SCB_021947

1947

SURVEY OF

CURRENTBUSINESS

ii

:i§M"M^-:J>J \ ;•

Annual Review Number

UNITED STATES DEPARTMENT OF COMMERCE

BUREAU OF FOREIGN AND DOMESTIC COMMERCEDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of

CURRENTBUSINESS

VOLUME 27, No. 2 FEBRUARY 1947

r Statutory Functions: "The Bureau of Foreign and Domestic Commerce... "*to foster9 promote, and develop the foreign and domestic commerce of

b the United States" [Law creating the Bureau Aug. 23,1912 [37 StaU 408].] J

ContentsPage

THE ECONOMY IN RECONVERSION—A REVIEW OF 1946 1National Income and National Product • 5Wholesale and Retail Prices 11Labor Force and Employment 13Manufacturing Output 15Agricultural Production 18Construction Activity 20Domestic Transportation 22Retail Sales 24Foreign Trade 27Financial Developments 29Key Business Statistics Outside back cover

STATISTICAL DATA:New or Revised Series 31Monthly Business Statistics S-lStatistical Index Inside back cover

fl 1 1 OtC—Contents of this publication are not copyrighted and |A. may be reprinted freely. Mention of source will be appreciated Jr

Published by the Department of Commerce, W. AVERELL HARRIMAN, Secretary—Officeof Business Economics, AMOS E, TAYLOR, Director. Subscription price $3 a year;Foreign $4. Single copies, 25 cents. Make remittances direct to the Superintendentof Documents, United States Government Printing Office, Washington 25, D. C.

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

GROSS NATIONAL PRODUCT

CONSUMER EXPENDITURES

ter

GOVERNMENT EXPENDITURES

84

y GOODS ANDSERVICES

PRIVATE CAPITAL FORMATION

1940

COMPENSATION OF EMPLOYEES

j PROFITS, INTEREST AND RENTS

0

730394—47-

50 100 150BILLIONS OF DOLLARS

200

The Economyin

Reconversion

A Review of 1946

By the

Office of Business Economics

LOOKING back over 1946 it can be said that theeconomy weathered reasonably well the first full year

of adjustment to peacetime conditions. The total national outputwas lower than in 1945, though the trend was upward from the lowpoint reached early in the year under the initial impact of recon-version. Withdrawals of both a permanent and temporary natureshrank the labor force from the abnormally high war levels so thatunemployment did not represent a major problem even in the earlymonths of the year.

The reduction of the abnormally high rate of personal savingsof the war years enabled the flow of goods into consumption to in-crease as output of civilian type goods was expanded, even thoughthe abandonment of price controls in the latter part of the yearmeant that these goods were being offered at sharply advancedquotations.

With the sweeping away of price controls, except those on resi-dential rents, sugar, and rice, the last of the major economicrestraints imposed during the war was removed. By the end of1946, therefore, market forces had been returned to their traditionalrole of guiding output and distributing both the factors of produc-tion and the product of industry.

Demand Pressure StrongFrom the outset of 1946, businessmen proceeded upon the as-

sumption that rising sales to the enlarged civilian population andincreasing profits were ahead. This was evidenced equally by theaggressiveness with which capital expenditure plans were pushedand the eagerness with which bidding proceeded for the availablegoods. These expectations, with but few exceptions, were realized.In the final months of the year, the culmination of the sellers' mar-ket was reached, with the sharpest mark-up of prices for anysimilar period in history.

1


SURVEY OF CURRENT BUSINESS February 1947

Throughout the year, as earlier duringthe all-out war effort, the underlyingeconomic pressures were on the side ofdemand. These pressures continued tofind their source in the current and pent-up requirements of the civilian economy,but the pressures gradually lessened asthey were no longer reinforced by theurgent needs of the fighting forces.Thus, the major problem during this year

16

15

14

13

12

42

38

34

30

26

INCOME PAYMENTSTO INDIVIDUALS6

.(BILLIONS OF DOLLARS)

M 1 M 1 M I I I 1 I I I i I 1 i M I i

BUSINESSINVENTORIES(BILLIONS OF DOLLARS)

22 1 It I 1 1 1 1 I 1 I 1 1 I I 1 I 1 1 1 1 1

350

300

250

200

150

MANUFACTURERS'SHIPMENTS

JlNDEX, 1935-39 = 100)

1 0 0 t I j ' i 1 1 I I T i l l H I I I 1 1 t i l l

1945 19460 SEASONALLY ADJUSTED

of transition continued to be one of pro-duction, but within the special settingand requirements of reconversion. Theinsistent nature of demand gradually—and then rapidly—diminished as the in-creased flow of goods at higher pricesquickly cut the rate of savings from cur-rent incomes and caused a reappraisalby consumers of both their needs andability to buy. When this point wasreached, the impetus of the price advancewas in large part lost.

The year saw the reorganization of re-sources and the refilling of pipe lines topermit the resumption of production inindustries formerly turning out muni-tions. The steady uptrend of output inthis area was accompanied by the al-ready high and, in many instances, stillrising rates of output in other economicsectors less directly involved in recon-version tasks. The result was an annualaggregate of production which, whileconsiderably lower in physical termsthan the output of the war years, wasnevertheless well above the output in theprewar year 1941.

It is not possible, of course, to makeany precise comparison with the prewaryears, but the approximate increase intotal real output over 1941 was aboutone-fifth. Production was better bal-anced in 1941 in relation to consumerneeds, since in that earlier year distor-tions associated with preparing for warwere not especially important.

The price rise, however, raised the 1946value of output to within 3 percent ofthe 1945 total and to 61 percent morethan in 1941.

Expansion Resumed

Last year's annual review describedhow the economy was quick to musterstrength after the sudden end of thewar and the subsequent large reductionin military procurement. The upsurgeof industries formerly held down by war-time shortages, continuance of relativelyhigh activity in plants undergoing re-conversion, the emergence of heavy back-log demands—these and related factorsserved to offset a large part of the sharpcontraction in the Government sector.By early 1946 it was possible for the ex-pansionary forces to assume a dominat-ing role in the economy. Further cut-backs made in Government procurementafter that date were more than offset bythe continued advance in other sectors.

Nonagricultural employment advancedsteadily and by the end of the year was5 million larger than at the end of 1945and some 4 million larger than in early1945 when war production was at a peak.Monthly income payments also movedupward during 1946 to top earlier highs.It may be noted, however, that important

components of the income and employ-ment totals—such as those componentsrelated to activity in durable goods man-ufacturing—remained below wartimelevels.

The trends of these and other indi-cators of business activity are illustratedin the charts accompanying this intro-ductory section.

The rise in unemployment during re-conversion was limited by the strength ofthe recuperative forces in the economyand by the large-scale withdrawal fromthe labor force of war-induced en-trants—mostly women, but including asubstantial number of veterans takingadvantage of the educational benefits af-forded under the GI bill of rights. Inearly 1946, a total of 2V2 to 3 millionpersons were reported by the Bureau ofthe Census as without jobs and activelyseeking work. At the same time thenumber of veterans temporarily delayingtheir return to the labor market was inthe neighborhood of l1^ million. Thisgave a combined total of 4 to 4y2 millionworkers who could be placed in the cate-gory of normally seeking employment.

Between July, 1945, and February,1946, there was a reduction of approxi-mately 8 million in the total labor force.This shrinkage included the withdrawalof veterans and war workers, as notedabove, and the normal seasonal declinefrom the July peak. Small additionalwar wo*rker withdrawals after Februarywere more than offset by the normalgrowth of the labor force and by thereturn of veterans who had been resting.

Aftermath-of-the-War InfluencesAftermath-of-the-war influences per-

meated all phases of economic activityduring 1946. The major developmentson the production front, the labor front,the price front, and the demand front,were not so much characteristic of a pe-riod of general business expansion suchas occurs in the rising phase of a normalbusiness cycle as they were peculiar tothis particular period of rapid transitionfrom an economy long mobilized for warproduction to an economy being gearedto full-scale peacetime o p e r a t i o n s .While many adjustments incident to thistransition had been worked out by theend of the year, others remained to beresolved before the economy could besaid to be restored to a more or lessnormal peacetime footing.

Imbalance in Input-Output RelationsIn the production sphere, for example,

the fact that the economy was in atransitional stage was evident in the im-balance between the output of finishedgoods and the input of labor and rawmaterials in the durable goods indus-


February 1947 SURVEY OF CURRENT BUSINESS

tries. This imbalance was particularlymarked during the early months of lastyear while supply lines were being builtup and arrangements were being madefor a steady flow of parts and subassem-blies. Until such preliminary activitieshad been completed, there could be onlya trickle of finished goods output fromthe former munitions plants.

The input-output imbalance tended tobe corrected as the year progressed, butthe correction was by no means com-pleted when the new year was usheredin. Plant operations continued to beinterrupted by temporary shortages ofmaterials in heavy demand or by theuneven flow of components—work stop-pages resulting from industrial disputeswere often an indirect if not a direct fac-tor in such interruptions. Moreover, aslong as output in some mass productionindustries was still in a rising phase, itwas necessary for the allocation of theinput factors to be weighted in favor ofthe earlier rather than the later stagesof production.

The experience in the automobileindustry illustrates this situation.Throughout most of 1946 employment inthis industry was considerably above thelevel in a prewar year such as 1940.Nevertheless, in no month of last yeardid the combined rate of production ofpassenger cars and trucks attain thepeak monthly rate of the earlier year,nor did the increase in the productionof replacement parts account for thisdisparity. This experience was not acase of a setback in technological prog-ress or a misdirection of productiveefforts, but was essentially a transitionalphenomenon characteristic of any majorchange-over in final product output. Itwas, of course, aggravated by the factthat other industries were in a compara-ble situation. The usual input-outputmeasures of productive efficiency are notapplicable under such conditions.

25

20

15

10

5

0

STRIKES(MILLIONS OFMAN-OAYS IDLE)

-

-

M i l 1 1 1 I! 1 1 1 111 1

1945 1946

Industrial Disputes Reach High Point

On the labor front, as well, the majordevelopments were in the nature of ad-justments to the changed environmentfollowing the liquidation of the wareconomy. The widened area of indus-trial disputes in the early months of theyear was, to some extent, a repetition ofthe experience after World War I.

As shown in the chart, man-days idleas a result of strikes and lock-outs roseto a high point in February of last yearwhen the idle time amounted to about4 percent of total working time in manu-facturing. This estimate, however, doesnot include time lost because of the sec-ondary effects of work stoppages.

Postwar Changes Create Wage Problem

The 1946 wave of labor-managementcontroversies was initiated soon afterVJ-day when cuts in wage earnings con-sequent upon the reduction in hours andshifts in employment from "war" toother occupations—at a time when thecost of living was being maintained—gave rise to a widespread demand forgeneral wage increases. The ensuingwork stoppages affected the basic steelindustry, major segments of the automo-bile and electrical machinery industries,and many others.

The mid-February settlement in steel,at which time a new wage-price policywas issued by Executive order, estab-lished the pattern of wage adjustmentsfor the large manufacturing concernsand resulted in upward adjustmentsthroughout industry. However, the waveof work stoppages did not recede to muchlower levels until after the shut-down atthe soft coal mines during April and partof May was followed by the crisis in railtransportation. Fortunately for theeconomy, the rail strike was quickly ter-minated. Another crisis was averted inDecember when the bituminous coalmines—which were under Governmentoperation—were reopened after the No-vember shut-down. This threat to theeconomy was terminated when the Gov-ernment resorted to court procedures.

The outcome of the postwar wage ad-justments was that from the war peakreached in the first quarter of 1945 to thefinal quarter of 1946 average hourly earn-ings in nonagricultural employment wereraised about 11 percent and averageweekly earnings about 4 percent. Theincreases were considerably less thanaverage in industries where overtime wasimportant during the war, and consider-ably above average elsewhere. In non-manufacturing industries, for example,both weekly and hourly earnings ad-vanced about 15 percent, on the average.

NONAGRICULTURALEMPLOYMENT

.(MILLIONS OF PERSONS)

50

48

46

44

42

4 0 I I I i l I i l l I 1 I I I i ] i 1 [ I i I

10

150

140

130

120

no

Ioo

RETAIL SALES0

(BILLIONS OF DOLLARS)

5 1 I I I I 1 I I i I i I I i i i i h I I M

WHOLESALEPRICES

.(INDEX, 1926 = 100)

1945 19469 SEASONALLY ADJUSTED

The sweeping price rise after the elim-ination of price controls outstripped theadvance in wages and impaired purchas-ing power to the extent that concern wasbeing expressed at the year-end as towhether the then existing wage-pricerelationships would permit a satisfactorysolution to the emerging problem of as-suring adequate markets to sustain highproduction and employment in the period


SUKVEY OF CURRENT BUSINESS February 1947

ahead. It is evident that the post-decon-trol advance in prices received its majorimpetus from demand rather than costfactors. This is most clearly seen in therise in farm prices. Higher prices of ma-terials, as well as higher wage rates, oftenmeant higher costs for business firms.Cost increases were, of course, a majorfactor in the rise of many manufacturedproducts.

Transitional Influences Bolster DemandA third area where the effects of tran-

sitional influences were apparent was inthe field of consumer and business buy-ing. The consumer market was sup-ported by the needs of the large numberof returning servicemen and by the ap-pearance of heavy backlog demands forgoods largely unavailable during most ofthe war years. By the year end much ofthe backlog demand was still unsatisfied,although it was being steadily whittleddown by the rising curve of prices aswell as by the mounting output of goodsformerly hard to get.

In the aggregate, the distribution ofconsumer incomes as between expendi-tures and savings for the year as awhole was about in line with prewarrelationships. Toward the end of theyear, however, this relationship was be-ing disturbed by the price rise. Further-more, as pointed out in detail in a latersection, spending for durable goods andconsumer services throughout 1946 wasbelow the amounts indicated by the pre-war relationship and spending for non-durables was considerably above the in-dicated volume. Much of the above-average spending in the latter categoryoccurred in food where price increaseswere particularly outstanding.

The existence of pent-up demands re-sulted in considerable price pressure onconsumer durable goods but did not re-sult in any spending "bulge," since thesegoods remained in short supply throughthe year end. It was the latter factwhich permitted consumers to divertmore than the usual share of income tonondurable goods purchases. Thissource of funds for diversion will begradually wiped out as durables appearin greater supply.Large Inventory Requirements

The rate of business buying during thereconversion period was augmented bythe need for rebuilding inventories at allstages of production and distribution.This need was not merely a consequenceof the bare shelves, empty stock bins, andunfilled pipe lines, which were a legacyof the general shortages during the war.Large-scale inventory rebuilding wasnecessary in the reconversion industrieswhere war stocks had been liquidated andmaterials and supplies had to be re-

200

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160

140

120

loo

STOCK PRICES402 COMMON STOCKS

_(1NDEX, 1935-39 = 100)

1945 1946

stocked as a preliminary to the resump-tion of civilian production.

Considerable inventory replenishmentwas accomplished during 1946, with thebuild-up of stocks accelerating aftermid-year. By the year end, the totalbook value of business inventories—inthe hands of manufacturers, wholesal-ers, and retailers—had been raised to34.9 billion dollars as compared with 26.4billion dollars a year earlier. A substan-tial portion of the increase reflectedhigher prices.

The over-all inventory-sales relation-ships at the end of 1946 suggested thatthe market prop afforded by inventorybuying was not likely to be eliminatedimmediately and on a wide scale. Whiletop-heaviness was apparent in a fewlines, shortages still persisted in manyothers. Nevertheless, the rapid rate ofaccumulation was itself evidence ofadjustment ahead.

Capital Outlays Expand Rapidly

The rate of business buying in 1946also was augmented by expanded outlaysfor plant and equipment purchases.Pent-up demands were heavy in this fieldbecause of the restrictions on construc-tion during the war and because of thedifficulty of securing machinery not es-sential to munitions production. Thus,business outlays for these purposes rosesharply after the end of the war, from anannual rate of about 6 billion dollars inthe second quarter of 1945, to 14 billiondollars in the final quarter of 1946.

Residential construction is anotherarea where deficiencies carried over fromthe war—and, in this case, from the pre-war period, as well—resulted in a spurtin activity following VJ-day. While thebuying strength in this sector is clearlyof the aftermath-of-the-war character,it is certain to prove of longer durationthan the other bolstering influences pre-viously noted.

Finally, the demand for domesticallyproduced goods was augmented during1946 by the pressing relief and rehabili-tation needs of war-devastated areas.A significant share of total exports wasfinanced through unilateral transfers ofvarious types, including funds madeavailable to the United Nations Reliefand Rehabilitation Administration,through Government-extended credits,and through the drawing down of for-eign-owned gold and dollar balances.

Price Rise

Clearest evidence of the combinedstrength of the demand forces was pro-vided by the rapid rise in prices during1946, particularly during the last half ofthe year when price controls were re-moved. The full-year rise amounted to30 percent at wholesale and 18 percentin the consumers' price index, on thebasis of the BLS indexes. The magni-tude of the price increases provided anindication of the extent to which theformer ceilings had held prices below thelevels that would have been establishedin a free market, though the eliminationof previously paid subsidies was a factorin the rise in some commodities. In allcases the price advances meant a higherpayment for the buyer; to the extentof the subsidies, it did not always meanthat the yield to the seller went up cor-respondingly.

The important points to be notedabout the price rise are these:

1. The increase was general, althoughthe largest percentage gain occurred infoods, with the increases in hides andleather and in textiles coming next inorder of size.

2. The broad price movement was up-ward through the year end, despite a fewdeclines such as the break in the raw cot-ton market in October.

3. The increase inevitably resulted inan impairment of consumer purchasingpower since, aside from the portion ofthe added income which was siphonedoff in larger tax payments or in retainedcorporate earnings, the incomes of manylarge consumer segments did not moveup in line with the advance in prices.

Stock Market Reversal

The accelerated price rise in the sec-ond half of 1946—which lifted farm in-come and over-all business profits aboveearnings in any previous period—didnot have a counterpart in the stockmarket. Almost coincident with therise in commodity prices, stock pricestook a sharp downward turn.

This decline was one of the develop-ments which was interpreted by busi-ness as a danger signal. Together withthe increasingly general recognition of


February 1947 SUEVEY OF CURRENT BUSINESS

the temporary character of some of thecurrent market demands—notably thatfor rebuilding inventories—and the in-creasing degree of consumer resistanceto steeply higher prices, as well as agrowing distaste for low-quality mer-chandise, the price decline in stocks un-doubtedly was a factor in the shift inbuying psychology from the brightgreen, which shone throughout the firsthalf of the year, to the amber whichwas very clearly seen by buyers at theend of the year.

Sellers' Market on the Way Out

While there is considerable uncer-tainty as to how soon the temporarysupporting influences will disappear, itis nevertheless apparent that with theimproved flow of goods and the elimina-tion of some of the most urgent backlogdemands, the sellers' markets of recentyears are already on the wane.

Evidences of the change have beenwidespread, though the major mani-festation late in 1946 was in luxury lineswhere very considerable adjustmentswere possible without impairing the realstandard of living. In furs, in jewelry,at winter resorts, and at the race tracks,business was down, even though it wasstill high by any standards except thoseof the peak war period. With real pur-chasing power falling rapidly in the finalmonths of the year—particularly forthose who are not major patrons of theluxury trades—it was necessary for ad-justments to be initiated beyond thisselect circle. Thus, spending upon someof the day-to-day requirements wasbeing curtailed.

From the standpoint of producers andsellers of goods and services, cost-pricerelationships at the end of the year wereyielding, by and large, a margin of profitsin line with those in other years of highbusiness activity. While profit expe-rience varied considerably during 1946,this variation was largely a consequenceof the comparative ability of various in-dustries to supply the market. The re-conversion industries during much ofthe year generally were unable to doso, and it was not until the final halfyear that such industries raised produc-tion up to a point where substantialprofits were again being generated.

In sum, it was apparent at the end of1946 that the second phase of the post-war readjustment of the economy—get-ting over the reconversion hump—hadbeen passed. The free spending psychol-ogy was on the wane at the same timethat the temporary general productionand market conditions which delayed theattainment of efficient production insome industries were also being corrected.This meant that pressures being built upwould again focus the energies of thecountry toward accelerating the effi-ciency of production, and assuring theconsumer more value for his dollar.

Balancing Output With Demand

With the prices at the year-end alreadycutting sharply into the purchasingpower of some of the major consumersegments, the question that confrontedthe economy was whether the increasedquantity of final products could be ab-sorbed through purchasing power adjust-ments without necessitating a decline inthe over-all volume of production and

employment. Fundamentally, the ques-tion posed was one of income-price-costrelationships and not of lack of apparentbusiness opportunities. The backlog car-ried over from the war was of sufficientsize and potency, and the available finan-cial resources were so great, as to makepossible a sustained high level of opera-tions for the economy for an extendedperiod. The developing imbalancesnonetheless carried the threat of a tem-porary setback. The general recognitionof these difficulties was a healthydevelopment since it meant early, ratherthan late, stock-taking and possible con-structive action.

Production in 1947 could very definitelyadvance to higher levels. The flow of thefinal products to consumers could be ex-pected, on the basis of the productionoutlook, to be some 10 percent larger thanthe rate of flow in the final months of1946. The objective for total produc-tion—including intermediate productssuch as inventories—implies not quite solarge an increase in relative terms be-cause production will be better balancedthan in 1946.

There is as yet, however, no answer asto whether inventory accumulation, avery dynamic factor in late 1946, willtaper off gradually, or whether accumu-lation will proceed to such a high pointthat a violent correction will then ensue.Nor is there yet an answer to what willhappen to the consumption pattern asthe enlarged flow of durable goods chal-lenges the abnormally high volume ofconsumer nondurable goods expendi-tures relative to incomes, which was theoutstanding feature of the sales picturein late 1946.

National Income and National Product*

The gross national product, which haddropped rapidly with the end of thewar, turned upward after the first quar-ter of 1946. (See Chart 1.) The dollartotal for the year of 194 billion dollarswas lower than in 1944 and 1945, but thefourth quarter seasonally adjusted an-nual rate of 205 billion dollars approxi-

lfThe product and income tables are pre-sented in abridged form in this issue; moredetailed estimates will be published in asubsequent issue, together with a generalrevision of the series. The present estimatesrepresent an extension of those published inthe February 1946 issue.

mated the wartime peak reached duringthe first half of 1945. The gross na-tional product represents the total out-put of final goods and services at marketprices, and inclusive of government serv-ices.

In real terms, however, the output ofthe economy as a whole in 1946 was con-siderably lower than in the war years.In view of the shifting nature of theproduct exact comparisons are not possi-ble, but the reduction approximatedone-seventh. In comparison with 1941,however, there is an increase of about

one-fifth, reflecting the higher level ofemployment and the more productiveutilization of resources in the economy.

Divergent Movements

As the year opened, the rapid declinein Government expenditures was taper-ing sufficiently to be about offset by theunprecedented expansion of capital for-mation and consumer expenditures. Bythe second quarter, the volume of out-put was on the upgrade, though thechange in the national product for thisperiod was slight. The rise in the dollar


6 SURVEY OF CURRENT BUSINESS February 1947

totals reflected the beginning of theprice rise.

With the lapse of price controls onJuly 1 and their partial reinstitution andsubsequent abandonment, prices jumpedsharply, and the national product meas-ured in current dollars likewise increasedrapidly in the third and fourth quarters.In fact the increases in current dollarsin these two quarters approached thoseduring the 1942 conversion to war pro-duction, the most rapid period of expan-sion in the Nation's history.

Composition of Product

While the size of the national productin current dollars now is unprecedentedexcept during the War, the compositionin terms of three broad categories fol-lows the prewar pattern more closelythan might have been expected. In pre-war years consumer goods and servicesapproximated two-thirds of the grossproduct, government expenditures forgoods and services one-sixth and privategross capital formation one-sixth. Inthe second half of 1946 the seasonally ad-justed figures show consumer expendi-tures almost exactly two-thirds of thegross product, Government expendituresslightly less than one-sixth and capitalformation slightly more than one-sixth.

That Government expenditures forgoods and services are actually less thantheir prewar proportion of total productmay seem strange in view of the size ofthe Federal budget, but this is because alarge part of current Federal expendi-tures are in the form of loans and trans-fer payments rather than of paymentsfor goods and services.

Coincidence of the proportions for thethree broad categories, however, shouldnot be interpreted to mean that a normalbalance has been restored in the econ-omy. Within the three categories thereare still imbalances which stand outprominently.

Shift in Government Sector

Government expenditures for goodsand services declined sharply during thefirst three quarters of the year and lev-eled off in the fourth quarter. The de-cline was confined to "war" expenditures,which at annual rates dropped from 24billion dollars in the first quarter to 10billion in the fourth quarter.

In total, the Federal Government hadafter seasonal adjustment a substantialexcess of expenditures for goods andservices plus transfer payments to indi-viduals during the first half of the year,but an even larger excess of receipts dur-ing the second half. However, the Gov-ernment did not exercise such a defla-tionary impact upon the economy asmight be inferred from this because of

Chart 1.—Gross National Product

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

280

240

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160

120

80

40

GOVERNMENT EXPENDITURES FOR GOODS AND SERVICES

PRIVATE GROSS CAPITAL FORMATION

I CONSUMER EXPENDITURES FOR GOODS AND SERVICES

1939 40 41 42 43 44 45 46-ANNUAL TOTALS

2 8 0

2 4 0

2 0 0

160

120

8 0

4 0

Source of data: U. S. Department of Commerce.

the large government loans which weregranted to finance international trans-actions. Such loans were a potent factorin the market demand from abroad forfinal products, and these goods and serv-ices show up in the net exports whenclassified in the gross national productfigures.

In contrast to the Federal Government,State and local government expendituresfor goods and services not only increasedbut increased more sharply than rev-enues. Needless to say, the magnitudesinvolved were much smaller than forthe Federal Government.

Capital Outlays Double PrewarPrivate capital outlays, including con-

struction, purchases of machinery andequipment, changes in business inven-tories and foreign investment, totaled 32billion dollars for the year as a whole—arecord high, more than three times thetotal for 1945. The seasonally adjustedannual rate in the latter half of theyear of 37 billion dollars is about doublethe dollar total in the best prewar yearsof 1929 and 1941. This is a dollaramount capable of providing an invest-ment outlet for a very large volume ofindividual and corporate savings as wellas reinvestment of depreciation andother business reserves.

—1945 *. * 1946 >QUARTERLY TOTALS, SEASONALLYADJUSTED, AT ANNUAL RATE

Construction Moves UpBoth residential and other private con-

struction went forward at a rapid ratein the first two quarters of 1946. Bymid-year, however, the volume of proj-ects under way was too great relative tothe volume of production and stocksof building materials, and in the last twoquarters the seasonally adjusted rate ofconstruction activity showed more mod-est gains.

The dollar total of 8 billion dollarsfor new private construction in the yearequalled the level of the 1920's and ex-ceeded by half the total for 1941. Withthe higher construction costs of 1946,however, the real volume of activity wasfar lower than in the 1920's but may haveslightly exceeded the total for 1941. Al-though new private construction con-stituted only 4 percent of the gross na-tional product for the year, comparedwith 9 percent in the 1920's, the indus-try made a good start toward the highpost-war level clearly required by theenormous back-log of demand.

Producers' Equipment at High Level

Private expenditures for producers'durable equipment totaled 13 billion dol-lars in 1946, practically double the 1945total of 7 billion dollars. The year-end


February 1947 SURVEY OF CURRENT BUSINESS

level of more than 15 billion dollars wasat least 50 percent higher than in anyprevious year.

Most types of equipment participatedin this unprecedented rise, includingtrucks, business passenger cars, mosttypes of machinery and such miscel-laneous items as office furniture, storefixtures, and hand tools. Machine tooloutput, however, was held down by Gov-ernment surplus sales, and farm ma-chinery by prolonged strikes.

Inventory Accumulation Spurts

Business inventories, which were lowin relation to sales at the end of the war,responded to the pressure to make upthis deficit by advancing sharply during1946. During the three postwar quar-ters through mid-1946, inventory accu-mulation proceeded at a high rate,though partially obscured by the largetransfers of inventories to the Govern-ment through liquidation of war con-tracts. After July 1, inventories accu-mulated at the most rapid rate on recordwith the possible exception of a shortperiod just prior to the 1920 break.

Estimates of the extent to which in-creases in book values of inventories re-flect replacement of essentially the samegoods at higher prices and the extent towhich they represent increased quanti-ties of goods on hand are liable to morethan the usual error in this year of vio-lent and selective price changes. Thefigures that have been arrived at areshown in table 1.

For the year as a whole, the book valueincrease was 10 billion dollars, of which3*72 billion dollars was estimated to rep-resent price mark-ups and 6V2 billiondollars real accumulation. The real in-crease was at a seasonably adjusted rateof 4 billion dollars in the first half ofthe year and 9 billion in the second half.

This estimated 9 billion dollar real an-nual rate in the July to December periodconstituted one-fourth of private grosscapital formation and 5 percent of theentire gross national product. Whileover-all inventories are still deficient inrelation to the expanded rate of currentsales, the deficit is being made up rapidly.Foreign Balance

Net exports of goods and services, ex-cluding unilateral transfers such as"straight" lend-lease and UNRRA forwhich repayment was not expected,reached a total of 5 billion dollars in 1946.This compares with an average of 1 bil-lion dollars in the 1920's, much smallerfigures during the 1930's and negativeamounts at the peak of the war effort in1943 and 1944.

Consumer Expenditures Up 20 PercentConsumer expenditures for goods and

services amounted to 127 billion dollarsin the first postwar year, 20 percentabove 1945 and 70 percent higher thanin 1941. This, the largest component ofthe gross national product, has now had

an unbroken rise since the recession of1938. The greater part of this sustainedrise represents higher prices, which haverisen every year since 1939. The realvalue of consumer expenditures, however,has increased more than 20 percent overthe 5-year period since 1941.

Table 1.—Gross National Product or Expenditures: Annual Totals and SeasonallyAdjusted Quarterly Totals at Annual Rates J

[Billions of dollars]

Item

Gross national product or expenditureGovernment expenditures for goods and

servicesFederal government -

WarNonwar

State and local governmentOutput available for private use__~

Private gross capital formationConstruction.- _ _ _ _ _ _ _ _ _ _ _Producers' durable equipment2

Net change in business inventories._Net exports of goods and services 3_. _

Consumers' goods and servicesDurable goods __Nondurable goodsServices 4

I

205.1

96 588.782.95 87.8

108.63.61.85.2

- 2 . 5Q

105*. 67.4

65.032.6

I I

208.2

99 892.085.76 37.8

108.46.62.26.1

101*. S7.1

61.533.2

1945

III

198.2

81 073.166.46 67.9

117.211.22.86.7.3

1.4106.0

7.465.133.5

IV

185.2

57 249.342.66 78.0

128.015.03.68.3.8

2.4113.0

9.070.633.3

Total

199.2

83 675.869.46 37 9

115.59.12.66.6

- . 6.5

106.47.7

65.633.1

I

183.7

39 631.123.87 38.5

144.123.16.59.53.43.7

121.011.775.134.2

II

190.2

36 727.719.28 69.0

153.531.48.0

12.04.07.4

122.113.174.035.0

1946

I I I

196.6

31 321.512.09 59.8

165.335.78.3

14.08.64.8

129.615.078.336.3

IV

204.7

30 820.310.010 310.5

173.937.98.8

15.69.73.8

136.016.781.837.5

Total

194.0

34 725.216.28 99.5

159. 332.17.9

12.86.54.9

127.214.177.335.8

1 Detail will not necessarily add to total because of rounding. Annual totals are not necessarily the average of theseasonally adjusted quarterly figures.

2 Figures for 1945 and 1946 are based on new sources and are not precisely comparable to prior years.3 Includes net exports and monetary use of gold and silver.4 Includes expenditures of military personnel abroad, in billions of dollars, as follows: 1945: 0.9,1.2, 1.0, 0.5; 1946:

0.5,0.4,0.4,0.4.

Table 2.—Income Payments by Major Segments: Annual Totals and SeasonallyAdjusted Quarterly Totals at Annual Rates 1


Item

Total income payments to individualsTotal wages and salaries

Private^Government

Entrepreneurial incomeAgriculturalNonagricultural

Interest and net rentsDividendsTransfer payments 2

Miscellaneous income payments 3

1945

163.7115.185.229.826.313.313.011.44.65.9.6

1 Detail will not necessarily add to totals because of rounding. Annual totals are not necessarily the average of theseasonally adjusted quarterly figures.

2 Includes social insurance payments, veterans' benefits, mustering out pay, government contributions to dependentsof enlisted personnel.

3 Includes military retirement,private pensions and compensation for injuries.

Table 3.—National Income and Disposition of Income Payments: Annual Totals andSeasonally Adjusted Quarterly Totals at Annual Rates x


Item

National income

Income payments to individualsLess: Personal tax and nontax payments. .

FederalState and local

Equals: Disposable income of individuals.Less: Consumer expendituresEquals: Net savings of individuals

I

167.6

163. 722.120.0

141.6105. 036.6

II

166.2

163. 221.719.62 1

141.5101.839.7

1945

III

158.4

158. 620.718.62 1

137.9106.031.9

IV

150.7

157. 020.118.0

136. 9113.023.9

Total

161.0

160.821.219.02 1

139. 6106. 433.1

1946

I

152.9

156.718. 616.42 1

138.1121.017.1

II

158. 5

160. 618.716.62 1

141.9122.119.8

I I I

169.4

167.819.417.22.2

148. 4129.618.8

IV

177.5

173.419.817.72.2

153. 6136.017.6

165.0

165.119.117.02.1

146.0127.218.8

1 Detail will not necessarily add to totals because of rounding. Annual totals are not necessarily the average of theseasonally adjusted quarterly figures.


SUEVEY OF CUEEENT BUSINESS February 1947

In relation to disposable income totalconsumer expenditures in 1946 were justabout at the level corresponding to pre-war experience. Lines of relationshipbased on the 1929 to 1940 period areshown in chart 2. It will be seen thatexpenditures for nondurable goods arefar above the computed line while dur-able goods and services are still below.

The "bulge" in expenditures for non-durable goods which began in late 1945and was accentuated in early 1946 wasone of the outstanding features of thereconversion period. The reasons for thissharp increase are familiar to readers ofthe SURVEY. They include the reductionin pressure to save at the end of the war,the lack of availability of durable goodsand services, the abandonment of ration-ing of most foods and the reequiping of10 million servicemen returning to civil-ian life.

Expenditures for consumer durablegoods in 1946 made rapid strides upwardfrom the relatively low war-time level of6 to 7 billion dollars. The fourth quarterfigure at a seasonally adjusted annualrate of 17 billion dollars, however, is stillabout 2 billion dollars below the prewarline of relationship to disposable income.

Service expenditures also moved up-ward, though at a slower rate. Thefourth quarter seasonally adjusted an-nual rate of 38 billion dollars was farbelow what might be expected at theprevailing level of income. It was helddown by rent control and by a numberof shortages. Service expenditures wereprobably lagging in adjusting to changesin income, as was the case during the1930's.

National Income Higher

While the gross national product, re-viewed in the preceding section, de-clined, the national income rose from161 billion dollars in 1945 to 165 billiondollars in 1946.

This difference in movement betweengross national product, which measuresthe total value of national production atmarket prices, and national income,

Table 4.—National Income by Distribu-tive Shares, 1944-46 1


Chart 2.—Consumer ExpendituresRelated to Disposable Income

Item

Total national incomeTotal compensation of em

ployeesSalaries and wagesSupplements

Net income of proprietorsAgriculturalNonagricultural

Interest and net rentsNet corporate profits

1944

160.7

116.0112.8

3.224.111.812.310.69.9

1945

161.0

114.5111.4

3.125.612.513.111.89.0

1946

165.0

109.8106.6

3.330.214.915.313.012.0

ADJUSTED, AT A

TOTAL /CONSUMER EXPENDITURES / **5 IFOR GOODS AND SERVICES / !

i Detail will not necessarily add to totals because ofrounding.

60 80 100 120 140 160DISPOSABLE INCOME OF INDIVIDUALS (BILLIONS OF DOLLARS)

47-56

i Includes expenditures of military personnel in thiscountry and abroad.


which is a measure of the earnings ofcapital and labor employed in the pro-ductive process, is explained by two fac-tors. The first is the reduction in busi-ness taxes, and the second is inventoryprofits.

The market price of goods and serv-ices includes, besides the returns to thefactors of production which constitutethe national income, business taxes andcapital charges to depreciation, deple-tion, and other reserves. The declinein profits before taxes, plus the elimina-tion of the excess profits tax and thecut in federal corporate income tax ratesreduced business taxes from about 28%billions in 1945 to 25 billions in 1946.

Furthermore, profits as measured inthe national income include the substan-tial gains made in 1946 from the changein the price valuation of inventories,while such windfall gains are excludedfrom the gross national product.

Distributive Shares

There was some shifting in the rela-tive size of the distributive shares ofthe national income in 1946. Table 4show that there were substantial in-creases in proprietors' incomes and incorporate profits, a smaller rise in in-terest and rents, and a decline in thecompensation of employees. In the mainthese reflect a shrinkage in the laborforce employed and an upward shift inearnings of business enterprises as goodsflowed through more normal channels,price lids were lifted, and business taxeslightened.

Employee Compensation Lower

The decline in employees compensa-tion was the result of reduced govern-ment pay rolls, reflecting the sharp cutin Government employment—militaryand civil. Government pay rolls de-clined from a total above 29 billion dol-lars in 1945 to nearly 18 billion in 1946.Despite a decline of such magnitude inthe government sector, the over-all de-crease of wages and salaries amountedto no more than 5 billion dollars for theyear. Private pay rolls expanded almost8 percent in 1946, due to increased em-ployment and higher hourly earnings.

In manufacturing, after the sharp re-duction following termination of warcontracts, pay rolls stabilized in the firstquarter of 1946 at the reduced September1945 levels, notwithstanding the largenumber of labor-management disputeswhich occurred at that time. With thedecline of labor-management disputesand the upward movement of wage rates,manufacturing pay rolls rose in each suc-ceeding quarter of 1946.

For 1946 as a whole, however, manu-facturing pay rolls were 2 billion dollarslower than in 1945, a year which in-cluded two quarters at wartime levels.This was a result of lower average em-ployment, shorter average hours, and theshift in employment from the higher-Table 5.—Relation of Gross National

Product to National Income, 1944-46[Billions of dollars]

Item

National income.._Plus:

Business tax and nontax lia-bilities . _._ _-

Depreciation and depletioncharges _

Other business reservesCapital outlay charged to cur-

rent expenseInventory revaluation adjust-

mentAdjustment for discrepancies. _

Equals: Gross national productor expenditure

1944

160.7

29.7

8.2.5

.9

-2I2

197.6

1945

161.0

28.6

8.0.5

1.1

.1

199.2

1946

165.0

25.0

7.2.4

2.0

- 3 . 5- 2 . 1

194.0

1 Less than $50,000,000


February 1947 SURVEY OF CUREENT BUSINESS 9paying durable goods industries to thelower-paying nondurable goods indus-tries. Wage-rate increases were an off-setting but not fully compensating fac-tor. However, by the fourth quarter,manufacturing pay rolls on an annual-rate basis were 3 percent above the 1945level, although still considerably belowthe peak reached in the first quarter of1944. i

In the nonmanufacturing sector, payrolls continued to expand steadily, andfor 1946 as a whole were 19 percenthigher than in 1945. These industrieswere able to expand employment, un-hampered by the limitations imposed bythe scarce labor market of the war years.

Trade pay rolls increased by the larg-est absolute amount—almost 4 billiondollars—from 1945 to 1946, as the easinglabor market and the high volume ofretail sales offered enterprises oppor-tunity and incentive to expand employ-ment. Construction pay rolls mirroredthe sharp increases which occurred inemployment in this group, and it wasgenerally recognized that only bottle-necks in the supply of construction ma-terials limited the further expansion ofemployment during the year.

Other Distributive Shares Increase

During the war the economic stabili-zation program involved the restraint ofthe upward movement of prices, wagerates, and profits. This program wassuccessful through the war period in itsgeneral objectives, for while large in-creases occurred in all three, the successof the hold-the-line policy after themiddle of 1942 was noteworthy in view ofthe pressures generated by war require-ments and the methods of war finance.

Insofar as corporate profits are con-cerned, the price control mechanism hadthe effect of restraining profits beforetaxes to the approximate totals whichwould have been expected on the basisof the prewar relationship of profits tothe level of the gross national product.The wartime excess-profits tax ratesserved, however, to limit profits aftertaxes to much less than the usual prewarratio of profits after taxes to the grossnational product or to national income.Thus, in 1943 and 1944 the 24 to 25 bil-lion dollars of annual before-taxesprofits yielded about 10 billion dollars ofafter-tax profits—higher than in anyprevious year in absolute terms, but asmaller proportion of the gross nationalproduct than in other years of highbusiness activity.

With the end of the war in 1945, andthe consequent decline in the volume ofeconomic activity, profits before taxesturned downward, but the repeal of theexcess profits tax at the end of 1945

730394—47 2

meant that a much higher proportion ofbefore-tax profits were thereafter re-tained.

The low-point of the reconversion de-cline occurred in the early part of 1946,and the subsequent rise in the volume ofoutput, plus the gradual easing of pricecontrols and their total elimination inthe fourth quarter, was reflected inprofits before taxes rising throughoutthe year. For the year as a whole, cor-poration profits after taxes were up one-third as compared with 1945.

In the national income estimates ofprofits, the tax credits allowed by theGovernment to cushion the impact ofreconversion are not included in theyear received but rather represent anupward adjustment for earlier years.These credits were nonetheless an im-portant factor in corporate finance dur-ing 1946 in the industries primarily af-fected by reconversion problems, sincelarge sums were available for corporateuse at a time when income from the saleof finished products was comparativelylow. The loss in Treasury revenue was acontribution towards speeding reconver-sion and reemployment.

Corporate profits after taxes repre-sented a smaller proportion of the na-tional income in 1946—7.3 percent—thanin the late 20's or in 1941, but were farabove the 1936-39 average when businessoperations were considerably below full-employment levels.

Char t 3.—Percentage Distr ibut ionof Private Gross Nat ional Prod-u c t x

PERCENT

1939 1940 1941 1942 1943 1944 1945 1946— -HALF YEAR, SEASONALLY ADJUSTED —

1 Percentage distribution calculated excluding adjust-ment for inventory revaluation and for discrepancies.


The share of noncorporate businesswas unusually high, primarily by reasonof the level of incomes realized by farm-ers and distributors. The 30 billion dol-lar total for 1946 includes the return tothe proprietor for his labor, as well asthe return on his investment. The in-crease in the net income of agriculturalproprietors was the result of sharplyhigher prices received for agriculturalcommodities. Prices received by farmers,even before the demise of price control,rose faster than did those of other com-modities. With the relative stability ofcosts, the net incomes of farmers rose to14.9 billion dollars, 19 percent abovelevels attained in 1945.

In, the nonagricultural sphere thelargest rise occurred in the distributivesegment as a consequence of expandedsales and increased profit margins.

Wide Variation in Profit Results

One of the features of the earningsstructure in 1946—aside from the com-parative performance of corporate andnoncorporate business—was the consid-erable variation in performance amongdifferent segments. The variations weremore the result of special conditionsoperating in 1946—a year in whicheconomic relationships were distorted byreconversion from war to peacetimeactivity—than of any fundamentalchange in the basic earnings structure ofthe different industries. In general, thepicture had these characteristics:

1. Markedly higher incomes forfarms and other unincorporated busi-ness.

2. Sharply increased corporate earn-ings in the distributive trades and someof the service industries.

3. High corporate earnings in most ofthe manufacturing lines producing non-durable goods, as well as in those dur-able goods industries where physical re-conversion problems were minor.

4. An unusually large volume of in-ventory profits in the second half of theyear. Profits from this source in 1946were as real as those otherwise yielded,but they are nonetheless temporary.Rapidly rising prices always carry thethreat that later developments may can-cel inventory profits in whole or part bythe reverse of the 1946 situation, i. e.,falling prices.

5. Low corporate earnings of the in-dustries in the durable goods fields wherethe major problems of physical recon-version occurred. As a consequence ofthe time necessary to reconvert, pro-duction of finished output in these in-dustries was low in relation to the inputof labor and materials, with adverse ef-fects upon 1946 profits.


10 SURVEY OF CUEEENT BUSINESS February 1947

6. Low earnings for the railroadswhere a retroactive wage increase wasaccompanied by a temporary rate ad-justment considerably below the generalupward revision of rates effective in Jan-uary 1947.

The very considerable divergence oftrends which are associated with highfarm incomes and increased distributivemargins in a sellers' market, and lowprofits associated with a low volume ofoutput of finished goods in the reconver-sion industries, are temporary phenom-ena. The large divergence will graduallydisappear as production of finishedgoods is balanced, as the need for foreignfood relief lessens, and as competitionfor the consumer's dollar intensifies.The last-mentioned factor, however, isto be a development of 1947. It did notoccur in the final quarter of 1946 whenprices were being marked up and mar-gins widened.

Apportionment of Gross National Product

Chart 3 makes clear the relationshipof the shares and other charges to thetotal private gross national product forthe past eight years. The data pre-sented in this chart are for the privatesector of the economy, payments to thefactors of production employed by theGovernment having been eliminated.

It will be noted that the compensa-tion of employees represented about halfof the total in each year, varying onlywithin narrow limits, despite the largeincreases which occurred in employmentand average annual earnings during thisperiod.

Depreciation, depletion, and other re-serves were the only charges againstsales which declined significantly rela-tive to private output over the period cov-ered by the chart. By the second half of1943 their share in private gross nationalproduct had fallen by almost 50 percentfrom 1939, and thereafter continued atthis reduced level. During the war, withofficial restrictions against the produc-tion of many types of capital goods, re-sources which in the ordinary course ofbusiness would have been replaced andaugmented were made to serve a longerperiod, but the more significant factorwas the methods of computing these de-ductions against a more or less fixed base,uninfluenced — except for new addi-tions—by the upward shift in the pricelevel.

The excess profits tax and increasedcorporate tax rates raised corporate in-come and other business taxes in the waryears above prewar proportions of sales,but by the first half of 1946 these taxeshad fallen almost to prewar proportions.

The decline in depreciation, depletion,and other reserves as a proportion ofsales tended to offset the rising propor-

Chart 4.—Income Payments toIndividuals

BILLIONS OF DOLLARS2 0 0

150

100

1946

1 Includes net rents, royalties, dividends, interest,private pensions, compensation payments, and miscel-laneous items.

2 Major items included are social insurance benefits,the Government's contribution to family allowancespaid to dependents of enlisted military personnel,mustcring-out payments to discharged servicemen, andveterans' pensions, compensation, and readjustmentallowances.

3 Represents pay of Federal, State, and local govern-ment employees, and pay of the armed forces in thiscountry and abroad.


tion of corporate and other business taxesover the war years, and served to leavethe share of the other factors of produc-tion—the net income of proprietors andcorporations, net rents, and interest—unchanged during the war. The declinein the share of taxes in 1946, and the re-duced proportion of depreciation and de-pletion as charges against sales, servedto increase the share of the above-men-tioned three groups in 1946 to the highestproportion of any of the years underconsideration.

Income Payments to Individuals

By coincidence, the total flow of incomepayments to individuals in 1946 approx-imated the national income in 1946—165billion dollars. This series covers cur-rent income received by individuals fromprivate industry and Government. Itdiffers from national income in that itexcludes income accruing to individualsbut not received by them (undistributedprofits and contributions to social insur-ance funds), and includes transfer pay-ments which are not rewards for currenteconomic services.

The income payments series is signifi-cant for measuring the dollar purchasingpower of individuals, since when personaltaxes are deducted it provides the total

of the dollars available for expenditureand savings.

Since the estimates of total incomepayments to individuals include the payof Federal military and civilian person-nel overseas, the increase from 161 to 165billion dollars between 1945 and 1946understates the actual increase in incomepayments within the continental UnitedStates. As our overseas forces were with-drawn, payments to individuals outsidethe United States shrank considerably.The year-to-year increase in income pay-ments received by individuals residing inthe continental United States amountedto approximately ten billions—more thandouble the increase in total income in-cluding payments overseas.

Chart 4 shows the components whichpushed income payments upward during1946 despite the large drop in Govern-ment and manufacturing pay rolls. Itcan be seen that the significant elementswere nonmanufacturing pay rolls, pro-prietors' incomes, and transfer payments.

Dividend payments, which are includedin the chart in the "other" category, in-creased about 14 percent over 1945, repre-senting about two-fifths of corporate in-come. Earnings retained by the cor-porations which are not, of course, acomponent of income payments, were thehighest of record—in fact, in absoluteterms the amount retained for corporateuse was as large as total earnings in 1929,when the national income in dollars wasjust half what it was in 1946. This con-tinuation into the immediate postwarperiod of the conservative dividend poli-cies adopted during the war was influ-enced by the large capital expenditureswhich corporations initiated with the endof the war. These were reviewed in thepreceding section.

Transfer payments had expandedsharply after VJ-day as a result ofmustering-out payments to dischargedservicemen and increased unemploy-ment benefits, including compensationpaid to unemployed former servicemen.These payments, which were very im-portant in sustaining consumer incomesin the transition period, reached theirpeak in the first quarter of 1946 andthen declined in succeeding quarters asdemobilization of the armed forcestapered off, and compensable unemploy-ment declined. Subsistence payments toveterans attending school and similarpayments also expanded sharply in early1946, but these remained high through-out the year.

By December, total transfer paymentshad fallen to an annual rate of 9.7 bil-lion dollars from the peak of 13.1 billionreached in January. Even in thatmonth, however, transfer paymentswere almost four times as large as theyhad been in 1941, the last prewar year.


February 1947 SUEVEY OF CURRENT BUSINESS 11

Wholesale and Retail Prices

Pressures on the price structure con-tinued unabated in 1946 and, when givenfree play with the elimination of pricecontrols, established a year-end level ofprices sharply higher than that to whichthey had been restricted in the waryears. Sources of the strong demandpressure, as in the previous year, de-rived from record levels of income pay-ments, accumulated savings carried overfrom the war years, pent-up businessdemands for goods and, finally, a largevolume of foreign purchases of materialsrequired in relief and reconstruction.

On the supply side, over-all produc-tion proceeded on an ascending curve,although output was not yet large enoughto satisfy demand in a free market with-out additional price rises. Under suchcircumstances, sellers marked up pricesof processed goods to cover increasedlabor and other costs of production andto restore profits to a volume more inline with the historical relationship ofprofits to sales.

Sharp Increases After Price Decontrol

Price developments during 1946 weredivided into two phases. The first wasthe comparative price stability underprice control, with a moderately risingtrend in the second quarter. The sec-ond was the successive periods of priceadvances coming in the wake of decon-trol actions in the latter half of the year.The increase in primary and wholesaleprices in the first 6 months of 1946 asmeasured by BLS, was limited to 5 per-cent—largely made necessary by statu-tory provisions of the escalator typewhich required the adjustment of textileprices to advancing raw cotton prices, bythe removal of production controls which

Table 6.—-Percentage Changes insale Price Indexes

Commodity group

All commodities- -Farm productsFoodsAll commodities other

than farm andfood

Hides and leather. .TextilesFuel and lighting...Metals and metal

products^Building materials. -Chemicals and al-

lied products __.HousefurnishingS-. _Miscellaneous

Dec. 29,1945-June

29,1946

5.35.73.6

4.83.77.92.6

6.09.6

.84.03.1

June 29,1946-Dec.28,1946

23.919.540.3

17.638.422.910.9

20.018.6

30.18.9

10.0

Whole-

Dec. 29,1945-Dec.28,1946

30.526.445.3

23.243.432.513.7

27.230.0

31.213.313.4

required OP A to grant price increases inorder to achieve desirable productionpatterns, and by the establishment of theprinciple enunciated in Executive Order9697 of February 14 of permitting "pat-tern" wage increases even though priceshad to be advanced as a result.

Char t 5.—Monthly Rate of Changein Consumers ' Price Index

1 See note on p. S-4 regarding the introduction ofcurrent motor vehicle prices into the index.

Source: U. S. Department of Labor.

JUNE 1939- MAY 1942- JUNE 1946-MAY 1942 JUNE 1946 DEC. 1946

Sources: Basic data, U. S. Department of Labor; com-putations, U. S. Department of Commerce.

A 10 percent spurt in wholesale pricesresulted from the July hiatus in pricecontrol, to be followed by an additional14 percent rise by the end of the year.With all controls off and subsidies elimi-nated, retail prices responded in similarfashion, registering a year-to-year ad-vance of almost one-fifth, with the BLSConsumers' Price Index surpassing theJune 1920 peak. The elimination of sub-sidies accounted for 3 percent of thisadvance.

The rapidity of the recent rise is re-vealed by Chart 5 which shows themonthly rate of increase for the periodprior to the effective date of the Gen-eral Price Regulation, from then to June,1946, and the final six months of lastyear.

Prices Rise Faster Than in 1919-20Price movements during World War II

and afterwards reflect the relative stabil-ity during the war period (in contrast toWorld War I) and a sharp increase in therate of advance in the postwar periodafter the removal of price controls whichwas greater than during the similarperiod after World War I. As shown in

Chart 6, the increase of wholesale pricesduring World War II amounted to 15percent as compared with a 27 percentadvance during World War I. However,in the two postwar periods, the greaterinflationary forces of the second period,after being freed from controls, resultedin a greater price increase than duringthe earlier period as commodities madelong deferred adjustments to free marketconditions. The total price level risesince the beginning of World War II hasbeen 78 percent compared to the 140percent increase from August 1914 to thepeak in May 1920.

During the first half of 1946 the largestrelative increase among the BLS whole-sale commodity price indexes was madeby building material prices, where theOPA granted increases averaging 10 per-cent to overcome production impedi-ments and to conform to the President'swage-price policy. Smaller rises oc-curred in the prices of textiles and metaland metal products, which rose 8 per-cent and 6 percent, respectively. In themetals group, the rise was largely due tohigher prices granted after the wage in-creases were negotiated in the steelindustry. The over-all index of indus-trial prices rose only 5 percent in thefirst half of the year, while farm andfood prices were limited to a 6 percentadvance.

Commodity prices continued to riseduring the second half of 1946—sporadi-cally, at times, because of changes in thedecontrol program—with farm and foodprices leading the advance of all majorgroups until the general decontrol orderof November, when the impetus to fur-ther increases was shifted to industrialprices. By the end of December 1946,the average of industrial prices had risen18 percent, as compared with 5 percent inthe first half, while farm prices had ad-

Table 7.—Percentage Changes in Con-sumers' Price Index

411 itemsFoodClothing.-. . . . . .RentFuel, electricity, and

ice __ _HousefurnishingSMiscellaneous l

June1939-May1942

17.629.925.85.4

7.621.510.5

May1942-June1946

14.919.724. 6

- 1 . 3

5.327.715.3

June1946-

Decem-ber 1946

15. 027.712.3

4.513.56.4

1 Includes cost of transportation, medical and personalcare, recreation, and household operations.

Source: U .S . Department of Labor.


12vanced 3 % times as much and food pricesten times as much, as in the first sixmonths. (See table 6.)

Primary Materials Take Price LeadBecause of price control, the charac-

teristic phenomenon of a greater ampli-tude of movement in raw materials ascompared with other prices at boom pe-riods of business had been dampened.Upon the removal of controls, prices ofprimary materials in the industrial areareasserted their volatility, with raw andsemi-manufactured nonfarm materialsascending 41 percent during the year,as compared with a rise of 25 percent inall manufactured goods, excluding foods.Some of the more notable advances inraw materials prices since decontrol werethe increases of one-third in hide andskin prices, one-fourth in nonferrousmetal prices, and one-fifth in lumberprices. The agricultural segment of theeconomy responded quickly under freepricing, with farm and food prices in-creasing 20 and 40 percent, respectively,from the last week in June 1946 to theyear-end week, as compared with an 18-percent rise in industrial prices. Partof the increase of food prices is attribut-able to the removal of subsidies. Therewas some evidence toward the end of theyear that the upward movement of in-

SUEVEY OF CUEEENT BUSINESS

dustrial prices was reducing the unusu-ally wide spread between these pricesand farm and food prices which haddeveloped after June 1946. As sug-gested in the extended discussion of therelationship of these prices in the De-cember 1946 issue, farm and food pricesin the last two months of the year werereceding from earlier peaks while in-dustrial prices were edging up relativeto the former prices.

Prices Outstrip Cost RisesPrice advances in 1946 stemmed in ma-

jor part from the high level of industrialand consumer demand rather than fromthe cost side. In general, these priceadvances more than compensated forthe increases in wage rates and othercosts. This is confirmed by the verysharp rise in farm income and themarkedly improved profit performanceof both corporate and unincorporatedbusiness.

Consumer Costs Exceed Previous Record

Prices paid by consumers were upsharply in 1946, with the BLS consumers'price index topping the World War I in-flation peak in the closing months of theyear. The 18-percent advance duringthe year was the largest for any recorded12-month period. As in the case of

February 1947

wholesale prices, most of the increase oc-curred in the last half of the year in re-sponse to successive decontrol measures;the first 6 months' increase accountedfor only 3 percentage points out of the18 percent rise.

A shown in chart 7, food prices wereresponsible for almost four-fifths of theincrease in the total index. These pricesrose one-third during the year, with al-most all of the advance occurring in thesecond half. In all cases, the rise in foodprices more than offset the amount ofsubsidy payments made under the pro-grams in effect before June 30,1946. Thetable below compares the price increasesfor selected commodities from June toDecember 1946 with the amount of sub-sidies formerly paid.

Butter, lbCoffee, lb .Milk, qtRound steak, lbVeal cutlet, lbPork chop, lbCheese, lbCanned green beans, No. 2 can.Canned tomatoes, No. 2 can

Price in-crease, June-

December1916

Cents30.513.43.9

22.624.520.224.52.18.6

Subsidyrate

Cents13.24.51.3

11.76.06.07.01.22.0

r Source: Price increases from BLS; subsidy rate fromOPA.

Chart 6.—Wholesale Prices in Two War and Postwar Periods

1914 -»u | -H9I7 ! 9 1 7 *r* 1 9 1 8

180

160

140

oo

S>I2O

100

BEFOREU. S. ENTRY

I9I8*|- 1919 1920- 1921-

AFTERU. S. ENTRY

WORLD WAR I

^ W O R L D WAR H

I | I I 1 ! M ! ! | |

POSTWAR

WORLD WAR Z

180

1 6 0

140

100

8 0

1939-4* 1940 4* 1941

Source of data: IT. S. Department of Labor


February 1947 SUKVEY OF CURRENT BUSINESS 13

Although most foods scored advancesduring the year, meat prices were theprimary factor in the increase in foodprices. Meats had been the object ofconsiderable pressure for decontrol un-der the plea that removal of ceilingswould result in ample supplies at mod-erate price levels. In the initial test pe-riod of decontrol in July 1946, meatprices jumped 38 percent over June, ofwhich 21 percent was due to the elimi-nation of subsidies. The curtailmentof livestock shipments which resultedsoon after recontrol in early Septemberled to the decision to remove ceilings inmid-October. Thereafter, meat pricesclimbed sharply but then fell somewhat,although at the end of the year theywere nearly two-thirds above June priceceilings.

Although the higher price levelbrought out larger meat supplies thanthe amounts available during the secondquarter of the year, when withholdingin anticipation of higher prices was wide-spread, estimates of per capita meat con-sumption prepared by the Departmentof Agriculture indicate little improve-ment in the third and last quarters of1946 as compared with similar periods in1945. The end of price controls did seethe regularization of the livestock andmeat business at, of course, considerable

cost to the consumer and considerableprofit to farmers and others. Practi-cally all meats were freely available inmarkets at the year end with the higherprices acting to dampen demand andmarket mechanisms again regulatingthe flow from range to table.

Consumer prices for clothing andhousefurnishings also scored large in-creases in 1946, advancing 18 percentand 19 percent, respectively. (See chart7.) For these price segments, greatergains were made under price controlthan after decontrol, mainly because ofthe escalator requirement of the law andthe necessity of affording production in-centives.

In addition to the utilities, rents con-tinued to be the major stable element inliving costs in 1946, with continued con-trol of residential rents permitting verylimited increases. The slight rise in thesecosts—which resulted from various ad-justments made by OP A—does not meas-ure increased expenditures incurred bypurchases of dwellings by persons unableto find rental units, higher rents in newunits, and such maintenance expendi-tures as have been shifted from land-lord to tenant. The rent control hasnonetheless been a very substantial boonto tenants, especially those who "stayedput" during and since the war.

Chart 7.—Percentage Distributionof Increase in Consumers' PriceIndex, December 1946 from De-cember 1945

1 Includes costs of transportation, medical and personalcare, recreation, and household operation.

Sources: Basic data, U. S. Department of Labor; com-putations, U. S. Department of Commerce.

Labor Force and Employment

The major readujstments from war-time conditions of supply of and demandfor manpower were completed well be-fore the end of 1946. The acceleratedcontraction of total available supply oflabor (including armed services) whichfeatured the closing months of 1945 washalted by the middle of 1946. The de-mobilization of the armed services waslargely completed, and most of the dis-charged veterans had found their peace-time occupations or had withdrawn fromthe labor force to attend school.

Expanding demand for civilian laborwas evident throughout the greater partof the year. This not only greatly facili-tated the unprecedently rapid absorptionof the huge wartime military forces intocivilian jobs but, after early postwar dif-ficulties, resulted in a reduction in un-employment. Expanding civilian em-ployment more than offset the reductionin overtime so that by the end of 1946total man-hours of civilian employmentwere above the mid-1945, rate.

Total Labor Force ExpandsProm July 1945, to the beginning of

1946 there was an abrupt drop of 8 mil-lion in the total labor force, i. e., thegroup of people who either held or soughtjobs, including the armed forces in theformer category. (See table 8.) About2 million of the drop-outs were veterans;an undetermined number were studentsand others who normally desire workonly in summer; and the rest were warworkers, people drawn into the laborforce during the war who had not previ-ously been part of the regular laborsupply.

In addition to the normal seasonalbulge, there was during 1946 an increaseof roughly 1 million in the total laborforce. The small but steady decrease inthe number of veterans resting added*/2 to % million. There were some fur-ther withdrawals of war workers in theearly months of the year but for the yearas a whole this was more than offset bythe normal growth in population of

working age. These changes are shownin chart 8.

It will be recalled that the influx intothe labor market during the early waryears of people previously outside it wassufficiently large to keep the civilian laborforce substantially the same in size de-spite the mobilization of a 12-millionman army. There was much discussionduring the war as to how much of thisinflux was a purely wartime phenome-non and how much was due to a moreadequate demand for labor.

The experience of 1946 throws somelight on this question. It suggests thatthere were some further withdrawalsduring 1946 but that they tapered tosmall proportions, and that most of theremaining war workers are likely to stayon as long as economic conditions arefavorable. At the year's end, there werein the labor force between 1 and 1.5 mil-lion persons more than would have beenexpected on the basis of prewar trends.



Chart 8.—Total Labor Force

MILLIONS OF PERSONS

20 -


These conclusions are subject to twoqualifications. The data are not suffi-ciently accurate in detail so that muchsignificance can be attached to smallchanges. Neither is there the basis foraccurate calculation as to just how muchof the movement is due to normal sea-sonal variation.

Veterans Augment Civilian Labor ForceThe heavy nonveteran withdrawals

from the civilian labor market in themonths following VJ-day were largelyoffset by the quick transfer of formermilitary personnel to civilian life. Thenet decline of about 2 million in thecivilian labor force between July 1945and January 1946, as shown in chart 8,largely reflected the seasonal drop inlabor force participation in agriculture.The total 1946 addition to the civilianlabor force from newly discharged serv-icemen amounted to about 6 million.

Civilian Employment RisesThe quick cancellation of war con-

tracts following VJ-day caused anabrupt drop of nearly 2 million in em-ployment in the durable goods manufac-turing industries where most of theproduction of war materials was concen-trated. By the spring of 1946, these in-dustries had worked out the worst oftheir reconversion difficulties and theiremployment entered a period of slow butsteady increase which by the year-endhad brought it half-way back to theJuly 1945 level.

Almost as quickly as discharged warworkers and veterans became available,

nondurable goods manufacturing indus-tries and nonmanufacturing lines, all ofwhich had difficulty securing help dur-ing the war, entered upon a steady ex-pansion which carried total civilianemployment above its mid-1945 level.

The greatest single gain was 1.1 mil-lion in nonagricultural self-employment,an area where employment was sharplycurtailed during the war. Aside fromthese self-employed, who were largely inthe trade and service fields, the majorincreases in employment were 900,000 intrade, 800,000 in nondurable manufac-tures, 400,000 in construction, and 300,-000 in services, but all major lines ofactivity participated.

As indicated by chart 9, the decline ofemployment in manufacturing and therise in other lines had by March 1946,partially restored the prewar industrialdistribution of manpower which had beendistorted by the needs of war production.Since the spring there have been no fur-ther changes of significance.

The 5 percent drop in agricultural em-ployment reflected a long-term trend to-ward rising productivity and falling em-ployment which was accelerated in re-cent years by rapid mechanization andby the strong demand for nonfarm labor.The relative drop in agricultural employ-ment about offsets the higher manufac-turing level leaving other fields nearlytheir prewar shares of labor. Trade andservice employment is below the propor-tion expected to prevail when normaldistribution is fully restored.

Work Week Stable in 1946The use of manpower resources is a

function not only of the number of work-ers employed but also of the length of theworking schedule. Since the major cut-backs from the long work week of thewar period had been completed by theend of 1945, there was little further vari-ation in 1946.

Manufacturing industries, mainly thedurable manufactures, were particularlyaffected by the cut in the wartime workweek, as shown in the following estimatesof average hours worked per week:

All manufacturing,. _Durable goodsNondurable goods _

Monthly averages

1939

37.738.037.4

1945

4thquarter quarter quarter1st

45.446.843.4

4th

41.441.441.4

1946

40.540.540.5

The lower monthly average in late1946 as compared with the last quarterof 1945 was a result of the cut in hoursin the early months of 1946. The av-erage hours worked in late 1946 wasnearly 3 hours above 1939, an increase

which reflects, in part, the exceptionallystrong demand for labor in 1946 since anaverage of this length means a consider-able amount of scheduled overtime.

More Man-Hours Than in Mid-1945The rising trend of civilian employ-

ment throughout most of 1946, combinedwith an essentially stable work weekbrought total manpower utilization to apoint exceeding labor use just before thewar ended. Rough estimates indicatethat total civilian man-hours worked haddropped about 10 percent from VJ-dayto February 1946, but by the end of 1946they were a little higher than in mid-1945.

Divergent Changes in ProductivityMan-hours are translated into output

with varying degrees of effectivenessfrom industry to industry and overtime.The war brought quick, diverse changesand the peace has been no less capricious.It is impossible to arrive at a meaningfulestimate of the over-all change in pro-ductivity from 1945 to 1946. This wouldinvolve a comparison of the number ofunits of product with the rfumber of man-hours required to produce them at thetwo dates. Since mid-1945 so many in-dustries have changed to differentproducts, e. g., airplanes to automobiles,that the figures would not be significant.

A further difficulty is that changes inproductivity where they can be measured

Chart 9.—Percentage Distributionof Employed Civilians, by In-dustrial Groups 1

1 Data represent all employed persons 14 years of ageand over (including proprietors, self-employed persons,and domestic servants).

2 Includes Government-operated navy yards andmanufacturing arsenals.3 Includes Federal, State, and local governments.Government-operated navy yards and manufacturingarsenals, and Federal force-account construction areexcluded.

Source of data: U. S. Department of Commerce esti-mates, based, in part, upon data of U. S. Departmentof Labor.


February 1947 SUEVEY OF CUKEENT BUSINESS 15

have varied all the way from substantialgains in some industries to equally im-pressive declines in others. Such ex-treme variability would rob any averageof significance. As illustrations of thesort of influences which account for thisvariability two factors which may haveinfluenced a number of industries can becited.

First, the level of activity has risensubstantially in many areas since theend of the war, as, for example, in thecement industry. This factor spread thehours of the overhead workers and madepossible more continuous operation,thereby increasing output per man-hourby about 20 percent. Conversely, someindustries whose level of activity has de-clined have sustained a drop in pro-ductivity.

Secondly, the flow of materials hasbeen irregular in many instances. Inthe mass production industries wherethe whole productive process is highlysynchronized this factor has, in a num-ber of cases, reduced production morethan in proportion to man-hours, there-by lowering productivity. These andmany other influences have affected out-put per man-hour in the industries whichconverted to different products duringthe war or which sustained significantchanges in volume. The diversity of in-fluences makes it impossible to general-ize about the result.

