erp appendixes jan 1950 3

Appendix CStatistical Tables Relating to Employment,

Production, and Purchasing PowerCONTENTS

National income or expenditure: PageC - l . Gross national product or expenditure, 1929-49 149C-2. Personal consumption expenditures, 1929-49 150C-3 . Gross private domestic investment, 1929-49 151C-4. National income by distributive shares, 1929-49 152C-5. Personal income, 1929-49 153C-6. Relation of national income and personal income, 1929—49 . . . . 154C-7. Disposition of personal income, 1929-49 155C-8. Per capita disposable income in current and 1948 dollars, 1929-49 . . 156

Employment and wages:C-9. Labor force, employment, and unemployment, 1929-49 157

C-10. Number of wage and salary workers in nonagricultural establish-ments, 1929-49 158

C - l l . Average gross weekly earnings in selected industries, 1929-49 . . . 159C- l2 . Average hourly earnings in selected industries, 1929-49 160C- l 3. Average weekly hours in selected industries, 1929-49 161

Production and business activity:C-l 4. Physical production index of goods and selected services, 1929—49. . 162C-15. Industrial production, 1929-49 163C-l 6. New construction activity, 1929-49 164C- l7 . Business expenditures for new plant and equipment, 1929-50 . . . 165G—18. Inventories and sales in manufacturing and trade, 1939—49 166C- l9 . Manufacturers' inventories by stage of fabrication and as ratios to

sales, 1946-49 167C—20. Sales, stocks, and outstanding orders at 296 department stores,

1939-49 168Prices:

C-21. Consumers'price index, 1929-49 169C-22. Wholesale price index, 1929-49 170C—23. Indexes of prices received and prices paid by farmers and parity

ratio, 1929-49 171Money, banking, and credit:

C-24. Consumer credit outstanding, 1929-49 172C-25. Loans and investments of all commercial banks and weekly reporting

member banks, 1929-49 173G-26. Adjusted deposits of all banks and currency outside banks, 1929-49 . 174C-27. Estimated ownership of Federal securities, 1939-49 175C-28. Bond yields and interest rates, selected years, 1929-49 176

147

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

Corporate profits and finance: PageC-29. Profits before and after tax, all private corporations, 1929-49 . . 177C-30. Sales and profits of large manufacturing corporations, 1939-49 . . 178C-31. Relation of profits before and after taxes to stockholders' equity, pri-

vate manufacturing corporations, by industry groups, 1948-49 . . 179G—32. Relation of profits before and after taxes to sales, private manufactur-

ing corporations, by industry groups, 1948-49 180G-33. Relation of profits before and after taxes to stockholders' equity and

to sales, all private manufacturing corporations, by size classes,1948-49 181

G-34. Sources and uses of corporate funds, 1946—49 182International transactions:

C-35. The international transactions of the United States, 1946-49 . . . 183G-36. United States exports and imports of goods and services, by area,

1937 and 1946-49 184C-37. United States Government aid to foreign countries, 1946-49 . . . 185C—38. Export price indexes of selected countries converted to dollars, 1937—

40 and 1946-49 186G—39. United States merchandise exports, including reexports, by areas,

1936-38 quarterly average and 1947-49 187G-40. United States domestic merchandise exports, by economic classes,

1936-38 quarterly average and 1947-49 188C-41. Indexes of quantity and unit value of United States domestic mer-

chandise exports by economic classes, 1936-38 quarterly averageand 1947-49 189

G-42. United States general merchandise imports, by areas, 1936-38quarterly average and 1947—49 190

G-43. United States merchandise imports for consumption, by economicclasses, 1936-38 quarterly average and 1947-49 191

C-44. Indexes of quantity and unit value of United States merchandise im-ports for consumption, by economic classes, 1936-38 quarterlyaverage and 1947-49 192

Summary:C-45. Changes in selected economic series since 1939 and 1948 and during

1949 193

I48


Statistical Tables Relating to Employment,Production, and Purchasing Power

TABLE C-l.—Gross national product or expenditure, 7929-49

[Billions of dollars]

Period

1929.

1930.1931.1932.1933.1934

19351936193719381939

19401941194219431944

19451946194719481949

1948—First halfSecond half

1949—First halfSecond half i

1948—First quarterSecond quarterThird quarter.Fourth quarter.

1949—First quarterSecond quarterThird quarter.Fourth quarter

Grossnationalproduct

103.8

90.975.958.355.864.9

72.282.590.284.791.3

101.4126.4161.6194.3213.7

215. 2212.6235.7262.4258.7

Personalconsump-

tion ex-penditures

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1147.8166.9178.8178.5

Grossprivate

domesticinvestment

15.8

10.25.4

.91.32.8

6.18.3

11.46.39.9

13.918.310.95.77.7

10.729.531.145.036.8

Net foreigninvestment

0.8

.7

. 2

.2

.2

.4

- . 1—.1

.11.1

.9

1.51.1

- . 2- 2 . 2-2 .1

-1 .44.78.91.9

Govern-ment pur-chases of

goods andservices

Annual rates, seasonally adjusted

256.5268.4

261.6255.9

251.4261.6266.5270.3

263.5259.6256.3255.5

177.0180.6

178.8178.2

175.2178.7180.3180.9

178.6178.9178.5178.0

42.447.6

38.535.0

40.744.247.148.0

41.635.435.035.0

3.4.4

1.1- 1 . 2

3.92.8

- . 11.0

1.01.2

- . 8- 1 . 5

9.29.28.18.0

11.711.612.813.1

13.924.759.788.696.5

82.830.728.836.743.5

33.7

43.243.8

31.535.939.240.3

42.344.043.644.0

1 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).

149


TABLE G—2.—Personal consumption expenditures, 1929-49


Period

1929

1930_1931_1932.1933.1934_.

1935.1936.1937.1938.1939.

1940.1941.1942.1943.1944.

1945..1946..1947..1948..1949 f

1948—First half-Second half

1949—First halfSecond half*...

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

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

Totalex-

pendi-tures

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1147.8166.9178.8178.5

Durable goods

Total

9.4

7.35.63.73.54.3

5.26.47.05.86.7

7.16.87.1

8.516.522.023.524.8

Auto-mo-bilesandparts

3.2

2.21.6.9

1.01.4

1.92.32.41.62.1

2.73.3.7

1.14.47.28.2

10.4

Other

6.1

5.14.02.82.52.9

3.34.14.64.14.6

5.26.46.46.06.2

7.412.114.815.314.4

Nondurable goods

Total

37.7

34.129.022.722.326.7

29.432.935.234.035.3

37.644.052.961.067.1

74.986.896.2

102.297.7

Foodi

19.7

18.114.811.411.514.3

16.318.520.019.019.3

20.724.430.535.338.9

43.051.057.861.158.8

Cloth-ings

9.2

7.96.85.04.65.6

5.96.56.76.67.0

7.48.8

11.013.715.3

17.118.619.120.018.4

Other

8.9

8.17.46.46.26.9

7.27.98.68.48.9

9.510.811.411.912.9

14.817.119.321.120.5

Services

Total

31.7

29.526.622.820.620.9

21.723.324.924.725.5

26.628.531.234.437.4

39.744.548.853.156.0

Hous-ing s

11.4

11.010.29.07.87.5

7.67.98.48.7

9.29.9

10.611.111.7

12.213.114.515.917.0

Annualrates/seasonally adjusted

Other

20.2

18.516.413.812.713.4

14.115.416.516.016.5

17.418.720.623.325.7

27.531.434.237.239.0

177.0180. 6

178.8178.2

175.2178.7180.3180.9

178.6178.9178.5178.0

23.223.8

23.426.2

22.723.824.822.9

23.123.825.826.5

7.78.6

9.511.2

7.58.08.78.5

9.29.8

11.011.5

15.515.2

13.914.9

15.215.816.014.4

13.913.914.815.0

101.8102.6

99.795.8

101.2102.4101.8103.3

100.199.396.595.0

61.161.1

59.858.0

61.061.260.561.7

60.059.558.457.5

19.820.2

19.217.6

19.320.219.920.5

19.319.117.717.4

21.021.3

20.720.2

21.021.021.421.2

20.720.720.420.1

51.954.2

55.656.4

51.352.553.754.8

55.455.956.256.5

15.616.2

16.817.2

15.415.816.016.3

16.616.917.117.3

36.338.0

38.939.2

35.936.737.738.4

38.839.039.139.2

1 Includes alcoholic beverages.2 Includes shoes and standard clothing issued to military personnel.3 Includes imputed rental value of owner-occupied dwellings.* Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.



150


TABLE C-3.—Gross private domestic investment, 1929-49


Year

1929

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949 7


1949—First halfSecond half 7._.

1948—First quarter-..Second quarter.Third quarter..Fourth quarter.

1949—First quarter...Second quarter.Third quarter..Fourth quarter

Totalgrosspri-vate

domes-tic

invest-ment

15.8

10.25.4.9

1.32.8

6.18.3

11.46.39.9

13.918.310.95.77.7

10.729.531.145.036.8

Nonfarm producers'plant and equipment

Total

7.64.62.52.33.1

3.85.26.64.75.7

7.49.35.84.66.3

8.716.020.624.723.2

Equip-ment 2

5.7

4.32.81.61.62.2

2.93.94.73.44.0

5.36.64.13.54.7

6.310.814.617.316.4

Con-struc-tion i i

4.1

3.41.81.0.7.9

1.01.31.91.41.7

2.12.71.71.11.6

2.45.26.07.4

Farmequip-mentandcon-

struc-tion 4

1.1

.6

1.0.8

1.01.31.0.9

1.2

1.42.03.13.94.0

Kesi-dential

con-struc-tion(non-

farm) ]

2.8

1.41.2.5.3.4

.71.11.41.52.7

3.03.41.81.0

1.14.16.69.18.8

Otherpri-vatecon-

struc-tion 5

0.5

.5

.4

.2

.1

.1

.1

.1

.2

.2

.2

.2

.3

.1

.2

.6

.71.01.2

Net change in busi-ness inventories

Total

1.6

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

.91.02.3

- 1 . 0.4

2.33.92.1

- . 76.7.1

6.5- . 4

Non-farmafter

revalu-ation

adjust-ment

1.8

- 1 . 7- 2 . 6- 1 . 3

.42.11.8

- 1 . 1.3

2.03.4

- . 3

6.92.25.1

-1.0

Farm

- 0 . 3

- . 2.3

- 1 . 3

.5—1.1

.5

.1

.1

.2

.51.3

- . 4- . 5

- . 1- . 2

- 2 . 21.3


42.447.6

38.535.0

40.744.247.148.0

41.635.435.035.0

24,225.1

24.222.3

23.724.625.125.1

24.523.823.421.2

17.017.6

17.215.6

16.717.317.517.7

17.416.916.614.7

7.27.5

7.06.6

7.07.37.67.4

7.16.96.86.5

3.84.0

4.04.0

3.54.04.04.0

4.23.93.94.1

9.09.2

8.09.4

8.79.49.58.8

8.07.98.9

10.0

. 81.1

1.21.2

.8

.91.01.2

1.21.11.21.3

4.78.2

1.1- 1 . 9

4.15.37.49.0

3.6- 1 . 4- 2 . 4— 1.5

4.06.2

. 1- 2 . 0

4.23.85.47.1

2.3- 2 . 1- 2 , 6- 1 . 5

.72.0

1.0.1

- . 11.52.01.9

1.3.7.2

i Items for 1939 and subsequent years are not comparable to those for earlier years, since they includecertain outlays incident to construction which have not yet been estimated for years prior to 1939. Forfurther details see Survey of Current Business, July 1949, p. 7.

3 Total producers' durable equipment less "farm machinery and equipment" and farmers' purchases of"tractors" and "business motor vehicles." These figures assume that farmers purchase 85 and 15 percent,respectively, of all tractors and motor vehicles used for productive purposes.

3 Industrial buildings, public utilities, gas and oil well drilling, warehouses, office and loft buildings,stores, restaurants, garages, and hotels.

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

6 Includes religious, educational, social and recreational, hospital and institutional, and miscellaneousnonresidential.

e Less than $50,000,000.' Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to total because of rounding.


151


T A B L E C—4.—National income by distributive shares, 7929-49


Period

1929..

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

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

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

1945..1946..1947..1948..1949 «.

1948: First halfSecond half -

1949: First halfSecond half»

1948: First quarter __Second quarterThird quarterFourth quarter

1949: First quarterSecond quarterThird quarter«Fourth quarter«

Totalnation-

alin-

come i

87.4

75.058.941.739.648.6

56.864.773.667.472.5

81.3103. 8137.1169.7183.8

182.7179.6201.7226.2222.5

Com-pen-

sationof em-ploy-ees 2

50.8

46.539.530.829.334.1

37.142.747.744.747.8

51.864.384.9

109.2121.2

123.0117.0127.6140.3142.2

Business and pro-fessional incomeand inventory-

valuationadjustment

Total

8.3

7.05.33.22.94.3

5.06.16.66.36.8

7.79.6

12.615.017.2

18.720.823.124.524.1

In-come

ofunin-corpo-ratedenter-prises

8.1

6.34.72.93.44.3

5.06.26.76.16.9

7.810.212.915.117.2

18.822.724.724.923.4

In-ven-toryvalu-ationad-

just-ment

0.1

.6

.3- . 5

i

- . 1- . 1(4)

. 22

1

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

- . 1-1.9- 1 . 6- . 4

.7

In-come

offarmpro-prie-tors

3.92.91.72.32.3

4.93.95.64.44.54.96.9

10.511.811.8

12.514.215.418.415.0

Rent-al in-come

ofper-sons

5.8

4.83.62.52.02.1

2.32.73.13.33.5

3.64.35.46.16.5

6.36.26.56.66.6

Corporate profitsand inventory

valuationadjustment

Total

10.3

6.61.6

- 2 . 0- 2 . 0

1.1

3.04.96.24.35.8

9.214.619.924.324.0

19.218.325.632.630.3

Cor-po-rateprof-its

beforetax 3

9.8

3.3- . 8

- 3 . 0. 2

1.7

3.25.76.23.36.5

9 317! 221.125.124.3

19.723.631.634.827.6

In-ven-toryvalu-ationad-

just-ment

0.5

3.32.41.0

-2.1- . 6

- . 2- . 7(4)1.0

- . 7

- . 1-2.6-1.2- . 8- . 3

-5.2-6.0-2.22.7

Netinter-

est


220.0232.4

224.8220.2

215.1224.9230.4234.3

226.3223.4222.5217.8

136.4144.1

142.1142.2

135.1137.7143.3144.9

142. 5141.8142.2142.3

24.424.5

24.024.1

24.224.624.524.5

24.024.124.224.0

25.224.5

23.023.7

25.125.325.923.1

22.923.123.623.8

- . 8

1.1.4

- . 9n

- L 41.4

1.11.0.6.2

18.118.6

16.413.6

17.119.118.818.5

17.115.713.813.5

6.66.6

6.76.5

6.66.76.66.7

6.76.76.56.5

30.834.5

31.429.3

28.533.033.335.7

31.830.931.527.1

34.035.6

27.927.2

33.035.036.634.5

29.426.428.026.5

- 3 . 2- 1 . 0

3.42.0

- 4 . 5- 2 . 0- 3 . 3

1.2

2.34.53.5.6

6.5

6.25.95.45.04.8

4.54.54.44.34.2

4.14.13.93.43.1

3.03.03.43.84.3

3.64.0

4.24.43. 63.73.94.1

4.24.34.34.4

1 National income is the total net income earned in production by individuals of businesses. The concep tof national income currently used differs from the concept of gross national product in that it excludes de-preciation charges and other allowances for business and institutional consumption of durable capital goods.

