erp appendixes jan 1949 3

Appendix CStatistical Tables Relating to Employment,

Production, and Purchasing PowerCONTENTS

National Income: PageC-l. Gross national product or expenditure, 1929-48 99G-2. Disposition of gross national product, 1939-48 100G-3. National income by distributive shares, 1929-48 101G-4. Personal income, 1929-48 102C-5. Disposition of personal income, 1929-48 103C-6. Per capita disposable income in current and 1947 dollars, 1929-48. 104

Employment and Wages:G-7. Labor force, 1929-48 105C-8. Number of wage and salary workers in nonagricultural establishments,

1929-48 106G-9. Average gross weekly earnings in selected industries, 1929-48 107G-10. Average hourly earnings in selected industries, 1929-48 108C-ll . Average weekly hours in selected industries, 1929-48 109

Production and Business Activity:G-12. Physical production index of goods and utilities, 1929-48 110C-13. Industrial production index, 1929-48 I l lG-14. New construction activity, 1929-48 112C—15. Business expenditures for new plant and equipment, 1929—49 113C-l6. Inventories and sales in manufacturing and trade, 1939-48 114C—17. Inventories and sales, by durable and nondurable goods, in manu-

facturing and trade, 1939-48 115C-l 8. Sales, stocks, and outstanding orders at 296 department stores, 1939-

48 116C-l 9. Distribution of selected agricultural products moving into consumption

channels, 1939 and 1946-48 117Prices:

C-20. Consumers' price index, 1929-48 119C-21. Wholesale price index, 1929-48 120C-22. Indexes of prices received and prices paid by farmers and parity

ratio, 1929-48 121Money, Banking, and Credit:

G-23. Consumer credit outstanding, 1929-48 122C-24. Loans and investments of all commercial banks, 1929-48 123C—25. Adjusted deposits of all banks and currency outside banks, 1929—48. 124C-26. Estimated ownership of Federal securities, 1939-48 125C-27. Bond yields, long and short term interest rates, and commercial

loan rates, selected years, 1929-48 126

97

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

Corporate Profits and Finance: PageC-28. Profits before and after taxes, all private corporations, 1929-48 127G—29. Profits after taxes, 629 large private industrial corporations, by indus-

try groups, 1939-48 128C-30. Relation of profits before and after taxes to sales, private corporations

excluding finance, insurance, and real estate, 1946-48 128G—31. Relation of profits before and after taxes to investment, private manu-

facturing corporations, by industry groups, 1947—48 129C—32. Relation of profits before and after taxes to sales, private manufacturing

corporations, by industry groups, 1947-48 130C-33. Relation of profits before and after taxes to investment and to sales,

all private manufacturing corporations, by size classes, 1947-48.... 131C-34. Sources and uses of corporate funds, 1947-48 131

International Transactions:C-35. The international transactions of the United States, 1946-48 132C-36. United States Government aid to foreign countries, 1946-48 133G-37. United States merchandise exports, including reexports, by areas,

1936-38 quarterly average, 1947 and 1948 134C-38. United States domestic merchandise exports, by economic classes,

1936-38 quarterly average, 1947 and 1948 135C-39. Indexes of quantity and unit value of United States domestic merchan-

dise exports, by economic classes, 1936-38 quarterly average, 1947and 1948 136

C-40. United States general merchandise imports, by areas, 1936-38quarterly average, 1947 and 1948 137

G-41. United States merchandise imports for consumption, by economicclasses, 1936-38 quarterly average, 1947 and 1948 138

G-42. Indexes of quantity and unit value of United States merchandise im-ports for consumption, by economic classes, 1936-38 quarterlyaverage, 1947 and 1948 139

Summary:C-43. Changes in selected economic series since 1939 and 1947 139


TABLE C-l.—Gross national product or expenditure, 1929-48

{Billions of dollars]

PeriodGross

nationalproduct

Personalconsump-tion ex-

penditures

Grossprivate

domesticinvestment

Net foreigninvestment

Govern-ment pur-chases of

goods andservices

1929.

19301931193219331934

19351936193719381939

19401941194219431944

1945194619471948

1947—First half..Second half

1948—First halfSecond half i

1947—First quarterSecond quarter. .Third quarter.. .Fourth quarter-.

1948—First quarterSecond quarter..Third quarter...Fourth quarter V

103.8

90.975.958.355.864.9

72.282.590.284.790.4

100.5125.3159.6192.6212.2

213.4209.3231.6252.7

227.4235.9

247.6257.8

226.4228.3227.9243.8

244.9250.2254.9260.8

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.390.8

101.6111.4

122.8147.4164.8176.8

15.8

10.25.4.9

1.32.8

6.18.3

11.46.39.0

13.017.29.34.66.4

9.226.530.038.8

0.8

.7

.2

.2

.2

.4

- . 1—.1

.11.1

1.51.1

- . 2- 2 . 2- 2 . 1

- 1 . 44.78.91.8

Annual rates, seasonally adjusted

161.2168.4

174.3179.2

158.1164.2165.6171.1

172.1176.5178.5180.0

29.530.5

38.239.5

32.626.425.635.4

38.737.639.040.0

9.58.3

3.3.2

8.810.28.48.2

3.92.7

- . 3

8.5

9.29.28.18.09.8

9.911.711.612.813.1

13.924.759.788.696.5

82.830.828.035.3

27.328.7

31.838.8

26.927.628.329.0

30.133.537.740.0

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

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

Source: Department of Commerce (except as noted).

99


T A B L E C—2.—Disposition of gross national product, 1939—48

PeriodTotalgross

nationalproduct

Disposition of gross national product

Export surplus of goods andservices 1

TotalFinancedby Gov-ernment

aid

Financedby othermeans

Govern-ment

war ornationaldefense

expendi-tures

Productfor

domesticcivilian

use

1939..

1940...1941..1942..1943..1944..

1945..1946..1947..1948 s.

Annual rates:1947—First half....

Second half..

1948—First halfSecond half *_.

1947—First quarterSecond quarter..Third quarter...Fourth quarter.

1948—First quarterSecond quarter. _.Third quarterFourth quarter8..

Billions of dollars

90.4

100.5125.3159.6192.6212.2

213.4209.3231.6252.7

227.4235.9

247.6257.8

226.4228.3227.9243.8

244.9250.2254.9260.8

1.1

1.72.36.1

10.712.0

5.77.5

11.36.5

11.810.7

7.25.9

11.212.510.910.5

7.86.55.26.6

(2) -

0.11.36.4

12.814.0

7.75.15.74.6

6.64.8

4.34.8

5.28.06.82.9

5.33.34.35.3

1.1

1.61.0

- . 3- 2 . 1-2 .0

- 2 . 02.55.61.9

5.35.9

2.81.1

6.04.54.17.6

2.53.2.9

1.3

1.2

2.212.843.267.173.7

67.215.910.010.2

10.29.8

9.810.6

9.410.99.2

10.3

9.410.310.211.0

1939

1940.1941.194219431944

194519461947.1948 3

1947—First halfSecond half

1948—First halfSecond half a...

1947—First quarter. _Second quarter.Third quarter..Fourth quarter

1948—First quarter. _Second quarter.Third quarter.Fourth quarter

100

100100100100100

100100100100

100100

100100

100100100100

100100100100

Percentage of total

1.2

1.71.83.85.65.7

2.73.64.92.6

5.24.5

2.92.3

4.95.54.84.3

3.22.62.02.5

(*)

0.11.04.06.66.6

3.62.42.51.8

2.92.0

1.71.9

2.33.53.01.2

2.21.31.72.0

1.2

1.6.8

- . 2-1 .1- . 9

- . 91.22.4.8

2.32.5

1.1.4

2.72.01.83.1

1.01.3.4.5

1.3

2.210.227.134.834.7

31.57.64.34.0

4.54.2

4.04.1

4.24.84.04.2

3.84.14.04.2

88.1

96.6110.2110.3114.8126.5

140.5185.9210.3236.0

205.4215.4

230.6241.3

205.8204.9207.8223.0

227.7233.4239.5243.2

97.5

96.187.969.159.659.6

65.888.890.893.4

90.391.3

93.193.6

90.989.891.291.5

93.093.394.093.3

i U. S. Government unilateral transfers to foreign countries are included in the export surplus and are ex-cluded from the Government war or national defense expenditures and from product for domestic civilianuse.

a Less than $50,000,000.* Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.* Percent not shown because dollar figure was less than $50,000,000.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce and Bureau of the Budget (except as noted).

IOQ


TABLE C—3.—National income by distributive shares, 7929-48

[Billions of dollars]

Period

1929___

1930—1931...1932...1933...1934...

1935...1936...1937..,1938___1939._.

1940—1941...1942...1943...1944...

1945...1946...1947...1948 8..


1948—First halfSecond half •

1947—First quarterSecond quarter.Third quarterFourth quarter.

1948—First quarterSecond quarter-Third quarterFourth quarter

87.4

75.058.941.739.648.6

56.864.773.667.472.5

81.3103.8136. 5168.3182.4

181.7179.3202.5224.0

8

f em

ploy

eti

on

o:

3

1Q

50.8

46.539.530.829.334.1

37.142.747.744.747.8

51.864.384.7

109.1121.1

122.9117.3127.5137.8

Proprietors' and rentalincome

CO

119.7

15.711.87.47.28.7

12.112.615.414.014.7

16.320.828.132.134.1

36.041.846.050.7

iii

1m

8.3

7.05.33.22.94.3

5.06.16.66.36.8

7.79.6

12.114.115.4

16.820.423.225.2

gC3

5.7

3.92.91.72.32.3

4.93.95.64.44.5

4.96.9

10.611.811.9

12.314.615.618.0

ft

11s5.8

4.83. 62.52.02.1

2.32.73.13.33.5

3.64.35.46.26.7

7.06.77.17.6

Corporate profits and inventoryvaluation adjustment

OEH

10.3

6.61.6

- 2 . 0-2 .0

1.1

3.04.96.24.35.8

9.214.619.823.724.0

19.816.824.730.7

Corporate profits

1

11£9.8

3.3- . 8

- 3 . 0.2

1.7

3.25.76.23.36.5

9.317.221.124.524.3

20.421.829.834.0

o3EH

1.4

.8

.5

.4

.5

.7

1.01 41.51.01.5

2.97.8

11.714.213.5

11.69.0

11.713.2

i118.4

2.5- 1 . 3-3 .4- . 41.0

2.34.34.72.35.0

6.49.49.4

10.410.8

8.712.818.120.8

i

11p |

°'*>

0.5

3.32.41.0

- 2 . 1- . 6

- . 2- . 7

1.0- . 7

- . 1-2 .6-1 .3- . 8- . 3

- . 6-5 .0- 5 . 1- 3 . 3

6.5

6.25.95.45.04.7

4.54.54.44.34.2

4.14.13.93.43.1

3.03.44.34.7


198.3206.7

218.4229.7

197.3199.3200.6212.8

215.1221.7227.4232.0

125.2129.9

134.0141.7

125.0125.3127.6132.2

133.7134.2140.6142.8

45.546.5

51.250.3

46.444.644.448.6

50.651.850.250.3

22.623.9

25.225.2

22.522.723.0"24.7

25.025.424.825.6

15.915.4

18.417.5

16.914.914.316.5

18.018.917.917.1

7.07.3

7.67.6

7.07.07.17.4

7.57.67.57.6

23.525.9

28.632.8

21.825.224.327.5

26.230.931.634.0

28.930.8

32.435.5

28.928.829.132.4

31.433.435.535.5

11.412.1

12.613.8

11.411.311.412.7

12.213.013.813.8

17.518.7

19.821.7

17.517.517.719.7

19.220.421.721.7

-5 .4-4 .9

-3 .9- 2 . 7

- 7 . 1-3 .6-4 .8-4 .9

- 5 . 3- 2 . 5-3 .9- 1 . 5

4.24.5

4.64.8

4.14.24.44.5

4.64.74.84.9

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

2 Includes wage and salary receipts and other labor income (see appendix table C-4), and employer andemployee contributions for social insurance.

3 Net income after inventory valuation adjustment. This adjustment was -1.2 billion dollars in 1947,and —0.8 billion (annual rate) in each half of 1948.

* Federal and Stato income and excess-profits taxes.«Less than $50,000,000.8 Estimates based on incomplete data; profits by Council of Economic Advisers and all others by De-

partment of Commerce.



IOI


TABLE C-4.—Personal income, 1929-48


PeriodTotal

personalincome

Salaries,wages,

and otherlabor

income

Proprie-tors' and

rentalincome2

Divi-dendsandpersonalinterestincome3

Transferpay-

ments

Nonagri-cultural

income *

1929..

1930-1931-_1932-1933..1934..

1935..1936-1937-1938-1939-

1940-1941-1942-1943-1944-

1945-1946-1947-1948».

1947—First half.Second half

1948—First half—Second halffi

1947—First quarterSecond quarter..Third quarter.._Fourth quarter—

1948—First quarterSecond quarter-Third quarter...Fourth quarter 8.

85.1

76.264.849.346.653.2

68.474.068.372.6

78.395.3

122.2149.4164.5

170.3178.1195.2211.5

50.5

46.339.230.529.033.8

36.842.145.942.845.7

49.561.581.2

104.4116.1

116.8111.4121.9132.8

19.7

15.711.87.47.28.7

12.112.615.414.014.7

16.320.828.132.134.1

36.041.846.050.7

13.3

12.611.19.18.28.6

8.610.110.38.79.2

9.49.99.7

10.010.6

11.413.515.617.1

1.5

1.52.72.22.12.2

2.43.52.42.83.0

3.13.13.23.03.6

6.211.411.710.9

76.8

70.060.146.243.049.5

53.462.866.562.166.3

71.586.1

108.7134.3149.0

154.3159.4174.9

CO


190.3199.9

208.2214.8

190.9189.6196.7203.1

207.3209.0213.9215.8

119.1124.7

129.0136.6

119.0119.2122.3127.1

128.7129.2135.6137.6

45.546.5

51.250.3

46.444.644.448.6

50.651.850.250.3

15.116.0

16.717.6

14.915.315.816.1

16.616.817.317.8

10.612.8

11.410.4

10.710.514.311.2

11.511.210.810.1

169.8179.8

184.8(6)

169.4170.2177.8181.8

184.4185.3191.0(6)

1 Differs from "compensation of employees" in appendix table C-3, in that it excludes employerand employee contributions to social insurance. Includes wage and salary receipts and other laborincome—compensation for injuries, employer contributions to private pension and welfare funds, pay ofmilitary reservists not on full-time active duty (pay for full-time active duty included in military wagesand salaries), directors' fees, jury and witness fees, compensation of prison inmates, Government paymentsto enemy prisoners of war, marriage fees to justices of the peace, and merchant marine war-risk life andinjury claims.

