MARCH 1947

SURVEY OF

UNITED STATES DEPARTMENT OF COMMERCE

BUREAU OF FOREIGN AND DOMESTIC COMMERCE

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Survey ofCURRENTBUSINESS

VOLUME 27, No. 3 MARCH 1947

/" Statutory Functions: "The Bureau of Foreign and Domestic Commerce..."II to foster, promote, and develop the foreign and domestic commerce of\ the United States" [Law creating the Bureau, Aug. 23,1912 [37 StaU 408].]^

ContentsPage

THE BUSINESS SITUATION 1

THE CURRENT STRUCTURE OF PRICES 4

INTERNATIONAL TRANSACTIONS OF THE UNITEDSTATES IN 1946 11

STATISTICAL DATA:

Monthly Business Statistics S-l to S-40

Statistical Index .Inside back cover

Classification ofStatistical Sections

PageBusiness indexes S-lBusiness population S-3Commodity prices S-3Construction and real estate S-5Domestic trade S-6Employment conditions and wages S-9Finance S-l 5Foreign Trade S-20Transportation and communications S-21Commodity sections:

Chemicals and allied products S-23Electric power and gas. S-25Foodstuffs and tobacco S-26Leather and products S-29Lumber and manufactures S-30Metals and manufactures t

Iron and steel S-31Nonferrous metals and products S-32Machinery and apparatus S-33

Paper and Printing S-34Petroleum and coal products S-35Rubber and rubber products S-37Stone, clay, and glass products S-37Textile products S-38Transportation equipment S-40

Canadian statistics S-40

I 1 1 OlCContents of this publication are not copyrighted and |\ may be reprinted freely. Mention of source will be appreciated Jr

Published by the Department of Commerce, W. AVERELL HARRIMAN, SecretaryOffice ofBusiness Economics, AMOS E. TAYLOR, Director. Subscription price, including weeklystatistical supplement, $3 a year; Foreign $4. Single copies, 25 cents. Make remittancesdirect to the Superintendent of Documents, United States Government Printing Office,Washington 25, D, C.

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THE BUSINESS SITUATIONBy the Office of Business Economics

THE OPENING MONTHS of 1947 sawfurther gains in production and in-come, advances in commodity prices, anda volume of employment which, for themost part, moved under the influence ofseasonal factors. On the whole, there-fore, the general pattern of economicdevelopments during the latter part of1946 was extended into the new year,although the trend of sales at retailstores was less favorable than in previousmonths and purchasing in wholesalemarkets reflected considerable cautionand increasing insistence upon improvedquality.

Increased output of steel, coal andother basic materials, coupled with fur-ther improvement in the movement ofparts and better organization of produc-tion throughout industry, resulted in anupward trend of the flow of finishedgoods into trade channels. This was par-ticularly pronounced in the durablegoods lines. The absence of major in-dustrial disputes was also a factor in thegeneral improvement of production per-formance so far during 1947.

The expansion of inventories con-tinued with large increases in the aggre-gate, though some divergent movementsare beginning to show up among manu-facturing concerns. Mercantile inven-tories are again rising, after the less-than-seasonal decline over the year-end.

Renewed Price AdvanceDuring February, the broad upward

movement of prices was resumed after abrief period of stability around the turnof the year when declining prices forfarm products and foods largely offsetthe continued upward price adjustmentsfor industrial products. (See table 1).

The price advance in February, whileat a slower rate than in the period fol-lowing the elimination of general pricecontrols in late 1946, was more general,reflecting the resumption of risingprices for farm and food products, thedelayed reaction of some less sensitiveprices to the pressures in the seller'smarket, and continued advances in otherprices. The broad sphere of price in-creases is indicated by the fact that 42of the 48 commodity groups priced by

The Month in ReviewThe rising trend of output con-

tinued into the early months of1947. The volume of income pay-ments to individuals has alsomoved higher. Changes in em-ployment and unemployment havegenerally been confined to those ofa seasonal character.

There have been scattered evi-dences of increased buyer resist-ance, but these have not been suffi-cient to hold back the upwardmovement of prices. The broadgroups of farm products, foods, andindustrial products have partici-pated in the recent price gains inwholesale markets.

The dollar volume of sales at re-tail stores has continued at peakrates after seasonal adjustment.For several months changes inphysical volume at retail have notbeen commensurate with thesteady rise in output and busi-nesses have been able to make fur-ther progress in rebuilding stocks.

* * * * *

Most of the statistics used inthis review of the business situa-tion will be found in the statisticalsection at the back (pp. S-l toS-40).

the Bureau of Labor Statistics at whole-sale advanced in the first two months of1947.

The renewed rise in farm and foodprices featured marked strength ingrains, livestock, and meats. Prices ofhogs, for example, turned sharply up-ward to reach an all-time high. Amongthe factors behind these price increaseswere heavier Government purchases ofgrains for export and reduced suppliesof major meat items.

The Hoover report on Germany andother reports from Europe highlightedthe continued need for relief almost twoyears after the end of the war in Europe.They presaged added commitments forfood shipments to further alleviate dis-tress on the Continent.

Further Rise in Industrial Prices

The rate of advance in prices of manyof the more important industrial prod-ucts has tended to taper off. On theother hand, some prices which did notimmediately react to decontrol werepushed upward in 1947 at a rather rapidpace. Included in this group of non-farm-nonfood items were crude rubber,plumbing and heating equipment, struc-tural steel, and coke prices. Increasesfor these items have ranged from 5 to15 percent so far this year. Furtherprice advances in lumber, paints, ironand steel, and miscellaneous leatherproducts during 1947 equalled or ex-ceeded the considerable price increasesin the latter part of 1946.

The consumers' price index leveled offin January but was scheduled for an-other rise as a result of developments inwholesale markets and some permittedadvances in rents.

Industrial Outpvit GainsThe rate of industrial production in

January and February was featured bymaintained high levels of operations inthose areas where capacity ceilings hadbeen approached and further gains insectors where final reconversion difficul-ties were being surmounted. The Fed-eral Reserve Board index scored a 4-per-cent advance in January over December.To a large extent, however, the changereflected the sharp recovery of steel andcoal output following the reduced oper-ations incident to the late Novemberwork stoppage at the bituminous mines.Raw cotton consumption also reboundedfrom the December rate and some plantsfound it necessary to add third shifts.The advances in other industries weresmall but. nevertheless, widespread.

Steel at 85-Million Ton Annual RateOn an annual rate basis, recent opera-

tions were equivalent to about 85 millionnet tons, as compared with approxi-mately 90 million at the wartime high,when specialized wartime needs per-mitted the utilization of some capacitynot suitable for present requirements.

73348647 1

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SURVEY OF CURREXT BUSIXESS March 1047

Chart 1.Daily Average Produc-tion of Coal and Steel

MILLIONS OF SHORT TONS3

BITUMINOUS COAL

1 11 111 11 i iTHOUSANDS OF NET TONS300

200

100

STEEL ^

M 1 1 1 > 1 1 i t ! 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1945 1946 1947 47-951 Includes steel ingots and steel for castings.

Daily average was computed with no allowancemade for Sundays and holidays. Data for lat-est month are preliminary.

Source of data: U. S. Department of theInterior and American Iron and Steel Institute.

The production patterns for steel andcoal have been closely parallel in recentmonths, as illustrated in chart 1. Thesupply situation for steel remained tightand it was necessary to continue alloca-tions to more essential users.

Auto Output ImprovesThe automobile industry was another

case where the production picture showedfurther improvement in the first twomonths of 1947, as illustrated in chart 2.Slowed by inventory taking and minormodel changes at the start of the year,and still hampered by shortages of par-ticular items, automobile assembliesnonetheless reached a postwar peak on adaily average basis in February, with as-semblies in the latter part of the monthcrossing the 100,000-a-week mark. Ex-cluding Canadian production, the an-nual rate of passenger car and truckassemblies topped 5 million and wassomewhat above the total for the fiscalyear 1940-41, but still below the rate insome of the peak months in the prewarperiod. The full production potential inthis industry is still to be realized, how-ever, and further gains in output may beexpected as the final kinks are ironedout ahead of, and along, the assemblylines.

Manufacturers' Sales SteadyThe dollar value of shipments by man-

ufacturers in January was only slightly

below the December daily average rate.This steadiness over a period when thereis usually a seasonal decline is in partattributable to continued price advancesin many segments of manufacturing in-dustry. The value of shipments in Janu-ary is estimated at 13.2 billion dollars400 million dollars over the total forDecember when there was one moreworking day.

Contrasting movements in the dailyaverage rate of shipments characterizedthe major groups. Increased shipmentsin the iron and steel industries reflect inpart a rebound from the relatively lowDecember levels occasioned by the coalstrike. Advancing prices, as well as alarger flow of materials, accounted forthe increased value of sales in the trans-portation equipment (other than auto-mobiles) and furniture industries. Off-set by declines in shipments in theautomobile, machinery and nonferrousmetal industries, the rate of shipmentsfor the durable goods group as a whole,rose only one percent.

On the other hand, the rate of dollarshipments in the nondurable goods groupdeclined. All major segments otherthan the paper and allied products andthe chemicals and allied products indus-tries participated in the decline, but inmost cases the downward movement re-flected the usual seasonal drop fromDecember to January.

Inventories IncreaseThe book value of manufacturers' in-

ventories rose to 20.7 billion dollars atthe end of January. The 385-million-dollar increase for the month was aboutthe same as in the previous two months,but was about two-thirds the averagemonthly accumulation from Junethrough October last year.

The durable and the nondurable goodsindustries contributed about equally tothe January increase in book-value in-ventories. A further development inJanuary was the appearance of declinesin some major industries in both thedurable and the nondurable goodsgroups.

Seasonal Lag in ConstructionA somewhat different development has

been noted in construction activity whichin the first two months of 1947 totaleciy2 billion dollars. This represented alarger than seasonal decline from thevolume of the preceding months and wassomewhat below the amount which hadbeen anticipated for this period. In gen-eral, private nonresidential constructioncontinues to fare somewhat better thanresidential building from the standpointof the progress of work put in place.