2 Includes wage and salary receipts and other labor income (see appendix table C-5), and employer andemployee contribution for social insurance.

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

< Less than $50,000,000.« Estimates based on incomplete data; profits and total national income for third quarter and all items for

fourth quarter by Council of Economic Advisers.



152


TABLE 0-5.—Personal income, 1929-49


Period

1929

1930193119321933 _1934

19351936 . _193719381939 __

1940 _194119421943 _1944

19451946 _ _194719481949 « _

1948: First halfSecond half

1949: First halfSecond half6 _-

1948: First quarter. _.Second quarter, .Third quarterFourth quarter. _

1949: First quarterSecond quarterThird quarter. _ .Fourth quarter 6

Totalpersonalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9176.9193.5211.9211.7

Salaries,wages,

and otherlabor

income *

50.5

46.339.230.529.033.8

36.842.145.942.845.7

49.561 581.4

104.5116 2

116.9111.0121 9135.1136.8

Proprie-tors' and

rentalincome 2

19.7

15.711.87.47.28.7

12.112.615.414.014.7

16.320.828.432.835.5

37.541.245.149.545.7

Dividendsand

personalinterestincome 3

13.3

12.611.19.18.28.6

8.610.110.38.79.2

9.49.99.7

10.010.6

11.413.214.816.217.3

Transferpayments

1.5

1.52.72.22.12.2

2.43.52.42.83.0

3.13.13.23.03.6

6.211.411.711.112.0

Nonagri-culturalpersonalincome 4

76.8

70.060.146.243.049.5

53.462.866.562.166.3

71.586.1

109.4135.2150.5

155.7158.5173.5188.8192.0


207.7216.0

213.1210.3

205.1210.3215.4216.6

213.7212.5210.6210.0

131.3138.9

136.9136.6

129.9132.7138.3139.5

137.1136.7136.6136.7

49.249.8

47.244.2

48.050.449.949.7

47.846.544.544.0

15.716.6

17.217.4

15.615.816.316.9

17.117.217.317.5

11.510.8

11.912.0

11.611.411.010.5

11.712.112.211.8

184.9192.4

192.0192.0

183.4186.4191.8193.1

191.9192,1192.2191.9

1 Differs from "compensation of employees" in appendix table C-4, in that it excludes employer andemployee contributions to social insurance. Includes wage and salary receipts and other labor income—compensation for injuries, employer contributions to private pension and welfare funds, pay of militaryreservists not on full-time active duty (pay for full-time active duty included in military wages and salaries),directors' fees, jury and witness fees, compensation of prison inmates, Government payments to enemyprisoners of war, marriage fees to justices of the peace, and merchant marine war-risk life and injury claims.

2 See appendix table C-4, for major components.3 See appendix table 0-29, for dividend payments.4 Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricul-

tural net rents, agricultural net interest, and net dividends paid by agricultural corporations.« Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.



153


TABLE C-6.—Relation of national income and personal income, 1929-49


Period

1929

1930 .1931193219331934

1935 .193619371938 .1939

19401941194219431944

19451946 . __1947194819491 _


1949—First halfSecond half *

1948—First quarter . .Second quarterThird quarter . . .Fourth quarter

1949—First quarterSecond quarterThird quarter __. __Fourth quarter *

Nation-al

income

87.4

75.058.941.739.648.6

56.864.773.667.472.5

81.3103.8137.1169.7183.8

182.7179.6201.7226.2222. 5

220.0232.4

224.8220.2

215.1224.9230.4234.3

226.3223.4222.5217.8

Less:

Corpo-rate

profitsand in-ven-toryvalu-ation

adjust-ment

10.3

6.61.6

—2.0-2 .0

1.1

3.04.96.24.35.8

9.214.619.924.324.0

19.218.325.632.630.3

30.834.5

31.429.3

28.533.033.335.7

31.830.931.527.1

Contri-butions

tosocialinsur-ance

0.2

.3

.3

.3

. 3

. 3

. 3

. 61.82.02.1

2.32.83.54.55.2

6.16.05.65.15.4

Excessof

wageac-

crualsoverdis-

burse-ments

.2- . 2

Annual rates

5.05.2

5.35.6

5.15.05.25.3

5.25.45.65.6

. 1

—.1

.1

.1- . 1

.1

.1- . 3

Plus:

Gov-ern-

menttrans-

ferpay-

ments

0.9

1.02.01.41.51.6

1.82.91.92.42.5

2.72.62.72.53.1

5.610.811.110.511.4

Netinter-est

paid

Gov-ern-

ment

1.0

1.01.11.11.21.2

1.11.11.21.21.2

1.31.31.52.12.8

3.74.44.44.44.6

Divi-dends

5.8

5.54.12.62.12.6

2.94.64.73.23.8

4.04.54.34.54.7

4.75.87.07.98.4

, seasonally adjusted

10.910.2

11.311.4

11.010.810.49.9

11.111.511.611.2

4.44.5

4.64.6

4.44.44.54.5

4.54.64.64.6

7.68.1

8.48.4

7.67.77.98.3

8.48.48.48.5

Busi-ness

trans-fer

pay-ments

0.6

.5

.6

.7

.7

.6

.6

.6

.6

.4

.5

.4

.5

.5

.5

.5

. 5

. 6

.6

.6

. 6

. 6

.6

.6

.6

.6

.6

.6

.6

.6

.6

.6

.6

Equals:per-

sonalincome

85.1

76 264.849.346.653.2

59.968.474.068.372.6

78.395.3

122. 7150.3165.9

171.9176.9193.5211.9211.7

207.7216.0

213.1210.3

205.1210.3215.4216.6

213.7212.5210.6210.0

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



154


TABLE C-7.—Disposition of personal income, 1929-49

Period Persona]income

Personaltax andnontax

payments

Equals:Disposa-

blepersonalincome

Less:Personal

con-sumptionexpendi

tures

Equals:Personal

netsaving

Netsaving aspercentof dis-posa bleincome

Billions of dollars

1929

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

1948: First halfSecond half

1949: First halfSecond half *_._

1948: First quarter._Second quarter.Third quarter..Fourth quarter

1949: First quarter __Second quarter.Third quarter..Fourth quarter

85.1

76.264.849.346.663.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9176.9193.5211.9211.7

2.6

2.51.91.51.51.6

1.92.32.92.92.4

2.63.36.0

17.818.9

20.918.821.521.118.8

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.7132.4147.0

151.1158.1172.0190.8192.9

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1147.8166.9178.8178.5

3.7

2.91.8

- 1 . 4- 1 . 2- . 2

1.83.63.91.02.7

3.79.8

25.630.235.4

28.010.35.1

12.014.4


207.7216.0

213.1210.3

205.1210.3215.4216.6

213.7212.5210.6210.0

22.020.3

18.818.8

23.220.720.220.4

18.818.718.818.9

185.8195.7

194.4191.5

181.9189.6195.2196.2

194.9193.8191.9191.1

177.0180.6

178.8178.2

175.2178.7180.3180.9

178.6178.9178.5178.0

8.815.2

15.613.2

6.710.815.015.3

16.314.813.313.1

4.5

3.92.9

- 2 . 9- 2 . 7- . 4

3.15.45.51.53.8

4.910.721.922.824.1

18.56.53.06.37.5

4.77.8

8.06.9

3.75.77.77.8

8.47.66.96.9

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



868148—50 11 155


TABLE C-8.—Per capita disposable income in current and 1948 dollars, 1929-49

PeriodDisposable

personalincome

(billions ofdollars)

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.7132.4147.0

151.1158.1172.0190.8192.9

Annualrates,

seasonallyadjusted

185.8195.7

194.4191.5

181.9189.6195.2196.2

194.9193.8191.9191.1

Population(thou-

sands) 1

121,770

123,077124,040124,840125,579126,374

127, 250128,053128,825129,825130,880

131,970133,203134, 665136,497138,083

139, 586141,235144,024146, 571149,215

146,007147,358

148,639149.947

145,713146,293146,937147,724

148,337148,919149, 578150,304

Consumers'price index,

1948=100

71.6

69.763.557.054.055.9

57.357.960.058.958.1

58.561.4

3 68.73 73.83 75.8

3 77.93 83.43 93.1100.098.8

Not ad-justed forseasonalvariation

98.8101.2

99.198.5

98.099.6

101.8100.7

99.299.098.798.2

Per capita disposablepersonal income

Currentdollars

678

599508383360408

456516552505536

574691867970

1,065

1,0821,1191,1941,3021,293

1948dollars »

947

859800672667730

796891920857923

9811,1251,2621,3141,405

1,3891,3421,2821,3021,309

Annual rates, season-ally adjusted

1,2731,328

1,3081,277

1,2481,2961,3281,328

1,3141,3011,2831,271

1,2881,312

1,3201,296

1,2731,3011,3051,319

1,3251,3141,3001,294

1930.1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.1941.1942.1943.1944.

1945.1946.1947.1948.1949

1948—First half....Second half-

1949—First halfSecond half 4_

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

1949—First quarter....Second quarter..Third quarter...Fourth quarter4

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 1948=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 duringthe price-control period. This adjustment is in line with the report of the Technical Committee (betterknown as the Mitchell Committee) on the consumers' price index. The unadjusted index will be found inappendix table C-21.

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

(consumers' price index).

156


TABLE C-9.—Labor force, employment and unemployment, 1929-49

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

Period

Totallaborforce

(includ-ing

armedforces) l

Armedforces i

Civilian labor force

Totalcivilianlaborforce

Employment2

Total Nonagri-cultural

Agri-cultural

Unem-ployment

Monthly average:1929

1930..1931..1932..1933.

1935-1936-1937-1938-1939..

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

1945..1946-1947..1948..1949..

1948—First half. __Second half-

1949—First half. _ _Second half_

1948—JanuaryFebruary. _MarchAprilMay _JuneJulyAugustSeptember.OctoberNovember.December—

1949—JanuaryFebruary- _MarchAprilMayJuneJulyAugustSeptember .OctoberNovember.December..

49,440

50,08050,68051,25051,84052,490

53,14053,74054,32054,95055,600

56,03057,38060,23064,41065,890

65,14060,82061,60862,74863,571

61,77163, 726

62,73264, 411

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

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

260

260260250250260

270300320340370

3901,4703,8208,87011,260

11,2803,3001,4401,3071,466

1,2401,374

1,4831,450

1,2411,2261,2361,2361,2381,2611,2931,3251,3661,3911,4141,453

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

49,180

49,82050,42051,00051,59052,230

52,87053,44054,00054,61055,230

55,64055,91056,41055,54054,630

53,86057,52060,16861,44262,105

60,53162,352

61,24962,961

59,21459,77859,76960,52460,42263,47963,84263,18662,21261,77561,72461,375

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

47,630

45,48042,40038,94038,76040,890

42,26044,41046,30044,22045,750

47,52050,35053,75054,47053,960

52,82055,25058,02759,37858, 710

58,31760,439

58,06059,359

57,14957,13957,32958,33058,66061,29661,61561,24560,31260,134

59,434

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

37,180

35,14032,11028,77028,67030,990

32,15034,41036,48034,63036,140

37,98041,25044,50045,39045,010

44,24046,93049,76151,40560,684

50,75452,057

50,12061,247

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

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

10,450

10,34010,29010,17010,0909,900

10,11010,0009,8209,6909,610

9,5409,1009,2509,0808,950

8,5808,3208,2667,9738,026

7,5648,382

7,9408,112

7,0606,7716,8477,4487,8619,3969,1638,4448,7238,6277,9617,375

6,763

7,3937,8208,9749,6969,6478,5078,1587,7107,8786,773

1,550

4,3408,02012,06012,83011,340

10,6109,0307,70010,390

8,1205,5602,6601,070670

1,0402,2702,1422,0643,395

2,2141,914

3,1893,601

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

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

i Data for 1940-49 exclude about 150,000 members of the armed forces who were outside the continentalUnited States in 1940 and who were therefore not enumerated in the 1940 census. This figure is deductedby the Census Bureau from its current estimates for comparability with 1940 data.

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

NOTE.—Detail will not necessarily add to totals because of rounding.Survey on which labor force data are based is made during the week including the 8th of the month.Sources: Department of Labor (1929-39) and Department of Commerce (1940-49).