However, the nondurable goods indus-tries are a more homogeneous group, lessinfluenced by wartime and postwarchanges. The Bureau of Labor Statis-tics estimates that productivity in agroup of twenty suQh industries was4 to 5 percent higher on the average inthe third quarter of 1946 than a yearearlier. This is nearly twice the averageannual prewar rate of increase for allindustries. In a number of instancesthese gains must be offset against war-time losses and therefore they do notnecessarily imply a peak level of pro-ductivity.

High Manpower Utilization Maintained

The cessation of huge wartime demandfor labor was followed by an increase

Table 8.—Labor Force, Employment and Unemployment1

[Millions of persons]

Total labor forceArmed forces - .Civilian labor force. _

Employed . . . __ -NonagriculturalAgricultural

Unemployed __

1945

July

67.512.155.454.444.59.91.0

October

63.810.653.251.642.88.81.6

1946

January

59.56.2

53.351.044.36.72.3

April

60.33.9

56.554.146.08.22.3

July

62.82.7

60.157.847.910.02.3

October

61.22.2

59.057.048.48.62.0

December

60.31.9

58.456.349.17.22.1

1 Detail will not necessarily add to total because of rounding.

Source: U . S . Department of Commerce.

Table 9,—Manufacturing Employment by Industrial Groups 1

Industrial group

Total.

Iron and steelElectrical machineryMachinery except electrical_Transportation equipment-.AutomobilesNonferrous metalsLumber and timberFurnitureStone, clay, and glassTextile-mill productsApparelLeatherFoodTobaccoPaperPrintingChemicalsPetroleum and coalRubberMiscellaneous

July 1940

Number(thousands)

8,445

1,105295619267342250433328307

1,07270933290290278324302113120257

Percent

10C.0

13.23.57.33.24.03.05.13.93.6

12.78.43.9

10.71.13.33.83.61.31.43.0

July 1945

Number(thousands)

12, 459

1,555659

1,1051,577601384522334317

1,051869313

1,08978309317643136194406

Percent

100.0

12.55.38.9

12.74.83.14.22.72.58.47.02.58.7.6

2.52.55.21.11.63.3

July 1946

Number(thousands)

11, 554

1,390507

1,027459699378603376390

1,1831,001355

1,10285

361383472151218414

Percent

100.0

12.04.48.94.06.03.35.23.33.4

10.28.73.19.5.7

3.13.34.11.31.93.6

i Classification is on a prewar product rather than on a current product basis.

Source: Bureau of Labor Statistics.

of almost 2 million unemployed from thelow level of 800 thousand on VJ-day to2.7 million in March 1946. As recon-version problems were largely sur-mounted by that time, the number ofpeople out of work was slowly reduceduntil by year end, unemployment, at 2.1million, was only slightly above that ofthe year before. These totals refer to thenumber of people out of jobs and activelyseeking work. There were, in addition,approximately 1.5 million v e t e r a n sneither in school, at work, nor seeking

work in March 1946. Some of these vet-erans were disabled and unable to work.The majority, however, consisted of re-cently discharged servicemen.

While the absolute amount of unem-ployment was small and decliningthrough most of 1946, there was a pro-gressive change in its character indicat-ing a rise in the number of hardshipcases. In July 1945 only 28 percent ofthe unemployed had been out of worktwo months or more; by the end of 194651 percent fell in this category.

Manufacturing OutputThe aggregate output of manufactured

goods was considerably lower in 1946than in 1945 though it was higher thanin 1941 by from 5 to 10 percent.

Among the much publicized brakesupon productive activity were the tech-nical and management problems inher-ent in the conversion to peacetime pro-duction—problems which were overcome

in some industries during the first halfof 1946, but which in others hamperedoutput throughout the year. Work stop-pages, particularly in the durable goodsindustries early in the year and the twocessations in coal production, not onlybrought production to a standstill in theimmediately affected industries but re-tarded activity in related industries.

The lack of certain types of materialsfurther hampered the completion of avariety of products. Fundamentally,the problem was one of the time involvedin resuming large-scale output where thefacilities had previously been adaptedto war work, and balancing the flow ofmaterials and component parts through-out the mass production industries.


16The sharp decline in manufacturing

output following the end of the Japa-nese war was not halted until the end ofthe first quarter of 1946. In the secondhalf of the year, production moved up-ward. The postwar decline of output ofthe durable group continued with suffi-cient intensity in the first quarter of1946 to offset the rise in output of thenondurable goods industries. There-after, production of the durable goodsgroup swung sharply upward. In con-trast, the production of the nondurablegoods industries did not show any par-ticular change in the last half of theyear from the level of the first half. Thecomparative changes in these broadgroups in 1945 and 1946 are shownbelow:

Manufacturing Production[Seasonally adjusted indexes, 1935-39=100J

SUEVEY OF CURRENT BUSINESS February 1947

1945:1st half -2d half ---Year

1946:1st half2d halfYear

Totalmanufac-

tures

246183214

168P1S5*177

Durablemanufac-

tures

334215274

174*209P192

Nondur-able manu-

factures

175158166

164»166*164

9 Preliminary.Source: Board 'of Governors' of the] Federal Reserve

System.

Passenger Car Output GainingUnited States production of automo-

biles in 1946 totaled 2.2 million units,nearly 50 percent below the 1940-41 level.Nevertheless, the year was one of rapidprogress. Assemblies of passenger carsadvanced sharply from quarter to quar-ter, increasing from a monthly averageof 67,000 units in the first quarter to270,000 units in the fourth quarter. De-spite this sizable gain, output in the finalquarter which was at an annual rate of3,200,000 cars was still about 20 percentbelow the prewar volume.

In contrast, truck production expandedmuch more rapidly and exceeded theprewar rate as early as April 1946. Totaloutput of 940,000 units was only 10 per-cent below 1941 when about one-fifth ofproduction represented military vehicles.While the United States output of carsand trucks for 1946 totaled 3.1 millionunits, the weekly average productionduring the first three weeks in Decemberwas at an annual rate of close to 5 millionunits.

Production of passenger car tires andautomobile replacement batteries wasalready above the prewar rate when theyear began; the former continued its up-ward postwar trend while the latter dueto the tight lead supply situation moved

Chart 10.—Output of Consumer Durable Goods 1

THOUSANDS OF UNITS4 00

300

200

I 00

400

300

200

I 00

0

80

60

40

20

PASSENGERAUTOMOBILES

1940-41

MECHANICALREFRIGERATORS

ELECTRIC RANGES

8,0 0 0

6,00 0

4,000

2,00 0

400

300

200

100

0

80

60

40

20

PASSENGERCAR TIRES

WASHING MACHINESAND IRONERS

SEWING MACHINES

2,000

1,500

!,000

5 0 0

4 0 0

3 0 0

2 0 0

I 00

5 0 0

AUTOMOTIVE REPLACE-MENT BATTERIES

VACUUMCLEANERS

I st Qr. 2 d Qr. 3 d.Qr. 4th Qr.

1946Ist.Qr. 2 d.Qr 3dQr. 4th Qr.

1946-MONTHLY AVERAGE FOR PERIOD-

Ist.Qr 2d.Qr 2d.Qr 4thQr

1946

JData represent production for batteries, tires, and automobiles, and shipments for all other products, except thebase-period data for automobiles represent factory sales. The base period is the calendar year 1941 for sewing ma-chines and the fiscal year 1940-41 for all other products.

Sources: U. S. Department of Commerce and Civilian Production Administration, except data for batteries andtires, which are from Association of American Battery Manufacturers, Inc., and Rubber Manufacturers Association,Inc., respectively.

in the opposite direction. The produc-tion performance of the passenger tireindustry was particularly impressive withoutput in the fourth quarter running ata rate of close to 80 million tires, an all-time high nearly 50 percent above the1940-41 average.

Progress in Reconversion IndustriesThe extent to which large scale pro-

duction of nine important consumeritems was achieved in 1946 is illustratedin chart 10. For comparative purposesthe 1940-41 fiscal year monthly averageoutput is shown which in general repre-sents either the peak or near-peak pre-war rate of production. It will be seenthat output moved progressively higherin each quarter, the fourth quarter ratesof production showing considerable de-viation as compared with the base periodrate. Moreover, output in 1946 for fiveof the nine items shown was higher thanin any previous year, though in the case

of radios the comparison is influenced bythe large number of small sets producedin 1946. As a matter of fact, a featureof the year was the limited variety ofchoice offered consumers.

The recovery to the prewar volume wasmore rapid in some lines than in others.For example, among the six householdappliances shown in the chart, washingmachines, vacuum cleaners, and radiosexceeded the 1940-41 level as early asthe second quarter, followed by electricranges in the third quarter. In contrast,however, refrigerators and sewing ma-chines failed to hit the mark. In thecase of sewing machines it was still aboutone-third below the prewar rate.

Manufacturers' InventoriesThe book-value of inventories held by

manufacturers increased 3.8 billion dol-lars during 1946 to an estimated totalof 20.2 billion dollars as of December31. This accumulation was primarily


February 1047

Chart 11.— Inventories Related toSales, All Manufacturing Indus-tries

1 Data are totals for 1929-15, and are quarterly totals,at annual rate, for 1940.


SURVEY OF CURRENT BUSINESS

of the average value of stocks held tototal sales for the year. Points fallingto the right of the line indicate a "deficit"of inventories and those to the left of theline a "surplus" of inventories—if theaverage relationship existing from 1929to 1939 is taken as "normal".

Quarterly data at annual rates in 1946indicate that, dollarwise, inventorieshave exceeded the level which would beindicated by the prewar relationship ofsales to inventories. The swing, duringthe year, back toward the line of rela-tionship, is seen to be due more to thefaster increase in value of sales than toany leveling off in inventories. Al-though the total value of inventories issomewhat high in relation to sales, theamount of "excess" is not sufficientlygreat to indicate that inventories are toohigh relative to sales. Manufacturers,especially in the durable-goods lines, areplanning substantially higher volumes ofproduction and are buying materials andbuilding up their inventories on thatbasis.

17

The inventory position differed sig-nificantly as between the durable goodsand the nondurable goods groups of in-dustries in 1946. Of the 3.8 billion dol-lars increase for the year, 2.1 billion dol-lars was accumulated by the durable-goods group. This increase was largeenough to swing the inventories for thisgroup to a level above that which wouldhave been expected on the basis of theirvalue of sales—if prewar inventory salesrelationships are taken as a "norm".The 1.7 billion dollar increase in value ofstocks of the nondurable-goods indus-tries was not sufficient to bring their totalvalue of inventories up to the level indi-cated by the dollar aggregate of sales.

Further light is thrown on the 1946 in-ventory situation by an examination ofwhere manufacturers have increasedtheir holdings—i. e., in working stocks aspurchased materials, goods-in-process,or in shipping stocks as finished goods.Comparison of changes in these cate-gories with those for 1941 are made in thefollowing table.

actuated by the necessity of replenish-ing depleted stocks all the way from themanufacturer to the consumer of peace-time goods. A certain amount of invol-untary accumulation occurred as a resultof the inability of producers to obtainneeded parts to complete and ship prod-ucts. An added factor toward accumu-lation was, of course, buying induced byprice uncertainties and continued rela-tive shortages of many goods.

Whatever the combination of factorswhich effectuated the increase in 1946,its significance should not be overlookedin appraising demand factors. The ac-cumulation during the year representedan important stimulating influence inthe volume of activity. The dollar val-ues of manufacturers' sales when com-pared with inventories provide a basisfor appraising the significance of therecent inventory rise.

The values of both inventories andsales are affected by price changes. Ina period of rising prices each will reflectthe increases, but with a different tim-ing and degree of intensity. For themost part, price rises swell the book-value of inventories much more slowlythan they increase the value of sales be-cause of accounting methods. This lag,in the short run, tends to lessen thesignificance of the sales-inventory ratiowhen prices are advancing rapidly.

Over the long-range period, however,the relation of value of inventories tosales provides the basis for determiningthe working "norm" of manufacturingindustries. In chart 11 the diagonalline represents the relation from 1929-39

730394—47 3

Chart 12.—Manufacturers' Shipments in Selected Industries

BILLIONS OF DOLLARSBILLIONS OF DOLLARS4 0

30

20

10

0

20

10

0

30

20

10

FOOD

I I 1 i I 1 i 1 I t I

TEXTILES AND APPAREL

i i i i i i i i i I i

I lCHEMICALS

i i i i i i i i i i i

1939 40 41 42 43 44

ANNUAL TOTALS

1945 1946-̂ /QUARTERLY TOTALSAT ANNUAL RATES

1 Excludes automobiles.2 Data for 4th quarter, 1946, are preliminary.Source of data: U. S. Department of Commerce.

40

30

20

10

0

20

10

0

30

20

10

MACHINERY

I i II I 1 I I I 1 1

AUTOMOBILES

i i i i i i i i i i i

TRANSPORTATION EQUIPMENT-^

i i i i i i i i i i

1939 40 41 42 43 44

ANNUAL TOTALS

1945 1946-^

QUARTERLY TOTALS

AT ANNUAL RATES

. 47-052


18 SUEVEY OF CUREENT BUSINESS February 1947

1946 increase over 1945:Billions of dollarsPercentage

1941 increase over 1940:Billions of dollarsPercentage

All in-ven-tories

3.825

Pur-chasedmate-rials

1.519

2.144

Goodsin

proc-ess

1.335

1.560

Fin-ishedgoods

1.021

.211

The dollar values of increase in totalinventories were about the same in thetwo years 1941 and 1946—both years sawintense conversion to an economy en-tirely different from that previouslyexisting.

Manufacturers' Value of Shipments

The value of manufacturers' ship-ments aggregated 125.5 billion dollars orone-third above 1941 sales. Afterreaching a postwar low in the firstquarter the value of shipments increasedrapidly to an annual rate in the lastquarter of the year of 150 billion dollarsor slightly under the war peak. Higherprices contributed very substantially tothis higher rate in the latter part of theyear.

Historically, sales by nondurable-goods industries have fluctuated lesswidely than those of durable-goods in-dustries. In the period since 1939 thevalue of shipments of the nondurablegroup have been increasing rather stead-ily, and continued that trend throughout

1946. By the end of the year, sales ofthese industries had reached the highestpoint on record at about an 85-billiondollar annual rate. Even with allow-ances for price increases, it is probablethat this volume represents a record flowof physical goods.

Sales of the durable-goods industries,which skyrocketed during the war andthen slid sharply downward from thelast quarter of 1944 to the first quarterof 1946, increased by two-thirds during1946. Because of the major changes incharacter of goods shipped, comparisonof the dollar volumes of sales of theseindustries in late 1946 with similar dollarvalues in the war years is fruitless.

Table 10.—Value of Manufacturers'Shipments, 1939-46


Year

1939 . , .1940194119421943194419451940

1st. qtr.*...2d qtr.*..,3d qtr.*.,4th qtr.*..

Total, allindustries

Durableeoods

industries

Nondura-ble goodsindustries

56. 965.893.4

121.3148. 7156.1140. 2

v 125.5106. 3118.9127.4

v 149.0

23.329. 646.264. 986.389.271.2

v 52. 039.048.655.2

» 64. 0

33. 636. 247.256. 462, 466. 969. 0

p 73. 567. 370.372.2

* 85.0

p Preliminary.* At annual rates.Source: II. S. Department of Commerce.

Trends by Major IndustriesIn chart 12 are shown the trends in

value of shipments of selected industries.In the right-hand panel the typical salespicture of the "war" industries is illus-trated—the sharp rise coincident withwar production, the rapid decline as warrequirements terminated, and finally theupswing in the latter part of 1946.

Each of the three industries shown,however, has its own unique deviationsfrom the general pattern. The recoveryof both the automobile and the ma-chinery industries, however, is outstand-ing. Although the peak of war sales ofthe transportation equipment (otherthan automobiles) industry occurred in1943 more than a year earlier than forthe other two industries, the value ofshipments in 1946 remained at about thesame level throughout 1946. Thechange-over period appears to have beenlongest for this group and it may be ex-pected that its value of shipments willcontinue to increase well into 1947.

In the left-hand panels are examplesof those industries whose productsneeded but slight "reconverting" to besuitable for the civilian market. Thepattern for these industries has been oneof increase since 1939, with only minordeclines in scattered quarters. These de-clines, particularly those during 1946 ap-pear to have been influenced largely bys e a s o n a l production of marketingfactors.

Agricultural Production

Farm production in 1946 continued ata high level, although combined outputwas fractionally lower than in 1945 andsomewhat below the peak output reachedin 1944. All of the decline which hastaken place in the past 2 years has beenin the production of livestock and live-stock products, where most major com-ponents have been curtailed. In con-trast, crop production reached an all-time high in 1946 as favorable growingconditions resulted in high averageyields.

In spite of the small reduction in farmproduction, the total food supply avail-able for civilians reached a new peak in1946. Sharp cutbacks in military pro-curement were chiefly responsible forthe larger civilian share. Total exportsof food increased slightly over 1945 ship-ments, reflecting a further rise in com-mercial exports, and imports into theUnited States continued to be limited bythe disorganized production situation inthe chief exporting areas.

Prices reecived by farmers advancedmoderately during the first half of theyear, and then spurted sharply to moveabove the 1920 peak with the end of pricecontrol. With prices sharply advanced,cash receipts reached a level nearly one-third higher than in the early part ofthe year. All-in-all, it was another yearof advancing money returns for farmoperators.

Delayed Farm Reconversion

During the first year of peace, thereconversion of agriculture to a postwarstatus was retarded by the emergence ofspecial transition forces which grew outof the end-of-war international foodcrisis. On the export side, the severeworld shortage in cereals resulted in ex-panded wheat production—which nowpromises to reach a new peak in 1947—far beyond the prospective postwar mar-kets likely to be available for UnitedStates wheat in subsequent years. Onthe import side, the absence of the usual

supplies of tropical oils created a demandfor the continuance of the expanded do-mestic production of oil-bearing cropswhich was one of the leading wartimeadjustments made in farm production.High production of these crops is againdesirable in 1947 but as prewar sources ofsupplies are rehabilitated this segmentwill be faced with increasing competi-tion, and much less favorable pricesthan have been secured in the post-OPAperiod. Difficulties may be encounteredin lowering wheat production and in re-ducing output of oil-bearing crops,especially soybeans and peanuts, whenthis intensified competition materializes.

A more immediate readjustment prob-lem arose in 1946 when potato produc-tion broke all records and required ex-tensive price support in order to returnto farmers 90 percent of parity price.The overproduction of potatoes was theresult of a series of developments, includ-ing the use of DDT to control insects,which pushed yields sharply higher than


February 1947 SURVEY OF CURRENT BUSINESS 19

in any previous year; the acreage har-vested was actually at the lowest pointin over a half-century. In 1947, the De-partment of Agriculture is seeking to ob-tain a curtailment in potato output.

Another development in 1946 whichwas not in the direction of postwar ad-justment was the further reduction incotton output to a level below currentconsumption and export requirements.For the first time in more than a decade,the cotton carryover has been sharplyreduced in the past 2 years to such anextent that an expansion in United Statesproduction appears desirable. The ex-tent of the expansion is limited by thelarge labor requirement for cotton, thelong-expected mechanization of which isnot yet a wide-scale reality.

On balance, agriculture is little nearerto adjustment to the likely pattern ofpostwar demand than at the end of thewar, although it has avoided the sharpexpansion in acreage that occurred at theend of World War I which contributedto agricultural maladjustment in theinterwar period.

From a financial standpoint, farmersin recent years have avoided a repetitionof the mistake which they made in thewar era ending in 1920 of going heavilyinto debt. Out of the wartime earnings,which have been larger and have ex-tended over a longer period than inWorld War I, a higher proportion hasbeen retained as liquid assets or used toreduce indebtedness.

Livestock Output ReducedFor the second successive year, the

output of livestock and livestock productswas contracted in 1946 (see chart 13).Meat animal marketings, influenced byprice control developments, were unevenduring the year. Hog slaughter wasabout as high in 1946 as in the previousyear, but in the latter part of the yeara curtailment in pig production occurredwhich will show up in the spring andsummer of 1947 when these pigs are mar-keted. Poultry and dairy output de-clined in 1946; although prices for theseproducts were higher than in 1945, therelationship between these prices and thecosts of feed was less favorable than ayear earlier during the greater part ofthe year.

Crops Make Record

The favorable growing season in 1946made possible a record crop production.In only a few leading crops was pro-duction lower. Cotton output was belowthat of any recent year (see chart 13)and the production of oil-bearing cropswas off slightly although far above theprewar (1935-39) average. These de-clines were more than counterbalanced

Chart 13.—Volume of Agricultural Production x

INDEX, 1935-39-100150

INDEX, 1935-39 = 100

I 2 5 -

ALL COMMODITIES^1 r$

50

25

0 0

MEAT

1 1

ANIMALS

/V/I I I 1

INDEX, 1935-39 = 100175

150

- 125

100

POULTRY ANDPOULTRY PRODUCTS

I I I I I

225

2 0 0

175 1 I I

12b

100

75

50

175

150

125

100

COTTON ANDCOTTONSEED OIL

\ /V

1 1

TRUCK

^ ^

1 I

VI I I !

CROPS

/

1 1 i I

12b

100

75

5 0

175

5 0

125

0 0

SUGAR

-V

! 1

FOOD <

//

1 I

CROPS

I I I !

BRAINS

V -1 1 1 I

1940 41 42 43 44 45 46 1940 41 42 43 44 45 46 1940 41 42 43 44 45 4647-37

1 Indexes for 1945 and 1946 are preliminary.2 Includes some commodities not shown separately in chart.Source of data: U. S. Department of Agriculture.

by higher sugar crops and record truckcrops and food grains.

Feed grain and hay production (notshown in the chart), which had failedto expand as rapidly as livestock num-bers during the war, reached a new highin 1946 both in absolute terms and inrelation to the number of livestock onfarms.

Parity Advances as Farm Prices Spiral

Although the volume and the charac-ter of farm production during 1946 waslittle affected by the ending of price con-trol, the reaction on farm prices wasswift and far-reaching. The contribu-tion of the rise in farm prices to the cost-of-living increase during the year isdiscussed in another section. It is alsoimportant to interpret the farm pricerise in relation to parity prices.

At the year end, farm prices averaged24 percent above parity or comparableprices, as shown in the left panel of chart14; nevertheless, several commoditieswere below parity. In the group of"basic" commodities in the chart, theprices received for corn and peanutsand—among the so-called Steagall com-modities—the prices of eggs and potatoes

were all somewhat lower than 90 percentof parity on December 15. For the mostpart, the legal support level for theseproducts, which is based on parity pricesprevailing at the beginning of the mar-keting season, is below 90 percent ofpresent parity prices.

This illustrates an important char-acteristic of parity prices. They are tiedto the level of prices paid by farmers, andconsequently are constantly changing.For example, between December 1945 andDecember 1946, prices received by farm-ers rose 27 percent, and during the sameperiod parity prices advanced 21 percentreflecting higher prices paid by farmers.At the latter date, farm prices were only5 percent higher in relation to paritythan a year earlier in spite of the muchlarger rise in prices actually received.

As a result of the President's proclama-tion officially ending the war just priorto the beginning of 1947, the specificmandate to support farm prices at notless than 90 percent of parity is nowscheduled to expire on December 31,1948.The prices for which specific legal sup-port is required include farm productswhich account for about 60 percent offarm income.



Chart 14.—Farm Prices of Selected Commodities as Percentages ofParity or Comparable Price, December 15, 1946

PERCENT200

- 150

- 100

5 0 -

047-50

1 Total includes commodities for which there is no price support level.2 Legal price support level is 90 percent of parity or comparable price for all items except cotton, for which it is 92.5

percent. Actual support levels vary in some cases from those shown in the chart owing to seasonal changes and tochanges in the parity index since the beginning of the marketing season.

Source of data: U . S . Department of Agriculture.

In addition a general provision is madefor the support of prices of other farmproducts, and some of them have beenand are now being supported by theSecretary of Agriculture. Another "m-portant provision of the price supportlegislation is that the 90 percent level is aminimum and not a maximum. Pricesof several products including wool, soy-beans, flaxseed, and sugar beets are be-ing supported at more than 100 percentof parity or comparable price. Author-ity for the support of wool prices isscheduled to expire April 1, 1947, and theSecretary of Agriculture has announcedthat unless new authority is provided thepresent support program will be discon-tinued.

Temporary Factors Swell Farm IncomeThe year 1946 was one of soaring farm

prices and record farm income resultingfrom an unprecedented demand for farmproducts and the removal of price con-trol beginning in mid-year. In the firsthalf of the year, cash income from farmmarketings flowed at a rate of approxi-mately 22 billion dollars on a seasonallyadjusted basis, and in the last 6 monthsof the year rose to an annual rate of26 billion dollars.

In addition to the record disposableincome of individuals in 1946 which pro-vided a strong basic demand for farmproducts, a number of unusual influenceswere at work augmenting demand.

A special export demand for food andfiber grew out of the end-of-war famine

in Europe and Asia. This insistent needcoincided with bumper crops in theUnited States or in the case of cottonwith a sizable carry-over and it was fi-nanced in part by relief funds whichmade possible large transfers at highprices. Although heavy exports of foodsare expected to continue during 1947, theintense needs will decline as continentalfood production recovers from the com-bined effects of war and bad weather.

Another special influence contributingto the demand for farm commodities in1946 was the high proportion of consum-ers' disposable income spent for non-durable goods—a situation which is dis-cussed elsewhere but which raises aquestion about the ability and willing-ness of the consumer to continue to payprices as high as prevailed at the endof 1946.

As a result of these factors, a generalupward price movement prevailed dur-ing 1946, slowly in the first half of theyear when price controls were effective,and then more rapidly. In broad pricemovements, agricultural prices typicallytake the lead and record the largestchanges. During the latter half of theyear, removal of farm prices from con-trol prior to general decontrol accentu-ated the usual sensitiveness of farmprices and resulted in a level of farmprices considerably out of line with non-farm commodities generally.

Periods of rising prices bring inventorygains to all branches of industry, butthis benefit is particularly large forfarmers because of their usual heavy in-ventory position. Whereas manufac-turers now hold inventory valued at lessthan 2 months' sales, farmers hold cropsand livestock on the hoof valued at ap-proximately 8 months' sales. This highratio of inventory to sales which char-acterizes farm operations results in avery large gain from a price rise such asthat which occurred during the pastyear. The reverse is equally true of aprice decline—larger losses are unavoid-able on farm inventories.

As a result of the rapid expansion ofconstruction activity which began afterVJ-day, the dollar value of constructionput in place in 1946 rose to a high level.New construction activity exceeded 10.1billion dollars, more than double thefigure for 1945 and only about 25 per-cent below the record set in 1942.

NOTE.—This section was prepared by theConstruction Division, Office of DomesticCommerce.

Construction ActivityIn contrast with most other industries

which were freed from production anddistribution controls after mid-summerof 1945, controls comparable to those inwartime were reimposed upon the con-struction industry in early 1946 to meetthe exigencies of the housing shortage.With the revocation of Order L-41 inOctober 1945, privately financed con-struction of all types, particularly com-mercial and industrial building, had

spurted upwards and threatened to out-strip building materials production. In-creasing concern with the plight of thereturning veterans, who were finding itextremely difficult to secure housing ac-commodations, resulted in the passageby Congress in May 1946 of the Veterans'Emergency Housing Act, granting prior-ity for the building of homes for saleor rent to veterans, imposing a $10,000ceiling on new single-family residences,



and establishing an agency to assist inbuilding homes for veterans.

Under the authority of the SecondWar Powers Act, meanwhile, a housingexpediter had been appointed in Janu-ary, who announced a program designedto provide 2,700,000 units in the succeed-ing 2-year period, to use subsidy pay-ments rather than price increaseswherever possible in stimulating build-ing materials production, and to sub-ordinate nonresidential building to resi-dences for veterans. In effect, the con-trols over nonresidential building whichwere made effective in March 1946, andgiven further legal basis by the new act,reinstated those which had been used inwartime.

There was formulated early in the yeara series of production estimates or goalsfor all types of construction and forbuilding materials output for the year1946. Preliminary data suggest gener-ally close correspondence between earlierexpectations and the actual results for1946, with output of building materialsmaking a somewhat better showing thanconstruction activity. Although residen-tial building fell short of the objective,the deficit was limited to 15 percent, interms of work put in place.

Residential Starts Short of Program

The reason for the deficit in residen-tial construction can be better under-stood if the analysis is conducted interms of number of dwelling unitsstarted rather than in terms of dollarvalue put in place. The original an-nouncement of the Veterans' EmergencyHousing Program in February of lastyear called for the start of constructionon 1,200,000 dwellings, including 250,000factory fabricated houses. When it be-came apparent in midsummer that thelatter number was too optimistic, thecontributions of each segment to thetotal program were changed. The tablebelow compares estimates of actualstarts in 1946 with the original and re-vised programs for the number of unitsto be started.

New permanent dwell-ing units

ConventionalPrefabricated

ConversionsTrailersFederal re-use—tempo-

raryOther public and pri-

vate projects

Total

Actualnumberstarted

(prelimi-nary-

estimate)

Originalprogram,February

1946

Revisedprogram,summer

1946

(Thousands of units)

671

63437

65

48

191

29

1,004

900

en

5050

200

n, a.

1,200

838

738100

10050

212

n. a.

1,200

The program as originally announcedproved to be decidedly realistic in an-ticipating the future course of residen-tial construction, with the exception ofthe number of prefabricated dwellings.In the latter case, the original programwas missed by more than 210,000 units,accounting for more than the entire dis-crepancy between the 1,200,000 unitsprogrammed and the 1,004,000 actuallystarted.

The temporary reuse program of theFederal Government missed the originalschedule by only 5 percent. Other build-ing by public bodies and educational in-stitutions, including new construction,reuse of existing structures dismantledand built on other sites, and conver-sions—for which the data cannot yetbe properly distributed among theappropriate categories—accounted forabout 29,000 units started. These startsplus the 15,000 excess for conversionsmore than offset the modest differencebetween original program and actualstarts in conventional dwellings and thesmall production lag in the house trailerindustry.

Completions Low Relative to Starts

Perhaps a more realistic measure ofthe success of the drive for new housingin 1946 is the number of dwelling unitsactually completed. About 455 thousandpermanent conventional and prefabri-

cated dwellings were made ready for oc-cupancy—although naturally not all ofthese had been started in 1946. Over45,000 new permanent units were madeavailable by conversions of existing units.In addition to these, the program fortemporary houses and trailers provided160,000-165,000 units ready for occu-pancy in 1946.

Sporadic building progress due to fail-ure to receive materials as needed andinability to hire skilled artisans at willresulted in lengthening the duration ofactual construction from the 3 to 4months normally required to 6 and 7months in many cases. Constructionanalysts recognized the inevitability ofthis development, as the demand for ma-terials for the number of projects author-ized was nearly in balance with the totaloutput expected for the year as a whole,and hence tended to outstrip production,particularly in the early part of the year.Competition for available materials andlabor by nonresidential builders was alsoan important factor contributing tolengthened construction periods for resi-dential units.

Nonresidential Building at High Level

Because construction already startedbefore the effective date of restrictiveregulations was permitted to continue,the volume of private nonresidentialbuilding continued to rise throughout

Chart 15.—New Construction Activity, by Type

BILLIONS OF DOLLARS

16

12

1937 1938 1939 1940 1941


1942 1943 1944 1945 194647-28



the year to a total of 4.5 billion dollars.(See chart 15.) Public and private resi-dential building in 1946, although mak-ing large gains, totaled nearly a billiondollars less than nonresidential buildingfor the year.

All private construction—in which theheaviest components were 3.3 billiondollars of residential and 3.4 billion dol-lars of nonresidential building—totaled7.9 billion dollars or almost four-fifthsof the value of new construction. Theeffect of this resurgence of private build-ing was to widen further the gap betweenprivate and public construction whichhad reversed roles as the chief supportof construction during the war period.

In current dollars new construction in1946 at ten billion roughly matched 1941expenditures of 10.6 billion. In 1941,this outlay was almost evenly dividedbetween private and public expenditurewhile in 1946 private outlay was almost3M> times as large as public expenditure.

Physical Volume of Construction

Previous discussion of building volumein terms of current prices needs to bereappraised in the light of building costdevelopments and the substantial in-creases in building materials prices dur-ing the year. Although final data arenot yet available, a rough estimate in-dicates that in terms of 1939 prices, 1946volume was equivalent to 6.4 billion dol-lars. On this basis, the volume of newconstruction last year was about two-thirds of the 1941 total of 9.4 billiondollars although it was still twice aslarge as the 1945 figure of 3.3 billion dol-lars in 1939 prices. In terms of physicalvolume, the retardation of the programsof Federal, State and local governmentsis apparent, since the public category isthe only one in which 1946 constructionwas virtually the same or less than thevolume of construction in the previousyear. Another interesting point whichemerges is that private nonresidentialbuilding was somewhat greater than res-idential building in terms of physicalvolume measured in 1939 prices.

Building Materials Drive Meets Success

The necessity of stimulating produc-tion of all types of building materials re-ceived early recognition as the crucial

element in the 1946 constructionprogram.

Manufacturers responded to the mar-ket opportunities created by the tremen-dous building demand and were aided bya vigorous program of Government as-sistance. The Federal aids includedprice increases for building materials byOPA, priorities to materials producers,and premium payments to cover highcost operations. At the end of the year,almost all of the building materials in-cluded in the Department of Commerceproduction index had registered substan-tial increases. Conspicuous shortagespersisted, however, in supplies of castiron soil pipe and cast iron radiation.

In view of the current high level ofbuilding materials output and the pros-pect for further gains, it appears likelythat production will equal requirementsfor nearly all materials in 1947 and thatdelays owing to maldistribution of stockswill gradually disappear. Increasingproduction is also expected to have arestraining influence on building mate-rials prices which rose, rapidly over thepast year.Construction Controls Modified

The outlook for construction in 1947will be affected by the recent changes inthe whole gamut of controls. The gen-eral removal of price controls on Novem-ber 9, 1946 affected building materialprices and entailed readjustment of othercontrols relating to construction activity.Thus, the ceiling price limitations ondwellings have been removed and thelimit on shelter rents has been raisedfrom $80 a month maximum to $80 aver-age for a project. It is planned to con-tinue guaranteed market contracts forprefabricated houses and for new mate-rials together with financial aids to suchmanufacturers. On the other hand,abandonment of premium paymentswould seem indicated in many cases nowthat manufacturers are free to set theirown prices. Relaxation of controls overnonresidential building may also beexpected in 1947.

Remaining restrictions on building andthe new ones devised to take the placeof those dropped are of a nonfinancialnature. Thus, in lieu of the former$10,000 price ceiling, the floor area per

dwelling will be limited to 1,5,00 squarefeet to restrain luxury building. Priori-ties for construction were discontinuedafter December 23, although prioritiesthen outstanding will continue to behonored.

Nonveterans as well as veterans maynow build for their own occupancy, butunits built for rent or sale must still beoffered to veterans first. The qualitystandards previously required have bsenabandoned and the inspections that werepart of the priority system will be dis-continued under the new permit system.The OPA has announced that housesbuilt with priorities assistance but notcompleted before December 24 must besold at the prices stated in their author-ization certificates which, of course, arewritten for amounts under the former$10,000 limit.

Forecast for 1947

The volume of demand which countedso strongly in the 1946 market will forthe most part continue through 1947. Ifa favorable economic situation continuesfor the next few years, the effective de-mand for residential units will continueunabated and will require at least 3 to 5years for fulfillment. Given the presentlarge backlog of houses started but notcompleted and increasing building mate-rials production in 1947, it seems likelythat one million privately financed resi-dences of the permanent type will bestarted this year and about 900 thousandmay be completed.

Commercial construction is expectedto increase somewhat but a relativelylarger increase will be made by industrialbuilding. Extensive building of newplants and facilities will be necessary foreconomical production under the com-petitive situation which is in process ofdevelopment and is certain to achievefull strength within the next 2 to 3 years.The amount of construction under wayand planned to be started makes a pro-jection of over 2 billion dollars in thiscategory seem likely. This represents a25-percent increase in dollar terms over1946. Public residential and public in-dustrial construction are expected to de-cline although there will be large in-creases in the construction of sewer andwater systems, school buildings, hospi-tals, and other public institutions.

Following the end of the war thetransportation industry underwent aseries of adjustments in both the compo-sition of traffic and its distributionamong the various transport agencies.

Domestic TransportationThe major factors underlying these ad-justments were (1) the return to trucksand deep sea ships of traffic diverted torail and pipelines during the war emer-gency; (2) the lower level of production

and changes in its pattern with the re-turn to a civilian market; and (3) thereduction in the average haul with thedecline in war goods shipments to At-lantic and Pacific Coast ports.



The total volume of intercity transpor-tation in 1946 was about 10 percent belowthe 1945 level—and more than a thirdabove its 1941 rate. The decline in com-modity traffic in 1946 was less severethan that experienced in the passengerfield due primarily to the postponementof large reductions in the latter trafficuntil the major part of demobilizationwas completed in the early spring of1946. The decline in freight movementfollowed immediately after VE-day,reaching its postwar low in October 1945.Although combined commodity trafficin 1946 was about 8 percent lower thanin the previous year, the trend duringthe second half of the year was upward.

Postwar Readjustments

Examination of available informationon commodity traffic indicates that therelative shares carried by rail and pipelines in 1946 were considerably belowtheir wartime peaks and only slightlyabove their 1939 rate. These correctionsbegan immediately after the eliminationof the submarine menace to our sealanes and were increasingly noticeableas motor fuel and equipment becamemore generally available. The propor-tion of traffic going to motor and watercarriers increased steadily during theperiod—although the latter group wasstill far below its relative position in1939.

Significant readjustments were mostevident in the railroad industry. Thesetook place both in the composition oftraffic and in the relationships of over-all operating factors. During the waryears, rail ton-miles registered gains fargreater than the increases in freight car-loadings due to the lengthening averagehaul and heavier loadings of cars. Thesefactors in 1946 were off some 15 and 5percent, respectively, from their wartimepeaks—so that the gap between ton-miles and carloadings was sharply re-duced.

Despite these adjustments, both theaverage haul and average load were stillabout 15 percent higher than in 1939.The increased haul reflects both higherexports and the remaining traffic withour overseas military forces—while theheavier loadings of cars is still requiredby Office of Defense Transportation reg-ulations. There are many indications,however, that these factors will not com-pletely return to their 1939 levels andthat some of the increased efficiency inequipment utilization will be retained.

An examination of the major classesof commodities carried by rail reveals adefinite reversion to the prewar composi-tion of traffic. The commodity groupswhich had risen relatively less than hadtotal carloadings in the 1939 to 1945 pe-

Table 11.—Domestic Intercity TrafficVolume, 1939-46

[Indexes, 1935-39=100,

19391940..1941194219431944 „

1945 year1st quarter2d quarter3d quarter4th quarter, __

1946 yearl§t quarter2d quarter3d quarter4th quarter P.

and

51so

106117146185220230

2̂ 2233238217202

200207186203202

adjusted for

ton

-

aaoO

107118147178201209

199213218194173

183]86167187188

nile

s

1m

105113143236357388

389372385385409

328364322321303

seasonal variation

Railroa(

les

a|cy%

104115146194219222

206221232201174

180188158186182

3101109130138137140

135143141131126

132133116139139

Is

se

ng

mil

es

PH

103108133244400434

419405412403454

296370290276250

f Preliminary.

Source: "U. S. Department of Commerce and theBoard of Governors of the Federal Reserve System.

riod (forest products, livestock and less-than-carload lots) were the only ones toshow increases from 1945 to 1946. Inaddition, the relative carloading in-creases and decreases registered in thisperiod by the commodity groups were, ingeneral, inversely proportional to theirwartime trends. Thus, the spread be-tween the various carload commodity in-dexes (1935-39=100) was only 12 percentin 1946 compared to 49 percent in thepeak year of 1944. Merchandise 1. c. 1.,despite its greater vulnerability to non-rail competition, registered the greatestincrease from 1945 to 1946, reflecting thesharp rise in the flow of consumers'goods.

Despite declines from 1945 to 1946 of 2percent in carloadings, these readjust-ments, and the increased car "turn-around time" as industry generally wentback to a 5-day workweek, resulted incontinuing high demand for freight cars.The number of new cars put in serviceduring 1946 was about one-third lessthan the number permanently taken outof service. There was little change inthe number awaiting repair, and thenumber of serviceable cars owned byClass I railroads declined about one per-cent during the year. However, the in-stallation of new freight cars rose from8,006 in the first quarter to 12,369 in thethird quarter.

Although accumulated steel shortagesand earlier export commitments broughtinstallations down to 9,752 cars in thefinal quarter, present allocation of steelin 1947 will permit production of about7,000 cars a month. This greater avail-ability of cars was reflected in a survey

of capital expenditures by Class I linehaul railways which showed anticipatedoutlays for equipment of 175 million dol-lars in the first quarter of 1947 as againstactual outlays of only 50 million dollarsin the same period in 1946.

The railroads carried approximately632 billion net ton-miles in 1946—a de-cline of 13 percent from the 1945 total.A quarterly comparison with 1945 traffic,however, showed a slackening rate of de-cline in the first three quarters while,despite the coal stoppage, the last quarterof the year was about 7 percent above thecorresponding period in the previousyear.

Pipeline VolumeThe resumption of large-scale tanker

movements of oil resulted in a decline ofabout one-fourth in ton-miles carried bythe pipelines from 1945 to 1946. Sinceoil production was at record levels in1946, this decline understates the magni-tude of the diversion in traffic from pipe-line to water carrier. About two-thirdsof the decline in pipeline ton-miles wasaccounted for by the stoppage of oil flowthrough the large Government-ownedemergency pipelines. Although theselines were leased under a short-termagreement as natural-gas carriers latein 1946, their final disposition was stillundecided at the end of the year.

Waterbome TrafficThe resumption of long-haul traffic in

both intercoastal trade and tanker move-ments from the Gulf to the East Coastbrought a substantial increase in totaldomestic waterborne ton-miles from 1945to 1946—despite declines in volume car-ried on the inland waterways.

Dissatisfaction of the carriers with thepresent freight-rate situation acted as adeterrent to traffic in most nonbulk com-modities. Intercoastal traffic is beingcarried almost exclusively by MaritimeCommission vessels. Unless rates areadjusted, or the Commission's request forextension of authority is approved, itappears that this traffic will come to avirtual halt when present authorizationsexpire on February 28, 1947. (A discus-sion of possible water-rate adjustmentsand specific rail-rate revisions appearedin last month's SURVEY OF CURRENT BUSI-NESS.)

Ton-miles carried on the Great Lakesduring the 1946 season was about 15 per-cent lower than in the previous year.Iron ore shipments, which in recentyears, account for about 70 percent ofton-miles on the Lakes, fell from 75.5million long tons in 1945 to 59.4 milliontons in 1946. This decline reflected thedirect and indirect effects of both steeland coal stoppages in the early months


24 SUEVEY OF CURRENT BUSINESS February 1947

of 1946. The grain movement was offrelatively more than iron ore shipmentsdue to the low stock position at lake portsat the end of the 1945 season.

The decline in ton-miles on the inlandwaterways (excluding Great Lakes) wasdue primarily to the falling volume ofpetroleum and iron and steel products.The change in petroleum movement wasparticularly severe on the Gulf Intra-coastal waterways as oil was divertedfrom barge to tanker. Coal traffic in1946 was only slightly lower than the1945 level.

Truck Loading at Peak Levels

The shift in production emphasis frommilitary goods to civilian goods wasespecially favorable to the trucking in-dustry which is better adapted to themovement of miscellaneous manufac-tured products. This factor in additionto near-record agricultural output, andthe elimination of the deterrent wartimeequipment and fuel shortages, resultedin a 1946 truck-loading level almostequal to the 1943 peak.

The increase in loadings from 1945 to1946 was experienced by all classes ofcommodities except petroleum productsand heavy machinery—with the largestrelative gains occurring in movementsof general merchandise, motor vehicles,

building materials, and agriculturalproducts.

Air Commodity Transport

The sharpest relative decline in com-modity traffic from 1945 to 1946 was reg-istered by the scheduled air lines—astotal ton-miles fell from 88 to 69 million.This decline occurred despite an increaseof about 60 percent in express and freightton-miles, as the more important air-mail volume was cut in half—due to thegreatly diminished demand for air mailto and from our armed forces. It is in-teresting to note that as a result of thesedivergent trends, the ton-miles of ex-press and freight in 1946 exceeded air-mail volume for the first time in air linehistory. In addition, a partial survey ofthe newly developed noncertificated aircarrier industry showed that these car-riers in May and June 1946 carried aminimum of 40 percent as much freightand express as the scheduled air lines.

Passenger Traffic

Intercity passenger traffic in 1946 de-clined about 15 percent from the peakyear 1945—the entire loss attributable tothe 29 percent decline in rail passenger-miles. Total rail passenger-miles de-clined from 92 to 65 billion. The declinewas confined to noncommutation trafficwith commutation traffic, reflecting rec-

ord civilian employment, at its highestlevel since 1931. The sharp drop in fur-lough travel resulted in a relativelygreater decrease in coach traffic thanin the parlor and sleeping-car service.

The fall in military demand was pri-marily responsible for many significantchanges in rail passenger operating sta-tistics from 1945 to 1946. Average hauland average load per passenger car wereoff some 15 and 20 percent, respectively.Average revenue per passenger-mile in-creased about 3 percent as the volume oflow-rate furlough traffic dwindled.

Intercity motor bus volume was downslightly from 1945 to 1946. Althoughaffected, but to a much lesser extent thanthe railroads—by losses in militarytravel and passenger-car competition,this traffic was bolstered by the easedequipment and fuel situation.

Air passenger-miles carried by sched-uled airlines increased about 70 percentfrom 1945 to 1946 bringing their volumeto about eight times the 1939 level. Therapid growth and significance of thismeans of transport is indicated by thefact that its current rate is over 40 per-cent of the total passenger-miles carriedin the rail Pullman service. Availableevidence indicates that passenger trans-port by noncertificated air carriers is asyet not a significant percentage of totalair traffic—but this field is expandingrapidly.

Retail Sales

The sharp increase in sales of retailstores which followed the end of the warbrought both physical volume and thedollar totals for 1946 to new highsdespite the fact that many goods werestill in short supply relative to demands.

Three features marked the movementof sales during the year. (1) Total re-tail sales in the early part of the yearhad reached a dollar volume which wasonce more in line with the prewar rela-tionship of sales to incomes. This is incontrast to the war period when, despitethe fact that sales were steadily rising,the aggregate dollar retail sales werenevertheless below the amount whichconsumers would have normally spent,because of severe shortages of manytypes of consumer goods, rationing andprice controls. (2) During the first 6months of the year retail sales increasedabout in line with seasonal trends. (3)As prices were decontrolled, sales rose bymore than seasonal amounts but the rise

reflected the purchase of goods at higherprices. What happened to volume is notclear; superficially, the dollar sales andprice changes indicate a decline. Butthis evidence is not conclusive in view ofthe shift in relative prices and in thecharacter of some lines of goods sold.

Of fundamental importance to thefuture prospects of retail trade is the factthat the more than normal concentrationof buying in nondurable goods stores thatwas evident during the war period wasnot significantly changed in 1946. Thiswas brought about primarily by the tem-porary extraordinary purchases of re-turning servicemen, by producers of non-durables concentrating on higher pricelines, and by the low production of manyconsumer durable goods, in addition tothe fact that consumers reestablishedthe normal proportion of savings to in-come. Because the supply of durableswas low, spending tended to spill overinto nondurable goods stores.

This trend persisted throughout 1946but toward the end of the year evidencesof slackening in the dollar sales of manyhigh-priced nondurables were develop-ing. Merchants in these lines were thenconfronted with the question as towhether their sales and profits wouldbe cut as the supplies of durables becameavailable in larger quantities. Unlessconsumers decide to save a much smallerproportion of their income than theynormally do, a larger flow of durableswould result in reduced demand for non-durable goods with resultant price con-sequences.

Sales of all retail stores for the yearamounted to 97 billion dollars, more thana fourth above the previous year andthree-fourths above the prewar year of1941. The continued gains in all retailsales since 1939 are shown in the upperpanel of chart 16. On a per capita basis,dollar sales in retail outlets in 1946 were$690, compared with $580 in 1945, and$420 in 1941.


February 1947

Prices Up Sharply

Prices played an important part in thehigher dollar sales in 1946. Rising slowlyin the first half of the year, prices in-creased sharply when price controls wereremoved. The index of prices at retailstores rose 10 percent on the average in1946 over 1945; from June to December1946, the index increased by 17 percent.The volume of goods sold was greaterthan in the previous year by about one-seventh, if the comparative movementsof the dollar sales and the price indexmay be accepted as a rough guide.

Nondurable Sales Rise SharplyDollar sales at nondurable goods stores,

shown in the lower panel of the chart,rose steadily throughout the war years.In the first half of 1946 sales were at anannual rate of 75 billion dollars, 20 per-cent over the previous year. The annualrate of 80 billion dollars reached in thesecond half of the year occurred only be-cause of the sharp increase in prices.

Sales at durable goods stores, whichhad dropped to a relatively low volumeduring the war years, went up steadily in1946 despite reconversion problems andthe low volume of production of manydurable goods. Total sales in such storesamounted to 19 billion dollars in 1946.This dollar total was about two-thirdsabove the previous year and well in excessof the prewar year 1941.

Sales in Line With Disposable IncomeChart 16 shows the trend of actual re-

tail sales and sales which could have beenexpected on the basis of the prewar rela-tionship of sales to incomes. During thewar years sales, though rising rapidly, didnot keep pace with the disposable incomeof individuals. This is shown in the up-per panel of the chart where after 1941retail sales calculated from the prewarrelation of sales to income are consider-ably in excess of actual sales.1

It is of interest to note that for thenondurable goods stores sales were fairlywell in line with incomes even in the waryears. On the other hand, in the durablegoods field where supplies were generallyshort, sales were far below the amountthat these stores could have expected onthe basis of the incomes of individuals.

After VJ-day with the shift from mili-tary to civilian production and with afreer spending attitude on the part ofconsumers, total sales were increased bythe first half of 1946 to the point wherethey were once more in line with the pre-war relationship to incomes.

However, the striking development fol-lowing the end of the war was the dis-

SURVEY OF CURRENT BUSINESS 25

xFor formula used to calculate sales, seeSURVEY, October 1944, "Retail Sales and Con-sumer Income."

Chart 16.—Sales of Retail Stores, Actual and Calculated

BILLIONS OF DOLLARS BILLIONS OF DOLLARS120

8 0

CLC

r ^ ^ AC

ALL RETAIL STORES120

11111DURABLE GOODS STORES

NONDURABLE GOODS STORES

4 0

1939 1940 1941 1942 1943ANNUAL TOTALS

1944 1st 2d 1st 2dHALF HALF HALF HALF

1945 1946HALF-YEARLY TOTALS, SEASONALLY

ADJUSTED, AT ANNUAL RATE47-44

1 For regression equations used to obtain "calculated" sales, see "Retail Sales and Consumer Incomes," SURVEY,October 1944.

Source of data: U . S . Department of Commerce.

tortion in the consumer buying pattern.Because many durables were still short,consumers stepped up their purchases atnondurable goods stores far beyond theamount consistent with the prewar rela-tion of these sales to incomes. On thisbasis sales of nondurable goods storesduring 1946 were 12 billion dollars abovethe amount indicated by the prewar re-lationship. Sales at durable goodsstores, on the other hand, were below theprewar relationship by about the sameamount that sales of nondurable goodsstores were above.

Sales Varied by Lines of Trade

A comparison of sales by quarters forthe years 1941, 1945, and 1946, for se-lected groups of stores is shown in charts17 and 18. In order to compare the rela-tive changes in sales for each group aratio scale was used. These charts showmany contrasting developments in thesales trends among the kinds of businessin the durable and the nondurable goodsgroups. Estimates of annual sales vol-ume are presented in table 12.

Sales of Food StoresSales of food stores which had risen

steadily through 1945 continued the up-ward movement in 1946 to a record totalof almost 24.5 billion dollars—exceedingthe previous year by one-fifth. Thistotal was double the sales of these storesin 1941.

The high level of sales reflected largersupplies of foods and higher prices.Some shortages of meats and dairy prod-ucts appeared in the midquarters of theyear, but these were largely connectedwith the price uncertainties. Food pricesrose sharply after price controls were re-moved, December prices being about 30percent above June.

While sales at eating and drinkingplaces in 1946 continued above 1945, therate of increase leveled off despite higherprices and the increase in the civilianpopulation. During 1946 dining at homeincreased as food supplies eased, familyunits were reestablished, and manyhousewives withdrew from the laborforce. The decreased mobility of thepopulation also contributed to the slack-

730394—47 4


26

ening increase in such sales. Total salesat eating and drinking places amountedto 12 billion dollars, 12 percent above1945, the smallest year-to-year riseshown in six years.

Apparel and Department Store Sales

Spending by consumers for apparel re-flected the changing character of thepostwar adjustment period. In the firsthalf of 1946, influenced by strong Eastersales and the enormous demands of re-turning servicemen, sales moved to muchhigher dollar volumes relative to the cor-responding period of 1945. A furtherflurry in the third quarter reflected acertain amount of forward buying in an-ticipation of sharp price rises. In thefourth quarter some notes of caution inbuying became evident. High price linesand poor quality items began to meetconsiderable consumer resistance.

Women's apparel stores had an ex-traordinary volume of sales in the waryears. These sales continued at evenhigher volumes during 1946. Total salesat women's apparel stores during theyear exceeded 4 billion dollars, 13 percentabove 1945 and two and one-half timessales at such outlets in 1941, These salesreflected heavy buying of high-pricedlines.

Sales of these stores which even inthe war years had been far in excess of

SUEVEY OF CUERENT BUSINESS

what could have been expected on thebasis of the prewar relationship to in-come, rose in 1946 to a level 1.2 billiondollars above the relationship. At theend of the year, however, with the avail-ability of other goods and some resist-ance to high prices this excess was beingnarrowed.

Sales at men's clothing stores showeda different behavior. During the waryears sales had dropped below the lineof relationship to income established inprewar years. After VJ-day, however,with the return of servicemen to civilianlife sales increased sharply. Much ofthis increase in demand was temporary,however, and by the end of the yearthere were some indications of a slack-ening in the rate of increase.

Shoe Stores

Sales of shoe stores amounted to 1.5billion dollars in 1946, more than one-fifth above 1945. Part of the increasereflected higher prices and part was dueto increased production. Output ofshoes for civilian use in 1946 amountedto* 525 million pairs compared with 445million in 1945. Heavy purchases bydemobilized servicemen together withhigh consumer incomes resulted in asharp spurt in sales of shoe stores in thefirst half of 1946. In fact purchaseswould have been even greater if it were

Chart 17.—Sales of Selected Groups of Nondurable Goods StoresBILLIONS OF DOLLARS4.0

3.0 -

2.0 u

1.0.9.8

.7

.6

.5

.4

.3

.2 -

BILLIONS OF DOLLARS

EATINGPLACES

1946 *

1945

- ••••

!

AND DRINKING

1 1

0.09.08.07.0

6.0

5 .0

4 . 0

3.0

? O

- FOOD

— 1946

1945

_ 1941

1

GROUP

i !

BILLIONS OF DOLLARS4.0

3.0 -

- 2.0 -

1.0.9 -

DEPARTMENT STORES,INCL. MAIL ORDER

_ MEN'S CLOTHINGAND FURNISHINGS

- STORES J

_ /1945

/ - - - • /1941 y*

1 1

•/

-

2.0 ~

1.0

.9

.8

.7

.6

.5

.4

.3

WOMEN'S APPAREL AND~ ACCESSORIES STORES ~

_ 1946 ^m

1945 * *

-

~ 1941 .«• '

* 1 1

-

1

- SHOE STORES

- .3

.2

1st Qr. 2d Qr. 3d Qr. 4th Qr. 1st Qr. 2d Qr. 3d Qr. 4 th Qr. 1st Qr. 2d Qr. 3d Qr 4th Qr.

February 1947

Chart 18.—Sales of Selected Groupsof Durable Goods Stores x

BILLIONS OF DOLLARS2.0

1.0.9.8.7.6

BUILDING MATERIALSGROUP —

1946 ^ ^ ^ ^

! 1

AND HARDWARE—

— c __1

2.0

4.0

3.0

2.0

1.0.9.b.7

AUTOMOTIVE GROUP

1941 .••*** ***« #

1946 ^T

1945 ^ *** { ^ *** |

-

**Z^000t^ -

1 "

1 Data are plotted on ratio scales.


1 Data arc plotted on ratio scales.


not for the fact that the increase inproduction was limited by a tight hidesupply. As in the case of women's highpriced apparel, a slackening of demanddeveloped in the latter part cf 1946 forhigh-priced women's shoes.

Department Stores

A somewhat different picture wasshown for department stores. In thefirst part of the year department storesrode the crest of the apparel buying wavethat has already been mentioned. Whendemand, especially for high-priced lines,slackened in the second half of the yearit was offset by the increased availability


February 1947 SUEVEY OF CUEEENT BUSINESS 27

of durable goods. Thus, a high volumeof sales was fairly well maintainedthroughout the year. Total sales of de-partment stores, including mail orderhouses, in 1946 were 9.6 billion dollars,30 percent above the previous year andalmost double 1941. The gain over 1945was the largest for any of the major non-durable goods groups.

Jewelry Stores

The only durable goods group whichexperienced a decline in sales after sea-sonal adjustment in the latter part ofthe year was jewelry stores. Sales ofthese stores amounted to almost 1.2 bil-lion dollars for the year. On a seasonallyadjusted basis, however, sales which inthe first half of the year were at an an-nual rate of 1.3 billion dollars, declinedin the final quarter to an annual rateof less than 1.2 billion dollars.

Jewelry stores had shown a sharply in-creasing level of sales in the war years.Merchandise was in fairly adequate sup-ply and stocks more diversified by theexpansion of costume jewelry, glasswareand general gift lines. Thus, after theend of the war there was not the largebacklog of consumer demand as was thecase for other durables. The generalprice rises and the increased availabilityof other more essential goods cut some-what into the luxury jewelry trade.

Automotive Stores

In the remaining durable goods storesthe variations shown in the chart re-flect primarily supply conditions. Be-cause of the tremendous backlog of de-mand, prices asked appeared to be nodeterrent to sales.

In 1946, a total of 2.2 million passengercars were produced. There is no ques-tion that current demand could have

absorbed many more. Total sales byautomotive stores, including parts andaccessories, amounted to 6.8 billion dol-lars in 1946. Seasonably adjusted salesin the last quarter of 1946 were 93 per-cent above the first quarter of the year.Price rises also accounted for some ofthis increase. Nevertheless, total salesin this group in 1946 was still 20 percentbelow 1941.

Home Furnishings

Sales of home furnishings stayed closeto the 1941 level throughout the war.The rise in sales began after VJ-dayand went up rapidly as previously miss-ing household durables began reachingthe market in quantity. The backlog ofdemand plus the establishment of new

Table 12.—Sales of Retail Stores[Billions of dollars]

Kind of business

All retail storesDurable goods storesNondurable goods stores.

Durable goods stores:Automotive groupBuilding materials and

hardware groupHome furnishings group ..Jewelry stores

Nondurable goods stores:Apparel group

Men's clothing andfurnishings stores _..

Women's apparel andaccessories stores

Shoe stores-...Family and other ap-

parel storesDrug storesEating and drinking

placesFilling stationsFood groupGeneral merchandise

groupDepartment stores in-

cluding mail orderOther retail stores

1939

42.010.431.7

2,71.7

.4

1.3.6

3.52.8

10.2

4.03.9

1941 1245 1946

55.515.639.9

3.92.6

.6

4.2

1.1

1.7.8.6

1.8

4.83.5

12.6

7.9

76.631. 565.1

4.22.91.1

7.7

1.8

3.61.2

5 (.)5.2

1.13.0

10.83.0

20. 2

11.6

7.48.7

96.719.077.7

6.24.71.2

9.0

2.2

4.11.51.33.6

12.13.8

24.4

14.6

9.10.3

NOTE.—Figures do not necessarily add to totals due torounding.

Source: V. S. Department of Commerce.

households kept sales moving rapidlythroughout the year.

In spite of continuing difficulties inlumber production there was materialimprovement in the availability of furni-ture items throughout the year. Lowprice lines, however, continued to beabsent.

Sales of home furnishing stores in 1946were 4.7 billion dollars. Of this total,furniture and house furnishing storesaccounted for 3.3 billion dollars, about50 percent above the previous year, whilehousehold appliance and radio storeswith 1.4 billion dollars exceeded the pre-vious year by nearly 110 percent.

Building Materials and Hardware

Because production of goods in thesecategories was channeled to war uses,sales of building materials and hardwarestores remained at about the 1941 levelduring the war years. After VJ-day,however, as more production went tocivilian uses, sales of these stores in-creased materially.

Sales of building material and hard-ware dealers reached 6.2 billion dollarsfor the year, a gain of about 50 percentabove 1945 and 60 percent above 1941.Although these sales were high relativeto previous years, they did not increasesubstantially during the year despiteheavy demands. This reflected thechanneling of building supplies intobuilding construction so that retail deal-ers of such commodities were unable toget sufficient supplies to meet demands.

Hardware store sales a d v a n c e dthroughout the year as more and moreitems in this category became available.The heavy demand kept supplies of se-lected products tight but in general thesupply situation eased considerably andthe quality of products improved.

Foreign Trade

The international transactions of theUnited States after the termination ofhostilities in 1945 showed a pattern simi-lar to that of domestic business, declin-ing at first and then rising again during1946. This pattern reflects the declinein demand created by the ending of thewar and the subsequent increase in theproduction of civilian goods both hereand abroad.

Recorded merchandise exports, stimu-lated by relief contributions, foreignloans, and dollar balances accumulatedby some countries during the war, in-creased steadily throughout the year, ex-

cept for the interruption caused by theshipping strikes in September and Octo-ber. Total transfers of goods, on theother hand, reached their highest levelduring the June quarter, primarily be-cause of the bulk disposal of surplusgoods to France for 300 million dollars.

Imports also rose steadily during theyear, reflecting increased availability ofsupplies abroad and to some extenthigher prices. Service transactions,however, declined during the year, chieflyas a result of the continued reduction ofmilitary activity in foreign areas. Re-ceipts and payments for transportation

services remained at a high level in ac-cordance with the rising physical vol-ume of trade. Tourist expenditures rose,particularly to and from neighboringcountries, but not sufficiently to com-pensate for declining transactions by thearmed forces.

The surplus of goods and servicestransferred to foreign countries in-creased from 7.2 billion dollars in 1945 toover 8 billion dollars in 1946. A detailedaccount of the means of financing thissurplus appeared in previous articles inthe SURVEY.1 Preliminary data indicate

1 July, October, December, 1946.



Chart 19.—U. S. Foreign Trade, by Economic ClassesBILLIONS OF DOLLARSI 6

I 4

12

10

EXPORTS OF U. S. MERCHANDISE

biLLIONS OF DOLLARS16

| FINISHED MANUFACTURES

| CRUDE AND MANUFACTURED FOODSTUFFS

I CRUDE MATERIALS AND SEMIMANUFACTURES

IMPORTS FOR CONSUMPTIONl r

1929 30 31 32 33 34 35 36 37 38 39 40 41 42- 43 44-• ANNUAL TOTALS *~

Source of data: U.S. Department of Commerce.

1945 1946QUARTERLY TOTALS,_

AT ANNUAL RATE

that in 1946 gifts and donations financed39 percent of the export surplus, long-and short-term loans about 43 percent,and liquidation of foreign assets includ-ing gold about 17 percent. This repre-sents a sharp decline of gifts and dona-tions and an increase in loans and utiliza-tion of foreign assets compared to 1945.The changes in the means of financingthe export surplus are due primarily tothe termination of straight lend-lease.

Government Transactions Decline

With the cessation of hostilities in 1945the United States Government reducedits active participation in internationalas well as in domestic economic activi-ties. The decline in the Governmentshare of merchandise transferred ascompared to the war period coincidedwith the decline of lend-lease and thevirtual termination of reverse lend-leaseafter VJ-day. Reduced activities by thearmed forces in foreign countries also

contributed to the diminishing role of theGovernment in international transac-tions. The decline in these two spheresof Government activity was partly andtemporarily offset by increasing reliefshipments and surplus property disposalsabroad.

Direct selling by Government corpora^tions, chiefly the Commodity Credit Cor-poration, increased, reflecting the re-sumption of foreign cash purchases afterthe termination of straight lend-lease,and higher prices especially of agricul-tural products. The sale of agriculturalproducts proceeded through Governmentcorporations as long as supplies were in-sufficient to meet both domestic and for-eign requirements, and certain quotasfor export had to be set aside. Withthe improvement of the supply situation,new contracts by the Government forprocurement on foreign account ceasedafter January 1, 1947.

The dollar value of Government im-ports of raw materials and other prod-ucts remained relatively stable through-out the year, but accounted for a de-clining share of total imports. No newcontracts for the purchase of certain rawmaterials, such as copper, lead, copra,and specified fibers were to be enteredinto after the end of 1946. Other com-modities, whose world supply continuedto remain short, such as rubber and tin,were still on the procurement list. Asforeign supplies more nearly approachdemand, however, Government procure-ment activities, except for the stock pil-ing program, are likely to be terminated.

Controls Relaxed

In addition to the relative decline ofUnited States Government participationin actual purchases and sales or othertransfers of commodities and services,Government controls and regulations ofinternational trade were considerably re-laxed. International allocation of rawmaterials through the Combined RawMaterials Board had been terminated atthe end of 1945; allocations of foodstuffsthrough the Combined Food Board con-tinued only until June 30, 1946. At theend of 1946 wheat, sugar, fats and oils,rubber, tin, and some minor commodi-ties remained under allocation throughsecial international agreements. More-over, increased supplies in this countrymade it possible to remove from exportcontrols a long list of domestic products.

Exports of Foodstuffs at Peak Rate

Merchandise exports during 1946reflected the role of the United Statesin providing for the relief and rehabili-tation needs of foreign countries. Re-corded exports of foodstuffs reached anannual total of about 2.2 billion dollars(0.8 billion of which were UNRRA andlend-lease exports), higher than at anytime since 1919 when, under similar cir-cumstances, they amounted to 2.6 billiondollars. In addition to recorded exports,about 475 million dollars of foodstuffswere exported to the occupied areas dur-ing the year by the armed forces.

The increase of the share of foodstuffsin total recorded exports from only 10percent during the years 1936-38 toabout 23 percent during 1946 representsan interruption of the trend in the com-position of our exports. Over the last 70years, with the exception of a few yearsduring and immediately after World WarI, food exports have comprised a declin-ing proportion of the total. As the re-habilitation of foreign areas progressesand lend-lease and relief programs areterminated, the relative importance offoodstuffs in total exports is likely toresume a declining trend.


February 1947 SUEVEY OF CURKENT BUSINESS 29

High Raw Material ExportsExports of crude materials and semi-

manufactured products (other thanfoodstuffs) showed a rise from 1.7 billiondollars or 17.3 percent of total recordedexports in 1945 to about 2.3 billion dollarsor 24 percent of recorded exports during1946. Even at that rate raw materialexports have not yet reached their pre-war share of total exports (38 percentduring the years 1936 to 1940). The dol-lar value of these exports, however, washigher than at an-y time since 1920, whenexports in these categories reached apeak of over 2.8 million dollars.

The high dollar rate of raw materialsexports after both wars resulted fromsimilar factors, chiefly the inability ofwar-devastated areas to provide theircustomary share of the world demand forsuch products, the world-wide need torebuild depleted inventories, and higherprices. The need for replenishing inven-tories also existed in the United Stateswhere a relatively large part of the 1946production did not reach the final con-sumer, but appeared as an increase inthe stocks both of producers and dis-tributors.

Finished Goods Exports Increase

At their wartime peak in 1944 exportsof finished manufactures (other thanfoodstuffs) amounted to more than 10.7billion dollars or 76 percent of the totalbut declined to an annual rate of 3.5billion dollars at the end of 1945. During1946 exports of finished manufacturesrecovered to about 5.0 billion dollars or53 percent of total exports.

The long-run trend for over 100 yearsbefore the war showed a steady increasein the share of manufactured productsin total exports. Because of heavy ship-ments of war material under lend-leasethis class of exports outran the trendduring the war, but in 1946 the ratio offinished goods to the total was about thesame as in the late 1930's, whence it maybe expected to continue its gradual rise.

Imports Still Below "Normal"Prior to the war real imports (i. e. im-

ports adjusted for price movements)followed rather closely the volume of pro-duction in the United States. Princi-pally because of the disruption of com-mercial relations, the destruction offoreign productive facilities, and thediversion of production in foreigncountries to armaments, this relation be-tween real imports and domestic produc-tion was interrupted during the warperiod.

