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MARCH 1943
SURVEY OF
CURRENTBUSINESS
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
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SURVEY OFCURRENT BUSINESS
MARCH 1943
ECONOMIC HIGHLIGHTS 2
THE BUSINESS SITUATION 3
Manpower 3
Outlook for National Income 5
Manufacturers' Output 5
Business Inventories 6
Retail Trade 8
NATIONAL INCOME AND NATIONAL PRODUCT IN 1942 10
STATISTICAL DATA:
Income Payments—Table 1 27
Lumber Statistics—Table 2 27
Indexes of Wage Earner Employment and of Weekly Wages in Manufacturing
Industries—Table 3 28
Monthly Business Statistics S-l
General Index Inside back cover
Volume 23
Published by the Department of Commerce, JESSE H. JONES, Secretary, and issued throughthe Bureau of Foreign and Domestic Commerce, GROSVENOR M. JONES, Acting Director
Number 3
Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS, $2 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents.Foreign subscriptions, 33-50. Price of the 1942 Supplement is 50 cents- Make remittances only to
Superintendent of Documents, Government Printing Office, Washington, D. C.1
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SURVEY OF CTRRENT BUSINESS March 1343
Economic HighlightsINDEX, 1926 = 100
5 75
150
125
INDEX, !926 = 100
175
150
125
100
50
25
WHOLESALE PRICES-ALL COMMODITIES
WAR OF 1812
i n 1111111!
MEXICANWAR
CIVIL WAR
j | | 1 | i | j | 1 | [ | 1 | | | | | | il | ! 1 | I ! | I 1 [I.1,
SPANISH-AMERICAN WAR
WORLD WAR I WORLD WAR
1111 I 1 | 1 1 I I I M l ! I | | | | | 1 1 ) | j | | | | | I I Ml I I I j I I I ! I I I 1 1
100
75
50
25
1800 1810 1820 1830 1840 1850 1860 1870 1880 1890 1900 1910 1920 1930 1940 1950a a 43 -77
Price Control at the Cross Roads
If wholesale prices of all commodities were held firmly at Janu-ary level for rest of the year, they would nevertheless be at a highlevel surpassed only by annual averages of 16 previous yearbsince 1800. January farm price level wras surpassed by only 4years in that period and food prices by only 15 years. Variousfactors prevent perfectly accurate price comparisons over longperiods, but those shown in the charts are approximately correctas to the general level of the commodity groups concerned.
The Nation must either stop the price rise at around currentlevels or brace itself for the painful consequences. It ought notto have to learn the evils of inflation the hard way all over againafter having paid for same costly lesson three times since 1800.History of inflation in all countries at all times solidly establishesthree clear reasons for avoiding it: First, spiralling prices imposean unnecessary and inequitable burden on majority of consum-ers; second, they tend to diminish, rather than increase the sup-
INDEX, 1926 = 100
175
150 -
125 -
100
plies coming to market; and third, the certain collapse of result-ing top-heavy price structure brings disastrous depression. Ifinflation occurs despite past lessons, it will almost surely giverise to demands for floors under prices in vain efforts to preventthe subsequent inevitable price collapse.
Majority of individuals cannot protect themselves againstinroads of inflation on their living costs—especially food—andon their savings. Food prices tend to outrun incomes—in 1920at peak of war inflation, they were up 111 percent over 1913compared to 76 percent for per capita nonfarm income—one-fifth more. Inflated prices cut purchasing power of cash savings,while ensuing deflation confiscates sizable portions of most typesof invested savings. Against these results of runaway inflation,effective price controls are our chief defense not only during thewar but also in immediate postwar period.
INDEX, 1926 = !0O175
- 150
- 125
— 100
WHOLESALE PRICES-FARM PRODUCTS AND FOODS
25 -
1800 1810*
1820 1830A
1840 1850*
1860*
1870 1880t
1890 1900A
1910 1920 1930
- 25
41940 1950
D.a 43-78Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS
The Business SituationBUSINESS developments during February con-
formed to the now familiar pattern of continuedexpansion in the war-goods sphere accompanied byfurther contraction and restriction of the civilianeconomy. Industrial production, as measured by theFederal Reserve seasonally adjusted index, apparentlyadvanced 1 point to a new peak of 201. The rise, as inall recent months, was concentrated almost entirelyamong the durable-goods manufacturing industries.Nondurable-goods production declined while mineralsoutput was higher because of gains among the fuelscomponents.
Manufacturers7 shipments continued to be in heavydollar volume, attaining an annual rate of 135 billiondollars. 12 percent larger than the record value ofmanufacturing output, 121 billion dollars, attainedlast year.
Retail trade likewise continued in record dollarvolume for this season of the year. The high Februarylevel of the series was attributable to an extraordinarybuying wave as well as price advances.
As income payments continued to flow in a steadilylarger stream the Bureau of Labor Statistics index of889 wholesale prices responded by advancing 1 pointduring February despite the large proportion of allproducts other than farm output which has beenbrought under effective price control. Further farmproduct price increases appeared likely as additionalattention was given to possible methods of increasingfarm production in view of the increasing gravity ofthe outlook for food supplies. Living costs also ad-vanced fractionally during the month with food pricescontinuing to lead the way as has been characteristicduring recent months.
Rationing began in earnest on March first. Its ex-tension to cover canned, dried, and frozen foods as wellas shoes further underlined the magnitude of the dis-parity which now exists between civilian supplies andcivilian purchasing power. With many new rationing-programs certain to come in the next few months, thenecessary wartime process of reducing and equalizingcivilian living standards appeared to be well under way.An indication of the way these living standards mayeventually be cut was furnished by the release of esti-mates of minimum essential civilian requirements pre-pared by the War Production Board's Civilian SupplyDivision.
From the record level of 81.5 billion dollars reached in1941, Civilian Supply estimated that consumer pur-chases might, if necessary, be cut in real terms to 56billions (of 1941 dollars) before reaching " bedrocklevels" or levels considered indispensable to mainte-
nance of effective military output and activity during along war. The details of the so-called " bedrock" es-timates of essential civilian requirements are, of course,controversial and subject to necessarily arbitrary defi-nitions of essentiality. The broad picture outlined bythe above stated aggregates, however, is of interest asan informed view of the amount of civilian curtailmentwhich is feasible for the duration of the war period.
Manpower Problem More Acute
Other economic developments during February andearly March pointed more clearly to manpower as beingthe single problem into which most others on the do-mestic front are being increasingly resolved. The term"mobilization," originally a military term applied tothe assembling of troops from civilian life for armedservice, is nowhere so appropriately used in connectionwith our economic preparations as when applied to themanpower outlook for 1943 and later. The Nation'sneed for men and women is, as shown in table 1, greatand imperative.
Table 1.—Summary of Labor Force and Armed Force Re-quirements, December 1942 to December 1943
Requirements
Increase in armed forcesIncrease in civilian employment:
MunitionsEssential nonagricultural...
Total requirements
Mil
lion
s of
pers
ons
4.3
1.8.3
6.4
Supply
Decrease in less essential civilian em-ployment
Reduction in unemploymentAccessions to labor force required from
nonworker groups.
Total of above manpower sources.
Mil
lion
s of
I
pers
ons
|
3.2
.5
2.7
6.4
Source: War Manpower Commission.
The 1943 manpower outlook is notable for the num-ber of new workers who will have to be recruited for thecivilian labor force and also for the amount of re-shuffling of workers within the labor force. It is quitelikely that the requirement estimates as shown in theleft-hand column of table 1 should be regarded as beingat minimum levels. The sources from which may comethe required 6,400,000 persons needed during 1943, aresuggested in the right-hand column. If they areactually forthcoming from the sources and in theamounts as shown, a tremendous population shuffle isobviously ahead as millions quit jobs to enter the armedforces, as other millions leave nonessential industries toreplace them in essential lines, and still other millionsleave home and school to bolster the work force.
Since Government policy in this matter has not yetbeen fully determined, it is clear that the requiredmillions of persons may not be obtained in the amounts
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SURVEY OF CURRENT BUSINESS March 1943
arid from the sources as listed. Study of the supplyside of table 1 reveals two basic alternatives betweenwhich a choice can be made or which can be used incombination. If the requirement estimates be ac-cepted as they stand, these alternatives on the supplyside are: Either secure the needed workers by with-drawing them from less essential industries and thusfurther shrinking civilian supplies, or recruit themfrom the ranks of the nonworkers, or do both. Anotheralternative—drawing on the unemployed—finds thissource almost at a minimum now.
If it be assumed that during this year manpower re-quirements and supply are as shown in table 1, thenby December the size and distribution of our civilianlabor force and armed forces will be as indicated intable 2. A most striking aspect of this distribution isthe sharp gain of women workers relative to men in themunitions and "other" industries. Another is the fur-ther decline of 1,600,000 in the total civilian labor force.
Table 2.—Estimated Civilian Labor Force and Armed Forces,December 1941-43
[Millions of personsj
Group
Civilian labor forceEmployment:
MunitionsEssential nonagricul-
turalAgriculturalOther industries. . -.
Unemploymcn t . . .
Armed forces
Total
De-cem-ber1941
54.0
6.5
6.58.3
28.93.8
2.1
56. 1
December 1942
Total
53.4
8.7
8.926.6
1.5
6.4
59.8
Male
37.9
7.1
6.28.0
15.7.9
6.4
Fe-male
15.5
1.6
1.5.9
10.9.6
(2)
44. 3 j 15. 5
December 1943
Total
51.8
10.5
8.018.923.4
1.0
10.7
62.5
Male
34.6
7.6
6.17.9
12.4.6
10.5
45.1
Fe-male
17.2
2.9
1.91.0
11.0.4
.2
17.4
1 Seasonal peak requirements 12.0,2 Less than 50,000.Sources: U. S. Department of Labor, War Manpower Commission, and Depart-
ment of Commerce.
According to Census estimates, there appeared to bein November 1942 a volunteer United States laborreserve of 5,000,000 persons 14 years old and older.It was composed of people willing and able to takefull-time jobs under certain conditions. The character-istics of this voluntary labor reserve are shown intable 3.
It will be clear from inspection of the table thatthis volunteer reserve is composed largely of women,most of whom are engaged in home housework. Ofthese, 83 percent are married and 40 percent areresponsible for the care of children—largely childrenunder 10 years of age. These family responsibilitiesobviously hinder to some extent their freedom of work.In fact, three-fourths of this volunteer reserve aredefinitely not willing to leave home to work elsewhere.The 5,000,000 volunteers, according to the CensusBureau, are distributed geographically in about thesame way the general population is distributed. The193 war-production centers, including neighboringcommunities, where labor shortages exist now or are
expected later this year, contained in 1940 approxi-mately one-third the total United States population.Hence, a maximum of only one-third of the volunteerreserve resides in or near war-production centers.
Under these circumstances, it is clear that it willnot be an easy task even under the most favorableconditions to recruit the additional 2,700,000 non-workers required at the minimum for the labor force.
Table 3.—Voluntary Labor Reserve, November 19421
[Millions of persons]
Group
Total
Willing to leave home to work elsewhereNot willing to leave home to work elsewhere
Students _ .Unable or too old to seek work under normal conditions.Othernonworkers - . .Engaged in home housework
MarriedSingle separated or divorced widowed
Not responsible for care of children . . .Responsible for care of children under 13 years
Responsible for care of children under 10 years..
Total
5.0
1.23.8
.5
.2
.24.13.4
7
2.51.61.2
Male
0.5
.2
.2
. 1(2)
Fe-male
4.5
. 3
i.l
2.51.61.2
1 Nonworkers who could take full-time jobs.2 Less than 50,000.Source: U. S. Department of Commerce.
In acute labor-shortage areas, however, the factthat an adequate number of people may be induced toin-migrate to meet labor needs does not constitute asimple or complete solution to the problem. Inade-quate housing and other accommodations in such areaspreclude sole reliance upon in-migration. So far aspossible, the problem must be solved on an area basisso as to minimize the necessity of expanding housingand other community requirements of an enlargedpopulation. This means that the utmost reliancemust be placed upon the present inhabitants of theshortage areas.
Either a large number of persons living in thoseareas and not now in the labor force must take localjobs, or less essential civilian industries in the shortageareas will have to be heavily curtailed or even closeddown entirely to release manpower for local war pro-duction. Certainly the production oi civilian productsof a nonessential character in areas of acute laborshortages must stop—perhaps also the production ofessential civilian goods if there are facilities in non-shortage areas where these commodities may bemanufactured.
Neither is curtailment a complete solution. Thedifficulty in recruiting many additional war workersfrom civilian industries in labor shortage areas liesin the fact that these areas are now meagerly serviced.Indeed some actual expansion of service industries maybe necessary if many women are to be induced to leavetheir homes to enter the labor market. Moreover, thenumber of workers that would now be released to warindustries by closing down nonessential civilian indus-
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March 1943 SURVEY OF CURRENT BUSINESS
tries in shortage areas is not believed to be large. Con-sequently some further in-migration will probably benecessary to augment the best efforts of the presentinhabitants.
Another basic but partial solution to the manpowerproblem is to make more complete utilization of theworkers already in the labor force. This can be doneby longer hours of work, by reduction of currentlyserious absenteeism, turn-over, discrimination, laborhoarding and other restrictive practices. The Govern-ment has already moved toward a longer work week byExecutive Order requiring a minimum of 48 hours incertain designated labor shortage areas.
The actual contribution of the 48-hour week to ourmanpower supply during 1943 is not as yet clear.Neither is it clear whether the productivity of the newindustrial recruits replacing the skilled men inductedinto the armed forces is equal to that of those they re-placed. If not, current estimates of manpower re-quirements may prove to be low.
The Outlook for National Product and NationalIncome in 1943
The estimates of national income and national prod-uct for 1942, published in a special article in this issue,invite speculation about the probable changes in thesemeasures that will be recorded for 1943. It is well toconsider, before citing possible figures for the presentyear, the peculiar difficulties of forecasting in time ofwar and the type of assumption these difficultiesnecessitate. In one sense the forecasting problem isvery much simplified. Assuming that the current yearwill not see the end of the w ar, we can be sure that therewill be no lack of aggregate demand and that everyattempt will be made to harness our economic resourcesfor maximum output. We need have no concern, as intimes of peace, about the possibility of shrinking in-vestment opportunities or of saturation of consumers'goods markets.
On the other hand, the actual results for 1943 willbe determined much more than in times of peace bylegislative and administrative decisions yet to betaken. Although one may weigh the possibilities inthese matters, it is either impossible or inappropriateto forecast them. Consequently, while such impon-derables as the changes in taxes to be enacted or theeffectiveness of price control are of vital importance,they must be set aside here. Accordingly, it is as-sumed for purposes of the forecast that no furtherprice rise will occur from present levels and that presenttax legislation will remain unchanged. It is left tothe individual reader to modify these assumptionsand change the forecast as he sees fit.
The gross national product in 1943, upon the basisof the above assumptions, will be substantially higherthan the 1942 total of 152 billion dollars. The prob-able level for the year is between 175 and 180 billions.
Involved in this figure, of course, is the price rise thathas already occurred from the 1942 average throughFebruary—approximately 4 percent in terms of theBureau of Labor Statistics' cost-of-living index.
The gross national product of 1943 will be dividedalmost entirely between Government expenditures andconsumer purchases of goods and services. Govern-ment expenditures, State and local as well as Federal,arc likely to exceed 100 billion dollars compared with62 billions in 1942, while consumer expenditures maydecline to approximately 77 billions from the almost82 billions in the previous year. Since nearly nine-tenths of the Government total is accounted for bywar expenditures, there is an obvious judgment herethat production and manpower difficulties will notprevent attainment of a tremendous war output. Pri-vate gross-capital formation should fall to somethingbetween zero and 2 billion dollars, since a small volumeof construction and equipment expenditures will beoffset by a fairly sizable drain on inventories. Grossprivate capital outlay in the previous year was 8billion dollars.
The assumption of constant prices from this pointforward implies maintenance of present wage rates.Upon this basis, the national income in 1943 willreach the neighborhood of 140 billion dollars in contrastto the 1942 estimate of a little less than 120 billions.An earlier forecast of 135 billions for 1943 was basedupon incomplete 1942 data which indicated a nationalincome level for that year of only 117 billions. Incomepayments to individuals should approximate 135 billiondollars in 1943, likewise about 20 billion dollars higherthan in 1942.
Of this tremendous income flow, taxes paid out ofindividual incomes1 "will require a minimum of 14billion dollars on the basis of present legislation, in-cluding State and local as well as Federal. Hence, ifboth prices and consumer*supplies are held so thatconsumer outlays for available goods and services arelimited to about 77 billion dollars, savings of individualswill soar well above 40 billion^dollars. Whatever ad-justments in the above forecasts might be made,therefore, it is clear that severe intensification of thethreat of inflation during 1943 is in prospect.
Value of Manufacturers' Output, 1942
New evidence of the tremendous power of Americanindustry to produce when confronted with a high levelof effective demand for its products is offered by the in-crease in the value of manufacturers' output during 1942.Reports to the Commerce Department's monthlyIndustry Survey indicate that the gross value ofproducts manufactured in the United States soared toa new peak of 121 billion dollars for the year as a whole.This compares with the previous record total of 94billion dollars in 1941 and is more than double the 57billions reported by the Census of Manufactures in 1939.Digitized for FRASER
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6 SURVEY OF CURRENT BUSINESS March 1943
Value of products represents selling value at the plantor factory. Because the products of some establish-ments are used as materials by others, the gross value ofproducts includes a considerable amount of duplica-tion, estimated roughly at one-third of the total.Higher prices are, of course, reflected in factory sellingvalues and are partly responsible for the rising trend inthe value of manufactured products since 1939. It isestimated that nearly one-half of the 30-percent in-crease in value of products from 1941 to 1942 is ac-counted for by the rise of 10 percent in the averagewholesale price of industrial products.
Chart 1.—Relationship between Inventories and Shipmentsof All Manufacturing Industries
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to
o- J . 6
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ER
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RIE
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8
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AS /94/
/V07T - /7£6TO 04 TASECOND
4®
I
1| - --
RESSION LINE WAS FITTEDFROM 1939 THROUGH THEQUARTER OF 1941
12 16 20 24 28 32SHIPMENTS, TOTAL FOR QUARTER (BILLIONS OF DOLLARS)
Source: U. S. Department of Commerce.
36
DO. 43-83
Table 4.—Value of Products of Manufacturing Industries,1939-42
[Billions of dollars]
Industry group
All manufacturing .Durable goods
Iron and steel and their productsTransportation equipment (except auto-
mobiles)Automobiles and equipmentElectrical machineryOther machineryOther durables 1
Nondurable goodsFood productsTextile-mill productsPaper and allied productsChemicals and allied productsPetroleum refiningRubber productsOther nondurables 2
1939
56.824.90.6
.94.01.73.38.4
31.910.63.92.03.72.4.9
8.4
1910
66.231.8
8.4
1.65.3. 3
4.210.034.411.24.22.34.32.51.08.9
1941
94.149.012.7
4.26.93.66.6
15.045.114.56.33.05.83.11.4
11.0
1 Includes lumber, furniture, stone, clay, and glass products, nonferrous metals,and miscellaneous durable goods industries.
2 Includes tobacco, apparel, leather, and miscellaneous nondurable goods industries.
Source: U. S. Department of Commerce.
The shift in the character of manufacturing outputbrought on by wartime expansion is indicated by thedata shown in table 4. Thus production of the durable-goods industries, which constituted only 44 percent of
1942
121.065.814.2
12.67.05.09.9
17.155.218.67.93.16.83.51.5
13.8
total value of products in 1939, made up 52 percent ofoutput in 1941 and 54 percent in 1942. There was,however, a marked contrast between the compositionof durable-goods output in each of these latter 2 years.In 1941 a record-breaking output of consumer durablegoods was superimposed upon the production of a heavyvolume of construction materials and the beginning ofthe armament program. In 1942 the decline in outputof consumer durables was more than offset by the in-crease in production of munitions and of materials forpeak level construction activity.
In 1942 war materials accounted for approximatelyone-half of the estimated 80 billion dollars net value ofmanufacturing output after adjustment for duplications.This figure includes not only the value of finishedarmaments but also equipment and materials for newplants, other construction materials, and all otherproducts used in converting the economy to a full war-time basis during the year.
Business Inventories
Liquidation of civilian inventories during recentmonths has ended the general inventory expansion thatpreviously featured the wartime rise in business activ-ity. Record-breaking consumer purchases reduced theaggregate value of stocks held by manufacturers,wholesalers, and retailers from an all-time peak of 29.3billion dollars on June 30, 1942, to 28.3 billions by theend of December. A drain on stocks through whole-sale and retail channels more than offset a continuedmoderate rise in manufacturers' inventories to producethis net decline of a billion dollars in the aggregate.Replacement of trade inventories has been hamperedby growing military and Lend-Lease requirements andby the dwindling production of civilian goods.
Reductions in the closing months of 1942 did not,however, entirely wipe out the increase in inventoryvalues built up during the first half of the year. As aresult, the total value of business inventories at the endof 1942 exceeded that of the beginning of the year by1.25 billion dollars—a moderate rise compared withthe increase of 6 billions during 1941. Adjustment forthe fact that present stocks are carried at higher pricesthan those of last year indicate that the physical volumeof inventories is now somewhat below its level of oneyear ago.
Table 5.—Value of Business Inventories, End of Month[Millions of dollars]
Year and month
1941:December
1942:MarchJuneSeptember - -December
Total
27, 081
28,45029,31129,03428, 345
Manu-facturers
15, 747
16,46417.18317,43917, 653
f
salers j
4,6971
4,899 !4,632 '4,245 i3,992 i
e t 3 i l e ,
6. 637
7,0877,4967,3506,700
Source: U. S. Department of Commerce.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS 7
Manufacturers' Inventories Higher.Manufacturers' stocks were the only types of business
inventories to rise significantly in 1942. For the yearas a whole, the increase amounted to 1.9 billion dollars—85 percent of which was concentrated in the war-stimu-lated durable-goods industries. Even for manufactur-ers, however, the rate of increase showed a pronounceddrop in the final half of the year when additions toinventories amounted to less than $500,000,000 forthe entire 6-month period. This compares with 1.5billion dollars in the first half of the year and with 2.5billions during the last half of 1941.
Growing shortages of basic supplies are, of course,the principal reason for the slower rate of inventoryexpansion. Enormously stepped-up production re-quirements have made the accumulation of protectiveinventory cushions in excess of requirements more andmore difficult. The steady shift of economic resources—labor, plant, equipment, and power to armament pro-duction—has been more to end products than to rawmaterials. This has not resulted in surplus raw mate-Chart 2.—Relationship between Inventories and Shipments
of Durable-Goods Manufacturing Industries
4 8 12 16 20 24SHIPMENTS, TOTAL FOR QUARTER (BILLIONS OF DOLLARS)
DO. 43-84
Source: U. S. Department of Commerce.
rials stocks but rather has added to demands formaterials because of generally expanding activity.Thus, while stocks have continued to increase insubstantial volume in the durable-goods industries,output expansion has led to urgent demands both formore materials and for better scheduling of the existingflow of supplies.
Inventories have been increasingly drawn down inthose industries in which civilians have a relativelylarger stake, i. e., most nondurable goods plus suchcivilian durables as furniture, lumber, stone, clay, andglass products (see table 6). Those industries in par-
ticular have felt the pressure of huge civilian-purchas-ing power combined with large military and Lend-Lease demands. Stocks of finished goods held bythese manufacturers have suffered heavy depletion,especially in the final quarter of 1942. By the end ofDecember, for example, finished lumber stocks hadbeen reduced to approximately one-half of their valueat the beginning of the year. The correspondingreduction in the value of finished textile mill productsexceeded 25 percent. In addition, finished goods heldby manufacturers of food products, leather goods,stone, clay and glass products, and furniture were allbelow firs t-of-year values.
Table 6.—Percentage Changes in Value of Manufacturers'Inventories, End of 1942 from End of 1941
Industry group
Total manufacturing
Durable goods -Transportation e<iuipm ont
(except automobiles)Automobiles and equip-
mentElectrical machinery
\ Other machineryNonferrous metalsStone, day, glass products. _FurnitureLumber
Percentchange
+12
+19
-{-48
-1-23+40+22+7- 3- 9
-12
Industry group! Percent[ change
Nondurable goodsChemicals and allied prod-
uctsPaper and allied products. .Textile-mill productsFood productsPetroleum refiningLeather and leather prod-
ucts
+4+11+6
0- 3
-10
-14
Source: U. S. Department of Commerce.
Allowances for higher prices indicate thai the declinesin terms of physical quantities were, of course, largerthan those registered by value figures. Finally, replace-ment of supplies as well as expansion of capacities inmost of these industries is difficult and, in some cases,impossible because of the manpower, materials, andequipment shortages generated by the war program.
Charts 1, 2, and 3 show the effect of the inventorydevelopments just outlined on the general relationshipof stocks to sales. They point to the fact that theslower rise in durable-goods inventories and the recentdecline in nondurable-goods inventories have combinedwith the continued advance in shipments to pull inven-tories back toward their more usual relationship withproduction requirements. The charts show the rise ininventories that has accompanied the expansion (tracedby the movement of the points from left to right) ofshipments since 1939.
The dotted line on chart 1 represents the averagerelationship of inventories to shipments based on the2^-year period from 1939 through the second quarter of1941. Deviations from this relationship were smalldining the base period—the expansion of inventoriesbeing generally in proportion to the expansion of ship-ments. In contrast, inventories increased phenomenallyin relation to shipments during the latter half of 1941and the first half of 1942. Protective buying replacedimmediate production needs as a motive for much ofthe inventory accumulation during this second period,
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8 SURVEY OF CURRENT BUSINESS March 1943
and stocks expanded far out of line with the indicatedrequirements of production. This movement has nowbeen reversed. The important fact today is that ship-ments, especially of war materials, have expanded to apoint where the level of inventories is now nearer to theamount needed to sustain the enlarged volume of out-put. Similar conclusions can be drawn from the chartsfor both durable and nondurable goods.
Chart 3.—Relationship between Inventories and Shipmentsof Nondurable-Goods Manufacturing Industries
9
3
7
6
5
3
j
1940^
r4
1942*.'<•
/
f-Y ^1941
T
/ '
1t
i
NOTE. - RECTO DATASECOND
RESSION LINE \FROM 1939 TH
QUARTER OF 1$
VAS FITTEDWUGH THE)4t.
4 6 8 10 12 14 16SHIPMENTS, TOTAL FOR QUARTER (81LLI0NS OF DOLLARS)
DO. 43-85
Source: U. S. Department of Commerce.
This new phase naturally brings its own problems.In the field of arms production it necessitates the useof closer and closer tolerances in the scheduling ofmaterials. In the field of civilian supply it increasinglyemphasizes the need for a fair and equitable distribu-tion of scarce goods. But all of these are sympto-matic of the facts that surplus inventories are beinggradually whittled down and that resources are beingincreasingly put to more effective uses as the wareffort approaches its peak.
Trade Inventories Declining.
Inventories held by wholesalers and retailers havedeclined in recent months as extremely heavy con-sumer purchases have been met by a diminished flowof civilian supplies. Wholesale stocks, currently valuedat less than 4 billion dollars, are lower than at any timein almost 2 years. They have fallen from a wartimehigh of 4.9 billion dollars early last year in a downwardmovement which began in durable goods lines butwhich has gradually spread to practically all civilian-goods dealers in the wholesale field.
Retail inventories have also been reduced. Heavyliquidation in the closing months of 1942 practicallywiped out the huge increases in retail stocks that oc-curred during the first half of the year. In that earlier
period output of civilian goods was still large enoughboth to expand inventories and to enable producersto meet the rising tide of demand. As a result thevalue of retail holdings hit an all-time peak of 7.5billion dollars at the end of June. By the end ofDecember, however, they were down to 6.7 billions-little changed from their value at the beginning of 1942.
As could be expected, trade outlets specializing inirreplaceable consumers' durable-goods have experi-enced the heaviest reductions in inventories. Thiscan readily be seen from the year-to-year percentagechanges in stocks by kind of business, as reported tothe Census Bureau. Figures released by the Censusare shown in table 7 for selected kinds of wholesale andretail business. In both fields the largest declineshave been in durable-goods outlets such as hardware,lumber and building materials, furniture, householdappliances, and the like.
Table 7.—-Percentage Changesventories, End of 1942
Kind of business
Wholesalers:Electrical goodsPlumbing and heating sup-
plies -General hardware -ConfectioneryShoes and other footwear...MetalsFurniture and housefur-
nishings __Clothing and furnishings,
except shoesDry goodsGroceries and foods, except
farm products .._ . - . -Lumber and building mate-
rialsJewelryTobacco and its products,..
Percentchange
-55
-39-33-28-27-25
-22
-17-16
-14
-12-10- 4
in Value of Selected Trade In-From End of 1941
Kind of business
Wholesalers— Continued.Paints and varnishesFresh fruits and vegetables.Drugs and sundriesPaper and its products.
Retailers:Lumber, building mate-
rials dealersHardware stores . . .Filling stationsFurniture, household ap-
pliances, radio storesJewelry storesDrugstores .*. . _ .Food storesDepartment storesApparel stores_
Percentchange
- 4+1+2+2
-16-12-11
- 3- 1+2+3+6
+10
Source: U. S. Department of Commerce.
Larger stores were able to maintain a more favorableinventory position throughout 1942 than were thesmaller stores. Census returns for independent re-tailers show that large stores, i. e., those with annualsales in excess of 200,000 dollars, increased the value oftheir inventories by 4 percent during the year. All othersize brackets show a drop over the period with thelargest decrease (6 percent) occurring in the smallestsize bracket, i. e., stores with annual sales under 10,000dollars. In general, larger stores show either largerincreases or more moderate declines than do smallerstores.
Retail Trade
Retail sales, which were well maintained in January,moved forward in February to a record level for thistime of year. The shoe rationing order touched off abuying wave in apparel which lifted the seasonallyadjusted Department store sales index (1923-25 = 100)to 165 in February, compared with 143 in January.Men's clothing sales were probably not much above thehigh level of the preceding year, but sales of women'sclothing showed a large increase over 1942. Furnituresales were well maintained, but hardware stores during
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March 1943 SURVEY OF CURRENT BUSINESS 9
recent months have been reporting substantial declinesover comparable months of the previous year. Lossesin dollar volume are also increasing at filling stationsand at building materials dealers.
Table 8.—Sales of Retail Stores, by Kinds of Business, 1941-43[Millions of dollars]
Kind of business
All retail stores *Durable goods storesNondurable goods stores
By kind of business:Food storesEating and drinking places - -Apparel stores -Filling stationsBuilding materials and hardware deal-
ersHousefurnishings stores . _Automotive stores .Drug storesGeneral merchandise storesOther retail stores
1941
54,17314,87639, 297
12,4114,5684,0923,500
3, 7222,3878,2261,8667,8305,573
1942
56,3849,932
46, 453
15,0925,8245,0583,295
3,8832,3413,0092, 2818,7896,8JL2
1943 2
49,0004,900
44, 100
15,0007. 2004,3002,600
1,2001,3002,2002,1007,2005,900
Percentchange,1942 to
1943
- 1 3
—5i
+24- 1 5- 2 1
- 6 9- 4 4- 2 7
- 8- 1 8
JO
f J Due to rounding, group figures do not necessarily add to totals for all retail stores.2 Forecast based on quantities of goods to be available for civilians in 1943 according
to~present programs, and on price increases from 1942 which are moderate except inthe case of food.
Source: U. S. Department of Commerce.
Revised figures now available for 1942 show totalretail sales at 56.4 billion dollars, an increase of 4 per-cent from 1941. After allowing for price rises, retailsales in constant dollars declined 8 percent. Thisfigure, however, does not reflect the full extent of thedecline in physical volume of retail trade. Data bothon production for civilian use and on inventory changes,although not complete, show a considerably larger de-cline in units sold, indicating that trading up or qualitydeterioration or both occurred on a substantial scaleduring the past year.
In 1943, production for civilian use is being furtherrestricted by the requirements of the war program.If prices can be held reasonably well in check a declinein total retail sales seems inevitable. The effect ofcurtailments will, of course, be much greater in somelines than in others. Based on information now avail-able, table 8 indicates roughly the relative cuts to beexpected in each major retail group. Present indica-tions are that building materials and hardware dealerswill be hardest hit, followed by household furnishingsstores, automotive stores, and filling stations. Eating
and drinking places, on the other hand, are expectedto have increased sales.
Table 9.—Retail Sales Tax Base[Billions of dollars]
Item
Sales of retail storesLess:
Sales to other retailers and governmental units, serv-ice receipts of retailers, and trade-in allowances
Equals:Net sales of goods for private use at retail stores
For consumer useFor farm business useFor other business use
Add:Sales of finished goods (not for resale) other than by
retailers .For consumer use 2
For farm business useFor other business use:
Construction materialsProducers' durable equipment privately fin-
ancedNondurable goods
Equals:Sales tax base including commodities now subject to
taxFor consumer useFor farm business useFor other business use .
Supplementary data:Retail value of goods now subject to Federal excise taxes..Food sales
For home consumptionRestaurant meals, etc
Calendaryears
1942 1943
3.0
53.440. 72.44.3
13.24.9
1.5
4.31.6
66. 651.63.311.7
19.420.416. 14.3
49.0
1.9
47.143.01.92.2
8.13.7.8
.6
1.91.1
55. 246.72.7
16.220.515.55.0
Fiscalyear1944 i
45.0
43.340.1
0.93.4.8
1.4.9
50. 243. 52.64.1
14.520.114.95.2
1 Estimated.2 Includes sales of retailers not covered in Census of Retail Trade.Source: U. S. Department of Commerce.
Retail Sales Tax a Possible Revenue Measure.
The question of a retail-sales tax has been broughtto the fore again following the Presidential request for16 billion dollars of additional current revenue. Sucha tax, if enacted, would undoubtedly be applied not onlyto sales of retail stores as here defined, but also to salesnot for resale made by wholesalers, manufacturers,farmers, etc. On the other hand, service receipts andcertain other items which are included in sales of retailstores would probably not be taxed. The estimatesof a retail-sales tax base calculated on this basis areshown in table 9. They indicate that a 5-percent taxwould yield somewhere in the neighborhood of 2.5billion dollars in fiscal year 1944 if no exemptions wereallowed for commodities already taxed by the FederalGovernment.
513019-43-
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National Income and National ProductIn 1942
By Milton Gilbert and George Jaszi
The significant developments in the national incomeand national product from 1941 to 1942 all stem fromthe mobilization of the economy for war. Broadlyspeaking, three trends stand out: First, an expansionof the flow of total output and a concurrent fuller utili-zation of the factors of production; second, an addedrise of dollar values due to pervasive inflationary pres-sure; third, a radical shift in the composition of thenational product and in the industrial distribution ofthe income flow.
Changes within the year 1942 were especially pro-nounced. The economic situation was so dynamic thatthe end-of-the-year position of the national product andmost of its components wras far different from that atthe beginning of the year. Whereas before PearlHarbor the rearmament effort was still small enoughto leave the civilian economy essentially undisturbed,by the end of 1942 most of the path to full economicmobilization had already been traveled. For thisreason, estimates for the year as a whole have to be sup-plemented by quarterly data to present an adequatepicture of the economic situation in 1942.
Expansion of the Gross National Product.
Owing primarily to the insatiable demand for warmateriel, the sharply upward trend of the gross na-tional product in the past few years was continuedthroughout 1942. This aggregate, composed of thevalue of the currently produced commodities and serv-ices flowing to government, to business for gross capitalpurposes, and to consumers, reached the record total of151.6 billion dollars last year, rising from 119.2 billiondollars in 1941. The phenomenal advance under therearmament program in 1941, when the gross productincreased 22 billion dollars, was surpassed both inabsolute and percentage terms by the rise in 1942 underthe stimulus of war. Within the year the trend wrasexceedingly steep, gross national product rising from anannual rate of 128.8 billion dollars in the last quarter of1941 to 168.8 billions in the corresponding quarter ayear later, as can be seen from chart 1. The resur-gence of American productive power from the time ofthe outbreak of the European war in September 1939to the end of 1942 is reflected in a more than 90 percentincrease in the value of the gross national productover that period.
This precipitous rise in the value of gross output re-sulted not only from a steadily increasing flow of thequantity of goods and services but, as is wrell recognized,from a continuously rising trend of prices. Accurate
removal of the inflationary influence during a periodcovering the transition from peace to war is exceedinglydifficult for both conceptual and statistical reasons.The very concept of the physical quantity of outputbecomes highly tenuous when the assumption of con-stant wants is inapplicable and when the free market isdisplaced by price control and rationing. Furthermore,price data are not available for the entire range of out-put; they are likely to reflect quality change inade-quately; and they certainly do not reflect the intan-gibles such as limited range of choice, simplification ofstyle, and reduction of complementary services. Specif-ically, lack of data has necessitated the assumption ofconstant average munitions prices, and though thisassumption is supported by existing evidence, it willno doubt be altered to some extent in the light of furtherinformation on the subject. Despite these difficultiesan approximate adjustment for the price rise is fur-nished here because even a rough notion of the change inreal output considerably increases the usefulness of theestimates.
Chart 1.-—Utilization of Gross National Product (SeasonallyAdjusted Annual Rates)
BILLIONS OF DOLLARS200
100
Source: U. S. Department of Commerce.
According to these data shown in table 1, the grossnational product in terms of constant prices has risensubstantially during the past few years. In 1942 thereoccurred an increase of 19 percent, in contrast to theadvance in the current value of the gross product of 27percent. Over the entire period from 1939 to 1942the gross product in constant prices rose by 50 percentas against a current value rise of over 70 percent.
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Table I.—Gross National Product in Current and 1939 Dollars,1939-42
[Billions of dollars]
Year
Gross national product
Currentdollars
1939dollars
Implicitpriceindex
193&. - . . 8 8 . 6 ! 88,6 1001940 ._ . . 97.0 9G. 2 i 1011941 . ___: 119.2 1 112.3 1C61942 151.6 ! 133.2 \ 114
The extent of the expansion of the gross nationalprodurt in terms of constant prices has been so spec-tacular and so far beyond what most analysts thoughtpossible that a question is raised as to the adequacyof the method of deflation used. It may be noted,however, that actual man-hours worked in civiliannonagrieultural pursuits appear to have increased bymore than 30 percent between 1939 and 1942, thatthe volume of agricultural production rose by 20 per-cent over the same period, and that the armed forcesexpanded greatly and accounted for a significant partof the gross product in 1942. Moreover, it appearscertain that the economies of scale, the increase ofefficiency due to reduced number of models and styles,and particularly the increase in output of munitionsper man-hour have much more than offset any decreasein average skill that may have occurred because of therapid enlargement of the labor force. If, in addition,consideration is given to the fact that a shift of thefactors of production from industries of lower to highervalue of output per worker is taken as an increase inreal output in the conventional methods of price defla-tion, it does not seem that the estimated increase of thegross product in constant prices is unreasonable.
As implied previously, one may, of course, questionthe entire theoretical meaning of a measure of realoutput under the conditions prevailing over this period.That- is another question, however, and one which,incidentally, docs not deny the appropriateness of theusual techniques of price adjustment for problems ofprice stabilization and fiscal policy.Government War Expenditures.
Since the past year was one of economic mobiliza-tion for war, the changes in the components of thegross national product were dominated by the increasein government expenditures for war purposes. (Asexplained more fully in the notes to the tables, thewar expenditures referred to here represent only thosewhich constitute a utilization of current output andnot the total of war outlays as shown in accountingstatements of the Treasury.) The 1942 war expendi-tures were 49.1 billion dollars compared with 12.5billions a year earlier and only 1.4 billions in 1939.During the space of our first year at war, from thefourth quarter of 1941 to the same quarter of last year,Government war expenditures rose from an annualrate of 18.8 billion dollars to 70.1 billions. This rate
of increase is so spectacular as to make commentunnecessary. Since the President's full-war budgetfor the fiscal year 1944 contemplates war expendituresof 100 billions it may be seen how far along the wayto complete economic mobilization the Nation was bythe end of 1942. Of course, there have been inevitabledelays in gearing the economy for a task of this magni-tude. Furthermore, not all the goals of the programwere completely fulfilled—which might have beenexpected with huge objectives decided upon long befoieexperience had been gained on which to judge theirfeasibility. Despite these shortcomings, however, itis evident that during our first year of war a stupendousjob of mobilizing the economy was performed, onewhich is a tribute to the bold planning of government,to the initiative and resourcefulness of industry, andto the discipline and skill of labor.
With war expenditures rising so much more rapidlythan gross output, the war effort has- taken a largerproportion of the gross national product month aftermonth. By the last quarter of 1942, 42 percent of ourgross output was accounted for by war expenditureswhereas in the same period of 1941 this figure was only15 percent. For 1942 as a whole, war expenditures con-stituted 32 percent of the gross product as against10 percent in 1941 and 2 percent in 1939.
Year and quarter
1939.
1940
1941.
I .I I ,
IIIIV-
Gross na-tional prod-uct (billionsof dollars)
1942.
I . .II
I I I .IV_.
88.6
97.0
119.2
109. 4116.0122.6128. 8
134,3] 45. 8157.5168. 8
War expend- i War expend-itures (bil- itures as per-
lions of cent of grossdollars) product
.10.013.618.8
49. 1
41.557. 170. 1
1115
212S
In presenting these percentages of gross nationalproduct devoted to war, reference to their limitedsignificance should be repeated.1 The definition of warexpenditures, it has been pointed out, is arbitrary anddoes not attempt to separate goods essential to theprosecution of the war from those that are not. Forinstance, military use of consumption goods is con-sidered part of war expenditures while consumption byworkers in armament plants is not. Again, a capitalasset purchased by private industry is not included inwar output even though it may be devoted entirely tothe production of armaments, whereas a governmentpurchase of the identical equipment for identical pur-poses is included in war expenditures. Therefore,the more nearly the peak of the war effort is approachedand the more nearly all lines of expenditure not con-
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12 SURVEY OF CURRENT BUSINESS March 1943
tributing to the war effort are eliminated, the morethe distinction between war and nonwar expendituresloses significance.
Furthermore, if one is interested in the distinctionbetween production that ministers to the usual needsof a peaceful population and production that is adaptedonly to war needs, the comparison of war expenditureswith total national product may also be misleading.In the case of durable capital goods, for example, theresources engaged in their production are currently notavailable for satisfying consumer wants. Once em-bodied in capital goods, the extent to which theseresources will be devoted to the satisfaction of con-sumer wants will depend not so much on whether thecapital goods have been produced for war purposes ornot, as on their durability and convertibility. It isclear that an analysis along these lines would cut acrossthe present classification of war and nonwar expendi-tures.
Another reason for caution in the use of these ratiosis that they reflect the use of output rather than itsproduction. Inventory changes of both war goods inprocess and nonwar goods can be quite large and movein opposite directions. These possibilities should bekept in mind when using the ratios as indicators of thecurrent allocation of productive effort.
Finally, the magnitude of war expenditures shouldnot be taken as a measure of the amount of civiliangoods which the same factors of production would becapable of producing in the absence of the war effort.There are indications that the remuneration of re-sources engaged in the production of war goods is sub-stantially higher than the remuneration of identicalfactors producing civilian goods.
For these reasons, the percentage of war expendi-tures to national product should not be regarded asmore than an approximate index of the magnitude andprogress of the war-production effort.
Other Components of Gross National Product.
While there was considerable divergence in themovement of other components of the gross nationalproduct, as a whole they fell below the 1941 level in1942. Nonwar expenditures of Government partici-pated in this decline.
Federal nonwar expenditures have declined continu-ously since 1939, with a drop of 18 percent between1939 and 1942, as may be seen in chart 2. This over-all decline hides widely divergent movements in thecomponents. On the one hand, Government expendi-tures related to the Social Security program increased,reflecting mainly the growth in Social Security grantsto States for special types of public assistance. Inter-est payments also increased sharply, due to the growthof the national debt. On the other hand there havebeen declines in aids to agriculture, expenditures onpublic works and on work relief, including the Civilian
Conservation Corps, that more than counterbalancethe increases.
Chart 2.—Percentage Change in Federal Nonwar BudgetExpenditures by Major Types, Calendar Year 1942 from1939 i
MAJOR TYPE -75 -50PERCENTAGE CHANGE-25 0 +25 +50 +75
SOCIAL SECURITYPROGRAMS
INTEREST ONPUBLIC DEBT
OTHER DEPARTMENTALAND MISCELLANEOUS
VETERANS'ADMINISTRATION
AID TOAGRICULTURE
PUBLIC WORKS
WORK RELIEF ANDCIVILIAN CONSERVA-TION CORPS
TOTALNONWAR BUDGETEXPENDITURES-^
1 The width of each bar represents the percent that each major type is of the totalnonwar budget expenditures for 1939.
2 Includes United States contribution to Government-employees' retirement funds.Source: TJ. S. Treasury Department.
Owing to inadequacy of information, the movementand composition of state and local expenditures aremore difficult to trace. Indications are that these ex-penditures decreased because of a decline in reliefexpenditures and in state and local construction.
Private Gross Capital Expenditures.
The most substantial reductions among the majorcomponents of the gross national product were in thearea of private gross capital outlay, the record total of19.0 billion dollars for 1941 falling to 8.0 billions in1942. The decline in this outlay during 1942 was soprecipitous that by the final quarter of the year theannual rate was only 1.3 billion dollars. The ease ofconverting capital goods industries to war production,and the possibility of drawing upon both inventoriesand the foreign balance account for the severe decline ofthis segment of the gross product. As may be seenin chart 3, private construction and private purchasesof machinery and equipment fell drastically in 1942under the impact of material shortages and conversionof these industries to war production. By the fourthquarter of 1942 private construction and purchases ofdurable equipment were about one-third of the lastquarter of 1941. The high rate of inventory accumu-lation which reached its peak in the fourth quarter of1941 but continued throughout the first half of 1942was replaced by a sizable drain on accumulated stocksin the last half of 1942.
Concurrent with the decline in private gross-capitalformation there occurred a substantial increase in
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charges to depreciation and depletion accounts, reflect-ing mainly the special amortization provisions that areallowed on the construction of emergency facilitiesunder the Second Revenue Act of 1940, and increaseddepletion charges owing to a record output in theextractive industries. A comparison of the figures ofprivate gross-capital formation with the measure ofdepreciation and depletion might suggest that by thesecond half of 1942 the United States had begun toconsume its total stock of fixed capital. Such a con-clusion, however, is unwarranted. In the first place,depreciation and depletion estimates are in terms ofaccounting dollars and intended to approximate theactual charges made in business records rather thanthe amount of capital consumption. There is reasonto believe that, particularly for recent periods, theyoverstate the current consumption of capital.
Chart 3.—Private Gross Capital Formation (SeasonallyAdjusted Annual Rates)
BILLIONS OF DOLLARS• 2 5
- 2 0
+ 15
+ 10
+ 5
0
- 5
- 1 0
-
-
-$6§§oo8a \ \
H H H H x ^ \^^^^^*-CONSTRUCTION
MBBTOB XNV\ ^338^88^-PRODUCERS' DURABLE EQUIPMENT
W T *K||ggL-C,,.,C.«M B A L A N C E
" ^ liUMIUJiil - *""r CHANGE INV ^ H P B BUSINESS INVENTORIES
4th Quarte1941
4 th Quortei
1942 D D. 43 -97
Source: U. S. Department of Commerce.
Secondly, and quantitatively more important, ex-penditures for capital facilities by the Governmenthave been unusually large. According to best indi-cations, nearly one-half of the total output of producers'durable equipment was purchased by the Governmentin 1942. Tims, in spite of the sharp decline in privatepurchases, total production fell only slightly below theall-time records established in 1941. As chart 4 shows,Government accounted for the bulk of the constructionof industrial facilities in 1942. In spite of the declinein private construction, the total in 1942 was nearlydouble that of 1941 and far exceeded any previous level.
This Government construction and equipment is notnecessarily lost permanently to the civilian sector of theeconomy. For, although there can be no doubt thatsome of the structures and equipment are too specializedto be subsequently useful to the civilian economy, this isprobably not true of the bulk of Government industrialfacilities. Just as a significant part of private capitalequipment proved to be readily convertible to warproduction in 1941-42, it may be anticipated that theGovernment capital facilities will be convertible to
civilian use after the war. It does not follow that be-cause it might not have been profitable for private in-dustry to finance these facilities, their operation at theircost to industry after the war will not be profitable.Thus, in spite of the fact that the private stock of fixedcapital might well decline in the course of the war, itwould not be surprising if, after the difficulties of tran-sition are overcome, the Nation had a better capital
Chart 4.—Value of New Industrial ConstructionMILLIONS OF DOLLARS1500
1250
750 -
1939
Source: U. 8. Department of Commerce.
plant after the war than at the beginning of the rearma-ment program.
Consumers' Expenditures.
Of the nonwar components of the gross nationalproduct only consumers' expenditures increased in1942. The 1942 total is estimated at 81.9 billiondollars—an all-time high for the dollar value of goodsand services passing into the hands of consumers, com-pared with the 1941 figure of 74.6 billion dollars. Itmay be noted that consumers' purchases of durablegoods declined fairly sharply but the rise in nondurablegoods and services was large enough to send the totalto the new high level. In further contrast to othertypes of nonwar expenditures, consumers' purchasesremained extraordinarily high throughout the yearwith even the fourth-quarter level exceeding that of theprevious year by a substantial margin.
When the dollar value of consumers' expendituresis adjusted for rising prices, consumers' goods andservices in 1942 seem to have fallen slightly below the1941 volume. As shown in table 2, consumers' expendi-tures in 1942 were 69.7 billion dollars in terms of 1939prices as compared with 70.0 billions in 1941. Even ifone makes all the allowance that may appear reason-able for the possibility that price quotations somewhatunderstate the rise in prices, it is evident from thesedata that the consumer was affected by war restrictionsto only a minor degree in 1942. Consumers' expendi-tures on automobiles and parts dropped to insignifi-cance, and the quantity of motor fuel and householdgoods fell substantially. All other major groups of
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14 SURVEY OF CURRENT BUSINESS March 1943
consumers' goods and services, however, equaled orexceeded their 1941 level.
Table 2.—Consumer Expenditures for Goods and Services,1939-42 *
[Billions of 1939 dollars]
Item
Total, goods and scrvices
FoodsClothing and related productsTobacco ._ . . . . - . .Gasoline and oilOther nondurable goodsFurniture, furnishings, and household equip-
mentAutomobiles and partsOther durable goodsServices
1939
61.7
18 16.81.82.13.8
3.02 31.1
2? 7
1940
65.1
18 96.91.92 24.1
3.32 81.2
23.8
1941
70.0
20 07.7
l-\4.5
4.02.91.4
25.0
1942
69.7
21 18.22.31 84.8
3.3.4
1.426.2
1 Detail will not necessarily add to totals because of rounding.
Ill appraising the position of the consumer duringthis first year of war, certain aspects of the concept ofconsumers' expenditures used here should be noted.In the first place, it does not include consumption goodspurchased by the Government for the use of our armedforces. Hence, it represents only purchases madedirectly by the consumer rather than the total of con-sumption goods flowing to our population. If accountwere taken of the consumption by the armed forces,provided by Government, the total of goods receivedby individuals in 1942 would more than equal thevolume in 1941. In the matter of food and clothingthere is no doubt that the population as a whole wasbetter off in 1942 than at any time in the Nation'shistory, both in total and on a per capita basis.
In the second place, consumers' expenditures measurethe goods passing into the hands of the consumer in thecurrent year—a concept employed because of its use-fulness in market analysis and similar problems. Fromthe standpoint of the consumers' welfare, however, itis more appropriate to measure the services received inthe current year whether from new purchases or fromthe consumers' existing stock of goods. This is par-ticularly important in the case of durable goods, wherethe stock is large relative to each year's purchases sothat a large decline in current acquisition has onty littleinfluence on current services received. In table 3 are
Table 3.—-Consumer Expenditures and Current Consumption,1940-42 i
[Billions of 1939 dollars]
Year
194019411942
Consumer expendi-tures
Nondu-rable goodsand services
(Column 1)
57.861.764.5
Du-rablegoods
(Column 2)
7.38.45.2
Currentservices
from stockof durable
goods 2
(Column 3)
5.76.25.9
Total con-sumer ex-
penditures,cols. 1+2
(Column 4)
65.170.069.7
Total cur-rent con-sumption,cols. 1+3
(Column5)
63.567.970.4
1 Detail will not necessarily add to totals because of rounding.2 Current services from stock of durable goods represent depreciation of stocks in
hands of consumers, with the following exceptions: Expenditures for books and otherdurable printed matter and for monuments and tombstones are charged to the periodin which they are purchased; value of consumption of passenger cars in the last threequarters of 1942 extrapolated from 1941 by gasoline consumption.
shown estimates of consumers' goods and services forboth these concepts.
It may be noted that the services available to con-sumers from the stock of consumers' durables declinedonly negligibly in 1942. This decline is due entirelyto our counting the services rendered by passengercars in 1942 on the basis of gasoline consumption.Total commodities and services available to consumerson the basis of this "welfare" concept was significantlyhigher in 1942 than in 1941. There is, of course, nointention in these calculations of glossing over the in-soluble problem of defining economic welfare underthe conditions of the past few years. They are de-signed only to stress the fact that the requirements ofwar in 1942 barely touched the consumer standardof living in a quantitative sense.2
How did it prove possible to maintain so high a vol-ume of consumption in 1942 in the face of the hugewar-production program that was carried out simul-taneously? Four factors in the 1942 situation, someof which will be materially altered in 1943, answerthis question: (1) In the existing phase of the wareffort when mobilization on the production front wasdominant, only that part of the consumers' goods out-put which could be converted to munitions productionwas seriously affected. Of course, there were delaysin securing even this conversion, but these delays wereless important in maintaining the total flow of consum-ers' goods than the fact that only a relatively smallsegment of consumers' goods industries could be con-verted—namely, those producing durable goods. (2)The flow of goods to consumers in 1942 was maintained,to some extent, out of previously accumulated inven-tories. Inventory statistics are not available on con-sumers' goods alone, but the existing data indicatethat consumers' expenditures to the extent of 2.5billions may have come out of inventories in the courseof the year. (3) In maintaining the total flow ofconsumers' goods and services, one of the most im-portant factors was the existence of sufficient man-power up until the very end of the year to enable thoseindustries not affected by military requirements tomeet the rising demands of consumers with increasedoutput. (4) It is also important, in contrast to whatthe situation will be this year, that in 1942 the demandsof the armed forces and Lend-Lease for consumptioncommodities remained relatively small.
That we got both guns and butter in 1942, therefore,is an indication of the prior under-utilization of oureconomic resources and not a sign of failure in ourwar-production effort. It is important to recognizethat by the time the fourth quarter of 1942 was reachedthe relatively high flow of goods to consumers was notin itself imposing restrictions on the output of warmaterials. Continued criticism of either business or
2 It may be mentioned, on the other hand, that, inasmuch as the concept of consum-ers' expenditures embraces only goods ordinarily associated with the market economy,it does not reflect the loss of the services of housewives involved in the increasedemployment of women in industry.
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March 1943 SURVEY OF CURRENT BUSINESS 15
the war-production authorities on this score is quitegroundless. Materials and facilities readily convertibleto munitions production were no longer being used toproduce consumers' goods above the almost irreducibleminimum and the flow of such goods to consumers wascoming almost entirely out of irreplaceable businessinventories. This does not mean that substantialcurtailment of consumption is not in prospect in 1943.Such curtailment will result, however, from increasedconsumption goods and manpower requirements on themilitary front and from the manpower requirements ofthe munitions facilities constantly coming into pro-duction.The Real Source of War Output.
One may summarize the changes in the gross nationalproduct during 1942 by reference to chart 5 whichshows the real sources from which war production in1942 was derived relative to the situation a year earlier.It may be noted that the increase in war expendituresat constant prices over this period amounted to 32.7billion dollars. Of this increase 20.9 billions, or two-Chart 5.—Real Sources of Increase in War Expenditures, 1942
from 1941, in 1939 Dollars *91LLI0NS OF DOLLARS5 0
4 0 • -
20
10
c
INCREASEIN WAR
EXPENDITURES1342FROM1941-
t 32.7 BILLION
WAREXPENDITURES
1942-* 44.4 BILLION
!
INCREASE IN GROSSNATIONAL PRODUCT-
* 21.6 BULLION
DECREASE IN GOVERNMENTNONWAR EXPENDITURES-
$0.9 BILLION
DECREASE IN PRIVATEGROSS CAPITAL FORMATION-
*3.8 BILLION
DECREASE IN EXPENDITURES+. FOR CONSUMERS' GOODS
AND SERVICES-S0.4 BILLION
JWAR EXPENDITURES 1941-$ ! 1.7 BILLION
1 Duo to an error the increase in gross national product in the chart is overstatedby 0.7 billion dollars and the decrease in private gross capital formation is under-stated by the same amount.
Source: U. S. Department of Commerce.
thirds, was derived from the expansion of total outputwhile 11.8 billions, or one-third, was secured throughthe conversion of output from nonwar to war purposes.
While all types of nonwar output participated inthis conversion, the bulk of the transfer was in thearea of private-capital formation. The adaptability ofthe capital goods industries to war production and theavailability of large inventories at the beginning ofthe year explain this situation. It is not, of course,a situation peculiar to the United States. All belliger-ent countries are foregoing private capital replacementand expansion and drawing heavily upon accumulatedstocks of goods. What is peculiar to this country ascompared with the other major belligerents, is the
moderate decline thus far in consumers' goods. Com-parative lack of manpower stringency and relativelysmaller import requirements explain this favorablesituation.National Income.
The changes in the gross national product that havebeen reviewed naturally involve equally marked changesin the national income generated in the course of thisproduction. These changes resulted not only in arecord total but also in shifts in the relative importanceof the income shares as well as the industrial source ofthe income.
In 1942, the national income, representing the sumof the earnings of the labor and capital resources em-ployed in the productive process, reached the unprec-edented total of 119.8 billion dollars. This exceededthe previous all-time high of the preceding year by 25percent and the 1939 total of 70.8 billions by 69 percent.The 1929 aggregate of 83.3 billions, the peacetime peak,w as less than 70 percent of the 1942 national income.
While income originating in each industry group in-creased in absolute terms between 1941 and 1942, thelargest relative increases occurred in those industrygroups that have felt the direct impact of wartimedemands. The importance of each industry in the in-come total for recent years is set forth in table 4.Especially noteworthy are the relative increases in agri-culture, manufactures, and contract construction ini-tiated in 1941 and continued in the succeeding year.Thus, the income derived from agriculture accountedfor 9.2 percent of the total in 1942 compared writh 7.7
Table 4.—Percent Distribution of National Income by In-dustrial Divisions, 1939-42
Industrial division 1939
Total national income I 100.0
AgricultureMining, total . .
AnthraciteBituminousMetalNonmetalOil and pas
Manufacturing:, totalFood and tobaccoPaper, printing and publishing -._..Textiles and leatherConstruction materials and furnitureChemicals and petroleum refiningMachinery, transportation equipment, and
other metal productsMiscellaneous and rubber..
Contract constructionTransportation, total
Steam railroads, Pullman and express..Water transportationStreet railways... |Motor transportation, public warehouses, and
other transportationP o we r and g asCommunicationTrade, total
Retail....Wholesale
Finance, totalB ankingInsuranceSecurity brokerage and real estate
Government, totalFederal iState, county, local, and public education...
ServiceMiscellaneous
7.42,0
.2
.7
.3
.2
.624.0
3.32.4
2.22.1
1940
100.0
8.91.22.77.04.0.7.5
1.82.01.3
15.510.15.49.61.41.76.5
14.17.36.89.84.6
(3.82.3.2.8.4. 2'.7
26.03.22.43.72.32.3
10.91.22.77.04.0
'.5
1.82.01.2
15.710.15.69.01.41.56.1
13.36.96.49.64.4
1941
100. 0
7.72.2
.2
.8
.4
.2
.628.92.92.34.02.52.4
13.51.33.66.84.0
[4
1.71.91.1
15.19.75.48.01.51.25.3
12.06.75.38.44.3
1942
100.0
9.22.0. 1.8.3.2.6
30.62.71.93.62.22.3
10.61.34.16.74.1
.6
.4
1.01.4.9
13.18.44.77.01.31.14.6
13.79.44.37.63.7
1 Includes work-relief wages shown separately in table 15: excludes subsistence tomembers of the armed forces.Digitized for FRASER
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in the preceding year and 7.4 in 1939. The share ofmanufacturing in the total increased from 24 percentin 1939 to 28.9 and 30.6 in 1941 and 1942, respectively,while in contract construction the comparable figuresare 2.7, 2.7, and 4.1 percent.
Within the manufactures group, however, the shiftswere far from uniform. Indeed, the single large gainwas in the metals and metal products industries whichconstituted 16.6 percent of the national total in 1942but only 8.9 percent in 1939. The chemical productsand petroleum refining group was up slightly from 1939and construction materials and furniture had the samerelative position, though both of these groups declinedbetween 1941 and 1942. All the other subgroups ofmanufactures declined in relative importance between1939 and 1942. This is only another way of emphasiz-ing the extent to which the expansion of output asso-ciated with the war has been a durable-goods expansion.
Other relative declines occurred, not unexpectedly,in the distribution and service industries, more notablyin finance and services proper. In the mining industriesthe share of the total was comparatively stable whilethe income attributable to governmental services, in-cluding the armed forces, was 13.7 percent of the nation-al aggregate in 1942 compared with 12.0 in 1941 and14.1 in 1939. The relative decline from the pre-warlevel is explained by the sharp curtailment in work re-lief. It is somewhat surprising that in the face of theincrease in the armed forces and in Governmentarsenals and navy yards, income originating in Govern-ment was a smaller proportion of national income in1942 than in 1939.Changes in Distributive Shares.
The changes in types of income have been equallystriking. The largest percentage increase between 1941and 1942 accrued to farm proprietors. Their net in-come in the latter year is estimated at 9.7 billion dollars,a gain of 55.5 percent over their net income of 1941and a more-than-doubling of that of 1939. This is thefirst year since the post-war inflation of 1919 that thenet income of farm operators has exceeded 9 billiondollars.
Although farm production increased almost 13 per-cent between 1941 and 1942, the 28. 7 percent increasein prices received by farmers was the much more im-portant factor accounting for the very sharp gain innet income of farm operators. On the other hand,total production expenses rose only by 18 percent.Income from marketings of every commodity increasedat least 20 percent; the largest increases were in thereturns from oil-bearing crops, meat animals, vegetables,poultry and eggs.3
The expansion in the net income of other proprietors,largely restricted to the distributive trades and services,was much smaller. Their estimated net income of 10. 4
3 The figures on production and prices received by farmers adapted from The FarmIncome Situation, January 1943, p. 10, Bureau of Agricultural Economics, II. S. De-partment of Agriculture.
billion dollars in 1942 was 12.0 percent above the pre-ceding year's total. The relatively moderate rise in1942 is explained largely by the shortage of durableconsumers' goods which severely limited or lowered
Chart 6.—Percentage Change in National Income by Distrib-utive Shares, 1942 from 1941
DISTRIBUTIVE SHARE
TOTAL NATIONAL INCOME
NET INCOME OFFARM PROPRIETORS
COMPENSATION OFGOVERNMENT EMPLOYEES
(INCLUDING ARMED FORCES)
COMPENSATION OFPRIVATE EMPLOYEES
NET INCOME OFNONFARM PROPRIETORS
INTEREST, NET RENTS,AND ROYALTIES
CORPORATE PROFITSAFTER TAXES
CORPORATE PROFITSBEFORE TAXES V
PERCENTAGE CHANGE0 +20 +40
1 Corporate taxes are not a part of the national income.
Source: U. S. Department of Commerce.
the earnings of the distributors of these goods. The1942 aggregate, however, was some 50 percent higherthan the 1939 total of 6.9 billion dollars.
Wages and Salaries.
There was also a marked expansion in the total salaryand wage component of the national income. Thesepayments amounted to 80. 3 billion dollars in 1942, again of 32 percent over the 60. 9 billions paid out in 1941and an increase of more than 80 percent over the 1939total. These salary and wage totals include the pay ofthe armed forces. Since for many problems it is es-sential to consider only the earnings of the factors ofproduction originating in private business, wages andsalaries in Government and private enterprise are shownseparately in table 15. Wage and salary paymentsmade by privately owned enterprises increased by 27percent between 1941 and 1942. This sizable increasefollowed a nearly equal gain of over 25 percent from 1940to 1941.
Wage and salary totals increased during the firstyear of war in every minor industry group, although theincrease was less than 2 percent in the production ofcrude oil and natural gas and in the production anddistribution of electric light and power and of manu-factured gas. Indeed, larger-than-average increasesoccurred only in contract construction and in the manu-facture of chemicals and allied products, iron and steelproducts, electrical and other machinery, transportationequipment, automobiles, and nonferrous metal prod-ucts.Digitized for FRASER
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The phenomenal increase in the wage and salary totalsince 1939, even for private industry alone, is the resultof many factors which are difficult to disentangle statis-tically. The rise in the number employed and thelengthening of the average work week have, of course,been basic factors. From 1939 to 1942 the number ofemployees in private nonagricultural industry rose by23 percent while, inclusive of government, the numberof wage and salary workers increased almost 37 percent.The average hours worked per week in manufacturingindustries increased from 37.7 to 42.9 hours over thesame period. While the work week has no doubt risenless for private industry as a whole, increased hours perman has nonetheless been an important factor in ex-panding the total wage bill.
Another significant factor has been the relative shiftin the composition of the working force in private in-dustry toward the higher paid industries. For example,workers in construction and durable manufacturesconstituted 22 percent of private nonagricultural em-ployees in 1939 and 31 percent in 1942. The influenceof this shift on total wages and salaries is augmentedby the fact that the work week has risen more in thesesame higher-paid industries and by the fact that theoccupational shifts within industries have also beenfrom lower to higher paid jobs. In addition, there hasoccurred a large rise in basic wage rates that has been
Table 5.—Annual Aveiage Salary-Wage Per Employee inNonagricultural Industries, 1939-42
(Dollars)
Industrial division
Total, all nonagricultural industries.-.Total, excluding government
Mining, total.AnthraciteBituminousMetalNonmetalOil and gas --
Manufacturing, totalFood and tobaccoPaper, printing and publishingTextiles and leatherConstruction materials and furni-
tureChemicals and petroleum refining.Machinery, transportation equip-
ment, and other metal products..Miscellaneous and rubber
Contract constructionTransportation, total
Steam railroads, Pullman, and ex-press
Water transportationStreet railwaysMotor transportation, public ware-
houses, and other transportation.Power and gasCommunicationTrade, total
RetailWholesale
Finance, totalBankingInsuranceSecurity brokerage and real estate-
Government, totalFederal1
State, county, local, and publiceducation
Service - -Miscellaneous
1939
1,2841,268
1,3941,3481,2291,4761,3821,7141,3091,2871,637943
1,0511,606
1,5511,3751,1401,654
1,8761,7701,733
1,2171,7661,5631,2201,0801, 6131, 5811, 8671,7011,2841,3931,603
1,308925
1,293
1940
1,3351,327
1,4541,2531,2971,5861,5311,7931,4261,3431,705995
1,1461,814
1,6981,4921,1861,674
1,9081,7021,760
1,2501,7941,5771,2421,0921,6771,5951,8761, 7151,3091,3861,534
1, 313958
1,322
1941
1,4531,485
1,6661,4241, 5821, 7751,7341,8611,6591.4361,8461,158
1,2861,997
2,0211.6991, 3461,779
2,0391,8101,846
1,3161,8961,5981,3331,1551, 8581,6401,8911, 7751,3461,2811,252
1,3081,0431,473
1942
1,6601,733
1,8201, 6421,7082, 0151,9711, 9952,0431,6162,0291,317
1,4422,256
2, 5532,0801,5612,043
2,2902,3622,078
1,4762,0631,6711,4351,2481,9831, 7552,0641,9411,3681,3811,390
1,3641,1601,668
Percentincrease1939-42
2937
31223937431656262440
3740
65513724
223320
21177181623111014
-1-13
42529
1 Excludes subsistence to members of the armed forces and work-relief wages.513019—43 3
of considerable importance in increasing the total wagebill as well as an increase in the total amount paid inpremium-rate overtime work. The data on averagehourly earnings reflect not only both these factors butalso shifts in occupational classifications. The increasethey show is so large, however, as to leave no questionof sizable wage-rate increases. In durable manufac-tures, for example, average hourly earnings advancedfrom 69.8 in 1939 to 94.7 cents in 1942, while in non-durables the corresponding figures were 58.2 and 72.3.
The influence of these factors upon average annualearnings per employee is shown in table 5. In almostall industries the increase between 1939 and 1942 wasvery large, the average for all nonagricultural privateindustry having been 37 percent. The few instancesof relatively small increases reflect mainly the littlechange in the length of the average work week in thoseindustries. In the case of the Federal Government/the decline in average annual salary wage was due to theincrease of the armed forces at rates of cash pay con-siderably below^ the average for government.
Corporate Profits,The data on corporate profits for 1942 are still very
incomplete so soon after the end of the year so that-only approximate estimates of corporate income canbe made at this time. When the bulk of corporationreports for 1942 have been issued, a more completeanalysis of last year's profits will appear in the Surveyof Current Business. With the data now available itappears that corporate profits after taxes were approxi-mately the same in 1942 as in 1941 when the total was7,668 million dollars. This level represents a rise ofmore than 80 percent from 1939. A moderate declinein the profits of manufacturing industries was offset bythe quite sizable increase in the earnings of transporta-tion companies. Changes among the other industries,while often sizable percentage-wise, did not bulk largein absolute terms. The failure of profits after taxesto rise with the substantial increase in output during1942 was due, of course, primarily to the substantialincrease in income and excess profits tax liabilities.While data on profits before taxes are also very in-complete at this time, present indications are that theyrose from 14.6 billion dollars in 1941 to 19.7 billionsin 1942.
That part of corporate profit disbursed to individ-uals in the form of dividend payments is not subjectto the same limitations of statistical data. Thesepayments are estimated at almost 4.0 billion dollars in1942, or 10 percent below the 1941 total and only 4percent above the 1939 level. Of course, the stabiliza-tion of dividends over the business cycle is a corporatepolicy of long standing. However, the increasedneeds of business for working capital and a policy ofbuilding up reserves for post-war adjustments and con-versions were probably additional factors in the moder-
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ate rise of dividends since 1939. This small increasein dividends as against the substantial rise of net-profits has raised corporate savings to a relativelylarge figure.
Other types of return to capital arc in the form ofinterest payments and rents and royalties. Theformer payments, very stable in recent years, areestimated at 5.4 billion dollars in 1942, an increase of2.4 percent over the preceding year and only a 5,8-percent gain over the 1939 total. The rise in interestpayments, made by the Federal Government morethan offset the decline by private enterprises resulting jfrom refunding operations. Rents and royalties, onthe other hand, increased by 1G percent between1941 and 1942 and 34 percent between 1939 and 1942.
With the drastic increase in income and excessprofits tax liabilities of corporations in recent years,it is necessary to point out tJiat the distributive sharesexcluding this item no longer adequately reveal whatis generally called the factor costs of current output.For the study of either total or percentage composi-tion of factor costs, therefore, one should use corporateprofits before taxes on income rather than net profitafter taxes. Moreover, as mentioned earlier, incomeoriginating in government should be eliminated inassessing the relative changes among the factor costsof private enterprise output. The data in the tablesare given in sufficient detail to allow statistical adjust-ment to concepts appropriate for uroblcms of this sort.
Rise of Individual Savings.The comb illation of a substantial increase in the
flow of income and a moderate increase in the dollarexpenditures of consumers produced a spectacularrise in individual savings in 1942. As may be seenin table 12, income payments to individuals rose from92.2 billion dollars in 1941 to 115.5 billions in 1942.Since there was only a relatively small increase in theabsolute amount of tax payments out of individualincomes, the sum left to consumers for spending andsaving was also materially enlarged. Inasmuch assupplies of goods were being restricted and priceswere being controlled, the major part of this increase indisposable income of individuals took the form ofincreased savings. Savings of individuals rose from13.7 billion dollars in 1941 to 26.9 billions in 1942; bythe fourth quarter of that year the annual rate ofsavings was 35.2 billion dollars.4
This vast growth of individual savings has some-times been interpreted as minimizing the inflationarydanger and as diminishing the need for anti-inflationarypolicies. No interpretation could be more unfortunatethan this.
In the first place, it is not sufficiently realized thatthe savings figure which is reflected in the statistics isthe actual amount which individuals have saved duringa given period, rather than the amount they intendedto save. This distinction is of crucial importance.
Chart 7.—Disposition of Income Payments to Individuals(Seasonally Adjusted Annual Rates)]
BILLIONS OF DOLLARS150
100 —
• Attention should be called to the direct estimates of saving published quarterlyby the Securities and Exchange Commission. They contain valuable material onthe detailed components of saving. Considering the completely different and inde-pendent approaches used, the Commerce and SEC estimates agree surprisinglywell. After allowing for conceptual differences, the SEC estimates are slightly lessthan the Commerce figures of 7.5 and 13.7 billion for 1940 and 1941, but almost 3billion dollars higher than the Commerce figure of 26.9 billion for 1942.
25
Source: U. S. Department of Commerce.
Ill periods of rising prices and incomes, individualswith incomes that are not contractually fixed find atthe end of each period that their actual income has
! exceeded their expected income and that they havedone some unintended saving because their consump-tion during the period was based on an expected incomethat was lower than the actual income they earned.
The savings figure which is registered by the statisticsincludes, therefore, an unknown amount of uninten-tional saving which is merely due to the fact that aninflationary process was in progress that raised incomesabove their expected levels. Should the inflationaryprocess stop, the savings of the next period would, inthe absence of direct controls, fall below the levelsattained during the period of inflation. In analyzingthe inflationary gap, therefore, it is inappropriate torely upon the current volume of saving as an offsetagainst inflation.
Another part of saving is contingent upon the fur-ther intensification of anti-inflationary policies. Apart of increased savings in 1942 no doubt reflects theexcess of individual income-tax accruals for 1942 overcollections of these taxes. Under present income-taxlaws the income-tax liabilities of a given calendar yearare collected during the next year so that in years ofrising incomes and increasing tax rates there is a sub-stantial excess of income-tax liabilities over collections.It is not known to what precise extent individuals setaside tax reserves on an accrual basis. But, with theincrease of income-tax liabilities due only to the increaseof rates imposed by the Revenue Act of 1942 amountingto at least 3 billion dollars, it is reasonable to supposethat some provision for payment was being made.Digitized for FRASER
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Continuance of such saving is contingent upon furtherincreases in tax rates.
The case of reductions of consumer debt that werethe result of restrictions on instalment buying is similar.Retirement of consumer debt—exclusive of lines suchas automobiles and other durable goods in which merenonavailability of goods led to a reduction—was quitelarge in 1942. The maintenance of such savings, too,is contingent upon the further intensification ratherthan the mere continuation of the anti-inflationarypolicies that gave rise to them.
Above all. it must be recognized that a substantialpart of the increased savings in no sense represented areally voluntary allocation of income by the consumer.It arose, rather, because the imposition of price controland rationing effectively restricted the amount whichthe consumer was required to spend for the goodsavailable. Since supplies of nondurables are becominggenerally restricted, and since all experience points tothe fact that, in the absence of controls, saving is afunction of nondurable consumption in real terms ratherthan in money terms, the maintenance of this t}rpe ofsaving becomes increasingly dependent upon the con-tinuation of successful and comprehensive price controland rationing. The point is merely that one does notsave easily when his basic appetites are less than nor-mally satisfied. A high level of consumers7 savingsrelative to income should thus be seen as a consequenceof anti-inflationary policies rather than as a factorallowing a relaxation of those policies.
Monetary Sources of War Finance.
Although Federal Government revenues rose sub-stantially in 1942, they were so far outpaced by expen-ditures that the largest deficit in our history was re-corded. The monetary sources from which this deficitwas directly or indirectly financed are shown in table 6.In 1941 the total savings absorbed by the Federal Gov-ernment was still less than the net savings of individualsalone. In 1942, however, individuals7 savings wereinsufficient to meet the Government's requirements sothat other components of the gross-savings flow weredrawn upon.
The decrease in private-capital outlays was, ofcourse, the main factor in increasing the gross flowof non-individual savings available to government.In addition, however, gross corporate savings, Stateand local government surplus, and social insurancereserves all increased. It must not be assumed thatthe increase in the gross-savings flow constitutes anon-inflationary source of financing the deficit. Asmentioned in connection with individuals' savings, theincrease in the gross-savings flow itself reflects in partthe inflationary movement in progress.
Table 6.—Absorption of Gross Savings by Federal Govern-ment, 1939-42l
[Billions of dollars]
Lin
e
1•734
5
67
8
910
Item
Net savings of individualsNet corporate savings- -Net business tax accrualsDepreciation a n d d e p l e t i o n
chargesCapital outlays charged to cur-
rent expense ._ _.. __ . .Other business reservesInventory revaluation adjust-
ment . . . _Adjustment for discrepancies
Gross private savingsLess: Private gross capital
formation
1939
6,0.43
6.2
.8
0
14.1
10.9
1940
7.51.81.3
6.4
.9
. :- . 9
17.4
14.7
1941
13.73.34.6
6.9
1.51.0
- 3 . 2- . 8
26. 8
19.0
1942
26.93.65.3
7.8
1.51.0
- 1 . 9- . 9
43.5
8.0
able to government.State and local budget surplusSocial insurance fund savings.
Total gross savings avail-able to Federal Govern- jment |
Net budget deficitNet expenditures in checking ac-
counts of government corpora-tions, etc.
3.2- . 31.0
2.7. 4.9
4.0
7.81.01.6
4.0
- . 817 Increase in general fund balance. _ —.6
3.8
- . 2
Increase in public debtLess: Increase in general fund
balanceEess: Other increase in public
debt not requiring savingIncrease in public debt notf
requiring savingTotal gross savings ab-
sorbed by Federal Gov-ernment
2. 5 | 3.1
- . 6 | - . 5
- . 8 j - . 4
- 1 . 4 | - . 9
3.9 4.0
10.2
1.11.6
1.6
35. i1.62.2
10.4
12.9
2.5
10.4
39. 6
3.67.0
50.2
7.0
4.0
11.0
39.3
i Detail will not necessarily add to totals because of rounding.
Notes to Tables
The following notes to the gross national product and expenditure tables representpartly a consolidation of those accompanying the articles appearing in the Survey ofCurrent Business, May and August 1942. They also cover the revisions that have beenmade in the various series, as well as the new statistical material that has been added.It should be emphasized that the estimates as a whole are preliminary since not allthe components have as yet been calculated in a definitive manner. They are de-signed to show the changes being wrought by the war, not the precise level of eachcomponent. Moreover, in order to issue them early enough to be of use in the analy-sis of current problems, the estimates must be prepared before complete source ma-terial on the most recent years becomes available. Revisions for these years are,therefore, inevitable. Finally, in estimates embracing the entire economy andprepared almost entirely from existing statistical data collected for other purposes,it is to be expected that the primary statistical sources for estimating some of the de-tails are far from adequate.
TABLE 1
War Expenditures.—Deflated by a price index prepared by the Munitions Branchof the Division of Research, War Production Board. The index was obtained bydeflating a detailed break-down of war output, including munitions and non-muni-tions,"by appropriate wholesale-price indexes. It was assumed that price changeswithin the category of munitions were self-cancelling and the index for munitionswas accordingly held constant at 100. \ While this assumption was supported bybest available evidence, it is subject to revision in the light of further work on thesubject.
Federal Nonwar Expenditures.—Components of non-war expenditures not deflatedinclude pay rolls, work-relief wages, interest, and agricultural benefits. Nonwarconstruction was deflated by an appropriate construction-cost index and the re-mainder by the Bureau of Labor Statistics' wholesale price index of commoditiesother than farm products and foods. The book-value change in the inventories ofthe Commodity Credit Corporation was deflated by dividing by a price index con-structed from the relation of book value to value in 1939 prices of most of the com-modities held by the Corporation.
State and Local Expenditu res .—Interest and pay roll components were not deflated.Construction and the remainder were deflated in the same way as were the corre-sponding components of Federal nonwar expenditures.
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Table 7.—Gross National Product or Expenditure, Quarterly, 1939-42: Seasonally Adjusted Annual Rates l
[Billions of dollars]
Item
Gross national product or expenditureGovernment expenditures
Federal GovernmentWarNonwar
State and local governmentOutput available for private use
Private gross capital formationConstruction . . .Producers' durable equipment-- .Net change in business inven-
toriesNet exports of goods and servicesNet exports and monetary use of
gold and silver" Consumers' goods and services* Durable goods
Nondurable goods*?2T Services
1939
85.715.57.21.26.18.3
70.29.83.55.0
.4.7
.260.46.1
31.922.4
II
86.616.48.31.37.08.1
70.39.23.65.2
- . 4.6
.361.06.2
32.322.5
III
88.616.18.01.46.68.1
72.510.53.75.4
.7
()G2.06.4
32.822.8
I V
1940
93.516.08.01.56.58.0
77.414.23.86.3
2.81.1
63.26.8
33.423.0
I
94.815.6
7.71.76.07.9
79.214.6
4.06.5
2.31 7
I I
93.916.08.22.06.27.9
77.812.84.26.5
. 21.5
III
. 2 I64.67.1
33.823.7
,465.07.2
34.123.7
96.616.28.32.55.87.9
80.414.54.46.8
1.91.2
.165.97.4
34.623.9
1941
109.420.913.17.65.57.8
88.417.45.19.1
2.21.0
()71.09.1
37.024.8
116.023.415.610.05.67.8
92.618.95.49.6
3.1.7
.173.79.7
38.925.2
III
122.626.218.313.64.77.8
96.519.25.68.1
3.81.2
.577.39.5
42.325.5
IV
128.832.124.218.85.47.8
96.720.35.59.0
4.9
.176.48.1
42.126.2
1942
134.339.832.127.74.47.7
94.414.24.27.1
2.0
.280.37.1
46.526.7
II
145.855.548.041.56.57.5
90.310.83.45.9
.179.55.9
46.127.5
III
157.569.061.757.14.67.3
88.55.82.44.3
- 1 . 6
.182.76.3
48.627.8
IV
168.882.375.270.15.07.2
86.41.32.03.1
- 3 . 6- . 3
85.16.4
50.728.1
1 Detail will not necessarily add to totals because of rounding.2 Less than $50,000,000.
Table 8.—National Income by Distributive Shares, Quarterly, 1939-42: Seasonally Adjusted Annual Rates !
[Billions of dollars]
| L
ine
f
1
5V"45678
Item
Total national incomeTotal compensation of employees
Salaries and wages ._ ._Supplements
Net income of proprietors . _Agricultural _Nonagricultural
Interest and net rents .Net corporate profits
1939
I
68.246.942.94.0
10.64.26.47.43.3
I I
69.047.143.2
3.910.84.16.77.33.8
I I I
71.248.044.33.7
11.24.37.07.34.6
IV
74.650.046.4
3.612.04.67.47.55.2
1940
I
75.150.446.7
3.711.94.57.57.55.3
II
76.251.147.53.6
12.04.37.77.55.7
III
78.052.849.03.7
12.04.17.97.45.8
IV
81.854.951.33.7
12.84.68.27.56.6
1941
I
85.257.453.63.7
13.45.08.57.66.7
II
93.162.558.73.8
15.06.09.07.97.7
III
99.567.263.63.6
16.36.89.58.08.0
IV
104.671.167.53.6
17.27.2
10.08.18.2
1942
I
109.075.171.63.5
18.48.3
10.18.37.1
II
115.480.577.03.4
19.28.9
10.38.37.4
III
122.486.082.83.3
20.19.8
10 48.57.8
IV
132.393.089.73.3
22.511.810.78.78.1
i Detail will not necessarily add to totals because of rounding.
Table 9.—Disposition of Income Payments, Quarterly, 1939-42: Seasonally Adjusted Annual Rates *[Billions of dollars]
Lin
e
122
567
Item
Income payments to individualsLess: Personal taxes and nontax payments-.
Federal - __ - -State and local
Equals: Disposable income of individuals...Less* Consumer expenditures - -Equals' Net savings of individuals
I
68.3.1.1
65.60.
5.
813q743
II
69.3.11
66.61.5.
1939
413q202
III
71.13.11.31.9
68.062.06.0
IV
73.3.11
70.63.7.
8139725
I
74.23.31.41.9
70.964.66.3
1940
II
75.23.31.41.9
71.865.06.9
III
76.83.31.41 9
73.565.97.6
IV
79.63.31.41.9
76. 367.29.1
I
82.84.02.01.9
78.971.07.8
1941
II
89.74.02.01.9
85.773.712.1
III
95.84.02.01,9
91.877.314.6
IV
100.44.02.01.9
96.476.420.1
1942
I
105.76.64.72.0
99.180.318.8
II
111.56.64.72.0
104.879.525.3
III
117.76.64.72.0
111.182.728.4
IV
126.96.64.72.0
120.385.135.2
i Detail will not necessarily add to totals because of rounding.
Private Construction.--Major components of private construction were deflatedseparately by appropriate construction-cost indexes.
JFProducers' Durable Equipment.—-Deflated by an index of capital equipment, pro-cessed, compiled by the National Bureau of Economic Research.
Net Change in Business Inventories.—-Business inventories are deflated as one stepin obtaining the value of the physical quantity change in terms of current prices.
Net Exports of Goods and Services.—Not deflated.
Net Exports and Monetary Use of Gold and Silver.—Not deflated.
Consumers' Goods and Services.—Price indexes were computed for the eight commod-ity groups shown in table 2 and each group deflated separately. Services were de-flated by the service breakdown of the cost-of-living index of the Bureau of LaborStatistics. Examination of the weights of the component price series of this indexindicates reasonable agreement with relative expenditures on corresponding groupsof services in 1939.
TABLE 6
Line /.—Table 12, line 11.Line 2 —Table 11, line 11.Line 8.—Table B, line 17 plus line 38.
Line *.—Table 13, line 3.Line 5.—Table 13, line 5.Line 6.—Table 13, line 4.Line 7.—Table 13, line 6.Line $.—-Table 13, line 7.Line 9.—Sum of lines 1 through 8.Line JO.—Table 10, line 8.Line 11.—Line 9 minus line 10.Line 12 — Table B, line 36 minus table A, line 23.Line IS.—Table B, line 46 plus line 47 plus line 12, plus table A, line 19 minus line 20,
minus table A, line 27 plus line 28.Line H —Sum of lines 11 through 13.Lines 15 to 18.—Treasury Bulletin.Line 19.—Line 17.Line 20— Line 16 minus table A, line 12 plus line 21, plus table A, line 13 plus line 16
plus line 17, minus table B, line 16. In 1942 these adjustments have to be reduced by96 million dollars, the Government contribution to the allowances for soldiers' de-pendents. These allowances are deducted in deriving government expenditures forgoods and services (table A, line 13), but are included in transfer payments (tableA, line 26).
Line 21 — Line 19 plus line 20.Line 22.—Line 18 minus line 21.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS 21
Table 10.—Gross National Product or Expenditure, Quarterly, 1939-42 1
[Biilions of dollars]
Lin
e I
I
1
2
3456
7
8
9101112
13
14
15
16
171819
Item
Gross national product or ex-penditure
Government expenditures forgoods and services..
Federal GovernmentWarNonwar..
State and local govern-ment ._.
Output available for privateuse _ . . . .
Private gross capital for-mation
ConstructionResidentialOther
Producers' durableequipment
Net change in businessinventories
Net exports of goodsand services. .
Net exports and mone-tary use of gold andsilver
Consumers' goods andservices-
Durable goodsNondurable goodsServices
1939
I
20.5
4.01.8.3
1.5
2.2
16.5
2.3.7.4.3
1.3
.1
. 2
14.21.37.35.6
II
21.9
4.22.1.3
1.7
2.1
17.7
2.3.9.5.4
1.3
—. 1
.2
.1
15.41.78.15.6
III
21.8
3.82.0.4
1.7
1.8
18.0
2.81.1.6.5
1.3
.2
. 2
15.21.58.05.7
IV
24.5
4.12.0.4
1.6
2.1
20.4
3.61.0.5.4
1.6
7
.3
.1
16.92.09.25.7
Total
88.6
16.07.91.46.5
8.1
72.6
10.93.62.01.6
5.5
.9
.8
.2
61.76.4
32.622.7
1940
I
22.7
3.91.9.4
1.5
2.0
18.8
3.5.8.4.4
1.6
.6
.4
15.31.57.96.0
II
23.6
4.12.0.5
1.5
2.1
19.5
3.21.1.6.5
1.6
(2)
.4
.1
16.22.08.45.9
III
23.6
3.82.1.6
1.4
1.7
19.8
3.81.3.7.6
1.7
.5
.3
16.11.78.46.0
IV
27.1
4.82.81.21.6
2.1
22.3
4.21.2.7.5
1.9
.7
.3
.1
18.02.39.76.0
Total
97.0
16.78.82.76.1
7.9
80.4
14.74.32.42.0
6.9
1.8
1.4
.3
65.77.4
34.423.9
1941
I
26.0
5.33.31.91.4
2.0
20.7
4.11.0.5.5
2.3
.6
.2
16.61.98.56.2
II
29.3
6.03.92.51.4
2.1
23.3
4.71.4. 7.6
2.4
.8
.2
18.62.69.76.3
III
30.2
6.34.63.41.2
1.7
23.9
5.01.6.9.7
2.0
1.0
.3
.1
18.92.2
10.36.4
IV
33.7
8.16.14.71.3
2,1
25.6
5.11.4.7. 7
2.3
1 2
. 2
20.52.3
11.66.5
Total
119.2
25.717.812.55.3
7.8
93.5
19.05.42.92.5
8.9
3 5
.9
.2
74.69.1
40.125.4
1942
I
32.2
10.08.06.91.1
2 0
22.2
3.4.9.5.4
1.8
.5
.1
.1
18.81.4
10.76.7
II
36.5
14.012.010.41.6
2.0
22.5
2.7.9.5.4
1.5
.2
.1
19.81.5
11.46.9
III
38.8
17.015.414.31 2
1.6
21.8
1.6
'.'iA
1.1
_ 4
.1
20.31.5
11.96.9
I V
44.0
20.718.817.5
1.3
1.9
23.3
.3
.5
.2
.3
.8
- 9
— 1
23.02.0
14.07.0
Total
151.6
61.754.249.1
5.1
7.4
89.9
8.03.01.51.6
5.1
— 6
.4
.1
81.96.4
48.027.5
1 Detail will not necessarily add to totals because of rounding.2 Less than $50,000,000.
Table 11.—National Income by Distributive Shares, Quarterly, 1939-42 *[Billions of dollars]
Lin
e
12
345r,7
1011
Item
Total national incomeTotal compensation of em-
ployeesSalaries and wagesSupplements ._.
Net income of proprietorsAgriculturalNonagricultural.
Interest and net rentsNet corporate profit
Dividends _Savings
I
16.6
11.610.6LO2.5.9
1.61.8.7. 8
i
II
17.2
11.910.91.02.6
91.71.9
8.8
1939
III
17.6
11.810.9
.92.91.11.71.81.1.8. 3
IV
19.4
12.811.9
.93.21 31.81.91.61.4
9
Total
70.8
48.144.23.8
11.24 36.97.44 23.8
.4
I
18.3
12.411.5
.92.91 01.91.81.2.93
II
18.8
12.811.9
.92.8.9
1.91.91.3.94
1940
I I I
19.3
13.012.1
.93.11.12.01.81.4.9. 5
IV
21.4
14.113.2
.93.41.42.01.91.91.4. 5
Total
77.8
52.448.73.7
12.24.47.87.55.84.01.8
I
20.8
14.313.31.03.21 l2.11.81 6.9.6
II
23.0
15.714.71.03.41.22.32.11.91.0. 9
1941
III
24.7
16.615.7
.94.21.82.41.92.01.01.1
IV
27.1
18.017.1
.94.7
2.52.12.21.6
7
Total
95.6
64.660.93.7
15.56 29.37.97.74.43 3
I
26.3
18.417.5
.94.21 72.52.01.7.9.8
II
28.5
20.119.3
.94.41 82.62.21.8.9.9
1942
III
30 9
21.620.8
.85.32.72.62.02.0.9
1 0
IV
34 1
23.522.7
.86.23.52.72.32.21.2
9
Total
119 8
83.780.33.4
20.19.7
10.48.47.64.03 6
1 Detail will not necessarily add to totals because of rounding.3 Less than $50,000,000.
Table 12.—Disposition of National Income, Quarterly. 1939-42 1
[Billions of dollars]
Lin
e 1
1234
5
6
789
1011
Item
National incomeAdd: Transfer paymentsLess: Corporate savings
Contributions to social in-surance funds
Equals: Income payments to in-dividuals
Less: Personal taxes and nontaxpayments
FederalState and local . . .
Equals: Disposable income of in-dividuals
Less: Consumer expendituresEquals: Net savings of individ-
uals
1939
I
16.6.6
- . 1
.5
16.9
1.0.4. 5
15.914.2
1.7
I I
17.2.6
(2)
.5
17.3
.8
. 3
.5
16.515.4
1.1
III
17.6.6.3
.5
17.4
.5
. 3
.3
16.915.2
1.6
IV
19.4.6.2
.5
19.3
.8
. 2
.6
18.516.9
1.6
Total
70.82.4.4
2.0
70.8
3.11.31.9
67.761.7
6.0
1940
I
18.3.7.3
.5
18.1
1.1. 5. 5
17.015.3
1.7
I I
18.8.7.4
.5
18.6
.8
. 3
. 5
17.716.2
1.5
I I I
19.3.7.5
. 5
18.9
.5
.3
. 3
18.316.1
2.3
I V
21.4.6.5
.6
20.9
.9
.3
.6
20.118.0
2.0
Total
77.82.61.8
2.1
76.5
3.31.41.9
73.265.7
7.5
I
20.8
'.6
.6
20.2
1.4.8. 5
18.916.6
2.3
I I
23.0.6.9
.6
22.1
1.0. 5. 5
21.118.6
2.5
1941
I I I
24.7.6
1.1
.7
23.6
.7
.4
.3
22.918.9
4.0
I V
27.1.6
.7
.7
26.3
1.0.4.6
25.320.5
4.8
Total
95.62.53.3
2.6
92.2
4.02.01.9
88.274.6
13.7
1942
I
26.3.7.8
.8
25.4
2.52.0
. 5
22.918.8
4.0
II
28.5.6.9
.8
27.5
1.61.0
. 5
25.919.8
6.1
III
30.9.6
1.0
.8
29.7
1.21.0
.3
28.420.3
8.2
IV
34.1.6.9
.9
32.9
1.3. 7.6
31.623.0
8.6
Total
119.82.63.6
3.3
115.5
6.64.72.0
108.881.9
26.9
* Detail will not necessarily add to totals because of rounding.J Less than $50,000,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
22 SURVEY OF CURRENT BUSINESS March 1943
Table 13.-—Relation of Gross National Products to National Income, Quarterly, 1939-42 ]
[Billions of dollars]
t.9
23
4
6
I
! i
National income j 16. 6Business tax and nontax liabilities \ 2. 4Depreciation and depletion ;
charges . . _. - i 1.6Other business reserve^ | 2Capital outlays charged to current ]
expenses > . 2Inventory revaluation adjust- |
ment 1 (2)Adjustment for discrepancies j —.3Gross national product or ex- ;
penditure j 20.5
i i
1 6
1939
I I I
17.62. 7
1.6. 2 | .2
2 ' -9
21.9
— .1— 4
21.8
IV j Total
i19.4 ! 70.82.8 10.4
1.6 I 0.2.2 .8
.2 ' -7
- 3.5
24.5
— 40
88.6
I
IS. 32.8
1.6
.2
— 1
II
18.83.0
1.6
. 2
- . 2
23.6
1940
III
19.33.2
1.60
. 2
IV
21. 43.5
1.62
|
!Total: I
77.8 20.812.4 ; 4.0
6.4 1.7
II
23.04. 5
ft i 9 ! 9
.3 .9 | .3 | .4
— 2 1 — .4 ' — .5 ! — .7- . 8 | .2
23. 6 27.1
- . 9 - . 5
97.0 ; 26.0:
.2
29.3
1941
I I I
24.74.8
1.82
.4
q
- . 8
30.2
IV
27.15.0
1.83
33.7
j
Total I
95.618.3
6.91 0
1.5
- 3 . 2- 8
119.2
26.35.6
1.93
.3
- . 9- 1 . 3
32.2
II
28.55.9
1.9
1942
III
30.96.2
2,03 3
.4
.2
36.5
.4
— 1
38.8
IV
34. 1
2, 0.3
.4
.9
44.0
Total
119.824.2
7.81 0
1.5
151.6
1 Detail will not necessarily add to totals because of rounding.2 Less than $50,000,000.
Table 14.—National Income, by Industrial Divisions, 1929-42[Millions of dollars]
Industrial division
Total national income_
1929 1930
83, 326 68, 858
Agriculture 6, 772Mining, total 1,919
Anthracite 273Bituminous coal 656 jMetal 36G INonmetal I 207 |Oilandgas I 417 I
Manufacturing, total 1 20,897Food, beverages and tobacco 2,478 jPaper, printing and publishing 2,191Textiles and leather 3,187Construction materials and furniture - 2,169Chemicals and petroleum refining j 1,833Machinery, transportation equipment and !
other metal products i 8,169M iscellaneous and rubber I 870
Contract construction | 3, 547Transportation, total I 6,982
Steam railroads, Pullman and express \ 4,652Water transportation 470Street railways 661Motor transportation, public warehouses and
other transportation. 1,199Power and gas__- 1,427Communication J 1,046Trade, total I 11,878
Retail ! 7,731Wholesale 4,147
Finance, totalBankingInsuranceSecurity brokerage and real estate
Government, totalFederal1
State, county, local and public education 4,249Serviced .". j 8.315M iscellaneous 4,0(30
1931
54,479
5,1971,361
266526164164241
15. 4712. 2802,0262,1421,5191, 273
5,646 I585 j
2,616 I0,051 I3,871 |
416 i626
1932 1933 1934 1935 1930 1937
39,963 j 42,322 j 49,455
1,1381,3261,0139,7196, 4773, 242
I
10,1361,4541,267 !7,415 i6,407 i2,158
8, 6511,2241,1450, 2826, 5212.1404,38!7, 4613, 471
3,5698112133844910065
10.5441,8281, 6091,837868759
3, 225418
1, 7774, 9022, 975343509
1,0751,242909
7.7945.318 |,470 '
7, 025• 814 ;
1,037 I5,174 I6, 595 I2,214 |4,381 |6.340 I2,971 !
2,354539141247-1245118
6,2171,4191,1101,204346621
1, 290227854
3,6342. 086254128
8661,097726
5, 5523,8121, 740
2,9926051302734324135
8,4101,5801.166i; 869567753
3,4749901604269578231
10,8031.9331,3662,004785899
55, 719 64, 924 71, 5134, 9631,02513244913186227 j
12,790 !2,007 I1,4902,300 j997 I
1,021 !
2,128347541
3,6062,120
280371
3,
32
333483668798230304379
4
2
392583879084409362353
5, 300624955
3,7216, 5572, 2284.3294, 7302, 403
8351,027639
6, 3224,2532,0694, 768485905
3,3786, 6312, 6833, 9484, 5892,192
8851.128680
7, 4285, 0722, 3565,132563 i960
3.6097>>52 j3,720 i3.932 j5.183 I2.519 !
9601,1.53724
8,1535, 4662. 6875, 680711
1, 0263,943 I7,9803,905 i4.075 !5,5962, 692
5,3311, 398136531207134 !390
15, 6112,2491, 6762, 5421,3431,249
5.849' 7031,4474, 7672.835423397
1,1121, 244778
9, 4266. 2563,1700, 483830
1,0974, 5569,2914, 9974, 2946, 2542,894
1938
64, 200
1939 1940 1941 1942
6.1061,729128566339163533
IS, 0162.2841,8762,6101,5901,474
7,403779
1, 7935, 0802,986492382
1.2201, 405862
10,4396. 932 I3, 5076.897967
1.224 !4.706 !9,1144, 6234.4916. 9043,168
4,9731,218104467189117341
13,5702,1921,6192,1751,2441,145
4, 573622
3,7714. 3232, 458396331
1,1381,370865
9, 8236.4843, 3396, 691927 j
1,216 i4,548 j9,869 I5,143 14,726 j6,6573,070 I
70
51
16,2,1,2,1,
829
230418117503244138416965379729711531
77,809 I 95,618 119,791
1, 432
6,292841
1,9424,9502, 830479 I348
1,293 !1,459925
10,9567,1353,8216,796978
1,1934, 6259,9875,1694,8186, 9573,244
5,312 I1,762127615 I299 I158 i563 I
20,254 |2,484 |1,905 !2,849 i1,809 |1.802 j
8.453!'9522,138 !5,4123,096 I540 i379 !
1,397 i1, 587937
12, 2227,8784,3446, 9731,0941,1424,73710,3035,3674,9367.4493,460
7,3382,106152778358202016
27, 6222,8282 175?8022,3682,201
12, 8R&1,300 i3,466 ;6,492 !3.837 !
624 I379 !
1
780017434257177659377173109503433070019182
11,0442,448
180951382241694
36, 6673,1972, 2394, 2912,6282,794
19,9011,6174,8518,0494,912
759450
1.9281,6711,065
15,65910,063
5, 5968, 333I, 5281.2995, 506
16, 39111,2945,0979,1524,461
1 Includes work-relief wages shown separately in table 15; excludes subsistence to members of the armed forces.
Table 15—National Income by Distributive Shares, 1929-42[Millions of dollars]
Type of share
Total national income...
Total compensation of employeesTotal salaries and wages
Salaries and wages in private industrySalaries and wages in governmental
agencies*Total supplements to salaries and wages
Work-relief wages 2
Social Security contributions of employers3-Other labor income *
Xet income of incorporated businessDividendsB usiness savings
Net income of proprietors «AgricultureOther
InterestNet rents and royalties
Addendum: Net income of incorporated businessbefore Federal taxes
1929
83, 326
53,06652. 55647, 546
5,010510
8, 387
1930
68, 858
48,18047, 65042, 510
5,140530
5107,1945. 9441, 250
13, 6305,1748,4565,8673, 569
5301,7235,634
-3 ,91110,018
3, 7580,2606.0482, 889
•441
1931
54, 479
40, 60540, 02131,895
5,12558459
525-1,6144,280
-5,8947,2642,4164, 8485,9572,267
1932
39,963
502-3,6462,727
-6,3734, 8491,4883,3615,6281,471
j-1,221 -3,364I
1933
42, 322
29, 83128, 69824, 246
4,4521,133656
477-6252,193
-2, 8186, 5492, 2244,3255,1101, 457
-208
49, 455
34, 47532, 59627, 979
4,6171,8791,387
1935
55, 719
492549
2, 725-2, 1767,5262,6674, 8595,1761, 729
37. 50935, 61630, 590
5, 0261,8931,329
5641,6682,931
-1,2639, 4764,0885,3885,1061, 960
1,135 ! 2,403
1936
64,924 j 71,513
48, 26244, 98939. 267
43, 02439, 97034, 508
5,4623,0542,155303596
3, 7674,655-888
10, 8704,4016,4695,1302,133
4, 958
5, 7223,2731,6391,020614
3,9434, 745-80211,9195,0866, 8335,1462,243
5,219
1938
64, 200
45,10541,18135,183
5,9983,9242,0941,185645
1,6583,172
-1,51410,1224,0136,1095,0682,247
2, 518
1939
70, 829
48,07544, 23637, 990
6, 2463,8391,8701,286633
4,2283, 806
42211,1514,2916,8605.0852, 290
5, 400
1940
77,809
52, 35248,68641,915
6,7713,6661,5771,358
7315, 8444,0461,798
12,1604,3027, 7985,1292,324
S, 388
95, 618 119,791
04,56100,88252, 625
8, 2573,6791,2131,686
7807,6684,4033, 265
15,4986,2459,2535,2502,641
83, 66880, 29366, 757
13,5363,375
5862,039
7507, 6003,9533,647
20,0749,710
10, 3645, 3783,071
11,408 - 19,700
1 Excludes subsistence to members of the armed forces.2 Includes pay rolls and maintenance of Civilian Conservation Corps enrollees and payrolls of Civil Works Administration, Federal Emergency Relief Administration,
and the Federal Works Program projects plus administrative pay rolls outside of Washington, D. C , for all except the Federal Works Program, Area office employees andtheir pay rolls under the Federal Works Program are included with the regular Federal Government employment and pay-roll figures.
3 Includes contributions to Railroad Retirement and Railroad Unemployment Compensation Funds.* Employer contributions to pension funds under private plans and under systems for government employees, compensation for industrial injuries, etc.* Includes owners' remuneration for personal services and capital.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS 23
Table 16.—National Income by Minor Industrial Divisions and Distributive Shares, 1929, 1932, and 1939-42[Millions of dollars]
\^SST\'^SS'Industry and year : Total -
| TotalSal a
only
jI Inter-
Net cst and! income net
" | of pro-1 rentsi I d"Divi-
Total , dends •\ only i
prie-tors
All industries: i \1929 I 83,326 153,006 I 52,55619321939..1940-.1941 .1942..
39,963 31, 60170,829 48,07577,809 152,35295,618 164,561
Agriculture:192919321939194019411942
Mining, total:192919321939 .....194019411942
Anthracite:1929193219391940 --1941.1942
Bituminous coal:192919321939 _'..194019411942
Metal:192919321939194019411942
N on metal:192919321939191019411942
Oil and gas:1929 .19321939194019411942
Manufacturing, total:1929 .19321939194019411942
Food, beverages and to-bacco:
192919321939194019411942
Taper, printing and pub-lishing:
192919321939194019411912
Textiles and leather:192919321939194019411942
Construction materialsand furniture:
192919321939194019411942
6,7722, 3545, 2305, 3127, 33811,044
1,019539
1, 4181, 7622,106
1,286 ;586 !740 |
896 I1,127 |
1,635 I730
1,245 I1,404 I1,694
31,02744, 23648, 68660, 88280, 293
1, 284584738751893
1,124
1,602709
1, 1781,3321, 609
7,194 !-3,646 !
4, 2285, 8447,6687, 600
5, 9442,7273, 8064,0464,4033,953
13, 6304, 84911,15112,16015, 49820,074
A^f LUVI •*• ? W S. I t j \J\J \J j X X*_*
2,448 1,981 1 1,886 | 126
20615
Ml31 I168 j
- 2 0 7 I46 !114145
273141 |117
263149 I
257116120
127 f122 ! 114152 j 140 ! 131180 167 | 156
2-18-18
656247 i503 !015
951
366-12244299358382
20745138158202241 j
417 I118416 I563616694
I20, 8976,21716, 965
652286508599754925
rm59160193240284
154 !69 !110129170 I211 !
350 !167 |339 I361390 j394
16, 3827,67313, 828
20,254 116,06627,622 122, 42436,667 j 31,876
2,4781,4192,3792,4842,8283,197
2,1911,1101,7291.9052,1752, 239
3,1871,2042, 7112, 8493,8024, 291
2, 169346
1, 5311,8092,3682,628
1,8441,202 •'1,754 i1,851 |2,111 !2,477 I
1, 7951,1701,4971.5821, 8061.952
2,9071,5342, 4702,5733,3813,893
1,941644
1,3221, 5051,9772,304
636275477564712876
21257152184229272
15168105124163203
346163324316374379
16, 2997, 59713,18915,37221, 50330, 706
1,8351,1911,6711,761 !2,009 12,367 :
1,792 i1,1671,4421,5261, 743
1,889 |j
2,902 I1,529 t2,3692,474 !3,253 !3,755 !
— 12-45-12
81315
146-747897109 i88
161720IS
-3-43
36581177240291270
166
5,1741, 4884, 2914,3626, 2459,710
i71 |
- 2 293 I
213 !236 '312
9151817
1951195111135126
582118192319
69365592111104
3,885 ! 2,743-1,612 | 1,119
2,588 j 1,8423,531 I 2.0264,454 I 2,1273.989 j 1,759
519154 !
503 |503 !570 j503 i
282- 9 6160230271179
170- 3 0 4
170193325293
1,925636 i
1,260 !
1,439 !1,891 |2, 209
159- 2 8 3
153227293195
402292371366384350
19080
12513314057
21674
109114120114
18142 !
131 !155 |163 ;134
-i66
2- 3 {
i!8 I
- 1 i
56
60- 1 5
87201221295
418- 3 8315423501
68 I298694 |
111123 !
ii
82 I5 I
46677284 |
99 !- 2 6 |
87 !97 I
49- 3 0
426384
116
and
9,436 jj7,099 I!7,375 ||7,453 |7,891 ||8,449 | j
292274184179176176
453834313129
810
666
159
109
212194234234243
473436363634
31 j262626 I24
110
201514141413
^Jsssr »SrIndus t ry and year
M a mif actur i ng— Con.Chemicals and petro-
leum refining:192919321939 .194019411942
Machinery, transporta-tion equipment,and other metalproducts:
1929193219391940..19411942
Miscellaneous and rub-ber:
19291932193919401941.1942.....
Contract construction:192919321939.194019411942
Transi ortation, total:19291932..193919401941 __..1942 .
Steam railroads. Pull-man and express:
19291932..19391940J941.1912
Water transportation:1929. . . . .1932...1939191019411942
Street rai lways:1929.19321939.1940.19411942
Motor transportation,public warehouses,and other transpor-tation:
1929193219391940..-19411942
Power and gas:1929193219391940 .1941 .1942
Communication:1929 . . ..19321939 , .194019411942 .....
Trade, total:192919321939 .194019411942.
Total •ri^™di Told i dead's i t r ' r
; Inter-Net j estand
. j income| net; of pro-1 rents
r.;,.; pric- and
1, 833621
1,4821,8022. 2612.794
1,000611970
1,187 !557
991599912
1,1191, 474
2, 204 I 2 098
8, 169 i 6, 151 |1,290 2,1586,292 5,142 |8,453 6,584 j12,888 110,51419,901 ; 17, 627 I
870227841952
1,3001
744354073784
1,078.,617 j 1,419
3, 547854
1,9422,1383,4664, 851
6,9823,6344,9505,4126, 4928, 049
4.6522,086 :,2,830 !3, 096 I3,837 !
4,912
470 I254 !479 |540 !624 I759 I
661 I428 |348 |379 I379 j450 !
2,995 !846 j
1.6331,7672, 908
742351634737
1,0161, 344
2,947806 |
1,5501,6742,753
4,181
4,8962.8813, 8374,0854, 6985. 743
3,961
4, 7922,7913,6203, 8384,4215, 419
3, 2991,7422,2332,3692,8003,497
419258430469512646
470316326330327390
1,199866
1,2931,3971,6521,928
1,4271,0971,4591,5871,7801,671
1,046726925937
1,017 I1, 065 i
708565848917
1,0591,210
665491709763822831
721550675691766848
11,8785,55210,9561
8,8015,631
-,-_ . 8,05912,222 | 8,69114,434 10,15615,659 11,086
3, 228 i1,686 I2,090 J2,207 i2,612 i3, 266 I
246 I416 !451 I494 I626 !
312312315312374
692547802865
1,0031,153
656483671723783792
534622637 j711792 !
8,784 I5,6137,772 !8,4079,83610,761 '
436535619509 !
6 1122, 1244,9010, 31610.11717,' 044
1,888-9051,1,22
031709190087
97-141135134186163
92-96143995120
1,168-94 !
351519911
1,357
843-166245386658
1, 045
41- 2 03556
100
10122
- 5 3-24-21- 1 2
183 I70 !124 I131 i177 |224 j
404 |159416 j489618 i526 !
I257108185178177149
607-768597767863837 '
, 149307 i679 I838 |880 I735
7073 :61 '
6019 :2923 |2829 !
349259282358365
1 roya' ties
4sG280342350367
•>l
1141821
-1450 i
108 i116 '
-3 !35 |16 j18 !20 j
445 |95289326 '456 i544 j
2.0 |212 !399 j338 '405 i485 !
439 i ....
156 I377190 ;
i3 j4 i
291209305333400480
148 :-82 i.6
173;180 :9 4 ;79 !
124 !120 |
1413449484482475423
|168 |192 :175- 1-175170 ,166 ; !
566 2,411 !214 634 |459 I 2,240 I465 2,702 ;564 j 3,349 i580 3.675
18ISIf
02363o453440478404
510510352341379370
1010
10101014
358447334335340314
6S6805687468
59
See footnotes at end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
24 SURVEY OF CURRENT BUSINESS March 1943
Table 16.—National Income by Minor Industrial Divisions and Distributive Shares, 1929, 1932, and 1939-42—Continued[Millions of dollars]
Industrv and Tear
Trade, total- Con.Retail:
1929.19321939.1940.19411942
Wholesale:1929.1932.1939.1940.19411942.
Finance, total:1929.1932.1939...1940.1941.1942.
Banking19291932.1939.1910.1941.1942.
Insurance:1929-1932.1939.1940-1941.1942.
Security brokerage andreal estate:
1929 „1932—1939
Industry and year
Finance—Continued.Security brokerage and
real estate—Con.19401941 .1942
Government, total:192919321939 .1940-.19411942 .
Federal:2
19291932 .1939... . .1940 .1941 . .1942
State, county, local andpublic education:
1929-932 . . .193919401941.
Totalincome
1942..
1,
1.1,1,1,
7
3',4,
267 j955193142173299
415721625
Service:1929193219391940
4,7375,1095,506
6,4076, 5579,98710,30311, 50316, 391
2,1582, 2285,1695,3676,43311, 294
4,2494, 3294,818
Compensationof employees
Total
754799823
5,1545,2748,4568,7139,848
14,439
Sala-ries andwagesonlv
1942Miscellaneous:
1929.- „ .19321939194019411942
4,936 !5,070 I5,097
8,3154,7306,9577, 4498,0199,152
4,0002,4033,2443,4604,1824,461
i 1,4891, 5904,1694,2915,2899,842
3,6653,6844,2874,4224, 5594, 597
5, 4183,4744,6404,9885,2746,058
2,2071,4531,9152,0172,4792,686
738782
5,0104,9716,2466,7718,257
13, 536
1,3981,3592,0782,4703,8259,071
3,6123,6124,1684,3014,4324,465
5,3923,4454,5114,8615.1505,925
2,1981,4371,8911,9962,4582,666
Net income ofincorporated
business
Total
132-218
4875
111125
-178-403-298-247-244-235
Divi-dendsonly
147151136
Netincomeof pro-prie-tors
11910776
852176799691
- 9 1-136-121-186-180-170
Inter-est and
netrentsand
royal-ties i
2,7171,4392,2262,3382, 5832,922
1,318812
1,0631,1191,3871,492
3,9274,2484,627
1,2531,2831,5311,5901,6551,952
669638
1, 0001,0761,1441,452
584645531514511500
483543485147
653541564571560518
1 All rents and royalties are included in the "security brokerage and real estate"ndustry. For the estimates of rents and royalties see table 15.
TABLE 10
Line 1.—Figure for year 1939: Table 13, line 8; other figures: Line 2 plus line 7.Line 2.—Line 3 plus line 6.Line 3.—Line 4 plus line 5.Line 4.—-Table A, line 14.Line 5.—Table A, line 22.Line 6.—Table A, line 25.Line 7.—Line 8 plus line 16.Line 8.—Line 9 plus 12 plus 13 plus 14 plus 15.Line 9.—Line 10 plus line 11.Line 10.—Cf. Survey of Current Business, May and August 1942, and current issues.Line 11.— Same source; includes construction by public-service enterprises.Line If.—Annual estimates published in Survey of Current Business, April 1942,
revised. Adjustments were made to eliminate government purchases for 1940, 1941,and 1942. For prior years the amount of government purchases included in thecommodity flow is relatively small. Quarterly data were obtained by interpolatingthe annual data by relevant series on shipments, sales, etc., of groups of producers'durable equipment.
Line 13.—Accounting figures for inventories, except farm inventories, from Statis-tics of Income were supplemented with estimates of inventories held by noncorporateenterprise. Deflated by price indexes representing the lower of cost or market.Changes in the deflated scries were multiplied by annual average price indexes toobtain the current value of the physical change. Farm inventories are from theBureau of Agricultural Economics and also represent changes in physical quantitiesat current prices. The annual estimates (except farm) were distributed among thefour quarters in proportion to the quarterly change in the total book value of inven-tories. The quarterly book values were obtained by interpolating annual year-endestimates by estimates of the book value of manufacturing, wholesale, and retailtrade inventories prepared in the Current Business Analysis Unit of the Bureau ofForeign and Domestic Commerce.
Line 14.—1939 and 1940: Estimates of the Department of Commerce interpolatedby monthly estimates prepared in the Division of Research and Statistics of theFederal Reserve Board. 1941 and 1942: Federal Reserve Board. Lend-Leaseexports excluded throughout.
Line 15.—Net exports of gold and silver plus changes in the monetary stock ofgold and silver. Changes in the monetary stock of silver were estimated by deduct-ing exports of silver from the acquisitions of domestic and foreign silver by mint andassay offices.
2 Includes work relief wages shown separately in table 15; excludes subsistence tomembers of the armed forces.
Lines 16 to 19.—The method of deriving consumer expenditures has been changedfrom that described in the Survey of Current Business, May and August 1942.Although the bulk of the work of estimating consumer expenditures directly hasbeen completed, the estimates being derived by two methods have not yet beenreconciled and are not in final form. Consequently, it was most convenient to obtainthe total of consumer expenditures for 1939 as previously by deducting governmentand gross capital expenditures from gross national product as estimated in table 13.Consumer expenditures thus obtained as a residual lay between the two preliminaryestimates obtained by direct methods.
Annual estimates after 1939 and the quarterly estimates, however, were obtainedfrom the 1939 figure by means of the changes shown in "Monthly Estimates of TotalConsumers' Expenditures, 1935-42," Survey of Current Business, October 1942, afterthe following conceptual adjustments had been made: (1) Depreciation on owner-occupied houses was deducted, (2) gifts of individuals to nonprofit institutions and asmall allowance for consumption expenditure of institutions out of endowment in-come were added, and (3) personal remittances to foreign countries were added.The break-down of consumers' expenditures for goods was derived by adjusting theestimates for each group obtained by the two direct methods to the totals describedabove.
TABLE 11
This table presents national income by quarters in the form in which annual datahave regularly been published. Quarterly figures were first published and describedin the Survey of Current Business for June 1942.
TABLE 12
Line 1.—Table 11, line 1.Line 2.—Table A, line 29.LineS.—Table 11, line 11.Line 4.—Table B, line 48.Line .5.—Line 1 plus line 2 minus line 3 minus line 4.Line 6.—Line 7 plus line 8.Line 7.—Table B, line 22.Line S.—Table B, line 43.Line 9.—Line 5 minus line 0.Line 10— Table 10, line 16.Line It.—Line 9 minus line 10.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SUEVEY OF CURRENT BUSINESS 25
Table A.—Derivation of Government Expenditure Series,Calendar Years, 1939-42 l
[Billions of dollars]
13
22
Item
I. Federal budget expenditures:Interest on public debt . . .Social Security programVeterans' AdministrationAids to agriculture ...Public worksWork relief and Civilian Conservation
CorpsOther
Total nonwar expendituresWar expenditures
Total budget expendituresII. Derivation of war expenditure series:
Budget war expendituresWar corporations, net nonloan trans-
actionsNet prepayments, purchase of existing
assets, offshore expenditures, etc.(deduct)
Federal war expenditures on goods andservices
III. Derivation of Federal nonwar expen-diture series:
Budget nonwar expendituresC apital transactions (deduct)Refunds of taxes and duties (deduct)__Relief and veterans' pensions (deduct)Transfers to trust accounts (deduct)_._Government employees' retirement
funds, IT. S. shareCorporations, nonwar, net nonloan
transactions
Federal nonwar expenditures on goodsand services
IV. Derivation of State and local expendi-ture series:
State and local budget expenditures. __Relief (deduct)State and local expenditures on goods
and servicesV. Derivation of transfer payment series:
Pensions and relief included in budgets.Food stamps and veterans' bonusPayments from social insurance funds-
Total transfer payments
1939
1.0.5.6
1.51.1
2,1
7.51.4
8.9
1.4
1.4
7.5.4.1.7.2
6.5
8.9.8
8.1
1.5
2.4
1940
1.1.5.6
1.3
1.8
6.92.8
9.7
2.8
.1
2.7
6.9
. 1
.7
. 3
.1
. 1
6.1
8.6.7
1.5.1
1.0
2.6
1941
1.1
.61.1
1.5.8
6.412.7
19.1
12.7
.6
.8
1942
1.5.7
1.2
.9
12.5
6.4(*)
'.4
.1
.1
5.3
8.5.7
1.4. 1
2.5
6.2
49.9
56.0
49.9
1.9
2. 7
49.16.2.1.1.8.5
.1
.4
5A
8.0.6
1.5.1
1.0
2.6
1 Detail will not necessarilv add to totals because of rounding.2 Less than $50,000,000.
TABLE 13
Line /.—Table 11, line 1.Line 2.—Table B, line 21 plus line 42.Line 3.—Corporate depreciation and depletion charges from Statistics of Income,
raised to cover unincorporated business. Depreciation of rented residences ownedby individuals is based on estimates of Solomon Fabricant published in Capital Con-sumption and Adjustment. Figures on noncorporate agricultural depreciation arefrom Bureau of Agricultural Economics. Quarteily data were derived by straight-line interpolation. Estimates for recent years, for which Statistics of Income are notavailable, were derived by utilizing information on the trend of mineral production,for depletion, and of nonresidential construction and private purchases of durableproducers' goods, for business depreciation. The recent sharp increase in the totalreflects mainly the effects of the special amortization provisions of the SecondRevenue Act of 1940. Estimates of special amortization are based on statistics ofcertificates of necessity approved.
Line 4.—Charges to bad debt reserves based on Statistics of Income, raised to coverunincorporated business. Quarterly figures obtained by straight-line interpolation.Conceptually this item should include certain other business reserves but estimatesof these are not yet available.
Line 5.—Represents the portion of the outlay for producers' durable equipment(cf. table 10, line 12) estimated to have been charged to current expense. Estimatesof the percentages of various types of producers' durable equipment charged to cur-rent expense were made on the basis of the commodity tabulations of the Output ofManufactured Commodities prepared in the National Income Unit. This procedureinvolves a judgment as to the types of durable equipment that are charged to currentexpense rather than depreciated in prevailing business practice. These percentageswere applied to the estimates of expenditures on corresponding types of producers'durable equipment.
Line 0.—This item represents the difference between changes in the book value ofbusiness inventories and the physical-quantity change in those inventories expressedin current prices. Cf. note to line 13, table 10.
Line 7.—This item equals the difference between the estimates of national productderived by adding line 2 to line 6 to national income and those obtained by summingthe estimates of consumer expenditures, private gross capital formation, and govern-ment expenditures. For the year 1939 as a whole this discrepancy is zero, because forthat year total consumer expenditures were obtained as a residual by deducting fromnational product, as estimated by adding line 2 to line 6 to national income, the sum
513019—43 4
Table B.—Derivation of Government ReceiptCalendar Years, 1939-42 *
Series,
[Billions of dollars]
Lin
e
12
3
45fi
78q
10
n12
141516
17
18
1920
9122
9 ^
2526
27289Q303132333435
36
3738
39
4041
4?43
44
454647
48
Item
I. Federal budget receipts:Income and profit taxes:
Individual incomeCorporation income and profit
TotalMiscellaneous internal revenue:
Estate and giftCapital stock...Other
TotalEmployment taxesCustoms .Nontax receipts
Total budget receiptsLess: Appropriations to old-age account
Net budget receiptsII. Derivation of Federal tax and nontax series:
Total budget receiptsEmployment taxes (deduct)Capital transactions in nontax receipts (de-
duct)Excess of business tax liabilities over collec-
tions-
Total Federal tax and nontax seriesBusiness tax and nontax liabilities:
Corporation income and profitsAllother
Total . .Personal tax and nontax payments
TotalIII. State and local budget receipts:
State:Sales taxes:
GasolineGeneralOther
TotalTaxes on specific business and licensesIndividual incomeEstate and gift _Corporation incomeOther taxesNontax receipts _ _._
Property taxes (State and local)Other local taxes and nontax receipts
Total budget receiptsIV. Derivation of State and local tax and nontax
series:Total budget receipts .Excess of business tax liabilities over collections.
T otal State and local tax and nontax seriesBusiness tax and nontax liabilities:
Corporation income _All other
TotalPersonal tax and nontax payments
Total . .V. Derivation of contribution to social insurance
fund series:Employment taxes in Federal budgetOther employment taxesGovernment contributions to Government em-
ployee retirement funds
Total contributions to social insurance funds.. .
1939
0.91.0
1.9
.4
.11 8
2 3.8.32
5 5. 6
4 9
5.5
.3
4.9
1.22.4
3.61.3
4 9
8
.3
1.6.8.2.1.1.1.4
4.31.0
8.7.
8.7
8.7
0
6.6
6 81.9
8.7
.81.0
.2
2.0
1940
1.01.3
2.4
.3
.2
2 6.9.33
6 4. 6
5 8
6.40
2
1.3
6.7
2.62.7
5 3~1.4
6 7
95
.3
1.7.92
. 1
!44.41.0
9.1
9.1
9.1
••>
7.0
7 21.9
9.1
.i)1. 1
.2
2.1
1941
1.62.6
4 3
.4
.32. 7
3 41.0.4
5
9 6. 8
8 8
9.61.0
4
4.5
12.6
6.93.7
10.62.0
12 6
1 06
.4
2.0.92
.1
.2
.1
.44.51.0
9.5
9 5. 1
9.6
.37.4
7 71.9
9.6
1.01.4
2.6
1942
4.17.0
11 1
.33. 5
4 41.3. 3
L_17 4
1.0
16 4
17.41.3
1
5.1
21.0
12.14.3
16.44.7
21 0
96
.4
1.9.93
.1
.3
.1
.44.61.0
9.7
9.7. 1
9.8
.47.4
7 82.0
9.8
1.31.7
.2
3.3
1 Detail will not necessarily add to totals because of rounding.2 Less than $50,000,000.
of government expenditures and private gross capital formation. For other periodsthe discrepancy is due to the fact that the estimates of gross national product obtainedfrom the product side in the manner indicated in the notes to table 10 differ fromthose obtained by adding line 2 to line 6 to national income.
Line 8.—Sum of line 1 through line 7.
TABLES A AND B
The main function of tables A and B is to show the relation between the variousgovernment series entering the gross national product tables and published statisticson government finance.
The general manner of deriving government expenditures on goods and servicesis to eliminate from total government expenditures all those that either do not enterthe income account of the next recipient or represent transfer payments and henceare not included in national income. It may be noted that subsidies are not deductedfrom government expenditures and are, therefore, implicitly counted as a purchase ofcurrent output. This procedure is not considered the most preferable conceptually,and is adopted mainly because of lack of data.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
26 SURVEY OF CURRENT BUSINESS March 1943
For purposes of use m the gross national product tables a break-down of govern-ment receipts into business taxes and non-taxes, personal taxes and non-taxes, andcontributions to social insurance funds is found most convenient. Personal taxesand non-tax payments include all taxes and non-tax payments to government, ex-clusive of employment taxes, that are paid out of individual incomes. Businesstaxes and non-tax liabilities include corporation income and profits taxes and ail taxand non-tax liabilities to government that appear as business expense. Table Bindicates tho items included in these categories. Business taxes and non-taxes enterinto the calculation of business incomes on a liability basis. They must, therefore,be added on a liability basis to the sum of factor incomes to obtain a sum that equalsthe value of the product at market price.
TABLE A
Lines 1 to 10.— Treasury Bulletin classification.Line 11.—I Ana 9.Line 12.— Treasury Bulletin. Sources and Uses of Funds of Certain Government
Corporations and Agencies. War Corporations: Expenses, purchase and improve-ment of property owned, interest and dividends paid, and other expenditures minussale of other property acquired, interest, dividends, assessments, and othor propertyincome, and other receipts.
Line I?,.—These adjustments include net prepayments and purchases of existingassets (mainly purchases of land), that do not constitute purchases of current output,and certain olTshore expenditures that do not find reflection in the balance of pay-ments on current account. Also includes Government contribution to allowancesfor soldiers' dependents and several minor items not constituting expenditures ongoods and services.
Line 14.-— Line 11 plus line 12 minus line 13.Line IS.—"LineS.Line 16.— Daily Treasury Statement and U. S. Budget. Includes loan transactions,
and subscriptions to and repayments of capital in general expenditures and revolvingfunds. Purchases of land estimated from U. S. Budget.
Line 17.—Daily Treasury Statement. •Line 18.—Social Security Board and Veterans' Administration. Relief includes
estimated Federal share of special types of public assistance and subsistence pay-ments certified by the Farm Security Administration.
Line 19.—Daily Treasury Statement.Line 20,—Daily Treasury Statemeitt.--Yisc{\\ year figures equally distributed over
quarters.Line 21.— Treasury Bulletin. Sources and Uses of Funds of Certain Government
Corporations and Agencies. Reconstruction Finance Corporation group (includingReconstruction Finance Corporation, .Disaster Loan Corporation, Federal NationalMortgage Association, and RFC Mortgage Company): Expenses, interest and divi-dends paid, and other expenditures minus interest, dividends, assessments, and prop-erty income, and other receipts. Commodity Credit Corporation: Same itoius pluspurchase and improvements of property and loans minus sale of other property ac-quired and repayment of loans. Inclusion of latter items for the Commodity CreditCorporation is due to the fact that property transactions refer to items that are partof current production and that loans by the Commodity Credit Corporation are partof agricultural income.
Line 22.—Lines 15 minus 16 minus 17 minus 18 minus 19, plus 20 plus 21.Line 23— Line 24 plus line 25.Line 24.—Social Security Board. General relief and estimated State and local
share of special types of public assistance.Line 25.—The basic information was obtained mainly from the publications of the
Bureau of the Census, Division of State and Local Governments. The statisticscover fiscal years ended in a given calendar year. It was assumed that all fiscalyears end on June 30. This assumption is satisfactory for school districts, but notfor other units. To derive figures that were comparable for the various years, toeliminate duplication between State and local governments, and to eliminate expen-ditures that do not constitute expenditures on goods and services, numerous modifi-cations had to be made in the published figures of State-cost payments, 1939-41.These included adjustments for local shares of State-collected taxes, grants, relief,pensions, State contributions to pension funds, unemployment compensation bene-fits, and increases in unemployment compensation reserves. Adjustments in 1941differed from adjustments required in previous years owing to changes in the presen-tation of the basic statistics. Local expenditures in 1941 were adjusted for relief,pensions, and unemployment compensation benefits and increases in reserves toobtain expenditures on goods and services. State plus local expenditures on goodsand services in fiscal year 1941 were then broken into four components; Interest,education, construction, and all other, a residual. The same was done for local ex-penditures separately. The interest components were extrapolated by net debt(Indebtedness in Me U. S., 1929-41, Bureau of Foreign and Domestic Commerce) anddistributed equally among quarters. The education components were extrapolatedannually and quarterly by education pay rolls (National Income Unit). Quarterlyconstruction figures were based on estimates of the National Income Unit. The"all other" component for local units was extrapolated annually by pay rolls exclud-ing education. Then (State plus local total expenditures) minus (State plus localconstruction, education, and interest components) equals (State plus local''all other").The total ''all other" component was put on a quarterly basis by State and localpay lolls, with adjustment of quarterly figures secured from pay roll indexes to fiscalyear totals as secured above and adjustment for the break between last and firstquarters of adjoining fiscal years. State and local components were extrapolated todate from fiscal year 1941 by the same series.
In each ease, expenditures from grants are included in expenditures of the levelof government making the grant.
Line 00.—Line 18 plus line 24 plus government contribution to allowance for sol-diers' dependents included in line 9.
Line £7.—Agricultural Marketing Administration and Dally Treasury Statement.These payments are made from trust funds and do not appear as budget expenditures.
Line 28.—Social Security Board, Railroad Retirement Board, Civil Service Com-mission, and data of the Department of Commerce. Comprises benefit paymentsunder Social Security Act and Unemployment Compensation Act, the special mil-road schemes, and retirement payments to Federal, State and local employees.
Line 29.—Sum of line 20 through line 28.
TABLE B
Lines 1 to 13.—Daily Treasury Statement and Reports on Collections of InternalRevenue.
Line i4.—Line 11.I Line 15.—Line 8.I Line 16.—Daily Treasury Statement, Treasury Bulletin, and U. S. Budget. IncludesI return of surplus funds of Government corporations, seignorage, and proceeds of salesI of securities owned by Government.i Line 17.—Corporation income and excess profits taxes: Excess of liabilities as givenI in Statistics of Income, and as estimated from data on corporate profits for 1942, overI current collections of these taxes. Capital-stock tax, fiscal year collections allocated! to previous calendar year. Excise, stamp taxes, and customs: Collections lagged 1I month. Tax on the use of motor vehicles and boats: Fiscal year collections of the
portion of this tax estimated to be paid by business are evenly allocated among thequarters of the fiscal year.
Line 18.—Line 14 minus line 15 minus line 16 plus line 17.Line 19.—Line 2 plus portion of line 17 representing excess of corporation income
and excess profits tax liabilities over collections.Line £0.—Line 5 plus line 6 exclusive of portion of tax on use of motor vehicles and
boats estimated to be paid by individuals plus line 9 plus portion of line 10 estimatedto be paid by business plus portion of line 17 representing the excess of liabilities overcollections of these taxes.
Line 21.—Line 19 plus line 20.Line 22.—Line 1 plus line 4 plus portion of tax on use of motor vehicles and bouts
estimated to be paid by individuals plus portion of line 10 estimated to be paid byindividuals.
Line £1—Line 21 plus line 22 equals line 18.Lines 24. to 36.—For general source reference and assumption regarding fiscal year
endings, see note to line 25 of table A. Calendar-year collections of business taxesfor which annual liability and collections coincide were secured by totaling liabilitiesfor the four quarters of the calendar year. Where annual liability and collectionsdo not coincide, the quarterly liability was shifted to obtain taxes on a collectionbasis. This procedure, although imperfect, gives better results than uniform use ofmoving averages of fiscal-year collections to obtain calendar-year collections. Formethods of deriving quarterly business-tax liabilities and personal-tax collections, cf.notes to lines 40, 41 and 43.
Line 26,—Includes taxes on alcoholic beverages, tobacco, soft drinks, admissionsand other commodities.
Line 27.—Line 24 plus line 25 plus line 20.Line 28.—Includes the group in State Tax Collections: 1941 plus motor vehicle and
hunting and fishing licenses.Line 32.—Includes poll, severance and documentary and miscellaneous taxes.Line 34.—Estimates of rise National Income Unit made in connection with forth-
coming study on housing expenditures.Line 35.—Other local taxes are the residual between total taxes (1941 figure extra-
polated by National Industrial Conference Board estimates of local-tax collections)and property taxes (cf. note to line 34). Local non-tax receipts for years previous to1941 were estimated with the aid of data for cities over 100,000.
Line 36.—Sum of line 27 through 35.Line 37.—Line 36,Line 39.—Line 37 plus line 38.Line 40.—Estimated calendar-year collections distributed over quarters of previous
calendar year according to quarterly corporate profits after taxes.Line 41.—Includes line 27 plus portion of lines 28, 32, 33, 34 and 35 estimated to be
paid by businesses. Wherever possible, fiscal-year collections were put on a quarterl yliability basis by using series corresponding to the incurrence of liability. For exam-ple, in the case of sales taxes, liability for which is measured by receipts, relevantsales series were used
Line 42— Line 40 DIUS line 41.Line 43.—Line 29 plus 30 plus portions of 28, 32, 33, 34, and 35 estimated to be paid
by individuals. Personal-income taxes and motor-vehicle licenses distributedquarterly on the basis of information contained in Tax Systems of the World, Forother taxes fiscal-year totals were distributed approximately equally among thefour quarters of the fiscal year.
Line 44.—Line 42 olus line 43 equals line 39.Line 45.—Line 8. Includes old age insurance tax, Federal unemployment insurance
tax, Railroad Retirement tax, and the 10 percent of the Railroad UnemploymentInsurance contribution which is covered into the Budget of the Federal Government.
Line 46.—Line 48 minus line 45 minus line 47. Includes State unemploymentinsurance taxes, 90 percent of the Railroad Unemployment insurance contribution,and employee contributions to Federal, State and local government employee retire-ment systems.
Line 47.—Includes Federal, State and local government contributions to govern-ment employee retirement systems.
Line 48.—Lines 45 through 47. Social Security Board, Railroad RetirementBoard, Civil Service Commission, and data of the Department of Commerce. Con-tributions to social insurance funds are on an accrual rather than a collection basis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 10-13 SURVEY OF CURRENT BUSINESS 27
NEW OR REVISED SERIESTABLE 1.—INCOME PAYMENTS1
Indexes adjusted(1935-39-100) Amount (millions of dollars:
Year and month
1939JanuaryFebruarvMarch.. .April. __._M a yJune. . .JulyAugustSeptember . . . .OctoberNovemberDecember . . .
Total
MomhJv avrrace .
1940JanuaryFebruary...MarohAprilMav. _ . .JuneJulvAugust . . . . . . . . _ . .SeptemberOctober . . .NovemberDecember
Mom hi v ftvc-rase - . .
1941Tan uar vFebruarv__JVf 8TCllApr i lMayJune.July .AugustSeptember^ - . . .OctoberNovember. . . . . . .December.. . .
Tot«i
Monthly average
Totalin-
comepay-ments
102. 4102.2102. 8101.5103.4104.9104. 8105. 8107.0109 0109.7110.8
105. 4
110. 4110.7110 4110 8112. 4112 5113. 1114.1115.6117. 1117 7120. 0
113. S.
121.3123. 519", 1128. 2133.7138. 9140. 3143. 2144. 4146. 3147. 5153.9
.137. 3
Sala-riesand
wages
104. 4104.3104. 5103.1104. 6106.8106. 0106. 7107. 4110.011.1.1112.2
106. S
112.3111.9112 o.112.2114.0115. 3115.9117.2119.1120. 5121 5124.9
.116.5
125. 3128.2130 2133. 0139. 5145.1147.2150. 2152.1154.8150. 4163. 0
143. 8
Totalnon-agri-cul-turalin-
come
102.7102. 8103. 5102. 4103.8106.1105.9
107 4109. 3110.3111.3
106.1
111.4111.1111.6111.6113.4111. 5115.1116. 1.117.3118.3119. 1121.9
115.1
322.6124.&126 4129.0134.0138. 5140.0142. 2143. 5145. 6146.9152.3
137.2
Totalin-
comepay-
ments
5,7635,3095,7865,7165, 5150, 0255,81.15, 4966.0946, 3295, 9597, 026
70 899
5, 902
6.2125, 7346.1516. 1595.9146 4856. 2935, 9566. 0326,85!
7, 632
76 !7 }
•I, 373
6, 7536, 4427 0547, OSO7,0707.9817. 725i, 5538, 3128, 6448.1419, 474
92 9'X)
7, 686
Total
3, 6633,6443,7053,6903, 7523, 8243,6673, 7123, 8594,0424,0214,079
45.658
3,805
3,9243, 9043, 971'$. 994L0724, 1144, 0054. 0754. 2694, 4314, 4204,585
49 764
1,147
[, 4304, 5174 0374, 7434,9955,1925,1255, 2395, 4295. 6455! 6195, 875
61, 416
5,121
Salaries and wages
Com-modityproduc-ing in-dustries
1,258l', 2611,2811, 2711, 3021, 3551,3471, 406l'45O1,5311, 5131, 500
16,475
1,373
1,4221, 4161, 4431' 4021, 5001,5381. 5461,6191,6851. 7491,7461, 793
18 919
1, 577
1, 7461, 8301 8841,9112,1162, 2372,2842, 3722, 4432, 5562, 5232, 558
20, 460
2, 205
Distrib-utive in-dustries
943928956958970990987992012
1,0461, 0371,080
11,905
992
L, 020, 000,023, 025
1,047L, 0541,058I, 064. 095
1,1191,1091,181
12 795
1, 066
1.0991, 0991 1371,1761,1971,2431,2521, 2661,2851.312.312
1, 467
14,845
1,237
Serviceindus-tries
750748750752764772765758773789793805
9, 219
768
798796798801812818817808822824825844
9. 763
814
83483784486988690790S914921936942909
10, 767
897
Gov-ern-ment
524525530530535542424421509548545555
6,188
516
546548555559572580465463552612619639
6 710
620626646866681701595607701762763794
8,161
680
Workreliefwages
188182188179175165144135115128133138
1,870
156
13814415214714112-i119121115127121128
I, 577
131
131125V>ij121115104868079807987
1,213
101
Directand
otherrelief
929495908786858888888890
1.071
89
959593918889908/909194
1,098
92
969698969393909089899092
1,112
93
Socialsecu-rity
bene-fitsand
otherlabor
in-come
13814315914415015714S156147140142144
1, 768
147
156159164159171173176173158155152155
1,951
163
164159159154158159157155151152152159
1, 879
157
Divi-dendsandin-
terest
828432770758462908837423774746467
1, 486
8,891
741
839433804780454
1, 005857425833778407
1,500
9.175
765
790432889784473
1,125871446903886503
1,551
9, 653
804
Entre-pre-neu-rialin-
comeandnet
rentsand
royal-ties
1,042996
1, 0571.0341,0641,0501,0741.1171, 2261, 3131,2411, 227
13. 441
1,120
1,1981.1431,1171,1331,1201,105
l! 1931,2851, 3971. 82:21,298
14,4S4
1, 207
1. 2731,2381 2711, 3031. 3511,4121,4821.6231, 7401,8721,7771,797
18, 139
1, 512
Total |non-agri-cul-turalin- 1
come !
5,3214,9095, 3305.2805, 0485, 5755, 3304,9935, 4895,6525,3706, 476
64,779
5,398
5, 7055, 2765, 7235, 7095. 4716. 0600, 8025, 4500, 0436.1545, 8407, 081
70, 314
5; 860
6. 2435,9756 5586, SOS6, 508
- 7,3077, 0396, 7407, 3847. 5897, 2068,581
83,758
0, 9*
1 Revised series compiled by the U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce. The revisions were occasioned principally by the adjust-ment of the monthly data to the Bureau's revised annual estimates of national income lor 1939-41 and the preliminary estimate for 1942. There have been no revisions in thedata for years prior to 1939 as published in the 1942 Supplement to the Survey. For a description of the data see footnotes 1-12 for p. 6 on p. 177 of that volume. For 1942figuros, see p. 8-1 of this issue.
TABLE 2.—LUMBER STATISTICS[Millions of board feet]
Month
JanuaryFebruarvMarchAprilM a yJuneJuly.. . . . .Augusts. ___SeptemberOctoberNovember .December. .
Total
Monthly average
Production 2
Total
2,5642,4222,6592,8352,8882,8442,9933,1632,9813,0752,6072,445
33,476
2,789
Hard-woods
450404413472472472465472472491452464
5,499
458
Soft-woods
All types (National
Shipments 2
Total
1941
2,1142,0182,2462, 3632,4162,3722,5282,6912,5092,5842,1551,981
27,977
2, 331
2,7332,4602,6382,7712,8892, 9273,1853,3053, 0533,1422, 5502,433
34,086
2,840
Hard-woods
481440454475508502519505511530462450
5,837
486
Soft-woods
2,2522,0202,1842,2962,3812,4252,6662,8002, 5422,6122, 0881,983
28,249
2,354
1937 3
8, 4087,9667,8237,8028,0268, 3518, 5908,8529,0939,2459,4759,627
8,604
1938
9, 5059,4029, 3309,3429,3889,4139, 2369,1919, 3119,2429,153
4 9,132
9,304
Lumber Manufacturers Association)
Total
1939
9, 2229, 1148,9618,9228, 9628,9388, 9318,8138, 5808, 3038, 3328,470
8,795
1940
8, 4638,4788,4488,4508, 4288,4958,4088,3088,0927,8367, 6077,472
8, 207
1941
7,3107,2737,2927. 3787,4367,3777,1947,0476, 9776,9106,9776,976
7,179
1937 3
2,5992,5092,4932,4732,4892,5452,6102, 0812, 7222, 7722,8352,885
2, 634
Stock*
Hardwoods
1938
2,9352,9673,0173,0253,0303,0232,9582,8932, 8802,8172, 773
4 2, 801
2, 927
1939
2,9592,9562,9342,9002,8772,8182, 7862,7712, 7072.6122, 5772,634
2,794
1940
2,6442,6572,6592,6712, 6702,6262,5552,4872,4442,4082,3682,339
2, 544
1941
2, 3072,2722,2302,2282,1922,1622,1082,0742,0351,9971,9872,002
2, 133
Softwoods
1939
6, 2636,1586,0276,0226,0856,1206,1456,0425,8735,6915,7555,836
6,001
1940
5,8195,8215,7895, 7795,7585,8695, 8535,8215, 6485,4285,2395,133
5, 663
1341
5,0035,0015,0625,1505, 2445,2155,0864,9734,9424,9134,9904,974
5,04-3
For footnotes see p. 28.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
28 SURVEY OF CURRENT BUSINESS March 1943
Table 2.—LUMBER STATISTICS1—Continued[Millions of board feet]
Month
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember.OctoberNovemberDecember
TotalMonthly average
Southern pine
Neworders
Pro-duc-tion
Ship-ments
1941
932815794842924
1,0351,171
847842818732761
10, 513
876
922817886910916809886903855853785770
10,312
859
919784783815858857
1.0431,037
889900762743
10, 390
Western pine s
Pro-duc-tion
Ship-ments
1941
270273353482588632692706681656450368
6,151513
421384425492533560611631639640457426
West coast woods 2
New orders
1938 1939 1940 1941
40542749939443547358948445749849960S
6,219 j 5,
518 472
529450576587604652626706772588470515
616545638629603599734821733713649636
7, 075590
7,916660
680675817765815788793721695739650
I
9,006
751
Production
1938 1939 1940 1941
385345486447417390399522533529466463
5,382
449
531458536552556596547612612632010545
6, 787566
581530626639621638573684633653608611
7,397616
690683768758678711707830749856738642
8,810
734
Shipments
1938
390387515464452460465525526530445457
5,616
468
1939
490455594583581609557710677643548514
6,961
580
1940
564539620633692665619693701681599669
7,675
640
696648772776759766731844751827675626
8,871
739
1 Data for 1941 and 1942 have been revised by the reporting associations to the 1941 Census of Forest Products; in some cases earlier figures have been also revised on thebasis of additional information now available. Stock figures have been revised beginning December 1936 to include for the Southern hardwood region gross stocks (sold andunsold stocks), as for ether regions. Figures for all years as shown in the 1942 Supplement include for this region only net, or unsold, stocks. This revision increased the De-cember 1936 figure for hardwood stocks and total stocks 663,000,000 board feet, or 34 and 8 percent respectively. Stocks were further revised beginning. December 1938 to in-clude "green" stocks for the Appalachian region which was found to have been reporting "dry" stocks only; the effect of this revision on the comparability of the data is indi-cated by a comparison of the figures for December 1938 exclusive of the "green" stocks for this region, as given in the table above, with the revised figures in note 4.
2 Revisions in addition to those shown above have been made as follows: Total lumber and total softwoods—adjustments have been made in the 1934-37 monthly figuresfor production and shipments; the monthly averages were not affected by these adjustments. Western pine—new orders, March 1940, 359 million board feet; stocks, Decem-ber 1941, 1,681. West coast woods—new orders were revised for 1934-37 and adjustments made in the monthly figures for production and shipments for this period. Themonthly averages for production and shipments, in most cases, were not affected by the changes in the monthly figures. All revisions are available on request.
* Figures for years prior to 1937 shown in the 1942 Supplement are not comparable with those shown above (see note 1). December 1936 figures revised to a comparablebasis with figures beginning January 1937 above, and to include a minor revision in softwood data, are as follows: Total stocks, 8,620 million board feet; hardwoods, 2,619;softwoods, 6,001.
* Figures shown are comparable with earlier data beginning January 1937. December 1938 figures revised to include "green" stocks for the Appalachian region (sec note1), comparable with data for subsequent years, are as follows: Total stocks, 9,310 million board feet; hardwoods, 2,969; softwoods, 6,341.
Table 3.—INDEXES OF WAGE-EARNER'EMPLOYMENT AND OF, WEEKLY WAGES INI MANU-FACTURING INDUSTRIES, 1941 l
[1939=100; indexes are without adjustment for seasonal variation]
Industry group
All manufacturing
Durable goods...Iron and steel and their productsElectrical machineryMachinery, except electricalTransportation equipment, except automobilesAutomobilesNonferrous metals and their productsLumber and timber basic productsFurniture and finished lumber productsStone, clay, and glass, and products -
Nondurable goodsTextile-mill products and other fiber manufacturesApparel and other finished textile productsLeather and leather productsFood and kindred productsTobacco manufactures..Paper and allied productsPrinting, publishing, and allied industries __Chemicals and allied productsProducts of petroleum and coalRubber products. _ -
A11 manufacturing
Durable goods.._Iron and steel and their products_Electrical machineryMachinery, except electrical-- _. .Transportation equipment, except automobilesAutomobiles __Nonferrous metals and their productsLumber and timber basic productsFurniture and finished lumber productsStone, clay, and glass, and products
Nondurable goods.. _Textile-mill products and other fiber manufactures..Apparel and other finished textile productsLeather and leather products .Food and kindred products._Tobacco manufacturesPaper and allied products.,.Printing, publishing, and allied industriesChemicals and allied productsProducts of petroleum and coalRubber products
Janu-ary
Feb-ruary March April May June July Au-
gustSep-tem-ber
Octo-ber
No-vem-ber
De-eem-ber |
Monthlyaverage
Wage earners
116.9
132.9129.5139.3138.1253.3138.8136.8110.8108.8111.1104.4105.8104.6102.494.894.4
106.3101.4123.3108.1117.1
120.0
136.5132.8145.5141.6267.8141.4141.0112.9111.5113.0107.0108.0111.7106.293.398.7
108. 0101. 5127.3108.0119.6
122.7
140.2135.3151.2146.2282.1143.9143.4115.7113.1116.6108.9109.3114. 7108.094.397.9
110.3101.8131.4108.8122. 4
125.8
145.2138.2158.5156.6302.3145. 7145.8119.6114.6121.2110.6110.5114.5107. 497.498.2
113.1102.4137. 2108.9125.1
128.6
149.8141.9167.1162.6321.7148. 5147.6122.2117.0125.4111.9112.3113.4105. 2100.8100.4115.6103.1137.9111.5127.0
132.0
154.7146.1173.5168.1346.2150. 2150.1127.0120.3128.0114.2113.7111.9108.1107.4101.5118.5101.5139.9114.1132. 5
135.5
158.5149.1180.1172.0377.0141.6152.2134.4122.8130.3117.3114.7112.7111.2117.0101.4120.8104.0142.8117.0133.4
138.4
159.8151.1186.0174.4399.1123.4155.1138.3124.9133.7121.6114.8119.8111.7128.8101.9123.6104.5147.6117. 5134.3
141.2
164.3152.2188.9176.1438.6139.1156.7139.1124.6134.7123.1114.1121.9109.8132.599.1
125.3105.4154.6117.6134.1
141.8
167.1151.7190.3177. 9477.5145.0159.1139.8124.4134.8121.8114.3120.4109.6123.3104.0125.7107.3160.5117.3134.4
141.3 141.1
168.1151.3191.0178.7508.2147.2158.3134.6124.8134.8120.2114.1116.9107.8117.7105.7126.2106.8163.0116.8134.1
132.1
I
168.5151.5192.3181.9545.1135.2158.0132.6123.7132.6119.5114.3115.6109.9113.4104.3126.4109.0165.5116. 6133.4
153.8144.2172.0164.5376.6141.7150.3127.3119.2126.4115.0112.2114.8108.1110.1100.6118.3104.1144.3113.5129.0
Weekly wages
132.6
155.2146.8163.2163.3305.4160.3158.0118.7114.8117.8110.5113.7109.3111.798.4
100.9112.5104.8133.9108.0127.3
140.3 | 145.9 150.2 | 161.3
164.8154. 7175.8173.5329.3174.2164. 5122.7122.6122.0116. 5120.5126.9122.298.2
104.6117.1105.0139.0108.3131.7
171.8159.8187.1183.3349.2179.2168.8127.7128.0127.3120.6123.9132.41.28.0100. 6106.4122.0107.8145.4110. 2136.8 !
178.8170.3194.4199.5376.6162.8171.2136.3130.7136.0122.2127.7126.0123.5103.499.9
125.3107.5154.6116.1140.2
195.4182.3218.7216.2421.4189.7183.6139.4139.6147.2127.9134.4126. 7122.3111.4114.0131.7109.3163.7122.9147.8
170.5
208.7192.0228.4228.4470.2210.7190.8152.2147.9151.6133.2137.5125..2130.5120.1119.4141.9108.4171.6130. 5162. 4
172.0
207.819*1.1240.0228.7522.4176.2192.2159.0149.0149.4136.9139.9129.4137.9128.0118. 7142.6110. 2176. 9131.9156.3
178.8
214.3197.7249.3237.3570.2154.0202.6176.4156.3159. 3144.0141.5147.3140.2139. 5119.0148.6111.9182.4132.9160.3
184.8
222.4197.1252.9243.0632.7177.7207.6173.0158.9162.0148.1145. 7153.8 I137.2144.7119.7151.6114.2190.9137.1156.0
190.2
233.5201.6257.8250.5712.6198.4210.8177.8162.5167.3147.9148.7145.8136.3137.9127.7154.6115.3204.6138.4159.9
188.6
232.9200.2256.9247.9754.8199.4207.3162.1158.2162.8145.3147.4134.6131.5133.3130.5155.1116.2210.4137.7163.3
!
195.1
242.0205.6271.1266.1866.8177.6217.1159.0162. 2164.4149.3153.0137.7142.7132.5129.9157.8124.6219.4141.4159.3
167.5
202.3183.3224.6219.8526.0180.0189.5150.4144.2147.3133.5136.2132.9130.3120.7115.9138.4111.3174.4126.3150.1
1 Revised series compiled by the U. S. Department of Labor, Bureau of Labor Statistics. The revisions resulted'from adjustment of the industry groups and the totals tofinal employment data for 1941 and preliminary data for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency.Indexes for 1939 and 1940 were not affected by the revisions and are correct as published on pp. 23-24 of the December 1942 Survey. Data for individual industries shown inthe December Survey are correct for all years, as no revisions were made in these series.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 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 asavailable; it also provides a description of each series and references to sources of monthly figures prior to 1938. Series added orrevised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanyingfootnote indicating where historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used todesignate index numbers refer to adjustment of monthly figures for seasonal variation.
Data subsequent to January for selected series will be found in the Weekly Supplement to the Survey.
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
Decem-ber
BUSINESS INDEXES
INCOME PAYMENTS!
Indexes, adjusted:Total income payments 1936-39 —100._
Salaries and wages doTotal nonagricultural income do
Total mil. of doL.Salaries and wages:
Totals __._do___.Commodity-producing industries.-doWork-relief wages . do
Direct and other relief . doSocial-security benefits and other labor income
mil. of doL.Dividends and interest . doEntrepreneurial income and net rents and
royalties.. mil. of doL.Total nonagricultural income.. . . . do
AGRICULTURAL INCOME
Cash income from farm marketings:!Crops and livestock, combined index:
Unadjusted .—..1935-39-100..Adjusted . do
Crops _doLivestock and products.._ __do
Dairy products __,do____Meat animals doPoultry and eggs do
INDUSTRIAL PRODUCTION(Federal Reserve)
Unadjusted:Combined index... 1935-39=100.,
Manufactures do . . . .Durable manufactures _„._„ do
Steel* ... . . doLumber and products. do
Furniture doLumber. do
Machinery t ._ . . . doNonferrous metals doStone, clay, and glass products.._do_._.
Cement do____Glass containers do. . . .Polished plate glass,.. .do
Transportation equipment doAutomobile bodies, parts and as-
sembly 1935-39=100-.Nondurable manufactures . do . . .
Alcoholic beverages doChemicals doLeather and products.... do
Shoes doManufactured food products do
Dairy products!.. -- doMeat packing do
Paper and products doPaper snd pulp _._ do
Petroleum and coal products doCoke..__ doPetroleum refining do
Printing and publishing doTextiles and products do._>.
Cotton consumption. doRayon deliveries doWool textile production.. do. . . .
Tobacco products _^_.do.._Minerals! do
Fuels J do . . . .Anthracite! _.doBituminous coal! doCrude petroleum.. ___do._.
Metals do. . . .
v 196. 5v 217. 4v 190. 2
v 10,769
v 7, 627v 3,489
9
v 2,089v 9, 643
p 191.0v 225. 5v 237. 0P 217. 5v 171.5v 225. 5v 286. 0
P207*286P 2 2 5v 108P 1 4 0J»91347
*>200
38v 565
v 152v 144
P 2 0 5p 116v 115v 142P 90v 165
v 109v 160171180
132117
102P145
155.5164.5153.08,487
5,7192, 545
7794
173778
1,7237,662
151.5180.5184.0178.5148.0192.5199.0
16617321620912214211225019113813716568305
118137112155
' 1251201249917315115913216112812515816918016112612513110414412991
157.4167.5155.18,094
5,8062,622
7295
171426
1,5967,394
125.5179.5179.5179. 5156. 0194. 5184.0
16717522121112814711825918713213216447
314
105138117161
' 132'127
121109135153160129
'16212412615617417415312112513012114112792
159.3171.1157.88,796
6,0022,705
7594
175890
1,6358,062
135. 5175.0166. 5181.0153.0196.0194.0
168177228218129147120268
' 18114014117643
330
105137113166
'129'ISO
121124131155161122
'16211612615316917514811711812211614011596
163.3175.6161.08,913
6,1822,824
6892
169773
1,6978,112
148.0191.0189. 0192.0163. 0219.0175.0
17218123421913214212727317715116117643
350
104138113lf.8131131123152134151157118162111123157177170153119125121122150109154
165.4179.1163.38,799
6,3902,976
5889
163475
1,6828,004
149.5188.5193.0185.0165.5203.0174.5
175183240219135143131279
'18016317819035
372
107137120
169. 5185.2167.59,782
6,6663,112
5387
1641,119
1,7468,906
161.0191.5166.5208.0163. 0251.5177.0
177185246216138139138287
'18615818317137
396
112136116
166124123130193140144149117163110115156175169150123131121115147111189
166115114139210149133134115164108103152169169151132132121117144113194
172.6189.6170.39,685
6,7233,234
4586
169846
1,8618,677
183.5192.5187. 5196.0161.0226.0180.5
18018925121614013714128918815118615132
425
116139133107114
'1151562U713812212111716311096
154166168160131
'132121122141112191
176.0193.3172.69,571
6,8943,365
3586
164437
1,9908,440
212.5204.5209.5201.5164.0234.0187.0
187196260218138136139299
'19016019516730
458
124144140170115117165192132130130121165114103154169169154135136126118140121193
177.9195.3174.010,453
7,0823,413
3085
176894
2,2169,088
260.0207.5222.5197.5166.0227.0181.0
192202266219135136134306
'19116320016638
478
129150
' 140176112
' 112182
v 143147134132122166116109156172170155144137129129150120183
182.8201.4178.3
10,782
7,3273,459
' 2 685
' 1 7 5752
2,4439,198
295.5211.0225. 0201. 5167.5230.0194.0
194r205
275229135141131316
' 1 9 116320216737
507
135' 1 4 8'123
186117
'13 5157
*>109146138138123166117120156172174156149134127117145121175
189.4208.4183.6
10, 593
7,4633,493
2484
174522
2,3509,141
265.5224.0248.5208.0168.0239.0204.0
194206279224125140118327
'19615718617139
' 5 2 5
140' 147
103194115111150
P 9 1166134
'137123166117
'121158171177161141
'131130124154121
'142
193. 7213.1186.8
11, 524
7,6353,514
2384N
»180P 1,419
2,20610,244
' 225. 5' 226. 5
237.5' 219.0' 177.0' 249. 5
233.5
'193'206'283
221'116'144'101'338'201
13915615939
'548
'146'145
94'201'114'110'150*>88
"186129131119166112
'114'156
163178163137
' 120126105143
'121' 8 3
' Revised.* Preliminary.JTbe total includes data for distributive and service industries and government which have been discontinued as separate series to avoid disclosure of military pay rolls.xScattered revisions in figures beginning January 1940 for dairy products, minerals, and fuels, beginning February 1939 for bituminous coal, and in figures for the firit
half of 1941 for machinery and anthracite, are available on request.•New series, see note marked with an "*" on p. S-2.tRevised series. Data on income payments revised beginning January 1939; see p. 27, table 1, of this issue. Earlier data for the revised indexes on a 1935-39 base for cash
income from farm marketings will be published in a subsequent issue.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-2 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
BUSINESS INDEXES—Continued
INDUSTRIAL PRODUCTION—Con.Adjusted:
Combined index § 1935-39 = 100..Manufactures§ „. do
Durable manufactures} _.doSteel* - do~~Lumber and products! do
Furniture! - do 'Lumber _ do
Machinery __doNonferrous metals .. .doStone, clay, and glass products! .do
Cement§ _ do.._.Glass containers .doPolished plate glasst.. -do
Transportation equipment.. doAutomobile bodies, parts and assem-
bly 1935-39=100..
Nondurable manufactures! doAlcoholic beverages!- — , . . .doChemicals .doLeather and products! -do
Shoes! -- doManufactured food products! ...do
Dairy products! doMeat packing do
Paper and products! doPaper and pulp§ do
Petroleum and coal products! doCoke doPetroleum refining! _.do._ _ _
Printing and publishing doTextiles and products. .-.do.___
Cotton consumption doRayon deliveries. doWool textile production __.do
Tobacco products! do
Minerals!. do_.Fuels? ...___do_.
Anthracite? do.Bituminous coal? _ do.Crude petroleum? ,.do
Metals - do.
MANUFACTURERS' ORDERS, SHIP-MENTS, AND INVENTORIES
New orders, total Jan. 1939=-100.Durable goods do. . .
Iron and steel and their products do.. .Electrieal machinery. . ____do—Other machinery ..do.—Other durable goods - »_-do-_.
Nondurable goods. ....do...
8hipments,total average month 1939-100-Durable goods ..do.—
Automobiles and equipment ^° —-Iron and steel and their products do.--Electrical machinery . . _ do. - -Other machinery do._-Transportation equipment (except
automobiles) dO-,_Other durable goods do.—
Nondurable goods _do.--Chemicals and allied products..- .do. . .Food and kindred products. ,._..do --Paper and allied products ..do...-Petroleura refining _.do._-Rubber products .do-_-Textile-mill products ___.do._-Other nondurable goods. _do.-.
Inventories, total . . . . _do . . .Durable goods . „ _,.. do „.
Automobiles and equipment do_..Iron and steel and their products do. . .Electrical machinery.._ „ do. . .Other machinery do.. .Transportation equipment (except auto-
mobiles) average month 1939 = 100.Other durable goods.. do.,_
Nondurable goods do._.Ohemicals and allied products do. . .Food and kindred products ...do.—Paper and allied products... . . . . . do._.Petroleum refining .do. , .Rubber products _do..~Textile-mill products do_ .Other nondurable goods do ___i
r> 200
225* 125•P 140^ 117^347*>200
39* 565
P 152
M50
P206P 1 1 8»»118*159p 141v 140
v 112
171180
140
v 124P 102P1459 118*>139
17117822120914315313825019136516718468
305
118
143137156128
f 12713914914S153159133161129128158169180161134
134131104144129150
268414245347414719174
184234152200211229
829176
161170160171141131184150
161.0179.2190. 8127.2243.9187.5
693.9139.5
146.8147.8163.8134.4113.4149.7151.6145. 4
' 171J7922521114414714325918715816217847
314
105
142130161125124139146141151157129161124125156174171153130
133130121141127153
292463256452648645182
199232133208249260
1,004194
173181171173133144204172
163.0180.8190.0125.5250. 3191.4
709.1140.6
147.4150.9158.9137.8115.5149.6154.1147.3
172180230218134147128268
' 18115816118743
330
105
139119161124122136145144152158122
'162116121153169175148125
126122116140115152
274427256477442673176
199235131211257270
1,018196
1711763 62173130147200180
105. 6183.4193.6125. 7255. 5195. 0
732. 5141.3
150.1155. 6156.8140. 0115.0155.4156.2155. 6
173182234219 |132 |142 !127 I27317715416717643
350
104
139111165130130136150142148154118162111117157177170153127
125121122150109151
292449274548467677192
200239131207259279
1,108196
16S173159165132159213172
167.0186. 6202.5127.5264.2199.1
742.8141.5
149.9157. 7157.9141.1114.5154.3155.8152.8
174183239219130143124279
'18015517217835
372
107 II
138 !111167126 !124134 I142140143
' 147r 116163109112156175169150120
126121115147111156
270432216648669490167
203254129216270297
1, 266206
164170164154139171189156
170.4190. 2217.9130.1270.0202. 9
756. 2140.6
153.1159. 9160. 0145.9113.0161. 2162.0157. 3
176 i184 '244216131139127287
' 186147171163•37396
112
136104172121120138138
' 153 |134135115164108104152169169151122
127121117144113158
314545295570578913166
202256161211249306
1,271199
160108164139136171186147
172.9193. 2222.7132. 3277.8203.1
802.3139.0
155.1162.7160.3149.7111.5165.4165.1160. 7
17818824921613313713028918814016914532
425
116
138122174116115143143140125125118163111106154166168160126
125121122141112154
256399254699411504103
207264172210267311
1,362203
16316917!12614218?.187146
171. 2195. 8226. 1133.9290.3204. S
824.8137. 6
155. 3163. 3159.8152. 7110.3170.2165.0161.3
183193258218129136125299
' 19114517715330
458
124
140' 135173112110143143153131132121165114111154169169154130
130126118140121151
233334222491421377167
212270184215268312
1,466197
167171178131135179191154
175.0198.0229.9134.3299.9204.6
852.8137.5
154.8164.4159.2154.6111.2174.8159. 5161.3
18619626421912513611930619115218216338
478
129
142139174111108149140159132133122166116109156172170155133
131129129150120144
264390250411358636183
224283194216286322
1, 579211
177187187136140205197165
175. 4200. 9241.4134.1307.1207.2
890.3135. 9
153.1161. 0158.0154.6109.6173. 5156. 21G0.8
'191'20227322912914112331619115218416237
507
135
'144126182117115
»146*139145135137123166117116156172174156141
129127117145121138
266387223413387643188
228289207212317333
1,578213
1811S2190146138207203173
176.5204.1243.3135.7320.6210.4
924.2134.0
152.4156.5161.2149.8109.3172.7155.1159.1
104206279224128140122327
'19615318016939»
* 140 I
'147122192116
'116» 151»136147135137123166117118158171177161136
r 130130124154121
' 133
279415264586381619192
232300223214351337
1,692213 '
179183185143154214202171
'177.9207.7244.J137.4 ,326.1213.0
975.0134.2
' 151. 8155.1160.1146.5107. 2174.4153.1
'161.8
r 197'209'285221
'127'144119
'338'20114816517139
' 548
*146
'148111
'200' 116'116P1589 140158132133119166112
163178163160
P127126105143121
'136
255361233355361574187
240320240239408351
'178185
' 184144
'139222204
'166
177.6' 210.1' 232. 9' 139. 2' 324.1'219.6
1.020.8'133.1
r 149. 2' 158. 7' 156. 2' 144.0' 106. 8' 174. 6' 147. 2' 157.4
' Revised.» Preliminary.*New series. The new index of steel production has been substituted for the combined index for iron and steel as publication of the latter index was suspended after
March 1942 until recently. Earlier data are shown in note marked with an "*" on p. S-2 of the December 1942 Survey.§ Revisions have been made in seasonal adjustment allowances for recent periods; for total industrial production, total manufactures, durable manufactures, and non-
durable manufactures, the resulting changes in the indexes do not exceed 1 point for any month before December 1941. Revisions are available on request.{Seasonal adjustment factors have been revised to 100 beginning as follows: Furniture, February 1942; polished plate glass, December 1941; bituminous coal, May 1941;
anthracite, January 1940; crude petrolem, October 1941. See also note marked " } " on p. S-l with regard to additional revisions in the fuel series.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-3
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-arv
1942
Janu-ary
Febru-ary March April May June July August j Sep- | October I Novem-
ber ber ber
COST OF LIVING
National Industrial Conference Board:Combined index 1923=100..
Clothing... .doFood - , . . .doFuel and light doHousing _ . . - doSundries . . .do
U. S. Department of Labor:Combined index _ 1935-39=100 .
Clothing... _ doFood... doFuel, electricity, and ice . . .doHouscfurnishings doRent _ ___doMiscellaneous ___ do
PRICES RECEIVED BT FARMERS}
U.S. Department of Agriculture:Combined index.. . 1909-14=100..
Chickens and eggs. doCotton and cottonseed doDairy products— doFruits. do._._Grains doMeat animals ..do__._Truck crops _ .-.doMiscellaneous. _ do ;
iRETAIL PRICES
D. S. Department of Labor indexes:Anthracite 1923-25=100..Bituminous coal doFood (see under cost of living above).
Fairchild's index:Combined index Dec. 31, 1930«=100 .
Apparel:Infants' _ - doMen's .doWomen's - do
Home furnishings doPiece goods _ d o . . .
WHOLESALE PRICES
U. S. Department of Labor indexes:Combined index (889quotations)...1926=100..
Economic classes:Manufactured products doRaw materials doSemimanufactured articles ___do
Farm products - doGrains . . . _._M_do.-..Livestock and poultry. do
Commodities other than farm products1926=100..
Foods doCereal products do.Dairy products ..doFruits and vegetables __.do.Meats do
Commodities other than farm products and Ifoods. _..1926« lOO-.j
Building materials.-....- do !Brick and tile .._„, do |Cement do....iLumber do jPaint and paint materials do !
Chemicals and allied products doChemicals . .doDrugs and Pharmaceuticals doFertilizer materials., doOils and Tats do
Fuel and lighting materials .__ doElectricity doGas . doPetroleum products _.. .do
Hides and leather products doHides and skins ..doLeather . _ . . .doShoes do
House-furnishing goods...- . . . _ d o _ .Furnishings doFurniture do
Metals and metal products _.doIron and steel doMetals, nonferrotis doPlum bing and heating equipment- ..do
Textile products.. . . . . doClothing doCotton goods do ,Hosiery and underwear do jRayon do jWoolen and worsted goods.. do i
101.488.6
109.191. 790.8
106.6
120.6125. 9133.0107. 3123. 7(«)113.1
182185104177139134205277217
93.297.9
113.1
108.1105. 3112.6115. 5112.2
v 101. 9
COMMODITY PRICES
94.582.495.2&0. 390.1
102.5
112.0116.1110.2104.3118.2108.4108. 5
149147143148102119134204169
88.898.7
110. 2
104.9101.1109.1112.7107.1
90.0
96.496.191.7
100.895.3
105.7
94.893. 791.196.078.3
101,6
109. 396.993.4
131.699.196.095.3
126. 378.6
106.478.267.676.459.5
114.9115.3101. 4121.1102. 4107. 297.4
103.597.085.493.693.6
101.1110.569.030.3
103.0
95.184.595.790.490.4
.102. 9
112.9119.0116.8104.4119.7108.6109.4
14513515014798121173161133
88.996.7
111.9
106.7102.7111.2114.3110.8
96.7
97.097.092.0
101.395.3
109.3
95.594.691.195.085.2
104.0
94.9110.197.093.4
132.799.997.096.3
126. 579.3
108. 278.067.6 '77.058.9
115. 3115.5101.4121.8102.5107,497.4
103. 697.085.697.995.2
105. 3111.469.030.3
104.3
96.185.897.590.490.7
103.5
114.3123.6118.6104. 5121.2108.9110.1
146130151144111122180136132
88.9 ;96.7
I
I112.5 |
107.5104.2112.1115.1111.8
97.6
97.898.292.3
102.893.8
113.8
96.296.190.694.387.7
109.2
95.2110.597.193.6
133.1100.897.196.4
126.579.5
108.877.765.377.158.3
116.7116.6101.5124.3 |102.6107.797.4
103.897.185.698.296.6
106.6112.669.830.3
108.7
97.188.498.890.191.0
104.1
115.1126.5119.6104. 3121.9109.2110.6
150131158142118120190158136
87=595.9
113.4
108.6105.6113.2115.8112.6
98.7
98.7100.092.8 I
104.5 !91.5 |
US. 3 i
97.2 |98.790.294.1 !97.7 i
112. S II
95.6 !110.2 |98.0 !94.1 i
131.8 i100.6 !97. 1 !96. 4
126.779.2
108. 8 !77.7 !64.4 :78.1 !
58.4 !119.2123.5101.3120.7 i102. 8 I10S.0 I97.5 I
103.8 |97.185.6 !98.597.7 !
107.8 !113.8 i70.6 |30.3 I
111.0 '
97.388.699.190.591.1
104.2
116.0126.2121.6104.9122.2109.9110.9
152134159143131120189152138
88.996.1
113.2
108.3105.2113.0115.7112.2
98.8
99.099.792.9
104. 492.2
117.6
97.498.989.093.596.7
114.8
95. 7110.19S.094.2
131.5100. 697.3 |96. 5 !
129.1 !79.0 |
108.6 !78.0 I63.879.959.1
118.8121.4 I101.3126.6102.9108.197.5
103.997.285.698.598.0
109.6112.971.930.3
111.0
97.388.199.590.491.0
104.1
116.4125.3123.2105.0122.3108.5110.9
151137153141148116191169134
96. e
113.1
108.0105.1112.9115.6112.2
98.6
98.699.892.8
104.488.8
116,9
97.199.387,292.0
105. 4113.9
95.6110.198.194.2
131.7100. 397.296.5
129.178.4
108.578.463.381.259.8
118.2118.5101.3126.4102.9108.197.4
103.997.285.698.597.6
109.1112.770.030.3
111.0
88.0100.390.490.8
105.0
117.0125.3124.6106.3122.8108. 0111.1
154145155144131115193200139
96.8
113.1
108.0105.1112.8115.6112.3
98.7
98.6100.192.8 |
105.389. 1
117.8
97.099.287.290. 098.5
113. 4
95.7 j110 3 |98. 091.2
132. 9100. 79o.7 ,98. 5 |
129. 178.5
104. 2 !79.0 !'62.7 '81.460. 8
118.2118. 5101. 3126. 4102.8108.097.5
103.897.285.694.197.1 .
107.2112.769.730.3
111.0 !
98.188.2
101.1 190.490.8 j
105.0 j
117.5125.2126.1106.2123.0108.0111.1
163156151151126115200256173 I
88.896.9
113.1
108.0 I105.2 i112.7 I115.5 I112.3 I
99.2 i
98.9 i101.292.7 |106.1 !89. 8 f122.6 '
97.5100.887.8100.298.0115.2
95.6110.398.794.2133.0100.19G.296.3129.0 |78.3 j101.6 |79.0 !62.2 !80.4 '-60.7 i118.2 !118.8101. 3126 4102. 7107.997.4
103.897.285.694.197.3
107. 2112.969.730.3
111.7
98.688.4
102.890.590.8
104.7
117.8125. 8126. 6106.2123. 6108. 0111.4
163166150156129119195191172
8S.897.0
113.1
108.0105.2112.7115.5112.2
99.6
99. 2102.292.9
107.893. G
122.1
97.7102. 489.1
105. 597.5
116.0
99.78S.5
105. 490.590.8
105.4
119.0125.9129.6106.2123.6108.0111.8
95.5110.498.794.2133. 2100.496.296.3128. 978.2101. 579.002. 681.160.6118,1118.0101.3120.4102. 5107.497.4103.897.286.094.197.1107.0112.769.730.3111.7
95.5110.498.794.2133.3101.096.296.2128.878.3101.579.061.979.200.6117.8116.0101.3120.4102. 5107.397.4103. 897.286.094.197.1107.0112.470.530.3111.7
100.388.6106.590.590.8106. 2
119.8125.9131.1106.2123.7108.0112.7
101. C88. (
108. o90. (90. S106.4
120.4125. t132.:106. o123.7108. (.112.*
169173158165134117200226185
169178160171127117197238181
88.097.0
113.1
108. 0105.3112.6115. 5112.2
S8.997.1
113.1
108.0105. 3112.5115.5112. 2
100.0
99.4103. 092.7109.091.5123.4
97.9103.489.3109.298.2115.5
100. 3
99.4103.992.6110.592.8121.3
97.9103. 589.5111.2102.0112.0
95.8HO. 198.694.2
133.1100. 790. 596.2
105.478. 6
101. 5 !79.162.378.400. 7
117.8116.0101. 3126.4102.5107.397.4
103. 807. 286.093.297. 1
107.0112.470.5 I30.3 |
111.7 I
17*18o1021751511241%
113. 1
108. 1105. o112.6115.5112.2
•p 101.0
p 99. e106. 192.1
113.6l o o . :123, {>
p 98. 1104. o
80.8111. -S104. o113. t
v 95. Vi110. (98.794.2
133. S100. o99. 596. J
165. 470. <•
101.179. 2
00. 7117. s116. <>101. 8120. 4102. '107. o
97. -1v 103. 8
97.286.090.497. 2
107! (112.4
70. 530. 3
112. 1
» Preliminary. « Not available.§ Data for February 15,1943: Total, 178; chickens and eggs, 170; cotton and cottonseed, 163; dairy products, 179; fruits, 150; grains, 138
miscellaneous, 158.meat animals, 214; truck crops, 301;
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-4 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Septem-
berOcto-ber
Novem-ber
December
COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor indexes—Con.Commodities other than farm products and
foods—ContinuedMiscellaneous 1926=100..
Automobile tires and tubes doPaper and pulp____ do . . . .
Wholesale prices, actual. (See under respectivecommodities.)
PURCHASING POWER OF THEDOLLAR
As measured b y -Wholesale prices - ...1935-39 = 100..Cost of living doRetail food pric s . . .doPrices received by farmers do
90.773.0
100.1
78.982.975.157.7
89.371.0
102.8
83.889.386.070.5
S9.371.0
102.9
83.288.685.572.5
89.771.0
102.9
82.487.584.272.0
90.372.5
102.9
81.586.983.570.1
90.573.0
102.8
81.486.282.169.1
90.273.0
101.6
81.685.981.169.6
89.873.0
100. 5
81.585.580.268.2
88.973.098.9
81.185.179.264.4
73.098.8
80.884.878.964.4
88.673.098.8
80.484.077.162.2
90.173.098.8
80.283.576.262.2
90.573.099.0
79.683.175.359.1
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*(Quarterly estimates)
New construction, total . . . mil. of doL.Private, total do
Residential (nonfarm) do ,Nonrosidential building, except farm and I
public utility, total mil. of dol_.Industrial doAll other do
Farm construction, total _.do 1Residential _.do [NonresidentiaL .,.. - do
Public utility.. doPublic const ruction, total do
Residential do......Military and naval doNonresidential building, total. do
Industrial- doAll other do
Highways doSewage disposal and water supply doAll other Federal . .-__do__..Miscellaneous public-service enterprises
mil. of dol..
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_...Contract awards, 37 States (F. W. Dodge
Corporation):Total projects. - —number..Total valuation thous. of doL.
Public ownership... doPrivate ownership „. do
Nonresidential buildings:Projects number.Fioor 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 cumber.-Valuation.... thous. of dol.
Utilities:Projects - number.Valuation .-thous. of dol..
Indexes of building construction (based onbid?, permits issued, U. S. Dept. ofLabor) :f
Number of new dwelling units provided1935-39=100..
Permit valuation:Total building construction.. _do
New residential buildings. doNew nonresifiential buildings doAdditions, alterations, and repairs.-do„__,
Estimated number of new dwelling units innonfarm areas fU. S. Dept. of Labor):
Total nonfarm (quarterly)*. numberUrban, total do
1-family dwellings. do2-family dwellings doM ultifamily dwellings do
Engineering construction:Contract awards (E. N. R.) §.. . thous. of dol.. _
P 1 1 2*>67
P137
25,338350,661315,57535,086
6,84227, 913154,004
17. 42824, 920110,813
68238, 254
38647, 530
(a)(a)(a)
()
24, 692i 3,660
1877i 1,323
226,826
6811882
23,862316,846198, 251118,595
3,24521,113123,231
19,83826, 864102,758
56764,428
21226, 429
119.7
120.0112.8132.193.0
r 21, 553' 16,050
1,533'3,970
628,780
111
128100
40,000433,557310,249123, 308
4. 60031,576169. 606
2,556880468
1909505
1951,6761056186836315211728103
22
1259912595
55,843610,799472, 817137,982
5,98242,456231,834
34,492 47,73141, 836 50, 770168,014 219,276
68158,535
22737,402
214.1
183.0184.2216.079.6
' 36,292' 23,838' 2, 709' 10, 745
634,823
1,72592,148
40567, 541
182.9
148.8164.8145.7102.7
138, 300' 31, 948' 25, 550
2,311' 4,087
729,485
1459812882
33,167498, 742354,575144,167
5, 20851, 281234,939
26, 68338,341162, 097
94558, 477
43, 229
209.3
128.8175.793.5100.3
' 33,358' 25, 014
2,970' 5,374
1929015876
40, 557673, 517568, 988104, 529
8,33267, 961297,885
28,02438,147147,964
3, 480127,107
721100,561
164.7
116.7131.1111.2
• 26, 356- 23, 3721,183
' 1,801
1,044,57:
' 3, 459-•873470
124
1982,586
1301, 22?904860441993085
2288319376
51,8631.190,2641,105,41484, 850
14, 372134, 085568, 385
33. 00250. 673185, 471
2,739203, 341
1,750233, 067
102.1
85.385 381.478.2
167, 500' 22.069' 13, 961
1,104' 7,004
968,938
2327520674
33.100943, 796875. 95167, 845
11,093113,134489, 066
18, 92433, 634127. 382
1, 900129, 611
1,123197, 737
90.3
77.575.475.770.3
•17,02710, 2811,314' 5,432
1,201, 561
1946418265
30,055721,028633,18387,845
10,95290. 774
407, 324
17,11026,177100, 551
1,384111,960
609101,193
100.4
63.979.448.470.8
' 17,048' 12,253
'771'4,024
813,077
' 4, 299'695'285
12289
5245191
3, 604175
1,9091,1941,165
292122972
13
1817017970
30, 558723,216660,95362, 263
10, 40597,962466, 860
18, 55629,759126,708
1,11165.811
48663, 837
95. 5
(a)
90.6(a)63.5
87.900' 22.067' 11,694' 1,150' 9, 223
712, 709
175
18583
35, 934780, 396709, 87970, 517
9,94577, 245
372, 991
22, 21837, 444161, 206
3, 035154,795
73691,404
107.7
(a)
98.5(a)50.7
' 21, 772' 16,448
1,133' 4,191
691,979
1748619890
35,872654,184591,94062, 244
12, 28152,615
256, 513
21,82637, 707156,654
1,08094,157
685146, 860
88.7
(a)
77.9(a)
38.2
' 14,522' 10,671
926' 2,925
607,622
» 3, 243v 515
v 19*40p 20*>20
P 152p 2, 728v 190
P 1, 264P 1,054p 1,040
P 1 4p 143*>20p 50
'139'77'175'91
38,797708,716663,81744,899
15,09367, 327278,091
21, 30238,112159,652
1,386142,157
l,01C128,816
(a)(a)
85,80013,1579,7611,0582,338
373,622
' Revised v Preliminary «Data not available.1 Represents construction from private funds only; data for construction from public funds are included in the total but are not yet available by classes.§Data for January, April, July, October, and December 1942 are for 5 weeks; other months, 4 weeks.fData revised beginning January 1940; revisions not shown in the October 1942 issue are available on request.*New series. The new estimates of construction activity are compiled by the U. S. Department of Commerce with the exception of the series on residential (nonfarm)
construction which is from the U. S. Department of Labor. For a description of the data, see pp. 24-26 of the May 1942 Survey and for January-June 1941 figures, p. 8 of the-August 1942 issue; revised quarterly data for 1939 and 1940 will be published later; for 1940-42 annual totals, see p . 11, table 11, of the January 1943 issue. For earlier datafor the estimates of total nonfarm dwelling units, see note marked "*" on p. S-4 of the November 1942 Survey; this series includes data for urban dwelling units shown,above by months and data for rural nonfarm dwelling units which are compiled only quarterly.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-5
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
Deceraber
CONSTRUCTION AND REAL ESTATE—Continued
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:Total.... „ . ...tuous. sq. yd_.
Airports --doRoads.-. _ - doStreets and alleys.. do
Status of highway and grade crossing projectsadministered by Public Roads Admn.:
Highways:Approved for construction:
Mileage .no. of miles..Federal funds.. ...thous. of dol..
Under construction:Mileage . . . . .__.no. of miles..-Federal funds. thous. of dol—Estimated cost . do
Grade crossings:Approved for construction:
Federal funds .doEstimated cost - do
Under construction:Federal funds -.doEstimated cost - do..-.-
CONSTRUCTION COST INDEXES
Aberthaw (industrial building). 1914«=100.-Aineriean Appraisal Co.:
Average, 30 cities.. 1913=100..Atlanta . . d o . . .New York . . . . . . . . . . .do . . . -San Francisco...-... doSt. Louis d o —
Associated General Contractors (all types)1913=100--
E. H. Boeckh and Associates, Inc.:Apartments, hotels, and office buildings:
Brick and concrete:Atlanta ___.U, S. av.( 1926-29=100..New York ._ . .doSan Francisco._.._-. do..- .St. Louis _ . .do
Commercial and factory buildings:Brick and concrete:
Atlanta. . . .doNew York doSan Francisco ..doSt. Louis .„__...._ . . . .do—..
Brick and steel:Atlanta ..doNew York . „ doSan Francisco . . doSt. Louis do
Residences:Brick:
Atlanta , doNew York._ doSan Francisco. doSt. Louis.. . . .do
Frame:Atlanta doNew York „ doSan Francisco doSt. Louis . . . . . .do
Engineering News Record (all types)1913=100..
Federal Home Loan Bank Administration:Standard 6-room frame bouse:
Com hired index ..1935-39*100-Materials. . . . . do . . . .Labor.. _ . . . . - do
6,2375,065
541631
1, 36929,042
2,80785,097
139,497
6,7767,439
21, 20122,797
EEAL ESTATE
Fed. Hous. Admn., home mortgage Insurance:Gross mortgages accepted for insurance
thous. of dol—Premium-paying mortgages (cumulative)
thous. of dol_._Estimated total nonfarm mortgages recorded
($20,000 and under)* -thous. of dol..Estimated new mortgage loans by all savings
and loan associations, total...thous. of dol—Classified according to purpose:
Mortgage loans oh homes:Construction doHome purchase , doRefinancing doRepairs and reconditioning do
Loans for all other purposes. -doClassified according to type of association:
Federal thous. of dol...State members doNonmembers .do
249253251230242
213. 7
107.3140.0132.3130.7
107.0141.2135.6133.5
107.8138.9135.7130.4
107.4142.3129.6127.4
107.7144.3125.6126.5
283.5
124.7121. 5130. 9
45, 502
4,626,857
228, 283
4,7262,4901,1391,098
1,96730, 789
7,044117,669228,623
8,5429,314
35,92838, 300
229224240215230
203. 3
101.4137.0124.2123. 8
102.9138.4125.3124.4
102.5136.2127.1124.1
99.9137.9120.0121.4
98.5139.4117.7120.8
269.4
120.6118.6124.5
66,952
3,690,214
321, 396
79, 533
22, 79134,12712,8543,1806,571
31,14235,31213, 079
3,4641,4511,110903
1,79628,344
8,802119,233225,527
8,0478,761
34,75437,140
231225241215230
204.0
101.4137.0124.2123.9
102.9138.4125.3124.5
102.5136.2127.1124.3
99.9137.9120.0122.1
139.4117.7121.7
269.7
121.2119.3125.0
104.566
3,769,496
296,041
76, 756
20,79933, 76912, 3253.1386,725
31,91933,93910,898
7,0913,9721,7271,392
1,56224,612
6,778123,405226,543
7,4908,210
34,57636,913
218
237232247221236
206. 5
101.9137.5125.0124.4
103. 2138.8126.6124.9
102.8136.8128.5124.7
100.3138.3121.9122.5
98.8139.8118.9122.1
271.8
122.0120.0126.0
141,443
3,849,549
335, 636
87,367
21,77540,93013,2253,5477,890
36,32538,03013,012
8,9145,4162,0611,437
1,43124,055
6,817127.195231, 620
7,8068,503
34,4C736,814
238232248221237
207. 3
105.4137. 7125.7124.4
105.7139.0126.7124.9
106.4137.1128.6124.8
103.7139.3122.3122.8
103.2141.1119.5122.5
272.3
122.3120.5125.9
9, 225
3,916,421
359, 968
99,047
20, 48852,19614.5084,0837,772
38, 48443,93716, 626
14,4629,8003,2671,394
1,45527,968
6,672127, 511228,535
8,2018,893
33,65835,838
241233250224238
207.3
105.6138.2126. 6124.8
106.0139.6127.2125.3
106.5137.4130.4125.3
103.8139.7124.8123.5
103.3141.4120.2122.9
274.2
122.8121.0126.4
53,488
3,890,152
350,187
95,009
17,61053,09513,6073,8666,831
36,96643,00515,038
15,26611, 0382,0602,167
1,654
6,071122,402217, 280
7,1087,843
33,41335, 409
223
242242250228238
207.8
105.6138.2126.6129.6
106.0139.6127.2132.6
106.5137.4130.4129.4
103.8139.7124.8126.9
103.3141.4120.2124.8
277.7
123.5121.3127.8
98,800
4,071,838
342,250
84,095
15,93052,11215,1843,5667,303
35,27944,26514,551
14,94711,3661,9271,655
1,71836,170
5, 483114, 897200, 868
6,6967,358
31. 29933, 279
244245250229240
209.9
106.1138.2130. 0129.6
106. 0139. 6132. 3132.6
106.5137.4133.1129.4
104.1139.7125.8126.9
103.6141.4122.0124.8
281.6
123.7121. 2128.5
109, 350
4,155,187
353,511
95, 797
17, 70952,19016, 0973,6716,130
37,00743. 66515,125
13, 94710,0912,6531,202
1,60637,059
4,954109,549189,077
6,6657,327
29,41231,296
245248250229241
213.3
106.1138.2330.0129.6
106.0139.6132.3132.6
106.5137.4133.1129.4
104.1139.7125.8126.9
103.6141.4122.0124.8
281.6
124.0121.2129.4
109,660
4,232,030
336,850
92, 563
12. 56855,30114,0194,1266,549
36,62041, 54914,394
20, 09016, 9351,5181,637
1,53435,534
4,262102, 419174,898
6,7977,458
26, 41728, 231
225
246249251229242
213. 3
106.1138.2130.0129. 6
106.0139.6132.3132.6
106.5137.4133.1129.4
104.1139.7125.8126.9
103.6141.4122.0124.8
282.4
124.4121.5130.2
100, 456
4,311,126
345,964
94, 055
12,44958, 06014, 0633,8045,679
37, 98742,249
' 13, 819
12,4537,6002,8062,047
1,52434,968
3,71498, 230
165,052
5,8526, 512
24,60826,387
240249251229242
213.5
10G. 1138. 5131.3129.6
106.0140.0134.6132.6
106.5137.5134.5129.4
104.1139 9126.8126.9
103.6141.5122.5124.8
283.6
124.5121.6130. 2
89,833
4,393,862
357,083
91, 672
JO, 57256, 52814,6943,4986,380
35,55541,93714,180
8,6715,8211,4061,444
1,53133,435
3,32991,839
153,221
5,9046,564
23,19024,835
247250251229242
213.5
107.0139.8132.0130.6
106.7141.0134.4133.«4
107.2138.5135.3130.2
105.3140.9127.6126.7
105.0142.5123. 3125.6
283.7
124.4121.5130.2
73,768
4,473,021
278,321
73,979
9,27543, 98412,4723,0075,241
28,16335,44110,375
7,7345,0741,4881,171
1,40429, 634
2,95588,028143,983
6,8217,484
22, 24223,853
225
248250251230242
213.5
107. 2139.8132.0130.6
106.9141.0134.4133.4
107.6138.5135.3130.2
106.7140.9127.6126.7
106.8142.5123.3125.6
283.5
124. 5121.4130.7
54,086
4,554,952
265,406
70,628
8,47241,44012,7682,1995,749
27,38132, 75110,496
' Revised• The new series on nonfarm mortgages recorded, compiled by the Federal Home Loan Bank Administration, represents total mortgage legistratio s during the month,
based on reports covering approximately 600 counties and similar political subdivisions, which contain almost two-thirds of the total nonfarm population To relate mortgagerecordings as closely as possible to financing of 1- to 4-family homes, only instruments with a face amount of $20,000 or less on properties in nonfarm areas are included. Fordata for January 1939 to August 1941 see note marked " • " on p. S-5 of the November 1942 Survey.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
8-6 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to- !gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943 1942
March | April August Bep- {tember
Octo-ber
Noveni-' Decem-ber ] ber
CONSTRUCTION AND REAL ESTATE—Continued
EEAL ESTATE—Continued
Loans outstanding of agencies under the Fed-eral Home Loan Bank Administration:
Federal Savings and Loan Ass'ns, estimatedmortgages outstanding^ thous. of doL.
Fed. Home Loan Bks., outstanding advancesto member institutions thous. of dol..
Home Owners' Loan Corporation, balance ofloans outstanding thous. of dol...
Foreclosures, n on farm:Index, adjusted .....1935-39=100...
Fire losses. - ..thous. of dol —
1,824,376
206,068
1,758,213
32.435, 565
1,829,218
197, 432
1,742,116
30.930,819
1,832,241
191, 505
1,724,229
29.230, 505
1,842,422 (1,846,790
185,288 I 181,165
1,709,064 11,692,197
29.327,D60
27.323, 233
1,849,400
192,645
1,675,888
28.022,410
11,852,972
173,593
1,657,256
27.921,000
1,856,269
160,201
1,640,119
24.3 '19,680 ;
; 1,861,062
| 144,752
! 1,622,087
25.220, 443
1,862,593
131, 377
1,603,106
24.422, 621
, - ... ~ . V . I
121,886;
1,586,709!'
23. J24,144:
DOMESTIC TRADE
129,213
•1,567,367
21.9' 36, 469
90. 882.7
101.387.677.5
118.6146.197.1
11.2843611255460
3,18060949
9041,6063,2751,061
10,940607870401336
2. 608187735270328781
2,6827,1342,033
120,33221,75698, 5752.5811,46719,14775, 381
ADVERTISING
Advertising indexes, adjusted:Printers' Ink, combined index-. 1928-32=0 00__
Farm papers do _..Magazines doNewspapers - doOutdoor do.-,-
Tide, combined index*... 1935-39=100.-Magazines* -doNewspapers* do
Radio advertising:Cost of facilities, total „_.thous. of dol..
Automobiles and accessories doClothing doElectrical household equipment...._do iFinancial doFoods, food beverages, confections doGasoline and oil do :House furnishings, e t c . - do jSoap, cleansers, etc do •Smoking materials . do . . . jToilet goods, medical supplies do . . . !All other _ do |
Magazine advertising:Cost, total ..do . . .
Automobiles and accessories doClothing do. . . .Electrlc household equipment doFinancial do . . . ,Foods, food beverages, confections do . . .Gasoline and oil _ doHouse furnishings, etc __do . . .Soap, cleansers, etc. do . . .Office furnishings and supplies doSmoking materials _ _._ .do . , . .Toilct goods, medical supplies.. doAll other do ,
Linage, total ..thous. of lines .1Newspaper advertising: !
Linage, total (52 cities) _.do....JClassified..- do.. . .!Display, total...._ _ -do !
Automotive _ do \Financial-. ._ _do |General _ do ...IRetail - do
GOODS IN WAREHOUSES
Bpaco occupied In public-merchandise ware- |houses § percent of total..
POSTAL BUSINESS Ij
AJr mail: Pound-mile performance,._millions..|Money orders !
Domestic, issued (50 cities): INumber _._._. thousands..Value . thous. of dol..
Domestic, paid (50 cities):Number.._._._. _. thousands..Value thous. of dol..
CONSUMER EXPENDITURES
Expenditures for goods and services:*Total mil. of dol. .
Goods doServices do
Indexes:Unadjusted, total .1935-39=100-._.
Goods doServices ,. _ do
Adjusted, to ta l . . . - doGoods d o . . . .Services _ .do
64. 879.877.3
123.1159. 6103.0
11,151347616776
2,91964660
8101,6043,3921,169
12.631648381199340
2,090146313325166743
2,1645,1162,179
94, 44822, 28572. 204
1, 5131,887
14, 67454,130
4,417
146.0
164.9
80.551.672.374.580.6
117.5134.597.3
10, 285251874541
3,10256766
1,1181,3563,094
728
10, 4S6580383103318
1,93780
318242177733
1,8533,7631,940
89, 34119.06470,2771.3202.20413, 07653,877
83.4
2,594
5,74358, 379
15. 707135, 685
6.393 |4.1432,250
131.1133.2127.6141.9151.1126.3
81.049.372.775.383.1112.0120.195.0
9,382210844541
2,84550259998
1,2152,846537
13,044473660227357
2.648168417515237673
2, 6753,9922,130
87, 94418, 19269. 7521. 5601. 33914,66252,191
83.9
80.447.569.474.894.2
108.5110.991.9
10, 282176835654
3,11247067
1,1251, 2983,122
551
15,811481
1,242237390
2,941277798763242790
2, 9224. 7282, 331
106. 90821.97584. 932
1.9381, 849
16, 2(iS64, 878
85.0
2,553 ! 3,019
5, 31759, 823
14,525138, 264
5, 9093,6902,218
130.4131.5128.6138.9146.0126.6
79.152.667.974.777.7109. 2100. 9
9,3721521154544
2,78538052
1,0581, 2932,843605
14,848710905244402
2,466385815593205 ,736
2,7714,6152,168
107, 05521, 64985, 4062,4161,70417, 82163, 464
78.053.867.972.878.0107.998.9
9,1991381085652
2.54343152
1,005 I1,318 j2,856643
I15,421
772968161403
2,352542851640257809
2,8834,7832,064
107,04422,32684.7182,3341,248
16, 52964, 608
85. 2 84. 5
80.951.777.674.269.2112.2104.691.2
265624541
2,47336742
1,0501,2992,792553
13,932796735213304
2,043392536477171732
2,9284,6041,769
97,66320,60877,0552,5411,37014,84158,303
85.4
88.061.990.379.075.9123.4126. 5100. 5
8,500367554541
2,16234942
1,0131,3292,571527
11,109631 !250 i213257
1,738306208320170609
2,4064,0011,700
89, 41120,08569,3262,3161,616
13, 98751,407
6,99787, 793
19,134210, 702
6,505 I4, 2552, 251
134.8139.0127.6138.9145. 3128.0
2,996
5,67359,746
17,093164, 302
6, 622 !4,339 j
2,283 |
138.4143.1130. 3138.6143.9129.5
3,156 I 3,130 j 3,443
5,411 6,31259, 542 73, 783
15,256137, 629
6,6064,3152,291
138.4143.4129.91S9. 1143.9131.0
16,865162,616
6,5714, 2772,294
137.4141.2130. 8138.1142.1131.3
5. 57365, 221
88.263.284.281.372.5
122.6134.9101.2 I
8,186 i448 |455753 j
2,051342 !51 ;
928 ;1,252 i2,337 !
623 !
12, 415 '765724126280
1,785405266378193671
2, 2684,5542,072
94, 96321,93173, 0322.1461,022
13.195 i56,069 !
3. 661
5,49568, 098
16,071 14,582152,047 142, 851
6,5214,2242,297
134.0136.4130.0142.0148.3131.3
6,7454,442 !2,304 |
139. 2 !144.3 I130.4 !
146.1 I154.0132.5 .
87.669.481.579.486.9122.5140.096.5
8,878429704749
2, 33634643
9291,3472, 659622
15, 394754
1,208232425
2,307422624350275741
2, 4635. 5932, 344
84.2 !69.8 |82.0 S77.9 !65.6 j113.3127.995.8 [
! 0. 332339945349
3. 0274800
853]. 4853,081
815
18,1891, 1431,381443441
2, 947415882445298831
2, 8656,0992, .528
$8.473.991. 782.155.6
117.1134.4100.1
10,
3,
1,3,1,
1 n
716362115675702753254799497136069
.1 £A '
104,506 | 117,44222,65881. 8472,4811,09915, 57262,695
I
81.0 I
3,870
24, 07193. 3712.4041, 233
19, 78169, 953
82,1
9791,144522466
3, 377367757479322983
3,0756. 9792, 650
119,06322, 99696. 0672,7871,470
21, 77570, 035
5,952 6. 022 7, 748 {'8,701 78,748 75,475
16. 308174, 772
7.0154,6982,317
148.2157. 6132,0144. 5151.6132.2
8,20100, 554
17,380 15.649 18,376180,535 102,162 196,067
7,4995,1782,321
'151.8163. 7
'131.3 I'147.7 !'157.4 !'131.1 I
7,1874,8302, 357
154.8'166.9134.1151.4
r 161. 2134.5
8,3265,9662, 360
171.2193.3133.2145.2152.5132.6
' Revised.\ Minor revisions have been made in the data beginning January 1939; data are available on request.§ The number of reporting firms was greatly increased in September and October 1942 and data are now based on reports from over 700 warehousing firms operating nearly
2,000 merchandise warehouse buildings: Comparison of the revised August figure above based on the enlarged sample with the previous figures for August, 83.6 indicates thatthe ratios were not materially affected by the change in the coverage of the reports.
* New series. The new indexes of advertising are compiled by J. K. Lasser & Co. for "Tide" magazine; the combined index includes radio (network only prior to July1941 and network and spot advertising beginning with that month) farm papers, and outdoor advertising, for which separate indexes are computed by the compiling agency,in addition to magazine and newspaper advertising shown above; data beginning 1935 will be published in a subsequent issue. For data beginning 1929 for the series on con-sumer expenditures and a description of the data, see pp. 8-14 of the October 1942 Survey. Minor revisions in data for January through September 1941 are available onrequest.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-7
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1842 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July A u ^ tember
Octo-ber
Novem-ber
December
DOMESTIC TRADE—Continued
RETAIL TEADE
All retail stores, total salesj. mil. of doi.-Durable poods stores .do . . . .Nondurable goods storesf do
By kinds of business:Apparel doAutomotive doBuilding materials and hardware.-...doDrug doEating and drinking! -doFood stores „._ do. . .Filltng stations .__do.--.General merchandise doHousehold furnishings doOther retail stores!. do. , . .
All retail stores, indexes of sales:Unadjusted, combined indexf ..1935-39=100..
Durable goods stores doNondurable goods storesf do
Adjusted, combined index! doDurable goods stores doNondurable goods storest do
By kinds of business, adjusted:Apparel. doAutomotive |-._ . doBuilding materials and hardware doDrug .-_ doEating and drinkingf do. . . .Food stores do. . . .Filling stations.-. doGeneral merchandise doHousehold furnishings _ doOther retail stores! - - do
Chain-store sales, indexes:Chain-store Age, combined index (20 chains)
average same month 1929-31=100..Apparel chains do
Drug chain-store sales: ,Unadjusted.. 1935-39=100..Adjusted do. . .J
Grocery chain-store sales:Unadjusted .1935-39=100..Adjusted -do
Variety-store salevS, combined sales, 7 chains:Unadjusted .1935-39=100..Adjusted do
Chain-store sales and stores operated:Variety chains:
S. S. Kresge Co.:Sales thous. of dol..Stores operated.. number..
S. II. Kress & Co.:Sales... thous. of dol..Stores operated ...number..
McCrory Stores Corp.:Sales... thous. of dol .Stores operated. number..
G. C. Murphy Co.:Sales thous. of do!..Stores operated.. .number..
F. W. Wool worth Co.:Sales _ .thous. of dolStores operated .number..
Other chains: IW. T. Grant Co.:
Sales ...thous. of dol..Stores operated. number..
J. C. Penney Co.:Sales thous. of dol..Stores operated number..
Department stores:Accounts receivable:
Instalment accounts!.._-Dec. 31, 1939=100..Open accounts:? .do
Collections:Instalment accounts!
percent of accounts receivable..Open accountsJ do
Sales, total U. 8., unadjusted...1923-25 = 100..Atlanta! _ 1935-39=100..Boston .__.„_ .1923-25=100..Chicago .1936-39 = 100..Cleveland f-. - do . .Dallas 1923-25=100.Kansas City 1925=100..Minneapolis . 1935-39 = 100..New York.... „. 1923-25= 100-Philadelphia 1935-39 = 100..Richmond doSt. Louisi-..- 1023-25-100—San Francisco 1935-39-* 100..
4.481'652
3,829
405214235206537
1,303221622157582
139.182.7157.4158.6103.6176.5
197.848.8
163.8179.7236. 3172.8127.6156.7161.5190.7
177.0243.0
v 158.7r- 163. 6
v 106. 4r 145. 1
12,277665
8.063244
4,323202
5,481207
29, 6392,012
9,382496
20, 7291.611
11115092
132155
97112135114
4,355793
3,562
376321266163399
1,216268613170563
131.497.9142.3149.7119.6159. 5
176.973.2178.1141.7175.8155.3155.4148.5168.2172.5
164.0188.0
120.7126.0
170.4175.7
97.0132.3
11,854673
7,274' 243
3,819202
4,804 I20G !
28,345'2,019
8,983496
' 30, 5 %1,606
10899
205010812799121130122100122
' 103'116128110129
3,843694
3,149
290240249152381
1,090240541171489
128.594.3
139.6144.3113.6154. 3
157.960.6
179.8138.7383. 7150.4152.9139.8167.0173.0
165.0178.0
110.8118.5
170.0169.1
108.1136.1
11,750671
7,203242
3.739203
4,469206
27, 4662,019
8,417496
25. 4071,607
10487
4,474804
3,670
440248316167431
1,172270680203548
137.2100.1149.3142.8111.6152.9
171.456.5
174.7141.7175. 0150.9138.913S. 4176.0167.1
169. 0208.0
124.4125.0
170.0168.3
116.1133.6
13,174671
8, 503243
4,373203
5,091206
30, 2662,017
10, 470495
32, 3481, 608
10288
19459912774114120108859594117114101132
4. 592860
3, 733
406240373170446
1,220273700206558
142.0108.1153. 0141.5107.3152.6
152. 55G.6175.4146. 5179.0153.1134.3136.2149.8175.8
164.0174.0
124.6128.9
175.2170.1
123.1127.1
14.437672
8,640244
4,788203
5,934207
33,1362,013
12,363494
36, 5311,609
214711514993133153127111130106132155120149
4,569856
3,712
363247370182473
1,237288659192557
142.8109.7153. 5141.9100.6155.3
146.856.4
162.0151. 7181.0155.8129.6130.7132.5202.6
170.0181.0
129.3133.4
170.7168.2
130.2135.1
14, 219674
8, 573244
4,749203
6,136207
32,6602,011
12, 200493
37,1701,609
225010814489124137126 I10111199128147108142 I
4,503837
3,666
352260354181468
1,248286648174532
139.4105.4150. 5140. 4199.5153.7
142.361.2
153. 4155.6181.0156.3124.6127.2123.4200. 6
171.0172.0
129.5137.0
173.4170.8
129.1136. 2
14, 536673
9,105246
4,833203
6,205207
33, 0252,011
12, 222494
38,4571,609
225810012485121128109981179211613799137
4,433813
3,620
302269336190495
1,285317583162493
134.5101.2145.3146.2103.9160.0
163.161.4157.0162.2188.3159.3141.4139.0136.7
177.0200.0
132.3138.8
169.0172.4
132.2143.4
13,565672
8, 733246
4,504203
5, 775207
31,7052,011
10, 441494
34,6831,610
23608311667971051008894819212087138
4,615846
3,769
365269336195525
1,274 i280662187522
340.7104.4152. 5149.6105.1164.1
180. 761.5156.9168.7190.3166.5115. 3147.1138.2189.9
182.0212. 0
135. 2142.3
167.3174.3
124.8142.3
14,781671
9,607248
5,017203
6,156207
33,6752,012
11,442494
40, 5231,611
71 I53
591031447511713412711411594112147114158
4,840838
4,003
456247342194529
1,275280765193558
152.5108.3166.9146.1103.2160.0
163.558.3
153.1163.9201.0160.4124.8142.0142.3183. 6
183.0220.0
132.7138.2
168.9172.4
137.8143.4
14,997671
245
5. 023'203
6,094207
33,8472,015
12,648494
47,4671,611
2560133171105155161171133145120143174131184
5,284872
4,413
528238351207576
1,377282880219628
156.6104.7173.4150.1100.5166.2
166.054.2
147.0174.0220.9166.7128.1144.3145.7189.3
181.0218.0
'149.3' 147.1
170.9170.0
140.9143.2
17,237671
10, 278245
5,656203
7,335207
38, 4752,017
15,111493
54, 2941,611
2965137183J17154165170146156130160211145191
4,893776
4,116
477215289200532
1,277291846201565
159.0103. 4177.0154.0101.2171.1
182.150.8
147. 5174.9221.8167. 8143.3155.0157.6182.8
187.0228.0
'141.6'141 .0
' 169. 5' 169. 5
161. 6157.0
16,610671
11,046245
5,648203
6,719207
36,3762,018
14,382493
49,4261,611
2963
157206116168187191147144144182203158219
' 5, y&$944
' 5,039
••702215300
'280569
1,421221
1,214261
'801
'181 .9117.7
' 202.7145.1
95.4161.2
' 166. 349.1
149.0' 180. 5
218.0' 164.2
107.4135.6138.6
' 179.9
175.0216.0
208.7153.4
' 167.0' 162.1
263.0120.1
28, 667671
18,397244
10,464203
12,269207
64, 2402,015
25,138493
63, 3201,611
6890
3165
222286
' 1 8 1246252280231
v 216' 2 1 6' 2 6 2
304212296
' Revised. » Preliminary.§Beginning December 1941, seasonal adjustment factors of 100 are being used for this group.IThe index on a 1935-39 base shown in the 1942 Supplement is in process of revision; pending completion of the revision, the index on a 1923-25 base is being continued.tRevised series. Data for sales of "eating and drinking places," "other retail stores," and the totals for nondurable goods stores and all retail stores, have been revised
beginning 1935; revised data beginning August 1941 are shown in the October 1942 Survey; earlier data will be published in a subsequent issue. For revised data beginning1935 for the index of department store sales for the Atlanta district see p. 22, table 19, of the December 1942 Survey. The index for the Cleveland district has been completelyrevised; data beginning 1919 will be shown in a later issue.
JData revised slightly and rounded to nearest percent; revisions prior to November 1941 are available on request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-8 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
December
DOMESTIC TRADE—Continued
RETAIL TBADE-ContinuedDepartment stores—Continued.
Sales, total U. S., adjusted 1923-25-100._Atlantat--. _ 1935-39-100-.Chicago doCleveland!.. . . doDallas 1923-25=100..Minneapolis 1935-39 -100 „New Yorkt 1923-25=100-Philadelpbia 1935-39-10G.-Richmond... -_ do8t. Louisi 1923-25=100..San Francisco 1935-39»100._
Instaiment sales, New England dept. storespercent of total sales..
Stocks, total U. S., end of month:Unadjusted.- „._„ 1923-25-100-Adjusted do-._.
Other stores, instalment accounts and collec-tions: *
Instalment accounts outstanding, end of mo:Furniture stores .Dec. 31, 1939-100..Bousehold appliance stores doJewelry stores do
Ratio o' collections to accounts at beginningof month:
Furniture stores.__ percent..Household appliance stores. do.- . .Jewelry stores do.~-
Mafl-order and store sales:Total sales, 2 companies-_-~-_..thous. of dol..
Montgomery Ward & Co do ._ .Sears, Roebuck & Co . . .--do.....
Rural sales of general merchandise:Total U. S., unadjusted... . . . . 1929-31-100..
East --- -doSouth do___-Middle West -doFar West - . do
Total U. S., adjusted.— » do.—East . _ doSouth „ .doMiddle West „„....„.doFar West... .—_.....do...-
143194
179204
123157199142
*>93v 104
96, 68239, 98356, 699
152.2156.1187.6143. 9155. 4200.0205. 4234.6188.1211.4
138164154177161152
'130' 102182138167
10.5
'84 j'94
105103111
121119
111,48141, 85469,627
l l l .f i162.8173. 5138. 6166.6199.0214.2219.317S.S226.7
126144135150127134116157165117166
11.4
' 9 8102
102100102
111118
69, 64037, 96961, G71
151.1161. 0199. 3129.6135. 9186. 8196. 9218. 5163.0183.6
124150141161133124120149165130161
9.2
111'109
1019698
131319
131, 89455, 85076, 038
185.6204.9224.0165. 2194.5211.4228.2248.1186.4236. 3
117153134151131129110147156120157
8.4
122'118
1009193
131319
133. 90557, 60476, 301
175. 6183. 3202.0155.9200.1191.1192.4229. 3167. 0224. 0
108147123134126112105130147108147
6.9
r 130'127
67F587
131320
119,11750, 76268,356
164.8171.7188.0146.6188.8179. 5186.6221.7154. 8210.0
10414312513412311797122144108149
'129'136
141322
117,59748, 47669,121
160.3162.9179.4144.0203.6176.0177.4223.1152.5213.7
121162139143143133114139170126166
6.2
126140
141322
104,11842. 52161, 587
137.3128.1158. 6118.9193.8188.1179 9233. 5161. 2236. 3
130169148157165131123152194152172
'131'137
161325
113,44748, 74164, 706
160.8153.3178.0135.5207.8196.6192.4246. 9164. 3225.6
123161141146154126112133170122176
7.0
'129'124
161426
142, 02261,49580, 527
214.2201.2262. 8185. 7272.2202.6204.6238.0181.1232.6
128173147158150i31115139170129182
7.8
'127'114
138186i53170171144121142193135
••210
7.8
- 121' 105
125166146146162140119
' 140164129173
735463
181530
705062
1715
' 3 1
174,04576, 06897, 977
250.5245.4362.2210.8276.2192.8190.7244.4166.0230.0
153. 40668,39685,010
253.6266.2334.6216.5298.6194.9206.5243. 7165.2
102
4581
1645
193,41286, 472106, 941
272.7273.2325.8243.0324.5170.5164.1216.9155.8298.8
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Estimated civilian labor force, employment,and unemployment:
Labor force (Bureau of the Census)* millions..Employment*. __„ do
Agricultural* doNonagricultural* ...do
Unem ploy ment* . doEmployees in nonagricultural establish-
ments:!Unadjusted (U. S. Department of Labor):
Total thousands...Manufacturing doMining., . do. , . .Construction „ doTransportation and pub. utilities.doTrade do____Financial, service, and misc doGovernuiant - -do
Adjusted (Federal Reserve):Total . . . do
Manufacturings doMining. __ . . .do . . . .Construction.. doTransportation and pub. utilities.doTrade do
Estimated wage earners in manufacturing in-dustries, total (U. S. Dept. of Labor)*
thousands. .Durable goods do
Iron and steel and their products doBlast furnaces, steel works, and rollingmills thousands..
Electrical machinery doMachinery, except electrical do
Machinery and machine shop productsthousands..
Automobiles doTransportation equipment, except automo-
biles thousands..Nonferrous metals and products doLumber and timber basic products..do
Sawmills do
52.451.08.7
42.31.4
37,90615,719
8741, 4583,4786,3924, 2555,730
38,83315,910
8781.8283, 5036, 535
13, 5117, 8861,691
53.248.98.240.74.3
34, 87613, 468
9651,6623, 2886, 7564,1794,558
'35,819' 13, 657
9702.0443. 3656,907
11,4566,1071,515
542493979
374490
958362543304
63.449.48.441.04.0
35, 06213,693
9471.5943, 2706, 6864,1804,692
' 35, 053r 13, 814
9531.9913. 3516,802
11, 6546,2211,537
543503
1,005
383435
1,060367544305
54.550 98.942.03.6
35,41113, 859
9331,6253, 2956,7114,1944,794
' 36, 002'13, 939
9361,8863, 3666, 812
11,8216, 3501, 556
544511
1,028
391421
1,145373545306
53.750.79.3
41.43.0
' 35,908'14,019
9291,7713,3896,6794, 2054,856
' 38, 063r 14, 081
9381,8263.4086,690
11, 9886,5001, 5G9
546520
1,048
400429
1,250370549308
54.251.610.241.4
2.6
36, 34614,133
9281,9093.4426, 6674, 3094,958
' 36, 274' 14, 220
9331,7913. 4356,695
12,1276,6491,579
548523
1,058
409460
1, 345373551309
56.153.311.541.8
2.8
36, 66514, 302
9211,9913,4846,6064,3245,037
'36,461' 14, 320
9291, 7083, 4466,610
12, 2826,8231,599
549528
1,078
418485
1,443378555312
56.854.011.742.32.8
37, 23414,041
9232,1083,5196. 5044, 3555,184
' 37,051' 14, 640
9291,8513,4716,G09
12,5647,0031,612
546542
1,094
425513
1,559381559313
56.254.011.242.82.2
37,80214,980 I
9182,1813, 5336,4964,3715,323
' 37,433'14,819
9181,9163,4906,607
12,8697,1921,620
540564
1,114
435534
1,673387561313
54.152.410.242.21.7
38, 34815, 233
9102,1853,5426, 5614,3975,520
' 37, 645r 15, 006
'9001,9593,4826,523
54.052.410.541.91.6
38, 47815,313
9022,0283,5396,6974,3275,672
' 37,902' 15,162
8881,9023,4666,619
13,079 | 13,1667,313 7,4641,621 1,635
532586
1,126
440556
1,752390546303
525610
1,148
449572
1,836392535295
54.552.89.8
43.01.7
38,53315,434
8941,8963. 5206,7714,2955, 723
38,32515,349
8831, 8893, 5086,673
13,2674,5971,643
517630
1,168
457592
1,909398526290
53.451.98.9
43.01.5
' 38,942' 15, 684
'885' 1,674r 3, 502' 7,107' 4, 279
' 5,811
' 38,842' 15, 687
884' 2, 004' 3, 535' 6, 635
13,4827,7811,676
520649
1,190
467615
1,998405515284
' Revised. * Preliminary. ISee note marked "V' on P- 8-7.JA few revisions in data for 1938-41, resulting from changes in the seasonal adjustment factors, are shown on p. S-8 of the November 1942 Survey.{Revised series. Indexes of department store sales for Atlanta district revised beginning 1935, see p. 22, table 19. of the December 1942 Survey. Revised data beginning
1919 for the Cleveland district will be published in a later issue. The estimates of employees in nonagricultural establishments and in each of the component groups, withthe exception of the trade group and the financial, service, and miscellaneous group, have been revised beginning 1939 and revisions of the earlier data are in progress; therevised data will be published when revisions are completed (data beginning August 1941 are in the October 1942 Survey).
• New series. Indexes of instalment accounts and collection ratios for furniture, jewelry, and household appliance stores beginning January 1940 will be shown in a sub-sequent issue fa new series on amount of instalment accounts outstanding is included on p. S-15). The estimates of civilian labor force, employment, and unemploymentrelate to persons 14 years of age and over employed or seeking work, excluding institutional population and the estimated number of persons in the armed forces; persons onpublic emergency projects are included with the unemployed; data beginning April 1940 will be shown in a subsequent issue. Data beginning 1939 for the new series on wageearners in manufacturing industries will also be shown in a later issue; the figures shown above and on p. S-9 for all manufacturing, durable goods, nondurable goods, and theindustry groups have been revised in this issue and figures previously published for these series are not comparable with the current data.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CUEEENT BUSINESS S-9
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
tember October Novem-ber
Decem-ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Wage earners, manufacturing industries*—-Con.Durable goods—Continued.
Furniture and finished lumber productsthousands-.
Furniture ..doStone, clay, and glass products- do
Nondurable goods doTextile-mill products and other fiber man-
ufactures thousands..Cotton manufactures, except small wares
thousands..Silk and rayon goods .doWoolen and worsted manufactures (ex-
cept dyeing and finishing)-- thousands.Apparel and other finished textile products
thousands..Men's clothing do. . . .Women'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
thousands . .Chemicals and allied products do
Chemicals doProducts of petroleum and coal do
Petroleum refining. doRubber products— do
Rubber tires and inner tubes doWage earners, all manufacturing Industries, un-
adjusted (U. S. Dept. of Labor)t-1939«100_.Durable goods do
Iron and steel and their products doBlast furnaces, steel works, and rolling
mills .1939=100.-Electrlcal machinery, .doMachinery, except electrical do
Machinery and machine shop products1939=100.-
Automobiles doTransportation equipment, except auto-
mobiles-... 1939=100--Nonferrous metals and products doLumber and timber basic products, .do
Sawmills. doFurniture and finished lumber products
1939=100..Furniture do
Stone, clay, and glass products doNondurable goods. do
Textile-mill products and other fibermanufactures 1939=100-.
Cotton manufactures, except small wares1939=100..
Silk and rayon goods doWoolen and worsted manufactures (ex-
cept dyeing and finishing). _. 1939 =100..Apparel and other finished textile products
1939=100.-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
1939=100..Chemlcals and allied products do
Chemicals doProducts of petroleum and coaL_ do
Petroleum refining- do.__.Rubber products . . . .do
Rubber tires and Inner tubes doManufacturing, adjusted(Fed. Res.)§ 1923-25=100
Durable goods. .-doIron and steel and their products, not in-
cluding machinery 1923-25=100..Blast furnaces, steel works, and rolling
mills-. 1923-25=100..Hardware.. _ doStructural and ornamental metal work
1923-25=100..Tin cans and other tinware do
Lumber and allied products ...doFurniture doLumber, sawmills do
359
3615,625
1,271
882
361
"965
96310
332721
123
183
164.9218.4170.6
254. 7227.7
159.0
1,302.6176.7118.7
109.5
122.9122.8
111.1
111. 7
104.0
113.6
103.0117.0
f101.3250.1
116.1
151.3
392187375
5,349
1,294
100
188
89024725637721792523710017192329165
3454961061227814659
139.8169.1152.8
139.6190.1185.2
185.0121. 7
603.5157.9129.1105.5
119.5117.7127.9116.8
113.1
126.083.4
125. 7
112.8113.094.1
108.799.6
108.3102.874.1
142.398.4
124.1119.9
105. 4172. 2152.8115.3106.3121.1109.3135.7US. 7
398189372
5,433
1,296
502102
180
9442562753842209092389916495327165
3405231071237814658
142.3172.3155.0
139.8194.0190.1
189.1 j108.1 |
667.8160.0129. 4105.9
121. 2118.4126.7118.6
113.3
126.785.3
120.3
119.6116.9101.4110.7100.9106.4103.173.9136.4101.4123.3119.9
103.6181.4154.2116.2106.8120.6106.4135.1146.8
139.0 I 136.5
150110
10814779.210670
397186374
5,471
1,298
503.103
179
9592592773922258902398716095327165
3335511101247914658
144.3175.8156.9
140.0197.2194.6
193. 3104.7
721.4162.8129.7106.2
121.1116.9127.3119.4
113.5
127.086.3
119.7
121.4118. 6102.0112.9103.0104.2103.464.4132.6101.3123.2120.1
101.7191.1157.4117.5107.8121.0107.0134. 7146.9
134. 7
14994
112141
77.9104
68
14894
113122
75.4103
66
387179378
5, 488
1,303
507105
180
952259272386222893237
92160
93326165
331576110125
79142
58
146.3180.0158.3
140.6200.5198.3
197.9106.5
787.4161.6130.6107.0
118.1112.4128.8119.8
114.0
128.187.2
120.9
120.6118.5100.0111.3101.7104.5102.968.6
132.699.7
122.7120.2
100.9199.7158.1118.4108.4117. 0106.5136.0149.2
134.2
14991
116115
73.810164
384177376
5,478
1,298
508105
183
934256263381218906239
95165
91320163
328588110126
79141
59
148.0184.1159.3
141.0201.7200.2
202.2114.3
847.1162.9131.0107.4
117.2111.3128.2119.6
113.5
128.387.9
122.6
118. 3117.296.9
109.899.9
106.0103.870.6
136.997.2
120.5118.9
100.0204.1158.8118.7108.7116.9108.9137.7151.7
134.1
15190
116110
73.210064
381174376
5,459
1,298
509106
183
87324822937721494724512017492312160
3256001121288014662
149. 9188.9161.3
141.3203.6204.0
206.6120.6
909.1164.9132.0108.2
116.2109.6128.1119.2
113.4
128.588.4
122.7
110. 6113.484.3108.698.2110.8106.089.1144.099.0117.7116.6
99.0208.3160.7120.7110.1120.7113.8140.1156.3
135.5
153
117105
7 2.497
374172369
5, 561
1,293
509105
183
866241231374213
1,05225419118094302155
3256131121298015366
153.4193.9162.5
140.4209.1207.0
209.9127.4
982.5166.3133.0108.7
114.0107.9125.7121.4
113.0
128.587.8
122. 5
109.7110.185.0107.797.6123.1110.0142.3149.1100.2113.7112.5
99.3212.8160.2121.5110.3126.3121.2143.9162.1
136.3
15396
11910172.79564
369170370
5,677
1,283
507103
181
915247252367209
1,12525824817997298152
3256231111298115868
157.1199.2163.4
138.9217.8210.7
214.9132.6
1,054.3169.0133.5108.5
112.4107.0126.1123.9
112.2
128.086.0
121.3
115.9113.192.9105.895.6131.7111.8184.5148.6103.5112.3110.6
99.1216.3158.9121.6110.8130.7125.5145.0165.7
135.3
15199
12199
71.29163
367170369
5,766
1,272
50598
180
907246252357200
1,21026332217898297151
3236491111288116470
159.6202.5163.5
137.0226.3213.0
217.5138.2
1,104.0170.3129.9105.0
112.0107.2125.8125.9
111.2
127.781.9
120.3
115.0112.592.1102.891.7141.6113.6239.7147. 3105.2111.9109.7
98.5225.1159.2120.8110.3135.3130.5145.0167.2
133.7
12296
69.48861
368173368
5,702
1,275
505100
177
904242253357199
1,09926519717499300151
3316731111267916973
160.7206.7164.9
' 135. 5235.3217.3
222.0142.3
1,156. 5171.2127.2102.5
112.3108.3125. 2124.5
111.5
127.783.2
118.7
114. 5111.092.5
103.091.3
128.6114.7146.4144.6106.4113.1109.5
100.9233.4158.9119.3108.4139.9136.7
363168368
5,670
1,277
50699
176
887235248363204
1.038263140176100304150
3386931111257817477
161.9210.4165.7
'133.4243.0221.0
226.0147.1
1, 202.8173.5125.1100.6
110.5105.8125.3123.8
111.7
127.782.7
118.1
112. 3107.691.4104.793.4121.5114.1103.9145.8106.8114.7109.3
103.1240.3
r 159. 6117.8107.0143.8
r 141.9
365169368
5,701
1,287
51099
177
237248364203
1,02126411518399309151
3427081131247818080
164.6215.5169.0
'134.0250.3225.1
'230.0152.9
1,258.8176.5122.5
'98.2
111.3' 106.7
125.5124.4
112.5
128.9
'82.7
'118.5
112.2' 107. 8
91.1104.9'93.5119.5114.4'86.6
' 155.0106.3116.4
' 109.6104.2245.7
r 161. 1117.4107.1149.0
' 148.0
r "RoyicoH§Adjusted indexes of manufacturing employment have not as yet been computed on a revised basis corresponding to the unadjusted indexes on a 1939 base which have
been substituted for the indexes on a 1923-25 base formerly shown. The adjusted indexes on the old base shown above will be replaced by revised series when available.*New series. Data beginning 1939 for the estimates of wage earners will be published in a subsequent issue; see also last sentence of note marked on p. b-8.tRevised series. The Department of Labor's indexes of wage-earner employment and weekly wages in manufacturing industries have been completely revised; for 1939-41
data for the individual industries and 1939-40 data for all manufacturing, durable goods, nondurable goods, and the industry groups, see pp. 23-4 of the December 1942 burvey.Further revisions for the totals and the industry groups beginning January 1941 are shown in this issue; see p. 28, table 3, for 1941 data.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-10 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem- Decem-ber ; ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT-Continuod
Manufacturing, adjusted (Fed. Res.)5—Con.Durable goods—Continued.
Machinery, excluding transportation equip-ment 1923-25=100.-
Agricultural implements (including trac-tors) 1923-25=100--
Foundry and machine-shop prod...doRadios and phonographs do
Metals, nonferrous, and products doStone, clay, and glass products do
Brick, tile, and terra cotta -doGlass... ..-do
Transportation equipment doAutomobiles do
Nondurable goods doChemical, petroleum, and coal prod..do
Chemicals ...__do.^.Paints and varnishes doPetroleum refining doRayon and allied products . . . . do . . . .
Food and kindred products doBaking .doSlaughtering and meat packing do
Leather and its manufactures -doBoots and shoes...-. -do.. . .
Paper and printing .doPaper and pulp .do.....
It ubber prod ucts doBubber tires and inner tubes ..do. ..
Textiles and their products doFabrics .__ doWearing apparel do
Tobacco manufactures.__.. doManufacturing, unadjusted, by States and cities
State:Delaware... 1923-25=100-.Illinois. .1935-39=100..Iowa .1923-25=100-.Maryland 1929-31 = 100..Massachusetts 1925-27=100..New Jersey.. ..1923-25=100.New Yorkf.——• . „ . 1936-39-100..Ohio , do. . . .Pennsylvania.. „ .1923-25=100.,Wisconsin 1925-27-= 100..
City or industrial area:Baltimore..... „_. 1929-31 = 100.-Chicago..... . .1935-39=100..Cleveland... doDetroit - 1923-25=100..Milwaukee . 1925-27=100..New Yorkf 1935-39=100Philadelphia ,.1923-25=100Pittsburgh do..St. Louis 1937=100..Wilmington 1923-25=100..
Nonmanufacturing, unadjusted (U. S. Depart-ment of Labor):
Mining:Anthracite _ 1929=100..Bituminous coal doMetalliferous doCrude petroleum producing doQuarrying and nonmetallic do
Public utilities:Electric light and power doStreet railways and busses do. . .Telephone and telegraph do. ...
Services:Dyeing and cleaning .doLaundries _ ...doYear-round hotels do
Trade:Retail, total -..do
General merchandising do.Wholesale do
Miscellaneous employment data:Construction. Ohio 1935-39=100..Federal and State highways:
Total t number..Construction (Federal and State)..doMaintenance (State) do
Federal civilian employees:©*United States do. . . .
District of Columbia doRailway employees (class I steam railways):
Total thousands.Indexes: Unadjusted 1923-25=100_.
Adjusted . . .do . - .
LABOE CONDITIONS
Average weekly hours per worker in factories:Natl. Ind. Con. Bd. (25 industries), hours-.U .S. Dept. of Labor, all manufacturingf.do
Durable goods* ..doNondurable goods* do
169. 5186. 3
156. 0
180. 2
160.8
134.0139.0123.0
171.'
73.877.0
189.4
181153220
147.1105.0
81135
211.086
125.2151. 8190145130313
148.415313998.895
125.2130
99.675
112.0104.1125.169.2
137.8137.2158. 2
r 150.099.2145.8138.9335. 3110.3124.9
149.8129.1151.5102.7134. 3121.9117.6118.5121.2127. 7
49.095.180.761.346.8
92.070.490.4
109.8108.894.2
95.4105.194.9
125.6
194, 09249,113105, 920
1,703,099223,483
161155235
146. 7100.1
78126
216.284
123.8154. 7192142131308
147. 615213896.392
123,4130
98.373
U0.0102-2122.866.
" i
138.1137.7153.3153.4100. 5148.3143.4135.4J11. 8125,7
154.1139.0152.8104. 6135. 1129.8120.3118.8124.3
48.894.581.060.646.7
90.570.790.3
109.5107.694.1
94.0103. 294.3
125.1
183, 55944,852101,087
193.1 197.0 j 200.4
160157250
146.896.9
75124
220.781
123,1155.9195141132309
144.4152137
97.403
122.0130
97.573
109.4102.6120.066.1
138.7136.9154.5157.4101. 5150,1145.4140.9112.5127. 4
157.7137.9155.6111.0137.6132.4122.8118.5126.6127.8
48.493.881.959.747.7
89.671.290.5
113.8107.993.5
94.4105.993.9
131.9
191, 44452,975102, 023
1,805,186 1,926.074233,403
1,192 1,1936b. 4 65.468.2 68.0
42.41.43.39.
4782
42,442.444.539.9
238, 801
1,21566.668.5
42.742.745.040.1
157160249
145.894.771124
230. 979
123.3157.4
194137132317
142.3151138
98.195
121.3130
93.773
110. 9104.8119.765.8
139.9136.4153.4160.7102.0151.6145.2142.8113.0129.6
161.2137.6157.3115.7141.8131.9123.8119.4128. 7128.1
47.893.581.958.850.3
88.972.191.2
121.3110.395.2
94.3108.692.7
137.7
218,03772,420105, 441
1,970,969248,100
1,26669.470.0
42.842. 744.940.0
202. 7
162161223
146.590.967122
246.283
124.3159. 1195131133318
143. 7151141
100. 097
119.512S
94.575
112. 3105.5122.763.6
145.2136. 3156.0164.0101.8163.3144.0143.7112.2131. 2
164.2136.6159. 3118.6144.9
' 128.1125.4119.3 j132.0130.8 I
48.292.982.258.151.7
88.072.991.7
127.6113.796.1
94.0109.591.2
142.8
236, 92990,103107,804
206. £
166165195
147.890.865119
268.489
124.7161.7 j
197 j127133324
143.8153146
100.198
118.5126
98.178
112.2107. 2118.564.1
151.4136.0158.5165.3101.5153.1139.4146.2113.6133.2
165. 5136.1162. 7127.1147.8-•116.4127.1119.8135.4137.0
45.592.781.857.651.9
87.774.0 |92.5 i
130.1 !114.8 I95.5 I
!92.8 I108.4 !90.4
137.5
212.3
169 |168 |199 I
150.391.0
65118
295.296
126.6162.4193126133311
149.2159151
95.392
117.3122
103.483
114.6108.1123.864.8
153.5137.5159.8171.6101.8153.3142.3148. 4114.1135. 5
170.4138.7165.0133. 5152.2
'119.0128.7119.9139.0138.1
93.081.557.151.6
86. 974.893.5
126.9119.194.4
90.3103.689,7
124.8
236,102 240,63389.999 94,191
112,000 j 114,361
2,066.873 12,206,070 12,327,932256,457 ; 268,383 ! 274,001
1,29671.170.3
42.742.945.240.1
1,31972.470.8
42.742.945.239.9 I
218.6
173172196
151.389.9
63118
314.499
125.2163.0
193128134306
150.4162152
91.288
116.1120
106.486
111.4106.2118.264.7
166. 7141.5162.0175.9102. 7158.4146. 4151. 5114.7136.9
174.5142.3167. 0137. 9155. 4
'129.3131. 4120.4138.9150.2
46.792.380.356.751.5
85.975.093. S
123. 7117.493.4
89. 4103. 990.3
122.5
238,72290,022117,972
2,450,759275,362
1,343 !73.7 !71.8 I
42.642.644.839.8
74.079 9
219 7
168171193
149.089.562119
329.1103
123 S161.219012713'?308
152 2163151
90. 5
114.41.19
107.488
108. 2103. 5114.164. 9
168. 7141.2163. 6177.2103.3161.7149.7155.4114.7138.8
166.0142. 9167.2176. 5105. 1161.9152.1157. 5115.5141. 1
174.142.167.178.106.163.153.159.115.143.
1s0442639r
' 17ti. 0145. 4173.8
r ISO. 3108. 33 64.2156. 8162. 9116.8145. 1
174.8142.9168.7143.1157.6
' 132. 0132. 5120.4138. 6155. 0
'46.691.678.655.850.7
84.275.793.6
123.0116.493.9
91.7112.089.4
116.5
219, 04780, 836109,076
2,549,474281, 423
1,34974.072. 5
173.4145. 8171.6146.9160.0
' 134. 1134.5122. 5141.4162.6
46.290.677.7
'55.550.0
'82.775.993.3
' 124.8115.995.6
94.6121.190.0
112.8
211,75178,0311C5, 701
2,087,093283,692
1,34874.072. 0
172.3146. 6
' 174. 5149.5163.6134.2136.8122.7143.1172.0
46.289.379.155. 048.5
'81.375. 993,1
119.7114.295.3
96. 8131.889.3
' 108. 1
186, 94258, 947100,898
2,750,101284,158
1, 34373.873.3
r 174.2149.0177.9150.3164.3134.6138.2124.3147.2177.9
'45.888.579. I54.646.8
r 80. 5r 77.0r 09 7
' 115. 7113.3' 04. 9
106. 2' 165. 5' 88. 8
96.6
161,01040, 58894,108
2,810,871284,068
1,35173.975.8
43.243.045.340.2
43.42.44.39.
4467
43.6 j43.6 i45.8 |40, 8 '
43.7 !44.0 |46.1 141. 3 1
44.244.446.242.1
r Revised. § See note marked "§" on p. S-9. t Total includes State engineering, supervisory, and administrative employees not shown separately.1 Data for years prior to 1940, comparable with data beginning with that year published in the 1942 Supplement and currently, will be shown in a subsequent issue.cf Data for December 1942 exclude about 80,000 excess temporary Post Office substitutes employed only at Christmas.f Revised series. Earlier data for the revised employment index for New York City not shown in the July 1942 Survey and subsequent issues will be published later.
For revision of the Department of Labor's series on average weekly hours, see note marked with " t" on p. 3-12.* New series. Earlier data will be published in a subsequent issue.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March H»43 SURVEY OF CURRENT BUSINESS S-ll
Monthly statistics through December 1941, to-gether with explanatory notes p,nd referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1943
Janii- j Febru-ary ary March April
IMay Juno July August Sep-
temberOcto- Novem-1 Decem-ber bor 1 be i"
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
Industrial disputes (strikes and lockouts):Beginning in month number..In progress during month, doWorkers involved in strikes:
Beginning in month thousands.-In progress during month do
Man-days idle during month.., doEmployment security operations (Soc. Sec. Bd.):
Placement activities:Applications:
Active file thousands..New and renewed do
Placements, total doUnemployment compensation activities:
Continued claims _. thousands..Benefit payments:
Individuals receiving payments § .-doAmount of payments thous. of doL.
Labor turn-over in manufacturing establishments;Accession rate..mo. rate per 100 employees..Separation rate, total _ ___do
Discharges.-. ____doLay-offs. .doQuits do, . . .Miscellaneous do
195225
90100450
i 1, 6781,384
727
1,227
22712,182
PAY ROLLS
Weekly wages, all manufacturing industries,unadjusted (U. S. Dept. of Labor)t-1939=100..
Durable goods doIron and steel and their products do
Blast furnaces, steel works, and rollingmills 1939=100..
Electrical machinery __.doMachinery, except electrical do
Machinery and machine shop products1939= 100_-
Automobiles doTransportation equipment, except auto-
mobiles 1939=100..Nonferrous metals and products doLumber and timber basic products.--do
Sawmills doFurniture and finished lumber products
1939=100.-Furniture do
Stone, day, and glass products .doNondurable goods „. do
Textile-mill products and other fiber manu-factures 1939=100-.
Cotton manufactures, except small wares1939=100.-
Silk and rayon goods doWoolen and worsted manufactures (ex-
cept dyeing and finishing)-._ 1939=100._Apparel and other finished textile products
1939=100-.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
1939=100..Chemicals and allied products.. do
Chemicals doProducts of petroleum and coal. .do
Petroleum refining .doRubber products do
Rubber tires and inner tubes doManufacturing, unadj. by States and cities:
8tate:Delaware.. 1923-25=100..Dlinois... .1935-39=100..Maryland.. . _ 1929-31 = 100..Massachusetts .1925-27=100..New Jersey.. .1923-25=100..New York} 1935-39=100.-Ohio doPennsylvania 1923-25=100.-Wisconsin 1925-27=100..
City or industrial area:Baltimore..-. 1929-31 = 100..Chicago 1935-39«100-.Cleveland doMilwaukee _ .1925-27=100-New Yorkf - -.1935-39=100-PhiJadelphia —1923-25=100-Pittsburgh doWilmington..__ do
355. 4
264.5
350. 9
208.0233. 6187.0
L283. C
155255
3349
390
4,8991,956
439
4, 584
79741,056
6.875,10
.301. 612.36
.83
200. 7255. 9211.0
181.8279.2 I282.0 !
l277.9 '188.0
1,042.4223.0154.5126.5
190275
5780
425
4,8881,532
427
4,103
83839,884
6.024.82
.291.392.41
.73
208.2265.8219. 8
187. 3288.0295. 9
2S9.4167.1
.144.6228. 7163.5135. 2
151.9 I150.8153.3140.8 I
151.2 Ii
181.2 |111.7 j180.0 I
133. 4138. 6107.4142.3 !133.7130. 0117. 5
170.03 23.6155.6155.8 !
115.4231.7199.3138.4126. 6149.1131.2
187.9188.4
r 241.4129.3205.3197.8203.6139.4175.2
247, 5189.1243.7182.0156.7160.6153. 3169.2
159.9157. 8159. 9151.9
153.7
185. 6118.9169.1
155.1150.1133. 6151.3142.5126.3118.6
101.0151.6122.7156. 0157.9
112.9245. 4200.3144. 3131.9149.8129.5
188.7192.4251.5132.6210.2210.0210.9144.7182.2
256.0189.1254. 7187. 0176.6168.6157.5169.4
240320
6580
450
4,5591,567
511
3,977
80343,035
5.36.33
1.193.02
.82
215.1270. 2226.6
189.8296.3307. 8
300. 6167.4
1,237.0237.5165.6137.1
161.7156.7162. 2155. 4
155.1
187. 2122. 3171. 2
163. 5 j157.9136.8156.7 I148.5125.3 !
119.3
85.6149.0119. 4156. 9159.2
112.5263.4206.7145. 4132.9 ,156.5135.5 j
193. S194.3259.7136.4219.2216.4223.3146.8188.1
263.8191.0256.5195.0183.1174.6168. 4173.9
310405
55 !85 I375 '
4,3981,576606
275375
72325
4,2541,565784
350440
100117550
4,2801,841
925
400520
100450
1 3, 2541,6561,006
3,512 ! 2,970 i 3,159 I 3,207
66836,311
7.126.12.351.313.59.87
221.4287. 2230. 5
188.2303.6315.4
311.1169.8 i
1,370.7240.7170. 6143.1
161. 2153.4165.3157.0
157. S
190.1127.2177.1
156. 8155.9128. 3154.8146.1126. 5119.0
91.8151.4124.7154.3156.0
111.8282.1210.6144.9131.8149.9 I135.3 I
199. 4195. 9276. 7137.6224.2218.0227.4148.9191.3
281.3192. 5263.6204. 4181.4179.2159.5178.1
CIO31,704
i7.29 |6. 54 !.381.43 !3.77 |.96
228.7300.0236. 3
55330, 226
8.256.46
.381.213.851.02
234.5312.1241.5
191.310.0325. 8
575 ,32,625 |
8.286.73
.431.054.021.23 |
350475
80100450
" 1,403982
54328, 252
7.907.06
.42
.874.311.46
242.7323.9245. 7
290400
80 |
i 2, 4001,2131', 39S
2, 026
22, 395
9.158.10.44.18
5.191.79
235 ;320 |
60 !66325
!
"']' 2671,531
1, 517
31016, 895
8.697.91.45. 78
4.652.03
7 | 192.9 197.2 !317.2 j 325.7j337. 9 i 339.1 \
321.4 !183.2 |
335.2193. 4
1,481.3 i 1,585.5245.9 j 253.0177. 8 190. 2147. 9 158. 9
162.7156.6168.9 |159.0 |
1160. 0
196.1127.8184.0
150.9156.6118. 2151.7141.2131.5123.6
94.7158.3124. 6152.7154.8
111.0295. 6217.5147.1132. 7157.6148.3
214.2198.6279.5141.4230.0219.4233.5151.1197.8
282.2193. 5273. 6216. 2
' 175. 5"?184. 6^161.8190. 3
161.3153.1167.6158.7
161.1
195. 9128. 2186. 9
132. 9143.892.3
148.3136. 8139.7129. 9
123. 5171.8132. 0149. 4152. 8
110.2306.1221.0150.0134.7164.5151.1
220.0200.0285.3142.1230.2212.0239.6154.6206.4
288.1196.4286. 2222.7
' 156. 5190.3165.4196.0
' 337.1202. 5
1. 753. 2260. 0189.4157.4
157.1r 149. 8
163. 2163.3 |
162.0 I
193.0 j126. 2 |200.6 |
135.2 !138.6 !101.2 !148.7 |136,9 i153.7 I135.2 |
213.7175.4133.8144.1147.1
254. 8342.0251.5
196.6343.9352.6
352.1218.0
1,920.8268.5 i199.1 |164.1 J
159.8 j154.3 ;169.6 ;169.5 !
166.3
202.2126.9198.1
151.4146.4119.6146. 3134.9161. 6138. 5
266.2173.4144. 3147.1149. 7
110.0317.2225.0154. 0137. 6176. 3166. 8
233.2201. 2307.0146.9234.3220.3251.5155.2206.0
305.1200.1295.1229. 2165. 2198.2161. 9206.6
110.2326.4 1221.6 i156. 4139. 9184.4172.9
251.2210.3310.1150. 5243.0229. 8255.3160.3216.0
310.2206. 7300. 9244.1
M84.3205.2168. 4244. 6
261. 8352.4255.4
199.7368.6352.3
354.8225. 2
2.053.3 !
273.3 I192. 2158.4
158.1.154.1168.4173.3
166.8
208. 2126.5196.3
147. 4142.5115.8145. 6134.9173.2140.7
373.4173.0144.1147.0148. 5
111.2338. 5222.1160.5144.3189.9178. 6
264. 8210.3322.3154.8255. 4239.9261. 2161.8212. 3
320. 6209.0300. 0247. 0
' 192. 3212. 1171.5255. 1
165225 !
|
i 1,8951,139
931
160200
bl200
1,152712
1,128 I 1,130
270.9366.2 :264.1 !
222 ,11,574 |
8. 14 !7.09
.43
.654.211.M0
2bO. 4382.8270.1
19311,558
f>. 926.37
.46
.703.711.50
287.7391.2278.7
200. 7 j r 204. 1 i T 204. 7382.7 j 402.8 415.5371.5 ! 381.5 392.9
371.5235.3 !
2,116.3 '282. 7 !398.2 i163.0 i
168.2 !164. 5178.9177.7
173.0 I
210.6 j130.8 !308.2 I
157. 0148.4 |127.1 j149.2 I134.5 I164.4 |143.5 |
228.7176. 8153.7158.9158.9
136.3351. 4230.6160.8145.7201. 9190. 0
271. 9220. 4330.5160.4261. 5248.4275.0168.2228.7
329. 4218.4325.8261. 1
r 198.4217.9177,0271.3
381.9 j263.4
* 394. 6255.6
j 2,275.9 2,342.1292. 2188. 7152. 8
105. 0158.2179. 2180.3
175.4
212 8131.3 i201.0 I
152.7 |144.7128.1 !153.4 |137.4 I160.5144.0 !
163.9181.3157.4163.5161.1
122. 4365. 3
' 235. 6165.4
r 150.9213.3 j
r 204. 0
288.8223. 7339.4162.7269.3252. 8
' 285.1172. 2236.5
336. 2223. 0
' 339. 0271.3200. 7226.9181.2288. 9
301. 2181. 9
r 144. 5
170. 5' 163. 9
181.3186. 5
180. S
r 217. 7' 133.7r 207.9
154.0' 145. 7r 124.0
159.5r 144.5
165.7r 149. '£
M39.2r 213.6
159.7168.3
' 163. 6
126. S382. 9
r 242 2165.' 1
* 151.5228.6
'219.7
r 2S0.7233. 1335.0168. 9274.7261.1294.5174.3243. 5
' 333. 1231.9345. i277. 3203. 6231.1184. 4298. 3
r Revised. § Weekly average of number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month.i Not comparable with data prior to July 1942, owing to change in active file definition (see note 1 on p. S-li of the December 1942 Survey). The July 1942 figure is also
not comparable with figures for later months, as data for July were not completely revised to the new basis.^ Data for years prior to 1940, comparable with data beginning with that year published in the 1942 Supplement and currently, will be shown in a subsequent issue. ^t Revised series. Indexes of weekly wages (formerly designated pay rolls) in manufacturing industries have been completely revised, see note marked " t " on p. S-9;
indexes for January 1943 are not as yet available. January data will be published in an issue of the weekly Supplement to the Survey. Earlier data for the revised payrollindex for » w York City not shown in the July 1942 Survey and subsequent issues will be published later.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-12 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Surrey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Septem-
berOcto-ber
Novem-ber
December
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY EOLLS—Continued
Nonmfg., unadj. (U. S. Dept. of Labor):Mining:
Anthracite. _ 1929=100-.Bituminous coal . doMetalliferous.... doCrude petroleum producing.. __doQuarrying and nonmetallic do , - . .
Public utilities:Electric light and power doStreet railways and busses.. doTelephone and telegraph do
Services:Dyeing and cleaning doLaundries _ doYear-round hotels do
Trade:Retail, total- d o , . . .
General merchandising doWholesale. do
WAGES
Factory average weekly earnings:Natl. Ind. Con. Bd. (25 industries) ..dollars..U. S. Dept. of Labor, all manufacturlngf-do
Durable goods doIron and steel and their products...do
Blast furnaces, steel works, and rollingmills. dollars.
Electrical machinery doMachinery, except electrical do
Machinery and machine-shop productsdollars..
Machine tools doAutomobiles doTransportation equipment, except auto-
mobiles dollars..Aircraft and parts (excluding engines)
dollars -.Shipbuilding and boat building._do
Nonferrous metals and products doLumber and timber basic products.do
Sawmills doFurniture and finished lumber products
dollars..Furniture do
Stone, clay, and glass products doNondurable goods do
Textile-mill products and other fibermanufactures dollars
Cotton manufactures, except smallwares dollars..
Silk and rayon goods doWoolen and worsted manufactures (ex-
cept dyeing and finishing) dollars..Apparel and other finished textile prod-
ucts dollars..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
Tobacco manufactures 1..doPaper and allied products do
Paper and pulp do . . .Printing and publishing and allied indus-
tries dollars. _Chemicals and allied products do
Chemicals doProducts of petroleum and coal do
Petroleum refining doRubber products do
Rubber tires and inner tubes doFactory average hourly earnings:
Natl. Ind. Con. Bd. (25industries) do. . . .U. S. Dept. of Labor, all manufacturingf.do
Durable goods doIron and steel and their products.-.do
Blast furnaces, steel works, and rollingmills . dollars..
Electrical machinery doMachinery, except electrical do
Machinery and machine-shop productsdollars. .
Machine tools . .doAutomobiles doTransportation equipment, except auto-
mobiles dollars .Aircraft and parts (excluding engines)
dollars.Shipbuilding and boatbuilding...do....
Nonferrous metals and products.. . do....
39.4117.194.364.848.9
114.680.5
120.9
86.5103.891,5
105.791.8
37.4733.4038.9837. 51
38.6339. 5843.99
43.1450.8149.79
50.22
46.7252.4337.2722.6221.77
24.8625.4728.42
22.44
20.4021.39
27. 60
21.1823.3422.0324.9923.6428.6429.3020.6533.0221.0329.8932.82
35.6033.2839.1838.7741.0934.5940.05
.801
.890
.891
.992
.868
.907
.9261.158
1.044
.9631.085.851
49.6118.298.464.852.0
113.783.7
120.9
85.6102,592.6
93.9104.193.7
37.5334.0539. 6938.53
39. 6939.8144.97
44.0050. 8749. 74
49.92
44.9953.3737.5823.8823.20
25.7326.4630.0327.49
22.90
20.8022.32
27. 13
22.9624.3425.5526.0524.8628.4329.4121.9630.7020.3530.20
35.4033.3239.0240.1042.6434.9640.62
.880
.803
.892
.890
.995
.873
.914
.904
.9281.154
1.040
.9511.091
50.9116.999.162.654.4
113.584.7
121.8
92.7104.391.6
93.7105.293.9
6S. 1434.6340. 4639.32
40.1240. 2545. 67
44.7551. 4351.35
49.96
45.1852. 2838.3224. 2023.47
26.1426. 7530.3127.91
22.98
20.9222.74
27.63
23.5525.2926.1226.3225.3228.7729.4821.3531.0419.8730.29"33.50
36.5234.1039.5239.9442.5736.3142.27
.888
.811
.899
.904
.997
.875
.919
.901
.9431.154
1.043
.9561.078.869
!
44.7118.399.163.258.1
113.584.4
122.2
105.7108.693.5
93.6108.092.2
38.6835.1040.9539.44
39.7140.5845.90
45.2050.7951.23
50.65
45.9053.2838.9424.7823.97
26.6627.2630.4728.12
23.26
21.0523.40
28.31
23.2825.0425.0926.3725.2128.8929.5221.5231.4921.0929.9832.84
36.0034.9839.9739.5541.9735 9342'. 55
.896
.822
.912
.915
1.003.884.931
.922
.9441.146
1.053
.9711.083.881
51.5122.1100.862.063.0
113.686.8
125.0
113.1113.895.4
94.0108.5
39.0035. 8241.8140.15
40.3041. 2146. 98
52.2451.52
51.02
46.2253.2739.4725.7925.05
27.0628.0530.8628.55
23.74
21.0723.28
28.97
22.8225.3123.8726.0624.8429.6530.4521.5631.8721.5330.2432.94
36.0436.1241.0739.9242.0737.7644.05
.006
.835
.925
.923
1.007.892.949
.934
.9651.163
1.063
.9831.091.893
56.0140.3102,063.165.1
113.689.4
125.3
117.7115.296.6
93.4109.091.0
39. 5236.2542.2640.42
40. 3441.8147.71
46.4452.4751.55
50.80
46.6752.7340.3227.0026.26
27.1027.9130.9628.65
23.84
21.6323.24
29.43
21.5624.0621.4225.8324.4830.1731.3422.1932.8622.3730.1333.14
36.2136.7241.2140.0542.1838.2244.42
.917
.845
.935
.927
1.008.901.960
.944
.9741.161
1.065
.9931.088.904
1
45.9112.7'99.3
62.465.9
113.491.0
126.0
109.2117.896.5
91.8105.191.3
39.8036.4342.5140.16
41.6741.7247.04
46.0951.4150.98
51.86
46.0151.1140.9426.9826.14
26.9527.8430.5428.94
24.02
21.3222.98
31.59
21.7623.9223.2825.9124.7130.1731.4324.1332.6122.4330.1933.09
36.0637.3242.0140.7343.0039.0546.08
.928
.856
.949
.934
1.013.907.964
.949
.9751.164
1.094
.9911.138.920
48.2118.6
' 102.162.467.4
112.893.8
127.4
106.4116.896.6
91.4104.991.8
40.87 I37.3843.8441.56
41.9942.3248. 26
47.0452.1252. 72
53.17
46.2456.8241.8028.3027.33
27.3728.9531.5229.36
24.82
22.3723.62
31.43
22.9524.7026.3826.2324.8929.6531.6923.1432.4023.4231.1934.18
36.0637. 7641.7341.6343.5839.4746.10
.940
.870
.969
.951
1.038.912.977
.963
.9871.169
1.124
.9931.193.933
50.2122.2'99.1
64.967.5
112.593.6
130.5
107.9117.398.5
93.1112.492.3
41.7937.8044.4542.14
43.2143.6547.71
46.9550. 7252.26
54.22
46.5558.6042.1627.9627.22
27.6828.9031. 4029.53
24.98
23.1224.69
30.40
22.5124.1825.6725. 7625.9329.8931.7224.8832.6223.0431.2934.10
36. 6737.6241.7042.9845.1939.3145.80
.957
.892
.997
1.077.949.994
.979
.9901.185
1.161
1.0111.247.956
48.3124.8
'99 .864.1
111.295.3
128.4
112.5118. 9103.2
96.4121.694.6
42.1038.8945.3143.45
43.9343.7349.34
48.3052.3252.97
53.34
45.7557.5443.4329.5228.69
29.3330.5033.5230.66
25.84
23.3925.31
31.13
24.1725.5628.1727.5826.0330.9731.9025.3434.0224.3233.4636.59
37.5137. 7443.3843.8046.5640.3946.55
.958
.893
.990 i
.979
1.073.936.997
.983
.9981.172
1.132
.9911.208.956
4U. 2123. 9104.162.666.4
109. 497.8
129.0
107.9118.5103.9
99.2130.896.3
42. o039.7846.2744.20
45. 5744. 2449. 64
48.6553.1854.65
55.49
46.5360.6744.1528.5827.44
29.3430.0533.5331. 25
20.17
23.6225.46
31. 53
23.9725. 6627.4827.7925.9731.8432.3225.5734. 5224.8234.0137.18
38. 0638.1044.1845. 6148.8041.4848.45
.966
. SOS1.005
.984
1.081.942
':. 003
. 9861.0071.202
1.103
.9971.204. yr>9
r50.3' 128.1r 104.4'64.1' 61.4
r 109. 9r 101.3' J28.2
r 104. 8r 120.1r 107.0
r 107. 2' 103. 2
' 95. 4
42. 9940.2740.1844.62
45.4944.3750. 25
49.2853.7352.29
54.02
46.6858.0944.7028.0326.34
30.0230.8633.9432.08
26.73
24.0425.88
32.62
24.2725.7027.6028.9827.5233.3033.4625.9238.4625.2634.5737.83
39.4938.9844.8645. 7549.1142.8949.93
.970
.9071.004.985
1.088.944
1.011
.9911.0131.202
1.142
1.0031.220.976
'Revised.t Revised series. The Department of Labor's series on hourly earnings and hours per week have been revised and differ from those previously published owing to the
inclusion of additional data for industries not heretofore covered and extensive corrections, on the basis of Census and Social Security data, in the employment estimates ofthe Bureau which are used for weighting purposes. The series of average weekly earnings has been recomputed; this average is obtained by taking the product of the averagesof hourly earnings and hours worked per week. The industry classifications have been revised for all series to agree with definitions of the 3939 Census of Manufactures andthe Standard Industrial Classification Manual. Comparable data for earlier years will be published in a subsequent issue.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-13
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1842 Supplement to the Survey
1943
January
1942
January Febru-ary March April May June July August Sep-
temberOcto-ber ber
Decem-ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings f—Continued.U. S. Department of Labor—Continued.
Durable goods—Continued.Lumber and timber basic products
dollars. _Sawmills . do
Furniture and finished lumber productsdollars,.
Furniture doStone, clay, and glass products do
Nondurable goods doTextile-mill products and other fiber
manufactures dollars. _Cotton manufactures, except small
wares dollars..Silk and rayon goods doWoolen and worsted manufactures (ex-
cept dyeing and finishing).... dollars..Apparel and other finished textile prod-
ucts dollars..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
Tobacco manufactures doPaper and allied products . do
Paper and pulp doPrinting and publishing and allied indus-
tries dollars. _Chemicals and allied products do
Chemicals doProducts of petroleum and coal do
Petroleum refining.... doRubber products do
Rubber tires and inner tubes doFactory average weekly earnings, by States:
Delaware 1923-25=100-.Illinois 1935-39=100-Massachusetts.. __ 1925-27 = 100-New Jersey 1923-25=100-New York.. _ 1935-39 = 100.Pennsylvama--- 1923-25=100..Wisconsin 1925-27=100..
Miscellaneous wage data:Construction wage rates (E. N. R.).i
Common labor dol. per hour..Skilled labor ..do—_
FBrm wages without board (quarterly)dol. per month.
Railway wages (avj»., class I)..dol. per hour..Road-building wages, common labor:
United States, average doEast North Central _ . doEast South Central do .Middle Atlantic do. . . .Mountain. do. . . .New England __ do._._Pacific.-. doSouth Atlantic .doWest North Central do. . .West South Central do
PUBLIC ASSISTANCE
Total public assistance and earnings of personsemployed under Federal work programs
mil. of dol.Assistance to recipients:
Special types of public assistance doOld-age assistance.. _ do
General relief doEarnings of persons employed under Federal
work programs:Civilian Conservation Corps...mil. of dol..National Youth Administration^1 doWork Projects Administration do__.
Earnings on regular Federal constructionprojects mil. of dol. .
169,6
.8321.61
.63
.89
.47
.84
.95
.811.03
52.66.49
0.589.570
.623
.641
.740
.571
.507
.551
.700
.612
.663
.627
.644
.616
.702
.697.583.791.555.710.760
.920
.802
.9491.0231.107
.8781.085
131.5137.3130.3169.3142.4144.8140. 3
.7761.53
47.77.841
.45
.65
.36
.63
.63
.57
.85
.35
.55
.40
162
88
62
166
0.597.584
.629
.649
.749
.689
.571
.510
.556
.697
.624
.663
.654
.653
.629
.702
.696
.587
.786
.550
.714
.764
.922
.799
.9501.0231.104.8741.074
131.6140.3131.9170.3146.4148.9145.0
.7801.54
.860
.43
.69
.37
.59
.62
.52
.82
.36
.51
.43
157
644919
7758
186
0.605.594
.636
.655
.752
.696
.573
.511
.561
.700
.628
.670
.655
.658
.633
.707
.698
.595
.791
.543
.716
.769
.961
.810
. 9631.0241.104.8901.080
134.6141. 8134.4175.4148.8150.2147.7
.7801.54
.840
.47
.68
.37
.57
.62
.62
.82
.37
.52
.42
159
644819
6762
194
0.618.606
.647
.667
.758
.703
.580
.514
.578
.710
.624
.671
.638
.671
.649
.715
.706
.613
.800
.561
.719
.769
.940
.823
.9741.0221.103.8961.084
137. 2144.0134.9177. 7150.1151.3147.7
.7881.54
50 54.834
.49
.65
.37
.64
.63
.62
.89
.40
.52
.44
150
644817
5756
237
0.632.620
.652
.677
.762
.712
.589
.528
.575
.715
.620
.687
.608
.675
.650
.725
.717
.617
.800
.571
.727
.777
.946
.846
.9901.0211.098.9121.096
142.0147.9138.9180.5152.4153.6150.8
.7881.54
.835
.53
.67
.41
.60
.68
.65
.90
.43
.55
.42
141
644915
4651
287
0.657.645
.653
.673
.772
.718
.593
.528
.572
.729
.609
.682
.581
.678
.652
.727
.731
.599
.806
.581
.742
.797
.953
.858
.9901.0271.102.9211.103
139.0148.9140.0180.9152.1155.4154.9
.7961.55
.826
.56
.71,42.61.68.64.92.46.57.43
135
'654914
4647
314
0.658.647
.651
.673
.779
.725
.602
.528
.577
.769
.620
.683
.617
.680
.654
.720
.738
.601
.801
.581
.751
.809
.949
.8721.0041.0391.114.9321.107
146.3148. 4144.3184. 0154.8155.4152.1
.8031.56
56. 97. 825
.59
.75
.41
.69
.71
.69
.95
.48
.60
.41
120
655014
0)042
368
0.677.663
.661
.682
.786
.730
.616
.549
.590
.774
.634
.697
.631
.683
.657
.718
.732
.611
.807
.593
.757
.814
.949
.8761.0011.0541.130.9331.105
145.0150.9146.5184.7157.0159.8157.8
.8231.59
.828
.61
.76
.43
.66
.77
.65
.97
.50
.60
.46
no655013
0)031
423
0.682.671
.675
.700
.799
.743
.634
.575
.611
.779
.645
.701
.647
.702
.677
.715
.733
.612
.813
.597
.767
.825
.960
.8811.0141.0881.165.9451.114
150.9151. 3150.0190.1160. 3161.9153.1
.8231.59
.839
.63
.77
.46
.64
.74
.661.08.50.66.44
105
655013
0)(a)
26
426
0.694.684
.685
.707
.812
.751
.639
.576
.615
.783
.652
.702
.663
.708
.683
.744
.740
.664
.821
.602
.771
.828
.973
.8661.0191.0811.160.9471.115
157.4156. 7152.6194.5163. 3166.9162.0
.8261.59
59 25.832
.66
.83
.48
.72
.82
.701.04.52.72.47
104
665113
0)(•)
25
439
0.685.670
.685
.703
.810
.756
.642
.577
.619
.789
.648
.705
.651
.713
.683
.751
.749
.671
.823
.611
.772
.831
.976
.8671.0271.0931.174.9551.125
159. 4159.8152.9198. 8104. 7169. 7164. 9
.8321.60
.850
.66
.83
.47
.75
.87
.751.06.54.77.46
101
665212
0)1
22
435
0.677.657
.687
.706
.810
.762
.644
.578
.619
. 789
.649
.707
.651
.719
.692
.762
.758
.673
.839
.613
.770
.829
.980
.8761.0321.0921.176.9661.131
159.7163.3156.0201.6167. 6171.1167.8
.8321.60
.845
.67
.88
.46
.82
.88
.801.02.56.69.48
101
675212
0)122
432
FINANCE
BANKING
Accepcances and com'l paper outstanding:Bankers' acceptances, total mil. of dol..
Held by accepting banks, total.. .do_...Own bills ...doBills bought do
Held by others* . doCommercial paper outstanding.... .do
12095603524
220
1971541035243381
190144925346388
183146895737384
177139865338373
17413382514.1354
163122784441315
156119774238305
139108713731297
12397643326282
11994633125271
11690612926201
11893603425230
' Revised. » Preliminary. •None held by Federal Reserve banks. a Less than $500,000.« No data available for small amounts expended after June 1942 for the CCC now in process of liquidation as directed by Congress.^Beginning with July 1942 only amounts expended for the student work program are included; need is no longer a criterion for enrollment in the ont-of-school work
program, which is focused on training inexperienced youths for war industries, and the program is therefore dropped from this series.1 Construction wage rates as of Feb. 1,1943: Common labor, $0,832; skilled labor, $1.61.t See note marked "t" on p. S-12.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-14 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942Janu-
aryFebru-
ary March I April I May June July A n a r _ t | Sep- | Octo-August | t e m b e r j b e r! Novem-! Dceern-; ber ! her
FINANCE— Continued
BANK13 G - Continued
Agricultural loans outstanding of agencies supervised by the Farm Credit Adin.:
Total, excl. joint-stock land bks.. mil. of doL.Farm mortgage loans, total -do.
Federal land banks do.Land Bank Commissioner do
Loans to cooperatives, total doBanks for cooperatives, including central
bank mil. of dol..Agr. Mktg. Act revolving fund do
Short term credit, totaL. doFederal intermediate credit banks, loans
to and discounts for:Regional agricultural credit corps.,
prod, credit ass'ns, and banks forcooperatives^1 mil. of dol._
Other financing institutions doProduction credit associations. doRegional agr. credit corporations...doEmergency crop loans - .do. . . .Drought relief loans do
Joint-stock land banks, in liquidation..doBank debits, total (141 centers) do
New York City . . . do . . . .Outside New York City ...do
Federal Reserve banks, condition, end of mo.:Assets, total mil. of doL.
Res. bank credit outstanding, totaL .doBills discounted doUnited States securities do
Reserves, total doGold certificates do
Liabilities, total doDeposits, total do
Member bank reserve balances doExcess reserves (estimated) .do
Federal Reserve notes in circulation^ doReserve ratio percent..
Federal Reserve reporting member banks, con-dition, Wednesday nearest end of month:
Deposits:Demand, adjusted.. mil. of dol..Demand, except interbank:
Individuals, partnerships, and corpora-tions mil. of doL.
States and political subdivisions doUnited States Government .do
Time, except interbank, total doIndividuals, partnerships, and corpora-
tions mil. of doL.States and political subdivisions...do . . .
Interbank, domestic doInvestments, total do . . .
IT. S. Qovt. direct obligations, total, .doBills t-- - - do. . . .Bonds . doNotes _ do. . . .
Obligations guaranteed by U. S. Govern-ment mil. of doL.
Other securities.. _ ...doLoans, total - do
Commerc'l, indust'l, and agricult'L...doOpen market paper 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 percent..7 other northern and eastern cities do11 southern and western cities, d o —
Discount rate (N. Y. F. R. Bank) doFederal land bank loans doFederal intermediate credit bank loans.doOpen market rates, New York City:
Prevailing rate:Acceptances, prime, bankers, 90 days
percent..Com'l paper, prime, 4-6 months...doTime loans, 90 days (N. Y. S. E.)..do.__.
A verage rate:Call loans, renewal (N. Y S. E.)—do—.U. S. Treasury bills, 3-mo do
A verage yield, U. S. Treasury notes, 3-5 yrs.:Tax-exempt percent..Taxable* _ do.. . .
Savings deposits:Savings banks in New York State:
Amount due depositors mil. of dol..F . 8. Postal Savings:
Balance to credit of depositors. doBalance OD deposit in banks do
2. 6082,0801,579
501146
13212
382
265381853
1134420
50,14019, 87730,. 203
28, 5566, 339n
5,96920, 93120. 52028, 55614,80513,6302,38712.265
77.3
29. 434i; 8885.2455'. 408
5,268112
9,19731,91826, 7409,53513,1174, 088
1, 9083, 2709, 7905.921229637
3751, 184
461, 398
1.004.001.50
1.00.367
1.29
5, 594
1,44516
2, 8732,3431,753590130
11116
400
225401915
1184832
44 27517,24727,028
24, 2882, 369
42. 24320, 90220, 53324, 28814,71512,9273, 3478,30390.8
24, 747
24, 2061,8201, 4515, 2595, 058181
9,08819. 08712, 6891,2409,0872,362
2, 7093,68911,2556, 77842444S
1,24837
1,911
2,8782,3321,746586129
11017
417
235412034
1224732
37, 78514, 24223,543
24, 3222, 412
52,262
20, 84620,53524, 32214,44112,6192,9698, 55990.6
24,712
24,5951,8041,6715,205
5,005180
9,03319,55113,1321,2069, 5892,337
2,7233,696
11,3926,902
422471
4101,250
371,900
1.004,001.50
Me
1.00.214
.47
.96
5,433
1,31025
1.004.001.50
MeH
1.00.250
5,401
1,30725
2,8762,3111,731
580125
10616
440
24743
2194
1274730
44.82017, 05627, 764
24,1872,355
92,24420.82120,49524,18714, 26812, 5753,0738,63590.9
24,197
23, 6731,9161,8695,137
4,953164
8, 88519,10012,705
6809, 6712, 354
2, 6843,71111,3947,003424408
4071,245
291,878
1.852.483.201.004.001.50
1.00.212
i .44.93
5,392
1,30525
|
2,8872,2961,721575121
10216
470
258442454
1304729
42,47416,02326,451
24,3592,468
72,35720,82420,51024, 35914,20412,6582,7918,82190.4
25. 358
24, 6362,0961, 5065,128
4, 929189
8,68720,11113, 730
1,6699,7052,356
2,6753,706
11,0946,726
409441
3951, 246
301,847
1.004.001.50
MeH
1.00.299
5,373
1,30625
2,869 !2,2881, 715
572114
9913
468
25745
2414
1314728
44, 22616, 98527, 241
24.4682,634
72, 489
20.79920.52224, 48814, 09412, 4052,4869,07189.8
25, 483
24, 9221, 9711, 3015,109
4, 014175
9,17520, 77414,5591, 953
10, 3092,297
2, 6673, 54810, 9056, 542
382528
4031,243
281,779
2,8642,274I, 706568115
10113
475
26047
2484
1294727
45, 68617, 39428, 292
24. 6722,775
32,645
20,83020. 56624, 67213, 95712, 3052,3629,37689.3
25, 502
25, 3431,8031, 4425,112
4, 955137
9,09021, 64216, 2002,918
10,3832, 899
2,0323,410
10, 7406, 469
341519
3931, 236
361,746
1.004.001.50
Me
1.00.364
1.03
5,374
1,30724
2.072.563.341.004.001.50
MeH-H
1J4
1.00.363
1.15
5,422
1,31624
2, 8682,2741,706
568117
10412
477
26147
2495
130
45, 61517,11028, 505
25,1393,245
43,153
20, 80220, 54625,13914,15912, 4922.1309,72187. 1
26, 670
28, 2361,8111,7825, 115
4,975120
8, 44422,81617,3523, 376
11,1182, 858
2, 0353,429
10, 6966, 432
336
26. 8181,8061,5115,158
5,019115
8,68124, 07518,4934,512
11, 2282,753
2, 0953,487
10,3826,282
313569
4071,230
291, 693
1.004.001.50
MeH
1.00.368
1.20
5, 411
1,32921
2,8182,2321,679
553117
10412
469
25547
2435
1284626
• 44, 89817,05127,847
25,29S3, 565
3,42620, 80320. 57525, 29813, 95212,3382,14310,15786.3
27, 217
3811,230
261,657
1.004.001.50
MeH-H1U1.00.370
1.25
5, 427
2.7762,2071,663544126
11212
443
24943225" 512446
2 2548, 12318, 59329, 530
25, 7543; 774
83, 567
20, 80820. 57625; 75413, 66011,5921,690
10, 65880.6
27,424
27, 3441,9092, 0185, 285
5, 038121
8. 52725. 59319, 9485, 36611, 2573, 325
2. 1063'. 53910. 3616,270
282526
3811,221
651,616
2,282.663.251.004.001.50
Me-H1H
1.00.370
1.27
5, 449
1,344 | 1.35820 i 19
2,733 12,179 I1,645
534145
13013
409
39202
511845
2 2449, 95018,32331,627
2,1481, G25
26. 9534, 959
II4,667
20, 81320.56926. 95314,313 j12, 735 !2.644 j
11.220 I81. 5 !
1,9472, 69b5, 215
S. SP8
11,4, .?0
756 !
3601,217
461, 578
1.004.001.50
'A «H-%
IK
1.00.372
1
nc,
0»'7
:i'JO
L'65yj9 7
'1
v<5')24*s•SO
1.28 !
2, 0592,1151.603
512159
!4013
14513
384
] 144523
16,05617,01629,040
27,748 i5,714 j
5,399 I20,799 I20. 573 '27,748 j14,534 j13,208 !2,909 l
H.756 !79. t !
27339
1854
1134421
• 59, 48323,921
• 35, 562
29, 019r G, 679
60,189
20, 90820, 55429. 019Jo, 19413,117
1, 98812.193
76.3
2*, 257
2S, 7091, 7596, 7575, 256
5,130100
9,141r31,148
25, 895r 8, 744
r 12,985' -1,1G9
1,937'3,31310.3216,074
239850
3991,199
531,507
•"'OH ;( : tfl
2. 633.261.004.001.50
1.00.363
1.34
5,459 j ', tr> 5,570
' 1,377 I :. <'*: : 1.415r 18 I 4 17
r Revised.§For bond yields see p. S--19.1 No tax-exempt notes outstanding within maturity range after Mar. 15, 1942. Average shown for March 1942 covers only first half of month.J Amount estimated for one bank.e?To avoid duplication these loans are excluded from the totals.t Bills and certificates of indebtedness beginning April 1942.*New soriVs. Earlier data for the series on taxable Treasury notes appear on p. S-14 of the April 1942 Survey.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-15
Monthly statistics through December 1941, to-gether with explanatory nctes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1941 1942
January
Febru-ary March April Mav June July August Sep-
temberOcto-ber
Novem-ber
Decem-ber
FINANCE—Continued
CONSUMER SHORT-TERM CREDIT
Total consumer short-term debt, end of month*mil. of doL-
Instalment debt:Pale debt, total*-- do
Automobile dealers*.------ .doDepartment stores and mail order
houses*. mil, of doi._Furniture stores* doHousehold appliance stores* doJewelry stores* _ doAll other* do
Cash loan debt, total* do-.. .Commercial banks, debt* do., ._Credit unions:
Debts - _doLoans made .doRepayments§ do
Industrial banking companies:Debt .do. . . .Loans made-. doRepayments-.-. do
Personal finance companies:Debt doLoans made doRepayments do
Repair and modernization debt*.__doMiscellaneous debt*--. do
Charge account sale debt* doOpen credit cash debt*... doService debt* do
Indexes of total consumer short-term debt, endof month:*
Unadjusted 1935-39=100-Adjusted do
INDUSTRIAL AND COMMERCIALFAILURES
Grand total number-Commercial service, total -doConstruction, total doManufacturing and mining, total- do
Mining (coal, oil, miscellaneous)...._do._.Chemicals and allied products ..doFood and kindred products doIron and steel products doLeather and leather products doLumber and products . . . .doMachinery ___doPaper, printing, and publishing doStone, clay, and glass products doTextile-mill products and apparel doTransportation ecjuipinent doMiscellaneous.. - do
Retail trade, total do..Wholesale trade, total do
Liabilities, grand total. thous. of doL.Commercial service, total._ do. . . .Construction, total _.doManufacturing and mining, total... do
Mining (coal, oil, miscellaneous) doChemicals and allied products.......doFood and kindred products.. doIron and steel and products. doLeather and leather products .doLumber and products ._ doMachinery doPaper, printing, and publishing doStone, clay, and glass products. doTextile-mill products and apparel doTransportation equipment do. . . _Miscellaneous do . . .
Retail trade, total... do . . . .Wholesale trade, total do
LIFE INSURANCE
Association of Life Insurance Presidents:Assets, admitted, totalt mil. ofdol—
Mortgage loans, total doFarm doOther do. . . .
Real-estate holdings doPolicy loans and premium notes doBonds and stocks held (book value), total
mil. ofdol—Gov't. (domestic and foreign), total.do
U. S. Government doPublic utility do. . . .Railroad doOther _ do
Cash -. doOther admitted assets do
*343
y 132v 11* 20
p 403
45828
7207
31
5, 51 5396698
2,249206
34469105
52139333498
4252
42115
1,800372
26, 8175,023
6714,3521,4832,241
16, 5287,6135,7794,3092,6871,919
955587
"•9,132 I
' 3, 509r 1, 812
438590294108267
2,100- 652
2051830
46
5276674
325101
1,709• 1, 202
612
151151
9625365
15946
395
113
131
443
25604
81
9, 916589851
3. 550184200
1, 378173
99176
5170
4615100500
3,6411. 285
8,766
3.2991,668
416573285100257
2,036618
1981926
2853540
5216470
313101
1,6241,193614
145147
916595714158315513815224223
58970
9,631927920
2,52518273
470116119456662143331922455
4,2321,027
26,9285,047672
4,3751,4742,228
16,7067,8165,9814,3042,6801,906884589
' 8, 591
' 3, 104' 1, 513
40656727295251
2,005601
1962527
2824245
5218585304101
1,680' 1,186
616
142144
1, 0484877188644378251024436318
65085
12,0111.194'8963,73929922
1,10216620439019149312442725296
4.8131,369
27,0805,071673
4,3981,4522,216
16, 7547,8305,9834,3512,6711,902986601
I
' 8, 334
' 2,919' 1, 369
390561258
91244
1,967586
1901925
2773742
5177175
297100
1,660r 1,171
617
138139
9383865
14648
3645
152
183
293
19624
65
9,282335
1,0332,953
48156936
6453
26358
42998
316204328
3,8291,132
27,2095,105
6814,4241,4362,202
16,9448,0146,1564,3692,6591,902
921601
' 7, 961
T 2, 706' 1, 239
36754324085231
1,908564
1841824
2683443
5045871
28999
1,575r 1,151
621
132132
95542631347517342052032052564769
9,839471
1,1752, 924234496229569246635623962348274
4,392877
27, 3415,134684
4,4501,4232,188
17,3918.4536,5954,3782,6501,910597608
7,547
' 2,475' 1,120
33261221979213
1,858546
1792025
2613643
493687928198
1, 466r 1,125
623
125125
8044867135142356181118723217
48868
9,906673945
3,327222118632996382930040312418078279
3,7521,209
27,4625,164685
4,4791,4102,176
17, 4318,4536,5924,3962,6301,952712569
' 7, 096
' 2, 248' 1,004
300475202
71196
1,789521
1731824
2533442
4816375
26497
1,322r 1,112
625
118119
7645263
12055
1983
115
205
241
14465
64
8,548915584
2,07885
177265161
18191156224129
1773,9501,021
27, 5985,194
6884,5061,4002,158
17, 4158,4436,5874,4052,6231,944
876555
' 6, 761
2,032874
27744918367182
1,716491
1661623
2463340
4666075
25295
1,285r 1,102
626
112114
69847661195523541081252022040561
6,781638520
2,2492373342176502071633415326222
3842,475999
27,7255,212687
4,5251,3922,144
17,8438,8887,0934,4092,6161,930574560
' 6, 559
' 1,862'769
' 26142816963172
1,642460
1601622
2363141
4526074
24094
' 1, 336r 1. 095
628
109110
5562754775452Q
1051151501335543
5,473268646
1,661519289017292171311101002800
1402, 276622
27,9095,220685
4,5351,3822,129
17,9058,9087,1324,4442,5971,956690583
' 6, 337
' 1, 704r 664
'25340815461164
1, 551421
1521422
2243044
4375974
22792
1,365'1, 088
629
105105
67340611020717I3971332041840505
7,181525756
2, 3740
1463527218169580125628170195
2, 660866
28, 0835,225680
4, 5451,3702,110
17,9048,9387,2044,4342,5811,951868604
<• 6, 102
r 1, 572"573
r 24739214261157
' 1,483393
1451421
2112536
42859m'21590
1.330' 1,085
G32
101101
5852763984r,10521821631621535245
5, 245"2G7717
1,8231980417629749185121326246717164
2,009429
28, 2365, 230675
4,5551,3562,092
17,8828,9297,1964,4322,5661,9551, 074602
p 6, 076
1,495482
25439112979160
1,428370
1411822
'20231
'40
424828620091
1,450v l, 071
632
10197
506224786231143114124193103')744
6, 950526
1,1891, 997
712195120402722887749216525196
2, 392846
r Revised. $36 companies having 82 percent of the total assets of all United States legal reserve companies.§ Revisions in 1941 data for credit unions are shown on p. S-15 of the January 1943 Survey.*New series. Earlier figures and description of the data appear on pp. 9-25 of the November 1942 Survey; subsequent revisions in 1941 data for total short-term debt (dol-
lar figures and indexes), total cash loan debt, and commercial banks are shown on p. S-15 of the February survey. Minor revisions in service debt are available upon request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-16 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1842 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
Decem-ber
FINANCE—Continued
LIFE INSURANCE—Continued
Association of Life Insurance Presidents—Con.Insurance written:®
Policies and certificates, total numberthousands. .
Group do--_-Industrial - doOrdinary... _ do
Value, total -thous. of dol_.Group.. „ doIndustrial do.. .Ordinary » do. . . .
Premium collections, total®.. . . -.do--..Annuities doGroup . „ doIndustrial doOrdinary do
Institute of Life Insurance:*Payments to policyholders and beneficiaries,
total .- thous. of dol_.Death claim payments. doMatured endowments.- doDisability payments- -doAnnuity payments . doDividends doSurrender values, premium notes, etc.do
Life Insurance Sales Research Bureau:Insurance written, ordinary, total _do.-..
New England doMiddle Atlantic..-. - -doEast North Central _..._ do. . . .West North Central . . . . . d o . . .South Atlantic do. . .East South Central . . . .doWest South Central do.._.Mountain.... doPacific . _ .do.-,..
Lapse rates... 1925-26-100..
MONETAEY STATISTICSForeign exchange rates:
Argentina > ,_,_dol. per paper peso..Brazil, official dol. per mfireis..British India dol. per rupee..Canada, free rate dol. per Canadian dol..Colombia... .dol. per peso..Mexico. ..doUnited Kingdom, free rate. dol. per £. .
Gold:Monetary stock, U. S._. .mil. of dol..Movement, foreign:
Net release from earmark*...thous. of dol..Production, estimated world total, outside
U. S. S. R thous. of dol..Reported monthly, totalf do
Africa doCanada.. do....United States do
Currency in circulation, total— mil. of dol..Silver:
Price at New York dol. per fine oz..Production:
Canada thous. of fine oz..United States do....
Stocks, refinery, end of month:United States . do... .
BUSINESS INCORPORATIONSNew incorporations (4 States) number..
PROFITS AND DIVIDENDSIndustrial corporations (Federal Reserve):
Net profits, total (629 cos.) mil. of dol..Iron and steel (47 cos.),, doMachinery (69 cos.). _ .doAutomobiles (15 cos.) doOther transportation equip. (68 cos.)..doNonferrous metals and prod. (77 cos.)-doOther durable goods (75 cos.) doFoods, beverages, and tobacco (49 cos,).doOil producing and refining (45 cos.)..doIndustrial chemicals (30 cos.) doOther nondurable goods (80 cos.) doMiscellaneous services (74 cos.)... do
Profits and dividends (152 cos.):*Net profits do. . . .Dividends:
Preferred do —Common do
Electric power companies, net income (28 cos.)(Federal Reserve)* mil. of doL
Railways, class I, net income (Interstate Com-merce Commission) mil. of dol-.
Telephones, net operating income (FederalCommunications Commission)...mil. of dol.
281,07733,98419,31257,639170,142
485,78239,396137,295108,31646, 68443, 66118,13134,13312, 79845,368
.298
.061
.301
.896
.572
.2064.035
22,683
-76,063
15, 590
.448
1,032
77033404334
955,41449, 076119, 820786, 518295, 82738, 92117, 84261, 281177, 783
215, 94987, 46424, 4278,87816, 36740, 41938, 394
,001,65383, 056309, 292220, 73987, 33291, 27238,27367, 60221, 69482, 393
.298
.061
.301
.878
.570
.2064.035
22, 747
-38,506
104, 37088, 59847,53314,19814, 98211,175
.351
1,5384,844
4,382
1, 353
67732418227
852,43450, 231126, 492475,711272, 77825, 37815, 04057. 578174, 782
186, 50574, 05721, 0617,58112, 66434, 28636, 856
634,53851, 310175,355141, 93960,21860, 75424,74244, 57715, 34560, 298
72455
456213
657,32797, 826140, 735418,766291, 53824,130IS, 78964, 257184, 362
222, 92792, 55823, 9318,48913, 75938, 89145. 299
552, 04442,030138, 708126, 33063, 18262,17324,96046, 53414, 53353, 594
.061
.301
.884
.570
.2064.035
22, 705
-109.277
90,33575,65344,46213,14710,03411,485
.351
1,4784,470
3,224
1,172
.061
.301
.877
.570
.2064.035
22, 687
-65. 525
100, 48585,03147,51815, 37210. 95911, 566
.351
1,6065,285
3,1552
1,279
423523846
'55
193235393932
204
21134
33
96.7
64.1
72168454200
632,347124,823139,021368. 503276, 00723. 11314,96866, 272171,654
227, 51292, 40923, 4047,94313, 69446, 64743, 415
462,76137,131118, 591106,48744,93145,96818,95032,60411,99846,101
.298
.061
.301
.872
.570
.2064.035
22,691
-20,068
0)79,92646,36614, 72811,05811,767
.351
1,6135,606
2,930
1,194
70548461196
589,56487, 773141,378360, 413270, 51625, 36314, 49659,133171, 524
188, 89475, 53321, 6447,60012, 72731, 18740, 203
457,92636. 248114, 230106. 44548, 83344, 67917,75831, 82512,18845, 720
.298
.061
.301
.886
.570
.2064. 035
22, 714
-38 ,196
80,60347, 34714, 88110, 80712,074
.351
1,6244,948
3,270
1,094
71087425198
657,597161, 061129. 863366, 673277, 57825,65415, 78364,014172,127
203, 88280, 70222, 4788,82314, 17337, 22140, 485
463,32537, 029
117.577106,79647, 66044,40719,18232, 24712,28846,139
.298
.061
.301
.900
.570
.2064.035
22, 737
-14, 792
• 78, 453• 46,6fi514,85210,14712, 383
.351
1,5374,528
2,685
369523525
»5332183227352734
174
23136
25
199.2
66.0
63066366199
631, 391151,343112,917367,131278,01130, 99916, 29756, 368174, 347
204, 39689, 70720, 4448,36014,54932, 252
459,49937,051115,844105, 59946, 74644, 69618,54932,19913,16545,650
.298
.061
.301
.899
.571
.2064.035
22,744
-24 ,383
• 82,858' 47,46014,86412,39612, 739
.351
1,9665,048
3,744
59242364186
529,52583, 304112,240333, 981247,85218, 93514,29158,855155,771
165,86671, 78517,4497,93010, 60724,85133,244
430,29734,983100, 69597,92944, 69344. 28517,51532, 78512,12345, 289
.298
.061
.301
.895
.572
.2064.035
22, 756
-21, 763
77,55346,05214,1009,80613,200
.351
1,5054,412
4,510
832
59455
356184
527,16884,799111,795330,574253, 73520,09215, 38258, 805159,456
176,10476, 72620,2837,02112,97827, 51031,586
432,67933, 590101,12596,14845, 20346,42618,41335,44512, 39043, 939
.298
.061
.301
.878
.571
.2064.035
22, 754
-27,759
1 76,94845,04413,21211,47913, 703
.448
1,7584,561
2,922
818
'467' 5 1••36
46!'58
34' 2 2' 4 2' 4 2' 4 1' 3 5' 5 9
215
21127
28
284.1
67946
428204
582, 68878,094
135, 727368,867262, 368
21, 75316, 07356, 836
167,706
189,32684,11422,4648, 053
13,96827, 25833,469
467,81437,408
118,351106,057
47, 51847, 72018,86732, 23413,05946, 600
.061
.301
.876
.570
.2064.035
22, 740
-56,440
77,63945,45913. 365l i ; 65614, 210
.448
1,8703,819
3,505
62872
358197
577, 536114,180111, 801351, 555260,427
22.1281G, 85758, 539
162,903
176, 24780,10922,132
7,21812, 76325.88028,145
477,74934,767
119,590100,774
44, 35745,18817,41030,56512, 70342,395
298.061.301.881.570.206
. 4. 035
22, 743
-10,752
'70,933> 43, 54512.6937,471
14,805
.448
1,6233, 292
3,128
679165315200
811,710317, 372
97, 863396,475387, 033
60,57717, 77597, 855
210, 826
244,90997, 82621,802
7,41413,19268,31436,361
521,52436,426
143,961114, 554
52, 56350,30720, 22038,14216,06949, 282
77
.298
.061
.301
.879
.572
.2064.035
22,726
-30 ,974
'43,01712, 5975,852
15,410
.448
3,673
3,150
939
7152
56
23158
• Or increase in earmarked gold (—)."Revised. 'Preliminary. * Discontinued by compiling source. J Partly estimated.® 39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies.JMexieo not included beginning April 1942 as data are not available. Figures for Mexico included for earlier months are as follows (thousands of dollars): 1941—December
1,832; 1942 -January, 3,790; February, 563; March, 3,457.•New series. The series on payments to policyholders and beneficiaries, compiled by the Institute of Life Insurance, represents total payments in the United States, in-
cluding payments by Canadian companies; data are based on reports covering 90 to 95 percent of the total and are adjusted to allow for companies not reporting; data De-ginning September 1941 are available in the November 1942 Survey; earlier data will be shown in a subsequent issue. For data beginning 1929 for profits and dividends for152 companies, see p. 21, table 10, of the April 1942 Survey. Earlier data for net income of electric power companies will be published in a subsequent issue.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-17
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
Decem-ber
FIN AN CE—Continued
PROFITS AND DIVIDENDS—Con.
Corporate earnings (Standard and Poor's):Combined index, unadjusted* 1926=100.-
Industrials(115cos.) _ . . . . .doRailroads (class I)9 doUtilities (13 cos.)- do
PUBLIC FINANCE (FEDERAL)
War program In the United States, cumulativetotals from June 1940: *
Program... mil. of dol_-Commitments. doCash expenditures— do. . . .
War savings bonds, sales* _. ..doDebt, gross, end of month... do
Public issues:Interest bearing doNoninterest bearing. do
Special issues to government agencies andtrust funds mil. of dol__
Obligations fully guaranteed by U. S. Gov't:Total amount outstanding (unmatured)cf
mil. of dol . .By agencies :d"
Commodity Credit Corp. doFederal Farm Mortgage Corp. doHome Owners' Loan Corporation.. _ doReconstruction Finance Corp do
Expenditures, total doWar activities! ---doAgricultural adjustment program doUnemployment relief _ doTransfers to trust accounts t— doInterest on debt.. doDebt retirements. _ doAllothert_._ do
Receipts, total. doReceipts, net do
Customs doInternal revenue, total do
Income taxes _ do_.Social security taxes do._
Qovernment corporations and credit agencies:Assets, except interagency, totnl-.mil. of dol..
Loans and preferred stock, total doLoans to financial institutions (incl. pre-
ferred stock) mil, of doLLoans to railroads doHome and housing mortgage loans . d oFarm mortgage and other agricultural
loans. mil. of dol.All other . .do . . .
U. 8. obligations, direct and fully guaran-teed mil. of dol.
Business property . . . do . . .Property held for sale do. . .All other assets do. . .
Liabilities, other than Interagency, totalmil. of dol..
Bonds, notes, and debentures:Guaranteed by the U. S_._ do.Other . do
Other liabilities, including reserves.-.doPrivately owned Interests do. . .II. S. Government interests do. -.
RecoDstrnction Finance Corporation, loans outstanding, end of month: J
Grand total tbous. of <iol_.Section 5, as amended, total do
Banks and trust companies, includingreceivers thous. of doll-
Buiidine and loan associations do. . .Insurance companies doMortgaee loan companies. do. . .Railroads, including receivers do-._AH other tinder Section 5 ..do.._
Emere. Rel. and Constr. Act, as amended:Self-liquidating projects (including financ-
ing repairs) thous. of dol..Financing of agricultural commodities
thous. of dol. .Loans to business enterprises (including
participations) thous. of dol.-National <1efen«?e§ . — ...do ...Total, Bank Conservation Act, as amended
thous. of doL.Drainage, levee, irrigation, etc doOther loans and authorizations. do
'242,402
P 71,1521,240
111,069
100,8521,045
9,172
4, 277
782930
1,533896
6,3725,947
86293554
(a)222824788
25724306
52
22,643
920489
2,237
2,8782,168
1,2841,0415,6385,989
10, 533
4,2911,4134,829
43911, 671
5,604,641723,906
63,8764,315
529200.686453,432
1,069
16,954
204
117,5363,853,321
683,06965, 469
144,181
20, 5861,061
60,099
52, 555481
7,063
5,673
701937
2,4091,4922,6312,104
106944232
3251614578
35555133
53
14,9089,063
1,079497
2,430
3,1231,934
1,027751
1,9642,104
9,219
5,7051,4022,111
4325,256
2.988,673725,943
69,4632,897
795189,837461,792
1,158
17,527
431
148,591853, 203
719. 87372,068
451, 036
23,121703
62,434
54, 759486
7,190
5,673
701937
2,4091,4922,6302,208
9792
912
1210937758
27879283257
15, 2249,059
1,060498
2,380
3,1172,004
1,058782
2,017
0,418
5,6971,3962,325
4345,372
3,166,909729,730
69,1175,817
752190,490462,426
1,128
17,515
431
146,360993,473
715,12172,051
492, 226
P85.4.0
' 5 6 . 4v 143.2
26, 278558
62, 464
54, 652479
7,333
5, G66
701930
2,4091,4923,4362,809
819622
20515
2083.5483,547
333,4933,083
49
15, 7509,065
1,046500
2,392
3,1002,026
1,060792
2,2622,571
9,620
5,6901,4332,497
4355,694
3,361,947734,696
68, 2655,792
725193.993464,842
1,079
17,452
403
142,9151,191,436
710,02971,859
493,156
29,864531
65,018
57,196464
7,358
5,666
701930
2,4091,4923,7553,238
66914877
2234732695
32684335
43
16, 6560,218
1,030502
2,372
3,2722,041
1,076815
2.7172,830
0,776
6,6881,4312,656
4366,444
3,556,094738, 384
67, 5146,434
714196. 512466,182
1,028
17, 415
368
140.2901,395,212
702, 40871, 168
490,849
33, 808634
68,617
60,637462
7,518
5,667
701930
2,4091,4923,9553,560
6282
(•)19
2230764563
30708216222
17,3439,005
1,020498
2,352
3,0922,042
1,088833
3,0673,349
10,078
6,6871,4402,950
4376,828
3,819,280733,596
66,4205,817
702197,401462, 316
939
17, 382
368
139. 4651,670,157
700,69370, 464
487,154
0)72.6
115.0(0
179,621138,04438,135
63472, 495
64,156454
7,885
4,548
701930
1,5631,2194,5313,829
3172
1390
1206
2,4942,492
282,4242,086
42
17,9620,026
1,029498
2,357
3,0762,067
1,097859
3,5123,468
9,275
4,5681,4423,265438
8,249
4,085,264734,070
65,8035,630688
198,926"" 088
937
17,310
352
135,9611,940,499
699,70870,359
487,004
224,861149,36442,943
90177,136
68,569442
8,125
4,551
738930
1,5331,2165.162
'4,49847'68249352
2637947472474227353
18,4828,948
1,002497
2,344
2,067
1,113879
3.8083,735
9,482
4.5811,4433,457
4388,562
4,273,373733, 316
65, 5755,037
669199, 280461, 826
928
17,195
349
134. 2782,129,933
698. 49468. 794
491, 014
225,496157,02148,192
2 73481,685
72,982441
8,262
4,567
754930
1,5331,2165,215
'4 ,884305219
7C)
22479768722
748155232
19,4018,859
974497
2,297
2,9942,096
'1,144924
4,1774,295
9,728
4,5921,4453,691439
9,234
4,545,609735, 862
67,4494,705659
200.562461.563
924
17,194
349
132,9422,409,243
693, 21369,357
487, 450
167.6
225,565164,14353,716
83886,483
77,338637
8,509
4,552
738930
1,5331,2165,9315,384
35405
224
2422,5282,527
202,4762,126
19,9748,813
964498
2,286
2,9492,117
1,197952
4,2874,725
10,161
4, 5741, 4344,154439
9,373
4,628,502735,093
66, 7934,574600
199,737462, 470
920
17,153
349
131.3492,484,112
690, 85169, 076500, 519
241,868172. 30659, 492
81492,904
83,680639
8,585
4,243
749930
1,533896
5.9375,481
48355670
(a)24764860724
60320648
20,5348,781
949497
2,286
2,9252,124
1,219976
4,7104.848
9,863
4.2651,4134,185442
10, 230
4,848.279735. 685
66,4345,17C597
200, 522462, 050
912
17, 133
349
129.1873.082,347
6*9. 42967.115127, 034
241,678181,90565,660
73596,116
86,671657
8,787
4,244
749930
1,533896
6,3636,042
6631328
19483060123784199248
20,9928,779
953496
2,265
2,9162,149
1,2221,0014,7015,288
10, 268
4,2641,4044,601
44310, 281
4,916,226735, 209
65, 7115,060
529202,044460,968
17,056
349
126.5163,136,522
688. 20866, 832
145, 533
* 234.5
'241,953'187, 794* 71,843
1,014108,170
98,276862
9,032
4,283
788930
1,533896
6,5015,825
701225
3531
2152,7022,701
242,6491,972
50
21,7158,746
957486
2,241
2,9122,151
1,2731,0205,1875,489
10,345
4,3011,4144,630
43910,931
5,312,352723,554
65,0824,671
529201,689450,499
1,085
16,960
339
123,7753,548,003
687,42166, 665
145,635
*• "Revised. » Pre l iminary .1 The index for the utilities and the composite have been discontinued becaiuse several of the utility companies included in the indexes no longer report their earnings
quarterly.2Revised to include reports received first few days of September on account oi August sales.a Less than $500,000.§ Covers all loans for national defense beginning October 1942; prior to October some defense loans are included in "other loans and authorizations."•Number of companies varies slightly.cPThe total includes guaranteed debentures of certain agencies not shown separately.^Includes repayments unallocated, pending advices, at end of month.JFor revisions beginning July 1941, see p. S-17 of the November 1942 issue.*New series. For explanation of the new series on the war program see the footnotes to table 9, p. 21 of the April 1942 Survey. Figures have been revised since publi-
cation of data in the April Survey. Revised monthly data for program and commitments prior to June 1942 are not yet available. The series on war savings bonds is fromthe Treasury Department and represents funds received during the months from sales of series E, F, and G; for earlier data see p. S-16 of the October 1942 Survey.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-18 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
I Febru- !ary I March { April May June * July j August Octo- ! Novera-
ber I berDecem-
bcr
FIN AN C E—Continued
SECURITIES ISSUED
(Securities and Exchange Commission) J
Estimated gross proceeds, total mil. of dol..By types of security:
Bonds, notes, and debentures, total..doCorporate do
Preferred stock... doCommon stock do
By types of issuers:Corporate, total d o —
Industrial -do—Public utility __do.--.RaiL. - .do... .Other do.-.-
Non-corporate. total . . . . . . d o —U. 8. Government and agencies doState and municipal _. . do—Foreign Government— doNon-profit agencies .do
New corporate security issues:Estimated net proceeds, total do....
Proposed uses of proceeds:New money, total d o —
Plant and equipment.- d o —Working capital .-do
Repayment of debt and retirement ofstock, total -.mil. of dol..
Funded debt do.. . .Other debt do..-.Preferred stock ..do.._.
Other purposes do_...Proposed uses of proceeds by major groups:
Industrial, total net proceeds-.mil. of dol..New money d o —Repayment of debt and retirement of
stock mil. of dol..Public utility, total net proceeds..-do,...
New money doRepayment of debt and retirement of
stock _.._ mil. of dol..Railroad, total net proceeds . .do . . .
New money do.. .Repayment of debt and retirement of
stock ..mil. of dol..Other corporate, total net proceeds.do
New money doRepayment of debt and retirement of
stock mil. of dol..
(Commercial and Financial Chronicle)
Securities issued, by type of security, total (newcapital and refunding)., thous. of dol..
New capital, total d o —Domestic, total do. . . .
Corporate, total.. _ d o —Federal agencies d o —Municipal, State, etc do
Foreign doRefunding, total do
Domestic, total doCorporate . doFederal agencies doMunicipal, State, etc do
Foreign doDomestic issues for productive uses (Moody's):
Total.... ..mil. of dol .Corporate ._ do.._Municipal, State, etc -do
(Bond Buyer)State and municipal issues:
Permanent (long term),.. thous. of dol_.Temporary (short term).. . .do....
COMMODITY MARKETSVolume of trading in grain futures:
Wheat mil. of bu.Corn do...
SECURITY MARKETSBrokers* Balances (N. Y. S. E. members
carrying margin accounts) 1
Customers' debit balances (net) mil. of dol_.Cash on hand and in banks. do....Money borrowed doCustomers' free credit balances do...
BondsPrices:
Average price of all listed bonds (N. Y. S. E.)dollars.-
Domestic .do....Foreign do
1,389
1,389900
99000
1,3801,240
4990
1
170, 4206, 6706,6702,798
03,872
0169, 750
79, 7507,517
26, 80545, 42890, 000
60, 349145, 439
212103
540
290280
97.4798.7268.88
1,345
1,2901103717
16444109101
1,1811,06111802
161
713833
89
C)
4343
)10718
320, 240168, 053168,05372. 92011,17583, 958
0152,187152,18782.84633, 77535, 566
0
1376770
118,470119,070
253154
547219.308274
95.2497.3158.45
2, 335
2,31558190
78393540
2, 2572. 216
410
(•)
76
40345
261221111
3811
163425
1044
000
0
180, 282123, 775123, 77556, 70936, 89030,176
056, 50856, 50818,90126, 58011,027
0
473314
46,56438,277
14077
534203307262
95.1397.1857.40
('
(
1
709
6938616
•)
102474960
6075584901
100
39354
6141155
•)
4625
21488
4066
000
0
197, 359109,10979,
749749085
8,86021,
87,87,392127,
51183
8040
6106102093150850
785820
235744
178111
531195306249
95.9797.9858.95
11011
00
687531
5600
118
701555
481236
0
10759
481111
000
000
265, 603158, 579158, 57997,1149,72051, 745
0107, 025107,02518, 52780, 5407, 958
0
501040
61, 308113,745
249148
708
70111542
121
2, 965
2, 952'112103
126
809
79212697
142
3,099
3,099520
(•)
5310421 i
2, 8392, 809
30
124
2733
64115301
10249
532110
1100
181, 961129, 500129, 500103. 8422,715
22, 9440
52,46152, 4615,807
38, 8007, 855
0
3520
637091
6666343200
139
725715
6655552
6151
201, 42296. 51696, 51676, 8272,06017, 628
0104, 906104, 90661,68628, 45514, 766
0
3
2 i0 i
3,046 !2,998 !
47 |0 I1 !
i52 j1 4 |1 1 i
3 I
3729
8
46
142, 32240, 75040, 75027,5102,51510, 725
0101. 572101, 57232, 71932, 26036, 593
0
281810
2,068
2,0668720
196820
1, 9791,932
470
161, 739103,133103,13358, 600
044, 533
058, 60658, 6066,01849,9252,663
0
26179
28,759 | 36,72359,916 I 75,400
48,096 60,862133, 530 53, 672
226 i126 i
267 i145 i
390 i104
515195300247
502177300238
496180309240
491172307238
257141
490 i
95.6397.5460.29
95.6497.4661.16
95.5097.2861.72
95.7697.4961.68
300240
96.0897.7562.51
2, 531
2, 5195093
62164510
2,4692,444
2401
60
23S15
292612
1514
C)447
2811
000
100, 97745, 08545, 08528, 446
016, 639
055,89355, 39330, 43718. 4006,556500
743
28,811203, 704
26185
500
310240
96.1897.8362.97
4,975
4,973153
186390
4,9584,919
3800
17
115,00128,14528,1452,434
025, 711
086,85686, 85643,84630, 64512,365
0
26125
36. 03679, 815
19081
510
310'250
96.4898.0863.16
778
(a)
27121500
75273517
(a)
(a)
(a)
10 I15 !
97, 87129, 02929, 0294, 67917,1257, 225
068, 84268, 84213, 53145, 5209,792
0
24,1886, 905
320'250
96.1197.5965.24
6,951
6,95126
6,9256, 900
18
1713
1744
000
144,80*36, 6%36, 69f>10, 62116, 7209, 355
0108,113108,113
64, 82934, 245
9, 039a
14
•• 34, 486' 45, 464
3 46 j94
520
224125
543160378270
96.7098.0466.11
' Revised. • Less than $500,000.tFcr revised data for August-December 1941 see p. S-17 of the October 1942 Survey. Revisions for January-July 1941 are available upon request.^Complete reports are now collected semiannually; data shown for August-November 1942 and for January 1943 are estimated on basis of reports for a small number of large firms.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1043 SURVEY OF CURRENT BUSINESS S-19
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July I August Sep-
temberOcto-ber
Xovem- iDoceni-ber her
FINANCE—Continued
SECURITY MARKETS-Contlnued
Bonds—Continued • |
Prices—-Continued. jStandard and Poor's Corporation: j
Industrial, utilities, and rails: jHigh grade (15 bonds)..dol. per $100 bond_Medium and lower grade:
Composite (50 bonds) ..doIndustrials (10 bonds) _...._doPublic utilities (20 bonds) do ...Kails (20 bonds) — .do....
Defaulted (15 bonds) do... .Domestic municipals (15 bonds) do
U. S. Treasury bonds 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 doFace value do....
Exclusive of stopped sales (N. Y. S. E) ,face value, total thous. of dol..
U. S. Government .doOther than U.S.Govt., total. __do—.
Domestic doForeign .do
Value;, issues listed on N. Y. S. E.:Face value, all issues mil. of dol_.
Domestic . -doForeign .do
Market value, all issues doDomestic . . . doForeign. do
Yields:Bond Buyer:
Domestic municipals (20 cities) percent..Moody's:
Domestic corporate doBy ratings:
Aaa doAa do. . . .A d o —Baa do
By groups:Industrials doPublic utilities doRails do
Standard and Poor's Corporation:Domestic municipals (15 bonds) do
U. S. Treasury bonds:Partially tax-exempt doTaxable* do
Stocks
Cash dividend payments and rates (Moody's):Total annual payments at current rates (600
companies) mil. of doL.Number of shares, adjusted. .millions..Dividend rate per share (weighted average)
(fiOOeos.) dollars..Banks (21 cos.) . do. . . .Industrials (492 cos.) ._.. . .doInsurance (21 cos.) doPublic utilities (30 cos.) _„ .do. . .Rails (38 cos.) . do. . . .
Dividend payments, by industry groups:*Total dividend payments mil. of doL.
Manufacturing doMining doTrade doFinance doRailroads doHeat, light, and power -doCommunications doMiscellaneous do .
Prices:Average price of all listed shares (N. Y. S, E.)
Dec. 31,1924*= 100..Dow-Jones & Co., Inc. (65 stocks)
dol. per share..Industrials (30 stocks).. do..,..Public utilities (15 stocks).. do. . . .Rails (20 stocks) do
New York Times (50 stocks) doIndustrials (25 stocks) doRailroads (25 stocks)._ do. . . .
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).— do. . . .Rails (20 stocks) do. . . .
Other issues:Banks, N. Y. C. (19 stocks) -do.. . .Fire and marine insurance (18 stocks)
1935-39=100..
119. 5
105.4115.7110.589.931.7
109. 4
144,737329, 565
132,378310,531
302.817251
302, 566290, 890
11,676
72, 88069,8313,049
71,039C>,9392,100
2.12
3.27
2.792.933.204.16
2.903.053.86
2.27
2. 062.32
, 082. 83942. 70
1. 792.821.712.041.752. 12
286. 489.7
1.415.363.334.333.246.72.5
56.1
40. 73121. 52
15.5728. 5984.67
147. 7521.59
79.782.381.179.769.373.7
77.9
108.4
117.5
99.2106.7104.186.924.1
124.4110.1
125,744256, 089
111,536237, 263
219, 9551,138
218.817206,14512, 672
59. 07655, 9243,152
56. 26154; 4191,842
2.36
3.35
2.832.(6
i.h2.973.133.93
2.33
2.012.37
1,926. 59938.08
2.052.882.092.691.811.77
291.095.32.015.160.528.039.147.13.9
49.2
37.86111.1114.4128.0177.09133. 7720.41
72.674.378.668.866.169.0
73.8
107.6
117.1
99.6106.9104.487.725.6120.1108.9
89,449178,409
78,643165, 002
158,357944
157,413148,5518,862
60, 53257,4113,121
57,58455,7931,791
2.51
3.35
2.852.983.294.29
2.983.153.94
2.55
2.092.39
857. 45938.08
1.982.881.992.691.811.77
148.461.73.18.730.37.731.22.13.6
47.8
36.79107.28-13.8327.8574.46128.6720.26
69.971.074.866.264.568.4
70.9
101.7
116.7
98.8106.1101.888.627.6119.7110.2
137,003306,812
121,066286, 211
263, 055879
262,176249,19212, 984
60, 57957, 4713,10858, 14056, 3081,832
2.38
3.37
2.863.003.324.30
3.003.173.94
2.58
2.002.35
I, 850.15938. 08
1.972.811.982.691.801.77
347.9212.923.028.318.39.331.916.57.7
44.5
34.54101. 6212.1526.0969.17119. 6518.69
66.067.270.863.960.565.0
62.6
95.9
117.8
99.3 j107.1102.388.426.7
122.1110.5
117. 7 j
98.9 !107.4 !102.287.126.4
122.1110.7
118.0
98.1107.7103.583.0 !
24.0123.3110.7
99,075 ! 91,838 I 81,804202,862 i 179,690 I 151,865
86, 629 I 80, 772 72, 623186,165 I 165,276 139,586
174,011545
173,467162,31111,156
60, 57257, 4663,10557,92456,0511,872
2.33
3.34
2.832.983.304.26
2.963.133.95
2.44
1.982.34
1,805. 62938.08
1.922.811.932.691.771.77
313.9134.44.615.842.620.643.647.74.6
42.6
32.9297.7911.0624.5667.52117.4517.59
63.364.867.861.856.561.1
60.4
156, 658953
133, 776407
155,705 133,369138, 597 124, 67617,109 8, 694
61,95658,8523.10559, 25857, 3591,899
2.33
3.36
2.3.003.314.27
2.973.133.97
2.45
1.972.35
I
61,89958,8043,09659,11257, 2011,911
2.21
3.37
2.853.013.314,33
2.973.124.03
118.9
108.4104.583.925.5124.4110.2
80, 306155, 111
71,249142, 932
125,605299
125,306119,0686,238
63, 99260, 9033,08961,27859,372
1,905
2.15
3.35 I
2.832.99S.284.30
2.943.094.02
2. 38 2.32
1.972.33
1,701.40 1,675.01938.08 938.08
1.812.811.792.691.751.66
123.466.61.83.811.91.9
32.11.43.9
44.6
33.1298.4211. 6824.2968. 30119.2517.35
63.264.766.362.957.260.3
62.5
9.5 I 90.6 j
1.792.811.762.691.741.66
404.5224.130.230.626.332.337.715.08.3
45.3
34.20103. 7511.9323.5971.07
125.0517.10
66.168.269.067.658.859.0
66.3
97.2
2.00 !2.34 j
1,675.81938.08
1.792.811.752.691.741.75
335.8139.7
3.414.054.930.039.847.8
6.2
46.6
35.54106.9411. 7525.6373.26129. 4218.71
68.270.671.569.258.462.9
67.9
98.5
118.7
99.3108. 7104.185. 227.1125.4109.9
83, 842173,629
75, 610162,734
159,938449
159,490152,4187,072
65, 27762,1983,079
62, 72060, 7961,924
2.15
3.34
2.812.993.274.28
2.943.093.98
2.28
2.022.34
1.646.14938, OS
1.752.811.712.691.741.75
153.071.83.53.929.38.930.91.43.3
47.2
35.46106. 0811. 5126.1973. 10126. 9319.26
68.370.571.068.958.865.4
70.5
98.5
119.0
100.7109.8105.886.429.4125.9109.8
124,075316,526
112,301300, 306
276,812245
276,567268, 6437,924
65, 25662,1823.074
62. 76660,8301,936
2.16
3.33
2.802.983.264.26
2.953.083.95
2.25
2.032.34
119.3
102.1111.2107.188.030.3126.5109.5
134, 771303,128
122,448285, 683
266, 931248
266,684258,3618, 323
67, 20764,1393,068
64. 84462, 9061,938
2.13
3.31
2.953.214.24
2. 943.073.92
2.22
2.052.33
1,643.75 1,645.97938.08 I 938.08
1.752.811.702.691.731.79
335.0199.925.631.220.010.829.910.97.5
48.2
36.00107. 4111.7626.76 I74.40128. 6520.16
69.471.671.869.659.566.7
74.1
100.6
1.752.811.702.691.731.85
295. 9128.24.914.343.217.835.647.34.6
119.5
103. 2113.8108.387.629.6126. 9109. 4
98, 513207, 713
87, 421192, 439
169, 301229
169,072157. 26911,803
67,15664, 0883,067
64, 54462, 5432, eoi
2. 16
3.31
2.792. 943.244.25
2.933. 063.93
2.20
2.062.34
11*. 9
103. 0115.3109. 186.529.9125.7108.9
114, 94S233, 873
101, 54t)214, 320
207, 079199
206,880195,83411,046
72,99369,9343,05970, 58468, 5622, 022
2.17
3.32
2.812.963. 2'A4.28
2.943.073.96
2.2ft
2.09
1,647.36 il,677.2O938. 08
1.762.811.692.691.741.96
159.0101.33.54.411.73.231.01.4
i
51.1 !
38. 37113. 5113.3528.6579. 06136. 5621.55
74.276.577.672.763.772.7
75.7
104.7
50.6
38.81115.3114.1628. 1380.13139.2321.03
75.277.277.374.166.273.0
73.1
104.4
942. 70
1.782.821.712.641.752. 12
650. 0360. 253. \43.945.9CA. I42. 012. 6
52. t>
38.81117.1614. 0226. 8381. 51142.8620.18
75.978.577. 775.865.269.3
104.9
•New series. The new bond series represents the average yield of taxable Treasury bonds (interest subject to both the normal and surtax rates of the Federal incometax) neither due nor callable for 12 years; this average started Oct. 20, 1941, following the issuance of the second series of such bonds; the 2H percent bonds of 1962-67 and the2\i percent bonds of 1963-68 are excluded because of restrictions on their purchase and negotiability. For available earlier data for the new series on dividend payments anda description of the data, see pp. 26-28 of the November 1942 issue, except for revisions in 1941 data shown on p. S-19 of the January 1943 Survey.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-20 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
December
FINANCE—Continued
SECURITY MARKETS—ContinuedStocks—Continued
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 .tbous. 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..
Yields:Common stocks (200), Moody's percent..
Banks (IS stocks) doIndustrials (125 stocks) do. . . .Insurance (10 stocks) doPublic utilities (25 stocks) do. . . .Rails (25 stocks) do. . . .
Preferred stocks, high-grade (15 stocks),Standard and Poor's Corp .percent..
Stockholders (Common Stock)American Tel. & Tel. Co., total number..
Foreign doPennsylvania R. R. Co., total do.. . .
Foreign... doU. S. Steel Corporation, total „ do. . .
Foreign doShares held by brokers percent of totaL.
507,44028,067
432,97421,682
18,032
41,4111,470
5.44.55.04.16.87.9
4.17
512,50328,359
466, 93222,236
12, 994
36, 2281,467
7.25.37.44.57.67.2
4.21
296,40814,018
251,18710,610
35,2341,467
7.15.67.24.67.77.4
4.24
341,23016, 391
287, 78512,175
8,580
32,8441,469
7.76.07.75.08.58.2
4.38
637,0205,230
205,3041,409
164.0132,59624.90
272,88913,613
226,18710,079
7,589
31, 4491,469
7.86.17.75.38.98.3
4.52
265,45512, 625
226,1029,685
7,229
32,9141,469
6.95.76.74.98.27.8
4.48
273, 27912,838
232,9479,932
7,466
33,4191,470
6.65.66.44.88.47.8
4.40
639,1525,214
205.2591,374
164,0392,58024.90
302,18114,033
258, 53510, 964
8,374
34,4441,471
6.45.56.14.78.27.7
4.32
253.21112, 553
214,217
7,387
34, 8721,471
6.35.16.04.78.07.5
4.27
284, 99515, 381
241,51711,903
9,450
35, G051,471
6.14.95.84.57.97.3
4.27
641, 3015.184
205, 4051,367
163, 7542,57724.88
465. 93724, 753
400, 47519, 610
15, 933
37, 7381,471
5.86.05.54.47.27.0
4.23
411,31222,053
352, 28317.. 310
13,437
37,3741,471
5.95.25.54.57.18.0
123
629,40333, 651
536, 50925,160
19,313
38, 8121,471
5.75.05.34.27.28.6
4.19
642,6,315,159
205,9651,360
163, 2962,57725.45
FOREIGN TRADE
INDEXESExports of U. S. merchandise:
Quantity 1923-25 «= 100...Value doUnit value do
Imports for consumption:Quantity. doValue doUnit value do
VALUEExports, total incl. reexports thous. of dol -
Exports of U. S. merchandise doGeneral imports . doImports for consumption do
148127
11780
479,464473, 521253, 522255.996
14512888
1077570
478, 355474,7202S3, 546239, 529
19016285
1107972
610,973604,945272,111252,050
20518590
957073
695,355687,658234,085222.819
15313991
785875
183165
525,116 618,965519,1fi8 613.572190,609 214.919186,159 205,024
195'16886
628,681623,801214,384210,257
19918593
694,466688,124184,432191,759
215191
718,187712,135195,689199, 221
776. 03676SV9I2199.392224,012
749,623743,806173,745193, 555
1 853,226844,994
1356,280405,345
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATIONCommodity and Passenger*
Unadjusted indexes:Combined index, all types* 1935-39=100-_
Excluding local transit linest doCommodity J doPassengert . . do
Excluding local transit linest doBy types of transportation:
Air, combined index doCommodity do
* Passenger do . . .Intercity motor bus and truck, combined
indexj 1935-39=100..Commodity, motor truckj .. .doPassenger, motor bust do
Local transit lines, passenger doOil and gas pipe lines, commodity doRailroads, combined index .do
Commodity doPassenger do
Waterhorne (domestic), commodity t-doAdjusted indexes:
Combined index, all typest doExcluding local transit linest— do
Commodity t - .-doPassengert do
Excluding local transit linest doBy type of transportation:
Air, combined index doCommodity. doPassenger,._ do
Intercity motor bus and truck, combinedindext 1935-39=100..
Commodity, motor truckt doPassenger, motor bust- do
Local transit lines, passenger .. .doOil and gas pipe lines, commodity do
149152151141163
261258263
17017814912414015715616464
153158156146175
332279367
172171173122137
152156155143161
270273268
16317812712814216416317353
158163160149180
321276350
169175156124133
158162161148169
311292324
16416515913113017317416559
163169166154189
336282372
176173184125125
174172163197
349303380
171'15919913612618518518492
173180176165207
353298388
182172206130123
176183179169210
326311337
169154206135123197196205108
179186181174222
316308321
183167222134123
182189182181233
287324263
184166228137123202198234113
1801871S2176222
261316225
184'171215139128
189197
193264
349270
'210'181280134122209203256114
187193187186232
286363236
195'185221148128
196205194203284
326372296
215'192
273136129218209289113
191197189195249
296372245
'206'194
220151132
201210198208289
343406301
215'197
259142131224214304110
193200190204272
313407251
'203190233147135
'205213
•"204208276
3434122§8
'215'207
234151135230221296104
'198205
'194211286
315403253
'210'194
248140
'139
•"198'207'195
209'284
321398270
'215'210'226
147'140'221
209'314
87
'197'206'191'218'308
339409293
'214'200'248
144'139
193199183224303
306430224
22421325016014621119533449
197201187225296
331412277
250203246151141
' Revised.* Figures overstated owing to inclusion in the December statistics of an unusually large volume of shipments actually exported and imported in earlier months.* New series. For a description of the transportation indexes and earlier data, except as noted, see pp. 20-28 of the September 1942 Survey.X Revised or added since publication of data in the SeDtember Survey; earlier indexes will be published in a subsequent issue.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SUKVEY OF CURRENT BUSINESS S-21
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
Decemher
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATIONCommodity and Passenger*—Con.
Adjusted indexes—Continued.By type of transportation—Continued.
Railroads 1935-39=100-Commodity. _ - . . do-_.Passenger do__.
Waterborne (domestic), commodityt-do...Express Operations
Operating revenue -thous. of doLOperating income.. d o . . .
Local Transit LinesFares, average, cash rate.. cents.Passengers carried. _..thousands-Operating revenues..., thous. of dol.
Class I Steam RailwaysFreight carloadings (Federal Reserve indexes):
Combined index, unad justed . . . 1935-39=100..Coal doCoke doForest products -doGrains and grain products .doLivestock . .doMerchandise, 1. c. 1 doOre do___.Miscellaneous _ -do
Combined index, adjusted - . doCoal -doCoke doForest products . . - .doGrains and grain products. . . doLivestock -doMerchandise, 1. c. 1 . . .doOre doMiscellaneous... do
Freight-car loadings (A. A. R.):1Total cars . . . ..thousands..
Coal doCoke do.—Forest products . . -doGrains and grain products. doLivestock .doMerchandise, 1. c. 1 .-doOre do-_.Miscellaneous _ -do
Freight-car surplus, total doBox cars. do. . .Coal cars __..do_..
Financial operations:Operating revenues, total thous. of dol
Freight do. . .Passenger do. . .
Operating expenses do.Taxes, Joint facility and equip, rents.. .do.. . .Net railway operating income doNet income do. . .Operating results:
Freight carried 1 mile. ...mil.of tons.Revenue per ton-mile cents..Passengers carried 1 mile millions.
Financial operations, adjusted:Operating revenues, total.. _.mil. of dol.
Frpight.-. -do.. .Passenger do
Railway expenses do.....Net railway operating income doNet income do
7. 8060,251,028
124135193117138985550
13213511916113015710257
202149
3,531790
75172237
66421
711,698
673520
3.6081
131
Waterway TrafficCanals,New York State, .thous. of short tons..Rivers, Mississippi (Gov. barges only)...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 sale3 index ..1929=100.
Foreign travel:U. S. citizens, arrivals „._ number..U. S. citizens, departures.. doEmigrants .doImmigrants doPassports issuedd". do
National parks:Visitors. . . . . -doAutomobiles . . .do
Pullman Co.:Revenue passenger-miles.._ thousands..Passeneer re venues thous. of dol..
' Revised. ° Not available.tSee note marked "t" on p. S-20.IData for January, May, August, October 1942, and January 1943 are for 5 weeks; other months, 4 weeks.cfBeginning February 1942 data include passports issued to American seamen•See note marked with an "*" on p. S-20.
160159165112
11,80979
7.8005946,315
68,637
129136184140125959346
1341401191531561429997
186152
3,858797
71208
' 2 0 865
71165
' 1,733602222
480,691392, 571
55, 697348, 781
62,94468,96626,130
46, 666.914
3,078
495.3406.6
53.6413.1
82.340.0
081
11,1272,531
300, 900113,135
3.4071
107
9, 4567,871
4081,9545,145
60, 76717,477
1,273,8226,929
168167182101
11, 58290
7.8033885,128
65,004
129132184153110769647
13513911615015913195
100187151
3,123629
5718515442
59752
1,407592220
462.486377,593
54,746327.653
68, 34766. 48623, 716
44,109.926
2,895
518.9423.9
60.1420.398.657.7
065
9.9792.170
286,435104, 220
3.3970
101
6,7235,754
4481,9246,020
59,33816,821
1,208,1626,421
17717618199
11,97677
7.80331,003,196
72, 561
129125175149102779273
1391361221681491199792
282143
3,171610
5518414643
58472
1,477582317
540,118445,490
59,106360,011
87, 74992,35946,888
51,853.924
3,070
541.7443.063.0
445.796.162.4
0100
11,3522,560
371,398139, 061
3.3070
100
8,74510, 222
5321,5606,881
60,80817, 760
1,288,8586,935
192191197'89
12,13479
7.80601,004,698
72,668
1361351761591009081
21814214316020015911710180
267141
3,35164566
19614160
525235
1,503662812
572,531468,007
66,116366, 756103^741102,034
57', 890
63,631.937
3,427
684.2474.8
71.3471.5112.770.3
201206
11,3402,884
428,153158, 218
3.6471
121
7,2986,807
4621,6997,923
94,19228,203
1,380,2557,784
20119921684
12.31261
7. 80601,034,361
75, 512
138139181161998962
3031441431641971551159862
289142
4,171830
7024517462
492420
1,878704210
601,002487,982
74,345375,440115,933109,62863,668
58,517.900
3,822
617.8499.481.0
486.5131.287.9
401251
10, 8473,076
369, 776144, 947
3.2672
121
7,56911,145
3891,6737,880
137,18741,196
1,445,5068,092
202199
'22584
12,16872
7.80601,015,722
76, 494
1391351791651118160
31814514116019915911310360
183144
3,386661
6720415445
378359
1,62882559
623,687601, 343
82, 268378, 472126,484118,731
77, 691
67, 304.931
4,238
627.4608.679.4
499.5127.984.2
462225
7,3533,097
2-10,916109,253
3.4371
128
7,4505,147
5852,593
16, 244
221,69767,454
1,496,0488,509
20820423884
12,17076
7. 80601,023,167
77, 400
1421321771731387657325148142155205172959057180149
3,3226055420319440346363
1, 5176743
665,182533, 08691, 939390, 477141. 703133, 00189, 632
60, 713.9364,765
642.8519.482.0518.7124.079.2
584257
8,0793,534
262, 715116,104
3.4569125
9.2634,935419
2,19515, 042
342, 04398,147
8,903
'21420526484
12,10677
7.80601,038,784
78,399
1441361751731291005730815214315420816510610657176152
4,3518256927022868449440
2,00159405
683,807537,412103,463399,292149,250135, 26489,243
62,405.9175,395
668.9534.292.3539 3129.584.6
461247
8,4513,927
283,145127, 393
3.7475143
7,0315,005344
1,93211,635
330,54094,102
1,471,500 1,843,326 1,925,4598903 9638 1 0 99,638
21620629484
12,922
7.80601,048,97778, 782
1521421841671391355730416213613518815412610255174146
3,5046615619918871347336
1,64739255
697, 792546, 791.104, 971399, 706143, 455154, 632105,190
61, 934.9415,500
662.6517.9100.4534.7127.981.8
544196
8,0994, 375
273, 022125, 327
3.7078134
10, 3934,400423
2,33619,128
210, 02062, 910
10,169
22221030780
13, 31956
7.80601,157,62185, 257
1501381801581391695826016313312118014913011050221144
4,51283771244247118460373
2,16230175
745, 584587, 612108, 322416,430144,439184,715135, 538
66, 019.9465, 508
660.8501.9113.0533.3127. 580.9
436222
8,4084,341
273,162128, 329
3.7380135
7,9025,190463
2,14714, 667
76, 65924,178
1,961,986 1,906,71410444 100510,444
'221205' 340
81
14, 773153
7. 80601,086,38881,356
14013918613812314459
20615013412517614012611458221144
3,2366495716416878356230
1, 534532814
690,108534,762108,060406,389134,770148,949111,310
60,464
722.5553.5120. 4563. 2159.3120. 3
451140
7,7773,974
240, 705112,488
3.7979137
7,4744,904503
1,91511,173
51,976()
10,052
214199323
18,071157
7. 80601,222,61794, 248
126132193122130113565913513411611713714311759210146
2,834612571481766334066
1, 371683520
702,995531,918119,151431,873100,271170,851
58, 356
708.4551.0109.2553. 6154.9
7,2923, 634
202, f>2396, 308
3.5674
132
8, 247
11,865
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-22 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Septem- j
ber IOcto-ber
Novem- Decem-ber ber
TRANSPORTATION AND COMMUNICATIONS—Continued
COMMUNICATIONSTelephone carriers:
Operatir.fr revenues tbous. of dol_.Station revenues doTolls, message.. do
Operating expenses.. ..doNet operating income.. do. . . .Phones in service, end of month.thousands.-
Telegraph and cable carriers:Operating revenues, total thous. of dol..
Telegraph carriers, total doWestern Union Telegraph Co., revenues
from cable operations thous. of dol..Cable carriers ..do
Operating expenses... - doOperating income. - doNet income do
Radiotelegraph carriers, operating revenuesthous. of dol..
128,25779,97437,44182,93521,16621,362
12, 73211,563
6201,16911,054
58561
1,163
123, SCO77,77134,96179,41421,30721,481
11,69710, 724
565972
10, 246465
1,092
130,34779,69839,47184.36521,64721,595
13,07411,940
6631,13410,889
918480
915
131,72780,26440,20784,37221, 59621,702
13, 58712,553
6611,03511.1881,088672
1,032
133,07680,07041,61685. 65522, 26421,815
13,87712,824
6581,05311, 639
905380
1,108
134,21680,07842, 37985, 54222,16721,888
14, 39813,151
6781,24811,7181,216787
1,204
135.65279,41544, 57989, 37021, 33921,941
14, 37513, 296
7091,08011, 967
958454
993
135, 32878,89744, 66686,43922,63222,048
14, 28213, 254
7121,02811,9321,031501
138, 01580,41345, 68087, 83222, 84622,146
14.61713, 600
7551,01811,9121,384946
|981 i
142, 86482, 50748,16189, 26020, 33722, 284
14,95613,875
8191,08212,1791,336812
998
140,44781,57646, 56687, 94024, 31022,400
14, 25013,151
8631, 09911,6251,237658
1, GOT
CHEMICALS AND ALLIED PRODUCTS
CHEMICALSMethanol:
Prices, wholesale:Wood, refined (N. Y.) dol. per gallon..Synthetic, pure, f. o. b. works -...do
Explosives, shipments thous. of lb_.Sulphur production (quarterly):
Louisiana long tons..T>xas do
Sulfuric acid:Price, wholesale, 66*, at works
dol. per short ton..
FERTILIZERSConsumption, Southern States
thous. of short Urns .Price, wholesale, nitrite of soda, crude
f. o. b. cars, port warehouses*.-dol. p?r ewt..Potash deliveries short tons..Superphosphate (bulk):
Production _ doShipments to consumers...„-..» doStocks, end of month.._ do
NAVAL STORESRosin, gum:
Price, wholesale " H " (Savannah), bulkdol. per cwt..
Receipts, net, 3 ports bbl. (500 lb.)._Stocks, 3 ports, end of month do
Turpentine, gum, spirits of:Price, wholesale (Savannah) dol. per gal._Receipts, net, 3 ports bbl. (50 gal.)..Stocks, 3 ports, end of month do
0.58.28
33, 392
16.50
1,006
1.650
3.507,817
278. 791
.642,102
57, 627
OILS, FATS, AND BYPRODUCTSAnimal, including fish oils:
Animal fats t jConsumption, factory thous. of lb_.Production ,doStock?, end of month do
Greasp.s.tConsumption, factory. doProduction doStocks, end of month do
Fish oils.tConsumption, factory. .do._. _Production doStocks, end of month. . do
Vegetable oils, total:tConsumption, crude, factory .mil. of lb__Production doStocks, end of month:
Crude doRefined do
Coconut or copra oil:.Consumption, factory:!
Crude thous. of lb._Refined. do
Production:Crudet . . _. doRefined do
Stocks, end of month:!Crudo . .doRefined __ _. . .do
Cottonseed:Consumption (crush) thous. of short tons. .Receipts at mills do.Stocks at mills, end of month do.
528178
1,049
0.58.28
36,720
16.50
1,030
1.65057,113
437,16477,725
,082,860
3.1630,214
269, 496
.766, 357
26, 594
0.58.28
37,681
16. 50
1,170
1. 65051, 402
457, 302146,846
1,017.817
3.2219, 862
257,926
.761,127
20, 495
0.58.28
(6,453
110,115725,579
16.50
1,061
1.65056, 386
480,018204, 855911,507
3.063,733
250,110
.73784
16, 675
1395,9671776, 5421445, 114
'125,047U40, 105UOO, 330
0.58.28
41,045
16.50
678
1.65044,994
431,634254,239730,135
2.8ft16, 353
239,817
.654. 550
17,010
i 50,1761 7,128
U71, 398
1 1,048i 1,018
»895» 513
'476r 221
1,037
413144768
113, 64349,437
45, 39265, 072
135, 79015,131
31752
503
22422
301
0.58.28
40, 545
16.50
287
1.65029, 714
440, 685147, 473760, 761
2.8213. 449
245,085
.616,554
17,758
0.58.28
42,101
163, 810774,706
16.50
148
1.65062,959
453,09578, 577
915,172
2.Q521, 686
237,420
.638,021
22,817
1379. 2561699, 6731365, 870
1135,020i l l l . 1871102,044
i 42.798i 11,7131160. 540
l 744'710
»761* 521
16.50
70
1.65059, 224
445,60372, 332
1,067,747
3.1026,872
229,436
.6411,46632,164
104,890247. 889393, 452
39,94546, 259
106, 004
16, 06710, 342
162, 869
210214
729458
14421
177
i 35. 085i 12,995
i 17.740i 13, 512
1126, 087i 10, 017
8827
116
9,3163,294
C)3,715
129, T039,325
622781
0.58.28
41, 709
16.50
1.65059,371
501, 59298,287
1,070,785
2.9135,415
245,937
.6110, 42139, 821
120, 265213.963368, 527
46. 24541,313
107, 787
14, 57027, 575
178, 219
212212
726373
10, 0265,218
(a)
4,289
128, 6026,988
93157145
0.58.28
42, 571
148, 570739, 665
16.50
169
1.65056, 439
2520. 5582150. 599'1,175,835
3.3021, 713
250, 079
.669,29045, 705
137, 997220, 217311,526
42, 54942,086104, 028
15.31927, 291178, 247
266333
764312
7,3522,742
(*)1,822
121, 2628,141
5291,085701
0.58.28
41, 407
16.50
200
1.65059,846
504,852179, 2521,158,092
3.5018, 922
263, 434
.706,47449, 525
136, 624223, 747289, 743
51, 23945. 08496, 432
14, 49620, 895207,131
342432
834299
8,0582,259
9,1112,370
126.7397,243
7381,6351,598
1
0.58.28
41, 477
16. 50
221
1. 65054, 855
525,960160,7991,120,646
3.4619,432
267,144
.706,04751,913
108,682255. 989286, 358
41,33345, 693104, 916
11.56823. 845
208, 237
355419
884354
7, 6392,151
5, 2082, 684
138,1427,243
714833
1,714
0.58.28
30,626
147,850645, 380
16. 50
340
1.65067,876
545,936126,632
1,094,877
3.4320,108
277, 546
.706, S06
55, 000
114,436290, 597306,055
44.71650. 942
108,570
16, 54915. 373
215,619
362416
914407
7,4423, 900
7,4724, 293
134,9716, 415
052340
1,401
«Not available. ^Deficit. 'Revised.1 Quarterly data. Data compiled monthly beginning July 1942.2 Data beginning September 1942 include a certain amount of superphosphate formerly reported in dry and mixed base goods not previously included with bulk super-
phosphate. Th*» stock fijmiv as of August 31, comparable with September data is 1,129,790 tons; no other data are available for comparison. Data are currently reported onan 18% A. P. A. basis and are here converted to a 16% basis so that they are comparable with prior figures.
•This price has been substituted beginning 1935 for the one shown in the 1942 Supplement. Revisions for January 1935-July 1937 will be shown in a subsequent issue.Therp ha-* bpen no change in data bpjnrmin? with August 1937. Pricp" 8rp quoted per ton, in 100-lb. bags, and have been converted to price per bag.
fData for last two quarters of 1941 revised. Revisions for fish oil production are as follows: Quarter ending September, 99,308; quarter ending December, 94,4.50.Revisions for consumption and stocks of fish oils and for all other indicated series are minor and are available on request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1643 SURVEY OF CURRENT BUSINESS S-23
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
JJanu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
Decem-ber
CHEMICALS ANI> ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS-Con.
Cottonseed cake and meal:Production short tons.Stocks at mills, end of month do_._
Cottonseed oil, crude:Production ..thous. of lb.Stocks, end of month . . . d o . . .
Cottonseed oil, refined:Consumption, factoryt - do . . .
In oleomargarine do_._Prlce, wholesale, summer, yellow, prime
(N. Y.) —dol. per lb.Production __ thous. of lb.Stocks, end of month.. do . . .
Flaxseed:Duluth:
Receipts thous. of bu.Shipments do . . .Stocks do
Minneapolis:Receipts- do . . .Shipments do—_.Stocks do—
Oil mills tConsumption.. do—Stocks, end of month do . . .
Price, wholesale, No. 1 (Mpls.)--dol. per bu.Production (crop estimate) thous, of bu.
Linseed cake and meal:Shipments from Minneapolis thous. of lb.
Linseed oil:Consumption, factoryf_ doPrice, wholesale (N. Y.) dol. per lb.Production! thous. of lb.Shiprnents from Minneapolis.. doStocks at factory, end of month! do
Soybeans:Consumption! thous. of bu.Price, wholesale, No. 2, yellow (Chicago)
dol. perbu.Production (crop estimate) thous. of bu.Stocks, end of month. do . . .
Soybean oil:Consumption, refinedf - thous. of lb.Price, wholesale, refined, domestic (N. Y.)
dol. per lb.Production:
Crudef thous. of lb.Refined.. __ ..do
Stocks, end of month:Crude - doRefined f do.._.
Oleomargarine:Consumption (tax-paid withdrawals) t_.do.._.Price, wholesale, standard, uneolored (Chi-
cago) dol. per lb.Production! thous. of lb
Shortenings and compounds:Production ...thous. of lb.Stocks, end of month! doVegetable price, wholesale, tierces (Chicago)
dol. per lb.
PAINT SALES
Calcimines, plastic and cold-water paints:Calcimines thous. of dol.Plastic paints .doCold water paints:
In dry form doIn paste form, for interior u s e . . do
Paint , varnish, lacquer, and fillers."Total _ .do
Classified, total . . . d o . . . .Industrial . doTrade .do
Unclassified... do
234, 95275, 866
165, 824153, 873
.140151, 406
240
940
581186
1, 865
60, 660
.134
"26," 280
.150
.165
'207, 252'369, 734
1-146, 657181,830
14, 427
:. 137• 21.085•320, 317
1,292311
3.430
2.23
51,840
.113
"227666"
.132
35,864
.15435,109
.164
19046
185428
47,04442,03219,19022,842
176,833372,208
128,843170,913
14,738
.139130,622351,683
3249
1,067
704141
3,105
2.33
37,640
.119
"227250'
1.95
.135
31,800
.15333,015
5.012
.165
17236
196323
45.17639.74517,01922,1265,431
139, 742338, 711
101, 526137,975
1292,88213,837
.140127,442389,010
546
1,026
708154
2,634
113,42518,4772.60
34,400
»153, 620.133
*258, 72022,400235,897
»20, 500
1.86
119,907
1118, 285
.135
1188,8051151,998
«86,231156, 639
29, 679
.15030,700
»329, 867160, 790
.165
16243
183412
48, 07042, 61718. 89823, 7195,453
97,180311,403
72, 671105, 714
11,883
.140100,548402,540
4105925
490144
2,120
28,880
.141
"23,~666"
1.83
.135
26,760
.15028,659
.170
16151
261466
50. 53044,84919,00925, 8405,681
62,361286,844
47, 05880, 989
10, 235
.14171, 502
394, 580
56455527
58590
1,078
2.58
25,840
.141
"3O,"66o"
1.80
.135
23,081
.15027, 611
.170
19349
260594
49,20444,14118,14026,0005,064
38,269250,715
27, 53451,291
> 232,48210,352
.13852,807
369,745
31,384192, 910
20,99634,167
90, 05410, 400
.14036,661310,433
129 241233 566423
633 j130
112,52613,9652.54
23,440
1151,183.139
* 241,01522,100
»225,615
* 18,497
1.72
447164468
3,9814,1972.46
111,624
1123,400
.135
167,945147,269
i78,719176,098
23,099
.15027,143
246, 304163,208
.165
17332
268517
43,98239,51317,08222.4304,469
31,440
46, 826.137
76, 78227,900211,087
6,595
1.72
10, 244
42, 629
.135
59, 84348,061
78,35073,099
22, 535
.15029, 883
95,47756, 823
.165
10329
235406
42, 22137,98717,17320,8134,234
40,845133, 495
28, 23327,907
99, 52211,312
.13932,942
230, 569
517236379
6,438483835
5,4672.40
34, 200
44,407.136
76, 30821,850
230, 252
6,218
1.715,931
58,478
.135
57,41362,407
68,89667, 761
24, 379
. 15038, 495
125,91860, 953
.165
11736
219385
41,10636,93516, 74820,1874,170
224, 921146,533
161, 74890, 601
129,95213,487
.13680, 512199, 396
2,438750
2,066
5,678465
2,734
3,77810, 3472.43
54, 640
46, 726.134
72,02322, 750
242,879
6,081
1.711,120
63,940
.137
55,38960,879
52,45655,134
29, 537
.15039, 604
158,10743, 583
.165
14733
196410
43,02837,78217, 24320, 5405,246
330, 025134,136
232, 888133, 726
135, 37715,612
.137169, 490201, 427
2,6462,3982,304
5, 564554
2,780
4,44511,9382.46
47,240
44, 383.131
84, 78524, 850
273,101
6. 983
25, 213
60, 393
.138
64,45155, 435
51,3G451,234
35, 403
.15046, 283
130,33641,142
.165
10045
190481
44,12239.18617,90621, 2804,935
317,338117, 778
217,103157, 849
119,37419,126
.140181, 960254, 713
8281, 6951,437
1,320252
2,535
3.99311,2542.43
56, 820
40,198.127
77, 04525, 560
291, 212
8,145
35, 356
49, 691
.138
75, 39358, 061
62, 26851, 476
39, 371
.15047, 635
96, 22937, 853
.165
7737
177456
38,12234. 31516. 22118, 0943,807
291, 92292, 672
200, 882157, 212
137, 46921, 035
.140185, 433300, 519
366887916
744110
2,269
3,81711,6822.56
2 40, 660
64, 740
40, 879.129
73, 56927, 780
297, 244
10, 058
2 209," 55934, 938
53, 608
.138
92, 32665, 414
83, 41657, 080
42, 151
.15042, 099
117, 91542, 648
. 105
9033
153
37,14133, 51816, 90516, 6123,623
ELECTRIC POWER AND GAS
ELECTRIC POWEE
Production, total . . . . . . .mil. of kw.-hrBy source:
Fuel. ..doWater power _ do
By type of producer:Privately and municipally owned electric
utilities mil. of kw.-hr__Other producers do . . . .
17, 651
11, 2426,408
15,646
11,0504,595
14,102
9,6644,438
15, 053
9,4385, 615
14,588
8,9796,609
14,991
9,6325,360
15,182
9,8315,352
16,005
10,8775,128
16, 262
10,9465,315
16,114
10, 8955,219
16, 753
11,2445,609
16, 459
10, 7265,733
•17,681
•11,571r 6,110
15,170 14,110 12,612 13,322 12,949 13,326 13,394 14,047 14,047 13,804 14,282 14,086 15,2372,480 1,536 1,491 1,731 1,639 1,665 1,788 1,958 2,214 2,310 2,470 2,373 '2,444
' Revised.* Quarterly data. Data compiled monthly beginning July 1942.2 December 1 estimate.8 Superseded effective October 1942, by regulated price paid by crushers under Government program, operated by Commodity Credit Corporation. The October price
was $1.60.!Data on oleomargarine revised beginning July 1941; see p. S-23 of the February 1943 Survey. Data for the indicated series on oils and oilseeds revised for the last two
quarters of 1941. Revisions are minor and are available on request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-24 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
Decem-ber
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER—Continued
Sales to ultimate customers, total (EdisonElectric Institute) mil. of kw.-hr..
Residential or domestic doRun*] (distinct rural rates) doCommercial and industrial:
Small light and power doLarge light and power. do
Street and highway lighting doOther public authorities do"Railways and railroads doInterdepartmental do
Revenue from sales to ultimate customers(Edison Electric Institute) thous. of dol__
GASManufactured gas:
Customer?, total - thousands..Domestic doHouse heating doIndustrial and commercial do
Sales to consumers, total mil. of cu. ft_.Domestic. . . . doHouse heating doIndustrial and commercial do
Revenue from sales to consumers, totalthous. of dol_.
Domestic . . ._ doHouse heating doIndustrial and commercial do
Natural gas:Customers, total _ thousands..
Domestic doIndustrial and commercial do
Sales to consumers, total mil. of cu. ft..Domestic . . doInd'l., com'l., and elec. generation...do
Revenue from sales to consumers, totalthous. of dol._
Domestic doInd'l., com'l., and elec. generation . . .do
13,2422,673
145
2,4506,777
217307597
76
250, 526
10,4349,616
344465
43, 70518,26812,29412, 786
38,68023,016
7,7287,739
8,1717,554
614178,028
67, 790107, 521
67, f 6542,00025, 241
12,5722,405
156
2, 3036,590
187306550
74
237,957
10,4829,651
359463
42, 35717,67211,91712,425
37, 75921,9247,9607,684
8.1837,572
609174.389
62, 485108,679
63,76038,43324,816
12, 5582,244
168
2,1996, 828
181306560
72
230, 766
10,4549,626
343471
41, 29617, 62910,22413,129
26, 52621, 6636,9377,734
8,2307,610618
171,97961,451107, 491
61, 84837, 31221,901
12, 5362,139206
2,1566,988
158294525
227,610
10,4639,621359470
38,16116,8757,72213,280
34,28621, 5744,8817,649
8,2727,656613
152,97146,305105,232
52, 55230,08422, 253
12,4872,047216
2,1247,07414329452069
225,602
10,5449,694372466
34.87316, 5345,29612,794
33,14322, 4073,0837,506
8,2867,676607
133,66533,40097, 756
43, 73823,24320,135
12,6702,025270
2,1607,205
13230250966
227,057
10, 5429,706359466
31, 98317,1252,60412,035
31,24522, 2101,9186,996
8.1927,615575
120,78323,89894,151
36,89318,01818, 525
13,1662,053335
2,2477,482
13732252269
232,460
10,6089,785344467
SO, 38316,4751,71911,919
30,20221, 7401,3327,007
8,2427,664574
119,94020,18097, 251
34,90915,70818, 760
13, 6502,104386
2,3287,727
15136552266
238,059
10,6569,830348466
29, 60815,9541,34412,105
29,65621, 3751,1197,023
8,2317,667562
118,13618, 48596, 742
33, 75414,68318,695
13, 7122,157355
2,3227,735
15737352392
240, 253
10,6889,850366464
31,10017,1911,41812, 267
13,9702,224269
2,2727,957185385560118
243,094
10, 6679,819387450
34,92618,1523,29613,195
31,19622, 5741,3167,178
8,2687,702
564123, 041
19, 558100,, 828
34, 76614,99319,424
33,97823, 576
2,5717,667
8,3407,746
591137,07126,637
107, 813
40, 91619,12221, 428
14,0972,343197
2,3087,948
197391568144
246, 749
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGESFermented malt liquors:!
Production.. , thous. of bbL.Tax-paid withdrawals doStocks, end of month do
Distilled spirits:Apparent consumption for beverage pur-
poses. thous. of wine gal...Production^ thous. of tax gal_.Tax-paid withdrawals! do... .Stocks, end of month^ do
Whisky tProduction.. doTax-paid withdrawals doStocks, end of month do
Rectified spirits and wines, production, totalfthous. of proof gal..
Whisky. do_...Still wines:!
Production ...thous. of wine gal_.Tax-paid withdrawals _ ..doStocks, end of month do
Sparkling wines:!Production. doTax-paid withdrawals doStocks, end of month do
DAISY PRODUCTSButter, creamery:
Price, wholesale, 92-score (N. Y.) dol. per lb._Production (factory)t thous. of lb. .Stocks, cold storage, end of month do
Cheese:Price, wholesale, American Cheddars (Wis-
consin) dol. per Re-production, total (factory)t thous. of lb_.
American whole milk! doStocks, cold storage, end of month do
American whole milk . . . . do . . .Condensed and evaporated milk:
Prices, wholesale, U. S. average:Condensed (sweetened) dol. per case...Ev aporated (unsweetened) do
Production, case goods:!Condensed (sweetened) thous. of lb_.Evaporated (unsweetened) do
4,4214,2368,121
87610,273479,196
07,114
461, 686
5,1774,619
.48122, 88015, 600
.23360,15546, 545113,81597,154
5.844.15
8, 250203, 786
4,4593,9917,676
15, 59314,3999,284
538,909
13,0896,514
516, 466
6,0204,651
r 2, 4408,150
176,429
45689
.35119,82583,106
.232' 76,12562,350165.018137, 276
5.643.67
3.187313, 517
4,4543,7768,150
13,86112, 4169,423
542,113
11,4866,412
519, 791
6, 2294,865
1,8468,985
167,089
9136
r 742
.35118,02063, 701
.22272.10562, 505160,073133,140
5. 043,64
4,270300, 003
5,2274,6528,491
13,74911,06611,304542,881
10, 5157,493
520, 762
6,7215,865
1,8439,450
158,030
7529780
.35135, 92045, 045
.20888. 77077.215
•190,158165,704
5.643. 62
6,105339, 522
5, 7785,0778,947
12, 9849,1049,626
543, 525
8,4456,631
521,485
4,7584,029
1, 3108,131
150,019
15732
894
.38149, 585
37, 228
.202103,03088.810
208,171182,613
5.653.55
5,518358, 443
6,1575,9908,837
12, 7627,8819,163
543,095
6,9705,848
521,017
4,7003,982
1,0637,027
142, 542
12033
978
.38203, 360
64, 720
.202136, 280117,085
'227, 689••200, 460
5.653.52
5,051449, 330
6,2125,8608,935
12,8917,3319,212
538, 910
6,5366,324
516, 919
4,4783,843
5557,538
133,195
11544
1,050
.37203, 860117, 111
.202131,100110. 430261,935228, 478
5.653.49
6,782402, 584
6,8036,8148,651
15,8297,96812,801
537, 737
7,0398,585
515,847
6.199r 6,499
3,5427,916
124, 765
4454
1,037
188, 665148, 504
.205115,38597,005296,763261, 535
5.653.49
8,970326,332
6.8648,487
16,611.6,89315,380
529, 089
5,74410,144507,493
7,5486,652
3,9408,416
116,168
5569
1,019
.41169, 620152,198
.210104,00887, 225279,905243,596
5.653.50
9,832277, 969
6,5876,2088,593
19,2846,52615,129
521, 243
4,94510,068500,147
7,7566,753
19, 22510, 747113,962
5893979
.44140,130123,599
.21786,10070, 675259, 078224, 861
5.833.66
8,589226, 695
5,7705,6268,483
r 20,4217, 52816,596507,226
1, 79711,439
487, 550
7,9526,926
85, 75311,473
142, 851
64121
.47126, 26586, 981
.27175, 30058, 800195,378169,913
5. 833.75
7,364208, 445
4,7054,7178,253
4, 0718, 583
499, 350
05,656
480,325
4,9824,228
48,3609,963
152, 288
68119854
.47107,48045,937
.23357, 66043,170153, 806134,332
5,833.73
5,506 !163,648 i
4,8134,6998,159
1,57110,100
489, 418
06,873
471,026
5,3994,628
12, 45811,498141, 403
75159761
.47116, 735' 24,979
.23356, 65042, 040131,398112,348
' 5. 833.85
7,033178,024
' R e v i s e d .1 N o t including da t a for unfinished and high-proof spiri ts , which are n o t available for publ icat ion. D a t a for J a n u a r y to N o v e m b e r 1941, revised to exclude these i tems, are
shown on p . S-24 of t he F e b r u a r y 1943 Survey .t D a t a for the indicated series on alcoholic beverages revised for the fiscal year beginning J u l y 1941; revisions, which in most cases are minor , not shown above and in t h e
F e b r u a r y 1943 Survey are available on request . F inal revisions for 1941 for the indicated dai ry products series, superseding those previously shown, are as follows ( thous .of lbs . ) : Bu t te r—Jan . , 135,143; F e b . 129,804; Mar . , 147,507; Apr . , 162,490; M a y , 214,206; J u n e , 210,250; Ju ly , 194,611; Aug. , 168,787; Sept. , 146,430; Oct., 133,695; Nov . , 112,566;D e c , 116,694. Cheese, tota l—Jan. , 53,456; Feb . , 52.447; Mar . , 64,287; Apr . 74,232; M a y , 103.017; J u n e , 104,930; Ju ly , 95,377; Aug. , 91,888; Sept. , 86,806; Oct., 83,827: Nov . , 71,510:D e c , 74,237. Cheese, American—Jan. , 38.329; Feb., 37,830; Mar . , 47,086; Apr. , 56,155; M a y , 81,960; June , 85,022; Ju ly , 78,050; Aug. , 75,972; Sept. , 70,824; Oct., 66,996; N o v . ,56,347; D e c , 58,551. Condensed milk—Jan. , 7,243; Feb . , 7,238; Mar . , 10,526; Apr. , 10,819; M a y , 11,747; J u n e , 10,939; Ju ly , 11,802; Aug. , 11,052; Sept., 10,105; Oct., 10,236; N o v . ,8,603; D e c , 6,796. Evapo ra t ed milk—Jan. , 172,262; Feb . , 169,493; Mar . , 208,296; Apr. , 254,215; M a y , 354,803; J u n e , 350,063; J u l y 310,791; Aug., 307,855; Sept. , 290,634; Oc t . .281,683; Nov . , 259,768; D e c , 286,684.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-25
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu- February ary
March April May June July August Novem- i Decem-ber ber
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued.
Condensed and evaporated milk—Continued.Stocks, manufacturers', case goods, end of mo:
Condensed (sweetened) thous. of lb_.Evaporated (unsweetened) do
Fluid milk:Price, dealers', standard grade.dol. per 1001b..Production mil. of lbUtilization in manufactured dairy productsf
* mil. oflb-.Dry skim milk:
Price, wholesale, for human consumption,U. S. average del. per lb..
Production, total f thous. of lb_.For human consumption f do
Stocks, manufacturers', end of month, totalthous. oflb..
For human consumption doFRUITS AND VEGETABLES
Apples:Production (crop estimate) .thous. of bu . .Shipments, carlot . no. of carloads..Stocks, cold storage, end of mo..thous. of bu_.
Citrus fruits, carlot shipments.-.no. of carloads.Frozen fruits, stocks, cold storage, end of month
thous. oflb...Frozen vegetables, stocks, cold storage, end of
month . . . .thous. of lb . .Potatoes, white:
Price, wholesale (N. Y.) dol. per 1001b..Production (crop estimate)____.thous. of bu_.Shtpments, carlot-- no. of carloads..
GRAINS AND GRAIN PRODUCTSBarley:
Prices, wholesale (Minneapolis):No. 3, straight dol. per bu . .No. 2, malting do. .
Production (crop estimate) .thous. of bu . .Receipts, principal markets doStocks, commercial, end of month .do
Corn:Grindings, wet processf... .doPrices, wholesale:
No. 3, yellow (Chicago).. dol. perbu..No. 3, white (Chicago) ._ doWeighted avg., 5 markets, all grades.do
Production (crop estimate) thous of bu.._Receipts, principal markets do . .Stocks, domestic, end of month:
Commercial do_.On farms do. .
Oats:Price, wholesale, No. 3, white (Chicago)
dol. per bu._Production (crop estimate) thous. of bu_.Receipts, principal markets do_.Stocks, domestic, end of month:
Commercial do. .On farms _ do. .
Rice:Price, wholesale, head, clean (New Orleans)
dol. per lb__Production (crop estimate) thous. of bu._California:
Receipts, domestic, rough...bags (1001b.)..Shipments from mills, milled rice doStocks, rough and cleaned (in terms of
cleaned rice), end of mo .bags (100 lb.). .Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at millsthous. of bbl. (1621b.)..
Shipments from mills, milled ricethous. of pockets (100 lb.) . .
Stocks, domestic, rough and cleaned (interms of cleaned rice), end of month
thous. of pockets (100 lb.).Rye:
Price, wholesale, No. 2 (Mpls.).-dol. per bu . .Production (crop estimate) thou3. of bu . .Receipts, principal markets. . . . . doStocks, commercial, end of month do
Wheat:Disappearance, domestic doPrices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)dol. per bu. .
No. 2, Red Winter (St. Louis) do . . . .No. 2, Hard Winter (K. C.) do . . . .Weighted av., 6 markets, all grades..do
Production (crop est.), total . . . . thous. of bu_.Spring wheat doWinter wheat do
5,28694,071
3.008,820
3,713
.13730, 80029,000
27, 72926,673
3,84023, 56919,005
172,130
90,346
2.379
"21,048
.80
.96
"""7,7279,771
2 10, 619
1.09.92
35,929
42,829
.59
"6,353
7,649
.067
484,751319, 526
410,053
1,297
1,730
2,769
80219,924
1.391.541.371.36
9.000252, 532
2.73r 8, 739
4,007
.13140,00035,800
22, 93121,068
3,70420,162
20,329
157, 973
82,638
2.13121,738
.37
"87827"' 9,244
10,849
.82
.90
29,494
50,311
.58
I," 519'
!,625
.068
465,182137, 749
343,001
1,231
1,766
2,508
.80
2,11516, 785
1.281.341.261.20
6,223218,410
2.74r 8, 299
3, 934
.13141,80037,164
28, 78926,102
3,95114,238
18, 052
142,192
73, 245
2.04416,556
.73
.87
'7,2209,656
9,908
.82
.96
30,357
59,884
.56
~5~670"
7,483
.068
229,40497,631
374, 565
1,342
1,323
2,598
.78
1,91317,029
1.251.311.231.21
0,469213,550
2.75r 9, 641
4,589
.12854,00048,470
38,48234,988
4,0018,207
20,831
119, 982
61,781
1.920
21,989
' . 6 9.86
~~5,"770"8,324
11, 228
.82
.97
.80
24,098
60,9731,289,588
.54
""5," 253"
5,893432, 020
.070
278.245162,316
364, 795
664
1,397
1,8
.75
499,885420,205
242,690
198
1,256
844
.72
70
471
439
49336, 666
70, 919
1, 295
781
677
.65
2,717
1,947
2,787
.59
1,09117, 551
190, 319
X.241.301.211.19
56617,333
1,13317, 240
1.191.211.151.14
1.201.201.151.16
86117,034
'178,980
1.141.191.111.11
1,26917, 2J2
2,50817, 288
3,84619, 295
1,57719, 761
543,339383,414
428, 358
2,293
2,091
3,100
.70i 57,341
1,06119, 889
212,806
1.321.481.311.28
981,327278,074703,253
' Revised, i December 1 es t imate . 2 For domest ic consumpt ion only, excluding grindings for export . 3 Inc ludes old crop only.f D a t a for the uti l ization of fluid milk in manuiac tu red dai ry products have been revised beginning 1920 to include the milk equivalent of d r y whole milk; revisions are
minor th roughou t . F ina l revisions for 1941 for product ion of d r y sk im mi lk , superseding those shown on p . S-25 of t h e N o v e m b e r 1942 Survey , are as follows ( thous. of lbs . ) :Total—Jan. , 35,514; Feb . , 35,604; M a r . , 43,473; Apr . , 48,223; M a y , 59,616; June , 56,143; Ju ly 41, 777; Aug. , 36,913; Sept. , 33,003; Oct., 29,183; Nov . , 26,316; D e c , 31,272. Forh u m a n consumption—Jan. , 25,714; F e b . , 25,715; Mar . , 31,142; Apr . , 34,449; M a y , 43,781; June , 41,780; Ju ly , 31,953; Aug. , 29,293; Sept., 27,016; Oct., 25,253; Nov . , 22,816; D e c ,27,543. D a t a for corn grindings revised beginning October 1941 th rough December 1942 to include grindings for export .
8,292222,485
2.75' 10, 305
5,036
.12761,40055, 780
47,45942,378
3,3153.521
19, 592
101,810
53,416
1.89419,827
.71
4,8136,344
11,023
.82
.97
.81
8,178294,579
2.75r 12,124
6, 694
.12678,10070,500
CO, 59554,305
1,8401,259
19,312
106, 538
49,548
2.581
30,570
63,363
.55
"5," 614"
4,642
.080
21,016
.76
.92
6,0644.541
11, 067
.85
.98
.84
25,
64,
755
408
.55
5,813
3,,776
073
422,998195,996
290, 831
7,445330,810
2.75' 12, 555
6,546
.12679,60074, 200
61,60454,855
7830
15, 894
129, 334
65,358
2.88324,473
.68
.89
6, 9163,600
10, 752
.85
.96
.84
22,448
57,012761,363
.49
3,671
2,1093192,398
.070
469,837392,090
187,381
105
253
282
6,733292, 911
2.75r 11, 765
5,894
.12761,00056, 300
48, 59742, 822
012,140
186, 003
88,248
2.919
11,294
.65
4,1183,015
10,679
.861.00
.85
23,578
51,774
6,642
2,191
.070
194,148166,373
152,048
14
187
109
.61
1.141.221.081.10
5,412211,001
2.76' 10,766
5,280
.12955,10051,400
41,16036,331
7240
9,701
207,767
102,186
2.150
9,909
.64
.82
18,8725, 514
10, 749
.841.02
20,126
43,697
.49
16,918
5,132
40,29369,944
107, 281
253
158
1.131.261.111.11
4,124136,985
2.82' 9,4G8
4,367
.13144,00040, 600
32, 01728,084
5,26711,1058,758
225,104
117, 796
1.615
14, 928
.64
.85
15, 5669,632
10, 642
.85
"22," 183"
38, 6413423,758
.49
17, 414
10,1231,132,933
.067
2,39318, 477
237,957
1.191.331.201.18
2,44597, 706
2.85«• 8, 903
3,933
.13336,00034,000
2,58690,678
2.93r 8,172
3,240
.13229,00027, 300
19,063 17,56716,847 16,066
11,03432, 70611, 476
221, 727
115, 810
1.950
22, 564
.61
.88
14,96311,887
11,276
.104.77
27,835
40,112
.47
13,125
12,106
.062
394,06260,150
247, 027
2,902
1,764
1,908
.59
1.191.381.211.15
7, 29435, 76112, 227
200, 396
115,845
2. 206
15,606
.65
.90
9.43612; 154
11,175
.811.07
30,999
40,834
.50
6, 209
10,451
.067
531, 917111,630
457, 565
1.201.321.231.17
4,22682, 672
2.95' 8, 473
3,478
.13432,00030,000
27,06025, 728
127,6554,744
' 30,577
19,231
188,041
103,3332. 275
1 371,15015,564
.74
.95426.150
9,96710, 743
10,922
.891.08.85
13,175,15441,388
43,4072,277,332
.541,358,730
6,783
9,534887, 575
.067
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-26 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-1 Decem-ber ! ber
FOODSTUFFS AND TOBACCO—Continued
35, 398
447, 094
230," 639
6.336.12
GRAINS, ETC.—Continued
Wheat—Continued.Receipts, principal markets thous. of bu_.Stocks, end of month:
Canada (Canadian wheat) doUnited States, total 1 do
Commercial _.doCountry mills and elevators .doMerchant miils _ do.. . .On farms do
Wheat flour:Grinding of wheat -do.. .Prices, wholesale:
Standard patents (Mpls.) dol. per bbl.Winter, straights (Kansas City) do. . .
Production (Census):Flour, actual thous. of bbl.
Operations, percent of capacityOffal thous. of lb-1
Stocks held by mills, end of month Ithous. of bbl._
LIVESTOCK
Cattle and calves:Receipts, principal markets
thous. of animals-.Shipments, feeder, to 7 corn belt States
thous. of animals.Prices, wholesale:
Beef steers (Chicago) ..dol. per 100 lb. .Steers, stocker and feeder (Kan. City) doCalves, vealcrs (Chicago) do
Hogs:Receipts principal markets thous. of animals..Prices:
Wholesale, average, all grades (Chicago)dol. per 100 1b..
Hog-corn ratiobu. of corn per cwt. of live hogs..
Sheep and lambs:Receipts, principal markets
thous. of animals..Shipments, feeder, to 7 corn belt States doPrices, wholesale:
Lambs, average (Chicago)__dol. per 100 lb. .Lambs, feeder, good and choice (Omaha)
dol. per 1001b..
MEATS
Total meats (including lard):Consumption, apparent mil. of lbProduction (inspected slaughter) doStocks, cold storage, end of month do
Miscellaneous meats__„ _ .doBeef and veal:
Consumption, apparent .thous. of Ib._Price, wholesale, beef, fresh, native steers
(Chicago) ..dol. per lb..Production (inspected slaughter) thous. of lb__Stocks, beef, cold storage, end of mo do
Lamb and mutton:Consumption, apparent ^_.doProduction (inspected slaughter).. doStocks, cold storage, end of month do
Pork (including lard):Consumption, apparent . . .doProduction (inspected slaughter) - do
Pork:Prices, wholesale (Chicago):
Hams, smoked .dol. per lb_.Fresh loins, 8-10 lb. average. do
Production (inspected slaughter) thous. of lb..Stocks, cold storage, end of month do
Lard:Consumption, apparent doPrices, wholesale:
Prime, contract, in tierces (N. Y.)dol. per lb..
Refined (Chicago) __ doProduction (inspected slaughter) thous. oflb..Stocks, cold storage, end of month do
1,613
87
14. 8412.6714.25
3, 431
14.78
16. 0
1, 939159
15. 86
13. 59
J,
522,
63291681
220960
106, 515
71,24,
225675
1,037,942
.293
.284793, 048591, 385
POULTRY AND EGGSPoultry:
Price, wholesale, live fowls (Chicago)dol. per lb. .
Receipts, 5 markets .thous, of lb. .Stocks, cold storage, end of month do
Eggs:Price, wholesale, fresh firsts (Chicago)
dol. per doz..Production millions-Stocks, cold storage, end of month:
Shell thous. of cases. .Frozen thous. of lb—
.139
.146178, 549112,077
.24528, 484
142,128
(a)
3, 769
20559, 828
19, 665
465, 608
258, 570
43,611
6.485.86
9,53263.5
756,199
1,789
12.6010.5714.09
3,704
11.36
14.5
1, 791116
12.34
11.35
1,5031,7281,097123
617, 671
.198605,041142, 599
68,45168, 7818,228
816, 538,053,759
.299
.206775, 656613, 659
144, 963
.112
.130203,306209, 470
.22427, 302
206,120
.333' 3,381
33176,293
17, S03
458, 692
249," 891"
38,621
6.335.74
8,47963.8
663,743
1, 467
61
12.3910.6913.50
2,463
12.58
15.2
1, 53582
12.03
10.92
1,2131,2711,097
116
518,851
.196513,157150,410
61,81361, 7018,122
17, 457
446,983810,834237, 777181,451122, 461269,145
38,194
6.175.63
8,37855.7
657,985
4,002
1,741
12.5911.4713.80
2,694
13.37
15.7
1,80687
12.00
10.92
1,2821,3451,046
118
560,617
.200545,801147,514
73,31173,4228,180
632, 393 648, 483696,100 I 725,295
i
.303
.240520,156616,604
92, 053
.121
.136128,465206, 565
.23318.624179,083
3,836
52973, 766
.315
.262544, 368590, 416
72,194
.125
.138132,114182, 004
.23520, 509139,677
.282
1,798107,397
12, 669
420,880
"229~407~
36,878
5.955.40
8,05853.6
641,182
1,815
126
13. 2611.9313.13
2, 638
14.18
16.9
1,866 I118
12.78
11.24
1, 3381,376941108
59S, 990
.214566,213126,884
69, 43368, 3317,108
669,803741,802
.321
.288567, 754572, 799
103, 281
.126
.144126, 877126, 284
.23023,12396,716
.2935,992
4,638159,585
17, 354
398,177
~22i,"896~
23, 416
384,746631,854224, 441142. 58396,837
61, 645
390, 572
261,122
38, 951
378, 091
266,149
36,141
5.845.26
7,90354.6
628,939
163, 584
37,842
5.515.09
8,27955.0
656, 814
3,619
41, 465
5.005.01
9,07560.4
718,093
53,694 j 45,416 j 32,261 \ 31,811
386,956 I 425.6141,375,224 .269, 290 268. 658257,765151,927 I644,146 .
40,920
5.735.13 |
8,96859.6
705, 516
1,684
91
13.2212.0013. 50
2,630
14.07
16.3
1,855163
14.64 I
11.76 j
1,953
13.1111.8313.00
2,896
14.19
16.3
1,832105
14.75
1,3281,374893110
562, 214
.213530, 20089,075
62, 49761,1585,711
702,864782,338
.300
.291597,129559, 849
86, 333
.126
.143135,081117,995
1,4471,531823112
632, 756
.210609,84081, 556
58, 96458, 8995,313
755, 213861,804
.295
.293654, 697522,173
85,093
.127C)
151,017102, 260
. 218 .20629,762 j 32,49380,242 I 79,200
.3015,769
6,94523831223,831 ' 278,499
.3044,731
7,93578499
1,831 I
74 I13.63 j11.09 I13.13 !
2,398
173 |
14.8712.0513.70
2, 452 i 2,187
14. 25 j
16.6
2,138135
14.18 |
12.52 i
14. 37
16.9
2,772387
14.60
12.94
1,4031,447
729109
606, 544
.209606, 51682, 647
66, 73466.9165,487
729, 544773, 247
.295 |
.294 i582,774 '433. 547
86, 356
.128
.139139,04298,349
.20934, 43579,346
.3214,092
1,3261,32960794
614,900
.210613,620
70, 79072,8217,602
640,169 687, 628642,827 I 720,437
.303
.298498, 360336,634
82,097
.129
.139106, 66085, 274
.325
.310557, 953270, 287
87,170
.129
.139118,23662, 143
.22437, 30786, 645
.3423,534
7, 754 6, 751 5, 421290, 529 272,042 234,876
.23046, 666115, 505
.3553,013
44, 563
5. 95 !5.45 |
9,79367.9
765,128
3, 838
294
14.8411.6414.00
2,529 :
14. 45
16.4
3, 657720
14. 16
12. 89
1,4061,44951980
634,822
.210641, 53195,146
83,40786,98211,260
47, 703
6.045.60
10, 49767.4
817,014
2,995
486
15.2111.8313.50
2, 087
14.98 i
18.2
3, 741976
14. 30
12.20
1,4131, 532
521
675, 290
.210686,028116,892
84, 00490.73317,896
653, 932755, 565
.325
.311590,541257,445
66, 631
.136
.142119,978
57, 547
259, 487
435,180 | 447, 90011,162,418245.150235,221139, 385494, 662
43,307 j 46,009
G.095. 60
9, 51668.8
743,560
2,535
314
15.12.13.
306250
3, 310
6. IS5. 60
10, 15267.9
787, 020
3. 92o
l,S4o
ISO
14. So12.2413.50
2, 780452
14. 53
12. 35
1,4041, 553
57973
535,969 i 557,014
2, 370175
15. 3y
13.12
1, 5571, 887'829
.210 r. 216548, 612 I 547,100130,454 !'127,034
72,380 ! 76,38982,547 | 87,88126, 462 j r 34, 810
795,162 I 923, 2^2
.293 ! .293
. 284 • . 284721.781 I 952,397291,841 •• 490,47*5
108, 432
.139
.146145, 578
57, 434
153, 44S
.139
. 140218,107
' 9 1 . 333
5$,161,
210910011
78193,
209661263
CA,'187
23-t495943
.397' 2, 707
.400 j .4002,515 I 2,910
3.117 1,170 r 273180', 329 126, 321 l r g2,948
' Revised.* No quotation^Data beginning with June 1942 include comparatively small amounts of wheat owned by the Commodity Credit Corporation stored on" farms in its own steel and woodon
bins, not included in the break-down of stocks. June figures include only old wheat; new wheat not reported In stock figures until crop year begins in July.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-27
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
March April May June July August Septem-ber
Octo-ber
No vein-! Decem-ber I ber
FOODSTUFFS AND TOBACCO—Continued
TEOPICAL PRODUCTS
Cocoa, price, spot, Accra (N. Y.)_dol. per 1b...Coffee:
Clearances from Brazil, total., thous. of bags..To United States do~.--
Price, wholesale, Santos, No. 4 (N. Y.)dol. per I n -
visible supply, United States.thous. of bags..Sugar, United States:
Raw sugar:Price, wholesale, 96° centrifugal (N. Y.)
dol. perlb..Refined sugar, granulated:
Price, retail (N. Y.) do..-.Price, wholesale (N. Y.) _do
MISCELLANEOUS FOOD PRODUCTS
Candy sales by manufacturers thous. of dol_.Fish:
Landings,fresh fish, prin. ports..thous. of lb..Stocks, cold storage, 15th of month do
Gelatin, edible:Monthly report for 7 companies:
Production __._ doShipments . . . do...._Stocks... _do...
Quarterly report for 11 companies:Production. doStocks. . . . . . .do . . .
TOBACCO |Leaf:
Production (crop estimate).-. mil. of lb..!Stocks, dealers and manufacturers, total, end
of quarter mil. of lb_.Domestic:
Cigar leaf .doFire-cured and dark air-cured. doFlue-cured and light air-cured do____Miscellaneous domestic do
Foreign grown:Cigar leaf doCigarette tobacco. _do
Manufactured products:Consumption (tax-paid withdrawals):
Small cigarettes _.. _.millions..Large cigars _.. thousands..Mfd. tobacco and snuff thous. of lb_.
Prices, wholesale (list price, composite):Cigarettes, f.o.b. dcstination-.dol. per 1,000...Cigars, delivered.. do
Production, manufactured tobacco:Total _„_ ..thous. oflb..
Fine-cut chewing .do.._.Plug do.. . .Scrap chewing doSmoking doSnuff,. _.do_ .Twist .do
414248
.134247
.037
.068
.055
28,812
1 74, 714
1, 9131,9272,400
20, 370436, 744
25, 297
6,006(3)
0. 0950
1,0731,001
.1341,471
.037
.064
.053
27, 007
16,35599, 979
2,2452,0943,542
19,503458, 27727,938
5.76046.056
27, 365415
4,0453,67314, 9903,763479
0. 0892
766665
.1341,102
.037
.066
.053
27, 277
13,80382, 677
2,1022,1263,518
16,628441,80524,426
5.76046.190
25,072358
3,6973,41113, 8543, 265486
0. 0890
680609
.134850
.037
.066
.053
28, 914
39,15302,160
2,2692,1473,640
8,5495,139
3,510
437303
2, 6634
2181
17,016489, 72727,919
5.76046. 592
28, 656411
4,4454.11715,2403,916528
0.0890
1, 006842
.134852
.037
.066
.055
27, 179
42,49349,079
2,1642,1623,642
17,380503,53627,825
5. 76046. 592
27, 745398
4,3473,91314, 7823,827478
0. 0890
773635
.134825
.037
.065
.055
22, 830
48,87955,036
2,1161,9403,819
18,455457, 76725,181
5.76046.592
25, 950420
4,2973,76813, 7053,302459
0. 0890
453348
.1341,079
.037
.066
.055
19,177
40,19563,411
1,8602,1513,528
8,0354,782
3,177
426280
20,004532,39027,807
5.76046.592
28, 207481
4,8784,04714,9123,366522
0. 0890
560418
.134973
.037
.066
.055
20,136
48,88781,496
1, 962
0.0890
269136
.134795
.037
.066
.055
23,962
49, 307100,088
1.7152, 292 2,1303, 188 2,783
20, 875510, 82327, 013
5. 76046. 592
29, 443446
4,9335, 243
15, 0253,264
534
20,941498,87225, 329
5. 76046. 592
26, 475437
4,7494,72413, 2592,799506
0.0890
519366
.134539
.037
29, 234
40,021109, 428
1, 7121,9072, 588
6, 8613, 301
' 3, 260
-"381'249
r 2, 519
21,978519, 97627, 329
5. 760
27, 535437
5,1284,26014, 0353,169507
0.8090
716508
.134381
.037
.058
.055
35, 665
38, 659115,128
2,128• 2, 0502, 666
23,075633, 35030, 956
5. 760
29,845426
5,0364,62415, 9803,252526
0.890
510384
. 134361
.037
.068
.055
32,099
28, 449114,198
2. 2172,3392, 544
20,447474, 34825, 882
6, 006)
0. 890
506378
.134703
.037
. 068
.055
32, 741
13, 370105, 343
2,0142, 0542, 504
2 1,417
3, 432
336242
2, 7523
19,716685, 00224,081
6. 006(3)
LEATHER AND PRODUCTS
HIDES AND SKINSLivestock slaughter (Federally inspected):
Calves .._ .thous. of animalsCattle doHogs _ doSheep and lamb ...do
Prices, wholesale (Chicago):Hides, packers', heavy, native steers
dol. per lb..Calfskins, packers', 8 to 151b .do. . . .
LEATHERProduction:
Calf and kip ....thous. of skins.Cattle hides. thous. of hides..Goat and kid thous. of skins..Sheep and lamb do
Prices, wholesale:Sole, oak, bends (Boston) f dol. per lb..Chrome, calf, B grade, black composite
dol. per sq. ft_.Stocks of cattle hides and leather, end of month:
Total . . . . . . . thous. of equiv. hides..Leather, in process and finished doHides, raw do
340928
5, 4311,724
.155
.218
.440
.529
4401, 0575,8311,611
.155
.218
6222, 6664, 2264,163
.440
.631
14,2238,9585,265
8913,8921,407
.155
.218
9742,5024,0054,555
.440
.531
14,0528,9235,129
491929
4,1341,669
.155
.218
1,0402,6294,4144,462
.440
.531
13,4138,9004,513
502956
4,1961,570
.155
.218
1,0062,6844,3204,552
.440
.529
12,7478,8793,868
" Revised.a Discontinued by the reporting source.» Data are as of the end of the month.'* December 1 estimate.* No quotation.4Revised series; revised data beginning July 1933 will be shown in a subsequent issue.
471885
4,3201,475
.155
.218
2,5773,6314,998
.440
.629
12,3898,8983,481
4751,0394,5541,481
.155
.218
1,0312,5343,4904,614
.440
.529
12,1398,9253,214
4611,0483, 8861,705
At>5.218
1. 0532,6013,0374,147
.440
.529
11,6228,7622,860
4601,1033,2231,840
.155
.218
1,0932,3642,4234,287
.440
.529
11,7068,6793,027
5131,1593, 8432, 223
.155
.218
1,4,2,
572280218344
155218
1,0292,3842,7284,150
.440
.529
11,8098,6913,118
1, 0732,6422,9294,462
.440
. 529
11,8618,8113, 050
5011,0185,0232,126
. 155
.218
1,009r 2, 4432, 655
f 4, 860
.440
.529 !
r 11,9108,904
' 3,006
476982
0. 77S2,175
[21S
1, 0452,6413,1694, 543
.440
. 529
11, 7798, 905
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-28 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Febru-ary March April May June July August Sep-
temberOcto- j No vein-1 Decem-ber ber ! ber
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURESGloves and mittens: |
Production (cut), total. dozen pairsDress and semidress. _doWork do..
Boots, shoes, and slippers:!Prices, wholesale, factory:
Men's black calf blucher -dol. per pair..Men's black calf oxford, corded tip.-.doWomen's colored, elk blucher._ do
Production, boots, shoes, and slippers: XTotal . ..thous. of pairs..
Athletic doAll fabric (satin, canvas, etc.) doPart fabric and part leather doHigh and low cut, leather, total do
Government shoes... .doCivilian shoes:
Boys' and youths' doInfants' doMisses' and children's doMen's do. . . .Women's do
Slippers and moccasins for housewearthous. of pairs..
All other footwear do
6.754.603.60
208,838123,93184,907
8.404.553.58
40, 035451565
1.35235,0842; 223
1, 4032,0783, 8759. 84415, 660
], 893090
i
253,033158, 253'94,780
6.404.603.60
40,390454560
1,36334,4602, 351
1.4182, 0303,7589, 37315, 530
2. 663'890
283,112180, 237102,875
6.404.603.60
45, 487576643
1, 24738. 4862, 954
1,4742,3403,8109, 625
18, 282
3, 3991,137
206, 6531 S3, 210113,343
6.754. 653.60
45, 816620535
1,05638, 5393, 869
1,5362,3723, 7519, 69817,314
313,765198, 438115,327
289,850178, 452111,398
6.754.613.60
40, 982512478892
34,190 !3. 014 |
1,422 ;2,187 !3,344 !8,530 i15,098 \
3,621 j1,283 i
6.754.603.60
39, 694492395555
33.4113,675
1,467 ,2,1243, 6038, 20314,280
3,8231,018
295, 243177, 707117, 536
6.754.603.60
41, 800460147671
36,0223, 763
1, 5712,1613,6028,55216,374
3, 850650
272, 256159,056113, 200
6.754.603.60
38, 812424175613
33, 0543,879
1,4012,1363. 2247,41015, 003
4,083462
268,191150,656117, 535
8.754.603.60
37,119460227727
31,0923, 333
1,3792,0793,0807,56113,660
4,219395
295,715166,831128, 884
6.754.603.60
39, 986475368
1,00733,0413,900
1,5492,0483. 2598,31013,916
4,447647
260, 337146,021114, 316
6.754. 603.60 j
35,247 !415305901
28,9743,424
1,1642,0032, 7437,11912, 521
274, 695156,680118.015
6. 754,603.60
*,501453317
1.0032. 351Z, 831
1,3232.1013, 2367.8141 4.047
3,9b9 ?,. 6S2661 ! 695
LUMBER AND MANUFACTURES
LUMBER-ALL TYPESNational Lumber Manufacturers AssnVTf
Production, total mil. bd . f t -Hardwoods do.Softwoods . , ._ . . .do.
Shipments, total -__.do.Hardwoods do.Softwoods .__-.. do.
Stocks, gross, end of month, total do.Hardwoods do.Soft woods do.
FLOORINGMaple, beech, and birch:
Orders, new M bd. ft-.Orders, unfilled, end of month doProduction. doShipments doStocks, end of month. do
OakrOrders, new __doOrders, unfilled, end of month doProduction doShipments doStocks, end of month.... do
Douglas Hr: SOFTWOODSPrices, wholesale:
Dimension, No. 1, common, 2 x 4—16.dol. per M bd. ft..
Flooring, B and better, F. G., 1 x 4, R. L.dol. ijerM bd. ft..
Southern pine:Orders, new! mil. bd. ft..Orders,unfilled, end of month .doPrices, wholesale:
Boards, No. 2 common, 1x8dol. per M bd. ft..
Flooring, B and better, F. G., 1x4.. .doProduction!-- _ mil. bd. ft_.Shipments! .doStocks, end of month do
Western pine:Orders, new. _ doOrders, unfilled, end of month doPrice, wholesale, Ponderosa, boards, No. 3
common, 1 x 8 dol. per M bd. ft..Production! mil. bd. ft..Shipments!-. doStocks, end of month! do
West coast woods:Orders, new!__._ doOrders, unfilled, end of month doProduction! .doShipments! doStocks, end of month do
Redwood, California:Orders, new._ M bd. ft..Orders, unfilled, end of month doProduction doShipments .__ .doStocks, end of month do
15, 79720, 82415, 94815, 02665. 428
32. 340
44.100
370512
31. 54244374
1, 062
2. 385'4541,9312, 552458
2,0946,8021,9984,804
7,7759,9757,1757,07514,075
40, 74946, 23541, 64736,54960,673
32.095
44.100
1,010796
30. 62054. 330
785835
1,375
519520
30.73266421
1,526
747929668642991
41, 25249,87335,64232, 292249,176
2,335450
1,8852,537443
2, 0946, 5992,0044,595
7,1509.6007,5507,10014,250
39, 36948,09736, 71937, 78858, 601
32. 340
44.100
832858
30.65354. 708
702770
1,307
352465
31.46292407
1,411
680897690713968
40,94261,10433,12830,208249,377
2,494440
2,0542,801458
2,3436,3081,9864, 322
8,57510,5507,2757,50014,000
34,97245,48138,69137, 58859,704
32.340
44.100
936940
3C. 77053.798
749854
1,202
482473
31.52374474
1,311
765891717771929
55,56675,00938, 80843, 560240, 342
2,768473
2,2953,186470
2,7165,9581,9913,967
7,30010,1257,5007,700
13, 850
32, 56042, 67340, 65637,02763, 333
32. 340
44.100
957943
30.00055.000
759954
1,007
684614
31.04484543
1,252
1,0621,029819939875
39, 40766,07337,96046, 562228,068
2,763431
2,3323,C33496
2,5375, 7171,9253,792
7,2008.7507,1508,85012,000
27,73237, 48836, 28332,91766,699
32. 340
44.100
758887
30.00055.000
745814938
575635
31.35522553
1,221
9771.097825893835
39, 44564,15237,39741, 205220,602
2,921423
2,4983,106501
2,6055,5341,8463, 688
7,8758,9507, 6257,67512,100
17,91130, 47930, 56224, 92072, 341
32. 340
44.100
794871
30.00055.000
753810881
664671
31.51691628
1,284
8671,067806887756
44, 63165, 35941, 66643, 307213,124
3,047465
2, 5823,293538
2,7555,2801,7733,507
7, 3258,6507,5007.675
12, 000
17,61624, 95725, 49121, 07176, 763
32. 340
44.100
826840
30.00055. 000
807857831
597626
31.36695642
1,337
1,0751,171818945622
50, 04773,13742, 00846, 673
207, 588
2,936471
2,4653,057510
2,5475,1481,7343,414
6,9508,1006,8507,500
11, 500
22, 72027, 77119, 28818,90676, 422
32.340
44.100
731793
30.00055.000
738778791
564578
31.53666612
1,391
8421,145820858572
58,13587,15438, 79048.647195, 721
2,842451
2,3912,971523
2,4485,0461,6623,384
5,9007,2008,0006,95012, 500
22,60922, 63118,63321, 21473,841
32. 340
44.100
740794
30.00055.000
706739758
586562
31.53637602
1,426
8471,150812830578
44,98388,08638,46248, 738182, 697
2,782442
2.3402,941541
2,4004,8981, 5633,335
6, GOO5,7006, 5007, 50011,500
23, 24919,1G120,17426.77965, 236
32.340
44.100
755818
30.GOO55.000
705731732
640578
32.01641624
1, 443
7111,095757768578
58, 27890,99741,16351,567170,197
2, 395410
1.9852,562490
2,0724,7591,4853,274
5, 8505, 5006, 2506, 30011, 275
18,62619,47618,400 ,18,251 I63,563 |
32. 34U ;
i•44. 100 !
!600 I736 |
30.000 j55.000
675682725
474566
31.38 i432486
1,389
6841,106669673596
44,86891, 54235, 39940,979163,457
r Revised! Lumber statistics for 1941 and 1942 have been revised to data from the 1941 Census of Forest Products. Revisions have been made also in earlier figures for total
stocks, hardwood stocks, and softwood stocks, and new orders, production, and shipments of west coast woods, on the basis of additional information now available;27 and 28, table 2, of this issue.
t Statistics for 1942 have been revised to include data received too late for publication in the current monthly reports.
2, 080381
1, 6992,362434
1,9284,4811,4323,049
6,6006,1505, 0505,75010, 650
17,64120, 05318,00717,06464, 506
32. 340
44.100
615726
30. 000f-5. 000
640625740
439539
31.83343466
' 1,192
1,057524624497
38,86485,12833, 57138,830158,153
lumbersee pp.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-29
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
Decem-ber
LUMBER AND MANUFACTURES—Continued
FURNITUREAll 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..
Prices, wholesale:Beds, wooden.. 1926=100..Dining-room chairs, set of 6. . ..doKitchen cabinets doLiving-room davenports do
Steel furniture (see Iron and Steel Section).
66.0
2.05685
71.021
100.9118.9102.6104.2
79.0
8.02259
81.024
101.2118.9102.6104.2
83.0
7.02058
82.022
101.0118.9102.6104.2
79.0
8.01850
75.025
101.0118.9102.6104.2
79.0
5.02958
79.021
101.0118.9102.6104.2
78.0
10.02353
78.022
101.0118.9102.6104.2
78.0
8.02150
75.020
101.0118.9102.6104.2
74.0
5.02352
73.019
101. 0118.9102.6104.2
72.0
4.02555
60.018
101.0118.9102.6104.2
72.0
5.03063
51.020
101.0118.9102.6104.2
74.0
2.02658
58.026
101.0118.9102.6104.2
73.0
8.02454
69.026
101.0118.9102.6104.2
67.0
7.02246
73.025
101.0118.9102.6104.2
METALS AND MANUFACTURES
IRON AND STEEL
Iron and Steel Scrap
Consumption, total* thous. of short tonsHome scrap* do_.Purchased scrap*... . . . . . .do . - ,
Stock, consumers', end of mo., total*...doHome scrap* do.Purchased scrap*... do_
Iron Ore
Lake Superior district:Consumption by furnaces
thous. of long tons.Shipments from upper lake ports do. . .Stocks, end of month, total do. . .
At furnaces do. . .On Lake Erie docks do. . .
Pig Iron and Iron Manufactures
Castings, malleable:Orders, new.net short tons.Production.. „ do. . .Shipments do. . .
Pig iron:Consumption*.. thous. of short tons.Prices, wholesale:
Basic (valley furnace) dol. per long ton.Composite _ do__.Foundry, No. 2, northern (Pitts) do. . .
Stocks, consumers', end or montn*thous. of short tons.
Boilers and radiators, cast-iron:Boilers, round:
Production thous. of lb.Shipments do. . .Stocks, end of month do. . .
Boilers, square:Production do. . .Shipments - do. . .Stocks, end of month do. . .
Radiators and convectors:Production.thous. of sq. ft. heating surface.Shipments do. . .Stocks, end of month.. _ do. . .
Boilers, range, galvanized:Orders, new, net. .number of boilers..Orders, unfilled, end of month do. . .Production .doShipments doStocks, end of month .do
Steels Crude and SemimanufacturedCastings, steel, commercial:
Orders, new, total, net short tons.-Railway specialties do
Production, 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_.Stee! billets, rerolling (Pittsburgh)
dol. per long ton..Structural steel (Pittsburgh) dol. per lb..Steel scrap (Chicago) dol. per long ton..
U. S. Steel Corporation, shipments of fin-ished steel products thous. of short tons..
7,7650
39,74333, 8155,927
73, 52463, 57259, 557
23.5024.2324.00
55, 23956, 68741, 67540, 9267,668
7,409
.0265
34.00. 021018.75
1,686
4,9562,8222,1343,5031,1452,358
7,1580
33,91929,6274,292
4,7082,6432,0653,4551,1702,285
6,4030
27, 52623,8353,691
106,04569, 20365, 640
4,997
23.5024.1525.89
1,473
7321,48410.146
18,75617,04494,832
6,7176,17518,106
42, 78172,36650, 55751, 25917, 212
150, 55135,723134,77846,357
7,12595
.0265
34.00.021018.75
1,739
66,29265,14062, 724
4,554
23.5024.1525.89
1,400
7541,4089,493
17,77319,08193, 525
6,1996,78117, 524
53,80977,19049,21748,98517,444
179,88054.409133, 72645,013
6,521
.0265
34.00.021018.75
1,617
|
5,221 I2,9562,2653,4601,1142,346
7,109793
20,16017. 5612,629
62,97969. 73765.866
5,100
23.5024.1725.89
1,286
1,0121,0839,421
16,21415,78993,950
6,4455,65618,313
62,01076,75064,84762,45019,841
211,08143,997146,50748,335
7,393
.0265
34.00.021018.75
1,781
5,1562,9192,2373,6821,1052,577
7,0077, 857
20,06517, 5362,529
60,39871, 25668,459
4,944
23.5024.2025.89
1,232
1,071938
9,554
15. 02616,30192, 675
5,3996,384
17, 328
38, 01468, 88442, 42745, 88016, 388
191,19526. 558
149, 62545,158
7,12298
.0265
34.00.021018.75
1,759
5,2252,9322,2933,9721,0772,895
7,23012,67725,19922, 3102,889
54,21960,69661,783
5,030
23.5024.2025.89
1,221
905539
9,673
11, 4948,546
93,749
4,3174,131
17,062
31,45862. 70933,62737,63312,382
199, 61911,025
131.49225,644
7,38798
.0265
34.00.021018. 75
1,834
5,0002,7632,2374,2971,1853,112
7,03412, 62530,93127, 6643,267
55,03259,99059,144
4,869
23.5024.2025.89
1,257
504842
9,325
10, 53212,47491, 807
4,3335,168
16,149
30,48152,65239,17140, 53811,015
' 208,88511,218
' 132,05321,658
7,02296
.0265
34. 00.021018.75
1,774
5, 00G2, 7922,2144,5791,2863,293
7,17613,40537, 32733,2894,038
5,0152,8122,2034,7801,3373,443
7,15513, 23643,23638,1245,112
I
63, 65161.43459,120
4,959
23.5024.2025.89
1, 296
6901,4798,546
9,92416.64485,090
4,4576,28414, 322
22,95534, 67240,18140,93510, 561
202,3343,610
135, 700IP, 251
63,97856,30456,651
4,935
23.5024.2025.89
1,272
9762,0947,428
11,31218, 70277, 700
4,3846,29112,414
46,02539,32440,45441,3739,646
-•141,2391—13,480'•139,18412,988
7,149 7, 23395 ! 95
.0265
34.00.021018.75
1,706
4,9552,8462,1094,9931,3883,605
7,14011,84848,42242,5485,874
87, 69761,02158, 977
4,836
23.5024.2025.89
1,284
(2)
34. 00.021018.
1.7
75
89
41, 77935,87943,41045,2247,832
r 177,47813,546
••139,77412,051
7,06797
.0265
34.00.021018.75
1,704
5,3423,0342,3085, 5301,4604,070
7,59911,41752, 66745, 8836, 784
70,90768, 25165,457
5,145
23. 5024.2025.89
1, 206
,
43,82942, 59735, 68137, 1116,402
179, 3907,708
151,95213,979
7, 585100
. 0265
34. 00.021018.75
1, 7SS
4, 9302,7962,1346,0781,5444,534
7,4567, 582
53, 70346, 5527,151
74,08059,28758, 484
4,883
23. 5024. 2025. 89
1,334
40,13045. 73737, 35336, 9906, 765
172, 8629,278
139,21310, 744
7.18598
.0265
34. 00. 021018.75
5,0372,7792,2586,2741,6004,674
7,759636
47, 42440, 6046,821
93, 82466,17763, 703
5,001
23.5024.2325.89
33, 70036, 47442, 91342, 9636,715
161,14714, 901130,2078, 775
7,30397
.0265
34.00.021018.75
1,850f Revised.1 Cancelations exceeded orders booked during the month by 13,480 short tons.2 Data reported beginning September 1942 are not comparable with earlier data; the series has therefore been temporarily discontinued in the Survey.§ Beginning July 1942, percent of capacity is calculated on annual capacity as of July 1, 1942, of 89,194,520 tons of open-hearth, Bessemer, and electric steel ingots and steel
for castings.*New series. The data on scrap iron and steel and pig iron consumption and stocks are estimated industry totals compiled by the 17. S. Department of Interior, Bureau
of Mines, based on reports from consumers accounting for 96 to 99 percent of the industry total beginning in the latter half of 1941 and 93 to 95 percent in the earlier period.Data for January-October 1941 are shown on p. S-30 of the April 1942 Survey. Prior to 1941 data were collected only for the last month of each quarter. For available1939 and 1940 data, see note marked "*" on p. S-29 of the November 1942 issue. Consumers' stocks of pig iron include suppliers' and producers' stocks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-30 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru- March April May June July August Sep-tember
Octo-ber
Novem-ber
Peconher
METALS AND MANUFACTURES—Continued
IRON AND STEEL-Continued
Steel, Manufactured Products
Barrels and drums, steel, heavy types:Orders, unfilled, end of month thousandsProduction _ _do...
Percent of capacity..Shipments ...thousands.Stocks, end of month . „ _.do . .
Boilers, steel, new orders:Area thous, of sq. ft.Quantity _ number.
Furniture, and shelving, steel:Office furniture:
Orders, new, net thous. of dol.Orders, unfilled, end of month. .do. . .Shipments do. . .
Shelving:Orders, new. net do.. .Orders, unfilled, end of month .do...Shipments . . . do -. -
Porcelain enameled products, shipments}thous. of doi.
Spring washers, shipments do . .
NONFERROUS METALS
MetalsPrices, wholesale:
Aluminum, scrap, castings (N. Y.) -dol. por lbCopper, electrolytic (N. Y.) do.. .Lead, refined, pig, desilverized (N. Y.)- do ..Tin, Straits (N. Y.) do....Zinc, prime, western (St. Louis) do....
Miscellaneous Products
Bearing metal (white-base antifriction), con-sumption and shipments, total (59 manufacturers)§ _ thous. of lb
Consumption and shipments, 37 mfrs.§Consumed in own plants doShipments do
Sheets, brass, wholesale price, mill.-dol. per lb..
MACHINERY AND APPARATUS
Blowers and fans, new orders thous. of dol..Electric overhead cranes:
Orders, new doOrders, unfilled, end of month . do.. . .Shipments .do
Foundry equipment:New orders, net total 1937-39=100..
New equipment do. „. _Repairs _ ...do
Fuel equipment and heating apparatus:Oil burners:
Orders, new, net. number..Orders, unfilled, end of month doShipments _doStocks, end of month. ..do
Pulverizers, orders, new doMechanical 3tokers, sales: \
Classes I, 2, and 3.._ — - doClasses 4 and 5:
Number ._Horsepower . .
Unit heaters, new orders thous. of dol..Warm-air furnaces, winter air-conditioning
systems, and equipment, new ordersthous. of dol..
Machine tools, shipments * doPumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumpsunits..
Power pumps, horizontal type. . . doWater systems, Including pumps do . . .
Pumps, steam, power, centrifugal, and rotary:Orders, new thous. of dol..
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacementonly):
Unadjusted 1934-36 = 100..Twelve-month moving total do . . .
Electrical products: fInsulating materials, sales billed...1936=100..Motors and generators, new orders doTransmission and distribution equipment,
new orders _ ...1936=100..
3, 4481.269
65. 6I 279
48
2, 464917
2692,254
361
86203122
2,460
.0813
.1178
. 0650
.5200
. 0825
3,453
6411,526
.195
429.8304. 9534. 9
9.61722, 877
7, 50337,118
091, 764
58378, 541
117,432
17,026163
8,106
8, 318
2,1491,952107.01,954
• 1 ,005
4,4907,3354,236
1,0821,4051,042
5,143290
.0873
.1178
.0628
. 5200
. 0825
5,506
6972,795.195
5,92718,4] 52,079
532.7570.6418. 5
19, 67418,41819,15927,601
107
6, 350
24667,011
3, 547
41, 5341,150
23, 788
4,138
111154
254.8396.1
206.0
% 2301,845101.11,848
34
' 2,146'965
3,1946,3404,188
1,0941, 490994
5,289295
.1178
.0650
.5200
.0825
3,745
5621,885.195
5, 57721,6222,197
567.9636.6361.4
1,8932,416132.42, 420
29
' 9, 636' 2,699
3,7515,5304,560
1,5101,8701,130
5,841341
.0875
.1178
.0650
. 5200
. 0825
4,599
5942,198.195
10,205
9,62428, 5632,577
1,122. 31,352.7428.8
16,006 | 14.844,16,42817,99628,124
227,808
31681,890
84, 432
40, 528359
24, 437
5,784
180162
245.9311.7
213.1
17.05114,41229,947
41
10,972
29477, 3845, 754
7,42398,358
43,117167
26, 721
8,668
161169
279.1
768.6
279.9
i
1, 7972, 067113.32, 046
50
' 3, 663' 1, 558
2, 5513, 9514,130
1,4182,2731,015
5,560334
.0875
.1178
. 0650
.5200
.0825
3,578
6671,484.195
6,37832, 2652,561
1,033.81,233.7432.1
10, 88316, 33431, 60034,509
61
9,573
41588,938
103, 364
42,179219
27,989
4,334
91169
281.9689.5
289.4
1,5511,78097.61,796
34
r 3, 192' 1, 308
2,8173,1194,204
1,6062,7631,115
4,521317
.0875
.1178
.0650
.5200
.0825
3,541
5281,711.195
6, 23634, 4712,511
653. 6730. 2423. 3
10. 68017, 8439,171
41, 27736
4, 722
33177, 635
'107,297
33,23497
24, 204
4,634
65167
285.3696.6
236. 9
1,6521,74995.91,741
42
r 2, 130r 1, 162
1,2031,8202, 256
1,4592,7881,434
4,239302
.0875
.1178
.0650
.5200
. 0825
3,163
4631,646.195
22,500
2,83534,1902,768
774.0884.4441.5
9,809' 19,176
8,44140,170
31
11,365
41998,0274,507
5,463111,090
29,95886
22,662
5,703
66161
312.3779.0
215.3
1,4021,76096.51,760
42
r 2, 298' 1,076
1,7071,7441, 784
6382,3851, 040
4,023324
.0875
. 1178
.0650
.5200
.0825
3,605
6571,828.195
4,05834, 9582,722
800.8909.1474.0
8,48419,0008, 66039,122
37
7,040
428105, 278
113,596
42. 932131
22, 459
5, 797
90155
325.9627.0
223.4
1,5061, 53684.21,538
40
' 1,812'888
1,2781,8981,124
i -2251, 565596
3,357317
. 0875
.1178
.0650
.5200
.0825
2,907
6491,310.195
3,35535, 0722,701
510.8636.7433. 0
8,10019,0668,03439, 323
21
7,961
38990, 344
117,342
32,163126
18, 610
6,417
151148
330.6805.4
198. 5
1, 7041,838100.71,823
56
' 3,956' 2, 338
5371, 456979
i -512935118
3,104321
.0875
.1178
.0650
.5200
.0825
3,296
6991,453.195
' 13, 658
1,16032,8833,002
440. 4452.4428.4
8, 58918, 4309.22536, 858
38
8,723
37381,9916,094
5,956119,883
24,14868
20, 052
5,494
205145
371.7366.7
212.8
1. 2151, 49882.11.504
49
' 2, 772' 1, 086
3791,279554
1 -379393158
3, 195382
.0857
.1178
.0650
. 5200
. 0825
3,459
7441, 760.195
2,17031,4363,030
540.6552. 2505. 5
10,76120, 7998,392
37, 41658
5, 548
43876, 208
130,008
26,192104
19, 792
5,243
221142
390.0322.0
' 186 0
1. 0711,38876.01,386
49
r 1,914S74
4431,223
•190
144
. 0813
. 1178
. 0050
. 5200
. 0825
3., I?*;
5901, 023. 195
1,22829, 1182, 9S2
33S. 6286.1497.7
7, 94521. 5381, 006
' 37, 14928
1,994
453109, 598
120, N7I
7, 04167
3, 393
8,229
202144
376.0394. 0
i
1.' 42078.21.419
50
2. 201
5831.345
52.39135
2, 489
.0813
.1178
. 0050
. ."200
. 0825
3, 605
5281,970.195
332. 5319.8571. 3
7,91020, 7138, 3353«i. 513
1. 147
39570.0875 28°
'5 452131,900
i 14, 305188
4, 905
9, 421
1 211116
3*8.0
; 7oo. o: iQi.o
r Revised. i Cancelations exceeded new orders by the amounts shown above as negative items. 2 Collection of data discontinued.§ One manufacturer previously reporting went out of business in 1941.^ Of the 101 firms on the reporting list in 1941,18 have discontinued the manufacture of stokers; some manufacture stokers only occasionally; for December 1912 and Janu-
ary 1943 only 47 firms reported sales.•New series. The series for machine tools covers total shipments as reported to the War Production Board beginning December 1941; earlier data, available beginning
January 1940, are estimated industry totals, compiled by the National Machine Tool Builders' Association from reports covering around 95 percent of the industry. Pressesand other metal-forming machines are not included. For 1940 data and 1941 through August, see note marked "*" on p. S-30 of the November 1942 issue.
t Revised series. A new method has been employed in the construction of the Indexes for electrical products to overcome a strong upward bias in the two series on ordersreceived, and, in addition, the number of products composing the individual indexes has been increased. Earlier data will be published in a subsequent Issue.
t Of the 99 manufacturers on the reporting list January 1,1942, 21 have discontinued shipments of these products for the duration of the war.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-31
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April Mav June | July August Septem- |
ber IOcto-ber
Novem-! Decem-ber i ber
METALS AND MANUFACTURES—Continued
ELECTRICAL EQUIPMENT—Con.
Furnaces, electric, industrial, sales:Uni t . . . . . kilowatts.. | 10,54.1Value..-- thous. of doL. j 928
Electrical goods, new orders (quarterly)thous. of dol
Laminated fiber products, shipments.-.-do 5.015Motors (1-200 hp.):
Polyphase induction, billings.. doPolyphase induction, new orders. doDirect current, billings do. . , .Direct current, new orders ...do
Power cable, paper insulated, shipments:Unit .thous. of ft.. 1,250Value . - ..thous. of doL. 1,173
Rigid steel conduit and fittings, shipmentsshort tons..
Vulcanized fiber:Consumption of fiber paper thous. of lb_. 5,056Shipments thous. of dol.. 1,050
21,5201, 882
3,370
6,0617.0862,1403,974
9581,475
22, 834
3,4541,024
23, 9C12,491
3,151
6,4177,4092, 2943,056
9281,119
22,838
3,681956
45,6744,551
759,0633,641
6,74313,1893,0978,313
6051,062
25, 572
3,9871,107
148, 55610, 367
3,699
7,60412, 6974,41810,196
578934
26,499
3,9001,145
34,2103,177
3,722
7,47111,1743, 395
12, 761
576978
22, 987
4,2281,215
70, 5075,100
1,057,9544,116
7,85511,9323, 22513,494
1,3751,716
22,656
4,3031,378
24, 7902,133
4,557
8,05210, 9493.4138,407
1,5492,050
21, 449
4,0671,204
31, 3102, 378
4,475
7,7109,2723,857
10, 377
8991,123
21, 420
4,2191,351
26, 5282,237
965,1205,028
8,2574,5844,341
1,0741,435
17, 452
4, 3641,581
20, 2971,534
5,279
8, 2877, 2914.4333,614
9421,269
14,509
4, 8321,614
13, 3211,357
5,163
7,484C, 0985, 3006, 946
888978
12,389
4,314
29, 8791,845
,095,5055,302
8, 7539, 2966, 8929, 214
879928
12,126
4,7071,465 | 1,595
PAPER AND PRINTING
WOOD PULPProduction:
Total, all grades short tons.Chemical:
Sulphate, total.- do. . .Unbleached do. . .
Sulphite, total do. . .Bleached... .do-..
Soda.... do. . .Ground wood — do. . .
Stocks, end of month:Total, all grades do.. .
Chemical:Sulphate, total do. . .
Unbleached do. . .Sulphite, total. __.do...
Bleached. do. . .Soda _ do.._
Ground wood do. . .Prices, wholesale:
Sulphate, Kraft No. 1, unbleacheddol. per 1001b.
Sulphite, unbleached.._ do. . .
PAPER
Total paper, incl. newsprint and paperboard:Production short tons..
Paper, excl. newsprint and paperboard: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_ _ _.doS hipments doStocks, end of month do
Wrapping paper:Orders, new doOrders, unfilled, end of month do..._Production. _ doShipments _ doStocks, end of month do
Book paper:Coated paper:
Orders, new percent of standard ca]Production. _. _<Shipments do_.
Cncoated paper:Orders, new do..Price, wholesale,"B" grade, English finish,
white, f. o. b. mill dol. per 1001b..Production..percent of standard capacity..Shipments do..
Newsprint:Canada:
Production .short tonsShipments from mills . . .do . .Stocks, at mills, end of month do..
53.754.455.9
86.3
7.3089.990.1
233,544215, 016110, 514
939,719
405,729350, 651274, 355156, 25256, 505181,127
111, 300
16,70011.10039,70023, 9003,400
50,300
3.6253.713
1.407,718
570,366584, 728579,162
66,766115, 70861, 76662, 79239, 674202,304145,159205, 556203,95472, 359
205, 436167, 838211, 630211,88070, 689
73.587.687.4
104.4
7.30108.8107.5
311,904291,998143,477
848,380
371, 572318,629246,792141,54452,124157,185
112,600
14,90010,60037,80024, 6003,600
55,100
3.6253.713
1,267,666
490, 358525,743524,645
53,211112,77555.69957,92637,024
166,106133,418182,115180, 55572,891
181,150161,842187,990185,34870,039
57.276.277.3
93.5
7.30109.3108.7
278,101264,621156,957
967, 031
425, 643370, 357277,408158,44057,120184,039
136, 400
19,70014,60042,80028,2003,600
69,100
3. 6253.713
1,372,288
535,913565,900549,851
55,029104,91562,46861,05238,120
176,103124,637190, 205183, 47379,897
203,361160,881208,188203,32374,091
49.061.560.9
94.0
7.30105.0102.6
295,835308,166144,626
933,764
412,155358,804265, 639150, 65754, 368
179, 643
132,400
16, 20012,10029, 40016,1003,300
82,100
,321,529
480,905561,402544,116
46,50579, 75762,16759, 69340, 529
151,901101, 239184, 042173,37390, 258
199,272151, 056210, 318209,12075, 598
47.955.355.1
84.1
7.3098.296.1
277, 741238, 346184,021
925,230
428,479374, 412259,072147, 79152,461166,037
163, 600
23, 50017, 70041, 80025, 7004,400
92, 300
1,223,478
435,152533. 859515, 417
40, 33964,36058,95356, 50543,205
130, 50685, 432105,640157,24499, 299
187, 460131,933207, 863204, 40279, 244
31.840.139.9
69.7
7.3089.487.0
854,880
394, 702342,983253,057148, 76745,484147, 325
170,000
29, 70023,30040,10023,700I 4,60094, 200
,088,755
424, 740485, 561473, 482
35,47949,48552,85050,40346,064
137,68987,107141,414139,881100,832
167,470111,161191,899187,53781,080
30.237.035.1
7.3073.974.7
251,831 242,762266, 443 253, 283169,409 I 158,888
769,364
361, 272310, 525225,818132, 65142,584124,955
175, 400
41, 30037, 40042, 30027, 3004,300
85, 800
092, 225
404, 474436, 465431,633
39, 48640, 78246, 76345, 07147,002
135,46878,511133,608141,16692, 740
160,105100, 290176, 864167, 49788, 239
32.330.732.7
74.9
7.3072.776.7
241,178243, 620156, 446
813, 237
385, 750328, 767241, 701145,69344, 651123, 968
192, 500
64,90060, 30048, 60032, 4005,000
72, 200
1,078,823
426, 672465, 571438,299
40, 80536, 35445,91744, 28548, 775
143,83780, 572143, 658141.88994; 690
158, 61893, 863184,113164, 092105, 018
36.434.035.8
78.6
7.3079.279.5
253, 239255, 563154,122
771, 499
363,177303,155227,033133,13544, 562119, 270
182,400
76,10069, 40042,00026, 4005,100
57, 200
1,067,366
452, 930457, 707452, 597
43, 61235, 65745, 36044.44849, 553
152, 70981.449148, 520151,88491, 502
165, 70899,334169, 643161, 266111,204
47.445.248.8
7.3085.386.6
834, 604
383,037321,417241, 687148, 23151,025
137, 701
166,400
75, 90070,00036, 40021,7005. 000
45, 400
1,206,488
555, 334514,846511,572
04, 58844, 98352, 78753, 935
r 48, 614
192, 50999,025177,924175,12190, 829
195,215116,100183, 488180,037116,007
59.751.351.8
105.3
7.3096.395.0
257, 618 271, 555292,405 I 295,625119,335 i 95,205
758, 326
336,174278, 510210, 797134, 46948,544130, 023
157, 200
08,10059, 40037, 00020, 3004, 500
44, 400
720, 772
320,751206,138207,841127,14640, 572134,067
146, 300
61, 70052,80033, 60014,8004,00044, 300
1,097,893 1,102,920
512,018407,538472,130
' 52,100r 48, 101r 48, 274' 47, 885r 49, 017
170,407111,031100,450"164,174' 80, 651
187, 773138,215103, 393104, 521118,742
62.750.354.0
97.5
7.3090.792.9
251,147255, 08791, 325
492,453468,535485, 574
50,49549, 89248, 54549, 57845, 092
175,911121, 551157, 532167,94975, 524
174,198140,841100, 015172,137112,001
55.352.653.0
97.5
7.3086.191.4
244,191243,53091,986
1\( u n j f i f th
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-32 SUEVEY OF CURKENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
Decem-ber
PAPER AND PRINTING—Continued
PAPEE—Continued
Newsprint—Continued.United States:
Consumption by publishers short tons.Price, 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. . .
Paperboard:Orders, new .do. . .Orders, unfilled, end of month.__ doProduction do
Percent of capacityWaste paper, consumption and stocks:
Consumption short tons.Stocks at mills, end of month do..-
PRINTING
Book publication, total no. of editionsNew books do. . .New editions._ _ do
Continuous form stationery, new ordersthous. of sets.
Sales books, new orders. _ thous. of books.
226, 74150.0069, 79269, 691
9, 702391,10266, 707
629, 900413. 084576, 376
344, 388374, 301
67160269
231,96150.0084,62880, 787
11, 427366, 23646, 362
746,832528, 698738, 362
102
425, 878181, 456
753645108
262, 61324,979
216,10950.00
76, 23475, 247
12,414370,10155,336
640, 269493, 947665, 689
101
390, 276198, 659
674130
257, 79122,806
251,04250.00
80,92382,176
11,161368,52047,376
673,880436,029725, 465
101
438, 591241,178
238, 49350. 00
82, 66981,182
12,648383, 38444,843
611, 967371, 365677, 458
93
411,110308, 963
743586157
300,71722,878
206,10,
782657125
078672
242, 37250.00
80, 04076,612
16, 076384,75839,025
528,026288, 516C09, 579
82
352,972371,086
1,036818218
169,90418,101
222, 24450.00
79,38678,413
17,049402,40136,442
466,173223,809523,808
69
296,938414, 775
637537100
188,43720,051
210,54950.00
76, 95276,181
17,820418, 985
35, 454
464,293213,443478,808
68
283,040428,067
709537172
150, 39216,450
223,18950.00
79,88579,556
18,149430,40940,270
527,964212,953533, 367
75
304,215422,658
809642167
227,72217, 235
231,69150.00
77, 96283, 560
12, 551455, 263
52, 538
550, 755236,208531,697
76
312,279420, 465
739582157
1238,529i16, 047
254,34950.00
84, 21785, 458
11,310470, 852
58, 655
660, 890272,006607, 425
81
343, 460424, 451
969821148
1283,1081 21, 602
260, 54250.00
75, 06576, 207
10,168447, 39660,108
613, 746321, 885555, 290
82
316, 454408, 753
842693149
1236, 362i 23, 229
252, 39950.00
74, 65575, 222
9,601429, 25550, 094
615,184379, 573559, 730
77
331, 895394, 527
702594108
PETROLEUM AND COAL. PRODUCTS
COALAnthracite:
Prices, composite, chestnut:Retail dol. per short ton_.Wholesale „ do
Production -thous. of short tons..Stocks, end of month:
In producers' storage yards doIn selected retail dealers' yards
number of days' supply. .Bituminous:
Industrial consumption and retail deliveries,total. thous. of short tons..
Industrial consumption, total.. doBeehive coke ovens doByproduct coke ovens.. doCement mills doCoal-sjas retorts doElectric power utilities -doRailways (class I) _doSteel and rolling mills .. .doOther industrial do. . . .Retail deliveries.. do
Other consumption, coal mine fuel doPrices, composite:
Retail (35 cities). dol. per short ton_.Whqlesale:
Mine run doPrepared sizes ...do
Productionf thous. of short tons..Stocks, industrial and retail dealers, end of
month, total thous. of short tons..Industrial, total do
Byproduct coke ovens .do. . . .Cement mills.. doCoal-gas retorts doElectric power utilities ..doRailways (class I) doSteel and rolling mills do..__Other industrial do
Retail dealers, total do . . .
COKE
Price, beehive, Connellsville (furnace)dol. per short ton..
Production:Beehive... thous. of short tons.Byproduct doPetroleum coke do
Stocks, end of month:By product plants, total do
At furnace plants. _ doAt merchant plants _ do. . . .
Petroleum coke._ . do
13.0910, 6614,314
542
53, 40041, 430
1,0427,681
572157
5,97611, 4431,049
13,51011, 970
228
9.63
5.18047,029
79, 36971, 0699,958
851414
19, 27611,5751,085
27, 9108,300
6.000
6635,395
1,257804453
12.4810. 2884,532
915
42
52,41638,476
1,0167,404
564148
5,9139,6851,046
12,70013,940
347
9.52
4.7324.926
' 49,032
58.68150,9518,179
647343
12,660
18,3707,730
8.125
'6715,224
140
1,510817692246
12.4810. 2884,772
755
34
47,08135,091
9576,685
497142
5,1548,879
93711,84011,990
313
9.51
' 4.736' 4.92544, 374
56,88550,6357,888
652333
13,4559,662
99517,6506,250
6.000
'6324,716
121
1,386869513259
12.48' 10.281
5,085
656
54
46, 53336, 4431,0247,372
543153
5,0119,723
95711,66010,090
251
9.51
4.7534.897
' 47,796
57, 22151, 7617,881
743293
13,8919,9101,013
18,0305,460
6.000
'890' 5,226
108
1,430920509252
12.29r 10. 124
5,153
466
27
43,30634, 526
1,0297,173
571 !144 |
4,7179,189
86310, 8408,780
260
9.43
4.7744.819
' 48,332
61,83655, 7468,409
813301
14, 76710,8161,050
19, 5906,090
6.000
'682' 5,055
91
963485201
12.4910. 3144,843
292
24
42, 59134, 5011,0997,451
647144
5,1039,398
8199,8408,090
256
9.46
4.7734.858
47,860
67,41860, 6189,179
876331
15,85411,4791,099
21,8006,800
6.000
'696' 5,260
83
1,432975457191
12.48' 10.346
5,122
140
28
40, 26933,289
1,0597,229
640139
5,1758,921
7669,3606,980
257
9.49
4.7754.939
' 48,220
73, 27165,6919,866
972369
16,87612,2231,145
24,2407,580
6.000
'714' 5,100
88
1,405969435182
12.48' 10.346
5,341
181
35
39,85634, 306
1,0807,504
660125
5,7129,077
7589.3905,550
253
9.52
4.7824.989
' 47,832
77,58369,0039,9221,040
38617, 33912,8981,178
26, 2408,580
6.000
6885,278
101
1,469999470175
12.48' 10. 344
5,180
40, 29634,686
1,0877,508
663139
5,6729,368
7699,4805,610
250
9.52
4.7875. 021
' 47,851
82,68673,18610,2381,074
40218,16513,4621,235
28, 6109,500
6925,315
111
1,5641,026
539179
12.4810. 3445,426
472
45
12.49' 10. 344
5,101
608
60
12.49r 10.344
4,795
792
64
42, 22835, 0381,0887,294
678137
5,6619,465
7759,9407,190
258
9.54
4.7975.050
49,843
87,31177,26110,5661,081
40919,87213, 5421,251
30,54010, 050
6.000 ! 6.000
6935,163
108
1,6141,021
593173
45, 50037, 800
1,1267,542
714149
5, 78710, 279
84311,3607, 700
247
45, 40737, 707
1,0417, 334
678146
5,57010, 271
86711,800
7, 700229
9.54
4. 8055. 097
' 51, 791
89, 98779, 05710, 9981,092
41320,45213, 6631,239
31, 20010, 880
7185,339
123
1,606955651184
9.55
4.8155.131
"47, 474
90. 87479, 24411.151
1, 052435
20, 60713, 2931,206
31, 50011,630
6.000 ! 6.000
6635,191
122
1,646917728198
12.49• 10, 383
4,611
798
33
' 52, 272'141,142
1,0717,583[645|155
'6,159' 11, 155r 1, 03413, 34011,130
234
9.56
4.8585.177
' 49, 595
r 85, 889>• 75, 699
10, 721998439
19,982' 12, 579
' 1,14029,84010,190
6.000
6825,368
142
1,511882629234
' Revised. 1 Da ta incomplete.t Data revised for 1941 and 1942. Revisions not shown above as as follows: 1941—Ja;
Aug., 47,013; Sept., 47,691; Oct., 51,703; Nov., 44,748; and D e c , 48,943.,n., 45,087; Feb., 42,606; March, 48,926; Apr., 0,110; May, 43,603; June, 43,455; July, 44,264;
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-33
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March
PETROLEUM AND COAL.
April May June July August
PRODUCTS—Continued
Sep-tember
Octo-ber
Novem-ber
December
PETROLEUM AND PRODUCTS
Crude petroleum:Consumption (runs to stills).._thous. of bblPrice (Kansas-Okla.) at wells._.dol. per bbl._Productionf_, _. thous. of bblRefinery operations. pet. of capacityStocks, end of month:
Refinable in U. S. f._ thous. of bblAt refineries do. .At tank farms and in pipe lines doOn leases! -- - do
Heavy in California -doWells completed t number..
Refined petroleum products:Qas and fuel oils:
Consumption:Electric power plants thous. of bbl. .Railways (class I) do
Price, fuel oil (Pennsylvania)..dol. per gal..Production:
Gas oil and distillate fuel oilthous. of bbl
Residual fuel oil _do-Stocks, end of month:
Gas oil and distillate fuel oil doResidual fuel oil do
Motor fuel:Prices, gasoline:
Wholesale, refinery (Okla.).dol per gal..Wholesale, tank wagon, (N.Y.) doRetail, service stations 50 cities do
Production, totaltt thous. of bbl..Benzolt.. _,_.__doStraight run gasoline doCracked gasoline. _ doNatural gasolinett do
Natural gasoline blended doRetail distribution... . . .mil . of gaL.Stocks, gasoline, end of month:
Finished gasoline, total thous. of bbl. .At refineries do
Unfinished gasoline doNatural gasoline. do
KerosenePrice, wholesale, water white, 47°, refinery
(Pennsylvania) dol. per gal .Production thous. of bbl.Stocks, refinery, end of month.. do
Lubricants:Price, wholesale, cylinder, refinery (Penn-
sylvania) dol. per gal .Production thous. of bbl -Stocks, refinery, end of month.. do
Aspnalt:Production __doStocks, refinery, end of month do
Wax:Production ._ . . . thous. of lb . .Stocks, refinery, end of month.. do
Asphalt prepared roofing, shipments:Total thous. of squares..
Grit surfaced doReady roofing.. doShingles, all types do
1.110
.059
.059
.161
.145
.063
.160
119,0321.110
128, 26282
253. 53153, 208188, 43711, 88610, 5431,373
1,8676,495.050
16,90229, 405
40, 80178, 386
.060
.150
.14160,035
20822, 72530, 3247,4885,3511,982
93, 48964, 9967,7244,802
.0646,6346,987
.1603,4978,266
382,000695. 000
55,16072,800
2,743675
1,307761
105,7761.110
113,96181
260. 84451, 821196, 72812, 29511, 229
953
1,5325,949.052
15,19427, 254
33, 71175, 386
.060
.152
.14151,612
18919,22626.0U66,7684,4561,739
100,18672.9908,1115,209
.0636,1336,193
.1603,1748,429
382. 700765,400
52. 92075,600
3,085782
1,441862
110, 5651.110
114,47376
261, 83250, 050199, 24012, 54211, 737
778
1,3046,595.055
16, 21428, 095
30. 20570,098
.055
.153
.14352, 902
20020, 60925, 6297,0204,4141,979
99,18473, 5567,5495,620
.0636,0355,460
.1603,5338,470
428, 200740,700
61,f>0075,040
3,092969
1,5921,132
104,8821.110
105,05375
257, 76149, 525195. 93712, 29911, 434
825
1,0126,399.057
14,00229,440
28, 79267, 658
.054
.157
.14447,528
018,33923,5046,2574,0462.015
94,12767,1827,6956,043
.0635.529
.1603,4388,470
452,900719, 400
52.08069, 720
4,1981,1781, 5091,511
106,8831.110
110,19274
254, 57748, 454193. 33412, 78911,168
847
9466,624.058
13, 43630, 971
30, 28168,388
.055
.161
.14448,938
019, 57323,1306.7184,2722.092
87, 46162, 5977,220
.0645,3026,419
.1603,4398,768
500. 500617, 300
51,80069,160
4,3011,2271, 4671,697
105, 3761.110
108, 59577
251, 42147. 551191, 35312. 51710, 892
726
9231,427.059
15, 21028, 352
32, 50166, 341
.056
.166
.15445,887
017.40422, 4236,5584,4232,079
80,08055.2137.4376,571
.0644.9296,940
,1603,2318.756
517,800513.800
57.96069.720
4,3971,2861, 5281, 582
111,5551.110
111,78278
245, 02646,919185, 79712, 31010,950
833
1,2116,747.059
16,14930,096
37, 72966,935
.058
.186
.15349, 302
019,08823,9466,8044,5772,202
71, 65748, 5857,7896,588
.0635,1347,480
.1603,1338,945
629,300436,000
50,68068,040
4,9081. 7261. 7511.431
114,1351.110
120, 42980
244,12546,435184. 75712, 93310, 706
745
1, 3496,985.059
17,05230,446
42, 91867,613
.059
.166
.14451,105
019,19225, 3877,0284,9091,998
71, 40347, 9248,1236,405
.0635, 3408,261
.1603,1419,301
619. 500396, 500
61,04077, 000
5,1521,8231,9181,411
113,4741.110
115,801
240,04344,569182,82512.64910,167
1,4317,131.059
18,06230,402
45.81769,264
.059
.161
.14449,289
019.08823,882
5,108'2,038
69.29346, 7368,8536,056
.0635,4218,203
.1602,9519,278
631.800366,900
57,12077,840
5,4401,8022,0911,547
116, 3811.110
120, 31182
237, 36143, 552181, 20312, 60610,868
817
1,3317,798.059
18, 85831, 239
49, 70168, 873
.059
.161
.14451, 495
019, 99724, 9057,2565,455
' 2,058
67, 66946,1588, 9535,424
.0635,9078,599
.1603,0579,421
656,900343,100
75, 32086, 240
5,7741,8472,2831,644
112, 3681.110
116,10182
234,10042, 699178, 40512, 99610,724
765
1,1127,808.059
17, 56231,311
50, 70966, 664
.059
.161
.14450,018
019,11624, 4337,156
2,097
64, 22444, 6238,9924,996
.0635,7598,770
.1602,9839,336
549,100340, 200
59,92086, 520
4,9261, 5552,0601,311
113,3421.110
120, 519
234, 35443,620177. 90412,83010,865
804
1,2848,341.059
18,07331,890
44,94061, 783
.059
.161
.14548,800
018,89123, 2257,5164,929
70,77249,0549,3544,632
.0635,3517,537
.1603,0499,424
545,800411,000
64,96085, 400
5,4001,5472,6661,187
ABRASIVE PRODUCTS
Coated abrasive paper and cloth;Shipments .reams.-
PORTLAND CEMENT
Production thous. of bblPercent of capacity ~. . .
Shipments . _ thous. of bblStocks, finished, end of month doStocks, clinker, end of month ... . do
CLAY PRODUCTS
Common brick, price, wholesale, compositef. o. b. plant . dol. per thous.
Floor and wall tile, shipments:Quantity thous. of sq. ftValue _ thous. of dol..
Vitrified paving brick:Shipments thous. of brick-Stocks, end of month do
STONE, CLAY,
125, 258
13 243
111, 700
12, 36059
9,11523,1685,020
13 070
3,5841,077
1,04617,948
130, 525
10,79757
8,29325. 668
5,840
13.115
3,6891,047
78518,823
AND
109, 568
12,73361
12,56325,8326,571
13 187
3,9441,119
2,07518,992
GLASS PRODUCTS
105,808
14,06769
14,77425,1126,656
13 249
3,9051,147
1,98319, 615
110, 645
16,11977
16 34924, 8866,241
13 216
3 290939
2,68019. 647
115,910
16,02279
18. 25022,6095,809
13 224
2,792773
3,68219,461
121,187
16, 83380
20. 50118,9795,528
13 263
2, 589667
3,71118,760
135,030
17, 60585
21 28215. 2684 493
13 265
2,558675
3,68219, 215
142,985
17, 52787
20,14512, 6973,595
13 255
( i )( i )
120,953
18, 25887
20. 34510, 6172,723
13 213
126,874
16, 24180
14 62712, 2342,831
13 215
157, 573
14,09067
8 92317, 4013 450
13 236
1 Discontinued by compiling agency. f Revised.tBeginning January 1942 figures for the production of natural gasoline include total sales of liquefied petroleum gas as follows fthous. of barrels): Jan., 710; Feb.. 577; Mar.,
556; Apr. 572; May, 483; June, 498; July, 536; Aug., 502; Sept. ,579; Oct.. 6fi3; Nov., 687; Dec, 832; data for such sales have not been included in the total for motor fuel; data for1941 are available on request. Prior to 1941 an indeterminable amount of liquefied petroleum gas has been included in total motor fuel and natural gasoline production.
t Data revised for 1941. Revisions are as follows: Crude petroleum production—Jan., 119.446; Feb., 100.659; Mar., 112,648; Apr., 110,550; May, 116,941; June, 114,854; July,117,843; Aug., 121,159; Sept., 119,320; Oct., 125,891; Nov. 123,483; Dec, 128,434. Stocks, refinable in U. S.—total, Jan., 263,881; Feb., 265,062; Mar., ?67,005; Apr., 266,637; May,262,731; June, 259,695; July, 255,998; Aug., 250.240; Sept., 246,731; Oct., 244,355; Nov., 244,299; Dec, 247,499; on leases, Jan., 11,650; Feb., 11,587; Mar., 11,78(5; Apr., 11,750; May11,618; June, 11,709; July 11,809; Aug., 12,079; Sept., 12,006; Oct., 12,030; Nov., 12,617; Dec, 12,188. Wells completed—Jan., 1,368; Feb.. 1,150; June. 1,599; Aug., 1,829; Sept,1,913; Dec, 1,447. Motor fuel production—total, Jan., 53,384; Feb., 49,155; Mar., 54,221; Apr., 54,493: May, 59,072; June, 57,689; July, 60,594; Aug., 61,578; Sept., 61,067; Oct.63,273; Nov., 62,187; Dec, 64,581; benzol, Jan., 310; Feb., 278; Mar., 314; Apr., 275; May, 286; June, 273; July, 269; Aug., 267; Sept., 264; Oct., 294; Nov., 284; Dec, 321; naturalgasoline, Jan., 6,277; Feb., 5,843; Mar., 6,259; Apr., 6,225; May, 6,475; June, 6,324; July, 6,772; Aug., 6,966; Sept., 7,057; Oct., 7,452; Nov., 7,501; Dec , 7,704.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-34 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1842 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru- !ary j March April May June July August Sep-
temberOcto-ber
Novem-ber
Decem-ber
STONE, CLAY, AND GLASS PRODUCTS—Continued
GLASS PRODU
Glass containers:Production .
Percent of capacityShipments total
Narrow neck, foodWide mouth foodPressed food war©
CTS
thous. of gross.-
thous. of gross..dododo .
Pressure and non-pressure do , . . .Beer bottles .- doLiquor warpMedicine and toiletGeneral purposeMilk bottlesFruit jars and jelly glasses-
Stocks, end of monthOther glassware, machine-made
Tumbleis:ProductionShipments -Stocks
Table, kitchen, and household
Plate glass, polished, productio
Window glass, productionPercent of capacity
do __do
. . do .do.....do
. . . . do . .:
_ thous, of doz__. . „ do . . . .
doware, shipments
thous. of doz -Q
thous. of sq. ft.,thous. of boxes.-
GYPSUM AND PRODUCTS
Gypsum, production:Crude short tons__Calcined < n
Gypsum products sold or usedUncalcinedCalcined:
For building uses:Base-coat plastersKeene's cementAll other building plasterLathTileWallboard
Industrial plasters
. . do
dodo
s dothous. of sq. ft
dodo
short tons
7,361112.87,246
4911,841
41366849796
1,924551267100
7,775
4,4753, 7637,877
4,9103 1,166
71.8
6,75596.5
5,877271
1,19145
352524005
1,88439925729
10,228
r 5, 406r 4.306' 8, 860
2,587
9,1431,639100.9
5,96596.1
6,141352
1,31937
408601917
1,74142922497
9,950
4,5953,9219,376
3,112
5,6001,45789.7
6,935103.17,073
5881,517
49503737983
1,806514243106
9,450
4,8044,4829,260
3,278
5,5651,58397.5
1/566,362817,856
285, 755
275,8865,904
76.430348,061
6,490256,75534,114
6,921102.96,830
4541,554
51479868838
1,757448234125
9,417
4,5584,6109,156
2,876
5,5701,644101.3
7,192111.26,997
4191,489
49508
1,158814
1,733441259104
9,489
4,1344,3158,879
2,927
4,3101,55795.9
6, 72399.9
6,356331
1,40543
4511,065
7591,482
43327290
10,008
3,7793,8459,140
2,494
4,7261,22375.3
1,234,293829,206
399,192
252,8603,781
80, 320254,690
7,523365,166
35, 736
5,94688.4
6,333383
1,57740
416837853
1,379328295195
9,528
3,1833,9158,411
2,397
4,1941,27478.5
6,58597.9
6,902546
1,82833
320723
1,1641, 253
329270401
9,139
4,4984, 5328,196
3,048
3,8631,07566.2
6,29797.3
6,879815
1,62931
315636
1,0951,286
361286395
8,490
3,8803, 8298,239
3,606
4,7411,09767.6
1,213,817754 911
384, 730
199 0612,905
77, 483197, 84511 577
404 89636, 399
6,83797.9
6,975505
1, 83049
350618
1,1711,662
45527629
8,299
4,5004,8887,837
4,608
4,9243 96059.2
6,20699.9
6,252449
1,64539
331672816
1,508520236
138,119
3,7783,5358 076
3,909
4,6123 98460.6
6,20-593.2
6, 528418
1,71.'*39
36281486?
1,491516272
167,774
3,8373, 7467 177
3, 744
5,001n , 297
79.9
lf119,8ti3658 053
38*, 62o
129 4662 258
61, 695159 12312 328
408 04438, 301
TEXTILE PRODUCTS
CLOTHINGHosiery:
Production thous. of dozen pairs.Shipments do...Stocks, end of month....._ do. . .
COTTON
Cotton (exclusive of linters):Consumption ..bales..Prices received by farmers dol. per lb_.Prices, wholesale, middling, 1HQ", average,
10 markets -dol. per lb__Production:
Ginnings (running bales)§..thous. of bales..Crop estimate, equivalent 500-lb. bales
thous. of bales. _Stocks, domestic cotton in the United States,
end of month:$Warehouses. thous. of bales. -Mills d o —
Cotton linters:Consumption doProduction doStocks, end of monthj__ .do
COTTON MANUFACTURES
Cotton cloth:Prices, wholesale:
Mill margins.- ...cents per lb_.Denims, 28-inch dol. per yd..Print cloth, 64 x 60 ...doSheeting, unbleached, 4 x 4 do
Finished cotton cloth, production:Bleached, plain thous. of yd..Dyed, colors doDyed, black doPrinted do
915, 479.197
.204
12,100
13,0692,507
111162
20.32.192.090
13,14712,86922,292
947, 539.169
.190
10,225
12,8572,498
116143
20.26.190.086.103
192,229133, 624
8,54782,267
12, 20412, 75921,720
892,288.178
.192
12, 2122,582
108124
20.27.190.087.104
176, 227126, 465
6,55383,791
12,95113, 50621,160
967,406.181
.196
110,495
i 10, 742
11,3492,654
13297
854
20.25.193.088.105
191, 654145,169
6,01088,674
12,72913, 53320,346
999,
.202
131
20.28.196.089.107
194,328148,023
5,33875,962
11,91311,50020,748
957,864.192
.200
9,4032,585
13241
732
20.95.196.090.108
192,142145,423
5,57372,813
12,03310,99021,781
967, 523.183
.189
8,4572,443
12726
653
21. 82.196.090.108
192,091147,654
5,19661, 287
I12,06711,25122, 598
994, 552.186
.194
49
7,6332,252
12222
577
21.27.196.090.108
189,214150,832
5, 73055, 732
11,98212,11822,462
925,089.180
738
7,5021,848
12227
490
22.17.193.090.108
178,185149,159
5,12160,073
12, 33512, 64922,148
.186
.187
5,009
9,6761,711
115154505
22.03.192.090.108
179, 363157,074
5,47265, 606
12, 65013,01221, 786
972, 490.189
.189
9,726
12, 6742,118
116221
21.85.192.090.108
182,176167, 390
5,50370, 935
» Revised.1 Total ginnings of 1941 crop.3 December 1 estimate of 1942 crop.3 Partially estimated.§Total ginnings to end of month indicated.JFor revised figures for all months of the cotton year 1941-42, see p. S-34 of the November 1942 Survey
July 31,1942, including stocks on farms and in transit, was 10,455,000 bales.
11,71112,05921, 438
913,038.192
.193
11,539
13, 6372,441
114215
21.47.192.090.108
168, 349143,165
5,86063,144
12,17812, 44121,17."
935,511.196
.197
11,743
2 12,982
13, 5762,567
108200810
21.08.192.090.108
182, 559147,667
5,32184, 568
The total stocks of American cotton in the United States on
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1943 SURVEY OF CURRENT BUSINESS S-35
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942Janu-
aryFebru-
ary March April May June July August Sep-tember
Octo-ber
j Novem- Decem-I ber bsr
TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES-Continued
Spindle activity:!Active spindles.- thousands..Active spindle hours, total mil. of hrs..
Average per spindle in place -hours..Operations percent of capacity..
Cotton yarn, wholesale prices:Southern, 22/1, cones, carded, white, for knit-
ting (mill)t dol. per lb_.Southern, 40s, single, carded (mill) do
RAYONConsumption:
Yarn mil. oflb..Staple fiber do
Prices, wholesale:Yarn, viscose, 150 denier, first quality, mini-
mum filament dol. per lb..Staple fiber, viscose, V/i denier. do
Stocks, producers', end of month:Yarn _ mil. oflb-.Staple fiber do.-..
WOOL
Consumption (scoured basis)\]Apparel class... _ -thous. oflb.Carpet class do
Machinery activity (weekly average) :Looins:
Woolen and worsted;Broad __.thous. of active hours..Narrow .do
Carpet and rug:Broad.._ _„._ .doNarrow do
Spinning spindles:Woolen -doWorsted _ -do
Worsted combs doPrices, wholesale:
Raw, territory, fine, scoured. „ dol. per lb_.Raw, Ohio and Penn., fleeces doAustralian (Sydney), 64-70s, scoured, in bond
(Boston) dol. per lb..Suiting, unfinished worsted, 13 oz. (at mill)
dol. per yd-.Women's dress goods, French serge, 54" (at
mill) dol. per yd_.Worsted yarn, Ha's, crossbred stock (Boston)
dol. per lb..Stocks, scoured basis, end of quarter:!
Total thous. oflb-.Wool finer than 40s, total .do.—
Domestic. __doForeign _do
Wool 40s and below and carpet do
MISCELLANEOUS PRODUCTS
Fur, sales by dealers thous. of dol-.Pyroxylin-coated textiles (cotton fabrics) :
Orders, unfilled, end of mo.. thous. linear yd..Pyroxylin spread, thous. oflb-.Shipments.jbilled.._ thous. linear yd-.
22, 89010, 820
455138.8
.414
.515
38.212.5
.550
.250
8.03.0
55, 8952, 665
2,66763
6340
123, 830112,578
205
1.205.535
.765
0)
1.559
1.800
10, 2123,7474,283
23,08711,367
471137. 0
.409
.500
41.212.5
.550
.250
4.81.9
44,4805,828
2,85089
122105
118,654120,806
243
1.135.490
.755
2.228
1.411
1.800
3,192
6,6066,2107,033
23, 08810,478
436136.3
.408
.504
36.011.3
.550
.250
4.42.1
40,9725,784
2,61686
11596
117,130101,015
231
1.161.615
.755
2.320
1.411
1.800
6,0975,6516,699
23,10911, 379
473134.3
.414
.506
40.012.6
.550
.250
4.12.3
53,8806,555
2,60295
79
116,99699, 935
231
1.175.515
.755
2.599
1.559
1.800
247,083172,43866,182106, 25674, 645
6,947
6,6175,3876,667
23,10211,459
476135.2
.420
.516
37.613.0
.550
.250
5.41.7
44,7402,544
2,75486
7759
125,659114,464
241
1.195.516
.790
2.599
1.559
1.800
4,980
6,4965,5546,384
23,11711,197
465138.5
.421
.515
37.612.7
.550
.250
6.92.1
44,320
2,78981
8064
125,175116, 750
239
1.195.515
.790
0)1.559
1.800
1,460
5,7985,3715,877
23, 09511, 295
471133. 7
.421
.515
39.013.7
.550
.250
7.02.3
53, 5104,280
2,66878
7653
119,375115,368
233
1.195.503
.790
0)
1.556
1.800
351,485'276,295141,409134,88675,189
1,313
5,5634,6055,279
23,11011, 484
479130.2
.421
.515
39. £12. €
.550
.250
6.53.1
45, 8963,236
2,85370
7159
127,143122,324
243
1.195.496
.790
1.552
1.800
1,518
4,9374,4304,530
22, 97410,981
458136.4
.421
.515
38.212.7
.550
.250
7.43.9
45, 3722,000
2,74470
7245
125, 473120,250
237
1.195.499
.790
0)
1.552
1.800
3,197
4,6864,2754,734
22, 95611,191
468134.9
.420
.515
38.412.5
.550
.250
8.04.3
52, 3053,045
2,65765
6640
121, 812112,150
217
1.199.527
.790
1.558
1.800
335,796254,817126,612128,20580,979
2,630
5,752r 4, 855' 4, 720
23,01211,429
478136. 9
.414
. 515
41.112.6
.550
.250
7.74. 1
45,1003, 240
2, 70375
6944
128, 423118, 676
217
1.205.535
.790
1.559
1.800
22, 948 22, 88710, 558 10, 731
443 450133.4 127. U
. 414 |
. 515 |
38.8 I 41.012. 4 13. 2
.550
. 250
2, 65071
6642
125, 194115, 344
207
1. 205.535
1. 559
1.800
2,626
8, 913T 4, 621r 4. 9~0
2, 178
9,9593.5704,248
. 550
.2508.73.3
44, 388 r 45, 5043,036 | r 3, 16*
<• 2, 711
'•6442
126, 337114,958
r 205
1. 205.535
.790
0)
1.559
1.800
265, 535194, 16795, 79098, 37771, 368
9,6583,77(54. 510
TRANSPORTATION EQUIPMENT
AUTOMOBILES
Indexes of retail financing:Passenger car financing, volume:!
Total Jan. 1942=100-.New cars - doUsed cars _ do
Retail automobile receivables outstanding,end of month . Dec. 31, 1939=100..
Automobilerims, production thous. of rims.. .Accessories and parts, shipments:
Accessories to wholesalers Jan. 1935=100-.Service parts to wholesalers -doService equipment to wholesalers do
RAILWAY EQUIPMENT
American Railway Car Institute;Shipments:
Freight cars, total number..Doinestic do
Passenerer cars, total doDomestic. _ do
171119
31567
3,0611,447
00
100100100
1391,271
144229217
6,2406,240
4242
632273
128823
139231201
7,7527,652
2420
734681
116669
141234202
7,7817,781
2828
584262
105665
130205198
7,9577,273
1010
566055
95617
128174183
7,5735,700
4141
585560
86664
126111187
5,2532,851
2323
595760
77573
118117176
2,8601,370
1616
535454
67586
110119173
955574
1010
424542
59633
112135180
1,5751,408
00
322634
51547
97144165
2,1421,970
00
261628
44488
2,2021,896
81
201122
37554
2, 2441,428
00
» Revised. i No quotation.1 For revised figures for all months of the cotton year 1941-42, see p. S-35 of the November 1942 Survey.1 Data for March, June, and September 1942 and January 1943 are for 5 weeks; other months, 4 weeks.f Revised series. The yarn price series for Southern, 22/1, cones, has been substituted beginning January 1941 for the Northern, mulespun, series formerly shown; for
data for all months of 1941, see p. S-35 of the November 1942 issue. Figures for wool stocks are compiled on a revised basis beginning 1942 and data are not available compa-rable with figures shown in the 1942 Supplement and in monthly issues through June 1942. 1942 data shown above cover all known stocks of wool in commercial channels,including stocks in the hands of country dealers and in country warehouses; stocks in the hands of country dealers and in country warehouses are not included in the earlierdata. All figures exclude stocks afloat which are no longer available for publication. For data for March and June 1941 for wool finer than 40s, see p. S-37 of the October1942 Survey. The indexes of retail automobile financing shown above on a January 1942 base may be linked to the indexes on a 1939 base shown in the 1942 Supplement byapplying the current series to the January 1942 index on a 1939 base given in footnote 5 to p. 170 of the 1942 Supplement.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-36 SURVEY OF CURRENT BUSINESS March 1943
Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey
1943
Janu-ary
1942
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
Novem-ber
Decem-ber
TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued
Association of American Railroads:Freight cars, end of month:
Number owned .thousands. ~Undergoing or awaiting classified repairs
thousands. -Percent of total on line
Orders, unfilled - . .cars-Equipment manufacturers -doRailroad shops do
Locomotives, steam, end of month:Undergoing or awaiting classified repairs
number. .Percent of total on line
Orders unfilled number.Equipment manufacturers doRailroad shops do
U. S. Bureau of the Census:Locomotives, railroad:
Orders unfilled end of mo., total doSteam doOther do
Shipments total . doBteam - doOther --- do
Locomotives, mining and Industrial:Shinmpnts (onarferlv) total number
Flpotric total doFor mining us© - . do
Other do
INDUSTRIAL ELECTRIC TRUCKSAND TRACTORS
Shipments, total number..Domestic - do"Exnorts do -
1,740
462.6
19, 28115, 0694,212
1,9575.0835322
13
1,701
613.6
66, 87045,79821, 072
3,3788.624922920
1,197522675
891970
330327
3
1,709
613.6
69,40249,93919,463
3,2318.2300282
18
1,2735517221002872
309303
6
1,718
603.5
68, 31647,98520,331
3,2288.242637254
1,332689743125
5768
177847193
371336
35
1,726
623.6
58,12939,80418, 325
3,1147.940835751
1,425669756132
6270
400383
17
1,731
633.7
48.35131. 44016,911
2,9307.539534847
1,586716870111
5061
384373
11
1,736
573.3
37, 89125,06212,829
2,4777.035030446
1,554658896142
5983
205104102101
400391
9
1,737
553.2
35, 44224, 97410, 468
2,6696.833428450
1,720854866132
5676
360343
17
1,737
533.1
34,19524, 6269,569
2, 5936.632325667
1,6497838661476186
382344
38
1,737
462.7
35,63728, 3527,285
2,3816.131423876
1,9321,065
8671778394
266116112150
438415
23
1,737
422.4
29, 20422,4196,785
2,1435.5289216
73
1,839979860177
9681
420418
2
1 739
452.6
27, 30822,1675,141
2,0985.4369356
13
1,8229388841248143
367352
15
1 739
422.4
27, 06120. 065
6, 996
1,9324.9355263
Q9
1,9671 139
828146
6383
261136122125
411380
31
CANADIAN STATISTICS
Physical volume of business, adjusted:Combined indext-- 1935-39=100-
Industrtal production:Combined indexf do
Conetructiont- do —Electric power --doManufactunngt do
Forestry f .do- . . .Miningt do
Distribution:Combined indexf do —
Tons carried* doAgricultural marketings, adjusted:!
Combined index doGrain do.—Livestock do
Commodity prices:Cost of living . doWholesale prices 1926 = 100..
Employment (first of month, unadjusted):Combined index -do
Construction and maintenance doManufacturing, -.doMining doService. __ doTrade -do —Transportation- do
Finance:Bank debits --- mil. of doL.jCommercial failures number .ILife-insurance sales, new paid for ordinary I
thous. of dol-.|Security issues and prices: \
New bond issues, total. do ..Bond yields 1935-39=100..Common stock prices do
Railways:Carloadines--. thous. of carsFinancial results:
Operating revenues thous. of dol .Operating expenses do —Operating income do —
Operating results:Revenue freight carried 1 mile.mil of tonsPassengers carried 1 mile mil. of pass..
Production:Electric power, central stations
mil. of kw-hr..Pig iron thous. of long tons-.Steel ingots and castings do . . .Wheat flour thous. of bbl.
117.196.9
25
40, 420
227. 33498.876.3
192.3
216 5' 119.1
142.9222.7138.1258.5
142.0169.3
136.3110.4112.3
115.494.3
165.8124.7187.1177.8168.0172.4101.1
3,23177
43, 081
90,87299.466.8
272
45, 42235, 1117,789
4,246283
3,226146231
1,556
192.9
216.3'98.3137.6226.3147.6248.2
144.4169.3
70.6100.9
115.794.6
165.4118 1191.2176.8167.0156. 8
2,89364
39. 357
100, 23299.364.7
249
44,04435, 2816,046
4,031271
2,864129217
1, 585
189.3
207.7' 145. 0
141.7212.6148.0234.2
151.2177-4
81.674.9
110.8
115.995.1
165.1103.7195. 7176.4169.1151797.5
4.17756
35,876
1,043 28199.662.3
271
50,85837,33810,036
4,580325
3.221149237
1,807
198.1
220.8'143.0
144.3231.0137.8226.9
151. 3189.3
84.884.287.0
115.995.0
165.298.0
199.4175.0172.8153.099.0
3,73346
36, 232
396, 20399 661.1
273
50, 59736, 52610, 303
4,439361
143237
1,961
195.5
217.3'95 8146.1232. 5132.7211.3
150. 2182.3
83.784.380.9
116.195.2
167.4109.3202.3173. 5176. 3153.5104.1
3,79153
40. 336
• 92, 34199.562.0
283
53,03637, 60611,510
4,891375
3,175153243
1,481
200.0
222.1' 157.1146.6235.7131.2196.3
153. 9188.1
82.8113.8
116.795.8
171.7123.3205. 9173. 1180.6153 7106.4
3,76746
43,898
298, 65398.862.8
287
55,24739,41911. 696
4,807412
3,043150227
1,335
203.7
229.4' 118. 7145.8246.2128.5213.3
150.5176.2
237. 7270.993.4
117.996.0
175. 7137.7209.5174. I184. 81*2. 8108.1
3,70447
44, 8f>«
226, 5299s. 762.4
294
57. 52942,00410,582
4, 705511
2,966154229
1. 590
205.7
232.5'114.3
142.8248.8120.7216.6
150. 4163.0
99.698.8
102.9
117.795.5
177.814G. 8212.4172.3189.4152. 5110.4
3,48042
39. 963
340, 75599.061.6
282
58,88143, 37110, 753
4, 593532
2,990145222
1,820
206.1
23M' 127.8140.0253.3116.2225.8
145.8127.1
43.633.985.7
117.496.0
179.3146.5215.6166.8188.2152.3110.0
3, 51639
55, 798
255, 22399.462.6
290
58, 59042,67011,803
4,550452
2,947139219
1,737
207.2
238.6'97.8138. 5262.6126.7195.7
142.1134.5
106.6112.978.9
117.8
181.3149. 6218. 3164.3185.1153. 5111.7
4,07347
57, 795
271, 66099,665.0
323
61, 28143, 74215, 424
5,171404
3,166157242
1,851
207.8
293.3' 106.9137.3263.4116.7192.0
142.7137.2
95.490.4117.0
118.6
183.3154. 9218.6163.0182.6156. 5110.6
4, 96756
52, 042
1,082,18799.667.6
291
56, 92641. 88511, 509
5, 077385
r 3,181152242
1,973
221.2
250.8101.5140.1276.2124.7209.6
160.6
141.7146.4121.2
118.8'97 .0
4, 10536
45, 576
92. 55299.471.3
273
3,249147241
2,063
' Revised.fRpvisod series. The revision of thp index of physical volume of business is riue mainly to a ohange in the weighting and in the list of components, so as to present a
picture of the expansion in industries engaged on war production. Revised data were first shown on p. S-36 of the December 1942 Survey; there has been a subsequent revision,however, in the construction index as shown in this issue. Revised indexes beginning January 1940 will be published in a subsequent Survey. The index of grain marketingsis based on receipts at country elevators instead of receipts at head of Lake and Pacific ports, as formerly. For data beginning February 1941, see p. S-38 of the April 1942Survey. Revisions for January 1941 are as follows: Total, 168.8;grain, 185.4. Earlier data will be shown in a subsequent issue.
*NTew series. The index of tons carried has been substituted for the index of carloading*; data beginning 1928 will appear in a subsequent issue. Components includedIn the distribution index other than tons carried are retail sales, wholesale sales, exports, and imports.
U. S . G O V E R N M E N T P R I N T I N G O F F I C E : 1 9 4 3Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S36
CLASSIFICATION, BY SECTIONS
Monthly business statistics:Business indexes ___ . .Commodity prices _Construction and real estateDomestic trade-Employment conditions and wages.FinanceForeign tradeTransportation and communica-
tions .Statistics on individual industries:
Chemicals and allied products.. _Electric power and gasFoodstuffs and tobaccoLeather and productsLumber and manufacturesMetals and manufactures:
Iron and steelNonferrous metals and prod-
uctsMachinery and apparatus
Paper and printingPetroleum and coal productsStone, clay, and glass products._Textile productsTransportation equipment
Canadian statistics
PageS - lS - 3S - 4S - 6S-8
S-13S-20
S-20
S-22S-23S-24S-27S-28
S-29
S-30S-30S-31S-32S-33S~34S-35S-36
CLASSIFICATION, BY INDIVIDUALSERIES
Pages marked SAbrasive paper and cloth (coated) 33Acceptances, bankers' 13Advertising. 6Agricultural cash income 1Agricultural wages, loans 13,14Air mail and air-line operations 6, 21Aircraft . 12,13Alcohol, methyl - 22Alcoholic beverages 1,2,24Aluminum-.., 30Animal fats, greases 22Anthracite 1,2,3,10,12,32Apparel wearing 3,6,7,9,10,11.12,13,34,35Asphalt 33Automobiles—.-. 1,2,6, 7. 8,9,10,11,12,13,16,35Automobile accessories and parts 35Banking 13,14Barley ,- 25Bearing metal 30Beef and veal_______ . - 26Beverages, alcoholic It 2, 24Bituminous coa! 1,2,3,10,12,32Boilers __ — 29,30Bonds, issues, prices, sales, yields 18,19Book publication 32Brass, bronze, and copper product* 12, 13,30Brick 3,9,10,12,13,33Brokers' loans . 14,18Building contracts awarded 4Building costs 5Building expenditures (indexes) 4Building-material prices, retail trade 3, 7Butter 24Canadian statistics 16,36Canal traffic 21Candy 27Capital flotations 18
For productive uses 18Carloadings .„ 21Cattle and calves 26Cement 1,2,3,33Chain-store sales 7Cheese — 24Chemicals 1,2,3,9,10,11,12,13,15,16,22Cigars and cigarettes 27Civil-service employees - 10Clay products 1,2,9,10,11,12,13,15,33Clothing (see also hosiery) 3,
6,7,9,10,11,12,13,34,35Coal , 1,2,3,10,12,32Cocoa— 27Coffee - 27Coke . . 1,2,32Commercial failures 15Commercial paper 13Construction:
Construction estimates.- „ 4Contract* awarded 4Costs - 5Highways and grade crossings— 5Wage rates 13
Consumer credit 15Consumer expenditures 6Copptrr __„ 30Copra or coconut oil . 22Corn __ . 25Cost-of-living index 3,4Cotton, raw, and manufactures- 1,2,3,9, 10,21,34Cottonseed, cake and meal, oil 22, 23Crops . . . . 1,23,25,27,34Currency in circulation 16Dairy products 1,2,3,24,25Debits, bank _ 14Debt, United States Government . . . 17Delaware, employment, pay rolls, wages. 10,11,13Department stores: Sales, stocks, collec-
tions - .- 7,8
Pages marked SDeposits, bank 14Disputes, industrial 11Dividend payments and rates 1,19Earnings, factory, weekly and hourly 12,13Eggs and chickens 1,3,26Electrical equipment 2,6,12,30,31Electric power production, sales, revenues.. 23,24Employment, estimated 8Employment indexes:
Factory, by cities and States 10Factory, by industries 8,9,10Nonmanufacturing 10
Employment, security operations 11Emigration and immigration 21Engineering construction 4Exchange rates, foreign 16Expenditures, United States Government.. 17Explosives 22Exports 20Factory employment, pay rolls,hours, wages. 8,
9,10,11,12,13Fairchild's retail price index. . 3Farm wages 13Farm prices, index 3,4Fats and oils . 3Federal Government, finance 17Federal Reserve banks, condition of 14Federal Reserve reporting member banks— 14Fertilizers 3,22Fire losses 6Fish oils and fish 22,27Flaxsecd . . 23Flooring , 28Flour, wheat 26Food products 1,
2.3 4, 6, 7, 9,10,11,12,13,15,16, 24,25, 26, 27Footwear 1,2,3,9,10,11,12,13,28Foreclosures, real estate 6Foundry equipment _ 30Freight cars (equipment) 35,36Freight carloadings, cars, indexes 21Freight-car surplus 21Fruits and vegetables 3,25Fuel equipment and heating apparatus 30Fuels 1,2,3,32,33Furniture 1,2,3,9,11,12,29,30Gas, customers, sales, revenues 24Gas and fuel oils . 33Gasoline 33Gelatin, edible 27Glass and glassware 1, 2,9,10,11,12,13,15,34Gloves and mittens 28Gold 16Goods in warehouses , 6Grains 3,17,18,25,26Gypsum 34Hides and skins . - 3,27Highways, and grade crossings. Federal aid__ 5Hogs 26Home-loan banks, loana outstanding 6Home mortgages 5Hosiery 3,34Hotels 10, 12,21Housefurnishings - 3, 6, 7Housing 3,4Illinois, employment, pay rolls, wages 10,11,13Immigration and emigration 21Imports - - 20Income payments 1Income-tax receipts 17Incorporations, business, new 16Industrial production, indexes 1,2Instalment loans 15Instalment sales, department stores 8Insurance, life.- 15,16Interest and money rates 14Inventories, manufacturers' 2Iron and steel, crude, manufactures 2,
3,8,9,11,12,15,16,29,30Kerosene 33Labor, turn-over, disputes 11Lamb and mutton . 26Lard 26Lead 30Leather 1,2,3,9,10,11,12,13,15,27,28Linseed oil, cake, and meal 23Livestock 1,3,26Loans, real-estate, agricultural, bank, brokers'
(see also Consumer credit) __. 5, 6,14,17.18Locomotives 36Looms, woolen, activity 35Lubricants 33Lumber 1,2,3,8,9,11,12,15,28Machine activity, cotton, wool 35Machine tools 12,13,30Machinery 1,2,8 9,10,11,12,13,15,16,30Magazine advertising 6Manufacturers' orders, shipments, inven-
tories „ 2Manufacturing production indexes ,_ 1,2Maryland, employment, pay rolls 10,11Massachusetts, employment, pay rolls,
wages 10,11,13Meats and meat packing. 1,2,3,9,10 11,12,13,26Metals. __. 1,2,3,8,9,10,11,12,13 16,29Methanol . 22Milk __ 24,25Minerals. 1,2,10,12Naval stores . 22New Jersey, employment, pay rolls, wages.... 10,
11,13Newspaper advertising 6Newsprint.™ __„ , 31,32
Pages marked SNew York, employment, pay rolls, wages.. 10,11,13New York canal traffic 21New York Stock Exchange 18,19, 20Oats 25Ohio, employment, pay rolls 10,11Oils and fats 3,22,23Oleomargarine 23Orders, new, manufacturers' 2Paint and paint materials 3,10,12,13,23Paper and pulp... 1, 2,4,9,10,11,12,13,15,31,32Passports issued 21Pay rolls:
Factory, by cities and States 11Factory, by industries 11Nonmanufacturing industries 12,13
Pennsylvania, employment, pay rolls, wages. 10,11,13
Petroleum and products 1,2,3,9,10,11,12,13,16,33
Pig iron 29Porcelain enameled products 30Pork . 26Postal business 6Postal savings 14Poultry and eggs 1,3,26Prices (see also individual commodities):
Retail indexes 3Wholesale indexes 3,4
Printing 1,2,9,10,11,12,13,15,32Profits, corporation 16,17Public relief _ _ 13Public utilities 4,10,12,16,18,19, 20Pullman Co _ _.- 21Pumps 30Purchasing power of the dollar 4Radiators 29Radio-advertising 6Railways, operations, equipment, financial
statistics, employment, wages 10,13,16,17,18,19,20,21,35,36
Railways, street (see Street railways, etc.).Rayon 1,2.3,9. 10,11,12,13,35Receipts, U. S. Government 17Reconstruction Finance Corporation, loans. 17Rents (housing), index 3Retail trade:
All retail stores, sales 7Chain stores 7Department stores 7,8Mail order 8Rural, general merchandise 8
Rice 25River traffic 21Roofing, asphalt 33Rubber products 2,4,9,10,11,12,13Savings deposits 14Sheep and lambs 26Shipbuilding 12,13Shipments, manufactures 2Shoes 1,2,3,9,10,11,12,13,28Shortenings 23Silver- _ 16Skins 27Slaughtering and meat packing 1,
2,9,10,11,12,13,26Soybeans and soybean oil 23Spindle activity, cotton, wool 34,35Steel and iron (see Iron and steel).Steel, scrap 29Stockholders — 20Stocks, department store (see also manufac-
turers' inventories) 8Stocks, issues, prices, sales, yields 18,19,20Stone, clay, and glass products 1,
2,9,10.11,12,13,15,33,34Street railways and busses 10,12Sugar 27Sulphur _ 22Sulphuric acid - 22Superphosphate 22Telephone, telegraph, cable, and radio-
telegraph carriers 10.12,16,22Textiles. ... . 1,2,3,9,10,11,12,13,15,34,35Tile 1 33Tin _ 30Tobacco 1,2,9,10,11,12,13,27Tools, machine 12. 13. 30Trade, retail and wholesale 7, 8,10,12, 15Transit lines, local 21Transportation, commodity and passenger 20,21Transportation equipment 1,
2,9.10,11,12,13,15.35,36Travel _ 21Trucks and tractors, industrial, electric 36United States Government bonds 19United State* Government, finance 17,18United States Steel Corporation 20, 29Utilities _ 4,10,12,15,16,18,19, 20Variety-store sales index 7Vegetable oils 22Vegetables and fruits 3,25Wages, factory, and miscellaneous 12,13War program and expenditures 17War Savings bonds 17Warehouses, space occupied 6Waterway traffic 21Wheat and wheat flour 25,26Wholesale price indexes 3,4Wisconsin, employment, pay rolls, wages 10,
11,13Wood pulp 4,31Wool and wool manufactures _ . 1, 2,3,9,10,11,35Zinc 30
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