Construction of nonresidential build-ings still requires authorization from theCivilian Production Administration inthe Office of Temporary Controls, butliberalization of construction in thesecategories was announced by that agencyearly in January. After January 9, thelimit on authorizations was stepped upfrom 35 to 50 million dollars per week.The increase was necessitated in part bythe increased cost level and in part toprovide added facilities for vital com-munity needs in areas with new housingdevelopments.

The Civilian Production Administra-tion also liberalized its rules for approv-als of future applications for foundationsand structural frames. However, thebasic provisions on essentiality of newconstruction have not been abandoned.This is evidenced by the fact that in thefirst 4 weeks following relaxation of the35 million dollar limit, approvals haveaveraged only 40 million dollars a week,even though applications have been inexcess of 50 million dollars a week.

Employment Stabilizes at High LevelFollowing the very sharp expansion

from the low reached soon after VJ-day,the number of workers outside of agri-culture has remained virtually stablesince last October at a level which ap-proximates the war peak. The employ-ment trend is illustrated in chart 3, afteradjustment for seasonal influences. Inthe recent period of relative stability inthe employment total, added small gainsin manufacturing, trade, and miscellane-ous industries have been partly offset

Chart 2.Daily Average Produc-tion of Motor Vehicles x

1 I l 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 I I M I

1 Includes passenger cars, trucks, tractors,jeeps, military ambulances, and wheel-drive

personnel carriers.Sources : Civilian Production Administration,

except figure for February 1947 which is anestimate of U. S. Department of Commerce.

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March 1947

Chart 3.NonagriculturalEmployment

MILLIONS OF PERSONS42

4 0

38

36

34

SEASONALLY

It ! ! 1 1 I 1 1 I

ADJUSTED

/

1 1 ! s 1 1 1 1 1

r

Mil l

P

Mill

-

-

-

1 1 1 1 1 1J945 1946 1947 47-98

Source of data : Board of Governors of theFederal Reserve System.

by reductions in construction and in thenumber of Government employees. Al-though the volume of unemploymentrose from 2.1 million in December to 2.4million in January, this change largelyreflected seasonal influences.

Recent trends in labor force participa-tion lend support to the conclusion thatthe postwar readjustments in the civilianwork force have been largely completed.The armed forces were reduced 200 thou-sand between December and early Jan-uary to a total strength of approximately1.7 million, which is but slightly abovethe anticipated strength for the monthsahead. Labor force participation ofveterans has also stabilized, althoughthis*is partly temporary, pending thecompletion of schooling.

Incomes Continue to RiseWith the exception of but one month,

income payments to individuals haverisen steadily since February of last year,after allowance for seasonal factors.From December to January 1947 the sea-sonally adjusted annual rate of paymentsrose from 176 to 177 billion dollars. Thefull-year total for 1946 was 165 billiondollars.

The major increases in income in Jan-uary were in wages and salaries paid toworkers in commodity producing indus-tries. Government transfer paymentsalso rose, reflecting in the main the De-cember-January rise in unemploymentcompensation. Minor declines tookplace in wages and salaries paid in thedistributive and service fields.

Retail Sales Index GainsThe dollar volume of spending, after

adjustment for seasonal influences, has

SURVEY OF CURRENT BUSINESS

moved so far this year largely in ac-cordance with the seasonal pattern. Theindex of sales at retail stores in Januarywas about 3 percent above the previousmonth's seasonally adjusted index, withconsumer purchases of both durables andnondurables s h o w i n g approximatelyequal rates of increase.

Sales at apparel stores recovered some-what from the fourth quarter rate.Relatively large gains, after seasonal ad-justment, also were recorded for eatingand drinking places, furniture and house-furnishings stores, and building mate-rials and hardware stores.

Recent trends in consumer buyinghave also shown the effects of the large-scale revival of postholiday clearancesales. These sales testified to thechanged character of many retail mar-kets, particularly in the ladies apparelfield. During the war and early post-war period retailers rarely found it nec-essary to offer price inducements to clearshelves of stocks.

Price Rice Influences Sales GainOwing to the substantial price rise

since the middle of last year, the actualvolume of consumer takings has laggedbehind the rise in dollar sales volume.This fact is clearly evident from chart4, showing changes in department storesales and in the appropriate price index.

Table 1.Wholesale Prices

Chart 4.Sales and Prices at De-partment Stores

Period

Week ended1946:

November 9 ..November 16November 23November 30December 7 _ _December 14December 21December 28

1947:January 4January 11January 18January 25February 1 _ -February 8February 15February 22March 1

Four weeks ended:December 7, 1946January 4, 1947February 1, 1947March 1, 1947

Allcom-modi-ties i

Farmprod-ucts

Foods Allother l

Index (1926=100)

134. 8135. 8137.3139.1139.1139. 7139.8139.6

139.1140.0140.8140. 3140. 3141.7143.1144.3146.4

166.0167.3172.1170.3169.2168.7170.7167. 7

166. 5165.8166.0164. 2164.8165. 5168. 9171. 7176.1

J62.5164.1165.0163.6161. 7161. 3159.5159.1

156.1158.1157.8155.9154.1156.7160.9162. 5167.

115.5116.2116.9121. 1121.6122.9123.4123.9

124.1125.0126.6127.0127.5128. 1128.1128. 3128.7

Percent change

3.20.9

4.3

1.9- 1 . 8- 0 . 8

6.9

- 0 . 5- 3 . 3

1 g

i

5.32.12.7.9

NDE^160

40

120

100

80

SURVEY OF CURRENT BUSINESS March 1947

The Current Structure of PricesBy Louis J. Paradiso and Lois H. Rodriguez

THE PRICE INCREASES which havetaken place since the middle of 1946have been the sharpest in our historyfor any similar period of time. FromJune 1946 to January 1947 the over-allindex of wholesale prices increased 25percent while the price index of con-sumer goods rose 15 percent. This ad-vance resulted from the elimination ofprice controls and the restoration offree-market pricing at a time when de-mand pressures, while diminishing inintensity, were still high and when nor-mal production and imports had notbeen fully restored. By the end of theyear, prices reflected the free exchangeof goods between seller and buyers atquotations set by market processes.

While the release of controls hasbrought about a better balance in thegeneral supply-demand picture at thehigher level of prices, recent trends havenot resulted in a balance in the pricestructure comparable to that which ex-isted in the prewar period. Rather, theinternal structure of prices represents aconsiderable deviation from this earlierperiod. This is clearly indicated by thewide dispersion in the wholesale pricemovements, particularly since the pricesof many commodities were adjusted tothe current demand-supply situation ina relatively brief period.

Wide Dispersion of ChangeThe wide variation in price changes by

individual commodities in the recentsharp advance of the general price levelreflected sellers' ideas of what price wasadequate and a variety of other circum-stances, an important one being the ex-tent to which adjustments upward hadbeen permitted under the price controlsystem. Incentive pricing had been thecriterion for some industries; in otherswith high-level operations the permittedprices yielded profits regarded as ade-quate. Where prices are of the adminis-tered type, longer-run considerationsweighed more heavily than short-run de-cisions. The most rapid, as well as byfar the largest increases, occurred infarm products and foods where pricing

SummaryThe upward movement of prices

which came with the lifting of pricecontrols was the sharpest for anyequal period in our history. Chiefcharacteristics of the rise, asidefrom its generally broad character,have been: (1) many prices havei n c r e a s e d by extraordinaryamounts since June 1946; (2)prices of a number of other com-modities, particularly some indus-trial commodities, have not in-creased or have risen by smallamounts; and (3) in some seg-ments prices are considerably outof line with the general level ofprices.

A basic factor contributing tothe upward price movement hasbeen the short supplies of manygoods relative to demand, partlybecause the flow of finished goodshas been low relative to total pro-duction as a result of considerableadditions to inventories. Outputhas not yet been balanced, norhave recent additions to capacitybeen fully reflected in the flow of

.goods, but progress is evident in thesteadily rising movement of fin-ished goods through trade chan-nels. Rising costs also have beenan influence on the supply side.

As 1947 advances, considerablechange in the price structure maybe expected. With the increasingavailability of goods, greater effi-ciency of production and a lessen-ing of the pressures of demandsfor nondurable goods, there is rea-son to expect that a more usualrelationship will come to prevailamong the broad groups of prices.

NOTE: Mr. Paradiso is Chief of, and Mrs.Rodriguez a member of, the Business Struc-ture Division, Office of Business Economics.

was on a day-to-day basis and where nosingle seller had anything to gain by tak-ing a lower price if it were possible tosell higher.

It is desirable to examine in perspec-tive what has happened to the generalprice structure in the recent move and toappraise the current level of prices ofgroups of commodities in relation to each

other and to the average of all prices.In addition, the price changes shouldalso be considered in relation to the de-mand and supply situation which is nec-essary for an appraisal of the near-termoutlook for prices.

In general, analysis shows that the re-cent upward sweep in prices had thesecharacteristics: (1) many prices haveincreased by extraordinary amountssince June 1946; (2) prices of many othergroups of commodities, particularly someimportant industrial commodities, havenot increased or have increased by smallamounts; and (3) in limited segmentsprices are considerably out of line withthe general movement of all prices.

Recent Price IncreasesEvery businessman and consumer has

experienced the effects of rising prices inrecent months. Just how sharp havethese increases been?

The movement of the wholesale priceindex is shown in chart 1 for the period1850-1946. The increase from June toDecember 1946 was 25 percent. In thetwo earlier periods of war stimulated in-creasein 1860-65 and 1916-20thelargest advance for any 6-month periodwas 10 percent.

The rise in farm product prices was avery important factor in the rise in theprice level, both in the initial move start-ing in 1941, and in the more recent pe-riod of advance. Farm prices rose 12percent from June to July 1946, and 7percent from July to December, resultingin a total increase from June to Decem-ber of 20 percent compared with 18 per-cent for industrial prices. But while the6-months relative advances were not farapart, it should be noted that farm pricesare beyond the general run of prices.(See chart on page 4 of the December1946 issue.)

Contrast With First World WarIn the first World War period prices

of farm products reached a peak in Jan-uary 1920 when the index was at 238compared with July 1914=100. Pricesof all commodities other than farm andfood products reached their peak sixmonths later when the index was at 265Digitized for FRASER http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

March 1947 SURVEY OF CURRENT BUSINESS

compared with July 1914. In otherwords, the differential movement of thetwo series of prices was not great con-sidering the extent of the rise.

