ERP1948 MY Appendixes 3

Appendix CStatistical Tables Relating to Employment,

Production, and Purchasing Power

CONTENTSNational Income: Page

1. Gross national product or expenditure, 1929-48 772. Disposition of gross national product, 1939-48 783. National income by distributive shares, 1929-48 794. Personal income, 1929-48 805. Disposition of personal income, 1929—48 816. Per capita disposable income in current dollars and 1947 dollars, 1929-48. 82

Employment and Wages:7. Labor force, 1929-48 838. Number of wage and salary workers in nonagricultural establishments,

1929-48 849. Average gross weekly earnings in selected industries, 1929-48 85

10. Average hourly earnings in selected industries, 1929-48 86Production and Business Activity:

11. Physical production index, 1929-48 8712. Industrial production index, 1929-48 8813. New construction activity, 1929-48 8914. Business expenditures for new plant and equipment, 1929—48 9015. Business inventories and sales, 1939-48 9116. Sales, stocks, and outstanding orders at 296 department stores, 1939-48.. 92

Prices:17. Consumers' price index, 1929-48 9318. Wholesale price index, 1929-48 9419. Index of prices received and of prices paid by farmers and parity ratio,

1929-48 95Money, Banking, and Credit:

20. Consumer credit outstanding, 1929-48 9621. Loans and investments of all commercial banks, 1929-48 9722. Adjusted deposits of all banks and currency outside banks, 1929-48.... 9823. Estimated ownership of Federal securities, 1939-48 99

Corporate Profits and Finance:24. Profits before and after taxes, all private corporations, 1929-48 10025. Profits after taxes, 629 large private industrial corporations, by industry

groups, 1939-48 101

75

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

Corporate Profits and Finance—Continued Page26. Relation of profits before and after taxes to sales, private corporations

excluding finance, insurance, and real estate, 1946—48 10227. Relation of profits before and after taxes to investment, private manufac-

turing corporations, by industry groups, 1947 10328. Relation of profits before and after taxes to sales, private manufacturing

corporations, by industry groups, 1947 10429. Relation of profits before and after taxes to investment and to sales, all

private manufacturing corporations, by size classes, 1947—48 10530. Sources and uses of corporate funds, 1946—48 106

International Transactions:31. The international transactions of the United States, 1946-48 10732. United States Government aid to foreign countries, 1946-48 10833. United States merchandise exports, including reexports, by continents,

1936-38 quarterly average and 1947-48 10934. United States general merchandise imports, by continents, 1936-38

quarterly average and 1947-48 11035. United States merchandise exports, by economic classes, 1936-38 quar-

terly average and 1947-48 I l l36. Indexes of quantity and unit value of United States merchandise exports,

by economic classes, 1936-38 quarterly average and 1947-48 11237. United States imports for consumption, by economic classes, 1936-38

quarterly average and 1947-48 11338. Indexes of quantity and unit value of recorded United States imports for

consumption, by economic classes, 1936-38 quarterly average and1947-48 114

Summary:39. Changes in selected economic series since 1939 and since the first half of

1947 115

76


Statistical Tables Relating to Employment, Produc-tion, and Purchasing Power

TABLE 1.—Gross national product or expenditure, 7929-48x

[Billions of dollars]

PeriodGross

nationalproduct

Personalconsump-

tion ex-penditures

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.390.8

101.6111.4

122.8147.4164.8

Gross pri-vate do-

mestic in-vestment

15.8

10.25.4

. 91.32.8

6.18.3

11.46.39.0

13.017.29.34.66.4

9.226.530.0

Net foreigninvestment

0.8

. 7

. 2

. 2

. 2

. 4

- . 1- . 1

. 11.1

. 9

1.51.1

- . 2- 2 . 2- 2 . 1

-1 .44.78.9

Govern-ment pur-chases of

goods andservices

1929.

19301931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.1941.1942.1943.1944.

1945.1946.1947.

1947—First halfSecond half .

1948—First half 2

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

1948—First quarterSecond quarter2.

103.8

90.975.958.355.864.9

72.282.590.284.790.4

100.5125.3159.6192.6212.2

213.4209.3231.6

Annual rates, seasonally adjusted

227.4235.9

246.5

226.4228.3227.9243.8

246.0247.0

161.2168.4

174.4

158.1164.2165.6171.1

172.3176.5

29.530.5

37.2

32.626.425.635.4

40.434.0

9.58.3

3.9

8.810.28.48.2

3.94.0

8.5

9.2

8.18.0

9.911.711.612.813.1

13.924.759.788.696.5

82.830.828.0

27.328.7

31.0

26.927.628.329.0

29.432.5

1 The figures for 1944-48 are based on the revised series of national income and product of the Departmentof Commerce. For detail, see the Survey of Current Business, July 1948.

2 Estimates based on incomplete data.

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

793637° 77


TABLE 2.—Disposition of gross national product, 1939-481

Period

Total

nationalproduct

Disposition of gross national product

Export surplus of goods andservices3

TotalFinancedby Gov-ernment

aid

Financedby othermeans

Govern-mentwar or

nationaldefenseexpendi-

tures

Productfor

domesticcivilian

use

1939

19401941 _1942.1943.1944

194519461917

Annual rates:1947—First half

Second half

1948~-First half *

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

1948—First quarterSecond quarter 4.

1939..

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

1945..1946..1947..

1947—First half....Second half..

1948—First half «...

1947—First quarter..._Second quarter.Third q u a r t e r -Fourth quarter-

1948—First quarterSecond quarter *

90.4

100.5125.3159.6192.6212.2

213.4209.3231.6

227.4235.9

246.5

226.42?8.3227.9243.8

246.0247.0

Billions of dollars

1.1

1.72.36.1

10.712.0

5.77.5

11.3

11.810.7

8.1

11.212.510.910.5

7.98.2

(3)

0.11.36.4

12.814.0

7.75.15.7

6.64.8

5.3

5.28.06.82.9

5.84.7

1.1

1.61.0

- . 3- 2 . 1- 2 . 0

- 2 . 02.55.6

5.35.9

2.8

6.04.54.17.6

2.13.5

1.2

2.212.843.267.173.7

67.215.910.0

10.29.8

9.6

9.410.99.2

10.3

9.310.0

Percentage of total

88.1

96.6110.2110.3114.812G.5

140.5185.9210.3

205.4215.4

228.8

205.8204.9207.8223.0

228.8228.8

100.0

100.0100.0100.0100.0100.0

100.0100.0100.0

100.0100.0

100.0

100.0100.0100.0100.0

100.0100.0

1.2

1.71.83.85.65.7

2.73.64.9

5.24.5

3.3

4.95.54.84.3

3.23.3

(')

0.11.04.06.66.6

3.62.42.5

2.92.0

2.2

2.33.53.01.2

2.41.9

1.2

1.6.8

—.2- 1 . 1- . 9

- . 91.22.4

2.32.5

1.1

2.72.01.83.1

.91.4

1.3

2.210.227.134.834.7

31.57.64.3

4.54.2

3.9

4.24.84.04.2

3.84.0

97.5

96.187.969.159.659.6

65.888.890.8

90.391.3

92.8

90.989.891.291.5

93.092.6


2 U. S. Government transfers to foreign countries are included in the export surplus and are excludedfrom the Government war or national defense expenditures.

3 Less than $50,000,000.* Estimates based on incomplete data.* Percent not shown because dollar figure was less than $50,000,000.

NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce and Bureau of the Budget.

78


TABLE 3.—National income by distributive shares, 1929-48!


Period

Proprietors' and rentalincome

Corporate profits and inven-tory valuation adjustment

Corporate profits

111

1929-

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

1935-1936-1937.1938-1939-

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

1945-1946-1947..

87.4

75.058.941.739.648.6

56.864.773.667.472.

81.103.8136.5168.3182.4

181.179.3202.5

50.8

46.539.530.829.34.1

37.142.47.44.47.8

51.864.384.7109.1121.1

122.9117.3127.5

19.7

15.711.87.47.28.7

12.112.615.414.014.7

16.320.828.132.134.1

36.041.846.0

8.3

7.05.33.22.94.3

5.06.16.66.36.8

7.79.6

12.114.115.4

16.820.423.2

5.7

3.92.91.72.32.3

4.93.95.64.44.5

4.96.9

10.611.811.9

12.314.615.6

5.8

4.83.62.52.02.1

2.32.3.13.33.5

3.64.35.46.6.

7.06.7.1

10.3

6.61.6

-2 .0-2 .0

1.1

3.04.96.24.35.8

9.214.619.823.724.0

19.816.824.

3.3- . 8

-3 .0.2

1.7

3.25.76.23.36.5

9.317.221.124.524.3

20.421.829.8

1.4

.8

.5

.4

1.01.41.51.01.5

2.97.8

11.714.213.5

11.69.0

11.7

8.4

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

2.34.34.72.35.0

6.49.49.4

10.410.8

8.712.818.1

0.5

3.32.41.0

- 2 . 1- . 6

- . 2- . 7

1.0- . 7

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

-5 .0- 5 . 1


1947—First half...Second half _

1948—First half '

1947—First quarterSecond quarterThird quarterFourth quarter

1948—First quarterSecond quarter ' . . .

198.3206.7

216.3

197.3199.3200.6212.8

215.5217.1

125.2129.9

134.0

125.0125.3127.6132.2

134.0134.0

45.546.5

51.1

46.444.644.448.6

50.651.6

22.623.9

25.5

22.522.723.024.7

25.026.0

15.915.4

18.1

16.914.914.316.5

18.018.1

7.07.3

7.5

7.07.07.17.4

7.57.5

23.525.9

26.6

21.825.224.327.5

26.326.9

28.930.8

30.5

28.928.829.132.4

31.429.5

11.412.1

11.9

11.411.311.412.7

12.211.5

17.518.7

18.6

17.517.517.719.7

19.218.0

-5 .4-4 .9

-3 .9

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

-5 .1-2 .6

6.5

6.25.95.45.04.7

4.54.54.44.34.2

4.14.13.93.43.1

3.03.44.3

4.24.5

4.6

4.14.24.44.5

4.64.6


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

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

* Net income after inventory valuation adjustment. This adjustment was —1.2 billion dollars in 1947,—1.2 billion (annual rate) in fourth quarter of 1947, and —0.7 billion (annual rate) in the first half of 1948.

8 Federal and State income and excess-profits taxes.6 Less than $50,000,000.» Estimates based on incomplete data; profits by Council of Economic Advisers and all others by Depart-

ment of Commerce.

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

79


TABLE At.—Personal income, 1929-48 *


Period

1929.

1930.1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.1941.1942.19431944.

194519461947.