T A B L E C—10.—Number of wage and salary workers in nonagi'{cultural establishments, 1929—49 1

[Thousands of employees]

Period

Totalwageand

salarywork-

ers

31,041

29,14326,38323,37723,46625,699

26,79228,80230, 71828,90230,287

32,03136,16439,69742,04241,480

40,06941,41243.37144,20142,936

43,63344,769

42,99342,867

43,63943,35043,63243,35243,70444,11944,16444,49444,94644,91544.81545,282

43,44943,06142,91842,96642,73142,83542,57342,99443,46442,60742,695

Manufacturing

Total

10,534

9,4018,0216,7977,2588,346

8,9079,653

10,6069,253

10,078

10,78012,97415, 05117,38117,111

15,30214,46115, 24715, 28814,152

15,20015,371

14,30713,965

15,40615,34515,36915,02814,94715,10715.15515,40015,61715,51415,36815,174

14,78214,64914,47514,17713,87713,88413, 75714,11414,31213,90313,741

Dura-ble

goods

<•>(S)

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

(3)

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

(3)

i(3)(3)(3)8.3738,3157,479

8,3208,311

7.7137,200

8,4298,3678,4148,2928,2218,1968,2328,2718,3608,3938,3528,258

8,0447,9237,8197,6567,4417,3927,2557,3027,4167,0067,019

Non-dura-ble

goods

«(5)

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

(3)

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

(3)(8)(3)(")(3)

(3)

(3)6,8746,9706,673

6,8817,060

6,5956,766

6,9776,9786,9556,7366,7266,9116,9237,1297,2577,1217,0166,916

6,7386,7266,6566,5216,4366,4926,5026,8126,8966,8976,722

Min-ing

1,078

1,000864722735874

888937

1,006882845

916947983917883

826852943981932

964998

981873

974966980870989

1,005974

1,0061,0071,000

9991,002

991986981984974968943956948583927

Con-tractcon-

struc-tion

1,497

1,3721,214

970809862

9121,1451,1121,0551,150

1,2941,7902,1701,5671,094

1,1321,6611,9822,1652,162

2,0102,320

2,0452,303

1,9291,7921,8772,0192.1532,2892,3482,3842,3692,3342,2872,200

2,0161,9261,9472,0362,1372.2052,2772,3402,3412,3102,245

Trans-porta-tionand

publicutili-ties

3,907

3,6753,2432,8042,6592,736

2,7712,9563.1142,8402,912

3,0133,2483,4333,6193,798

3,8724,0234,1224,1513,984

4,1144,188

4,0163,945

4,0944,1134,1174,0544,1274,1814,2124,2134,1894,1884,1664,158

4,0544,0243,9753,9914,0214,0314,0073,9923,9593,8733,896

Trade

6,401

6,0645,5314,9074,9995,552

5,6926,0766,5436,4536,705

7,0557,5677,4817,3227,399

7,6858,8159,1969,4919, 370

9,3189,664

9,3589,385

9,3259,2399,3129,3019,3409,3899,3639,3669,5229,6549,807

10,273

9,3889,2929,3109,4789,3429,3369,2209,2139,4099,5039,579

Fi-nance

1,431

1,3981,3331,2701,2251,247

1,2621,3131,3551,3471,382

1,4191,4621,4401,4011,374

1,3941,5861.6411,7161,761

1,7021,729

1,7521,772

1,6741,6831,6961,7081,7171,7361,7421,7421,7251,7201,7211,724

1,7311,7351,7491,7571,7631,7741,7801,7801,7701,7671,764

Serv-ice2

3,127

3,0842,9132,6822,6142,784

2,8833,0603,2333,1963,228

3,3623,5543, 7083,7863,795

3.8914,4084,7864,7994,785

4,7784,819

4,7604,814

4,7464,7284,7424,7894,8164,8484,8664,8504,8494,8114,7824,757

4,7234,7124,7204,7684,8044,8344,8514,8364,8324,7924,760

Gov-ern-

ment(Fed-eral,State,and

local)

3,066

3,1493,2643,2253,1673,298

3,4773,6623,7493,8763,987

4,1924,6225,4316,0496,026

5,9675.6075,4545,6135,791

5,5465,680

5,7765,809

5,4915,4845,5395,5835,6155,5645,5045,5335,6685,6945,6855,994

5,7645,7375.7615,7755,8135,8035,7385,7635,8935,8665,783


19301931193219331934

193519361937 —1938- —1939- -

194019411942 -19431944

1945194619471948 —1949*...

1948—First halfSecond half..

1949—First half....Second half«.

1948—JanuaryFebraryMarchAprilMay _June _JulyAugustSeptember...OctoberNovember.-.December. __

1949—JanuaryFebruaryMarchAprilMay _.JuneJulyAugustSeptember ^ _October*November *.

i 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 (appen-dix table C-9) which include proprietors, self-employed persons, and domestic servants; which count personsas employed when they are not at work because of industrial disputes, bad weather, or temporary lay-offsand which are based on an enumeration of population, whereas the estimates in this table are based on reportsfrom employing establishments.

1 Data for the trade and service divisions, beginning with January 1947, are not comparable with datashown for earlier years because of the shift of the automotive repair service industry from the trade to theservice divtson. In January 1947, this industry amounted to approximately 230,000 employees.

*Not available.< Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Adjustments have been made to levels indicated by unemployment insurance agencies and the Bureau

of Old-Age and Survivors Insurance data through 1947, and have been carried forward from 1947 benchmark levels, thereby providing consistent series.

Source: Department of Labor.

158


TABLE C—11.—Average gross weekly earnings in selected industries, 1929—49

Period


19301931. __193219331934

19351936193719381939

19401941194219431944

19451946194719481949 7

1948—First half--.Second half..

1949—First half__ _Second half 7.

1948—JanuaryFebruary-- .MarchApriL__.MayJ u n e . .Ju ly . . .AugustSeptember,.OctoberNovember. _December...

1949—JanuaryFebruaryMarchApril . . .MayJuneJu ly . . . .AugustSeptember".October i..._November K

Manufacturing

Total

$25.03

23.2520.8717.0516.7318.40

20.1321.7824.0522.3023.86

25.2029.5836.6543.1446.08

44.3943.8249.9754.1454.78

52.9455.26

54.6454.95

52.8652.5852.9252.5652.8353.8753.9755.0655.1655.6055.6056.14

55.5055.2054.7453.8054.0854.5154.6354.7055.7255.2654.45

Dura-ble

goods

Non-durablegoods

$27.22

24.7721.2816.2116.4318.87

21.5224.0426.9124.0126.50

28.4434.0442.7349.3052.07

49.0546.4952.4657.1157.85

55.4758.60

57.9057.78

55.4655.0455.5355.1555.1056.5456.5458. 5058.2859.5059.1159.67

58.8358.4957.8357.2157.2157.8257.3157.8958.8458.0356.85

()$46.9650.6151.32

49.8851.32

50.8051.95

49.5649.7649.8049.5049.9850.6750.8551.0751.6450.9151.6351.84

51.3551.3351.0749.6750.4150.9751.5551.3152.5952.5151.78

Bitumi-nouscoal

mining

$25.72

22.2117.6913.9114.4718.10

19.5822.7123.8420.8023.88

24.7130.8635.0241.6251.27

52.2558.0366.5972.1263.92

69.6173.42

70.9453.40

75.1570.5574.54

8 49. 7974.2773.3864.7076.4874.1176.2472.7376.28

76.3273.5670.5472.3372.98

8 59.90« 47. 948 49. 519 52. 778 63.39

Build-ing con-struc-tion

8$

$22.9724.5127.0130.1429.1930.3931.7035.1441.8048.1352.1853.7356.^463.30

s 68.8571.05

66.6270.83

70.8071.42

65.5165.1665.8766.4567.2269.5370.4770.9171.2970.5969.3972.33

70.8870.5369.8370.3371.8171.4471.2871.9570.6971.76

Class Isteamrail-

roads

$28.49

27.7626.7623.3423.0924.32

26.7628.0129.2030.26

31.5534.2538.6543.6846.06

45.69* 51. 22

54.22e 59. 27

60.70

6 58.718 59.57

60.3961.33

59.6060.5458.9456.8657.2459.0558.2259.1759.4859.9260.4260.19

60.2161.6460.0062.51

57.2760.3762.64

Tele-phone

$29. 8131. 5331.94

32.4432.7433.9736.3038.39

()44.0444.7748.9251.48

48.1549.66

50.9052.34

48.2047.7147.4547.7748.9348.8249.2348.4249.2149.8551.4249.85

49.8450.8450.8250.5851.8451.4651.9051.5752.57

Whole-sale

trade

()$51.9955.5857.43

54.8856.18

57.2357.73

53.9055.0254.2154.8855.7955.4555.7755.8755.8356.2856.4856.87

57.2456.8256.8857.1257.8357.4958.1857.1057.3958.26

Retailtrade

Hotels(year

round) i

<*>

(»)(2)

8(2)00(2)

()$40.6643.8545.96

43.0644.60

45.5646.58

42.4942.9542.4843.1143.2844.0445.0645.3344.7044.1743.9944.36

45.5145.1444.9545.3145.9846.4546.9546.8746.4246.06

()$29.3631.4132.68

30.8131.96

32.6032.80

30.2930.8930.5030.8631.1231.1931.3831.8531.7832.0632.3532.35

32.4132.4732.5332.3532.9932.8532.9032.9332.7132.65

1 Money payments only; additional value of room, board, uniforms, and tips not included.a Not available.3 Not available. Series beginning April 1945 includes only employees subject to provisions of the Fair LaborStandards Act and is not comparable with preceding series which includes all employees. BeginningJune 1949 data relate to nonsupervisory employees.

* Annual average includes retroactive pay increases not included in monthly averages.* Not strictly comparable with previous data.* Preliminary average; does not include any retroactive wage payments.7 Estimates based on incomplete data.* Data reflect work stoppages.9 3-day work week.NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-

roads, and for all nonsupervisory employees in other industries. Data are for pay roll periods ending closestto the middle of the month except in railroads where monthly pay roll and employment figures are used.

Adjustments have been made to levels indicated by unemployment insurance agencies and the Bureauof Old-Age and Survivors Insurance data through 1947, and have been carried forward from 1947 benchmark levels, thereby providing consistent series.

The monthly average for each year except 1949 has been weighted by man-hours and therefore [doesnot agree with the straight arithmetic average of the monthly or half year data.


159


TABLE C-12.—Average hourly earnings in selected industries',

Period


1930..1931193219331934.. _ _

1935 .1936193719381939

19401941194219431944

1945_ _ . . .19461947. . .19481949 7 -_

1948:—First half_ —Second half.-

1949:-Firsthalf...-Second half7-

1948:JanuaryFebruaryMarchAprilMay. .JuneJulyAugustSeptemberOctober _NovemberDecember

1949:JanuaryFebruary _ . . .MarchAprilMay. _ .JuneJuly. _.._August ..September7

October"November/

Manufacturing

Total

$0,566

.552

.515

.446

.442

.532

.550

.556

.624

.627

.633

.661

.729

.853

.9611.019

1.0231.0861.2371.3501.401

1.3161.384

1.4021.399

1.3021.3081.3101.3141.3241.3401.3561.3731.3861.3901.3971.400

1.4051.4011.4001.4011.4011.4051.4081.3991.4071.3921.389

Dura-ble

goods

(2)

(2)

$0,497.472.556

.577

.586

.674

.686

.698

.724

.808

.9471.0591.117

1.1111.1561.2921.4101.468

1.3691.451

1.4681.469

1.3561.3591.3611.3651.3741.3961.4171.4411.4571.4621.4631.466

1.4671.4661.4641.4671.4671.4751.4771.4731.4821.4581.454

Non-durablegoods

%toto«(2)

to(2)

(2

(2

%

(2)$1.171

1.2781.324

1.2531.303

1.3241.325

1.2361.2471.2481.2501.2621.2731.2841.2931.3041.3021.3171.319

1.3271.3231.3231.3211.3231.3241.3321.3191.3281.3261.321

Bitumi-nouscoal

mining

$0,681

.684

.647

.520

.501

.673

.745

.794

.856

.878

.886

.883

.9931.0591.1391.186

1.2401.4011.6361.8981.938

1.8371.954

1.9431.932

1.8421.8231.8451.8171.8431.8531.9371.9611.9711.9451.9551.956

1.9471.9411.9381.9341.9461.9511.9101.8971.9401.981

Build-ing con-struc-tion

(2)

(2)$0.795

.815

.824

.903

.908

.932

.9581.0101.1481.2521.319

1.3791.4781.681

51.8481.931

1.8001.891

1.9281.934

1.7661.7911.7861.8041.8151.8361.8621.8741.8951.8921.9061.915

1.9181.9301.9331.9341.9301.9241.9221.9321.9401.943

Class Isteamrail-

roads

$0,636

.644

.651

.600

.595

.602

.651

.659

.676

.712

.714

.717

.751

.824

.897

.938

.942* 1.116

1.17181 . 283

1.371

6 1.27261.296

1.3461.421

1.2791.3021.2621.2581.2721.2591.2631.2781.2931.2971.3221.320

1.3331.3431.3181.3591.3671.3541.3691.3541.540

Tele-phone

(2)

to(2)

$0,774.816.822

.827

.820

.843

.870

.911

1.1241.1971.2481.338

1.2351.262

1.3251.358

1.2391.2361.2261.2281.2421.2361.2371.2291.2491.2621.3051.288

1.2981.3171.3271.3241.3431.3401.3481.3431.3621.378

1929-49

Whole-sale

trade

(2)(2)

tom

(2)(2)(2)(2)i(2)(2)

$1,2681.3591.412

1.3441.374

1.4091.417

1.3211.3421.3321.3451.3641.3591.3671.3661.3651.3761.3811.387

1.4031.4031.4011.4071.4211.4161.4261.4031.4101.428

Retailtrade

1(2)

8(2)

(2)(2)

8(2)

$1,0091.0881.138

1.0721.105

1.1321.146

1.0571.0631.0621.0751.0821.0901.0991.1031.1121.1071.1081.098

1.1321.1231.1211.1271.1411.1471.1481.1461.1491.143

Hotels(year

ound)i

(2)

(2)

(2)

( 2 )

(2)

88(2)

to(2)(2)

$0,650.709.740

.695

.722

.737

.744

.690

.688

.690

.695

.701

.704

.710

.711

.724

.727

.732

.732

.735

.738

.731

.732

.738

.745

.746

.745

.745

.742

1 Money payments only; additional value of room, board, uniforms, and tips not included.2 Not available.3 Not available. Series beginning April 1945 includes only employees subject to provisions of the FairLabor Standards Act and is not comparable with preceding series which includes all employees. BeginningJune 1949 data relate to nonsupervisory employees.4 Annual average includes retroactive pay increases not included in monthly averages.8 Not strictly comparable with previous data.6 Preliminary average; does not include any retroactive wage payments.7 Estimates based on incomplete data.

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


The monthly average for each year except 1949 has been weighted by man-hours and therefore does notagree with the straight arithmetic average of the monthly or half year data.


160


TABLE C-13.—Average weekly hours in selected industries, 7929-49

Period

Manufacturing

Total

44.2

42.140.538.338.134.6

36.639.238.635.637.7

38.140.642.944.945.2

43.440.440.440.139.1

40.239.9

39.039.3

40.640.240.440.039.940.239.840.139.840.039.840.1

39.539.439.138.438.638.838.839.139.639.739.2

Durablegoods

0)

0)(032.634.833.9

37.341.040.035.038.0

39.342.145.146.646.6

44.140.240.640.539.4

40.540.4

39.539.3

40.940.540.840.440.140.539.940.640.040.740.440.7

40.139.939.539.039.039.238.839.339.739.839.1

Non-durablegoods

0)

0)0)41.940.035.1

36.137.737.436.137.4

37.038.940.342.543.1

42.340.540.139.638.8

39.839.4

38.439.2

40.139.939.939.639.639.839.639.539.639.139.239.3

38.738.838.637.638.138.538.738.939.639.639.2

Bitumi-nouscoal

mining

38.4

33.528.327.229.527.0

26.428.827.923.527.1

28.131.132.936.643.4

42.341.640.737.732.9

37.937.6

36.527.6

40.85 38.7

40.45 27.4

40.339.6

5 33.439.037.639.237.239.0

39.237.936.437.437.5

5 30.76 25.16 26.16 27.2«32.00)

Build-ingcon-

struc-tion

0)

0)0)0)(028.9

30.132.833.432.132.6

33.134.836.438.439.6

39.038.137.6

3 37.336.8

37.037.5

36.736.9

37.136.436.936.737.037.937.837.837.637.336.437.8

37.036.536.136.437.237.137.137.236.436.90)

Class Isteamrail-roads

44.8

43.141.138.938.840.4

41.142.543.242.543.4

44.045.646.948.749.1

48.545.946.346.144.4

46.246.0

44.943.4

46.646.546.745.245.046.946.146.346.046.245.745.6

45.245.945.546.044.442.344.146.439.6

8

Tele-phone

0)

80)0)0)

(90)38.838.939.1

39.540.140.541.942.3

(2)39.437.439.238.5

39.039.4

38.438.6

38.938.638.738.939.439.539.839.439.439.539.438.7

38.438.638.338.238.638.438.538.438.638.70)

Whole-sale

trade

(0

0)0)0)C1)0)

0)0)0)C1)0)

0)0)(00)0)

0)0)41.040.940.7

40.840.9

40.640.8

40.841.040.740.840.940.840.840.940.940.940.941.0

40.840.540.640.640.740.640.840.740.740.80)

Retailtrade

0)

C1)0)0)0)C1)

(00)0)0)0)

0)0)0)0)0)

0)0)40.340.340.4

40.240.4

40.340.6

40.240.440.040.140.040.441.041.140.239.939.740.4

40.240.240.140.240.340.540.940.940.440.30)

Hotels(year-

round)


19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949 4

1948—First half___Second half...