The movement of these two groups ofprices since August 1939 has been insharp contrast to the first World Warexperience. Farm prices increased byabout 70 percent prior to the institutionof general price controls in 1942, and byNovember 1946 the index was 178 per-cent above the August 1939 average. In-dustrial prices rose by a much smallerpercentage, the index standing in Janu-ary 1947 some 59 percent above the Au-gust 1939 average.

Frequency Distribution of Price ChangesIn order to appraise the character of

the recent price movement, a special tab-ulation was made of the percent changesfrom June to December 1946 in thewholesale prices of 675 commodities asreported by the Bureau of Labor Statis-tics. The results reveal that:

(1) Twenty-three items actually de-clined in price by more than 5 percent,dropping on the average 19 percent inthis 6-month period. These includesome farm products such as apples, pota-toes, oranges, corn and oats, and a fewindustrial products such as mercury,tartaric acid and toluene.

(2) No change or relatively littlechange in price, i. e., from 5 to +5percent, was recorded for 147 items.Many of these are important commodi-ties including some steel products, non-ferrous metals, chemicals and cereals.

Table 1.Wholesale Price Indexes[1926=100]

Month

VJ-day (August 1945)June 1946July 1946November 1946December 1946January 1947Percent change:

August 1945 to June 1946.June 1946 to July 1946 _.June 1946 to January 1947

Com-binedindex

105.7112.9124.7139.7140.9141.5

+7+10+25

Farmprod-ucts

126.9140.1157.0169.8168.1165.0+10+12+18

All com-modities

other thanfarm and

food

99.9105.6109. 5120.7124.7127.6

+6+4

+21

Source: U. S. Department of Labor.

The number of items in wrhich no changeoccurred was 93.1

(3) Commodities aggregating three-fifths of the total (or 418 items) recordedincreases from 5 to 50 percent, with anaverage rise of 19 percent. These includea wide variety of commodities, mostlyindustrial in character. Price rises from50 to 100 percent occurred for 68 items,and finally, 19 items increased by 100percent or more.2 This last-named group

1 The relative importance of the items

showing no change is reduced by the factthat some of the items carry very smallweights in the index.

2 Included in the group with the largest

increases are the following commodities:Oleic acid, two items of glycerin, castor oil,fresh beef, bacon, oleo oil, corn oil, two itemsof soybean oil, goat skins, seedless raisins,linseed oil, inedible tallow, flaxseed, curedhams, black pepper, edible tallow, and cocoabeans.

comprises either farm products, foods,or raw materials.

Chart 2 shows the distribution of the675 price items according to the percent-age price change from June to December1946. It is evident from this chart thatthe price movement in the last sixmonths of 1946 was characterized by awide variety of changes, and that theaverage increase of all the items ofabout 25 percent over the period was theresult of increases exceeding 25 percentfor a quarter of the items, while most ofthe prices of the other three-quarters ofthe items increased by much less than25 percent.

Flexible Prices Show Largest IncreasesIn periods of wide price swings, the

flexible prices, i. e., those which in pastperiods recorded frequent changes bymonths, have in general increased muchmore sharply than the inflexible ones.This has been the case because the for-mer have in general been freely tradedin by large numbers of sellers and includemany farm products and raw materials.On the other hand, the relatively inflexi-ble prices include many iron and steelproducts, finished industrial commodi-ties and a few manufactured foodproducts.

Grouping the wholesale prices accord-ing to their degree of flexibility3 andaveraging the percent changes in pricesfrom June to December 1946, it is found

3 "Structure of the American Economy/*

National Resources Committee, June 1939,Appendix 2, table 1, column 18.

Chart 1.Wholesale Prices of All Commodities(Index, 1926 = 100; Ratio Scale)

200 200

50 h-

4 0 11 M i i i i i i ! i i i i i i n i I i i i i i i i i i 1 1 1 1 i i i i i i 1 i i 11 i i i 11 h i i i i i i i i 1 11 i i i i i i 11 i i i i i i i i i 11 i 11 i i i i i 1 i 1 1 1 i i i

1850-59 1860-69 1870-79 1880-89 1890-99 1900-09 1910-19 1920-29 1930-39 1940-46Source of data : U. S. Department of Labor.

1946 19474 7-94

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6 SURVEY OF CURRENT BUSINESS March 1947

Chart 2.Percentage Distribution of 675 Commodities, by Change inWholesale Price Indexes, December 1946 from June 1946

PERCENT OF TOTAL30

10 -

-25 -15AND TO

UNDER -25

- 5 - 5 +5 +15 +25 +35 +45 +55 +65 +75TO TO TO TO TO TO TO TO TO TO-15 +5 +15 +25 +35 +45 +55 +65 +75 +85PERCENTAGE CHANGE IN WHOLESALE PRICE INDEXES,

+ 85TO

+ 95

+ 95AND

OVER

Sources :Commerce.

DECEMBER 1946 FROM JUNE 194647-100

Indexes, U. S. Department of Labor ; calculation of percentages, U. S. Department of

that all groups in the flexible scale in-creased by at least 10 percent, and thatthe flexible prices rose on the average bya much greater percentage than the in-flexible prices. The average increase ofthe 175 items falling in the inflexiblegroups 4 for the period June to December1946 was about 10 percent; the 242 itemsfalling in the groups which are neitherclearly in the one group or the other5 hadan average increase in price of morethan 20 percent; while the 198 itemswhich are clearly market-dominated6increased in price on the average bymore than one-third.

Taking as a base 1926=100, the aver-age of the indexes for the three groupsof items mentioned above are shown in

the following table for June and Decem-ber 1946:

11926=100]

Inflexible price (I-I1I)Neither flexible nor inflexible prices

(IV-VII)Flexible prices (VIII-X)

June1946

10S. 7

113.3128.4

Decem-ber1946

121.

138. 5168.9

Prices by Commodity GroupsThe factors which will determine the

movement of prices from now on is thesupply situation and the strength of the

effective demand for goods. These fac-tors will be discussed later. Understand-ing of the internal structure, and theprobable nature of adjustments as morenormal demand-supply relationships arerestored will nonetheless be facilitated byan examination of the recent price in-creases in relation to past experience.This is here done by comparing pricechanges of individual groups in terms ofthe corresponding changes in the aver-age prices of all commodities.

This comparison provides an addi-tional indication of the magnitude of theadjustment which might be called for inorder to bring prices of certain commodi-ties closer in line with the relationshipindicated by past experience, withoutraising the question as to the possibilityor probability of change in the generallevel of prices which would result in ad-ditional adjustments.

In general, during the period from 1921to the middle of 1946, the movements ofthe wholesale prices of major groups ofcommodities have been closely correlatedwith the general wholesale price level.The correlation is, of course, such thatthe major groups of commodities haveshown differential rates of change rela-tive to the change in the general pricelevel. For example, a 10-point change inthe all-commodity wholesale price index(1926=100) has been associated on theaverage with a change of 2 points in theaverage price of cement, of 11 points inthe price of dairy products, of 14 pointsin the price of cotton goods, and of 20points in the price of oils and fats.

The first column of table 3 gives thedifferential rates for major groups andsubgroups of commodities in the whole-sale price index. Charts 3, 4, and 5 showthe relationships of the prices for eachof 12 selected groups to the all-com-modity wholesale price index. Thesescatter diagrams typify the patterns ofrelationships which exist between pricesof commodity groups and the generalprice level.

Degree of Association CloseIt will be noted that in each case

charted the degree of association be-

Table 2. "onsumers' Price Indexes[1935-39=100]

4 These include items falling within the

first three of the ten groups used in thesource cited, i. e., prices which have changedless than 12 times in 95 monthly opportuni-ties to change in the period 1926-33.

5 These include items falling within groups

IV-VII included in the source cited; i. e.,prices which changed between 12 and 49times in 95 monthly opportunities in theperiod 1926-33.

6 These include the items falling in groups

VIII--X, changing 50 or more times in 95monthly opportunities to change in the pe-riod 1926-33.

Month

VJ -day (August 1945)June 1946July 1946November 1946December 1946January 1947Percent change:

August 1945 to June 1946_June 1946 to July 1946June 1946 to January 1947

Com-binedindex

129.3133.3141.2152.2153.3153.1

+3+6

+ 15

Food

140.9145.6165.7187.7185.9183.8

+3+14+26

Clothing

146.4157.2158.7171.0176.5178.3

+7+ 1

+ 13

Fuel,electricity,

and ice

111.4110.5113.3114.8115.5117.3

- 1+3+6

Housefurnish-

ings

146.0156. 1157.9171.0177.1178. 5

+7+ 1

+ 14

Rent

108. 3108. 5

108.8108. 8108.8

000

Miscel-laneous

124. 5127.9128.2132.5136.1136.6

+3

Source: U. S. Department of Labor.

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

March 1947 SURVEY OF CURRENT BUSINESS

tween the price of the particular groupand the general wholesale price is quiteclose. There are some years for whichthe deviations from, the average line ofrelationship are considerable. This isshown in the relation of cotton goodswhere the points for 1933 and 1934 aremore than 20 percent above the line.

These unusual deviations are due toparticular conditions of supply or otherspecial factors operating in the period.In two caseslumber and lumber prod-ucts, and petroleum and petroleumproducts (see chart 5) it was found thatthe deviations followed a trend in the1921-41 period. In the case of lumber,the upward trend reflects increased costsand long-term depletion of resources.In the case of petroleum, the decliningtrend is traceable to improved technologyin the industry.

For a few groups there appears to beno consistent relation to the generalprice level throughout the whole period.These include 7 groups of the 38 majorgroups shown in table 3, namely auto-mobile tires and tubes, fertilizer mate-rials, fruits and vegetables, rayon, ho-siery and underwear, electricity, and gas.In the case of rayon, for example, theaverage price index remained practi-cally constant between 1933 and Febru-ary 1947. It is self-evident why this isso in some of these commodities, thoughno attempt will be made here to analyzethese particular price movements.

When the present price level for eachof the 31 groups of commodities is exam-ined in the perspective of the long-termpast relationship, it is found that in 8groups the rise in prices since June 1946has brought the level significantly abovethe line of relationship prevailing be-tween these prices and the all-commod-ity wholesale price index in the 1921-41period.

