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FEBRUARY 1956
rar
U. S. DEPARTMENT OF COMMERCE
OFFICE OF BUSINESS ECONOMICS
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
No. 2
FEBRUARY 1956
PAGE
THE ECONOMY IN RECOVERY AND EXPANSION—A Revieiv of 1955 1
NATIONAL INCOME AND PRODUCT IN 1955 6Consumer Demand 7Investment Demand 8Government Demand 11National Income by Industries 13Types of Income 13
FINANCIAL DEVELOPMENTS IN 1955 17
PRODUCTION AND TRADE 20Manufacturing and Mining Production 21New Construction Activity 24Agricultural Production and Income 26Retail Trade 28
FOREIGN BUSINESS 30
* * *
MONTHLY BUSINESS STATISTICS... .S-l to S-40
Statistical Index Inside back cover
Published by the U. S. Department of Commerce, SINCLAIR WEEKS,Secretary. Office of Business Economics, M. JOSEPH ME EH AN,Director. Subscription price, including meekly statistical supplement, is$3.25 a year; foreign mailings, $4.25. Single copy, 30 cents. Send remit-tances to any Department of Commerce Field Office or to the Superintendent ofDocuments, United States Government Printing Office, Washington 25, D. C.Special subscription arrangements, including changes of address, should bemade directly with the Superintendent of Documents. Make checks payableto Superintendent of Documents.
DEPARTMENT OF COMMERCE
FIELD SERVICE
Alb«qaerq«e, N. Mex.
321 Post Office Bldg.
Atlanta 23, Ga.
50 Seventh St. NE.
Boston 9, Mass.
U. S. Post Office andCourthouse Bldg.
Buffalo 3, N. Y.
117 ElHcott St.
Charleston 4, S. C.Area 2,Sergeant Jasper Bldg.
Cheyenne, Wyo.
307 Federal Office Bldg,
Chicago 6, 111.226 W. Jackson Blvd.
Cincinnati 2, Ohio
442 U. S. Poet Officeand Courthouse
Cleveland 14, Ohio
1100 Chester Ave,
Dallas 2, Tex.1114 Commerce St.
Denver 2, Colo.
142 New Customhouse
Detroit 26, Mich.
230 W. Fort St.
El Paso, Tex.Chamber of Commerce
Bldg.
Houston 2, Tex.430 Lamar Ave.
Jacksonville 1, Fla.311 W. Monroe St.
Kansas City 6, Mo.911 Walnut St.
Log Angeles 15, Calif.1031 S. Broadway
Memphis 3, Tcnit.
22 North Front St,
Miami 32, Fla.
300 ME. First Ave.
Minneapolis 2, Minn.
2d Ave. South and3d St.
New Orleans 12, La.
333 St. Charles Ave.
New York 17, N. Y.
110 E. 45th St.
Philadelphia 7, Pa.
1015 Chestnut St.
Phoenix, Ariz.
137 N. Second Ave.
Pittsburgh 22, Pa.
107 Sixth St,
Portland 4, Oreg.
520 SW. Morrison St.
Reno, Nev.
1479 Wells Ave.
Richmond 19, Va.
1103 East Main St.
St. Louis 1, Mo.1114 Market St.
Salt Lake City 1, Utah222 SW. Temple St.
San Francisco 11, Calif.
555 Battery St.
Savannah, Ga.125-29 Bull St.
Seattle 4, Wash.
909 Firit Ave.
For local telephone listing, consult section
devoted to U. S. Government
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1956
The Economy
in Recovery and Expansion
A Review of 1955
ECONOMIC developments in 1955 were featured by theresumption of the long-term advance in the Nation's produc-tion and income without appreciable disturbance to thegeneral stability of average prices. The rapid recovery
Gross National Product
In Current and Constant (1947) Dollars
BILLIONS OF DOLLARS ( ra t io sca le)
500
400 -
300 -
200
100
90
80
70
60
50
CONSTANT (1947) DOLLARS
1930 35 40 45
U. S. Deportment of Commerce, Office of Business Economics
371762°—56 2
50 55
56 - 8 - 1
already under way at the start of the year progressed quicklyinto growth beyond previous achievements. By midyearoutput had risen above the highest previous rate—-that ofthe spring of 1953—and had largely absorbed the additionalproduction capacity provided by the technological advancesand investment of the intervening period as well as theincrease in the labor force.
Production continued to expand during the last half ofthe year. The rate of advance was less sharp, however, andmore nearly commensurate with the long-term growth of theNation's production potential. The Federal Reserve Boardpolicy of credit restraint, instituted early in the year andlater strengthened, helped to check advances in demandbeyond what could be matched by additional output. Pro-duction of houses and automobiles, which set yearly recordsin 1955 and contributed heavily to the earlier phase of thebusiness advance, was moving downward at the year-endwhile output of most other major product groups washolding even or, more generally, still advancing.
For 1955 as a whole, the value of the gross national prod-uct totaled $387 billion. Measured in dollars of constantpurchasing power, this exceeded 1953 output, the previoushigh, by 4 percent and the reduced 1954 volume by 6 per-cent. Prices of consumer goods and services averaged aboutthe same in 1955 as in 1954 but those of investment itemsand Government purchases—particularly of personal serv-ices—were higher, so that the dollar value of total outputincreased somewhat more than the volume of production.
Substantial advance in consumptionThe flow of goods and services to consumers, measured in
constant dollars, expanded substantially more than theNation's population last year and brought real consumptionper capita 4}£ percent above both 1953 and 1954. Lastyear's advance followed a 4-year period in which per capitaconsumption expenditures had shown relatively little in-crease. Through 1953 rising defense requirements hadlargely absorbed increases in output in excess of populationgrowth, while in 1954 consumer purchases had risen aboutin proportion to the population increase despite a decline inthe Nation's output. Last year's rise in real consumptionexpenditures per capita represented a substantial part of the
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SUKVEY OF CURRENT BUSINESS February 1956
total advance which has been achieved since the conversionfrom war to peacetime production was completed in 1947.
Employment higher
The advance in business activity raised average civilianemployment by 2 million to a record 63 million in 1955.Unemployment was reduced from a monthly average of 3.2million in 1954 to 2.7 million, or 4 percent of the civilianlabor force, in 1955. While unemployment was still seriousin certain localities with special problems, the number ofmajor "areas of substantial labor surplus" in the U. S.Department of Labor classification dropped from 48 (out of149 major areas) at the close of 1954 to 19 by the end of1955. With the exception of 3 small centers, some reduc-tion in unemployment over the year was reported in allmajor and minor areas still classified as labor surplus.
Personal Consumption ExpendituresPer Capita
In Constant (1947) Dollars
1947 DOLLARS (ratio scale)1,500
itooo
900
800
700
600
500 i I i i i i i i i i i i i i i i i I i i I i i
1930
U. S. Department of Co
1935 1940
erce, Office of Business Econ
1945 1950 1955
56-8 -2
The expansion of output, consumption, and employmentin the United States was part of a general improvementthroughout most of the free world. Rising export andimport trade reflected and contributed to the prosperity athome and abroad.
Dollar sales by durable goods manufacturers, which haddropped 11 percent from 1953 to 1954, increased 18 percentin 1955 and those of nondurable goods manufacturers, whichwere off 1 percent in 1954, increased 13 percent in 1955.Federal Reserve Board indexes showed production gains formanufactured products of 10 percent, from 1954 and 3 percentfrom 1953, and for minerals production of 10 percent from1954 and 5 percent from 1953. On the railroads, freight-carloadings increased nearly cftie-eighth and almost equaled the1953 number.
In contrast to these sectors, the service and financial indus-tries, the utilities, trade, and construction had, for the mostpart, maintained or increased revenues and the scale ofoperations in 1954. In 1955 the pace of expansion in thesesectors, although strong, was in the main less than in theindustrial segments which had been more affected by the 1954business adjustment. Nonetheless gains were as much as 9percent in retail and 8 percent in wholesale sales, 12 percentin the value of new construction work put in place, and 15percent in electric power production, where a strong growthtrend was operative.
A parallel pattern of differential advance, largely associ-ated with the recovery aspect of the year-to-year change,was evident in the distribution of the national income bytype. With total national income up 1% percent to $322billion in 1955, corporate earnings before tax, inclusive ofthe inventory valuation adjustment, rose 22 percent. Before-tax earnings of corporations had dipped rather sharply in1954 and the subsequent advance approximately restoredthe ratio between profits and national income which badprevailed before the downturn in the summer of 1953.
Employee compensation, which on an annual basis hadbeen reduced less than 1 percent in 1954, rose 6^ percentfrom 1954 to 1955 as employment increased, average workinghours lengthened, and wage rates advanced. Hourly grossearnings of production workers in manufacturing averaged$1.88 in 1955, up 7 cents from 1954; of this amount 5 centsrepresented higher straight-time rates. From December1954 to December 1955 the advance in hourly earnings was10 cents. Hourly earnings gains in norimanufacturing indus-tries varied, but apparently averaged less than in manufac-turing on a percentage basis; in 1954 they had generallybeen larger than in manufacturing.
Most other types of earnings—nonfarm proprietors' in-come, rental income, and net interest—also increased in1955. Fairly sizable advances in net private interest pay-ments in the past few years, accompanying the advances indebt and in interest rates, have been gradually raising theinterest share of national income from its postwar low, butin 1955 it still amounted to only 3 percent of the total ascompared with 7 percent in 1929.
The principal exception to the general income advance,and to the pattern of changes toward restoration of pre-1954relationships, was the decline, for the fourth consecutive year,of the net income of farm proprietors. At about $11 billionin 1955 farm proprietors' income was the lowest since 1942.Farm production set a record in 1955, but prices of agricul-tural products continued downward wiiile no commensuratereduction occurred in farm costs.
Changes in pattern of production and income Growth oj investment
Within the private nonfarm economy, sales and productionin all major industrial divisions advanced in 1955, and inmost cases exceeded any prior period. In general, thesharpest rises from the previous year occurred in those in-dustries which had experienced relatively pronounced reduc-tions in 1954—mainly manufacturing (and in particular thedurable goods industries), mining, and transportation.
Gross private investment in 1955 was valued at over $59billion. About half of the $12 billion increase from 1954occurred in inventory investment, which switched from liqui-dation of $3 billion in 1954 to accumulation of a like amountin 1955. Residential construction increased $3 billion, as didnonresidential construction and business purchases of equip-ment, taken together.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS
Selected Monthly Business IndicatorsBILLIONS OF DOLLARS
360
320
PERSONAL INCOME *(ANNUAL RATE)
280
240
200 A M ' 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
INDEX, 1947-49 = 100160
140
120
100
80
WHOLESALE PRICES
NONAGRICULTURAL PRODUCTS
\
ALL COMMODITIES
AGRICULTURALPRODUCTS
INDEX, 1947-49 = 100180
160
140
120
100
INDUSTRIAL PRODUCTION
I I I I I I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I I I I l l I I I I I I I I I I I I I I I I
1951 1952 1953 1954 1955
Seasonally adjusted
U. S. Department of Commerce, Office of Business Economics
INDEX, 1947-49= 100
160
I 40
I 20
100
80
MANUFACTURING PRODUCTION WORKERS
AVER-AGE HOURLYGROSS EARNINGS
AVERAGE WEEKLY HOURS
1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 I 1 1 1 1 1 1 i 1 1 1 1 1 i i 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1
BILLIONS OF DOLLARS120
100
80
60
40
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS32
28
24
20
16
MANUFACTURERS' SALES ANDNEW ORDERS*
SALES
1951 1952 1953 1954 1955
DATA: FRB, BLS, 8 QBE
56-8-3
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SUEVEY OF CUERENT BUSINESS February 1956
With 1.3 million nonfarm dwelling units started, a numberexceeded only in 1950 when the average unit was smaller insize, and with business investment in plant and equipment ashigh as in any previous year, the Nation in 1955 made sub-stantial provision for the capital additions required for futureexpansion of production and consumption. After the firstquarter of the year advances in business plant and equipmentoutlays, designed to expand capacity and replace or modern-ize worn out or outmoded facilities, were very widespreadamong the Nation's major industries.
Percentage advances in investment greater than in totaloutput are, of course, typical of periods of business recovery.What distinguished the 1954-55 change in the disposition ofthe national output from most other such periods was thatthe increased proportion entering investment was not offsetto any appreciable extent by a lower proportion enteringpersonal consumption, but rather by a decline in the impor-tance of Government purchases, particularly expendituresfor national security purposes:
Percentage Distribution of Gross National Product
Year
1953
1954
1955
Total
100. 0
100.0
100.0
Personal con-sumption ex-penditures
63.3
65.6
65.2
Gross privatedomestic, and
net foreign,investment
13.6
13.0
15.2
Government purchases
Federal na-tional secu-
rity
14.1
12.0
10.5
Other Federaland State and
local
9. 1
9.4
9. 1
In dollar terms, national security expenditures had fallenfrom a peak seasonally adjusted annual rate of over $53billion in the second quarter of 1953, just prior to the Koreanarmistice, to less than $41 billion in the last quarter of 1954.They held, with only minor fluctuations, at the latter ratethroughout 1955 but, with total output expanding, theirproportion of the total continued downward. Thus it waspossible for personal consumption and investment (includingnet foreign investment) each to increase its share of the totaloutput by nearly 2 percentage points over the 2-year periodfrom 1953 to 1955.
Changes in the Nation's saving
The $12 billion advance in gross investment in 1955 impliesan equal increase in the Nation's saving. That this wasforthcoming without greater changes in the general priceaverages was the joint result of two circumstances: first,that unused resources and continuing expansion in capacitypermitted a substantial rise in production, and hence inreal income; and, second, that institutional arrangementswere such that a major part of the additional income waschanneled to corporations and, especially, to Government,where it resulted in a nearly equal increase in saving (orelimination of dissaving).
The second circumstance was particularly important lastyear since consumers were in a mood to spend rather freely;a $14}£ billion increase in disposable personal income—whichcompared with the $27 billion rise in gross national product—was more than matched by the rise in consumer spending.
Personal saving was consequently reduced by about $1billion, according to preliminary data. Corporations, onthe other hand, increased dividend payments by less thanthe rise in their after-tax earnings, so that undistributedcorporate earnings (exclusive of inventory gains and losses)
increased by nearly $2 billion, providing funds for additionalinternal financing of corporate investment. With capitalconsumption allowances on privately owned fixed assets upby more than $2 billion, the net result was a rise of nearly$3 billion in total gross private saving. At $58 billion,gross private saving in 1955 represented 15 percent of thegross national product, about the same proportion as in eachof the 7 previous years.
The major change in the saving position occurred in theGovernment sector. In 1954 the combined deficit on incomeand product transactions of all governmental units hadexceeded $7 billion, and to that extent had offset saving inthe private economy. From 1954 to 1955 total expendituresby all Governments for goods and services, transfer pay-ments, interest, and subsidies scarcely changed, but personaltax payments and accruals of social insurance and businesstaxes increased by a total of nearly $9 billion to convert thepreceding year's deficit to a small surplus on income andproduct transactions in 1955. Thus, whereas in 1954 Gov-ernment operations had to an important extent offset privatesaving, in 1955 they supplemented it to a small extent. Withtax rates little altered, the rise in tax receipts or accuralswas almost entirely the result of higher incomes and sales.
This method of presentation does not, however, stresssufficiently the place of corporate earnings in the change inthe Nation's saving. Of the increase in Government rev-enues on income and product account, $4}£ billion repre-sented the rise in corporate profits tax accurals. If thisfigure is combined with the advance in undistributed cor-porate earnings, it appears that more than half of the totalincrease in the Nation's saving from 1954 to 1955 was ratherdirectly related to the rise in corporate earnings before tax.
The importance of corporate profits and Governmentrevenues in cushioning the impact of production changes onconsumer income had also been noted from 1953 to 1954when, despite a $4 billion drop in gross national product,disposable income had increased by $4}£ billion, lendingstrength to consumer spending and preventing the possi-bility of a downward spiral of income and expendituresdeveloping. In that period the "automatic" operations ofthe economic and institutional structure, which includedalso an appreciable rise in unemployment benefits and othertransfer payments, had been strongly supplemented bymajor reductions in tax rates, as well as by credit policiesdesigned to encourage investment and spending.
Tightening of credit
At the start of 1955 the Federal Reserve authorities weremoving from a policy of monetary ease to one of activerestraint in an effort to moderate the rise in investmentdemands. Actions taken were quickly reflected in short-terminterest rates, which were already pressing upward becauseof the growing demand for funds. The higher cost of short-term credit helped to restrain the sharp advance under wayin businessmen's use of borrowed funds to finance inventoryand other short-term capital requirements.
Costs of borrowing long-term investment funds increasedon the average by about }{ to % of a percentage point andtended to dampen the growth in demand for long-term funds,especially for marginal or postponable programs. Costs ofequity financing, on the other hand, were lowered by the con-tinued rise of stock prices and fall in dividend-stock priceratios.
The impact of higher interest rates was particularly appar-ent in increasing discounts in the markets for federally sup-ported mortgages. Downpayment and maturity terms onthese mortgages were also tightened last summer from theunusually easy requirements prevalent in 1954 and early
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February 1956 SURVEY OF CURRENT BUSINESS
1955. These developments were important in the slackenedapplications for guaranteed or insured mortgages in the latterpart of 1955. By the fourth quarter such applications wereoff more than one-third from the exceptionally high rate of theyear before and some easing of the restrictive features estab-lished in 1955 was undertaken in January of this year.
The rise in consumer spending from 1954 to 1955, which hasalready been noted, was pervasive and affected most cate-gories of goods and services. However, well over one-thirdof the $16 billion advance was in expenditures for durablegoods, which in 1954 had accounted for only 12 percent oftotal consumer expenditures. The increase in sales ofdurables to consumers, amounting to $6 billion on a year-to-year basis, was at once facilitated by the ready availabilityof consumer credit and the chief cause of its sharp advanceduring 1955.
Total consumer credit outstanding increased by one-fifth,or $6.1 billion, from December 1954 to December 1955, andof this amount $5.4 billion was in installment credit—$3.9billion in automobile paper alone.
Price developmentsThe price pattern which emerged from 1955 developments
differed only moderately from that of preceding years,despite the pronounced changes in the course of productionand incomes. The stability manifested by the general priceaverages over the past few years was substantially main-tained. On an annual basis, the consumer price index forcity families varied less than 1 percent during the periodfrom 1952 through 1955, while fluctuations in the annualindexes of prices paid by farmers for family living and ofwholesale commodity prices were only a little larger. Ineach case the 1955 average differed from that of 1954 by lessthan 0.5 percent. Changes during 1955 were also small.At the year-end, the two consumer price indexes were onlyfractionally above December 1954, while the wholesalecommodity price index was up 1.6 percent.
Broad differentials in price movements were also rathersimilar to those of past years. At the consumer level, pricesof commodities, and particularly retail food prices, moveddownward, as they had also done in 1953 and 1954, whilethe course of rents and other service prices—which had risenless than commodities since the prewar period—remainedupward. At wholesale, prices of farm products and proc-essed foods again declined, but more substantially than in1954, while the average of other commodities moved higher.
The advance in wholesale prices of commodities otherthan farm products and foods was larger during 1955 thanin other recent years and was concentrated in the last halfof the year. From December 1954 to December 1955 theindex of these prices increased by 4.2 percent, with more
than four-fifths of the rise occurring after June. Advancesduring this period were fairly pronounced in some commoditygroups, particularly metals and metal products, forestproducts, and rubber and products.
Situation at year-end
Expansion in total business continued throughout theyear. The gross national product in the fourth quarterreached a seasonally adjusted annual rate of $397 billion,and personal income a rate of $312 billion, about $10 billionand $9 billion, respectively, above the year as a whole.Nonagricultural employment in December was 800,000above the yearly average, after seasonal adjustment.
Advances were smaller than during the recovery phase,however, and in large measure were stemming from differentsources, with some components moving downward. Thusgross private domestic investment and consumer expendi-tures for durable goods together accounted for almost four-fifths of the $26 billion rise in the annual rate of gross nationalproduct from the third quarter of 1954 to the second quarterof 1955, but for only one-fifth of the further $12}^ billionadvance in the shorter period from the second to the fourthquarters of 1955.
Within this total, too, decided changes were taking place.Residential construction activity moved down steadily afterJuly, leading to steps to ease mortgage credit. In Decemberthe Federal Home Loan Bank Board acted to make addi-tional funds available to saving and loan associations, andin January 1956 the maximum repayment period on Govern-ment guaranteed mortgages was returned to 30 years.Consumer spending for durable goods, particularly auto-mobiles, also moved down in the fourth quarter, followinga period of exceptionally large sales, and contributed to theelimination of overtime work in auto production. On theother hand, business spending for plant and equipment,which had started to move upward only last spring, wasrising strongly during the second half, and business invest-ment schedules indicated further advances in early 1956.Aside from pronounced fluctuations in dealer stocks ofpassenger cars, the rate of business inventory accumulationwas fairly steady after the second quarter.
The remaining national product components—consumerpurchases of nondurable goods and services, Governmentpurchases, and net foreign investment, which as a groupmake up three-quarters of the product total and generallyare less volatile cyclically—increased much more rapidlyafter the second quarter of last year than in the precedingthree quarters. In the later period they contributed tothe advance in total output in rough proportion to theirweight, as a group, in the product total.
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National Income
and Product in 19551 HE GENERAL character of economic activity last year,
as portrayed in the national income and product accounts,was one of mounting strength. The recovery from the1953-54 business readjustment which had begun in thelatter half of 1954 carried output and sales to record volumes.After an initial period of selective advance, in which theautomobile industry figured prominently, the rise in produc-tion became widespread, with the largest increases generallyoccurring in the industries where the previous declines hadbeen most pronounced.
At $387 billion, the gross national product exceeded the1954 total by $26^ billion, or 7}£ percent, and surpassed theprevious peak year of 1953 by 6 percent. When allowanceis made for price changes, the 1955 total is 6 percent above1954 and 4 percent above 1953.
The national income measure of total production expandedsimilarly, from $299# billion in 1954 to $322^ billion lastyear. Marked increases occurred in most types of labor andproperty incomes. However, agriculture did not share in thegeneral gain, as lower farm prices more than offset the rise offarm production to a record volume.
[Billions of dollars]
Gross national product
Change in business in-ventories _ _
Final purchasesNational securityCivilian
National income
Disposable personal in-come
1953
364.5
1.2
363. 351. 4
311.9
303.6
250.4
1954
360.5
-2.9
363. 443.2
320. 2
299.7
254.8
1955
387.2
3.2
384.040. 8
343. 2
322.3
269.4
Seasonally adjusted quar-terly totals at annual rates
1953
II
369.3
4. 5
364.853.2
311. 6
307.9
250.9
1954
II
357.6
-2.7
360. 343.6
316. 7
298.9
253.9
1955
IV
397.3
5.3
392.041. 0
351. 0
276.6
The 1955 rise in total output reflected not only an increasein employment and in the number of hours worked, but also arise in real product per man-hour. The rate of increase inproductivity was particularly pronounced in 1955, afterhaving slackened in 1954 partly as a consequence of the shiftto a lower volume of production in the hard goods industries.Technological progress and the growing stock of capitalequipment have been primary factors underlying the long-term advance.
Marked changes occurred last year in two of the areas thathad dominated the movement of the gross national product
6
from 1953 to 1954. National security expenditures, whichhad been cut back sharply after the termination of the Koreanconflict and continued to decline to the end of 1954, stabi-lized in 1955. In addition, inventory investment shifteddirection, moving from liquidation to renewed accumulation.Combined, these two segments of the gross national productrecorded a net rise of $3K billion last year, as comparedwith a $12% billion decline from 1953 to 1954. The con-trast between these movements is even more marked if thecomparison is made between the second-quarter rates of1953 and 1954, the high and low points respectively of thesetwo years, and the fourth-quarter rate of last year.
Increase in civilian purchasesCivilian final purchases, however, played the key role in
the 1955 upturn. These purchases, which had increased sub-stantially even during the period of business readjustment,moved ahead at an accelerated pace. Advancing by $23billion from 1954 to 1955, they accounted for more thanfour-fifths of the overall increase in the gross nationalproduct.
The pace of consumer spending quickened in 1955. Aparticularly steep rise occurred in automobile purchaseswhich had declined moderately in the previous year. Resi-dential construction followed a similar upward course, regis-tering an increase for the year that was almost double theadvance from 1953 to 1954.
Starting in the second quarter of 1955, the rise was aug-mented by the recovery in business expenditures on newplant and equipment. The sharp rebound that occurredraised the fourth quarter 1955 seasonally adjusted annualrate of fixed business investment about $5 billion abovethe low point in the first quarter. The change for the yearas a whole was more moderate.
Responding to the increasing demand for a wide varietyof community services, State and local government pur-chases continued to rise at a fairly uniform rate through theperiods of contraction and recovery.
Overall price indexes stable
As a result of these market developments, some keyindustries operated at or near capacity, and a number ofbasic commodities—notably steel, nonferrous metals, andsome types of building materials—were in short supply'attimes during the year.
The buildup in total expenditures, coupled with substantialincreases in business loans, automobile credit, and homemortgages, led the Government to shift from a policy of activecredit ease to one of moderate restraints. Financial develop-ments during the year are reviewed elsewhere in this issue ofthe SURVEY.
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February 1956 SUEVEY OF CUEEENT BUSINESS
On the whole, however, the sharp advance in physical out-put maintained overall supply and demand in fairly evenbalance. General price indexes showed a substantial degreeof stability. The composite of gross national product pricesrose by only slightly more than 1 percent from 1954 to 1955,approximately the same as the previous year-to-year change.Consumer prices, which affect the largest segment of thegross national product, remained virtually unchanged onthe average. Prices underlying the other major componentsof final product rose moderately. Price developments,including those of raw and intermediate goods, are reviewedelsewhere in this issue.
Year-end position
Gross national product continued to advance throughout1955, but the rate of growth slackened somewhat during thesecond half of the year. In the fourth quarter the retarda-tion was attributable to a marked slowdown in the rate ofgrowth of final purchases, as expenditures for new cars andnew houses dropped below the unusually high rates thatwere achieved earlier in the year, and other lines of expendi-tures, such as fixed business investment, showed a slowerrate of growth. Partly offsetting these developments was asubstantial increase in inventory investment which accountedfor about one-half of the total increase in gross nationalproduct from the third to the fourth quarters.
Table 1.—Gross National Product or Expenditure in ConstantDollars: 1947-55 1
[Billions of 1947 dollars]
Item
Gross National Product ._
Personal consumption expendi-tures - _ _ _ _ _ _ _
Durable goodsIsi endurable goodsServices
Gross private domestic invest-ment .
New constructionProducers' durable equip-
mentChange in business inven-
tories - - -
Net foreign investment
Government purchases of goodsand services _ _ _
Federal _ _ _ _State and local _ _
Gross government prod-uct2
Other gross product 3
1947
232.2
165.020 693.151 3
29.714.0
16.7
-1.0
8.9
28.615.812.8
16.7
215.6
1948
243.9
168.021 393.353 5
38.816.1
17.7
5.1
2.1
34.920.814.0
16.6
227.3
1949
241.5
172.322.494.755.2
28.115.8
15.7
-3.5
.8
40.324.316.0
17.4
224.0
1950
264.7
182.827 297.258 4
45.320 0
18.3
7.0
—1 1
37.720.517.3
18.1
246.6
1951
282.9
183.624 299.060.4
45.219.0
18.4
7.8
2.3
51.834.217.5
23.0
259.9
1952
293.3
189.223 9
102.363 0
39.118 8
18.3
2.0
1 6
63.445 617 8
24.8
268.5
1953
306.5
197.426 7
105.365 4
39.619 8
19.1
.6
—.3
69.851.218.6
24.6
281.9
1954
300.5
200.726 9
106.567 4
36.721 3
17.4
-1.9
1 3
61.741.520.2
24.0
276.4
1955
318.8
213.932 4
111.969 6
45.324 1
18 1
3.1
1 l
58.537 221 2
23.8
295.1
1. For earlier years see July 1955 issue of the SURVEY OF CURRENT BUSINESS, pp. 22, 23.2. Compensation of general government employees.
1 3. Gross national product less compensation of general government employees, i. e. grossproduct accruing from domestic business, households, and institutions, and from the rest ofthe world.
Source: U. S. Department of Commerce, Office of Business Economics.
A large part of the fluctuations in the rate of inventoryinvestment in 1955 was attributable to swings in automotivedealers' stocks. After increasing in the first half of the year,these underwent some liquidation in the third quarter tomake way for the new models, and experienced a sizablebuild-up in the fourth. When automobile stocks are ex-cluded, the aggregate of all other inventory investmentshowed a more even pattern of moderate accumulation, inline with the advance in overall economic activity.
CONSUMER DEMAND
Consumer spending reached a new peak in 1955, rising to$252}£ billion. The $16 billion increment in these purchasesaccounted for over half of the advance in total national out-put. With average consumer prices essentially stable, thebulk of the rise represented an increase in the physical volumeof goods and services—the largest year-to-year gain since1946.
The advance in consumer buying last year was supportedprimarily by rising incomes stemming from the expandingvolume of economic activity. Disposable personal incomerose by 5% percent, from $255 billion in 1954 to $269 billionin 1955. However, as in 1954, consumer spending increasedat a somewhat faster rate, and the proportion of income saveddropped from 7 percent to 6 percent on an annual basis.
The disproportionate increase in consumer spending seemsto have been associated primarily with the upsurge in auto-mobile purchases in the financing of which consumer creditplayed an important role. Automobile paper accounted foralmost two-thirds of the advance in consumer credit in 1955.
The following breakdown of personal saving by changesin major types of assets and liabilities clearly reflects thesedevelopments. As can be seen, the major changes were asubstantial increase in the net accumulation of cash andsecurities and a similar advance in the rate at which con-sumers were incurring new debt. In addition there occurreda sizable drop in the growth of individuals' net investmentin new homes, reflecting largely a rapid increase in mortgagedebt. Changes in the other major components of savingwere relatively small.
Composition of Personal Saving
[Billions of dollars]
Net accumulation of cash and securities 13
Net increase in private insurance and pension reserves. 5%
Net liquidation of consumer debt — %
Net investment in nonbusiness real property 1 2
Net investment in noncorporate enterprises (includingfarms) 2 — 4J^
Errors and omissions 3
Personal saving
1955
17
6
-51
-53
17
1. Gross acquisitions of nonfarm dwellings together with nonprofit institutional constructionless depreciation and the net increase in mortgage debt.
2. Gross investment in platit and equipment, plus the net change in inventories, less de-preciation, and the net increase in mortgage and other debt.
Durables lead advance
The expanded demand for consumer durables carried thetotal outlays for these goods up to $35}£ billion in 1955, a riseof one-fifth from the preceding year. (See table 2.) Thedynamic character of this rise is emphasized by the fact thatit accounted for over 20 percent of the total increase in thegross national product even though total purchases of con-sumer durables comprise less than 10 percent of the pro-duction aggregate.
The sharp spurt in purchases of automobiles and parts,from $12}£ billion in 1954 to $17 billion last year, accountedfor the major part of the advance in the durable goods total.These expenditures reflected not only a record number ofpassenger cars sold but also a shift to larger and more ex-pensive models, and a wider acceptance of many optionalaccessories, particularly of the newer automatic varieties.
On a seasonally adjusted basis, auto purchases started torecover in the first half of 1954 from the drop experienced inthe latter part of 1953. Their annual rate rose by about $1billion in the second half of 1954, and by an additional
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8 SURVEY OF CURRENT BUSINESS February 1956
billion in the first half of 1955, when it reached $16}2/ billion.
Although expenditures in the latter half of 1955 averagedslightly higher than in the first, this reflected an unusuallyhigh third-quarter rate which was not maintained in theclosing quarter.
Purchases of consumer durables other than automobilesalso displayed strength last year. Furniture was the leadinggainer, although marked advances were also recorded inhousehold appliances—notably laundry equipment, refrig-
Gross National ProductBy Major Components
BILLIONS OF DOLLARS
425TOTAL GROSS NATIONAL PRODUCT
400
375
350
325
300 lv-1 1 i i i I i i i I i i i
PERSONAL CONSUMPTION EXPENDITURES275
250
225
200
175 IA i i i i i i I i i
75
50
25
25
FIXED INVESTMENT*
I i i I i i i i i
CHANGE IN BUSINESS INVENTORIES
- 2 5 1 , 1 - 1 L
100
i i i
75
50
GOVERNMENT PURCHASES OF GOODS & SERVICES
1952 1953 1954 1955QUARTERLY TOTALS, SEASONALLY ADJUSTED,AT ANNUAL RATES
** Including net foreign investment
U. S. Department c^f Commerce, Office of Business Economics 5 6 - 8 - 4
era tors, and ranges—as well as in floor coverings and inradio and television receivers. The continuation of thesteady expansion in new home construction and liberalcredit terms, as well as the rising trend of personal incomewere important elements supporting demand for householddurables.
Rise in nondurable^The $5 billion rise in consumer spending for nondurables
last year was less concentrated in food purchases than hadbeen the case for the past several years. These purchases,however, still accounted for three-fifths of the total dollarincrease and for a larger share in real terms. Clothingpurchases, in contrast, broke out of the narrow range withinwhich they had fluctuated since 1951, and advanced to$20^ billion, a rise of about $1 billion over 1954.
The steadily expanding volume of passenger car traffic wasreflected in a further advance in gasoline and oil expenditures.These rose by %% billion, about the same as the averageannual increase in the past decade. Tobacco purchasesalso rose in 1955 following a brief reversal of their uptrendin 1953-54.
Services continue uptrendConsumer expenditures for services continued their strong
postwar growth in 1955. As in the past several years, therental value of housing (including imputed rentals on owner-occupied homes) was enlarged by a substantial influx ofnewly constructed dwellings; new nonfarm housing startsamounted to 1.3 million units last year. Average rents alsocontinued to rise from 1954 to 1955 but at a much slower ratethan in any of the preceding years of the postwar period.
The steady expansion in the rental value of housing wasaccompanied by an even larger percentage rise in outlays forthe related household operating services, particularly utilities.Electricity and gas consumption by households was up about10 percent over 1954, with higher rates of consumption perhousehold accounting for about two-thirds of this rise, and theincrease in the number of users for the remainder. Telephoneservice showed a similar rate of advance last year, with thenumber of new subscribers accounting for about half of thetotal increase.
Expenditures for personal business services showed a muchlarger rise last year than they had the year before. This wasprimarily attributable to the sharp advance in interest onpersonal debt which reflected the increase in the volume ofconsumer debt outstanding and, to a lesser extent, the rise in:
average interest rates that occurred during the year.
INVESTMENT DEMANDGross private domestic investment rose to $59 billion in
1955—an increase of one-fourth over 1954. The largestsingle factor was the $6 billion shift in inventory invest-ment—from liquidation of $3 billion in 1954 to an accumula-tion of more than $3 billion last year. The remaining halfof the increase occurred in fixed investment and was aboutequally divided between business capital purchases and newresidential construction.
The boom in private nonfarm residential construction car-ried the total of these expenditures to $16}2
/ billion in 1955,almost one-fourth higher than in the preceding year. Out-lays rose steadily within the 1954-55 period to a crest inthe third quarter of 1955 when they were at a seasonallyadjusted annual rate of $17 billion. They dropped to a$16 billion rate in the final quarter, about the same as therate for the first 3 months of the year. (A more detaileddiscussion of construction is presented in a subsequent sec-tion of this issue.)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS 9
Expenditures for new plant and equipment by nonagri-cultural business firms expanded over a broad industrialfront in 1955, totaling $28}? billion, about equal to the pre-vious high in 1953 and 6 percent higher than in 1954, accord-ing to the Commerce-SEC survey.1 A sizable part of therise last year, however, reflected the increase in capital goodsprices for the year as a whole.
Table 2.—Personal Consumption Expenditures: 1953-55[Billions of dollars]
Goods and services, total
Durable goods, totalAutomobiles and partsFurniture and household equipmentOther durable goods
Nondurable goods, total.Clothing and shoesFood and alcoholic beveragesGasoline and oilOther nondurable goods
Services, totalHousehold operationHousingTransportationOther services
1953
230.6
29.813. 212. 83. 9
118.919 871. 9
6. 620. 6
81. 812. 127. 9
7. 334. 6
1954
236.5
29.312. 512. 93. 9
120.919 773. 3
7. 220. 7
86. 412. 629. 8
7. 336. 8
1955
252.3
35.316. 814. 34. 2
125.920 576. 4
7. 721. 3
91. 213. 631. 2
7. 438. 9
Source: U. S. Department of Commerce, Oince of Business Economics.
Additions to productive facilities rose sharply during 1955,reversing' the steady downtrend between the third quarter of1953 and the first quarter of 1955. By year-end, capitaloutlays were at a seasonally adjusted annual rate of $31billion, as compared to $25}2 billion in the opening quarterand $29 billion in mid-1953. Capital programs reported bybusiness indicated further expansion in spending in early1956.
Factors affecting investmentMany factors contributed to plant and equipment demand
in 1955. A high and increasing rate of sales sharply raisedbusiness net earnings— and, in some commodities, broughtpressures upon capacity. Wage rate increases and sellingcompetition increased the demand for more efficient produc-tive facilities. New products and industrial processes, aswell as the prospect of continued population growth andshifts, were also important investment incentives.
Rapidly increasing depreciation and amortization charges,near-record after-tax earnings, and a favorable securitiesmarket facilitated the financing of investment in 1955.Certificates of necessity under the rapid tax-amortizationprogram were issued for about $3 billion of defense facilitiesduring the year. While substantially lower than in theyears 1951 to 1953, this amount compares with less than $1billion of new certifications in 1954. In terms of value thebulk of the 1955 certificates were issued to electric powercompanies and railroads.
Manufacturers purchased almost $11 }£ billion of new plantand equipment in 1955. This amount was somewhat largerthan in 1954 but moderately lower than in 1953.
The year 1955 witnessed a reversal of the prior downtrendin manufacturers7 fixed investment. Capital outlays hadfallen from a seasonally adjusted annual rate of almost $12billion during the first three quarters of 1953 to $10 billionin the first quarter of 1955. In the ensuing six months, they
1. The sharper 1954-55 increase in the sum of the new nonresidential construction andproducers' durable equipment components of the gross national product than in plant andequipment expenditures as reported by the Commerce-SEC survey is due mainly to the moreimportant influence of automobiles in the national product series, reflecting differences inindustrial coverage.
371762°—56 2
returned to their previous high. They exceeded $12}£ billionin the fourth quarter, and a further rise of over $% billion, atseasonally adjusted annual rates, was anticipated by manu-facturers for the first 3 months of this year. During therecent upturn capital outlays by durable goods companiesrose more rapidly than those by nondurable goods companies;an increase of about 30 percent from the first to the fourthquarter of 1955 in the former group compared with a 20percent rise in the latter.
On an annual basis the largest relative gains in the durablegoods industries were shown by the stone, clay and glass, andiron and steel industries. Nonelectrical machinery com-panies also stepped up investment sizably from 1954 to 1955.Autos and primary nonferrous metals reported reduced out-lays on a year-to-year basis, but evidenced substantial up-ward spending trends within 1955.
Among the nondurable goods industries, higher expendi-tures in 1955 were made by petroleum, rubber, paper andtextiles producers. Capital outlays by chemical companiesfell from 1954 to 1955; after an exceptionally low first quarter,however, spending in the remaining quarters of 1955 wasabove the corresponding quarters of the previous year. Fixedinvestment by food and beverage producers during 1955 hasshown stability at somewhat lower rates than in 1954.
Nonmanufacturing outlays generally higherCommercial companies in 1955 recorded their third suc-
cessive year of increase in capital spending; other major non-manufacturing industry groups slaowed recovery from re-duced 1954 rates of expenditure. Capital outlays by the"commercial and other" group exceeded $9 billion in 1955,the increase of nearly $1 billion from the preceding yearaccounting for about two-thirds of the rise in aggregateplant and equipment expenditures.
Railroads increased their capital improvement programsin 1955 by about 10 percent while more moderate relativeincreases were made by other transportation firms arid theutilities. Fixed investment by mining companies in 1955changed little from 1954.
Within 1955, the largest relative increase was in railroadswhich, along with manufacturing, had experienced thesharpest cutbacks in capital outlays from 1953 to 1954.Railroad investment in the fourth quarter of 1955 was morethan one-half again as large as the seasonally adjusted rate inthe opening quarter of the year, and further increases wereexpected in early 1956. One of the striking features in thecurrent capital goods situation is the rise in unfilled orders forfreight cars from 15,000 on January 1, 1955, to 147,000 at thebeginning of this year.
Capital outlays by the other major nonmanufacturinggroups also advanced sizably—after seasonal allowances—through 1955. However, except for communications sched-uled spending by these industries in early 1956 was at rateslittle different from the fourth quarter of 1955. Programs ofcommunications companies indicated a further rise in thefirst quarter of 1956.
Shift in inventory investmentNet investment in business inventories in 1955 amounted
to over $3 billion, as contrasted with a liquidation of similarmagnitude in the preceding year. The liquidation of inven-tories was substantially reduced in the fourth quarter of 1954and net accumulation occurred in each of the quarters of thepast year. (See chart.) To a large extent, quarterly fluc-tuations reflected changes in retailers' stocks of new cars.
In terms of the current value of the net change, about two-thirds of the accumulation of inventories in 1955 occurred intrade and one-third in manufacturing. Since inventory re-ductions in 1954 had been concentrated in manufacturing, the
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10 SUEVEY OF CURRENT BUSINESS February 1956
1955 accumulation did not offset the previous year's declinein that industry although it did so in the aggregate.
Increases in the book value of inventories, which differfrom the inventory component of gross national product byincluding changes in replacement costs, were somewhatlarger in 1955 as industrial prices advanced, especially in thethird and fourth quarters. These price rises had a strongeffect on the book value of manufacturing inventories, par-ticularly in the durables group.
Manufacturers9 inventory trends
In terms of book values, more than four-fifths of the ad-vance in factory inventories in 1955 was in the durable goodsindustries, where the major liquidation of the previous yearhad also occurred. Book value increases were most sub-stantial in the metal using industries (fabricated metals,machinery and transportation equipment) and accounted forthe bulk of the increase registered by the heavy-goods groupas a whole. Inventories of nondurable goods producersshowed little change, except for small increases in the chemi-cal, petroleum and rubber industries.
Working stocks were substantially expanded in 1955 inline with rising rates of production. On an overall basis,and in durable goods manufacturing, goods-in-processshowed a larger increase than purchased materials; in non-durables goods manufacturing, on the other hand, purchasedmaterials accounted for the entire rise in working stocks.
The expanding volume of deliveries and the pressure ofrising orders during the year prevented any appreciablerise in finished goods stocks held by manufacturers. Afterallowance for seasonal variations, finished goods stocks ofdurable goods producers were virtually unchanged in bookvalue during the first 6 months of 1955; a moderate increase
Plant and Equipment ExpendituresInvestment reaches record rate in late 1955 andearly 1956 with manufactures leading broad advance
BILLIONS OF DOLLARS40 - -
TOTAL
30 ~
20 -
10 —
:•:• PUBLIC UTILITIES 8 TRANSPORTATION
Anticipated
U S. Department of G
1953 I 1954 I 1955 I 56*
QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
DATA: SEC 8 Q B E
5 6 - 8 - 5
occurred in the second half of the year. Among the non-durable goods industries fluctuations were minor throughoutthe year.
Trade stocks riseThe change in automobile inventories was the major
element in the advance in retail trade stocks in 1955, althoughsome accumulation also occurred in apparel, food, anddepartment stores. Wholesale inventories increased mod-erately. About one-half of the increase in the book value
Table 3.—Manufacturing and Trade Inventories: 1951-55
[Seasonally adjusted; end of period]
1951 1952 1953Mar.
19
June
00
Sept. Dec.
Book Values, Billions of Dollars
TotaL_
Durable goodsNondurable goods
Manufacturing
Durable goodsPurchased materialsGoods- in-processFinished goods
Nondurable goodsPurchased materialsGoods-in-processFinished goods
Wholesale
Durable goodsNondurable goods
Retail
Durable goodsNondurable goods
75. ?,
38 336 9
42. 8
22. 87. 48 66. 8
20. 09. 12 78 9
11. 1
5. 85.4
21 2
9 711. 5
76.7
40. 136 6
43. 8
24 47. 3
10, 26. 9
19. 48. 62 78 1
11. 3
5. 85. 6
21 6
9 911. 7
80.3
42 937 4
45. 9
26 37 4
10. 68. 3
19. 68. 22 88 6
11.7
5. 95. 8
22 7
10. 712. 0
76.9
39 8;
37 V
43. 3
24 06. 39 87.9
19. 27.82 88 6
11.7
5.85. 9
22 4
10. 312. 1
77.5
40 337. 3
43. 3
24 16 39. 97. 9
19. 27. 72 88 7
11. 6
5. 75. 9
22 6
10. 512. 1
78.8
41, 137. 6
43. 8
24 56. 6
10. 07. 9
19. 37. 82 98 6
11. 8
5. 95. 9
23 2
10 812. 4
80.0
42. 037.9
44. 7
25 26. 9
10. 28.0
19. 57. 93 08 6
12. 0
6. 15. 9
23 2
10 712. 5
82.1
43. 938. 2
45. 9
26 37. 0
11 .08. 3
19. 68. 23 08 4
12. 3
6.45.9
23 9
11 212. 7
Stock-Sales Ratios l
Total
Durable goodsNondurable goods
Manufacturing
Durable goodsPurchased materialsGoods-in-processFinished goods
Nondurable goodsPurchased materialsGoods-in-processFinished goods
Wholesale
Durable goodsNondurable goods
Retail
Durable goodsNondurable goods
1.61
1. 951. 38
1 77
1. 93. 66. 71
56
1 63. 78. 22. 63
1 20
1, 81. 90
1. 63
2 091. 39
1. 64
2. 091 34
1 90
2. 1767
. 8763
1. 66. 74. 23. 69
1 18
1. 89.85
1. 53
2 041 27
1.64
2. 061 33
1 82
2. 0761
. 85
. 61
1. 57. 67. 23. 67
1 25
1 . 95. 90
1.57
2 081. 29
1.68
2. 171 34
1 89
2. 2262
. 8872
1 58. 65. 22. 71
1 29
2. 00. 96
1. 58
2 131 2Q
1.56
1. 941. 29
1 73
1. 9652
. 8064
1 51. 61. 22.68
1, 21
1. 81.91
1. 50
1 941 25
1.51
1. 851 26
1 63
1. 83497559
1 43"Q. 08
. 21
. 64
1 21
1. 77. 92
1.49
1 921 25
1.51
1. 821 27
1 63
1. 8149
. 7458
1. 45. 58. 22. 64
1 21
1. 77. 92
1. 49
1 881 26
1.53
1. 901. 26
1. 68
1. 91. 51. 79
61
1 45. 59. 22. 63
1 21
1. 83. 90
1. 49
1 Q11 25
1. Ratios are weighted average inventories to average monthly sales.Source: U. S. Department of Commerce, Office of Business Eco-
:e. Office of BIT
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February 1956 SUEVEY OF CURRENT BUSINESS 11
of trade inventories was accounted for by automobiles,with the remainder about evenly divided between otherretail trade and wholesale trade.
Stock-sales ratios lower
The ratio of inventories to sales for manufacturing aridtrade combined declined during 1955 as a result of the rela-tively greater rise in sales than in stocks. (See table 3.)The ratio fell steadily in the first 6 months and showed littlechange in the third quarter. During the last quarter, itwas fractionally above the midsummer ratio. At the year-end inventories of manufacturing and trade firms repre-sented about \% months7 sales—about as high a turnoverrate as any in the last 5 years.
InventoriesNonfarm inventories were increased during 1955
BILLIONS OF DOLLARS
6 -
2 ~
CHANGE IN NONFARM INVENTORIES(GNP COMPONENT)
-6
1953 1954 1955QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
Stock-sales ratios were lowered during the yearas sales rose more rapidly
RATIO*
2.0
1.5
1.0
MANUFACTURING
RETAIL TRADE
WHOLESALE TRADE
1953 1954 1955
* Ratios are based upon seasonally adjusted data; inventories arebook value end of quarter and sales are average month for quarter
U. S. Department of Commerce, Office of Business Economics
The largest decline in inventory-sales ratios occurred inthe durable-goods manufacturing industries. As a result ofthe particularly sharp sales rise in this area, the end-of-yearratio of 1.9 months was a sixth smaller than that a yearearlier. However, the fourth quarter rate was above thethird quarter in all heavy-goods industries. This tendencyfor inventories to advance relative to sales late in the yearcentered in working stocks. The stock-sales ratio for non-durable goods producers dropped 8 percent over the year to1.4 months' sales, one of the lowest rates in recent years.The drop occurred in the first half of the year. On an overallbasis, the ratio showed little change thereafter.
Stock-sales ratios of trade firms showed less decline during1955 than did those of manufacturers. As in manufacturing,sales of durables expanded faster relative to inventories thanthose of nondurables. However, the ratio for durable goodsdealers, at 1.9 for the end of the year, was up a little fromthe midyear ratio largely as a result of accumulation ofmotor vehicles. Retailers of nondurables reduced stock -sales ratios slightly during the last 3 months of the year.
Net foreign investment unchangedNet foreign investment, which measures the excess of
exports over imports of goods and services other than thosefinanced by United States gifts and grants to abroad, re-mained negligible in 1955. The gross flow of both UnitedStates exports and imports registered gains from 1954 to1955, as economic activity expanded both at home and inmany foreign countries. However, these changes were ofapproximately equal magnitude and did not alter the bal-ance. The increases in trade represented larger physicalvolume as unit values remained comparatively stable on ayear-to-year basis.
GOVERNMENT DEMANDCombined Federal, State, and local government purchases
of goods and services amounted to $76 billion last year, aboutI percent below the 1954 total. A reduction in Federalpurchases more than offset the continued rise in State andlocal outlays.
Federal Government purchases in 1955 accounted forabout 12 percent of the gross national product, as comparedwith 13}£ percent in 1954, and with 16}^ percent in the secondquarter of 1953 when they were at their highest point in thepostwar period.
National security expenditures continued to govern themovement of the Federal total. These outlays were stablethroughout 1955 at approximately the rate prevailing in thefinal quarter of 1954. However, inasmuch as they had moveddown from a higher rate during 1954, the total for 1955 wasalmost 6 percent below the prior-year figure. The bulk ofthe dollar decline was in outlays for hard goods. The impactof the reduction of 300,000 in armed force strength on totalmilitary payrolls was offset to a considerable extent by theincrease in pay which became effective in April of last year.
State and local government purchases, in contrast, roseby almost $2}£ billion last year, continuing the steady up-trend that has characterized their postwar movement. At$30 billion these outlays represented almost two-fifths of allpublic purchases. Employee compensation, which rose atabout the same rate as in the preceding year, accounted forsomewhat more than half of the total increase in 1955.Increases continued in both the number of persons employedand in average annual earnings. The advance in the totalwage bill was divided about equally between public educationand nonschool functions. The bulk of the remainder of thetotal advance last year was in construction expenditures,primarily for schools and highways. The increase in theseprograms, however, was less than in 1954.
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12 SURVEY OF CURRENT BUSINESS February 1956
Table 5.—National Income and Product, 1953, 1954, and 1955[Billions of dollars]
NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income
Compensation of employees
Wages and salaries. _ . . _ _ _ _ _ _ ._ _ .. _Private.Military-- . - _ - . _ _Government civilian
Supplements to wages and salaries
Proprietors* and rental income ! . .
Business and professional . . - _ --FarmRental income of persons
Corporate profits and inventory valuation adjustment.- _
Corporate profits before taxCorporate profits tax liability _ _Corporate profits after tax
Net interest -
Addendum: Compensationof general governinentemployees
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product
Personal consumption expenditures
Durable goodsNondurable goodsServices -
Gross private domestic investment
New construction - - - - -Residential nonfarm - _ _ _ _ _Other
Producers' durable equipmentChange in business inventories — total
Nonfarm only
Net foreign investment
Government purchases of goods and services
Federal .- --National security
National defense - _ - . _ _ _Other national securit v
Other - -Less* Government sales
State and local -
DISPOSITION OF PERSONAL INCOME
Personal income - - _ . _
Less' Personal tax and nontax paymentsFederalState and local
Equals: Disposable personal income __ _
Less: Personal consumption expenditures
Equals: Personal saving
RELATION OF GROSS NATIONAL PRODUCT,NATIONAL INCOME, AND PERSONAL INCOME
Gross national product
Less' Capital consumption allowancesIndirect business tax and nontax liabilityBusiness transfer paymentsStatistical discrepancy
Plus: Subsidies less current surplus of government enter-prises - - - . . .
Equals" National income
Less: Corporate profits and inventory valuation adjustment-Contributions for social insuranceExcess of wage accruals over disbursements
Plus* Government transfer payments
Dividends - _- - . - -Business transfer payments
Equals: Personal income -
1953
303. 6
209.2
198.5164.710.323 510 8
48.4
25. 912.310. 3
37.2
38.321.317.0i i
8.8
31. 6
364.5
230. 6
29 8118.981.8
51. 4
25.811.913.824.41.21 9
!i
1954 1955
299. 7
207.9
196.? !162.-! ;
9.524.4 !11.7
48.4
2~\ 912.010. 5
33. 8
34. 017. 117.0
2
9.5
31.8
360. 5
236. 5
29.3120.986.4
47. 2
27. 813.514.322.3
-2.9— a 9
2 o 1 **
84.5
59 551. 449 42.08 5
.425.0
286.2
35 832 43.4
250.4
230. 6
19 8
364. 5
27.830. 2
1.21 3
-.4
303. 6
37.28 7
-. 1
12.85 09.31.2
286.2
77.0
49 243.241.41.86.3
.427.8
287.6
32 829.13.7
254. 8
236. 5
18.3
360.5
30. 030.31.2
— 8
-.1
299.7
33.89 6.0
15.05 2
10.01.2
287.6
322. 3
221. 3
2^8. 5173.2
9.126.212.8
49.1
27.311. 110.7
41.4
43.421.821.6
10. 5
33. 3
387. 2
252. 3
35.3125. 991.2
59. 3
32.416.615.823.83.23.0
-.4
75.9
45. 840.838.82.05.4.3
30.1
303. 3
33 930.03.9
269. 4
252.3
17.1
387.2
32. 331.91.2
.5
322. 3
41.411.0
.0
16.05.0
11.21.2
303. 3
Unadjusted Seasonally adjusted at annual rates
195.1 ! 1954 19551 !
I I II i III IV I
76.4
52. 6
49.440.72.36.43.2
12.2
6.62.92.7
9.1
9.54.74.7
2.5
8.2
91.4
58.5
7.828.322.4
14.6
6.73.33.45.22.72.7
i
18.4
11.610.39.7. 6
1.4.1
6.8
72.4
9.78.61.2
62.7
58.5
4.1
91.4
7.87.6.3
— 6
. 1
76.4
9. 12.9.0
4. 11.2.6.3
72.4
80.3
54. 6
51.442.52.36. 63.2
12.2
6.82.72 7
10.9
11.15.65.5
2.6
8.4
95.2
62.7
9.130. 9
13.8
8. 24.33.96.2
2
18.9
11.310. 19.6
. 51.3.1
7.6
74.7
9.38.21.0
65.5
62.7
2.8
95.2
8.07.9.3
— 1 2
. 1
80.3
10.92.9. 1
4. 11. 52.5.3
74.7
82.0
56.1
52.944.42.36.23.2
12.2
6.92. 62.7
11.0
11.75.95.8
2.7
8.0
97.4
62.5
8.731.022.8
16.0
9.14.74 .46. 0.9. 8
-.3
19.2
11.410. 2
' ^L3
. 17.8
76. 5
8.67. 7.9
67.9
62.5
5.4
97.4
8.28.2.3
— 1 2
.2
82.0
11.02.7
-. 1
3.91.32.6.3
76.5
57.9
54.845.6 i2.37.03.1
12.5
7.02.92.7
g
2.8
8.7
103.1
68.6
9.735.723.2
14.9
8.34.24.16.3.3
2
19.4
11.610.39.8
51.4.1
7.9
79.7
6.35.5.8
73.4
68.6
4.7
103.1
8.48.2.3
.1
.0
4.01.23.5.3
79.7
297.7
206.7
195. 2161.7
9.723.911.5
49.0
25.313.210.4
32. 6
32.716. 416.3
2
9.4
31.4
358. 3
232. 2
28.3119.284.7
45.5
25.911.814.122.9
—3. 2-3.4
-1.1
81.7
54.746. 845.01.88.3.4
27.0
285.8
32.729. 13.6
253. 1
232.2
21.0
358. 3
29.229.9
1.2
-.4
297.7
32. 69.7.0
14.35. 19.71.2
285.8
II III IV
1
298.9
207.2
195.6162. 0
9.524. 111.6
48.2
25.911.910.5
34. 0
33.716.916.8
2
9.5
31.5
357. 6
235. 1
29.0120.485.7
46.9
27.313.014.322.4
-3^2
-.3
75.9
48.643.642.01.55.4.4
27.3
286. 6.
32.729. 13. 6
253. 9
235. 1
18.8
357.6
29.fi30.41.2
—2 3
.3
298.9
1 34.09.6.0
1 5. 15.29.81.2
286.6
298.7
207.8
196.1162.1
9.424.511.7
48.3
26.011.710. 6
33. 1
33. 516.816.7
9.5
31.9
358. 8
237. 9
29.4121. 587.0
45.9
28. 514.214. 322 2
-4^9—5.4
75.8
47.742.140.3
1.86.1
428.1
287. 3
32.829. 13. 7
254. 5
237. 9
16.6
358.8
30.430.0
1.2— 1 5
.0
298.7
33. 19.6.0
15.05.2
10.01.2
287.3
303.2
209.8
198.1163.8
9.325.011.8
48.2
26.311.210.7
35.5
36.018.117.9
9.7
32.2
367. 1
241.0
30.4122. 588.1
50.7
29.415.014.421.9— 6
-LO
.9
74.5
45. 740.538.52.05.5.3
28.7
290.8
33. 129. 33.8
257.8
241.0
16.8
367.1
30.930. 7
1.2.7
-.3
303. 2
35. 59.6.0
15.75.2
10. 61.2
290.8
I II
311.4
213.1
200. 8166. 5
9.125.312.2
48.8
26.611.510.7
39.6
40.920. 520.4
1 3
9.9
32.3
375. 3
245. 8
34.4122.489.0
54.1
31.216. 115. 121.51.51.5
75.8
46. 441.238.72.55. 5.3
29.4
293. 6
32. 628.83.8
261.0
245.8
15.3
375.3
31.231.1
1.2.7
.3
311.4
39.610.5
.1
15.95. 1
10.21.2
293.6
320.7
219.5
207.0171.7
9.325.912.5
48.7
27 111.010.7
42.2
43.021 621.4
g
10.3
33.1
384.8
250.5
35. 1125. 390.2
60.1
32.616.915.723.24.34.2
-.7
74.9
45.240.438.5
1.95.2.3
29.7
300.5
33. 429.53.9
267.1
250. 5
16.6
384.8
31.931.7
1.2-.2
.4
320. 7
42.210.8
.4
16.25.0
10.71.2
300.5
III
325. 7
224.3
211 3175. 6
9. 126. 613.0
48.8
27.610.610.7
41.9
44.522.322. 2
2 6
10.7
33.7
392.0
255. 7
36. 9127. 0
91.8
60. 5
33.217.216.024.92.42.0
.0
75.8
45. 540. 639. 0
1.75.2.3
30.2
306. 1
34. 430.44.0
271.7
255.7
16.0
392. 0
32.732.2
1.28
.6
325.7
41.911.2-.6
15.75.0
11.01.2
306.1
IV
228.0
214.7178.8
9.026.913.2
50.1
28.011.410.7
3 1
11.2
34.0
397. 3
257. 2
34.8128.893.6
63. 2
32.316. 216.225. 55.35. 1
-.3
77.2
46.341.039.2
1.95.5.3
31. 0
312.1
35. 431.3
4. 1276. 6
257. 2
19.4
397. 3
33. 532. 6
1.2
.5
11.4.0
15.95.0
12.21.2
312.1
1. Includes noncorporate inventory valuation adjustment. Source: U. S. Department of Commerce, Office of Business Economics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS 13
NATIONAL INCOME BY INDUSTRIES
All major industrial divisions except agriculture con-tributed to the 7}£ percent advance in the national incomelast year. (See table 4.) Manufacturing, mining, andtransportation, in which the decline after mid-1953 wasmainly concentrated, showed a marked resurgence, withthe first two of them rising to even higher levels than beforethe downturn. The declines in these industries had reflectedthe drop in expenditures for hard goods that had resultedprimarily from the cutbacks in national defense outlays andin business inventory investment. Their subsequent re-surgence mirrored the recovery last year in hard goods pro-duction, which was of civilian origin, and the advance inother types of output as well.
Income originating in the other nonagricultural industrydivisions also rose appreciably last year, with gains rangingfrom 1} to 8 percent. With the exception of trade, whichtemporarily leveled out, these industries had continued toadvance during the 1953-54 contraction, registering at thattime a combined advance of $4)2 billion which offset abouthalf of the. decline that had occurred in manufacturing,mining, and transportation.
Rise in manufacturing
The recovery in manufacturing income, which had begunin the fall of 1954, broadened and accelerated in the first halfof 1955, as mounting purchases of automobiles and otherconsumer commodities, along with increased demands forconstruction materials, new capital equipment, and exportsgave a sharp spur to industrial production.
In addition to covering this increase in final purchases,the advance in manufacturers' production was used toreplenish inventories, particularly of durable goods, whichhad been liquidated during the previous decline, and tobring stocks into line with the rising volume of sales.
Although income originating in manufacturing continuedto grow during 1955, the rate of advance tapered off in thesecond half of the year. Some strategic industries by thenwere operating close to capacity.
The sharp percentage rise in mining income was secondonly to that in manufacturing with which it is closely allied.Income from this industry group also started to rise in thefourth quarter of 1954, experienced its sharpest advance inthe first 2 quarters of last year, and tended to level out inthe second half. In addition to the stepped up demands ofthe metal processing and metal using industries associatedwith the recovery in hard goods production, there werecontinuing advances in the sale of petroleum and naturalgas to both industrial and household consumers.
The rise in transportation was more gradual than in eithermanufacturing or mining, and continued throughout 1955.At the year-end the income flow from this industry wasrunning at about the same seasonally adjusted annual rateas in the first half of 1953. The total for the year as awhole, however, was still slightly below the 1953 figure.
The other major nonagricultural industry divisions con-tinued or resumed, as in the case of trade, their growth trendsin 1955. Income in trade had dipped in the latter half of1953 and early 1954 but recovered before the end of thatyear. Since mid-1954 trade income has advanced steadilywith the upward course of consumer buying and businessactivity.
Earnings from contract construction continued to rise onan annual basis but dipped in the last quarter. Incomeoriginating in communications and public utilities, services,and the finance group all followed gradual uptrends thathave been in evidence since the end of World War II.
Table 4.—National Income by Major Industrial Divisions: 1953—55
[Billions of dollars]
Item
All industries, total
Agriculture, forestry, and fish-eries
MiningContract construction
ManufacturingWholesale and retail tradeFinance, insurance, and real es-
tate
TransportationCommunications and public util-
itiesServices
Government and governmententerprises
Rest of the world
1953
303.6
16. 85 6
15. 3
96. 751. 8
26. 3
15 8
10. 128 7
35. I1. 4
1954
299.7
16. 65 2
15.7
89. 952. 0
27. 9
14 6
10. 829 8
35. 31. 8
1955
322.3
15. 85 8
16.2
101. 855. 5
29. 4
15 5
11. 731 6
37. 12 0
Absolutechange,1954-55
22.6
g6
. 5
11. 93. 5
1. 5
9
. 91 8
1. 82
Percent-age
chanuc,1954^55
7.5
— 4. 811 53. 2
13. 26. 7
5. 4
6 2
8. 36 0
5. 111 1
Source: U. S. Department of Commerce, Office of Business Economics.
Income in agriculture ran counter to the generally favor-able trend last year, showing a further decline. The totalvolume of farm marketings exceeded the record that had beenset in the previous year. Prices for both crops and livestockaveraged lower than in 1954, however, and resulted in areduction in aggregate receipts. A review of farm productionis presented elsewhere in this issue of the SURVEY.
The increase in income originating in government, which ismeasured by compensation of government employees, wasattributable mainly to the further expansion in State andlocal payrolls. The Federal Government total advancedslightly, reflecting an increase in civilian compensation whichwas partly offset by a decline in military payrolls.
TYPES OF INCOMEAll major types of income, with the exception of that of
farm proprietors, shared in the advance in the nationalincome last year. The marked increases in employee com-pensation and in corporation profits more than offset thedeclines that had occurred in these shares in 1954. The1955 advance reflected to a large degree the strong recoverythat was made in industries that had lost ground from 1953to 1954.
Total compensation of employees in 1955 was roughly6 percent higher than in either of the two preceding years.The bulk of the advance was in private industry payrolls.Private wages and salaries amounted to $173 billion, ascompared with $162^ billion in 1954 and $164^ billion in1953. These payrolls started to advance in the fourthquarter of 1954 after remaining comparatively stable in thethree preceding quarters.
Durable goods manufacturing was the most importantfactor in the initial upturn, accounting for about three-fourths of the rise in that quarter. The advance was greatlyaccelerated in the first half of 1955 as the pick-up in industrybecame more general. Payrolls both in nondurable manu-facturing and in nonmanufacturing industries made increas-ing contributions to the overall rise. In the second half ofthe year the growth of private payrolls slackened. In thethird quarter the rate of increase in the manufacturingindustries slowed. In the fourth, these industries movedahead at a somewhat faster pace, and the further slowdown,in the total private payroll advance stemmed from the move-ment in a number of nonmanufacturing industries.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
14 SURVEY OF CURRENT BUSINESS February 1050
Employees in NonagriculturalEstablishments
MILL!
