erp appendixes my 1949 4

Appendix DStatistical Tables Relating to Employment, Production,

and Purchasing Power

Contents

National income or expenditure: P ag e

D - 1. Gross national product or expenditure, 1929-49 87D - 2. National income by distributive shares, 1929-49 88D - 3. Personal income, 1929-49 89D - 4. Disposition of personal income, 1929-49 90D - 5. Per capita disposable income in current and 1948 dollars,

1929-49 91D - 6. Personal consumption expenditures, 1929-49 92

Employment and wages:D - 7. Labor force, employment and unemployment, 1929-49. 93D - 8. Number of wage and salary workers in nonagricultural

establishments, 1929-49 94D - 9. Average gross weekly earnings in selected industries,

1929-49 95D-10. Average hourly earnings in selected industries, 1929-49. . 96D - l l . Average weekly hours in selected industries, 1929-49. . . . 97

Production and business activity:D-12. Physical production index of goods and utilities, 1929-49. 98D-13. Industrial production index, 1929-49 99D-14. New construction activity, 1929-49 100D-15. Business expenditures for new plant and equipment,

1929-49 101D-16. Inventories and sales in manufacturing and trade,

1939-49 102D-17. Manufacturers' inventories by stage of fabrication and

as ratios to sales, 1939-49 103D-18. Sales, stocks, and outstanding orders at 296 department

stores, 1939-49 104Prices:

D-19. Consumers' price index, 1929-49 105D-20. Wholesale price index, 1929-49 106D-21. Indexes of prices received and prices paid by farmers

and parity ratio, 1929-49 107

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

Money, banking, and credit: PageD-22. Consumer credit outstanding, 1929-49 108D-23. Loans and investments of all commercial banks and

weekly reporting member banks, 1929-49 109D-24. Adjusted deposits of all banks and currency outside

banks, 1929-49 110D-25. Estimated ownership of Federal securities, 1939-49. . . . I l lD-26. Bond yields and interest rates, selected years, 1929-49. . 112

Corporate profits and finance:D-27. Profits before and after taxes, all private corporations,

1929-49 113D-28. Sales and profits of large manufacturing corporations,

1939-49 114D-29. Relation of profits before and after taxes to investment,

private manufacturing corporations, by industrygroups, 1947-49 115

D-30. Relation of profits before and after taxes to sales, privatemanufacturing corporations, by industry groups,1947-49 116

D-31. Relation of profits before and after taxes to investmentand to sales, all private manufacturing corporations,by size classes, 1947-49 117

D-32. Sources and uses of corporate funds, 1947-49 117International transactions:

D-33. The international transactions of the United States,1946-49 118

D—34. United States Government aid to foreign countries,1946-49 119

D-35. United States merchandise exports, including reexports,by areas, 1936-38 quarterly average, and 1947-49.. 120

D-36. United States domestic merchandise exports, by economicclasses, 1936-38 quarterly average, and 1947-49. . . . 121

D-37. Indexes of quantity and unit value of United States do-mestic merchandise exports, by economic classes, 1936-38 quarterly average, and 1947-49 122

D-38. United States general merchandise imports, by areas,1936-38 quarterly average, and 1947-49 123

D-39. United States merchandise imports for consumption, byeconomic classes, 1936-38 quarterly average, and1*947-49. . . . . . . . . . . ; . . . . . . . . . 124

D-40. Indexes of quantity and unit value of United States mer-chandise imports for consumption, by economic classes,1936-38 quarterly average, and 1947-49 125

Summary:D-41. Changes in selected economic series since 1939 and 1948. 125

86


TABLE D—1.—Gross national product or expenditure, 1929—49

[Billions of dollars]

Period

1929.

1930-1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.1941-1942.1943.1944.

1945.1946.1947.1948.

1948—First half.Second half

1949—First half i

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

1949—First quarterSecond quarter

Grossnationalproduct

103.8

90.975.958.355.864.9

72.282.590.284.790.4

100.5125.3159.6192.6212.2

213.4209.3231.9255.9

Personalconsump-tion ex-

penditures

249.3262.7

253.9

245.2253.4259.8265.6

257.3250.5

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.390.8

101.6111.4

122.8147.4164.8177.7

Grossprivate

domesticinvestment

15.8

10.25.4.9

1.32.8

6.18.3

11.46.39.0

13.017.29.34.66.4

9.226.530.340.8

Net foreigninvestment

0.8

.7

.2

.2

.2

.4

- . 1- . 1

.11.1

1.51.1

- . 2- 2 . 2- 2 . 1

-1 .44.78.91.9

Govern-ment pur-chases of

goods andservices

Annual rates, seasonally adjusted

174.9180.6

175.8

172.5177.3180.1181.0

176.6175.0

42.8

35.7

38.539.342.043.6

38.932.4

3.3.5

3.72.9

- . 51.5

.7

8.5

9.29.28.18.09.8

9.911.711.612.813.1

13.924.759.788.696.5

82.830.828.035.5

32.238.8

41.8

30.5

38.239.5

41.242.4

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

NOTE.—Detail will not necessarily add to totals because of rounding.Published revised estimates for net foreign investment (1948-49) and construction (1946-49) have been

substituted for those included in the national income and product series of the Department of Commerce.Further revisions of these and other components of national income and product series will be publishedin the Survey of Current Business, July 1949.

Source: Department of Commerce (except as noted).


TABLE D-2.—National income by distributive shares, 1929-49


Period

a

Proprietors' and rentalincome

Corporate profits and inventoryvaluation adjustment

Corporate profits

1929.

1930.1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.1941.1942.1943.1944.

1945.1946.1947.1948.

1948—First half

Second half

1949—First half •

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

L949—First quarter«. . .Second quarter «_

87.4

75.058.941.739.648.6

56.864.773.667.472.5

81.3103.8136. 5168.3182.4

181.7179.3202.5224.9

50.8

46.539.530.829.334.1

37.142.747.744.747.8

51.864.384.7

109.1121.1

122.9117.3127.5139.4

19.7

15.711.87.47.28.7

12.112.615.414.014.7

16.320.828.132.134.1

36.041.846.050.9

8.3

7.05.33.22.94.3

5.06.16.66.36.8

7.79.6

12.114.115.4

16.820.423.225.2

5.7

3.92.91.72.32.3

4.93.95.64.44.5

4.96.9

10.611.811.9

12.314.615.618.2

5.8

4.83.62.52.02.1

2.32.73.13.33.5

3.64.35.46.26.7

7.06.77.17.4

10.3

6.61.6

-2 .0-2 .0

1.1

3.04.96.24.35.8

9.214.619.823.724.0

19.816.824.729.8

3.3- . 8

-3 .0.2

1.7

3.25.76.23.36.5

9.317.221.124.524.3

20.421.829.832.8

1.4

.5

.4

.5

.7

04505

2.97.8

11.714.213.5

11.69.0

11.712.8

8.4

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

2.34.34.72.35.0

6.49.49.4

10.410.8

8.712.818.120.1

0.5

3.32.41.0

- 2 . 1

- . 2- . 7(5)1.0

- . 7

- . 1-2.6-1.3- . 8- . 3

-5.0-5.1-3.0


218.1231.9

224.5

213.9222.3228.2235.6

228.0221.0

135.2143.6

140.4

134.0136.3142.4144.7

141.9139.0

50.851.0

48.8

49.951.650.651.4

50.047.5

25.025.4

24.6

24.825.325.225.6

24.924.2

18.218.3

16.8

17.618.918.118.4

17.716.0

7.47.4

7.4

7.57.47.47.4

7.47.3

27.432.2

29.8

25.329.630.234.3

30.729.0

31.334.4

27.2

30.532.134.034.7

28.825.5

12.213.4

10.9

11.812.513.313.5

11.610.2

19.221.0

16.2

18.719.620.821.2

17.215.3

- 3 . 9- 2 . 2

+2.7

—5.3- 2 . 5- 3 . 9- . 4

+1.9+3.5

6.5

6.25.95.45.04.7

4.54.54.44.34.2

4.14.13.93.43.1

3.03.44.34.9

4.85.1

5.4

4.74.85.05.2

5.35.4

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

2 Includes wage and salary receipts and other labor income (see appendix table D-3), and employer andemployee contribution for social insurance.

3 Net income after inventory valuation adjustment, which amounted to —600 million dollars in 1948 andto +750 million dollars (annual rate) in the first half of 1949.

4 Federal and State income and excess-profits taxes.« Less than $50,000,000.• Estimates based on incomplete data; profits and total national income for first quarter and all items

for second quarter by Council of Economic Advisers.

NOTE.—Detail will not necessarily add to totals because of rounding.Revised estimates of the national income and product series will be published in the Survey of Current

Business, July 1949.


88


TABLE D-3.—Personal income, 1929-49[Billions of dollars]

PeriodTotal

personalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.2149.4164.5

170.3178.1195.2213.6

Salaries,wages,

and otherlabor

income !

50.5

46.339.230.529.033.8

36.842.145.942.845.7

49.561.581.2

104.4116.1

116.8111.4121.9134.3

Proprie-tors' and

rentalincome 2

19.7

15.711.8

7.47.28.7

12.112.615.414.014.7

16.320.828.132.134.1

36.041.846.050.9

Divi-dends andpersonalinterestincome 3

13.3

12.611.19.18.28.6

8.610.110.38.79.2

9.49.99.7

10.010.6

11.413.515.617.3

Transferpayments

1.5

1.52.72.22.12.2

2.43.52.42.83.0

3.13.13.23.03.6

6.211.411.711.1

Nonagri-culturalpersonalincome 4

1929.

1930.1931.19321933.1934

1935.1936193719381939

1940.19411942.19431944

194519461947.1948.

1948—First halfSecond half

1949—First half s

1948—First quarterSecond quarterThird quarter..Fourth quarter

1949—First quarterSecond quarter

76.8

70.060.146.243.049.5

53.462.866.562.166.3

71.586.1

108.7134.3149.0

154.3159.4174.9190.6


208.9218.0

214.0

207.0210.8216.3219.6

216.6211.5

130.0138.6

135.4

128.9131.1137.4139.8

136.7134.0

50.851.0

48.8

49.951.550.651.4

50.147.5

16.717.7

18.2

16.616.817.318.1

18.318.1

11.410.7

11.8

11.611.310.910.5

11.711.9

185.9195.4

184.6187.2194.4196.4

194.0()

1 Differs from "compensation of employees" in appendix table D-3, 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 D-3, for major components.3 See appendix table D-28, for dividend payments.4 Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agri-

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





TABLE D-4.—Disposition of personal income, 1929-49

Period Personalincome

Less:Personaltax andnontax

payments

Equals:Dispos-

ablepersonalincome

Less:Personalconsump-

tion Iexpendi-

tures

Equals:Personal

netsaving

Netsaving aspercentof dis-

posableincome

Billions of dollars

1929

19301931 _ _ _193219331934

1935193619371938 __„.1939

19401941 ._.194219431944

1945. _ _194619471948

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3122.2149.4164.5

170.3178.1195.2213.6

2.6

2.51.91.51.51.6

1.92.32.92.92.4

2.63.36.017.818.9

20.918.921.621.0

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0116.2131.6145.6

149.4159.2173.6192.6

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.390.8101.6111.4

122.8147.4164.8177.7



1949—First half i

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

1949—First quarterSecond quarter V

208.9218.0

214.0

207.0210.8216.3219.6

216.6211.5

21.820.1

18.6

23.020.620.020.2

18.818.5

187.1197.8

195.4

183.9190.2196.2199.4

197.8193.0

174.9180.6

175.8

172.5177.3180.1181.0

176.6175.0

3.7

2.91.8

- 1 . 4-1 .2- . 2

1.83.63.91.02.7

3.79.8

25.430.034.2

26.611.88.8

14.9

12.217.2

19.6

11.412.916.118.4

21.218.0

4.5

3.92.9

- 2 . 9- 2 . 7- . 4

3.15.45.51.53.8

4.910.721.922.823.5

17.87.45.17.7

6.5

8.7

10.1

6.26.88.29.2

10.79.3

1 Estimates based on incomplete data; second quarter by Council of Economic Advisers.





TABLE D-5.—Per capita disposable income in current and 1948 dollars, 1929-49

Period

1929.

