ERP1954 Appendixes 7

Appendix G

STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION

CONTENTSNational income or expenditure: Page

G-l. Gross national product or expenditure, 1929-53 167G-2. Gross national product or expenditure in 1953 prices, 1929-53 168G-3. Gross national product or expenditure in 1939 prices, 1929-53 170G-4. The Nation'sjncome, expenditure, and saving, 1951-53 171G-5. Personal consumption expenditures, 1929-53 172G-6. Gross private domestic investment, 1929-53 173G-7. National income by distributive shares, 1929-53 174G—8. Relation of national income and personal income, 1929-53 175G-9. Personal income, 1929-53 176G-10. Disposition of personal income, 1929-53 177G-ll. Total and per capita disposable personal income in current and 1953

prices, 1929-53 178G-12. Liquid saving by individuals, 1939-53 179G-13. Sources and uses of gross saving, 1929-53 180G-l 4. Realized gross and net income of farm operators from farming, 1935-39

average and 1940-53 181Employment and wages:

G-l 5. Total population 14 years of age and over and the labor force,1929-53 182

G-l6. Labor force, employment, and unemployment: Total, males 20 to 64years of age, and all others, 1929-53 184

G-l7. Employed persons with a job but not at work, by reason for notworking, 1946-53 185

G—18. Unemployed persons by duration of unemployment, 1946—53 186G-l9. Insured unemployment under State unemployment insurance pro-

grams, by geographic division, 1939 and 1946-53 187G—20. Labor turnover rates in manufacturing industries, 1930—53 188G-21. Number of wage and salary workers in nonagricultural establish-

ments, 1929-53 189G-22. Average weekly hours of work in selected industries, 1929-53 190G-23. Average gross hourly earnings in selected industries, 1929-53 191G-24. Average gross weekly earnings in selected industries, 1929-53 192

Production and business activity:G-25. Indexes of industrial and agricultural production, 1929-53 193G-26. New construction activity, 1929-53 194G-21. New nonfarm housing starts, by source of funds and by type of struc-

ture, 1929-53 195G-28. Business expenditures for new plant and equipment, 1939 and

1945-54 196G-29. Inventories and sales in manufacturing and trade, 1939-53 197G-30. Manufacturers' new orders, sales, and inventories, 1939-53 198

165

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

Prices: PageG-31. Consumer price index, 1929-53 199G-32. Wholesale price index, 1929-53 200G—33. Indexes of prices received and prices paid by farmers, and parity ratio,

1929-53 202G-34. Indexes of wholesale prices and cost of living in the United States and

foreign countries, selected dates 203Credit, money supply, and Federal finance:

G-35. Short- and intermediate-term consumer credit outstanding, 1929-53.. 204G-36. Mortgage debt outstanding, by type of property mortgaged, 1939-53. . 205Gr-37. Deposits and currency, 1929-53 206G-38. Loans and investments of all commercial banks, 1929-53 207G-39. Member bank reserves and Reserve Bank credit, 1929-53 208G-40. Estimated ownership of Federal obligations, 1939-53 209G-41. U. S. Government debt—volume and kind of obligations, 1929-53 . . 210G-42. Bond yields and interest rates, 1929-53 211G-43. Government cash receipts from and payments to the public, calendar

years, 1943-53 212Corporate profits and finance:

G-44. Profits before and after taxes, all private corporations, 1929-53 213G-45. Relation of profits after taxes to stockholders' equity and to sales,

private manufacturing corporations, by industry group, 1947-50average and 1952-53 214

G-46. Relation of profits before and after taxes to stockholders' equity andto sales, private manufacturing corporations, by asset size class,1947-50 average and 1952-53 216

G~47. Sources and uses of corporate funds, 1946-53 217G-48. Business population, 1929-53 218

International transactions:G-49. United States balance of payments, excluding U. S. Government

grants of military goods and services, 1947-53 219G—50. U. S. Government grants, and 'capital movements to foreign countries,

1947-53 222G-51. Estimated gold reserves and dollar holdings of foreign countries, 1928,

1937, and 1945-53 222G—52. Indexes of quantity and unit value of United States merchandise im-

ports for consumption and of domestic merchandise exports, byeconomic class, 1936-38 average and 1947-53 223

Summary:G-53. Changes in selected economic series since 1939 and since 1952 224

166


NATIONAL INCOME OR EXPENDITURETABLE G-l.—Gross national product or expenditure, 1929-53

[Billions of dollars]

Period

1929

1930.19311932 ._19331934

19351936193719381939

19401941194219431944

19451946 _ _1947 _19481949

195019511952 ..1953*

1952: First quarter..Second quarter. _ _Third quarterFourth quarter _ . _

1953: First quarter..Second quarter. _.Third quarterFourth quarter8..