56
52
48
44
40
20
16
12
8
4
36
32
28
24
20
16
1 2
8
4
0
ONS OF EMPLOYEES
TOTAL
-
-X x
A ) 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 I i i
^0l~
1 i 1 1 ! 1 1 i 1 1 1 1 1 1 1 1 1 ! 1 1 I 1 1 1
MANUFACTURING
^* n *"̂•••• **^^^
TOTAL ̂
— DURABLE -^
^̂ O-O-O^̂ ^̂ ^O-O-n.•y****^^ ^^^^
c^^x^X^
NONDURABLE */
»i i i i i 1 i i i i i 1 i i i i i 1 i i i i i
NONMANUFACTURING
3 ^_ —* ""*"
TOTAL '
-
-
"̂ ^^ ••J»»»"" '̂ "̂""""̂
-
;>-ox> v̂ ^tt^yoo-ooo^**^^>^>-ox> <̂Myo^>-cH>x>^^
i i i i i 1 1 i i i 1 1 1 1 l 1 1 I I 1 1 1 i 1
-
-
DISTRIBUTIVE AND SERVICE INDUSTRIES
-
-
GOVERNMENT
\
-
• • • • • • •••• *•••••• ••• -»••* *.»•*-• »•-*
MINING AND CONSTRUCTION ~^
i i i > i 1 i i < i i 1 i > i i < 1 i i i i i 1 i i < i . ! i i i i i 1 i < i > i 1 i i i i i
1952 1953 1954 1955
MONTHLY TOTALS, S E A S O N A L L Y A D J U S T E D
U. S. Department of Commerce, Office of Business E<
DATA: BLS
onomics 56-8-7
Factors in payroll changeThe rise in average hourly earnings was the most important
element in the 1955 payroll increase. This factor and thelengthened workweek together accounted for approximatelytwo-thirds of the total advance, with the remainder attrib-utable to the rise in emplo^yment.
The principal exception to this fairly general pattern wasin the durable goods manufacturing industries. Here, em-ployment was the most important element in the substantialpayroll increase that occurred, just as it had been the domi-nant factor in the decline from 1953 to 1954. The increasein the number of production workers in these industriesaccounted for about two-fifths of the 1955 payroll rise,increased wage rates for an additional one-third, and thelonger workweek for the balance.
The general pervasiveness of the increase in averageannual earnings per full-time employee from 1954 to 1955is shown by table 6. The 4^ percent advance in the all-industry average, which resulted from changes in hoursworked as well as the further rise in basic wage rates, wasabout twice as large as the 1953-54 increase. Gains inmanufacturing, mining, communications and public utilities,and government, were between 5 and 6 percent, while thosein other industry divisions were smaller.
Additional light is cast on the earnings rise in manufactur-ing by the data on average hourly earnings of productionworkers who comprise four-fifths of all employees in manu-facturing. As shown in table 7, year-to-year increases inhourly pay were evident in all but one of these industriesIn the durable goods group, the average rise of over 4 percenlcontrasted with a 2% percent increase from 1953 to 1954whereas hourly earnings in the nondurable goods industriesadvanced at the same rate, 3 percent, in both periods.
Full-time equivalent employment in the economy as gwhole rose by almost 2 percent in 1955. A substantial parlof the increase was in the manufacturing industries althouglthe peak of 1953 was not recovered. Large employmenlgains were registered also in wholesale and retail trade ancservices, with smaller advances in finance, transportatiorand public utilities. The other major industrial divisionsshowed small declines over the year.
In manufacturing, the employment gains (like the increases in hours and hourly wage rates) were most pronounced in the durable goods industries. The number oproduction workers in these industries was 5 percent highethan in 1954, with the percentage increases in automobile!and primary metals considerably in excess of this average
The impact of the increase in hours of work last year wasmost important in manufacturing, mining and transportation. Within the latter two industry divisions the advancein hours worked was particularly marked in bituminous coamining and in railroads and accounted for most of the increase in their payrolls.
In the durable goods manufacturing industries, the previous reduction in hours was halted in the summer of 195^and the advance started in the third quarter, preceding tinrise in employment. The increase continued through tinsecond quarter of 1955 and tended to level out thereafterFor the year 1955 as a whole, average weekly hours of worlwere restored to their 1953 position, about 1 hour above th1954 average.
In the nondurable goods industries, hours started to edgforward early in 1954, but otherwise showed a quarter!;pattern similar to that in the hard goods industries, andfor the year as a whole, a similar percentage rise.
In the other industrial divisions for which separate infoima tion is available the effect of increased hours was relatively unimportant. In fact, in two large industries, reta
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS 15
trade and contract construction, the average workweek wasreduced fractionally.
Mixed trends in proprietors9 incomeDiverse trends in the major components of proprietors'
and rental income held the increase in their combined totalto $/2 billion last year. Nonfarm business and professionalincome advanced by approximately $1}£ billion, showing amoderate uptrend throughout 1954 and 1955. Rental in-come of persons increased fractionally, about the same asin the preceding year. The net income of farm proprietors,on the other hand, showed a reduction of about $1 billionwhich stemmed primarily from the further weakening inagricultural prices as noted earlier. The advance in nonfarmbusiness and professional income in 1955 was widely distrib-uted industrially. The largest part of the increase occurredin trade establishments and reflected the spurt in retailactivity which was paced by the record* volume of autosales.
Net interest showed a further substantial advance in 1955,increasing from $9}£ billion to $10}^ billion. Throughout thepostwar period this type of income has had a pronounceduptrend, reflecting mainly the increased volume of privatelending and borrowing activity which has been an importantelement in the postwar prosperity.
Corporate profitsPreliminary information on corporate profits for 1955 is
available so far for the first three quarters of the year. Thepresent annual review assumes, on the basis of indirectevidence at hand, that no major changes occurred from thethird quarter to the fourth.
Corporate profits before taxes as measured for nationalincome purposes, excluding inventory gains and losses, re-covered sharply last year. The advance from 1954 amountedto one-fifth, or more than $7 billion, and carried the totalfor 1955 past the $41 billion mark, $4 billion above 1953 andmore than $1 billion above the previous all-time high for1951.
When the rise began in the autumn of 1954, concurrentlywith the rapid recovery of production and sales, it centeredlargely in industries which had shown particularly markeddeclines in 1953-54. Certain branches of durables manu-facturing and transportation, in particular, recorded sharpgains. During 1955, however, increased profits in almostevery segment of corporate business accompanied the spread-ing of recovery and the transition from recovery to net newgrowth in the national income.
Corporate profits rose rapidly in the first half of the year.No additional major advance seems to have occurred there-after; but most industries were apparently able to maintain orexpand somewhat their earlier gains.
With the 1955 improvement, the overall percentage growthin corporate earnings over the past 3 years has very nearlymatched that in the total flow of income from corporations.However, the current ratio of profits to income originatingis still below the postwar peaks reached in 1950 and 1951.Postwar developments in corporate profits were discussed in aspecial report in the January SURVEY.
Inventory gains, which were negligible in 1954, amountedto about $2 billion in 1955 as price advances carried thereplacement-cost value of metals and various other inventorygoods above the book values at which such goods werecharged to sales. Book profits before taxes, including inven-tory gains, thus increased more sharply than the nationalincome measure of corporate earnings. At over $43 billionfor the year, book profits were more than 20 percent above
1954, and exceeded the previous record level of 1951 byapproximately $2 billion.
Inasmuch as the total effective rate of Federal and Statetaxes on corporate profits appears to have been substantiallythe same in 1955 as in 1954, corporate tax liability and netincome after taxes rose in line with before-tax profits. Taxesat close to $22 billion—equal to about one-half of bookprofits before taxes—amounted to $4}<> billion more than in1954. Profits after taxes showed a like advance, and theirestimated total, also approaching $22 billion, in 1955 wassecond only to that of 1950. Although before-tax profitswere lower in 1950, the effect of this difference on the netafter taxes was more than offset by that of the lower pre-Korean tax rates.
Corporate Profits
BILLIONS OF DOLLARS
50
40
30
20
10
CORPORATEEARNINGS*
PROFITS BEFORE TAX
PROFITS AFTER TAX
IN VEN TORY VA L UA TION AD JUS TMENT
1952 1953 1954 1955QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
U, S. Department of Commerce, Office of Business Economics 56 - 8 - 8
Dividend payments in 1955 are estimated to have beenabout $11 billion, up $1 billion from 1954, and maintaineda rather steady uptrend. Most of the recent variation inafter-tax profits has been reflected in retained earnings ratherthan in disbursements.
Industry pattern of profits in 1955The preliminary data now available indicate that except
for a generally more volatile movement the industry patternof last year's improvement in profits strongly resembled thatdescribed above for national income. While over half thetotal increase in before-tax book profits occurred in manu-facturing, every industry division is estimated to have earnedhigher profits in 1955 than in 1954.
The seasonally adjusted annual rate for the January-September period last year was above the 1954 total by closeto $9 billion, or one-fourth. About $6 billion of this advancereflected a one-third increase in profits in manufacturing,which together with the mining and transportation divisions
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
16 SURVEY OF CURRENT BUSINESS February 1956
had been particularly affected by the 1943-54 decline.Transportation also showed marked recovery in 1955, whilethe annual rate of net income in mining in the first 9 monthsis estimated to have surpassed its 1953 level last year.(Corporate income in this and other divisions is measuredbefore depletion, in thte national income statistics.)
Other nonfarm industries likewise resumed or continuedtheir postwar profits rise and the January-September annualrates topped 1953 by significant margins. The 1954-55advances represented chiefly a net growth above the pre-vious peaks of recent years in most of these cases: theutilities group, construction, finance, insurance and realestate, and the "rest of the world" industry. A substantialrelative rise indicated for trade, like that in manufacturing,consisted in considerable part of recovery from the earliersetback, though each of these two divisions is estimated tohave shown 9-month annual rates of before-tax profits wellabove the 1953 totals.
Within manufacturing, the annual rate of profits throughSeptember in the durable goods industries rose more than40 percent above the 1954 total, a percentage increase nearlytwice that of the nondurables. Profits in the latter, it shouldbe noted, had not declined as much as those in the durablelines in the preceding year. Autos and the primary metalsgroups accounted for the major part of the durables increase,which was also marked by advances in lumber and in thestone, clay and glass group as demand for building materialsstrengthened. After rn.id.year the machinery and transporta-tion equipment industries seem to have replaced the auto-mobile group among the chief centers of expansion. Forthe year as a whole, business and consumer demands com-bined to push durables manufacturing profits to a new high.
While increases in the nondurables were more limited, theannual rates of profits in the first 9 months of 1955 exceededthose for the vear 1953 in nearly every industry line. Im-
portant advances from 1954 were recorded in chemicals,which accounted for almost 40 percent of the total non-durables increase, and in rubber and leather. Textiles alsomoved up sharply, reversing the severe setback of theprevious year.
Table 6.—Employment, Payrolls, and Average Annual Earnings byMajor Industrial Division: 1954-55
Item
All industries, total - - . -
Agriculture, forestry and fish-eries
Mining •_.. _ _Contract construct ion
ManufacturingWholesale and retail tradeFinance, insurance, and real
estate - _ -
Transportation . .__Communications and public
utilities _Services
Government 2
Addendum:All private industriesAll private nonfarm indus-
tries
Number of full-time equivalent
employees l
Data inthousands
1954
53,311
2 Ofi8776
2,580
16,0159,629
2, 053
2, 562
1, 3896,420
9,819
43, 492
41, 562
1955
54, 270
2,032767
2, 557
16, 5849, 834
2,127
2, 595
1,4096, 683
9,682
44, 588
42, 692
Wages andsalaries
Millions ofdollars
1954
196, 244
3,4643, 403
11,275
66, 03734, 736
8, 138
11,691
5, 88317,770
33, 847
162, 397
159, 322
1955
208, 482
3, 4733, 552
11,367
72, 10236, 578
8,739
12, 204
6, 26818, 886
35, 313
173, 169
170, 092
Average annual earningsper full-time employee
Dollars
1954
3,681
1,6754, 3854,370
4,1233,607
3, 964
4,563
4, 2352,768
3,447
3,734
3,833
1955
3, 842
1,7094, 6314, 445
4,3483,720
4, 109
4, 703
4, 4492,826
3,649
3,884
3, 984
Percentchange1954-55
4.4
2.05. 61.7
5.53. 1
3.7
3.1
5. 12.1
5.9
4.0
3.9
1. Full-time equivalent employment measures man-years of full-time employment of wageand salary earners and its equivalent in work performed by part-time workers. Full-timeemployment is defined simply in terms of the number of hours which is customary at a par-ticular time and place. For a full explanation of the concept, see SURVEY or CURRENTBUSINESS, June 1945, pp. 17-18.
2. Includes government enterprises and rest of the world.Source: U. S. Department of Commerce, Office of Business Economics
Table 7.—Production Workers in Manufacturing: Employment, Hours, and Average Hourly Earnings
Manufactures
Durable goods
Ordnance and accessoriesLumber and wood products, except furniture.-
Stone clav and glass productsPrimary metal industriesFabricated metal products
Electrical machinery - .. _ _ -Transportation equipment, except automobiles .. . ,. _ _ .AutomobilesInstruments and related productsMiscellaneous manufacturing industries
Nondurable goods
Food and kindred productsTobacco manufacturesTextile mill productsApparel and other finished textile productsPaper and allied products . . ._ . . _ . - .
Printing and publishingChemicals and allied productsPetroleum and coal products .Rubber productsLeather and leather products
Annualaverage(1,000)
13, 064
7, 550
89680on-
4601 , 098
877
1, 167829669764220385
5,514
1 09593
9821,089
451
523548173218342
1955 employment
cKe 'A
f±"^54 ̂
3. 8
5.1
-23.37 4C Q
(i. 710.84.7
1.74.3
-5.421.7
-1.31.6
2.0
— 5-1.1
.64. 12.7
1.83.0
-2.311.83.3
13, 482
7,822
84697322476
1, 148908
1,213878673795226402
5,660
1, 126104996
1, 132464
537558170230342
Percentchange
from 4thquarter
1954
6.7
9.2
-14.3
?! 38.7
16.48.2
10. 68.8.4
22.53.74.4
3.4
-LO1.4
113.54.5
-1.712.73.0
Hours worked per week in 1955 j Average hourly earnings in 1955
Annualaverage
40.7
41.3
40. 740.941 .441.541.241.5
41.840.740.942.840.840.6
39.8
41.238.640. 136. 643.1
38.941.441.141.737.9
Percentchange
from 1954
2.5
2.7
1.2. 7
3.22.26.52.0
3.02.31.25.42.01.8
2.1
.52.44.72.81.9
1.3.7.7
5.02.7
4thquarteraverage
41.2
41.9
41.140.842.341.941.942.0
42. 641.541. 143. 141.641.3
40.4
41.839.641. 137.343.6
39.441.641.542.238.5
Percentchange A^^I
M ™1954
2.5
2.7
1.2-.72.71.76.11.9
5.22.51.01.43.22.0
2.3
1.52.93.53.62.1
2.1.7
2.02.74.6
$1.88
2.00
2.051.681.611.852.241.98
2.091.882.152.301.901. 66
1.71
1.751.341.391.341.83
2.351.992.362.091.41
Percentchange
from 1954
3.9
4.2
3.53.12.54.57.24.2
4.03.32.94.53.83.1
3.0
4.83.12.2
4^6
3.54.24.06.12.2
Percent4th i change
quarter i from 4thaverage quarter
i 1954
$1.92 I 5.5
2.05 \ 5.7
2.09 4.01.69 ; 1.81.65 , 4.41. 89 i 5. 02.31 i 7.92.03 1 5.2
2.14 ]. 5.41.91 '. 3.82.20 < 4.32.36 4.91.94 ; 4.91.69 i 4.3
1.74 4.2
1.80 ; 6.51.32 3.11.42 ; 3.61. 36 1. 5i. 87 ; s. i2.37 ; 3.02.03 5.72.41 i 5.72.15 6.41.44 3.6
Source: Computed by the Office of Business Economics, U. S. Department of Commerce, from monthly data published by the Bureau of Labor Statistics, U. S. Department of Labor.
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Financial Developments
noteworthy features stand out in the financialdevelopments of 1955. Total gross private saving reacheda record volume, despite a small reduction from 1954 inpersonal saving. There was improvement in governmentaccounts as receipts increased while expenditures weremaintained at about the 1954 level. Business and consumersmade much greater use of borrowed funds in achieving theenlarged volume of private investment and purchases ofconsumer durables in 1955, and outstanding private debtclimbed to a new high.
The greatly enhanced demands for borrowed funds,coupled with restraining actions taken by monetary authori-ties, resulted in upward pressure on interest rates. On theother hand, the cost of equity financing tended downwardin 1955 as stock prices continued the rapid advance initiatedin late 1953; the gain in the overall stock-price average wasmore pronounced than the rise in corporate earnings anddividends, so that earnings-price ratios and dividend yieldsreached new lows for the postwar period.
Despite the rapid rise in debt in 1955 the private economyended the year in a fairly satisfactory financial position,founded primarily on a record flow of income and furtherimprovement in liquid asset holdings.
Gross private saving up moderately
Total gross private saving in 1955 approached $58 billion,about $3 billion more than in 1954. (Table 1.) This gainwas, however, far less than the $12 billion rise in gross privateinvestment from 1954 to 1955. While gross corporate busi-ness saving expanded sharply in 1955 in response to higherincomes, personal saving was somewhat lower as consumersspent a higher proportion of their available income. Therate of consumer spending tapered toward year-end, but for1955 as a whole, personal saving equaled 6 percent of dis-posable personal income. Although this was the lowestratio since 1950, it was about the same as that prevailing in1950 and somewhat higher than for the earlier postwarperiod.
The gap between the relatively small rise in private savingand the large gain in investment was offset in the governmentaccounts. Federal expenditures on income and productaccounts exceeded receipts by over $6 billion in 1954—adeficit which drew on private sources for financing.1 Re-
1. Government receipts and expenditures on income and product accounts differ in a numberof respects from the regular or cash budget accounts. Like the cash, but unlike the regularbudget, they include trust account activities. Unlike both the regular and cash budgetsthey exclude certain lending and capital transactions. Also, receipts in any given year includecorporate profits taxes accrued on income earned that year, rather than actual tax collectionswhich appear in regular budget and cash accounts.
371762°—56 3
ceipts expanded by $7 billion from 1954 to 1955 reflectinghigher consumer and business incomes. At the same time,expenditures were lower by $2 billion. Thus, in 1955 theFederal income and product accounts recorded a surplusof ovrer $2)2 billion. State and local governments in 1955operated at about the same deficit as in 1954, with a $2billion rise in receipts offset by increased expenditures.
On cash and "conventional" bases (as distinct from thatshown in the national income accounts) the governmentsector operated at a deficit in 1955 as in the preceding year.Thus, in terms of cash flows, payments of Federal, State andlocal government units amounted to $100 billion for calendaryear 1955, up by nearly $5 billion from 1954 and receiptsexpanded by almost the same amount to a total of $98billion, leaving the "cash" deficits approximately unchangedat roughly $2 billion in 1954 and 1955. A deficit also ap-peared in the regular or administrative budget in 1955although the excess of expenditures was somewhat reducedfrom 1954.
Business requirements for funds expand
Gross additions to real and financial assets of nonfinancialcorporations amounted to $43 billion in 1955 of which $28billion represented increases in the gross book value of realassets—plant and equipment and inventories. The remain-der, or $15 billion, represented additions to customer re-ceivables, cash and other financial resources. The gross in-crease in total corporate assets last year was more thandouble the rise in 1954. Plant and equipment outlays were$2 billion higher than in 1954; the book value of inventoriesexpanded by $4 billion in 1955 compared with a net reductionof $2.8 billion the previous year. Other current assets,principally customer receivables and cash resources, grew bymore than $14 billion in 1955 in contrast to a negligible netchange in 1954.
Rise in external financing
As in the past, internal sources supplied a major share oftotal financing requirements of corporate business. Re-tained earnings (inclusive of inventory profits) and deprecia-tion allowances of nonfinancial corporations amounted toroughly $24 billion in 1955, $5 billion higher than in 1954.While dividend payments rose in response to the improvedearnings of business, the share of after-tax profits kept in
17Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
IS SURVEY OF CURRENT BUSINESS February 19r>6
business was increased from 1954 to 1955. Depreciation al-lowances were also stepped up, reflecting not only the ex-panded fixed asset base but also the acceleration of set-asidespermitted by law. External sources of equity funds yieldeda somewhat larger inflow of money than in 1954 when netsales of corporate stocks (new issues less retirements)amounted to about $2.2 billion.
The volume of gross equity funds (retained earnings,depreciation and net stock issues) available to corporatebusiness in 1955 fell considerably short of the increasedcapital requirements of business. Thus, borrowing increased
Table 1.—Sources and Uses of Gross Saving 1
[Billions of dollars]
Gross private saving | 54.2 j 55.0 57.8
Personal savingUndistributed corporate profits _Corporate inventory valuation adjustment _Capital consumption allowancesExcess of wage accruals over disbursements.
Government surplus on income and producttransactions - _ _ _ . _ . . .
FederalState and local
Gross investment
Gross private domestic investmentNet foreign investment
Statistical discrepancy
197.i
97
-6.
£.
49.
51.o
1.
87181
0
?9
4
40
3
1. In principle gross private saving plus government surplus ontransactions equals gross investment. Because of estimating errors, a
i 18.1 7.
— .! 30.
'
: — 7.
i — B.! 1
47.
47.— .
-.
income
%
020
2
17 110. 4
-2. 032. 3
. 0
1. 2
2 \ 2.71 ' -1. 5
0 58. 9
2 59. 33 -. 4
8 . 3
and productdifference may accur
and is indicated by the amount of the statistical discrepancy.
Source: U. S. Department of Commerce, Office of Business Economics.
at a rapid pace, exceeded only by the rise in the 1950-51period. The increase in corporate debt was mainly in short-term form, with bank loans, trade payables and Federal taxliabilities up $10 billion. During the preceding year thesedebts had been reduced by $6 billion. The net inflow offunds from long-term debt issues amounted to $5}£ billionin 1955, $1 billion more than in 1954. While corporate debtrose sharply in 1955 and the cost of borrowing was alsohigher, the consequent rise in interest payments was not asgreat relatively as the rise in earnings of corporate business.
Generally speaking, corporations maintained a favorablefinancial position throughout the year. Net working capi-tal—the excess of current assets over current liabilities—topped $100 billion for the first time and current assets re-mained about double current liabilities, the same ratio as inother recent postwar years. Ownership of "cash" assetsalso increased in 1955, about in line with the increase incorporate activity.
Personal investment higher
The moderate decline in personal saving from $18.3 billionin 1954 to $17 billion last year reflected the net effect ofmajor changes in the asset and liability position of indi-viduals. Expenditures by individuals on new nonfarmdwellings topped $15 billion in 1955, about $2K billion morethan in the preceding year. Outlays by noncorporate
businesses (and nonprofit institutions) on plant, equipment,and inventories approximated $16 billion, again about $2)2billion more than in 1954. Offsetting these gross investmentoutlays in 1955 were depreciation allowances of nearly $15billion, $1 billion higher than in 1954. Thus, net investmentin real assets by individuals amounted to $16 billion last yearcompared with $12 billion in 1954, and well in excess of am^previous experience.
Groivth of liquid assets
In addition to these net purchases of real assets individualsalso increased their holdings of financial resources. Netadditions to cash, deposits, insurance and securities amountedto almost $23 billion in 1955, roughly $4K billion more thansimilar accumulations in immediately preceding years. Themajor change in liquid savings from 1954 to 1955 was in thesecurities component. Last year individuals added approxi-mately $4 billion to their holdings of Government securities;in 1954, ownership of these issues was reduced by about $1billion.
Heavy debt financing
To make these record acquisitions of capital resources,individuals and noncorporate firms borrowed heavily in 1955and their debt to financial institutions and corporate businessincreased at an accelerated rate. Over the 12-month period,such indebtedness rose by $25 billion, compared with a rise of$14J4 billion in 1954. All major components of noncorporatedebt—consumer, mortgage, and noncorporate business(including farm)—shared in the 1955 expansion. However,the most striking change in trend was in consumer short-arid intermediate-term installment credit, used principallyin the purchase of consumer durables.
There had been practically no net change in the amountof this debt outstanding during 1954. In 1955 with themounting sales of new automobiles and othersumcr goods, new borrowing increasedthe year, and exceeded repayments by
Rapid liberalization of terms of credit was a factor in therise of installment debt in 1955, not only through its effectin slowing down repayments, but also in the stimulusafforded to the wider use of credit. There were some signstoward year-end that this trend to liberalization had beenlialted if not actually reversed.
durable con-con tin u ally duringnearly $5)4 billion.
Mortgage debt continues upward
The major element in the rise of total individual indebted-ness was the nonfarm residential mortgage component. Netmortgage debt owed by individuals to corporations andfinancial intermediaries increased by $12 billion, equal toalmost half of the total rise in noncorporate debt. This wasabout $3}-2 billion more than the net increase in 1954, and byfar the largest on record. The principal influence behind thisrise was the continued heavy purchases of new housing,assisted by further liberalization of credit terms in the firsthalf of the year.
Beginning in the spring, steps were taken to halt andreverse the easing credit policies of lenders. Initial cash pay-ments were stepped up on federally underwritten mortgages,the longer-term maturities being negotiated on such loanswere eliminated, and the Federal Home Loan Bank Board
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February 1956 SURVEY OF CURRENT BUSINESS 19
restricted the availability of its credit which had been used toan increasing degree in accommodating savings and loanassociations in their mortgage lending activity.
The general firming of interest rates also served to restrictthe availability of funds for federally underwritten mort-gages. These fixed-interest loans became less attractive forinvestment purposes as open market long-term interest ratesedged upward over the year. This was no doubt a factor in
Business and Consumer Debt
BILLIONS OF DOLLARS ( ra t i o scale)
100
50
40
30
20
10
MORTGAGE DEBT( I -T04-FAMILY RESIDENCES)
COMMERCIAL 8tINDUSTRIAL ^^ ..••'BANK LOANS
CONSUMERCREDIT
© Preliminary estimate
t i l l J L1945 46 47 48 49 50 51 52 53 54 55
DEBT OUTSTANDING AT END OF YEAR
U. S. Department of Commerce, Office of Business Economics
DATA: FRB 8 HLBB
56 -8-9
the decline in applications for FHA and VA loans in thelatter part of 1955.
A fuller review of trends in individual indebtednessappeared in the January SURVEY OF CURRENT BUSINESS.
Costs of financing divergent
I The cost of borrowed funds rose appreciably during 1955,with short-term rates showing the largest absolute and rela-tive increases. Yields on 3-month Treasury bills reached2.6 percent in December, \% percentage points higher thanat the end of 1954 and 2 points above the low of that year.Yields in long-term U. S. issues rose by 0.3 of a percentagepoint in 1955. Unlike interest rates on other securities, which
rose more or less steadily throughout the year, the yield onlong-term U. S. Government securities stabilized in the finalmonths of the year at a rate slightly under 3 percent. Ingeneral, at year-end long-term money costs were still belowthe postwar peak of early 1953.
In an effort to moderate private demands for credit in1955 the Federal Reserve early in the year moved to limitavailability of credit to member banks. The discount rate"at which members of the system could borrow from theReserve Banks was raised four times in the course of the yearreaching 2% percent in November, one percentage pointabove the end of 1954. Throughout 1955 open market policywas also directed to restraining the volume of reserves avail-able to banks, and on the average Federal Reserve bankholdings of U. S. securities (the reduction of which tends tolower reserves) were about $750 million below 1954. Thus,if member banks desired to use Federal Reserve credit inmeeting private demand for funds, they had to borrow fromthe central banks at the higher prevailing discount rates.The average Federal Reserve loan balance of member banksin 1955 was $460 million higher than in the previous year.
Common stock yields lower
Common stock prices continued their "bullish" drivethroughout the greater part of 1955, although at a muchreduced rate in the closing months of the year. At year-end,the Securities and Exchange Commission stock price indexwas about one-fourth above the previous year's closingprices. For the full year, prices averaged about one-thirdabove 1954. Gains in industrial stock prices substantiallyexceeded these overall averages.
The favorable earnings record of corporate business was nodoubt a major factor in buoyancy of stocks. Overallafter-tax corporate earnings in 1955 averaged roughly one-fourth higher than in 1954. Dividends were also higher in1955, totaling for all corporations about 10 percent above1954. Thus, it appears that the earnings-price ratio anddividend yields on common stocks in 1955 were at the lowpoint for the postwar period.
The Federal Reserve Board also took action to minimizespeculative activity in the stock markets in 1955. LastJanuary the minimum amount of cash required to buy stockswas raised from 50 percent to 60 percent of the purchaseprice, and in April these cash margins were further raised to70 percent. In large part a reflection of these moves, therise in stock market credit was considerably dampened inthe last half of the year.
Gross stock issues increased
With borrowing costs higher and the cost of equity fundslower in 1955, the incentive to shift from debt to equityfinancing was the strongest in many years. While the netinflow of funds from sales of stocks in 1955 was only slightlylarger than in 1954, gross stock sales in 1955 were consider-ably higher. Gross new issues of common and preferredstocks were about $1 billion larger than in 1954 when salesamounted to $3.8 billion, and were almost double the aver-age of the previous postwar years.
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Production and Trade
Movements in Production and TradeINDEX, 1947 -49 = 100 ( ratio scale)
140
120
IOO
INDUSTRIAL PRODUCTION(PHYSICAL VOLUME)
\
FARM OUTPUT(PHYSICAL VOLUME)
\
BILLIONS OF 1947-49 DOLLARS (ratio scale)
180
160
140
' 20U,
SALES OF RETAIL STORES
BILLIONS OF 1947-49 DOLLARS (ratio scale)35
30
25
TOTAL NEWCONSTRUCTION
\
I J_
1951 1952 1953 1954 1955
DATA: FRB, AGR., QBE, BDSA 8 BLS
U. S. Department of Commerce, Office of Business Economics 56-8 - 14
20
JLHE BROAD base of the expansion in business activityduring 1955 is clearly brought out by detailed examinationof changes in industrial and agricultural production, in newconstruction activity, and in retail trade. Each of thesesectors advanced significantly during the year, although atdifferential rates, to reach new record volumes for the yearas a whole. From 1954 to 1955 industrial production in-creased 11 percent while agricultural output advanced 3percent. The volume of new construction, measured in1947-49 dollars, was 9 percent higher. The volume of goodspurchased at retail stores, which had been practically un-changed from 1953 to 1954 when the economy experienceda moderate recession, increased 9 percent in real terms from1954 to 1955. This advance was greater than the increasein real disposable personal income for the same period.
As the year progressed, gains in the nonfarm sector becamesmaller. In the closing months of the year, retail trade lev-eled off while gains in industrial production were much re-duced and new construction declined moderately. The vol-ume of agricultural marketings rose more than seasonally inthe final quarter of the year.
The exceptionally large and rising demands during 1955were reflected in a strong flow of new orders to manufacturers.For the year as a whole, manufacturers received new ordersvalued at $326 billion. In the same period they shippedgoods valued at $317 billion. New orders for factory goodsincreased throughout the year and in almost every monthexceeded shipments. Thus, unfilled orders on the books ofmanufacturers rose steadily to $55 }£ billion at the year-end,$9 billion above the end of 1954.
The expansion in new orders placed with durable-goodsproducers was substantially greater during 1955 than fornondurable-goods manufacturers, with the largest relativeincreases recorded in the primary metals and transportationequipment industries. As the year drew to a close, orderingof machinery and aircraft was showing pronounced strength!Backlogs held by durable-goods producers at the end of 1955were nearly 4 months of sales at the high December rate.The ratio of unfilled orders to sales was higher than a yearbefore for each of the major durable-goods industries excepttransportation equipment. The year-end 1955 ratio forthis industry, at 6 months of sales, was moderately below ayear earlier.
The record total of new orders for nondurables in 1955showed an increase of 8 percent from 1954. For thoseindustries which carry unfilled orders on their books, back-logs rose as the inflow of 1955 orders exceeded shipments bymore than %% billion. Paper and textile companies reportedthe largest relative increases in unfilled orders.
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February 1956 SURVEY OF CURRENT BUSINESS 21
The general business advance from 1954 to 1955 wasaccompanied by some increase in the total business popula-tion. The number of operating concerns in the UnitedStates reached a new high of 4,225,000 in mid-1955, a more-than-seasonal gain of 45,000 firms during the first 6 monthsof the year. The net increase in the business populationduring the first half of 1955 was four times that whichoccurred during the similar period of 1954, when business
activity was declining, nearly twice that of 1953, and aboutthe same as in each of the business expansion years 1950 to1952. In general, the rise in the business population duringthe first half of 1955 reflected increases in each of the majorindustry groups. It should be emphasized that thesechanges in the business population are relatively small andthat from a broad point of view the business population canbe regarded as nearly stable in the past several years.
Manufacturing and Mining Production
INDUSTRIAL production advanced steadily through most of1955 under the stimulus of rising consumer and businessdemand. The physical volume of production for the yearas a whole was 11 percent higher than in 1954 and 4 percentabove the previous peak reached in 1953. At the year-endoutput was at a record rate though there was evidence ofsome tapering off from peak rates in a few scattered indus-tries.
Materials generally were in plentiful supply and the tempo-rary tightness that developed earlier in the year in somemetals and building materials had in most cases easedconsiderably by the year-end.
Table 1.—Industrial Production
[1947-49=100; seasonally adjusted]
19541st quarter2nd quarter _ _. _3rd quarter4th quarter..
Year
19551st quarter^nd quarterJuJvAugust _ _ _ _ _SeptemberOctober _ _November _December _ _
Year
Percent change
4th quarter 1954 to 4th quarter1955
1954 to 1955 _ . _ . _ _ _ . _ ._1953 to 1955
Total
124124123128
125
133138139140142143144144
139
12. 5
11.23.7
Manufactures
Durables
138135135141
137
147153155158160161161160
155
17. 5
13. 11.3
Nondurables
114116114118
116
122127126125128129130130
126
9.3
8.66. 8
Min-erals
113111110113
111
121121120121123123125127
122
10.6
9.95.2
Source: Board of Governors of the Federal Reserve System.
The increase in industrial output last year was entirelyfor the civilian economy. Defense production, which stillaccounts for a sizable proportion of total output, was gen-erally stable during the year, following a decline extendingback to mid-1953.
The upswing in manufacturing output in 1955 followedthe strong impetus provided by the automobile industrybeginning in the fourth quarter of 1954. The rapid expan-sion of motor vehicle assemblies in this period not onlyengendered increased activity in industries supplying com-ponent parts and materials—steel, rubber tires, glass, radios,and parts and accessories—but also led to a sustainedgeneral advance in manufacturing operations.
Automobiles and the primary metals industries, with ap-proxhnately one-eighth of the weight in the Federal Reserveindex, accounted for roughly one-third of the 10 percent risein total industrial output and for two-thirds of the rise inthe durable goods group from the third quarter of 1954through April 1955, when the peak rate of automobile pro-duction was reached.
The enlarged manufacturing output was made possible bya record flow of materials and supplies. During the courseof the year, industries producing basic raw materials gearedoperations upward in line with the rising demands.
Thus production of primary metals expanded sharply in1955 to meet the large requirements from motor vehicle andother metal fabricating plants. Steel making facilitiesturned out a record 117 million tons of steel ingots and cast-ings, over 5 million tons more than in 1953, the previous top.An equally impressive tonnage of finished steel productswas produced. The total of 84.7 million tons of finishedsteel exceeded the high 1953 volume by 4.5 million tons.After allowing for increased net exports, however, the in-creased quantity available for the domestic economy wasonly 2.2 million tons. The expansion in civilian consump-tion though was substantially larger as takings of finishedsteel for defense production were smaller than in 1953.
For the ninth consecutive year, the industry added to itssteel-making capacity. The net expansion of capacity of2.5 million tons of steel ingots and castings brought totalrated capacity to 128.4 million tons as of January 1, 1956.This total represents a net gain of over 37 million tons, ortwo-fifths, in the 9-year period since 1946. A 3-yearfacilities expansion program calling for additional productivecapacity of 15 million tons is contemplated by the industrythrough modernization of existing facilities and constructionof new plants.
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22
Expansion in nonferrous metals
Higher prices and strong demand, both domestic andforeign, greatly stimulated output of most of the majornonferrous metals. Production of copper rose as much as 20percent, despite work stoppages in some mines, and outputof zinc also increased substantially. Lead productionshowed little change. Most of the increase in overall newsupplies of nonferrous metals was obtained from domesticsources, partly from higher rates of operations and partlyfrom new facilities. Imports, particularly of aluminum andrefined copper, were in considerably reduced volume. Un-filled order backlogs for most nonferrous metals were sub-stantially higher at the end of the year than at the beginning.
With the benefit of new facilities, aluminum productionin 1955 came close to 1.6 million tons, a record. Becauseof considerably reduced imports overall new supplies were
SUEVEY OF CUEKENT BUSINESS February 1956
only moderately above the quantities available in 1954. Ingeneral, total consumption exceeded the enlarged suppliesdespite substantially reduced set-asides in 1955 as comparedwith 1954 for the national stockpile. Consumption of alumi-num in civilian type products has been increasing rapidlyin recent years as newly developed uses and increased usein established product lines have greatly expanded themarket for the light metal. Trade reports indicate that theconstruction industry is now the largest single consumerof aluminum, displacing the transportation equipment indus-try, even though use of aluminum in aircraft output is beingincreasingly supplemented by expanded consumption inmotor vehicle production. Further large-scale expansionprograms for ingot aluminum have recently been announcedby the industry.
The coal industry staged a significant comeback in 1955as high domestic and foreign requirements pushed output toaround 470 million tons, the highest since 1951.
Output of Selected Manufactured Products
I N D E X E S , 1 9 4 7 - 4 9 = 1 0 0
320
300
280
260
240
NONAUTOMOTIVE- TRANSPORTATION
EQUIPMENT
1955
1954
I I I
180
160
I 40
120
IOO
MACHINERY— (EXCL. HOUSEHOLD
APPLIANCES)
I I I
180
140
120
IOO
PRIMARY METALS180
I 60
140
120
IOO
CLAY, GLASS, AND- LUMBER PRODUCTS -
I 1
180
160
140
120
loo
CHEMICALS AND- ALLIED PRODUCTS -
I I I
200
180
160
J 40
120
PASSENGER CARS
1955
1954
.o
180
160
MAJOR HOUSEHOLD-GOODS
120
IOO I I I
180
I 60
140
120
IOO
APPAREL ANDr- ALLIED PRODUCTS - I 80
160
140
120
IOO
REFINED PETROLEUM- PRODUCTS 180 h
160
100
PAPER AND ALLIED
VV-
Q U A R T E R L Y D A T A , S E A S O N A L L Y A D J U S T E D
U. S. Department of Commerce, Office of Business Economics
BASIC DATA : FRB
56 -8 -10
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February 1956 SURVEY OF CURRENT BUSINESS 23
Widespread advance
All of the 24 major manufacturing and mining groupscomprising the Federal Reserve production index shared inthe general advance though in varying degree. The year-to-year increases from 1954 to 1955 varied from 30 percent forprimary metals to 1 percent for tobacco products, with mostindustries showing advances of 10 percent or more. Trans-portation equipment, which includes the production of motorvehicles, increased 16 percent but motor vehicles as a groupshowed a substantial rise of two-fifths. Exceptionally largeyear-to-year production gains, averaging well over one-fifth,were also registered for materials and components manufac-tured for the automobile industry.
Output for most major industry groups in 1955 was abovethat of any previous year. The exceptions were fabricatedmetals, machinery, instruments, textile mill, and tobaccoproducts and even in these cases the rate of activity inDecember was above or only slightly below previous highsof 1953.
The generally rising trend in output for selected groups ofmanufactured products or industries is apparent in theaccompanying chart. The indexes of nonautomotive trans-portation equipment and machinery shown in the chart arethe Federal Reserve seasonally adjusted production indexeswith rough adjustments made to exclude the output ofpassenger cars, trucks and parts, household appliances andradios and television sets.
In the transportation equipment and machinery industries,where the bulk of defense production is concentrated, all ofthe rise occurred in products destined for the civilian market.The production of nonautomotive transportation equip-ment—aircraft, shipbuilding, and railroad equipment—though showing little over-all change for 1955 as a wholereversed the downward trend evident in 1954 and the rateat the year-end was 7 percent above the low point reachedin the fourth quarter of 1954. The bulge in the output ofthis group in the final quarter of the year reflected for themost part increased activity in aircraft plants. Backlogsfor both military and civilian type planes continue large.In the last half of 1955 new orders placed by domestic andforeign airlines for the newest type civilian transport planesalone exceeded $1 billion. It should be noted that theindustry also utilizes substantial resources in research anddevelopmental work on long-range missile mechanisms.
New orders for railroad equipment have been placed inlarge volume since May 1955. In November alone, over51,000 freight cars for domestic use were ordered and thiswas followed by the placement of 42,000 more in December.Total backlogs for new freight cars which as recently asMay totaled only 20,000 uni ts jumped to 148,000 by Decem-ber, the highest since 1951. Deliveries of rolling stock torailroads also improved in the last half of 1955 though therate at the year-end was still well under the high 1951-53volume.
Producers of machinery enjoyed an active year even thoughthe industry lagged behind in the early stages of the generalrecovery movement. The sharp rise in output which began inthe early spring months of 1955 corresponded in general to thepattern of new order placement for machine tools and generalindustrial machinery, which in turn reflected to a largedegree the upturn in the planned capital investment pro-grams of business. Output advanced nearly 10 percent forthe year and reached a level at the year-end only moderatelybelow the high rate of 1953 when machinery plants wereconcentrating on sizable defense orders. The rise in theoutput of this group was an important element of strengthin sustaining the high rate of total industrial productionduring the latter part of 1955.
Output of clay, glass, and lumber products, a large pro-portion of which is consumed by the construction industry,expanded by 12 percent from 1954 to 1955. Large produc-tion gains were also reported for chemicals, paper, andrefined petroleum products, industries which have shownstrong growth trends in recent years.
The past year was an active one for the apparel industry.The 9 percent increase in output from 1954 to 1955 reflecteda rise in consumer demand for wearing apparel. The 1955advance lifted the rate of clothing output at the year-endto slightly above the previous peak reached in August1950. However, the production rise in this industry sincethe 1947-49 base period has been much smaller than thegains experienced by most other major manufacturingindustries. Output of textile mill products also increasedin 1955.
The automobile industry highlighted the 1955 productionperformance by turning out close to 9.2 million units—7.9million passenger cars and nearly 1.3 million trucks. Thepassenger car count was more than 2.3 million higher than in1954 and 1.2 million above the previous peak of 1950. Inthe 3 years since 1952 when NPA materials controls werelifted, the industry has turned out nearly 20 million passen-ger cars, or close to two-fifths of the total number on theroad in 1955. Truck assemblies were the highest since 1951and more than 200,000 above 1954.
Aside from the model changeover period in September andOctober, assemblies of passenger cars were maintained at ahigh rate throughout the year. In the closing weeks of 1955,however, output was cut back moderately to bring produc-tion more in line with the current rate of consumer purchases,and this curtailment extended into early 1956. Concurrentwith the reduction in output, Saturday overtime work whichhad prevailed in most assembly plants during 1955 was elimi-nated and scattered layoffs occurred.
Household goods production high
Strong consumer buying supported a high volume of out-put of major household goods in 1955. Following a longsteady rise output dropped moderately in the fourth quarterof 1955, however, owing mainly to larger than seasonal de-clines in the output of appliances and television receivers.Production of furniture and floor coverings was maintainedclose to the high third quarter rate. For the year, output ofmajor household goods averaged 18 percent higher than in1954 and equaled the high volume of 1950.
The year-to-year increases in output were substantial formost individual products. As in other recent years new pro-duction peaks were limited to the relatively newer lines—television sets, room air-conditioning units, dryers, dish -washers, and food waste disposals. Among the well-estab-lished products, washing machines virtually matched therecord volume of 1950 when 4.3 million units were turned out.
About 7.8 million television receivers were produced in1955. This was 400,000 more than in 1954 and 300,000above the previous peak in 1950. Output expanded duringthe first 9 months of 1955 and then was cut back sharply inresponse to the lower volume of consumer purchases. Inthe October-December period the number of television setsturned out was one-fourth below the high volume of thefourth quarter of 1954. Output of color television receiversin 1955 was still small, about the same as in 1954 when anestimated 15,000 to 25,000 sets were turned out. Radioproduction hit close to 15 million, the highest since 1948 and4.5 million above the previous year. Of this increase, 3million represented auto radios.
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New Construction ActivityCONSTRUCTION expenditures reached new highs again lastyear as record outlays were made for business, residential,'Government and institutional construction. Total expendi-tures in 1955 for new construction, both private and public,amounted to $42% billion, 12 percent more than in 1954.
About three-fourths of the increase over 1954 representedlarger physical volume; construction costs in 1955, after twoyears of relative stability, averaged 2}<J percent higher thanin 1954. Even though significant additions to capacity weremade by building materials producers in the recent period, therise in construction demand more than kept pace with thehigher output. Reflecting the supply-demand relationship,building materials prices advanced almost without interrup-tion throughout the year. Wholesale prices of building ma-terials in December were about 5 percent higher than a yearearlier. Over the same period average hourly earnings ofconstruction workers rose about 2 percent—a smaller-than-average advance for recent years.
Private residential constructionResidential construction activity last year took place in a
setting of rising consumer income bolstered by continuedlarge holdings of liquid assets. Demand for additional hous-ing appeared generally strong. The latest statistics showedvacancy rates in mid-1955 to be not much higher than in1950, although in some cities there appeared to be on over-supply of apartment house units at prevailing rentals.
Important developments in private residential constructionlast year were: a record outlay in both current dollar andreal terms and a number of housing starts almost as high asin 1950; a tightening in mortgage markets, partly the resultof competing demands for capital funds from other sectorsof the economy but also the outcome of restrictions imposedby monetary authorities; and the declining trend in housingstarts in the second half of the year, with a resultant reversalafter July of the rise in residential activity.
Expenditures for new private nonfarm residential con-struction last year totaled $16.6 billion, a gain of more than$3 billion over 1954 and $4 billion over 1950. The increaseover last year reflected not only a larger number of housingunits under construction but also a higher value per unit.According to data of the Department of Labor, average costper housing unit started in 1955 rose 7 percent over 1954.The greater part of this rise represented a continuation ofthe trend stalled about 5 years ago, to meet the growingdemand for larger houses. Thus, although 1955 expendi-tures reflect a slightly smaller number of housing units thanin 1950, average costs per unit last year were about 15 per-cent higher, after an allowance for the increase in materialand labor charges. Real outlays were thus about one-sixth above the 1950 peak.
The increase in residential activity through the thirdquarter of 1955 was an extension—though at a slower rate—of the rising tendency that began in the final quarter of 1953.With residential starts leveling out in the first half of 19557the rate of increase in expenditures slowed down considerablyas compared with 1954, as may be seen in the chart. Ona quarterly basis outlays for new residential constructionwere at a peak in the third quarter after seasonal adjustment.At that time they were 6 percent above the first quarter, incontrast with a 21 percent advance in the corresponding1954 period. In the fourth quarter activity fell off about 6percent, with the month-to-month movement steadilydownward.
24
Builders started 1.3 million private housing units lastyear, 9 percent more than in 1954 and only 3 percent lessthan were started in 1950. More than half of these unitswere started with Government assistance in mortgagefinancing; the number of 1- to 4-family housing units under-written by the Government in 1955 was the highest on record.The number of starts that were VA-guaranteed rose almostone-third, and made up a record 30 percent of the total,while the number of FHA-assisted homes was about the sameas in ]954—somewhat over one-fifth of the grand total.
As the chart indicates, seasonally adjusted starts weremoving downward during the second half of last year, follow-ing a period of near stability in the first half. The seasonallyadjusted annual rate of starts in the first 6 months of 1955was 1.4 million and by the final quarter had fallen to 1.2million.
The large number of houses put under way in the firstpart of the year resulted from plans that builders had initi-ated in late 1954 and early 1955, when conditions for thefinancing of home construction were quite favorable. VAmortgages were available on a, no-downpayment, 30-yearbasis; FHA mortgage maturities were also lengthened anddownpayment requirements reduced; and construction fundswere comparatively plentiful.
In the first half of 1955 requests for VA appraisals of newunits—a, good indicator of builders' intentions in that mar-ket—were at an annual rate of more than 700,000, as com-pared with a 1953 total of 250,000 and the previous recordin 1954 of 535,000. Dwelling units in FHA applicationsfor commitments on 1- to 4-family houses—another indicatorof builders' plans—were also running at a high rate in the firsthalf of the year.
With the quickening pace of general business activityhowever, the demand for funds from other sectors of theeconomy increased markedly, and in the second half of theyear a growing stringency in new construction money devel-oped. In the meantime the rapid increase in home mortgageindebtedness in the first half, coupled with the further largeincreases in prospect from the heavy inflow of new plans, hadled to a tightening of terms by FHA and VA in late July:both agencies reduced maximum mortgage terms from 30to 25 years and increased down payment requirements.In addition, the Federal Home Loan Bank Board early inSeptember imposed new restrictions against borrowing bymember savings and loan associations.
For new applications the VA eliminated completely thewidely used no-downpayment loans, which had beenincreasing steadily in importance since the end of 1953,Thus over half of the VA loans closed on new homes in 1955were of this type, as compared with three-eighths of theVA total in 1954 and a much smaller proportion in 1953.There was a comparable upward movement in loans withmaturities over 25 years; last year as many as two out ofthree new home loans closed had maturities from 26 to 30years. It is of interest to note that because there was asizable backlog to which these new restrictive provisions didnot apply, as late as December 46 percent of VA loansclosed on new homes involved no downpayment while 82percent had terms from 26 to 30 years.
As the year went on, particularly in the second half?builders reduced their plans for new building. FHA appli-cations by the final quarter were running at 40 percent belowthe corresponding period of 1954 while requests for VAappraisals were one-third lower. In December the changedsituation in housing prospects led the Home Loan BankDigitized for FRASER
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February 1956 SURVEY OF CURRENT BUSINESS 25
Board to ease somewhat its earlier restrictions on borrowing,while this January the VA and FHA permitted once againmortgages with 30-year maturities.
Private nonresidential construction
Private construction other than residential rose for thesixth successive year, with a 10 percent overall advance andincreases in all major sectors except farm construction. Thelargest gain occurred in commercial building, where the de-velopment of new shopping areas in the suburbs and storemodernization programs brought about a rise of more than50 percent over 1954 in store construction. Outlays for 1955were close to $2 billion; after allowance for price changes,expenditures for stores last year were apparently not far
New Construction ActivityConstruction set another record in 1955, butdecreased in the fourth quarter
1LUONS OF DOLLARS
P R I V A T E N O N F A R M R E S I D E N T I A L
1953 1954 1955QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
reflecting declines in private housing starts
MILLION UNITS
2.0
1.5
t .O
NEW PERMANENT NONFARM DWELLING UNITS STARTED(PRIVATELY OWNED)
I I I I f c . l . t 1 . J . . . I { M 1 M, lM.tmL.LLh t a1953 1954 1955
MONTHLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
DATA: BOSA a BLS
U. S. Department of Commerce, Office of Business Economics 56 - 8 - 1 1
different from the all-time high in commercial constructionreached in 1926-27. Office building and warehouse expendi-tures also exceeded $1 billion for the first time last yearalthough in this category real outlays are still about one-fifth below the record rates of 1929-30.
The sharp recovery in industrial production, with theresultant improvement in earnings, was a major factor inthe one-fifth advance in industrial construction over theprevious year. Such expenditures, even after allowance forprice increases, were higher than they were in 1952, whenthe mobilization expansion program was at its peak. Publicutility expenditures for construction were also at a recordrate *in 1955, chiefly because of higher expenditures bytelephone and gas companies. Electric utilities spent aboutthe same as in the previous year while railroad constructionoutlays, because of the very low rates prevailing early inthe year, were slightly less than in 1954.
Institutional and "other nonfarm private constructionregistered another sizable gain. Church construction rosesubstantially, expenditures for social and recreational, andhospital and institutional facilities were up slightly, andconstruction of private educational facilities was down alittle.
As the year drew to a close divergent trends became ap-parent in the various major sectors. The steady upwardmovement in outlays for industrial building showed noevidence of abatement but some leveling appeared in officebuilding and warehouse construction while store construc-tion had been reduced.
Public constructionPublic construction totaled $12 billion in 1955, a new
record 2 percent above 1954 spending. Developmentsduring the year represented the continuation of recenttrends. Direct Federal construction declined for the thirdsuccessive year, approximately 20 percent from 1954, whileFederal grants-in-aid and state and local government ex-penditures continued the uninterrupted rise under way sinceabout the end of World War II. Federal outlays, includingFederal aid, constituted 29 percent of all public expendi-tures last year; this may be compared with a ratio of 44 per-cent in 1952, when outlays for defense facilities were attheir peak, but is about the same proportion as in 1948-50.
In the state and local government sector expenditures forhighways, schools and water and sewer facilities made thelargest contributions to the 1954-55 increase. Constructionof these types, being related to long-term influences such asthe increasing population and its shift to outlying areas, andto the development of superhighways, has shown a steadyupward trend since 1945.
Highway expenditures exceeded $4 billion last year, up10 percent from 1954. A pronounced increase took place inoutlays for educational facilities, which totaled almost $2.5billioii, or 16 percent more than the 1954 expenditure. Out-lays for water supply and sewage disposal facilities rose 11percent, exceeding $1 billion for the first time.
The 2 categories of State and local construction thatshowed decreases were hospital facilities and residentialbuilding; the latter fell by almost one-fourth from 1954. Only18,000 publicly financed housing units were started last year,the lowest number since 1948.
In the Federal sector, outlays for industrial facilitiesdeclined again but construction of military facilities in-creased substantially. These two categories accounted formore than 70 percent of direct Federal spending for con-struction last year. Outlays for conservation and develop-ment fell 15 percent from 1954.
371762°-56-Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Agricultural Production and Income
FARM output expanded in 1955, Despite acreage restrictionson major crops, record yields per acre and a considerableincrease in livestock marketings resulted in burdensome agri-cultural supplies. As a result, farm prices, following somerecovery in the early months of 1955, declined during theremainder of the year. For the year as a whole, pricesreceived by farmers averaged 5 percent lower than in 1954.Thus, although marketings were higher during the year,cash receipts (including CCC loans) at $29.2 billion wereabout 3 percent lower than in 1954.
Prices paid by farmers for items used in production aver-aged about the same in 1955 as a year earlier. Thoughproducts of nonfarm origin were appreciably higher, off-setting price declines occurred in feed and in livestockpurchased. With production costs firm, net income of farmoperators was down about one-tenth and lower than in anyyear since 1942.
If adjustment is made for the shift in population from thefarm and for increasing income from nonfarm sources,income per capita of the farm population from all sources in1955 was about equal to the average for the years since theend of World War II.
Crop receipts lower
Moderate declines in cash receipts from both crops andlivestock occurred in 1955. In other recent }rears crop receiptshad held up rather well (though surpluses were being builtup). In 1955, cash receipts from crop marketings (includingCCC loans) at $13.1 billion were only about 8 percent belowthe 1952 peak, with about one-third of the decline occurringin the past year. The most recent reduction was principallyin receipts from wheat as marketing quotas imposed loweracreage, yields were up only moderately, and prices wereslightly lower.
Cash receipts from marketings of livestock and productsat $16.1 billion were 4 percent below 1954 and down nearly afifth from the peak reached in 1951. Hog receipts accountedfor most of the drop in 1955 and cattle receipts had fallenin earlier years.
Domestic demand for farm proclucts was strong in 1955with increases in population and in income both contributoryinfluences. Consumers spent appreciably more for food in1955 than in the preceding year but the rise appeared to belargely in distribution including processing rather than invalue of product at the farm level. Exports of farm productsother than cotton were up substantially in 1955 as the dis-posal of surpluses abroad increased. Some surpluses werereduced, and increases in those of other products, for whichproduction continued high, were restrained by the stepped-updisposal program. The increased disposal activity was astep toward restoration of balanced demand-supply condi-tions which was aimed more at achieving longer-term favor-able effects than at providing immediate support to farmincome.
Total crop production in 1955 was 4 percent above that in1954—and close to the high attained in 1948—as recordyields more than offset a reduction in acreage harvested.Most of the decrease from the preceding year in acreageharvested represented more extensive crop failure or aban-donment with little change from the preceding year in totalacreage planted or grown.
26
Wheat production was a little lower in 1955 than the yearbefore and about one-fifth below the 10-year average as aresult of a combination of reductions in acreage allotmentsand adverse weather leading to unusually large abandonment.United States supplies for this crop year are at a record highas the carryover on July 1, 1955, exceeded 1 billion bushels.Production at 940 million bushels was not far, however, fromestimates for consumption and export in the current crop-year. Exports of wheat have been stepped up in the pastyear following a considerable decline in the preceding fewyears. The new winter wheat crop seeded in the fall of 1955was slightly larger than the acreage seeded the year before,and prospects at the beginning of 1956 were for somewhathigher yields.
The statistical position of cotton has deteriorated in thepast year as a record yield on a reduced acreage resulted in a14.7-million-bale crop; 1 million larger than in 1954. Heavypledging of cotton from the 1955 crop for CCC loans broughttotal CCC stocks and holdings pledged against loans to 13.5million bales at the end of 1955. Increasing productionabroad and declining U. S. exports have necessitated somechanges in U. S. export policy. Up to a million bales ofshort-staple cotton held by Commodity Credit Corporationare being made available for export at reduced prices in 1956.
Feed grain production in 1955 was near the 1948 record andsupplies available are at a new high both in total and in rela-tion to the livestock population. Domestic feed consumptionis expected to be up from the relatively low rate of feedingin the crop-year ending October 1, 1955, and exports havebeen running substantially higher.
Table 2.— Farm Production
[I947-4U=100]
Farm output
Livestock and products
All livestock and products^
Meat animalsDairy productsPoultry and eggs
Crops
All crops
Feed grainsHav and forageFood grainsVegetables _ _ _Fruits and nuts
Sugar cropsCottonTobaccoOil crops
1 950
100
106
107101111
97
10410583
101102
11770
101116
1951
103
111
114100119
99
971108195
105
98106115106
1952
107
112
115101123
103
10210510596
102
95106112104
1958
108
114
114106127
103
10110896
100104
106115102102
1954
109
119
1 19108134
101
1051088597
106
11896
111117
1955 P
112
122
124109134
105
11111480
100107
110103112129
p Preliminary.
Source: U. S. Department of Agriculture, Agricultural Research Service.
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February 1956 SURVEY OF CURRENT BUSINESS 27
More meat
Most of the rise in output of livestock and products—andall of the drop in cash receipts—occurred in hog production,Total pork production reached 11 billion pounds in 1956, 11percent higher than in 1954. Hog prices were lower than ayear earlier throughout 1955, with a severe decline in pricesoccurring in the fourth quarter as the seasonal peak in mar-ketings was reached. Despite government purchases ofpork and lard, the average price of hogs dropped from $14.50in October to $12.20 in November and to $10.60 in mid-December. For the final quarter, hog prices averaged about30 percent less than a year earlier. As the peak of slaughterpassed prices recovered moderately at the beginning of 1956.In the fall survey of farmers' intentions, slightly smallerfarrowings were indicated for the spring of 1956 than in thespring of 1955.
Table 3.—Comparison of CCC Price Support Extended on 1955Crops as of December 31 With Corresponding Figures for Cropsof Earlier Years *
[Data as of December 31 for crop of year designated]
Cotton, Upland _.. .WheatTobacco
Milk and butterfat:ButterCheeseDried milk
CornGrain SorghumRice -Barley - -Soybeans
PeanutsOatsFlaxseed _ .Beans, dry edible
All other
Total
Unit
balesbuIb
IbIbIb
bucwtcwtbubu
Ibbubu
cwt
Millions of units
1953
5.5430. 1162.4
222.0213. 3395.4
86. 514.21.2
32.527.7
449. 543.415.22.7
1954
1.8349.4233. 7
175. 2124.0371. 3
19.142.515.485.023.4
13.260. 2
5.72.5
1955
5.5222.9323. 4
124. 1116.3373.9
88.843.512.566.722.8
298.651.96.82.3
Millions of dollars
1953
932.6931.565.3
144.081.961.8
136.833.46.0
38.070.5
47.634.555. 221.9
82.0
2,733.0
1954
300. 4778.4127.9
99.342.156.8
30.499.674.394.850.7
1.445.617.318.2
51. 0
1,888.2
1955
907. 5458.0219.7
70.640. 363.1
136. 875.966. 357.845.7
33. 731. 419.215. 2
13.3
2,254.5
1. Represents loans made, purchases, and purchase agreements.
Source: U. S. Department of Agriculture, Commodity Stabilization Service.
Beef and veal production in 1955 was 4 percent above theprevious high in 1954. The strength of demand was suchthat during the first three quarters of the year prices wereabout the same as in 1954, but large marketings of cattle(as well as hogs) lowered prices in the final quarter. A con-siderable rise in cow and heifer slaughter in 1955 suggeststhat the several-year rise in the size of the calf crop mayhave reached its peak.
Milk production edged higher in 1955 despite a reductionin the number of cows. Consumption of dairy products wasalso higher and smaller purchases were made by the CCC forprice support purposes. Total stocks of dairy products,especially butter, were sharply reduced during the year.The income position of dairy farmers improved in 1955 asprices held about even with 1954 and feed prices declinedsubstantially during the year.
Poultry and egg producers also had a better year in 1955with slightly higher production, a 7 percent average increasein prices from 1954, and a material reduction in feed prices.Whereas many dairy farmers raise most of their own feedand to this extent do not benefit directly from lower feedprices, most commercial poultry and egg producers purchasethe bulk of their poultry feed and hence have lower costs
when feed prices decline. Prices of poultry products weresubject to considerable variation during the year, however,and at year-end egg prices were rising and were more thana third above a year earlier, whereas broiler prices weredeclining and were even with about a year ago.
Rise in product per man-hour
Farm gross national product in constant dollars advanced3 percent from 1954 to 1955. At $25.2 billion in constant1947-49 dollars it was 16 percent above the 1947-49 averageand 20 percent above 1941. Farm gross national productis a value-added concept obtained by subtracting from thetotal value of farm output the value of (intermediate) ma-terials used up in the production process, such as fertilizer,purchased feed, and motor fuel. It measures productionoccurring on farms, without duplication, and is "gross" onlyin the sense that depreciation and other capital consumptionallowances are not deducted. It is computed both incurrent dollars and in "real" or constant (1947-49) dollars;only the latter is discussed here.1
The rise in total farm output has paralleled that in farmGNP since the end of the war but has been greater from theprewar period to date, rising 28 percent since 1941. Through-out this period machinery has been substituted for labor, sothat the value of farm product per man-hour has risen at anaverage rate of 4 percent per year.2 During the sameperiod total output of agriculture per man-hour increasedat an average rate of 4.7 percent per year.
The more rapid rise from 1941 to date in total output thanin farm gross national product results from an increasingproportion of intermediate to final product. The risingproportion occurred before and during the war years, how-ever, and has not continued in the postwar period. The risein the past has been more pronounced during periods whenprices received by farmers were relatively high in relationto prices of intermediate products since in such periods inter-mediate products are more freely used.
In recent years, prices received have declined more thanthe prices of intermediate products, and in constant dollarterms the ratio of intermediate products to total output hasdeclined. More specifically, the use of the relatively higher-priced intermediate products has increased less than total
Table 4.—Farm Gross National Product[Billions of dollars]
1. Total value of farm output -
2. I/ess: Value of intermediate prod-ucts consumed, total
3. Plus: Other items,-
4. Equals: Farm gross national prod-uct -.. _ -
Current dollars
1952
37.2
13.7
j
23.4
1953
34.4
12.6
-.1
21.7
1954
34.1
12.7
—.1
21.4
1955
33. 1
12.5
-.1
20.5
Constant 1947-49 dollars
1952
35.2
12.4
-.1
22.7
1953
34.9
12.5
i
23.3
1954
37.3
12.6
-.1
24.6
1956
37.9
12,6
-. !
25. 2
Source: U. S. Department of Commerce, Office of Business Economics, based largely upondata from U. S. Department of Agriculture.
output during these years. This appears to be an adjust-ment to the less favorable price relationships for the farmer.In terms of current or actual prices, the ratio of intermediateproducts to final products has continued upward throughoutthis period.
1. Historical estimate of current and constant dollar farm QNP are shown in the August1954 issue of SURVEY OF CURRENT BUSINESS.
2. The man-hours represent the monthly average for each year of the number at workin agriculture times the average hours from the Census Monthly .Report of the Labor Force.
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Retail Trade
RETAIL sales in 1955 reached a total of $185 billion, about$15 billion or 9 percent above the previous year. Sinceretail prices were fairly stable in 1955, the physical increasein sales about matched the rise in dollar values. New saleshighs were established in every major kind of retail business,Advances were largest in the durable-goods categories, andsales for the group as a whole rose by $9 billion, or 15 per-cent. Nondurable businesses accounted for an increase of$6 billion or 5 percent.
Retail sales moved up steadily throughout the year. Inthe final quarter, the rate of increase was reduced by a slightdecline in sales of durable goods. Sales of nondurable-goods stores continued their steady advance of about 1percent per quarter.
A feature of the 1955 sales picture was the considerablereliance placed on consumer credit to supplement the risingincomes. Three-fourths of the consumer credit increase of$5 billion during the year was in automobile sales financing.
Record automobile sales
About three-fourths of the $9 billion rise in the sales ofdurable-goods stores from 1954 to 1955 was accounted forby the automotive group which includes dealers in new andused cars, trucks, parts and accessories and other productssome of whom have substantial receipts from services.Starting in the fall of 1954, when the 1955 models with their"new look'7 were introduced, sales of automotive dealers,seasonally adjusted, advanced at an average rate of about 6 per-cent per quarter for four consecutive quarters, exceeding by farthe gains shown for any other group. In the final quarterof the year, however, automotive dealers' sales leveled off,primarily because of reduced demand for new cars. Forthe full year 1955, sales of automotive stores amounted to$38.2 billion, more than one-fifth above 1954.
Table 5.—Sales of Retail Stores by Kinds of Business, 1952-55
[Billions of dollars], - .. ._ . ._
All retail stores i
Durable-goods stores *
Automotive group .Motor vehicle, other auto dealers-
Furniture and appliance groupLumber, building, hardware group.
Nondurable-goods stores l
Apparel groupDrug and proprietarv storesEating and drinking placesFood group _
Grocery storesGasoline service stations , - - . . -
General merchandise group - . -Department stores, excluding
mail-order
1952
164. 1
55. 3
28. 326. 48.9
10.2
108.8
10. 64.7
12.739.832.210.0
18.7
10.3
19-53
170.7
60.4
33.331.59.1
10. 4
110.4
10.34.8
13.040.833. P.10.5
19.0
10.4
1954
170.7
58.2
31.730.09. 1
10.1
112.5
10. 14.9
13. 141.635.011.4
18.9
10.3
1955
185.5
67.0
38.236. 310. 111.0
118.5
10.85.2
13.743.636.912.4
20. 1
10.9
- — • ' --•"1955 quarters
seasonally adjustedannual rates
iI | n in ; rv
178.8 -183.9 1187.9 189.5
63.2 | 66.4 i 69.0 ; 68.5
36. 0 ! 37. 9 i 39. 6 39. 134. 2 : 36. 0 j 37. 5 37. 19.8 i 9. 9 i 10. 2 10.2
10.3 ; 11. 1 | 11.2 11.3
115.5 117.5 119.0 121,0
10.5 • 10.7 ! 10.8 ' 10.95. 0 i 5. I i 5. 3 5. 4
13.0 ! 13. 6 l 14.0 i 13.943. 0 i 43. 2 i 43. 8 i 44. 636.3 i 36. 4 : 37.0 i 37.812.1 ! 12.3 ' 12.4 ' 12.8
19.4 i 19.9 ! 20.4 i 20.3! J i
10.4 i 10. 7 i 11.1 ; 11.0
1. Sales of jewelry stores, other durable-goods stores, and other nondurable-goods stores arenot shown separately but are included in the appropriate total.
Source; U. S. Department of Commerce, Office of Business Economics and Bureau of theCensus.
28
Retailers sold 7.4 million new automobiles in 1955—a thirdabove the 1954 total—to establish a new sales record. Pro-duction continued at a high pace throughout the year, and asa result of the slowdown in sales in the final weeks, new carinventories increased sharply. At the turn of the year,downward adjustments were being made in factory schedules.
Other durable-goods stores fared well in the 1955 salespicture. Furniture and appliance store sales strengthenedfollowing a fairly long period of relative stability and in 1955were up about 10 percent over 1954; lumber, building andhardware dealer sales rose 9 percent.
Sales of nondurable-goods stores moved generally upwardthroughout the year, advancing at a somewhat sharper ratethan in 1954. From a seasonally adjusted total of $28.2 bil-lion in the third quarter of 1954 they moved to $30.3 billion inthe fourth quarter of 1955. Last year marked the sixth suces-sive year of advance in purchases of nondurable commodities.
The greatest 1954 to 1955 sales gain in the nondurablecategories, 8 percent, was registered by gasoline servicestations. This rise, which has averaged about the same ineach of the last four years, reflects in large part the increase inmotor vehicles on the road. Passenger car registrations,which had increased by 2 million in 1954 to a total of 48million cars, reached 52 million by the end of 1955.
Sales by general merchandise stores in 1955 were up about7 percent over 1954. After advancing at an average rate of2 percent per quarter during the first 9 months, they de-clined slightly, on a seasonally adjusted basis, at the year-end.
The outstanding advance at department stores was in themajor appliance departments which registered a 25 percentsales gain in 1955. This sharp advance reflected, in part,increased promotional activity and the use of special salesby such stores to meet the challenge of discount houses inthe appliance field.
Departmental variations also suggest some trading up byconsumers as a result of the steady rise in income. Forexample, while total sales of stores reporting on a depart-mental basis were up 5 percent in 1955 over 1954, within thisaggregate sales rises tended to be much more pronounced indepartments handling higher priced goods. Increases of10 to 15 percent were shown for sporting goods and cameras,fine jewelry and watches, silverware and clocks, and luggage.On an overall basis, sales for main stores showed a 5 percentgain compared to a 3 percent rise for basement stores whichgenerally handle lower priced lines.
The favorable sales experience encouraged departmentstores to increase new orders placed with manufacturers in1955 by 9 percent over the previous year. At the year-end,outstanding orders were nearly a fifth above year-ago figuresand the ratio of inventories to December sales was somewhatabove the year before.
Sales of apparel stores, which had been declining moder-ately since the end of 1952, definitely reversed their directionin 1955 to advance by 6 percent over 1954 dollar volume.Increases of a similar magnitude were indicated at drug andfood stores and eating and drinking places.
Chain stores shared in the business upswing in 1955.Sales of retail organizations operating eleven or more stores
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February 1956 SURVEY OF CURRENT BUSINESS 29
amounted to $34 billion for the year, a 7 percent increaseover 1954. This was a somewhat better performance thanthat experienced by all retail stores exclusive of motor vehicledealers, which are unimportant in the chain store field. The1955 share of total retail business, exclusive of motor vehicledealers, going to chains with eleven or more retail storeswas 22.7 percent.
Sales of Retail StoresBILLIONS OF DOLLARS
52
48
44
40
ALL RETAIL STORES
36 lv_J I L i I l I I I I I I l I
1 2AUTOMOTIVE GROUP
4 ( I I » I i i i I t I I I l I I
12DURABLE-GOODS STORES(EXCL. AUTOMOTIVE GROUP)
l—L J L i I I
32
28
24
NONDURABLE-GOODS STORES
1952 1953 1954 1955QUARTERLY TOTALS, SEASONALLY ADJUSTED
U. S. Department of Commerce, Office of Business Economics 56 -
The gain in chain store sales relative to total trade activitywas most strongly evident in department store operations.Chain department store sales rose 12 percent in 1955 com-pared to a 2 percent advance for all other department stores.This may be associated with increases in the number ofbranch department stores being opened in new shoppingcenter developments.
Table 6.—Ratio of Retail Sales to Disposable Personal Income
All retail stores 1
Durable-goods stores l
Automotive groupMotor vehicles, other auto
dealersFurniture and appliance groupLumber, b u i l d i n g , h a r d w a r e
2TOUD
Nondurable-goods stores L
Apparel groupDrug and proprietary storesEating and drinking placesFood group
Grocery storesGasoline service stations
General merchandise groupDepartment stores, excluding
mail-order
1952
69.3
23.3
12. 0
11. 13. 8
4. 3
46.0
4. 52. 05. 4
16. 813. 64. 2
7. 9
4. 3
1953
68.2
24. 1
13. 3
12. 63. 6
4. 2
44. 1
4. 11. 95. 2
16. 313. 44. 2
7. 6
4. 1
1954
67.0
22.8
12.4
11. 83.6
4. 0
44. 1
4. 01. 95. 2
16. 313. 74. 5
7. 4
4. 0
1955
68.8
24.9
14. 2
13. 53.7
4. 1
44.0
4.01. 95. 1
16. 213. 74. 6
7. 5
4. 0
1. Sales of jewelry stores, other durable-goods stores, and other nondurable-goods stores arenot shown separately but are included in the appropriate total.
Source: U. S. Department of Commerce, Office of Business Economics and Bureau of theCensus.
In the case of eating and drinking places also, the relativeadvance in sales of chains exceeded those of independentstores by a significant margin, a 7 percent rise for sales ofchains comparing with 4 percent for all other such estab-lishments. For grocery stores, which form the most im-portant sector of chain store operations, the relative advancein sales of chain stores was only slightly higher than fornonchain grocery organizations. At apparel and drug storesincreases in activity shown by chains in 1955 were less thanthose registered by organizations operating fewer than 11stores.
Sales-income ratio up
The ratio of total retail sales to disposable personal incomemoved upward from 67 percent in 1954 to 69 percent in 1955although there was a slight decline in this figure in the fourthquarter. The rise in the proportion is attributable primarilyto increased sales by motor vehicle dealers. For this kindof business the ratio of sales to income went up from 11.8in 1954 to 13.5 in 1955. Slight advances in the proportionwere also shown for the other major durable-goods groups.
At nondurable-goods stores the ratio of total sales todisposable personal income showed little change between1954 and 1955. A slight decline in the ratio for food storesand eating and drinking places was largely offset by smallincreases in those of gasoline service stations and generalmerchandise stores.
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Foreign BusinessP OREIGN purchases of United States produced goods and
services contributed appreciably to the rise in United Statesbusiness activity during 1955. The 10 percent rise from 1954in exports (excluding shipments of military supplies andservices provided under grant-aid programs) compares withthe 1Y<L percent increase in the value of the aggregate outputof this country.
Exports of goods and services, seasonally adjusted at an-nual rates, rose by more than $1 billion from the third to thefourth quarter of 1954, remained fairly stable through thefirst half of 1955, and rose again by about $1.2 billion in thesecond half of last year. Foreign purchases thus contributedto the advance in business activity during the early phaseof the upswing, and again during the last half of 1955, whenthe rise in domestic purchases was slowing down.
Upswing in exports to Europe and CanadaNearly 60 percent of the $1.4 billion rise from 1954 to 1955
in nonmilitary merchandise exports represented greater ship-ments to Western Europe, and 33 percent reflected expandedexports to Canada. Business activity in both areas, as inthe United States, had expanded to record rates during theyear.
However, there has been a continuous upward movementof economic activity in Western Europe since the secondquarter of 1953, whereas Canadian business activity, havingundergone a period of adjustment in 1954, did not start toexpand until the latter part of 1954. This difference largelyexplains the fact that the most recent rise in exports toCanada began only in the second quarter of 1955, whereasthe upswing in exports to Western Europe started a yearearlier.
In 1955, as during the previous year, the United Kingdom,Germany, and the Netherlands accounted for a large portionof the rise in shipments to Western Europe. The new creditrestrictions and other anti-inflationary measures adoptedduring the year by the United Kingdom and a number ofEuropean countries so far have exerted little effect on theirdemand for imports from the United States, the bulk ofwhich consist of food, tobacco, and basic industrial materials.
Sales to countries in the outer sterling area, includingSouth Africa, Australia, New Zealand, India, and Pakistan,were responsible for most of the export advance outsideEurope and Canada.
A number of Latin American markets, notably Mexico andArgentina, also expanded during 1955. On the whole, how-ever, exports to Latin America were slightly lower than in1954. This reflects the effects of the downturn in coffeeprices beginning in August 1954. Exports to Brazil, whichhad enjoyed a temporary upsurge in 1954, again becamesubject to rigid curtailment throughout 1955 with a resultingreduction over the year of about $220 million. Shipments toColombia declined during 1955 but during the first half of theyear were partly financed through temporary measures, suchas drawings on reserves and short-term credits, since Co-lombia's dollar receipts during this period had dropped evenfaster.
Exports to Japan were moderately lower than in 1954, butrecovered considerably from the decline which had occurredin the last half of that year. The recovery reflected not onlythe expansion of the Japanese economy but also the currentimprovement in Japan's gold and dollar reserve position.
30
The geographic pattern of changes provides a partial ex-planation of the fact that exports of foodstuffs and raw ma-terials, other than cotton, increased much more, percentage-wise, from 1954 to 1955 than exports of manufactured goods.Another reason was the rise in exports by other industrialcountries, which met to an increasing extent the world de-mand for industrial goods. The recent tendency of raw ma-terials to absorb a larger, and manufactured goods a smaller,share in exports is even more noticeable if 1955 exports arecompared with those in 1953. (See table 1.) This is incontrast to the previous long-term tendency for the propor-tion of manufactured goods to total United States exportsto rise.
The advance from 1954 in shipments of industrial raw ma-terials alone (excluding cotton and other agricultural items)amounted to $750 million or more. Overseas coal ship-ments, destined mainly to support Western Europe's risingindustrial requirements, rose by about $175 million, thusproviding a major stimulus to increased output in the bi-tuminous coal industry. Exports of steel (excluding scrap)rose by roughly $170 million and thus claimed a slightlylarger portion of domestic output than in 1954.
Steel scrap exports, mainly to Western Europe, Japan, andto some extent Canada, climbed to approximately 5 milliontons in 1955 as compared with about 1.5 million tons in 1954.In value, the increase amounted to almost $125 million.
Part of the rise in domestic output of a number of otherbasic materials—notably chemicals, woodpulp, other woodand paper products, and synthetic rubber—was also chan-neled into markets abroad during 1955. Foreign demandfor nonferrous metals increased too, but the rise in such ex-ports was restricted b}^ the imposition of export quotas duringthe year.
Upturn in capital goods exports moderate
Considered in the aggregate the rise in exports of capitalequipment from 1954 to 1955 (excluding merchant vesselstransferred to foreign registry) amounted to roughly $175 to$200 million with the bulk of the increase going to Canada.
Changes in demand for such exports had varying effectson the output of domestic industries. Producers of con-struction and mining machinery boosted sales to Canadaalone by over $45 million and to other foreign areas by atleast $25 million. The civil aircraft industry also increasedits exports as well as its domestic shipments; it marketed 36percent of its production abroad in the first 9 months of1955—a slightly higher portion than in the year 1954.Exports of railway freight cars also claimed a somewhatlarger portion of domestic output than in 1954. The in-crease in exports of freight cars, however, only partiallyoffset the drop in shipments of railway passenger cars toCanada, and total exports of railway equipment in 1955 wereapproximately $25 million below 1954.
Several other major equipment industries which tradi-tionally depend to a large extent upon exports, namelyproducers of machine tools, motor trucks and busses, andagricultural machinery, experienced little change in foreignsales during 1955 although domestic orders increased. For-eign demand for some of these products is being supplied toan increasing extent from foreign sources.
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February 1956 SURVEY OF CURRENT BUSINESS 31
Passenger cars and automobile parts and accessories domi-nated the rise in exports of consumer durables as well as indomestic sales of such items. Of the total gain of perhaps$300 million in exports of consumer durables from 1954 to1955, passenger cars accounted for about $70 million andautomobile parts and accessories for approximately $115million. By far the largest portion of the additional exportswent to Canada, where passenger car output and sales alsoestablished new records in 1955. Other countries, particu-larly Sweden, Belgium, Venezuela, Cuba, and the Union ofSouth Africa, also shared substantially in the increasedshipments.
Table 1.—United States Exports (Excluding Military Aid) First 10Months of 1955 Compared with Similar Period of Preceding 2Years
Total exports
Agricultural goods excluding cotton _ _
Raw materials (excluding cotton) and semi-manufactures
Cotton _ _ _Finished manufactures, total
Selected product groups:Coal and related productsIron and steelNonferrous metalsWood and paper _ _ . .ChemicalsMachineryAutomobiles and parts . .. . _ _Textiles
January-October 1955 percentchange from—
January-Octo-ber 1953
16
17
5029
3460997236-125
January- Octo-ber 1954
12
23
28-33
8
59593
3197
180
Source: Basic data; U. S. Department of Commerce, Bureau of the Census.
During the first half of 1955 foreign demand for householdappliances and for radio and television sets from the UnitedStates was little changed from the first half of the previousyear. In the third quarter of 1955, however, such exportsshowed signs of increasing strength, reflecting in part thebeginning of an upturn in Canadian import demand.Textile exports displayed a similar pattern, with gains limitedlargely to the latter part of 1955.
Rise in most agricultural exports
The gain in agricultural exports during 1955 was aided byGovernment programs including sales for foreign currenciesand exchanges of agricultural commodities for strategic andcritical materials.
Grain shipments increased by nearly $200 million withlarger exports of coarse grains as wrell as wheat. In the firstpart of 1955 exports of wheat to Western Europe were con-siderably larger than in the same period of 1954 as a resultof the poor quality of the 1954-55 wheat harvest in that area.During the early part of the current crop year, however,our exports of oats and sorghums and corn expanded again.Coarse grain exports from the United States in the latterpart of 1955 were additionally stimulated by the reductionin supplies available for export from Argentina, as well asby rising livestock numbers and higher feeding rates abroad.Tobacco and soybean exports also gained substantially dur-ing; 1955.
Food shipments under foreign relief programs advancedby over $90 million and were more than twice as large asiii 1954.
The aggregate rise from 1954 to 1955 in agricultural ex-ports other than cotton amounted to about $450 million.Cotton exports, which fell by nearly $320 million as comparedwith 1954, were handicapped by a number of factors. Theseincluded increased production elsewhere which is sold atlower prices than United States produced cotton, the levelingout in foreign cotton consumption, and the partial switchto synthetic fibers. At the same time foreign purchases ofAmerican cotton may have been delayed in anticipation ofthe special million bale export program effective in January1956.
The sale of services, and income from foreign invest-ments, rose by approximately the same proportion as exportsof merchandise. Incomes on United States direct invest-ments abroad increased in Europe as a result of the generalrise in economic activity, and in other areas because of higheroutput and prices of raw materials. A larger portion oftotal foreign earnings appear to have been remitted to UnitedStates parent companies than was the case last year.
Imports of goods and services rise 10 percent
The rise in foreign expenditures here was facilitated by anearly equal rise in foreign incomes from the sale of goodsand services to the United States, from United States in-vestment abroad, and from the transfer of funds throughGovernment grants arid private remittances.
The net gain of $1 billion in imports of industrial rawmaterials highlighted import developments during 1955.Business purchases of such imported materials climbed by$1.2 billion but Government stockpile acquisitions declinedby over $200 million from 1954 to 1955.
Prices of raw materials, particularly rubber and copper,advanced significantly during the year under the pressure ofrising demands in Europe and in the United States. Priceincreases occurring in the latter part of 1955 were not fullyreflected in the 1955 statistics, however, due to time lagsbetween orders and imports.
The increase from 1954 to 1955 in the volume of industrialraw material imports, exclusive of Government stockpilepurchases, amounted to about 15 percent as compared witha 10 percent rise in the index of domestic manufacturingproduction. Most important among rising raw materialimports were petroleum, iron ore, and wood products.
Notwithstanding the large overall advance in such im-ports, those of a number of basic metals associated withdurable goods output did not rise above 1954, or increasedonly moderately. Imports of aluminum, copper, and nickelwere limited by suppl}7 shortages abroad and releases fromGovernment contracts were necessary to meet industrialdemand for these materials. In the case of lead and zincprivate inventories were reduced to meet rising requirements.
World newsprint supplies likewise became tighter duringthe year. Imports expanded only moderately and, althoughdomestic production increased, inventories were drawn downto help meet the enlarged demand.
Producers of textiles, leather, and other nondurable goodsthat also participated substantially in the business upswingin 1955 generally encountered a relatively abundant foreignsupply of raw materials. Greater imports of apparel wooland raw silk were obtained at prices lower than in 1954while increased purchases of carpet wool entailed only amoderate advance in price. Enlarged imports of synthetictextile filaments and furs also supported the rise in domesticnondurable goods output during 1955.
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32 SUEVEY OF CURRENT BUSINESS February 1956
As has been characteristic of most of the postwar period,imports of manufactured consumer goods increased relativelymore—over one-fourth—than sales of domestically producedgoods. The $250 million advance in these imports during1955 encompassed a wide range of individual items withnotable increases occurring in imports of finished textiles,automobiles, and diamonds.
The aggregate value of imports of food, beverages, and to-bacco dropped by about $150 million during 1955. Thisdecline can be attributed almost entirely to the drop incoffee and cocoa prices from the extraordinary highs pre-vailing in 1954. The value of most of the other major foodimports was relatively stable.
Although the volume of coffee imports rose by approxi-mately 335 million pounds under the stimulus of the lowerprices effective in 1955, the dollar value fell by about $120million as compared with the previous year. The reactionof cocoa demand to the reduced prices was apparently de-layed arid the quantity of imports was even slightly lowerthan in 1954.
Table 2.—Major Changes in the United States Balance of Paymentsfrom 1954 to 1955 l
[Billions of dollars]
United States expenditures abroad
United States imports:MerchandiseServices . _ _
United States Government grants 2 andcapital
United States private capital
Total United States expenditures
Foreign expenditures in the United States
United States exports:Merchandise 2
Services
Transactions unaccounted for (net)
Foreign accumulation of gold and dollar assetsthrough transactions with the United States. _
1954
10. 35. 6
1. 5
1. 6
12. 75. 1
1.8
1955
11. 56. 1
2. 2
1. 0
14. 15. 5
. 2
1. 6
Change
1. 2. 5
. 7Q
1. 8
1. 4. 4
2
-.2
1. Based on preliminary estimates.2. Excluding grants in the form of military goods and services.
Source: U. S. Department of Commerce, Office of Business Economics.
Private payments for services increased by about $350million over 1954. This includes a rise of about $100 millionin tourist expenditures. Military and other Governmentservice expenditures were about $200 million higher. Mostof the rise in these private and Government payments accruedto Western Europe.
Private capital outflow smallerNet outflows of private capital to foreign countries were
about $1 billion in 1955, including $750 million for directinvestments abroad and $250 million for short- and medium-term loans and transactions in foreign securities.
The total for direct investments was about the same as inother recent years, and, when considered together with anequally large amount invested annually out of undistributedforeign earnings, indicates a strong long-term buildup ofessential productive facilities abroad. Portfolio and short-term capital outflows were much less than the extraordinaryamount of $860 million registered for 1954, but were in linewith the average for other postwar years.
Foreign investment activity by United States enterprisesin recent years has been based on, and contributed to thelarge gains in economic activity not only in foreign countries,especially Canada and Western Europe, but also in thedomestic economy. About half of the direct investmentcapital flow in 1955, as in other years since 1951, went toCanada. Most of the new capital was invested in the petro-leum and mining industries, but some went also into manu-facturing and financial enterprises.
Direct investments in Western Europe during the yearreached a record amount of about $125 million, in additionto which about $275 million of new investments were financedfrom undistributed earnings.
Net capital flows to Latin America do not appear to havebeen higher than the $100 million recorded for 1954, withmanufacturing investments accounting for about half.Large investment outlays by petroleum and mining com-panies in this area are financed out of depreciation and othercharges against earnings, so that they are not reflected inthese estimates of net capital flows.
Direct investment capital flows to the rest of the worldwere about $150 million in 1955, about the same as in 1954,and were mainly directed to the petroleum industry.
Portfolio and short-term capital outflows were sub-stantially smaller than in 1954 because of the high domesticdemand for investment funds, repayments of earlier loans,and a large return flow of funds placed in the Londonmarket in 1954. Also, the very large volume of short-termoutflows in 1954 had already raised the outstanding debt insome countries, especially in Latin America, to unusuallyhigh levels. Rising interest rates in the United States cur-tailed the sale of new foreign bond issues in this market formost of the year and also caused a sizable liquidation ofexisting holdings of Canadian bonds. On the other hand,American investors purchased over $100 million of theshares of Canadian and European corporations, but thisactivity was reduced at the end of the year.
Government grants and credits up
Largely because of increased payments to support militarybudgets abroad, Government grants rose by about $250million. The net outflow of Government capital was morethan $400 million larger than in 1954 because of smallerloan repayments by foreign countries and the increasedacquisition of foreign currencies from the sale of agriculturalcommodities.
Foreign dollar accumulation continues
Since the rise in foreign receipts from the United Stateswas not quite as large as the rise in foreign expenditureson goods and services here, the transfer of gold and dollarassets to foreign countries was about $200 million smallerthan the $1,750 million of last year. However, a largershare of net foreign dollar receipts was used for long-terminvestments here, and the increase in foreign holdings ofgold and liquid dollar assets resulting from transactions withthe United States was reduced from about $1.5 billion in1954 to about $1.2 billion last year. Newly mined goldprobably added perhaps another $400 million to foreignreserves. For foreign countries as a whole the rise in goldand liquid dollar assets, which amounted to about 6 percent,appears to have been more than sufficient to facilitate con-tinued expansion of international trade and business activit}'.However, there are important areas where reserves werediminished during the year, and balance of payments con-siderations may require continued restrictions on domesticdemands and imports.
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BUSINESS STATISTICSJL HE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1955 Statistical Supplement to the SURVEY OF
CURRENT BUSINESS. That volume (price $2.00) contains monthly data for the years 1951 through 1954 and monthly averages for earlier yearsback to 1929 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1951. Seriesadded or revised since publication of the 1955 Supplement are indicated by an asterisk (*) and a dagger ( f ) , respectively, the accompanying foot-note indicating where historical data and a descriptive note may be found. In most instances, the terms "unadjusted" and "adjusted" usedto designate index numbers and dollar values refer to adjustment of monthly figures for seasonal variation.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely,through the courtesy of the compilers, and are subject to their copyrights.
Data from private sources are provided
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
Janu-ary
Febru-ary March April May
1
June
)55
July August Septem-ber October Novem-
berDecem-
ber
1956
Janu-ary
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates:National income, total _ _ bil. of dol__
Compensation of employees, total doWages and salaries total do
Private doMilitary doGovernment civilian do
Supplements to wages and salaries do _ _
Proprietors' and rental income, totalcf - -do .Business and professional d" doFarm doRental income of persons _ _ _ d o
Corporate profits and inventory valuation adjust-ment total bil of dol
Corporate profits before tax, total doCorporate profits tax liability doCorporate profits after tax do
Inventory valuation adjustment doNet interest do
Gross national product, total do
Personal consumption expenditures total doDurable goods doNondurable goods doServices do
Gross private domestic investment, total do _New construction - - do_Producers' durable equipment doChange in business inventories . do^ _
Net foreign investment . _ - do ..Government purchases of goods and services, total
bil. of dol. _Federal (less Government sales) do
National security 9 -_ _ _ _ _ d o .State and local do
Personal income, total doLess: Personal tax and nontax payments doEquals: Disposable personal income do
Personal saving§ _ - do-
PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:Total personal income bil of dol
Wage and salary disbursements, total doCommodity-producing industries--, - -do. ...Distributive industries doService industries doGovernment - do
Other labor income-- _ _ doProprietors' and rental income-. _ _ - do._ _Personal interest income and dividends doTransfer payments doLess personal contributions for social insurance
bil. of dol. -
Total nonagricultural income _ . . . do.- -
303.2
209 8198 1163 8
9 325 011 8
48.226 311 210.7
35 536 018 117 9—.59 7
367 1
241 030 4
122.588 1
50 729.421 9— .6
.9
74.545 740 528 7
290 833 1
257 8
16 8
293 4
198.884.853 126 634 3
6.748.926. 517 1
4.6
278. 1
292 2
199.385.452 926 834 2
6 849.125.017 0
5.0
276.5
293 2
200.386.353 026 734 3
6 848.825.317 0
5.0
277.7
311.4
213 1200 8166 5
Q l25 312.2
48.826 611 510.7
39 640 920 520 4
—1.39 9
375 3
245 834 4
122 489 0
54 131.221 51 5
— .4
75.846 441.229 4
293 632 6
261 0
15 3
295 7
202. 687.853 627 034 2
6 848.525.517 4
5 1
280. 9
298 9
204. 688.953 627 234 9
6 949.025. 917 6
5.1
283.7
301 4
207.390.654 527 434 8
6 948.826.117 5
5.2
286. 6
320.7
219 5207 0171 7
9 325 912 5
48.727 111.010.7
42 243.021 621.4
10 3
384 8
250 535 1
125.390 2
60 132 623 2
4 3
— . 7
74 945 240 429 7
300 533 4
267 1
16 6
301 6
208.090.954 927 434 8
6 948.526. 317 1
5 2
287.2
305 3
212.491.755.727 837.2
7.047.926. 416 9
5.3
291. 7
305 3
211.291.556. 127 935.7
7.048.826.716 9
5.3
290.8
325. 7
224.3211 3175. 6
0 126 613.0
48.827 610. 610.7
41 944. 522 322 2
—2. 610. 7
392 0
255 736. 9
127 091.8
60 533. 224 92.4
.0
75.845. 540.630.2
306 134.4
271 7
16.0
307 9
212. 492 256.428.035.8
7. 149.727.116 9
5.3
293.0
"'
309 2
213.392.856 428 235.9
7 149.827.416 9
5.3
294. 4
r 312 o
-215.3r 94. 0T 56 s'• 28 5r 36 0
7 1T 50. 2
27. 617 1
5.3
r 296. 6
228.0214 7178. 8
9 026 913.2
50.128 011.410.7
-3.111 2
397 3
257 234 8
128 893 6
63 232 325 55 3
— 3
77 246 341 031 0
312 135 4
276 6
19 4
315 0
215. 794. 157 028 636 0
7 250. 229. 917 4
5.4
299.8T Revised.o* Includes inventory valuation adjustment. 9 Government sales are not deducted.§ Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
S-l
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S-2 SURVEY OF CURRENT BUSINESS February 19."iC
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
Janu-ary
Febru-ary March April
11
May I June
55
July August Septem-ber October Novem-
berDecem-
ber
1956
Janu-ary
GENERAL BUSINESS INDICATORS—Continued
NEW PLANT AND EQUIPMENTEXPENDITURES
Unadjusted quarterly totals:All industries mil o fdo l
Manufacturing doDurable-goods industries . _.. _ . _do- - -Nondurable-goods industries do
Mining doRailroads doTransportation, other than rail doPublic utilities doCommercial and other do
Seasonally adjusted quarterly totals at annual rates:All industries bil o fdo l
Manufacturing doDurable-goods industries doNondurable-goods industries do
Mining doRailroads doTransportation other than rail doPublic utilities doCommercial and other do
FARM INCOME AND MARKETINGS $
Cash receipts from farming, including Governmentpayments, total __ mil. ofdol
Farm marketings and CCC loans, total _ _ -doCrops , doLivestock and products, total? - do -
Dairy products doMeat animals doPoultry and eggs _ -do _ -
Indexes of cash receipts from marketings and CCCloans, unadjusted:
All commodities 1935-39 = 100Crops doLivestock and products do
Indexes of volume of farm marketings, unadjusted:All commodities 1935-39=100
Crops doLivestock and products do
INDUSTRIAL PRODUCTION
Federal Peserve Index of Physical Volume
Unadjusted combined index 1947-49=100
Manufactures _ _ _ doDurable manufactures do
Primary metals 9 doSteel do -Primary nonferrous metals do
Metal fabricating (incl ordnance) doFabricated metal products do _Machinery do
Nonelectrical machinery doElectrical machinery - - do
Transportation equipment 9 doAutos doTrucks - do- .-Aircraft and parts do
Instruments and related products _ - doFurniture and fixtures do. - -Lumber and products doStone, clay, and glass products doMiscellaneous manufactures - do~
Nondurable manufactures doFood and beverage manufactures do
Food manufactures 9 doM^cat products doBakery products do
Beverages doAlcoholic beverages do
Tobacco manufactures doTextile-mill products 9 do
Cotton and synthetic fabrics _doWool textiles do
Apparel and allied products - -- -doLeather and products doPaper and allied products _ - -do- ~ -
Pulp and paper doPrinting arid publishing do- - . ..Chemicals and allied products do
Industrial chemicals doPetroleum and coal products do
Petroleum refining doRubber products. . . _ _ _ _ _ _ _ _ __do .. -
6,988
2, 9651,3731, 592
244180379
1, 1092,110
26. 18
10.584.805.79
.91
.681 534 018.46
2,812
2,7821,4561, 326
335704272
420515349
180185175
128
129143117121160
156124146123191
19117494
478142112116134134
1151011041369888848398
10470
9994
129127123156166129140128
2, 571
2,5361,2451,291
311741219
382440340
165167163
132
133147129130159
159124148126191
20019598
479140109117132129
12098
102138948480
10510411470
113105140140119158169132142145
1,948
1,917738
1,179299618243
289261310
129106146
135
136151136138167
162126152129196
205210
87477142113125134134
1229799
124958986
10410811672
116112148147122162177134144144
5, 847
2, 2491,0631, 186
186179359845
2,030
25 65
10.174.785.39
.8074
1 464 018.46
1,921
1, 898577
1,321348671286
286204348
12979
166
138
140154142146169
165130154132195
209215J04479145114126140137
12510010012895
10110010510911874
123113152150128166184133139146
1,998
1,983645
1,338365674272
299228352
13080
169
138
140155144148166
166131152134189
213223137472144111129146135
12410110011894
10710699
10911879
117105154148127165182132131)147
1,919
1,902511
1,391396673283
181366
13467
184
138
140155143151166
165134151135181
209205132469142113129149137
12410410211497
11310710910811683
113100153151127165182131135146
7,009
2 7951,2781, 517
235217420
1, 0522, 290
27 19
10.845 065. 78
.9480
1 624 098.90
1,959
1,948653
1, 295387611262
294231341
13590
169
139
141155144147167
163135153137184
200184134466149116137155141
12711210811410012711711610611085
110105156154
165185136140151
2,071
2,061868
1,193371543259
311307314
143127156
130
132146122133127
157130142131165
197195126469147113118149133
11711110910410012110692919673
9592
139135121158176134141121
2,436
2,4261, 0951,331
354685279
366387350
165157171
139
140153132141150
162139153131194
192166106469150123133158142
12811711811898
11410411210811579
116108155151123163182138143133
7,449
2,8991,3781,521
248215401
1,1742,512
29 65
11.975. 776.20
.9996
1 604 439.70
3,067
3, 0541, 6781,376
337707318
461593362
203240175
142
144157143150173
165142161137207
185130102484155127136158149
13012212512999
11110210710611180
111107157150131171190136141
'144
3,644
3, 6292,0881,541
344836347
547738406
242297201
147
149'164
149154171
173145169141223
200153106490158128138161154
13512412514310011811710911211785
117109167158135176192138143155
3,333
3, 3121,9001,412
333708359
500671372
214239196
146
148163149156173
174139164141208
215212122501160128123159152
13211511815099
11211883
121100158156135178197140148150
1 7 962
3 3771, 6991, 678
264318418
1 3072, 278
1 30 86
12. 646 236 41
971 151 664 709 74
141
143159147
171138162145194
207
162128112154149
126
133
142
r Revised. v Preliminary. ' Estimates based on anticipated capital expenditures of business; those for the 1st quarter of 1956 appear on p. 4 of the December 1955 issue of the SURVEY.9 Includes data not shown separately.JAnnual estimates beginning 1910 and monthly data beginning January 1953 for cash receipts, also monthly data beginning January 1953 for indexes of cash receipts and volume of market-
is, have been revised to take into account the latest information on production, disposition, and price. Unpublished revisions (prior to August 1954) will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1056 SURVEY OF CURRENT BUSINESS S-3
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
Janu-ary F^yU~ j M*rch April May
19,
June
>5
July August Septem-ber October Novem-
berDecem-
ber
1956
Janu-ary
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION— Continued
Federal Reserve Index of Physical Volume— Con.
Unadjusted index— Continued
Minerals 1947-49 = 100 .Coal doCrude oil and natural gas doMetal mining doStone and earth minerals _ _ . do
Adjusted, combined index do
Manufactures _ _ doDurable manufactures _ _ _do.
Primary metals do
Metal fabricating (incl. ordnance) doFabricated metal products doMachinery do
Nonelectrical machinery. . _. . . doElectrical machinery do
Transportation equipment doInstruments and related products do
Furniture and fixtures . _ . . . _ doLumber and products doStone, clay, and glass products. _ _. . doMiscellaneous manufactures do
Nondurable manufactures doFood and beverage manufactures doTobacco manufactures - ._ doTextile-mill products doApparel and allied products _ __ _ _ _doLeather arid products _ . _ _ . - . do -
Paper and allied products doPrinting a n d publishing _ _ _ _ _ _ d oChemicals and allied products doPetroleum and coal products ... doRubber products do
Minerals - - - doCoal do -Crude oil and natural gas .. ._ _ .. do. --Metal mining doStone and earth minerals _ _ do -
CONSUMER DURABLES OUTPUT
Unadjusted total output 1947-49=100
Major consumer durables doAutos doM'alor household goods do
Furniture and floor coverings doAppliances and heaters doRadio and television sets ~-^ do
Other consumer durables do ..
Adjusted total output do
Major consumer durables doAutos - _ doMajor household goods do
Furniture and floor coverings ._ ... . doAppliances and heaters _ - - - doRadio and television sets -do
Other consumer durables do
BUSINESS SALES AND INVENTORIES §
Manufacturing and trade sales (adj.), total. _bil. of dol..
Manufacturine;, total - _ _ - _ .. do -Durable-goods industries - do
Wholesale trade total doDurable-goods establishments doNondurable-goods establishments do
Retail trade, total . . . - ~ - . do _ .Durable-goods stores doNondurable-goods stores _ - do _
Manufacturing and trade inventories, book value, endof month (adjusted), total _ bil. of doL
Manufacturing, total - -doDurable-goods industries doNondurable-goods industries do
Wholesale trade, total doDurable-^oods establishments doNondurable-goods establishments do
Retail trade, total doDurable-goods stores _ _ . _ do . _ _Nondurable-goods stores. .... . . do ...
11475
13876
122
130
131.143121
r 155125145
r 121193
' 189140108131135131
119' 107
101r 102
107100
13(5121155129133
IK;73
138103127
132
14917413010910825894
r 131
-"146'167T 130
105' 117
24290
48.7
24. L11,612 5
9 53.06.5
15.15.39.8
76.9
43.324 019.2
11.55 75.8
22.110.112.0
11777
14279
115
132
133145127
T 157125145124187
r 197140109129136132
121107107
r 102r 110
105
140123155131143
12074
142110126
142
163195137108124260
95
r 139
r 157r 188
133107
r 12622598
48.7
24.311.812 4
9 53. 16.4
14.95. 19 7
76. 9
43.224 019.2
11.55 75. 8
22.210.212.1
11979
14485
113
133
134147131
r 158126146125
r 189
r 199142109127138133
121106106103106104
143123158134138
12379
144114124
151
174210146111138272
97
r j d l
r 159r 191r 134
107r 130
22699
48.9
24.612.012 6
9 53. I6.4
14.85.29.6
77. 3
43.324 019.2
11.75 7n' 9
22 410.312.0
11871
14586
122
135
136148136
»• 160129
r 147
126r 190
T 200143112127143136
124r 107
107104
r 111105
147125161134140
12172
145113132
155
179215151114151260
99
r 142
r 161* 192r 136
109«• 133
222100
50. 7
26.012.913 1
9 73.26.5
15. 15.59.6
77.5
43.324 119.2
11.65 75' 9
22 610.512.1 !
11972
143101128
136
138151138
r 162130
r 151131
r 191
T 202143113127146136
126r 109
103r 1077 112
105
151125163136144
11972
143100129
156
180223145111150228
99
144
163r 192r 140
130* 140
226100
50.9
26.012 813 2
9 63.26.4
15.35 59.7
77 7
43 324 219.1
11.75 75.9
22 810.512.2
12277
139131133
138
140153140
T 163134
r 153134
r 189
r 202142117128149142
127T 108
109r 106r 114
105
156126168134147
12181
139111129
147
167205136109145189102
H5
T 163r 190T 141
113r 142
222103
51.7
26.613 313 3
9 73.36.4
15. 45 59.9
78 3
43 524 319.2
11.85 86 0
23 010 812.3
12174
139141134
139
141155143
»• 164135155136
r 192
r 198149121133153145
128r 109
109r 107r 114
107
156128170136149
12286
139117129
144
160184141113152192106
r 144
r 160r 173r 151
117r 145
269106
52.3
27 113 513 6
9 73.36,5
15 45 69.8
78 8
43 824 519.3
11.85 Q5 9
23 210 812.4
11977
139104135
139
141155134
T 166135158138197
r 202151122125152143
126r 108
101106
r 112106
155128170134137
12087
13988
130
137
152195115105116143103
r 150
r 169r 188r 155
117' 146
290106
51.9
26.713.513 2
9 63.36.3
15. 55.79.8
79 2
43 924 619.4
11.96 05" 9
23 410.812.5
12482
141126139
140
142158139
r 168137
r 159140
r 196
T 203153124127155145
125r 108
100T 107r 112
10?
153128168135138
12182
141105130
139
152166141117127254110
152
T 171T 193
155121143294107
52.8
27.213 713 5
9 93.46.4
15.75 89.9
79 6
44 324 819.5
11.96 05 9
23 310 812.5
12683
142141141
142
144160146
r 170141
r 161141
T 199
205155125127155145
T 128T 108
100107
M16104
157130173135
r!42
r 12380
r 141119133
136
145130159124151289115
T 153
172r 195r 156
123r 147
279111
53.1
27 213 713 5
10 03.46.6
15 85 8
10 0
80 0
44 725 219.5
12.06 15 9
23 210 712.5
rl2788
143136139
143
145r!61148
173149164143205
208156124130153145
r!29111100109116105
158131171137147
r!2380
143ri20131
146
r!57153
T 162127145315
r120
152
T 168r 194r 148T 121
137259
r H4
52.5
r 26 613 313 4
10 13.46.7
15 85 8
10 0
r go 9
r 45 4T 25 7
19.7
12.26 26 0
23 310 712.6
12687
144117135
144
146161149
172139162143198
159123123157145
130112
110121102
157130173139147
12580
144127133
159
178212150124132279117
r 151
r 167r 196r 143
121134235114
r 53. 2
27.313 713 6
r 1Q ]
3.4r 6. 6
15 85 7
10 1
r 81 6
r 45 7r 26 1T 19.6
12.36 36 0
r 93 6
11 0r!2.6
12591
147
144
145160151
170139160142196
207161193
124155146
130112
131
142
12787
147
147
162193137
111
147
161187141
114
53.2
27 313 713 6
10 13.46.7
15 85 7
10 1
82 1
45 926 319. 6
12. 36 45 9
23 911 212. 7
rRevised.§The term "business" here includes only manufacturing and trade. Business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjusted
data for manufacturing are shown on p. S-4; those for retail and wholesale trade on pp. S-9, S-10, and S-ll.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-4 SUEVEY OF CURRENT BUSINESS February 1956
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem- Decem-ber ber
1956
Janu-ary
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,AND ORDERS
lies value (unadjusted), total mil of dolDurable-goods industries, total do
Primary metal - - - . . _do...Fabricated metal doMachinery (including electrical) do.Transportation equipment (including motor
vehicles") mil. of dolLumber and furniture doStone clay and glass doOther durable-goods industries do
Nondurable-goods industries total doFood and beverage doTobacco -- - - doTextile _ _ - - --do ...Paper doChemical doPetroleum arid coal doRubber - -- -do _ .Other nondurable-goods industries do
lies value (adjusted), total doDurable-goods industries, total do
Primary metal doFabricated metal doMachinery (including electrical) doTransportation equipment (including motor
vehicles) mil. of dolLumber and furniture doStone clav and glass doOther durable-goods industries do
Nondurable-goods industries, total doFood and beverage doTobacco ^oTextile - --- -- d o _ _ .Paper -- -- - - - .-.do.. .Chemical - doPetroleum and coal doRubber doOther nondurable-goods industries do
nventories, end of month:Book value (unadjusted), total do
Durable-goods industries, total doPrimary metal doFabricated metal- - ... ... ...doMachinery (including electrical) doTransportation equipment (including motor
vehicles) mil. of dolLumber and furniture doStone clav, and glass _ . . do ._Other durable-goods industries do
By stages of fabrication:Purchased materials bil, of dolGoods in process doFinished goods _ _ d o
Nondurable-goods industries, total mil. of dol.Food and beverage doTobacco doTextile - do ._Paper doChemical doPetroleum and coal doRubber -- .-do-..Other nondurable-goods industries do
By stages of fabrication:Purchased materials _ __bi l . of dol_.Goods in process - doFinished goods _. do
Qventories, end of month:Book value (adjusted), totnL.. . mil. of dol._
Durable-goods industries, total doPrimary metal - do.. ._
Machinery (inc1udincr electrical) doTransportation equipment (including motor
vehicle^) mil of dolI umber and furniture doStone clay and ^Inss doOther durable-goods industries do
By stages of fabrication:Purchased materials bil of dolGoods in process doFinished ^oods do
Nondurable-goods industries f~otal mil of dolFood and beverage doTobacco doTextile doPaper - do ...Chemical doPetroleum and coal doRubber do
By stages of fabrication:Purchased materials bil of dolGrOods in Drocess doFinished ffoods _ _ do _.
24, 16411, 7371,7931, 0433,287
3,213955530916
12, 4273, 975
3171,077
7121,6212, 470
4001, 855
24, 09711,5701,7191,0983,147
3, 061985596964
12, 5273,991
2991, 046
7421,7642,287
4171,981
43,51124, 047
3, 3452, 3917,820
5,8251,690
8602,116
6.59.77.8
19, 4644,7301,9192, 3271,0143. 0822, 669
8212,902
8.12.78.7
43, 26524, 0233, 2352 4407, 881
5, 7801.690
8602,137
6.39.87.9
19 2424 5321, 8452, 3991, 0043,0132,643
8212 9S5
7.82.88.6
23 69911,4001,8731 0782.920
3, 166944498921
12 2993 908
2771,047
7561 7762, 339
4371. 759
24, 28711, 850
1, 8291, 1233,075
3 2211 026
586990
12, 4373,993
2981.068
7411,7402 293
4241,880
43, 50324, 0533,2802, 4177,822
5, 8311,719
8822,102
6.49.87.9
19,4504,6971,9632,3301,0283, 049?, 581
8062,996
7.92.88.7
43, 19623, 9843,2392 4177,804
5 8381,719
8652,102
6.49.77.9
19 2124 5581, 8522, 3541, 0283,0202,634
7902 976
7.82.88.6
23 97111 7961, 8981 0903, 134
3, 2391 009
505921
12 1753 799
2681,004
7311 7372 238
4181.980
24, 64912, 029
1, 9501 1473 130
3, 1971 051
574980
12, 6204,029
2981, 035
7541,7872.307
4401,970
43, 47724, 121
3,2292,4207,844
5, 8631,742
9072,116
6.39.88.0
19,3564, 5431 , 9842, 3801,0553, 0452,590
8063, 003
7.92.98.6
43, 25624, 0283, 2622 4207, 794
5,8611,724
8722,095
6.39.87.9
19 2284,4991,8422,3801,0343,0192,670
7823 002
7.72.88.7
27 55013 8992,2251 2913,628
3, 8521 176
6511 076
13 6514 117
3091, 151
8472 0252,388
4752,339
25, 97612, 8602,0871 2533,318
3,4861 069
6321,015
13, 1164, 1 13
3031,096
8071,9022,341
4662,088
43, 48324, 2683, 1662, 4867,898
5,9401,731
9142, 133
6.210.08.1
19,2154, 3911,9012, 3961,0573, 0222,587
8213,040
7.82.98.5
43, 33224, 1123, 2882 4617, 788
5, 8831,714
8872,091
6.39.97.9
19, 2204,4421, 8462. 3961,0362,9822,667
8053 046
7.72.88.7
26 29613 3002 1781 2783,326
3, 8051 100
643970
12 9964' 045
3001.072
8032 0062, 238
4592, 073
26, 02512, 8052, 1331, 2783, 193
3, 5461 048
637970
13, 2204, 246
3261,117
7871,9122,284
4452,103
43, 34424, 352
3, 1262, 5467, 955
5, 9221,736
9152,152
6.210.08.2
18,9924, 2281 , 8572, 4041,0442, 9672,605
8243,063
7.72.98.4
43, 26424, 1593, 2662 4967,816
5,8641,719
8882,110
6.59.97.8
19, 1054.4001,8392, 3801,0342.9432, 658
7843 067
2.88.6
26 32513 3902,2411 2593,382
3 7321 136
672968
12 9354 176
3431,043
8241 9792,229
4601, 881
26, 65113, 3222,2131 3253, 410
3, 6091 125
652988
13, 3294,189
3361,172
8411, 9612,346
4652,019
43, 64924, 5393, 1342,6018,029
5,9251,752
9152,183
6.310.08.3
19,1104, 1451,8052,4441,0382,9932,670
8423.173
7.62.98.5
43, 54924, 3043,2362 5017,919
5, 8761, 735
8972,140
6.510.07.9
19, 2454, 3911,8422, 3961,0382, 9952,670
8103, 103
7.82.98.5
27 39413 974
2, 3491 3973 682
3 5291 244
7161 057
13 4204 377
3431,148
8441 9552 338
4881,927
27, 11113, 5272, 3151 3833, 547
3,3291 208
6881, 057
13, 5844,329
3181,148
8441,9852,386
4652,109
43, 97624, 7553, 1162,7168,078
5, 9981,747
9062,194
6.510.18.2
19, 2214,1081,7642,4501,0343, 0532,686
8753,251
7.62.98.7
43, 77924. 4573,1882 5877, 905
5,9611,747
8972.172
6.610.07.9
19, 3224, 3441,8572,4261, 0343,0242, 713
8503, 074
7.82.98.6
24 64412' 114
1 , 8751 2943 036
3 3421 034'631902
12 5304' 148
316952776
1 7532 276
4531 856
26, 73113, 5032.1381 4073 475
3, 6151 198
6571,013
13, 2284,223
3161,133
8341,8442,299
4712.108
43, 85524, 5743, 2012, 6568,009
5, 8651,773
9062, 164
6.610.07.9
19, 2814,2211,7222,4221,0523, 0512,753
8273,233
7.62.98.7
43, 93824, 5633,1972 6048,010
5,9051,755
9062,186
6.610.17.8
19, 3754,3581,8322,3981,0633, 0392,753
8533 079
7.82.98.6
27 41113' 4942 2231 5853 332
3 1421 344
7441 124
13 9174 392
3601,187
8831 9842 382
4702 259
27 22913, 7452 2851 5103 484
3 4131 280
6821,091
13, 4844 291
3301.109
8742 0012 3«2
4562 041
43, 94524, 6183,2812, 5947,983
5, 9531.759
8962,152
6.810.07.8
19, 3274,3481,7192,4101, 0463,0472,783
8113,163
7.63.08.7
44, 31524, 7683,2592 6208,069
5,9901,742
9142,174
6.710.18.0
19, 5474,3741,8292,4341,0783, 1122, 755
8633,102
7.93.08.6
27 596 j
13 502 12, 3531 5363.535
2 9561 285
7301 107
14 0944 419
3381, 244
8792 0582 346
4512 359
27, 22413, 6922 3941 4363 474
3 4381 236
6701,044
13, 5324 249
3191,131
8702,0102 346
4562 151
44, 26624 9013, 3792. 6747,996
6, 0661, 777
8872,122
7.010.27.7
19, 3654,4751,7282,3731,0163, 0632,815
8303,065
7. 73.08.6
44, 70325, 1823, 3052 7578,110
6, 1361,795
9142,165
6.910.28.0
19, 5214,3921,7632,3971, 0263,1882,787
8743,094
7.93.08.6
r 27 830 i'• 13, 656
2, 3691,5483,577
T 3, 0871 188
7381 149
14 1744 352
3201, 246
9212 0402, 362
4832,450
r 26, 637r 13, 261
2,3241 3823 472
T 3 2521 131' 665
1,035
13, 3764. 104
3271,112
8771,9392,339
4472,231
r 44, 959r 25, 377
3,5122, 6178, 093
r 6, 3461,806
9002,103
7.1r 10. 5
7.8
19, 5824, 6561,7772,3491,0283,1012,880
8482, 943
'7.93.0
'8.7
r 45, 356' 25, 659
3,4262, 7268,240
r 6, 3311,843
9472.146
'7.0r 10.5
8.2
19, 6974,4971,7592,3971,0493,1902,824
9023,079
8.03.08.7
r 27, 292 ir 13, 723
r 2, 390r 1,381' 3, 473 ;
r 3, 633r 1, 133
'6681 045
r 13 569r 4, 084
'334'1,221
'886r 1,919r 2, 454
443r 2 228
r 27, 343' 13,721' 2, 393r 1,395r 3, 553
' 3, 576r I 144
' 6551,005
' 13, 622' 4, 047
'327' 1,197
'886'2,014' 2, 479
482r 2, 190
' 45, 317' 25, 670' 3, 600' 2, 649' 8, 232
' 6, 388' 1, 806
' 901' 2, 094
7 110 6'8.0
' 19, 6474, 6611 7972,3771,0313 1422 823
888' 2 928
8.2' 2 9
8.5
' 45, 669' 26, 050' 3, 491' 2 759' 8. 397
' 6, 475'1,843
' 948' 2, 137
'6 .9' 10.8'8.3
' 19,6194, 4501,7792,4261,0413,1572,768
935' 3, 063
8.13.1
'8.4
26, 95213, 682
2, 4541.3283,747
3, 4571, 060
6161,020
13, 2704. 010
3231, 094
8361,7982,724
2.022
27. 28813. 659
2, 3621, 3983.618
3.3901,140
6771.074
13, 6294. 092
3331, 105
8711,9572.522
2,267
46. 05826, 2003, 6312, 6528.373
6 6101, 837
9832.114
7.210.98.1
19, 8584, 6231, 8372, 4501. 0583,2942, 668
2,984
8.52.98.5
45. 85926, 280
3, 5212 7348,455
6.5891,819
9832,179
7.011.08.3
19, 5794, 4201, 7662, 5001,0483,2142,641
3,0551 8.2
3.08.4
.
'Revised.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS S-5
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,AND ORDERS— Continued
New orders, not (unadjusted), total mil. of dol.Durable-goods industries, total _ _ do
Primary metal doFabricated metal _ _ doMachinery (including electrical) doTransportation equipment (including motor ve-
hicles) mil. of dol_-Other durable-goods industries do
Nondurable-goods industries, total _ _ do _ _ _Industries with unfilled orders 9 doIndustries without unfilled orders'! _ _ do
New orders, net (adjusted), total ... do _ _Durable-goods industries, total. _ _ _ _ _ -do _ _
Primary metal _ doFabricated metal. _ - _ _ _ _ _ d o ._Machinery (including electrical) - doTransportation equipment (including motor ve-
hicles) mil. of dolOther durable-goods industries _ . - _ . -do _ _
Nondurable-goods industries, total- do ___Industries with unfilled orders? doIndustries without unfilled orders! . __ . do
Unfilled orders, end of month (unadj.), total doDurable-poods industries, total do
Primary metal doFabricated metal doMachinery (including electrical) .._ ._ doTransportation equipment (including motor ve-
hicles) mil of dolOther industries, including ordnance do. _ _
Nondurable-goods industries, total 9 ..do .
BUSINESS INCORPORATIONS^1
New incorporations (48 States) . number
INDUSTRIAL AND COMMERCIAL FAILUREScf
Failures, total number
Commercial service doConstruction doManufacturing and mining doRetail trade - doWholesale trade do
Liabilities (current), total thous. of dol
Commercial service doConstruction ___ doManufacturing and mining ... do _Retail trade _ doWholesale trade _ _ _ d o _
24, 30911, 7882 1511, 1593 029
3,1732,276
12, 5212 9019, 620
24, 76011, 9632,0681,2882,933
3,1732,501
12, 7973,1199,678
46, 52943, 7903, 7603,184
13, 36319, 505
3,978
2,739
11, 981
917
7213020441398
40, 103
1,8575,926
17, 5268,5096,285
24, 32411, 940
2 2221,1352 983
3,0152,585
12, 3842 8939,491
24, 64112, 1422, 1361,1352,936
3,3502,585
12, 4992,9229,577
47, 17444, 3504 1093,241
13, 44619, 354
4,200
2,824
13, 181
939
8787
195456114
37, 872
3, 1549,044
11, 6369,6474,391
24, 26812, 0232 3971,0643 191
2,8712, 500
12, 2452 8709,375
24, 84512,1702 4461,1203 233
2,8712,500
12, 6752 8999,776
47, 47144, 5774 6083,215
13, 50318, 986
4, 265
2,894
11, 369
877
60113188412104
42 056
2, 2447,624
18, 9228,9284,338
28, 31014, 5962 8961, 4633 656
3,6582,923
13, 7143 253
10, 461
26, 48213, 3532, 5861,3063,404
3, 3252,732
13, 1293,040
10. 089
48, 23145, 2745 2793,387
13, 53118, 792
4, 285
2,957
13,417
1,038
66108225520119
41, 209
2,9164,468
16, 92111,9724,932
26, 04313, 1322 5041,2183 345
3,3372,728
12,9112 888
10, 023
26, 11612, 879
2, 3851,1943 179
3,3372,784
13, 2373,008
10, 229
47, 97845, 1065 6053,327
13, 55018, 324
4,300
2,872
11, 756
903
6610615448493
35, 968
2,2296,450
12, 65310, 7653,871'
26, 70813, 7132, 5131,2983 321
3, 7682,813
12, 9952 957
10, 038
27, 72014, 331
2, 5381,3663, 531
3, 9662,930
13, 3893, 146
10, 243
48, 36145, 4295 8773,366
13, 48918, 360
4, 337
2,932
12, 029
955
8012116849987
34, 714
1,9984,885
14, 09310, 8742,864
28, 31414, 5712 3281,6403 929
3,5483,126
13, 7433 403
10 340
27, 79514, 0332 4771,5623 734
3 2253,035
13, 7623 336
10, 426
49, 32146, 0665 8563 609
13, 73618, 419
4,446
3,255
12, 605
914
75114200446
79
36 667
5 2594,702
13, 8889 5643,254
26, 10013, 3472 3161, 4453 639
3, 2342 713
12 7533 0109 743
27 04413 5712 3391 4453 656
3 3342 797
13 4733 382
10 091
50, 77747 299fi' 2973 760
14 33918,311
4 592
3 478
10, 893
861
6810217942389
32 543
1 5026 289
11, 8658 6054 282'
28, 44314, 5802 5591, 6863 698
3,1913 446
13, 8633 159
10 704
28, 71815, 1452 6111, 6063 833
3 8443, 251
13, 5733 191
10 382
51, 80948 3856 6333 861
14 70518, 360
4 826
3 424
10, 983
888
59134158430107
36 O9^
1 9879 663
10 10210 0244 252
28, 74414, 7662 4061,6174 029
3,7332 981
13 9783 195
10 783
28 30114, 9362 5321,5254 165
3 7332,981
13, 3652 958
10 407
52, 95749 6496 6863 942
15 19919, 137
4, 685
3,308
11,024
822
7511416836699
33 120
2 6664' 256
10 7988 2531 147
'28, 21 3T 14, 061
2 3021 5403 882
r 3, 4342 903
14 1523' 309
10 843
r 27 466' 14 094
2 3731 5403 929
r 3 4342 818
13 3723 036
10 336
53, 34050 0546 6193 934
15 50419 484
4 513
3 °86
10 698
919
8113618043785
34 777
3 6558 713
lo' 4079 5862 416
r 27, 726r 14, 026
r 2 613*• 1 412T 3 582
^ 3 726T 2 593
r 13 700r 3 296
r 10 4Q4
r 98 315T 14 680
T o 751r I 5f,qr 4 006
r 3 553r 2 701
r 13, 635T 3 139
T 10 496
r 53, 774r 50 357
r (•) 842r 3 955
r 15 713r 19, 577
T 4 260
r 3 417
10, 157
945
7013319646284
42 783
1 2399 744
14 1061° 626
5 068
28, 70215 4902 6981 5604 261
4 5012 470
13 2122 900
10 312
29 30015 5982 5941 6834 106
4 5012 714
13, 7023 118
10 584
55, 52452 1657 0864 197
16 22720, 621
4, 034
3,359
11, 527
908
73136191404104
41 643
1 1067 341
11 55410 77510 867
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS
Prices received, all farm products. - _ 1910-14—100
Crops. _ _ . _ - - _ - _ doCommercial vegetables, fresh market. doCotton _ _ _ _ _ _ d oFeed grains and hay doFood grains do
Fruit doOil-bearing crops doPotatoes! doTobacco do
Livestock and products doDairy products doMeat animals doPoultry and eggs. __ _ . _ _ doWool do
Prices paid:All commodities and services.-, _ do
Familv living items. _ _ _ _ _ _ _ _ _ d oProduction items do
All commodities and services, interest, taxes, andwage rates-. 1910-14—100
Parity ratio0 do. .
239
243221276202939
218279182430
236264253155284
261272250
279
86
243
247257275204241
216274192425
240258263163284
264273
r 253
283
Sfi
244
244258268203240
203270198436
245255264190285
264271256
283
86
243
243262269198939
204264200437
243248260199281
265273256
284
86
247
252270270197236
216261297437
242241269185274
265274254
284
87
244
255308955200940
209259305436
234236260175953
263274251
282
87
243
244230266196232
239256213435
242235276176251
263274250
°82
86
237
2389932711902^2
235257170435
237949261178247
262274°48
281
84
233
298211277178214
213245141437
237249951191240
260273247
279
84
235
229230285174217
210225129497
240257250209226
259272246
279
84
230
224
278167220
188227130143
236264240195222
261274246
280
82
225
2242312741642°0
193228143438
225^67216195219
259273244
279
81
223
227°31264170°21
207239144455
2199«fC
201°04920
259T 273
243
r 278
80
226
93 1244259171220
225235161452
2219 fin2072Q5222
259272246
281
80r Revised.9 Includes textiles, leather, paper, and printing and publishing industries; unfilled orders for other nondurable-goods industries are zero.*t For these industries (food, beverages, tobacco, apparel, petroleum, chemicals, and rubber), sales are considered equal to new orders.cf Data are from Dun and Bradstreet, Inc.§ Includes sweetpotatoes and dry edible beans.© Ratio of prices received to prices paid (including interest, taxes, and wage rates).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-6 SURVEY OF CURRENT BUSINESS February 1956
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
COMMODITY PRICES—Continued
RETAIL PRICESAll commodities (U. S. Department of Commerce
index) 1935-39—100Consumer price index (U. S. Department of Labor):
All items 1947-49=100Apparel - _ _ . _ _ - _ _ do .Pood 9 do
Dairy products _ _ _ -_ ._ doFruits and vegetables doMeats, poultry, and fish do
Housing 9 doGas and electricity doHousefurnishings - doRent do
Medical care doPersonal care _ _ _ doReading and recreation doTransportation doOther goods and services do
WHOLESALE PRICEScfU. S. Department of Labor indexes:
All commodities 1947-49 = 100Farm products 9 do
Fruits and vegetables, fresh and dried doGrains - - do _Livestock and live poultrv do
Foods, processed 9 doCereal and bakery products doDairv products and ice cream doFruits and vegetables, canned and frozen.. doM^eats poultrv and fish do
Commodities other than farm products andfoods 1947-49 = 100--Chemicals and allied products 9 do
Chemicals, industrial ..- _ . - _ ...do. _ _Drugs and Pharmaceuticals § do
Fertilizer materials _ _ _ _ _ _ _ - _do --Prepa^ed paint do
Fuel, power, and lighting materials 9 , _ do -Coal doElectricity - - doGas - _ _ .- --do - - _Petroleum and products do
Furniture, other household durables 9 doAppliances, household doFurniture, household doRadio receivers and phonographs _ .--doTelevision receivers do
Hides, skins, and leather products 9 do. -.Footwear doHides and skins _ _ _ . _ . _ do-..Leather do
Lumber and wood products _ _ . - _ do _Lumber - _ - _ _ _ _ _ do _ -
Machinery and motive products 9 - doAgricultural machinery and equip doConstruction machinery and equip doElectrical machinery and equipment doMotor vehicles _ . _ _ . d o - _
Metals and metal products 9 doHeating equipment doIron and steel - _ _ _ doNonferrous metals - do
Nonmetallic minerals, structural 9 doClay products doConcrete products doGypsum products do
Pulp, paper, a n d allied products _ _ _ _ _ _ d o _ .Paper do
Rubber and products doTires and tubes _ ~ _ _ _ _ do
Textile products and apparel 9 _ _ _ doApparel doCotton products doSilk products doSynthetic textiles doWool products - _ do
Tobacco mfs. and bottled beverages 9 - _ do -Beverages, alcoholic doCigarettes _ _ ._ _ _ do
Miscellaneous doToys, sporting goods do
PURCHASING POWER OF THE DOLLARAs measured by-
Wholesale prices 1947-49=100Consumer prices doRetail food prices do
207. 6
114.3
104. 3110.4106. 8108 4102. 2
1~!9 7109 1105.4129 4
120. 3113. (5106.6127 3119.9
109. 5
89.990.992, 574.0
103.5116.8108 2106. 085 2
114.9
107.0117.493. 659. 3
113.3112 8
107. 5105. 2100. 7110.2110. 4
115.7109. 4112. 995.469.2
91. 8111. 647.481. 5
120. 0119.8
125. 7121.2132. 612fi. 8121. 7
129. 8114.3135. 0127. 6
121.8135. 4117. 4122. 1
115. 9126. 9
132. 0134.9
95.298.489 9
123.987.2
106.7
121.4114.3124.0
98.0112.9
91.387.590.6
207.3
114.3
103.3110. 6106. 4110.6102. 4
119 6109 4104. 6129. 5
126. 5113. 7106.9127 6119.9
110.1
92 5105. 293.579.4
103.8116.9107.0104. 687. 6
115.2
107. 1117.393. 661.8
113.6112.8
108. 5105. 2100. 7113.0111.7
115.5108. 7112.595. 469. 0
91.9111. 649. 581.2
120. 3120. 0
125. 8121. 5133. 2126. 8121. 7
130. 1113. 9135. 8127.9
122.0135. 8116. 7122. 1
116.3127. 5
136. 8139, 9
95. 298.290.2
124.187.3
106. 6
121.4114.3124.0
97.0113.2
90.887.590.4
207.5
114.3
103. 4110.8106. 1110.7102. 5
119.6109. 9104. 8129. 7
126. 8113.5106. 4127 4119.8
110.4
93. 1103. 893. 180.7
103. 2116.3107. 2104.486.9
115.7
107. 1117.493. 361 . 0
113.5113.1
108.7105. 2100. 1116.3111.7
115.4108. 5112. 694. 768.8
92, 3111.551.682.2
121.2121.4
126. 1121. 6133. 8126.7121. 5
131. 5113. 7135. 8133. 7
121.8136. 1117,0122.1
116.61 28. 0
140. 6142,4
95.298.290. 6
122.486, 7
106, 3
121.6114.6124.0
97.1113. 1
90. 687.590.3
207.5 1
114.3
103. 2110.8105. 4112,0102. 3
119.6110.3104. 6130. 0
127.0113.5106. 61?7 ?,119.8
110.0
92.1104. 492. 279.9
101.6116.5107.2104.883.3
115.6
106. 8117.593. 155, 4
J 13. 6114.0
108. 5105.199.5
116.6111.7
115. 1107. 2112.794. 768.8
92.2111. 550. 782.1
121.4121.8
126. 1121. 5133.8126. 4121. 5
131. 9113.6136. 2134. 3
121. 9136. 5118. 2122, 1
116.8128.0
138.0.142. 3
95.398.390.8
121.187.5
106. 1
121.6114.7124. 0
95. 6113.2
90. 9i 87.5: 90.3
1
207. 9
114.2
103. 1111.2104. 6117.5103. 0
119.5110.3104. 5129.9
127. 3113.7106. 6125 3119.8
110.5
94.2120.991.084.0
102. 5116. 8106. 9104. 786.0
115.7
107. 1118.093.255 2
113. 5114.8
107.4102.397.8
113. 1111.5
115. 1107. 3112.894. 768.8
93.2111. 556. 983.6
122.4122.9
126. 3121. 5134,1126. 4121. 9
132. 9113. 6136. 4138. 3
122.3136. 8118.2122.1
117.4128.0
138. 3142. 3
95.098.090.4
122.887,2
106. 0
121.6114.7124.0
94.0113.2
1 90.5! 87. 6
89.9
207.7
114. 2
103.3111.1104. 0120.2102. 1
119.4110.9103. 7130. 3
127. 5113.9106. 51 25. 5119.9
109. 9
91.2118.792.478.4
102. 1118.3104. 0104.185.7
115. 5
106. 8117.693. 253. 2
113.1314.8
107.0100.497.8
111.0111.5
115. 1106. 5113. 194.769.0
92.9111.453. 385.0
123. 5124.2
126. 7121.5134. 3126, 5122.0
132. 5113. 5135. 6137. 8
123. 2137.0118.2122.1
117.7128.9
138.0142.3
95. 098.090.3
123.286. 9
106,1
121. 6114.7124. 0
91.3113.2
91.0•• 87. 6
90.0
207.8
114.4
103. 2111.3104.1119. 5103.8
119.7110.7103.8130. 4
127.6114.7106.2125. 8119.9
110.3
91,8104. 790.383. 1
103.9117. 6104.6104. 591.4
115.6
106. 8117.893.053.8
111.0114.8
106.8100. 697.2
110.4111.5
115. 2106. 4112.994. 768.8
92.9111.455.783.8
123. 7124.7
127.1121. 5134. 7126. 5122.0
132.6113. 5135.8137.8
123.7137.3118. 3122.1
118.3129. 2
140.3142.3
95.298.690.6
124.086.6
105.5
121.6114.7124.0
89.1113. 2
90.7' 87.4i 89.8
208.6
114.7
103.2112. 1104. 7121.9103. 7
119.9110.8103.6130. 4
127.9115.5106. 3125. 4120.3
110.5
89.598.786.779.4
103.1117.6106. 0104.688.5
116.5
106. 0118.292.855. 9
I1 1.7114.8
106.4101.596.1
108.9111.6
115. 5106. 5113.194.068.9
93.7111.458.285.1
124.1125.1
127.5121. 5134.7126.7122.0
136.7113.6143. 1139.5
125. 3141. 3118. 3122.1
119.0130.7
143. 4142.3
95.398.691.0
126.886.8
105. 0
121.6114.7124.0
90.8113.1
90.587.289.2
208.1
114.5
103.4111.2105. 7111.3102.9
120.0110.8103.2130.5
128.0115. 8106.3125. 4120.4
110.9
88.199.578.675.5
101.9115. 1107. 8105. 086.3
117.5
105. 9118.192.454.6
112.1114. 8
107.2102.296.6
106.8113.0
116.0106.6114.389.268. 9
93.8111.458.985.0
125.1126.4
128.5122.4138.2127.7122.0
139. 5116.0144.9145.0
126.1142.9118.6122.1
119.7130.5
148.7147.2
95.398.691.7
128.786.7
103.9
121.7114.7124.0
89.8113.4
90.287.389.9
208. 9
114.9
104.6111.6106.5110.2103.5
120.4111.2103.6130.5
128.2116.6106. 7125. 3120.6
111.7
89.3102.181.475.5
101. 5114.4104.3106.887.5
118.5
106.0118.292.455.8
112.0114.8
108.0108.195.5
107.8114.0
116.4106.2115.289.469.3
94.0111.460.985.1
125.7127.1
130.0126.3140. 5130.6122.0
141.9117.2145.0154.2
126.4143.9119.8122.1
120.5131.0
151.7147.2
95.498.692.5
126.886.7
103.0
121.7114.7124.0
90.3113.6
89.587.089.6
' 208. 7
114.9
104. 6110.8107.5108.5100.9
120.8111.2104.4130.8
128.7117.0106. 7126.6120.6
111.6
86.892.982.471.8
100.2114.8105.0107.481.6
119.0
106.5118.992.358.2
112.3115.0
108.0108.794.3
109.3114.2
116. 9106.1115.689.569.5
95.3113.562.386.1
125.4126.8
131.4126.7142.1130.7124.7
142.4117. 3145.7153.9
126.8144.3120.2122.1
122.8131.2
147.8147.2
95.498.792.8
123.786.1
102.8
121.7114.7124.0
91.5113.8
89.687.090.3
•• 208. 2
115.0
104. 7109.8107.8109.097.1
120.9111.5104. 5130. 9
129.8117. 5106.8128.5120.6
111.2
84.1102. 679.862.2
98.8115.1105.9107.777.8
119.4
106.6119.392.357.6
112.3115. 0
108.6109.094.3
110.8115.0
117.2106. 3116.489.869.5
96.4115.460.287.7
125.0126.4
132. 5126.1142.4131.4126.5
142.9117.4146.0153.9
125.2144. 5120.2122.1
123.2131.7
150.6151.8
95.699.0
'93.2120.885.8
102.8
121.7114.7124.0
88.0114.3
89.987.091.1
208.1
1 114.7
104.7109.5107.7110.794.6
120. 8111.5103.4131. 1
130. 2117.9106.8127. 3120. 6
111.3
83.4102.882.759.3
98.2115. 2107.2107. 875.3
119.7
106. 7119.492.356. 6
112.3115. 8
108. 9109.494.3
110.8115.6
117.4106. 3116. 590.069. 5
96. 7115.461.188.4
125. 1126. 4
132.8126. 2143. 0131. 6126. 7
143 9117.4147.1155. 8
125.4144.6120.2122 1
123. 6133. 0
151. 0151.8
95.699.193.7
120.684.9
102.8
121.7114.7124.0
88.7114.9
2 89. 82 87 22 91. 3
r Revised. l Index based on 1935-39 = 100 is 191.8. 2 Indexes based on 1935-39=100 are as follows: Measured by— wholesale prices, 47.0 (December); consumer prices, 52.1 (December);retail food, 45.2 (December).
9 Includes data not shown separately, cf For actual wholesa e prices of individual commodities, see respective commodities. §Effective with the January 1955 index, cosmetics andrelated products were transferred from drugs, etc., to the "other chemicals" subgroup.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS S-7
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY
New construction (unadjusted), total mil. of dol._
Privato, total doResiden tial (nonfarm) do
New dwelling units . _ __ _ . _ do - _Additions and alterations do
Nonresidential building, except farm and publicutility, total mil. of dol
Industrial . _ . _ _ _ _ _ _ _ d o _ _Commercial do
Farm construction _ _. -doPublic utility do
Public, total doNonresidential building _ _ _ d oMilitary facilities doHighway _ _ _ _ _ _ do _Other types do
New construction (seasonally adjusted), total doPrivate, total _ _ __ _ do
Residential (nonfarm) doNonresidential building, except farm and public
utility mil. of dolFarm construction do_Public utility do
Public, total doNonresidential building doHighway do
CONTRACT AWARDS
Construction contracts awarded in 37 States (F. W.Dodge Corp.):
Total projects numberTotal valuation^ _ mil. ofdoL
Public ownership doPrivate ownership ._ - _ d o _ - -
Nonresidential buildings:Projects numberFloor area thous of sq ftValuation mil. of dol
Residential buildings:Projects number. .Floor area thous. of sq. f t _ -Valuation mil of do!
Public works:Projects number. _Valuation . mil. of dol
Utilities:Projects ... _ _ _ _ numberValuation mil. of doL _
Value of contract awards (F. R. indexes):Total, unadjusted 1947-49=100
Residential, unadjusted. _ __ _do -Total, adjusted do
Residential, adjusted-. - do
Engineering construction:Contract awards (ENR)§ _ _ mil. of dol
Highway concrete pavement contract awards:d"Total thous. of sq. yd_ _
Airports doRoads doStreets and alleys do
NEW DWELLING UNITS( (7. /S. Department of Labor)
New permanent nonfarm dwelling units started:Unadjusted:
Total, privately and publicly owned- ._ thousands. .Privately owned, total ___ do
In metropolitan areas doPublicly owned do
Seasonally adjusted at annual rate:Privately owned, total _ . _ _ _ _ . ..do...
Building construction authorized, all permit-issuingplaces:
New dwelling units, total..- _ _ _ thousandsPrivately financed, total do
Units in 1-family structures doUnits in 2-family structures doUnits in multifamily structures do
Publicly financed, total _ _.do -
CONSTRUCTION COST INDEXESDepartment of Commerce composite 1947-49 =100- _Aberthaw (industrial building) 1914=100-.American Appraisal Co., The:
Average, 30 cities . 1913 = 100--Atlanta . - _ _ _do _New York doSan Francisco .. - ... do -St. Louis _do
3, 092
2 2631,2581, 150
86
55218419293
348
82935188
214176
3,4292, 3501,307
539124366
1, 079393393
62, 3941,829
6171,212
5,01751,396
701
55, 40777, 300
762
1,514273
45693
211'235* 258••275
1,373
1 8, 6912, 698
1 3, 6391 2,354
90.689.969.0
. 7
1, 478. 0
277 .476.066.32.96.81.4
122.5396
598649629545599
2,815
2 0731, 1221,030
71
54318618992
302
74234278
155167
3,4222,4001 338
554123368
1 022388342
56 2851, 504
4801, 024
4 22742 768
565
50, 69670, 031
690
979174
38376
r214r 239T 260r 286
1,295
7,1342 6002 7691 765
87.687.367.8
.3
1,416.0
76.375.967.32.16.5.3
122.7
598649629545599
2,698
2 0021, 049
96068
54818719895
297
696320
77150149
3. 4532 4381 348
582122371
1 015380339
58 4561 581
4721,109
4 28441 861
534
52, 58374, 545
744
1,234248
35555
r 227r 263r 260T 295
1 085
7,2892 1343* 6351 590
89.987.964. 92.0
1, 370. 0
78.876 867.92.56.32.1
122. 7
599649629550600
2, 989
2 1931. 1851, 085
79
558186207103333
79634982
190175
3, 4642 4641 349
604121374
1 000370337
75 5332 135
6771 458
5 79951 925
759
67, 53998, 806
9QO
1,803273
462113
264307260291
1 987
9. 5042 0213' 9883 495
113.8112.886.01.0
1,367.0
115.6114 7100. 5
4.010.1
.9
123. 0396
600650630551601
3, 283
2 3671,3191, 19(
106
563184214114357
916361
98270187
3, 5252 5251 391
624120376
1 000360336
79 1842 322
6761 646
6 13551 989
706
70, 088107, 850
1 070
2,301342
660204
290336253286
1 449
8, 4702 8552* 2793 336
132. 0130 595. 41.5
1, 350. 0
119.3118 5107. 5
3.37.8.8
123. 5
601650628553601
3, 606
2 5471, 4301,270
133
592184236131378
1 059374106375204
3. 5812 5501 419
629119374
1 025' 362352
75 8962 185
6751 510
6 10751 736
726
66, 55897, 248
1 Oil
2, 610290
621158
296332245280
1 727
8, 7601 249
3' 3054* 213
137. 6135 197.32 5
1 362 0
120. 1117 4104. 4
3.29.82.8
123.8
6026546%
601
3,881
2 7301, 5441, 380
133
633190259141396
1 151382120430219
3, 5652 5451 420
621117374
1 020363339
75 1412 255
7571 498
6 21757 218
843
65, 45995, 481
951
2, 887382
57879
294320253290
1 882
9, 292950
3 9664 376
134.8131 496. 23 4
1,371 0
115. 1113 0102.2
2.97.92.1
124. 6397
604654697556601
4, 044
2 8291,5901 430
127
668199277148407
1 215387122480226
3,5662 ,5781 435
641116373
988344338
73 1302 272
7611 511
6 71564* 544
S93
62, 79994, 491
959
2 960332
65688
281301257296
1 684
5,787944
9 2372 606
122.6121 987.7
7
1 283 0
98.297 489.42.45 5.8
125. 8
611664629568604
4,101
2 8581,5871 435
119
686205286150421
1 243380129500234
3,5682 5911 433
658115373
977335334
64 1441 895
5491 346
5 71547* 886
' 681
55, 51482, 058
835
2,447299
46879
271277259278
1 240
9,346288
5 3213 737
124.7122 389.22 4
1 310 0
108 1106 395.32.78 31 8
126.2
613664641573605
4,086
2 8441, 5611 410
119
714213303137420
1 242372133510297
3,5732 5991 422
679114372
974338327
57 6732 035' 621
1 414
c c^n
49 837709
49, 21172, 039
733
2,316368
606224
253258250256
1 786
5,798490
2 2463 062
114.9113 682.21 3
1 251 0
96 395 386.12.27 01 0
126.5399
614665642575606
3,953
2 7651, 5081 360
116
719218305112415
1 188353134485216
3, 5262 5511 374
683H9
371
975329332
61 1351 863
5511 312
4Q 1 ̂ R
692
53, 03376, 964
700
1,772277
467111
249246260252
1 526
5, 9991 0^9
2 4130 KOA
r 105. 8r 104 8
T 75.8T 1 0
r 1 221 0
89 487 778.72.16 91 7
126.7
616665642577fin?
3, 617
2 6321,4221 280
110
71722529694
388
985318115355197
3, 5182 5171 345
680111370
1 001334357
54 8561 797
5271 269
4 aop.A(\ A K Q
663
48, 34673, 638
726
1,398280
426129
244243270252
1 369
7,1711 8953' 3451 931
90.089 263.8
g
1 203 0
70 069 662.82.24 6.4
126.8
618666643578f\08
3,177
2 4101,2831 160
92
68322626983
351
767287106200174
3,4892 4861 326
669110369
1 003322367
50 5511 921
7301 190
AQ A9A
727
44, 30270, 440
71 1
1 394359
AAQ
124
244233qni
273
1 693
i 8, 909
1 ^ 99Q
75.072 252.52 g
1 187 0
127. 0401
619666643580RHQ
2,849
2 1261,078
97573
65422824983
303
72329097
165171
3,4572 4391 983
667110369
1 018330367
"
1 593
6,9201 9Q93 2872 341
74.073 052.71 0
1 183 0
622667644582f\1Q
r Revised. 1 Data include some contracts awarded in prior months but not reported. 2 Revision for October 1954 (thous.): Total, 94.0.§ Data for December 1954 and March, June, September, and December 1955 are for 5 weeks; other months, 4 weeks,cf Data for December 1954 and March, June, August, and November 1955 are for 5 weeks; other months, 4 weeks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-8 SURVEY OF CURRENT BUSINESS February 1!)50
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES— Continued
Associated General Contractors (all types) .. 1913 =100.-E. H. Boeckh and Assoeiates:§
Average, 20 cities:Apartments, hotels, and office buildings:
Brick and concrete U. S. avg. 1926-29=100.-Brick and steel doBrick and wood do
Commercial and factory buildings:Brick and concrete _ _ do _ _Brick and steel doBrick and wood doFrame doSteel do .
Residences:Brick doFrame _ _ _ _ _ _ _ . _ d o - _ _
Engineering News-Record:c?Building . 1947-49 = 100.-Construction do
Bu. of Public Roads — Highway construction:Composite, standard mile 1946=100.-
CONSTRUCTION MATERIALS
Output of selected construction materials, index :fIron and steel products 1947-49—100--Lumber and wood products do
REAL ESTATE
Home mortgages insured or guaranteed by —Fed. Hous. Adm.: Face amount thous. of doLVet Adm • Face amount do
Federal Home Loan Banks, outstanding advances tomember institutions mil of dol
New mortgage loans of all savings and loan associa-tions, estimated total mil. of dol_
By purpose of loan:Home construction doHome purchase doAll other purposes do_ __
New nonfarm mortgages recorded ($20,000 and under),estimated total mil. of dol.
Nonfarm foreclosures numberFire losses thous. of dol
432
258.5253. 8257. 1
266. 2262.2255. 7256. 4245.9
257.7251. 7
135.4142.1
128.1
97.6124.9
201,289555, 699
867
853
295369189
2,2672,224
83, 881
432
258.8254.6257.7
266. 4262. 5256.2257. 4246.0
258.4252.4
135.9142.4
104.5117.7
252, 393622, 155
717
744
252326166
2,0242,305
75, 265
432
258.8254. 7257.9
266.5262.6256.3257. 7246.1
258. 6252. 6
135.9142.5
104.5116.7
226, 434566,118
688
775
265340171
1,9582,189
85, 046
432
259.0254. 9258.6
266. 7262.9256. 8258. 8246.3
259. 3253. 5
136.2142.9
127.6
130.1136.4
269, 267531, 647
702
1,026
386427212
2, 4552,595
88, 197
434
260.7256.2260.0
268. 5264. 5258. 1260.3247.4
260.7254.9
136.8144.2
133.5129. 9
243, 346514, 998
754
1,016
380430205
2,3572,447
78, 632
435
261.8257.3261.3
269.7265. 6259. 6261. 8248.3
262. 3256. 4
137.4144.8
136.2136.6
229, 813548, 510
821
1,069
395470205
2,4832,457
71, 789
439
263.8259. 5263. 1
271. 5267.3261.3263.8249.8
263. 9258.3
138.3145.7
125.5
154.2142.3
269, 487552, 928
1,017
1,157
418536204
2,6362, 861
70, 828
443
266.1262. 0264.3
274.0271.9262.3264.5257.5
264.9259.1
141.4148.4
127.6119.6
230, 031520, 545
1,061
1, 054
371494188
2,4632,209
61, 614
443
266.7262.6264.9
274.6272.4263.2264.8257.8
265.6259. 6
141.7148. 5
144.1146.0
279, 312617, 282
1,187
1,171
416553201
2,6972,254
71, 103
441
267.8263.6265.7
275.7273.3264.0265. 4258. 5
266. 3260. 3
141.4148.8
129. 4
149.5139.7
274, 376589, 859
1,275
1,012
342503167
2,5222,294
65, 970
444
268.5264.4266.2
276.3273.8264.6266.4259.0
266.8260.8
141.8148.6
r 145. 0135.3
273, 493717, 334
1,344
880
303426152
2,387
58, 778
446
269.1265.1266.7
276.8274.4265.2266.9259.4
267.4261.3
141.6148.6
134.9124.6
275, 334755, 018
1, 364
782
261385137
2,316
68, 784
446
270.1266.1267 3
278.1275.3265.7267 3260.8
268.0261.9
142.1149.3
131.1
261, 480620, 173
1,417
746
253351142
2,188
89, 212
452
142.9150.2
DOMESTIC TRADE
ADVERTISING
Printers' Ink advertising index, adjusted:Combined index 1947-49 = 100
Business papers doIVTagazines doNewspapers doOutdoor doRadio (network) doTelevision (network) 1950-52=100
Tide advertising index, unadjusted 1947-49 = 100..
Radio advertising:Cost of facilities total thous of dol
Automotive incl accessories doDrugs and toiletries doFoods soft drinks confectionery doSoaps cleansers etc doSmoking materials doAll other do
Television advertising:Cost of facilities total do
Automotive, including accessories doDru°'s and toiletries doFoods, soft drinks, confectionery doSoaps cleansers etc doSmoking materials doAll other do ..
Magazine advertising:Cost total do
Apparel and accessories,--- doAutomotive, incl accessories doBuilding materials doDrugs and toiletries doFoods, soft drinks, confectionery _ _ . . _ do -Beer wine liquors do
Household equipment and supplios doHousehold furnishings doIndustrial materials doSoaps cleansers etc doSmoking materials doAll other do
Linage, total thous. of lines..r Revised. 1 Data are no longer available. ° R
174a 161
141« 160
162«53
°304
149.6
11,187857
2, 4Q22,4811,2541,0233,081
33, 5603,3887, 3577, 4533, 2963,9298,139
45. 0773, 3403,714
8594, 3616,4724, 568
2,8071,5103,036
2941,492
12, 622
3,283
evisions fcT1 S 1
18216513718214460
294
140.9
10, 786822
2,5742,3531,064
9573,014
33, 4463,5067,7277,7353,4533,3887, 636
34, 6481,8564,1771,3943,2895,2341, 507
9131, 2912,313
5061,055
11,113
3,771
r Novem
18116414018213261
304
158.6
10,215834
2,3412,3431,023
8832,790
31,2793,2396, 8357, 3393, 3333,2627,271
47, 4793,0254,5232,3034,7807, 3902,220
1, 9131, 7263,0891,0731,350
14, 088
4,348
ber 1954: ]
182167141186152
57300
191.0
11,239875
2,6442,5321,168
9653,056
34, 5743,7257,6577,9913,7283,6017,873
56, 9664,8525,3083,4474,9957,9162,472
2,9582, 6573,675
9711, 486
16, 229
4,794
Business r
17916814517814954
301
195.3
9,924775
2,3422,1421,046
9282,690
32, 7023,3877,4407,3743,5923,3487,562
67, 1335, 2677,1124,1795,7387,6253,108
4, 9993,5614,567
7911,362
18, 822
4,927
)apers, 16"
186165148188156
54311
202.8
10, 106845
2,3302,2311,095
9312,674
33, 4503,7737,5657,1823,7623,7147,456
66, 6115,4926,6213, 9065,8677,3523,225
5,1313,8424, 9831,0981,622
17, 472
4,5487; newspa]
191172145201146
56324
191.5
9,434928
2,1292, 1251,014
8212,416
31, 7243,5117,7717,1853,5313,4686,258
53, 0832, 993
' 5,8153,1535,4007,0262,720
4,0121,8604,208
6951,458
13, 742
3,402
Ders, 172; i
191164143190151
58371
150.6
8,273829
1, 6361, 750
712783
2, 563
29, 9973,6708,7626, 0693, 4163,3544,725
37, 329918
4,5401,6904,2216, 3882,084
1,748715
3,200492
1,27210, 063
3,395
•adio (net
19617915020314255
343
156.6
0)
30, 3453,3588, 0615,9473,8493, 2035,328
40, 8364,1973,7621,6993,7446,1391,888
1,6701,4963, 451
5401,369
10, 881
4,205
work), 61
193184150191171
50338
191.5
33, 0453, 6208,0436,9224,1343, 4996,826
58, 6737,5153,6613,8484,8457,3472, 354
3.6742', 4934,469
8361,524
16, 108
5,032
televisioi
••18618714119015146
325
217.0
r 38, 1194,936
r 9, 3637,8694,3263,6527,973
71, 0846,1935,9263,6106,2419,2233,555
4,9014,3095,680
9461,548
18, 954
5, 570
a (networ
19716615920415646
338
219.2
38, 8974, 9358, 8508,1314,4223, 7648,794
68, 2954,8767, 5042,2586, 0648, 5334,148
4,7903, 5164,943
7781, 362
19, 523
4,689
k), 285
163. 0
3,669 4,114
§ Copyrighted data; see last paragraph of headnote, p. S-l.G? Data reported at the beginning of each month are shown here for the previous month.f Revised series.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS S-9
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
DOMESTIC TRADE—Continued
ADVERTISING— Continued
Newspaper advertising:Linage, total (52 cities) thous. of lines
Classified _ ___ _ _ _ do __
Displav, total _ _ d o\utomotive doFinancial-. _ do __General doRetPil - ~ - do
PERSONAL CONSUMPTION EXPENDITURES
Seasonally adjusted quarterly totals at annual rates:Goods and services, total .__ _ _ bil. ofdoL
Durable goods, total 9 _ doAutomobiles and parts-- .. - - doFurniture and household equipment - do
Nondurable goods, total 9 - -- - doClothing and shoes _ - _ _ _ _ _ _ _ _ doFood and alcoholic beverages - _ .-doGasoline and oil _ _ _ do
Services, total 9 -- __doHousehold operation, do_ __Housing _ do __Transportation. .__ _ do
RETAIL TRADE
All retail stores:Estimated sales (unadjusted), total mil. of doL.
Durable-goods stores 9 - -- do ._Automotive group do
Motor-vehicle, other automotive dealers do __Tire, battery, accessory dealers do
Furniture and appliance group _ ___ .doFurniture, homefurnishings stores _ _ _ __doHousehold-appliance, radio stores do
Lumber, building, hardware group _-doLumber, building-materials dealers ._ _ _ d o _ _ _Hardware stores . __. do
Nondurable-goods stores 9 do\pparel group do
Men's and boys' wear stores doWomen's apparel, accessory stores doFamilv and other apparel stores doShoe stores do
Drug and proprietary stores _ doEating and drinking places doFood group _ do
Grocery stores doGasoline service stations _ do
General-merchandise group _ _ _ _ _ _ d oDepartment stores, excl. mail-order cf doMail-order (catalog sales) _ . _ _ do _ _Variety stores doOther general-merchandise stores _ _ _ - do _ _
Liquor stores do
Estimated sales (adjusted), total _ _ _ _ _ d o
Durable-goods stores 9 doAutomotive group _ - - do
Motor-vehicle, other automotive dealers, .doTire, battery, accessory dealers ___ . . . do _ _ _
Furniture arid appliance group. _ .. _ do _Furniture, homefurnishings stores _.do . _ _Household -appliance, radio stores do
Lumber, building, hardware group doLumber, building-materials dealers _..doHardware stores.- _ - _ . . _ -do
Nondurable-goods stores 9 - doApparel group do
Men's and boys' wear stores _ . _ . . .. doWomen's apparel, accessorv stores-- _. do. _Familv and other apparel stores _-doShoe stores do
Drug and proprietary stores doEating and drinking places _ _ _ _ _ _ _ doFood group do
Grocery stores doGasoline service stations _ _ - _ _ do _
General-merchandise group doDepartment stores, excl. mail-order doMail-order (catalog sales) _ _ do _ -Variety stores doOther general-merchandise stores.- . do
Liquor stores do
229, 48045, 160
184,3208 0743,218
26 038146, 991
241.0
30 413.412 9
122 520.074.47.4
88.113.030.27.3
17, 872
5,6142,8242. 636
187
1,025600425
916597319
12 2581,448
354566313215
5301,1133,9203 3041,008
2, 8501,555
173549574458
15, 123
5 3203,0542,904
150
766475290
909668241
9,803912188374177173
4131, 0703 6573, 103
974
1,669904107285374284
196 20450 842
145, 3629 9804' 51 6
24 785106 081
13,279
4 4822 6452,532
113
698410288
663493170
8 797'693149284136125
4201 0133 3982 868
949
1 24467683
186299248
14 864
5 1432,8442,700
143
805488317
879647232
9,722889184356180169
4251,0923 5603 0071,023
1,654902106269377290
194 39548, 519
145 87611 0402 708
27 748104 379
12,762
4 5032 7072, 591
116
682405277
639480160
8 260?602130247120106
394950
3,2532 742
873
1,17161185
190284240
14, 765
5 2092,9902,841
149
810496314
836623213
9 556870188338183161
4121,0853 5773 010
998
1,584849104254377277
242 54957, 756
184, 79315 2923 530
34 414131 557
245 8
34 416 413 9
122 419 874.07 5
89 013 130 67 4
14,704
5 4303 3053,170
135
761456305
795599196
9 274*796155328167146
4091 0263,5272 983
944
1,464796107219342256
15 060
5 4583,1693,020
149
836496340
863645219
9,602867183334193157
4181,0833 6023 0531,007
1,615861112258384277
243 83459, 996
183, 83817 0793 382
33 243130 135
15,622
5,7043 4313, 271
159
757466292
900672228
9 917986194384199209
4161 0803,6893 127
988
1,650897
94278381266
15, 251
5 5223,2023,044
158
837504334
890661229
9, 729889194342183169
4271, 1413 5252 9801,023
1,677912104268393273
260 38164, 921
195. 46018 4993 278
36 696136 986
15,468
5 8453 4093. 252
157
809510299
998752246
9 (523878184352166177
4191 1363 5142 9501 046
1 58486699
243376268
15 368
5 5073,1082,955
153
826498329
955719236
9 860905197350188170
4281, 1263 6363 0691 026
1,676889111271404292
243 71861, 286
182, 43219 5413 203
34 278125 409
250.5
35 116 614 2
125 320 575.97 7
90 213 431 0
7 4
15,734
6 125?> 5363.' 355
180
847522325
1 040798242
9 608?868197326167178
4251 1683 5913 0251 066
1 565852102248363266
15 345
5 5703', 1713,011
160
823503320
938707231
9,775878196338180164
4311, 1403 6353 0631,030
1,630877109268377290
212 27960,911
151 36815 2263 772
24 968107 402
15, 398
5 7203 2713,080
191
825492333
973735238
9 678756160287156153
4341 2743 7613 198l' 117
1 41274582
• 244342289
15 484
5 6403,1482,963
184
887536352
923684239
9 844905193353190168
4391, 1583 5613 0041, 034
1,723958112276378294
219, 75063, 121
156, 62915 9142 657
23 800114 259
15, 622
5 9803 4353. 252
182
854514340
1 032795237
9 642740144281165150
4321 2823 6173' 055l' 108
1 562833111255364287
15 662
5 7633,3633,192
171
827492336
916684232
9 900892194339186173
4421 1653 6833 1141 026
1,671901113276381303
246 15462, 714
183, 44016 0543 007
30 849133 530
255 7
36 918 014 7
127 020 477 5
7 7
91 813.731 47.4
15,905
5 9003 3673, 201
167
822490331
1 037786251
10 005910166342206197
4251 2203 7663 2051 049
1 674920112266377302
15 840
5 8403 3843,214
171
826497329
950705245
10 000895183346192173
4491 1673 6963 1331 033
1,711926110290385308
273, 07365, 684
207, 39019 7973, 678
39 778144, 137
15, 824
5,5642 9642,786
1/7
909562348
1 047788259
10 260974193374227180
4371 2043 7053 1461 083
1 807993116282416312
15 777
5 7643' 2803,107
173
849517332
963725238
10 013908183355201169
4471 1593 6863 1211 042
1, 693923110282378307
268, 51658, 567
209, 94920 0453 440
38 514147, 950
15, 894
5 5393 0392,866
172
927584343
958715244
10 355988219382222165
4321 1263* 6483 078l' 085
1 9561,076
158291432319
15 808
5 6893 2613,090
171
838525313
935710225
10 119916191354200172
4471 1643 7283 1641 078
1,700914117286384306
242 54250, 144
192, 39812 5683, 421
27 128149, 281
257.2
34 816.014 3
128 821.278.37 9
93.614.231.97.5
i- 19, 268
6, 186r 3 118
2,910208
' I 163704459
947630317
13 083r i 598
402621353222
r 5901 1824 1683 5421 104
3 0101,617
183595616493
15 795
5 6773? 2333,068
165
873546327
929689240
10 118912193372189159
4591 1583 7263 1761 083
1,672913115273370300
1 13, 948
1 2 772
1 771
i 714
i 440i i 057i 3 478i 2 996i i 021
i i 2781 695
f Revised. i Advance estimate.9 Includes data not shown separately.cfCorrcction: 1951 monthly average for combined department-store and mail-order sales (old series) shown in the 1955 edition of BUSINESS STATISTICS should read $927,000,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-10 SURVEY OF CURRENT BUSINESS February 1056
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
Janu-ary
Febru-ary March April May
19
June
55
July August Septem-ber October Novem-
berDecem-
ber
1
Jtt
Janu-ary
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail stores— ContinuedEstimated inventories:
Unadjusted, total mil of dolDurable-Roods stores . - . _ do _ _Nondurable-goods stores do
Adjusted, total doDurable-goods stores . __ .. ._ do .
Automotive group doFurniture and appliance group- _ do _Lumber, building, hardware group do
Nondurable-goods stores - doApparel group ._ do _Food group doGeneral-merchandise group do
Firms with 11 or more stores:Estimated sales (unadjusted), total 9 do
Apparel group 9 doMen's and boys' wear stores ...do __.Women's apparel, accessory stores doShoe stores - _ . do
Dru? and proprietary stores do..Eating and drinking places doFurniture, homefurnishings stores _ _ do
General-merchandise group 9 .. ... do__Department stores doDry-goods, other general-merchandise stores
mil. of dol__Variety stores.- do
Grocery stores doLumber, building-materials dealers doTire, battery, accessory stores _ _ _ d o ___
Estimated sales (adjusted), total 9 do
Apparel group 9 doMen's and boys' wear stores doWomen's apparel, accessory stores... _ _ d oShoe stores do
Drug and proprietary stores doEating and drinking places doFurniture, homefurnishings stores do
General-merchandise group 9 doDepartment stores doDry-goods, other general-merchandise stores
mil. of dol_.Variety stores _ do
Grocery stores _ doLumber, building-materials dealers doTire, battery, accessory stores do
Department stores:Accounts receivable, end of month:
Charge accounts _ 1947-49=100Installment accounts do
Ratio of collections to accounts receivable:Charge accounts percentInstallment accounts do
Sales by type of payment:Cash sales . .percent of total sales. „Charge account sales _ doInstallment sales do
Sales, unadjusted, total U. S.J 1947-49=100..
Atlanta doBoston _ -. -. _ _ do_ -_Chicago - doCleveland doDallas . _ _ _ doKansas City do
Minneapolis... ._ _ _ do _New York doPhiladelphia _. . . doRichmond ... _ _ _ . . _ doSt. Louis . doSan Francisco do._ _
Sales, adjusted, total U. S.J __ . _ do._
Atlanta _ _ _ . - do _Boston doChicago - doCleveland _ _ _ _ . . _ do__ .Dallas doKansas City . .do
Minneapolis— ._ _ _ _ d o ___New York doPhiladelphia . doRichmond _ _ do _St. Louis do—San Francisco- do—
20, 6709,240
11, 430
22, 09010, 0603, 4301,9002,410
12, 0302,5702,3103,920
3,718
29632
11986
925832
1, 360570
203425
1,2885874
2,798
188187362665727
820385
120216
1,1547052
200277
4614
474310
'202
'236200
r 189191228
'206
180r 188' 199'232
194'210
116
' 136no112110136120
111r 107' 114' 129
117'119
20, 9709,700
11, 270
22, 21010, 1603,6501,8502,330
12, 0502,6502,3803,830
2,316
126124841
605323
565267
80140
1,0835042
2, 754
181156962635631
812393
114206
1,1276655
163276
4414
454312
91
106908887
11094
808585919297
119
137114116111140124
112108113133123125
22, 01010, 27011, 740
22, 36010, 3303,7701,8902. 310
12, 0302,7102, 3503,820
2, 255
113104437
57.5024
536240
73144
1,0715442
2. 717
169156656635730
758357
107197
1,1647055
140268
4314
454312
88
107828483
10389
818283918993
112
134109109108129114
103101108122114118
23, 52010, 95012, 570
22, 59010. 4503, 9001,8902,290
12, 1402,7702,3103,870
2.632
174146756
605632
687327
93170
1,1666149
2,778
178156861635730
802380
115205
1,1687055
132266
4815
444412
100
129909893
120104
8893
10111110197
115
133107114107134120
108105111129116118
23,511,212,2
22,710,53,91,92,2
12,22,82,33,8
2.9
2
83
12
1,2
2,7
1
_
3
12
1,1
12
1
11111
1
1111
1
111111
111111
23, 57011, 28012, 290
22, 76010, 5403,9601,9102, 290
12, 2202,8002,3803,830
2.906
212178179
645626
807389
116215
1,2536857
2,774
175157060665728
795379
112205
1,1706958
137267
4415
454411
114
141108114112136123
10899109125118112
119
142108119116142126
107102115126122120
23,39011, 24012. 150
23, 00010, 7504, 1301,9202. 310
12, 2502,7402,4203,860
2,721
178157262
625831
760377
105186
1. 1357556
2,825
181167161645728
800369
117211
1,1937355
139267
4515
454411
116
134111116110133119
108101114129120116
117
137111117113134120
107103115128120118
22, 84010, 92011, 920
23, 19010, 7804,1001, 9502, 330
12, 4102,7402, 4503, 990
2, 778
176166664
626028
774378
110190
1,1648063
2,784
172156757645928
780359
113206
1,1847055
135266
4615
464311
110
121107112104120113
95100107118106113
114
136107114108132118
103104114123108118
22, 73010, 85011, 880
23, 37010, 8404,1601,9602, 350
12, 5302,7702,5004,020
2,729
146116054
656227
706346
103181
1, 2127769
2,809
179157260665930
814383
121205
1,1617160
125266
4314
454213
98
122829696123111
897790107102107
124
152114122124145136
111108121136132123
23, 08010, 76012, 320
23, 35010, 8504,1501.9602, 350
12, 5002, 7302,5104,040
2, 713
14396150
626330
781369
117192
1,1218464
2,836
177157059646029
819386
119210
1,1917158
125268
4614
454213
105
12986103104129117
1028292112109118
118
143107115114139124
107106114134120122
23, 30010, 39012,910
23, 23010, 7203, 9701,9702,380
12, 5102,7602,4804,050
2,896
185126968
636227
827404
120200
1,2258157
2, 875
181157061666028
839397
126215
1.2036960
137274
4515
444412
123
136120123116131127
119111124138122123
121
140112118116131127
112108120134119126
23, 89010, 39013,500
23, 29010, 7203, 9901, 9602,380
12, 5702,7802,5404,050
2, 949
196177662
656333
874425
130212
1,2007859
2,820
182167260656030
800376
120205
1,1856859
148282
4715
444313
128
154115126125146131
126116125140135126
122
148114120120138125
109109120132122126
'24, 78010, 930
r 13, 850
r 23, 590r 11, 000'4,2501,9802, 360
r 12, 5902,7602,570' 4, 080
2,994
201207859
636035
938428
141224
1, 1757058
' 2, 898
189167364666229
'833'388
121216
1,2086959
163296
4715
444412
148
165141' 147147155142
'126139159164149145
122
142116' 121118136124
r 110
110121134124125
22, 42010. 41012, 010
23, 91011, 2404,4701, 9702, 380
12, 6702,7202. 5704,170
4,029
3163312891
996333
1,470622
221456
1,4175885
2, 916
185167460706228
820384
120208
1, 2406960
217333
4fi15
464311
P212
p 25f>P 206p203p 205p241p 212
p 179v 194v 213*236p 2(>7p 217
p 122
* 147p 114p 121p 119v 144p 124
P 11UP 110P 122P 131p 125p 123
P95
P 125
for
r Revised. P Preliminary. 9 Includes data not shown separately.t Data for 1946-55 have been revised to reflect current seasonal patterns and to allow for changes in the samples used in computing the unadjusted indexes. Revision
total United States appear on p. 24 of the October 1955 SURVEY; unpublished revisions for the districts are available upon request.is beginning with 1946
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS S-ll
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
Janu-ary
Febru-ary March April May
1<
June
)55
July August Septem-ber October Novem-
berDecem-
ber
1958
Janu-ary
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Department stores—ContinuedStocks, total U. S., end of month:J
Unadjusted 1947-49=100.A d justed do_. _
Mail-order and store sales:Total sales, 2 companies thous. of dol.
Montgomery Ward & Co doSears, Roebuck & Co do__ .
WHOLESALE TRADE
Sales, estimated (unadj.), total mil. of dol.Durable-goods establishments doNondurable-goods establishments do.._
Inventories, estimated (unadj.), total do..Durable-goods establishments do_Nondurable-goods establishments do_
110r 125
523,056131, 875391,181
9,6003,0106,590
11,5605,4606,100
110123
266,31253,456212,856
8,6902,7205, 970
117123
242, 84752, 271190,576
127124
319, 24976, 420242,829
8,450 I 9,700 9,1402.800 ! 3,270 3,2205,650 i 6,430 j 5,920
129124
376,04988, 607287, 442
11,740 i 11,770 i 11,620 I 11,5705,650 i 5,850 i 5.940 I 6,0006,090 ! 5,920 i 5,680 \ 5,570
127123
370, 49184, 767285, 725
9,3203, 2706,050
121127
377,03183, 922293,109
10,1103,4506,660
119127
347, 36274,182273,179
9,6603,1906,470
11,550 11,520 i 11,6606,060 6,040 1 5,9505,490 5,480 5,710
126129
380,96787,181293, 786
10, 5403,5706,970
11,8705,9705.900
135129
391, 25892, 071299.187
10, 7303, 6407.090
145129
414,465102,795311,670
' 10. 5003. 5PO' 6, 910
12.180 12, 600 12, 6206,000 6. 060 ' 6.0606. 180 6, 540 ! r 6. 560
148'131
431, 702110,174321, 527
• 10, 6003, 530
r 7,070
p 119p 135
570,391146,155424, 236
10,1703,4106,760
12, 2906,0806,210
286, 60758, 523228.084
EMPLOYMENT AND POPULATION
POPULATION
Population, continental United States:Total, incl. Armed Forces overseas.- --thousands..
EMPLOYMENT
Noninstitutional population, estimated number 14years of age and over, total© thousands. -
Total labor force, including Armed Forces., . do
Civilian labor force, total .. ... ._ do -Employed do
Agricultural employment do __Non agricultural employment do
Unemployed _ do~.
Not in labor force do
Employees in nonagricultural establishments:Total unadjusted (U. S. Dept. of Labor) do
Manufacturing doDurable-goods industries doNondurable-goods industries _. do.- .
Mining, total doMetal . .. . . . doAnthracite _ do_ _Bituminous coal doCrude-petroleum and natural-gas production
thousands- .Nonmetallic mining and quarrying do
Contract construction doTransportation and public utilities? do
Interstate railroads-.. doLocal railways and bus lines ... .do _ _ .Trucking and warehousing * doTelephone doTelegraph _ _ _ _ . _ _ doGas and electric utilities do. --
Wholesale and retail trade doWholesale trade doRetail trade 9 do
General-merchandise stores - . doFood and liquor stores doAutomotive and accessories dealers do
Finance, insurance, and real estate doService and miscellaneous? do
Hotels and lodging places _ - _ _ doLaundries. . - doCleaning and dyeing plants do
Government _ . do
Total, adjusted d1 doManufacturing _ . . do
Durable-goods industries _ _ ... .doNondurable-goods industries--. do _
Mining doContract construction d" _ - _ - doTransportation and public utilities doWholesale and retail trade doFinance, insurance, and real estate doService and miscellaneous doGovernment cf _ _ . . d o _
Production workers in manufacturing industries:Total (U. S. Dept. of Labor) T thousands..
Durable-goods industries . _ doOrdnance and accessories do
163,699
116, 763
66,811
63, 52660, 6885,325
55, 3632,838
49, 952
49, 46316 0509,1446,906
7479343
212
296104
2,4263,9961,187
12374869442
555
11,3542,8608,4941,9031, 494
767
2, 1365,588
463327155
7,166
T 48 43215, 9929,1056,887
743T 2, 491
3,98610, 5752,1475,644
r 6, 854
12,6457,218
97
163,930
116, 855
66, 700
63, 49760 150
5,29754, 8533,347
50 156
47, 74115 9259 1136,812
7419443
211
294100
2 2373,9271. 153
122724693
41553
10, 4192 8177 6021,3271,462
749
2,1245,533
456326153
6 835
r 48 4Q415 9939, 1246,869
741r 2 486
3,97410, 5742, 1455 646
r 6 845
12, 5237,182
96
164, 158
116, 901
66, 550
63, 32159 938
5, 08454, 8543,383
50 352
47, 75316 0609 2206,840
7379440
210
293100
2 1693, 9371,152
121732696
41553
10, 3092 8067 5031,2691, 467
749
2,1325,536
462324150
6 873
r 48 47016 0919,2116,880
741r 2 451
3, 98410, 5412, 1545 649
r 6 859
!12,6497 282 !
94 I
164, 367
117,051
66, 840
63, 65460 477
5, 69254, 7853,176
50 212
48, 21216 2019 3236,878
7399538
208
296102
2 2553,9661, 157
12174470041
554
10, 4082 8137 5951,3051 471
755
2.1505,571
463325154
6 922
r 48 76016 2299, 3006,929
739r 2 483
3, 98610, 6332, 1615 656
r 6 873
12, 7787 375
94
164, 595
117,130
67, 784
64, 64761 6856 215
55, 4702 962
49 346
48, 64316 2559' 4186 837
7399737
205
295105
2 3993, 9391, 159
12074866742
554
10 5492 8041 7451 3721 478
763
2,1615, 674
480329157
6 927
r 48 88216' 3809 4056 975
743T 2 502
3,94610, 6002,1615 674
r 6 870
12,8167 457
91 i
164, 799
117, 236
68, 256
65 19262 7036 963
55, 7402 489
48 979
48, 91816 3349' 5016 833
7429734
208
297106
2 5263,9971,196
12075567442
557
10 5342 8017' 733l'3421 487
768
2, 1715, 733
488333160
6 881
r 49 942
16 5459? 5237 022
749r 2 539
4, 00010, 6552,1715 676
r ft 907
12, 8827 530
90 i
165,023
117,318
69, 692
66, 69664 016
7, 68156, 3352 679
47 626
49, 50816 5779 6246. 953
7609937
211
306107
2 6154, 0811,224
118760715
42565
10 6432 8267 8171 3491 503
777
2, 2065, 775
514338161
6 851
r 49 51416 6889 6277' 061'
756r 2 514
4, 06410,7112,1845 690
T g qo7
13, 0867 630' 89
165, 248
117,404
70, 429
67 46564 994
7 70457, 2912 471
46 975
49, 42016 4759 5116 964
7499035
209
308108
2 7014,1131,240
11276272742
571
10 6332 8587* 7751 313l' 506
785
2, 2375, 816
574339156
6 696
r 49 63816 6359' gi87 017
757r 9 54(j
4, 08210,7652, 2045 730
r ^ 019
12, 9517 499
89
165, 495
117, 517
70, 695
67 72665 488
7 53657, 9522 237
46 823
49, 85816 8079 5787 229
7549335
208
309109
2 7464,1371 246
11377373142
572
10 6382 8637 7751 3151 499
788
2.2415, 818
5753381.51
6 717
r 49 71816 P619 6157 046
747r 2 519
4, 10610. 7972.2085 732
r g 948
13, 2627 553
88
165. 762
117.634
69, 853
66 88264 7337 875
56, 8582 149
47 781
50, 32216 91'9 6457 270
75810034
9QQ
305110
9 7484,1521, 242
11679172842
566
10 8242 87°7 9451 3951 51 6
785
2. 2235. 791
509336155
6 91 1r 49 835
16 6C*19 6341 0,57
7'4r 9 537
4. 13510.8242 '?235 705
r 6 966
13, 3737 62'̂
87 .
166,022
117,749
70. 250
67 09265 161
7 90557, 2562 131
47 409
50, 47116 9999 7621 237
75110035
°09
299108
2 6854,1271 236
11580071543
561
10 9092 9098* 0001 4441 527
785
2. 2165, 730
472334157
7 H'id-
9 7367 086
9 ^19
4,11610, 8012,227r 7<>n
6 9^1
13, 4467 79Q 1
84 i
166, 280
117,864
70. 164
67 20664 8076 920
57, 8872 398
47 701
r 50, 629r 17 049
•r 9' 867r 7 182
754T JOG
36°ll
300107
T 2 580' 4, 143
1 225115809736
42560
r li 126T 9 Q49
r 8 184
1 ' 570T 1 f j f j t )r 790
•• 2, 213' 5, 690
461333156
~" H74
r 1 R QA9
r 9 826r 7 136
~rn
r 9 493r 4, 132' 10, 868
r 2, 224
r Q gey
r 13. 498r 7 Q'ta
84
166, 512
117, 995
69, 538
66 59264 1655 884
58, 2812 427
48 457
'51, 299r 17 009
r 9 884r 7 125
r 754r 99
r 212
104r 9 407
' 4, 164
r 11 747r 9' QTO
r 1 964r i cgcj
r 799r 2, 220r 5, 658
r Q 842
T 7 106
r 9 471
' 4, 153
* 10, 941r 2, 231r x 71 cT 7 009
' 13. 460r 1 RIV-J
r83
166, 738
118,080
68, 691
65 77562 8915 635
57, 2562 885
49 388
v 49. 541''16 798
/> 9 802P g 996
p 74ftP 98
P 213
?99v 2 243p 4, 095
p 10 845„ n Q94
p i 407P l' 555
p 78(5
"2,216" 5, 600
P Q HOkjt 7 053
M, 144"11,007p 2, 238
" 13, 240v 7 7fi"-t
P82r Revised. p Preliminary. | See corresponding note on p. S-10.©Beginning July 1955, estimates relate to the calendar week which contains the 12th of the month (except December 1955 estimates which cover the week of Dec. 4-10)- earlier data relate
to the calendar week containing the 8th of the month. 9 Includes data for industries not shown. '
later.
*New series. Figures relate to establishments primarily engaged in local or long-distance trucking, transfer, and draying services or in the storage of farm products and other goods.rf1 Reflects preliminary revisions for seasonally adjusted estimates of total employment and the construction and Government divisions; revisions beginning January 1953 \\ill be shown
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-12 SURVEY OF CURRENT BUSINESS February 1956
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
J anu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT— Continued
Production workers in mfg. industries — ContinuedTotal (U. S. Dept. of Labor)— Continued
Durable-goods industries — ContinuedLumber and wood products (except furniture)
thousands. .Sawmills and planing mills do
Furniture and fixtures _ - do_Stone, clav, and glass products do_-Primary metal industries 9 - do
Blast furnaces, steel works, and rolling millsthousands. -
Primary smelting and refining of nonferrousmetals - thousands
Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment)
thousands- ..Machinery (except electrical) doElectrical machinery . _ ..do _Transportation equipment 9 - do
Automobiles . _ . _ _ _ _ _ d oAircraft and parts doShip and boat building and repairs doRailroad equipment . _ do
Instruments and related products _ _ d o . -Miscellaneous mfg. industries do
Nondurable-goods industries _ _ _ . doFood and kindred products 9 do
Meat products __ _ _ doDairy products doCanning and preserving _ doBakery products doBeverages _ do
Tobacco manufactures doTextile-mill products 9 - - - -- - do
Broad-woven fabric mills _ . ...do ._Knitting mills _ . _ do
Apparel and other finished textile productsthousands..
Paper and allied products doPulp, paper, and paperboard mills do
Printing, publishing, and allied industriesthousands.-
Chemicals and allied products doIndustrial organic chemicals do
Products of petroleum and coal __ doPetroleum refining _ do
Rubber products doTires and inner tubes _ _ do
Leather and leather products,. doFootwear (except rubber) do
Production workers in manufacturing industries, ad-justed:
Total thousandsDurable-goods industries doNondurable-goods industries -.do
Production workers in manufacturing industries :Indexes of employment:
Unadjusted _ 1947-49=100Adjusted _ _ _ _ _ _ _ _ _ d o - _
Miscellaneous employment data:Federal civilian employees (executive branch):
United States, continental thousandsWashington, D. C., metropolitan area do
Railway employees (class I steam railways) :Total thousands ,Indexes:
Unadjusted 1947-49=100--Adjusted _ __do . -
PAYROLLS
Manufacturing production-worker payroll index, un-adjusted (U. S. Dept. of Labor)— 1947-49=100-.
LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. ofLabor):
All manufacturing industries hoursDurable-goods industries _ do .
Ordnance and accessories _ _ - -do. .Lumber and wood products (except furniture)
hours-.Sawmills and planing mills do
Furniture and fixtures doStone, clay, and glass products doPrimary metal industries 9 _ _ _ _ _ _ do
Blast furnaces, steel works, and rolling millshours. -
Primary smelting and refining of nonferrousmetals - __ hours
Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment) hours. -
Machinery (except electrical)... do. _
661360297437
1, 002
493
53
8431, 106
8091, 375
70252510437
218373
5,4271,062
26472
151173114
100983443200
1,073442223
51953420617213320785
335222
12, 5807, 1775,403
102.2101.7
i 2,431. 1i 209. 8
1,059
79.881.5
143.1
40.541.140.7
40.840.941.441.140.0
39.1
40.5
41.640.9
631350293430
1,013
498
53
8341,109
8001,400
73052310438
217360
5,3411.007
25672
135168107
91977444192
1,069437221
51253420716913220985
336225
12, 5867,1915,395
101.2101.8
2, 113. 2206.1
1,037
78.277.5
141.5
40.240.940.0
40.740.740.540.640.4
39.7
40.6
41.140.8
639353296434
1,032
508
53
8441, 125
8031,426
75052310641
216371
5,367985250
73125169105
89985446196
1,101437222
51253520917013220987
345228
12, 6737, 2695,404
102. 3102.5
2,116.4207.0
1,033
78.078.1
144.4
40.441.140.5
40.841.241.340.640.6
39.8
40.4
41.241.0
6343f>5298442
1, 057
520
53
8601,144
8031,447
77352010840
219377
5,403991248
74128169109
83985445197
1,110439222
51654821217213321287
347227
12, 7987, 3505,448
103.3103.5
2, 122. 1207.5
1,035
78.178.7
146.6
40.641.440.6
40.841.141.341.340.9
40.2
40.5
41.441.4
651360297450
1,076
531
54
8681,164
8041,462
78951810741
218376
5,3591,011
24678
142169114
80983446196
1,057441223
51655121417313221189
337222
12, 9347,4435,491
103.6104.6
2, 127. 4207.3
1,040
78.479.5
146.7
40.341.240.6
40.440.640.341.341.2
40.5
40.6
41.241.6
' Revised. » Preliminary. l Includes temporary Post Office employees hired during Christmas310,000 in December 1955.
9 Includes data for industries not shown.
683373298456
1,096
544
54
8771,174
8091, 456
78950910942
211379
5,3521, 035
25183
149171118
80965431197
1,041444223
51655021517513421690
331218
13, 0817,5495,532
104.1105.8
2, 132. 9207.7
1,081
81.680.5
150.1
40.841.640.8
41.041.740.741.841.6
40.9
40.7
41.642.1
season; t
727389300466
1,115
557
55
8841,182
8161,447
78250311341
220385
5,4561,089
25589
183174122
82974433202
1,058451226
52154521717613521991
342225
13, 2007,6345,566
105.8106.7
2, 157. 4211.3
1,109
83.781.9
152.1
40.741.240.9
41.842.541.641.941.5
41.0
40.5
41.342.1
here were
720387298460
1,098
560
44
8631,160
8021,420
76150210842
219372
5,4521,150
25790
233174129
79954429194
1,025448227
51854221917713521692
342225
13, 1197, 6095,510
104.7106.1
2, 161. 3211.9
1,121
84.682.8
151.0
40.440.940.3
40.540.940.641.340.6
40.1
40.5
41.241.4
about 30
731393313472
1,112
564
51
8771,155
8181,379
72250110543
220388
5,7091,250
25988
327172127
105986440206
1,101459229
52054321817613421791
351229
13, 1277,5925,535
107.2106.1
2, 164. 5211.5
1,126
85.083.5
154.6
40.6'41.1
40.4
41.542.142.041.940.5
39.9
38.8
41.641.6
4,300 suet
726387320479
1, 134
568
55
8941,149
8551, 357
68951010346
223400
5, 7501,245
26383
325173122
114989438208
1,115462229
53055321817413222392
346224
13, 1607,6145,546
108.1106.4
2, 146. 9209.2
1,122
84.784.5
158.7
40.941.441.0
41.041.442.341.941.8
41.4
41.4
41.842. 1
i employe
716381323478
1, 135
559
55
9041,194
8851,378
71151210146
225407
5,7171,191
26578
260175120
113991439210
1,123464229
535557218
13022692
344222
13, 2707,7015,569
108.7107.3
2, 146. 1209.6
1,115
'84.286.0
161.2
41.141.741.0
41.141.542.441.941.6
40.6
41.2
42.242.3
es in all c
'696375323
'477'1, 151
563
55
' 912
'1,213'870
' 1, 4848315199946
* 225'405
' 5, 659'1,130
26875
199175115
101998442211
' 1, 135465231
539' 557
219'171
12923194
'332'211
' 13, 412' 7, 797' 5, 615
' 109. 1' 108. 4
2, 142. 2r 209. 6
' 1, 107
p83. 5P85.4
' 163. 9
41.241.941.4
40.541.542.141.641.7
40.8
41.1
41.842.4
ireas in I
'665
321'471
f 1, 162
'906' 1,237
874' 1, 514
'227'394
' 5, 607' 1, 068
'96'998
' 1, 136464
'537'558
' 170
'234
'346
' 13, 396' 7, 810' 5, 586
' 108. 8' 108. 3
1 2, 435. 21 214. 7
v 1, 103
P83. 0PS4.9
163.8
'41.3'41.9'41.3
'41.0
42.3'41.8' 42 "!
'41.843.1
)ecember
-- 638
p 319P464
p 1,160
*895p 1, 244
P854P 1. 496
P226P384
v 5, 477v 1, 007
p90P987
t 1, 108P457
P529P 556
p 167
P232
P343
p 13, 299p 7, 767p 5, 532
p 107. 0P 107. 5
p 158. 4
P40. 6P41.0P41.3
P40.0
P40.5P40. 9
Ml.lP42. 7
1954 and
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SUKVEY OF CURRENT BUSINESS S-13
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
EMPLOYMENT AND POPULATION—Continued
LABOR CONDITIONS— Continued
Average weekly hours per worker, etc. — ContinuedAll manufacturing industries, etc.— Continued
Durable-goods industries — ContinuedElectrical machinery- . hours -Transportation equipment 9 - --- -- do. _
A utoinob iles _ _ doAircraft and parts doShip and boat building and repairs do -Railroad equipment do
Instruments and related products doMiscellaneous mfg industries do
Nondurable-goods industries doFood and kindred products 9 , _ .do _ _
Meat products. _ doDairy products.. __ _ - - _ _ _ _ _ _ ._do- -Canning and preserving doBakery products _ _ __- .. .. .. - -do _.Beverages do
Tobacco manufactures doTextile-mill products 9 -do
Broad- wo ven fabric mills doKnitting mills do
Apparel and other finished textile productshours. .
Paper and allied products doPulp, paper, and paperboard mills.. do
Printing, publishing, and allied industrieshours.
Chemicals and allied products doIndustrial organic chemicals _ . _ _ do
Products of petroleum and coal doPetroleum refining . . .__ _ .. do .
Rubber products doTires and inner tubes. _ . _ do
Leather and leather products doFootwear (except rubber) do
Nonmanufacturing industries:Mining:
Metal doAnthracite . do ._Bituminous coal doCrude-petroleum and natural-gas production:
Petroleum and natural-gas production hoursNonmetallic miring and quarrying do
Contract construction ._ . . ... ..do ...Non build ing construction doBuilding construction _ . .. do..
Transportation and public utilities:Local railways and bus lines . - do _Telephone doTelegraph . _ _ do _Gas and electric utilities do
Wholesale and retail trade:Wholesale trade doRetail trade (except eating and drinking places) 9
hours--General -merchandise stores do _ _ _Food and liquor stores doAutomotive and accessories dealers..-, do..
Service and miscellaneous:Hotels, vear-round doLaundries.. _ do __Cleaning and dvoinsr plants do
Industrial disputes (strikes and lock-outs) :Beginning in month:
Work stoppages number. .Workers involved thousands
In effect during month:Work stopnages . _ number. _Workers involved . _ .thousands. _Man-days idle during month do .
U. S. Employment Service placement activities:Nona^r icultural placements thousands..
Unemployment compensation, State laws (Bureau ofEmployment Security):
Initial claimscf1 thousands. .Insured unemployment weeklv average doBenefit payments:
Beneficiaries, weekly averaged" - - do. __Amount of paymentscf thous. of dol._
Veterans' unemployment allowances:Initial claims .thousands-Insured unemployment, weekly average. do —Beneficiaries, weekly average doAmount of payments thous. of dol_.
Labor turnover in manufacturing establishments:Accession rate.— _ .monthly rate per 100 employees. _Separation rate, total do
Discharge doLay-off doQuit -. do ...Military and miscellaneous do
40.542.544.041 439.240 440.540 6
39.841.442.842.838. 240.939.5
38.440.240.638 3
36.342.743.8
39.041 441.040.640.641.841.637.837.2
41.735.137. 1
40.343.436.438.436.0
43.239.341.441.4
40.8
39.537.138.444.4
41.840.339.5
15329
29378
486
393
1,4501,666
1,365153,050
417987
9, 381
2.53.0.2
1.7.9.2
40 342. 143 041 539.440 140 240 2
39 340.841 743.337 740.439 4
37 739.639 937 4
36.042.343.7
38.241 140.740.840.941.341. 137 937.5
42.831.937 1
41.742.435. 436.835.1
42.538.941.340.9
40.4
38.935. 338.044.0
42.140.039.0
225.50
32580
400
397
1,5191,962
1,6701 70, 882
4492
10510,198
3. 32.9.2
1.51.0.3
40 442.443 841 139 539 440 540 5
39 540 540 043 338 240 539 7
37 040 040 138 2
36.742 543.8
38.441 240.840 240.241 340. 738 838 5
42 036.337 8
39.941.635. 337.934.7
42.939 041.340.9
40.3
38.935.137.944.2
41.839.838 0
25090
380125570
373
1.0381,880
1,694165, 469
3595
11110, 224
3.22.5.2
1.11.0.2
40 542.744 341 339 639 540 540 6
39 740 540 543 238 040 440 2
37 640 040 138 4
37.142 844.0
38.841 441.040 740.441 040.338 538 1
41 631.936 9
40.143. 636.639.635.9
42.839.041.540.8
40.3
38.835.237.644.2
41.740.239.2
300165
450220
1,600
453
1,0051 657
1,600178,762
3388
10711,337
3.63.0.2
1.31.3
9
40 642. 143 540 739 640 040 340 1
39 040 340 043 037 740 340 5
36 438 739 136 3
35.642 543.7
38.541 340.941 040 741 842 436 636 0
41 128 837 2
40.243 936.038 235. 4
43.039 442.040 9
40 3
38.634.737.644.2
41.640.339.7
325210
500310
2, 600
480
1,0091,471
1,345135.779
256986
8,423
3.53.1.3
1.21.5.2
40 842 744 341 039 940 140 640 5
39 641 141 343 838 341 140 7
38 839 540 037 5
36.342 944.0
38.741 341.041 441.042 042. 136 736.0
42 230.837 4
41.245.337.440.236.7
43. 339.842. 341.0
40.6
38.834.637.744.1
41.240.841.0
375170
575310
2,600
542
9101 263
1,136117,402
255566
6,739
3.83.2.3
1.11.5.2
40 640 340 041 039 840 740 840 5
39 941 541 344 039 341 440 7
39 439 840 038 1
36.643 044 1
38.741 441 141 240 642 343 137 937 5
42 235 139 0
40 145 337 741 236 7
43 939 442 341 1
40 6
39.135 438 344.2
41 340 440 1
500500
700650
3 400
548
8981 121
1,057108, 861
405664
6,606
4.33.2.3
1.21.5.2
39 841 742 541 239 140 540 239 7
39 741 941 744 839 741 442 2
38 339 640 337 7
36.043 144.5
38.741 240 941 340 841 342 737 737 4
41 235 538 2
40 845 438 242 137 2
43 240 042 241 4
40 9
39.735.939 144.1
41 340.639 *>
425750
650900
3 200
514
9691,092
92491,602
325968
6,764
3.43.4.3
1.31.6.2
40 641.141 541 039 140 940 640 3
39 941 141 643 739 240 941 4
39 240 240 738 6
36.943 244 4
38.941 240 841 040 441 342 138 338 1
42 133 537 5
40 145 837 741 636 7
43 340 242 441 6
40 6
39.635.739 143. 8
41 640.038 5
450220
650380
3. 000
603
877961
83992, 834
376070
7,681
4.54.0.3
1.32.2,2
40 341.241 341 439 540 841 240 9
40 141 742 943 539 941 240 9
40 440 541 038 5
36.843 644 5
39.341 541 141 340 841 541 437 236 3
42 828 736 5
40 845 938 542 837 4
43 040 142 441 4
40 7
39.135 038 444.0
41 240 340 3
400240
600430
2 800
622
725858
76383 169
244762
6,528
4.44.4.3
1.12.8.2
41 641 541 941 539 039 841 441 3
40 341 642 842 939 941 0
r 40 0
41 040 841 239 4
37.243 544 6
39.141 540 841 641 442 042 037 636 6
42 837 237 4
41 045 637 441 436 3
42 439 942 241 6
40 7
38.734 838 143.7
41 540 640 2
400225
600320
2,600
587
794784
67270, 091
203542
4,243
4.13 5.3
1 21 8.2
41.543.144.741 738.240 341.541 2
40 341.644 442.636 441.039 9
38 441 241 639 6
37.143 645.0
39.141 641 241 341 442 642 537 937 0
42 6
36 3
40 344 435 438 434 7
42 940 341 941 5
40 9
38.634 537 943.9
41 540 239 4
22590
475190
2 650
504
937863
685r 74 674
273740
4, 132
3.3r 3 1
3r 1 2r 1 4
.2
r 41. 6Ml. 8
r 41 4r 41 2r 40 4Ml. 8
r 39 141 2
-37.1T 43 6
'39.7Ml 8
r 41 o
r 41 2
r 3Q 2
17550
350200
2 000
431
1 1931 123
86195 153
324751
5, 230
p 2 . 4p 2 9
p 2p 1 4P 1 1
p. 2
p 41.0p40. 1
p 40 7p 40 2
p 39 9p 41 5
p 37 9p 40 3
P 36.5p 43 2
p 38. 7p 41 5
p 41 3
p 40 8
P 39 3
P 1 462
r Revised. v Preliminary.9 Includes data for industries not shown.<? Beginning 1955 includes data relative to UOFE (January 1955 initial claims, 29,000; beneficiaries, 2,700; benefits paid, $307,000).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-14 SURVEY OF CUEREXT BUSINESS February 195$
Unless otherwise stated, statistics through 1954 and ! l954
descriptive notes are shown in the 1955 edition of | T^npmBUSINESS STATISTICS | her Janu-
aryFebru-
ary March April May
19*
June
5
July August Septem-ber October Novem-
berDecem-
ber
1956
Janu-ary
EMPLOYMENT AND POPULATION—Continued
WAGES
Average weekly gross earnings (IT. S. Department ofLabor) :
A.11 manufacturing industries dollarsDurable goods industries do
Ordnance and accessories doLumber and wood products (except furniture)
dollars--Sawmills and planing mills ... . do ..
Furniture and fixture*' doStone, clay, and glass products do
Primary metal industries 9 - .. doBlast furnaces, steel works, and rolling mills
dollars .Primary smelting and refining of nonferrous
metals dollarsFabricated metal prod, (except ordnance, ma-
chinery, and trans, equip.) dollars. -Machinery (except electrical) doElectrical machinery do
Transportation equipment 9 do\utomobiles do\ircraft and parts doShip and boat buildinsr and repairs.- _ _ _ d o . _Railroad equipment do
Instruments and related products . doMiscellaneous mf(r industries do
Nondurable-goods industries doFood and kindred products 9 . _ do . -
Meat products doDairy products - doCanning and preserving. _ _ do_ __Bakery products - doBeverages .. _ do . _
Tobacco manufactures doTextile-mill products 9 do
Broad-woven fabric mills doKnittinf mills do
Apparel and other finished textile productsdollars _ -
Paper and allied products doPulp, paper, and paperboard mills. do
Printing, publishing, and allied industriesdollars ..
Chemicals and allied products doIndustrial organic chemicals. do -
Products of petroleum and coal doPetroleum refining . do
Rubber products doTires and inner tubes do
Leather and leather products doFootwear (except rubber) _ . do
Nonmanufacturing industries:Mining:
Metal doAnthracite . . . . _ . _ doBituminous coal ... do ...Crude-petroleum and natural-gas production:
Petroleum and natural-gas productiondollars . .
Nonmetallic mining and quarrying doContract construction do
NoTibuilding construction doBuilding construction. . . . do
Transportation and public utilities:Local railways and buslines do _ _ _Telephone .. . - - doTelegraph doGas and electric utilities.. . do
Wholesale and retail trade:Wholesale trade doRetail trade (except eating and drinking places) 9
dollars.-General-rnerchandise stores doFood and liquor stores doAutomotive and accessories dealers do
Finance, insurance, and real estate:Banks and trust companies ..do
Service and miscellaneous:Hotels, vear-round _ .doLaundries doCleaning and dyeing plants, - ,_do
74 1280. 1582 21
66. 9166.6765 8373. 98
85. 60
87. 98
81 00
80. 7083. 4474. 52
93. 0899 4487.7783. 1088.88
75. 3360 18
66. 4770. 7981. 7569.3455.3969.1278.21
49.9255. 0753.5950. 56
49.0176.0182. 34
90. 0979.9084.46
92 5796.2284. 8598.1852. 1649. 10
87.5789. 8692. 01
90. 6876. 3894.2889.4795. 40
79. 4970.7477. 0084.87
75. 89
56. 8841. 9261. 4476. 37
58. 51
41.3840. 7047, 01
73 9780. 1681 20
66. 3466. 7563 9973. 49
87. 26
90. 1 2
81 61
80. 1582.8274. 56
92. 6296 7588.8182.7487.82
75.1765 93
66.0270. 1879. 6570. 5854. 6768 2877.62
50 1454. 2552. 6749. 37
48.6075 7282. 16
88. 2479. 7384. 25
93 0296. 9383. 8497.4152. 6849.88
90. 3176.8892.01
95. 4975. 0591 6985. 0193. 02
78. 6369. 6376 8284. 25
75. 1 4
57. 5741.6561. 1875. 68
58. 97
41. 2640. 4046. 41
74 7480. 5682 22
66. 5067.5765 6773. 49
87.29
89. 95
81 20
80. 3483.6474.74
93.2898 9987 9582. 9585. 89
76. 1466 12
66. 3670.0776 0071 . 4556. 1568.8578.61
49 5855. 2053 3350. 81
49.5576. 0882. 34
89.4780.3484.86
91 2594. 8784 2596. 4653. 9351. 59
88. 2094.7494. 50
89.3874.0591 4388.3191.96
79.3770.9876 8284. 66
74. 96
57. 5741.0761. 0276. 91
59. 02
40. 9640.2045, 22
75 1181. 5682 42
66. 1066. 9965 6774. 75
88. 34
91.25
81 41
80.7384.8775.33
94.37100 5688.3882. 7684. 14
76.1466 58
66.7070.0777.7671.2856. 2468. 2880.00
51.5154. 8052. 9350. 69
49. 7177.0483. 16
90.7980.3285. 69
93 6196. 9683.6495.5153. 5251. 05
87.7880.0791.88
91. 4377.1794 0691.4894.42
79. 1870.2077. 1984. 05
75.76
57.4241. 1860. 5478. 68
59. 08
40. 4540.6047.04
74 9681.5882 42
67. 0667. 4064 4875. 17
89. 40
92. 34
81 61
80. 3485.7075. 52
92. 6297 8887.1083.1688.00
75. 7665 76
65.9170. 1276. 0070.9557.6868. 1181.41
50.6053. 0252. 0047. 92
46. 9976.9383. 47
89.7181 . 3687.12
95 9499.7286. 53
102. 1851.2448.24
86.3174.8893.00
93.6778.5892 5289.3993. 10
79.9871.7178. 5484. 66
76. 1 7
57. 5140. 6060. 5480.00
59. 00
40. 3540. 7047.24
76 3082. 7882 82
68. 4769. 6464. 7176, 91
90. 69
93. 66
82 62
81. 5487. 1576. 30
94.79101.0088. 15R3. 3988.62
75. 9266. 83
67. 3271.5179.3072.7156. 6869.8782.21
54. 7154. 5153. 2049. 50
47. 9277. 6583. 60
90. 9581.7786. 51
97 70101.2787. 36
101.8851. 7548.24
89.4677.6293. 87
96.4181.9996 1294. 0796. 52
80. 5472. 8379. 5285. 28
77. 14
58. 2040. 8361.0781. 14
58. 69
40. 7941.6249.61
76 1181.9983 44
71.9073.1066 9877. 52
91.30
95. 12
82 82
80. 9587. 5775. 92
88 2689 2088 1583.1890 35
77 9366 42
67 8371.3879 3073 0455. 8170 7982.21
55 5554.9253 2050 29
48. 6878 6985. 1 1
90. 9582.8087. 54
97 23100. 2888 83
105. 6053. 4450. 63
90 7387.4098. 28
93. 0382.9096 8996.4196.89
82.0970.9279 5285. 49
59. 0442.1362. 4381.77
58. 50
40. 4740. 8048. 12
76 3682.6282 62
69. 6670. 3564 9677.23
92.57
98. 65
84 65
81.9986.1174.82
92 9997 7589 4081.7290 32
76 3865 51
67 8972 0780 4875 2654 7970 7987.35
54 0054.2553 2049 01
47.8879 3086.78
90. 9583.2287 94
99 53102 4186 32
103 3352. 4049 74
91 4686 2795 50
96. 2983. 9998 9499 3698 95
81 2272 0079 3486 94
78 53
60. 3443. 0863 7381 14
58. 77
40.8941.0147.04
76 3382.6182.42
72. 2172. 8368.4677.93
91.94
96.96
81. 48
82.7886.9475.92
92.0695 4588.9883.6793. 25
77. 5566 50
67 8371. 1083 6272.9856. 4570. 3585.28
50 5755.4854. 1350.95
49.8279 9287.02
91. 4282.8186.90
97 5899.7986 32
102. 7253. 2450.67
94 7385.7694.50
92.6384.7398 0299. 0197.99
81. 4072. 7679.7187.78
77.95
60. 1942.4863. 7381. 03
58. 67
40.7740.4045. 82
77 7184. 4685 28
70. 9371.6269. 3779. 19
97. 39
103. 91
89 42
84.0288. 8376. 17
93 1196 2390 6784 9394 25
79 5268 30
68 Q772 9887 5273 9558 6571 2884 66
50 5056. 7056 1751 21
50. 0581 1088. 11
93.1484. 2589 60
100 36102 8286 74
101 0252. 4549 01
96 7372 6196 73
95. 8885. 83
100 87102 29100 61
81. 7072 5879 7187 77
78 96
59. 8242. 0062 9880 96
59. 09
41.2040 7048. 36
78 5085. 0785 28
71.1071.8069. 9678.77
96.10
99. 47
88 58
85. 6790. 1079.46
94 2198 4791 3084.2491 54
80 3269 38
69 3273 6387 7472 0759. 0571 3482.00
51 2557. 5356 4453. 19
50. 5981 3588.31
92.6783.4288. 13
99 84103 0989 04
103 7453. 3949.41
97 5896 7299.86
96. 3584.3698 3699 3698.01
80.5673 4279 3489.02
79 37
58. 8241. 7662 4879. 53
60. 25
41. 5041 0148.24
79.5286.3186.94
68.4570.1469.0479.04
96.33
100. 37
87 54
84.4490.7479.27
99 56106 3991 7482.1394 30
80 5169 63
70 1274 8894 1372 4253.5172 1682.19
51 4658.5057 4153 86
50.4681 5389.10
92.2884.8689 82
99 95103 9192 44
107 9554.9651 06
97 13
96 92
94.3081.7093 1091 7893 34
81 0875 7678 3589 23
78 94
58. 6741.0662 5479 46
60.64
41.5040 6047. 28
r 79. 71r 86. 31r 86. 73
r 68. 06
T 69. 37r 79. 00
r 97. 67
' 84. 8593.10
r 79. 87
r 95 30
r80 73r 70 04
T 70 30r 76 08
r 53 9658.50
'50.46r81 97
r 94. 49r 85. 27
r gg 4Q
r 88 99
r 56. 45
p 78 36v 84. 05p 86 73
P 65. 60
p 66 42p 77.30
p 83. 43p 92 66P 79. 13
T 90 23
p 79 77TJ fiK 34
•P 69 83p 75 95
P 53 06p 57. 23
T 50. 01P 81 65
p 92. 11p 85. 08
P 99 12
P gy 72
p57. 38
T Revised. v Preliminary.9 Includes data for industries not shown.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February lf)r>6 SURVEY OF CURRENT BUSINESS S-15
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
Janu-ary
Febru-ary March April May
19
June
55
July August Septem-ber October Novem-
berDecem-
ber
1956
Janu-ary
EMPLOYMENT AND POPULATION—Continued
WAGES— Continued
Average hourly gross earnings (U. S. Department ofLabor) :
4.11 manufacturing industries dollarsDurable-goods industries do
Ordnance and accessories. doLumber and wood products (except f i i rn i tu re )___
dollars—Sawm ills and plan ing m ills - . d o
Furniture and fixtures doStone, clay, and glass products. doPrimary metal industries 9 do
Blast furnaces, steel works, and rolling millsdollars..
Priinary smelting and refining of nonferrousmetals _ _ _ _ . . ... dollars
Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment) dollars. .
Machinery (except electrical) doElectrical machinery . do
Transportation equipment 9 - doAutomobiles doA ircraft and parts . do...Shin and boat building and repairs doRailroad equipment do
Instruments and related products do ...Miscellaneous mfg. industries .do ...
Nondurable-goods industries. __doFood and kindred products 9 do ..
Meat products . _ _ ... .-..doDairy products - doCanning and preserving doBaker v products - doBeverages - . do
Tobacco manufactures doTextile-mill products 9 do
Broad-woven fabric mills doKnitting mills do
Apparel and other finished textile productsdollars. .
Paper and allied products. _ .doPulp, paper, and paperboard mills do
Printing, publishing, and allied industries-doChemicals and allied products... do
Industrial organic chemicals. - —do
Products of petroleum and coal doPetroleum refining do
Rubber products ... . _ , ..do ...Tires and inner tubes do
Leather and leather products _ doFootwear (except rubber) ..do
Nonmanufacturing industries:Mining:
Metal doAnthracite doBituminous coal _ _ . ..doCrude-petroleum and natural-gas production:
Petroleum and natural-gas prod dollars..Nonmetallic mining and quarrying do
Contract construction doNon building construction doBuilding construction _ . _ _ . . ..do ...
Transportation and public utilities:Local rail wavs and bus lines - do... -Telephone _ doTelegraph doGas and electric utilities __ do
Wholesale and retail trade:Wholesale trade doRetail trade (except eating and drinking places)
dollars..General-merchandise stores . doFood and liquor stores .._ . _.doAutomotive and accessories dealers do
Service and miscellaneous:Hotels, vear -round doLaundries _ ... do ._Cleaning and dyeing plants do
Miscellaneous wage data:Construction wage rates (ENR):§
Common labor dol. per hrSkilled labor do
Farm wage rates, without board or room (quarterly)dol. per hr_-
Railway wages (average, class I) _ . do. _ _Road-building wages, common labor do
I 831 952. 02
1.641.631 591 802.14
2.25
2. 00
1.942 041.84
2. 192 262. 122.122.20
1 861.63
1.671.711.91
62.4569
.98
.3037
.3232
.35
.78
.882.311.932. 00
2.282 372.032.361.381. 32
2. 10? 562.48
2.251.762.592.332. 65
1.841.801 862.05
1.86
1.441.131.601.72
991.011. 19
2. 0223 186
1. 928
1 841 962. 03
1.631.641 58.81
2.16
2.27
2.01
1.952 031 85
2. 202 252 142.102.19
87.64
.6872
.9163
.4569
.97
.3337
.3232
.35
.79
.882.311.942.07
2.282 372. 032.371.391.33
2. 112 412.48
2.291.772.592.312.65
1.851. 791 862. 06
1 86
1.481.181.611.72
981.011. 19
2. 0223 188
.881.9491.64
1 851 962. 03
1.631.641 591.812.15
2.26
2 01
1.952 041 85
2 202 262 142 102.18
1 881 64
1 681 731 901 651 471 701 98
1 341 381 331 33
1.351.791.882.331.952.08
2.272 362 042.371 391.34
2.102 612 50
2.241.782. 592 332. 65
1.851 821 862 07
1 86
1.481.171.611.74
981.011 19
2 0193 188
1.977
1 851 972. 03
1.621 . 631 591.812.16
2.27
2 01
1.952 051 86
2 212 272 142 092.13
1 881 64
1 681 731 921 651 481 691 99
1 371 371 321 32
1.341.801.892.341.942.09
2 302 402 042.371 391.34
2.112 512 49
2.281.772. 572 312.63
1.851 801 862. 06
1 88
1.481.171.611.78
971.011 20
2.0213 190
1. 925
i
1 86 •1 98 ''2.03
1.661.661 601.822.17
2.28
2.01
1 . 952 061 86
2 202 252 142. 102. 20
1 881 64
1.691 741.901 651.531 692 01
1.391 371 331 32
1.321.811.912. 331.972.13
2.342 452.072.411.401.34
2. 102 602 50
2.331.792.572.342. 63
1.861 821 872.07
1 89
1 . 491.171.611.81
971.011 19
2 0253 190
.851.9461.74
1 871 992.03
1.671 671 591.842.18
2.29
2 03
1.962 071 87
2 222 282 152 092 21
1 871 65
1 701 741 921 661 4K1 702 02
1 411 381 331 32
1.321.811 902. 351.982. 11
2 369 472 082 421 411.34
2 122 522 51
2. 341.812.572 342 63
1.861 831 882 08
1 90
1 501.181 621.84
991 021 21
2 0503 207
1.942
1 87i on2. 04
1.721 721 611.852.20
9 32
2 04
1.969 08
1 87
2 192 232 152 092 22
1 911 64
1 701 721 921 661 421 712 02
1 411 38I 331 32
1.331.831 932.352.002 13
2 362 472 102 451 411.35
2 152 492 52
2.321 832.579 342 64
1.871 801 882 08
1 91
1 511 191 631 85
981 011 20
2 0593 227
1. 941
1 892 022.05
1.721 79
1 601.872.28
2 46
2 09
1.992 081 88
9 232 302 172 092 23
1 901 65
1 711 721 931 681 381 712 07
1 411 371 321 30
1.331.841 952.352.022 15
2 412 51o Q92 421 391. 33
2 222 432 50
2.361 852.599 3fi2 fi6
1.881 801 882 10
1 92
1 521 201 631 84
991 011 20
2 0733 247
.881 9621 72
1 882 012. 04
1.741 731 631.862.27
2.43
2 10
1.992 091 87
2 242 302 172 142 28
1 911 65
1 701 732 011 671 441 722 06
1 291 381 331 32
1.351.851.962.352.012.13
2 382 472 092.441 391.33
2 252 562 52
2.311.852.602 382 67
1.881 811 882 11
1 92
1 521. 191 631.85
981 011 19
2 0873 264
1.938
1 902 042.08
1.731 731 641.892. 33
2 51
? 16
2.012 111 89
2 262 339 192 152 31
1 931 67
1 721 752 041 701 471 732 07
1 251 401 371 33
1.361.861 982.372. 032 18
2 432 522 092 441 411.35
2 269 532 65
2. 351 872.622 39'> 69
1.901 811 882 12
1 94
1 531 201 641 84
I 001 011 °0
9 0873 971
1 954
1 912 042.08
1.731 731 651.882.31
2.45
2 15
2. 032 131 qi
2 272 352 202 162 30
1 941 68
1 721 772 051 681 481 742 05
1 251 411 371 35
1.36..87I 982.372.012.16
2 402 492 122 471 421.35
2 282 602 67
2. 351 852. 632 402 70
1.901 841 882 14
1 95
1 521 201 641.82
I 001 011 20
2 0933 286
1 9831 72
1 932 062.10
1.691.691 641.902.31
2.46
2 13
2.022 141 91
2 312 382 202 152 34
1 941 69
1 741 802 121 701 471 762 06
1 341 421 381 36
1.361.871 982.362.042 18
2 422 519 172 541 451.38
2 28
2 67
2 341 842 639 399 69
1 891 881 872 15
1 93
1 521 191 651 81
1 001 011 20
9 Q943 289
1 987
1 939 ()(i
••2 .10
1.66
T i 64r 1.89
2.32
2.03? 161 92
r 2 28
1 951 70
r 1 741 82
r 1 381 42
>• 1. 36* 1.88r 2.38' 2. 04
r 9 4()
r 2 IB
1 44
9 0973 990
" 1 93v 2 05p 2. 10
p 1.64
•» \ 64p \. 89
>' 2. 03P 2 17p 1 93
p 2 25
p I 9f>v 1.70
T 1. 75*> 1 83
v \ 40r \ 42
p 1.37v 1.89
P2.38'' 2. 05
p 2 40
p 2 15
p I 4fi
2 107'•} 298'
.91
r Revised. v Preliminary.9 Includes data for industries not shown.§ Rates as of Feb. 1, 1956: Common labor, $2.117; skilled labor, $3.309.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
•S-16 SUEVEY OF CURRENT BUSINESS February 1056
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
FINANCE
BANKING
Acceptances and commercial paper outstanding:Bankers' acceptances _ _ _ _ mil. o fdo l__Commercial paper do
Agricultural loans and discounts outstanding of agen-cies supervised by the Farm Credit Adm.:
Total mil of dolFarm mortgage loans total do
Federal land banks doLand Bank Commissioner do
Loans to cooperatives do _Other loans and discounts do
ank debits total (345 centers) do-__New York City do
B6 other centers cf - - do.-
Federal Reserve banks, condition, end of month:\sset<* tot-il 9 mil. of dol
Reserve bank credit outstanding, total 9-- -doDiscounts and advances doUnited States Government securities do
Gold certificate reserves - do
Liabilities total 9 - _ d o _ _ _Deposits total 9 d°
Member-bank reserve balances doExcess reserves (estimated) do
Federal Reserve notes in circulation do
Reserve ratio - - - percent
Federal Reserve weekly reporting member banks,condition, Wednesday nearest end of month:
Deposits:Demand adjusted _ -_ _ mil. ofdol..Demand, except interbank:
Individuals, partnerships, and corporationsmil. of doL-
States and political subdivisions.. . _ doUnited States Government. do _
Time except interbank total 9 doIndividuals, partnerships, and corporations
mil. of dol_-States and political subdivisions do
Interbank (demand and time)-- _ do
Investments total - - - -- -doU. S. Government obligations, direct and guaran-
teed total --- - - mil. of doLBills - do. -Certificates doBonds and guaranteed obligations do- _Notes do
Other securities _ _ _ do_ -
Loans (adjusted) totalO doCommercial industrial, and agricultural do _ _To brokers and dealers in securities doOther loans for purchasing or carrying securities
mil. of dol- -Real -estate loans -- - - - do ... -Other loans do
Money and interest rates :§Bank rates on business loans:
In 19 cities percentNew York City do
11 th rl t ' n "ti do
Discount rate (N Y F R. Bank) doFederal intermediate credit bank loans doFederal land bank loans doOpen market rates, New York City:
Acceptances, prime, bankers' 90 days doCommercial paper, prime. 4-6 months doCall loans, renewal (N. Y. S. E.) _do . ._Yield on U. S. Govt. securities:
3-month bills - - do3_5 year taxable issues do
Savings deposits, balance to credit of depositors:New York State savings banks mil of dolLT. S. postal savings - -- ....do _ . _
CONSUMER CREDIT(Short- and Intermediate- term)
Total outstanding end of month mil of dol
Installment credit, total do
Auto mobile paper doOther consumer-goods paper doRepair and modernization loans doPersonal loans. _ _ __ _ -_ . .-. do
873733
2,3051,2931,281
13364648
186,31773, 81738, 217
50, 87225. 885
14324, 93221, 033
50, 87220, 37118, 876
25826, 253
45.1
58, 445
60, 1173, 9392,597
20, 169
18, 8061,154
14, 273
45, 526
36, 9022,5432,768
23, 3918,2008,624
41,00822,4862,688
1,1137,176
' 8,205
3.553.303 553.90
1.501.904.17
1.251.313.00
1.1741.94
15, 4752,137
30. 125
22, 467
10,3965,6681, 6164,787
869713
368662
163, 39362, 64233. 531
49, 62624, 960
47523, 88521,038
49, 62620, 13818,918
58125, 640
46.0
57, 639
58, 3174,2322,320
20, 198
18, 8641, 126
13, 651
44, 783
35, 7992,0652,551
23, 1028, 0818,984
40, 48321,9262,582
1,0567,2798,346
1.501.794.17
1.331.473.00
1.2572.11
15,5582,116
29, 760
22, 436
10,4595, 6091,5744,794
831703
355696
149, 74457, 09131,595
49, 44224. 769
'48523, 60521,032
49, 44219, 87918, 562
47125, 609
46.2
56, 270
57, 7623,9602,633
20, 280
18, 9301, 145
13, 402
43, 590
34, 5991,8161,633
22, 0769,0748,991
40, 75122, 241
2.374
1,0807,3598,408
1.501.794.17
1.381.683.00
1.1772.18
1 5, 6042. 095
|
29,518
22, 508
10, 6415, 484
1 1,5504,833
807681
2,4341, 3471.336
12339747
178, 92467, 24239,908
49, 43424, 667
39123,61321,027
49, 43419, 80618, 283
41225, 528
46.4
55, 590
56, 4744,0622, 534
20, 329
18, 9901,132
13, 085
41, 932
32, 8851,2861,117
21,8068,6769,047
41, 44822, 5972,483
1,1137,4748,488
3 543.293 55
1.501.794.17
1.381.693.00
1.3352.30
15,7702,075
29, 948
22, 974
11,0535,4791,5304,912
767623
325792
1158.29657, 63434, 494
49,91324, 988
56023, 61 220. 985
49, 91320, 15818, 495
33425, 496
46.0
56, 969
57, 9214,2163,105
20, 319
18, 9691,142
12, 988
42, 960
33, 9831,7501,911
21, 6828,6408,977
41,81822, 5452,660
1,1087,5708,652
1.751.834.17
1.431.903.00
1.6202.39
15,7642, 052
30, 655
23, 513
11,4825, 4921,5345, 005
686572
318835
1167,71462,21136, 570
49, 30624, 780
46023, 66220, 988
49, 30619, 68518, 221
19225, 656
46.3
56,011
57, 6244,3613,148
20, 363
19,0371,113
12, 974
41, 724
33, 0261,0811,149
21,4909,3068,698
42, 44022, 6362,742
1, 1557,7198,910
1.751.924.17
1.502.003.00
1.4912.40
15, 8302, 030
31,568
24,149
11,9855, 6551, 5465,063
655572
2, 6051,4081 408
0319878
U77.91767, 63437, 569
49, 66624, 601
12823, 60720, 994
49, 66619,26818, 066
-7325, 868
46.5
56, 156
57, 3764,2583,224
20, 449
19, 1731,059
13, 058
40, 798
32, 0761,019
74321,3139,0018,722
43, 67423, 5012,678
1,1907,8739,153
3.563.303 553.95
1.752.084.17
1.502.003.00
1.4322.42
15, 9852,008
32, 471
24, 914
12, 5615,6391,5625,152
650593
2 6511,4211 421
0336894
1161,74858, 90434, 123
50, 48825, 719
75424, 09120, 994
50, 48820, 45118, 999
68825, 945
45.3
55, 865
56, 9843, 9633, 374
20, 333
19,1041,018
13, 339
40, 765
31, 9751,160
93221,0778,8068,790
44, 11323, 5502,775
1,1907, 9939,340
1.752.424.17
1.502.113.01
1.6222.54
16, 0221,984
32, 896
25, 476
13, 0385, 6761,570
! 5, 192
655580
2 6701,4361 436
o341893
'1167,34358, 98035, 863
49, 88024, 911
47023, 76020, 993
49, 88019, 53218, 368
21726, 004
46.1
55, 931
57, 5233,9903,256
20, 385
19, 1461,032
12, 977
39, 716
30, 948985625
20, 9658,3738,768
44,69624, 1712,467
1,1848, 1209,492
2.002.424.17
1.672.333.34
1.8762.73
16,073•• 1, 961
33,636
26, 155
13, 5475,7621,5895,257
671564
2 6631,4511 451
0357855
••1168,96762, 55035, 126
50, 24325, 250
60323, 83420, 994
50, 24319, 74118, 423
21126, 142
45.8
56, 306
58, 3163,7722,635
20, 405
19, 210993
13, 077
39, 044
30, 347994496
20, 7878,0708,697
45, 44924.660
2, 406
1,1948,2579,669
3 773.543 764 11
2.252.564.17
2.082.543.40
2.0862.72
16,190v 1, 943
34,293
26, 699
13, 9295,8481,6115,311
662547
2 6411,4641 464
0386791
^175,77967,56835, 803
50 22125, 430
70624, 02421, 007
50, 22119, 84818, 565
17226, 246
45.6
56, 394
58, 1304,0552,876
20, 513
19, 356952
13, 515
39, 124
30, 559842
1,19620, 6447,8778,565
46, 49925, 3032,689
1,2458,0739,926
2.252.654.17
2.232.703.50
2.2592.58
16, 191p 1, 925
34,640
26, 963
14, 0955,9171,6275, 324
|
642542
2 6041 4771 477
o392735
''173,19063 40636, 876
51 19725, 776
61824, 25621,002
51, 19719,77018, 474
5726, 629
45.3
56,900
59,4753,9712,870
20,367
19,192971
13,111
38,006
29,643636824
20,7777,4068, 363
47,33126,0142,605
1,2488,18810,015
2.503.004. 17
2.172.813.55
2.2252.70
16,295* 1,908
35 059
27,247
14, 1726,0571,6345,384
642510
2 5921 4971 497
o374721
1 200,52381 02740 193
52 34026, 507
10824, 78521, 009
52, 34020 35519, 005
* 10226, 921
r 44. 4
58, 882
62, 1664,0262, 239
20, 527
19, 354969
13, 882
38, 380
30, 1221, 535
91020, 6806,9978,258
48, 35626, 6732,852
1,2718. 147
10. 159
3 933.763 954 17
2.503.004.17
2.432.993.63
2.5622.83
16,509v 1, 890
36 225
27, 895
14, 3126 4351,6415. 507
50 61525, 122
85223, 46621,010
50, 61519 88118, 750
p40426, 170
45. 6
57, 607
58,9464,3991,477
20, 416
19, 251963
12, 917
36, 983
28, 8221,044
69820, 2306,8508,161
47, 71126, 2602,625
1,3028,154
10, 197
•-:::::::
16 584
r Revised. v Preliminary. ! Data are for 344 centers.d* Includes Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.9 Includes data not shown separately.O Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross.§ For bond yields, see p. S-20.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS S-17
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber Ja?y" | Fear™' | Mareh April
1955
May June July August Septem-ber October Novem-
berDecem-
ber
1956
Janu-ary
FINANCE— Continued
CONSUMER CREDIT— Continued(Short- and Intermediate-term)
Total outstanding, end of month— ContinuedInstallment credit — Continued
By type of holder:Financial institutions, total mil. of doL
Commercial banks doSales-finance companies do - _Credit unions doOther do _
Retail outlets, total do---.Department stores - _ _ doFurniture stores - doAutomobile dealers _ _ doOther do .
Noninstallment credit, total do —
Single-payment loans -- - do ._Charge accounts do ...Service credit doBy type of holder:
Financial institutions - -_ do _ _Retail outlets doService credit -- - do
Installment credit extended and repaid:Unadjusted:
iCxtended total - _ _ d oAutomobile paper - _- doOther consumer-goods paper - do __All other - -~ do
Repaid total -- doAutomobile paper - - do -_Other consumer-goods paper doAll other - - do _
Adjusted:Extended total - - do ...
Automobile paper doOther consumer-goods paper -- do -411 other do_ -.
Repaid total - doAutomobile paper do. ...Other consumer-goods paper doAll other - do ~
FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures:Receipts total mil. of dol .
Receipts net do ..Customs -- do^ _ -Income and emplovment taxes - - doMiscellaneous internal revenue - do _ . _\11 other receipts - do
Expenditures, total - do_...Interest on public debt _ - do - -Veterans' services and benefits - _ d o - _ .National security doAll other expenditures do ...
Public debt and guaranteed obligations:Gross debt f direct) end of month, total -do _
Interest bearing total doPublic issues -~ -- do. .-Special issues do
Noninterest bearing doObligations guaranteed by U. S. Government, end
of month mil. of dol- .U. S. Savings bonds:
Amount outstanding end of month - doSales Dories F through K doRedemptions _ do ...
Government corporations and credit agencies:Assets, except interagency, total mil. of del-
Loans receivable total (less reserves) doTo aid agriculture -. - do -_To aid homeowners doForeign loans _ _ _ _ - .. do _ . _\ll other do
Commodities, supplies, and materials doU. S. Government securities doOther securities and investments doLand, structures, and equipment doAll other assets do
Liabilities, except interagency, total doBonds, notes, and debentures .__ . _do ....
18, 938,636,421,292,58
3,531,20
890394
1,047
7, 658
2,4203, 5181,720
2,4203,5181,720
3. 0461,184
936926
2, 5931, 084
666843
2,7621,298
679785
2,4881,083
643762
4,2173,742
473, 204
801165
6,2881,200
4013,739
947
278, 750275, 731233, 16542, 5663,019
34
58, 358557633
41, 40319,3486,9292,9078,0011, 739
3,8522,9673,4328,0463,758
5,2851.101
Other liabilities _ do 4. 183Privately owned interest doU. S. Government interest do '
50835, 610
18, 9778,6516,4621.2822, 582
3, 4591.158
862397
1,042
7. 324
2, 3713,2251,728
2, 3713 2251, 728
2,3891,060
616713
2, 420997675748
2,8231,233
788802
2,4961,020
684792
4,8334,655
483,638
716430
4, 942222379
3,1761, 166
278, 439275, 696233, 42742, 2682,743
24
58, 456742772
19, 1538,6886, 5701,2982, 597
3, 3551,108
848404995
7,010
2, 4272,8311, 752
2, 4272. 831I! 752
2,4161, 167
529720
2,344985654705
2,8981,382
660856
2, 5211,071
680770
5, 9545,427
474, 857
774276
4,831396365
3, 0481,022
278, 182275, 565233, 51742, 0472,617
27
58. 605602543
19,6138,8446,8081,3302, 631
3, 3611,123
838420980
6, 974
2,4812, 7351,758
2,4812, 7351. 758
3,1591, 569
708882
2,6931,157
713823
3, 0351,472
741822
2,5621,096
683783
11, 0899,741
609,906
995127
5,894478386
3,7591, 271
274, 048271, 200229, 10342, 0972, 847
33
58, 701614605
41, 99619, 7827,4663,0137,9681 593
3,6123,1873,4297,9824,004
5,6051,592
20, 1279,0207,0771,3602. 670
3, 3861,138
834437977
7,142
2.4962. 8591,787
2, 4962, 8591.787
3, 0891,512
703874
2, 5501,083
690777
3,0171,404
736877
2,5521,093
672787
4, 9413,732
513,976
795119
5, 228355383
3,3821, 108
276, 649273, 924232, 23341, 6912, 725
37
58, 639535682
4,013 j
1 20, 718! 9, 228
7,3901 1,395
2, 705
3,4311.150
842! 4571 982
7,419
2, 5893,0111,819
2, 5893, 01 11,819
3. 2061,616
741849
2, 5701,113
678779
3, 0911. 517'736838
2, 6341, 139
687808
6,1194, 438
564, 849
939276
5, 356443381
3,3461,187
277, 472274, 804232, 56342, 2402,668
43
58, 64]488581
1
i! 21, 432! 9, 495
7,7471,4342, 756
3, 482! 1,160i 851
481990
7,557
2, 6863, 0401.831
2,6863, 0401,831
3. 4431, 766
766911
2. 6781,190
682806
3, 1651. 580
754831
2,6121, 165
678769
11,27910. 125
579,921
989311
6, 7531 1, 476
3984,146
733
274, 374271, 741228, 49143,2502, 633
44
58, 643496619
40, 63918 9276, 3623 0958, 0321 932
3, 4753 1083 4307,8213 87s
4, 9001.88?
i 3 01 Q .543 ; ! /ifi8
35,848
21,9809, 6568,0871,4582,779
3, 4961,155
856501984
7, 420
2, 59"2,9911,834
2, 5952,9911, 834
3,1311, 594
711826
2,5691,117
674778
3,1221,510
791821
2,6021,132
697773
3,0892,765
541,924
877234
5,382592364
2,8631,564
277, 584274, 955231,61543, 3402,629
42
58, 672494589
! 35,171
22, 6059,8718,4221,495
| 2. 817I
3,5501. 167
871523
i 989
7,481
2,6293,0191,833
2,6293,0191, 833
3, 4361,745
793898
2,7571,236
707814
3,2001,559
770871
2, 7141,195
720799
5,8484, 734
554, 459
945390
6. 225522434
3, 4201,850
278, 309275, 711231, 47244, 2382, 598
43
58, 703487543
23,1010,06(8.6671. 5282,846
3. 5981. 191
878538991
7. 594
2,6573, 1081,829
2. 6573, 1081.829
3, 2411,592
783866
2.6971, 210
697790
3, 2791.613
756910
2,6911, 173
696822
6,1805,498
574.968
947208
5, 340529363
3,611837
277, 476274. 879230! 98843, 8912, 597
48
58, 532462722
23, 32410, 1458,7711.5472,861
3, 6391,203
88954f>
1.001
7,677
2, 66f3,2181,793
2,6663,2181,793
3. 0511,417
785849
2,7871,251
716820
3. 0641.467
721876
2, 7731.231
719823
2,9982,692
621.873
890173
5, 355542364
3. 1611,288
279. 818277, 277233, 61943, 6572,541
48
58, 494451574
23, 52410,2278,8251,5562, 916
3,7231,251
9095-50
1,013
7,812
2, 7573, 2851,770
2, 7573, 2a51,770
3,1031,341
850912
2,8191,264
710845
3, 1751,429
802944
2.8301,280
699851
5, 5274, 662
654,2151,008
240
5, 172542
P426p 3, 116v 1,089
280, 136277, 628233, 61544, 0132,508
53
58,501438526
23,8610, 348,931.582,99
4,031,42
95f55f
1,09"
8,33(
2,77t3,79"1, 75"
2, 77f3, 7971, 757
3, 5081,3691,0901,049
2, 8601, 229
712919
3,1851. 503
792890
.2, 7471,228
690829
5,3374, 889
563,962
879440
5, 651595
P408P 3, 477P 1, 170
280, 769277, 799233, 87343, 9262,970
53
58, 548466545
:
in
280, 049277, 170233, 58443, 5852,879
53
58, 193645
1, 126
r Revised. > Preliminary. i Effective with the fiscal year ended June 30, 1955, changed from a due and payable basis to an accrual basis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-18 SURVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
FINANCE—Continued
LIFE INSURANCE
Institute of Life Insurance:Assets, total, all U. S. life insurance companies
mil. of doL-Bonds (book value), domestic and foreign, total
mil. of doL-U. S. Government doState, county, municipal (IT. S.) _ _ . d oPublic utility (U. S.) . - d o .Railroad ( U S ) doIndustrial and miscellaneous (U.S.) do. -
Stocks (book value), domestic and foreign, totalmil. of doL-
Preferred (U. S.) . . ... ...do .--Common (U. S.) do
Mortgage loans, total do _ .N on farm do
Real estate - do - .Policy loans and premium notes doCash doOther assets . - . ._ - do _ _ _
Life Insurance Agency Management Association:Insurance written (new paid-for insurance):©
Value, estimated total mil ofdolGroup and wholesale - - .do ._Industrial doOrdinary, total© _ .._ __do .
New England doMiddle Atlantic - ._. ..do. _.East North Central doWest North Central -do ._South Atlantic doEast South Central doWest South Central doMountain doPacific. - ... do
Institute of Life Insurance:Payments to policyholders and beneficiaries, esti-
mated total thous. of doL_Death benefits ._ -do -Matured endowments , doDisability payments _ _ d oAnnuity payments _ do ..Surrender values doPolicy dividends do
Life Insurance Association of America:Premium income (39 cos ), total^f do
Accident and health do\nnuities doGroup doIndustrial doOrdinary do
MONETARY STATISTICS
Gold and silver:Gold:
Monetary stock, U. S. (end of mo.) ...mil. ofdolNet release from earmark § doExports thous of dolImports - doProduction, reported monthly total 9 - d o -
Africa doCanada doUnited States do . -
Silver:Exports doImports _ _ -_ - _ doPrice at New York dol. per fine o z _ _Production:
CanadaO thous of fine ozMexico _ _ _ _ _ _ _ . _ d oUnited States do
Money supply (end of month) :Currency in circulation mil. of doL _Deposits and currency, total do
Foreign banks deposits, net _ _ doU S Government balances do
Deposits (adjusted) and currency, total . -.do --Demand deposits adjusted doTime deposits _ _ _ _ _ _ _ , d oCurrency outside banks do
Turnover of demand deposits except interbank andU.S. Government, annual rate:
New York City ratio of debits to deposits- -0 other centerscft -- - do. _ _338 other reporting centers t do
PROFITS AND DIVIDENDS (QUARTERLY)
Manufacturing corporations (Fed. Trade and SEC):Net profit after taxes all industries mil of dol
Food and kindred products doTextile mill products - doLumber and wood products (except furniture)
mil. of dol_-Paper and allied products. _ _ do
84, 068
46, 1849,0211, 833
13, 0653 682
16, 002
2,7101.6931,012
25, 92823, 8822,2753,0871,2002,684
4,1371, 159
5102,468
15053652221528610323398
297
525, 998207, 59454, 241
9, 79540, 55171, 445
142, 372
907, 544102, 185175, 582
70, 301128, 007431, 469
21,7131.8
2,3633,024
71, 30045, 50013, 5005,800
2335,795.853
2, 3653,0293, 169
30, 509218,882
3, 3295,869
209, 684106, 55075, 28227 852
48.128.121.0
3 05722337
57127
84, 912
46, 6539,2331,940
13, 1403 705
16. 063
2, 7561, 7151,036
26, 22324. 171
2, 3103, 1271, 1402, 703
3,104386516
2,202158525467180237
9221477
251
477,058182, 79958 32810, 58847, 72274, 776
102 845
21, 714-9.7
7883,016
70, 40045 80012 8005,000
6404,321.853
2, 1754, 9083, 416
29, 789217, 500
3,2005,000
209, 200107 00075, 40026 800
42.025.419.6
85, 324
46, 6909,2421,977
13, 1543 719
16, 092
2,7631,7141, 044
26, 47424, 4052, 3443.1441,1112,798
3, 358620544
2, 19415152047117924792
20283
250
424, 607176, 94351, 320
8, 86938, 30773, 88375 285
21,716-.8689
3, 90567, 90043, 80012 3004,800
2906, 351. 853
1, 9616, 7262, 753
29, 817216 000
3, 1006,000
206, 900104 500
75, 70026 800
41.926.419.6
85, 627
46, 7649,0911,964
13, 1913 716
16, 293
2, 7731,7071, 059
26, 72724, 6292,3673, 1591,0292.808
3, 830462590
2,778188641585226311116275107328
498, 084201, 47458, 8059,216
39,21086, 702
102 677
2,174,366286, 266298 036232, 210251 671
1,106,183
21,719-27.7
6743. 388
73, 30047 20013 0005, 400
1,6955,840.873
2 3864,6603 560
29, 800214 500
3, 2006, 100
205, 300102 40076, 20026 700
41.730.220 0
3 33520187
64130
86, 061
46, 9009,1051,965
13, 2053 724
16, 395
2,7911,7111,073
26, 94924, 824
2, 3813,1771,0272, 836
5, 6452,602
5402, 503
16257852420129610924096
298
419, 386180, 93345,512
9,06433, 92173, 97075 986
21, 671-41.8
1822,658
71,40046 80012 9005,000
1385,223.871
2, 2703,9223,068
29, 769216, 900
3,1006, 400
207, 400104 50076, 20026 700
37.327.1
i 19.2
86, 515
47, 0059,0581,956
13, 2033 774
16, 519
2, 7871,6961,084
27, 21725, 0672 4073, 1901,0672,842
3,641452607
2, 582174597539205310110241101304
439, 941187, 32450,6199,171
36, 42776, 50079 900
21, 674-1.0
3144,854
47, 60013, 4005,300
2363,999.889
2, 2363, 4153,075
30, 009216, 600
3,2006, 700
206, 700103 30076, 50026 800
42.728.4
1 20.6
86, 967
47, 0879,0461,957
13, 2363 771
16, 594
2,8291,7091,112
27, 48325, 3102,4203,2071,0642, 877
4,026711570
2,745186641567230325112258102324
444, 925183, 19250, 254
9,23638, 65575, 60887 980
2,058,101293, 953236 984201,277218, 293
1,107,594
21, 678g
6944,511
47, 40013, 0005,600
2907,423.897
2, 4623.0353, 089
30, 229217, .595
3, 2476,610
207, 738103, 23477, 12927 375
44.728.3
1 20.8
3,878255
79
82154
87, 636
47, 3509,0961,979
13, 3093 771
16, 732
2,8691,7241 137
27, 74825 5512,4533 2301 0942,892
3 588647528
2,41315454651420628910222492
285
398, 481167, 65044 1478, 659
35, 45466, 15976 412
21, 682—.1859
2, 476
48, 50013 5004,100
2106, 549.905
2, 3863,691
596
30, 244P218. 800
P 3, 300p 7, 400
p208, 100"103, 900
P77, 100p27 100
40.726.6
1 20.4
88, 087
47, 4149,1791,979
13, 3193 776
16, 704
2, 8751,7281 139
28, 00125 7872,4713 2451, 1692,912
3,674568540
2,566154540555214320111251100321
442, 123199, 66148, 5009, 062
36, 98376, 31271 605
21, 682—2.9
1833,794
49 10013, 5005, 900
261T 5, 818
.908
2,4823,0532,005
30, 317p218, 200
p 3, 100v 6, 400
p208, 600pl()3 900p 77, 400t> 27 300
38.225.9
1 19 9
88, 529
47, 5789,1291,983
13, 3663 786
16, 858
2, 8701.7201.142
28, 25026, 0252,4923,2601,1422,937
3,746833561
2,35214749950820129010522991
281
421,191180,09544, 4238.674
38, 32767, 73781 935
2,069,637299, 608255 004207, 207216 461
1,091,357
21, 68410.6969
5, 392
48, 50013, 8007,000
649'7,299
.908
2, 3322,8362,840
30, 422P218, 800
p 3, 200P 5, 800
p209, 700P104 900v 77, 700p 27 200
43 527.4
1 21 1
3 73530181
85154
89, 016
47, 7429,0271,990
13. 4003 877
16,985
2,8791,7191 152
28, 56326 3202,5063 2711, 1332,922
3 710579571
2,560163573562202319109234102296
425, 367182, 02851, 6058,800
39, 51973, 86169 554
21, 686-7.1
23010,645
13 8006, 800
910r 6, 717
.918
2,290
2,432
30, 559P220, 700
v 3, 200f> 6, 200
»211, 300?106 100p 77, 900» 27 300
44.726.5
1 20 3
89, 491
47, 7438,8911,987
13 4573 871
17,070
2,8991 7311 160
28 86826 613
2, 5233 2831,2002, 975
4,5981,336
5492,713
177617586211338123243102317
435, 673189, 45353, 4649,207
39, 48571,66772 397
21, 688-27.0
77832, 648
6,300
5226, 655.915
3,087
30, 993P221, 200
P 3, 200p 5, 800
P212, 200pl06 900p 77,400P 27 900
45.4*29.0
1 J>22 0
5 8572,258
5113, 088
192680665248363129292136383
21,690-23. 8
59127, 305
7216, 736.905
31, 158P224, 300
P 3, 200p 5, 300
P215, 700P109 700P 78, 200p 27 900
51 3p 28.3
v p 21 9
.904
T Revised. v Preliminary. l Data for 337 centers.0 Revisions for insurance written for January-August 1954 are shown in the November 1955 SURVEY. Revisions for silver production in Canada for January-September 1954 are shown
ill the December 1955 SURVEY.© Data for January-December 1954 include revisions not distributed by regions.1 Effective with 1955, data are quarterly totals. § Or increase in earmarked gold (—). 9 Includes data not shown separately.concludes Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. % Revisions beginning with 1943 appear on p. 24 of the October 1955 SURVEY.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS S-19
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
Janu-ary
Febru-ary March April May
19
June
55
July August Septem-ber October Novem-
berDecem-
ber
1956
Janu-ary
FINANCE—Continued
PROFITS AND DIVIDENDS— Continued
Manufacturing corporations — ContinuedNet profit after taxes— Continued
Chemicals and allied products, mil. ofdolPetroleum refining _ doStone, clay, and glass products.- _ _ doPrimary nonferrous metal doPrimary iron and steel - . . do .Fabricated metal products (except ordnance,
machinery, and transport, equip.) ---mil. of doLMachinery (except electrical) doElectrical machinery ... _ _ .do _.Transportation equipment (except motor vehicles,
etc.) mil of dolMotor vehicles and parts doAll other manufacturing industries . . -.do...
Dividends paid (cash), all industries ...do __Electric utilities, net profit after taxes (Fed. Res.)
mil of dolRailways and telephone cos. (see pp. S-23 and S-24).
SECURITIES ISSUED
Commercial and Financial Chronicle:Securities issued, by type of security, total (new
capital and refunding) _ . mil. ofdolNew capital, total do
Domestic, total.. _ _ . . _. do _.Corporate doFederal agencies doMunicipal, State, etc. .do _
Foreign _ _ _ do
Refunding, total 9 _ _ doDomestic, total-. _ _ do -
Corporate - - doFederal agencies „ do- _ .Municipal, State, etc - . do
Securities and Exchange Commission:Estimated gross proceeds, total do
By type of security:Bonds and notes, total __ .. do
Corporate doCommon stock . doPreferred stock . ... do . _ _
By type of issuer.Corporate, total 9 do
Manufacturing.- ._ do ...Mining doPublic utility. -. _ - do _ .Railroad doCommunication - - - d o -Real estate and financial do
Noncorporate, total 9 __ . _ . _ do. -U S. Government , doState and municipal .... . do -
New corporate security issues:Estimated net proceeds, total do.__
Proposed uses of proceeds:New money, total - do
Plant and equipment do_-_Working capital do
Retirement of securities doOther purposes _ - .. . do _ _ _
State and municipal issues (Bond Buyer):Long-term thotis of dolShort-term _ _ do -
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. MembersCarrying Margin Accounts)
Cash on hand and in banks mil. of dolCustomers' debit balances (net) doCustomers' free credit balances . .. - --.do -Money borrowed - - do ..
BondsPrices:
Average price of all listed bonds (N. Y. 8. E.),total§ . . _ . dollars .
Domestic _ _ --do -.Foreign do
Standard and Poor's Corporation:Industrial, utility, and railroad (Al-j- issues):
Composite (17 bonds). dol. per $100 bond--Domestic municipal (15 bonds) do
U". S. Treasury bonds, taxable . . _ - - doSales:
Total, excluding U. S. Government bonds:All registered exchanges:
Market value , -thotis. of dolFace value _. do...
New York Stock Exchange:Market value.- -. -do - _ .Face value do
327662116134230
81175203
105275305
2,002
288
2,0431,5691,522
6540
86847
4754503686319
2,552
2,38785410362
1,01918975
4636244
1101,534
557906
1,004
51536714740089
906, 056327, 572
3482,4431, 0231,616
100. 07100. 4378.92
117.0126.698.97
150, 401155, 797
147, 784152. 634
1,4461,1141,015
43152
53398
332332134192
6
2,706
2,51848413553
67219020
24264
798
2,034742541
660
46532514011481
541, 449191,319
2,5581,0691,696
99. 0599.3979.06
116.7125. 497.88
115, 121129, 547
111,885126, 209
86472972638232
3133
135135458011
1,431
1,29436411325
5018613
1111
45149930602328
492
3621771855674
327, 527262, 627
2,6531.0631,779
98. 4198. 7678. 05
115. 7124.996. 97
86, 84390, 703
84, 51688. 119
364575111159262
111224167
102501278
1,422
341
2,0031,6631, 6321 067
4951731
340340137194
9
2,583
2,03387151237
1,42064449
2262527
3861, 163
614540
1,396
1,19075943113571
539, 767209. 769
2,7011,0221,939
98.6298.9778.55
115. 4124. 497.08
93, 992100, 868
92, 03197. 287
1,24497595950931
41916
269269173916
1,654
1,45347514654
67517231
2189319
116979535429
659
44426018516550
429, 030200, 591
2,752973
2, 062
98.2798. 5979.06
115.2124 996.31
80, 46389, 342
78, 89987. 152
1,3241, 1231, 121
74936
3362
20120184
1153
4,399
4,095694209
95
998435
15249
1325
1853,4013,020
350
977
791567224
74112
349 648149, 768
2,731928
2,119
98.3698.6780.36
114.7125. 196.53
82 14190, 512
80, 24986, 856
4135661P218?345
132298173
115578316
1, 436
296
1, 6281 4931 492
592236664
1
13513592412
1,947
1,68453320657
79618082
280187182
1, 151496651
778
6354401948162
650 780218, 322
3372 757
9172,093
97. 9198 1980 28
114.5123 996 37
108 696111 629
106 849108. 668
2,487
2 33358310153
73735832
1054
46129
1 7501 265
470
723
51424705714069
470 161301 267
2 780918
2 080
96.9897 2480 92
114.3121 494 96
93 54796 276
91 21690. 405
1 656
1 44067220016
8871732991
18792
281768509259
870
62328733521632
258 707330 455
2, 752887
2,064
96.9597. 1982 10
113.3120 594.51
82 60483 401
80 54980. 933
429600190157312
158269172
99359369
1,565
284
1 640
1 4665749382
74919052
2243129
166892481407
735
56236819455
118
407 314200 458
2 848977
2 124
97 4497 7181 82
113.1121 394 87
106 046108* 464
104 134l()fi. 239
T 2, 695T 2, 492' 1, 299
r!59r43
1,299••138'28
r!7066
r698rl!2
r 1,396461926
r 1, 282
r 1, 125'997r!28
r75r82
925 818136* 646
2 789920
2 159
98 0798 3581 27
113.5122 595 83
195 875177 186
194 268175. 133
r 1,850
' 1,573r719
19286
r719J-201
14••287
12r40r90
r 1,132438
r661r 705
'592'459r!33
r73r39
r QQl 017242 810
2 796'876
2 260
97 6597 9679 06
113. 7122 795 46
90 76287 870
88 66285. 283
1,916
1, 7651, 001
11338
1,001377
50275523694
915466397
985
807554253
64114
397 355148, 913
2 820895
2 298
97 0897 3778 91
112.4119 895 07
9^ 28395 692
93 79593. 748
121 3
r Revised. p Preliminary.9 Includes data not shown separately.§ Data for bonds of the International Bank for Reconstruction and Development, not shown separately, are included in computing average price of all listed bonds,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-20 SURVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
FINANCE—Continued
SECURITY MARKETS— ContinuedBonds— Continued
Sales— ContinuedNew York Stock Exchange, exclusive of stopped
sales, face value, total§ thous. of dolU. S. Government do ..Other than U. S. Government, total§--_ do
Domestic do -Foreign - .do
Value, issues listed on N. Y. S. E.:Market value, total, all issues § - mil. of dol
Domestic..- _ _ ._ _. _ . - .. doForeign - do ,.
Face value, total, all issues § - doDomestic doForeign . _ _ _ d o _ -
Yields:Domestic corporate (Moody 's) .__ percent .
By ratings:Aaa - _ _ . do. .Aa doA .. .. do...Baa do
By groups:Industrial doPublic utility __ _ do...Railroad do
Domestic municipal:Bond Buyer (20 bonds) _ do .Standard and Poor's Corp (15 bonds) _ do_ .
U S Treasury bonds, taxable do - _Stocks
Cash dividend payments publicly reported:Total dividend payments mil. of dol
Finance _ _ _ _ _ _ _ _ _ d oManufacturing _ doMining _-do .Public utilities:
Communications doElectric and gas - _ do _
Railroad doTrade _ . . _ doMiscellaneous do
Dividend rates, prices, yields, and earnings, commonstocks (Moody 's):
Dividends per share, annual rate (200 stocks) .dollars _ .Industrial (125 stocks) doPublic utility (24 stocks) _ . __ . - do -Railroad (25 stocks) doBank (15 stocks) do -Insurance (10 stocks) do
Price per share, end of month (200 stocks) 9 - - -doIndustrial (125 stocks) doPublic utility (24 stocks) doRailroad (25 stocks) - . d o
Yield (200 stocks) percentIndustrial (125 stocks) - do . .Public utility (24 stocks) doRailroad (25 stocks) - _ . . _ . - _ . - - doBank (15 stocks) doInsurance (10 stocks) do
Earnings per share (at annual rate), quarterly:Industrial (125 stocks) dollarsPublic utility (24 stocks) doRailroad (25 stocks) do
Dividend yields, preferred stocks, 11 high-grade(Standard and Poor's Corp.)- - - -percent-
Prices:Dow-Jones & Co., Inc. (65 stocks) dol. per share. .
Industrial (30 stock'3) doPublic utilitv (15 stocks) doRailroad (20 stocks) . do ...
Standard and Poor's Corporation:Industrial, public utility, and railroad: cf
Combined index (480 stocks) ... 1936-39=100..Industrial, total (420 stocks) 9 do
Capital goods (128 stocks) . doConsumers' goods (195 stocks) do
Public utility (40 stocks) .. do ..Railroad (20 stocks) __ do
Banks, N. Y. C. (12 stocks) doFire insurance (16 stocks) _ _ _ _ _ . do - . -
Sales (Securities and Exchange Commission):Total on all registered exchanges:
Market value mil. of dolShares sold _ _ thousands
On New York Stock Exchange:Market value . . - mil. of dol- .Shares sold thousands
Exclusive of odd lot and stopped sales (N. Y.Times) . . . thousands-
Shares listed, New York Stock Exchange:Market value, all listed shares _ - mil. of dolNumber of shares listed millions
126,4870
126,487118, 359
8, 051
106, 517104, 442
1,403106. 438103,995
1,778
3.13
2.903.043.143.45
3.073.103.23
2.362.332.57
1, 978. 4239. 2
1.261.8138. 2
42.5118. 088.947.642.2
4.434.732.143.143.153.37
105. 40115. 6447. 5664.27
4 204.094.504.894.092.52
9 432.949.97
3.93
145. 81393. 8461.43
139. 64
264.5296.7296.8228.7144.0217.5147.6295. 9
3,714135, 762
3,19693 705
76, 456
169, 1493.174
101,1004
101,09693, 654
7. 356
105. 476103, 351
1, 456106, 491103. 985
1,841
3.15
2.933.063. 153.45
3 083.123. 25
2.432.392.65
721.1142.0233.7
4.7
121.881.132. 993.511. 4
4.484.792.143.193.153.39
106. 21116. 8346. 9464.354.224.104.564.964.142.58
3.98
147. 98398. 4362.39
142. 45
268.8301.9302.7232.2145. 1222.41 50. 5302.3
3,996142, 277
3, 43896 769
74, 646
171, 1553,208
79. 9924
79, 98873,1106,819
104,518102,427
1,433106,204103,713
1. 836
3.18
2.993. 103.173.47
3 123. 153.28
2.452.422.72
259. 570.885. 52.2
1.367.910.217.04.6
4.564 902.143 233.153 39
108. 30118.4948.5967.424.214.144.404.794. 062 51
4.00
151.70410. 2563.29
145. 64
278.1312.4316.2235. 0149.6231.9153.9311.1
3,547131,210
3,06790 745
60, 815
175, 5883,236
81 3730
81, 37373, 806
7, 547
104, 349102, 266
1,428105, 806103 334
1,818
3.20
3.023. 133.183. 4«
3 143.173 31
2.422.452.71
1, 340. 491.0
869.2100.1
39.3111.064. 538.726.6
4.594 922 183 233 143 49
108. 90117.6147 9767.42
4 214.184 544.793 892 58
9 703 037 00
4.01
152. 75408. 9163.87
149. 06
277.5310.8315.3233.8150.4237.9157.3312.4
3 795135, 043
3,27791 252
66, 865
175. 8063,262
80 5700
80, 57074, 9305, 592
104. 344102,238
1 , 449106. 184103, 696
1,833
3.21
3.013. 133.193.49
3 143.173.30
2.402.432.77
669. 0118.8235. 2
7.1
126. 485.123.957.015. 5
4.604.932.183.363.153.49
111.68122.4049.1272.214.124. 034.444. 653.942.50
3.98
158. 35422. 9964. 56
157. 51
286.2321. 5330.2241.0151.8252. 1164.2322. 5
3,155105, 677
2,73471 171
53, 788
181,3863,284
76 5720
76, 57264, 44412. 041
104,459102,314
1.487106,200103,694
1,851
3.23
3.043.153.213.50
3 173.193.32
2.392.412.75
251. 362.0
104.83.3
1.461.94.58.35.1
4.624.952.213.363.153.49
111.49122. 1548. 5471.63
4. 144.054.554.694.062. 49
3.99
157.89421 . 5564.06
157.75
285.0319.7331.9239.8152.3250.9156. 7327.0
2,67598, 219
2,31668, 645
45. 427
182, 8303, 341
99 5540
99, 55489 6729,846
104, 282102, 181
1,443106. 513104 061
1.797
3.23
3. 053.143. 223.51
3 183.213.31
2.482.482.76
1, 390. 393.6
909.6104.0
40.4112.962.538.628.7
4.634.952.233.403.153.49
119.66133.4149.2172. 963.873.714.534.664.012.40
10 903.088.86
3.98
162. 77440. 7964. 23
161.16
300. 7340.5356.2250. 6153.4258.9157. 2331.4
3,247116, 222
2,78479, 175
58, 148
194, 4063,434
79 1840
79, 18471 5877, 535
104, 002101.892
1 454107, 237104 785
1,797
3.24
3.063.143.243.52
3 183.223.32
2 562.622.87
669.2142.3221.8
7.3
127.586.918.057.57.9
4.665 002.233.423.153.49
123. 15137. 8551.3971.633.783.634.344.773 952 45
3.96
166. 90462. 1665. 51
158. 98
315.3359.6369.1270.0156.4256. 1158.4334.5
3, 08195, 984
2,65468 416
48, 459
198, 2283 475
87 8260
87, 82682 3685 445
103,997101, 853
1, 496107, 273104 796
1,822
3 29
3 113 203 283 56
3 253 263 36
2 632 672 91
263 356.1
107 93.1
4 371 16 58. 16 2
4.795 182.233 423. 153 49
122. 44137. 5951 4371.063 913.764 344.813 932 56
4.01
164.94457. 2965.87
155. 19
311.0354 2361.6269. 1155. 9250.0160.4320.5
2 57984 622
2 22959 906
41 , 806
197, 9943 492
119 7581
119, 757114 398
5 329
104 548102 416
1 487107 291104 818
1 817
3.31
3.133 ?23.313 59
3 253 293 40
2 532.632 88
1 488 4108.5985 7113 2
38 9114 258 641 128 2
4.815 202 243 423 233 49
122. 51138.2149 8369. 603 933 764 504 914 062 67
10 203 139 18
4.06
169. 99476 4365.36
160 08
323. 2371 1380 3282.8154 8257.0165 3314.9
3 323107, 344
2 86475 519
60, 100
197. 5363 519
83 9745
83, 96978 9165' 026
106 110103 982
1 477108 199105 727
1 817
3 30
3 103 193 303 59
3 233 273 38
2 452 562 82
669 0128 5234 9
9 1
128 587 217 455 7
7 7
4.905 302 243 603 233 49
119.02133. 9648 5367 42
4 123 964 625 344 162 73
4.04
160. 92452 6562. 31
149 99
306.2350 1350 6272. 6150 6240.5157 5293 1
2 97895 888
2 59866 364
42, 178
192 7823 560
75 397Q
75 39769 7085' 668
105 501103' 449
l'40^108 039105' 607
1 777
3 29
3 103 183 293 58
3 223 283 38
2 522 552 85
294 6S5 2
112 22 0
1 573 43 49 77 2
5.195 692 273 703 263 60
126. 95143. 7849 q074 47
4 093 964 554 974 092 63
4 01
169. 48476 5964 76
159 29
321.5369 2370 2285.9153 8254 6160 9309 3
2 728101 986
2 35872 613
46 380
204 6503 766
80 651
104 750102 701
1 399107' 898105 471
1 772
3 33
3 153 223 333 62
3 263 313 42
2 582 712 88
2 418 7265 8
1 547 0' 230 5
42 1126 4117 451 338 2
5. 205 712 273 793 303 63
127.97145. 6749 3572 294 063 924 605 244 222 69
4 05
172. 36484 58
64 98163 34
327.0r 37^ g
379 0284.2153 2
r 257 7162 5315 0
2 925105' 915
2 51269 211
50, 991
207, 6993 836
3 30
3 113 193 303 60
3 233 283 40
2 649 86
5. 225 722 273 863 303 65
123.91140. 1149 1070 764 214,084 625 464 41•> gr,
4. 03
168. 18474 7563 60
157 94
322. 9371 7373 0275. 8152 9249. 4160 &308 1
47, 197
T Revised, v Preliminary.§ Sales and value figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included in computing the average price of
all listed bonds shown on p. S-19.9 Includes data not shown separately.d" Number of stocks represents number currently used; the change in the number does not affect the continuity of series.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS &-21
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu- Febru-ary ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES
BALANCE OF PAYMENTS (QUARTERLY)
E xports of goods and services, total mil. of doL _Military transfers under grants, net ._ ... do. _ _Merchandise, adjusted, excluding military trans-
act ions mil. of dolIncome on investments abroad doOther services and militarv transactions do
Imports of goods and services, total _- do _..Merchandise adjusted cf doIncome on foreign investments in U. S _ __doM' ilitarv expenditures doOther services cf do
Bal-ince on goods and services - ..do
Unilateral transfers (net), total _ do.. _ _Private doGovernment do
U. S. long- and short-term capital (net), total doPrivate do ...Government --do _ _
Foreign long- and short-term capital (net) doGold sales [purchases ( — )] doErrors and omissions - do _ _
FOREIGN TRADE
Indexes
Exports of IT. S. merchandise :tQuantity 1936-38=100.-Value doI' nit value .-do
Imports for consumption:]:Quantity - do ._.Value do _ .Unit value do
Agricultural products, quantity:Exports, U. S. merchandise, total:
Unadjusted 1924-29=100.-Adjusted - -- -do.
Total, excluding cotton:XTnad justed do. __Adjusted -do ---
Imports for consumption:Unadjusted do\djusted do
Shipping Weight
Water-borne trade:Exports, incl. reexports §_ thous. of long tons..General imports - do
Value t
Exports (mdse.)f including reexports, totall.mil. of dol..By geographic regions:A
Africa thous. of doL-Asia and Oceania doEurope doNorthern North America doSouthern North America ._ do -South America _ do
By leading countries: AAfrica:
Egypt doUnion of South Africa do
Asia and Oceania:Australia, including New Guinea do. - . -British Malaya do ..China including Manchuria cioIndia and Pakistan _ _ do -Japan doIndonesia - do _Republic of the Philippines do-
Europe:France doEast Germany . _ _ . __ _ _ _ _ _ _ ... do_West Germany doItaly doUnion of Soviet Socialist Republics doUnited Kingdom do
North and South America:Canada doLatin American Republics, total 9 do
Argentina - _ _ - doBrazil doChile doColombia doCuba doMexico - -. .-doVenezuela ... .- -. - ..do. -
5.583607
3,501720755
3,8942,575
114651554
4-1, 689
-1,216-125
-1,091
-640-632
-8
+324+70
-227
265536202
158454286
11091
146132
9188
6,1489,529
1, 318. 2
51, 230198, 647382, 503222, 825145, 988165, 202
4,21716, 566
18,8113,154
021, 79954, 2275,890
32,670
34, 833394
51, 43839, 683
1879, 758
222, 814295, 47512, 93932, 41710, 36032, 13439, 04954, 04550, 029
234473202
149420282
9289
133133
9997
5,2819,343
1, 165. 6
48, 155185, 937332, 903205, 787133, 683127, 166
3,62025, 202
15, 5342,755
017, 29057, 8554,619
27, 498
28, 1190
41, 46124, 602
11274, 793
205, 785247, 216
12, 77121,1445,422
27, 11035, 75150, 78541, 620
250501201
145411283
96112
143171
9190
5,9898,924
1, 233. 2
45,305197, 451374, 971221, 882125, 590123, 613
4,47122, 199
26, 8193,190
020, 02951,9145,621
29, 627
27, 3790
48, 39233.311
179, 654
221, 868235, 696
12, 53618, 0558,244
26, 31336, 12449, 56240, 851
5,183499
3, 443534707
4, 0922 762
113648569
+1, 091
-1, 224-112
— 1,112
-74-3
-71
+156+30+21
270546202
173490283
108123
160183
11199
6,14510, 294
1, 342. 3
52, 931232, 770360, 938265, 001147, 725135, 786
7,56624, 768
18, 5683,575
027,02952, 4898,044
35, 723
33,0120
42, 29628, 566
1578, 599
264, 996267, 05510, 27820,0139,897
28, 83041, 38558, 99045, 372
254513202
150425283
7593
113133
9993
7,7898,960
1, 263. 6
56, 218195, 704313, 202277. 835142, 331137, 419
7,87923, 660
13, 4752, 981
016, 82951, 2415,919
35, 898
27, 99160
48, 38632, 568
3364, 794
277, 830265, 06310, 46918, 3286,351
32. 60940, 32857,83346. 998
5, 469614
3. 536553766
1
262533203
167467279
7291
108126
109111
8,85010, 372
1, 308. 0
56, 464197, 669307, 285293, 582134, 729126, 333
8,01625,401
13, 5542,389
020, 90550, 7484,532
28, 407
31, 28511
55, 07631, 854
358, 112
293, 580247, 34010, 90018, 2096, 656
25, 90337, 83753, 87444. 102
4,4442 799
126759760
+1, 025
-1,239-110
—1. 129
—561-397-164
+538+33
+204
264536203
164459280
95127
145175
97104
9,46611, 124
1, 315. 8
52, 460176, 425349, 601286, 065138, 089125, 792
10, 63023, 934
11,2212,739
016, 90044, 8475,714
23, 340
26, 483128
52, 74629, 471
160, 931
285, 951251,68913, 36617, 3936,413
23, 80234, 99056, 22042. 900
|
254515203
155429277
91100
9,54910, 524
1, 267. 1
50, 046185, 169333, 232254, 356136, 808132, 610
7,41622, 203
12, 6713,185
020, 27252, 9826,331
21, 666
32, 9440
47, 24023, 193
184, 989
264, 345257, 786
1 7, 57020,8456,188
24, 43233, 17661, 23240. 505
246500204
167468280
100106
10, 099' 11, 566
1, 228. 3
41, 925159, 112305, 628271, 858135,015129, 951
7,07817, 466
13, 7182,637
015, 24046, 5068,493
23,281
27, 1820
47, 93325, 416
1269, 992
271, 771252, 51113, 28021, 9237,125
24, 63232, 53359, 78140. 631
5, 362609
3,378578797
4, 5162 813
127682894
+846
— 1 123-104
—1 019
—291—235-56
+49015
+93
248509205
163464284
i 9, 760i 11, 060
1,248.9
44, 031175, 914334, 348276, 224136, 707127, 616
5,50719, 546
17, 2102,316
015, 61854, 734
5, 61422, 244
28, 3760
49, 30728, 370
088,694
276, 195250, 68111, 70216, 8636,546
25, 92836, 06455, 57147. 235
276568206
175494283
1, 395. 1
49, 664199, 272382, 914295, 584146, 472138, 969
4, 50320, 863
20, 7953,093
323, 38854, 1576,020
31, 564
35, 7650
50, 46430, 928
64101,624
295, 583269, 86512, 87318, 0848,580
28,31540, 00761,45247. 080
257533207
181512283
••1,308.8
43, 922199, 170368, 477277, 241155, 201139, 073
4,81417, 061
22, 3923,445
018, 18152, 8847,163
37, 759
29, 726209
51, 69330, 792
1075, 531
277, 241278, 592
9,03618, 7078,391
27, 31239, 79266, 49454. 727
pi, 363.0
T Revised. v Preliminary. 1 Revisions for September 1954 (thous. long tons): Exports, 5,995; imports, 8,974.cf Excludes military expenditures. ^Revisions for January-July 1954 will be shown later.§ Excludes "special category" shipments and all commodities exported under foreign-aid programs as Department of Defense controlled cargo.ITotal exports and data by economic classes and commodities include shipments under the Mutual Security Program. Total MSP military shipments are as follows (mil. dol.):
December 1954-December 1955, respectively—97.6; 85.3; 94.7: 92.2; 93.9; 131.1; 128.0; 127.8; 127.9; 99.1; 119.3; 72.7; 83.7.AExcludes shipments under MSP and "special category" shipments not made under this program. 9 Includes countries not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-22 SURVEY OF CURRENT BUSINESS February 19-".G
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued!
FOREIGN TRADE— Continued
Valued— Continued
Exports of U. S. merchandise, totalf mil. of doL .By economic classes:
Crude materials . thous. of dol -Crude foodstuffs doM anufactured foodstuffs and beverages doSemimanufactures 9 -- -- - do ___Finished manufactures 9 . . do
By principal commodities:Agricultural products, total© do
Cotton, unmanufactured doFruits, vegetables, and preparations . _ - do. .Grains and preparations doPacking-house products _._ doTobacco and manufactures do
Nonagricultural products, tota!0 mil. of doL.Automobiles, parts, and accessories
thous. of dol .Chemicals and related products § do . _Coal and related fuels doIron and steel-mill products do
Machinery, total§0 do _ . _Agricultural doTractors, parts and accessories doElectrical f _ do ___Metal working § doOther industrial do
Petroleum and products doTextiles and manufactures do
General imports total mil of dolBy geographic regions:
Africa thous. of doL_\sia and Oceania doEurope doNorthern North America doSouthern North America doSouth America * do
By leading countries:Africa:
Egvpt doUnion of South Africa do
Asia and Oceania:Australia including New Guinea doBritish Malava doChina in eluding Manchuria doIndia and Pakistan doTapan doIndonesia doRepublic of the Philippines do
Europe:France doF ast Germany do\Vest Germany doItaly doUnion of Soviet Socialist Republics doUnited Kingdom do
North and South America:Canada do
Latin American Republics total© doArgentina doBrazil doChile doColombia doCuba doMexico doVenezuela do
Imports for consumption total mil of dolBy economic classes:
"Crude materials thous of dolCrude foodstuffs doManufactured foodstuffs and beverages doSemimanufactures doFinished manufactures do
By principal commodities:\gricultural products total© do
Cocoa or cacao beans incl shells doCoffee doHides and ^kins do
Sugar -do\Vool and mohair unmanufactured do
Nonagricultural products total© doFurs and manufacturers do
Nonferrous ores, metals, and manufactures, totalthous of dol
Copper incl ore and manufactures doTin including ore do
Newsprint do
1, 306. 8
205, 29282 19664, 813
175, 133779. 411
339, 33294, 64020, 72278, 53024, 23132, 082
967.5
111,84086, 30127, 94256, 342
238, 7647 752
25, 80860, 82917 677
114, 435
55, 42254 570
942.3
57, 877121,325208, 355215 858107, 106231 792
1,3795,972
6 97914 552
72617, 05525, 04114, 2389,814
14, 058389
23, 45714, 192
91957, 376
215, 837
312 0556,962
96 84215, 00340, 43417 68927, 85151, 788
931 2
206 286242*022
71 546217 783193 565
360 95730 821
174, 3743 171
24 48010', 42315 444
570 24511,990
97 43128 38214 97422 67552' 96387 896
1, 152. 5
154, 12875 47857. 225
169, 157696. 553
273, 39463, 52318, 69072, 43622. 92025, 566
879.1
109, 26779, 62620, 23053. 673
227, 1798,872
26, 33164, 83414, 893
101,025
46, 35647 208
870 3
45, 650151, 478163, 357183 268144, 864181 721
1,5007,512
15 83011,634
84321, 89334, 41615, 25716. 728
12, 805220
21,7069,740
69235 510
183, 239
297 5167,585
56 52912, 72638 72236 28940, 97647, 716
862 2
201 735198 60086 719
199 304175 890
358 96519 055
140, 5263 924
27 71936, 50221 646
503 2839,394
75 00323 36311 67222 20046 73285 202
1,221.9
147, 44082 32164, 879
183, 561743, 660
275, 04159, 01020, 31480, 63221, 89522, 986
946.8
117, 66384,01127, 08758, 156
242, 32310 36228, 61669, 84116 932
104, 242
47, 10449 588
849 5
51,513140 966179, 263183 828138, 023155 888
1,8217,914
4 15815 870
81421, 18922, 52617, 84317, 830
13, 170759
21,75513, 4861 147
48 699
183, 772
265 3769,222
36 04514, 99032. 81234 52441, 80046, 389
843 3
204 075169* 29482 655
209 166178 140
318 96322 471
107, 8993 506
30 35836, 33517 518
524 3669,975
88 20729 48515 03722 21043 20084 552
1, 329. 7
152, 57196 34469, 368
188, 825822, 549
295, 43169, 56424, 869
102, 10220,81526, 769
1,034.2
136, 37593, 30722, 94267, 160
268, 45912, 60131,69471, 53816, 991
121, 462
49, 97363 230
1,018 9
65, 105188, 066225, 429212, 704145, 593181, 983
4,51510, 604
13 85420, 906
1,03425, 70134, 50918, 37622, 673
19, 836597
31, 35421, 298
86655, 535
212, 666
297 96413, 19840, 58717, 48232, 07545, 85840, 47458, 546
1 005 6
254 086178 541105 029230, 281237 657
372 90526 086
105, 4136, 181
39 47044, 38426. 404
632, 6907,853
95 27731 12914, 98428 29651 45195 028
1, 250. 7
136, 23656 90461,703
191, 240804, 633
209, 62445, 68022, 65658, 81422, 38015 573
1,041.1
148, 60299, 03640 08568 626
269, 29413 75031 59578, 48915 734
116 779
49, 33857 248
870 7
56, 291159 534179, 754204 344116 874153 951
3 3816. 321
13 29719? 629
74416 66628 17118, 33722 620
16 154272
25, 89414. 183
81050 370
204, 327
251 08611,04843 92317, 25819 99436 70332, 35344 190
872 4
224 817146 71392 409
210, 693197 730
318 49018 01990 882
4 34240 66137, 14423 629
553 8736 452
98 19730 49512? 09321 94550 32074 215
1, 299. 0
140. 22462 73959, 864
191,393844, 766
228, 06843, 37624, 18263, 73618, 78418,572
1, 070. 9
142, 96789, 22441 24865, 908
266, 76213 34030 97574, 54417 840
116 546
56 88151 435
966 1
54, 848196 428195, 678229 672121 274168 179
1,41710, 905
15 51822 967
24128 37833, 90216, 60531,614
14, 962299
27, 65514,1211 291
50 886
229, 640
271 60510, 59342 43717,08733, 23631 60938, 52846 579
958 6
237 283174 93195 657
236 116214 563
348 65811 452
120,0606 554
39 59138, 67423 605
609 8938,672
109 20730' 88514 09325 25052 76776 546
1,306.3
156, 51986 77770, 530
185, 248807, 209
278, 99256, 37925, 74886, 04418, 92221,780
1, 027. 3
123, 30686, 23145 19364, 512
250, 29311 67330 56366 24117 162
113 417
54 29148 841
938 8
46, 765172 416191 809244 108112' 651171 058
1 8689 781
6 02622' 300
7221 96734 41814,47128 333
16 886339
32, 65013,4611 386
46 650
243, 965
263 75512, 78938 91719. 22432 90135 90134, 28247, 103
941 9
243 106143 479100 453235 717219 097
311 69615 57990, 1365 628
33 97437, 39922 752
630 1557,429
110 02440 01713 24830 35853 23982 675
1, 256. 4
132, 02197 14369, 742
184, 772772, 730
255, 38011,74624, 62198, 03518, 99039 720
1,001.0
108, 32686 65042 84968 490
248, 52710 97827 87969 14015 981
114 120
61 62543 218
885 3
42, 605173 843186 566208 720
97 032176 547
2 2735,829
13 05320 692
5621 Oil35 88015, 50226 229
15.512693
30, 21812, 4132 025
52 662
208, 589
258 17111,39151 82314, 77335 45232 86630, 39042, 647
879 0
219 902148 64593 594
211,427205 399
300 6648 592
102, 3755 219
28 50940, 30822 096
578 3045,812
99 81434 60914 80023 48546 79475 272
i1
1, 219. 4
139, 14884, 50362, 718
184, 127748, 936
222, 06211,95724, 06283, 41719, 81434, 758
997.4
96, 11591, 77251, 94862, 075
221, 9469,203
23, 46758, 40814, 906
107, 047
61,86746, 060
958. 9
47, 641187, 165If 8, 698244,71193, 949
186, 698
1,3654,273
11,25122, 673
84818, 80339, 38418, 96731, 290
17, 142272
34, 13214, 1471,175
55, 507
244, 342
262, 44611,86146, 80915, 27340, 06733, 81627, 14750, 404
959 2
250 407141,28996 877
253, 465217 124
315 63115, 75994, 1414,837
39 85442, 08623, 678
643, 5324,437
119 89642 29715,36631 73854, 38185 45Q
1, 239. 6
177, 04469, 12569, 979
197, 440726, 024
257, 87921,91421,87275, 12418, 32363. 749
981.7
87, 13891, 16853, 13969, 547
234,1647,342
20, 28266, 92215.621
113.814
53,21549, 499
945. 1
50, 444169, 362207, 166234, 53191,127
192,516
1.5077.789
11,21120, 946
2,54717,41638, 97618. 46119, 537
17. 440632
32. 51111,716
1 98349, 433
234, 196
259, 86913, 29566, 03314. 43028, 69932, 65427, 10042, 801
951 0
254 593138.53390, 986
243, 379223 491
305 77811,34296, 6783,167
37 75732, 65620, 963
645, 2045,215
1123 24048 23613,87428 79048, 44984 180
1, 384. 9
206, 91362 95680, 820
213, 637820, 569
290, 10235, 95229, 17165, 17624, 61863,719
1, 094. 8
90, 39397, 65856, 17478, 046
268, 4807 402
30, 37267, 83019, 251
131, 254
58, 56656 184
1,009 8
50, 189167 362237, 722239 11487, 889
227 561
8237,124
4 81020, 155
80717, 87543, 82616, 25915, 840
17. 654436
37, 72219, 2653,050
59, 543
239, 114
294, 4028, 583
77, 45013, 52260, 60635, 47120, 24846, 159
1, 013. 0
244, 327191, 03495, 054
239, 781242, 793
352, 5239,869
146, 8134,887
38, 28628, 74421, 694
660, 4643,403
121 09944,91115,09128 94253, 22281 840
1, 299. 3
182, 89471 41884, 864
195, 337764, 776
294, 22326, 69724, 80172, 36225, 32847, 214
1, 005. 1
106, 75693,00247, 61474, 053
267, 6697,621
29, 04671, 63617, 859
129, 542
48, 22753, 489
1, 064. 2
44, 716184, 843254, 637240, 578114, 948224, 517
1,5946,914
10, 95918, 474
96520, 49247, 79621, 33514, 699
21, 43S400
37, 00019, 006
56059, 403
240, 433
312, 2838,434
76, 88523, 10643,71637, 79S30, 67149, 915
1, 050. 6
247 693193, 732104 694251, 584252 943
360 38613, 987
138, 1924,476
43 05327, 89818, 899
690, 2613,568
125 01448, 28514, 27229 87854, 72295 184
_
r Revised. * Preliminary. JRevisions for January-August 1954 will be shown later. 1 See similar note on p. S-21.9 Data for semimanufacturers reported as "special category, type 1" are included with finished manufactures.©Includes data not shown separately.§ Excludes "special category, type 1" exports; electrical machinery data are excluded through 1954 only.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS S-23
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October |Nob™m- Decem-
ber
1956
Janu-ary
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Airlines
Operations on scheduled airlines: §Miles flown revenue thousandsExpress and freight ton-miles flown doMail ton-miles flown __ _ doPassengers carried revenue doPassenger-miles flown, revenue millions. _
Express Operations
Transportation revenues thous. of dol__Kxprcss privilege payments do
Local Transit Lines
Fares, average cash rate -cents..Passengers carried revenue millions
Large Motor Carriers (Intercity)
Carriers of property (quarterly totals) :1^Vurnber of reporting carriersOperating revenues total thous of dolFxpences total doRevenue freight carried thous. of tons
Carriers of passengers, class I (quarterly totals) :dumber of reporting carriersOperating revenues total thous. of dolFxpenses total do
Class I Steam Railways
Freight carloadings (A. A. R.):cTTotal cars thousands __
Coal - doCoke do ._-Forest products doGrain and grain products dolivestock doOre do __.ATerehandise 1 c 1 doMiscellaneous - - --do
Freight carloadings (Federal Reserve indexes):Total unadjusted . 1935-39=100-.
Coal doCoke doForest products doGrain and grain products do _.livestock doOre do. _\Terchandis3 1 c 1 doMiscellaneous - - do
Total adjusted doCoal - do -..Coke doForest products - -~ -do_. -Grain and grain products doLivestock do. _Ore - - do. _Merchandise I c l - - do _ _Miscellaneous do
Freight-car surplus and shortage, daily average:Car surplus total 9 number
Boxcars -~ do _-Gondolas and open hoppers - do -
Car shortage total $ doBox Cars ._. . -.-do.Gondolas and open hoppers - - -do_
Financial operations:Operating revenues, total 9 mil. of dol_
Freight doPassenger - - -- - do - _
Opcratin0" expenses doTax accruals, joint facility and equipment rents
mil. of doL-N"et railway operating income _ do . _Net in co met - do
Operating results:Freight carried 1 mile mil of ton-milesRevenue per ton-mile centsPassengers carried 1 mile, revenue . . . - millions. _
Waterway Traffic
Clearances, vessels in foreign trade:Total U S ports thous. of net tons
Foreign vessels _ _ doUnited States vessels do
Panama Canal:Total thous. of long tons
In United States vessels do
44, 36519, 6979,8332,5181,426
39, 51717, 161
14.0863
136.1
2,026905, 121891, 94169, 051
16489, 61684, 66779, 068
3,04859546
1982214077
2891,582
114106125137133605740
127
12310611915414262
18441
135
40, 9602,348
27,410244237
0
•797. 4r652. 2
69.0628.3
60.6r!08. 0126.6
47 5881.4212,625
9,2496,6042,645
3,4041.030
|
45, 09215, 3476,5742,6011,485
27, 2588,965
14.1783
119.6
* 2, 505M88'40
r 164r 189'35'58
••234r 1, 297
110103127133132615337
123
12110312114813264
21039
134
71,0879,568
49, 286368341
3
752.7625. 965.3
590.0
94.168.751.9
48, 1611.3572,488
8,4496,2612,188
3,4531.065
40, 79014, 7536,6942,3671,320
26, 8498,993
14.1731
113 0
2, 575511
421711772556
2431,351
113105131138124454939
128
12210512414412756
19840
136
47, 1716,445
30,14568766523
724.3611.855.3
564.1
93.666.646.1
46 0981.3822, 057
8,7486, 4372.311
3.376'987
45, 69618, 1747,5972,7321,521
32, 32613, 712
14.2837
126 3
789763, 552722, 339
52, 405
15977, 33277, 87670 136
2,62144742
1681712767
2551,444
11591
134135120495940
137
12391
13313513062
20440
144
38, 4683,351
28, 2301,4271,334
34
825.2703.256.5
612.0
115.497.777.9
50, 9961.4232,117
9,4466,8842, 563
3,7601.123
45, 78617, 427r 7, 268
2,9501,620
29S 58011 411
14.3800
124 2
3.43356956
20521740
179308
1,859
12095
14213312358
13639
140
12395
14413314065
17739
142
21,8102,398
11,6572,4181,834
281
796.0673.958.2
602.2
106.487.467.0
51 2051.372
| 2. 222
10, 1417,3622,779
3,6691.305
I
47, 30217, 7276,9762.9761.592
29, 92111 483
14.3802
121 8
3,063510
4717919429
307251
1, 547
13010514714513752
27140
146
128105149139155
5717740
144
14,4142,9112,3176, 3503, 8662,048
850.4724.759.2
634.9
114.2101.286.7
55,8331.3542,270
11,1837,9863.197
3,750! 1.316
iI
47, 52618, P336, 9103,1211, 765
33. 34113 858
14.3756
116 3
787789, 338748, 37653. 467
15992, 60783,61376 367
3,08552947
18620823
332258
1,503
13099
14815315541
29642
144
12599
15114715250
19142
140
9,5833,383
86610, 4566,1033,788
875.1737.966.8
644.9
124.2106.088. 1
54 9381.3892,561
11, 5548, 4953, 059
3,4641.333
49 18016, 9676, 3053,0701,760
29, 62210, 314
14.4665
107 9
3,731553
57219335
27416324
1,799
13110415114619741
30542
140
125104156145164
5019043
139
8,467250
3,00813, 49110, 8242,362
849.6711.270.0
644.8
112.192.672.4
54, 4631.3662,793
11, 7908,6043,186
3,9321.419
50 06220, 5786,827
r 3 0641,748
32, 56012 392
14.4700
113 4
3,114528
50192217
27344257
1,499
13110916015615249
30341
142
12610916614814151
20240
140
5,164274372
13, 3698,0185, 179
905.1764.968.2
669.7
125.7109.790 6
57 0441.3732, 743
11, 8398,6903,149
3,7031,469
48 39421 3666, 736
r3 0711,692
32, 98613 421
14.5745
111 3
789807 935771 14454, 515
157110, 23690 92680 363
3,14253551
18520840
352249
1,522
13811516715515480
32041
151
12711516914313860
21339
139
5 045453297
12, 9227,2995,332
876 6745 959.6
651 8
121.0103.879 6
57 2221. 3512,315
11,8858,8423 044
3,8831.517
49 20121, 526
7, 0153,0811, 674
33, 73014 193
14.6773
120 1
4.12469766
23128771
410327
2,036
13911516614916210328341
154
12911516914116267
20240
141
3,505136894
20, 94211,6158,692
907.6777.555.9
671.3
125. 4110.990 0
60 6941.3322,152
11,8228,7623,060
3,8101,268
45 59219 2577,0092 7051,453
33, 76113 476
14.6768
122.5
3,05455953
167207
50251247
1,520
13512117314114991
21240
149
13112117314415272
20240
143
3,574247359
15, 9168,9526,672
873 9744 157.8
656 8
114.1103.179.9
55 229
3,2791.045
14.7801
3,41772669
21022046
103284
1,760
124124181140127667337
137
13412417215813668
23539
145
5 558598870
3,6731,4842,005
858.2706.469.9
77.8
3,7071.051
2, 713573
551731853474
2251,394
124123181145135626737
137
13712317216113565
26839
149
5.7571, 451
7612, 9451, 503:1, 246
r Revised.§ Beginning January 1955, data include local service operations of one carrier.*J Data beginning 1st quarter 1955 cover large motor carriers having operating revenues of $1,000,000 or above.d* Data for December 1954 and April, July, October, and December 1955 are for 5 weeks; other months, 4 weeks.
1954, $76,800,000.9 Includes data not shown separately. JRevised data for November
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-24 SUBVEY OF CURRENT BUSINESS February 1956
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
~ j March April May June July August Septem-ber October Novem-
berDecem-
ber
1956
Janu-ary
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION— Continued
TravelHotels:
Average sale per occupied room dollarsRooms occupied _ _ .percent of total _.Restaurant sales index same month 1929 — 100
Foreign travel:U. S. citizens: Arrivals number .
Departures - _ doAliens: Arrivals _ do
Departures _ - doPassports issued and renewed do
National parks, visitors. thousands _Pullman Co.:
Revenue passenger-miles millionsPassenger revenues. ___ thous. of dol_.
COMMUNICATIONS
Telephone carriers:Operating revenues 9 thous. of dol
Station revenues doTolls message do
Operating expenses, before taxes doNet operating income _ _ ._ - do^ __Phones in service, end of month thousands
Telegraph, cable, and radiotelegraph carriers:Wire- telegraph:
Operating revenues thous. of dol. _Operating expenses, incl. depreciation _ _ _ d o . _ -Net operating revenues do
Ocean-cable:Operating revenues do __Operating expenses, incl depreciation doNet operating revenues - - do
Radiotelegraph:Operating revenues . do_._Operating expenses, incl. depreciation _ _ __do ___Net operating revenues . do...
6.8959
229
72, 73069, 84048, 67541, 77925, 005
277
5717,474
448, 387257,149154, 870311,916
58, 45745, 858
19, 73317, 479
973
3,0111,862
864
2,9982, 353
540
7.1773
252
69, 27276, 63845, 88130, 47234, 356
318
7029,224
441, 354258, 047146, 783289,31862, 14346, 093
17, 55215, 953
737
2, 6762, 104
301
2,7542,272
333
7.2574
252
80, 02185, 52441,74530, 23540, 173
309
5877,710
429, 188254, 859137, 976281. 24060, 26146,310
16, 99614,8801,302
2,4521,972
220
2, 6352,198
351
7.0275
241
91, 53598. 61551, 58638, 96356, 399
437
6007,884
454, 235260, 606157 059307, 21059, 12346, 545
19, 85916, 3322,677
2,9332, 068
599
2,8932, 306
466
7.6573
259
90, 092104, 60457,12940, 23260, 675
690
5437,129
449 942261, 586151 080299. 16561, 14846,746
18, 92015, 8252, 254
2, 5792 088
236
2,6892,275
296
6.9874
277
109, 558107, 29061, 41942, 71371, 0551,162
5216,823
457 793263, 022157 307306, 50361, 22046, 961
19, 59816, 4462,300
2,7712 131
367
2,7432,317
306
7.6174
280
105, 876140, 12760, 76553, 22671. 6262,547
5717,500
460 582264, 035158 688304, 35464, 29447, 175
20, 04216, 5352 660
2 9022 123
521
2, 8752,302
452
7.1965
235
134, 363149, 95964, 02250, 39640, 6244,492
5457,148
454, 265261, 072155 069301, 554
61, 97947, 406
18, 11016, 574
714
2, 7692 128
364
2,7612, 272
374
7.9771
260
157, 479113, 46873, 69251, 89740, 9634,472
5647,388
475, 538265, 605170, 757318, 78864, 08447. 652
20,17517, 2152, 155
2,8172, 156
374
2,9542,247
601
7.7874
258
134, 96387, 53480, 73851,20531,0862,070
5336,971
467 757267, 576160 757309, 829
64, 40147, 952
19, 45116, 9261 758
2, 9632 169
516
2,9972,300
585
8.1778
265
104, 19275, 86166, 38145, 02526. 7461,170
5557,252
475 879273, 400162 431312, 558
68, 09648, 232
19, 07416, 4701 872
2 8311 983
578
2 9852,311
572
8.0771
260
25 990432
5617, 311
18, 66516,3651 592
2,7242 030
448
2,9732,428
473
7. 1058
236
28. 310310
36 660
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:Ammonia, synthetic anhydrous (commercial)
short tons..Calcium carbide (commercial) .__ doCarbon dioxide, liquid, gas, and solid- . do._Chlorine, gas doHydrochloric acid (100% HC1) , do
Nitric acid (100% HNOs) doOxygen (high purity) _ . mil. of cu. ftPhosphoric acid (50% HsPO^ short tonsSodium carbonate (soda ash), ammonia soda process
(58%Na2O) short tons. -Sodium bichromate and chromate doSodium hydroxide (100% NaOH) doSodium silicate, soluble silicate glass (anhydrous)
short tons-Sodium sulfate (Glauber's salt and crude salt cake)
short tons__Sulfuric acid:
Production (100% HaSOO — -thous. of short tons..Price, wholesale, 66°, tanks, at works
dol, per short tori..Organic chemicals :cf
Acetic acid (synthetic and natural), productionthous. of lb-_
Acetic anhydride, production - . _ _ do . .Acetylsalicylic acid (aspirin) , production doAlcohol, ethyl:
Production thous of proof galStocks, end of month, total . do .
In industrial alcohol bonded warehouses . doIn denaturing plants - . do
Used for denaturation __ _ __ . - _ - d o -Withdrawn tax-paid do
Alcohol, denatured:Production _ - - _ _ thous. of wine galConsumption (withdrawals) - - do - - . -Stocks, end of month - - do
Creosote oil, production _ _ _ -thous. of galDDT, production thous. of lb_Ethyl acetate (85%), production doEthvlene glycol, production _ _ do -Formaldehyde (37%HCHO), production doGlycerin, refined, all grades:
Production doConsumption _ _ _ . . _ . d oStocks, end of month _._ ._ _do _
Methanol, production:Natural thous. of gal..Synthetic.. . . . _^do
Phthalic anhydride, production thous. of lb. .
253, 68760, 51644, 834
259, 44566 372
199, 1402,214
264 317
385, 2708,707
300, 604
53, 066
71, 485
1,300
22.35
41,06963, 5781,142
33 651r 53, 917r 33, 643
20, 27531, 839
755
17,17317, 3405,434
10, 0886,0365, 105
54, 03284, 910
20 66015, 14430,379
17616,97428, 376
270, 36362, 38842, 666
260, 35767 494
213, 7322,349
276 286
385, 7879,000
301, 769
49, 451
75, 973
1,313
22.35
43, 07167, 8861,194
35 304<• 52, 130••31, 724
20 40635, 045
703
18 86219, 3464 934
9, 5659,3597,336
51, 59977, 226
18 56614, 83630, 073
17015, 39325, 798
249, 39853, 80440. 551
232, 82662 751
190 1082, 132
289 323
359, 5698,181
275, 326
50, 490
69, 511
1,266
22.35
36, 94460, 3531,202
33 015r 53, 068'31,791
21 27732, 792
672
17 67717,1745 455
8 9349,3198,395
55, 20695, 422
17 27514, 64228, 391
15713, 82524, 976
285, 23972, 52253,813
269, 31969 599
206 9322, 466
312 208
420, 0859, 538
317, 245
62, 841
68,483
1,388
22. 35
48, 10078, 5901, 509
35 615r 48, 109'27.316
20 79337, 855
927
20 404r 20, 645
5 238
11 06410, 4564,571
60 605111,366
20 03216 30628, 699
16715, 53130,450
286, 56771, 92358, 644
235, 15859 266
201 9562 422
311 551
387, 2429 657
278, 266
48, 451
66, 972
1,339
22. 35
45, 25672,1271,217
37 784r 49 720' 27. 991
21 72936 230
650
19 50420, 1564 504
10 1679, 2169,006
55 756104,641
18 34515 69226 913
18515,88629,263
296, 79974, 50573, 859
294, 84771 677
191, 7432,422
306 851
442, 59410,734
336, 554
54, 900
72, 365
1,373'22.35
41, 62170, 477
1,413
39 52351 87330, 90420 96935, 023
795
18 87819, 382
T 4 013
10 68110, 7036,171
72, 854104, 700
20 46115 84827, 061
19216, 74029,330
261, 28573, 94180, 244
292, 90873 362
178 4282,326
261 312
416, 14710 289
338, 232
56, 923
66, 925
1, 255
22. 35
43, 72967, 6641,406
*• 36 49949, 98428, 54521 43937, 046
902
19 98918, 5855 267
13 01410, 6736,639
74 90999, 344
21 38416 05528 688
18616, 07124, 851
236, 75977, 52791, 906
291,42468 693
173, 5952,249
197 401
380, 4229,690
330, 413
40, 905
63, 263
1,122
22.35
43, 98766, 3591,099
35 85544, 84231, 25713, 58540, 970
720
22 18018, 8748 642
8 53811, 334
7,01782 83182, 131
15 60814 16525 880
18117,46331, 582
237, 20274, 63496, 362
295, 49266 577
173 0572,397
244 502
392, 9649,967
332, 687
42, 238
66,232
1,202
22.35
44, 64769, 499
912
36 26338, 56024, 87713, 68339, 2251 007
21 14021, 4768 383
11 53911, 2777,726
86 96393, 912
22 10216 51028 146
18717 46529, 735
231,95471, 37477, 167
293, 92969 399
173 0972,384
318 254
413, 0719 982
334 488
55, 154
67, 906
1,259
22.35
47, 42166 299
716
40 92339, 41725, 99413 42437, 831
929
20 42^18 8939 825
9 80710, 1907,765
84 88597 092
20 43617 19329 200
19017 59030, 414
265,86876 03363, 138
316, 61479 237
190 5562 582
320 269
442, 61210 801
357, 013
56,279
74, 570
1,355
22.35
47, 01470, 7221,705
40 90340 27328, 06212 21136 894
908
19 91422 6077 079
10 34010, 2737,809
84 693107 005
23 09317 64730 241
19717 69831, 174
-268,85980 68652 607
r 308, 10476 418
199 3412 638
298 313
434 159r 10 287345 872
58, 811
74 934r 1, 416
22.35
47, 26373 4911 385
41 91144' 71034^ 9129 798
37 787946
20 38321 2736 065
10 27310,3106,124
75 535111' 181
21 81917 05430* 546
18617 20629! 980
272, 74885 611
316, 94878 154
212 816
304 081
432, 319
356 573
1, 465
J» 22. 35
22 943is' 71934* 280
r Revised. » Preliminary. 9 Includes data not shown separately.cf Data (except for alcohol) are reported on basis of 100-percent content of the specified material unless otherwise indicated.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS S-25
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
CHEMICALS AND ALLIED PRODUCTS—Continued
FERTILIZERS
Consumption (10 States)© thous. of short tonsExports total 9 short tons
Nitrogenous materials doPhosphate materials doPotash materials do
Imports total 9 - - doNitrogenous materials, total . do.
Nitrato of soda doPhosphate materials . _ _ _ _ . d o - _Potash materials do
Price, wholesale, nitrate of soda, crude, f. o. b. cars,port warehouses dol per short ton
Potash deliveries short tonsSuperphosphate (100% A.P.AJd1
Production - doStocks endofmor th . do
MISCELLANEOUS
Explosives (industrial), shipments:Black blasting powder thous. of IbHigh explosives do
Sulfur (native):Production thous. of long tonsStocks (producers')* end of month do
FATS, OILS, OILSEEDS, AND BYPRODUCTS
Animal fats, greases, and oils:Animal fats:
Production! thous. of IbConsumption , factory:}: doStocks, end of month _._ _-do
Greases:Production! doConsumption, factory! - doStocks, end of month do
Fish oils:Production! doConsumption, factory doStocks, end of month . ._ _ do _ .
Vegetable oils, oilseeds, and byproducts:Vegetable oils, total:
Production, crude! mil. of IbConsumption, crude, factory! doStocks, end of month:!
Crude! doRefined § .. do ...
Exports _- _ _ _ .. _ -thous. o f l b .Imports, total do
Paint oils doAll other vegetable oils do
Copra:Consumption, factory short tons...Stocks, end of month doImports do
Coconut or copra oil:Production:
Crude..-. . . _ _ . . thous. of IbRefined do
Consumption, factorv:Crudot--- * -- - doRefined do
Stocks, end of month:Crude doRefined do
Imports do
Cottonseed:!Receipts at mills thous. of short tons..Consumption (crush) doStocks at mills, end of month _ do
Cottonseed cake and mcnl:!Production short tonsStocks at mills, end of month _ _ . _ _do
Cottonseed oil, crude:!Production _ thous. o f lbStocks, end of month do
Cottonseed oil, refined:Production _ doConsumption, factory - ._ - .do _
In margarine do
Stocks, end of month §! mil. of IbPrice, wholesale, drums (N. Y.) dol. per Ib
369ar304,985
22, 733259 13910, 759
214,033189, 05884, 5558,9865, 498
51.25
154,317
206. 309326, 579
98053, 594
4783,228
426,417133,596254, 218
56, 55627- 55075, 025
6,69811,07465, 108
551521
669799
124,96034. 006
3, 05830, 948
27. 67816, 05324, 998
35, 53727, 441
42, 06125 091
68, 73310 3446 402
488609
2,321
294, 034245, 510
196, 923146, 394
157, 682146, 16729, 997
668.204
511r 284, 959
49, 490216,27010, 529
228, 075190, 50659, 3599,294
12, 868
51.25
187, 873
209,017347, 161
1,01752, 571
4473,214
1 465, 5371 193, 2061 412, 194
(2)(2)
(2)
3 5323 8, 275
3 51, 494
547524
674806
95, 71140, 0532,049
38, 005
29, 21116, 57925, 448
36, 74728, 899
43, 61324 231
68 71511 98210 459
119598
1,842
293, 109242, 133
196, 278141, 494
159, 433144, 29528 524
661.206
786*• 321, 465
97, 057172,07421,039
236, 247165, 44949, 46311,19441,339
51. 25
200, 116
210, 165347, 728
81053, 167
4003,201
1 417, 8371 197, 7101415,127
(2)(2)(2)
33123 8, 391
3 47, 554
487489
671689
168, 75145, 3066,858
38, 448
22, 41515, 73619, 810
28, 73727, 596
43, 04324 327
61 01211 77214 617
84514
1,412
254 430257, 064
169 946145, 221
141 252141, 28825 294
546.206
1,839r 287, 049
59, 568183,34424, 519
353, 695256, 70270, 53520, 12648, 161
51.25
266, 832
228, 764274, 322
87658, 535
4353,091
1 454, 8221 203, 8371415,106
(2)(2)(2)
33453 10, 5643 46, 141
493564
645714
27, 24840, 233
1,40238, 832
28, 34415, 31334, 819
36, 06832, 005
49, 80128 476
68 57311 84412 225
36438
1,010
218 928278, 909
150 978125, 738
161 402138, 28528 949
568.198
1,650r378, 105
76,515268, 96911,172
241, 269177.02961,0159,712
25, 904
51.25
235, 857
233, 572221, 442
68562, 651
4382,996
1 410, 1361 196, 4261409,530
(2)(2)(2)
31,4153 12,7323 36, 962
441486
617703
26, 05238, 601
2,60236, 000
31, 08916, 67425, 234
40, 43828, 240
43, 34227 496
73 99611 0549 633
13318705
154 119273, 098
110 834106, 593
117 110119, 30219 165
562.199
1,001r 324, 919
48, 403257, 181
12, 160
322, 904160,94371, 7688,030
1 5, 778
51.25
164, 411
210,818248, 022
34665, 632
4562,925
1424,8151 208, 2641 410, 501
(2)(2)(2)
3 9, 9893 11,4383 36, 045
443496
579656
50, 80942, 4472, 766
39, 681
28,01119,23131, 743
36, 05629, 282
46, 34429 755
73 1199 5549 835
7285422
139 630266, 945
101 98796, 409
105 709135, 36621 325
527.207
559••232 878
33, 511177, 583
9,242
164, 745113, 11652, 9142, 536
12, 104
51.25
61, 750
143, 181289, 542
28068, 967
4252,875
i 403, 658' 196, 4091 394, 025
(2)(2)(2)
3 40, 5743 10,968s 68, 129
415495
514564
77, 63645, 9362,194
43, 742
32, 93318. 47430, 524
41, 32730, 955
46, 23426 402
78 60310 17414 265
19197243
95 378237, 998
67 25173, 552
87 033134, 56020 718
433.222
241r 285. 452
31, 568206, 699
35, 078
146, 92780, 69842. 87615, 89828, 107
51.25
93, 209
93, 769291, 246
31560, 043
4882,887
i 366,7731 151, 030' 390,904
(2)(2)(2)
333,9863 9, 337
3 61, 779
390391
490479
111,21536, 6393,503
33, 136
22, 92622 29228 115
29, 14423 909
34 59821 431
84 97912 76010 969
131165209
78 293203, 090
56 96253 915
59 12095 85214' 330
344.215
172r 344, 305
40, 228270, 63122, 784
124, 70282, 69326, 07410, 4216,798
51.25
115, 859
136, 990292, 176
47874, 622
5012,943
1 424, 4711 200, 4061 370, 588
(2)(2)(2)
228,9443 9, 653
s 70, 455
414447
485429
40, 77034, 2711,299
32, 972
31, 20317,69725 099
39, 83538 211
54 33433 155
85 52913 24215 790
349212345
103 409169, 703
70 39158 955
57 996105 13716 336
287.201
292r 488, 983
76, 340377 47224, 752
175, 655120, 56657, 6749,784
17, 946
51.25
137, 897
182 209301,413
46669, 589
4993,000
1 428, 1 72'212,7391 347. 756
(2)(2)(2)
326 1613 11,2333 94, 337
493482
504409
60, 68832, 2503 933
28 318
27, 42024, 08542 014
34, 74734 988
52 94432 556
82 53314 0678 771
1, 066494917
233 349150, 240
159 43187 689
96 846101 70720 868
273.188
440r 472, 202
82, 376362 413
13, 771
148, 98185, 40228. 2738,654
33 838
51 25
145 617
214 898318,512
52169, 983
5453 004
' 473 050'211,287' 335, 770
(2)(2)(2)
315 432312, 375398, 049
671573
563426
63, 51724, 7321 145
23 587
31,94019 43142 335
40 68932 465
49 21332 720
78 82512 5819 244
1, 689708
1 898
328 503170 721
236 807155 640
140 847125 25524 473
283.191
428355, 75S86, 295
239,01318, 490
175, 413121, 30934, 65210, 15733, 407
51.25
161, 564
216,247333, 608
41167, 244
5373,095
i 552, 270'213,3741388,643
(2)
(2)(2)
'3 12. 2^0r3 12,977
r3104,893
665597
654r468
73, 05943, 6773 375
40, 302
26. 87317, 26723 401
34, 378T 31 688
49 273T 32 535
75 87114 40719 139
1, 406781
2 523
370 6331 73, 742
262 589204 267
189 943130 45331 115
324' 188
P 51 25
153 431
230, 676375, 653
41863, 900
i 563 263i 202, 0791461,625
(2)(2)(2)
3 4 0933 12 7563 98, 947
616590
678523
25, 40720 137
32 53225 719
42 97227 072
75 91313 164
570672
2 421
317 153163, 049
226 931192' 182
185 720117 03826 834
378p. 188
r Revised. v Preliminary.i Beginning 1955, data include greases (other than wool) and both crude and refined products (except that production figures exclude refined lard); refined products (not included prior to
1955) are no longer reported separately from crude. 2 Beginning 1955, data are included with animal fats; see note 1. 3 Beginning 1955, data may include some refined fish oils (not formerlyincluded); figures included for consumption and stocks of cod, cod-liver, and other liver oils are incomplete.
© States represented are: North Carolina, South Carolina, Georgia, Florida, Alabama, Tennessee, Arkansas, Louisiana, Texas, Oklahoma. According to quarterly reports from Virginia,consumption in that State is as follows (thous. short tons): 1955—January-March, 287; April-June, 349; July-September, 71.
9 Includes data not shown separately.c? A. P. A. (available phosphoric acid).! Revisions for January -July 1954 (August 1953-July 1954 for cottonseed and products) will be shown later.§ Includes stocks owned by the Commodity Credit Corporation.» Revisions for January-November 1954 are as follows (short tons): 218,581; 201,132; 282,514; 259,586; 314,470; 266,153; 308,139; 413,443; 377,461; 461,326; 237,330.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-̂26 SURVEY OF CURRENT BUSINESS February 1956
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
Janu-ary
Febru-ary March April May
19
June
55
July August Seberemj°ctoberNovem-
berDecem-
ber
1956
Janu-ary
CHEMICALS AND ALLIED PRODUCTS—Continued
FATS, OILS, ETC.— ContinuedVegetable oils, oilseeds, and byproducts — Con.
Flaxseed:Production (crop estimate) thous, of buOil mills:*
Consumption doStocks, end of month -do __
Price, wholesale, No. 1 (Minneapolis) _dol. perbu__Linseed oil, raw:
Production* thous. of IbConsumption, factory* doStocks at factory, end of month* _ do_ _.Price, wholesale (Minneapolis) dol. per Ib
Soybeans:
Consumption, factory _ _ _ d o . _Stocks, end of month do
Soybean oil:Production:
Crude thous oflbRefined do
Consumption, factory, refined* . _ do _Stocks, end of month:
Crude doRefined* do
Price, wholesale, refined (N. Y.)_. . _ dol. per IbMargarine:
Production thous o f lbStocks (factory and warehouse), end of mo -doPrice, wholesale, colored, delivered (eastern IT. S.).
dol. per IbShortening:
Production thous. o f lbStocks, end of month _ _ do
PAINTS, VARNISH, AND LACQUERFactory shipments total thous. of dol
Industrial sales - doTrade sales do
SYNTHETIC PLASTICS AND RESINMATERIALS
Production:Cellulose acetate and mixed ester plastics:
Sheets rods and tubes thous. of IbMolding and extrusion materials do
Nitrocellulose sheets rods and tubes doOther cellulose plastics do
Phenolic and other tar acid resins doPolystyrene doUrea and melamine resins doVinyl resins doAlkyd resins doRosin modifications doMiscellaneous do_ __
* 40, 808
2 7f25, 2P23.38
54, 1 6539, P61
186, 6P7.126
1311 gf521,18144, 613
227, 765204, 180197, 029
109, 11666 755
. 195
116,34627, 279
.273
178, 888122, 760
93, 63341,81151,822
3, 6626,470
329452
33,01035, 20520, 34449, 77330, 2859,209
36, 105
2 3414, 5503.35
46, 20434, 933
181, 927.123
21,48333, 243
230, 957205, 325192, 795
118,60280 090
.194
124,4763 23, 763
.273
172, 5153119,826
109,79645,01764, 779
3,2906, 908
414553
34, 39436, 86020, 69853, 78231, 44111.35335, 806
1 8844, 2763.36
37, 05840, 974
164, 731.125
19, 77724, 355
214,068187, 174185, 616
128, 11473 078
.194
119,8033 25, 467
.273
168, 2633 128, 537
104, 02344, 36359, 660
3,2157,177
364559
37, 19536, 36020, 67651,65031,90910, 47837, 041
3 1382, 5593.25
59, 70343, 533
171, 597.123
19, 52517, 549
210, 643219, 803219,097
107, 73268 183
.187
125, 7813 28, 390
.273
187, 7783 150, 179
133,31154, 07279, 239
4,2817,422
483744
41, 45944, 18524, 95659. 76738, 89912,12642, 259
1 8611, 6543.24
36, 80145, 085
161, 853.125
20, 03112, 912
218,083199, 755194, 676
104, 43866 197
.186
104, 407s 26, 428
.273
159,9213158,191
135, 08953, 09681,993
3,2657,574
427584
39, 44841,82423,71156, 77338, 83512, 09647, 846
*>• 0141,0063.34
40, 70743, 619
139, 750.131
21,01210, 200
229, 163217,411211,230
94, 69564, 702
.188
112,5693 23, 484
.273
182,2103 145, 034
143, 39754, 44388, 954
3,2477,758
403561
39, 87642, 55022, 63661,73138, 44411,82048, 750
1 5521, 0353.35
30, 89150, 888
110, 324.131
22,11910, 775
243, 635224, 826216, 075
83, 16467, 247
.191
105, 0243 25, 580
.273
188, 7823 154, 234
149, 72156, 33693, 385
3,9037, 723
415333
41, 99442, 27321,23156, 11839, 13611,66547, 143
2 0231, 8073.29
41, 24845, 99162, 259
.132
21, 34710, 541
235, 756182, 704166, 083
119, 55967 093
.185
79, 6993 24, 252
.273
121, 9933 138,949
124, 56347, 20877, 355
2. 2836,271
260313
30, 28835, 74917,11054, 62831,97912, 30341, 744
2 6353,0343.15
52, 55346, 62963, 138
.135
19, 8917,201
219, 494213, 151190, 072
113,57878, 623
.181
91, 5923 20, 632
.273
151,4473149,813
137, 60955, 30982, 300
3, 3907,681
413332
39, 08741, 14422,41657. 02235, 88610. 76748, 151
3 0644,7973.08
61, 40346, 72468, 623
.136
18,71220, 117
206, 411202, 904210, 645
109, 17870, 699
.171
113, 9233 22, 206
.273
158, 3703140,726
133, 26752, 19881, 069
4,0128,728
396430
42, 22150, 30424, 28060, 96836, 70012, 14853, 104
4 2757,1663.10
84, 70856, 22080, 294
.130
25, 38874, 133
279, 908240, 688220, 896
109, 69577, 514
.174
124, 4283 25, 881
.273
180, 7833 136, 658
125,21454, 79270, 422
3,8808,374
415385
44,619r 48, 460T 26, 498
62, 15935, 48012, 62856, 304
3 1327,5423.17
62, 49341, 236
108, 296. 127
25, 39488, 365
277, 042232, 664
T 215,687
135, 084r 82 310
.175r116, 447'322, 835
.273
161,9173137,012
118, 99353, 22365, 770
3,4958, 394
451643
44, 66348, 27225, 19762, 20034, 46411,08058, 258
240,638
3 2636, 6953.21
64 47043, 583
136, 013•p . 128
2 371 27623, 86981, 784
261,550232, 155234, 323
138, 23270 pgp,
p. 173
115 2183 23, 703
P. 273
141, 3873142,961
101.24146, 00055, 241
3.35
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), totalmil. of kw.-hr.
Electric utilities, total doBy fuels do -By water power do
Privately and municipally owned utilities doOther producers (publicly owned) do
Industrial establishments, total . . _ _ doBy fuels doBy water power.- .. - .. ._ do -
Sales to ultimate customers, total (Edison Electric In-stitute) mil of kw -hr
Commercial and industrial:Small light and power doLarge light and power - - - . _ _ _ do
Railways and railroads - - do_ -Residential or domestic doRural (distinct rural rates) doStreet and highway lighting doOther public authorities doInterdepartmental do
Revenue from sales to ultimate customers (EdisonElectric Instituted thous. of dol_-
49, 89043, 44934, 4029,047
36 3087,140
6,4416, 020
421
37 092
6, 27918, 250
44010, 203
63741782046
644. 528
50, 40443, 95534, 5269,429
36 2947.661
6,4486, 139
309
38, 198
6, 38418,414
43711 071
60142182940
660. 153
46, 26940, 23031,6598,571
33 2307,000
6, 0395, 742
296
37, 654
6,31118,133
39910,958
60537982248
655. 779
51,15344, 44934,05110, 399
36 2488,201
6, 7036, 375
329
38, 283
6, 26919, 253
41610,375
71937183051
651. 058
48, 37642, 03531,56710, 468
34 2577,778
6,3416,017
324
38, 140
6,22519, 496
3749,917
92833481750
644. 841
49, 93943, 35433, 5399,815
35, 3268,028
6, 5856, 277
308
38, 127
6,24020, 248
3659,208
87931482249
639, 059
50, 72544, 23434, 525
9,709
36 0128,222
6,4906,204
286
38, 850
6, 58620, 778
3708, 975
958296837
52
647, 704
52, 92446, 62537, 2759,350
37, 8488,777
6,2996, 052
247
39 557
7,60120, 551
3359, 2621, 160
30583349
661. 284
55, 91749, 35339, 8219,532
40 1799,175
6,5636, 309
254
41, 957
7,49721, 895
3529,7061,266
33086052
690, 352
52, 90746, 33538, 1688,167
37, 5958,740
6,5726,365
207
42, 122
7,47621, 982
3549,8121,213
356876
54
695, 804
54, 20647, 36738, 6018,766
38, 7598,608
6,8396,608
231
41, 829
7, 02622, 512
3569,672
95439686251
684, 701
54, 51347, 75138, 5439,208
39, 1008,651
6,7626, 524
237
41 688
6,73822, 364
39110 073
77042288347
681. 561
57, 57150, 71541, 4089 307
41 4779, 238
6, 8566, 632
224
T Revised. v Preliminary.1 Revised estimate of 1954 crop. 2 December 1 estimate of 1955 crop. 3 Beginning January 1955 excludes quantities held by consuming factories. Comparable data for December 1954
(units as above): Margarine, 26,960; shortening, 119,597.* Revisions for January-July 1954 will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CUKEENT BUSINESS S-27
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
ELECTRIC POWER AND GAS—Continued
GAS
Manufactured and mixed gas (quarterly ):cfCustomers, end of quarter, total thousands
Residential (incl. house-h eating) doIndustrial and commercial do
Sales to consumers, total mil. of thermsResidential (incl. house-heating) _ d o _ _ .Industrial and commercial do
Revenue from sales to consumers total thous. of dolResidential (incl. house-heating) doIndustrial and commercial do. _
Natural gas (quarterly) :cfCustomers, end of quarter, total thousands
Residential (incl. house-heating)... . . _do _-Industrial and commercial do
Sales to consumers total mil of thermsResidential (incl house-heating) doIndustrial and commercial -do _
Revenue from sales to consumers, total thous. of dol _Residential (incl. house -heating).-.- doIndustrial and commercial do
5,7415,318
420847552289
115, 78684, 81630, 345
22, 15920, 398
1, 73415, 352
4, 7239,780
695,511386, 598288, 052
5,5105,097
4091,210
879323
155, 784118,44636, 572
22, 49820, 672
1,79919 5658,715
10, 1591,021,488658, 033344, 245
5,3614,961
398827516302
110, 43179, 47630, 325
22, 64120, 870
1,74414, 2213,9319,602
648 215342, 971287, 646
5,1734,793
378546274264
75 92950, 94653, 422
22 97321,2121 734
12 044l' 7419 590
478 745194 055267 158
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGESBeer:
Production! thous. of bblTaxable withdrawals _ do _Stocks, end of month! . _ _ _ do
Distilled spirits:Production! _ _ _ _ _ _ _ thous. o f t ax ga lConsumption, apparent, for beverage purposes
thous. of wine gal__Tax-paid withdrawals! thous. of tax ga l__Stocks, end of month!-. - - _ _ -doImports thous. of proof gal
Whisky:Production! thous. of tax gal--Tax -paid withdrawals! _ - _ _ _ doStocks, end of month! doImports _ __ . thous. of proof gal
Rectified spirits and wines, production, total 9 1thous. of proof gal_
Whisky! doWines and distilling materials:
Effervescent wines:Production! _. thous. of wine galTaxable withdrawals! doStocks, end of month! doImports _ _ - _ _.do
Still wines:Production!- _ __ ._ do __Taxable withdrawals §!__ _ _ do_ _Stocks, end of month §! do_ ._Imports do
Distilling materials produced at wineries! _do_
DAIRY PRODUCTS
Butter, creamery:Production (factory) ! thous. of lb_.Stocks, cold storage, end of month doPrice, wholesale, 92-score (New York)___dol. per l b _ _
Cheese:Production (factory), total ! thous. of Ib
American, whole milk t do_ -Stocks, cold storage, end of month, total _ do
American, whole milk doImports. _ _ _ _ _ _ _ _ d oPrice, wholesale, American, single daisies (Chi-
cago) dol. per l b _ _Condenscd and evaporated milk:
Production, case goods: !Condensed (sweetened) thous. of IbEvaporated (unsweetened) _ _ do
Stocks, manufacturers', case goods, end of month:Condensed (sweetened) thous. of lb_.Evaporated (unsweetened) __ _ . do
Exports:Condensed (sweetened) _ doEvaporated (unsweetened) do
Price, wholesale, U. S. average:Evaporated (unsweetened) dol. per case.-
Fluid milk:Production mil. of lb_ _Utilization in mfd. dairy products doPrice, dealers', standard grade _ dol. per 100 Ib
Dry milk:Production: $
Dry whole milk thous. of lb__Nonfat dry milk solids (human food) do
Stocks, manufacturers', end of month:Dry whole milk..- do,.Nonfat dry milk solids (human food) do
Exports:Dry whole milk. _ . _ _ doNonfat dry milk solids (human food) do_
Price, wholesale, nonfat dry milk solids (humanfood), U. S. average _ _ _ dol. per Ib
6,4866,440
r9, 161r 16, 036
23, 00810, 667
r 840, 7072,444
10, 2866, 022
r707 3462,209
* 6, 233r 5 504
105229
1 036127
3, 628r 12, 6S8
r 192, 399733
6,212
99, 297378 610
.608
91 47561 566
548, 850518, 879
5 111
.374
2 097153 218
r 3, 739206, 954
528,227
5.56
8,8413,249
5 03
7,37894, 994
8,24551, 250
3,13014, 080
.155
6,2165,388
r 9, 577
13, 267
12, 3338,654
842, 5881 307
8,2394,742
708 2421, 162
' 4, 7074 012
143107
r 1 17030
T 1,941r 10, 022
r 182, 002402
1,938
108, 190341 655
.583
93 47564 130
522, 676492, 833
3 509
.369
2 600164 000
4,775143, 494
5311,373
5.56
9,1053,520r 4 99
7,500110,500
8,23855, 826
2,98225, 699
.154
5 7725,3309,647
13, 753
12, 94910,007
843, 2851 374
9,4705,609
709 6651,258
' 5, 4894 907
22783
1 30429
r 1, 643' 10, 5,r6
T 171, 795410
r 1 973
103, 835314 568
.581
90 24563 010
499, 742470, 092
3 502
.370
2 110174 800
4,569104 537
1914, 079
5.56
8,8843,396
4 93
6, 650105,600
6 71260, 918
3,6169,549
.154
7 8996 902
10,193
r 15, 622
15, 768r 13, 407
r 842, 5661 802
10 7257, 027
710 9701 613
r 7, 1716 445
160112
1 33333
r 1 937r 13, 194
r 160, 299555
3 204
120, 775311 462
.579
110 48079 *685
493, 433462, 949
5 109
.370
2 950230 100
3,89597 640
o18, 061
5.57
10, 4474, 095
4 84
8, 650132,000
7 67864, 126
3 83035, 616
.153
8 2847 187
r 10,815
14, 962
15, 505Ml, 422844, 138
1 783
10 1225, 361
713 9851 620
r 6,3405 718
212108
1 42042
r 1 322r 10, 982
r 150, 398539
T 2 325
129, 375293 203
.579
126 17595 890
501, OPO467, 671
4 195
.370
2 125255 750
5,783135 026
3816.612
5.57
11,2644,485
4 71
9,100152,800
7 47788, 341
4 62622 455
.153
rS 968r 7 99811,278
13,155
16, 13010, 825
844 3201 734
9 0735,181
716 0781 560
r 5, 6574 909
178r!11
r i 47351
1 28110 174
r!40 895526
r 648
158, 535308 154
.579
162 970129 475
527 '739493, 909
3 708
.368
1 700325 750
5,526258 438
819 866
5.57
13, 0885,591
4 68
10, 650197,800
9 067125, 861
3 1962 060
.152
9 3948 460
11,627
13, 421
16,91513, 774
841 4961 983
8 9156, 567
715 8611 816
r 7, 7836 810
266137
1 40151
1 26710 842
128 475513606
153, 080334 ^01
-578
157 900126' 330581 168542, 609
3 453
.368
2 140304 500
5, 570357 514
20010 205
5.57
12, 6655,4154 69
10, 325181,300
10 773150, 162
3 11132 575
.153
8 9138 608
11 380
9 391
14, 21710, 951
838 8001 596
5 5504,526
715 5501 484
5, 9925 315
7078
1 56733
7288 929
122 153417900
124, 8959 ̂ 2 139
.578
199 02 5100 715
597 (85561, 482
2 530
.368
3 000257 800
6,457412 415
71712 419
5.57
11, 7044, 4494 80
8.070127,500
12 281140, 501
3 90117 066
.153
9 2109 025
11 000
11,379
15, 67311,369
836 1101 591
8 1425,267
716 3041,421
5,3104 237
175114
1 61336
1 4879 926
112, 250393
5 633
102. 465097 617
.582
113 99085 340
596' 891562^ 41 9
3 567
.368
3 010227 500
7,177448 700
1 5139 745
5. 57
10, 6163,775
4 90
7,40098, 600
11 875117, 246
4 58817 371
.154
7 2527 405
10 380
19 388
16,90613,613
834 5292 253
11 1897, 226
717 5682 031
7,3826 383
102132
1 57054
19 57111 120
120 826452
52 431
91, 585295 043
.590
99 59570 795
5°2 241559, 448
3 174
.389
2 540184 500
5, 482427 570
43612 346
5.57
9,6183,3225 01
8,90089, 100
10 998101, 566
2 87117 859
.155
6 4326 248
10 166
34 917
18. 50717 083
832 5812 525
12 8639 216
717 9912 310
10 1569 013
106191
1 45879
79 47413 347
184 Oil61 8
145 546
94, 070OKA f i9 f i
. 58(5
91 20063 070
566 481536? 355
K cno
.378
3 925164 500
7,381383 871
1 43310 407
5.57
9,3243,2445 10
8,30088, 200
10 31487, 758
3 98817 712
.154
5 7756 1299 427
31 189
20, 85616 731
833 2013 620
13 5388,978
719 656'-} 282
9,9308 761
160247
1 346l'->9
43 34013 369
214 698889
93 578
91, 040202 294
.584
84 97056 100
531 094505 435
G uqn
.379
o 07 r
142 200
7 556274 432
1 51217 445
5 64
8,7243,0755 19
8,92587 500
10 64081, 231
3 24426 148
.154
104, 555i (\ • r i o r
.588
93 19061 380
506 098478 729
.378
4 025152 800
4,752214 239
5.71
9,0233, 4535 10
8,750113 700
8 66180, 677
.154
~ " ~ " ~ 5 8 0 ~
.375
9,604
504
' Revised.cf1 Revisions for 1953 and for the 1st and 2d quarters of 1954 are available upon request. Totals include data not shown separately.
Amei1954; dairy products—butter, cheese, (total and
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-28 SURVEY OF CURRENT BUSINESS February 1056
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July Au? October Novem-
berDecem-
ber
1956
Janu-ary
FOODSTUFFS AND TOBACCO— Continued
FRUITS AND VEGETABLESApples:
Production (crop estimate) - ._ thous. ofbuShipments, carlot no. of carloads..Stocks, cold storage, end of month thous. of bu. .
Citrus fruits, carlot shipments no. of carloads .Frozen fruits, juices, and vegetables:
Stocks, cold storage, end of month:Fruits thous. of Ib . .Fruit juices doVegetables do
Potatoes, white:Production (crop estimate) thous of buShipments, carlot - no. of carloads -Price, wholesale, U. S. No. 1 (New York)
dol. per 100 lb._
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat).--thous. of bu._
Barley:Production (crop estimate) doReceipts, principal markets _.do. -Stocks, domestic, end of month:
On farms doExports, including malt -doPrices, wholesale (Minneapolis):
No. 2, malting ..dol. per bu_.No 3 straight do
Corn:Production (crop estimate) mil of buGrindings, wet process thous. of bu_.Receipts, principal markets ... -doStocks, domestic, end of month:
Commercial doOn farms mil of bu
Exports, including meal - - - - thous. of bu_.Prices, wholesale:
No. 3, yellow (Chicago) dol. per bu..Weighted average 5 markets, all grades do _
Oats:Production (crop estimate) mil of buReceipts, principal markets- _ _ _ _ _ _ thous. of bu.Stocks, domestic, end of month:
Commercial - -- - -- - do .. .On farms do
Exports including oatmeal _ - - _ doPrice, wholesale, No. 3, white (Chicago), dol. per bu_-
Rice:Production (crop estimate) thous of bags 9California:
Receipts, domestic, rough thous. of l b _ _Shipments from mills, milled rice doStocks, rough and cleaned (cleaned basis), end
of month thous. of IbSouthern States (Ark., La., Tenn., Tex.):
Receipts, rough, at mills doShipments from mills, milled rice _ doStocks, domestic, rough and cleaned (cleaned
basis) end of month mil o f l bExports. .' thous. of lb_ .Price, wholesale, head, clean (N. O.) dol. per l b _ _
Rye:Production (crop estimate) thous of buReceipts principal markets doStocks, commercial, domestic, end of month _ . doPrice, wholesale, No. 2 (Minneapolis) ...dol. per bu._
Wheat:
Spring wheat do
Receipts principal markets thous of buDisapnearance doStocks, end of month-
Canada (Canadian wheat) _ - - _ , _ d o _ _ _United States domestic total cf mil o f b u
Commercial - ... ... thous. of bu..Interior mills , e leva tors , and warehouses
thous of buMerchant mills doOn farms do
Exports, total, including flour do"Wheat only do
Prices, wholesale:No. 1, dark northern spring (Minneapolis)
dol. per bu._No 2, hard winter (Kansas Citv) .- -doNo 2 red winter (St Louis) doWeighted avg., 6 markets, all grades do
MOO, 8542, 886
24, 878
11,610
377, 950248, 001649, 321
1356 03114,141
3. 698
41, 430"
i 370, 50210, 070
' 27 517165, 195
4,175
1. 420] . 290
i 3, 01011,67030, 975
' 65, 218'2 093.2
9,569
1. 5221.450
1 1, 49710,510
20, 055'920,789
701.839
1 64, 216
85, 45733, 125
117, 630
62, 94198, 056
987.944, 623
.094
1 24, 320921
10, 9401. 300
i 984 81 180 51 804 325, 923
'"213,573
354, 877'1 471 4374, 369
517, 943126, 382
'321 321
26, 54422, 643
2.7582. 4652. 2802.646
2,47118, 975
9, 445
348, 163296, 333576, 981
18,281
3. 225
35, 549
16,321
27, 141
' 1, 352
1.4411.350
10, 95427, 831
62, 809
6,980
1.5241.448
12, 704
20, 448
"~i~862~.814
31, 94528, 489
109, 027
50, 954113,344
916. 542,515
.094
1, 296' 9, 541
1.420
28, 032
r 356, 258
366, 942
24, 56721,149
2. 7292. 4432.3382. 635
2,41313, 194
8,678
309, 152357, 503505, 428
16, 750
3. 342
43, 395
8, 975
23, 121
3, 761
1.4311.413
10, 83619, 423
63, 192
9, 955
1.4951.434
8, 193
20, 499
""I, "260.797
129, 02870, 745
127, 276
61,315112,015
784.825,011
.094
419T 9. 274
1. 396
2,4987,793
9,503
i268, 216386, 726456, 995
22, 498
3.750
52, 778
10,311
21,184r 116, 721
5,019
1.4391.342
11,94915, 530
56, 199'1 425.7
11, 434
1.4631.390
7,159
17, 886'551,570
3, 061. 771
125, 049133. 373
85, 952
58, 409133, 727
653. 8112,005
.094
2068,7791.322
I19, 823
r 343, 399
356, 237
27, 482* 254, 060
T 332, 021'1 218 2351, 913
430. 732101.475
'211 592
27, 90723, 828
2. 7562.4102.2302.610
i 33, 109j 28, 184
2.7082 4562.2052.603
i
2,1874,114
9,3041
222, 407451,283426, 679
20, 865
7.167
29,690
7,140
19, 701
3, 534
1.4431.342
10, 62113, 028
46, 385
4,784
1.4601.439
5,392
15,866
"~i~782".712
119,108101,451
67, 491
18, 276115,091
610.175,114
.105
2828, 4981.246
24, 105
r 324, 164
351, 749
19, 49814,373
2. 6682. 4612.2042. 593
1,8601,677
9,731
208, 365513,638396,454
18, 502
6.508
29, 620
9,112
16, 954
4,776
1.4211.291
11,52418, 433
41,315
4,408
1.4821.487
6, 629
14,498
~ ~ ~ i ~ 5 2 7 ~.708
142, 16893, 542
72, 047
10, 43788, 903
599.2123. 393
. 113
2916,6791. 233
38, 436
'323,669
364, 462
18.90414, 745
2.7422. 5312. 2782. 666
810376
9,965
250, 582492, 970418,876
24, 758
4.131
41,461
18, 249
' 23, 527'343,724
5,369
1.4121.290
11,91219, 683
' 36, 805r 948. 9
5,666
1.4731.483
8,371
15,8333249.213
3,237.710
133, 772117,056
47, 693
15,05465, 285
495. 976, 788
.113
8586,4961.142
45, 199199. 1 4 6
' 348. 489'31,021.63380,409
3399,2983 60, 144
'339 130
26, 79822, 383
j 2. 7342. 190
' 1. 948: 2. 428
362212
8,223
391,944417, 332482, 910
10, 035
2.563
50, 275
24, 067
31, 574
9,017
1.2791. 180
10, 93817, 535
27, 070
11, 768
1.4721.490
23, 146
23, 085
~2~ 049"(4)
89, 73359,811
49, 203
12, 66071, 627
389.4137, 272
.113
2, 8778,6731.042
101, 574
' 378, 766
427, 416
27, 05123, 376
2.6212. 1601. 9682. 263
234233
6,308
440, 672362, 434605, 154
9, 463
3.269
46, 723
26, 258
32, 696
12, 168
1.2711.171
12, 54130, 689
28, 050
8,088
1.3051.323
22, 109
38, 217
~~"i~6i2~.578
23, 34943, 754
17, 510
238, 219120, 707
360.642, 291
.093
1,6389,1381.046
57, 958
'372,182
446, 093
24, 50120, 762
2.4782.1511.9452.397
5399,121
4,696
470,439 !325,288672,574
11, 641
3,033
39, 177
16, 156
28, 468••256,013
8, 050
1.2401.127
11, 35828,185
31, 7103 310 811, 352
1.3071.244
8,727
37, 581'1,246,086
2, 175.610
22, 6937,241
24, 692
986,179260, 028
661. 6150, 886
.089
9028, 9321.112
36, 015'207, 108
'374,487'1 753 7448, 678
'594 312'141 403' 428, 541
17,28314, 242
2. 5052. 1 551.923
! 2. 445
3, 46634, 379
4,467
458, 921287, 547692, 821
13, 585
3.217
35, 827
14, 266
28, 168
9,478
1. 2581. 155
12, 50240, 062
38, 721
11, 292
1.1881.180
5,185
33, 297
3,123(4)
136, 48927, 053
81,284
1,032,421185,179
1 , 097. 0153, 729
.089
1,3848,1361.061
31, 802
'•366,890
440, 750
11,4227, 153
2, 5132.1982.0352.478
' 2, 93534, 854
'4,742
444. 087245, 393663, 160
' 14, 824
' 3. 206
38, 968
13, 836
26, 149
5,050
1. 2511.130
11, 59051, 592
65, 517
"16," 855"
1. 1731.201
6,349
27, 283
"""2," 838".635
66, 09724, 959
95, 868
241, 850121,168
1,127.8118, 445
.093
1,6748,4141.026
24, 768
' 363, 288
421,248
19,31214, 534
2.5112.2072.0432.461
2 105,293' 2, 78327, 559
r 10, 887
416, 673258, 025621, 721
2 381,631' 15, 410
p 2. 884
2 390,96913, 975
27, 038189 510
1. 2351.116
2 3 18511,18822, 843
70, 9102, 191. 4
1.2501.269
2 1, 5768,887
26, 575981, 205
.694
2 53, 420
46, 12221, 970
101, 792
p. 093
2 29 1871, 5538. 3691.156
2 938 22 232 82 705 421,007
219, 910
' 364, 7321, 535. 0403, 181
543,101126,878320, 800
2.4872. 253
i 2. 153i 2. 445
2, 333
8,324
18, 542
13, 013
25, 167
1.2391. 099
73, 073
1.2451.268
28, 084
. 668
69, 50435, 426
106,170
~ ~ ~ 6 ~ 7 1 41. 160
390,508
2.4472. 2422. 1562. 407
r Revised. » Preliminary. l Revised estimate of 1954 crop. 2 December 1 estimate of 1955 crop.3 Old crop only; new grain not reported until beginning of new crop year (July for barley, oats, and wheat;9 Bags of 100 Ib.cf The total includes wheat owned by the Commodity Credit Corporation and stored off farms in its own steel and wooden bins; such data are not included in the breakdown of stocks.
October for corn). 4 No quotation.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1056 SUEVEY OF CURRENT BUSINESS S-29
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
FOODSTUFFS AND TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Continued
Wheat flour:Production:
Flour _ -thous. of sacks (100 lb.)_.Operations, percent of capacityOffal _ short tons._
Grinding of wheat _ _ -thous. of bu._Stocks held by mills, end of quarter
thous of sacks (100 Ib.)Exports do _ - -Prices, wholesale:
Spring, short patents (Minneapolis)dol. per sack (100 Ib.) _
Winter, hard, short patents (Kansas City)-_do
LIVESTOCKCattle and calves:
Slaughter (federally inspected):Calves thous. of animals. -Cattle do
Receipts principal markets doShipments, feeder, to 9 corn-belt States _ _ _ . .do. .-Prices, wholesale:
Beef steers (Chicago) _ dol. per 100 IbSteers, stockcr and feeder (Kansas City) doCalves vealers (Chicago) do
Hogs:Slaughter (federally inspected) thous. of animals. .Receipts principal markets doPrices:
Wholesale, average, all grades (Chicago)dol. per 100 lb-_
Hog-corn price ratiobu. of corn equal in value to 100 Ib. of live hog..
Sheep and lambs:Slaughter (federally inspected) thous. of animalsReceipts principal markets do _Shipments, feeder, to 9 corn-belt States _ _ -do-Prices, wholesale:
Lambs average (Chicago) dol. per 100 IbLambs feeder, good and choice (Omaha) do~ -
MEATSTotal meats:
Production (carcass weight, leaf lard out), inspectedslaughter _ - - mil. o f lb
Stocks (excluding lard), cold storage, end of monthmil. of l b__
Exports (including lard) doImports (excluding lard) _ ._ _ do
Beef and veal:Production, inspected slaughter _ thous. of lb._Stocks, cold storage, end of month doExports _ -- _ .__ _ _ __ - doImports doPrice, wholesale, beef, fresh, steer carcasses, choice
(fiOO-700 Ibs) (New York) dol. pcrlb_.Lamb and mutton:
Production, inspected slaughter thous. of lb_.Stocks cold storage end of month do
Pork (including lard), production, inspected slaughterthous. of lb__
Pork (excluding lard):Production, inspected slaughter do __Stocks, cold storage, end of month.. ... _. _doExports doImports _ -. ._ - do -Prices, wholesale:
Hams, smoked, composite dol. per l b _ _Fresh loins. 8-12 Ib. average (New York) do
Lard:Production, inspected slaughter thous. of lb._Stocks, dry and cold storage, end of month doExports doPrice, wholesale, refined (Chicago) dol. per lb_.
POULTRY AND EGGSPoultry:
Receipts 5 markets thous of IbStocks, cold storage (frozen), end of month doPrice, wholesale, live fowls, heavy type, No. 1
(Chicago) _ _ _ _ dol. per IbEggs:
Prod uction, farm m illions. _Dried egg production thous. of lb_.Stocks, cold storage, end of month:
Shell thous. of cases. .Frozen .. _ _ thous. of Ib
Price, wholesale, extras, large (Chicago)dol. per doz._
MISCELLANEOUS FOOD PRODUCTS
Confectionery, manufacturers' sales thous. of dol__Cocoa or cacao beans:
Imports (incl. shells) long tons..Price, wholesale, Accra (New York) dol. per lb._.
19, 17478.3
382, 856
44, 524
4,6611,674
6.9106.325
6391,5832,177
355
26. 2119. 2321. 00
6, 1193, 315
16.97
12.2
1, 1671,192
185
19. 2518.05
2,120
8008124
912, 239208, 380
6, 7185, 795
.455
54, 7049,714
1,153,238
843, 809448, 645
4,03716, 074
. 556
.412
225, 859104, 12557, 324
.173
64, 744269, 863
.175
5, 5891,336
19374, 928
.317
r 100,215
27, 181.475
19, 15685.6
384, 216
44, 567
1,467
6. 7556.205
5631, 5212,322
294
26. 1220. 4027.00
5, 5193,183
16.51
12.1
1,2231,334
226
20.8820.22
1,993
8447524
883, 371193, 580
6, 9936, 511
.460
58, 8108,767
1,050,606
771, 981504, 624
4,84315, 292
. 536
.431
203, 886124, 39154, 807
.163
40, 480251,296
.188
5,7711,919
23566, 245
.334
84, 645
18, 874.488
17, 71483.1
356, 211
41, 186
1,750
6.6506.025
5171 3131, 767
171
24. 4620. 4629. 00
4, 6382, 587
15.91
11.7
1,0801,029
135
21.7520.75
1,665
8376919
760, 473166, 014
6, 4435 725
.449
53, 1748,743
851, 694
628, 102530, 537
6 47611,573
.479
.425
163, 743137,88247, 253
.153
36 267211, 258
.243
5, 5181,902
26862, 517
.422
85, 277
22, 494.468
19, 88481.1
394, 156
46, 104
4,7132,114
6.8056.095
6601, 5242,086
212
24.1221.2825. 00
5, 4912,924
15. 90
11.3
1,2441,166
120
22.7520.97
1,962
8356527
890, 867154, 349
3,3699 082
.435
61, 4299,089
1,009,567
749, 899543, 929
6 244' 15, 244
.479
.422
189,884137, 35746, 056
.156
39, 349162, 472
.280
6, 5842,357
47983, 672
.410
83, 644
26, 268.400
17, 42878.1
347, 874
40, 443
2,199
6.6456.060
5961, 4522,040
272
23.3621.2520.00
4,4722,473
16.48
12.2
1,1801, 302
156
21.5019.83
1,736
8227422
844, 205143, 849
1,9348 361
.417
56, 8029, 677
834, 963
618, 489539, 434
6 34411,336
.506
.453
158, 080140, 35256, 492
.168
40, 666127, 549
.240
6, 5292, 932
1,183125, 833
.373
76, 950
19, 264.375
17, 52378.4
349, 892
40, 691
1,785
6.9906.225
5881 5602,277
236
22. 1820.0124.00
4,1642,337
16.39
11.7
1,2281,246
113
23.000)
1,760
7405527
901, 574130, 593
2,5478 760
.402
57, 6069, 957
800, 728
587,211477, 028
5 96915, 484
.525
.508
156, 320144, 14936 591
.148
48 999107, 309
.253
6,4402, 913
2,088170, 933
.346
62, 435
14, 339.365
18, 47078.8
371,280
42, 944
4,1111,895
6.8006.030
6111 6412,122
149
22.1519.0323.00
3,7132,140
17.54
13.1
1,2051,110
96
23.500)
1,753
6145129
952, 637117, 362
2,18813 197
.398
52, 8928,851
747, 208
549, 989375, 741
5 491H, 272
.540
.564
144, 297133, 39432, 365
.155
50 41197, 960
.245
5,7013,292
2,292193, 888
.369
65, 623
19, 726.381
17,61282.6
356, 099
41, 063
1,577
6. 7556.030
5501 5241,956
169
22. 5218.1922.00
3,4281,929
16.12
11.9
1,0761,043
147
21.120)
1,596
5295030
878, 641115, 238
2, 85212 070
.395
47, 0308,597
670, 129
494, 676297, 962
4 23115, 526
. 534
.472
128, 545117, 57829, 886
.155
46 646101, 942
.245
5,2852,643
2,244194. 706
.370
47, 198
11,656.370
18, 61576.0
371, 633
43, 239
1,605
6.1505. 775
6461, 7972, 596«257
22. 3317. 6923. 00
4,4752,519
15.31
12.1
1,2391,288a 259
20.752 17. 60
1,897
4485330
1,032,932120, 581
2,72114, 072
.405
54, 3438,737
809, 765
605, 362218, 624
3 64213,717
.539
.458
149, 41997. 01435, 672
.133
55 937119, 769
.215
4, 8951, 319
1,680179 920
.464
60, 941
21, 109.318
19, 17485.7
377, 855
44, 301
4,6321,305
6. 2255.625
7101, 7522, 533"529
22.6717.9724.00
5,1442,682
15.75
12.7
1, 3441,625« 545
19.7517.83
1,977
4054926
1,021,504120,886
2,42612, 244
.420
58, 7428,683
896, 472
678, 528179,182
4 46111, 633
.501
.492
159, 34975,01130 545
.138
58 494161,947
.235
4,7981,159
1,140155 365
.514
106, 860
16, 335.333
21, 00093.8
411, 194
48, 369
1,832
6.2755.775
7281 6933,058
947
21. 9518.0226. 00
6,1443,251
14. 30
12.7
1,2481,797
513
19.5018.18
2,121
4448123
999, 507136, 278
3,1009 428
.396
55, 2459,569
1,065,839
805, 841205. 197
6 44111,513
.456
.409
190, 12074, 75656 426
.153
68 413258, 413
.233
5,1811, 136
804127 847
. 496
106,842
14, 738.340
19, 75888 3
384, 694
45, 489
2 050
' 6. 165r 5. 625
7001 6622 674
734
20 8416. 9222 00
6, 8574 099
12.01
11.2
1, 1621 273'247
18 6217 88
2 254
6019128
970, 324176,613
2 34912 150
.376
52, 853r Q 884
1,230,521
908 359306* 714
5 82314 503
.454
.374
235, 33298 42666 532' . 138
80 480259, 687
210
5, 186739
333101 395
.501
* 115. 327
21, 336.324
19,31786 3
376 700
44, 462
5 078
v 6. 070P 5. 750
6331 p,1 7
2 091420
20 3015. 89
P 24 00
7 3944 056
10.38
9.2
1 , 1 ttI 091
161
18 2516 68
2 340
782
961, 519227, 485
.362
53, 84910 7"
1,324,890
967 766421 624
p. 448.326
261,249146 9S5
P . 125
74 756229, 294
f> 235
5, 467449
11375 204
.514
99, 065
p . 324
20 0117.13
11. 08
9.4
19 0016 96
.368
.346
47 239
.447
r Revised. * Preliminary. 1 No quotation. 2 Average for 2 weeks (August 22—September 2). « For 8 States (South Dakota excluded).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-30 SURVEY OF CURRENT BUSINESS February 1956
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
Janu-ary
Febru-ary March April May
19
June
55
July August Septem-ber October Novem- Decem-
ber ber
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS— Con.
Coffee:Clearances from Brazil, total thous. of basso*. -
To United States doVisible supply, United States do -Imports doPrice, wholesale, Santos, No. 4 (New York)
dol. per l b _ _Fish:
Stocks, cold storage, end of month thous. of lb_ „Sugar:
Cuban stocks, raw, end of monththous, of Spanish tons..
United States:Deliveries and supply (raw basis) :
Production and receipts:Production short tons..Entries from off-shore do
Hawaii and Puerto Rico do -
Deliveries, total _ _ _ . do.-.For domestic consumption doFor export . . do ...
Stocks, raw and refined, end of monththous. of short tons__
Exports short tons..Imports:
Raw sugar, total doFrom Cuba - doFrom Philippine Islands do
Refined sugar, total _ . . _ doFrom Cuba do
Prices (New York):Raw, wholesale dol. per IbRefined:
Retail § dol per 5 IbWholesale doi per Ib
Tea, imports thous of Ib
TOBACCOLeaf:
Production (crop estimate) __ .mil. o f l b _ _Stocks, dealers' and manufacturers', end of quarter,
total mil oflbDomestic:
Cigar le'if doAir-cun-d, fire-cured, flue-cured, and miscella-
neous domestic mil of lbForeign grown:
Cierar leaf doCigarette tobacco do
Exports, including scrap and stems.. ...-thous. of lb._Imports, including scrap and stems do
Manufactured products:Prod uction , manufactured tobacco , to tal do
Chewing plug, and twist doSmoking" doSnuff do
Consumption (withdrawals):Cigarettes (small):
Tax-free millionsTax-paid ^ do
Cigars (large), tax-paid '. thousands.-Manufactured tobacco and snuff, tax-paid
thous. of lb .Exports cigarettes millionsPrice (wholesale), cigarettes, manufacturer to whole-
saler and jobber, f. o. b. destinationdol. per thous--
1, 082630799
2,084
.685
194, 338
r 2, 087
549,214215, 486146, 234
671, 196669, 122
2,074
1,927690
101,45387, 9903, 051
67950
. 060
.497
.0858,494
i 2, 244
4,774
301
4 269
17186
39, 4307,640
14,5565, 6895. 7643.104
2, 80526, 651
425. 958
14,8421,399
3.938
918424729
1.JB99i
.670
175,001
1,888
149,465317, 409
29, 065
569, 000567, 000
2, 468
1,889583
329, 562263. 64465, 84023, 06314,144
. 060
. 498
. 08510, 198
30, 9318, 699
16,2516. 5366,5163,199
2, 64430. 438
408, 334
1 5, 9211, 109
3 938
578228776
1,338
.545
150, 471
2, 513
43, 747443, 730102, 247
572, 995569, 723
3,272
1,823541
303, 089229, 47873,61042, 86130, 933
. 060
.497
. 08510, 225
28, 0338, 482
1 5, 6986,0126, 3773, 309
2,51628, 655
399, 885
14, 9681,447
3. 938
92349051.7
1,473
.583
127, 477
4, 288
55, 429558, 851171,995
711,171706,617
4, 554
1,781418
344, 404256, 50787. 89468, 78354, 288
. 058
. 494
.08415,459
4,819
376
4, 233
19191
36, 8679, 594
18,6187, 2537, 6533,711
2. 67233. 695
467, 522
18,2421,213
3. 938
996645520
1,353
.580
122, 669
4, 688
48, 992630, 496208, 785
625, 097619,459
5, 638
1, 753604
303, 954207,31592, £6046, 30845, 905
.059
.495
.0847,842
18,6438,864
16,6366, 4556. 8323, 349
2, 39928, 788
445. 701
1 6, 3201,208
3. 938
723322490
1,775
.545
128, 899
4,478
37, 866634, 000234. 789
697, 094681,204
5,890
1,612401
323, 786130,787189, 84538,81638, 371
. 060
. 495
. 0847, 61 5
21,8469,390
17,8866, 8967, 6413, 349
2, 33934,-498
51 6, 022
1 7, 3081,169
3. 938
1,356829546
1,357
.585
139, 582
3,988
45, 901476, 796173, 424
823, 025820, 274
2, 751
1,329613
301, 645164,425133, 58040, 76440, 552
.060
. 496
.0844, 366
4,404
36S
3. 845
18173
25,19910,831
18,1107, 3637,1403, 606
2, 72335, 648
510.219
1 7, 5551 , 275
3. 938
943497492
1, 547
.535
168,310
3, 638
35, 545611,799212,814
861,826857,594
4, 232
1,091406
341, 875190, 523132,41832, 79431,735
.061
.496
.0847,490
48, 8268,414
12,7635, 4685, 2332, 062
2, 36928, 561
414,250
13, 0211,468
3.938
1,221681527
1,415
.550
184,217
3,132
47, 821756, 514298, 793
884, 525879, 436
5, 089
963304
365, 892204, 979155, 45724, 75122, 359
.060
.496
.0848, 633
45, 2369, 698
17,9347,2337,0243,678
2,23236, 760
535, 596
17, 5181,080
3.938
1,8101, 207
5211, 480
.610
191, 504
2,882
119, 175541,149240, 626
798, 299793, 627
4,672
864290
263, 483189, 94046, 25640, 79839. 271
. 060
.496
.0848, 695
4,708
334
4, 202
18154
85, 4049,479
17,3886. 9677, 0543. 366
2. 93732, 076
533, 707
16. 6241,2«0
3. 938
1,8821,134
5282,215
.568
190, 783
2, 532
521,457515, 800201,641
733, 258727, 967
5, 291
1,132606
261.645231, 38930, 25214, 30312. 546
.061
.497
.0858,047
85," 2549, 766
17 3956, 8807, 2563, 260
2, 4491 32 937
551,082
16,8071, 402
3. 938
1,661914564
2,144
.540r 188. 953
2, 132
752. 375449, 748168, 780
r 609, 182* 604, 932' 4, 250
' 1. 717909
265, 534242, 385
16,5137,3345,677
'. 059
.501
. 0859, 341
63. 40410. 383
16, 1796, 6276, 3043, 249
2.41632, 644
613, 199
16. 9091,226
3.938
1. 126657831
. 530
175, 297
1,882
164. 90888, 590
571,554569, 169
2,3S5
1, 918
p. 058
. 501P. OS5
_
2 2. 256
5 176
307
4 675
19175
P 3. 938
.535
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins 9 - _lhous. of Ib._Calf and kip skins thous. of piecesCattle hides _ _ . - - do...Goat and kid skins_ doSheep and lamb skins do
Prices, wholesale (Chicago):Calfskins, packer, heavy, 9^/15 Ib dol. per lb_ .Hides, steer, heavy, native, over 53 Ib do
LEATHERProduction:
Calf and kip__ thous. of skins_-Cattle hide thous of hidesGoat and kid thous. of skins. .Sheep and lamb. ... do
Exports:Sole leather:
Bends, backs, and sides thous of lb.Offal, including welting and belting offal, . _ do
Upper leather thous. of sq. ft.-Prices, wholesale:
Sole, bends, light, f. o. b. tannery dol. per lb-_Upper, chrome calf, B and C grades, f. o. b. tan-
nery - dol. per sq. f t_ .
7,12555
1,836628
. 325
. 098
9832.1922. 1901 , 923
6139
3, 574
. 595
.877
9,227 ; 9, 21791 11751 ; 58
2,513 1 1,701986 i 1,576
.325 ! .375
. 108 | . 108
956 9452.109 i 2,0852,197 i 2.1711,923 2,117
34 3219 20
3,224 ; 3,418
. 595 ! . 600
.870 l .893
| i
16,806 i 8,336 11,952 ' 13.30983 1 101 105 ! 13043 i 9 30 ? 19
2,422 ! 2.453 3.216 ! 2, 1585.082 1,079 2,575 ! 2,712
.400 I .490 .425 1 400
.105 | .118 .108 .120
1,019 882 863 j 8912,325 2,148 2,169 ' 2,2192, 433 2,186 2.227 2,3942,144 2,143 2,266 2,243
102 j 99 1 71 6773 i 33 88 19
4,029 ! 3,989 2.826 3,334
. 595 \ . 600 . 605 : . 603
. 910 ' . 930 . 950 . 920
12, 58115923
2,2772, 776
.450
. 135
6061.6641,8231, 574
3972
2, 839
. 603
.942
1 1 , 69812941
2,3132, 197
.475
.138
8719 ?()9
1 7, 2819115
1 1,964578
1 . 475.148
i 827! 2 157
i 11,541 9,640292 i 81
18 i 282,172 2,4122, 298 890
. 500 ! . .T(l()
.148 . 133
i 890 ! 836! 9 5>m 2. 230
1 , 994 1 , 996 2, 1 82 2. 2302,498 ! 2,074 2, 163 2.329
85 : 64 l 121 ' 5785 i 12 i 30 ; 77
3, 407 3, 576 3, 429 j 3, 009
.595 i .600 .600 ; .605
.987 ' .998 ' .987 '; 1.022
P. 500P. 133
v. 6051 M.022
:::::::::
T Revised. v Preliminary.1 Revised estimate of 1954 crop. 2 December 1 estimate of 1955 crop.cf Bags of 132 Ib. §Data represent price for New York and Northeastern New Jersey. 9 Includes data for types not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS S-31
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers:Production, total thous. of pairs
Shoes, sandals, and play shoes, except athletic,total thous. of pairs.-
By kinds:Men's . doYouths' and boys' do _Women's doMisses' and children's doInfants' and babies' _ _ _ do
Slippers for house-wear doAthletic doOther footwear _ _ _ __. _ __ do
Exports - do _Prices, wholesale, f. o. b. factory:
Men's and boys' oxfords, dress, cattle hide upper,Goodyear welt _. . 1947-49=100--
Women's oxfords (nurses'), side upper, Goodyearwelt 1947-49 = 100..
W omen's and misses' pumps, suede split __ _do
44, 165
39, 939
8,9341, 585
19, 6066 3453,469
3, 757337132283
110.0
116.8112.3
48, 424
45, 477
9,0411,914
24, 6056 4323, 485
2,429331187303
110.0
116.8112.3
48 971
45, 322
8,9281,851
24, 8766 4443.223
3.098337214372
110.0
116.8112.3
57, 398
52, 611
10, 0372,244
29, 4057 0903. 835
4,215370202509
110.0
116.8112.3
47, 979
43, 344
9,3211,807
23, 8325 2483, 136
4,133369133336
110.0
116.8112.3
47, 160
41, 992
8,9161,726
23, 0385 3662, 946
4,689352127262
110.0
116.8112.3
49, 590
43, 422
8,8871,961
23, 5295 9183, 127
5, 566342260212
110.0
116.8112.3
41, 054
36, 037
7 4091,688
20 2904 6092,041
4 569254194256
110 0
116.8112.3
54 115
46, 691
9,3161,997
26 2466 0743.058
6 461386577330
110 0
116 8112.3
50, 610
42, 767
9 1271, 857
23 6225 2232, 938
7, 245388210392
110. 0
116.8112.3
48, 197
40, 628
9,2461, 586
21, 4725 3582 966
7,068375126368
112 8
118. 1117.4
42, 921
36, 162
7, 9051,331
19, 1425 0602,724
6,274370115335
116.8
118. 1117.4
45, 551
40, 834
8,7111, 586
21, 6745 7053, 158
4, 185388144
V 116 8
f 118 1P 117.4
LUMBER AND MANUFACTURES
LUMBER— ALL TYPES
National Lumber Manufacturers Association: tProduction, total mil bd ft
Hardwoods doSoftwoods . ... do
Shipments, total doHardwoods _ _ doSoftwoods do
Stocks, gross (mill and concentration yards), end ofmonth, total mil. bd ft
Hardwoods .. _ _ doSoftwoods do
Exports, total sawmill products . . M bd. ftImports, total sawmill products _ do
SOFTWOODSDouglas fir:
Orders, new mil. bd. ft. _Orders, unfilled, end of month doProduction doShipments __ doStocks, gross, mill, end of month „ do
Exports, total sawmill products. M bd. ftSawed timber doBoards, planks, scantlings, etc . _ do
Prices, wholesale:Dimension, No. 1 dried, 2" x 4", R. L.
dol. per M bd. ft..Flooring, B and better, F. Q., 1" x 4", R. L.
dol. per M bd. ft—Southern pine:
Orders, new mil. bd. f t_.Orders, unfilled, end of month doProduction doShipments doStocks, gross (mill and concentration yards), end of
month mil. bd. ftExports, total sawmill products _ M bd. ft
Sawed timber doBoards, planks, scantlings, etc do
Prices, wholesale, composite:Boards, No. 2 and bettor, 1" x 6", R. L.
dol. per M bd. ft..Flooring, B and better, F. G., 1" x 4", S. L.
dol. per M bd. f t_ .Western pine:
Orders, new mil. bd. ftOrders, unfilled, end of month . doProduction doShipments doStocks, gross, mill, end of month . .. doPrice, wholesale, Ponderosa, boards, No. 3 common,
1" x8" dol. per M bd. ft..
HARDWOOD FLOORING
Maple, beech, and birch:Orders, new M bd ftOrders, unfilled, end of month . doProduction doShipments _ _ _ _ __ doStocks, mill, end of month __ .. _ . do
Oak:Orders, new doOrders, unfilled, end of month doProduction doShipments doStocks, mill, end of month _ _ _ _ do
3 085586
2,499
3 067588
2 479
9 2413,9665 275
63 251281,356
889801829832879
32 4488 398
24 050
82. 999
131. 361
630239694650
1 7467,4423 1044,338
78.199
151.839
676439612619
1, 764
71.96
3 95011 7004 4503 950
11,050
89 81665 15797 83488 96057. 375
2 812561
2,251
2 827584
2 243
9 2253, 9435 282
53 776251, 592
758829807729957
30, 08814 05516 033
83. 972
131. 361
702276666665
] 7476,5002 6483 752
78. 480
151.609
597485491551
1, 703
72.26
4 85012 5504 0004' ooo
11,050
116 74187 01393 47694* 88552. 966
2 946'605
2,341
2 966667
2 299
9 2053,8815 324
84 682262 054
732810828752
1 033
46 80225 57221 230
85. 534
132. 178
673303672646
1 7737 7372 5295' 208
78. 471
150.996
598477535590
1 648
74.18
4 62513' 4253 5253' 625
10 900
107 96698* 57490 40091 32152*. 045
3 387629
2.758
3 481658
2 823
9 1113, 8525 259
65 670292 816
906791908925
1 016
31 81517 63614 179
85. 071
132. 178
746273784776
] 7819 4052 9586 447
77. 527
150. 996
696493633680
1, 601
75. 17
5 50014 0503 9004 000
10 775
111 554108 122106 193107' 090so! 301
3 253612
2,641
3 466697
2 769
8 8983,7675 131
68 963262, 035
961868803884935
42 79220 46322 329
85. 624
132. 178
753290738736
1 7838 3992 1516*248
77. 256
150.384
766543682716
1 567
77.20
4 (35()15 1253 7504 000
10 550
108 916111 682100 543104 16044. 633
3 438622
2,816
3 519678
2 841
8 8183 7115 107
86 261314 087
829849830848918
40 03317 64422 389
87. 115
132. 178
775285776780
1 7798 9301 9676 963
77. 702
149.426
742513770772
1 565
78.49
4 5 501 5' 3003 6504 4509 800
98 351104 696105 896105 337
4ft 400
3 598' 635
2, 963
3 754688
3 066
8 6623 6585 004
74 556353 651
911826853934837
26 23315 71510 518
87. 535
131.867
789274764800
1 7437 3982 2655 133
77. 174
149. 426
8605148SO859
1 586
80. 05
5 25015 5504 3004* 950g 300
103 623100 159111 772111 732
44 154
3 042577
2 465
3 235641
2 594
8 4683 5944 874
60 614307 625
752819648759725
21 88710 35711 530
88. 074
131.867
735288695721
1 7177 3671 6545 713
77. 434
149. 426
747511760750
1 596
80.41
4 97515 6003 9504 6008 600
98 538100 22699 328
100 29442 188
3 653614
3, 039
3 670'703
2 967
8 4543 5064 948
74 673385 231
719762850776800
30 47215 21415 258
89. 173
131.867
794285750797
1 6706 7571 5505 207
78. 922
151.263
850453959909
1 646
80. 76
5 5501.5* 475
4 8505* 4258* 000
105 63299 403
109 306108 07044 494
3 543671
2 872
3 471712
2 759
8 5263 4645 062
60 86835l' 108
655676815742873
21 50311 8619 642
89. 320
132.194
754293734746
1 6586 2221 7724 450
80.155
151.018
826454872S25
1 693
80.74
4 25014 350
4 1004 7757 525
99 08491 074
105 238105 81049 Q58
3 431703
2 728
3 360755
2 605
8 5973' 4115' 186
K9 154309' 254
603606740672942
30 93317 24712 986
89. 180
132.504
713269
737
1 638f>' 6741 9154 759
80. 683
149. 916
702380846775
1 764
80. 13
3 45012 000
'•* 8754 2257 300
87 85885 704
10° 070100 684
44 344
3 111669
2,442
3 076716
2 360
8 6183 3645 254
56 231272, 349
649583709672968
20 4779 378
11 099
r 87. 962
132. 504
654229712694
1 6565 5452 1383 407
* 81. 474
149. 916
603367638616
1 786
r 79. 36
3 85011 7503 9003 9007 200
78 74172 123
102 31795 049si ai9
2 888608
2 280
2 778'672
2 106
8 7293 3005' 429
741710678614
1 032
p 88. 094
P 134. 174
601217688613
1 731
P 80. 651
149. 916
628418592577
1 801
P 79. 36
4 30012 () ' ) ( )4 100•3 8007 500
61 16893 665S2? 732<i9 .54.5
r Revised. v Preliminary.^Revisions for 1954 appear in the December 1955 SURVEY.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-32 SURVEY OF CURRENT BUSINESS February 1956
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem- 1 Decem-ber ber
1956
Janu-ary
LUMBER AND MANUFACTURES—Continued
PLYWOOD
Hardwood (except container and packaging) :Shipments (market) , quarterly total
M sq. ft., surface measure--Inventories (for sale), end of quarter do
Softwood (Douglas fir only), productionM sq ft , %" equivalent-
203, 55629, 096
392, 810 393, 101' 389, 408
211,57731, 157
444, 081 412, 756 418, 950
220, 90833, 847
416, 207 321,111 414,569
215, 32632, 858
422, 532 427, 948 423 235 413, 501
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:Iron and steel products (excl. advanced mfrs.) :
Exports, total - _ _ short tons -Scrap do
Imports, total _ do ..Scrap do
Iron and Steel Scrap
Production and receipts total thous. of short tonsHome scrap produced _ _ _ do - -Purchased scrap received (net) do
Consumption total doStocks consumers' end of month do
OreIron ore:
All districts:Mine production thous of long tonsShipments doStocks at mines end of month do
Lake Superior district:Shipments from upper lake ports doConsumption bv furnaces _ _ _ doStocks end of month total do
At furnaces _ doOn Lake Erie docks do
Imports do __"Manganese ore imports (manganese content) do
Pi<r Iron and Iron Manufactures
Castings, gray iron:Orders unfilled for sale thous of short tonsShipments total do
Castings, malleable iron:Orders unfilled for sale short tonsShipments, total do
Eor sale doPig iron:
Production - thous. of short tons _Consumption _ doStocks (consumers' and suppliers'), end of month
thous of short tonsPrices, wholesale:
Composite dol per long tonBasic (furnace) doFoundry No 2 Northern do
Steel, Crude and Semimanufactures
Steel castings:Shipments total short tons
For sale total doRailway specialties do
Steel forgings (for sale):Orders, unfilled thous. of short tons..Shipments, total do
Drop and upset do
Steel ingots and steel for castings:Production do
Percent of capacity^Prices, wholesale:
Composite finished steel dol per IbSteel billets, rerolling, carbon, f. o. b. mill
dol. per short ton--Structural shapes (carbon) f o b mill dol per IbSteel scrap, No. 1, heavy melting (Pittsburgh)
dol per long ton
Steel, Manufactured Products
Barrels and drums, steel, heavy types (for sale) :Orders unfilled end of month thousandsShipments doStocks end of month do
Cans, metal, shipments (in terms of steel consumed),total for sale and own use short tons
Food doNonfood do
Shipments for sale.- - do
667, 541400, 707128, 10627, 695
6, 1853,2902, 8965 6857 349
2 9071, 8966 737
186, 341
44, 01837, 427
6, 591
1.17859
7451,074
564
85 06480, 59949, 005
5, 5875, 576
2 536
56.0356. 0056. 50
93, 54769, 84311,489
472.7128. 596.432 0
8,28779
.0542
74. 000452
32.50
2,2171,797
90
283, 386170, 125113,261247, 688
631, 371368, 280104,29111 124
6, 0043,3842 6196 0667 284
2 7871 5878 023
06, 620
37, 47031, 360
6, 110
1,08166
7831,092
563
99 81782, 02848, 000
5,7855,827
2 447
56.0356.0056. 50
98, 23875, 04413, 809
487.8135. 9103. 033 0
8, 83883
.0542
74. 000452
36.50
2,1981,742
77
279, 642170,068109, 574240, 159
660, 518359, 187112,934
24 923
5, 8743.2942 5805 9937 156
2 7411, 5319 227
06,447
31, 10825, 222
5, 886
93167
8521,106
578
101 76685, 97948, 721
5,4435, 560
2 384
56. 0356. 0056. 50
106, 43080, 72916, 501
491.9135.4102.133 3
8,49788
.0542
74. 00. 0452
36.50
2,1451,747
89
259, 585154, 507105, 078224, 128
778, 290421,004109, 723
11 524
7,0723,9093 1627 0717 158
3 2271, 835
10 109
07,481
23,71118,6165, 095
1, 24887
9341,315
689
99 730102, 36460, 063
6, 4646,531
2 213
56.0356. 0056. 50
127, 46098, 92619, 339
507.1154.4119.235 2
9,98293
.0542
74. 00.0452
38.50
2, 3032,125
104
307, 939171,568136, 371265, 592
801,766413,481116,948
13 302 i
7, 0683, 9053, 1636 9887,243
6 0565, 312
11 366
3, 7587, 290
18, 90714, 5454,362
1,22081
9661,294
680
104, 091101, 22657, 397
6, 3856,412
2 097
56. 0356. 0056. 50
120,05392, 23716, 646
499.4149. 6113. 536 2
9, 81595
. 0542
74. 00. 0452
38. 50
! 2, 3421,990
106
321, 281178, 528142,753273, 649
815, 901450, 418139, 166
9 836
7,1993, 9473, 2527 1867 259
11 82012, 62110 532
11,6067,798
21, 90117, 4654, 436
2, 04586
9381, 310
707
106, 44698, 39757, 317
6,8056, 770
2 084
56.0356.0056. 50
122, 46592,71316, 810
509.4147.0109.437.7
10, 32897
. 0542
74. 00. 0452
34.50
2,1232,062
107
379, 767222, 797156,970330, 050
844, 999512, 579132, 644
13 041
6, 7733,8442, 9296 8527, 184
13, 70414, 8359 402
12, 5957,473
27, 36122, 455
4, 906
2,49072
9821, 296
716
107, 55999, 45660, 261
6,5446, 4(58
2, 116
56.0356.0056. 50
133,887102, 45719, 591
519.6155.5117.038.4
9,74694
. 0542
74. 00. 0452
34.50
2,3772 514
125
397, 799230, 016167,783
! 347,471
827, 315448, 402103. 97811 777
6 0483, 4572,5916 1017,132
13, 03414.6337, 803
13, 3347. 273
33. 42427 940
5, 485
2, 49860
1 0501, 070
579
115,42075, 57044. 914
6,3916, 082
2,332
57. 8858. 5059.00
97, 87571, 17011,631
513. 3115.082.732.3
19,101
85
. 0576
78.50.0487
39.50
2, 3172, 078
116
427, 434266. 148161. 286386, 053
672, 163328, 060184,286
27, 120 !
6, 8503,8293,0216, 6237,357
14, 16015,1176, 846
13, 5727, 485
39. 50033. 100
6, 405
2, 87198
1,1601,226
688
123, 47382, 44848, 126
6, 6016,462
2,471
58. 4558.5059. 00
126, 40696, 29020, 576
547.0134.899.934.9
9, 59590
. 0580
78. 50. 0487
44.50
1, 9532,230
109
565, 220392, 145173, 075511, 684
767, 919414, 678169,87225 887
6,7863,9212, 8656 7887, 355
13.83014, 5446, 130
12,7577, 539
45, 40638, 4596,948
2,51890
1,1511, 253
713
116. 63687, 21555, 471
6,7036,612
2,483
58. 4558.5059. 00
140, 843107, 62223, 594
552.4148.8110.138.6
9,88296
. 0580
78. 50.0487
43.50
1,8712,032
114
511, 429355, 914155,515443, 363
837, 373442, 674172, 396
17, 083
7,2484,0023, 2457 2177,385
12 84613,696
5 279
12, 2447, 850
49, 52342, 167
7. 356
2, 85775
1,1131, 310
714
121,26190, 86653, 804
6, 9656,937
2 421
58.4558.5059.00
145,674110, 40923, 745
559.7158.0120.038.0
10, 50198
.0582
78.50.0487
44.50
1,9102,075
124
501, 455343, 966157, 489445, 349
782, 285419, 495160,51815 508
7,2133 9693,2447 2147, 385
7, 2669, 2683, 277
7,4107,488
51, 04043, 718
7, 323
2, 23764
1,062r 1, 306
697
116,98199, 28058, 069
6,699r 6, 690
r 2 361
58.4558.5059.00
r 152, 381116, 90825, 635
584.7158.1119.738.4
10, 24799
.0582
78.50.0487
45.50
1,7412,042
138
r 252, 716'150,311' 102, 405r 212, 971
p 7, 102p 4, 034v 3, 068P 7 27'?p 7 243
1847, 663
44, 35937, 539
6, 820
p 1,272
plOO,011
6, 954p 6, 833
p 2 295
58. 45p 58. 50p 59. 00
pl66, 102
" P 158. 1
r 10, 504r 99
. 0581
p 78. 50p . 0487
p 50. 00
1,8402, 185
147
270, 693156, 504114, 189230, 573
10,81199
' Revised. f Preliminary.t For 1956, percent of capacity is calculated on annual capacity as of January 1,1956, of 128,363,090 tons of steel; for 1955, data are based on capacity as of January 1,1955 (125,828,310); Decem-
ber 1954. on capacity as of January 1, 1954 (124,330,410 tons).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS S-33
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
METALS AND MANUFACTURES—Continued
IRON AND STEEL— ContinuedSteel, Manufactured Products — Continued
Closures (for glass containers), production millionsCrowns, production. __ _ __ ._ thousand gross. _Steel products, net shipments:
Total 9 . thous. of short tons -Bars: Hot rolled, all grades _ _ _ do -_-
Reinforcing _ - - doSemimanufactures doPipe and tubes doPlates doRails _ doSheets __ ___ _ . do _ .Strip* Cold rolled do
Hot rolled - __ _. do _ _Structural shapes, heavy doTin plate and terneplate doWire and wire products. .. do
NONFERROUS METALS AND PRODUCTS*Aluminum:
Production, primary, domestic short tons..Estimated recovery from scrap© doImports (general):
Metal and alloys crude doPlates, sheets, etc do
Price, primary ingot, 99%-f- dol. per l b _ _Aluminum shipments:
Mill products and pig and ingot (net) mil. of l b _ _Mill products, total cf ___ _ do. _.
Plate and sheet cf doCastings .__ do
Copper:Production:
Mine, recoverable copper short tonsRefinery, primary do
From domestic ores _ doFrom foreign ores .__ __ do
Secondary, recovered as refined doImports (general):
Refined, unref., scrap © _. _-doRefined do
Exports:Refined, scrap, brass and bronze ingots do
Refined __ _ doConsumption, refined (by mills, etc.)_._ _ _ do ._Stocks, refined, end of month, total _ . _ d o _ _ _ _
Fabricators' doPrice, bars, electrolytic (N. Y.) dol. per l b _ _
Copper-base mill and foundry products, shipments(quarterly) :
Brass mill products, total mil oflbCopper wire mill products © doBrass and bronze foundry products do
Lead:Production:
Mine, recoverable lead short tonsSecondary, estimated recoverable © do
Imports (general), ore©, metal doConsumption, fabricators', total - do -Stocks, end of month:
Producers', ore, base bullion, and in process ©(ABMS) short tons
Refiners' (primary) ref and antimonial © doConsumers' total doScrap (lead-base, purchased), all consumers -do
Price pig desilverized (N. Y ) dol per IbTin:
Production, pig, total _ long tonsImports for consumption:
Ore © _ - doBars, pigs, etc^ _ _ _ _ _ do
Consumption, pig, total - __ doPrimary do
Exports incl reexport45 (metal) doStocks pig, end of month, total do
Industry, . _ _ . _ _ _ _ _ _ _ _ d oPrice, pig, Straits (N. Y.), prompt dol. per lb_.
Sine:Mine production, recoverable zinc short tons..Imports (general) :
Ores and concentrates © doMetal (slab blocks) do
Slab zinc:Production (primary smelter), from domestic and
foreign ores short tonsSecondary (redistilled) production, total doConsumption, fabricators', total doExports _ _ _ _ _ _ _ _ _ _ d oStocks, end of month-
Producers', smelter (AZI)_ _ _ . ___ . _ _ do_Consumers' do
Price, prime Western (St. Louis) dol. per l b _ _Zinc oxide (zinc content of ore consumed)
short tons ._
1,21818, 196
5,44961912320049742140
2, 054128160347270352
127, 03527, 609
13, 5191, 170.2220
298.1195. 6108. 764.0
r 81, 613119,26486, 80932, 455
«r!6,172
46, 75512, 643
30, 11917, 760
127, 323131, 17492, 558.2970
551359219
28, 23034, 71831,40791,000
109, 13189,611
122, 19861, 857
.1500
2, 692
2, 0195, 5986, 9004, 330
12216, 33114, 979. 8857
39, 035
40,81118, 094
79, 5555,609
81, 7421,518
124, 277100, 757
.1150
6.148
1,24723, 663
6,01062311620357843997
2,229133158336419393
128. 20327, 091
15, 674888
. 2303
289.7206. 2114.064.4
r 83, 300117, 15388, 3.1228, 841
T 15,834
39, 30711,153
26, 92915, 883
126, 308121,83581,807.2978
27, 34735, 94721,10793, 000
107,31481, 858
113,36459, 104. 1500
2,608
1, 8574,1436,9004, 500
17514, 75114, 100.8727
41, 205
39, 07614, 697
80, 1395,937
85 1194,428
117,15297 013.1150
6. 610
1, 24523, 993
6,120630128255610457103
2, 166131159338433415
116,23628, 521
12, 593895
. 2320
301. 6205. 2112.066.9
r 83, 492111,01581,02129, 994
r 15, 028
45, 85812, 104
37, 37524, 890
119, 609120, 643
77, 683.3270
27, 00432, 74233, 63386, 000
114,48162, 599
120, 14256, 361. 1500
2,728
1,3126, 3857,2804,730
17414, 76113, 970.9077
39, 389
29, 83215,828
73, 7855,192
80 6021,918
96, 165101 734
.1150
6.376
1,51629, 480
7, 269764161310795543122
2, 450153178407514502
130, 27233, 933
12, 7531,546. 2320
347.9234. 7128.479.0
' 93, 769120,61194, 26026, 351
r 19, 383
44, 61911,120
25, 67317, 811
137, 361117, 78673 632.3294
677392238
30, 96138, 97630, 21499, 000
108, 51362 398
112, 74250, 939.1500
2,582
1, 7696,0268, 0505 200
17714, 94413, 905.9104
45, 216
35, 19113, 257
83 3955,784
96 3882,618
90, 837102 438
.1150
6.774
1,38927, 982
7,279747184303824560118
2, 416141182398534508
126, 39429, 919
18,4091,065. 2320
324. 3227.9123. 373.0
>• 89, 154111,34885, 11826, 230
r 18, 858
44, 04115, 935
28, 57519, 202
133, 130111, 37571,086.3570
28, 60235, 00733, 28696, 100
106, 02352, 804
112,17050, 053.1500
2,298
2,4373, 9187,8205,160
18513, 51312, 835. 9139
42, 886
41, 26215, 696
78, 3995, 387
91 312413
74, 579103 304
.1193
6.563
1,40430, 691
7,541774215290872571121
2,439148193414607515
131, 12829, 491
20, 3911. 467. 2320
342.4234. 3125. 271.7
r 90, 824127, 12496, 54930, 575
' 18, 827
45, 33910, 150
28, 75320, 658
135, 513121,02478 865.3570
28, 80736, 87648, 597
100, 400
107, 25748, 988
124, 14549, 046. 1500
1,842
1,8615, 4547, 9655, 305
4815,61614, 550.9137
44, 273
34,13413, 048
81, 1735,004
94 9133,053
63, 184104 003
.1200
6.725
1 53233, 640
7,770770209325967600127
2.428152198378651542
127, 63430, 925
20, 1742. 126. 2320
341. 7255. 7136. 468.5
«• 89, 392117, 63989, 44428. 195
r 20, 015
49, 36914, 449
19, 32215,702
141, 044112, 18775, 1 58. 3570
666401258
28, 44234, 76534, 023
102, 900
106, 40942, 843
123,68646, 413.1500
1,106
1, 1635,6157, 7855, 160
8313, 67513, 644.9364
43, 477
38, 94913,166
79, 0015, 457
92 7391,550
48, 603106 983
.1223
7.021
1, 25128,319
6, 251627177264824506104
2,108109145357368363
132, 66923, 687
12, 9571,172.2320
303. 9210. 2113.355.0
r 33, 34342, 56621, 29421, 272
r 12, 557
46, 58112, 283
13, 7909, 544
71, 233101, 86067, 334.3570
25, 84629, 83632, 64083, 800
103, 63638, 198
118,58345, 771.1500
1.147
2, 1165.4496, 6404, 520
416, 36215, 580. 9683
41, 817
35, 80214, 730
78, 9175,483
70 589756
51, 290114,115
.1250
7.062
1,54431, 251
7, 05471719728388554388
2, 307137162378553455
133, 55128, 923
17, 6211,702.2427
355. 6250.0141.464.9
r 67, 23578, 90555, 82423, 081' 15, 201
54, 75327, 345
15, 37210, 52190, 493
122, 68275, 668.3815
26, 66631, 14740, 735
106, 600
125. 64432 767
116,68350, 762. 1500
1, 986
2,1805, 5207, 9855,310
9116, 34815, 685. 9646
42, 323
41, 60016, 538
78, 8366, 038
87 687973
46, 084120 943
. 1250
7.175
1,45426, 662
7,37873918628987361995
2,394148172426588469
130, 606r 30, 681
14, 4162,038. 2440
344.4244. 1134. 567.1
«• 90, 271129 79197, 23432, 557
T 21, 328
63, 70623, 770
22, 29418,615
126, 772153, 738102 742
. 4405
521345234
26, 71036, 29040, 794
111, 500
1 22. 35229 384
115, 10453, 412
1510
2, 003
8195,9247, 9605, 330
2016, 50916,115. 9626
41,787
57,41018,111
77, 0876, 361
91,849760
42, 167120, 262
.1293
6.237
1 49226, 079
7,21781420227687760786
2,452159177420310469
134, 65531 785
12 1832,216.2440
343. 1248.8138.372. 2
r 92, 192127 53794 21833.319
r 22, 665
52,15420, 784
20, 29315, 719
150,780151,238106 185
.4303
26 97640, 98038 999
114, 700
124 81124, 146
110,24752, 872
1550
2 036
1,443
7,8255 015
7117, 16116, 965. 9609
41,338
45, 94422, 031
r82, 460r6, 98997 940
589
43, 868115 681
.1300
8.140
r 1, 41326, 338
7,24875819431488463974
2,499161183436300439
133, 689
10, 2352, 689.2440
r 353 2* 245'. 5
137. 175. 1
91,053123,09594, 87628, 219
r 22, 071
57, 13020, 876
19, 34116,434
148, 449r 156, 801r 112, 897
.4296
36, 47940 335
108, 100
116,20426 147
109, 52553, 209
1550
2 092
1,9665, ()] 07, 8105, 010
917,44817, 267.9787
39, 555
42, 70020, 627
80 6027.014
98. 275151
38, 058117 879
.1300
8. 065
1 34723, 192
7,58183419431288567898
2 641163183449328426
140, 748
.2440
357.0243. 0138.6
88 575135 67599 34936, 32621 073
pl56 159"158, 320P108 762
.4348
P661p411P263
1556
1. 0776
40 979
.1300
. 2440
.4375
".1615
1.0482
. 1343
r Revised. *» Preliminary. 9 Includes data not shown separately. ©Basic metal content.cf Data beginning January 1955 are not strictly comparable with earlier data because of a change in coverage and method of reporting.*New (or substituted) series in most cases. All series (except as noted) are compiled by the 17. S. Department of Interior, Bureau of Mines; data prior to August 1954 for new series will bo
hown later. General imports comprise imports for immediate consumption plus material entering the country under bond. Aluminum—prices of aluminum ingot are as quoted by theAmerican Metal Market; shipments of mill products plus pig and ingot are compiled jointly bv the U. S. Department of Commerce, BDSA and Bureau oj the Census. Copper—exports, consump-ion, and stocks of copper and shipments of mill and foundry products are compiled by BDSA. Lead—producers' stocks of lead ore and bullion are compiled by the American Bureau of MetalStatistics: stocks of scrap lead are in gross weight. Tin—total stocks include Government stocks available for industry use. Zinc—primary smelter production of slab zinc is derived by sub-racting secondary (redistilled) production at primary and secondary smelters (compiled by Bureau of Mines) from total smelter production (compiled by American Zinc Institute).
« Revisions for August-November 1954 (short tons): 15,638; 16,076; 17,192; 15,557.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-34 SURVEY OF CURRENT BUSINESS February 1956
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, EXCEPT ELECTRIC
Radiators and convectors, cast iron:Shipments thous. of sq. ft. of radiation. .Stocks, end of month do
Oil burners:Shipments _ number .Stocks, end of month __ _ _ do_ _.
Stoves and ranges, domestic cooking, excl. electric:Shipments, total _ number- _
Coal and wood doGas (incl. bungalow and combination) do _ .Kerosene, gasoline, and fuel oil .. --- _ . . do_ _ _
Stoves, domestic heating, shipments, total. do _ _ _Coal and wood - ._ . _ do. .,Gas doKerosene, gasoline, and fuel oil - do
Warm-air furnaces (forced-air and gravity air-flow),shipments, total __. _ _ _ . .number _
Gas do - .Oil doSolid fuel _ do . .
Water heaters, gas, shipments do
MACHINERY AND APPARATUS
Blowers, fans, and unit heaters, quarterly totals:Blowers and fans, new orders... thous. of dol._Unit heater group, new orders _ _ do
Foundry equipment (new), new orders, netmo. avg. shipments, 1947-49=100-.
Furnaces, industrial, new orders, net:Electric processing thous. of dol _Fuel-fired (except for hot rolling steel) do
Machine tools (metal-cutting types) :New orders mo av? shipments 1945—47 = 100Shipments do
Pumps (steam, power, centrifugal and rotary), neworders thous ofdr l
Tractors (except contractors' off-highway and garden) :Shipments total thous oi dol
Wheel-type doTracklaving do. _
ELECTRICAL EQUIPMENT
Batteries (automotive replacement only), ship-ments thousands
Household electrical appliances:Refrigeration, output (seas, adj.)* - 1947-49=100..Vacuum cleaners (standard type), sales billed
thousands..Washers, domestic sales billed do
Radio sets production§ doTelevision sets (incl. combination), production!
thousands..Insulating materials arid related products:
Insulating materials, sales billed, index1947-49=100.-
Fiber products:Laminated fiber products, shipments ©
thous. of dol. -Vulcanized fiber:
Consumption of fiber paper . -thous. of IbShipments of vulcanized products thous. of dol ..
Steel conduit (rigid), shipments thous. of ft
Motors and generators, quarterly:New orders, index 1947-49=100Polyphase induction motors, 1-200 hp:J
New orders _ thous. of dol- .Billings do
Direct current motors and generators, 1-200 hp:lNew orders - thous. of dolBillings do
1,9565, 434
46, 88257,125
160, 4945,586
146,1358,773
110, 2459,094
74, 51 326, 638
81,13050, 34128, 055
2, 734163, 458
39, 73916,087
113.9
1,2464,100
202 9203 4
4,787
°157,6550 87, 71 6« 69, 939
1,796
125
217.0264. 8
1 1,261 6
i 833. 4
138. 3
10, 535
3,7941,540
25,911
156. 7
34, 47636, 184
8,1309,942
1, 6755, 876
57, 28250. 686
167, 7525, 564
153, 0659,123
75, 0044,824
41, 64628, 534
85, 47650, 92331, 899
2, 654200, 001
81.0
1,1483, 543
203 0167 3
5 220
66 17841,43124, 747
1,478
131
250. 1357.4
1,068 1
654. 6
1 32. 0
9,426
4,0371,571
24, 049
1, 9706, 106
58, 04151, 163
200, 3065, 527
186, 4368, 343
90, 8974,422
38, 22848, 247
79, 53747, 74028 9172,880
214 703
90.4
9764,390
209 4168 2
6 709
71,78645, 80725, 979
1,647
133
262.7353. 2
1 089 7
702.5
137.0
10,076
3,9181,565
25, 898
2,4196,416
59, 21862, 655
232, 4316,063
217, 4668,902
105,3577,710
50 35047, 297
87, 12153, 67330 5102,938
248 754
55,81314 648
163.6
1,3425 609
214 6202 5
6 161
79 30254, 02525, 277
1,321
141
358.2370. 6
1 1,482 3
i 831. 2
1 60. 0
12,211
4,8761.803
29 762
155.0
38, 64934 638
6,7299 052
2, 0356,991
60,15571,864
196, 7054 283
182, 5029,920
98, 3078,624
50 31139, 372
91,90858,01231 484
2,412231 694
178.6
2, 2345 032
178 1180 1
5 447
94 71864, 84729, 871
1,281
152
244.1313. 5
1 099 8
583.2
160.0
11, 106
4,5911,815
30 521
1,7327 898
65, 40769, 732
199, 6824 107
187, 7357, 840
122,72210, 62474 60537, 493
99, 93762, 69634 284
2 957216 731
145.7
1,8133 801
243 7180 9
6 411
82 28951 01631,273
1,572
158
261.2341.8
1 ll-i 0
467.4
154.0
10, 909
4,7781,799
32 504
2,2087 903
68 60068, 141
216, 8794 817
204 1707,892
186, 20115, 589
116 85453 758
117,37674, 12539 6573 594
214 607
53, 01316 497
186.8
2, 6352 836
263 2198 8
7 419
79 17947 91131, 268
1 794
163
241.7354. 5
1 1 204 9
i 590. 0
158. 0
11, 522
4,6791,750
35 310
186 0
44, 40741 298
10, 5458 179
1,8657 520
70, 94565, 462
156, 7455 367
145 9515, 427
233, 19826 304
142 72364 171
107, 90564, 56338 902
4 440207 226
213.4
7862 981
217 8152 9
5 834
63 36038 61324, 747
2 024
161
207.8245 9718 5
344. 3
117.0
9, 856
3, 1361,367
53 017
3,6156 378
100, 82659, 572
238,0146 460
219, 08312, 471
311,16445, 107
185 48180, 576
163, 74199, 55857 7926,391
260 438
134.0
1,3484 101
221 3164 6
7 022
52 359*>$ 30823, 051
2 777
160
255. 5403 8947 6
647. 9
147.0
11,057
4,5051,817
31 611
3,3265 845
107 97250, 174
238, 2147 752
218, 28012, 182
353,82056 196
214 38883 236
164, 154101, 82854 1058 221
224 027
58 17018 228
156.7
9646 579
207 3195 4
5 664
59 14029 73629, 404
3 039
166
308. 3414. 9
il 302 4
i 939. 5
156. 0
12, 827
3,8181,639
29 682
208 0
49 96940 578
9 9507 220
3,1155 234
94 68949 268
T 227. 506r 6 834
r208 633T 12, 039
r 399, 454r 65 947
r251 62981 878
150, 33194, 36847 6608*303
218 521
108 6
1, 5327 061
347 1204 9
7 048
81 72842 58939, 139
3 036
162
350. 7362 3
1 500 2
759. 7
156. 0
12, 399
4 6071,914
32 216
2,7794 666
63 18655 828
198 8527 053
183 5318,268
303, 54647 447
212 56543 534
120 94877, 42737 2026 319
184 761
154 4
1, 5434 131
r 433 3T 214 2
5 249
67 35533 ?8834, 067
T 2 626
146
307.5361 3
1 580 8
631. 7
155.0
11,668
4,4091,776
29 522
2,1888 191
P 530 8P 237 l
7 624
77 fill39* 32138, 290
2 555
243. 5357 5
r 1 ] 78fi 3
r i 604. 6
f>l 125
p590.
PETROLEUM, COAL, AND PRODUCTS
COALAnthracite:
Production. - _. _ . _ .. thous. of short tons -Stocks in producers' storage yards, end of month
thous. of short tons._Exports -.. . do --_Prices:
Retail, composite dol. per short ton-Wholesale, chestnut, f. o. b. car at mine do
2,816
1,293348
25.4013. 657
2, 333
1,267311
25. 5213. 721
2,442
1,164253
25.6713. 721
1, 910
1,13217.
25. 6713. 721
1, 640
1, 145148
25. 6413. 721
1,888
1,081176
24.0811.829
2,024
1,000226
24.1811-829
1, 755
1,008207
24.5012.257
1, 812
1,048242
24.4812. 257
2,333
942302
24.6312. 524
2,127
966418
25.1813. 261
«• 2, 268
886331
25.5113. 324
2,383
720
25. 96v 13. 643
2,4<
r Revised. *> Preliminary. l Represents 5 weeks' production. ° Quarterly total.*New series. Compiled by the Board of Governors of the Federal Reserve System. The seasonally adjusted index reflects changes in total output of refrigerators, freezers, room air cond
tioners, and dehumidifiers. Monthly data beginning 1947 will be shown later.§ Radio production comprises home, portable battery, automobile, and clock models; television sets include combination models. Data for December 1954 and March, June, Septembe
and December 1955 cover 5 weeks; other months, 4 weeks.© Data beginnirg August 1955 cover 20 companies; earlier data, 19 companies.t Data for polyphase induction motors cover 34 companies; for direct current motors and generators, 27 companies.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1956 SURVEY OF CURRENT BUSINESS S-35
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL- ContinuedBituminous:
Production . . _ . . _ _ _ thous. of short tons-Industrial consumption and retail deliveries, totalj
thous. of short tonsIndustrial consumption, totalj do
Electric-power utilities . _ _ do _Coke ovens doBeehive coke ovens _ _ _ _ _ _ _ doSteel and rolling mills doCement mills _ _ doOther industrials do
Railroads (class I) doBunker fuel (foreign trade) do
Retail-dealer deliveries _ do
Stocks, industrial and retail dealers', end of month,total _ thous. of short tons. .
Industrial, total _. __ _ _ do -Electric-power utilities doCoke ovens - doSteel and rolling mills doCement mills _ doOther industrials doRailroads (class I) - _- - do_ _
Retail dealers . do. -
Exports -- _ _ _ do_. _Prices:
Retail, composite dol. per short ton -Wholesale:
Screenings, indust. use, f. o. b. car at mine-, doLarge domestic sizes, f. o. b. car at mine .-do
COKEProduction-.
Beehive thous. of short tonsOven (byproduct) .___doPntrnlnnm r-okp 9 dn
Stocks, end of month:Oven-coke plants, total do
At furnace plants _ _ _ do- _\ t merchant plants do
Petroleum coke _ ._ - doExports . do. .Price, beehive, Connellsville (furnace)
dol. per short ton._
PETROLEUM AND PRODUCTS
Crude petroleum:Wells completed numberProduction thous. of bblRefiner v operations - ... -.-percent of capacity _ _Consumption (runs to stills) thous. of bbL.Stocks, end of month:
Gasoline-bearing in U. S., total _ _ - - do _ _ .At refineries doAt tank farms and in pipelines doOn leases do
Exports doImports . _ - ._ _ _ - - - _ d o - . _ -Price (Oklahoma-Kansas) at wells dol. per bb l__
Refined petroleum products:Fuel oil:
Production:Distillate fuel oil thous, of bbl__Residual fuel oil do
Domestic demand:Distillate fuel oil: _ doResidual fuel oil do
Consumption by type of consumer:Electric-power plants doRailways (class I) doVessels (bunker oil) _. _ do _-
Stocks, end of month:Distillate fuel oil _ doResidual fuel oil do _ -
Exports:Distillate fuel oil . _ __ doResidual fuel oil do
Prices, wholesale:Distillate (New York Harbor, No. 2 fuel)
dol. per gal__Rosidual (Okla., No. a fuel) dol. per bbl..
Kerosene:Production thous. of bbl_.Domestic demand. ... _ doStocks, end of month do _Exports . - . doPrice, wholesale, bulk lots (New York Harbor)
dol. per gal__
38, 151r 35, 529r 29, 742' 11, 642
7 99566
506775
7 194
1 54420
5,787
69, 20168, 39139 71112, 335
6061,311
12 9531,475
810
2 481
15 08
4.4826.951
435, 580
471
2 9421 6241 317
42150
13. 75
2 743198 213
88224, 382
258, 38567 309
172, 08118 995
79723 066
2.82
51 71836 806
75, 84354, 055
7 6878 4676, 022
108 14452, 105
1 8981 720
.1021.400
11, 79618 33027, 826
96
.110
36, 580
36, 33430, 10111,7508 258
99506755
7 316
1 4152
6,233
65, 86965, 16638 09511, 476
5561, 155
12 4871 397
703
1 804
15 10
4.4816. 951
615. 745
457
2 7481 6541 094
44929
13.75
2, 486209 600
90228, 737
260, 15667 916
172, 63519 605
38120, 799
2.82
53, 92638 276
73, 80155, 880
8 9128 0935, 916
86 69249, 457
1 7862 819
. 1021. 500
12, 66517 07123 266
109
.110
35 545
33 76927, 91610 8407 631'l05504670
6 892
1 2713
5 853
63, 75163 13036 79611 066
5091 082
12 3371 340
621
2 539
15 10
4.4816.949
645, 327
436
2 6141 632
98147443
13. 75
2 340191 392
92211, 365
258, 63066 574
172,42919 627
97620. 912
2.82
51, 71934 683
68, 51351.386
7 4327 6995, 803
69 28346, 042
9192 Q85
.1021. 500
10, 47115 00318 291
326
.110
37 060
35 10530, 24311 2348 755
169511707
7 578
1 27811
4,862
63, 66463 02237 03510 776
505963
12 4941 249
642
9 282
15 10
4.4806.920
1026,131
486
2 526] 579
94647639
13.75
2,738213 454
90228, 594
264, 43068 829
176, 19319 408
77124, 480
2.82
52, 77936 722
58, 25251, 475
6 8138 2686, 379
62 45744, 970
1 5219 231
.1021. 500
11,08010 94018 187
179
.110
34 620
31, 20728, 3689 9068 519
196417672
7 411
1 20344
2 839
64, 00163 27037 37610 702
534970
12 4691 219
731
4 569
15 00
4.4016.369
1176,014
438
2 4851 529
956498
29
13. 75
2,787206 600
87214, 080
275, 23271 215
184,31719 700
1,43120, 818
2.82
46, 03333 288
37, 17743, 668
5 6787 6356, 332
70 13943, 838
1 2582 535
.1021. 500
9, 3735 799
21 4869 15
.110
38, 620
31, 47829, 123 110. 5058 927
222387714
7 093
1 24035
2, 355
66, 35665, 47138 34711,516
5611,015
12 8401,192
885
4 717
14 77
4. 3776.371
1356,287
476
2 3461 373
973473
42
13.75
2 594206 983
89225, 699
276, 94871 293
185, 77119 884
1,16623, 106
2.82
47, 09434 426
31,72641,848
4 8847 6886, 708
83 55945, 083
2 1092 256
.1011.600
9,1643 878
26 375300
.108
36 320
31 35628, 71610 8088 593
*244365687
6 887
1 15943
2 640
69, 45268 31039 22512' 747
5581 140
13 4051*235
1 142
4 992
14 81
4.3906.423
1576,001
479
2 1881 227
961440
44
13. 75
2 798198 389
91224, 510
270, 85070 788
181,07618 986
1,05324 739
2.82
48 83932 3°2
29, 99440, 754
4 6028' 337
' Q, 362
100 65244, 398
2 1452 380
.1011.700
8 0844 374
29 830' 291
.108
36, 470
31, 44129, 08311, 4648 621
238342707
6 508
1 15449
2, 358
68, 04266, 84538 40512, 348
5481, 166
13 2581, 120
1, 197
4 652
14 83
4.3956.588
1456,039
483
2 1121 198
914437
57
13.75
2 661205 600
93234, 986
264, 60169 399
175, 70219 500
88725 049
2.82
48, 83233 823
28, 35938. 919
4 6178* 1857, 005
119 16944, 81*4
2 259I 866
.1011. 750
8, 8775 436
32 749430
.108
43, 000
34, 23130, 83112 2908 886
276357710
7 003
1 25356
3,400
70, 98869 70139 28813 674
5671 236
13 7621 174
1 287
5 708
14 93
4. 4306.738
1666,229
467
2 0641 250
81440239
13.65
2 834206 604
93234, 966
256, 42765 920
171,28519 222
1,19126 502
2.82
50, 23733 794
33, 78141,287
5 3698 4717, 332
133 67545, 480
2 1942 618
.1011.750
8 9756 116
35' 292995
.108
40, 740
34, 85030, 53911 7838 858
268364703
7 283
1 22852
4 311
71, 70070 44339 87213 993
5801 289
13 5561 153
1 257
5 436
15.25
4. 7377. 104
1636. 234
417
1 9751 291
684361
45
13.63
2 746201 919
91224, 478
256, 26967 887
168,34420 038
83225, 161
2.82
48, 61731 815
37, 29037, 866
5 1838, 3306,755
143 24846, 267
2 1959 99f>
.1031.750
8 3637 036
36 361144
. 108
r 41 650
37 53332, 71312 3829 151
291407732
8 339
1 35160
4 820
71 74770 51640 20813 892
5701 304
13 4201 122
1 231
5 534
15 40
4.7067.166
1786 452
473
1 7^2l' 240' 542330
48
13. 63
9 473211 770
90231 411
259, 20167 823
171 24720 131
87125 606
2 82
49 98534 821
38, 84842, 583
6 0438 4567. 061
1^9 28847, 040
2 9W31 884
. 0981.750
9 5669 087
36 70593
. 103
43, 550
r 40, 581r 34, 387
13, 026r 9 020
r 315486768
9 281
1 435T 56
6, 194
«• 70, 325r 69, 211
39 720r 13 604
r 5271 342
12 9231 095
1 114
4 656
15.43
f 4. 722<• 7. 187
*• 189r 6, 357
520
r i 7481 319r 429
30758
13.63
2 598210 406
93230, 758
260, 70765 095
175, 42720 185
87226 658
2. 82
50, 39336 412
59, 77651,219
7 0968 688f>', 455
141 80844] 071
1 4271 456
.0981.750
10 22913 47333' 283
93
.103
45, 270
45, 43037, 53314 4829 431
373575871
10 265
1 48650
7 897
68, 43167 43338 22813 350
5761 270
12 9221 087
998
15 46
v 4 727v 7. 199
2256 640
1 6971 386
311
13. 88
»2. 82
8 540
6,777
P. 103P 1. 800
P. 108
v 44 750
14.13
T Revised. » Preliminary.tRevised (effective with the October 1955 SURVEY) to include bunker fuel.9 Includes nonmarketable catalyst coke. Such production for January-November 1955 is as follows (thous. short tons): 198; 186; 184; 141; 204; 209; 204; 219; 189; 209; 231.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-36 SURVEY OF CURRENT BUSINESS February 1956
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May July August Septem-
ber October Novem-ber
Decem-ber
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— ContinuedLubricants:
Production thous.ofbblDomestic demand _ ._. doStocks, refinery, end of month _ .do _ _ .Exports - - doPrice, wholesale, bright stock (midcontinent,
f. o. b. Tulsa) dol. per gaL.Motor fuel:
Gasoline (including aviation):Production, total thous. of bbl
Gasoline and naphtha from crude oil doNatural-gas liquids:
Used at refineries (incl. benzol) do ..-Used in other gasoline blends, etc do
Domestic demand doStocks, end of month:
Finished gasoline doAt refineries _. ..do
Unfinished gasoline doNatural gasoline and allied products __do
Exports (motor fuel, gasoline, jet fuel) - --doPrices, gasoline:
Wholesale, refinery (Oklahoma, group 3)dol. per gal__
Wholesale, regular grade (N. Y.) doRetail, service stations, 50 cities. __ do _ .
Aviation gasoline:Production, total thous. of bbL.
100-octane and above - doStocks end of month total do
100-octane and above - ~ doJet fuel:*
Production . ___ do _Domestic demand doStocks end of month . do ._
Asphalt;:©Production _ ... do __Stocks refinery end of month do
Wax:QProduction doStocks refinery, end of month - . do -
Asphalt products, shipments:Asphalt roofing, total thous. of squares. ..
Roll roofing and cap sheet:Smooth surfaced do _Mineral surfaced . . do _
Shingles all types doAsphalt sidings - - - - do _ ~Saturated felts short tons
4, 5442, 9619, 7021,296
. 180
111, 75398, 878
10, 0992,776
104, 258
146, 67980, 9708 721
14, 038
2, 154
.105
.125
.213
8, 5617,0089 2185, 569
3, 8063, 6433, 21 5
4,2007, 175
404562
3, 134
568674
1,89284
56, 707
4, 5653,180
10, 162892
.180
112,80899, 419
10, 8572,532
96, 397
159, 48692, 09210 07612, 973
1,765
.105
.125
.211
8,0196, 064
10 1306 113
4,1633 9063, 472
4, 2468 623
433579
3,190
603686
1,90285
62, 720
3,9922,901
10, 0871, 094
.180
102, 34290, 424
9,4512, 467
88, 464
170 422101 07011 22112 004
1 641
.105
. 125
.212
7,2455 745
10 3026 3«0
4, 2654 3693 368
4 2309 888
427578
3, 264
652687
1, 92579
81, 326
4,6023, 6659,7791,179
.180
109, 83897, 207
10, 0672,564
105, 684
172 396101. 119
11 57612, 805
1,559
.105
.125
.214
8,2175,934
10 0306 063
5, 2855 0873, 566
5, 06710 869
466542
5, 533
1,1341,0633, 336
125112, 726
4,6913, 5899,6151,211
.180
105, 06992, 793
9,4862, 790
111, 116
165, 41393, 28510 18813, 460
1,642
.105
.125
.216
7 8786, 4339 6056 098
4, 2434 2023, 607
6,27811 779
441552
6,099
1,0881, 1003,912
9889, 320
4 7403, 7669,4301,097
.180
111, 75999,016
10, 0272,716
115 707
158 55285 13210 19914 976
2 135
.108
.125
.215
8,7716 4969 6756 124
4 8454 9723 480
7, 82711 524
423554
5,972
9861,1153 870
9177, 040
4,8183, 7509,2331,208
.180
111, 75999, 291
10, 0012, 467
120, 710
147, 15476, 36310 28516, 327
2,000
.108
.125
.214
8,9267, 1698 5575 230
5,0074 8333 619
8, 7999 943
464590
6,950
1,1361,3164,498
109109, 404
4,5573, 4888,9471,289
.180
118, 548105, £82
10, 4752,491
115, 653
146 84475. 49910 23517, 553
2,471
.108
.125
.219
9,3156 9429 5566 115
4 5494 7113 456
9 5069 107
433602
5,225
8501,0743,300
9169, 355
4 8713,9868,5471,220
.180
119 601106,311
10, 6432,647
121 816
141 35272 57810 56018 048
2 416
.110
.125
.218
9,4167 2279 6216 210
5 0294 8993 542
9 4626 918
408573
7,183
1 3421,5284 314
12497 146
4 5263,5728,2911, 143
.190
113 527100, 259
10,6142,654
113 379
140 23671,0359 958
1 7, 658
2, 171
.110
. 125
.214
8, £346 843
10 1086,487
4 9685 1813 329
9 0475 789
416561
6,242
1 2031 3323 707
13974 887
4,6663,7208,1081,060
.190
118 652104, 839
11, 9031,910
112 558
143 08073, 32710 02318, 144
2,510
.110
.130
.213
9,2637,480
10 0746,527
5, 0765 1363,229
8,0825 669
445535
5,948
1, 1901, 3833 375
15078 717
5 1153,7138,4331,024
.200
116 009102, 255
11, 3792,375
109 212
148 05074, 8529 821
16, 450
1,904
.110
.130
.212
8,3016 803
10 0356 571
4 7544 7863 197
6 0176 504
482536
4,617
9081, 0762 632
128r 104 4S7
p. 200
p. 110p. 130.216
2,707
528625
1 5,5474
81 117
PULP, PAPER, AND PRINTING
PULP WOOD AND WASTE PAPER
Pulpwood:Receipts . thous. of cords (128 cu. f t . ) ._Consumption - doStocks end of month do
Waste paper:Receipts ._ - _ - short tons ..Consumption _ . . doStocks end of month do
WOOD PULPProduction :cf
Total, all grades thous. of short tons-.Dissolving and special alpha doSulfate " - - .-doSulfite - . do .Groundwood - ._ __ __ - - do._Defibrited or exploded doSoda, semichem., screenings, damaged, etc. -do
Stocks, end of month :cfTotal all mills do
Pulp mills - -do -Paper and board mills doNonpaper mills - do
Exports, all grades, total __ doDissolving and special alpha ... do .All other - do
Imports, all grades, total . doDissolving and special alpha doAll other _' do
2, 6452,4175. 070
674, 021643, 691454 263
1,491.072. I
784. 6188.0205. 693 3
147. 3
759 6157. 4517 784 6
53 613.939 7
169 516 7
152.8
2, 8232,6805, 386
655, 291686, 004428. 747
1 , 654. 578. 1
881.7216. 9212.1104. 5161. 1
743.4175.9489 6
77.9
49.014.035 0
158 210 2
148.0
2,6902,5125, 563
643, 881676, 121397 734
1,564.872 7
852. 8196.5206. 196 0
140.7
731. 5167 8489 174.6
62 513 149 4
149 113 8
135.4
2, 6472, 8625, 348
785, 696785. 023398, 987
1, 784. 182.1
964.3223. 0233. 9116 8164.0
714.01 55. 8485 073.2
54 A15.139 3
208 619 1
189.5
2,1892 7524, 785
743, 006733, 154407, 295
1,709.470.4
920. 2233. 9219.7106. 6158.6
712.1154. 9479. 5
77.7
55.516.139. 4
159.618 8
140.8
2.4162,8424, 359
795, 214793, 855408 530
1, 787. 991.5
976. 5211.8226.2112 0170. 0
719.31 62. 0475 082.3
49 312.437.0
181. 119 2
161.9
2,7132,8374,235
865, 151904, 539779 120
1, 768. 389.2
971.0210.6219.8112 1165. 6
752. 9170.8491 290.9
49 815.434 5
208.421 5
186.9
2,7342, 6054, 363
668, 080633, 344436 772
1,631.266.6
891.7201.0218. 0105. 5148.5
741.0162, 8491.886.4
52.519.033.5
157.215.2
142.1
3,0752 8784 566
781, 481802 637415 277
1, 810. 799.4
976.8210.9230.7115.9176.9
759. 4164.8506 588. 1
53.514.539.0
212.518. 1
194.5
2,9682 7164 811
765, 167781 546398 680
1,710.961 6
943. 6204. 8222. 1110 8168. 0
764 5152.1520 292.3
55.019.735.4
188. 015 9
172.0
2,8992 9874 726
808 959800 758406 763
1, 873. 988 2
1,005.7232.7244.0116 6186. 7
770 4157.4514 898.1
40. 514.126.3
194.116 9
177.2
2, 640r 2 886
4 482
r 796 131r 780 973r 421 687
' 1,801. 283 6
r 983. 4213.3236. 6
r 108 5175. 9
r 771.8151.9
T 517 6102.2
55.017.637.4
210. 620 5
190.0
3, 0272 7(}o4 475
755 120722 273453 500
1,718.385 3
9°2 2201. ()238.4100 1171.3
762 9133. 1525 8103.9
r Revised. ? Preliminary.*New series. Prior to 1954, included with data for gasoline, kerosene, and distillate fuel oil; for January-July 1954 figures, see note "l" on p. S-35 of the November 1954 SURVEY and earlie
issues.©Asphalt—5.5 bbl. = l short ton; wax—1 bbl. = 280 Ib.rf1 Effective with the October 1955 SURVEY, data as compiled by the Bureau of the Census have been substituted for those from the United States Pulp Producers Association.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1056 SURVEY OF CURRENT BUSINESS S-37
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber • October Novem-ber
Decem-ber
1956
Janu-ary
PULP, PAPER, AND PRINTING—Continued
PAPER AND PAPER PRODUCTS
All paper and board mills, production:!Paper and board, total. - ... -thous. of short tons _
Paper do -Paperboard . . . _ _ _ d o - - _Wet-machine board do _Construction paper and board _ _ _ d o - _.
Paper, excl. building paper, newsprint, and paperboard(American Paper and Pulp Association):
Orders new thous of short tonsOrders, unfilled, end of month doProduction doShipments doStocks, end of month _ _ _ _do _ .
Fine paper:Orders new doOrders unfilled, end of month doProduction _ doShipments doStocks end of month do
Printing paper:Orders new ._ - do _ _Orders unfilled , end of month doProduction - _ do _-Shipments doStocks end of month _ doPrice, wholesale, book paper, "A" grade, English
finish, white, f. o b. mill dol. per 100 IbCoarse paper:
Orders, new - . thous. of short tons. -Orders unfilled, end of month doProduction doShipments doStocks, end of month _ do.-..
Newsprint:Canada (incl. Newfoundland):
Production doShipments from mills . . - doStocks nt mills end of month do
United States:Consumption bv publishers doProduction _ _ _ do _Shipments from mills doStocks, end of month:
At mills doAt publishers - - do _In transit to publishers do
Imports _ - - . _ _ - _ _ - _ do _Price, rolls, contract, delivered to principal ports
dol. TXT short ton-.Paperboard (National Paperboard Association):
Orders, new ... . thous. of short tons.Orders, unfilled, end of month doProduction, total . . _ _ . _ -do
Percent of activityPaper products:
Shipping containers, corrugated and solid fiber,shipments _ _ - mil. sq. ft. surface area
Folding paper boxes, index of value:New orders - _ _ . -1947-49=100-Shipments .. . _ _ - .. ._. do- -
PRINTING
Rook publication, total number of editionsNew books _ _ _ doNew editions do
2, 161964960
12226
899. 5606.3852. 7856. 7436. 2
124.462.2
118.1116.2115 6
324.1300.1290. 8297.4146. 5
13.80
286. 5128. 5278 1281.590.6
500. 1506. 0125.0
408. 0109.2111.5
6.2439.476.9
445.8
125. 75
1, 063. 0363.0
1, 054. 482
7,041
179.8168.2
860701159
2,3451,0401, 054
12239
972.2713.5929. 5930. 1445. 7
117. 562.0
121. 5124.7111 1
345. 7375. 2313.9309.9150. 4
14.00
306. 8152. 3302. 3298.9105.7
490. 8466. 3149.6
383. 5115.6113.9
7.9417. 8131.1
392.5
125. 75
1. 020. 3450. 7
1, 013. 392
6,808
184.7172.3
971771200
2,249989
1,02412
224
919.5701. 8879.7878.5420.6
124.372.5
116. 7121.5107. 5
313.5359. 2295. 4292.1153.8
14.10
304. 2149. 6293. 1287.889.0
479.3464. 1164. 8
365. 2109.9110.6
7.2412.287.7
364.3
125. 75
1, 085. 0523. 4
1, 043. 195
6,870
176.7151.8
950756194
2, 5751,1171, 167
14277
1, 049. 2756. 8999.6
1, 007. 3413.5
133.475.6
127.7134. 1101.5
362. 4382.4343.9344.1153.6
14.10
354.2176. 4331. 6332.890.4
539. 1512. 0191.9
438. 9125.5125. 1
7.6383.182.6
435.8
125. 75
1,311.7515. 7
1, 214. 196
8,226
193.9178.9
1 102855247
2,4571, 0661,113
14265
956. 4750. 9951. 8939.2422.7
124.478.1
120. 6120.497 5
318.9372.2317.2312.7158.0
14.10
318. 7172. 3310.1311.184.6
518. 6540. 5170.0
431. 8120.9121.1
7.4369. 278.8
421.2
125. 75
1, 163. 1507. 6
1, 142. 295
7,863
188. 1168.0
1 175965210
2,5451,0831,170
13278
959.2770.6958. 0952. 2426.7
126. 185.9
125.2124. 5103 1
327.7380.0326.3330 1154.3
14. 10
316. 8180 5313 4309 087.7
521 3525 0166 3
455 4133 5131 1
9 8340 486.4
446.7
125. 75
1 248. 4621 0
1, 187 296
7 948
183 8167. 1
1 069838231
2,5591,0791,197
14270
985 2805 6953 3960 2433 0
131 892 4
126 6133 9104 9
363 6415 4324 6327 8151 1
14 10
304 6175 9311 4311 593 5
507 8543 4130 7
422 2131 2133 4
7 7345 286.4
447 5
125. 75
1 239 058 9 2
1 210 6qq
8 171
198 9179 9
993800193
2, 265968
1,0269
261
894 2838. 6850 7834.8436. 9
109 4103. 498.698 999 6
317.0433 3285.8280 7156.2
14.45
296.9181.0284 0282. 287.6
490 4502.4118 7
378 4124 5121 7
10 5358 783.7
392.0
125. 75
1 082 4602 9
1 019 281
7 098
187 3150 3
920692228
2, 6051,0781,218
14296
949 4860 8950 5941 6446.9
113 596 2
116 7118 694 7
337.1451 5329. 7330 7155 2
14 45
313. 9188 9311 0308 293.4
539 5534 6123 6
384 7134 9137 0
8 4404 o81.0
454 8
125. 75
1 305 7665 8
1 264 399
8 603
206 6188 5
723588135
2,5181,0651,164
13275
997 6898 8946 8949 1446.1
128 4109 4123 5124 1100 5
338 2435 i325 2323 8156 6
14 45
331 6223 9306 9305 5
88 7
503 2501 6125 2
424 8125 0124 3
9 1379 786.2
409 3
125.75
1 167 4585 7
1 192 497
8 594
188 1191 0
951783168
r 2, 681r 1, 154
1,23613
278
1 033 8896 1
1 021 71 008 0
462. 6
129 4112 4128 9129 5104 9
357 0441 2337 7340 6153 8
14 45
338 7210 3332 4328 0
89 0
538 8547 2116 9
478 9140 1139 6
9 5342 380.7
453 1
125. 75
1 299 8591 3
1 260 2102
8 814
189 7194 3
1 4671 256
211
r 2, 599r 1, 105
1,22213
260
965 0884 0994 0967. 0466. 0
123 0110 0125.0125. 082 0
333 0435 0339. 0336 0157.0
14. 45
316. 0207 0319 0313 094.0
541 7544 4114 2
461 8140 3142 3
7 5325 782.5
458 3
r 126. 75
1 255 1654 6
1 961 4100
8 247
191 6189 2
1 086'926160
2, 4751,0821,137
12243
v 14.85
520 0554 180 1
419 2131 9131 0
8 3361 097.4
p 127. 99
1 203 7577 2
1 223 790
7 §27
185 2180 7
1 216969247
1 195 4539 5
1 184 8100
717570147
RUBBER AND RUBBER PRODUCTS
RUBBERNatural rubber:
Consumption _. . - . . . . - - _ . . ___ long tons .Stocks, end of month doImports, including latex and guayule _ .. ..do- -Price, wholesale, smoked sheets (New York)
dol. per Ib-Chemical (synthetic):
Production ... _ long tons.Consumption _ __ . ... ._ _ _ do _Stocks, end of month __ _ _ doExports do
Reclaimed rubber:Production _. . ... doConsumption _ _.. doStocks, end of month do
55, 096102, 94343, 557
.288
58, 45664, 130
150. 1752,672
25, 76224, 54630, 746
56, 911101, 05049, 941
.325r 70, 045T 68, 456147, 774
3,422
25, 23725, 32229, 656
50, 99797, 18950, 790
.354r 67, 609r 67, 709
r!41 6633,148
25 33224, 33330, 125
58, 472102 05861, 250
.313
* 78, 757T 77, 173
r!43 5874,454
29 57428 67430, 311
52, 963101 62061, 113
.323r 75 604r 72 123
r!41 4445,564
26 67826 60930, 068
54 746106 6f 061, 042
.314r 81 617r 75 421
r!38 1085,740
27 91127 65229, 528
56 282100 86152 762
.348T 77 819T 79 497
r!30 6948,710
30 42629 15729, 725
46 166105 78243' 626
.400
T si 472T 62 897
T 139 9027,896
24 03422 56329, 939
48 359109 05659 840
.455
r 83 628T 72 722
r!37 05010, 497
25 18325 79027. 956
50 963113 18550 459
.493
r 83 257r 76 375
r!36 03511, 847
26 37726 34027. 110
54 995110 79545 720
.433
89 060r 80 389134 75311, 241
27 94726 59727. 565
T 52 769103 77^50' 509
'.453
91 281r 8i' 661
T 133 66410, 890
r 20 113r 27 229•• 28. 473
48 565109' 854
.470
90 31975 943
135 630
28 10224 60431. 100
.408
r Revised. » Preliminary.t Effective with the October 1955 SURVEY, items have been revised as follows: Construction paper (formerly included in the total for paper) is now combined with construction board;
wet-machine board was formerly included with paperboard.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-38 SURVEY OF CURRENT BUSINESS February 1956
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
RUBBER AND RUBBER PRODUCTS—Continued
TIRES AND TUBES
Pneumatic casings: cfProduction thousands
Shipments, total doOriginal equipment doReplacement equipment doExport do_
Stocks, end of month . _ _ do. ..Exports do
Inner tubes: cfProduction __ . _. doShipments do
Stocks, end of month doExports _ __do_ _
8,442
7,3443,7073, 468
169
14, 762141
3,2002, 569
9,51970
9,040
8,9113,7854,967
159
14, 949134
3,0894,116
8,25258
8,745
8,2723,8334,281
157
15, 368155
2,8502,862
8,24481
10, 083
9,9074,7804,926
201
15, 609180
3,2343,327
8,21796
9,153
9,9374,4575,315
165
14, 890155
2,8363,250
7,96387
9,949
9,8654,3525,361
152
14, 936154
3,0053,233
7,73562
10, 703
10, 2343,9316,129
174
15, 460155
3,1363,565
7,32678
9,027
9,7293 8905,711
128
14, 684125
2,7683.450
6,66467
8,717
9,4623 3625,980
119
13, 908111
2,9233,733
5 91748
9,125
8 4533 1425,170
140
14, 674137
3 1693 261
5, 96678
9 555
8 1173 4954 460
161
16, 163147
3 1193,004
6 28667
9 603
8 0454 3033 592
150
17 727140
3 0522,875
6 73478
8 478
7 5154 0453 298
172
18 778
2 7192*686
6 833
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Production thous of bblPercent of capacity _ _ _
Shipments ._ _ _ __ _ thous. of bblStocks, 3nd of month:
Finished do. __Clinker do
CLAY PRODUCTS
Brick, unglazed:Production _. _ _ thous. of standard brickShipments doPrice, wholesale, common, composite, f. o. b plant
dol. per thous.
Clay sewer pipe, vitrified:Production. short tonsShipments do
Structural tile, unglazed:Production doShipments _ _ _ _ . _ do
GLASS PRODUCTS
Glass containers:Production thous. of gross
Shipments domestic, total doGeneral-use food:
W arrow -neck food doWide-mouth food (incl. packers' tumblers, jelly
glasses and fruit jars) thous of gross
Beverage doBeer bottles -- -~do-Liquor and wine doMedicinal and toilet doChemical household and industrial doDairy products do
Stocks end of month -_ do_ __
GYPSUM AND PRODUCTS
Crude gypsum, quarterly total:Imports thous of short tonsProduction do
Calcined production quarterly total do
Gypsum products sold or used, quarterly total:Uncalcined uses short tons
Industrial uses doBuilding uses:
Plasters:Base -coat doAll other (incl Keene's cement) do
Lath mil. of sq. f t -_Wallboard doAll other O do
22 29089
16, 347
16, 7315,274
519, 144464 080
28. 430
151,619121,607
68, 62164, 351
8, 538
8,891
767
2 514
506677
1,0122,369
757289
12, 892
8382, 550
2 026
814 663
66 327
400, 172266 754
641.81 1,091. 4
53 8
20 22381
13, 520
23, 4377,888
468, 522412 028
28. b42
132, 268100, 512
65, 82763, 716
10, 449
9,593
833
3,016
392596847
2,772923214
13, 301
17 61178
14, 031
27, 08710 812
445, 775405 001
28. 559
133, 933108, 975
65, 43859, 583
10, 211
9,177
846
2 719
455536976
2 564903178
14, 058
22 34089
22, 941
26, 51612, 571
562, 507568 469
28. 559
163, 417148, 750
72, 47069, 059
11, 293
10, 930
1,038
2,836
853854
1,2572,894
997201
14, 247
6532,333
2,025
650, 083
73, 624
395, 234255, 906
683.31, 137. 4
44.3
24 818103
25, 295
26, 10612 044
569, 355605 391
28. 654
142, 879147, 018
65, 14670, 105
11, 045
10, 422
1,052
2,699
9801,0701,0972 399
930195
14, 521
27 031108
29, 527
23, 67210, 439
613, 871652 091
28. 750
156, 551173, 337
67, 60072, 353
11, 758
11, 635
1,114
3,277
1,3111,1561,0602,555
959203
14, 331
26 762111
31, 606
18, 8558 624
653, 910684, 429
28. 846
179, 359197, 360
77, 35877, 109
12, 219
12, 063
1,176
3,226
1,5101,2821,1672,491
998213
14, 327
8772,589
2.148
753, 092
72, 338
476, 667312,123
724.41,157.4
55.8
27 332107
29, 467
16, 7277 192
623, 164627 200
28. 952
151, 504170, 587
72, 61569, 870
11. 858
10, 996
1,217
3,093
1,2301,161
9722,196
915212
14, 805
27 861109
31, 883
12, 7315 373
677, 449680 758
29. 308
173, 326193 115
73 37680, 651
13, 109
14, 361
1,852
4 749
9311,1451,1443,0271,184
329
13,263
26 958109
29 887
9 7794 413
675 876677 850
29. 451
182, 797187 947
69, 24174, 339
11, 234
11, 194
1,746
3 013
480739
1,2032,6691,015
329
13, 040
1,3272,871
2,402
761,999
72, 174
511, 104357, 985
771.31,175.1
56.9
27 924'no
28 950r8 754r3 514
656, 86S637 593
29. 736
171,814171,749
72, 16573, 672
12, 173
11, 147
1,348
3,271
411597
1,4862,7911,003
240
13, 719
24 894101
21 985
11 6634 062
632 714581 028r 29. 831
174 343157 170
69 63164, 489
10, 557
9,845
931
2,955
471589
1,3462,477
839237
14, 123
566 810480 413
P 30. 017
163 161117 863
69 07859 681
10, 166
11, 332
1,057
3,410
708730
1,1613,106
920240
12,700
•• Revised. *> Preliminary. 1 Includes data for laminated board.cfData for 1954 for production, shipments, and stocks have been revised. Unpublishedr evisions (for January-May) are available upon request.O Comprises sheathing, formboard, tile, and for 1955 also laminated board.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1056 SURVEY OF CUEKENT BUSINESS S-39
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
Janu-ary
Febru-ary March April May
19
June
55
July August Septem-ber October Novem-
berDecem-
ber
1956
Janu-ary
TEXTILE PRODUCTS
APPAREL
Hosiery, shipments. thous. of dozen pairs. .Men's apparel, cuttings:^
Tailored garments:Suits _ -. -- thous. of unitS-Overcoats and topcoats doTrousers (separate), dress and sport do
Shirts (woven fabrics), dress and sportthous. of doz..
Work clothing:Dungarees and waistband overalls _ _ doShirts do
Women's, misses', juniors' outerwear, cuttings:Coats thous of unitsDresses - _ _ _ _ doSuits doWaists, blouses, and shirts thous. of doz__
COTTON
Cotton (exclusive of linters) :Production:
Ginnings§ -thous. of running bales. .Crop estimate, equivalent 500-lb. bales
thous. of bales ..Consumption^ balesStocks in the United States, end of month, totalf
thous. of bales _.Domestic cotton, total . . . do
On farms and in transit, doPublic storage and compresses doConsuming establishments do
Foreign cotton, total doExports _ .. -.bales..Imports doPrices (farm), American upland cents per lb_.Prices, wholesale, middling, l$it", average 14 mar-
kets - cents per IbCotton linters:^
Consumption . _ ---thous. of bales. _Production doStocks, end of month - do ._
COTTON MANUFACTURES
Cotton cloth:Cotton broad-woven goods over 12 inches in width,
production, quarterly mil. of linear yardsExports thous of sq ydImports - doPrices, wholesale:
Mill margins _ _ _ cents per lb__Denim, white back, 28-inch, 8 oz/vd cents per ydPrint cloth, 39-inch, 68 x 72 do ._Sheeting, class B, 40-inch, 48 x 44-48 do
Cotton yarn, natural stock, on cones or tubes:Prices, wholesale, f. o. b. mill:
20/2, carded, weaving _dol. per lb._36/2 combed knitting do
Spindle activity (cotton system spindles) :fActive spindles, last working day, total. thous__
Consuming 100 percent cotton doSpindle hours operated, all fibers, total, mil. of h r _ _
Average per working day doConsuming 100 percent cotton - _ do
Operations as percent of capacitvd"1 - -
RAYON AND ACETATE AND MFS.
Filament yarn and staple:Shipments, domestic, producers':
Filament yarn mil of IbStaple (incl. tow) do
Stocks, producers', end of month:Filament yarn doStaple (incl. tow) do
Imports thous of IbPrices, wholesale, viscose, f. o. b. shipping point:
Filament 150 denier dol per IbStaple, 1 5 denierO do
Rayon and acetate broad-woven goods, production,quarterly total thous, of linear yards -
SILKSilk, raw:
Imports thous of IbPrice, wholesale, white, Japanese, 20/2~2 denier, 87%
(AA) f o b warehouse dol per Ib
WOOL
Consumption, mill (clean basis) :\Apparel class thous of IbGarnet class_- do
12, 776
i 2, 0501320
1 4, 9801 1, 715
13401 265
r 2, 065r 20, 909
T } , 372r 1, 406
213,017
'1801,596r 17,716r 17, 662
»• 2, 008r 14, 008
r 1, 646r 54
496, 66510, 129
32.7
33.9
••illl1 196
r 1, 794
2,49752 6419,953
26.5035. 115.916 6
.642
.933
20, 62619, 136
i 11,059442
i 10, 2391 122. 5
70.434.9
55 632.0
12, 696
780.336
464, 858
692
4 60
1 22 599* 11. 070
12, 335
1,848296
5,712
1,840
352300
2 18720, 4531 7731,248
3 13,413
r 71 6 045
16, 69916 6371,426
13,4451,767
62334, 04416, 489
32.5
34.0
125187
1,831
44 1237,683
27.2934 916.516 6
. 659
.931
20, 78219, 2829,934
4979,184138.0
65.835.4
55 528.6
11,906
780.336
1 400
4 61
21 3499.960
12, 969
1,816288
4,944
1,876
388300
2 11020, 2731 7561,289
r 720 591
15, 69515 5861,075
12, 6681, 843
109307, 456
16, 80531.7
34.1
115166
1,827
47 4277,035
27.3734.916.516.6
.664
.947
20, 95419, 42910, 046
5119,299140.1
67.933.0
50 425.8
11, 356
780.336
812
4 53
22 72510. 195
14, 162
i 2, 0651 335
1 5, 940
i 2, 225
14351 415
2 89628, 0701 8461,446
U3,618
4 13, 696"•1893 238
14, 46914, 410
73011, 8481,832
58369, 24128, 374
31.9
33.5
i 1371 140
1,793
2,59464, 55210, 940
27.7834.916.316.6
.665
.947
20, 89219, 365
i 12, 400496
1 11, 485i 138. 5
83.939.1
44.322.2
17, 734
830.336
478, 901
879
4 46
1 27 121i 12. 676
12,001
1,636372
5,856
1,908
416360
1 14629, 459
8801,358
r695 188
13, 55813, 492
55611,1621,774
66239, 330
16, 59431.9
33.4
135102
1,738
47, 8868,481
27.3634.916.016. 5
.664
.945
20, 67419, 1609,594
4888,854134.6
77.533.0
39.322.1
18. 604
830.336
585
4 56
22 72210. 217
10, 713
1,816496
5, 328
1,744
424360
88728, 91 2
7821,280
r704 029
12, 64612 575
50010, 3991,676
71230, 690
12, 49331.5
33.7
14287
1,666
49 8219,492
26.5934 915.816 3
.663
.945
19, 82418, 3029,678
4848,937135.7
T 70.6••30.1
40 121.0
18, 800
830.336
658
4 58
23 49510. 336
12, 585
1 1,9451 550
1 5, 5201 1.865
1 4251 410
1 83924. 5481 0401,286
rl849 413
11. 52011 449
2739,7051,471
70280, 923
9,04931.4
33.8
* 1291 57
1,559
2, 45541 4679,305
26.3434 916.016 1
.665
.949
19, 84018, 335
1 11, 789481
1 10, 8671 132. 3
r 69.9r30. 6
43 620.5
17, 904
830.336
469, 853
492
4 60
1 27 0411 11. 260
10 260
1 004292
3 696
1,356
304324
2 17017 1361 137
970
313
r 565 834
11,12111 055
2209,4741,361
6558 8559 87532.1
33.7
12751
1,475
37 1929 435
26 6534 916.316 1
.668
.955
20, 70819, 1478,234
4337,546115 7
65.427.5
46 325.6
17 473
.830
.336
505
4 76
20 6826.637
13, 674
1,856564
5,088
1,708
452360
2 69722 9501 4241 236
1,388
717 227
22, 76422 70311,8019 7291,173
6160, 438
7 37932.7
33.6
14167
1,373
37 0979 922
27.2135 416.316 9
.676
.968
20, 73519, 13610, 088
5049,293141.4
72.733.2
44.924.5
17, 029
.830
.336
997
4.85
23, 14210. 509
14, 024
1 1 , 9001 605
1 5, 640
i 1,9101 455i 400
2 44221 188
9301 055
4 815
1 874 837
22, 82422 7779,818
11 7821,177
47116, 109
23 73033.8
33 01 147i 154
1,353
2 40542 05112 755
28.9136 416.417 3
.693978
20, 79919, 243
i 12, 287455
i 11,363i 138. 0
70.329.8
47.725.8
13, 057
.830
.336
452, 303
1 211
4.75
1 25 8961 13. 242
14. 236
1,684400
4,944
1,856
424384
2 56419 997
9941,084
9 553
737 056
22, 82722 7676,921
14 5151 331
59191, 536
10 51632.8
32 9
157216
1,397
49 88515, 750
29.7836 416.617 5
.696984
20, 88319 30210, 290
5159,512144.9
r 70.730.5
48.628.9
11, 924
830.336
1 058
4.58
r 22, 99011, 890
14, 463
1,716340
5,424
1,864
372376
2 68420 607
1 4491 092
13 052
741 447
21, 74521 6883, 584
16 5«11, 523
56137, 44919 234
32.4
33 6
155235
1,418
42 46916, 478
30. 2436 417 517 8
r .701984
20, 90219 35210,150
5089,393143. 0
69.936.2
r49. 5r 29. 19,871
830.326
1,259
r 4 43
' 22, 643' 11, 566
12, 198
i 1 945i 335
1 5 160
i 1, 890
i 375i 3Qo
1 98518 5891 640
789
2 13, 704
1855 447
20, 76820 7081,476
17 5611,671
60
31.2
33 71 142i 206
1 431
31.08p 36.4r> 18.0p 18.1
p. 708p. 988
20, 98819, 440
i 11, 848474
i 10, 992i 133. 3
70.831.3
52.234.2
p. 830p. 326
P 4 42
P 125,922p 113,961
3 14, 380
5 14, 663
30.7
34 1
31. 26
r Revised. p Preliminary. i Data cover a 5-week period. 2 Ginnings to December 13. 3 Ginnings to January 16. 4 Total ginnings of 1954 crop.5 December 1 estimate of 1955 crop.IData for December 1954 and March, June, September, and December 1955 cover 5-week periods and for other months, 4 weeks; cotton stocks and number of active spindles are for end
of period covered.§Total ginnings to end of month indicated.cf The operation rate is calculated on a 5-day, 80-hour week without any adjustment for holidays. ©Quotations beginning August 1955 not strictly comparable with earlier data.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-40 SUEVEY OF CURRENT BUSINESS February 1956
Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS
1954
Decem-ber
1955
Janu-ary
Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
1956
Janu-ary
TEXTILE PRODUCTS—Continued
WOOL AND MANUFACTURES— Continued
Wool imports, clean content _ _ _ _ . thous. of lb_-Apparel class (dutiable), clean content do
Wool prices, wholesale, raw, Boston:Territory, 64s, 70s, 80s, clean basis dol. per lb_.Bright ileece, 56s-58s, clean basis _ do.Australian, 64s, 70s, good topmaking, clean basis, in
bond dol. per IbKnitting yarn, worsted, 2/20s-50s/56s, Bradford system,
wholesale price. __ _. dol. per lb_Woolen and worsted woven goods, except woven
felts:Production, quarterly, total thous. of lin. yd_-
Apparel fabrics, total do_Government orders do.-_Other than Government orders, total do__.
Men's and boys' _ do_ _Women's and children's.. do.-_
Nonapparel fabrics, total do. _Blanketing doOther nonapparel fabrics do
Prices, wholesale, suiting, f. o. b. mill:Flannel, men's and boys' 1947-49=100.-Garbardine, women's and children's- do. _.
14, 4537,828
1. 5601. 135
1. 625
1.928
74, 97269, 4761,208
68, 26834, 03834, 230
5,4962, 5542,942
112.1103.6
19, 66612.066
1.5501.146
1.525
1.928
112.1103.6
17, 9569,313
1.5561.191
1.475
1.916
112.197.3
26, 93813, 071
1.5351.138
1.475
1.916
73, 76469 5641,105
68, 45936, 37732, 082
4,2002,8151,385
112.197.3
23 70311,565
1.4951 095
1 475
1.879
112.197.3
23 57811, 688
1.4751 072
1 475
1.867
112.997.3
22 99910, 331
1.4351 066
1 475
1.867
84, 26680 296
2 76977, 52737 85639, 671
3,9702,9691,001
112.997.3
22 8769,517
1.4251 086
1 475
1.867
112.997.3
24 0129,855
1. 3851 069
1 395
1.844
112.997.3
19 4067,729
1. 3251 020
1 275
1.844
76, 04172 9651 434
71,53132 37839, 153
3,0762 111
965
112.997.3
21 1178,341
1.300gqg
1 262
1.819
112.997.3
17 9439,588
1.275992
1 225
1.819
112.997.3
1.2981 029
1 22i
p 1 819
112 997 3
1.3161 064
1 300
TRANSPORTATION EQUIPMENT
AIRCRAFT
Civil aircraft (complete), shipments numberAirframe weight thous. of Ib
Exportsd71- number..
MOTOR VEHICLES
Factory sales, total numberCoaches total do
Domestic doPassenger cars, total do
Domestic doTrucks, total _ _ _ - _.do.
Domestic do
Exports, total doPassenger cars do_Trucks and buses do
Truck trailers, production, total doComplete trailers do
Vans doTrailer chassis .-do
Registrations:New passenger cars _ doNew commercial cars _ , do
RAILWAY EQUIPMENT
American Railway Car Institute:Freight cars:
Shipments total numberEquipment manufacturers, total do
Domestic - _ _ doRailroad shops, domestic do
Passenger cars, equipment manufacturers:Orders unfilled, end of month, total do-
Domestic -- doShipments, total __ -do
Domestic -- do.
Association of American Railroads:Freight cars (class I), end of month :§
Number owned O - thousandsUndergoing or awaiting classified repairs
thousands _Percent of total owned
Orders, unfilled O - number. _Equipment manufacturers doRailroad shops . .. _ -do
Locomotives (class I), end of month:OSteam, undergoing or awaiting classified repairs
numberPercent of total on line
Diesel-electric and electric: Orders, unfillednumber of power units
Exports of locomotives, total number
INDUSTRIAL TRUCKS AND TRACTORS
Trucks, electric, shipments:Hand (motorized)* numberRider-type do
Trucks and tractors, gasoline-powered, shipments*number
290522.4
97
766,185427337
669, 936643, 76395, 82279, 793
35, 01020, 39314, 617
4,9254,7262,823
199
656, 61169, 838
2,2401, 4361,377
804
7576715734
1,736
1166.7
13, 6246,0787,546
1,22714.5
493
29
394
350859.2
83
725, 379190185
635, 513611,04089, 67673, 947
38, 64221, 67016, 972
4,7504,6022,849
148
440, 02462, 231
2,0141,6051,605
409
7616934018
1,733
1217.0
16, 9707,2489,722
1,29015.6
472
28
387342
1,449
357962.9
115
744, 942176148
677, 705648, 61667, 06155, 253
36, 27123, 25613,015
5,2265,0293,091
197
476, 58456, 242
2,6032,0631,913
540
7256723621
1,730
1247.1
17, 0966,981
10, 115
1,29816.1
455
42
444359
1,652
4781, 032. 1
162
894, 597325267
791, 280765, 663102, 99286, 060
37, 13624, 13613, 000
6, 4026,1403,739
262
636, 53464, 732
3,1332,3682,068
765
9539184527
1,727
1176.8
18, 0016,240
11, 761
1,21515.7
428
45
507425
1,808
438762. 5
111
881, 840519501
753, 434727, 907127, 887110, 176
40, 60723, 00017, 607
6,3606, 0683,704
292
651, 85579, 071
3,0751,9891,6641,086
9208963625
1,723
1146.6
18, 1936,235
11, 958
1,24716.5
360
49
476406
1,647
4861, 139. 2
185
849, 393313266
721, 139697, 471127, 941108, 362
35, 29319, 34315, 950
6,3366,0343,843
302
661, 30482, 086
4 3202,6752, 4381,645
1,0241,007
4941
1,720
1106.4
17, 0305,590
11, 440
1,18616.2
385
38
678833
3 926
5381,211 9
175
767, 182309237
647, 658629, 185119,215101, 625
33, 45817, 38116, 077
7,3687,0824,491
286
681, 37290, 005
3 0571,7321,6901,325
1,001982
5548
1,717
1036.0
27, 84815, 45912, 389
1,20416.7
470
22
578533
2,188
354932 5
201
768, 621296256
658, 736643, 402109, 58993, 739
30. 90315, 18115, 722
5, 9895,7993,593
190
647, 24584, 413
2,9681,9541,2841,014
9939773933
1,709
965.6
44, 62223, 61321, 009
1,22817.4
467
59
521455
1,961
241757.0
132
716, 163434410
620, 610602 95995, 11980 077
30, 38215, 20715, 175
7 2547,0504 483
205
658, 96492, 079
5 0293, 1871, 9351,842
9529374542
1,704
945.5
50, 08727, 20122, 886
1,10516.5
704
45
506346
2,163
341696 4
132
559, 962223198
467, 845459 07391, 89476 851
23, 1669 769
13 397
7 1616,9434 299
218
654, 53289, 924
3 9652, 3921,7081 573
594583355350
1,702
865.1
50, 64228, 79921, 843
1,04816.1
816
23
670441
2,463
345658 l
188
601 256469385
505, 177491 893
95, 61081 390
22, 7298, 759
13 970
6, 9486,7404,241
208
576, 04587, 262
4 2332,8562,4551,377
433424206204
1,702
804.7
57, 41031, 29426, 116
1,01616.1
876
40
650449
2,569
337447 8
116
r860 800r 359r 340
745 993720 667114' 44898 345
30 39617 87812 518
7 1516 9414 727
210
509 15575 756
r 3 845r 2 749
2 3311 096
3993903838
1,700
754.4
103, 68546, 94756, 738
1 01316 4
906
62
636441
2 684
478646 8
799 009410406
695 043667 920103 55686 891
6 9096 6634 438
246
p2 343 438^93 733
3 8142 7142 6961 100
8608513939
1 694
714 2
135, 29362 99672, 297
99716 8
854
638520
2 333
i 611 200
i 105 900
r Revised. ? Preliminary. J Preliminary estimate of production based on Ward's Automotive Reports. Production for preceding month: 682,700 passenger cars; 98.900 trucks.2 For 35 States. cTExports revised beginning January 1954 to include 2 types of aircraft formerly classified as "special category" and therefore excluded from the total.§ Excludes railroad-owned private refrigerator cars. 0 Data beginning December 1955 reflect reclassification of reporting roads to revised I. C. C. list of Class I line-haul railroads;
comparability with earlier data, based on ownership, is affected by less than 1 percent. *New series. Data prior to January 1955 are not available.
U. S . G O V E R N M E N T P R I N T I N G O F F I C E : 1956Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
•INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40-Pages marked S
Acids.... 24Advertising , _ _ _ _ . _ _ _ _ „ 8, 9Agricultural employment _ _ _ ___ II.Agricultural loans and foreign trade 16, 17, 21, 22Aircraft and par ts_____. 2, 12, 13, 14, 15, 40Airline operations - 23Alcohol, denatured and ethyl 24Alcoholic beverages. , _ _ . _ „ 2, 6, 8, 27Aluminum , _ _ . , _ _ 33Animal fats, greases, and oils 25Anthracite _ _ _ 11, 13, 14, 15, 34Apparel 2,3,6,8,9, 10, 12, 13, 14, 15,39Asphalt and asphalt products 36Automobiles 2,3,8,9,12,13, 14, 15,16,17,22,40
Bakery products _ _ _ _ _ _ _ _ _ _ _ 2, 12, 13, 14, 15Balance of payments .-~. 21Banking . ... 14,16Barley ... . 28Barrels and drums , _ _ ~ 32Battery shipments . _ . _ _ _ . 34Beef and veal . _ 29Beverages „ _ „ _ _ 2,6,8, 12, 13, 14, 15,27Bituminous coal _ _ _ _ 11, 13, 14, 15, 35Blast furnaces, steel works, e tC-____ ._ 12, 14, 15Blowers and fans... _ _ , _ _ 34Bonds, issues, prices, sales, yields _ . . ... 17,19, 20Book publication , _ „ „ _ _ _ _ _ _ _ , . 37Brass and bronze _ _ _ _ _ _ . _ _ . — - 33Brick . _ _ _ _ _ _ ._ 38Brokers' loans and balances_ _ _ „ _ . , „ _ _ _ _ _ _ 16, 19Building and construction materials_. 8,9,10Building costs „ _ _ „ _ _ _ „ _ _ _ . 7, 8Business incorporations, new , _ _ _ _ _ , 5Business sales and inventories_„.«_,,____- , 3Butter ..-._..... _ 27
Cans (metal), closures, crowns.____, _ . ._ 32,33Carloadinps . . .. , _ _ „ _ _ 23Cattle and calves.. _ _ _ _ _ _ _. 29Cement and concrete products,_ _ — 6, 38Cereals and bakery products . _ 6, 12,13,14, 15Chain-store sales (11 stores and over only)___ 10Cheese...... .... .... 27Chemicals 2, 3, 4, 6, 12, 13, 14, 15,19, 22, 24Cigarettes and cigars , _ . 6, 30Civilian employees, Federal_, 12Clay products (see also Stone, clay, etc.)_-_ _ _ 6, 38Coal___ .__ . 3, 6, 11, 13, 14, 15, 22, 23, 34, 35Cocoa . . _ . _ _ _ _ _ _ - . _ _ . . _ . . 22, 29Coffee. _ _ - _ „ _ _ _ . - - _ . _ . _ - _ _ - _ _ 22,30Coke .. — . 23,35Commercial and industrial failures 5Communications 11, 13, 14, 15, 19, 20, 24Confectionery, sales _ „ _ _ _ _ _ _ _ _ 29Construction:
Contracts awarded..., ... _ _ _ _ _ _ 7Costs _ _ _ _ _ _ . _ _ _ . . _. 7,8Dwelling units 7Employment, earnings, hours, wage rates__ 11,
13,14,15Highways and roads . _ . _ > . . _ - _ _ > _ _ 7, 8, 15New construction, dollar va lue .______ 1,7
Consumer credit ... _. 16,17Consumer durables output, index 3Consumer expenditures 1, 9Consumer price index _ _ _ 6Copper _ _ _ _ _ _ _ _ _ _ _ 22,33Copra and coconut oil 25Corn _ 28Cost-of-living index (see Consumer price
index) - 6Cotton, raw and manufactures 2,5,6, 22, 39Cottonseed, cake and meal, oil 25Credit, short- and intermediate-term 16, 17Crops ... 2,5,26,28,30,39Crude oil and natural gas . _ _ _ _ . _ 3Currency in circulation _ _ , 18
Dairy products. 2,5,6, 12, 13, 14, 15, 27Debits, bank 16Debt, United States Government_ _ . 17Department stores 9, 10, 11, 17Deposits, bank 16, 18Disputes, industrial 13Distilled spirits 27Dividend payments, rates, and yields 1,18,19, 20Drup-store sales . _ 9, 10Dwelling units, new ._ , _ _ 7
Earnings, weekly and hourly 14, 15Eating and drinking places 9, 10Eggs and poultry _ _ _ 2, 5, 29Electric power 6, 26Electrical machinery and equipment 2,
3,6,12,13,14,15,19,22,34Employment estimates and indexes.. 11, 12Employment Service activities 13Engineering construction 7, 8Expenditures, United States Government.___ 17Explosives 25Exports (see also individual commodities) 21, 22Express operations 23
Failures, industrial and commercial 5Farm income, marketings, and prices 1, 2, 5, 6Farm wages 15Fats and oils, greases . _ _ _ _ . 6, 25, 26Federal Government finance 17Federal Reserve banks, condition of , _ 16Federal Reserve reporting member banks , 16Fertilizers 6, 25Fiber products , _ 34Fire losses 8Fish oils and fish . . ._ 25, 30Flaxseed 26Flooring 31Flour, wheat , _ _ _ 29Food products 2, 3, 4, 5, 6,
8, 9, 10, 12, 13, 14,15, 18, 22, 27, 28, 29, 30
Pages marked SForeclosures, real estate ~. ...— 8Foreign trade indexes, shipping weight, value
by regions, countries, economic classes, andcommodity groups ... 21, 22
Foundry equipment 34Freight carloadings. _ _ 23Freight cars (equipment) 40Freight-car surplus and shortage 23Fruits and vegetables.._ „ . _ „ _ _ _ 5, 6, 22, 28Fuel oil _ , , _ . 35Fuels 6,34,35Furnaces .__ , _ _ _ 34Furniture. 2,3,6,9,10,12,14, 15, 17Furs.... ... 22
Gas, prices, customers, sales, revenues _ _ _ 6, 27Gasoline . _ . _ - 9, 36Glass products . „ „ _ _ 38Generators and motors , _ _ _ 34Glycerin. 24Gold 18Grains and products 5,6, 22, 23, 28, 29Grocery stores 9, 10Gross national product 1Gross private domestic investment 1Gypsum and products. 6, 38
Hardware stores. , . 6, 9Heating apparatus.... . _ _ _ _ — 34Hides and skins . _ . _ . _ _ 6, 22,30Highways and roads____. . _ _ _ _ . . _ . _ _ - 7, 8, 15Hogs . . — — 29Home Loan banks, loans outs tanding._______ 8Home mortgages. — - _ _ _ 8Hosiery ....... „ _ _ _ _ _ „ _ _ _ 39Hotels... _ _ _ . _ _ _ _ _ . ..-_ 11, 13, 14, 15, 24Hours of work per week_____ _ _ _ _ _ _ 12,13Housefurnishings ,__ , _ _ _ , , _ _ _ 6, 8, 9, 10Household appliances and radios , _ _ _ _ 3, 6, 9, 34
Imports (see also individual commodities) 21, 22Income, personal.._ . 1Income and employment tax receipts 17Industrial production indexes.__. _._...— 2,3Installment credit . _ . . _ _ _ - . 16, 17Installment sales, department stores. _ _ 10Instruments and related products. 2, 3,12,13,14,15Insulating materials.. ...— 34Insurance, life , ... 18Interest and money rates _ _ . 16International transactions of the U. S _ _ _ 21, 22Inventories, manufacturers' and trade. 3, 4, 10Iron and steel, crude and manufactures _ _ _ _ _ _ 2,
6,8,12,14,15,19,22,32,33
Kerosene. .... .. 35
Labor disputes, turnover._ —. _ 13Labor force _ . , _ _ . . _ . 11Lamb and mutton. 29Lard . _ _ . 29Lead... ... 33Leather and products. _ . _ _ _ _ _ _ _ _ — _ _ 2,
3,6,12,13,14,15,30,31Linseed oil _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 26Livestock. 2,5,6,23,29Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit) 8,16,17,19Locomoti ves , _ _ _ _ . _ - . _ _ 40Lubricants - _ _ 36Lumber and products 2,
3, 4, 6, 8, 9, 10, 12, 14, 15, 18, 31, 32
Machine activity, cotton . _ . _ 39Machine tools. ... ~ _ _ _ ,_ 34Machinery. 2,3,4,5, 6, 12, 14, 15, 19, 22,34Magazine advertising 8Mail-order houses, sales , _ _ _ _ . , _ _ 11Manufacturers' sales, inventories, orders _ _ _ _ _ 3, 4, 5Manufacturing production indexes 2,3Manufacturing production workers, employ-
ment, payrolls, hours, wages _ _ _ _ _ 11, 12, 13, 14, 15Margarine _ 26Meats and meat packing 2, 5, 6, 12, 13, 14, 15, 29Medical and personal care _ _ 6Metals 2,3,4,5,6, 11.12, 13, 14, 15, 19,32,33M ethanol _ _ ^ „ _ „ _ - _ _ _ . 24Milk ... _ - - - - - _ _ - 27Minerals and mining.,..___ 2, 3, 11,13, 14, 15, 19, 20Monetary statistics _ _ _ _ , . ,_ 18Money supply --, , 18Mortgage loans _ . _ _ _ 8, 16, 18Motor carriers. —... 23Motor fuel 36Motor vehicles ... 6,9, 19,40Motors, electrical ... 34
National income and product. , _ _ _ _ . 1National parks, visitors._. . _ _ . _ _ _ _ 24National security , _ 1,17Newspaper advertising... . _ — „ 8, 9Newsprint - 22, 37New York Stock Exchange, selected data 19, 20Nonferrous metals 2, 6, 12, 14, 15, 19, 22, 33Noninstallment credit , . . 17
Oats . _ _ _ - _ _ _ . _ . _ „ „ _ 28Oil burners.. ... 34Oils and fats, greases . 6,25, 26Orders, new and unfilled, manufacturers' 5Ordnance ... ... 11,12,14, 15Paint and paint materials , _ _ _ 6, 26Panama Canal traffic. , _ _ _ .. 23Paper and products and pulp 2
3, 4, 6, 12, 13, 14, 15, 18, 36, 37Passports issued _ _ _ , .. 24Payrolls, indexes 12Personal consumption expenditures , 1,9Personal income 1Personal saving and disposable income-_____ 1
Pages marked SPetroleum and products 2,
3, 6, 12, 13, 14, 15, 19, 22, 35, 36Pig iron 33Plant and equipment expenditures 2, 19Plastics and resin materials . 26Plywood 32Population nPork 29Postal savings 16Poultry and eggs 2, 5, 29Prices (see also individual commodities):
Consumer price index. ....... 6Received and paid by farmers , .. 5Retail price indexes 6Wholesale price indexes 6
Printing and publishing 2,3, 12, 13, 14, 15,37Profits, corporation_____ . _ _ , 1, 18, 19Public utilities.. _ _ __ _ 2,6,
7, 11, 13, 14, 15, 18, 19, 20, 26, 27Pullman Company ... . 24Pulp and pulpwood 35Pumps 34Purchasing power of the dollar . _ _ 6
Radiators and convectors . _ _ _ 34Radio and television 3, 6, 8, 34Railroads 2, 11,12,13,14,15,19,20,23,40Railways (local) and bus lines - 11, 13, 14, 15, 23Rayon and rayon manufactures- _ 39Real estate 8, 16, 18, 19Receipts, United States Government _ . _ 17Recreation 6Refrigerators, electrical • _ , . 34Rents (housing), index.. 6Retail trade, all retail stores, chain stores (11
stores and over only), general merchandise,department stores 3, 5, 9,10,11,13,14,15, 17
Rice „ _ _ _ _ _ _ 28Roofing and siding, asphalt 36Rubber (natural, synthetic, and reclaimed),
tires and tubes 6, 22,37,38Rubber products industry, production index,
sales, inventories, prices, employment, pay-rolls, hours, earnings 2, 3, 4, 6,12, 13, 14, 15
Rye.___ 28
Saving, personal , , _ _ „ , „ _ _ 1Savings deposits 16Securities issued... 19Services . _ ._ . 1,9, 11, 13, 14, 15Sewer pipe, clay , _ . 38Sheep and lambs 29Ship and boat building 12, 13, 14, 15Shoes and other footwear-.. 6, 9, 10, 12, 13, 14, 15, 31Shortening . 26Silk, prices, imports 6, 39Silver „ _ _ _ 18Soybeans and soybean oil _ _ 26Spindle activity, cotton . 39Steel ingots and steel manufactures (see also
Iron and steel) _ . _ _ 2,32, 33Steel scrap. . 32Stocks, department stores (see also Inven-
tories) _ 11Stocks, dividends, prices, sales, yields, listings. 20Stone and earth minerals 3Stone, clay, and glass products 2,
3,4, 12, 14, 15,19,38Stoves , _ _ . _ _ _ 34Sugar 22,30Sulfur _ . 25Sulfuric acid 24Superphosphate 25
Tea 30Telephone, telegraph, cable, and radio-tele-
graph carriers 11, 13, 14, 15,20,24Television and radio ... 3, 6, 8, 34Textiles 2,3,
4, 6, 12, 13, 14, 15, 18, 22, 39, 40Tile 38Tin 22,33Tirea and inner tubes 6, 9, 10, 12, 13, 14, 15, 38Tobacco 2,3,4,5,6,8,12, 13, 14, 15,22,30Tools, machine 34Tractors 34Trade, retail and wholesale 3,
5,9, 10, 11, 13, 14, 15, 17Transit lines, local 23Transportation and transportation equipment. 2,
3, 4, 5, 6, 9, 11, 12, 13, 14, 15, 19, 23, 40Travel.... 24Truck trailers 40Trucks . _ _ 2,40
Unemployment and compensation 11,13United States Government bonds 16, 18, 19, 20United States Government finance , _ _ _ _ 17Utilities. _ _ . . _ _ _ - - . . 2,
6, 7, 11, 13, 14, 15, 19, 20, 26, 27
Vacuum c l e a n e r s . _ _ _ _ _ _ _ _ _ _ _ _ _ _ 34Variety stores 9, 10Vegetable oils 25, 26Vegetables and fruits _ _ _ . 5,6, 22, 28Vessels cleared in foreign trade 23Veterans' benefits..._.._. . 13,17
Wages and salaries...__. 1,14, 15Washers.... . 34Water heaters._._.__ ... 34Wax -._...... 36Wheat and wheat flour 28, 29Wholesale price indexes 6Wholesale trade 3,5,11, 13,14,15Wood pulp 36Wool and wool manufactures. 2,5,6, 22, 39, 40
Zinc. 33Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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lummaru for 1955
MAJOR BUSINESS INDICATORS, 195O-55Item
National Income and ProductGross national product, total (bil. of dol.)_
Personal consumption expendituresGross private domestic investmentNet foreign investmentGovernment purchases of goods and
servicesNational income (bil. of dol.)
Personal IncomeTotal (bil. of dol.)
Wage and salary disbursements, total. _Commodity-producing industriesDistributive industriesService industriesGovernment. .̂ _
Other labor incomeProprietors' and rental incomePersonal interest income and dividends.Transfer paymentsLess personal contributions for social
Total nonagricultural income (bil. of dol.).
New Plant and Equipment ExpendituresAll industries, total (mil. of dol.)
ManufacturingDurable-goods industriesNondurable-goods industries
MiningRailroads. _ _ _Transportation, other than railPublic utilities __Commercial and other. .
Manufacturing and Trade Sales,Inventories, and Orders
Sales, total (bil. of dol.) § _Manufacturing, total
Durable-goods industriesNondurable-goods industries
Wholesale trade, totalDurable-goods establishmentsNondurable-goods establishments
Retail trade, total §Durable-goods stores. _Nondurable-goods stores
Inventories, book value, end of year,
Manufacturing, totalDurable-goods industriesNondurable-goods industries _
Wholesale trade, totalDurable-goods establishmentsNondurable-goods establishments
Retail trade, total §Durable-goods storesNondurable-goods stores.
Manufacturers' orders (mil. of dol.):New (net), total
Durable-goods industries , .Nondurable-goods industries
Unfilled, end of year, unadjusted
Nondurable-goods industries
PricesPrices received by farmers (1910-14=100)Prices paid by farmers, all commodities
and services, interest, taxes, and wagerates (1910-14—100)
Parity ratio (1910-14=100)Consumer prices (1947-49—100)Wholesale prices (1947-49=100):
All commodities, combined indexFarm productsFoods, processedAll other > .
1950
285.1194.051.2
-2.2
42.0
240.0
227.1146.563.541.319 522.2
3.844.619.815 1
9 0
210.5
20, 6057 4913 1354,356
7071,1111,2123 3096,775
479.0231.4105.6125.8103.934.269.7
143 752.990 8
34.516.817.810.54.95.6
18 78.2
10.5
251, 756123, 776127, 98041, 126
4,576
258
256101
102.8
103.197.599.8
105.0
1951
328.2208.356.9
.2
62.8
277.0
255.3170.874.945.821.328.84.8
49.920.712 6
o 4
235.7
25,64410, 8525,1685,684
9291,4741,4903, 6647, 235
539.1267. 7124. 5143.2113.237.675.5
158 254 5
103 7
43.022 820.211.15 65.5
19 99.0
10.9
294, 132152, 095142, 03767,55304 1 A-i
3,412
302
282107
111 0
114.8113.4111.4115.9
1952
345. 2218.349.6-.2
77.5
289.5
271.1185.280.648.723 032.95.3
49.921.313 2
q o
253.1
26, 49311 6325,6146,018
9851,3961,5003 8877,094
550.6274.2131.2143.0112.336.076.4
164 155.3
108 8
tff f>44.024.419.611.35.55.8
20.29.2
11.1
282,987140, 250142, 73776,34370 17ft
3,167
288
287100
113 5
111.6107.0108.8113.2
1953
364.5230.651.4
—2.0
84.5
303.6
286.2198.688.251.824 833.8
6.048.423.114 0
3 0
270.2
28,32211 9085,6486,260
9861,3111, 5654,5528,000
581.1298.4149.6148.8111.937.174.8
170 760.4
110 4
TQ 1
46.226.419.8
11.75 76.0
21.29.9
11.3
281, 067133, 075147, 99258,987K/J £70
2,314
258
27992
114 4
110.197.0
104.6114.0
1954
360.5236.547.2—.3
77.0
299.7
287.6196.284.252.325.933.86.6
48.424.716.2
4. 5
271.9
26, 82711,0385,0915,948
975854
1,5124,2198,230
560.7280.8133.6147.2109.334.874.5
170.758.2
112.5
ft 7
43.524.019.5
11.65.56.1
20.79.2
11.4
268,297120, 702147, 59546,529XO 7QfJ
2,739
249
28189
114 8
110.395.6
105.3114.5
U955
387.2252.359.3—.4
75.9
322.3
303.3208.590.555.127 635.37.0
49.126.817 2
5 2
288.4
28,26811,3205,4185,902
933929
1,5984,3789,110
620.1317.0157.9159.0117.639.678.0
185.567.0
118.5
fin &46.126.219.912.36.16.2
22.410.412.0
325, 895166,245159,65055,524eo -ICK
3,359
237
28184
114 6
a 110. 7» 89. 7
3 101. 72 117. 0
Item
ProductionFarm marketings, physical volume, total
(1935-39=100) _Crops...Livestock and products _
Industrial prod., total (1947-49=100)
Durable manufacturesNondurable manufactures
MineralsSelected commodities, production:
Coal, bituminous (thous. of short tons).Crude petroleum (mil. of bbl.)_Electric power, industrial and utility
(mil. of kw-hr.) .Lumber (mil. of board feet)Steel ingots and steel for castings
(thous of short tons)Motor vehicles, factory sales, total
(thous.)Passenger cars _Trucks and coaches
ConstructionNew construction, total (mil. of dol.)
Private, totalResidential (nonfarm)Nonresidential, except farm and pub-
lic utilityPublic, total
Nonresidential buildingHighwayEmployment Status of the Nonin-
stitutional PopulationTotal 14 years old and over, monthly
average (thous. of persons) 9Labor force, incl. Armed Forces, total 9 _
Civilian labor force 9 -
Agricultural employment 9 _.Nonagricultural employment 9 ~-
TJnemployedNot in labor force 9 - -
Employment and PayrollsEmployees in nonagricultural establish-
ments, mo. avg., total (thous.)Manufacturing «MiningContract constructionTransportation and public utilities
Finance, insurance, and real estate
GovernmentProduction and related workers, all mfg.:
Employment index (1947-49=100) .Payroll index (1947-49=100)
FinanceConsumer credit (short- and intermedi-
ate-term), outstanding, end of year:Total (mil. of dol.)
Installment (mil. of dol.) _Federal finance (mil. of dol.):
Gross debt (direct), Dec. 31Budget receipts and expenditures:!
Income and" employment taxesExpenditures, total
National security JMoney supply, Dec. 31 (mil. of dol.):
Currency in circulationDeposits (adjusted) and currency, total
Demand deposits, adjusted...Time depositsCurrency outside banks .
Foreign TradeExport, incl. reexports (mil. of dol.)General imports (mil. of dol.)
1950
145141147112
116111105
516, 3111,974
388, 67438,902
96 836
8,0036,6661,337
28,45421,45412, 600
3,7777,0002,3842,272
110,92964, 74963, 09959 9577,507
3 14246, 181
44, 73814, 967
8892,3333,9779,6451,8245 077
6,026
99.6111.7
20, 81314,490
256, 708
37 30631, 90637,72813, 476
27,741176, 91792,27259, 24725, 398
10,2758,852
1951
146137153120
128114115
533,6652,248
433,35837, 515
105,200
6,7655,3381,427
31, 18221,76410, 973
5,1529,4183,4972,518
112, 07565, 98362, 88461 0057,054
1 87946, 092
47, 34716, 104
9162,6034,166
10, 0121,8925 2646,389
106.4129.8
21,46814, 837
259, 419
52 97947, 21256, 33730, 275
29,206185, 98498, 23461, 44726, 303
15, 03210, 967'
1952
153146158124•ttyc
136114114
466,8412,290
463,05537, 462
93,168
5,5394,3211,218
33,00822, 10711, 100
5,01410, 9014,1362,820
113, 27066, 56062, 96661 2936,805
54,4881 673
46, 710
48,30316, 334
8852,6344,185
10, 2811,9675 4116,609
106.3136.6
25,82718,684
267, 391
64 84058,73470, 68243, 176
30, 433194, 801101, 50865,79927,494
15, 20110, 717
1953
160156163134•JOfl
163118116
457,2902,357
514, 16936, 742
111,610
7,3236,1171,206
35,27123, 87711,930
5,68011,3944,3463,160
115,09567, 36263, 81562 2136,562
1 60247, 732
49,68117,238
8522,6224,221
2,0385 5386,645
111.8151.4
29,53722,187
275, 168
63 84157, 74372, 99744,465
30, 781200, 917102, 45170, 37528,091
15, 77410, 873
1954
161149170125
137116111
392, 0002,316
544,64536, 713
88 312
6,6015,5591,042
37, 57725,76813, 496
6,25011, 8094,6413,750
116,21967, 81864, 46861 2386,504
54,7343 230
48,401
48, 28515, 989
7702,5274,008
10, 4982, 1145 6296,751
101.8137.7
30, 12522, 467
278,750
61 17157, 18964, 85442, 821
30,509209, 684106, 55075,28227,852
15, 09510, 210
U955
3 1631 150* 172
139140155126122
469,4003 2 263
624 90239 105
117 036
9,1697,9201,249
42,25030, 25C16, 60C
7,62412, OOC4, 22£4, IOC
117,38£68, 89e65,84*63 19C
6,73(56, 4&2 6&f
48, 495
2 49, 39*2 16, 551
274i22,501*4,051
2 10, 721* 2, 19.a 5 69<36,92
2 105. (3 152. 1
36,2227,89,
280, 76'
63 3558, 55i66, 1240,50
31,15215, 70109, 70^78,2027,90
15,4711,36
1 Data for most items are preliminary. 2 Calculated by the Office of Business Economics. 3 For 11 months, January-November. §New series on retail trade: Sales beginning 195and inventories beginning December 1950. Data on old basis and comparable with earlier figures are as follows (bil. of dol.): Sales for 1951—total, 533.8; total retail, 153.0; durable, 53.2; riocdurable, 99.8; inventories for December 1950—total, 63.4; total retail, 18.4; durable, 8.4; nondurable, 10.0. 9 Data for 1954-55 not strictly comparable with earlier data due to change in sampland estimating procedures, tData beginning 1954 are on a budgetary basis and are not strictly comparable with earlier figures. JPrior to 1954, data are for national defense and relate"activities.
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