Groups Out of Line on High SideTable 3 gives the percentage deviation

from the long-term relationship of thewholesale prices on February 22, 1947,for each of 31 major groups of commodi-ties with the all-commodity wholesaleprice index. The 8 commodity groupsfor which the average price was signifi-cantly above the line of relation in Feb-ruary 1947 are: paint and paint mate-rials, meats, lumber, drugs and Pharma-ceuticals, oils and fats, shoes, leather,and cotton goods. It is important tonote that the recent deviations are sig-

nificantly above the average deviationsprevailing in the period from 1921 to 1941which have varied for these 8 groupsfrom 3 to 5 percent.

For two groups of commoditiesdairyproducts and meatsthe average prices

Table 3.Relation of Wholesale PriceCommodity Group Indexes to TotalWholesale Price Indexes

Commodity group

FoodsCereal productsDairy products .Fruits and vegetables ^Meats

Textile productsGot ton goodsWoolen and worsted goods__C loth ingHosiery and underwearRayon

Metals and metal productsXon ferrous metalsIron and steelPlumbing and heatingAgricultural implementsMotor vehicles

Building materialsPaint and paint materials.-.Brick and tileCementLumber

House furnishing goodsFurniture...Furnishings .

Hides and leather productsShoesHides and skinsLeather .

Chemicals and allied products.ChemicalsDrugs and Pharmaceuticals _Fertilizer materialsMixed fertilizersOils and fats

Fuel and lightingElectricity _ _Gas ".Petroleum and productsCokeAnthr aci teBituminous coal

MiscellaneousAutomobile tires ana tubes-Paper and pulp

Farm productsGrainsLivestock and poultry

35!SSI

20

CO88

+16

()+31- 1 1+10- 2 4

- 6

0 6+ 1+2

+24+30+7+8

+22 5 5- 1

+105+16

+1+11+1+3

+18(3)- 2 0+14

(- 1 6

- 3- 1 0

- 3- 1 6(6)+7+3+6+4

Percentageprice

change

- 4+12- 1 1+10- 1 4+ 7

+12+6+8

+13+12+21+28+11+9+8(4)

+29+46+4+4

+44+8+9

+23+17+27+30+30+15+63+5+6

+103+4- 1+5+5+5+ 1+4+7

0+17+ 1

0+4

+44+40+29

- 3+83+24+36+6

+ 11+34+12+23+32+ 12+9+8(4)+33+60+10+8

+46+ 14+15+12+44+32+70+63+34+16+67+20+ 10

+111+12- 3+4

+ 19+16+8

+11+12

0+22+23+15+48

T Based on the average straight line relationship be-

tween prices for the specified groups of commodities andthe movement of the all-commodity index for the period1921-41.

2 Percentage change of the actual index on February22 from the calculated value from the straight line ofrelationship noted in preceding footnote.3

Xo relationship.4 Not available.5 The relationship was based, in this case, on the years

1927-41.0 Xo change since 1942.

had reached a peak on October 19, 1946when they were 75 percent and 29 per-cent above the line of relationship to theall-commodity price index. The sharpdecline since then brought prices of dairyproducts much closer in line with theirrelationship to all wholesale prices butas indicated above prices of meats werestill 31 percent above the line.

Major Groups in LineThe prices of the many major groups

of commodities on February 22, 1947,were either in line with their past rela-tionship to all prices or were not suffi-

ciently above or below the relationshipas to be out of line with past deviationsof these prices from the relationship.7A third group, including woolen andworsted goods and mixed fertilizers, stillremained below the average relationship.The prices of such important groups ofcommodities, for example, as iron andsteel and their products, nonferrousmetals, furniture and furnishings, in-dustrial chemicals as a group, paper andpulp and grains and livestock werefairly well in line with their past rela-tion to the movement of the all-commod-ity price index.

Shifts Since OctoberThe third column of table 3 shows the

percent change in prices from October26, 1946, 2 weeks before prices were gen-erally decontrolled, to February 22, 1947.With few exceptions the effect of pricedecontrol was to result in increaseswhich either brought prices of groupsof commodities in line with past rela-tions of the movement of these prices tothat of all commodity prices, or to a levelfar above the past relation.

The marked increases in the prices ofoils and fats, drugs and Pharmaceuticals,paint and paint materials, lumber,leather, shoes, and cotton goods, broughtthe price level of each of these groups onFebruary 22,1947, to a point far in excessof the past relationship of these prices tothe all-commodity price level. On theother hand, the increases in the pricesof nonferrous metals, paper and pulp,chemicals, and iron and steel, raisedthese quotations from a relatively lowposition to one about in line with the pastrelationship to the general movement ofall prices.

Other groups such as cement, brickand tile, furniture and furnishings whichwere either already above the past rela-tion or in line with it did not change verymuch after the time of decontrol.

These comparisons of the prices ofgroups of commodities in relation to thegeneral price level serve to point up therecent price increases relative to a frameof reference which can be used to ap-praise their significance. While they donot provide a basis for conclusions as tothe trend of the general price level, thedata do serve to reveal the lack of inter-nal balance in the price structure.

7 It must be recognized that it has been

particularly difficult to obtain fully adequaterepresentation of prices during the recentperiod when the character of the productshas undergone significant changes. Conse-quently, the deviations of present pricesfrom the long-term relationship, shown inthe charts and in table 3, should be regardedas approximations rather than as exact mag-nitudes.

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8 SURVEY OF CURRENT BUSINESS March 1947Supply Important in Future Trend

Although it is not the purpose of thisarticle to appraise the supply-demandoutlook for each of the commodities cov-ered in the wholesale price index, never-theless it is desirable to comment uponthe general supply situation of groups ofcommodities in order to evaluate the in-fluence of this factor on price trends.Many of the recent price increases canbe attributed directly to short suppliesand for these cases it can be inferredthat as supplies come more nearly inbalance with demand, prices will be af-fected.

At the present time production ofgoods for final use is on the increase andsupplies of many goods are approaching

a closer balance with demands. In gen-eral, the groups of commodities whichincreased in prices far above the pastrelationship to the all-commodity priceindex are expected to be in larger supplyrelative to demand by the fall of thisyear. Similarly, we may expect that withreconversion problems fading and withless scrambling for some scarce goods asproduction is better organized (and in-ventory rebuilding is less urgent) someof the demand pressure will be off. Therecent price rise itself is a potent forcein altering demand and, in some cases,supplies.

Meat supplies should expand later inthe year, according to the Departmentof Agriculture estimates. Currently thepork supply reflects the reduced farrow-

ings of last year. Lumber in general isnow becoming less tight, although floor-ing as well as some hardwoods will stillremain short lor the remainder of theyear. Industrial oils, on the other hand,are still short and will continue in shortsupply until the end of this year.

Supplies of leather and leather shoesare still short but are expected to be ina much more improved condition in thelatter part of the year. The supply ofcotton goods on the whole is still shortand in some items far short, but an im-provement in supply is expected thisyear. Thus, the supply situation will op-erate to relieve the pressure in thoseareas where price advances have been"excessive" in recent months, and shouldbe a factor in redressing a balance.

Chart 3.Relationship Between Wholesale Price Indexes for Selected Commodities and for All Commodities

NOTE:-LINES OF REGRESSION WERE FITTED BY INSPECTION FOR YEARS 1921-41.2 0 0

150

100

5 0

PAINT

-

3 3 ^

AND

40 3C3 9 - ^

34*35

PAINT

1

MATERIALS

N0\

i

FEB 22, 1947

^ D E C .

1919 ^ ^ ^ ^

1

SHOESFEB. 22, 1947

1946-

2 0 0

150

100

5 0

o? 250(DCVJ

a

? 200

5o

8 150

5 0 75 100 125 150 175 50 75 $00 125 150 175

100

50

50

MEATS

|

1946

22# 2324

30 QR.g

1

0CT.

/

NOV.$ FEB.

!

22, 1947

20

OILS

3 3 /

/

AND

3?

36/

' * o

1

FATS17

/

1

FEB

fNOVffl

^j^OCT.- ^ ^ 3D QR.

. 22, 1947 / /

)DEC. /

7-1946

17 5 100 125

TOTAL (INDEX, 1926=100)150 175 50 75 100 125

TOTAL (INDEX, 1926=100)150

2003

oo

150 8

100

50

175

1 Data for years and quarters are monthly averages. Latest data shown are for week ending February 22, 1947.

2 Data for oils and fats before 1926 are not available. Source of basic data : U. S. Department of Labor.

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

March 1947

For some commodities, supplies thisyear will continue to be far short of de-mands. These include such goods as pas-senger cars, agricultural implements, andcertain chemicals. Nevertheless, it isimportant to note that here sustainedpeak operations would have a favorableinfluence on unit costs, a factor which isimportant in pricing.

SURVEY OF CURRENT BUSINESS

Shift in Demands ImportantThe foregoing analysis suggests that

while the recent price increases have re-sulted in a distorted price structure, thestartling advances have been concen-trated in relatively few groups of com-modities which in total have an impor-tant weight and consequently were of

9major importance in the recent upwardmovement of the general price level.

Four basic factors have contributed tothe sharp price increases which camewith the termination of price controls.Although not newthey preexisteditwas recognized that with official re-straints removed they would be sufficient

Chart 4.Relationship Between Wholesale Price Indexes for Selected Commodities and for All Commodities 1

NOTE-.-LINES OF REGRESSION WERE FITTED BY INSPECTION FOR YEARS 1921-41.2 5 0

POO

150

100

5 0

COTTON

-

GOODS

4038

I

FEB 22, y /

3 0 / /1946-^ J^ w /

11/// 0'9'9

4 ^

J3*25

4 1

50 75 100 125

50 75 100 125 150 175

2 0 0

oo

150 ~

xQ

100 -Qo

5 0

DAIRY PRODUCTS

44.42 45J

31 2 S ^ # 4 ' 22

32 /*St3 2

^ ^ 39' 1 1

"rrz o OR.

/*^I946

-2 0 QR.

