily add to totals because of rounding.

Source: Department of Commerce (except as noted).

209722—52- -10 139


TABLE B-2.—Gross national product or expenditure in 1951 prices, 1929-52

[Billions of dollars, 1951 prices]

Period

1929

19301931193219331934

1935.19361937 ...19381939

1940 _19411942 _ . ..19431944

19451946194719481949_

19501951. .

1951: First halfSecond half _._

1952: First half «_

1951: First quarterSecond quarterThird quarterFourth quarter ,

1952: First quarter... _Second quarter *

Totalgross

nationalproduct

168.1

152.2140.7119.1117.9131.4

143. 2163.6171.2164.4179.8

197.4229.3260.4293.4316.3

307.2272.6272. 3281.0281.6

303.3329.2

Personal consumptionexpenditures

Total

119.1

111.9108.198.397.3

103.2

109.7121.0125.2123.1130.3

137.9148.6146. 5:

150.4156.4

166.8185.2189.9193.3198. 4

208.7208.0

Dur-able

goods

16.4

13.110.98.07.89.1

11.113.614.311.813.6

15.718.211.610.19.4

10.821.125.125.626.2

31.527.1

Non-dur-able

goods

62.9

59.959.554.454.158.3

61.968.871.372.276.4

80.386.889.492.396.4

103. 6108.5107.2107.7109.7

111.7113.5

Serv-ices

39.8

38.937.735.935.435.8

36.738.639.639.140.3

41.943.645.548.050.6

52.455.657.660.062.5

65.567.3

Gross private domestic investment

Total

32.6

22.213.62.93.77.3

13.919.523.713.621.6

29.336.319.811.213.4

16.842.240.247.438.1

54.458.5

New construction

Total

18.5

13.89.75.43.64.1

5.57.99.58.3

12.3

13.715.48.44.75.0

6.615.217.320.019.7

24.623.3

Eesi-den-tial

(non-farm)

(4)

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

(4)(4)(«)(«)6.8

7.37.93.61.71.4

1.86.07.89.69.4

13.511.0

Other

(4)

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

(4)(4)(4)(4)5.5

6.47.54.83.03.6

4.89.29.5

10.410.3

11.112.3

Pro-ducers'durableequip-ment

11.1

8.86.13.63.74.8

6.68.8

10.07.38.5

11.013.28.26.79.4

12.218.121.723.221.0

24.124.9

Changein

busi-ness

inven-tories

3.0

-.4-2.2-6.1-3,6-1.6

1.82.84.2

-2.0.8

4.67.73.2

-i!o-2.0

8.91.24.2

-2.6

5.710.3


325.6333.0

336.0

321.3329.9331. 7334. 3

334.6337.3

208.6207.4

211.2

212.2204.9206.6208.3

210.4211.9

29.025.2

25.0

31.626.425.525.0

24.825.2

112.6114.6

117.9

113.8111.3113.7115.5

117.8118.0

67.067.6

68.2

66.867.267.467.8

67.868.7

62.854.4

47.7

60.265.356.252.6

49.046.4

24.222.4

23.1

24.923.522.422.3

23.322.9

11.910.0

10.8

12.910.99.9

10.2

10.810.7

12.312.3

12.4

12.012.612.512.1

12.512.2

25.224.6

25.4

25.025.424.924.4

25.325.5

13.47.4

-.8

10.316.48.95.9

.4-2.0

See footnotes at end of table.

I4O


TABLE B-2.—Gross national product or expenditure in 1951 prices, 1929-52J—Continued

[Billions of dollars, 19511prices]

Period

1929

1930 _1931193219331934

1935 _19361937 _19381939

1940. _.._1941194219431944

1945 .._ .1946194719481949

19501951

1951: First halfSecond half....

1952: First half « . ..

1951: First quarterSecond quarterThird quarterFourth quarter

1952: First quarter .Second quarter « _ _ .

Netforeigninvest-ment

-0.7

-.9-1.3-1.3-1.7-.9

-2.4-2.6-2.2

.1-.4

.3-1.3-3.2-7.6-8.0

-7.82.87.3

-1.3-2.9

-4.3.2

Government purchases of goods and services

Total

17.1

19.020.319.218.621.8

22.025.724.527.628.3

29.945.797.3

139.4154.5

131.442.434.941.648.0

44.562.6

Federal »

Total

2.8

3.23.43.64.96.7

6.510.59.6

11.511.3

13.329.982.9

126.3141.7

118.427.718.523.828.0

23.640.9

Nationalsecurity *

(*)

(«)(4)(<)(4)(4)

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

2.6

4.724.478.8

124.0139.3

116.824.514.117.520.8

19.436.7

Other

(«)

(4)(«)(«)(*)(4)

(*)(«)(4)(*)

8.7

8.65.54.12.32.4

1.63.24.46.37.2

4.24.2

Stateandlocal

14.3

15.816.915.613.715.1

15.515.214.916.117.0

16.615.814.413.112.8

13.014.716.417.820.0

20.921.7


-1.6fc 2.0

1.3

-3.0-.21.52.5

1.7.9

55. 969.2

75.8

51.959.967.470.9

73.578. Ij

34.647.1

53.2

30.938.345.548.7

50.855.5

31.042.4

47.8

27.434.541.143.6

45.750.0

3.64.8

5.3

3.53.84.45.1

5.15.5

21.322.0

22.6

21.021.621.922.2

22.722.6

1 These estimates represent a rough conversion of the Department of Commerce series in 1939 prices. (Seeappendix table B-.3) This was done by major components, using the implicit price indexes for the year1951 as a base. Although it would have been preferable to redeflate the series by minor components, thiswould not substantially change the results except possibly for the period of World War II, and for the serieson change in business inventories.

* Net of Government sales, which have been deducted from the national security expenditures.3 See appendix table B-l, footnote 4.* Not available.« Estimates based on incomplete data.


Source: Council of Economic Advisers.

141


TABLE B-3.—Gross national product or expenditure in 1939 prices, 1929-511

[Billions of dollars, 1939 prices]

Period

1929

1930193119321933 . .1934

19351936193719381939.

19401941194219431944

1945- _ _ -1946194719481949

1950 ...1951

Totalgrossna-

tionalprod-uct

85.9

78.172.361.961.567.9

73.983.987.984.091.3 i

100.0115.5129.7145.7156.9

153.4138.4138.6143.5144.0

154.8167.3

Personal consumptionexpenditures

Total

62.2

58.656.651.851.154.0

57.262.865.063.967.5

71.376.675.878.081.1

86.395.798.3

100.3103.2

108.5108.4

Dur-able

goods

8.0

6.45.33.93.84.4

5.46.87.05.76.7

7.78.95.75.04.6

5.310.412.312.612.9

15.413.3

Non-dur-able

goods

29.1

27.727.525.224.927.0

28.631.832.933.435.3

37.140.141.342.644.5

47.950.249.549.750.7

51.652.4

Serv-ices

25.1

24.523.922.722.422.6

23.224.425.124.825.5

26.527.628.830.432.0

33.235.236.438.039.6

41.542.6

Gross private domesticinvestment

Total

14.9

10.15.91.11.63.5

6.79.3

11.46.39.9

13.717.19.35.46.6

8.320.319.322.718.0

25.828.0

Newcon-

struc-tion

7.4

5.43.82.11.51.7

2.23.13.83.34.9

5.46.13.31.92.0

2.66.06.98.07.9

9.89.2

Pro-duc-ers'dur-able

equip-ment

6.1

4.83.31.92.02.7

3.64.85.53.94.6

6.07.24.43.65.1

6.79.9

11.812.611.4

13.113.6

Changein

busi-ness

inven-tories

1.5

-.2-1.1-3.0-1.8-.8

.91.42.1

-1.0.4

2.33.81.6

-'.5

-1.04.4.6

2.1-1.3

2.85.1

Netfor-eignin-

vest-ment

0.8

.6

.3

.2

.1

.3

-.1-.2

.11.0.9

1.2.7

-.4-2.1-2.2

-1.82.74.81.4.6

.02.0

Governmentpurchases of goods

and services

Total

7.9

8.79.48.98.7

10.1

10.111.911.412.713.1

13.821.145.064.371.3

60.619.616.119.222.2

20.628.9

Fed-eral

1.3

1.51.61.72.33.1

3.04.94.45.35.2

6.113.838.358.265.4

54.612.88.5

10.912.9

10.918.9

Stateandlocal

6.6

7.37.87.26.47.0

7.17.16.97.47.9

7.77.36.76.16.0

6.06.87.68.29.3

9.710.1

Grosspri-vate

prod-uct 2

81.5

73.567.757.456.562.0

67.676.480.976.483.7

92.1106.2116.5125. 3133.0

129.7125.6128.8133.7133. 7

144.3154. 0

1 See Survey of Current Business, January 1951, and the National Income Supplement to the Survey ofCurrent Business, 1951, for explanation of conversion of estimates in current prices to those in 1939 prices.

* Total gross national product less compensation of general government employees.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

142


TABLE B-4.—Personal consumption expenditures, 1929-52


Period

1929 .._

1930 -1931193219331934

193519361937 _ _19381939

19401941194219431944

1945 _ _ _ .194619471948 -1949

10501951

1951: First halfSecond half _.

1952: First half*

1951: First QuarterSecond quarter _Third QuarterFourth quarter.

1952: First quarterSecond quarter * _ _ _

Totalex-

pendi-tures

78.8

70.861.249.246.351.9

58.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146.9165.6177.9180.fi

194.3208.0

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

29.227.1

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

1.14.26.67.59.4

12.310.7

Other

6.1

5.14.02.82.52.9

3.34.14.64.14.6

5.16.46.46.06.2

7.412.414.815.414.5

16.916.4

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

100.999.2

102.8113.5

Food*

19.7

18.114.811.411.514.3

16.318.520.019.019.3

20.724.430.535.338.9

43.050.356.659.758.9

61.469.2

Cloth-ing 2

9.2

7.96.85.04.65.6

5.96.56.76.67.0

7.48.8

11.013.715.3

17.118.619.120.119.0

18.920.3

Other

8.9

8.17.46.46.26.9

7.27.98.68.48.9

9.510.811.411.912.9

14.816.919.421.121.4

22.524.1

Services

Total

31.7

29.526.622.820.620.9

21.723.324.924.725.5

26.628.531.234.437.4

39.744.549.154.157.5

62.467.3

Hous-ing a

11.4

11.010.29.07.87.5

7.67.98.48.78.9

9.29.9

10.611.111.7

12.213.014.616.518.1

19.921.8

Other

20.2

18.51Q.413.812.713.4

14.115.416.516.016.5

17.418.720.623.325.7

27.531.434.537.739.4

42.545.6


207.5208.4

214.1

210.5204.5206.4210.5

213.2215.0

28.825.4

25.4

31.326.325.525.3

25.225.5

11.89.7

10.0

12.611.09.99.5

9.610.4

17.115.7

15.4

18.815.415.615.8

15.615.1

112.3114.7

118.2

113.3111.3113.2116.2

118.0118. 5

68. 470.0

72.0

68.568.269.570.4

71.872.2

20.220.4

20.6

20.719.720.020.7

20.620.6

23.824.4

25.6

24.123.423.725.1

25.625.7

66.468.3

70.5

65.966.967.669.0

70.071.0

21.222.2

23.1

21.021.522.022.5

22.923.3

45.146.1

47.4

44.945.345.646.5

47.147.7

1 Includes alcoholic beverages.2 Includes shoes and standard clothing issued to military personnel.8 Includes imputed rental value of owner-occupied dwellings.« Estimates based on incomplete data; second quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1949 are based on the revised series of national income and product

of the Department of Commerce. For detail, see the Survey of Current Business, July 1952.Detail will not necessarily add to totals because of rounding.


143


TABLE B-5.—Gross private domestic investment, 1929-52


Period

i929

1930193119321Q331934

1935 - -1936193719°»81939 - -

19401941194219431944

19451946194719481949

19501951

1951:First halfSecond half

1952:First half «

1951:First quarterSecond quarter. .Third quarter-.Fourth quarter.

1952:First quarterSecond quarter8.

Totalgrosspri-vate

domes-tic

nvest-ment

15.8

10.25.4.9

1.32.8

6.18.3

11.46.39.9

13.918.310.95.77.7

10.728.730.242.733.5

50.3.'58. 5

Nonfann producers'plant and equipment

Total i

9.8

7.64.62.52.33.1

3.85.26.64.75.7

7.49.35.84.66.3

8.715.520.323.421.7

25.429.6

Equip-ment2

5.6

4.32.81.61.62.2

2.93.94.73.44.0

5.36.64.13.54.7

6.310.714.616.715.3

18.420. 8,

Con-struc-tion i 3

4.2

3.41.81.0.7.9

1.01.31.91.41.7

2.12.71.71.11.6

2.44.85.76.76.4

7.08.8

Farm equipment andconstruction

Total 4

1.1

.9

.5

.3

.3

.4

.6

.81.0.8.8

1.01.31.0.9

1.2

1.42.43.84.64.7

5.45.9

Equip-ment

0.8

.7

.4

.3

.3

.3

.5

.6

.8,6.6

.81.0.7.6.9

1.11.62.53.23.4

3.64.1

Con-struc-tion

0.3

.2

.1

.1

.1

.2

.2

.2

.2

.2

.3

.3

.3

.3

.3

.91.31.41.3

1.81.8

Resi-dential

con-struc-tion(non-

farm)^

2.8

1.41.2.5.3.4

.71.11.41.52.7

3.03.41.81.0.8

1.14.06.38.68.3

12.611.0

Otherpri-vatecon-

struc-tion8

0.5

.5

.4

.2

.1

.1

.1

.1

.2

.2

.2

.2

.3

.1

.1

o

'.71.01.3

1.51.7

Net change inbusiness inventories

Total

1.6

-.3-1.4-2.6-1.6-1.1

.91.02.3

— 1 0.4

2.33.92.1-.9

o

-.76.1-.85.0

-2.5

5.510.3

Non-farmafter

revalu-ation

adjust-ment

1.8

—1.7-2.6-1.3

.2

.42.11.8

— 1 1.3

2.03.4.8

-.5— 3

-.66.31.43.7

-1.6

4.69.4

Farm

-0,3

— 23

— 3-L3

.5-1.1

.5I

.1

.2

.51 3

-.4

i—'.2

-2.21.3-.9

.9

.9


62.554.6

49.0

59.865.256.252.9

50.048.0

29.330.0

31.0

29.129.530.029.9

30.931.1

i

20.621.1

21.8

20.720.621.021.2

21.621.9

8.68.8

9.2

8.48.99.08.7

9.39.2

6.25.5

5.8

5.96.65.75.3

5.85.8

4.43.7

4.1

4.14.83.93.5

4.14.1

1.81.8

1.7

1.81.81.81.8

1.71.7

11.810.1

11.0

12.810.99.9

10.3

11.010.9

1.81.6

1.7

1.71.91.71.6

1.71.7

13.37.4

A

10.316.38.95.8

.6-1.5

12.16.7

-1.3

9.015.28.25.2

—.1-2.5

1.2.6

.8

1.31.1.7.6

.7

1 Items for 1945 and earlier years are not comparable with those for later years, nor with figures shown inappendix table B-17. Items for all years are not comparable with those shown in appendix table B-18,principally because the latter exclude certain equipment and construction outlays charged to currentexpense.2 Total producers' durable equipment less "farm machinery and equipment" and farmers' purchases of"tractors" and "business motor vehicles." These figures assume that farmers purchase 85 and 15 percent,respectively, of all tractors and motor vehicles used for productive purposes.3 Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings, stores,restaurants, and garages. Includes hotel construction prior to 1946 only.

* Farm construction (residential and nonresidential) plus "farm machinery and equipment" and farmers'purchases of "tractors" and "business motor vehicles." (See footnote 2.)

* Includes construction of hotels, tourist cabins, motor courts, and dormitories since 1946 only.6 Includes religious, educational, social and recreational, hospital and institutional, miscellaneous non-residential, and all other private.7 Less than 50 million dollars.8 Estimates based on incomplete data; second quarter by Council of Economic Advisers.

NOTE.—The figures beginning with 1949 are based on the revised series of national income and product ofthe Department of Commerce. For detail, see the Survey of Current Business, July 1952.

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

144


TABLE B-6.—National income by distributive shares, 1929-52


Period

1929 -

193019311932 --19331934 _

19351936 .1937193g _.1939

19401941 _1942 -1943 .1944

1945 _ _194(3194719481949 _ _

19501951 _

1951- First halfSecond half

1952- First half •

1951* First quarterSecond quarter _ _ _ _ _Third quarterFourth quarter.