1947—First half

Second half

1948-Firsthalf*

1947—First quarterSecond quarterThird quarter..Fourth quarter

1948—First quarterSecond quarter

Totalpersonalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.322.2

149.4164.5

170.3178.1195.2

Salaries,wages,

and otherlabor

income2

50.5

46.239.230.529.133.8

36.742.145.942.845.6

49.561.581.2

104.4116.1

116.7111.4121.9

Proprie-tors' and

rentalincome 3

Dividendsand

personalinterestincome

19.7

15.711.87.47.28.7

12.112.615.414.014.7

16.320.828.132.134.1

36.041.846.0

13.3

12.611.19.18.28.6

8.610.110.38.79.2

9.49.99.7

10.010.6

11.413.515.6

Transferpayments

1.5

1.52.72.22.12.2

2.43.52.42.83.0

3.13.13.23.0

6.211.411.7

Nonagri-culturalpersonalincome4

76.8

70.060.146.243.049.5

53.462.866.562.166.3

71.586.1

108.7134.3149.0

154.3159.4174.9


190.3199.9

208.1

190.9189.6196.7203.1

207.3208.8

119.1124.7

128.7

119.0119.2122.3127.1

128.6128.7

45.546.5

51.1

46.444.644.448.6

50.651.6

15.116.0

16.7

14.915.315.816.1

16.616.8

10.612.8

11.6

10.710.514.311.2

11.511.7

169.8179.8

184.8

169.4170.2177.8181.8

184.4185.2


2 Differs from "compensation of employees" in appendix C, table 3, in that it excludes employer andemployee contributions to social insurance. Includes wage and salary receipts and other labor income-compensation for injuries, employer contributions to private pension and welfare funds, pay of militaryreservists not on full-time active duty (pay for full-time active duty included in military wages and salaries),directors' fees, jury and witness fees, compensation of prison inmates, Government payments to enemyprisoners of war, marriage fees to justices of the peace, and merchant marine war-risk life and injury claims.

a See appendix C, table 3, for major components.* Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agri-

cultural net rents, agricultural net interest, and net dividends paid by agricultural corporations.« Estimates based on incomplete data.

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

Source: Department of Commerce.

80


TABLE 5.—Disposition of personal income, 1929—48l

Period

1929.

1930.1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.1941.1942.1943.1944.

1945.1946.1947.

1947—First half.-.Second half _

1948—First half K

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

1948—First quarterSecond quarter?

Personalincome

Less: Per-sonal taxand non-tax pay-ments

Equals:Dispos-

ablepersonalincome

Less: Per-sonal con-sumptionexpend-itures

Equals:Personal

netsaving

190.3199.9

208.1

190.9189.6196.7203.1

207.3208.8

Billions of dollars

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.2149.4164.5

170.3178.1195.2

2.6

2.51.91.51.51.6

1.92.32.92.92.4

2.63.36.0

17.818.9

20.918.921.6

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.2131.6145.6

149.4159.2173.6

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.390.8

101.6111.4

122. 8147.4164.8

3.7

2.91.8

-1 .4-1 .2- . 2

1.83.63.91.02.7

3.79.8

25.430.034.2

26.611.88.8

Net sav-ing as

percent ofdispos-

ableincome


21.322.0

22.1

21.221.421.722.2

23.221.0

169.0178.0

186.0

169.7168.2175.0180.9

1«4.1187.8

161.2168.4

174.4

158.1164.2165.6171.1

172.3176.5

7.99.6

11.6

11.64.19.49.7

11.811.3

4.5

3.92.9

-2 .9-2 .7

3.15.45.51.53.8

4.910.721.922.823.5

17.87.45.1

4.75.4

6.2

6.82.45.45.4

6.46.0

1 The figures for 1944-48 are based on the revised series of national income and product of the Depart-ment of Commerce. For detail, see the Survey of Current Business, July 1948.

2 Estimates based on incomplete data.



81


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

Period

1929 _ . _

1930193119321933 _.1934

1935.19361937 _-19381939

1940 _ -1941 _.1942 _ __ ._ _.19431944

1945 _19461947

1947—First halfSecond half

1948—First half •

1947—First quarterSecond quarter _ _Third quarterFourth quarter

1948—First quarterSecond quarter ' _ _ _ _ _

Disposablepersonalincome(billions

of dollars)i

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.2131.6145.6

149.4159.2173.6

Annualrates,

seasonallyadjusted

169.0178.0

186.0

169.7168.2175.0180.9

184.1187.8

Population(thou-

sands) *

121,770

123,077124,040124,840125, 579126,374

127, 250128,053128.825129, 825130, 880

131, 970133. 203134, 665136, 497138,083

139, 586141. 235144,034

143,385144,807

146,035

143, 049143,702144, 411145,150

145, 733146,325

Consumers'price index,1947*100

76.9

75.068.361.358.060.1

61.662.264.563.362.4

62.966.173.277.678.8

80.787.5

100.0

Not ad-justed forseasonal

variation •

97.6102.4

106.2

96.998.2

101.0103.8

105.3107.1

Per capita disposablepersonal income

Currentdollars

678

599508383360408

456516552505536

574691863964

1,054

1,0701,1271,205

1947dollars *

882

799744625621679

740830856798859

9131,0451,1791,2421,338

1,3261,2881,205

Annual rates, seasonallyadjusted

1,1791,229

1,274

1,1861,1701,2121,246

1,2631,283

1,2081,200

1,200

1,2241,1911,2001,200

1,1991,198

1 The figures for 1944-48 are based on the revised series of national income and product of the Depart-ment of Commerce. For detail, see the Survey of Currerif Business, July 1948.

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

3 Current dollars divided by the consumers' price index on the base 1947=100 to give a rough measure ofchanges in buying power of disposable income.

* A small part of the increase may be seasonal.* Estimates based on incomplete data.

Sources: Department of Commerce (disposable income and population) and Department of Labor (con-sumers' price index.)

82


TABLE 7.—Laborforce, 7929-48

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

Period

Monthly average:1929

19301931193219331934-

193519361937 _-19381939

1940194119421943 .-_-1944

194519461947.


1948—First half

1947—JanuaryFebruaryMarchAprilMay _JuneJulyAugustSeptember _OctoberNovember

1948—JanuaryFebruaryMarchApril . _MayJune

Totallabor force(including

armedforces)

49,440

50,08050,68051,25051,84052,490

53,14053, 74054,32054,95055,600

56,03057, 38060,23064,41065,890

65,14060,82061,608

60,92062, 297

61,770

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

60. 45561,00461,00561.76061,66064, 740

Armedforces

260

260260250250260

270300320340370

3901,4703,8208,870

11, 260

11, 2803,3001,440

1,5511,328

1,240

1,7201,6201,5701,5301,4701,3981,3711,3521,3461,3271,2941,280

1,2421,2261,2361,2371,2381,260

Civilian labor force

Totalcivilian

laborforce

49,180

49,82050,42051,00051, 59052,230

52, 87053,44054.00054,61055, 230

55,64055, 91056,41055, 54054,630

53,86057,52060,168

59,36860,969

60, 531

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

59,21459, 77859,76960,52460, 42263,480

Employment

Total

47,630

45,48042,40038, 94038,76040,890

42,26044, 41046. 30044,22045, 750

47,52050,35053, 75054,47053,960

52, 82055, 25058,027

57,00959,044

58,317

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

57,14957,13957,32958,33058,66161,296

Nonagri-cultural

37,180

35,14032,11028, 77028, 67030, 990

32,15034, 41036,48034, 53036, 140

37, 98041. 25044,50045,39045,010

44, 24046, 93049,761

49,03350,488

50,753

48,89048,60048,82048,84049,37049,67850,01350, 59450,14550,58350,60950,985

50,08950,36850, 48250,88350,80051,899

Agricul-tural

10,450

10,34010,29010,17010, 0909,900

10,11010, 0009,8209,6909,610

9,5409,1009,2509,0808,950

8, .5808,3208,266

7,9768,556

7,564

6,5006,9207,2407,8608,960

10,37710,0668,9758,7278,6227,9856,962

7,0606,7716,8477,4487,8619,396

Unem-ployment

1,550

4,3408,020

12, 06012,83011,340

10,6109,0307,700

10, 3909,480

8.1205,5602,6601,070

670

1,0402,2702,141

2,3591,924

2,214

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

2,0652,6392,4402,1931,7612,184

NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Department of Labor (1929-39) and Department of Commerce (1940-48).

83


TABLE 8.—Number of wage and salary workers in nonagricultural establishments, 7929—48 *

[Thousands of employees]

Period

Monthly average:1929.

1930..1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.1941.1942.1943..1944.

1945.1946.1947_

1947—First half..Second half

1948: First half *..1947—January

February-MarchApril.May.JuneJulyAugustSeptember..OctoberNovember..December..

1948—January. _.February-MarchAprilMayJune3

Totalwageand

salarywork-

ers

31,041

29,14326,38323,37723.46625,699

26.792

1,71828,90230,287

32,03136,16439,69742,04241,480

40,06941,49443, 970

43,33744,603

44,550

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

44,60344, 27944, 59944,29844,60944, 913

Manufacturing

Total

10,534

9,4018,0216,7977,2588,346

8,9079,65310,6069,25310,078

10,78012,97415,05117, 38117, 111

15, 30214,51515,901

15, 71316,089

16,103

15, 67"15,78315, 82615, 75015, 56915, 67215, 58015, 96216,17516,20916, 25616,354

16,26716,18316,26915,94515,89316,058

Dur-ablegoods

4,357

4,9756,4858,179

10,29710,200

8,4777,1808,055

8,0228,088

8,176

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

8,2568,1678,2588,1598,1138,102

Non-dur-ablegoods

()5,720

5,8056,4886,8737,0846,91f

6,8257,3357,846

8,002

7,927

7,7287,7537,7557, 6827,6077,6227,7067,9758,1058,0838,0628,080

8,0118,0168,0117,7867,7807,956

Min-ing

1,078

1,000864722735874

888937

1,006882845

91694'

826852911

90691

908

91090:906881910919890923921922923925

92291-922820933936

Con-tractcon-

struc-tion

Trans-porta-tionand

publicutil-ities

1,497

1,3721,214970809862

91:1,1451,1121,0551,150

1,2941,7902,1701,5671,094

1,1321,6611,921

1,7812,06r

1,929

1,1,6681,7091,7981,8651,9572,0432,0962,1072,0992,0461,978

1,8711,7311,8051,9332,0492,182

3,907

3,6753,2432,8042,6592,736

2,7712,9563,1142,8402,912

3,0133,2483,4333,6193,798

3,8724,0234,059

4,0034,116

4,030

4,0184,0164,0273,8453,9814,1294,1554J634,1344,0974,0774,071

4,0204,0194,0323,9774,0414,092

Trade Fi-nance

6,401

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

5,6926,0766,5436,4536,705

7,0557,5677,4817,3227,399

7,6858.8209,450

9,2339,667

9,596

9,1609,1439,2369,2559,2779,3249,3169,3569,4719,6849,88610,288

9,6229,5209,5999,5749,6159,648

1,431

1,31,31,2701, 2251,247

1,2621,3131,3551,3471,382

1,4191,4621,4401,4011,374

1,3941,5861,656

1,6371,675

1,702

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

1,61,61,6971,7041,7161,727

Serv-ice

3,127

3,0842,9132,6822,6142,784

2,8833,0603,2333,1963, 228

3,3623, 5543,7083,7863,795

3,8914,4304,622

4,5844,660

4,725

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

4,7234,7304,7294,7684,7384,663

Fed-eral,State,andlocalgov-ern-

ment

3,066

3,1493,2643,2253,1673,298

3,4773,6623,7493,8763,987

4,1924,6225,4316,G496,026

5,9675,6075,450

5,4835,417

5,557

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

5,4985,4925,5465,5775,6245,607

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

»Not available.* Preliminary.NOTE. Detail will not necessarily add to totals because of rounding.Source: Department of Labor.

