erp1953 appendixes 2

Appendix B

Statistical Tables Relating to Employment,Production, and Purchasing Power

CONTENTSNational income or expenditure: Page

B-l. Gross national product or expenditure, 1929-52 165B-2. Gross national product or expenditure in 1952 prices, 1929-52 166B-3. Gross national product or expenditure in 1939 prices, 1929-52 168B-4. Personal consumption expenditures, 1929-52 169B-5. Gross private domestic investment, 1929-52 170B-6. National income by distributive shares, 1929-52 171B-7. Personal income, 1929-52 172B-8. Relation of national income and personal income, 1929-52 173B-9. Disposition of personal income, 1929-52 174B-10. Total and per capita disposable personal income in current and 1952

prices, 1929-52 175B—11. Sources and uses of gross saving, 1929-52 176

Employment and wages:B-l 2. Labor force, employment, and unemployment, 1929-52 177B-l 3. Number of wage and salary workers in nonagricultural establishments,

1929-52 178B-l4. Average weekly hours in selected industries, 1929-52 179B-l 5. Average gross hourly earnings in selected industries, 1929-52 _ . . . 180B-l 6. Average gross weekly earnings in selected industries, 1929—52 181

Production and business activity:B-l 7. Indexes of industrial and agricultural production, 1929-52 182B-18. New construction activity, 1929-52 183B-l 9. New nonfarm housing starts, by source of funds and by type of struc-

ture, 1929-52 184B-20. Business expenditures for new plant and equipment, 1939 and 1945-53 . 185B-21. Inventories and sales in manufacturing and trade, 1939—52 186B-22. Sales, stocks, orders, and receipts, selected department stores, 1939-52. 187

Prices:B-23. Wholesale price index, 1929-52 188B-24. Consumers' price index, 1929-52 190B-25. Indexes of prices received and prices paid by farmers, and parity

ratio, 1929-52 191B-26. Indexes of wholesale prices and cost of living in the United States and

foreign countries, selected dates since June 1950 192

163

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

PageCredit, money supply, and Federal finance:

B-27. Consumer credit outstanding, 1929-52 193B-28. Loans and investments of all commercial banks, 1929-52 194B-29. Deposits and currency, 1929-52 195B-30. Estimated ownership of Federal obligations, 1939-52 196B-31 .U.S. Government debt—volume and kind of obligations, 1929-52 197B-32. Bond yields and interest rates, 1929-52 198B-33. Government cash receipts from and payments to the public, calendar

years, 1943-52 199Corporate profits and finance:

B-34. Profits before and after tax, all private corporations, 1929-52 200B-35. Sales and profits of large manufacturing corporations, 1939-52 201B-36. Relation of profits before and after taxes^to stockholders' equity,

private manufacturing corporations, by industry group, 1947-50average and 1951-52 202

B—37. Relation of profits before and after taxes to sales, private manufacturingcorporations, by industry group, 1947-50 average and 1951-52 203

B-38. Relation of profits before and after taxes to stockholders' equity andto sales, all private manufacturing corporations, by asset size class,1947-50 average and 1951-52 204

B-39. Sources and uses of corporate funds, 1946- 52 205International transactions:

B-40. International transactions of the United States, 1949-52 206B-41. United States exports and imports of goods and services, by area,

1949-52 207B—42. U. S. Government grants, other unilateral transfers, and loans to

foreign countries, 1949-52 208B-43. United States merchandise exports, including reexports, by area,

1936-38 quarterly average and 1947-52 209B-44. Indexes of quantity and unit value of United States domestic mer-

chandise exports, by economic class, 1936—38 quarterly averageand 1947-52 210

B—45. United States general merchandise imports, by area, 1936—38 quar-terly average and 1947-52 211

B—46. Indexes of quantity and unit value of United States merchandiseimports for consumption, by economic class, 1936-38 quarterlyaverage and 1947-52 212

Summary:B-47. Changes in selected economic series since 1939 and 1951 and during

1952 213

164


NATIONAL INCOME OR EXPENDITURETABLE B-1.—Gross national product or expenditure, 1929—52

[Billions of dollars]

Period

1929

1930 .19311932....19331934

19351936.193719381939

19401941194219431944

19451946194719481949 ..

19501951 . - - _1952 •

1950: First halfSecond half


1952: First halfSecond half 8

1950: First quarter....Second quarter-Third quarter...Fourth quarter .

1951: First quarter....Second quarter.Third quarter...Fourth quarter .

1952: First quarter....Second quarter .Third quarter..Fourth quarter •

Totalgrossna-

tionalprod-uct

103.8

90.975.958.355.864.9

72.282.590.284.791.3

101.4126.4161.6194.3213.7

215.2211.1233. 3259.0258.2

284.2329.2345.1

Per-sonalcon-

sump-tionex-

pendi-tures !

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146.9165.6177.9180. 6

194.3208.0216.0

Gross private domesticinvestment 2

'c3

1

15.8

10.25.4.9

1.32.8

6.18.3

11.46.39.9

13.918.310.95.77.7

10.728.730.242.733.5

50.358.551.4

New construc-tion

1

7.8

5.63.61.71.11.4

1.92.83.73.34.9

5.66.84.02.52.8

3.910.313.917.717.2

22.923.323.4

"S^

11v£3d§1tf

2.8

1.41.2.5.3.4

.71.11.41.52.7

3.03.41.81.0.8

1.14.06.38.68.3

12.611.011.1

fc

0

5.0

4.22.41.2.8

1.0

1.21.72.31.82.2

2.63.42.21.52.0

2.86.37.69.19.0

10.312.312.4

Ias -a

*I"to O<

fe'3§g1fc

6.4

4.93.21.81.82.5

3.44.55.44.04.6

6.17.74.94.15.7

7.512.317.119.918.7

22.024.925.8

3 K>£>.£.S-§&®b&>S fl-Si*» 2ga

1.6

-.3-1.4-2.6-1.6-1.1

.91.02.3

-1.0.4

2.33.92.1-.9-.8

-.76.1-.85.0

-2.5

5.510.32.1

Netfor-eignin-

vest-ment

0.8

.7

.2

.2

.2

.4

-.1-.1

.11.1.9

1.51.1-.2

-2.2-2.1

-1.44.68.91.9.5

-2.3.2.3

Government purchases ofgoods and services

3oH

8.5

9.29.28.18.09.8

9.911.711.612.813.1

13.924.759.788.696.5

82.830.928.636.643.6

41.962.677.5

Federal 3

!e1.3

1.41.51.52.03.0

2.94.84.65.35.2

6.216.952.081.289.0

74.820.915.821.025.4

22.240.954.2

^o'St3°fc

(5)

(5)(5)(5)(5)(s)

(8)(s)(5)(5)1.2

2.213.849.479.787.5

73.818.512.015.518.9

18.336.748.9

£AO

(5)

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

(«)(5)(5)(•)3.9

4.03.22.71.51.6

1.02.53.85 66.6

3.94.25.3

n3i1CQ

7.2

7.87.76.65.96.8

7.06.97.07.57.9

7.87.87.77.47.5

8.010.012.815.618.2

19.721.723.3

Seasonally adjusted annual rates

270.6297.8324.4334.0341.2349.1263.5277.8291.3304.2319.6329.3330.9337.1339.7342.6343.0355.2

187.1201.4207.5208.4214.0218.0184.9189.3203.5199.4210.5204.5206.4210.5213.2214.9215.0221.0

44.556.262.554.649.653.139.050.050.861.659.865.256.252.950.049.351.754.5

21.524.224.122.423.623.220.822.224.324.224.723.522.422.423.723.623.023.5

11.813.411.810.111.011.211.212.413.713.112.810.99.9

10.311.011.010.911.5

9.710.812.212.312.612.19.69.8

10.611.111.912.612.512.112.712.612.212.0

20.024.125.124.825.726.018.521.424.423.824.825.424.924.725.725.725.027.0

3.17.8

13.37.4.4

3.8

6!42.1

13.610.316.38.95.8.6.1

3.74.0

-1.6-3.0

J A

1.81.3-.7

-1.7-1.6-3.2-2.7-2.7-.21.12.62.2.4

-1.6.2

40.743.055.869.276.278.741.340.140.145.951.959.867.371.274.478.077.979.5

21.423.034.647.253.055.221.920.820.525.530.838.345.548.951.254.954.855.7

16.819.631.042.448.049.816.617.117.222.127.334.641.143.846.049.949.250.5

4.63.33 64.85.25.45.33.83.33.33.53.74.55.15.25.15.65.3

19.420.021.422.023.123.419.419.319.720.421.121.621.722.323.223.023.123.8

1 See appendix table B-4 for detail.2 See appendix table B-5 for more detail and explanation of components.3 Net of Government sales, which have been deducted from national security expenditures.4 For 1947-52 "national security" expenditures include the following: military services, international

security and foreign relations, development and control of atomic energy, promotion of merchant marine,promotion of defense production and economic stabilization, and civil defense. (See The Budget of theUnited States Government for the Fiscal Year Ending June SO, 1954, for items included in these classi-fications.) Prior to 1947, the expenditures are based on items formerly classified as "war" by the Bureauof the Budget and Treasury Department. For all years, the expenditures exclude Government sales andhave been adjusted to the concept of purchases of goods and services.

«Not available.8 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers,NOTE.—Detail will not necessarily add to totals because of rounding.Source: Pepartment of Commerce (except as noted).

165


TABLE B-2.—Gross national product or expenditure in 1952 prices, 1929-52 l

[Billions of dollars, 1952 prices]

Period

1929

19301931193219331934 ..

1935 .. -1936193719381939 - .

19401941194219431944

19451946194719481949 .

19501951 . .1952s

1950: First half . .Second half

1951: First half .. .Second half


1950: First quarterSecond quarterThird quarterFourth quarter

1951: First quarterSecond quarterThird quarterFourth quarter.

1952: First quarterSecond quarterThird quarterFourth quarter «

Totalgross

nationalproduct

172.5

155.9144.1122.1120.5134.3

146.6167.5175. 4168.1184.0

202.1234.9266.5300.2323.7

314.1278.8278.3287.5288.6

311.0337.1345.1

Personal consumptionexpenditures

Total

121. 6

114.2110.2100.599.3

105.2

111.9123.4127.6125.6132.8

140.6151.5149.3153.2159.5

170.0188.7193.6197.0202.4

212.9212.1216.0

Dur-able

goods

16.7

13.311.08.27.99.2

11.313.814.512.013.8

16.018.511.810.39.6

11.021.425.526.026.6

32.027.525.8

Non-du-

rablegoods

63.4

60.459.954.854.558.7

62.369.471.772.876.9

80.987.590.092.897.1

104.3109.3107.9108.4110.5

112.5114.3118.9

Serv-ices

41.5

40.539.337.536.937.3

38.340.241.440.842.1

43.745.547.550.152.8

54.758.060.262.665.3

68.470.371.4

Gross private domestic investment

Total

33.7

22.914.03.03.77.5

14.320.024.413.922.2

30.237.520.411.613.7

17.043.441.348.839.2

56.060.251.4

New construction

Total

19.2

14.310.15.63.74.3

5.78.29.88.6

12.8

14.2•16.0

8.74.95.1

6.815.817.920.820.5

25.524.123.4

Resi-den-tial

(non-farm)

( 4 )

88(4)

(4)(4)(4)(4)7.0

7.57.93.92.01.5

1.96.18.09.99.7

13.911.311.1

Other

(4)

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

(4)(4)(4)(4)5.8

6.78.14.82.93.6

4.99.79.9

10.910.8

11.612.812.4

Pro-ducers'durableequip-ment

11.3

9.06.23.73.84.9

6.78.9

10.27.48.6

11.213.58.36.99.6

12.418.422.123.621.4

24.625.425.8

Changein

busi-ness

inven-tories

3.2

-.4-2.3-6.3-3.8-1.7

1.92.94.4

-2.1.8

4.88.03.4

2-i!o-2.1

9.21.34.4

-2.7

5.910.72.1


302.5319.6

333.8340.8

342.8347.4

295.2309.8314.7324.4

329.2338.3339.6342.1

342.6343.1341. 5353.2

209.4216.7

212.8211.5

214.8217.3

207.7211.1220.4213.0

216.4209.1210.7212.3

214.6215.0214.5220.1

29.634.2

29.525.6

25.725.8

29.229.937.231.3

32.126.925.925.4

25.126.324.427.1

112.4113.3

113.3115.4

118.1119.8

11L9112.8114.3112.3

114.6112.0114.5116.2

118.6117.6118.5121. 0

67.569.2

70.070.5

71.071.8

66.668.468.969.4

69.770.270.370.7

70.971.171.672.0

51.460.8

64.656.0

49.852.8

45.557.355.666.0

62.067.357.854.1

50.449.151.554.2

24.826.2

25.123.2

24.022.9

24.425.226.426.0

25.824.423.223.1

24.223.822.723.1

13.514.4

. 12.210.4

11.111.1

13.113.914.714.0

13.311.210.210.5

11.111.110.811.4

11.311.8

12.812.8

12.911.8

11.311.311.712.0

12.513.213.012.6

13.112.711.911.7

22.926.2

25.725.2

25.826.0

21.324.527.125.3

25.525.925.424.9

25.825.725.026.9

3.78.4

13. 87.6

.04.0

—.27.62.1

14.7

10.717.09.26.1

.4-.43.84.2

See footnotes at end of table.

166


TABLE B~2.—Gross national product or expenditure in 1952 prices > 1929-52 l—Continued


Period

1929

193019311932 _ _19331934 -_

19351936 .19371938 1 _1939

19401941194219431944 _ . ..

1945 __19461947 _ .1948.1949

1950195119525



1952: First half .. . -Second half 5 _

1950: First quarter -Second quarterThird quarterFourth quarter _ _ _

1951: First quarterSecond quarter _ _Third quarterFourth quarter. _

1952: First quarterSecond quarter _ _ _ ,Third quarter _ _ _ .Fourth quarter5

Netforeigninvest-ment

-0.2

-!9-1.0-1.4-.6

-2.0-2.1-1.7

.5

.1

.8-.7

-2.6-6.9-7.3

-7.03.47.8

-.6-2.0

-3.41.0.3

Government purchases of goods and services

Total

17.4

19.320.819.618.922.2

22.426.225.128.128.9

30.546.699.4

142.3157.8

134.043.335.642.349.0

45.563.877.5

Federal 2

Total

2.9

3.23.53.75.06.8

6.610.79.9

11.711.5

13.630.584.7

128.9144.7

120.828.318.924.228.6

24.141.754.2

Nationalsecurity 3

(4)

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

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

2.7

4.824.980.5

126.5142.3

119.225.014.417.821.3

19.837.448.9

Other

(4)

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

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

8.8

8.85.64.22.42.4

1.63.34.56.47.3

4.34.35.3

Stateandlocal

14.5

16.117.315.913.915.4

15.815.515.216.417.4

16.916.114.713.413.1

13.215.016.718.120.4

21.422.123.3


— 3. 6-3.5

-.82.8

1.6-1.0

-3.9-3.2-4.1-2.9

-2.2. 7

2.33.3

2.5.8

-2.0.0

45.245.6

57.170.6

76.678.2

45.944.642.848.3

53.061.268.872.4

.75.178.277.578.9

23.824.3

35.448.1

53.454.8

24.423.221.627.0

31.639.246.549.7

51.955.054.455.3

18.820.8

31.743.3

48.349.4

18.519.118.123.4

28.035.442.044.6

46.749.948.850.1

5.03.6

3.74.8

5.25.4

5.94.13.53.6

3.63.84.55.1

5.25.15.65.2

21.421.2

21.722.5

23.223.4

21.521.421.221.3

21.422.022.322.7

23.223.223.123.6

1 These estimates represent a rough conversion of the Department of Commerce series in 1939 prices.(See appendix table B-3.) This was done by major components, using the implicit price indexes con-verted to a 1952 base. Although it would have been preferable to redeflate the series by minor components,this would not substantially change the results except possibly for the period of World War II, and for the

1 series on "change in business inventories."2 Net of Government sales, which have been deducted from national security expenditures.8 See appendix table B-l, footnote 4.4 Not available.• Estimates based on incomplete data.

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

167


TABLE B—3.—Gross national product or expenditure in 1939 prices, 1929-52 1


Period

1929

19301931.193219331934

1935 ...1936193719381939 . _.

19401941194219431944

1945 _..19461947 ...19481949

195019511952

Totalgrossna-

tionalprod-uct

85.9

78.172.361.961.567.9

73.983.987.984.091.3

100.0115.5129.7145.7156.9

153. 4138.4138.4143. 5144.0

154. 8167.3170.8

Personal consumptionexpenditures

Total

62.2

58.656.651.851.154.0

57.262.865.063.967.5

71.376.675.878.081.1

86.395.798.3

100.3103. 2

108.5108.4110.2

Du-rablegoods

8.0

6.45.33.93.84.4

5.46.67.05.76.7

7.78.95.75.04.6

5.310.412.312.612.9

15.413.312.4

Non-du-

rablegoods

29.1

27.727.525.224.927.0

28.631.832.933. 435.3

37.140.141.342.644.5

47.950.249.549.750.7

51.652.454.6

Serv-ices

25.1

24.523.922.722.422.6

23.224.425.124.825.5

26.527.628.830.432.0

33.235.236.438.039.6

41.542.643.3

Gross private domesticinvestment

Total

14.9

10.15.91.11.63.5

6.79.3

11.46.39.9

13.717.19.35.46.6

8.320.319.322.718.0

25.828.023.8

Newcon-

struc-tion

7.4

5.43.82.11.51.7

2.23.13.83.34.9

5.46.13.31.92.0

2.66.06.98.07.9

9.89.29.0

Pro-duc-ers'du-

rableequip-ment

6.1IW?

4.83.31.92.02.7

3.64.85.53.94.6

6.07.24.43.65.1

6.79.9

11.812.611.4

13.113.613.8

Changein

busi-ness

inven-tories

1.5

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

.91.42.1

-1.0.4

2.33.81.6-.1-.5

-1.04.4.6

2.1-1.3

2.85.11.0

Netfor-eignin-

vest-ment

0.8

.6

.3

.2

.1

.3i

-'.2.1

1.0.9

1.2> . 7

A

-2!l-2.2

-1.82.74.81.4.6

.02.01.7

Governmentpurchases of goods

and services

Total

7.9

8.79.48.98.7

10.1

10.111.911.412.713.1

13.821.145.064.371.3

60.619.616.119.222.2

20.628.935.0

Fed-eral

1.3

1.51.61.72.33.1

3.04.94.45.35.2

6.113.838.358.265.4

54.612.88.5

10.912.9

10.918.924.4

Stateandlocal

6.6

7.37.87.26.47.0

7.17.16.97.47.9

7.77.36.76.16.0

6.06.87.68.29.3

9.710.110.6

Grosspri-vateproduct 2

81.5

73.567.757.456.562.0

67.676.480.976.483.7

92.1106.2116.5125.3133.0

129.7125.6128.6133. 7133.7

144.3154.0156.4

1 See Survey of Current Business, January 1951, and the National Income Supplement to the Survey ofCurrent Business, 1951, for explanation of conversion of estimates in current prices to those in 1939 prices.

» Total gross national product less compensation of general government employees.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

168


TABLE B-4.—Personal consumption expenditures, 1929-52


Period

1929

19301931193219331934

19351936 .193719381939

19401941194219431944 _

19451946. .194719481949

195019511952*


1951: First half .Second half

1952: First halfSecond half *

1950: First quarterSecond quarterThird quarterFourth quarter _

1951: First quarterSecond quarterThird quarter ...Fourth quarter..

1952: First quarter .. . .Second quarterThird quarterFourth quarter4. .

Totalper-

sonalcon-

sump-tionex-

pendi-tures

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146.9IPS. 6177.9180.6

194.3208.0216.0

Durable goods

Total

9.4

7.35.63.73.54.3

5.26.47.05.86.7

7.99.87.16.87.1

8.516.621.422.923.8

29.227.125.8

Auto-mo-bilesandparts

3.2

2.21.6.9

1.01.4

1.92.32.41.62.1

2.73.3.7.8.9

1.14.26.67.59.4

12.310.710.3

Other

6.1

5.14.02.82.52.9

3.34.14.64.14.6

5.16.46.46.06.2

7.412.414.815.414.5

16.916.415.4

Nondurable goods

Total

37.7

34.129.022.722.326.7

29.432.935.234.035.3

37.644.052.961.067.1

74.985.895.1

100.999.2

102.8113. 5118.9

Foodi

19.7

18.114.811.411.514.3

16.318.520.019.019.3

20.724.430.535.338.9

43.050.356.659.758.9

61.469.272.7

Cloth-ing 2

9.2

7.96.85.04.65.6

5.96.56.76.67.0

7.48.8

11.013.715.3

17.118.619.120.119.0

18.920.320.6

Other

8.9

8.17.46.46.26.9

7.27.98.68.48.9

9.510.811.411.912.9

14.816.919.421.121.4

22.524.125.7

Services

Total

31.7

29.526.622.820.620.9

21.723.324.924.725.5

26.628.531.234.437.4

39.744.549.154.157.5

62.467.371.4

Hous-ings

11.4

11.010.29.07.87.5

7.67.98.48.78.9

9.29.9

10.611.111.7

12.213.014.616.518.1

19.921.823.4

Other

20.2

18.516.413.812.713.4

14.115.416.516.016.5

17.418.720.623.325.7

27.531.434.537.739.4

42.545.648.0


187.1201.4

207.5208.4

214.0218. 0

184.9189.3203.5199.4

210.5204.5206.4210.5

213.2214.9215.0221.0

26.432.0

28.825.4

25.825.7

26.026.734.229.7

31.326.325.525.3

25.226.424.227.2

10.813.7

11.89.7

10.410.2

10.311.314.313.1

12.611.09.99.5

9.611.38.8

11.6

15.618.2

17.115.7

15.415.5

15.715.419.916.6

18.815.415.615.8

15.615.115.415.6

99.8105.8

112.3114.7

117.9120.0

98.7100.8106. 2105.3

113.3111.3113.2116.2

118.0117.8118.9121.0

59.563.2

68.470.0

72.073.2

59.060.063.463.0

68.568.269.570.4

71.872.373.273.3

18.419.6

20.220.4

20.320.8

18.118.619.719.4

?0.719.720.020.7

20.620.020.321.3

21.923.0

23.824.4

25.625.9

21.622.223.122.9

24.123.423.725.1

25.625.525.426.4

61.063.8

66.468.3

70.472.4

60.161.863.164.4

65.966.967.669.0

70.070.871.972.8

19.420.3

21.222.2

23.023.7

19.219.720.120.5

21.021.522.022.5

22.923.223.523.9

41.543.4

45.146.0

47.448.6

40 942.143.043.9

44.945.345.646.5

47.147.648.448.9

' Includes alcoholic beverages.* Includes shoes and standard clothing issued to military personnel.3 Includes imputed rental value of owner-occupied dwellings.4 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.