During the past year imports increasedslowly and reached during the lastquarter about three-fifths of the levelthat might have been expected on thebasis of current domestic productive ac-tivity. This compares to a little overone-half for the year 1945.

The relatively small progress towardthe restoration of our imports is, how-ever, the result of two offsetting trends,geographically speaking. Imports fromNorth America had been above the pre-war relationship during the war periodand in 1946 declined to or even belowthe computed "normal" level. Importsfrom Europe and Asia on the other hand,increased considerably but were still wellbelow the computed "normal."

This analysis suggests that the vol-ume of imports from Europe and Asiashould continue to rise. This increaseshould be fully reflected in total importssince imports from areas unaffected bythe war are not expected to decline fur-ther. The volume of total imports,should, therefore, show a sharper risefrom 1946 to 1947 than during theformer year.

Raw Materials Rise; Manufactures Lag

The commodity composition of im-ports reflected the faster recovery offoreign production of raw materials thanof finished manufactures. (See chart19.) Compared to the prevailing rateof national income imports of crude andsemimanufactured materials increasedfrom 53 percent of the computed "nor-mal" in 1945 to about 67 percent duringthe last quarter of 1946, while finishedmanufactures during the same periodincreased only from 46 to 48 percent.In the latter group, however, a declineof imports of war materials, mainlyfrom Canada was compensated by in-creased imports of civilian manufacturedgoods. On the basis of prewar relationsit seems that the expected increase intotal imports will have to come to arelatively greater extent from higherimports of finished manufactures thanfrom higher imports of other commodi-ties. This may very well coincide withthe relatively greater increase of im-ports expected to come from Europe,which before the war supplied about 50percent of the imports of manufacturedgoods.

Government policies and actions con-tinued to set the over-all tone for finan-cial developments during 1946, but theyear saw the resurgence of activity inthe private money market and increaseddemand for funds by businesses and con-sumers generally. As a result of an im-proved budgetary situation, Federal fis-cal operations were no longer a majorsource of inflationary pressures, as dur-ing the war years. In addition, by itsdebt redemption program the Treasuryreversed the long continued growth inthe total money supply, although privatedeposit and currency holdings madefurther gains during the year.

On the whole, the general financialenvironment at the end of the year was

Financial Developmentshighly favorable to continued high pro-duction and employment in the economy.There were no evidences of a shortage offunds seeking investment, though in thesecond half of the year terms of issuewere revised to provide more attractionfor available funds. However, the firm-ing of interest still left rates in mostcases no higher than at the close of1945. In general, Treasury and FederalReserve policies during the year con-tinued to be directed toward the mainte-nance of the existing structure of in-terest rates.

Federal Cash Surplus in 1946

For the first time in more than 15years, the Federal Government wound

up the calendar year period with a smallexcess of cash income over cash outgo.As shown in chart 20, the last time theTreasury was in a somewhat similarposition was in the last half of 1937 andin early 1938 when small surpluses wererecorded for 2 quarterly periods.

The sharp reversal of the Treasury'sposition was a welcome development dur-ing 1946, since it tended to narrow thegap between demand and available sup-plies at a time when price ceilings wereunder considerable pressure. The con-tinuing high level of expenditures, andthe large share going to veterans' bene-fits and related programs, plus the largeproportion of taxes derived from cor-porate profits and graduated taxes on


30 SUEVEY OF CUEEENT BUSINESS February 1947

personal incomes, suggest that the neteffect of Federal fiscal operations wasstill in the direction of supporting buy-ing power, despite the small net with-drawal of cash.

Budget Accounts Still Unbalanced

On a budget basis, as distinguishedfrom a cash basis, the Federal accountswere still unbalanced in 1946, althoughthe deficit for the year was cut to 2.5billion dollars, as compared with 43.6billion dollars in 1945 and 52.7 billiondollars in 1944. The two bases yield dif-ferent results since budget receipts ex-clude such items as taxes transferred tothe Old-Age and Survivors InsuranceTrust Fund and budget expenditures in-clude various noncash outlays such astransfers of Treasury funds to otherGovernment agencies. The cash incomeand outgo data plotted in chart 21 meas-ure actual receipts of money from thepublic (other than Treasury borrowing)and actual payments to the public.

Public Debt Cut 19 Billion Dollars

One of the most notable financial de-velopments of 1946 was the large scaledebt redemption program of the Treas-ury which stopped the growth of the Fed-eral debt that had been under way since1930. The Treasury redeemed for cash23 billion dollars of securities, predomi-nantly short-term issues held by com-mercial banks. Since there was an in-crease in other issues, mainly those heldin other Government accounts, the netreduction in the public debt amountedto 19 billion dollars from the end of 1945and 20 billion dollars from the debt peakin February 1946.

The impact of the debt reduction pro-gram on the over-all economy was lim-ited because the bulk of the redemp-tions was financed through a reductionof the huge wartime cash balance ofthe Treasury, rather than through anexcess of cash receipts over expenditures,and because the holders of the redeemedsecurities were banks for the most part.With the Treasury's cash balance re-duced to a level more in line with post-war needs, it was apparent that furtherdebt reduction would be dependent on acash surplus.

Private Money Supply Continues Upward

The large-scale drawing down of theTreasury's deposits during 1946 effecteda reversal of wartime trends in totalmoney supply. Nevertheless, as shown inchart 21, deposits and currency held bynon-Government owners continued toexpand at a rapid rate, particularly inthe deposit components. In the case ofcurrency holdings, the increase duringthe year slackened to about the prewar

Chart 20.—Cash Income and Outgo of the U. S. Treasury

BILLIONS OF DOLLARS3 0

2 0

10

0

OUTGOA

EXCESS OF OUTGO

i i i1936 1937 1938 1939 1940

Source of data: U. S. Treasury Department.

rate of growth, in marked contrast to thewar period when currency accounted fora substantial part of the increase inliquid asset holdings.

Private Borrowers Replace Government

Not only was there in 1946 a completereversal from wartime in the role ofGovernment in the capital market, butthe magnitude of the needed expansionin private borrowing far exceeded that inany preceding year. The significantchanges in private capital requirementsmay be seen from the following estimatesof the Commerce Department and theBudget Bureau:

1941 1942 !943 1944 1945 194647-32

Private domestic gross capital forma-tion -_ _ .-

Sources of funds:Undistributed corporate profitsBusiness reservesNet Government payments to bus-

iness _Inventory revaluation *aVlj]ust-

ment - _.- _ I__ -Other sources

1939

Bil-liondol-lar*

9.9

.4

c

- . 41.7

1944

Bil-liondol-lars

3.9

5.49.6

-3 .6

- . 1-7 .4

1946

Bihliondol-lars

27.1

6.99.6

- 2 . 2

- 3 . 516.3

Private business gross capital forma-tion was 7 times higher than in the waryear 1944, when Government financingwas the dominant factor, and almost 3times as great as in the prewar year 1939.Whereas during the war the large rise inretained business income and in otherbusiness reserves resulted in accumula-

tion of liquid business assets, the reversewas true during 1946. While internalsources of funds far exceeded prewar andwartime levels, the rapid expansion ofcapital requirements resulted in a greatlyexpanded need for outside funds.

Revival of "New Money" Market

The increased need of businesses forlong-term and working capital resultedin a marked revival of activity in the"new money" securities market. Duringthe fourth quarter of 1946, corporationsraised about 1.3 billion dollars of newmoney—over 200 million dollars morethan in all of 1945. For the year as awhole, the net proceeds of new moneysecurity issues totaled 3 billion dollars,largest since 1930.

The proceeds from new security issuesto finance capital expansion rose from6 percent of total private plant andequipment expenditures in the first quar-ter of 1946 to over 25 percent in thefourth quarter. During the years 1937to 1941 this ratio never exceeded 11percent.

Refinancing Drops Sharply

In contrast to the trend of new moneyissues, corporate flotations for refund-ing outstanding securities droppedsharply in 1946. Net proceeds from suchissues totaled 3.1 billion dollars, about1.5 billion dollars less than in 1945 whenthere was record refunding to take ad-vantage of reduced interest rates. Thepeak of refunding coincided with the


February 1947 SURVEY OF CURRENT BUSINESS 31highs reached in the market for out-standing securities in the second quarterof 1946. Undoubtedly, the sharp reduc-tion of stock market prices in the lasthalf of 1946 was a factor in this trendreversal. These refundings became lessprofitable as bond prices firmed. Also ofimportance was the fact that the mostprofitable refunding operations had beenaccomplished by mid-year.

The stock market reversal in the sum-mer of 1946 affected primarily the vol-ume of refunding and the form that newmoney issues assumed. While the stockmarket was rising, stocks constituted thebulk of new money issues, but by thefourth quarter of last year, more thanfour-fifths of the new money issues com-prised bonds rather than stocks.

Commercial Loans Rise Sharply

During 1946 business and agriculturefound it necessary to supplement fundsreceived from other sources by borrow-ing from commercial banks. Commer-cial, industrial and agricultural loans atcommercial banks reporting weekly tothe Federal Reserve Board amounted toapproximately 10.3 billion dollars at theend of the year, 3.0 billion dollars, or40 percent, more than at the beginning.The bulk of the expansion occurred after

June 30. This suggests that the stepped-up rate of inventory accumulation wasa drain on the working capital of many

Char t 21.—Deposits of All Banksand Currency Outside Banks

BILLIONS OF DOLLARS20

150

1939 40

Source of data: Board of Governors of the FederalReserve System,

business firms. However, the carryingof increased customer receivables andlarger trade payables were also import-ant in increasing the volume of short-term bank borrowing.

Business Liquidity High

Although in the reconversion period,business found it necessary to liquidatesome of their more liquid assets, workingcapital continued in a highly liquid state.Net working capital of corporations(current assets less current liabilities)actually increased, mainly reflectinglower Federal income-tax liabilities.

Estimates of the Securities and Ex-change Commission reveal that in theyear ending September 30, 1946 (latestdata now available), corporate cash andU. S. Government securities holdingswere reduced by about 7.4 billion dollarswhile inventories and receivables rose byabout an equal amount. Despite thesechanges, cash and Government securityholdings of 38.5 billion dollars in late1946 represented almost two-fifths oftotal current assets of corporations ascompared with a ratio of 25 percent atthe end of 1939. These assets were alsohigher in relation to sales than in theprewar period.

New or Revised Series

Publicly Reported Dividend Payments: Revised data for page S—19 *[Millions of dollars]

Month

January __ __ _. _..FebruaryMarch., ._AprilM a vJuneJulyAugust _ -__ - .-September .OctoberNovember ._ _De-cember

Total .

Monthly average

1943

Total

285. 2147.3333. 5300 9121.3415.3338. 0142.5350. 7311.1135. 0733. 6

3, 614. 4

301. 2

Manu-factur-

ing

92.161.8

203.4127 464.7

238.4133. 466.3

205.6135.472.8

424.8

1,826.1

152.2

Min-ing

0.9.3

21.22 3.3

22 32.1

. 523.33.11.4

44.8

122.5

10.2

Trade

16.35.9

22.115.13.6

25.215.83.4

26.415.05.0

46.9

200.7

16.7

Fi-nance

73.729.219.347.28.0

29.075.326.019.349.39.3

Rail-roads

16.77.1

12.217.01.3

34.913.77.9

13.813.32.7

59.8 1 61.6

445. 4

37.1

202.2

16.9

Heat,light,and

power

36.940.933.740.141.540.845.535.734.842.140.950.8

483.7

40.3

Com-muni-cations

46.0.2

12.946.4

.214.146.5

. 114.846.4

.216.3

244.1

20.3

Mis-cella-neous

2.61 9

5.41.7

10.65. 72.6

12.76.52.7

28.6

89.7

7.5

1944

Total

285.1138.4361. 7307.4118. 4460.7350. 5133.7393.3300. 4129.2803.4

3, 782. 2

315. 2

Manu-factur-

ing

92.759. 9

224.2131.466.9

264.6144.361.4

239. 2127.570.9

451.4

1, 934. 4

161.2

Min-ing

1.4.9

22.14.11.0

43.43.91.2

20.84.72.9

68.5

174.9

14.6

Trade

17.37.3

23.016.44.1

25.717.63.8

25.717. 25.4

45.8

209.3

17.4

Fi-nance

74.026.422.445.711.030.878.525.924.248.512.972.0

472.3

39.4

Rail-roads

16.86.7

14.217.21.4

37.314.87.9

25.612.82.9

68.1

225.7

18.8

Heat,light,and

power

34.032.931.840.231.232.737.731.431.938.131.952.7

426.5

35.5

Com-muni-cations

45.7.1

14.446.4

.214.546.5

. 114.046.5

.216.1

244.7

20.4

Mis-cella-neous

3.24.29.66.02.6

11.77.22.0

11.95.12.1

28.8

94.4

7.9

i Compiled by the 17. S. Department of Commerce, Bureau of Foreign and Domestic Commerce. The series include all cash dividend payments which are reported in Moody'sDividend Record: The data cover over 4,750 corporations, and currently represent more than 60 percent of total cash dividend payments. No adjustment is made for intercorporatedividends. The miscellaneous group includes agriculture, contract construction, services, transportation other than railroads, public utilities other than heat, light and power, andmotion pictures.

Data for 1941-42 are available on p . 20 of the February 1944 Survey, except for minor revisions in the 1942 figures as follows (millions of dollars): Total—April, 312.9; May, 118.4;July, 340.6; November, 128.6; December, 705.3; year, 3,530.5 (monthly average 294.2); manufacturing—November, 74.4; December 398.3; year, 1,790.8 (monthly average, 149.2); m i n i n g -April, 4.8: year, 159.8; finance, December, 53.8; year, 440.7; heat, light and power—November, 32.2; December, 47.4; year, 440.9; miscellaneous—May, 2.0; July, 5.7; December, 27.9;year, 77.1. The coverage of the series is incorrectly stated as 70 percent in the February 1944 Survey.


32 SUEVEY OF CURRENT BUSINESS February 1947

Production of Electric Energy: New or Revised Data for Page S—26[Millions of kilowatt-hours]

Utilities, totalBy fuelsBy waterpower

1920

39, 40523, 64415, 760

37,18022, 47714, 703

43, 63220, 75716,876

51,22932, 28918, 940

54, 66235,17219, 490

61, 45139, 65321,798

1927

69, 35343,75025,603

75, 41846, 94428, 474

1928

82, 79449, 92032, 874

92,18059, 53332, 648

91,11259,92231,190

1931

87, 35058,32329,027

79,39346, 51532, 878

1933 1934 1935

Total (utility and industrial) . .Utilities, total

ByfuelsBy water power

Industrial establishments-.ByfuelsBy water power

81,74048, 28333,457

87, 25854, 57432, 684

95, 28756, 91538, 372

1936 1937 1938

109,31670, 25839,058

118,91374, 90044,013

113,81269,53344, 279

161,308127, 64284,07843,56433,667

1940 1941

179, 907141,837

94, 51647,32138,070

208, 306164, 788113,92550,86343,519

1942 1943 1944 1945

233,146185,979122,10963,87147,167

267, 540217,759144,127

73, 63249, 78144,3365,445

279,525228,189154, 244

73, 94551,33646, 3764,959

271,255222, 486142,516

79, 97048, 76943, 9924,777

1936:

1937:

Utilities, totalByfuelsBy water power.

1938:


1939:

Utilities, totalByfuelsBy water power _

January Febru-ary March April May- June

8,8385, 6423,196

9,9236,0993,823

9,4395,8873, 552

1940:

Utilities, totalByfuels _._By water power -

1941:

Utilities, totalByfuelsBy water power -

1942:


1943:

Utilities, totalBy fuelsBy water power.

Utilities, totalByfuelsBy water power -

1944:Utilities, total

ByfuelsBy water power

1945:Total (utility and industrial)

Utilities, totalByfuelsBy water power

Industrial establishments, total...ByfuelsBy water power

10,3886,6893,699

11,9628,8333,159

13,3168,7624,553

15,37210,7774,594

17, 38111,0046, 377

19, 72714,0645,663

24, 63820, 28713, 8316,4564, 3513,914436

8,2125,4492,764

9,0365, 5583,477

8, 5474, 9923,555

9,4335,6503,784

10, 8707, 7063,163

11,9988,1143,884

13, 8469,4154,431

15, 8559,9835,872

18,58112.9425,638

22, 0.5918,02012,1105,9104,0393.642'397

8, 5264,9083,618

10,0336,1583,875

9,2995,3393,960

10, 3245,9224,402

11,2597, 3593,900

13,0678,6944,374

14,7979,1905,607

17, 57310,9696,604

19, 54312, 5337,010

23, 96119,55712,0557,5024,4043, 932

472

8,5324,6923,840

9,6965, 5544,142

8,7844,7344,049

9, 7525,4034,348

10, 9816,4784,503

12, 6497, 8504,799

14, 3548,7525,602

16, 97910, 2456,734

18,41311,1247,289

22, 85818,67611,6137, 0634.1823, 7254c 7

8,7144,9883,726

9,8095,4364,372

8,9395,0853,854

10,1456,0224,122

11,3916, 8374,555

13,3459,1324,213

14, 7639, 4105,352

17,61310, 4527,161

18, 87311,6147,259

23, 69519, 41611,8087, 6094,2793,844435

8,8385,7103,128

9,9186,1533,765

9,0575,3593, 698

10,3296,5823,747

11,2737,0974,176

13,3939, 3754,018

14,9559,6135,342

17, 84811,3996,450

18,59512,3056, 290

22, 99218, 82311,8496,9734,1703,757412

Julv

9, 3606,3553,005

10,1926, 7943,398

9, 3695,7133, 656

10.4437,0073,437

11,8147,6884,127

14,0569, 6234,433

15. 79310, 6755,118

18,43012,2496,181

IS, 79212,8135, 980

23,04518,95612, 2546, 7024,0883, 735

353

August Septem-Septe]her October

Novem-ber

Decem-ber

Monthlyaverage

9, 4986, 5622,936

10,4747,1733,300

10,0026, 2183, 784

11,0147, 5233, 492

12,1598, 2233, 937

14,29410,3783,915

16,04110, 7395,302

18, 96213,1015, 861

19,57313,8035,770

22, 59618,610 I12.265 I6,3453,986 I3, 659327

9,4086,5102,898

10, 0786, 8633,215

9, 6616,1993, 462

10,9117,8213,090

11,7097, 8863,823

14,11310,1423,970

15. 89410. 6895,205

i8, 60413, 2675, 337

18,51613,1255,392

20, 72517,01210,9836, 0283.7133,375338

9,8176, 5763,241

10, 2456, 8973,348

10,0356,6823,353

11,6378,5293,108

12, 7659,1443,622

14,98110, 8074,174

16, 52611,0305,496

19,31413,8355,480

19,02713, 2635, 763

21, 46417, 60211,1976, 4653, 8033, 445358

9,4346,2183,215

9,6535, 9693,684

10,0616,5663,496

11,4338,2583,176

12, 4808,4823,999

14, 22410,1634,061

16,22410,5015,723

19, 22813,2146,014

18,94713,256

5, 691

21,20817,36011.0286,3323,8473, 467380

10,1406,6493,491

9,8586,2453,613

10,6196, 7593,861

11,8328, 6733,159

13,1438,7844, 360

15,35310, 8854,468

17,41611,3176,099

19,97314,410

5, 563

19, 60213,4026,201

22,01418,10811,5226, 5863, 9073, 495

412

9,1105, 8553,255

9, 8096,2423,668

9, 4845,7943,690

10, 6377,0073,630

11,8207, 8763,943

13,7329,4944,239

15,49810,1765,323

18.14712.0116,136

19,01612,8546,162

22, 60518, 54111,876

6, 6644, 0643, 666

398

i Compiled by the Federal Power Commission. The series for utilities represent a revision of the statistics published in the 1942 Supplement to the Survey, and in the monthlySurvey through the May 1945 issue, to exclude production of railroads and railways and a comparatively small quanti ty formerly included for certain mining and manufacturingplants supplying energy to utilities and to others. Such production is now included in the data for industrial establishments. The data for utilities cover total production for publicuse by privately and municipally owned utilities, Federal projects, cooperatives, power districts, State projects, and publicly owned non-central stations which operate primarilyfor such functions as public street lighting or water pumping. The present revision did not affect the data for privately and municipally owned utilities shown separately in theSurvey; bu t there have been unpublished minor revisions in the 1943-44 data; these revisions and revised totals for "other producers" for 1920-45 will be published later.

The data for industrial establishments and total industrial and utility production are new series. The series for industrial establishments represent estimated total production

production by non-utility producers. The data are based upon reports of industrial producers of electric energy with plant capacities of 100 kilowatts or more, which account foraround 85 percent of total production by industrial establishments, on data reported by the U. S. Bureau of the Census in the 1939 Census of Manufactures and the 1939 Census ofMineral Industries, and related statistics.

Employees in Nonagricultural Establishments: Revised Data for Page S—9 1

[Thousands of employees]

Month

JanuaryFebruaryMarchApril]Y1 ̂ yJuneJuly

Total, all industries

1943

39,51139, 56139, 84140, 07940,10240, 38240,480

1944

39, 72739,68639, 61339, 61539, 65539, 86939.809

I

1945

39, 09339,13539, 25138,99138, 88038, 76738,474

Manufacturing

1943

16, 57016,81617,03717,12917,18117,43117,618

1944

17, 58717, 58117, 44717, 23517,10517,11617,091

1945

16, 69616, 68416, 55716, 30216,01215,74915,331

Month

|AugustSeptember - . -October..NovemberDecember

Monthly average _

Total, all industries

1943

40, 41440, 238

1944

39,80639.616

40.301 39.42640,46740,839

40,185

39,43540,004

39, 689

1945

38,17236, 39836, 32736, 77937.463

38,144

Manufacturing

1943

17,73617, 69617,77717, 85817, 722

17,381

1944

17, 08516,88816, 75816, 69516, 747

17,111

1945

15,01913,15913,04813,11013, 059

15, 060

i Compiled by the U. *S. Department of Labor, Bureau of Labor Statistics. The manufacturing series has been revised to adjust the monthly estimates to final 1943 and 1944 datafrom the Federal Security Agency and the revision incorporated in the total. The 1943-45 data shown here supersede figures shown on p. 24 of the July 1945 Survey and in the sta-tistical section of the Survey through the August 1946 issue. For 1946 data see p. S-9.


February 1947 SURVEY OF CURRENT BUSINESS S-l

Monthly Business StatisticsThe data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That

volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; italso provides a description of each series and references to sources of monthly figures prior to 1938. Series added or revised since publica-tion of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating wherehistorical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers referto adjustment of monthly figures for seasonal variation.

Data subsequent to December for selected series will be found in the Weekly Supplement to the Survey.

Unless otherwise stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Survey

1946

Decem-ber

1945

Decem-ber

1946

Janu-ary

Febru-ary March April May June July August » October

BUSINESS INDEXES

INCOME PAYMENTS!

Indexes, adjusted:Total income payments 1935-39 <=100_

Salaries and wages _ doTotal nonagricultural income _ __do. _

Total „ mil. ofdol..Salaries and wages:

Total doCommodity-producing industries doDistributive industries do _Service industries doGovernment do

Public assistance and other relief doDividends and interest doEntrepreneurial income and net rents and roy-

alties _ mil. of dol._Other income payments doTotal nonagricultural income _ do

FARM MARKETINGS AND INCOME

Farm marketings, volume:*Indexes, unadjusted:

Total farm marketings . . . 1936-39=100Crops doLivestock and products . do

Indexes, adjusted:Total farm marketings _ . . do

Crops ._ _.do ..Livestock and products do

Cash farm income, total, including Government pay-ments* mil. of doL_

Income from marketings* _ . doIndexes of cash income from marketings:t

Crops and livestock, combined index:Unadjusted 1935-39=100Adjusted do

Crops doLivestock and products do

Dairy products doMeat animals doPoultry and eggs do

PRODUCTION INDEXES

Industrial Production—Federal Reserve Index

Unadjusted, combined index! 1935-39=100._Manufactures! do

Durable manufactures! doIron and steelt _ - doLumber and products! - do

Furniture! doLumber! do

Machinery!. doNonferrous metals and products!. __do

Fabricating*.. _ _ „ doSmelting and refining* do _

Stone, clay, and glass products! doCement doClay products* doGlass containers! _. _ _ do

Transportation equipment! _ _doAutomobiles!§ do

Nondurable manufactures! doAlcoholic beverages! „ _„ _ doChemicals! do __„

Industrial chemicals*. _ . doLeather and products! do _

Leather tanning* . doShoes do

260. 5258.4248.2

15, 895

9, 3233,8812,4721,5951, 375

1142,395

3,328735

13,980

150153149

155155155

2, 5102, 492

366349379339424365

v 176p 184v 207p 158p 129^160v H4v 273v 195

v 158v 197•p 1 6 1

v 155

?232•P 1 8 7

v 166

^245v 417

234.1236.1230. 5

14, 272

8, 5253,0462,0731,3912,015

882,056

2,5991,004

12,846

139137140

144143144

1,9091,893

268'268' 2 9 3

250201

'251345

16118718416486

13163

23214715014115910812822721795

154188231378111113109

233. 5231.1229,3

13,04?

8,1792,9382,0181,3961,827

901,122

2,6091,047

11, 719

131135129

150170135

1, 6481,534

231'267'311'234

187235330

15616016410299

13580

217151155140163107134242220107157198233384117115118

231.7227.8226.1

12, 068

8,0412.9172,0211,4311,672

92525

2,415995

10,930

120107130

155162150

1. 4551,383

208' 289' 319'267

194317278

14815113643

11013995

18813914412817411313824719998

162211233379137136138

234.7235.1230.4

13,199

8,3603,2222,0751,4761,587

941,386

2,402957

12,059

11897

134

149164138

1,4261,370

206' 271' 308

243207258281

164170182169120142108207141148123184125143251209114162162234382134119144

236.4239.0232.6

12, 960

8,5413,3182,1681,4951,560

93892

2,507927

11, 698

11778

146

131119140

1,5691,419

214' 262' 267' 258

223' 2 8 3

269

163174190159129144122225132141109187145144243245161161164237392131114142

239.7240.6233.8

12, 768

8,6293,4252,2281,4761,500

94558

2,577910

11,423

12599

145

159189136

1,6571,551

233'2S4'331

249223255294

159167175109131142126230130139109180134140228239162160157231383127105142

240.9244.1235.6

14, 478

8,7873,6412,1761,5031,467

952,238

2,500858

13,178

11194

125

131150117

1,5231,469

221T 271' 332

226220

'213281

171176194154141146138241135147110191166147237238167162174231389127104142

250.6249 9240 0

13,979

8,8453,7012,2161,5371,391

961,113

3, 099826

12,082

154150158

155142164

2, 4072,271

342' 335r 311'354

271441298

17417820317913714413324314814513119317114723924117615918723239810194

106

252.1254.1243.2

13,481

8 9953,8782,2551,5461,316

97554

3, 020815

.11,684

145156136

139130146

2, 2572,193

330' 313'294

327284

' 366323

180186210183144152140255156163138204179154261242182166174233395119100

' 133

246. 6254. 3242.7

14,317

9,1443,9282, 2961, 6461,374

991,455

2, 859760

12, 693

130162106

111117107

2, 0272,014

303' 249' 279'227

293139366

184' 190' 213

184147152144

' 261168176146213188

' 156270

' 24018817223723539511899

131

' 254. 5253 5243. 7

14, 673

9 1953, 9022, 3231, 5551,415

107893

3, 725753

12,239

188231155

142142142

3, 3473. 332

501' 348' 346' 349

310356428

" 184191215183142155136

' 26S179191150209181

' 158258

'236185

' 172221240

'40311798

130

' 259. 2r 256 9' 246 8

' 14, 202

r 9 210' 3, 867' 2,378' 1,586r 1 379

110r 5S7

' 3, 549' 746

r 12; 009

' 168' 169' 166

• 1 5 0

' 155T 157

r 2, 935r 2, 922

T 440' 367'347' 3 8 2

333' 437

355

1K2191

' 213' 177' 139

157131

' 271' 187

200155206175155254

r 235r 187' 1 7 3

196244

' 4 1 1122114128

v Preliminary. r Revised. § See note for automobile index at the bottom of p. S-2.*New series. For a description of the indexes of the volume of farm marketings and figures for 1929-42, see pp. 23-32 of the April 1943 Survey; indexes since 1942 are from the

Department of Agriculture. Data for 1913-41 for the dollar figures on cash farm income are shown on p. 28 of the May 1943 Survey; revised totals of cash farm income for 1940-44 aregiven in the note on p. S-l of the January 1947 Survey; the monthly figures have not as yet been adjusted to the revised totals. Data beginning 1939 for the new series under industrialproduction are shown on p. 18 of the December 1943 issue.

f Revised series. For revised data on income payments for 1939-41, see p. 16 of the April 1944 Survey and for 1942-44, p. 20 of the May 1945 Survey. For revisions for the indicatedseries on industrial production, see pp. 18-20 of the December 1943 issue. Revised data for 1913-41 for the unadjusted index of cash income from farm marketings and for 1935-41 forthe adjusted indexes for dairy products and poultry and eggs are available on p. 28 of the May 1943 Survey; the other adjusted series have been revised above, because of a correctionto bring the adjusted figures in line with the unadjusted, and are not comparable with indexes previously published; the indexes for these series published on p. 28 of the May 1943Survey and p. S-l of the March 1943 to January 1947 issues may be made comparable with those shown here by multiplying by the following factors: Adjusted index, crops andlivestock combined, 0.949; crops, 0.884; livestock, 0.999; meat animals, 0,998,

730394.—47 5Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S-2 SUEVEY OF CURRENT BUSINESS February 1947

Unless otherwise stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Surrey

1946

December

1945

Decem-ber

1946

Janu-ary

Febru-ary March April May June July August Septem-

ber October Novem-ber

BUSINESS INDEXES—Continued

PRODUCTION INDEXES—Continue

Industrial Production—Continued

Unadjusted—Continued.Manufactures—Continued.

Nondurable manufactures—Continued,Manufactured food productsf 1936-?

Hairy productsf -Meatpacking: .__Processed fruits and vegetables*

Paper and products! - - ---Paper and puipt

Petroleum and coal products!CokePetroleum refininct

Printing and publishing!Rubber productsfTextiles and products!

Cotton consumptionRayon deliveries __Wool textile production

Tobacco products _ _

Minerals! - - - —Fuelst -

Anthracite!Bituminous coalf _ _ _Crude petroleum

Metals .

Adjusted, combined indext -Manufactures

Durable manufactures _.Lumber and products.., _

LumberNonferrous metals _ . .

Smeltimr and refining*Stone, clay, and glass* products

CementC!av products*Glass containers

Nondurable manufactures _.Alcoholic beverages. _Chemicals . _.Leather and'products

Leather tanning* . . . .Manufactured food products

Dairy products . . . . .Meat packing

d

I9«=1OO.. . d o .-do.—

do- d o —

dodododododo

- d o . .do

..dodo

. do

. do—do

do. do

do. do

dododo

. dododo

- d o —. do

dodo

..do .do

. dodo

. do- d o -

dodo

Processed fruits and vegetables*.. .doPaper and products fin

Paper and pulp _ _Petroleum and coal products

Petroleum refiningPrinting and publishing _Textiles and products ._.Tobacco products . . . . .

Minerals _ . _ . .Metals

dododo

. do—do.

do

. do_ do_ _

Manufacturers' Orders, Shipments, andInventories

New orders, index, totalt avg. month 1939=ionDurable goods industries

Iron and steel and their productsMachinery, including electricalOther durable goods

Nondurable goods industriesShipments, index, totalf.

Durable goods industriesAutomobiles and equipmentIron and steel and their productsNonferrous metals and productsMachinery, including electrical.Transportation equipment (exc. autos)_._Other durable goods industries.

dodo

._do „dodododo

- d o —..do.. . .

do..do- d o —-do—

9 151

1759 125

v 1349 245

• P160141243

138

3

1

141•> j 2 l'130» 147

'179» 186'209' 142o 332P 195f 158

111v 150

»168

P244

9 156

1519 161

9 131v 160

148

9 136v 108

P272

»236v 222

i

'338

262

149

182108134131

9 172154

114205143125228149104

126137

94142139

61

1631691859272

147140164119124244

156212230111114153

155138134132

» 172

112143112

133108

182173174217137188197199

9419118326S626161

143

15594

133130

v 166116

114215151138233153142

134146114159144

60

160163166108

95151140172131144247

161231234117115154

9 116131145133130

9 166

118151143

141107

188176165215156196184169

88140172199572176

145»85171

92141137

» 16191

122216159146234171148

134149121160147

47

152154138119108139128185149144255

167238232133126160

9 117178146140136

p 161

123159156

14193

186179163235152189183153

8192

163198492188

139» 101

12989

148143

» 171151

129221162147241173152

131145125168138

44

168173183125117141123192152150251

166176232134120156

» 122140163148143

v 171

127162161

13789

193203221240155188197183

98174167202504199

139p 134

120101146141

113

129219161144245169147

99108121

1014646

165176190130123132109190152148243

164169235131115153

»129130165146141

9 166

126161154

10476

203219240269157194206203134186185222547211

137»160

120103142138

P 16373

126215164149247174164

115124125

60149

62

159167175129123130109175127140213

161155231127104145

»120120158142138

*>163

124164163

11563

209224231297159200208207142178186233554223

137»189

84125147142

»174137

129218165152240174159

141149

86156153

95

170176193133127137110190155148240

162161233128107139

» 12985

162146142

129165153

13978

214231223331161203209212126187210255535220

161p 197

154228136131

160

115211144127233144145

150153128159154126

172177202129121148132192155147249

157176235103

99150

165175136131

*>178

124144140

146103

204229252295153188206216169197206240497211

1649 175

122255147142

P 182165

123221162149233173161

147150120156151132

177r 183

208135126156138197159150251

164174237120101147

9 137138155147142

9 182

129162155

144107

211232250292166198222233188212241257457230

1649 151

37r 315

150144

9 181166

128' 234' 166

153236

' 181166

149151125163149136

' 179T185r 211

137129168146204162150265

165227235119101136

9 14338

142150144

9 181

128' 166

157

146111

228254281321173212240259216229276289531247

r 1589 120

117r 216

152146

P 1 7 9r 167

135r234

168155242

r 178179

147150124160149

r 126

181188

••213136127179150200156

' 149250

' 168206

••238' 117

97'1469 146

115167152146

9 179

132168173

145'111

227249270316175214244263217231286285504265

' 1 5 79 96181

T 1499 153

148

152

135r 243r 173

164249181172

135r 140

123116150

P 105

182r 191r 213

142r 135

187155202162150251

' 172213243121110

' 1569 146

163' 162v 153*> 147v 177

1309 173

169

r 1369 118

233258276305204218

r 268r 278••235'236r 320' 3 1 3T 503' 2 6 8

' Revised. p Preliminary.*New series. Data beginning 1939 for the new series under industrial production are shown on pp. 18 and 19 of the December 1943 Survey.tRevised series. For revisions for the indicated unadjusted indexes and all seasonally adjusted indexes shown above for the industrial production series, see table 12 on pp. 18-20

of the December 1943 issue. Seasonal adjustment factors for a number of industries included in the industrial production series shown in the Survey have been fixed at 100 beginningvarious months from January 1939 to July 1942: data for these industries are shown only in the unadjusted series as the "adjusted" indexes are the Bauoe as the unadjusted. Theindexes of new orders were revised in the November 1945 Survey and the indexes of shipments were revised in the February and March 1945 issues; data for electrical machinery andother machinery, which were shown separately in the May 1946 and earlier issues of the Survey have been combined; data for 1939-44 for all series, except the combined indexesfor machinery, are shown on p. 23 of the July 1946 Survey and combined indexes for machinery are on p. 22 of the August 1946 issue.

NOTE FOR INDEX OF PRODUCTION OF AUTOMOBILE INDUSTRY, p. S-l.—This series is currently based upon man-hour statistics for plants classified in the automobile and automobileparts industries and is designed to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies,

is making a study of production and man-hour statistics in an endeavor to arrive at a more accurate measure of over-all production in these industries.


February 1947 SURVEY OF CURRENT BUSINESS S-3


1946Decem-

ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber

BUSINESS INDEXES—Continued

MANUFACTURERS' ORDERS, SHIPMENTS,AND INVENTORIES—Continued

Shipments!—Continued.Nondurable goods industries._avg. month 1939=100.

Chemicals and allied products do. _Food and kindred products doPaper and allied products doProducts of petroleum and coal doRubber products doTextile-mill products.. doOther nondurable goods industries do

Inventories:Index, total do

Durable goods industries . _ . . . . _ do.Automobiles and equipment doIron and steel and their products _ - - do _Nonferrous metals and products* doMachinery, including electricalf-. doTransportation equipment (except automobiles)

avg. month 1939=100.Other durable goods Industries!-- . . . . do. -

Nondurable goods doChemicals and allied products . . . . do.Food and kindred products doPaper and allied products doPetroleum refining doRubber products . . . . do _Textile-mill products doOther nondurable goods industries t-- -do

Estimated value of manufacturers' inventories*mil. of. doL.

*>267

p 2532*232

p 220

z>203P 220

v 137

p 154

p 191

p 180P 134

*207

20,185

1961892i8167178292166189

164171187120136218

594118158165177155112169130173

16,288

195203218182161229178184

165171191118135223

579119159105170157111174136180

16,369

204213225185154242

199

167174200120139226

587120161167167161112180141182

16,590

206221216196167260195203

169181210122145236

615123159166161163114186148177

16,829

208221213200173282197208

169182222120145241

593124159167157162114199153174

16,837

209215210206181288207208

170184223120149245

615125158165153160116196157174

16, 934

206208209208185293208199

173189234124152251

626128158166150164118192156176

17, 175

199198220185193268174186

181105245128157256

6421321G9170180171120195164182

18,010

215206253198196282180193

186200252131161261

684136173171183178124198108180

18,466

224223244222209311207218

190206258134103208

708141170174184181129204171189

18, 886

231225248225204

217220

197212203138107270

749145184180195183132

174200

19, 505

' 2 0 1' 2 4 9

r 244' 2 1 8

' 2 2 0' 2 4 0

200T 210

258r 137' 165r 284

' 8 0 5r 147' 187r 185r 199' 181r 134

173'• 207

' 19,920

BUSINESS POPULATION

OPERATING BUSINESSES AND BUSINESSTURN-OVER*

(U. S. Department of Commerce)Operating businesses, total, end of quarter...thousands.-

Contract construction daManufacturingWholesale tradeRetail trade __ _Service industriesAll other

New businesses, quarterly .Discontinued businesses, quarterlyBusiness transfers, quarterly

dodo

. do. .dodo

__dodortn

INDUSTRIAL AND COMMERCIAL FAILURES(Dun and Bradstreet)

Grand total _ _ numberCommercial serviceConstructionManufacturing and mining _ _Retail tradeWholesale trade __ _

Liabilities, grand total thousCommercial serviceConstructionManufacturing and miningRetail trade _Wholesale trade

. dodo

. do .dodo

of doldo

. . d o -do

. do. . .do

BUSINESS INCORPORATIONS

New incorporations (4 states) ..number.. 3,561

'3 224.1' 189.2

262 5' 143.2

'1,493. 5'617.3' 518 4'127.4'37.4'84 1

4252

23102

1,824372107

1,14112579

3,507

80128

35223

4,3722,279

1551,677

24516

5,621

92131429279

2,983748215874258888

4,191

r3 369 1214.1

'276 5r 152 9

'1,564.7'641 3r 529 7' 187. 6'42.6137 3

868

10411710

4,421902436

2,285269529

4,774

8157

342510

3,78540

1332,734

249629

4,843

92138

41264

3, 65660

1912,0661,323

16

4,634

i>3, 503.9* 233.4p 288 5p 159.9

»1,616.8p 666.3p 538 9v 178.0M3.3

v 103.3

693

1325244

3,0067

2621,996

66180

4,388

7479

36175

3,434413162

1,948835

76

3,946

9212123726

53,799

459516

2,113297414

3,550

96111732288

4,877311

1, 3682, 510

367321

3,399

1231114602117

6,400147500

4,975352426

3,771

104139

38368

12,5113, 202

1368,492

392289

3,008

COMMODITY PRICES

PRICES RECEIVED BY FARMERS!

U. S. Department of Agriculture:Combined indexf— 1909-14=100-

Crops _ doFood grain _ doFeed grain and hay.._ doTobacco _ doCotton doFruit _ __.doTruck crops... _ .doOil-bearing crops do

Livestock and products.._ _ doMeat animals doDairy products. doPoultry and eggs do

264232224186406242211166334294311332220

207206178162378184230223213207204204222

206207179164375180225249213204206203197

207213180166368186233275212202214202168

209215185171367183229283208203219201167

212220185171368190244282210205225199166

211215198188369194248177214207226198173

218223200195370210261185219213230207178

2442402152443G9249249103242247268245196

249233203225388271203162242263294257199

243230207221396285210154236250249221221

273244218222

• 410304208151255299318300257

203230220187399236180207342294313307230

'Revised, vPreliminary.*New series. See note marked f with regard to the new series for inventories of "nonferrous metals and their products." For the estimated values of manufacturers' inven-

tories for 1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. The series on operating businesses and business turn-over have been revised beginning 1910,see pp. 21-23 of the May 1946 issue for data prior to 1945.

fRevised series. The indexes of shipments were revised in the February and March 1945 issues; data for 1939-44 are on p. 23 of July 1946 Survey. See p. 22 of the August 1940Survey for 1938-45 data for the index of inventories for "machinery, including electrical" and 1938-42 data for "nonferrous metals and their products"; the index for "other durablegoods industries" has been further revised since publication of the 1938-42 data in the August 1946 Survey; revised figures beginning September 1945 for this series and also for "othernondurable goods industries" are shown in the November 1946 Survey; revisions for December 1938—August 1945 for these two series will be published later. The indexes of pricesreceived by farmers are shown on a revised basis beginning in the March 1944 Survey; data back to 1913 will be published later. Data for January 15, 1947, are as follows: Total260; crops, 236; food grain, 223; feed grain and hay, 184; tobacco, 399; cotton, 240; fruit, 196; truck crops, 238; oil-bearing crops, 336; livestock and products, 281; meat animals,306; dairy, 292; poultry and eggs, 201.


S-4 SURVEY OF CURRENT BUSINESS February 1947


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

November

COMMODITY PRICES—ContinuedCOST OF LIVING

Nations! Industrial Conference Board:?Combined index 1923=100-.

Clothing doFood doFuel and light doHousing _ doSundries . do

Consumers' price index (U. 6. Dept. of Labor):§Combined index 1935-39-= 100-

Clothing do.__Food ____ do_—Fuel, electricity, and ice do

Gas and electricity*.. do . . .Other fuels and ice* do . . .

Housefurnishings . d o . . .Kent I . do_._Miscellaneous. do_._

107.194.9

106.794.8

108.2 114.699.7

114.997.191.0

115.7

113.897.491.0

115.9

130.2153.1140.1110.592.9

127.7150.2

1 108.4125.9

143.7

108.6108.6140.1110.3137.0183.4131.3

113.6

108.2105.3113.7115.9112.0

108.9

104.5120.5100.4133.4136.7133.5103.4109.496.2

116.1133.1109.6

102.2124.9117.4102.3167.6107.896.097.0

111.781.9

102.185.068.379.661.2

119.8117.6104.0128.6106.9110.9102.9108.4107.086.195.1

104.7109.5132.975.530.2

(3)112.795.673.0

113.7

116.297.491.0

117.3

131. 3100.591.0

119.9

RETAIL PRICESU. S. Department of Commerce:

All commodities, index*... 1935-39-=100..U. 8. Department of Labor indexes:

Anthracite 1923-25=100..Bituminous coal do_Food, combined index 1935-39=100..

Cereals and bakery products* doDairy products*. ,__doFruits and vegetables* doMeats* § d o . . .

Fairchild's index:Combined index Dec. 31,1930=100.

Apparel:Infants' doMen's doWomen's do

Home furnishings doPiece goods do

WHOLESALE PRICESU. S. Department of Labor indexes:

Combined index (889 series) 1926=100.Economic classes:

Manufactured products . .doRaw materials _ doSemimanufactured articles do

Farm products do.Grains _ doLivestock and poultry do

Commodities other than farm products do. . . .Foods do

Cereal products dol__.Dairy products.. _ . . . . doFruits and vegetables do. . . .Meats do

Commodities other than farm products and foods1926-=100..

Building materials _ ___do.Brick and tile _ do.Cement „ do.Lumber do.Paint and paint materials do

Chemicals and allied productsf. doChemicals. _ d o . . . .Drugs and Pharmaceuticals! doFertilizer materials do.Oils and fats do.

Fuel and lighting materials. _ doElectricity do.Gas _ _ _doPetroleum products do .

Hides and leather products doIII.Hides and skins do.Leather do.Shoes do

Housefurnishing goods IlllHIIdoIIIIFurnishings doFurniture do

Metals and metal products _ doIron and steel do.Metals, nonferrous do l . . .Plumbing and heating equipment do

Textile products do.Clothing do.Cotton goods IZIdolHosiery and underwear doRavon.. do

k . . v . . _ ; . . „Woolen and worsted goods do

Miscellaneous _. doAutomobile tires and tubes do..IIPaper and pulp „ . . . .do

Wholesale prices, actual. (See respective commodities.)

153.3176.5185.9115. 592.0

138.3177.1(013G. 1

172.7

118.3117.6185.9141.6200.9185.0197.8

120.'

117.2114.118.5126.4118.2

2 140.9

2 135.153. 2136. 2168.1163.0194.7

2 134. 8160.1139. 5180.0134.5188.2

2 124. 7157.8130.0106.9227.2154.4125.7111.8181.295.1

203.096.1

75.8176.7216. 5185. 0169.9120.2126. 3113.9

2 134. 7117.4129.3114.9134.7129.8181.696.933.8

103.2119.0108.973.0

136.4

129.9149.4141.4110.394.0

126.1148.3

» 108. 3124.8

143.1

107.3107.6141.4109.2136.2177.3131.2

113.6

108.1105.3113.8115.7112.0

107.1

102.5119.297.6

131.5133.2129.6101.6108.695.7

113.8128.7107.9

100.5119.5116.7100.5157.8107.896.197.1

112.381.9

102.084.868.777.761.6

118.9117.6104.1126.9104.7107.9101.6105.6101.085.895.0

101.4107.4125.573.530.2

(3)112.794.873.0

109.3

129.9149.7141.0110.893.8

127.3148.80)125.4

143.1

108.2108.6141.0109.4136.4180.8131.4

113.5

108.0105.3113.8115.7111.8

107.1

102.9118.397.6

129.9133.8131.5101.9107.395.8

115.0125.7108.1

100.8120.0116.9101.1158.5107.896.097.1

112.181.9

101.784.969.277.461.5

119.4117.6103.8127.9106.2109.7102.8105.7101.285.795.0

101.6107.4125.675.230.2

(3)112.795.373.0

112.0

129.6150.5139.6111.093.8

127.8149.70)125.6

142.9

108.6108.6139.6109.8136.6181.1131.3

113.5

108.1105.3113.7116.7111.8

107.7

103.4118.998.8

130.8133.9132.7102.5107.896.1

115.8127.5108.1

101.3120.9116.9101.5160.1107.895.997.0

111.581.9

101.885.171.379.161.6

119.6117.6103.9128.2106.5110.1102.9106.6103.385.795.1

102.2109.4125.875.330.2

(3)112.795.673.0

113.7

131.1154.5141.7110.492.6

127.8152.00)126.7

144.8

108.5108.6141.7113.3137.4185.9132.8

113.7

108.1105.7113.7116.2112.2

110.2

105.5122.2101.1135.4137.0135.1104.5110.899.4

116.3138.2110.3

103.3126.5119.9102.4171.4108.096.197.1

112. 481.9

102.186.166.679.762.8

119.8117.6104.0128.6107.5112.1102.9108.8107.487.1

100.8107.9117.4137.675.530.2

(s)112.795.773.0

113.9

131.7155.7142.6110.392.2

127.8153.7(0127.2

145.7

108.7109.0142.6115.2138.6185.7133.5

114.6

108.1106.2114.7117.0113.1

111.0

106.1123.6101.9137.5148.1134.9105.1111.6100.3117.0140.6110.5

103.9127.8120. 5102.6172.5108.296.597.9

112.481.9

102.186.167.080.263.5

120.4120.7104.0128.9108.3113.4102.9109.4107.889.0

100.8108.8119.6138.675.730.2

(3)112.797.073.0

115.3

133.3157.2145.6110. 592.1

128.4156.1

*108. 5127.9

147.7

108.8111.0145.6122.1147.8183.5134.0

114.7

108.1106.2115.0117.2113. 3

112.9

107.3126.3105.7140.1151. 8137.4106.7112.9101.7127.3136.1110.1

105.6129.9121.3102.6176.0108.696.498.0

109.482.7

102.187.867.279.664.0

122.4121.5110.7129.5110.4114.5106.1112.2110.199.2

106.0109.2120.3139.475.830.2

(3)112.798.573.0

115.6

141.2158.7165.7113.392.1

133.8157.90)128.2

156.3

117.8114.3165.7126.1179.1188.4173.7

115.1

108.2106.6115.7117.4113.3

124.7

118.9141.7110.2157.0181.4162.9117.5140.2124.9156.9130.0169.9

109.5132.1122.5104.0177.3114.999.398.5

112.688.2

114.290.365.680.765.1

141.2169.3133.2140.4111.9117.3106.4113.3111.3102.7106.0118.1120.5148.676.330.2

126.7112.7101.3

73.0117.1

144.1161.2171.2113.791.8

135.0ieo.0108.7129.8

] 59. 8

117.9114.4171.2135.4180.1178.3186. 6

116.0

109.1108 0116.6118.7113.5

129.1

123.9145. 7111.9161. 0169.0177.6121.9149.0124.7161.8120.4198.1

111.6132.7126.0105.8177.6113.9!>8.498.4

110.194.4

102.594.463.979.572.8

138.9155.8133.3140.1112.6118.5106.6114.0113.3101.4106.3124.0122.8160. 087.730.2

134.8112.8102. 073.0

119.6

145.9165. 9174.1114. 491.7

136.5165.6108.8129.9

164.3

119.6116.2174.1137.3186.6176.4188.5

116.7

110.3109.1117.5119.8113.9

124.0

117.2141.4115.0154.3170.6150.4117.2131.9127.4169.1115. 5131.3

112.2133.8127.7106. 5178.2116.798.498.6

110.390.2

103.394.364.780.673.0

141.6151.5138.5144.8113.6119.4107.5114.2113.5101.4107.2125.7122.9166. 688. 730.2

126.5113.9102.173.0

121.i

148.6168.1180.0114.491.6

136.6168.50)131.0

167.2

"119.4' 116.4

180.0138.5202.4176.5190.7

117.8

110.4110.0118.2121.3114.3

2 134.12 129.6

148.7118.2165.3174.2174.6

2 127.1157.9128.5185.5122. 5191.4

2 115.8134.8127.8106. 5178.9119.299.998.8

111.591.9

111.194.264.180.873.1

142.4153.0138.5145.2115.3121.3109.2

2 125. 8113.7101.8107.2128.6125.5172.988.830.2

125.7116.6104.073.0

124.6

T152.2r 171. 0

187.7;ii4.s

91.8r 137.2r 171.00) *

'132.5

' 171. 5

119.5116.5187.7140. 6198. 5184. 5203. 6

119.0

111.3111.5118.3124.3116.1

2 139.72 134. 7

153.4129.1169.8165.4197.4

2 132. 9165.4136.1182.9139.5202.8

2 120.7145. 5129.1107.0192.1151.3118.9106.9152.896.3

r 191.094.584.473.4

172.5221.0178.1162.9118.2124.4111.8

2 130. 2114.0118.4107.2131.3127.9174.789.330.2

115.0117.7106.573.0

127.7

1 Rents not collected.ed forward in earlier computations (see explanation in

. . 1<y,n 191 „ 10o . ,.,. ,, ,, , . . .- ws: All commodities, 132.6, 137.9, 139.0; manufacturedf i r ? ? ! ? ' n i ; - ' ' c o m m o d l t i e s o t h e r t h a n f a r m Products, 125.1, 130.7, 132.4; commodities other than farm products and foods, 113.2. 117.8, 121.6; metals and metal productsI l4»o, 1x7, Uj 1.20.0.

§In May, June, September and October, it was impossible to obtain adequate samples for some meats in a number of cities; in such cases, the latest available prices were carriedforward m the index; July index reflects full price change from mid-April and November index, full price change from mid-August.

1 lients collected semiannually for most cities in index, usually in March and September or June and December; indexes are held constant in cities not surveyed during quarter- aspecial survey was made m August 1946; including 16 cities; rents in the remaining 18 cities were treated as unchanged in computing the August index '

t* or revised 1943 data, see p. 20 of April 1946 Survey. § Formerly designated "cost of living index": see note in April 1946 Survey.New series. For a description of the Department of Commerce index of retail prices of all commodities, see p. 28 of the August 1943 Survev; minor revisions have been made

h f d b

tRevised series. For revised data for 1941-43 for the indcated series on wholesale prices, see p. 23 of the November 1946 Survey.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

February 1947 SURVEY OF CUKRENT BUSINESS S-5


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber

COMMODITY PRICES—Continued

PURCHASING POWER OF THE DOLLAR

As measured by—Wholesale prices » .1935-39=100Consumers' prices doRetail food prices doPrices received by farmersf-- do

57.1(55 2

40. 3

75.177 070.651.4

75.177 070.851.6

74.777.271.561.4

73.876 871.350.9

73.076 370.550.2

72.575.970.050.4

71.375 068.648.9

64.870 960.343.6

62.369 658.342.8

64.868 557. 343.8

60.067.455.539.0

57.665.953.240.4

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION ACTIVITY*

908692300

297167

1085

216551522

47549

p 120P 1 1 8v 149?139

25, 536457, 278108, 920348, 358

2.85719, 656

148, 014

21,70429, 975

193,365

74662, 652

22953, 247

123.1

129.1161.897.0

138.5

35, 20021, 34821, 34817, 458

9712,919

0

352, 855

2,30555

1,661590

443348116

16291

56595

21826102128

8648

10856

14, 298330,68561,821

268, 864

4,45037,656

193, 589

9,19017,11586,134

47836,126

18014,836

"114.8

' 173. 3'151.6r 195. 9

163.8

29, 50020,03619, 25615, 4941,2412,521

780

238,009

2,13065

1,829237

476387136

189100

85489

318259

1825

8750

10761

15, 332357, 501

46, 715310, 786

4,70036, 335

217, 587

10, 07118, 57289, 715

36626,841

19523, 358

159.2

175.2187.6159.7187.9

' 44.800'31,607

25, 91821, 786

1,3092,823

r 5, 689

348, 277

1,641209946486

510430159

212108

86180

51321

71922

11785

13695

16, 772387, 399

56, 449330,950

4,64837,839

220,598

11,46918,423

102,079

41537,687

24027,035

189.9

205.9215.0190.8224.9

' 49, 700' 34,370

28, 50324,072

1,7922,639

' 5,867

248,025

1,81943

1,475301

601499195

231113

1469

1029

13237

2829

148135147129

42, 573697, 593146, 404551,189

7,41650,631

278,725

34,06649,198

275, 241

815120, 230

27623,397

319.1

423.6407.7444.3406.5

' 84,700' 56,603

60,06641,7852,6835,598

r 6, 437

383,981

2,90670

2,211626

710586244

255119

2067

1241115226

4234

194201170172

52, 733734,911127,016607,895

4,76941, 676

236,182

46, 65265,530

370, 590

1,03995,964

27332,175

294.0

235.6352. 7140.7218.5

r 83,700' 55, 603

44,99639, 0C02,5713, 425

'10,607

536,190

' 4, 283416

' 2, 890978

'822' 669

288

'280'127

3071

1532014236

6739

203211169179

63,188952, 418196,832755,586

4,87845, 285

290,963

56,26474,992

463,600

1,684156,626

36241,229

278.0

212.2331.3116.6189.8

' 85, 300' 00,167

43,58335,8243,2674,492

' 16, 584

560,244

5,15299

3, 3551,698

'916'734

317

'306'138

4072

1822314266

7346

201196174177

38, 265807,914214, 534593, 380

4,35741, 370

273, 207

31, 57451, 533

332, 248

1,950154,009

38448, 450

252.8

210.4303.4136.7192.4

' 76,100'51,270

36, 66031, 3722,1443,144

' 14,610

555,469

4,585747

2,7351,103

'999'773

329

'318'149

5076

226311430

69457

179162165161

36, 523717,991201,645516,346

3,58242,457

283, 635

31,11245,327

281,227

1,537121,149

29231,980

283.7

218.7321.2135 8203! 1

' 78,300' 52,131

36,83031,0711,9023,857

r 15, 301

536, 594

3,345385

1,6871,274

'1,069'809

345

'3221606082

260411832

710564

164155158157

40,101679,909204,817475,092

4,10833,080

211,530

33, 72745,145

284,025

2,008153,456

25830,898

317.6

235.4378.7119.4213.9

'81.80055,08138,66032,921

1,9433,796

16,421

541,325

3,73166

2,0551,609

1,067787340

3171685080

2805316359

10808

152147151147

36,702619,857186, 882432,975

3,64825,929

169,127

31,45847,121

293,831

1,557107,941

23948,458

248.5

194.6288.0115.9188.4

65,80043,08735, 04429, 3352,0503, 6598,043

373, 056

3,382490

1,6781,214

' 1,064'770

330

32017240

' 8 0294

632031

811565

138136145140

33,342573, 206133, 806439,400

3, 69633, 932

225, 355

28,12836, 910

235, 068

1,27175, 535

24737, 248

215.7

191.4286.2108.4192.9

60, 20037, 40136, 06729, 576

1, 8994, 592

' 1, 334

448, 457

3,182104

1, 9571,121

New construction, total.. mil. of dol_.Private, total _ do

Residential (nonfarm) doNonresidential building, except farm and public

utility, total mil. of dol_.Industrial do |

Farm construction _ doPublic utility.. do____

Public construction, total.. doResidential doMilitary and naval _ doNonresidential building, total do

Industrial __ doHighway doAll other do

CONTRACT AWARDS, PERMITS, ANDDWELLING UNITS PROVIDED

Value of contracts awarded (F. R. indexes):Total, unadjusted _ 1923-25=100..

Residential, unadjusted- doTotal, adjusted.— do

Residential, adjusted do..I"Contract awards, 37 States (F. W. Dodge Corp.):

Total projects.. .number..Total valuation... _ thous. of dol__

Public ownership doPrivate ownership do..I.

Nonresidential buildings:Projects _ number..Floor area _ thous. of sq.ft..Valuation _. thous. of dol

Residential buildings:Projects.— _ number..Floor area thous. of sq. ft..Valuation _ thous. of dol_.

Public works:Projects number..Valuation _ tbous. of dol

Utilities:Projects number..Valuation.. __thous. of doL.

Indexes of building construction (based on building"permits, U. S. Dept. of Labor) :f

Number of new dwelling units provided. 1935-39=100..Permit valuation:

Total building construction... _ doNew residential buildings doNew nonresidential buildings doAdditions, alterations, and repairs do I

Estimated number of new dwelling units in nonfarmareas (U. S. Dept. of Labor):

Total nonfarm* _ number..Urban, total f do

Privately financed, total .do1-family dwellings do2-family dwellings __do.._.Multifamily dwellings doIIII

Publicly financed, total _ doEngineering construction:

Contract awards (E. N. R.)§ thous. of dol_.

HIGHWAY CONSTRUCTION

Concrete pavement contract awards:}Total. . . . thous. of sq. yd. .

Airports doRoads _ _ doStreets and alleys do . . . .

9 Preliminary. ' Revised. _ § Data for January, May, August, and October 1946 are for 5 weeks; other months, 4 weeks.

'980'732320

'309'171

20'83'248

6316266

'8855

'125' 118'139' 122

27,149503, 745130, 329373, 416

3,60923, 708160, 871

22, 25133, 530221,113

1,01882, 626

27139,135

r 165. 3

' 153.2' 222. 5' 99. 2

r 137. 3

46, 600' 28, 661' 28, 539' 23, 747' 1, 594' 3,198

122

275, 825

3,239138

1,9701,130

separately; the monthly figures beginning January 1939 and annual totals beginning 1910 are shown on p. 15 of the November 1946 Survey and data beginning January 1945 are inthe March 1946 and later issues (the January and February 1945 figures published in the March 1946 Survey should be rounded to the nearest hundreds to be consistent with datafor later months o'" 1945). The data on new construction activity since the beginning of 1944 are joint estimates of the IT. S. Departments of Commerce and Labor; several of thecomponent series Lave been revised recently, the revisions extending in some cases back to 1929; data beginning May 1945 were revised in the July 1946 Survey; monthly data forJanuary 1939-April 1945 and annual estimates for 1915-38 are available upon request.

f Revised series. The index of purchasing power of the dollar based on prices received by farmers has been shown on a revised basis beginning in the April 1944 Survey. Theindexes of building construction have been revised for January 1940 to October 1944; revisions are available on request. Data for 1920 to 1944 for number of new urban dwelling

number of new dwelling units and the indexes of building construction above, based on permits issued or Federal contracts awarded during the month, prior to 1945, are considereda measure of construction started during the month; in recent months critical shortages of building materials and limiting orders have caused considerable delays in the start ofconstruction, or, in some cases, abandonment of the work; the data since the beginning of 1945 should therefore be considered as volume of construction for which permits wereissued or contracts awarded rather than volume started during the month.


S-6 SURVEY OF CUREENT BUSINESS February 1947


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary

Febru- |ary | March April May June July August Septem-

berOcto-ber

Novem-ber

CONSTRUCTION AND REAL ESTATE—Continued

CONSTRUCTION COST INDEXES

Aberthaw (industrial building) 1914=100American Appraisal Co.:

Average, 30 cities , . _1913-=100._Atlanta > . » -doNew York doSan Francisco - do. _St. Louis _ . _ _ „._ do

Associated General Contractors (all types) doE. H. Boeckh and Associates, Inc.:

Apartments, hotels, and office buildings:Brick and concrete:

Atlanta U. S. average, 1926-29** 100New York do _San Francisco doSt Louis - do

Commercial and factory buildings:Brick and concrete:

Atlanta -doNew York _ -do __San Francisco do8t Louis do

Brick and steel:Atlanta doNew York . .doSan Francisco doSt Louis do

Residences:Brick:

Atlanta - - do _New York _ doSan Francisco doSt Louis - do _

Frame:Atlanta _ __doNew York doSan Francisco doSt. Louis _ - _. _ do. __

Engineering News Record:Building cost* - 1913«*100Construction (all types) _ ._ do . . .

Federal Home Loan Bank Administration:Standard 6-room frame house:f

Combined index 1935-39=100Materials _ doLabor do

REAL ESTATE

Fed. Hous. Adznn., home mortgage insurance:Gross mortgages accepted for insnrance-thous. of doL.Premium-paying mortgages (cumulative).mil. of dol__

Estimated total nonfarm mortgages recorded ($20,000and under)* thous ofdol

Estimated new mortgage loans by all ssavings and loanassociations, total thous. of doL..

Classified according to purpose:Mortgage loans on homes:

Construction doHome purchase - - - - doRefinancing doRepairs and reconditioning do

Loans for all other purposes doLoans outstanding of agencies under the Federal Home

Loan Bank Administration:Federal Savings and Loan Associations, estimated

mortgages outstandingj mil ofdolFederal Home Loan Banks, outstanding advances to

member Institutions ™ mil. of dol..Home Owners' Loan Corporation, balance of loans

outstanding mil. of doL.Foreclosures nonfarm index adjustedt 1935-39=100Fire losses.,-'- thous. of doL.

300

371399375343367

275.0

288.8381.7

1C0. 8158.9164. 8

0)6,921

836,404

253, 701

50,233151,84322 1166,040

23,4G4

3, 358

293

636

£8,094

248

282292280248278

239.0

127.4169.8146.7150.8

127.3170.4148.3152.6

127.0167.0149.3149.5

137.9173.1148.6157.7

138.4173.7146.4158.3

242.2316.3

139.3135.2147.6

32, 5986,499

527,424

187,710

22,922129, 55717,8483,958

13,425

2,382

195

8527.9

49,478

283293280249278

241.0

130.4169.8149.2150.8

128.9170.4151.1152.6

128.9167.0150.3149.5

140.8173.1150.6157,7

142.6173.7147.7158=3

243.9319,6

139.7135.5147.9

38, 7226,538

634,117

216,842

30, 807145, 34221,3723,803

15, 518

174

8318.8

49, 808

286303281261280

245.0

133.6172.1151. 8151.1

129.3172.9151.8152.8

129.3169.0152.3149.9

141.2174.9154.0158.8

143.0175.6153.0159.5

245.4323.8

140.3136.3148.5

34, 5436,569

618, 763

225, 519

30,866154,219

19, 8014,217

16,416

165

8137.8

51, 759

258

294314298273288

247.0

131.3172.9153.8152.7

129.5173.5154.6155.0

130.1169.6154. 5152.1

141.2175. 5155. 3159.5

143.0176.2153.7159.8

254.4334.6

141.0137.1148.9

42, 3776,603

765,973

300,163

45, 391202, 995

24, 2446,198

21,335

2,572

153

7948.3

53,252

303325313279296

247.0

133.2177.4155.7154.3

131.0179.3156.5155.8

131.3174.7156.2153.1

144.7180.3157.6162.2

147.2180.6156.1163.0

257.3339.7

142.1138.0150.6

45, 5136,639

887, 266

342, 999

53, 202235, 87724,8826,796

22, 242

156

7737.5

52,153

310332318283300

249.0

133.5177.9156.2159.9

131.2179.7156.9163.8

131.5175.1156.6159.5

144.9180.7158.0165.8

147.4181.0156.5165.0

264. 2347.9

143.6139.2152.5

46,1136,679

964, 438

361, 298

62,189243, 45824,4516,954

24, 246

173

7537.1

46,094

270

317337324294309

252.0

13S.6178.6158.7161.9

137.0180.3158.7164.8

135.5175.6160.1160.8

148.6181.3159.0167.8

150.2181.6157.5167.7

266.1353.9

145.7141.6153.8

0)6,721

917,414

325,997

56,297218, 575

22, 4026,625

22,098

2,887

203

7356.7

44,240

326346332308316

258.0

141.2180.0160 6164.0

141.3181.5159.3166.2

137.5177.3161.5162.9

152.4185.6163.5172.5

153.3186.0164.0172.7

272.0361.4

147.7143.7155.6

0)6,759

981,187

326,048

59,708216,36921,3887,327

21,256

202

7156.3

40,998

335360341313323

263.0

142.6181.5164.0164.9

144.4184.5167.0166.7

141.8179.5168.0164.3

154.5187.1165.8173.7

155.4187.4162.9174.0

272.0360.2

149.8146.1157.2

0)6,789

999,221

324,459

59,377211,80422, 0328,481

22, 765

214

6996.8

40,019

287

342367347317332

267.0

143 0181.9164 3165 3

144.7184.8167.2167.0

142.2179.9168 2164.7

155.6188.0166.0174.6

156.5188.5163.1175.1

272.7360.9

151.9148.3159.3

0)

6,818

928,878

309,791

55,354198,842

21, 5468,027

26,022

3,152

235

6827.0

40,256

347372353320337

267.0

144 0182.3164 8165.8

146.0185.1167.6167.2

142.7180.3168.6164.9

156.2188.9166.4174.9

157.0189.7163.5175.4

273.7362.5

154.2150.5161.6

0)

6,855

1,006,681

326,199

60, 931207,13924,3769,061

24,692

253

665

40,108

352377356323344

270.0

144 9183 4165 9167 2

146 6185.9168.4168.3

143.9182.3169.8166.5

159.2192.6169.6178.9

160.8194.4166.8179.8

278.5368.1

156.9153.8163 1

0)6,885

869,489

'271, 476

51,187170,16221,6257,034

21,468

258

651

44, 706

DOMESTIC TRADE

ADVERTISING

Advertising indexes, adjusted:!Printers' Ink, combined index .1935-39-=100..

