Post on 20-May-2017
Appendix BStatistical Tables Relating to Employment,
Production, and Purchasing Power
CONTENTS
I. Gross national product or expenditure, 1929-47.II. National income by distributive shares, 1929-47.
III. Personal income, 1929-47.IV. Disposition of personal income, 1929-47.V. Per capita disposable income in current dollars and first half of 1947 dollars,
1929-47.VI. Real disposable income, food consumption, and real farm income, per
capita, 1929-47.VII. Total consumer credit, 1929-47.
VIII. The labor force, 1940-47.IX. Number of wage and salary workers in nonagricultural establishments,
1939-47.X. Average gross weekly earnings in selected industries, 1939—47.
XI. Average hourly earnings in selected industries, 1939—47.XII. Consumers5 price index, 1939-47.
XIII. Wholesale price index, 1939-47.XIV. Index of prices paid and of prices received by farmers and parity ratio,
1939-47.XV. Industrial production index, 1939-47.
XVI. Physical production index, 1935-39, 1946, and 1947.XVII. New construction activity, 1929-47.
XVIII. Gross national product, department store sales, and residential construction,1920-47.
XIX. Business expenditures for new plant and equipment, 1939-48.XX. Business inventories and sales, 1939-47.
XXI. Sales, stocks, and outstanding orders at 296 department stores, 1939—47.XXII. Profits before and after taxes, all private corporations, 1929-47.
XXIII. Profits after taxes, 629 large private industrial corporations, 1939-47.XXIV. Relation of profits before and after taxes to investment and to sales, private
manufacturing corporations, by industry, 1947.XXV. Relation of profits before and after taxes to investment and sales, private
manufacturing corporations, by size classes, 1947.XXVI. Relation of profits before and after taxes to sales, private corporations,
excluding finance, insurance, and real estate, 1946-47.XXVII. Loans and investments of all commercial banks, 1929-47.
XXVIII. Adjusted deposits of all banks and currency outside banks, 1929—47.XXIX. Bond and common stock yields and commercial loan rates, 1929-47.XXX. Public debt and guaranteed obligations of the United States Government
outstanding, 1939-47.
770958°—48 8 107
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
XXXI. United States Government aid to foreign countries, 1946-47.XXXII. United States exports, including reexports, by continents, 1936-38 average
and 1946-47 by quarters.XXXIII. United States general imports, by continents, 1936-38 average and 1946-47
by quarters.XXXIV. Production and exports of selected nonagricultural commodities, 1939, 1946,
and 1947.XXXV. Distribution of selected food supplies moving into consumption channels,
1939, 1946, and 1947.XXXVI. Population by age groups, selected years, 1900-1975.
XXXVII. Changes in selected economic series since 1939.
108
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statistical Tables Relating to Employment,Production, and Purchasing Power
TABLE I.—Gross national product or expenditure, 1929-47
[Billions of dollars]
Year or quarterGross na-
tionalproduct
Personalconsump-tion ex-
penditures
78.870.861.249.246.361.966.262.567.164.667.572.182.390.8
101.6110.4121.7143.7164.5
Gross pri-vate do-
mestic in-vestment
15.810.25.4
.91.32.86.18.3
11.46.39.0
13.017.29.34.65.79.1
24.630.5
Net foreigninvestment
0.8.7. 2. 2. 2.4
- . 1—.1
.11.1
.91.51.1
- . 2-2 .2-2 .1
- . 84.88.8
Govern-ment pur-chases of
goods and
1929.1930.1931.1932.1933.1934.1935.1936.1937.1938.1939.1940.1941.1942..1943..1944..1945..1946-.1947 V
1946—First quarter...Second quarter.Third quarter..Fourth quarter.
1947—First quarter...Second quarter.Third quarter..Fourth quarter
103.890.975.958.355.864.972.282.590.284.790.4
100.5125.3159.6192.6210.6213.1203.7231.8
Seasonally adjusted annual rates
191.7197.0207.5218.6223.1229.1232.3242.5
134.3138.2147.3154.9158.0162.0166.0172.0
18.622.327.030.429.429.130.433.0
3.36.14.55.28.3
10.57.78.5
8.59.29.28.18.09.89.9
11.711.612.813.113.924.759.788.696.683.130.628.0
35.430.328.628.227.427.528.229.0
i Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
IO9
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE II.—National income by distributive shares, 7929-47
[Billions of dollars]
Year or quarter IsI?O G>
O
Proprietors' and rentalincome
fl8
Corporate profits and inventoryvaluation adjustment
Corporate profits
3 If5*
1929193019311932 _ —1933 -19341935..1936___1937 -1938193919401941194219431944.. .1945 _.1946...1947« _
87.75.58.41.39.48.56.64.73.67.72.81.
103.136.168.182.182.178.203.
50.846.539.530.829.334.137.142.47.44.747.851.864.384.7
109.1121.122.9116.8128.5
19.715.711.87.47.28.7
12.112.615.414.014.16.320.828.132.134.437.141.848.1
8.37.05.33.2.94.35.06.16.66.36.87.9.6
12.114.115.316.719.22.5
5.3.92.91.2.32.34.93.95.64.44.54.96.9
10.611.812.413.515.218.3
5.84.83.62.52.02.12.32.3.13.33.53.64.35.46.26.77.06.97.3
10.36.61.6
- 2 . 0- 2 . 0
1.13.04.96.4.35.89.2
14.619.823.23.519.716.523.1
3.3- . 8
- 3 . 0.2
1.73.25.76.3.36.59.3
17.21.124.523.820.21.128.0
1.4.8.5.4.5.7
1.01.41.51.01.52.97.8
11.714.213.911.38.6
11.1
8.42.5
- 1 . 3- 3 . 4
l'.O2.34.342.35.06.49.49.4
10.49.98.9
12.516.9
0.53.32.41.0
- 2 . 1- . 6- . 2- . 7
1.0— .7- . 1
- 2 . 6- 1 . 3
— .4—.5
- 4 .- 4 . 9
Seasonally adjusted annual rates
1946—First quarterSecond quarterThird quarterFourth quarter
1947—First quarterSecond quarterThird quarterFourth quarter •
168.2173.5179.9191.0197.6200.1203.3211.1
111.5114.0119.2122.2124.9126.3129.7133.0
39.439.241.946.747.047.247.350.7
18.518.619.922.022.421.922.123.5
14.113.815.217.817.618.017.919.5
6.96.86.87.07.07.27.37.7
14.217.215.618.822.423.322.923.9
15.219.422.927.129.027.427.428.2
6.18.09.3
11.011.610.810.811.4
9.111.513.516.117.416.616.616.8
- 1 . 0- 2 . 3- 7 . 3- 8 . 3- 6 . 6- 4 . 1- 4 . 5- 4 . 3
6.56.25.95.45.04.74.54.54.44.34.24.14.13.93.43.23.13.23.4
3.13.23.23.23.33.33.43.5
1 National income is the total net income earned in production by individuals or businesses. The conceptof national income currently used differs from the concept of gross national product in excluding deprecia-tion charges and other allowances for business and institutional consumption of durable capital goods.
2 Includes wages and salaries, employer contributions for social insurance, and other labor income.3 Includes noncorporate inventory valuation adjustment.* Federal and State income and excess-profits taxes.» Less than 50 million dollars.• Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
I I O
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE III—Personal income, 1929-47
[Billions of dollars]
Year or quarterTotal
personalincome
Wage andsalary
receipts *
Otherlabor
income *
Proprie-tors' and
rentalincome
Divi-dends
Personalinterestincome
Transferpay-
ments
1929..1930._1931..1932..1933..1934..1935..1936..1937-1938..1939..1940..1941..1942..1943..1944..1945..1946..1947».
1946—First quarter...Second quarter.Third quarter..Fourth quarter.
1947—First quarter...Second quarter.Third quarter..Fourth quarter
85.176.264.849.346.653.259.968.474.068.372.678.395.3
122.2149.4164.9171.6177.2197.2
50.045.738.730.128.733.436.341.645.442.345.148.960.980.5
103.5114.9115.2109.2121.2
0.5.5.5.4.4.4.4.5.5.5.5
.7
.91.31.61.61.8
19.715.711.87.47.28.7
12.112.615.414.014.716.320.828.132.134.437.141.848.1
5.85.54.12.62.12.62.94.64.73.23.84.04.54.34.54.74.85.6
7.57.17.06.66.26.05.75.65.65.55.45.45.45.45.56.06.87.77.9
Seasonally adjusted annual rates
1.51.52.72.22.12.22.43.52.42.83.03.13.13.23.03.66.2
11.311.8
168.7172.5179.5187.5190.9192.3200.4205.3
102.6107.0111.8115.4117.4118.7122.7126.0
1.61.61.61.61.71.81.81.9
39.439.241.946.747.047.247.350.7
5.15.45.65.96.26.36.57.2
7.67.77.77.77.87.87.98.0
12.511.610.910.310.910.614.211.5
1 Total employer disbursements less employee contributions for social insurance.2 Includes compensation for injuries, employer contributions to private pension and welfare funds, pay of
military reservists not on full-time active duty (pay for full-time active duty included in military wages andsalaries), directors' fees, jury and witness fees, compensation of prison inmates, Government payments toenemy prisoners of war, marriage fees to justices of the peace, and Merchant Marine war-risk life and injuryclaims.
* Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
I l l
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E IV.—Disposition of personal income, 1929-47
Year or quarter
1929193019311932 . . _193319341935 _19361937 - . _1938193919401941194219431944194519461947 l
1946—First quarterSecond quarterThird quarterFourth quarter
1947—First quarter.Second quarterThird quarter..Fourth quarter i
Personalincome
Less:Personaltax andnontax
payments
Equals:Disposable
personalincome
Less:Personalconsump-
tion ex-penditures
Equals:Personalsaving
Billions of dollars -
86.176.264.849.346.653.259.968.474.068.372.678.395.3
122.2149.4164.9171.6177.2197.2
2.62.51.91.51.51.61.92.32.92.92.42.63.36.0
17.818.920.918.821.7
82.573.763.047.845.251.658.066.171.165.570.275.792.0
116.2131.6146.0150.7158.4175.6
78.870.861.249.246.351.956.262.567.164.567.572.182.390.8
101.6110.4121.7143.7164.5
3.72.91.8
-1 .4—1.2- . 21.83.63.91.02.73.79.8
25.430.035.629.014.811.1
Seasonally adjusted annual rates
168.7172.5179.5187.5190.9192.3200.4205.3
17.818.719.119.521.221.421.722.3
150.9153.8160.4168.0169.7170.9178.7183.0
134.3138.2147.3154.9158.0162.0166.0172.0
16.615.513.113.111.78.9
12.711.0
Saving aspercent ofdisposable
income
4.53.92.9
- 2 . 9- 2 . 7- . 43.15.45.51.53.84.9
10.721.922.824.419.29.36.3
11.010.18.27.86.95.27.16.0
i Estimates based on incomplete data.
NOTE.—Detail will not necessarily^add to totalsjtecause of rounding.
Source: Department of Commerce.
1 1 2
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE V.—Per capita disposable income in current dollars and first half of 1947 dollars, 1929-47
Year or quarter
1929193019311932.1933193419351936193719381939194019411942 — .19431944194519461947 3
1946—First quarterSecond quarter .Third quarterFourth quarter.-
1947—First quarterSecond quarterThird quarter . _Fourth quar te r 3
Disposablepersonalincome(billions
of dollars)
82.573.763.047.845.251.658.066.171.165.570.275.792.0
116.2131.6146.0150.7158.4175.6
Seasonallyadjusted
annual rates
150.9153.8160.4168.0169.7170.9178.7183.0
Population(thousands) i"
121,770123,077124,040124,840125,579126,374127,250128,053128,825129,825130,880131,970133,203134,665136,497138,083139,586141,229144,002
«140,549•140,985•141,547«142,288•143,030«143,672»144,356
145,013
Consumers'price index,1st half of1947=100
78.876.869.962.859.561.663.163.866.164.964.064.567.775.079.580.882.689.6
102.4
Not adjustedfor seasonalvariation4
83.684.992.597.499.3
100.6103.5106.2
Per capita disposablepersonal income
Currentdollars
678599508383360408456516552505536574691863964
1,0571,0801,1221,219
1st half of 1947dollars *
860780727610605662723809835778838890
]]1
1,0211,1511,211j308
L, 3061,251
ion
Seasonally adjusted annualrates
]]]
1,0741,091L, 1331,1811,1861,1901,2381,262
:L,2851,2841,2251,2111,1941,1831,1961,188
1 Estimated population of continental United States, including armed forces overseas; annual data as ofJuly 1 and quarterly data as of middle of quarter.
3 Current dollars divided by the consumers' price index on the base first half of 1947=100 to give a roughmeasure of changes in buying power of disposable income.
3 Estimates based on incomplete data.* A small part of the increase may be seasonal.* Interpolated from published data.
Sources: Department of Commerce (disposable income and population) and Department of Labor (con-sumers' price index).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE VI.—Real disposable income, food consumption, and real farm incorne9per capita, 7929-47
[1935-39=100]
1929193019311932193319341935 _.193619371938193919401941194219431944194519461947
YearReal dis-posableincome1
(per capita)
108989177768391
10210598
105112128144152164164157149
Civilianfood con-
sumption 2
(per capita)
1021001009897999699
100100104105108108107112114118117
Net incomefrom farm
marketing topersons on
farms3 (percapita)
10181644962659299
11096
103105141182222213209210201
Computed from the deflated dollar figures in appendix B, table V.2 Based on the retail weight equivalent, weighted by average retail prices for the base period, 1935-39.
Consumption is for total population, 1929-40; civilian only, beginning 1941.3 Realized net income of farm operators plus adjustments for inventory changes and wages to hired workers
living on farms divided by farm population of the United States as of January 1 was adjusted for changes inprices^paid by farmers for family maintenance and then expressed as an index.
Sources: Based on Department of Agriculture, Department of Commerce, and Department of Labor data.
TABLE VII.-— Total consumer credit, 1929-47
(Estimated amounts outstanding)[Millions of dollars]
End of year or monthTotal
consumercredit
7,6373,9297,4917,9949,1469,8956,4785,3345,7766,637
10,15713,300
9,9829,939
10,25510,46410,72910,99211,05511,19111,67112,05012, 70013,300
Instalmentcredit i
3,1671,6053,9714,4495,4485,9202,9481,9572,0342,3653,9766,100
4,0484,1564,3294,5364,7394,9195,0455,1855,2845,4545,7006,100
Chargeaccounts
1,7491,0811,4591,544L,650L7641,5131,4981,7581,9813,0543,500
2,7642,6022,7682,7822,8352,8872,7862,7552,8593,0353,3003,500
Otherconsumer
credit a
2,7211,2432,0612,0012,0482,2112,0171,8791,9842,2913,1273,700
3,1703,1813,1583,1463,1553,1873,2283,2513,5283,5613,7003,700
1929____1933-19371939..19401941___ ._ . .1942 _.19431944-.19451946-...1947 3
1947—January....February, _MarchApril _.MayJuneJulyAugustSeptember.OctoberNovember.December a
1 Includes automobile and other sale credit and repair and modernization loans insured by the FederalHousing Administration.
2 Includes noninstalment single-payment loans of commercial banks and pawnbrokers, and service credit.* Preliminary estimate based on incomplete data.
Source: Board of Governors of the Federal Reserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE VIII.—The labor force, 1940-47
(Thousands of persons 14 years of age and over)
Year or month
Total laborforce
includingarmedforces
Civilian labor force
Totalcivilianlaborforce
Employment
Total Nonagri-cultural
Agricul-tural
Unemploy-ment
1939 monthly average _1940 monthly average _.1941 monthly average.1942 monthly average.1943 monthly average.1944 monthly average.1945 monthly average.1946 monthly average.1947 monthly average...
1946—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..
1947—JanuaryFebruary.. .March.AprilMayJuneJulyAugustSeptember-OctoberNovember..December...
55,60056,03057,38060,23064,41065,89065,14060,82061,608
59,49059,13059,63060,30060, 57062,00062,82062,20061, 34061,16060,98060,32059, 51059,63059,96060,65061, 76064,00764,03563,01762,13062,21961, 51060,870
55, 23055,64055,91056,41055,54054,63053,86057,52060,168
53,32053, 89055,16056,45057,16058,93060,11059,75059,12058,99058,97058,43057,79058,01058,39059,12060,29062,60962, 66461,66560, 78460,89260,21659, 590
45,93047, 52050,35053,75054,47053,96052,82055,25058,027
51,02051,24052,46054,12054,85056, 36057,84057,69057,05057,03057,04056, 31055,39055, 52056,06056,70058, 33060,05560,07959, 56958,87259,20458,59557,947
36,32037,98041, 25044, 50045,39045,01044,24046,93049,761
44,30044,30044,93045,95045,97046,35047,87048,55048, 30048, 41049,14049,10048,89048,60048,82048,84049, 37049,67850,01350,59450,14550, 58350,60950,985
9,6109,5409,1009,2509,0808,9508,5808,3208,266
6,7206,9407,5308,1708,880
10, 0109,9709,1408,7508,6207,9007,2106,5006,9207,2407,'"
10,37710,0668,9758,7278,6227, ""
9,3008,1205,5602,6601,070
6701,0402,2702,142
2,3002,6502,7002,3302,3102,5702,2702,0602,0701,9601,9302,1202,4002,4902,3302,4201,9602,5552,5842,0961,9121,6871,6211,643
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Labor (1939) Department of Commerce (1940-47)
" 5
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE IX.—Jsumber of wage and salary workers in nonagricultural establishments, 1939-47l
[Thousands]
Year or month
Manufacturing
•23
2
II
1939 monthly average._.1940 monthly average...1941 monthly average...1942 monthly average...1943 monthly average...1944 monthly average. _.1945 monthly average...1946 monthly average. _.1947 monthly average a_
1946—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. _.OctoberNovember...December...