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

169


TABLE B—5.—Gross private domestic investment, 1929-52


Period

1929

19301931193219331934

193519361937 .-.193819391940194119421943 —19441945194619471948194919501951 _-1952 9

1950:First half __Second half

1951:First half __.Second half

1952:First halfSecond half fl

1950:First quarterSecond quarter-Third quarter. ._Fourth quarter.

1951:First quarterSecond quarter..Third quarter...Fourth quarter.

1952:First quarterSecond quarter..Third quarter...Fourth quarter 9

Totalgross

privatedo-

mesticinvest-ment

15.810.25.4.9

1.32.86.18.3

11.46 39.9

13.918.310.95.77.7

10.728.730.242.733.550.358.551.4

Nonfarm producers'plant and equipment

Total i

9.87.64 62.52.33.1

3.85.26.64 75.77.49.35.84.66.3

8.715.520.323.421.725.429.631.0

Equip-ment 2

5.6

4.32 81.61.62.2

2.93.94.73 44.05.36.64. 13.54.76.3

10.714.616.715.318.420.822.0

Con-struc-tion 1 3

4.2

3.41 81.0.7.9

1.01.31.91 41.72.12.71.71.11.62.44.85.76.76.47.08.89.0

Farm equipment andconstruction

TotaH

1.1.95

.3

.3

.4

.6

.81.0

8.8

1.01.31.0.9

1.2

1.42.43.84.64.75.45.95.5

Equip-ment

0.8.74

.3

.3

.3

.5

.6

.86

.6

.81.0.7.6.9

1.11.62.53.23.43.64.13.8

Con-struc-tion

0.3.21

(8)(8)

.1

.2

.2

.2

.2

.2

.3

.3

.3

.3

.3

.91.31.41.31.81.81.7

Resi-dential

con-struc-tion

(non-f arm) i s

2.81.41 2.5.3.4.7

1.11.41 52.73.03.41.81.0.8

1.14.06.38.68.3

12.611.011.1

Otherpri-vatecon-

struc-tion6

0.5.54

.2

.1

.1

.1

.1

.22

.2

.2

.3

.1(8)

.2

.6

.71.01.31.51.71.7

Net change inbusiness inventories

Total

1,6-.3

— 1 4-2.6-1.6-1.1

.91.02.3

—1 0.4

2.33.92. 1-.9-.8

-.76.1-.85.0

-2.5

5.510.32.0

Non-farm7

1.8

(8)—1 7-2.6-1.3

.2

.42.11.8

— 1 1.3

2.03.4.8

-.5-.3-.66.31.43.7

-1.64.69.41.4

Farm

-0.3-.2

3(8)-.3

-1.3.5

-1.1.5. i.1.2.5

1.3-.4-.5

-.1-.2

-2.21.3-.9

.9

.9

.6


44.556.2

62.554.6

49.653.1

39.050.050.861.6

59.865.256.252.9

50.049.351.754.5

23.027.7

29.330.0

31.031.1

21.824.327.627.8

29.129.530.029.9

31.031.030.132.0

16.620.2

20.621.1

21.822.3

15.417.820.420.1

20.720.621.021.2

21.721.821.323.3

6.47.4

8.68.8

9.28.8

6.46.57.27.7

8.48.99.08.7

9.39.28.88.7

5.15.6

6.25.5

5.65.4

4.85.45.85.5

5.96.65.75.3

5.75.65.45.4

3.43.8

4.43.7

4.03.7

3.13. 64.03.7

4.14.83.93.5

4.03.93.73.7

1.81.8

1.81.8

1.71.7

1.71.81.81.8

1.81.81.81.8

1.71.71.71.7

11.813.4

11.810.1

11.011.2

11.212.413.713.1

12.810.99.9

10.3

11.011.010.911.5

1.51.6

1.81.6

1.71.6

1.51.51.51.6

1.71.91.71.6

1.71.71.61.6

3.17.8

13.37.4

.43.8

-.26.42.1

13.6

10.316.38.95.8

.6

.13.74.0

2.66.5

12.16.7

3! 2

-.15.4.8

12.2

9.015.28.25.2

-.1-.83.03.4

.41.4

1.2.6

.8

.6

-.1.0.3.4

.31.1.7.6

.7

.9

.7

.6

1 Items for 1945 and earlier years are not comparable with those for later years, nor with figures shown inappendix tableB-18. Items for nonfarm producers' plant and equipment for all years are not comparablewith those shown in appendix table B-20, principally because the latter exclude certain equipment andconstruction outlays charged to current expense.

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

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

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

5 Includes construction of hotels, tourist cabins, motor courts, and dormitories since 1946 only.6 Includes religious, educational, social and recreational, hospital and institutional, miscellaneous nonresi-dential, and all other private.

7 After revaluation adjustment.8 Less than 50 million dollars.' Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

170


TABLE B-6.—National income by distributive shares, 1929-52


Period

1929 _ . - .

19301931 _19321933 .-.1934

19351936193719381939 . _ _ _ _ _ _

1940194119421943 .1944

19451946 . - _ -194719481949

195019511952«

1950: First halfSecond half. _ _ _ .



1950: First quarter _Second quarterThird quarter. .Fourth quarter

1951: First quarter __Second quarterThird quarterFourth quarter

1952: First quarterSecond quarterThird quarterFourth quarter 5

Totalna-

tionalin-

come1

87.4

75.058.941.739.648.6

56.864.773.667.472.5

81.3103.8137.1169.7183.8

182.7180. 3198.7223.5216.3

239.2277.6291.2

Com-pen-

sationof em-ploy-ees2

50.8

46.539.530.829.334.1

37.142.747.744.747.8

51.864.384.9

109.2121.2

123. 0117.1128.0140.2139.9

153.4178.9190.3

Business and pro-fessional incomeand inventory

valuationadjustment

Total

8.3

7.05.33.22.94.3

5.06.16.66.36.8

7.79.6

12.615.017.2

18.720.619.822.121.6

23.726.227.7

In-come

ofunin-corpo-ratedenter-prises

8.1

6.34.72.93.44.3

5.06.26.76.16.9

7.810.212.915.117.2

18.822.421.322.521.0

24.926.627.7

In-ven-toryvalu-ationad-

just-ment

0.1

.8

.6

.3

-!i-.1-.1(4).2

-.21

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

-.1-1.8-1.5-.4

.6

-1.2-.4(4)

In-come

offarmpro-prie-tors

5.7

3.92.91.72.32.3

4.93.95.64.44.5

4.96.9

10.511.811.8

12.514.815.617.712.8

13.315.615.2

Rent-al in-come

ofper-sons

5.8

4.83.62.52.02.1

2.32.73.13.33.5

3.64.35.46.16.5

6.36.67.17.57.7

8.28.99.7

Corporate profitsand inventory

valuationadjustment

Total

10.3

6.61.6

-2.0-2.0

1.1

3.04.96.24.35.8

9.214.619.924.324.0

19.218.324.731.729.2

34.841.641.4

Cor-porateprofitsbeforetax 3

9.8

3.3-.8

-3.0.2

1.7

3.25.76.23.36.5

9.317.221.125.124.3

19.723.530.533.827.1

39.642.940.8

In-ven-toryvalu-ationad-

just-ment

0.5

3.32.41.0

-2.1-.6

2-.7(4)1.0-.7

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

-.6-5.2-5.8-2.1

2.1

-4.8-1.3

.6

Netin-

terest

6.5

6.25.95.45.04.8

4.54.54.44.34.2

4.14.13.93.43.1

3.02.93.54.35.0

5.86.47.0


225. 1253.3

272.2282.9

287.4295.0

218.9231.3247.2259.4

269.6274.8280.2285.6

288.0286.9

5289.5300.5

145.4161.4

175.6182.2

186.7193.9

142.0148. 71 57. 4165.4

172.9178.2181.0183.4

186.5186.9190.3197.5

22.624.6

26.126.3

27.428.0

22.123.224.624.7

26.226.026.026.6

27.327.627.528.5

23.026.8

27.625.6

27.428.0

22.323.726.726.9

29.026.225.225.9

27.527.327.428.5

-.4-2.2

-1.5.8

(4)(*)

-.2-.5

-2.1-2.2

-2.8-.2

.8

.72

.'3

.1(4)

12.314.4

14.816.4

15.115.2

12.412.213.914.8

15.114.415.817.0

15.414.815.215.3

8.08.4

8.59.2

9.49.9

8.07.98.38.5

8.58.59.19.4

9.49.59.8

10.0

31.238.4

41.042.2

42.040.8

28.833.537.039.8

40.741.241.942.5

42.741.2

539.642.0

32.846.4

46.739.0

41.140.5

30.235.544.348.4

50.143.338.639.5

42.739.5

839.042.0

-1.7-7.9

-5.83.1

.8

.3

-1.4-2.0-7.2-8.6

-9.4-2.1

3.23.0

-.11.7.6

(4)

5.66.0

6.46.6

6.87.2

5.55.75.96.2

6.36.46.56.6

6.76.97.17.2

1 National income is the total net income earned in production. It differs from gross national productin that it excludes depreciation charges and other allowances for business and institutional consumptionof durable capital goods, and indirect business taxes.

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

3 See appendix table B-34 for corporate tax liability (Federal and State income and excess profits taxes)and corporate profits after tax.

* Less than 50 million dollars.8 Estimates based on incomplete data; corporate profits and total national income for third quarter and

all items for fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

171


TABLE B-7.—Personal income, 7929-52


Period

1929

1930 _193119321933 _ _1934

19351936 -.19371938..- . _1939.--

1940.--1941194219431944,--

194519461947..-19481949

1950 _1951. _.19525

1950: First half.Second half


1952: First halfSecond half •

1950: First quarterSecond quarterThird quarterFourth quarter- _ _

1951 : First quarterSecond quarterThird quarterFourth quarter. _ _

1952: First quarterSecond quarterThird quarterFourth quarter «._

Totalpersonalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9177.7191.0209.5205.9

226.3254.1268.3

Salaries,wages,

and otherlabor

income 1

50.5

46.339.230.529.033.8

36.842.145.942.845.7

49.561.581.4

104.5116.2

116.9111.1122.3134.9134.2

146.5170.7182.2

Proprie-tors'and

rentalincome 2

19.7

15.711.87.47.28.7

12.112.615.414.014.7

16.320.828.432.835.5

37.542.042.447.342.1

45.250.652.2

Dividendsand

personalinterestincome 3

13.3

12.611.19.18.28.6

8.610.110.38.79.2

9.49.99.7

10.010.6

11.413.214.516.017.1

19.520.421.2

Transferpayments

1.5

1.52.72.22.12.2

2.43.52.42.83.0

3.13.13.23.03.6

6.211.411.811.312.4

15.112.412.7

Nonagri-culturalpersonalincome 4

76.8

70.060.146.243.049.5

53.462.866.562.166.3

71.586.1

109.4135.2150.5

155.7158.8170.8187.1188.7

208.5233. 6247.8

Agri-culturalincome

8.3

6.24.73.13.63.7

6.55.67.56.26.3

6.89.2

13.315.115.4

16.218.920.222.417.2

17.820.520.6


218.4234.2

249.0259. 0

263.7273.0

217.8219.0229.0239.5

246.2251.9256.1262.0

263.0264.4268.9277.0

138.8154.0

167.4173.9

178.6185.8

135.4142.1150.3157.8

164.6170.1172.2175.6

178.1179.0182.4189.1

43.047.4

49.452.0

51.652.8

42.643.446.848.0

49.749.050.853.1

51.751.652.253.5

18.220.8

20.020.8

21.021.4

18.018.520.021.7

19.720.320.620.9

20.521.521.421.5

18.412.0

12.412.4

12.512.9

21.815.011.912.0

12.212.512.512.4

12.512.512.912.9

201.8215.4

229.7237.6

243. 2252.4

201.0202. 5210.7220.0

226.6232.8235.3239.8

242.6243.7248.4256.4

16.618.9

19.421.5

20.620.6

16.816.518.319.5

19.619.120.822.2

20.420.720.520.6

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

2 Beginning in 1952, excludes contributions of self-employed persons for social insurance, thus differingfrom total proprietors' and rental income included in appendix table B-6.

3 See appendix table B-34 for dividend payments.4 Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises,

farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corpo-rations.

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

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

Source: Department of Commerce (except as noted).

172


TABLE B~8.—Relation of national income and personal income, 7929-52


Period

1929

19301931-193219331934

193519361937—19381939—

1940—19411942-19431944

19451946-19471948-1949 _.

19501951- _19522

1950: First half—Second half


1952: First half _.Second half 2

1950: First quarter..Second quarterThird quarterFourth quarter


1952: First quarterSecond quarterThird quarterFourth quarter 2. .

Nationalhi come

87.4

75.058.941.739.648.6

56.864.773.667.472.5

81.3103.8137.1169.7183.8

182.7180.3198.7223.5216.3

239.2277.6291.2

Less:

Corpo-rate

profitsand in-

ven-toryvalu-ation

adjust-ment

10.3

6.61.6

-2.0-2.0

1.1

3.04.96.24.35.8

9.214.619.924.324.0

19.218.324.731.729.2

34.841.641.4

Contri-butions

tosocialinsur-ance

0.2

.3

.3

.3

.3

.3

.3

.61.82.02.1

2.32.83.54.55.2

6.16.05.75.25.7

6.98.28.6

Excessof

wageac-

crualsoverdis-

burse-ments

0.2-.2

0)0)0)(')0)

0)0)-.1

Plus:

Gov-ern-

menttrans-

ferpay-

ments

0.9

1.02.01.41.51.6

1.82.91.92.42.5

2.72.62.72.53.1

5.610.911.110.511.6

14.311.511.8

Netinter-

estpaidby

gov-ern-ment

1.0

1.01.1.1.2.2

.1

.1

.2

.2

.2

1.31.31.52.12.8

3.74.44.44.54.6

4.74.95.0

Divi-dends

5.8

5.54.12.62.12.6

2.94.64.73.23.8

4.04.54.34.54.7

4.75.86.67.27.5

9.09.09.3

Busi-ness

trans-fer

pay-ments

0.6

.5

.6

.7

.7

.6

.6

.6

.6

.4

.5

.4

.5

.5

.5

.5

.5

.6

.7

.7

.8

.8

.9

.9

Equals:Per-sonal

income

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165 9

171.9177.7191.0209.5205.9

226.3254.1268.3


225.1253.3

272.2282.9

287.4295. 0

218.9231.3247.2259.4

269.6274.8280.2285.6

288.0286.9

2 289. 5300.5

31.238.4

41.042.2

42.040.8

28.833.537.039.8

40.741.241.942.5

42.741.2

239.642.0

6.67.1

8.28.2

8.48.6

6.66.76.97.3

8.18.28.18.3

8.58.48.68.7

0)0)

0)

0)-.2

0)0)0)

.1-.2

.8-.6

.10)-.40)

17.611.0

11.411.6

11.612.0

21.014.211.011.1

11.311.611.611.5

11.711.612.012.0

4.74.8

4.85.0

5.05.0

4.74.74.84.8

4.84.94.95.0

5.05.05.05.0

8.010.0

8.89.2

9.29.3

7.88.19.3

10.7

8.69.09.29.3

8.99.69.39.3

.8

.9

.9

.9

.9

.9

.8

.8

.9:9.9.9.9.9

.9

.9

.9

.9

218.4234.2

249.0259.0

263. 7273.0

217. 8219.0229.0239.5

246.2251.9256.1262. 0

263.0264.4268.9277.0

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

items for fourth quarter by Council of Economic Advisers.



'73


TABLE B—9.—Disposition of personal income, 1929-52

Period

1929

19301931 .19321933 _ .1934

19351936 _ -. ..193719381939 _ .

1940 - .194119421943 _1944

19451946 _ .19471948 . -1949

1950195119521


1951: First halfSecond half _ _ . _ _ _ _ _ _

1952: First halfSecond half i _.

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

1951: First quarterSecond quarterThird quarter _ ..Fourth quarter

1952: First quarterSecond quarter .Third quarter _.Fourth quarter J

Personalincome

Less:Personaltax andnontax

payments

Equals:Dispos-

ablepersonalincome

Less:Personal

con-sumptionexpendi-

tures

Equals:Personal

netsaving

Billions of dollars

85 1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9177.7191.0209.5205.9

226.3254.1268.3

2.6

2.51.91.51.51.6

1.92.32.92.92.4

2.63.36.0

17.818.9

20.918.821.521.118.6

20.829.133.5

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.7132.4147.0

151.1158.9169.5188.4187.2

205.5225.0234.8

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146.9165.6177.9180.6

194.3208.0216.0

3.7

2.91.8

-1.4-1.2-.2

1.83.63.91.02.7

3.79.8

25.630.235.4

28.012.03.9

10.56.7

11.217.018.8


218.4234.2

249.0259.0

263.7273.0

217.8219.0229.0239.5

246.2251.9256.1262.0

263.0264.4268.9277.0

19.622.0

28.429.7

32.734.3

19.319.820.623.5

28.228.729.030.4

32.532.933.635.0

198.8212.2

220.6229.3

231.0238.6

198.5199.1208.5216.0

218.0223.2227.1231.5

230.5231.5235.3242.0

187.1201.4

207.5208.4

214.0218.0

184.9189.3203.5199.4

210.5204.5206.4210.5

213.2214.9215.0221.0

11.710.8

13.120.9

16.920.6

13.69.84.9

16.6

7.518.720.721.1

17.316.520.321.0

Netsaving aspercentof dis-

posablepersonalincome

4.5

3.92.9

-2.9-2.7-.4

3.15.45.51.53.8

4.910.721.922.824.1

18.57.62.35.63.6

5.57.68.0

5.95.1

5.99.1

7.38.6

6.94.92.47.7

3.48.49.19.1

7.57.18.68.7

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



174


TABLE B—10.— Total and per capita disposable personal income in current and 1952 prices, 1929-52

Period

1929

1930193119321933 ... _..1934

19351936193719381939

1940194119421943 -1944

1945194619471948 - _-1949

1950195119523 .


1951- First halfSecond half

1952: First halfSecond half s

1950' First quarterSecond quarter _Third quarterFourth quarter

1951: First quarterSecond quarter..Third quarterFourth quarter

1952: First quarter. .Second quarterThird quarterFourth quarter 3_

Total disposable personalincome (billions of dollars)

Currentprices

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116. 7132.4147.0

151. 1158.9169.5188.4187.2

205.5225.0234.8

1952 prices 1

127.3

118.9113.597.697.0

104.7

115.5130.6135.2127.4138.2

147. 6169. 4191.0198.5210.0

208.7204.2198.2208.6209.9

225.1229.4234.8

Per capita disposable per-sonal income (dollars)

Currentprices

677

598507383360408

455516551504536

573690866968

1,062

1,0801,1241,1761, 2851,255

1,3551,4581,496

1952 prices »

1,045

965914782773828

9061,0201,048

9811, 055

1,1171,2711,4171,4511, 517

1,4921,4451,3751,4231,407

1,4841,4861, 496


198.8212.2

220.6229.3

231.0238.6

198. 5199.1208.5216.0

218.0223.2227.1231. 5

230.5231.5235.3242.0

222.4228.2

226.0232.6

231.9237.9

223.0222.0225.9230.8

224.0228.2231. 7233.4

232.1231.5234.8241.0

1, 3151,392

1, 4351,478

1, 4771,512

1,3161,3151,3711,414

1,4211,4491,4681,489

1,4771,4781,4951,531

1,4711,497

1,4701,499

1,4831,507

1,4791,4661,4851,511

1,4601,482,498,501

,487,478,492,525

Population(thousands) *

121, 881

123, 188124, 149124, 949125, 690126, 485

127, 362128, 181128, 961129, 969131, 028

132, 114133,377134, 831136, 719138, 390

139, 934141, 398144, 129146, 621149, 149

151, 677154,360156, 981

151, 132152, 428

153, 703155, 093

156, 371157, 768

150, 850151, 385152, 058152, 766

153, 399154, 016154, 722155, 442

156,064156, 669157, 370158, 100

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

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

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


Sources: Department of Commerce and Council of Economic Advisers.