1930.1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.1941.1942.1943.1944.

1945.1946.1947.1948.


1949— First half *

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

1949—First quarterSecond quarter *.

Disposablepersonalincome

(billions ofdollars)

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.2131.6145.6

149.4159.2173.6192.6

Annualrates,

seasonallyadjusted

187.1197.8

195.4

183.9190.2196.2199.4

197.8193.0

Population(thou-

sands) *

121,770

123,077124,040124,840125,579126,374

127, 250128,053128,825129,825130,880

131,970133,203134,665136,497138,083

139,586141, 235144,034146,571

146,018147,280

148, 527

145, 716146, 298146,914147, 631

148, 232148,806

Consumers'price index,1948=100

71.6

69.763.557.054.055.9

57.357.960.058.958.1

58.561.4

3 68.73 73.83 75.8

3 77.93 83.43 93.1100.0

Not ad-justed forseasonalvariation

98.8101.2

99.1

98.099.6

101.8100.7

99.2

Per capita disposablepersonal income

Currentdollars

678

599508383360

456516552505536

574691863964

1,054

1,0701,1271,2051,314

1948dollars2

947

859800672667730

796891920857923

9811,1251,2561,3061,391

1,3741,3511,2941,314

Annual rates, season-ally adjusted

1,2811,343

1,316

1,2621,3001,3351,351

1,3341,297

1,2971,327

1,328

1,2881,3051,3111,342

1,3451,311

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

2 Current dollars divided by the consumers' price index on the base 1948=100 to give a rough measure ofchanges in buying power of disposable income.

3 The consumers' price index has been roughly adjusted to take account of the understatement during theprice control period. This adjustment is in line with the report of the Technical C ommittee (better knownas the Mitchell Committee) on the consumers' price index. The unadjusted index will be found in ap-pendix table D-19.

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

NOTE.—Revised estimates of the national income and product series will be published in the Surveyof Current Business, July 1949.

Sources: Department of Commerce (disposable income and population) and Department of Laborconsumers' price index).


TABLE D-6.—Personal consumption expenditures, 1929-49


PeriodTotal

expend-itures

Dur-able

goods

Nondurable goods

Total Food i Cloth-ing Other

Services

Total Hous-ing 2 Other

1929.

1930.1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.1941.1942.1943.1944.

1945.1946.1947.1948.

1948—First half....Second half .

1949—First half 3_.

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

1949—First quarterSecond quarter3

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.390.8

101.6111.4

122.8147.4164.8177.7

9.4

7.35.63.73.54.3

5.26.47.05.86.7

7.99.86.86.56.9

8.316.221.022.7

37.7

34.129.022.722.326.7

29.432.935.234.035.3

37.644.053.061.267.5

75.487.596.5

103.6

19.7

18.114.811.411.514.3

16.318.522.019.019.3

20.724.430.535.639.3

43.451.657.961.9

9.4

8.06.95.14.65.7

6.06.66.86.87.1

7.58.9

11.314.115.4

17.218.819.220.3

8.6

8.07.36.26.26.7

7.17.86.48.28.9

9.410.711.211.512.8

14.817.119.421.4

31.7

29.526.622.820.620.9

21.723.324.924.725.5

26.628.531.033.937.0

39.243.647.351.4


11.4

11.010.29.07.87.5

7.67.98.48.78.9

9.29.9

10.611.111.7

12.213.214.416.0

174.9180.6

175.8

172.5177.3180.1181.0

176.6175.0

22.023.3

21.8

21.322.823.722.9

21.522.0

102.6104.7

100.2

101.4103.7104.3105.1

101.499.0

61.562.4

(4)

61.361.662.162.6

61.1(4)

20.020.7

(4)

19.220.720.520.9

19.1(4)

21.221.7

(4)

20.921.421.721.6

21.2(4)

50.352.6

53.8

49.850.852.153.0

53.754.0

15.716.3

(4)

15.515.816.216.4

16.6(4)

20.3

18.516.413.812.813.4

14.115.416.516.016.6

17.418.620.422.825.3

27.030.432.935.4

34.736.3

34.335.035.936.6

37.1(4)

1 Includes alcoholic beverages.2 Includes imputed rental value of owner-occupied dwellings.3 Estimates based on incomplete data; second quarter by Council of Economic Advisers.* Not available.

NOTE: Detail will not necessarily add to totals because of rounding.Revised estimates of the national income and product series will be published in the Survey of Current




TABLE D—7.—Labor force, employment and unemployment, 1929—49[Thousands of persons, 14 years of age and over]

Period

Monthly average:1929

1930193119321933 . . .1934

19351936193719381939

19401941194219431944 . . . _

1945194619471948 .

1948—First halfSecond half _

1949—First half

1948—JanuaryFebruaryMarch . .AprilMayJune . _ _ _JulyAugustSeptemberOctober. . . . . . .NovemberDecember

1949—January..FebruaryMarch _. .AprilMay.. _.June

Totallaborforce

(includ-ing

armedforces) l

49,440

50,08050, 68051, 25051,84052,49G

53,14053, 74054,32054,95055,600

56,03057,38060,23064,41065,890

65,14060,82061.60862,748

[61,77163,726

62,732

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

61,54661,89662,30562,32763,45264,866

Armedforces i

260

260260250250260

270300320340370

3901,4703,8208,870

11,260

11, 2803, 3001,4401,307

1,2401,374

1,483

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

1,4681,5081,4911,4921,4691,468

Civilian labor force

Totalcivilian

laborforce

49,180

49,82050,42051,00051, 59052,230

52, 87053,44054,00054,61055, 230

55,64055, 91056,41055, 54054,630

53,86057, 52060,16861,442

60,53162,352

61,249

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

60,07860,38860,81460,83561,98363,398

Employment2

Total

47,630

45,48042,40038,94038,76040,890

42,26044,41046,30044, 22045,750

47, 52050,35053,75054,47053,960

52,82055, 25058,02759,378

58,31760,439

58,060

57,14957,13957,32958,33058,66061,29661,61561,24560,31260,13459,89359,434

57,41457,16857,64757,81958,69459,619

Nonagri-cultural

37,180

35,14032,11028,77028, 67030,990

32,15034,41036, 48034,53036,140

37,98041, 25044, 50045,39045,010

44,24046, 93049,76151,405

50,75452,057

50,120

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

50,65150,17450,25449,99949,72049,924

Agricul-tural

10,450

10,34010,29010,17010,0909,900

10,11010,0009,8209,6909,610

9,5409,1009,2509,0808,950

8,5808,3208,2667,973

7,5648,382

7,940

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

6,7636,9937,3937,8208,9749,696

Unem-ployment

1,550

4,3408,020

12,06012, 83011,340

10, 6109,0307,700

10,3909,480

8,1205,5602,6601,070

670

1,0402,2702,1422,064

2,2141,914

3,189

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

2,6643,2213,1673,0163,2893,778

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

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

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

Sources: Department of Labor (1929-39) and Department of Commerce (1940-49).

93


TABLE D—8.—Number of wage and salary workers in nonagricultural establishments,1929^9 x

[Thousands of employees]

Period


1930 _1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.1941.1942.1943.1944.

1945.1946.1947.1948-

1948—First half-Second half.

1949—First half3. -

1948—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember _ _OctoberNovember... .December.._

1949—JanuaryFebruaryMarch 3AprilsMay3

Totalwageand

salarywork-

ers

31.041

29,14326,38323,37723,46625,699

26,79228,80230, 71828,90230, 287

32,03136,16439, —42.04241,480

40, 06941, 49443,97045,131

44, 56845, 695

43, 910

44,60344,279'44,60044,29944, 61645, 00945, '45,47845,88945,87745,739

44,35044,01943,89343,93743,655

Manufacturing

Total

10,534

9,4018,0216,7977,2588,346

8,9079,65310, 6069,25310,078

10,78012,97415,05117,38117, 111

15,30214,51515,90116,277

16,11316> 442

15,424

16, 26716,18316, 26915,95015,89216,11516,17216,44116,69716,59716,46116, 283

15,89015, 77715,62515,33815,017

Dura-ble

goods

()4,3574,9756,4858,17910, 29710, 200

8,4777,1808,0558,214

8,1808,248

7,713

8,2568,1678,2588,1648,1148,1228,1658,1888,2948,3188,3038,222

8,0057,8987,8077,6657,444

Non-dura-ble

goods

()5,720

5,8056,4886,8737,0846,912

6,8257,3357,8468,063

7,9338,194

7,704

8,0118,0168,0117,7867,7787,9938,0078,2538,4038,2798,1588,061

7,8857,8797,8187,6737,573

Min-ing

1,078

1,000864722735874

9371,006882845

916947983917

852911925

910940

905

922914924817935950922952948941938939

925922914919902

Con-tractcon-

struc-tion

1,497

1,3721,214970809862

9121,1451,1121,0551,150

1,2941,7902,1701,5671,094

1,1321,6511,9212,060

1,9282,193

1,.939

1,8711,7311,8051,9332,0522,1732,2192,2532,2392,2062,1622,079

1,9061,8201,8411,9372,010

Trans-porta-tionand

publicutilities

3,907

3,6753,2432,8042,6592,736

2,7712,9563,1142,8402,912

3,0133,2483,4333,619

3,8724,0234,0604,065

4,0324,G~~

3,956

4,0204,0194,0323,9744,0424,1054,1364,1394,0924,0914,0664,066

3,9783,9563,9123,9293,959

Trade

6,401

6,0645,5314,9074,9995,552

5,6926,0766,5436,4536,705

7,0557,5677,4817,3227,r~7,6858,8209,4509,746

9,6019,891

9,584

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

10,03410,381

9,6259,5139,5259,6859,557

Fi-nance

1,431

1,3981,3331,2701,2251,247

1,2621,3131,3551,3471,382

1,4191,4621,4401,4011,374

1,3941,5861,6561,719

1,7021,735

1,727

1,680L,6901,697L, 704L,7161,726,754

1,7611,7321,7231,7201,722

1,7161,7121,7171,728] ,740

Service

3,127

3,0842,9132,6822,6142,784

2,8833,0603,2333,1963,228

3,3623,5543,7083,7863,795

3,8914,4304,6224,681

4,7254,637

4,596

4,7234,7304,7294,7684,7384,6634,6454,6224,6474,6414,6444,624

4,5494,5604,5974,6284,650

Gov-ern-ment(Fed-eral,State,and

local)

3,066

3,1493,2643,2253,1673,298

3,4773,6623,7493,8763,987

4,1924,6225,4316,049

5,9675.6075,4495,658

5,5575,759

5,779

5,498S4925,5465,5775,6245,6075,6045,6505,8015,7895,7145,994

5,7615,7595,7625,7735,820

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

2 Not available.3 Preliminary estimates based on incomplete data.


Source: Department of Labor.