Farm papers . . . . _ . doMagazines _.«„ _ do_.__Newspapers. doOutdoor.- „ doRadio.. do

Tide, combined index* . .doRadio advertising:

Cost of facilities, total .thous. of doL.Automobiles and t ccessories.. doClothing . d o . . . .Electrical household equipment,. doFinancial _.._dc ,Foods, food beverage?, confections de i

16, SCO731112

4284,379

139.4201.9207.4105.3218.1273.7162.5

7,179928257301305

4,312

157.7177.6203.8127.2222.6279.8183.0

•16,726884224

m308

r 3 682

151.9161.6176.2122.8216.7298.5175.0

15, 758815209325293

'• 4,042

152.6159.6173.1127.2167. 2273.8164. 5

17, 273922100 i363343 i

^ 4, 423 I

151.6156.2172.5124.5189.8294.1166.1

16,442807175316321

r 4,4R2

154.2157.8179.9126.6182.0297.2165.1

' 16,822797192301345

' 4, 609

156.8167.7191.3125.9193.9313.2171.9

15,827771196323376

'4,141

177.1184.2228.7145.9199.9307.0

14, 41466091327351

r 3,637

184.5182.8237.7153.0213.8307.8207.6

• 14, 01155995332350

r 3, 554

171.9200.9214.1139.5217.7317.1202.0

' 15,13366681266356

r 3,927

163.5195.7218.8134.4212.3264.0189.1

•16,741622'84254364

'4,512

167.2212.7201.6138.1233.3275.5

' 16, 338654105268387

4,396r Revised. {Minor revisions for January 1939-July 1942 are available on request. » Discontinued.*New series. For a description of the series on nonfarm mortgages recorded and data for January 1939 to September 1942 see p S-6 of the November 1942 Survey, For a brief

description of the Tide index of advertising see note marked "*" on p. S-6 of the April 1946 Survey; data beginning 1936 are available on request. The Engineering News Recordindex of building cost is computed in the same manner as the construction cost index which is described in the 1942 Supplement to the Survey, except that skilled labor is substitutedfor common labor; data beginning 1913 will b* shown later.

tRevised series. The index of nonfarm foreclosures has been revised for 1940 and 1941; revisions are shown on p. S-6 of the May 1943 Survey. Indexes of advertising from Printers'Ink have been published on a revised basis beginning in the April 1944 Survey; revised data beginning 1914 will be published later. The indexes of cost of the standard 6-room framehouse are shown on a revised basis beginning in the April 1946 Survey.




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto- INovember ber

DOMESTIC TRADE—Continued

ADVERTISING—Continued

Radio advertising—Continued.Cost of facilities—Continued.

Gasoline and oil thous. of dol__Housefurnishings, etc _ doSoap, cleansers, etc doSmoking materials doToilet goods, medical supplies doAll other do

Magazine advertising:Cost, total _ do

Automobiles and accessories _ _ do .Clothing doElectric household equipment doFinancial _ _ _ _ doFoods, food beverages, confections . . d o _.Gasoline and oil _ - doHousefurnishings, etc _ . do _Soap, cleansers, etc do _-Office furnishings and supplies doSmoking materials doToilet goods, medical supplies do . .All other __ _ do

Linage, total . thous. of linesNewspaper advertising:

Lineage, total (52 cities) _ doClassified _ doDisplay, total _ do

Automotive - - _ doFinancial __ _ __ doGeneral . _ do -Retail do

GOODS IN WAREHOUSES

Space occupied in public-merchandise warehouses §percent of total..

POSTAL BUSINESS

Money orders:Domestic, issued (50 cities):

Number thousandsValue thous. of doL-

Domestic, paid (50 cities):Number __ _ thousandsValue _ thous. of dol

CONSUMER EXPENDITURES

Estimated expenditures for goods and services:"*Total mills, of dol—

Goods doServices (including gifts) do

Indexes:Unadjusted, total 1935-39-100..Goods doServices (including gifts) do

Adjusted total doGoods doServices (including gifts) do

RETAIL TRADE

All retail stores:tEstimated sales, total mill, of dol._

Durable goods store doAutomotive group . _ do

Motor vehicles doParts and accessories do

Building materials and hardware . do. __Building materials do

Farm implements doHardware . do

Homefurnishings group. _ doFurniture and housefurnishings-. doHousehold appliance and radio do

Jewelry stores _ ._. . . doNondurable goods stores do

Apparelgroup do .Men's clothing and furnishings doWomen's apparel and accessories . . . do .Family and other apparel doShoes. __ . . . do

Drug stores doEating and drinking places do_._.Food group . . do

Grocery and combination _ . _ d oOther food do

Filling stations _ do

583165

1,5741,3905, 3161,870

163,25734, 404

128 8533, 4151,894

22, 388101 155

88.9

4 44793, 691

13,932189,903

36,11526 7009,325

245.7286 2174.7230 9262 3175.8

10, 2822 054

742586155535306

50ISO532357175245

8,2291,089

316454162158395

1, 0152,3801,831

548332

694171

1,2731,3225,5132,102

30,4462,4562,1251,136

5284,008

3391,690

442637

1,1044,930

11,0504,037

130, 75626, 321

104, 4353,9041,999

21, 30477,228

89.8

6,292143,954

12,926206, 329

30,05621 7758,281

204.5232.6155.2191 6912 4155.2

8,4891,315

32620512138121536

13036126596

2467, 174

986275421153137375968

1T9961, 527

469278

650164

' 1,5401,3425, 6601,921

21,4721,5471,650

469488

3,120233935371326836

3,5207,9764,139

115, 74628, 64887, 098

2,8552,741

18,91662, 585

88.6

5,111143,366

14,925224, 455

6, 6951,108

357246111401262

4099

2731967777

5,5875761292748390

274951

1,8231, 375

448296

620149

r 1,3781,2114,9201,796

26 5031,4172,387

783587

3,983306

1,229606486805

4,9059,0104,604

121,17729,67791, 499

2,0922,076

21, 05766, 274

88.4

5,571123,104

12,954187, 773

6,4301,060

32122298

381244

38100284210

7374

5,3705661252757590

262880

1,7131,297

416270

696170

'1 ,4621,3285, 3742,001

31, 8691,4453,564

797623

4,472359

1,966766657929

5, 34610, 9434,910

146, 53936,097

110, 4422,7842,365

23,08382, 210

87.5

5,559135, 593

15, 473233,141

28,13219, 4958,637

191.4208.3161.9205. 7231 5160. 4

7, 4731, 267

377261116475295

50129334248

- 8682

6,20676016438298

116283988

1,9151, 456

459300

537153

' 1,5091, 2705,1451,728

33, 7671,5223,732

893646

4,407533

2,105703695870

5,65412,007

4,775

144, 01335,147

108, 8663,4272,388

21,93481,117

87.1

5, 518120, 882

15,094208, 273

7, 7071 430

454333121525322

58145362268

9589

6 277814193375107139284967

1, 8801,408

472297

535173

r 1,5511,3165,3151,688

32 1381 7713,343

855583

3,895599

2,423655618755

5,17111,4694,271

143, 69135,143

308,5483,4792,159

22,31580,595

85.9

4,729105,671

14,154190,934

7.926l'6O8

577452125540325

6315239228610599

6,318713173326

95119299

1,0181. 9781,492

486312

505163

'1 ,4491,2684,9071,755

32,1512, 2972,448

782580

3,919589

1,980793790808

5,87911,2853,757

137,71834, 502

103, 2163,7142,138

21,37175,993

85.2

4,40898,557

13,343175,987

30,83022,0558,775

209. 8235.6164.4207.6232. 2164. 3

7,7361 554

551426125516312

57147386275111101

6,181731186312101132296

1,009-1,9271, 452

475310

508154

-1,3141, 3374, 7141,320

25,1062,0341, 215

549564

3, 298557

1,138481406546

4,6089, 7103,870

131,28085, 98395, 206

3, 6442, 584

19,97369, 095

85.1

4, 444101,857

13,217181, 229

7, 6711 Gil

609484125541336

6214237725911884

6, 060555131244

80100293

1, 0242.0191.512

507325

50'.177

' 1, 3321. 2074, 5251,316

1>1 1342,1862, 936

638478

2, 907638

1,180476554604

4, 20810, 3284, 704

144,28838.643

105, 6454, 0461.M1

19,37880. 290

85. 5

4, 330101,735

13, 690192,319

8, 5561,770

691560132571'¥Y>

581514 1 *28513291

6, 7S6719166

105127300

1, 0732, 2871, 748

538340

536168

' 1 , 3 7 51,2195,0041,536

36 5062,4254,8831,145

6953, 660

5262,426

6741,053

9165, 226

12,8765,308

152,87139,018

113,8533, 4951,877

22, 06786, 414

87.0

4,167101,169

13,125185, 779

32, 10023, 050

9, 050

218.4246. 2169. 6220.1248. 6170.1

8,1991,722

682562120545349

5214341028112986

6,476791195355111130287

1,0542,0041, 502

502320

520168

' 1, 5751,407

r 5, 3061,929

39, 4632, 5034,8311,161

6294, 394

7152,772

779896

1, 0956, 172

13,5155,420

165,01439, 628

125, 3864, 4802,197

27, 20791, 502

87.6

4, 575107, 822

15, 649219, 270

8,9111,921

753621132602381

6415847131715496

6, 9908562?2377123134298

1,0722,1611, 628

532343

530159

1, 4901,3735,123

r 1,855

42 5652 7554,4491 315

7454, 993

7162,753

6671,0251, 2526, 694

15,1995,213

164,12036, 772

1?7 3484 6752, 025

26, 59694 052

' 8 8 . 2

4, 25395,112

14, 042193,807

>- 9,0861,854

730598132540330

56154468317151116

r 7 232858237364129127300

1, 0112.3241, 792

532332

r Revised. § See note marked " § " on p. S-6 of the April 1943 Survey in regard to enlargement of the reporting sample in August 1942.*New series. The series on consumer expenditures, originally published on a monthly basis in the October 1942 Survey (pp. 8-14), are now compiled quarterly only (data are

quarterly totals) and have been adjusted to accord with the annual totals shown as a component of the gross national product series; for dollar figures for 1939-40 see p. 13, table 10,of the April 1944 Survey and for 1941-44, p, 8, table 6, of February 1946 issue; data in the latter table and those above are on a revised basis, they differ from figures published in theJanuary 1946 Survey and earlier issues owing to the inclusion of expenditures of military personnel abroad in the total and services (dollar figures for this item are given in the foot-note to the table on p. 8 of the February 1946 Survey); indexes beginning 1939, both including and excluding expenditures of military personnel abroad, are available on request.

tRevised series. For revised data (dollar figures and indexes) on sales of retail stores for January 1943 to June 1944, and earlier revisions for a number of series, see table on pp.

correct as published on pp. 7 and 11-14 of the November 1943 Survey. .„ „ .sions for January-April 1945 are shown on p. 24 of the August 1946 Survey (data beginning May 1945 were revised in the July 1946 issue)




1946

Decem-ber

1945

Decem-ber

1946

Janu- ] Febru-ary j ary March April May June July August Septem-

berOcto-ber

Novem-ber


RETAIL TRADE—Continued

All retail stores!— Continued.Estimated sales—Continued

Nondurable goods stores—ContinuedGeneral merchandise group mil. of dol— 1,930 1,577 874 899 1,118 1,193

Department, including mail order do 1,277 1,017 566 588 754 791General, including general merchandise with

food mil. of dol— 173 152 111 110 128 140Other general mdse. and dry goods do 199 173 92 90 110 119Variety do 281 235 104 110 125 144

Other retail stores d o . — 1,089 993 793 779 842 841Feed and farm supply do 207 198 203 207 238 250Fuel and ice do 162 168 195 178 151 118Liquors do 228 225 135 137 149 153Other do 491 402 260 258 302 321

Indexes of sales:Unadjusted, combined index —1935-39=100— 321.6 260.1 206.5 215.2 225,9 240.2

Durable goods stores do 262.4 168.1 137.6 143.2 157.2 179.0Nondurable goods stores __do— 340.9 290.1 228.9 238.7 248.3 260.2

Adjusted, combined index.. -do 270.1 216.8 237.6 243.3 241.6 236.2Index eliminating price changes. do 156.8 153.6 168.3 172.6 170.1 164.7

Durable goods stores d o . . - 231.6 141.1 166.1 172.0 173.5 180.2Automotive do 168.2 72.9 88.5 87.7 89.6 108.0Building materials and hardware do 2S0.7 199.8 247.4 262.1 257.8 246.3Homefurnishings —do.— 331.3 225.2 248.0 260.0 265.7 260.7Jewelry d o — 385.9 379.1 394.7 412.3 429.2 445.4

Nondurable goods stores do 282.7 241.5 260.9 266.6 263.8 254.4Apparel do 289.3 251.1 289.3 317.7 320.8 284.5Drug d o — 264.9 249.5 240.6 243.2 242.8 246.3Eating and drinking places do 394.6 376.6 418.9 415.8 401.0 389.1Food do 298.7 240.8 252.0 246.4 244.6 245.3Filling stations do 166.2 140.2 164.9 164.5 155.4 144.2General merchandise d o — 240.7 191.6 209.4 225.0 232.6 222.1Other retail stores - do.— 303.3 276.0 292.2 303.2 288.1 275.4

Estimated inventories, total* mil. ofdol.. 8,772 5,825 5,974 6,229 6,542 6,771Durable goods stores* : do 2,904 1,620 1,714 1,864 2,016 2,039Nondurable goods stores* do 5,868 4,205 4,260 4,365 4,526 4,732

Chain stores and mail-order houses:Sales, estimated, total* d o — 2,412 1,911 1,415 1,375 1,651 1,679

Automotive parts and accessories* do -r>9 41 . 35 32 38 41Building materials* do— 55 43 55 52 58 64Furn i tu re and housefurnishings*. do 32 25 15 17 20 21Apparel group* .do— 303 265 161 162 228 250

Men 's wear* —do— 55 41 25 24 34 38Women ' s wear* - do— 139 133 81 83 121 123Shoes* - -do ^ 69 41 43 53 68

Drug* " . do— 100 91 62 61 65 65Eat ing and drinking* _.do— 55 49 48 44 50 48Grocery and combination* - ..do— «W> 611 464 442 504 467General merchandise group* d o — 77(5 601 339 337 439 465

Department, dry goods, and general merchan-dise* mil. o f d o l - 429 324 176 175 237 254

Mail-order (catalog sales)* do— (J2 63 65 59 84 77Variety* . . . . . do 24^ 203 90 95 108 124

Indexes of sales:Unadjusted, combined index* 1935-39=100- 327.5 250.2 189.6 198.0 213,3 226.4Adjusted, combined index* d o — 260.6 198.1 223.4 225.8 230.8 218.0

Automotive parts and accessories*,.- do—. 299.4 207.0 227.0 224.4 240.0 229.7Building materials* — do— 250.2 195.4 243.8 270.1 251.1 239.5Furniture and housefurnishings* d o . - - ^6.0 166.1 182.3 206.0 204.4 193.9Apparel group* d o — 2<S0.0 234.6 298.6 315.4 328.2 272.9

M e n ' s wear* - do— 2G2-y 187.9 215.0 241.1 264.6 231.2Women ' s wear* do ;^28 '5 305.6 399.2 414.8 471.8 380.3Shoes* " - d o — 245.2 190.8 245.0 258.6 219.2 186.8

Drag* do..— -50.8 228.1 211.5 220.0 216.1 221.1Eating and drinking* d o — 208.9 135.5 209.8 2U9.5 208.4 206.6Grocery and combination*., d o — 29/.0 214.6 222.9 217.9 217.4 213.2General merchandise group* do. . . . 243.1 179.8 222.3 222.3 241.6 222.2

Department, dry goods, and general merchan-dise* 1935-39=100-. 2S8.9 207.2 251,1 254.2 272.6 251.0

Mail-order* do.. . J 8 L 5 127.9 222.8 208.0 243.4 212,9Variety*.. do. . . 2(i(;-7 163.8 177.3 180.1 193.5 181.8

Depar tment stores:Accounts receivable:

Ins ta lment accounts§.__. . . .1941 ave rage=100- '-> 48 45 44 43 45Open accounts § do . - 22.1 r 144 108 100 114 126

Rat io of collections to accounts receivable :Instalment accounts § percent.- -™ r 37 32 31 35 35Open accounts § d o . — 54 61 61 60 64 63

Sales, unadjusted, total U. S.f 1935-39=100- v 44* 352 179 207 238 255Atlanta! . do 569 466 246 292 315 336Bostonf _ do 398 323 147 156 197 223Chicago! - d o . . . - 409 320 167 193 226 242Clevelandf - do— 430 338 167 194 237 253Dallas! — -do 567 ' 466 248 299 316 335Kansas Ci ty! - d o — "455 366 199 238 255 273Minneapol i s ! do— &S8 305 158 182 223 ' 2 3 5NewYorkf d o . — 392 307 155 174 206 219Philadelphia! d o . — 409 » 328 158 174 219 228Richmond! do 492 MK) 197 227 264 281St. Louis! d o . . . . 403 365 192 236 264 281San Francisco do " 50-1 407 214 253 258 287r Revised. § Minor revisions in the figures prior to November 1941 are available on request. * Preliminary.•New series. Revised 1940-43 dollar figures and indexes for total chain store sales and furniture and house furnishings, 1942-43 indexes for all series in the general merchandise group

except mail-order, and scattered revisions in the 1942 or 1943 data for a few other series are available on p. 20 of the September 1945 Survey. Except as given on that page, data for 1929,1933, and 1935 to March 1943 are correct as published on pp. 15 to 17 of the February 1944 Survey. Data for grocery and combination stores and the total (dollar figures and indexes;have been revised beginning January 1945; revisions for January-April 1945 are shown on p. 24 of the August 1946 Survey. Data beginning 1939 for the estimates of retail inven-tories will be published later; data shown in the Survey beginning with the June 1944 issue are comparable with estimates published currently.

t Revised series. See note marked " ! " on p. S-7 for sources of data through June 1044 for sales of all retail stores: and revised figures for January-April 1945. The indexes of de-partment store sales for the United States and the indicated districts have been revised for all year?. The revised Boston index is from the Board of Governors of the Federal ReserveSystem. Revised data beginning 1919 or 1923 for the United States, Dallas, and Richmond are published, respectively, on p. 17 of December 1944 Survey, p. 20 of February 1944, andp. 22 of June 1944 issue (further revisions in the 1943-44 data for Richmond and the 1942-43 data for the United States are in footnotes on p. S-8 of the March 1946 and April 1946 issues).Complete data for other districts will be published later (see also note in A pril 1946 issue regarding recent revisions in the New York and St. Louis indexes). The adjusted indexes forKansas City, Cleveland and Atlanta have recently been revised beginning 1938; these three series are shown on the revised basis beginning respectively, in the June 1946, September1946, and the October 1946 issues.

1,154762

141119132844242114153335

242.4199. 7256.3236.9163.8187.0129.0233.0262.5402.4253.2269.1247.3389.5248.9139.8222.3271.56,9822,1014,881

1,663436823

20834100676849

490449

25965114

220.0216.9227.2224.0197.8254.1253.7333.6173.3225.9210.3217.4222.6

261.4184.4184.1

45129

3462

248313211234243322272242214222274272284

1,136748

13412013477320789146331

242.3200.1256.1238.7162.6189.8122. 4235.6296.9397.8254.7290.2251.0392.3239.3139.0232.9268.87,1142,1864,928

1,650446422

22436105656848

479446

25961116

220.8218.6216.0225. 4232. 4270. 5240.5357.9199.1229.6216.5213.3224.8

262.5196.7183.0

46133

3360253306216245257313265236221228266274288

1,022640

140112131822232125150315

235.2200.0246. 7247. 5158.2201.0134. 6250.2298.4417.5262.6291.5240.4387.6251. 9140.6237.2299.17,4392,3195,120

1,5994564211712484506750

486425

24259113

212.9230. 6224.9225.8225.5278.1250.8343.2230.2226.1224. 3226.8242.0

283. 9222.5189.3

45119

3257

208275157198203290239204158175219234266

1.207788

148126146859219134163344

252.6214.1265.2261.4163.4214.9152.3263.7304.7409. 9276. 5331. 3242.4382. 2271.5147.2253.4297.48,0552,4775,578

1,866487223

2053396597051

618502

28679126

234.1254.0234. 5234. 5201.3330.0360. 5379.3268.0232. 5222.1267. 4259.4

300.9259.3197.0

127

3559

242321184236249332279232189195253284292

1,203809

139124131817205136144333

266.8228.1279.4256. 5156. 6221A159.4256.1329.6421. 9267.9299.8242.0

r 395. 5262.6146. 9237 9294'. 18,4872,6825,805

1, 7154274222133996606650

482

27891113

244.2238. 3237.8233.3202.0284.8321.6358. 5191.0225.3209.5243.9244.9

279.8250.5188.6

50145

278374237268251395311287214246316316326

1,357910

154142151903218156160369

269.0232. 6280.8260. 3156. 0225.6172.2249.9329. 6387. 3271.6285.0249. 1408. 62(4. 5

157. o230. 4297. 89.1362. 9506,180

1.91346

46103637053542571

324104131

250. 1237. 2251.3211.3204.1273.7283. 4337. 4206. 7226. 8212.5245.8241. 5

283. 0202. 5199. 3

1.56

3760278372240208265384312281202259312313330

'1 ,488* 1,01ft

155146171918210152176381

282.2238. 6296.4

r 273.0' 159.3

229.2172.0256.0342.0388. 5

r 287. 3295. 3260- 4421.9296. 4163.3

r 241.8320.3

r 9, 562'3,190' 6,372

2, 037

23548

103637251

650594

331104147

26N. 3254. 9287. 9208. 9215. 7280. 9280. 0330. 3226. 6239. 0218. 2283. 1249 4

289. 6221.3203- 4

62176

3759

336416284318333434340302301319369371376




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber


RETAIL TRADE—Continued.

Department stores—Continued.Sales, adjusted, total U. S.f 1935-39«=100_.

Atlanta! doBostonf doChicagof - doCleveland! — doDallasf d o . . .Kansas Cityt - doMinneapolis! . . .doNew Yorkf. d o . . .Philadelphia! do___Richmond! doSt. Louisf d o . . .8an Francisco do

Sales by type of credit:•Cash sales percent of total sales-Charge account sales —doInstalment sales __do

Stocks,total U. 8., end of month:!Unadjusted 1935-39«=100.Adjusted _ d o . . .

Other stores, ratio of collections to accounts receivable,instalment accounts:*

Furniture stores. _ _ percent.Household appliance stores doJewelry stores do

Mail-order and store sales:Total sales, 2 companies thous. of dol.

Montgomery Ward & Co doSears, Roebuck & Co do—.

Rural sales of general merchandise:Total U. 8., unadjusted 1929-31 -100.

East. d o . . .South _ do . . .Middle West.. do . .Far West... do . - .

Total U. 8., adjusted d o . . .East _ do . . .South do___Middle West do. .Far West do . . .

WHOLESALE TRADE

Service and limited function wholesalers:*Estimated sales, total mil. of dol_

Durable goods establishments. d o . . .Nondurable goods establishments... d o . . .

All wholesalers, estimated inventories* d o . . .

v27A362231264277348

*>303253232230292303

1=317

5738

5

235274

264842

313,678117,281196,397

366.8333.8491.5312.6465. 5229.4200.5327.2200.4285.2

5,1941,6713,5235,939

'219297188206218

'286244199

' 1 8 2' 1 8 5'244

239256

6432

4

136158

244846

218, 21683, 232

134,984

267.8246.0370.2226.0330.1167.5147.?246.5144.9202.2

3.820919

2,9014,275

227308186209220306249212194205262234269

65314

146167

255232

158,85253,007

105, 846

208.7209.3300.4177.1220.1274.2275.4379.8231.5299.5

4,058987

3,0714,258

251331200241236339261236

'207221283281300

6234

4

158171

246229

150,29255, 23195,061

227.1218.2348.1195.3222.7280.7266.7381.7245.7300.9

3.786966

2,8204,254

260328218.243246336275246

' 2 1 5244294286297

6036

4

172177

275432

207,05578, 454

128,601

303.4313.2449.1261.9280.3345.5348.8497.4295.6340.6

4,0551,0762,9794,375

252327210237244352273

' 2 2 5'221

224276

'272291

60364

188189

285632

209,84380,073

129, 770

283.7277.0374.1243.6321.7308.7290.6424.6260.8360.2

4,1831,1803,0034,413

258329213234256342289252

' 228232276277305

59374

200200

275534

211,41885,065

126,353

233.8217.6311.2199.4283.2254.7237.1366.9210.5315.0

4,3511,2343,1174,458

275365232253273368288248

' 2 4 3253303305315

69374

205211

265533

201,97675, 428

126,548

243.4236.6322.4210.0294.1267.2257.7401.0222.4308.6

4,2501,2393,0114,498

273343227254260381281253236254307300322

6135

4

223223

265632

194, 50372,667

121,836

214.8189.5300.4188.3263.5294.2266.1442.4255.1321.4

4,7441,3173,4274,642

290365246281286381300259259250306330324

6036

4

238221

265533

232,81191,864

140,946

288.0268.0394.0253.2325.2352.1336.2546.4306.9353.1

4,7711,4363,3354,809

269367226263249376321265

'205241298313313

5739

4

250226

255231

242,46194,005

148,456

340.3320.1493.2286.7383.5321.9325.6446.8279.7327.7

4,8091,4833,3265,055

257347216250248349297254

'179229286293319

5639

5

267237

27' 5 2

32

283,733112,155171, 578

345.1334.6493.8293.2384.9265.6260.0333.2230.8320.5

5,6741,6803,9945,338

' 2 7 2' 3 4 7

230' 2 6 1

266356

P 2 8 3252

'231253290294

'320

5738

5

277255

' 2 74834

281,422106,355175,067

376.9372.7552.2313.2439.0289.7

' 289. 2402.1238.9361.9

5,2621,6003,6625,738

EMPLOYMENT CONDITIONS AND WAGES

EMPLOYMENT

Armed forces*.. _ thous..Estimated civilian labor force (Bureau of the Census):*

Labor force, total _ thous.-Male .__ doFemale do

Employment , .doMale doFemale _ doAgricultural doNonagricultural _ _ do_-

Unemployment ». . doEmployees In nonagricultural establishments:!

Unadjusted (U. 8. Department of Labor):Total do

Manufacturing ._ doMining..-.. doConstruction doTransportation and public utilities doTrade _ doFinancial, service, and miscellaneous doGovernment.. do

Adjusted (Federal Reserve):Total ___.do

Manufacturing doMining doConstruction doTransportation and public utilities doTrade .do. .

1,800

58,42041,9S016,44056,31040,20016,0107 210

49,1002,120

40,91815,018

8201,7253, 6828,6165,3175,440

40,14715,018

8161, 7874,0027,941

7, 790

53,13036,95017,18051,16034, 45016,7107,160

44,0001,970

37,46313,059

8021,0423,8967,9594,9365,769

' 36, 70313,059

7981,0853,9167,335

6,170

53,32037,16016,16051,02035, 39015,6306,720

44,3002,300

37,01313, 236

8101,1323,8977,4814,9845,473

37,47113,256

8141, 2303,9567,673

5,240

53, 89037, 89016,00051, 24035, 75015, 4906,940

44, 3002,650

36, 50912, 536

8081,2603,9077,6055,0316,462

37,01613, 536

8121,3853,9877.697

4,470

55,16038, 87016, 29052, 46036, 68015, 7807,530

44,9302,700

37,46913, 206

8011,3453,9307,6175,0765,494

37,93113, 272

8011, 4623,9907,757

3,850

56, 45039, 86016, 59054,12037, 99016,1308,170

45,9502,330

38,12113, 776

5051,5173,9197,7595,1405,502

38,33513,848

5081,5973,9397,775

3,410

57,16040,48016,68054,85038, 59016,2608,880

45,9702,310

38, 63313,901

7181,7423,8737,7245,1345,541

38,66313, 995

7171,7083,8737,763

3,070

58,93041,66017, 27056, 36039,65016, 71010,01046,350

2, 570

39,05614,098

8071,8743,9177,7495,1315,480

38,94714, 098

8111,8373,8787,788

2,710

60,11042,71017, 40057, 84040, 95016,8909,970

47,8702,270

39,26514, 244

8151,9763,9627,7475,1525,369

39,09514,174

8151,8823,9047,898

2,450

59,75042,58017,17057,69040, 98016, 7109,140

48,5502,060

39,87114. 583

8282,0914,0017,8145,1605,394

39, 69014, 510

8241,9363,9427,973

2,220

59,12041, 85017, 27057,05040, 27016,7808,750

48, 3002,070

40,12914, 731

8272,1033,9487,9185,1555,447

39, 88714,662

8231,9633.8917,998

2,170

58, 99041, 82017,17057,03040,27016,7608,620

48,4101,960

' 40,17514, 761

'827' 2,040' 3,987' 8,039

5,208'5 ,313

' 39,96514, 761

'823'1 ,907' 3,967r 7,959

2,010

58,97041,95017,02057,04040,43016,6107,900

49,1401,930

r 40,453r 14, 970

' 8 2 8'1 ,864' 4,007' 8, 268' 5, 244' 5, 272

' 40,168' 14,970

'824'1 ,810' 4 , 0 0 7' 7, 988

•Revised. »Preliminary.*New series. For data beginning June 1943 for the series on department store credit, see p. S-9 ol August 1944 Survey; data beginning 1941 will be published later. Data begin-

ning February 1941 for the collection ratios for furniture, jewelry, and household appliance stores are on p. S-8 of the April 1942 Survey; data back to January 1940 are available onrequest. Annual estimates of wholesale sales beginning 1939 are available on p. 22 of the February 1945 Survey and p. 32 of the February 1946 issue and monthly figures beginningJune 1943 are on p. S-9 of the August 1944 and later issue?; for estimates of wholesalers' inventories for 1938-42, see p 7 of the June 1942 Survey and p 8-2 of the May 1943 Issue. Es-timates of the labor force have been revised beginning July 1945 to take account of improved estimates of the male population by age groups, to which the weighted sample resultsare adjusted as a final step in the estimating procedure; earlier data are being revised also to take account of improved techniques introduced in July 1945 (see note in April 1946 Sur-vey); revisions for July-October 1945 are available upon request; earlier revisions will be published when available.

! Revised series. See note marked " ! " on p. S-8 regarding revisions in the indexes of department store sales. The index of department store stocks has been completely revised;revised data for 1919-45 are shown on p. 24 of August 1946 Survey. The estimates of employees in nonagricultural establishments have been revised back to 1929; data for 1929-43 forthe unadjusted series, except manufacturing and the total, and for 1929-42 for these two series, are available on p. 24 of the July 1945 Survey; the manufacturing series has recentlybeen revised beginning January 1943 to adjust the estimatesto 1943-44 data from the Federal Security Agency and the total corrected accordingly; 1943-45 revisions for the unadjustedseries are shown on p. 32; January 1939-June 1945 data for the adjusted series for manufacturing and the total will be published later. Data beginning March 1943 for the adjustedBeries other than manufacturing and the total are correct as published in the June 1944 Survey and later issues; data beginning January 1939 will be shown later.




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber

EMPLOYMENT CONDITIONS AND WAGES—Continued

EMPLOYM EINT— Continued

Estimated production workers in manufacturing indus-tries, total (U. S. Dept. of Labor)* thousands..

Durable goods industries - doIron and steel and their products __do

Blast furnaces, steel works, and rolling millsthousands. _

Electrical machinery ._ . . . . doMachinery except electrical do

Machinery and machine-shop products doMachine tools§ do

Automobiles . .doTransportation equipment, exc. automobiles-do

Aircraft and parts (excluding engines) § doAircraft engines§ . __doShipbuilding and boatbuilding! do

Nonf^rrous metals and products - do _Lumber and timber basic products do

Sawmills (incl logging camps) -doFurniture and finished lumber products d o . . . .

Furniture doStone clay, and glass products- . do

Nondurable goods industries doTextile-mill products and other fiber manufactures

thousands. _Cotton manufactures, except small wares..-doSilk and rayon goods — . . do .Woolen and worsted manufactures (except dyeing

and finishing) _. thousandsApparel and other finished textile products. _-do

Men's clothing doWomen's clothing _. . _do

Leather and leather products doBoots and shoes __ do

Food and kindred products do _ .Baking doCanning and preserving . doSlaughtering and meat packing do

Tobacco manufactures doPaper and allied products _ . .do

Paper and pulp doPrinting, publishing, and allied industries . do ._

Newspapers and periodicals.- doPrinting book and job do

Chemicals and allied products doChemicals do

Products of petroleum and coal .- doPetroleum refining, __ do

Rubber products doRubber tires and inner tubes.— ._ . . do._

Production workers, unadjusted index, all manufactur-ing (U. S. Dept. of Labor) t _1939=»100.

Durable goods industries doIron and steel and their products » --do

Blast furnaces, steel works, and rolling mills1939-100

Electrical machinery doMachinery, except electrical _ do

Machinery and machine-shop products doMachine tools§ » do

Automobiles ._ -_ . doTransportation equipment, exc. automobiles-do

Aircraft and parts (excluding engines)§ do . .Aircraft engines^ - - - do ._Shipbuilding and boatbuilding} do

Nonferrous metals and products ,_ doLumber and timber basic products do

Sawmills - . . . .doFurniture and finished lumber products do

Furniture doStone, clay, and glass products _ __do._

Nondurable goods industries - doTextile-mill products and other fiber manufactures

1939-100-Cotton manufactures, except small wares. __doSilk and rayon goods doWoolen and worsted manufactures (except dyeing

and finishing) 1939=100Apparel and other finished textile products..-do

Men's clothing doWomen's clothing . do

Leather and leather products doBoots and shoes. do

Food and kindred products . doBaking. - _ _ _ _ _ _ __do_.Canning and preserving __doSlaughtering and meat packing do

12, 2576,2131,460

5751,114

746450

410641

407

4106,044

1, 253

1,099

1,114

91383

402

500

151

247

149.6172.1147.2

221.8210.9

185.4283.2

178.9152.4

123.9

139.7131.9

109.6

139.1

103.8

130.4

10, 5195,0971,294

44648491432553

38853612122

265326499197336143320

5,422

1,11342487

148938177204330178

1,07825310714882

33515835512214648811314095

20396

128.4141.2130.5

114.9186.9172.9160.5145.696.4

338.0304.1246.2382.3142.2118.668.5

102.690.1

109.1118.4

97.3107.072.7

98.8118.981.175.195.281.6

126.2109.879.8

122.6

10, 6665f2051,308

44947695633458

41651911921

249333514202348150335

5,461

1,12742988

149956181207338182

1,05125493

15381

34115735912214948911514296

20999

130.2144.1131.9

115.5183.7180.9164.9158.6103.5326.9298.9239.7359.6145.3122 370.0

106.094.0

114.3119.2

98.6108.373.0

99.9121.082.676.397.483.5

123.0110.268.8

126.7

9,9894,417

843

17034883329558

40146911821

228291521202355152356

5,566

1,15743789

154993187214348187

1,04525390

15181

348160387125153<9111514296

214101

121.9122.685.0

43.7134.2157.2145.8159 5103.0294.4296.2239.0328.7126.8124.070.2

108.195.4

121.4121.4

101.2110.474.4

103.1125.885.378.7

100.485.8

122.2109.766.6

125.5

10,6394,9991,268

467367880314

5744745911722

219316534207361154367

5,640

1,17644290

1581,016

190219355192

1,034255

8514782

35316237212715449411514597

220104

129.9138.4127.9

120.3141.5166.5155.1156.4111.2289.3294.4252.2315.7137.9127.071.7

109.997.0

124.9123.1

102.8111.775.0

105.9128.686.880.4

102.487.9

121.0110.363.2

122.0

11,1305,4741,334

46644594834460

62348612126

213337558215366157377

5,656

1,18344390

1591,018

191218356193

1,02324792

13985

35716437412815449311814607

2&104

135.9151.6134.5

119.9171.5179.3170.0162.3154.8306.4303.9293.1306.9146.9132.674.7

111.598.4

128.4123.5

103.4112.075.4

106.6128.987.480.1

102.588.5

119.8107.368.4

115.2

11,2165,5831,320

44548598834559

65147312426

193347576222365157378

6,633

1,18544391

1591,013

192213356193

1,00923995

13685

35916537512915348111714598

221105

136.9154.6133.1

114.7187.3187.0170.6161.1161.8298.1311.2294.0279.0151.4137.077.0

111.498.4

128.9123.0

103. 6111.975.7

106.7128.387.878.2

102.688.4

118.1103.570.4

112.9

11,4125,7131,351

453501

1,01134859

66846212626

183365594227374160387

5,699

1,19944892

1601,031

195213358194

1,01723411112886

36416837913015647611814999

225106

139.3158.2136.2

116.6193.3191.3171.8161.9166.1290.8316.3292.3264.6159.0141.378.7

114.1100.6132.0124.4

104.8113.076.6

107.3130.689.478.3

103.189.1

119.0101.582.8

106.5

11, 5545,8291,390

470507

1,02735259

699459129

27174378603229376161390

5,725

1,18344591

1551,001

192196355193

1,10223418412385

361166383130160472117151100218

99

141.0161.4140.2

120.9195.8194.4173.7161.5173.6289.1324.2298.3251.2165.0143.479.5

114.5101.1132.9125.0

103.5112.4

75.9

103.9126.787.772.1

102.388.6

129.0101.4136.8102.4

11, 8826,0011,433

480526

1,05135761

72845113428

158392628237388165404

5,881

1,19745293

1561,049

197212354191

1,16623720713886

366168384131158475117152100227103

145.0166.2144.5

123.6202 8199.0176.2167.5180.9284.0338.3309.3228 6

' 170.9149.482.2

118.1103 9137.8128.4

104.7114.277.2

104 4132.990.277 9

102.087.8

136 5102.7153. 5114.8

' 12,018' 6,086

1,456

480' 543

1,07036362

760439

'14028

'139396627233388164407

' 5, 932

1,21245693

1601,068

197217355194

1,1572412449587

368168386132159484117152100

r233r 107

146.7' 168 5

146.9

123.6'209 4

202 5179.5169.2

•"188.8' 276.3

351.6310.5

' 200.8172.9149.280.9

118.2103.3138.7

' 129.5

106.0115.177.6

107 0135.390.279 7

102.488.8

135 4104 6

' 182. 278.6

' 12, 024' 6,114

1, 442

474'558

1,09137062

r 74444214229

' 135402633233393J67411

' 5, 910

1,22446094

1611,085

200217352190

1 0742411728489

37216839413416349111815199

r 240' 110

' 146 8r 1R9 3

145 5

121.9r 215 2

206 5183.0169 2

' 185. 0' 277.1

357. 8321.8

' 194 5175.4150.780.9

119.8104 7139.9

' 129 0

107.0116.078.3

107 5137.491.379 9

101.587 3

125 7104 6

' 128. 970.0

' 12, 218' 6, 206' 1,476

482

r 1, 10737862

r 74g'447

14529

135r 40fi'642

234401169411

'6,012

r 1. 24046595

162r 1,083

204209

'356193

' 1 12324913213991

' 379170

' 399135165

'501121

r 15199

' 245112

r 149 1T x7i 9' 148 9

124.0r 219 2' 209 5

186. 7162 9

' 185. 9' 281. 5

365. 7329.0194 3

r 111. 3' 152. 8

81.3122.1106 2

' 140. 0' 131 2

' 108. 4117.579.1

108 7' 137. 2

93.476 9

' 102. 588 6

' 131 4107 998.1

115. 3

'Revised.§ For 1941-43 data for Shipbuilding see p. 19 of December 1944 Survey; 1939-44 data for aircraft and aircraft engines are on p. 20 of the August 1945 issue. For data for December

1941-July 1942 for machine tools, see note marked " t " on p. S-10 of the November 1943 Survey.• New series. Data beginning 1939 for the estimates of production workers for individual manufacturing industries will be shown later; data published in the Survey beginning

with the December 1942 issue, except as indicated in note marked " § " , are comparable with figures published currently. Data for 1929-43 for all manufacturing, total durable goodsand total nondurable goods industries, and the industry groups are shown on p. 22 of the December 1945 Survey, and revised data for January 1944- February 1945 are on p. 24 ofthe July 1946 issue.

t Revised series. The indexes of production-worker employment and of production-worker pay rolls (pp. S-12 and S-13) have been completely revised; for 1939-41 data for theindividual industries (except as indicated in note marked "§") and 1939-40 data for the unadjusted series for all manufacturing, total durable goods and total nondurable goods in-dustries, and the industry groups, see pp. 23-24 of the December 1942 Survey; for 1941 data for the totais and the industry groups see p. 28 of the March 1943 Rsue, for 1942-43, p.20 of the October 1945 issue, and for January 1944-February 1945, p. 24 of the July 1946 issue; all revisions through February 1945 for the adjusted totals (p. S-ll) will be shown later.


February 1947 SUEVEY OF CUEKENT BUSINESS S-ll


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary

Febru-ary March April May June July August

Septem- Octoberber | ber

Novem-ber


EMPLOYMENT—Continued

Production workers, Index, unadjusted!—Continued.Nondurable goods industries—Continued.

Tobacco manufactures . 1939«»100_Paper and allied products do

Paper and pulp ._ do _Printing, publishing, and allied industries do

Newspapers and periodicals§ doPrinting, book and job§ __do

Chemicals and allied products doChemicals - > - do. _

Products of petroleum and coal doPetroleum refining _ - do .

Rubber products _ doRubber tire*? and inner tubes do

Production workers, adjusted index, all manufacturing(Federal Reserve)! 1939—100

Durable goods Industries! doNondurable goods industries! do

Nonmanufacturing, unadjusted (U. 8. Dept. of Labor):Mining:!

Anthracite 1939«=1OOBituminous coal doMetalliferous doQuarrying and nouoietallic do

Crude petroleum and natural gast doPublic utilities:!

Electric light and power doStreet railways and busses . _do_.Telegraph doTelephone do

Services:!Dyeing and cleaning doPower laundries . _ do __Year-round hotels do

Trade:Retail, total! „ do

Food* .doGeneral merchandising! do

Wholesalet doWater transportation* do

Miscellaneous employment data:Federal and State highways total t number

Construction (Federal and State) doMaintenance (State) do

Federal civilian employees:^United States thousands

District of Columbia do . - .Railway employees (class I steam railways):

Total -._ _ _. thousands._Indexes: Unadjusted! 1935-39«* 100

Adjusted! d o . . .

LABOR CONDITIONS

Average weekly hours per worker in manufacturing:Natl. Indus. Conf. Bd. (25 industries) . hoursU. 8. Dept. of Labor, all manufacturing! do

Durable goods industries* doIron and steel and their products* > .do

Blast furnaces, steel works, and rollingmills*._ . _ . _ hours

Electrical machinery* doMachinery, except electrical* . _.. . do

Machinery and machine-shop products* doMachine tools* do

Automobiles* doTransportation equipment, except autos*._do

Aircraft and parts (excluding engines)*.._doAircraft engines* doShipbuilding and boatbuilding* do

Nonferrous metals and products* - doLumber and timber basic products* doFurniture and finished lumber products*._.doStone, clay, and glass proiucts* do

Nondurable goods industries* doTextile-mill products and other fiber manu-

factures* hoursApparel and other finished textile products*

hoursLeather and leather products* doFood and kindred products* do. .Tobacco manufactures* _ doPaper and allied products* .- doPrinting and publishing and allied industries*

hoursChemicals and allied products*.. doProducts of petroleum and coal* doRubber products' _ do. .

97.9144. 5

122.6

173. 4

142.5

v 149.3p 172.1p 131.3

88.485.7

103.0129.8

120.2110.5120.3

126.1

114.8

1,980221

* 1, 400

P 4 0 . 9

M l . l

87.8126.3111.4108.1102.7115.5169.2162.2132.3130.6168.2177.8

128.1141.2117.8

79.089.875.283.888.4

90.7122.7126.4143.0

119.9107.8117.6

116.0108.0152.5104.1315.7

139,96416,67495,317

2,411229

1,428136.9139.1

41.741.541.442.5

41.041.542.942.844.436.039.740.840.338.343.339.042.641.941.5

40.7

36.440.645.339.145.6

41.542.542.940.9

87.0128.6113.9109.4103.1117.6169.7164.7134.0131.9172.7182.4

130.7144.4119.8

79.391.276.883.390.0

92.9123.7112.4146.3

120.3109.3117.3

104.1106.6116.8104.7314.8

139,38114,90895,458

2,406233

1,422136.6142.0

40.641.040.841.1

38.541.342.042.544.437.540.041.140.938.843.338.841.840.741.2

40.4

36.739.944.939.344. 8

41.142.041.741.7

87.3131.0116.3112.1105.3120.9170.3165.1130.8132.3177.1187.3

122.4122.9122.0

81.192.067.584.391.0

94.7125.7124.7153.7

121.5109.0118.7

104.3106.8114.6105.5316.9

142,074m, in95, 596

2,402236

1,393133.9137.3

39.240.540.039.1

30.440.341.442.343.334.639.040.842.137.343.240.142.341.140.9

40.5

36.540.444.338.543.9

40.841.741.640.8

87.9132.9117.9113.5107.0122.1171.4165.9136.7133.1181.5191.6

130.3138.6123.7

81.793.965.588.890.8

96.4126.1123.2158.6

124.3109.6119.3

106.0106.9118.6106.6297.8

150,01321,00097,814

2,379237

1,397134.1137.5

40.740.740.640.0

37.940.341.741.743.637 040.041.041.938.842.241.142.641.640.9

40.4

37.540.842.939.743.9

41.241.640 840.8

90.8134.5119.3114.2108.1122.2170.9169.6138.2133.7182.0192.8

136.6151.6124.7

81.420.362.993.891.8

97.7127.0119.8163.5

130.3110.0118.9

109.0106.3125.3106.7275.3

165,76231,871

100,683

2,394238

1,375131.9134.0

40.440.540.439.9

37.540.241.542.242.637.439.941.341.838.541.841.342.341.340.6

40.3

37.240.542.839.243 5

41 041.440 040.3

91.2135.3120.0114.3109.0121.3166.8167.5136.9134.4182.7193.4

138.0154. 6124.8

81.066.967.795.792.8

98.6127.6113.5167.6

129.6110.7119.9

107.2105.0121.9106.0250.6

184,17945, 084

104, 445

2,360236

1,334128.1128.6

39.339.739.338.4

35.838.940.140.441.636.339.140.741.337.641.140.941.340.240.1

39.8

36.939.642.439.542.9

40.440.739 339.4

92.1137.3121.9115.7109.4123.8165.1169.0140.6136.1186.1195.8

139.6158.1125.0

79.089.674.498.994.2

99.9128.7112.1171.7

131.6112.3119.9

107.2103.5121.0106.9229.0

205,16159,001

110,537

2,299235

1,358130.4128.6

39.840.039.838.8

36.039.840.941.242.236.639.540.441.638.140.941.541.840.440.2

40.0

37.139.342.340.043 0

40 540.539 6on Oda. o

90.7135.9120.9116.8109.6126.3163.7168.4142.7137.4180.2183.1

140.6161.2124.3

81.489 578.0

101.295.4

101.2128.9112.4177.7

130.0113.6119.1

106.2101.3117.7107. 5228.2

225,18473,766

114,717

2,282235

1,378132.2129.5

40.039.739.338.5

36.439.440.440.741.337.839.340.040 638.440 039.141.039 540.1

39 6

36.038 243.839 142 8

40 240.740 039^2

91.7137.8122.1117.0110.4125.0164.9168.5143.4137.4187.5189.9

143.8165.9126.5

82.090.882.5

103.295.5

101.9130.2111.91*1.1

124.5111.6119.3

106.6103.6117.4109.1225.9

237,60182,384

117, 543

2,232233

1,400134.3131.6

40.140.540.539.9

38.240.640.941.6

' 41.939.239.740.741.438.040.841.841,940.740.5

40.1

37.037.843.738.643 4

40 840.840 339.4

93.5138.6122.0117.6111.0125.8167.9167.6143. 8137.0

' 192. 8' 197.0

145.9' 168.3' 128. 2

82.290.583.5

»• 102 5' 9 3 . 9

101.9129.9112.0181.0

125.6109.9119.5

109. 8103.5125 4109.4

236,64488, 473

110,940

2,154226

' 1. 392' 133. 6'130.4

40.040.340.339.7

38.0'40 8

41.141.2

' 42 .6' 38 5

38.840.641 935.7

•" 40 741.441.840 540.3

40 0

36.938 243 0

' 39 5r 43 o

41 140.940 440*6

95.8140.2122.0120.1112.8128.9170.5169.8142.8136.2

' 198.7' 204.0

146.4'169.2' 128.4

83.290.183.9

' 101. 7' 93 .4

102.0' 130.3

110.3181.6

126.1101.1120.5

112.2103.7132.1110.7

1 199. 2

235,04587,889

110,363

2,119225

' 1, 420' 134.9' 130.5

' 40.4' 40. 4

40.640.3

'38 .7'40 .7

41.541.6

' 42.6' 3 8 2'40 .0

40.542 137.7

' 4 1 041.942.2

' 4 0 640.2

40 2

36.837 542.4

r 40 343 4

41 1'41 .3r 40 4' 39.4

' 97 6' 142 9

123 5'121.6

113 7130 6

' 173. 7173 3

' 142. 6136 0

' 202 9207 0

' 148 7' 171 8'130.6

82 9

' 8 4 9101 293.0

r 102 5' 130 6

108 7183 4

' 123 0' 109 9

120 ()

'117.2108 6144 8

'112.7

220,87975 850

108 328

' 2 018224

' 1, 427P 135 4" 134.3

40 440 2

r 40 140 0

38.740 640 941.142 538 038.439.637 035.741 140.541.740 3

40 2

36.637 142 839 743 3

41 041.240 340.1

r Revised » Preliminary. § Data beginning August 1942 are available in the November 1943 Survey; earlier data will be published later.1 Beginning with October 1946, data relate to the end of the preceding month. Data for the week ending nearest September 15th are not available.JTotal Includes State engineering, supervisory and administrative employees not shown separately.t United States totals beginning August 1945 include approximately 53,000 clerks at third-class post offices and substitute rural carriers not reported previously; see also note in

iuly 1944 Survey regarding changes in the data beginning in 1943 December figures do not include excess temporary post office substitutes employed only at Christmas.•New series. Indexes beginning 1939 for employment in retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data

beginning 1939 for all series on average hours will be published later; data beginning March 1944 for the aircraft engines industry and beginning March 1942 for other series are availablein previous issues of the Survey.

!Revised series. See note marked " ! " on p. S-10 regarding revisions in the indexes of employment in manufacturing industries and sources of revised data. Data for 1937-43 forthe index of employment and pay rolls in the telephone industry are on p. 20 of the May 1945 Survey and data for 1937-43 for the telegraph industry are on p. 23 of August 1946 issue;data for 1939-41 for the other Department of Labor series on nonmanufacturing employment and pay rolls are on p. 31 of the June 1943 Survey. The index of railway employees hasbeen shown on a revised basis beginning in the May 1943 8urvey; earlier revisions will be published later. Data beginning January 1942 for the series on average weekly hours in allmanufacturing industries are available in the March 1943 and subsequent issues of the Survey; revised data prior to 1942 have not been published in the Survey and will be shown in alater issue.


S-12 SUKVEY OF CURRENT BUSINESS February 1941


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

November

EMPLOYMENT CONDITIONS AND WAGES—ContinuedLABOR CONDITIONS-Continued

Average weekly hours per worker in nonmanufactur-ing industries (TJ. S. Department of Labor):*

Building construction ..hours.Mining:

Anthracite do.Bituminous coal do.Metalliferous do.Quarrying and nonmetallic do

Crude petroleum and natural gas doPublic utilities:

Electric light and power. do...Street railways and busses do...Telegraph do__.Telephone do__.

Services:Dyeing and cleaning do...Power laundries do...

Trade:Retail do__.Wholesale. do—.

Industrial disputes (strikes and lockouts): •Beginning in month:

Work stoppages number.Workers involved.. thousands..

In effect during month:Work stoppages number..Workers involved thousands..

Man-days idle during month doU. 8. Employment Service placement activities:

Nonagricultural placementst thousands..TJnemployment compensation flSoeial Security Board):

Initial claims* _ thousands..Continued claims© doBenefit payments:

Beneficiaries, weekly average doAmount of payments thous. of dol

Veterans' unemployment allowances:*Initial claims. thousands..Continued claims do..Number receiving allowances, weekly average do..Amount of payments._ thous. of doL...

Labor turn-over in manufacturing establishments:^Accession rate .monthly rate per 100 employees. _Separation rate, total do

Discharges.-. doLay-offs doQuits — doMilitary and miscellaneous do

PAY ROLLSProduction^workers pay rolls, unajdusted index, all

manufacturing (U. S. Dept. of Labor)t~1939-=100_.Durable goods industries. _..do_.

Iron and steel and their products do..Blast furnaces, steel works, and rolling

mills. _ 1939«100..Electrical machinery doMachinery, except electrical do

Machinery and machine-shop products doMachine toolst do

Automobiles doTransportation equipment, except autos do.__

Aircraft and parts (excluding engines)!, aoAircraft engines* doShipbuilding and boatbuilding*, do

Nonferrous metals and products.. doLumber and timber basic roducts do

Sawmills (incl. logging camps) do.Furniture and finished lumber products do

Furniture doStone, clay, and glass products do

Nondurable goods industries doTextile-mill products and other fiber mfrs do

Cotton manufactures, exc. small wares doSilk and rayon goods ..doWoolen and worsted manufactures (except dyeing

and finishoing) .1939-100-Apparel and other finished textile products do

Men's clothing. doWomen's clothing.. do

Leather and leather products doBoots and shoes do

Food and kindred products _doBaking. _ doCanning and preserving doSlaughtering and meat packing. do

Tobacco manufactures _ doPaper and allied products _ do

Paper and pulp doPrinting, publishing, and allied industries do

Newspapers and periodicals* doPrinting, book and job* do

18095

400525

3,065

358

* 899i 4,086

* 748i 59, 370

5834,3452 935

81, 964

37.1

39.645.742.044.241.0

42.050.744.641.1

43.043.3

40.142.0

13460

367604

7,718

380

7466,564

1,319106,624

5672,401

40542, 217

5.9.4

1.34.0.2

226.2240.0220.5

181.2308.5288.7265.4244.5135.5577.2520.4346.3641.2250. 4199.4114.1188.1164.3181.7212.7188.0216.2148.8

200.0215.0140.7140.9179.2157.1220.4181.2167.3214.9164.1219.0196.61163. 2141.9184.7

37.7

36.443.341 143.341.1

42.749.244.040.1

43.143.6

40.641.8

3251,400

5001,750

' 19, 750

412

1,2348,2581,624

133, 246

1,0304,594

69583,322

8.56.8.5

1.84.3.2

229.2243.0216.1

173.2302.6297.5272.8262.3153.5559.1514.3356.6602.5256.1207.7118.2192.9169.3185. 4215.7190 7217.0149.4

206.6228.0148.0149.4185.2164.0215.0180.1144 1217.9166.7221.7198.4165.7143.5188.8

37.3

41.245.536.844.140.7

42.449.244.140.7

42.543.3

40.541.9

'275130

'5051,500

23,000

359

9467,327

1,621120,727

5,8531,071

112,195

6.3.5

1.73.9,2

210.6199.6127.2

47.6211.1255.3239.4258.2142.4491.5520.7369 1530.4228.7219.9123.0200.4176.7204.6221.3203.7230.0158.3

226.9240.2158.1153.3194.5174.1211.5181.2136 6199.4165,2226.2203.6171.2148.9193.9

37.5

41.045.941.045.140.8

41.649.443.740.2

43.443.5

40.541.9

'420165

'6901,100

' 13,825

421

7747,464

1,592127,013

8017,3531,507

148,958

7.16.6.4

1.84.2.2

232.9236.8211.7

181.5224.1277.9258.0256.8166.9507.0524.0384.4548.6247.8234.5131.9209.0184.3217.2229.2212.6242.3163.6

234.2263.6170.0172.6202.1182.7206.6182.8132.1191.1171.3233.3208.1177.2154.4200.2

38.2

38.626.442.046.340.7

41.649.043.839.5

44.043.5

40.441.8

'495575

'875925

'15,550

461

6,649

1,402110,672

6907,6851,626

160,071

6.76.3.41.44.3.2

249.2267.3231.6

193.3286.1301.6290.1261.4241.7558.1553.2457.8555.2264.9248.2139.8214.6189.7226.0231.4215.8246.3166.5

238.5263.5174.1169.6203.9185.3205.4179.3149.2180.9174 6235.9209.9178.9157.8199.9

37.5

41.727.339.244.340.7

41.349.244.239.4

42.943.1

40.341.7

'380560

'7351,200

• 12, 360

457

1,120

1,315103,889

7417,690

21,783155,175

6.16.3.4

1.54.2.2

247.8266.6221.4

175.8311.5310.8283.5259.6232.7538.3565.9469.2498.5271.4261.8147.2212.3188.3224.1229.4214.8244.3166.9

237.7258.8175.6163.1203.1184.6201.9170.8149.8181.4181.1237.4212.7179.5160.9197.0

38.2

38.243.440.845.739.5

40.949.344.539.3

43.843.3

40.941.4

'375175

'725410

' 4, 475

479

7615,395

1,17492,982

6026,982

2 1, 744150,063

6.75.7.3

1.24.0

.2

257.1280.7231.3

182.0333.9329.5296.4270.4250.5537.5585.5469.4483.4287.8281.0158.1223.5196.2235.0234.0218.6248.2166.8

238.5263.3181.2159.0203.4183.0205.0168.8181.9167.4184.1244.4216.7184.2162.0204.6

38.2

31.736.039.645.440.4

41.548.445.239.7

43.243.4

41.341.4

'525'190

'845'370

3,300

530

6995,504

1,06988,480

6577,828

2 1,720152,648

7.45.8.4.6

4.6.2

261.2287.7238.1

191.8338.3333.5299.4262.3282.2538.5605.6468.9468.8292.9270.8151.7222.1194.2235.7235.4214.7246.1166.3

228.6244.7166.8141.3197.3177.6231.5178.5325.8179.9178.3243.8218.4186.0163.7209.1

38.2

37.942.840.946.540.9

41.648.645.439.3

42.643.0

41.341.7

'515r 240

'835'405

3,425

522

5414,604

78,047

6027,147

21,650148,016

7.06.6.4.7

5.3.2

r 278. 3' 307.0

255.8

204.0365.1348.8314.2281.4307.4533.0640.8498.3421.5312.4307.1170.8239.3209.7253.2250.2231.0275.5181.4

234.1277.5182.7169.8198.2175.4250.3184.1387.4202.3186.2253.9227.8190.5168.8210.4

38.7

37.741.840.6

' 46.1'39 .9

41.047.544.838.5

42.942.9

40.941.8

450380

770535

5,000

532

5803,895

83963, 216

4496,128

21, 304124, 082

7.16.9

.41.05.3. 2

' 284.1'313.9

263.2

206.3' 382. 7

362.2322.3285.5

' 318. 2r 504. 9

663.9507.8352. 5319.6306.9168.1243.4212.1259.8

' 254. 9237.2281.7180.9

242.7288.2186.8176.6203.3182.4242.7187.5

' 466. 8118.2196.0257.1228.0195.2175.6

' 215. 8

38.8

39.242.941.0

'46.141.2

41.947.644.439.1

42.243.0

40.041.9

450290

750450

4,500

547

G824,141

1 7641 64, 430

4134,900

2 1,019100, 380

' 6 . 8' 6 . 3

.41.0

' 4 . 7' . 2

286. 0'317.7

263.2

203.2' 393.1

373.5333.5291.9

' 307.5r 520. 9

672.6530.2361.2326.3313.5168.9252.7220.3264. 0

' 255.1242.9285.4189.3

243. 7288.9189.4170.5198.1175. 4228.6190.8

' 324. 7110.5

' 207. 4265. 8234.9200. 3178.9

' 220. 8

37.2

35.741.940.245.241.7

41.647.343.539.3

41.942.6

39.641.6

310450

570620

4,750

440

162013,491

1 54, 076

4053,7432 877

74, 421

5.74.9.4

291.4320.8270.0

208.7400.6375. 5336.8282.7310.9510.7671.8477.6338.2333.2305. 4162.5256. 7223.0267. 4262.7247.9293.5191.4

242.7288.5206.7154.2201. 0178.8248.1199.0212.9215.7212.7273.9240. 2205. 0182.0227 9

r Revised. JSee note marked "§" on p. S-10. ©Small revisions in the data for January 1940 to May 1944 are available on request. ^Partly estimated.* Continued claims filed during week ended the last Saturday of the month; average number receiving payment has been discontinued:• 1946 data are preliminary estimates. The series for "in effect during the month" continue data published in the Survey through the July 1944 issue. They include data for

stoppages beginning in the month and those continuing from previous months; data for 1944-45 are shown on p. 23 of the December 1946 Survey.tfRates refer to all employes rather than to wage earners and are therefore not strictly comparable with data prior to 1943 published in the Survey.•New series. Data on average hours for the telephone industry for 1937-43 are on p. 20 of the May 1945 Survey (see note for hours and earnings in the telephone industry at the

bottom of p. S-13 of April 1946 Survey regarding a change in this series in April 1945) and data for the telegraph industry beginning June 1943 (the earliest available) are given in note onp. S-ll of the January 1945 issue; data beginning March 1942 for all other series on average hours are available in the May 1943 Survey and data back to 1939 will be published later.The new series on veterans' unemployment allowances relate to readjustment allowances payable under the Servicemen's Readjustment Act of 1944; data beginning September 1944will be shown later. Indexes of pay rolls for the printing and publishing subgroups beginning August 1942 are on p. S-12 of the November 1943 Survey; data back to 1939 will bepublished later. Data beginning 1939 for initial unemployment compensation ciaims will be shown later (see note in April 1946 Survey for definition of initial claims).

fRevised series. Data beginning June 1942 for nonagricultural placements are available in the August 1943 Survey; earlier data will be published later. For Information regardingthe revised indexes of production-worker pay rolls in manufacturing industries, see note marked " t" on p. S-10.




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber


PAY ROLLS—Continued

Production-worker pay rolls, mfg., unadj.!—Con.Nondurable goods industries—Continued.

Chemicals and allied products 1939-= 100—Chemicals dn

Products of petroleum and coalPetroleum refining

Rubber productsRubber tires and inner tubes

Nonmanufacturing, unadjusted (U. S. DepMining:!

AnthraciteBituminous coalMetalliferousQuarrying and nonmetallic

Crude petroleum and natural gas!Public utilities:!

Electric light and powerStreet railways and bussesTelefrraohTelephone. _ . . .

8ervices:tDyeing and cleaningPower laundries - - . . .Year-round hotels .

Trade:Retail, total! . .

pood*General merchandising!

Wholesale! . . . . _.Water transportation*

. . dodododo.. .

t. of Labor):

1939•=100do

. . d o -do

— _ do . .

dododo

. . . do

. dodo. .do_._

do. .do. . .

. . do. . . . do.

dn

WAGES

M anufacturing industries, average weekly earnings:Natl. Ind. Con. Bd. (25 industries) dollars..U. S. Dept. of Labor, all manufacturing! do

Durable goods industries . do .Iron and steel and their products! do

Blast furnaces, steelworks, and rollingmills! dollars

Machinery except electrical!dodn

Machinery and machine-shop products!_.do

A utomobiles! dnTransportation equipment, except autos!_.do

Aircraft and parts (excluding engines)...do

Shipbuilding and boatbuildingNonferrous metals and products!

do. . . .dn

Lumber and timber basic products! doSawmills (incl. logging camps) dn

Furniture and finished lumber prodFurnituret

Nondurable goods industries. . . .

ucts! dododo

_._ do _Textile-mill products and other fiber

manufactures! ...dollars..Cotton manufacturers, except small wares!

dnltnrsSilk and rayon goods!Woolen and worsted manufac

(except dyeing and finishing)!.__Apparel and other finished textile proc

Men's clothing! .Women's clothing}

Leather and leather products!Boots and shoes

Food and kindred products!BakingCanning and preserving!Slaughtering and meat packing

Tobacco manufactures!Paper and allied products!

Paper and pulp . . . .

dotures

dollars.,lucts!

dollars.,dodododododododo. . . .dododn

Printing, publishing, and allied industries!dollarsNewspapers and periodicals*. _

Printing, book and job*Chemicals and allied products!... .

Chemicals . _

. dodo

. . dodn

Products of petroleum and coal! doPetroleum refining. dn

Rubber products!Rubber tires and inner tubes

. . dodo. . . .

P 49.' 50

P 44.08

283.4267.0222.2212.6275.5256.7

167.1222.0117.6155.0135.9

129.8184.0178.8203.5

196.9174.3196.1

167.6159.5209.2159.2583.1

45.7241.2144.0846.38

47.3343.6848.6347.9853.8043.8949.1848.4048 6749.4446.0831.7830.1536 5037.2139 3338.52

32.41

29.2532.48

37.64

31.8832.7741.0735.7434.1341.4941.2833.8747.5131.5341.4644.67

49.2852.7047.9242.5549.5653.0555.4245.4848.54

285.2276.8220.9210.6290.1272.6

149.3209.9118.0150.9139.0

133.7181.4155.3205.2

201.7178.7196.4

154.9159.7165.8161.2675.3

44.6241.1543.6744.95

44.9343.5247.8447.8153.0746.1949.2948.8451.4849.4446.1332.1530.5836.0736.6638.3338.75

32.44

29.0132.42

38.52

33.2433.8842.9536.0334.7141.3740.9533.8646.6832.3641.1744.08

49.3652.9548.1842.6150.6652.0654.5946.7160.29

284.7272.6221.3217.4292.1271.9

178.3222.892.8

157.2142.0

138.3187.2176.9230.7

199.1177.0199.8

157.1161.7165.5165.0577.3

43.5640.5842.5742.45

36.7541.4947.5347.9152.1943.0148.0949.9163.4347.6147.1333.5231.9136.8637.4639.7639.01

33.76

30.1433.74

41.04

33.7034.9442.5036.6935.9940.9341.1533.1843.2331.9841.1544.34

49.8053.6748.3042.5349.9153.4556.2546.0549.21

290.0276.3231.0217.9302.8281.1

178.5230.9102.1172.6144.4

140.4187.2177.1237.0

213.4181.3201.1

160.9163.9173.3167.5550.6

46.4442.1544.7946.80

48.9341.8148.8248.2952.9246.7550.5150.5352.8051.3246.9234.8833.4737.7838.4640.9839.83

34.69

31.3634.74

41.29

36.0137.0446.8337.3736.6740.4741.4933.7142.5632.9541.9744.80

50.9354.8649.5142.9450.2553.3055.8646.4649.72

291.2282.7232.7221.3324.9312.9

165.126.0

102.0192.5144.0

142.5191.4179.5246.1

231.0183.3201.1

167.8165.7186.2169.8509.0

46.9242.8845.7147.28

48.5744.0348.9449.2651.9248.7252.6061.6854.0853.4347.2935.3434.0238.2139.1641.4740.13

34.98

31.7935.10

41.81

35.9237.5046.2937.5836.9740.7641.7435.4842.7732.4842.0344.87

51.0955.6349.1843.2850.5853.2756.6149.6754.77

283.8277.8228.2221.5327.6314.2

180.497.4

106.4189.9145.4

144.2195.2175.6254.0

227.0186.2204.6

166.2166.1180.5169.6486.3

46.1642.5145.1045.74

46.1643.9948.3247.8652.0148.0552.0961.6355.2652.7947.1836.0134.7137.8838.8741.0039.93

34.80

31.5835.11

41.67

35.2837.6845.1037.3536.7740.7041.1434.6443.9933.5242.1045.20

51.1056.0748.7743.3150.2952.8056.4949.8254.72

285.1283.0236.0223.3337.2318.3

182.7243.8126.9207.7147.1

148.4199.5174.9259.9

236.6190.9205.0

171.3170.0188.8172.6467.4

47.2043.3146.3246.74

46.9845.7250.0449.7053.8649.3253.3252.5555.9153.9947.6137.6236.5638.7339.3142.0140.28

35.02

31.7534.64

41.63

35.2338.1844.0237.3436.1441.0941.4235.7843.0533.8342.7445.34

51 7356.0849.8243.9550.6953.3456. 4650.4554.82

286.9289.2244.3228.0327.2304.3

156.5198.4132.4213.6151.3

150.2206.7178.6268.8

231.3193.3204.9

172.6171.5187.1174.5490.1

47.6443.3846.2446.80

47.8545.5949.7649.4952.4451.1553.7053.0154.7255.2046.6835.6034.6638.3738.8041.8040.46

34.76

31.6434.94

41.18

33.8335.8442.6736.4635.3843.2243.8138.8948.0533.2443.1246.06

51.7956.6250.0344.6752.09

' 54.1957.0250.6056.11

290.5288.0246.3228.7343.2311.2

193.3241.0145.2225.1152.6

152.4211.2178.5267.6

216.9188.4208.9

174.6177.2188.1177.3478.8

48.7444.9948.0248.78

49.8447.4950.9951.1554.0753.80

' 53. 9153.8556.0854.4148.0038.7837.7540.0940.8543.2341.89

37.00

34.8137.42

41.88

36.4838.1147.4536.7435.1744.3444.6341.1248.3734.1644.2647.56

53.0158.0950.8344.9151.8154.3657.1051.0355.42

298. 3289.6250.3232.7

' 370.9' 348. 9

194.0234.9147.0

'227.9' 147.9

153.3207.9177.3265.0

225.6188.7209.5

' 180.8173.5199.0182.8(9

49.1445.41

' 48.36' 49. 29

50.28' 48.31

51.7451.05

' 54.45' 53.37' o2. 65' 53. 73

56.93' 50. 91' 48. 55

38.7337.69

r 40.86' 41.62' 44.03

42.34

37.54

35.3537.20

42.44

' 37. 2539.1447.8237.4936.18

' 4 3 5944.6041. -5041.11

' 35. 25' 44. 57r 47. 55

' 53.96' 60. 04' 51. 50' 45.41

52.6155.2558.35

' 53. 69r 59. 89

303.5294.0245.8228.2

'368.5'346.1

199.9237.1148.0

r 227.6r 150. 1

155.3212.6174.1269.2

225.7189.8214.3

182.5174.6204.7184.5

* 422.6

' 49. 7945.68

' 48. 81r 49. 90

r 50. 39r 48.34

52.4751.91

' 55. 61' 52. 63r 54. 24r 53. 50

57.4654.0148.9739.1937.87

' 41. 8842.59

r 44 48r 42. 44

38.09

35. 5738.67

42.40

' 36. 68' 38. 89

46.2537.0735.65

T 43 8545.45

' 40. 8243.06

' 36. 47T 45. 58

49.05

r 54. 3060.2851. 50

' 45. 4952.87

' 54. 36r 57. 32

' 57. 38

311.8301.3245.7226.9385.1363.3

182.3233.1147.8222.4155.1

157.6210.9

273.0

217.0191.5218.2

191.5185.6225.0189.7

50. 15' 45. 74' 48. 53

49.90

50.7248.3651.9651.3855.6352.9952. 3552.5350.8151.4249. 3537.6836.2641.7842.3144.94

' 42. 86

38.38

36.1438.69

41.67

36.5541.3943.2137. 1935. 8544.8346.0135. 3151.1536.6646. 0649.48

55.0460.8152.6145.8852.9654.4757.1152.9858. 87

r Revised. v Preliminary.1 Beginning with October 1946, data relate to the end of the preceding month. Data for the week ending September 15th are not available.X Sample was changed in November 1942; data are not strictly comparable with figures prior to that month,§ Sample was changed in July 1942; data are not strictly comparable with figures prior to that month.* New series. Indexes of pay rolls beginning 1939 for retail food establishments and 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data beginning

1932 for the newspapers and printing, book and job, industries will be published later; see November 1943 Survey for data beginning August 1942. Data for the aircraft engine industrybeginning 1939 will also be published later.