I

NOV. S

FEB. 22, 1947

1919

1

NONFERROUS METALS

1946

50 75 100 125 150 175 50 75 100 125 150

1 5 0

too

5 0

PAPER

-

38

1

AND

41

PULP

1ST | R 02 4 3 3 | 4 4 ^ ^

29 2 S

j

3 0OR.

2 0

FEB L'2, ( 9 4 7 ^ ^ - - - ^ ' ' ^

1946

150 75 100 125

TOTAL (INDEX, 1926=100)150 175 50 75 100 125 150

TOTAL (INDEX, 1926=100)

2 0 0

- 150

- 100

175

2 0 0

150

ooII

lOOo!

xQ

50 |o

oo

175

WOOLEN

-

AND WORSTED

434|445 y ^2i\ \XA^iS0 0R

GOODS

O C T 9 ' 1 E C

2#Hf \ u 3^t #26 1946

|36 2935 # 3

| 1

0 2 0

3 22, 1947

2 0 0

- 150

- 100

5 0175

1 See footnote 1, chart 3.

73348647 2

Source of basic da ta : U. S. Depar tment of Labor.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 SURVEY OF CURRENT BUSINESS March 1947

Chart 3.Relationship Between Wholesale Price Indexes for Lumber, Petroleum and Products, and AllCommodities, and Relationship With Time 1

3 0 0

2 5 0

N O T E . - L I N E S OF REGRESSION WERE F I T T E D BY INSPECTION FOR YEARS 1 9 2 1 - 4 1 .

oo

2 0 0

x

LJO

LUMBER:DEVIATIONS RELATED TO TIME

- 1 0 0 f t I I t I t t t t 1 t I I I I I I I I I l I I I I I In1920 1925 1930 1935 1940 1945

PETROLEUM AND PRODUCTS:DEVIATIONS RELATED TO TIME

i i i i t i i i i i i i i i i

+ 100

CD*of dol

of doldodododo

159165170157111174136180

16, 369

161167167161112180141182

16, 590

159166161163114186148177

16,829

2,210180

1,210100720

159167157162114199153174

16, 837

158165153160116196157174

16, 934

158166150164118192156176

17,175

2,810230

1,530130920

169170180171120195164182

18, 010

173171183178124198168186

18, 466

176174184181129204171189

18,886

3,320280

1,810160

1,070

184180195183132212174200

' 19, 533

187185199

' 1 8 3134215173207

' 19,928

r 190195'200'187

134

'174'209

r 20, 296

3,650310

2,040210

1,090

BUSINESS POPULATION

OPERATING BUSINESSES AND BUSTURN-OVER*

(U. S. Department of Commerce)Operating businesses, total, end of quarter...the

Contract constructionM anuf acturingRetail tradeWholesale tradeService industriesAll other

New businesses quarterlyDiscontinued businesses, quarterlyBusiness transfers, quarterly

SINESS

usands _dododododododododo

INDUSTRIAL AND COMMERCIAL FAILURES(Dun and Bradstreet)

Grand total numberCommercial serviceConstructionManufacturing and miningRetail tradeWholesale trade _- _

Liabilities, grand total thousCommercial service __ConstructionM anuf acturing and mining _.Retail trade... ._ _ __Wholesale trade

dodo

...do-.__dodo . . .

>. of dol__do-dodo

___do___-do

BUSINESS INCORPORATIONSNew incorporations (4states)._ ..number..

i

4,202

80128

35223

4,3722,279

1551,677

24516

5,521

92131429279

2,983748215874258888

4,191

3, 369.1214.1276.5

1, 554.7152 9641.3529 7187 642.6

137.3

868

10411710

4,421902436

2,285269529

4,774

8157

342510

3,78540

1332,734

249629

4,843

92138

41264

3,65660

1912,0661,323

16

4,634

' 3,494. 7' 232. 2r 287 8

'1 ,614.5r 160 1

' 661. 2' 538 8' 168. 7

' 4 3 . 1103.3

693

132524

43,006

7262

1,996661

80

4,388

7479

3617

53,434

413162

1,948835

76

3,946

92121237265

3,799459516

2,113297414

3,550

v 3,599.3242.9

*> 296 7P I , 670.4

v 166 2v 677. 5545 7p 149. 9

*45. 2p 108. 3

96111732288

4,877311

1,3682,510

367321

3,399

1231114602117

6,400147500

4,975352426

3,771

104139

38368

12, 5113,202

1368,492

392289

3,068

1411418583516

17,105801266

7,2171,0257,796

3,561

COMMODITY PRICESPRICES RECEIVED AND PAID BY FARMERS

U. S. Department of AgriculturePrices received, all farm productsf 1909-14 = 100..

Crops doFood grain doFeed grain and hay doTobacco doC otton doFruit d o - . -Truck crops doOil-bearing crops do

Livestock and products doMeat animals doDairy products doPoultry and eggs do

Prices paid:*All commodities 1910-14=100

Commodities used in living doCommodities used in production do

All commodities, interest and taxes doParity ratio* do

260236223184399240196238336281306292201

227242207215121

206207179164375180225249213204206203197

184191175177116

207213180166368186233275212202214202168

185192176179116

209215185171367183229283208203219201167

187109177180116

212220185171368190244282210205225199166

188195178181117

211215198188369194248177214207226198173

192197185185114

218223200195370210261185219213230207178

196201190188116

244240215244369249249163242247268245196

209214202199123

249233203225388271203162242263294257199

214221204204122

243236207221396285210154236250249221221

210217200200122

273244218222410304208151255299318300257

218231202207132

263230220187399236186207342294313307230

224239204212124

264232224186406242211166334294311312226

225239207213124

r Revised. * Preliminary.* New series. For estimated value of manufacturers' inventories for 1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. For data prior to 1945 for the

series on operating businesses and business turnover, see pp. 21-23 of the May 1946 Survey and p. 10 of the May 1944 issue. The series on new plant and equipment expenditures arecompiled by the Securities and Exchange Commission and the 17. S. Department of Commerce and are estimates for all private industry, excluding agriculture, based on reports from asample including most of the corporations registered with the Commission and a large sample of unregistered manufacturing companies; data through the third quarter are reportedactual expenditures; fourth quarter figures are reported anticipated expenditures. The series on prices paid by farmers and the parity ratio are from the U. S. Department of Com-merce; the latter is the ratio of prices received by farmers to prices paid, interest and taxes.

t Revised series. Revised figures for 1938-August 1945 for inventories of "other nondurable goods industries" will be shown later. The indexes of prices received by farmersare shown on a revised basis beginning in the March 1944 Survey; data back to 1913 will be published later; data for February 15, 1947, are as follows: Total 262; crops, 245; food grain,235; feed grain and hay, 185; tobacco, 390; cotton, 246; fruit, 203; truck crops, 275; oil-bearing crops, 334; livestock and products, 278; meat animals, 319; dairy, 270; poultry and eggs, 192.

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S-4 SUKVEY OF CURRENT BUSINESS March 1947

Unless otherwise stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Survey

1947Janu-

ary

1946

Janu-ary

Febru-ary March April May June July August

Sep-tember

Octo-ber

Novem-ber

December

COMMODITY PRICESContinued

RETAIL PRICESConsumers' price index:

National Industrial Conference Board:%Combined index 1923=100

Clothing . doFood doFuel and light doHousing . do _ _Sundries do

U.S . Department of Labor:Combined index 1935-39=100-

Clothing doFood -- - . . do

Cereals and bakery products* doDairy products* . . doFruits and vegetables* doMeats* do

Fuel, electricity, and ice . do ._Gas and electricity* doOther fuels and ice* do

Housefurnishings _.doRent f doMiscellaneous do

U.S. Department of Commerce:All commodities index* 1935-39=100

U.S. Department of Labor indexes:Anthracite 1923-25=100Bituminous coal - do

Fair child's index:Combined index Dec. 31, 1930=100.

Apparel:Infants' doMen's -. do"Women's do

Home furnishings doPiece goods do

WHOLESALE PRICESU.S . Department of Labor indexes:

Combined index (889 series) d* - 1926= 100_ -Economic classes:

Manufactured productscf doRaw materials - doSemimanufactured articles do

Farm products doGrains . doLivestock and poultry do

Commodities other than farm productsd" doFoods do

Cereal products do __Dairy products doFruits and vegetables doMeats - - do . .

Commodities other than farm products and foodsrcT1926=100

Building materials doBrick and tile - do __Cement do . .Lumber . . do. _Paint and paint materials d o . . .

Chemicals and allied products! do. _Chemicals doDrugs and pharmaceuticalsf doFertilizer materials doOils and fats - do. _

Fuel and lighting materials . do __Electricity - -doGas -.-do___Petroleum products do

Hides and leather products . . . doHides and skins doLeather . . doShoes do

Housefurnish ing goods . - . do __Furnishings _ doFurniture do

Metals and metal productscf - . .do __Iron and steel - doMetals nonferrous doPlumbing and heating equipment do

Textile products . .do __Clothing . . .doCotton goods . _ doHosiery and underwear doRayon doSilk . _ -doWoolen and worsted goods __do___

Miscellaneous doAutomobile tires and tubes . doPaper and pulp _. do

Wholesale prices, actual. (See respective commodities.)