1947—JanuaryFebruaryMarchAprilMayJune...JulyAugustSeptember....OctoberNovember8-.
30,28732,03136,16439,69742.04241,48039,97740,71242,401
38, 74538,14839,18439,90840,25840,68040,87741,46641,84842,06542,43942,92841,80341,84942.04341,82441,91942,36342,20142,62443,03643,29843,449
10,07810, 78012, 97415,05117,38117, 11115,30214,36515, 515
13,49912, 75113,43314,04514,15914.37114,52614,87615,03515,06415,27115,34815.37215,47515,51015,42915,23715,32815,23315, 59515, 79815,83215,851
4,3574,9756,4858,17910, 29710,2008,4777,1027,850
6,6015,7316,3246,9047,0357,1727,3077,4867,5907,6237,7217,7317,7817,8577,8927,8927,7817,8637,6917,7957,8817,9387,984
5,7205,8056,4886,8737,0846,9126,8257,2637,664
6,8987,0207,1097,1417,1247,1997,2197,3907,4457,4417,5507,6177,5917,6187,6187,5377,4567,4657,5427,8007,9177,8947,867
845916947983917883826836884
864864857542753864873886884883883874883880879856884893866896894894896
1,1501,2941,7902,1701,5671,0941,0821,1,730
1,0851,1011,2031,3561,4381,5321,6271,7131,7471,7531,7131,6441,5271,5021,5341,6191,6851,7681,8471,8941,9041,8951,852
2,9123,0133,2483,4333,6193,7983,8724,0234,049
3,9323,9433,9833,9913,9463,9964,0514,1034,0644,0934,1014,0714,0144,0114,0203,8363,9704,1154,1404,1444,1144,1024,077
6,7057,0557,5677,4817,3227,3997,6548,4488,645
8,0568,0908,1978,3298,3028,3428,3378,4028,5238,6678,8989,2348,5528,5078, 5658,5528,5458,5828,5588,5868,6848,8809,081
4,6104,7815,0165,1485,1875,1695,2745,9536,187
5,6966,7765,8405,9845,9655,9615,9755,9845,9906,0546,0986,1196,0716,1076,1206,1066,1516,2786,2766,2216,2176,2486,264
3,9874,1924,6225,4316,0496,0265,9675,5955,392
5,6135,6235,6715,6615,6955,6145,4885,5025,6055,5515,4755,6386,3845,3675,4155,4265,4475,3995,2815,2885,4255,4475,428
i Number of wage and salary workers in nonagricultural establishments includes all full- and part-timewage and salary workers in nonagricultural establishments who worked or received pay during the pay periodending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and person-nel of the armed forces are excluded. Not comparable with estimates for nonagricultural employment of thecivilian labor force derived from data in appendix B, table VIII, because latter include self-employed, pro-prietors and domestic servants and are based on population enumeration whereas estimates in this table arebased on establishment reports.
3 Average of 11 months.s Preliminary.
Source: Department of Labor.
116
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE X.—Average gross weekly earnings in selected industries, 1939-47
Year or month
1939 monthly average..1940 monthly average- _1941 monthly average1942 monthly average..1943 monthly average..1944 monthly average. -1945 monthly average._1946 monthly average..1947 monthly average 4-
1946—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1947—JanuaryFebruaryMarchApril..May _JuneJulyAugustSeptemberOctobersNovember6
Manufacturing
Total
$23.8625.2029.5836.6543.1446.0844.3943.7448.90
41.1540.5842.1542.8842.5143.3143.3844.9945.3945.7345.7946.9647.1047.2947.6947.5048.4449.33
49.1750.4360.9851.02
Dura-able
goods
$26.5028.4434.0442.7349.3052.0749.0546.4952.06
43.6742.5744.7945.7145.1046.3246.2448.0248.3648.9048.6249.5749.6049.7450.3050.3451.7252.9952.1952.4654.0154.6654.70
Non-dur-able
goods
$21.7822.2724.9229.1334.1237.1238.2941.0245.56
38.7539.0139.8340.1339.9340.2840.4641.8942.3442.4542.8744.2444.4744.6744.8944.4044.8845.3145.6145.7846.7847.1747.19
Bitu-minous
coalmining
Privatebuild-
ing con-struc-tion
$23.8824.7130.8635.0241.5851.2752, 2558.03
54.1657.3758.3030.1534.2064.4452.2762.8461.6562.4961.5469.5669.5465.3064.9054.1465.5167.0954.8770.2371.1971.87(5)
$30.3931.7035.1441.8048.1352.1853.7356.24(
52.8953.0452.8754.2953.6355.2356.2556.6758.4959.2057.6560.3259.9758.9261.2360.5362.3862.6863.3066.9765.2266.14(6)
Class Isteamrail-
roads
$30.9931.5534.2538.6543.6846.0645.69
3 51. 22
43.4844.0343.1547.9446.5751.2352.0152.6851.5152.8851.7150.7652.7054.1052.4352.0351.3051.7251.1651.6857.47
)
Tele-phone
$31.9432.4432.7433.9736.3038.39
(8)44.04
)41.1944.3743.7644.0944.8244.9344.8244.1944.1044.3044.4042.9843.3743.3142.5132.2638.1345.5846.5146.9248.0248.77
Whole-sale
trade
$29.8530.3932.3235.5639.4042.2944.0748.06()
45.1446.0746.3147.1347.4847.8848.0648.1449.5449.4449.8051.2050.0550.8750.8051.1351.5752.8852.2252.0552.8652.76()
Retailtrade
$21.1721.1721.9423.2424.8826.5828.3132.55
(5)
30.5430.7731.1231.4031.45
33.6433.8133.7633.1933.0434.0635.0235.2735.3135.9336.5037.8237.9938.1437.5437.46
(4)
Hotels(year
round)1
$15.2515.5216.0917.6220.2122.6524.5326.95()
26.2126.4326.5726.6426.6526.7026.6327.1526.9827.2728.1528.4028.6228.9129.0929.4129.2329.8529.3629.5029.8630.43(6)
1 Money payments only; additional value of room, board, uniforms, and tips are not included.8 Not available. New series, beginning April 1945; includes only employees subject to provisions of the
Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.3 Annual average includes retroactive pay increases not included in the monthly averages.* Average of 11 months.* Not available.6 Preliminary.
NOTE.—Data are for production workers in manufacturing and mining and for all employees in otherindustries.
Source: Department of Labor
117
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XL—Average hourly earnings in selected industries, 1939-47
Year or month
1939 monthly average.... $0.6331940 monthly average .6611941 monthly average.— . 7291942 monthly average 8531943 monthly average 9611944 monthly average.,.. 1.0191945 monthly average 1.0231946 monthly average 1.0841947 monthly average *. _ 1.215
1946—January 1.004February 1.002March _ 1.035April 1.058May 1.071June _ 1.084July 1.August 1.112September _ 1.126October. _ 1.130November. _ 1,139December. _ 1.148
1947—January.. 1.161February--- - 1.170M a r c h . . . _ 1.180April . . . 1.186May 1.207June 1.226July 1.230August 1.237September. 1.249October- 1.257November5 1.266
Manufacturing
TotalDura-able
goods
$0.698.724.808.947
1.0591.1171.1111.1561.285
1.0701.0641.1031.1311.1471.1651.1771.1861.2011.2021.2101.2161.2241.2291.2361.2431.2781.3031.3051.3121.3311.3361.341
Non-dur-able
goods
Bitu-minous
coalmining
$0,582.602.640.723.803.861.904
1.0121.140
.941
.953
.975
.988
.9961.0031.0091.0361.0501.0561.0651.0771.0941.1071.1191.1221.1301.1401.1501.1581.1651.1731.185
Privatebuild-
ing con-struc-tion
.883
.9931.059
.139
.186
.240
.401
259265274239321474457466480460477491491
.491484483470489
1.7401.7871.8191.797
.9581.0101.1481.2521.3191.3791.478
1.4021.4221.4111.4231.4311.4441.4731.4821.5101.5261.5491.5691.5941.5981.6101.6341.6561.6611.6691.6891.7181.738
Class Isteamrail-roads
$0.714.717.751.824.897.938.942
31.116CO
.953
.9341.0491.0731.1211.1211.1161.1371.1181.1291.1331.1311.1511.1301.1191.1201.1221.1171.1211.244
Tele-phone
$0.822.827.820.843.870.911(2)
1.124
1.0301.0951.1051.1311.1431.1471.1351.1291.1481.1371.1311.1321.1321.1411.1241.1741.1891.2181.2111.2151.2301.241
Whole-sale
trade
$0.715.739.793.860.933.985
1.0291.144(
1.0701.0951.1011.1211.1351.1461.1551.1481.1791.1721.1861.2021.1971.2301.2311.2291.2411.2621.2571.2581.2691.283
Retailtrade
Hotels(year
round)1
$0,536.542.568.614.670.724.773.878(8)
.828
.835
.841
.851
.859
.876
.907
.917
.919
.953
.957
.960
.974
1.0Q31.0031.009L.015
( )
$0,324.332.348.386.451.505.550.612()
.604
.602
.600
.599
.596
.598
.602
.614
.620
.626
.642
.651
.648
.654
.642
.642
.643
.650
.652
.660
.672
.683C)
i Money payments only; additional value of room, board, uniforms, and tips are not included.* Not available. New series, beginning April 1945 includes only employees subject to provisions of the
Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.3 Annual average includes retroactive pay increases not included in the monthly averages.* Average of 11 months.* Preliminary.6 Not available.NOTE.—Data are for production workers in manufacturing and mining and for all employees in other
industries.Source: Department of Labor.
n8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XII.—Consumers' price index, 7939-47
For moderate-income families in large cities
[1935-39=100]
Year or month All items Foods Apparel RentFuel, elec-
tricity,and ice
Housefurnish-
ingsMiscel-laneous
1939 monthly average.1940 monthly average _1941 monthly average-1942 monthly average_1943 monthly average _1944 monthly average-1945 monthly average _1946 monthly average _1947 monthly average 1
1946—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..