! Revised series. See note marked " ! " on p. S-10 regarding revisions in the indexes of pay rolls in manufacturing industries and sources of revised data and note marked " t onp. S-ll for sources of revised data for pay rolls in nonmanufacturing industries. The indicated series on average weekly earnings and average hourly earnings (p. S-14) have beenshown on a revised basis beginning in the March 1943 Survey and data are not comparable with figures shown in earlier issues (see note marked " ! " on p. S-13 of the July 1944 Sur-vey); data prior to 1942 have not been published in the Survey and will be shown in a later issue; there were no revisions in the data foi; industries that do not carry a reference tothis note.



UnSess otherwise stated, statistics through 1941and descriptive notes may he found in the1942 Supplement to the Surrey

1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


ber October ! Novem-ber


WA G ES—Continued

Manufacturing industries, average hourly earnings:Natl. Tnd. Con. Bd. (26 industries) dollars..U. 8. Dcpt. of Labor, all manufacturing!. do

Durable goods iDdustriest _ __„.._ __ . . doIron and steel and their products! do

Blast furnaces, steel works,androllingmillst doElectrical machinery! doMachinery, except electrical! do

Machinery and machine-shop products!_do_ _Machine tools do

Automobilest . . «. _ . _ do .Transportation equipment, except autos! do

Aircraft and parts (excluding engines) doAircraft engines* doShipbuilding and boatbuilding do

Nonferrous metals and products!. ,.do_ _Lumber and timber basic products! —do

Sawmills (incl. logging camps) _ doFurniture and finished lumber products!..do

Furniture .. _ _ _ _ .. «. do _Stone, clay, and glass products! do

Nondurable goods industries! _ . _ _ _ . doTextile-mill products and other fiber

manufactures! , .dollars..Cotton manufactures, except small

wares! . . . . _ dollarsSilk and rayon goods! doWoolen and worsted manufactures

(except dyeing and finishing)! dollars..Apparel and other finished textile products!

dollars..Men's clothing! _ „ . _ . doWomen's clothing? do _

Leather and leather products! doBoots and shoes . . . . . . . do .

Food and kindred products! do. . .Baking _ . . . . . doCanning and preserving! do. .Slaughtering and meat packing do

Tobacco manufactures! . doPaper and allied products! .do. . .

Paper and pulp _ . . . doPrinting, publishing, and allied industries!.do. .

Newspapers and periodicals* doPrinting, book and job*___ _ . . . . do

Chemicals and allied products! doChemicals . _ _ . . . . do

Products of petroleum and coal! doPetroleum refining . . . . . do

Rubber products! doRubber tires and inner tubes do

Nonmanufacturing industries, average hourly earnings(U. S. Department of Labor):*

Building construction dollars..Mining:

Anthracite... „_„_ do _Bituminous coal . doMetalliferous do.Quarrying and nonmetallic do

Crude petroleum and natural gas . doPublic utilities:

Electric light and power doStreet railways and busses do_Telegraph doTelephonet do

Services:Dyeing and cleaning «_ _ doPower laundries • do

Trade:Retail— _ doWholesale ._ , do

Miscellaneous wage data:Construction wage rates (E. N. R.):1

Common labor _ dol. per hiSkilled labor.... _ _ do

Farm wages without board (quarterly),dol. per month

Railway wages (average, class I) dol. per hr_.Road-building wages, common labor:

United States average do

PUBLIC ASSISTANCE

Total public assistance... mil. of dol..Old-age assistance, and aid to dependent children and

the blind, total... ___„ __mil. of dol_.Old-age assistance _ do

General relief do

v 1*. 212

9 1.073

— — —

1.0851.86

.83

9 114

9 102

*12

1.102.994

1.0661.0911.1551.0501.1341.1201.2101.2201.2391.1871.2081.2921.063.814.7S0.859

. 939

.927

.795

.721

.788

.600

.875

.8881.12P.881.848.915.904.849.951.806.910.945

1.1881.3461 1181.0011.1591.2361.3151.1131.247

1.397

1.3801.2811.051.908

1.251

1.1861.013.822

1.011

.789

.676

.7961.058

.9381.68

.967

.75

88

8063

8

1.1071.0041.0701.0951.1691.0531.1391.1231.1951.2301,2311.1881.2581. 2731.066.830.804.864.882.942.941

.803

.724

.790

.922

.906

.9121.166.904.877.921.904.846.961.824.928.969

1.2001.3641.1301.0151.1801.2491.3301.1211.255

1.402

1.3391.2691.036.907

1.257

1.1771.007.813

1.030

.793

.675

.8281.070

.9531.70

95.30.953

.69

90

8164

9

1.1291.0021.0641.084

1.0291.1471.1291.2061.2481.2341.2221.2681.2781.091.836.810.871.891.967.953

.833

.753

.812

.988

.922

.9471.168.907.890.924.913.844.939.832.937.982

1.2211.3791.1551.0211.1981.2861.3691.1291.266

1.422

1.3761.2651.059.913

1.284

1.1951.011.833

1.095

.793

.675

.8351.095

.9681.73

.973

.75

92

826410

1.1461.0351.1031.1691.2901.0361.1721.1541.2141.2641.2641.2331.2591.3241.113.848.826.888.913.985.975

.858

.788

.838

.999

.961

.9811.222.917.896.943.920.859

1.051.830.957

1.0011.2351.4001.1661.0331.2111.3071.3831.1381.275

1.411

1.3761.2741.071.930

1.308

1.2221.001.851

1.105

.815

.684

.8411.101

.9881.74

.949

.75

93

836510

1.1651.0581.1311.1861.2941.0961.1791.1631.2201.3021.3161.2531.2931.3891.131.856.834.803.930

1.0C4.988

.869

.799

.845

1.010

.966

.9931.234.928.604.952.930.885

1.072.830.966

1.0101.2481.4231.1711.0451.2201.3321.4201.2321.414

1.423

1.3521.2391.090.959

1.293

1.2191.025.886

1.131

.833

.688

.8511.121

1.0041.76

97.401. 065

.76

93

8465

9

1.1801.0711.1471.1901.2901.1311.2041.1801.2511.3251.3331.2681.3391.4031.149.880.860.917.943

1.019.996

.873

.803

.849

1.014

.956

.9971.211.942.921.961.931.887

1.087.848.983

1.0301.2661.4431.1861.0641.2341.3421.4191.2661.446

1.431

1.3821.3211.133.967

1.287

1.2361.049.905

1.143

.831

.703

.8591.135

1.0181.77

1.091

.78

94.

8566

9

1.1891.0841.1651.2061.3031.1481.2231.2021.2771.3471.3501.3021.3431.4161.163.908.888.927.950

1.0411.003

.875

.803

.850

1.014

.951

.9991.191.950.923.972.945.898

1.095.846.993

1.0381.2781.4491.2031.0841.2431.3471. 4311.2831.461

1.444

1. 5591.4741.180.994

1.322

1.2751.053.908

1.147

.834

.703

.8761.146

1.0341.80

1.139

.81

95

8566

9

1.1941.0931.1771.2161.3141.1581.2321.2121.2691.3541.3661.3251.3481.4361.166.910.892.937.957

1 0571 009

.877

803858

1.017

.941985

1 180954927

.986980904

1 115851

1.0071 0531.2871 4591.2121 0981.2561 3551 4371.2921 472

1.473

1.5621 4571.2051.0041,311

1 2581 097

.9101 135

.826

.698

.8881.155

1.0581.81

106.001.136

.80

96

86679

1.2171.1121.1861.2221.3051.1691.2461.2281.2911.3731.3591.3231.3541.4311.177

.928

.911

.957

.9821.0631.036

.924

.875

.906

1.024

.9861.0091.263.972.945

1.015.994.976

1.116.885

1.0201.0701.2991.4751.2201.1021.2601.3471.4271.2951.474

1.482

1. 5981.4061.2121.0161.307

1.2601.099

.9101.129

.832

.693

.8931.148

1.0711.82

1.130

.86

97

876810

1.229'1 .126

1.2011.2411.3251.1851.2601.2381.3001.385

r 1. 3561.3231.3571.4261.192'.935'.915.977

1.001' 1. 087

1.050

.940

.888

.922

1.034

1.0101.0271.300.982.955

'1 .0131.003' . 9 6 0

' 1.144'.8931.0371.085

'1 .315' 1. 495' 1. 232

1.1101.2811.3681.453

' 1. 323' 1.507

1.510

1.6111.4801.2231.042

' 1.334

1.2911.110.914

1.148

.839

.708

'. 9081.179

1.0721.85

1.155

.84

99

896910

' 1.2311. 1301.202

' 1. 239' 1. 303' 1.187

1. 2651.245

' 1. 306' 1. 377' 1.357' 1.319

1.3641.432

' 1.194'. 935.913

'.9931.019

' 1.0961. 055

'.948

.892

.931

1. 037

.9971.0241.266.987. 960

1.0351.042'.9831.147'. 905

' 1.5001.102

'1 .325' 1.511

1. 23 S' 1. 103

1.278' 1.347r 1.428' 1.313'• 1 . -1**2

1 . . " , 2< i

i.'-m1.4,"i)

r 1.210' 1.047M.30S

1.2S41.132

r 1.0071. 137

. 854

.708

.9081.172

1.0731. 85

104 001,132

.87

107

967411

r

1.241.13<1 ?,!(1.24

30<

1 '?71 ?4 (

1 31*1 39.1 36f

3?f

4411 ?,0f

.93C

L.001

1 l lf06,f

. 9 5 ,

941

1.03&

1.08(9<y

1 004

04"0495:)V

. 92JOf'H1113 4 r

\]?<?«s

49c

•ri03

, 54*'

58*14 i?22<05 c

33f

30',03S00?131

. 85l

. 121

L. 18(

. 07£xo

. H(

l l f

Tf"

11

' Revised. v Preliminary. § Sample was changed in November 1942; data are not strictly comparable with figures prior to that month.• The average for workers who were employed in February was $1,217; this average is affected by strike conditions, since maintenance workers were left on during the strike

while low-paid production workers were out: the average is therefore omitted from the table above to avoid misinterpretation.• The comparability of the series was affected by a change in the data in July 1945; see January 1946 Survey for June 1945 figures on both the old and the new basis.JData beginning April 1945 are not comparable with earlier data; see note for hours and earnings in telephone industry at the bottom of p. S-13 of the April 1946 Survey.IRates as of December 1,1946: Construction—common labor, $1.085; skilled labor, $1.86.•New series. Data on hourly earnings for 1937-43 for the telephone industry are shown on p. 20 of the May 1945 Survey (see also note marked "J" above regarding a change in the

data in April 1945) and data for the telegraph industry beginning June 1943 are on p. S-14 of the January 1945 issue. Data on hourly earnings beginning March 1942 for the othernonmanufacturing industries and beginning August 1942 for the printing and publishing subgroups are available, respectively, in the May 1943 and November 1943 issues, and databack to 1939 will be published later.

tSee note " t " on p. S-13.cfRevised figures for March and April 1945: March $0,956; April, $0,968.


February 1947 SUKVEY OF CURRENT BUSINESS S-15


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto- November ber

FINANCE

BANKING

Agricultural loans outstanding of agencies supervisedby the Farm Credit Administration:©

Total ___mil. of dol_.Farm mortgage loans, total do .

Federal land banks . __ . . . do_ _Land Bank Commissioner do

Loans to cooperatives, total > _ - _ do .Banks for cooperatives, incl. central bank..doAgr. Marketing Act revolving fund do

Short term credit, total . doFederal intermediate credit bankscf doProduction credit associations _ . doRegional agricultural credit corporations...doEmergency crop loans doDrought relief loans _„ _ do

Bank debits, total (141 centers)f doNew York City . _ doOutside New York City ._ do. >

Federal Reserve banks, condition, end of month:Assets, total . do

Reserve bank credit outstanding, total doBills discounted . _ _ > _ doUnited States securities do

Gold certificate reserves ® . do. _Liabilities, total do.

Deposits, total.- . do._.Member bank reserve balances do

Excess reserves (estimated) _ do _Federal Reserve notes in circulation do

Reserve ratio._ __ . percentFederal Reserve weekly reporting member banks, con-

dition, Wednesday nearest end of month:Deposits:

Demand, adjusted _ _ mil. ofdolDemand, except interbank:

Individuals, partnerships, and corporations.doStates and political subdivisions._ do__._United States Government _ do

Time, except interbank, total do___Individuals, partnerships, and corporations.doStates and political subdivisions. _ . _ . do

Interbank, domestic doInvestments, total. _ _ . . _ . _ _ _ _ . . do

U. S. Government obligations, direct and guaran-teed, total _ mil. ofdol

Bills doCertificates do

Bonds (incl. guaranteed obligations) —. doNotes do

Other securities - doLoans, total _ __do_.._

Commercial, industrial, and agricultural§-_-doTo brokers and dealers in securities . doOther loans for purchasing or carrying securities

mil. of dol._Real estate loans doLoans to banks doOther loans _ do

Money and interest rates:*|Bank rates to customers!

New York City percent7 other northern and eastern cities do31 southern and western cities do

Discount rate (N. Y. F. R. Bank) • do___.Federal land bank loanst . «_ doFederal intermediate credit bank loans ___doOpen market rates, New York City:

Prevailing rate:Acceptances, prime, bankers', 90 days. doCommercial paper, prime, 4-6 months do.__Time loans, 90 days (N. Y. S. E.)_ _do____

Average rate:Call loans, renewal (N. Y. S. E.) doV, S. Treasury bills, 3-mo do

Average yield, U. S. Treasury notes, 3-5 yrs.:Taxable* do

Savings deposits, New York State savings banks:Amount due depositors.-. mil. of dol.

U. 8. Postal Savings:Balance to credit of depositors doBalance on deposit in banks.. do

CONSUMER SHORT-TERM CREDIT

Total consumer short-term debt, end of month*__doInstalment debt, total* __ __ . do

Sale debt total* doAutomobile dealers* doDepartment stores and mail-order houses*_.doFurniture stores* doHousehold appliance stores* . doJewelry stores* doAll other*. _ do

1, 5431,085

844140188182

238934

2343

8830

93,54741,25252, 295

45, 00624,063

16323, 35018,38145, 00617, 35316 139

55524, 645

43 5

39, S81

40, 9222,2691,795

10,32110,256

1659,442

39, 459

36,029886

5, 20226, 6023,0393,430

16, 69410,2691,375

1,1181,563

672, 302

1 852 43

1.004.001.50

.811.001.50

1.38. 375

! 1 22

9,159

3 2776

v 9, 773p 4, 004P 1 568

v 545»339^368

P 3 0P 125*161

1,7821,2561,028

228162158

3363

28199

69734

92,80945,03547,774

45,06325,091

24924, 26217,86345,06318, 20015,9151,471

24,64941.7

37,066

37,6741,949

16, 6609,4479,304

9911,09252,058

48,6641,761

12,13026,7378,0363,384

15,8907,2492,791

2,9581,095

831,714

1 712 232 38LOO4.001.50

.44

.751.25

1.00.375

* 1,15

8,383

2,9336

6,7342,365

9032271982831474

107

1,7701,2361,022

214161156

337329

2085

9733

80,79638,81941,977

44, 26823,976

29423,26417, 98344t 26817,82216,6821,089

24,15342.8

38,026

37,9332,123

16,2279,5669,416

10610,16253, 021

49,6481,742

12,77827,1847,9443,365

15,1907,3002,337

2,6871,107

561,703

1.004.001.50

.44

.751.25

1.00.375

* 1.10

8,357

2,9815

6,5062,364

8772351892721466

101

1,7721,2261,022

205154148

3391

28226

410033

66,70830, 498S6,210

44,09323,648

34722,90418,04943, 48717, 55915, 6371,014

24,13143.3

37,610

37,7412,160

16, 4819,6959,526

12310,05662,970

49, 5111,517

12,86027,2347,9003,452

U, 1?87,3822,345

2,6201,129

651,747

1.004.001.50

.44

.751.25

1.00.375

* 1.03

8,419

3,0135

6,5642,408

8792451842741461

100

1,7761,2091,015

194144138

342329

2624

10533

79,11935,67043,449

43,88923,630

62622,601IS, 07543,27717,65914,853

62723,993

43.4

37,116

36,9902,243

14,5369,7569,582

1279,381

50,285

46,812785

11,94427,0347,0493,467

15, 6907,4642,823

2,3821,152

681,801

1.752 342 931.004.001.60

.44

.751.25

1.00.375

i . 99

8,502

3,0435

6,9782,507

9052641882791459

101

1,7701,1981,012

186125120

344831

2744

10632

79,33037,20842,122

43,65223,357

27922,73218,09743,03017,45115,606

95923,925

43.7

38,242

38,0412,456

12,3639,8819,704

1299,533

49,380

45,9861, Of 2

10,60827,4026,9243,387

15,0537,4732,204

2,2241,195

911,866

1.004.001.50

.44

.751.25

1.00.375

» 1.12

8,560

3,0665

7,3152,652

9572892002881560

105

1,7771,1881,009

179124119

346632

2914

10632

77,51835,08542,433

43,80723, 518

25422,93218,09243,80717,36515, 653

80724,064

43.7

38,941

38,6692,433

11,37710, 0309,851

1289,153

48,983

45, 5861,014

10, 35927,4716,7423,390

14,9047,4822,167

2,1131,228

741,840

1.004.001.50

.47

.751.25

1.00.375

U.18

8,634

3,0915

7,5072,7891,004

3182062951661

108

1,7791,1821,008

174118115

347934

3044

10532

78,19134,97243, 219

44,82824,456

15723, 78318,10344,82818,20616,1231,112

24,19142.7

39, 522

39, 2952,4368,660

10,1199,943

1209,025-

46,831

43,431758

9,38026, 7446,5493,394

14,9177,5292,119

2,0131,277

901,889

1.842.512 971.004.001.50

.50

.751.25

1.00.375

i 1.15

8,762

3,1205

7,7622,9081 035

3-36210299

1763

110

1,7701,1691,001

168124118

347733

3054

10432

82,37437,35745,017

44, 62524,164

24523,63318,10544, 62517,90615,991

85624, 244

43.0

39,362

39,5082,2747,299

10, 21410,020

1399,374

45,750

42,269773

9,60526,9364,9553,481

14,9128,0181,604

1,8371,332

1891,932

1.004.001.50

.59

.771. 25

1.00.375

i 1.13

8,825

3,1605

7,8433,0311 072

3652132992163

111

1,7511,151

989162130125

247032

3023

10231

73,90030, 21643,684

45, 04524, 748

33123,94618,09845,04518, 29416, 2451,085

24, 41242.4

39,303

39, 2732,2456,556

10, 28010, 075

1459,242

44,905

41,463758

8,76227,0894,8543,442

15,0788,4961,371

1,6961,367

1721,976

1.004.001.50

.71

.811.50

1.38.375

i 1.14

8,875

3,1886

8,1553,1821 126

3942223082364

115

1,7411,136

979157151146

245430

2913

9831

74, 55231,39743,155

44,81324,594

21324,04918, 09544,81318,06015,910

72524, 448

42.6

39,237

39,4182,3704, 680

10, 34410, 133

1539,288

42, 631

39, 088679

6,54727, 2284, 6343,543

15,4779,1641,253

1,4551,424

1272,054

1.832.432.751.004.001.50

.81

.811.50

1.38.375

U.22

8,919

3,2076

8,3843,3011,181

4252363112565

119

1,7171,117

966151180175

242130

2643

9331

81, 58333, 91347,670

44, 88924,109

25323,51818,22944,88917, 57915, 931

56724, 583

43.2

39,653

39,8512,3084, 640

10, 36410,159

1459, 235

42, 461

39, 044660

6,72927,1834,4723,417

16,0939, 7591, 208

1,3431,473

1882,122

1.004.001.50

.81

.881.50

1.38.375

i 1.24

8,958

3,2356

' 8,713' 3, 466r 1, 263

466'257

3222766

r125

«• 1,6901,099

954145189183

2401sa

2453

9130

77,19331,08840,105

45.64724,791» | 31f>23 94418,31045 64718 08316 513r 1 06324, 799

42 7

40,135

40,6382,2703,524

10, 38010,158\ J1629,148

41,243

37, 859741

5, 64127,0454,4323,384

16,54810,1491,325

1,2331,513|146

2,182

1.004.001.50

.81

.941.50

1.38.376

rj. 22

9, 013

3,260. 6

'i9,195\3,660' 1,362

505285

'3372872

135

' Revised. » Preliminary. § Includes open-market paper. 1 For bond yields see p. S-19.i For Sept. 15-Dec. 15,1945, includes Treasury notes ol Sept. 15, 1948, and Treasury bonds of Dec. 15, 1950: Beginning Dec. 15, includes only the bonds of Dec. 15,195acf Excludes loans to other Farm Credit Administration agencies.X Rate on all loans; see note on item in April 1946 Survey.<8> Effective June 12,1945, only gold certificates are eligible as reserves; for total reserves through May 1945, see April 1946 Survey and earlier issues.• A rate of 0.50 was in effect from Oct. 30, 1942-April 24, 1946, on advances to member banks secured by Government obligations maturing or callable in 1 year or less.•New series. Data beginning December 1940 for the series on taxable Treasury notes are available on p. S-14 of the April 1942 and later issues of the Survey. For information

regarding the series on consumer credit see note marked "*" on p. S-16.t Bank debits have been revised beginning May 1942 to include additional banks; see note in the April 1946 Survey for source of 1942 data.©Effective Nov. 1,1946, jurisdiction over the emergency crop and drought relief loans included above was transferred to the Farmers Home Administration.




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary

Febru-ary March April

FINANCE—Continued

May June July August Septem-ber

Octo-ber

November

CONSUMER SHORT-TERM CREDIT—Cont.

Consumer short-term debt, end of month—Continued.Instalment debt—Continued.

Cash loan debt, total* mil. of doL.Commercial banks* doCredit unions _ do....Industrial banks* doIndustrial loan companies* doSmall loan companies _. doInsured repair and modernization loans*._.doMiscellaneous lenders* do

Charge account sale debt* doSingle payment loans* do....Service credit* do

Consumer instalment loans made by principal lendinginstitutions:

Commercial banks* mil. of dol..Credit unions.. do.. . .Industrial banks* —doIndustrial loan companies* doSmall loan companies.. do

LIFE INSURANCE

Life Insurance Association of America:Assets, admitted, totaltA mil. of dol.

Mortgage loans, total do. . .Farm. doOther _ do....

Real-estate holdings doPolicy loans and premium notes doBonds and stocks held (book value), total .-. .do.. . .

Govt. (domestic and foreign), total doU. 8. Government do.__.

Public utility do... .Railroad do... .Other do.. . .

Cash _ do.. . .Other admitted assets do... .

Premium collections, total® thous. of dol.Annuities do.. .Group doIndustrial _ .do.. . .Ordinary _ .do

Institute of Life Insurance:*Payments to policyholders and beneficiaries,

total thons. of dol..Death claim payments -doMatured endowments -doDisability payments doAnnuity payments do. . .Dividends..- _ doSurrender values, premium notes, etc do

Life Insurance Agency Management Association:Insurance written (new paid-for insurance): t

Value, total _ thous. of dolGroup. _ _ doIndustrial.. doOrdinary, totaL ___do

New England __ _ doMiddle Atlantic. do.. . .East North Central. _ doWest North Central do.. . .South Atlantic do... .East South Central _ _._doWest 8outh Central. do. . .Mountain _ do.. .Pacific do

MONETARY STATISTICS

v 184v 118

»99

v 110p 3,027p 1,879

»863

»192

v 167

,962,873475, 709290,439,196,725

76, 533274, 362263,294121, 356132, 946

46, 44195, 92144,353

141,519

1,462471128767044517993

1,9811,616772

101231816135

36,2575,163577

4,586678

1,52327, 65618,70517,3684,2492,5582,044526811

440,69487,49525,25088,207239,742

239, 748101,34330,7317,26914, 52358,90626,976

,449,014244, 760263,151941,10363,267235,875202,16294,64595, 80837. 23178,74731, 561101,807

1,487494127767044618193

1,7011,659782

10419141476

36,5025,152574

4,578667

1,51428,04319,15717, 8374,2552,5842,047527599

352,39749,02626,97868,278208,115

261, 549120,37740,3448,29421,07446,10425,356

,350,91549, 780275,647,025,48878, 235

288,146230,31096,091101, 26336,00870,74929,10795, 579

1,529522128787145218494

1,6921,671793

10519141480

36,6605,138673

4,565656

1,50728,26019,24917,9374,2902,5952,126275824

350,14742,06322,94365,579219,562

221,902104,64232,5877,17915,59738,17923,718

[,516,83388,416307,074,121,34383, 573311,753247,889100,841113,21241,64286,87032,159103,404

1,6025641328273

46219495

1,9721.695804

132241816

103

36,8825,148569

4,579632

1,50028,36719, 35718,0354,2982,5632,149383852

390,87943, 66124,09071,010

252,118

254,135116, 356' 35,793

7,98716,22749. 55928,213

,816,315113,803355, 6911,346,82199,114364,915296,874123,992142,64852,01399,12038, 662129,483

1,6956081378576

48221097

2,1381, 710815

138251816

105

37,0805,163575

4,588622

1,49428,54519,41318,0904,3122,5492,271571685

328,58640,28321,66359,268207,372

236, 574110,07234,4797,45916,27838,69029,596

,971,219138,376359, 324,473,519109,744395,030321,302135,066159,50757,384109.59743,983141,907

1,7856561428878

49223198

2,1881,708822

14828191697

37,2745,189581

4,608608

1,48828,82319, 55118, 2394,3322,5832,357465701

368,98747,04721,97566,580233,385

235,837108,86635,3747,58416,90439,25327,856

,956,796145,517359,3691,451,910103,655363,0^5314,327136, 475158,82259, 598121,87843,772150,308

1,873700149927950624899

2,3271,697830

14828191799

37,5525,213587

4,626602

1,48428,92719,64518.3234,3222,5562,404651675

368,22638.32420,41372,043237,446

221,99798,78929,8607,43817,30944,06324,538

,863,485183,743338,999L,340,74395,427336,659290,952130,779145,15655,645107,38440,797137,944

1,9597451549681520263100

2,2811,695836

156292017

106

37,7655,226590

4,636601

1,47929,06919,688

4,3902,5362,455715675

361,40061, 36325,19963,947210, 891

225,877106, 74332,9237,49616,88136, 69425,140

1,952,159284, 896323,8611,343,40292,405327,627292,432127,881154, 78154,326112,08142,803139, 036

2,05679215810084535285102

2,4181,714841

164302018

110

37,9115,255592

4,663597

1,47529,33519,70118,3824,4002,5312,703566683

343,08037,94425, 23363,834216,069

216,264101,27628,9748,12016,95035, 60425,340

;,796,758200,518323f 504

:,272,73683, 318301,929282,453125,687142,19353, 232108,18843,087132, 650

2,12082516410386544295103

2,4951,740848

15631201898

38,0795,289592

4,697594

1,47529, 50419, 75418,4254,4542,5222,774540677

352,23038,80723,08571,062

219, 276

210, 89893,97928, 7737,33416,96438, 41525, 433

1,710,536238,591346,1161,125,82973, 205259,183249, 867112, 704128, 77747,73294,95738,138121,266

'2,20386417010890

'555312104

2,6211,773853

'176342119107

38, 2815,317593

4,724591

1,47429, 64219,67318, 3434,4932,5272,949550707

350, 54750, 71625, 30664, 910

209, 615

235, 775111,75535, 8997,99617,72136,23226, 172

1,796,548198,701347, 2201,250,62787, 873311,142273, 028118, 363141,41549, 69795, 72041,644131,745

'2,298'907175112'95574329106

2,859'1,818'858

'172332220122

38, 4595,365592

4,773590

1,47229,67819, 55818, 2314,5022,5173,101581773

348, 27439, 22422, 57261,902

224, 576

213, 74399,25831, 0226,99916, 46635,22624,772

1,648 423162,146343,113

1,14316476,411

283, 614253, 324108,934126, 228

44,00388, 91737, 774

123,959

Argentina . . dol. per paper peso -298 .298 .298 .298 .298 .298 .298 .298 .298 .298 .298 .298Brazil, free cf " " " dol. per cruzeiro -054 .052 .052 .052 .052 .052 .052 .052 .052 .054 .054 .054 .054British India " dol per r u p e e " -302 .301 .301 .301 .301 .301 .302 .302 .302 .302 .302 .302 .302Canada, free r a t e T """doL per Canadian d o l " -954 .907 .907 .907 .907 .908 .907 .906 .967 .968 .963 .960 .952Colombia dol. per p e s o " -571 .570 .570 .570 .570 .570 .570 .570 .570 .570 .570 .570 r. 571Mexico " " " do " -206 .206 .206 .206 .206 .206 .206 .206 .206 .206 .206 .206 .206United Kl lDgdVmV^"ra te I I I I " I I I .V-V"-dolVper£ l I 4.029 4.034 4.034 4.034 4.034 4,034 4.033 4.034 4.034 4.034 4.033 4.032 4.031

Gold:Monetary stock, U . S mil of do l . . 20,529 20,065 20,156 20,232 20,256 20,251 20,242 20,270 20,267 20,280 20,305 20,402 20,470Net release from e a r m a r k • " " "thous. of do l . . 82,830 -4,257 -12,529 -5 ,770 19,729 15,090 27,461 15,010 7,996 60,123 12,306 115,690 127,485Gold expor ts* do 115,915 20,146 116 467 361 28,423 28,707 748 2,529 10,816 31,846 806 733Gold imports j I"irr"iriIII""I"IIIIII-do...I 54,722 39,399 154,186 82,906 31,757 7,889 1,679 37,077 8,877 26,027 24,217 24,988 78,636

' Revised. P Preliminary. X 36 companies having 82 percent of the total assets of all United States legal reserve companies.d" See September 1946 Survey and earlier issues lor official rate; the official market was abolished July 22,1946. Free rate prior to August 1945 available on request.• In January 1944 one company was replaced by a larger one and the 1943 data revised accordingly; revisions for January-September 1943 are available on request.<8> 39 companies having 81 percent of the total, life insurance outstanding in all United States legal reserve companies. • Or increase in earmarked gold (—).§ The official rate for Canada was $0,909 from March 1940, when first quoted, through July 4, 1946; the currency was revalued on July 5; the average rate for July 1946 was $0,983

and the rate thereafter, $1.000.1 Publication of data was suspended during the war period; data for November 1941 to February 1945 will be published later.• New series. Estimates of consumer short-term credit as originally compiled are published in the November 1942 Survey, pp. 16-20, and the general estimating procedure described

fn that issue; data for various components have subsequently been revised from time to time; revisions that have not been published are indicated in the note marked "*" on p. S-15of the April 1946 Survey. Data for industrial banks and industrial loan companies were formerly shown combined as industrial banking companies. The series on payments to policy-holders and beneficiaries represents estimated total payments in the United States, including payments by Canadian companies (see also note marked " •" on p. S-16 of the April1946 Survey).

t Revised series. All series for insurance written are estimated industry totals and, with the exception of data for ordinary insurance, are revised series not comparable with datapublished in the Survey prior to the March 1946 issue (see note in that issue for the basis of the estimates). The data for ordinary insurance continue the data from the Life InsuranceSales Research Bureau published in the 1942 Supplement and subsequent monthly issues of the Survey; revised data for 1940-44 for industrial, group, and the total will be pub-lished later.




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary

Febru-ary March April May June July August Septem- 1 Octo-

ber 1 berNovem

ber

FINANCE—Continued

MONETARY STATISTICS—Continued

Gold—Continued.Production, reported monthly, totali thous. of dol~

Africa doCanadai _ doUnited Statesi d o —

Money supply:Currency in circulation.. mil. of dol_.Deposits adjusted, all banks, and currency outside

banks, total* mil. of dol-Deposits, adjusted, total, including U. B. deposits*

mil. of doL.Demand deposits, adjusted, excl. TJ. 8.* doTime deposits, including postal savings*.._do

Bilver:ExportsA thous. of doL.Imports A -doPrice at New York# __.dol. per fine oz..Production:

Canada thous. of fine oz._United States —-do—

PROFITS AND DIVIDENDS (QUARTERLY)

Industrial corporations (Federal Keserve): <?Net profits, total (629 cos.) mil. of dol

Iron and steel (47 cos.) _ do..Machinery (69 cos.) do._Automobiles (16 cos.) do__Other transportation equip. (68 cos.) doNonferrous metals and prod. (77 cos.) do.Other durable goods (75 cos.) do.Foods, beverages and tobacco (49 cos.) do.Oil producing and refining (45 cos.) doIndustrial chemicals (30 cos.)... do.. .Other nondurable goods (80 cos.) do.. .Miscellaneous services (74 cos.) do.. .

Profits and dividends (152 cos.):*Net profits _ do. . .Dividends:

Preferred -- do..—Common do.. .

Electric utilities, net income (Fed. Res.)* .do. . .Railways, class I, net income (I. C. C.) do. . .Telephones, net operating income (Federal Communi-

cations Commission) mil. of dol.

PUBLIC FINANCE (FEDERAL)

28, 951

P166, 400

P139, 500v 83,000v 53,800

6, 5797,861.867

347,340

49,864576504

259,148

233,06424, 5851,500

331

3,6181,580

21952

1, 0654,1134,107

432,9712,886

45

54,89638,1108,3913,635

28,515

175,401

148,91175,86148,452

12,5923,173.708

1,1532,031

485494758

13627265837514058

246

22182145

'£0.0

323,416

48,2241,254559

278,115

255,69320,0002,421

553

5,4454,245

0817384

4,1224,118

323,9483,366

—432

34,0425,4873,075

22323240227526707

55,75839,0868,346

27,917

176,500

150,40076,80049,000

20,9372,490.708

1,2052,163

326,961

48,617960630

278,887

256,80120,6551,431

645

4,8913,417684309482

3,8483,819

423,4512,755

51

—31

50,98136, 0548,0133,283

27,954

177,300

151, 20076,40049,800

4,7943,679.708

1,0421,495

329,773

48,718622565

279, 214

257, 01620,8971,301

539

3,5102,702

148118543

3,8753,678

333,6842,790310

—75

334,995

48,849668621

273,898

251,48721,2241,188

533

4,2512,560200174

1,3162,734

*622,3101,603

65

—18

337,110

48,936594552

272,583

249,96021,4811,143

542

3,6772,182

95106

1,2942,9982,733

422,3081,407285

187

339,264

49,053571519

269,422

245,77922,3321,311

467

5,5132,442

51,3951,6714,4824,479

354,0803,392

76

- 1 6 1

27, 5725,4252,873

75919519622

235

340,497

49, 336753537

268, 270

243, 99423, 045

1,231

324

4,5141,190

631249

2,4442,6002,539

442,2511,488

67

- 8 7 0

342, 061

49,493590478

_267, 546

242,91623,443

1,187

370

2, 7961,509

13122

1,1522,7172,434

402,4941,513

302

136

343,051 344, 535

49, 560494482

265, 369

240,36423,8541J51

391

2,8511,100

32648

1,0704,4814,478

424,2913,350

89

49, 638519489

263, 532

238,34024,015

1,116

378

3,0231,481

48160

1,3352,6172,544

452,2301,404

74

- 9 6

29, 5695,9492,860

70417118220

2371,632

641

- 5 9

345,954

49, 723453418

262, 277

236, 67124, 2541,351

362

2,5571,436

27105989

2,6392,364

452,4031,444

290

- 2 8

U. S. war and defense program, cash expenditures, cu-mulative totals from June 1940:* mil. of dol.

D. 8. Savings bonds:*Amount outstanding . . . d o . . .Sales, series E, F, and G do. . .Redemptions _ do . . .

Debt, gross, end of month®. _ . . . d o . . .Interest bearing:

Public issues .do . . .Special issues§ do . . .

Noninterest bearing _ .do . . .Obligations fully guaranteed by U. 8. Gov't:

Total amount outstanding (unmatured) do . . .Expenditures and receipts:

Treasury expenditures, total doWar and defense activities! doTransfers to trust accounts! doInterest on debt . . .doAll other!- do.___

Treasury receipts, total .doReceipts, net do

Customs doInternal revenue, total .do

Income taxes doSocial security taxes.. _ .do

Net expenditures of Government corporationswholly owned* mil. of dol..

Government corporations and credit agencies:tAssets, except interagency, total. . mil. of dol..

Loans receivable, total (less reserves) .doTo aid agriculture doTo aid home owners doTo aid railroads doTo aid other industries doTo aid banks _ doTo aid other financial institutions .doForeign loans _ .doAll other do

r Revised. * Preliminary. * Deficit. § Special issues to Government agencies and trust funds. ® Data are on basis cf Daily Treasury Statement (unrevised).1 Partly estimated. * Includes prepayments on securities sold during loan drive beginning in the month but issued after the close of the month.• Quotations are for foreign silver through July 1946 (figure ior that month covers July 11-31); thereafter quotations apply also to domestic and Treasury silver if such silver enters

into New York market transactions. The U. S. Government price for newly mined domestic silver was $0.7111 through June 1946 and $0,905 effe ctive July 1, 1946.t The total excludes Mexico included in the total as published through March 1942; January-May 1942 and 1943 revisions for the United States and the total, and 1941 revisions

for Canada and the total are available on request; see notes in the April and July 1946 Surveys regarding revisions in the 1944 and 1945 data for the United States and the total.A Publication of data suspended during the war period; data for November 1941 to February 1945 will be published later.cf The totals for 629 companies, the misceUaneous group, and net profits of 152 companies have been revised beginning 1941, transportation equipment beginning 1942, and othef

seric for some quarters of 1943; revisions are shown on p. 31 of the October 1946 issue.JFor 1941 revisions see p. S-17 of the November 1942 Survey; statutory debt retirements from receipts, which have been comparatively small in recent years, are excluded.•New series. For data for 1929-40 for profits and dividends of 152 companies see p. 21, table 10, of the April 1942 Survey (see note marked "c?1" above regarding 1940-44 revisions).

See note on p. S-17 of September 1944 Survey regarding the series on net income of electric utilities and data beginning third quarter of 1943, and p. S-16 of the August 1944 Surveyfor a brief description of the new series on bank deposits and currency outside bank and figures beginning June 1943; earlier data for these series will be published later. Data begin-ning July 1940 for the series on the war program are shown on p. 29 of the June 1943 Survey; beginning July 1945 data are from the Treasury Daily Statement; earlier figures were sup-plied by the War Production Board. See note in April 1946 Survey for a brief description of the series on war savings bonds and p. S-16 of the October 1942 Survey for sales beginningMay 1941; beginning March 1945, amount outstanding includes matured bonds not turned in for redemption. Data for expenditures of Government corporations have been shown ona revised basis beginning in the September 1946 Survey: see note in that issue for an explanation of the revision.

tEevised series. See note marked " t " on p. S-18.

50,65634,0908,6773,639

27,879

173,600

147,50075,00050,100

1,602.708

1,166613

32322

4 19

20126556636282

116

2014619613.7

72.7

332,432

48,756626634

276,012

253,61321,1351,264

542

4,6022,550

23646

1,3836,7626,747

426,5834,838

100

—757

33,5536,2972,93582519620025185655715

53,90038,047

3,236

27,885

174,400

148,20077,50050,700

1192,918.708

1,056344

55,85739,9598,4123,158

28,120

173,500

147,20078,60051,200

.708

409

54,74939,1018,2033,416

28,245

171,237

144,72179,47651,829

3221,187.708

1,1751,063

604674921

»51263774626671

250

21153151

57,19340,0508,3843,993

28, 254

»170,400

»143, 900* 80,300» 52, 300

1067,089.901

1,2671,395

70.7

60,79538, 9498,0928,310

28,448

P170, 000

P143, 400v 80, 600v 52, 600

2738,283.901

1,1862,583

52,64737,8028,0476,798

28, 507

*>169,400

»142, 9009 80, 300* 53, 900

1,1475,557.901

9532,993

676943144

»3843428478677679

303

20149142

123.7

60.4

8,4295,930

28,600

P169, 100

P142, 600v 82, 200P 53, 200

1664,385.901

9292,940

4,900r 28,861

'168, 500

P141,800P 82, 800p 53,300

85811, 595.901

2,561




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber

FINANCE—Continued

PUBLIC FINANCE (FEDERAL)—Continued

Government corporations and credit agenciesf—Con.Assets, etc.—Continued.

Commodities, supplies, and materials.__mil. of dol_.IT S Government securities dnOther securitiesLand structures and eouipmentAll other assets

Liabilities, except Interagency, totalBonds, notes, and debentures:

Guaranteed by the United StatesOther

Other liabilitiesPrivately owned InterestsU S Government interests

Reconstruction Finance Corporation, loanend of month, totalf

Banks and trust cos., incl. receiversOther financial institutionsRailroads, including receivers.

dodododo .

. dododododo

s outstanding,..mil. ofdol..

do. . . .dodo _

Loans to business enterprises, except to aid in nationaldefense - ._ . mil. ofdol

National defenseOther loans and authorizations

SECURITIES ISSUED

Securities and Exchange Commission:fEstimated gross proceeds, total..

By types of security:Bonds, notes, and debentures, total

CorporatePreferred stock . __Common stock

By types of issuers:Corporate, total

IndustrialPublic utilityRailOther (real estate and financial) .

Non-corporate, total®U. S. Government.State and municipal

New corporate security issues:Estimated net proceeds, total

Proposed uses of proceeds:New money, total

Plant and equipmentWorking capital

Retirement of debt and stock _Funded debt -Other debtPreferred stock

Other purposesProposed uses by major groups:!

Industrial, total net proceedsNew moneyRetirement of debt and stock .

Public utility, total net proceedsNew money _.

dodo. . . .

..mil. of dol__

dodo. . .dodo

dodo. . .dodododo.dodo

do

dodododododododo

dodododo

__ __ doRetirement of debt and stock do

Railroad, total net proceeds dnNew moneyRetirement of debt and stock

Commercial and Financial Chronicle:Securities issued, by type of security,

capital and refunding) XNew capital, totalX -

Domestic, totaltCorporate} . .Federal agencies

dodo

total (newthous. of dol

dodo._

...do_ - dn

Municipal, State, etc doForeign _ An

Refunding, totalt -Domestic, totalj _. . _

CorporatetFederal agenciesMunicipal, State, etc ._

Foreign

dododo. . . .dodo.do

Domestic Issues for productive uses (Moody's):Total mll.ofdol..

Corporate doMunicipal, State, etc

Bond Buyer:8tate and municipal issues:

Permanent (long term)Temporary (short term)

. do

thous. of dol..do.—

1,287201

50147

168327395

1,011,544788,447788,447668,968

0119,479

0223,097189, 597105. 38533,94050, 27133, 500

649533116

171,90310, 685

2,2881,683

32521,0173,2416,078

5551,1134,410

47227,492

1,861268104198

145707440

14,447

14,333387

4371

5001892166927

13,94713,650

82

491

1219329

350296

124220

18470

10721324

188681950

••854,135r 247,457r 244, 224r164, 541

7579, 608

3, 232••606,678'604,608••347,516

254, 5052, 5872.070

1519061

83, 67450, 925

1,827234100192

145694461

1,585

1,40674

11168

25318844

713

1,3331,261

71

245

1116349

12456

56210

181987443

143

770

346,113200,347200, 347131,170

74568,432

0145, 766145, 766112,95429,9002,912

0

1468264

75,934131,086

1,80722999

171

146703459

1,180

1,122239

2533

29710433

1519

883803

80

291

371720

240222

21615

100265932

131

1501

148

429,614122, 291122, 29147,08918,28056,922

0307,323307,323264,262

20,06023,001

0

782256

76,16459.710

1,9181,789

28520,7843,4806,856

5361,1335,187

47926,218

1,77622389

172

175689427

1,305

1,1682807463

41713479

19410

88880583

405

995544

289257

23017

126941578

177

1922

190

562,023200, 449199,549127, 315

15,97056,264

900361, 574338, 374284, 21522,98031,17923, 200

1176750

88,97423,909

1,68022187

171

140642420

1,937

1,680425154103

6824241409919

1,255967

71

666

21314865

433320575621

412198195138

613298

97

1,096,711373, 340373, 340289,600

22, 42061,321

0723,371698,371362,663325, 685

10,02425,000

19955

144

85,17657,582

1,689219

85171

143656416

1,786

1,57963714661

844299430

7738

943793150

825

1539162

65851428

11614

289127154424

5418

767

69

1,044,800309, 59330f, 752191,930

6,855102,967

7,841735, 207727, 605663,502

17,18046,923

7,602

18884

104

143,93314,734

1,4591,767

40115, 5572,9615,752

3251,2344,193

48221, 338

1,474214

83171

171419416

1,542

1,257377129156

663421182

. 3524

879755124

643

245169

77331285

143267

40520616617910

13535

926

866, 896424,631424,631307,350

9,145108,136

0442,266422,766366,06540, 58016,12019,500

236153

83

130,85156,461

1,453212

81148

168429415

1,859

1,633447

99126

672289342

933

1,1861,053

132

655

327198129304218464025

111131123338181156

981

931,287491,013491,013366,543

0124,470

0440,274385, 774345,174

32,9207,680

54,500

306210

96

138,678141,185

1,43320851

147

158459410

1,360

1,178315

34148

497399

413

5486377865

488

33112620614777502110

392313

7441

634

330

569,921419, 510418, 510354, 302

064, 208

1,000150,411125, 66192, 05732, 920

68424,750

239175

64

67,5263,482

1,4291,836

39016,9732,9925,004

3771,2503,377

49624, 069

1,327206

50147

160358406

1,088

1,0161955517

26713411320

1821742

77

261

13810137

117381860

6

13010816

11113981916

3

431, 025231, 340231,340170, 290

061, 050

0199, 685198, 925144,18038, 45516, 290

760

18812761

89, 389131,893

1,27320349

147

158318397

"1,276

r 1.208••315

2443

323•"214

12640

3893703

50

'377

r 263160

M04' 109

36' 6 1

125

••210' 132' 7 2124108

17402119

551, 683352,955352, 955256, 539

47, 26549,150

0198, 728198. 728

65, 208132.645

8750

29324647

' 53,29062, 729

1,279203

49147

165320396

1,320

1 14845712547

62954063]Q8

691619

71

617

51132918386746

19

530470

5361183318180

761,054659,364659,364589. 878

069, 486

0101,690101,69086,31613,3951,979

0

528459

69

'78,194r 47, 388

r Revised.® Includes for certain months small amounts for nonprofit agencies not shown separately.§ Small amounts for "other corporate," not shown separately, are included in the total net proceeds, all corporate issues, above.X See note in the April 1946 Survey regarding revisions in the data for 1944.t Revised series. Data for Government corporations and credit agencies have been shown on a revised basis beginning in the May 1946 Survey; data for certain items were further

revised in the October issue to take account of recent changes in the classifications. The classifications are those currently used in the revised form of the Treasury Daily Statement.All asset items, except the detail under loans receivable, are on a net basis (after reserves for losses); reserves against loans are not completely segregated as to the type of loans to whichthey are applicable and the detail of loans by purpose is, therefore, shown before reserves; most of the reserves are held against agricultural loans. Revised data beginning with thethird quarter of 1944 will be published later; earlier data are not available on a comparable basis. Revisions in the October 1946 Survey resulted from inclusion of guaranteed loans heldby lending agencies in the figures for agricultural loans, foreign loans, total loans, total assets ana the appropriate liability items. Guaranteed foreign loans are included in the 1945figures published in the May and June 1946 issues of the Survey; $569,000,000 and $262,000,000. respectively, should be added to the March and June 1945 figures in those issues foragricultural loans, total loans, total assets, total liabilities and other liabilities to obtain figures comparable with later data shown above. The September figures include data as ofJuly 31,1946, for certain supply operations of the Commodity Credit Corporation. The classification of Reconstruction Finance Corporation loans was revised in the November 1943Survey (see note in that issue); the figures include payments unallocated, pending advices, at end of month. There have been unpublished revisions in the 1941-44 data for secur-ity issues compiled by the Securities and Exchange Commission as indicated from time to time in notes in the Survey; and revisions in the 1945 data as shown in the September1946 and earlier issues; all revisions will be shown later.


February 1947 SUEVEY OF CUEKENT BUSINESS S-19


1946

Decem-ber

1945

Decem-ber

1946

Janu- Febru-ary 1 ary March April M a y June July August Septem-

berOcto-ber

Novem-ber

FINANCE—Continued

SECURITY MARKETS

Brokers' Balances (N. Y. S. E. members carryingmargin accounts)^

Customers' debit balances (net) mil. of doL.Cash on hand and in banks dnMoney borrowedCustomers' free credit balances - *

do

BondsPrices:

Average price of all listed bonds (N. Y. S. E.)_dollars-Domestic doForeign Ho

Standard and Poor's Corporation:Industrial, utilities, and rails:

High grade (15 bonds). _ dol. per $100 bondMedium and lower grade:

Composite (50 bonds) do _Industrials (10 bonds) doPublic utilities (20 bonds) doRailroads (20 bonds) . do

Defaulted (15 bonds) dnDomestic municipals (16 bonds)f do

U. 8. Treasury bonds (taxable)t-— do~_.Sales (Securities and Exchange Commission):

Total on all registered exchanges:Market value » thous. of dol..Face value . do

On New York Stock Exchange:Market value .Face value

. .dodo

Exclusive of stopped sales (N. Y. 8. E.), facevalue, total thous. of dol__

U. S. Government . . doOther than U. S. Government, total . . .do

Domestic _ . d aForeign

Value, Issues listed on N. Y. 8. E.:Face value, all issues. mil

DomesticForeign „

Market value, all issuesDomestic . . .Foreign

do

of dol. .do

. . d o -do

- d o . .dn

Yields:Domestic municipals:

Bond Buyer (20 cities) percent..Standard and Poor's Corp. (15 bonds) do

Domestic corporate (Moody's)By ratings:

AaaAaABaa. . .

By groups:Industrials . _ . . .Public utilitiesRailroads

U. S. Treasury bonds, taxable t

. . d o . . . .

do. d o -

do. do

. dododo

. do

Stocks

Cash dividend payments and rates, 600 companies,Moody's:

Total annual payments at current rates.mil. of doL.Number of shares, adjusted _ millionsDividend rate per share (weighted average). (

Banks (21 cos.).__Industrials (492 cos.)Insurance (21 cos.)Public utilities (30 cos.)Riilroads (36 cos.)

Publicly reported cash dividend payments:*Total dividend payments mil.

Manufacturing., _MiningTrade- - . _Finance __RailroadsHeat, light, and power.. _Communications-.. _.Miscellaneous

lollarsdododododo

of dol....do

dodo

. dodo

..do

. dodn

Prices:Average price of all listed shares (N. Y. 8. E.)

Dec. 31,1924=100Dow-Jones & Co. (65 stocks) dol. per share

Industrials (30 stocks),_ _ doPublic utilities (15 stocks) doRailroads (20 stocks) dn

New York Times (50 stocks)..Industrials (25 stocks).Railroads (25 stocks)

do. d o . . . .. d o . . . .

537

217693

102. 64103. 0776 18

121.5

115.9123.0111.9112.967 7

133.4103.9

127, 553265

127, 288120 544

6,744

137,165134 995

2,170140 793139 139

1,653

1.851.972.83

2 612 692 833 17

2 662.773 042 24

2,110.73954 65

2.213 202 192.591 902 77

63 97174. 3851.1836 77

118 34197. 2939.59

1,138313795654

103.64104.0482.65

121.9

119.0123.1116.2117.582.1

140.1102.7

138,499185,652

128,617175,083

141,431745

140,686131, 329

9,357

138,085135, 529

2,556143, 111140, 998

2,112

1.421.642.80

2.612.682.793.10

2.642.792.962.33

. 880.22941.47

2.003.111.942.581.802 64

768.2418.665.346.781.063.351.716.924.7

93.572.36

192. 7438.2663 67

135.05220.6749.43

1,168

734727

104,75105.1482.32

123.8

119.7123.9116.3118.984.9

141.6104.6

165,360217,071

155,270204,041

186,9231,060

185,863175,74210,121

138,961136 550

2,411145 556143, 571

1,984

1.311 572.73

2 542 622 733 01

2 572.712 892 21

1,886.00941.47

2.003.171.942.581.802 64

358.4129.6

2 724.087 519 738.548 38 1

98.274.78

199.0039.9465.58

138.72226.0051.45

1,048

645755

105.19106.5982.11

124.5

120.0124.4116.1119.685.4

143.4106.0

119,650154,582

110,162146,310

129,337605

128,732122,533

6,199

139,299136,890

2,409146,524144,546

1,978

1.291.492.68

2.482.562.702.95

2.542.652.832.12

1,900.31941.47

2.023.211.952.581.812.77

149.565.7

.69.2

29.67.2

35.6. 1

1.5

92.674.74

199.4640.0165.12

136.88223. 2550.57

936

622712

105.29105.6982.69

124.5

120.1124.5115.9119.982.7

143.4106.5

98,956121,413

91,234113,002

105,018720

104,29895,9128,386

138,831136,423

2,407146,181144,190

1,990

1.291.492.66

2.472.542.692.94

2.542.642.802.09

1,908.54941.47

2.033 211.962.581.812 81

396.3237.622.529.924.222.533.313.013 3

96.973.01

194.3740.3862 89

136.03222. 7949.27

895

575697

103.89104. 2582.88

124.3

119.9124.4115.8119.683.6

144.1106.6

107,506131,595

100, 481123,634

122,33710,318

112,019104,968

7,051

138,519136,143

2,375143,904141,936

1,969

1.371.452.67

2.462.562.692.96

2.572.652.782.08

1,919.71941. 47

2.043 211 972.581 812 81

338.8128.6

3.719.850.429 347.661.77.7

100.276.63

205. 8142.9364.30

141.86233.8549.88

856

547669

104.03104. 4083.16

123.7

119.5123.9116.0118.681.8

142.1104.8

89,462107,064

84,330100,995

93,9524,299

89,65384,3105,343

138,364135,968

2,396143,944141,951

1,992

1.361.542.71

2.512.582.733.02

2.602.692.842.19

1,911.77941.47

2.033.211.972.581.812.65

133.669.0

2.06.7

17.17.6

29.3.3

2.6

103.276.98

206.6343.0364.77

143. 47236.1150.84

809370498651

104. 21104.6181.64

123.9

119.5123.9116.0118.783.2

142.0105.3

83,43897,833

73, 70691,898

84,033256

83, 77777,6096,168

136,648134,281

2,367142,406140,474

1,932

1.411.552.71

2.492.592.733.03

2.592.702.852.16

1,943.39941.47

2.063.212.012.581.812.71

497.6278.150.233.436.333.836.513.415.9

99.177.59

207.3242.5166.64

144.63237.1652.11

745

442653

103. 52103.9280.97

124.0

119.1123.4115.3118.580.1

140.9104.9

73,74390,590

69,45985,918

79,886181

79, 70572,4737,232

136,596134, 257

2,339141,407139,513

1,894

1.511.602.71

2.482.592.723.03

2.582.692.862.18

1,957.89941.47

2.083.212 032.581.812 71

393.1147.0

4.529.788.617.246.649.89.7

95.875.02

202.2740.9663.22

140.10231.214899

723

377647

103.10103. 4980.15

123.8

119.1124.0115.4117.778.8

140.0104.1

72, 69194,121

69,34690, 244

78,010279

77, 73172, 4415, 290

136, 714134,441

2,273140, 958139,137

1,822

1.581.652.73

2.512.622.743.03

2.582.702.892.23

1,952.00941.47

2.073.212 022.581.822.71

162.574.91.05.4

31.14.8

41.72

3.4

89.673.81

199. 4440. 9361.45

136. 45225. 9746. 93

631

305729

102.15102. 5677.95

122. 8

117.4123.3114.7114.365.4

137.8103.3

104,881167,352

99. 647160, 265

. 149, 259468

148, 791142, 298

6,493

136, 838134,569

2,269139, 784138.015

1,769

1.731.752.79

2.582.682.803. 10

2.642.752.982.28

1, 954. 89941.47

2.083.212 032.581.822 65

451.8273.824.939.230.917.934.913.117.1

80.262.66

172. 7235.0549.59

118. 36198.4938.24

583

253720

' 102. 46102. 8877.19

121.8

115.8122.2112.9112.362.7

136.0103. 6

85, 867131,880

81,194125, 777

112,738392

112,346106, 488

5,858

136, 880134, 644

2, 236140, 245138, 520

1,726

1.661.842.82

2.602.702.843.15

2.652.763.052.26

2, 002. 26954.65

2.103.202 052.591.882 59

344.7146.0

4.125.352.112.545.347.611,8

79.361.10

169. 4834. 5847.28

114.00191. 6536. 58

571

238723

102.00102.4176.89

121.6

115.9122. 5112.6112. 763.6

136.8103.7

66, 55197, 458

62,10191,836

95,127225

94, 90289, 201

5, 701

136,787134,584

2,203139,521137,827

1,694

1.781.802.82

2.592.692.843.17

2. 662.773.052.25

2, 065.80954. 65

2.163.202 122. 591.902.76

158. 283. 0

4.68.6

24.52.0

32.4.3

2.2

78. 561.77

168. 9435. 2349.24

114.14190. 3237.97

' Revised.1 Since February 1945 data are from the New York Stock Exchange; except for June and December, data are estimates based on reports for a sample group o/ firms.• New series. Data for 1941 for dividend payments are on p. 20 of the February 1944 Survey; for minor revisions in the 1942 figures shown on that page and revised figures

for 1943-44 are shown on p. 31 of this issue. Final revisions for 1942 and 1943 will be published later. For revisions for all months of 1945, see p. S.-19 of the May 1946 Survey.t Revised series. The price series for domestic municipal bonds was revisea in the April 1943 Survey; see p. 8-19 of that issue for data beginning February 1942 and an explanation

of the revision; earlier data will be published later. Data through December 1943 for the revised series on prices and yields of U. 8. Treasury bonds are shown on p. 20 of the September1944 Survey; these series include all issues not due or callable for 15 years. Yields through December 1945 for partially tax-exempt Treasury bonds are shown in the April 1946 andearlier issues of the Survey; there were no partially tax-exempt bonds due or callable in 15 years or over after December 15.



Unlessand1942

otherwise stated, statisticsdescriptive notes may beSupplement to th« Survey

throughfound in

1941t h e

1946

Decem-ber

1945

Decem-ber

1946

Janu-ary ^Iry1* 1 March

1April

FINANCE—Continued

May June July August Septem-ber

Octo-ber

Novem-ber

SECURITY MARKETS—Continued

S tocks—ContinuedPrices—Continued.

Standard and Poor's Corporation:Combined index (402 stocks) 1935-39-=100..

Industrials (354 stocks). doCapital goods (116 stocks) doConsumer's goods (191 stocks) -do

Public utilities (28 stocks) d o —Railroads (20 stocks) -do

Other issues:Banks, N. Y. C. (19 stocks).. d o —Fire and marine insurance (18 stocks) do

Sales (Securities and Exchange Commission):Total on all registered exchanges:

Market Value. .thous. of dol._Shares sold thousands..

On New York Stock Exchange:Market value.. .thous. of dol._Shares sold thousands..

Exclusive of odd lot and stopped sales (N. Y.Times) thousands..

Shares listed, N. Y. S. E.:Market value, all listed shares.. mil. of dol._Number of shares listed millions..

Ylelds:Common stocks (200), Moody's .percent..

Banks (15 stocks) doIndustrials (125 stocks) —doInsurance (10 stocks) -doPublic utilities (25 stocks) do. . . .Railroads (25 stocks). do

Preferred stocks, high-grade (15 stocks), Standard andPoor's Corporation.. _ percent..

125. 5128.9117.9133. 5109.8118.8

108.7117.6

29,834

68, 5951,771

4.53.94.43.54.66.6

3. 76

139.7142.2127.9154.0120.2157.1

124.3133.9

1,745,46887,068

1,410,63548,656

34,151

73,7651,592

3.73.33.63.14.14.8

3.59

144.8147.5133.1161.9124.0164.3

126.1139.2

2,373,016112,908

1,947,73071,761

51,510

78,4681,614

3.53.43.42.93.84.5

3.54

143.3145.8133.6159.5123.7159.8

121.3143.8

1,930,31490,883

1,574,13952,604

34,093

74,1651,620

3.73.63.04.05.1

3.49

141.8144.5130.8159.2122.8153.6

116.6141.6

1,479,95660,203

1,217,01936,606

25,664

77,9321,628

3.63.63.43.04.05.1

3.45

151.6155.9139.4170.1127.5156.8

120.2144.2

1,869,13072,096

1,504,77147,002

31,427

80,9431,645

3.53.63.33.03.95.1

3.42

154.3158.8141.7172.0129.3157.2

118.9141.8

1,774,72570, 514

3,427,03746, 326

30,410

84,0431,666

3.43.73.23.03.74.5

3.47

153.2156.9142.7166.7130.4161.8

115.9136.9

1,409,68356,794

1,149,18035,865

21,717

80,9291,686

3.53.73.43.13.94.8

3.46

149.6153.4138.9162.7127.7153.6

116.5134.7

1,223,12447, 768

1,014,33832,188

20, 595

79,1321,719

3.73.73.53.23.95.2

3.43

146.4150.4135.2159.3125.3147.1

118.7133.9

1,163,59445,917

982,46032,196

20,807

74,3501,738

3.93.83.83.24.25.6

3.44

125.4128.8114.6136.9109.7119.0

107.5119.4

1,902,70181, 803

1,616,61560,435

43, 450

66, 8641,750

4.44.04.13.64.66.5

3.57

122. 3125.9112.4132.3107.2110.2

105.0113.8

1,296,54254, 470

1,103,09038, 917

30,384

66,1151,756

4.43.94.33.54.76.3

3.65

120.6123.8111.5130.0105.5113.3

108.5115.8

1,118.02951,669

950,90436,935

23. 819

65, 7411,764

4.64.04.43.64.86.9

3.70

FOREIGN TRADE

INDEXESExports of TJ. 8. merchandise:

Quantity _ _ 1923-25*100..Value do. . . .Unit value do

Imports for consumption:Quantity _ doValue doUnit value do

Agricultural products, quantity:!Exports, domestic, total:

Unadjusted. 1924-29=100..Adjusted do

Total, excluding cotton:Unadjusted _ doAdjusted _. do

Imports for consumption:Unadjusted - doAdjusted do

SHIPPING WEIGHT*Exports, Including reexports mil. of lb.General imports do._.

VALUE §

Exports, total, including reexports. thous. of dol_.Lend-lease* _ _ _ do

By geographic regions:Africa _ doAsia and Oceania _ doEurope doNorthern North America... _doSouthern North America..- doSouth America.. .do

Total exports by leading countries:Europe:

France doGermany __ doItaly do.—Union of Soviet Socialist Republics (Russia).-doUnited Kingdom ..do

North and South America:Canada... doLatin American Republics, total do

Argentina .doBrazil... do..Chile do. . . ,Colombia* doCuba doMexico doVenezuela* _ .do

290

156

17,41310,767

1,093,5297,201

19719197

10492

173158

15, 3599,093

736,139187,438

34,189r 74, 563389,904

95, 84072, 61266,029

53,672531

26, 56399, 97872, 741

91, 740127,050

7,72423,8724,6727,656

18,18431,68112, 583

213209

13912591

127123

206204

10393

17, 51110,165

798,653130, 391

38,653111,346404, 388

87, 79472,61083,947

73,374549

30, 80362, 50181,963

85, 676146.540

9,19831, 3735,4018,801

19,31231, 75016,931

176175

1089690

108124

174203

16,808r 9,102

669,86196,325

42,34981,050

320, 43883,53572,01771,511

67,9361,131

34, 50729,89660,013

82,216132,008

9,02922,441

4,94610,70820,36831,52713,103

210211101

12811792

118128

185200

10690

19,02610,112

815,355116,215

48,276110, 505391, 882101,55682,93680,200

1,64641, 80932,08186,163

98,137154,136

9,29526,4946,280

11,61420,03137,96915,353

194199103

13512392

105128

160186

106

15,4089,891

756,82080,442

46,932104,394339,184106, 64177,59482,097

78,0337,212

35, 00430,18763,033

103,680150,753

10, 53722,4425,256

12, 43523,49133,91017, 770

213219103

131122

113148

156183

95

13,31410,925

850, 55466,614

50,627130,875383,383108,62984,99992, 222

70, 5053,515

31,18730, 53168,094

105,373167,342

14,71328,0536,047

12,13821,53939,20717,192

220230105

12311695

118161

173210

19, 2759,679

877, 68357,194

42,166157,933370,669117,80488,859

100,823

62, 5777,983

37,23448,09062,919

114,925180,272

13,62227,192

7,43715,10622,77942,48120,124

202217107

13813195

107153

156187

94112

23, 53412,490

825, 57037, 092

31, 832130,312379, 757123,83677,09482, 593

52, 79611,09840,14638,07973,160

121,198151,903

14, 62826,124

5,64510,99817,23138, 20913,315

218231106

130130100

95128

127131

99112

24,64611, 620

33, 809

43,805137, 658353,992137.080

113,215

46,39115, 63631,00442,65770, 755

134, 236199,474

19, 79733,233

7,73016,38224,75244,16619,980

154168109

119118100

59

10187

89101

21,07811,461

642, 71112, 477

27,55399, 470

233,960135, 651

79, 29366,948

27, 5308,518

21, 65112,53166,699

133, 784137,16613,06420,047

5,7349,124

14, 88445,74411,093

127142112

120124104

17,301' 10,566

536, 7467,587

16,08167, 263

168,582158,20273,39553,313

21,1902,3314,424

11,10646,037

156,252121,39211,95320,091

3, 6053,010

13,14151,5728,075

226259115

141147105

10276

136113

108117

18.89910, 909

987, 4688. 557

53, 070121.680389,885157. 786120,557144,489

67. 49211,68931.05616,039

102.586

153,547252. 306

29.37947, 760

7.47114,21236. 43950,33127,321

r Revised.§ See note marked " § " on p. S-21.* New series. Data on shipping weight of exports and imports are compiled by the U. S. Department of Commerce, Bureau of the Census; they represent gross weight of mer-

chandise exports and imports, including weight of containers, wrappings, crates, etc. Data beginning January 1943 will be published later. See p. 32 of the February 1946 Surveyfor annual totals for lend-lease exports for 1941-45; complete monthly data will be published later; all supplies procured through lend-lease procurement facilities are shown as lend-leaseexports although, since the program officially ceased to operate at the end of the wai, the recipient nations had, with few exceptions, arranged to finance them priror to the exportationof the merchandise. Monthly data prior to February 1945 for Columbia and Venezuela will be shown later.