94


TABLE D-9.—Average gross weekly earnings in selected industries, 1929-49

Period

Manufacturing

Total

$25.03

23.2520.8717.0516.7318.40

20.1321.7824.0522.3023.86

25.2029.5836.6543.1446.08

44.3943.7449.2553.15

52.06

54.24

53.60

52.0751.7552.0751.7951.8652.8552.9554.0554.1954.6554.5655.01

54.5154.1253.5952.7053.08

Dura-ble

goods

$27. 22

24.7721.2816.2116.4318.87

21.5224.0426.9124.0126.50

28.4434.0442.7349.3052.07

49.0546.4952.4556.76

55.23

58.28

57.61

55.4654.7755.2554.9654.8156.1356.2158.1957.9559.4158.7159.23

58.6958.2157.3756.8656.93

Non-durablegoods

$22.93

21.8420.5017.5716.8918.05

19.1119.9421.5321.0521.78

22.2724.9229.1334.1237.12

38.2941.0245.8749.34

48.67

50.01

49.42

48.4548.5648.6648.3348.6549.3749.4949.7950.3749.7050.1850.52

50.0450.0149.7248.3548.98

Bitumi-nouscoal

mining

$25.72

22.2117.6913.9114.4718.10

19.5822.7123.8420.8023.88

24.7130.8635.0241.6251.27

52.2558.0366. 86 j72.57

70.51

74.60

71.15

75.7870.5474.84

7 49.5374.0873.8767.6278.1075.5176.4073.5275.79

76.8474.3168.4172.70(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

5 68.85

66.82

70.93

70.38

65.5165.1665.8766.4567.2269.5370.4770.9171.2970.5969.3972.33

70.8870.5369.8370.28(2)

Class Isteamrail-

roads

$28.49

27.7626.7623.3423.0924.32

26.7628.0129.2030.2630.99

31.5534.2538.6543.6846.06

45.69< 51. 22

54.1759.14

58.70

59.57

60.62

59.6060.5458.9456.8657.2459.0558.2259.1759.4859.9260.4260.19

60.2161.6460.00

(2)(2)

Tele-phone

(2)

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

(2)(2)

$29.8131.5331.94

32.4432.7433.9736.3038.39

(3)44.0444.9648.88

48.06

49.65

50.63

48.2047.8247.3147.5648.8248.6749.1948.3549.2149.8151.3749.95

49.9151.0251.0050.59(2)

TTT-U - 1 .

w noie-saletrade

(2)

(2)(2)

$27. 7226.1126.37

26.9328.5329.9429.4829.85

30.3932.3235.5639.4042.29

44.0748.0652.405,6.57

55.64

57.42

57.98

54.3655.8755.1755.8456.6156.0056.5457.5157.6757.5457.6057.69

58.4157.9157.4858.12(2)

Retailtrade

(2)

(2)(2)

$20.7119.1819.86

19.9620.6821.7321.1421.17

21.1721.9423. 2424.8826.58

28.3132.5536.6739.98

39.08

40.58

41.66

37.6238.3338.8939.2739.8440.5241.1941.1940.4840.3239.6740.62

41.7941.5641.4841.81(2)

Hotels(year

round) *


1930._._ _19311932 .._.19331934.. _..

193519361937._ _.__19381939____

19401941194219431944

1945194619471948

1948—First half.Second

half..-,

1949—First half*.

1948—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember...December

1949—JanuaryFebruaryMarch6

April«._May 8

()$14. 2512.7913.17

13.5713.9714.7814.9315.25

15.5216.0917.6220.2122.65

24.5326,9529.6531.88

31.31

32.44

33.13

30.5531.1930.9631.5931.7031.8832.0432.3432.2132.4532.5233.06

33.3033.2232.8833.11

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

Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.* Annual average includes retroactive pay increases not included in the monthly averages.5 Not strictly comparable with previous data.6 Preliminary estimates based on incomplete data.7 Data reflect work stoppages.

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 payroll and employment figures are used.


844384—49 95


TABLE D-10.—Average hourly earnings in selected industries, 1929-49

Period

Manufacturing

Total Durablegoods

Non-durablegoods

Bitumi-nouscoal

mining

Build-ing con-struc-tion

Class Isteamrail-

roads

Tele-phone

Whole-sale

tradeRptailtrade

Hotels(year

round)!

Monthly average:1929.

19301931193219331934...

1935.193619371938.1939

19401941-...-194219431944

194519461947—.1948

1948—First half.S e c o n d

half....

1949—First half«.

1948—JanuaryFebruaryMarchAprilMayJuneJuly.. . .AugustSeptember. __OctoberNovemberDecember

1949—JanuaryFebruaryMarch 6

April«May 6

$0.566

.552

.515

.446

.442

.532

.550

.556

.624

.627

.633

.661

.729

.853

.9611.019

1.0231.0841.2211.327

1.295

1.359

1.376

1.2851.2871.2891.2921.3011.3161.3321.3491.3621.3661.3721.376

1.3801.3771.3741.3761.375

()$0.497

.472

.556

.577

.586

.674

.724

.808

.9471.0591.117

1.1111.1561.2921.401

1.361

1.441

1.458

1.3551.3521.3521.3571.3661.3851.4071.4311.4481.4521.4541.456

1.4601.4591.4561.4581.456

8$0,420

.427

.515

.530

.529

.577

.584

.582

.602

.640

.723

.803

.861

.9041.0121.1451.247

1.223

1.270

210217220220230242252262272271282287

293

$0,681

.684

.647

.520

.501

.673

.745

.794

.856

.878

.883

.9931.0591.1391.186

1.2401.4011.6331.899

1.839

1.938

1.8471.8261.8421.8211.8411.8501.9361.9671.9701.9591.9511.960

1.9491.9431.9411.932

()

8(2)$0.795

.815

.824

.903

.908

.932

.9581.0101.1481.2521.319

1.3791.4781.681

• 1. 848

1.809

1.929

1.7661.7911.7861.8041.8151.8361.8621.8741.8951.8921.9061.915

1.9181.9301.9331.933

$0,636

.644

.651

.600

.595

.602

.651

.659

.676

.712

.714

.717

.751

.824

.897

.942* 1.1161.1701.284

1.272

1.295

1.331

1.2791.3021.2621.2581.2721.2591.2631.2781.2931.2971.3221.320

1.3331.3431.318

)$0.774.816.822

.827

.820

.843

.870

.911

(*)1.1241.1991.248

1.233

1.262

1.320

1.2411.2381.2231.2251.2401.2321.2371.2291.2501.2631.3051.290

1.3011.3211.3281.323

()(2)

8$0,648

.667

.698

.700

.715

.739

.793

.860

.933

.985

1.0291.1441.2581.360

1.341

1.378

1.401

1.3091.3431.3341.3461.3631.3531.3651.3791.3781.3811.3831.380

1.4021.3971.3951.404

()$0,528

.521

.522

.551

.543

.536

.542

.568

.614

.670

.724

.773

.878

.9911.067

1.054

1.106

1.0441.0501.0441.0551.0641.0701.0771.0801.0861.0801.0841.072

1.1101.1041.1021.106

<*>

(2)

8(2)$0,273

.279

.287

.308

.315

.324

.332

.348

.386

.451

.505

.550

.612

.661

.712

.700

.724

.742

.700

.707

.711

.714

.709

.725

.726

.734

.739

.748

.746

.739

.739

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

Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.4 Annual average includes retroactive pay increases not included in the monthly averages.8 Not strictly comparable with previous data.• Preliminary estimates based on incomplete data.NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-

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



TABLE D—11.—Average weekly hours in selected industries, 1929-49

Period

Manufacturing

Total Durablegoods

Non-durablegoods

Bitumi-nouscoal

mining

Build-ing

con-struc-tion i

Class Isteamrail-

roads

Tele-phone

Whole-sale

tradeRetailtrade

Hotels(year

round.


19301931193219331934

19351936193719381939

194019411942..__19431944

1945194619471948

1948—First half.Second

half....

1949—Firsthalff

1948—JanuaryFebruaryMarchAprilMayJune.. _.JulyAugustSeptember...OctoberNovember...December

1949—JanuaryFebruaryMarch*April *May *

44.2

42.140.538.338.1

36.639.238.635.637.7

38.140.642.944.945.2

43.440.440.340.1

40.2

38.9

40.540.240.440.139.940.239.840.139.840.039.840.0

39.539.339.038.338.6

(0

0 )C1)32.634.833.9

37.341.040.035.038.0

39.342.145.146.646.6

44.140.240.640.5

40.6

40.4

39.5

40.940.540.940.540.140.540.040.740.040.940.440.7

40.239.939.439.039.1

0)

C1)0 )41.940.035.136.137.737.436.137.4

37.038.940.342.543.1

42.340.540.139.6

39.8

39.4

38.3

40.039.939.939.639.639.839.539.539.639.139.139.3

38.738.838.637.638.0

38.4

33.528.327.229.527.0

26.428.827.923.527.1

28.131.132.936.643.4

42.341.640.638.0

38.3

37.7

36.8

40.95 38.7

40.65 27.0

40.339.9

5 34.239.437.938.637.138.5

39.338.036.337.4

28.9

30.132.833.432.132.6

33.134.836.438.439.6

39.038.137.6

«37.3

36.9

37.4

36.5

37.136.436.936.737.037.937.837.837.637.336.437.8

37.036.536.136.3(

44.8

43.141.138.938.840.4

41.142.543.242.543.4

44.045.646.948.749.1

48.545.946.346.1

46.2

46.0

45.5

46.646.546.745.245.046.946.146.346.046.245.745.6

45.245.945.5(

C1)

0)

88838.838.939.139.540.140.541.942.3

()39.437.339.2

39.0

39.4

38.5

38.938.738.738.839.439.539.839.439.439.539.438.7

38.438.738.438.3(

0)

0)

8841.342.642.842.241.7

41.241.041.342.242.9

42.741.841.241.1

41.0

41.2

40.9

41.041.140.941.041.241.141.241.341.241.041.241.3

41.140.840.740,9()

0)

80)41.5

41.843.543.342.643.0

42.942.541.640.540.3

40.340.540.240.1

39.9

40.2

40.0

39.840.039.839.839.940.340.841.040.239.739.540.2

40.040.039.940.1

0)

0)0)0)0)

47.2

47.848.347.746.46.

46.345.645.344.744.5

44.243.944.544.2

44.2

44.2

43.9

43.944.644.044.244.244.144.044.943.944.244.144.1

43.943.843.943.8

1 Not available.2 Average for the year not available because new series was started in April.3 Not comparable with previous data.* Preliminary estimates based on incomplete data.« Data reflect work stoppages.

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


97


TABLE D-12.—Physical production index of goods and utilities, 1929-A9

[1935-39=1001]

Period

Weights:2

TotalNonagricultural . . .

1929

19301931 -19321933 -- .-1934 -

1935 . _1936193719381939

1940 . __194119421943 -1944

1945194619471948


1949—First n a if s

Totalpro-

duction

100.0

112

9786707375

8799

11194

109

122152185207203

183167179187

00(3)eo

Agri-cultur-al pro-

duction

19.2

97

951041019379

9685

108105106

110114128125130

129134129140

(4)

w(4)

Nonagricultural production

Total

80.8100.0

116

9882636975

8510211191

110

124162198226220

196174191198

198198

189

Industrial production

Total

55.468.5

110

9175586975

8710311389

109

125162199239235

203170187192

192192

181

Manu-factures

50.662.6

110

9074576874

8710411387

109

126168212258252

214177194198

199198

187

Miner-als

4.85.9

107

9380677680

8699

11297

106

117125129132140

137134149155

153157

144

Con-struc-tion

7.69.4

180

153124795358

69101106101123

13318220211260

68128146174

171179

171

Trans-porta-tion

12.916.0

117

10489737683

88101no95

106117146185220230

222200212209

208210

195

Elec-tricandgas

utili-ties

4.96.1

82

8278717278

8597

106100112

123141158184193

190192219243

243243

253

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

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

3 Not available. See footnote 5.* Because of the extreme seasonal nature of agricultural crop production, only an annual index has been

computed.« Preliminary estimates based on incomplete data.

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

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

of construction costs and converted into relatives with 1935-39 as 100.Transportation: Department of Commerce index of transportation. The figures for 1948 and 1949

are estimated by the Board of Governors of the Federal Reserve System on the basis of transpor-tation data.