84


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

Period


1930. — -193119321933._- — -1934

19351936 — .193719381939

1940-19411942 —19431944

1945.1946 —1947


1948—First half.

1947—JanuaryFebruary...MarchAprilMayJune. _July __-AugustSeptember.OctoberNobember.December..

1948—January—_February.MarchAprilMay 7June 7

Manufacturing

Total

$25.03

23.2520.8717.0516.7318.40

20.1321.7824.0522.3023.86

25.2029.5836.6543.1446.08

44.3943.7449.25

47.8950.61

52.02

47.1047.2947.6947.5048.4449.3348.9849.1750.4751.0551.2952.69

52.0751.7552.0751.7151.7652.81

Dur-able

goods

()$16.2116.4318.87

21.5224.0426.9124.0126.50

28.4434.0442.7349.3052.07

49.0546.4952.45

50.7854.12

55.19

49.6049.7450.3050.3451.7252.9952.1952.4654.0654.6954.8656.48

55.4654.7755.2554.8754.6556.14

Non-dur-able

goods

()

A16.8918.0519.1119.9421.5321.0521.78

22.2724.9229.1334.1237.12

38.2941.0245.87

44.7746.96

48.64

44.4744.6744.8944.4044.8845.3145.6145.7846.8047.2947.5648.72

48.4548.5648.6648.2648.6149.29

Bitum-inouscoal

mining

$25.72

22.2117.6913.9114.4718.10

19.5822.7123.8420.8023.88

24.7130.8641.6241.6851.27

52.2558.0366.86

64.4169.20

5 68.92

69.5465.3064.9054.1465.5167.0954.8770.2371.1971.9171.7775.22

75.7870.5474.84

«49.3374.09

Privatebuild-ing con-struc-tion

()

I$22.9724.5127.0130.1429.1930.39

31.7035.1441.8048.1352.18

53.7356.24

60.9565.58

s 66.99

59.9758.9261.2360.5362.38

63.3066.9765.2266.1464.5567.31

66.2866.3166.8967.3168.15

Class Isteamrail-roads

$28.49

27.7626.7623.3423.0924.32

26.7628.0129.2030.2630.99

31.5534.2538.6543.6846.06

45.69< 51.22

54.17

52.3856.03

52.7054.1052.4352.0351.3051.7251.1651.6857.4758.4458.3859.02

60.5458.94

Tele-phone

()$29.8131.5831.94

32.4432.7433.9736.3038.39

()44.0444.96

40.8647.92

8 48.26

43.3743.3142.51

0 32.268 38.1345.5846.5146.9248.0248. 7749.4447.83

48.2047.8247.3148.3949.59

Whole-sale

trade

$27.7226.1126.37

26.9328.5329.9429.4829.85

32.3235.5639.4042.29

44.0748.0652.40

51.2253.55

« 55. 46

50.0550.8750.8051.1351.5752.8852.2252.0553.6553.6854.7054.97

54.3655.8755.1755.7656.13

Retailtrade

Hotels(year

round) *

()$20.7119.1819.86

19.9620.6821.7321.1421.17

21.1721.9423.2424.8826.58

28.3132.5536.67

35.9837.43

»38.79

35.0235.2735.3135.9336.5037.8237.9938.1437.0636.7437.1437.51

37.6238.3338.8939.2739.84

8$14.2512.7913.17

13.5713.9714.7814.9315.25

15.5216.0917.6220.2122.65

24.5326.9529.65

29.1930.10

•31.20

28.6228.9129.0929.4129.2329.8529.3629.5029.8630.4530.5430.89

30.5531.1930.9631.5931.70(*)

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

Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.* Annual average includes retroactive pay increases not included in the monthly averages.8 Average for 5 months.« Data for these months reflect work stoppages.' Preliminary.

NOTE.—Data are for production workers in manufacturing and mining and for all employees in otherindustries.

Source: Department of Labor

85


TABLE 10.—Average hourly earnings in selected industries, 1929-48

Period

Manufacturing

TotalDura-

blegoods

Non-dura-ble

goods

Bitu-minous

coalmining

Privatebuilding

con-struc-tion

Class Isteamrail-

roads

Tele-phone

Whole-sale

tradeRetailtrade

Hotels(year

round)1

Monthly average:1929.. ._

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

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

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

1945.1946.1947.


1948—First half

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

1948—JanuaryFebruaryMarchAprilMay 6

June 8.

$0.566

.552

.515

.446

.442

.532

.550

.556

.624

.627

.633

.661

.729

.853

.9611.019

1.0231.0841.221

1.1881.253

1.296

1.1611.1701.1801.1831.2071.2261.2301.2361.2491.2581.2681.278

1.2851.2871.2891.2921.3011.319

()$0.497

.472

.556

. 577

.586

.674

.724

.808

.9471.0591.117

1.1111.1561.292

1.2521.331

1.362

1.2241.2291. 2361.2431.2781.3031.3051.3121.3311.3371.3461.354

1.3551. 3521.3521. 3571.3651.390

()$0. 420.427.515

.530

.529

.577

.584

.582

.602

.640

.723

.803

.861

.9041.0121.145

1.1191.172

1.223

1.0941.1071.1191.1221.1301. 1401.1501.1581.1651.1751.1851.196

1.2101.2171.2201.2191.2311.242

$0,681

.684

.647

.520

.501

.673

.745

.794

.856

.878

.9931.0591.1391.186

1.2401.4011.633

1.4851.804

81. 836

1.4911.4911.4841.4831.4701.4891.7401.7871.8191.7981. 8*11.826

1.8471.8261.8421.8231.841

()$0. 795

.815

.824

.903

.908

.932

.9581.0101.1481.2521.319

1.3791.4781.681

1.6261.726

51.809

1.5941.5981.6101.6341.6561.6611. 6C91.6891.7181.7381.7651.774

1.7811.8061.8051.8181.833

$0.636

.644

.651

.600

.595

.602

.651

.659

.676

.712

.714

.717

.751

.824

.897

.942< 1.116

1.170

1.1291.212

1.1311. 1511.1301.1191.1201.1221.1171.1211.2441. 2331.2831.272

1.2791.3021.262(2)

8

88(2)(

$0. 774.816.822.827.820.843.870.911

1.1241.199

1.1631.230

1.240

1.1321.1411.1241.1741.1891.2181.2111.2151.2301.2411.2541.229

1.2411. 2381.2231.2421.255

$0.648.667.698.700.715

.739

.793

.860

.933

1.0291.1441.258

1.2321.283

«1.339

1.1971. 2301.2311.2291.2411.2621.2571.2581. 2811.2891.3141.300

1.3091.3431.3341.3461.363

()$0. 528

.521

.522

.551

.543

.536

.542

.568

.614

.670

.724

.773

.878

.991

.9711.012

5 1.051

.953

.957

.960

.974

.985

.9961.0031.0031.0121.0131.0251.016

1.0441.0501.0441.0551.064

()$0. 273

.279

.287

.308

.315

.324

.332

.348

.386

.451

.505

.550

.612

.661

.647

.675

.654

.642

.642

.643

.650

.652

.660

.672

.684

.687

.693

.695

.695

.695

.699

.710

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

Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.* Annual avorai^ includes retroactive pay increases not included in the monthly averages.8 Average for 5 months.• Preliminary.NOTE.—Data are for production workers in manufacturing and mining and for all employees in other

industries.Source: Department of Labor.

86


TABLE 11.—Physical production index, 1929-48

[1935-39=100, seasonally adjusted]

Period

Weights iTotalNonagricultural .

1929

19301931193219331934

1935193619371938 -1939

1940 -_1941194219431944

194519461947


1948—First half *

Totalproduc-

tion

100.0

113

9886717475

8899

11194

109

121152184205201

181165177

(2)(2)

(2)

Agricul-tural pro-duction

20.6

97

951041019379

9685

108105106

110114128125130

129134129

(3)(3)

(3)

Nonagricultural production

Total

79.4100.0

117

9982636975

8510311191

110

124161199226220

195174190

188191

195

Minerals

4.96.2

107

9380677680

8699

11297

106

117125129132140

137134149

147152

153

Manu-factures

50.864.0

110

9074576874

8710411387

109

126168212258252

214177194

193195

199

Con-struction

7.69.6

180

153124795358

69101106101123

13318220211260

68127143

134153

160

Trans-portation

12.916.2

117

10489737683

8810111095

106

116142180214224

217198209

208208

206

Electricand gas ,utilities

3.24.0

82

8278717278

8597

106100112

123141159184193

190192219

218221

247

1 Computed from the Depar tment of Commerce data of national income. The weight factors are per-centages of the national income for each industry to the to ta l for the 6 industries. The weight for construe-tion has been adjusted to include force account a n d other construction done outside of the contract con-struction industry, the weights for other industry groups to exclude such construction.

2 Not available. See footnote 3.3 Because of the extreme seasonal nature of agricultural crop production, only an annual index has been

computed.* Estimates based on incomplete data .

Sources: Based on the following data:Agricultural production.—Department of Agriculture index of farm outfjut which measures the physi-

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

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

half of 1948 are estimated by the Board of Governors of the Federal Reserve System on the basis oftransportation data .

Electric and gas utilities.—Based on the following series- Electric power generated for public use asreported by the Federal Power Commission, and sales of gas to consumers as reported by the AmericanGas Association. The two series are converted into relatives with the average for the period 1935-39as 100. The relative scries are combined into an index of public utility production with electric powergiven a weight of 73 and gas 27, the respective percentages of the revenues by each of the utilities to thetotal revenues produced by both in the base period 1935-39.

87


TABLE 12.—Industrial production index, 1929-48

[1935-39=100, seasonally adjusted]

Period


19301931193219331934 . .

1935 -1936193719381939

19401941 _194219431944 _ _

1945 _19461947


1948—First half* . .