2 See appendix table O-3, for major components.8 See appendix table C-28 for dividend payments.* Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agri-

cultural net rents, agricultural net interest, and net dividends paid by agricultural corporations.« Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.fl Not available.



102


T A B L E C—5. Disposition of personal income, 7929-48

Period Personalincome

Less:Personaltax andnontax

payments

Equals:Dispos-

ablepersonalincome

Less:Personalconsump-

tionexpendi-

tures

Equals:Personal

netsaving

Netsaving aspercentof dis-

posableincome

1929-

1930_.1931-1932..1933-1934..

1935—1936-1937-1938-1939-

1940-1941-1942-1943-1944-

1945-1946—1947-19481.

1947—First half-Second half..

1948—First halfSecond half i.

1947—First quarterSecond quarter-Third quarter.. .Fourth quarter-

1948—First quarterSecond quarter..Third quarter. _.Fourth quarter 1

Billions of dollars

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.2149.4164.5

170.3178.1195.2211.5

2.6

2.51.91.51.51.6

1.92.32.92.92.4

2.63.36.0

17.818.9

20.918.921.621.2

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.2131.6145.6

149.4159.2173.6190.4

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.390.8

101.6111.4

122.8147.4164.8176.8

3.7

2.91.8

- 1 . 4- 1 . 2—.2

1.83.63.91.02.7

3.79.8

25.430.034.2

26.611.88.8

13.6


190.3199.9

208.2214.8

190.9189.6196.7203.1

207.3209.0213.9215.8

21.322.0

22.020.3

21.221.421.722.2

23.220.820.220.4

169.0178.0

186.2194.6

169.7168.2175.0180.9

184.1188.2193.7195.4

161.2168.4

174.3179.2

158.1164.2165.6171.1

172.1176.5178.5180.0

7.99.6

11.915.3

11.64.19.49.7

12.011.715.215.4

4.5

3.92.9

- 2 . 9- 2 . 7—.4

3.15.45.51.53.8

4.910.721.922.823.5

17.87.45.17.1

4.75.4

6.47.9

6.82.45.45.4

6.56.27.87.9

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



103


TABLE C~6.—Per capita disposable income in current and 1947 dollars, 1929-48

Period

Disposablepersonalincome

(billions ofdollars)

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.2131.6145.6

149.4159.2173.6190.4

Annualrates,

seasonallyadjusted

169.0178.0

186.2194.6

169.7168.2175.0180.9

184.1188.2193.7195.4

Population(thou-sands)!

121,770

123,077124,040124,840125,579126, 374

127, 250128,053128, 825129,825130,880

131,970133,203134, 665136,497138,083

139,586141, 235144,034146,571

143,385144,807

146,018147,147

143,049143,702144,411145,150

145,716146,298146,914147,380

Consumers'price index,1947=100

76.9

74.968.261.258.060.0

61.562.264.463.262.4

62.966.0

3 73.83 79.23 81.4

3 83.63 89.6

3100.0107.4

Not ad-justed forseasonalvariation

397.8102.3

106.1108.7

3 97.498.1

100.9103.6

105.2107.0109.3108.2

Per capita disposablepersonal income

Currentdollars

678

599508383360408

456516552605536

574691863964

1,054

1,0701,1271,2051,299

1947dollars *

882

800745626621680

741830857799859

9131,0471,1691,2171,295

1,2801,2581,2051,209

Annual rates

1,1791,229

1,2751,322

1,1861,1701,2121,246

1,2631,2861,3181,326

1,2061,201

1,2021,216

1,2181,1931,2011,203

1,2011,2021,2061,226

1929..

1930..1931..1932..1933..1934..

1935..1936..1937..1938_.1939..

1940..1941..1942..1943..1944..

1945..1946..1947..1948*


1948—First half.. _Second half*

1947—First quarterSecond quarter..Third quarter...Fourth quarter..

1948—First quarterSecond quarter..Third quarterFourth quarter *.

1 Estimated population of continental United States, including armed forces overseas; annual data as ofJuly 1 and quarterly and semiannual data as of middle of period, interpolated from published monthlyestimates.

2 Current dollars divided by the consumers' price index on the base 1947=100 to give a rough measure ofchanges in buying power of disposable income.3 The consumers' price index has been roughly adjusted to take account of the understatement during theprice control period. This adjustment is in line with the report of the Mitchell Committee. The unad-justed index will be found in appendix table C-20.

* Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.Sources: Department of Commerce (disposable income and population) and Department of Labor (con-

sumers' price index).

IO4


TABLE C-7.—Labor force, 1929-48

[Thousands of persons, 14 years of age and over]

Period

Totallaborforce

(includ-ing

armedforces)1

Armedforces1

Civilian labor force

Totalcivilian

laborforce

Employment

Total Nonagri-cultural

Agricul-tural

Unem-ploy-ment

Monthly average:1929

193019311932 _1933 _1934

1935 ._.-1936193719381939

19401941___1942 -1943 _1944

1945__ _1946_19471948

1947—First half...Second half.

1948—First half—Second half.

1947—January.FebruaryMarchApril . . . ._MayJuneJuly. . .AugustSeptemberOctoberNovemberDecember

1948—January.FebruaryMarchAprilMayJuneJulyAugustSeptemberOctober. __NovemberDecember

49,440

50,08050,68051, 25051, 84052,490

53,14053, 74054,32054,95055, 600

56, 03057,38060,23064,41065, 890

65,14060, 82061, 61062, 748

60, 92062,297

61,77163,726

59, 51059,63059, 96060, 65061,76064,00764,03563,01762,13062, 21961, 51060,870

60,45561,00461, 00561,76061, 66064, 74065,13564,51163,57863,16663,13862,828

260

260260250250260

270300320340370

3901,4703,8208,87011, 260

11,2803,3001,4401,307

1,5511.328

1,2401,374

1,7201,6201,5701,5301,4701,3981,3711,3521,346I,b271,2941,280

1,2411,2261,2361,2361.2381,2611,2931,3251,3661,3911,4141,453

49,180

49,82050,42051,00051, 59052, 230

52, 87053,44054, 00054,61055, 230

55, 64055,91056, 41055, 54054, 630

53, 86057, 52060,17061,442

60,968

60,53162, 352

57,79058,01058,39059,12060, 29062, 60962, 66461,66560, 78460, 89260,21659, 590

59,21459,77859,76960,52460.42263,47963,84263,18662,21261,77561,72461,375

47,630

45,48042,40038,940

40,890

42,26044,410

44, 22045, 750

47, 52050,35053, 75054, 47053,960

52, 82055, 25058, 03059,37857,00959,044

58,31760,439

55,39055, 52056,06056, 70058,33060,05560,07959, 56958, 87259, 20458, 59557,947

57,14957,13957,32958,83058.66061,29661,61561,24560,31260,13459,89359,434

37,180

35,14032,11028, 77028, 67030,990

32,15034,41036,48034, 53036,140

37,98041,25044, 50045, 39045, 010

44, 24046, 93049, 77051,405

49,03350,488

50,75452,057

48,60048,82048,84049,37049,67850.01350,59450,14550,58350,60950,985

10,450

10,34010,29010,17010,0909,900

10,11010,0009,8209,6909,610

9,5409,1009,2509,0808,950

8,5808,3208,2607,973

7,9768,556

7,564

6,500

7,2407,8608,96010,37710,0668,9758,7278,6227,9856,962

50,08950,36850,48250,88350,80051,89952,45252,80151, 59051,50651, 93252,059

7,0606,7716,8477,4487,8619,3969,163

* 8,4448,7238,6277,9617,375

1,550

4,3408,02012,06012,83011,340

10,6109,0307,70010,390

8,1205,5602,6601,070670

1,0402,2702,1402,064

2,3591,924

2,2141,914

2,4002,4902,3302,4201,9602,5552,5842,0961,9121,6871,6211,643

2,0652,6392,4402,1931,7612,1842,2271,9411,8991,6421,8311,941

1 Data for 1940-48 exclude about 150,000 members of the armed forces who were outside the continentalUnited States in 1940 and who were therefore not enumerated in the 1940 Census. This figure isdeducted by the Census Bureau from its current estimates for comparability with 1940 data.


Sources: Department of Labor (1929-39) and Department of Commerce (1940-48).

105


TABLE C-8.—Number of wage and salary workers in nonagricultural establishments, 1Q20-48i

[Thousands of employees]

Period

Totalwageand

salarywork-

ers

Manufacturing

TotalDur-able

goods

Non-dur-able

goods

Min-ing

Con-tractcon-

struc-tion

Trans-portstionand

publicutili-ties

Trade Fi-nance Service

Fed-eral,

State,andlocal

govern-ment


1930_193119321933___1934

1935_.1936193719381939

1940___ —1941. . . .19421943._.1944

1945__194619471948 3

1947—First half. _.Second halL

1948—First half...Second half3.

1947—January. _February. _MarchAprilMayJuneJulyAugust.. .SeptemberOctoberNovemberDecember

1948—January _ _February..March...April . . .MayJuneJulyAugust..SeptemberOctober *November *

31,041

29,14326,38323,37723,46625,699

26,79228,80230,71828, 90230,287

32,03136,16439, 69742,04241,480

40,06941,49443,97045,132

43,33744,603

44, 56845,696

43,06343,16943,41043, 22143,34543,81643,68644,12544, 51344, 75844,91845,618

44,60344,27944,60044,29944,61645,00945,09845,47845,87545,87245, 701

10,534

9,4018,0216,7977,2588,346

8,9079,65310,6069,25310,078

10,78012, 97415,05117,38117, 111

15,30214, 51515,90116,282

15,71316,089

16,11316,450

15,67715,78315, 82615, 75015, 56915,67215, 58015, 96216,17516, 20916,25616,354

16,26716,18316,26915, 95015,89216,11516,17216,44116,68316, 57616,403

4,9756,4858,17910,29710,200

8,4777,1808,0558,221

8,022

()5,720

5,805

8,1808,261

7,9498,0308,0718,0687,9628,0507,8747,9878,0708,1268,1948,274

8,2568,1678,2588,1648,1148,1228,1658,1888,280

6,8737,0846,912

6.8257,3357,8468,061

7,6918,002

7,9328,189

7,7287,7537,7557,6827,6077,6227,7067,9758,105

8,062

8,304

8,0118,0168,0117,7867,7787,9938,0078,2538,4038,2708,099

1,078

1,000864722735874

9371,006882845

916947983917883

852911924

906917

910

910907906881910919890923921922923925

922914924817935950922952948941934

1,497

1,3721,214

970809862

9121,1451,1121,0551,150

1,2941,7902,1701,5671,094

1,1321,6611,9212,056

1,7812,062

1,9282,185

1,6901,6681,709

1^8651,9572,043

2,1072,0992,0461,978

1,8711,7311,8051,9332,0522,1732,2192,2532,2392,1972,150

3,907

3,6753,2432,8042,6592,736

2,7712,9563,1142,8402,912

3,0133,2483,4333,6193,798

3,8724,0234,0604,066

4,0034,116

4,0324,101

4,0184,0164,0273,8453,9814,1294,1554,1634,1344,0974,0774,071

4,0204,0194,0323,9744,0424,1054,1364,1394,0924,0904,076

6,401

6,0645,5314,9074, r~"5,552

6,0766, 5436,4536,705

7,0557,5677,4817,3227,399

7,6858,8209,4509,741

9,2329,667

9,6009,8S2

9,1609,1439,2369,2559,2779,3249,3169,3569,4719,684

10,288

9,6229,5209,5989,5769,6179,6709,6469,6609,7339,889

10, Q33

1,431

V1,3331,2701,2251,247

1,1,3131,3551,3471,382

1,4191,4621,4401,4011,374

1,3941,5861,6561,718

1,6371,675

1,7021,734

1,6261,6281,6381,6361,6431,6501,6751,6881,6681,6711,6731,676

1,1,6901,6971,7041,7161,7261,7541,7611,7321,7231,718

3,127

3,0842,9132,6822,6142,784

2,8833,0603,2333,1963,228

3,3623,5543,7083,7863,795

3,8914,4304,6224, " "

4,5844, " "

4,7254,656

4,5274,5614,5654,5524,5904,7114,6864,6194,6344,6624,6704,688

4,7234,7304,7294,7684,7384,6634,6454,6224,6474,6674,673

3,066

3,1493,2643,2253,1673,298

3,4773,6623,7493,8763,987

4,1924,6225,4316,0496,026

5,9675,6075,4495,654

5,4825,417

5,5575,751

5,4555,4635,5035,5045,5105,4545,3415,3185,4035,4145,3875,638

5,4985,4925,5465,5775,6245,6075,6045,6505,8015,7895,714

1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedor received pay during the pay period ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Not comparable with estimatesof nonagricultural employment of the civilian labor force reported by the Department of Commerce (ap-pendix table C-7) which include proprietors, self-employed persons, and domestic servants; which countpersons as employed when they are not at work because of industrial disputes, bad weather, or temporarylay-offs and which are based on an enumeration of population, whereas the estimates in this table are basedon reports from employing establishments.

2 Not available.3 Includes preliminary estimates for December.* Preliminary estimates based on incomplete data.


Source: Department of Labor.