1947—JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember .OctoberNovember.
99.4100.2105.2116.5123.6125.5128.4139.3158.5
129.9129.6130.2131.1131.7133.3141.2144.1145.9146.6152.2153.3153.3153.2156.3156.2156.0157.1158.4160.3163.8163.8164.9
95.296.6
105.5123.9138.0136.1139.1159.6192.6
141.0139.6140.1141.7142.6145.6165.7171.2174.1180.0187.7185.9183.8182.3189.5188.0187.6190.5193.1196.5203.5201.6202.7
100.5101.7106.3124.2129.7138.8145.9160.2185.3
149.7150.5153.1154.5155.7157.2158.7161.2165.9168.1171.0176.5179.0181.5184.3184.9185.0185.7184.7185.9187.6189.0190.2
99.099.7
102.2105.4107.7109.8110.3112.4120.6
110. 8111.0110.5110.4110.3110.5113.3113.7114.4114.4114.8115.5117.3117.5117.6118.4117.7117.7119.5123.8124.6125.2126.9
101.3100.5107.3122.2125.6136.4145.8159.2183.8
148.8149.71.50.2152.0153.7156.1157.9160.0165.6168.5171.0177.1179.1180.8182.3182.5181.9182.6184.3184.2187.5187.8188.9
100.7101.1104.0110.9115.8121.3124.1128.8139.5
125.4125.6125.9126.7127.2127.9128.2129.8129.9131.0132.5136.1137.1137.4138.2139.2139.0139.1139.5139.8140.8141.8143.0
1 Average of 11 months.* Not surveyed this month.
Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XIII.—Wholesale price index, 1939-47
[1926=100]
Year or month
Other than farm products and foods
«2
1939 monthly average1940 monthly average1941 monthly average1942 monthly average1943 monthly average1944 monthly average1945 monthly average1946 monthly average1947 monthly average
1946—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1947—JanuaryFebruary _MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember i
77.178.687.398.8
103.1104.0105.8121.1151.
107.1107.108.9110.2111.0112.9124.7129.1124.0134.1139.7140.9141.5144.5149.5147.147.1147.6150.6153.6157.158.5159.5162.7
65.367.782.4
105.9122.6123.3128.2148.9181.0
129.9130.8133.4135.4137.5140.1157.0161.0154.165.3169.8168.1165.0170.4182.6177.0175.177.9181.4181.7186.4189.7187.9196.0
70.471.382.799.6
106.6104.9106.2130.7168.6
107.3107.8109.4110.8111.112.9140.2149.0131.9157.9165.4160.1156.2162.0167.6162.4159.8161.8167.1172.3179.3177.8178.0178.
81.383.089.095.596.998.599.7
109.5134.7
100.8101.3102.2103.3103.9105.6109.5111.6112.2115.8120.7124.7127.6128.5131.1131.8131.9131.4133.4136.0138.140.0142.1144.7
95.6100.108.3117.7117.5116.7118.1137.2181.6
119.4119.6119.8119.8120.4122.4141.2138.9141.6142.4172.5176.7175.1173.8174.6166.4170.8173.178.4182.1184.8191.7202.4206.0
69.773.884.896.997.498.4
100.1116.3140.7
101.6102.2104.7107.9108.8109.2118.1124.0125.7128.6131.6134.7136.6138.0139.6139.2138.9138.9139.5140.8142.0143.0144.7147.4
73.171.776.278.580.883.084.090.1
108.3
84.985.185.086.186.187.890.394.494.394.294.596.197.797.9
100.7103.4103.3103.9108.9112.5114.1115.9118.1122.8
94.495.899.4
103.8103.8103.8104.7115.5144.8
105.7106.6108.4108.8109.4112.2113.3114.0114.2125.8130.2134.7138.0137.9139.9140.3141.4142.6143.8148.9150.7151.1151.5151.8
90.594.8
103.2110.2111.4115.5117.8132.6179.5
120.0120.9124.9126.5127.8129.9132.1132.7133.8134.8145.5157.8169.7174.8177.5178.8177.0174.4175.7179.7183.3185.8187.5190.1
76.077.084.495.594.995.295.2
101.4127.2
96.095.996.096.196.596.499.398.498.499.9
118.9125.7128.1129.3132.2133.2127.1120.2118.8117.5121.3126.3135.8137.0
88.594.3
102.4102.7104.3104.5111.6129.1
106.2106.5106.9107.5108.3110.4111.9112.6113.6115.3118.2120.2123.3124.6125.8127.8128.8129.2129.8129.7130.6132.3132.9134.0
74.877.382.089.792.293.694.7
100.3115.0
95.395.695.695.797.098.5
101.3102.0102.1104.0106.5108.9110.3110.9115.3115.7116.1112.7113.0112.7115.9117.1118.8121.1
i Preliminary estimate based on weekly data for December.
Source: Department of Labor.
I2O
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XIV.—Index of prices paid and of prices received by farmers and parity ratio, 1939—47
[1910-14=100
Year orjnonthPrices paid(includinginterest
and taxes)
124125132150162170174193232
177179180181185188199202199207211212215221227230229231231235238239241245
Prices re-ceived i
95100124159192195202233278
206207209212211218244249243273263264260262280276272271276276286289287301
Parityratio a
1939 monthly average -1940 monthly average.1941 monthly average.1942 monthly average.1943 monthly average.1944 monthly average.1945 monthly average.1946 monthly average.1947 monthly average.
1946—JanuaryFebruaryMarchAprilMay . .—JuneJuly _._.AugustSeptemberOctober..NovemberDecember
1947—-JanuaryFebruaryMarchAprilMayJune - .JulyAugustSeptemberOctoberNovemberDecember
778094
106119115116120120
116116116117114116123123122132125125121119124121119117119118120121119123
i August 1909-July 1914=100.* Ratio of prices received to prices paid (including interest and taxes).Source: Department of Agriculture.
1 2 1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XV'.—Industrial production index, 7939-47
[1935-39=100, seasonally adjusted]
Year or monthTotal in-dustrialproduc-
tion
Manufactures
Total Durable Nondu-rable
Minerals
1939 monthly average..1940 monthly average._1941 monthly average~1942 monthly average..1943 monthly average..1944 monthly average..1945 monthly average..1946 monthly average..1947 monthly average l
1946—July.AugustSeptemberOctoberNovemberDecember
1947—JanuaryFebruaryMarchAprilMay . - .June ._-July . . .AugustSeptemberOctoberNovember
109125162199239235203170186
172178180182183182189189190187185184176182186190192
109126168212258252214177193
177184186188191190196197198194191191183188. 192197198
109139201279360353274192219
202208212214214211221222225222218219207210218223225
109115142158176171166165172
157164165168173174176176175172170168163169172175177
106117125129132140137134149
146144146145136137146146148143152148140150153154156
i Average of 11 months.
Source: Board of Governors of the Federal Reserve System.
TABLE XVI.—Physical production index, 1935-39, 7946, and 1947
Industry
Total production.. .
Agriculture3 -Minerals *Manufacturing 6 ._Construction 6
Transportation7 .Electric and gas utilities 8
Weight i
100.0
20.64.9
50.87.6
12.93.2
Indexes, 1935-39=100
1935-39average
100
88
88
88
1946average
165
133134177123200192
1947average 2
176
129149194132208217
Percentagechange, from1946 to 1947
+7
- 3+11+10+7+4
+13
1 Computed from the Department of Commerce data of national income. The weight factors are per-centages of the national income for each industry to the total for the 6 industries. The weight for con-struction has been adjusted to include force account and other construction done outside of the contractconstruction industry, the weights for other industry groups to exclude such construction.
2 Preliminary estimates based on incomplete data.3 Department of Agriculture index of farm output, which measures the physical volume of farm produc-
tion for human use.* Federal Reserve index of mineral production.• Federal Reserve index of manufacturing production.6 Department of Commerce value of new construction activity deflated by their index of construction
costs and converted into relatives with 1935-39 as 100.7 Department of Commerce index of transportation. The figure for 1947 is estimated by the Board of
Governors of the Federal Reserve System on the basis of transportation data.8 The index of electric and gas utilities is based on the following series: electric power generated for public
use as reported by the Federal Power Commission, and gas produced for public use as reported by theAmerican Gas Association. The two series are converted into relatives with the average for the period1935-39 as 100. The relative series are combined into an index of public utility production with electricpower given a weight of 73 and gas 27, the respective percentages of the revenues by each of the utilities tothe total revenues produced by both in the base year 1935-39.