175


TABLE B—11.—Sources and uses of gross saving, 1929-52


Period

1929

19301931193219331934 . .

1935 . -.193619371938 -1939--.

19401941194219431944

1945 . .194619471948 - - .1949

1950195119522

1950:First halfSecond half

1951:First halfSecond half .. .

1952:First halfSecond half 2

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

1951:First quarterSecond quarter...Third quarterFourth quarter...

1952:First quarterSecond quarter...Third quarter 2...Fourth quarter 2..

Gross private saving

Total

15.5

11.28.42.82.75.6

7.911.110.88.9

12.7

16.023.041.847.457.0

48.528.725.336.437.0

39.651.453.2

Per-sonalsaving

3.7

2.91.8

-1.4-1.2-.2

1.83.63.91.02.7

3.79.8

25.630.235.4

28.012.03.9

10.56.7

11.217.018.8

Grossbusi-ness

saving

11.9

9.05.32.72.75.0

6.56.77.98.08.6

10.711.613.916.317.5

15.715.021.129.130.2

29.033.036.3

Statis-tical

discrep-ancy

-0.1

-.71.21.41.2.9

-.3.9

-1.0-.11.4

1.61.62.3.9

4.0

4.91.7.3

-3.2.2

-.71.4

-2.0

Government surplusor deficit (— on

income and producttransactions

Total

1.1

-.3-2.8-1.7-1.3-2.4

-1.8-2.9

.7-1.5-1.9

— 5-3! 5

-31.2-43.9-51.4

-39.24.6

13.78.2

-3.1

8.57.3

-15

Federal

1.2

.3-2.1-1.5-1.3-2.8

-2.5-3.5-.2

-2.0-2.2

-1.4-4.9

-32.9-46.4-54.0

-41.82.6

12.98.5

-2.0

9.78.3

0)

Stateandlocal

-0.1

-.7-.20)

.5

.7

.6

.9

.5

.3

.91.41.82.52.6

2.62.0.9

-.3-1.0

-1.2-1.0-1.5

Gross investment

Total

16.6

10.95.61.11.53.2

6.18.2

11,57.4

10.8

15.519.510.73.55.6

9.333.339.144.634.0

48.058.751.7

Grossprivatedomes-tic in-vest-ment

15.8

10.25.4.9

1.32.8

6.18.3

11.46.39.9

13.918.310.95.77.7

10.728.730.242.733.5

50.358.551.4

Net for-eign in-

vest-ment

0.8

.7

.2

.2

.2

.4

-.1-.1

.11.1.9

1.51.1-.2

-2.2-2.1

-1.44.68.91.9.5

-2.3.2.3


42.236.8

45.857.0

52.653.9

42.541.930.243.5

35.456.257.456.5

51.653.552.755.1

11.710.8

13.120.9

16.920.6

13.69.84.9

16.6

7.518.720.721.1

17.316.520.321.0

28.829.2

29.536.4

36.236.4

27.530.029.329.2

27.231.836.736.2

35.936.435.637.3

1.8-3.2

3.2-.4

-.5-3.2

1.42.1

-4.0-2.3

.75.7.0

-.8

-1.6.6

-3.2-3.2

.616.3

15.2-.6

-1.6-1.4

-5.16.4

17.315.3

21.78.8-.1

-1.1

.5-3.8-2.5-.4

2.417.0

16.2.4

.4-.4

-3.38.0

17.916.1

22.410.01.1-.2

2.6-1.9-1.5

.6

-1.8-.7

-1.0-1.0

-2.0-1.0

-1.8-1.7

— . 6-.8

-.7-1.2-1.2-.9

-2.1-1.8-1.0-1.0

42.853.2

61.056.4

51.052.4

37.348.447.658.9

57.165.057.355.5

52.249.750.154.7

44.556.2

62.554.6

49.653.1

39.050.050.861.6

59.865.256.252.9

50.049.351.754.5

-1.6-3.0

-1.41.8

1.3-.7

-1.7-1.6-3.2-2.7

-2.7-.21.12.6

2.2.4

-1.6.2

1 Less than 50 million dollars.2 Estimates based on incomplete data; third and fourth quarters by Council of Economic Advisers.

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

Source: Department of Commerce (except aslnoted).

176


EMPLOYMENT AND WAGESTABLE B-12.—Labor force, employment, and unemployment, 1929-52

Period

Monthly average:1929

19301931 -19321933193419351936193719381939

1940194119421943 .- -.1944

1945—.1946194719481949

195019511952



1950: June1951: January

February __ _.MarchApril _ ._MayJune - . . _-JulyAugustSeptemberOctoberNovember. _December

1952: January _FebruaryMarchAprilMayJunoJuly.AugustSeptemberOctoberNovemberDecember

Totallaborforce

(includ-ing

armedforces) *

Armedforces i

Civilian labor force

Totalcivilianlaborforce

Employment *

Total Agri-cultural

Nonagri-cultural

Unem-ploy-ment

Thousands of persons, 14 years of age and over

49, 44050, 08050, 68051, 25051, 84052, 490

53, 14053, 74054, 32054, 95055,600

56, 03057, 38060,23064, 41065, 890

65, 14060,82061.60862, 74863, 57164, 59965. 832

? 66, 500

64,94866,71765, 794

3 67, 200

66, 17763,75963, 86864, 95664, 57765, 72866,80067. 47767, 37166, 39666, 66266, 42265, 97365, 09165, 22865, 00665, 26066, 29867,884

88(4)(4)

260260260,250250260270300320340370390

1,4703,8208,870

11,26011,2803.3001,4401,3061,466

1, 5002,948

3 3, 500

2,6943,2043, 453

3 3, 600

1,3112,2452,5552,6312,7882,9253, 0173,0953,1633,2103,2103,2583,2853,3113.3903,4883,5163, 5203,494

8810)(4)

49, 18049, 82050, 42051, 00051, 59052, 23052, 87053, 44054,00054, 61055,230

55, 64055, 91056, 41055, 54054,63053,86057, 52060,16861, 44262, 10563, 09962. 88462, 962

62,25463, 51362, 34163,584

64,86661, 51461, 31362, 32561, 78962, 80363,78364, 38264, 20863, 18663, 45263,16462, 68861. 78061,83861, 51861, 74462, 77864,39064, 17663, 95863,69863, 14663, 64662, 878

47,630

45, 48042, 40038, 94038, 76040, 89042, 26044, 41046,30044, 22045,750

47, 52050,35053,75054, 47053,96052, 82055, 25058, 02759, 37858, 710

59, 95761, 00561, 291

60, 18961, 82060,51262, 070

61, 48259, 01058, 90560, 17960,04461, 19361, 80362, 52662,63061,58061,83661, 33661, 01459, 72659, 75259, 71460, 13261, 17662, 57262.23462, 35462, 26061, 86262,22861, 480

10,45010, 34010,29010, 17010, 0909,900

10,11010,0009,8209,6909,610

9,5409,1009,2509,0808,9508,5808,3208,2667,9738,0267,5077,0546,805

6,7447,3656,6346,976

9,0466,0185,9306,3936,6457,4408,0357,9087,6887,5267,6687,0226,3786,1866,0646,0126,4126,9608,1707,5986,9647,5487,2746,7745,696

37, 18035, 14032, 11028,77028, 67030, 99032, 15034, 41036, 48034, 53036, 14037, 98041, 25044, 50045, 39045, 010

44, 24046, 93049, 76151,40550,684

52, 45063, 95154,486

63, 44654, 455

53, 87855,094

52, 43652, 99352, 97653, 78553,40053, 75353,76854,61854, 94254,05454, 16854, 31454, 63653, 54053, 68853, 70253, 72054, 21654, 40254, 63655,39054, 71254, 58855, 45455,784

1,5504,3408,020

12,06012,83011, 34010, 6109,0307,700

10, 3909,480

8,1205,5602,6601,070

6701,0402,2702,1422,0643,3953,1421,8791,672

2,0651,693

1,8291,514

3,384

2,5032,4072,1471,7441,6091,9801,8561,5781,6061,6161,8281,6742,0542,0861,8041,6121,6021,8181,9421,6041,4381,2841,4181,398

Unem-ploy-ment

as per-cent oftotal

civilianlaborforce

3.2

8.715.923.624.921.720.116.914.319.017.2

14.69.94.71.91.21.93.93.63.45.55 03.02.7

3.32.72.92.45.24.13.93.42.82.63.12.92.62.52.52.92.73.33.42.92.62.62.83.02.52.32.02.22.2

' Data for 1940-52 exclude about 150,000 members of the armed forces who were outside the continentalUnited States in 1940 and who were therefore not enumerated in the 1940 census. This figure is deductedby the Census Bureau from its current estimates for comparability with 1940 data.

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

3 Estimates of armed forces based on a statement in the Budget Message of the President, January 1953Total labor force, including armed forces, rounded to the nearest half-million.

«Not available.NOTE.—Labor force data are based on a survey made during the week which includes the 8th of the month.Detail will not necessarily odd to totals because of rounding.Sources: Department of Labor (1929-39) and Department of Commerce (1940-52), except as noted.

177


TABLE B-13.—Number of wage and salary workers in nonagricultural establishments, 1929-52 l

[Thousands of employees]

Period

Monthly average:192919301931 .193219331934193519361937..193819391940194119421943194419451946194719481949195019511952*

1951: First halfSecond half.__

1952: First halfSecond half 4_.

1950: June1951: January

FebruaryMarchAprilMayJuneJulyAugust -SeptemberOctoberNovemberDecember

1952: JanuaryFebruaryMarchAprilMay _JuneJulyAugust.September4...October4

November 4...

Totalwageand

salarywork-

ers

31,04129, 14326, 38323, 37723, 46625, 69926, 79228, 80230, 71828, 90230, 28732, 03136, 16439, 69742, 04241, 48040, 06941,41243, 37144, 20143, 00644, 12446, 40146, 66245, 88046, 92246, 12247, 30943, 94545, 24645,39045, 85045, 99846, 22646, 56746, 43246, 72446, 95646, 90246, 85247, 66345, 91345, 89946, 00146, 29946, 32946, 29246,00647, 12447, 72747, 82647, 862

Mai

Total

10, 5349,4018,0216,7977,2588,3468,9079,653

110, 606119,25310, 07810, 78012, 97415, 05117, 38117, 11115, 30214, 46115, 24715, 28614, 14614, 88415, 93115, 90615, 92515, 93815, 72716, 12014, 66615,78415, 97816, 02215, 95515, 85315, 95615, 81316, 00816, 03915,96515, 89015, 91315, 77615, 85915, 86915, 79515,65415, 41015, 16216, 02816, 38916, 49316, 529

mfactur

Dur-able

goods

(3)(3)§(3)(3)

X3)!.(•)'' orr«4,6835,3376,9458,804

11, 07710, 8589,0797,7398,3738,3157,4658,0088,9268,9858,9278,9258,9439,0357,9648,7428,8778,9699,0038,9758,9988,8398,8788,9138,9428,9769,0008,9469,0109,0359,0548,9918,6218,3018,9169,1909,3369,433

ing

Non-dura-ble

goods

(3)(3)(3)C3)(3)C3)

C3)C3)

»( 3 )(3)

5,3945,4436,0286,2476,3046,2536,2226,7226,8746,9706,6816,8767,0056,9216,9977,0136,7847,0856,7027,0427,1017,0536,9526,8786,9586,9747,1307,1267,0236,9146,9136,8306,8496,8346,7416,6636,7896,8617,1127,1997,1577,096

Aim-ing

1,0781,000

864722735874888937

1,006882845916947983917883826852943981932904920875923916886862946932930924911915927906922917917917916909902904896893814784897885870875

Con-tractcon-

struc-tion

1,4971,3721,214

970809862

f9121, 145

11, 1121,0551,1501,2941,7902,1701,5671,0941, 1321,6611,9822,1652,1562,3182,5692,5522,4322,7072,4202,7102,4142,2812,2282,3262,4712,5982,6862,7542,8092,7682,7612,6332,5182,3162,3082,2962,4162,5222,6632,7222,7812,7612,6992,586

Trans-porta-tionand

publicutili-ties

3,9073,6753,2432,8042,6592,7362,7712,9563,1142,8402,9123,0133,2483,4333,6193,7983,8724,0234,1224,1513,9794,0104,1444,1614,1164,1734,1214,2084,0234,0724,0824,1124,1324,1374,1614,1764,1904,1784,1664,1654,1614,1034,1114,1184,0964,1314,1684,1404,2084,2244,2404,230

Trade 2

6,4016,0645,5314,9074,9995,5525,6926,0766,5436,4536,6126,9407,4167,3337,1897,2607,5228,6029,1969,4919,4389,5249,8049,8559,6509,9589,7489,9839,4119,5929,5549,7139,6279,6839,7329,6679,6419,7819,893

10, 10910, 6609,7209,6439,6689, 8459,7739,8389,7929,7849,960

10, 09410, 285

Fi-nance

1,4311,3981,3331,2701,2251,2471,2621,3131,3551,3471,3821,4191,4621,4401,4011,3741,3941,5861,6411,7161,7631,8121,8831,9591,8591,9061,9421,9791,8271,8311,8391,8541,8651,8741,8931,9081,9141,8981,8981,9071,9121,9091,9191,9371,9521,9581,9771,9931,9931,9711,9691,970

Serv-ice 2

3,1273,0842,9132, 682f2,6142,7842,8833,0603,2333,1963,3213,4773,7053,8573,9193,9344,0554,6214,7864,7994,7824,7614,7594,7654,7294,7884,7334,8034,8264,6664,6574,6824,7454,7894,8354,8524,8394,8314,7704,7344,7024,6714,6674,6814,7484,7964,8374,8554,8444,8254,7664,724

Gov-ern-

ment,(Fed-eral,

State,and

local)

3,0663,1493,2643,2253,1673,2983,4773,6623,7493,8763,9874,1924,6225,4316,0496,0265,9675,6075,4545,6135,8115,9106,3906,5896,2466,5356,5446,6435,8326,0886,1226,2176,2926,3776,3776,3566,4016,5446,5326,4976,8816,5096,4906,5286,5516,6026,5856,5586,5896,7126,6956,663

1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedduring or received pay for any part of the pay period ending nearest the 15th of the month. Excludesproprietors, self-employed persons, domestic servants, and personnel of the armed forces. Not comparablewith estimates of nonagricultural employment of the civilian labor force reported by the Department ofCommerce (appendix table B-12) which include proprietors, self-employed persons, and domestic servants,which count persons as employed when they are not at work because of industrial disputes, bad weather,or temporary lay-offs, and which are based on an enumeration of population, whereas the estimates in thistable are based on reports from employing establishments.

2 Data for the trade and service divisions, beginning with 1939, are not strictly comparable with data shownfor earlier years because of the shift of the automotive repair service industry from the trade to the servicedivision.

3 Not available.< Estimates based on incomplete data.

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

Detail will not necessarily add to totals because of rounding.

Source: Department of Labor.

178


TABLE B—14.—Average weekly hours in selected industries, 1929-52

Period


19301931 _ ..193219331934

193519361937.19381939

19401941194219431944 ._ _

19451946194719481949.

195019511952*

1951: First halfSecond half...

1952: First halfSecond half 4._

1950: June .

1951: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1952: January _FebruaryMarch-__AprilMavJuneJulyAugustSeptember 4 - _October*November 4. .

Manufacturing

Total

44.2

42.140.538.338.134.6

36.639.238.635.637.7

38.140.642.944.945.2

43.440.440.440.139.2

40.540.740.6

40.940.6

40.440.9

40.5

41.040.941.141.040.740.740.240.340.640.540.541.2

40.840.740.739.840.240.539.940.641.341.441.2

Durablegoods

C)

C)0)32.634.833.9

37.341.040.035.038.0

39.342.145.146.646.6

44.140.240.640.539.5

41.241.741,4

41.841.5

41.441.4

41.3

41.541.641.942.041.841.840.941.341.641.741.542.2

41.841.741.740.841.141.240.241.042.042.241.8

Non-durablegoods

0)

0)0)41.940.035.1

36.137.737.436.137.4

37.038.940.342.543.1

42.340.540.139.638.8

39.739.539.6

39.839 3

39.240.1

39.5

40.240.040.039.739.339.439.339.139.438.939.239.9

39.539.539.338.439.039.539.540.040.340.340.3

Bitumi-nouscoal

mining

38.4

33.528.327.229.527.0

26.428.827.923.527.1

28.131.132.936.643.4

42.341.640.738.032.6

35.035.233.5

34.635.8

33.333.8

34.7

37.634.133.633.933.334.832.734.936.536.336.238.4

38.535.935.429.931.828.528.136.239.232.80)

Build-ingcon-

struc-tion

C)

0)0)0)0)28.9

30.132.833.432.132.6

33.134.836.438.439.6

39.038.137.6

337.336.7

36.337.338.1

36.637.8

37.838.6

37.0

36.735.335.836.837.537.738.138.238.238.536.437.7

37.537.936.937.637.938.738.438.538.738.70)

Class Irail-

roads

44.8

43.141.138.938.840.4

41.142.543.242.543.4

44.045.646.948.749.1

48.545.946.346.143.5

40.841.00)

41.340.6

40.80)

41.9

42.141.141.940.641.041.140.142.139.142.040.839.5

41.642.740.241.339.839.539.740.040.9

8

Tele-phone

0)

0)0)0)0)0)

0)0)38.838.939.1

39.540.140.541.942.3

(2)39.437.439.238.5

38.939.138.5

39.039.2

38.039.0

39.1

38.939.238.938.739.039.439.839.239.439.139.238.8

38.738.538.534.938.739.039.339.039.038.90)

Whole-sale

trade

0)

0)0)(')0)C1)

0)0)0)0)C1)0)

80)(!)0)0)41.040.940.7

40.740.740.6

40.640.8

40.440.7

40.6

40.840.640.640.640.640.740.740.740.940.840.841.1

40.740.440.440.140.440.540.640.640.840.80)

Retailtrade

(excepteatingand

drink-ing

places)

0)

0)0)0)C)0)

0)0)0)0)0)

0)C1)0)0)(0

0)0)40.340.340.4

40.540.139.8

40. 040.2

39.839.7

40.9

40.340.139.739.939.840.440.840.840.039.839.440.1

39.839.839.839.739.640.140.440.439.639.30)

Hotels(year-

round)

0)

0)0)(00)C)

0)0)0)0)(0

0)0)0)

80)(045.244.344.2

43.943.242.6

43.343.1

42.742.5

43.8

43.443.243.343.343.443.443.443.342.942.943.143.2

42.842.842.542.842.642.642.442.642.342.6

0)1 Not available.2 Average for year not available because new series was started in April 1945. Beginning with June 1949

data relate to nonsupervisory employees only.3 Not strictly comparable with previous data.4 Estimates based on incomplete data.NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-

roads, construction workers in building construction, and for nonsupervisory employees in other industries.Data are for payroll periods ending closest to the middle of the month except in railroads where monthlydata are used.

The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual averages which have been weighted by data on employment.


179


TABLE B—15.—Average gross hourly earnings in selected industries, 1929-52

Period


1930193119321933 . ...1934.. _ ._

19351936193719381939

1940 -._ -.194119421943-.1944

1945194619471948.- -.1949 . -.

195019511952 «


1952: First halfSecond half8..

1950- June

1951* JanuaryFebruaryMarchAprilMayJuneJuly _..AugustSeptemberOctoberNovemberDecember

1952: JanuaryFebruaryMarch . . _AprilMayJuneJuly . .AugustSeptember 8. _October 8

November6..