106


TABLE C-9.—Average gross weekly earnings in selected industries, 1929-48

Period

M anufacturing

Total

$25.03

23.2520.8717.0516.7318.40

20.1321.7824.0522.3023.86

25.2029.5836.6543.1446.08

44.3943.7449.2553.12

47.89

50.61

52.06

54.18

47.1047.2947.6947.5048.4449.3348.9849.1750.4751.0551.2952.69

52.0751.7552.0751.7951.8652.8552.9554.0554.1854.5054.49

Dur-able

goods

$27.22

24.7721.2816.2116.4318.87

21.5224.0426.9124.0126.50

28.4434.0442.7349.3052.07

49.0546.4952.4556.73

50.78

54.12

55.23

58.16

49.6049.7450.3050.3451.7252.9952.1952.4654.0654. 6954.8656.48

55.4654.7755.2554.9654.8156.1356.2158.1957.9059.1358.58

Non-durable

goods

$22.93

21.8420.5017.5716.8918.05

19.1119.9421.5321.0521.78

22.2724.9229.1334.1237.12

38.2941.0245.8749.33

44.77

46.96

48.67

49.98

44.4744.6744.8944.4044.8845.3145.6145.7846.8047.2947.5648.72

48.4548.5648.6648.3348.6549.3749.4949.7950.3849.6850.14

Bitu-minous

coalmining

$25.72

22.2117.6913.9114.4718.10

19.5822.7123.8420.8023.88

24.7130.8635.0241.6251.27

52.2558.0366.8672.09

64.41

69.20

69.77

74.41

69.5465.3064.9054.1465.5167.0954.8770.2371.1971.9171.7775.22

75.7870.5474.84

6 49. 5374.0873.8767.6278.1074.9876.40(2)

Private"Kn-fMDUUQ-

ing con-struc-tion

<•>

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

$22.97

24.5127.0130.1429.1930.39

31.7035.1441.8048.1352.18

53.7356.2463.3069.57

60.94

65.32

67.57

71.57

59.9758.9261.2360.5762.2662.7163.6064.7165.3666.3664.5567.31

66.2866.3166.8967.3168.1370.4971.3871.8972.0671.79(2)

Class Isteamrail-

roads

$28.49

27.7626.7623.3423.0924.32

26.7628.0129.2030.2630.99

31.5534.2538.6543.6846.06

45.694 51. 22

54.1758.70

52.38

56.02

58.70

(2)

52.7054.1052.4352.0351.3051.7251.1651.6857.4758.4458. 3859.02

59.6060.5458.9456.8657.2459.0558.2259.17(2)(2)(2)

Tele-phone

m(2)(2)(2)(2)(2)

(2)$29.8131.5331.94

32.4432.7433.9736.3038.39

(3)

44.0444.9648.75

40.86

47.92

48.06

49.45

43.3743.3142.51

e 32. 266 38.13

45.5846.5146.9248.0248.7749.4447.83

48.2047.8247.3147.5648.8248.6749.1948.3549.2149.75

(2)

w noie-sale

trade

<>)

(2)$27.7226.1126.37

26.9328.5329.9429.4829.85

30.3932.3235.5639.4042.29

44.0748.0652.4056.41

51.22

53.54

55.64

57.21

50.0550.8750.8051.1351.5752.8852.2252.0553.6553.6854.7054.97

54.3655.8755.1755.8456.6156.0056.5457.5157.6757.58(2)

Retailtrade

«

8$20.7119.1819.86

19.9620.6821.7321.1421.17

21.1721.9423.2424.8826.58

28.3132.5536.6740.26

35.98

37.40

39.08

41.45

35.0235.2735.3135.9336.5037.8237.9938.1437.0636.7437.1437.36

37.6238.3338.8939.2739.8440.5241.1941.1940.4840.32

(2)

Hotels(year

round) *


19301931. _1932 _1933_. ...1934

1935.. _19361937.1938__1939.

1940-1941..1942.._1943...1944

1945194619471948 8.. _

1947—First half.Second

half.-..


half e. _

1947—January.FebruaryMarch _!AprilMay _June. . .JulyAugust __September-__OctoberNovember...December

1948—JanuaryFebruaryMarchApril...MayJuneJuly-AugustSeptember...October»November7..

8$14.2512.7913.17

13.5713.9714.7814.9315.25

15.5216.0917.6220.2122.65

24.5326.9529.6531.77

29.18

30.10

31.31

32.23

28.6228.9129.0929.4129. 2329.8529.3629.5029.8630.4530.5430.89

30.5531.1930.9631.5931.7031.8832.0432.3432.2132.45

)

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

Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.< Annual average includes retroactive pay increases not included in the monthly averages.* Includes preliminary estimates for November and December except in the case of class I steam railroads

for which data are available only through August.6 Data for these months reflect work stoppages.7 Preliminary estimates based on incomplete data.

NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, and for all employees in other industries. Data are for pay-roll periods ending closest to the middleof the month except in railroads where monthly pay-roll and employment figures are used.


107


T A B L E G—10.—Average hourly earnings in selected industries

Period

Monthly average:1929- _

19301931193219331934

19351936 —193719381939

19401941194219431944

19451946 . ._19471948 8


half.....


half's...

1947—JanuaryFebruaryMarchAprilMay.JuneJulyAugust _September. __OctoberNovember. _.December

1948—JanuaryFebruaryMarch.AprilMay.JuneJulyAugust _ .September. „October eNovember 6__

Manufacturing

Total

$0,566

.552

.515

.446

.442

.532

.550

.556

.624

.627

.633

.661

.729

.853

.9611.019

1.0231.0841.2211.327

1.188

1.253

1.295

1.359

1.1611.1701.1801.1861.2071.2261.2301.2361.2491.2581.2681.278

1.2851.2871.2891.2921.3011.3161.3321.3491.3621.3661.370

Durablegoods

:

$0,497.472.556

.577

.586

.674

.686

.698

.724

.808

.9471.0591.117

1.1111.1561.2921.401

1.252

1.331

1.361

1.441

1.2241.2291.2361.2431.2781.3031.3051.3121.3311.3371.3461.354

1.3551.3521.3521.3571.3661.3851.4071.4311.4491.4511.452

Non-durable

goods

:

$0,420.427.515

.530

.529

.577

.584

.582

.602

.640

.723

.803

.861

.9041.0121.1451.247

1.119

1.172

1.223

1.270

1.0941.1071.1191.1221.1301.1401.1501.1581.1651.1751.1851.196

1.2101.2171.2201.2201.2301.2421.2521.2621.2721.2721.280

Bitu-minous

coalmining

$0,681

.684

.647

.520

.501

.673

.745

.794

.856

.878

.886

.883

.9931.0591.1391.186

1.2401.4011.6331.896

1.485

1.804

1.838

1.955

1.4911.4911.4841.4831.4701.4891.7401.7871.8191.7981.8511.826

1.8471.8261.8421.8211.8411.8501.9361.9671.9661.959

Privatebuilding

con-struc-tion

(2)

(2)(2)(2)

(2)$0,795

.815

.824

.903

.908

.932

.9581.0101.1481.2521.319

1.3791.4781.6811.865

1.625

1.729

1.817

1.913

1.5941.5981.6101.6321 6551.6611.6761.6941.7231.7431.7651.774

1.7811.8061.8051.8181.8351.8581.8901.9011.9191.920

Class Isteamrail-

roads

$0,636

.644

.651

.600

.595

.602

.651

.659

.676

.712

.714

.717

.751

.824

.897

.938

.942* 1.116

1.1701.272

1.129

1.212

1.272

1.1311.1511.1301.1191.1201.1221.1171.1211.2441.2331.2831.272

1.2791.3021.2621.2581.2721.2591.2631.278

Tele-phone

(2)

(2)(2)(2)

(2)(2)

$0.774.816.822

.827

.820

.843

.870

.911

1.1241.1991.243

1.163

1.230

1.233

1.254

1.1321.1411.1241.1741.1891.2181.2111.2151.2301.2411.2541.229

1.2411.2381.2231.2251.2401.2321.2371.2291.2501.264

, 7929-48

Whole-sale

trade

(2)

(2)(2)

$0,648.667.698.700.715

.739

.793

.860

.933

.985

1.0291.1441.2581.362

1.232

1.283

1.341

1.382

1.1971.2301.2311.2291.2411.2621.2571.2581.2811.2891.3141.300

1.3091.3431.3341.3461.3631.3531.3651.3791.3811.385

Retailtrade

(a)

(2)(2)

$0,528

.521

.522

.551

.543

.536

.542

.568

.614

.670

.724

.773

.878

.9911.068

.971

1.012

1.054

1.082

.953

.957

.960

.974

.985

.9961.0031.0031.0121.0131.0251.016

1.0441.0501.0441.0551.0641.0701.0771.0801.0861.080

Hotels(year

round) *

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

$0,273

.279

.287

.308

.315

.324

.332

.348

.386

.451

.505

.550

.612

.661

.710

.646

.675

.700

.720

.648

.652

.644

.642

.643

.650

.652

.660

.672

.684

.687

.693

.695

.695

.695

.700

.707

.711

.714

.709

.722

.723

* Money payments only; additional value of room, board, uniforms, and tips is not included,a Not available.3 Not available. New series, beginning April 1945; includes only employees subject to provisions of the

Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.* Annual average includes retroactive pay increases not included in the monthly averages.«Includes preliminary estimates for November and December except in the case of class I steam railroads

for which data are available only through August.«Preliminary estimates based on incomplete data.

NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, and for all employees in other industries. Data are for pay-roll periods ending closest to the middle ofthe month except in railroads where monthly pay-roll and employment figures are used.


108


TABLE C- l 1.—Average weekly hours in selected industries, 1929-48

Period

Manufacturing

Total

44.2

42.140.538.338.134.6

36.639.238.635.637.7

38.140.642.944.945.2

43.440.440.340.1

40.3

40.4

40.2

39.9

40.640.440.440.140.140.239.839.840.440.640.441.2

40.540.240.440.139.940.239.840.139.839.939.8

Durablegoods

0)0)0)32.634.833.9

37.341.040.035.038.0

39.342.145.146.646.6

44.140.240.640.5

40.6

40.6

40.6

40.4

40.540.540.740.540.540.740.040.040.640.940.741.7

40.940.540.940.540.140.540.040.740.040.740.4

Non-durablegoods

0)0)0)41.940.035.1

36.137.737.436.137.4

37.038.940.342.543.1

42.340.540.139.6

40.0

40.1

39.8

39.4

40.740.440.139.639.739.839.739.540.240.240.140.8

40.039.939.939.639.639.839.539.539.639.139.2

Bitu-minous

coalmining

38.4

33.528.327.229.527.0

26.428.827.923.527.1

28.131.132.936.643.4

42.341.640.637.8

43.1

38.3

37.9

37.7

46.743.643.7

4 36.444.343.7

4 31.839.139.139.938.541.2

40.938.740.6

4 27.040.339.9

4 34.239.437.738.60)

Privatebuilding

con-struc-tion

0)0)0)0)(028.9

30.132.833.432.132.6

33.134.836.438.439.6

39.038.137.637.3

37.5

37.8

37.2

37.4

37.636.938.037.137.637.838.038.237.938.136.637.9

37.236.737.137.037.137.937.837.837.537.4C1)

Class Isteamrail-

roads

44.8

43.141.138.938.840.4

41.142.543.242.543.4

44.045.646.948.749.1

48.545.946.346.2

46.4

46.2

46.2

0)46.647.046.446.545.846.145.846.146.247.445.546.4

46.646.546.745.245.046.946.146.30)0)0)

Tele-phone

0)

(J)0)0)(0

838.838.939.1

39.540.140.541.942.3

(2)

39.437.339.2

35.0

39.0

39.0

39.5

38.438.037.9

4 26.94 31.5

37.538.438.739.139.339.539.0

38.938.738.738.839.439.539.839.439.439.40)

Whole-. . 1 .saie

trade

0)0)0)0)0)(041.342.642.842.241.7

41.241.041.342.242.9

42.741.841.241.1

41.2

41.3

41.0

41.1

41.540.840.841.241.241.641.141.141.241.341.441.6

41.041.140.941.041.241.141.241.341.241.00)

Retailtrade

0)

80)41.5

41.843.543.342.643.0

42.942.541.640.540.3

40.340.540.240.0

40.1

40.2

39.9

40.1

39.940.140.040.040.040.841.141.040.040.039.539.7

39.840.039.839.839.940.340.841.040.239.70)

Hotels(year

round)


1930 -1931 _1932___1933__1934 . . .

1935__1936___.193719381939

19401941194219431944

1945194619471948 3 . . .


half..._


half3___

1947—JanuaryFebruary...MarchAprilMayJune.JulyAugustSeptember..October...November..December...

1948—JanuaryFebruary...MarchAprilMayJuneJuly.AugustSeptember..October s___.November3.

47.2

47.848.347.746.846.6

46.345.645.344.744.5

44.243.944.544.2

44.6

44.4

44.2

44.3

43.844.344.744.945.045.244.945.044.144.044.444.1

43.944.644.044.244.244.144.044.943.944.3

C1)

1 Not available.J Average for the year not available because new series was started in April.3 Includes preliminary estimates for November and December except in the case of class I steam rail-

roads for which data are available only through August.* Data for these months reflect work stoppages.

NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, and for all employees in other industries. Data are for pay-roll periods ending closest to the middleof the month except in railroads where monthly pay-roll and employment figures are used.


109


TABLE C-12.—Physical production index of goods and utilities, 1929-48

[1935-39=1001]

Period

Weights: aTotalNonagricultural

1929

193019311932 - . _1933 _1934

193519361937 .19381939

19401941194219431944

1945 1194619471948 3


1948—First halfSecond half3 -_

Totalpro-duc-tion

100.0

112

9786707375

8799

11194

109

122152184206202

182166179186

88

Agri-cul-turalpro-duc-tion

19.2

97

951041019379

9685

108105106

110114128125130

129134129141

88

Nonagricultural production

Totalnon-agri-cul-

turalpro-duc-tion

80.8100.0

116

9882636975

8510211191

110

124161198225219

195174190197

189191

197197

Industrial production

Total

55.468.5

110

9175586975

8710311389

109

125162199239235

203170187192

187186

192192

Manu-fac-

tures

50.662.6

110

9074576874

8710411387

109

126168212258252

214177194198

194193

199197

Min-erals

4.85.9

107

9380677680

8699

11297

106

117125129132140

137134149155

147152

153157

Con-struc-tion

7.69.4

180

153124795358

69101106101123

13318220211260

68127143163

134152

160165

Trans-porta-tion

12.916.0

117

10489737683

8810111095

106

116142180214224

217198208209

208208

208210

Elec-tricandgas

util-ities

4.96.1

82

8278717278

8597

106100112

123141158184193

190192219244

218219

243245

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

2 Computed from the Department of Commerce data of national income. The weight factors are per-centages of the national income for each industry to the total for the 6 industries. The weight for construc-tion has been adjusted to include force account and other construction done outside of the contract construc-tion industry, the weights for other industry groups to exclude such construction.

