erp appendixes jan 1952 2

Appendix B

Statistical Tables Relating to Employment,Production, and Purchasing Power

CONTENTS

National income or expenditure: PageB-l. Gross national product or expenditure, 1929-51 167B-2. Gross national product or expenditure in 1939 prices, 1929-51 168B-3. Gross national product or expenditure in 1951 prices, 1929-51 169B-4. Personal consumption expenditures, 1929-51 170B-5. Gross private domestic investment, 1929-51 171B-6. National income by distributive shares, 1929-51 172B-7. Personal income, 1929-51 173B-8. Relation of national income and personal income, 1929-51 174B-9. Disposition of personal income, 1929-51 175B-10. Total and per capita disposable personal income in current and 1951

prices, 1929-51 176Employment and wages:

B—11. Labor force, employment, and unemployment, 1929-51 177B-l 2. Number of wage and salary workers in nonagricultural establishments,

1929-51 178B-l 3. Average weekly hours in selected industries, 1929-51 179B-l4. Average hourly earnings in selected industries, 1929-51 180B-15. Average gross weekly earnings in selected industries, 1929-51 181

Production and business activity:B-l 6. Indexes of industrial and agricultural production, 1929-51 182B-l7. Production of selected commodities in the free world, 1950-51 183B-l8. New construction activity, 1929-51 184B-l 9. Business expenditures for new plant and equipment, 1929-52 185B-20. Inventories and sales in manufacturing and trade, 1939-51 186B-21. Sales, stocks, orders, and receipts at 296 department stores, 1939-51. . 187

Prices:B-22. Consumers' price index, 1929-51 188B-23. Wholesale price index, 1929-51 189B—24. Indexes of prices received and prices paid by farmers, and parity

ratio, 1929-51 190B-25. Percentage increases in wholesale prices and cost of living in the United

States and foreign countries since June 1950 191Credit, money supply, and Federal finance:

B-26. Consumer credit outstanding, 1929-51 192B-27. Loans and investments of all commercial banks, 1929-51 193B-28. Deposits and currency, 1929-51 194B-29. Estimated ownership of Federal obligations, 1939-51 195B-30. U. S. Government debt—volume and kind of obligations, 1929-51 196B-31. Bond yields and interest rates, selected years, 1929-51 197

165

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

Corporate profits and finance: pageB-32. Profits before and after tax, all private corporations, 1929-51 198B-33. Sales and profits of large manufacturing corporations, 1939-51 199B—34. Relation of profits before and after taxes to stockholders' equity, private

manufacturing corporations, by industry group, 1947—49 averageand 1950-51 200

B—35. Relation of profits before and after taxes to sales, private manufacturingcorporations, by industry group, 1947—49 average and 1950—51.... 201

B—36. Relation of profits before and after taxes to stockholders' equity and tosales, all private manufacturing corporations, by size class, 1947—49average and 1950-51 202

B—37. Sources and uses of corporate funds, 1947—51 203International transactions:

B-38. International transactions of the United States, 1948-51 204B—39. United States exports and imports of goods and services, by area,

1948-51 205B-40. U. S. Government grants, other unilateral transfers, and loans to foreign

countries, 1948-51 206B-41. United States merchandise exports, including reexports, by area,

1936-38 quarterly average and 1947-51 207B—42. Indexes of quantity and unit value of United States domestic merchan-

dise exports, by economic class, 1936—38 quarterly average and1947-51 208

B—43. United States general merchandise imports, by area, 1936—38 quarterlyaverage and 1947-51 209

B-44. Indexes of quantity and unit value of United States merchandise im-ports for consumption, by economic class, 1936—38 quarterly averageand 1947-51 210

B-45. United States exports of selected capital goods to ERP countries andunderdeveloped areas, 1950-51 211

Summary:B-46. Changes in selected economic series since 1939 and 1950 and during

1951 212

166


Statistical Tables Relating to Employment,Production, and Purchasing Power

TABLE B-l.—Gross national product or expenditure, 1929—51

[Billions of dollars]

Period

1929..._1930.1931193219331934

193519361937.1938 _1939

19401941. _194219431944....1945._._ _.1946194719481949

19501951 «

1950: First halfSecond half _ _ _ _ _ _ _

1951: First halfSecond half 6

1950: First quarterSecond quarterThird quarterFourth quarter

1951: First quarterSecond quarterThird quarterFourth quarter6...

Grossnational

prod-uct

103.890.975.958.355.864.972.282.590.284.791.3

101.4126.4161.6194.3213.7215.2211.1233.3259.0257.3282.6326.8

Personal ,consump-

tion ex-pendi-tures 1

78.870.861.249.246.351.956.262.567.164.567.572.182.391.2

102.2111.6123.1146.9165. 6177.9180.2193.6204.4

Grossprivatedomes-tic in-vest-

ment 2

15.810.25.4.9

1.32.86.18.3

11.46.39.9

13.918.310.95.77.7

10.728.730.242.733.048.958.8

Netforeigninvest-ment

0.8.7.2.2.2.4

-.1-.1

.11.1.9

1.51.1-.2

-2.2-2.1-1.4

4.68.91.9.5

-2.3.1

Government purchases of goods and services

Total

8.59.29.28.18.09.89.9

11.711.612.813.113.924.759.788.696.582.830.928.636.643.642.563.5

Federal

Total 3

1.31.41.51.52.03.02.94.54.65.35.26.2

16.952.081.289.074.820.915.821.025.522.841.9

Na-tional

security 4

(5)

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

(5)(5)(a)(5)

1.2

2.213.849.479.787.573.818.512.015.518.918.937.8

Other

(5)

35)8)(5)(5)(5)(5)(8)3.94.03.22.71.51.61.02.53.85.66.63.94.1

Stateandlocal

7.27.87.76.65.96.87.06.97.07.57.97.87.87.77.47.58.0

10.012.815.618.119.721.6

Seasonally adjusted annual rates

269.7295.6323.4330.3264.4275.0287.4303.7319.0327.8327.6333.0

186.7200.4205.0203.8184.7188.7202.5198.4208.2201.7202.5205.0

44.053.862.854.840.147.947.360.260.165.655.754.0

-1.6-3.0-1.4

1.6-1.7-1.6-3.2-2.7-2.7O1.22.0

40.744.356.970.141.340.140.847.853.460.468.272.0

21.424.235.648.222.020.921.227.332.439.046.649.8

16.920.932.043.416.717.117.923.928.835.342.044.9

4.63.33.64.85.33.83.23.43.63.64.64.9

19.220.221.221.919.319.219.720.421.121.421.622.2

1 See appendix table B-4 for major components.2 See appendix table B-5 for major components.3 Net of Government sales, which have been deducted from the national security expenditures.4 For 1947-51, "national security" expenditures include the following: military services, international

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

8 Not available.6 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.7 Less than 50 million dollars.

NOTE.—The figures beginning with 1948 are based on the revised series of national income and product ofthe Department of Commerce. For detail, see the National Income Supplement to the Survey of CurrentBusiness, 1951.

Detail will not necessarily add to totals because of rounding.

Source: Department of Commerce (except as noted).

167


TABLE B-2.—Gross national product or expenditure in 1939 prices, 1929-51

[Billions of dollars, 1939 prices]

Period

1929 .

1930193119321933... .1934

1935. . .193619371938.1939

1940194119421943... .1944

19451946194719481949

195019513

Totalgrossna-

tionalprod-uct

85.9

78.172.361.961.567.9

73.983.987.984.091.3

100.0115.5129.7145.7156.9

153.4138.4138.6143.5143.5

154.3166.5

Personal consumptionexpenditures

Total

62.2

58.656.651.851.154.0

57.262.865.063.967.5

71.376.675.878.081.1

86.395.798.3

100.3102.9

108.7107.5

Dur-able

goods

8.0

6.45.33.93.84.4

5.46.67.05.76.7

7.78.95.75.04.6

5.310.412.312.612.9

15.513.4

Non-dur-able

goods

29.1

27.727.525.224.927.0

28.631.832.933.435.3

37.140.141.342.644.5

47.950.249.549.750.4

51.751.1

Serv-ices

25.1

24.523.922.722.422.6

23.224.425.124.825.5

26.527.628.830.432.0

33.235.236.438.039.6

41.643.0

Gross private domesticinvestment

Total

14.9

10.15.91.11.63.5

6.79.3

11.46.39.9

13.717.19.35.46.6

8.320.319.322.717.8

24.828.1

Newcon-

struc-tion

7.4

5.43.82.11.51.7

2.23.13.83.34.9

5.46.13.31.92.0

2.66.06.98.07.9

9.48.9

Pro-duc-ers'

dur-able

equip-ment

6.1

4.83.31.92.02.7

3.64.85.53.94.6

6.07.24.43.65.1

6.79.9

11.812.611.6

13.215.0

Changein

busi-ness

inven-tories

1.5

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

.91.42.1

-1.0.4

2.33.81.6-.1

-1.04.4.6

2.1-1.7

2.24.2

Netfor-eignin-

vest-ment

0.8

.6

.3

.2

.1

.3

-.1-.2

.11.0.9

1.2.7

-.4-2.1-2.2

-1.82.74.81.4.6

Governmentpurchases of goods

and services

Total

7.9

8.79.48.98.7

10.1

10.111.911.412.713.1

13.821.145.064.371.3

60.619.616.119.222.2

20.828.7

Fed-eral

1.3

1.51.61.72.33.1

3.04.94.45.35.2

6.113.838.358.265.4

54.612.88.5

10.913.0

11.018.7

Stateandlocal

6.6

7.37.87.26.47.0

7.17.16.97.47.9

7.77.36.76.16.0

6.06.87.68.29.2

9.810.0

Grosspri-vate

prod-uct2

81.5

73.567.757.456.562.0

67.676.480.976.483.7

92.1106.2116.5125.3133.0

129.7125.6128.8133.7133.2

143.8153.3

1 See Survey of Current Business, January 1951, and the National Income Supplement to the Survey ofCurrent Business, 1951, for explanation of conversion of estimates in current prices to those in 1939 prices.2 Total gross national product less compensation of general government employees.

3 Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily^add to totals because of rounding.Source: Department of Commerce (except as noted).

168


TABLE B-3.—Gross national product or expenditure in 1951 prices, 1929-51l

[Billions of dollars, 1951 prices]

Period

1929

19301931193219331934

193519361937 .19381939

19401941194219431944

1945 .194619471948 . .1949

1950...1951* ..

1950: First halfSecond half

1951: First halfSecond half*

1950: First quarterSecond quarter. _.Third quarterFourth quarter. . .

1951: First quarterSecond quarter. __Third quarterFourth quarter*..

Totalgrossna-

tionalprod-uct

167.2

151.4139.7118.4117.0130.8

142.5163.2170.8163.9179.3

197.3229.6262.4296.6320.0

309.4272.9271.5280.4280.1

301.2326. 8

Personal consump-tion expenditures

3oEH

118.1

111.0107.197.696.5

102.4

108.8120.1124.2122.3129.4

137.0147.6145.5149.3155.3

165.6184.1188.6191.9196.6

207.5204.4

bo0)

1ft

16.3

13.010.88.07.79.0

n.o13.414.211.713.5

15.618.111.510.19.3

10.721.024.925.426.1

31.227.1

m

§>

r2321fc

62.8

59.959.454.454.158.3

61.868.871.172.276.4

80.386.889.492.196.3

103.5108.5107.1107.6109.1

111.7110.6

'>1

39.0

38.136.935.234.735.1

36.037.938.938.439.5

41.142.744.647.149.7

51.454.656.658.961.4

64.666.6

Gross private do-mestic investment

3e32.7

22.113.52.73.57.2

14.019.723.913.521.6

29.636.619.911.213.3

16.642.640.247.637.4

52.558.8

|

1

18fco>fc

18.4

13.79.75.43.64.1

5.57.99.58.3

12.3

13.715.48.34.75.0

6.515.217.220.019.7

23.722.2

r23£Si"wft®B0 0<rs ®T301-i

PH

11.1

8.86.13.63.74.8

6.68.8

10.07.38.5

11.013.28.26.79.4

12.218.121.723.221.3

24.127.6

•aS|

o

•Sl<u_g

aO

3.2

-.4-2.3-6.3-3.8-1.7

1.93.04.4

-2.1.8

4.98.03.4-.2

-1.1

-2.19.31.34.4

-3.6

4.79.1

Netfor-eignin-

vest-ment

-0.8

-.9-1.4-1.3-1.8-.9

-2.5-2.7-2.3

-.5

.2-1.3-3.3-7.6-8.1

-8.02.87.2

-1.5-3.0

-4.6.1

Government pur-chases of goodsand services

aoEH

17.2

19.220.519.418.822.1

22.226.125.028.128.8

30.546.7

100.3143.7159.5

135.243.435.542.449.1

45.863.5

Federal

i§2.9

3.33.53.85.16.9

6.710.910.011.911.7

13.830.985.8

130.5146.6

122.228.619.124.529.1

24.641.9

>>

Po>-3r-J'd

II•P Xg.

(3)

(3)

(3)

(3)

(3)

(3)

(3)

(3)

(3)

(3)

2.7

4.925.281.5

128.1144.2

120.625.314.518.121.6

20.437.8

i£'d§3$03

14.3

15.917.015.613.715.2

15.515.215.016.217.1

16.715.814.513.212.9

13.014.816.417.920.0

21.221.6


294.2307.9

323.8329.8

289.8298.6301.5314.3

319.5328.2328.4331.1

204.4210.6

205.5203.2

203.5205.2214.4206.9

209.4201.6203.1203.4

29.033.4

28.825.3

28.929.036.430.4

31.726.025.525.1

111.4112.0

110.4110.9

111.3111.6113.0110.9

111.7109.1110.7111.1

64.065.3

66.267.0

63.364.665.065.6

66.066.566 967.2

49.255.6

63.054.6

45.153.249.261.9

60.465.755.753.5

23.024.4

23.221.2

22.723.424.624.1

24.022.521.620.8

22.525.7

26.628.6

21.123.925.925.5

26.027.128.228.9

3.65.5

13.24.8

1.35.9

-1.312.3

10.416.15.93.8

-4.6-4.6

-1.61.8

-4.7-4.4-5.2-3.9

-3.2

~"I.~42.3

45.246.2

56.970.0

45.944.643.149.4

52.960.968.271.9

24.025.2

35.448.4

24.623.522.128.2

31.739.246.750.0

19.021.7

32.043.6

18.719.318.724.7

28.535.542.145.1

21.221.1

21.421.7

21.321.121.021.2

21.221.721.521.9

1 These estimates represent a rough conversion of the Department of Commerce series in 1939 prices.(See appendix table B-2.) This was done by major components, using the implicit price indexes for theyear 1951 as a base. Although it would have been preferable to redeflate the series by minor components,this would not substantially change the results except possibly for the period of World War II, and for theseries on change in business inventories.

2 See appendix table B-l, footnotes 3 and 4.3 Not available.* Estimates based on incomplete data.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Council of Economic Advisers.

169


TABLE B-4.—Personal consumption expenditures 9 1929-51


Period

1929..

19301931193219331934. .

19351936. _ .193719381939

194019411942.. .19431944

19451946194719481949

19501951*


1951: First half _Second half*

1950: First quarterSecond quarter.. .Third quarterFourth quarter .

1951: First quarter. -Second quarterThird quarterFourth 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

123.1146.9165.6177.9180.2

193.6204.4

Durable goods

Total

9.4

7.35.63.73.54.3

5.26.47.05.86.7

7.99.87.16.87.1

8.516.621.422.923.9

29.227.1

Auto-mo-bilesandparts

3.2

2.21.6.9

1.01.4

1.92.32.41.62.1

2.73.3.7.8.9

1.14.26.67.59.4

12.310.5

Other

6.1

5.14.02.82.52.9

3.34.14.64.14.6

5.16.46.46.06.2

7.412.414.815.414.5

16.916.5

Nondurable goods

Total

37.7

34.129.022.722.326.7

29.432.935.234.035.3

37.644.052.961.067.1

74.985.895.1

100.998.7

102.3110.6

Foodi

19.7

18.114.811.411.514.3

16.318.520.019.019.3

20.724.430.535.338.9

43.050.356.659.758.6

60.967.3

Cloth-ing 2

9.2

7.96.85.04.65.6

5.96.56.76.67.0

7.48.8

11.013.715.3

17.118.619.120.118.9

18.819.8

Other

8.9

8.17.46.46.26.9

7.27.98.68.48.9

9.510.811.411.912.9

14.816.919.421.121.3

22.623.6

Services

Total

31.7

29.526.622.820.620.9

21.723.324.924.725.5

26.628.531.234.437.4

39.744.549.154.157.6

62.166.7

Hous-ings

11.4

11.010.29.07.87.5

7.67.98.48.78.9

9.29.9

10.611.111.7

12.213.014.616.518.1

19.921.4

Other

20.2

18.516.413.812.713.4

14.115.416.516.016.5

17.418.720.623.325.7

27.531.434.537.739.4

42.245.2


186.7200.4

205. 0203.8

184.7188.7202.5198.4

208.2201.7202.5205.0

26.531.9

28.725.4

26.326.634.329.4

31.525.925.325.5

10.913.6

11.69.5

10.411.414.312.9

12.510.89.69.3

15.618.2

17.115.9

15.915.220.016.5

19.015.215.716.2

99.4105.2

110.5110.7

98.4100.4105.5104.9

111.5109.5110.0111.5

59.262.7

67.067.6

58.759.762.662.7

67.066.967.367.9

18.219.4

19.919.6

17.918.519.619.2

20.419.519.419.7

22.023.1

23.623.6

21.822.223.323.0

24.123.123.223.9

60.863.4

«5.767.6

60.161.662.764.0

65.266.267.268.0

19.520.3

21.121.8

19.319.720.120.5

20.921.321.622.0

41.443.1

44.745.8

40.841.942.643.5

44.345.045.646.0

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.




170


TABLE B-5.—Gross private domestic investment, 1929-51


Period

1929

193019311932 — ...19331934

19351936193719381939

194019411942 _19431944

19451946194719481949

19501951 8

1950: 1st half2dhalf__- ._-

1951: 1st half.

1950: 1st quarter...2d quarter..3d quarter..4th quarter.

1951: 1st quarter...2d quarter. .3d quater..-4th quarter 8.