Electric and gas utilities: Based on the following series: Electric power generated for public use asreported by the Federal Power Commission, and sales of gas to consumers as reported by theAmerican Gas Association. The two series are converted into relatives with the average for theperiod 1935-39 as 100. The relative series are combined into an index of public utility productionwith electric power given a weight of 73 and gas 27, the respective percentages of the revenues ofeach of the utilities to the total revenues produced by both in the base period 1935-39.


TABLE D-13.—Industrial production index, 1929-49

[1935-39=100, seasonally adjusted]

Period


193019311932 _ -19331934 _ _.

1935 __- _1936193719381939

1940 .1941 ._-19421943. _.1944

1945194619471948


1949— First half *

1948—January. _ _FebruaryMarchApril _MayJuneJulyAugustSeptember _October _NovemberDecember

1949—January. _ . .FebruaryMarchAprilMayJune'

Totalindustrialproduction

110

9175586975

8710311389

109

125162199239235

203170187192

192192

181

193194191188192192186191192195195192

191189184179174169

Manufacture

Total

110

9074576874

8710411387

109

126168212258252

214177194198

199198

188

201201200195197198192197199202201199

198196193185179175

Durable

132

9867415465

8310812278

109

139201279360353

274192220225

224226

214

229226229217221222219223225231229231

227226223213201194

3

Nondurable

93

8479707981

9010010695

109

115142158176171

166165172177

178176

166

178180177177178179169177178179178173

175173168162161159

Minerals

107

9380677680

8699

11297

106

117125129132140

137134149155

153157

144

154155142147162159153159156158161156

149149136148146134

1 Preliminary estimates based'on incomplete data.Source: Board of Governors of the Federal Reserve System.

99


TABLE D-14.—New construction activity, 1929^-9

[Value put in place, millions of dollars]

Period

Totalnew

. con-struc-tion i

Private construction

Totalpri-vate

Resi-den-tial

build-ing

(non-farm)

Non-resi-den-tial

build-ing 2

Pub-lic

utili-ty

andfarm

Public construction

Totalpub-lic

By source offunds

Feder-al

Stateandlocal

By type of con-struction

Mili-tary

and fed-erally fi-nancedindus-trial

High-ways

Otherpub-lic

929

930— _ .931932933934

19351936193719381939

1940 . . .19411942.. _19431944

1945194619471948

1948-FirsthalL.

9,873

8,0425,9673,2902,3762,805

3,2304,8365,4875,1866,307

7,04210,49013,4127,7844,136

4,80810,46414,32418, 775

7,476

5,2653,3751,4671,0121,235

1,6762,5503,3903,0763,808

4,3905,4263,0071,7441,823

2,7168,25311,17914,563

2,797

1,4461,228462278361

6651,1311,3721,5112,114

2,3552,7651,315650535

6843,1835,2607,223

2,822

2,0991,104499404455

472712

1,088764785

1,0281,486635232350

1,0143,3463,1313,578

1,857

1,7201,043

506330419

539707930801

1,0071,1751,057862938

1,0181,7242,- 7883,762

2,397

2,7772,5921,8231,3641, 570

1,5542,2862,0972,1102,499

2,6525,06410, 4056,0402,313

2,0922,2113,1454,212

237

338451510552720

1,2621,154989

1,257

1,3973.8539,5445,6141,912

1,5581,0961,1811,339

2,160

2,4392,1411,313812850

7261,024943

1,1211,242

1,2551,211861426401

5341,1151,9642,873

19

2940343858

39333974148

5492,9008,4534,2181,344

1,160272229157

1,254

1,5051, 351961809826

709927902858867

800616420

7781,3001,585

Totals for period, not adjusted for seasonal variation

Second half

1949—First half 3

1948—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember. __

1949—January. _February.March _._._AprilMay a.—June 3

8,15910,616

8,453

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

1,2931,1721,2671,3781,5841,759

1,124

1,2431,201828517

1,3261,1561,1781,484

1,2211,3641,3361,402623

5461,1611,6162,470

6,5198,044

6,213

974875

1,0011,0991,2221,3481,4231,4541,4271.3551,2561,129

1,002905951997

1,1171,241

3,2573,966

2,870

500410490550625682707720707670615547

475400420445530600

1,6401,938

1,596

270263266263275303321329331327325305

285271262251257270

1,6222,140

1,747

204202245286322363395405389358316277

242234269301330371

1,6402,572

2,240

206174225279350406451480474459390318

291267316381467518

521818

650

67547187

112130143154156146123

96

817291

113139154

1,1191,754

1,590

139120154192238276308326318313267222

210195225268328364

8176

52

141213151413131413131310

77

109

109

5591,026

648

54405789

140179206220200186131

83

685268

100160200

1,0001,470

1,540

138122155175196214232246261260246225

216208238272297309

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

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

3 Preliminary estimates based on incomplete data.


Sources: Departments of Commerce and Labor.

xoo


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

[Millions of dollars]

Period Total

Manufacturing and mining

Total

3,596

2,5411,435

930992

1,460

1,7902,4503,3301,8302,310

3,1404,0803,1702,6102,890

3,6506,4708,1509,140

Manu-factur-

ing

(3)

(3)

8(3)(3)(3)(3)(3)(3)1,930

2,5803,4002,7602,2502,390

3,2105,9107,4608,340

Mining

(3)

(3)

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

(3)

(3)(3)

(3)380

560680410360500

440560690800

Transportation

Rail-road

840

865360164101218

166306525238280

440560540460580

550570910

1,320

Other

(<)

(4)(4)

(*)

8(4)<«)(4)(4)280

390340260190280

320660800700

Hiiectricand gasutilities

(4)(4)

(4)

(4(4(4

. (4480

550710680540490

6301,0401,9002,680

Com-mercial

andmiscel-laneous 2

1929.

1930.1931.1932.1933.1934.

1935.1936.1937-1938.1939.

1940.1941.1942..1943.1944..

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

9,165

7,6104,7122,6082,1373,080

3,7385,0776,7304, 5205,200

6,4908,1906,1104,5305,210

6.63012,04016,18019,230

Annual rates, not adjusted for seasonal variation

1948—First half

Second half

1949—First half 8_

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

1949—First quarter 8__.Second quarter J.Third quarter.5..

17,98020,480

18,560

16,68019,28019,32021,640

17,84019,28018, 520

4,729

4,2042,9171,5141,0441,402

1,7822,3212,8752,4521,850

1,9802,4901,470730970

1,4803,3004,4305,390

8,6409,660

8,400

7,9209,3609,160

10,160

8,1608,6408,120

7,8808,820

7,620

7,2008,5608,3609,280

7,4007,8407,360

760840

780

720800800880

760800760

1,1601,480

1,540

1,0801,2401,3201,640

1,4401,6401,240

740680

540

720760680680

5205fi0680

2,2803,080

2,980

2,0002,5602,7603,400

2,7203,2403,320

5,1605,600

5,120

4,9605,3605,4405,760

5,0405,2005,120

iExcludes agriculture.* Commercial and miscellaneous includes trade, service, finance, and communication for all years shown.

Prior to 1939, miscellaneous also included transportation other than railroad, and electric and gas utilities.which are not available separately for these years.

3 Not available separately for years prior to 1939.4 Included in commercial and miscellaneous prior to 1939.J Estimates for first and second quarter 1949 are preliminary actual expenditures; the third quarter o

1949 is based on anticipated capital expenditures of business.

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

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

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

I O I


TABLE D-16.—Inventories and sales in manufacturing and trade, 1939-49

[Not adjusted for seasonal variation]

Period

1939

19401941194219431944

1945194619471948


1948—JanuaryFebruaryMarch.AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember...

1949—JanuaryFebruaryMarchAprilMay,4

Manufacturing

Millions ofdollars

Inven-tories i

11,516

12,87317,02419, 22119,89719,122

17,92423,43528,02031,713

29, 72731,713

28, 50128,76829,06429,16129,43729, 72730,23630,42930, 71030,84831,22531,713

32,06232,07031,79331, 26630,823

Sales 2

5,112

5,8598,17210,34612,60313,402

12,37112,02015,67117, 587

17,12818,045

16,55216,22518,11717, 22916,77717, 87116,403

18, 78118,80717,98018,130

16,69116,42418,10716,76316,190

Ratio ofaverageinven-

tories tomonthly

sales8

2.11

2.061.781.781.521.46

1.501.681.671.70

1.701.71

1.711.761.601.691.751.661.831.671.631.641.731.74

1.911.951.761.881.92

Wholesale

Millions ofdollars

Inven-tories i

3,200

3,3574,1513,7023,5773,686

4,2165,8237,5458,315

7,9538,315

7,8507,8857,8697,7777,8017,9537,9308,1008,2438,4008,5178,315

8,5278,5678,4458,1527,884

Sales 2

2,505

2,7903,6504,0164,3304,505

4,7776,1387,3047,867

7,5588,176

7,6927,1217,7267,6527,3897,7667,7968,1618,2868,3768,2428,196

7,1636,8027,4896,9597,094


tories tomonthly

1.21

1.171.041.01.82.83

.79

.78

.951.02

1.041.01

1.001.101.021.021.051.011.02.98.99.99

1.031.03

1.181.261.141.191.13

Retail trade

Millions ofdollars

Inven-tories i

5,285

5,7677,2627,3076,8726,906

7,04910,59112,42613,938

13,63713,938

12, 77913,62514,28014,16413,99213,63713,49813,97214, 69515,28415,65213,938

13, 53813,85514, 53414, 34413,831

Sales 2

3,504

3,8664,6244,8035,3105,798

6,3878,3999,86010,829

10,28811,371

9,6848,94810, 73410, 70510,78210,87410,73810,67411,05811,54211,01913,194

9,4168,91810, 52511,11710,805


tories tomonthly

sales 8

1.53

1.481.481.721.371.29

1.191.101.221.30

.34

.28

.30

.48

.30

.33

.31

.27

.26

.291.301.301.401.12

1.461.541.351.301.30

1 Book value end of period.2 Monthly average shown for year and half year and total for month.3 Book value based on centered averages of month-end figures.4 Preliminary estimates based on incomplete data.NOTE.—The inventory figures in this table do not agree with the estimates of "change in business inven-

tories" included in the gross national product since they cover only manufacturing and trade rather thanall business, and show inventories in terms of current book value without adjustment for revaluationor seasonal variation.

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

IO2


TABLE D-17.—Manufacturers' inventories by stage of fabrication and as ratios tosales, 1939-49

[Not adjusted for seasonal variation]

Period

Materialsand goodsin process

Durable goods industries

Book value of in-ventories at endof period (mil-lions of dollars)

Finishedgoods


Ratio of averageinventories tomonthly sales l

Finishedgoods


Nondurable goods industries

Book value of in-ventories at endof period (mil-lions of dollars)

Finishedgoods


Ratio of averageinventor ies tomonthly sales *

Finishedgoods

1939..

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

1945..1946.1947.1948.

1948—First half--Second half—

1948—JanuaryFebruary-MarchApril -MayJuneJulyAugustSeptember-OctoberNovember. _December..