1952: First quarter _Second quarter 5 _ _ _

Totalna-

tionalin-

come1

87.4

75.058.941.739.648.6

56.864.773.667.472.5

81.3103.8137.1169.7183.8

182.7180.3198.7223.5216.3

239.2277.6

Com-pen-

sationof em-ploy-ees 2

50.8

46.539.530.829.334.1

37.142.747.744.747.8

51.864.384.9

109.2121.2

123.0117.1128.0140.2139.9

153.4178.9

Business and pro-fessional incomeand inventory

valuationadjustment

Total

8.3

7.05.33.22.94.3

5.06.16.66.36.8

7.79.6

12.615.017.2

18.720.619.822.121.6

23.726.2

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

18.822.421.322.521.0

24.926.6

In-ven-toryvalu-ationad-

just-ment

0.1

.8

.6

.3-.5-.1

-.1

'^-.2

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

-.1-1.8-1.5-.4

.6

-1.2A

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

12.514.815.617.712.8

13.315.6

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

6.36.67.17.57.7

8.28.9

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

19.218.324.731.729.2

34.841.6

Cor-porateprofitsbeforetax a

9.8

3.3-.8

-3.0.2

1.7

3.25.76.23.36.5

9.317.221.125.124.3

19.723.530.533.827.1

39.642.9

In-ven-toryvalu-ationad-

just-ment

0.5

3.32.41.0

-2.1-.6

9-!7(4)1.0-.7

i-2^6-1.2-.8-.3

-.6-5.2-5.8-2.1

2.1

-4.8-1.3

Netin-

terest

6.5

6.25.95.45.04.8

4.54.54.44.34.2

4.14.13.93.43.1

3.02.93.54.35.0

5.86.4


272.2282.9

287.4

269.6274.8280.2285.6

«287.2287.5

175.6182.2

186.5

172.9178.2181.0183.4

186.5186.5

26.126.3

27.4

26.226.026.026.6

27.327.6

27.625.6

27.4

29.026.225.225.9

27.527.2

-1.5.8

.1

-2.8-.2

.8

.7

o'.4

14.816.4

15.0

15.114.415.817.0

15.414.6

8.59.2

9.4

8.58.59.19.4

9.49.4

41.042.2

42.2

40.741.241.942.5

•41. 942.5

46.739.0

41.2

50.143.338.639.5

»42.040.5

-5.83.1

1.0

-9.4-2.1

3.23.0

i2.'o

6.46.6

6.8

6.36.46.56.6

6.76.9

1 National income is the total net income earned in production by individuals and businesses. The con-cept of national income currently used differs from the concept of gross national product in that it excludesdepreciation charges and other allowances for business and institutional consumption of durable capitalgoods, and indirect business taxes.

2 Includes wage and salary receipts and other labor income (see appendix table B-7), and employer andemployee contributions for social insurance (see appendix table B-8).

See appendix table B-32 for corporate tax liability (Federal and State income and excess profits taxes)and corporate profits after tax.

* Less than 50 million dollars.s Estimates based on incomplete data; corporate profits and total national income for first quarter and all

items for second quarter by Council of Economic Advisers.

NOTE.—The figures beginning with 1949 are based on the revised series of national income and product ofthe Department of Commerce. For detail, see the Survey of Current Business, July 1952.

Detail will not necessarily add to totals because of rounding.



TABLE B-7.—Personal income, 1929-52

[Billions>f^dollars]

Period

1929

193019311932.1933 ._ .1934

1935 _19361937. .1938 _1939

194019411942. .19431944

19451946194719481949

19501951

1951: First halfSecond half _

1952: First half »

1951: First quarterSecond quarter...Third quarterFourth quarter. ..

1952: First quarterSecond quarter *--

Totalpersonalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9177.7191.0209.5205.9

226.3254.1

Salaries,wages,

and otherlabor

income *

50.5

46.339.230.529.033.8

36.842.145.942.845.7

49.561.581.4

104.5116.2

116.9111.1122.3134.9134.2

146.5170.7

Proprie-tors'and

rentalincome 2

19.7

15.711.87.47.28.7

12.112.615.414.014.7

16.320.828.432.835.5

37.542.042.447.342.1

45. 250.6

Dividendsand

personalinterestincome 3

13.3

12.611.19.18.28.6

8.610.110.38.79.2

9.49.99.7

10.010.6

11.413.214.516.017.1

19.520.4

Transferpayments

1.5

1.52.72.22.12.2

2.43.52.42.83.0

3.13.13.23.03.6

6.211.411.811.312.4

15.112.4

Nonagri-culturalpersonalincome 4

76.8

70.060.146.243.049.5

53.462.866.562.166.3

71.586.1

109.4135.2150.5

155. 7158.8170. 8187.1188.7

208.5233. 6

Agri-culturalincome

8.3

6.24.73.13.63.7

6.55.67.56.26.3

6.89.2

13.315.115.4

16.218.920.222.417.2

17.820.5


249.0259.0

263.5

240.2251.9256. 1262.0

263.0264.0

167.4174.0

178.2

164.5170.2172. 2175.7

178.1178.3

49.452.0

51.8

49.749.050.853.1

52.151.6

20.020.7

21.0

19.720.320.620.8

20.521.5

12.312.4

12.5

12.212.412.512.4

12.512.5

229.7237.5

243.4

226.6232.8235. 3239.8

242.6244.3

19.421.5

20.0

19.619.120.822.2

20.419.7

1 Differs from "compensation of employees" in appendix table B-6, in that it excludes employer andemployee contributions to social insurance. Includes wage and salary receipts and other labor income-compensation for injuries, employer contributions to private pension and welfare funds, pay of militaryreservists not on full-time active duty (pay for full-time active duty included in military wages and salaries),directors' fees, jury and witness fees, compensation of prison inmates, Government payments to enemyprisoners of war, marriage fees to justices of the peace, and merchant marine war-risk life and injury claims.

2 See appendix table B 6 for major components.* See appendix table B-32 for dividend payments.< Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises,

farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural cor-porations.

• Estimates based on incomplete data; second quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1949 are based on the revised series of national income and product of

the Department of Commerce. For detail, see the Survey of Current Business, July 1952.Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

146


TABLE B-8.—Relation of national income and personal income., 1929—52


Period

1929

19301931193219331934 _

19351936193719381939

1940194119421943 _ _ _ _ _1944

194519461947 _ _19481949 .-

1950 - - .1951

1951: First half.Second half

1952: First half »

1951: First quarter.Second quarterThird quarter. _._.Fourth quarter

1952: First quarterSecond quarter * _ _

Nationalincome

87.4

75.058.941.739.648.6

56.864.773.667.472.5

81.3103.8137.1169.7183.8

182.7180.3198.7223.5216.3

239. 2277. 6

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

19.218.324.731 729.2

34.841.6

Contri-butions

tosocialinsur-ance

0.2

.3

.330

.3

.3

.61.82.02 1

2.32.83.54.55.2

6.16.05.75 25.7

6.98.2

Excessof

wage• ac-crualsoverdis-

burse-ments

0.2— . 2

0)0)0)0)0)

0)0)

Plus:

Gov-ern-

menttrans-

ferpay-

ments

0.9

1.02.01.41.51.6

1.82.91.92.42.5

2.72.62.72.53.1

5.610.911.110.511.6

14.311.5

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

3.74.44.44.54.6

4.74.9

Divi-dends

5.8

5.54.12.62 i£ 6

2.94.64.73.23.8

4.04.54.34.54.7

4.75.86.67.27.5

9.09.0

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

.8

.8

.9

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

171.9177.7191.0209.5205.9

226.3254.1


272.2282. 9

287.4

269. 6274.8280.2285.6

2287.2287.5

41.042.2

42,2

40.741.241.942.5

2 41. 942.5

8.28.2

8.4

8.18.28.18.3

8.98.5

-0.1.1

-.1.]

-.2.8

—.6

.1-.3

11.411.6

11.6

11.311.611.611.5

11.711.6

4.85.0

5.0

4.84.94.95.0

5.05.0

8.89.2

9.2

8.69.09.29.3

8.99.6

0.9.9

.9

.9

.9

.9

.9

.9

.9

249.0259. 0

263.5

246.2251.9256.1262.0

263.0264. 0

1 Less than 50 million dollars.2 Estimates basedfon incomplete data; corporate profits and total national income for first quarter and

all items for second quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1949 are based on the revised series of national income and product of

the Department of Commerce. For detail, see the Survey of Current Business, July 1952.Detail will not necessarily add to totals because of rounding.


147


TABLE B-9.—Disposition oj personal income, 1929-52


Period

1929 ._..

1930 ...193119321933 _ _ _ _1934 _

19351936193719381939

1940194119421943 _1944

1945... .1946 .194719481949 _

1950....1951

1951: First half .Second half.. ....

1952: First half i ...

1951: First quarterSecond quarterThird quarterFourth quarter.

1952: First quarter. _.Second quarter J

Personalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9177.7191.0209.5205.9

226.3254.1

Less:Personaltax andnontax

payments

2.6

2.51.91.51.51.6

1.92.32.92.92.4

2.63.36.0

17.818.9

20.918.821.521.118.6

20.829.1

Equals:Dispos-

ablepersonalincome

82.5

73. 7::63.047.845.251.6

58.066.171.165.570.2

75.792.0

116.7132.4147.0

151.1158.9169.5188.4187.2

205. 5225.0

Less:Personal

con-sumptionexpendi-

tures

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146.9165.6177. 9180.6

194.3208.0

Equals:Personal

netsaving

3.7

2.91.8

-1.4-1.2

2

1.83.63.91.02.7

3.79.8

25.630.235.4

28.012.03.9

10. 56.7

11.217.0

Netsaving aspercentof dis-

posablepersonalincome

4.5

3.92.9

-2.9-2.7-.4

3.15.45.51.53.8

4.910.721.922.824.1

18.57.62.35.63.6

5.57.6


249.0259.0

263.5

246.2251.9256.1262.0

263. 0264.0

28.429.7

32. 5

28.228.729.030.4

32.532.5

220.6229.3

231.0

218.0223.2227.1231.5

230.5231. 5

207.5208.4

214.1

210.5204.5206.4210.5

213.2215.0

13.120.9

16.9

7.518.720.721.1

17.316.5

5.99.1

7.3

3.48.49.19.1

7.57.1

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

NOTE.—The figures beginning with 1919 are based on the revised series of nationa income and product ofthe Department of Commerce. For detail, see the Survey of Current Business, July 1952.



148


TABLE B-10.—Total and per capita disposable personal income in current and 1951 prices, 1929-52

Period

1929

1930 _ -1931 ._.19321933 _1934

1935193619371938 _1939

1940 _ _1941194219431944

1945194619471948 . -1949

19501951

1951- First half -Second half

1952: First half 3 -

1951' First quarterSecond quarter _ _Third quarterFourth quarter

1952: First quarter _ _ _Second quarter 3

Total disposable personalincome (billions of dollars)

Currentprices

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.7132.4147.0

151.1158.9169.5188.4187.2

205.5225.0

1951prices 1

124.6

116.4111.395.495.0

102.6

113.3127.9132.6125.0135.5

144.7166.1187.3194.7205.9

204.7200.4194.4204.8205.7

220.7225. 0

Per capita disposable per-sonaljncomej(dollars)

Currentprices

678

599508383360408

456516552505536

573690866968

1,062

,080,124,176,285,255

1, 3551,458

1951prices *

1,024

946898764756811

891998

1,030964

1,035

1,0961,2451,3901,4241,487

1,463134171,3491,3971,379

1, 4551,458


220.6229.3

231.0

218.0223.2227.1231.5

230. 5231. 5

221.7228.2

227.8

219. 8223.6227.3229.0

227.5228.1

1,4351,478

1,477

1,4211,4491,4631,489

1,4771,477

1,4421,471

1,456

1, 4321,4521,4691,473

1,4581,455

Population(thousands) 2

121, 770

123, 077124, 040124, 840125, 579126, 374

127, 250128, 053128. 825129, 825130, 880

132. 114133, 377134, 831136, 719138, 390

139, 934141, 398144, 129146, 621149, 149

151, 689154, 353

153, 699155, 107

156, 405

153, 396154, Oil154,724155,466

156, 098156, 700

* Dollar estimates in current prices divided by an over-all implicit price index for personal consumptionexpenditures. This price index was based on Department of Commerce data shifted from a 1939 base.

2 Provisional intercensal estimates of the population of continental United States including armed forcesoverseas, taking into account the final 1950 census total population count. Annual data are as of July 1;quarterly and semiannual data as of middle of period.

3 Estimates based on incomplete data; second quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1949 are based on the revised series of national income arid product of

the Department of Commerce. For detail, see the Survey of Current Business, July 1952.Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce and Council of Economic Advisers.


TABLE JB-11.—Labor force, employment, and unemployment, 7929-52

Period

Monthly average:1929

1930193119321933 -.1934

19351936193719381939 . .

194019411942...19431944

194519461947 .19481949

19501951

1951: First half..Second half

1952: First b-ilf

1951* J^rnifirvFebruaryMarch _AnrilMav- -JuneJulyAujrustSeptember ._ _ _ .OctoberNovemberDecember . _

1952: JanuaryFebruaryMarchApril . .MavJune

Totallaborforce

(includ-ing

armedforces) *

Armedforces '

Civilian labor force

Totalcivilianlaborforce

Employment 2

Total Agri-cultural

Ncnagri-cultural

Unem-ploy-ment

Thousands of persons, 14 years of age and over

49, 440

50, 08050, G8051, 25051, 84052, 490

53, 14053, 74054, 32054, 95055, 600

56, 03057, 38060, 23064, 41065, 890

65, 14060, 82061, 60862, 74863, 571

64, 59965, 832

64, 94866, 717

(3)

63, 75963, 8f>864, 95664, 57765, 72866, SOO67, 47767. 37166. 39666, 66266, 42265, 973

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

260

2602GO250250260

270300320340370

3901,4703,8208,870

11, 260

11, 2803,3001,4401,3061,466

1. 5002,948

2,6943,204

(3)

2,2452. 5552, 6312, 7882,9253,0173,0953, 1633.2103,2103,2583, ?85

(3)(3)

§i8)

49, ISO

49, 82050, 42051,00051, 59052,230

52, 87053, 44054, 00054, 61055, 230

55, 64055, 91056. 41055, 54054,630

53, SCO57, 52060, 16861, 44262, 105

63. 09962, 884

62, 2f,463, 513

62, 341

61, 51461, 31362, 32561, 78962, 80363, 78364,38264, 20863, 18G63, 45263,16462, 688

61, 78061,83861, 51861, 74462, 77864,390

47, 630

45, 48042, 400S8, 94038, 76040, 890

42, 26044. 41046, 30044, 22045, 750

47, 52050, 35053, 75054, 47053, 960

52, 82055, 25058, 02759, 37858, 710

59, 95761, 005

60, 189Cl, 820

60, 512

59, 01058, 90500. 17960, 04461, 19361,80362. 52662, 63061, 58061,83661, 33661, 014

59. 72659, 75259, 71460,13261, 17662, 572

10, 450

10, 34010, 29010, 17010, 0909,900

10, 11010. 0009,8209,6909,610

9,5409,1009,2509,0808, 950

8.5808, 3208,2667,9738,026

7,5077,054

6, 7147,365

6,634

6,0185,9306,3936, 6457, 4408, 0357,9087,6887. 52r,7, 6687,0226,378

6.1866,0646.0126.4126,9608,170

37, 180

35, 14032, 11028, 77028, 67030, 990

32, 15034, 41036,48034, 53036, 140

37, 98041, 25044, 50045, 39045, 010

44, 24046, 93049, 76151, 40550, 684

52, 45053, 951

53, 44654, 455

53, 878

52, 99352, 97653, 78553, 40053, 75353, 76854. 61854, 94254, 05454, 16854, 31454, 636

53, 54053, 68853, 70253, 72054, 21854, 402

1,550

4, 3408,020

12, 06012,83011,340

10, 6109,0307,700

10, 3909,480

8,1205,5602,6601,070

670

1,0402,2702,1422,0643,395

3, 1421,879

2,0651, 693

1, 829

2, 5032, 4072,1471,7441,6091, 9801,8501, 5781,6061, 6161,8281,674

2.0542,0861.8041,6121,6021,818

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

5.03.0

3.32.7

2.9

4.13.93.42.82.63.12.92.52.52.52.92.7

3.33.42.92.62.62.8

1 Data for 1940-51 exclude about 150,000 members of the armed forces who were outside the continentalUnited States in 1940 and who were therefore not enumerated in the 1940 census. This figure is deductedby the Census Bureau from its current estimates for comparability with 1940 data.

3 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.

3 Not available.

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


Sources: Department of Labor (1929-39) and Department of Commerce (1940-52).

150


TABLE B-l 2.—Number of wage and salary workers in nonagricultural establishments, 1929-52l

[Thousand's of employees}

Period


19301931 . . .193219331934 ---

1935193619371938 .1939

19401941 _ .1942...19431944

19451946 .194719481949 .