1949—First half....Second half *_

1948—JanuaryFebruaryMarchAprilMayJune _JulyAugustSeptember. _.OctoberNovember...December....

1949—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember 4.October*November 4_

1 Not available.2 Average for year not available because new series was started in April 1945. Beginning with June

1949 data relate to nonsupervisory employees only.3 Not comparable with previous data.4 Estimates based on incomplete data.5 Data reflect work stoppages.6 3-day workweek.

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


The monthly average for each year except 1949 has been weighted by man-hours and therefore does notagree with the straight arithmetic average of the monthly or half year data.


161


TABLE G-14.—Physical production index of goods and selected services, 1929-49

[1935-39=100 i]

Period

Weights: 2Total __ _ . .Nonagricultural

19291930 —193119321933.- .1934 . . .

19351936 _193719381939 —

1940.— -19411942—1943 _1944

19451946—194719481949 *

1948—First half .Second half

1949—First halfSecond hah* a ._.

Production of goods

Totalpro-

ductionof

rgoods

100.0

1129685697274

8799

11193

110

123154187207201

178162176184175

(4)

Agri-cultural

pro-duction

19.5

9795

1041019379

9685

108105106

110114128125130

129134129140138

(5)(«)

8

Nonagricultural production

Total

78.0100.0

1169781626873

8510311290

110

126164201227218

190169187195184

196196

187180

Indus-trial

produc-tion

65.681.6

no"9175586975

8710311389

109

125162199239235

203170187192175

192192

181170

Con-struc-tion

9.011.1

180153124795358

69101106101123

13318220211260

68128147174182

171179

172191

Electricand gasutilities

5.87.2

888784767781

8797

104100111

123141158183191

187188214243247

242244

249245

Production ofselected services

Trans-por-

tation

31710489737683

8810111095

106

117146185220230

217198208209191

210208

197185

Tele-phone

andtele-

graph

110106101918486

9098

102102108

115126135143147

158182196207

(4)

(4)

. 8 '1 All half year data have been seasonally adjusted except the electric and gas utilities for which no satis-

factory adjustment factor is available. »-i&* &•&•&• fes*2 Computed from the Department of Commerce national income data. The weight factors are percent-

ages of the national income for each industry to the total for the 5 industries. The agriculture weight ex-cludes net rents paid by landlords living on farms, imputed rents and subsidy payments. The weightfor construction has been adjusted to include force account and other construction done outside of the con-tract construction industry, the weights for other industry groups to exclude such construction. Manu-factures and minerals of the industrial production index were weighted into the total indexes separatelybut only the total industrial production index is shown here. See appendix table 0-15 for the individualcomponents of the index of industrial production.

5 Estimates based on incomplete data.* Not available.6 Because of the extreme seasonal nature of agricultural crop production, only an annual index has been

computed.

NOTE.—A composite index of production of goods and services has not been compiled because of theinadequate data for measuring the production of services. The only service production data used were fortransportation and for communications by telephone and telegraph. Data for measuring such servicesas wholesale and retail trade, finance, insurance, real estate, government, and communication other thantelephone and telegraph were inadequate for separate indexes and for an index for all services other thantransportation, telephone, and telegraph.

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

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

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

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

Transportation: Department of Commerce index of transportation.Telephone and telegraph- Based on Department of Labor production indexes for 1935-48 and on a series

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

162


TABLE C-15.—Industrial production index, 1929-49

[193.5-39=100, seasonally adjusted]

Period


19301931193219331934

19351936... _.19371938 _.1939

19401941194219431944

194519461947 _..19481949^

1948—First half-..Second half-.

1949—First half-..Second halfl

1948—JanuaryFebruaryMarchAprilMayJune -.JulyAugustSeptember...OctoberNovember...December. . .

1949—JanuaryFebruaryMarchAprilMayJuneJulyAugust-, . . . .September...OctoberNovember l .December *..

Totalindustrialproduction

110

9175586975

8710311389109

125162199

235

203170187192175

192192

181170

193194191188192192186191192195195192

1911S9184179174169161170174166171176

Manufactures

Total

110

9074576874

8710411387109

126168212258252

214177194198183

199198

188178

201201200195197198192197199202201199

108196193184179176168177184176177184

Durable

132

9867415465

8310812278109

139201279360353

274192220225201

224226

214188

229226229217221222219223225231229231

227225223212201194185193199175180199

Nondurable

93

8479707981

9010010695109

115142158176171

166165172177168

178176

167169

178180177177178179169177178179178173

175173168162161161154165172177175172

107

9380677680

869911297106

117125129132140

137134149155134

153157

143126

154155142147162159153159156158161156

149149136148145133123129119112139131

1 Estimates based on incomplete data.

Source: Board of Governors of the Federal Reserve System.

163


TABLE C-16.—New construction activity, 1929-49

[Value put in place, millions of dollars]

Period

1929...

1930...1931...1932...1933—1934—

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

1940...1941...1942...1943...1944. „

1945...1946...1947...1948...1949*..

1948—First halfSecond half...

1949—First halfSecond half *__

1948—JanuaryFebruaryMarchAprilMayJuneJuly .AugustSeptemberOctoberIsovemberDecember

1949—January _FebruaryMarch __.AprilMayJuneJulyAugustSeptemberOctoberNovember *..December*..

Totalnewcon-

struc-tion i

9,873

8,0425,9673,2902,3762,805

3,2304,8365,4875,1866,307

7,04210,49013,4127,7844,136

4,808.0,464.4,324.8, 775.9,329

Private construction

Totalpri-vate

7,476

5,2653,3751,4671,0121,235

1,6762,5503,3903,076

4,3905,4263,0071,7441,823

2,7168,25311,17914,56314,059

Resi-den-tial

build-ing

(non-farm)2

2,797

1,4461,228462278361

6651,1311,3721,5112,114

2,3552,7651,315650535

6843,1835,2607,2237,025

Non-resi-den-tial

build-ings

2,822

2,0991,104

499404455

472712

1,088764785

1,0281,486

635232350

1,0143,3463,1313,5783,178

Pub-lic

utili-ty

andfarm

1,857

1,7201,043

506330419

539707930801909

1,0071,1751,057862938

1,0181,7242,7883,7623,856

Public construction

Totalpub-lic

2,397

2,7772,5921,8231,3641,570

1,5542,2862,0972,1102,499

2,6525,064

10,4056,0402,313

2,0922,2113,1454,2125,270

By source offunds

Feder-al

237

338451510552720

8281,2621,154989

1,257

1,3973,8539.5445,6141,912

1,5581,0961,1811,3391,588

Stateandlocal

2,160

2,4392,1411,313

812850

7261,024

9431,1211,242

1,2551,211

861426401

5341,1151,9642,8733,682

By type of con-struction

Mili-tary

and fed-erally fi-nancedindus-trial

19

2940343858

39333974

148

5492,9008,4534,2181,344

1,160272229157120

High-ways

1,254

1,5051,351

G61809826

709927902858867

882800616420346

386778

1,3001, 5851,670

Otherpub-lic

Totals for period, not adjusted for seasonal variation

8,15910,616

8,41310,916

1,1801,0491,2261,3781,5721,7541,8741,9341,9011,8141,6461,447

1,2931,1721,2671,3701,5761,7351,8331,9031,9221.8791,7671,612

1,124

1,2431,201

828517686

8061,3261,1561,1781,484

1,2211,3641,3361,402

623

5461,1611,6162,4703,480

6,5198,044

6,1847,875

974875

1,0011,0991,2221,3481,4231,4541,4271,3551,2561,129

1,002905951989

1,1081.2291,3011,3431,3681,3431,2951,225

3,2573,966

2,8704,155

500410490550625682707720707670615547

475400420445530600650675710715715690

1,6401,938

1,5941,584

270263266263275303321329331327325305

285271262251257268269264263261266261

1,6222,140

1,7202,136

204202245286322363395405389358316277

242234269293321361382404395367314274

1,6402,572

2,2293,041

206174225279350406451480474459390318

291267316381468506532560554536472387

521818

658930

6754718711213014315415614612396

817291113144157166174174166140110

1,1191,754

1,5712,111

139120154162238276308326318313267222

210195225268324349366386380370332277

8176

4971

141213151413131413131310

77989910121414129

5591,026

6331,037

5440578914017920622020018613183

68526810016018520021520018514592

1,0001,470

1, 5471,933

138122155175196214232246261260246225

216208239273299312322333340337315286

i Excludes construction expenditures for crude petroleum and natural-gas drilling, and, therefore doesnot agree with the new construction expenditures in the gross national product.

21939 and subsequent years are not comparable to nonfarm residential construction in table C-3 sincethis series excludes certain outlays incident to construction which have been included in gross privatedomestic investment.

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

4 Estimates based on incomplete data.

Sources: Department of Commerce and Department of Labor.

164


T A B L E C—17.—Business expenditures for new plant and equipment, 1929—50

[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

3,6506,4708,1509,1407,860

Manu-factur-

ing

«

$(3)(3)(3)

(3)

(3)(3)1,930

2,5803,4002,7602,2502,390

3,2105,9107,4608,3407,130

Mining

8(3)(3)8(3)380

560680410360500

440560690800730

Transportation

Rail-road

840

865360164101218

166306525238280

440560540460580

550570910

1,3201,340

Other

(4)

i(4)(*)(4)i

280

390340260190280

320660800700510

and gasutilities

»

0)(4)(4)(4)

(4)

i480

550710680540490

6301,0401,9002,6803,160

Com-mercial

andmiscel-

laneous 2

1929..

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

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

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

1945..1946..1947..1948..1949 «.

1948—First half.Second half.

1949—First half.Second half»

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

1949—First quarterSecond quarter. .Third quarter.. .Fourth quarter 5.

1950—First quarter «...

9,165

7,6104,7122,6082,1373,080

3,7385,0776,7304,5205,200

6,4908,1906,1104,5305,210

6,63012, 04016,18019, 26017,910

Annual rates, not adjusted for seasonal variation

17,98020,480

18, 24017,580

16, 68019, 28019,32021,640

17,84018,64017,44017,720

15,280

8,6409,660

8,2207,500

7,9209,3609,160

10,160

8,1608,2807,4807,520

6,720

7,8808,820

7,4606,800

7,2008,5608,3609,280

7,4007,5206,7606,840

6,080

760840

760700

720800800880

760760720680

640

]

1,160L,460

1,4801,200

1,0801,240L, 2801,640

1,4401,5201,2401,160

880

740680

540480

720760680680

520560520440

320

2,2803,080

2,9203,380

2,0002,5602,7603,400

2,7203,1203,1603,600

2,960

4,729

4,2042,9171,5141,0441,402

1,7822,3212,8752,4521,850

1,9802,4901,470730970

1,4803,3004,4305,3905,040

5,1605,600

5,1005,020

4,9605,3605,4405,760

5,0405,1605,0405,000

4,440

1 Excludes agriculture.2 Commercial and miscellaneous includes trade, service, finance, and communication for all years shown.

Prior to 1939, miscellaneous also included transportation other than railroad, and electric and gas utilitieswhich are not available separately for these years.fe 3 Not available separately for years prior to 1939.¥, * Included in commercial and miscellaneous prior to 1939.wp Estimates for fourth quarter of 1949 and the first quarter of 1950 are based on anticipated capital expend-itures of business.

NOTE.—These figures do not agree with those shown in column 2 of table C-3 and included in the grossnational product estimates of the Department of Commerce, principally because the latter cover certainequipment and construction outlays charged to current expense. Figures for 1929-44 are Federal ReserveBoard estimates based on Securities and Exchange Commission and other data.

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

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

165


TABLE G—18.—Inventories and sales in manufacturing and trade, 1939-49

[Adjusted for seasonal variation]

Period

1939-

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

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

1948—First half....Second half..

1949-Firsthalf....

1948—JanuaryFebruary...MarchApri l . .MayJuneJuly__AugustSeptember-OctoberNovember..December..

1949—JanuaryFebruaryMarchApril. _.MayJuneJuly_AugustSeptember...October *November *_.

Manufacturing

Millions ofdollars

Inven-tories l

11,465

12,81916,96019, 28720,09819,507

18,39024, 81829,81834,066

32, 21134,066

33, 250

30,04430,31830,68631,04031,49132, 21132, 58032,84133,38033,52833,81034,066

34,40934,40834, 22334,01833, 56533, 25032,36731,63831,06030, 75430, 700

Sales 2

5,100

5,8528,168

10,42512,82213, 788

12,88312,84117,07618,998

18,68619,310

17,980

18,22918,47018, 76118,63118, 57419,45418,97219, 65219,90218,97819, 28819,065

17, 88018,17518,45117,64317, 74117,99017,11418,94518, 86616,80518,000

Ratio ofaverageinven-

tories tomonth

ly sales3

2.11

2.061.781.771.511.45

1.481.651.641.68

1.651.72

1.89

1.641.631.631.661.681.641.711.661.661.761.751.78

1.911.891.86

]

]

L.93L.90L.86L.92L 69L. 66L. 84L.71

Wholesale trade

Millions ofdollars

Inven-tories1

3,175

3,3254,1823,8583,6843,980

4,6386,6658,6539,511

8,9269,511

9,002

8,6958,7198,6698,7738,8118,9269,1779,4209,5819,7309,7149,511

9,4649,4799,2939,3309,1539,0029,0919,0619,1869,220(*)

Sales 2

2,505

2,8023,6204,0124,2734,561

4,9836,6017,7548,355

8,3788,353

7,662

8,3528,1468,4338,4158,2408,6858,6308,5228,4898,0838,2368,158

7,7237,6807,8907,4227,5397,7187,1587,6977,5727,166(«)


tories tomonth-

ly sales3

1.21

1.161.031.020.860.86

0.820.811.031.09

1.051.13

1.22

1.041.071.031.041.071.021.051.091.121.191.181.18

1.231.231.191.251.231.181.261.181.201.28(s)

Retail trade

Millions ofdollars

Inven-tories *

5,532

6.0407,6307,8687,3617,400

7,54311, 22613, 22114,969

14,34914,969

14,182

13,66214,00614, 25314,15614,08914,34914,37214, 49014, 87714,93715,02714,969

14, 65914,47914, 70014, 45814,13914,18213, 86213.93214,35514,478

(«)

Sales *

3,504

3,8664,6244,8035,2775,735

6,3158,3589,909

10, 837

10, 74210,932

10,696

10,59010, 59710, 80910, 96210,64010, 85510,94911,03010, 96110,89910,76310,987

10, 59210, 68610, 70510, 79010, 73810,66310, 52110, 64410,82410, 64710,630


tories tomonth-

ly sales3

1.53

1.471.461.711.381.31

1.201.111.221.32

1.301.35

1.36

1.271.311.311.301.331.311.311.311.341.371.391.37

1.401.361.361.351.331.331.331.311.311.35

(8)

1 Book value, end of period.2 Monthly average shown for year and half year and total for month.3 Average inventories based on centered averages of month-end figures.< Estimates based on incomplete data.1 Not available.

