Appendix CStatistical Tables Relating to Employment,
Production, and Purchasing Power
CONTENTSNational Income: Page
1. Gross national product or expenditure, 1929-48 772. Disposition of gross national product, 1939-48 783. National income by distributive shares, 1929-48 794. Personal income, 1929-48 805. Disposition of personal income, 1929—48 816. Per capita disposable income in current dollars and 1947 dollars, 1929-48. 82
Employment and Wages:7. Labor force, 1929-48 838. Number of wage and salary workers in nonagricultural establishments,
1929-48 849. Average gross weekly earnings in selected industries, 1929-48 85
10. Average hourly earnings in selected industries, 1929-48 86Production and Business Activity:
11. Physical production index, 1929-48 8712. Industrial production index, 1929-48 8813. New construction activity, 1929-48 8914. Business expenditures for new plant and equipment, 1929—48 9015. Business inventories and sales, 1939-48 9116. Sales, stocks, and outstanding orders at 296 department stores, 1939-48.. 92
Prices:17. Consumers' price index, 1929-48 9318. Wholesale price index, 1929-48 9419. Index of prices received and of prices paid by farmers and parity ratio,
1929-48 95Money, Banking, and Credit:
20. Consumer credit outstanding, 1929-48 9621. Loans and investments of all commercial banks, 1929-48 9722. Adjusted deposits of all banks and currency outside banks, 1929-48.... 9823. Estimated ownership of Federal securities, 1939-48 99
Corporate Profits and Finance:24. Profits before and after taxes, all private corporations, 1929-48 10025. Profits after taxes, 629 large private industrial corporations, by industry
groups, 1939-48 101
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Corporate Profits and Finance—Continued Page26. Relation of profits before and after taxes to sales, private corporations
excluding finance, insurance, and real estate, 1946—48 10227. Relation of profits before and after taxes to investment, private manufac-
turing corporations, by industry groups, 1947 10328. Relation of profits before and after taxes to sales, private manufacturing
corporations, by industry groups, 1947 10429. Relation of profits before and after taxes to investment and to sales, all
private manufacturing corporations, by size classes, 1947—48 10530. Sources and uses of corporate funds, 1946—48 106
International Transactions:31. The international transactions of the United States, 1946-48 10732. United States Government aid to foreign countries, 1946-48 10833. United States merchandise exports, including reexports, by continents,
1936-38 quarterly average and 1947-48 10934. United States general merchandise imports, by continents, 1936-38
quarterly average and 1947-48 11035. United States merchandise exports, by economic classes, 1936-38 quar-
terly average and 1947-48 I l l36. Indexes of quantity and unit value of United States merchandise exports,
by economic classes, 1936-38 quarterly average and 1947-48 11237. United States imports for consumption, by economic classes, 1936-38
quarterly average and 1947-48 11338. Indexes of quantity and unit value of recorded United States imports for
consumption, by economic classes, 1936-38 quarterly average and1947-48 114
Summary:39. Changes in selected economic series since 1939 and since the first half of
1947 115
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Statistical Tables Relating to Employment, Produc-tion, and Purchasing Power
TABLE 1.—Gross national product or expenditure, 7929-48x
[Billions of dollars]
PeriodGross
nationalproduct
Personalconsump-
tion ex-penditures
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.390.8
101.6111.4
122.8147.4164.8
Gross pri-vate do-
mestic in-vestment
15.8
10.25.4
. 91.32.8
6.18.3
11.46.39.0
13.017.29.34.66.4
9.226.530.0
Net foreigninvestment
0.8
. 7
. 2
. 2
. 2
. 4
- . 1- . 1
. 11.1
. 9
1.51.1
- . 2- 2 . 2- 2 . 1
-1 .44.78.9
Govern-ment pur-chases of
goods andservices
1929.
19301931.1932.1933.1934.
1935.1936.1937.1938.1939.
1940.1941.1942.1943.1944.
1945.1946.1947.
1947—First halfSecond half .
1948—First half 2
1947—First quarterSecond quarter..Third quarter.,.Fourth quarter..
1948—First quarterSecond quarter2.
103.8
90.975.958.355.864.9
72.282.590.284.790.4
100.5125.3159.6192.6212.2
213.4209.3231.6
Annual rates, seasonally adjusted
227.4235.9
246.5
226.4228.3227.9243.8
246.0247.0
161.2168.4
174.4
158.1164.2165.6171.1
172.3176.5
29.530.5
37.2
32.626.425.635.4
40.434.0
9.58.3
3.9
8.810.28.48.2
3.94.0
8.5
9.2
8.18.0
9.911.711.612.813.1
13.924.759.788.696.5
82.830.828.0
27.328.7
31.0
26.927.628.329.0
29.432.5
1 The figures for 1944-48 are based on the revised series of national income and product of the Departmentof Commerce. For detail, see the Survey of Current Business, July 1948.
2 Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
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TABLE 2.—Disposition of gross national product, 1939-481
Period
Total
nationalproduct
Disposition of gross national product
Export surplus of goods andservices3
TotalFinancedby Gov-ernment
aid
Financedby othermeans
Govern-mentwar or
nationaldefenseexpendi-
tures
Productfor
domesticcivilian
use
1939
19401941 _1942.1943.1944
194519461917
Annual rates:1947—First half
Second half
1948~-First half *
1947—First quarterSecond quarter..Third quar ter- .Fourth quarter..
1948—First quarterSecond quarter 4.
1939..
1940..1941..1942..1943..1944..
1945..1946..1947..
1947—First half....Second half..
1948—First half «...
1947—First quarter..._Second quarter.Third q u a r t e r -Fourth quarter-
1948—First quarterSecond quarter *
90.4
100.5125.3159.6192.6212.2
213.4209.3231.6
227.4235.9
246.5
226.42?8.3227.9243.8
246.0247.0
Billions of dollars
1.1
1.72.36.1
10.712.0
5.77.5
11.3
11.810.7
8.1
11.212.510.910.5
7.98.2
(3)
0.11.36.4
12.814.0
7.75.15.7
6.64.8
5.3
5.28.06.82.9
5.84.7
1.1
1.61.0
- . 3- 2 . 1- 2 . 0
- 2 . 02.55.6
5.35.9
2.8
6.04.54.17.6
2.13.5
1.2
2.212.843.267.173.7
67.215.910.0
10.29.8
9.6
9.410.99.2
10.3
9.310.0
Percentage of total
88.1
96.6110.2110.3114.812G.5
140.5185.9210.3
205.4215.4
228.8
205.8204.9207.8223.0
228.8228.8
100.0
100.0100.0100.0100.0100.0
100.0100.0100.0
100.0100.0
100.0
100.0100.0100.0100.0
100.0100.0
1.2
1.71.83.85.65.7
2.73.64.9
5.24.5
3.3
4.95.54.84.3
3.23.3
(')
0.11.04.06.66.6
3.62.42.5
2.92.0
2.2
2.33.53.01.2
2.41.9
1.2
1.6.8
—.2- 1 . 1- . 9
- . 91.22.4
2.32.5
1.1
2.72.01.83.1
.91.4
1.3
2.210.227.134.834.7
31.57.64.3
4.54.2
3.9
4.24.84.04.2
3.84.0
97.5
96.187.969.159.659.6
65.888.890.8
90.391.3
92.8
90.989.891.291.5
93.092.6
1 The figures for 1944-48 are based on the revised series of national income and product of the Departmentof Commerce. For detail, see the Survey of Current Business, July 1948.
2 U. S. Government transfers to foreign countries are included in the export surplus and are excludedfrom the Government war or national defense expenditures.
3 Less than $50,000,000.* Estimates based on incomplete data.* Percent not shown because dollar figure was less than $50,000,000.
NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce and Bureau of the Budget.
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TABLE 3.—National income by distributive shares, 1929-48!
[Billions of dollars]
Period
Proprietors' and rentalincome
Corporate profits and inven-tory valuation adjustment
Corporate profits
111
1929-
1930..1931..1932-1933-1934-
1935-1936-1937.1938-1939-
1940-1941..1942-1943..1944-
1945-1946-1947..
87.4
75.058.941.739.648.6
56.864.773.667.472.
81.103.8136.5168.3182.4
181.179.3202.5
50.8
46.539.530.829.34.1
37.142.47.44.47.8
51.864.384.7109.1121.1
122.9117.3127.5
19.7
15.711.87.47.28.7
12.112.615.414.014.7
16.320.828.132.134.1
36.041.846.0
8.3
7.05.33.22.94.3
5.06.16.66.36.8
7.79.6
12.114.115.4
16.820.423.2
5.7
3.92.91.72.32.3
4.93.95.64.44.5
4.96.9
10.611.811.9
12.314.615.6
5.8
4.83.62.52.02.1
2.32.3.13.33.5
3.64.35.46.6.
7.06.7.1
10.3
6.61.6
-2 .0-2 .0
1.1
3.04.96.24.35.8
9.214.619.823.724.0
19.816.824.
3.3- . 8
-3 .0.2
1.7
3.25.76.23.36.5
9.317.221.124.524.3
20.421.829.8
1.4
.8
.5
.4
1.01.41.51.01.5
2.97.8
11.714.213.5
11.69.0
11.7
8.4
2.5-1 .3-3 .4- . 41.0
2.34.34.72.35.0
6.49.49.4
10.410.8
8.712.818.1
0.5
3.32.41.0
- 2 . 1- . 6
- . 2- . 7
1.0- . 7
- . 1-2 .6-1 .3- . 8- . 3
-5 .0- 5 . 1
Annual rates, seasonally adjusted
1947—First half...Second half _
1948—First half '
1947—First quarterSecond quarterThird quarterFourth quarter
1948—First quarterSecond quarter ' . . .
198.3206.7
216.3
197.3199.3200.6212.8
215.5217.1
125.2129.9
134.0
125.0125.3127.6132.2
134.0134.0
45.546.5
51.1
46.444.644.448.6
50.651.6
22.623.9
25.5
22.522.723.024.7
25.026.0
15.915.4
18.1
16.914.914.316.5
18.018.1
7.07.3
7.5
7.07.07.17.4
7.57.5
23.525.9
26.6
21.825.224.327.5
26.326.9
28.930.8
30.5
28.928.829.132.4
31.429.5
11.412.1
11.9
11.411.311.412.7
12.211.5
17.518.7
18.6
17.517.517.719.7
19.218.0
-5 .4-4 .9
-3 .9
-7 .1-3 .6-4 .8-4 .9
-5 .1-2 .6
6.5
6.25.95.45.04.7
4.54.54.44.34.2
4.14.13.93.43.1
3.03.44.3
4.24.5
4.6
4.14.24.44.5
4.64.6
1 The figures for 1944-48 are based on the revised series of national income and product of the Departmentof Commerce. For detail, see the Survey of Current Business, July 1948.
2 National income is the total net income earned in production by individuals or businesses. The conceptof national income currently used differs from the concept of gross national product in that it excludesdepreciation charges and other allowances for business and institutional consumption of durable capitalgoods.
3 Includes wage and salary receipts and other labor income (see appendix C, table 4), and employer andemployee contributions for social insurance.
* Net income after inventory valuation adjustment. This adjustment was —1.2 billion dollars in 1947,—1.2 billion (annual rate) in fourth quarter of 1947, and —0.7 billion (annual rate) in the first half of 1948.
8 Federal and State income and excess-profits taxes.6 Less than $50,000,000.» Estimates based on incomplete data; profits by Council of Economic Advisers and all others by Depart-
ment of Commerce.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
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TABLE At.—Personal income, 1929-48 *
[Billions of dollars]
Period
1929.
1930.1931.1932.1933.1934.
1935.1936.1937.1938.1939.
1940.1941.1942.19431944.
194519461947.