8 Estimates based on incomplete data.* Not available. See footnote 5.*Because of the extreme seasonal nature of agricultural crop production, only an annual index has been

computed.

Sources; Based on the following data:Agricultural production.—Department of Agriculture index of farm output which measures the physical

volume of farm production for human use.Minerals.—Federal Reserve index of mineral production.Manufactures — Federal Reserve index of manufacturing production.Construction.—Department of Commerce value of new construction activity deflated by their index of

construction costs and converted into relatives with 1935-39 as 100.Transportation.—Department of Commerce index of transportation. The figures for 1947 and 1948 are

estimated by the Board of Governors of the Federal Reserve System on the basis of transportation data.Electric and gas utilities— Based on the following series: Electric power generated for public use as reported

by the Federal Power Commission, and sales of gas to consumers as reported by the American Gas Asso.ciation. The two series are converted into relatives with the average for the period 1935-39 as 100. Therelative series are combined into an index of public utility production with electric power given a weightof 73 and gas 27. the respective percentages of the revenues by each of the utilities to the total revenuesproduced by both in the base period 1935-39.

IIO


TABLE C-13.—Industrial production index, 1929-48

[1935-39=100, seasonally adjusted]

Period


19301931193219331934

19351936 . _193719381939

1940194119421943 .1944 „. .

19451946194719481


1948—First half .Second half1

1947—JanuaryFebruaryMarch. _AprilMay - _JuneJulyAugust _SeptemberOctober _NovemberDecember _. _. __

1948—JanuaryFebruary..MarchAprilMayJuneJulyAugust --SeptemberOctober _ «_November iDecember * -

Total in-dustrial

production

110

9175586975

8710311389

109

125162199239235

203170187192

187186

192192

189189190187185184176182186191192192

193194191188192192186191192195194191

Manufacture

Total

110

9074576874

8710411387

109

126168212258252

214177194198

194193

199197

196197198195192191183188192197199198

201201200195197198191197199202200195

Durable

132

9867415465

8310812278

109

139201279360353

274192220224

221219

224225

221223225222218219208211216223224230

229226229217221222219222224230229226

3

Nondurable

93

8479707981

9010010695

109

115142158176171

166165172177

173172

178175

176176175172170168163169172176179173

178180177177178179169176178179177173

Minerals

107

9380677680

8699

11297

106

117125129132140

137134149155

147152

153157

146146148143151148140150153155155156

154155142147162159153159156158160155

i Estimates based on incomplete data.

Source: Board of Governors of the Federal Reserve System

I I I


TABLE O14.—New construction activity, 1929-48

[Value put in place, millions of dollars]

Period

Totalnewcon-

struc-tion *

Private construction

Totalpri-vate

Resi-den-tial

build-ing

(non-farm)

Non-resi-den-tial

build-ing2

Pub-lic

util-

andfarm

Public construction

Totalpub-lic

By source offunds

Fed-eral

Stateandlocal

By type of con-struction

Mili-tary

and fed-erally fi-nancedindus-trial

High-ways

Otherpub-lic

1929-

1930-1931-1932-1933-1934-

1935-1936-1937-1938-1939-

1940-1941-1942-1943-1944-

1945-1946-1947-1948 3

1947—First halfSecond half___

1948—First halfSecond half 3. . . .

1947—JanuaryFebruaryMarchAprilMayJuneJulyAugust _.SeptemberOctober. ___NovemberDecember. _.

1948—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember _OctoberNovemberDecember3

9,873

8,0425,9673,2902,3762,805

3,2304,8365,4875,1866,307

7,04210,49013,4127,7844,136

10,45813,97717,666

7,476

5,2653,3751,4671,0121,235

1,6762,5503,3903,0763,808

4,3905,4263,0071,7441,823

2,7168,25310,89313,631

2,797

1,4461,228462278361

6651,1311,3721,5112,114

2,3552,7651,315650535

6843,1835,260

2,822

2,0991,104499404455

472712

1,088764785

1,0281,486635232350

1,0143,3463,1313,615

1,857

1,7201,043506330419

539707930801909

1,0071,1751,057862938

1,0181,7242,5023,036

2,397

2,7772,5921,8231,3641,570

1,5542,2862,0972,1102,499

2,6525,064

10,4056,0402,313

2,0922,2053,0844,035

237

451510552720

1,2621,154989

1,257

1,3973,8539,5445,6141,912

1,5581,0741,1751,339

2,160

2,4392,1411,313812850

1,024943

1,1211,242

1,2551,211861426401

5341,1311,9092,696

19

2940343858

39333974148

5492,9008,4534,2181,344

1,160272229164

1,254

1,5051,351961

70.9927902858

882800616420346

386772

1,2331,500

Totals for period, not adjusted for seasonal variation

1,124

1,2431,201828517

8061,3261,1561,1781,484

1,2211,3641,3361,402623

5461,1611,6222,371

5,6778,300

7,7209,946

873823859928

1,0321,1621,2641,3641,4231,4971,4321,320

1,1571,0091,1661,3111,4611,6161,7151,7991,7821,7071,5521,391

4,4326,461

6,1047,527

703662679713790885966

1,0421,0861,1291,1411,097

948837940

1,0241,1201,2351,3181,3541,3321,2651,1781,080

1,9353,325

3,1203,860

300280285310355405455500540590630610

500400475525585635680695685650600550

1,5041,627

1,6501,965

275258241238242250254260267275287284

273265266264277305324332334333330312

9931,509

1,3341,702

128124153165193230257282279264224203

175172199235258295314327313282248218

1,2451,839

1,6162,419

170161180215242277298822337368291223

209172226287341381397445450442374311

518657

531808

83817684901041121201211289977

71557194113127133155154146120100

7271,182

1,0851,611

8780104131152173186202216240192146

138117155193228254264290296296254211

102127

8381

181515191817212323241917

151213151513141515141211

426807

555945

3936507610012513714915917811965

5641579813616716920019018012680

717905

978

113110115120124135140150155166153141

138119156174190201214230245248236220

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

2 Excludes farm and public utility; for 1929-32 includes negligible amount of public industrial and com-mercial building not segregable.

3 Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Departments of Commerce and Labor.

112


TABLE C-15.—Business expenditures for new plant and equipment, 1929-49

[Millions of dollars]

Period Total i

Manufacturing and mining

Total

3,596

2,5411,435

930992

1,460

1,7902,4503,3301,8302,310

3,1404,0803,1702,6102,890

3,6506,4708,1508,950

Manufac-turing

0

33333

333

(3)1,930

2,5803,4002,7602,2502,390

3,2105,9107,4608,180

Mining

m

18(3)(3)

380

560680410360500

440560690770

Transportation

Rail-road

840

865360164101218

166306525238280

440560540460580

550570910

1,310

Other

(4)

8(4)

(4)280

390340260190280

320660800690

Electricand gasutilities

(4)

?4)

4)

(4)(4)(4)

480

550710680540490

6301,0401,9002,610

Commer-cial andmiscella-neous a

1929..

1930..1931..1932..1933..1934..

1935..1936..1937..1938-.1939..

1940..1941-.1942..1943..1944..

1945-.1946..1947..1948«

1947—First half-Second half

1948— First halfSecond half 5. _.

1947—First quarter...Second quarterThird quarter,iFourth quarter.

1948—First quarter .Second quarterThird quarterFourth quarter

1949—First quarter «..

9,165

7,6104,7122,6082,1373,080

3,7385,0776,7304,5205,200

6,4908,1906,1104,5305,210

6,63012,04016,18018,840

Annual rates, not adjusted for seasonal variation

14,20018,160

17,98019,680

12,64015,76016,56019,760

16,68019,28019,32020,040

17,560

7,2209,100

8,6409,260

6,4008,0408,200

10,000

7,9209,3609,1609,360

7,840

6,6008,320

7,8808,500

5,8007,4007,4809,160

7,2008,5608,3608,640

7,120

620780

760760

600640720840

720800800720

720

7601,060

1,1601,460

640880920

1,200

1,0801,2401,3201,600

1,480

820780

740660

720920800760

720760680640

600

1,5602,240

2,2802,940

1,3201,8002,0002,480

2,0002,5602,7603,120

2,720

4,729

4,2042,9171,5141,0441,402

1,7822,3212,8752,4521,850

1,9802,4901,470730970

1,4803,3004,4305,280

5,000

5,1605,380

3,6004,1204,6405,360

4,9605,3605,4405,320

4,880

1 Excludes agriculture.2 Includes trade, service, finance, and communication for all years shown. Also includes prior to 1939,

transportation other than railroad, and electric and gas utilities not available separately for those years.3 Not available separately for years prior to 1939.* Included hi commercial and miscellaneous prior to 1939.« Estimates for fourth quarter of 1948 and first quarter 1949 were based upon anticipated capital expendi-

tures of business.

NOTE.—These figures do not agree with the totals included in the gross national product estimates of theDepartment of Commerce, principally because the latter cover agricultural investment and also certainequipment and construction outlays charged to current expense. Figures for 1929-44 are Federal ReserveBoard estimates based on Securities and Exchange Commission and other data.

Detail will not necessarily add to totals because figures are rounded to the nearest $10,000,000.

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

"3


TABLE G-16.—Inventories and sales in manufacturing and trade, 1939-48

Period

Manufacturing 1

Millions ofdollars

Inven-tories 3

11,516

12,87317,02419,22119,89719,122

17,92423,43528,020

26,47928,020

29,727

24, 21324,83125,39825,85326,44026,47926,84627,05127,05527,39727,62728,020

28, 50128, 76829,06429,16129,43729, 72730, 23630, 42930, 71030, 78431,000

Sales *

5,112

5,8598,172

10,34612,60313,402

12,37112,02015,671

14,94716,396

17,129

14,45314,17515, 54615,39815,04815,06314,36115, 25716, 59718,08216, 55417, 523

16, 55216, 22518,11717, 22916, 77717,87116, 40318,16918, 78118, 89418,200

Ratioof in-vento-ries tosales

2.25

2.202.081.861.581.43

1.451.951.79

1.771.71

1.74

1.681.751.631.681.761.761.871.771.631.521.671.60

1.721.771.601.691.751.661.841.671.641.631.70

Wholesale *

Millions ofdollars

Inven-tories a

3,200

3,3574,1513,7023,5773,686

4,2165,8237,545

6,8377,545

8,011

6,1356,3986,8416,7496,6906,8376,6997,0687,2337,3427,4677,545

7,8507,8857,8697,7777,8017,9537,9308,1008,2438,3948,536

Sales *

2,505

2,7903,6504,0164,3304,505

4,7776,1387,304

6,7877,820

7,558

6,9676,4596,7966,8436,8596,8007,0967,0727,7638,7168,0138,262

7,6927,1217,7267,6527,3897,7667,7968,1618,2868,3768,248


1.28

1.201.14.92.83.82

.88

.951.03

1.01.96

1.06

.88

.991.01.99.98

1.01.94

1.00.93.84.93.91

1.021.111.021.021.061.031.02.99.99

1.001.03

Retail *

Millions ofdollars

Inven-tories *

5,502

6,0117,6207,8747,3507,396

7,50211,04912,953

11,94812,953

14,065

11,42711,65311,83211,97411, 77211,94811,92511,94412,07312,43512,62112,953

13,38413,75114,04013,90713,95114,06514,08014,14514, 53114,51414, 652

Sales *

3,504

3,8664,6244,8035,3105,798

6,3878,3999,860

9,52010,202

10,660

9,1569,3549,4539,6489,6979,8109,8229,786

10,26410,29210,42610,620

10,46410,46310, 65810,89110,62010,86210,85710,89310,96810,90610,775


1.57

1.551.651.641.381.28

1.171.321.31

1.261.27

1.32

1.251.251.251.241.211.221.211.221.181.211.211.22

:

:'.

1.28L.31L.32L.28L.31L.29L.30L.301.321.33]L.36

1939

194019411942.19431944

1945. -19461947.- —

1947—First half. __Second half.

1948—First half. . .

1947—JanuaryFebruary. __MarchAprilMayJuneJulyAugustSeptember._OctoberNovember. .December...

1948—JanuaryFebruary . . .MarchAprilMayJuneJulyAugustSeptember. _October 5.. _November ».

1 Not adjusted for seasonal variation.2 Adjusted for seasonal variation.• Book value, end of period.4 Monthly average shown for year and half year and total for month.«Preliminary figures based on incomplete data.

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

Detail]*will not necessarily add to totals because of rounding.

Source: Department of Commerce (Office of Business Economics).