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

10.728.730.242.733.0

48.958.8

Nonfarm producers'plant and equipment

Total i

9.8

7.64.62.52.33.1

3.85.26.64.75.7

7.49.35.84.66.3

8.715.520.323.422.0

25.631.6

Equip-ment2

5.6

4.32.81.61.62.2

2.93.94.73.44.0

5.36.64.13.54.7

6.310.714.616.715.6

18.823.2

Con-struc-tion i s

4.2

3.41.81.0.7.9

.0

.3

.9

.4

.7

2.12.71.71.11.6

2.44.85.76.76.4

6.88.4

Farm equipment andconstruction

Total <

1.1

.9

.5

.3

.3

.4

.6

.81.0.8.8

1.01.31.0.9

1.2

1.42.43.84.64.7

4.85.6

Equip-ment

0.8

.7

.4

.3

.3

.3

.5

.6

.8

.6

.6

.81.0.7.6.9

1.11.62.53.23.4

3.64.3

Con-struc-tion

0.3

.2

.1

.1

.2

.2

.2

.2

.2

.3

.3

.3

.3

.3

.91.31.41.3

1.21.3

Rasi-dential

con-struc-tion

(non-farm)1 5

2.8

1.41.2.5.3.4

.71.11.41.52.7

3.03.41.81.0.8

1.14.06.38.68.3

12.610.8

Otherpri-vatecon-

struc-tions

0.5

.5

.4

.2

.1

.1

.1

.1

.2

.2

.2

.2

.3

.1

.1

.2

.6

.71.01.3

1.51.7

Net change inbusiness inventories

Total

1.6

-.3-1.4-2.6-1.6-1.1

.91.02.3

-1.0.4

2.33.92.1-.9-.8

— 7

-'.85.0

-3.2

4.39.1

Non-farmafter

revalu-ation

adjust-ment

1.8

-1.7-2.6-1.3

.2

.42.11.8

-1.1.3

2.03.4.8

-.5-.3

-.66.31.43.7

-2.5

3.68.0

Farm

-0.3

-.2.3

5.,-1.3

.5-1.1

.5

.1

.1

.2

.51.3

-.4-.5

-.1-.2

-2.21.3

-.7

.81.1


44.053.8

62.854.8

40.147.947.360.2

60.165.655.754.0

23.028.2

30.333.0

22.024.027.528.9

29.531.132.733.3

16.820.9

21.924.5

15.817.820.521.3

21.422.524.025.0

6.27.2

8.38.5

6.26.27.07.5

8.18.68.78.3

4.65.0

5.85.3

4.34.85.24.8

5.75.95.45.3

3.43.8

4.64.0

3.13.64.03.7

4.54.74.14.0

1.21.2

1.21.3

1.21.21.21.1

1.21.21.31.3

11.813.4

11.99.8

11.212.413.713.1

12.910.89.7

10.0

1.51.6

1.81.6

1.51.51.51.6

1.71.91.81.4

3.15.6

13.15.0

1.15.2-.711.8

10.315.96.14.0

2.84.4

12.04.0

1.14.4

-1.810.6

9.114.85.13.0

.41.2

1.21.0

0

l!2

1.21.11.01.0

1 Items for 1945 and earlier years are not comparable with those for later years, nor with figures shown inappendix table B-18. Items for all years are not comparable with those shown in appendix table B-19,principally because the latter exclude certain equipment and construction outlays charged to currentexpense.

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

3 Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings, stores,restaurants, and garages. Includes hotel construction prior to 1946 only.

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

8 Includes construction of hotels, tourist cabins, motor courts, and dormitories since 1946 only.• Includes religious, educational, social and recreational, hospital and institutional, miscellaneous non-

residential, and all other private.7 Less than 50 million dollars.8 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.

NOTE.—The figures beginning with 1948 are based on the revised series of national income and product ofthe Department of Commerce. For detail, see the National Income Supplement tojfche" Survey of CurrentBusiness, 1951.



977891—52171


TABLE B-6.—National income by distributive shares, 1929-51


Period

1929 .

19301931 .193219331934

193519361937.1938 .. .1939

19401941.194219431944

1945 .1946194719481949

1950..1951 •


1951: First halfSecond half «

1950: First quarter .Second quarterThird quarter . _Fourth quarter

1951: First quarterSecond quarterThird quarter •Fourth quarter 5

Totalna-

tionalin-

come1

87.4

75.058.941.739.648.6

56.864.773.667.472.5

81.3103.8137. 1169.7183.8

182.7180.3198.7223.5216.7

239.0276.0

Com-pen-

sationof em-ploy-ees 2

50.8

46.539.530.829 3sili37.142.747.744.747.8

51.864.3S4.9

109.2121.2

123.0117.1128.0140.2139.9

153.3178.1

Business and pro-fessional incomeand inventory

valuationadjustment

Total

8.3

7.05.33.22.94.3

5.06.16.66.36.8

7.79.6

12.615.017.2

18.720.619.822.120.9

22.323.6

In-come

ofunin-corpo-ratedenter-prises

8.1

6. 34.72.93.44.3

5.06.26.76.16.9

7.810.212.915.117.2

18.822.421.322.520.3

23.824.4

In-ven-toryvalu-ationad-

just-ment

0.1

.8

.6

.3-.5-.1

-.1. i

l l.2o

-.1-.6

A

-.2-.1

-.1-1.8-1.5-.4

.6

-1.6-.7

In-come

offarmpro-prie-tors

5.7

3.92.91.72.32.3

4.93.95.64.44.5

4.96.9

10.511.811.8

12.514.815.617.713.0

13.717.0

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

6.36.67.17.57.5

8.08.4

Corporate profitsand inventory

valuationadjustment

Total

10.3

6.61.6

-2.0-2.0

1.1

3.04.96.24.35.8

9.214.619.924.324.0

19.218.324.731.730.5

36.243.1

Cor-porate

profitsbeforetax 3

9.8

3.3-.8

-3.0.2

1.7

3.25.76.23.36.5

9.317.221.125.124.3

19.723.530.533.828.3

41.444.8

In-ven-toryvalu-ationad-

just-ment

0..5

3.32.41.0

-2.1-.6

— 2-'.7(<)1.0

-.7

-.1-2.6-1.2-.8— 3

-.6-5.2-5.8-2.1

2.1

-5.1-1.7

Netin-

terest

6.5

6.25.95.45.04.8

4.54.54.44.34.2

4.14.13.93.43.1

3.02.93.54.34.9

5.45.7


225.0253.0

271.8280.0

219.3230.6245.8260.1

269.4274.3278.1282.0

145.4161.2

174.8181.4

142.2148.6157.3165.2

172. 1177.4180.4182.5

21.523.1

23.823.4

21.121.923.223.0

24.123.623.423.5

22.025.6

25.723.0

21.322.826.324.9

27.224.222.823.3

-.6-2.5

-1.8.4

2-ilo-3.2-1.8

-3.1-.5

.6

.2

12.415.0

16.417.6

12.512.214.315.8

16.416.317.318.0

7.88.2

8.28.4

7.87.88.18.4

8.38.28.48.5

32.639.8

43.043.2

30.534.837.442.2

42.943.042.843.7

34.748.0

48.641.0

31.937.545.750.3

51.845.440.042.0

-2.0-8.2

-5.62.2

-1.4-2.7-8.3-8.2

-8.9-2.3

2.81.7

5.25.6

5.65.8

5.25.35.55.6

5.65.75.85.8

1 National income is the total net income earned in production by individuals and businesses. The conceptof 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,and indirect business taxes.

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

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

4 Less than 50 million dollars.5 Estimates based on incomplete data; corporate profits and total national income for third quarter and all

items for fourth quarter by Council of Economic Advisers.

NOTE.—The figures beginning with 1948 are based on the revised series of national income and productof the Department of Commerce. For detail, see the National Income Supplement to the Survey of Cur-rent Business, 1951.



172


TABLE B-7.—Personal income, 1929-51

[Billions of dollars)

Period

1929

19301931 . .193219331934 .

193519361937.19381939 -. _

1940 ..1941194219431944

1945 .. _194619471948 . _1949

1950 _ . ._ . ...1951 « _



1950: First quarterSecond quarterThird quarterFourth quarter. . _

1951: First quarterSecond quarter. _.Third quarter. _ 1 _Fourth quarter <L_

Totalpersonalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9177.7191.0209.5205.1

224.7251.3

Salaries,wages,

and otherlabor

income 1

50.5

46.339.230.529.033.8

36.842.145.942.845.7

49.561.581.4

104.5116.2

116.9111.1122.3134.9134.2

146.4169.8

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

37.542.042.447.341.4

44.049.0

Dividendsand

personalinterestincome 3

13.3

12.611.19.18.28.6

8.610.110.38.79.2

9.49.99.7

10.010.6

11.413.214.516.017.1

19.320.1

Transferpayments

1.5

1.52.72.22.12.2

2.43.52.42.83.0

3.13.13.23.03.6

6.211.411.811.312.4

15.112.5

Nonagri-culturalpersonalincome 4

76.8

70.060.146.243.049.5

53.462.866.562.166.3

71.586.1

109.4135.2150.5

155.7158.8170.8187.1187.6

206.6229.6

Agri-culturalincome

8.3

6.24.73.13.63.7

6.55.67.56.26.3

6.89.2

13.315.115.4

16.218.920.222.417.5

18.121.7


216.7232.8

247.0255.6

216.3217.1227.3238.3

244.1249.9253.2258. 0 *

4'

138.7154.1

166.5173.0

135.6141.8150.3157.9

163.8169.2171. 4

U 174.6

41.646.4

48.449.6

41.441.845.647.2

48.848.149.150.0

18.020.5

19.620.5

17.618.419.621.4

19.220.120.220.8

18.411.8

12.412.6

21.715.011.811.9

12.312.512.612.6

200.0213.1

226.1233.2

199.5200.6208.5217.7

223.2229.0231.2235.2

16.619.8

21.022.4

16.816.518.820.6

20.921.022.122.8

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

2 See appendix table B-6 for major components.3 See appendix table B-32 for dividend payments.* Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises,

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

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

NOTE.—The figures beginning with 1948 are based on the revised series of national income and productof the (Department of Commerce. For detail, see the National Income Supplement to the Survey ofCurrent Business, 1951.




TABLE B—8.—Relation of national income and personal income, 1929-51


Period

1929

19301931.1932 ... . .19331934

1935. ...1936—19371938 _._1939...

1940194119421943 _ _1944

194519461947 . .19481949

195019512 _

1950: First halfSecond half _



1951: First quarterSecond quarterThird quarter * _ _ _ _Fourth quarter2...

Nationalincome

87.4

75.058.941.739.648.6

56.864.773 667.472.5

81.3103.8137.1169.7183.8

182.7180.3198.7223. 5216.7

239.0276.0

Less:

Corpo-rate

profitsand in-

ven-toryvalu-ation

adjust-ment

10.3

6.61.6

-2.0-2.0

1.1

3.04.96.24.35.8

9.214.619.924.324.0

19.218.324.731.730.5

36.243.1

Contri-butions

tosocialinsur-ance

0.2

.3

.3

.3

.3

.3

.3

.61.82.02.1

2.32.83.54.55.2

6.16.05.75.25.7

7.08.4

Excessof

wageac-

crualsoverdis-

burse-ments

•

0.2-.2

0)0)0)0)0)

0)0)

Plus:

Gov-ern-menttrans-

ferpay-

ments

0.9

1.02.01.41.51.6

1.82.91.92.42.5

2.72.62.72.53.1

5.610.911.110.511.6

14.311.7

Netinter-est

paidby

gov-ern-ment

1.0

1.01.11.11.21.2

1.11.11.21.21.2

1.31.31.52.12.8

3.74.44.44.54.6

4.74.8

Divi-dends

5.8

5.54.12.62.12.6

2.94.64.73.23.8

4.04.54.34.54.7

4.75.86.67.27.6

9.29.5

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

.7

.7

.7

.8

.8

Equals:Per-sonalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9177.7191.0209.5205.1

224.7251.3


225.0253.0

271.8280.0

219.3230.6245.8260.1

269.4274.3278.1282.0

32.639.8

43.043.2

30.534.837.442.2

42.943.042.843.7

6.77.2

8.48.5

6.66.87.07.4

8.38.48.48.6

0)0)

(0(')

0)0)0)0)

0)0)

.7—.7

17.611.0

11.611.8

21.014.211.011.1

11.511.811.811.8

4,74.7

4.84.8

4.74.74.74.7

4.84.84.84.9

8.110.2

9.29.8

7.88.49.4

11.1

8.89.69.6

10.1

.7

.8

.8

.8

.7

.7

.8

.8

.8

.8

.8

.8

216.7232.8

247.0255.6

216.3217.1227.3238.3

244.1249.9253.2258.0

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

all items for fourth quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1948 are based on the revised series of national income and product

of the Department of Commerce. For detail, see the National Income Supplement to the Survey ofCurrent Business, 1951.



174


TABLE B-9.—Disposition of personal income, 1929—51


Period

1929 _ _ _

1930 . .193119321933 _1934

1935 _ _193619371938 _ _1939

1940 . .194119421943 _1944

1945 __1946194719481949 _ .

1950 .1951 *



1950: First quarterSecond quarterThird quarter ._Fourth quarter.. ...

1951: First quarterSecond quarterThird quarter _ . _Fourth quarter l

Personalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9177.7191.0209.5205.1

224.7251.3

Less:Personaltax andnontax

payments

2.6

2.51.91.51.51.6

1.92.32.92.92.4

2.63.36.0

17.818.9

20.918.821.521.118.6

20.528.4

Equals:Dispos-

ablepersonalincome

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.7132.4147.0

151.1158.9169.5188.4186.4

204.3222.8?

Less:Personal

con-sumptionexpendi-

tures

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146. 9165.6177.9180.2

193.6204.4

Equals:Personal

netsaving

3.7

2.91.8

-1.4-1.2

— 2

1.83.63.91.02.7

3.79.8

25.630.235.4

28.012.03.9

10.56.3

10.718.5

Netsaving aspercentof dis-

posablepersonalincome

4.5

3.92.9

-2.9-2.7-.4

3.15.45.51.53.8

4.910.721.922.824.1

18.57.62.35.63.4

5.28.3

\ "I Seasonafly adjusted annual rates

216.7232.8

247.0255.6

216.3217.1227.3238.3

244.1249.9253.2258.0

19.221.6

27.729.2

19.019.520.223.1

27.428.028.430.0

197.4211.2

219.3226.4

197.3197.5207.1215.2

216.8221.8224.7228.0

186.7200.4

205.0203.8

184.7188.7202.5198.4

208.2201.7202.5205.0

10.710.7

14.322.6

12.58.94.6

16.8

8.520.122.223.0

5.45.1

6.510.0

6.34.52.27.8

3.99.19.9

10.1

1 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.NOTE.—-The figures beginning with 1948 are based on the revised series of national income and product

of the Department of Commerce. For detail, see the National Income Supplement to the Survey ofCurrent Business, 1951.

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


TABLE B-10.— Total and per capita disposable personal income in current and 1951 prices, 1929-51

Period

1929

19301931 _1932 . _19331934

1935 _1936 .193719381939

1940 _ _ _1941 _ _19421943 . _.1944 _

19451946194719481949

1950 _1951 »

1950: First half- . -.-Second, half

1951- First halfSecond half 3 _- -

1950: First quarter.Second quarterThird quarterFourth quarter

1951: First quarterSecond quarterThird quarter .Fourth quarter 3 .

Total disposable personalincome (billions of dollars)

Currentprices

82.5

73.763.047.845.251.6

68.066.171.165.570.2

75.792.0

116.7132.4147.0

151.1158.9169.5188.4186.4

204.3222.8

1951prices l

123.7

115.5110.394.894.2

101.8

112.2127.1131.4124.3134.5

143.9164.9186.1193.3204.5

203.4199.1193.1203.2203.3

219.0222.8

Per capita disposable per-sonal income (dollars)

Currentprices

678

599508383360408

456516552505536

573690866968

1,062

1,0801,1241,1761,2851,250

1,3471,443

1951prices *

1,016

939890760750805

882992

1,020958

1,027

1,0891,2371,3811,4131,477

1,4541,4091,3391,3861,363

1,4441,443


197.4211.2

219.3226.4

197.3197.5207.1215.2

216.8221.8224.7228.0

216.0221.9

220.0225.8

217.3214.7219.4224.4

218.1221.8225.4226.2

1,3061,385

1,4271,460

1,3081,3051,3621,409

1,4131,4401,4521,467

1,4301,456

1,4311,456

1,4411,4181,4431,469

1,4221,4401,4561,455

Population(thousands) 3

121,770

123,077124, 040124, 840125, 579126,374

127, 250128,053128,825129,825130,880

132, 114133, 377134,831136,719138, 390

139, 934141,398144, 129146, 621149, 149

151, 689154,353

151, 132152, 438

153,699155, 107

150, 847151, 390152, 068152, 774

153,396154, Oil154, 724155, 469

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

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

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



Sources: Department of Commerce and Council of Economic Advisers.

176


TABLE B—11.—Labor force, employment, and unemployment, 1929-51

Period

Monthly average:1929

19301931 - -193219331934

19351936193719381939

19401941194219431944 _ _

1945 .1946194719481949

19501951 __ _

1950* First half . __ _.Second half

1951* First halfSecond half __

1950* JanuaryFebruaryMarch - _-AprilMayJuneJulyAugust .September _ _ __O ctoberNovember ._December

1951* January ,__FebruaryMarchApril _ _ _ _ _ _ _ _MayJuneJulyAugustSeptember _ _OctoberNovemberDecember

Totallaborforce

(includ-ing

armedforces) *

Armedforces i

Civilian labor force

Totalcivilianlaborforce

Employment 2

Total Agri-cultural

Nonagri-cultural

Unem-ploy-ment

Thousands of persons, 14 years of age and over

49, 440

50, 08050,68051, 25051,84052,490

53, 14053, 74054,32054, 95055,600

56,03057,38060,23064,41065, 890

65,14060,8206 ,6086 ,7486 ,571

64 599(' .