19501951


1952: First half < _ _ . „

1951: JanuaryFebruaryMarchAprilMayJuneJulyAugust .SeptemberOctober _ _NovemberDecember

195?: JanuaryFebruary „_MarchApril *May*June *

Totalwageand

salarywork-

ers

31,041

29, 14326, 38323, 37723. 46625, 699

26, 79228, 80230, 71828, 90230, 287

32, 03138, 15439, 69742, 04241, 480

40, 06941,41243. 37144, 20143,006

44, 12446, 401

45, 88046, 921

46, 119

45, 24645, 39045, 85045, 99846, 22646, 56746, 43246, 72446, 95646, 90246, 85247, 663

45, 91345, 89946, 00146, 25846, 32046, 322

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, 88415, 931

15, 92515, 938

15, 733

15, 78415, 97816, 02215, 95515, 85315, 95615, 81316, 00816, 03915, 96515, 89015, 913

15,77615,85915, 86915, 78415, 67115,440 '

Dur-able

goods

(3)

(3)(')(3)(3)(3)

0)(3)(3)(3)

4,683

5, 3376,9458,804

11,077.10, 858

9, 0797,7398,3738,3157,465

8,0088,926

8,9278,925

8,954

8,7428,8778, 9699, 0038,9758,9988,8398,8788,9138,9428,9769,000

8, 9469,0109,0359,0459,0068,682

Non-dura-ble

goods

(3)

(3)(3)(3)(3)C)

(3)(3)

85, 394

5, 4436,0286,2476,3046, 253

6,2226, 7226, 8746,9706,681

6,8767,005

6,9977,013

6,779

7,0427,1017,0536,9526, 8786,9586,9747,1307,1267,0236,9146,913

6, 8306, 8496, 8346,7396,6656,758

Min-ing

1,078

1,000864722735S74

888937

1,006882845

9169479839178S3

826852943981932

904920

923916

895

932930924911915927906922917917917916

909902904897894882

Con-tractcon-

struc-tion

1, 497

1,3721,214

970809862

9121,1451,1121,0551, 150

1, 2941,7902,1701,5671,094

1, 1321,6611,9822,1652,155

2,3182.569

2, 4322,707

2,418

2,2812,2282,3262,4712,5982,6862, 7542,8092,7682,7612,6332,518

2,3162,3082,2962,4102,517 !2,661 1

Trans-porta-tionand

publicutili-ties

3,907

3. 6753, 2-132, 8042, 6592,736

2,7712, 9563,1142,8402, 912

3, 0133, 2483, 4333, 6193, 793

3,8724, 0234. 1224 1513,979

4,0104,144

4,1164,173

4,123

4,0724,0824,1124, 1324,1374,1614, 1764,1904,1784,1664,1654,161

4, 1034,1114,1184,0984, 1384,170

Trade2

6, 401

6,0645,5314,9074,9995,552

5, 6926, 0766, 5436, 4536,612

6, 9407,4157, 3337, 1897,260

7, 5228, 6029, 1'Jo9,4919, 433

9, 5249,804

9, 6509,958

9,730

9, 5929,5549,7139,6279,6839,7329,6679, 6419,7819, 893

10, 10910, 660

9, 7200, 6439,6689,8179, 7449,787

Fi-nance

1, 431

1,3981,3331,2701,2251,247

1,2621,3131,3551,3-171,382

1,4191,4621,4401,4011,374

1, 3941. 5S61,6411,7161,783

1,8121, 883

1, 8591,906

1,943

1,8311,8391,8541,8651,8741,8931,9081,9141,8931,8981,9071,912

1, 9091,9191,9371, 9531,9591,978

Serv-ice2

3,127

3,0842, 9132,6822,6142,784

2,8833,0603,2333,1963, 321

3,4773,7053,8573, 9193, 934

4, 0554, 6214, 7864,7994, 782

4, 7614,759

4, 7294, 788

4,734

4,6684, 6574, 6824,7454,7894, 8354,8524,8394, 8314,7704, 7344,702

4,6714, 6674,6814, 7484,7954,839

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, 811

5,9106,390

6, 2466,535

6,544

6,0886,1226.2176,2926, 3776, 3776,3586,4016,5446,5326,4976,881

6. 5096, 4906,5286,5516, 6026, 585

3 Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedduring or received pay for any part of the pay period ending nearest the 15th of the month. Excludesproprietors, self-employed persons, domestic servants, and personnel of the armed forces. Not comparablewith estimates of nonagricultural employment of the civilian labor force reported by the Department ofCommerce (appendix table B-ll) which include proprietors, self-employed persons, and domestic servants,which count persons as employed when they are not at work because of industrial disputes, bad weather, ortemporary lay-offs, and which are based on an enumeration of population, whereas the estimates in thistable are based on reports from employing establishments.

2 Data for the trade and service divisions, beginning with 1939, are not strictly comparable with data shownfor earlier years because of the shift of the automotive repair service industry from the trade to the servicedivision.

3 Not available.* Estimates based on incomplete data.

NOTE.-—Adjustments have been made to levels indicated by data of unemployment insurance agenciesand the Bureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from1947 bench mark levels, thereby providing consistent series.


Source: Department of Labor.


TABLE B-13.—Average weekly hours in selected industries, 1929-52

Period


1930-1931193219331934

1935. .._19361937 ._19381939

19401941194219431944

19451946194719481949

19501951

1951: First halfSecond half...

1952: First half 4-._-

1951' JanuaryFebruaryMarchAprilMay . __ _JuneJulyAugustSeptemberOctoberNovemberDecember

1952: JanuaryFebruaryMarchApril *May 4 _ _June 4

Manufacturing

Total

44.2

42.140.538.338.134.6

36.639.238.635.637.7

3S.140.642.944.945.2

43.440.440.440.139.2

40.540.7

40.940.6

40.4

41.040.941.141.040.740.740.240.340.640.540.541.2

40.840.740.739.840.240. 4

Durablegoods

0)

0)(032.634.833.9

37.341.040.035.038.0

39.342.145.146.646.6

44.140.240.640.539.5

41.241.7

41.841.5

41.4

41.541.641.942.041.841.840.941.341.641.741.542.2

41.841.741.740.841.141.1

Non-durable

goods

(0

0)(041.940.035.1

36.137.737.436.137.4

3/.038.940.342.543.1

42.340.540.139.638.8

39.739.5

39.839.3

39.2

40.240.040.039.739.339.439.339.139.438.939.239.9

39.539.539.338.438.939.4

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

35.035.2

34.635.8

33.9

37.634.133.633.933.334.832.734.936.536.336.238.4

38. 535.935.429.730.20)

Build-ingcon-

struc-tion

0)

(')0)0)(028.9

30.132.833.432.132.6

33.134.836.438.439.6

39.038.137.6

337.336.7

3P>. 337.3

36.637.8

37.6

36.735.335.836.837.537.738.138.238.238. 536.437.7

37.537.936.937.738.20)

Class Irail-

roads

44.8

43.141.138.938.840.4

41.142.543.242.543.4

44.045.646.948.749.1

48.545.946.346.143.5

40.841.0

41.340.6

(')

42.141.141.940.641.041.140.142.139.142.040.839.5

41.642.740.20)(0C1)

Tele-phone

C)

(0(0(')

8838.838.939.1

39.540.140.541.942.3

(2)39. 437.439.238.5

38.939.1

39.039.2

38.0

38.939.238.988.739.039.439.839.239.439.139.238.8

38.738.538.535.139.00)

Whole-sale

trade

0)

0)

80)(0

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

C1)0)41.040.940.7

40.7'40.7

40.640.8

40.4

40.840.040.640.640.640.740.740.740.940.840.841.1

40.740.440.440.140.3(0

Retailtrade

(excepteatingand

drink-ing

places)

0)(0(0(0

880)0)0)

0)0)0)0)(')

0)0)40.340.340.4

40.540.1

40.040.2

39.8

40.340.139.739.939.840.440.840.840.039.839.440.1

39.839.839.839.839.70)

Hotels(year-

round)

0)

0)0)0)(')0)0)0)0)0)0)

C1)0)0)ro0)

0)0)

45.244.344.2

43.943.2

43.343.1

42.6

43.443.243.343.343.443.443.443.342.942.943.143.2

42.842.842.542.642.3

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 norisupervisory employees only.3 Not strictly comparable with previous data.4 Estimates based on incomplete data.

NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, construction workers in building construction, and for nonsupervisory employees hi other industries.Data are for payroll periods ending closest to the middle of the month except in railroads where monthlydata are used.

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 employment.


'52


TABLE B-14.—Average hourly earnings in selected industries, 1929-52

Period

Monthly average:1929 - -

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

19501951

1951: First half—Second half...-

1952: First half «....

1951: JanuaryFebruaryMarch ._AprilMay _JuneJulyAugustSeptemberOctoberNovemberDecember

1952: JanuaryFebruaryMarch _ _AprilsMay 5 -- .June 5

Manufacturing

Total

$0.566

.552

.515

.446

.442

.532

.550

.556

.624

.627.633

.661

.729.853.961

1.019

1. 0231.0861.2371.3501.401

1.4651.594

1.5751.614

1.652

1. 5551.5611.5711.5781.5861.5991.5981.5961.6131.6151.6261.636

1.6401.6441.6561.6541. 6571.658

Dura-ble

goods

(2)

(2)(2)

$0. 497.472.556

.577

.586

.674

.686

.698

.724

.808

.9471. 0591.117

1. Ill1.1561.2921.4101.469

1.5371.678

1. 6551.702

1.739

1.6301.6391.6541.6591.6651.6811.6821.6841.7071. 7051.7121.723

1.7261.7311.746.741

1.745.746

Non-durable

goods

(2)

(2)(2)

$0. 420.427.515

.530

.529

.577

.584

.582

.602

.640

.723

.803

.861

.9041.0151. 1711.2781.325

1.3781.481

1.4661.495

1.529

1.4561.4581.4601.4651,4741.4841.4881.4811.4891.4911.5071.515

1.5201.5221.5301.5301. 5311.540

Bitumi-nouscoal

mining

$0. 681

.684

.647

.520

.501

.673^

.745

.794

.856

.878

.886

.883

.9931.0591.1391.186

1.2401.4011. 6361.8981.941

2.0102.212

2.1932.235

2.253

2.0382.2192.2222. 2312.2182. 2322.2542.2132.2362.2212.2402.247

2. 2442. 2362.2392.2332.213(2)

Build-ing con-struc-tion

(2)

(2)(2)

8$0.795

.815

.824

.903

.908

.932

.9581.0101.1481.2521.319

1.3791.4781.681

< 1. 8481.935

2,0312.201

2.1662.232

2.279

2.1352.1572.1632.1672.1822.1942.1952. 2072.2362. 2392.2602.253

2.2762.2852.2922.2772.267(2)

Class Irail-

roads

$0.636

.644

.651

.600

.595

.602

.651

.659

.676

.712

.714

.717

.751

.824

.897

.938

.9421.1161.1701.3091.419

1.5491.702

1.6581.746

(2)

1. 559"1.622!1.657,1.6871.6981.7231.7411.7231.7601.7321.7501.771

1.7811.7961.779(2)(2)(2)

Tele-phone

(2)

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

(2)(2)

$0. 774.816.822

.827

.820

.843

.870

.911

(3)1.1241.1971.2481.345

1.3981.491

1.4581.522

1.549

1.4501.4691.4531.4501.4511. 4751.4901. 5011.5221. 5331.5521.532

1.5421.5541.5401.5451.566(2)

Whole-sale

trade

(2)

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

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

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

(2)(2)

$1. 2681.3591.414

1.4831.585

1.5691.601

1.647

1.5551.5671.5671.5751.5711. 581.586.585.605.604.606.620

1.6321.6371.6491. 6591.660(2)

Eetailtrade

(excepteatingand

drink-ing

places)

(2)

00(2)(2)(2)(2)

8(2)(2)(2)

(2)(2>(2)(2)(2)

(2)(2)

$1. 0091.0881.137

1.1761.253

1.2441.262

1.288

1.237.236.233.249.252.256.262.259.270.267.267.245

.287

.281

.279

.285

.309(2)

Hotels(year-

round) i

(2)

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

8(2)(2)(2)

(2)(2)

§(2)

(2)(2)

$0.650.709.743

.771

.819

.807

.832

.857

.804

.811

.801

.806

.807

.812

.817

.815

.834

.837

.840

.852

.852

.855

.856

.860

.862(2)

i Money payments only; additional value of room, board, uniforms, and tips not included,a 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. Begin-ning June 1949, data relate to nonsupervisory employees.

4 Not strictly comparable with previous data.« Estimates based on incomplete data.

NOTE.—Data are for production workers in manufacturing and mining, hourly rated employees in rail-roads, construction workers in building construction, and for all nonsupervisory employees hi other in-dustries. Data are for payroll periods ending closest to the middle of the month except in railroads wheremonthly data are used.

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.

153


TABLE B—15.—Average gross weekly earnings in selected industries, 1929—52

Period


19301931193219331934 _

19351936193719381939

19401941194219431944

194519461947 ..19481949

19501951

1951: First halfSecond half. __

1952: First half « _ . _ _

1951: January _FebruaryMarch _AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1952: JanuaryFebruaryMarchApril"........May *.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

59. 3364.88

64.4265.45

66. 77

63.7663.8464.5764.7064.5565. 0864.2464.3265.4965.4165.8567.40

66. 9166.9167.4065.8366. 6166.98

Dura-ble

goods

$27. 22

24.7721.2816.2116.4318.87

21.5224.0426.9124.0126.50

28.4434.0442.7349.3052.07

49.0546. 4952. 4657. 1158. 03

63.3269.97

69.1170.70

71.94

67.6568. 1869.3069.6869.6070.2768.7969.5571.0171.1071.0572.71

72.1572.1872.8171.0371.7271.76

Non-durablegoods

$22. 93

21.8420.5017.5716.8918.05

19.1119.9421.5321.0521.78

22.2724.9229.1334. 1237.12

38. 2941. 1446.9650. 6151.41

54.7158.50

58.3058.76

59.88

58.5358.3258.4058. 1657.9358.4758.4857.9158.6758.0059. 0760.45

60. 0460. 1260. 1358. 7559.5660.68

Bitumi-nouscoal

mining

$25. 72

22.2117.6913.9114.4718.10

19. 5822.7123.8420.8023.88

24.7130. 8635.0241.6251.27

52. 2558.0366.5972.1263.28

70.3577. 86

75.6980.09

75.81

76.6375. 67 '74. 6675. 6373. 8677. 6773.7177. 2381.6180.6281.0986.28

8«. 3980. 2779. 2666.3266.83(2)

Build-ing con-struc-tion

(2)

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

$22. 97

24.5127. 0130.1429.1930.39

31.7035.1441.8048.1352.18

53.7366.2463.30

* 68. 8570.95

73.7382.10

79.3784.46

85. 79

78.3576.1477.4479.7581.8382, 7183. 6384.3185.4286.2082.2684.94

85.3586. GO84. 5785.8486.60(2)

Class Irail-

roads

$28. 49

27. 7626.7623. 3423.0924.32

26.7628.0129.2030.2630.99

31.5534.2538. 6543.6846.06

45. 6951. 2254.1760. 3461. 73

63.2069.78

68.4470.88

(2)

65. 6366. 6669.4368. 4969.6270.8269.8172.5468.8272.7471.4069.95

74.0970, 6971. 62(2)(2)(2)

Tele-phone

(2)

8(2)(2)(2)

(2)(2)

$29. 8131.5331.94

32.4432.7433.9736.3038.39

(3)44.0444.7748.9251.78

54.3858.30

56. 8959. 72

58. 82

56. 4157.5856. 5256.1256. 5958. 1259. 3058.8459. 9759.9460.8459.44

59. 6859. 8359. 2954.2361.07(2)

Whole-sale

trade

(2)

8(2)

88(2)(2)(2)

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

(2)(2)

$51.9955.5857. 55

00.3664. 51

63.7965.37

66. 52

63. 4463.6263.6263.9563.7864. 3564. 5564.5165.6465.4465.5266.58

66.4266. 1366.6266. 5366.90(2)

Retailtrade

(excepteatingand

drink-ing

places)

(2)

(2)(2)(2)(2)'(2)

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

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

$40. 6643.8545. 93

47.6350.25

49.8050.66

51.24

49.8549.5648.9549.8449.8350.7451.4951.3750.8050.4349.9249.92

51.2250. 9850.9051.1451.97(2)

Hotels(year-

round) l

(2)

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

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

00(2)(2)(2)(2)

(2)(2)$29. 3631.4132.84

33.8535.38

34. 9835.91

36.51

34.8935.0434.6834.9035.0235.2435.4635.2935.7835.9136.2036.81

36. 4736. f>936.3836. 6436. 46(2)

1 Money payments only; additional value of room, board, uniforms, and tips not included.2 Not available.3 Not available. Series beginning April 1945 includes only employees subject to provisions of the Fair

Labor Standards Act and is not comparable with preceding series which includes all employees. Begin-ning June 1949, data relate to nonsupervisory employees.

4 Not strictly comparable with previous data.8 Estimates based on incomplete data.

NOTE.—Data arc for production workers in manufacturing and mining, hourly rated employees in rail-roads, construction workers in building construction, and for all nonsupervisory employees in other indus-tries. Data are for payroll periods ending closest to the middle of the month except in railroads wheremonthly data are used.

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.



TABLE B—16.—Indexes of industrial and agricultural production, 1929—52

[1935-39=100]

Period 1

1929

19301931 .19321933 _1934

193519361937 _ _19381939 .

19401941194219431944 . - -

19451946 --19471948 - -1949

19501951 _ _


1952: First half3

1951: JanuaryFebruary . _-MarchAprilMay. . _JuneJulyAugustSeptemberOctoberNovember _ _December

1952: January. ._ __FebruaryMarchAprilMay3

June 3 - -

Industrial production

Total

110

9175586975

8710311389

109

125162199239235

203170187192176

200220

Manufactures

Total

110

9074576874

8710411387

109

126168212258252

214177194198183

209229

Durable

132

9867415465

8310812278

109

139201279360353

274192220225202

237273

Nondurable

93

8479707981

9010010695

109

115142158176171

166165172177168

187194

Minerals

107

9380677680

8699

11297

106

117125129132140

137134149155135

148164

Adjusted for seasonal variation

222217

216

221221222223222221212217218218219218

221222221216214202

232226

226

231232234234233231222226228226228228

231232231225223212

274273

275

268271277279276274265267271274277282

282284284277276246

199189

186

201201199198198197187193192188188185

189190188183180184

162166

162

164158158164165165156165167174170163

167167164166161145

Agricul-tural pro-duction 2

97

951041019379H9685

108105106

110114128125130

129134129141140

136139

8<«)

8(4)(*)

8I(4)(<)

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

1 For industrial production, average of monthly indexes is used for year or half year.2 Index of volume of farm production for human use. New census data may result in some downward

revision for the years 1945-49.3 Estimates based on incomplete data.4 Because of the extreme seasonal nature of agricultural crop production, only an annual index has been

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

209722—52 155


TABLE B-17.—New construction activity, 1929-52

[Value put in place, millions of dollars]

Period

1929

193019311932 . .1933 _1934

193519361937 .19381939-.