114


TABLE G-17.—Inventories and sales, by durable and nondurable goods, in manufacturingand trade; 1939-48

[Not adjusted for seasonal variation]

Period

Total

Millions ofdollars

Inven-tories *

20,001

21,99728,43730, 23030, 34629, 714

29,18939, 84647, 98744,91047, 991

51,354

41,23742, 75944,27644, 78144, 90044, 91044, 97645,93446,44347,83848,58147,991

49,13050, 27851,21351,10251,23051,29651,76352,50053,65554, 52655,337

Sales a

11,119

12,51516,37619,16522, 24223, 704

23, 53526,55630,64330,83134,841

34,908

29, 71828, 51031,67831,72531,94531,40930,91732,11334,61237,73935,23938,426

33,93932, 26736,47635,49534,87836,39234,93637,00438,12538,74137,286


1.80

1.761.741.581.361.25

1.241.501.571.461.38

1.47

1.391.501.401.411.411.431.451.431.341.271.381.25

1.451.591.401.441.471.411.481.421.411.411.48

Durable goods

Millions ofdollars

Inven-tories 1

7,938

9,26012.15913', 29713, 40512, 559

11, 23015,96420,00318,95320,007

21, 704

16,63217, 45418, 22718,66518, 86418, 95319,04119,41619,53619,80819,86020,007

20,40820,82321,32821,44121,51521,64621,75621,78722,19122, 52722,852

Sales 2

3,335

4,1736,0276,6688,1008,543

7,6607,735

10, 61610,13311,098

11,483

9,3729,269

10, 34210, 71310, 61310, 4919,856

10,18411,07212,20211,12212,151

10,62510,49512, 23511,92411,40312,21611,74912,70513,02713, 30312,733

Ratioof in-

vento-ries tosales

2.38

2.242.021.991.651.47

1.472.061.881.871.80

1.89

1.771.88]

:]

]]]]:

L.76L.74L. 78L.81L. 93L.91L.76L.62L.79L.65

L.92L.98L.74L.80L.891.78L.86L.721.711.69]L.79

Nondurable goods

Millions ofdollars

Inven-tories i

12,063

12,73716, 27816, 93316,94117,155

17,95923, 88227, 98425, 95727,984

29,650

24,60525, 30526, 04926,11626, 03625, 95725, 93526,51826,90728,03028,72127,984

28,72229,45529,88529,66129,71529,65030,00730,71331,46431,99932,485

Sales 2

7,784

8,34210,34912,49714,14215,161

15, 87518,82120,02720, 69823, 743

23,425

20,34619, 24121,33621,01221, 33220,91821, 06121,92923, 54025,53724,11726,275

23,31421, 77224,24123,57123,47524,17623,18724,29925,09825,43824,553


1.55

1.531.571.351.201.13

1.131.27

:]

]

]]

]]]]i:

ii

L.40L.25L.18

L.27

L.21L.32L.22L.24L.23L.221.23L.21L.14L.10L.19L.06

L.23L.35L.23L.26L.27L.23L.29L.26.25.26

L32

1939..

1940...1941...1942...1943—1944...

1945194619471947—First half....

Second half..

1948—First half....

1947—JanuaryFebruary. . .MarchApril.MayJuneJulyAugustSeptember-OctoberNovember..December..

1948—JanuaryFebruary. _.MarchAprilMayJune.JulyAugustSeptember-OctoberNovember..

* Book value, end of period.8 Monthly average shown for year and half-year and total for month.NOTE.—The inventory figures in this table do not agree with the estimates of "change in business inven-

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

Detail will not necessarily add to totals because of rounding.

Source: Department of Commerce (Office of Business Economics).


TABLE G—18.—Sales, stocks, and outstanding orders at 296 department stores, 1939-48

Period

Millions of dollars *

Sales(total formonth)

Stocks(end ofmonth)

Out-standing

orders(end ofmonth)

Ratio ofstocks

Ratio oforders

Ratio oforders

to stocks


1940—1941—1942—1943.1944....

1945...1946—1947—1948 8-

1947—First half....Second half.

1948—First halfSecond half 3.

1947—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December-.

1948—JanuaryFebruary...MarchAprilMayJuneJuly.AugustSeptember-OctoberNovember..

128

136156179204227

255318336329

299373

316344

255250331321336304253274341367416584

271263355331339

295357387412

344

353419

534

563714823918

817828

887955

766835866850817765731789827913941770

789878941938919859827893944

1,0581,051

<*>

108194263530560

729909553483

487619

464505

619607

354469

625677

544

575420356339462551545539507385

2.69

2.602.693.352.492.35

2.212.252.452.79

2.732.22

2.812.78

3.003.342.622.652.432.522.892.882.432.492.261.32

2.913.342.652.832.712.563.093.032.642.732.55

0.791.241.472.602.47

2.862.861.651.47

1.631.66

1.471.47

2.432.431.481.201.051.542.362.281.991.811.45

2.342.191.181.081.001.382.061.851.511.31

0.31.46.44

1.041.05

1.291.27.67.53

.60

.75

.52

.81

.73

.56

.45

.43

.61

.82

.79

.82

.73

.64

.71

.80

.65

.45

.38

.37

.54

.67

.61

.57

.48

.37

i Not adjusted for seasonal variation.a Not available.3 Estimates based on incomplete data.

NOTE.-—These figures represent retail sales, stocks, and outstanding orders as reported by a sample of296 of the larger department stores located in various cities throughout the country and are not estimatesof total sales, stocks, and outstanding orders for all department stores in the United States. Data are notavailable prior to 1939.


Source: Board of Governors of the Federal Reserve System.


TABLE G-19.—Distribution of selected agricultural products moving into consumption channels.7939 and 7946-48

Commodity and year

Distribution of supplies

Total iExportsand ship-

t *

Militarydistribu-

tion

Civiliandistribu-

tion

Percapita

civiliandistribu-

tion

Exportsand ship-ments, asa percentof total

distribu-tion

Food:Meat (carcass equivalent):

1939.19461947.1948«

Dairy products (milk equivalent):19391946.19471948 K

Food fats and oils, excluding butter(fat content basis):

1939194619471948 3

Canned fruit, excluding fruit juices(processed weight):

1938-39 pack year19461947.1948 2

Dried fruit (processed weight):1938-39 marketing year1945-46 marketing year1946-47 marketing year1947-48 marketing year

Fresh fruits (farm weight):1939194619471948 2

Canned vegetables (processed weight):1938-39 pack year _1946.1947.1948 2 _. „

Fresh vegetables (farm weight):193919461947-1948 2 _

Eggs (fresh egg equivalent):193919461947.19482

Millionpounds

17,73923,46923,25221,792

108,985121,612119,621116,573

4,6125,0675,3735,425

2,3613,2243,0323,007

1,1861,110954

1,159

21,35921,20322,54720,724

4,1636,9486,2426,020

32,15338,60836,67737,417

Milliondozen

3,4184,8464,8504,896

Millionpounds

2461,215

366166

4296,3534,5862,766

365

617468

35920224485

478

299497

1,2771,1671,445

913

57361222100

134494475175

Milliondozen

3414229194

Millionpounds

887644

2,5931,3911,512

8977

no

484213162

151214345

470208250

Milliondozen

Millionpounds

17,49321,36722,24221,232

108,556112,666113,644112,295

4,2474,357

4,905

2,0022,9332,7112,812

708797641653

20,08219,55220,88919,649

4,1066,4365,8065,575

32,01937,64435,994

Milliondozen

3,4154,3384,5424,616

Pounds132.8153.4155.0145

824809792768

32.231.332.833.6

15.321.118.919.2

5.45.94.54.5

152.5140.4145.6134.4

31.346.240.538.1

243270251253

Number

374380379

Percent1.45.21.6.8

.45.23.82.4

7.913.211.58.6

15.26.38.02.8

40.325.931.342.9

6.05.56.44.4

1.45.23.61.7

.41.31.3

.18.54.74.0

See footnote at end of table.

117


T A B L E C—19.—Distribution of selected agricultural products moving into consumption channels,7939 and 1946-48— Continued

Commodity and year

Distribution of supplies

Total iExports

and ship-ments 1

Militarydistribu-

tion

Civiliandistribu-

tion

Percapitacivilian

distribu-tion

Exportsand ship-ments, asa percentof total

distribu-tion

Food and nonfood:Wheat (grain equivalent):3

1939..1946— _1947- -1948 2.... _

Corn (grain equivalent): *19391946 . „ .19471948 2

Nonfood:Cotton:

1938-39 crop year.1945-46 crop year.1946-47 crop year.1947-48 crop year.

Tobacco:6

1938-39 crop year.1945-46 crop year.1946-47 crop year.1947-48 crop year.

Millionbushels

7821,1931,2101,310

2,1692,6582,7952,343

Thou-sand

bales *10,26412, 79613,59211,337

Millionpounds

1,5202,0202,1001,960

Millionbushels

93357494520

3324

13027

Thou-sand

bales *3,6294,2054,5973,228

Millionpounds

7 5407 6607 7307 520

Millionbushels

Millionbushels

689832709785

2,1362,6322,6642,315

Thou-sand

bales *5 6,635«8,591«8,9956 8,109

Millionpounds

« 9808 1,360«1,370«1,440

Poundsfood use

218209204203

Pounds8 24.88 29.88 30.75 27.2

8 7.589.68 9.58 9.8

11.940.839.7

1.5.9

4.71.2

35.432.933.828.5

35.532.734.826.5

1 Includes military civilian feeding programs in liberated and occupied areas, both from current procure-ment and from surplus stock.

2 Preliminary estimates based on reports for first 8 months and forecasts for balance of year.a Includes amounts used for animal feed, industrial raw materials, and seed, except in per capita column.If these amounts were excluded the percentages in the last column would be: 1939, 16.3; 1946, 42.2; 1947,49.9; 1948, 51.0.

* Thousands of "running" bales, equal to about 490 pounds net per bale. Exports include cotton textilesand yarns, on a raw cotton equivalent.

8 Estimated domestic distribution (i. e., 17. S. civilian plus U. S. military).6 Domestically produced tobacco on a farm-sales weight equivalent basis, and imported tobacco on anunstemmed-weight basis.7 Includes unmanufactured tobacco and an estimated farm-sales weight equivalent of the tobacco used inthe exports of manufactured tobacco products.

Source: Department of Agriculture.

n8


TABLE C-20.—Consumers'' price index, 1929-48

For moderate-income families in large cities

[1935-39=100]

Period Allitems

122.5

119.4108.797.692.495.7

98.199.1

102.7100.899.4

100.2105.2116.5123.6125.5

128.4139.3159.2171.2

155.4163.0

169.1173.7

133.3

153.3153.2156.3156.2156.0157.1158.4160.3163.8163.8164.9167.0

168.8167.5166.9169.3170.5171.7173.7174.5174.5173.6172.2

Food

132.5

126.0103.986.584.193.7

100.4101.3105.397.895.2

96.6105.5123.9138.0136.1

139.1159.6193.8210.7

187.0200.7

208.3213.5

145.6

183.8182.3189.5188.0187.6190.5193.1196.5203.5201.6202.7206.9

209.7204.7202.3207.9210.9214.1216.8216.6215.2211.5207.5

Ap-parel

115.3

112.7102.690.887.996.1

96.897.6

102.8102.2100.5

101.7106.3124.2129.7138.8

145.9160.2185.8197.7

183.4188.1

195.7200.2

157.2

179.0181.5184.3184.9185.0185.7184.7185.9187.6189.0190.2191.2

192.1195.1196.3196.4197.5196.9197.1199.7201.0201.6201.4

Kent

141.4

137.5130.3116.9100.794.4

94.296.4

100.9104.1104.3

104.6106.2108.5108.0108.2

108.3108.6111.2117.2

109.0113.4

116.4118.2

108.5

108.8108.9109.0109.0109.2109.2110.0111.2113.6114.9115.2115.4

115.9116.0116.3116.3116.7117.0117.3117.7118.5118.7118.8

Fuel,elec-

tricity,and re-frigera-

tion

112.5

111.4108.9103.4100.0101.4

100.7100.2100.299.999.0

99.7102.2105.4107.7109.8

110.3112.4121.1133.6

117.7124.6

130.8136.9

110.5

117.3117.5117.6118.4117.7117.7119.5123.8124.6125.2126.9127.8

129.5130.0130.3130.7131.8132.6134.8136.8137.3137.8137.9

Housefur-

nish-ings

111.7

108.998.085.484.292.8

94.896.3

104.3103.3101.3

100.5107.3122.2125.6136.4

145.8159.2184.4195.6

181.5187.4

193.9197.6

156.1

179.1180.8182.3182.5181.9182.6184.3184.2187.5187.8188.9191.4

192.3193.0194.9194.7193.6194.8195.9196.3198.1198.8198.7

Miscel-laneous


1930_1931193219331934 . . ._

1935193619371938.1939

1940... .-_1941194219431944

1945._-1946 _..194719481 ._

1947—First half....Second half..

1948—First half.. .Second half V

1946—June.

1947—JanuaryFebruary.MarchApril..May.JuneJulyAugustSeptemberOctober _NovemberDecember

1948—January _FebruaryMarchApril.. .MayJuneJulyAugustSeptemberOctoberNovember

104.6

105.1104.1101.798.497.9

98.198.7

101.0101.5100.7

101.1104.0110.9115.8121.3

124.1128.8139.9149.6

138.3141.6

147.0152.7

127.9

137.1137.4138.2139.2139.0139.1139.5139.8140.8141.8143.0144.4

146.4146.4146.2147.8147.5147.5150.8152.4152.7153.7153.9

* Estimates based on data available through November 1948.



TABLE C-21.— Wholesale price index, 1929-48

[1926=100]

Period

Other than farm products and foods

Average:1929

19301931193219331934

19351936193719381939

19401941..1942 _19431944

194519461947.19481

1947—First half.. .___Second half

1948—First half.. .Second half *

1946—June

1947—JanuaryFebruaryMarchAprilMay __.June .-JulyAugustSeptember- _OctoberNovemberDecember

1948—January.February -March..April -MayJuneJulyAugustSeptemberOctober...NovemberDecember1

95.3

86.473.064.865.974.9

80.080.886.378.677.1

78.687.398.8

103.1104.0

105.8121.1152.1164.9

146.7157.:

163.5166.4

112.9

142.0145.2150.0148.0147.147.150.6153.7157.4158.5159.6163.2

165.7160.9161.4162.8163.9166.2168.7169.5168.7165.163.9162.3

104.9

88.364.848.251.465.3

78.880.986.468.565.3

67.782.4

105.9122.6123.3

128.2148.9181.2188.4

174.7187.3

190.4186.4

140.1

165.0170.4182.6176.9175.4177.8181.4181.6186.4189.7187.9196.7

199.2185.3186.0186.7189.1196.0195.2191.0189.9183.5180.8178.0

90.574.661.060.570.5

83.782.185.573.670.4

71.382.799.6

106.6104.9

106.2130.7168.7179.1

161.8175.4

176.9181.:

112.9

156.6162.3167.9162.4159.6161.8167.1172.3179.2177.177.9178.4

179.9172.4173.8176.177.4181.4188.3189.5186.9178.174.3169.8

91.6

85.275.070.271.278.4

77.979.685.381.781.3

83.089.095.596.998.5

99.7109.5135.2150.6

131.0139.3

148.5152.8

105.6

128.4129.4131.7132.4132.3131.6133.5136.138.3140.1142.1145.5

148.3147.6147.148.7149.1149.5151.1153.1153.3153.1153.3152.9

109.1

100.086.172.9

89.695.4

104.692.895.6

100.8108.3117.7117.5116.7

118.1137.2182.4188.5

173.8191.1

190.1186.9

122.4

176.2174.1175.1172.1171.5173.8179.1182.8185.6193.1202.5203.4

200.3192.8185.4186.1188.4187.189.188.4187.5185.5186.184.4

90.4

80.366.354.964.872.9

70.971.576.366.769.7

73.884.896.997.498.4

100.1116.3141.7148.5

139.7143.6

149.5147.4

109.2

138.139.5140.5140.3139.9139.9140.5141.8142.4143.4145.148.0

148.4148.9149.8150.3150.149.6149.4148.9147.9146.9146.1145.4

83.0

78.567.570.366.373.3

73.576.277.676.573.1

71.776.278.580.883.0

84.090.1

108.7134.2

101.2115.8

131.5136.8

87.8

97.798.2

100.7103.2103.4104.0109.0112.6114.2116.1118.2124.6

130.0130.8130.9131.6132.6133.1135.7136.6136.7137.2137.3137.