63,77665,422

(3)(3)

62, 83563,00363,02163,51364,10866, 17765, 74266,20465, 02065, 43865, 45364,674

(8)

(3)

(3)(3)

(3)

260

260260250250260

270300320340370

3901,4703,8208,870

11, 260

11, 2803,3001,4401,3061,466

1,500(3)

1,3471,653

(3)(3)

1,4081,3661,3461,3301,3201,3111,3151,3371,4531,7341,9412, 136

(3)

i(3)i(3)

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

63,09962,884

62, 42963, 769

62, 25463, 513

61,42761,63761, 67562,18362, 78864,86664,42764,86763, 56763, 70463,51262, 538

61, 51461,31362, 32561, 78962,80363,78364,38264,20863,18663, 45263,16462, 688

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

59, 95761,005

58, 55561, 358

60,18961,820

56, 94756, 95357, 55158,66859, 73161,48261,21462.36761, 22661, 76461, 27160,308

59, 01058, 90560,17960,04461, 19361, 80362, 52662, 63061, 58061,83661, 33661, 014

10, 450

10,34010,29010, 17010, 0909,900

10, 11010,0009,8209,6909,610

9,5409,1009,2509,0808,950

8,5808,3208,2667,9738,026

7*, 5077,054

7,2337,781

6,7447,365

6,1986,2236,6757,1958,0629,0468,4408,1607,8118,4917,5516,234

6,0185,9306,3936,6457,4408,0357,9087,6887,5267,6687,0226,378

37, 180

35, 14032, 11028, 77028, 67030, 990

32, 15034, 41036, 48034, 53036, 140

37, 98041, 25044, 50045, 39045, 010

44, 24046, 93049, 76151, 40550, 684

52, 45053, 951

51, 32253, 578

53, 44654,455

50, 74950, 73050, 87751,47351, 66952, 43652, 77454, 20753, 41553, 27353,72154, 075

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

1,550

4,3408,020

12,06012,83011, 340

10, 6109,0307,700

10,3909,480

8,1205,5602, 6601,070

670

1,0402,2702,1422,0643,395

3,1421,879

3,8742,411

2,0651,693

4,4804,6844,1233,5153,0573,3843,2132,5002,3411,9402,2402,229

2,5032,4072,1471,7441,6091,9801,8561,5781,6061,6161,8281,674

Unem-ploy-mentas per-cent oftotal

civilianlaborforce

3.2

8.715.923.624.921.7

20.116.914.319.017.2

14.69.94.71.91.2

1.93.93.63.45.5

5.03.0

6.23.8

3.32.7

7.37.66.75.74.95.25.03.93.73.03.53.6

4.13.93.42.82.63.12.92.52.52.52.92.7

i Data for 1940-50 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.

* 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.

»Not available.NOTE.—Labor force data are based on a survey made during the week which includes the 8th of the monthDetail will not necessarily add to totals because of rounding.Sources: Department of Labor (1929-39) and Department of Commerce (1940-51).

177


TABLE B—12.—Number of wage and salary workers in nonagricultural establishments, 1929-51 *

[Thousands of employees]

Period

Monthly average:1929. .

1930193119321933. .1934

19351936193719381939194019411942 _1943194419451946.1947 ._19481949. .

1950 .1951 *

1950: First halfSecond half. -.

1951: First half..Second half *__

1950: JanuaryFebruaryMarchApril . .MayJuneJulyAugustSeptemberOctoberNovemberDecember

1951: JanuaryFebruaryMarchApril ..._MayJuneJulyAugustSeptember *...October*November f.__

Totalwageand

salarywork-

ers

31,04129, 14326, 38323,37723, 46625, 69926, 79228, 80230, 71828, 90230, 28732, 03136,16439, 69742, 04241,48040, 06941,41243, 37144, 20143, 00644,12446, 266

42, 71045, 53845, 88046, 73142, 12541, 66142, 29542, 92643, 31143, 94544, 09645, 08045, 68445, 89845, 87346, 59545, 24645, 39045, 85045,99846, 22646, 56746, 43246, 72446, 92146, 84146, 736

Manufacturing

Total

10, 534

9,4018,0216,7977,2588,3468,9079,653

10, 6069,253

10, 07810,78012, 97415,05117, 38117,11115,30214, 46115,24715, 28614, 14614, 88415,92614, 22015,54915,92515, 92813, 98013, 99714, 10314, 16214, 41314, 66614, 77715, 45015,68515, 82715, 76515, 78915, 78415, 97816, 02215, 95515, 85315, 95615, 81316,00816,02015, 94015, 861

Dur-able

goods

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

4,6835,3376,9458,804

11,07710, 8589,0797,7398,3738,3157,4658,0088,914

7,5688,4498,9278,8977,3427,3247.4187, 5487,8097,9647,9788,2948,4238,6188,6648,7178,7428,8778,9699,0038,9758,9988,8398,8788,9028,9228,944

Non-dura-

blegoods

(3)

(3)(3)(3)(3)(3)(3)(3)(3)(«)

5,3945,4436,0286,2476,3046,2536,2226,7226,8746,9706,681

6,8767,013

6,6537,100

6,9977,031

6,6386,6736,6856,6146,6046,7026,7997,1567,2627,2097,1017,0727,0427,1017,0536,9526,8786,9586,9747,1307,1187,0186,917

Min-ing

1,078

1,000864722735874

888937

1,006882845916947983917883826852943981932

904919

870939923914

«861«595

938939940946922950946939938937932930924911915927906922916911916

Con-tractcon-

struc-tion

1,4971,3721,214

970809862912

1,1451,1121,0551,1501,2941,7902,170,567,094,132,661,982

2,1652,156

2,3182,5732,0702,5652,4322,7421,9191,8611,9072,0762,2452,4142,5322,6292,6262,6312,5712,4032,2812,2282,3262,4712,5982,6862,7542,8092,7612,7502,637

Trans-porta-

tionand

publicutilities

3,9073,6753,2432,8042,6592,7362,7712,9563,1142,8402,9123,0133,2483,4333, 6193,7983,8724,0234,1224,1513,9794,0104,1433,9034,1174,1164,1763,8693,8413,8733,9283,8854,0234,0624,1204,1394,1324,1234, 1254,0724,0824,1124,1324,1374,1614,1764,1904,1784,1674,167

Trades

6,4016,0645,5314,9074,9995,5525,6926,0766,5436,4536,6126,9407,4167,3337,1897,2607,5228,6029,1969,4919,4389,5249,7169,2819,7669,6509,7959,2469,1529,2069, 3469,3269, 4119.3909,4749,6419,7529,896

10,4439,5929,5549,7139,6279,6839,7329,6679,6419,7749,871

10,024

Fi-nance

1,4311,3981,3331,2701,2251,2471,2621,3131,3551,3471,3821,4191,4621,4401,4011,3741,3941,5861,6411,7161,7631,8121,8791,7971,8271,8591,9031, 7721,7771,7911,8031,8121, 8271,8311,8371,8271,8211,8201,8281,8311,8391,8541,8651,8741,8931,9081,9141,8941,8981,901

Serv-ice2

3,1273,0842,9132,6822,6142,7842,8833,0603,2333,1963,3213,4773,7053,8573,9193,9344,0554,6214,7864,7994,7824,7614,7644,7464,7764,7294,8064,7014,6964,7084, 7574,7904,8264,8414,8274,8164,7574,7234,6944,6664,6574,6824, 7454,7894,8354,8524,8394,8344,7724,733

Gov-ern-

ment,(Fed-eral,

State,and

local)

3,0663,1493,2643,2253,1673,2983,4773,6623, 7493,8763,9874,1924,6225,4316,0496,0265,9675,6075,4545,6135,8115,9106,3465,8225,9986,2466,4665,7775,7425,7695,9155,9005,8325,7415,7936,0046,0396,0376,3766,0886,1226,2176,2926,3776,3776, 3566,4016,5446,5326,497

1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedor received pay during the pay period ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Not comparable with estimates ofnonagricultural employment of the civilian labor force reported by the Department of Commerce (appendixtable B-ll) 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-offs,and which are based on an enumeration of population, whereas the estimates in this table are based on reportsfrom employing establishments.

2 Data for the trade and service divisions, beginning with 1939, are not comparable with data shown forearlier years because of the shift of the autom otive repair service industry from the trade to the servicedivision.

s Not available.4 Estimates based on incomplete data.6 Data reflect work stoppages in bituminous coal mining.NOTE.—Detail will not necessarily add to totals because of rounding.Adjustments have been made to levels indicated by data of unemployment insurance agencies and the

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

Source: Department of Labor.

178


TABLE B-13.—Average weekly hours in selected industries, 1929-51

Period


19301931193219331934

19351936 . .193719381939 . .

19401941194219431944.

19451946194719481949

19501951 4

1950: First halfSecond half...

1951: First halfSecond half *_.

1950: JanuaryFebruaryMarch. __ _.AprilM a y _ _ _ _ _JuneJulyAugustSeptemberOctoberNovemberDecember

1951: JanuaryFebruaryMarchApril..MayJuneJulvAugustSeptember * _ _October*November4..

Manufacturing

Total

44.2

42.140.538.338.134.6

36.639.238.635.637.7

38.140.642.944.945.2

43.440.440.440.139.2

40.540.7

39.941.1

40.940.4

39.739.739.739.739.940.540.541.241.041.341.141.4

41.040.941.141.040.740.740.240.340.640.440.3

Durablegoods

0)

0)0)32.634.833.9

37.341.040.035.038.0

39.342.145.146.646.6

44.140.240.640.539.5

41.241.6

40.541.8

41.841.3

40.040.140.240.740.841.341.141.841.742.141.842.2

41.541.641.942.041.841.840.941.341.541.641.3

Non-durablgoods

(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

39.739.5

39.140.2

39.839.1

39.439.339.238.538.939.539.840.540.140.340.340.5

40.240.040.039.739.339.439.339.139.338.939.1

Bituminouscoal

mining

38.4

33.528.327.229.527.0

26.428.827.923.527.1

28.131.132.936.643.4

42.341.640.738.032.6

35.035.0

32.336.1

34.635.5

824.5«25.4

39.236.034.134.734.635.535.536.136.438.5

37.634.133.633.933.334.832.734.936. 736.40)

Build-ingcon-

struc-tion

0)

(>)0)0)0)28.9

30.132.833.432.132.6

33.134.836.438.439.6

39.038.137.6

»37.336.7

36.337.4

35.437.1

36.638.3

34.833.734.535.636.537.036.937.636.737.437.336.7

36.735.335.836.837.537.738.138.238 238.' 60)

Class Isteamrail-

roads

44.8

43.141.138.938.840.4

41.142.543.242.543.4

44.045.646.948.749.1

48.545.946.346.143.5

40.8C1)

40.541.0

41.4(l)

39.839.841.639.940.241.939.442.740.541.841.440.0

42.241.242.040.841.141.240.342.339.2

8

Tele-phone

0)

0)C1)(0(00)

0)0)38.838.939.1

39.540.140.541.942.3

(2)39.437.439.238.5

38.939.2

38.739.1

39.039.3

38.538.638.538.738.939.139.439.339.639.438.039.1

38.939.238.938.739.039.439.839.239.439.1(0

Whole-sale

trade

(')

88( 0 -

80)(00)

0)0)0)

8S41.040.940.7

40.740.7

40.440.9

40.640.9

40.640.340.340.140.440.640.940.940.740.940.841.2

40.840.640.640.640.640.740.740.741.041.0C1)

Retailtrade

(excepteatingand

drink-ing

places)

0)

' 8(')iO0)

0)0)0)(00)

0)0)0)

80)0)40.340.340.4

40.540.1

40.440.6

40.040.2

40.440.440.340.240.440.941.241.140.440.340.040.7

40.340.139.739.939.840.440.840.840.139.8(0

Hotels(year-

round)

0)

0)0)0)0)0)

0)0)0)«0)

0)0)0)0)0)

0)0)45.244.344.2

43.943.3

43.943.9

43.343.2

43.943.843.844.044.143.843.844.043.844.043.743.9

43.443.243.343.343.443.443.443.343.243.2

O

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 strictly comparable with previous data.* Estimates based on incomplete data.* Data reflect work stoppages, or 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 payroll periods ending closestto the middle of the month except in railroads where monthly data are used.

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

The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual average for 1950 which has been weighted by data on man-hours.


179


TABLE B-14.—Average hourly earnings in selected industries, 1929-51

Period

Monthly average:1929 ...

1930 .1931193219331934

1935193619371938 ..1939...194019411942 ...19431944

1945 .194619471948 _.1949

1950....1951 «


1951: First halfSecond half «..

1950: January _FebruaryMarchAprilMayJuneJulyAugustSeptember. ...OctoberNovemberDecember

1951: JanuaryFebruaryMarchAprilMayJune.July..AugustSeptember «...October eNovember «...

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

1.4651. 590

1. 4321.494

1.5751.608

1.418.420.424.434.442.453.462.464.479.501.514.543

.555

.561

.571

.578

.5861.5991.5981.5961.6121.6141.619

Dura-ble

goods

(2)

(2)(2)

$0.497.472.556

.577

.586

.674

.686

.698

.724

.808

.9471.0591.117

1.1111.1561.2921.4101.469

1.5371.673

1.4971. 570

1.6551.695

1.4851.4831.4861.4991.5091.5221.5331.5391.5621.5771.5871.619

1.6301.6391.6541.6591.6651.6811.6821.6841.7031.7031.705

Non-durablegoods

(2)

(2)(2)

$0. 420.427.515

.530

.529

.577

.584

.582

.602

.640

.723

.803

.861

.9041.0151.1711.2781.325

1.3781.477

1.3541.399

1.4661.490

1.343.350.353.355.358.365.375.374.379.404.419.443.456.458.460.465.474.484.488.481.490

1.4911.501

Bitumi-nouscoal

mining

$0. 681

.684

.647

.520

.501

.673

.745

.794

.856

.878

.886

.883

.9931.0591.1391.186

1.2401.4011.6361.8981.941

2.0102.2081.9912.016

2.1932.225

U.9337 1. 962

2.0092.0222.0052.0152.0142.0012.0262.0222.0132.0202.0382.2192.2222.2312.2182.2322.2542.2132.2342.216(2)

Build-ing con-struc-tion

(2)

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

$0. 795

.815

.824

.903

.908

.932

.9581.0101.1481.2521.319

1.3791.4781.681

4 1. 8481.935

2. 0312.192

1.9902.065

2.1662.2231.976.988.995.986.998.995

2.0062.0212.0672.0822.0932.1202.1352.1572.1632.1672.1822.1942.1952.2072.2332.235(2)

Class Isteamrail-

roads

$0. 636

.644

.651

.600

.595

.602

.651

.659

.676

.712

.714

.717

.751

.824

.897

.938

.9421.1161.1701.3091.419

1.549(2)

1.5441.554

« 1.710(2)

1.5501.5671.5321.5461.5361.5321.5531.5331.5601. 5441.5611.575

1.6081.6871.7021.7401.7471.7731.7901.7651.818(2)(2)

Tele-phone

(2)

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

(2)(2)

$0. 774.816.822

.827

.820

.843

.870

.911

(3)1.1241.1971.2481.345

1.3981.484

1.3821.414

1.4581.514

1.3801.3911.3761.3811.3811.3861.3951.3921.4091.4261.4221.440

1.4501.4691.4531.4501.4511.4751.4901.5011.5211.532(2)

Whole-sale

trade

(2)

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

(2)C2)(2)(2)(2)

(2)

8(2)(2)

(2)(2)

$1.2681.3591.414

1.4831.582

1.4561.508

1.5691.5981.4321.4461.4531.4661.4631.4761.4941.4891.4971.5081.5191.541

1. 5551.5671.5671.5751.5711.5811.5861.5851.6011.602(2)

Retailtrade

(excepteatingand

drink-ing

places)

(2)

(2)

8'»•88(2)C2)(2)(2)(2)(2)

(2)(2)

$1.0091.0881.137

1.1761.253

1.1561.194

1.2441.264

1.1531.1451.1481.1561.162.175.189.192.200.199.198.187

.237

.236

.233

.249

.252

.256

.262

.2591.2691.266

(2) .

Hotels(year-

round) i

(2)

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

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

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

(2)(2)

$0.650.709.743

.771

.816

.758

.784

.807

.827

.753

.765

.755

.756

.756

.761

.765

.771

.783

.788

.795

.801

.804

.811

.801

.806

.807

.812

.817

.815.831.833

(2)

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

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

< Not strictly comparable with previous data.« Preliminary average; does not include any retroactive wage payments.8 Estimates based on in complete data.

f Data reflect work stoppages or 3-day workweek.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 payroll periods ending closestto the middle of the month except in railroads where monthly data are used.

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

The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual average for 1950 which has been weighted by data on man-hours.


180


TABLE B-15.—Average gross weekly earnings in selected industries) 1929—51

Period


19301931193219331934

19351936193719381939

19401941 -194219431944 _ .

19451946 ' _ .194719481949

1950. .1951 6

1950: First halfSecond halL..

1951: First half. .._.Second half «.