1949—JanuaryFebruary...MarchApril.Maya

3,224

4,0736,3218,0738,7877,886

6,3918,6159,794

10,631

9,89810,631

9,7949,7779,6919,7649,8469,89810,07310,21210,40510,46310,51110,631

10,78210,78510,63710,37710,142

1,948

2,0542,0312,0001,9422,021

1,9462,5183,5414,204

3,9514,204

3,6623,7483,8753,9283,9343,9513,8943,8203,8473,8714,0694,204

4,3604,4944,6434,7454,678

1.63

1.521.411.461.301.22

1.241.661.491.44

1.441.40

1.531.511.321.421.481.371.541.421.361.351.401.37

1.541.551.381.471.50

1.06

.84

.55

.41

.30

.29

.34

.49

.49

.55

.56

.53

.56

.57

.52

.57

.59

.55

.61

.54

.51

.50

.53

.54

.62

.64

.59

.65

3,725

4,0345,9196,3836,7056,720

6,9178,75510,26110,445

10,30110,445

10,39410,14810,33210,31510,27710,30110,51510,57610,47710,45510,47010,445

10,37010,2109,9029,5729,322

2,619

2,7122,7532,7652,4632,495

2,6703,5474,4246,433

5,5776,433

4,6515,0955,1665,1545,3805,5775,7545,8215,9816,0596,1756,433

6,5506,5816,6116,5726,682

1.07

1.121.111.131.071.02

1.031.041.00

1.00

1.021.05.95

1.001.01.96

1.05.96.94.95

1.001.00

1.071.09.97

1.021.01

0.83

.77

.61

.51

.43

.38

.39

.41

.42

.52

.49

.56

.45

.50

.48

.50

.52

.51

.57

.53

.53

.54

.58

.67

.69

.64

.69

.71

1 Inventories based on centered averages of month-end figures.2 Preliminary estimates based on incomplete data.Source: Department of Commerce.

IO3


TABLE D—18.—Sales, stocks, and outstanding orders at 296 department stores,1939-49

Period

Millions of dollars i

Sales(total formonth)

128

136156179204227

255318337353

317389

303

272264356333339338270298360390414599

267255320347328

Stocks(end ofmonth)

344

353419599509535

563715826916

896937

873

799890954943921866834897948

1,0621,058

821

790852918907897

Out-standingorders(end ofmonth)

(2)

108194263530560

729909552466

462469

304

629571416357338462551545539507379292

388378310236210

Ratio ofstocksto sales

2.69

2.602.693.352.502.36

2.212.252.452.59

2.832.41

2.90

2.943.372.682.832.722.563.093.012.632.722.561.37

2.963.342.872.612.73

Ratio oforders

to sales

(2)

0.791.241.472.602.47

2.862.861.641.32

1.461.21

1.04

2.312.161.171.071.001.372.041.831.501.30

.92

.49

1.451.48

.97

.68

.64

Ratio oforders

to stocks


1940-194119421943. „.1944

19451946.—19471948

1948—First half._.Second half.

1949—First half»..

1948—JanuaryFebruaryMarchAprilMayJune—JulyAugust-.SeptemberOctoberNovemberDecember

1949—JanuaryFebruaryMarchAprilMay»._ _.

(*)

0.31.46.44

1.041.05

1.291.27.67.51

.52

.50

.35

.79

.64

.44

.38

.37

.53

.66

.61

.57

.48

.36

.36

.49

.44

.34

.26

.23

1 Not adjusted for seasonal variation.2 Not available.• Preliminary estimates based on incomplete data.

NOTE.—These figures represent retail sales, stocks, and outstanding orders as reported by a sample of 296of the larger department stores located in various cities throughout the country and are not estimates of totalsales, stocks, and outstanding orders for all department stores in the United States. Data are not availableprior to 1939.

Detail will not necessarily add to totals because of rounding.

Source: Board of Governors of the Federal Reserve System.

IO4


TABLE D-19.—Consumers' price index, 1929-49

For moderate-income families in large cities

[1935-39=100]

Period Allitems

122.5

119.4108.797.692.495.7

98.199.1

102.7100.899.4

100.2105.2116.5123.6125.5

128.4139.3159.2171.2

169.1173.3

169.7

168.8167.5166.9169.3170.5171.7173.7174.5174.5173.6172.2171.4

170.9169.0169.5169.7169.2

Food

132.5

126.0103.986.584.193.7

100.4101.3105.397.895.2

96.6105.5123.9138.0136.1

139.1159.6193.8210.2

208.3212.1

202.3

209.7204.7202.3207.9210.9214.1216.8216.6215.2211.5207.5205.0

204.8199.7201.6202.8202.4

Apparel

115.3

112.7102.690.887.996.1

96.897.6

102.8102.2100.5

101.7106.3124.2129.7138.8

145.9160.2185.8198.0

195.7200.2

193.9

192.1195.1196.3196.4197.5196.9197.1199.7201.0201.6201.4200.4

196.5195.1193.9192.5191.3

Rent

141.4

137.5130.3116.9100.794.4

94.296.4

100.9104.1104.3

104.6106.2108.5108.0108.2

108.3108.6111.2117.4

116.4118.4

120.1

115.9116.0116.3116.3116.7117.0117.3117.7118.5118.7118.8119.5

119.7119.9120.1120.3120.4

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

110.3112.4121.1133.9

130.8137.1

137.7

129.5130.0130.3130.7131.8132.6134.8136.8137.3137.8137.9137.8

138.2138.8138.9137.4135.4

Housefur-

nish-ings

111.7

108.998.085.484.292.8

94.896.3

104.3103.3101.3

100.5107.3122.2125.6136.4

145.8159.2184.4195.8

193.9197.7

193.4

192.3193.0194.9194.7193.6194.8195.9196.3198.1198.8198.7198.6

196.5195.6193.8191.9189.5

Miscel-laneous

1929

19301931193219331934

1935._._ __..1936193719381939

19401941194219431944

1945194619471948—_ -

1948—First half—Second half

1949—First half K

1948—JanuaryFebruary._MarchAprilMay __JuneJulyAugustSeptember.OctoberNovember.December _.

1949—JanuaryFebruary. _MarchAprilMay

104.6

105.1104.1101.798.497.9

98.198.7

101.0101.5100.7

101.1104.0110.9115.8121.3

124.1128.8139.9149.9

147.0152.9

154.3

146.4146.4146.2147.8147.5147.5150.8152.4152.7153.7153.9154.0

154.1154.1154.4154.6154.5

* Average of data for January through May.


105


TABLE D-20.—Wholesale price index, 1929-49

[1926=100]

Period

Other than farm products and foods

11.103

1929..

19301931193219331934... - .

19351836....1937...19381939

1940 __194119421943.—1944....

1945194619471948

1948—First half

Second half

1949—First half»

1948—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember ._December

1949—JanuaryFebruaryMarchAprilMayJune 1

95.

86.473.064.865.974.9

80.080.886.378.677.1

78.687.398.8

103.1104.0

105.8121.1152.1165.1

163.7166.6

157.3

165.9161.0161.163.0164.2166.4168.8169.8168.9165.4164.0162.4

160.6158.1158.4156.9155.7154.0

104.9

64.848.51.465.3

78.880.986.468.565.3

67.782.4

105.9122.6123.3

128.2148.181.2188.3

190.4186.4

170.4

199.2185.3186.0186.7189.1196.0195.2191.5189.9183.5180.8177.3

172.5168.3171.5170.5171.2168.5

99.9

90.574.661.060.570.5

83.82.185.573.670.4

71.382.799.6

106.6104.9

106.2130.7168.7179.1

176.9181.3

163.3

179.8172.4173.8176.7177.4181.4188.3189.8186.9178.2174.3170.2

165.8161.5162.9162.9163.9163.0

91.6

85.275.070.271.278.4

77.979.685.381.781.3

83.089.095.596.998.5

99.7109.5135.2151.0

148.8153.1

149.3

148.6147.9148.1149.0149.5149.9151.4153.3153.6153.4153.6153.1

152.9151.150.7148.8146.7145.0

109.1

100.086.172.980.986.6

89.695.4

104.92.895.6

100.8108.3117.7117.5116.7

118.1137.2182.4188.8

190.1187.0

180.9

200.9193.3186.3187.0188.4187.7189.2188.4187.4185.5186.2185.3

184.8182.3180.4179.9179.3178.5

90.4

80.366.354.964.872.9

70.971.576.366.769.7

73.884.896.997.498.4

100.1116.3141.7149.8

150.9148.!

142.7

149.4150.0151.1151. 7152.1151.4150.8150.4149.3148.3147.4146.7

146.1145.2143.8142.2140.5138.5

83.0

78.567.70.366.373.3

73.76.277.76.573.1

71.776.278.580.883.0

84.090.1

108.7134.2

131. 5136.9

133.3

130.0130.9130.9131.5132.6133.1135.9136.4136.9137.3137.6137.2

137.1135.9134.3132.0130.1130.5

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. 6

156.4170.8

171.9

154.3155.3155.9157.2157.1158.6162.2171.0172.0172.4173.3173.8

175.6175.5174.4171.4168.0166.5

95.4

89.979.71.477.0

85.386.795.290.390.5

94.8103. 2110.2111.4115.5

117.8132.6179.7199.1

195.3202.8

197.6

194.1193.5193.9195.7197.0197.4200.0203.8204.1203.7203.1202.2

202.3201.5200.0196.5194.0191.5

94.0

88.779.373.972.175.3

79.078.782.677.076.0

77.084.495.594.995.2

95.2101.4127.3135.7

137.3134.1

120.6

139.9135.7137.2137.5136.3137.2135. 7133.2134.5135.5134.4131.1

126.3122.8121.1117.7118.2117.5

94.3

92.784.975.175.881.5

80.681.789.786.886.3

88.594.3

102.4102.7104.3

104.5111.6131.1144.5

142.2146.7

147.1

141.3141.8142.0142.3142.143.2144. 5145.4146.6147.5148.2148.4

148.1148.3148.0147.0146.2145.0

82.6

77.769.864.462.569.7

68.370.577.873.374.8

77.382.089.792.293.6

94.7100.3115.5120.5

121.6119.4

114.6

123.6120.1120.8121.8121. 5121.5120.3119.7119.9119.0119.2118.5

117.3115.3115.7115.6113.6110.0

1 Preliminary estimates based on incomplete data.Source: Department of Labor.

IO6


TABLE D-21.—Indexes of prices received and prices paid by farmers and parity ratio,1929-49

Monthly average:1929 .

1930 . .19311932 .19331934

19351936 .19371938 . . .1939

19401941 .1942 _19431944

1945194619471948 .


1949—First half.

1948—JanuaryFebruaryMarchAprilMayJuneJuly .AugustSeptemberOctober. .NovemberDecember

1949—JanuaryFebruaryMarchApril . . .M a yJune __ __

Period Pricesreceived

August 1909-July 19U=100

149

12890687290

1091141229795

100124159192195

202233278287

291283

259

307279283291289295301293290277271268

268258261260256252

Pricespaid

(includinginterest

and taxes)

1910-1^100

167

160141124120129

130127133126124

125132150162169

172193231249

250249

246

251249248249250251251251250249247247

248245246246245245

Parityratio l

89

8064556070

8490927777

8094

106119116

117121120115

116114

105

122112114117116118120117116111109108

108105106106104103

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

Source: Department of Agriculture.

107


TABLE D-22.—Consumer credit outstanding, 1929-49


End of periodTotal

consumercredit

Installment credit

TotalAutomobilesale credit Other i

Chargeaccounts

Otherconsumer

credit 2

1929

1930193119321933.1934 ...

193519361937. _..19381939

19401941194219431944

1945194619471948-

1948—First half-..Second half.

1949—First half *..

1948—JanuaryFebruary. _.MarchAprilMay __.JuneJulyAugust-, . . .September-OctoberNovember,.December..