100.5

92.184.580.279.886.9

86.487.095.795.794.4

95.899.4

103.1103.8103.8

104.7115.5145.0163.6

140.8149.1

156.4170.8

112.2

139.0139.141.1141.3141.9142.0143.1148.5150.1150.5150.8151.5

154.3155.3155.9157.157.1158.162.2170.9172.0172.4173.3173.8

95.4

79.271.477.086.2

85.386.795.290.390.5

94.8103.2110.2111.4115.5

117.8132.6179.7198.5

175.2183.8

194.6202.5

129.9

170.2174.8177.5178.1176.2174.1175.5179.6183.4185.8187.191.0

193.3192.193.1195.0196.4196.8199.9203.6204.0203.5202.9201.2

94.0

79.373.972.175.3

79.078.782.677.076.0

77.084.495.594.995.2

95.2101.4127.3134.5

128.5126.3

136.0132.9

96.4

128.3129.3132.2133.5127.1120.8118.8117.5122.3128.6135.8135.0

138.8134.6136.1136.134.135.8134.4132.0133.3134.4133.130.0

94.3

92.784.975.175.881.5

80.681.789.786.886.3

88.594.3

102.4102.7104.3

104.5111.6131.1144.4

128.7133.4

142.2146.6

110. <

126.5128.3129.0129.1129.5129.7129.8129.9131.3132.4137.5139.4

141.3141.8142.0142.3142.6143.2144.5145.4146.6147.4148.2147.5

82.6

77.769.864.462.569.7

68.370.577.873.374.8

77.382.089.792.293.6

94.7100.3115.5120.5

114.1116.6

121.6119.5

98.5

110.9111.7115.6116.1116.9113.5113.2113.1115.9117.1118.8121.5

123.6120.1120.8121.8121.5121.5120.3119. 7119.9119.0119.2118.7

i Estimates based on incomplete data.


120


TABLE C-22.—Indexes of prices received and prices paid by farmers and parity ratio, 1929-48


19301931193219331934

19351936193719381939

19401941194219431944

19451946 __19471948. . . .



1947—January.... *__FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember.

1948—JanuaryFebruaryMarch _ __ __April 9 ,MayJuneJulyAugustSeptemberOctoberNovemberDecember

Period Pricesreceived1

149

12890687290

1091141229795

100124159192195

202233278287

270286

291283

260262280276272271276276286289287301

307279283291289295301293290277271268

Prices paid(including

interestand taxes) *

167

160141124120129

130127133126124

125132150162169

172193231249

225238

249249

215221226229228230230234238239241245

251248247249250251251251250249247247

Parityratio»

89

8064556070

8490927777

8094

106119115

117121120115

120120

117114

121119124121119118120118120121119123

122112115117116118120117116111110109

i August 1909 to July 1914=100.a 1910-14=100.• Ratio of prices received to prices paid (including interest and taxes).

Source: Department of Agriculture.

121


TABLE C-23.—Consumer credit outstanding, 1929-48


End of periodTotal

consumercredit

Instalment credit

Total Automobilesale credit Other i

Chargeaccounts

Otherconsumer

credit a

1929

1930__1931...1932__1933._1934... _.

1935—1936... -.1937.—1938—.1939—

1940—1941..1942..1943—1944

1945.-1946-19471948 »

1947—JanuaryFebruary. _.MarchAprilMay _.JuneJulyAugustSeptember..OctoberNovember..December...

1948—JanuaryFebruary. _.MarchAprilM a y . .JuneJulyAugustSeptember..October *.__.November *.December 3.

7,628

6,8215,5184,0853,9124,389

5,434

7,4807,0477,969

9,1159,8626,4525,3105,747

10.10113,42616,100

9,9779,98010,34910,60810,91811, 22411,30411,44111,69812,07412,66313,426

13,12713,05313, 53913,76213,98614,32114,35414, 52214,81515.10215,31916,100

3,158

2,6882,2041,5181,5881,860

2,6223,5183,9603,5954,424

5,4175,8872,9221,9332,005

2,3253,9106,1878,200

3,9994,1154,2974,5104,7204,9095,0425,1805,3005,4805,7586,187

6,2216,2996,5556,7976,9937,1857,3697,5787,7747,8177,9178,200

1,318

928637322459576

9401,2891,384970

1,267

1,7291,942482175200

227544

1,1512,000

581631691753816880922965

1,0041,0471,0991,151

1,2021,2541,3671,4681,5361,6021,6891,7811,8581,8891,9362,000

1,840

1,7601,5671,1961,1291,284

1,6822,2292,5762,6253,157

3,9452,4401,7581,805

3,3665,0366,200

3,4183,4843,6063,7573,9044,0294,1204,2154,2964,4334,6595,036

5,0195,0455,1885,3295,4575,5835,6805,7975,9165,9285,981

1,749

,611,381,114,081,203

,292,419,459,487,544

,650,764,513,498,758

1,9813,0543,6124,000

2,7642,6022,7682,7822,8352,8872,7862,7552,8643,0293,3093,612

3,2403,0613,2753,2363,2453,3523,1853,1303,2273,4573,5574,000

2,721

2,522\ 933, 453[,243,326

,520,851

2,0611,9652,001

2,0482,2112,0171,8791,984

2,2923,1373,6273,900

3,2143,2633,2843,3163,3633,4283,4763,5063,5343,5653,5963,627

3,6663,6933,7093,7293,7483,7843,8003,8143,8143,8283,8453,900

1 Includes other sale credit and repair and modernization loans insured by Federal Housing Admin*istration.2 Includes single-payment loans of commercial banks, and pawnbrokers and service credit.

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

122


TABLE C-24.—Loans and investments of all commercial banks, 1929-48


End of month

1929—June 1

1930—June 11931—June 1

1932—June i1933—June1

1934—June1

1935—June»1936—December __1937—December1938—December1939—December

1940—December1941—December _1942—December1943—December1944—December

1945—December

1946—JuneDecember

1947—June.

1948—June -December2

Totalloans and

invest-ments

49.4

48.944.936.130.432.7

34 639 538.338 740.7

43 950.767.485 1

105.5

124.0

119.4114.0

112.8116.3

113.9114.2

Loans

35.7

34.529.221.816.315.7

14.916.417.116.417.2

18.821.719.219.121.6

26.1

27.131.1

33.738.1

39.942.3

Total

13.7

14.415.714.314.017.0

19 723.121.222 323.4

25.129.048.266.083.9

97.9

92.382.9

79.178.2

74.071.9

Investments

U. S. Gov-ernment

obligations

4.9

5.06.06.27.5

10.3

12.715.314.215.116.3

17.821.841.459.877.6

90.6

84.574.8

70.569.2

64.862.8

Othersecurities

8.7

9.49.78.16.56.7

7.07.87.17.27.1

7.47.26.86.16.3

7.3

7.88.1

8.59.0

9.29.1

1 Complete end-of-year figures are not available for years prior to 1936.2 Estimates by Council of Economic Advisers.

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

123


TABLE C-25.—Adjusted deposits of all banks and currency outside banks, 1929-48


End of period

1929

1930 „193119321933. . . . .1934

1935 . . . . . .1936193719381939

19401941194219431944

1945

1946—June

1947—JuneDecember _ - - -

1948-—JuneDecember4 .

Totaldepositsadjustedand cur-

rency out-side banks

54.7

53.648.345.442.548.0

62.257.456.659.064.1

70.878.299.7

122.8151.0

175.4

171.2167.1

165.5171.4

167.9170.1

U. S. Gov-ernmentdeposits l

0.2

.3

.5

.51.01.7

.91.0.8.9.8

,81.98.4

10.420.8

24.6

13.43.1

1.41.5

2.22.1

Other deposits and currency outside banks

Total

54.6

53.247.944.941.546.3

51.356.455.858.163.3

70.076.391.3

112.4130.2

150.8

157.8164.0

164.1170.0

165.7168.0

Demanddeposits

adjusted2

22.8

21.017.415.715.018.5

22.125.524.026.029.8

34.939.048.960.866.9

75.9

79.583.3

82.187.1

82.784.7

Timedeposits3

28.2

28.726.024.521.723.2

24.225.426.226.327.1

27.727.728.432.739.8

48.5

51.854.0

55.756.4

57.457.4

Currencyoutsidebanks

3.6

3.64.54.74.84.7

4.95.55.65.86.4

7.39.6

13.918.823.5

26.5

26.526.7

26.326.5

25.625.9

1 Beginning with December 1938, includes U. S. Treasurer's time deposits, open account.2 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of

collection.8 Includes deposits in commercial banks, mutual savings banks, and Postal Savings System.* Estimates by Council of Economic Advisers.

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

124


TABLE C-26.—Estimated ownership of Federal securities, 1939-48

[Billions of dollars—par values *]

End of period

1939—December1940—December1941—December. . . .1942—December1493—December _1944—December1945—D ecember1946—D ecember _1947—December1948—June

December 6__

Gross debt and guaranteed obligations outstanding

Total

47.650.964.3

112.5170.1232.1278.7259.5257.0252.4252.9

Held byU.S.

Govern-ment

agenciesand trust

funds

6.57.69.5

12.216.921.727.030.934.435.737.3

Held by public

Total

41.143.354.7

100.2153.2210.5251.6228.6222.6216.6215.6

Stateand localgovern-ments 2

0.4.5.7

1.02.14.36.5

* 6.37.37.88.0

Com-mercialbanks 3

15.917.321.441.159.977.790.874.568.764.662.8

FederalReservebanks

2.52.22.36.2

11.518.824.323.322.621.423.3

Nonbankprivatecorpora-

tionsand

associa-tions 4

12.012.516.327.441.256.165.359.557.555.953.9

Indi-viduals*

10.410.914.124.538.453.564.864.966.667.067.6

i United States savings bonds, Series A-D, E, and F, are included at current redemption values.* Includes trust, sinking, and investment funds of State and local governments and their agencies, and

Territories and insular possessions.8 Includes commercial banks, trust companies, and stock savings banks in the United States and in Ter-

ritories and insular possessions. Figures exclude securities held in trust departments.* Includes insurance companies, mutual savings banks, savings and loan associations, dealers and brokers

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

* Includes partnerships and personal trust accounts.fi Estimates by Council of Economic Advisers.

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

125


T A B L E G-27.—Bond yields, long and short term interest rates and commercial loan rates,selected years, 1929-48

[Percent per annum]

Period

U. S. Government securityyields

9-12monthcertifi-cates of

indebted-ness l

Bonds

Long-term par-tially tax-exempt 2

15 yearsand over,taxable

High grade cor-porate bond

yields(Moody's)

Aaabonds

Baabonds

Averageof rateschargedcustom-ers by

banks inprincipal

Bankersaccept-ances 90days—NewYork

FederalReserve

Bankdiscountr a t e -NewYork

1929 average..1933 average..1935 average..1937 average.1939 average..

1941 average.1943 average.1945 average.1946 average.1947 average.

3.603.311.79

1948 average 8

1947—First quarterSecond quarter. __Third quarterFourth quarter...

1948—First quarterSecond quarter. __Third quarterFourth quarter 5_.

0.75.81.82

1.14

.84

.84

.861.00

1.091.091.141.22

2.742.41

5.051.981.66

2.472.372.192.25

2.44

2.202.202.242.34

2.452.422.452.44

4.734.493.603.273.01

2.772.732.622.532.61

2.82

2.562.542.572.78

2.852.772.832.83

5.907.765.755.034.96

4.333.913.293.053.24

3.47

3.133.183.193.44

3.533.403.423.52

5.834.272.932.592.78

2.542.722.392.342.28

2.61

2.312.382.212.22

2.462.592.702.70

5.03.63.13.43.44

.44

.44

.44

.61

.87

1.11

.81

.81

.88

.97

1.061.061.131.19

5.162.561.501.001.00

1.00U.OOU.008 1.00

1.00

1.34

1.001.001.001.00

1.221.251.381.50

1 Tax-exempt prior to Mar. 1,1941; taxable thereafter.a Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 8 years,

rom 1919 to 1925; after 12 years, from 1926 to 1934; and after 15 years, from 1935.3 From October 30,1942 to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances

secured by Government securities maturing in one year or less.* No partially tax-exempt bonds due or callable in 15 years.« Estimates by Council of Economic Advisers.

Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the FederalReserve System (except as noted).

126


TABLE C-28.—Profits before and after taxes, all private corporations, 1929-48


PeriodCorporate

profitsbeforetaxes

Corporatetax lia-bility i

Corporate profits after taxes

Total Dividendpayments

Undis-tributedprofits

1929..

1930-1931..1932..1933..1934..

1935..1936..1937..1938..1939..

1940..1941..1942-.1943..1944..

1945..1946..1947..1948 3.


1948—First halfSecond half 3_

1947—First quarterSecond quarter..Third quarter...Fourth quarter..

1948—First quarterSecond quarter...Third quarterFourth quarter 3_.