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

286.8329.8348.0367.0

Per-sonalcon-

sump-tionex-

pendi-tures i

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

194.6208.1218.1229.9

Gross private domesticinvestment 3

I15.8

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

52.558.652.555.7

Newconstruction

I7.8

5.63.61.71.11.4

1.92.83.73.34.9

5.66.84.02.52.8

3.910.313.917.717.2

22.723.123.425.1

"cS

flg<o&^ a11tf

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

12.611.011.111.8

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

10.112.212.313.3

® ^

11B!8|r-j O*

1°

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

22.324.625.426.7

Is^"Caf^ fl<-]o %

IS

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

7.510.93.73.9

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

-2.3.3

-.2-1.9

Government purchases ofgoods and services

3e8.5

9.29.28.18.09.8

9.911.711.612.813.1

13.924.759.788.696.5

82.830.928.636.643.6

42.062.977.583.4

Federal

1H

1.3

1.41.51 52!o3.0

2.94.84.65.35.2

6.216.952.081.289.0

74.820.915.821.025.4

22.141.154.258.1

£

"cflGQ

JZJ

(4)

(4)(<)(4)(4)(4)

(4)

8(4)1.3

2.213.849.680.488.6

75.921.213.316.119.3

18.537.448.951.8

1O

(4)

(4)(4)(4)(4)(4)

(4)

8(4)3.9

4.03.22.71.51.6

1.02.53.85.66.6

3.94.15.86.8

E!«S,SJo M

t-i

(s)p5)S)5)

(5)

8880.2.6

1.2

2.22.71.3.6.4

.2

.4

.5

.6

T3§33CO

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

19.921.823.425.2

Seasonally adjusted annual rates

340.4345. 1345.3361.1

363.4370.7368.8365.0

213.7217.2217.2224.4

227.7230. 4231.0230.5

50.449.652.357.9

55.459.356.351.5

23.323.423.123.9

25.025.324.925.0

11.011.010.811.6

12.212.011.511.5

12.412.412.312.3

12.813.413.413.5

25.625.624.925.5

26.226.927.126.5

1.5.7

4.28.5

4.37.14.3.0

2.1.5

-2.0-1.6

-2.1-2.5-2.1-1.0

74.177.777.880.4

82.483.583.684.0

51.054.754.656.4

57.458.958.457.7

46.249.849.250.5

51.653.552.150.2

5.45.46.06.3

6.56.06.88.0

.5

.5

.6

.5

;l

23.123.023.224.0

24.924.625.226.3

1 See appendix table G-5 for major components.2 See appendix table G-6 for more detail and explanation of components.» For 1947-53 "national security" expenditures include the items classified as such in The Budget of the

United States Government for the Fiscal Year ending June SO, 1954. The items are: military services,im.ernational security and foreign relations, development and control of atomic energy, promotion of mer-chant marine, promotion of defense production and economic stabilization, and civil defense. Theseexpenditures are not comparable with the "national security" category in the Budget for the Fiscal Yearending June 30, 1955. "National defense" expenditures for goods and services correspond more closely tothe new Budget definition; they include items shown under the national security classification in the 1955Budget and in addition, defense production and economic stabilization, military manpower selection, pro-motion of aviation (National Advisory Committee for Aeronautics only), and civil defense. National de-fense expenditures for goods and services since 1947 are as follows: 1947, 12.2 billion dollars; 1948, 11.7billion; 1949, 13.6 billion; 1950,14.2 billion; 1951, 34.0 billion; 1952, 46.5 billion; 1953, 49.9 billion.

* Not available.« 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).

284874—54 167


TABLE G-2.—Gross national product or expenditure in 1953 prices, 1929-53 *

[Billions of dollars, 1953 prices]

Period

1929

193019311932 _ ___19331934. . .

1935193619371938 .1939 _.

1940... _ _ _ _ _19411942 .1943 _ _1944

19451946194719481949

1950195119521953*.. _.

Totalgross

nationalproduct

175.9

159.2147.7125.3123.4136.3

150.3170.2179.6171.8187.9

205.7239.2271.7305.9329.3

319.9283.4282.8293.3294.2

320.1343.6354.1367.0

Personal consumptionexpenditures

Total

123.2

115.7111.7102.1100.6106.8

113.2124.9129.3127.2134.4

142.1153.2151.0155.1161.4

172.0191.0196.0199.6205.0

216.3215.3221.0229.9

Dur-able

goods

16.8

13.411.18.38.09.3

11.313.914.712.014.1

16.118.711.910.59.7

11.021.725.826.327.0

32.428.027.030.2

Non-du-

rablegoods

63.2

60.159.654.854.158.6

62.069.171.572.676.5

80.587.089.692.496.6

103.9108.8107.5107.9110.0

112.2113.9118.3121.3

Serv-ices

43.2

42.241.039.138.538.9

39.941.943.142.643.9

45.647.549.652.355.1

57.160.562.765.468.1

71.873.475.778.4

Gross private domestic investment

Total

34.2

23.314.73.33.76.7

15.219.625.614.522.8

30.838.221.211.813.7

17.343.741.649.939.7

59.360.753.655.7

New construction

Total

19.8

14.710.35.64.04.5

6.08.4

10.18.9

13.1

14.516.48.85.25.4

7.116.218.521.421.1

26.124.724.125.1

Resi-den-tial

(non-farm)

7.0

3.73.51.61.01.1

2.23.43.84.07.1

7.68.33.81.81.5

1.96.28.2

10.09.9

14.111.511.311.8

Other

12.8

10.96.84.03.03.3

3.84.96.34.96.0

6.98.16.03.33.8

5.210.010.311.411.2

12.013.212.813.3

Pro-ducers'durableequip-ment

11.5

9.16.23.73.76.0

6.79.1

10.47,48.6

11.313.58.36.99.7

12.618.622.323.921.6

25.125.325.726.7

Changein

busi-ness

inven-tories

3.0

-.5-1.8-6.0-4.1-2.8

2.52.25.1

-1.81.0

5.08.24.0-.3

-1.3

-2.4[8.9

.84.7

-3.0

8.110.73.73.9

See footnotes at end of table.