122
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XVII.—New construction activity, 1929-47
[Millions of dollars]
S"ear or quarter
1929 _ . - .1930 . - -19311932 . . .1933 _1934193519361937193819391940194119421943194419451946
First quarter3
Second quarter 3__Third qua r t e r 3 . . .Fourth quarter 3 _
1947:First quarter3
Second quarter 3_.Third quarter 3..__Fourth quarter3 4.
Totalnewcon-
struc-tion 1
9,9138,0595,9803,2602,2232,7563,1104,7145,3085,0186,0626,807
10,30813,3537,7344,0734,6099,8901,5242,3003,1042,962
12,8782,4602,9013,6823,835
Private construction
Totalpri-vate
7,5225,3063,4161,4821,0051,2211,6482,4863,2742,9413,6194,1995,2382,9081,6691,7462,5617,7391,2571,8622,3762,2449,8781,9482,1952,7752,960
Resi-den-tial
build-ing
(non-farm)
2,7971,4461,228
462278361665
1,1311,3721,5112,1142,3552,7651,315
650535684
3,183432722
1,0271,0024,939
8691,0351,3801,655
Non-resi-den-tial
build-ing 2
2,8222,0991,104
499404455472712
1,088764785
1,0281,486
635232350
1,0143,350
632843953922
3,181782739800860
Pub-lic
util-ityandfarm
1,9031,7611,084
521323405511643814666720816987958787861863
1,206193297396320
1,758297421595445
Public construction
Totalpub-lic
2,3912,7532,5641,7781,2181,5351,4622,2282,0342,0772,4432,6085,070
10,4456,0652,3272,0482,151
267438728718
3,000512706907875
By funds
Fed-eral
237338451510540698822
1,2551,143
9761,2511,4063,8459,5315,6051,9121,5581,067
140199344384
1,156236270346304
Stateandlocal
2,1542,4152,1131,268
678837640973891
1,1011,1921,2021,225
914460415490
1,084127239384334
1,844276436561671
By types
Mili-taryandfed-
erallyfi-
nancedindus-trial
19294034385839333974
148549
2,9008,4534,2181,3441,160
27267617074
22547546658
High-ways
1,2481,4811,323
91667582162287685083783587585067545036034270660
149265232
1,214119287414394
Otherpub-lic
1,1241,2431,201
828505656801
1,3191,1451,1661,4601,1841,3201,3171,397
623546
1,173140228393412
1,561346365427423
1 Excludes construction expenditures for crude petroleum and natural gas drilling, and, therefore doesnot agree with the new construction expenditures in the gross national product.2 Excludes farm and public utility.3 Not adjusted for seasonal variation.
* Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because ofrounding.Source: Departments of Commerce and Labor.
770958°—18 9 123
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XVIII.—Gross national product, department store sales, and residential construction,1920-47
[1920-39=100]
Year
19201921192219231924192519261927192819291930193119321933
Gross na-tional
product i
1078892
105104112118117119124108917067
Depart-ment store
sales2
999294
105105110113114115117108977573
Residen-tial con-
struction i
7775
12216218519919818517212666552114
Year
1934 _19351936193719381939...19401941194219431944194519461947 3
Gross na-tional
product l
778698
108101108120149190230251254243276
Depart-ment store
sales»
8388
10010799
106114133149168186207264280
Residen-tial con-
struction *
183355687198
11514486663737
162229
1 Converted from the reported dollar figures to an index.2 Converted from the reported base, 1935-39=100.3 Estimates based on incomplete data.
Sources: Department of Commerce (gross national product, 1929-47, residential construction), NationalHousing and Home Finance Agency (gross national product, 1920-28), and Board of Governors of the Fed-eral Reserve System (department store sales).
TABLE XIX.—Business expenditures JOT new plant and equipment, 1939—48l
[Millions of dollars]
Year or quarter Total i Manufac-turing
1,9302,5803,4002,7602,2502,3903,2105,9107,210
Mining
380560680410360500440560670
Transportation
Railroad
280440560540460580550570980
Other
280390340260190280320660810
Electricand gasutilities
Commer-cial and
miscellane-ous*
1939..1940..1941..1942..1943-1944..1945..1946-1947 3.
1947—First quarterSecond quarterThird quarterFourth quarter3
1948—F irst quarter 3
5,2006,4908,1906,1104,5305,2106,630
12,04015,680
480550710680540490630
1,0401,820
1,8501,9802,4901,470
730970
1,4803,3004,190
Annual rates, not adjusted for seasonal
12,64015,76016,56017, 76016,400
5,8007,4007,4808,1607,240
600640720760680
640880920
1,4801,440
720920800800760
1,3201,8002,0002,2001,960
3,6004,1204,6404,4004,320
I Excludes agriculture.' Includes trade, service, finance, and communication.» Estimates for fourth quarter of 1947 and first quarter of 1948 based on anticipated capital expenditures
of business.NOTE.— These figures do not agree with the totals included in the gross national product estimates of the
Department of Commerce, principally because the latter cover agricultural investment and also certainequipment and construction outlays charged to current expense. Figures for 1939-44 are Federal ReserveBoard estimates based on Securities and Exchange Commission and other data. Detail will not necessarilyadd to totals because figures are rounded to the nearest 10 million.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
124
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XX.—Business inventories and sales, 1939-4?
Year or month
1939 average...1940 average. _.1941 average...1946 average. _.1947 average6..
1946—JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptember...OctoberNovember. __December
1947—JanuaryFebruaryMarchAprilMay __..JuneJulyAugustSeptember—.OctoberNovember <L.
Manufacturing i
Millions of dol-lars
Inven-tories 3
9,94111,17113,37917,81722,424
16,36916,59016,82916,83716,93417,17518,01018,46618,88619,53319,89620,25920, 80521,17621, 61222,05822,42422,61822, 77822, 93623,12023, 43523, 700
Sales *
4,7415,4827,783
10,47213,953
8,9138,1639,5079,956
10,0589,702
11,15710, 73812,24012,42612, 84913,22612, 94013, 93713,90613, 68813,60213,11513,65114,62815, 98514,800
Ratioof in-ven-
tories
2.102.041.721.701.61
1.842.031.771.691.681.771.811.661.761,601.601.581.571.641.551.591.641.661.741.681.581.471.60
Wholesale3
Millions of dol-lars
Inven-tories 3
3,4973,6984,2734,8336,780
4,2944,2094,3044,3904,4644,5784,6854,8905,1315,3435,7135,9946,2486,4446,6116,7786,737
6,726
6,9976,9437,349
Sales *
4,5805,1466,977
10,95512,935
9,6449,8689,6919,592
10,08710,37010,99811,17411,40212, 39913,06913,16012, 71313, 01312,63512, 22712,63912, 54112, 40312, 57113,33113, 73114,479
Ratioof in-ven-tories
to sales
0.76.72.61.44.52
.45
.43
.44
.46
.44
.44
.43
.44
.45
.43
.44
.46
.49
.50
.52
.55
.53
.55
.54
.55
.52
.51
.51
Retail«
Millions of dol-lars
Inven-tories 3
5,2845,4846,0407,512
6,4466,5226,729
7,0437,4267,7938,2168,7168,9319,1419,3379,5829,7159,7039,5029,4409,5749,838
10,05210,266
(7)
Sales *
3,5043,8664,6248,056
7,4257,6537,6487,7307,8067,8268,0478,4498,3708,3848,6228,7188,653
8,8248,9578,9749,0038,9378,8459,336
Ratioof in-ven-tories
to sales
1.511.421.31.93
.85
.84
.85
.87
.88
.90
.92
.92
.981.041.041.051.081.081.101.081.061.051.071.111.081.090)
1 Not adjusted for seasonal variation.2 Adjusted for seasonal variation,s Book value, end of month.«Total for month.' Average of 11 months.8 Preliminary.7 Not available.
NOTE .—Detail will not necessarily add to totals because of rounding. The inventory figures in this tabledo not agree with the estimates of "change in business inventories" included in the gross national productestimates of the Department of Commerce. This table covers only manufacturing and trade rather thanall business, and shows inventories in terms of current book value without adjustment for revaluation.
Source: Department of Commerce (Office of Business Economics).
125
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XXI.—Sales, stocks, and outstanding orders at 296 department stores, 1939-47
Year or month
Millions of dollars
(total formonth)
Stocks(end ofmonth)
Outstand-ing orders
(end ofmonth)
Ratio ofstocks to
sales
2.692.602.693.352.492.352.212.252.65
2.192.231.942.022.222.313.022.672.682.592.271.483.003.352.612.642.432.532.902.902.412.492.26
Ratio oforders to
sales
0)0.791.241.472.602.472.852.851.76
4.014.103.232.853.073.464.403.353.112.481.711.062.422.411.461.211.041.552.352.281.941.811.45
Ratio oforders to
stocks
1939 average1940 average1941 average.1942 average1943 average1944 average1945 average.1946 average1947 average2.