1947—JanuaryFebruaryMarchAprilMay . .JuneJulyAugustSeptemberOctoberNovember _December

1948—JanuaryFebruaryMarchApril . . .MayJune 1

Totalindustrialproduction

110

9175586975

8710311389

109

125162199239235

203170187

187187

192

189189190187185184176182187190192192

193194191188191192

Manufactures

Total

110

9074576874

8710411387

109

126168212258252

214177194

195193

198

196197198194191191183188192197199198

200201200195197198

Durable

132

9867415465

8310812278

109

139201279360353

274192220

221218

224

221222225222218219207210217223224229

229226229217220222

Nondurable

93

8479707981

9010010695

109

115142158176171

166165172

173172

178

176176175172170168163169172176179173

178180177177178178

Minerals

107

9380677680

8699

11297

106

117125129132140

137134149

147152

153

146146148143151148140150153155155156

154155142147162158

i Estimates based on incomplete data.

Source: Board of Governors of the Federal Reserve System.

88


TABLE 13.—New construction activity, 1929-48

[Millions of dollars]

Period

1929.

1930.1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.19411942.1943.1944.

1945.1946.1947.

1947—First half....Second half

1948—First half....

1947—JanuaryFebruaryMarch..AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1948—JanuaryFebruaryMarchAprilMayJune.

Totalnewcon-

struc-tion i

9,873

8,0425,9673,2902,3762,805

3,2304,8365,4875,1866,307

7,04210,49013,4127,7844,136

4,80810,45813, 977

Private construction

Totalpri-vate

Resi-dentialbuild-

ing(non-farm)

7,476

5,2653,3751,4671,0121,235

1,6762,5503,3903,0763,808

4,3905,4263,0071,7441,823

2,7168,253

10,893

Non-resi-

dentialbuild-ings

2,797

1,4461,228

462278361

6651,1311,3721,5112,114

2,3552,7651,315

650535

3,1835,260

2,822

2,0991,104

499404455

472712

1,088764785

1,0281,486

635232350

1,0143,3463,131

Pub-lic

util-

andfarm

1,857

1,7201,043

506330419

539707930801909

1,0071,1751,057

1,0181,7242,502

Public construction

Totalpub-

lic

2,397

2,7772,5921,8231,3641,570

1,5542,2862,0972,1102,499

2,6525,06410, 4056,0402,313

2,0922,2053,084

By source offunds

Fed-eral

237

338451510552720

1,2621,154

9891,257

1,3973,8539,5445,6141,912

1,5581,0741,175

Stateandlocal

2,160

2,4392,1411,313812850

7261,024943

1,1211,242

1,2551,211861426401

5341,1311,909

By type ofconstruction

Mili-taryandfed-

erallyfi-

nancedindus-trial

19

2940343858

39333974148

5492,9008,4534,2181,344

1,160272229

High-ways

1,254

1,5051,351

961809

709927902858867

882800616420346

7721,233

Otherpub-

lic

1,124

1,2431,201

828517686

,1561,178,484

,221,364,336

1,402623

5461,1611,622

5,6778,300

7,684

873823859928

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

1,1571,0091,1661,3021,4451,605

4,4326,461

6,064

703662679713790885966

1,0421,0861,1291,1411,097

948837940

1,0151,1061,218

Totals for period,

1,9353,325

3,100

300280285310355405455500540590630610

500400475525575625

1,5041,627

1,651

275258241238242250254260267275287284

273265266263278306

9931,509

1,313

128124153165193230257282279264224203

175172199227253287

not adjusted for seasonal

1,2451,839

1,620

170161180215242277298322337368291223

209172226287339387

518657

533

83817684901041121201211289977

71557194111131

7271,182

1,087

8780104131152173186202216240192146

138117155193228256

102127

87

181515191817212323241917

151213151517

426807

558

3936507610012513714915917811965

56415798136170

717905

975

113110115120124135140150155166153141

119156174188200

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

a Excludes farm and public utility; for 1929-32 includes negligible amount of public industrial and commer-cial building not segregable.

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

89


TABLE 14.—Business expenditures for new plant and equipment, 1929-48


Period

1929

19301931193219331934 _

1935 .1936193719381939

1940 _1941194219431944 .

194519461947

9,165

7,6104,7122,6082,1373,080

3,7385,0776,7304,5205,200

6.4908,1906,1104 5305,210

6,63012,04016, 200

1947—First half

Second half

1948—First half«

1947—First quarter ___Second quarterThird quarterFourth quarter

1948—First quarterSecond quarter f i

Third quarter 8

Total i

Manufacturing and mining

Total

3,596

2,5411,435

930992

1,460

1,7902,4503,3301,8302,310

3,1404,0803. 1702,6102,890

3,6506,4708,150

Manu-factur-

ing

(3)

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

(3)

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

2. 5803,4002. 7602.2502,390

3,2105,9107,460

Mining

(3)

(3)

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

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

380

560680410360500

440560690

Transportation

Rail-road

840

S65360164101218

166306525238280

440560540460580

550570910

Other

(4)

(4)(•)

(4)(4)(4)

(4)(4)(4)

280

390340260190280

320660800

Electricand gasutilities

(4)

(4)

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

(4)

(4)(4)(4)

480

550710680540490

6301,0401,900

Com-mercial

andmiscella-neous 2

4,729

4,2042,9171,5141,0441,402

1,7822,3212,8752,4521,850

1,9802.4901,470730970

1,4803,3004,430

Annual rates, not adjusted for seasonal

14, 20018,180

17, 720

12, 64015, 76016,56019,800

16,68018, 76018, 280

7,2209,100

8,340

6.4008,0408,200

10,000

7,9208, 7608,120

6,6008,320

7,620

5,8007,4007,4809,160

7,2008,0407,400

620780

720

600640720840

720720720

7601,060

1,240

640880920

1,200

1,0801,4001,520

820780

780

720920800760

720840680

1,5602,240

2,220

1,3201,8002,0002,480

2,0002,4402,600

3,8605,000

5,140

3,6004,1204,6405,360

4,9605,3205,360

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

transportation other than railroad, and electric and gas utilities not available separately for those years.3 Not available separately for years prior to 1939.* Included in commercial and miscellaneous prior to 1939.6 Estimates for second and third quarters of 1948 were based upon anticipated capital expenditures of

business.

NOTE.—These figures do not agree with the totals included in the gross national product estimates of theDepartment of Commerce, principally because the latter cover agricultural investment and also certainequipment and construction outlays charged to current expense. Figures for 1929-44 are Federal ReserveBoard estimates based on Securities and Exchange Commission and other data. Detail will not neces-sarily add to totals because figures are rounded to the nearest 10,000,000.

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

90


TABLE 15.—Business inventories and sales, 1939-48

Period

1939

19401941194219431944

194519461947

1947—First halfSecond half...

1948—First half«._._

1947—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1948—JanuaryFebruaryMarchApril eMay •

Manufacturing i

Millions of dollars

Inven-tories 3

11, 516

12, 87317, 02419, 22119, 89719,122

17, 92423. 43528, 020

26, 47928, 020

29, 438

24, 21324, 83125, 39825, 85326, 44026, 4/926, 84627, 05127,05527, 39727, 62728,020

28, 49128, 75729, 05329,14929, 438

Sales *

5,112

5,8598,172

10, 34612, 60313, 402

12, 37112, 02015, 671

14, 94816, 396

16, 923

14, 45314,17515, 54615, 39815, 04915, 06514, 36215, 25816, 59718, 08116, 55617, 524

16, 54916, 20818,10017, 21216, 547

Ratio ofinven-tories

to sales

2.25

2.202.081.861.581.43

1.451.951.79

1.771.71

1.74

1.681.751.631.681.761.761.871.771.631.521.671.60

1.721.771.611.691.78

Wholesale 2

Millions of dollars

Inven-tories 3

3,609

3, 7934.7294,0133,9864,024

4.3085,9947,577

6,8647,577

8,071

6,2486,4446,6116,7786,7376,8646,7266,8866,9976,9437,3497,577

7,6187,7548,0548,0498,071

Sales *

4,606

5,1476,9647,7698,2748,617

8,78210, 95812, 915

12, 57213, 306

13, 809

12, 68312,99612, 62712, 21812, 36912, 54112, 40312, 52313, 26313, 61514, 33313, 697

14, 09613, 99313, 42613, 68413, 847


to sales

0.78

.74

.68

.52

.48

.47

.49

.55

.59

.55

.57

.58

.49

.50

.52

.55

.54

.55

.54

.55

.53

.51

.51

.55

.54

.55

.60

.59

.58

Retail 2

Millions of dollars

Inven-tories 3

5,502

6,0117,6207,8747, 3507,396

7,50211, 04912, 953

11, 94812, 953

13, 753

11, 42711, 65311, 83211,97411, 77211,94811, 9^511,94412,07312, 43512, 62112, 953

13,38413, 75114, 04013, 90713, 753

Sales *

3,504

3,8664,6244,7965,3075,790

6,3818, 3559,810

9,46910,152

10, 566

9,0979,2859,3999,6109,6819,7439,7309,621

10,16210, 25810. 48510, 653

10, 44510, 38110, 56510, 84110, 599


to sales

1.57

1.551.651.641.381.28

1.181.321.32

1.261.28

1.30

1.261.261.261.251.221.231.231.241.191.211.201.22

1.281.321.331.281.30

1 Not adjusted for seasonal variation.2 Adjusted for seasonal variation,s Book value, end of period.4 Monthly average shown for year and half year and total for month.8 Average of 5 months.6 Preliminary.NOTE.—Manufacturing inventories and sales, and retail inventories are recently revised series; revisions

for wholesale are to be completed in the near future. The inventory figures in this table do not agree withthe estimates of "change in business inventories" included in the gross national product since they coveronly manufacturing and trade rather than all business, and show inventories in terms of current book valuewithout adjustment for revaluation.

Detail will not necessarily add to totals because of rounding.

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

91


TABLE 16.—Sales3 stocks, and outstanding orders at 296 department stores, 1939-48

Period


19401941194219431944

194519461947


1948—First half

1947—JanuaryFebruaryMarch _ _April _MayJune _-JulyAugustSeptember _OctoberNovemberDecember

1943—JanuaryFebruaryMarchApril -MayJune3

Millions of dollars *

Sales(total formonth)

128

136156179204227

255318336

300373

316

256250331321336304253274341367416584

271263355331339337

Stocks(end ofmonth)

344

353419599508534

563714823

817828

887

770835866849816768732789823912942770

789878941938919857

Outstand-ing orders

(end ofmonth)

108194263530560

729909553

488619

466

620606489388353470603622676663605544

633575420356339471

Ratio ofstocksto sales

2.69

2.602.693.352.492.35

2.212.252.45

2.722.22

2.81

3.013.342.622.642.432.532.892.882.412.492.261.32

2.913.342.652.832.712.54

Ratio ofordersto sales

0.791.241.472.602.47

2.862.861.65

1.631.66

1.47

2.422.421.481.211.051.552.382.271.981.811.45.93

2.342.191.181.081.001.40

Ratio oforders

to stocks

0.31.46.44

1.041.05

1.291.27.67

.60

.75

.53

.81

.73

.56

.46

.43

.61

.82

.79

.82

.73

.64

.71

.80

.65

.45

.38

.37

.55

1 Not adjusted for seasonal.»Not available.8 Estimates based on incomplete data.

NOTE.—These figures represent retail sales, stocks, and outstanding orders as reported fcy a sample of296 of the larger department stores located in various cities throughout the country and are not estimatesof total sales, stocks, and outstanding orders for all department stores in the United States. Data are notavailable prior to 1939.| i Detail will not necessarily add to totals because of rounding.

ffSource: Board of Governors of the Federal Reserve System.