168


TABLE G-2.—Gross national product or expenditure in 1953 prices, 1929-53 J—Continued


TJ-^—l- J

1929

1930193119321933 . .1934

1935. _ . .1936 .1937 _ _19381939

1940194119421943—1944

194519461947—19481949

1950 . .1951 . .19521953 5 .. . .

Netforeigninvest-ment

0 2__ •!—.6— 7

9— 4

—1.5—1.7—1.4

.8

.6

1.2— 2

—2.2-6.2—6 6

—6 13.98.2.0

—1.3

—2.81.7.4

—1.9

Gover

Total

18 3

20 321.920 520.023 2

23.427.426.129 230.1

31.648 0

101.8145.2160 8

136 744.736.943 860.8

47.365.879 183.4

nment pur

Total *

2.9

3.33.63.75.16 9

6.810.99.9

11.911.6

13.731.086.1

131.0146.9

122 628.819.224.629.1

24.442.655.258.1

chases of g(

Federal

Nationalsecurity 3

(4)

4)4)4)4)4)

(4)(4)(4)(4

2.9

4.925.382.1

129.7146.2

124.429.216.218.822.1

20.438.849.851.8

)ods and s<

Other

(4)

(4)(4)

(4)(4)(4)

(4)

(4)(4)(4)

8.8

8.95.94.52.42.6

1.63.44.66.57.5

4.34.25.96.8

jrvices

Stateandlocal

15 4

17 018.316 814.916 2

16.616.516.217.418.5

17.917 015.614.213 9

14 115.917.819.221.7

23.023.224.025.2

i These estimates represent an approximate conversion of the Department of Commerce series in 1939prices. (See appendix table G-3.) This was done by major components, using the implicit price indexesconverted to a 1953 base. Although it would have been preferable to redeflate the series by minor com-ponents, this would not substantially change the results except possibly for the period of World War II§and for the series on "change in business inventories."8 Net of Government sales, which are not shown separately on this table. See appendix table G-l forGovernment salts in current prices.

» See appendix table G-l, footnote 3.4 Not available.5 Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Council of Economic Advisers.

169


TABLE G-3.—Gross national product or expenditure in 1939 prices, 1929-53 1


Period

1929

19301931193219331934

19351936193719381939

19401941194219431944

1945 ..194619471948 ...1949

195019511952.19533

Totalgrossna-

tionalprod-uct

85.9

78.172.361.961.567.9

73.983.987.984.091.3

100.0115.5129.7145.7156.9

153.4138.4138.6143.5144.0

156.2167.0172.0178.3

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

108.9108.5111.4115.9

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

15.513.412.914.4

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

51.752.454.555.9

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

41.742.644.045.6

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

26.827.624.325.4

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

9.79.29.09.4

Pro-duc-ers'du-

rableequip-ment

6.1

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

13.313.413.614.1

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

3.85.01.71.9

Netfor-eignin-

vest-ment

0.8

.6

.3

.2

.1

.3

-.1-.2

.11.0.9

1.2.7

-.4-2.1-2.2

-1.82.74.81.4.6

-.12.01.4.4

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

20.728.934.836.6

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

10.818.924.525.8

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

9.89.9

10.310.8

Grosspri-vateprod-uct*

81.5

73.567.757.456.562.0

67.676.480.976.483.7

92.1106.2116.5125.3133.0

129.7125.6128.8133.7133.7

145.7153.9157.8164.1

i See Survey of Current Business, January 1951, and A Supplement to the Survey of Current Business, NationalIncome, 1951 edition, for explanation of conversion of estimates in current prices to those in 1939 prices andfor implicit deflators used.

a Total gross national product less compensation of general government employees.* Estimate based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.

Source: Department of Commerce (except as noted).

170


TABLE G-4.—The Nation's income, expenditure, and saving, 1951-53


Economic group

Consumers:Disposable personal income -Personal consumption expendi-

tures... ..Personal net saving (+)

Business:Gross retained earningsGross private domestic invest-

mentExcess of investment (— )

International:Net foreign investment

Excess of receipts (+) orinvestment (— ) >

Government (Federal, State, andlocal):

Tax and nontax receipts or ac-cruals

Less: Transfers, interest, andsubsidies (net)

Net receipts

Total Government expendituresLess: Transfers, interest, and

subsidies (net)

Purchases of goods and ser-vices .. ._ .

Surplus (+) or deficit(— ) on income andproduct account. . .