153.1178.3183.8143.4190.1187.9199.0117.391.9

142.0178.5108.8136.6

172 7

122.1

118 4117.7119.5127.9117.5

141.5136.7152.1138.8165. 0162.6189.6136.1156. 2139.9164.6131 6183.4

127.6169.7132.2108.3249.9171.2128.1112.7181.799.9

210.697.7

76.5175.1198.5181.6170.6123.3128.4118.2138.0123.9130.5117.0136.6132.4184.699.333.8

101.2120.8110.373.0

141.9

129.9149.7141.0109.4136.4180.8131.4110.893.8

127.3148.8

125.4143.1

108 2108.6113.5108.0105.3113.8115.7111.8

107.1102.9118.397.6

129.9133.8131.5101.9107.395.8

115.0125 7108.1100.8120.0116.9101.1158.5107.896.097.1

112.181.9

101.784.969.277.461.5

119.4117.6103.8127.9106.2109.7102.8105.7101.285.795.0

101.6107.4125.675.230.20)112.795.373.0

112.0

129.6150.5139.6109.8136.6181.1131.3111.093.8

127.8149.7

125.6142.9

108 6108.6113.5108.1105.3113.7115.7111.8

107.7103.4118.998 8

130.8133.9132.7102.5107.896.1

115.8127 5108.1101.3120.9116.9101.5160.1107.895.997.0

111.581.9

101.885.171.379.161.6

119.6117.6103.9128.2106.5101.1102.9106.6103.385.795.1

102.2109.4125.875.330.20)112.795.673.0

113.7

106.794.8

113 897.491.0

115.9130.2153.1140.1110.3137,0183.4131.3110.592.9

127.7150.2108 4125.9143.7108 6108.6113.6

108 2105.3113.7115.9112.0

108.9104.5120.5100.4133.4136.7133.5103.4109.496.2

116.1133.1109.6102.2124.9117.4102.3167. 6107.896.097.0

111.781.9

102.185.068 379.661.2

119.8117.6104.0128.6106.9110.9102.9108.4107.086.195.1

104.7109.5132.975.530.20)112.795.673.0

113.7

131.1154.5141.7113.3137.4185.9132.8110.492.6

127.8152.0126.7144.8108.5108.6113.7108.1105.7113.7116.2112.2

110.2105.5122.2101.1135.4137.0135.1104.5110.899.4

116.3138.2110.3103.3126.5119.9102.4171.4108.096.197.1

112.481.9

102.186.1b6. 679.762.8

119.8117.6104.0128.6107.5112.1102.9108.8107.487.1

100.8107.9117.4137.675.530.20)U2.795.773.0

113.9

131.7155.7142.6115.2138.6185.7133.5110.392.2

127.8153.7127.2

145.7108.7109.0114.5108.1106.2114.7117.0113.1

111.0106.1123.6101.9137.5148.1134.9105.1111.5100.3117.0140.6110.5103.9127.8120.5102.6172.5108.296.597.9

112.481.9

102.186.167.080.263.5

120.4120.7104.0128.9108.3113.4102.9109.4107.889.0

100.8108.8119.6138.675.730.20)112.797.073.0

115.3

108 296.4

116 297.491.0

117.3133.3157.2145.6122.1147.8183.5134.0110.592.1

128.4156.1108 5127.9147.7

108 8111.0

114.7

108.1106.2115.0117.2113.3

112.9107.3126.3105.7140.1151.8137.4106.7112.9101.7127.3136.1110.1105.6129.9121.3102.6176.0108.696.498.0

109.482.7102.187.867.279. b64.0

122.4121.5110.7129.5110.4114.5106.1112.2110.199.2

106.0109.2120.3139.475.830.2

112.798.573.0

115.6

141.2158 7165.7126.1179.1188.4173. 7113.392.1

133.8157.9128.2

156.3r 117 9114.3115.1108.2106.6115.7117.4113.3

124.7

118.9141.7110.2157.0181.4162.9117.5140.2124.9156.9130.0169.9109.5132.1122.5104.0177.3114.999.398.5

112.688.2114.290.365.680.765.1

141.2169.3133.2140.4111.9117.3106.4113.3111.3102.7106.0118.1120. 5148.676.330.2

126.7112.7101.373.0

117.1

144.1161 2171.2135.4180.1178.3186 6113.791.8

135.0160.0108.7129.8

159.8r 118 0114.4

116.0109.1108.0116.6118.7113.5

129.1123.9145.7111.9161.0169.0177.6121.9149.0124.7161.8120.4198.1111.6132.7126.0105.8177.6113.998.498.4

110.194.4

102.594.463.979.572.8

138.9155.8133.3140.1112.6118.5106.6114.0113.3101.4106.3124.0122.8160.087.730.2

134.8112.8102.073.0

119.6

114 699.7

131 3100.591.0

119 9145.9165 9174.1137.3186.6176.4188.5114.491.7

136.5165.6108.8129.9164.3

119 8116.2116.7110 3109.1117.5119 8113.9

124.0117.2141.4115.0154.3170.6150.4117.2131.9127.4169.1115.5131.3112.2133.8127.7106.5178.2116.798.498.6

110.390.2

103.394.364.780.673.0

141.6151.5138. 5144.8113.6119.4107.5114.2113.5101.4307.2125.7122.9166.688.730.2

126.5113.9102.173.0

121.9

148.6168 1180.0138.5202.4176.5190 7114.491.6

136.6168.5131.0167 2

r 119 6116.4

117.8

110 4110.0118.2121 3114.3

134.1129.6148.7118 2165.3174.2174.6127.1157.9128.5185. 5122 5191.4115.8134.8127.8106.5178.9119.299.998.8

111.591.9

111.191.264.180.873.1

142.4153.0138.5145.2115.3121.3109.2125.8113.7101.8107.2128.6125.5172.988.830.2

125.7116.6104.073.0

124.6

152.2171 0187.7140.6198.5184.5203 6114.891.8

137.2171.0

132 5171 5

r 119 6116.5119.0111 3111.5118.3124 3116.1

139.7134.7153.4129.1169.8165.4197.4132.9165.4136.1182.9139.5202.8120.7145.5129.1107.0192.1151.3118.9106.9152.896.3

191.094.565.284.473.4

172.5221.0178.1162.9118.2124.4111.8130.2114.0118.4107.2131.6127.9174.789.3

32.0115.0117.7106.573.0

127.7

122.9

148.891.0

153.3176 5185.9141.6200.9185.0197.8115.592.0

138.3177.

136.1172.7

r 119 6117.6120.7117 2114.8118.5126.4118.2

140. c

135.7153.2136.2168.1163. C194.7134.8160.1139. I180. C134. f188.2

124.7157.8130. C106.S227.2154.4125.7111.8181.295.1

203. C96.1

83.175.8

176.7216.1185. C169. S120.2126. [113. c134.1117.4129. [134.'129.8181.696. c33.8

103.2119. C108. c73. C

136.4

' Revised. l Not available. Formerly designated "cost of living index." JFor revised 1943 data see p. 20, of April 1946 Survey.cf Current prices of motor vehicles were introduced into the calculation beginning Octover 1946; April 1942 prices were carried forward in earlier computations (see explanation in

January 1947 Survey); if April 1942 prices had been used in October 1946-January 1947 calculations, indexes would have been as follows: All commodities, 132.5, 137.9, 139.0, 139.5;manufactured products, 127.0,131.7, 132.5, 133.5; commodities other than farm products, 125.1, 130.7, 132.4, 133.7; commodities other than farm products and foods, 113.2, 117.8, 121.6,124.4; metals and metal products, 114.3, 117.0, 120.5,123.7.

In May, June, September and October, it was impossible to obtain adequate samples for some meats in a number of cities; in such cases, the latest available prices were carriedforward in the index; July index reflects full price change from mid-April and November index, full price change from mid-August.

^Rents are surveyed semiannually for most cities in index, usually in March and September or June and December; see note in February 1947 Survey.*New series. For a description of the Department of Commerce index of retail prices of all commodities, see p. 28 of the August 1943 Survey; and for revised figures for 1929,1933,

and 1935-44, p. 31 of February 1946 Survey. Data for 1923-45 for the, indexes of retail prices of the food sub-groups are shown on p. 16 of the November 1946 Survey. Data beginning1935 for the indexes of retail prices of "gas and electricity" and "other fuels and ice" will be published later.

tRevised series. For revised data for 1941-43 for the indicated series on wholesale prices, see p. 23 of the November 1945 Survey.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

March 1947 SUKVEY OF CUKKENT BUSINESS S-5

Unless otherwise stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Survey

1947Janu-ary

1946Janu-ary

Febru-ary March April May June July August

Sep-tember

Octo-ber

Novem-ber

Decem-ber

COMMODITY PRICESContinued

PURCHASING POWER OF THE DOLLARAs measured b y -

Wholesale prices 1935-39=100.Consumers' prices do__.Retail food prices do__.Prices received by farmers! do__.

566554.41.

9330

75.177.070.851.6

74.777.271.551.4

73.76.71.50.

8839

73.076.370.550.2

72.575.970.050.4

71.375.068.648.9

64.7060.43.

8936

62.369.658.342.8

64.868.557.343.8

60675539

0450

57.65.53.40.

6924

57.165.253.740.3

CONSTRUCTION AND REAL ESTATECONSTRUCTION ACTIVITY*

New construction, total mil. of dol_.Private, total do

Residential (nonfarm) doNonresidential building, except farm and public

utility, total mil. of doL.Industrial do

Farm construction doPublic utility do.__.

Public construction, total doResidential do.._.Military and naval doNonresidential building, total do

Industrial doHighway doAll other doCONTRACT AWARDS, PERMITS, AND

DWELLING UNITS PROVIDEDValue of contracts awarded (F. R. indexes):

Total, unadjusted 1923-25=100..Residential, unadjusted,__ do

Total, adjusted doResidential, adjusted do

Contract awards, 37 States (F. W. Dodge Corp.):Total projects number..Total valuation thous. of doL.

Public ownership doPrivate ownership do

Nonresidential buildings:Projects number..Floor area thous. of sq.ft_.Valuation thous. of doL.

Residential buildings:Projects number..Floor area thous. of sq. ft..Valuation thous. of doL.

Public works:Projects number..Valuation thous. of doL.

Utilities:Projects number..Valuation thous. of dpi._

Indexes of building construction, based on buildingpermits (U. S. Dept. of Labor): f

Number of new dwelling units provided-1935-39=100..Permit valuation:

Total building construction doNew residential buildings doNew nonresidential buildings doAdditions, alterations, and repairs do

Estimated number of new dwelling units in nonfarmareas (U. S. Dept. of Labor):

Total nonfarm* number..Urban, total f do

Privately financed, total do1-family dwellings do2-family dwellings doMultifamily dwellings do

Publicly financed, total doEngineering construction:

Contract awards (E. N. R.) thous. of dol..HIGHWAY CONSTRUCTION

Concrete pavement contract awards: tTotal thous. of sq. yd..