1946—JanuaryFebruary. _.MarchAprilMayJuneJ u l y . . .AugustSeptember..OctoberNovember-.December. _
1947—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember 3.
128136156179204227255318313
224239301319304303244303309341404526256250332321336304252273340367417
344353419599508534564714828
491533583644674700738
882919776769838865849818769730793819912943
108194263530560728907551
979971910934
1,0481,0741,014961846691557619603485387351470593622659663605
C1)0.31.46.44
1.041.051.291.27.67
1.831.841.671.411.391.501.461.251.16.96.75.72.80.72.56.46.43.61.81.78.80.73.64
1 Not available.2 Average of 11 months.a Preliminary estimate based on incomplete data.
NOTE.—These figures represent retail sales, stocks, and outstanding orders as reported by a sample of 296of the larger department stores located in various cities throughout the country and are not estimates oftotal sales, stocks, and outstanding orders for all department stores in the United States.
Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
126
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XXII.—Profits before and after taxes, all private corporations, 1929-47
[Billions of dollars]
Year or quarterCorporate
profitsbefore
Corporatetax lia-bility i
Corporate profits after taxes
Total Dividendpayments
Undis-tributedprofits
1929..1933..1937..1939..1940-.1941..1942..1943_.1944..1945..1946_.1947 3
1946—First quarter...Second quarter.Third quarter..Fourth quarter.
1947—First quarter...Second quarter.Third quarter..Fourth quarter
9.8.2
6.26.59.3
17.221.124.523.820.221.128.0
1.4.5
1.51.52.97.8
11.714.213.911.38.6
11.1
8.4- . 44.75.06.49.49.4
10.4
12.516.9
5.82.14.73.84.04.54.34.54.74.85.66.6
2.6-2.4
1.22.44.95.15.95.24.26.9
10.3
Seasonally adjusted annual rates
15.219.422.927.129.027.427.428.2
6.18.09.3
11.011.610.810.811.4
9.111.513.516.117.416.616.616.8
5.15.45.65.96.26.36.57.2
4.06.17.9
10.211.210.310.19.6
* Federal and state corporate income and excess profits taxes.2 Minus 8 million dollars.s Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except estimate for fourth quarter of 1947).
TABLE XXIII.—Profits after taxes,1 629 large private industrial corporations, 7939-47
[Millions of dollars]
Year or quarter
Number of companies
19391940194119421943194419451946
1946—First quarterSecond quarterThird quarterFourth quarter
1947—First quarterSecond quarterThird quarter
otal
En
629
1,4651,8182,1631,7691,8001,8961,9252,545
323604698853870870860
on a
nd
ste
el
47
146278325226204194188283
226796971269998
.1
'A69
115158193159165174163171
-19493261698377
utom
obil
es
15
242274209201222243130
-34
4210294105102
the
r tr
an
s-p
orta
tio
neq
uip
men
t
o
68
102173227182180190169127
-5513844505651
on
ferr
ou
sm
etal
s an
dpr
oduc
ts
77
119133153138128115108136
20264150474646
ther
du
rabl
ego
ods
o
75
708811390838888165
12374157505758
ood,
be
ver-
ages
, an
d t
o-
bacc
o
49
151148159151162175199356
657493124986469
il pr
oduc
ing
and
refi
ning
o
45
98112174152186220223281
5662778590111122
nd
us
tr
ia
lch
emic
als
t—i
30
186194207164170187187273
63666777898778
ther
no
nd
ur-
able
s
O
80
134160187136149147154302
62717791969293
isce
llan
eou
sse
rvic
es
74
122132152161171184203321
82809366637167
i Federal and State income and excess-profits taxes.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System.
127
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XXIV.—Relation of profits before and after taxes to investment and to sales, privatemanufacturing corporations, by industry, 1947
Industry
Firstquarter
Katio of profits (annual rate) tostockholders' equity
Before Federaltaxes
Secondquarter
After Federaltaxes
Firstquarter
Secondquarter
Profits in cents per dollar of sales
Before Federaltaxes
Firstquarter;
Secondquarter
After Federal
Firstquarter
Secondquarter
All private manufacturing cor-porations _
Food —Tobacco manufactures.._Textile mill productsApparel and finished textilesLumber and wood productsFurniture and fixtures.Paper and allied productsPrinting and publishing (except
newspapers)Chemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries -Primary iron and steel industriesFabricated metal productsMachinery (except electrical and
transportation)Electrical machineryTransportation equipment (except
motor vehicles)Motor vehicles and partsInstruments; photographic and opti-
cal goods; watches and clocksMiscellaneous manufacturing (in-
cluding ordnance)
28.032.414.840.036.036.432.841.6
35.231.616.828.434.424.424.423.632.0
27.632.4
7.229.2
24.0
26.8
25.228.015.231.228.435.632.838.4
30.824.819.224.421.625.221.618.428.4
29.232.0
5.628.4
23.2
24.4
16.818.88.8
24.021.222.420.025.6
21.619.212.416.420.414.414.814.419.6
16.420.0
3.216.8
14.8
15.2
15.616.49.2
18.816.022.420.023.6
18.815.214.48.4
12.815.613.211.217.2
17.619.2
1.216.8
14.4
14.8
12.38.16.8
15.88.8
19.511.219.6
12.616.913.810.810.113.915.413.614.1
13.211.0
4.811.2
13.5
12.2
11.07.06.1
13.77.6
18.311.118.1
11.314.214.48.77.2
13.914.110.112.1
12.810.3
3.210.4
12.0
10.8
7.54.74.19.55.2
12.16.8
12.0
7.810.410.16.25.98.29.28.28.6
7.9
2.06.4
8.3
7.0
6.74.13.78.24.3
11.46.8
11.2
6.98.7
10.83.04.28.58.56.27.4
7.86.1
6.1
7.5
6.5
Sources: Federal Trade Commission and Securities and Exchange Commission.
T A B L E XXV.—Rela t ion of profits before and after taxes to investment and sales, private manu-facturing corporations, by size classes, 1947
Assets class
All private manufac-turing corporations.
$1,000 to $249,000$250,000 to $999,000...$1,000,000 to $4,999,000$5,000,000 to $99,999,000$100,000,000 and over
Ratio of profits (annual rate) tostockholders' equity
Before Federaltaxes
Firstquarter
28.026.835.238.831.220.8
Secondquarter
25.228.430.832.428.419.6
After Federaltaxes
Firstquarter
16.816.420.423.218.813.2
Secondquarter
15.618.018.019.617.212.4
Profits in cents per dollar of sales
Before Federaltaxes
Firstquarter
12.37.6
10.513.013.312.1
Secondquarter
11.08.09.3
11.211.910.9
After Federal taxes
Firstquarter
7.54.76.17.98.07.6
Secondquarter
6.85.15.46.77.26.9
Thirdquarter
6.55.15.66.46.96.7
Sources: Federal Trade Commission and Securities and Exchange Commission.
128
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XXVI.—Relation of profits before and after taxes to sales, private corporations excludingfinance, insurance, and real estate, 1946-47
Industry
All private corporations, ex-cluding finance, insurance,and real estate _ . --
Mining _ _Manufacturing
Metal industriesOther manufacturing __
Wholesale and retail tradeTransportation.. ___Communication and public utilities-All other industries _ ._
Profits before taxes as percent ofsales
1946
7.912.58.66.09.85.75.7
17.610.4
1947
Firstquar-
ter
9.312.510.810.810.85.77.4
18.39.6
Secondquar-
ter
8.712.810.19.6
10.45.27.9
15.09.5
Thirdquar-
ter
8.512.010.19.9
10.25.07.6
12.59.5
Profits after taxes as percent ofsales
1946
4.79.05.03.05.93.32.9
10.76.5
1947
Firstquar-
ter
5.69.16.46.36.53.44.0
11.16.1
Secondquar-
ter
5.39.26.15.66.33.14.89.16.0
Thirdquar-
ter
5.18.76.15.86.32.94.57.65.9
Source: Department of Commerce.
TABLE XXVII.—Loans and investments of all commercial banks, 7929-47
[Millions of dollars]
End of month
1929: June* . . . . _1933: June 1 _1937: December1939: December1941: December1944: December _1945: December1946: June
1947: June _
Total loansand invest-
ments
49,42430,35738,33340,6b850,746
105,530124,019119,448113,993112,756116,740
Loans
35,73816,34917,10017,23821,71421,64426,08327,13031,12233,67937,700
Investments
Total
13,68614,00821,23323,43029,03283,88697,93692,31882,87179,07779,040
U . S .Govern-
ment
4,9417,476
14,15616,31621,80877,55790,60684,47374,78070,53970,120
Othersecurities
8,7456,5327,0777,1147,2256,3297,3317,8458,0918,5388,920
1 Complete end of year figures not available for years prior to 1936.2 Estimates based on incomplete data.Source: Board of Governors of the Federal Reserve System.