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.

Source: Department of Commerce.

166


TABLE C-19.—Manufacturers'' inventories by stage of fabrication'and as ratios to sales, 1946-49

[Not adjusted for seasonal variation]

Period

1946.1947.1948.

1948—First hal f - -Second half..

1949—First half—.

1948—JanuaryFebruary—MarchAprilMayJuneJuly _AugustSeptember..OctoberNovember..December..

1949—JanuaryFebruary.-MarchAprilMayJuneJulyAugustSeptember-Octobers...

Durable goods industries

Book value ofinventories atend of period


Mate-rialsand

goodsin

process

9.010.311.4

10.711.4

10.4

10.310.410.410.510.710.711.011.111.211.211.311.4

11.611.511.411.310.810.410.19.99.59.4

Fin-ishedgoods

2.73.84.7

4.24.7

5.2

3.94.04.14.24.24.24.24.24.34.44.54.7

4.95.05.25.25.35.25.14.94.74.5

Ratio of aver-age inventories

to monthlysales i

Mate-rialsand

goodsin

process

1.581.451.37

1.381.36

1.48

1.451.441.271.361.421.341.541.381.301.301.361.32

1.561.561.401.491.511.381.541.271.211.36

Fin-ished

0.50.50.53

.53

.53

.67

.54

.55

.49

.54

.57

.53

.59

.53

.50

.51

.54

.53

.65

.67

.62

.68

.72

.68

.78

.63

.60

.65

Nondurable goods industries

Book value ofinventories atend of period


Mate-rialsand

goodsin

process

8.810.310.8

10.510.8

10.0

10.310.410.510.610.610.510.610.710.610.910.810.8

10.710.610.410.210.210.010.09.99.79.7

Fin-ishedgoods

4.55.67.3

6.47.3

7.2

5.85.85.85.86.16.46.76.87.07.07.27.3

7.47.37.37.27.17.27.17.17.07.2

Ratio of aver-age inventories

to monthlysales i

Mate-rialsand

goodsin

process

0.92.92.95

.95

1.03

.94

.97

.92

.971.00.95

1.02.92.90.90.96.99

1.051.06.96

1.041.041.021.09.90.87.87

Fin-ishedgoods

0.47.51.58

.54

.61

.72

.52

.55

.51

.53

.56

.56

.63

.59

.58

.59

.63

.67

.72

.73

.67

.72

.73

.73

.78

.64

.62

.64

1 Ratios based on centered averages of month-end figures.2 Estimates based on incomplete data.Source: Department of Commerce.

167


TABLE C-20.—Sales, stocks^and outstanding orders at 296 department stores, 7939-49

Period

Millions of dollars 1

Sales(total formonth)

128

136156179204227

255318337353314

317388

306325

272264356333339337270296359389415599

267255320347328318238288342350406

Stocks(end ofmonth)

344

353419599509535

563715826912877

895929

864892

799890954943918868835899947

1,0111,057821

790852918907894824775817881975

1,011

standingorders(end ofmonth)

(2)

108194263530560

729909552465359

462467

301427

629571416357338460550537539507379292

388378310236210286399413510454361

Eatio ofstocksto sales

2.69

2.602.693.352.502.36

2.212.252.452.582.79

2.822.39

2.822.74

2.943.372.682.832.712.583.093.042.642.602.551.37

2.963.342.872.612.732.593.262.842.582.792.49

Ratio ofordersto sales

(2)

0.791.241.472.602.47

2.862.861.641.321.14

1.461.20

.981.31

2.312.161.171.071.001.362.041.811.501.30.91.49

1.451.48.97.68.64.901.681.431.491.30.89

Ratio oforders

to stocks


19401941194219431944.

19451946194719481949 3

1948—First half...Second half.

1949—First half...Second half

1948—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December- _

1949—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember-.OctoberNovember 3

0.31.46.44

1.041.05

1.291.27.67.51.41

.52

.50

.35

.48

.79

.64

.44

.38

.37

.53

.66

.60

.57

.50

.36

.49

.44

.34

.26

.23

.35

.51

.51

.58

.47

.36

1 Not adjusted for seasonal variation.2 Not available.* 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.

168


TABLE C-21—Consumers' price index, 1929-49

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

128.4139.3159.2171.2169.3

169.1173.3

169.6168.8

168.8167.5166.9169.3170.5171.7173.7174.5174.5173.6172.2171.4

170.9169.0169.5169.7169.2169.6168.5168.8169.6168.5168.6

Food

132.5

126.0103.986.584.193.7

100.4101.3105.397.895.2

96.6105.5123.9138.0136.1

139.1159.6193.8210.2202.3

208.3212.1

202.6202.0

209.7204.7202.3207.9210.9214.1216.8216.6215.2211.5207.5205.0

204.8199.7201.6202. 8202.4204.3201.7202.62C4.2200.6200.8

Apparel

115.3

112.7102.690.887.996.1

96.897.6

102.8102.2100.5

101.7106.3124.2129.7138.8

145.9160.2185.8198.0190.5

195.7200.2

193.3187.2

192.1195.1196.3196.4197.5196.9197.1199.7201.0201.6201.4200.4

196.5195.1193.9192.5191.3190.3188.5187.4187.2186.8186.3

Eent

141.4

137.5130.3116.9100.794.4

94.296.4

100.9104.1104.3

104.6106.2108.5108.0108.2

108.3108.6111.2117.4120.7

116.4118.4

120.2121.2

115.9116.0116.3116.3116.7117.0117.3117.7118.5118.7118.8119.5

119.7119.9120.1120.3120.4120.6120.7120.8121.2121.5122.0

Fuel,elec-

tricity,and re-friger-ation

112.5

111.4108.9103.4100.0101.4

100.7100.2100.299.999.0

99.7102.2105.4107.7109.8

110.3112.4121.1133.9137.3

130.8137.1

137.4137.2

129.5130.0130.3130.7131.8132.6134.8136.8137.3137.8137.9137.8

138.2138.8138.9137.4135.4135.6135.6135.8137.0138.4139.1

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. S189.3

193.9197.7

192.4185.6

192.3193.0194.9194.7193.6194.8195.9196.3198.1198.8198.7198.6

196.5195.6193.8191.9189.5187.3186.8184.8185.6185.2185.4

Miscel-laneous

1929

1930.1931193219331934

19351936.193719381939...

19401941 _..194219431944

19451946194719481949 i

1948—First halfSecond half..

1949—First halfSecond half i_

1948—January 15. _ _February 15__March 15April 15May 15June 15July 15August 15September 15.October 15. -_November 15.December 15.

1949—January 15 _..February 15. .March 15April 15May 15June 15July 15August 15September 15.October 15. . .November 15.

104.6

105.1104.1101.798.497.9

98.7101.0101.5100.7

101.1104.0110.9115.8121.3

124.1128.8139.9149.9154.6

147.0152.9

154.3154.9

146.4146.4146.2147.8147.5147.5150.8152.4152.7153.7153.9154.0

154.1154.1154.4154.6154.5154.2154.3154.8155.2155.2154.9

1 Estimates based on data available through November 15,1949*

Source: Department of Labor,

169


TABLE C-22.-—Wholesale price index, 1929-49

[1926«1OO]

Period

Other than farm products and foods

l!

30}

CO 3

IIi


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

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

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

1945—.1946....1947....1948. . .1949.. .



1948—JanuaryFebruaryMarchAprilMay --June.._JulyAugustSeptember..OctoberNovember..December. _

1949—JanuaryFebruary. __MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..

95.3

86.473.064.865.974.9

80.080.886.378.677.1

78.687.3

8103.1104.0

105.8121.1152.1165.1154.9

163.166.6

157.4152.5

165.9161.0161.6163.0164.2166.4168.8169.8168.9165.4164.0162.4

160.6158.1158.156.9155.7154.5153.5152.9153. 6152.2151.6151.2

104.9

88.364.848.251.465.3

78.880.986.468.565.3

67.782.4

105.9122.6123.3

128.2148.9181.2188.3165.5

190.4186.4

170.5160.5

199.2185.3186.0186.189.1196.0195.2191.5189.9183.5180.8177.3

172.5168.3171.5170.5171.2168.8166.2162.163.1159.6156.8155.2

99.9

90.574.661.060.570.5

83.782.185.573.670.4

71.382.799.6

106.6104.9

106.2130.7168.7179.1161.4

176.9181.3

163.2159.

179.8172.4173.8176.177.4181.4188.3189.8186.9178.2174.170.2

165.8161.5162.9162.9163. 8162.161.3160.6162.0159.6158.9155.7

91.6

85.275.070.271.278.4

77.979.685.381.781.3

83.089.095.596.998.5

99.7109.5135.151.0147.3

148.8153.1

149.4145.1

148.6147.9148.1149.0149.5149.9151.4153.3153.6153.4153. 6153.1

152.9151.8150.148.9146.8145.6145.0145.0145.3145.0145.0145.4

109.1

100.086.172.980.9

95.4104.692.895.6

100.8108.3117.7117.5116.7

118.1137.2182.4188.8180.5

190.6187.0

180.9180.0

200.9193.3186.3187.0188.4187.189.188.4187.4185.5186.2185.3

184.8182.180.4179.9179.178.8177.8178.9181.1181.3180.8180.2

90.4

80.366.354.964.872.9

70.971.576.366.769.7

73.884.896.997.498.4

100.1116.3141.7149.8140.5

151.0148.8

142.8138.2

149.4150.0151.1151.7152.1151.4150.8150.4149.3148.3147.4146.

146.1145.2143.8142.140.5139.2138.0138.1139.0138.0138.0138.4

83.0

78.567.570.366.373.3

73.576.277.676.573.1

71.776.278.580.883.0

84.090.1

108.7134.2131.6

131.5136.9

133.130.0

130.0130.9130.9131.5132.6133.1135.9136.4136.9137.3137.6137.

137.1135.9134.3132.0130.1129.9129.9129.7130.0130.5130.0130.0

100.5

92.184.580.279.886.9

86.487.095.795.794.4

95.899.4

103.8103.8103.8

104.7115.5145.0163.6170.0

156.4170.8

172.167.7

154.3155.3155.9157.2157.1158.6162.2171.0172.0172.4173.3173.8

175.6175.5174.4171.8168.4167.5167.9168.2168.2167.3167.3167.4

95.4

89.979.271.477.086.2

85.386.795.290.390.5

94.8103.2110.2111.4115.5

117.8132.6179.7199.1193.4

195.3202.8

197.6189.2

194.1193.5193.9195.7197.0197.4200.0203.8204.1203.7203.1202.

202.3201.5200.0196.5193.9191.4189.0188.2189.4189.2189.5190.0

94.0

88.779.373.972.175.3

79.078.782.677.076.0

77.084.495.594.995.2

95.2101.4127.3135.7118.8

137.3134.1

120.5117.

139.9135.7137.137.5136.3137.2135.7133.2134.5135.5134.4131.1

126.3122.8121.1117.7118.2116.8118.1119.117.116.0116.1115.6

94.3

92.784.975.175.881.5

80.681.789.786.886.3

88.594.3

102.4102.7104.3

104.5111.6131.1144.5145.2

142.2146.8

147.1143.3

141.3141.8142.0142.3142.6143.144.5145.4146.6147.5148.148.4

148.1148.3148.0147.0146.145.1143.0142:9142.9143.0143.4144.

82.6

77.769.864.462.569.7

68.370.577.873.374.8

77.382.089.792.293.6

94.7100.3115.5120.5112.4

121.6119.4

114.7110.0

123.6120.1120.8121.8121.5121.5120.3119.7119.9119.0119.2118.5

117.3115.3115.7115.6113.5111.0110.3109.8109.6109.0109.7111.4


170


T A B L E G—23.—Indexes of prices received and prices paid by farmers and parity ratio,1929-49

Monthly average:1929 _

193019311932...19331934

193519361937 . .19381939 .

19401941 . .194219431944

1945 .1946 -_1947 .1948.. .1949



1948—January 15February 15March 15April 15 .May 15June 15July 15August 15September 15October 15November 15December 15

1949—January 15_. . .February 15March 15 __April 15May 15_ _ -June 15July 15August 15September 15October 15November 15 .December 15

Period Pricesreceived

August 1909-July 1914=* 100

149

12890687290

109114122

9795

100124159192195

202233278287251

291283

259244

307279283291289295301293290277271268

268258261260256252249245249243239236

Prices paid(including

interest andtaxes)

1910-14=-100

167

160141124120129

130127133126124

125132150162169

172193231249244

250249

246241

251249248249250251251251250249248246

248245246246245245244243242239240240

Parity ratio t

89

8064556070

8490927777

8094

106119116

117121120115103

116114

105101

122112114117116118120117116111109109

10810510610610410310210110310110098

1 Ratio of prices received to prices paid (including interest and taxes).

Source: Department of Agriculture.

868148—50 12 171


TABLE C-24.—Consumer credit outstanding, 1929-49


End of periodTotal

consumercredit

Instalment credit

Total Automobilesale credit Other i

Chargeaccounts

Otherconsumer

credit 2

1929

19301931193219331934

19351936.... _._-..193719381939

19401941194219431944

19451946—19471948—1949 3

1948—First half.—Second half..

1949—First halfSecond half3

1948—JanuaryFebruary—MarchAprilMayJune. . .JulyAugustSeptember—.OctoberNovember—December

1949—JanuaryFebruaryMarchAprilMay. . .JuneJulyAugustSeptember...October 4 . - -November 3_.December3..