1950: January - _.FebruaryMarchAprilMay _ _JuneJulyAugust _ _SeptemberOctoberNovemberDecember

1951' January . __FebruaryMarch. .__ .April _May .JuneJulyAugustSeptember 6_ _October6

November 6_ _

Manufacturing

Total

$25. 03

23.2520.8717.0516.7318.40

20.1321.7824.0522.3023.86

25.2029.5836.6543.1446.0844.3943.8249.9754. 1454.92

59.3364.63

57.0861.38

64.4264.89

56.2956.3756.5356. 9357. 5458.8559.2160.3260.6461.9962.2363. 88

63.7663.8464. 5764.7064. 5565. 0864.2464.3265. 4565.2165.25

Dura-ble

goods

$27. 22

24.7721.2816.2116.4318.87

21.5224.0426.9124.0126.50

28.4434.0442.7349.3052.07

49.0546.4952.4657.1158.03

63.3269.54

60.6865.59

69.1170.05

59.4059.4759.7461. 0161.5762.8663.0164.3365.1466.3966.3468.3267.6568.1869.3069.6869.6070.2768.7969. 5570.6770.8470.42

Non-durable

goods

$22. 93

21.8420.5017.5716.8918.05

19.1119.9421.5321.0521. 78

22.2724.9229.1334.1237.12

38.2941.1446.9650.6151.41

54.7158.31

52.9956.32

58.3058.3352.9153.0653.0452.1752. 8353.9254.7355.6555.3056.5857.1958.4458.5358.3258.4058.1657.9358.4758.4857.9158. 5658.0058.69

Bituminouscoal

mining

$25. 72

22.2117.6913. 9114.4718.10

19.5822.7123.8420.8023.88

24.7130.8635.0241.6251.27

52.2558.0366.5972.1263.28

70. 3577.13

64.5072.78

75.6978.87

? 47. 367 49. 83

78.7572.7968.3769.9269.6871.0471.9272.9973.2777.7776.6375.6774.6675.6373. 8677.6773.7177.2381.9980.66(2)

Build-ing con-struc-tion

(2)

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

$22. 97

24.5127.0130.1429.1930.39

31.7035.1441.8048. 1352.18

53.7356.2463. 30

* 68. 8570.95

73.7382.0270.3476.60

79.3785.20

68.7667.0068.8370.7072.9373.8274.0275.9975.8677.8778.0777.8078.3576.1477.4479.7581.8382.7183.6384.3185.3086.27(2)

Class Isteamrail-

roads

$28. 49

27.7626. 7623.3423.0924.32

26.7628.0129.2030.2630.99

31.5534.2538.6543.6846.06

45. 6951.2254.1760.3461.73

63.20(2)

62.5763.67

570.78(2)

61.6962.3763.7361.6961.7564.1961.1965.4663.1864.5464.6363.0067.8669.5071.4870.9971.8073.0572.1474.6671.27(2)(2)

Tele-phone

(2)

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

(2)(2)

$29. 8131.5331.94

32.4432.7433.9736.3038.39

(3)44.0444.7748.9251.78

54.3858.0853.5255. 33

56.8959.51

53. 1353. 6952.9853.4453.7254.1954.9654.7155.8056.1854.0456.3056.4157. 5856.5256.1256.5958.1259.3058.8459.9359.90(2)

Wholesale

trade

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

$51.9955.5857.55

60.3664.47

58.8061.68

63.7965.28

58. 1458.2758.5658.7959.1159.9361.1060.9060.9361.6861.9863.4963.4463.6263.6263.9563.7864.3564.5564. 5165.6465.68(2)

Retailtrade

(excepteatingand

drink-ing

places)

(2)

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

(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)<2)(2)

$40. 6643.8545.93

47.6350.26

46. 7648.50

49.8050.82

46.5846.2646.2646.4746.9448.0648.9948.9948.4848.3247. 9248.31

49.8549.5648.9549.8449.8350.7451.4951.3750.8950. 39(2)

Hotels(year-

round)1

(2)

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

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

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

(2)(2)

$29. 3631.4132.84

33.8535.31

33.2634.38

34.9635.74

33. 0633.5133.0733.2633. 3433.3333. 5133.9234.3034.6734.7435.1634.8935.0434.6834.9035.0235.2435. 4635.2935.9035.99(2)

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

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

* Not strictly comparable with previous data.5 Preliminary average; does not include any retroactive wage payments.6 Estimates based on incomplete data.7 Data reflect work stoppages, or 3-day workweek.

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 payroll periods ending closestto the middle of the month except in railroads where monthly data are used.

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

The half-year data are straight arithmetic averages of the monthly figures and not strictly comparable withthe annual average for 1950 which has been weighted by datajon man-hours.


181


TABLE B-16.—Indexes of industrial and agricultural production, 1929-51

f 1935-39 =100]

Period 1

1929

1930 . _193119321933 _1934

19351936193719381939

194019411942 .-_19431944

19451946 .194719481949

195019513 _

1950' First halfSecond half _ _. .


1950: January _.February _ -MarchAprilMayJune .-JulyAugustSeptemberOctober _.NovemberDecember

1951* JanuaryFebruaryMarchAprilMayJune _.JulyAugustSeptember _ - _October...November *December8 - - ..

Industrial production

Total

110

9175586975

8710311389

109

125162199239235

203170187192176

200219

Manufactures

Total

110

9074576874

8710411387

109

126168212258252

214177194198183

209229

Durable

132

9867415465

8310812278

109

139201279360353

274192220225202

237273

Nondurable

93

8479707981

9010010695

109

115142158176171

166165172177168

187194

Minerals

107

9380677680

8699

11297

106

117125129132140

137134149155135

148165

Adjusted for seasonal variation

189211

222217

183180187190195199196209211216215218

221221222223222221212217219218218218

198220

233226

192192194199204208206218220225224229

231232234234233231222226228'226227227

220254

274272

209207211222231237235247251261260268

268271277279276274265267272274275

. 276

181193

199189

179180181180181184181195194196195197

201201199198198197187193193188188187

138158

162167

130118144140145151144159163166160157

164158158164165165156165167174171168

Agricul-tural pro-duction 2

97

951041019379

9685

108105106

110114128125130

129134129141140

138139

(4)(4)

(«)(4)

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

(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)

1 For industrial production, axerage of monthly indexes is used for year or half year.2 Index of volume of farm production for human use.» Estimates based on incomplete data.4, Because of the extreme seasonal nature of agricultural crop production, only an annual index has been

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

182


TABLE B—17.—Production oj selected commodities in the free world, 1950-51

Commodity

AluminumBread grains _ __ _Coarse grains ^Cobalt 5

Copper 5

CottonFats and oils

Fertilizer (nitroge-nous)

Iron oreLead 5

Lumber .Manganese oreMeat

NewsprintNickel « _ - . .Petroleum (crude)Rubber (natural and

synthetic)Sulfur— nativeTin6 - .Tungsten8

Wood pulp (mechani-cal and chemical)

Wool

Zinc»

Quantity

Unit

Thous. metric tons..Million bushelsMillion bushelsThous. poundsThous. metric tons..Thous bales 6

Thous. short tons-oil content

Thous. metric tons-nitrogen content. .

Million metric tons.Thous. metric tons..Million board feetThous. metric tons._Million pounds-

carcass weightThous. metric tons..Thous. metric tons..Million barrels

Thous. long tonsThous. long tonsThous. metric tons..Metric tons

Thous. metric tons..Million pounds-

greasy basisThous. metric tons..

1950

Freeworldtotal

1,2953 4, 3503 9, 10415, 8552,281

321,922

17, 350

3 3, 682198

1,45957, 4003,200

61,2008,160

1203,477

2,3855,564

1709,000

29,300

3,5191,737

UnitedStates

6523 1, 0503 4, 897

660823

3 9, 877

6,154

3996100390

39, 400126

22, 109900

1,972

«4765,192

2,020

13,400

253561

Restof freeworld

6433 3, 3003 4, 20715, 1951.458

312,045

11, 196

3 2, 68698

1,06918, 0003,074

39,0917,260

1201,505

1,909372170

6,980

15, 900

3,2661,176

19511

Freeworldtotal

1,5834 4, 4264 9, 40818, 0002,362

4 27, 635

17,6004 3, 815

2451,579

56, 5003,400

61, 8008,500

1283,950

2,8595,646

16511,400

32,200

3,6091,941

UnitedStates

7604 1, 0244 4, 738

950862

4 15, 800

6,3754 1,046

130381

39, 900107

22, 365990

2,240

89005,223

2,570

15,000

260635

Restof freeworld

8234 3, 4024 4, 67017, 0501,500

4 11, 835

11, 225

4 2, 769115

1,19817,0003,293

39, 4357,510

1281,710

1,959423165

8,830

17, 200

3,3491,306

Percentagechange,

1950 to 1951 *

T3

|g

-f22

11+14+4

+26

+1

+4+24+82+6

+1+4+7

+14

+20+1-3

+27

+10

+3+12

Uni

ted S

tate

s

+17-2-3

+44+5

+60

+4

+5+302+1-15

+1+10

+14

+89+1

+27

+12

+3+13

JL•̂££<x>«

+28+3

+11+12+3-2

Q

+3+17+12-6+7

+1+3

&+3

+143

+27

+8

+3+11

1 Estimates based on incomplete data.2 Barley, oats, and corn.3 Data are for crop year 1950-51.4 Data are for crop year 1951-52.« Production represents metal content of mine production.6 Bales of 478 pounds net.* Less than 0.5 percent.8 Synthetic rubber.

Source: Department of State.

183


TABLE B-18.—New construction activity, 1929-51

[Value put in place, millions of dollars]

Period

1929

1930 ...1931193219331934

19351936193 /1938 .1939

19401941 - -1942 _1943 .1944

1945 -- -19461947194g _1949

19501951 _



1950* JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember —OctoberNovemberDecember

1951* JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Totalnewcon-

struc-tion

10, 793

8,7416,4273,5382,8793,720

4,2326,4976,9996,9808,198

8,68211,95714, 0758,3015,259

5,63312, 00016, 62721, 57222, 584

27,90229,863

Private construction

Totalpri-

vate 1

8,307

5,8833,768"1,6761,2311,509

1,9992,9813,9033,5604,389

5,0546,2063,4151,9792,186

3,2359,638

13, 13116, 66516, 181

20, 78920, 823

Resi-den-tial

build-ing

(non-farm)

3,625

2,0751,565

630470625

1,0101,5651,8751,9902,680

2,9853,5101,715

885815

1,1004,0156,3108, 5808,267

12, 60010,915

Non-resi-den-tial

build-ing

(non-farm)

2,694

2,0031,099

502406456

472713

1,085764786

1,0251,482

635233351

1, 0203,3413,1423,6213,228

3,7774,907

Otherpri-

vate2

1,988

1,8051,104

544355428

517703943806923

1,0441,2141,065

8611,020

1,1152,2823,6794, 4644,686

4,4125,001

Public construction

Totalpublic

2,486

2,8582,6591,8621,6482,211

2,2333, 5163,0963,4203,809

3,6285,751

10,6606, 3223,073

2, 3982,3623,4964,9076,403

7,1139,040

Mili-taryand

naval

19

2940343047

37293762

125

3851,6205, 0162, 550

837

690188204158137

1771, 045

Non-resi-den-tial

build-ing

659

660612415230363

328701550672970

6151,6463, 6852,0101,361

937354599

1,3012,068

2,4023,318

High-ways

1,266

1,5161, 355

958847

1,000

8451, 3621,2261,4211,381

1,3021,066

734446362

398895

1,5141, 8562,129

2,3502,225

Otherpublic 3

542

653652455535801

1,0231,4241,2831,2651,333

1,3261,4191,2251,316

513

373925

1,1791,5922,069

2,1842, 452


26, 54229, 262

30, 71829,008

25, 14025, 76426, 64027,00026, 91627, 79228,16428,88429, 53229, 74829, 97629, 268

30, 07230, 52832, 00431, 52430, 38429, 79629, 31629, 07629, 13628, 70428,87228,944

19, 57622,002

21, 90219, 744

18, 14419,18819, 32019, 71620, 24420,84421, 61222,08022,32022, 32021, 99621,684

21, 98422,63222, 89622, 14021, 15620,60420, 49620, 12420,05219, 60819, 29618, 888

11, 79413, 406

11, 8849,946

10,48811,54411, 55612,00012, 31212, 86413, 48813, 81213, 93213, 60812, 93612, 660

12, 70812, 99612, 86411, 89210, 65610, 18810, 0329,6969,780

10, 04410,1889,936

3,3664,188

5,2064,608

3,2523,3243,2883,3243,4803,5283,6723,8043,9964,3204,6444,692

4,6804,9805,2205,3885,5685,4005,3525,2685,0764,3803,8763,696

4,4164,408

4,8126,190

4,4044,3204,4764,3924,4524,4524,4524,4644,3924,3924,4164,332

4,5964,6564,8124,8604,9325,0165,1125,1605,1965,1845,2325,256

6,9667,260

8,8169,264

6,9966,5767,3207,2846,6726,9486,5526,8047,2127,4287,9807,584

8,0887,8969,1089,3849,2289,1928,8208,9529,0849,0969,576

10, 056

124230

6901,400

156132120120108108108168216276288324

372480624780912972996

1,1281,2121,3561,6682,040

2,2222,582

3,2903,346

2,1002,1962,1842,1962,3642,2922,1602,2562,5082,7722,8802,916

3,0723,0363,2643,3963,4803,4923,3003,3123,3003,2403,4083,516

2,4102,290

2,3882,062

2,4602,0762,8202,7362,0042,3642,2562,3042,3762,1722,5202,112

2, 2922,1362,7602,6642,2802, 1962,1362,1722,1722,0281,9321,932

2,2102,158

2,4482,456

2,2802,1722,1962,2322,1962,1842,0282,0762,1122,2082,2922,232

2,3522,2442,4602,5442,5562,5322,3882,3402,4002,4722,5682,568

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

2 Includes public utility, farm, and other private construction not separately shown.»Includes residential, sewer and water, miscellaneous public service enterprises, conservation and

development, and all other public construction not separately shown.Sources: Department of Commerce and Department of Labor.


TABLE B-19.—Business expenditures for new plant and equipment, 1929-52

[Millions of dollars]

Period

1929

193019311932 ._19331934

103519361937. _ ._ ._-19381939

1940194119421943 ...1944

19451946 ,19471948 _ .1949

19501951« _ _

1950: First half.Second half

1951: First halfSecond half *


1951: First quarter _._Second quarterThird quarterFourth quarter fl .

1952: First quarter 8

Total i

9,165

7,6104,7122,6082,1373,080

3,7385,0776,7304,5205,213

6,4908,1906,1104,5305,210

7,40612, 92217,42620, 03218, 021

17, 83223, 125

Manufacturing and mining

Total

3,596

2,5411,435

930992

1,460

1,7902,4503,3301,8302,323

3,1404,0803,1702,6102,890

4,4267,3479,3969, 9367,887

8,17511, 947

Manu-factur-

ing

(3)

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

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

2,5803,4002,7602,2502,390

3,9836,7908,7039,1347,149

7,49111,141

Mining

(3)

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

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

560680410360500

443557693802738

684806

Transportation

Rail-road

840

865360164101218

166306525238280

440560540460580

552573906

1,3191,350

1,1361,564

Other

(4)

(4)(4)(4)(4)(4)

(4)(4)(4)(4)

280

390340260190280

321659798700525

437517

Electricand gasutilities

(4)

(4)

8(4)(4)

(4)(4)(4)(4)

480

550710680540490

6301,0451,8972,6833, 140

3,1673,654

Com-mercial

andmiscel-

laneous a

4,729

4,2042,9171,5141, 0441,402

1,7822,3212,8752,4521,850

1,9802,4901,470

730970

1,4773,2984,4295,3945,119

4,9175,443

Annual rates, not adjusted for seasonal variation

15, 60420, 058

21, 55224, 700

14, 47616, 73218, 04822, 068

19, 45223, 65223, 37626,024

22,916

6,9289,422

10,68413, 212

6,3607,4968,156

10, 688

9,34812, 02012, 16014, 264

12,872

6, 3168,666

9,91212, 372

5,7766,856

' 7, 4369,896

8,61611, 20811, 36413, 380

12, 040

612756

772840

584640720792

732812796884

832

1,0601,210

1,4301,698

9281,1921,1401,280

1,2121,6481,5081,888

1,596

338536

522512

316360492580

500544480544

552

2,8223,512

3,2924,016

2,6123,0323,2843,740

3,0123,5723,7324,300

3,536

4,4565,378

5,6245,262

4,2604,6524,9765,780

5,3805,8685,4965, 028

4,360

* Excludes agriculture and outlays charged to current account.2 Commercial and miscellaneous include 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.

8 Not available separately for years prior to 1939.4 Included in commercial and miscellaneous prior to 1939.• Estimates for fourth quarter of 1951 and first quarter of 1952 are based on anticipated capital expenditures

reported in late October and November.

NOTE.—These figures do not agree with those shown in column 2 of appendix table B-5 and included in thegross national product estimates of the Department of Commerce, principally because the latter cover certainequipment and construction outlays charged to current expense. Figures for 1929-44 (except manufac-turing for 1939) are Federal Reserve Board estimates based on Securities and Exchange Commission andother data.


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

185


TABLE B—20.—Inventories and sales in manufacturing and trade, 1939—51

[Adjusted for seasonal variation]

Period

1939

19401941194219431944

1945194619471948 _1949

195019514

1950: First half... .Second half .

1951: First half—.Second half*.

1950: JanuaryFebruary. _ .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December—

1951: JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember 4.October *November 4.