19401941194219431944

194519461947.19481949

19501951

1951 f First halfSecond half—

1952: First half

1951: January.FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1952: JanuaryFebruaryMarchApril-MayJune

Totalnewcon-

struc-tion

10, 793

8,7416,4273,5382,8793,720

4,2326,4976,9996,9808,198

8,68211,95714, 0758,3015,259

5,63312,00016, 68921, 67822, 789

28, 74931, 025

Private construction

Totalpri-

vate1

8,307

5,8833,7681,6761,2311,509

1,9992,9813,9033,5604,389

5,0546,2063,4151,9792,186

3,2359,638

13, 25616,86316, 384

21, 61021,684

Resi-den-tial

build-ing

(non-farm)

3,625

2,0751,565

630470625

1,0101,5651,8751,9902,680

2,9853,5101,715

885815

1,1004,0156,3108,5808,267

12, 60010, 973

Non-resi-den-tial

build-ing

(non-farm)

2,694

2,0031,099

502406456

472713

1,085764786

1,0251,482

635233351

1,0203,3413,1423,6213,228

3,7775,152

Otherpri-

vate8

1,988

1,8051,104

544355428

517703943806923

1,0441,2141,065

8611,020

1,1152,2823,8044,6524,889

5,2335,559

Public construction

Totalpublic

2,486

2,8582,6591,8621,6482,211

2,2333,5163,0963,4203,809

3,6285,751

10,6606,3223,073

2,3982,3623,4334,8256,405

7,1399,341

Mili-taryand

naval

19

2940343647

37293762

125

3851,6205,0162,550

837

690188204158137

1771,019

Non-resi-den-tial

build-ing

659

660612415230363

32S701550672970

6151,6463,6852.0101,361

937354599

1,3012,068

2,4023,471

High-way

1,266

1,5161, 355

958847

1,000

8451. 3621.2261,4211, 381

1,3021,066

734446362

398895

1,4511,7742,131

2.3812.400

Otherpublic*

542

653652455535801

1,0231,4241,2831,2651,333

1,3261,4191,2251,316

513

373925

1,1791,5922,069

2,1792,451


31, 50030, 550

32,960

30, 76831, 52432, 72432, 24431, 12830. 61230,02430, 06030, 27630, 73230, 92431, 284

31,30832, 91634, 24833, 73232, 88032, 676

22, 57820,790

21, 770

22, 57223,52023,61622, 84821, 72021, 19220.98820, 68820, 66420,78420,80820,808

20,86821, 75623,04022, 30821, 56421, 084

11,85010,096

10, 944

12,40813, 04412, 90011,90410,64410,20010, 0089,7449,852

10,26010,36810, 344

10, 04410, 81212, 13211. 44810, 80010,428

5,2245,080

5,052

4,7165,0045,2205,4245,5445,4365,4245,3645,1964.9084,8004,788

5,0525,1845,1725,1125,0044,788

5,5045,614

5,774

5,4486,4725,4965, 5205, 5325,5565,5565,5805,6165,6165,6405,676

5,7725,7605,7365,7485,7605,868

8,9229,760

11, 190

8,1968,0049,1089,3969,4089,4209, 0369,3729,6129,948

10, 11610, 476

10,44011,16011, 20811, 42411,31611, 592

7041,334

1,824

396492648792888

1,008984

1,1281,2841,4641,5481,596

1,6801,6801,8121,8001,9322,040

3,3423,600

3,970

3,1203,0963,3123,4563,5283,5403,3723,4443,4923,5763,8043,912

3,8523,8283,8404,0084,0924,200

2,4382,362

2,778

2.3042, 1722. 7362. 0042.4362.3762,3522,4842,4482,4242.1602,304

2,2083,0002.9402, 9522,7002,868

2,4382,464

2,618

2,3762,2442.4122,5442,5562.4962,3282,3162. 3882.4842,6042,664

2,7002,6522,6162,6642,5922,484

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.a Includes public utility, farm, and other private construction not separately shown.3 Includes residential, sewer and water, miscellaneous public service enterprises, conservation and de-velopment, and all other public construction not separately shown.

Sources: Department of Commerce and Department of Labor.

156


TABLE B-18.—Business expenditures for new plant and equipment, 192£h52

[Millions of dollars]

Period

1929

19301931 _ ___193219331934

1935193519371938 - . . .1939

1940 _1941194219431944

1945194619471948 . . .1949

1950 .1951


1952: First half ».

1951: First quarter __Second quarterThird quarterFourth quarter _ _

1952: First quarterSocond quarter 5Third quarter s

Total i

9,165

7,6104,7122,6082,1373,080

3,7385,0776,7304,5205,213

6,4908,1906,1104,5305,210

7,40512, 92217, 42620, 03218, 021

17, 83223, 290

Manufacturing and mining

Total

3,596

2,5411,435

930992

1, 460

1,7902,4503,3301,8302,323

3,1404,0803,1702,6102,890

4,4267,3479,3969,9367,887

8,17511, 926

Manu-factur-

ing

(3)

(3)

88(3)(3)(3)(3)1,943

2,5803,4002, 7BO2,2502,390

3,9836,7908,7039,1347,149

7,49111, 130

Mining

(3)

(3)(3)(3)

888380

560680410360500

443557693802738

684798

Transportation

Rail-road

840

865350164101218

166305525238280

4405605404RO580

552573903

1,3191,350

1,1361,541

Other

(4)

(4)(«)(4)(4)(4)

(«)(4)(4)(4)

280

390340260190280

321659798700525

437511

Electricand gasutilities

(«)

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

f4)(4)(4)(4)

480

550710680540490

6301, 0451,8972, 0833,140

3.1673,577

Com-mercial

andmiscel-

laneous *

4,729

4,2042.9171,5141,0441,402

1,7822,3212,8752, 4521,850

1,9802,4001,470

730970

1,4773,2984,4295.3945,119

4,9175. 735

Annual rates, not adjusted for seasonal variation

21, 55225, 032

23,816

19, 45223, 65223, 37626, 688

22, 20825, 42424, 672

10, 68413, 172

12, 796

9,34812. 02012, 16014, 184

11, 72013, 87213, 216

9,91212,352

11, 986

8,61611, 20811, 36413, 340

10. 96813, 00412, 348

772820

810

732812796844

752868868

1,4301,652

1,564

1,2121,6481,5081,796

1,5041,6241,560

522500

590

500544480520

536644480

3,2923,862

3,390

3 0123,5723,7323,992

3, 0443,7364,144

5,6245,846

5,476

5,3805,8685, 4966,196

5,4045. ,5485,272

1 Excludes agriculture and outlays charged to current account.2 Commercial and miscellaneous include tiade, 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.

3 Not available separately for years prior to 1939.* Included in commercial and miscellaneous prior to 1939.5 Estimates for second and third quarters of 1952 are based on anticipated capital expenditures reported

in May.

NOTE.—These figures do not agree with those shown in column 2 of appendix table B-5 and included inthe gross national product estimates of the Department of Commerce, principally because the latter covercertain equipment and construction outlays charged to current expense. Figures for 1929-44 (except manu-facturing for 1939) are Federal Reserve Board estimates based on Securities and Exchange Commissionand other data.


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


TABLE B-19.—Inventories and sales in manufacturing and trade, 1939-52

[Adjusted for seasonal variation]

Period

1939

19401941194219431944

19451946194719481949 - -

19501951 _..

1951: First half....Second half.

1952: First half 4..

1951: JanuaryFebruary. ..MarchAprilMayJuneJulyAugustSeptember..OctoberNovember.-December...

1952: JanuaryFebruaryMarch *April*.May4

Total manufactur-ing and trade

Millionsof

dollars

In-ven-

tories '

20,051

22, 17628,78031, 09131, 34331, 059

30, 89342, 94250, 60555, 64/50, 921

60, 43470, 107

69, 44270, 107

69, 996

62, 05063, 41665, 24067, 36168, 98169, 44270, 26870. 12469, 96570, 06869, 99170, 107

70, 21969, 89969, 97270,18569, 996

Sales 2

10, 803

12, 13415,81118, 62421, 92023,785

23, 85227, 15133, 15736, 43834,467

39, 10943, 455

44, 36242, 544

44, 272

45,91444, 80444, 22243, 44844, 72843, 05241,69142, 93041, 21544, 17543, 64841, 609

43, 98945, 14442, 62744, 80744, 532

Ratioofin-

ven-tories

tosales 3

1.77

1.731.601.661.401.33

1.301.351.441.471. 55

1.371.56

1.491.65

1.58

1.351.421.481.551.541.611.691.631.701.591.601.68

1.601.551.641.571.57

Manufacturing

Millionsof

dollars

In-ven-

tories i

11,465

12, 81916, 96019, 28720, 09819, 507

18, 38024, 49828, 92031,73428, 690

33, 25342, 014

39, 00942, 014

42, 458

34, 12034, 65735, 55736, 90838, 06839, 00939, 90840, 62141,13241, 42441, 67642, 014

42, 20642, 19242, 33242, 51342, 458

Sales 2

5,112

5,8598,172

10, 43012, 82013, 782

12, 87312, 61715,91817, 63016, 339

19, 06422, 036

22, 57921, 492

22, 845

22, 56022, 26122, 60522, 47923, 43422,13321, 24921, 67720, 59122, 46322, 21420, 761

22, 48423,33421,91423,32423,007

Ratioofin-

ven-tories

tosales 3

2.12

2.071.801.78.52.45

.48

.68

.73

.731.85

1.561.76

1.611.91

1.85

1.51.56.57.64.62.76.88.87.00.84.88.02

.88

.81

.93

.82

.85

Wholesale trade

Millionsof

dollars

In-ven-

tories 1

3,052

3,2384,0443,7813,6843,912

4,5556,5927,6258,0857,729

9,38810, 000

10, 15110, 000

9,478

9,4759,7159,940

10, 10710, 27010, 15110,31510, 07410, 07210, 09910, 03510, 000

9,9529,7269,7539,6629,478

Sales 2

2,187

2,4103,0333,4263,8304,152

4,4765,9937,2727,9317,235

8, 0658,897

9,0368,701

8,622

9,7619,2228,9848,6848,8838,6798, 3848,8248, 3669,1618,9428,630

8,8558,9488,3148,7728,422

Ratioofin-

ven-tories

tosales 3

1.35

1.301.211.19.97.94

.91

.921.02.99

1.07

1.021.12

1.101.16

1.13

.971.051.111.161.161.171.231.141.201.101.121.17

1.121.091.171.101.13

Retail trade

Millionsof

dollars

In-ven-

tories *

5,534

6,1197,7768,0237,5617,640

7,94811, 85214, 06015, 82814, 502

17, 79318, 093

20, 28218, 093

18,060

18, 45519, 04419, 74320, 34620, 64320, 28220, 04519, 42918,76118, 54518, 28018, 093

18, 06117, 98017,88718, 01018,060

Sales 2

3,504

3,8654,6064,7685,2705,851

6,5038,5419,967

10, 87710, 893

11, 97412, 549

12, 74712, 351

12, 805

13, 59313, 32112, 63312, 28512, 41112, 24012, 05812, 42912, 25812, 55112, 49212, 318

12, 65012, 86212,39912, 71113, 103

Ratioofin-

ven-tories

tosales 3

1.53

1.491.491.761.421.32

1.211.151.281.401.41

1.321.54

1.551.53

1.41

1.361.431.561.661.661.661.661.561.531.481.461.47

1.431.401.441.421.38

1 Book value, end of period.» Monthly average shown for year and half-year and total for month.«For annual and semiannual periods, ratio of average end-of-month inventories to average monthly

sales; for monthly data, ratio of end-of-month inventories to sales for month.< Estimates based on incomplete data.

NOTE.—The inventory figures in this table do not agree with the estimates of "change in businessinventories" included in the gross national product since they cover only manufacturing and trade ratherthan all business, and show inventories in terms of current book value without adjustment for revaluation.

Source: Department of Commerce.

158


TABLE B-20.—Sales, stocks, orders, and receipts at 296 department stores, 1939-52

Period


194019411942 ..1943 .1944

19451946194719481949

1950 .. .-. .-1951


1952: First half 3

1951: JanuaryFebruaryMarchAprilMay .JuneJulyAugustSeptemberOctoberNovemberDecember

1952: JanuaryFebruaryMarchAprilMay

Reported data(millions of dollars) »

Sales(total formonth)

129

136156179204227

255318337352333

347358

324391

313

o37284348312339326257309343388442608

291271317340345

Stocks(end ofmonth)

344

353419599509535

563715826912862

9421,113

1,1391,087

987

9881,0871,2161,2391,1921,1121, 0691,1061,1171,1521,147

929

910956

1, 0271,0361,007

Out-standing

orders(end ofmonth)

(2)

108194263530560

729909552465350

466425

467384

324

662654467337293386434395404408373292

379386332274251

Derived data(millions of dollars) *

Receipts(total

formonth)

130

137165182203226

256344338356331

361355

350361

328

368383477335292246214346354423437390

272317388349316

Neworders

(total formonth)

(2)

(2)170192223236

269327336335331

370345

346345

320

618375290205248339262307363427402309

359324334291293

Ratio

Stocksto sales

2.67

2.602.693.352.502.36

2.212.252.452.592.59

2.713.11

3.522.78

3.15

2 933'. 833.493.973.523.414.163.583.262.972.601. 53

3.133.533.243.052.92]

Out-standingordersto sales

(2)

0.791.241.472.602.47

2.862.861.641.321.05

1.341.19

1.44.98

1.04

1.962.301.341.08.86

1.181.691.281.181.05.84.48

1.301.421.05.81.73

Out-standingorders

to stocks

(2)

0.31.46.44

1.041.05

1.291.27.67.51.41

.49

.38

.41

.35

.33

.67

.60

.38

.27

.25

.35

.41

.36

.36

.35

.33

.31

.42

.40

.32

.26

.25

1 Not adjusted for seasonal variation.2 Not available.3 Averages of data through May.

NOTE.—These figures are not estimates for all department stores hi the United States. Figures for sales,stocks, and outstanding orders are based on actual reports from the 296 stores. Receipts of goods are derivedfrom the reported figures on sales and stocks. New orders are derived from estimates of receipts and reportedfigures on outstanding orders.

Semiannual and annual data on receipts and new orders cannot be derived directly from the monthlyaverages of sales, stocks, and outstanding orders.

Source: Board of Governors of the Federal Reserve System.

209722r—52 159


TABLEp-21.—Wholesale pricejndexyrJQ29-52

[1947-49=100]

,^Period j

1929

1930 _1931 _193219331934

193519361937 -_19381939

19401941 _ -194219431944 _

1945 ._ --1946194719481949

19501951

1951: First half ..._Second half

1952- First half «

1951: January _FebruaryMarchApriL— _MayJune • _ - _July .AugustSeptember _OctoberNovember _December

1952: JanuaryFebruary _ . _MarchApril _MayJune2

Allcom-modi-ties

61.9

56.147.442.142.848.7

52.052.556.151.150.1

51. l,i56.864.2^67.067.6«*3fc.68.878. 7,^96.4

104.499.2

103.1114.8

115.9113.7

112.1

115.0116.5116.5116.3115.9115.1114.2113.7113.4113.7113.6113.5

113.0112.5112.3111.8111.6111.3

Farmprod-ucts

58.6

49.336.226.928.736.5

44.045.248.338.336.5

37.846.059.268.568.9

71.683.2

100.0107.392.8

97.5113.4

115.7111.0

108.3

112.3117.2117.6117.5115.7113.9111.1110.4109.9111.5112.0111.3

110.0107.8108.2108.7107.9107.3

Pro-cessedfoods

0)

0)

88C1)0)0)

80)0)C1)0)(»)0)0)98.2

106.195.7

99.8111.4

111. 8111.0

109.0

110.2112.9112.0111.8112.3111.3110.7111.2110.9111.6111.0110.7

110.1109.5109.2103.0108.6108.7

All [commodities other than farm productsand foods

Total

65.5

60.953.650.250.956.0

55.756.961.058.458.1

59.463.768.369.370.4

71.378.395.3

103.4101.3

105.0115.9

116.9114.8

113.5

116.6117.2117.3117.1116.8116.2115.7114.9114.8114.6114.5114.6

114.3114.2113.8113.3113.0112.6

Textileprod-

j uctsand

apparel

C1)

?0

?80)C1)0)

(»)0)0)0)0)

0)0)100.1104.495.5

99.2110.6

114.9106.3

100.7

114.6115.7115.9115.5114.8112.9111.6108.5105.9103.9103.9104.0

103.3102.1100.699.999.399.0

Chemi-calsand

alliedprod-ucts

C1)

C1)

88880)0)0)C1)0)C)0)0)101.4103.894.8

96.3110.0

111.5108.6

105.2

111.4112.6111.8111.5111.3110.2108.8108.5108.7103.8108.6103.4

106.7105.9105.4104.8104.3104.3

Rubberand

prod-cuts

0)

0)0)0)C1)0)

C1)0)0)

88(»)0)0)

0)0)99.0

102.198.9

120.5148.0

151.5144.5

140.6

153.0152.5152.3151.5151.3148.3144.3144.3144.7144.7144.6144.3

144.1143.1142.0140.6140.4133.6

Lumberand

woodprod-ucts

,(1)

0)

$')»)0

30)0)

80)

0)0)

93.7107.299.2

113.9123.9

126.0121.8

120.4

125.5126.4126.6126.6126.1124.6123.5122.3121.6121.7121.1120.3

120.1120.3120.5120.9120.7119.9


160


TABLE B-21.—Wholesale price index, 1929-52— Continued

[1947-49=100]

Period

1929

19301931193219331934

19351936 -19371938 . - -1939

194019411942 _ _19431944

1945 _ _ _1946194719481949

19501951

1951: First half.. ...Second half. _

1952: First half 2. _.