9.8

3.3- . 8

-3 .0.2

1.7

3.25.76.23.36.5

9.317.221.124.524.3

20.421.829.834.0

1.4

.8

.5

.4

.5

.7

1.01.41.51.01.5

2.97.8

11.714.213.5

11.69.0

11.713.2

8.4

2.5- 1 . 3-3 .4- . 41.0

2.34.34.72.35.0

6.49.49.4

10.410.8

8.712.818.120.8

5.8

5.54.12.62.12.6

2.94.64.73.2

4.04.54.34.54.7

4.75.66.97.6


28.930.8

32.435.5

28.928.829.132.4

31.433.435.535.5

11.412.1

12.613.8

11.411.311.412.7

12.213.013.813.8

17.518.7

19.821.7

17.517.517.719.7

19.220.421.721.7

6.67.0

7.37.9

6.46.76.97.1

7.37.37.78.1

2.6

- 3 . 0- 5 . 4- 6 . 0- 2 . 4- 1 . 6

- . 6- . 3

(2)- . 91.2

2.44.95.15.96.1

4.07.2

11.213.2

10.911.7

12.513.8

11.110.810.812.6

11.913.114.013.6

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



127


TABLE C-29.—Profits after taxes, 629 large private industrial corporations, by industry groups,1939-48 i


Period

Manufacturing and mining

t m 3

Number of companies

1939

194019411942..19431944.

19451946..1947 _._.

629 47 69 15 77 75 49 45 30 80 74

1,465

1,8182,1631,7691,8001,896

1,9652,5523,671

146

278325226204194

189282437

115

158193159165174

164171334

223

242274209201222

241131417

102

173227182180190

207129205

119

133153138128115

109135198

70

881139083

90163

151

148159151162175

199357354

98

112174152186220

224281480

186

194207164170187

187275345

134

160187136149147

155302370

122

132152161171184

202324293

Totals for period, not adjusted for seasonal variation


1948—First half—.Second half..

966

1,065

1947—First quarterSecond quarter.„__Third quarterFourth quarter

1948—First quarterSecond quarterThird quarter. . .

871866900

1,033

1,0231,1011,178

113106

115

126100100112

114110150

90

708377

105

100109

140

94105103115

129151163

66 50

81

6485

108

778691

100140

193

110121160

192194186

878188

9198

103

100

929390

101100107

6780

67

63718080

577780

1 Profits after Federal and State income and excess-profits taxes.2 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amuse-

ment industry, 21 in shipping and transportation other than railroads (largely air lines), and 11 companiesfurnishing scattered types of service.

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

TABLE C-30.—Relation of profits before and after taxes to sales, private corporations, excludingfinance, insurance, and real estate, 7946-48

Period

Profits before taxes as per-cent of sales:

194619471948—First quarter

Second quarterThird quarter 2... _

Profits after taxes as percentof sales:

194619471948—First quarter.

Second quarterThird quarter«. . .

Private corporations, excluding finance, insurance, and real estate

Total

7.98.68.68.99.2

4.65.25.25.45.6

Mining

11.514.916.016.316.9

8.210.511.211.411.8

Manufacturing

Total

8.710.310.210.511.1

5.16.26.26.46.8

Metalindus-tries

5.811.111.011.212.7

2.96.66.56.77.5

Othermanu-factur-

ing

10.09.99.8

10.210.2

6.06.16.16.36.3

Whole-saleand

retailtrade

5.64.85.04.84.5

3.32.82.92.92.7

Trans-porta-tion

6.07.24.78.9

11.4

2.54.22.85.36.9

Com-muni-cations

andpublicutilities

18.515.716.715.213.6

11.29.6

10.29.38.3

Allotherindus-tries i

9.08.37.58.07.9

5.34.94.44.84.7

i Includes agriculture, forestry and fisheries, contract construction, and services.s Estimates based on incomplete data.Source: Department of Commerce.

128


TABLE C-31.—Relation of profits before and after taxes to investment) private manufacturingcorporations, by industry groups, 1947—48

Industry group

All private manufacturing corporations.

FoodTobacco manufacturesTextile mill products. _Apparel and finished textiles __Lumber and wood products..

Furniture and fixtures.Paper and allied productsPrinting and publishing (except newspapers)Chemicals and allied products..Products of petroleum and coal__

Rubber productsLeather and leather productsStone, clay, and glass products..Primary nonferrous metal industriesPrimary iron and steel industries

Fabricated metal productsMachinery (except electrical and transportation)Electrical machineryTransportation equipment (except motor vehicles)Motor vehicles and parts

Instruments; photographic and optical goods; watchesand clocks.-

Miscellaneous manufacturing (including ordnance)

All private manufacturing corporations..

FoodTobacco manufacturesTextile mill productsApparel and finished textilesLumber and wood products.

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

Rubber products _.Leather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries -Primary iron and steel industries

Fabricated metal products.Machinery (except electrical and transportation).Electrical machinery..Transportation equipment (except motor vehicles)Motor vehicles and parts

Instruments; photographic and optical goods; watchesand clocks.._ _.


Ratio of profits (annual rate) to stockholders'equity

Before Federal taxes

24.7

29.516.230.631.4

28.933.828.825.118.8

24.223.822.719.319.2

28.025.830.54.8

28.2

22.624.3

15.1

17.49.8

18.418.522.0

17.320.817.415.514.0

12.213.813.711.611.7

17.015.418.4

.415.8

14.114.0

26.8

18.416.039.231.638.8

32.831.225.627.632.8

20.020.018.421.620.8

28.028.828.812.030.8

19.621.2

25.2

22.018.034.017.6

28.828.026.422.827.6

23.617.226.021.620.4

26.028.026.814.429.6

22.418.4

After Federal taxes

16.8

10.810.024.018.824.8

19.619.215.617.223.2

11.212.011.214.012.8

17.217.616.86.8

17.6

12.412.4

16.0

13.611.620.810.420.8

17.617.216.014.020.0

13.610.416.413.612.8

16.417.215.68.4

17.6

13.610.4

25.2

24.028.026.823.630.8

24.826.025.224.0

20.820.027.621.224.0

28.024.822.811.636.4

21.623.6

16.0

14.817.616.014.419.2

13.615.216.816.018.0

12.011.617.213.614.8

17.214.814.06.8

21.2

13.214.8

Sources: Federal Trade Commission and Securities and Exchange Commission.

129


TABLE C—32.—Relation of profits before and after taxes to sales, private manufacturing corpora'tions, bjy industry groups, 7947—48

Industry group

Profits in cents per dollar of sales

1947 total

1948

Firstquarter

Secondquarter

Thirdquarter

All private manufacturing corporations

Food _ _Tobacco manufactures _-.Textile mill productsApparel and finished textilesLumber and wood products

Furniture and fixtures.-Paper and allied productsPrinting and publishing (except newspapers)Chemicals and allied productsProducts of petroleum and coal

Rubber products.. - . -_Leather and leather products _Stone, clay, and glass products.Primary nonferrous metal industriesPrimary iron and steel industries

Fabricated metal productsMachinery (except electrical and transportation)Electrical machineryTransportation equipment (except motor vehicles)Motor vehicles and parts

Instruments; photographic and optical goods; watchesand clocks


All private manufacturing corporations..

Food -Tobacco manufacturesTextile mill productsApparel and finished textiles _Lumber and wood products._

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

Rubber productsLeather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries..Primary iron and steel industries

Fabricated metal productsMachinery (except electrical and transportation)Electrical machinery _Transportation equipment (except motor vehicles)Motor vehicles and parts

Instruments; photographic and optical goods; watchesand clocks.. _



11.0

7.16.7

13.77.8

18.1

10.117.410.114.214.6

8.77.4

13.114.610.9

12.112.110.42.8

10.7

12.510.8

11.5

5.06.6

15.17.6

19.4

11.215.99.1

15.119.1

7.75.9

11.014.611.3

12.012.610.46.9

11.1

12.19.5

11.1

5.66.6

14.74.8

16.1

9.914.69.4

12.818.8

8.85.7

14.913.311.0

11.412.110.37.3

10.7

12.78.8

After Federal taxes

6.7

4.24.18.24.6

11.4

6.010.76.18.7

10.9

4.44.37.98.86.6

7.47.26.3.3

6.0

7.86.2

7.2

2.94.19.24.5

12.3

6.79.75.69.4

13.5

4.33.56.69.46.9

7.37.76.13.86.4

7.55.5

7.0

3.44.29.02.8

10.3

6.08.95.77.9

13.6

5.13.49.38.46.7

7.17.46.04.46.4

7.74.9

11.0

6.19.7

12.85.8

15.1

8.312.89.4

14.516.4

7.86.2

15.512.612.5

11.411.59.05.3

12.5

12.310.4

6.9

3.76.17.73.69.5

4.87.86.19.2

12.2

4.53.79.68.17.7

7.06.95.53.07.3

7.66.4

Sources: Federal Tra.de Commission and Securities and Exchange Commission.

I 3 Q


TABLE C-33.—Relation of profits before and after taxes to investment and to sales, all privatemanufacturing corporations, by sizje classes, 1947-48

Assets class (thousandsof dollars)

All sizes. _

1 to 249250 to 9991,000 to 4,9995,000 to 99,999100,000 and over __

All sizes. _

1 to 249250 to 9991,000 to 4.9995,000 to 99,999100,000 and over


1947total

1948

Firstquarter

Secondquarter

Thirdquarter

After Federal taxes

1947total

1948

Firstquarter

Secondquarter

Thirdquarter

Katio of profits (annual rate) to stockholders' equity

24.7

24.429.230.627.320.3

26.8

14.428.028.027.226.8

25.2

21.627.626.426.823.6

25.2

23.223.225.225.626.4

15.1

14.816.918.216.512.9

16.8

7.216.416.416.417.2

16.0

13.617.216.016.415.2

16.0

15.214.015.215.617.2

Profits in cents per dollar of sales

11.0

6.58.8

10.711.911.4

11.5

4.08.4

10.011.613.5

11.1

5.68.59.5

11.512.5

11.0

5.87.39.2

11.112.8

6.7

3.95.16.37.27.2

7.2

2.04.96.07.18.7

7.0

3.65.35.87.18.1

6.9

3.84.45.66.88.3

Sources: Federal Trade Commission and Securities and Exchange Commission.

TABLE C-34.—Sources and uses of corporate funds, 1947-48*


Use or source of funds

Uses:Plant and equipment outlaysInventories (increase in book value)Increase in customer financing _Net repayment of RFC loans _- _Other net uses

Total uses of funds....

Sources:Internal sources:

Funds retained from operations:Depreciation reservesRetained net earnings and depletion allowances--

Reduction in cash and XT. S. Government securitiesExternal sources:

Increase in bank loans:Short-term _Long-term

Increase in mortgage loansNew security issues:

Bonds _ _ _ _Stocks

Increase in liability for Federal income tax_Increase in trade debt

Other net sources

Total sources of funds

Discrepancy (sources less uses) __

1947

15.07.25.9.2

0

28.3

4.510.6

.3

1.61.3.8

3.11.32.42.4.8

29.1

.8

1948 *

17.15.53.3

26.3

4.912,5

.2

.4

.4

.8

4.81.11.2.6

0

26.9

.6

i Excludes banks and insurance companies.3 Estimates based on incomplete data.s Net increase (less than 50 million dollars) of such loans.

Sources: Department of Commerce estimates based on Securities and Exchange Commission and otherfinancial data.


TABLE C-35.—The international transactions of the United States, 1946-48


Item

Exports of goods and services:Recorded goods *Other goods8

Total goodsServices _ -_ _Income on investments

Total exports

Imports of goods and services:Recorded goodsOther goods 3

Total goods -ServicesIncome on investments

Total imports.-

Surplus of exports of goods and services:Recorded goods. _ _Other goods

Total goodsServicesIncome on investments

Total surplus of exports

Means of financing surplus of exports of goodsand services:

Net liquidation of gold and dollar assetsby foreign countries

Net dollar disbursements by:International Monetary FundInternational Bank

Net U. S. private capital outflow to for-eign countries

Net U. S Government loansNet U. S. Government unilateral trans-

fersNet private unilateral transfers

Total means of financingErrors and omissions

1946

10,1881,686

11,8742,272

820

14,966

4,908260

5,1681,783

216

7,167

5,2801,426

6,706489604

7,779

1,968

3352,774

2,279598

7,954-155

1947

Total

15,339717

16,0562,6111,074

19,741

5,733338

6,0712,165

227

8,463

9,606379

9,985446847

11, 278

4,514

464297

7273,900

1,812568

12,282-1,004

Firsthalf

7,961301

8,2621,376

455

10,093

2,861208

3,069996106

4,171

5,10093

5,193380349

5,922

2,341

5692

5082,392

901264

6,554-632

Secondhalf

7,378416

7,7941,235

619

9,648

2,872130

3,0021,169

121

4,292

4,506286

4,79266

498

5,356

2,173

408205

2191,508

911304

5,728-372

Total i

12,495810

13,3052,1891,282

16,776

6,902615

7,5172,467

269

10,253

5,593195

5,788-2781,013

6,523

1,129

170206

905402

4,164598

7,574-1,051

1948

Firsthalf

6,558489

7,0471,082

536

8,665

3,487324

3,8111,164

112

5,087

3,071165

3,236- 8 2424

3,578

920

154170

446547

1,602319

4,158-580

Secondhalfi

5,937321

6,2581,107

746

8,111

3,415291

3,7061,303

157

5,166

2,52230

2,552-196

589

2,945

209

1636

459-145

2,562279

3,416-471

1 Estimates based on incomplete data.2 Figures for recorded exports of goods in 1946 and 1947 have been adjusted to include goods shipped to

United States armed forces abroad for distribution to civilians in occupied areas in order to make themcomparable with figures for 1948. Such shipments are included in exports as recorded by the Bureau ofthe Census in 1948 but were not so included in prior years.