Statistical discrepancy ,

Gross national product

Re-ceipts

225.0

33.8

86 8

16 8

70.0

1.1

329 g

1951

Ex-pendi-tures

208 1

58.6

.3

79.7

16.8

62.9

329 8

Excessof re-ceipts(+)or

ex-pendi-tures(-)

+16.9

—24 8

- 3

+7.1

+1.1

Re-ceipts

235.0

37.4

92 0

16 9

75.1

.5

348 0

1952

Ex-pendi-tures

218 1

52. 5

-.2

94.4

16.9

77.5

348 0


ex-pendi-tures(-)

+16.9

— 15 1

+.2

-2.4

+.5

Re-ceipts

248.0

38.9

99 2

17 8

81.4

-1.3

367 0

19531

Ex-pendi-tures

229 9

55.7

—1.9

101.2

17.8

83.4

367 01


ex-pendi-tures(-)

+18.1

—16 8

+1.9

•

—2.0

—1.3

i Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Based on the national income and product statistics of the Department of Commerce (except a

noted).

171


TABLE G-5.—Personal consumption expenditures, 1929-53


Period

1929 _

19301931193219331934

1935 .1936193719381939

194019411942 - .19431944

19451946194719481949

1950195119521953*

1952: First half.. . ..Second half

1953: First halfSecond half*

1952: First quarterSecond quarter.Third quarterFourth quarter

1953: First quarterSecond quarter.. .Third quarterFourth quarter *

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

123.1146.9165.6177.9180.6

194.6208.1218.1229.9

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

29.227.326.730.2

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

12.310.910.413.7

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

16.916.416.316.5

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

102.6113.4118.8121.3

Food'

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

61.269.072.674.3

Cloth-ings

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

18.920.320.720.3

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

22.524.125.426.7

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

62.767.472.778.4

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

20.221.924.026.1

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

42.545.548.752.3


215.5220.8

229.1230.7

213. 7217.2217.2224.4

227.7230.4231.0230.5

26.726.7

30.430.0

26.027.425.128.2

30.230.730.429.5

10.710.1

13.813.5

9.911.58.8

11.5

13.414.313.813.3

16.016.5

16.616.4

16.115.916.316.7

16.816.416.716.2

117.6119.9

121.6120.9

117.2118.0118.7121.1

121.2122.1121.3120. 5

71.973.3

74.374.3

71.572.373.073.5

74.274.574.574.1

20.521.0

20.919.6

20.520.520.421.5

20.920.919.919.4

25.225.7

26.427.0

25.225.225.226.1

26.226.726.927.0

71.274.2

77.079.9

70.571.873.375.1

76.377.679.280.5

23.524.5

25.526.7

23.223.824.324.8

25.325.826.427.0

47.749.7

51.453.2

47.348.149.150.3

51.051.952.853.5

i Includes alcoholic beverages.* Includes shoes and standard clothing issued to military personnel.»Includes imputed rental value of owner-occupied dwellings.* Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.

NOTE.—Detail will not necessarily add to totals because of rounding.


172


TABLE G-6.—Gross private domestic investment, 1929-53


Period

1929....

1930 _.1931193219331934 ..

1935 .„1936 __1937...19381939

1940.1941194219431944

1945194619471948 .-_1949 .-

1950195119521953 9

1952: First halfSecond half

1953- First halfSecond half 9 .