1951: JanuaryFebruaryMarch.. _AprilMayJuneJulyAugustSeptember _ _ _OctoberNovember...December

1952: JanuaryFebruaryMarchAprilMayJune 3

All commodities other than farm products and foods (continued)

Hides,skins,and

leatherprod-ucts

59.3

54.446.839.744.047.1

48.751.956.950.552.0

54.858.964.063.963.4

64.274.6

101.0102.196.9

104.6120.3

126.6114.0

97.4

127.3127.7126.9126.5126.2124.7122.3118.0118.0113.6107.0105.1

102.299.598.094.194.795.9

Fuel,power,

andlight-ing

mate-rials

70.2

66.557.259.556.162.0

62.264.565.764.761.8

60.764.566.468.470.3

71.176.290.9

107.1101.9

103.0106.7

106.7106.8

106.7

106.4107.4107.3106.5106.2106.3106.5106. 3106.7106.8106.9107.4

107.4107.2107.4106.3106.0106.0

Pulp,paper,and

alliedprod-ucts

0)

0)0)0)(00)

0)0)(00)0)

0)C1)C1)0)(0

0)0)98.6

102.998.5

100.9119.6

120.1119.1

117.5

120.1120.5120. 3119.7119.8120.2120.2119.5119.4118.8118.4118.4

118.2118.3117,7117.4116.9116. 7

Metalsand

metalprod-ucts

(9

0)0)0)0)(0

0)0)0)

880)0)0)

(90)91.3

103.9104.8

110.3122.8

123.4122.3

122.2

124.0123. 7123.2123. 3123.2122.7122.3122.2122.1122.4122.5122.5

122.4122.6122.6122. 5121.8121.1

Mach-ineryand

motiveprod-ucts

0)

000')

0)

0)0)0)0)0)

0)C1)C1)0)0)

0)0)92.5

100.9106.6

108.6119.0

118.2119.8

121.6

117.3117.7118. 6118.6118.6118.6118.8118.9119.4120.2120.5120.7

120.8122.0121.8121.6121.6121.5

Furn-itureand

otherhouse-holddura-bles

(0

0)0)(l)C1)0)

0)0)0)0)0)

0)C1)C1)0)0)

0)0)95.6

101.4103. 1

105.3114.1

114.9113.2

112.0

114.2114.6115. 1115.4115.3115.0114.4113.5113.1112.8112.7112.7

112.3112.4111.9112.1111.7111.6

Non-metal-

licminer-als—struc-tural

0)

0)0)0)0)0)0)1)1)00

0)

80)C1)

(90)93.9

101.7104.4

106.9113.6

113.6113.5

113.0

113.6113.7113.7113.7113.6113.6113.6113.6113. 6113.6113.6112.8

112.9112.9112.9112.8112.9113.8

Tobaccomanu-

facturesand

bottledbever-ages

0)

(l)0)0)0)0)0)0)0)0)0)0)C1)

80)

0)0)98.0

100.4101.6

102. 4108.1

108.4107.8

.110. 4

108.4108.4108.4108.4108.4108.4107.9107.8107.8107.5107.5108. 1

108.1110.8110.8110.8110.8110.8

Miscel-laneous

0)

80)0)0)

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

0)(!)100.8103.198.1

96.6104.9

103.7106.2

109.6

102.6103.9104.2105.7103. 0102.8103.7102.6105. 1106.9108,9109.8

111.1111.4109.2109.5108.4108.1

1 Not available.2 Preliminary.

NOTE.—Revised index. For description of the revision, see The Monthly Labor Review, February 1952.


161


TABLE B-22.—Consumers' price index, 1929-52

For moderate-income families in large cities

[1935-39=100]

Period


1930 . - _ -193119321933 _ -1934

1935 _ - -19361937 -19381939

19401941194219431944

19451946 . _ - .194719481949 _ . .

1950 . - -1951__.

1951: First half .Second half

1952* First half 1

1951* January 15February 15March 15April 15May 15June 15July 15August 15.- ._ _ . . .Septarnhp.r 1 5October 15November 15December 15

1952' January 15February 15 _ ._March 15April 15 .May 15June 15

Allitems

122 5

119.4108.797.692.495.7

98.199.1

102.7100.899.4

100.2105.2116 6123.7125.7

128.6139.5159. 6171 9170.2

171 9185.6

184.2187 1

188 5

181 5183.8184.5184 6185.4185.2185 5185. 5186 6187.4188.6189.1

189 1187.9188.0188.7189.0

(2)

Food

132.5

126.0103.986.584.193.7

100.4101.3105.397.895.2

96.6105.5123.9138.0136.1

139.1159.6193.8210 2201.9

204.5227.4

225.7229 1

230 0

221 9226.0226.2225.7227.4226.9227 7227.0227.3229.2231.4232.2

232 4227.5227.6230.0230.8

3 231 6

Apparel

115.3

112.7102.690.887.996.1

96.897.6

102.8102.2100.5

101.7106.3124.2129.7138.8

145.9160.2185. 8198 0190.1

187.7204.5

202.5206.5

203 5

198 5202.0203.1203 6204.0204.0203 3203.6209 0208.9207.6206.8

204 6204.3203.5202.7202.3

(2)

Rent

141.4

137.5130.3116.9100.794.4

94.296.4

100.9104.1104.3

104.6106.4108 8108.7109.1

109.5110.1113.6121.2126.4

131.0136.2

134.7137.8

140.5

133.2134.0134.7135 1135.4135.7136 2136.8137 5138.2138.9139.2

139 7140.2140.5140.8141.3(2)

Fuel,elec-

tricity,and re-friger-ation

112.5

111.4108.9103.4100.0101.4

100.7100.2100.299.999.0

99.7102.2105.4107.7109.8

110.3112.4121.1133.9137.5

140.6144.1

143.8144.5

145.1

143.3143.9144.2144.0143.6143.6144 0144.2144 4144.6144 8144.9

145 0145.3145.3145 3144.6(2)

House-furnish-

ings

111.7

108.998.085.484.292.8

94.896.3

104.3103.3101.3

100.5107.3122 2125 6136.4

145.8159.2184.4195 8189.0

190.2210.9

210.8211.0

207 4

207.4209.7210.7211 8212.6212.5212 4210.8211 1210.4210 8210.2

209 1208.6207. 6206 2205.4(2)

Miscel-laneous

104 6

105.1104.1101 798.497.9

98.198.7

101.0101.5100.7

101 1104.0110 9115 8121.3

124 1128 8139.9149 9154 6

156.5165.4

164.0166 8

170 6

162 1163. 2164.3164 6165.0164.8165 0165.4166 0166.6168 4169.1

169 6170.2170.7171 1171.4(2)

* Averages of data through May, except for food.2 Not available,aEstimated.Source: Department of Labor.

l62


TABLE B--23.---Indexes ojprices received and prices paidjby farmers, and parity ratio, 7929-52

[1910-14=100]

Period


19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

19501951

1951: First halfSecond half _ _ _

1952: First half—-._

1951: January 15February 15.-.March 15April 15May 15June 15July 15August 15September 15..October 15November 15..December 15..

1952: January 15February 15___March 15April 15May 15June 15

Pricesreceived

by farmers

148

12587657090

1091141229795

100123158

21922196

22062234

275285249

256302

296

292

300313311309305301294292291296301305

300289288290293292

Parity index(prices paid,

interest,taxes, and

wage rates)

160

151130112109120

124124131124122

124132151170182

189207239259250

255281

279283

272276280283282282282282282283284284

287288288289289

Parityratio J

92

8367586475

9293

8193

105113108

109113115110100

100107

110105

101

110113111109108107104104103105106107

105100100100101

3 102

1 Ratio of prices received by farmers to parity index.2 Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between

October 1943 and June 1946.3 Estimates based on incomplete data.Source: Department of Agriculture.

163


TABLE B-24.—Indexes of wholesale prices and cost of living in the United States and foreigncountries, selected dates since June 1950

[June 1950=100]

Country

United States

Africa and Near East:Algeria . . _Egypt-, .IranIraqIsrael ^ .LebanonMoroccoTunisia. _ .Union of South Africa _

Western European countries:Austria _ .BelgiumDenmarkFrance.. _ __Germany (Federal Republic) _GreeceIreland _ItalyNetherlandsNorway _ _ _PortugalSpain _ _Sweden.. .SwitzerlandTurkeyUnited Kingdom

Latin America:Argentina,.Brazil .Chile - ._Costa RicaCuba __Dominican Republic .. ...El SalvadorGuatemalaMexico.-NicaraguaParaguayPeruVenezuela-.. _ ..

Pacific and Far East:Australia _India_.IndochinaJapanNew Zealand ._PhilippinesThailand

Other:CanadaFinland _ _

Wholesale prices

Decem-ber 1951

113

132114123118131135141129125

163131135147128134'124|116127132115139143116115129

(4)13114794

(4)111109103132144

^106

132109126155122108114

113155

Latestdata

111

0)115122117175127143

0)127

163125131142127133123113125132115136144113115128

(%14993

«L109104133139161126108

13693

129153126104115

110145

Date

June 1952

COMarch 1952April 1952March 1952March 1952April 1952February 1952

(J)April 1952

May 1952March 1952April 1952April 1952March 1952April 1952March 195April 1952March 1952May 1952April 1952March 1952March 1952April 1952April 1952May 1952

(4)April 1952February 1952February 1952

(4)April 1952January 1952April 1952April 1952March 1952June 1951February 1952March 1952

March 1952May 1952March 1952April 1952February 1952May 1952February 1952

March 1952May 1952

Cost of living

Deceni-er 1951

111

127113109117120114127123111

150114

2117134113121

3111113110122101111123108102114

165111137108112112

(4)103122

2 140•120

115100

C133106126131

•118108107

115121

Latestdata

111

C1)112117118149114132127114

14911311713811512411211311112598

110125107104118

0)121

0)106115111

(4)10612713921311599

136111134134119106107

113122

Date

May 1952

0)March 1952April 1952March 1952March 1952April 1952March 1952February 1952April 1952

April 1952April 1952April 1952February 1952May 1952April 1952February 1952March 1952February 1952March 1952April 1952March 1952March 1952April 1952March 1952May 1952

March 1952C1)

February 1952March 1952April 1952

(4)April 1952February 1952March 1952March 1952.February 1952March 1952

First quarter 1952April 1952March 1952January 1952.First quarter 1952April 1952December 1951

May 1952April 1952

CData not available after December 1951.2 January 1952.»November 1951.4 Not available.• July 1951.* Fourth quarter 1951.NOTE.—The components of the indexes are not always the same for each country.Source: International Monetary Fund.

164


TABLE B-25.—Consumer credit outstanding, 1929-52


End of period

1929

19301931193219331934 .

19351936193719381939

19401941194219431944 . .

194519461947 ..-19481949

19501951

1951: JanuaryFebruaryMarchAprilMayJuneJuly .AugustSeptemberOctober-NovemberDecember..

1952: JanuaryFebruaryMarchApril ._MayJune 3_,

Totalconsume

creditout-

standing

6,252

5,5704,6363,4933,4393,846

4,7735,9336,5136,1287,031

8,1638,8265,6924,6004,976

5,62718, 677*

11, 862114,366'16, 809J

20, 09720, 644

19, 93719, 53319, 37919, 12619, 20719, 25619, 13219, 26219, 36219, 58519, 98920,644

20, 12619, 71719, 56019, 78420, 25820,700

Instalment credit

Totalinstal-mentcredit

3,158

2,6882,2041,5181,5881,860

2,6223,5183,9603,5954,424

5,4175,8873, 0482,0012,061

2, 3644,000;6,4348,600

10, 890

13, 45913, 510

13, 25213, 07312, 97612,90412, 92012, 95512,90313, 04513, 16713, 19613, 27113, 510

13, 31413, 18513, 15613, 32013, 76714,100

Sale credit

Total

2,515

2,0321,595

9991,1221,317

1,8052,4362,7522,3132,792

3,4503,7441,617

882891

9421,6483,0864,5286,240

7,9047,546

7,6947,5217,3687,2707,2487,2347,1737,2477,3277,3557,4007,546

7,3227,1587,0477,1097,3937,600

Auto-mobile

salecredit

1,318

928637322459576

9401,2891,384

9701,267

1,7291,942

482175200

227544

1,1511,9613.144

4,1264,039

4,0563,9903,9463,9343,9804,0414,0614,1384,1754,1344,1004,039

3,9623,9273,8913,9544,1474,300

Othersale

credit

1,197

1,104958677663741

8651,1471,3681,3431,525

1,7211,8021,135

707691

7151,1041,9352,5673,096

3,7783,507

3,6383,5313,4223,3363,2683,1933,1123,1093,1523,2213,3003,507

3,3603,2313,1563,1553,2463,300

Loans '

643

656609519466543

8171,0821,2081,2821,632

1,9672,1431,4311, 1191,170

1,4222,3523,3484,0724,650

5,5555,964

5,5585,5525,6085,6345,6725,7215,7305,7985,8405,8415,8716,964

5,9926,0276,1096,2116,3746,500

Chargeaccounts

1,749

1,6111,3811,1141,0811,203

1,2921,4191,4591,4871,544

1,6501,7641, 5131,4981,758

1,9813,0543,6123,8543,909

4,2394,587

4,2484,0103,9383,7443,7933,8043,7433,7243,6963,8684,1904,587

4,2533,9673,8553,9133,9254,000

Otherconsumer

credit 2

1,345

1,2711,051

861770783

859996

1,0941,0461,063

1,0961,1751,1311,1011,157

1,2821,6231, 8161,9122,010

2,3992,547

2,4372,4502,4652,4782,4942,4972,4862,4932,4992,5212,5282,547

2,5592,5652,5492,5512,5662,600

1 Includes repair and modernization loans insured by Federal Housing Administration.8 Includes loans by pawnbrokers, service credit, and unclassified single-payment loans under $3,000 madeby commercial banks.3 Estimates based on incomplete data; by Council of Economic Advisers.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Keserve System (except as noted).

165


TABLE B—26.—Loans and investments of all commercial banks, 1929-52 x


End of period 2

1929— June 5_

1930— Junes1931— June 5

1932— June s

1933— June « . _ _1934 — June s

19351936193719381939 , .

1940 . . .1941194219431944

1945 . .1946 .1947194S1949 . . .

19501951 ..

1951: January _.FebruaryMarchAprilMayJuneJulyAugust _ . __SeptemberOctoberNovemberDecember .

1952: JanuaryFebruaryMarchAprilMayJune7 --.

Totalloansand

invest-ments

49.4

48.944.936.130.432.7

36.139.638.438.740.7

43.950.767.485.1

105. 5

124.0114.0116.3114.3120.2

126.7132.6

125.1125.0125.7125.4125.1126.0126.1127.0128.6130.5131.9132.6

132.8132.2132.5132.3133.1134.8

Loans

Total 3

35.7

34.529.221.816.315.7

15.216.417.216.417.2

18.821.719.219.121.6

26.131.138.142.543.0

52.257.7

52.753.554.454.454.554.854.655.256.056.857.357.7

57.557.657.858.258.559.4

Commercialand indus-trial loans 4

(6)

(6)

{?(8)C5)

(6)(6)(6)

5.76.4

7.39.37.97.98.0

9.614.218.218.917.1

21.925.9

22.323.123.723.6

• 23.523.723.423.924.525.025.325.9

25.625.625.825.224.925.2

Investments

Total

13.7

14.415.714.314.017.0

20.923.121.222.323.4

25.129.048.266.083.9

97.982.978.271.877.2

74.474.9

72.471.571.371.070.671.271.571.872.673.774.674.9

75.374.674.774.174.575.4

If. S. Gov-ernment

obligations

4.9

5.06.06.27.5

10.3

13.815.314.215.116.3

17.821.841.459.877.6

90.674.869.262.667.0

62.061.5

60.059.158.858.558.158.558.759.159.760.961.661.5

62.061.361.160.460.761.5

Othersecurities

8.7

9.49.78.16.56.7

7.17.97.07.27. 1

7.47.26.86.16.3

7.38.19.09.2

10.2

12.413.3

12.412.412.612.612.512.712.812.712.912.913.013.3

13.313.413.613.713.813.9

* Excludes mutual savings banks.3 June and December figures are for call dates,

month.Other monthly data are for the last Wednesday of the

3 Data are shown net. Includes commercial and industrial loans, agricultural loans, loans on securities,real estate loans, loans to banks, and "other loans," some of which represent consumer credit.

* Beginning with 1948, data are shown gross, i. e., before deduction of valuation reserves, instead of net asfor previous years. Prior to June 1947 and for months other than June and December, data are estimated onthe basis of reported data for all insured commercial banks and for weekly reporting member banks.

5 June data are used because complete end-of-year data are not available prior to 1935 for U. S. Govern-ment obligations and other securities,

aNot available.* Estimates based on incomplete data; by Council of Economic Advisers.


Source: Board of Governors of the];Federal Reserve System (except as noted).

166


TABLE B-27.—Deposits and currency, 1929-52


End of period 1

1929

193019311932 . . . . . . .1933—1934

19351936193719381939...

1940- _ .194119421943 .1944

19451946 _ .1947 _19481949. . . . .

19501951...

1951: JanuaryFebruaryMarchAprilMay^JuneJulyAugustSeptember .OctoberNovember ._December... ..