Total manufactur-ing and trade

Millions ofdollars

Inve

ntor

ies l

20,051

22, 17628, 78031,09131,34331,059

30,89342, 94250, 60555, 64750,921

60,43469,880

52, 82860, 434

69, 44269, 880

51, 20150, 87251, 12651, 46552, 27152, 82852, 30453, 61955, 14657, 11258, 95460, 434

62, 05063,41665,24067,36168, 98169, 44270, 26870, 08369, 92270,00869, 880

1OQ

10, 802

12, 13415,81118,62421, 92023, 985

23. 85227, 15133, 15636, 43834, 467

39, 05143, 707

36, 48041, 621

44, 38242,898

34, 10435,18236, 10735, 92038, 33139, 23941, 38743, 44440,81941, 20840,61242, 254

45, 93344, 82644, 24243,47044, 74843, 07241,72943,04841, 34844, 31944,044

Rat

io o

f in

vent

orie

sto

sal

es 3

1.77

1.731.601.661.401.33

1.301.351.441.471.55

1.381.55

1.421.35

1.491.63

1.501.451.421.431.361.351.261.231.351.391.451.43

1.351.411.471.551.541.611.681.631.691.581.59

Manufacturing

Millions ofdollars

Inve

ntor

ies

*

11,465

12,81916,96019, 28720,09819, 507

18,39024,49828,92031, 73428,690

33, 25341, 462

29, 12333, 253

39, 00941, 462

28, 70728, 47228,43228, 59928, 83029,12329, 10429, 25330, 12330,94732, 24533, 253

34, 12034, 65735, 55736, 90838, 06839, 00939, 90840, 58041, 08941, 35441,462

e*

. J8

5,112

6,8598,172

10,43012, 82013, 782

12, 87312, 61715, 91817, 63016,339

19, 06422, 219

17, 54020,589

22, 57921, 787

15, 91516, 57917,23017, 25518, 98819, 27119, 76621, 41320, 10120, 68420, 52421, 048

22, 56022, 26122, 60522, 47923,43422, 13321, 26821, 77620, 70622, 59222, 592

Rat

io o

f in

vent

orie

sto

sal

es 3

2.12

2.071.801.781.521.45

1.481.681.731.731.85

1.561.73

1.641.50

1.611.88

1.801.721.651.661.521.511.471.371.501.501.571.58

1.511.561.571.641.621.761.881.861.981.831.84

Wholesale trade

Millions ofdollars

Inve

ntor

ies l

3,052

3, 2384,0443, 783,6843,912

4,5556,5927,6258,0857,729

9,38810, 010

8,1319,388

10, 15110, 010

7,6797,7057,7857,9528,0928,1318,0258,2368,4248,7759,0059,388

9,4759,7159,940

10, 10710, 27010, 15110,31510, 07410, 07210, 10910,010

«

102

2,187

2,4103,0333,4263,8304,152

4,4765,9937,2727,9317,235

8,0128,903

7,4528,572

9,0368,744

7,1147,2947,4827,2337,6877,8998,6369,0668,3378,4818,3208,595

9,7619,2228,9848,6848,8838,6798,3848,8248,3669,1618,983

Rat

io o

f in

vent

orie

s^t

o sa

les

*

1.35

1.301.2:1. 19.97.94

.91

.921.02.99

1.07

1.031.13

1.061.01

1.101.16

1.081.061.041.101.051.03.93.91

1.011.031.081.09

.971.051.111.161.161.171.231.141.201.101.11

Retail trade

Millions ofdollars

Inve

ntor

ies

*

5,534

6.1197,7768,0237,5617,640

7,94911, 85214, 06015, 82814, 502

17, 79318,408

15, 57417, 793

20, 28218,408

14, 81514, 69514, 90914, 91415, 34915, 57415, 17516, 13016, 59917, 39017, 70417, 793

18,45519,04419, 74320, 34620, 64320,28220, 04519, 42918, 76118,54518,408

."3GO

3,504

3,8654,6064,7685,2705,851

6,5038,5419,967

10, 87710, 893

11, 97412,586

11,48912, 459

12,76812, 367

11,07511, 30911, 39511, 43211, 65612, 06912, 98512, 96512, 38112, 04311, 76812, 611

13, 61213, 34312, 65312, 30712, 43112, 26012, 07712, 44812, 27612, 56612,469

Rat

io o

f in

vent

orie

sto

sal

es 3

1.53

1.491.491.761.421.32

1.211.151.281.411.40

1.331.54

1.311.35

1.551.54

1.341.301.311.301.321.291.171.241.341.441.501.41

1.361.431.561.651.661.651.661.561.531.481.48

1 Book value, end of period.2 Monthly average shown for year and half-year and total for month.3 For annual and semiannual periods, ratio of average end-of-month inventories to average monthly

sales; for monthly data, ratio of end-of-month inventories to sales for month.* Estimates based on incomplete data.NOTE.—The inventory figures in this table do not agree with the estimates of "change in business in-

ventories" included in the gross national product since they cover only manufacturing and trade ratherthan all business, and show inventories in terms of current book value without adjustment for revaluation.

Source: Department of Commerce.

186


TABLE B—21.—Sales, stocks, orders, and receipts at 296 department stores, 1939—51

Period


19401941194219431944

194519461947 -.19481949

1950 .19513


1951: First halfSecond half3.- .

1950: JanuaryFebruaryAfarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember - _

1951: January _ _ _FebruaryMarchAprilMayJuneJulyAugustSeptemberOctober... ___November

Reported data(millions of dollars) 1

Sales(total formonth)

128

136156179204227

255318337352333

347335

298396

324348

256247320318330318292332369360405615

337284347312339326257309343388442

Stocks(end ofmonth)

344

353419599509535

563715826912862

9421,131

8731, 012

1,1401,119

789853920930906837791919

1,0261,1691,210

956

9921,0891,217,240,193,112,069,106,117,152

1,149

Out-standing

orders(end ofmonth)

(2)

108194263530560

729909552465350

466437

333598

466403

390393326271249370694754700582444412

657652467338295386434395404408374

Derived data(millions of dollars) 1

Receipts(total

formonth)

130

137165182203226

256344338356331

361353

306416

350356

256311387328306249246460476503448362

373381475335292245214346354423439

Neworders

(total formonth)

(2)

(2)170192223236

269327336335331

370349

318423

346353

349314320273284370570520422385308330

618376290206249336262307363427405

Ratio

Stocksto sales

2.69

2.602.693.352.502.36

2.212.252.452.592.59

2.713.38

2.932.56

3.522.93

3.083.452.882.922.752.632.712.772.783.252.981.55

2.943.833.513.973.523.414.163.583.262.972.60

Out-standing

ordersto sales

(3)

0.791.241.472.602.47

2.862.861.641.321.05

1.341.30

1.121.51

1.441.16

1.521.591.02.85.75

1.162.382.271.901.621.09.67

1.952.301.351.08.87

1.181.691.281.181.05.85

Out-standingorders

to^stocks

(2)

0.31.46.44

1.041.05

1.291.27.67.51.41

.49

.39

.38

.59

.41

.40

.49

.46

.35

.29

.27

.44

.88

.82

.68

.50

.37

.43

.66

.60

.38

.27

.25

.35

.41

.36

.36

.35

.32

1 Not adjusted for seasonal variation.2 Not available.3 Averages based on data through November.NOTE.—These figures are not estimates for all department stores in the United States. Figures for sales,

stocks, and outstanding orders are based on actual reports from the 296 stores. Receipts of goods are de-rived from the reported figures on sales and stocks. New orders are derived from estimates of receipts andreported figures on outstanding orders.

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

Source: Board of Governors of the Federal Reserve System.

977891—52- -13

187


TABLE B-22.—Consumers' price index, 1929-51

For moderate-income families in large cities

[1935-39-100]

Period


19301931 ._ _19321933 ._1934

193519361937 ._19381939 .

194019411942 . _19431944 _ . . _ _

1945 . -19461947 .19481949

195019511

1950' First halfSecond half - - -

1951: First halfSecond half *

1950: January 15February 15March 15April 15May 15June 15July 15 . . . .August 15September 15October 15 .-_November 15December 15

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

Allitems

122.5

119.4108.797.692.495.7

98.199.1

102.7100.899.4

100.2105.2116.6123.7125.7

128.6139.5159.6171.9170.2

171.9185.3

168. 8175.1

184.2186 7

168.2167.9168.4168.5169.3170.2172.0173.4174.6175.6176.4178.8

181.5183.8184.5184.6185.4185. 2185.5185.5186.6187.4188.6

(2)

Food

132.5

126.0103.986.584.193.7

100.4101.3105.397.895.2

96.6105.5123.9138.0136.1

139.1159.6193.8210.2201.9

204.5227.4

198.0211.0

225.7229 1

196.0194.9196. 6197.3199.8203.1208.2209.9210.0210.6210.8216.3

221.9226. 0226.2225.7227.4226.9227.7227.0227. 3229.2231.4231. 9

Apparel

115.3

112.7102.690.887.996.1

96.897.6

102.8102.2100.5

101.7106.3124.2129.7138.8

145.9160.2185.8198.0190.1

187.7204.3

184.9190.5

202.5206.5

185.0184.9185.1184.9184.7184.6184.5185.7189.8193. 0194.3195.5

198.5202.0203. 1203 6204.0204.0203.3203 6209 0208.9207.6

(3)

Rent

141.4

137.5130.3116.9100.794.4

94.296.4

100.9104.1104.3

104.6106.4108.8108.7109.1

109.5110.1113.6121.2126.4

131.0136.0

130.1132.0

134.7137. 5

129.4129.7129.8130.1130.6130.9131. 3131.6131.8132.0132.5132.9

133.2134.0134.7135.1135.4135.7136.2136 8137.5138.2138.9

(2)

Fuel,elec-

tricity,and re-friger-ation

112.5

111.4108.9103.4100.0101.4

100.7100.2100.299.999.0

99.7102.2105.4107.7109.8

110.3112.4121.1133.9137.5

140.6144.1

139.8141.4

143.8144 4

140.0140.1140.3140.3138.8139.1139.4140.2141.2142.0142.5142.8

143.3143.9144.2144.0143.6143. 6144.0144 2144.4144.6144.8

(2)

House-furnish-

ings

111.7

108.998.085.484.292.8

94.896.3

104.3103.3101.3

100.5107.3122.2125.6136.4

145. 8159.2184.4195. 8189.0

190.2210.9

185.1195.4

210.8211. 1

184.7185.2185.3185.4185.0184.8186. 1189.1194.2198.7201.1203. 2

207.4209.7210.7211.8212.6212.5212.4210 8211.1210.4210 8

(2)

Miscel-laneous

104.6

105.1104.1101.798.497.9

98.198.7

101.0101.5100.7

101. 1104.0110.9115.8121.3

124.1128.8139. 9149.9154.6

156.5165.0

154.9158.0

164.0166.3

155.1155.1155.0154.7155.1154.6155.2156.8157.8158.3159. 2160.6

162.1163. 2164.3164. 6165.0164.8165.01^5.4166.0166.6168.4(2)

i Averages based on data through November, except for food.8 Not available.


188


TABLE B-23— Wholesale price index, 1929-51

[1926«=100]

Period


19301931..—-193219331934

19351933193719381939

19401941194219431944

19451946194719481949

19501951 i

1950- First halfSecond half _

1951- First half .. „Second half 1

1950* JanuaryFebruaryTvlarchAprilMav - - - -

July _AugustSeptemberOctoberNovemberDecember

1951' JanuaryFebruary _ _MarchApril _ _MayJuneJuly .. - -AugustSeptemberOctober..NovemberDecember * ..

All

com

mod

itie

s

95.3

86.473.064.865.974.9

80.080.886.378.677.1

78.687.398.8

103.1104.0

105.8121.1152.1165.1155.0

161 5180.5

153.8169.2

182.6178.3

151.4152.8152.7152. 8155.9157 3162.9166.4169. 5169.1171.7175.3

180,1183. 6184.0183.6182.9181.7179.4178. 0177.6178. 1178. 3

JLZ&-8-/ 77 *

Far

m p

rodu

cts

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

170.4196.4

160.5180.5

200.2192.6

154.7159. 1159.4159.3164. 7165.9176.0177.6180.4177.8183. 7187.4

194.2202.6203.8202.5199.6198.6194. 0190. 6189.2192.3195. 2

• 194. 2*?

t)o&

99.9

90.574.661.060.570.5

83.782.185.573.670.4

71.382,799.6

108.6104.9

105.2130.7168. 7179.1161.4

166. 2186.9

157.4175.0

186.0187.8

154.8156.7155.5155.3159.9162. 1171.4174.6177.2172.5175. 2179.0

182.2187.6186. 6185.8187.3186.3186.0187.3188.0189.4188.8187.5

Other than farm products and foods

1EH

91.6

85.275.070.271.278.4

77.979.685.381.781.3

83.089.095.596.998.5

99.7109.5135.2151.0147.3

153.2169.4

146.8159.7

171.5167.3

145.8146.0146.1146.3147.6148.7151.6155.5159.2161.5163. 7166.7

170.3171.8172.4172.3171.6170.5168.6167.2167.0166.7166.9167.4

£A

3«is3*s

109.1

100.086.172.980.986.6

89.695.4

104.692.895.6

100.8108.3117.7117.5116.7

118.1137.2182.4188.8180.4

191.9221.1

180.2204.1

234.3207.9

179.3179.0179.6179.4181.0182.6187.2195.6203.0208.6211.5218.7

234. 8238.2236.2233. 3232.6230.6221.9213.7212.1208.3196. 8194.4

IrSXoH

90.4

80.366.354.964.872.9

70.971.576.366.769.7

73.884.896.997.498.4

100.1116.3141.7149.8140.4

148.0172.2

137.2158.6

180.8163.6

138.5138.2137.3136.4136.1136.8142.6149.5158.3163.1166.8171.4

178.2181.1183. 2182.8182. 1177.7173.2167.5163.2157. 7159. 5160.7

I§•!i!§s*3£

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. 2131.7

133.2138.2

131.6134.9

137.8138.7

131.0131.5131.5130.9131.9132.6133.5134.2134.9135.3135, 7135.7

136.4138.1138.6138.1137. 5137.8137.9138.1138.8138.9139,1139.2

3

4|a«>s

100.5

92.184.580.279.886.9

86. 487.095.795.794.4

95.899.4

103.8103.8103.8

104.7115.5145. 0163.6170.2

173.6189.1

169.4177.9

188.4189.9

168.5168.7168.6168.8169.9171.9172.4174.4176.7178.6180.4184.9

187. 5188.1188.8189.0188.8188.2187.9188.1189.1191.2191.5191.5

iaI1«

95.4

89.979.271.477.086.2

85.385.795.290.390.5

94.8103.2110.2111.4115.5

117.8132.6179.7199.1193.4

206. 0225.6

195.6216.5

227.4223.7

191.6192.8194.2194.8198.1202.1207.2213.9219.7218.9217.8221.4

226.1228.1228.5228.5227. 8225.6223. 7222.5223.0223. 6224.6224.8

•dg w

~f2f tS'gOSA OSO

94.0

88.779.373.972.175.3

79.078.782.677.076.0

77.084.495.594.995.2

95.2101.4127.3135.7118.6

122.7142.7

115.7129.5

145.7139.6

115.3115.0116.2117.0116.4114.5118.1122.5128.7132.2135.7139.6

144.5147.3146.4147.9145. 7142.3139. 4140.1140.8141 1138.7137.8

bO

.2,£3m

If•s*topOw

94.3

92.784.975.175.881.5

80.681.789.786.885.3

88.594.3

102.4102.7104.3

104,5111.6131.1144.5145.3

153.2175.9

145, 8160.4

178.1173.7

144.9145.2145. 5145. 8146.6146.9148.7153. 9159. 2163.8166.9170.2

174.7175. 4178.8180.1180.0179.5178.8175. 3172.4171.7172.0172.0

182.6

77.769.864.462.569.7

68.370.577.873.374.8

77.382.089.792.293.6

94.7100.3115.5120. 5112.3

120.9141.1

112.1130.0

142.3139.9

110.0110.0110.7112.6114.7114.7119.0124.3127.4131.3137.6140.5

142.4142.7142.5142.7141.7141.7138.8138.2138.5139.3141.4143.4

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

Source: Department of Labor (except as noted).

189


TABLE B—24.—Indexes of prices received and prices paid by farmers^ and parity ratio ̂ 1929—51

[1910-14=100]

Period


19301931193219331934

19351936...193719381939.

194019411942..19431944

1945...19461947.19481949...

1950...-1951

1950: First half.Second half


1950: January 15February 15.-March 15April 15May 15..June 15July 15August 15September 15.October 15November 15..December 15..

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

Pricesreceived

148

12587657090

1091141229795

100123158

21922196

22062234

275285249

256302

241272

306296

235237237241247247263267272268276

313311309305301294292291296301305

Prices paid(including in-terest, taxes,

and wagerates)

160

151130112109120

124124131124122

124132151170182

189207239259250

255281

250260

279283

248248250250253254256257260261263265

272276280283283282282282282283284284

Parityratio *

92

67

6475

92937878

8193105113108

109113115110100

100107

105

110105

959695969897103104105103105108

110113111109108107104104103105106107

1 Ratio of prices received to prices paid (including interest, taxes, and wage rates).2 Includes subsidy payments between October 1943 and June 1946.

Source: Department of Agriculture.

190


TABLE B-25.—Percentage increases in wholesale prices and cost of living in the United States andforeign countries since June 1950

Country

United States

Africa and Near East:AlgeriaEgypt _Iran _IraqIsrael _Lebanon . .MoroccoTunisiaUnion of South Africa

Western European countries;Austria2

BelgiumDenmarkFrancoGermany (Federal Republic) _ _GreeceIrelandItaly .NetherlandsNorwayPortugalSpainSweden _ .Switzerland _ ._TurkeyUnited Kingdom .

Latin America:ArgentinaBrazilChile.. .Costa RicaCuba _Dominican RepublicEl SalvadorGuatemala . ,MexicoNicaraguaParaguayPeru i.Venezuela __

Pacific and Far East:AustraliaIndiaIndochina . _ _Japan •New ZealandPhilippines _ _Thailand

Other:CanadaFinland

Wholesale prices

Percentageincrease,June 1950to latest

date

13

1512175

1434321716

52303346293019172431103837169

28

0)2743-6

0)1403

323661257

31103556171714

1553

Latest date 1951

December

AugustSeptemberOctoberSeptemberSeptemberOctoberAugustAugustOctober

OctoberOctoberNovemberNovemberOctoberSeptemberSeptemberNovemberSeptemberNovemberSeptemberSeptemberSeptemberOctoberOctoberOctober

OctoberSeptemberOctober

NovemberAugustNovemberNovemberAugustJuneJuneSeptember

AugustNovemberSeptemberOctoberSeptemberOctoberSeptember

OctoberOctober

Cost of living

Percentageincrease,June 1950to latest

date

11

111178

1113

0)20

7

491415271119391212203

111984

13

2212398

1015122

16*37

28114

274

16271512JO

1518

Latest date 1951

November

JulySeptemberOctoberSeptemberAugustOctober

SeptemberOctober

OctoberOctoberOctoberOctoberOctoberOctoberJune-Aug. quarterOctoberSeptemberOctoberOctoberSeptemberAugustOctoberSeptemberSeptember

AprilOctoberSeptemberSeptemberJuneOctoberDecemberOctoberAugustAugustJuneJuneSeptember

Third quarterSeptemberAugustSeptemberThird quarterSeptemberAugust

OctoberSeptember

1 Not available.2 Covers basic materials only.3 May 1950 to latest quarter.4 Retail food prices only.NOTE.—-The components of the indexes are not always the same for each country.Source: International Monetary Fund.

191977891—52- -14


TABLE B-26.—Consumer credit outstanding, 1929-51


End of period

1929

193019311932 — .19331934

19351936 - - ._-1937 .19381939 - -

194019411942 .19431944

1945 . -1946 -.194719481949

19501951 3

1950' JanuaryFebruary _MarchApril.MayJune _JulyAugust _ .-SeptemberOctober _ _ .November . _ _December

1951: January __FebruaryMarchAprilMayJuneJuly-AugustSeptemberOctoberNovember 3

December3.