129
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XXVIII.—Adjusted deposits of all banks and currrency outside banks, 7929-47
[Millions of dollars]
End of calendar year ormonth
Totaldepositsadjusted
andcurrency out-
side banks
U. S.Government
deposits
Other deposits and currency outside banks
TotalDemanddeposits
adjusted2Time Currency
outsidebanks
1929.1933193419371939.19441945
1946: JuneDecember..
1947: JuneNovember4.
54,71342, 54847, 98556, 63964,099150,988175,401
171,237167,107
165,455170,400
1581,0161,715824846
20, 76324,608
13,4163,103
1,3671,900
54, 55541, 53246, 27055,81563,253130, 225150,793
157,821164,004
164,088168, 500
22,80915,03518,45923,95929, 79366,93075,851
79,47683, 314
82, 27685,900
28,18921,71523,15626, 21827,05939, 79048,452
51,82953, 960
55, 51356,000
3,5574,7824,6555,6386,40123, 50526,490
26,51626, 730
26, 29926,600
1 Beginning with December 1938, includes U. S. Treasurer's time deposits, open account.2 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of
collection.2 Includes deposits in commercial banks, mutual savings banks, and Postal Savings System.4 Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System.
TABLE XXIX.—Bond and common stock yields and commercial loan rates, 7929-47
[Percent per annum]
Year or quarter
U. S. Government security yields
9 to 12monthscertifi-cates of
indebted-Long-term
partiallytax-exempt2
Bonds
15 years andover,
taxable
High grarate bo
de corpo-ad yields
(Moody's)
Aaabonds
30 issues
4.734.494.003.263.012.722.622.532.61
2.562.542.572.77
Baabonds
30 issues
5.907.766.325.034.963.613.293.053.24
3.133.183.193.44
Dividendyields oncommon
stock(Moody's)
Commer-cial loan
rates
Number. 1-5 issues 1-9 issues
1929 average1933 average1934 average1937 average1939 average1944 average1945 average1946 average1947 average
1947—First quarterSecond quarterThird quarterFourth quarter
0.75.79.81.82
.84
.84
1.00
2.482.372.192.24
2.202.202.242.33
200 stocks
3.54.44.14.84.24.74.13.9
4.75.25.1
19 cities
5.834.273.452.592.782.592.392.342.28
2.312.382.212.22
1 Tax-exempt prior to Mar. 1,1941; taxable thereafter.2 Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 8
years, from 1919 to 1925; after 12 years, from 1926 to 1934; and after 15 years, from 1935.3 No partially t ax-exempt bonds due or callable in 15 years.* Not available.
Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal Re-serve System.
I3O
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XXX.—Public debt and guaranteed obligations of the U. S. Government outstanding*1939-47
[Billions of Dollars]
End of calendar year
Public debt andguaranteed obli-gations
Ownership of public debt and guaranteed obligations
Interest-bearing public debt and guaranteedobligations (par values;*
IIHeld by public
Ill111
1939.1940.1941.1942.1943.1944.1945.1946.1947
47.650.964.3112.5170.1232.1278.7259.5257.0
41.945.057.9108.2165.9230.6278.1259.1256.9
5.75.96.34.34.21.5.6.4.1
47.650.964.3
112.5170.1232.1278.7259.5257.0
47.150.463.8
111. 6168.7230.4276.2258.0254.3
6.57.69.5
12.216.921.727.030.9
634.4
40.642.854.399.4
151.8208. 5249. 2227.1
6 219.9
0.4.5.7
1.02.14.36.56.2
67.0
18.419.523.747.371.596.5
115.097.9
691.5
12.012.516.327.441.255.564.259.5
6 55.9
10.313.623.737.152.263.563.5
665.5
0.6.6.5.9
1.41.82.41.52.7
1 United States savings bonds, series A-D, E, and F are included at current redemption values.2 Includes interest-bearing debt and debt bearing no interest.3 Excludes guaranteed securities held by the Treasury and securities guaranteed as to interest only.* Includes insurance companies, mutual savings banks, savings and loan associations, dealers and brokers,
and investments of foreign balances and international accounts in this country.»Includes matured public debt, International Bank, Monetary Fund, United States savings stamps,
excess-profits-tax refund bonds, and currency items.6 Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Treasury Department.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XXXI.—United States Government aid to foreign countries, 7946-47
[Millions of dollars]
Type of aid
A. Unilateral payments:Straight lend-leaseXJNRRA.Post-UNRRA -_.Civilian supplies for occupied
territoriesGreek-Turkish aidInterim aid. _Transfer to PhilippinesOther Government transfers...
Total unilateral payments. __Less: Unilateral receipts
Net unilateralpayments
B . Long-term loans and invest-ments:
Lend-lease creditsSurplus property, including
ship salesExport-Import BankUnited TTingrinTn loanInvestment in International
Bank.Investment in International
Monetary Fund _Other
Total, long-term loans andinvestments
Less: Repayments. >
Net long-term loans and in-vestments, including Bankand Fund
Less: Investments in Inter-national Bank and Fund
Net long-term loans andinvestments, excludingBank and Fund
Net unilateral payments andloans and investments,excluding Bank andFund
1946
Firstquarter
109532
107
20
76852
716
271
135137
54322
521
521
1,237
Secondquarter
46414
207
69
73624
712
173
414333
159
1,07919
1,060
159
901
1,613
Thirdquarter
6382
115
15533
6368
628
78
110231400
17
83618
818
818
1,446
Fourthquarter
194
125
72
39110
381
24
201270200
159
52
86120
841
164
677
1,058
1947
Firstquarter
264
225
3170
590140
450
14
113280500
159
2,74527
3,83850
3,788
2,904
884
1,334
Secondquarter
1881
262
2591
567120
447
6
89249950
159
48
1,50134
1,467
159
1,308
1,755
Thirdquarter
5085
31148
3440
56849
519
2
5661
1,300
4
1,42339
1,384
1,384
1,903
Fourthquarter l
1162
25076502624
58930
559
58205100
36334
329
329
888
I Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce,
132
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E XXXII.—United States exports, including reexports, by continents, 7936-38 average and1946-47 by quarters
PeriodTotal North
AmericaSouth
America Europe Asia Oceania Africa
Millions of dollars
1936-38 quarterly average.1946—First quarter
Second quarterThird quarterFourth quarter
1947—First quarter. _Second quarterThird quarterFourth quarter1...
1936-38 quarterly average1946—First quarter
Second quarterThird quarter. _Fourth quarter
1947—First quarter.Second quarterThird quarter
7422,2832,4852,3512,6203,5913,9613,3993,600
183500585649809912
1,018905
0)
69236275263379571648561
(2)
3111,1171,093969919
1,3741,4441,210(2)
125268365342367487547424
(2)
2333282630647497
00
32129140103116183230202
Percentage of total
100.0100.0100.0100.0100.0100.0100.0100.0
24.721.923.527.630.925.425.726.6
9.310.311.111.214.515.916.416.5
41.948.944.041.235.138.336.435.6
16.811.714.714.514.013.613.812.5
3.11.41.11.11.11.81.92.9
4.35.75.64.44.45.15.86.9
1 Estimate based on incomplete data.2 Not available.NOTE.—Exports in this table include merchandise shipped from the United States custom area with the
exception of goods destined to United States armed forces abroad, either for their own use or for distributionto civilians in occupied areas. Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
TABLE XXXIII.—United States general imports, by continents, 1936-38 average and 1946-47,by quarters
Period Total NorthAmerica
SouthAmerica Europe Asia Oceania Africa
Millions of dollars
1936-38 quarterly average.1946—First quarter.
Second quarterThird quarter.Fourth quarter
1947—First quarterSecond quarterThird quarterFourth quarter1...
1936-38 quarterly average.1946—First quarter..
Second quarterThird quarterFourth quarter
1947—First quarterSecond quarterThird quarter.
6221,0961,1811,2311,4011,4121,4491,3311,450
150364398424462496569528(2)
81254275263303309291277(2)
177165210192229186193213(2)
187193192210286303269205(2)
1041356245475325
(2)
1778728176697483
Percentage of total
100.0100.0100.0100.0100.0100.0100.0100.0
24.133.233.734.433.035.139.339.7
13.023.223.321.421.621.920.120.8
28.515.117.815.616.313.213.316.0
30.117.616.317.120.421.518.615.4
1.63.73.05.03.23.33.71.9
2.77.16.16.65.44.95.16.2
i Estimate based on incomplete data.* Not available.NOTE.—Imports in this table include merchandise entered immediately upon arrival into merchandising
or consumption channels, plus commodities entered into bonded customs warehouse for storage.Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
133
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XXXIV.—Production and exports of selected nonagricultural commodities, 7939, 7946,and 7947
Commodity and period Unit
Production
TotalFor do-
mestic useFor ex-
port
Exportsas
percentof totalproduc-
tion
Agricultural machinery and implements:193919461947—January-June (annual rate) _ _ _
July-September (annual rate)Chemicals and related products:
193919461947—January-June (annual rate)
July-September (annual rate) _. _Coal, bituminous:
193919461947—January-June (annual rate)
July-September (annual rate) _..Electrical machinery and apparatus:
193919461947—January-June (annual rate)
July-September (annual ra te) . . .Freight cars: 3
193919461947—January-June (annual rate)
July-September (annual rate)Lumber, sawmill products:
193919461947—January-June (annual rate)
July-September (annual rate) - . _Motor trucks:8
193919461947—January-June (annual rate)
July-September (annual ra te) . . .Passenger cars:5
1939.. ___19461947—January-June (annual rate)
July-September (annual rate) _ _ _Petroleum, crude:
193919461947—January-June (annual rate)
July-September (annual rate)__.Rolled steel products:7
193919461947—January-June (annual rate)
July-September (annual rate) _ _ _Wearing apparel:
1939 ._19461947—January-June (annual rate)
July-September (annual ra te) . . .