1952: First quarterSecond quarterThird quarterFourth quarter

1953: First quarterSecond quarterThird quarterFourth quarter 9

Totalgross

privatedo-

mesticinvest-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

52.558.652.555.7

Nonfarm producers'plant and equipment

Total i

9.8

7.64.62.52.33.1

3.85.26.64.75.7

7.49.35.84.66.3

8.715.520.323.421.7

25.729.330.633.2

Equip-ment2

5.6

4.32.81.61.62.2

2.93.94.73.44.0

6.36.64.13.54.7

6.310.714.616.715.3

18.720.521.523.2

Con-struc-tion i s

4.2

3.41.81.0.7.9

1.01.31.91.41.7

2.12.71.71.11.6

2.44.85.76.76.4

7.08.89.1

10.0

Farm equipmentand construction

Total *

1.1

.9

.5

.3

.3

.4

.6

.81.0.8.8

1.01.31.0.9

1.2

1.42.43.84.64.7

5.25.75.54.9

Equip-ment

0.8

.7

.4

.3

.3

.3

.5

.6

.8

.6

.6

.81.0.7.6.9

1.11.62.53.23.4

3.64.13.93.4

Con-struc-tion

0.3

.2

.1

.1

.1

.2

.2

.2

.2

.2

.3

.3

.3

.3

.3

.91.31.41.3

1.61.61.61.5

Resi-dential

con-struc-tion(non-

farm) is

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

12.611.011.111.8

Otherpri-vatecon-

struc-tion6

0.5

.5

.4

.2

.1

.1

.1

.1

.2

.2

.2

.2

.3

.2

.6

.71.01.3

1.51.71.61.8

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

7.510.93.73.9

Non-farm 7

1.8

-2*. 6—1.3

.2

.42.11.8

-1.1.3

2.03.4.8

-.5-.3

-.66.31.43.7

-1.6

6.69.63.13.8

Farm

-0.3

-.2.3

«,-1.3

.5-1.1

.5

.1

.1

.2

.51.3-.4-.5

-.1-.2

-2.21.3

-.9

.91.2.7.1


50.055.1

57.353.9

50.449.652.357.9

55.459.356.351.5

30.730.5

32.933.6

30.730.830.230.9

32.333.533.933.3

21.621.4

23.023.4

21.621.721.121.8

22.723.423.723.1

9.19.1

9.910.2

9.19.19.09.1

9.610.110.210.2

5.65.4

5.04.8

5.65.55.45.3

5.05.04.94.8

4.03.8

3.53.4

4.03.93.83.7

3.53.53.43.4

1.61.6

1.51.4

1.61.61.61.6

1.51.51.51.4

11.011.2

12.111.5

11.011.010.811.6

12.212.011.511.5

1.61.6

1.71.8

1.61.61.61.7

1.61.81.81.8

1.16.4

5.72.1

1.5.7

4.28.5

4.37.14.3.0

0.35.9

5.52.1

.6-.13.68.1

4.07.04.2.0

0.8.5

.2

.0

.9

.8

.6

.4

.3

.1

.1

.0

i Items for 1945 and earlier years are not comparable with those for later years or with figures shown in appendixtable G-26. Items for nonfarm producers' plant and equipment for all years are not comparable with those shownin appendix table G-28, principally because the latter exclude certain equipment and construction outlays chargedto current expense.

* Total producers' durable equipment less "farm machinery and equipment" and farmers' purchases of tractorsand business motor vehicles. These figures assume that farmers purchase 85 and 15 percent, respectively, of alltractors 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.

< Farm construction (residential and nonresidential) plus "farm machinery and equipment" and farmers' pur-chases of tractors and business motor vehicles. (See footnote 2.)

»Includes construction of hotels, tourist cabins, motor courts, and dormitories since 1946 only.«Includes religious, educational, social and recreational, hospital and institutional, miscellaneous nonresidential,

and all other private construction.7 After revaluation adjustment.8 Less than 50 million dollars.' Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.



173


TABLE G-7.—National income by distributive shares, 1929-53

[Billions of dollars!

Period

1929 _.

19301931 __1932 . .--19331934

1935 _1936 __193719381939

1940 _1941.. _194219431944 _

1945 . -.1946194719481949

1950 ..195119521953 • -


1953: First halfSecond half 6. .

1952* First quarterSecond quarterThird quarterFourth quarter

1953: First quarterSecond quarterThird quarterFourth quarter *

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

240.6278.4291.6

(7)

Com-pen-

sationof em-ploy-ees2

50.8

46.539.530.829.334.1

37.142.747.74.7

47.8

51.864.384.9

109.2121.2

123.0117.1128.0140.2139.9

153.4178.9193.2207.7

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

23.626.126.327.0

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

24.926.526.127.2

In-ven-toryvalu-ationad-

just-ment

0.1

.8

.6

.3-.5-.1

-.1-.1(6).2

-.2

-.1-.0-.4-.2-.1__ j

-1.8-1.5-.4

.6

-1.2-.4

.3-.2

In-come

offarmpro-prie-tors 3

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

13.315.514.812.3

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

8.59.1

10.010.6

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

36.042.440.2

(T)

Cor-porateprofitsbeforetaxes «

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

41.043.739.2(7)

In-ven-toryvalu-ationad-

just-ment

0.5

3.32.41.0

-2.1-.6

-.2

7s')71.0-.7

-.1-2.6-1.2-.8-.3

-.6-5.2-5.8-2.1

2.1

-5.0-1.3

1.0-.8

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

5.76.47.07.8


287.4295.9

308.7(7)

286.8287.9290.4301.4

306.7310.7308.1

(7)

188.7197. 7

206.3209.2

187.9189.5194.1201.3

204.5208.0210.4207.9

26.226.4

27.026.9

26.126.326.126.7

27.027.026.926.9

26.126.0

27.227.2

26.326.026.026.0

27.327.127.826.5

0.1.4

-.2

-.2+.3

tt-.3

1-.9

.4

15.014.6

12.911.8

14.715.315.214.0

13.412.311.612.0

9.810.3

10.410.7

9.610.010.210.3

10.410.410.610.8

40.839.7

44.5(7)

41.739.937.741.7

43.845.240.70

39.838.6

45.2(7)

41.538.237.040.3

44.645.943.3(')

1.01.0

-.7-.8

.21.7.7

1.4

-.8-.6

-2.61.0

6.87.3

7.78.0

6.76.97.17.4

7.67.77.98.1

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 G-9), and employer andemployee contributions for social insurance (see appendix table Q-8).

3 Data are subject to revisions already reflected in appendix table G-14.4 See appendix table G-44 for corporate tax liability 5(Federal and State income and excess profits taxes)

and corporate profits after taxes.* Less than 50 million dollars.

• Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.7 Not available.NOTE.—Detail will not necessarily add to totals because of rounding.


174


TABLE G—8.—Relation of national income and personal income, 1929—53


Period

1929 ..

19301931...19321933 -1934...

1935 „193619371938 _.1939.

1940... .1941 _1942...19431944 ..

1945 .194619471948...1949

195019511952 ..1953 » . _ _


1953: First halfSecond half *

1952: First quarterSecond quarter..Third quarter....Fourth quarter. _.