Manufacturing

Total

$0.566

.552

.515

.446

.442

.532

.550

.556

.624

.627

.633

.661

.729

.853

.9611.019

1.0231.0861, 2371.3501.401

1.4651.5941.668

1.5751.614

1.6521.687

1.453

1.5551.5611.5711. 5781 5861.5991. 5981.5961.6131. 6151.6261.636

1.6401.644.656.655.658.658.648.669.696.705

1.715

Dura-ble

goods

(')

8$0. 497

.472

.556

.577

.586

.674

.686

.698

.724

.808

.9471.0591.117

1.1111.1561.2921.4101.469

1.5371.6781.763

1.6551.702

1.7401.791

1.522

1.6301.6391.6541.6591. 6651.6811.6821.6841.7071.7051.7121.723

1.7261.7311.7461.7421.7461.7471.7331.7681.8111.8191.824

Non-durablegoods

0)

(2)(2)

$0.420.427.515

.530

.529

.577

.584

.582

.602

.640

.723

.803

.861

.9041.0151.1711.2781.325

1.3781.4811.538

1.4661.495

1.5291.549

1.365

1.4561.4581.4601.4651.4741.4841.4881. 4811.489.491.507.515

.520

.522

.530

.529

.531

.540

.545

.542

.545

.549

.563

Bitumi-nouscoal

mining

$0.681

.684

.647

.520

.501

.673

.745

.794

.856

.878

.886

.883

.9931.0591.1391.186

1.2401.4011.6361.8981.941

2.0102.2122.259

2.1932.235

2.2362.287

2. 015

2.0382.2192.2222.2312.2182.2322.2542.2132.2362.2212.2402.247

2.2442.2362.2392.2302.2092.2562.2582.2252.2612.335(2)

Build-ing con-struc-tion

(2)

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

$0.795

.815

.824

.903

.908

.932

.9581.0101.1481.2521.319

1.3791.4781.681

« 1. 8481. 935

2.0312.2012.312

2.1662.232

2.2782.353

1.995

2.1352.1572.1632.1672.1822.1942. 1952.2072.2362.2392.2602. 253

2.2762.2852.2922.2852.2702.2612.2942. 3272.3562.384(2)

Class Irail-

roads

$0.636

.644

.651

.600

.595

.602

.651

.659

.676

.712

.714

.717

.751

.824

.897

.938

.9421.1161.1701.3091.419

1. 5495 1. 702

(2)

1.6581.746

1.780(2)

1.532

1.5591.6221.6571.6871.6981.7231.7411.7231.7601.7321. 7501.771

1.7811.7961.7791.7591.7731.7921.8101.8241.830

8

Tele-phone

(2)

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

$0.774.816.822

.827

.820

.843

.870

.911

(8)1.1241.1971. 2481.345

1.3981.4911.581

1.4581.522

1.5511.617

1.386

1.4501.4691.4531.4501. 4511.4751.4901.5011.5221. 5331.5521.532

1.5421.5541.5401.5451.5661.5591.5851.5911.6131.637(2)

Whole-sale

trade

(2)

i81(2)(2)(2)(2)(2)

8$1. 2681.3591.414

1.4831.5851.667

1.5691.601

1.6501.687

1.476

.555

.567

.567

.575

.571

.581

.586

.585

.605

.604

.606

.620

.632

.637

.649

.658

.6571.6691.6701.6781.6901.698(0

Retailtrade

(excepteatingand

drink-ing

places)

(2)

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

(2)

8-(2)(2)(2)(2)(2)

88

$1. 0091.0881.137

1.1761.2531.307

1.2441.262

1.2921.324

1.175

1. 2371.2361.2331.2491.2521.2561.2621. 2591.2701.2671.2671.245

1.2871.2811.2791.2841.3051.3181.3141.3121.3241.334(2)

Hotels(year-

round) i

(2)

(2)

8(2)(2)

i(2)

88(2)(2)(2)

$0.650.709.743

.771

.819

.864

.807

.832

.858

.872

.761

.804

.811

.801

.806

.807

.812

.817

.815

.834

.837

.840

.852

.852

.855

.856

.858

.863

.862

.866

.868

.872

.875(2)

* Money payments only; additional value of board, room, uniforms, and tips not included.8 Not available.8 Not available. Series beginning April 1945 includes only employees subject to provisions of the FairLabor Standards Act and is not comparable with preceding series which includes all employees. Beginningwith June 1949, data relate to nonsupervisory employees.4 Not strictly comparable with previous data.

» Preliminary average; does not include any retroactive wage payments.8 Estimates based on incomplete data.NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-

roads, construction workers in building construction, and for all nonsupervisory employees in other indus-tries. Data are for payroll periods ending closest to the middle of the month except in railroads wheremonthly data are used.

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


180


TABLE B—16.—Average gross weekly earnings in selected industries, 7929-52

Period

Monthly average:1929193019311932 _._19331934 _-.19351936193719381939 .1940-19411942._. _ _ .1943194419451946194719481949195019511952 •


1952: First halfSecond half 8-

1950: June.... ...

1951: JanuaryFebruaryMarch. __AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1952: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember •_ .October*November 6_.

M anuf acturing

Total

$25. 03

23.2520.8717.0516.7318.4020.1321.7824.0522.3023.86

25.2029.5836.6543.1446.08

44.3943.8249.9754.1454.92

59.3364.8867.79

64.4265.45

66.8268.96

58.85

63.7663.8464.5764.7064.5565. 0864.2464.3265.4965.4165.8567.40

66.9166.9167.4065.8766.6567.1565.7667.7670.0470.5970.66

Dura-ble

goods

$27. 2224.7721.2816.2116.4318.8721.5224.0426.9124.0126.50

28.4434.0442.7349.3052.07

49.0546.4952.4657.1158.03

63.3269.9773.02

69.1170.70

71.9974.24

62.86

67.6568.1869.3069.6869.6070.2768.7969.5571.0171.1071.0572.7172.1572.1872.8171.0771.7671.9869.6772.4976.0676.7676.24

Non-durablegoods

$22. 9321.8420.5017.5716.8918.0519.1119.9421.5321.0521.7822.2724.9229.1334.1237.12

38.2941.1446.9650.6151.4154.7158.5060.90

58.3058.76

59.9262.08

53.92

58.5358.3258.4058.1657.9358.4758.4857.9158.6758.0059.0760.45

60.0460.1260.1358.7159.7160.8361.0361.6862.2662.4262.99

Bitumi-nouscoal

mining

$25. 7222.2117.6913.9114.4718.1019.5822.7123.8420.8023.88

24.7130.8635.0241.6251.2752.2558.0366.5972.1263.28

70.3577.8675.76

75.6980.09

74.5277.25

69.92

76.6375.6774.6675. 6373.8677.6773.7177.2381.6180.6281.0986.28

86.3980.2779.2666.6870.2564.3063.4580.5588.6376.59(2)

Build-ing con-struc-tion

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

$22. 9724.5127.0130.1429.1930.39

31.7035.1441.8048.1352.1853.7356.2463.30

<68.8570.95

73.7382.1088.1879.3784.46

86.0090.80

73.82

78.3576.1477.4479.7581.8382.7183.6384.3185.4286.2082.2684.94

85.3586.6084.5785.9286.0387.5088.0989.5991.1892.26(2)

Class Irail-

roads

$ 28. 4927.7626.7623.3423.0924.32

26.7628.0129.2030.2630.99

31.5534.2538.6543.6846.06

45.6951.2254.1760.3461.7363.20

« 69. 78(2)

68.4470.88

72. 75(2)

64.1965.6366.6669.4368.4969.6270.8269.8172.5468.8272.7471.4069.95

74.0976.6971.5272.6570.7870.7871.8672.9674.85

8

Tele-phone

(2)

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

(2)(2)

$29.8131.5331.9432.4432.7433.9736.3038.39

(3)44.0444.7748.9251.7854.3858. 3060.88

56.8959.72

59.0263.1154.1956.4157.5856.5256.1256.5958.1259.3058.8459.9759.9460.8459.44

59.6859.8359.2953.9260.6060.8062.2962.0562.9163.68

(2)

Whole-sale

trade

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

(2)8(2)(2)

(2)(2)

$51.9955. 5857.55

60.3664.5167.6163.7965.37

66.7068.70

59.93

63.4463.6263.6263.9563.7864.3564.5564.5165.6465.4465. 5266.58

66.4266.1366.6266.4966.9467.5967.8068.1368.9569.28

C2)

Retailtrade

(excepteatingand

drink-ing

places)

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

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

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

(2)(2)

$40. 6643.8545.93

47.6350. 2551.9549.8050.66

51.4352.57

48.06

49.8549.5648.9549.8449.8350.7451.4951.3750. 8050.4349.9249.92

51.2250.9850.9050.9751.6852.8553.0953.0052.4352.43(2)

Hotels(year-

round) '

(2)(2)

8(2)C3)

(2)

8(2)(2)

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

(2)(2)

$29. 3631.4132.84

33.8535.3836.83

34.9635.9136.6137.09

33.33

34.8935.0434.6834. 9035.0235.2435.4635.2935.7835. 9136.2036.8136.4736.5936.3836.7236.7636.7236.7236.9836.8937.28(2)

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

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

4 Not strictly comparable with previous data.• Preliminary average does not include any retroactive wage payments.* Estimates based on incomplete data.

NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, construction workers in building construction, and for all nonsupervisory employees in other indus-tries. Data are for payroll periods ending closest to the middle of the month except in railroads wheremonthly data are used.

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


181


PRODUCTION AND BUSINESS ACTIVITY

TABLE B—17.—Indexes of industrial and agricultural production, 1929-52

11935-39=100]

Period i

1929

19301931 - - -19321933 _ - - - _-1934

193519361937-. .19381939 - - -

1940-. -19411942-.19431944 _ .

19451946194719481949

1950 -19511952 3


1952' First halfSecond half3 _ .

1950: June1951: January -_

FebruaryMarch..April - -MayJune _ -- ---July - _AugustSeptember _ _ _ _ _ _ _October _NovemberDecember

1952: JanuaryFebruary . _March .AprilMay . __ _ _JuneJulyAugustSeptemberOctober ...NovemberDecember 3

Industrial production

Total

110

9175586975

8710311389

109

125162199239235

203170187192176

200220219

Manufactures

Total

110

9074576874

8710411387

109

126168212258252

214177194198183

209229229

Durable

132

9867415465

8310812278

109

139201279360353

274192220225202

237273279

Nondurable

93

8479707981

9010010695

109

115142158176171

166165172177168

187194189

Minerals

107

9380677680

8699

11297

106

117125129132140

137134149155135

148164161

Adjusted for seasonal variation

222217216222199221221222223222221212217218218219218221222221216211204193215227229233234

232226226232

208231232234234233231222226228226228228931232231225224214202225236241243245

274273276282

237268271277279276274265267271274277282282284285277277247230267289298300305

199189186192184

201201199198198197187193192188188185

189190188183181186179191194195197197

162166159164151164158158164165165156165167174170163167167164166140147142156175164175171

Agricul-tural pro-duction -

97

9f>1041019379

9685

108105106

110114128125130

129133128138137

136139144

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

8(4)(4)(4)(4)(4)(4)(4)(4)(4)

1 For industrial production, average of monthly indexes is used for year or half-year.2 Index of volume of farm production for human use.3 Estimates based on incomplete data.4 Because of the extreme seasonal nature of agricultural crop production, only an annual index has been

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

182


TABLE B-18.—Neiv construction activity, 1929-52

[Value put in place, millions of dollars]

Period

1929

19301931193219331934 -

19351936193719381939

1940194119421M3 - -1944

19451946194719481949

195019511952

1951: First halfSecond half—

1952: First halfSecond half ---

1950* June

1951- JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober. _ ._NovemberDecember

1952: January. ..FebruaryMarch _.AprilMay .JuneJulyAugustSeptemberOctoberNovemberDecember -_._

Totalnewcon-

struc-tion

10, 793

8,7416,4273,5382,8793,720

4,2326,4976,9996,9808,198

8,68211, 95714, 0758,3015, 259

5,63312, 00016, 68921, 67822, 789

28, 74930, 89332, 329

Private construction

Totalpri-

vate *

8,307

5,8833,7681,6761,2311,509

1,9992,9813,9033,5604,389

5,0546,2063,4151,9792,186

3,2359,638

13, 25616, 85316, 384

21, 61021, 68421, 785

Resi-den-tial

build-ing(non-farm)

3,625

2,0751,565

630470625

1,0101,5651,8751,9902,680

2,9853,5101,715

885815

1,1004,0156,3108,5808,267

12, 60010, 97311, 101

Non-resi-den-tial

build-ing

(non-farm)

2,694

2,0031,099

502406456

472713

1,085764786

1,0251,482

635233351

1,0203,3413,1423,6213,228

3,7775,1524,950

Otherpri-

vate 2

1,988

1,8051,104

544355428

517703943806923

1,0441,2141,065

8611,020

1,1152,2823,8044,6524,889

5,2335,5595,734

Public construction

Totalpublic

2,486

2,8582,6591,8621,6482,211

2,2333,5163,0963,4203,809

3,6285,751

10, 6606,3223,073

2,3982,3623,4334,8256,405

7,1399,209

10, 544

Mili-taryand

naval

19

2940343647

37293762

125

3851,6205,0162,550

837

690188204158137

177887

1,346

Non-resi-den-tial

build-ing

659

660612415230363

328701550672970

6151,6463,6852,0101,361

937354599

1,3012,068

2,4023,4714,061

High-way

1,266

1,5161,355

958847

1,000

8451,3621,2261,4211,381

1,3021,066

734446362

398895

1, 4511,7742,131

2,3812,4002,700

Otherpublic 3

542

653652455535801

1,0231,4241,2831,2651,333

1,3261,4191,2251,316

513

373925

1,1791,5922,069

2,1792,4512,437


31, 55030, 236

32, 60832, 050

28, 668

30, 82831, 58432, 85632, 34031, 14030, 55229, 96429, 89229, 92830, 27630,48030, 876

30, 99632, 67634, 02033, 34832, 41232, 19631, 68031,60831,84831, 92032,38832, 856

22, 57820, 790

21, 79221, 778

21, 696

22, 57223, 52023, 61622, 84821, 72021, 19220, 98820, 68820,66420, 78420, 80820, 808

20, 84421, 73223, 04022, 28421, 57621, 27621,40821, 46821, 52821, 74422, 15222, 368

11, 85010, 096

10, 97011, 232

12, 864

12, 40813, 04412,90011, 90410, 64410, 20010, 0089,7449,852

10, 26010, 36810, 344

10, 02010, 80012, 12011, 43610, 82410, 62010, 75210, 82410, 93211, 30411, 67611, 904

5,2245,080

5,0504,850

3,528

4,7165,0045,2205,4245,5445,4365,4245,3645,1964,9084,8004,788

5,0525,1725,1845,1124,9924,7884, 7884,8244,8484,8364,9324,872

5,5045, 614

5, 7725,696

5,304

5,4485,4725,4965,5205,5325,5565,5565,5805,6165,6165,6405, 676

5,7725,7605, 7365, 7365,7605,8685,8685,8205, 7485,6045,5445,592

8,9729,446

10, 81610, 272

6,972

8,2568,0649,2409,4929,4209,3608,9769,2049,2649,4929,672

10, 068

10, 15210, 94410, 98011,06410, 83610, 92010, 27210, 14010, 32010, 17610, 23610, 488

7541,020

1,4261,266

108

456552780888900948924960936

1,0081,1041,188

1,3441,3441,4641,4401, 4881,4761,3081,2841,2001,1761,2361,392

3,3423,600

4,0584,064

2,292

3,1203,0963,3123,4563,5283,5403,3723,4443,4923,5763,8043,912

3,9003,9243,9724,1164,1524,2844, 0203,9604,0203,9484,2004,236

2,4382,362

2,7622,638

2,388

2,3042,1722,7362,6042,4362,3762,3522,4842,4482,4242,1602,304

2,2083,0002,9402,9522,7002,7722,6642,6402,8202,7362,4842,484

2,4382,464

2,5702,304

2,184

2,3762,2442,4122,5442,5562,4962,3282,3162, 3882,4842,6042,664

2,7002,6762,6042,5562, 4962,3882,2802,2562,2802,3162,3162,376

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

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

ment, and all other public construction not separately shown.

Sources: Department of Commerce and Department of Labor.

183


TABLE B-19.—New nor/farm housing starts, by source of funds nnd by type of structure, 1929—52 *

Period

19298 .

1930193119321933 - - -193419351936193719381939

1940194119421943 _.1944

19451946 _ . . -194719481949

19501951


1952: First half _. . -

1950: June

1951: JanuaryFebruary. .March ...AprilMayJune _ - - -JulyAugustSfipt.fimhp,rOctoberNovemberDecember

1952: JanuaryFebruary. .MarchAprilMay . .JuneJulyAugust .September.October8..November • _

Totalnonfarm

units

509, 000

330,000254, 000134,00093,000

126,000221, 000319, 000336, 000406, 000515, 000

602,600706, 100356, 000191, 000141, 800

209, 300670, 500849,000931,600

1, 025, 100

1,396,0001, 091, 300

Privatelyfinanced

units

509,000

330, 000254, 000134,00093,000

126,000215, 700304, 200332, 400399, 300458, 400

529,600619,500301, 200183, 700138, 700

208, 100662,500845,600913, 500988, 800

1, 352, 2001,020,100

Publiclyfinanced

units

5,30014,8003,6006,700

56,600

73, 00086,60054, 800

7, 3003,100

1,2008,0603,400

18,10036, 300

43, 80071, 200

Units in

1-familystruc-tures

316, 000

227, 000187,000118,00076, 000

109, 000183, 000244, 000267, 000317, 000399, 000

485, 700603, 500292, 800143, 600117, 700

184, 600590, 000740, 200766, 600794, 300

1, 154, 100900, 100

2-familystruc-tures *

51, 000

29, 00022, 0007,0005,0005,0008,000

14,00016, 00018,00029, 000

37, 30034, 30020, 10017, 80010,600

8.80024, 30033, 90046,90036, 500

44, 80040, 400

Multi-familystruc-tures 3

142, 000

74, 00045, 0009,000

12, 00012, 00030, 00061, 00053, 00071, 00087,000

79, 60068, 30043, 10029, 60013, 500

15,90056, 20074, 900

118, 100194, 300

197, 100150, 800

Totals for period, not adjusted for seasonal variation

590,000501, 300

565, 800

144, 300

85, 90080, 60093, 80096, 200

101, 000132, 50090,50089, 10096,40090,00074,50060,800

64, 90077,700

103,900106, 200109,600103, 500102, 60099, 100

100,800101, 00086,000

529, 100491, 000

521, 700

143, 400

82,20076, 50090, 20092,30097,60090,30086,80088,30095,30088,90072, 20059,500

61,50074, 30091, 10097,000

100,90096, 900

101, 10097,40099,300

100,00082,800

60,90010, 300

44,100

900

3,7004,1003,6003,9003,400

42, 2003,700

8001,1001,1002,3001,300

3,4003,400

12, 8009,2008,7006,6001,5001,7001,5001,0003,200

469, 800430, 300

461, 700

124, 900

71,10067, 30078, 40082, 90085, 90084, 20076, 00077, 60081,60079,50064, 00051,600

54, 00065,70079,60085,70089,70087,00090,50085, 80086,500

8

21, 60018,800

23, 200

4,100

3,4003,4004,6003,9003,0003,3003,4003,1003,8003,5002,6002,400

3,0003,4004,3004,4004,3003,8003,5004,0004,700(7)(0

98, 60052, 200

80, 900

15, 300

11, 4009,900

10, 8009,400

12, 10045, 00011, 1008,400

11, 0007,0007,9006,800

7,9008,600

20,00016, 10015, 60012, 7008,6009,3009,600

8

Totalunits,season-ally ad-justedannualrates «

1, 040, 0001, 073, 0001, 037, 0001, 122, 0001, 156, 0001, 160, 000

These estimates are based on building permit records which have been adjusted for lapsed permits and

cluded.2 Includes units in 1- and 2-family structures with stores.8 Includes units hi multifamily structures with stores.< Sea

in deteProductior o u c o n c menmens o sec. . or meo o compung seasonay a u s e annuarates, see special release of August 28, 1952, by the Department of Labor.

8 The number of starts for each of the years 1920-28 were as follows: 247,000; 449,000; 716,000; 871,000; 893,000;)3)37,000; 849,000; 810,000.

8 Estimates based on incomplete data.7 Not available.Source: Department of Labor.

184


TABLE B-20.—Business expenditures for new plant and equipment, 1939 and 1945-53


Period

1939 . .

1945 .194619471948 . .1949

19501951 -1952 3

1953*

1950' First halfSecond half

1951- First halfSecond half _ _

1952- First halfSecond half3

1950: First quarter. _ _ __Second quarterThird quarterFourth quarter


1952" First quarterSecond quarterThird quarterFourth quarter 3

1953: First quarter 8 .

Total *

5.51

8.6914.8520.6122.0619.28

20.6026.3326.8626.27

Manufacturing

Total

1.94

3.986.798.709.137.15

7.4911.1312.4511.91

Dura-ble

goods

0.76

1.593.113.413.482.59

3.145.175.875.33

Non-durablegoods

1.19

2.393.685.305.654.56

4.365.966.586.58

Mining

0.33

.38

.43

.69

.88

.79

.71

.91

.85

.87

Transportation

Rail-road

0.28

.55

.58

.891.321.35

1.111.471.401.12

Other

0.36

.57

.921.301.28.89

1.211.491.391.38

Publicutili-ties

0.52

.50

.791.542.543.12

3.313.863.964.02

Com-mer-cialand

other a

2.08

2.705.337.496.905.98

6.787.476.806.97


18.8322.18

25.3527.18

27.4026.99

18.4219.2321.0423.30

24.2926.4027. 0727.30

27.4327.3725.7228. 27

28.68

6.568.30

10.2711.87

12.4212.66

6.346.787.688.92

9.4611.0811.7212.02

12.0412.8011.9213.40

13.47

(5)(fi)

(fi)(8)

(8)(8)

(8)(8)(5)(•)

(8)(8)(8)(8)

(*)

8(8)(8)

(8)(8)

(8)(8)

(8)(8)

(8)(8)(6)(8)

(8)(5)(8)(8)

88(8>

.71

.71

.89

.93

.90

.82

.73

.68

.67

.75

.82

.95

.93

.93

.93

.87

.79

.86

.95

1.051.17

1.401.53

1.531.27

.961.131.191.15

1.281.531.461.60

1.571.481.201.35

1.32

1.071.36

1.481.50

1.411.39

1.061.081.301.43

1.45.50.50.50

.47

.35

.251.53

1.24

3.103.47

3.783.91

4.063.85

3.123.073.243.70

3.703.863.973.85

4.143.993.704.00

4.37

6.357.17

7.537.44

7.066.99

6.216.496.977.35

7.577.487.497.40

7.276.856.877.12

7.33

1 Excludes agriculture and outlays charged to current account.2 Commercial and other includes trade, service, finance, communication, and construction.3 Estimates for fourth quarter of 1952 and first quarter of 1953 are based on anticipated capital expenditures

reported by business in November 1952.* Estimates for 1953 are based on anticipated capital expenditures as reported by business in October 1952.8 Not available on a seasonally adjusted basis.NOTE.—These figures do not agree with those shown in column 2 of appendix table B-5 and included in

the gross national product estimates of the Department of Commerce, principally because the latter covercertain equipment and construction outlays charged to current expense. The above series is not available foryears prior to 1939 and for 1940 to 1944.