1949—JanuaryFebruary...MarchAprilMay *June 3

7,628

6,8215,5184,0853,9124,389

5,434

7,4807,0477,969

9,1159,8626,5785,3785,803

6,63710,19113, 67316,319

14, 66916,319

16,150

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

15, 74915, 33215,36115,62215,84716,150

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

7,5338,600

9,150

6,4686,5486,8217,0947,3187,5337,7387,9728,1908,2338,3228,600

8,4258,3398,4288,6318,8849,150

1,318

928637322459576

9401,2891,384970

1,267

1,7291,942482175[200

227544,̂151,961

,602,961

2,550

,202,254,367,468,536,602,689,781

,922,961

,965,996

2,1052,2412,3862,550

1,840

1,7601,5671,1961,1291,284

1,6822,2292,5762,6253,157

3,6883,9452,5661,8261,861

2,1373,4565,2836,639

5.9316,639

6,600

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

6,4606,3436,3316,3926,4986,600

1,749

1,6111,3811,1141,0811,203

1,2921,4191,4591,4871,544

1,6501,7641,5131,4981,758

1,9813,0543,6123,854

3,3523,854

3,300

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

3,4573,1763,1483,2583,2493,300

2,721

2.5221,9331,4531,2431,326

1,5201,8512,0611,9652,001

2,0482,2112,0171,8791,984

2,2923,1373,6273,865

3,7843,865

3,700

3,6663,6933,7093,7293,7483,7843,8003,8143,8143,8283,8603,865

3,8673,8173,7853,7333,7143,700

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

2 Includes single-payment loans of commercial banks, and pawnbrokers and service credit.3 Preliminary estimates by Council of Economic Advisers.4 Preliminary estimates based on incomplete data.


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

IO8


TABLE D-23.—Loans and investments of all commercial banks and weekly report-ing member banks, 1929-49


End of period 1

1929—June2-

1930—June 2 _ .1931—June2 _1932—June 2 _.1933—June2

1934—June2 _ .

1935—June 3

1936 . ._ . . .193719381939 . - .

19401941 _ _194219431944 .

19451946 .19471948

1948—JanuaryFebruary _MarchApril .May._JuneJuly . .AugustSeptember. .OctoberNovemberDecember.-. . _

1949—January 8

February 'March fi.April5

May fi.__ .June 6_

All commercial banks

Totalloansand

invest-ments

49.4

48.944.936.130.432.7

34.639.538.338.740.7

43.950.767.485.1

105.5

124.0114.0116.3114.3

116.6115.5113.6114.3114.6113.9114.8115.1113.6114.1114.2114.3

114.5113.4112.5112.5113.4

Loans

35.7

34.529.221.816.315.7

14.916.417.116 417.2

18 821.719.219.121.6

26 131.138.142.5

38.238.738.938 839.539.940.140 641.741.642.342.5

42.442.042.441.340.941.0

Total

13.7

14.415.714.314.017.0

19.723.121.222.323.4

25.129.048.266.083.9

97.982.978.271.8

78.476.974.775.575.074.074.674.571.972.571.971.8

72.071.470.171.272.6

Investments

U. S. Gov-ernmentobliga-tions

4.9

5.06.06.27.5

10.3

12.715.314.215.116.3

17.821.841.459.877.6

90.674.869.262.6

69.467.965.566.365.964.865.365.162.563.362.862.6

63.062.260.962.063.2

Othersecuri-

ties

8.7

9.49.78.16.56.7

7.07.87.17.27.1

7.47.26.86.16.3

7.38.19.09.2

9.09.09.39.29.29.29.39 49.49.29.19.2

9.19.19.29.29.3

Weekly reportingmember banks

U

Total

16.7

16.914.511.38.98.5

8.09.29.48.48.8

9.411.410.310.813.0

15.816.723.325.6

23.423.623.523.223.623.723.924.124.924.625.225.6

25.324.925.024.023.723.9

)ans

Commer-cial, indus-trial, and,agricul-

tural

(3)

(3)(3)(8)

4.63.84.4

5.06.76.16.46.5

7.310.314.615.6

14.714.614.414.214.2

* 14.314.514.815.215.415.515.6

15.415.214.914.213.613.2

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

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

reported.5 Preliminary estimates based on incomplete data.6 Preliminary estimates by Council of Economic Advisers.7 Not available.



log


TABLE D-24.—Adjusted deposits of all banks and currency outside banks, 1929-49


End of period *

1929 _

193O._._ __.1931193219331934

1935. ._1936-.._193719381939.

1940-. .1941194219431944

1945194619471948 -

1948—First half—Second half.

1949—First half *.

1948—JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.-

1949—January 6-_February 5_March 5

April*May 8

June 4

Total depos-its adjustedand curren-cy outside

banks

54.6

53.247.944.941.546.3

51.356.455.858.163.3

70.076.391.3

112.4130.2

150.8164.0170.0169.1

165.7169.1

165.9

168.9167.1164.0165.0165.1165.7166.0166.7166.9168.1168.1169.1

168.2166.3164.2165.5165.7165.9

Demanddeposits

adjustedJ

22.8

21.017.415.715.018.5

22.125.524.026.029.8

34.939.048.960.866.9

75.983.387.185.5

82.785.5

82.5

86.684.681.582.782.882.783.383.883.985.185.285.5

85.483.481.182.482.682.5

Timedeposits *

28.2

28.726.024.521.723.2

24.225.426.226.327.1

27.727.728.432.739.8

48.554.056.457.5

57.457.5

58.3

56.556.856.956.956.957.457.357.357.357.357.057.5

57.657.858.058.158.258.3

Currencyoutsidebanks

3.6

3.64.54.74.84.7

4.95.55.65.86.4

7.39.6

13.918.823.5

26.526.726.526.1

25.626.1

25.1

25.825.725.625.425.425.625.525.625.725.725.926.1

25.225.125.124.925.025.1

i Reporting date nearest end of period.»Includes demand deposits, other than interbank and 17. S. Government, less cash items in process of

collection.3 Includes deposits in commercial banks, mutual savings banks, and Postal Savings System.4 Estimates by Council of Economic Advisers.5 Preliminary estimates based on incomplete data.



I I O


TABLE D-25.—Estimated ownership of Federal securities, 1939-49

[Billions of dollars—par values *]

End of period

193919401941 __1942.-.1943.1944-. _.194519461947 __1948-

1948—First half _Second half

1949—First half •

1948—JanuaryFebruary.. _MarchApril __May_JuneJuly _August __ _ .SeptemberOctober-November _ _.December

1949—JanuaryFebruary. _ __MarchApril _.May 6 _.June6

Gross debt and guaranteed obligations outstanding

Total

47.650.964.3

112.5170.1232.1278.7259 5257.0252.9

252.4252.9

252.8

256 7254.7253.1252.3252.3252 4253.4253.1252.7252.5252.6252.9

252.7252.7251 7251.6251.9252.8

Held byU. S.

Govern-ment

agenciesand trust

funds

6.57.69 5

12.216.921.727.030 934.437.3

35.737.3

38.3

34 634.935.034.834.935 736.436.536.836.837.037.3

37.437.537.737.537.538.3

Total

41.143.354.7

100.2153.2210.5251.6228 6222.6215.5

216.6215.5

214.5

222.1219.8218.1217.5217.4216 6217.1216.6215.9215.7215.5215.5

215.3215.2214.0214.0214.4214.5

Stateand localgovern-ments *

0.4.5.7

1.02.14.36.56.37.37.9

7.87.9

8.1

7 37.47.87.87.77.87.98.07.87.87.97.9

7.97.98.08.18.18.1

Held bj

Com-mercialbanks 3

15.917.321.441.159.977.790.874.568.762.5

64.662.5

63.5

69.067.465.166.165.664.665.164.862.463.062.462.5

62.762.260.661.963.263.5

r public

FederalReservebanks

2.52.22.36.2

11.518.824.323.322.623.3

21.423.3

19.3

21.921.020.920.320.721.421.321.623.423.023.223.3

22.122.321.721.119.719.3

Nonbankprivatecorpo-rations

andassoci-ations *

12.012.516.327.441.256.065.359.557.554.3

55.954.3

54.9

57.357.257.556.456.655.955.455.054.854.454.654.3

54.754.655.254.654.854.9

Indi-viduals •

10.410.914.124.538.453.564.864.966.667.6

67.067.6

68.7

66.666.766.866.866.967.067.367.467.467.567.567.6

67.968.268.668.468.668.7

1 United States savings bonds, series A-D, E, and F, are included at current redemption values.2 Includes trust, sinking, and investment funds of State and local governments and their_agencies, and

Territories and insular possessions.3 Includes commercial banks, trust companies, and stock savings banks in the United States and in

Territories and insular possessions. Figures exclude securities held in trust departments.4 Includes insurance companies, mutual savings banks, savings and loan associations, dealers and brokers

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

8 Includes partnerships and personal trust accounts.• Preliminary estimates by Council of Economic Advisers.


Source: Treasury Department (except as noted).

844384—49 I I I


TABLE D-26.—Bond yields and interest rates} selected years, 1929-49

[Percent per annum]

Period

U. S. Government securityyields

9-12monthcertifi-cates of

indebted-ness1

Bonds

Long- Iterm par-tially tax-exempt 2

15 yearsand over,

taxable

High grade cor-porate bond

yields(Moody's)

Aaabonds

Baabonds

Bankrates onshort-term

businessloans

(3)(3)(3)(3)2.1

2.02.62.22.12.1

2.5

2.42.472.602.64

2.70(3)

Bankersaccept-ances 90d a y s -NewYork

5.03.63.13.43.44

.44

.44

.44

.61

.87

1.11

1.061.061.131.19

1.191.19

FederalReserve

Bankdiscountr a t e -NewYork

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

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

1948 average .

3.603.31

1948—First quarterSecond quarter.Third quarterFourth quarter.

1949—First quarter....Second quarter e

0.75.81.82

1.14

1.091.091.141.22

1.221.22

2.792.742.41

2.051.981.66

82.472.372.192.25

2.44

2.452.422.452.44

2.402.38

4.734.493.603.263.01

2.772.732.622.532.61

2.82

2.852.772.832.82

2.712.70

5.907.765.755.034.96

4.333.913.293.053.24

3.47

3.533.403.423.52

3.463.45

5.162.561.501.291.00

1.00* 1.00<1.00U.00

1.00

1.34

.22

.25

.38

.50

.50..50

1 Tax exempt prior to March 1,1941; taxable thereafter.2 Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 8 years,

from 1919 to 1925; after 12 years, from 1926 to 1934; and after 15 years, from 1935.3 Not available.* From October 30,1942 to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances se-

cured by Government securities maturing in 1 year or less.* No partially tax-exempt bonds due or callable in 15 years.* Average of April and May data.Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal

Reserve System.

1 1 2


TABLE D-27.—Profits before and after taxes, all private corporations, 1929-49[Billions of dollars]

PeriodCorporate

profitsbeforetaxes

Corporatetax

liability l

Corporate profits after taxes

Total Dividendpayments

Undis-tributedprofits

1929.

1930193119321933.1934.

19351936193719381939

19401941194219431944

1945194619471948

1948—First half.Second half

1949—First half 3

1948—F irst quarter. _.Second quarter.Third quarter..Fourth quarter.

1949—First quarter *_.Second quarter

3.3- . 8

-3 .0.2

1.7

3.25.76.23.36.5

9.317.221.124.524.3

20.421.829.832.8

31.334.4

27.2

30.532.134.034.7

28.825.5

1.4

.5

.4

.5

.7

1.01.41.51.01.5

2.97.8

11.714.213.5

11.69.0

11.712.8

8.4

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

2.34.34.72.35.0

6.49.49.4

10.410.8

8.712.818.120.1

5.8

5.54.12.62.12.6

2.94-64.73.23.8

4.04.54.34.54.7

4.75.66.97.8


12.213.4

10.9

11.812.513.313.5

11.610.2

19.221.0

16.2

18.719.620.821.2

17.215.3

7.48.0

8.2

7.47.47.78.3

8.38.0

2.6

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

- . 6- . 3

1.2

2.44.95.15.96.1

4.07.2

11.212.3

11.813.0

8.1

11.312.213.112.9

8.97.3

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




TABLE D-28.—Sales and profits of large manufacturing corporations3 1939-49


Period

1939 _. .-

19401941 _.194219431944 .