7,628

6,8215,5184,0853,9124,389

5,4346,7887,4807,0477,969

9,1159,8626,5785,3785,803

6,63710,19113, 67316,31918, 700

14,66916,319

16,12418,700

13,37413,30213,80514,05914,31114,66914, 72314,91615,23115,51815, 73916,319

15,74815,32515,33515,59515,84316,12416,19816,45316,80117, 22017,82318,700

3,158

2,6882,2041,5181,5881,860

2,6223,5183,9603,5954,424

5,4175,8873,0482,0012,061

2,3644,0006,4348,60010,900

7,533

9,12310,900

6,5486,8217,0947,3187,5337,7387,9728,1908,2338,3228,600

8,4248,3398,4298,6308,8889,1239,3359,6229,89710,16210, 45010,900

1,318

928637322459576

9401,2891,384970

1,267

1,7291,942482175200

227544

1,1511,9613,200

1,6021,961

2,4993,200

1,2021,2541,3671,4681,5361,6021,6891,7811,8581,8891,9221,961

1,9651,9962,1052,2412,3862,4992,6102,7612,8762,9863,0953,200

1,840

1,7601,5671,1961,1291,284

1,6822,2292,5762,6253,157

3,6883,9452,5661,8261,861

2,1373,4565,2836,6397,700

5,9316,639

6,6247,700

5,2665,2945,4545,6265,7825,9316,0496,1916,3326,3446,4006,639

6,4596,3436,3246,3896,5026,6246,7256,8617,0217,1767,3557,700

1,749

1,6111,3811,1141,0811,203

1,2921,4191,4591,4871,544

1,6501,7641,5131,4981,758

1,9813,0543,6123,8543,800

3,3523,854

3,2743,800

3,2403,0613,2753,2363,2453,3523,1853,1303,2273,4573,5573,854

3,4573,1693,1213,2323,2353,2743,1233,0643,1233,1973,4543,800

2,721

2,5221,9331,4531,2431,326

1,5201,8512,0611,9652,001

2,0482,2112,0171,8791,984

2,2923,1373,6273,8654,000

3,7843,865

3,7274,000

\m3,6663,6933,7093,7293,7483,7843,8003,8143,8143,8283,8603,865

3,8673,8173,7853,7333,7203,7273,7403,7673,7813,8613,9194,000

1 Includes other sale credit and repair and modernization loans insured by Federal Housing Administra-tion.

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.


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

172


TABLE G—25.—Loans and investments of all commercial banks and weekly reporting member banks,1929-49

[Billions of dollarsj

End of period i

1929—June2

1930—June 21931—June 21932—June2

1933—June 2

1934—Junes

1935—June2

1936193719381939

19401941 _..194219431944

1945194619471948. _1949*

1948—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December. _.

1949—JanuaryFebruary...March _April.MayJuneJuly.AugustSeptember..OctoberNovember «.December 4_

All commercial banks

Totalloansand

invest-ments

49.4

44.936.130.432.7

34.639.538.338.740.7

43.950.767.485.1

105.5

124.0114.0116.3114.3119.9

116.6115.5113.6114.3114.6113.9114.8115.1113.6114.1114.2114.3

114.5113.4112.5112.5113.4113.8114.8117.9118.8119.8120.2121.0

Loans

35.7

34.529.221.816.315.7

14.916.417.116.417.2

18.821.719.219.121.6

26.131.138.142.543.5

38.238.738.938.839.539.940.140.641.741.642.342.5

42.442.042.441.340.941.040.541.241.841.942.943.2

Investments

Total

13.7

14.415.714.314.017.0

19.723.121.222.323.4

25.129.048.266.0

97.982.978.271.876.4

78.476.974.775.575.074.074.674.571.972.571.971.8

72.071.470.171.272.572.774.376.777.077.977.377.8

U. S. Gov-ernmentobliga-tions

4.9

5.06.06.27.5

10.3

12.715.314.215.116.3

17.821.841.459.877.6

90.674.869.262.666.2

69.467.965.566.365.964.865.365.162.563.362.862.6

63.062.260.962.063.263.264.466.766.867.767.167.5

Othersecuri-

ties

8.7

9.49.78.16.56.7

7.07.87.17.27.1

7.47.26.86.16.3

7.38.19.09.2

10.2

9.09.09.39.29.29.29.39.49.49.29.19.2

9.19.19.29.29.39.59.8

10.010.210.210.210.3

Weekly reportingmember banks

Totalloans

16.7

16.914.511.38.98.5

8.09.29.48.48.89.4

11.410.310.813.0

15.816.723.325.624.9

23.423.623.523.223.623.723.924.124.924.625.225.6

25.324.925.024.023.723.923.023.524.023.924.624.8

Commer-cial, indus-trial, andagricul-

tural loans

4.63.84.4

5.06.76.16.46.5

7.310.314.615.6

• 1 3 . 7

14.714.614.414.214.2

6 14.314.514.815.215.415.515.6

15.415.214.914.213.613.212.913.013.413.713.813.9

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

obligations.3 Not available prior to May 12,1937, when the loan classification was revised.* Estimates by Council of Economic Advisers.«Beginning June, reported gross, i. e., before deduction of valuation reserves, instead of net as previously

reported.6 Estimates based on incomplete data.




TABLE G-26.—Adjusted deposits of all banks and currency outside banks, 1929-49


End of period *

1929

19301931 - -1932 _ _1933 .1934 _

19351936 —1937 - - -19381939

19401941 —_ -1942 . . .1943 -1944

194519461947 _ _19481949 4 .

1948—January _ . _February -MarchAprilMayJune . _ . .JulyAugustSeptemberOctoberNovemberDecember . _ _ _

1949—January __February. _MarchApril . _MayJuneJuly __AugustSeptemberOctoberNovember8

December *__

Totaldeposits

adjusted andcurrencyoutsidebanks

54.6

53.247.944.941.546.3

51.356.455.858.163.3

70.076.391.3

112.4130.2

150.8164.0170.0169.1169.1

168.9167.1164.0165.0165.1165.7166.0166.7166.9168.1168.1169.1

168.2166.3164.2165.5165.7165.6166.3166.9166.6168.0168.6170.1

Demanddeposits

adjusted2

22.8

21.017.415.715.018.5

22.125.624.026.029.8

34.939.048.960.866.9

75.983.387.185.585.6

86.684.681.582.782.882.783.383.883.985.185.285.5

85.483.481.182.482.682.283.183.483.384.685.586.7

Timedeposits»

28.2

28.726.024.521.723.2

24.225.426.226.327.1

27.727.728.432.739.8

48.554 056.457.558.4

56.556.856.956.956.957.457.357.357.357 357.057.5

57.657.858.058.158.258.458.458.358.458 458.058.2

Currencyoutsidebanks

3.6

3 64.54.74.84.7

4.95.55 65.86.4

7.39.6

13.918.823.5

26.526 726.526.125.1

25.825.725.625.425.425 625.525.625.725 725.926.1

25.225.125.124.925.025.024.925.124.924 925.125.2

1 Reporting date nearest end of period.* 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.* Estimates based on incomplete data.



174


TABLE C-27.—Estimated ownership of Federal securities, 1939-49

[Billions of dollars—par values *]

End of period

1939

19401941194219431944

194519461947. ._-19481949*

1948—January __ _.FebruaryMarchApril -_-MayJuneJulyAugustSeptemberOctober _NovemberDecember

1949—JanuaryFebruaryMarch... _AprilMayJuneJulyAugustSeptemberOctoberNovember'December *

Gross debt and guaranteed obligations outstanding

Total 2

47.6

50.964 3

112.5170 1232.1

278.7259.5257.0252 9257.0

256.7254.7253.1252.3252.3252.4253.4253.1252.7252.5252.6252.9

252.7252.7251.7251.6251.9252.8253.9255.9256.7256.8257.0257.2

Held byU.S.

Govern-ment

agenciesand trust

funds

6.5

7.69.5

12.216 921.7

27.030.934.437 339.5

34.634.935.034,834.935.736.436.536.836.837.037.3

37.437.537.737 537.538 338.538.839.439.339.339.4

Held by public

Totalheld bypublic

41.1

43.354 7

100.2153 2210.5

251.6228.6222.6215 6217.5

222.1219.8218.1217.5217.4216.7217.0216.6215.9215.7215.6215.6

215.3215.2214.0214.0214.4214.5215.4217.1217.3217.5217.7217.8

Stateand localgovern-ments 3

0.4

.5, 7

1.02 14.3

6.56.37.37 98.0

7.37.47.87.87.77 87.98 07.87.87.97.9

7.87.97.97.98.08.08.08.18.18.18.18.0

Com-mercialbanks4

15.9

17.321.441.159 977.7

90.874.568.762.567.0

69.067.465.166.165.664.665.164.862.463.062.462.5

62.762.260.561.862.763.064.766.566.567.466.967.0

FederalReservebanks

2.5

2.22.36.2

11.518.8

24.323.322.623.318.5

21.921.020.920.320.721.421.321.623.423.023.223.3

22.122.321.721.119.719.318.517.518.017.317.718.9

Nonbankprivatecorpo-rations

andassocia-tions 8

12.0

12.516.327.441.256.0

65.359.557.554.454.5

57.257.257.656.456.655.955.455.054.854.354.554.4

54.854.755.354.755.255.255.155.755.455.455.654.4

Indi-viduals*

10.4

10.914.124.538.453.5

64.864.966.667.669.5

66.666.766.866.866.967.067.367.467.467.567.567.6

67.968.368.668.568.868.969.169.269.269.369.469.5

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

Treasury.3 Includes trust, sinking, and investment funds of State and local governments and their agencies, and

Territories and insular possessions.4 Includes commercial banks, trust companies, and stock savings banks in the United States and in

Territories 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 the International MonetaryFund in special noninterest bearing notes issued by the U. S. Government. Beginning with June 30,1947,includes holdings of Federal land banks.

6 Includes partnerships and personal trust accounts.' Estimates by Council of Economic Advisers.


Source: Treasury Department (except as noted).

175


TABLE C-28.—Bond yields and interest rates, selected years, 1929-49

[Percent per annum]

Period 9-12monthcertifi-cates of

indebted-ness

U. S. Government securityyields

Long-term bonds

Partiallytax-

exempt 2

15 yearsand over,taxable

High grade cor-porate bond

yields(Moody's)

Aaabonds

Baabonds

Bankrates onshort-term

businessloans

(3)(3)(3)00

2.1

2.02.6

2.22.12.12.5

(3)

2.42.472.602.64

2.702.742.63

(3)

Bankersaccept-ances 90days-NewYork

5.03.63.13.43.44

.44

.44

.44

.61

.871.111.13

1.061.061.131.19

1.191.191.061.06

FederalEeserveBank

discountrate-NewYork

1929 average1933 average1935 average1937 average1939 average

1941 average1943 average

1945 average1946 average1947 average1948 average. . . _1949 average 8

1948—First quarterSecond quarter. _Third quarter. __Fourth quarter. .

1949—First quarterSecond quarter. _Third quarter. _.Fourth quarter«_

(0(l)0)0)0)

(00.75

.81

.82

.881.141.14

1.091.091.141.22

1.221.201.061.10

3.603.312.792.742.41

2.051.W8

1.66C5)(5)

2.47

2.372.192.252.442.31

2.452.422.452.44

2.402.382.242.20

4.734.493.603.263.01

2.772.73

2.622.532.612.822.67

2.852.772.832.82

2.712.702.632.60

5.907.765. 755.034.96

4.333.91

3.293.053.243.473.42

3.533.403.423.52

3.463.453.413.35

5.162.561.501.291.00

1.004 1.00

<1.004 1.00

1.001.341.50

1.221.251.381.50

1.501.501.501.50

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

years, in 1929 and 1933; and after 15 years, from 1935,3 Not available.« From October 30, 1942 to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances se-

cured by Government securities maturing in 1 year or less.« No partially tax-exempt bonds due or callable in 15 years and over.6 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.

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

176


TABLE C-29.—Profits before and after tax, all private corporations, 1929-49


Period

1929..

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

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

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

1945-.]946_1947-1948-.1949 3.

1948—First half._Second half

1949-First halfSecond half 3__.


1949—First quarter...Second quarter.Third quarter 3.Fourth quarter

Corporateprofitsbefore

tax

9.8

Corporatetax

liability i

34.035.6

27.927.2

33.035.036.634.5

29.426.428.026.5

1.4

3.3- . 8

-3 .0. 2

1.7

3.25.76.23.36.5

9.317.221.125.124.3

19.723.631.634.827.6

. 8

. 5

.4

. 5

. 7

1.01.41.51.01.5

2.97.8

11.714.413.5

11.29.6

12.513.610.9

2.5—1.3-3 .4

- . 41.0

2.34.34.72.35.0

6.49.49.4

10.610.8

8.513.919.121.216.7

Corporate profits after tax

Total

8.4

Dividendpayments

5.8

5.54.12.62.12.6

2.94.64.73.23.8

4.04.54.34.54.7

4.75.87.07.98.4


13.214.0

11.010.7

12.813.714.413.6

11.510.611.010.4

20.821.6

16.816.6

20.221.322.220.9

17.915.817.016.1

7.68.1

8.48.4

7.67.77.98.3

8.48.48.48.5

Undis-tributedprofits

2.6

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

- . 3

gll 2

2.44.95.16.26.1

3.88.1

12.113.28.3

13.113.4

8.48.2

12.613.614.312.6

9.57.48.67.6

1 Federal and State corporate income and excess profits taxes.2 Minus $8,000,000.3 Estimates based on incomplete data; third and fourth quarters by Council of Economic Advisers.

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

Detail will not necessarily add to totals because of rounding.


177


TABLE C—30.—Sales and profits of large manufacturing corporations^ 1939—49


Period

1939

1940 - -1941194219431944

1945194619471948


1949—First half

1948—First quarterSecond quarter _..Third quarter _Fourth quarter

1949—First quarter _.Second quarterThird quarter. -

Durable goods industries(106 corporations) l

Sales

6,748

8,75012,80615,36220,63322,085

18,16112,62319.83123,818

Profits

Before taxes

734

1,2262,1752,3262,3892,192

1,288607

2,3123,107

After taxes

597

830982782755726

574295

1,3551,836

Nondurable goods industries(94 corporations) *

Sales

3,843

4,2575,4856,4087,6078,263

8,3718,940

11,31313,364

Profits

Before taxes

476

617980

1,0691,2931,339

1,1331,4261,7872,208

After taxes

400

443538438506529

555908

1,1671,474

Totals for period, not adjusted for seasonal variation

11,15412,664

12,545

5,4405,7145,9916,673

6,1536,3926,323

1,3601,746

1,660

672688788958

840820862

8031,034

989

395408470564

498491504

6,5086,856

6,294

3,2193,2893,3243,532

3,2453,0493,179

1,0991,108

901

546553543565

501400451

718756

584

356362362394

325259295

1 See Federal Eeserve Bulletin, June 1949 and subsequent issues, for similar data for the following industrygroups: primary metals and products, machinery, automobiles and equipment, foods and kindred products,chemicals and allied products, and petroleum refining.


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

178


TABLE C—31.—Relation of profits before and after taxes to stockholders9 equity, privatemanufacturing corporations, by industry groups, 1948-49

Industry groups

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 productsLeather and leather productsStone, clay, and glass productsPrimary nonferrous metal industriesPrimary 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;watches and clocks

Miscellaneous manufacturing (including ord-nance)

All private manufacturing corporations-..

Food-. ._.Tobacco manufacturesTextile 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 productsPrimary nonferrous metal industries.Primary 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;watches and clocks __.