92


TABLE 17.—Consumers' price index, 1929-48

For moderate-income families in large cities

[1935-39=100]

Period All items

Monthly averager1929

193019311932....19331934..

19351936-.193719381939

1940 -1941194219431944

194519461947

1947—First half—Second half.

1948—First half—

1946—June

1947—JanuaryFebruary.MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1948—JanuaryFebruaryMarch. . __April.. ..__MayJune

122.5

119.4108.797.692.495.7

98.199.1

102.7100.899.4

100.2105.2116.5123.6125.5

128.4139.3159.2

155.4163.0

169.1

133.3

153.3153.2156.3156.2156.0157.1158.4160.3163.8163.8164.9167.0

168.8167.5166.9169.3170.5171.7

Food

132.5

126.0103.986.584.193.7

100.4101.3105.397.895.2

96.6105.5123.9138.0136.1

139.1159.6193.8

187.0200.7

208.3

145.6

183.8182.3189.5188.0187.6190.5193.1196.5203.5201.6202.7206.9

209.7204.7202.3207.9210.9214.1

Apparel

115.3

112.7102.690.887.996.1

96.897.6

102.8102.2100.5

101.7106.3124.2129.7138.8

145.9160.2185.8

183.4

188.1

195.7

157.2179.0181.5184.3184. 9185.0185.7184.7185.9187.6189.0190.2191.2

192.1195.1196.3196.4197.5196.9

RentFuel, elec-

tricity,and ice

141.4

137.5130.3116.9100.794.4

94.296.4

100.9104.1104.3

104.6106.2108.5108.0108.2

108.3108.6111.2

109.0113.4

116.4

108.5

108.8108.9109.0109.0109.2109.2110.0111.2113.6114.9115.2115.4

115.9116.0116.3116.3116.7117.0

112.5

111.4108.9103.4100.0101.4

100.7100.2100.299.999.0

99.7102.2105.4107.7109.8

110.3112.4121.1

117.7124.6

130.8

110.5

117.3117.5117.6118.4117.7117.7119.5123.8124.6125.2126.9127.8

129.5130.0130.3130.7131.8132.6

Housefurnish-

I l l . 7

108.998.085.484.292.8

94.896.3

104.3103.3101.3

100.5107.3122.2125.6136.4

145.8159.2184.4

181.5187.4

193.9

156.1

179.1180.8182.3182.5181.9182.6184.3184.2187.5187.8188.9191.4

192.3193.0194.9194.7193.6194.8

Miscel-laneous

104.6

105.1104.1101.798.497.9

98.198.7

101.0101.5100.7

101.1104.0110.9115.8121.3

124.1128.8139.9

138.3141.6

147.0

127.9

137.1137.4138.2139.2139.0139.1139.5139.8140.8141.8143.0144.4

146.4146.4146.2147.8147.5147.5

Source: Department of Labor.

793637° 93


TABLE 18.— Wholesale price index, 1929-48

[1926=100]

Period

Average:1929

1930 .1931193219331934

1935193619371938 - , -1939 _

1940 -1941194219431944

1945 - -19461947


1948—First half. _ __

1946—June _.

1947—January - - -FebruaryMarch _ _ _ _ _AprilMayJune - -JulyAugust _.SeptemberOctoberNovember _December

1948—JanuaryFebruaryMarchAprilMay.June

All

com

mod

itie

s

95.3

86.473.064.865.974.9

80.080.886.378.677.1

78.687.398.8

103.1104.0

105.8121.1152.1

146.7157.2

163.5

112.9

142.0145.2150.0148.0147.3147.7150.6153.7157.4158.5159.6163.2

165.7160.9161.4162.8163.9166.2

Far

m p

roduct

s

104.9

88.364.848.251.465.3

78.880.986.468.565.3

67.782.4

105. 9122 6123.3

128.2148.9181.2

174.7187.3

190.4

140.1

165.0170.4182.6176.9175. 4177.8181.4181.6186.4189.7187.9196.7

199.2185.3186.0186.7189.1196.0

Foo

ds99.9

90.574.661.060.570.5

83.782.185.573.670.4

71.382.799.6

106.6104.9

106.2130.7168.7

161.8175.4

176.9

112.9

156.6162.3167.9162 4159.6161.8167.1172.3179.2177.7177.9178.4

179.9172.4173.8176.7177.4181.4

s

91.6

85.275.070.271.278.4

77.979.685.381.781.3

83.089.095.596.998.5

99.7109.5135.2

131.0139.3

148.5

105.6

128.4129.4131.7132.4132.3131.6133.5136.2138.3140.1142.1145.5

148.3147.6147.7148.7149.0149.5

Other than farm products and foods

1If-a

S

109.1

100.086.172.980.986.6

89.695.4

104.692.895.6

100.8108.3117.7117.5116.7

118.1137.2182.4

173 8191.1

189.8

122.4

176.2174.1175.1172.1171.5173.8179.1182.8185.6193.1202.5203.4

200.3192.8185.4186.1187.5186.8

!

I

I90.4

80.366.354.964.872.9

70.971.576 366.769.7

73.884 896.997.498.4

100.1116.3141.7

139.7143.6

149.5

109.2

138.2139.5140.5140 3139.9139 9140.5141.8142.4143.4145.2148.0

148.4148.9149.8150.3150.2149.6

f'l•oSc a«S

•—i bl.

83.0

78.567.570.366.373.3

73.576.277.676.573.1

71.776.278.580.883.0

84.090.1

108.7

101.2115.8

131.5

87.8

97.798.2

100.7103.2103.4104.0109.0112.6114 2116.1118.2124.6

130.0130.8130.9131.6132.6133.1

3<x>e^^ wa fl0CST3

l a

100.5

92.184.580.279.886.9

86.487.095.795.794.4

95.899.4

103.8103.8103.8

104.7115.5145.0

140.8149.1

156.4

112.2

139.0139.6141.1141.3141.9142.0143.1148.5150.1150.5150.8151.5

154.3155.3155.9157.2157.1158.7

4aBtea1ffl

95.4

89.979.271.477.086.2

85.386.795.290.390.5

94.8103.2110.2111 4115. 5

117.8132.6179.7

175.2183.8

194.6

129.9

170.2174.8177.5178 1176.2174. 1175.5179.6183.4185.8187.7191.0

193.3192.7193.1195.0196.4196.8

T3 „S3 +2o3 a

ifH94.0

88.779.373.972.175.3

79.078.782.677.076.0

77.084.4H5.594.995.2

95.2101.4127.3

128.5126.3

136.0

96.4

128.3129.3132.2133.5127.1120.8118.8117.5122.3128.6135.8135.0

138.8134.6136.1136.2134.7135.7

.9

!§>

W

94.3

92.784.975.175.881.5

80.681.789.786.886.3

88.594.3

102. 4102.7104.3

104.5111.6131.1

128.7133.4

142.2

110.4

126.5128.3129.0129. 1129.5129.7129.8129.9131.3132.4137. 5139.4

141.3141.8142.0142.3142.6143. 4

|

I182.6

77.769.864.462.569.7

68.370.577.873.374.8

77.382.089.792 293.6

94.7100.3115.5

114.1116.6

121.5

98.5

110.9111.7115.6116.1116.9113 5113.2113.1115.9117.1118.8121.5

123.6120.1120 8121.8121.5121.4

Source: Department of Labor.

94


TABLE 19.—Index of prices received and of prices paid by farmers and parity ratio, 7929-48

[1910-14 = 100]

Period

Monthly average:1929.

1930.—19311932.19331934

19351936.193719381939

19401941194219431944

194519461947

1947—First half..Second half.

1948—First half...

1947—JanuaryFebruary.MarchAprilMayJuneJulyAugustSeptemberOctober .__.NovemberDecember

1948—JanuaryFebruaryMarchAprilMayJune

Pricesreceived i

149

12890687290

1091141229795

100124159192195

202233278

270286

291

260262280276272271276276286289287301

307279283291289295

Prices paid(includinginterest and

taxes)

167

160141124120129

130127133126124

125132150162169

172193231

225238

249

215221226229228230230234238239241245

251248247249250251

Parityratio a

89

8064556070

8490927777

8094106119115

117121120

120120

117

121119124121119118120118120121119123

122112115117116118

1 August 1909 to July 1914=100.2 Ratio of prices received to prices paid (including interest and taxes).Source: Department of Agriculture.

95


TABLE 20.—Consumer credit outstanding, 1929-48


End of period

1929

19301931_ _19321933. _1934

19351936..._19371938.1939

1940194119421943 __1944

19451946 _.1947

1947—January...February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

1948—January.. _February..MarchAprilMayJune ?

Totalconsumer

credit

7,637

6,8295,5264,0933,9194,396

5,4396,7967,4917,0647,994

9,1469,8956,4785,3345,776

6,63810,16613,385

10,02410, 01910,37910, 63110, 93411,23011,30211,43311, 68212, 05512,63613,385

13, 05812, 94513,39113, 59913,80414,100

Instalmentcredit i

3,167

2,6962,2121,5261,5951,867

2,6273,5263,9713,6124,449

5,4485,9202,9481,9572,034

2,3653,9766,156

4,0484,1564,3294,5364,7394,9195,0455,1795,2905,4635, 7336,156

6,1866,2496,4986,7376,9577,200

Chargeaccounts

1,749

1,6111,3811,1141,0811,203

1,2921,4191,4591,4871,544

1,6501,7641,5131,4981,758

1,9813,0543,612

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

3,2403,0673,2813,2653,2553,300

Otherconsumer

credit 2

2,721

2,5221,9331,4531,2431,326

1,5201,8512,0611,9652,001

2,0482,2112,0171,8791,984

2,2923,1363,617

3,2123,2613,2823,3133.3603,4243,4713,4993,5283,5633,5943,617

3,6323,6293,6123,5973,5923,600

1 Includes automobile and other sale credit and repair and modernization loans insured by Federal Houseing Administration.

2 Includes single-payment loans of commercial banks and pawnbrokers and service credit.3 Estimates based on incomplete data.


Source: Board of Governors of the Federal Reserve System.

96


TABLE 21.—Loans and investments of all commercial banks, 1929-48


End of month

1929—Junel

1930—-June l1931—June»1932—June1 . - -1933—June *1934—June1

1935—June1

1936—December1937—December ._1938—December1939—December.

1940—December1941—December1942—December1943—D ecember1944—December _. - _

1945—December . ,

1946—JuneDpinpmbfir

1947—JuneDecember _ _. _

1948—June*

Totalloans

and invest-ments

49.4

48.944.936.130.432.7

34.639.538.338.740.7

43.950.767.485.1

105.5

124.0

119.4114.0

112.8116.3

114.1

Loans

35.7

34.529.221.816.315.7

14.916.417.116.417.2

18.821.719.219.121.6

26.1

27.131.1

33.738.1

39.7

Investments

Total

13.7

14.415.714.314.017.0

19.723.121.222.323.4

25.129.048.266.083.9

97.9

92.382.9

79.178.2

74.4

U. S. Gov-ernment

obligations

4.9

5.06.06.27.5

10.3

12.715.314.215.116.3

17.821.841.459.877.6

90.6

84.574.8

70.569.2

65.0

Othersecurities

8.7

9.49.78.16.56.7

7.07.87.17.27.1

7.47.26.86.16.3

7.3

7.88.1

8.59.0

9.4

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


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

97


TABLE 22.—Adjusted deposits of all banks and currency outside banks, 1929-48


End of period

1929

193019311932 —19331934 —

1935 . .19361937 -_19381939 —

19401941194219431944

1945

1946—JuneDecember

1947—JuneDecember.. __

1948—June4

Totaldepositsadjusted

andcurrencyoutsidebanks

54.7

63.648.345.442.548.0

52.2y 57.4

56.659.064.1

70.878.299.7

122.8151.0

175.4

171.2167.1

165.5171.4

167.5

U.S.Govern-

mentdepositsl

0.2

.3

.5

.51.01.7

.91.0.8.9.8

.81.98.4

10.420.8

24.6

13.43.1

1.41.5

2.2

Other deposits and currency outsidebanks

Total

54.5

53.247.944.941.546.3

51.356.455.858.163.3

70.076.391.3

112.4130.2

150.8

157.8164.0

164.1170.0

165.3

Demanddeposits

adjusted 2

22.8

21.017.415.715.018.5

22.125.524.026.029.8

34.939.048.960.866.9

75.9

79.583.3

82.187.1

82.6

Timedeposits3

28.2

28.726.024.521.723.2

24.225.426.226.327.1

27.727.728.432.739.8

48.5

51.854.0

55.756.4

57.1

Currencyoutsidebanks

3.6

3.64.54.74.84.7

4.95.55.65.86.4

7.39.6

13.918.823.5

26.5

26.526.7

26.326.5

25.6

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

collection.' Include? deposits in commercial banks, mutual savings banks, and postal savings system.< Estimates by Council of Economic Advisers.


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

98


TABLE 23.—Estimated ownership of Federal securities, 1939-48

[Billions of dollars—par values1 ]

End of period

1939—December1940—December1941—December _1942— December1943—December1944— December1945—December _ _1946—December..1947— necember1948—June9

Gross debt and guaranteed obligations outstanding

Total

47.650.964.3

112 5170.1232.1278.7259.5257 0252.4

Held byU. S. Gov-ernmentagencies

and trustfunds

6.57.69.5

12 216.921.727.030.934.435.8

Total

41.143.354.8

100.3153. 2210.4251 7228.6222.6216.6

Stateandlocal

govern-ments 2

0.4.5.7

1 02.14.36.56.37.37.2

Held

Com-mercialbanks3

15.917.321.441 159.977.790.874.568 765.0

by public

FederalReservebanks

2.52.22.36 2

11.518.824.323.322.621.4

Nonbankprivate

financialcorpora-

tions andassocia-tions *

12.012.516.327 441.256.065.359.557.556.3

Indi-vid-

uals*

10.410.914.124 538.453.564.864.966.666.8

1 United States sayings bonds, series A-D, E, and F, are included at current redemption values.3 Includes trust, sinking, and investment funds of State and local governments and their agencies, and

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

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

and investments of foreign balances and international accounts in this country. Beginning with December1946, includes investments by the International Bank for Reconstruction and Development and Inter-national Monetary Fund in special non-interest bearing notes issued by the U. S. Government. Begin-ning with June 30, 1947, includes holdings of Federal land banks.

4 Includes partnerships and personal trust accounts.* Estimates based on incomplete data.

NOTE.—Detail will not necessarily add to totals because of roundingSource: Treasury Department.

99


TABLE 24.—Profits before and after taxes, all private corporations, 1929—48


Period

Corporateprofitsbeforetaxes

Corporatetax

liability 1

Corporate profits after taxes

Total Dividendpayments

Undis-tributedprofits

1929.

1930.1931.193219331934

1935.1936.1937.1938.1939.

1940.1941.1942.1943.1944.

1945.1946.1947.


1948—First half 3

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

1948—First quarter...Second quarter

9.8

3.3- . 8

-3 .0.2

1.7

3.25.76.23.36.5

9.317.221.124.524.3

20.421.829.8

28.930.8

30.5

28.9

29.132.4

31.429.5

1.4

.5

.4

.5

.7

1.01.41.51.01.5

2.97.8

11.714.213.5

11.69.0

11.7

8.4

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

2.34.34.72.35.0

6.49.49.4

10.410.8

8.712.818.1

5.8

5.54.12.62.12.6

2.94.64.73.2

4.04.54.34.54.7

4.75.6


11.412.1

11.9

11.411.311.412.7

12.211.5

17.518.7

18.6

17.517.517.719.7

19.218.0

7.0

7.4

6.46.7

7.1

7.37.5

2.6

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

- . 6- . 3

2.44.95.15.96.1

4.07.2

11.2

10.911.7

11.2

11.110.810.812.6

11.910.5

i Federal and State corporate income and excess profits taxes.a Minus 8 million dollars.» Estimates based on incomplete data; second quarter by Council of Economic Advisers.

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

100


TABLE 25.—Profits after taxes, 629 large private industrial corporations, by industry groups,1939-48+


Period

Manufacturing and mining

Number of companies

1939

1940-..1941 -1942 _ __1943....1944..

1945 _,19461947 -


1947—First quarter.Second quarterThird quarterFourth quarter

1948—First quarter. . . .

629 47 15 77 49

1,465

1,8182,1631, 7691,8001,896

1,9252, 5453,670

146

278325226204194

188283437

115

158193159165174

163171334

223

242274209201222

243130417

102

173227182180190

169127205

119

133153138128115

108136198

151

148159151162175

199356354

45

112174152186220

223281

186

194207164170187

187273345

Totals for period, not adjusted for seasonal

1,7381,933

871

1,033

1,030

80

134

160187136149147

154302370

226212

126100100112

121

153182

708377105

87

199218

94105103115

130

102103

49535746

61

93104

47464559

49

109130

51585971

62

162193

986485108

83

199281

89110121160

196

175169

88878188

90

188183

96929390

93

74

122

132152161171184

203321

134160

637180

57

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

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

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

101


TABLE 26.—Relation of profits before and after taxes to sales, private corporations excludingfinance, insurance, and real estate, 7946-48

Industry group

Profits before taxes as percentof sales

1946 1947 1948, firstquarter i

Profits after taxes as percentof sales

1946 1947 1948, firstquarter l

All industries, excluding financeinsurance, and real estate

Mining..- _Manufacturing

Metal industries _Other manufacturing _.

Wholesale and retail tradeTransportationCommunications and public utilitiesAll other industries2 _.

7.9 8.6 4.6 5.2 5.2

11.58.75.8

10.05.65.0

18.59.0

14.910.311.19.94.87.2

15.78.3

16.010.211.09.85.04.7

16.77.5

8.25.12.96.03.32.5

11.25.3

10.56.26.66.12.84.29.64.9

11.36.26.56.12.92.8

10.24.4

1 Estimates based on incomplete data.2 Includes agriculture, forestry and fisheries, and contract construction.Source: Department of Commerce.

102


T A B L E 27.—Relation of profits before and after taxes to investment, private manufacturingcorporations, by industry groups, 7947

Industry group

Ratio of profits (annual rate) to stockholders'equity

1947total

Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

All private manufacturing corporations

Food ..__Tobacco manufacturesTextile mill productsApparel and finished textilesLumber and wood productsFurniture and fixturesPaper and allied productsPrinting and publishing (except newspapers)Chemicals and allied products. _Products of petroleum and coalRubber productsLeather and leather products 'Stone, clay, and glass productsPiimary n on ferrous metal industriesPrimary iron and steel industriesFabricated metal productsMachinery (except electrical and transportation)Electrical machinery..Transportation equipment (except motor vehicles).Motor vehicles and partsInstruments; photographic and optical goods;

watches and clocks __Miscellaneous manufacturing (including ordnance).


FoodTobacco manufactures __Textile mill productsApparel and finished textilesLumber and wood productsFurniture and fixturesPaper and allied productsPrinting and publishing (except newspapers)Chemicals and allied products. ____Products of petroleum and coalRubber productsLeather and leather products _ _._Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industriesFabricated metal productsMachinery (except electrical and transportation)...Electrical machineryTransportation equipment (except motor vehicles).Motor vehicles and partsInstruments; photographic and optical goods;

watches and clocksMiscellaneous manufacturing (including ordnance) _

Before Federal taxes

24.7

29.516.230.631.434.928.933.828.825.118.824.223.822.719.319.228.025.830.54.8

28.2

22.624.3

28.0

32.414.840.036.036.432.841.635.231.616.828.434.424.424.423.632.027.632.47.2

29.2

24.026.8

25.2

28.015.231.228.435.632.838.430.824.819.224.421.625.221.618.428.429.232.06.0

28.4

23.224.4

24.0

30.817.226.434.034.828.832.830.022.421.218.820.821.615.218.027.224.028 03.6

27.2

20.826.4

After Federal taxes

15.1

17.49.8

18.418.522.017.320.817.415.514.012.213.813.711.611.717.015.418.4

.415.8

14.114.0

16.8

18.88.8

24.021.222.420.025.621.619.212.416.420.414.414.814.419.616.420.03.2

16.8

14.815.2

15.6

16.49.2

18.816.022.420.023.618.815.214.48.4

12.815.613.211.217.217.619.22.0

16.8

14.414.8

14.8

18.410.815.620.821.617.620.418 814.015.68.8

12.013.28.8

10.816.414.416.8

15.6

12. 816.0

24.8

28. 018.832.829.238.027.630.418.024.421.626.820.821.620.819.228.024.833.22.0

32.0

25.619.6

15.2

16.811.219.617.224.815.618.89.6

15.216.416.011.612.810.412.017.214.420.0

- 3 . 616.4

15.610.0

Sources: Federal Trade Commission and Securities and Exchange Commission.