1945 . _ _194619471948


1948—First quarter ___Second quarterThird quarter.Fourth quarter

1949—First quarter

Durable goods industries(106 corporations) i

Sales

6,748

8,75012,80615,36220,63322,085

18,16112,62319, 83623,818

Profits

Before taxes

734

1,2262,1752,3262,3892,192

1,288607

2,3123,107

After taxes

597

830982782755726

574295

1,3551,836

Nondurable goods industries(94 corporations) *

Sales

3,843

4,2575,4856,4087,6078,263

8,3718,940

11,31313,364

Profits

Before taxes

476

617980

1,0691,2931,339

1,1331,4261,7882,208

After taxes

400

443538438506529

555908

1,1671,474

Totals for period, not adjusted for seasonal variation

11,15412,664

5,4405,7145,9916,673

6,160

1,3601,746

672688788958

841

8031,034

395408470564

498

6,5086,856

3,2193,2893,3223,534

3,221

1,0991,108

546553543565

502

718756

356362362394

327

1 Revised series: See Federal Reserve Bulletin, June 1949, for similar data for the following industry groups;primary metals and products, machinery, automobiles and equipment, foods and kindred products, chem-icals and allied products, and petroleum refining.

Source: Compiled by the Board of Governors of the Federal Reserve System and based on published re-ports of various industrial corporations.

" 4


TABLE D-29.—Relation of profits before and after taxes to investment, privatemanufacturing corporations, by industry groups, 1947—49

Industry groups

Ratio of profits (annual rate) to stockholders'equity

Total

1947 1948

Selected quarters

1948

Firstquarter

Fourthquarter

1949,first

quarter

All private manufacturing corporations

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

Furniture and fixtures. -Paper and allied products _Printing and publishing (except newspapers)Chemicals and allied products.Products of petroleum and coal -

Rubber products..-Leather and leather products..Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries

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

Instruments; photographic and optical goods; watchesand clocks

Miscellaneous manufacturing (including ordnance)

All private manufacturing corporations...

Food _Tobacco manufactures, _ _ -Textile mill products _Apparel 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 productsPrimary nonferrous metal industries. _Primary iron and steel industries

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



Before Federal taxes

24.7

29.516.230.631.434.9

28.933.828.825.118.8

24.223.822.719.319.2

28.025.830.5

4.828.2

22.624.3

24.7

20.921.730.020.529.3

27.326.423.625.224.9

21.017.523.720.822.7

26.826.326.814.433.3

22.520.1

26.8

18.416.039.231.638.8

32.831.225.627.632.8

20.020.018.421.620.8

28.028.828.812.030.8

19.621.2

25.2

20.825.623.69.2

19.2

22.422.818.024.422.4

21.614.025.224.830.0

28.027.632.018.842.0

26.819. 6

After Federal taxes

15.1

17.49.8

18.418.522.0

17.320.817.415.514.0

12.213.813.711.611.7

17.015.418.4

.415.8

14.114.0

15.5

12.513.418.412.118.7

16.216.214.415.918.4

12.010.314.613.213.9

16.615.915.68.4

19.0

13.911.8

16.8

10.810.024.018.824.8

19.619.215.617.223.2

11.212.011.214.012.8

17.217.616.86.8

17.6

12.412.4

15.6

12.415.614.45.2

12.4

13.214.010.016.018.0

12.87.6

15.215.218.4

17.216.818.010.822.8

16.811.2

20.4

16.818.416.817.614.8

16.019.623.222.818.0

13.611.618.821.625.6

20.023.622.015.2

20.816.0

12.8

9.611.610.010.48.8

9.212.014.414.013.2

8.06.4

11.213.614.8

12.014.012.49.6

19.6

12.410.0

Sources: Federal Trade Commission and Securities and Exchange Commission.


TABLE D-30.—Relation of profits before and after taxes to sales, private manufactur-ing corporations, by industry groups, 1947-49

Industry groups

Profits in cents per dollar of sales

Total

1947 1948

Selected quarters

1948

Firstquarter

Fourthquarter

1949,first

quar-ter


All private manufacturing corporations

FoodTobacco manufactures.Textile mill productsApparel and finished textilesLumber and wood products

Furniture and fixtures...Paper 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 industriesPrimary iron and steel industries

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



11.0

7.16.7

13.77.8

18.1

10.117.410.114.214.6

8.77.4

13.114.610.9

12.112.110.42.8

10.7

12.510.8

11.1

5.68.3

13.55.2

15.5

9.213.88.5

13.917.4

8.25.6

14.014.212.4

11.512.010.17.0

12.1

12.59.5

11.5

5.06.6

15.17.6

19.4

11.215.99.1

15.119.1

7.75.9

11.014.611.3

12.012.610.46.9

11.1

12.19.5

10.8

5.510.111.32.3

11.0

7.512.06.2

13.315.2

8.44.5

14.116.214.2

11.212.010.78.6

13.7

13.08.7

9.9

4.67.78.94.8

10.4

6.511.59.1

13.213.8

6.24.1

12.315.213.4

9.811.89.07.2

12.0

12.08.4

After Federal taxes

All private manufacturing corporations..

FoodTobacco manufactures-Textile mill products ._Apparel and finished textiles..Lumber and wood products..

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

Rubber products _Leather and leather products.Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries. _

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

Instruments; photographic and optical goods; watches andclocks

Miscellaneous manufacturing (including ordnance).

6.7

4.24.18.24.6

11.4

6.010.76.18.7

10.9

4.44.37.98.86.6

7.47.26.3

. 36.0

7.86.2

7.0

3.35.28.33.19.9

5.58.55.28.8

12.8

4.73.38.69.07.6

7.17.35.94.16.9

7.85.6

7.2

2.94.19.24.5

12.3

6.79.75.69.4

13.5

4.33.56.69.46.9

7.37.76.13.86.4

7.55.5

6.8

3.36.16.91.37.2

4.47.43.48.7

12.2

4.92.58.7

10.08.7

7.07.26.04.97.4

8.25.0

6.1

2.74.85.32.96.4

3.77.05.78.1

10.3

3.72.27.29.57.9

5.87.15.14.57.1

7.25.2


n6


TABLE D—31.—Relation of profits before and after taxes to investment and to sales,all private manufacturing corporations, by size classes, 1947—49

Assets class(thousands of

dollars)

All sizes—.

1 to 249250 to 9991,000 to 4,9995,000 to 9P,999100,000 and over.-

All sizes

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


Total

1947 1948

Selected quarters

1948

Firstquarter

Fourthquarter

1949,first

quarter

After Federal taxes

Total

1947 1948

Selected quarters

1948

Firstquarter

Fourthquarter

1949,first

quarter

Ratio of profits (annual rate) to stockholders' equity

24.7

24.429.230.627.320.3

24.7

16.123.524.525.724.7

26.8

14.428 028.027.226.8

25.2

2.816.419.626.027.6

20.4

14.417.217.220.022.4

15.1

14.816.918.216.512.9

15.5

9.214.014.715.816.0

16.8

7.216.416.416.417.2

15.6

- . 89.2

11.616.018.0

12.8

8.49.6

10.012.014.4

Profits in cents per dollar of sales

11.0

6.58.8

10.711.911.4

11.1

4.17.49.0

11.313.2

11.5

4.08.4

10.011.613.5

10.9

.75.27.1

11.114.1

9.9

4.06.27.09.7

12.2

6.7

3.95.16.37.27.2

7.0

2.34.45.47.08.6

7.2

2.04.96.07.18.7

6.8

- . 23.04.26.89.2

6.1

2.43.54.05.97.8


TABLE D-32.—Sources and uses of corporate funds, 1947-49 1


Use or source of funds 1947

28.015.0

7.25.9

- . 1

28.915.410.64.5

.313.5

2.62.4

.72.6

o4.43.11.3

- . 9

1948

25.117.2

5.42.5

(3)

26.416.511.64.9

- . 19.91.01.1

(3)1.1

Q

5.94.71.2

- 1 . 3

1949, firsthalf 2

UsesPlant and equipment outlaysInventories (change in book value)Changes in customer receivablesOther current assets

SourcesInternal

Retained profits and depletion allowancesDepreciation allowancesReduction in cash and U. S. Government securities

ExternalChange in trade debtChange in Federal income tax liability..Other current liabilitiesChange in bank loansChange in mortgagesNet new issues _

BondsStocks

Discrepancy (uses less sources) _.

3.88.4

- 1 . 7- 3 . 1

.2

4.06.8

<4.22.6

00- 2 . 9- 3 . 5- . 8- . 2

- 2 . 1.4

3.32.6.7

- . 2

1 Excludes banks and insurance companies.2 Preliminary estimates based on incomplete data. Not adjusted for seasonal variation.3 Less than 50 million dollars.4 Preliminary estimates by Council of Economic Advisers.


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

117


TABLE D-33.—The international transactions of the United States, 1946-49


Exports of goods and services:Recorded coods'Other goods3

Total goodsServices --Income on investments

Total exports.

Imports of goods and services:Recorded goodsOther goods3

Total goodsServicesIncome on investments

Total imports.—

Surplus of exports of goods and serv-ices:

Recorded goodsOther goods

Total goodsServices _Income on investments

Total surplus of exports

Means of financing surplus of exportsof goods and services:5

Liquidation of gold and dollarassets by foreign countries

Dollar disbursements by:International Monetary Fund.International Bank

United States Government sources:«Grants .._ _.Long and short term loans

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

Total means of financingErrors and omissions

1946total

10,1871,687

11,8742,272

820

14,966

4,933235

5,1681,783

216

7,167

5,2541,452

6,706489604

7,799

1,968

2,2792,774

598335

7,954-155

1947total

15,340716

16,0562,6111,074

19,741

5,755316

6,0712,165

227

8,463

9,585400

9,985446847

11,278

4,513

464297

1,8123,901

568727

12, 282-1,004

1948

Total

12,615830

13,4452,0831,263

16,791

7,124573

7,6972,493

291

10,481

5,491257

5,748-410

972

6,310

857

196176

3,761897

6481,017

7,552-1,242

Firstquar-ter

3,317326

3,643540230

4,413

1,810118

1,92853263

2,523

1,507208

1,7158

167

1,890

353

132101

786490

176253

2,291-401

Secondquar-ter

3,237154

3,391537303

4,231

1,710149

1,859616

59

2,534

1,5275

1,532- 7 9244

1,697

538

2256

81044

159346

1,975-278

Thirdquar-ter

2,935170

3,105526315

3,946

1,729153

1,88277584

2,741

1,20617

1,223-249

231

1,205

158

620

1,190—160

139273

1,626-421

Fourthquar-ter

3,126180

3,306480415

4,201

1,875153

2,02857085

2,683

1,25127

1,278- 9 0330

1,518

-192

36—1

975523

174145

1.660-142

1949

Firstquar-ter

3,268153

3,421475236

4,132

1,789137

1,92655870

2,554

1,47916

1,495- 8 3166

1,578

- 2 7

328

1,289279

151145

1,877-299

Sec-ondquar-ter i

3,350

14,270

1,650

82,460

1,700

I1,810

100

1,485265

} 300

2,185-375

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

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

»Includes goods sold to or bought from other countries that have not been shipped from or into the UnitedStates customs area and other adjustments.4 Not available.

• All figures for means of financing are on a net basis.• For detail see table D-34.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

118


TABLE D-34.—United States Government aid to foreign countries, 1946-49


Type of aid

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

by the armed forcesTransfers to PhilippinesChinese aidGreek-Turkish aidInternational Refugee Organ-

izationsInterim aid- _ _European Recovery Program..Other

Total unilateral payments.—Less unilateral receipts

Equals net unilateral pay-ments

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

ship salesExport-Import Bank loansUnited Kingdom loanSubscription t o -

International BankInternational Monetary

FundEuropean Recovery ProgramOther —

Total.Less repayments

Equals net long-term loansand investments, includingInternational Bank and In-ternational Monetary Fund.

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

Equals net long-term loansand investments, excludingInternational Bank and In-ternational Monetary Fund.