1953: First quarterSecond quarter . _Third quarter.. ..Fourth quarter *

Nationalincome

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

240.6278.4291.6

(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

36.042.440.2

(2>

Contri-butions

forsocialinsur-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

6.98.28.68.9

Excessof

wageac-

crualsoverdis-

burse-ments

0.2-.2

-.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

14.311.612.012.8

Netinter-

estpaidby

gov-ern-ment

1.0

1.01.11.11.21.2

1.11.11.21.21.2

1.31.31.52.12.8

3.74.44.44.54.6

4.74.84.95.0

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

9.19.29.19.4

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

.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

226.7254.3269.7284.6


287.4295.9

308.7(')

286.8287.9290.4301.4

306.7310.7308.1

C2)

40.839.7

44.5<2)

41.739.937.741.7

43.845.240.7(2)

8.68.8

9.08.8

8.68.68.78.8

9.09.08.88.8

0.1-.2

.1

-.3

11.612.3

12.612.9

11.511.712.212.4

12.612.612.613.2

4.94.9

5.05.1

4.94.94.94.9

4.95.05.15.1

9.19.1

9.39.6

9.19.19.19.1

9.29.49.69.6

0.9.9

.9

.9

.9

.9

.9

.9

.9

.9

.9

.9

264.4274.9

283.0286.2

262.8266. 0271.4278.3

281.6284.4286.8285.7

i Estimates based on incomplete data; fourth quarter by Council of Economic Advisers,a Not available.



175


TABLE G-9.—Personal income, 1929-53


Period

1929

19301931 _19321933 _1934

193519361937 _ —19381939

1940194119421943 —1944

19451946 —19471948 —1949

195019511952 __1953 •


1953: First halfSecond half *

1952: First quarterSecond quarterThird quarterFourth quarter

1953: First quarterSecond quarterThird quarterFourth quarter fl

Totalper-sonalin-

come

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

226.7254.3269.7284.6

Labor income and trans-fer payments

Total

52.0

47.741.932.731.236.0

39.145.648.345.648.6

52.664.684.6

107.5119.8

123.0122.5134.1146.2146.7

161.6183.2197.7212.7

Wageand

salaryre-

ceipts1

50.0

45.738.730.128.733.4

36.341.645.442.345.1

48.960.980.7

103.6114.9

115.3109.2119.9132. 1131.2

142.6166.4180.1194.0

Otherlaborin-

come1

0.5

.5

.5

.4

.4

.4

.4

.5

.5

.5

.5

.6

.6

.7

.91.3

1.51.92.42.83.1

3.94.34.75.1

Trans-fer

pay-ments

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

15.112.512:913.6

Income of unincor-porated enterprises

Total

13.9

11.08.24.95.26.6

9.99.9

12.210.811.3

12.716.523.026.729.0

31.235.435.439.834.4

37.041.640.939.1

Busi-nessandpro-fes-

sions 2

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

23.626.126.126.8

Farm 3

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

13.315.514.812.3

Rents

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

8.59.1

10.010.6

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

9.19.29.19.4

Inter-est

7.5

7.17.06.66.26.0

5.75.65.65.55.4

5.45.45.45.55.9

6.77.47.98.89.6

10.511.311.912.8

Non-agri-cul-turalin-

come4

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

209.0234.0249.9267.4

Agri-cul-turalin-

come

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

17.720.319.817.2


264.4274.9

283.0286.2

262.8266.0271.4278.3

281.6284.4286.8285.7

192.9202.5

211.1214.4

191.9193.8199.0206.1

209.3212.8215.4213.4

175.8184.4

192.5195.5

175.0176.6181.1187.7

190.7194.2196.8194.2

4.64.9

5.15.1

4.54.64.85.1

5.15.15.15.1

12.513.2

13.513.8

12.412.613.113.3

13.513.513.514.1

41.040.8

39.738.5

40.641.441.140.5

40.239.138.338.7

26.026.2

26.826.7

25.926.125.926.5

26.826.826.726.7

15.014.6

12.911.8

14.715.315.214.0

13.412.311.612.0

9.810.3

10.410.7

9.610.010.210.3

10.410.410.610.8

9.19.1

9.39.6

9.19.19.19.1

9.29.49.69.6

11.712.1

12.613.1

11.611.812.012.2

12.512.713.013.2

244.4255.4

265.2269.7

243.2245.6251.2259.5

263.3267.1270.3269.1

20.019.5

17.816.6

19.620.420.218.8

18.317.316.516.6

1 The total of wage and salary receipts and other labor income differs from compensation of employees in ap-pendix table G-7 in that it excludes employer and employee contributions for social insurance and includes the excessof wage disbursements over wage accruals. Other labor income consists of compensation for injuries, employer con-tributions to private pension and welfare funds, pay of military reservists, directors' fees, jury and witness fees,compensation of prison inmates, Government payments to enemy prisoners of war, marriage fees to justices of thepeace, and merchant marine war-risk life and injury claims.

2 Contributions of self-employed persons for social insurance, which became effective in January 1952, have beenexcluded in 1952 and 1953. Therefore, these totals will differ from total proprietors' and rental income included inappendix table G-7.

3 Data are subject to revisions already reflected in appendix table G-14.4 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 corporations.' Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.



176


TABLE G—10.—Disposition of personal income, 1929—53

Period

1929 _

19301931193219331934

19351936 . _193719381939

19401941 _19421943 . .1944

19451946 .19471948 _ _1949

1950195119521953 i .

1952: First half..Second half

1953: First halfSecond half1 . .