103


TABLE 28.—Relation of profits before and after taxes to sales, private manufacturing corporations,by industry groups, 1947-48

Industry group

Profits in cents per dollar of sales

1947total

Firstquarter

Secondquarter

Thirdquarter

Fourthquarter


FoodTobacco manufactures.-Textile mill products _Apparel and finished textilesLumber and wood productsFurniture and fixturesPaper and allied productsPrinting and publishing (except newspapers)._Chemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products..Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industriesFabricated metal products __ _Machinery (except electrical and transportation)Electrical machineryTransportation equipment (except motor vehicles).Motor vehicles and partsInstruments; photographic and optical goods;

watches and clocks _._ __Miscellaneous manufacturing (including ordnance).


FoodTobacco manufacturesTextile mill products. _Apparel and finished textilesLumber and wood productsFurniture and fixtures.Paper and allied productsPrinting and publishing (except newspapers)Chemicals and allied productsProducts of petroleum and coalRubber products .Leather and leather productsStone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries. _Fabricated metal productsMachinery (except electrical and transportation)...Electrical machineryTransportation equipment (except motor vehicles) .Motor vehicles and partsInstruments; photographic and optical goods:

watches and clocksMiscellaneous manufacturing (including ordnance).

11.0

7.16.7

13.77.8

18.110.117.410.114.214.68.77.4

13.114.610.912.112.110.42.8

10.7

12.510.8


12.4

8.16.8

15.88.8

19.511.219.612.616.913.810.810.113.916.213.614.113.211.05.0

11.2

13.512.2

11.1

7.06.1

13.77.6

18.311.118.111.314.214.48.77.2

13.914.810.112.112.810.33.6

10.4

12.010.8

10.6

7.36.8

12.07.9

16.810.116.810.713.415.56.86.7

12.411.610.111.511.59.92.4

10.3

12.012.1

After Federal taxes

6.7

4.24 .18.24.6

11.46.0

10.76.18.7

10.94.44.37.98.86.67.47.26.3

.36.0

7.86.2

7.5

4.74.19.55.2

12.16.8

12.07.8

10.410.16.25.98.29.78.28.67.96.82.26.4

8.37.0

6.8

4.13.78.24.3

11.46.8

11.26.98.7

10.83.04.28.59.06.27.47.86.11.16.1

7.56.5

6.5

4.34.27.24 8

10.56.1

10.36.78.2

11.43.23.97.66.86.16.96.96.0

. 15.9

7.57.3

10.1

6.37.3

13.16.9

17.98.3

15.15.9

12.414.68.85.9

12.415.69.8

11.111.110.4

.910.7

12.78.4

6.2

3.74.37.94.1

11.74.79.33.17.8

11.35.23.37.49.76.16.86.56.3

- 1 . 65.6

7.84.3

Sources: Federal Trade Commission and Securities and Exchange Commission.

104


TABLE 29.—Relation of profits before and after taxes to investment and to sales, all privatemanufacturing corporations, by size classes, 1947—48

Assets class(thousands of

dollars)

All sizes

Ito249250 to 999-1,000 to 4,9995,000 to 99,999100,000 and over.__

All sizes

1 to 249.250 to 9991,000 to 4,9995,000 to 99,999.100,000 and over. . .


1947

TotalFirstquar-

ter

Secondquar-

ter

Thirdquar-

ter

Fourthquar-

ter

After Federal taxes

1947

TotalFirstquar-

ter

Secondquar-

ter

Thirdquar-

ter

Fourthquar-

ter

1948,first

quar-ter i

Ratio of profits (annual rate) to stockholders' equity

24.7

24.429.230.627.320.3

28.0

26.835.238.831.220.8

25.2

28.430.832.428.419.6

24.0

30.030.028.426.019.6

24.8

10.022.425.227.624.0

15.1

14.816.918.216.512.9

16.8

16.420.423.218.813.2

15.6

18.018.019.617.212.4

14.8

19.217.617.215.612.4

15.2

3.612.014.016.815.6

(2)

(2)

Profits in cents per dollar of sales

11.0

6.58.8

10.711.911.4

12.4

7.610.513.013.312.2

11.1

8.09.3

11.211.911.0

10.6

7.89.1

10.311.310.8

10.1

2.66.58.3

11.111.7

6.7

3.95.16.37.27.2

7.5

4.76.17.98.07.8

6.8

5.15.46.77.26.9

6.5

5.05.46.26.86.8

6.2

1.03.54.76.77.6

7.2

2.04.96.07.18.7

1 Estimates based on incomplete data.2 Not available.Sources: Federal Trade Commission and Securities and Exchange Commission.

105


TABLE 30.—Sources and uses of corporate funds, 7946—48


Use or source of funds

Plant and equipment outlaysInventories (increase in book value)Increase in customer financing __Net repayment of trade debtNet repayment of short-term bank loansNet repayment of RFC loansReduction in liability for Federal income tax

Total uses of funds.. _...

Sources:Internal sources:

Funds retained from operations:Depreciation reserves..Retained net earnings and depletion allowances.

Reduction in cash and U . S . Government securities.Reduction in other current assets

External sources:Increase in bank loans:

Short-termLong-term __ __.

Increase in mortgage loansNet new security issues:

BondsStocks..

Increase in liability for Federal income taxIncrease in trade debtOther net sources.

Total sources of funds

Discrepancy (uses less sources)

1946

11.67.55.4

.22.5

27.2

4.16.36.4.7

1.91.4.6

1.01.3

3.00

26.7

.5

1947

15.07.25.6

.1

27.9

4.510.6

.3

.1

1.61.3.6

3.11.32.42.2.5

28.5

- . 6

1948, firsthalfi

8.42.8.8

c>

.10

12.7

2.44 6.0

.2

.2

0.4

2.1.5.5

.3

12.6

.1

1 Estimates of total for half year based on incomplete data; not adjusted for seasonal variation.2 Net increase of such debt; see sources.3 Net increase of such liability: see sources.* Estimate based on preliminary first quarter data.5 Net repayment of such debt; see uses.« Net reduction of such liability; see uses.

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

106


TABLE 31.— The international transactions of the United States, 1946—48


Item

Exports of goods and serv-ices:

Recorded goods 2

Other goods 5

Total goodsServicesIncome on investments..

Total exports

Imports of goods and serv-ices:

Recorded goodsOther goods

Total goods _ServicesIncome on investments..

Total imports

Surplus of exports of goodsand services:

Recorded goodsOther goods.. _

Total goodsServicesIncome on investments. .

Total surplus of ex-ports. .

Means of financing:Net liquidation of gold

and dollar assets by:Foreign countriesInternational Mon-

etary F u n d . .Loan disbursements by

International BankNet United States pri-

vate capital outflow toforeign countries

Net U. S. Governmentloans

Net U. S. Governmentunilateral transfers

Net private unilateraltransfers. .

Total means of financ-ing . . .

Errors and omissions

1946

10,1881,686

11,8742,272

820

14, 966

4,908260

5,1681,783

216

7,167

5,2801,426

6,706489604

7,799

1,968

335

2,774

2,279

598

7,954-155

1947

Total

15,338718

16,0562,6111,074

19, 741

5,733338

6,0712,165

227

8,463

9,605380

9,985446847

11, 278

4,514

464

297

727

3,900

1,812

568

12, 282-1,004

Firstquarter

3,775179

3,954650212

4,816

1,41295

1,50746451

2,022

2,36384

2,447186161

2,794

1,197

301

854

444

145

2,941-147

Secondquarter

4,185123

4,308726243

5, 277

1,449113

1,56253255

2,149

2,73610

2,746194188

3,128

1,144

56

92

207

1,538

457

119

3,613-485

Thirdquarter

3,716159

3,875675251

4,801

1,32330

1,35367447

2,074

2,393129

2,5221

204

2,727

856

148

142

98

1,201

492

138

3,075-348

Fourthquarter

3,662257

3,919560368

4,847

1,549100

1,64949574

2,218

2,113157

2,27065

294

2,629

1,317

260

63

121

307

419

166

2,653- 2 4

1948

Firstquarter

3,318368

3,686547217

4,450

1,794141

1,93549456

2,485

1,524227

1 75153

161

1,965

368

132

103

230

606

842

159

2,440-475

Secondquarter i

3,328332

3,660560260

4,480

1,625165

1,79056570

2,425

1,703167

1,870e

190

2,055

640

20

50

185

230

945

145

2,215-160

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

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

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

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

107


TABLE 32.—United States Government aid to foreign countries, 1946—48


Type of aid

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

areas . . .European recovery program.Greek-Turkish aid._._Chinese aidInternational Refugee Organ-

izationsTransfers to Philippines ._Interim aidOther

Total unilateral payments...Less: Unilateral receipts..

Equals: Net unilateral pay-ments.

B. Long-term loans and invest-ments:

Lend-lease credits _ .Surplus property, including

ship salesExport-Import BankUnited Kingdom loanInvestment in International

Bank . . . .Investment in International

Monetary FundOther

Total, long-term loans and in-vestments

Less: Repayments—

Equals: Net long term loansand investments, includ-ing International Bankand International Fund...

Less: Investments in Interna-tional Bank and Interna-tional Fund

Equals: Net long term loansand investments, exclud-ing International Bankand International Fund_._

0. Short-term loans (net):

Net unilateral payments and loansand investments, excluding Inter-national Bank and InternationalFund

1946

2091,524

539

15

60

170

2,517238

2,279

600

841945600

317

512

3,32090

3,230

322

2,908

-134

5,053

Total

543245

980

74

179612

305

2,272460

1,812

2

274796

2,850

318

2,74580

7,065174

6,891

3,063

3,828

72

5,712

Firstquarter

285

219

18

101

623179

444

96280500

159

2,74528

3,80851

3,757

2,904

853

1

1,298

1947

Secondquarter

2092

240

20

113

584127

457

60249950

159

49

1,467,34

1,433

159

1,274

264

1,995

Thirdquarter

4998

306

38

1538

33

57785

492

1

5361

1,300

1

1,41640

1,376

1,376

-175

1,693

Fourthquarter

145

215

36

2201258

48869

419

1

65206100

2

37449

325

325

- 1 8

726

1948

Firstquarter

45

340

85

3313

34229

88745

842

234170300

2

70646

660

660

—54

1,448

Secondquarter^

(2)

8(2)

2}

*)2)

1,02075

945

! 33

(2)

25525

230

230

1,175

i Estimates based on incomplete data,a Not available.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

108


T A B L E 33.—United States merchandise exports, including reexports, by continents, 1936-38quarterly average and 1947—48

Period

Total mer-chandiseexports,

includingreexports

NorthAmerica

SouthAmerica Europe Asia

Australiaand

OceaniaAfrica

Millions of dollars

1936-38 Quarterly average

1947 Quarterly average. - .First quarter. _Second quarterThird quarterFourth quarter

1948—First quarterSecond quarter i . . .

1936-88 Quarterly average,

1947 Quarterly average...First quarterSecond quarterThird quarterFourth quarter

1948—First quarterSecond quarter i . . .