1947—First half
Second half
1948-Firsthalf*
1947—First quarterSecond quarterThird quarter..Fourth quarter
1948—First quarterSecond quarter
Totalpersonalincome
85.1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.322.2
149.4164.5
170.3178.1195.2
Salaries,wages,
and otherlabor
income2
50.5
46.239.230.529.133.8
36.742.145.942.845.6
49.561.581.2
104.4116.1
116.7111.4121.9
Proprie-tors' and
rentalincome 3
Dividendsand
personalinterestincome
19.7
15.711.87.47.28.7
12.112.615.414.014.7
16.320.828.132.134.1
36.041.846.0
13.3
12.611.19.18.28.6
8.610.110.38.79.2
9.49.99.7
10.010.6
11.413.515.6
Transferpayments
1.5
1.52.72.22.12.2
2.43.52.42.83.0
3.13.13.23.0
6.211.411.7
Nonagri-culturalpersonalincome4
76.8
70.060.146.243.049.5
53.462.866.562.166.3
71.586.1
108.7134.3149.0
154.3159.4174.9
Annual rates, seasonally adjusted
190.3199.9
208.1
190.9189.6196.7203.1
207.3208.8
119.1124.7
128.7
119.0119.2122.3127.1
128.6128.7
45.546.5
51.1
46.444.644.448.6
50.651.6
15.116.0
16.7
14.915.315.816.1
16.616.8
10.612.8
11.6
10.710.514.311.2
11.511.7
169.8179.8
184.8
169.4170.2177.8181.8
184.4185.2
1 The figures for 1944-48 are based on the revised series of national income and product of the Departmentof Commerce. For detail, see the Survey of Current Business, July 1948.
2 Differs from "compensation of employees" in appendix C, table 3, in that it excludes employer andemployee contributions to social insurance. Includes wage and salary receipts and other labor income-compensation for injuries, employer contributions to private pension and welfare funds, pay of militaryreservists not on full-time active duty (pay for full-time active duty included in military wages and salaries),directors' fees, jury and witness fees, compensation of prison inmates, Government payments to enemyprisoners of war, marriage fees to justices of the peace, and merchant marine war-risk life and injury claims.
a See appendix C, table 3, for major components.* Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agri-
cultural net rents, agricultural net interest, and net dividends paid by agricultural corporations.« Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
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TABLE 5.—Disposition of personal income, 1929—48l
Period
1929.
1930.1931.1932.1933.1934.
1935.1936.1937.1938.1939.
1940.1941.1942.1943.1944.
1945.1946.1947.
1947—First half.-.Second half _
1948—First half K
1947—First quarterSecond quarter-Third quarter—.Fourth quarter..
1948—First quarterSecond quarter?
Personalincome
Less: Per-sonal taxand non-tax pay-ments
Equals:Dispos-
ablepersonalincome
Less: Per-sonal con-sumptionexpend-itures
Equals:Personal
netsaving
190.3199.9
208.1
190.9189.6196.7203.1
207.3208.8
Billions of dollars
85.1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.3
122.2149.4164.5
170.3178.1195.2
2.6
2.51.91.51.51.6
1.92.32.92.92.4
2.63.36.0
17.818.9
20.918.921.6
82.5
73.763.047.845.251.6
58.066.171.165.570.2
75.792.0
116.2131.6145.6
149.4159.2173.6
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.390.8
101.6111.4
122. 8147.4164.8
3.7
2.91.8
-1 .4-1 .2- . 2
1.83.63.91.02.7
3.79.8
25.430.034.2
26.611.88.8
Net sav-ing as
percent ofdispos-
ableincome
Annual rates, seasonally adjusted
21.322.0
22.1
21.221.421.722.2
23.221.0
169.0178.0
186.0
169.7168.2175.0180.9
1«4.1187.8
161.2168.4
174.4
158.1164.2165.6171.1
172.3176.5
7.99.6
11.6
11.64.19.49.7
11.811.3
4.5
3.92.9
-2 .9-2 .7
3.15.45.51.53.8
4.910.721.922.823.5
17.87.45.1
4.75.4
6.2
6.82.45.45.4
6.46.0
1 The figures for 1944-48 are based on the revised series of national income and product of the Depart-ment of Commerce. For detail, see the Survey of Current Business, July 1948.
2 Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
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TABLE 6.—Per capita disposable income in current dollars and 1947 dollars, 1929-48
Period
1929 _ . _
1930193119321933 _.1934
1935.19361937 _-19381939
1940 _ -1941 _.1942 _ __ ._ _.19431944
1945 _19461947
1947—First halfSecond half
1948—First half •
1947—First quarterSecond quarter _ _Third quarterFourth quarter
1948—First quarterSecond quarter ' _ _ _ _ _
Disposablepersonalincome(billions
of dollars)i
82.5
73.763.047.845.251.6
58.066.171.165.570.2
75.792.0
116.2131.6145.6
149.4159.2173.6
Annualrates,
seasonallyadjusted
169.0178.0
186.0
169.7168.2175.0180.9
184.1187.8
Population(thou-
sands) *
121,770
123,077124,040124,840125, 579126,374
127, 250128,053128.825129, 825130, 880
131, 970133. 203134, 665136, 497138,083
139, 586141. 235144,034
143,385144,807
146,035
143, 049143,702144, 411145,150
145, 733146,325
Consumers'price index,1947*100
76.9
75.068.361.358.060.1
61.662.264.563.362.4
62.966.173.277.678.8
80.787.5
100.0
Not ad-justed forseasonal
variation •
97.6102.4
106.2
96.998.2
101.0103.8
105.3107.1
Per capita disposablepersonal income
Currentdollars
678
599508383360408
456516552505536
574691863964
1,054
1,0701,1271,205
1947dollars *
882
799744625621679
740830856798859
9131,0451,1791,2421,338
1,3261,2881,205
Annual rates, seasonallyadjusted
1,1791,229
1,274
1,1861,1701,2121,246
1,2631,283
1,2081,200
1,200
1,2241,1911,2001,200
1,1991,198
1 The figures for 1944-48 are based on the revised series of national income and product of the Depart-ment of Commerce. For detail, see the Survey of Currerif Business, July 1948.
2 Estimated population of continental United States, including armed forces overseas; annual data as ofJuly 1 and quarterly and semiannual data as of middle of period, interpolated from published monthlyestimates.
3 Current dollars divided by the consumers' price index on the base 1947=100 to give a rough measure ofchanges in buying power of disposable income.
* A small part of the increase may be seasonal.* Estimates based on incomplete data.
Sources: Department of Commerce (disposable income and population) and Department of Labor (con-sumers' price index.)
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TABLE 7.—Laborforce, 7929-48
[Thousands of persons, 14 years of age and over]
Period
Monthly average:1929
19301931193219331934-
193519361937 _-19381939
1940194119421943 .-_-1944
194519461947.
1947—First halfSecond half
1948—First half
1947—JanuaryFebruaryMarchAprilMay _JuneJulyAugustSeptember _OctoberNovember
1948—JanuaryFebruaryMarchApril . _MayJune
Totallabor force(including
armedforces)
49,440
50,08050,68051,25051,84052,490
53,14053, 74054,32054,95055,600
56,03057, 38060,23064,41065,890
65,14060,82061,608
60,92062, 297
61,770
59,51059,63059,96060,65061,76064,00764,03563,01762,13062,21961,51060,870
60. 45561,00461,00561.76061,66064, 740
Armedforces
260
260260250250260
270300320340370
3901,4703,8208,870
11, 260
11, 2803,3001,440
1,5511,328
1,240
1,7201,6201,5701,5301,4701,3981,3711,3521,3461,3271,2941,280
1,2421,2261,2361,2371,2381,260
Civilian labor force
Totalcivilian
laborforce
49,180
49,82050,42051,00051, 59052,230
52, 87053,44054.00054,61055, 230
55,64055, 91056,41055, 54054,630
53,86057,52060,168
59,36860,969
60, 531
57,79058,01058,39059,12060,29062,60962,66461,66560,78460,89260, 21659,590
59,21459, 77859,76960,52460, 42263,480
Employment
Total
47,630
45,48042,40038, 94038,76040,890
42,26044, 41046. 30044,22045, 750
47,52050,35053, 75054,47053,960
52, 82055, 25058,027
57,00959,044
58,317
55,39055,52056,06056,70058,33060,05560,07959,56958,87259,20458,59557,947
57,14957,13957,32958,33058,66161,296
Nonagri-cultural
37,180
35,14032,11028, 77028, 67030, 990
32,15034, 41036,48034, 53036, 140
37, 98041. 25044,50045,39045,010
44, 24046, 93049,761
49,03350,488
50,753
48,89048,60048,82048,84049,37049,67850,01350, 59450,14550,58350,60950,985
50,08950,36850, 48250,88350,80051,899
Agricul-tural
10,450
10,34010,29010,17010, 0909,900
10,11010, 0009,8209,6909,610
9,5409,1009,2509,0808,950
8, .5808,3208,266
7,9768,556
7,564
6,5006,9207,2407,8608,960
10,37710,0668,9758,7278,6227,9856,962
7,0606,7716,8477,4487,8619,396
Unem-ployment
1,550
4,3408,020
12, 06012,83011,340
10,6109,0307,700
10, 3909,480
8.1205,5602,6601,070
670
1,0402,2702,141
2,3591,924
2,214
2,4002,4902,3302,4201,9602,5552,5842,0961,9121,6871,6211,643
2,0652,6392,4402,1931,7612,184
NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Department of Labor (1929-39) and Department of Commerce (1940-48).
83
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TABLE 8.—Number of wage and salary workers in nonagricultural establishments, 7929—48 *
[Thousands of employees]
Period
Monthly average:1929.
1930..1931.1932.1933.1934.
1935.1936.1937.1938.1939.
1940.1941.1942.1943..1944.
1945.1946.1947_
1947—First half..Second half
1948: First half *..1947—January
February-MarchApril.May.JuneJulyAugustSeptember..OctoberNovember..December..
1948—January. _.February-MarchAprilMayJune3
Totalwageand
salarywork-
ers
31,041
29,14326,38323,37723.46625,699
26.792
1,71828,90230,287
32,03136,16439,69742,04241,480
40,06941,49443, 970
43,33744,603
44,550
43,06343,16943,41043, 22143,34543,81643, 68644,12544, 51344, 75844,91845,618
44,60344, 27944, 59944,29844,60944, 913
Manufacturing
Total
10,534
9,4018,0216,7977,2588,346
8,9079,65310,6069,25310,078
10,78012,97415,05117, 38117, 111
15, 30214,51515,901
15, 71316,089
16,103
15, 67"15,78315, 82615, 75015, 56915, 67215, 58015, 96216,17516,20916, 25616,354
16,26716,18316,26915,94515,89316,058
Dur-ablegoods
4,357
4,9756,4858,179
10,29710,200
8,4777,1808,055
8,0228,088
8,176
7,9498,0308,0718,0687,9628,0507,8747,9878,0708,1268,1948,274
8,2568,1678,2588,1598,1138,102
Non-dur-ablegoods
()5,720
5,8056,4886,8737,0846,91f
6,8257,3357,846
8,002
7,927
7,7287,7537,7557, 6827,6077,6227,7067,9758,1058,0838,0628,080
8,0118,0168,0117,7867,7807,956
Min-ing
1,078
1,000864722735874
888937
1,006882845
91694'
826852911
90691
908
91090:906881910919890923921922923925
92291-922820933936
Con-tractcon-
struc-tion
Trans-porta-tionand
publicutil-ities
1,497
1,3721,214970809862
91:1,1451,1121,0551,150
1,2941,7902,1701,5671,094
1,1321,6611,921
1,7812,06r
1,929
1,1,6681,7091,7981,8651,9572,0432,0962,1072,0992,0461,978
1,8711,7311,8051,9332,0492,182
3,907
3,6753,2432,8042,6592,736
2,7712,9563,1142,8402,912
3,0133,2483,4333,6193,798
3,8724,0234,059
4,0034,116
4,030
4,0184,0164,0273,8453,9814,1294,1554J634,1344,0974,0774,071
4,0204,0194,0323,9774,0414,092
Trade Fi-nance
6,401
6,0645,5314,9074, "5,552
5,6926,0766,5436,4536,705
7,0557,5677,4817,3227,399
7,6858.8209,450
9,2339,667
9,596
9,1609,1439,2369,2559,2779,3249,3169,3569,4719,6849,88610,288
9,6229,5209,5999,5749,6159,648
1,431
1,31,31,2701, 2251,247
1,2621,3131,3551,3471,382
1,4191,4621,4401,4011,374
1,3941,5861,656
1,6371,675
1,702
1,6261,6281,6381,6361,6431,6501,6751,6881,6681,6711,6731,676
1,61,61,6971,7041,7161,727
Serv-ice
3,127
3,0842,9132,6822,6142,784
2,8833,0603,2333,1963, 228
3,3623, 5543,7083,7863,795
3,8914,4304,622
4,5844,660
4,725
4,5274,5614,5654,5524,5904,7114,6864,6194,6344,6624,6704,688
4,7234,7304,7294,7684,7384,663
Fed-eral,State,andlocalgov-ern-
ment
3,066
3,1493,2643,2253,1673,298
3,4773,6623,7493,8763,987
4,1924,6225,4316,G496,026
5,9675,6075,450
5,4835,417
5,557
5,4555,4635,5035,5045,5105,4545,3415,3185,4035,4145,3875,638
5,4985,4925,5465,5775,6245,607
1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedor received pay during the pay period ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Not comparable with estimatesof nonagricultural employment of the civilian labor force reported by the Department of Commerce (ap-pendix C, table 7) which include proprietors, self-employed persons, and domestic servants; which countpersons as employed when they are not at work because of industrial disputes, bad weather, or temporarylay-off; and which are based on an enumeration of population, whereas the estimates in this table are basedon reports from employing establishments.
»Not available.* Preliminary.NOTE. Detail will not necessarily add to totals because of rounding.Source: Department of Labor.
84
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TABLE 9.—Average gross weekly earnings in selected industries, 1929—48
Period
Monthly average:1929
1930. — -193119321933._- — -1934
19351936 — .193719381939
1940-19411942 —19431944
1945.1946 —1947
1947—First halfSecond half
1948—First half.
1947—JanuaryFebruary...MarchAprilMayJune. _July __-AugustSeptember.OctoberNobember.December..
1948—January—_February.MarchAprilMay 7June 7
Manufacturing
Total
$25.03
23.2520.8717.0516.7318.40
20.1321.7824.0522.3023.86
25.2029.5836.6543.1446.08
44.3943.7449.25
47.8950.61
52.02
47.1047.2947.6947.5048.4449.3348.9849.1750.4751.0551.2952.69
52.0751.7552.0751.7151.7652.81
Dur-able
goods
()$16.2116.4318.87
21.5224.0426.9124.0126.50
28.4434.0442.7349.3052.07
49.0546.4952.45
50.7854.12
55.19
49.6049.7450.3050.3451.7252.9952.1952.4654.0654.6954.8656.48
55.4654.7755.2554.8754.6556.14
Non-dur-able
goods
()
A16.8918.0519.1119.9421.5321.0521.78
22.2724.9229.1334.1237.12
38.2941.0245.87
44.7746.96
48.64
44.4744.6744.8944.4044.8845.3145.6145.7846.8047.2947.5648.72
48.4548.5648.6648.2648.6149.29
Bitum-inouscoal
mining
$25.72
22.2117.6913.9114.4718.10
19.5822.7123.8420.8023.88
24.7130.8641.6241.6851.27
52.2558.0366.86
64.4169.20
5 68.92
69.5465.3064.9054.1465.5167.0954.8770.2371.1971.9171.7775.22
75.7870.5474.84
«49.3374.09
Privatebuild-ing con-struc-tion
()
I$22.9724.5127.0130.1429.1930.39
31.7035.1441.8048.1352.18
53.7356.24
60.9565.58
s 66.99
59.9758.9261.2360.5362.38
63.3066.9765.2266.1464.5567.31
66.2866.3166.8967.3168.15
Class Isteamrail-roads
$28.49
27.7626.7623.3423.0924.32
26.7628.0129.2030.2630.99
31.5534.2538.6543.6846.06
45.69< 51.22
54.17
52.3856.03
52.7054.1052.4352.0351.3051.7251.1651.6857.4758.4458.3859.02
60.5458.94
Tele-phone
()$29.8131.5831.94
32.4432.7433.9736.3038.39
()44.0444.96
40.8647.92
8 48.26
43.3743.3142.51
0 32.268 38.1345.5846.5146.9248.0248. 7749.4447.83
48.2047.8247.3148.3949.59
Whole-sale
trade
$27.7226.1126.37
26.9328.5329.9429.4829.85
32.3235.5639.4042.29
44.0748.0652.40
51.2253.55
« 55. 46
50.0550.8750.8051.1351.5752.8852.2252.0553.6553.6854.7054.97
54.3655.8755.1755.7656.13
Retailtrade
Hotels(year
round) *
()$20.7119.1819.86
19.9620.6821.7321.1421.17
21.1721.9423.2424.8826.58
28.3132.5536.67
35.9837.43
»38.79
35.0235.2735.3135.9336.5037.8237.9938.1437.0636.7437.1437.51
37.6238.3338.8939.2739.84
8$14.2512.7913.17
13.5713.9714.7814.9315.25
15.5216.0917.6220.2122.65
24.5326.9529.65
29.1930.10
•31.20
28.6228.9129.0929.4129.2329.8529.3629.5029.8630.4530.5430.89
30.5531.1930.9631.5931.70(*)
i Money payments only; additional value of room, board, uniforms, and tips are not included,a Not available.s Not available. New series, beginning April 1945; includes only employees subject to provisions of the
Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.* Annual average includes retroactive pay increases not included in the monthly averages.8 Average for 5 months.« Data for these months reflect work stoppages.' Preliminary.
NOTE.—Data are for production workers in manufacturing and mining and for all employees in otherindustries.
Source: Department of Labor
85
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TABLE 10.—Average hourly earnings in selected industries, 1929-48
Period
Manufacturing
TotalDura-
blegoods
Non-dura-ble
goods
Bitu-minous
coalmining
Privatebuilding
con-struc-tion
Class Isteamrail-
roads
Tele-phone
Whole-sale
tradeRetailtrade
Hotels(year
round)1
Monthly average:1929.. ._
1930..1931..1932..1933..1934..
1935..1936..1937..1938..1939..
1940..1941..1942..1943..1944.
1945.1946.1947.
1947—First halfSecond half
1948—First half
1947—JanuaryFebruary. _.MarchApril __.MayJuneJulyAugustSeptember.OctoberNovember-December. _
1948—JanuaryFebruaryMarchAprilMay 6
June 8.
$0.566
.552
.515
.446
.442
.532
.550
.556
.624
.627
.633
.661
.729
.853
.9611.019
1.0231.0841.221
1.1881.253
1.296
1.1611.1701.1801.1831.2071.2261.2301.2361.2491.2581.2681.278
1.2851.2871.2891.2921.3011.319
()$0.497
.472
.556
. 577
.586
.674
.724
.808
.9471.0591.117
1.1111.1561.292
1.2521.331
1.362
1.2241.2291. 2361.2431.2781.3031.3051.3121.3311.3371.3461.354
1.3551. 3521.3521. 3571.3651.390
()$0. 420.427.515
.530
.529
.577
.584
.582
.602
.640
.723
.803
.861
.9041.0121.145
1.1191.172
1.223
1.0941.1071.1191.1221.1301. 1401.1501.1581.1651.1751.1851.196
1.2101.2171.2201.2191.2311.242
$0,681
.684
.647
.520
.501
.673
.745
.794
.856
.878
.9931.0591.1391.186
1.2401.4011.633
1.4851.804
81. 836
1.4911.4911.4841.4831.4701.4891.7401.7871.8191.7981. 8*11.826
1.8471.8261.8421.8231.841
()$0. 795
.815
.824
.903
.908
.932
.9581.0101.1481.2521.319
1.3791.4781.681
1.6261.726
51.809
1.5941.5981.6101.6341.6561.6611. 6C91.6891.7181.7381.7651.774
1.7811.8061.8051.8181.833
$0.636
.644
.651
.600
.595
.602
.651
.659
.676
.712
.714
.717
.751
.824
.897
.942< 1.116
1.170
1.1291.212
1.1311. 1511.1301.1191.1201.1221.1171.1211.2441. 2331.2831.272
1.2791.3021.262(2)
8
88(2)(
$0. 774.816.822.827.820.843.870.911
1.1241.199
1.1631.230
1.240
1.1321.1411.1241.1741.1891.2181.2111.2151.2301.2411.2541.229
1.2411. 2381.2231.2421.255
$0.648.667.698.700.715
.739
.793
.860
.933
1.0291.1441.258
1.2321.283
«1.339
1.1971. 2301.2311.2291.2411.2621.2571.2581. 2811.2891.3141.300
1.3091.3431.3341.3461.363
()$0. 528
.521
.522
.551
.543
.536
.542
.568
.614
.670
.724
.773
.878
.991
.9711.012
5 1.051
.953
.957
.960
.974
.985
.9961.0031.0031.0121.0131.0251.016
1.0441.0501.0441.0551.064
()$0. 273
.279
.287
.308
.315
.324
.332
.348
.386
.451
.505
.550
.612
.661
.647
.675
.654
.642
.642
.643
.650
.652
.660
.672
.684
.687
.693
.695
.695
.695
.699
.710
1 Money payments only; additional value of room, board, uniforms, arid tips are not included.3 Not available.' Not available. New series, beginning April 1945 includes only employees subject to provisions of the
Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.* Annual avorai^ includes retroactive pay increases not included in the monthly averages.8 Average for 5 months.• Preliminary.NOTE.—Data are for production workers in manufacturing and mining and for all employees in other
industries.Source: Department of Labor.
86
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TABLE 11.—Physical production index, 1929-48
[1935-39=100, seasonally adjusted]
Period
Weights iTotalNonagricultural .
1929
19301931193219331934
1935193619371938 -1939
1940 -_1941194219431944
194519461947
1947—First halfSecond half
1948—First half *
Totalproduc-
tion
100.0
113
9886717475
8899
11194
109
121152184205201
181165177
(2)(2)
(2)
Agricul-tural pro-duction
20.6
97
951041019379
9685
108105106
110114128125130
129134129
(3)(3)
(3)
Nonagricultural production
Total
79.4100.0
117
9982636975
8510311191
110
124161199226220
195174190
188191
195
Minerals
4.96.2
107
9380677680
8699
11297
106
117125129132140
137134149
147152
153
Manu-factures
50.864.0
110
9074576874
8710411387
109
126168212258252
214177194
193195
199
Con-struction
7.69.6
180
153124795358
69101106101123
13318220211260
68127143
134153
160
Trans-portation
12.916.2
117
10489737683
8810111095
106
116142180214224
217198209
208208
206
Electricand gas ,utilities
3.24.0
82
8278717278
8597
106100112
123141159184193
190192219
218221
247
1 Computed from the Depar tment of Commerce data of national income. The weight factors are per-centages of the national income for each industry to the to ta l for the 6 industries. The weight for construe-tion has been adjusted to include force account a n d other construction done outside of the contract con-struction industry, the weights for other industry groups to exclude such construction.
2 Not available. See footnote 3.3 Because of the extreme seasonal nature of agricultural crop production, only an annual index has been
computed.* Estimates based on incomplete data .
Sources: Based on the following data:Agricultural production.—Department of Agriculture index of farm outfjut which measures the physi-
cal volume of farm production for human use.Minerals.— Federal Reserve index of mineral production.Manufactures.—Federal Reserve index of manufacturing production.Construction.— Department of Commerce value of new construction activity deflated by their index
of construction costs and converted into relatives with 1935-39 as 100.Transportation.—Department of Commerce index of transportation. The figures for 1947 and first
half of 1948 are estimated by the Board of Governors of the Federal Reserve System on the basis oftransportation data .
Electric and gas utilities.—Based on the following series- Electric power generated for public use asreported by the Federal Power Commission, and sales of gas to consumers as reported by the AmericanGas Association. The two series are converted into relatives with the average for the period 1935-39as 100. The relative scries are combined into an index of public utility production with electric powergiven a weight of 73 and gas 27, the respective percentages of the revenues by each of the utilities to thetotal revenues produced by both in the base period 1935-39.
87
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TABLE 12.—Industrial production index, 1929-48
[1935-39=100, seasonally adjusted]
Period
Monthly average:1929
19301931193219331934 . .
1935 -1936193719381939
19401941 _194219431944 _ _
1945 _19461947
1947—First halfSecond half
1948—First half* . .
1947—JanuaryFebruaryMarchAprilMay . .JuneJulyAugustSeptemberOctoberNovember _December
1948—JanuaryFebruaryMarchApril . . .MayJune 1
Totalindustrialproduction
110
9175586975
8710311389
109
125162199239235
203170187
187187
192
189189190187185184176182187190192192
193194191188191192
Manufactures
Total
110
9074576874
8710411387
109
126168212258252
214177194
195193
198
196197198194191191183188192197199198
200201200195197198
Durable
132
9867415465
8310812278
109
139201279360353
274192220
221218
224
221222225222218219207210217223224229
229226229217220222
Nondurable
93
8479707981
9010010695
109
115142158176171
166165172
173172
178
176176175172170168163169172176179173
178180177177178178
Minerals
107
9380677680
8699
11297
106
117125129132140
137134149
147152
153
146146148143151148140150153155155156
154155142147162158
i Estimates based on incomplete data.
Source: Board of Governors of the Federal Reserve System.
88
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TABLE 13.—New construction activity, 1929-48
[Millions of dollars]
Period
1929.
1930.1931.1932.1933.1934.
1935.1936.1937.1938.1939.
1940.19411942.1943.1944.
1945.1946.1947.
1947—First half....Second half
1948—First half....
1947—JanuaryFebruaryMarch..AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1948—JanuaryFebruaryMarchAprilMayJune.
Totalnewcon-
struc-tion i
9,873
8,0425,9673,2902,3762,805
3,2304,8365,4875,1866,307
7,04210,49013,4127,7844,136
4,80810,45813, 977
Private construction
Totalpri-vate
Resi-dentialbuild-
ing(non-farm)
7,476
5,2653,3751,4671,0121,235
1,6762,5503,3903,0763,808
4,3905,4263,0071,7441,823
2,7168,253
10,893
Non-resi-
dentialbuild-ings
2,797
1,4461,228
462278361
6651,1311,3721,5112,114
2,3552,7651,315
650535
3,1835,260
2,822
2,0991,104
499404455
472712
1,088764785
1,0281,486
635232350
1,0143,3463,131
Pub-lic
util-
andfarm
1,857
1,7201,043
506330419
539707930801909
1,0071,1751,057
1,0181,7242,502
Public construction
Totalpub-
lic
2,397
2,7772,5921,8231,3641,570
1,5542,2862,0972,1102,499
2,6525,06410, 4056,0402,313
2,0922,2053,084
By source offunds
Fed-eral
237
338451510552720
1,2621,154
9891,257
1,3973,8539,5445,6141,912
1,5581,0741,175
Stateandlocal
2,160
2,4392,1411,313812850
7261,024943
1,1211,242
1,2551,211861426401
5341,1311,909
By type ofconstruction
Mili-taryandfed-
erallyfi-
nancedindus-trial
19
2940343858
39333974148
5492,9008,4534,2181,344
1,160272229
High-ways
1,254
1,5051,351
961809
709927902858867
882800616420346
7721,233
Otherpub-
lic
1,124
1,2431,201
828517686
,1561,178,484
,221,364,336
1,402623
5461,1611,622
5,6778,300
7,684
873823859928
1,0321,1621,2641,3641,4231,4971,4321,320
1,1571,0091,1661,3021,4451,605
4,4326,461
6,064
703662679713790885966
1,0421,0861,1291,1411,097
948837940
1,0151,1061,218
Totals for period,
1,9353,325
3,100
300280285310355405455500540590630610
500400475525575625
1,5041,627
1,651
275258241238242250254260267275287284
273265266263278306
9931,509
1,313
128124153165193230257282279264224203
175172199227253287
not adjusted for seasonal
1,2451,839
1,620
170161180215242277298322337368291223
209172226287339387
518657
533
83817684901041121201211289977
71557194111131
7271,182
1,087
8780104131152173186202216240192146
138117155193228256
102127
87
181515191817212323241917
151213151517
426807
558
3936507610012513714915917811965
56415798136170
717905
975
113110115120124135140150155166153141
119156174188200
i Excludes construction expenditures for crude petroleum and natural gas drilling, and, therefore does notagree with the new-construction expenditures in the gross national product.
a Excludes farm and public utility; for 1929-32 includes negligible amount of public industrial and commer-cial building not segregable.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Departments of Commerce and Labor.
89
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TABLE 14.—Business expenditures for new plant and equipment, 1929-48
[Millions of dollars]
Period
1929
19301931193219331934 _
1935 .1936193719381939
1940 _1941194219431944 .
194519461947
9,165
7,6104,7122,6082,1373,080
3,7385,0776,7304,5205,200
6.4908,1906,1104 5305,210
6,63012,04016, 200
1947—First half
Second half
1948—First half«
1947—First quarter ___Second quarterThird quarterFourth quarter
1948—First quarterSecond quarter f i
Third quarter 8
Total i
Manufacturing and mining
Total
3,596
2,5411,435
930992
1,460
1,7902,4503,3301,8302,310
3,1404,0803. 1702,6102,890
3,6506,4708,150
Manu-factur-
ing
(3)
(3)(3)(3)(3)
(3)
(3)(3)(3)(3)1,930
2. 5803,4002. 7602.2502,390
3,2105,9107,460
Mining
(3)
(3)
(3)(3)(3)(3)
(3)(3)(3)(3)
380
560680410360500
440560690
Transportation
Rail-road
840
S65360164101218
166306525238280
440560540460580
550570910
Other
(4)
(4)(•)
(4)(4)(4)
(4)(4)(4)
280
390340260190280
320660800
Electricand gasutilities
(4)
(4)
(4)(4)(4)(4)
(4)
(4)(4)(4)
480
550710680540490
6301,0401,900
Com-mercial
andmiscella-neous 2
4,729
4,2042,9171,5141,0441,402
1,7822,3212,8752,4521,850
1,9802.4901,470730970
1,4803,3004,430
Annual rates, not adjusted for seasonal
14, 20018,180
17, 720
12, 64015, 76016,56019,800
16,68018, 76018, 280
7,2209,100
8,340
6.4008,0408,200
10,000
7,9208, 7608,120
6,6008,320
7,620
5,8007,4007,4809,160
7,2008,0407,400
620780
720
600640720840
720720720
7601,060
1,240
640880920
1,200
1,0801,4001,520
820780
780
720920800760
720840680
1,5602,240
2,220
1,3201,8002,0002,480
2,0002,4402,600
3,8605,000
5,140
3,6004,1204,6405,360
4,9605,3205,360
1 Excludes agriculture.2 Includes trade, service, finance, and communication for all years shown. Also includes prior to 1939,
transportation other than railroad, and electric and gas utilities not available separately for those years.3 Not available separately for years prior to 1939.* Included in commercial and miscellaneous prior to 1939.6 Estimates for second and third quarters of 1948 were based upon anticipated capital expenditures of
business.
NOTE.—These figures do not agree with the totals included in the gross national product estimates of theDepartment of Commerce, principally because the latter cover agricultural investment and also certainequipment and construction outlays charged to current expense. Figures for 1929-44 are Federal ReserveBoard estimates based on Securities and Exchange Commission and other data. Detail will not neces-sarily add to totals because figures are rounded to the nearest 10,000,000.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
90
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TABLE 15.—Business inventories and sales, 1939-48
Period
1939
19401941194219431944
194519461947
1947—First halfSecond half...
1948—First half«._._
1947—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1948—JanuaryFebruaryMarchApril eMay •
Manufacturing i
Millions of dollars
Inven-tories 3
11, 516
12, 87317, 02419, 22119, 89719,122
17, 92423. 43528, 020
26, 47928, 020
29, 438
24, 21324, 83125, 39825, 85326, 44026, 4/926, 84627, 05127,05527, 39727, 62728,020
28, 49128, 75729, 05329,14929, 438
Sales *
5,112
5,8598,172
10, 34612, 60313, 402
12, 37112, 02015, 671
14, 94816, 396
16, 923
14, 45314,17515, 54615, 39815, 04915, 06514, 36215, 25816, 59718, 08116, 55617, 524
16, 54916, 20818,10017, 21216, 547
Ratio ofinven-tories
to sales
2.25
2.202.081.861.581.43
1.451.951.79
1.771.71
1.74
1.681.751.631.681.761.761.871.771.631.521.671.60
1.721.771.611.691.78
Wholesale 2
Millions of dollars
Inven-tories 3
3,609
3, 7934.7294,0133,9864,024
4.3085,9947,577
6,8647,577
8,071
6,2486,4446,6116,7786,7376,8646,7266,8866,9976,9437,3497,577
7,6187,7548,0548,0498,071
Sales *
4,606
5,1476,9647,7698,2748,617
8,78210, 95812, 915
12, 57213, 306
13, 809
12, 68312,99612, 62712, 21812, 36912, 54112, 40312, 52313, 26313, 61514, 33313, 697
14, 09613, 99313, 42613, 68413, 847
Ratio ofinven-tories
to sales
0.78
.74
.68
.52
.48
.47
.49
.55
.59
.55
.57
.58
.49
.50
.52
.55
.54
.55
.54
.55
.53
.51
.51
.55
.54
.55
.60
.59
.58
Retail 2
Millions of dollars
Inven-tories 3
5,502
6,0117,6207,8747, 3507,396
7,50211, 04912, 953
11, 94812, 953
13, 753
11, 42711, 65311, 83211,97411, 77211,94811, 9^511,94412,07312, 43512, 62112, 953
13,38413, 75114, 04013, 90713, 753
Sales *
3,504
3,8664,6244,7965,3075,790
6,3818, 3559,810
9,46910,152
10, 566
9,0979,2859,3999,6109,6819,7439,7309,621
10,16210, 25810. 48510, 653
10, 44510, 38110, 56510, 84110, 599
Ratio ofinven-tories
to sales
1.57
1.551.651.641.381.28
1.181.321.32
1.261.28
1.30
1.261.261.261.251.221.231.231.241.191.211.201.22
1.281.321.331.281.30
1 Not adjusted for seasonal variation.2 Adjusted for seasonal variation,s Book value, end of period.4 Monthly average shown for year and half year and total for month.8 Average of 5 months.6 Preliminary.NOTE.—Manufacturing inventories and sales, and retail inventories are recently revised series; revisions
for wholesale are to be completed in the near future. The inventory figures in this table do not agree withthe estimates of "change in business inventories" included in the gross national product since they coveronly manufacturing and trade rather than all business, and show inventories in terms of current book valuewithout adjustment for revaluation.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (Office of Business Economics).
91
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TABLE 16.—Sales3 stocks, and outstanding orders at 296 department stores, 1939-48
Period
Monthly average:1939
19401941194219431944
194519461947
1947—First halfSecond half
1948—First half
1947—JanuaryFebruaryMarch _ _April _MayJune _-JulyAugustSeptember _OctoberNovemberDecember
1943—JanuaryFebruaryMarchApril -MayJune3
Millions of dollars *
Sales(total formonth)
128
136156179204227
255318336
300373
316
256250331321336304253274341367416584
271263355331339337
Stocks(end ofmonth)
344
353419599508534
563714823
817828
887
770835866849816768732789823912942770
789878941938919857
Outstand-ing orders
(end ofmonth)
108194263530560
729909553
488619
466
620606489388353470603622676663605544
633575420356339471
Ratio ofstocksto sales
2.69
2.602.693.352.492.35
2.212.252.45
2.722.22
2.81
3.013.342.622.642.432.532.892.882.412.492.261.32
2.913.342.652.832.712.54
Ratio ofordersto sales
0.791.241.472.602.47
2.862.861.65
1.631.66
1.47
2.422.421.481.211.051.552.382.271.981.811.45.93
2.342.191.181.081.001.40
Ratio oforders
to stocks
0.31.46.44
1.041.05
1.291.27.67
.60
.75
.53
.81
.73
.56
.46
.43
.61
.82
.79
.82
.73
.64
.71
.80
.65
.45
.38
.37
.55
1 Not adjusted for seasonal.»Not available.8 Estimates based on incomplete data.
NOTE.—These figures represent retail sales, stocks, and outstanding orders as reported fcy a sample of296 of the larger department stores located in various cities throughout the country and are not estimatesof total sales, stocks, and outstanding orders for all department stores in the United States. Data are notavailable prior to 1939.| i Detail will not necessarily add to totals because of rounding.
ffSource: Board of Governors of the Federal Reserve System.
92
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TABLE 17.—Consumers' price index, 1929-48
For moderate-income families in large cities
[1935-39=100]
Period All items
Monthly averager1929
193019311932....19331934..
19351936-.193719381939
1940 -1941194219431944
194519461947
1947—First half—Second half.
1948—First half—
1946—June
1947—JanuaryFebruary.MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1948—JanuaryFebruaryMarch. . __April.. ..__MayJune
122.5
119.4108.797.692.495.7
98.199.1
102.7100.899.4
100.2105.2116.5123.6125.5
128.4139.3159.2
155.4163.0
169.1
133.3
153.3153.2156.3156.2156.0157.1158.4160.3163.8163.8164.9167.0
168.8167.5166.9169.3170.5171.7
Food
132.5
126.0103.986.584.193.7
100.4101.3105.397.895.2
96.6105.5123.9138.0136.1
139.1159.6193.8
187.0200.7
208.3
145.6
183.8182.3189.5188.0187.6190.5193.1196.5203.5201.6202.7206.9
209.7204.7202.3207.9210.9214.1
Apparel
115.3
112.7102.690.887.996.1
96.897.6
102.8102.2100.5
101.7106.3124.2129.7138.8
145.9160.2185.8
183.4
188.1
195.7
157.2179.0181.5184.3184. 9185.0185.7184.7185.9187.6189.0190.2191.2
192.1195.1196.3196.4197.5196.9
RentFuel, elec-
tricity,and ice
141.4
137.5130.3116.9100.794.4
94.296.4
100.9104.1104.3
104.6106.2108.5108.0108.2
108.3108.6111.2
109.0113.4
116.4
108.5
108.8108.9109.0109.0109.2109.2110.0111.2113.6114.9115.2115.4
115.9116.0116.3116.3116.7117.0
112.5
111.4108.9103.4100.0101.4
100.7100.2100.299.999.0
99.7102.2105.4107.7109.8
110.3112.4121.1
117.7124.6
130.8
110.5
117.3117.5117.6118.4117.7117.7119.5123.8124.6125.2126.9127.8
129.5130.0130.3130.7131.8132.6
Housefurnish-
I l l . 7
108.998.085.484.292.8
94.896.3
104.3103.3101.3
100.5107.3122.2125.6136.4
145.8159.2184.4
181.5187.4
193.9
156.1
179.1180.8182.3182.5181.9182.6184.3184.2187.5187.8188.9191.4
192.3193.0194.9194.7193.6194.8
Miscel-laneous
104.6
105.1104.1101.798.497.9
98.198.7
101.0101.5100.7
101.1104.0110.9115.8121.3
124.1128.8139.9
138.3141.6
147.0
127.9
137.1137.4138.2139.2139.0139.1139.5139.8140.8141.8143.0144.4
146.4146.4146.2147.8147.5147.5
Source: Department of Labor.
793637° 93
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 18.— Wholesale price index, 1929-48
[1926=100]
Period
Average:1929
1930 .1931193219331934
1935193619371938 - , -1939 _
1940 -1941194219431944
1945 - -19461947
1947—First halfSecond half
1948—First half. _ __
1946—June _.
1947—January - - -FebruaryMarch _ _ _ _ _AprilMayJune - -JulyAugust _.SeptemberOctoberNovember _December
1948—JanuaryFebruaryMarchAprilMay.June
All
com
mod
itie
s
95.3
86.473.064.865.974.9
80.080.886.378.677.1
78.687.398.8
103.1104.0
105.8121.1152.1
146.7157.2
163.5
112.9
142.0145.2150.0148.0147.3147.7150.6153.7157.4158.5159.6163.2
165.7160.9161.4162.8163.9166.2
Far
m p
roduct
s
104.9
88.364.848.251.465.3
78.880.986.468.565.3
67.782.4
105. 9122 6123.3
128.2148.9181.2
174.7187.3
190.4
140.1
165.0170.4182.6176.9175. 4177.8181.4181.6186.4189.7187.9196.7
199.2185.3186.0186.7189.1196.0
Foo
ds99.9
90.574.661.060.570.5
83.782.185.573.670.4
71.382.799.6
106.6104.9
106.2130.7168.7
161.8175.4
176.9
112.9
156.6162.3167.9162 4159.6161.8167.1172.3179.2177.7177.9178.4
179.9172.4173.8176.7177.4181.4
s
91.6
85.275.070.271.278.4
77.979.685.381.781.3
83.089.095.596.998.5
99.7109.5135.2
131.0139.3
148.5
105.6
128.4129.4131.7132.4132.3131.6133.5136.2138.3140.1142.1145.5
148.3147.6147.7148.7149.0149.5
Other than farm products and foods
1If-a
S
109.1
100.086.172.980.986.6
89.695.4
104.692.895.6
100.8108.3117.7117.5116.7
118.1137.2182.4
173 8191.1
189.8
122.4
176.2174.1175.1172.1171.5173.8179.1182.8185.6193.1202.5203.4
200.3192.8185.4186.1187.5186.8
!
I
I90.4
80.366.354.964.872.9
70.971.576 366.769.7
73.884 896.997.498.4
100.1116.3141.7
139.7143.6
149.5
109.2
138.2139.5140.5140 3139.9139 9140.5141.8142.4143.4145.2148.0
148.4148.9149.8150.3150.2149.6
f'l•oSc a«S
•—i bl.
83.0
78.567.570.366.373.3
73.576.277.676.573.1
71.776.278.580.883.0
84.090.1
108.7
101.2115.8
131.5
87.8
97.798.2
100.7103.2103.4104.0109.0112.6114 2116.1118.2124.6
130.0130.8130.9131.6132.6133.1
3<x>e^^ wa fl0CST3
l a
100.5
92.184.580.279.886.9
86.487.095.795.794.4
95.899.4
103.8103.8103.8
104.7115.5145.0
140.8149.1
156.4
112.2
139.0139.6141.1141.3141.9142.0143.1148.5150.1150.5150.8151.5
154.3155.3155.9157.2157.1158.7
4aBtea1ffl
95.4
89.979.271.477.086.2
85.386.795.290.390.5
94.8103.2110.2111 4115. 5
117.8132.6179.7
175.2183.8
194.6
129.9
170.2174.8177.5178 1176.2174. 1175.5179.6183.4185.8187.7191.0
193.3192.7193.1195.0196.4196.8
T3 „S3 +2o3 a
ifH94.0
88.779.373.972.175.3
79.078.782.677.076.0
77.084.4H5.594.995.2
95.2101.4127.3
128.5126.3
136.0
96.4
128.3129.3132.2133.5127.1120.8118.8117.5122.3128.6135.8135.0
138.8134.6136.1136.2134.7135.7
.9
!§>
W
94.3
92.784.975.175.881.5
80.681.789.786.886.3
88.594.3
102. 4102.7104.3
104.5111.6131.1
128.7133.4
142.2
110.4
126.5128.3129.0129. 1129.5129.7129.8129.9131.3132.4137. 5139.4
141.3141.8142.0142.3142.6143. 4
|
I182.6
77.769.864.462.569.7
68.370.577.873.374.8
77.382.089.792 293.6
94.7100.3115.5
114.1116.6
121.5
98.5
110.9111.7115.6116.1116.9113 5113.2113.1115.9117.1118.8121.5
123.6120.1120 8121.8121.5121.4
Source: Department of Labor.
94
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TABLE 19.—Index of prices received and of prices paid by farmers and parity ratio, 7929-48
[1910-14 = 100]
Period
Monthly average:1929.
1930.—19311932.19331934
19351936.193719381939
19401941194219431944
194519461947
1947—First half..Second half.
1948—First half...
1947—JanuaryFebruary.MarchAprilMayJuneJulyAugustSeptemberOctober .__.NovemberDecember
1948—JanuaryFebruaryMarchAprilMayJune
Pricesreceived i
149
12890687290
1091141229795
100124159192195
202233278
270286
291
260262280276272271276276286289287301
307279283291289295
Prices paid(includinginterest and
taxes)
167
160141124120129
130127133126124
125132150162169
172193231
225238
249
215221226229228230230234238239241245
251248247249250251
Parityratio a
89
8064556070
8490927777
8094106119115
117121120
120120
117
121119124121119118120118120121119123
122112115117116118
1 August 1909 to July 1914=100.2 Ratio of prices received to prices paid (including interest and taxes).Source: Department of Agriculture.
95
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TABLE 20.—Consumer credit outstanding, 1929-48
[Millions of dollars]
End of period
1929
19301931_ _19321933. _1934
19351936..._19371938.1939
1940194119421943 __1944
19451946 _.1947
1947—January...February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.
1948—January.. _February..MarchAprilMayJune ?
Totalconsumer
credit
7,637
6,8295,5264,0933,9194,396
5,4396,7967,4917,0647,994
9,1469,8956,4785,3345,776
6,63810,16613,385
10,02410, 01910,37910, 63110, 93411,23011,30211,43311, 68212, 05512,63613,385
13, 05812, 94513,39113, 59913,80414,100
Instalmentcredit i
3,167
2,6962,2121,5261,5951,867
2,6273,5263,9713,6124,449
5,4485,9202,9481,9572,034
2,3653,9766,156
4,0484,1564,3294,5364,7394,9195,0455,1795,2905,4635, 7336,156
6,1866,2496,4986,7376,9577,200
Chargeaccounts
1,749
1,6111,3811,1141,0811,203
1,2921,4191,4591,4871,544
1,6501,7641,5131,4981,758
1,9813,0543,612
2,7642,6022,7682,7822,8352,8872,7862,7552,8643,0293,3093,612
3,2403,0673,2813,2653,2553,300
Otherconsumer
credit 2
2,721
2,5221,9331,4531,2431,326
1,5201,8512,0611,9652,001
2,0482,2112,0171,8791,984
2,2923,1363,617
3,2123,2613,2823,3133.3603,4243,4713,4993,5283,5633,5943,617
3,6323,6293,6123,5973,5923,600
1 Includes automobile and other sale credit and repair and modernization loans insured by Federal Houseing Administration.
2 Includes single-payment loans of commercial banks and pawnbrokers and service credit.3 Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
96
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TABLE 21.—Loans and investments of all commercial banks, 1929-48
[Billions of dollars]
End of month
1929—Junel
1930—-June l1931—June»1932—June1 . - -1933—June *1934—June1
1935—June1
1936—December1937—December ._1938—December1939—December.
1940—December1941—December1942—December1943—D ecember1944—December _. - _
1945—December . ,
1946—JuneDpinpmbfir
1947—JuneDecember _ _. _
1948—June*
Totalloans
and invest-ments
49.4
48.944.936.130.432.7
34.639.538.338.740.7
43.950.767.485.1
105.5
124.0
119.4114.0
112.8116.3
114.1
Loans
35.7
34.529.221.816.315.7
14.916.417.116.417.2
18.821.719.219.121.6
26.1
27.131.1
33.738.1
39.7
Investments
Total
13.7
14.415.714.314.017.0
19.723.121.222.323.4
25.129.048.266.083.9
97.9
92.382.9
79.178.2
74.4
U. S. Gov-ernment
obligations
4.9
5.06.06.27.5
10.3
12.715.314.215.116.3
17.821.841.459.877.6
90.6
84.574.8
70.569.2
65.0
Othersecurities
8.7
9.49.78.16.56.7
7.07.87.17.27.1
7.47.26.86.16.3
7.3
7.88.1
8.59.0
9.4
1 Complete end-of-year figures are not available for years prior to 1936.2 Estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
97
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TABLE 22.—Adjusted deposits of all banks and currency outside banks, 1929-48
[Billions of dollars]
End of period
1929
193019311932 —19331934 —
1935 . .19361937 -_19381939 —
19401941194219431944
1945
1946—JuneDecember
1947—JuneDecember.. __
1948—June4
Totaldepositsadjusted
andcurrencyoutsidebanks
54.7
63.648.345.442.548.0
52.2y 57.4
56.659.064.1
70.878.299.7
122.8151.0
175.4
171.2167.1
165.5171.4
167.5
U.S.Govern-
mentdepositsl
0.2
.3
.5
.51.01.7
.91.0.8.9.8
.81.98.4
10.420.8
24.6
13.43.1
1.41.5
2.2
Other deposits and currency outsidebanks
Total
54.5
53.247.944.941.546.3
51.356.455.858.163.3
70.076.391.3
112.4130.2
150.8
157.8164.0
164.1170.0
165.3
Demanddeposits
adjusted 2
22.8
21.017.415.715.018.5
22.125.524.026.029.8
34.939.048.960.866.9
75.9
79.583.3
82.187.1
82.6
Timedeposits3
28.2
28.726.024.521.723.2
24.225.426.226.327.1
27.727.728.432.739.8
48.5
51.854.0
55.756.4
57.1
Currencyoutsidebanks
3.6
3.64.54.74.84.7
4.95.55.65.86.4
7.39.6
13.918.823.5
26.5
26.526.7
26.326.5
25.6
i Beginning with December 1938, includes U. S. Treasurer's time deposits, open account.* Includes demand deposits, other than interbank and U. S. Government, less cash items in process of
collection.' Include? deposits in commercial banks, mutual savings banks, and postal savings system.< Estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
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TABLE 23.—Estimated ownership of Federal securities, 1939-48
[Billions of dollars—par values1 ]
End of period
1939—December1940—December1941—December _1942— December1943—December1944— December1945—December _ _1946—December..1947— necember1948—June9
Gross debt and guaranteed obligations outstanding
Total
47.650.964.3
112 5170.1232.1278.7259.5257 0252.4
Held byU. S. Gov-ernmentagencies
and trustfunds
6.57.69.5
12 216.921.727.030.934.435.8
Total
41.143.354.8
100.3153. 2210.4251 7228.6222.6216.6
Stateandlocal
govern-ments 2
0.4.5.7
1 02.14.36.56.37.37.2
Held
Com-mercialbanks3
15.917.321.441 159.977.790.874.568 765.0
by public
FederalReservebanks
2.52.22.36 2
11.518.824.323.322.621.4
Nonbankprivate
financialcorpora-
tions andassocia-tions *
12.012.516.327 441.256.065.359.557.556.3
Indi-vid-
uals*
10.410.914.124 538.453.564.864.966.666.8
1 United States sayings bonds, series A-D, E, and F, are included at current redemption values.3 Includes trust, sinking, and investment funds of State and local governments and their agencies, and
Territories and insular possessions.3 Includes commercial banks, trust companies, and stock savings banks in the United States and in Terri-
tories and insular possessions. Figures exclude securities held in trust departments.* Includes insurance companies, mutual savings banks, savings and loan associations, dealers and brokers
and investments of foreign balances and international accounts in this country. Beginning with December1946, includes investments by the International Bank for Reconstruction and Development and Inter-national Monetary Fund in special non-interest bearing notes issued by the U. S. Government. Begin-ning with June 30, 1947, includes holdings of Federal land banks.
4 Includes partnerships and personal trust accounts.* Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of roundingSource: Treasury Department.
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TABLE 24.—Profits before and after taxes, all private corporations, 1929—48
[Billions of dollars]
Period
Corporateprofitsbeforetaxes
Corporatetax
liability 1
Corporate profits after taxes
Total Dividendpayments
Undis-tributedprofits
1929.
1930.1931.193219331934
1935.1936.1937.1938.1939.
1940.1941.1942.1943.1944.
1945.1946.1947.
1947—First halfSecond half
1948—First half 3
1947—First quarter...Second quarter.Third quarter..Fourth quarter.
1948—First quarter...Second quarter
9.8
3.3- . 8
-3 .0.2
1.7
3.25.76.23.36.5
9.317.221.124.524.3
20.421.829.8
28.930.8
30.5
28.9
29.132.4
31.429.5
1.4
.5
.4
.5
.7
1.01.41.51.01.5
2.97.8
11.714.213.5
11.69.0
11.7
8.4
2.5- 1 . 3-3 .4- . 41.0
2.34.34.72.35.0
6.49.49.4
10.410.8
8.712.818.1
5.8
5.54.12.62.12.6
2.94.64.73.2
4.04.54.34.54.7
4.75.6
Annual rates, seasonally adjusted
11.412.1
11.9
11.411.311.412.7
12.211.5
17.518.7
18.6
17.517.517.719.7
19.218.0
7.0
7.4
6.46.7
7.1
7.37.5
2.6
- 3 . 0- 5 . 4-6 .0- 2 . 4- 1 . 6
- . 6- . 3
2.44.95.15.96.1
4.07.2
11.2
10.911.7
11.2
11.110.810.812.6
11.910.5
i Federal and State corporate income and excess profits taxes.a Minus 8 million dollars.» Estimates based on incomplete data; second quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
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TABLE 25.—Profits after taxes, 629 large private industrial corporations, by industry groups,1939-48+
[Millions of dollars]
Period
Manufacturing and mining
Number of companies
1939
1940-..1941 -1942 _ __1943....1944..
1945 _,19461947 -
1947—First halfSecond half
1947—First quarter.Second quarterThird quarterFourth quarter
1948—First quarter. . . .
629 47 15 77 49
1,465
1,8182,1631, 7691,8001,896
1,9252, 5453,670
146
278325226204194
188283437
115
158193159165174
163171334
223
242274209201222
243130417
102
173227182180190
169127205
119
133153138128115
108136198
151
148159151162175
199356354
45
112174152186220
223281
186
194207164170187
187273345
Totals for period, not adjusted for seasonal
1,7381,933
871
1,033
1,030
80
134
160187136149147
154302370
226212
126100100112
121
153182
708377105
87
199218
94105103115
130
102103
49535746
61
93104
47464559
49
109130
51585971
62
162193
986485108
83
199281
89110121160
196
175169
88878188
90
188183
96929390
93
74
122
132152161171184
203321
134160
637180
57
1 Profits after Federal and State income and excess-profits taxes.2 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amuse-
ment industry, 21 in shipping and transportation other than railroads (largely air lines), and 11 companiesfurnishing scattered types of service.
Source: Compiled by the Board of Governors of the Federal Reserve System and based on published re-ports of various industrial corporations.
101
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TABLE 26.—Relation of profits before and after taxes to sales, private corporations excludingfinance, insurance, and real estate, 7946-48
Industry group
Profits before taxes as percentof sales
1946 1947 1948, firstquarter i
Profits after taxes as percentof sales
1946 1947 1948, firstquarter l
All industries, excluding financeinsurance, and real estate
Mining..- _Manufacturing
Metal industries _Other manufacturing _.
Wholesale and retail tradeTransportationCommunications and public utilitiesAll other industries2 _.
7.9 8.6 4.6 5.2 5.2
11.58.75.8
10.05.65.0
18.59.0
14.910.311.19.94.87.2
15.78.3
16.010.211.09.85.04.7
16.77.5
8.25.12.96.03.32.5
11.25.3
10.56.26.66.12.84.29.64.9
11.36.26.56.12.92.8
10.24.4
1 Estimates based on incomplete data.2 Includes agriculture, forestry and fisheries, and contract construction.Source: Department of Commerce.
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T A B L E 27.—Relation of profits before and after taxes to investment, private manufacturingcorporations, by industry groups, 7947
Industry group
Ratio of profits (annual rate) to stockholders'equity
1947total
Firstquarter
Secondquarter
Thirdquarter
Fourthquarter
All private manufacturing corporations
Food ..__Tobacco manufacturesTextile mill productsApparel and finished textilesLumber and wood productsFurniture and fixturesPaper and allied productsPrinting and publishing (except newspapers)Chemicals and allied products. _Products of petroleum and coalRubber productsLeather and leather products 'Stone, clay, and glass productsPiimary n on ferrous metal industriesPrimary iron and steel industriesFabricated metal productsMachinery (except electrical and transportation)Electrical machinery..Transportation equipment (except motor vehicles).Motor vehicles and partsInstruments; photographic and optical goods;
watches and clocks __Miscellaneous manufacturing (including ordnance).
All private manufacturing corporations
FoodTobacco manufactures __Textile mill productsApparel and finished textilesLumber and wood productsFurniture and fixturesPaper and allied productsPrinting and publishing (except newspapers)Chemicals and allied products. ____Products of petroleum and coalRubber productsLeather and leather products _ _._Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industriesFabricated metal productsMachinery (except electrical and transportation)...Electrical machineryTransportation equipment (except motor vehicles).Motor vehicles and partsInstruments; photographic and optical goods;
watches and clocksMiscellaneous manufacturing (including ordnance) _
Before Federal taxes
24.7
29.516.230.631.434.928.933.828.825.118.824.223.822.719.319.228.025.830.54.8
28.2
22.624.3
28.0
32.414.840.036.036.432.841.635.231.616.828.434.424.424.423.632.027.632.47.2
29.2
24.026.8
25.2
28.015.231.228.435.632.838.430.824.819.224.421.625.221.618.428.429.232.06.0
28.4
23.224.4
24.0
30.817.226.434.034.828.832.830.022.421.218.820.821.615.218.027.224.028 03.6
27.2
20.826.4
After Federal taxes
15.1
17.49.8
18.418.522.017.320.817.415.514.012.213.813.711.611.717.015.418.4
.415.8
14.114.0
16.8
18.88.8
24.021.222.420.025.621.619.212.416.420.414.414.814.419.616.420.03.2
16.8
14.815.2
15.6
16.49.2
18.816.022.420.023.618.815.214.48.4
12.815.613.211.217.217.619.22.0
16.8
14.414.8
14.8
18.410.815.620.821.617.620.418 814.015.68.8
12.013.28.8
10.816.414.416.8
15.6
12. 816.0
24.8
28. 018.832.829.238.027.630.418.024.421.626.820.821.620.819.228.024.833.22.0
32.0
25.619.6
15.2
16.811.219.617.224.815.618.89.6
15.216.416.011.612.810.412.017.214.420.0
- 3 . 616.4
15.610.0
Sources: Federal Trade Commission and Securities and Exchange Commission.
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TABLE 28.—Relation of profits before and after taxes to sales, private manufacturing corporations,by industry groups, 1947-48
Industry group
Profits in cents per dollar of sales
1947total
Firstquarter
Secondquarter
Thirdquarter
Fourthquarter
All private manufacturing corporations
FoodTobacco manufactures.-Textile mill products _Apparel and finished textilesLumber and wood productsFurniture and fixturesPaper and allied productsPrinting and publishing (except newspapers)._Chemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products..Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industriesFabricated metal products __ _Machinery (except electrical and transportation)Electrical machineryTransportation equipment (except motor vehicles).Motor vehicles and partsInstruments; photographic and optical goods;
watches and clocks _._ __Miscellaneous manufacturing (including ordnance).
All private manufacturing corporations
FoodTobacco manufacturesTextile mill products. _Apparel and finished textilesLumber and wood productsFurniture and fixtures.Paper and allied productsPrinting and publishing (except newspapers)Chemicals and allied productsProducts of petroleum and coalRubber products .Leather and leather productsStone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries. _Fabricated metal productsMachinery (except electrical and transportation)...Electrical machineryTransportation equipment (except motor vehicles) .Motor vehicles and partsInstruments; photographic and optical goods:
watches and clocksMiscellaneous manufacturing (including ordnance).
11.0
7.16.7
13.77.8
18.110.117.410.114.214.68.77.4
13.114.610.912.112.110.42.8
10.7
12.510.8
Before Federal taxes
12.4
8.16.8
15.88.8
19.511.219.612.616.913.810.810.113.916.213.614.113.211.05.0
11.2
13.512.2
11.1
7.06.1
13.77.6
18.311.118.111.314.214.48.77.2
13.914.810.112.112.810.33.6
10.4
12.010.8
10.6
7.36.8
12.07.9
16.810.116.810.713.415.56.86.7
12.411.610.111.511.59.92.4
10.3
12.012.1
After Federal taxes
6.7
4.24 .18.24.6
11.46.0
10.76.18.7
10.94.44.37.98.86.67.47.26.3
.36.0
7.86.2
7.5
4.74.19.55.2
12.16.8
12.07.8
10.410.16.25.98.29.78.28.67.96.82.26.4
8.37.0
6.8
4.13.78.24.3
11.46.8
11.26.98.7
10.83.04.28.59.06.27.47.86.11.16.1
7.56.5
6.5
4.34.27.24 8
10.56.1
10.36.78.2
11.43.23.97.66.86.16.96.96.0
. 15.9
7.57.3
10.1
6.37.3
13.16.9
17.98.3
15.15.9
12.414.68.85.9
12.415.69.8
11.111.110.4
.910.7
12.78.4
6.2
3.74.37.94.1
11.74.79.33.17.8
11.35.23.37.49.76.16.86.56.3
- 1 . 65.6
7.84.3
Sources: Federal Trade Commission and Securities and Exchange Commission.
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TABLE 29.—Relation of profits before and after taxes to investment and to sales, all privatemanufacturing corporations, by size classes, 1947—48
Assets class(thousands of
dollars)
All sizes
Ito249250 to 999-1,000 to 4,9995,000 to 99,999100,000 and over.__
All sizes
1 to 249.250 to 9991,000 to 4,9995,000 to 99,999.100,000 and over. . .
Before Federal taxes
1947
TotalFirstquar-
ter
Secondquar-
ter
Thirdquar-
ter
Fourthquar-
ter
After Federal taxes
1947
TotalFirstquar-
ter
Secondquar-
ter
Thirdquar-
ter
Fourthquar-
ter
1948,first
quar-ter i
Ratio of profits (annual rate) to stockholders' equity
24.7
24.429.230.627.320.3
28.0
26.835.238.831.220.8
25.2
28.430.832.428.419.6
24.0
30.030.028.426.019.6
24.8
10.022.425.227.624.0
15.1
14.816.918.216.512.9
16.8
16.420.423.218.813.2
15.6
18.018.019.617.212.4
14.8
19.217.617.215.612.4
15.2
3.612.014.016.815.6
(2)
(2)
Profits in cents per dollar of sales
11.0
6.58.8
10.711.911.4
12.4
7.610.513.013.312.2
11.1
8.09.3
11.211.911.0
10.6
7.89.1
10.311.310.8
10.1
2.66.58.3
11.111.7
6.7
3.95.16.37.27.2
7.5
4.76.17.98.07.8
6.8
5.15.46.77.26.9
6.5
5.05.46.26.86.8
6.2
1.03.54.76.77.6
7.2
2.04.96.07.18.7
1 Estimates based on incomplete data.2 Not available.Sources: Federal Trade Commission and Securities and Exchange Commission.
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TABLE 30.—Sources and uses of corporate funds, 7946—48
[Billions of dollars]
Use or source of funds
Plant and equipment outlaysInventories (increase in book value)Increase in customer financing __Net repayment of trade debtNet repayment of short-term bank loansNet repayment of RFC loansReduction in liability for Federal income tax
Total uses of funds.. _...
Sources:Internal sources:
Funds retained from operations:Depreciation reserves..Retained net earnings and depletion allowances.
Reduction in cash and U . S . Government securities.Reduction in other current assets
External sources:Increase in bank loans:
Short-termLong-term __ __.
Increase in mortgage loansNet new security issues:
BondsStocks..
Increase in liability for Federal income taxIncrease in trade debtOther net sources.
Total sources of funds
Discrepancy (uses less sources)
1946
11.67.55.4
.22.5
27.2
4.16.36.4.7
1.91.4.6
1.01.3
3.00
26.7
.5
1947
15.07.25.6
.1
27.9
4.510.6
.3
.1
1.61.3.6
3.11.32.42.2.5
28.5
- . 6
1948, firsthalfi
8.42.8.8
c>
.10
12.7
2.44 6.0
.2
.2
0.4
2.1.5.5
.3
12.6
.1
1 Estimates of total for half year based on incomplete data; not adjusted for seasonal variation.2 Net increase of such debt; see sources.3 Net increase of such liability: see sources.* Estimate based on preliminary first quarter data.5 Net repayment of such debt; see uses.« Net reduction of such liability; see uses.
Sources' Department of Commerce estimates based on Securities and Exchange Commission and otherfinancial data.
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TABLE 31.— The international transactions of the United States, 1946—48
[Millions of dollars]
Item
Exports of goods and serv-ices:
Recorded goods 2
Other goods 5
Total goodsServicesIncome on investments..
Total exports
Imports of goods and serv-ices:
Recorded goodsOther goods
Total goods _ServicesIncome on investments..
Total imports
Surplus of exports of goodsand services:
Recorded goodsOther goods.. _
Total goodsServicesIncome on investments. .
Total surplus of ex-ports. .
Means of financing:Net liquidation of gold
and dollar assets by:Foreign countriesInternational Mon-
etary F u n d . .Loan disbursements by
International BankNet United States pri-
vate capital outflow toforeign countries
Net U. S. Governmentloans
Net U. S. Governmentunilateral transfers
Net private unilateraltransfers. .
Total means of financ-ing . . .
Errors and omissions
1946
10,1881,686
11,8742,272
820
14, 966
4,908260
5,1681,783
216
7,167
5,2801,426
6,706489604
7,799
1,968
335
2,774
2,279
598
7,954-155
1947
Total
15,338718
16,0562,6111,074
19, 741
5,733338
6,0712,165
227
8,463
9,605380
9,985446847
11, 278
4,514
464
297
727
3,900
1,812
568
12, 282-1,004
Firstquarter
3,775179
3,954650212
4,816
1,41295
1,50746451
2,022
2,36384
2,447186161
2,794
1,197
301
854
444
145
2,941-147
Secondquarter
4,185123
4,308726243
5, 277
1,449113
1,56253255
2,149
2,73610
2,746194188
3,128
1,144
56
92
207
1,538
457
119
3,613-485
Thirdquarter
3,716159
3,875675251
4,801
1,32330
1,35367447
2,074
2,393129
2,5221
204
2,727
856
148
142
98
1,201
492
138
3,075-348
Fourthquarter
3,662257
3,919560368
4,847
1,549100
1,64949574
2,218
2,113157
2,27065
294
2,629
1,317
260
63
121
307
419
166
2,653- 2 4
1948
Firstquarter
3,318368
3,686547217
4,450
1,794141
1,93549456
2,485
1,524227
1 75153
161
1,965
368
132
103
230
606
842
159
2,440-475
Secondquarter i
3,328332
3,660560260
4,480
1,625165
1,79056570
2,425
1,703167
1,870e
190
2,055
640
20
50
185
230
945
145
2,215-160
1 Estimates based on incomplete data.2 Figures for recorded exports of goods in 1946 and 1947 have been adjusted to include goods shipped to
United States armed forces abroad for distribution to civilians in occupied areas in order to make themcomparable with figures for 1948. Such shipments are included in exports as recorded by the Bureau ofthe Census in 1948 but were not so included in prior years.
3 Includes goods sold to or bought from other countries that have not been shipped from or into the UnitedStates customs area and other adjustments.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
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TABLE 32.—United States Government aid to foreign countries, 1946—48
[Millions of dollars]
Type of aid
A. Unilateral payments:Straight lend-lease _UNRRAPost-UNRRACivilian supplies for occupied
areas . . .European recovery program.Greek-Turkish aid._._Chinese aidInternational Refugee Organ-
izationsTransfers to Philippines ._Interim aidOther
Total unilateral payments...Less: Unilateral receipts..
Equals: Net unilateral pay-ments.
B. Long-term loans and invest-ments:
Lend-lease credits _ .Surplus property, including
ship salesExport-Import BankUnited Kingdom loanInvestment in International
Bank . . . .Investment in International
Monetary FundOther
Total, long-term loans and in-vestments
Less: Repayments—
Equals: Net long term loansand investments, includ-ing International Bankand International Fund...
Less: Investments in Interna-tional Bank and Interna-tional Fund
Equals: Net long term loansand investments, exclud-ing International Bankand International Fund_._
0. Short-term loans (net):
Net unilateral payments and loansand investments, excluding Inter-national Bank and InternationalFund
1946
2091,524
539
15
60
170
2,517238
2,279
600
841945600
317
512
3,32090
3,230
322
2,908
-134
5,053
Total
543245
980
74
179612
305
2,272460
1,812
2
274796
2,850
318
2,74580
7,065174
6,891
3,063
3,828
72
5,712
Firstquarter
285
219
18
101
623179
444
96280500
159
2,74528
3,80851
3,757
2,904
853
1
1,298
1947
Secondquarter
2092
240
20
113
584127
457
60249950
159
49
1,467,34
1,433
159
1,274
264
1,995
Thirdquarter
4998
306
38
1538
33
57785
492
1
5361
1,300
1
1,41640
1,376
1,376
-175
1,693
Fourthquarter
145
215
36
2201258
48869
419
1
65206100
2
37449
325
325
- 1 8
726
1948
Firstquarter
45
340
85
3313
34229
88745
842
234170300
2
70646
660
660
—54
1,448
Secondquarter^
(2)
8(2)
2}
*)2)
1,02075
945
! 33
(2)
25525
230
230
1,175
i Estimates based on incomplete data,a Not available.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
108
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T A B L E 33.—United States merchandise exports, including reexports, by continents, 1936-38quarterly average and 1947—48
Period
Total mer-chandiseexports,
includingreexports
NorthAmerica
SouthAmerica Europe Asia
Australiaand
OceaniaAfrica
Millions of dollars
1936-38 Quarterly average
1947 Quarterly average. - .First quarter. _Second quarterThird quarterFourth quarter
1948—First quarterSecond quarter i . . .
1936-88 Quarterly average,
1947 Quarterly average...First quarterSecond quarterThird quarterFourth quarter
1948—First quarterSecond quarter i . . .
742
3,8363,7754,1853,7163,662
3,3183,328
183
957906
1,013900
1,010
789921
69
588571648560574
549534
311
1,4211,4841,5711,3921,235
1,2091,080
125
582567649564550
532552
23
8064749786
4235
Percentage of total
100.0
100.0100.0100.0100.0100.0
100.0100.0
24.7
25.024.024.224.227.6
23.827.7
9.3
15.315.115.515.115.7
16.516-0
41.9
37.139.337.537.533.7
36.432.5
16.8
15.215.015.515.215.0
16.016.6
3.1
2.11.71.82.62.3
1.31.1
32HI
205183230202206
197206
4.3
m5.34.85.55.45.65.96.2
1 Based on actual figures for April and May and estimates for June.
NOTE.—Data in this table cover all merchandise shipped from the United States customs area to foreigncountries including, in 1947 and 1948, goods destined to United States armed forces abroad for distributionin occupied areas as civilian supplies.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
793637°— 4 8 - 109
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TABLE 34.— United Slates general merchandise imports, by continents, 1936-38 quarterlyaverage and 7947-48
PeriodTotal
generalimports
NorthAmerica
SouthAmerica Europe Asia
Australiaand
OceaniaAfrica
Millions of dollars
1936-38—Quarterly average.
1947—Quarterly averageFirst quarterSecond quarter..Third quarter.Fourth quarter
1948—First quarterSecond quarter *
1936-38—Quarterly average
1947—Quarterly averageFirst quarterSecond quarterThird quarterFourth quarter
1948—First quarterSecond quarterx
622
1,4331,4121,4491,3231,549
1,7941,625
150
536495568521560
605613
81
309309291276360
423328
177
204187195213225
264247
187
262303269205273
337312
10
3947542530
4825
Percentage of total
100.0
100.0100.0100.0100.0100.0
100.0100.0
24.1
37.435.139.239.436.2
33.737.7
13.0
21.621.920.120.923.2
23.620.2
28.5
14.213.213.516.114.5
14.715.2
30.1
18.321.518.615.517.6
18.819.2
1.6
2.73.33.71.91.9
2.71.5
17
82697483
100
116100
2.7
5.74.95.16.36.5
6.56.2
* Based on actual figures for April and May and estimates for June.NOTE.—Data in this table cover all merchandise received in the United States customs area from foreign
countries. General imports include merchandise entered immediately upon arrival into merchandisingchannels, plus entires into bonded customs warehouses. Detail will not necessarily add to totals becauseof rounding.
Source: Department of Commerce.
no
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TABLE 35.—United States merchandise exports, by economic classes, 1936-38 quarterly average and1947-48
Period
1936-38—Quarterly average
1947— Quarterlv averageFirst quarterSecond quarterThird quarterFourth quarter
1948— First quarter.Second quarter i
1936-38—Quarterly average.—
1947—Quarterly averageFirst quarter _.Second quarter.Third quarterFourth quarter
1948—First quarter. _..Second quarter *
Total mer-chandiseexports
Crudematerials
Crudefoodstuffs
Manufac-tured
foodstuffs
Semimanufac-
tures
Finishedmanufac-
tures
Millions of dollars
731
3,7903.7134,1403,6833,624
3.2873,295
167
400430431352389
329338
34
332322333347324
315241
42
444452490457376
352388
130
446384485478438
381365
358
2,1682,1242,4012,0492,098
1,9101,964
Percentage of total
100.0
100.0100.0100.0100.0100.0
100.0100.0
22.8
10.611.610.49.6
10.7
10.010.3
4.7
8.88.78.09.48.9
9.67.3
5.7
1£211.812.410.4
10.711.8
17.8
11.810.311.713.012.1
11.611.1
49.0
57.257.258.055.657.9
58.159.6
i Based on actual figures for April and May and estimates for June.
NOTE.—Data in this table cover all merchandise shipped from the United States customs area to foreigncountries, including in 1947 and 1948, goods destined to United States armed forces abroad for distributionin occupied areas as civilian supplies.
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
TABLE 36.—Indexes of quantity and unit value of United States merchandise exports, by economicclasses, 1936-38 quarterly average and 1947-48
[1936-38=100]
Period
1936-38—Quarterly average
1947—Quarterly averageFirst quarterSecond quarterThird quarterFourth quarter
1948—First quarterSecond quarter *
1936--38— Quarterly average.
1947—Quarterly averageFirst quarter _Second quarter _Third quarter . . _Fourth quarter
1948—First quarterSecond quarter i
Total mer-chandiseexports
Crudematerials
Crudefoodstuffs
Manufac-tured
foodstuffs
Semi-manufac-
tures
Finishedmanufac-
tures
Quantity indexes
100
275281299260249
220222
100
123130127101no8788
100
391425414401336
318255
100
482494523504389
364410
100
203189221213191
160153
100
332341367303307
275283
Unit value indexes
100
1S8181189194199
204203
100
195197203208210
227229
100
247221235252281
289275
100
218217222215229
229224
100
169157169173177
184183
100
182174183189191
194194
i Based on calculated indexes for April and May and estimates for June.
N O T E . The indexes of quantity are a measure of changes in the total volume of trade after the influence onvalues of changes in average prices has been eliminated. The indexes of unit value provide a measure ofchanges in the average prices at which trade transactions are reported in official foreign trade statistics,including changes in average prices that result from changes in the commodity composition of trade. Theindexes for 1947 and 1948 are based on data which include goods destined to the United States armed forcesabroad for distribution to civilians in occupied areas.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
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TABLE 37.—United States imports for consumption, by economic classes, 1936-38 quarterlyaverage and 1947—48
Period
1936-38—Quarterly average.
1947—Quarterly averageFirst quarterSecond quarterThird quarterFourth quarter
1948—First quarterSecond quarter l
1936-38—Quarterly average.
1947—Quarterly averageFirst quarterSecond quarter -Third quarterFourth quarter
1948—First quarterSecond quarter l -
Total im-ports for
sonsumptionCrude
materialsCrude food-
stuffsManufac-
turedfoodstuffs
Semi-manufac-
tures
Finishedmanufac-
tures
Millions of dollars
615
1,4101,3951,4091,3221,516
1,7691,612
190
436460453389440
571459
85
254288227201300
346275
95
164134182169171
161183
126
311281312310343
396382
120
246231236254262
295313
Percentage of total
100.0
100.0100.0100.0100.0100.0
100.0100.0
30.9
30.933.032.229.429.0
32.328.5
13.8
18.020.616.115.219.8
19.617.1
15.4
11.69.6
12.912.811.3
9.111.4
20.5
22.020.122.123.422.6
22.423.7
19.5
17.416.616.719.217.3
16.719.4
1 Based on actual figures for April and May and estimates for June.
NOTE.—Data in this table cover all merchandise received in the United States customs area from foreigncountries. Imports for consumption include merchandise entered immediately upon arrival into merchan-dising or consumption channels, plus withdrawals from bonded customs warehouses for consumption.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
113
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TABLE 38.—Indexes of quantity and unit value of recorded United Slates imports for consumption, byeconomic classes, 1936-38 quarterly average and 1947—48
[1936-38=100]
Period
1936-38—Quarterly average....
1947—Quarterly averageFirst quarter.Second quarter.Third quar ter . .Fourth quarter
1948—First quarter ~Second quarter*
1936-38—Quarterly average
1947—Quarterly averageFirst quarterSecond quarterThird quarterFourth quarter
1948—First quarterSecond quarter i
Total im-ports for
onsumptionCrude
materialsCrude food-
stuffsManufac-
turedfoodstuffs
Semi-manufac-
tures
Finishedmanufac-
tures
Quantity indexes
100
109113107102115
126113
100
130138133120134
157125
100
961168578
107
11994
100
8373878687
8188
100
130126129126140
154142
100
8486808386
9397
Unit value indexes
100
211201214211215
227232
100
176175179170172
191194
100
311293314302330
342344
100
208195220208206
210218
100
191177193196194
205214
100
245226245256255
266269
i Based on calculated indexes for April and May and estimates for June.NOTE.—The indexes of quantity are a measure of changes in the total volume of trade after the influence
on values of changes in average prices has been eliminated. The indexes of unit value provide a measureof changes in the average prices at which trade transactions are reported in official foreign trade statistics,including changes in average prices that result from changes in the commodity composition of trade.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
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T A B L E 39.—Changes in selected economic series since 1939 and since the first half of 1947
Source:Appendix C
tablenumber
Economic series1946
232218294522235
247245245227437
2101501091041211308724
18324318515415112615815617615112616621715142619088232
203166201
235238238140168159104157228186135245156
157127335256147600
Total
256244333989214
279267269247326
2251401111091271388623
206280208173162122173172202158141222286249399275123312
243210235
307280280160204185107197277240166293186
156167458362182933
1939=100
1947
Firsthalf
252239328
1,056208
274262262241293
2201411101081251368325
201270201170(i)(i)
171172203159139180233183383218100273
230190217
292273270156196183105190268230161284181
156141445350174908
Secondhalf
261250339922219
285272275254356
2291401121101291408920
212290216177
(i)(i)174172200158143263339315415332147350
243210235
321289290164211187109204287249171301192
156167474374184975
1948,firsthalf
273258413433237
298280287265430
2381401111101281407923
218289220183
(i)
0)177176206163144244318293421289130341
256224250
33130030217021919511221229225118330fi201
1521764693721?5933
Percentchange,1947,first
half, to1948,firsthalf
+8.3+7.9+25.9-59.0+13.9
+8.8+6.9+9.5+11.0+46.8
+8.2—.7+.9+1.9+2.4+2.9-4.8-8.0
+8.5+7.0+9.5+7.6
+3.5+2.3+1.5+2.5+3.6+35.6+36.5+60.1+9.9+32.6+30.0+25.0
+11.3+17.9+15.2
+13.4+9.9+11.9+9.0+11.7+6.6+6.7+11.6+9.0+9.1+14.4+7.7+11.0
-2.6+24.8+5.4+6.3
+ 1 2 . 1+ 2 . 8
11..
12..
13.
14.
15.
15.
17.
18.
19..
20.24.
Gross national productPersonal consumption expendituresGross private domestic investmentNet foreign investment . .-Government purchases of goods and
services.National income.._ _
Compensation of employeesPersonal income
Disposable personal incomePersonal net saving _
Per capita disposable personal income:Current dollars1947 dollars
Labor force, including armed forcesCivilian labor force
Employment _NonagriculturalAgricultural
Unemployment _Average gross weekly earnings:
Manufacturing _Bituminous coal miningPrivate building constructionRetail trade
Physical production: total _AgricultureNonagriculture
Industrial production index: totalDurable manufactures.Nondurable manufacturesMinerals
New construction: totalPrivate
ResidentialNonresidentialPublic utility and farm
PublicBusiness expenditures for new plant and
equipment.Inventories, end of period:
Manufacturing _.Wholesale -Retailss:Manufacturing _WholesaleRetail _.
Consumers' price index: all itemsFoodApparelRent
Wholesale price index, all commoditiesFarm productsFoodsOther than farm products and foods
Prices received by farmers - . .Prices paid by farmers (including interest
and taxes).Parity ratioConsumer credit outstanding .end of period.Corporate profits before taxesCorporate profits after taxes
Dividend paymentsUndistributed profits
i Bfcau& of the extreme seasonal nature of agricultural crop production, oniy an annual index has beencomputed.
Sources: Appendix C, tables as indicated above. Data have been converted to the base 1939=100.
For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C.Price 30 cents
115
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