1952: First quarter ..Second quarterThird quarterFourth quarter _

1953: First quarterSecond quarterThird quarterFourth quarter l

Personalincome

Less:

Personaltax andnontax

payments

Equals:

Dispos-able

personalincome

Less:

Personalcon-

sumptionexpendi-

tures

Equals:

Personalnet

saving

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

226.7254.3269.7284.6

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

20.929.334.636.6

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

205.8225.0235.0248.0

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

194.6208.1218.1229.9

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

11.316.916.918.1


264.4274.9

283.0286.2

262.8266.0271.4278.3

281.6284.4286.8285.7

34.335.1

36.536.8

34.234.334.835.3

36.236.737.036.6

230.2239.8

246.6249.4

228.7231.7236.6243.0

245.4247.7249.8249.1

215.5220.8

229.1230.8

213.7217.2217.2224.4

227.7230.4231.0230.5

14.819.0

17.518.7

15.014.519.418.6

17.717.218.818.6

Netsaving as

percentof 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

5.57.57.27.3

6.47.9

7.17.5

6.66.38.27.7

7.26.97.57.5

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).

177


TABLE G—11.— Total and per capita disposable personal income in current and 1953 prices t 1929—53

Period

1929

1930193119321933._._1934

19351936-..19371938 .1939

19401941 ;_ _19421943 _ . .1944

19451946194719481949

1950 .1951 .195219533

1952: First halfSecond, half

1953: First halfSecond half 3

1952: First quarter _ _Second quarterThird quarter -..Fourth quarter

1953: First quarter _Second quarterThird quarter .Fourth 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

205.8225.0235.0248.0

1953 prices 1

129.1

120.4115.299.298.3

106.2

116.7131.9137.0129.2139.8

149.3171.3193.2200.9212.7

211.0206.6200.6211.4212.5

228 9232.7238.1248.0

Per capita disposable per-sonal income (dollars)

Currentprices

677

598507383360408

455516551504536

573690866968

1,062

,080,124,176,285,255

1,3571,4581.4971,553

1953 prices *

1,059

977928794782840

916,029,062994

,067

,130.284,433,469,537

,508,461,392,442,424

,509,508,517,553


230. 2239.8

246.6249.4

228.7231.7236.6243.0

245.4247.7249.8249.1

234.0242.2

248.1247.9

233. 4234. 8239.2245.0

247.6248.4248.6247.4

1,4721,520

1,5501,555

1, 4G51,4791, 5031,537

1,5461,5541,5601,549

1,4961,535

1,5601,545

1,4961,4991,5201,549

1,5601,5591,5531,538

Population(thousands) a

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, 188

151, 677154, 360156, 981159, 696

156,371157,768

159.068160,485

156, 063156, 669157,370158, 122

158, 752159, 367160,094160,859

1 Dollar estimates in current prices divided by an over-all implicit price index for personal consumptionexpenditures.

* Population of continental United States including armed forces overseas. Annual data are as of July 1;quarterly and semiannual data as of middle of period.

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: Department of Commerce (except as noted).

178


TABLE G-12.—Liquid saving by individuals, 7939-53 *


Period

1939

19401941194219431944 . ..

19451946194719481949

195019511952


1953: First half

1952: First quarter... .Second quarter.Third quarter..Fourth quarter.

1953: First quarter...Second quarter.Third quarter..