Miscellaneous manufacturing (including ord-nance)

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

1948

Totalfor year

Thirdquarter

Fourthquarter

1949

Firstquarter

Secondquarter

Thirdquarter

Before Federal taxes

25.6

21.321.930.920.530.4

26.826.724.025.026.7

21.517.824.322.323.8

27.527.327.6

14.234.7

22.6

20.7

25.2

24.028.026.823.630.8

23.224.826.025.224.0

20.820.027.621.224.0

28.024.822.8

11.636.4

21.6

23.6

25.2

20.825.623.69.2

19.2

22.422.818.024.422.4

21.614.025.224.830.0

28.027.632.0

18.842.0

26.8

19.6

20.4

16.818.416.817.614.8

16.019.623.222.818.0

13.611.618.821.625.6

20.023.622.0

15.233.6

20.8

16.0

16.8

20.020.88.4

10.014.4

12.414.019.616.814.8

11.67.6

21.28.0

17.6

14.020.416.4

11.236.0

19.2

5.2

After Federal taxes

16.1

12.913.718.812.219.3

16.016.414.615.819.8

12.410.415.014.114.7

17.016.616.1

8.219.8

14.0

12.2

16.0

14.817.616.014.419.2

13.615.216.816.018.0

12.011.617.213.614.8

17.214.814.0

6.821.2

13.2

14.8

15.6

12.415.614.45.2

12.4

13.214.010.016.018.0

12.87.6

15.215.218.4

17.216.818.0

10.822.8

16.8

11.2

12.8

9.611.610.010.48.8

9.212.014.414.013.2

8.06.4

11.213.614.8

12.014.012.4

9.619.6

12.4

10.0

10.4

12.412.84.45.29.2

6.48.4

11.610.011.6

7.23.6

13.24.0

10.0

7.612.410.0

6.820.8

11.6

2.0

18.8

23.222.010.816.012.8

13.214.821.222.414.0

10.812.824.49.2

14.4

20.417.217.6

11.646.8

19.2

13.6

12.0

14.413.66.49.68.0

7.29.2

13.214.011.2

6.87.2

15.25.68.4

12.010.410.8

7.227.2

11.2

7.6

Sources: Federal Trade Commission and Securities and Exchange Commission.

179


TABLE C—32.—Relation of profits before and after taxes to sales, private manufacturing corpora-tions, by industry groups, 1948—49

Industry groups

Profits in cents per dollar of sales

1948

Total foryear

Thirdquarter

Fourthquarter

1949

Firstquarter

Secondquarter

Thirdquarter

All private manufacturing corpora-tions

Food-.Tobacco manufacturesTextile mill productsApparel and finished textilesLumber and wood products

Furniture and fixtures..Paper and allied productsPrinting and publishing (except news-

papers)Chemicals and allied productsProducts of petroleum and coal

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

Fabricated metal productsMachinery (except electrical and trans-

portation)Electrical machineryTransportation equipment (except motor

vehicles)Motor vehicles and parts.-

Instruments; photographic and opticalgoods; watches and clocks

Miscellaneous manufacturing (includingordnance)

All private manufacturing corpora-tions

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

Furniture and fixturesPaper and allied productsPrinting and publishing (except news-

papers)Chemicals and allied productsProducts of petroleum and coal__

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

Fabricated metal productsMachinery (except electrical and trans-

portation)Electrical machineryTransportation equipment (except motor

vehicles)Motor vehicles and parts

Instruments; photographic and opticalgoods; watches and clocks

Miscellaneous manufacturing (includingordnance)

Before Federal taxes

11.15.68.3

13.55.1

15.4

9.213.8

8.513.917.4

8.25.6

13.914.212.2

11.5

12.010.1

7.012.0

12.5

9.5

11.06.19.7

12.85.8

15.1

8.312.8

9.414.516.4

7.86.2

15.512.612.5

11.4

11.59.0

5.312.5

12.3

10.8

10.95.5

10.111.32.3

11.0

7.512.0

6.213.315.2

8.44.5

14.116.214.2

11.2

12.010.7

8.613.7

13.0

8.7

9.9

4.67.78.94.8

10.4

6.511.5

9.113.213.8

6.24.1

12.315.213.4

9.8

11.89.0

7.212.0

12.0

8.4

8.5

5.68.24.93.19.2

5.29.1

7.710.811.8

5.02.9

14.07.5

10.8

7.1

10.77.1

5.512.1

11.3

2.7

After Federal taxes

7.0

3.35.18.23.09.8

5.58.4

5.28.8

12.9

4.73.38.69.07.5

7.1

7.35.9

4.06.9

7.8

5.6

6.9

3.76.17.73.69.5

4.87.8

6.19.2

12.2

4.53.79.68.17.7

7.0

6.95.5

3.07.3

7.6

6.8

6.8

3.36.16.91.37.2

4.47.4

3.48.7

12.2

4.92.58.7

10.08.7

7.0

7.26.0

4.97.4

8.2

5.0

6.1

2.74.85.32.96.4

3.77.0

5.78.1

10.3

3.72.27.29.57.9

5.8

7.15.1

4.57.1

7.2

5.2

5.2

3.45.02.71.65.8

2.75.5

4.66.59.2

3.11.48.63.96.2

3.8

6.44.5

3.37.1

6.9

1.1

9.5

6.58.55.94.38.1

5.79.5

14.511.6

4.54.3

15.78.89.9

9.5

10.27.9

6.115.4

11.5

6.9

6.04.05.33.52.55.2

3.15.7

5.49.19.1

2.92.59.75.65.7

5.7

6.24.8

3.79.0

6.7

3.9


180


TABLE C-33.—Relation of profits before and after taxes to stockholders9 equity and to sales, allprivate manufacturing corporations, by size classes, 1948—49

Assets class (thousands of dollars)

All sizes

1 to 249250 to 9991,000 to 4,999 _.5,000 to 99,999100,000 and over

All sizes

1 to 249 . .250 to 9991,000 to 4,999 _ _.5,000 to 99,999100,000 and over.

All sizes _ _ - .

I t o 2 4 9 . . _ ___ . .250 to 9991,000 to 4,9995,000 to 99,999 _.100,000 and over

All sizes .

1 to 249250 to 9991,000 to 4,999 ._5,000 to 99,999100,000 and over _ _

1948

Total foryear

Thirdquarter

Fourthquarter

1949

Firstquarter

Secondquarter

Thirdquarter

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

25.6

15.523.824.826.426.1

25.2

23.223.225.225.626.4

25.2 1 20.4

2.816.419.626.027.6

14.417.217.220.022.4

16.8

10.412.815.216.018.8

18.8

14.016.016.017.230.8

Profits before Federal taxes in cents per dollar of sales

11.1

4.07.49.0

11.313.2

11.0

5.87.39.2

11.112.8

10.9

0.75.27.1

11.114.1

9.9

4.06.27.09.7

12.2

8.5

2.84.86.5o o

10.5

9.5

3.86.06.98.9

11.9

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

16.1

8.814.214.816.116.9

16.0

15.214.015.215.617.2

15.6

- 0 . 89.2

11.616.018.0

12.8

8.49.6

10.012.014.4

10.4

4.86.88.89.6

12.0

12.0

8.49.29.2

10.413.6

Profits afte r Federal taxes in cents per dollar of sales

7.0

2.34.45.47.08.6

6.9

3.84.45.66.88.3

6.8

- 0 . 23.04.26.89.2

6.1

2.43.54.05.97.8

5.2

1.32.53.75.06.7

6.0

2.33.44.05.57.6


181


TABLE C-34.—Sources and uses oj corporate funds t 1 946-49l

IBillions of dollars]

Source or use of funds

Sources:Internal:

Retained profits and depletion allowances __ _ __ ... __Depreciation allowances

Total internal sources... _. _._

External:Change in trade debt-Change in Federal income tax liability. _ . . .Other current liabilities -Change in bank loans. __Change in mortgages __ _ _. . . __Net new issues

Bonds. __ __Stocks, _

Total external sources _ _

Total sources

Uses:Plant and equipment outlays .Inventories (change in book value)Change in customer receivablesCash and deposits .United States Government securitiesOther current assets _

Total uses.._ ._

Discrepancy (uses less sources)

1946

7.74.2

11.9

4.0

1*83.3.6

2.31.01.3

10.4

22.3

11.611.24.81.1

- 5 . 8- . 7

22.2

- 1

1947

11.44.9

16.3

2.62.7.6

2.6.8

4.43.11.3

13.7

30.0

15.08.95.71.3

- 1 . 5- . 1

29.3

—.7

1948

12.55.5

18.0

.9

.9(3)1.2.7

6.04.81.2

9.7

27.7

17.36.32.3

—.1.1

25.9

- 1 . 8

1949»

7.56.2

13.7

- . 2-2 .4(3)-1 .6

.55.13.71.4

1.4

15.1

16.0—3.7

.71.01.5

—.4

15.1

1 Excludes banks and insurance companies.2 Estimates based on incomplete data.3 Less than $50,000,000.

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

182


TABLE G-35.—The international transactions of the United States, 7946-49


Type of transaction

Exports of goods and services:Recorded goods *Other goods8 -

Total goodsServices -Income on investments

Total exports

Imports of goods and services:Recorded goodsOther goods » _.

Total goodsServicesIncome on investments

Total imports _ _

Surplus of exports of goods andservices:

Recorded goods*Other goods* -

Total goodsServicesIncome on investments

Total surplus of exports

Means of financing surplus of exportsof goods and services:4

Liquidation of gold and dollarassets by foreign countries

Dollar disbursements by:Internat ional Monetary

FundInternational Bank

United States Governmentsources:8

GrantsLong- and short-term loans.-

United States private sources:RemittancesLong- and short-term capital.

Total means of financing.. -

Errors and omissions

1946

10,1861,688

11,8742,272

820

14,966

4,933235

5,1681,783

216

7,167

5,2531,453

6,706489604

7,799

1,968

2,2792,774

598335

7,954

-155

1947

15,230826

16,0562,6111,074

19,741

5,756315

6,0712,165

227

8,463

9,474511

9,985446847

11,278

4,513

464297

1,8123,901

568727

12,282

-1,004

1948

12,615830

13,4452,0831,263

16,791

7,124573

7,6972,493

291

10,481

5,491257

5,748-410

972

6,310

857

196176

3,761897

6481,017

7,552

-1,242

1949

Total»

11,925579

12,5042,0611,261

15,826

6,618596

7,2142,584

277

10,075

5,307-17

5,290-523

984

5,751

-42

8347

5,243618

537374

6,860

-1,109

Firstquarter

3,286167

3,453550263

4,266

1,790173

1,96356481

2,608

1,496- 6

1,490-14182

1,658

-28

328

1,273292

147115

1,839

-181

Secondquarter

3,356138

3,494570350

4,414

1,601140

1,74162457

2,422

1,755- 2

1,753-54293

1,992

330

18g

1,490110

14153

2,150

-158

Thirdquarter

2,683134

2,817516298

3,631

1,477143

1,62078664

2,470

1,206- 9

1,197-270

234

1,161

106

311

1,215161

12491

1,711

-550

Fourthquarter^

2,600140

2,740425350

3,515

1,750140

1,89061075

2,575

850

850-185

275

940

-450

3020

1,26555

125115

1,160

-220

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 and 1949. Such shipments are included in exports as recorded by theBureau of the Census in 1948 and 1949 but were not so included in prior years.

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

* All figures for means of financing are on a net basis.« For detail see table C-37.


Source: Departments of Commerce.

183


TABLE C-36.—United States exports and imports of goods and services, by area, 1937 and7946-49


Area

Export surplus:E R P countries.E R P dependencies, _Europe, except E R P

countries.Canada and Newfound-

land.- _Latin-American Repub-

lics _Other *

Total»

Exports of goods and ser-vices:

E R P countriesE R P dependenciesEurope, except E R P

countriesCanada and Newfound-

landLatin-American Repub-

lics-Other i

Total 2

Imports of goods and ser-vices:

E R P countriesE R P dependenciesEurope, except E R P

countries.Canada and Newfound-

landLatin-American Repub-

licsOther i

Total 2

1937

0.28- . 3 1

- . 0 3

.34

.28

1.60.18

.13

2.64

4.55

1.33.50

.15

I 2.29

4.27

1946

4.18.30

.85

.68

.631.16

7.80

5.62.68

1 08

1.94

2.882.77

14.97

1.44.38

.23

1.26

2.251.61

7.17

1947

5.36.33

.34

1.16

2.002.09

11.28

7.25.92

.56

2.66

4.743.61

19.74

1.89.59

.22

1.50

2.741.52

8.46

Annual rates

1948

Firstquarter

4.68

.19

.56

.961.19

7.58

6.86.82

.44

2.13

4.323.09

17.66

2.18

.82

.25

1.573.361.90

10.08

Secondquarter

3.40.20

- . 0 3

.70

1.221.30

6.79

5.76.85

.20

2.53

4.353.24

16.93

2.36.65

.23

1.83

3.131.94

10.14

Thirdquarter

3.07.05

- . 0 3

- . 0 8

.781.03

4.82

5.61.74

22

2.42

3.643.15

15.78

2.54.69

.25

2.50

2.862.12

10.96

Fourthquarter

2.76.02

.39

1.231.68

6.08

5.42.78

22

2.63

4.243.52

16.81

2.66.76

.22

2.24

3.011.84

10.73

1949

Firstquarter

3.53.10

.05

.57

.751.63

6.63

6.19.92

22

2.35

3.883.50

17.06

2.66.82

.17

1.78

3.131.87

10.43

Secondquarter

3.69.26

07

1.11

.782.05

7.96

6.18.93

23

3.04

3.623.65

17.65

2.49.67

.16

1.93

2.841.60

9.69

1 Includes international institutions.2 Includes income on investments.




TABLE C—37.—United States Government aid to foreign countries, 1946—49


Type of aid

A. Unilateral payments (net):Lend-leaseUNRRA and post-UNRRA.Civilian supplies distributed

by the armed forcesTransfers to PhilippinesChinese aid 3

Greek-Turkish aidInternational Refugee Organ-

izationsInterim aidEuropeanRecovery Program.Other

Total unilateral payments.Less unilateral receipts

Equals net unilateral pay-ments

B. Long-term loans and invest-ments (net):

Lend-lease creditsSurplus property including

ship salesExport-Import Bank loans...United Kingdom loan. ._Subscription t o -

International BankInternational Monetary

FundEuropean Recovery Program.Other

Total long-term loans andinvestments

Less repayments

Equals net long-term loansand investments, includingInternational Bank andInternational MonetaryFund

Less subscriptions to Inter-national Bank and Inter-national Monetary Fund..