Unless otherwise stated, statistics through 1941and descriptive notes m a y be found in the1942 Supplement to the Survey

1Q46

Decem-ber

1945

Decem-ber

1946

Janu-ary

Febru-ary March April May June July August Septom- Octo-

berNovem

ber

FOREIGN TRADE—Continued

VALUE §—Continued

Total exports—Continued.Other regions:

Australia _- thous. of dol_.British Malaya doChina doEgypt doIndia and dependencies doJapan doNetherlands Indies -doPhilippine Islands doUnion of South Africa do

General imports, total.. -doBy geographic regions:

Africa doAsia and Oceania doEurope doNorthern North America ...doSouthern North America. . . . do . . . .South America do

By leading countries:Europe:

France doGermany doItaly - . ..-doUnion of Soviet Socialist Republics doUnited Kingdom _ do

North and South America:Canada —doLatin American Republics, total do

Argentina _ doBrazil-. ...doChile do. . . .Colombia*.- doCuba.. . _ _ doMexico doVenezuela*.. .do

Other regions:Australia doBritish Malaya doChina .— doEgypt doIndia and dependencies doJapan _ doNetherlands Indies.- doPhilippine Islands. _ .doUnion of South Africa do

Exports of U. S. merchandise, total._. doBy economic classes:

Crude materials _ doCrude foodstuffs _ doManufactured foodstuffs and beverages doSemimanufactures _ doFinished manufactures _ ___do

By principal commodities:Agricultural products, total do

Cotton, unmanufactured doFruits, vegetables and preparations doGrains and preparations doPacking house products .do

Nonagricultural products, total doAutomobiles, parts and accessories doChemicals and related products doIron and steel and their products. _ ...doMachinery _ do

Agricultural _ ...doElectrical doMetal working.._ doOther industrial do

Copper and manufactures doPetroleum and products do

Imports for consumption, total _ ___doBy economic classes:

Crude materials doCrude foodstuffs _ _ doManufactured foodstuffs and beverages .doSemimanufactures _ ...doFinished manufactures do

By principal commodities:Agricultural, total do

Coffee ..doHides and skins doRubber, crude including guayule doSilk, unmanufactured do.Sugar doWool and mohair, unmanufactured do

Nonagricultural, total _ do.Furs and manufactures do_Nonferrous ores and metals, total do.

Copper including ore and manufactures—do.Tin, including ore.. do.

Paper base stocks __.do_Newsprint do.Petroleum and products.. do.

535, 848

1,080,241

497, 566

'8,4121,044

20,7213,405

12,640

8,27412,05310,119

297,187

21,86146,41947,55573,62745,32362, 412

1,63210

4291,41411,743

70,948101,90216, 78419,6077,7855,99916,00118,9227,402

12,7736,723

2041,20010,386

20334473

10,418715,176

70,40766,582140, 22667,448

370, 512

247,57725, 21826, 79969,69150,716

467,59923,63435,27834,446135,40510,79227,47028,69665, 5032,75328,814279,478

42,44324,52968,17155,446

108,79918,2053,15210,021

1964,59520,070170,6809,59923,26712,464

94418,09813,15211,708

8,2772,45633,1703,26612,678(•)6,13531,24110,651393, 512

25, 00482, 36267, 43167,19851, 476100,041

1,9273

17018, 32010, 338

64,758145, 47516,74442,0718,92512,10118,37921,46210, 595

10,9835,1053,575405

24,48131959298

12,599778,789

94,61770, 254177, 34473, 250363, 322

308,87*234,694

r 25,67983,51479,950469,91723,69137,91941,931106,48812, 76124,05413,943

' 51,9364,042

33, 972400,138

157,90576, 35232, 55176,14157, 705

193,95941,9835,03514,1511,21411,49929,065206,69435,00422,78813,0211,17916,94214,99613,421

8,873120

24,3134,1247,172

13,88823, 68514,991317, 628

14,11378, 86645,90756, 43148, 84673, 465

1,47815732

8,5979,481

55, 347117,1149,10323,1368,48511,54818,24717,1758.587

11,4769,9474,8901,051

22, 66747940945

5,320649, 096

89,89458, 304134,96459, 804

250, 86828,95430,36172,65241, 595398, 227' 26,64535, 67626, 58282,22010,03116, 5329,63842,2813,655

29, 530306,984

109,14258,95828, 74153, 45957,674

149,648

3,20924,1161,35412,91321,817158, 32713,992

r 14, 649r 3,2804,35211,69114,93011, 200

4,7441,720

37, 0243,90912,487

27,65823,39018,391384,489

38,74773, 47652, 08267,83571,91380, 383

3,57324

1,2464,10714, 605

65, 465147, 43115,15429, 5262,66013,07836, 43419,9367,921

13,2819,1126,311550

21, 272220

1,381524

21,631786,643

111,75862,051148,43268,115

283,106' 37,846' 28,29068,72248,072503,53829,73044, 34228,917109,30211,17220,36516,423

r 56,9972,79436.936374,042

134,18564, 60446, 71064,99563, 291

189, 58736,0104,49122.937

86225,41430,076184,19811,47216,3891,997

9,70016,79510,235

9,3191,363

38,3462,93813,5042,7625,58018,79819,598407,188

29,03184, 91065, 67470, 88063,54393,179

5,00729

4,3247,82911, 391

70, 363152,01618, 44533, 5356,93112,00323, 52125, 65010,021

11,2119,0207,4952,18223,87810,6972,1891,55212,435739,237

105, 35448, 612125, 18679,979380,127

251, 90938,62228,99956,42430,496487, 35036, 277'46,11638,108100,1559,77617,94413,34454,9062,41836,082394,901

145,79369,46738, 82368, 19272, 328

195, 25337,5455,58020,27312,47315,04630,449199, 35017,423

' 19, 583' 5, 5723,9109,85418,07311,096

6,3661,036

58, 4582,6847,8028,3042,62025,13222,331397, 381

22,41073,53276, 95073, 43766, 20685,081

4,6002,30313, 88011,18514, 300

69, 525145, 27814,87030,9837,8317,96432,16817,16710,090

7,657115

8,8291,38418,29914, 725

1941,717

10, 920815, 034

116, 24834, 661140,13082, 351441,628

273, 49856,623

r 24, 505' 42,17449,376541,52048,83046,35141, 258111, 20411,86624, 23216,89252,9802,173

' 40,347389, 728

139,80662,40345,92672, 28469,084

185, 83436,4894,7544,22224,41820,90523,959203, 66924,728' 20, 551

7,2563,01111,63820,68713,380

5,854412

58,1393,49419,84116,9779,49425,65222, 007385,943

20, 05078,14866,96668, 37555, 649

4,79424

8,0997,22515, 280

66,548147,93917, 45440, 47210,0899,77026, 62016,1848,041

7,9494,6499,9461,05917, 57114,689

6642,5979,717

858,033

122,54479,193134,52176,697445,153

304, 70652,81227, 76088, 646'48,214553, 40243,46346, 42435, 709125, 55311,96725,38117,176' 66, 262

2,952' 39,025371, 704

120,61268,58140,12076,78864,688

174,66146,779

6,74419, 68315,14420,017196,12719, 597' 20, 0354,6395,14613, 96717,38211, 320

7,3782,05242,2201,891

17, 20216,94610, 51221, 25115,645

433, 758

26,954101,10070, 42080, 50669,09785,174

6,44118

6,5917,823

12, 39376,607147,15414,11527, 2278,14914,45333,15120,1968,373

18,43611, 79212,656

6519,45611,0952,7534,40214,641807, 478

120,12253,962165,17071,279396,786

291,82750,42524, 571' 65, 54247,365515, 49238, 297

r 40,057' 35, 345119, 22414,10424,98516,34358,0462,738

35,797422,019

161,91053,05152,75584,39967,992

189,64331,8446,920

14, 54814,26723,88028, 530230,46330,427

' 24,5847,9076,26119,58821,36214,748

5,420809

39,9443, 02515, 54320,28610, 74917,82325,219425,682

33, 27890, 00863, 47077,90062,45497,400

6,12423

6,2828,24811,540

74, 597153,87013,91245,9713,41813, 04825, 34418, 37410, 324

14,9838,2846,5342,89217, 52412,3782,4863,63615,432860,106

138, 26452,531116,81581, 382

470, 037

252,82658,54717,91161, 47535, 280606, 20251, 35743, 82745, 639137, 47517,07432, 26015,36066, 5853,53443,031415,640

152,11372,19343, 43077, 71068,432

201, 65047,8866,64719,65412, 63116,15925,411212, 22822, 745' 21,683

4,9456,03615,35720,92515,026

5,114472

24,6702,11716,76314,2172,04018,01913, 896

377, 750

20, 21086,35258,27380,98250,47379, 030

5,245149

4,5712,78614,177

76,677123,03410,83429, 8704,75414,22419,66314,92211, 507

17,11614,4798,0411,345

20, 5932,7803,1343,33814, 443626,942

115,62639,11881, 56461,278

329, 521

187, 32234, 31613,66651, 54319, 263

439,78642,86230,25730,84783, 72412,04418, 5817,977

41,3721,994

35,003378, 550

133, 74058,98138, 59975, 72668, 749

176,90735,3617,079

22, 5373,21112,05223,433198,8898,35517,3646,513898

14,02620,80115,289

7,096803

19,0941,67814,1453,5983,2888,3537,063

393, 736

24,66278,03863.96889, 55052,31084, 236

7,29841

5,1337,139

10, 269

87,377132, 64313,90730,0497,26311,64423, 93618,14013, 644

12, 71019,7957,1231,7799,2902,2766,6093,63513, 904

528, 764

93,60129, 00842,15050,777313,317

121,47517,10111, 52329,6434,338

407, 37939, 80427,40926,756' 89, 67312, 677

' 23, 6089,477

r 39, 2531,205

27, 574396, 479

136,98959, 01239,27686, 38373,819

176,08432,0807,724

25, 562745

10, 38420,160219,39515,16825, 4458,9693,800

15, 24522,83013, 290

6,213779

35,4413, 26115, 42812, 4163,311

25, 40134,358

481,412

28,087123,40476,25888,07461,094104, 496

7,372403

9,5441,809

18, 476

84,110159, 77623,01637, 7926, 71916,55029, 27619,9849,973

11,82819, 0935,1837,05827,61814, 3075, 6605,891

10, 363• 965,675

171, 73551,340

107, 72582, 914551,961

290,47869,11419, 42871,49413, 377

675,19775, 95244, 65144,843148,03916,29435,49014, 57474,2374,82735,954

469, 741

161,75777.31347; 35288,12895,192

228,93243,90911, 59530,93413, 92215, 41319, 441240,80914,17926, 5359,5804,21713,02126,31812, 981

' Revised. • Less than $500.§ The publication of practically all series on foreign trade included in the 1942 Supplement but suspended during the war was resumed in the May Survey. Export statistics

include lend-lease exports shown separately on p. S-20 (see note, marked"*" on that page), shipments by UNRRA and private relief agencies, and since June 1945 comparativelysmall shipments consigned to United States Government agencies abroad; shipments to U. S. armed forces abroad are excluded. Revised 1941 figures for total exports of U S.merchandise and total imports are shown on p. 22 of the June 1944 Survey; revised figures for 1942-43 for the totals and revised figures for 1941 and later data through February 1943 forother series will be shown later.

•Monthly data prior to February 1945 for Colombia and Venezuela will be shown later.


S-22 SUEVEY OF CUEKENT BUSINESS February 1947


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber

TRANSPORTATION AND COMMUNICATIONS

TRAN SPORTATIONCommodity and PasBenger

Unadjusted indexes:*Combined Index, all types 1935-39—100

Excluding local transit linesCommodity

Excluding local transit linesBy types of transportation:

Air combined indexCommodity « «.

. .do.—do. .dodo-

do. do. .

doIntercity motor bus and truck, combined index

1935-39=100 _For-hire truckMotor bus

Local transit linesOil and gas pipe linesRailroads, combined index

CommodityPassenger

Waterborne (domestic), commodityAdjusted indexes:*

Combined index, all typesExcluding local transit lines _ - -

CommodityPa«?seneer

Excluding local transit linesBy type of transportation:

Air combined indexCommodity _ _

. dododododo

. do .do

- d o . . -

do__do

dododo

dodo

rinIntercity motor bus and truck, combined index

1935-39*100 _For-hire truck __ .._ _ _Motor bus

Local transit linesOil and gas pipe linesRailroads

CommodityPassenger

Waterborne (domestic), commodity .Express Operations

Operating revenue _ thous.Operating income -___ . . .

_ dodo

..dodododododo

ofdoL.do

Local Transit LinesFares, average, cash rate cents..Passengers carriedf thousandsOperating revenues! thous. of dol_.

Class I Steam RailwaysFreight carloadings (Fed. Reserve indexes):

Combined index, unadjusted 1935-39=100--Coal doCokeForest products ._ _ _Grains and grain productsLivestock ..Merchandise, 1. c. 1Ore . _Miscellaneous.

Combined index, adjusted!Coal!CoketForest products _ _ _Grains and grain products! -Livestock! _Merchandise, 1. c. 1OretMiscellaneous!

Freight carloadings (A. A. R.):1Total cars ___ _ -- . thot

CoalCokeForest productsGrains and grain productsLivestock , __ _Merchandise, 1. c. 1 . ._Ore . - -... - .Miscellaneous

dodo.dododo

. do .dodododo

. dodo- .

. dodo-dodo- -

isands—do . .dodododo. —do

. dorin

Freight-car surplus and shortage, dally average:Car surplus! - _ - thousands _Oar shortage*

Financial operations (unadjusted):Operating revenues, total - - thous.

FreightPassencrer

Operating expenses - - - _

do .

of doL..do—.do-do _ _

Taxes, joint facility and equip, rents doNet railway operating income doNet income 1 d o —

7. 97491,627,260

131132163139152118

7845

13914013215515616212281

145148

3,02259948

16620763

47349

1,416

1624

637,241493, 53192,716

549,82841, 276

102,995

194197167283414

775862718

206189264175201202166472

91

196199170279410

823862797

205189260170194204170462109

29,14183

7.81981,563,470117,300

11913317294

1441357136

12312713316410615314074

117130

r 2, 742••614

r 52' 110'194

r 71'427

' 3 9' 1 , 2 3 5

157

613,681401,245161,134966,410

<*810,682H2,0tfd74,656

196199175266370

738691770

219206260179208200174402

99

202205181269380

706691865

232217280177197204178403124

24, 53272

7.86411,615,570118,600

123148133109152120

7429

12313314812712215212678

118134

2,88468543

128207

65448

341,273

188

640,872453, 399137,602490,05979,96470,84833,887

200202181260351

773648855

225211270184218201180362104

204208186263367

812648920

235218292177199206184372128

23, 91964

7.86411,486,560106,900

1191521141211471267524

1131261521071261501587894

121

2,86774032

146209

73471

251,171

239

579,136421, 243114,655450, 22871,10457,80528,589

201203186252329

823633949

23021727118820020418932194

206209190257347

841633978

240224291183192209192337115

24,33392

7. 86411,669,880

118, 700

- 132155166134130111

7935

13613915516513414114078

121143

3,982938

66208237

7962050

1,785

165

646,099483, 776114,562627,89038,669

* so, w* 48,8t6

174172151251324

921631

1,113

244237268190202152133304

94

177176154252335

908631

1,091

250242279183199158137318

95

35,11582

7.86691,631,980118,882

1072693

14399

1278250

1411092695

1431121438166

143

2,60512630

17714071

51653

1,491

981

566, 702411,819106,082508,09748,47610,128

* tO, 998

176175158233294

990676

1,197

247240270182197154142252104

178178160237304

969676

1.162

253245278181202168144265

98

26,72860

7.88071,630,373119,800

1076861

13011110374

1031251066862

125126114

7466

123

2,616327

1915915459

468108

1,322

1062

532,553399, 215

92, 233492, 20145,132

«« 4,780'87,074

204207189256343

1,041561

1,358

248230308183200198185299132

202205188250328

987561

1,269

243228294185210]97186288117

25,62669

7.88351,577,274117.000

1371461381551289681

21313913314614014912611881

137135

4,06378749

23422267

619283

1,801

187

611,939458,484106,604516,856

57,00338,08014,620

204208188254348

1,027548

1,344

251232313176193199185305135

203205189252323

988548

1,280

248237285192204197186284117

25,79873

7. 91681,555,250116,400

14314517215316613578

263142139145177153139166

78164141

3,407668

5218122874

471289

1,444

514

674,040513,252112,383542,16469,06962,80632,051

26,13469

7.9638,569,230117,000

14515217716514211377

24314614115218415713111877

162145

4,478925

7025425580

611347

1,936

324

710,224546,130112,115555,89272,63881,69352, 544

26, 41073

7. 9638539 190

115, 200

14916018116614012079

245150138160183]541259175

164139

3,517743

5519719163

477269

1, 521

221

660,402515,62395 361

529.79863,241

' 67,36239,070

I

28,08469

7. 96661 6-* 5 700

121,900

14915518015414219782

21615113915518314614212879

157139

3, 680755

192200112519249

1,597

231

709,938566,968

89 345558,42466,39585,11957,280

28,327S7

7. 96601 591 9S0118,800

141117166148-14417184

16&15413711716615114713683

157148

4, 2207] 3*64

2 2 ?248117642240

1 974

33

658 160522,80685 510

536 08'58,00564,07438,066

9 Revised. d Deficit. ^Data for March, June, August, and November 1946 are for 5 weeks; other months 4 weeks•New series. Data for 1929 to August 1942 for the transportation indexes are available on pp. 26 and 27 of the May 1943 Survey, except for subsequent revisions in the 1940-42

data for local transit lines and oil and gas pipe lines, 1942 data for waterborne, and small scattered revisions in the totals including these items (revisions are available upon request);computation of these indexes has been discontinued. Comparable data beginning January 1943 for freight-car shortages and surpluses and an explanation of the change in the latterseries are available on p. S-21 of the December 1944 Survey.

!See note marked ***** regarding revisions in the data for car surpluses. The indicated seasonally adjusted series for freight carloadings, as published prior to the October 1943Survey, have been revised beginning 1939 or 1940; all revisions are. available on request. Beginning in the April 1944 Survey, revenue data for local transit lines cover all local transitlines, including all common carrier bus lines except long-distance interstate motor carriers; similarly, data for passengers carried, beginning in the May 1945 issue, represent estimatedtotal revenue passengers carried by all local transit lines: revised data beginning 1936 will be published later.

tRevised data for net income November 1945, $34,878,000.




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber

TRANSPORTATION AND COMMUNICATIONS—Continued

TR AN SPORTATION—Continued

Class I S team Railway*—Continued

Financial operations, adjusted:!Operating revenues, total mil. of dol._

Freight _ doPassenger do

Railway expenses . . . _ doNet railway operating income doNet income do

Operating results:Freight carried 1 mile. . . . .mi l . of tons..Revenue per ton-mile cents..Passengers carried 1 mile millions.-

Waterway Traffic

Clearances, vessels in foreign trade:|Total, XJ. 8. ports thous. net tons..

Foreign _ _ doUnited States do

TravelOperations on scheduled air lines:

Miles flown thous. of miles..Express carried _ _ thous. of lb__Passengers carried .number..Passenger-miles flown.. thous. of miles..

Hotels:Average sale per occupied room dollars..Rooms occupied percent of total..Restaurant sales index avg. same mo. 1929=100..

Foreign travel:U. S. citizens, arrivals number..17. S. citizens, departures doEmigrants _ d o . . .Immigrants doPassports issuedd"1 do

National parks, visitors .number..Pullman Co.:

Revenue passenger-miles . . . thousands..Passenger revenues. thous. of doL.

COMMUNICATIONSTelephone carriers:^

Operating revenues. thous. of doL.Station revenues doTolls, message do

Operating expenses... _doNet operating income doPhones in service, end of month thousands..

Telegraph and cable carriers:!Operating revenues, total . . thous. of dol.

Telegraph carriers, total do . . .Western Union Telegraph Co., revenues from

cable operations thous. of doL.Cable carriers do.

Operating expenses do.Net operating revenues do.Net income trans, to earned surplus do.

R adiotelegraph carriers, operating revenues do.

26, 80924,010

1,112,630512, 746

4.1684

2C8

14, 58687,287

628.3423.2158.1674.0'$6.0'66.0

49,843.867

8,572

6,0611,7914,270

19,6406,273

647,518308,736

4.1288198

18,74017,6561,2894,64411,97262,090

2.419,03312,865

187,18399,12773,711138,95553,07425,446

19,19117,667

9611.62414,7892,1552,5092,274

654.6459.9143.6666.787.950.9

52,076.9407,454

6,3781,7224,656

20,4525,746

727,279331,056

4.1792204

21,08020,8651,0276,60410,70878,221

2,663,74413,488

187,610100,99372,357130, 47327,96225, 747

14,75413,683

6071,17114,877* t, 001**,US1,908

635.2458.7127.1555.379.961.2

48,735.9356,079

5,8441,5554,289

19,7835,429

723,187332,316

4.1293205

27,34026,795

8699,6758,66799,338

2,082,68311,084

179,327

66,340129,44223,54826,067

13,89112,777

6871,11413,654'l,60t*2,0751,787

651.2485.8115.9667.4*16.t

66,610.9245,955

6,4831,7354,748

23,1647,232

917,645408,201

3.9795210

36,09225,9121,13818,04712,986129, 260

2,196,05512,094

187,727101,77371,762141,19721, 22626,435

15,81514,496

7121,319

14, 614'668'7962,119

565.7405.2109.8561.6

4.0'£7.8

39,8411.1016,472

6,1992,0294,170

24,1088,204

1,057,641463,294

4.3894226

29,94123,9451,716

19,39015,047187,377

1,899,12010,928

189,254103,62571,230141,05323,91026,782

16,06414,807

1,25714,078

70'8862,077

515.0381.493.3624.5'9.6

42,4061.0124,726

6,8252,1263,699

26,01910,909

1,160,846514,999

3.9593235

28,10623,0641,77216,85922,091276,674

1,628,4869,636

104,53674,922146,98623, 21127,086

15, 546

6491,29014,495

404*8M1,927

638.7488.6102.9586.152.619.8

53,524.9215,387

7,2022,1795,022

26,5158,722

1,299,480565,087

4.2094250

27,00927, 7082,16613,45121,802621,794

1,774,79710,951

190,708104,15371,898143,15323,61427,340

16,67715,521

5711,15613,5251,242871

1,661

650.8500.0103.0J602.548.316.1

55,236.9895,720

7,5183,0334,485

27,7969,911

1,340,733573,693

4.2389232

29,33034,2112,90713, 65122,437

1,075,421

1,666,97010,373

192,187103,58973,777154, 21418,35927,608

17,91516, 673

5941,242

14, 5251,155700

1,618

664.3512.6100.0613.351.018.4

59, 466.9795,712

8,0253,3234,701

28, 74911,994

1,493,137628, 038

4.4596254

672.8528.595.7604.668.236.5

56,399.9754,927

6,2202,7753,445

663.1521.891.3606.057.1

'24.8

60,848.9884,466

4,9862,9592,027

27,988 27.97115,008 18, 275

1,428,444 1,287,338616,961 563,229

4.3394236

18, 505 14, 5361,152,584 695,958

4. 3695226

14, 470271, 570

1,637,261 j 1,499,617 1,408,91210, 470

194, 230103, 72675,726152, 34620,84627,908

17, 57316, 437

5541,136

19, 838d4, ""'

9,903

191.642105,05471.612147,63621,17128,156

9,458

200,127108,87275,978154,86422,39128,463

16,568 17.59015,372 16', 275

1,667

5681,19615, 453*865

* 1,1031,517

5821,31515,673

d°289* d 5141, 641

663.0524.389.4601.261.8

54,8731.0074,207

24, (34716,414

1,080,180473,219

4.4490241

13, 500118,066

1,165,4088, 429

16,65315,380

5571, 273

14, 4666,102*81

1,607

CHEMICALS AND ALLIED PRODUCTSCHEMICALS

Selected inorganic chemicals, production:*Ammonia, synthetic anhydrous (100% NHs)<8>

short tons..Calcium arsenate [100% Ca8(As0<)2] thous. of lb__Calcium carbide (100% CaCj) ...short tons..Carbon dioxide, liquid, gas and solid (100% CO2)0

thous. of lb__Chlorine ...short tons..Hydrochloric acid (100% HC1) do_.. .Lead arsenate . . . thous. of lb .Nitric acid (100% HNOj)® short tons..Oxygen mil. cu. ft._jPhosphoric acid (50% HjPO4)A short tons. .Soda ash, ammonia-soda process (98-100% Naj COj)

short tons..Sodium bichromate __ doSodium hydroxide (100% NaOH) ___doSodium silicate, soluble silicate glass (anhydrous)*

short tons. .Sodium sulfate, Glauber's salt and crude salt cake

short tons.Sulfuric acid (100% Hj SO4)e _ do

Alcohol, denatured:!Consumption (withdrawals) thous. of wine galProduction _ .doStocks. _ do

82,123(a)

51,830

56, 787102, 622

30, 7143,726

62,4601,027

79,887

385.3696, 665

165,172

32, 479

64, 682891.370

17,41617,0142,200

45,557(•)

41,364

51, 42794,78428,990

5,51433,033

' 8 9 3r 72, 056

379, 7866,769

153,395

29,276

r 58, 205-"744,993

' 12,743r 12,292

18,396

41,384952

45,192

56,07889,70726,822

6,42134, 769

716' 73,352

387,0127,735

r 154,499

34,524

T 51, 251' 733,874

11,48611,61718,549

39,7381,139

40,316

54,16984,74126,7917,567

31,123606

r 74, 425

342, 6257,134

143,248

32, 494

53,818''665,129

10,81710,01717,802

44,2711,610

44,460

65, 33796,4392fi, 8058,755

30,899951

r 79, 500

380,4897,777

160,009

32,182

' 59, 298r 764, 507

13, 63011,89416,224

43,3583,256

40,014

75,33494,86526,867

8,66531,311

885T 75, 640

342, 7497,837

151,332

29.914

59,625'803,417

15,71713,22913,306

34, 5113,192

36, 761

75,17689,94726,331

7,81032,538

836* 67, 273

303,1747,096

139, 276

r 29, 261

61,679780,191

16,11913,85210,007

1 60,6094,116

43,124

78,54596,42027,4384,874

1 55,418869

r 73, 689

308,6236,285

148, 741

r 35.020

58, 200732,515

14,64712,3828,962

65,048

48,716

88,13798,31427,960

1,84857,066

904r 65,858

361,0566,864

160,347

r 39. 224

55,669736, 242

14, 77014,8319,642

i 75, 7948,081

53,399

96,571102, 550

29, 519253

59,1441,008

74, 574

364,1787, 254

163, 615

36,915

56,988762,674

17,61016,0448,082

77,4922,608

53,940

78,786104,206

29, 7891,624

54,136997

73, 795

358, 6286,601

r164. 652

34, 714

57, 346764,592

18,94616, 0195,131

80, 8291,916

57,074

74,890108,17432,394

2, 25961,686

1,06180, 673

382,0267,066

168,708

41,188

63, 683834, 215

21,29118,1332,744

80, 3801,330

55,312

62,048' 97,135

30,1502,865

63, 2771,006

r 82,020

368,302>• 7,176

'153, 275

34,442

' 62,494849, 711

19, 74419, 6252,633

r Revised. i See note marked " ® " . AData have been revised beginning 1941. Revisions for 1941 through November 1945 will be shown later®Data for nitric acid and synthetic anhydrous ammonia include operations of 2 plants beginning June 1946 and for the latter, 1 additional plant beginning August 1946, which

did not report previously; production of the plants involved was classified as military prior to the months indicated and was not included.* Deficit. cf Includes passports to American seamen. ©For 1944 revisions see August 1945 8urvey. • Not available for publication.^Data relate to Continental United States. §Compiled on a new basis beginning 1943; see April 1944 Survey for 1943 data and sources of 1942 data©Data have been shown on a revised basis beginning in the March 1945 Survey. • Data were revised in the September 1945 Survey; see note in that issue.tData continue series published in the 1942 Supplement but suspended during the war period; data for December 1941-February 1945 will be shown later.fData have been shown on» revised basis beginning in the Tune 1944 Survey; revisions for January 1937-February 1943 are available upon request.*New series compiled by the Bureau of the Census; data through December 1943 for all series except carbon dioxide, sodium silicate, sodium bichromate, calcium arsenate, and lead

arsenate. as originally compiled, are published on pp. 23 and 24 of the December 1945 survey. There have been, however, recent revisions in the data for some series as published priorto this issue.Digitized for FRASER

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

S-24 SUKVEY OF CUEEENT BUSINESS February 1947


1946


berOcto-ber

Novem-ber

CHEMICALS AND ALLIED PRODUCTS-Continued

CHEMICALS-Continued

Alcohol, ethyl:*Production thous. of proof gal_.Stocks, total do

In Industrial alcohol bonded warehouses doIn denaturing plants do

Withdrawn for denaturing doWithdrawn tax-paid " do

Glycerin, refined (100% basis):*High gravity and yellow distilled:

Consumption... thous. of Ib..Production doStocks do

Chemically pure:Consumption doProduction doStocks do

Other selected organic chemicals, production:Acetic acid (synthetic and natural)* doAcetic anhydride* _ doAcetyl salicylic acid (aspirin)* doCreosote oil* _ thous. of gal..Cresylic acid, refined*.. thous. of lb_.Ethyl acetate (85%)* do. . . .Methanol: $

Crude (80%) thous. of gal..Synthetic (100%) do. . . .

Phthalic anhydride* thous. oflb..

FERTILIZERS

Consumption, Southern States©..thons. of short tons..Exports, total ®__ long tons_.

Nitrogenous ® doPhosphate materials ® doPrepared fertilizers ® do

Imports, total ® doNitrogenous, total ® do

Nitrate of soda ® doPhosphates ® doPotash ® do

Price, wholesale, nitrate of soda, crude, f. o. b. cars, portwarehouses © dol. per 100 lb>.

Potash deliveries short tons..Superphosphate (bulk):f

Production doStocks, end of month do

MISCELLANEOUS

Explosives (industrial), shipments thous. oflb..Gelatin: <?

Production, total* doEdible do . . . .

Stocks, total* doEdible do . . . .

Rosin (gum and wood):Price, gum, wholesale " H " (Sav.), bulk

dol. per 100 lb__Production* drums (520 lb.)__Stocks* do . . . .

Turpentine (gum and wood):Price, gum, wholesale (Savannah)t dol. per gal._Production* bbl. (60 gal.)..Stocks*.. _ do

Sulfur:*Production long tons..Stocks do

OILS, FATS AND BYPRODUCTS

Animal, including fish oil:Animal fatsrt

Consumption, factory thous. oflbProduction do..Stocks, end of month do..

Greases :tConsumption, factory do_.Production doStocks, end of month do.

20,51832,80025, 7457,054

31, 2003,910

5,9787,431

15,163

5, 7916,042

18,392

221

728

1.900

783, 275796,677

45,147

3,6792,2735,0512,310

8.07

351,0283,

116,785238,339231,167

45,03345, 63764,907

21,991127,447r 42, 670r 84, 776<• 22, 652

3,023

5,8255,23415,135

6,1096,39117, 596

24, 32244,294

91012,0592,1087,110

2956,8238,555

50198,14832,44855,026

36268, 94956,17413,0304,4543,000

1.65081,185

656,425904,994

34,745

r 3, 414' 2,143' 5, 325' 2, 461

6.76375,501479,890

.83121,099150,098

331,8434,003,917

95, 487258, 941231,504

35,65745,67372,316

21,682122,89140,32082, 57121,3935,118

6,0105,010

15,864

7,63616,941

22,98345, 733

986' 11, 768

1,5296,421

2647,2379,061

1,07986, 56911,31765,032

716119,409100,11847,8628,9583,929

1.65095,769

717,426916,458

35,935

3,3832,0575,4132,346

6.76

.84

318. 7224,060,461

112,173236,879255,195

40, 55848,14181,423

22,697123,95143,13180,82118, 5324,276

5,5885,323

17, 591

5,4467,74119,028

23,14338,330

934' 8, 4641,2926,412

2316,2597,094

1,272114,93228, 86674,787

34883, 89366,02522.43710.438

200

1.65073,577

702, 564847,990

36,268

3,6122,4395,6472,505

6.76

.84

286,3164,063,286

117,133291,151274,512

40,34853,21391,807

25,637121,65437, 57084,08322,0814,561

6,4315,373

19,347

5,7778,992

18,634

26, 74644,027

976• 13, 296

2,1697,751

2486,9919,777

1,30984,17113,21463, 789

558126,525110,85465,227

9711,350

1.65085,314

716,775675,130

3,9192,5416,1392,763

6.76302,054388,682

.8485,908

100, 749

281, 4903,978,735

115,984208,385264,817

50,01249,36092,996

24,902118,318

39, 29479,02524, 4294,411

6,4895.780

18,700

5,5688,000

19, 708

25, 52944, 790

1,014• 12, 455

2,0357,610

2316,6169,217

745. 97,079

13, 50173, 0222,984

127,231113.52869, 553

714982

1.65079, 778

765,314523,999

33,336

3,7842,3186,1262,716

L 76

.84

284,4733,892,982

119, 264194,656251,468

49, 89547, 90896,189

19, 475113,16936,36976,79925,6433,809

6,4405,687

18,297

5,8008,024

20,881

23,26640,757

975' 9, 519

1,3627,180

2601,1198,128

40485,19115, 26164,989

505129,963109,10479,3798,0551,000

1.65060,172

687,926515,390

43,584

3,8252,2716,3212,695

6.76

.84

305,3303,873,962

117, 782201,757204,982

49, 93347,63395,171

18,600110,53937,01473, 52522,8323,579

6,8655,319

16, 591

5,3797,634

21, 894

26,01342, 546

676• 10,137

1,9036,542

2485,8787,739

23785, 78313,62968,202

313114,554105,13283,5562,210

0

1.65077,868

625,008643,662

47,122

3,1732,0386,2012,652

6.76416,690364,179

.84145,47777,440

304, 4723,861,525

102,231136,182

44,98238,07890,569

16,61998, 54534, 23964, 30627, 3774,684

6,1754,11814,821

5,2495,55821,122

26, 33144, 521

57211,1802,1819,877

2506,7538,921

206110, 51919, 80183, 362

53472, 40959, 59828,2798,996

0

1.65073,575

657,594712, 244

42,190

2,8511,9325,9932,628

6.95

.96

347,9363,849,067

97,229193, 029180,883

40, 23845,042103, 285

19, 98186,47431, 78854, 68629, 2675,733

6,2865,211

13, 234

5,7456,86422,017

• 27,06039, 954

4fio• 12,1362,3398,122

2456,8238,467

220101, 57513,17080, 510

77695, 35688, 90213, 5213,040

0

1.90072,345

1697, 618i 714, 576

47, 327

3,2462,1665,3842,180

6.76

.84

356, 3553,850,958

95, 743194, 810171, 286

46, 76443, 87992, 241

17, 79672,36828,77943,58929, 2744,364

6,0894,62112,805

4,9246,594

22, 539

24, 58941, 209

574• 12, 7442,2847,334

2306,5929,334

38880, 9347,388

63,466809

69,26663,87711,7161,463

0

1.90069,690

721,475709,781

50,307

2,7821,9004,9992,315

7.40489, 676402, 513

1.00167,93390,167

335,3003,881,397

86, 59561,731145, 205

39, 55027,69878,390

18,74358,18929,51228, 67634, 9385; 284

5, 3954, 638

12, 207

5, 8206,13621,130

27, 78746,376

710" 13, 570

2, 4568,745

2766, 5939,276

520• 95, 8322,871

• 86, 827253

80,94167, 57326,9297,809

0

1.900

1754,2151667, 912

51,187

3,1751,6524,0431,743

1.05

333,0413,983,973

73,125135, 936135, 550

42,10636, 66663,173

18,02542,35126, 75115, 60036,0865,202

5,2445,832

12, 709

5,2635,12618,054

27, 84345,0331,01013,0272,10010,170

'2506,67411.246

44683, 5443,43070,2542.12564,43455, 71223,1413.446

0

1.900

1750,9401736,357

45,300

3,3112,0554,1851,824

7.83

1.30

355,1793,874,808

97,477260,976179, 567

39, 29146,00063,123

p Revised. ©Excludes data for Mississippi, which has discontinued monthly reports; data prior to March 1046 shown in the September Survey and earlier issues include this State.»Includes data for two companies which did not report prior to August 1946, and beginning September 1946, one additional company which did not report previously.© For a brief description of this series see note in April 1946 Survey. JSee note marked "t" on p. S-25.§ See note in the April 1946 Survey with regard to differences between these series and similar data published in the 1942 Supplement to the Survey; data for 1942-1945 have been

revised.• Data for ethyl alcohol, except stocks at denaturing plants, continue data published in 1942 Supplement to the Survey but suspended during the war period; data for January

1942 to February 1945 will be shown later; the comparatively small stocks of ethyl alcohol at denaturing plants prior to 1942 were not reported. Data for production of spirits andunfinished spirits at registered distilleries and stocks of such spirits, which were shown here in the May to October 1946 issues of the Survey, are now included with figures for dis-tilled spirits on p. S-26. Production of such spirits from early 1942 through August 1945 represented primarily production for industrial purposes under the Acts of Jan. 24 and Mar.27,1942; only 2,022,000 proof gallons of spirits were produced for industrial purposes in September 1945; thereafter production has been substantially for beverage purposes. The figuresshown above for production of ethyl alcohol are net after deducting products used in redistillation; in the May-October 1946 issues, products used in redistillation were excluded fromthe combined total for ethyl alcohol and spirits but were not excluded from the separate figures for these items.

d* Data for gelatin cover all known manufacturers; the series for edible gelatin continue data published in the 1942 Supplement; the totals include technical, pharmaceutical andphotographic in addition to edible gelatin; data prior to March 1945 will be shown later.

® Data continue series published in the 1942 Supplement but suspended during the war period; data for all series for October 1941-February 1945 will be published later. (Cor-rected data for 1937-July 1945 for total and nitrogenous fertilizer imports will also be shown later; tankage not fertilizer has been excluded).

•New series. For a brief description of the series on glycerin, see note in November 1944 Survey. For data through December 1943 for the other indicated chemical series, see p. 24of the December 1945 Survey. Data for production and stocks of rosin and turpentine are from the Department of Agriculture and represent total production of gum and woodproducts and stocks held by producers, distributors and consumers. These series have been substituted for data formerly shown for three ports, which have declined in importance;data beginning in U)42 will be published later. Data for 1940-43 for sulphur are shown on p. 24 of the May 1946 Survey. See note marked "cf" regarding the new series for gelati n.

t Revised series. See note in November 1643 Survey regarding change in the turpentine price series beginning in the April 1943 Survey and superphosphate beginningSeptember 1942.


February 1947 SUEVEY OF CURRENT BUSINESS S-25


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary

Febru-ary March April I May June July August Septem-

berOcto-ber

Novem-ber

CHEMICALS AND ALLIED PRODUCTS—Continued

OILS FATS, AND BYPRODUCTS—Continued

Animal, including fish oil—ContinuedFish oils:*

Consumption, factory thous. of lb_.Production _ doStocks, end of month do

Vegetable oils, total:Consumption, crude, factory _ mil. of lb . .Exports^1.. _ thous. of lb_.Imports, totaled— do

Paint oilsc?1 doAll other vegetable oilscf -do

Production mil. of lb. .Stocks, end of month:

Crude doRefined _ do

Copra:Consumption, factory^... .short tons..Importso" _ _ .doStocks, end of monthj . . .do

Coconut or copra oil:Consumption, factory:*

Crude.- thoua. of lb_.Refined do

Importscf - - - doProduction:

Crude* doRefined do

Stocks, end of month:*Crude doRefined do

Cottonseed:Consumption (crush) thous. of short tons—Receipts at mills d o —Stocks at mills, end of month do

Cottonseed cake and meal:Production short tons..Stocks at mills, end of month d o —

Cottonseed oil, crude:Production _ thous. of lb..Stocks, end of month do

Cottonseed oil, refined:Consumption, factory* do

In oleomargarine - _ . .do—Price, wholesale, summer, yellow, prime (N. Y.)

dol. per lb.Production _ _ thous. of lb.Stocks, end of month do. . .

Flaxseed:Importscf thous of bu.Duluth:

Receipts.. do.__Shipments do___Stocks do. . .

Minneapolis:Receipts doShipments do___Stocks do. . .

Oil mills:*Consumption doStocks, end of month do

Price, wholesale, No. 1 (Minneapolis)_._dol. per bu._Production (crop estimate) thous. of bu

Linseed cake and meal:Shipments from Minneapolis thous. of lb.

Linseed oil:Consumption, factory* doPrice, wholesale (N. Y.)._ dol. per lb.Production* _ _ thous. of lb.Shipments from Minneapolis do...Stocks at factory, end of month do...

Soybeans:Consumption, factory* thous. of bu . .Production (crop estimate) do..Stocks, end of month do..

Soybean oil:Consumption, factory, refined* thous. of lb.Production:*

Crude.. do..Refined.. _ _.do._

Stocks, end of month:*Crude.- do..Refined. do..

Oleomargarine:Consumption (tax-paid withdrawals)§ do..Price, wholesale, standard, uncolored (Chicago)

dol. perlb. .Production§ .thous. of lb_.

Shortenings and compounds:Production. _ do.Stocks, end of month _ do.Vegetable price, wholesale, tierces (Chi.)..dol. per lb. .

18,3747,867

116, 786

418

403

538262

44,125

58,654

44,65516,438

54,83019,505

90,9659,797

397338

1,032

176,065119,928

124,78698,093

113,769

.280126,973171,157

2111,077327

75073

3,889

1,8833,3627.27

3 22,962

34,080

41,891.358

36,69621, 720152,069

15,669s 196,72560,021

95,542

137,262121,932

98, 53861,758

.412

139,76041,305(6)

22, 5776,105

118,149

3453,30137,25323, 72213, 532

374

740463

0)8,591O)

11,4904,307

0

(*)3,679

125,1692,038

'440'312'941

• 193,081' 52,883

• 137,295• 114,555

64,00815,042

.143' 118,609r 363,954

286

4961,3361,175

783165

4,594

3,2395,7513.10

* 34, 557

35,220

.15563,43826,280180,056

13,8604192,07646,255

81,680

118,14691,396

133, 93771,090

43,008

.16544,443

101, 86733,095.165

19,4933,71897,468

'4,3162,9061,1021,804407

724498

8,94311,4268,925

12,9195,323229

11,4304,689

120,6941,505

462152634

203, 31961,072

143,349128,166

84,00418,794

.143112,067386,122

179

11617

1,274

36268

4,078

2,7774,2603.10

32,340

44,257.155

56,01627,720173,693

16,310

42, 777

90,770

143, 436112,617

140,35279, 522

47,644

.16548,099

118,79745,719.165

16,072903

83,822

3653,49022,28319,1493,134327

535

9,39315,9656,122

14,2434,804

133

12,0165,043

114,1031,882

285133482

125,54256,001

88,893105,255

84,56818,034

.143109,495406,486

400

1,315

323248

3,355

2,3172,6363.10

29,220

43,054.155

45,74924,600152,812

15,319

39,371

86,023

135,103121,887

149,41095,906

.16545, 503

119,34343,635.165

16,224648

73,676

• 10, 29017, 3929,4457,947318

647548

13,92111,72412,180

12,7484,179

0

17,5573,371

120,0451,832

228116370

100,54465,571

72,34791.650

77,41618,491

.14377,837404,645

432

175210

1,279

2252,576

2,0152,8463.10

30,960

46,888.155

40,62226,580138,748

15,241

37.249

88,478

134, 747119,199

150,589110.079

45,014

.16546, 677

108, 43439, 793.165

14,931831

60,842

330' 9, 59513,4925,0778,415287

604544

18,87122,78813,889

20,3347,758546

23,9888,737

119,0903,125

16333241

68,68048,616

50,83463,563

84,41416,542

.14369,571394,368

142288

1,134

365210

1,691

2,0912.3063.10

34,080

51,297.155

42,12923,880132,346

14,214

34,087

90,566

125,990112,155

153,079114,637

41,837

.16543,495

113,82944,002.165

14, 5252,17355,484

296• 29, 97511,4206,8834,537

261

546502

17,48818,12915,432

19,6957,161

0

22,3538,504

108,4935,475

1039

147

44,25245,738

32,62643,994

84,76816,144

.14348,258353,322

796

114751496

233197

1,042

2,0462,4953.27

26,820

48,938.155

41,37123,520117,589

13,984

27, 799

94,936

124, 587114,395

148,334111, 749

41,930

.16541,969

123,84746, 233.165

13,31913,8*7658,906

31,6056,4383,5592,879235

475

21,40834,23824,333

24,8888,148

0

27,18812,729

85,53710,258

549

100

23,30340,314

16,78124,542

67,51313,504

14333,457

316,186

278482292

468134620

2,4702,7893.35

24,840

45,737.155

50,52220,100115,468

12,051

22,753

86,459

107,904105,136

137,539116, 356

34,567

.16536,032

103,86145,868.165

13,40827,87479,276

21917,45712,3518,2904,061261

503407

20, 23942,84637,710

14, 2188,571

0

25, 2478,173

92, 3669,257

4260118

18, 23431,628

13,51823, 333

65, 77416,132

.16314,982263,154

642

114231175

554173261

3,6922,7393.79

24,960

41,603.176

75,88420,400121,810

12,957

16,702

85,466

116,50896,301

146,866103,110

37,232

(fi)47,262

100,89644,045(5)

15, 64724,87093, 304

26416,81717,86311,0856,778

255

499321

31,29436,97548, 551

30, 70916,055

945

39,61416, 603

100,8807,780

111140

37,97227, 765

26,02127,114

82,16316, 501

21,354197,152

377

210133194

2,725481

1,202

2,7893,3093.95

41,700

46,652.168

57,29022,980128,814

11,955

9,176

98,870

107,441106,081

131,65990,535

40, 781

(5)43,402

134,92142, 503(5)

15,46521, 540108, 211

2558,36112,0016,2325,769279

515267

37,51034,74238, 662

42, 70720,437

5

47,41722,815

105,97410,541

227446359

98,62952, 276

69,80763,245

61,32113,461

()26,591157,322

97

629448

3,174751

3,219

2,3433,6444.00

27,840

43,227.178

46, 49423,040128,653

9,033

1,793

89,810

82, 61288,106

116, 52277,293

32,373

.19537,067

100,74052, 830.171

17,02818,726121,676

3687,66025,10719,3655,742390

521250

36,27827,38112,964

49,74727, 724, L 121

45,30626,614

95,4418,607

515r 1,070r 1914

228,93658,277

160,01193,603

93,54322,832

116,300165,771

591387652

2,752547

3,967

2,1503,4885.22

34,020

44,246.188

42,62426,760126,136

10,929

40,235

94, 787

98,84186,669

111,75655,998

51,428

.27060,271

127,69451,442.171

18,97610,812114,682

41610,01533, 97321.11212,861

409

519247

15,94943,49533,074

38,57717,236

18,82716,305

77, 7939,622

525703

1,091

232,89280,913

164,961101,983

129,16027,101

.262138,120165,735

48

1,9381,3961,194

1,8771,9413,905

2,2842,8497.26

37,200

42,302.354

44, 71227,840

136,550

15,054

'56,989

106,744

134,303120,031

108,59152,604

56, 550

.42062,966

157,00641, 578(5)

r Revised. * Not available for publication. * Included in total vegetable oils but not available for publication separately.3 December 1 estimate. * Revised estimate. 4 No quotation.* Revisions for 1941-42 for coconut or copra oil production and stocks and linseed oil production and for 1941-43 for other indicated series are available on request; revisions were

generally minor except foi fish oils (1941 revisions for fish oils are in note on p. S-22 of the April 1943 Survey).1 Data for January 1942-February 1945 will be shown later; publication of these data was temporarily discontinued in 1942.§ For July 1941-June 1942 revisions see February 1943 Survey, p. S-23; revisions for July 1942-June 1944 are on p. 23 of November 1945 issue; revisions for July 1944-June 1945 are

on p. S-25 of the August 1946 issue.cf Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be shown later.



Unless otherwise stated, statistics through 1941and descriptive notes may he found in the1942 Supplement to the Surrey

1946

Decem-ber

1945

Decem-ber

1946

Janu-ary

Febru-ary March April May- June July August Septem-

berOcto-

berNovem

ber

CHEMICALS AND ALLIED PRODUCTS—ContinuedPAINT SALES

Calcimines, plastic-texture and cold-water paintsrtCalcimines _ —_thous. of dol.Plastic-texture paints d o . . .Cold-water paints:

In dry form *__do___In paste form for interior use d o . . .

Paint , varnish, lacquer, and fillers, total d o . . .Classified, total d o . . .

Indus t r ia l . . . . . _ d o . . .Trade . . d o . . .

Unclassified d o . . .

CELLULOSE PLASTIC PRODUCTS

Shipments and consumption^Cellulose acetate and mixed ester plastics:

Sheets, rods and tubes thous. of 1b.Molding and extrusion materials do_._

Nitrocellulose, sheets, rods, and tubes do . . .

1,6917,9511,506

8368

190187

43,38238,07216,61421,4585,311

1,1655,3951,289

I l l75199269

56,55650,41519,98330,4326,141

1,5646,6901,514

10087

262240

54, 57348,89117,64331,2485,682

1,5496,0251,435

85

305274

64,69758, 27920,94037,3396,418

1,7526,5041,521

100113

365271

72,33965,02124,25640,7657,318

1,8617,1811,714

28172,46365,13424,47540,6597,329

1,6437*2511,532

111

476244

66, 07159,42223, 65335, 7696,649

1,8266,7361,429

73115

500269

65, 20259, 25824, 25934,9995,944

1,8837,1671,524

87135

534286

68,48261, 24026,06035,180' 7, 242

1,5097,2421,539

73129

454217

63,05455, 76324, 01431, 7597,280

1,5357,0011,515

66135

555261

• 69,991• 63,156• 28, 21934,9376,836

1,9777,4721,697

ELECTRIC POWER AND GASELECTRIC POWER

Production (utility and industrial), total*mil. of kw.-hr..Utilities (for public use), totaled do

By fuels doBy water power do

Privately and municipally owned utilities doOther producers do

Industrial establishments * doBy fuels * doBy water power* do

Sales to ultimate customers, total (Edison ElectricInstitute)T mil. of kw.-hr..

Residential or drtmfistifi rinRural (distinct rural rates)... . doCommercial and industrial:

Small light and power 5 doLarge light and power ] . do.

Street and highway lighting 5 doOther public authorities ̂ . doRailways and railroads^ ... do._.Interdepartmental ^ do

Revenue from sales to ultimate customers (EdisonElectric Institute) ..thous. of doL.

G A S t

Manufactured and mixed gas (quarterly):Customers, end of quarter, total thousands__

Residential (incl. house-heating) __ _ doIndustrial and commercial do

Sales to consumers, total _ mil. of cu. ftResidential doIndustrial and commercial do

Revenue from sales to consumers, total thous. of dolResidential (incl house-heating) _ . doIndustrial and commercial do

Natural gas (quarterly):Customers, end of quarter, total thousands .

Residential (incl house-heating) doIndustrial and commercial _ do

Sales to consumers, total . mil. of cu. ft__Residential (incl house-heating) doIndustrial and commercial do

Revenue from sales to consumers, total thous of dolResidential (incl house-heating) doIndustrial and commercial do

24, 84920, 80914, 2596,550

17, 8422,9684,0403,684

356

22, 01418,10811, 5226,586

15, 7052,4033,9073,495

412

15, 2833,275

264

2,6637,561

22354070256

284,845

11, 23810, 554

675135, 55891. 97741,807

121, 46391, 98328, 422

9,0548,442

606528,000146. 408359,359169, 70892,03374, 265

22,16318,40311, 2927,110

15,9012,5013,7603,305

455

15,7573,658

242

2,7557,596

22951270857

297,601

19,44916,1939,9676,226

13,9002,2943,2562,829

426

14,9203,505

243

2,7087,083

19851861451

288, 746

21, 67517,80010, 5217,278

15, 2882, 5123,8753,468

407

15,0913,282

249

2,6227,592

193486613

53

282, 543

11,25610, 557

690171, 804120,212

49, 588142,919107, 72334,008

9,1538 521

627638, 355250, 766361 322229, 428144, 87580, 721

21, 26517, 47710, 7976,680

15,0762.4023,7873,329

459

15, 2333,094

328

2,5957,916

17448359152

278,337

21, 28817,67510, 5777,099

15,1622,5143,6133,139

474

15,0642,994

379

2,5787,869

16046357051

277,145

21,44117,62410, 9436,681

15, 2122,4123,8183,381

437

15,1852,954

443

2,6177,963

14745955051

278, 544

11, 39410,687

699133, 35588, 85643 139

122,18192,05529, 245

9,1718,554

612508,141129,143361,315159,85385,17772,265

22, 58318.62012, 2046,416

16,0452,5753,9633,551

412

15,6082,883

470

2,7188,309

15446455852

279, 659

23, 66919,51513,3896,125

16, 7832.7314,1553,788

366

16,4742,900

548

2,8158,953

16846857251

286,945

22, 78818, 80513,1695,636

16,1232,6823,9833,674

309

16, 3583,018

489

2,8258,800

18445553750

288,041

11,31910, 616

694110, 83470,11339, 657

107, 83580, 92326, 214

9,2598,654

600465, 98473,020

383, 859131,165

56, 38373, 393

24, 43020, 22213,9356,287

17,3162,9064,2083,867

341

16, 7213,130

410

2,8219,064

20647157247

292, 587

r 23, 941r 19, 94<r 13, 66$

r 6, 28(

17, IKr 2, 83(r 3, 994' 3, 671

31C

16,93?3,414

32£

2,944

22246C609

49

300, 48S

FOODSTUFFS AND TOBACCOALCOHOLIC BEVERAGES

Fermented malt liquor :fProduction thous. of bbl._Tax-paid withdrawals doStocks, end of month do

Distilled spirits:Apparent consumption for beverage purposesf

thous. of wine galImports • thous. of proof galProduction! thous. of tax gal..Tax-paid withdrawals! — doStocks, end of monthf do

7,1746,4098,180

7,5086,8568,449

18,7191,194

26,69011,356

392,446

7,2366,5278,710

18,916' 1,16124,78810,816

403, 776

5,4525,5818,429

19, 4701,580

20,91211,272

410, 226

5,6425,7088,135

19,3932,07819, 71910,612417,419

5,8365,9587,761

19,1241,96415,30410,880418,657

6,8326,3678,039

18, 5351,525

13, 4869,632

420,262

7,3737,2097,881

19,0681,467

16,01112,120

421,390

6,7237,4766,888

19,3921,130

15,53811,519

420,947

8,4367,2287,838

17, 6911,312

"25,02011,115

420, 778

7,1108,309

20, 4081,611

31, 48813,184

418,925•• Revised. 1 For 1943-44 revisions for the indicated series, see notes at bottom of pp. S-23 and S-24 of the May 1945 Survey.X Data for some items are not comparable with data prior to 1945; see note for calcimines, plastics and cold-water paints at bottom of p. S-23 of the December 1945 Survey.§ Data for sheets, rods and tubes cover all known manufacturers and are comparable with the combined figures for consumption and shipments of these products shown in the

1942 Supplement. See note in September 1946 Survey regarding a change in the coverage of the data for molding and extrusion materials in June 1945.d" See p. 32 for revised 1920-1945 data for total production by electric utilities and production by source. Revisions by type of producer are available on request.• Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.*The new series for production of electric energy by industrial establishments are estimated industry totals based on reports of industrial producers accounting for about 85 per-

cent of the total. Monthly data beginning January 1945 and earlier annual totals for these series and for total industrial and utility production are shown on p. 32.t Gas statistics are shown on a revised basis beginning in December 1946 Survey. The data were formerly revised each year classifying the companies in the natural or the manu-

factured and mixed gas industry according to the type of gas distributed by each company at the beginning of the latest complete year. In the present series, the classification is basedon the type of gas actually distributed during the period. Data are estimated industry totals based on reports of 182 companies which in 1944 accounted for around 80 percent of thetotals for the entire gas utility industry. Comparable data for all quarters of 1945 and earlier annual data will be shown later. See note marked " t " on p. S-27 regarding revisionsin the series on alcoholic beverages. Stock figures for distilled spirits include products branded "spirits" which were shown in the May-October 1946 issues of the Survey with datafor ethyl alcohol on p. S-24 (see note in November 1946 Survey). Production figures are net, excluding spirits used in redistillation. For tax-paid withdrawals of ethyl alcohol, notincluded here, see p. S-24; these are largely for beverage purposes.




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary

Febru-ary March AprO May June July August Septem-

berOcto-ber

November

FOODSTUFFS AND TOBACCO—Continued

ALCOHOLIC BEVERAGES—Continued

Distilled spirits—Continued.Whisky:

Imports! thous. of proof gal..Production! thous. of tax gal..Tax-paid withdrawals!. doStocks, end of month!. -do

Rectified spirits and wines, production, total!thous. of proof gal._

Whisky doStill wines:

Imports§ thous. of wine gal..Production (including distilling materials)! doTax-paid withdrawals! doStocks, end of month!- do

Sparkling wines:Imports§ -.- doProduction!.. doTax-paid withdrawals! doStocks, end of month!. . _ do

DAIRY PRODUCTS

Butter, creamer y:Price, wholesale, 92-score (N. Y.)J._. dol. per lb .Production (factory)! thous. of lb.Stocks, cold storage, end of monthcf . - d o —

Cheese:Imports§ d o —Price, wholesale, American Cheddars (Wisconsin)

dol. perlb. .Production, total (factory)! thous. of lb..

American whole milk! -doStocks, cold storage, end of monthcf do

American whole milk doCondensed and evaporated milk:

Exports :§Condensed^. doEvaporated _ do

Prices, wholesale, U. S. average:Condensed (sweetened) dol. pec case..Evaporated (unsweetened) do

Production:Condensed (sweetened):

Bulk goods* _._ thous. of lb_.Case goods! do

Evaporated (unsweetened), case goods! doStocks, manufacturers', case goods, end of month:

Condensed (sweetened) thous. of lb_.Evaporated (unsweetened) _ .do

Fluid milk:Price, dealers', standard grade dol. per 100 lb_.Production mil. oflb_.Utilization in manufactured dairy products!...do

Dried skim milk:Exports^ thous. of lb_.Price, wholesale, for human consumption, TJ. S.

average dol. per lb .Production, total! thous. of lb..

For human consumption! doStocks, manufacturers', end of month, total do. , . .

For human consumption _ .do

FRUITS AND VEGETABLESApples:

Production (crop estimate) thous. of bu.Shipments, carlot no. of carloads.Stocks, cold storage, end of month thous. of bu.

Citrus fruits, carlot shipments . .no. of carloads..Frozen fruits, stocks, cold storage, end of month

thous. of lb.Frozen vegetables, stocks, cold storage, end of month

thous. of lb.Potatoes, white:

Price, wholesale (N. Y.)._ dol. per 100 lb_Production (crop estimate)! thous. of bu.Shipments, carlot no. of carloads.

GRAINS AND GRAIN PRODUCTSExports, principal grains, including flour and meal§

thous. of bu.Barley:

Exports, including malt§ do_._Prices, wholsesale (Minneapolis):

No. 3, straight... dol. per bu__No. 2, malting do . .

Production (crop estimate)! -thous. of bu__Receipts, principal markets doStocks, commercial, domestic, end of month do

19,7905,816

391, 613

13, 90312,178

.82288, 81027, 778

.39969, 49550, 745

124, 48894,131

8.255.88

32,1856,870

183, 550

5,230129, 464

4.968,4003,010

.14535, 69535,10038, 89138, 299

U21,5206,579

27,35219, 360

477, 577

336,885

2,4951474,609

16, 708

1.691.77

1263,3509,214

20, 985

'15,9314,780

341, 235r 11, 291r 10, 007

24718, 3619,057

174, 502

43113210877

.473r 65, 70753,127

1,967

.233' 58, 305' 40, 732127,011112,896

5,52583, 779

6.334.14

33.7358,857

165,062

5,35771, 762

3.278,3822,403

26,684

.14332, 75532, 282

' 14, 759r 14, 431

2 68, 0424,50716,15521, 217

375, 773

191,218

3.000'418,02019,994

34,465

857

1.301.31

2 266,8337,63721,287

96017,1286,053

350,063

13, 42511, 582

2745,306

163,965

24155126896

.47369,52032,135

1,533

.23362,88044, 440106,62395,725

13,62691, 591

6.334.15

32,2408,800

181,400

4,99154,098

3.278,6152,573

25,285

.14438,69037,80012, 78612,474

5,17510,96320,851

362, 314

172, 512

3.060

26,124

42,572

609

1.301.32

6,87917,652

84714,9745,394

358,857

12,48610,432

1532,9249,785

152,622

8167121

.47366,03019,462

489

.27062, 76543,86591,37281,913

7,185103,114

6.334.15

35,8758,140

182,500

5,04446,245

3.288,2922,493

27,164

.14440,38039,45014,55114,313

4,3766,30819,751

344,026

156,274

3.000

21,873

38,544

475

1.301.31

5,08914,624

97012,8565,557

364, 539

13, 57910,874

2993,55112,809

139,139

15215145

1,000

.47376,81514, 925

1,464

.27077, 66553,16086,99874, 420

9,791112,217

6.334.15

49, 70510,025

235, 200

4,41559,045

3.299,7963,002

15, 856

.14557,38056,35021,01420, 778

2,6713,52219,229

321, 765

147, 394

3.844

30, 954

33, 417

871

1.341.35

11,300

93212, 5535,239

370,268

13,86010,905

3216,27311,982126,622

43283144

1,129

.47391,14014,052

1,461

.27098,14562,18584,84573,054

10,89982,005

6.334.14

70, 79510,190

297,400

5,55180,577

3.3010,5403,664

8,358

.14471,39069,75035,40234,832

1,5301,497

21,123

291,148

140,277

4.115

24,282

28,346

814

1.341.36

5,0628,335

1,0328,1225,013

371,863

13,37810,462

4768,15411, 246115, 341

248153

1,216

.473113,99526,856

1,663

.270125,09591,140102,142

9,786101,653

6.334.21

102,91512,600

381,000

7,748150, 579

3.3212, 3014,638

4,014

.14594,15091,80072,57271,448

458634

17,171

278,109

144,573

30,203

21,168

793

1.401.43

4,1165,938

7087,4233,934

374,073

11,949

4148,59311,100102,014

56194168

1,225

.523119,32549,649

1,275

.295129, 50096, 930136,759110,807

5,66738, 760

6.334.54

104,17013,170

385, 800

9,617219,180

3.4712,6444,803

5,101

.14392, 57589,45085, 21283,566

243249

13,315

297,629

175, 704

3.344

30, 627

41, 542

570

1.431.45

4,6684,464

7118,5264,903

376, 213

14, 45011, 764

53211,01510,17791, 995

48238167

1,291

.694127,33069, 510

1,807

.371116,62587, 830148,786120,136

6,619135, 652

6.795.09

90, 72010,800

336,600

10, 536229,172

3.9011, 9564,685

20,992

.14673, 40071,30080, 54678, 930

1,046112

8,755

395, 754

227, 541

3.465

25, 095

28,845

245

1.611.66

3,983

7,5044,870

377,290

15,03612,150

43921,19510, 64385, 435

32241194

1,331

.705115, 76584,980

2,699

.409106, 47081, 010160, 272126, 899

3,06689,447

7.035.32

75, 68010,400

291, 400

10,826211,690

4.2210, 8344,226

23, 596

.14556,72555,30067,19265, 712

1,319513

7,724

459, 581

284,809

3.012

21, 505

27,347

402

1.611.66

18,25011, 554

8338,5174,915

378, 902

14,41512, 484

319148, 60310, 321

129, 098

39249166

1,400

104. 83073,931

2,652

.43593, 33070, 340157,180126, 084

2,95555, 233

7.785.46

57, 8658, 250

242,000

12, 505202, 775

4.409,4043,724

11, 683

.14739, 84039,10061, 098

6,14310,1456,867

501, 914

317, 691

3.188

21, 405

24,134

249

1.671.70

22,046

9699,2575,968

380, 295

16, 20214,428

443228.00612, 065

206, 301

46251254

1,389

.84097, 49559,586

0083, 34060, 785129, 941101,185

1.97930, 767

7.925.79

42, 4207,450

195, 600

11, 377171, 026

4.498, 9063,334

6,022

.14629, 41029,06044, 65244, 852

11, 720r 31, 97310, 961

510, 257

351, 273

2.515

24, 862

12, 333

209

1.611.70

14, 84018,248 i 26,161

1,0337,8386,454

380, 557

15,10413, 462

470

85

.816r 81, 260Ml, 477

1,384

.449r 70. 500••51,655123, 435r 92, 422

3,63439, 791

8.255.88

26, 6356,275

169,100

8,701148, 210

4.918, 194

' 2, 809

14,728

.14724,15023, 80033, 37732, 786

6,940r 33,413r 15, 503

497,802

351,474

2.312

• 21, 567

26, 987

1.621.72

8,02024, 516

'Revised, cf See note marked "cf" on page S-29. * Dec. 1, estimate. * Revised estimate. 3 N o quotation.JSee note in June 1945 Survey for explanation of this price series.

later.

§Data continue series published in the 1942 Supplement which were suspended during the war period; data for October 1941-February 1945 will be published later.•Revised 1943 data are shown on p. 13 of the March 1945 Survey; see note on item in February 1945 issue regarding earlier data; January 1944-June 1945 revisions w:ill be shown

!Revisions for consumption of distilled spirits for beverage purposes for 1940-44 are available on p. 22 of July 1946 Survey; 1945 revisions available on request See note marked" ! " on p S-25 of the April 1946 Survey for sources of 1941-42 and July 1943-January 1944 revisions for other alcoholic beverage series; revisions for fiscal year 1945 are shown on pS-27 of the May 1946 issue. Revisions for 1920 to June 1945 for the series on utilization of fluid milk in manufactured dairy products are available on request- see note marked " t "on p. S-26 of the April 1946 Survey for sources of 1941-43 revisions for dried skim milk production and note marked "f" on p. S-25 of that issue for sources of 1941-43 revisions for theother indicated dairy products series. Final revisions for all dairy products for 1944 and preliminary revisions for January to June 1945 for condensed, evaporated, and dried skimmilk will be published later. Crop estimates for barley and potatoes have been revised for 1929-41; for 1941 revisions, see February 1943 Survey p 25- 1929-40 data are available on


SURVEY OF CUERENT BUSINESS February 1947


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber


G R A I N S AND GRAIN PRODUCTS—Continued

Corn:Exports, including mealcf thous. of bu_.Grindings, wet process doPrices, wholesale:

No. 3, yellow (Chicago) _dol. per bu__No. 3, white (Chicago) _ doWeighted average, 5 markets, all grades do

Production (crop estimate)! thous. of b u . .Receipts, principal markets _-_doStocks, domestic, end of month:

Commercial.--. .. doOn farmst - do

Oats:Exports, including oatmeal^ doPrice, wholesale, No. 3, white (Chicago)_dol. per bu__Production (crop estimate)!-- thous. of bu_.Receipts, principal markets doStocks, domestic, end of month:

Commercial doOn farmst - - do

Rice:Exportscf pockets (100 lb.)__Importsc? doPrice, wholesale, head, clean (N. O.) . . .dol . per lbProduction (crop estimate)! thous. of bu_.California:

Receipts, domestic, rough. bags (1001b.)._Shipments from mills, milled rice__ doStocks, rough and cleaned (in terms of cleaned),

end of month bags (1001b.).Southern States (La., Tex., Ark., Tenn.) :

Receipts, rough, at mills thous. of bbl. (162 lb.)-_Shipments from mills, milled rice

thous. of pockets (100 lb.)—Stocks, domestic, rough and cleaned (in terms of

cleaned), end of mo thous. of pockets (100 lb.) .Rye:

Price, wholesale, No. 2 (Minneapolis) dol. per bu...Production (crop estimate)! . thous. of bu._Receipts, principal markets. ._ doStocks, commercial, domestic, end of m o n t h — d o

Wheat:Disappearance, domestict doExports, wheat, including flourd1 do

Wheat onlyc?1 doPrices, wholesale:

No. 1, Dark Northern Spring (Minneapolis)dol. per bu—_

No. 2, Red Winter (St. Louis) d o . . . .No. 2, Hard Winter(K. C.)__ d o . . . .Weighted av., 6 mkts. , all grades do

Production (crop est.), totalt thous. of bu._Spring wheat doWinter wheat -do

Receipts, principal markets doStocks, end of month:

Canada (Canadian wheat) _doUnited States, domestic, totali t _do___.

Commercial doCountry mills and elevators! doMerchant mills doOn farms! do

Wheat flour:Exports d doGrindings of wheatj _ doPrices, wholesale:

Standard patents (Minneapolis)§ dol. p e r b b l . .Winter, straights (Kansas City) § do

Production (Census):{Flour _ thoas. of b b l . .

Operations, percent of capacityOffal thous. of lb_-

Stocks held by mills, end of month thous. of bbl._

LIVESTOCK

Livestock slaughter (Federally inspected):Calves thous. of animals . .Cattle doHogs _ doSheep and lambs do

Cattle and calves:Receipts, principal markets doShipments, feeder, to 8 corn belt States! do.Prices, wholesale:

Beef steers (Chicago) dol. per 1001b..Steers, stocker and feeder (K. C.) doCalves, vealers (Chicago) do

12,313

1.341.501.25

23,287,92744,316

27, 8702,165,776

.8321,509,867

11,253

9,158898, 828

2 71, 520

860,461703,634

327, 526

1,377

1,868

4,365

2.79M8,685

5962,476

307,303

2.272.322.072.17

21,155,715281,822873, 89333,868

148,849642,983

56,256118,99997,069

366,255

60,647

11.6110.90

13,36889.5

1,043,688

5911,3525,1351,346

2,447233

23.1917.6318.20

f Revised.i No quotation.

62411,002

0)1.31.97

32,880,93331,671

11,127'1,858,960

1,055.80

'1,535,67616,158

46, 695-976,631

856, 52613, 238

.0663 68,150

610,109468, 991

358. 408

1,137

1,960

4,807

1.753 23,952

8964,544

338,59031,87124,057

1.730)

1.691.71

51,108,224290,390817,83429,185

152,823681,992102,131108,77695, 276361, 031

1,66352,974

6.556.44

11,59878.5

925,109

5481,1185,5371,806

2,073187

16.5913.4114.63

7,791

1.17

.92

31,962

16, 493

3,021.80

21,762

38, 775

941, 4888,807.066

493, 561361,417

330, 078

537

1,731

3,777

1.98

4803,868

38,19627, 733

1.74

0)1.691.72

26,938

141, 796

72, 262

2,22659, 591

6.556.46

13,06485.3

1,038,080

4401,0124,9111,440

1,96197

16.4913.5614.69

4175,759

0)0).94

33,196

26,886

5,526.81

13,104

28,921

815,9157

.066

412,082357.147

241,973

316

1,562

2,598

2.13

4043,340

31,76418,476

1.750)1.691.72

21,457

122,374

50,011

2,82759.361

6.556.46

13,01691.3

1,032,900

4271,0154,6982,196

1,96097

16.1414.7114.81

56511,385

0)(0

16,581

1,032,856

2,0100)

16,473

23,890571,372

920,8157,817.066

394, 471224,996

272, 359

267

1,121

1,772

2.36

4763.113

350,80529,55121,485

1.770)1.721.75

31,111

102,441331,22834,31735, 57055,899

-198,481

1,71644,975

6.556.49

10,68069.4

622,9802,385

484904

3,6361,978

1,92091

16.2615.2215.66

1529,322

0)1.261.11

16,153

19,511

2,8350)

11,045

14,234

698, 9153,166.066

363,534239,981

264,032

108

683

1,190

2.70

3171,016

"23," 154"12,808

1.77(01.721.76

16, 472

81,080

"i7,~849"

2,20142,745

6.556.49

10,14265.8

584,280

445715

3,8581,736

2,145109

16.5615.8615.75

2,0249,722

1.45(01.30

29,383

29,171

1,898

5,478

6,578

339,35018,580.066

372, 348216,602

275,655

81

462

821

2.84

270461

16, 2686,526

1.81(0()()1.79

40,268

63,629

~36~l26~

2,07336,220

6.556.49

8,61755.8

492,800

402676

4,1491,374

1,783106

16.7715.8215.63

7,03610,636

1.53

0)1.40

11,103

15,904496, 928

653(05,915

3,153<274,862

646,0123,742

.066

406, 543283,065

262,672

25

253

591

2.85

72322

231,16133, 28323,869

1.901.941.861.90

41,005

46,791'4100,094< 29,917* 8,3824 12,8384 41,606

2,00337, 556

6.556.49

8,94360.2

505,660906

294451

2,3161,678

1,725141

17.3015.7215.88

2,5089,469

2.172.322.03

23, 924

11, 864

337.82

25, 315

7,181

305, 3693,098.066

385, 943239,753

280, 446

7

439

171

2.09

193262

25, 75417, 322

2.222.111.982.03

76,432

39,487

~90,~25§"

1,79447, 500

9.539.58

11,25972.8

641,300

5421,2393,8631,738

3,121176

21.3615.5317.10

9979,977

1.930)1.88

16,830

11,768

2,384.78

30,832

15,080

13,383.066

219,032299,916

143,992

495

184

485

1.95

1,016

23, 55215,977

2.062.031.941.99

53,853

50,903

98,963

1,61251,442

8.768.72

12,17375.8

712,000

5341,2402,8431,578

2,562323

21.7115.5116.44

11110, 456

1.890)1.83

11,297

4,944* 153,003

3,872.81

25, 257

20, 3191,155,691

141,8485,955.066

56, 399

52, 842

123, 691

2,493

1,085

1,987

2.241,1231,126

305, 54319,83510,501

2.102.081.962.05

56,113

109,723950,280103, 595177,329114,463552,752

1,98654, 210

9.259.19

12, 07884.5

902,9002,205

364360438

1,300

1,923

17.9915.9916.15

38511, 652

1.822.101.63

18,062

4,076

946.86

18, 922

19, 669

89, 5206,668

1,363,897491,946

523,274

4,713

2,323

4,624

2.39

7991,612

10, 7936,100

2.202.142.042.14

54,929

141,047

"98," 392

60,069

9.559.38

13,29882.7

1,022,700

6511,1033,1142,005

3,650730

23.5716.4218.19

48712,198

1.391.751.31

40, 562

14, 758

2,517.85

11,426

14,185

1,145,3341,551.066

901, 952704,105

452,766

2,564

2,684

4,708

2.68

6922,143

23,36911, 563

2.332.252.102.23

36,581

152,630

85, 5l2

2,51257,690

10.9510.38

12, 74989.1

986,000

6561,3485,4341,529

2,871445

23.6416.3018.38

1 Dec. 1 estimate. 3 Revised estimate.4 Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until crop year begins in July.c?Data continue series published in the 1942 Supplement which were suspended during the war period; data for October 1941-February 1945 will be published later.JData relate to regular flour only; in addition data for granular flour were reported for January 1943 to February 1946 and are given in notes in the May 1946 and previous issues

of the Survey; data were not collected after February 1946.§Prices since May 1943 have been quoted for sacks of 100 pounds and have been converted to price per barrel to have figures comparable with earlier data. For March-August

1946 qutotations are for flour of 80 percent extraction; beginning September 1946, quotations were resumed for flour of normal extraction (72 percent).^The total includes wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins not included in the breakdown of stocks.jRevised series. The indicated grain series have been revised as follows: Crop estimate for oats, 1932-41, and rice, 1937-41; other crop estimates, 1929-41; domestic disappearance

of wheat and stocks of wheat in country mills and elevators, 1934-41; corn, oat and wheat stocks on farms and total United States stocks of domestic wheat, 1926-41; see note marked" ! " on p. S-26 of the April 1946 Survey for sources of revisions for 1941; all revisions are available on request. The series for feeder shipments of cattle and calves was revised in theAugust 1943 Survey to include data for Dlinois; see p. S-26 of that issue for revised data for 1941-42.




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber


LIVESTOCK—Continued

Receipts, principal markets. thous. of animals.Prices:

Wholesale, average, all grades (Chicago)dol. per 1001b.

Hog-corn ratiof-.bu. of corn per 100 lb. of live hogs.Sheep and lambs:

Receipts, principal markets thous. of animals.Shipments, feeder, to 8 corn belt Statesf doPrice, wholesale:

Lambs, average (Chicago) dol. per 1001b.Lambs, feeder, good and choice (Omaha) do

MEATS

Total meats (including lard):Consumption, apparent mil. of lb.Exports§ do. . .Production (inspected slaughter).._ do.._Stocks, cold storage, end of month©cf ...do.—

Edible offal© _ do. . .Miscellaneous meats and meat products© do. . .

Beef and veal:Consumption, apparent. .thous. of lb.Exports§ _do._.Price, wholesale, beef, fresh, native steers (Chicago)

dol. per lb.Production (inspected slaughter) thous. of lb.Stocks, cold storage, end of month©cT-- .-do

Lamb and mutton:Consumption, apparent do. . .Production (inspected slaughter). do. . .Stocks, cold storage, end of month© c? do. . .

Pork (including lard):Consumption, apparent do. . .Production (inspected slaughter) do. . .

Pork:Exports§ __ doPrices, wholesale:

Hams, smoked (Chicago) dol. perlb.Fresh loins, 8-10 lb. average (New York) do..

Production (inspected slaughter) thous. of lb_Stocks, cold storage, end of month©d" do. . .

Lard:Consumption, apparent do. . .Exports§ doPrice, wholesale, refined (Chicago) dol. perlb.Production (inspected slaughter) thous. of lb.Stocks, cold storage, end of monthd* _do._.

POULTRY AND EGGSPoultry:

Price, wholesale, live fowls (Chicago) dol. per lb.Receipts, 5 markets thous. of lb.Stocks, cold storage, end of monthcf. do. . .

Eggs:Dried, production* _ do. . .Price, wholesale, fresh firsts (Chicago)J..dol.per doz_Production millions.Stocks, cold storage, end of monthicf

Shell thous. of cases.Frozen _ thous. of lb-

MISCELLANEOUS FOOD PRODUCTS

Candy, sales by manufacturers.._ thous. of dolCocoa, imports§ long tons.Coffee:

Clearances from Brazil, total thous. of bags. _To United States do.

Imports! doPrice, wholesale, Santos, No. 4 (N. Y.).._dol. per lb. .Visible supply. United States thous. of bags

Fish:Landings, fresh fish, 4 ports thous. of lbStocks, cold storage, end of month do...

Sugar:Cuban stocks, raw, end of monthj

thous. of Span, tons..United States, deliveries and supply (raw value) :*

Deliveries, total _ short tons...For domestic consumption doFor export do

Production, domestic, and receipts:Entries from off-shore areas doProduction, domestic cane and beet do

Stocks, raw and refined, end of month do

2,993

22.8718.6

1,495121

23.2518.00

1,7246015635

.415705,974156,625

58, 72317, 344

()959,053

1.522.404

728, 500272, 092

168,32663, 259

.26665,114

318,119

3,514.388

775104,034

56,850

1,178729

.2641,584

152, 853

342

423,488390,137

33, 351

3,459

14.6613.0

2,100129

13.8914.33

1,426202

1,7396874139

521,90069,602

.200599,635186,365

74,06080,49117,406

829,9911,058,969

12,721

.258

.259810,106320, 571

134,46222,862

.146180,80182,826

.24389,018

355,914

183.429

3,400

113129,424

36,81814,249

1,6181,233

998.134

2,558

21, 640140,208

••317

353,168346,123

7,045

196,476414,465,418,077

3,344

14.7212.8

1,663102

14.3014.46

1,368325

1,5817724738

466,89690,526

.200557,516187,392

62,12466,01019,189

839,051957,453

16,559

.258

.259747, 282396,740

127,00225,063

.146152,72883,489

.25547,157

363,954

264356

4,214

272111, 721

42,70916,898

1,286973

2,093.134

2,276

10,821115,398

299

516, 244514, 724

1,520

182,93798, 526

1,794,764

2,952

14.7712.8

2,481154

14.7015.50

1,478173

1,5957914944

543,84350,214

.200569, 746164,871

102,496100,93416, 533

831,492924,170

8,222

.258

.259708,566426, 545

102,41747,975

.146157,08790,184

.25331, 034

356, 730

7,449.331

4,954

1,578117,903

38,86530,162

1,030718

1,498.134

2,143

12, 45599,051

1,111

285, 341276, 715

8,626

263,34524, 771

1,174,614

2,211

14.8012.6

1,75390

15.2315.38

(k)191

1,2967504946

(»)94,545

.202526,166162,098

(fc)89, 62915, 513

(k)680,480

20,718

.264

.264533,909396, 753

(k)42,323

.147106, 53880,438

.26831,348

320,027

18,335.332

6,696

3,771149, 710

39,25437,361

1,145748

2,849.134

2,044

24,15184, 265

2,036

476, 316425, 74250,574

465,83419, 305

1,184,341

2,472

14.8112.2

1,98467

15.5115.30

(fc)136

1,2266914444

<»)30,945

.203431, 517140,157

(k)75,86512,171

(»)718,345

27, 321

.268

.266573,027379,373

(*)55,435

.148105,36971,153

.27237, 278

256,822

20,924.333

6,721

' 6, 425200,176

38, 46942,688

1,5771,1891,824

1341,964

25,24575,318

2,702

556, 466500,60855,858

433,19018, 254

1,080,908

2.431

14.8110.6

1,61056

16.00C)

(»)200

1,2246193836

<»)44, 577

.203409,953105,905

(k)57,16710,863

(»)757,222

47,991

.265

.266606, 017382, 742

(6)64,861

.148109, 56345,539

.27434, 765

209,944

17, 556.336

6,216

8,683245,287

34, 62229,397

1,8291,5101,786.134

2,105

47,00584,725

2,902

524,662451,99472,668

501,7778,345

1,065,183

1,352

14.7710.1

2,51776

16.75(•)

(k)3897974963130

(»)39, 738

.203275, 75267,850

65,14910,378

(»)456, 591

46,919

.265

.266360,342322,433

(k)57,689

.14869,83734,910

.26932,865

173,905

15,761.332

5,012

9,871265,050

30,46714,048

1,312837

2,298.134

2,319

68,02397,806

2,551

598, 604526, 60571,999

478,3119,613

955,031

3,070

17.948.6

2,28698

20.38C)

(»)220

1,5814843828

(6)29,912

.319674,96468,444

(b)68, 8449,108

(b)837, 553

49, 412

.410

.419667,522297,355

(6)52, 555

(a)123, 34843, 349

.28338,138

178,784

12, 756.340

4,221

9,537260,101

24, 67819,433

1,6351,1631,480.206

2,122

66,854126,837

2,059

590,347557,23533,112

460,17213,173

824,641

1,832

20.8411.6

2,176338

20.5016.53

(*)118

1,2863894027

(b)20,926

.382664,848101, 825

(b)65,05313,135

(>)555, 686

42,219

.503

.514425, 735168, 861

(6)27,665

.35094, 78037, 969

.26543,162

207,137

9,757.346

3,636

7,960236, 256

34,05614, 409

1,573970

1,947.221

2,182

46,776152,403

1,700

608,883561, 69547,188

402,29949, 780

671, 491

293

16.259.1

2,542865

19.0017.26

(»)61

3512582219

(h)19,691

.235210.42379,051

(b)54,2688,844

(>)85,991

12,737

.265

.33371,18199,859

<»)11, 679

.19010,66530,021

.30761,131

184,841

4,347.406

3,264

5,738207, 244

39, 5059,405

814484

1,338221

2,142

53,727147,085

1,310

524,734513, 52711,207

297, 27594.691

519,727

2,264

22.8213.5

3,656941

23.0017.90

(b)13

1,2452972621

(b)2,535

.380590,79864, 521

(b)84,17010, 602

(*)570,068

1,076

.265

.476462.454142,912

(b)8,268.190

77, 88831, 513

.29889,972

261,006

2,970.420

3,172

3,585168, 591

54,12213,765

1,448902

1,237.241

1,931

53,786149,549

712

396,831392,018

4,813

233,063483, 532832,071

3,221

24.0718.0

304

22.2517.77

1,742'442' 39' 26

532

.409689, 827111,091

<)64,591

' 15,696

(h)987, 245

1,305

.554

.512757, 765209,946

()16,647

.392167,381r 40, 623

.24272,952

301,030

2,271.406

3,080

'1,717132,664

56, 28712,237

1,416946

1,612.263

2,080

35, 025158,486

553

• 482,194475,921*" 6,273

223, 78l642,633,209,82Q

r Revised. *J For data for December 1941-July 1942, see note in November 1943 Survey, i Not strictly comparable with earlier data; comparable figure for November 1946,0.545.X Compiled by the U. S. Department of Labor; see note in April 1944 Survey. ° No quotation. * Temporarily discontinued; data under revision.d" Cold storage stocks of dairy products, meats, poultry and eggs include stocks owned by U. S. Department of Agriculture and other Government agencies, stocks held for the

Armed Forces stored in warehouse space not owned or operated by them, and commercial stocks; stocks held in space owned or leased by the Armed Forces are not included.5 Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.© Data for edible offal are comparable with figures beginning June 1944 shown as "miscellaneous meats" through the April 1946 Survey (see note in that issue). "Miscellaneous

meats and meat products" shown above include sausage and sausage room products and canned meats and meat products which were not reported prior to June 1944. Stocks shownunder beef and veal are combined figures for beef and veal; the latter also has been reported only beginning June 1944. Data for June 1944 to February 1946 for veal and for the itemsnow shown as miscellaneous meats and meat products are given in notes in the August 1944 to April 1946 issues of the Survey. Stocks for the several meats include trimmings whichwere included as "miscellaneous meats" prior to June 1944.

• New series. Data for 1927-43 for dried eggs are shown on p. 20 of the March 1945 Survey. The new sugar series include raw and refined in terms of raw (see also note in theApril 1945 Survey).

t Revised series. The hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revisions beginning 1913 will be shown later. The series for feedershipments of sheep and lambs has been revised beginning 1941 to include data for Illinois; revisions are shown on p. S-27 of the August 1943 Survey.




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary

Febru-ary March April May June July August

Septem-ber

Octo-ber

November


MISCELLANEOUS FOOD PRODUCT S-Con.

Sugar, United States—Continued.Exports, refined sugar § short tonsImports: §

Raw sugar, total doFrom Cuba . do

Refined sugar, total doFrom Cuba do__

Receipts from Hawaii and Puerto Rico:Raw „ doRefined do

Price, refined, granulated, New York:Retail dol. per 1bWholesale - do

Tea, imports § ._ . . _ thous. oflb.

TOBACCOLeaf:

Exports, incl. scrap and stems § thous. of lbImports incl scrap and stems § doProduction (crop estimate) .mil. of lb__Stocks, dealers and manufacturers, total,

end of Quarter mil of lbDomestic:

Cigar lpaf doFirp-f*iiTPd and daxV flir-oiirpd doFliip-ciirpd &nd lisrht ftir-curfid doMiscellaneous domestic do

Foreign grown:Cisrar leaf doCigarette tobacco do

Manufactured products:Consumption (tax-paid withdrawals):1

Small cigarettes._ millions..Large cigars thousandsManufactured tobacco and snuff thous. of lb._

Exports, cigarettes § thousands.Price, wholesale (list price, composite):

Cigarettes, f. o. b., destination dol. per 1,000.Production, manufactured tobacco, total ..thous. of lb. .

Fine-cut chewing _ do _Plug, doScrap, chewing . doSmoking . . doSnuff do .Twist .

1.095.078

2 2,236

22,695465, 769

17, 636

6.509

18, 972

68, 37468,374

4,3874,243

91, 0760

.064

.054?,, 686

27, 2263,119

s 1, 994

3,275

324175

2,6683

3175

16,061364,671

15,4531,002,748

6.00616,655

2793,0663,0696,9542,953

335

4,304

172,125172.12510,32410, 324

20, 6870

1.067.054

14,975

47, 33522, 371

25,226468, 59220,806

2,660,699

6.00620, 521

3314,1063,9767,9793,706

423

7,003

191, 214191, 214

1950

38, 7740

1.068.056

12, 569

43,9024,043

23,637455,024

17, 7761,048,525

6.00618,065

2624,3173.9485,9443,128

466

33,945

310, 519310,51933,81633, 656

112,93310,417

J.O73.059

6,139

52, 2305,129

3,342

377223

2,6262

2885

26, 401480,479

18, 5191,448,618

6.00619,067

2824,3734,0996,3863,419

508

58,321

143,528143,528

38, 78538,735

197,73323,657

1.074.059

6,580

60, 4014,727

25,452484,31820,023

1,996,922

6.05619, 750

2904,1723,6477,8083,333

498

59, 716

240,190230,47138,06138,061

179,66717, 685

1.073.059

3,077

62, 2935,633

29, 972497, 297

21, 2234,443,744

6.25521, 472

3344,4812,738

10,0513,339

529

61,897

189, 418179, 66615,00115,001

160,82730,150

1.074.059

1,540

60,7404,861

2,853

366196

2,1683

2695

26, 360452,18021,084

2,427,461

6. 25521,092

3024,2803,6359,3953,022

458

47,191

267, 460267, 46047,34947,349

179,9224,750

1.074.060

1,336

36,9705,381

25, 440439,39620,949

1,831,885

6.25521,078

3264,6573,9688,9092,721

497

33,844

157,171145,07249,93249,932

209, 6621,709

1.075.060

6,350

39, 5955,613

28,953500, 57222,733

1,966,654

6.25522,868

3744,6314,4379,4863,429

511

22, 546

126,958116,52930, 29430, 294

128,7474,774

1.076.067

9,968

50, 4616,031

2 997

327165

2,3893

2687

26, 865457, 703

2J,6711,124,900

6.25521,672

3114,3613,8609,6183,061

461

3,280

97, 96092,81235,09935,098

76, 4241

(b).074

3,846

54,3836,883

32, 778588,06725, 631

1,138,583

6.42425,674

3484,8214,627

11,6763,640

561

6,734

180,167180,16723, 64723,647

3.092.076

16, 286

94,1296,520

27,696546,94922, 728

1,522,607

6,509

LEATHER AND PRODUCTS

HIDES AND SKINS

Livestock slaughter (see p. S-28).Imports, total hides and skins § thous. of lb._

Calf and kip skins thous. of piecesCattle hides doGoatskins doSheep and lamb skins do

Prices, wholesale (Chicago):Hides, packers', heavy, native steers dol. per lb_-Calfskins, packers', 8 to 15 lb . . do

LEATHERExports: §

Sole leather:Bends, backs and sides thous. of lbOffal, including belting offal do

Upper teather doProduction:

Calf and kip thous. of skinsCattle hide _ . thous. of hides..Goat and kid _ thous. of skinsSheep and lamb do

Prices, wholesale:Sole, oak, bends (Boston) f _ _ dol. per lbChrome, calf, B grade, black, composite.-dol. per sq. ft..

Stocks of cattle hides and leather, end of monthrjTotal thous. of equiv. hides_.

Leather, in process and finished doHides, raw __ do

LEATHER MANUFACTURES

Gloves and mittens, production, total*.thous. doz. pairs.Dress and semi-dress, total do

Leather. . . . . doLeather and fabric combination -doFabric do

Work, total . d oLeather . _. do.Leather and fabric combination doFabric do

.276

.414

.770

.902

11, 30116429

1,6561,912

.155

.218

3,062275

6,705

9372,2371,6593,949

.440

.529

10, 0636,1923,871

1,89363214420

4681,261

155186921

16,0843952

3,1372,883

.155

.218

791,1943,206

1,0312,5021,9974,418

.440

.529

9,8866,0813, 728

2,228656151

18488

1,572177231

1,164

10, 870(a)

202,2971,968

.155218

1,818296

2,853

1,0322,5442,1434,288

.440

.533

10, 0596,0524,007

2,218688154

20513

1,530169220

1,141

15, 3313

682,3322,818

.155

.218

721573

3,324

8982,5002,1904,256

.440

.533

9,7216, 0543,737

2,432794185

23586

1,638176225

1,237

17, 3400

501,5714,684

.155

.218

3,1131,3224,072

9072,4792,0273,986

.440

.533

9,5396,0983,441

2,331774169

23581

1,557182214

1,160

15, 785

801,1683,609

.155

.218

2,335593

4,430

8312,3311,7733,944

.440

.533

9,2176,0003,204

2,418798185

24590

1,620167212

1,241

13,1871141

1,2713,090

.155

.218

655488

3,280

8012,0891,5373,584

.462

.536

8,5035,9712,532

2,274765166

28571

1,509156192

1,161

19,0063583

2,4964,868

.239

.268

307186

2,282

7552,0581,6563,529

.675

.570

8,4195,5412,878

2,024652141

18493

1,372116159

1,097

15,384' 20

852,6403,178

.155

.218

36425

'2,011

8442,1601,7613,951

.470

.558

7,6335,6811,962

2,255806175

25606

1,449125186

1,138

16, 72348

1501,8663,701

.155

.218

64017

834

8321,8951, 7393,702

.470

.565

7,5655,7031,851

2,103737153

18566

1,366119175

1,072

19,238124140

2,2732,419

.155

.218

5120

1,107

959r % 046' 2, 598

4,558

.470(b)

' 7, 446'6,004

1,442

r 2, 549'882

16720

' 695' 1, 667

143197

'1,327

30,9215906

4,4542,540

.289

.435

1465

1,899

9812,1362,2954,088

.880(b)

8,4765,4293,047

2, 283762145

15602

1, 521114164

1,243f Revised, ' Data beginning January 1946 reflect a change in the sample and in the method of summarizing reports; January 1946 figure comparable with earlier data is $0,004.2 December 1 estimate. "s Revised estimate. ° Less than 500 pieces. b No quotation.^Tax-paid withdrawals include requirements for consumption in the United States for both civilians and military services; withdrawals for export and for consumption outside

the United States are tax-free,§Data continue series published in the 1942 Supplement but suspended during the war period (it should be noted that data for sugar are shown in long tons in that volume);

data for October 1941-February 1945 will be published later.t Data reported currently cover stocks in tanners' hands only; all data shown above have therefore been revised to cover only tanners' stocks; the figures for total stocks for Jan-

uary, March, and May include small revisions that are not available for the break-down between leather and raw hides.fRevised series. The price for sole oak leather is shown on a revised basis beginning in the October 1942 Survey; revisions beginning July 1933 are available on request.*New series. Data on gloves and mittens are from the Bureau of the Census and cover all known manufacturers; data for January 1943-March 1945 for leather and combination

leather and fabric, and for May 1944-March 1945 for fabric gloves and mittens will be published later. The series for leather gloves are not comparable with similar data shown inthe 1942 Supplement which cover only around 85 percent of the total.




1946

Decem-ber

1945

Decem-ber

1946

™~ March April May June July August Octo- Novem-ber ber ber

LEATHER AND PRODUCTS—Continued

LEATHER MANUFACTURES^Continued

Boots and shoes:Exports § _ thous. of pairs..Production, total J do

Government shoes _ ___ -doCivilian shoes, total do

Athletic doDress and work shoes, incl. sandals and playshoes:

Leather uppers, total thous. of pairs..Boys' and youths' doInfants' _ _doMisses' and children's _ doMen's _ do.-_-Women's _ .do

Part leather and nonleather uppers _.doSlippers and moccasins for housewear .doAll other footwear do

4,19234,649

63234,017

410

26,3711,4212,3463,3526,945

12, 3082,6324,497

106

1,326i 41,246

47140,479

537

31,0121,4922,8553,9137,815

14,9374,0074,782

140

74443,701

46443,237

635

33,0911,7773,0684,4218,508

15,3174,6224,757

133

1,09547,955

42747,528

676

35,4831,8073,2484,9048,954

16,5715,6715,487

211

98149,437

27349,164

1,8723,3635,0669,383

16,9855,8765,731

222

1,66349,469

22749,242

690

36,6891,8793,2385,0609,592

16,9205,6465,879

338

1,70144,957

31544,642

627

32,8151,7522,9604,3798,703

15,0215,3045,708

188

77637,021

139

536

26, 5041,5022,4563,3467,662

11, 5384,6934,980

169

1,15946, 236

17246,064

486

32,1171,7202,8384,1198,692

14, 7486,6796,563

219

34241, 651

14041,511

330

30,0221,6072,5753,7277,901

14,2125,2795,681

199

289' 47,469

'171' 47,297

'394

* 34,194p 1,743' 2,962' 4,183' 8,874r 16,432' 5,173' 7,234'302

45940,893

19640,697

393

30,1301,5892,5483,8498,169

13,9754,3295,595

250

LUMBER AND MANUFACTURES

LUMBER~ALL TYPES

Exports, total saw mill products § M bd. ftSawed timber § _ ^ doBoards, planks, scantlings, etc §

Imports, total sawmill products §National Lumber Manufacturers Association:!

Production, total mil.Hardwoods . _Softwoods

Shipments, totalHardwoodsSoftwoods

Stocks, gross, end of month, totalHardwoods _ _ .Softwoods

FLOORING

Maple, beech, and birch:Orders, new... MOrders, unfilled, end of month _Production,.. _Shipments _ . .Stocks, end of month . _ _ .

Oak:Orders»newOrders, unfilled, end of monthProduction.__ . . . .ShipmentsStocks, end of month . . _

dodo. .

bd. ft... do....

dododo

..do.. . .dodo .do

bd. ft.,dodo.. .dodo .

. do .dododo

. do

SOFTWOODSDouglas fir:

Exports, total sawmill products § M bd.ft..Sawed timber § . . HoBoards, planks, scantlings, etc.§_

Prices, wholesale:Dimension, No. 1, common, 2 x 4—16

dol. per MFlooring, B and better, F. G., 1 x 4, R. L.. .

do

bd.ft.._do

Southern pine:Exports, total sawmill products § M bd. ft

Sawed timber § r\nBoards, planks, scantlings, etc §

Orders, new f.. . . mil,do

bd.ftOrders, unfilled, end of month t doPrices, wholesale, composite:

Boards, No. 2 common, 1" x 6" or 8" x 12'fdol. per M bd.ft-.

Flooring, B and better, F. G., 1" x 4" x 12—14' fdol. per M hA ft

Production!-- _ mil.Shipments! - .Stocks, end of monthf

Western pine:Orders, newf__

bd.ftdodo

doOrders, unfilled, end of monthf doPrice, wholesale, Ponderosa, boards, No. 3 common,

I"x8"__ dol. per M bd.ftProduction! .mil.Shipments!Stocks, end of month!

West coast woods:Orders, new!.Orders, unfilled, end of monthProduction! _Shipments!Stocks, end of month..

bd. ft.,dodo

.do....dododo .

. d o . . . .

4,3506,1003,9503,7001,950

29,19441,24933,95531, 248

7,431

47.82463.308

532574

636591

1,213

425269

43.30385430

1,038

49,2573,312

44,01295,432

1,638443

1,1951,688

4721,2163,8161,0222,794

1.1507,0502,4251,2004,350

12,20137,96216,00413,3367,781

26,0381,127

24,911

34.79044.100

5,7981,9043,894

472646

42. 782

59.811472476

1,129

240294

36.07206248908

377738368357400

64,7956,405

56,08980,528

1,840516

1,3242,081

6041,4773,555

9062,649

2,8756,7003,0503,0754,250

15,63242,12018, 52311,47414,830

41,5283,820

37,708

34. 79044.100

9,0762,2686,808

626696

42. 837

60.056512576

1,065

293298

35.99206290824

455703450460392

52, 57411,70839,19479, 434

1,887498

1,3891,911

4791,4323,482

8772,605

2,6256,7252,8502,6754,300

17,32937,69417,45322,8929,391

31, 3758,242

23,133

34. 79044.100

9,0933,2285,865

555698

43.465

61.131554553

1,066

299299

36.16234297761

423683449441398

71,09421,00648,09195,354

2,279640

1,6392,307

5821,7253,397

8862,511

3,0256,8753,1002,7254,650

15,97135,52918,95818,1369,661

42,20713,22528,982

37.36251.450

13,8165,7438.073

664738

46.029

65.091•629

6241,071

480417

35.77296373684

527636532556375

63,06021,27839,87897,136

2,538681

1,8572,517

6741.843

'3,420873

'2 ,547

4,3256,5503,1004,3503,200

16,81734,28018,75720,996

7,425

39, 68216, 73322,949

38.22053.900

11,9733,5068,467

655731

46.029

65.091673662

1,082

445293

39.15457461710

543632532532362

' 53, 583"21,396' 30,866

90,263

2,668699

1,9692,621

6911,9303,481

8752,606

3,7006,1752,9503,8752,475

19,43433,37120,11920,982

7,270

29,88915, 23114,658

38.22053.900

11,1784,5346,644

672746

46.029

65.091635657

1,060

515280

40.65584529765

518601527526368

r 56,871' 10,290' 44,968

76,930

2,689659

2,0302,542

6221,9193,614

9042,710

2,7506,2502,5502,7002,425

15,42631,15817,23917,6395,162

30,0206,032

23,988

41.52858.310

10,8612,0358,826

565701

46.029

65.091631610

1,081

543298

40.07••662

581835

476559517511

••378

43, 78413,87627,825

109, 744

2.656731

1,9252,505

6321,8733,735

9742,761

2,3005,7502,3752,3752,375

20,24731,65720,83819,7476,081

22, 2719,256

13,015

42. 63059. 780

9,5652,7036,862

623679

46.083

65.091646645

1,082

568276

40.93656590901

' 4 2 5545403415

'378

54,36612,85234,783

123,411

' 2, 917793

' 2,124' 2,653

660'1 ,993' 3,940

1,071' 2,869

3,5606,1503,1003,1252,475

18,93130,05522,86024, 7344,209

18,7105,702

13,008

42. 63059. 780

16, 3845,260

11,124602633

46. 083

65.091651648

1,085

617258

40.19720634987

552554541503403

44,23714,77726,889

111, 685

2,709

' 1,8882,471

6421,8294,148

'1 ,2122,936

2,5505,4252,9253,3752,425

22,851(3)

27, 52727,331

(3)

20, 4789,806

10,672

42.63059. 780

11,7164,0807,636

616651

46.083

65.091590598

1,077

589283

40.35618564

1,041

445538469448420

23,8024,329

17,485131, 665

2,921854

2,0672,645

7311,9144,4051,3183,088

3,7505,7003,4003,4252,200

29, 21242,19035,92234,882

4,738

6,2332,6323,601

42. 63059.780

5,3171,0344,283

626642

46.083

65.091693635

1,135

565288

40.38611560

1,092

56257655'/512462

38,2517,183

30,103117,696

2,517738

1,7782,353

6191,7354,5341,4073,127

3,2505,2503,4753,6251,975

29,24541,80034,07933,065

5,752

2,138654

1,484

43.85559.780

21,3604,955

16,405573633

53.182

74. 723615582

1,168

476275

40.36480489

1,083

449544461446475

' Revised. i Includes revisions not available for the detail. 2 Excludes data for Redwood region; estimates for this region are included in figures for later months.3 Not available. §Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.tSee note for boots and shoes at the bottom of p. S-23 of the July 1945 Survey regarding changes in several classifications and note marked "%" on p. 28 of that issue regarding

other revisions. Revisions for January-May 1943 and 1945 and January-April 1944, which have not been published, will be shown later.! Revised series. The following lumber series have been recently revised to adjust the monthly figures to 1944 totals for production compiled by the Bureau of the Census.

Data beginning January 1944 for production, shipments, and stocks for total lumber, total hardwoods, and total softwoods and production, shipments, and new orders forSouthern pine and western pine and 1944 data for production, shipments, and stocks of West Coast woods (1945 data for West Coast woods are subject to further revisions).Earlier lumber data were previously adjusted to 1941-43 Census data and revisions have been published only in part (see note in April 1946 Survey). All unpublished revisions throughFebruary 1945 will be shown later. The Southern pine price series are shown on a revised basis beginning in the February 1946 Survey; each represents a composite of 9 individualseries; the specifications given above apply to data collected beginning February 1945; earlier data were computed by linking slightly different series to the current data.


S-32 SUEVEY OF CUREENT BUSINESS February 1947


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

November

LUMBER AND MANUFACTURES—Continued

SOFTWOODS—Continued

Redwood, California: XOrders, new _M bd. ft..Orders, unfilled, end of month doProduction .doShipments.. -doStocks, end of month -do

SOFTWOOD PLYWOOD

Softwood plywood:*Production thous. of sq. ft., $£" equivalent.Shipments _ _ do.. .Stocks, end of month _ do,. .

FURNITURE

All districts, plant operations .percent of normal.Grand Rapids district:

Orders:Canceled percent of new orders.New no. of days' production.Unfilled, end of month do._.

Plant operations - percent of normal.Shipments no. of days' production.

122,273128, 59527,779

70

17281207736

20,57281,94726, 72421,49576,006

75,10075,90426, 739

56

20,24891,9799,85811,20775,231

106,883104,14429,105

59

8,17998,314

7951,854

74,165

97,82898, 61928,096

62

136

1086931

4,370100,288

1,2862,267

73,298

109,005105,999

64

1157037

3,93098,9112,890

73, 543

120,152120,176

29, 753

63

521287138

4,16097,7693,9124,275

73,520

128,489129,92628,016

63

1531467041

3,70199,7064,0333,765

73, 735

121,412125,06824,391

62

2401476937

99, 74792, 28834,189

59

1531376233

126,974124,89133,842

3471417139

129, 270128, 08635,560

351377040

149,600149,58334,959

72

353141

METALS AND MANUFACTURES

IRON AND STEELForeign trade:!

Iron and steel products:Exports (domestic), total short tons.

Scrap do...Imports, total do.. .

Scrap do__.

Iron and Steel Scrap

Consumption, total* thous. of short tons..Home scrap* doPurchased scrap*.- do

Stocks, consumers', end of month, total* doHome scrap* doPurchased scrap* do

OreIron ore:

Lake Superior district:Consumption by furnaces thous. of long tons..Shipments from upper lake ports do8tocks, end of month, total do

At furnaces .doOn Lake Erie docks do

Imports § doManganese ore, imports (manganese content)!-.-do

Pig Iron and Iron Manufactures

Castings, gray iron:*Shipments, total short tons_.

For sale _ _ doUnfilled orders for sale -do

Castings, malleable :tfOrders, new, for sale. .. .doOrders, unfilled for sale doShipments, total do

For sale -doPig iron:

Consumption* thous. of short tons..Prices, wholesale:

Basic (valley furnace) dol. per long ton..Composite doFoundry, No. 2, f. o. b. Neville Island* do

Production* thous. of short tons..Stocks (consumers* and suppliers'), end of month*

thous. of short tons.Boilers, radiators, and convectors, cast-iron:^

Boilers (round and square):Production thous. of lb_-Shipments do.Stocks, end of month. do.

Radiation:Production thous. of sq. ft_.Shipments _ -do_Stocks do_

5,516247

37,46533,0564,408

889,479525, 728

2,952,203

28, 542267,66168,31439,327

29.6030.1230.503,992

451,046

1,607

4,1292,2331,8963, 7421,2152,527

6,09971

39,05934,6604, 399

10951

678,091397,5291,877,095

44,507

51,96335,168

4,090

25.2525.9225.754,323

1,192

32,850

1,904

557,3604,76878,5841,208

()C)

3,7190

35,34231, 2154,127

7833

706,319446, 5672,076,994

47,411245,87854,19138,181

25.2525.9225.752r645

C)

17, 51514, 93932, 426

2,1741,9372,094

327, 5909,322

89, 2303,459

» 4, 53812,326» 2,212

4,4911,3763,115

1,7480

33,64729,6064,041

7527

541,177368. 384

2,152,766

31,104247, 64440,15629,338

» 3,664

25.2525.9225.751,148

1,257

9,1347,38337,178

1,9481,4312,610

349, 31710,662

212,1389,584

4,4152,4152,0004,5141,3463,168

6,0210

27,60124,1003,501

81'63

796,068505,4312,265,336

49, 561263,22750,23533,978

4,374

25.6326.3226.204,424

1,239

12, 34111, 32438,195

2,3131,8953,028

476, 22116, 752157,7533,032

4,5042,3312,1734,4051,2963,109

4,769730

23,07920,0603,01911256

856,678529, 3232,378,348

48,126267,82265,01036,298

3,739

26.0026.6726.503,614

1,046

15, 61213, 49240, 316

2,5712,2393,361

488,30018,160

111, 6944,389

3,6621,7461,9164,3801,2813,099

2,9903,616

23,90521,075

23745

757,041454,194

2,491,811

38,985271,92562, 59834,975

2,395

26.0026.8226.502,444

862

22, 27920, 26441,973

3,1792,1964,344

394, 38218, 56864,7373,409

4,2142,0742,1404,1101,2692,841

4,9958,654

26, 26523,2473,01817333

735,060435,8662,633,118

275,84561,65035,468

3,623

28.0028.6728.503,682

821

20, 98621, 34841, 611

3,3863,3554,375

395, 92311, 620131,022

103

4,4762,3822,0943,6601,2672,393

6,46010, 84830,43927,1313,30734072

810,829475,059

34,157271,98164,44638,021

4,560

28.0028.7328.504,705

810

21,18820, 22242, 577

3,1963,5594,012

513, 59510, 893

119, 664763

4,6702,5942,0763,3241,1422,182

6,7389,77434,06730, 4503,61737162

944, 516558,9572,785,609

41, 804272, 44067,90341,345

4,696

28.0028.7328.504,898

771

25, 38026, 88141,076

3,8784,4693,421

362, 7769,244

123, 5131,896

4,4492,4671,9823,2581,1922,066

6,3809,63637,57333, 4644,10940270

913, 824534, 3102,881,906

44,503277, 30969,51639,634

4,571

28.0028.7328.504,687

25, 71327, 02139, 769

3,4943,7643,151

293,4477,187

108, 570207

4,9072,7052,2023,1631,1841,979

6,6259,20940,43535, 7624,67438669

1,051,068610,3892,916,268

50,140280,97279,20746,477

4,812

28.0028.7328.504,815

881

30,04932,17637,642

4,5234,8582,815

r Revised. * Total for January and February. • Data not available.tAll but 2 of the reporting mills were closed by strikes from the middle of January until July; complete reports were not received for July and later months.§Data continue series shown in the 1942 Supplement but suspended during the war period (it should be noted that data for iron and steel are shown in long tons in that volume);

data for October 1941-February 1945 will be published later.cf Since May 1944 the coverage of the malleable iron castings industry has been virtually complete (see note in April 1946 Survey regarding earlier data); total shipments include

shipments for sale and for use by own company, an affiliate, subsidiary or parent company. New orders for sale has been substituted for total new orders which has been discontinued;data beginning November 1944 for unfilled orders and beginning 1936 for new orders and shipments for sale will be published later.

•New series. Data beginning September 1941 for softwood plywood are shown on p. 16 of the September 1944 Survey. For a description of the series on scrap iron and steeland pig iron consumption and stocks and 1939-40 data, see note marked "*" on p. S-29 of the November 1942 Survey; later data are available on p. S-3Q of the April 1942 and subsequentissues. The series on pig iron production is approximately comparable with data in the 1942 Supplement (data in the Supplement are in short tons instead of long tons as indicated);see p. S-30 of the May 1943 Survey for further information on this series and data for 1941-42. The pig iron price series replaces the Pittsburgh price, delivered, shown in the Surveyprior to the April 1943 issue. Data for gray iron castings for 1943-45 are shown on p. 24 of the January 1947 Survey.

^Compiled by the Bureau of the Census, except 1945 production data for radiation which are from the Civilian Production Administration; these data continue similar series fromthe Institute of Boiler and Radiator Manufacturers published in the 1942 Supplement to the Survey, except that data for round and square boilers, shown separately in that volume,are here combined. The series for radiation include data for radiators in square feet of radiation and data for convectors in square feet of equivalent direct radiation. Data for 1942-45are shown on p. 24 of the January 1947 Survey


February 1947 SUEVEY OF CUEEENT BUSINESS S-33

Unless otherwise Stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Survey

1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

November

METALS AND MANUFACTURES—ContipuedIRON AND STEEL—Continued I

Steel castings:!Shipments total short tons__

For sale, total doRailway specialties do

Steel ingots and steel for castings:Production.. ...thous. of short tons_.

Percent of capacity!Prices, wholesale:

Composite, finished steel _~ dol. per lb._Steel billets, rerolling (Pittsburgh)_..dol. per long ton.Structural steel (Pittsburgh) _dol. per Ib__Steel scrap (Chicago) dol. per long ton..

Steel, Manufactured Products

Barrels and drums, steel, heavy types:®Orders, unfilled, end of month thousands..Production doShipments _doStocks, end of month do

Boilers, steel, new orders:?Area ,___thous. of sq. ft--Quantity _ number..

Porcelain enameled products, shipments}: thous. of dol_.Spring washers, shipments do8teel products, net shipments:©

Total thous. of short tons__Merchant bars doPipe and tube doPlates -doRails. do . . . .Sheets- doStrip—Cold rolled.. do

Hot rolled. doStructural shapes, heavy doTin plate and terneplate doWire and wire products do

NONFERROUS METALS AND PRODUCTSAluminum:

Imports, bauxite ^ .Jong tons __Price, wholesale, scrap castings (N. Y.)_.dol. per lb._

Aluminum fabricated products, shipments*.mil. of 1b.Brass sheets, wholesale price, mill dol. per lbCopper:

Exports, refined and manufactures % short tonsImports, total 1 ___dc_,

For smelting, refining, and export t „ do___For domestic consumption, total 1 do

Unrefined, including scrap 1 do. . .Refined J do__>

Price, wholesale, electrolytic, (N. Y.) dol. perlb.Production :<?

Mine or smelter (incl. custom intake)..short tons..Refinery do

Deliveries, refined, domestico" doStocks, refined, end of month<f do

Lead:Imports, total, ex-mfrs. (lead content) 1 doOre, domestic, receipts (lead content)c?\. doRefined:

Price, wholesale, pig, desilverized (N. Y.)~ dol. per lb. _Production, totalcf1 short tons..

From domestic oretf1 . doShipmentsd" - doStocks, end of months do

Tin:Imports: ^

Ore (tin content) long tons..Bars, blocks, pigs, etc , do

Price, wholesale, Straits (N. Y.)..._ dol. per lb. .Zinc-

Imports, total (zinc content) V- short tons..For smelting, refining, and export 1 doFor domestic consumption: J

Ore (zinc content) ...do..,..Blocks, pigs, etc „ do

Price, wholesale, prime, Western (St.Louis)... dol. per lb._

Productiond* short tons..Shipmentscf do.

Domesticcf do.Stocks, end of monthcf do_

122, 21987, 23821,247

5,70173

.031239.00.023527.25

1,4671,4646,938

.0775

""."275

.1928

78,14077, 578148, 21881, 832

.121940,92638, 94340,68048,499

.7000

.105070,09789, 57477, 274176,328

115,23985, 39125,939

6,05875

.027536.00.021018.75

5,3531,8101,821

27

1,5971,2593,355

325

4,298435417387204931104111331210338

38,213.037566.5.195

7,30156,4692,26254,21712,48041,737.1178

62,64166,062103,46476, 512

25,19931,580

.065045,39938,29844,30443,746

8110

.6200

31,522735

20,45010,337

.082566,16262,32456,180

259, 391

99,05877,07122, 645

3,87250

.027536.00.021018.75

5,4651,6951,705

19

1,6061,381

.5,070382

66,794.037580.8.195

12,42760,02616,66744,36920,36824,001.1178

58,17869,008115,60172,799

17,66931,550

.065051,05449,79544,80651,929

1,16122

.5200

31,8261,111

13,06917,646

.082665,90158,63547,169

266,657

57,42345,1518,879

1,39320

.028837.50.022318.75

83983920

1,6451,1544,496

317

1 4,3791453140113411149

U,044U37U3812781267

38,322.037563.8.195

10,966r 15, 170' 3,37011,8005,7826,020.1178

41,66749,92386,08974,339

12,29128,525

.065041,64340,07048,25745,312

7,6400

.5200

27,662312

14,30013,050

.082561,27454,85641,349273,075

101,39680,84321,905

6, 50783

.030139.00.023518.75

6,7331,4281,424

24

1,9481,5314,788355

4,214454418371177924106117327249327

52,329.038599.4.195

7,3368,1943,4814,712814

.1178

41,83220,13958, 59070,249

7,50627,081

.065025,33624,17928,70241,939

6,0740

.5200

44,7662,993

29,03112,742

.082571,61283,69366,159260,994

146,327108,58633, 598

5,86078

.030139.00.023518.75

7,8862,0001,988

1,9932,0496,151

407

4,336439457361166973118100340265351

55,598.0475109.3

6,267• 25, 667r 1, 60724,0603,701

20,358.1178

29,28018,98975,75665,448

6,52624, 655

.065023,76622, 72623,94141,758

4,483'470

.5200

33,8783,102

18,29112,485

.082560,90373,19160,809

248, 706

129,21194,63028,547

4,07262

.030139.00.023518.75

8,6321,8611,875

24

1,7251,9205,779

3,667348385263109966121100201241323

75, 844.0475110.7.221

4,22531,193

76230,4311,276

29,155.1178

31,89720,55193,64775,754

4,98122,049

.065019, 53018, 39321, 72039,563

1,0671,977.5200

32,419779

21,9439,697

.082562,416

60,380241,633

123,55191,71525,604

5,62574

39.00.023518.75

9,7631,7861,782

28

1,7971,8955,731399

37233428413387710888274247318

65,356.0523118.6.237

7,34120,5105,05815,452

81914,633.1406

32,78523,87095,26779,145

5,21721,801

.081818,58417,45025,17332,969

3,2422,073.5200

15, 729878

7,6167,235

.082558,81260,49251,101239,953

119,15784,42222,422

6,61085

.030539.00.023518.75

2,0312,019

40

2,0001,4805,679455

4,25945542739918096092105313262297

77,110.0525133.8.237

7,48935,7555,48630,26912,31917,950.1415

56,90643,60697, 527101,183

5,04632,977

.092534,02932,62235,59131,396

5,6652,172.5200

31,0575,287

19,9825,788

.092359,01469,22058,321

229,747

130,45094,65324, 746

.030539.00.023518.75

10,3182,3932,405

28

r 1,424' 1, 5887,221506

4,965501501421217

1,116124137351295387

.0550148.6.237

9,17321, 2722,95018, 32218,272

50.1415

64,46259,591118,38194,669

12,90931, 373

.082535,69033,99432,81134, 275

3,5932,542.5200

21, 2413,476

14, 0073,758

.082559, 75251,88643, 522

237, 613

126, 41590, 67525,993

6,518

.030539.00.023518.75

12, 2022,0392,036

30

1,6461,6826,692

543

4,590452446397199

1,076115137347244365

95,038.0575146.2.237

5,38625,1822,656

22, 52619,3153,211.1415

69,74867,803

113,15898,619

9,47728,054

.082540,72039,01234, 04740,944

153581

.5200

25,4243,637

17, 2424,545

.082558, 47565,92760,130

230,161

138,20698,94525, 706

6,910

.030539.00.023518.75

13,0712,3542,351

33

r 1,973•• 1,890

8,143580

5,261549498467226

1,233133158387253410

29,811.0575178.7.237

2,13132, 5031,225

31, 27823,9297,349.1415

72,80777,947

136,48191,161

19, 29527,324

.082543,06241,21741,00842,992

7832,462.5200

14,425742

4,784

.088764,13873,91571,667

220,384

130,81393, 93027,489

'6,410'.85

.030539.00.023523.13

13, 6122,198

[2,21319

'"1,453' 1,441r 7,828

5,020507482466210

1,220132144356248391

93,752.0682160.5.259

10, 56433,182

26,37312, 93313,440.1704

'~73,02475,066

129, 26690,896

8,34526,180

.104440,04138,28734,76448,262

4,9041,195.6452

27,3315,441

15, 2786,612

.101266,81891,39775, 749

195,805r Revised, i Total for January and February. ® Beginning 1943 data have covered the entire industry.5 For 1946 percent of capacity is calculated on annual capacity as of Jan. 1,1946, of 91,890,540 tons of open-hearth, Bessemer, and electric steel ingots and steel for castings; 1945 data

are based on capacity as of Jan. 1,1945 (95,501,480 tons).t Based on information recently available it is estimated that data beginning 1945 represent substantially the entire industry; in prewar years the coverage was about 90 percent.0 Total shipments less shipments to members of th« industry for further conversion; data prior to 1944 were net production for sale.t Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.cf For data for January 1942-April 1944 for the indicated copper, lead and zinc series, see p. 24 of the June 1944 Survey. Total shipments of zinc include for December 1945-Sep-

tember 1946 shipments for Government account in addition to shipments to domestic consumers, shown separately, and export and drawback shipments.*New series. Data for aluminum fabricated products cover total shipments of castings, forgings, sheet, strip, plate, rods, bars, and other wrought products, exclusive of products

shipped to other manufacturers for further fabrication into other wrought products; data were compiled by the War Production Board through September 1945 and by the Bureau of theCensus thereafter. Data have been revised beginning January 1945 to include estimated industry totals for castings based on monthly reports from the larger founderies and annualreports for 1945 from the smaller ones. Data for castings included in the totals prior to 1945 are estimated to cover about 98 percent of the industry but the small amount omitteda decided the com bined total for castings and wrought products only slightly since the former represented only about one-fifth of the total. The coverage of wrought products is virtuallycomplete; weights for some wrought products were gathered at a different stage of manufacture beginning October 1945, but it is believed that the comparability of the totals is notseriously affected. For revised figures for early months of 1945, see p. S-33 of the June 1946 issue.

t Revised series. Data for steel castings are estimated industry totals; see note marked " t" on p. S-32 of the July 1946 Survey for a further description of the data and compa-rable figures for January-April 1945.


S-34 SUKVEY OF CURKENT BUSINESS February 1947

Unless Otherwise stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Survey

1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber

METALS AND MANUFACTURES—Continued

MACHINERY AND APPARATUS

Electric overhead cranes:§Orders, new thous. of dol._Orders, unfilled, end of month .doShipments . do

Foundry equipment:New orders, net total 1937-39=100...

New equipment... _ doRepairs do

Heating and ventilating equipment:Blowers and fans, new orders thous. of dol.-Oil burners:©

Orders, new, net number..Orders, unfilled, end of month doShipments doStocks, end of month _ do

Mechanical stokers, sales:JClasses 1, 2, and 3 doClasses 4 and 5:

Number _Horsepower. _

Unit heater group, new orders* -thous. of dol..Warm-air furnaces (forced air and gravity flow),

shipments* number..Machine tools, shipments* thous. of doL,Pumps and water systems, domestic, shipments:^

Pitcher, other hand, and windmill pumps units..Water systems, including pumps do

Pumps, steam, power, centrifugal, and rotary:Orders, new thcus. of dol..

ELECTRICAL EQUIPMENT

Battery shipments (automotive replacement only),number* ..thousands-

Electrical products:!Insulating materials, sales billed 1936~100_.Motors and generators, new orders _do

Furnaces, electric, industrial, sales:Unit ..kilowatts--Value thous. of dol.-

Laminated fiber products, shipments doMotors (1-200 hp):

Polyphase induction, billings doPolyphase induction, new orders do._—Direct current, billings-. doDirect current, new orders do

Rigid steel conduit and fittings, shipments! short tons..Vulcanized fiber:

Consumption of fiber paper .thous. of lb_.Shipments .thous. of dol_.

430.9379.0600.3

27,587

3,035

4,2411,701

1,36611, 366

640

547.6600.8360.8

12,262

32,150277,21121,9156,166

13,746

63,3808,526

33,25323,276

23,60033, 718

1, 925

1,685

227345

7,b26613

3.144

6,14310,8131,3582,06712,900

4,093921

1,60712,185

767

392.8391.1391.7

82,489330,20629,4946,531

14,007

24659,382

37,78930,263

27,56346,094

2,836

1,768

217213

6,343570

2,694

3,3655,818565779

14,109

4,3591,265

1,38612, 772

786

432.8458.7342.6

138, 828442,22026,8146,256

14,328

24869,070

39,66426,949

24,09337,528

2.728

1,706

187222

6,589614

2,216

3,2436,530456894

10, 887

4,2221,104

1,42213, 396

781

536.6576.7351.8

13,423

78,941498,60030,6814,691

16,038

27573, 7178,417

47,10027, 326

27,23144,870

2,489

1,686

224429

5,786604

2,759

5,92412, 767

8681,8406,590

4,4741,211

1,04913,546

850

701.2779.8427.7

127,285590,94234,9435,785

14,399

34588, 485

43,18628,108

28,15744, 887

2,803

1,672

225385

6,105527

2,738

4,72610, 222

6001,41412,940

3,3891,138

1,79214,6771,029

577.3621.7426.2

159, 375717,64232, 6756,130

14,688

30380, 586

47, 32126,580

23, 58745,150

2,856

1,645

242404

5,357351

3,060

5,28110, 809

8471,84416,103

3,2141,038

1,45615,132

994

491.7492.8488.2

16, 604

92,927777,38133,1885,835

13, 389

30975, 2747,628

49,33728,580

27,74145, 349

2,648

1,377

227465

9,099606

2,878

5,87313,095

9731,73516,129

3,247824

2,36016, 242

802

453.4444.8481.1

87, 531824, 33540, 5776,626

17, 503

32982, 700

48, 91222, 360

22, 66354, 434

4,014

1,161

252432

9,379771

3,268

6,15413, 377

9871,589

15, 705

3,1831,056

1,56516, 5491,252

538.7555.5484.1

99,907907,30155,9095,543

20, 535

42770,827

62,09426,911

25,00359, 874

3,789

1,471

284492

9,8892,1043,507

7,51915,4451,2342,06721, 471

3,7901,288

1,08215, 8111,192

424.4415.4453.5

17,382

80, 294931, 88255, 7135,195

19, 436

45063,05510,193

72, 03325,468

24,08258, 751

3,223

1,318

8,240714

3,761

7,87113, 8081,0111,74118, 683

4,1251,330

2,34616, 7751,348

469.2407.1672.0

98,380956, 96673, 2966,407

17, 269

45478,454

83,12229,140

30,55268, 289

3,581

1,355

351508

4,869647

4,328

8,62114,7561,3442,20420, 742

5,0591,765

477.4421.0661.5

105,189990,35071,8057,588

14, 946

35758,495

86, 58426,176

28,91757, 985

3,260

1,150

331438

4,227600

4,074

8,43711,9621,2221, 215

20,533

4,7411,640

PAPER AND PRINTING

PULPWOOD AND WASTE PAPER

Pulpwood:*Consumption thous. of cords (128 cu. ft.)..Receipts, total . .doStocks, end of month do

Waste paper:*Consumption short tons_.Receipts doStocks do

WOOD PULP

Exports, all grades, total! .short tons.Imports, all grades, total t _do..~

Bleached sulphate t -doUnbleached sulphate t .do. . .Bleached sulphite t do,._Unbleached sulphite i___ - do...Soda t -doGroundwood t do

1,3141,0702,627

500,546496, 036326, 689

1,095271,856

7,817100, 745

36, 77999, 480

1,74025, 295

1,2941,3542,687

590,097589, 511326,238

2,906232,963

5,78088,44737,29978,483

1,94321,011

1,2861, 5112,913

555,229545, 602316,488

1,058142,0695,21331,74138,67245,2421,69919,502

1,5111,7163,117

616, 542637,199337, 518

3,198109, 7695,32211,43536,19437,7151,99017,113

1,5121,4333,038

606, 662653,188382, 992

1,359118, 2764,78310,50542, 63836,085

1,71722,548

1,5161,3312,853

620,830639, 991401, 667

5,092123, 9853,996

20, 35239, 40637,1581,87921,194

1,5141,6042,942

578,075606, 548426,750

6,057150, 21610, 58426,48237,75749,8181,928

23,647

1,4231, 7233,241

558, 257596, 609464, 831

4,780212, 6979,75764,10937, 43978,1761,249

21, 967

1,5581,9203,639

635,827635,567460,946

3,591147,4173,26333,86433,98849,5741,52925,199

1,5031,8213,956

1,628' 1, 705>• 4, 034

607,231 r 680,047604,136 I'" 707, 738453,896 »• 481, 398

4,334133,1416,348

32, 89328,10449, 8221,556

14, 418

2,302152, 6607, 56229, 29231,11362, 4591,410

20, 824

1,5861,3853,831

65J, 765636, 527466,086

1,947135,0017,81828,05126,93851,986

1,07019,138

' Revised.§ Revisions in unfilled orders for April-July 1942 are available on request; data cover 9 companies since September 1944; earlier data back to March 1943 covered 8 companies.

0 Data are based on reports of 124 manufacturers accounting for practically the entire production of oil burners; in prewar years the reporting concerns accounted for around 90percent of the industry.

1 Data cover almost the entire industry; in prewar years the reporting concerns represented over 95 percent of the total.• Includes unit heaters, unit ventilators, and heat transfer coils; the designation has, therefore, been corrected from "unit heaters" to "unit heater group" to avoid misinterpre-

tation.d" It is believed that data shown currently and also earlier data for these products are substantially complete.t Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.*New series. The series on automotive replacement battery shipments are estimated industry totals compiled by Dun and Bradstreet; data beginning 1937 are available on

request. For 1940-41 and early 1942 data on machine tool shipments, see p. S-30 of the November 1942 Survey; data beginning August 1945 are estimated industry totals compiled bythe National Machine Tool Builders Association; earlier data were compiled by the War Production Board. The new series on shipments of warm-air furnaces is compiled by theBureau of the Census from reports by manufacturers accounting for almost the entire production; data beginning January 1944 will be published later. Data through August 1945for the pulpwood series and for receipts and stocks of waste paper were compiled by the War Production Board; data beginning October 1945 for all series and earlier data for wastepaper consumption are compiled by the Bureau of the Census (waste paper consumption through September 1945 were compiled from reports to the War Production Board); Septem-ber data for all series were estimated by that agency from partial reports to the War Production Board. Data cover all known producers of pulp, paper, and paper board; a smallproportion of the data is estimated.

fRevised series. The index for motors and generators includes adjustments for cancellations reported through December 1945; data published for this index prior to the July1946 Survey and for the index for insulating materials prior to the April 1945 Survey, have been revised (revised April 1945 figure for the index of sales of insulating materials,"378);all revisions are available on request. Data for rigid steel conduit and fittings have been revised to cover domestic sales only (some manufacturers formerly included export sales) ;revisions through April 1945 will be published later.




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

November

PAPER AND PRINTING—Continued

WOOD PULP-ContinuedProduction^

Total, all grades short tons..Bleached sulphate... _ doUnbleached sulphate. _ ...doBleached sulphite doUnbleached sulphite... _ -doSoda do... .Groundwood do

Stocks, end of month :fTotal, all grades do

Bleached sulphate doUnbleached sulphate. _ doBleached sulphite,.. _ doUnbleached sulphite doSoda doGroundwood do

PAPER AND PAPER PRODUCTS

All paper and paperboard mills:*Paper and paperboard production, total..short tons..

Paper doPaperboard doBuilding board do

Paper, excl. building paper, newsprint, and paperboard(American Paper and Pulp Association):f

Orders, new short tons__Production doShipments do

Fine paper:Orders, new... doOrders, unfilled, end of month doProduction doShipments doStocks, end of month do

Printing paper:Orders, new... , —doOrders, unfilled, end of month doProduction doShipments doStocks, end of month _ do

Wrapping paper:Orders, new „ doOrders, unfilled, end of month doProduction. doShipments doStocks, end of month do

Book paper, coated:Orders, new percent of stand, capacity..Production doShipments do

Book paper, uncoated:Orders, new doPrice, wholesale, " B " grade, English finish, white,

f. o. b. mill _ dol. per 100 lb—Production percent of stand. capacity-Shipments do

Newsprint:Canada:

Production short tonsShipments from mills ...-doStocks, at mills, end of month. do

United States:Consumption by publishers _doImports^ doPrice, rolls (N. Y.)._ dol. per short ton..Production.. .short tons..Shipments from mills -_ do.Stocks, end of month:

At mills do.At publishers- do.In transit to publishers do.

Faperboard (National Paperboard Association)^Orders, new doOrders, unfilled, end of month do.Production do.

Percent of capacityWaste paper, consumption and stocks:§

Consumption. _ short tons..Stocks at mills, end of month. do

Paper products:Shipping containers, corrugated and solid fiber, ship-

ments*.. mil. sq. ft. surface area..Folding paper boxes, value:*

New orders 1936=100..Shipments. ..._do.

PRINTING

Book publication, total. no. of editions..New books do.New editions _ do_

822, 77174,135

305,130141,35867,24739,154149, 558

70,6936,8367,22220,3269,5132,08822,897

9.30

341,951340,12587, 774

294,835

62,08862,054

15, 218219,47873,328

684,354532,773676,988

92

397,478321,434

4,828

421.4405.9

846621225

706, 72264,504246,570119,76159,80635,925143,283

71,1953,9998,89417,1059,4611,933

26, 481

1.360,616709,444'572,24187,831

553, 553580,487563,008

79, 761129, 59885,74379,31462,335

171,937179,989191,434187, 42064,962

216,125207,920214, 719209,99372,490

62.664.767.0

92.9

7.3096.493.5

276,931262,76580,360

225,378232,61861.00

61, 56362,551

6,340222, 26644, 078

601, 526462,446583, 569

85

347,495199,353

4,047

274.5260.7

731609122

727, 22459,004230,809136,81364,51339,553155, 756

67,0263,8557,340

15, 3979,3742,041

25, 638

1,508,961782,844'629,24396,874

682,014644,266653,559

101,382135,89692,35194,43155,963

247,377247,788219, 785221,40657,996

231,270192,175232,704238,18667,047

80)

(07.580)0)

328,414316,32092, 454

221,054244,46967.0067,81966,102

8,057221,95755,206

685,788516, 776624,862

397,534204,736

347.7301.3

34828167

720,23963,011250,454127,99158,98935,886143,333

74,2956,9706,55618,56110,1052,18126,253

1,428,745720,336'613,91494,495

593,256591,121592,627

83,681136,51384,45085,59657,412

203,25?250,553198,199198,89756,942

215,089190,398217,692217,85968,273

8.00

308, 382285,304115, 532

223,244238,88867.00

60, 56459,015

216, 24160,277

641,342533, 794614,867

97

372,489193,885

4,8001 4,345

324.8283.1

46536897

855,13978,144320,300140,66964,54641,320163,110

74,9065,2037,11917,3628,7862,64529,870

1,638,097819,320•712,334106,443

700,693681,001682,398

104,902149, 40892, 21896,12953,721

234,395261,171227,104223,97258,298

262,247205,926262,799264,05475,122

8.00

334,127320,351129,308

267, 711269. 79567.0065, 30467,658

7,252198,12255, 341

754,872549,929710, 987

100

412,718211, 335

4,923

397.0322.1

638518120

849, 77276, 411316,854141,87662,34741,612164, 589

77,1736,2657,62414,8348,4512,71134,089

1,628,857813,674'706,896108,287

682, 491666,108665,605

107,677161, 28794, 77091,84056,349

227,871255,855226,978228, 21956,934

247,243199,825247,098247,58771,082

8.00

337,862348,103119,067

258,984285,01767.0067,06467,698

6,618201, 77656,332

747,907553,274716, 274

413,131238, 597

5,078

389.5338.0

664539125

849,12678,670307, 975150,01565,56338,631161,044

88,4297,3588,05517,51511,1792,91837,983

1,621,346 1823,646'691,129106,571

657,053672,370670,144

89,017155,06697,89697,20757,543

225, 245259,124228,291229,40055,350

247, 803186,017252,282250,15767, 512

8.00

359,943367,251111, 759

261,484313,27067.0065,92765,699

6,846210, 27659,257

-•717,331567,068703,422

94

408,173259, 832

4,975

379.6338.4

682553129

841, 67477,336

323,722138,98665,45538,386149,840

85,3136,2918,01314,36311,8002,32939,252

,596,773820,090'677,68199,002

669, 564671,335677,096

108,191175,43797,79099,68459,500

214,214252,603226,110288,04963,512

254,258194,966254,348256,63065,970

8.00

334,207322,805123,161

259,284'276,959

67.0061, 24161,671

6,416209, 78452,155

669, 747558,129675,118

97

374,295283,996

4,730

362.7331.3

679556123

787, 67271,931309,614132,57556, 67537, 583133,614

83,1786,6846,77317,93311,0432,44834,940

1,474,261766,906'635,30472,051

659,247613,822613,441

100,854187,92489,32085,82456,150

225, 529258,456206,408206,95853,225

247, 518197,977237,498237,17065,867

858, 51080,170

331, 586143,18469, 27242, 655140, 027

77,6066,0216,43017.18513, 6052, 72628,230

1,684,906864,982'729,44590,479

8.00

357,027364,591115, 597

243,072326,39971.0862,74260,249

8,909226,57761,735

715,696620,354663,229

369, 803315,236

4,763

361.0300.5

536422114

704,694701,343

85,449161.480103,16199, 59253,504

202,087229,328236, 530237,85755,331

261, 804

266,987267, 25464,162

370,676356, 572129, 701

'257,303295,93473.80

65,12967, 206

6,832243,33164, 331

729, 066564, 299754,177

99

439, 696313,975

5,233

381.0368.3

510401109

808,65076, 008

314*, 645135,18564, 40738,947

132, 787

71, 9167,1938,35016,71312,1542,69021,381

1,596,187799,698'687,473109,016

681, 582648, 551632, 877

101,055176,28892, 57388,03759,081

234,622241,498219,460213,13759, 320

253, 345213, 506248,021243, 72872,263

905,37479,811

343,457152,65475, 73242,010159, 873

72,4327,5897,86517, 62015,3992,481

17, 943

1,751,147

8.55

330,063335, 874123, 890

'265,583293, 22874.0061,02555, 587

12, 270240, 60260, 634

699, 362569, 409679, 504

399, 684299, 218

4,919

414.6351.5

656532124

737,648125,206

745,909725,041736, 737

109,332174,098'102,908112,53754, 635

254,603248,257247,283249,93362,013

278,773214,298276,742276,00571, 230

8.55

376, 436387, 294113.032

292, 205305,77780,0067, 24866, 966

12,552217,30382,167

791, 784601,787767,091

100

420,867309, 990

5,512

440.2409.4

675173

• 877,42077, 472

336, 697rl44, 605'71.71140,717158, 714

'76, 5906,2188,76518,61515, 294'2,61121, 423

1,672,960845,102708, 700119,158

649,635698, 473703,538

81,006155,801100,130101, 58453,391

221,980225,470234,707236,732

53, 251

256,649200, 563268,461269,37267.175

8.55

364,304391,38885,948

291, 517323,457

64, 73962,107

15,184217,43879, 676

690,702545,042737,454

99

474,317304,100

' 5, 242

363.8397.0

863704159

' Revised. §See note in April 1946 Survey for basis of data. JFor revisions for January 1942-March 1943, see note for paperboard at bottom of p. S-36 of July 1944 Survey.1 No comparable data available after December 1945.IData continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.fRevised series. Revised woodpulp production for 1940-43 and sulphite stocks for all months of 1943 are shown on p. 20 of the December 1944 Survey and revised 1942 stock figures

for all series are on pp. 30 and 31 of the June 1943 issue; there have been further revisions in the 1943 data for groundwood and total production shown in the December 1944 Surveyand unpublished revisions in the 1944 production data for these two series; all revisions will be shown later. The data exclude defibrated, exploded and asplund fiber; stock data arestocks of own production at mills. The paper series from the American Paper and Pulp Association beginning in the August 1944 Survey are estimated industry totals and are notcomparable with data shown in earlier issues; there have been further small revisions in the 1943-44 data as published prior to the June 1945 issue; these revisions and earlier datawill be published later.