Totalconsumer

credit

6,252

5,5704,6363,4933, 4393,846

4,7735,9336, 5136,1287,031

8, 1638-8265,6924,6004,976

5. 6278,677

11, 86214,36616, 809

20, 09720, 400

16, 36816, 15916, 33816, 63917,07717,65118, 29518, 84219,32919,39819, 40520, 097

19, 93719, 53319, 37919, 12619, 20719, 25619, 13219, 26219,36219, 58619,99620, 400

Instalment credit

Total

3,158

2, 6882,2041, 5181,5881,860

2,6223,5183,9603,5954,424

5,4175 8873,0482,0012,061

2,3644,0006,4348,600

10, 890

13, 45913, 300

10, 83610, 88411,07711,32211,66712, 10512, 59813, 00913, 34413, 38913, 30613, 459

13, 25213,07312, 97612, 90412, 92012, 95512, 90313, 04513, 16713, 19913, 25913, 300

Automobilesale credit

1,318

928637322459576

9401,2891,384

9701,267

1,7291,942

482175200

227544

1,1511,9613,144

4,1264,000

3,1793,2563,3553,4703,6003,7903,9944,1074,2134,2274,1754,126

4,0563,9903,9463,9343,9804,0414,0614,1384,1754,1344,1004,000

Other i

1,840

1,7601,5671,1961,1291,284

1,6822,2292,5762,6253,157

3,6883,9452,5661,8261,861

2,1373,4565,2836,6397,746

9,3339,300

7,6577,6287,7227,8528,0678,3158,6048,9029,1319,1629, 1319,333

9,1969,0839,0308,9708,9408,9148,8428,9078,9929,0659,1599,300

Chargeaccounts

1,749

1,6111, 3811,1141,0811,203

1,2921,4191,4591,4871,544

1,6501,7641, 5131,4981,758

1,9813,0543,6123,8543,909

4,2394,500

3,5063,2333,2113,2413,2903,3923,5273,6363,7413,7033,7394,239

4,2484,0103,9383,7443, 7933,8043, 7433,7243,6963,8684,2064,500

Otherconsumer

credit 2

1,345

1,2711,051

861770783

85999&

1,0941,0461,063

1,0961,1751,1311,1011,157

1,2821,6231, 8161, 9122,010

2,3992,600

2, 0262,0422,0502,0762,1202,1542,1702,1972,2442,3062,3602,399

2,4372,4502,4652,4782,4942,4972,4862,4932,4992,5192,5312,600

1 Includes other sale credit and loans, including repair and modernization loans insured by FederalHousing Administration.

2 Includes loans by pawnbrokers, service credit, and single-payment loans under $3,000 made by com-mercial banks. The single-payment loan item was revised in November 1950 to exclude loans over $3,000.See Federal Reserve Bulletin for November 1950, pp. 1465-1466.

3 Estimates based on incomplete data; December by Council of Economic Advisers.

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

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

192


TABLE B-27.—Loans and investments of all commercial banks, 1929-51]


End of period »

1929— June 6

1930— June5— _ .1931— June 51932— June 5

1933— June5

1934— June 5

1935193619371938 -1939

19401941194219431944

19451946 . . .19471948 .1949

1950 - ...19517

1950: January .FebruaryMarch _April ...MayJune.. _ _ _JulyAugustSeptemberOctoberNovember _December

1951: JanuaryFebruaryMarch . _April..MayJune _ _ _ _ _ _JulyAugust _September _ _ _ _ _OctoberNovember _.December 7

Totalloansand

invest-ments

49.4

48.944.936.130.432.7

36.139.638.438.7

- 40.7

43.950.767.485.1

105.5

124.0114. 0116.3114.3120.2

126.7133.8

121.2120.6120.3120.3121.2121.8122.3123.3123.6124.5125.4126.7

125. 1125.0125.7125.4125.1126.0126.1127.0128.6130.5131.9133.8

Loans

Total s

35.7

34.529.221.816.315.7

15.216.417.216.417.2

18.821.719.219.121.6

26.131.138.142.543.0

52.258.4

42.943.143.743.844.144.846.047.348.949.951.552.2

52.753.554.454.454.554.854.655.256.056.857.358.4

Commercialand indus-trial loans 4

(6)

(6)(6)(6)(9)(6)

(6)(6)(6)

5.76.4

7.39.37.97.98.0

9.614.218.218.917.1

21.926.6

17.217.217.116.816.716.917.318.319.420.021.121.9

22.323.123.823.723.623.723.524.124.825.425.926.6

Investments

Total

13.7

14.415.714.314.017.0

20.923.121.222.323.4

25.129.048.266.083.9

97.982.978.271.877.2

74.475.4

78.377.576.676.577.177.076.376.074.674.673.974.4

72.371.571.371.070.671.271.571.972.673.774.675.4

U. S. Gov-ernment

obligations

4.9

5.06.06.27.5

10.3

13.815.314.215.116.3

17.821.841.459.877.6

90.674.869.262.667.0

62.062.2

68.067.165.865.566.165.865.064.262.562.561.762.0

60.059.158.858.558.158.558.759.159.760.961.662.2

Othersecurities

8.7

9.49.78.16.56.7

7.17.97.07.27.1

7.47.26.86.16.3

7.38.19.09.2

10.2

12.413.2

10.310.410.811.011.011.211.411.812.112.112.112.4

12.412.412.612.612.512.712.812.712.912.913.013.2

1 Excludes mutual savings banks.2 June and December figures are for call dates. Other monthly data are for the last Wednesday of the

month.3 Data are shown net. Includes commercial and industrial loans, agricultural loans, loans on securities,

real estate loans, loans to banks, and "other loans," some of which represent consumer credit.4 Beginning with 1948, data are shown gross, i. e., before deduction of valuation reserves, instead of net

as for previous years. Prior to June 1947 and for months other than June and December, data are esti-mated on the basis of reported data for all insured commercial banks and for weekly reporting memberbanks.

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

6 Not available.7 Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.

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

193


TABLE B-28.—Deposits and currency, 1929-51


End of period *

1929

193019311932 > '19331934

193519361937 -1938 -1939

19401941 _ .194219431944

194519461947 - -1948 — —1949

19501951 fl

1950: JanuaryFebruaryMarchAprilMayJuneJulyAugust .SeptemberOctoberNovemberDecember

1951* JanuaryFebruaryMarch . .. _ _AprilMay.JuneJuly _- _.-AugustSeptemberOctober _ _NovemberDecember '

Totaldeposits

andcurrency

54,742

53, 57248, 37945, 37042, 55148, 106

52, 72657, 59556, 78159, 87864, 733

71, 12979, 098

100, 500123, 391151, 428

176, 378167,500172, 330172, 693173, 851

180, 574189,500

173, 600172, 800172, 400172, 500173, 000174, 715174, 400175, 500176, 400176, 300177, 400180, 574

178, 800178, 900179, 900179, 800179, 100181,333180, 800181, 600183, 800185, 800187, 100189, 500

U.S.Govern-

mentdeposits2

187

324518516

1,0191,836

1,4531,235

9661,8121,480

1,1212,7629,201

11, 00321, 203

25, 5853,4962,3223, 5744,070

3,6573,800

3,9004,6005,3004,1003,8004,7514,1004,5004,8003,5003,5003,657

3,6004,7007,4006,5005,4006,6495,0004,6005,9004,2004,4003,800

Total excluding U. S. Government depositsfprivately-held money supply) *

Total

54, 555

53, 24847,86144, 85441, 53246, 270

51, 27356, 36055,81558,06663,253

70, 00876, 33691, 299

112, 388130, 225

150, 793164, 004170, 008169, 119169, 781

176, 917185, 700

169, 700168, 200167, 100168, 400169, 200169, 964170, 200171, 000171, 600172, 800173, 900176, 917

175, 200174, 200172, 500173, 300173, 700174, 684175, 800177, 000177, 900181, 600182, 700185, 700

Currencyoutsidebanks

3,557

3,6054,4704,6694,7824,655

4,9175,5165,6385,7756,401

7,3259,615

13, 94618, 83723, 505

26, 49026, 73026, 47626, 07925, 415

25, 39826, 500

24, 50024, 70024, 60024, 60024. 70025, 18524, 40024, 50024, 50024, 60024, 90025,398

24, 60024, 60024, 40024, 60024, 90025, 77625, 10025, 30025, 40025, 70025, 80026, 500

Demanddeposits

adjusted «

22,809

20, 96717, 41215, 72815, 03518,459

22, 11525, 48323, 95925, 98629, 793

34, 94538, 99248, 92260, 80366, 930

75, 85183, 31487, 12185, 52085, 750

92, 27298, 200

86,40084, 50083, 20084, 30085, 00085, 04086, 50087, 40088, 00089, 20090, 30092, 272

91, 60090, 60089, 00089, 50089, 50088, 96090, 70091, 40092, 00095, 00096, 30098, 200

Timedeposits •

28,189

28, 67625, 97924, 45721, 71523,156

24,24125, 36126, 21826, 30527, 059

27, 73827, 72928,43132, 74839, 790

48, 45253, 96056,41157, 52058,616

59,24761,000

58, 70059, 00059, 30059, 50059, 50059, 73959, 40059, 10059, 00059, 00058, 70059, 247

59, 00059, 00059, 10059, 20059, 30059, 94860, 10060, 40060, 50060, 90060, 60061,000

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

i Includes U. 8. Government deposits at Federal Reserve banks and commercial and savings banks, and,beginning with 193S, includes U. S. Treasurer's time deposits, open account.

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

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

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

194


TABLE B-29.—Estimated ownership of Federal obligations, 1939-51

[Billions of dollars—par valuesl]

End of period

1939

19401941194219431944

19451946194719481949

19501951 7

1950* 'JanuaryFebruaryMarch -AprilMayJune - -JulyAugust- -SeptemberOctoberNovemberDecember

1951: JanuaryFebruaryMarch ._April _-.MayJuneJulyAugustSeptemberOctober _ _November 7

December 7

Gross public debt and guaranteed issues *

Total

47.6

50.964.3

112.5170.1232. 1

278.7259.5257.0252.9257.2

256.7259.5

256.9256.4255.7255.7256.4257.4257.6257.9257.2257.0257.1256.7

256. 1256.0255.0254. 7255.1255.3255.7256.7257.4258.3259.6259.5

Held byU.S.

Govern-ment

invest-ment

accounts

6.5

7.69.5

12.216.921.7

27.030.934.437.339.4

39.242.3

39.038.437.637.337.437.838.038.138.939.039.239.2

39.639.739.839.940.341.041.041.542.042.042.242.3

Held by others

Totalheld byothers

41.1

43.354.7

100.2153. 2210.5

251.6228.6222.6215.5217.8

217.5217.2

217.9218.0218.1218.4219.0219.5219.6219.8218.3217.9217.9217.5

216.6216.2215.2214.9214.8214.3214.6215.2215.4216.4217.4217.2

Stateand localgovern-ments 3

0.4

.5

.71.02.14.3

6.56.37.37.98.0

7.88.0

8.08.08.48.48.38.28.38.38.28.18.17.8

7.87.97.97.98.08.08.08.08.08.18.18.0

Com-mercialbanks 4

15.9

17.321.441.159.977.7

90.874.568.762.566.8

61.861.5

67.466.464.965.265.865.664.664.162.262.261.561.8

59.958.957.858.457.858.458.758.859.460.661.261.5

FederalReservebanks

2.5

2.22.36.2

11.518.8

24.323.322.623.318.9

20.823.8

17.817.717.617.817.418.318.018.419.619.319.720.8

21.621.922.922.722.523.023.123.123.723.623.223.8

Nonbankprivatecorpora-tions andassocia-tions 4

12.2

12.816.828.242.056.8

66.260.358.656.257.7

60.157.9

58.058.960.359.960.259.960.961.360.860.961.160.1

60.761.060.459.459.958.558.659.058.158.058.757.9

Indi-viduals 6

10.1

10.613.623.737.652.9

63.964.165.565.666.5

67.066.0

66.767.066.967.167.367.567.867.867.667.567.667.0

66.866.666.266.366.566.466.366.366.266.266.266.0

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

Territories and possessions.< Includes commercial banks, trust cpmpanies, and stock savings banks in the United States and in Ter-

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

tions, corporate pension trust funds, dealers and brokers and foreign accounts in this country. Begin-ning with December 1946, the foreign accounts include investments by the International Bank for Re-construction and Development and the International Monetary Fund in special non-interest-bearingnotes issued by the U. S. Government. Beginning with June 30, 1947, includes holdings of Federal landbanks.

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


Source: Treasury Department (except as noted).

195


TABLE B-30.-—U. S. Government debt—volume and kind of obligations, 7929-57


End of period

1929

19301931193219331934

1935193619371938 _ _ _ _ _ _ _ _1939

1940.194119421943__ _1944

1945 __ _194619471948 _1949

1950 _1951

1950: January _ _ _FebruaryMarch.AprilMayJuneJulyAugustSeptember _ _ _ __October ..NovemberDecember.

1951: JanuaryFebruary ._MarchApril _-May _ _ _June_JulyAugust - _ _ _ - _ _ .SeptemberOctober _November. __ _..December

i

Grosspublic

debt andguaran-

teedissues i

16.3

16.017.820.824.031.5

35.139.141.944.447.6

50.964.3

112.5170.1232.1

278.7259.5257.0252.9257.2

256.7259.5

256.9256.4255.7255.7256.4257.4257.6257.9257. 2257.0257.1256.7

256.1256.0255.0254.7255.1255.3255.7256.7257.4258.3259.6259.5

Interest-bearing public debt

Marketable publicissues

Short-term

issues 2

3.3

2.92.85.97.5

11.1

14.212.512.59.87.7

7.58.0

27.047.169.9

78.257.1

'47.745.950.2

58.365.6

49.949.851.551.652.052.452.252.256.956.055.958.3

57.457.457.457.457.458.960.360.861.963.564.565.6

|

Treasurybonds

11 3

11.313.513.414.715.4

14.319.520.524.026.9

28.033.449.367.991.6

120.4119.3117.9111.4104.8

94.076.9

104.8104.8102.8102.8102.8102.8102.8102.896.796.796.794.0

94.094.094.080.580.578.878.878.878.178.178.176.9

Nonmarketablepublic issues

UnitedStatessavingsbonds

0.2.5

1.01.42.2

3.26.1

15.027.440.4

48.249.852.155.156.7

58.057.6

57.057.257.357.457.557.557.657.557.458.058.058.0

58.057.857.857.757.657.657.557.557.557.557.657.6

Treas-ury

;ax andsavingsnotes

2.56.48.69.8

8.25.75.44.67.6

8.67.5

7.98.08.08.18.38.58.68.98.99.08.98.6

8.78.78.38.18.27.87.98.07.87.77.77.5

Specialissues 3

0.6

.8

.4

.4

.4

.6

. 7

.62.23.24.2

5.47.09.0

12.716.3

20.024.629.031.733.9

33.735.9

33.532.932.131.831.932.432.532.733.433.533.733.7

34.033.933.533.634.034.734.735.135.635.635.935.9

Non-nterest-bearing

debt

0.3

.3

.3

.4

.4

.5

1.0.7.6.5.6

.6

.5

.91.41.8

2.41.52.72.22.1

2.42.4

2.02.02.22.22.22.22.12.12.22.22.22.4

2.42.62.42.42.42.42.32.32.42.42.42.4

Fullyguar-

anteedsecuri-

ties

0.23.1

4.54.74.65.05.7

5.96.34.34.21.5

.6

.3

.1

.1(4)

(4)(*)

(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)

(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)

1 Total includes Postal Savings bonds, prewar bonds, adjusted service bonds, depositary bonds, ArmedForces leave bonds, and Treasury investment bonds, not shown separately. Excludes guaranteedsecurities held by the Treasury.

2 Includes Treasury bills, certificates of indebtedness, and Treasury notes.3 Issued to U. S. Government investment accounts; these accounts also held 6.4 billion dollars of public

marketable and nonmarketable issues on December 31,1951.* Less than 50 million dollars.Source: Treasury Department.

196


TABLE B-31.—Bond yields and interest rates, selected years, 1929-51

[Percent per annum]

Period

Average:1929193319351937.1939

19411943

1945 . _ .1946,19471948. . _1949.

19501951



U. S. Government securityyields

3-monthTreas-ury

bills i

(3)0.515.137.447.023

.103373

.375

.375

.5941.0401.102

1.2181.552

1.1181.1661.2331.353

1.4001.5321.6281.649

9-12monthissues 2

(4)(4)(4)(4)(4)

(4)0.75

.81

.82

.881.141.14

1.261.72

1.141.19L271.44

1.621.841.721.73

Taxablebonds

15 yearsand over

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

(5)2.47

2.372.192.252.442.31

2.322.57

2.242.312.342.38

2.422.612.592.66

CorporateAaa

bonds(Moody's)

4.734.493.603.263.01

2.772.73

2.622.532.612.822.66

2.622.86

2.582.612.632.67

2.702.902.892.95

Averageof ratescharged

by bankson short-

termloans —selected

cities

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

2.1

2.02.6

2.22.12.12.52.7

2.73.1

2.602.682.632.84

3.023.073.063.27

Primecommer-

cialpaper,

4-6months

5.851.73.76.94.59

.54

.69

.75

.811.031.441.48

1.452.17

1.311.311.471.71

1.962.202.252.26

Bankers'accept-ances,

90days

5.03.63.13.43.44

.44

.44

.44

.61

.871.111.12

1.151.60

1.061.061.181.31

1.511.631.631.65

FederalReservebank

discountrate

5.162.561.501.331.00

1.007 1.00

7 1.00? 1.00

1.001.341.50

1.591.75

1.501.501.621.75

1.751.751.751.75

1 Rate on new issues within period.2 Includes certificates of indebtedness and selected note and bond issues.3 Treasury bills were first issued in December 1929.

*< Not available before August 1942.s Bonds-in this classification were first issued in March 1941.6 Not available on same basis.f From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances

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

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

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

197


TABLE B—32.—Profits before and after tax, all private corporations, 1929—51


Period

1929

1930 —193119321933 — _ — -1934

1935 — .1936193719381939

1940 -194119421943 _1944

1945194619471948 _1949

19501951«

1950: First halfSecond half .