0. Short-term loans (net)Total net unilateral pay-

ments, loans, and invest-ments, excluding Inter-national Bank and Inter-national Monetary Fund(A+B+C)

1946total

2091,524

5396015

170

2,517238

2,279

600

841945600

317

5

12

3,32090

3,230

322

2,908

-134

5,053

1947total

761

98096

74

1712

332

2,272460

1,812

2

274796

2,850

318

2,745

80

7,065174

6,891

3,063

3,828

73

5,713

1948

Total

85

1,280130168349

89546

1,388115

4,150389

3,761

2

210454300

48622

1,474332

1,142

1,142

-245

4,658

Firstquar-

ter

57

34611

91

33301

35

87488

786

1

156170300

5

63252

580

580

- 9 0

1,276

Secondquar-

ter

21

31223

195

21195204

35

90797

810

1

40145

4

19028

162

162

-118

854

Thirdquar-

ter

6

420457888

1247

56718

1,28191

1,190

1170

16

88210

-122

-122

- 3 8

1,030

Fourthquar-

ter

1

202518975

233

61727

1,088113

975

369

4857

56442

522

522

1

1,498

1949

Firstquar-

ter

250605150

18

92727

1,38394

1,289

450

28010

34465

279

279

1,568

Sec-ond

quar-ter i

(2)

(2)

1,166

1,57590

1,485

200

27535

240

240

25

1,750

1 Preliminary estimates based on incomplete data.2 Not available.Source: Department of Commerce.


TABLE D—35.—United States merchandise exports, including reexports, by areas,1936-38 quarterly average, and 1947-49

PeriodTotal

exports,includingreexports

CanadaOther

WesternHemi-sphere

E R Pcountries1

OtherEurope Asia*

Australiaand

OceaniaAfrica

Millions of dollars

Quarterly average:1936-3819471948

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

1949—First quarter.._Second quarter 2


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

1949—First quarter...

7423,8353,154

3,3173,2372,9353,126

3,2683,350

113519476

425493485511

463(8)

1381,027

848

914901738839

840(3)

2821,3241,046

1,1411,061

9641,017

1.120(3>

3111849

84333840

41(3)

122562498

513507486486

588(3)

238038

42343047

54(3)

Percentage of total

100100100

100100100100

100

15.213.515.2

12.815.216.516.3

14.2

18.626.826.9

27.627.825.126.8

25.7

38.034.533.2

34.432.832.932.5

34.3

4.23.11.6

2.51.01.31.3

1.3

16.414.715.8

15.515.716.615.6

18.0

3.12.11.2

1.31.11.01.5

1.7

32205196

197207195186

163

4.35.36.2

5.96.46.66.0

5.0

1 Turkey is included with ERP countries and excluded from Asia. Exports to Germany in the postwarperiod relate almost wholly to exports to the three western zones.

2 Preliminary estimate based on incomplete data.8 Not available.

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


Source: Department of Commerce.

I 2 O


TABLE D-36.—United States domestic merchandise exports, by economic classes,1936-38 quarterly average, and 1947-49

Period


1948—First quarterSecond quarterThird quarterFourth quarter



1948—First quarterSecond quarter _Third quarterFourth quarter

1949—First quarter. . . . _.

Totaldomesticexports

Crudematerials

Crudefoodstuffs

Manu-factured

foodstuffs

Semi-manu-

factures

Finishedmanu-

factures

Millions of dollars

7313,7913,124

3,2853,2052,9073,097

3,232

167400372

329327373458

466

34337316

322245357340

396

42439329

341371309296

251

130446342

381357314316

385

3582,1681,764

1,9121,9051,5531,687

1,735

Percentage of total

100100100

100100100100

100

22.810.611.9

10.010.212.814.8

14.4

4.78.9

10.1

9.87.6

12.311.0

12.3

5.711.610.5

10.411.610.69.6

7.8

17.811.810.9

11.611.110.810.2

11.9

49.057.256.5

58.259.453.454.5

53.7

NOTE.—Data in this table cover all domestic merchandise shipped from the United States customs areato foreign countries including, in 1947 to 1949, goods destined to United States armed forces abroad fordistribution in occupied areas as civilian supplies.



1 2 1


TABLE D-37.—Indexes of quantity and unit value of United States domestic mer-chandise exports, by economic classes, 1936-38 quarterly average, and 1947-49

[1936-38=100]

PeriodTotal

domesticexports

Crudematerials

Crudefoodstuffs

Manu-factured

foodstuffs

Semi-manu-

factures

Finishedmanu-

factures

Quarterly average:1936-381947...1948

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

1949—First quarter..

Quarterly average:1936-3819471948 -

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

1949—First quarter. _

100275213

220217197216

229

100123100

8786100124

129

Quantity indexes

100397362

323265407429

494

100478351

353390319335

314

100203143

160149130131

161

100332256

275275225246

254

Unit value indexes

100188200

204202201196

193

100195223

227229223220

216

100248255

290269256231

234

100218223

230226230209

190

100169184

184185186186

184

100182193

194194193191

191

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 averageprices that result from changes in the commodity composition of trade. The indexes for 1947 to 1949 arebased on data which include goods destined to the United States armed forces abroad for distribution tocivilians in occupied areas.


1 2 2


TABLE D-38.—United States general merchandise imports, by areas,1936-38 quarterlyaverage, and 1947-49

PeriodTotal

generalimports

CanadaOther

WesternHemi-sphere

E R Pcoun-tries l

OtherEurope Asia1

Australiaand

OceaniaAfrica

Millions of dollars


1948—First quarter.._Second quarter-Third quarter. _Fourth quarter.

1949—First quarter - _ _Second quarter 2


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

1949: First quarter....

6221,4391,781

1,8101,7101,7291,875

1,7891,650

86274388

328355410461

366(3)

145576637

705630586625

674(3)

152174244

232233234280

250(3)

304548

53484943

3400

183249324

328321301346

328(3)

103941

48344834

34(3)

1782

1169010285

102

Percentage of total

100100100

100100100100

100

13.819.021.8

18.120.823.724.6

20.5

23.340.035.8

39.036.833.933.4

37.7

24.412.113.6

12.813.613.514.9

14.0

4.83.12.7

2.92.82.82.3

1.9

29.417.318.2

18.118.817.418.5

18.3

1.62.72.3

2.72.02.81.8

1.9

2.75.75.5

6.45.35.94.5

5.7

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

2 Preliminary estimate based on incomplete data.3 Not available.

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



123


TABLE D-39.—United States merchandise imports for consumption, by economicclasses, 1936-38 quarterly average, and 1947-49

PeriodTotal

imports forconsump-

tion

Crudematerials

Crudefoodstuffs

Manufac-tured

foodstuffsSemimanu-

facturesFinishedmanufac-

tures

Millions of dollars


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



1948—First quarter. _Second quarterThird quarter .Fourth quarter


6151,4161,770

1,7761,6781,7541,870

1,756

190441537

578506543520

502

85254318

346287271367

340

95164183

161180199190

181

126311408

396385419433

397

120246324

295319322360

336

Percentage of total

100100100

100100100100

100

30.931.130.3

32.530.231.027.8

28.6

13.817.918.1

19.517.115.519.6

19.4

15.411.610.3

9.110.711.310.2

10.3

20.522.023.1

22.322.923.923.2

22.6

19.517.418.3

16.619.018.419.3

19.1

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



124


TABLE D-40.—Indexes of quantity and unit value of United States merchandiseimports for consumption, by economic classes, 1936-38 quarterly average, and1947-49

[1936-38=100]

Period


1948—First quarter _.Second quarterThird quarterFourth quarter


Quarterly average:1936-3819471948 —

1948—First quarterSecond quarter. _Third quarterFourth quarter.


Totalimports forconsump-

tion

Crudematerials

Crudefoodstuffs

Manufac-tured

foodstuffs

Semimanu-factures

Finishedmanufac-

tures

Quantity indexes

100108123

126117119128

121

100129139

154132136132

128

10096

109

11710091

127

121

1008391

81899995

93

100130149

153142151152

139

10084

103

96101102113

105

Unit value indexes

100213235

230234239238

236

100180203

197202210206

206

100311343

347338349338

330

100208212

210214212212

206

100191217

206215221227

227

100245266

266268265267

267

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


TABLE D-41.—Changes in selected economic series since 1939 and 1948

Source:Appendixtable No.

Economic series

1939=100

1948

Year Firsthalf

Secondhalf

1949,firsthalf

Percentagechanges,

1948 secondhalf to 1949first half1

D-2..

D-3-.

D-5-.

D-7..

Gross national productPersonal consumption expenditures...Gross private domestic investmentNet foreign investmentGovernment purchases of goods andservices.

National income ___Compensation of employees

Personal incomeDisposable personal income-Personal net saving

Per capita disposable personal income:Current dollars1948 dollars

Labor force, including armed forces..Civilian labor force

EmploymentNbnagriculturalAgricultural

Unemployment

283263453211271

310292

294274552

245142

1131111301428322

276259432367

301

267452

239141

1111101271407923

29126847656296

320300

300282637

251144

1151131321448720

28126039767319

310294

295278726

246144

1131111271398334

-3.4-2.7

-16.6+20.0+7.7

-3 .2-2 .2

- 1 . 8- 1 . 2

+14.0

-2.0+.1

-1.6-1.8-3.9-3.7-5.3

+66.6See footnotes at end of table, p. 126.

125


TABLE D-41.—Changes in selected economic series since 1939 and 1948—Continued

Source:Appendixtable No.

Economic series

1939=100

1948

YearFirsthalf

Secondhalf

1949,firsthalf

Percentagechanges,

1948 secondhalf to 1949first half

D-9.

D-12

D-l?

D-14

D-15-.

D-16.

D-19

D-20-.

D-21

D-22..

D-27.

D-35..

D-38-

Average gross weekly earnings:Manufacturing...Bituminous coal miningBuilding construction.Retail trade

Physical production index of goods andutilities: totalAgricultureNonagriculture-.

1 pr<Durable manufacturesNondurable manufactures..Minerals.

New construction: totalPrivateResidential—NonresidentialPublic utility and farm.

Public

Business expenditures for new plant andequipment

Inventories:Manufacturing..WholesaleRetail

Sales:Manufacturing..WholesaleRetail

Consumers' price index: All items.FoodApparelRent

Wholesale price index: All commodities. __Farm productsFoodsOther than farm products and foods...

Prices received by farmersPrices paid by farmers (including interest

and taxes).Parity ratio.

Consumer credit outstanding, end ofperiod.

Corporate profits:Profits before taxes-Profits after taxes

Dividend payments.._Undistributed profits .

Merchandise exports, including reexports]3

General merchandise imports3

223304227189

172132180

176206162146

382342456414169

370

276260263

344314309

172221197113

214288254186

302

201149

205

505402205

1,025

425

286

218295220185

()180

176206163144

259342308418357131

346

258249258i.

335302294

170219195112

212292251183

306

202151

184

482384195983(*•"442

283

227312233192

180

176207161148

337422375494471206

394

275260264

353326325

174223199114

216285258

201148

205

529420211

1,083

408

290

225306232197

()172

166196152136

268326272407384179

357

()

8171212193115

204261232184

273

136

203

418324216675

446

277

- 1 . 2- 2 . 0- . 8

+2.9

)-4.6- 5 . 7- 5 . 3- 5 . 7- 8 . 3

-20.4-22.8-27.6-17.7-18.4-12.9

-9 .4

- 2 . 1- 4 . 6-3 .2+1.4

- 5 . 6- 8 . 6- 9 . 9- 2 . 5

- 8 . 5

- 1 . 2- 7 . 9

- 1 . 0

-20.9-22.9+2.5

-37. 7

+9.2

- 4 . 6

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

2 Not available.31936-38 average=100.

For sale by the Superintendent of Documents, U. S. Government Printing OflQceWashington 25, D. C. • Price 50 cents

126