Detail will not necessarily add to totals because of rounding.Sources: Securities and Exchange Commission and Department of Commerce.

185


TABLE B—21.—Inventories and sales in manufacturing and trade, 1030-52

[Adjusted for seasonal variation]

Period

1939 ...-

1940 - -.19411942 - - ..19431944

19451946 _ _ -19471948 -- -1949

19501951 . -- _

1951 . _ -1952 8

1951: First halfSecond half. .


1951: JanuaryFebruary. _ _ ._MarchAprilMayJuneJulyAugustSeptemberOctoberNovember __December

1952: JanuaryFebruaryMarchAprilMay _. . .JuneJuly..AugustSeptember. .October.November 5

Total manufactur-ing and trade

Millions ofdollars

In-ven-

tories'

20, 051

22, 17628, 78031, 09131, 34331, 059

30, 89342, 94250,60555, 64752, 264

62, 42373, 197

Sales3

10, 802

12, 13415,81118, 62321, 92023, 785

23, 85227, 15033, 15636, 43834, 664

39, 42544, 016

Ratioof in-ven-tories

tosales 4

1.77

1.721.581.661.401.33

1.301.331.431.471.56

1.401.59

Manufacturing

Millions ofdollars

In-ven-

tories2

11, 465

12, 81916, 96019, 28720,09819,507

18, 39024, 49828,92031, 73428, 973

34, 11843, 039

Sales 3

5,112

5,8598,172

10, 43012, 82013, 782

12, 87312, 61715, 91717, 63016, 416

19, 31222, 335


tosales 4

2.11

2.061.781.771.511.45

1.481.661.711.721.86

1.561.76

Wholesale trade

Millions ofdollars

In-ven-

tories2

3,052

3,2384,0443,7813,6843,912

4,5556,5927,6258,0857,980

9,65310, 266

Sales 3

2,187

2,4103,0333,4263,8304,152

4,4765,9937,2727,9317,354

8,1398,934


tosales 4

1.34

1.301.201.19.97.94

.91

.901.01.99

1.08

1.041.16

Retail

Millions ofdollars

In-ven-

tories-9

5, 534

6,1197,7768,0237,5617,640

7,94811, 85214, 06015, 82815, 311

18, 65219, 892

Sales 3

3,503

3,8654,6064,7685, 2705,851

6,5038,5419,967

10, 87710, 893

11, 97412,748


tosales *

1.53

1.491.481.761.421.32

1.211.131.271.401.43

1.371.60

New series

74, 05974,800

72, 04174, 059

72, 91374,800

65, 00966, 08967, 83169, 96971, 22672, 04173,26373, 73173, 66273, 67773,88374, 059

73, 99673, 82973, 62073, 87673, 07472, 91372, 76572, 71473, 43774, 18974, 656

44, 45445, 550

45, 28843, 662

44, 95846, 100

46, 77145, 85445, 22444, 51345, 58443, 77943, 04443,88842, 42945, 18044, 63742, 794

44, 79245, 86643, 43145, 74845, 53344, 38144, 45543, 61246, 27648, 30446, 272

1.591.62

1.501.68

1.641.60

.37

.43

.48

.55

.55

.64

.69

.68

.74

.63

.65

.73

.65

.61

.70

.61

.61

.64

.64

.67

.58

.53

.61

43, 03943,600

39, 68443, 039

42, 89243,600

35, 00835,50436, 36237, 80538, 77339, 68440, 65241, 53242, 06742, 43742, 69243,039

43, 07743, 16843,23743, 40243, 14442, 89242, 74843, 10743, 22443, 41543, 512

22, 33523, 100

22, 95321, 791

22, 81623, 350

22, 96422, 77823, 06422,83623,74622, 32921,78822,00720,89222, 72622, 37320,962

22, 63423,50622, 08523, 53823, 24721, 88821, 85821, 89823,66324,72823,510

1.761.87

1.601.92

1.891.85

1.501.551.561.621.611.761.841.872.001.861.902.04

1.901.841.961.841.861.961.961.961.821.751.85

10, 26610,200

10, 64810, 266

9,89610, 200

9,84910, 01710, 28510, 50710, 697.10, 64810, 79810, 56610, 48210, 44510, 37310, 266

10, 23810, 03610, 0629,9979,8619,8969,8909,8629,932

10, 12210, 178

8,9348.800

9,0308,804

8, 6818,950

9,7809,2178,9988,7928,8598,5378,4608,8078,5459,2249,0258,765

9,0048,9548,3268,8628,4488,4938,9498,3719, 0559,3898,771

1.161.14

1.141.20

1.161.12

1.001.081.131.181.201.251.271.211.231.131.151.18

1.141.131.211.131.181.161.101.181.091.071.16

20, 75421,000

21, 70920,754

20, 12521,000

20, 15220, 56821, 18421, 65721, 75621, 70921, 81321, 63321, 11320, 79520,81820,754

20, 68120, 62520, 32120, 47720, 06920, 12520, 12719, 74520, 28120, 65220,966

13, 18513, 650

13, 30413, 066

13, 46113, 800

14, 02713, 85913, 16212,88512, 97912, 91312, 79613, 07412, 99213, 23013,23913, 067

13, 15413, 40613,02013, 34813,83814,00013, 64813, 34313, 55814, 18713, 991

1.601.50

1.581.62

1.521.48

1.401.471.591.661.671.681.701.661.641.581.571.59

1.581.541.571.531.461.441.481.491.481.441.49

1 A new series on retail sales and inventories beginning in 1951 has been substituted for the series pre-viously published. These estimates are based on a change in the method of estimation adopted by theBureau of Census. Retail estimates are shown in this table on the previously published basis 1939-51 andon the new basis 1951 to date. For a description of the retail sales and inventories series on the new basis,see Survey of Current Business, September and November 1952.

2 Book value, end of period.3 Monthly average shown for year and half-year and total for month.4 For annual and semiannual periods, 24- and 12-month weighted average at end-of-month inventories

to average monthly sales; for monthly data, ratio of average end of current and previous months inven-tories to sales for month.

6 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 revaluation.

Source: Department of Commerce.

186


TABLE B-22.—Sales, stocks, orders, and receipts, selected department stores,1 1939-52

[Not adjusted for seasonal variation]

Period


19401941194219431944

1945 .19461947 - .1948 __1949

1950 _19511952 <


1952: First halfSecond half *.„

1950: June

1951: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober _ _NovemberDecember

1952: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember

Reported data (millions ofdollars) 1

Sales(total formonth)

139

147169194221246

276345365381361

376391364

353429

346386

345

365310376339371354280341376426484666

320299348373382353289343387448462

Stocks(end ofmonth)

369

379450643546574

604767887979925

1,0121,2011,099

1,2301,172

1,0701,134

891

1,0771,1791,3001,3471,2911,1871,1391,1821,2071,2471,2491,008

9951,0521,1191,1371,1021,017

9971,0401,1311,2301,273

Out-standing

orders(end ofmonth)

(3)

115206280563596

775964588494373

495459440

499420

360536

387

706699503360314410476429446447404319

402416365293273410520539592573458

Derived data (mil-lions of dollars) 2

Receipts(total formonth)

141

148179197220244

277373366386358

391388388

377399

347437

263

401412497386315250232384401466486425

307356415391347268269386478547505

New or-ders (to-

tal formonth)

(3)

(3)184208242256

291354364363358

401377401

370384

363447

390

656405301243269346298337418467443340

390370364319327405379405531528390

Ratios

Stocksto sales

2.8

2.72.83.52.62.4

2.32.32.52.72.7

2.83.23,1

3.53.0

3.13.0

2.6

3.03.83.44.03.43.44.13.43.22.92.61.6

3.13.53.23.02.92.93.43.02.92.72.8

Out-standing

ordersto sales

(3)

0.81.31.52.72.5

3.03.0.7.4.1

.4

.3

.2

1.41.1

1.11.4

1.1

1.92.31.31.1.8

1.21.71.31.21.0.8.5

1.31.41.0.8.7

1.21.81.61.51.31.0

Out-standing

ordersto stocks

(3)

0.3.5.4

1.01.0

1.31.3.7.5.4

.5

.4

.4

.4

.4

.3.4

.4

.7

.6

.4

.3

.2

.3

.4

.4

.4

.4

.3

.3

.4

.4

.3

.3

.2

.4

.5

.5

.5

.5

.4

1 The reported data are not estimates for all department stores in the United States. They are the actualdollar amounts reported by a group of department stores located in various cities throughout the country.In 1951, sales by these stores accounted for about 50 percent of estimated total department store sales.

3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived fromreceipts and reported figures on outstanding orders.3 Not available.

. 4 Averages based on data through November.Source: Board of Governors of the Federal Reserve System,

187


PRICES

TABLE B-23.—Wholesale price index, 1929-52

[1947-49 = 100]

Period


1930193119321933 . ._ .1934 „_

1935 _ -._1936.-193719381939

19401941 _19421943 . . .1944

19451946194719481949

1950 _19511952 8

1951: First half _Second half

1952: First halfSecond half3

1950: June -

1951: JanuaryFebruary.MarchApril.MayJuneJuly . .AugustSeptemberOctober _NovemberDecember ...

1952: January . _FebruaryMarchAprilMayJune _ _JulyAugust .September.. __ _ _OctoberNovember ._December2

Allcom-modi-ties

61.9

56.147.442.142.848.7

52.052.556.151.150.1

51.156.864.267.067.6

68.878.796.4

104.499.2

103.1114.8111.6

115.9113.7

112.1111.2

100.2

115.0116.5116.5116.3115.9115.1114.2113.7113.4113.7113.6113.6

113.0112.5112.3111.8111.6111.2111.8112.2111.8111.1110.7109.6

Farmprod-ucts

58.6

49.336.226.928.736.5

44.045.248.338.336.5

37.846.059.268.568.9

71.683.2

100.0107.392.8

97.5113.4107.1

115.7111.0

108.3105.8

94.5

112.3117.2117.6117.5115.7113.9111.1110.4109.9111.5112.0111.3

110.0107.8108.2108.7107.9107.2110.2109.9106.6104.9103.6'99.6

Proc-essedfoods

0)

(0

888 -0)

80)0)0)0)<»)

898.2

106.195.7

99.8111.4108.8

111.8111.0

109.0108.6

96.8

110.2112.9112.0111.8112.3111.3110.7111.2110.9111.6111.0110.7

110.1109.5109.2108.0108.6108.5110.0110.5110.3108.5107.7104.3

All commodities other than farm productsand foods

Total

65.5

60.953.650.250.956.0

55.756.961.058.458.1

59.463.768.369.370.4

71.378.395.3

103.4101.3

105.0115.9113.2

116.9114.8

113.5112.9

102.2

116.6117.2117.3117.1116.8116.2115.7114.9114.8114.6114.5114.6

114.3114.2113.8113.3113.0112.6112.5113.0113.2113.0112.8112.9

Textileprod-uctsand

apparel

0)

0)(00)0)(0

0)(')0)

80)0)0)(00)

0)(1100.1104.495.5

99.2110.699.8

114.9106.3

100.798.9

93.3

114.6115.7115.9115.5114.8112.9111.6108.5105.9103.9103.9104.0

103.3102.1100.699.999.399.098.999.199.599.298.698.3

Chemi-calsand

alliedprod-ucts

(')

0)(00)

80»)')i)

88(0

8101.4103.894.8

96.3110.0104.5

111.5108.6

105.2103.8

92.1

111.4112.6111.8111.5111.3110.2108.8108.5108.7108.8108.6108.4

106.7105.9105.4104.8104.3104.3104.2104.0104.0103.9103.5103.3

Rubberand

prod-ucts

(')

(')0)0)0)(')

80)0)0)

0)(i)C1)0)(')

0)0)99.0

102.198.9

120.5148.0134.0

151.5144.5

140.6127.4

109.5

153.0152.5152.3151.5151.3148.3144.3144.3144.7144.7144.6144.3

144.1143.1142.0140.6140.4133.4130.0127.8126.3126.0126.4127.7

Lumberand

woodprod-ucts

0)

(j)

i(0

80)C1)

(9(')0)(00)

(00)

93.7107.299.2

113.9123.9120.3

126.0121.8

120.4120.1

112.4

125.5126.4126.6126.6126.1124.6123.5122.3121.6121.7121.1120.3

120.1120.3120.5120.9120.7119.9120.2120.5120.4120.2119.7119.7

1 Not available.2 Preliminary.


188


TABLE B-23.—Wholesale price index, 1929-52—Continued

[1947-49-100]

Period


19301931193219331934 _

193519361937 _._19381939

19401941194219431944

19451946 _194719481949

195019511952*

1951: First half-Second halt--

1952: First halfSecond half2.

1950' June

1951: JanuaryFebruary- -.MarchApril -MayJuneJulyAugustSeptember. _ _OctoberNovember_-December—

1952: JanuaryFebruary- _ .MarchAprilMayJuneJulyAugustSeptember- _OctoberNovemberDecember 3~

All commodities other than farm products and foods (continued)

Hides,skins,and

leatherprod-ucts

59.3

54.446.839.744.047.1

48.751.956.950.552.0

54.858.964.063.963.4

64.274.6

101.0102.196.9

104.6120.397.2

126.6114.0

97.497.1

99.1

127.3127.7126.9126.5126.2124.7122.3118.0118.0113. 6107.0105.1

102.299.598.094.194.795.996.296.596.596.697.699.0

Fuel,power,

andlight-ing

mate-rials

70.2

66.557.259.556.162.0

62.264.565.764.761.8

60.764.566.468.470.3

71.176.290.9

107.1101.9

103.0106.7106.6

106.7106.8

106.7106.4

102.4

106.4107.4107.3106.5106.2106.3106.5106.3106.7106.8106.9107.4

107.4107.2107.4106.3106.0105.9106.0105.8106.2106.6106.7107.1

Pulp,paper,

andalliedprod-ucts

0)

880)

0)0)C1)0)0)

1C)0)

L102.998.5

100.9119.6116.5

120.1119.1

117.5115.6

95.9

120.1120. 5120.3119.7119.8120.2120.2119.5119.4118.8118.4118.4

118.2118.3117.7117.4116.9116.7115.3115.6115.6115.5115.5115.8

Metalsand

metalprod-ucts

(')

(')

8880)0)0)0)

80)0)0)0)91.3

103.9104.8

110.3122.8123.0

123.4122.3

122.2123.8

108.8

124.0123.7123.2123. 3123.2122.7122.3122.2122.1122.4122.5122.5

122.4122.6122.6122.5121.8121.1121.9124.1124.6124.1123.9124.0

Machin-ery andmotiveprod-ucts

(')i)i)i)

!J8C)

880)0)C)

L100.9106.6

108.6119.0121.5

118.2119.8

121. 5121. 4

106.3

117.3117.7118.6118.6118.6118.6118.8118.9119.4120.2120.5120.7

120.8122.0121.8121.6121.6121.3121.4121.4121.5121.3121.4121.4

Furn-itureandotherhouse-holddura-bles

C1)

80)0)C)0)0)0)0) •0)

30')0C1)0)95.6

101.4103.1

105.3114.1112.0

114.9113.2

112.0111.9

103.1

114.2114.6115.1115.4115.3115.0114.4113.5113.1112.8112.7112.7

112.3112.4111.9112.1111.7111.6111.8111.5112.0112.0112.1112.2

Non-metal-

licminer-als—struc-tural

(J)

0)

880

?C1

0

80)(')(')0)(')93.9

101.7104.4

106.9113.6113.6

113.6113.5

113.0114.2

105.4

113.6113.7113.7113.7113.6113.6113.6113.6113.6113.6113.6112.8

112.9112.9112.9112.8112.9113.8113.8113.8113.8114.4114.5114.6

Tobaccomanu-

facturesand

bottledbever-ages

0)

8(')0)0)0)

80)0)

(J(1(10)

0)0)98.0

100.4101.6

102.4108.1110.6

108.4107.8

110.4110.8

101.4

108.108.108.108.108.108.4107.9107.8107.8107.5107.5108.1

108.1110.8110. 8110.8110.8110.8110.8110.8110.8110.8110.8110.8

Miscel-laneous

0)0)0)(J)

\\\\80)C)0)

0)0)100.8103.198.1

96.6104.9108.3

103.7106.2

109.6107.0

96.9

102.6103.9104.2105.7103.0102.8103.7102.6105.1106.9108.9109.8

111.1111.4109.2109.5108.4108.1105.5108.9108.3108.4105.7105.2

1 Not available.* Preliminary.Source: Department of Labor.

189


TABLE B-24.—Consumers' price index, 1929-52

For moderate-income families in large cities

[1935-39=100]

Period


1930...1931193219331934 _

19351936193719381939

1940194119421943,1944

1945 ._19461947. . _ _ _ _ .19481949

1950195119521



1950: June . .

1951: January 15February 15March 15April 15May 15June 15July 15August 15 ,September 15October 15November 15 _December 15

1952: January 15February 15March 15April 15May 15,.June 15July 15Auprust 15September 15October 15November 15 __ _ _December 15

Allitems

122.5

119.4108.797.692.495.7

98.199.1

102.7100.899.4

100.2105.2116.6123.7125.7

128.6139.5159.6171.9170.2

171.9185.6189.7

184.2187.1

188.7190 9

170.2

181.5183.8184.5184 6185.4185.2185.5185.5186 6187.4188.6189.1

189.1187.9188.0188.7189.0189 6190.8191.1190.8190.9191.1

(2)

Food

132.5

126.0103.986.584.193.7

100.4101.3105 397.895.2

96.6105 5123.9138.0136 1

139.1159 6193.8210.2201.9

204 5227.4231 4

225 7229.1

230.0232 8

203.1

221 9226.0226 2225 7227.4226 9227.7227 0227 3229.2231.4232.2

232.4227 5227.6230 0230 8231 5234.9235.5233 2232.4232.3

3 228 4

Apparel

115.3

112.7102.690.887.996.1

96.897.6

102.8102.2100.5

101.7106.3124.2129.7138.8

145. 9160.2185.8198.0190.1

187.7204.5202.5

202.5206.5

203.2201 6

184.6

198.5202.0203.1203 6204.0204.0203. 3203.6209 0208.9207.6206.8

204.6204.3203. 5202 7202.3202 0201.4201.1202 3202.1201.3(2)

Rent

141.4

137.5130.3116.9100.794.4

94.296.4

100.9104.1104.3

104.6106.4108 8108.7109.1

109.5110.1113.6121.2126.4

131.0136.2141.6

134.7137.8

140.7142 7

130.9

133. 2134.0134.7135 1135. 4135 7136.2136.8137 5138.2138.9139.2

139.7140.2140.5140 8141.3141 6141.9142.3142 4143.0143.9

(2)

Fuel,elec-

tricity,and re-friger-ation

112.5

111.4108.9103.4100.0101.4

100.7100.2100.299.999.0

99.7102.2105.4107.7109.8

110.3112.4121.1133.9137.5

140.6144.1146. 3

143.8144.5

145.0147 7

139.1

143.3143.9144.2144.0143.6143.6144.0144.2144.4144.6144.8144. 9

145. 0145.3145.3145 3144.6144 8146.4147.3147 6148.4149.0

(2)

House-furnish-

ings

111.7

108.998.085.484.292.8

94.896.3

104.3103.3101.3

100.5107 3122.2125.6136.4

145.8159 2184. 4195.8189.0

190 2210.9205 8

210 8211.0

206.9204 6

184.8

207 4209.7210.7211 8212.6212 5212.4210. 8211 1210.4210 8210.2

209.1208.6207.6206 2205.4204 4204.2204.2205 0204.6204.9(2)

Miscel-laneous

104.6

105.1104.1101.798.497.9

98.198.7

101.0101.5100.7

101.1104.0110.9115.8121.3

124.1128.8139.9149.9154.6

156.5165.4172.2

164 0166.8

170.9173 8

154.6

162 1163.2164.3164 6165.0164.8165.0165.4166 0166.6168.4169.1

169. 6170.2170.7171.1171.4172 5173.0173.2173.8174.4174.7(2)

1 Averages based on data through November 15, except for food which is through December 15.2 Not available,s Estimated.Source: Department of Labor.