1950: First quarterSecond quarterThird quarter . .Fourth quarter

1951: First quarterSecond quarterThird quarter 3Fourth quarter 3

Corporateprofitsbefore

tax

9.8

3.3-.8

-3.0.2

1.7

3.25.76.23.36.5

9.317.221.125.124.3

19.723.530.533.828.3

41.444.8

Corporatetax

liability 1

1.4

.8

.5

.4

.5

.7

1.01.41.51.01.5

2.97.8

11.714.413.5

11.29.6

11.913.011.0

18.626.7

Corporate profits after tax

Total

8.4

2.5-1.3-3.4-.41.0

2.34.34.72.35.0

6.49.49.4

10.610.8

8.513.918.520.717.3

22.818.1

Dividendpayments

5.8

5.54.12.62.12.6

2.94.64.73.23.8

4.04.54.34.54.7

4.76.86.67.27.6

9.29.5

Undis-tributedprofits

2.6

-3.0-5.4-6.0-2.4-1.6

-.6-.3

00-.91.2m

T2.4[4.9'6.1[6.2

L6'1[3.8

F f 8 . 112.013.59.8

13.68.6


34.748.0

48.641.0

31.937.545.750.3

51.845.440.042.0

15.621.5

29.024.4

14.416.920.522.5

31.127.023.825.0

19.026.5

19.616.6

17.520.625.227.8

20.718.416.217.0

8.110.2

9.29.8

7.88.49.4

11.1

8.89.69.6

10.1

11.016.2

10.46.8

9.712.215.816.7

11.98.86.66.9

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

profits before tax and inventory valuation adjustment. The figures beginning with 1948 are based on therevised series of national income and product of the Department of Commerce. For detail, see theNational Income Supplement to the Survey of Current Business, 1951.




TABLE B-33.—Sales and profits of large manufacturing corporations, 1939-51


Period

1939 ...

1940194]194219431944 —

1945 _1946J947 —19481949

1950

I960- First halfSecond half

1951- First half

1950' First quarter 3

Second quarter 2

Third quarter 2

Fourth quarter 2

1951: First quarter *Second quarter5

Third quarter 3

Durable goods industries(106 corporations) l

Sales

6,748

8,75012,80615,36220, 63322, 085

18,16112,37619, 48423,56723,886

29, 346

Profits

Before taxes

734

1,2262.1752,3262,3892,192

1,288608

2,3123,1053,191

5,190

After taxes

597

830982782755726

574295

1,3541,8351,887

2,549

Nondurable goods industries(94 corporations) 1

Sales

3,843

4,2575,4856,4087,6078,263

8,3718,940

11,31313, 36412,790

14,710

Profits

Before taxes

476

617980

1,0691,2931,339

1,1331,4251,7872,2081,843

2,701

After taxes

400

443538438506529

555908

1,1671,4741,211

1,510

Totals for period, not adjusted for seasonal variation

13,22916,117

17, 121

6,0047,2257,8918,. 226

8,3628,7598,003

2,1353,055

2,787

8961,2401,4031,652

1,3821,4051,193

1,1971,352

1,007

503694776576

510497429

6,7058,005

8,583

3,2513,4533,9394,066

4,3234,2604,279

1,0861,615

1,659

504581782833

850809769

662850

706

307353468382

367340332

i See Federal Reserve 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.

* Certain Federal income tax accruals for the first 6 months of 1950 and 1951, required by subsequent in-creases in Federal income tax rates and charged by many companies against third quarter profits, havebeen redistributed to the first and second quarters. Available information does not permit a similar redis-tribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profitstaxes. Estimates for third quarter 1951 based on incomplete data.


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

199


TABLE B-34.—Relation of profits before and ajter taxes to stockholders' equity, private manu-facturing corporations•, by industry group, 7947-49 average and 1950—51

Industry group

All private manufacturing cor-porations

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

Furniture and fixtures. _ _Paper and allied productsPrinting and publishing (except

newspapers)Chemicals and allied productsProducts of petroleum and coal

Rubber productsLeather and leather productsStone, clay, and glass products.Primary 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 op-tical goods; watches and clocks

Miscellaneous manufacturing (in-cluding ordnance)

All private manufacturing cor-porations

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

Furniture and fixturesPaper and allied productsPrinting and publishing (except

newspapers)Chemicals and allied products . .Products of petroleum and coal

Rubber products _ . _ .Leather and leather productsStone, 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


Miscellaneous manufacturing (in-cluding ordnance)

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

1947-49aver-age

1950

Total Firstquarter

Secondquarter

Thirdquarter

1951

Firstquarter

Secondquarter

Thirdquarter

Before Federal taxes

23.2

23.619.624.821.626.0

23.626.0

23.624.020.4

19.617.622.818.420.0

24.4

24.026.8

10.434.4

22.0

19.2

28.0

22.421.222.818.029.6

27.228.4

20.032.419.2

30.819.233.225.628.4

29.2

26.041.6

18.853.2

30.8

22.8

19.6

15.616.418.011.616.8

15.620.8

20.425.212.8

14.810.820.416.020.0

18.4

18.429.2

12.039.2

20.8

10.0

24.8

20.419.217.210.428.4

23.623.2

16.828.416.8

21.212.832.422.026.8

24.8

24.431.2

17.655.2

26.0

14.8

31.2

28.825.226.026.438.0

29.228.8

24.036.420.4

38.025.239.226.829.2

34.0

26.841.2

19.258.8

33.2

29.6

32.8

20.820.429.622.034.0

34.444.0

21.640.823.2

43.222.436.432.034.8

37.6

30.847.2

19.646.0

33.6

34.8

30.4

18.420.423.211.231.6

28.842.8

26.832.423.2

41.217.639.232.835.6

33.6

34.834.4

25.244.0

33.6

26.0

25.5

18.922.511.811.520.6

22.232.6

25.431.222.9

31.316.933.224.229.7

27.2

28.128.6

18.334.0

30.0

17.3

After Federal taxes

14.4

14.012.014.812.416.8

14.016.0

14.414.815.2

11.210.414.011.612.0

14.8

14.416.0

6.019.6

13.6

11.2

15.6

12.411.612.810.017.6

15.216.4

11.618.014.0

16.810.817.615.214.4

16.0

14.020.8

10.025.2

16.8

12.4

12.0

9.210.010.86.4

10.4

8.412.8

12.815.610.0

9.66.4

12.410.411.6

11.2

10.817.2

7.222.8

12.8

5.2

15.6

12.412.010.45.2

18.0

15.214.4

9.617.613.2

13.67.2

20.014.816.0

15.6

14.818.4

10.432.4

16.0

8.4

17.6

16.413.214.416.422.8

16.016.4

14.420.814.0

22.414.822.016.015.2

19.2

14.822.0

10.028.8

18.8

16.8

14.8

10.09.6

14.411.617.2

16.018.4

10.017.214.4

18.810.816.016.013.6

17.6

15.218.4

9.217.2

14.4

16.4

13.6

9.210.010.84.4

16.0

11.617.6

13.614.015.2

15.67.2

16.814.813.6

14.4

14.814.0

11.617.2

14.0

10.0

10.4

8.89.24.84.8

10.6

9.812.4

12.410.714.5

12.26.5

12.010.48.5

11.2

10.48.6

8.010.6

10.4

6.7

Sources: Federal Trade Commission and Securities and Exchange Commission.

200


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

Industry group

All private manufacturingcorporations _

Food __ _.Tobacco manufacturersTextile mill productsApparel and finished textilesLumber and wood products

Furniture and fixturesPaper and allied productsPrinting and publishing (except

newspapers)Chemicals and allied products _Products of petroleum and coal

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

Fabricated metal products __ .Machinery (except electrical and

transportation) _ .Electrical machinery _Transportation equipment (except


Instruments; photographic and opti-cal goods; watches and clocks

Miscellaneous manufacturing (in-cluding ordnance) ..

All private manufacturingcorporations

FoodTobacco manufactures-.- ._Textile mill productsApparel and finished textiles . _Lumber and wood products

Furniture and fixturesPaper and allied products - - _ ..Printing and publishing (except

newspapers).-. _ _ _ - _ _ _ _Chemicals and allied productsProducts of petroleum and coal.

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

Fabricated metal products -Machinery (except electrical and

transportation)Electrical machineryTransportation equipment (except



Miscellaneous manufacturing (in-cluding ordnance) _ _ _ - _ .

Profits in cents per dollar of sales

1947-49average

1950

Total Firstquarter

Secondquarter

Thirdquarter

1951

Firstquarter

Secondquarter

Thirdquarter

Before Federal taxes

10.5

6.17.8

11.65.6

14.4

8.414.0

8.613.814.7

7.75.7

13.713.411.5

10.8

6.59.9

5.512.2

12.2

8.9

12.8

6.19.0

10.55.0

15.9

9.015.4

7.918.814.9

10.66.5

18.817.315.5

12.4

13.314.3

8.917.5

15.9

10.4

10.1

4.87.49.03.5

11.2

5.912.3

8.515.610.7

6.64.2

14.113.512.7

9.7

10.711.3

6.215.3

12.6

5.5

11.8

5.68.18.93.3

15.2

8.413.6

6.817.113.5

7.84.9

18.915.915.1

11.4

12.611.7

8.617.8

14.3

7.7

13.5

7.510.111.46.3

18.5

9.515.6

9.420.515.2

11.47.4

20.517.115.7

13.0

13.614.0

9.318.0

16.8

12.5

13.5

5.49.1

11.95.4

17.7

10.519.8

8.320.916.5

13.06.9

19.718.216.5

14.5

15.015.1

7.914.0

16.0

13.8

12.9

4.98.3

10.23.2

16.1

9.419.6

9.918.617.0

12.25.9

20.119.316.6

13.1

14.512.2

8.213.8

15.6

11.3

11.5

4.98.96.13.1

11.5

8.916.8

9.618.016.8

10.05.7

18.614.916.2

11.6

13.111.1

6.712.4

14.8

8.7

After Federal taxes

6.5

3.64.86.93.39.2

4.98.6

5.28.6

11.1

4.33.38.48.36.9

6.6

3 96.0

3 27.0

7.5

5.2

7.1

3.44.95.82.89.4

5.18.8

4.510.310.7

5.83.7

10.110.27.9

6.8

7.37.2

4.78.3

8.6

5.6

6.2

2.84.65.41.97.1

3.27.5

5.49.68.2

4.22.58.68.57.5

5.9

6.46.7

3.78.9

7.7

2.9

7.4

3.45.05.21.69.7

5.48.4

3.810.610.7

5.02.7

11.710.59.0

7.1

7.77.0

5.110.5

8.9

4.5

7.6

4.35.46.53.9

11.1

5.39.0

5.611.710.5

6.64.3

11.610.28.2

7.3

7.67.5

4.88.8

9.4

7.0

6.1

2.64.35.72.89.1

4.98.3

3.98.8

10.2

5.73.38.59.06.4

6.7

6.65.9

3.75.2

6.9

6.6

5.8

2.54.14.71.38.2

3.87.9

5.07.9

11.0

4.72.48.58.76.4

5.6

6.25.0

3.7-5.4

6.4

4.9

4.7

2.33. 62.41.35.9

3.96.4

4.76.2

10.6

3.92.26.84.37.0

4.8

4.93.3

2.93.9

6.2

3.3

Source: Federal Trade Commission and Securities and Exchange Commission.

201


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

Assets class (thousands of dollars)

All sizes

1 to 249250 to 999.. _ _1 000 to 4,9995 000 to 99,999 _ _ .100 000 and over

All sizes

1 to 249250 to 9991 000 to 4,9995,000 to 99,999 —100 000 and over

All sizes

1 to 249250 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_.

1947-49average

1950

Total Firstquarter

Secondquarter

Thirdquarter

1951

Firstquarter

Secondquarter

Thirdquarter

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

23.2

16.822.423.624.022.4

28.0

17.223.625.227.629.6

19.6

8.813.217.218.421.6

24.8

15.221.221.623.627.2

31.2

26.430.428.831.232.0

32.8

23.628.833.234.432.0

30.4

22.428.030.432.030.0

25.5

17.421.322.625.426.8

Profits before Federal taxes in cents per dollar of sales

10.5

4.57.28.8

10.812.2

12.8

4.37.99.5

12.515.5

10.1

2.55.17.39.5

12.8

11.8

4.27.48.5

11.314.4

13.5

6.29.8

10.313.316.0

13.5

5.48.8

10.913.815.4

12.9

5.28.5

10.112.914.9

11.5

4.27.08.2

11.014.0

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

14.4

9.612.814.014.814.4

. 15.6

10.413.214.015.216.4

12.0

4.07.2

10.011.213.6

15.6

9.612.813.214.817.2

17.6

19.218.816.417.217.6

14.8

14.414.815.615.214.4

13.6

13.613.213.214.014.0

10.4

9.19.78.8

10.011.0

Profits after Federal taxes in cents per dollar of sales

6.5

2.64.25.26.67.8

7.1

2.64.45.26.98.6

6.2

1.12.74.25.88.1

7.4

2.74.45.27.0

. 9.2

7.6

4.56.05.97.48.9

6.1

3.34.55.26.07.0

5.8

3.24.04.45.66.9

4.7

2.23.23.24.35.8

Sources: Federal Trade Commission and Securities and Exchange Commission.

202


TABLE B-37.—Sources and uses of corporate funds, 1947-51


Source or use of funds

Uses:Plant an d equipment outlays — -Inventories (change in book value)Change in customer receivables. _Cash and U. S. Government securitiesOther current assets .-

Total uses __

Sources:Internal:

Retained profits and depletion allowances _ ._Depreciation allowances , _ . .

Total internal sources

External:Change in trade debt -_ -Change in Federal income tax liabilityOther current liabilities. _ _._Change in bank loansChange in mortgagesNet new issues

Total external sources

Total sources

Discrepancy (sources less uses) _ . . _ _

1947

16.27.17,61.2-.1

32.0

11.65.2

16 8

4.62.31.02.6.6

4.4

15 5

32.3

—.3

1048

18.04.24.01.9.1

28.2

12.86.2

19 0

1.2.8

(8)1.1.7

5 9

9 7

28.7

—.5

1949

16.1-4.3—.53 0

—.2

14.1

9.17 0

16 1

—2.9-2.1_ -i

-1.9.7

4 9

—1 4

14.7

— 6

1950

16.67.5

10.05.0.3

39.4

12.97.5

20 4

5 97.1.3

2.5.9

3 7

20 4

40.8

—1.4

1951»

21.78.65.03.0.5

38.8

8.08 5

16 5

3.58.51.03 51.05 8

23 3

39.8

—1.0

* Excludes banks and insurance companies.» Estimates based on incomplete data; by Council of Economic Advisers.* Less than 50 million dollars.

Source: Department of Commerce estimates based on Securities and Exchange Commission and otherfinancial data (except as noted).

203


TABLE B-38.—International transactions of the United States, 1948-51


Type of transaction

Exports of goods and services:Recorded goodsOther goods 2 __ _ _ _ _ -.

Total goods .Services _ _ _ _Income on investments

Total exports _ _

Imports of goods and_ser vices:Recorded goodsOther goods 2

Total goodsServicesIncome on investments

Total imports _. ..

Surplus of exports of goods_andservices:

Recorded goodsOther goods 2

Total goods -Services . -Income on investments _

Total surplus of exports

Means of financing surplus of ex-ports of goods and services:

Liquidation of gold anddollar assets by foreign coun-tries

Dollar disbursements (net) by:International Monetary

FundInternational Bank

U. S. Government sources(net):"

Grants and other unilat-eral transfers _

Long- and short-term loans _U. S. private sources (net):

Remittances. --Long- and short-term

capital 8

Total means of financ-ing

Errors and omissions

1948

12, 651695

13, 3462,2461 375

16, 967

7 124698

7 8222 162

284

10 268

5 527—3

5 52484

1 091

6 699

780

203176

4,157886

678

856

7,736—1 037

1949

12, 052285

12, 3372,2321,405

15, 974

6 622444

7 0662,184

353

9,603

5 430—159

5,27148

1 052

6 371

—60

9938

5,321647

522

589

7,156—785

1950

10, 275383

10, 6582,0241 743

14, 425

8 852463

9 3152,376

437

12, 128

1 423—80

1, 343-3521 306

2 297

—3, 645

—2037

4,120164

481

1,316

2,453—156

Total i

14, 888573

15, 4612,7502,003

20, 214

11 204649

11 8532,893

417

15, 163

3 684-76

3,608—1431 586

5 051

-122

4,508151

412

750

5,699-648

Firstquarter

3,33480

3,414565396

4,375

3 032185

3 21761286

3 915

302—105

197—47310

460

—855

—1016

1,03559

112

249

606—146

1951

Secondquarter

4 01873

4 091721471

5,283

2 980153

3 13370699

3 938

1 038—80

95815

372

1 345

—159

—1110

1,27983

96

284

1,582—237

Thirdquarter

3 686135

3 821744511

5,076

2 492139

2 63185693

3 580

1 194—4

1 190—112

418

1 496

269

C3)23

1, 10227

94

2

1,517—21

Fourthquarter 1

3 850285

4 135720625

5 480

2 700' 172

2 872719139

3 730

1 150'l!3

1 2631

486

1 750

595

1,092-18

110

215

1,994—244

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

States customs area, and other adjustments.3 Less than $500,000.4 For detail, see appendix table B-40.s Excludes purchases or sales of obligations issued by the International Bank for Reconstruction and

Development.Source: Department of Commerce (except as noted).