1952: JanuaryFebruaryMarchAprilMay_ _ _ _ _ _June 6

Totaldeposits

andcurrency

54,742

53,57248, 37945, 37042, 55148, 106

52,72657, 59556, 78159, 87864, 733

71, 12979,098

100, 500123, 391151, 428

176, 378167, 500172, 330172, 693173,851

180, 574189,846

178, 800178, 900179, 900179, 800179, 100181, 333180, 800181,600183, 800185, 800187, 100189, 846

188, 200188, 000188, 700188, 700189, 300191, 300

U. S.Govern-

mentdeposits 2

187

324518516

1,0191,836

1,4531,235

9661,8121,480

1,1212,7629,201

11, 00321, 203

25, 5853,4962,3223,5744,070

3,6573,862

3,6004,7007,4006,5005,4006,6495,0004,6005, 9004,2004,4003,862

3,0004,6005,8004,9004,9006,000

Total excluding U. S. Government deposits(privately-held money supply) 3

Total

54, 555

53,24847, 86144, 85441, 53246, 270

51, 27356, 36055, 81558,06663, 253

70,00876, 33691, 299

112, 388130, 225

150,793164, 004170, 008169, 119169, 781

176, 917185,984

175, 200174, 200172, 500173, 300173, 700174, 684175, 800177, 000177,900181, 600182, 700185, 984

185, 200183, 400182, 900183, 800184, 400185, 300

Currencyoutsidebanks

3,557

3,6054,4704,6694,7824,655

4,9175,5165,6385,7756,401

7,3259,615

13, 94618, 83723, 505

26, 49026,73026, 47626, 07925, 415

25, 39826, 303

24, 60024,60024, 40024,60024,90025, 77625, 10025, 30025, 40025, 70025, 80026, 303

25, 60025,60025, 70025, 90026, 00026, 100

Demanddeposits

adjusted *

22, 809

20, 96717, 41215, 72815, 03518, 459

22, 11525, 48323, 95925,98629, 793

34,94538, 99248, 92260, 80366,930

75, 85183, 31487, 12185, 52085, 750

92, 27298, 234

91, 60090, 60089,00089, 50089, 50088,96090, 70091, 40092, 00095,00096, 30098, 234

97, 90095, 70094, 80095, 10095, 30095, 800

Timedeposits 5

28, 189

28, 67625, 97924, 45721,71523, 156

24, 24125, 36126, 21826, 30527, 059

27, 73827, 72928, 43132, 74839, 790

48, 45253, 96056, 41157, 52058, 616

59, 24761, 447

59, 00059, 00059, 10059, 20059, 30059, 94860, 10060, 40060, 50060, 90060, 60061, 447

61, 70062, 00062, 50062, 80063, 00063, 300

1 June and December figures are for call dates. Other monthly data are for the last Wednesday of themonth.

2 Includes U. S. Government deposits at Federal Reserve banks and commercial and savings banks, and,beginning with 1938, includes U. S. Treasurer's time deposits, open account.

3 Includes deposits and currency held by State and local governments.4 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of

collection.s Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes

interbank deposits.6 Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).

167


TABLE B-28.—Estimated ownership of Federal obligations, 1939-52

[Billions of dollars—par values i]

End of period

1939

1940194119421943 . _ -1944

194519461947 .-19481949

19501951

1951' JanuaryFebruaryMarch _AprilMay _- _ _ _JuneJulyAugustSeptemberOctober _ _NovemberDecember

1952: JanuaryFebruaryMarch -AprilMay 'June 7

Gross public debt and guaranteed issues 3

Total

47.6

50. Q64.3

112.5170.1232.1

278.7259.5257.0252.9257.2

256.7259.5

256.1256.0255.0254.7255.1255.3255.7256.7257.4258. 3259.6259.5

259.8260.4258.1258. 3200. 0259.2

Held byU. S.

Govern-ment

invest-ment

accounts

6.5

7.69.5

12.216.921.7

27.030.934.437.339.4

39.242.3

39.639.739.839.940.341.041.041.542.042.042.242.3

42.742.943.043.243.744.4

Held by others

Totalheld byothers

41.1

43.354.7

100.2153.2210.5

251.6228.6222.6215.5217.8

217.5217.2

216.6216.2215.2214.9214.8214.3214.6215.2215.4216.4217.4217.2

217.1217.5215.1215.1216.2214.8

Stateand localgovern-ments 3

0.4

,5.7

1.02.14.3

6.56.37.37.98.1

8.89.5

8.99.09.19.29.39.49.49.59.49.59.59.5

9.79.79.89.99.9

10.0

Com-mercialbanks *

15.9

17.321.441.159.977.7

90.874.568.762.566.8

61.861.6

59.958.957.858.457.858.458.758.859.560.761.461.6

62.161.360.260.561.161.7

FederalReservebanks

2.5

2.22.36.2

11.518.8

24.323.322.623.318.9

20.823.8

21.521.922.922.722.523.023.123.123.723.623.223.8

22.722.522.522.422.322.9

Nonbankprivatecorpora-tions andassocia-tions 5

12.2

12.816.828.242.056.8

66.260.358.656.758.3

61.258.8

61.762.061.660.661.059.559.660.059.359.159.758.8

58.960.258.758.759.456.7

Indi-viduals 6

10.1

10.613.623.737.652.9

63.964.165.565.165.7

64.963.6

64.664.563.963.964.264.063.863.763.463.563.768.6

63.763.963.963.763.663.5

1 United States savings bonds, series A-D, E, F, and J, are included at current redemption values.2 Excludes guaranteed securities held by the Treasury.3 Includes trust, sinking, and investment funds of State and local governments and their agencies, and

Territories and possessions.* Includes commercial banks, trust companies, and stock savings banks in the United States and in Terri-

tories and possessions; excludes securities held in trust departments.«Includes insurance companies, mutual savings banks, savings and loan associations, nonprofit institu-

tions, corporate pension trust funds, dealers and brokers, and investments of foreign balances and inter-national 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 noninterest-bearing notes issued by the U. S. Government. Beginning with June 30,1947,includes holdings of Federal land banks.

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

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Treasury Department (except as noted).

168


TABLE B-29.—U. S. Government debt—volume and kind of obligations, 1929-52


End of period

1929

19301931193219331934

19351936 _.193719381939 _

19401941 _194219431944

1945 _194619471948 . _1949

19501951 ___

1951: January _FebruaryMarch _ _ _AprilMayJuneJulyAugust _ -_ _ _SeptemberOctoberNovemberDecember

1952: January _ _ .FebruaryMarchAprilMayJune

Grosspublic

debt andguar-

anteedissues *

16.3

16.017.820.824.031.5

35.139.141.944.447.6

50.964.3

112.5170.1232.1

278. 7259.5257. 0252.9257. 2

256.7259.5

256.1256. 0255.0254.7255.1255 3255.7256. 7257. 4258. 3259. 6259.5

259.8260. 4258.1258. 3260.0259. 2

Interest-bearing public debt

Marketable publicissues

Short-term

issues 2

3.3

2.92.85.97.5

11.1

14.212.512.59.87.7

7.58.0

27.047.169.9

78.257.147.745.950.2

58.365.6

57.457.457.457.457.458.960.360.861.963. 564.565.6

65. 665.664.464.865.664.6

Treasurybonds

11.3

11.313.513.414.715.4

14.319.520.524.026.9

28.033.449.367.991.6

120.4119.3117.9111.4104.8

94.076.9

94.094.094.080.580.578.878.878,878.178.178.176.9

76.976.976.876.876.875.7

Nonmarketable public issues

UnitedStates

savingsbonds

0.2.5

1.01.42.2

3.26.1

15.027.440.4

48.249.852.155.156.7

58.057.6

58.057.857.857.757.657.657.557.557.557.557.657.6

57.757.757.757.657.657.7

Treasurytax andsavingsnotes

2.56.48.69.8

8.25.75.44.67.6

8.67.5

8.78.78.38.18.27.87.98.07.87.77.77.5

7.58.06.97.17.56.6

Invest-ment

bonds 3

1.01.01.0

1.013.0

1.01.01.0

14.514.514.513.513.513.513.013.013.0

13.013.013.012.512.514.0

Specialissues *

0.6

.8

.4

.4

.4

.6

.7

.62.23.24.2

5.47.09.0

12.716.3

20.024.629.031.733.9

33.735.9

34.033.933.533.634.034.734.735.135.635.635.93 5 9

36.236. 436.536.737,237.7

1 Total includes non-interest-bearing debt, fully guaranteed securities (except those held by the Treasury),Postal Savings bonds, prewar bonds, adjusted service bonds, depositary bonds, and Armed Forces Leavebonds, not shown separately.

2 Includes bills, certificates of indebtedness, and notes.3 Includes Series A bonds and beginning in April 1951 Series B convertible bonds.* Issued to U. S. Government investment accounts. These accounts also held 6.6 billion dollars of public

marketable and nomnarketable issues on June 30, 1952.

Source: Treasury Department.


TABLE B-30.—Bond yields and interest rales, 1929-52

[Percent per annum]

Period

1929

19301931193219331934

19351936 --193719381939

1940 ?_ .19411942.1943 _1944

19451946194719481949

1950 _ _ _ -1951


1952: First half

1951: First quarterSecond quarter . -Third quarterFourth quarter. .

1952: First quarterSecond quarter..

U. S. Governmentsecurity yields

3-monthTreasury

bills i

(4)

(4)1.402.879.515.256

.137

.143

.447

.053

.023

.014

.103

.326

.373

.375

.375

.375

.5941.0401.102

1.2181.552

1.4661.638

1.659

1.4001.5321.6281.649

1.6401.678

9-12monthissues 2

(•)

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

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

(5)(5)(5)

.75

.79

.81

.82

.881.141.14

1.261.73

1.731.72

1.69

1.621.841.721.73

1.711.67

Taxablebonds 3

(6)

(6)(6)(6)(6)(6)

(8)(6)(6)(6)(6)

(6)(6)2.462.472.48

2.372.192.252.442.31

2.322.57

2.522.62

2.66

2.422.612.592.68

2.722.61

CorporateAaa

bonds(Moody's)

4.73

4.554.585.014.494.00

3.603.243.263.193.01

2.842.772.832.732.72

2.622.532.612.822.66

2.622.86

2.802.92

2.94

2.702.902.892.95

2.962.93

Average ofrates

charged bybanks on

short-termloans— se-

lected cities

(7)

(7)

8(7)(7)

(7)(7)(7)(7)

2.1

2.12.02.22.62.4

2.22.12.12.52.7

2.73.1

3.043.16

3.48

3.023.073.063.27

3.453.51

Primecom-

mercialpaper

4-6months

5.85

3.592.642.731.731.02

.76

.75

.94

.81

.59

.56

.54

.66

.69

.73

.75

.811.031. 441.48

1.452.17

2.082.26

2.35

1.962.202.252.26

2.382.32

Bankersaccep-tances,90 days

5.03

2.481.571.28.63.25

.13

.16

.43

.44

.44

.44

.44

.44

.44

.44

.44

.61

.871.111.12

1.151.60

1.571.64

1.75

1.511.631.631.65

1.751.75

FederalReserveBank

discountrate

5.16

3.042.112.822.561.54

1.501.501.331.001.00

1.001.00

81.008 1.008 1.00

81.0081.00

1.001.341.50

1.591.75

1.751.75

1.75

1.751.751.751.75

1.751.75

1 Rate on new issues within period. Issues were tax-exempt prior to March 1,1941, and fully taxable there -after. Series includes issues with maturities of more than 3 months in period, 1934-37.

2 Includes certificates of indebtedness and selected note and bond issues.315 years and over prior to April 1952; 12 years and over beginning in April 1952.* Treasury bills were first issued in December 1929 and were issued irregularly in 1930.' Not available before August 1942.6 Bonds in this classification were first issued in March 1941.7 Not available on same basis as for 1939 on.8 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances se-

cured by Government securities maturing or callable in 1 year or less.

NOTE.—Yields and rates computed for New York City, except for average of rates charged on short-termloans.

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

170


TABLE B--31.—Government cash receipts from and payments to the public, calendar years, 1943—52


Calendar year

1943 . _ _1944 _ .

1945- -1946.... __ . .194719481949

1950.1951

1951: January- June. _.July-December _

1952: January- June 3_.

Cashreceipts

47.457.9

59.853.057.560.057.9

60.879.2

42.536.7

52.2

Total

Cashpay-

ments

96.1102.0

93.951.051.052.360.2

61.378.4

35.642.8

46.3

Excess ofreceipts(+)orpay-

ments (—)

-48.7-44.0

—34.1+2.0+6.5+7.7-2.3

—.5+.8

+6.9-6.1

+5.9

Cashreceipts

37.948.1

49.441.444.344.941.3

42.459.3

32.526.8

41.2

Federa

Cashpay-

ments

89.094.8

86.141.438.636.942.6

42.058.0

25.732.3

35.6

1


ments (—)

-51.1—46.7

-36.7(2)+5.7+8.0-1.2

+.4+1.2

+6.8-5.6

+5.7

St

Cashreceipts

9.69.8

10.311.613.215.116.6

18.219.9

10.09.9

10.9

State and local 1

Cashpay-

ments

7.17.2

7.89.6

12.415.417.6

19.420.3

10.4

10.7


ments (—)

+2.5+2.6

+2.6+1.9+.8-.3

-1.0

-1.2-.4

+.1

+.2

1 Based on the national income and product statistics of the Department of Commerce, adjusted to acash basis.

2 Less than 50 million dollars.3 Estimates based on incomplete data; by Council of Economic Advisers.


Sources: Treasury Department (except as noted).

171


TABLE B-32.—Profits before and after tax, all private corporations., 1929-52


Period

1929

1930 _ . . .1931 .19321933 .1934

19351930193719381939 _

19401941194219431944

19451946194719481949 ..

1950 -1951

1951: First half - .Second half

1952: First half 3. _

1951: First quarter .Second quarterThird quarterFourth quarter

1952' First quarter 3

Second quarter 3

Corporateprofitsbefore

tax

9.8

3.3-.8

-3.0.2

1.7

3.25.76.23.36.5

9.317.221.125.124.3

19.723.530.533.827.1

39.642.9

Corporatetax

liability l

1.4

.8

.5

.4

.5

.7

1.01.41.51.01.5

2.97.8

11.714.413.5

11.29.6

11.913.010.8

18.424.2

Corporate profits after tax

Total

8.4

2.5-1.3-3.4

4.i!o2.34.34.72.35,0

6.49.49.4

10.610.8

8.513.918.520.716.3

21.218.7

Dividendpayments

5.8

5.54.12.62.12.6

2.94.64.73.23.8

4.04.54.34.54.7

4.75.86.67.27.5

9.09.0

Undis-tributedprofits

2.6

-3.0-5.4-6.0-2,4-1.6

-.6-.3

(2)Q

l.*2

2.44.95.16.26.1

3.88.1

12.013.58.8

12.39.6


46.739.0

41.2

50.143.338.639. 5

42.040.5

26.422.0

23.8

28.424.521.822.2

24.223.3

20.217.1

17.5

21.718.816.917.3

17.817.2

8.89.2

9.2

8.69.09.29.3

8.99.6

11.47.8

8.2

13.19.87.78.0

8.97.6

1 Federal and State corporate income and excess profits taxes.2 Minus 8 million dollars.8 Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—No allowance has been made for inventory valuation adjustment. See appendix table B-6 for

profits before tax and inventory valuation adjustment. The figures beginning with 1949 are based on therevised series of national income and product of the Department of Commerce, For detail, see the Surveyof Current Business, July 1952.

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

172


TABLE B—33.—Sales and profits of large manufacturing corporations, 1939—52


Period

1939

19401941194219431944

194519461947-19481949

19501951

1951: First half 2Second half 2 _

1951: First quarter 2Second quarter 2

Third quarter 2

Fourth quarter 2

1952: First quarter 3

Durable goods industries(106 corporations)!

Sales

6,743

8,74612, 80215, 37120, 64122,090

18, 16212, 37619, 48423, 56623, 885

29, 34133, 696

Profits

Before taxes

733

1,2272,1762,3302,3912,192

1,290608

2,3113,1053,191

5,1925,374

After taxes

597

830982783755726

574295

1,3541,8351,887

2,5422,000

Nondurable goods industries(94 corporations) 1

Sales

3, 878.

4,2955,5406,4707.671^331

8,4388,997

11, 38513, 44112, 853

14, 77717, 371

Profits

Before taxes

478

622989

1,0791,3021,346

1,1391,4301,7932,2121,847

2,7023,184

After taxes

402

446541441509532

558911

1,1701.477i;213

1,5131,411

Totals for period not adjusted for seasonal variation

17, 12116, 575

8,3628,7598,0038,572

8,443

2,7872,587

1,3821,4051,1911,396

1,234

1,007993

510497428565

445

8,6378,735

4,3494,2884,2944,441

4,355

1,6691,514

855814773741

709

710702

368342334368

312

* See Federal Reserve Bulletin for similar data for the following industry groups: Primary metals andproducts, machinery, automobiles and equipment, foods and kindred products, chemicals and alliedproducts, and petroleum refining.

2 Certain tax accruals for the first 6 months of 1950 and 1951, required by subsequent increases in Federalincome tax rates and charged by many companies against third quarter profits, have been redistributed tothe first and second quarters. Available information does not permit a similar redistribution of accrualscharged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes.

3 Estimates based on incomplete data.


Source: Compiled by the Board of Governors of the Federal Reserve System and based on publishedreports of various industrial corporations.


TABLE B—34.—Relation of profits before and after taxes to stockholders' equity', private manu-facturing corporations, by industry group, 1947—49 average and 1950-51

Industry group

All private manufacturing corporations-

FoodTobacco manufactures _ .Textile-mill products . _ _Apparel and finished textilesLumber and wood products

Furniture and fixturesPaper and allied productsPrinting and publishing (except newspapers) _Chemicals and allied productsPetroleum refining

Products of petroleum and coal (except petro-leum refining)

Rubber productsLeather and leather products _. _Stone, clay, and glass products _ .Primary nonferrous metal industries

Primary iron and steel industriesFabricated metal products. . .Machinery (except electrical) _Electrical machineryTransportation equipment (except motor

vehicles)

Motor vehicles and partsInstruments; photographic and optical goods;

watches and clocksMiscellaneous manufacturing (including

ordnance)

Ratio of profits (annual rate) to stockholders equity

1947-49average 1950

1951

Total Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

Before Federal taxes

23.2

23.619.624.821.626.0

23.626.023.624.0

i 20.4

(2)19.617.622.818.4

20.024.424.026.8

10.4

34.4

22.0

19.2

28.0

22.421.222.818.029.6

27.228.420.032.4

i 19.2

(2)30.819.233.225.6

28.429.226.041.6

18.8

53.2

30.8

22.8

27.9

18.321.517.412.125.1

25.535.723.132.322.1

27.536.713.832.128.1

32.731.031.937.5

22.6

40.0

31.0

24.9

32.8

20.820.429.622.034.0

34.444.021.640.823.2

26.043.222.436.432.0

34.837.634.847.2

19.6

46.0

33.6

34.8

30.4

18.420.423.211.231.6

28.842.826.832.423.0

34.041.217.639.232.8

35.633.634.834.4

25.2

44.0

33.6

26.0

25.5

18.922.511.811.520.6

22.232.625.431.222.8

27.531.316.933.224.2

29.727.228.128.6

18.3

34.0

30.0

17.3

25.8

17.023.79.16.4

16.4

17.427.522.228.022.8

24.535.81.0

23.826.8

32.126.132.743.3

29.4

37.6

31.7

21.8

All private manufacturing corporations

FoodTobacco manufacturesTextile-mill productsApparel and finished textiles.Lumber and wood products..