190


TABLE B-25.—Indexes oj prices received and prices paid by farmer-s, and parity ratio, 1929-52

[1910-14=100]

Period


1930193119321933_1934

19351936193719381939

19401941194219431944

19451946194719481949

195019511952


1952: First halfSecond half. _ _

1950: June

1951: January 15February 15-__March 15April 15May 15June 15July 15August 15September 15.Octoberl5..._November 15..December 15__

1952: January 15February 15.__March 15April 15May 15June 15July 15August 15September 15.October 15November 15_.December 15. _

Pricesreceivedby farmers

148

125876570

1091141229795

100123158

21922196

22062234275285249

256302

306

292284

247

300313311309305301294292291296301305

300289288290293292295295288282277

Parity index(prices paid,

interest,taxes, andwage rates)

160

151130112109120

124124131124122

124132151170182

189207239259250

255281286

279283

284

272276280283282282282282282283284284

289

286287285282281281

Parityratio l

92

8367586475

92937878

8193105113108

109113115110100

100107101

110105

101100

97

110113111109108107104104103105106107

10510010010010110210310310110099

1 Ratio of prices received by farmers to parity index.2 Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between

October 1943 and June 1946.Source: Department of Agriculture.


TABLE B-26.—Indexes of wholesale prices and cost of living in the United States and foreigncountries, selected dates since June 1950

[June 1950=100]

Country

United States

Africa and Near East:AlgeriaEgyptIranIraqIsraelLebanonMoroccoTunisiaUnion of South Africa. .

Western European coun-tries:

AustriaBelgium. _ _.Denmark..FranceGermany (Federal Re-

public) .GreeceIreland. __ .ItalyNetherlandsNorwayPortugal.Spain-SwedenSwitzerland...TurkeyUnited Kingdom

Latin America:ArgentinaBrazil...ChileCosta Rica-CubaDominican Republic .El Salvador-GuatemalaMexicoNicaraguaParaguayPeruVenezuela

Pacific and Far East:AustraliaIndia..IndochinaJapanNew ZealandPhilippinesThailand.

Other:CanadaFinland-

Wholesale prices

Jan-uary1952

113

134120124119137132141132126

161131135147127

136124115127133115139144116115131

(2)13914695

(2)110109101133142

(2)130107

131108138156125104111

113154

Latestdata

»109

122104129104207119138129133

157118124136126

125124113120137121139140112111127

(')15017588

(2)112102104129136

(2)130106

14296

148151126111115

105140

Date

December 1952 1...

June 1952October 1952November 1952November 1952. ...September 1952October 1952August 1952September 1952October 1952

November 1952November 1952November 1952November 1952October 1952

July 1952September 1952October 1952September 1952—December 1952October 1952September 1952—October 1952October 1952October 1952November 1952

(2)October 1952August 1952November 1952

(2)November 1952October 1952October 1952September 1952...June 1952

(2)October 1952October 1952

October 1952 _November 1952....August 1952October 1952April 1952November 1952—September 1952—

October 1952October 1952

Cost of living

Jan-uary1952

111

(a)114111118128116

(2)124113

150115

3117'136113

1223112

111111124100110123108103116

172118138107113112

(2)102124140

(2)11599

3136106129134

3119108110

115123

Latestdata

112

(2)102115114191111

(2)132118

151113

3118135111

1223120

116111130100109127108105121

188133166106116111

(2)10013214227711998

3145111148136

3122107122

112123

Date

November 1952

October 1952November 1952November 1952September 1952October 1952(2)

September 1952October 1952

November 1952November 1952Fourth quarter 1952November 1952October 1952

October 1952Third quarter 1952October 1952October 1952November 1952October 1952September 1952September 1952November 1952September 1952November 1952

August 1952October 1952October 1952November 1952June 1952November 1952(2)

October 1952October 1952July 1952July 1952October 1952October 1952

Third quarter 1952October 1952August 1952August 1952Third quarter 1952November 1952September 1952

November 1952October 1952

1 Preliminary.2 Not available.1 Data are for quarter. Base period is second quarter 1950.

NOTE.—The components of the indexes are not always the same for each country.

Source: International Monetary Fund.

192


CREDIT, MONEY SUPPLY, AND FEDERAL FINANCETABLE B-27.—Consumer credit outstanding, 1929-52

[Millions of dollars]

End of period

1929

19301931193219331934

19351936193719381939 ..

1940194119421943 .1944

19451946194719481949

1950195119523

1950' June

1951: JanuaryFebruaryMarch __ _ .AprilMayJune— -JulyAugustSeptemberOctober-NovemberDecember

1952: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecembers

Totalconsumer

creditout-

standing

6,252

5,5704,6363,4933,4393,846

4,7735,9336,5136,1287,031

8,1638,8265,6924,6004,976

5,6278.677

11, 86214, 36616, 809

20, 09720,64423, 700

17, 651

19, 93719, 53319. 37919, 12619,20719, 25619, 13219, 26219, 36219, 58519, 98920,644

20, 12619, 71719, 56519. 78820, 29320, 96121, 21321,43321, 65722, 28822, 79823, 700

Instalment credit

Totalinstal-mentcredit

3,158

2,6882,2041,5181,5881,860

2,6223,5183,9603,5954,424

5,4175,8873,0482,0012,061

2,3644,0006,4348,600

10, 890

13, 45913, 51016,400

12, 105

13, 25213, 07312. 97612, 90412, 92012,95512, 90313, 04513, 16713, 19613, 27113, 510

13, 31413, 18513, 15613,31913,80614, 40914, 74514, 93915, 19315, 57215,88316, 400

Sale credit

Total

2, 515

2,0321,595

9991,1221,317

1,8052,4362,7522,3132,792

3,4503,7441,617

882891

9421,6483,0864,5286,240

7,9047,5469,300

6,995

7,6947,5217,3687,2707,2487,2347,1737.2477,3277,3557,4007,546

7,3227,1587,0477,0997,4217,8208,0398,1498,3398,6538,9109,300

Auto-mobile

salecredit

1,318

928637322459576

9401,2891,384

9701,267

1, 7291,942

482175200

227544

1,1511,9613,144

4,1264,0395,100

3,790

4,0563,9903,9463,9343,9804,0414,0614,1384,1754,1344,1004,039

3,9623,9273,8913,9464,1714,4464,5974,6344,7084,8825,0345,100

OtherIsalecredit

1,197

1.104958677663741

8651,1471,3681,3431, 525

1,7211,8021,135

707691

7151,1041,9352,5673,096

3,7783,5074,200

3,205

3,6383,5313,4223, 3363,2683,1933,1123,1093,1523,2213,3003,507

3,3603,2313,1563,1533,2503,3743,4423,5153,6313,7713,8764,200

Loans 1

643

656609519466543

8171,0821,2081,2821,632

1,9672,1431,4311,1191,170

1,4222,3523,3484,0724,650

5,5555,9647,100

5,110

5,5585,5525,6085,6345,6725,7215,7305.7985,8405,8415,8715,964

5, 9926,0276,1096,2206,3856,5896,7066,7906,8546,9196,9737,100

Chargeaccounts

1,749

1,6111,3811,1141,0811,203

1,2921,4191,4591,4871,544

1,6501,7641,5131,4981,758

1,9813,0543,6123,8543,909

4,2394,5874,600

3,392

4,2484,0103,9383,7443,7933,8043,7433,7243,6963,8684,1904,587

4,2533,9673,8553,9133.9213,9803,8913,9023,8484,0754,2464,600

Otherconsumer

credit 2

1,345

1,2711.051

861770783

859996

1,0941,0461.063

1,0961,1751,1311,1011,157

1,2821,6231.8161,9122,010

2,3992,5472,700

2,154

2,4372,4502,4652,4782,4942,4972,4862,4932,4992,5212,5282,547

2,5592,5652,5542,5562,5662,5722,5772,5922,6162,6412,6692,700

1 Includes repair and modernization loans insured by Federal Housing Administration.2 Includes loans by pawnbrokers, service credit, and unclassified single-payment loans under $3,000 made

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

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

'93


TABLE B-28.—Loans and investments of all commercial banks, 1929—52 1


End of period 2

1929— June «

1930— Junes1931 — June 8

1932— June 51933— June 51934 — June 5

19351936193719381939 - -

1940194119421943 _1944

194519461947 __.19481949

1950195119527 _ _

1950: June _ _ _ _ _

1951: JanuaryFebruaryMarchApril _ . .MayJuneJulyAugustSeptemberOctoberNovemberDficembfir

1952: JanuaryFebruaryMarch .AprilMayJuneJulyAugustSeptemberOctober __November..December 7

Totalloansand

invest-ments

49.4

48.944.936.130.432.7

36.139.638.438.740.7

43.950.767.485.1

105.5

124.0114.0116.3114.3120.2

126.7132.6142.1

121.8

125.1125.0125.7125.4125.1126.0126.1127.0128.6130.5131.9132.6

132.8132.2132.5132.3133.1134.4136. 8136.6137.1139.4141.7142.1

Loans

Total 3

35.7

34.529.221.816.315.7

15.216.417.216.417.2

18.821.719.219.121.6

26.131.138.142.543.0

52.257.764.4

44.8

52.753.554.454.454.554.854.655.256.056.857.357.7

57.557.657.858.258.559.259.760.261.262.463.564.4

Commercialand indus-trial loans 4

(<9

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

(6)(6)(6)

5.76.4

7.39.37.97.98.0

9.614.218.218.917.1

21.925.927.7

16.9

22.323.123.723.623.523.723.423.924.525.025.325.9

25.625.625.825.224.925.325.125.426.126.827.427.7

Investments

Total

13.7

14.415.714.314.017.0

20.923.121.222.323.4

25.129.048.266.083.9

97.982.978.271.877.2

74.474.977.7

77.0

72.471.571.371.070.671.271.571.972.673.774.674.9

75.374.774.774.174.575.277.076.375.977.078.277.7

U. S. Gov-ernment

obligations

4.9

5.06.06.27.5

10.3

13.815.314.215.116.3

17.821.841.459.877.6

90.674.869.262.667.0

62.061.563.5

65.8

60.059.158.858.558.158.558.759.159.760.961.661.5

62.061.361.160.560.761.262.962.061.662.964.063.5

Othersecurities

8.7

9.49.78.16.56.7

7.17.97.07.27.1

7.47.26.86.16.3

7.38.19.09.2

10.2

12.413.314.2

11.2

12.412.412.612.612.512.712.812.712.912.913.013.3

13.313.413.613.713.814.014.114.414.314.214,214.2

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

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

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

as for previous years. Prior to June 1947 and for months other than June and December, data are estimatedon the basis of reported data for all insured commercial banks and for weekly reporting member banks.

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

e Not available.* Estimates based on incomplete data; by Council of Economic Advisers.


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

194


TABLE B-29.—Deposits and currency, 1929-52


End of period *

1929 _ .

1930 . _ _1931193219331934

19351936193719381939

1940...1941194219431944

19451946 .19471948 .1949 _

1950 _.195119528

1950: June

1951: JanuaryFebruary _March__AprilMay _ - _June_-July.AugustSeptember. _ _OctoberNovember. _ _December

1952: January... _ _February .MarchAprilMayJuneJulyAugustSeptember.. _OctoberNovemberDecember8 _.

Totaldeposits

andcurrency

54, 742

53, 57248, 37945, 37042, 55148, 106

52, 72657, 59556, 78159, 87864, 733

71, 12979, 098

100, 500123,391151, 428

176, 378167, 500172, 330172, 693173, 851

180, 574189, 846200, 400

174, 715

178, 800178, 900179, 900179, 800179, 100181,333180, 800181, 600183, 800185, 800187, 100189, 846

188, 200188, 000188, 700188, 700189, 300191, 358193, 400193, 100194, 100196, 100198, 900200,400

U.S.Govern-

mentdeposits 2

187

324518516

1,0191,836

1,4531,235

9661,8121,480

1,1212,7629,201

11, 00321, 203

25, 5853,4962,3223,5744,070

3,6573,8625,600

4,751

3,6004,7007,4006,5005,4006,6495,0004,6005,9004,2004,4003,862

3,0004,6005,8004,9004,9006,4547,6006,9006,7005,9007,3005,600

Total excluding U. S. Government deposits(privately held money supply) 3

Total

54, 555

53, 24847, 86144, 85441, 53246, 270

51, 27356,36055, 81558, 06663, 253

70, 00876, 33691, 299

112, 388130, 225

150, 793164, 004170, 008169, 119169, 781

176, 917185, 984194, 800

169, 964

175, 200174, 200172, 500173,300173, 700174, 684175, 800177, 000177, 900181, 600182, 700185. 984

185, 200183, 400182, 900183, 800184, 400184, 904185, 800186, 200187, 400190, 200191, 600194, 800

Currencyoutsidebanks

3,557

3,6054,4704,6694,7824,655

4,9175,5165,6385,7756,401

7,3259,615

13, 94618, 83723, 505

26, 49026, 73026, 47626, 07925, 415

25, 39826,30327,900

25, 185

24, 60024, 60024, 40024, 60024, 90025, 77625, 10025, 30025, 40025, 70025, 80026, 303

25, 60025, 60025, 70025, 90026, 00026, 47426, 20026,30026, 60026, 70027, 40027,900

Demanddeposits

adjusted 4

22, 809

20, 96717, 41215, 72815,03518, 459

22, 11525, 48323, 95925, 98629, 793

34, 94538, 99248, 92260, 80366, 930

75, 85183,31487, 12185, 52085, 750

92, 27298, 234

101, 300

85, 040

91, 60090, 60089, 00089, 50089, 50088, 96090, 70091, 40092, 00095, 00096, 30098, 234

97, 90095, 70094, 80095, 10095, 30094, 75495, 70095, 80096, 40098, 60099, 400

101, 300

Timedeposits

adjusted *

28, 189

28, 67625, 97924, 45721, 71523, 156

24, 24125, 36126, 21826, 30527, 059

27, 73827, 72928, 43132, 74839, 790

48, 45253, 96056, 41157, 52058, 616

59, 24761, 44765, 600

59, 739

59, 00059, 00059, 10059, 20059, 30059, 94860, 10060, 40060, 50060, 90060, 60061, 447

61, 70062, 00062, 50062, 80063, 00063, 67663, 80064, 10064, 50064, 90064, 80065,600

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

2 Includes U. S. Government deposits at Federal Reserve banks and commercial and savings banks, and,beginning with 1938, includes U. S. Treasurer's time deposits, open account.

3 Includes deposits and currency held by State and local governments.4 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of

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

interbank deposits.6 Estimates based on incomplete data; by Council of Economic Advisers.

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

195


TABLE B-30.—Estimated ownership of Federal obligations, 1939-52

[Billions of dollars—par values i]

End of period

1939

19401941194219431944

19451946194719481949

195019511952 7

1951: March.Tun ftSeptemberDecember

1952: JanuaryFebruaryMarchAprilMay . ._JuneJulyAugustSeptemberOctoberNovember7

December7

Gross public debt and guaranteed issues 2

Total

47.6

50.964.3

112.5170.1232.1

278.7259.5257.0252.9257.2

256.7259.5267.4

255.0255.3257.4259.5

259.8260.4258.1258.3260.0259.2263.1263.2262.7265.0267.5267.4

Held byrti.s.

Govern-ment

invest-ment

accounts

6.5

7.69.5

12.216.921.7

27.030.934.437.339.4

39.242.345.9

39.841.042.042.3

42.742.943.043.243.744.344.645.045.145.145.645.9

Held by others

Totalheld byothers

41.1

43.354.7

100.2153.2210.5

251.6228.6222.6215.5217.8

217.5217.2221.5

215.2214.3215.4217.2

217.1217.5215.1215.1216.2214.8218.5218.2217.7219.9221.9221.5

Stateand localgovern-ments 3

0.4

.5

.71.02.14.3

6.56.37.37.98.1

8.89.6

11.0

9.19.49.59.6

9.910.010.110.210.210.410.710.810.910.910.911.0

Com-mercialbanks *

15.9

17.321.441.159.977.7

90.874.568.762.566.8

61.861.663.3

57.858.459.561.6

62.161.260.160.561.061.162.761.861.563.064.063.3

FederalReservebanks

2.5

2.22.36.2

11.518.8

24.323.322.623.318.9

20.823.824.7

22.923.023.723.8

22.722.522.522.422.322.922.923.123.723.523.824.7

Nonbankprivatecorpora-tions andassocia-tions 5

12.2

12.816.828.242.056.4

65.760.158.456.457.9

60.958.658.7

60.359.258.958.6

58.659.557.857.958.857.058.258.557.858.659.458.7

Indi-viduals 6

10.1

10.613.623.737.653.3

64.364.265.765.566.1

65.263.663,8

65.264.463.863.6

63.764.364.564.163.963.564.063.963.863.963.863.8

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

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

Territories and possessions; figures exclude securities held in trust departments.8 Includes insurance companies, mutual savings banks, savings and loan associations, nonprofit institu-

tions, corporate pension trust funds, dealers and brokers, and investments of foreign balances and inter-national accounts in this country. Beginning with December 1946, the foreign accounts include investmentsby the International Bank for Reconstruction and Development and the International Monetary Fund inspecial noninterest-bearing notes issued by the U. S. Government. Beginning with June 30,1947, includesholdings of Federal land banks.

9 Includes partnerships and personal trust accounts.7 Estimates based on incomplete data; by Council of Economic Advisers,


Source: Treasury Department (except as noted).

196


TABLE B-31.—U. S. Government debt—volume and kind of obligations, 1929-52


End of period

1929

193019311932 _.. . _19331934

19351936193719381939

19401941 . _1942. _19431944 _

19451946 ...1947. . _ ..19481949 ... _ _ _

195019511952

1951: January _ _ --FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1952: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember - - -December

Grosspublic

debt andguar-

anteedissues *

16.3

16.017.820.824.031.5

35.139.141.944.447.6

50.964.3

112.5170.1232.1

278.7259.5257.0252.9257.2

256.7259.5267.4

256.1256.0255.0254.7255.1255.3255.7256.7257.4258.3259.6259.5

259.8260.4258.1258.3260.0259.2263.1263.2262.7265.0267.5267.4

Interest-bearing public debt

Marketable publicissues

Short-term

issues 2

3.3

2.92.86.97.5

11.1

14.212.512.59.87.7

7.58.0

27.047.169.9

78.257.147.745.950.2

58.365.668.7

57.457.457.457.457.468.960.360.861.963.564.565.6

65.665.664.464.865.664.664.464.264.066.968.968.7

Treasurybonds

11.3

11.313.613.414.715.4

14.319.520.524.026.9

28.033.449.367.991.6

120.4119.3117.9111.4104.8

94.076.979.8

94.094.094.080.580.678.878.878.878.178.178.176.9

76.976.976.876.876.875.779.979.879.879.879.879.8

Nonmarketable public issues

UnitedStates

savingsbonds

0.2.5

1.01.42.2

3.26.1

15.027.440.4

48.249.852.155.156.7

58.057.657.9

68.057.857.857.767.667.657.667.567.567.557.657.6

57.757.767.757.657.657.757.757.867.857.857.957.9

Treasurytax andsavingsnotes

2.56.48.69.8

8.25.75.44.67.6

8.67.55.8

8.78.78.38.18.27.87.98.07.87.77.77.5

7.58.06.97.17.56.66.46.36.06.06.15.8

Invest-ment

bonds »

1.61.01.0

1.013.013.4

1.01.01.0

14.514.514.513.513.513.513.013.013.0

13.013.013.012.512.514.014.114.114.113.413.413.4

Specialissues *

0.6

.8

.4

.4

.4

.6

.7

.62.23.24.2

5.47.09.0

12.716.3

20.024.629.031.733.9

33.735.939.2

34.033.933.533.634.034.734.735.135.635.635.935.9

36.236.436.536.737.237.737.938.338.438.438.839.2

1 Total includes non-interest-bearing debt, fully guaranteed securities (except those held by the Treasury),Postal Savings bonds, prewar bonds, adjusted service bonds, depositary bonds, and Armed Forces Leavebonds, not shown separately.

2 Includes bills, certificates of indebtedness, and notes.*Includes Series A bonds and, beginning in April 1951, Series B convertible bonds.* Issued to U. S. Government investment accounts. These accounts also held 6.8 billion dollars of public

marketable and nonmarketable issues on December 31,1952.

Source: Treasury Department.