Equals net long-term loansand investments, excludingInternational Bank andInternational MonetaryFund

C. Outflow of short-term capital(net)

Total net unilateral payments,loans, and investments, exclud-ing International Bank andInternational Monetary Fund(A-fB-f-C)

1946

2091,524

5396015

170

2,517238

2,279

600

841945600

317

5

12

3,32090

3,230

322

2,908

-134

5,053

1947

761

98096

74

1712

332

2,272460

1,812

2

274796

2,850

318

2,745

80

7,065174

6,891

3,063

3,828

73

5,713

1948

85

1,280130168349

89546

1,388115

4,150389

3, 761

2

210454300

48622

1,474332

1,142

1,142

-245

4,658

1949

Total i

1

33

5,692449

5,243

8

8695203

492

492

126

5,861

Firstquarter

243535353

18

90547

1,37299

1,273

50

28029

35963

296

296

- 4

1,565

Secondquarter

244445543

18

1,12250

1,57686

1,490

42

9828

16856

112

112

- 2

1,600

Thirdquarter

330621343

17

94029

1,434219

1,215

35

1622

7344

29

29

132

1,376

Fourthquarter^

3333

(2)

1,31045

1,265

8

9540

55

55

1,320

* Estimates based on incomplete data.* Not available.3 Includes Korean aid in 1949.


185


TABLE G-38.—Export price indexes of selected countries converted to dollars, 1937-40 and 7946-49

[1937 -100]

Period UnitedStates i

1009997106

152178189

189186184185181182177177178175

UnitedKingdom

1001019199

162186203

209207207207209209209211

»181145

France *

100878089

193212177

221215215211210215209214'192

Sweden

1008680100

153201226

217214209200196192188187

3 160139

Belgium *

1937 -19381939..1940

19461947...1948

1949—January...February-MarchAprilMayJuneJulyAugustSeptember.October...

10010060

247259255

260259282276271263266262

* Unit value of finished manufactures other than foodstuffs.2 Unit value of exports.»National indexes converted to dollar equivalents on basis of average of old and new exchange rates.Source: Based on data obtained from Department of Commerce and International Monetary Fund.

186


TABLE C-39.—United States merchandise exports, including reexports, by areas, 1936—38 quarterlyaverage and 7947-49

Period

Quarterly average:1936-381947.19481949 2

1948—First quarter...Second quarter.Third quart er.Fourth quarter.

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

Quarterly average:1936-38.--1947-1948.

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

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

Totalexportsinclud-ing re-exports

Canada

OtherWest-

ernHemi-sphere

E R Pcoun-tries i

OtherEurope Asia i

Aus-traliaand

OceaniaAfrica

7423,8353,1632,990

3,3153,2372,9373,162

3,3243,3582,6832,600

Millions of dollars

113519479

425493485511

464566472

1381,027

848

913902738840

843742671

2821,3241,046

1,1401,059

9661,018

1,1591,186

840

3111849

84333840

424635

122562507

513508486520

599581474

238038

42343047

545047

Percentage of total

100100100

100100100100

100100100

15.213.515.1

12.815.216.516.2

14.016.917.6

18.626.826.8

27.527.925.126.6

25.422.125.0

38.034.533.1

34.432.732.932.2

34.935.331.3

4.23.11.5

2.51.01.31.3

1.31.41.3

16.414.716.0

15.515.716.516.4

18.017.317.7

3.12.11.2

1.31.11.01.5

1.61.51.8

32205

197207194186

163187143

4.35.36.2

5.96.46.65.9

4.95.65.3

1 Turkey is included with E R P countries and excluded from Asia. Exports to Germany in the post-war period relate almost wholly to exports to the three western zones.

2 Estimates based on incomplete data.3 Not available.

NOTE.—Data in this table cover all merchandise, including reexports, shipped from the United Statescustoms area to foreign countries including, in 1947 to 1949, goods destined to United States armed forcesabroad for distribution in occupied areas as civilian supplies.



868148—50- -13


T A B L E C-40.—United States domestic merchandise exports, by economic classes, 1936—38 quarterlyaverage and 1947—49

Period

Quarterly average:1936-381947..19481949 1



Quarterly average:1936-3819471948

1948—First quarter...Second quarterThird quarter..Fourth quarter

1949—First quarter...Second quarter.Third quarter-

Totaldomesticexports

Crudematerials

Crudefood-stuffs

Manu-facturedfoodstuffs

Semi-manu-

factures

Finishedmanu-

factures

Millions of dollars

7313,7913,1322,960

3,2833,2052,9093,133

3,2883,3272,6562,575

167400372

(2)

329327373459

466549330

(2)

34337316

(2)

322245358341

396349325

(2)

42439329

(2)

341369310296

256270175

(2)

130446342

(2)

381357314316

385386310

(2)

3582,1681,773(2)

1,9101,9061,5541,722

1,7851,7731,517(2)

100100100

100100100100

100100100

22.810.611.9

10.010.212.814.7

14.216.512.4

4.78.910.1

9.87.612.310.9

12.010.512.2

5.711.610.5

10.411.510.79.4

7.88.16.6

17.811.810.9

11.611.110.810.1

11.711.611.7

49.057.256.6

58.259.553.455.0

54.353.357.1

1 Estimates 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 to 1949, goods destined to United States armed forces abroad for dis-tribution in occupied areas as civilian supplies.



188


TABLE C-41.—Indexes of quantity and unit value of United States domestic merchandise exports,by economic classes, 1936—38 quarterly average and 1947-49

[1936-38=100]

PeriodTotal

domesticexports

Crudemate-rials

Crudefood-stuffs

Manu-factured

food-stuffs

Semi-manu-

factures

Finishedmanu-

factures

Quantity indexes

Quarterly average:1936-3819471948 _19491... ____

1948—First quarter.. .Second quarter.Third quarter-Fourth quarter

1949—First q u a r t e r -Second quarter.Third quarter _.

Quarterly average:1936-381947.—1948-19491

1948—First q u a r t e r -Second quarter.Third quarter..Fourth quarter

1949—First quarter...Second quarterThird quarter.-

100275214224

220217198218

232242199

100123100126

8786100124

12915593

100397362457

323265407429

495438439

100478350306

353388319335

317366236

100203143158

160149130131

162167144

Unit value indexes

100188200188

204202201196

194188183

100195223213

227229222220

216212212

100248255227

290269256231

233233216

100218223181

230225230209

191175176

100169184176

184185186186

184179165

100332257254

275275225252

262266234

100182193

194194193191

190186181

1 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 price* has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions are reported in official foreign trade statistics, including change in averageprices that result from changes in the commodity composition of trade. The indexes for 1947 to 1949 arebased on data which include goods destined to the United States armed forces abroad for distribution tocivilians in occupied areas.



TABLE C-42.—United States general merchandise imports, by areas, 1936-38 quarterly averageand 1947-49

PeriodTotal

generalimports

Canada

OtherWest-

ernHemi-sphere

E R Pcoun-tries i

OtherEurope Asia*

Aus-traliaand

OceaniaAfrica

Millions of dollars

Quarterly average:1936-38- —1947__19481949 2

1948—First quarter...Second quarter.Third quarter _.Fourth quarter.


Quarterly average:1936-3819471948__


1949—First quarter...Second quarter.Third quarter..

6221,4391,7811,655

1,8101,7101,7291,875

1,7911,6011,4771,750

86274388(3)

328355410461

366374340(3)

145576636(3)

705630586625

676589569(3)

152174244(3)

232232234280

250190175(3)

304549

(3)

53484943

343333

(3)

183249324(3)

328321301346

328302265(3)

103941

(3)

48344834

343922

(3)

1782

11690

10285

1037473

Percentage of total

100100100

100100100100

100100100

13.819.021.8

18.120.823.724.6

20.423.423.0

23.340.035.7

39.036.833.933.3

37.736.838.5

24.412.113.7

12.813.613.514.9

14.011.911.9

4.83.12.8

2.92.82.82.3

1.92.12.2

29.417.318.2

18.118.817.418.5

18.318.917.9

1.62.72.3

2.72.02.81.8

1.92.41.5

2.75.75.5

6.45.35.94.5

5.84.64.9

1 Turkey is included with E R P countries and excluded from Asia. Imports from Germany in the postwarperiod relate almost wholly to imports from the three western zones.

2 Estimates based on incomplete data.3 Not available.

NOTE.—Data in this table cover all merchandise received in the United States customs area from foreigncountries. General imports include merchandise entered immediately upon arrival into merchandisingchannels, plus entries into bonded customs warehouses.


Source: Department of Commerce

[QC


T A B L E C - 4 3 . — United States merchandise imports Jor consumption, by economic classes, 1936—38quarterly average and 7947—49

Period

Quarterly average:1936-38 _194719481949 i

1948—First quarterSecond quarterThird quarterFourth quarter

1949—First quarterSecond quarterThird quarterFourth quarter i

Quarterly average:1936-381947 . -1948

1948—First quarterSecond quarter. _Third quarter.Fourth quarter

1949—First quarterSecond quarterThird quarter

Total im-ports for

consump-tion

Crude ma-terials

Crude food-stuffs

Manufac-tured food-

stuffs

Semi-rnanu-

ufactures

Finishedmanufac-

tures

Mill ions of dollars

6151,4161,7731,650

1,7851,6821,7541,871

1,7591,5901,5011,740

190441537

577506543520

504451426

85254318

346287271367

340304287

95164183

161180199190

182198194

126311408

396384419434

397333303

120246327

304323322359

336304289

Percentage of total

100100100

1001001.0G100

100100100

30.931.130.3

32.330.131.027.8

28.728.428.4

13.817.917.9

19.417.115.519.6

19.319.119.1

15.411.610.3

9.010.711.310.2

10.312.512.9

20.522.023.0

22.222.823.923.2

22.620.920.2

19.517.418.3

17.019.218.419.2

19.119.119.3

1 Estimates based on incomplete data.2 Not available.NOTE.—Imports for consumption include merchandise entered immediately upon arrival into merchan-

dising or consumption channels, plus withdrawals from bonded customs warehouses for consumption;Detail will not necessarily add to totals because of rounding.


191


TABLE C—44.—Indexes of quantity and unit value of United States merchandise imports for con~sumption, by economic classes, 1936—38 quarterly average and 1947—49

Period

Quarterly average:1936-38 . -194719481949 l

1948—First quarterSecond quarterThird quarterFourth quarter.

1949—First quarterSecond quarterThird quarter

Quarterly average:1936-38194719481949 l

1948—First quarterSecond quarter _.Third quarterFourth quarter

1949—First quarter.Second quarterThird quarter

Totalimportsfor con-

sumption

[1936-38=

Crudematerials

100]

Crudefoodstuffs

Manufac-tured

foodstuffs

Semi-manufactures

Finishedmanufac-

tures

Quantity indexes

100108123116

126117119128

121115111

100129139122

154132136132

129119117

10096

109114

11710091

127

121116104

100839199

81899995

93105100

100130149132

153142151152

139128129

10084

10399

96101102113

1059894

Unit value indexes

100213235226

230234239238

236224219

100180203199

197202210207

206199192

100311343320

347338349338

330307324

100208212203

210214212212

205199205

300191217207

206215221227

227208187

100245266262

266268265267

267261258

1 Average of three quarters.NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changes

in average prices has been eliminated. The indexes of unit value provide a measure of change in the 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.


192


TABLE C-45.—Changes in selected economic series since 1939 and 1948 and during 1949

Source:Appen-

dixtableNo.

C-l

C-4

C-7

0-8

C-9

C-ll

0-14

C-15

C-l 6

C-17

C-18

C-21

C-22

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

services _.

National income .._Compensation of employees.

Personal incomeDisposable personal income.Personal net saving

Per capita disposable personal income:Current dollars _.1948 dollars

Labor force, including armed forces-Civilian labor force

EmploymentNonagriculturalAgricultural..

Unemployment

Average gross weekly earningManufacturing.._Bituminous coal mining..Building construction

Physical production index of goods andselected services:

Total . -- .AgriculturalNonagricultural

Industrial production: Total. . ,Durable manufacturesNondurable manufactures,.Minerals _.

New construction: TotalPrivate

ResidentialNonresidentialPublic utility and farm _

Public

Business expenditures for new plant andequipment __

Inventories:Manufacturing-Wholesale trade.Retail

Sales:Manufacturing—Wholesale trade.Retail.

Consumers' price index: All items..Food- .Apparel .--Rent

Wholesale price index: All commoditiesFarm productsFoods.-Other than farm products and foods

1939=100

1948

287265455211

280

312294

292272444

243141

1131111301428322

227302227

167132177

176206162146

298382342456414

370

297300271

373334309

172221197113

214288254186

1949

Total i

283264372

332

307297

292275633

241142

11411212814084

230268234

159130167

161184154126

306369332405424211

344

170212190116

201253229181

Firsthalf

281265389122

310297

294277578

244143

113111127139a334

229297233

()170

166196153135

13316213620318989

351

290284256

353306

171213192115

204261232184

Secondhalfi

264359

-133

334

297

290273489

238140

1161141301428438

230224235

164

156172155119

173207197202235122

170212186116

198246227178

Percentagechange 2

1948to

1949

- 1 . 4- . 2

-18.2

+18.5

- 1 . 6+1.4

- . 1+1.1

+20.0

- . 7+.5

+1.3+1.1- 1 . 1- 1 . 4+.7

+64.5

+1.2-11.4+3.2

- 4 , 9- 1 . 4- 5 . 6

-10.7- 5 . 1

-13.5

+3.0- 3 . 5- 2 . 7

-11 .2+2.5

+25.1

- 6 . 9

()

8

- 1 . 1- 3 . 8- 3 . 8+2.8

- 6 . 2-12 .1- 9 . 9- 2 . 5

1949,first

half to1949,

secondhalfi

- 2 . 2- . 3

- 7 . 8- 1 . 1

+1.4

- 2 . 0

+.1- 1 . 3- 1 . 5

-15.4

- 2 . 4- 1 . 8

+2.7+2.8+2.2+2.2+2.2

+12.9

+.6-24.7

+.9

()-3.7

- 6 . 1-12.2+1.2

-11.9

+29.8+27.3+44.8

- . 6+24.2+36.4

-3.6

See footnotes at end of table, p. 194.

193


T A B L E G—45.—Changes in selected economic series since 1939 and 7948 and during 1949—Con.

SourceAppen

dixtableNo.

C-23

C-24

C-29

C-39

0-42

Economic series

Prices received by farmersPrices paid by farmers (including interest

and taxes).

Consumer credit outstanding, end of period..

Corporate profits:Profits before taxes . - .Profits after taxes

Dividend paymentsUndistributed profits

Merchandise exports, including reexports 4~ _

General merchandise imports 4 _

1939 = 100

1948

302

202

205

535424208

1,100

426

286

1949

Total i

264

197

235

425334221692

403

266

Firsthalf

273

198

202

429336221700

450

273

Secondhalf i

257

195

235

418332221683

356

259

Percentagechange 2

1948to

1949

-12.6

- 2 . 5

+14.6

-20.7-21.2+6.3

-37.1

- 5 . 5

- 7 . 1

1949,first

half to1949,

secondhalf i

- 5 . 9

- 1 . 5

+16.0

- 2 . 5-1 .2

- 2 . 4

-20.9

-4 .8

1 Estimates based on incomplete data.2 Changes are computed from data as reported and therefore may differ slightly from changes computed

from the indexes shown here.3 Not available.* 1936-38 average=100.

194 U. S. GOVERNMENT PRINTING OFFICE: 1 9 5 0


erp appendixes jan 1950 3

Documents