742

3,8363,7754,1853,7163,662

3,3183,328

183

957906

1,013900

1,010

789921

69

588571648560574

549534

311

1,4211,4841,5711,3921,235

1,2091,080

125

582567649564550

532552

23

8064749786

4235

Percentage of total

100.0

100.0100.0100.0100.0100.0

100.0100.0

24.7

25.024.024.224.227.6

23.827.7

9.3

15.315.115.515.115.7

16.516-0

41.9

37.139.337.537.533.7

36.432.5

16.8

15.215.015.515.215.0

16.016.6

3.1

2.11.71.82.62.3

1.31.1

32HI

205183230202206

197206

4.3

m5.34.85.55.45.65.96.2

1 Based on actual figures for April and May and estimates for June.

NOTE.—Data in this table cover all merchandise shipped from the United States customs area to foreigncountries including, in 1947 and 1948, goods destined to United States armed forces abroad for distributionin occupied areas as civilian supplies.



793637°— 4 8 - 109


TABLE 34.— United Slates general merchandise imports, by continents, 1936-38 quarterlyaverage and 7947-48

PeriodTotal

generalimports

NorthAmerica

SouthAmerica Europe Asia

Australiaand

OceaniaAfrica

Millions of dollars

1936-38—Quarterly average.

1947—Quarterly averageFirst quarterSecond quarter..Third quarter.Fourth quarter


1936-38—Quarterly average

1947—Quarterly averageFirst quarterSecond quarterThird quarterFourth quarter

1948—First quarterSecond quarterx

622

1,4331,4121,4491,3231,549

1,7941,625

150

536495568521560

605613

81

309309291276360

423328

177

204187195213225

264247

187

262303269205273

337312

10

3947542530

4825

Percentage of total

100.0

100.0100.0100.0100.0100.0

100.0100.0

24.1

37.435.139.239.436.2

33.737.7

13.0

21.621.920.120.923.2

23.620.2

28.5

14.213.213.516.114.5

14.715.2

30.1

18.321.518.615.517.6

18.819.2

1.6

2.73.33.71.91.9

2.71.5

17

82697483

100

116100

2.7

5.74.95.16.36.5

6.56.2

* Based on actual figures for April and May and estimates for June.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 entires into bonded customs warehouses. Detail will not necessarily add to totals becauseof rounding.


no


TABLE 35.—United States merchandise exports, by economic classes, 1936-38 quarterly average and1947-48

Period


1947— Quarterlv averageFirst quarterSecond quarterThird quarterFourth quarter

1948— First quarter.Second quarter i

1936-38—Quarterly average.—

1947—Quarterly averageFirst quarter _.Second quarter.Third quarterFourth quarter

1948—First quarter. _..Second quarter *

Total mer-chandiseexports

Crudematerials

Crudefoodstuffs

Manufac-tured

foodstuffs

Semimanufac-

tures

Finishedmanufac-

tures

Millions of dollars

731

3,7903.7134,1403,6833,624

3.2873,295

167

400430431352389

329338

34

332322333347324

315241

42

444452490457376

352388

130

446384485478438

381365

358

2,1682,1242,4012,0492,098

1,9101,964

Percentage of total

100.0

100.0100.0100.0100.0100.0

100.0100.0

22.8

10.611.610.49.6

10.7

10.010.3

4.7

8.88.78.09.48.9

9.67.3

5.7

1£211.812.410.4

10.711.8

17.8

11.810.311.713.012.1

11.611.1

49.0

57.257.258.055.657.9

58.159.6

i Based on actual figures for April and May and estimates for June.

NOTE.—Data in this table cover all merchandise shipped from the United States customs area to foreigncountries, including in 1947 and 1948, goods destined to United States armed forces abroad for distributionin occupied areas as civilian supplies.



I l l


TABLE 36.—Indexes of quantity and unit value of United States merchandise exports, by economicclasses, 1936-38 quarterly average and 1947-48

[1936-38=100]

Period




1936--38— Quarterly average.

1947—Quarterly averageFirst quarter _Second quarter _Third quarter . . _Fourth quarter

1948—First quarterSecond quarter i

Total mer-chandiseexports

Crudematerials

Crudefoodstuffs

Manufac-tured

foodstuffs

Semi-manufac-

tures

Finishedmanufac-

tures

Quantity indexes

100

275281299260249

220222

100

123130127101no8788

100

391425414401336

318255

100

482494523504389

364410

100

203189221213191

160153

100

332341367303307

275283

Unit value indexes

100

1S8181189194199

204203

100

195197203208210

227229

100

247221235252281

289275

100

218217222215229

229224

100

169157169173177

184183

100

182174183189191

194194

i Based on calculated indexes for April and May and estimates for June.

N O T E . The indexes of quantity are a measure of changes in the total volume of trade after the influence onvalues of changes in average prices has been eliminated. The indexes of unit value provide a measure ofchanges in the average prices at which trade transactions are reported in official foreign trade statistics,including changes in average prices that result from changes in the commodity composition of trade. Theindexes for 1947 and 1948 are based on data which include goods destined to the United States armed forcesabroad for distribution to civilians in occupied areas.



112


TABLE 37.—United States imports for consumption, by economic classes, 1936-38 quarterlyaverage and 1947—48

Period



1948—First quarterSecond quarter l


1947—Quarterly averageFirst quarterSecond quarter -Third quarterFourth quarter

1948—First quarterSecond quarter l -

Total im-ports for

sonsumptionCrude

materialsCrude food-

stuffsManufac-

turedfoodstuffs

Semi-manufac-

tures

Finishedmanufac-

tures

Millions of dollars

615

1,4101,3951,4091,3221,516

1,7691,612

190

436460453389440

571459

85

254288227201300

346275

95

164134182169171

161183

126

311281312310343

396382

120

246231236254262

295313

Percentage of total

100.0

100.0100.0100.0100.0100.0

100.0100.0

30.9

30.933.032.229.429.0

32.328.5

13.8

18.020.616.115.219.8

19.617.1

15.4

11.69.6

12.912.811.3

9.111.4

20.5

22.020.122.123.422.6

22.423.7

19.5

17.416.616.719.217.3

16.719.4

1 Based on actual figures for April and May and estimates for June.

NOTE.—Data in this table cover all merchandise received in the United States customs area from foreigncountries. Imports for consumption include merchandise entered immediately upon arrival into merchan-dising or consumption channels, plus withdrawals from bonded customs warehouses for consumption.



113


TABLE 38.—Indexes of quantity and unit value of recorded United Slates imports for consumption, byeconomic classes, 1936-38 quarterly average and 1947—48

[1936-38=100]

Period

1936-38—Quarterly average....

1947—Quarterly averageFirst quarter.Second quarter.Third quar ter . .Fourth quarter

1948—First quarter ~Second quarter*



1948—First quarterSecond quarter i

Total im-ports for

onsumptionCrude

materialsCrude food-

stuffsManufac-

turedfoodstuffs

Semi-manufac-

tures

Finishedmanufac-

tures

Quantity indexes

100

109113107102115

126113

100

130138133120134

157125

100

961168578

107

11994

100

8373878687

8188

100

130126129126140

154142

100

8486808386

9397

Unit value indexes

100

211201214211215

227232

100

176175179170172

191194

100

311293314302330

342344

100

208195220208206

210218

100

191177193196194

205214

100

245226245256255

266269

i Based on calculated indexes for April and May and estimates for June.NOTE.—The indexes of quantity are a measure of changes in the total volume of trade after the influence

on values of changes in average prices has been eliminated. The indexes of unit value provide a measureof changes in the average prices at which trade transactions are reported in official foreign trade statistics,including changes in average prices that result from changes in the commodity composition of trade.



114


T A B L E 39.—Changes in selected economic series since 1939 and since the first half of 1947

Source:Appendix C

tablenumber

Economic series1946

232218294522235

247245245227437

2101501091041211308724

18324318515415112615815617615112616621715142619088232

203166201

235238238140168159104157228186135245156

157127335256147600

Total

256244333989214

279267269247326

2251401111091271388623

206280208173162122173172202158141222286249399275123312

243210235

307280280160204185107197277240166293186

156167458362182933

1939=100

1947

Firsthalf

252239328

1,056208

274262262241293

2201411101081251368325

201270201170(i)(i)

171172203159139180233183383218100273

230190217

292273270156196183105190268230161284181

156141445350174908

Secondhalf

261250339922219

285272275254356

2291401121101291408920

212290216177

(i)(i)174172200158143263339315415332147350

243210235

321289290164211187109204287249171301192

156167474374184975

1948,firsthalf

273258413433237

298280287265430

2381401111101281407923

218289220183

(i)

0)177176206163144244318293421289130341

256224250

33130030217021919511221229225118330fi201

1521764693721?5933

Percentchange,1947,first

half, to1948,firsthalf

+8.3+7.9+25.9-59.0+13.9

+8.8+6.9+9.5+11.0+46.8

+8.2—.7+.9+1.9+2.4+2.9-4.8-8.0

+8.5+7.0+9.5+7.6

+3.5+2.3+1.5+2.5+3.6+35.6+36.5+60.1+9.9+32.6+30.0+25.0

+11.3+17.9+15.2

+13.4+9.9+11.9+9.0+11.7+6.6+6.7+11.6+9.0+9.1+14.4+7.7+11.0

-2.6+24.8+5.4+6.3

+ 1 2 . 1+ 2 . 8

11..

12..

13.

14.

15.

15.

17.

18.

19..

20.24.

Gross national productPersonal consumption expendituresGross private domestic investmentNet foreign investment . .-Government purchases of goods and

services.National income.._ _

Compensation of employeesPersonal income

Disposable personal incomePersonal net saving _

Per capita disposable personal income:Current dollars1947 dollars

Labor force, including armed forcesCivilian labor force

Employment _NonagriculturalAgricultural

Unemployment _Average gross weekly earnings:

Manufacturing _Bituminous coal miningPrivate building constructionRetail trade

Physical production: total _AgricultureNonagriculture

Industrial production index: totalDurable manufactures.Nondurable manufacturesMinerals

New construction: totalPrivate

ResidentialNonresidentialPublic utility and farm

PublicBusiness expenditures for new plant and

equipment.Inventories, end of period:

Manufacturing _.Wholesale -Retailss:Manufacturing _WholesaleRetail _.

Consumers' price index: all itemsFoodApparelRent

Wholesale price index, all commoditiesFarm productsFoodsOther than farm products and foods

Prices received by farmers - . .Prices paid by farmers (including interest

and taxes).Parity ratioConsumer credit outstanding .end of period.Corporate profits before taxesCorporate profits after taxes

Dividend paymentsUndistributed profits

i Bfcau& of the extreme seasonal nature of agricultural crop production, oniy an annual index has beencomputed.

Sources: Appendix C, tables as indicated above. Data have been converted to the base 1939=100.

For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C.Price 30 cents

115