204


TABLE B--39.—United States exports and imports of goods and services, by area, 1948—51

[Billions of dollars, annual rates]

Area

Exports of goods and services: 2

ERP countries . _ _ _ERP dependenciesEurope, except ERP countries-Canada and NewfoundlandLatin- American republicsOther 4

Total exports

Imports of goods and services: 2

ERP countriesERP dependenciesEurope, except ERP countries-Canada and Newfoundland- __Latin-American republicsOther 4

Total imports

Export surplus of goods and serv-ices: 2

ERP countriesERP dependenciesEurope, except ERP countries-Canada and NewfoundlandLatin-American republicsOther*. .__

Total export surplus

ADDENDUM

Exports of goods and services tosterling area 8

Imports of goods and services fromsterling area

Export surplus with sterlingarea5

1948

5.89.85.27

2.484.223.26

16 97

2.20.74.24

2.043 081.98

10 27

3 69.11.03.45

1.141.28

6.70

2 67

1 93

.74

1949

5.39.90.21

2.593.663.21

15 97

2.22.71.18

2.012 941.54

9 60

3 17.19.03.58.72

1.67

6.37

2.52

1.73

.79

1950

4.43.58.18

2.733.922.59

14 42

2.69.89.23

2.443 562.32

12 13

1 73—.31-.04

.29

.36

.27

2.30

1 95

2.27

-.32

Total i

(3)

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

20 21

(3)

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

15 16

(3)(3)

(3)(3)(3)

(3)

5.05

(3)

(3)

(3)

Firstquarter

5.48.52.29

3.184.573.46

17 50

3.381.30.26

2.474 903.35

15 66

2.10—.78

.03

.71-.33

.11

1.84

2 31

3.00

-.69

1951

Secondquarter

7.16.68.38

3.925.123 87

21 13

3.641.21.26

2.804 183 66

15 75

3 52- 53

.121.12.94.21

5.38

2 86

3 42

-.56

Thirdquarter

6 45.74.32

3.445.344 02

20 30

3 481.13.18

3.043 512 98

14 32

2 97—.39

.14

.401.831.04

5.98

3 19

2.84

.35

Fourthquarter *

(3)(3)

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

21 92

(3)(3)

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

14 92

(3)(3)

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

7.00

(3)

(3)

(3)

1 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.2 Includes income on investments.3 Not available.4 Includes international institutions.6 In 1950 and 195], includes "special category" exports sold for cash, but excludes all transactions under

the Mutual Defense Assistance Program.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

205


TABLE B-40.—U. S. Government grants, other unilateral transfers, and loans to foreign countries,1948-51


Type of aid

Unilateral payments:Military-aid programs:

Mutual Defense Assist-ance Program

Greek-Turkish aidChinese aid

EGA programs:European Recovery Pro-

gramOther

Army Civilian Supply Program *.Technical Cooperation Ad-

ministrationPhilippine Rehabilitation Act.Interim aid and Post-UNRRAInternational Refugee Organi-

zation and other United Na-tions relief organizations

Other --

Total unilateral payments. ..Less: Unilateral receipts

Equals: Net unilateral jpay-ments 1

Long-term loans and investments:United Kingdom loanEuropean Recovery Program..Export-Import Bank loansSurplus property credits, in-

cluding ship sales ._Raw-material credits to occu-

pied areasUnited Nations building loan.Other

Total long-term loans andInvestments

Less: Repayments

Equals: Net long-term loansand investments

Short-term loans (net)

Total net unilateral pay-ments, loans and invest-ments

1948

34971

1 39796

1,468

130627

117107

4,362205

4,157

300476454

168

639

1,416443

973

-87

5,043

1949

17144

3 730' 92

1,082

2032

104157

5,585264

5,321

428163

30

262012

679205

474

173

5,968

1950

516625

2 719114500

7166

84122

4,295175

4,120

163193

2

28226

414287

127

37

4,284

Total i

(2)(2)(2)

(2)(2)

«(2)

(2)

(2)(2)

(2)(2)

4, 508

(2)(2)

(2)

(2)

(2)(2)

(2)(2)

134

17

4,659

Firstquarter

3223

(3)

5952681

14

1441

1,08752

1,035

3983

41

12760

67

-8

1,094

1951

Secondquarter

4543

65121

127

34

747

1,31940

1,279

2581

42

11246

66

17

1 362

Thirdquarter

4351

(3)

5394070

54

632

1,13230

1,102

7030

42

10687

19

8

1 129

Fourthquarter 1

(2)(2)(2)

(2)(2)(2)

(2)(2)

(2)(2)

(2)(2)

1,092

(2)(2)

(2)

(2)(2)(2)

(2)(2)

-18

_.

1,074

1 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.2 Not available.* Less than $500,000.4 Includes disbursements in Germany administered by EGA from funds appropriated under the Army

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

206


TABLE B-41.—United States merchandise exports, including reexports, by area, 1936-38 quarterlyaverage and 1947—51

Period

Quarterly average:1936-381947194819491950'1951 3

1950: First quarterSecond quarter _ _Third quarter ». .Fourth quarter 3_

1951: First quarter «...Second quarter 3.Third quarter 3. _Fourth quarter 3_

Quarterly average:1936-38194719481949I9608

1950: First quarterSecond quarter. _Third quarter ». _Fourth quarter 3.

1951: First quarter ».„Second quarter 3_Third quarter 3_ .

Total ex-ports in-cluding

reexportsCanada J

OtherWesternHemi-sphere

ERPcoun-tries 2

OtherEurope Asia*

Australiaand

OceaniaAfrica

Millions of dollars

7423,8353,1633,0132,569

4 3, 722

2,3652,5102,4512,949

3,3344,0183,686

<3,850

115528486490504

(5)

397530505583

623756606

(•)

1361,017

841725703

(5)

640668706798

867960979

(5)

2821,3241,0461,019

720(5)

776762587756

8141,028

871«

31118494135

(5)

33353734

628262

(8)

122562507534369

(5)

399381334364

470549516

(')

2380384936

(5)

37383038

444566

(•)

3220519615591

(fi)

849679

103

120156173

(5)

Percentage of total

100100100100100

100100100100

100100100

15.513.815.416.319.6

16.821.120.619.8

18.718.816.4

18.326.526.624.127.4

27.126.628.827.1

26.023.926.6

38.034.533.133.828.0

32.830.423.925.6

24.425.623.6

4.23.11.51.41.4

1.41.41.51.2

1.92.01.7

16.414.716.017.714.4

16.915.213.612.3

14.113.714.0

3.12.11.21.61.4

.6

.5

.2

.3

.3

.1

.8

4.35.36.25.13.5

3. 63.83.23.5

3.63.94.7

1 Includes Newfoundland and Labrador.2 Turkey is included with countries participating in the European Recovery Program and excluded from

Asia. Exports to Germany are included with those of ERP countries and, in the postwar period, relatealmost wholly to exports to the 3 western zones.

3 Data by area exclude, while total exports include, "special category" exports. For this reason, exportsby area will not add to total exports in these periods.

* Estimates based upon incomplete data; fourth quarter by Council of Economic Advisers,s 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 1951, goods destined to United States Armed Forcesabroad for distribution in occupied areas as civilian supplies.

Detail will not necessarily add to totals because of rounding. See also footnote 3.


207977891—52


TABLE B-42.—Indexes of quantity and unit value of United States domestic merchandise exports,by economic class,, 1936—38 quarterly average and 1947—51

[1936-38=100]

Period

Quarterly average:1936-381947.19481949 „19501951 2 _ -

1950' First quarterSecond quarter _ _Third quarterFourth quarter

1951: First quarter ._Second quarterThird quarterFourth quarter 2 ._

Quarterly average:1936-38194719481949195019512

1950: First quarter __ .Second quarter . _Third quarterFourth quarter

1951: First quarter ._.Second quarterThird quarterFourth quarter 2

Totaldomesticexports

Crudematerials

Crudefoodstuffs !

Manu-factured

foodstuffs *

Semi-manu-

factures

Finishedmanu-

factures

Quantity indexes

100275214219193246

181194184209

223258243258

100123100126128(3)

125143112128

112126116

(3)

100397362435287(3)

284270264325

456583434

(»)

100478350297237(3)

213250224230

247280267

(3)

100203144150127(3)

121126125135

131157165

(3)

100332257250225(3)

207220220251

278317304

(3)

Unit value indexes

100188200186180205

177175180191

202210206202

100195223212220

(3)

206212226215

263275249

(3) .

100248255225193

(3)

196190192196

203219221

(3)

100218223177151

(3)

151142162169

185203192

(3)

100169184174170

(3)

164166168183

203212211

(3)

100182193184179

(3)

179175177187

195201200

(3)

1 Export indexes of crude and manufactured foodstuffs, particularly those of unit value in 1950, are in-fluenced by sales of large quantities of food products at prices considerably below market quotations. Suchexports include sales from Government-owned surplus and shipments on which subsidies were paid by theDepartment of Agriculture.

2 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.3 Not available.

NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changesin average prices has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions are reported in official foreign trade statistics, including change in aver-age prices that result from changes in the commodity composition of trade. The indexes for 1947 to 1950are based on data which include goods destined to the United States Armed Forces abroad for distributionto civilians in occupied areas.


208


TABLE B-43.—United States general merchandise imports, by area, 7936-38 quarterly average and1947-51

Period

Quarterly average:1936-381947 .19481949 .. ..195019513 . .


1951: First quarterSecond quarterThird quarterFourth quarter s

Totalgeneralimports

Canada 1Other

WesternHemi-sphere

ERPcoun-tries 2

OtherEurope Asia 2

Australiaand

OceaniaAfrica

Millions of dollars

6221,4391,7811,6562,2132,801

1, 8891, 9312,3882,644

3,0322,9802, 4922,700

88282398388490

(4)

404478504575

529585552

I4)

143568627611776

(4)

727645913818

1,084894739

<.4)

152174244211315

(4)

240243323455

513514457

(4>

3045493547

(4)

45454950

635739

0)

183249324296409

(4)

302363417555

592545480

(4)

1039413152

(4)

49524760

S3184119

(4)

17829884

123(0

122103136132

169201

• 106(4)

Quarterly average:1936-38 . .19471948 -19491950 _

1950: First quarter. _Second quarterThird quarterFourth quarter

1951: First quarter .Second quarterThird quarter

Percentage of total

100100100100100

100100100100

100100100

14.119.622.323.422.1

21.424.821.121.7

17.419.622.2

23.039.535.236.935.1

38.533.438.230.9

35.830.029.7

24.412.113.712.714.2

12.712.613.517.2

16.917.218.3

4.83.12.82.12.1

2.42.32.11.9

2.11.91.6

29.417.318.217.918.5

16.018.817.521.0

19.518.319.3

1.62.72.31.92.3

2.62.72.02.3

2.76.24.8

2.75.75.55.15.6

6.55.35.75.0

5.66.74.3

1 Includes Newfoundland and Labrador.2 Turkey is included with countries participating in the European Recovery Program and excluded from

Asia. Imports from Germany are included with those of ERP countries and, in the postwar period, relatealmost wholly to imports from the three western zones.

3 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.4 Not available.

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



209


TABLE B—44.—Indexes of quantity and unit value of United States merchandise imports foisumption, by economic class, 1936—38 quarterly average and 1947—51

[1936-38=100]

Period

Quarterly average:1936-3819471948 - . ---1949195019511

1950: First quarterSecond quarterThird quarter _ _ _Fourth quarter

1951: First quarterSecond quarterThird quarterFourth quarter *

Quarterly average:1936-38 . .1947 -_19481949 _ _ _19501951 i


1951: First quarterSecond quarterThird quarterFourth quarter *

Totalimports forconsump-

tion

Crudematerials

Crudefoodstuffs

Manufac-tured food-

stuffsSemimanu-

facturesFinishedmanufac-

tures

Quantity indexes

100108123120146148

137136154158

163147131151

100129139125152

0)

152140155161

161144136

(2)

10096

109119113

- (2)

12194

125111

14910892

(2)

100839197

117(2)

98113143113

126129120

(2)

100130149143219

(2)

189213220247

227215182

(2)

10084

103101125

(2)107107119125147

141141126

(*)

Unit value indexes

100213235224243304

223229248270

295313312297

100180203195214

(2)

185194215255

302340316

(*)

100311343330454

(2)

410433485491

508521516

(2)

100208212202203

(2)

199199203210

214224224

(3)

100191217198193

(2)

176179197220

234242250

(a)

100245266258252

(2)

245248253262

278288313

(J)

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

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


210


TABLE B-45.—United States exports of selected capital goods to ERP countries and underdevelopedareas, 1950-51


Goods and area

1950

Firsthalf

Secondhalf

1951

Firsthalf

Secondhalfi

Steel mill products:ERP countries 2 _ 52Latin American republics 75Asia 3 _ 42Africa _ _ 10

Electrical machinery and apparatus:3

ERP countries 2—_ - 34Latin American republics 78Asia3 _ _ _ _ 26Africa _

Engine, turbines, and parts, including locomotives:ERP countries*-- 8Latin American republics 32Asia 2. 20Africa _ _ 4

Construction, excavating, and conveying machinery:ERP countries 2 . 18Latin American republics ...• 30Asia 2. ___ _ _ 10Africa.. _

Mining, well, and pumping machinery:ERP countries 2__ _. 15Latin American republics 27Asia 2... _ 7Africa.. _ _ 5

Machine tools:3

ERP countries 2 _ 26Latin American republics 3Asia 2 2Africa, _ _ _ _ . (*)

Other metal working machinery:ERP countries 2 40Latin American republics _ _Asia 2 2Africa... 5

Agricultural machinery and implements:ERP countries a 7Latin American republics _ 15Asia 2 ._ 3Africa 5

Tractors, parts, and accessories: *ERP countries 2 17Latin American republics 29Asia 2 _ _ . _ 7Africa. 14

Trucks, busses, and chasses (new): *ERP countries 2

Latin American republicsAsia 2 _ _ . _ 15Africa „ 8

Miscellaneous machinery, excluding aircraft and trans-portation equipment:

ERP countries 2 _ 87Latin American republics 78Asia2 . . . .. 25Africa

10

43

14

8010224

4010435

3311524

C4)

35

141162216

1242913

421063611

451243411

174896

18441511

1045107

2131

34941

2547

11451118

13127

21

1293114

* Estimates based on data through September.2 Turkey is included in ERP countries and excluded from Asia.3 Includes "special category" commodities in first half of 1950, but excludes them thereafter.< Less than $500,000.Source: Department of Commerce.

211


TABLE B-46.—Changes in selected economic series since 1939 and 1950 and during 1951

Source:Ap-pen-dix

tableNo.

B-l...

B-3...

B-6...

B-9___

B-10-.

B-ll..

B-15..

B-16..

B-18-.

B-19-.

B-20..

B-22..

B-23..

Economic series

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

services

Gross national product in 1951 pricesPersonal consumption expendituresGross private domestic investmentGovernment purchases of goods and

services _

National incomeCompensation of employees

Personal incomeDisposable personal income. _ -Personal net saving

Per capita disposable personal income:Current prices - -1951 prices

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

EmploymentAgricultural _ _ ._Nonagricultural - ._ _

Unemployment

Average gross weekly earnings:M anuf actur ing

Durable goods . . - ._. _ _Nondurable goods. . _

Building construction

Industrial production . _ _ .Durable manufactures .Nondurable manufactures - - _ . _ . _ -Minerals

Agricultural production

New constructionPrivate - _ _ _ . _

Residential (nonfarm)Nonresidential _ _ .__ . .Other private

Public

Business expenditures for plant and equip-ment-- _ _ -

Manufacturing

Inventories, end of periodManufacturing _ _ _ .Wholesale tradeRetail trade

SalesManufacturing _ _ . .Wholesale tradeRetail trade

Consumers' price index: All items _ _ .FoodApparel _ _ _ ___RentHousefurnishings _ ._ _ _

Wholesale price index: All commoditiesFarm productsFoodsOther than farm products and foods

1939=100

1950

310287494

324

168160243

159

330321

310291396

251141

11611413178

14533

249239251243

183217172140130

340474470481478187

342386

301290308322

362373366342

173215187126188

209261236188

1951

Total 2

358303594

485

182158272

220

381373

346317685

269141

(3)11413373

14920

271262268270

201250178156131

364474407624542237

444573

349362328333

405435407359

186239203130208

234301265208

Firsthalf

354304634

434

181159292

198

375366

340312530

266139

(3)11313270

14822

270261268261

204251183153

(3)

375499443662521231

413510

346340333366

411442413364

185237201129208

237307264211

Secondhalf 2

362302554

535

184157253

243

386379

352323837

272142

(3)115135

7715118

272264268280

199'250173158

(3)

354450371586562243

474637

3493C2328333

397426400353

188241205132208

231295267206

Percentagechange '

1950to

19512

15.65.6

20.2

49.4

8.5-1.51-2.0

38.6

15. 516.2

11.89.1

72.9

7.1-.1

(3)-.31.7

-6.02.9

-40.2

8.99.86.6

11.2

9.515.23.7

11.5.7

7.0.2

-13.429.913.327.1

29.748.7

15.624.76.63.5

11.916.511.15.1

7.811.28.83.8

10.9

11.815.312.510.6

1951, firsthalf to1951,

secondhalf 2

2.1-.6

-12.7

23.2

1.9-1.1

-13.3

23.0

3.03.8

3.53.2

58.0

2.31.7

(3)2.02.79.21.9

-18.0

.71.4.1

7.3

-2.3-.7

-5.03.1

C3)

-5.6-9.9

-16.3-11.5

7.95.1

14.624.8

.66.3

-1.4-9.2

-3.3-3.5-3.2-3.1

1.41.52.02.1.1

-2.4-3.8

1.0-2.5

See footnotes at end of table.

212


TABLE B-46.—Changes in selected economic series since 1939 and 1950 and during 1951—Continued

Source:Ap-pen-dix

tableNo.

B-24_.

B-26-.

B-27..

B-30..

B-32..

B-41..

B-43-.

Economic series

Prices received by farmersPrices paid by farmers (including interest,

taxes, and wage rates)

Consumer credit outstanding, end of period-Instalment credit

Loans and investments of all commercialbanks, end of period

Loans _ _Investments in U. S. Government

securities

Gross public debt and guaranteed issues,end of period __ _. . .

Corporate profits:Profits before taxProfits after tax

Dividend paymentsUndistributed profits

Merchandise exports, including reexports ..

General merchandise imports

1939=100

1950

269

209

286304

311303

265

539

6371520242

1133

<346

*356

1951

Total 2

318

230

290301

329340

266

545

6891207250717

<502

4450

Firsthalf

322

229

274293

310319

250

536

7481307242867

M95

4483

Secondhalf 2

312

232

290301

329340

266

545

6311107258567

4508

4417

Percentagechange l

1950to

19512

11.8

10.2

1.5- 1.2

5.611.9

.3

1.0

8.2-20.6

3.3-36.8

44.9

26.6

1951, firsthalf to

1951,secondhalf 2

-3. a

1.4

5.9-2.7

6.26.6

6.3

1.6-

-15.6-15. a

6.5-34.6

2.5-

-13. 6

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

2 Estimates based on incomplete data.3 Not available.4 1936-38 average =100.

213


erp appendixes jan 1952 2

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