*New series. The new paper series are from the Bureau of the Census and cover production of all mills including producers of building paper and building boards; for 1942 monthlyaverages and data for the early months of 1943, see p. S-32 of the August 1944 issue. For data beginning 1934 for shipping containers, see p. 20 of the September 1944 Survey. Fordata beginning June 1943 for folding paper boxes .see p. S-32 of the August 1944 Survey; earlier data will be published later. Minor revisions in the January-May 1944 figures forfolding paper boxes and January 1943-May 1944 data for shipping containers are available on request.


S-36 SUEVEY OF CUEEENT BUSINESS February 1947


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber

PETROLEUM AND COAL PRODUCTS

COALAnthracite:

Exports § thous. of short tons..Prices, composite, chestnut:

Ketail— dol. per short ton..Wholesale.— do

Production ..thous. of short tons..Stocks, producers' storage yards, end of mo do

Bituminous:Exports § doIndustrial consumption and retail deliveries, total

thous. of short tuns..Industrial consumption, total do

Beehive coke ovens doByproduct coke ovens doCement mills doElectric power utilities doKailways (class I) doSteel and rolling mills.. doOther industrial do

Retail deliveries doOther consumption:

Vessels (bunker) § doCoal mine fuel ..do

Prices, composite:Retail (34 cities) dol. per short ton..Wholesale:

Mine run doPrepared sizes do

Production! thous. of short tons..Stocks, industrial and retail dealers, end of month,

total thous. of short tons..Industrial, total _ do

Byproduct coke ovens.. _ doCement mills _ .doElectric power utilities doRailways (class I) doSteel and rolling mills doOther industrial do

Retail dealers, total ._ do

COKE

Exports §_._ thous. of short tons.Price, beehive, Connellsville (furnace)

dol. per short ton.Production:

Beehive _ thous. of short tons.Byproduct. do.-_Petroleum coke do.. .

Stocks, end of month:Byproduct plants, total do. . .

At furnace plants doAt merchant plants do. . .

Petroleum coke do_-_

PETROLEUM AND PRODUCTS

Crude petroleum:Consumption (runs to 8tills)t thous. of bbl_.Exports § doImports§ . . . . doPrice (Kansas-Okla.) at wells dol. per bbl_.Production! thous. of bbl_.Refinery operations _pct. of capacity..Btocks, end of month:

Refinablein U. S.f thous. of bbl__At refineries doAt tank farms and In pipe lines doOn leasesf- do. . .

Heavy in California .doWells completedf number..

Refined petroleum products:Gas and fuel oils:

Domestic demand:5Gas oil and distillate fuel oil thous. of bbl___Residual fuel oil do

Consumption by type of consumer:wer plar "

i 16.6313.6205,080

251

45,87937, 220

5956,714

6766,7329,515

85712,1318,659

179

2 11. 22

6.0486.305

42, 320

47,12244, 4185,222

88713,0446,959

75017, 5562,704

8.750

3814,769

929571358

359

15.0812.389

130

2,208

51, 67938,446

6127,333

4675,804

11,005921

12,30413,233

103202

10.59

5.4365.708

46, 955

45,66542,4504,804

64114,6688,985

59312, 7593,215

168

7.600

3945,208

163

927'499'428

158

141, 7792,5366,7891.110

138, 49592

218,76350,276

153,95714,5304,4961,330

317

15.2012.4544,982

157

2,813

51,82636, 542

6315,299

4715,706

10,976552

12, 90715, 284

98237

10.69

5.4435.709

54,075

46, 52844,0495,661594

14,3789,393626

13,3972,479

160

7.500

4053,800

161970666305146

140,1301,4958,3021.110

143,36891

223,44251,819156, 79014,8334,5541,291

314

15.2612. 4694,788192

3,130

46,24431, 281

5703,744441

4,9299,827683

11,08714,963

219

10.69

5.4475.70949,975

61,15848,0476,393608

14,80211,070

70514,4693,111

219

7.500

2,632149

1,161934227147

130,2322,6107,1021.110

132,12994

227,22055,430157,31514,4754,6071,112

2,8516,8595,967

3,684351.058

23,320

38,82441,492

63,2212,555

.058

.149

.142

18,13137,014

3,2807,2492,367

28,626 29,473 25,34145, 726 44,966 39,332

Electric power p l a n t s ~ f - ~ - " ™ ~ do 5,298 2,570 2,261 1,968Railways (class I) do 7,804 7,625 6,584Vessels (bunker oil){ do 5,579 5,346 6,049 4,874

Exports:§Gas oil and distillate fuel oil. do. 2,017 2,456 1,797Residual fuel oil _. do . 317 374 363%

Price, fuel oil (Pennsylvania). dol. per gal.. . 066 .058 .058 .058Production:

Gas oil and distillate fuel oil thous. of bbl 21,176 24,390 23,047 25,298 23,181Residual fuel oil— _._do 38,609 37,940 34,791 37,598 37,407

Stocks, end of month:Gas oil and distillate fuel oil.— do 35,778 28,990 25,511 29,922 32,064Residual fuel oil do 37,158 34,573 34,008 32,995 35,206

Motor fuel:Domestic demand§ thous. of bbl . . . . 50,129 51,186 47,889 56,801 62,045Exports§ do 4,524 4,949 4,452 5,258 3,248Prices, gasoline:

Wholesale, refinery (Okla.) dol. per g a l - .070 .056 .055 .053 .050 .050 .054Wholesale, tank wagon (N. Y.) _ do 161 .149 .149 .146 .145 .145 .149Retail, service stations, B0 cities do 157 .142 .142 .142 .141 .141 .142

r Revised.1 Two cities formerly included in the average were dropped in September 1946 (August figure excluding these cities, $16.54); one city dropped in October and two additional cities

in November but average not materially affected.2 The average includes only 32 cities for September 1946 and 31 cities beginning October 1946; the August 1946 average excluding the 2 cities dropped in September is $10.93;

September 1946 figures for 31 cities, $11.07.§ Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.t Revised series. For source of 1939-41 revisions for bituminous coal production, see note marked' 'f" on p. S-32 of the April 1943 Survey; revisions for 1942-43 are shown on p.

8-33 of the April 1945 issue. For 1941 revisions for the indicated series on petroleum products on this page and p. S-37, see notes marked "f" on p. S-33 of the March and April 1943issues (correction /or crude petroleum production January 1941, 110,446), and for revised 1942 monthly averages, sec note marked " t " on p. S-33 of the July 1944 issue; 1942 monthlyrevisions and revisions for 1943 are available on request.

382

15.2612. 4695,492214

3,633

43, 62735, 382

7197,101503

5,11010, 391

81510, 7438,245

111

249

10.69

5.4545.709

56, 54058, 53155, 386

67715, 70513, 2351,00516, 4953,145

162

7.500

4625,000167

1,016814203142

144, 4882,4186,5781.110

136,83595

221,40053,128153,41914,8534,5281,333

19,80442,229

2,1416,9356,999

1,723597.058

25,29837, 598

29,92232, 995

56,8015,258

387

15.2512.4695,084176

1,744

32,04328,118

385,502518

5,1908,246749

7,8753,925

12214

10.70

5.4545.7093,434

38,74136,3984,117414

12,0447,554607

11,6622,343

70

7.500

243,852181

620442178144

139,8844,2727,8671.190

140,19695

222, 48054,529153,18614,7654,5331,236

18,06337,911

2,1576,4615,436

3,407569.058

546

15.2712.4845,469

79

732

28,49625,030

353,654432

4,5857,902546

7,8763,466

93

10.73

5.4545.71519, 790

31, 64329, 9372,565289

9,9496,202460

10,4721,706

29

7.600

222,574164

465292172120

148,6213,8397,7841.210

148,33495

221,59252,988153,76514,8394,9131,302

15.29739,346

3,5116,5004,621

••3,969324.058

23,34837,816

33,88538,932

66,7742,826

15.2812. 710

63

3,245

34,01229,548

5716,309575

5,0248,257582

8,2304,464

222

10.93

5.7876.02850,350

37,77735,2133,630482

11,4307,297624

11,7502,564

82

7.500

4,418159

61636025685

145,0693,4016,2681.210

146,890

223,14055,119152,78615,2354,9211,396

14,850

657

16.5513.6145,263

83

5,418

39, 23532, 744

7167,551632

5,7148,720671

8,7406,491

138223

11.23

5. 9286.16751, 205

43, 61140,4503,871591

12,5947,641642

15, 1113,161

113

8.750

4605,32316870936134878

150,5414,2917,5751.260

152,58698

224,35153,532155,65615,1634,9681,241

15,09836,734

2,5126,9035,547

2,540578.058

24,58936,060

46,43945,446

69,0442,321

.060

.151

.151

764

16.5613. 5885,444

94

5,875

41, 56533, 958

7887,781675

6,3149,092760

8,5487,607

146240

11.23

5.9626.17854, 450

47,99044, 5675,230768

13,9078,117843

15,7023,423

97

8.000

5065,46218680739840972

150, 5504,6027,6311.460

149,91096

224,15754, 785154, 50114,8715,0661,425

13, 82837,925

2,9636,9505,374

2,715321.062

23, 70335,942

54, 06848,186

66,7013,604

.068

.158

.155

717

116.8113. 5965,048132

5,070

42,42434, 041

7297,578656

6,2808,790725

9,2838,383

134224

2 11.10

5.9736.19751, 680

52, 36748,9655,924891

14, 5638,800855

17,9323,402

93

8.750

5,345190

949503446

145,1813,6878,2551.460

143,708

222,41753, 894153,46915,0545,4011,333

14, 52033,509

2,9146,7293,695

1,992730

.062

23,87734, 512

62,01954,012

62, 2163,620

.070

.159

.155

546

1 16. 7813. 5935,409

200

4,196

46, 69836,714

8677,814

6936,7089,571

85010, 2119,984

140237

2 11. 08

5.9896.200

57,125

54,92451, 5326,5931,046

15, 6389,274

88818, 0933,392

76

8.750

5575,512

212

1,120653467

146, 8164,6227,1491.460

148, 32394

222,17752, 074

155, 43414,6695,4831,434

891550

.062

24, 43233, 777

67,87055, 580

66, 5982,386

.070

.159

.155




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-

berNovem-

ber

PETROLEUM AND COAL PRODUCTS—Continued

PETROLEUM AND PRODUCTS—Continued

Refined petroleum products—Continued.Motor fuel—Continued.

Production, totalf thous. of bbl_.Straight run gasoline do—Cracked gasoline doNatural gasoline and allied productsjt do—

Sales of 1. p. g. for fuel and chemicals doTransfer of cycle products _ do—Used at refineriesf do....

Retail distribution & _ mil. of gal..Stocks, gasoline, end of month:

Finished gasoline, total thous. of bbl_.At refineries . do—

Unfinished gasoline do—Natural gasoline do—

Kerosene:Domestic demand§__ - do—Exports§ -do—Price, wholesale, water white, 47°, refinery (Penn-

sylvania).__ _ dol. per gal-Production thous. of bbL.Stocks, refinery, end of month do—

Lubricants:Domestic demand§__ do—Exports! do—Price, wholesale, cylinder, refinery (Pennsylvania)

dol. per gal..Production _ _ _ thous. of bbL.Stocks, refinery, end of month do—

Asphalt:lmports§- short tons..Production . . do—Stocks, refinery, end of month -do—

Wax:Production _ thous. of lb_.Stocks, refinery, end of month do

Asphalt prepared roofing, shipments:fTotal.. thous. of squares..

Smooth-surfaced roll roofing and cap sheet—doMineral-surfaced roll roofing and cap sheet...doShingles, all types do

.075

.274

5,2311,6911,1342,407

66,05823,88534,5049,8712,115

875,3172,006

89,36056,7848,3164,322

9,830423

.0668,5436,212

2,606517

.1603,3127,773

376491,100692, 700

63,84082,040

3,314892937

1,484

62,12623,23431,06710,1222,217

805,0372,047

94,11563,2038,2795,034

11,176

9,6884,666

2,689775

.1603,3957,694

9,065459,500786,500

65,52080,640

4,5631,3501,2261,987

55,49220,91527,3889,2511,973

894,4481,937

96,293

8,5435,843

9,608370

.0709,5064,304

2,275

.1603,1597,966

665479,300889,600

64,96081.480

4,0601,2291,0731,759

61,89924,38529,9109,5631,866

934,6192,309

95,18663,5328,9756,658

8,006393

.0709,8524,981

2,5621,225

.1603,7867,951

9,925540,500948,400

77,28085,400

4,6801,5261,1022,052

61,16023, 21630,5739,2231,765

874,4872,561

90,44458,6058,3006,982

5,995655

.0708,3966,097

3,061721

,160

7,852

8,985592,700986,200

68,04080,920

5,1511,6961,2242,231

65,19124,66832,9459,5291,872

794,8692,649

64,34525,26031,4459,5011,752

1094,9402,619

85,80153,8938,1597,004

6,338782

.0708,8877,912

2,8661,131

.1603,7227,565

447711,8001,023,100

67,76077,280

5,1681,7461,0762,346

83,72650,9118,2457,343

5,1851,566

.0708,3769,063

2,7151,054

.1603,8397,635

8,588738, 200907,600

65,52081,760

5,0451,5751,0992,371

67,44526,00033,9219,5581,928106

5,2292,856

79,38448,0778,3947,334

5,339976

.0718,43510, 490

3,049910

.1603,6207,293

9,052851,800819,600

60,48073,920

5,1911,6241,0982,469

69, 70726,73335.3469,8212,085108

5,7742,784

78,83347.3477,9126,943

4,321767

.0748,17912,382

3,2361,135

.2004,0967,030

18,772871,300691,800

69,16073,360

5,5161,8371,1282,550

66, 28425, 38433,5309,5742,082122

5,3902,555

78,84847,0218,1737,060

5,284705

.0747,82513,442

3,095694

.2144,0167,244

27, 811827,800626,500

68,60083,160

5,2641,6331,1462,486

67,30525,15534,45210, 2752,444

1336,0232,701

77, 62846, 2448,3246,312

7,502312

.0748,56613, 926

' 3,536706

.2484,3277,338

8,253806,500577,800

74,48084,840

5,6461,7601,2372,649

66, 07224,61234,02410,1552,604

1156,232

79,98047, 5818,6075,487

414

.0747,893

12, 734

2,900906

.2503,8577,384

0670,400622,200

79, 240

' 5,328r 1, 725' 1,168r 2,435

RUBBER AND RUBBER PRODUCTS

RUBBERNatural rubber:

Consumption^ - long tons..Imports, including latex and Guayule§ do.Stocks, end of month^ _ _do_

Synthetic rubber:*Consumption do.Exports _ do.Production do.Stocks, end of month do_

Reclaimed rubber:^Consumption _do.Production__ _ do.Stocks, end of month do.

TIRES AND TUBES

Pneumatic casings:§Exports. thousands-Production -do...Shipments do.. .

Original equipment doStocks, end of month- do.. .

Inner tubes:§Exports _ do-._Production__ . .do. . .Shipments do.. .Stocks, end of month do

38, 767

237,502

53, 766

62,647119, 578

23, 68425, 29733, 622

8,18514,045

118, 715

56,1125,403

46, 593203,454

19,59020,63228,155

4,8254,286378

3,077

843,9553,6393,627

10,35519, 595

133,294

66,9935,67556,089177,051

22,03124,45829,099

5,9735,547576

3,338

' 4,6694,2864,048

10,13133,008167,977

63,7706,43061,848144,427

20,70223,18730,216

1115,8015,468476

3,487

' 4, 878' 4,390r 4,421

12,79231,757180,088

74,21417,72660,363115,310

22,07525,13631,436

2066,6866,621730

3,392

1515,8405,6494,519

16,91428,109182,831

70,70312,93166,014101,510

22,39623,93031,732

196

1,1053,304

1606,1146,0794,190

17,8676,262

170,763

70,91413,14466,04493,447

22,16225,32233,554

2457,0617,0321,2593,377

1986,4636,2784,373

16,4669,545

176, 768

62,8995,367

63,38894,095

21, 72524,88235,295

2356,0366,134925

3,309

2055,7105,7004,377

21,99821,627169,490

54,5623,16663,176101,007

21,35022,61935,603

2485,9856,2471,5292,890

1925,7025,959

r 4, 014

28, 405r 35, 731185,580

61,4862,18864,300103,076

24,56625,79835,742

2647,0546,8251,6843,006

7,0326,9313,929

31,12341, 736199,591

58,7982,60363,765108,840

23, 71523,95635,404

1557,2336,9431,6363,370

1097,2876,7354,435

35,42146,887

200, 799

60, 729487

62, 086110, 913

26, 70626,32234,261

1988,2058,4331,8743,041

1258,0878,5344,108

37,32359,266218,672r 57, 794

1,786«• 60,305r 113, 556

24,385' 24, 748' 33,516

7,5797,4851,6563,026

7,6437,1654,364

STONE, CLAY, AND GLASS

ABRASIVE PRODUCTS

Coated abrasive paper and cloth, shipments reams—

PORTLAND CEMENT

Production thous. of bbl._Percent of capacity . .

Shipments thous. of bblStocks, finished, end of month. . . do .Stocks, clinker, end of month do

145,383

14,55771

11,49410,8933,874

97,395

9,77248

6,11216,4234,463

115,440

9,635

7,39118,6535,304

129,204

9,25050

7,85320,0345,824

143,919

11,30555

12,71818,6516,330

PRODUCTS

161,776

12,65064

15,36915,9726,013

151,292

12,09159

16,06611,9575,111

147,807

14,48973

14,56411,8944,983

140,813

15,42075

16, 24911,0644,788

161,631

16,21379

17,9559,3084,580

150,726

16,45083

17,1538,6123,898

166,649

16,41081

17, 7217,2983,598

164,733

15,33578

14,8037,830

' 3, 512' Revised, rf1 See note in April 1946 Survey.§Data continue series published in the 1942 Supplement but suspended during the war period; data for 1941-45 for tires and tubes are shown on p. 22 of the December 1946 issue

and for imports of natural rubber, on p. 23.^Includes natural gasoline, cycle products, and liquefied petroleum gases at natural gasoline plants, and benzol. Sales of liquefied petroleum gases for fuel and for chemicals

and transfers of cycle products, shown separately above, are deducted before combining the data with straight run and cracked gasoline to obtain total motor fuel production.•[Data are from the Civilian Production Administration and continue similar series from the Rubber Manufacturers Association published in the 1942 Supplement; the coverage

is complete. Data for 1941-45 are on p. 23 of the December 1946 issue.*New series. Exports are from the Bureau of the Census; other series are compiled by the Civilian Production Administration and the coverage is complete. Data for 1943-

45 for exports and 1941-45 for other series are shown on p. 23 of the December 1946 issue.tSee note marked "f" on p. S-36 regarding revisions in the indicated series for petroleum products. Data for asphalt roofing have been published on a revised basis beginning in

the April 1945 Survey; see note in that issue.


S-38 SURVEY OF CUKKENT BUSINESS February 1947


1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

November

STONE, CLAY, AND GLASS PRODUCTS—Continued

CLAY PRODUCTS

Brick, unglazed:Price, wholesale, common, composite, f. o. b. plant

dol. per thous..Production* thOUS. Of ptftnn'ftrd hrifiirShipments* __ .Stocks, end of month*

Unglazed structural tile:*ProductionShipments . . . .Stocks

Vitrified clay sewer pipe:*ProductionShipments , - _Stocks

GLASS PRODUCTS

Glass containers:tProduction . .Shipments, domestic, total

General use food:Narrow neck food

do - .do .-

_. short tons.do . .do

dodo. - .do

thous. of gross-do

dnWide mouth, food (incl. packers tumblers) .do

Beverage dnBeer bottles . _ _ _ _ _ _ _Liquor and wineMedicinal and toilet _.General purpose (chem., household,Dairy products __ _ .Fruit jars and jelly glasses

Stocks, end of monthOtherglassware, machine-made:

Tumblers: tProduction __.Shipments _ __Stocks

_ . _ do ._ do

do- -indus.)_.do

dododo .

..thous. of doz_-. do_. .

doTable, kitchen, and householdware, shipments t

thous. of doz_.Plate glass, polished, production thous. of sq. ft_.

GYPSUM AND PRODUCTS

Crude gypsum:Importscf short tonsProduction

Calcined productionGypsum products sold or used:

UncalcinedCalcined:

For building uses:Base-coat Dlasters

All other buildint. Dlasters

dodo

do

dododn

I^ath thnns. nf sn. ftTileWallboard©

Industrial plasters

dodo

. short tons .

19. 095

9, 3449,352

7234 2, 803

513639

1,3422,227

651331

3, 591

6,4706,2424,879

2,29818, 411

17. 081238,668216, 658181,158

62,04661,54954,429

71, 05562, 329

128,470

8,6037,968

5612,534

467564

1,0871,773

64830234

4,331

5,6826,9255,281

3,203429

233,0591,087,495701, 797

340,697

204, 7914,596

69,614206,823

5,047365,18335,660

17.196271,639271, 601179,875

70,11475, 29849, 399

84,02178,084

137, 683

r 9, 892' 9,646

'6803,041

415801

1,1612,355

75235389

' 4,394

5,7535,5164,882

4,4024,355

17.213279, 265271, 763188, 343

67,05970, 10246, 434

54, 90450,174

142,248

8,9858,847

6152,775

399801

1, If22,052

667317

674,294

6,4656,1384,879

3,68113,849

17. 328336,647335,804188,346

84,50682, 93246,074

56,11354. 267

145,937

9,8729,614

7252,904

524791

1,1562,229

772342171

4,287

7,7707,6725,007

4,15319, 292

42, 7211,143,238828, 731

358,643

265,6756,589

85,952242,917

5,164408,14948,668

17. 399368,587361,128196,460

88,61094,03140,484

64,40067,941142,146

9,5559,425

7732,905

566546

1,1592,143

717347268

4,140

6,9357,4164,410

4,10018, 515

17. 646356,343340,033211,290

93,75892,92341,345

90,38595,641

135,291

8,9829,235

8242,844

558389

1,0082,223

729315345

3,643

5,9786,7063,937

4,51318,863

17. 932360, 998338,154229,119

95, 20391, 34347, 497

91, 48697, 692

129, 706

8,9918,680

8652,502

653415

1,0591,899

663280346

3,729

7,3896,3474,920

3,84716, 316

300,8151,306,845946, 851

408, 263

331,2378,655

91, 524281,750

4,055443, 327

52,320

18. 074486,177452,655269,036

118, 789117, 60356, 357

108,621104, 792134, 429

9,4269,001

9623 2, 553

595374

1,1461,975

676284

3 4373,911

6,0705,9844,997

3,55318, 409

18. 218503 451484,627290,064

126 803124,22958, 637

108,762109.166134,043

10,65910,406

1,2873 3,108

615417

1,2522,221

717332

3 4563,917

7,8917,9464,784

4,33516,803

18.519f 470, 343442,975310,814

116 845115,47457, 664

99 000106, 518125,491

9,8159,633

1,3092,864

529460

1,2162,051

582314309

3,940

6,7116,0785, 352

3,64521,142

571,8711 522 4551 172 746

394, 436

422 0258, 392

103 442295, 620

4 508557,53749,941

18. 551r509 517r479, 799T 339,129

r128 276r122 157' 62, 633

rHe 567r 110, 751'131,330

10, 53310,376

9714 3, 204

571576

1 4082,491

687364

4 1053,906

7, 7037, 6575 326

5,00023, 271

19. 01C454 443424 787367,339

123 892107'68880, 558

102 85798,495

134, 560

9, 6109,332

7442, 979

517573

1 3722,099

658318

733,905

6,8486,5275 544

3,16820, 781

TEXTILE PRODUCTS

CLOTHINGHosiery:

Production thous. of dozen pairs.-Shipments.. . _._ - do_Stocks, end of month _.do_

COTTON

Cotton (exclusive of linters):Consumption _ bales..Exportscf- - doImports cf doPrices received by farmersf dol. per lb_.Prices, wholesale, middling, xty.t>'\ average, 10 markets

dol. per lb_.Production:

Ginnings§ thous. of running balesCrop estimate, equivalent 500-lb. bales

thous. of bales..Stocks, domestic cotton In the United States, end of

month:JWarehouses thous. of bales.Mills _ d o . . . .

Cotton linters:Consumption doProduction _ _ doStocks, end of month _ do

12,08311,92517, 266

774,177

.300

.324

7,783

28,482

5, 9392,125

129438

9,9999,137

14, 355

651,931215,21919,199

.228

.245

7,728

10, 4502,312

134"•452

13.13112, 75114,678

811, 218293,166

35, 899

.224

.247

8,027

9,9062,295

97140475

12, 23511,93814,919

747,748250, 48225,845

.230

.258

9,3322,3C6

9088

482

12,97612,61315,225

804,290318,94839, 609

.227

.268

1 8,81319,016

8,5472,319

9571

480

13, 06712,64315,592

812, 749317,63330, 767

.236

.277

7,5342,311

9049

457

13, 98513,34416,178

871, 470456,67142, 852

.241

.274

6,3402,238

8531

443

12,96813.11815, 971

792, 317409,926

15,862.260

.292

6,3202,179

8416

398

11,96811,00816, 932

729, 603366,51027, 694

.334

162

4,4142,179

9413

347

13, 43812,08618,284

855, 511411, 57017,896

.336

.355

532

3,7851,983

8726

285

13,17913,51117,952

818, 449242,17740,984

.353

.369

2,334

4,2801,865

14,53315,08917,396

931,229103, 78135, 530

.377

.361

5,725

5,8451,928

164350

'Revised. i Total winnings of 1945 crop. 2 December 1 estimate of 1946 crop. « Packers tumblers included with fruit jars and jelly glasses for July and August 1946,4 Jelly glasses included with wide mouth food containers; shipments for November 1946 were less than 500 gross.§ Total ginnings to end of month indicated.c? Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.© Includes laminated board reported as component board; this is a new product not produced prior to September 1942.X For revised figures for cotton stocks for August 1941-March 1942, see p. S-24 of the May 1943 Survey. The total stocks of American cotton in the United States on July 31,1946,

including stocks on farms and in transit, were 7,522,000 bales, and stocks of foreign cotton in the United States, 153,000 bales.t Revised series. See note marked " t " on p. S-34 of the July 1944 Survey regarding changes in the data on glass containers and comparable figures for 1940-42; data for January-

October 1945 were compiled by the War Production Board; subsequent data are from the Bureau of the Census. Data for tumblers have been revised to include data for 8 companiesand for table, kitchen, and household ware to include 6 companies; comparable data beginning January 1944 will be shown later. The farm price of cotton has been revised for August1937-July 1942; for revisions see note marked " t " on p. S-35 of the June 1944 Survey.

* New series. Data are compiled by the Bureau of the Census and cover all known manufacturers; data beginning September 1942 for brick are shown on p. 24 of the February1945 issue; and for vitrified sewer pipe on p. 23 of the December 1946 issue; data beginning that month for other series will be published later.




1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

Novem-ber

COTTON MANUFACTURERS

Cotton cloth:Cotton broad woven goods over 12 inches in width,

production, quarterly* mil «f linear vnrrisCotton goods finished, quarterly:*

Production, totalBleachedPlain dyedPrinted

do .dodo

_ _ doExports§ _ .thous. of sq. yds_.Imports§ doPrices, wholesale:

Mill marginsDenims, 28-inch _Print cloth, 64 x 56cfSheeting, unbleached, 36-inch, 66 x

Spindle activity:!Active spindles _ _ .Active spindle hours, total

Average per spindle in placeOperations pen

Cotton yarn, wholesale prices:Southern, 22/1, cones, carded, white, fo

Southern, 40s, single, carded (mill)

cents per lb....dol. per yd.,

do .56© do. . . .

thousands.-. mil. of hr

hours.,sent of capacity..

r knitting (mill)tdol. perlb.

do _RAYON AND MANUFACTURES

Yarn and staple fibers:Consumption:

Yarn _ . __ mil. oflbStaple fiber

Imports§ . .do

thous. of lbPrices, wholesale:

Yarn, viscose, 150 denier, first quality, minimumfilament dol. per lb_.

Staple fiber, viscose, \\i denier doStocks, producers', end of month:

Yarn . . .Staple fiber

Rayon goods, production, quarterly:*Broad woven goods thous.Finished total

White finishedPlain dyedPrinted

WOOLConsumption (scoured basis) A

Apparel classCarpet class -

Imports§

mil. oflbdo

of linear yardsdodo

. . dodo

thous. oflb... . . . do

doPrices, wholesale:

Raw, territory, 64s, 70s, 80s, fine, scoured*..dol. per lb_.Raw, bright fleece, 56s, greasy* . . . do.Australian, 64-70s, good top making, scoured, in bond

(Boston)t -- — - - dol. per lb .Stocks, scoured basis, end of mo., totalf thnns. nf lh

Wool finer than 40s, totalDomesticForeign

Wool 40s and below and carpet

dododo

_ doWOOL MANUFACTURES

Machinery activity (weekly average) :1Looms:

Woolen and worsted:Broad... thous. of active hours..Narrow rin

Carpet and rug:*Broad _Narrow

Spinning spindles:WroolenWorsted

Worsted combs

dodo

do. .do

Woolen and worsted woven goods (except woven felts):*Production, quarterly, total...thous. of linear yards.

Apparel fabrics 1 doMen's wear t\nWomen's and children's wearGeneral use and other fabrics..

Blankets..Other nonapparel fabrics .

Wool yarn:tProduction, total*

Knitting*Weaving* .Carpet and other* _ _

. . dododo-do

..thous. oflbdo..

- - dorin

Price, wholesale, worsted yarn, 2/32s (Boston)dol. per lb_.

TEXTILE

47.72.338.185

21,6888, 671

362107.8

.6992.819

1.145.530

.850

1.900

2,062

1,555778457320

52,7562,920

20.61.223.099.120

' 20, 649' 7, 740

325' 101. 7

.470

.592

50.714.5

1,441

.550

.250

7.33 1

397,368380 19443 541

259,71876 935

38, 3887,436

45,988

1.035.485

.758483, 019360 224211,826148 398122, 795

2,17578

7967

105,38897, 801

186

124,501107,16344 56649 58713,01011 387

5,951

62 24010,86443,5817 795

1.900

PRODUCTS—Continued

59,6183,131

20.68.223.099.120

' 21,621' 9, 486

399110.7

.470

.592

55.714.0

1,492

.550250

8.34 1

53,99510 100

106, 619

1.035.485

755

2,27672

8368

109 462102, 327

197

82,77514,77567,27210,728

1.900

60,4742,814

19.49.223.099.120

' 21,619' 8,493

357' 113.0

.476

.592

50.213.3

1,426

.550

.250

10.04.0

47,7089,916

78,567

1.025.480

.765

2,48081

9574

120,378112,677

220

74,20413,46060,65610,088

1.900

2,267

1,734840478416

71,4724,840

22.57.248.110.133

' 21,947' 9,133

'383' 114.1

.504

.627

58.316.8

2,943

.550

.250

9.21.9

437,388441,62755,148

292,86293,617

60,42410,352

113, 593

.995

.465

.755491,512377,658221,188156,470113,854

2,58285

10179

122,334115, 501

226

145,635125,62853 79156,14415,69312,3367,671

77, 30014,05252, 74010,508

1.900

65,1547,100

23.09.256.114.138

' 21,964' 9,147

'384r 109. 9

.525

.646

56.614.8

2,141

.550

.250

9.32.3

61,63511,465

126,519

.995

.465

.747

2,58679

10384

119,955114,045

224

94,39017,11064,65012,630

1.900

73,1074,205

23.73.256.114.138

21,9589,558

401110.5

.543

.672

66.815.9

1,887

.550

.250

8.72.1

48,2529,576

91, 793

.995

.465

.745

2,48688

9886

119,134108,463

214

74,71613,76451,0649,888

1.900

2,299

1,788878466443

68,3063,551

22.01.256.114.138

' 21,944' 8.707

'369'115.4

.543

.672

51.814.1

3,428

.550

.250

7.31.8

439,178454,32251.659

299,498103,165

49,60410,26873,601

.995

.465

.745564,438420, 537253,214167,323143, 901

2,64086

10794

123,986114,293

220

154,339133,94258,06060,85315,02912,0778,320

77,94814,00852,83211,108

1.900

57, 5035,176

• 24.97.280.126.138

' 21,984' 8,007

'33695.3

.599

.672

51.915.6

3,653

.550

.250

8.72.2

50, 7509,135

103, 311

.995

.465

.745

2,15968

7870

98,19189,145

177

75,91015,89052, 4257,595

1.900

59,4213,581

25.93.312.134.165

22,0199,449

396112.4

.643

.756

57.315.1

3,369

.550

.250

8.42.3

49,78810,30889, 529

.995

.465

.745

2,60884

10694

123,886110,807

217

77,92813,70453,12011,104

1.900

2,182

1,625786449390

41,0782,311

27.40.323.140.172

21, 6399,037

379114.4

.671

.804

54.214.0

2,423

.550

.250

9.12.6

408,615388,78342,49S

269,13477,151

49,90010,26085,556

.995

.465

.745594,487438, 905282,750156,155155, 582

2,59286

10593

120,847112,153

223

144,591125,19954 55755,31415,32811, 8347,558

75, 43213,23651,62010,576

1.900

41,3132,459

30.86.338.146.180

21, 75410,143

424116.2

.699

.834

59.415.7

3,108

.550

.250

9.72.6

'63,37513,43570, 226

1.037.480

.757

•" 2,68786

113101

122,605' 118,212

'230

96,200' 16,610r 65, 250' 14,340

1.900

68, 8881,792

40.78.338.147.180

21, 5249,499

397119.6

.699i. 819

'58 .0' 12.93, 708

' . 580' .265

' 9 . 7' 2 . 5

48,18411,47666,053

1.106.490

.789

2,55285

11099

117,189112,394

221

74,02812,49249, 81611, 720

1.900

' Revised. IData for January, April, July and October 1946 are for 5 weeks; other months, 4 weeks.1 Quotations are for cotton yarn twisted, 40/1, carded, and are not comparable with data prior to November 1946; comparable October 1946 figure, $0,819.• Based on cloth prices for July 24, 1946, from "The Textile Apparel Analysis" for first 3 weeks of the month and OPA ceilings for last week.§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.d"Data are for 64 x 60 cloth and continue the series for which prices through June 1943 were shown in the October 1943 Survey (this construction was discontinued during the

war period); the price of 64 x 56 cloth was $0,096 for October 1945-February 1946 and $0,107 for March 1946.©This series was substituted in the November 1943 Survey for the price of 56 x 60 sheeting, production of which was discontinued during the war period.•Data through August 1945 exclude activity of carpet and rug looms operating on blankets and cotton fabrics.tRevised series. For 1941 data for the yarn price series, see p. S-35 of the November 1942 issue. Wool stocks have been published on a revised basis beginning 1942 (see p. S-35

of the May 1943 Survey); data include wool held by the Commodity Credit Corporation but exclude foreign wool held by the Defense Supplies Corporation.•New series. For data beginning 1943 for production of cotton cloth and a brief description of the data, see p. S-35 of the August 1944 Survey; earlier data will be shown later.

For earlier data for cotton and rayon goods finishing, see p 23 of the August 1946 issue. Rayon broad woven goods production and wool yarn production are from the Bureau of theCensus and represent virtually complete coverage; data beginning in 1943 will be shown later; the wool yarn figures are for 4- and 5-week periods. Data beginning 1939 for the priceof raw territory wool are shown on p. 24 of the February 1945 Survey. Data beginning 1936 for the price series for Australian wool, which is from the Department of Agriculture, willbe shown later; prices are before payment of duty. For available data for 1937-43 for woolen and worsted goods production, see p. 19 of the May 1945 Survey.

JAugust 1945 revisions: Active spindles, thousands, 22,144; active spindle hours, millions, 8,789; average hours per spindle in place, 369; operations, percemt of capacity, 100.4.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Unless otherwise s ta ted , stat ist ics th rough 1941and descriptive notes may be found in the1942 Supplement t o t h e Survey

1946

Decem-ber

1945

Decem-ber

1946

Janu-ary


berOcto-ber

November

TEXTILE PRODUCTS—Continued

MISCELLANEOUS PRODUCTS

Fur, sales by dealers tbous. of dol__Pyroxylin-coated fabrics) :§

Orders, unfilled, end of month thous lin. yd—Pyroxylin spread - thous. of lb_..Shipments, billed - thous. linear yd—

IS,1647,0£89,135

6,2C8

U.P096.0366f8f4

12, 7866,7548,210

7,274

13,1376,1297,401

5,300

13,0356,3017,506

7,322

13,6066,8118,448

7,381

13,1826,8149,071

4,236

13,4685,7487,653

r3,103

13,8005,6517,371

' 4,813

13,5896,9728,552

' 7, 553

13, 2816,2877,151

4,640

12,9147,4809,867

TRANSPORTATION EQUIPMENT

MOTOR VEHICLES

Exports, assembled, total f number.Passenger cars 1 do__.Trucks'V— do__.

Production:*Passenger cars ._.do__.Trucks and truck tractors, total do

Civilian, total - . . . d o .Heavy do.Medium do.Light - do.

Military do.

RAILWAY EQUIPMENT

American Railway Car Institute:Shipments:

Freight cars, total number..Domest ic . do

Passenger cars, to ta l j . . doDomestict do

Association of American Railroads:Freight cars, end of month:

Number owned thousands..Undergoing or awaiting classified repairs...do . . .

Percent of total on line -Orders, unfilled— cars.-

Equipment manufacturers - doRailroad shops do

Locomotives, end of month:Steam, undergoing or awaiting classified repairs

number..Percent of total on line

Orders untiled:Steam locomotives, total number..

Equipment manufacturers _ doRailroad shops - do

Other locomotives, total* doEquipment manufacturers* doRailroad shops*.. , .do

Exports of locomotives, t o t a l ! K doSteam V --- —.doOther % do

INDUSTRIAL ELECTRIC TRUCKS ANDTRACTORS

Shipments, total number.Domestic . . . d o . . .Exports do__.

262,076101,484101,484

7,69151,82541, 968

0

6,7372,056

6060

1,74067

4.054, 77838, 71616,062

3,1378.4

64577

540540

0

8,604824

7,780

30,01629,54228,7925,054

11,13212,606

750

2,1551,674

491491

1,76072

4.336,42630,911

5,515

2,5556.6

926423

379369

10270160110

159156

3

10.2662,9627.304

62, 72354,86454, 7916,278

23,95624, 557

73

3,4742,202

494494

1,75771

4.236, 47129,0027,469

2,8347.3

815724

373363

1022215666

146142

4

' 12,3972,350

r 10, 047

47,965• 28,660• 28,562' 4,469' 9,84914,244

2,4111,664

99

1,75774

4.437, 57230,3457,227

2,9447.6

855728

37836810

163125

148148

0

13,2854,0019,284

90,045' 39,320' 39,309' 2,432

' 16,95219,925

11

2,4602,325

2121

1,75575

4.438, 65029,9478,703

3,0758.0

825725

412402

1021617244

154148

18,9996,312

12, 687

150, 206' 81, 072'81,070

5,802' 43,837

31, 4312

4,0383,181

240240

1,75376

4.538,15129,6878,464

3,1458.2

745222

416406

1026217290

219211

27, 0178,321

18,696

152, 94874,65074,6504,823

37,42732,400

0

3,3402,816

181181

1,74983

4.935, 95428,1847,770

3,2608.5

634320

522512

1025899

159

266262

4

23,6447,013

16, 631

142, 31358,73958,7394,066

18,60836,065

0

2,6622,094

5656

1,74978

4.736,05828, 6837,375

3,1798.3

7016

52951514

28620878

27326013

23,69410, 51813,176

220, 32193,45893,458r 5,995

' 49,52937,934

0

3,0982,570

6161

1,74880

4.741,41734,609

3,2988.7

766016

528'514

1422717453

258247

11

31,80314,58717,216

241,302105,516105,516' 4,840

' 57, 06243,614

0

4,6254,234

1,74874

4.442,71435,367

7,347

3,2178.5

5514

487473

14236140

26524520

27,40112,47714, 924

239,41292, 01492,014' 6,071

' 44, 55941,384

0

3,9153,244

6934

1,74673

4.353, 72737, 21316, 514

3,19585

655312

490490

01146648

229220

23,01711,83211,185

285,606109, 953109, 953

8,94051,17549,838

0

5,9573,057

4545

1,74367

4.052,81736, 94215,875

3,1478.4

675710

506506

0925834

311293

18

CANADIAN STATISTICS

Physical volume of business, adjusted:Combined indext 1935-39=100..

Industrial production, combined indexf doConstructiont -- - - - -- do __Electric power - - - doManufacturingf — do

Forestry! - - doMiningf do _

Distribution, combined indexf doAgricultural marketings, adjusted:!

Combined index.. doGrain - do .Livestock.. _ _ . do

Commodity prices:Cost of living _ _ doWholesale prices 1926=100..

Railways:Carloadings. - thoug. of cars..Revenue freight carried 1 mile mil. of tonsPassengers carried 1 mile mil. of passengers.

193.0194.5230.2141.8206.3134.5114.0189.8

100.082.5

176.1

120.1103.9

2724,803

465

195.4193.9252.5151.8202.8138.4119.7198.7

163.7168.9140.9

116.9104.6

'2874,644

424

181.2188.2254.2152.9197.9150.798.1

166.7

68.852.5

139.2

119.9105.2

2634,215

392

191.4199.0441.1155.6190.7146.9143,5175.9

66.054.3

117.0

120.1105.6

3024,981

412

192.8197.9426.3164.1189.9144.0142.0182.3

124.6129.9101.4

120.8108.2

2824,156

367

184.3189.6302.6166.5186.9143.2155.8173.4

160.5177.786.0

122.0108.6

2963,983

335

178.9179.4204.0164.5181.4128.0158.7178.0

97.192.9

115.4

123.6109.1

2914,055

420

180.3181.1237.0168.2181.2143.2155.3178.6

146.6148.4138.7

125.1109.5

'3054,048

484

178.1175.5178.6164.3180.6149.0158 9183.4

' 132.8' 133 2

131 0

125.6109.2

3254,406

501

173.3172.5186.9155.2179.0150.9147.7175.0

97.296 568.5

125.5109.1

3245,142

373

179.0184.2284 3155.3185.5156.5146 1168.1

106.8103 2122.5

126.8110.8

3715,467

292

181.3180.5197 7154. C191 I157 3138 7183. e

121 7115 1150 I

127.1111.4

34S

- - - - - - - -

' Ke vised;X Data for October 1945-January 1946, and April 1946, include converted troop kitchens and troop sleepers.§ Data for several additional companies are included beginning July or August 1945; see note in the April 1946 Survey for July and August 1945 figures excluding these com-

panies and information regarding an earlier revision in the series; data relate to cotton fabrics prior to August 1945.1 The export series, except data fot total locomotives and other locomotives, continue data formerly published in the Survey but suspended during the war period; "other locomo

tives" has been revised to include internal combustion, carburetor type, Diesel-electric and Diesel in addition to electric locomotives and the total revised accordingly. The seriesinclude railway, mining and industrial locomotives. Data through February 1945 for the revised series and for October 1941-Febraary 1945 for other series will be published later.

•New series. See note in September 1945 Survey for a description of the series on production of trucks and tractors; data beginning 1936 will be published later. Data on passengercar production are from the Civilian Production Administration and cover the entire industry; there was no production April 1942-June 1945. Data for unfilled orders of "otherlocomotives" are for class I railroads and include electric, Diesel-electric, and Diesel; data beginning 1939 will be shown later.

tRevised series. The Canadian index of construction has been shown on a revised basis beginningm the August 1945 Survey, the mining index beginning in the April 1944 issue,and the other indicated indexes beginning in the December 1942 issue; see note in April 1946 Survey for the periods affected.

U. S. GOVERNMENT PRINTING OFFICE: 1 9 4 7


INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40

Pages marked SAbrasive paper and cloth'(coated) 37Acids 23Advertising . . . . . 6f 7Agricultural income, marketings . 1Agricultural wages, loans . . . . 14,15Air mail and air-line operations 7,23Aircraft _ 2,10,11,12,13,14Alcohol, denatured, ethyl, and methyl 23,24Alcoholic beverages 1,2,26,27Aluminum.. . . . . . . — 33Animal fats, greases 24,25Anthracite 2,4,11,12,13,14,36Apparel, wearing 4,6,7,8,10,11,12,13,14,38,39Armed forces 9Asphalt. _ 37Automobiles 1,2,3,6,7,10,11,12,13,14,17

Banking . . 15Barley 27Battery shipments 34Bearing metal . . 33Beef and veal 29Beverages, alcoholic . 1,2,26,27Bituminous coal 2,4,11,12,13,14,36Boilers 33Bonds, issues, prices, sales, yields 18,19Book publication 35Brass _ 33Brick _ 4,38Brokers' loans 15,19Building contracts awarded . . . 5Building costs 5,6Building construction (see Construction)Building materials, prices, retail trade 4,7,8,9Businesses operating and business turn-over 3Butter 27

Canadian statistics 16,17,40Candy _ 29Capital flotations 18

For productive uses 18Carloadings 22Cattle and calves 28Cellulose plastic products 26Cement 1,2,4,37Cereal and bakery products 4Chain-store sales 8Cheese _ 27Chemicals 1,2,3,4,10,11,13,14,17,23,24Cigars and cigarettes . 30Civil-service employees 11Clay products (see also Stone, clay, etc.) 1,2,38Clothing __. 4,6,7,8,10,11,12,13,14,38Coal _ _ 2,4,11,12,13,14,36Coffee 29Coke __ 2,36Commercial and industrial failures 3Construction :

New construction, dollar value 5Contracts awarded ._ 5Costs . 6Dwelling units started 5Highway _ 5,11Employment, wage rates, earnings, hours. 9,12,14

Consumer credit 15,16Consumer expenditures . 7Copper 33Copra and coconut oil . . . 25Corn 28Co«t-of-living index 4Cotton, raw, and manufactures 2

4,10,12,13,38,39Cottonseed, cake and meal, oil 25Cranes, electric overhead. 34Crops 1,25,27,28Currency in circulation . 17Dairy products 1,2,3,4,27Debits, bank _ 15Debt, short-term, consumer . . 15,16Debt, United States, Government . . . 17Department stores, sales, stocks, collections 8,9Deposits, bank 15,17Disputes, industrial 12Distilled spirits fc 24,26,27Dividend payments and rates . *L*^Drug store sales 7,8Dwelling units started 5

Earnings .weekly and hourly - 14Eggs and chicken* 1,3,4,29Electrical equipment 2,3,7,34Electric power production, sales, revenues 26Employment estimates ._ 9,10Employment indexes:

Factory, by industries 10,11Nonmanufacturing industries 11

Employment, security operations 12Emigration and immigration «. 23Engineering construction . . . 5Exchange rates, foreign _ . 16Expenditures, United States Government . 17Explosives. . 24Exports 20,21Factory, employment, pay rolls, hours, wages. 9,

10,11,12,13,14

Failures, industrial and commercial..Fairchild's retail price indexFarm marketings and incomeIFarm wages

341

14

Pages marked 8Farm products, farm, and wholesale prices.. . 3,4Fats and oils _ _ 4,24,25Federal Government, finance „ . . . - 17,18Federal Reserve banks, condition of . . . . . ISFederal Reserve reporting member b a n k s . . . . 15Fertilizers . . . . . 4,24Fire losses _ . 6Fish oils and fish . . . . . . . 25,29Flaxseed 25Flooring . . . . . . . 31Flour, wheat . . . . . . . . . 28Food products _ . . . 2,

3,4,7,10,11,12,13,14,17,27,28,29Footwear 2,4,7,8,10,12,13,14,31Foreclosures, real estate - 6Foreign trade, indexes, shipping weight, value

by regions, countries, economic classes andcommodity groups . — — . 20,21

Foundry equipment . . . . . . . . 34Freight cars (equipment) . . . . . . . . 40Freight carloadings, cars, indexes . . . . 22Freight-car surplus . . . . . . 22Fruits and vegetables . . . 2,3,4,27Fuel equipment and heating appara tus . . . . . . . 34Fuels 2,4,36,37Furnaces, electric, industrial . . . . 34Furniture 1,4,10,11,12,13,32Gas, customers, sales, revenues- . . 26Gas and fuel oils . - 36Gasoline . . . 37Glass and glassware (see alto Stone, clay, e t c ) . 38Gelatin . 24Gloves and mittens. . . . . . . 30Glycerine . . . . . 24Gold 16,17Goods in warehouses . . . . . . . . 7Grains . . . . . 3,27,28Gypsum 38Heating and ventilating e q u i p m e n t . . . . . . . . . . 34Hides and skins _ „ 4,30Highways . . ' 5,11Hogs _ 29Home-loan banks, loans outstanding. . . . . . . . . . 6Home mortgages - 6Hosiery i . , 4,38Hotels ._ . . . » 11,13,23Hours per week . . . . . . . . . 11,12Housefurnishings . . . . 4,6,7,8Housing . . . 4,5Immigration and emigration ... . . . i . 23Imports _ 20,21Income payments ~ . . . . . . . . . 1Income-tax receipts . . . . . 17Incorporations, business, new . . . . . . . . . 3Industrial production indexes . . . - 1,2Instalment loans . . — . — . 16Instalment sales, department stores . . . . . 8,9Insurance, life ... . . . . 16Interest and money rates . . . . . . . . 15Inventories, manufacturers' and t r a d e . . . . . . . 3,8Iron and steel, crude, manufactures . . . . . . . . . . 2,

3,4,10,11,12,13,17,32,33Kerosene . . . . . . . . 37Labor force . . . . . . . . 9Labor disputes, turn-over . . 12Lamb and mutton . . . . . . . I — 29Lard. 29Lead _ 33Leather 1,2,4,10,11,12,13,30,31Linseed oil, cake, and meal . . . . . . . . . 25Livestock 1,3,28,29Loans, real estate, agricultural, bank, brokers'

(sec also Consumer credit) . . . . 6,15,17Locomotives . . . . . . . . 40Looms, woolen, activity . . . 39Lubricants . . . 37Lumber _ 1,2,4,10,11,12,13,31,32Machine activity, cotton, wool . . . . . . . . . . . 39Machine tools 10,11,12,13,34Machinery 1,2,3,10,11,12,13,17,34Magazine advertising . . . . . . . . . . 7Mail order houses, sales . . . - 8,9Manufacturers* orders, shipments, inventories. 2,3Manufacturing production i n d e x e s . . . . . . . . . . 1,2Meats and meatpacking.. 1,2,3,4,10,12,13,14,29Metals 1,2,3,4,10,11,12,13,17,32,33Methanol . 24Milk * 27Minerals 2,10,11,12,14Money supply . . . . . . . . . . . . 17Mortgage loans — . . . 6,15Motor fuel 36,37Motor vehicles , 7,40Motors, electrical . . . . . . 34Munitions production . 2Newspaper advertising . — . . . . . . 6,7Newsprint . . . . . . . . . . . 35New York Stock Exchange 19,20Oats 28Oil burners . 34Oils and fats 4,24,25Oleomargarine . . . . . . . . . . . 25Operating businesses and business turn-over... 3Orders, new, manufacturers' . . . . . . . . — — « 2Paint and paint materials . . . . . 4,26Paper and pulp 2,3,4,10,11,12,13,14,35

Page, irked 8Paper products... . . 35Passports issued . . . . — . . . 23

Ing^ustries. 5. f!?!!!!!!.™ 12,13Petroleum and products . . . . . — . 2,_ . 3,4,10,11,12,13,14,17,36,37Pig iron...— „_. 32Plywood. * 32Porcelain enameled products..- 33Pork 29Postal business... . . . . . . 7Postal s a v i n g s . . . . — . . . . . . . . . . . . . . . . . . . . . 15Poultry and eggs . . 1,3,29Prices (see also individual commodities):

Retail indexes «*..* „ 4Wholesale indexes . . . . - . . .— 4

Printing 2,10,11,12,13,14,35Profits, corporat ion . . . . . . . . . . . . . . . . . . . . . . . . 17Public assistance - . . * . . . 14Public utilities. 4,5,11,12,13,14,17,18,19,20Pullman Company. . .—.. . . . .—.. . i , - ;— 23Pulpwood « i . j 34Pumps.. ^ ^ 34Purchasing power of the dollar... . . . . . . . 5Pyroxylin coated fabrics . . . . . 40Radio advertising . . . . i . 6,7Railways, operations, equipment, financial sta-

tistics, employment, w a g e s . . . . . . . . . . . . . . . . ' 11,12,13,14,17,18,19,20,22,23,40

Railways, street (see Street railways, etc,).Rayon, and rayon manufactures. 2,4,10, U, 13,14,39Receipts, United States Government.. .* . . . . . ~ 17Reconstruction Finance Corporation, loans... • 18Rents (housing), index * f..-; 4Retail trade, all retail stores, chain stores.

department stores, -matlgeneral merchandise - . . . . 7,8,9

Rice . . . ^ 28Roofing, asphalt.... ,„ 37Rosin and t u r p e n t i n e . . . . . . . . . . . . . . . . . . . . . . . • 24Rubber, natural, synthetic and reclaimed, -

tires, and tubes . . . 37Rubber industry, production index, employ*

ment, pay rolls, hours, earnings.. . . . . . . . 2,3,4,10,11,13,1*

Savings deposits... . . . . . 15Sewer pipe, c l a y . . . . . . . . . . . . . . . . . . . . 38Sheep and lambs 29Shipbuilding 2,10,11, J2,13,14Shipments, manufac turers ' . . . . . . . . . . . . . . . . . 2Shoes... 1,4,7,8,10,12,13,14,31S h o r t e n i n g s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Silver ^ . . 17Skins 30Slaughtering and meat packing.. 2,10,12,13,14,29Soybeans, and soybean oi l . . . . . . . . . . . . . . . 25Spindle activity, cotton, wool . . 39Steel ingots and steel manufactures (see also

Iron and steel)... 32,33Steel, scrap... . . . . 32Stocks, department stores (see also Manufac* .

turers* inventories) . . . . . . . 9Stocks, issue*, prices, sales, yields . 19,20Stokers, mechanical..... . . . . . . . . 34Stone, clay, and glass products . . . . . 1,

2,10,11,12,13,14,37,38Street railways and busses.,. 11,12,14Sugar . . . . . . . . . . — — . . . 29,30S u l p h u r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Suuuric a c i d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Superphosphate . . . . ; . 24Telephone, telegraph, cable, and radio-tele*

graph carriers 11,12,14,17,23Textiles 2,3,4,10,11,12,13* 14,38,39Tile . . ^ 38Tin . . . . . . 33Tires and inner tubes . . . . . . . . . . . . . . . . . . 37Tobacco 2,11,12,13,14,30Tools, machine 10,11,12,13,14,34Trade, retail and wholesale 7,8,9,11,13,14Transit lines, local 22Transportation, commodity and passenger—. 22,23Transportation equipment.... . . . . . . . — 1,

2,3,9,10,11,12,13,14,17,40Travel . . - . . • . . . 22,23Trucks and t r a c t o r s . . . . . . . . . . . . . . . . . . . . . . . 40Turpentine and r o s i n . . . . . . . . . . . . . . . . . . . . . . 24Unemployment . . . . . 9United States Government b o n d s . . . . . . . . 17,18,19United States Government, finance........<•. 17,18Utilities 4,5,9,12,13,14,17,18,19,20Variety s t o r e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Vegetable oils 25Vegetables and fruits 2,3,4,27Veterans* unemployment al lowances. . . . . . . . . 12Wages, factory and miscellaneous.——..... 13,14War program, production and expenditures... 2,17War Savings B o n d s . . . . . . _ . . . - . - - - . - . - — 17Warehouses, space occupied . . . . . . . . . . . . . . 7Water transportation, employment, pay rolls.., 11,13Wheat and wheat flour. . . . . . . . 28Wholesale price indexes . . . . . . 4Wholesale trade . :„ . . . * - 9Wood pulp . . . . 4,34,35Wool and wool manufactures.. 2,4,10,12,13,14,39

Z i n c . . . . . . . . . . . . . . . . . * — * . . — . . . - 33


Key Business StatisticsItem 1939 1941 1943 1944 1945 Item 1939 1941 1943 1944 1945 1946 i

National Income and Product

Gross national product or expendi-tures (bfl. of dol.), total

Government expenditures forgoods and services

Private gross capita] formation...Consumers' goods and services...

National income (bil. of dol.)

Income payments (mil. of dol.),total

Salaries and wages, totalCommodity producing indus-

dustrlesDistributive industriesService industriesGovernment...

Public assistance and other relief.Dividends and interest-Entrepreneurial income and net

rents and royaltiesOther income payments

16.010.961.7

70.8

70,82945,658

16,47511,906

9216,1881,0718,891

Total nonagricultural income

Production

Firm marketings, volume (1935-39-100), toUL.

Crops „• . . - .* ..Livestock

Industrial production (1935-39-100)

ManufacturesDurable manufactures...Nondurable manufactures

Selected commodities, production:Coal, bituminous (thous. snort

tons). . .Crude petroleum (mil. bbls.)Electric power, industrial and

utility (mil. kw. hrs.)Lumber (mil. bd- f t . )—. .Steel ingots and steel for castings

(thous. snort tons)

Manufacturers' Shipments andInventories

Shipments (1939-100), totalDurable goods industries

Iron and steel and productsNonfcrrous metals and prod-

ucts . . . . .V. . . . .Machinery t including electricalAiitoBiobflesandTransportation equipment ex-

cept automobiles . . . . . .Nondurable goods industries,--.

Chemicals and allied products..Food and kindred productsPaper and allied productsProducts of petroleum and coaKRubber products.Textile-mill products.

Inventories, Bee. 3i:Index (aVg. mo. 1939-100), total.

Durable goods industries.Iron and steel and products..Nonferrous metals and prod-

ucts. .-Machinery, including eleo*

Automobiles and equipment-Transportation equipment ex-

cept automobilesNondurable goods industries...

Chemicals and allied prod-ucts

Food and kindred products...Paper and allied productsPetroleum refiningRubber productsTextile-mill products

Value (mil. of dol.)

Construction

New construction (mil. Of dol.),total

Private, totalResidential (nonfarm)Industrial

Public construction, totalResidentialMilitary and navalIndustrial

64,779

109111106

109

s109106

394,8551,265

61,3082$ 756

52,798

100100100

100100

100

88100100100

197109110

97

108124

129106

10411110897

108107

10,659

New nonfarm dwelling units.Urban dwelling units..

6,0603,6192,114254

2,4417611918

515,000359,000

120.2

26.519.174.6

96.9

92,73261,374

26,45814,79310,783£1271,1129,761

18,5991,886

84,181

115111119

162168201142125

514,1491,402

208,306> 36,538

82,837

164198198

176206172

486140154134151135166160

158176129

143

196193

144162135113144147

15,747

10,5845,2382,765801

5,346479

1,7561,400

715,200439,582

187.4

93.52.5

91.3

149.4

143,134101,791

47,45318,39413,09522,791

27,1612,854

137,673

133119144

360176132

590,1771,506

267,540

261371250

408270

2,575186200194167160282205

179213140

153

245

1,086149

160182125106179128

17,769

7,8871,669650156

6,218685

2,4232,006

350,000209,250

197.6

97.12.0

98.5

160.7

156,794111, 734

48,37521,03114,51727,811

94311,195

28,0174,905

141,098

140124152

235252353171140

619,5761,678

279,52532,938

89,642

274383250

276436803

199.2

83.69.1

106.4

161.0

160, 773110,193

42,83422, 57315,60429,182

98812,223

29,7377,632

144,115

137134140

214274166137

577,6171,711

271,2553 27,951

79,702

246306236

241373223

2,627199210214177189305192

1,475205212222180187295179

168192121

148

243233

837148

167174134110170120

16,737

4,1971,746535208

2,451190720748

169,300114,799

164171120

136

218187

594158

165177155112169130

16,288

4,5972,547670642

2,05071562640

246,700160,800

194.0

34.732.1127.2

165.0

165,067105, 249

42,61826,62618,14217,8631,18113,718

34,59010,329

145,694

138136140

170177192164134

532,0001,731

269,5448 34,500

66,364

221223191

230253162

523219220240209190271200

203220138

165

291251

837189

194200188134

2 215174

20,222

10,1227,8683,3031,6922,254

37718681

792, 200527,229

Prices

Prices received by farmers (1909-14=100)

Consumers' price index (1935-39=100), all items

Food.__Retail prices, all commodities (1935-

39=100) _„ . -

Wholesale prices (1926=100):Combined index, all commodities.

Farm productsFoodsOther commodities

By economic classes:Manufactured productsRaw materialsSemimanufactured articles-

Trade

Retail trade (mil. of dol.):Sales, all retail stores--

Durable goods stores.Nondurable goods stores.

Inventories, Dec. 31, to ta l . . . .Durable goods storesNondurable goods stores.._

Wholesale trade (mil. of dol.):Sales, service and limited func-

tion wholesalers, total __ _Durable goods establishments-.Nondurable goods establish-

mentsInventories, Dec. 31, all whole-

salers

Foreign trade (mil. of dol.):Exports, incl. reexperts, total4

Lend-lease exports4

General imports

95

99.495.2

9.0

77.165.370.481.3

80.470.277.0

42,04210,37931,6635,1171,8373,280

23,6427,086

16,556

3,549

3,177

Employment and Wages

Employees in nonagricultural es-tablishments, monthly aver-age, total . .

ManufacturingMining _ConstructionTransportation and public utilities-TradeFinancial, service and miscGovernment _

Production - worker employmentand pay rolls, mo. avg. (1939«100):

Employment, all manufacturing..Durable goods industries...Nondurable goods industries

Pay rolls, all manufacturingDurable goods industriesNondurable goods industries

Average weekly hours per worker:All manufacturing *.

Durable goods industriesNondurable goods industries.—

Average hourly earnings (dollars):All manufacturing

Durable goods industriesNondurable goods industries

Finance

Money supply, Dec. 31:Currency in circulation (mil. of

dol.)Deposits, all banks (mil. of dol.):

Demand, adjusted, excl. U. S.deposits

Time, including postal savings.

Federal finance (mil. of dol.):Debt, gross, Dec. 31Receipts and expenditures (gen-

eral and special accounts):Expenditures, total

War and defense activitiesReceipts, net.

Income taxes

30,35310,078

8451,7532,9126,6184,160

100.0100.0100.0100.0100.0100.0

37.738.037.4

0.6330.6980.582

29,79327,059

41,961

Stock prices (1935-39=100):Comoined index (402 stocks)

Industrials (354stocks)...Public utilities (28 stocks)Railroads (20 stocks)...

1,3584,9191,851

94.294.898.674.7

Transportation

Railroads (class 1):Freight carloadings (thous. cars).. 33,911Freight carried 1 mile (mil. tons). 364,723Passengers carried 1 mile (millions) 22,657

124

105.2105.5

108.3

87.382.482.789.0

89.183.586.9

55,49015,60439,8866,7282,5114,217

34,35312,289

22,064

4,697

5,147741

3,345

12,974947

3,2487,3784,4384,446

132.1153.8115.0167.5202.3133.5

40.642.1

0.7290.8080.640

11,160

27,729

58,020

19,05312,7058,8494,253

80.080.481.070.6

42,352514, 22929,360

192

123.6138.0

134.0

103.1122.6106.696.9

100.1112.192.9

63,6809,339

54,3415,9651,7044,261

39,9229,922

30,000

3,965

12,96510,4403,381

40,18517,381

8911,2593,6197,0304,1155,890

177.7241.7127.4334.4469.6202.3

44.946.642.6

0.9611.0590.803

20,449

60,80332,748

165,877

81,85934,55426,549

91.994.182.1

42,440772,42587,843

195

125.5136.1

137.6

104.0123.3104.998.5

100.8113.294.1

69,4849,96769,5175,8691,6274,242

41,28710,077

31,210

4,002

14,25911,3053,919

39,68917, 111

835679

3,7617,0444,3485,911

172.4235.6122.7345.7482.5211.9

45.246.643.1

1.0191.1170.861

25,307

66,93039,790

230,630

97,158

44,42134,328

99.8101.789.9101.0

43,408r85,11295, 575

202

128.4139.1

141.4

105.8128.2106.299.7

101.8116.895.9

76,57211,49865,0745,8251,6204,205

43,03410, 515

32,519

4,275

9,8065,5624,136

38,14415,060

779834

3,8227,1734,5895,887

149.5188.5118.8288.4366.6211.9

43.444.142.3

1.0231.1110.905

28,515

75,85148,452

278,115

90,55278,56546,04634,212

121.5123.3106.1136.9

41,918726,04591,745

233

139.3159.6

155.2

121.1148.9130.7109.5

116.1134.7110.8

96.67118; 95977,7128,7722,904

55,13715,869

5,939

9,738654

4,934

38,96814,088

7831,7223,9447,8535,1445,432

139.4166.6125.8260.7280.9241.0

40.440.240.5

1.0831.1561.012

28,952

83,00053,800

259,148

45,80524,15141,60129,070

139.9143.4120.2143.0

41,341632,6238 64,964

* Data in most cases are preliminary.1 November 30.< U. S. Forest Service estimates.

• See note marked with asterisk on p. S-20 with regard to lend-lease shipments sincethe end of the war.

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

SCB_021947

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