Furniture and fixturesPaper and allied productsPrinting and publishing (except newspapers).Chemicals and allied productsPetroleum refining


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

Primary iron and steel industriesFabricated metal products. __Machinery (except electrical)Electrical machineryTransportation equipment (except motor

vehicles)

Motor vehicles and. partsInstruments; photographic and optical j;oods;

watches and clocks .1Miscellaneous manufacturing (including

ordnance)

After Federal taxes

14.4

14.012.014.812.416.8

14.016.014.414.8

115.2

(2)11.210.414.011.6

12.014.814.416.0

6.0

19.6

13.6

11.2

15.6

12.411.612.810.017.6

15.216.411.618.0

114.0

(2)16.810.817.615.2

14.416.014.020.8

10.0

25.2

16.8

12.4

12.2

8.79.48.05.3

13.2

10.614.110.512.914.7

11.514.55.3

13.213.3

11.813.212.714.1

9. 7

14.3

12.2

11.1

14.8

10.09.6

14.411.617.2

16.018.410.017.214.5

11.418.810.816.016.0

13.617.615.218.4

9. 2

17.2

14.4

16.4

13.6

9.210.X)10.84.4

16.0

11.617.613.614.015.1

14.015.67.2

16.814.8

13.614.414.814.0

11. 6

17.2

14.0

10.0

10.4

8.89.24.84.8

10.6

9.812.412.410.714.6

10.812.26.5

12.010.4

8.511.210.48.6

8.0

10.6

10.4

6.7

11.2

7.69.44.11.89.9

5.19.97.8

11.316.4

10.813.1

-2.010.413.9

11.710.211.316.9

11.2

13.1

12.1

10.4

1 Petroleum refining and products of petroleum and coal combined.* Not available.Sources: Federal Trade Commission and Securities and Exchange Commission.

174


TABLE B-35.—Relation of profits before and after taxes to sales, private manufacturing corpora-tions, by industry group, 1947-49 average and 1950—51

Industry group

All private manufacturing corporations_

FoodTobacco manufacturesTextile-mill productsApparel and finished textiles .Lumber and wood products

Furniture and fixturesPaper and allied productsPa.per and allied productsPrinting and publishing (except newspapers) _Chemicals and allied products _Petroleum refining


Rubber products _ _Leather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries. .

Primary iron and steel industries .. ..Fabricated metal products ..Machinery (except electrical)Electrical machineryTransportation equipment (except motor

vehicles)


watches and clocks _Miscellaneous manufacturing (including

ordnance) .

All private manufacturing corporations .

FoodTobacco manufacturesTextile-mill productsApparel and finished textilesLumber and wood products _ ._.

Furniture and fixturesPaper and allied productsPrinting and publishing (except newspapers).Chemicals arid allied productsPetroleum refining

Products of petroleum and coal (except petro-leum refining). _ . _._

Rubber productsLeather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries

Primary iron and steel industriesFabricated metal productsMachinery (except electrical)Electrical machinery _. .Transportation equipment (except motor

vehicles).. _


watches and clocksMiscellaneous manufacturing (including

ordnance)--

Profits in cents per dollar of sales

1947-49average 1950

1951

Total Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

Before Federal taxes

10.5

6.17.8

11.65.6

14.4

8.414.0

8.613.8

114.7

(?.75.7

13.713.4

11.510.86.59.9

5.5

12.2

12.2

8.9

12.8

6.19.0

10.55.0

15.9

9.015.4

7.918.8

114.9

(2)10.66.5

18.817.3

15.512.413.314.3

8.9

17.5

15.9

10.4

12.2

4.98.88.33.3

13.9

8.717.7

9.018.116.9

11.211.64.7

18.217.5

15.912.614,113.2

7.8

13.5

15.0

10.9

13.5

5.49.1

11.95.4

17.7

10.519.8

8.320.916.7

11.313.06.9

19.718.2

16.514.515.015.1

7.9

14.0

16.0

13.8

12.8

4.98.3

10.23.2

16.1

9.419.6

9.917.517.3

13.012.25.9

20.119.3

16.613.114.512.2

8.2

13.8

15.6

11.3

11.5

4.98.96.03.0

11.5

8.916.8

9.618.017.2

10.610.05.7

18.616.2

14.911.613.111.1

6.7

12.4

14.8

8.6

11.0

4.39.04.41.79.8

5.914.2

8.115.916.4

9.911.1

.314.216.3

15.510.913.614.1

8.0

13.5

13.7

9.3

After Federal taxes

6.5

3.64.86.93.39.2

4.98.65.28.6

Ul.l

(»)4.33.38.48.3

6.96.63.96.0

3.2

7.0

7.5

5.2

7.1

3.44.95.82.89.4

5.18.84.5

10.3110.7

(«)5.83.7

10.110.2

7.96.87.37.2

4.7

8.3

8.6

5.6

5.4

2.33.93.81.47.3

3.67.04.17.2

11.2

4.74.61.87.58.3

5.75.35.65.0

3.3

4.8

5.9

4.9

6.1

2.64.35.72.89.1

4.98.33.98.8

10.5

5.05.73.38.59.0

6.46.76.65.9

3.7

5.2

6.9

6.6

5.8

2.54.14.71.38.2

3.87.95.07.4

11.4

5.34.72.48.58.7

6.45.66.25.0

3.7

5.4

6.4

4.9

4.7

2.33.62.41.35.9

3.96.44.76.2

11.0

4.23.92.26.87.0

4.34.84.83.3

2.9

3.8

5.2

3.3

4.8

1.93.62.0.5

5.9

1.75.12.86.4

11.8

4.44.0-.76.28.5

5.74.34.75.5

3.1

4.7

5.2

4.5

1 Petroleum refining and products of petroleum and coal combined.2 Not available.Sources: Federal Trade Commission and Securities and Exchange Commission.

209722—52 13 I 75


TABLE B-36.—Relation of profits before and after taxes to stockholders' equity and to sales, allprivate manufacturing corporations, by asset size class, 1947-49 average and 1950-51

Asset size class (thousands of dollars)

All asset sizes .

tinder 250250 to 9991,000 to 4,999 .5 000 to 99 999100,000 and over . - .

All asset sizes. _ .- -

Under 250250 to 999 . .I,000to4,9995,000 to 99,999100,000 and over - - -

All asset "sizes

Under 250250 to 9991,000 to 4,9995,000 to 99,999100,000 and over

All asset sizes -

Under 250250 to 999 .1,000 to 4,9995,000 to 99,999100,000 and over

1947-49average 1950

1951

Total Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

Ratio of profits before Federal taxes (annual rate) to stock-holders' equity

23.2

16.822.423.624.022.4

28.0

17.223.625.227.629.6

27.9

17.223.525.628.228.8

32.8

23.628.833.234.432.0

30.4

22.428.030.432.030.0

25.6

17.421.322.625.426.8

25.8

5.414.818.625.728.9

Profits before Federal taxes in cents per dollar of sales

10.5

4.57.28.8

10.812.2

12.8

4.37.99.6

12.515.5

12 2

4.07.38.9

12.014.6

13.5

5.48.8

10.913.815.4

12.8

5.28.5

10.112.914.8

11.5

4.27.08.2

11.014.0

11.0

1.34.76.3

10.614.3

Ratio of profits after Federal taxes (annual rate) to stock-holders' equity

14.4

9.612.814.014.814.4

15.6

10.413.214.015.216.4

12.2

8.910.410.811.813.0

14.8

14.414.815.615.214.4

13.6

13.613.213.214.014.0

10.4

9.19.78.8

10.011.0

11.2

-1.43.66.3

10.413.8

Profits after Federal taxes in cents per dollar of sales

6.5

2.64.25.26.67.8

7.1

2.64.45.26.98.6

5.4

2.13.23.75.06.6

6.1

3.34.5.5.26.07.0

5.8

3.24.04.45.66.8

4.7

2.23.23.24.35.8

4.8

-0.31.12.14.36.9

^Sources: Federal Trade Commission and Securities and Exchange Commission.

175


TABLE B-37.—Sources and uses of corporate funds, 1946-52l


Source or use of funds

Uses:Plant and equipment outlaysInventories (change in book value) _ _Change in customer net receivables 4-Cash and U. S. Government secu-

ritiesOther current assets . .

Total uses

Sources:Internal:

Retained profits and depletionallowances

Depreciation allowances

Total internal sources

External:Change in Federal income tax

liabilityOther current liabilities.Change in bank loans and mort-

gage loans _ _ „ .Net new issues

Total external sources

Total sources

Discrepancy (uses less sources)

1946

12.411.2

.8

-4.7—.7

19.0

7.64.3

11.9

-1.62.1

4.32.3

7.1

19.0

,0

1947

16.27.13.0

1.2— . 1

27.4

11.65.2

16.8

2.31.0

3.24.4

10.9

27.7

—.3

1948

18.04.22.9

1.0(*)

26.1

12.86.2

19.0

.8

.3

1.75.9

8.7

27.7

—1.6

1949

16.1-3.6

2.1

3.4o

17.8

8.07.2

15.2

-2.3.3

-1.24.9

1.7

16.9

.9

1950

16.68.04.0

4.7.3

33.6

11.67.8

19.4

7.41.5

3.33.7

15.9

35.3

-1.7

Total

21.610.2

.2

2.3.4

34.7

9.08.8

17.8

5.6.8

5.06.4

17.8

35.6

-.9

1951

Firsthalf 2

9.58.3.2

.1

.3

18.4

5.64.2

9.8

1.9.4

2.73.3

8.3

18.1

.3

Secondhalf 2

12.11.9

(5)

2.2.1

16.3

3.44.6

8.0

3.7.4

2.33.1

9.5

17.5

-1.2

1952,first

half 2 3

10.5.5.5

-3.0.5

9.0

4.05.0

9.0

-4.5.5

.04.0

.0

9.0

.0

1 Excludes banks and insurance companies.2 Not adjusted for seasonal variation.3 Estimates based on incomplete data; by Council of Economic Advisers.* Receivables are net of payables which therefore are not shown separately.5 Less than 50 million dollars.

Source: Department of Commerce based on Securities and Exchange Commission and other financialdata (except as noted).

177


TABLE B-38.—International transactions of the United States, 1949-52


Type of transaction

Exports of goods and serv-ices:

Recorded goodsOther goods 2 - -_

Total goodsServicesIncome on invest-

ments

Total exports

Imports of goods and serv-ices:

Recorded goodsOther goods 2

Total goods - - - -ServicesIncome on invest-

ments . - - - - - -

Total imports

Surplus of exports of goodsand services:

Recorded goodsOther goods 2 ._.

Total goodsServices _ _Income on invest-

ments

Total surplus ofexports- - -

Means of financing sur-plus of exports of goodsand services:

Liquidation of goldand dollar assets byforeign countriesand by internationalinstitutions

U. S. Governmentsources (net): 3

Grants and otherunilateral trans-fers

Long- and short-term loans

U. S. private sources(net):

RemittancesLong- and short-

term capital

Total means offinancing

Errors and omissions

1949

12, 052285

12, 3372,232

1,405

15, 974

6 622444

7,0662 184

353

9,603

5 430—159

5 27148

1 052

6 371

57

5,321

647

522

609

7,156

-785

1950

10, 275383

10,6582,024

1,743

14, 425

8 852463

9,3152 376

437

12,128

1 423-80

1 343—352

1 306

2,297

—3 629

4,120

164

481

1,317

2,453

-156

Total

15, 020466

15, 4862,741

1,992

20, 219

10, 964704

11,6683 047

398

15, 113

4 056—238

3 818—306

1 594

5 106

—442

4,501

163

412

1,066

5,700

-594

Firstquarter

3 33569

3,404567

396

4,367

3 035179

3,214601

99

3,914

300-110

190—34

297

453

—892

1,031

61

109

237

546

-93

1951

Secondquarter

4,01984

4,103715

467

5, 285

2,981151

3,132705

98

3,935

1,038—67

97110

369

1,350

—149

1,252

80

99

312

1,594

-244

Thirdquarter

3,691158

3,849739

459

5,047

2,496181

2,677904

90

3, 671

1,195-23

1,172-165

369

1,376

294

1,128

34

90

3

1, 549

-173

Fourthquarter

3,976154

4,130720

670

5,520

2,453192

2,645837

111

3,593

1,523-38

1,485-117

559

1,927

305

1,090

-12

114

514

2,011

-84

19

Firstquarter

3,996159

4,155721

418

5,294

2, 776189

2,965850

94

3,909

1,220-30

1,190-129

324

1,385

372

822

133

95

233

1,655

-270

52

Secondquarter l

4,10080

4,180735

485

5,400

2,700200

2,900945

95

3,940

1,400-120

1,280-210

390

1,460

-300

1,170

150

90

350

1,460

1 Estimates based on incomplete data; second quarter by Council of Economic Advisers.2 Includes goods sold to or bought from other countries that have not been shipped from or into the

United States customs area, and other adjustments.3 For detail, see appendix table B-40.


178


TABLE B—39.—United States exports and imports of goods and services, by area, 1949-52


Area

Exports of goods and services: 2

OEEG countries 3

OEEC dependencies 3 _ ~Europe, except OEEC

countriesCanada . _ _ _ _Latin- American republics. .Other 5

Total exports

Imports of goods and services: 2

OEEC countries 3

OEEC dependencies 3

Europe, except OEECcountries -

CanadaLatin- American republics- .Other s

Total imports _

Surplus of exports of goods andservices: 2

OEEC countries 3OEEC dependencies 3

Europe, except OEECcountries -

CanadaLatin- American republics. .Other 5

Total surplus of exports..

ADDENDUM

Exports of goods and servicesto sterling area 6

Imports of goods and servicesfrom sterling area ..

Surplus of exports tosterling area 6

1949

5.39.90

.212.593.663.21

15.97

2.22.71

.182.012.941.54

9.60

3.17.19

.03

.58

.721.67

6.37

2.52

1.73

.79

1950

4.43.58

.182.733.922.59

14.42

2.69.89

.232.443.562.32

12.13

1.73-.31

-.04.29.36.27

2.30

1.95

2.27

-.32

1951

Total

6.52.68

.333.485.154.06

20.22

3.521.20

.242.794.123.25

15.11

3.00-.52

.09

.691.03.81

5.11

3.17

2.92

.25

Firstquarter

5.46.52

.303.194.573.44

17.47

3.381.30

.262.474.933.31

15.66

2.08-.78

.04

.72-.36

.13

1.83

2.32

2.96

-.64

Secondquarter

7.04.67

.393.915.074.06

21.14

3.631.20

.262.784.203.66

15. 74

3.41-.53

.131.13.87.40

5.40

2.88

3.44

-.56

Thirdquarter

6.46.76

.313.375.343.96

20.19

3.611.16

.183.003.513.22

14.68

2.85-.40

.13

.371.83.74

5.52

3.20

2.92

.28

Fourthquarter

7.13.76

.343.445.634.78

22.08

3.451.14

.262.903.832.79

14.37

3.6837

.07

.541.801.99

7.71

4.27

2.34

1.94

1952

Firstquarter

6.90.76

.323.345.334.52

21.18

3.541.60

.202.624.323.35

15.64

3.36-.84

.11

.721.011.17

5.54

3.71

2.87

.84

Secondquarter!

88(4)(*)21.60

(*)<<)

(«)(*)(4)(4)

15.76

(4)(«)

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

5.84

(*)

(*)

(4)

1 Estimates based on incomplete data; second quarter by Council of Economic Advisers.2 Includes income on investments.3 "OEEC countries" are those which are members of the Organization for European Economic Coopera-

tion. They are the countries which participated in the European Recovery Program prior to its ter-mination.

4 Not available.s Includes international institutions.* In 1950-52, includes "special category" exports sold for cash, but excludes all transactions under the

Mutual Defense Assistance Program.NOTE.—Detail will not necessarily add to totals because of rounding.


179


TABLE B-40.—U. S. Government grants, other unilateral transfers, and loans to foreign countries,7949-52


Type of aid

Unilateral payments:Military aid pro-

grams:Mutual Defense

Assistance andMutual Secu-rity Programs. -.

Greek-Turkishaid

Chinese aidE conomic aid pro-

grams:EGA, Mutual

Defense Assist-ance, and Mu-tual SecurityPrograms

EuropeOther areas. ..

Army CivilianSupply Pro-gram 3_.

Philippine Reha-bilitation Act...

International Ref-ugee Organiza-tion and otherUnited Nationsrelief organiza-tions -. .

Technical assist-ance

Interim aid andPost-UNRRA..

Other transfers

Total unilateralpayments _

Less: Unilateral re-ceipts

Equals: Net uni-lateral payments.

Long-term loans and in-vestments:

European RecoveryProgram

Export-Import Bankloans

Surp lus p rope r tycredits, includingship sales ...

Raw-material creditsto occupied areas-..

United Nations build-ing loan._.

Other

Total long-termloans and invest-ments

Less: Repayments.. .