Airports doRoads doStreets and alleys do

CONSTRUCTION COST INDEXESAberthaw (industrial building). .1914=100.American Appraisal Co.:

Average, 30 cities _ 1913=100.Atlanta do. . .New York do. . .San Francisco do__.St. Louis do__-

801633273

2751591075

168401322

55044

P120P 1 4 8J>144

27,619571,628166,672404,956

3,09625, 700200,312

23, 59339,279257,419

68180,721

24933,176

141.9

149.3195.9103.3163.4

41, 00025, 30124, 21720, 4971,4582,2621,084

430, 970

1,34326

606711

381410390353375

'474'385136

189100

875010761

15,332357,50146, 715310,786

4,70036, 335217,587

10,07118,57289, 715

36626,841

19523,358

' 181. 9

' 183. 1' 207. 5' 159. 0' 190. 5

44,80031,60725, 91821, 7861,3092,8235,689

348, 277

1,641209946486

283293280249278

510430159

212108851805132171922

1178513695

16,772387,39956,449

330,950

4,64837,839220,598

11,46918,423

102,079

41537,687

24027,035

' 193.1

' 213. 7' 234. 6' 191.1' 225. 5

49, 70034, 37028, 50324, 0721,7922,6395,867

248, 025

1,81943

1,475301

286303281261280

'602'500195

23111314

'601029132372829

148135147129

42,573697,593146,404551,189

7,41650,631

278,725

34,06649,198

275,241

815120,230

27623,397

' 322. 9

' 426. 0' 413. 5' 444. 6' 406.8

84, 70056, 50350, 06641, 7852,6835,5986,437

383, 981

2,90670

2,211626

258

294314298273

'711'587244

'25711920

'6612411152264234

194201170172

52,733734,911127,016607,895

4,76941, 676

236,182

46,65265, 530

370, 590

1,03995,964

27332,175

' 310. 6

' 240. 5' 363.4140.7

' 222. 9

83, 70055, 60344,99639,0002,5713,425

10, 607

536,190

4,283416

' 2, 889978

303325313279296

'823'670

'282'128

30'7015320142365739

203211169179

63,188952,418196,832755,5864,87845,285290,963

56,26474, 992

463,600

1,684156,626

36241,229

278.0

212.2331.3116.6

'191.9

85, 30060,16743, 58335, 8243,2674,49216, 584

560, 244

5,15299

3,3551,698

310332318283300

'914'732317

'30413840

'7118223142667346

201195174177

38,265807,914214,534593,380

4,35741,370273,207

31,57451,533

332,248

1,950154,009

38448, 450

252.8

210.4303.4136.7192.4

76,10051, 27036, 66031, 3722,1443,14414, 610

555, 469

4,585747

2,7351,103

270

317337324294309

'998'772329

'3171495076

2263114306

9457

179162165161

36,523717,991201,645516,346

3,58242,457283,635

31,11245,327281,2271,537

121,149

29231,980

283.7

218.7321.2135.8203.1

78, 30052,13136, 83031,0711,9023,85715,301

536, 594

3,345385

1,6871,274

326346332308316

'1,067'807345

'321'159

60'812604118327

105

164155158157

40,101679,909204,817475,092

4,10833,080211,530

33,72745,145284,025

2,008153,456

25830,898

317.6

235.4378.7119.4213.9

81, 80055, 08138,66032, 9211,9433,796

16, 421

541, 325

3,73166

2,0551,609

335360341313323

'1,064'784340

'315'167

50'792805316359

108

152147151147

36,702619,857186,882432,975

3,64825,929169,127

31,45847,121

293,831

1,557107,941

23948,458

248.5

194.6288.0115.9188.4

65,80043, 08735, 04429, 3352,0503,6598,043

373,056

3,382490

1,6781,214

287

342367347317332

'771330

'318'171

40'83

'298'66

11565

138136145140

33,342573,206133,806439,400

3,69633,932225,355

28,12836,910235,068

1,27175,535

24737,248

215.7

191.4286.2108.4192.9

60, 20037, 40136, 06729, 5761,8994,5921,334

448, 457

3,182104

1,9571,121

347372353320337

'985'730320

'30817120

'82'255'68'17'27'78855

125118139122

27,149503, 745130,329373,416

3,60923, 708160,871

22,25133,530221,113

1,01882, 626

27139,135

165.3

153.2222.599.2

137.3

46, 60028, 66128, 53923, 7471,5943,198

122

275, 825

3,239138

1,9701,130

352377356323344

'688r297

'296' 166

1085

'201'51' 16'23'5'66'45

'125'122' 154'143

25, 536457,278108,920348,358

2,85719,656148,014

21,70429,975193,365

74662,652

22953,247

r 123. 2

r 129. 4

r 162. 097.0

' 140. 0

35, 20021, 34821, 34817, 458

9712,919

0

352, 855

2,30655

1,661590

300

371399375343367

' Revised. Preliminary. Data for January, May, August, and October 1946 and January 1947 are for 5 weeks; other months, 4 weeks.t Based on weekly data combined into 4- and 5-week periods except that a week falling in December and January is prorated; see note in February 1947 Survey.* New series. Estimates of total nonfarm dwelling units for 1910-44 are shown on p. 15 of the November 1946 Survey. The data on new construction activity since the beginning

of 1944 are joint estimates of the U. S. Departments of Commerce and Labor; there have been revisions in the data for several components as published prior to the July 1946 Survey;monthly data for January 1939-April 1945 and annual estimates for 1915-38 are available upon request.

t The index of purchasing power of the dollar based on prices received by farmers has been shown on a revised basis beginning in the April 1944 Survey. Revisions for the indexesof building construction for January 1940-December 1945 are available on request. Data for 1920-44 for the number of new dwelling units are shown on p. 15 of the November 1946Survey. (See note in February 1947 Survey with regard to January and February 1945 figures.) Since early 1945 data for new dwelling units and the indexes of building constructionabove should be considered volume of construction for which permits were issued or contracts awarded rather than volume started, as in normal years, since shortages of buildingmaterials and limiting orders have caused considerable delays in the start of construction or, in some cases, abandonment of the work.Digitized for FRASER

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

S-6 SURVEY OF CURRENT BUSINESS March 1947

Unless otherwise stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Survey

1947Janu-

ary

1946Janu-

aryFebru-

ary March I April May June July AugustSep-

temberOcto-ber

Novem-ber

Decem-

CONSTRUCTION AND REAL ESTATEContinued

CONSTRUCTION COST INDEXESContinuedAssociated General Contractors (all types)-_ 1913=100..E. H. Boeckh and Associates, Inc.:

Apartments, hotels, and office buildings:Brick and concrete:

Atlanta _U. S. average, 1926-29= 100..New York doSan Francisco doSt. Louis do

Commercial and factory buildings:Brick and concrete:

Atlanta doNew York . _doSan Francisco _ doSt. Louis do

Brick and steel:Atlanta. . . doNew York _doSan Francisco doSt. Louis do

Residences:Brick:

Atlanta doNew York _ _doSan Francisco doSt. Louis . . .do

Frame:Atlanta. __ .doNew York __doSan Francisco doSt. Louis do

Engineering News Record:Building cost* 1913=100..Construction (all types) _ . .do

Federal Home Loan Bank Administration:Standard 6-room frame house :f

Combined index 1935-39=100.Materials .do.. .Labor _ .do.. .

REAL ESTATEFed. Hous. Admn., home mortgage insurance:

Premium-paying mortgages (cumulative) mil. of dol_.Estimated total nonfarm mortgages recorded ($20,000

and under)* _ -thous. of dol__Estimated new mortgage loans by all savings and loan

associations, total -thous. of doL.Classified according to purpose:

Mortgage loans on homes:Construction __ doHome purchase._ doRefinancing. doRepairs and reconditioning do

Loans for all other purposes doLoans outstanding of agencies under the Federal Home

Loan Bank Administration:Federal Savings and Loan Associations, estimated

mortgages outstanding % . . .mil . of doL.Federal Home Loan Banks, outstanding advances to

member institutions mil. of doL _Home Owners' Loan Corporation, balance of loans

outstanding mil. of dolForeclosures, nonfarm, index, adjustedf-1935-39= 100Fire losses thous. of doL_

277.0

297.4390.8

168.0168.5166.8

847,043

57,180

241.0

130.4169.8149.2150. 8

128.9170.4151.1152.6

128.9167.0150.3149.5

140.8173.1150.6157.7

142.6173.7147.7158.3

243.9319.5

139.7135.5147.9

6,538

634,117

216, 842

30, 807145,34221, 3723,80315, 518

831

245.0

133.6172.1151.8151.1

129.3172.9151.8152.8

129.3169.0152.3149.9

141.2174.9154.0158.8

143.0175.6153.0159.5

245.4323.8

140.3136.3148.5

6,569

618, 763

225, 519

30, 866154, 21919, 8014,21716,416

165

8137.8

51, 759

247.0

131.3172.9153.8152.7

129.5173.5154.6155.0

130.1169.6154.5152.1

141.2175.5155. 3159.5

143.0176.2153.7159.8

254.4334.6

141.0137.1148.9

6,603

765, 973

300,163

45, 391202, 99524, 2446,19821,335

2,572

153

7948.3

53, 252

247.0

133.2177.4155.7154.3

131.0179.3156.5155.8

131.3174.7156.2153.1

144.7180.3157.6162.2

147.2180.6156.1163.0

257.3339.7

142.1138.0150.6

6,639

887, 266

342, 999

53, 202235,87724,8826,79622, 242

156

7737.5

52,153

249.0

133.5177.9156.2159.9

131.2179.7156.9163.8

131.5175.1156.6159.5

144.9180.7158.0165.8

147.4181.0156.5165.0

264.2347.9

143.6139.2152.5

6,679

964,438

361, 298

62,189243,45824, 4516,95424,246

173

7537.1

46, 094

252.0

138.6178.6158.7161.9

137.0180.3158.7164.8

135.5175.6160.1160.8

148.6181.3159.0167.8

150.2181.6157. 5167.7

266.1353.9

145.7141.6153.8

6,721

917,414

325,997

56, 297218, 57522, 4026,62522,098

2,887

203

7356.7

44, 240

258.0

141.2180.0160.6164.0

141.3181.5159.3166.2

137.5177. 3161.5162.9

152.4185.6163.5172.5

153.3186.0164.0172.7

272.0361.4

147.7143.7155.6

6,759

981,187

326,048

59, 708216, 36921,3887,32721, 256

202

7156.3

40, 998

263.0

142.6181.5164.0164.9

144.4184.5167.0166.7

141.8179.5168.0164.3

154.5187.1165.8173.7

155.4187.4162.9174.0

272.0360.2

149.8146.1157.2

6,789

999, 221

324, 459

59,377211, 80422,0328,48122,765

214

6.840, 019

267.0

143.0181.9164.3165.3

144.7184.8167.2167.0

142.2179.9168.2164.7

155.6188.0166.0174.6

156.5188.5163.1175.1

272.7360.9

151.9148.3159.3

6,818

928, 878

309, 791

55,354198, 84221, 5468,02726,022

3,152

235

6827.0

40, 256

267.0

144.0182.3164.8165.8

146.0185.1167.6167.2

142.7180.3168.6164.9

156.2188.9166.4174.9

157.0189.7163. 5175.4

273.7362.5

154.2150.5161.6

6,855

1,006,681

326,199

60,931207,13924, 3769,96124,692

253

665

40,108

270.0

144.9183.4165.9167.2

146.6185.9168.4168.3

143.9182.3169.8166.5

159.2192.6169.6178.9

160.8194.4166.8179.8

278.5368.1

156.9153.8163.1

6,885

869, 489

271, 476

51,187170,16221,6257,03421,468

258

651

44, 706

DOMESTIC TRADEADVERTISING

Advertising indexes, adjusted:fPrinters' Ink, combined index.. _.1935-39=100.-

Farm papers doMagazines doNewspapers... doOutdoor doRatio do

Tide, combined index* doRadio advertising:

Cost of facilities, total thous. of dol. _Automobiles and accessories do.Clothing do_Electrical household equipment do_Financial do_Foods, food beverages, confections do.Gasoline and oil do_Housefurnishings, etc do_Soap, cleansers, etc do_Smoking materials __ do_Toilet goods, medical supplies do_All other do.

157.7177.6203.8127.2222.6279.8183.0

16,726884224351308

3,682650164

1,5401,3425,6601,921

151.9161.5176.2122.8216.7298.5175.0

15, 758815209325293

4,042620149

1,3781,2114,9201,796

152.6159.6173.1127.2167.2273.8164.5

17,273922190363343

4,423696170

1,4621,3285,3742,001

151.6156.2172.5124.5189.8294.1166.1

16, 442807175316321

4,482537153

1,5091,2705,1451,728

154.2157. 8179. 9126.6182.0297.2165.1

16,822797192301345

4,609535173

1,5511,3165,3151,688

156.8167.7191.3125.9193.9313.2171.9

15,827771196323376

'4,114505163

1,4491,2684,9071,755

177.1184.2228.7145.9199.9307.0193.9

14, 41466091327351

3,637508154

1,3141,3374,7141,320

184.5182.8237.7153.0213.8307.8207.6

14,01155995332350

3,554503177

1,3321,2674, 5251,316

171.9200.9214.1139.5217.7317.1202.0

15,133666'80266356

3,927536168

1,3751,2195,0041,536

163.5195.7218.8134.4212.3264.0189.1

16, 74162284254364

4,512520168

1,5751,4075,3061,929

167.2212.7201.6138.1233.3275.5195.6

16, 338654105268387

4,396530159

1,4901,3735,1231,855

' Revised. JMinor revisions for January 1939-July 1942 are available on request.New series. For a description of the series on nonfarm mortgages recorded and data for January 1939 to September 1942 see p. S-5 of the November 1942 Survey. For a brief

description of the Tide index of advertising see note marked "*" on p. S-6 of the April 1946 Survey; data beginning 1936 are available on request. See note in the February 1947 Sur-vey regarding the Engineering News Record index of building cost; data beginning 1913 will be shown later.

(Revised series. Revisions for the index of nonfarm foreclosures 1940-41 are shown on p. S-6 of the May 1943 Survey. Indexes of advertising from Printers' Ink have been pub-lished on a revised basis beginning in the April 1944 Survey; revised data beginning 1914 will be published later. The indexes of cost of the standard 6-room frame house are shownon a revised basis beginning in the April 1946 Survey; revisions beginning November 1935 will be published later.

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

March 1947 SURVEY OF CURRENT BUSINESS S-7

Unless otherwise stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Survey

1947Janu-

ary

1946Janu-

aryFebru-

ary March April May June July AugustSep-

temberOcto-ber

Novem-ber

Decem-ber

DOMESTIC TRADEContinuedADVERTISINGContinued

Magazine advertising:Cost, total thous. of dol..

Automobiles and accessories doClothing __doElectric household equipment doFinancial doFoods, food beverages, confections doGasoline and oil doHousefurnishings, etc doSoap, cleansers, etc doOffice furnishing and supplies ___doSmoking materials doToilet goods, medical supplies doAll other do

Lineage, total thous. of lines__Newspaper advertising:

Lineage, total (52 cities) _doClassified do. . . .Display, total do

Automotive doFinancial doGeneral . _ _ _ _ _ do_Retail do___

GOODS IN WAREHOUSESSpace occupied in public-merchandise warehouses

percent of total-_POSTAL BUSINESS

Money orders:Domestic, issued (50 cities):

Number _ .thousands..Value thous. of dol

Domestic, paid (50 cities):Number thousands..Value thous. of dol__

CONSUMER EXPENDITURESEstimated expenditures for goods and services:*

Total mil. of dolGoods doServices (including gifts) do

Indexes:Unadjusted, total __ 1935-39=100.

Goods doServices (including gifts) do

Adjusted, total doGoods doServices (including gifts) do

RETAIL TRADEAll retail stores :f

Estimated sales, total mil. of dolDurable goods store do. .

Automotive group do. .Motor vehicles do_.Parts and acessories do__

Building materials and hardware do__Building materials... do__Farm implements _do__Hardware do_.

Homefurnishings group do__Furniture and housefurnishings do__.Household appliance and radio do__

Jewelry stores.. do__Nondurable goods stores. do._.

Apparel group do__Men's clothing and furnishings do__Women's apparel and accessories do...Family and other apparel do_.Shoes do._.

Drugstores do...Eating and drinking places. doFood group do___

Grocery and combination doOther food do

Filling stations d o . . .General merchandise group do

Department, including mail order do__.General, including general merchandise with

food mil. of dol.Other general mdse. and dry goods doVariety __do___

3,952

89. (

4,47795,899

14,086193,877

7,8701,628

67857410548030447

12939225613777

6,2426101442828598

297964

2,2251,715

510312996646

130103116

21,4721,5471,650

469488

3,120233935371326836

3,5207,9764,139

115, 74628, 64887,098

2,8552,741

18,91662, 585

5,111143,366

14,925224,455

6,6951,108

3572461114012624099

2731967777

5,5875761292748390

274951

1,8231,375

448296874566

11192

104

26, 5031,4172,387

783587

3,983306

1,229606486805

4,9059,0104,604

121,17729, 67791,4992,0922,076

21,05766, 274

5,571123,104

12,954187,773

6,4301,060

32122298

38124438

1002842107374

5,3705661252757590

262880

1,7131,297

416270899588

11090

110

31,8691,4453,564

797623

4,472359

1,966766657929

5,34610, 9434,910

146, 53936,097

110, 4422,7842,365

23,08382, 210

87.5

5,559135, 593

15, 473233,141

28,13219,4958,637

191.4208.3161.9205.7231.5160.4

7,4731,267377261116475295501293342488682

6,20676016438298116283988

1,9151,456459300

1,118754

128110125

33, 7671,5223,732893646

4,407533

2,105703695870

5,65412,0074,775

144,01335,147108,8663,4272,38821,93481,117

87.1

5,518120,882

15,094208, 273

7,7071,430454333121525322581453622689589

6,277814193375107139284967

1,8801,408472297

1,193791

140119144

32,1381,7713,343855583

3,895599

2,423655618755

5,17111,4694,271

143,69135,143108, 5483,4792,15922,31580, 595

85.9

4,729106, 571

14,154190,934

7,9261,6085774521255403256315239228610599

6,31871317332695119299

1,0181,9781,492486312

1,154762

141119132

32,1512,2972,448782580

3,919589

1,980793790808

5,87911, 2853,757

137, 71834, 502103, 2163,7142,13821,37175,993

85.2

4,40898, 557

13,343175,987

30,83022,0558,775209.8235.6164.4207.6232.2164.3

7,7361,55455142612551631257147386275111101

6,181731186312101132296

1,0091,9271,452475310

1,136748

134120134

25,1062,0341,215549564

3,298557

1,138481406546

4,6089,7103,870

131,28035,98395, 2963,6442,58419,97369,095

85.1

4,444101,857

13, 217181, 229

7,6711,6116094841255413366214237725911884

6,06055513124480100293

1,0242,0191,512507325

1,022640

140112131

27,1342,1862,936638478

2,907638

1,180476554604

4,20810,3284,704

144, 28838, 643105, 6454,0461,93119,37880, 290

4,330101,735

13, 690192,319

8,5561,7706915601325713625815141828513291

6,786719166322105127300

1,0732,2871,748538340

1,207788

348126146

36, 5062,4254,8831,145695

3,660526

2,426674

1,053916

5,22612,8765,308

152,87139,018113,8533,4951,87722,06786,414

87.0

4,167101,169

13,125185, 779

32,10023,0509,050

218.4246.2169.220.1248.6170.1

8,1991,722

68256212054534952

14341028112986

6,476791195355111130287

1,0542,0041,502

502320

1,203809

139124131

39, 4632,5034,8311,161

6294,394

7152,772

779896

1,0956,172

13,5155,420

165,01439, 628

125,3864,4802,197

27, 20791, 502

87.6

4,575107,822

15, 649219, 270

8,9111,921

75362113260238164

15847131715496

6,990856222377123134298

1,0722,1611,628

532343

1, 357910

154142151

42, 5652,7554,4491,315

7454,993

7162,753

6671,0251,2526,694

15,1995,213

164,12036, 772

127,3484,6752,025

26,59694,052

4,25395,112

14,042193,807

1,854730598132540330

56154468317151116

7,232858237364129127300

1,0112,3241,792

532332

1,4881,016

155146171

36,2321,4993,4561,080

6084,172

2182,408

455992

1,2775,779

14,2873,783

163,25734,404

128,8533,4151,894

22,388101,155

4,44793,691

13,932189,903

36,11526, 790