Million dollars...do
. . . . -dodo
._—do_-do
. . . . . do-do
Million short tons.. . . . .do. .—do. .—do.—
Million dollars..—do.....do.....do
1,000 dollarsdo
....dodo
Million board feet-.....do.—do
do
Thousand— d o
do.—do
Thousand.......do
dodo
Million barrels«_.do
.....do
.....do
1,000 short tons
dodo
Million dollars..— d o....-do— .._
do.
416
3,2988,600(2)
395532624568
1,7884,5006,7586,856
63, 249208, 216331, 792360,816
24,97530,30031,37234,284
710951
1,2361,180
2,8672,1493,4423,396
1,2651,7331,7801,908
34,95548, 77662,34461, 792
3,3517,0317,022(2)
347834
(2)003,1238,077(2)(2)
383491564484
1,6834,1966,2006,312
62,830167, 665195, 634349, 900
23, 87129, 65130, 06432,640
558764970940
2,7022,0053,1783,136
1,1931,6901,7381,856
32,42743,97655, 78655,536
3,329
158302320
175523820844
12416084
105304558544
41940, 551
* 136,15810, 916
1,104649
1,3081,644
152187266240
165144264
72434252
2,5284,8006,5586,256
22151186
(2)
16.616.0
5.36.16.
83 07.79.6
14.8
5.96.88.37.9
.719.5
4 41.03.0
4.42.14.24.8
21.419.721.520.3
5.86.77.77.7
5.72.52.42.7
7.29.8
10.510.1
0.72.12.6
1 Sales; production data not available.8 Not available.3 Estimated value of shipments to United States railroads and to foreign markets.* Eighty-nine percent of the cars exported during this period went to France as a result of an accumulation
of deliveries against orders previously placed.6 Factory sales are used to represent production. Exports are as reported by the Automotive Manufac-
tures' Association and include exports shipped as completed cars and parts for assembly aboard.6 Barrels of 42 gallons each.7 Net shipments for sale; production data not available.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
134
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XXXV.—Distribution of selected food supplies moving into consumption channels, 1939,7946, and 1947
Commodity and year
Meat (carcass equivalent):1939. _ _19461947 2
Dairy products (milk equivalent):19391946 _ ___1947 2
Food fats and oils (excluding butter): 319391946 __1947 2
Canned fruit (processed weight):1938-39 pack year19461947 2 _ _ _
Fresh fruits (farm weight):19391946 _. ._1947 2
Canned vegetables (processed weight):1938-39 pack year19461947
Fresh vegetables (farm weight):19391946 . __ _1947 2
Wheat (grain equivalent): *19391946 .19472
Eggs (fresh egg equivalent):1939194619472
Distribution of food supplies *
Total i
Millionpounds
17,73923, 36223,189
108, 985121,480120, 798
4,6125,0675,236
2,3613,2393,263
21,35921, 20622,604
4,1636,9767,117
32,15338, 85537,162
Millionbushels
571844
1,005Milliondozen3,4184,8624,781
Exportsand
ship-ments i
Millionpounds
2461,187
300
4296,3393,540
365669792
359202215
1,2771,1671,483
57361125
134494444
Millionbushels
93340494
Milliondozen
3430156
Militarydistri-bution
Millionpounds
941600
2,6441,734
4174
94110
484243
153313
470230
Millionbushels
155
Milliondozen
9490
Civiliandistri-bution
Millionpounds
17, 49321,23422, 289
108, 556112,497115, 524
4,2474,3574,370
2,0022,9432,938
20,08219, 55520,878
4,1066,4626,679
32,01937, 89136, 488
Millionbushels
478489506
Milliondozen3,4154,3384,535
Percapita
civiliandistri-bution
Pounds132.8152.8156
824809811
32.231.330.5
15.321.220.5
152.5140.7145.7
31.346.546.6
243273255
217.8207.2211.0
Numberof eggs
311374380
Exportsand ship-ments aspercent oftotal dis-tribution
1.46.11.3
.45.22.9
7.913.215.1
15.26.26.6
6.05.56.6
1.45.21.8
.41.31.2
16.340.349.2
.18.83.4
1 Includes military civilian feeding programs in liberated and occupied areas, both from current pro-curement and from surplus stock.
2 Preliminary estimates based on reports for the first 9 months and forecasts for the balance of the year.3 Actual weight except for margarine which is on a "fat content" basis.* Excludes amounts used for animal feed, industrial raw materials, and seed. If these amounts were
included, percentages in last column would be 1939,11.9; 1946, 28.9; 1947, 38.8.Source: Department of Agriculture.
TABLE XXXVI.—Population by age groups, selected years, 1900-1975
[Thousands of persons]
Age
All agesUnder 20 years20 to 64 years______65 years and over_ _ _Age unknown. _
1900
75,99533, 68139,0323,080
201
1920
105, 71143,04357, 5864,933
149
1930
122, 77547, 60968, 4386,634
94
1940
131, 66945, 30677,3449,019
1947esti-
mate 1 2
143, 98048, 63184, 66910, 650
1960 forecast 2
Me-dium
153, 37549, 07590, 32113, 978
High
162,01154, 06293, 27414, 674
1975 forecast 2
Me-dium
162, 33745, 84398, 84917, 646
High
185,07156, 858
108, 27919,935
1 The total differs slightly from the independent estimate of 144,002,000 published in "Current PopulationReports, Series P-25, No. 3."
2 Estimate for 1947 and high forecasts for 1960 and 1975 assume high fertility, low mortality and 1million net immigration in each 5-year period after July 1, 1945. Medium forecasts assume mediumfertility and mortality and no net immigration after July 1, 1945.
NOTE .—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE XXXVII.—Changes in selected economic series since 1939
[1939=100]
Source,appendix B,
tablenumber
I I -
IV.
VI.
VII..VIII.
IX .
X
XII ._.
XIII
XIV.
X V . .
XVII .
X I X . .X X I I .
Economic series
Gross national product _Personal consumption expendituresGross private domestic investment..Net foreign investmentGovernment purchases of goods and services.
National incomeCompensation of employees
Personal income..Disposable personal incomePersonal saving
Per capita disposable income:Current dollars . . -First half of 1947 dollars
Civilian food consumption (per capita)Net income from farm marketings to persons on farms (per
capita).Consumer credit outstanding, end of year _Labor force, including armed forces...
Civilian labor forceEmployment
Nonagricultural--Agricultural
UnemploymentWage and salary workers in nonagricultural establishments.
Manufacturing...Mining _Construction _ _ _.Transportation and public utilities.. _TradeFinance and serviceFederal, State- and local government
Average gross weekly earnings:ManufacturingBituminous coal miningPrivate building construction ._.Wholesale tradeRetail trade
Consumers' price index: all itemsFoodsApparel ._._Rent
Wholesale price index: All commodities. _Farm products.Foods _Other than farm products and foods
Prices paid by farmers (including interest and taxes)Prices received by farmersParity rat io . . _ _Industrial production index: total—_
Durable manufacturesNondurable manufacturesMinerals
New constructionPrivate
Residential.—Nonresidential -Public utility and farm _
Public -Business expenditures for new plant and equipmentCorporate profits before taxes
Corporate tax liabilityCorporate profits after taxes
Dividend paymentsUndistributed profits
1939
100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0
100.0100.0100.0100.0
100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0
100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0
1946
225.3212.9273.3533.3233.6245.8244.4244.1225.6548.1
209.3149.3113.5203.9
127.1109.4104.1120.3129.286.624.4
134.4142.598.9
129.8138.2126.0129.1140.3
183.3243.0185.1161.0153.8140.1167.6159.4104.1157.1228.0185.7134.7155.6245.3155.8156.0176.1151.4126.4163.1213.8150.6426.8167.588.0
231.5324.6573.3250.0147.4575.0
1947
256.4243.7338.9977.8213.7280.0268.8271.6250.1411.1
227.4142.0112.5195.1
166.4110.8108.9126.3137.086.023.0
140.0153.9104.6150.4139.0128.9134.2135.2
204.9
159.5202.3184.4106.2196.8277.2239.5165.7187.1292.6155.8170.6200.9157.8140.6212.4272.9233.6405.2244.2122.8301.5430.8740.0338.0173.7858.3
NOTE.—For some series, 1947 data are based on 11-month averages.
Sources: Data in indicated appendix B tables have been converted to the base, 1939=100.
For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C«Price 35 cents
OI36
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis