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Appendix B
Statistical Tables Relating to Employment,Production, and Purchasing Power
CONTENTSNational income or expenditure: Page
B-l. Gross national product or expenditure, 1929-52 165B-2. Gross national product or expenditure in 1952 prices, 1929-52 166B-3. Gross national product or expenditure in 1939 prices, 1929-52 168B-4. Personal consumption expenditures, 1929-52 169B-5. Gross private domestic investment, 1929-52 170B-6. National income by distributive shares, 1929-52 171B-7. Personal income, 1929-52 172B-8. Relation of national income and personal income, 1929-52 173B-9. Disposition of personal income, 1929-52 174B-10. Total and per capita disposable personal income in current and 1952
prices, 1929-52 175B—11. Sources and uses of gross saving, 1929-52 176
Employment and wages:B-l 2. Labor force, employment, and unemployment, 1929-52 177B-l 3. Number of wage and salary workers in nonagricultural establishments,
1929-52 178B-l4. Average weekly hours in selected industries, 1929-52 179B-l 5. Average gross hourly earnings in selected industries, 1929-52 _ . . . 180B-l 6. Average gross weekly earnings in selected industries, 1929—52 181
Production and business activity:B-l 7. Indexes of industrial and agricultural production, 1929-52 182B-18. New construction activity, 1929-52 183B-l 9. New nonfarm housing starts, by source of funds and by type of struc-
ture, 1929-52 184B-20. Business expenditures for new plant and equipment, 1939 and 1945-53 . 185B-21. Inventories and sales in manufacturing and trade, 1939—52 186B-22. Sales, stocks, orders, and receipts, selected department stores, 1939-52. 187
Prices:B-23. Wholesale price index, 1929-52 188B-24. Consumers' price index, 1929-52 190B-25. Indexes of prices received and prices paid by farmers, and parity
ratio, 1929-52 191B-26. Indexes of wholesale prices and cost of living in the United States and
foreign countries, selected dates since June 1950 192
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PageCredit, money supply, and Federal finance:
B-27. Consumer credit outstanding, 1929-52 193B-28. Loans and investments of all commercial banks, 1929-52 194B-29. Deposits and currency, 1929-52 195B-30. Estimated ownership of Federal obligations, 1939-52 196B-31 .U.S. Government debt—volume and kind of obligations, 1929-52 197B-32. Bond yields and interest rates, 1929-52 198B-33. Government cash receipts from and payments to the public, calendar
years, 1943-52 199Corporate profits and finance:
B-34. Profits before and after tax, all private corporations, 1929-52 200B-35. Sales and profits of large manufacturing corporations, 1939-52 201B-36. Relation of profits before and after taxes^to stockholders' equity,
private manufacturing corporations, by industry group, 1947-50average and 1951-52 202
B—37. Relation of profits before and after taxes to sales, private manufacturingcorporations, by industry group, 1947-50 average and 1951-52 203
B-38. Relation of profits before and after taxes to stockholders' equity andto sales, all private manufacturing corporations, by asset size class,1947-50 average and 1951-52 204
B-39. Sources and uses of corporate funds, 1946- 52 205International transactions:
B-40. International transactions of the United States, 1949-52 206B-41. United States exports and imports of goods and services, by area,
1949-52 207B—42. U. S. Government grants, other unilateral transfers, and loans to
foreign countries, 1949-52 208B-43. United States merchandise exports, including reexports, by area,
1936-38 quarterly average and 1947-52 209B-44. Indexes of quantity and unit value of United States domestic mer-
chandise exports, by economic class, 1936—38 quarterly averageand 1947-52 210
B—45. United States general merchandise imports, by area, 1936—38 quar-terly average and 1947-52 211
B—46. Indexes of quantity and unit value of United States merchandiseimports for consumption, by economic class, 1936-38 quarterlyaverage and 1947-52 212
Summary:B-47. Changes in selected economic series since 1939 and 1951 and during
1952 213
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NATIONAL INCOME OR EXPENDITURETABLE B-1.—Gross national product or expenditure, 1929—52
[Billions of dollars]
Period
1929
1930 .19311932....19331934
19351936.193719381939
19401941194219431944
19451946194719481949 ..
19501951 . - - _1952 •
1950: First halfSecond half
1951: First halfSecond half
1952: First halfSecond half 8
1950: First quarter....Second quarter-Third quarter...Fourth quarter .
1951: First quarter....Second quarter.Third quarter...Fourth quarter .
1952: First quarter....Second quarter .Third quarter..Fourth quarter •
Totalgrossna-
tionalprod-uct
103.8
90.975.958.355.864.9
72.282.590.284.791.3
101.4126.4161.6194.3213.7
215.2211.1233. 3259.0258.2
284.2329.2345.1
Per-sonalcon-
sump-tionex-
pendi-tures !
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.391.2
102.2111.6
123.1146.9165.6177.9180. 6
194.3208.0216.0
Gross private domesticinvestment 2
'c3
1
15.8
10.25.4.9
1.32.8
6.18.3
11.46.39.9
13.918.310.95.77.7
10.728.730.242.733.5
50.358.551.4
New construc-tion
1
7.8
5.63.61.71.11.4
1.92.83.73.34.9
5.66.84.02.52.8
3.910.313.917.717.2
22.923.323.4
"S^
11v£3d§1tf
2.8
1.41.2.5.3.4
.71.11.41.52.7
3.03.41.81.0.8
1.14.06.38.68.3
12.611.011.1
fc
0
5.0
4.22.41.2.8
1.0
1.21.72.31.82.2
2.63.42.21.52.0
2.86.37.69.19.0
10.312.312.4
Ias -a
*I"to O<
fe'3§g1fc
6.4
4.93.21.81.82.5
3.44.55.44.04.6
6.17.74.94.15.7
7.512.317.119.918.7
22.024.925.8
3 K>£>.£.S-§&®b&>S fl-Si*» 2ga
1.6
-.3-1.4-2.6-1.6-1.1
.91.02.3
-1.0.4
2.33.92.1-.9-.8
-.76.1-.85.0
-2.5
5.510.32.1
Netfor-eignin-
vest-ment
0.8
.7
.2
.2
.2
.4
-.1-.1
.11.1.9
1.51.1-.2
-2.2-2.1
-1.44.68.91.9.5
-2.3.2.3
Government purchases ofgoods and services
3oH
8.5
9.29.28.18.09.8
9.911.711.612.813.1
13.924.759.788.696.5
82.830.928.636.643.6
41.962.677.5
Federal 3
!e1.3
1.41.51.52.03.0
2.94.84.65.35.2
6.216.952.081.289.0
74.820.915.821.025.4
22.240.954.2
^o'St3°fc
(5)
(5)(5)(5)(5)(s)
(8)(s)(5)(5)1.2
2.213.849.479.787.5
73.818.512.015.518.9
18.336.748.9
£AO
(5)
(5)(5)(5)(5)(5)
(«)(5)(5)(•)3.9
4.03.22.71.51.6
1.02.53.85 66.6
3.94.25.3
n3i1CQ
7.2
7.87.76.65.96.8
7.06.97.07.57.9
7.87.87.77.47.5
8.010.012.815.618.2
19.721.723.3
Seasonally adjusted annual rates
270.6297.8324.4334.0341.2349.1263.5277.8291.3304.2319.6329.3330.9337.1339.7342.6343.0355.2
187.1201.4207.5208.4214.0218.0184.9189.3203.5199.4210.5204.5206.4210.5213.2214.9215.0221.0
44.556.262.554.649.653.139.050.050.861.659.865.256.252.950.049.351.754.5
21.524.224.122.423.623.220.822.224.324.224.723.522.422.423.723.623.023.5
11.813.411.810.111.011.211.212.413.713.112.810.99.9
10.311.011.010.911.5
9.710.812.212.312.612.19.69.8
10.611.111.912.612.512.112.712.612.212.0
20.024.125.124.825.726.018.521.424.423.824.825.424.924.725.725.725.027.0
3.17.8
13.37.4.4
3.8
6!42.1
13.610.316.38.95.8.6.1
3.74.0
-1.6-3.0
J A
1.81.3-.7
-1.7-1.6-3.2-2.7-2.7-.21.12.62.2.4
-1.6.2
40.743.055.869.276.278.741.340.140.145.951.959.867.371.274.478.077.979.5
21.423.034.647.253.055.221.920.820.525.530.838.345.548.951.254.954.855.7
16.819.631.042.448.049.816.617.117.222.127.334.641.143.846.049.949.250.5
4.63.33 64.85.25.45.33.83.33.33.53.74.55.15.25.15.65.3
19.420.021.422.023.123.419.419.319.720.421.121.621.722.323.223.023.123.8
1 See appendix table B-4 for detail.2 See appendix table B-5 for more detail and explanation of components.3 Net of Government sales, which have been deducted from national security expenditures.4 For 1947-52 "national security" expenditures include the following: military services, international
security and foreign relations, development and control of atomic energy, promotion of merchant marine,promotion of defense production and economic stabilization, and civil defense. (See The Budget of theUnited States Government for the Fiscal Year Ending June SO, 1954, for items included in these classi-fications.) Prior to 1947, the expenditures are based on items formerly classified as "war" by the Bureauof the Budget and Treasury Department. For all years, the expenditures exclude Government sales andhave been adjusted to the concept of purchases of goods and services.
«Not available.8 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers,NOTE.—Detail will not necessarily add to totals because of rounding.Source: Pepartment of Commerce (except as noted).
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TABLE B-2.—Gross national product or expenditure in 1952 prices, 1929-52 l
[Billions of dollars, 1952 prices]
Period
1929
19301931193219331934 ..
1935 .. -1936193719381939 - .
19401941194219431944
19451946194719481949 .
19501951 . .1952s
1950: First half . .Second half
1951: First half .. .Second half
1952: First halfSecond half 5
1950: First quarterSecond quarterThird quarterFourth quarter
1951: First quarterSecond quarterThird quarterFourth quarter.
1952: First quarterSecond quarterThird quarterFourth quarter «
Totalgross
nationalproduct
172.5
155.9144.1122.1120.5134.3
146.6167.5175. 4168.1184.0
202.1234.9266.5300.2323.7
314.1278.8278.3287.5288.6
311.0337.1345.1
Personal consumptionexpenditures
Total
121. 6
114.2110.2100.599.3
105.2
111.9123.4127.6125.6132.8
140.6151.5149.3153.2159.5
170.0188.7193.6197.0202.4
212.9212.1216.0
Dur-able
goods
16.7
13.311.08.27.99.2
11.313.814.512.013.8
16.018.511.810.39.6
11.021.425.526.026.6
32.027.525.8
Non-du-
rablegoods
63.4
60.459.954.854.558.7
62.369.471.772.876.9
80.987.590.092.897.1
104.3109.3107.9108.4110.5
112.5114.3118.9
Serv-ices
41.5
40.539.337.536.937.3
38.340.241.440.842.1
43.745.547.550.152.8
54.758.060.262.665.3
68.470.371.4
Gross private domestic investment
Total
33.7
22.914.03.03.77.5
14.320.024.413.922.2
30.237.520.411.613.7
17.043.441.348.839.2
56.060.251.4
New construction
Total
19.2
14.310.15.63.74.3
5.78.29.88.6
12.8
14.2•16.0
8.74.95.1
6.815.817.920.820.5
25.524.123.4
Resi-den-tial
(non-farm)
( 4 )
88(4)
(4)(4)(4)(4)7.0
7.57.93.92.01.5
1.96.18.09.99.7
13.911.311.1
Other
(4)
(4)(4)(4)(4)(4)
(4)(4)(4)(4)5.8
6.78.14.82.93.6
4.99.79.9
10.910.8
11.612.812.4
Pro-ducers'durableequip-ment
11.3
9.06.23.73.84.9
6.78.9
10.27.48.6
11.213.58.36.99.6
12.418.422.123.621.4
24.625.425.8
Changein
busi-ness
inven-tories
3.2
-.4-2.3-6.3-3.8-1.7
1.92.94.4
-2.1.8
4.88.03.4
2-i!o-2.1
9.21.34.4
-2.7
5.910.72.1
Seasonally adjusted annual rates
302.5319.6
333.8340.8
342.8347.4
295.2309.8314.7324.4
329.2338.3339.6342.1
342.6343.1341. 5353.2
209.4216.7
212.8211.5
214.8217.3
207.7211.1220.4213.0
216.4209.1210.7212.3
214.6215.0214.5220.1
29.634.2
29.525.6
25.725.8
29.229.937.231.3
32.126.925.925.4
25.126.324.427.1
112.4113.3
113.3115.4
118.1119.8
11L9112.8114.3112.3
114.6112.0114.5116.2
118.6117.6118.5121. 0
67.569.2
70.070.5
71.071.8
66.668.468.969.4
69.770.270.370.7
70.971.171.672.0
51.460.8
64.656.0
49.852.8
45.557.355.666.0
62.067.357.854.1
50.449.151.554.2
24.826.2
25.123.2
24.022.9
24.425.226.426.0
25.824.423.223.1
24.223.822.723.1
13.514.4
. 12.210.4
11.111.1
13.113.914.714.0
13.311.210.210.5
11.111.110.811.4
11.311.8
12.812.8
12.911.8
11.311.311.712.0
12.513.213.012.6
13.112.711.911.7
22.926.2
25.725.2
25.826.0
21.324.527.125.3
25.525.925.424.9
25.825.725.026.9
3.78.4
13. 87.6
.04.0
—.27.62.1
14.7
10.717.09.26.1
.4-.43.84.2
See footnotes at end of table.
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TABLE B~2.—Gross national product or expenditure in 1952 prices > 1929-52 l—Continued
[Billions of dollars, 1952 prices]
Period
1929
193019311932 _ _19331934 -_
19351936 .19371938 1 _1939
19401941194219431944 _ . ..
1945 __19461947 _ .1948.1949
1950195119525
1950: First halfSecond half
1951: First halfSecond half
1952: First half .. . -Second half 5 _
1950: First quarter -Second quarterThird quarterFourth quarter _ _ _
1951: First quarterSecond quarter _ _Third quarterFourth quarter. _
1952: First quarterSecond quarter _ _ _ ,Third quarter _ _ _ .Fourth quarter5
Netforeigninvest-ment
-0.2
-!9-1.0-1.4-.6
-2.0-2.1-1.7
.5
.1
.8-.7
-2.6-6.9-7.3
-7.03.47.8
-.6-2.0
-3.41.0.3
Government purchases of goods and services
Total
17.4
19.320.819.618.922.2
22.426.225.128.128.9
30.546.699.4
142.3157.8
134.043.335.642.349.0
45.563.877.5
Federal 2
Total
2.9
3.23.53.75.06.8
6.610.79.9
11.711.5
13.630.584.7
128.9144.7
120.828.318.924.228.6
24.141.754.2
Nationalsecurity 3
(4)
(4)(4)(4)(4)(4)
(4)(4)(4)(4)
2.7
4.824.980.5
126.5142.3
119.225.014.417.821.3
19.837.448.9
Other
(4)
(4)(4)(4)(4)(4)
(4)(4)(4)(4)
8.8
8.85.64.22.42.4
1.63.34.56.47.3
4.34.35.3
Stateandlocal
14.5
16.117.315.913.915.4
15.815.515.216.417.4
16.916.114.713.413.1
13.215.016.718.120.4
21.422.123.3
Seasonally adjusted annual rates
— 3. 6-3.5
-.82.8
1.6-1.0
-3.9-3.2-4.1-2.9
-2.2. 7
2.33.3
2.5.8
-2.0.0
45.245.6
57.170.6
76.678.2
45.944.642.848.3
53.061.268.872.4
.75.178.277.578.9
23.824.3
35.448.1
53.454.8
24.423.221.627.0
31.639.246.549.7
51.955.054.455.3
18.820.8
31.743.3
48.349.4
18.519.118.123.4
28.035.442.044.6
46.749.948.850.1
5.03.6
3.74.8
5.25.4
5.94.13.53.6
3.63.84.55.1
5.25.15.65.2
21.421.2
21.722.5
23.223.4
21.521.421.221.3
21.422.022.322.7
23.223.223.123.6
1 These estimates represent a rough conversion of the Department of Commerce series in 1939 prices.(See appendix table B-3.) This was done by major components, using the implicit price indexes con-verted to a 1952 base. Although it would have been preferable to redeflate the series by minor components,this would not substantially change the results except possibly for the period of World War II, and for the
1 series on "change in business inventories."2 Net of Government sales, which have been deducted from national security expenditures.8 See appendix table B-l, footnote 4.4 Not available.• Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Council of Economic Advisers.
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TABLE B—3.—Gross national product or expenditure in 1939 prices, 1929-52 1
[Billions of dollars, 1939 prices]
Period
1929
19301931.193219331934
1935 ...1936193719381939 . _.
19401941194219431944
1945 _..19461947 ...19481949
195019511952
Totalgrossna-
tionalprod-uct
85.9
78.172.361.961.567.9
73.983.987.984.091.3
100.0115.5129.7145.7156.9
153. 4138.4138.4143. 5144.0
154. 8167.3170.8
Personal consumptionexpenditures
Total
62.2
58.656.651.851.154.0
57.262.865.063.967.5
71.376.675.878.081.1
86.395.798.3
100.3103. 2
108.5108.4110.2
Du-rablegoods
8.0
6.45.33.93.84.4
5.46.67.05.76.7
7.78.95.75.04.6
5.310.412.312.612.9
15.413.312.4
Non-du-
rablegoods
29.1
27.727.525.224.927.0
28.631.832.933. 435.3
37.140.141.342.644.5
47.950.249.549.750.7
51.652.454.6
Serv-ices
25.1
24.523.922.722.422.6
23.224.425.124.825.5
26.527.628.830.432.0
33.235.236.438.039.6
41.542.643.3
Gross private domesticinvestment
Total
14.9
10.15.91.11.63.5
6.79.3
11.46.39.9
13.717.19.35.46.6
8.320.319.322.718.0
25.828.023.8
Newcon-
struc-tion
7.4
5.43.82.11.51.7
2.23.13.83.34.9
5.46.13.31.92.0
2.66.06.98.07.9
9.89.29.0
Pro-duc-ers'du-
rableequip-ment
6.1IW?
4.83.31.92.02.7
3.64.85.53.94.6
6.07.24.43.65.1
6.79.9
11.812.611.4
13.113.613.8
Changein
busi-ness
inven-tories
1.5
-.2-1.1-3.0-1.8-.8
.91.42.1
-1.0.4
2.33.81.6-.1-.5
-1.04.4.6
2.1-1.3
2.85.11.0
Netfor-eignin-
vest-ment
0.8
.6
.3
.2
.1
.3i
-'.2.1
1.0.9
1.2> . 7
A
-2!l-2.2
-1.82.74.81.4.6
.02.01.7
Governmentpurchases of goods
and services
Total
7.9
8.79.48.98.7
10.1
10.111.911.412.713.1
13.821.145.064.371.3
60.619.616.119.222.2
20.628.935.0
Fed-eral
1.3
1.51.61.72.33.1
3.04.94.45.35.2
6.113.838.358.265.4
54.612.88.5
10.912.9
10.918.924.4
Stateandlocal
6.6
7.37.87.26.47.0
7.17.16.97.47.9
7.77.36.76.16.0
6.06.87.68.29.3
9.710.110.6
Grosspri-vateproduct 2
81.5
73.567.757.456.562.0
67.676.480.976.483.7
92.1106.2116.5125.3133.0
129.7125.6128.6133. 7133.7
144.3154.0156.4
1 See Survey of Current Business, January 1951, and the National Income Supplement to the Survey ofCurrent Business, 1951, for explanation of conversion of estimates in current prices to those in 1939 prices.
» Total gross national product less compensation of general government employees.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
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TABLE B-4.—Personal consumption expenditures, 1929-52
[Billions of dollars]
Period
1929
19301931193219331934
19351936 .193719381939
19401941194219431944 _
19451946. .194719481949
195019511952*
1950: First halfSecond half
1951: First half .Second half
1952: First halfSecond half *
1950: First quarterSecond quarterThird quarterFourth quarter _
1951: First quarterSecond quarterThird quarter ...Fourth quarter..
1952: First quarter .. . .Second quarterThird quarterFourth quarter4. .
Totalper-
sonalcon-
sump-tionex-
pendi-tures
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.391.2
102.2111.6
123.1146.9IPS. 6177.9180.6
194.3208.0216.0
Durable goods
Total
9.4
7.35.63.73.54.3
5.26.47.05.86.7
7.99.87.16.87.1
8.516.621.422.923.8
29.227.125.8
Auto-mo-bilesandparts
3.2
2.21.6.9
1.01.4
1.92.32.41.62.1
2.73.3.7.8.9
1.14.26.67.59.4
12.310.710.3
Other
6.1
5.14.02.82.52.9
3.34.14.64.14.6
5.16.46.46.06.2
7.412.414.815.414.5
16.916.415.4
Nondurable goods
Total
37.7
34.129.022.722.326.7
29.432.935.234.035.3
37.644.052.961.067.1
74.985.895.1
100.999.2
102.8113. 5118.9
Foodi
19.7
18.114.811.411.514.3
16.318.520.019.019.3
20.724.430.535.338.9
43.050.356.659.758.9
61.469.272.7
Cloth-ing 2
9.2
7.96.85.04.65.6
5.96.56.76.67.0
7.48.8
11.013.715.3
17.118.619.120.119.0
18.920.320.6
Other
8.9
8.17.46.46.26.9
7.27.98.68.48.9
9.510.811.411.912.9
14.816.919.421.121.4
22.524.125.7
Services
Total
31.7
29.526.622.820.620.9
21.723.324.924.725.5
26.628.531.234.437.4
39.744.549.154.157.5
62.467.371.4
Hous-ings
11.4
11.010.29.07.87.5
7.67.98.48.78.9
9.29.9
10.611.111.7
12.213.014.616.518.1
19.921.823.4
Other
20.2
18.516.413.812.713.4
14.115.416.516.016.5
17.418.720.623.325.7
27.531.434.537.739.4
42.545.648.0
Seasonally adjusted annual rates
187.1201.4
207.5208.4
214.0218. 0
184.9189.3203.5199.4
210.5204.5206.4210.5
213.2214.9215.0221.0
26.432.0
28.825.4
25.825.7
26.026.734.229.7
31.326.325.525.3
25.226.424.227.2
10.813.7
11.89.7
10.410.2
10.311.314.313.1
12.611.09.99.5
9.611.38.8
11.6
15.618.2
17.115.7
15.415.5
15.715.419.916.6
18.815.415.615.8
15.615.115.415.6
99.8105.8
112.3114.7
117.9120.0
98.7100.8106. 2105.3
113.3111.3113.2116.2
118.0117.8118.9121.0
59.563.2
68.470.0
72.073.2
59.060.063.463.0
68.568.269.570.4
71.872.373.273.3
18.419.6
20.220.4
20.320.8
18.118.619.719.4
?0.719.720.020.7
20.620.020.321.3
21.923.0
23.824.4
25.625.9
21.622.223.122.9
24.123.423.725.1
25.625.525.426.4
61.063.8
66.468.3
70.472.4
60.161.863.164.4
65.966.967.669.0
70.070.871.972.8
19.420.3
21.222.2
23.023.7
19.219.720.120.5
21.021.522.022.5
22.923.223.523.9
41.543.4
45.146.0
47.448.6
40 942.143.043.9
44.945.345.646.5
47.147.648.448.9
' Includes alcoholic beverages.* Includes shoes and standard clothing issued to military personnel.3 Includes imputed rental value of owner-occupied dwellings.4 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
169
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—5.—Gross private domestic investment, 1929-52
[Billions of dollars]
Period
1929
19301931193219331934
193519361937 .-.193819391940194119421943 —19441945194619471948194919501951 _-1952 9
1950:First half __Second half
1951:First half __.Second half
1952:First halfSecond half fl
1950:First quarterSecond quarter-Third quarter. ._Fourth quarter.
1951:First quarterSecond quarter..Third quarter...Fourth quarter.
1952:First quarterSecond quarter..Third quarter...Fourth quarter 9
Totalgross
privatedo-
mesticinvest-ment
15.810.25.4.9
1.32.86.18.3
11.46 39.9
13.918.310.95.77.7
10.728.730.242.733.550.358.551.4
Nonfarm producers'plant and equipment
Total i
9.87.64 62.52.33.1
3.85.26.64 75.77.49.35.84.66.3
8.715.520.323.421.725.429.631.0
Equip-ment 2
5.6
4.32 81.61.62.2
2.93.94.73 44.05.36.64. 13.54.76.3
10.714.616.715.318.420.822.0
Con-struc-tion 1 3
4.2
3.41 81.0.7.9
1.01.31.91 41.72.12.71.71.11.62.44.85.76.76.47.08.89.0
Farm equipment andconstruction
TotaH
1.1.95
.3
.3
.4
.6
.81.0
8.8
1.01.31.0.9
1.2
1.42.43.84.64.75.45.95.5
Equip-ment
0.8.74
.3
.3
.3
.5
.6
.86
.6
.81.0.7.6.9
1.11.62.53.23.43.64.13.8
Con-struc-tion
0.3.21
(8)(8)
.1
.2
.2
.2
.2
.2
.3
.3
.3
.3
.3
.91.31.41.31.81.81.7
Resi-dential
con-struc-tion
(non-f arm) i s
2.81.41 2.5.3.4.7
1.11.41 52.73.03.41.81.0.8
1.14.06.38.68.3
12.611.011.1
Otherpri-vatecon-
struc-tion6
0.5.54
.2
.1
.1
.1
.1
.22
.2
.2
.3
.1(8)
.2
.6
.71.01.31.51.71.7
Net change inbusiness inventories
Total
1,6-.3
— 1 4-2.6-1.6-1.1
.91.02.3
—1 0.4
2.33.92. 1-.9-.8
-.76.1-.85.0
-2.5
5.510.32.0
Non-farm7
1.8
(8)—1 7-2.6-1.3
.2
.42.11.8
— 1 1.3
2.03.4.8
-.5-.3-.66.31.43.7
-1.64.69.41.4
Farm
-0.3-.2
3(8)-.3
-1.3.5
-1.1.5. i.1.2.5
1.3-.4-.5
-.1-.2
-2.21.3-.9
.9
.9
.6
Seasonally adjusted annual rates
44.556.2
62.554.6
49.653.1
39.050.050.861.6
59.865.256.252.9
50.049.351.754.5
23.027.7
29.330.0
31.031.1
21.824.327.627.8
29.129.530.029.9
31.031.030.132.0
16.620.2
20.621.1
21.822.3
15.417.820.420.1
20.720.621.021.2
21.721.821.323.3
6.47.4
8.68.8
9.28.8
6.46.57.27.7
8.48.99.08.7
9.39.28.88.7
5.15.6
6.25.5
5.65.4
4.85.45.85.5
5.96.65.75.3
5.75.65.45.4
3.43.8
4.43.7
4.03.7
3.13. 64.03.7
4.14.83.93.5
4.03.93.73.7
1.81.8
1.81.8
1.71.7
1.71.81.81.8
1.81.81.81.8
1.71.71.71.7
11.813.4
11.810.1
11.011.2
11.212.413.713.1
12.810.99.9
10.3
11.011.010.911.5
1.51.6
1.81.6
1.71.6
1.51.51.51.6
1.71.91.71.6
1.71.71.61.6
3.17.8
13.37.4
.43.8
-.26.42.1
13.6
10.316.38.95.8
.6
.13.74.0
2.66.5
12.16.7
3! 2
-.15.4.8
12.2
9.015.28.25.2
-.1-.83.03.4
.41.4
1.2.6
.8
.6
-.1.0.3.4
.31.1.7.6
.7
.9
.7
.6
1 Items for 1945 and earlier years are not comparable with those for later years, nor with figures shown inappendix tableB-18. Items for nonfarm producers' plant and equipment for all years are not comparablewith those shown in appendix table B-20, principally because the latter exclude certain equipment andconstruction outlays charged to current expense.
2 Total producers' durable equipment less "farm machinery and equipment" and farmers' purchases oftractors and business motor vehicles. These figures assume that farmers purchase 85 and 15 percent,respectively, of all tractors and motor vehicles used for productive purposes.
3 Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings,stores, restaurants, and garages. Includes hotel construction prior to 1946 only.
4 Farm construction (residential and nonresidential) plus "farm machinery and equipment" and farmers'purchases of tractors and business motor vehicles. (See footnote 2.)
5 Includes construction of hotels, tourist cabins, motor courts, and dormitories since 1946 only.6 Includes religious, educational, social and recreational, hospital and institutional, miscellaneous nonresi-dential, and all other private.
7 After revaluation adjustment.8 Less than 50 million dollars.' Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
170
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-6.—National income by distributive shares, 1929-52
[Billions of dollars]
Period
1929 _ . - .
19301931 _19321933 .-.1934
19351936193719381939 . _ _ _ _ _ _
1940194119421943 .1944
19451946 . - _ -194719481949
195019511952«
1950: First halfSecond half. _ _ _ .
1951: First halfSecond half
1952: First halfSecond half 8
1950: First quarter _Second quarterThird quarter. .Fourth quarter
1951: First quarter __Second quarterThird quarterFourth quarter
1952: First quarterSecond quarterThird quarterFourth quarter 5
Totalna-
tionalin-
come1
87.4
75.058.941.739.648.6
56.864.773.667.472.5
81.3103.8137.1169.7183.8
182.7180. 3198.7223.5216.3
239.2277.6291.2
Com-pen-
sationof em-ploy-ees2
50.8
46.539.530.829.334.1
37.142.747.744.747.8
51.864.384.9
109.2121.2
123. 0117.1128.0140.2139.9
153.4178.9190.3
Business and pro-fessional incomeand inventory
valuationadjustment
Total
8.3
7.05.33.22.94.3
5.06.16.66.36.8
7.79.6
12.615.017.2
18.720.619.822.121.6
23.726.227.7
In-come
ofunin-corpo-ratedenter-prises
8.1
6.34.72.93.44.3
5.06.26.76.16.9
7.810.212.915.117.2
18.822.421.322.521.0
24.926.627.7
In-ven-toryvalu-ationad-
just-ment
0.1
.8
.6
.3
-!i-.1-.1(4).2
-.21
-.6-.4-.2-.1
-.1-1.8-1.5-.4
.6
-1.2-.4(4)
In-come
offarmpro-prie-tors
5.7
3.92.91.72.32.3
4.93.95.64.44.5
4.96.9
10.511.811.8
12.514.815.617.712.8
13.315.615.2
Rent-al in-come
ofper-sons
5.8
4.83.62.52.02.1
2.32.73.13.33.5
3.64.35.46.16.5
6.36.67.17.57.7
8.28.99.7
Corporate profitsand inventory
valuationadjustment
Total
10.3
6.61.6
-2.0-2.0
1.1
3.04.96.24.35.8
9.214.619.924.324.0
19.218.324.731.729.2
34.841.641.4
Cor-porateprofitsbeforetax 3
9.8
3.3-.8
-3.0.2
1.7
3.25.76.23.36.5
9.317.221.125.124.3
19.723.530.533.827.1
39.642.940.8
In-ven-toryvalu-ationad-
just-ment
0.5
3.32.41.0
-2.1-.6
2-.7(4)1.0-.7
-.1-2.6-1.2-.8-.3
-.6-5.2-5.8-2.1
2.1
-4.8-1.3
.6
Netin-
terest
6.5
6.25.95.45.04.8
4.54.54.44.34.2
4.14.13.93.43.1
3.02.93.54.35.0
5.86.47.0
Seasonally adjusted annual rates
225. 1253.3
272.2282.9
287.4295.0
218.9231.3247.2259.4
269.6274.8280.2285.6
288.0286.9
5289.5300.5
145.4161.4
175.6182.2
186.7193.9
142.0148. 71 57. 4165.4
172.9178.2181.0183.4
186.5186.9190.3197.5
22.624.6
26.126.3
27.428.0
22.123.224.624.7
26.226.026.026.6
27.327.627.528.5
23.026.8
27.625.6
27.428.0
22.323.726.726.9
29.026.225.225.9
27.527.327.428.5
-.4-2.2
-1.5.8
(4)(*)
-.2-.5
-2.1-2.2
-2.8-.2
.8
.72
.'3
.1(4)
12.314.4
14.816.4
15.115.2
12.412.213.914.8
15.114.415.817.0
15.414.815.215.3
8.08.4
8.59.2
9.49.9
8.07.98.38.5
8.58.59.19.4
9.49.59.8
10.0
31.238.4
41.042.2
42.040.8
28.833.537.039.8
40.741.241.942.5
42.741.2
539.642.0
32.846.4
46.739.0
41.140.5
30.235.544.348.4
50.143.338.639.5
42.739.5
839.042.0
-1.7-7.9
-5.83.1
.8
.3
-1.4-2.0-7.2-8.6
-9.4-2.1
3.23.0
-.11.7.6
(4)
5.66.0
6.46.6
6.87.2
5.55.75.96.2
6.36.46.56.6
6.76.97.17.2
1 National income is the total net income earned in production. It differs from gross national productin that it excludes depreciation charges and other allowances for business and institutional consumptionof durable capital goods, and indirect business taxes.
2 Includes wage and salary receipts and other labor income (see appendix table B-7), and employer andemployee contributions for social insurance (see appendix table B-8).
3 See appendix table B-34 for corporate tax liability (Federal and State income and excess profits taxes)and corporate profits after tax.
* Less than 50 million dollars.8 Estimates based on incomplete data; corporate profits and total national income for third quarter and
all items for fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
171
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-7.—Personal income, 7929-52
[Billions of dollars]
Period
1929
1930 _193119321933 _ _1934
19351936 -.19371938..- . _1939.--
1940.--1941194219431944,--
194519461947..-19481949
1950 _1951. _.19525
1950: First half.Second half
1951: First halfSecond half
1952: First halfSecond half •
1950: First quarterSecond quarterThird quarterFourth quarter- _ _
1951 : First quarterSecond quarterThird quarterFourth quarter. _ _
1952: First quarterSecond quarterThird quarterFourth quarter «._
Totalpersonalincome
85.1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.3
122.7150.3165.9
171.9177.7191.0209.5205.9
226.3254.1268.3
Salaries,wages,
and otherlabor
income 1
50.5
46.339.230.529.033.8
36.842.145.942.845.7
49.561.581.4
104.5116.2
116.9111.1122.3134.9134.2
146.5170.7182.2
Proprie-tors'and
rentalincome 2
19.7
15.711.87.47.28.7
12.112.615.414.014.7
16.320.828.432.835.5
37.542.042.447.342.1
45.250.652.2
Dividendsand
personalinterestincome 3
13.3
12.611.19.18.28.6
8.610.110.38.79.2
9.49.99.7
10.010.6
11.413.214.516.017.1
19.520.421.2
Transferpayments
1.5
1.52.72.22.12.2
2.43.52.42.83.0
3.13.13.23.03.6
6.211.411.811.312.4
15.112.412.7
Nonagri-culturalpersonalincome 4
76.8
70.060.146.243.049.5
53.462.866.562.166.3
71.586.1
109.4135.2150.5
155.7158.8170.8187.1188.7
208.5233. 6247.8
Agri-culturalincome
8.3
6.24.73.13.63.7
6.55.67.56.26.3
6.89.2
13.315.115.4
16.218.920.222.417.2
17.820.520.6
Seasonally adjusted annual rates
218.4234.2
249.0259. 0
263.7273.0
217.8219.0229.0239.5
246.2251.9256.1262.0
263.0264.4268.9277.0
138.8154.0
167.4173.9
178.6185.8
135.4142.1150.3157.8
164.6170.1172.2175.6
178.1179.0182.4189.1
43.047.4
49.452.0
51.652.8
42.643.446.848.0
49.749.050.853.1
51.751.652.253.5
18.220.8
20.020.8
21.021.4
18.018.520.021.7
19.720.320.620.9
20.521.521.421.5
18.412.0
12.412.4
12.512.9
21.815.011.912.0
12.212.512.512.4
12.512.512.912.9
201.8215.4
229.7237.6
243. 2252.4
201.0202. 5210.7220.0
226.6232.8235.3239.8
242.6243.7248.4256.4
16.618.9
19.421.5
20.620.6
16.816.518.319.5
19.619.120.822.2
20.420.720.520.6
1 Differs from "compensation of employees" in appendix table B-6, in that it excludes employer andemployee contributions to social insurance and includes the excess of wage disbursements over wage ac-cruals. Includes wage and salary receipts and other labor income—compensation for injuries, employercontributions to private pension and welfare funds, pay of military reservists not on full-time active duty(pay for full-time active duty included in military wages and salaries), directors' fees, jury and witnessfees, compensation of prison inmates, Government payments to enemy prisoners of war, marriage fees tojustices of the peace, and merchant marine war-risk life and injury claims.
2 Beginning in 1952, excludes contributions of self-employed persons for social insurance, thus differingfrom total proprietors' and rental income included in appendix table B-6.
3 See appendix table B-34 for dividend payments.4 Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corpo-rations.
6 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
172
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B~8.—Relation of national income and personal income, 7929-52
[Billions of dollars]
Period
1929
19301931-193219331934
193519361937—19381939—
1940—19411942-19431944
19451946-19471948-1949 _.
19501951- _19522
1950: First half—Second half
1951: First halfSecond half
1952: First half _.Second half 2
1950: First quarter..Second quarterThird quarterFourth quarter
1951: First quarterSecond quarterThird quarterFourth quarter
1952: First quarterSecond quarterThird quarterFourth quarter 2. .
Nationalhi come
87.4
75.058.941.739.648.6
56.864.773.667.472.5
81.3103.8137.1169.7183.8
182.7180.3198.7223.5216.3
239.2277.6291.2
Less:
Corpo-rate
profitsand in-
ven-toryvalu-ation
adjust-ment
10.3
6.61.6
-2.0-2.0
1.1
3.04.96.24.35.8
9.214.619.924.324.0
19.218.324.731.729.2
34.841.641.4
Contri-butions
tosocialinsur-ance
0.2
.3
.3
.3
.3
.3
.3
.61.82.02.1
2.32.83.54.55.2
6.16.05.75.25.7
6.98.28.6
Excessof
wageac-
crualsoverdis-
burse-ments
0.2-.2
0)0)0)(')0)
0)0)-.1
Plus:
Gov-ern-
menttrans-
ferpay-
ments
0.9
1.02.01.41.51.6
1.82.91.92.42.5
2.72.62.72.53.1
5.610.911.110.511.6
14.311.511.8
Netinter-
estpaidby
gov-ern-ment
1.0
1.01.1.1.2.2
.1
.1
.2
.2
.2
1.31.31.52.12.8
3.74.44.44.54.6
4.74.95.0
Divi-dends
5.8
5.54.12.62.12.6
2.94.64.73.23.8
4.04.54.34.54.7
4.75.86.67.27.5
9.09.09.3
Busi-ness
trans-fer
pay-ments
0.6
.5
.6
.7
.7
.6
.6
.6
.6
.4
.5
.4
.5
.5
.5
.5
.5
.6
.7
.7
.8
.8
.9
.9
Equals:Per-sonal
income
85.1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.3
122.7150.3165 9
171.9177.7191.0209.5205.9
226.3254.1268.3
Seasonally adjusted annual rates
225.1253.3
272.2282.9
287.4295. 0
218.9231.3247.2259.4
269.6274.8280.2285.6
288.0286.9
2 289. 5300.5
31.238.4
41.042.2
42.040.8
28.833.537.039.8
40.741.241.942.5
42.741.2
239.642.0
6.67.1
8.28.2
8.48.6
6.66.76.97.3
8.18.28.18.3
8.58.48.68.7
0)0)
0)
0)-.2
0)0)0)
.1-.2
.8-.6
.10)-.40)
17.611.0
11.411.6
11.612.0
21.014.211.011.1
11.311.611.611.5
11.711.612.012.0
4.74.8
4.85.0
5.05.0
4.74.74.84.8
4.84.94.95.0
5.05.05.05.0
8.010.0
8.89.2
9.29.3
7.88.19.3
10.7
8.69.09.29.3
8.99.69.39.3
.8
.9
.9
.9
.9
.9
.8
.8
.9:9.9.9.9.9
.9
.9
.9
.9
218.4234.2
249.0259.0
263. 7273.0
217. 8219.0229.0239.5
246.2251.9256.1262. 0
263.0264.4268.9277.0
1 Less than 50 million dollars.2 Estimates based on incomplete data; corporate profits and total national income for third quarter and all
items for fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
'73
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TABLE B—9.—Disposition of personal income, 1929-52
Period
1929
19301931 .19321933 _ .1934
19351936 _ -. ..193719381939 _ .
1940 - .194119421943 _1944
19451946 _ .19471948 . -1949
1950195119521
1950: First halfSecond half
1951: First halfSecond half _ _ . _ _ _ _ _ _
1952: First halfSecond half i _.
1950: First quarterSecond quarter. _ _Third quarterFourth quarter. _ _ .
1951: First quarterSecond quarterThird quarter _ ..Fourth quarter
1952: First quarterSecond quarter .Third quarter _.Fourth quarter J
Personalincome
Less:Personaltax andnontax
payments
Equals:Dispos-
ablepersonalincome
Less:Personal
con-sumptionexpendi-
tures
Equals:Personal
netsaving
Billions of dollars
85 1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.3
122.7150.3165.9
171.9177.7191.0209.5205.9
226.3254.1268.3
2.6
2.51.91.51.51.6
1.92.32.92.92.4
2.63.36.0
17.818.9
20.918.821.521.118.6
20.829.133.5
82.5
73.763.047.845.251.6
58.066.171.165.570.2
75.792.0
116.7132.4147.0
151.1158.9169.5188.4187.2
205.5225.0234.8
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.391.2
102.2111.6
123.1146.9165.6177.9180.6
194.3208.0216.0
3.7
2.91.8
-1.4-1.2-.2
1.83.63.91.02.7
3.79.8
25.630.235.4
28.012.03.9
10.56.7
11.217.018.8
Seasonally adjusted annual rates
218.4234.2
249.0259.0
263.7273.0
217.8219.0229.0239.5
246.2251.9256.1262.0
263.0264.4268.9277.0
19.622.0
28.429.7
32.734.3
19.319.820.623.5
28.228.729.030.4
32.532.933.635.0
198.8212.2
220.6229.3
231.0238.6
198.5199.1208.5216.0
218.0223.2227.1231.5
230.5231.5235.3242.0
187.1201.4
207.5208.4
214.0218.0
184.9189.3203.5199.4
210.5204.5206.4210.5
213.2214.9215.0221.0
11.710.8
13.120.9
16.920.6
13.69.84.9
16.6
7.518.720.721.1
17.316.520.321.0
Netsaving aspercentof dis-
posablepersonalincome
4.5
3.92.9
-2.9-2.7-.4
3.15.45.51.53.8
4.910.721.922.824.1
18.57.62.35.63.6
5.57.68.0
5.95.1
5.99.1
7.38.6
6.94.92.47.7
3.48.49.19.1
7.57.18.68.7
i Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
174
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TABLE B—10.— Total and per capita disposable personal income in current and 1952 prices, 1929-52
Period
1929
1930193119321933 ... _..1934
19351936193719381939
1940194119421943 -1944
1945194619471948 - _-1949
1950195119523 .
1950: First halfSecond half
1951- First halfSecond half
1952: First halfSecond half s
1950' First quarterSecond quarter _Third quarterFourth quarter
1951: First quarterSecond quarter..Third quarterFourth quarter
1952: First quarter. .Second quarterThird quarterFourth quarter 3_
Total disposable personalincome (billions of dollars)
Currentprices
82.5
73.763.047.845.251.6
58.066.171.165.570.2
75.792.0
116. 7132.4147.0
151. 1158.9169.5188.4187.2
205.5225.0234.8
1952 prices 1
127.3
118.9113.597.697.0
104.7
115.5130.6135.2127.4138.2
147. 6169. 4191.0198.5210.0
208.7204.2198.2208.6209.9
225.1229.4234.8
Per capita disposable per-sonal income (dollars)
Currentprices
677
598507383360408
455516551504536
573690866968
1,062
1,0801,1241,1761, 2851,255
1,3551,4581,496
1952 prices »
1,045
965914782773828
9061,0201,048
9811, 055
1,1171,2711,4171,4511, 517
1,4921,4451,3751,4231,407
1,4841,4861, 496
Seasonally adjusted annual rates
198.8212.2
220.6229.3
231.0238.6
198. 5199.1208.5216.0
218.0223.2227.1231. 5
230.5231.5235.3242.0
222.4228.2
226.0232.6
231.9237.9
223.0222.0225.9230.8
224.0228.2231. 7233.4
232.1231.5234.8241.0
1, 3151,392
1, 4351,478
1, 4771,512
1,3161,3151,3711,414
1,4211,4491,4681,489
1,4771,4781,4951,531
1,4711,497
1,4701,499
1,4831,507
1,4791,4661,4851,511
1,4601,482,498,501
,487,478,492,525
Population(thousands) *
121, 881
123, 188124, 149124, 949125, 690126, 485
127, 362128, 181128, 961129, 969131, 028
132, 114133,377134, 831136, 719138, 390
139, 934141, 398144, 129146, 621149, 149
151, 677154,360156, 981
151, 132152, 428
153, 703155, 093
156, 371157, 768
150, 850151, 385152, 058152, 766
153, 399154, 016154, 722155, 442
156,064156, 669157, 370158, 100
1 Dollar estimates in current prices divided by an over-all implicit price index for personal consumptionexpenditures. This price index is based on Department of Commerce data shifted from a 1939 base.
2 Provisional intercensal estimates of the population of continental United States including armed forcesoverseas, taking into account the final 1950 census total population count. Annual data are as of July 1;quarterly and semiannual data as of middle of period.
3 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.
175
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TABLE B—11.—Sources and uses of gross saving, 1929-52
[Billions of dollars]
Period
1929
19301931193219331934 . .
1935 . -.193619371938 -1939--.
19401941194219431944
1945 . .194619471948 - - .1949
1950195119522
1950:First halfSecond half
1951:First halfSecond half .. .
1952:First halfSecond half 2
1950:First quarterSecond quarter. _ _Third quarterFourth quarter...
1951:First quarterSecond quarter...Third quarterFourth quarter...
1952:First quarterSecond quarter...Third quarter 2...Fourth quarter 2..
Gross private saving
Total
15.5
11.28.42.82.75.6
7.911.110.88.9
12.7
16.023.041.847.457.0
48.528.725.336.437.0
39.651.453.2
Per-sonalsaving
3.7
2.91.8
-1.4-1.2-.2
1.83.63.91.02.7
3.79.8
25.630.235.4
28.012.03.9
10.56.7
11.217.018.8
Grossbusi-ness
saving
11.9
9.05.32.72.75.0
6.56.77.98.08.6
10.711.613.916.317.5
15.715.021.129.130.2
29.033.036.3
Statis-tical
discrep-ancy
-0.1
-.71.21.41.2.9
-.3.9
-1.0-.11.4
1.61.62.3.9
4.0
4.91.7.3
-3.2.2
-.71.4
-2.0
Government surplusor deficit (— on
income and producttransactions
Total
1.1
-.3-2.8-1.7-1.3-2.4
-1.8-2.9
.7-1.5-1.9
— 5-3! 5
-31.2-43.9-51.4
-39.24.6
13.78.2
-3.1
8.57.3
-15
Federal
1.2
.3-2.1-1.5-1.3-2.8
-2.5-3.5-.2
-2.0-2.2
-1.4-4.9
-32.9-46.4-54.0
-41.82.6
12.98.5
-2.0
9.78.3
0)
Stateandlocal
-0.1
-.7-.20)
.5
.7
.6
.9
.5
.3
.91.41.82.52.6
2.62.0.9
-.3-1.0
-1.2-1.0-1.5
Gross investment
Total
16.6
10.95.61.11.53.2
6.18.2
11,57.4
10.8
15.519.510.73.55.6
9.333.339.144.634.0
48.058.751.7
Grossprivatedomes-tic in-vest-ment
15.8
10.25.4.9
1.32.8
6.18.3
11.46.39.9
13.918.310.95.77.7
10.728.730.242.733.5
50.358.551.4
Net for-eign in-
vest-ment
0.8
.7
.2
.2
.2
.4
-.1-.1
.11.1.9
1.51.1-.2
-2.2-2.1
-1.44.68.91.9.5
-2.3.2.3
Seasonally adjusted annual rates
42.236.8
45.857.0
52.653.9
42.541.930.243.5
35.456.257.456.5
51.653.552.755.1
11.710.8
13.120.9
16.920.6
13.69.84.9
16.6
7.518.720.721.1
17.316.520.321.0
28.829.2
29.536.4
36.236.4
27.530.029.329.2
27.231.836.736.2
35.936.435.637.3
1.8-3.2
3.2-.4
-.5-3.2
1.42.1
-4.0-2.3
.75.7.0
-.8
-1.6.6
-3.2-3.2
.616.3
15.2-.6
-1.6-1.4
-5.16.4
17.315.3
21.78.8-.1
-1.1
.5-3.8-2.5-.4
2.417.0
16.2.4
.4-.4
-3.38.0
17.916.1
22.410.01.1-.2
2.6-1.9-1.5
.6
-1.8-.7
-1.0-1.0
-2.0-1.0
-1.8-1.7
— . 6-.8
-.7-1.2-1.2-.9
-2.1-1.8-1.0-1.0
42.853.2
61.056.4
51.052.4
37.348.447.658.9
57.165.057.355.5
52.249.750.154.7
44.556.2
62.554.6
49.653.1
39.050.050.861.6
59.865.256.252.9
50.049.351.754.5
-1.6-3.0
-1.41.8
1.3-.7
-1.7-1.6-3.2-2.7
-2.7-.21.12.6
2.2.4
-1.6.2
1 Less than 50 million dollars.2 Estimates based on incomplete data; third and fourth quarters by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because'of rounding.
Source: Department of Commerce (except aslnoted).
176
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EMPLOYMENT AND WAGESTABLE B-12.—Labor force, employment, and unemployment, 1929-52
Period
Monthly average:1929
19301931 -19321933193419351936193719381939
1940194119421943 .- -.1944
1945—.1946194719481949
195019511952
1951: First halfSecond half
1952: First halfSecond half
1950: June1951: January
February __ _.MarchApril _ ._MayJune - . . _-JulyAugustSeptemberOctoberNovember. _December
1952: January _FebruaryMarchAprilMayJunoJuly.AugustSeptemberOctoberNovemberDecember
Totallaborforce
(includ-ing
armedforces) *
Armedforces i
Civilian labor force
Totalcivilianlaborforce
Employment *
Total Agri-cultural
Nonagri-cultural
Unem-ploy-ment
Thousands of persons, 14 years of age and over
49, 44050, 08050, 68051, 25051, 84052, 490
53, 14053, 74054, 32054, 95055,600
56, 03057, 38060,23064, 41065, 890
65, 14060,82061.60862, 74863, 57164, 59965. 832
? 66, 500
64,94866,71765, 794
3 67, 200
66, 17763,75963, 86864, 95664, 57765, 72866,80067. 47767, 37166, 39666, 66266, 42265, 97365, 09165, 22865, 00665, 26066, 29867,884
88(4)(4)
260260260,250250260270300320340370390
1,4703,8208,870
11,26011,2803.3001,4401,3061,466
1, 5002,948
3 3, 500
2,6943,2043, 453
3 3, 600
1,3112,2452,5552,6312,7882,9253, 0173,0953,1633,2103,2103,2583,2853,3113.3903,4883,5163, 5203,494
8810)(4)
49, 18049, 82050, 42051, 00051, 59052, 23052, 87053, 44054,00054, 61055,230
55, 64055, 91056, 41055, 54054,63053,86057, 52060,16861, 44262, 10563, 09962. 88462, 962
62,25463, 51362, 34163,584
64,86661, 51461, 31362, 32561, 78962, 80363,78364, 38264, 20863, 18663, 45263,16462, 68861. 78061,83861, 51861, 74462, 77864,39064, 17663, 95863,69863, 14663, 64662, 878
47,630
45, 48042, 40038, 94038, 76040, 89042, 26044, 41046,30044, 22045,750
47, 52050,35053,75054, 47053,96052, 82055, 25058, 02759, 37858, 710
59, 95761, 00561, 291
60, 18961, 82060,51262, 070
61, 48259, 01058, 90560, 17960,04461, 19361, 80362, 52662,63061,58061,83661, 33661, 01459, 72659, 75259, 71460, 13261, 17662, 57262.23462, 35462, 26061, 86262,22861, 480
10,45010, 34010,29010, 17010, 0909,900
10,11010,0009,8209,6909,610
9,5409,1009,2509,0808,9508,5808,3208,2667,9738,0267,5077,0546,805
6,7447,3656,6346,976
9,0466,0185,9306,3936,6457,4408,0357,9087,6887,5267,6687,0226,3786,1866,0646,0126,4126,9608,1707,5986,9647,5487,2746,7745,696
37, 18035, 14032, 11028,77028, 67030, 99032, 15034, 41036, 48034, 53036, 14037, 98041, 25044, 50045, 39045, 010
44, 24046, 93049, 76151,40550,684
52, 45063, 95154,486
63, 44654, 455
53, 87855,094
52, 43652, 99352, 97653, 78553,40053, 75353,76854,61854, 94254,05454, 16854, 31454, 63653, 54053, 68853, 70253, 72054, 21654, 40254, 63655,39054, 71254, 58855, 45455,784
1,5504,3408,020
12,06012,83011, 34010, 6109,0307,700
10, 3909,480
8,1205,5602,6601,070
6701,0402,2702,1422,0643,3953,1421,8791,672
2,0651,693
1,8291,514
3,384
2,5032,4072,1471,7441,6091,9801,8561,5781,6061,6161,8281,6742,0542,0861,8041,6121,6021,8181,9421,6041,4381,2841,4181,398
Unem-ploy-ment
as per-cent oftotal
civilianlaborforce
3.2
8.715.923.624.921.720.116.914.319.017.2
14.69.94.71.91.21.93.93.63.45.55 03.02.7
3.32.72.92.45.24.13.93.42.82.63.12.92.62.52.52.92.73.33.42.92.62.62.83.02.52.32.02.22.2
' Data for 1940-52 exclude about 150,000 members of the armed forces who were outside the continentalUnited States in 1940 and who were therefore not enumerated in the 1940 census. This figure is deductedby the Census Bureau from its current estimates for comparability with 1940 data.
* Includes part-time workers and those who had jobs but were not at work for such reasons as vacation,illness, bnd weather, temporary lay-off, and industrial disputes.
3 Estimates of armed forces based on a statement in the Budget Message of the President, January 1953Total labor force, including armed forces, rounded to the nearest half-million.
«Not available.NOTE.—Labor force data are based on a survey made during the week which includes the 8th of the month.Detail will not necessarily odd to totals because of rounding.Sources: Department of Labor (1929-39) and Department of Commerce (1940-52), except as noted.
177
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TABLE B-13.—Number of wage and salary workers in nonagricultural establishments, 1929-52 l
[Thousands of employees]
Period
Monthly average:192919301931 .193219331934193519361937..193819391940194119421943194419451946194719481949195019511952*
1951: First halfSecond half.__
1952: First halfSecond half 4_.
1950: June1951: January
FebruaryMarchAprilMayJuneJulyAugust -SeptemberOctoberNovemberDecember
1952: JanuaryFebruaryMarchAprilMay _JuneJulyAugust.September4...October4
November 4...
Totalwageand
salarywork-
ers
31,04129, 14326, 38323, 37723, 46625, 69926, 79228, 80230, 71828, 90230, 28732, 03136, 16439, 69742, 04241, 48040, 06941,41243, 37144, 20143, 00644, 12446, 40146, 66245, 88046, 92246, 12247, 30943, 94545, 24645,39045, 85045, 99846, 22646, 56746, 43246, 72446, 95646, 90246, 85247, 66345, 91345, 89946, 00146, 29946, 32946, 29246,00647, 12447, 72747, 82647, 862
Mai
Total
10, 5349,4018,0216,7977,2588,3468,9079,653
110, 606119,25310, 07810, 78012, 97415, 05117, 38117, 11115, 30214, 46115, 24715, 28614, 14614, 88415, 93115, 90615, 92515, 93815, 72716, 12014, 66615,78415, 97816, 02215, 95515, 85315, 95615, 81316, 00816, 03915,96515, 89015, 91315, 77615, 85915, 86915, 79515,65415, 41015, 16216, 02816, 38916, 49316, 529
mfactur
Dur-able
goods
(3)(3)§(3)(3)
X3)!.(•)'' orr«4,6835,3376,9458,804
11, 07710, 8589,0797,7398,3738,3157,4658,0088,9268,9858,9278,9258,9439,0357,9648,7428,8778,9699,0038,9758,9988,8398,8788,9138,9428,9769,0008,9469,0109,0359,0548,9918,6218,3018,9169,1909,3369,433
ing
Non-dura-ble
goods
(3)(3)(3)C3)(3)C3)
C3)C3)
»( 3 )(3)
5,3945,4436,0286,2476,3046,2536,2226,7226,8746,9706,6816,8767,0056,9216,9977,0136,7847,0856,7027,0427,1017,0536,9526,8786,9586,9747,1307,1267,0236,9146,9136,8306,8496,8346,7416,6636,7896,8617,1127,1997,1577,096
Aim-ing
1,0781,000
864722735874888937
1,006882845916947983917883826852943981932904920875923916886862946932930924911915927906922917917917916909902904896893814784897885870875
Con-tractcon-
struc-tion
1,4971,3721,214
970809862
f9121, 145
11, 1121,0551,1501,2941,7902,1701,5671,0941, 1321,6611,9822,1652,1562,3182,5692,5522,4322,7072,4202,7102,4142,2812,2282,3262,4712,5982,6862,7542,8092,7682,7612,6332,5182,3162,3082,2962,4162,5222,6632,7222,7812,7612,6992,586
Trans-porta-tionand
publicutili-ties
3,9073,6753,2432,8042,6592,7362,7712,9563,1142,8402,9123,0133,2483,4333,6193,7983,8724,0234,1224,1513,9794,0104,1444,1614,1164,1734,1214,2084,0234,0724,0824,1124,1324,1374,1614,1764,1904,1784,1664,1654,1614,1034,1114,1184,0964,1314,1684,1404,2084,2244,2404,230
Trade 2
6,4016,0645,5314,9074,9995,5525,6926,0766,5436,4536,6126,9407,4167,3337,1897,2607,5228,6029,1969,4919,4389,5249,8049,8559,6509,9589,7489,9839,4119,5929,5549,7139,6279,6839,7329,6679,6419,7819,893
10, 10910, 6609,7209,6439,6689, 8459,7739,8389,7929,7849,960
10, 09410, 285
Fi-nance
1,4311,3981,3331,2701,2251,2471,2621,3131,3551,3471,3821,4191,4621,4401,4011,3741,3941,5861,6411,7161,7631,8121,8831,9591,8591,9061,9421,9791,8271,8311,8391,8541,8651,8741,8931,9081,9141,8981,8981,9071,9121,9091,9191,9371,9521,9581,9771,9931,9931,9711,9691,970
Serv-ice 2
3,1273,0842,9132, 682f2,6142,7842,8833,0603,2333,1963,3213,4773,7053,8573,9193,9344,0554,6214,7864,7994,7824,7614,7594,7654,7294,7884,7334,8034,8264,6664,6574,6824,7454,7894,8354,8524,8394,8314,7704,7344,7024,6714,6674,6814,7484,7964,8374,8554,8444,8254,7664,724
Gov-ern-
ment,(Fed-eral,
State,and
local)
3,0663,1493,2643,2253,1673,2983,4773,6623,7493,8763,9874,1924,6225,4316,0496,0265,9675,6075,4545,6135,8115,9106,3906,5896,2466,5356,5446,6435,8326,0886,1226,2176,2926,3776,3776,3566,4016,5446,5326,4976,8816,5096,4906,5286,5516,6026,5856,5586,5896,7126,6956,663
1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedduring or received pay for any part of the pay period ending nearest the 15th of the month. Excludesproprietors, self-employed persons, domestic servants, and personnel of the armed forces. Not comparablewith estimates of nonagricultural employment of the civilian labor force reported by the Department ofCommerce (appendix table B-12) which include proprietors, self-employed persons, and domestic servants,which count persons as employed when they are not at work because of industrial disputes, bad weather,or temporary lay-offs, and which are based on an enumeration of population, whereas the estimates in thistable are based on reports from employing establishments.
2 Data for the trade and service divisions, beginning with 1939, are not strictly comparable with data shownfor earlier years because of the shift of the automotive repair service industry from the trade to the servicedivision.
3 Not available.< Estimates based on incomplete data.
NOTE.—Adjustments have been made to levels indicated by data of unemployment insurance agenciesand the Bureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from 1947benchmark levels, thereby providing consistent series.
Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
178
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—14.—Average weekly hours in selected industries, 1929-52
Period
Monthly average:1929
19301931 _ ..193219331934
193519361937.19381939
19401941194219431944 ._ _
19451946194719481949.
195019511952*
1951: First halfSecond half...
1952: First halfSecond half 4._
1950: June .
1951: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1952: January _FebruaryMarch-__AprilMavJuneJulyAugustSeptember 4 - _October*November 4. .
Manufacturing
Total
44.2
42.140.538.338.134.6
36.639.238.635.637.7
38.140.642.944.945.2
43.440.440.440.139.2
40.540.740.6
40.940.6
40.440.9
40.5
41.040.941.141.040.740.740.240.340.640.540.541.2
40.840.740.739.840.240.539.940.641.341.441.2
Durablegoods
C)
C)0)32.634.833.9
37.341.040.035.038.0
39.342.145.146.646.6
44.140.240.640.539.5
41.241.741,4
41.841.5
41.441.4
41.3
41.541.641.942.041.841.840.941.341.641.741.542.2
41.841.741.740.841.141.240.241.042.042.241.8
Non-durablegoods
0)
0)0)41.940.035.1
36.137.737.436.137.4
37.038.940.342.543.1
42.340.540.139.638.8
39.739.539.6
39.839 3
39.240.1
39.5
40.240.040.039.739.339.439.339.139.438.939.239.9
39.539.539.338.439.039.539.540.040.340.340.3
Bitumi-nouscoal
mining
38.4
33.528.327.229.527.0
26.428.827.923.527.1
28.131.132.936.643.4
42.341.640.738.032.6
35.035.233.5
34.635.8
33.333.8
34.7
37.634.133.633.933.334.832.734.936.536.336.238.4
38.535.935.429.931.828.528.136.239.232.80)
Build-ingcon-
struc-tion
C)
0)0)0)0)28.9
30.132.833.432.132.6
33.134.836.438.439.6
39.038.137.6
337.336.7
36.337.338.1
36.637.8
37.838.6
37.0
36.735.335.836.837.537.738.138.238.238.536.437.7
37.537.936.937.637.938.738.438.538.738.70)
Class Irail-
roads
44.8
43.141.138.938.840.4
41.142.543.242.543.4
44.045.646.948.749.1
48.545.946.346.143.5
40.841.00)
41.340.6
40.80)
41.9
42.141.141.940.641.041.140.142.139.142.040.839.5
41.642.740.241.339.839.539.740.040.9
8
Tele-phone
0)
0)0)0)0)0)
0)0)38.838.939.1
39.540.140.541.942.3
(2)39.437.439.238.5
38.939.138.5
39.039.2
38.039.0
39.1
38.939.238.938.739.039.439.839.239.439.139.238.8
38.738.538.534.938.739.039.339.039.038.90)
Whole-sale
trade
0)
0)0)(')0)C1)
0)0)0)0)C1)0)
80)(!)0)0)41.040.940.7
40.740.740.6
40.640.8
40.440.7
40.6
40.840.640.640.640.640.740.740.740.940.840.841.1
40.740.440.440.140.440.540.640.640.840.80)
Retailtrade
(excepteatingand
drink-ing
places)
0)
0)0)0)C)0)
0)0)0)0)0)
0)C1)0)0)(0
0)0)40.340.340.4
40.540.139.8
40. 040.2
39.839.7
40.9
40.340.139.739.939.840.440.840.840.039.839.440.1
39.839.839.839.739.640.140.440.439.639.30)
Hotels(year-
round)
0)
0)0)(00)C)
0)0)0)0)(0
0)0)0)
80)(045.244.344.2
43.943.242.6
43.343.1
42.742.5
43.8
43.443.243.343.343.443.443.443.342.942.943.143.2
42.842.842.542.842.642.642.442.642.342.6
0)1 Not available.2 Average for year not available because new series was started in April 1945. Beginning with June 1949
data relate to nonsupervisory employees only.3 Not strictly comparable with previous data.4 Estimates based on incomplete data.NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-
roads, construction workers in building construction, and for nonsupervisory employees in other industries.Data are for payroll periods ending closest to the middle of the month except in railroads where monthlydata are used.
The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual averages which have been weighted by data on employment.
Source: Department of Labor.
179
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—15.—Average gross hourly earnings in selected industries, 1929-52
Period
Monthly average:1929
1930193119321933 . ...1934.. _ ._
19351936193719381939
1940 -._ -.194119421943-.1944
1945194619471948.- -.1949 . -.
195019511952 «
1951: First halfSecond half...
1952: First halfSecond half8..
1950- June
1951* JanuaryFebruaryMarchAprilMayJuneJuly _..AugustSeptemberOctoberNovemberDecember
1952: JanuaryFebruaryMarch . . _AprilMayJuneJuly . .AugustSeptember 8. _October 8
November6..
Manufacturing
Total
$0.566
.552
.515
.446
.442
.532
.550
.556
.624
.627
.633
.661
.729
.853
.9611.019
1.0231.0861, 2371.3501.401
1.4651.5941.668
1.5751.614
1.6521.687
1.453
1.5551.5611.5711. 5781 5861.5991. 5981.5961.6131. 6151.6261.636
1.6401.644.656.655.658.658.648.669.696.705
1.715
Dura-ble
goods
(')
8$0. 497
.472
.556
.577
.586
.674
.686
.698
.724
.808
.9471.0591.117
1.1111.1561.2921.4101.469
1.5371.6781.763
1.6551.702
1.7401.791
1.522
1.6301.6391.6541.6591. 6651.6811.6821.6841.7071.7051.7121.723
1.7261.7311.7461.7421.7461.7471.7331.7681.8111.8191.824
Non-durablegoods
0)
(2)(2)
$0.420.427.515
.530
.529
.577
.584
.582
.602
.640
.723
.803
.861
.9041.0151.1711.2781.325
1.3781.4811.538
1.4661.495
1.5291.549
1.365
1.4561.4581.4601.4651.4741.4841.4881. 4811.489.491.507.515
.520
.522
.530
.529
.531
.540
.545
.542
.545
.549
.563
Bitumi-nouscoal
mining
$0.681
.684
.647
.520
.501
.673
.745
.794
.856
.878
.886
.883
.9931.0591.1391.186
1.2401.4011.6361.8981.941
2.0102.2122.259
2.1932.235
2.2362.287
2. 015
2.0382.2192.2222.2312.2182.2322.2542.2132.2362.2212.2402.247
2.2442.2362.2392.2302.2092.2562.2582.2252.2612.335(2)
Build-ing con-struc-tion
(2)
(2)(2)(2)(2)
$0.795
.815
.824
.903
.908
.932
.9581.0101.1481.2521.319
1.3791.4781.681
« 1. 8481. 935
2.0312.2012.312
2.1662.232
2.2782.353
1.995
2.1352.1572.1632.1672.1822.1942. 1952.2072.2362.2392.2602. 253
2.2762.2852.2922.2852.2702.2612.2942. 3272.3562.384(2)
Class Irail-
roads
$0.636
.644
.651
.600
.595
.602
.651
.659
.676
.712
.714
.717
.751
.824
.897
.938
.9421.1161.1701.3091.419
1. 5495 1. 702
(2)
1.6581.746
1.780(2)
1.532
1.5591.6221.6571.6871.6981.7231.7411.7231.7601.7321. 7501.771
1.7811.7961.7791.7591.7731.7921.8101.8241.830
8
Tele-phone
(2)
i(2)(2)(2)(2)
$0.774.816.822
.827
.820
.843
.870
.911
(8)1.1241.1971. 2481.345
1.3981.4911.581
1.4581.522
1.5511.617
1.386
1.4501.4691.4531.4501. 4511.4751.4901.5011.5221. 5331.5521.532
1.5421.5541.5401.5451.5661.5591.5851.5911.6131.637(2)
Whole-sale
trade
(2)
i81(2)(2)(2)(2)(2)
8$1. 2681.3591.414
1.4831.5851.667
1.5691.601
1.6501.687
1.476
.555
.567
.567
.575
.571
.581
.586
.585
.605
.604
.606
.620
.632
.637
.649
.658
.6571.6691.6701.6781.6901.698(0
Retailtrade
(excepteatingand
drink-ing
places)
(2)
(2)(2)(2)(2)(2)
(2)
8-(2)(2)(2)(2)(2)
88
$1. 0091.0881.137
1.1761.2531.307
1.2441.262
1.2921.324
1.175
1. 2371.2361.2331.2491.2521.2561.2621. 2591.2701.2671.2671.245
1.2871.2811.2791.2841.3051.3181.3141.3121.3241.334(2)
Hotels(year-
round) i
(2)
(2)
8(2)(2)
i(2)
88(2)(2)(2)
$0.650.709.743
.771
.819
.864
.807
.832
.858
.872
.761
.804
.811
.801
.806
.807
.812
.817
.815
.834
.837
.840
.852
.852
.855
.856
.858
.863
.862
.866
.868
.872
.875(2)
* Money payments only; additional value of board, room, uniforms, and tips not included.8 Not available.8 Not available. Series beginning April 1945 includes only employees subject to provisions of the FairLabor Standards Act and is not comparable with preceding series which includes all employees. Beginningwith June 1949, data relate to nonsupervisory employees.4 Not strictly comparable with previous data.
» Preliminary average; does not include any retroactive wage payments.8 Estimates based on incomplete data.NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-
roads, construction workers in building construction, and for all nonsupervisory employees in other indus-tries. Data are for payroll periods ending closest to the middle of the month except in railroads wheremonthly data are used.
The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual averages which have been weighted by data on man-hours.
Source: Department of Labor.
180
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—16.—Average gross weekly earnings in selected industries, 7929-52
Period
Monthly average:1929193019311932 _._19331934 _-.19351936193719381939 .1940-19411942._. _ _ .1943194419451946194719481949195019511952 •
1951: First halfSecond half...
1952: First halfSecond half 8-
1950: June.... ...
1951: JanuaryFebruaryMarch. __AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1952: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember •_ .October*November 6_.
M anuf acturing
Total
$25. 03
23.2520.8717.0516.7318.4020.1321.7824.0522.3023.86
25.2029.5836.6543.1446.08
44.3943.8249.9754.1454.92
59.3364.8867.79
64.4265.45
66.8268.96
58.85
63.7663.8464.5764.7064.5565. 0864.2464.3265.4965.4165.8567.40
66.9166.9167.4065.8766.6567.1565.7667.7670.0470.5970.66
Dura-ble
goods
$27. 2224.7721.2816.2116.4318.8721.5224.0426.9124.0126.50
28.4434.0442.7349.3052.07
49.0546.4952.4657.1158.03
63.3269.9773.02
69.1170.70
71.9974.24
62.86
67.6568.1869.3069.6869.6070.2768.7969.5571.0171.1071.0572.7172.1572.1872.8171.0771.7671.9869.6772.4976.0676.7676.24
Non-durablegoods
$22. 9321.8420.5017.5716.8918.0519.1119.9421.5321.0521.7822.2724.9229.1334.1237.12
38.2941.1446.9650.6151.4154.7158.5060.90
58.3058.76
59.9262.08
53.92
58.5358.3258.4058.1657.9358.4758.4857.9158.6758.0059.0760.45
60.0460.1260.1358.7159.7160.8361.0361.6862.2662.4262.99
Bitumi-nouscoal
mining
$25. 7222.2117.6913.9114.4718.1019.5822.7123.8420.8023.88
24.7130.8635.0241.6251.2752.2558.0366.5972.1263.28
70.3577.8675.76
75.6980.09
74.5277.25
69.92
76.6375.6774.6675. 6373.8677.6773.7177.2381.6180.6281.0986.28
86.3980.2779.2666.6870.2564.3063.4580.5588.6376.59(2)
Build-ing con-struc-tion
(2)(2)(2)(2)(2)
$22. 9724.5127.0130.1429.1930.39
31.7035.1441.8048.1352.1853.7356.2463.30
<68.8570.95
73.7382.1088.1879.3784.46
86.0090.80
73.82
78.3576.1477.4479.7581.8382.7183.6384.3185.4286.2082.2684.94
85.3586.6084.5785.9286.0387.5088.0989.5991.1892.26(2)
Class Irail-
roads
$ 28. 4927.7626.7623.3423.0924.32
26.7628.0129.2030.2630.99
31.5534.2538.6543.6846.06
45.6951.2254.1760.3461.7363.20
« 69. 78(2)
68.4470.88
72. 75(2)
64.1965.6366.6669.4368.4969.6270.8269.8172.5468.8272.7471.4069.95
74.0976.6971.5272.6570.7870.7871.8672.9674.85
8
Tele-phone
(2)
(2)(2)(2)(2)(2)
(2)(2)
$29.8131.5331.9432.4432.7433.9736.3038.39
(3)44.0444.7748.9251.7854.3858. 3060.88
56.8959.72
59.0263.1154.1956.4157.5856.5256.1256.5958.1259.3058.8459.9759.9460.8459.44
59.6859.8359.2953.9260.6060.8062.2962.0562.9163.68
(2)
Whole-sale
trade
C2)(2)C2)(2)(2)(2)C2)(2)C2)(2)(2)
(2)8(2)(2)
(2)(2)
$51.9955. 5857.55
60.3664.5167.6163.7965.37
66.7068.70
59.93
63.4463.6263.6263.9563.7864.3564.5564.5165.6465.4465. 5266.58
66.4266.1366.6266.4966.9467.5967.8068.1368.9569.28
C2)
Retailtrade
(excepteatingand
drink-ing
places)
(2)(2)(2)(2)(2)(2)
(2)(2)(2)(2)(2)
(2)(2)(2)(2)C2)
(2)(2)
$40. 6643.8545.93
47.6350. 2551.9549.8050.66
51.4352.57
48.06
49.8549.5648.9549.8449.8350.7451.4951.3750. 8050.4349.9249.92
51.2250.9850.9050.9751.6852.8553.0953.0052.4352.43(2)
Hotels(year-
round) '
(2)(2)
8(2)C3)
(2)
8(2)(2)
(2)(2)(2)(2)(2)
(2)(2)
$29. 3631.4132.84
33.8535.3836.83
34.9635.9136.6137.09
33.33
34.8935.0434.6834. 9035.0235.2435.4635.2935.7835. 9136.2036.8136.4736.5936.3836.7236.7636.7236.7236.9836.8937.28(2)
1 Money payments only; additional value of board, room, uniforms, and tips not included.2 Not available.» Not available. 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. Beginningwith June 1949, data relate to nonsupervisory employees.
4 Not strictly comparable with previous data.• Preliminary average does not include any retroactive wage payments.* Estimates based on incomplete data.
NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, construction workers in building construction, and for all nonsupervisory employees in other indus-tries. Data are for payroll periods ending closest to the middle of the month except in railroads wheremonthly data are used.
The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual averages which have been weighted by data on man-hours.
Source: Department of Labor.
181
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITY
TABLE B—17.—Indexes of industrial and agricultural production, 1929-52
11935-39=100]
Period i
1929
19301931 - - -19321933 _ - - - _-1934
193519361937-. .19381939 - - -
1940-. -19411942-.19431944 _ .
19451946194719481949
1950 -19511952 3
1951: First halfSecond half
1952' First halfSecond half3 _ .
1950: June1951: January -_
FebruaryMarch..April - -MayJune _ -- ---July - _AugustSeptember _ _ _ _ _ _ _October _NovemberDecember
1952: JanuaryFebruary . _March .AprilMay . __ _ _JuneJulyAugustSeptemberOctober ...NovemberDecember 3
Industrial production
Total
110
9175586975
8710311389
109
125162199239235
203170187192176
200220219
Manufactures
Total
110
9074576874
8710411387
109
126168212258252
214177194198183
209229229
Durable
132
9867415465
8310812278
109
139201279360353
274192220225202
237273279
Nondurable
93
8479707981
9010010695
109
115142158176171
166165172177168
187194189
Minerals
107
9380677680
8699
11297
106
117125129132140
137134149155135
148164161
Adjusted for seasonal variation
222217216222199221221222223222221212217218218219218221222221216211204193215227229233234
232226226232
208231232234234233231222226228226228228931232231225224214202225236241243245
274273276282
237268271277279276274265267271274277282282284285277277247230267289298300305
199189186192184
201201199198198197187193192188188185
189190188183181186179191194195197197
162166159164151164158158164165165156165167174170163167167164166140147142156175164175171
Agricul-tural pro-duction -
97
9f>1041019379
9685
108105106
110114128125130
129133128138137
136139144
(4)(*)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)
8(4)(4)(4)(4)(4)(4)(4)(4)(4)
1 For industrial production, average of monthly indexes is used for year or half-year.2 Index of volume of farm production for human use.3 Estimates based on incomplete data.4 Because of the extreme seasonal nature of agricultural crop production, only an annual index has been
computed.Sources: Board of Governors of the Federal Reserve System and Department of Agriculture.
182
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-18.—Neiv construction activity, 1929-52
[Value put in place, millions of dollars]
Period
1929
19301931193219331934 -
19351936193719381939
1940194119421M3 - -1944
19451946194719481949
195019511952
1951: First halfSecond half—
1952: First halfSecond half ---
1950* June
1951- JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober. _ ._NovemberDecember
1952: January. ..FebruaryMarch _.AprilMay .JuneJulyAugustSeptemberOctoberNovemberDecember -_._
Totalnewcon-
struc-tion
10, 793
8,7416,4273,5382,8793,720
4,2326,4976,9996,9808,198
8,68211, 95714, 0758,3015, 259
5,63312, 00016, 68921, 67822, 789
28, 74930, 89332, 329
Private construction
Totalpri-
vate *
8,307
5,8833,7681,6761,2311,509
1,9992,9813,9033,5604,389
5,0546,2063,4151,9792,186
3,2359,638
13, 25616, 85316, 384
21, 61021, 68421, 785
Resi-den-tial
build-ing(non-farm)
3,625
2,0751,565
630470625
1,0101,5651,8751,9902,680
2,9853,5101,715
885815
1,1004,0156,3108,5808,267
12, 60010, 97311, 101
Non-resi-den-tial
build-ing
(non-farm)
2,694
2,0031,099
502406456
472713
1,085764786
1,0251,482
635233351
1,0203,3413,1423,6213,228
3,7775,1524,950
Otherpri-
vate 2
1,988
1,8051,104
544355428
517703943806923
1,0441,2141,065
8611,020
1,1152,2823,8044,6524,889
5,2335,5595,734
Public construction
Totalpublic
2,486
2,8582,6591,8621,6482,211
2,2333,5163,0963,4203,809
3,6285,751
10, 6606,3223,073
2,3982,3623,4334,8256,405
7,1399,209
10, 544
Mili-taryand
naval
19
2940343647
37293762
125
3851,6205,0162,550
837
690188204158137
177887
1,346
Non-resi-den-tial
build-ing
659
660612415230363
328701550672970
6151,6463,6852,0101,361
937354599
1,3012,068
2,4023,4714,061
High-way
1,266
1,5161,355
958847
1,000
8451,3621,2261,4211,381
1,3021,066
734446362
398895
1, 4511,7742,131
2,3812,4002,700
Otherpublic 3
542
653652455535801
1,0231,4241,2831,2651,333
1,3261,4191,2251,316
513
373925
1,1791,5922,069
2,1792,4512,437
Seasonally adjusted annual rates
31, 55030, 236
32, 60832, 050
28, 668
30, 82831, 58432, 85632, 34031, 14030, 55229, 96429, 89229, 92830, 27630,48030, 876
30, 99632, 67634, 02033, 34832, 41232, 19631, 68031,60831,84831, 92032,38832, 856
22, 57820, 790
21, 79221, 778
21, 696
22, 57223, 52023, 61622, 84821, 72021, 19220, 98820, 68820,66420, 78420, 80820, 808
20, 84421, 73223, 04022, 28421, 57621, 27621,40821, 46821, 52821, 74422, 15222, 368
11, 85010, 096
10, 97011, 232
12, 864
12, 40813, 04412,90011, 90410, 64410, 20010, 0089,7449,852
10, 26010, 36810, 344
10, 02010, 80012, 12011, 43610, 82410, 62010, 75210, 82410, 93211, 30411, 67611, 904
5,2245,080
5,0504,850
3,528
4,7165,0045,2205,4245,5445,4365,4245,3645,1964,9084,8004,788
5,0525,1725,1845,1124,9924,7884, 7884,8244,8484,8364,9324,872
5,5045, 614
5, 7725,696
5,304
5,4485,4725,4965,5205,5325,5565,5565,5805,6165,6165,6405, 676
5,7725,7605, 7365, 7365,7605,8685,8685,8205, 7485,6045,5445,592
8,9729,446
10, 81610, 272
6,972
8,2568,0649,2409,4929,4209,3608,9769,2049,2649,4929,672
10, 068
10, 15210, 94410, 98011,06410, 83610, 92010, 27210, 14010, 32010, 17610, 23610, 488
7541,020
1,4261,266
108
456552780888900948924960936
1,0081,1041,188
1,3441,3441,4641,4401, 4881,4761,3081,2841,2001,1761,2361,392
3,3423,600
4,0584,064
2,292
3,1203,0963,3123,4563,5283,5403,3723,4443,4923,5763,8043,912
3,9003,9243,9724,1164,1524,2844, 0203,9604,0203,9484,2004,236
2,4382,362
2,7622,638
2,388
2,3042,1722,7362,6042,4362,3762,3522,4842,4482,4242,1602,304
2,2083,0002,9402,9522,7002,7722,6642,6402,8202,7362,4842,484
2,4382,464
2,5702,304
2,184
2,3762,2442,4122,5442,5562,4962,3282,3162, 3882,4842,6042,664
2,7002,6762,6042,5562, 4962,3882,2802,2562,2802,3162,3162,376
1 Excludes construction expenditures for petroleum and natural gas-well drilling, and therefore does notagree with the new construction expenditures included in the gross national product.
2 Includes public utility, farm, and other private construction not separately shown.s Includes residential, sewer and water, miscellaneous public service enterprises, conservation and develop-
ment, and all other public construction not separately shown.
Sources: Department of Commerce and Department of Labor.
183
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TABLE B-19.—New nor/farm housing starts, by source of funds nnd by type of structure, 1929—52 *
Period
19298 .
1930193119321933 - - -193419351936193719381939
1940194119421943 _.1944
19451946 _ . . -194719481949
19501951
1951: First halfSecond half
1952: First half _. . -
1950: June
1951: JanuaryFebruary. .March ...AprilMayJune _ - - -JulyAugustSfipt.fimhp,rOctoberNovemberDecember
1952: JanuaryFebruary. .MarchAprilMay . .JuneJulyAugust .September.October8..November • _
Totalnonfarm
units
509, 000
330,000254, 000134,00093,000
126,000221, 000319, 000336, 000406, 000515, 000
602,600706, 100356, 000191, 000141, 800
209, 300670, 500849,000931,600
1, 025, 100
1,396,0001, 091, 300
Privatelyfinanced
units
509,000
330, 000254, 000134,00093,000
126,000215, 700304, 200332, 400399, 300458, 400
529,600619,500301, 200183, 700138, 700
208, 100662,500845,600913, 500988, 800
1, 352, 2001,020,100
Publiclyfinanced
units
5,30014,8003,6006,700
56,600
73, 00086,60054, 800
7, 3003,100
1,2008,0603,400
18,10036, 300
43, 80071, 200
Units in
1-familystruc-tures
316, 000
227, 000187,000118,00076, 000
109, 000183, 000244, 000267, 000317, 000399, 000
485, 700603, 500292, 800143, 600117, 700
184, 600590, 000740, 200766, 600794, 300
1, 154, 100900, 100
2-familystruc-tures *
51, 000
29, 00022, 0007,0005,0005,0008,000
14,00016, 00018,00029, 000
37, 30034, 30020, 10017, 80010,600
8.80024, 30033, 90046,90036, 500
44, 80040, 400
Multi-familystruc-tures 3
142, 000
74, 00045, 0009,000
12, 00012, 00030, 00061, 00053, 00071, 00087,000
79, 60068, 30043, 10029, 60013, 500
15,90056, 20074, 900
118, 100194, 300
197, 100150, 800
Totals for period, not adjusted for seasonal variation
590,000501, 300
565, 800
144, 300
85, 90080, 60093, 80096, 200
101, 000132, 50090,50089, 10096,40090,00074,50060,800
64, 90077,700
103,900106, 200109,600103, 500102, 60099, 100
100,800101, 00086,000
529, 100491, 000
521, 700
143, 400
82,20076, 50090, 20092,30097,60090,30086,80088,30095,30088,90072, 20059,500
61,50074, 30091, 10097,000
100,90096, 900
101, 10097,40099,300
100,00082,800
60,90010, 300
44,100
900
3,7004,1003,6003,9003,400
42, 2003,700
8001,1001,1002,3001,300
3,4003,400
12, 8009,2008,7006,6001,5001,7001,5001,0003,200
469, 800430, 300
461, 700
124, 900
71,10067, 30078, 40082, 90085, 90084, 20076, 00077, 60081,60079,50064, 00051,600
54, 00065,70079,60085,70089,70087,00090,50085, 80086,500
8
21, 60018,800
23, 200
4,100
3,4003,4004,6003,9003,0003,3003,4003,1003,8003,5002,6002,400
3,0003,4004,3004,4004,3003,8003,5004,0004,700(7)(0
98, 60052, 200
80, 900
15, 300
11, 4009,900
10, 8009,400
12, 10045, 00011, 1008,400
11, 0007,0007,9006,800
7,9008,600
20,00016, 10015, 60012, 7008,6009,3009,600
8
Totalunits,season-ally ad-justedannualrates «
1, 040, 0001, 073, 0001, 037, 0001, 122, 0001, 156, 0001, 160, 000
These estimates are based on building permit records which have been adjusted for lapsed permits and
cluded.2 Includes units in 1- and 2-family structures with stores.8 Includes units hi multifamily structures with stores.< Sea
in deteProductior o u c o n c menmens o sec. . or meo o compung seasonay a u s e annuarates, see special release of August 28, 1952, by the Department of Labor.
8 The number of starts for each of the years 1920-28 were as follows: 247,000; 449,000; 716,000; 871,000; 893,000;)3)37,000; 849,000; 810,000.
8 Estimates based on incomplete data.7 Not available.Source: Department of Labor.
184
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TABLE B-20.—Business expenditures for new plant and equipment, 1939 and 1945-53
[Billions of dollars]
Period
1939 . .
1945 .194619471948 . .1949
19501951 -1952 3
1953*
1950' First halfSecond half
1951- First halfSecond half _ _
1952- First halfSecond half3
1950: First quarter. _ _ __Second quarterThird quarterFourth quarter
1951: First quarterSecond quarterThird quarterFourth quarter
1952" First quarterSecond quarterThird quarterFourth quarter 3
1953: First quarter 8 .
Total *
5.51
8.6914.8520.6122.0619.28
20.6026.3326.8626.27
Manufacturing
Total
1.94
3.986.798.709.137.15
7.4911.1312.4511.91
Dura-ble
goods
0.76
1.593.113.413.482.59
3.145.175.875.33
Non-durablegoods
1.19
2.393.685.305.654.56
4.365.966.586.58
Mining
0.33
.38
.43
.69
.88
.79
.71
.91
.85
.87
Transportation
Rail-road
0.28
.55
.58
.891.321.35
1.111.471.401.12
Other
0.36
.57
.921.301.28.89
1.211.491.391.38
Publicutili-ties
0.52
.50
.791.542.543.12
3.313.863.964.02
Com-mer-cialand
other a
2.08
2.705.337.496.905.98
6.787.476.806.97
Seasonally adjusted annual rates
18.8322.18
25.3527.18
27.4026.99
18.4219.2321.0423.30
24.2926.4027. 0727.30
27.4327.3725.7228. 27
28.68
6.568.30
10.2711.87
12.4212.66
6.346.787.688.92
9.4611.0811.7212.02
12.0412.8011.9213.40
13.47
(5)(fi)
(fi)(8)
(8)(8)
(8)(8)(5)(•)
(8)(8)(8)(8)
(*)
8(8)(8)
(8)(8)
(8)(8)
(8)(8)
(8)(8)(6)(8)
(8)(5)(8)(8)
88(8>
.71
.71
.89
.93
.90
.82
.73
.68
.67
.75
.82
.95
.93
.93
.93
.87
.79
.86
.95
1.051.17
1.401.53
1.531.27
.961.131.191.15
1.281.531.461.60
1.571.481.201.35
1.32
1.071.36
1.481.50
1.411.39
1.061.081.301.43
1.45.50.50.50
.47
.35
.251.53
1.24
3.103.47
3.783.91
4.063.85
3.123.073.243.70
3.703.863.973.85
4.143.993.704.00
4.37
6.357.17
7.537.44
7.066.99
6.216.496.977.35
7.577.487.497.40
7.276.856.877.12
7.33
1 Excludes agriculture and outlays charged to current account.2 Commercial and other includes trade, service, finance, communication, and construction.3 Estimates for fourth quarter of 1952 and first quarter of 1953 are based on anticipated capital expenditures
reported by business in November 1952.* Estimates for 1953 are based on anticipated capital expenditures as reported by business in October 1952.8 Not available on a seasonally adjusted basis.NOTE.—These figures do not agree with those shown in column 2 of appendix table B-5 and included in
the gross national product estimates of the Department of Commerce, principally because the latter covercertain equipment and construction outlays charged to current expense. The above series is not available foryears prior to 1939 and for 1940 to 1944.
Detail will not necessarily add to totals because of rounding.Sources: Securities and Exchange Commission and Department of Commerce.
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TABLE B—21.—Inventories and sales in manufacturing and trade, 1030-52
[Adjusted for seasonal variation]
Period
1939 ...-
1940 - -.19411942 - - ..19431944
19451946 _ _ -19471948 -- -1949
19501951 . -- _
1951 . _ -1952 8
1951: First halfSecond half. .
1952: First halfSecond half 5
1951: JanuaryFebruary. _ _ ._MarchAprilMayJuneJulyAugustSeptemberOctoberNovember __December
1952: JanuaryFebruaryMarchAprilMay _. . .JuneJuly..AugustSeptember. .October.November 5
Total manufactur-ing and trade
Millions ofdollars
In-ven-
tories'
20, 051
22, 17628, 78031, 09131, 34331, 059
30, 89342, 94250,60555, 64752, 264
62, 42373, 197
Sales3
10, 802
12, 13415,81118, 62321, 92023, 785
23, 85227, 15033, 15636, 43834, 664
39, 42544, 016
Ratioof in-ven-tories
tosales 4
1.77
1.721.581.661.401.33
1.301.331.431.471.56
1.401.59
Manufacturing
Millions ofdollars
In-ven-
tories2
11, 465
12, 81916, 96019, 28720,09819,507
18, 39024, 49828,92031, 73428, 973
34, 11843, 039
Sales 3
5,112
5,8598,172
10, 43012, 82013, 782
12, 87312, 61715, 91717, 63016, 416
19, 31222, 335
Ratioof in-ven-tories
tosales 4
2.11
2.061.781.771.511.45
1.481.661.711.721.86
1.561.76
Wholesale trade
Millions ofdollars
In-ven-
tories2
3,052
3,2384,0443,7813,6843,912
4,5556,5927,6258,0857,980
9,65310, 266
Sales 3
2,187
2,4103,0333,4263,8304,152
4,4765,9937,2727,9317,354
8,1398,934
Ratioof in-ven-tories
tosales 4
1.34
1.301.201.19.97.94
.91
.901.01.99
1.08
1.041.16
Retail
Millions ofdollars
In-ven-
tories-9
5, 534
6,1197,7768,0237,5617,640
7,94811, 85214, 06015, 82815, 311
18, 65219, 892
Sales 3
3,503
3,8654,6064,7685, 2705,851
6,5038,5419,967
10, 87710, 893
11, 97412,748
Ratioof in-ven-tories
tosales *
1.53
1.491.481.761.421.32
1.211.131.271.401.43
1.371.60
New series
74, 05974,800
72, 04174, 059
72, 91374,800
65, 00966, 08967, 83169, 96971, 22672, 04173,26373, 73173, 66273, 67773,88374, 059
73, 99673, 82973, 62073, 87673, 07472, 91372, 76572, 71473, 43774, 18974, 656
44, 45445, 550
45, 28843, 662
44, 95846, 100
46, 77145, 85445, 22444, 51345, 58443, 77943, 04443,88842, 42945, 18044, 63742, 794
44, 79245, 86643, 43145, 74845, 53344, 38144, 45543, 61246, 27648, 30446, 272
1.591.62
1.501.68
1.641.60
.37
.43
.48
.55
.55
.64
.69
.68
.74
.63
.65
.73
.65
.61
.70
.61
.61
.64
.64
.67
.58
.53
.61
43, 03943,600
39, 68443, 039
42, 89243,600
35, 00835,50436, 36237, 80538, 77339, 68440, 65241, 53242, 06742, 43742, 69243,039
43, 07743, 16843,23743, 40243, 14442, 89242, 74843, 10743, 22443, 41543, 512
22, 33523, 100
22, 95321, 791
22, 81623, 350
22, 96422, 77823, 06422,83623,74622, 32921,78822,00720,89222, 72622, 37320,962
22, 63423,50622, 08523, 53823, 24721, 88821, 85821, 89823,66324,72823,510
1.761.87
1.601.92
1.891.85
1.501.551.561.621.611.761.841.872.001.861.902.04
1.901.841.961.841.861.961.961.961.821.751.85
10, 26610,200
10, 64810, 266
9,89610, 200
9,84910, 01710, 28510, 50710, 697.10, 64810, 79810, 56610, 48210, 44510, 37310, 266
10, 23810, 03610, 0629,9979,8619,8969,8909,8629,932
10, 12210, 178
8,9348.800
9,0308,804
8, 6818,950
9,7809,2178,9988,7928,8598,5378,4608,8078,5459,2249,0258,765
9,0048,9548,3268,8628,4488,4938,9498,3719, 0559,3898,771
1.161.14
1.141.20
1.161.12
1.001.081.131.181.201.251.271.211.231.131.151.18
1.141.131.211.131.181.161.101.181.091.071.16
20, 75421,000
21, 70920,754
20, 12521,000
20, 15220, 56821, 18421, 65721, 75621, 70921, 81321, 63321, 11320, 79520,81820,754
20, 68120, 62520, 32120, 47720, 06920, 12520, 12719, 74520, 28120, 65220,966
13, 18513, 650
13, 30413, 066
13, 46113, 800
14, 02713, 85913, 16212,88512, 97912, 91312, 79613, 07412, 99213, 23013,23913, 067
13, 15413, 40613,02013, 34813,83814,00013, 64813, 34313, 55814, 18713, 991
1.601.50
1.581.62
1.521.48
1.401.471.591.661.671.681.701.661.641.581.571.59
1.581.541.571.531.461.441.481.491.481.441.49
1 A new series on retail sales and inventories beginning in 1951 has been substituted for the series pre-viously published. These estimates are based on a change in the method of estimation adopted by theBureau of Census. Retail estimates are shown in this table on the previously published basis 1939-51 andon the new basis 1951 to date. For a description of the retail sales and inventories series on the new basis,see Survey of Current Business, September and November 1952.
2 Book value, end of period.3 Monthly average shown for year and half-year and total for month.4 For annual and semiannual periods, 24- and 12-month weighted average at end-of-month inventories
to average monthly sales; for monthly data, ratio of average end of current and previous months inven-tories to sales for month.
6 Estimates based on incomplete data.
NOTE.—The inventory figures in this table do not agree with the estimates of "change in business inven-tories" included in the gross national product since they cover only manufacturing and trade rather thanall business, and show inventories in terms of current book value without adjustment for revaluation.
Source: Department of Commerce.
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TABLE B-22.—Sales, stocks, orders, and receipts, selected department stores,1 1939-52
[Not adjusted for seasonal variation]
Period
Monthly average:1939
19401941194219431944
1945 .19461947 - .1948 __1949
1950 _19511952 <
1951: First halfSecond half
1952: First halfSecond half *.„
1950: June
1951: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober _ _NovemberDecember
1952: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember
Reported data (millions ofdollars) 1
Sales(total formonth)
139
147169194221246
276345365381361
376391364
353429
346386
345
365310376339371354280341376426484666
320299348373382353289343387448462
Stocks(end ofmonth)
369
379450643546574
604767887979925
1,0121,2011,099
1,2301,172
1,0701,134
891
1,0771,1791,3001,3471,2911,1871,1391,1821,2071,2471,2491,008
9951,0521,1191,1371,1021,017
9971,0401,1311,2301,273
Out-standing
orders(end ofmonth)
(3)
115206280563596
775964588494373
495459440
499420
360536
387
706699503360314410476429446447404319
402416365293273410520539592573458
Derived data (mil-lions of dollars) 2
Receipts(total formonth)
141
148179197220244
277373366386358
391388388
377399
347437
263
401412497386315250232384401466486425
307356415391347268269386478547505
New or-ders (to-
tal formonth)
(3)
(3)184208242256
291354364363358
401377401
370384
363447
390
656405301243269346298337418467443340
390370364319327405379405531528390
Ratios
Stocksto sales
2.8
2.72.83.52.62.4
2.32.32.52.72.7
2.83.23,1
3.53.0
3.13.0
2.6
3.03.83.44.03.43.44.13.43.22.92.61.6
3.13.53.23.02.92.93.43.02.92.72.8
Out-standing
ordersto sales
(3)
0.81.31.52.72.5
3.03.0.7.4.1
.4
.3
.2
1.41.1
1.11.4
1.1
1.92.31.31.1.8
1.21.71.31.21.0.8.5
1.31.41.0.8.7
1.21.81.61.51.31.0
Out-standing
ordersto stocks
(3)
0.3.5.4
1.01.0
1.31.3.7.5.4
.5
.4
.4
.4
.4
.3.4
.4
.7
.6
.4
.3
.2
.3
.4
.4
.4
.4
.3
.3
.4
.4
.3
.3
.2
.4
.5
.5
.5
.5
.4
1 The reported data are not estimates for all department stores in the United States. They are the actualdollar amounts reported by a group of department stores located in various cities throughout the country.In 1951, sales by these stores accounted for about 50 percent of estimated total department store sales.
3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived fromreceipts and reported figures on outstanding orders.3 Not available.
. 4 Averages based on data through November.Source: Board of Governors of the Federal Reserve System,
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PRICES
TABLE B-23.—Wholesale price index, 1929-52
[1947-49 = 100]
Period
Monthly average:1929
1930193119321933 . ._ .1934 „_
1935 _ -._1936.-193719381939
19401941 _19421943 . . .1944
19451946194719481949
1950 _19511952 8
1951: First half _Second half
1952: First halfSecond half3
1950: June -
1951: JanuaryFebruary.MarchApril.MayJuneJuly . .AugustSeptemberOctober _NovemberDecember ...
1952: January . _FebruaryMarchAprilMayJune _ _JulyAugust .September.. __ _ _OctoberNovember ._December2
Allcom-modi-ties
61.9
56.147.442.142.848.7
52.052.556.151.150.1
51.156.864.267.067.6
68.878.796.4
104.499.2
103.1114.8111.6
115.9113.7
112.1111.2
100.2
115.0116.5116.5116.3115.9115.1114.2113.7113.4113.7113.6113.6
113.0112.5112.3111.8111.6111.2111.8112.2111.8111.1110.7109.6
Farmprod-ucts
58.6
49.336.226.928.736.5
44.045.248.338.336.5
37.846.059.268.568.9
71.683.2
100.0107.392.8
97.5113.4107.1
115.7111.0
108.3105.8
94.5
112.3117.2117.6117.5115.7113.9111.1110.4109.9111.5112.0111.3
110.0107.8108.2108.7107.9107.2110.2109.9106.6104.9103.6'99.6
Proc-essedfoods
0)
(0
888 -0)
80)0)0)0)<»)
898.2
106.195.7
99.8111.4108.8
111.8111.0
109.0108.6
96.8
110.2112.9112.0111.8112.3111.3110.7111.2110.9111.6111.0110.7
110.1109.5109.2108.0108.6108.5110.0110.5110.3108.5107.7104.3
All commodities other than farm productsand foods
Total
65.5
60.953.650.250.956.0
55.756.961.058.458.1
59.463.768.369.370.4
71.378.395.3
103.4101.3
105.0115.9113.2
116.9114.8
113.5112.9
102.2
116.6117.2117.3117.1116.8116.2115.7114.9114.8114.6114.5114.6
114.3114.2113.8113.3113.0112.6112.5113.0113.2113.0112.8112.9
Textileprod-uctsand
apparel
0)
0)(00)0)(0
0)(')0)
80)0)0)(00)
0)(1100.1104.495.5
99.2110.699.8
114.9106.3
100.798.9
93.3
114.6115.7115.9115.5114.8112.9111.6108.5105.9103.9103.9104.0
103.3102.1100.699.999.399.098.999.199.599.298.698.3
Chemi-calsand
alliedprod-ucts
(')
0)(00)
80»)')i)
88(0
8101.4103.894.8
96.3110.0104.5
111.5108.6
105.2103.8
92.1
111.4112.6111.8111.5111.3110.2108.8108.5108.7108.8108.6108.4
106.7105.9105.4104.8104.3104.3104.2104.0104.0103.9103.5103.3
Rubberand
prod-ucts
(')
(')0)0)0)(')
80)0)0)
0)(i)C1)0)(')
0)0)99.0
102.198.9
120.5148.0134.0
151.5144.5
140.6127.4
109.5
153.0152.5152.3151.5151.3148.3144.3144.3144.7144.7144.6144.3
144.1143.1142.0140.6140.4133.4130.0127.8126.3126.0126.4127.7
Lumberand
woodprod-ucts
0)
(j)
i(0
80)C1)
(9(')0)(00)
(00)
93.7107.299.2
113.9123.9120.3
126.0121.8
120.4120.1
112.4
125.5126.4126.6126.6126.1124.6123.5122.3121.6121.7121.1120.3
120.1120.3120.5120.9120.7119.9120.2120.5120.4120.2119.7119.7
1 Not available.2 Preliminary.
Source: Department of Labor.
188
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-23.—Wholesale price index, 1929-52—Continued
[1947-49-100]
Period
Monthly average:1929
19301931193219331934 _
193519361937 _._19381939
19401941194219431944
19451946 _194719481949
195019511952*
1951: First half-Second halt--
1952: First halfSecond half2.
1950' June
1951: JanuaryFebruary- -.MarchApril -MayJuneJulyAugustSeptember. _ _OctoberNovember_-December—
1952: JanuaryFebruary- _ .MarchAprilMayJuneJulyAugustSeptember- _OctoberNovemberDecember 3~
All commodities other than farm products and foods (continued)
Hides,skins,and
leatherprod-ucts
59.3
54.446.839.744.047.1
48.751.956.950.552.0
54.858.964.063.963.4
64.274.6
101.0102.196.9
104.6120.397.2
126.6114.0
97.497.1
99.1
127.3127.7126.9126.5126.2124.7122.3118.0118.0113. 6107.0105.1
102.299.598.094.194.795.996.296.596.596.697.699.0
Fuel,power,
andlight-ing
mate-rials
70.2
66.557.259.556.162.0
62.264.565.764.761.8
60.764.566.468.470.3
71.176.290.9
107.1101.9
103.0106.7106.6
106.7106.8
106.7106.4
102.4
106.4107.4107.3106.5106.2106.3106.5106.3106.7106.8106.9107.4
107.4107.2107.4106.3106.0105.9106.0105.8106.2106.6106.7107.1
Pulp,paper,
andalliedprod-ucts
0)
880)
0)0)C1)0)0)
1C)0)
L102.998.5
100.9119.6116.5
120.1119.1
117.5115.6
95.9
120.1120. 5120.3119.7119.8120.2120.2119.5119.4118.8118.4118.4
118.2118.3117.7117.4116.9116.7115.3115.6115.6115.5115.5115.8
Metalsand
metalprod-ucts
(')
(')
8880)0)0)0)
80)0)0)0)91.3
103.9104.8
110.3122.8123.0
123.4122.3
122.2123.8
108.8
124.0123.7123.2123. 3123.2122.7122.3122.2122.1122.4122.5122.5
122.4122.6122.6122.5121.8121.1121.9124.1124.6124.1123.9124.0
Machin-ery andmotiveprod-ucts
(')i)i)i)
!J8C)
880)0)C)
L100.9106.6
108.6119.0121.5
118.2119.8
121. 5121. 4
106.3
117.3117.7118.6118.6118.6118.6118.8118.9119.4120.2120.5120.7
120.8122.0121.8121.6121.6121.3121.4121.4121.5121.3121.4121.4
Furn-itureandotherhouse-holddura-bles
C1)
80)0)C)0)0)0)0) •0)
30')0C1)0)95.6
101.4103.1
105.3114.1112.0
114.9113.2
112.0111.9
103.1
114.2114.6115.1115.4115.3115.0114.4113.5113.1112.8112.7112.7
112.3112.4111.9112.1111.7111.6111.8111.5112.0112.0112.1112.2
Non-metal-
licminer-als—struc-tural
(J)
0)
880
?C1
0
80)(')(')0)(')93.9
101.7104.4
106.9113.6113.6
113.6113.5
113.0114.2
105.4
113.6113.7113.7113.7113.6113.6113.6113.6113.6113.6113.6112.8
112.9112.9112.9112.8112.9113.8113.8113.8113.8114.4114.5114.6
Tobaccomanu-
facturesand
bottledbever-ages
0)
8(')0)0)0)
80)0)
(J(1(10)
0)0)98.0
100.4101.6
102.4108.1110.6
108.4107.8
110.4110.8
101.4
108.108.108.108.108.108.4107.9107.8107.8107.5107.5108.1
108.1110.8110. 8110.8110.8110.8110.8110.8110.8110.8110.8110.8
Miscel-laneous
0)0)0)(J)
\\\\80)C)0)
0)0)100.8103.198.1
96.6104.9108.3
103.7106.2
109.6107.0
96.9
102.6103.9104.2105.7103.0102.8103.7102.6105.1106.9108.9109.8
111.1111.4109.2109.5108.4108.1105.5108.9108.3108.4105.7105.2
1 Not available.* Preliminary.Source: Department of Labor.
189
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-24.—Consumers' price index, 1929-52
For moderate-income families in large cities
[1935-39=100]
Period
Monthly average:1929
1930...1931193219331934 _
19351936193719381939
1940194119421943,1944
1945 ._19461947. . _ _ _ _ .19481949
1950195119521
1951: First halfSecond half
1952: First halfSecond half 1
1950: June . .
1951: January 15February 15March 15April 15May 15June 15July 15August 15 ,September 15October 15November 15 _December 15
1952: January 15February 15March 15April 15May 15,.June 15July 15Auprust 15September 15October 15November 15 __ _ _December 15
Allitems
122.5
119.4108.797.692.495.7
98.199.1
102.7100.899.4
100.2105.2116.6123.7125.7
128.6139.5159.6171.9170.2
171.9185.6189.7
184.2187.1
188.7190 9
170.2
181.5183.8184.5184 6185.4185.2185.5185.5186 6187.4188.6189.1
189.1187.9188.0188.7189.0189 6190.8191.1190.8190.9191.1
(2)
Food
132.5
126.0103.986.584.193.7
100.4101.3105 397.895.2
96.6105 5123.9138.0136 1
139.1159 6193.8210.2201.9
204 5227.4231 4
225 7229.1
230.0232 8
203.1
221 9226.0226 2225 7227.4226 9227.7227 0227 3229.2231.4232.2
232.4227 5227.6230 0230 8231 5234.9235.5233 2232.4232.3
3 228 4
Apparel
115.3
112.7102.690.887.996.1
96.897.6
102.8102.2100.5
101.7106.3124.2129.7138.8
145. 9160.2185.8198.0190.1
187.7204.5202.5
202.5206.5
203.2201 6
184.6
198.5202.0203.1203 6204.0204.0203. 3203.6209 0208.9207.6206.8
204.6204.3203. 5202 7202.3202 0201.4201.1202 3202.1201.3(2)
Rent
141.4
137.5130.3116.9100.794.4
94.296.4
100.9104.1104.3
104.6106.4108 8108.7109.1
109.5110.1113.6121.2126.4
131.0136.2141.6
134.7137.8
140.7142 7
130.9
133. 2134.0134.7135 1135. 4135 7136.2136.8137 5138.2138.9139.2
139.7140.2140.5140 8141.3141 6141.9142.3142 4143.0143.9
(2)
Fuel,elec-
tricity,and re-friger-ation
112.5
111.4108.9103.4100.0101.4
100.7100.2100.299.999.0
99.7102.2105.4107.7109.8
110.3112.4121.1133.9137.5
140.6144.1146. 3
143.8144.5
145.0147 7
139.1
143.3143.9144.2144.0143.6143.6144.0144.2144.4144.6144.8144. 9
145. 0145.3145.3145 3144.6144 8146.4147.3147 6148.4149.0
(2)
House-furnish-
ings
111.7
108.998.085.484.292.8
94.896.3
104.3103.3101.3
100.5107 3122.2125.6136.4
145.8159 2184. 4195.8189.0
190 2210.9205 8
210 8211.0
206.9204 6
184.8
207 4209.7210.7211 8212.6212 5212.4210. 8211 1210.4210 8210.2
209.1208.6207.6206 2205.4204 4204.2204.2205 0204.6204.9(2)
Miscel-laneous
104.6
105.1104.1101.798.497.9
98.198.7
101.0101.5100.7
101.1104.0110.9115.8121.3
124.1128.8139.9149.9154.6
156.5165.4172.2
164 0166.8
170.9173 8
154.6
162 1163.2164.3164 6165.0164.8165.0165.4166 0166.6168.4169.1
169. 6170.2170.7171.1171.4172 5173.0173.2173.8174.4174.7(2)
1 Averages based on data through November 15, except for food which is through December 15.2 Not available,s Estimated.Source: Department of Labor.
190
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-25.—Indexes oj prices received and prices paid by farmer-s, and parity ratio, 1929-52
[1910-14=100]
Period
Monthly average:1929
1930193119321933_1934
19351936193719381939
19401941194219431944
19451946194719481949
195019511952
1951: First halfSecond half...
1952: First halfSecond half. _ _
1950: June
1951: January 15February 15-__March 15April 15May 15June 15July 15August 15September 15.Octoberl5..._November 15..December 15__
1952: January 15February 15.__March 15April 15May 15June 15July 15August 15September 15.October 15November 15_.December 15. _
Pricesreceivedby farmers
148
125876570
1091141229795
100123158
21922196
22062234275285249
256302
306
292284
247
300313311309305301294292291296301305
300289288290293292295295288282277
Parity index(prices paid,
interest,taxes, andwage rates)
160
151130112109120
124124131124122
124132151170182
189207239259250
255281286
279283
284
272276280283282282282282282283284284
289
286287285282281281
Parityratio l
92
8367586475
92937878
8193105113108
109113115110100
100107101
110105
101100
97
110113111109108107104104103105106107
10510010010010110210310310110099
1 Ratio of prices received by farmers to parity index.2 Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between
October 1943 and June 1946.Source: Department of Agriculture.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-26.—Indexes of wholesale prices and cost of living in the United States and foreigncountries, selected dates since June 1950
[June 1950=100]
Country
United States
Africa and Near East:AlgeriaEgyptIranIraqIsraelLebanonMoroccoTunisiaUnion of South Africa. .
Western European coun-tries:
AustriaBelgium. _ _.Denmark..FranceGermany (Federal Re-
public) .GreeceIreland. __ .ItalyNetherlandsNorwayPortugal.Spain-SwedenSwitzerland...TurkeyUnited Kingdom
Latin America:ArgentinaBrazil...ChileCosta Rica-CubaDominican Republic .El Salvador-GuatemalaMexicoNicaraguaParaguayPeruVenezuela
Pacific and Far East:AustraliaIndia..IndochinaJapanNew ZealandPhilippinesThailand.
Other:CanadaFinland-
Wholesale prices
Jan-uary1952
113
134120124119137132141132126
161131135147127
136124115127133115139144116115131
(2)13914695
(2)110109101133142
(2)130107
131108138156125104111
113154
Latestdata
»109
122104129104207119138129133
157118124136126
125124113120137121139140112111127
(')15017588
(2)112102104129136
(2)130106
14296
148151126111115
105140
Date
December 1952 1...
June 1952October 1952November 1952November 1952. ...September 1952October 1952August 1952September 1952October 1952
November 1952November 1952November 1952November 1952October 1952
July 1952September 1952October 1952September 1952—December 1952October 1952September 1952—October 1952October 1952October 1952November 1952
(2)October 1952August 1952November 1952
(2)November 1952October 1952October 1952September 1952...June 1952
(2)October 1952October 1952
October 1952 _November 1952....August 1952October 1952April 1952November 1952—September 1952—
October 1952October 1952
Cost of living
Jan-uary1952
111
(a)114111118128116
(2)124113
150115
3117'136113
1223112
111111124100110123108103116
172118138107113112
(2)102124140
(2)11599
3136106129134
3119108110
115123
Latestdata
112
(2)102115114191111
(2)132118
151113
3118135111
1223120
116111130100109127108105121
188133166106116111
(2)10013214227711998
3145111148136
3122107122
112123
Date
November 1952
October 1952November 1952November 1952September 1952October 1952(2)
September 1952October 1952
November 1952November 1952Fourth quarter 1952November 1952October 1952
October 1952Third quarter 1952October 1952October 1952November 1952October 1952September 1952September 1952November 1952September 1952November 1952
August 1952October 1952October 1952November 1952June 1952November 1952(2)
October 1952October 1952July 1952July 1952October 1952October 1952
Third quarter 1952October 1952August 1952August 1952Third quarter 1952November 1952September 1952
November 1952October 1952
1 Preliminary.2 Not available.1 Data are for quarter. Base period is second quarter 1950.
NOTE.—The components of the indexes are not always the same for each country.
Source: International Monetary Fund.
192
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CREDIT, MONEY SUPPLY, AND FEDERAL FINANCETABLE B-27.—Consumer credit outstanding, 1929-52
[Millions of dollars]
End of period
1929
19301931193219331934
19351936193719381939 ..
1940194119421943 .1944
19451946194719481949
1950195119523
1950' June
1951: JanuaryFebruaryMarch __ _ .AprilMayJune— -JulyAugustSeptemberOctober-NovemberDecember
1952: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecembers
Totalconsumer
creditout-
standing
6,252
5,5704,6363,4933,4393,846
4,7735,9336,5136,1287,031
8,1638,8265,6924,6004,976
5,6278.677
11, 86214, 36616, 809
20, 09720,64423, 700
17, 651
19, 93719, 53319. 37919, 12619,20719, 25619, 13219, 26219, 36219, 58519, 98920,644
20, 12619, 71719, 56519. 78820, 29320, 96121, 21321,43321, 65722, 28822, 79823, 700
Instalment credit
Totalinstal-mentcredit
3,158
2,6882,2041,5181,5881,860
2,6223,5183,9603,5954,424
5,4175,8873,0482,0012,061
2,3644,0006,4348,600
10, 890
13, 45913, 51016,400
12, 105
13, 25213, 07312. 97612, 90412, 92012,95512, 90313, 04513, 16713, 19613, 27113, 510
13, 31413, 18513, 15613,31913,80614, 40914, 74514, 93915, 19315, 57215,88316, 400
Sale credit
Total
2, 515
2,0321,595
9991,1221,317
1,8052,4362,7522,3132,792
3,4503,7441,617
882891
9421,6483,0864,5286,240
7,9047,5469,300
6,995
7,6947,5217,3687,2707,2487,2347,1737.2477,3277,3557,4007,546
7,3227,1587,0477,0997,4217,8208,0398,1498,3398,6538,9109,300
Auto-mobile
salecredit
1,318
928637322459576
9401,2891,384
9701,267
1, 7291,942
482175200
227544
1,1511,9613,144
4,1264,0395,100
3,790
4,0563,9903,9463,9343,9804,0414,0614,1384,1754,1344,1004,039
3,9623,9273,8913,9464,1714,4464,5974,6344,7084,8825,0345,100
OtherIsalecredit
1,197
1.104958677663741
8651,1471,3681,3431, 525
1,7211,8021,135
707691
7151,1041,9352,5673,096
3,7783,5074,200
3,205
3,6383,5313,4223, 3363,2683,1933,1123,1093,1523,2213,3003,507
3,3603,2313,1563,1533,2503,3743,4423,5153,6313,7713,8764,200
Loans 1
643
656609519466543
8171,0821,2081,2821,632
1,9672,1431,4311,1191,170
1,4222,3523,3484,0724,650
5,5555,9647,100
5,110
5,5585,5525,6085,6345,6725,7215,7305.7985,8405,8415,8715,964
5, 9926,0276,1096,2206,3856,5896,7066,7906,8546,9196,9737,100
Chargeaccounts
1,749
1,6111,3811,1141,0811,203
1,2921,4191,4591,4871,544
1,6501,7641,5131,4981,758
1,9813,0543,6123,8543,909
4,2394,5874,600
3,392
4,2484,0103,9383,7443,7933,8043,7433,7243,6963,8684,1904,587
4,2533,9673,8553,9133.9213,9803,8913,9023,8484,0754,2464,600
Otherconsumer
credit 2
1,345
1,2711.051
861770783
859996
1,0941,0461.063
1,0961,1751,1311,1011,157
1,2821,6231.8161,9122,010
2,3992,5472,700
2,154
2,4372,4502,4652,4782,4942,4972,4862,4932,4992,5212,5282,547
2,5592,5652,5542,5562,5662,5722,5772,5922,6162,6412,6692,700
1 Includes repair and modernization loans insured by Federal Housing Administration.2 Includes loans by pawnbrokers, service credit, and unclassified single-payment loans under $3,000 made
by commercial banks.3 Estimates based on incomplete data; 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).
'93
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-28.—Loans and investments of all commercial banks, 1929—52 1
[Billions of dollars]
End of period 2
1929— June «
1930— Junes1931 — June 8
1932— June 51933— June 51934 — June 5
19351936193719381939 - -
1940194119421943 _1944
194519461947 __.19481949
1950195119527 _ _
1950: June _ _ _ _ _
1951: JanuaryFebruaryMarchApril _ . .MayJuneJulyAugustSeptemberOctoberNovemberDficembfir
1952: JanuaryFebruaryMarch .AprilMayJuneJulyAugustSeptemberOctober __November..December 7
Totalloansand
invest-ments
49.4
48.944.936.130.432.7
36.139.638.438.740.7
43.950.767.485.1
105.5
124.0114.0116.3114.3120.2
126.7132.6142.1
121.8
125.1125.0125.7125.4125.1126.0126.1127.0128.6130.5131.9132.6
132.8132.2132.5132.3133.1134.4136. 8136.6137.1139.4141.7142.1
Loans
Total 3
35.7
34.529.221.816.315.7
15.216.417.216.417.2
18.821.719.219.121.6
26.131.138.142.543.0
52.257.764.4
44.8
52.753.554.454.454.554.854.655.256.056.857.357.7
57.557.657.858.258.559.259.760.261.262.463.564.4
Commercialand indus-trial loans 4
(<9
(6)(6)(6)(6)(6)
(6)(6)(6)
5.76.4
7.39.37.97.98.0
9.614.218.218.917.1
21.925.927.7
16.9
22.323.123.723.623.523.723.423.924.525.025.325.9
25.625.625.825.224.925.325.125.426.126.827.427.7
Investments
Total
13.7
14.415.714.314.017.0
20.923.121.222.323.4
25.129.048.266.083.9
97.982.978.271.877.2
74.474.977.7
77.0
72.471.571.371.070.671.271.571.972.673.774.674.9
75.374.774.774.174.575.277.076.375.977.078.277.7
U. S. Gov-ernment
obligations
4.9
5.06.06.27.5
10.3
13.815.314.215.116.3
17.821.841.459.877.6
90.674.869.262.667.0
62.061.563.5
65.8
60.059.158.858.558.158.558.759.159.760.961.661.5
62.061.361.160.560.761.262.962.061.662.964.063.5
Othersecurities
8.7
9.49.78.16.56.7
7.17.97.07.27.1
7.47.26.86.16.3
7.38.19.09.2
10.2
12.413.314.2
11.2
12.412.412.612.612.512.712.812.712.912.913.013.3
13.313.413.613.713.814.014.114.414.314.214,214.2
1 Excludes mutual savings banks.2 June and December figures are for call dates. Other monthly data are for the last Wednesday of the
month.3 Data are shown net. Includes commercial and industrial loans, agricultural loans, loans on securities,
real estate loans, loans to banks, and "other loans," some of which represent consumer credit.< Beginning with 1948, data are shown gross; i. e., before deduction of valuation reserves, instead of net
as for previous years. Prior to June 1947 and for months other than June and December, data are estimatedon the basis of reported data for all insured commercial banks and for weekly reporting member banks.
fi June data are used because complete end-of-year data are not available prior to 1935 for U. S. Govern-ment obligations and other securities.
e Not available.* Estimates based on incomplete data; by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Eeserve System (except as noted).
194
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TABLE B-29.—Deposits and currency, 1929-52
[Millions of dollars]
End of period *
1929 _ .
1930 . _ _1931193219331934
19351936193719381939
1940...1941194219431944
19451946 .19471948 .1949 _
1950 _.195119528
1950: June
1951: JanuaryFebruary _March__AprilMay _ - _June_-July.AugustSeptember. _ _OctoberNovember. _ _December
1952: January... _ _February .MarchAprilMayJuneJulyAugustSeptember.. _OctoberNovemberDecember8 _.
Totaldeposits
andcurrency
54, 742
53, 57248, 37945, 37042, 55148, 106
52, 72657, 59556, 78159, 87864, 733
71, 12979, 098
100, 500123,391151, 428
176, 378167, 500172, 330172, 693173, 851
180, 574189, 846200, 400
174, 715
178, 800178, 900179, 900179, 800179, 100181,333180, 800181, 600183, 800185, 800187, 100189, 846
188, 200188, 000188, 700188, 700189, 300191, 358193, 400193, 100194, 100196, 100198, 900200,400
U.S.Govern-
mentdeposits 2
187
324518516
1,0191,836
1,4531,235
9661,8121,480
1,1212,7629,201
11, 00321, 203
25, 5853,4962,3223,5744,070
3,6573,8625,600
4,751
3,6004,7007,4006,5005,4006,6495,0004,6005,9004,2004,4003,862
3,0004,6005,8004,9004,9006,4547,6006,9006,7005,9007,3005,600
Total excluding U. S. Government deposits(privately held money supply) 3
Total
54, 555
53, 24847, 86144, 85441, 53246, 270
51, 27356,36055, 81558, 06663, 253
70, 00876, 33691, 299
112, 388130, 225
150, 793164, 004170, 008169, 119169, 781
176, 917185, 984194, 800
169, 964
175, 200174, 200172, 500173,300173, 700174, 684175, 800177, 000177, 900181, 600182, 700185. 984
185, 200183, 400182, 900183, 800184, 400184, 904185, 800186, 200187, 400190, 200191, 600194, 800
Currencyoutsidebanks
3,557
3,6054,4704,6694,7824,655
4,9175,5165,6385,7756,401
7,3259,615
13, 94618, 83723, 505
26, 49026, 73026, 47626, 07925, 415
25, 39826,30327,900
25, 185
24, 60024, 60024, 40024, 60024, 90025, 77625, 10025, 30025, 40025, 70025, 80026, 303
25, 60025, 60025, 70025, 90026, 00026, 47426, 20026,30026, 60026, 70027, 40027,900
Demanddeposits
adjusted 4
22, 809
20, 96717, 41215, 72815,03518, 459
22, 11525, 48323, 95925, 98629, 793
34, 94538, 99248, 92260, 80366, 930
75, 85183,31487, 12185, 52085, 750
92, 27298, 234
101, 300
85, 040
91, 60090, 60089, 00089, 50089, 50088, 96090, 70091, 40092, 00095, 00096, 30098, 234
97, 90095, 70094, 80095, 10095, 30094, 75495, 70095, 80096, 40098, 60099, 400
101, 300
Timedeposits
adjusted *
28, 189
28, 67625, 97924, 45721, 71523, 156
24, 24125, 36126, 21826, 30527, 059
27, 73827, 72928, 43132, 74839, 790
48, 45253, 96056, 41157, 52058, 616
59, 24761, 44765, 600
59, 739
59, 00059, 00059, 10059, 20059, 30059, 94860, 10060, 40060, 50060, 90060, 60061, 447
61, 70062, 00062, 50062, 80063, 00063, 67663, 80064, 10064, 50064, 90064, 80065,600
1 June and December figures are for call dates. Other monthly data are for the last Wednesday of themonth.
2 Includes U. S. Government deposits at Federal Reserve banks and commercial and savings banks, and,beginning with 1938, includes U. S. Treasurer's time deposits, open account.
3 Includes deposits and currency held by State and local governments.4 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of
collection.«Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes
interbank deposits.6 Estimates based on incomplete data; 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).
195
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TABLE B-30.—Estimated ownership of Federal obligations, 1939-52
[Billions of dollars—par values i]
End of period
1939
19401941194219431944
19451946194719481949
195019511952 7
1951: March.Tun ftSeptemberDecember
1952: JanuaryFebruaryMarchAprilMay . ._JuneJulyAugustSeptemberOctoberNovember7
December7
Gross public debt and guaranteed issues 2
Total
47.6
50.964.3
112.5170.1232.1
278.7259.5257.0252.9257.2
256.7259.5267.4
255.0255.3257.4259.5
259.8260.4258.1258.3260.0259.2263.1263.2262.7265.0267.5267.4
Held byrti.s.
Govern-ment
invest-ment
accounts
6.5
7.69.5
12.216.921.7
27.030.934.437.339.4
39.242.345.9
39.841.042.042.3
42.742.943.043.243.744.344.645.045.145.145.645.9
Held by others
Totalheld byothers
41.1
43.354.7
100.2153.2210.5
251.6228.6222.6215.5217.8
217.5217.2221.5
215.2214.3215.4217.2
217.1217.5215.1215.1216.2214.8218.5218.2217.7219.9221.9221.5
Stateand localgovern-ments 3
0.4
.5
.71.02.14.3
6.56.37.37.98.1
8.89.6
11.0
9.19.49.59.6
9.910.010.110.210.210.410.710.810.910.910.911.0
Com-mercialbanks *
15.9
17.321.441.159.977.7
90.874.568.762.566.8
61.861.663.3
57.858.459.561.6
62.161.260.160.561.061.162.761.861.563.064.063.3
FederalReservebanks
2.5
2.22.36.2
11.518.8
24.323.322.623.318.9
20.823.824.7
22.923.023.723.8
22.722.522.522.422.322.922.923.123.723.523.824.7
Nonbankprivatecorpora-tions andassocia-tions 5
12.2
12.816.828.242.056.4
65.760.158.456.457.9
60.958.658.7
60.359.258.958.6
58.659.557.857.958.857.058.258.557.858.659.458.7
Indi-viduals 6
10.1
10.613.623.737.653.3
64.364.265.765.566.1
65.263.663,8
65.264.463.863.6
63.764.364.564.163.963.564.063.963.863.963.863.8
* United States savings bonds, series A-D, E, F, and J, are included at current redemption values.2 Excludes guaranteed securities held by the Treasury.3 Includes trust, sinking, and investment funds of State and local governments and their agencies, and
Territories and possessions.4 Includes commercial banks, trust companies, and stock savings banks in the United States and in
Territories and possessions; figures exclude securities held in trust departments.8 Includes insurance companies, mutual savings banks, savings and loan associations, nonprofit institu-
tions, corporate pension trust funds, dealers and brokers, and investments of foreign balances and inter-national accounts in this country. Beginning with December 1946, the foreign accounts include investmentsby the International Bank for Reconstruction and Development and the International Monetary Fund inspecial noninterest-bearing notes issued by the U. S. Government. Beginning with June 30,1947, includesholdings of Federal land banks.
9 Includes partnerships and personal trust accounts.7 Estimates based on incomplete data; by Council of Economic Advisers,
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Treasury Department (except as noted).
196
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TABLE B-31.—U. S. Government debt—volume and kind of obligations, 1929-52
[Billions of dollars]
End of period
1929
193019311932 _.. . _19331934
19351936193719381939
19401941 . _1942. _19431944 _
19451946 ...1947. . _ ..19481949 ... _ _ _
195019511952
1951: January _ _ --FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1952: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember - - -December
Grosspublic
debt andguar-
anteedissues *
16.3
16.017.820.824.031.5
35.139.141.944.447.6
50.964.3
112.5170.1232.1
278.7259.5257.0252.9257.2
256.7259.5267.4
256.1256.0255.0254.7255.1255.3255.7256.7257.4258.3259.6259.5
259.8260.4258.1258.3260.0259.2263.1263.2262.7265.0267.5267.4
Interest-bearing public debt
Marketable publicissues
Short-term
issues 2
3.3
2.92.86.97.5
11.1
14.212.512.59.87.7
7.58.0
27.047.169.9
78.257.147.745.950.2
58.365.668.7
57.457.457.457.457.468.960.360.861.963.564.565.6
65.665.664.464.865.664.664.464.264.066.968.968.7
Treasurybonds
11.3
11.313.613.414.715.4
14.319.520.524.026.9
28.033.449.367.991.6
120.4119.3117.9111.4104.8
94.076.979.8
94.094.094.080.580.678.878.878.878.178.178.176.9
76.976.976.876.876.875.779.979.879.879.879.879.8
Nonmarketable public issues
UnitedStates
savingsbonds
0.2.5
1.01.42.2
3.26.1
15.027.440.4
48.249.852.155.156.7
58.057.657.9
68.057.857.857.767.667.657.667.567.567.557.657.6
57.757.767.757.657.657.757.757.867.857.857.957.9
Treasurytax andsavingsnotes
2.56.48.69.8
8.25.75.44.67.6
8.67.55.8
8.78.78.38.18.27.87.98.07.87.77.77.5
7.58.06.97.17.56.66.46.36.06.06.15.8
Invest-ment
bonds »
1.61.01.0
1.013.013.4
1.01.01.0
14.514.514.513.513.513.513.013.013.0
13.013.013.012.512.514.014.114.114.113.413.413.4
Specialissues *
0.6
.8
.4
.4
.4
.6
.7
.62.23.24.2
5.47.09.0
12.716.3
20.024.629.031.733.9
33.735.939.2
34.033.933.533.634.034.734.735.135.635.635.935.9
36.236.436.536.737.237.737.938.338.438.438.839.2
1 Total includes non-interest-bearing debt, fully guaranteed securities (except those held by the Treasury),Postal Savings bonds, prewar bonds, adjusted service bonds, depositary bonds, and Armed Forces Leavebonds, not shown separately.
2 Includes bills, certificates of indebtedness, and notes.*Includes Series A bonds and, beginning in April 1951, Series B convertible bonds.* Issued to U. S. Government investment accounts. These accounts also held 6.8 billion dollars of public
marketable and nonmarketable issues on December 31,1952.
Source: Treasury Department.
197
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TABLE B-32.—Bond yields and interest rates, 1929-52
[Percent per annum]
Period
1929
19301931 -193219331934
1935, _ _1936193719381939
1940194119421943 .1944
19451946194719481949 _ . _ _
1950 .- -19511952 _
1950: First halfSecond half
1951: First halfSecond half
1952: First halfSecond half
1950: First quarterSecond quarter. _Third quarterFourth quarter. _
1951: First quarterSecond quarter _ _Third quarterFourth quarter ._
1952: First quarterSecond quarter _ _Third quarterFourth quarter. _
U. S. Governmentsecurity yields
3-monthTreasury
bills i
(<)
(*)1.402.879.515.256
.137
.143
.447
.053
.023
.014
.103
.326
.373
.375
.375
.375
.5941.0401.102
1.2181.5521.766
1.1421.293
1.4661.638
1.6591.876
1.1181.1661. 2331.353
1.4001.5321.6281.649
1.6401.6781.8291.924
9-12monthissues 2
(•)
(5)(')(»)(5)(5)
(5)
880)(5)(5)
.75
.79
.81
.82
.881.141.14
1.261.731.81
1.171.36
1.731.72
1.691.92
1.141.191.271.44
1.621.84.72.73
.71
.67
.931.92
Taxablebonds 3
CO
(6)(8)(6)
(•)(«)
(6)(<0(6)(6)(6)
(6)(6)2.462.472.48
2.372.192.252.442.31
2.322.572.68
2.282.36
2.522.62
2.662.70
2.242.312.342.38
2.422.612.592.66
2.722.612.672.73
CorporateAaa
bonds(Moody's)
4.73
4.554.585.014.494.00
3.603.243.263.193.01
2.842.772.832.732.72
2.622.532.612.822.66
2.622.862.96
2.602.65
2.802.92
2.952.97
2.582.612.632.67
2.702.902.892.95
2.962.932.952.99
Average ofrates
charged bybanks on
short-termloans— se-lected cities
(7)
88(7)(7)f7)(7)(7)
2.1
2.12.02.22.62.4
2.22.12.12.52.7
2.73.1
2.642.74
3.043.16
3.48
2.602.682.632.84
3.023.073.063.27
3.453.513.49
Primecom-
mercialpaper
4-6months
5.85
3.592.642.731.731.02
.76
.75
.94
.81
.59
.56
.54
.66
.69
.73
.75
.811.031.441.48
1.452.172.33
1.311.59
2.082.26
2.352.31
1.311.311.471.71
1.962.202.252.26
2.382.322.312.31
Bankersaccep-tances,90 days
5.03
2.481.571.28.63.25
.13
.16
.43
.44
.44
.44
.44
.44
.44
.44
.44
.61
.871.111.12
1.151.601.75
1.061.24
1.571.64
1.751.75
1.061.061.181.31
1.511.631.631.65
1.751.751.751.75
FederalReserve
Bankdiscount
rate
5.16
3.042.112.822.561.54
1.501.501.331.001.00
1.001.00
U.OO81.0081.00
81.0081.00
1.001.341.50
1.591.751.75
1.501.68
1.751.75
1.751.75
1.501.501.611.75
1.751.751.751.75
1.751.751.751.75
1 Rate on new issues within period. Issues were tax-exempt prior to March 1, 1941, and fully taxablethereafter. Series includes issues with maturities of more than 3 months in period 1934-37.
2 Includes certificates of indebtedness and selected note and bond issues.315 years and over prior to April 1952; 12 years and over beginning in April 1952.4 Treasury bills were first issued in December 1929 and were issued irregularly in 1930.8 Not available before August 1942.6 Bonds in this classification were first issued in March 1941.7 Not available on same basis as for 1939 on.8 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances
secured by Government securities maturing or callable in 1 year or less.
NOTE.—Yields and rates computed for New York City, except for average of rates charged on short-termloans.
Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the FederalReserve System.
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TABLE B-33.—Government cash receipts from and payments to the public, calendar years, 1943—52
[Billions of dollars]
Calendar year
19431944 .
1945 .1946 _194719481949 . _ _ . .
19501951 . _ _1952 4
Total
Cashreceipts
47.457.9
59.853.057.560.057.9
60.878.992.3
Cashpay-
ments
96.1102.0
93.951.051.052.360.2
61.478.795.4
Excess ofreceipts(+)orpay-
ments (—)
-48.7-44.0
-34.1+2.0+6.6+7.8-2.3
-.6+.2
-3.1
Federal
Cashreceipts
37.948.1
49.441.444.344.941.3
42.459.371.4
Cashpay-
ments
89.094.8
86.141.438.636.942.6
42.058.073.0
Excess ofreceipts(+)orpay-
ments (—)
-51.1-46.7
-36.7(3)+5.7+8.0-1.3
+.4+1.2-1.6
State and local J
Cash re-ceipts 2
9.69.8
10.311.613.215.116.6
18.419.720.9
Cashpay-
ments 2
7.17.2
7.89.6
12.415.417.6
19.420.722.4
Excess ofreceipts(+)orpay-
ments (—)
+2.5+2.6
+2.6+2.0+.9-.3
-1.0
-1.0-1.0-1.5
Based on the national income and product statistics of the Department of Commerce, adjusted to a cash2 Federal grants-in-aid have been deducted from State and local government receipts and payments
since they are included in Federal payments.3 Less than 50 million dollars.< Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department, Department of Commerce, and Council of Eonomic Advisers.
199
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CORPORATE PROFITS AND FINANCE
TABLE B-34.—Profits before and after tax, all private corporations, 1929-52
[Billions of dollars]
Period
1929
1930 -19311932 _19331934
19351936 ._193719381939 _
1940 - -19411942 -1943 . _ _1944 _ .
19451946194719481949
1950 _1951 _1952 »
1950* First halfSecond half
1951: First halfSecond half
1952- First halfSecond half3 __
1950* First quarterSecond quarter _ __Third quarterFourth quarter
1951' First quarterSecond quarter . .Third quarterFourth quarter
1952* First quarterSecond quarter .Third quarter*Fourth quarter *
Corporateprofitsbefore
tax
9.8
3.3-.8
-3.0.2
1.7
3.25.76.23.36.5
9.317.221.125.124.3
19.723.530.533.827.1
39.642.940.8
Corporatetax
liability '
1.4
.8
.5
.4
.5
.7
.0
.4
.5
.0
.5
2.97.8
11.714.413.5
11.29.6
11.913.010.8
18.424.223.6
Corporate profits after tax
Total
8.4
2.5-1.3-3.4-.41.0
2.34.34.72.35.0
6.49.49.4
10.610.8
8.513.918.520.716.3
21.218.717.2
Dividendpayments
5.8
5.54.12.62.12.6
2.94.64.73.23.8
4.04.54.34.54.7
4.75.86.67.27.5
9.09.09.3
Undis-tributedprofits
2.6
-3.0-5.4-6.0-2.4-1.6
-.6-.3
(2)-.91.2
2.44.95.16.26.1
3.88.1
12.013.58.8
12.39.67.9
Seasonally adjusted annual rates
32.846.4
46.739.0
41.140.5
30.235.544.348.4
50.143.338.639.5
42.739.539.042.0
15.221.6
26.422.0
23.823.5
14.016.520.622.5
28.424.521.822.2
24.722.922.624.4
17.624.8
20.217.1
17.417.0
16.219.023.726.0
21.718.816.917.3
18.116.616.417.6
8.010.0
8.89.2
9.29.3
7.88.19.3
10.7
8.69.09.29.3
8.99.69.39.3
9.614.8
11.47.8
8.27.7
8.410.914.415.3
13.19.87.78.0
9.27.07.18.3
i Federal and State corporate income and excess profits taxes.»Minus 8 million dollars.• Estimates based on incomplete data; third and fourth'quarters by Council of Economic Advisers.
NOTE.—No allowance has been made for inventory valuation adjustment. See appendix table B-6 forprofits before tax and inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
2OO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—35.—Sales and profits of large manufacturing corporations, 1939—52
[Millions of dollars]
Period
1939
1940194119421943 .1944
19451946194719481949...
1960 - -1951
1951 First half 2_Second half 2
1952: First half
1951: First quarter 2
Second quarter 2
Third quarter2
Fourth quarter 2 _.
1952: First quarter. .Second quarterThird quarter 3
Durable goods industries(106 corporations) 1
Sales
6,743
8,74612, 80215, 37120, 64122,090
18, 16212, 37619, 48423, 56623, 885
29, 34133, 696
Profits
Before taxes
733
1,2272,1762,3302,3912,192
1,290608
2,3113,1053,191
5,1925,374
After taxes
597
830982783755726
574295
1,3541,8351,887
2,5422,000
Nondurable goods industries(94 corporations) 1
Sales
3,878
4,2955,5406,4707,6718,331
8,4388,997
11,38513, 44112, 853
14, 77717, 371
Profits
Before taxes
478
622989
1,0791,3021,346
1,1391,4301,7932,2121,847
2,7023,184
After taxes
402
446541441509532
558911
1,1701,4771,213
1,5131,411
Totals for period not adjusted for seasonal variation
17, 12116, 575
16, 815
8,3628,7598,0038,572
8,4258,3907,866
2,7872,587
2,253
1,3821,4051,1911,396
1,2341,019
865
1,007993
839
510497428565
501338375
8,6378,735
8,551
4,3494,2884,2944,441
4,3354,2164,361
1,6691,514
1,304
855814773741
705599642
710702
601
368342334368
314287308
1 See Federal Reserve Bulletin, June 1949, and subsequent issues, for similar data for the following industrygroups: primary metals and products, machinery, automobiles and equipment, foods and kindred products,chemicals and allied products, and petroleum refining.
2 Certain Federal income tax accruals for the first 6 months of 1951, required by subsequent increasesin Federal income tax rates and charged by many companies against third quarter profits, have been re-distributed to the first and second quarters.
3 Preliminary estimates.NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Compiled by the Board of Governors of the Federal Reserve System and based on publishedreports of various industrial corporations.
201
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TABLE B—36.—Relation of profits before and after taxes to stockholders' equity, private manufac-turing corporations., by industry group, 1947—50 average and 1951—52
Industry group
All private manufacturingcorporations
FoodTobacco manufacturesTextile-mill productsApparel and finished textiles.1,/nmber and wood productsFurniture and fixturesPaper and allied products _ _ _Printing and publishing (except
newspapers)Chemicals and allied productsPetrol p.n m refiningProducts of petroleum and coal (ex-
op,pt petrolp.um refining)Rubber productsLeather and leather productsStone, clay, and glass products „_Primary nonferrous metal industries-Primary iron and steel industriesFabricated metal productsMachinery (except electrical)Electrical machinery. _ .Transportation equipment (except
motor vehicles)Motor vehicles and partsInstruments; photographic and op-
tical goods; watches and clocksMiscellaneous manufacturing (in-
cluding ordnance) _ _
All private manufacturingcorporations
FoodTobacco manufacturesTextile-mill productsApparel and finished textilesLumber and wood productsFurniture and fixturesPaper and allied productsPrinting and publishing (except
newspapers)Chemicals and allied productsPetroleum refiningProducts of petroleum and coal (ex-
cept petroleum refining)Rubber productsLeather and leather products _ _Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries. __Fabricated metal productsMachinery (except electrical).Electrical machineryTransportation equipment (except
motor vehicles)Motor vehicles and partsInstruments; photographic and op-
tical goods; watches and clocksMiscellaneous manufacturing (in-
cluding ordnance) .
Ratio of profits (annual rate) to stockholders' equity
average
1951
Year Firstquarter
Secondquarter
Thirdquarter
1952
Firstquarter
Secondquarter
Thirdquarter
Before Federal taxes
24.623.220.324.620.727.424.727.0
22.826.6
120.3
(2)23.018.126.120.522.726.024.731.6
12.540.7
24.8
20.1
27.317.421.420.19.0
23.225.134.5
21.130.422.2
26.836.910.733.528.233.530.932.037.9
22.239.6
31.3
22.7
32.019.720.333.916.631.234.642.8
19.838.423.3
25.443.217.138.132.435.838.035.147.7
18.845.6
33.5
30.9
29.717.320.426.58.3
29.029.041.7
24.330.523.1
33.041.213.540.933.236.833.835.134.8
24.143.7
33.5
23.3
24.918.122.412.07.6
20.220.731.5
21.628.722.9
27.230.813.634.724 .431.027.428.230.2
18.734.1
30.0
16.5
23.614.017.710.97.3
14.019.628.7
21.727.220.6
15.928.98.5
21.927.726.223.231.736.8
28.137.3
28.2
15.5
22.016.619.19.39.3
16.820.122.8
21.024.216.1
22.729.712.127.522.07.5
22.332.733.4
32.846.5
29.1
14.9'36
20.720.321.910.611.517.818.622.8
19.724.217.1
25.027.417.129.817.512.122.024.231.0
29.726.2
29.4
17.5
After Federal taxes
14.813.612.114.512.017.114.316.2
13.415.9
U5.1
(2)12.810.415.212.512.915.314.517.8
6.621.7
14.6
11.4
11.88.09.47.92.8
11.811.113.5
9.912.014.7
12.214.42.0
13.813.412.113.212.713.7
9.514.2
12.9
9.9
14.39.19.5
14.16.0
15.417.317.8
9.415.914.6
12.218.64.2
16.516.014.017.615.417.9
8.716.9
15.0
14.4
13.38.4
10.010.52.3
14.212.416.7
12.812.815.2
14.915.52.6
17.215.014.314.415.113.5
11.017.1
14.5
9.7
10.08.28.83.51.8
10.39.1
12.1
9.99.4
14.7
11.511.94.3
13.310.79.1
11.110.68.9
7.810.7
10.7
7.0
10.15.97.34.01.88.07.4
11.4
10.911.113.6
6.09.62.68.4
13.09.79.9
12.213.4
10.912.9
10.6
6.5
10.0
7.77.73.23.48.9
9.09.5
10.210.613.0
8.910.85.6
12.611.3
5.510.412.511.4
12.5
15.4
11.1
6.1
9.99.49.04.75.09.88.4
10.1
9.410.512.3
13.511.28.1
13.69.36.3
10.510.212.0
11.911.4
11.2
7.3
1 Petroleum refining and products of petroleum and coal combined.2 Not available separately for this period.NOTE.—These series are based on a new sample, beginning with the third quarter of 1951. To provide
continuity, the first and second quarters of 1951 have been adjusted to the new basis. However, the 1947-50averages have not been adjusted and therefore are not strictly comparable with the 1951 and 1952 data. Forexplanatory notes concerning compilation of the series, see Quarterly Financial Reports for United StatesManufacturing Corporations by Federal Trade Commission and Securities and Exchange Commission.
Sources: Federal Trade Commission and Securities and Exchange Commission.
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TABLE B-37.—Relation of profits before and after taxes to sales•, private manufacturing corporations,by industry group, 1947-50 average and 1951-52
Industry group
All private manufacturing cor-porations --
FoodTobacco manufactures - -Textile-mill productsApparel and finished textilesLumber and wood products _ .Furniture and fixturesPaper and allied productsPrinting and publishing (except news-
papers)Chemicals and allied productsPetroleum and refiningProducts of petroleum and coal (except
petroleum refining) _ _Rubber productsLeather and leather productsStone, clay, and glass products _ _.Primary nonferrous metal industries...Primary iron and steel industriesFabricated metal productsMachinery (except electrical)Electrical machinery _ _ _ _ _ _ _ _Transportation equipment (except
Motor vehicles and partsInstruments; photographic and optical
goods; watches and clocksMiscellaneous manufacturing (includ-
ing ordnance)
All private manufacturing cor-porations
FoodTobacco manufactures -_ _.Textile-mill products . __ _Apparel and finished textilesLumber and wood products _ _ _ _Furniture and fixturesPaper and allied products _ _Printing and publishing (except news-
papers)Chemicals and allied productsPetroleum and refining- _ _ _ _Products of petroleum and coal (except
petroleum refining) _Rubber productsLeather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries. .Primary iron and steel industriesFabricated metal productsMachinery (except electrical)Electrical machineryTransportation equipment (except
motor vehicles) _Motor vehicles and partsInstruments; photographic and optical
goods; watches and clocks _ _ -_Miscellaneous manufacturing (includ-
ing ordnance)
Profits in cents per dollar of sales
947-50verage
1951
Year Firstquarter
Secondquarter
Thirdquarter
1952
Firstquarter
Secondquarter
Thirdquarter
Before Federal taxes
11.16.18.1
11.35.4
14.88.6
14.4
8.515.2
'14.8
8.65.9
15.214.512.711.312.111.3
6.413.9
13.4
9.3
11.24.38.78.62.1
10.87.7
16.8
7.816.516.8
10.911.63.2
17.416.416.011.713.813.9
7.513.2
14.7
8.4
12.44.88.9
12.33.5
13.89.3
18.8
7.319.016.6
11.113.04.6
18.717.016.613.514.815.2
7.613.7
15.8
10.6
11.74.48.2
10.52.0
12.68.3
18.6
8.615.917.2
12.612.24.0
19.218.016.712.214.212.3
7.913.5
15.3
8.6
10.54.48.85.61.89.77.1
15.9
8.016.017.1
10.79.84.0
17.715.115.410.812.811.8
12.2
14.5
7.0
9.93.67.24.91.77.36.3
15.1
8.015.115.1
7.39.72.7
13.215.513.29.5
13.312.6
13.0
12.7
6.2
9.24.17.54.32.28.16.0
12.9
7.913.712.7
9.29.63.8
15.713.34.89.1
13.211.5
14.8
12.7
6.2
8.95.08.24.82.68.46.0
12.9
7.414.213.4
10.09.15.3
16.210.87.68.5
10.810.6
10.4
12.6
6.8
After Federal taxes
6.73.64.86.63.19.25.08.6
5.09.1
Ul.O
4.83.48.98.87.26.67.16.3
3.47.4
7.9
5.3
4.82.03.83.4.6
5.53.46.6
3.76.5
11.1
5.04.5.6
7.17.85.85.05.55.0
3.24.7
6.1
3.7
5.62.24.25.11.36.84.77.8
3.57.9
10.4
5.35.61.18.18.46.56.26.55.7
3.55.1
7.1
4.9
5.22.14.04.2.5
6.13.67.5
4.56.6
11.3
5.74.6.8
8.18.16.55.26.14.8
3.65.3
6.6
3.6
4.22.03.51.6.4
4.93.16.1
3.75.2
11.0
4.53.81.36.86.64.54.44.83.5
2.83.8
5.1
3.0
4.21.53.01.8.4
4.22.36.0
4.06.2
10.0
2.83.2.8
5.07.34.94.15.14.6
2.94.5
4.8
2.6
4.21.93.01.5.8
4.32.75.4
3.86.0
10.2
3.63.51.87.26.83.54.35.13.9
2.84.9
4.8
2.6
4.32.33.42.11.14.62.75.7
3.56.19.6
5.43.72.57.45.73.94.14.64.1
2.84.6
4.8
2.9
1 Petroleum refining and products of petroleum and coal combined.2 Not available separately for this period.NOTE.—These series are based on a new sample, beginning with the third quarter of 1951. To provide
continuity, the first and second quarters of 1951 have been adjusted to the new basis. However, the 1947-50averages have not been adjusted and therefore are not strictly comparable with the 1951 and 1952 data.For explanatory notes concerning compilation of the series, see&uarterly Financial Reports for United StatesManufacturing Corporations by Federal Trade Commission and Securities and Exchange Commission.
Sources: Federal Trade Commission and Securities and Exchange Commission.
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TABLE B-38.—Relation of profits before and after taxes to stockholders* equity and to sales, allprivate manufacturing corporations, by asset size class, 1947-50 average and 1951-52
Asset size class(thousands of dollars)
All asset sizes _ _ _
Under 250250 to 999 ---1 000 to 4 9995*000 to 99 999 -100,000 and over
All asset sizes
Under 250250 to 9991000 to 4 9995 000 to 99,999100 000 and over
All asset sizes
Under 250250 to 9991000 to 4 9995 000 to 99 999100 000 and over -
All asset sizes
Under 250250 to 999 -1 000 to 4 9995 000 to 99 999100,000 and over
1947-50aver-age
1951
Year Firstquarter
Secondquarter
Thirdquarter
1952
Firstquarter
Secondquarter
Thirdquarter
Ratio of profits before Federal taxes (annual rate) to stockholders'equity
24.6
16.722.724.225.224.9
27.3
17.322.025.428.428.8
32.0
23.827.333.134.432.2
29.7
22.526.330.331.829.9
24.9
15.119.921.325.126.9
23.6
15.717.320.723.325.7
22.0
20.319.720.222.222.6
20.7
22.118.819.120.821.2
Profits before Federal taxes in cents per dollar of sales
11.1
4.47.49.0
11.313.2
11.2
3.66.18.1
11.714.7
12.4
4.87.39.9
13.415.5
11.7
4.77.19.1
12.514.8
10.5
3.35.87.18.8
14.0
9.9
3.45.26.99.8
13.1
9.2
4.45.86.79.4
11.6
8.9
4.65.66.58.9
11.1
Ratio of profits after Federal taxes (annual rate) to stockholders'equity
14.8
9.813.114.114.915.3
11.8
8.69.2
10.611.813.0
14.3
13.713.115.615.014.4
13.3
13.211.713.213.713.8
10.0
7.47.98.09.7
11.1
10.1
8.96.97.99.3
11.5
10.0
12.38.68.09.2
11.0
9.9
13.08.48.29.1
10.8
Profits after Federal taxes in cents per dollar of sales
6.7
2.64.35.26.78.1
4.8
1.82.53.44.96.6
5.6
2.83.54.75.86.9
5.2
2.83.24.05.46.8
4.2
1.62.32.74.15.8
4.2
1.92.02.63.95.8
4.2
2.72.52.63.95.6
4.3
2.72.52.83.95.7
NOTE.—These series are based on a new sample, beginning with the third quarter of 1951. To providecontinuity, the first and second quarters of 1951 have been adjusted to the new basis. However, the 1947-50averages have not been adjusted and therefore are not strictly comparable with the 1951 and 1952 data.For explanatory notes concerning compilation of the series, see Quarterly Financial Reports for United StatesManufacturing Corporations by Federal Trade Commission and Securities and Exchange Commission.
Sources: Federal Trade Commission and Securities and Exchange Commission.
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TABLE B*-39.—Sources and uses of corporate funds, 1946—52 1
[Billions of dollars]
Source or use of funds
Uses:Plant and equipment outlaysInventories (change in book value)Change hi customer net receivables 4
Cash and U. 8. Government securities. ._Other current assets
Total uses
Sources:Internal:
Ketained profits and depletion allow-ances.— _ _ . . _ _
Depreciation allowances
Total internal sources. _ .
External:Change in Federal income-tax liability--Other current liabilitiesChange hi bank loans and mortgage
loansNet new issues
Total external sources
Total sources
Discrepancy (uses less sources) _ . . _ . . .
1946
12.711.2
.8-4.7
—.7
19.3
7.64.3
11.9
-1.62.1
4.32.3
7.1
19.0
.3
1947
17.17.13.01.2
—.1
28.3
11.65.2
16.8
2.31.0
3.24.4
10.9
27.7
.6
1948
19.14.22.91.0
(5)
27 2
12.86.2
19.0
.8
.3
1.75.9
8.7
27 7
—.5
1949
16.4-3.6
2.13.4
—.2
18 1
8.07,2
15.2
-2.3.3
-1.24.9
1.7
16.9
1.2
1950
16.98.04.04.7.3
33 9
11.67.8
19.4
7.41 5
3.33.7
15.9
35 3
-1.4
1951
22 210.2
.22.9.4
35 9
9.08.8
17.8
5.6.8
5.06.4
17.8
35 6
.3
19522
23.0(3)
2.51.5
(3)
27.0
7.510.0
17.5
-.52.0
1.57.0
9.5
27.0
.0
1 Excludes banks and insurance companies.3 Estimates based on incomplete data, and rounded to the nearest half-billion dollars.3 Less than 500 million dollars.4 Keceivables are net of payables which are therefore not shown separately.« Less than 50 million dollars.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce based on Securities and Exchange Commission and other financialdata.
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INTERNATIONAL TRANSACTIONSTABLE B-40.—International transactions of the United States, 1949-52
[Millions of dollars]
Type of transaction
Exports of goods and services:Recorded goods _ _Other goods 2
Total goodsServicesIncome on investments _ _
Total exports __
Imports of goods and services:Recorded goodsOther goods 2
Total goodsServices..Income on investfnfvnts
Total imports
Surplus of exports of goods andservices:
Recorded goodsOther goods 2
Total goodsServicesIncome on investments ._
Total surplus of exports
Means of financing surplus of exportsof goods and services:
Liquidation of gold and dollarassets by foreign countries andby international institutions. __
U. S. Government sources (net):3
Grants and other unilateraltransfers
Long- and short-term loans..U. S. private sources (net):
Remittances _ _ _ _ _ _Long- and short-term cap-
ital
Total means of financing. _
Errors and omissions
1949
12, 051286
12 3372,2321,405
15, 974
6 622444
7,0662,184
353
9 603
5,429—158
5,27148
1,052
6,371
57
5,321647
522
609
7,156
—785
1950
10, 272386
10 6582,0241,743
14, 425
8 845470
9,3152,376
437
12 128
1,427—84
1,343—3521,306
2,297
—3, 629
4,120164
481
1,317
2,453
—156
1951
15, 030455
15 4852,7411,992
20, 218
10 964704
11 6682,988
398
15 054
4,066—249
3,817—2471,594
5,164
-442
4,501163
412
1,066
5,700
—536
Total *
14, 940522
15 4622 9861,942
20, 390
10 539757
11 2963,739
397
15 432
4,401—235
4,166—7531.545
4,958
—845
4,360627
376
859
5,377
—419
Firstquar-
ter
4,017150
4 167721
% 422
5,310
2 779183
2,96280489
3 855
1,238—33
1,205—83ooo
1,455
382
820140
96
235
1,673
—218
1952
secondquar-
ter
3,965123
4 088775454
5,317
2 628216
2,844914109
3 867
1,337—93
1,244—139
345
1,450
-404
1,234210
94
519
1,653
—203
Thirdquar-
ter
3,30899
3 407740466
4,613
2 532158
2,6901,071
99
3 860
776—59
717—331
367
753
-723
1,176197
86
15
751
2
Fourthquar-ter i
3,650150
3 800750600
5,150
2 600200
2 800950100
3 850
1,050—50
1,000—200
500
1,300
-100
1,13080
100
90
1,300
1 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.2 Includes goods sold to or bought from other countries that have not been shipped from or into the United
States customs area, and other adjustments.s For detail, see appendix table B-42.
Source: Department of Commerce (except as noted).
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TABLE B-41.—United States exports and imports of goods and services^ by area, 1949-52
[Billions o Jdollars, annual rates]
Area
Exports of goods and services: 2
O EEC countries 3OEEC dependencies 3
Other Europe5
CanadaLatin- American republicsOther 6. _
Total exports
Imports of goods and services: J
OEEC countries 3OEEC dependencies 3
Other Europe 5 _ _CanadaLatin-American republics _Other •
Total imports
Surplus of exports of goods and serv-ices: 2
OEEC countries 3 _OEEC dependencies 3
Other Europe 8 _ _ _ _ _Canada _Latin- American republicsOther 0
Total surplus of exports
ADDENDUM
Exports of goods and services to ster-ling area 7 _ _
Imports of goods and services fromsterling area.
Surplus of exports to sterlingarea 7.
1949
5.39.90.21
2.593.663.21
15.97
2.22.71.18
2.012.941.54
9.60
3.17.19.03.59.72
1 67
6.37
2.52
1.73
.79
1950
4.43.58.18
2.733.922.59
14.43
2.69.89.23
2.443.562.32
12.13
1.73-.31—.04
.29
.36
.27
2.30
1.95
2.27
—.32
1951
6.52.68.33
3.485.154.06
20.22
3.511.16.24
2.784.123.25
15.05
3.01-.48
.09
.701.03.81
5.16
3.17
2.91
.26
Total i
(4)(4)(«)(4)(4)(4)
20.39
(4)(4)(4)(4)(3)(4)
15.43
(4)(4)(4)(4)
(4)(4)
4.96
(4)
(4)
(4)
Firstquarter
7.27.76.01
3.355.334.52
21.24
3.731.42.04
2.594.323.32
15.42
3.54-.66-.03
.761.011.20
5.82
3.75
2.87
.88
1952
Secondquarter
6.88.79.01
4.245.034.32
21.27
4.111.33.05
2.914.043.03
15.47
2.77-.54-.041.33.99
1.29
5.80
2.68
2.96
-.28
Thirdquarter
5.60.64.03
3.834.403.95
18.45
4.13.90.05
3.204.172.99
15.44
1.47-.26-.02
.63
.23
.96
3.01
2.21
2.46
—.25
Fourthquar-ter i
(4)(4)
(4
(4)(4)
(4)
20.60
(4)(4)
(4)(4)(4)
(4)
15.40
(4)(4)(4)
(4)(4)(4)
5.20
(4)
(4)
(4)
1 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.2 Includes income on investments.3 "OEEC" countries are those which are members of the Organization for European Economic Coopera-
tion. They are the countries which participated in the European Recovery Program prior to its termina-tion. Beginning with 1952, the data also include Finland, Spain, and Yugoslavia.
4 Not available.6 Beginning with 1952, excludes Finland, Spain, and Yugoslavia.6 Includes international institutions.7 In 1950-52, includes "special category" exports sold for cash, but excludes all transactions under the
Mutual Defense Assistance Program.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
SO?
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TABLE B-42.—U. S. Government grants, other unilateral transfers, and loans to foreign countries,1949-52
[Millions of dollars]
Type of aid
Unilateral payments:Military aid programs:
Mutual Security and Mu-tual Defense
Greek-Turkish aidChina aid
Economic aid programs:Mutual Security, EGA, and
Mutual DefenseEuropeOther areas .__ _ .
Army Civilian Supply 8
Philippine RehabilitationAct.— _
International Refugee Or-ganization and other inter-national relief agencies
OtherOther transfers
mTotal unilateral payments.
Less: Unilateral receipts
Equals: Net unilateral pay-ments
Long-term loans and investments:EGA and Mutual Security pro-
gramsExport-Import BankSurplus property credits, includ-
ing ship salesRaw-material credits to occupied
areasUnited Nations building loanOther -.. -
Total long-term loans and in-vestments
Less: Repayments _. _ _ _ _
Equals: Net long-term loansand investments
Short- term loans (net)
Total net unilateral payments,loans and investments.
1949
17144
3,8223,730
921,082
203
10431
128
5,585264
5,321
428163
30
262012
679205
474
173
5,968
1950
516625
2,8332,719
114500
166
8428
101
4,295175
4,120
163193
2
28226
414287
127
37
4,284
1951
1,48182
2,6432,490
153336
12
3948
109
4,678177
4,501
209222
136
450310
140
23
4,664
1952
Total i
(2)
8
88(2)
(2)
88
4,360
8
8(2)(')
573
54
4,987
Firstquarter
407
3433083524
1
212032
84828
820
11180
212
20564
141
—1
960
Secondquarter
642
5204784236
1
166036
1, 31177
1,234
130107
210
24962
187
23
1,444
Thirdquarter
603
4754413434
2
34436
1,19721
1,176
32247
211
292127
165
32
1,373
Fourthquar-ter^
(8)
88(2)(')(')
8(2)
(2)«
1,130
8
88
80
1,210
i Estimates based on incomplete data; fourth quarter by Council of Economic Advisers,a Not available.* After 1949, includes disbursements in Germany administered by EGA from funds appropriated under
the Army civilian supply program.
Source: Department of Commerce (except as noted).
208
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TABLE B-43.—United States merchandise exports, including reexports', by area, 1936-38 quarterlyaverage and 1947—52
Period
Quarterly average:1936-3819471948 .. ._1949. _ _1950 '195131952'
1950: First quarter 3Second quarter 3_Third quarter 3
Fourth quarter 3
1951: First quarter5
Second quarter 3_Third quarter 3
Fourth quarter 3
1952: First quarter 3
Second quarter 3_ ._ _.Third quarter 3
Fourth quarter 8
Quarterly average:1936-381947 .194819491950 3_1951 3
1950: First quarter 3
Second quarter 3
Third quarter 3
Fourth quarter 3
1951: First quarter 3
Second quarter 3 _.Third quarter 3
Fourth quarter 3
1952: First quarter 3
Second quarter 3
Third quarter 3_ _ _
Total ex-ports in-cluding
reexportsCanada
OtherWesternHemi-sphere
OEECtcoun-tries
OtherEu-rope Asia 2
Aus-tralia andOceania
Africa
Millions of dollars
7423,8353,1633,0132,5693,758
« 3, 735
2,3652,5102,4512,949
3,3454,0203,6883,979
4,0173,9653,308
4 3, 650
115528486490499647
0)
389519505583
623756605603
623756675
(•)
1361,017
841725691943
(8)
614647706796
866958978969
989932795
(8)
2821,3241,0461,019
698955
(8)
724728583756
8131,027
8691,111
1,049788564
<8)
3111849413469
(8)
31333734
64816369
514931
(8)
122562507534360545
CO
381367332361
469549517644
647577404
(8)
238038493361
(8)
32343038
44456888
745640
(5)
3220519615586
145(fi)
788578
102
120155173132
176153115
(8)
Percentage of total
100100100100100100
100100100100
100100100100
100100100
15.513.815.416.319.417.2
16.420.720.619.8
18.618.816.415.2
15.519.120.4
18.326.526.624.126.925.1
26.025.828.827.0
25.923.826.524.4
24.723.524.1
38.034.533.133.827.225.4
30.629.023.825.6
24.325.523.627.9
26.219.917.1
4.23.11.51.41.31.8
1.31.31.51.2
1.92.01.71.7
1.31.2.9
16.414.716.017.714.014.5
16.114.613.512.2
14.013.714.016.2
16.114.512.2
3.12.11.21.61.31.6
1.41.41.21.3
1.31.11.82.2
1.81.41.2
4.35.36.25.13.33.9
3.33.43.23.5
3.63.94.73.3
4.43.93.5
i" OEEC countries" are those which are members of the Organization for European Economic Coopera-tion. They are the countries which participated in the European Recovery Program prior to its termina-tion. Turkey is included with OEEC countries and excluded from Asia. Exports from Germany areincluded with those of OEEC countries and, in the postwar period, relate almost wholly to exports from thethree western zones.
2 Excludes Turkey, which is included with OEEC countries.3 Data by area exclude, while total exports include, "special category" exports. For this reason, exportsby area will not add to total exports hi these periods. " Special category" exports are those of military orpotential military significance, and are not published in this area classification for security reasons. SeeForeign Trade Statistics Notes, January 1952, Bureau of the Census, for further detail.
< Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.«Not available.NOTE.—Data in this table cover all merchandise shipped from the United States customs area to foreign
countries, including, in postwar years, both commercial transactions and goods financed by the United Statesthrough the various aid and relief programs and the Mutual Security Program. Shipments to United Statesarmed forces abroad for their own use are excluded.
Detail will not necessary add to totals because of rounding. See also footnote 3.Source: Department of Commerce (except as noted).
209
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TABLE B—44.—Indexes of quantity and unit value of United States domestic merchandise exports,by economic class, 1936-38 quarterly average and 1947—52
[1936-38=100]
Period
Quarterly average:1936-38.19471948 -1949195019511952
1950: First quarterSecond quarter. _ __Third quarter _Fourth quarter
1951: First quarter.Second quarterThird quarterFourth quarter
1952: First quarterSecond quarterThird quarterFourth quarter
Quarterly average:1936-38194719481949 __.19501951... ___1952
1950: First quarterSecond quarter.. _ _ _ _ _ _ _ _Third quarterFourth quarter
1951: First quarter...Second quarter _ _Third quarterFourth quarter .. _ _
1952: First quarterSecond quarterThird quarter. ,.Fourth quarter .
Totaldomesticexports
Crudematerials
Crudefood-
stuffs *
Manu-factured
food-stuffs i
Semi-manu-
factures
Finishedmanu-
factures
Quantity indexes
100275214219193247
2246
181194184209
223258243264
263260218
2241
100123100126128142
(3)
125143112128
112126117220
15711287
(3)
100397362435287475
(3)
284270264325
456583434422
550458290
(3)
100478350297237264
(3)
213250224230
242263265266
266252207
(3)
100203144150127153
(3)
121126125135
131157165160
162166131
(3)
100332257250225298
(3)
207220220251
279319304291
310341305
(3)
Unit value indexes
100188200186180206
2206
177175180191
202210206204
207207205
2205
100195223212220260
(3)
206212226245
263275249246
255244240
(3)
100248255225193215
( 3)
196190192196
203219221219
230250233
(3)
100218223177151189
(3)
151142162169
188206194183
178173182
(3)
100169184174170209
(3)
164166168184
203212211211
208207205
(3)
100182193184179199
(3)
179175177187
195201200200
201201200
(3)
1 Export indexes of crude and manufactured foodstuffs in some periods, particularly those of unit valueduring 1950, are influenced by sales of large quantities of food products at prices considerably below marketquotations. Such exports include sales from Government-owned surplus and shipments on which sub-sidies were paid by the Department of Agriculture.
2 Estimates based on incomplete data: fourth quarter by Council of Economic Advisers.3 Not available.NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value
changes in average prices has been eliminated. The indexes of unit value provide a measure of change inthe average prices at which trade transactions are reported in official foreign trade statistics, includingchanges in average prices that result from changes in the commodity composition of trade.
Source: Department of Commerce (except as noted).
2IO
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TABLE B—45.—United States general merchandise imports, by area, 1936-38 quarterly averageand 1947-52
Period
Quarterly average:1936-38 .. _ .194719481949 . _ _ _ _ _195019511952 _
1950: First quarterSecond QuarterThird quarterFourth quarter
1951: First quarterSecond quarterThird quarterFourth quarter _
1952: First quarterSecond quarter.. .Third quarterFourth quarter
Quarterly average:1936-381947.19481949 _19501951 _ _
1950: First quarterSecond quarterThird quarterFourth quarter
1951: First quarter _Second quarterThird quarterFourth quarter
1952: First quarterSecond quarterThird quarter
Totalgeneralimports
CanadaOther
WesternHemi-sphere
OEECcoun-tries *
OtherEurope Asia 2
Aus-traliaand
OceaniaAfrica
Millions of dollars
6221,4391,7811,6562,2132,742
32,635
1,8891,9312,3882,645
3,0362,9812,4972,452
2,7792,6282,532
3 2, 600
88282398388490569
(4)
404478504575
529586553608
560596580
(4)
143568627611776888
(*)
727645912819
1,085895739831
943842895
(4)
152174244211315478
(4)
240243322455
515515457426
454440431
(4)
304549354752
<«)
45454950
63574046
464344
(4)
183249324296409496
(«)
302363418555
592544482364
501473419
(4)
1039413152
113(4)
49524760
8318412064
608049
(4)
17829884
123147
(4)
122103136132
169201106113
214154113
(4)
Percentage of total
100100100100100100
100100100100
100100100100
100100100
14.119.622.323.422.120.8
21.424.821.121.7
17.419.722.124.8
20.222.722.9
23.039.535.236.935.132.4
38.533.438.231.0
35.730.029.633.9
34.032.035.4
24.412.113.712.714.217.4
12.712.613.517.2
17.017.318.317.4
16.316.717.0
4.83.12.82.12.11.9
2.42.32.11.9
2.11.91.61.9
1.71.61.7
29.417.318.217.918.518.1
16.018.817.521.0
19.518.219.314.8
18.018.016.6
1.62.72.31.92.34.1
2.62.72.02.3
2.76.24.82.6
2.23.01.9
2.75.75.55.15.65.4
6.55.35.75.0
5.66.74.24.6
7.75.94.5
* "OEEC countries" are those which are members of the Organization for European Economic Coopera-tion. They are the contries which participated in the European Recovery Program prior to its termination.Turkey is included with OEEC countries and excluded from Asia. Imports from Germany are includedwith those of OEEC countries and, in the postwar period, relate almost wholly to imports from the threewestern zones.
2 Excludes Turkey, which is included with OEEC countries.3 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.4 Not available.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 entries into bonded customs warehouses.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
211
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TABLE B-46.—Indexes of quantity and unit value of United States merchandise imports for con-sumption, by economic class, 7936—38 quarterly average and 1947—52
[1936-38=100]
Period
Quarterly average:1936-38194719481949 .- ---I96019511952
1950* First quarterSecond quarterThird quarterFourth quarter
1951* First quarterSecond quarter _Third quarterFourth quarter
1952* First quarterSecond quarter _ _Third quarterFourth quarter
Quarterly average:1936-38194719481949195019511952 _
1950' First quarterSecond quarter _ _Third quarterFourth quarter
1951* First quarter . .Second quarterThird quarterFourth quarter
1952: First quarterSecond quarterThird quarterFourth quarter
Total im-ports for
consump-tion
Crude ma-terials
Crude food-stuffs
Manufac-tured
foodstuffsSemi-manu-
facturesFinishedmanu-
factures
Quantity indexes
100108123120146144
1149
137136154158
163147131136
151147145
U54
100129139125152142
(2)
152140155161
161144137125
154153138
(2)
10096
109119113119
(2)
12194
125111
14910992
126
137103106
(2)
100839197
117122
(2)
98113143113
127129121111
121139139
(2)
100130149143219200
(2)
189213220247
227215182178
191195200
(2)
10084
103101125134
(2)
107119125147
140139126131
138146149
(2)
Unit value indexes
100213235224243305
1289
223229248270
295313312299
300292284
1280
100180203195214312
0)
185194215255
302340316288
288265239
(2)
100311343330454512
(2)
410433485491
508521516505
508520520
(2)
100208212202203221
(2)
199199203210
214224225221
216222225
(2)
100191217198193244
(2)
176179197220
234242250249
253249247
(2)
100245266258252296
(2)
245248253262
278288313307
303291288
(2)
1 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.2 Not available.
NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changesin average prices has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions are reported in official foreign trade statistics, including changes inaverage prices that result from changes in the commodity composition of trade.
Source: Department of Commerce (except as noted).
212
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SUMMARYTABLE B-47. Changes in selected economic series since 7939 and 1951 and during 1952
Source:Ap-
pendixtableNo.
B-l
B-2
B-6
B-9
B-10
B-12
B-16
B-17
B-18
B-20
B-23
B-24
B-25
B-27
B-28
B-31B-34
B-43B-45
Economic series
Gross national product .Personal consumption expendituresGross private domestic investmentGovernment purchases of goods and
servicesGross national product in 1952 prices
Personal consumption expendituresGross private domestic investment-Government purchases of goods and
services -- -National income
Compensation of employeesPersonal income - --
Disposable personal incomePersonal ne t saving -
Per capita disposable personal income:Current prices -1952 prices
Labor force including armed forces - -Civilian labor force
Employment _ -AgriculturalNonagricultural
Unemployment _Average gross weekly earnings:
ManufacturingDurable goodsNondurable goods _
Building constructionIndustrial production
Durable manufacturesNondurable manufactures --Minerals
Agricultural production _New construction _
PrivateResidential (nonfarm) _ __ __Public
Business expenditures for new plant andequipment1 total
ManufacturingWholesale price index: All commodities
Farm productsProcessed foodsOther than farm products and foods
Consumers' price index: All itemsFoodApparelRentHousefurnishings
Prices received by farmersParity index (prices paid, interest", taxes,
and wage rates)Consumer credit outstanding
Instalment credit . _ _ _.Loans and investments of all commercial
banks* totalLoansInvestments in U. S. Government ob-
ligations _ .Gross public debt and guaranteed issuesCorporate profits before taxCorporate profits after tax
Dividend paymentsUndistributed profits
Merchandise exports, including reexports-General merchandise imports
1939=100
1951
361308591
478183160271
221
383374
350321630
272141
11811413373
14920
272264269270
202250178155131377494409242
478574229311
(3)199187239203131208318
230
294305
326335
377545
660374237800
«506
<441
1952
Total «
378320519
592
188163232
268402398370334696
279142
12011413471
15118
284276280290
201256173152136394496414277
487642223293
(3)195191243201136203303
234
337371
349374
390562
628344245658
«5034424
Firsthalf
374317501
582
186162224
265396391
363329626
276141
11811313269
14919
280272275283
198253171150
(3)398497409284
497640224297
(3)195190242202135204307
236
298326
330344
375
545632348242683
45384435
Secondhalf a
382323536
601
189164238
271407406376340763
28214312111513673
15216
289280285299204259176155
(3)391496419270
490653222290
(3)194192245201137202299
233337371
349374
390562
623340245642
4469
4413
Percentagechange 1
1951 to19522
+4.8+3.8-12.1
+23.8+2.4+1.8
-14.6
+21.5+4.9+6.4+5.6+4.4
+10.6
+2.6+.7
•£?+.5
-3.5+1.0
-11.0
+4.5+4.4+4.1+7.4-.5
+2.2-2.6-1.8+3.6+4.6+.5
+1.2+14.5
+2.0+11.9-2.8-5.6-2.3-2.3+2.2+1.8-1.0+4.0-2.4-4.6
+1.8+14.8+21.4
+7.2+11.6
+3.3+3.0-4.9
8 0+3.3
-17.7-.6
-3.9
1952,first
half, to1952,
secondhalf 2
+2.3+1.9+7.1
+3.3+1.3+1.2+6.0
+2.1+2.6+3.9+3.5+3.3
+21.9
+2.4+1.6+2.1+2.0+2.6+5.2+2.3
-17.2
+3.2+3.1+3.6+5.6+2.8+2.2+3.2+3.1(3)-1.7-.1
+2.4-5.0
-1.5+1.9-.8
-2.3—.4-.5
+1.2+1.2-.8
+1.4-1.1-2.7
-1.4+13.1+13.8
+5.7+8.8
+3.8+3.2-1.5-2.3+1-1
6 1-12.8-5.1
i Changes are computed from data as reported and therefore may differ slightly from changes computedfrom the indexes shown here.
* Estimates based on incomplete data. » Not available. 41935-38 average=100.
213
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