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

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

132


TABLE C-36.—United States Government aid to foreign countries, 1946-48


Type of aid

A. Unilateral payments:Straight lend-leaseUNRRAPost-UNRRACivilian supplies for occupied

areasTransfers to PhilippinesChinese aid _ _ __Greek-Turkish aid.International Refugee Organiza-

tions-Interim aid. _European Recovery ProgramOther —

Total unilateral paymentsLess: Unilateral receipts. _

Ejq u a 1 s: Net unilateral pay-ments

B. Long-term loans and investments:Lend-lease creditsSurplus property including ship

sales - - . . .Export-Import BankUnited Kingdom loanInvestment in International

Bank ._ ._ -Investment in International

Monetary FundEuropean Recovery ProgramOther

Total, long-term loans and in-vestments

Less: Repayments _ _

Equals: Net long-term loansand investments, includingInternational Bank and In-ternational Fund

Less: Investments in InternationalBank and International Fund

Equals: Net long-term loansand investments, excludingInternational Bank and In-ternational Fund

C. Short-term loans (net)

Net unilateral payments and loansand investments, excluding Inter-national Bank and InternationalFund (A+ B-f- C)

1946total

2091,524

5396015

170

2,517238

2,279

600

841945600

317

5

12

3,32090

3,230

322

2,908

-134

5,053

1947

Firstquar-

ter

285

21918

101

623179

444

96280500

159

2,715

28

3,80851

3,757

2,904

853

1

1,298

Secondquar-

ter

2092

24020

113

584127

457

60249950

159

49

1,46734

1,433

159

1,274

264

1,995

Thirdquar-

ter

4998

30638

38

15

33

57785

492

1

5361

1,300

1

1,41640

1,376

1,376

-175

1,693

Fourthquar-

ter

145

21520

36

212

58

48869

419

1

65206100

2

37449

325

325

-18

726

1948

Firstquar-

ter

56

34111

91

33301

45

87871

807

177170300

5

65252

600

600

-89

1,318

Secondquar-

ter

21

287231

95

2119720443

89297

795

44145

4

19232

161

161

-125

831

Thirdquar-

ter

12

4004577

105

1262

56443

1,32078

1,242

1370

6

89212

-123

-123

-32

1,087

Fourthquar-ter i

(2)

888(2)(2)1,420

100

1,320

(2)

8

(2)(2)7040

30

30

-20

1,330

i Estimates based on incomplete data.»Not available.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

133


TABLE G-37.—United States merchandise exports, including reexports, by areas, 1936-38 quarterlyaverage, 1947 and 1948

Period

Totalexports,includ-

ingreex-ports

Canada

OtherWes-tern

Hemi-sphere

E R Pcoun-tries *

OtherEurope Asia*

Aus-traliaand

OceaniaAfrica

Millions of dollars

Quarterly average:1936-3819471948 *

1947—First quarterSecond quarter..Third quarter. _.Fourth quarter..

1948—First quarterSecond quarter..Third quarter. . .Fourth quarter *

Quarterly average:1936-381947-

1947—First quarter...Second quarter.Third quarter..Fourth quarter.

1948—First quarter..,Second quarter.Third quarter.

7423,8353,124

3,7754,1863,716

3,3193,2382,9373,000

11351900471572509522

425494484(3)

1381,027(3)

1,0061,089952

1,063

914902736(3)

2821,323(3)

1,3681,4401,3241,160

1,1431,062968(3)

31118(3)

1331628692

843338

09

12256209550618547532

51350748609

2380

0964749786

423430

09

Percentage of total

100100

88

88

88

8

15.313.5

12.513.713.714.3

12.815.216.5

18.626.8

26.626.025.629.0

27.527.8

, 25.1

38.134.5

36.234.435.631.7

34.432.833.0

4.23.1

3.53.92.32.5

2.51.01.3

16.414.7

14.614.814.714.5

15.515.716.5

3.12.1

1.71.82.62.3

1.31.01.0

32205

09183230202206

197207195

09

4.35.4

4.85.55.45.6

6.06.46.6

Exports to Germany in the postwari Turkey is included with E R P countries and excluded from Asia.period relate almost wholly to exports to the three Western zones.

* Estimate based on incomplete data.»Not available.

NOTE.—Data in this table cover all merchandise, includmg reexports, shipped from the United Statescustoms area to foreign countries including, in 1947 and 1948, goods destined to United States armed forcesatjroad for distribution in occupied areas as civilian supplies.

Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

134


TABLE G-38.—United States domestic merchandise exports, by economic classes, 1936-38 quarterlyaverage, 1947 and 1948

Period

Quarterly average:1936-38194719481

1947—First quarterSecond quarterThird quarterFourth quarter

1948—First quarterSecond quarterThird quarterFourth quarter *

Quarterly average:1936-38-1947

1947—First quarter..Second quarter__Third quarterFourth quarter

1948—First quarterSecond quarter___Third quarter. . . .

Totaldomesticexports

Crudematerials

Crudefoodstuffs

Manufac-tured food-

stuffsSemimanu-

facturesFinishedmanufac-

tures

Millions of dollars

7313,7903,094

3,7134,1403,6833,624

3,2883,2072,9092,970

167400

(2)

430431352389

329328374

(2)

34336

<2)

319333369324

322246360

(2)

42439

(2)

455490436376

344371308

(2)

130446

00

384485478438

381357314

(J)

3582,168

2,1242,4022,0492,097

1,9121,9051,552

<2)

Percentage of total

100100

100100100100

100100100

22.810.6

11.610.49.6

10.7

10.010.212.9

4.78.9

8.68.0

10.08.9

9.87.7

12.4

5.711.6

12.311.811.810.4

10.511.610.6

17.811.8

10.311.713.012.1

11.611.110.8

49.057.2

67.258J355.657.9

58.259.463.4

1 Estimate based on incomplete data.2 Not available.NOTE.—Data in this table cover all domestic merchandise shipped from the United States customs area

to foreign countries including, in 1947 and 1948, goods destined to United States armed forces abroad fordistribution in occupied areas as civilian supplies.



TABLE C-39.—Indexes of quantity and unit value of United States domestic merchandiseexports, by economic classes, 1936-38 quarterly average, 1947 and 1948

Period

Quarterly average:1936-3819471948 i .

1947—First quarterSecond quarter __Third quarter.. _Fourth quarter__

1948—First quarterSecond quarter^.Third quarter



1948—First quarterSecond quarterThird quarter

Totaldomesticexports

[1936-38=

Crudematerials

100]

Crudefoodstuffs

Manufac-tured

foodstuffsSemiman-ufactures

Finishedmanufac-

tures

Quantity indexes

100275211

281299260249

220217197

10012391

130127101110

8786

100

100397333

421414426334

324266409

100478353

497523480388

355388316

100203146

189221213191

160149130

100332258

341367303307

275275225

Unit value indexes

100188203

181189194199

204202202

100196227

197203208210

227229224

100247272

221235252283

290269267

100218230

217222215229

230227232

100169186

157169173177

184185187

100182194

174183189191

194194193

i Average of three quarters.

NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changesinaverage prices has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions are reported in official foreign trade statistics, including change in averageprices that result from changes in the commodity composition of trade. The indexes for 1947 and 1948 arebased on data which include goods destined to the United States armed forces abroad for distribution tocivilians in occupied areas.

Source: Department of Commerce.

x36


TABLE G—40.—United States general merchandise imports, by areas, 1936—38 quarterly average,1947 and 1948

Totalgeneralimports

CanadaOther

WesternHemi-sphere

E R Pcoun-tries i

OtherEurope Asia i

Australiaand

OceaniaAfrica

Millions of dollars

Quarterly average:1936-3819471948 2

1947—First quarter. . . .Second quarter..Third quarter.. .Fourth quarter..

1948—First quarterSecond quarter..Third quarter.. .Fourth quarter3.

6221,4331,726

1,4121,4491,3231,549

1,7941,6931,7151,700

86274(3)

244268269314

328355410(3)

145571

09561591527606

700623577

(3)

152174(3)

173165160197

230223228(3)

3045

(3)

37425647

454949

(3)

183248(3)

281255202254

326316296(3)

1039

0947542530

483448

09

Percentage of total

Quarterly average:193648...._.1947....

1947—First quarter-..Second quarter.Third quarter..Fourth quarter.

1948—First quarter...Second quarter.Third quarter..

100100

100100100100

100100100

13.819.1

17.318.520.320.3

18.321.023.9

23.339.8

39.740.839.839.1

39.036.833.6

24.412.1

12.311.412.112.7

12.813.213.3

4.83.1

2.62.94.23.0

2.52.92.9

29.417.3

19.917.615.316.4

18.218.717.3

1.62.7

3.33.71.91.9

2.72.02.8

1782

7483101

11694107

09

2.75.7

4.95.16.36.5

6.55.66.2

1 Turkey is included with ERP countries and excluded from Asia. Imports from Germany in the post-war period relate almost wholly to imports from the three Western zones.

2 Estimate based on incomplete data.8 Not available.NOTE.—Data in this table cover all merchandise received in the United States customs area from foreign

countries. General imports include merchandise entered immediately upon arrival into merchandisingchannels, plus entries into bonded customs warehouses.


137


TABLE C-41.—United States merchandise imports for consumption, by economic classes, 7936-38quarterly average, 7947 and 7948

Period


1947—First quar ter . .Second quarterThird quar ter . .Fourth quarter

1948—First quarter. _Second quarter. _Third quarter. _Fourth quarter1



1948—First quarterSecond quarterThird quarter

Total im-ports for

consump-tion

Crude ma-terials

Crude food-stuffs

Manufac-tured food-

stuffsSemi-manu-

facturesFinishedmanufac

tures

Millions of dollars

6151,4111,716

1,3951,4091,3221,516

1,7691,6651,7401,690

190436

460453389440

571494530

85254

288227201300

346287271

95164

134182169171

161180199

126311

281312310342

396385418

120246

231236254262

295319322

Percentage of total

100100

100100100100

100100100

30.930.9

33.032.229.429.0

32.329.730.5

13.818.0

20.616.115.219.8

19.617.215.6

15.411.6

9.612.912.811.3

9.110.811.4

20.522.0

20.122.123.422.6

22.423.124.0

19.517.4

16.616.719.217.3

16.719.218.5

1 Estimate based on incomplete data.* Not available.

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



138


TABLE C—42.—Indexes of quantity and unit value of United States merchandise imports forconsumption, by economic classes, 7936—38 quarterly average, 7947 and 7948

[1936-38=100]

Period

Quarterly average:1936-38 _194719481

1947—First quarter __Second quarterThird quarter.Fourth quarter

1948—First quarter.Second quarterThird quarter.


1947—First quarter.Second quarter _Third quarter. _ _Fourth quarter

1948—First quarterSecond quarter. _Third quarter

Total im-ports for

consump-tion

Crude ma-terials

Crude food-stuffs

Manufac-tured food-

stuffsSemiman-ufactures

Finishedmanufac-

tures

Quantity indexes

100109121

113107102115

126117120

100130142

138133120135

156132138

10096

103

1168578

107

11810091

1008390

73878687

818999

100130148

126129126140

153142150

1008498

86808386

93100102

Unit value indexes

100211232

201214211215

228232236

100176197

175179170172

193196203

100311343

293314302330

343338349

100208212

195220208206

210215212

100191214

177193196194

206215221

100245266

226245256255

266268265

i Average of three quarters.

NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changesin average prices has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions are reported in official foreign trade statistics, including changes in averageprices that result from changes in the commodity composition of trade.


T A B L E C—43.—Changes in selected economic series since 7939 and 7947

Source:Appendix

tablenumber

Economic series1939=100

1946

232218294522235

247245

245227437

210146

1091041211308724

1947

256244333989214

279267

269247326

225140

1111091271388623

1948

280262431200269

309288

291271504

242141

1131111301428322

Percentchanges,1947 to

1948

+9.4+7.4

+29.4-79.8+25.7

+10.8+7.9

+8.2+9.7

+54.6

+ #

+1.8+1.8+2.4+2.9- 3 . 5- 4 . 3

Gross national productPersonal consumption expendituresGross private domestic investmentNet foreign investmentGovernment purchases of goods and services

National incomeCompensation of employees

Personal incomeDisposable personal incomePersonal net saving

Per capita disposable personal income:Current dollars _1947 dollars ._.

Labor force, including armed forces..Civilian labor force.

Employment..Nonagricultural.. _Agricultural

Unemployment


TABLE C-43.—Changes in selected economic series since 1939 and 1947—Continued

Source:Appendix

tablenumber

12

13

14

20

21

22

23

Economic series

Average gross weekly earnings:ManufacturingBituminous coal miningPrivate building construction.—Retail trade

Physical production of goods and utilities: totalAgricultureNonagriculture

Industrial production index: total __.Durable manufacturesNondurable manufacturesMinerals

New construction: total _Private

Residential - _ _.Nonresidential _ _ __,Public utility and farm. _

Public _ -—

Business expenditures for new plant and equipment

Inventories:ManufacturingWholesale-—Retail.. _ _ _

Sales:ManufacturingWholesale ._Retail

Consumers' price index: All itemsFoodsApparelRent ._

Wholesale price index: All commodities. __.Farm products _FoodsOther than farm products and foods

Prices received by farmersPrices paid by farmers (including interest and taxes).Parity ratio

Consumer credit outstanding, end of period

Corporate profits:Profits before taxesProfits after taxes—

Dividend paymentsUndistributed profits

Merchandise exports, including reexports2

General merchandise imports 3_._

1939=100

1946

183243185154

152126158

156176151126

166217151426190

232

203182201

235245240

140168159104

157228186135

245156157

127

335256147600

197

1947

206280208173

164122173

172202158141

222286249399276123

311

243236235

307292281

160204185107

197277240166

293186157

168

458362182

517

1948

223302229190

171133179

176206162146

280358330461334161

362

172221197112

214286254185

302201149

202

523416200

1,100

421

277

Percentchanges,1947 to

1948

+8.3+7.9

+10.1+9.8

+4.3+9.0+3.5

+2.3+2.0+2.5+3.5

+26.1+25.2+32.5+15.5+21.0+30.9

+16.4

+7.5+8.3+6.5+4.7

+8.6+3.2+5.8

+11.4

+3.1+8.1-5.1

+20.2

+14.2+14.9+9.9

+17.9

-18.6

+20.4

i Not available.a 1936-38 average=100.Sources: Appendix C, tables as indicated above. Data have been converted to the base 1939—100.

U. 5. GOVERNMENT PRINTING OFFICE: 1949

For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. O.Price 45 cents

I4O