197


TABLE B-32.—Bond yields and interest rates, 1929-52

[Percent per annum]

Period

1929

19301931 -193219331934

1935, _ _1936193719381939

1940194119421943 .1944

19451946194719481949 _ . _ _

1950 .- -19511952 _




1950: First quarterSecond quarter. _Third quarterFourth quarter. _

1951: First quarterSecond quarter _ _Third quarterFourth quarter ._

1952: First quarterSecond quarter _ _Third quarterFourth quarter. _

U. S. Governmentsecurity yields

3-monthTreasury

bills i

(<)

(*)1.402.879.515.256

.137

.143

.447

.053

.023

.014

.103

.326

.373

.375

.375

.375

.5941.0401.102

1.2181.5521.766

1.1421.293

1.4661.638

1.6591.876

1.1181.1661. 2331.353

1.4001.5321.6281.649

1.6401.6781.8291.924

9-12monthissues 2

(•)

(5)(')(»)(5)(5)

(5)

880)(5)(5)

.75

.79

.81

.82

.881.141.14

1.261.731.81

1.171.36

1.731.72

1.691.92

1.141.191.271.44

1.621.84.72.73

.71

.67

.931.92

Taxablebonds 3

CO

(6)(8)(6)

(•)(«)

(6)(<0(6)(6)(6)

(6)(6)2.462.472.48

2.372.192.252.442.31

2.322.572.68

2.282.36

2.522.62

2.662.70

2.242.312.342.38

2.422.612.592.66

2.722.612.672.73

CorporateAaa

bonds(Moody's)

4.73

4.554.585.014.494.00

3.603.243.263.193.01

2.842.772.832.732.72

2.622.532.612.822.66

2.622.862.96

2.602.65

2.802.92

2.952.97

2.582.612.632.67

2.702.902.892.95

2.962.932.952.99

Average ofrates

charged bybanks on

short-termloans— se-lected cities

(7)

88(7)(7)f7)(7)(7)

2.1

2.12.02.22.62.4

2.22.12.12.52.7

2.73.1

2.642.74

3.043.16

3.48

2.602.682.632.84

3.023.073.063.27

3.453.513.49

Primecom-

mercialpaper

4-6months

5.85

3.592.642.731.731.02

.76

.75

.94

.81

.59

.56

.54

.66

.69

.73

.75

.811.031.441.48

1.452.172.33

1.311.59

2.082.26

2.352.31

1.311.311.471.71

1.962.202.252.26

2.382.322.312.31

Bankersaccep-tances,90 days

5.03

2.481.571.28.63.25

.13

.16

.43

.44

.44

.44

.44

.44

.44

.44

.44

.61

.871.111.12

1.151.601.75

1.061.24

1.571.64

1.751.75

1.061.061.181.31

1.511.631.631.65

1.751.751.751.75

FederalReserve

Bankdiscount

rate

5.16

3.042.112.822.561.54

1.501.501.331.001.00

1.001.00

U.OO81.0081.00

81.0081.00

1.001.341.50

1.591.751.75

1.501.68

1.751.75

1.751.75

1.501.501.611.75

1.751.751.751.75

1.751.751.751.75

1 Rate on new issues within period. Issues were tax-exempt prior to March 1, 1941, and fully taxablethereafter. Series includes issues with maturities of more than 3 months in period 1934-37.

2 Includes certificates of indebtedness and selected note and bond issues.315 years and over prior to April 1952; 12 years and over beginning in April 1952.4 Treasury bills were first issued in December 1929 and were issued irregularly in 1930.8 Not available before August 1942.6 Bonds in this classification were first issued in March 1941.7 Not available on same basis as for 1939 on.8 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances

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

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

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

198


TABLE B-33.—Government cash receipts from and payments to the public, calendar years, 1943—52


Calendar year

19431944 .

1945 .1946 _194719481949 . _ _ . .

19501951 . _ _1952 4

Total

Cashreceipts

47.457.9

59.853.057.560.057.9

60.878.992.3

Cashpay-

ments

96.1102.0

93.951.051.052.360.2

61.478.795.4

Excess ofreceipts(+)orpay-

ments (—)

-48.7-44.0

-34.1+2.0+6.6+7.8-2.3

-.6+.2

-3.1

Federal

Cashreceipts

37.948.1

49.441.444.344.941.3

42.459.371.4

Cashpay-

ments

89.094.8

86.141.438.636.942.6

42.058.073.0


ments (—)

-51.1-46.7

-36.7(3)+5.7+8.0-1.3

+.4+1.2-1.6

State and local J

Cash re-ceipts 2

9.69.8

10.311.613.215.116.6

18.419.720.9

Cashpay-

ments 2

7.17.2

7.89.6

12.415.417.6

19.420.722.4


ments (—)

+2.5+2.6

+2.6+2.0+.9-.3

-1.0

-1.0-1.0-1.5

Based on the national income and product statistics of the Department of Commerce, adjusted to a cash2 Federal grants-in-aid have been deducted from State and local government receipts and payments

since they are included in Federal payments.3 Less than 50 million dollars.< Estimates based on incomplete data.


Sources: Treasury Department, Department of Commerce, and Council of Eonomic Advisers.

199


CORPORATE PROFITS AND FINANCE

TABLE B-34.—Profits before and after tax, all private corporations, 1929-52


Period

1929

1930 -19311932 _19331934

19351936 ._193719381939 _

1940 - -19411942 -1943 . _ _1944 _ .

19451946194719481949

1950 _1951 _1952 »

1950* First halfSecond half


1952- First halfSecond half3 __

1950* First quarterSecond quarter _ __Third quarterFourth quarter

1951' First quarterSecond quarter . .Third quarterFourth quarter

1952* First quarterSecond quarter .Third quarter*Fourth quarter *

Corporateprofitsbefore

tax

9.8

3.3-.8

-3.0.2

1.7

3.25.76.23.36.5

9.317.221.125.124.3

19.723.530.533.827.1

39.642.940.8

Corporatetax

liability '

1.4

.8

.5

.4

.5

.7

.0

.4

.5

.0

.5

2.97.8

11.714.413.5

11.29.6

11.913.010.8

18.424.223.6

Corporate profits after tax

Total

8.4

2.5-1.3-3.4-.41.0

2.34.34.72.35.0

6.49.49.4

10.610.8

8.513.918.520.716.3

21.218.717.2

Dividendpayments

5.8

5.54.12.62.12.6

2.94.64.73.23.8

4.04.54.34.54.7

4.75.86.67.27.5

9.09.09.3

Undis-tributedprofits

2.6

-3.0-5.4-6.0-2.4-1.6

-.6-.3

(2)-.91.2

2.44.95.16.26.1

3.88.1

12.013.58.8

12.39.67.9


32.846.4

46.739.0

41.140.5

30.235.544.348.4

50.143.338.639.5

42.739.539.042.0

15.221.6

26.422.0

23.823.5

14.016.520.622.5

28.424.521.822.2

24.722.922.624.4

17.624.8

20.217.1

17.417.0

16.219.023.726.0

21.718.816.917.3

18.116.616.417.6

8.010.0

8.89.2

9.29.3

7.88.19.3

10.7

8.69.09.29.3

8.99.69.39.3

9.614.8

11.47.8

8.27.7

8.410.914.415.3

13.19.87.78.0

9.27.07.18.3

i Federal and State corporate income and excess profits taxes.»Minus 8 million dollars.• Estimates based on incomplete data; third and fourth'quarters by Council of Economic Advisers.

NOTE.—No allowance has been made for inventory valuation adjustment. See appendix table B-6 forprofits before tax and inventory valuation adjustment.



2OO


TABLE B—35.—Sales and profits of large manufacturing corporations, 1939—52


Period

1939

1940194119421943 .1944

19451946194719481949...

1960 - -1951

1951 First half 2_Second half 2

1952: First half

1951: First quarter 2

Second quarter 2

Third quarter2

Fourth quarter 2 _.

1952: First quarter. .Second quarterThird quarter 3

Durable goods industries(106 corporations) 1

Sales

6,743

8,74612, 80215, 37120, 64122,090

18, 16212, 37619, 48423, 56623, 885

29, 34133, 696

Profits

Before taxes

733

1,2272,1762,3302,3912,192

1,290608

2,3113,1053,191

5,1925,374

After taxes

597

830982783755726

574295

1,3541,8351,887

2,5422,000

Nondurable goods industries(94 corporations) 1

Sales

3,878

4,2955,5406,4707,6718,331

8,4388,997

11,38513, 44112, 853

14, 77717, 371

Profits

Before taxes

478

622989

1,0791,3021,346

1,1391,4301,7932,2121,847

2,7023,184

After taxes

402

446541441509532

558911

1,1701,4771,213

1,5131,411

Totals for period not adjusted for seasonal variation

17, 12116, 575

16, 815

8,3628,7598,0038,572

8,4258,3907,866

2,7872,587

2,253

1,3821,4051,1911,396

1,2341,019

865

1,007993

839

510497428565

501338375

8,6378,735

8,551

4,3494,2884,2944,441

4,3354,2164,361

1,6691,514

1,304

855814773741

705599642

710702

601

368342334368

314287308

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

2 Certain Federal income tax accruals for the first 6 months of 1951, required by subsequent increasesin Federal income tax rates and charged by many companies against third quarter profits, have been re-distributed to the first and second quarters.

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

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

201


TABLE B—36.—Relation of profits before and after taxes to stockholders' equity, private manufac-turing corporations., by industry group, 1947—50 average and 1951—52

Industry group

All private manufacturingcorporations

FoodTobacco manufacturesTextile-mill productsApparel and finished textiles.1,/nmber and wood productsFurniture and fixturesPaper and allied products _ _ _Printing and publishing (except

newspapers)Chemicals and allied productsPetrol p.n m refiningProducts of petroleum and coal (ex-

op,pt petrolp.um refining)Rubber productsLeather and leather productsStone, clay, and glass products „_Primary nonferrous metal industries-Primary iron and steel industriesFabricated metal productsMachinery (except electrical)Electrical machinery. _ .Transportation equipment (except

motor vehicles)Motor vehicles and partsInstruments; photographic and op-

tical goods; watches and clocksMiscellaneous manufacturing (in-

cluding ordnance) _ _

All private manufacturingcorporations

FoodTobacco manufacturesTextile-mill productsApparel and finished textilesLumber and wood productsFurniture and fixturesPaper and allied productsPrinting and publishing (except

newspapers)Chemicals and allied productsPetroleum refiningProducts of petroleum and coal (ex-

cept petroleum refining)Rubber productsLeather and leather products _ _Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries. __Fabricated metal productsMachinery (except electrical).Electrical machineryTransportation equipment (except

motor vehicles)Motor vehicles and partsInstruments; photographic and op-

tical goods; watches and clocksMiscellaneous manufacturing (in-

cluding ordnance) .

Ratio of profits (annual rate) to stockholders' equity

average

1951

Year Firstquarter

Secondquarter

Thirdquarter

1952

Firstquarter

Secondquarter

Thirdquarter

Before Federal taxes

24.623.220.324.620.727.424.727.0

22.826.6

120.3

(2)23.018.126.120.522.726.024.731.6

12.540.7

24.8

20.1

27.317.421.420.19.0

23.225.134.5

21.130.422.2

26.836.910.733.528.233.530.932.037.9

22.239.6

31.3

22.7

32.019.720.333.916.631.234.642.8

19.838.423.3

25.443.217.138.132.435.838.035.147.7

18.845.6

33.5

30.9

29.717.320.426.58.3

29.029.041.7

24.330.523.1

33.041.213.540.933.236.833.835.134.8

24.143.7

33.5

23.3

24.918.122.412.07.6

20.220.731.5

21.628.722.9

27.230.813.634.724 .431.027.428.230.2

18.734.1

30.0

16.5

23.614.017.710.97.3

14.019.628.7

21.727.220.6

15.928.98.5

21.927.726.223.231.736.8

28.137.3

28.2

15.5

22.016.619.19.39.3

16.820.122.8

21.024.216.1

22.729.712.127.522.07.5

22.332.733.4

32.846.5

29.1

14.9'36

20.720.321.910.611.517.818.622.8

19.724.217.1

25.027.417.129.817.512.122.024.231.0

29.726.2

29.4

17.5

After Federal taxes

14.813.612.114.512.017.114.316.2

13.415.9

U5.1

(2)12.810.415.212.512.915.314.517.8

6.621.7

14.6

11.4

11.88.09.47.92.8

11.811.113.5

9.912.014.7

12.214.42.0

13.813.412.113.212.713.7

9.514.2

12.9

9.9

14.39.19.5

14.16.0

15.417.317.8

9.415.914.6

12.218.64.2

16.516.014.017.615.417.9

8.716.9

15.0

14.4

13.38.4

10.010.52.3

14.212.416.7

12.812.815.2

14.915.52.6

17.215.014.314.415.113.5

11.017.1

14.5

9.7

10.08.28.83.51.8

10.39.1

12.1

9.99.4

14.7

11.511.94.3

13.310.79.1

11.110.68.9

7.810.7

10.7

7.0

10.15.97.34.01.88.07.4

11.4

10.911.113.6

6.09.62.68.4

13.09.79.9

12.213.4

10.912.9

10.6

6.5

10.0

7.77.73.23.48.9

9.09.5

10.210.613.0

8.910.85.6

12.611.3

5.510.412.511.4

12.5

15.4

11.1

6.1

9.99.49.04.75.09.88.4

10.1

9.410.512.3

13.511.28.1

13.69.36.3

10.510.212.0

11.911.4

11.2

7.3

1 Petroleum refining and products of petroleum and coal combined.2 Not available separately for this period.NOTE.—These series are based on a new sample, beginning with the third quarter of 1951. To provide

continuity, the first and second quarters of 1951 have been adjusted to the new basis. However, the 1947-50averages have not been adjusted and therefore are not strictly comparable with the 1951 and 1952 data. Forexplanatory notes concerning compilation of the series, see Quarterly Financial Reports for United StatesManufacturing Corporations by Federal Trade Commission and Securities and Exchange Commission.

Sources: Federal Trade Commission and Securities and Exchange Commission.

202


TABLE B-37.—Relation of profits before and after taxes to sales•, private manufacturing corporations,by industry group, 1947-50 average and 1951-52

Industry group

All private manufacturing cor-porations --

FoodTobacco manufactures - -Textile-mill productsApparel and finished textilesLumber and wood products _ .Furniture and fixturesPaper and allied productsPrinting and publishing (except news-

papers)Chemicals and allied productsPetroleum and refiningProducts of petroleum and coal (except

petroleum refining) _ _Rubber productsLeather and leather productsStone, clay, and glass products _ _.Primary nonferrous metal industries...Primary iron and steel industriesFabricated metal productsMachinery (except electrical)Electrical machinery _ _ _ _ _ _ _ _Transportation equipment (except

Motor vehicles and partsInstruments; photographic and optical

goods; watches and clocksMiscellaneous manufacturing (includ-

ing ordnance)

All private manufacturing cor-porations

FoodTobacco manufactures -_ _.Textile-mill products . __ _Apparel and finished textilesLumber and wood products _ _ _ _Furniture and fixturesPaper and allied products _ _Printing and publishing (except news-

papers)Chemicals and allied productsPetroleum and refining- _ _ _ _Products of petroleum and coal (except

petroleum refining) _Rubber productsLeather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries. .Primary iron and steel industriesFabricated metal productsMachinery (except electrical)Electrical machineryTransportation equipment (except

motor vehicles) _Motor vehicles and partsInstruments; photographic and optical

goods; watches and clocks _ _ -_Miscellaneous manufacturing (includ-

ing ordnance)

Profits in cents per dollar of sales

947-50verage

1951

Year Firstquarter

Secondquarter

Thirdquarter

1952

Firstquarter

Secondquarter

Thirdquarter

Before Federal taxes

11.16.18.1

11.35.4

14.88.6

14.4

8.515.2

'14.8

8.65.9

15.214.512.711.312.111.3

6.413.9

13.4

9.3

11.24.38.78.62.1

10.87.7

16.8

7.816.516.8

10.911.63.2

17.416.416.011.713.813.9

7.513.2

14.7

8.4

12.44.88.9

12.33.5

13.89.3

18.8

7.319.016.6

11.113.04.6

18.717.016.613.514.815.2

7.613.7

15.8

10.6

11.74.48.2

10.52.0

12.68.3

18.6

8.615.917.2

12.612.24.0

19.218.016.712.214.212.3

7.913.5

15.3

8.6

10.54.48.85.61.89.77.1

15.9

8.016.017.1

10.79.84.0

17.715.115.410.812.811.8

12.2

14.5

7.0

9.93.67.24.91.77.36.3

15.1

8.015.115.1

7.39.72.7

13.215.513.29.5

13.312.6

13.0

12.7

6.2

9.24.17.54.32.28.16.0

12.9

7.913.712.7

9.29.63.8

15.713.34.89.1

13.211.5

14.8

12.7

6.2

8.95.08.24.82.68.46.0

12.9

7.414.213.4

10.09.15.3

16.210.87.68.5

10.810.6

10.4

12.6

6.8

After Federal taxes

6.73.64.86.63.19.25.08.6

5.09.1

Ul.O

4.83.48.98.87.26.67.16.3

3.47.4

7.9

5.3

4.82.03.83.4.6

5.53.46.6

3.76.5

11.1

5.04.5.6

7.17.85.85.05.55.0

3.24.7

6.1

3.7

5.62.24.25.11.36.84.77.8

3.57.9

10.4

5.35.61.18.18.46.56.26.55.7

3.55.1

7.1

4.9

5.22.14.04.2.5

6.13.67.5

4.56.6

11.3

5.74.6.8

8.18.16.55.26.14.8

3.65.3

6.6

3.6

4.22.03.51.6.4

4.93.16.1

3.75.2

11.0

4.53.81.36.86.64.54.44.83.5

2.83.8

5.1

3.0

4.21.53.01.8.4

4.22.36.0

4.06.2

10.0

2.83.2.8

5.07.34.94.15.14.6

2.94.5

4.8

2.6

4.21.93.01.5.8

4.32.75.4

3.86.0

10.2

3.63.51.87.26.83.54.35.13.9

2.84.9

4.8

2.6

4.32.33.42.11.14.62.75.7

3.56.19.6

5.43.72.57.45.73.94.14.64.1

2.84.6

4.8

2.9

1 Petroleum refining and products of petroleum and coal combined.2 Not available separately for this period.NOTE.—These series are based on a new sample, beginning with the third quarter of 1951. To provide

continuity, the first and second quarters of 1951 have been adjusted to the new basis. However, the 1947-50averages have not been adjusted and therefore are not strictly comparable with the 1951 and 1952 data.For explanatory notes concerning compilation of the series, see&uarterly Financial Reports for United StatesManufacturing Corporations by Federal Trade Commission and Securities and Exchange Commission.


203


TABLE B-38.—Relation of profits before and after taxes to stockholders* equity and to sales, allprivate manufacturing corporations, by asset size class, 1947-50 average and 1951-52

Asset size class(thousands of dollars)

All asset sizes _ _ _

Under 250250 to 999 ---1 000 to 4 9995*000 to 99 999 -100,000 and over

All asset sizes

Under 250250 to 9991000 to 4 9995 000 to 99,999100 000 and over

All asset sizes

Under 250250 to 9991000 to 4 9995 000 to 99 999100 000 and over -

All asset sizes

Under 250250 to 999 -1 000 to 4 9995 000 to 99 999100,000 and over

1947-50aver-age

1951

Year Firstquarter

Secondquarter

Thirdquarter

1952

Firstquarter

Secondquarter

Thirdquarter

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

24.6

16.722.724.225.224.9

27.3

17.322.025.428.428.8

32.0

23.827.333.134.432.2

29.7

22.526.330.331.829.9

24.9

15.119.921.325.126.9

23.6

15.717.320.723.325.7

22.0

20.319.720.222.222.6

20.7

22.118.819.120.821.2

Profits before Federal taxes in cents per dollar of sales

11.1

4.47.49.0

11.313.2

11.2

3.66.18.1

11.714.7

12.4

4.87.39.9

13.415.5

11.7

4.77.19.1

12.514.8

10.5

3.35.87.18.8

14.0

9.9

3.45.26.99.8

13.1

9.2

4.45.86.79.4

11.6

8.9

4.65.66.58.9

11.1

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

14.8

9.813.114.114.915.3

11.8

8.69.2

10.611.813.0

14.3

13.713.115.615.014.4

13.3

13.211.713.213.713.8

10.0

7.47.98.09.7

11.1

10.1

8.96.97.99.3

11.5

10.0

12.38.68.09.2

11.0

9.9

13.08.48.29.1

10.8

Profits after Federal taxes in cents per dollar of sales

6.7

2.64.35.26.78.1

4.8

1.82.53.44.96.6

5.6

2.83.54.75.86.9

5.2

2.83.24.05.46.8

4.2

1.62.32.74.15.8

4.2

1.92.02.63.95.8

4.2

2.72.52.63.95.6

4.3

2.72.52.83.95.7

NOTE.—These series are based on a new sample, beginning with the third quarter of 1951. To providecontinuity, the first and second quarters of 1951 have been adjusted to the new basis. However, the 1947-50averages have not been adjusted and therefore are not strictly comparable with the 1951 and 1952 data.For explanatory notes concerning compilation of the series, see Quarterly Financial Reports for United StatesManufacturing Corporations by Federal Trade Commission and Securities and Exchange Commission.


204


TABLE B*-39.—Sources and uses of corporate funds, 1946—52 1


Source or use of funds

Uses:Plant and equipment outlaysInventories (change in book value)Change hi customer net receivables 4

Cash and U. 8. Government securities. ._Other current assets

Total uses

Sources:Internal:

Ketained profits and depletion allow-ances.— _ _ . . _ _

Depreciation allowances

Total internal sources. _ .

External:Change in Federal income-tax liability--Other current liabilitiesChange hi bank loans and mortgage

loansNet new issues

Total external sources

Total sources

Discrepancy (uses less sources) _ . . _ . . .

1946

12.711.2

.8-4.7

—.7

19.3

7.64.3

11.9

-1.62.1

4.32.3

7.1

19.0

.3

1947

17.17.13.01.2

—.1

28.3

11.65.2

16.8

2.31.0

3.24.4

10.9

27.7

.6

1948

19.14.22.91.0

(5)

27 2

12.86.2

19.0

.8

.3

1.75.9

8.7

27 7

—.5

1949

16.4-3.6

2.13.4

—.2

18 1

8.07,2

15.2

-2.3.3

-1.24.9

1.7

16.9

1.2

1950

16.98.04.04.7.3

33 9

11.67.8

19.4

7.41 5

3.33.7

15.9

35 3

-1.4

1951

22 210.2

.22.9.4

35 9

9.08.8

17.8

5.6.8

5.06.4

17.8

35 6

.3

19522

23.0(3)

2.51.5

(3)

27.0

7.510.0

17.5

-.52.0

1.57.0

9.5

27.0

.0

1 Excludes banks and insurance companies.3 Estimates based on incomplete data, and rounded to the nearest half-billion dollars.3 Less than 500 million dollars.4 Keceivables are net of payables which are therefore not shown separately.« Less than 50 million dollars.


Source: Department of Commerce based on Securities and Exchange Commission and other financialdata.

205


INTERNATIONAL TRANSACTIONSTABLE B-40.—International transactions of the United States, 1949-52


Type of transaction

Exports of goods and services:Recorded goods _ _Other goods 2

Total goodsServicesIncome on investments _ _

Total exports __

Imports of goods and services:Recorded goodsOther goods 2

Total goodsServices..Income on investfnfvnts

Total imports

Surplus of exports of goods andservices:

Recorded goodsOther goods 2

Total goodsServicesIncome on investments ._

Total surplus of exports

Means of financing surplus of exportsof goods and services:

Liquidation of gold and dollarassets by foreign countries andby international institutions. __

U. S. Government sources (net):3

Grants and other unilateraltransfers

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

Remittances _ _ _ _ _ _Long- and short-term cap-

ital

Total means of financing. _

Errors and omissions

1949

12, 051286

12 3372,2321,405

15, 974

6 622444

7,0662,184

353

9 603

5,429—158

5,27148

1,052

6,371

57

5,321647

522

609

7,156

—785

1950

10, 272386

10 6582,0241,743

14, 425

8 845470

9,3152,376

437

12 128

1,427—84

1,343—3521,306

2,297

—3, 629

4,120164

481

1,317

2,453

—156

1951

15, 030455

15 4852,7411,992

20, 218

10 964704

11 6682,988

398

15 054

4,066—249

3,817—2471,594

5,164

-442

4,501163

412

1,066

5,700

—536

Total *

14, 940522

15 4622 9861,942

20, 390

10 539757

11 2963,739

397

15 432

4,401—235

4,166—7531.545

4,958

—845

4,360627

376

859

5,377

—419

Firstquar-

ter

4,017150

4 167721

% 422

5,310

2 779183

2,96280489

3 855

1,238—33

1,205—83ooo

1,455

382

820140

96

235

1,673

—218

1952

secondquar-

ter

3,965123

4 088775454

5,317

2 628216

2,844914109

3 867

1,337—93

1,244—139

345

1,450

-404

1,234210

94

519

1,653

—203

Thirdquar-

ter

3,30899

3 407740466

4,613

2 532158

2,6901,071

99

3 860

776—59

717—331

367

753

-723

1,176197

86

15

751

2

Fourthquar-ter i

3,650150

3 800750600

5,150

2 600200

2 800950100

3 850

1,050—50

1,000—200

500

1,300

-100

1,13080

100

90

1,300

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

States customs area, and other adjustments.s For detail, see appendix table B-42.


206


TABLE B-41.—United States exports and imports of goods and services^ by area, 1949-52

[Billions o Jdollars, annual rates]

Area

Exports of goods and services: 2

O EEC countries 3OEEC dependencies 3

Other Europe5

CanadaLatin- American republicsOther 6. _

Total exports

Imports of goods and services: J

OEEC countries 3OEEC dependencies 3

Other Europe 5 _ _CanadaLatin-American republics _Other •

Total imports

Surplus of exports of goods and serv-ices: 2

OEEC countries 3 _OEEC dependencies 3

Other Europe 8 _ _ _ _ _Canada _Latin- American republicsOther 0

Total surplus of exports

ADDENDUM

Exports of goods and services to ster-ling area 7 _ _

Imports of goods and services fromsterling area.

Surplus of exports to sterlingarea 7.

1949

5.39.90.21

2.593.663.21

15.97

2.22.71.18

2.012.941.54

9.60

3.17.19.03.59.72

1 67

6.37

2.52

1.73

.79

1950

4.43.58.18

2.733.922.59

14.43

2.69.89.23

2.443.562.32

12.13

1.73-.31—.04

.29

.36

.27

2.30

1.95

2.27

—.32

1951

6.52.68.33

3.485.154.06

20.22

3.511.16.24

2.784.123.25

15.05

3.01-.48

.09

.701.03.81

5.16

3.17

2.91

.26

Total i

(4)(4)(«)(4)(4)(4)

20.39

(4)(4)(4)(4)(3)(4)

15.43

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

(4)(4)

4.96

(4)

(4)

(4)

Firstquarter

7.27.76.01

3.355.334.52

21.24

3.731.42.04

2.594.323.32

15.42

3.54-.66-.03

.761.011.20

5.82

3.75

2.87

.88

1952

Secondquarter

6.88.79.01

4.245.034.32

21.27

4.111.33.05

2.914.043.03

15.47

2.77-.54-.041.33.99

1.29

5.80

2.68

2.96

-.28

Thirdquarter

5.60.64.03

3.834.403.95

18.45

4.13.90.05

3.204.172.99

15.44

1.47-.26-.02

.63

.23

.96

3.01

2.21

2.46

—.25

Fourthquar-ter i

(4)(4)

(4

(4)(4)

(4)

20.60

(4)(4)

(4)(4)(4)

(4)

15.40

(4)(4)(4)

(4)(4)(4)

5.20

(4)

(4)

(4)

1 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.2 Includes income on investments.3 "OEEC" countries are those which are members of the Organization for European Economic Coopera-

tion. They are the countries which participated in the European Recovery Program prior to its termina-tion. Beginning with 1952, the data also include Finland, Spain, and Yugoslavia.

4 Not available.6 Beginning with 1952, excludes Finland, Spain, and Yugoslavia.6 Includes international institutions.7 In 1950-52, includes "special category" exports sold for cash, but excludes all transactions under the

Mutual Defense Assistance Program.



SO?


TABLE B-42.—U. S. Government grants, other unilateral transfers, and loans to foreign countries,1949-52


Type of aid

Unilateral payments:Military aid programs:

Mutual Security and Mu-tual Defense

Greek-Turkish aidChina aid

Economic aid programs:Mutual Security, EGA, and

Mutual DefenseEuropeOther areas .__ _ .

Army Civilian Supply 8

Philippine RehabilitationAct.— _

International Refugee Or-ganization and other inter-national relief agencies

OtherOther transfers

mTotal unilateral payments.

Less: Unilateral receipts

Equals: Net unilateral pay-ments

Long-term loans and investments:EGA and Mutual Security pro-

gramsExport-Import BankSurplus property credits, includ-

ing ship salesRaw-material credits to occupied

areasUnited Nations building loanOther -.. -

Total long-term loans and in-vestments

Less: Repayments _. _ _ _ _

Equals: Net long-term loansand investments

Short- term loans (net)

Total net unilateral payments,loans and investments.

1949

17144

3,8223,730

921,082

203

10431

128

5,585264

5,321

428163

30

262012

679205

474

173

5,968

1950

516625

2,8332,719

114500

166

8428

101

4,295175

4,120

163193

2

28226

414287

127

37

4,284

1951

1,48182

2,6432,490

153336

12

3948

109

4,678177

4,501

209222

136

450310

140

23

4,664

1952

Total i

(2)

8

88(2)

(2)

88

4,360

8

8(2)(')

573

54

4,987

Firstquarter

407

3433083524

1

212032

84828

820

11180

212

20564

141

—1

960

Secondquarter

642

5204784236

1

166036

1, 31177

1,234

130107

210

24962

187

23

1,444

Thirdquarter

603

4754413434

2

34436

1,19721

1,176

32247

211

292127

165

32

1,373

Fourthquar-ter^

(8)

88(2)(')(')

8(2)

(2)«

1,130

8

88

80

1,210

i Estimates based on incomplete data; fourth quarter by Council of Economic Advisers,a Not available.* After 1949, includes disbursements in Germany administered by EGA from funds appropriated under

the Army civilian supply program.


208


TABLE B-43.—United States merchandise exports, including reexports', by area, 1936-38 quarterlyaverage and 1947—52

Period

Quarterly average:1936-3819471948 .. ._1949. _ _1950 '195131952'

1950: First quarter 3Second quarter 3_Third quarter 3

Fourth quarter 3

1951: First quarter5

Second quarter 3_Third quarter 3

Fourth quarter 3


Second quarter 3_ ._ _.Third quarter 3

Fourth quarter 8

Quarterly average:1936-381947 .194819491950 3_1951 3


Second quarter 3

Third quarter 3

Fourth quarter 3


Second quarter 3 _.Third quarter 3

Fourth quarter 3


Second quarter 3

Third quarter 3_ _ _

Total ex-ports in-cluding

reexportsCanada

OtherWesternHemi-sphere

OEECtcoun-tries

OtherEu-rope Asia 2

Aus-tralia andOceania

Africa

Millions of dollars

7423,8353,1633,0132,5693,758

« 3, 735

2,3652,5102,4512,949

3,3454,0203,6883,979

4,0173,9653,308

4 3, 650

115528486490499647

0)

389519505583

623756605603

623756675

(•)

1361,017

841725691943

(8)

614647706796

866958978969

989932795

(8)

2821,3241,0461,019

698955

(8)

724728583756

8131,027

8691,111

1,049788564

<8)

3111849413469

(8)

31333734

64816369

514931

(8)

122562507534360545

CO

381367332361

469549517644

647577404

(8)

238038493361

(8)

32343038

44456888

745640

(5)

3220519615586

145(fi)

788578

102

120155173132

176153115

(8)

Percentage of total

100100100100100100

100100100100

100100100100

100100100

15.513.815.416.319.417.2

16.420.720.619.8

18.618.816.415.2

15.519.120.4

18.326.526.624.126.925.1

26.025.828.827.0

25.923.826.524.4

24.723.524.1

38.034.533.133.827.225.4

30.629.023.825.6

24.325.523.627.9

26.219.917.1

4.23.11.51.41.31.8

1.31.31.51.2

1.92.01.71.7

1.31.2.9

16.414.716.017.714.014.5

16.114.613.512.2

14.013.714.016.2

16.114.512.2

3.12.11.21.61.31.6

1.41.41.21.3

1.31.11.82.2

1.81.41.2

4.35.36.25.13.33.9

3.33.43.23.5

3.63.94.73.3

4.43.93.5

i" OEEC countries" are those which are members of the Organization for European Economic Coopera-tion. They are the countries which participated in the European Recovery Program prior to its termina-tion. Turkey is included with OEEC countries and excluded from Asia. Exports from Germany areincluded with those of OEEC countries and, in the postwar period, relate almost wholly to exports from thethree western zones.

2 Excludes Turkey, which is included with OEEC countries.3 Data by area exclude, while total exports include, "special category" exports. For this reason, exportsby area will not add to total exports hi these periods. " Special category" exports are those of military orpotential military significance, and are not published in this area classification for security reasons. SeeForeign Trade Statistics Notes, January 1952, Bureau of the Census, for further detail.

< Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.«Not available.NOTE.—Data in this table cover all merchandise shipped from the United States customs area to foreign

countries, including, in postwar years, both commercial transactions and goods financed by the United Statesthrough the various aid and relief programs and the Mutual Security Program. Shipments to United Statesarmed forces abroad for their own use are excluded.

Detail will not necessary add to totals because of rounding. See also footnote 3.Source: Department of Commerce (except as noted).

209


TABLE B—44.—Indexes of quantity and unit value of United States domestic merchandise exports,by economic class, 1936-38 quarterly average and 1947—52

[1936-38=100]

Period

Quarterly average:1936-38.19471948 -1949195019511952

1950: First quarterSecond quarter. _ __Third quarter _Fourth quarter

1951: First quarter.Second quarterThird quarterFourth quarter


Quarterly average:1936-38194719481949 __.19501951... ___1952

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

1951: First quarter...Second quarter _ _Third quarterFourth quarter .. _ _

1952: First quarterSecond quarterThird quarter. ,.Fourth quarter .

Totaldomesticexports

Crudematerials

Crudefood-

stuffs *

Manu-factured

food-stuffs i

Semi-manu-

factures

Finishedmanu-

factures

Quantity indexes

100275214219193247

2246

181194184209

223258243264

263260218

2241

100123100126128142

(3)

125143112128

112126117220

15711287

(3)

100397362435287475

(3)

284270264325

456583434422

550458290

(3)

100478350297237264

(3)

213250224230

242263265266

266252207

(3)

100203144150127153

(3)

121126125135

131157165160

162166131

(3)

100332257250225298

(3)

207220220251

279319304291

310341305

(3)

Unit value indexes

100188200186180206

2206

177175180191

202210206204

207207205

2205

100195223212220260

(3)

206212226245

263275249246

255244240

(3)

100248255225193215

( 3)

196190192196

203219221219

230250233

(3)

100218223177151189

(3)

151142162169

188206194183

178173182

(3)

100169184174170209

(3)

164166168184

203212211211

208207205

(3)

100182193184179199

(3)

179175177187

195201200200

201201200

(3)

1 Export indexes of crude and manufactured foodstuffs in some periods, particularly those of unit valueduring 1950, are influenced by sales of large quantities of food products at prices considerably below marketquotations. Such exports include sales from Government-owned surplus and shipments on which sub-sidies were paid by the Department of Agriculture.

2 Estimates based on incomplete data: fourth quarter by Council of Economic Advisers.3 Not available.NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value

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


2IO


TABLE B—45.—United States general merchandise imports, by area, 1936-38 quarterly averageand 1947-52

Period

Quarterly average:1936-38 .. _ .194719481949 . _ _ _ _ _195019511952 _

1950: First quarterSecond QuarterThird quarterFourth quarter

1951: First quarterSecond quarterThird quarterFourth quarter _

1952: First quarterSecond quarter.. .Third quarterFourth quarter

Quarterly average:1936-381947.19481949 _19501951 _ _


1951: First quarter _Second quarterThird quarterFourth quarter

1952: First quarterSecond quarterThird quarter

Totalgeneralimports

CanadaOther

WesternHemi-sphere

OEECcoun-tries *

OtherEurope Asia 2

Aus-traliaand

OceaniaAfrica

Millions of dollars

6221,4391,7811,6562,2132,742

32,635

1,8891,9312,3882,645

3,0362,9812,4972,452

2,7792,6282,532

3 2, 600

88282398388490569

(4)

404478504575

529586553608

560596580

(4)

143568627611776888

(*)

727645912819

1,085895739831

943842895

(4)

152174244211315478

(4)

240243322455

515515457426

454440431

(4)

304549354752

<«)

45454950

63574046

464344

(4)

183249324296409496

(«)

302363418555

592544482364

501473419

(4)

1039413152

113(4)

49524760

8318412064

608049

(4)

17829884

123147

(4)

122103136132

169201106113

214154113

(4)

Percentage of total

100100100100100100

100100100100

100100100100

100100100

14.119.622.323.422.120.8

21.424.821.121.7

17.419.722.124.8

20.222.722.9

23.039.535.236.935.132.4

38.533.438.231.0

35.730.029.633.9

34.032.035.4

24.412.113.712.714.217.4

12.712.613.517.2

17.017.318.317.4

16.316.717.0

4.83.12.82.12.11.9

2.42.32.11.9

2.11.91.61.9

1.71.61.7

29.417.318.217.918.518.1

16.018.817.521.0

19.518.219.314.8

18.018.016.6

1.62.72.31.92.34.1

2.62.72.02.3

2.76.24.82.6

2.23.01.9

2.75.75.55.15.65.4

6.55.35.75.0

5.66.74.24.6

7.75.94.5

* "OEEC countries" are those which are members of the Organization for European Economic Coopera-tion. They are the contries which participated in the European Recovery Program prior to its termination.Turkey is included with OEEC countries and excluded from Asia. Imports from Germany are includedwith those of OEEC countries and, in the postwar period, relate almost wholly to imports from the threewestern zones.

2 Excludes Turkey, which is included with OEEC countries.3 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.4 Not available.NOTE,—Data in this table cover all merchandise received in the United States customs area from foreign

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



211


TABLE B-46.—Indexes of quantity and unit value of United States merchandise imports for con-sumption, by economic class, 7936—38 quarterly average and 1947—52

[1936-38=100]

Period

Quarterly average:1936-38194719481949 .- ---I96019511952

1950* First quarterSecond quarterThird quarterFourth quarter

1951* First quarterSecond quarter _Third quarterFourth quarter

1952* First quarterSecond quarter _ _Third quarterFourth quarter

Quarterly average:1936-38194719481949195019511952 _

1950' First quarterSecond quarter _ _Third quarterFourth quarter

1951* First quarter . .Second quarterThird quarterFourth quarter


Total im-ports for

consump-tion

Crude ma-terials

Crude food-stuffs

Manufac-tured

foodstuffsSemi-manu-

facturesFinishedmanu-

factures

Quantity indexes

100108123120146144

1149

137136154158

163147131136

151147145

U54

100129139125152142

(2)

152140155161

161144137125

154153138

(2)

10096

109119113119

(2)

12194

125111

14910992

126

137103106

(2)

100839197

117122

(2)

98113143113

127129121111

121139139

(2)

100130149143219200

(2)

189213220247

227215182178

191195200

(2)

10084

103101125134

(2)

107119125147

140139126131

138146149

(2)

Unit value indexes

100213235224243305

1289

223229248270

295313312299

300292284

1280

100180203195214312

0)

185194215255

302340316288

288265239

(2)

100311343330454512

(2)

410433485491

508521516505

508520520

(2)

100208212202203221

(2)

199199203210

214224225221

216222225

(2)

100191217198193244

(2)

176179197220

234242250249

253249247

(2)

100245266258252296

(2)

245248253262

278288313307

303291288

(2)

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

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


212


SUMMARYTABLE B-47. Changes in selected economic series since 7939 and 1951 and during 1952

Source:Ap-

pendixtableNo.

B-l

B-2

B-6

B-9

B-10

B-12

B-16

B-17

B-18

B-20

B-23

B-24

B-25

B-27

B-28

B-31B-34

B-43B-45

Economic series

Gross national product .Personal consumption expendituresGross private domestic investmentGovernment purchases of goods and

servicesGross national product in 1952 prices

Personal consumption expendituresGross private domestic investment-Government purchases of goods and

services -- -National income

Compensation of employeesPersonal income - --

Disposable personal incomePersonal ne t saving -

Per capita disposable personal income:Current prices -1952 prices

Labor force including armed forces - -Civilian labor force

Employment _ -AgriculturalNonagricultural

Unemployment _Average gross weekly earnings:

ManufacturingDurable goodsNondurable goods _

Building constructionIndustrial production

Durable manufacturesNondurable manufactures --Minerals

Agricultural production _New construction _

PrivateResidential (nonfarm) _ __ __Public

Business expenditures for new plant andequipment1 total

ManufacturingWholesale price index: All commodities

Farm productsProcessed foodsOther than farm products and foods

Consumers' price index: All itemsFoodApparelRentHousefurnishings

Prices received by farmersParity index (prices paid, interest", taxes,

and wage rates)Consumer credit outstanding

Instalment credit . _ _ _.Loans and investments of all commercial

banks* totalLoansInvestments in U. S. Government ob-

ligations _ .Gross public debt and guaranteed issuesCorporate profits before taxCorporate profits after tax

Dividend paymentsUndistributed profits

Merchandise exports, including reexports-General merchandise imports

1939=100

1951

361308591

478183160271

221

383374

350321630

272141

11811413373

14920

272264269270

202250178155131377494409242

478574229311

(3)199187239203131208318

230

294305

326335

377545

660374237800

«506

<441

1952

Total «

378320519

592

188163232

268402398370334696

279142

12011413471

15118

284276280290

201256173152136394496414277

487642223293

(3)195191243201136203303

234

337371

349374

390562

628344245658

«5034424

Firsthalf

374317501

582

186162224

265396391

363329626

276141

11811313269

14919

280272275283

198253171150

(3)398497409284

497640224297

(3)195190242202135204307

236

298326

330344

375

545632348242683

45384435

Secondhalf a

382323536

601

189164238

271407406376340763

28214312111513673

15216

289280285299204259176155

(3)391496419270

490653222290

(3)194192245201137202299

233337371

349374

390562

623340245642

4469

4413

Percentagechange 1

1951 to19522

+4.8+3.8-12.1

+23.8+2.4+1.8

-14.6

+21.5+4.9+6.4+5.6+4.4

+10.6

+2.6+.7

•£?+.5

-3.5+1.0

-11.0

+4.5+4.4+4.1+7.4-.5

+2.2-2.6-1.8+3.6+4.6+.5

+1.2+14.5

+2.0+11.9-2.8-5.6-2.3-2.3+2.2+1.8-1.0+4.0-2.4-4.6

+1.8+14.8+21.4

+7.2+11.6

+3.3+3.0-4.9

8 0+3.3

-17.7-.6

-3.9

1952,first

half, to1952,

secondhalf 2

+2.3+1.9+7.1

+3.3+1.3+1.2+6.0

+2.1+2.6+3.9+3.5+3.3

+21.9

+2.4+1.6+2.1+2.0+2.6+5.2+2.3

-17.2

+3.2+3.1+3.6+5.6+2.8+2.2+3.2+3.1(3)-1.7-.1

+2.4-5.0

-1.5+1.9-.8

-2.3—.4-.5

+1.2+1.2-.8

+1.4-1.1-2.7

-1.4+13.1+13.8

+5.7+8.8

+3.8+3.2-1.5-2.3+1-1

6 1-12.8-5.1

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

* Estimates based on incomplete data. » Not available. 41935-38 average=100.

213


erp1953 appendixes 2

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