Equals: Net long-term loans and in-vestments

Short-term loans (net)

Total net unilateralpayments, loansand investments . _

1949

17144

3 8223 730

92

1 082

203

104

30

2127

5 585

264

5,321

428

163

30

26

2012

679205

474

173

5,968

1950

616

625

2,8332,719

114

500

166

84

29

100

4,295

175

4, 120

163

193

2

28

226

414287

127

37

4,284

Total

1,481

82

2,6432,490

153

336

12

39

48

109

4,678

177

4,501

209

222

136

450310

140

23

4,664

Firstuarter

305

2

652628

26

78

5

14

5

23

1,084

53

1,031

39

83

32

12759

68

-7

1,092

1951

Seconduarter

414

22

699679

20

138

4

3

11

24

1,297

45

1,252

25

81

42

11247

65

15

1,332

Thirduarter

428

3

61958039

78

2

4

8

29

1,171

43

1,128

70

30

41

10588

17

17

1,162

Fourthuarter

334

1

67360568

42

1

18

24

33

1,126

36

1,090

75

28

21

106116

— 10

—2

1,078

195

Firstuarter

410

33930534

22

1

19

21

33

845

23

822

80

121

21

20464

140

—7

955

2

Secondquarter 1

(2)

W(Z\

mh)(2)

M

(2)

M

(?)

(2)

(2)

(2)

1,170

(?)

(2)

(2)(2)

(2)

(2)

150

1,320

1 Estimates based on incomplete data; second quarter by Council of Economic Advisers.2 Not available.3 Includes disbursements in Germany administered by EGA from funds appropriated under the Army

Civilian Supply Program.Source: Department of Commerce (except as noted).

180


TABLE B-41.—United States merchandise exports, including reexports, by area, 1936-38 quarterlyaverage and 1947—52

Period

Quarterly average:1936-381947 _ _..19481949_ .195031951 3 - -

1950: First quarter 3...Second quarter 3.Third quarter 3. .Fourth quarter 3_

1951: First quarter 3 _._Second quarter 3_Third quarters..Fourth quarter 3_

1952: First quarter 3.. _Second quarter. .

Quarterly average:1936-3819471948194919503 ___19513

1950: First quarter 3 _ _ _Second quarter 3_Third quarter 3. _Fourth quarter 3_

1951: First quarter 8...Second quarter 3.Third quarter 3_ .Fourth quarter 3_

1952: First quarter 8 _ > _

Total ex-ports in-cluding

reexportsCanada

OtherWesternHemi-sphere

OEEOcoun-tries i

OtherEurope Asia a

Australiaand

OceaniaAfrica

Millions of dollars

7423,8353, 1&33,0132,5693,755

2,3652,5102,4512,949

3,3354,0193,6913,976

3,996« 4, 100

H5528486490499647

389519505583

623756605603

623(5)

1361,017

841725691943

614647706796

866958978969

986(5)

2821,3241,0461,019

698955

724728583756

8131,027

8691,111

1,045«

3111849413469

31333734

64816269

51(s)

122562507534360545

381367332361

469549517644

646(5)

238038493361

32343038

44456888

73(5)

3220519615586

145

788578

102

120155173132

175(*)

Percentage of total

100100100100100100

100100100100

100100100100

100

15.513.815.416.319.417.2

16.420.720.619.8

18.718.816.415.2

15.6

18.326.526.624.126.925.1

26.025.828.827.0

26.023.826.524.4

24.7

38.034.533. 133.827.225.4

30.629.023.825.6

24.425.623.527.9

26.2

4.23.11.51.41.31.8

1.31.31.51.2

1.92.01.71.7

1.3

16.414.716.017.714.014.5

16.114.613.512.2

14.113.714.016.2

16.2

3.12.11.21.61.31.6

1.41.41.21.3

1.31.11.82.2

1.8

4.35.36.25.13.33.9

3.33.43.23.5

3.63.94.73.3

4.4

1 "OEEO countries" are those which are members of the Organization for European Economic Coopera-tion. They are the countries which participated in the European Recovery Program prior to its termina-tion. Turkey is included with OEEC countries and excluded from Asia. Exports from Germany are in-cluded with those of OEEC countries and, in the postwar period, relate almost wholly to exports from thethree western zones.

2 Excludes Turkey, which is included with OEEC countries.3 Data by area exclude, while total exports include, "special category" exports. For this reason, exports

by area will not add to total exports in these periods. "Special category" exports are those of military orpotential military significance, and are not published in this area classification for security reasons. SeeForeign Trade Statistics Notes, January 1952, Bureau of the Census, for further detail.

* Estimate based on incomplete data; by Council of Economic Advisers,s Not available.NOTE.—Data in this table cover all merchandise shipped from the United States customs area to foreign

countries, including, in postwar years, both commercial transactions and goods financed by the UnitedStates through the various aid and relief programs and the Mutual Security Program. Shipments toUnited States armed forces abroad for their own use are excluded.

Detail will not necessarily add to totals because of rounding. See also footnote 3.Source: Department of Commerce (except as noted).

181


TABLE B-42.—Indexes of quantity and unit value of United States domestic merchandise exports,by economic class, 7936-38 quarterly average and 7947-52

[1936-38=100]

Period

Quarterly average:1936-38194719481949 _._19501951

1950* First quarterSecond quarterThird quarterFourth quarter

1951 : First quarterSecond quarterThird quarterFourth quarter

1952: First quarterSecond quarter

Quarterly average:1936-381947 .1948—194919501951.


1951: First quarter.Second quarterThird quarter . ...Fourth quarter

1952: First quarter .Second quarter

Totaldomesticexports

Crudematerials

Crudefoodstuffs i

Manu-factured

foodstuffs i

Semi-manu-

factures

Finishedmanu-

factures

Quantity indexes

100275214219193247

181194184209

223258243264

2622 267

100123100126128142

125143112128

112126117220

157(3)

100397362435287475

284270264325

4565R3434422

548(3)

100478350297237264

213250224230

242263265266

265(3)

100203144150127153

121126125135

131157165160

162(3)

100332257250225298

207220220251

278319304291

309(3)

Unit value indexes

100188200186180206

177175180191

202210206204

2072208

100195223212220260

206212226245

263275249246

255(3)

100248255225193215

196190192196

203219221219

230(3)

100218223177151189

151142162169

188206194183

178(3)

100169184174170209

164166168184

203212211211

208(3)

100182193184179199

179175177187

195201200200

201(3)

1 Export indexes of crude and manufactured foodstuffs in some periods, particularly those of unit valueduring 1950, are influenced by sales of large quantities of food products at prices considerably below marketquotations. Such exports include sales from Government-owned surplus and shipments on which subsidieswere paid by the Department of Agriculture.

2 Estimates based on incomplete data; by Council of Economic Advisers.a Not available.NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changes

in average prices has been eliminated. The indexes of unit value provide a measure of change in the aver-age prices at which trade transactions are reported in official foreign trade statistics, including change inaverage prices that result from changes in the commodity composition of trade.


182


TABLE B-43.—United States general merchandise imports, by areay 1936-38 quarterly average and1947-52

Period

Quarterly average:1936-38 - - .1947.19481949 --19501951


1951: First quarter-Second quarterThird quarterFourth quarter..

1952: First quarter _Second quarter

Quarterly average:1936-3819471948 _194919501951 .. . _ _.

1950: First quarterSecond quarter .Third quarterFourth quarter

1951: First quarterSecond quarter _Third quarterFourth quarter

1952: First quarter

Totalgeneralimports

CanadaOther

WesternHemi-sphere

OEECcoun-tries i

OtherEurope Asia 2

Australiaand

OceaniaAfrica

Millions of dollars

6221,4391,7811,6562,2132,741

1,8891,9312,3882,645

3, 0352,9812,4962,453

2, 7763 2, 700

88282398388490569

404478504575

529585553608

560(4)

143568627611776887

727645913818

1,086894737833

943(«)

152174244211315478

240243323455

514515457426

454(4)

304549354752

45454950

63574046

45(4)

183249324296409495

302363417555

592544482364

502(4)

1039413152

113

49524760

8318412064

60(4)

17829884

123147

122103136132

169201106113

213(4)

Percentage of total

100100100100100100

100100100100

100100100100

100

14.119.622.323.422.120.8

21.424.821.121.7

17.419.622.224.8

20.2

23.039.535.236.935.132.4

38.533.438. 230.9

35.830.029.534.0

34.0

24.412.113.712.714.217.4

12.712.613.517.2

16.917.218. 317.4

16.4

4.83.12.82.12.11.9

2.42.32.11.9

2.11.91.61.9

1.6

29.417.318.217.918.518.1

16.018.817.521.0

19.518.319.314.8

18.1

1.62.72.31.92.34.1

2.62.72.02.3

2.76.24.82.6

2.2

2.75.75.55.15.65.4

6.55.35.75.0

5.66.74.34.6

7.7

1 " OEEC countries" are those which are members of the Organization for European Economic Coopera-tion. They are the countries which participated in the European Recovery Program prior to its termination. Turkey is included with OEEC countries and excluded from Asia. Imports from Germany areincluded with those of OEEC countries and, in the postwar period, relate almost wholly to imports from thethree western zones.

2 Excludes Turkey, which is included with OEEC countries.s Estimate 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 foreigncountries. General imports include merchandise entered immediately upon arrival into merchandisingchannels, plus entries into bonded customs warehouses.



183


TABLE B-44.—Indexes of quantity and unit value of United States merchandise imports for con-sumption, by economic class, 1936-38 quarterly average and 1947-52

[1936-38=100]

Period

Quarterly average:1936-3819471948194919501951

1950: First quarterSecond quarterThird quarter . . _Fourth quarter

1951: First quarterSecond quarter. _ ...Third quarterFourth quarter

1 952: First quarterSecond quarter

Quarterly average:1936-38194719481949 .19501951

1950' First quarterSecond quarterThird quarterFourth quarter

1951: First quarterSecond quarter _Third quarterFourth quarter __ _ _-

1952* First quarterSecond quarter

Totalimports forconsump-

tion

Crudematerials

Crudefoodstuffs

Manufac-tured food-

stuffs

Semimanu-factures

Finishedmanufac-

tures

Quantity indexes

100108123120146144

137136154158

163147131136

151U48

100129139125152142

152140155161

161144137125

1530)

10096

109119113118

12194

125111

14910892

125

137(2)

100839197

117122

98113143113

1271291121111

121(2)

100130149143219200

189213220247

227215182178

191(2)

10084

103101125135

107119125147

141141126131

138(2)

Unit value indexes

100213235224243305

223229248270

295313312299

3001295

100180203195214312

185194215255

302340316288

288(2)

100311343330454512

410433485491

508521516505

508(2)

100208212202203221

199199203210

214224225221

216(2)

100191217198193244

176179197220

234242250249

253(2)

100245266258252296

245248253262

278288313307

303(2)

* Estimates based on incomplete data; by Council of Economic Advisers.*Not available.NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of

changes in average prices has been eliminated. The indexes of unit value provide a measure of change inthe average prices at which trade transactions are reported in official foreign trade statistics, includingchanges in average prices that result from changes in the commodity composition of trade.


184


TABLE :B-45. Changes in selected economic series since 1939 and 1951

Source:Appen-

dixtableNo.

B-l

B-3

B-6

B-9

B-10

B-ll

B-l 5

B-16

B-17

B-18

B-19

B-21

B-22

Economic series

Gross national productPersonal consumption expendituresGross private domestic investment-Government purchases of goods and

services

Gross national product in 1951 prices .Personal consumption expendituresGross private domestic investment .Government purchases of goods and

services _ _ _ _

National income .Compensation of employees

Personal income — -Disposable personal incomePersonal net saving

Per capita disposable]personal income:Current prices1951 prices

Labor force, including armed forcesCivilian labor force

EmploymentAgriculturalNonagricultural .

Unemployment . . _

Average gross weekly earnings:Manufacturing _

Durable goodsNondurable goods

Building construction

Industrial productionDurable •mannfa.ctnrp'.sN ondur able manufacturesMinerals ,

Agricultural production

New construct! on _ _Private

Residential (nonfarm)N onresidential _Other private

Public. . . .

Business expenditures for plant and equip-ment

Manufacturing _ _

Inventories, end of periodManufacturing _ _ _ _ _ _Wholesale tradeRetail trade

Sales _M anuf actur ing . _Wholesale trade....Retail trade

Consumers' price index: All items _FoodApparel - . _ -Rent. -- _ -_Housefurnishings .

Wholesale price index: All commoditiesFarm productsProcessed foodsOther than farm products and foods

1939=100

1951

Total

361308591

478

183160271

221

383374

350321630

272141

11811413373

14920

272264269270

202250178155131

378494409655602245

447573

350366328327402431407358

187239203131208

229311

(*)199

Firsthalf

355307631

426

181160291

198

375367

343314485

268139

117113132

7014822

270261268261

204251183153

(3)

384514442665596234

413510

346340333366411442413364

185237201129208

231317

(3)201

Secondhalf

366309552

528

185159252

245

390381

357327774

276142

120115135

7715118

274267270278

199250173157

(3)

373474377646608256

480636

350366328327394420398352

188241205132208

227304

(3)198

1952,firsthalf 2

374317495

585

187162221

268

396390

363329626

276141

(3)113132= 6914919

280271275282

198252171153

(3)

402496408643626294

457617

349370311326410447394365

190242202135205

224297

(3)195

Percentagechange *

1951,first

half to1952,firsthalf 2

5.23.2

-21.6

37.5

3.21.2

-24. 0

35.6

5.66.2

5.84.7

29.0

2.91.0

(3)

'.5-1.6

.8-11.4

3.64.12.78.1

-2.7.4

-6.5.0

(3)

4.6-3.6-7.6-3.3

4.925.4

10.520.9

.88.8

-6.6-11.0

-.21.2

-4.6.5

2.31.9.5

4.31 6

-3.3-6.4-2.5-2.9

1951,secondhalf to1952,firsthalf 2

2.22.7

-10.3

10.8

.91.8

-12.3

9.5

1.62.4

1.7.7

-19.1

-.1-1.0

(3)-1.8-2.1-9.9-1.1

8.0

2.01.81.91.6

-.5.7

-1.6-2.4(3)

7.94.78.4-.62.9

14.7

-4.9-3.0

— 2i!i

-5.2-.24.16.3-.93.7

.7

.4-1.5

2.0-1.7

-1.4-2.4-1.8-1.1


185


TABLE B-45. Changes in selected economic series since 1939 and 1951—Continued

Source:Appen-

dixtableNo.

B-23

B-25

B-26

B-28

B-32

B-41

B-43

Economic series

Prices received by farmersParity index (prices paid, interest, taxes,

and wage rates)

Consumer credit outstanding - .Instalment credit

Loans and investments of all commercialbanks

Loans _ _ _ _ _ _ _ _ _ _Investments in U. S. Government obli-

gations

Gross public debt and guaranteed issues

Corporate profits:Profits before taxProfits after t a x - _ _ _ _ _ _ _

Dividend pavments ._Undistributed profits

Merchandise exports, including reexports

General merchandise imports _ _ _ _ _ _

1939=100

1951

Total

318

230

294305

326335

377

545

660374237800

<506

4441

Firsthalf

322

229

274293

310319

359

536

718404232950

M96

4484

Secondhalf

312

232

294305

326335

377

545

600342242650

<517

4 398

1952,firsthalf 2

307

236

294319

331345

377

545

634350242683

4546

4440

Percentagechange l

1951,first

half to1952,firsthalf 2

-4.6

3.2

7.58.8

7.08.4

5.1

1.5

-11.8-13.4

4.5-28.1

10.1

-9.0

1951,secondhalf to1952,firsthalf 2

-1.4

1.8

.34.4

1.72.9

.0

-.1

5.62.3.0

5.1

5.6

10.7

1 Changes are computed from data as reported and therefore may differ slightly from changes computedfrom the indexes shown here.

2 Estimates based on incomplete data.3 Not available.41936-38 average=100.

186


List of Text Tables and Charts

TABLESPage

1. Production of goods and services: gross national product in constant prices. . 342. Changes in nonagricultural employment 373. Loans and investments of all commercial banks 394. Money supply 405. Changes in price indexes: spot primary market, wholesale, and consumers'. . 436. Changes in personal income 477. Earnings and hours in manufacturing and building construction industries. . 498. Personal consumption expenditures 499. New housing starts 50

10. Accumulation of business inventories 5511. Business inventories and sales 5512. Progress on facilities projects aided by tax amortization 5813. Estimated increases in capacity for manufacturing industries 5814. Business loans of all commercial banks 5915. Federal cash payments to the public by function 6216. Federal cash receipts from the public by source 6217. Federal Government fiscal operations 6318. Government cash receipts from and payments to the public 6519. Unemployment in selected countries of Western Europe 6920. Financing the exports of goods and services supplied to other countries 7221. Changes in gross national product in constant prices 104

CHARTS1. Progress since 1939 32. Growth since Korea 43. Growth in the decade 1950-1960 74. Indicators of defense progress since Korea 115. Economic indicators, changes from first half 1951 to first half 1952 176. Capacity expansion in basic industries 307. Military procurement and construction, obligations, and deliveries since

June 1950 338. Industrial production 359. Civilian labor force 36

10. Wholesale prices 4111. Consumers' prices 4312. Price trends since Korea 4413. Average hourly earnings, selected industries 4614. Personal income 4815. New housing starts 5116. Consumer credit 5217. Business investment 5418. New plant and equipment outlays, in selected manufacturing industries. . . . 5619. Construction , 57

187


Sources and uses of corporate funds 6021. Federal cash receipts from and payments to the public 6422. Industrial production in Western Europe 6823. Exports and imports of goods and services 7124. Metals supply 7625. Personal income, spending, and saving 8126. Federal budget expenditures 9227. Change in components of gross national product, 1944-46 10228. Changes in the labor force, 1944 to 1946 10329. Personal income after taxes, part of each income dollar spent or saved,

1929-52 10530. Population growth 10831. Total production of goods and services, gross national product in 1951 prices. . Ill

tf s GOVERNMENT PRINTING OFFICEl 1912


ERP Appendixes MY 1952

Documents

Transcript of ERP Appendixes MY 1952