Totalliquidsaving

+4.25

-H 24+10. 52+29. 30+38. 71+41. 41

+37. 39+13. 74+6 67+2.99+2.86

+1.71+11.81+14.36

+3.88+10. 48

+6.11

+2.46+1.42+5. 18+5. 30

+2.66+3. 45+3.29

Cur-

bankde-

posits 2

+3.00

+2 88+4.80

+10.95+16 18+17. 55

+19.06+10. 56+2 01—1.84-1.46

+4.33+5.67+7.08

—1.03+8.10

—.71

-1.93+.90

+3.61+4.49

-1.35+.64

+1.58

Sav-ingsandloanasso-cia-

tions

+.04

+ 20+.36+.26+ 55+.81

+1.06+1.18+1 20

t l.211.51

+1.51+2.10+3.14

J-l. 59+1.55

+1.97

+.73+.86+.55

+1.00

+.91+1.06+.61

Insurance andpension reserves

Total

+3 01

+3 14+4.01+5.04+6 77+8.17

+8.59+6.97+7 13+7 32+6.05

+5.01+8. 23+9.10

+4.84+4.27

+4.16

+2.46+2.38+2.13+2.14

+2.10+2.06+2.05

Pri-vate

+1.72

+1 85+2 14+2.49+2 85+3 21

+3 46+3.42+3 64+3 75+3.71

+3.92+4.05+4 80

+2 22+2.58

+2.29

+1.20+1.02+1.18+1.40

+1.22+1.07+1.17

Gov-ern-

ment

+1.30

+1 30+1.86+2. 55+3 92+4.96

+5.14+3.55+3 49+3.57+2.34

+1.08+4.19+4.30

+2 62+1.69

+1.87

+1.26+1.36+.95+.74

+.88+.99+.88

Securities

Total a

-.53

—.17+2.83

+10. 25+13. 83+14. 96

+9.36+.89

+3.51+3.22+3.03

+1.24+2.75+4.81

+2.09+2.73

+5.13

+1.84+.25

+1.43+1.30

+2.55+2.58+1.20

U. S.sav-ings

bonds

+.66

+.86+2.75+7.98

+11.14+11. 80

+6.85+.90

+1.78+2.13+1.53

+. 55-.41+.32

+.06+.26

+.12

+.07-.01+.08+.18

+.41-.29+.06

Othergov-ern-

ment*

—.83

—.81+.44

+2.17+2 88+3.89

+3.44-.65+ 89-.43+.52

—.66-.05+.58

+.10+.49

+3.29

+.86-.76+.45+.04

+1.55+1.74+.31

Cor-porateandother

-.36

— 22—.36+.09—.20-.73

—.92+.65+ 84

+1.52+.98

+1.34+3.20+3.90

+1.93+1.98

+1.73

+.91+1.02+.90

+1.08

+.60+1.13+.83

Liqui-

mort-gagedebt*

—.50

— 84—.82—.09+ 38+.06

— 20—3.60—4 46—4 61—3.87

-7.15-6.40—5.98

—2.70-3.29

—2.94

-1.29-1.41-1.65-1.64

-1.27-1.67-1.63

Liquf.dation

ofdebtnotelse-

whereclassi-fied*

—.78

— 97—.66

+2.89+1 01

—.14

—.48—2.28—2 73—2.31—2.40

—3.22—.54

—3.78

—.90-2.89

—1.51

+.66-1.56-.89

-2.00

-.29-1.22-.53

i Individuals' saving in addition to personal holdings, covers saving of unincorporated business, trustand pension funds, and nonprofit institutions in the forms specified. Liquid saving comprises saving inthe form of currency and bank deposits, equity in savings and loan associations, private and Governmentinsurance, securities, and repayment of mortgage debt and other consumer debt.

a Includes currency, demand deposits, and time and savings deposits.8 Does not include net purchases by brokers and dealers or by other individuals financed by bank loans.• Includes armed forces leave bonds and other U. S. Government bonds (.except savings bonds) and

all securities issued by State and local governments.• Mortgage debt to institutions on 1- to 4-family nonfarm dwellings.• Largely attributable to purchases of automobiles and other durable consumers' goods, although includ-

ing some debt arising from purchases of consumption goods. The other segments of individuals' debthave been allocated to the assets to which they pertain, viz, saving in insurance and securities.

NOTE.—In addition to the concept of liquid saving shown above, there are other concepts of individuals'saving with varying degrees of coverage currently in use. The series with the most complete coverage, thepersonal saving estimates of the Department of Commerce, is derived as the difference between personalincome and expenditures. Conceptually, Commerce saving includes the following items not includedwith SEC liquid saving: Housing net of depreciation, unincorporated business and farm items, such asnet plant and equipment, changes in net receivables, and changes in inventories. Government insuranceis excluded from the Commerce saving series. For a reconciliation of the two series, see table 6 of A Sup-plement to the Survey of Current Business, National Income, 1951 edition, and table 6 of the Survey of CurrentBusiness, July 1953.

Source: Securities and Exchange Commission.

179


TABLE G-13.—Sources and uses of gross saving, 1929-53

[Billions of dollars)

Period

1929 _ .

19301931 _193219331934 -- -

1935 __193619371938 - -1939 _

1940 -- -- - -1941 __1942 - - -19431944

1945 _194619471948 .1949

195019511952 __19532 _ _

1952: First halfSecond half _

1953* First halfSecond half 2

1952: First quarterSecond quarter _Third quarterFourth quarter

1953* First quarterSecond quarter. .Third quarterFourth 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

42.051.854.755.8

Per-sonal

saving

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

11.316.916.918.1

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

30.333.837.438.9

Statis-tical

discrep-ancy

-0.1__ rjL21.41.2.9

-.3.9

-1.0-.11.4

1.61.62.3.9

4.0

4.91.7.3

-3.2.2

.41.1.5

-1.3

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

8.37.1

-2.4-2.0

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

9.67.5

-2.4-2.2

Stateandlocal

-0.1

-.5-.7-.20)

.5

.7

.6

.9

.5

.3

.91.41.82.52.6

2.62.0.9

-.3-1.0

-1.3-.4-.1

.2

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

50.258.852.353.8

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

52.558.652.555.7

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

-2.3.3

—.2-1.9


52.756.8

55.8(')

51.653.853.859.8

54.557.255.7(')

14.819.0

17.518.7

15.014.519.418.6

17.717.218.818.6

37.037.7

39.3(3)

36.637.535.839.6

38.540.037.0(»)

0.9.1

-.9(3)

.01.8

-1.41.6

-1.7.0

-.1(»)

-1.3-3.5

s7

1.0-3.6-3.6-3.4

-1.0-.4

-1.6(»)

-0.8-4.0

-1.0(')

1.8-3.4-4.1-3.?

-.3-1.6-2.3(»)

-0.6.4

.3(3)

-.80

.5

.3

—.71.2.8

0

51.353.3

55.052.4

62.550.150.356.3

53.356.854.250.5

50.055.1

57.353.9

50.449.652.357.9

55.459.356.351.5

1.3-1.8

-2.3-1.6

2.1.5

-2.0-1.6

-2.1-2.5-2.1-1.0

1 Less than 50 million dollars.2 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.* Not available.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

180


TABLE G—14.—Realized gross and net income of farm operators from farming, 1935—39 averageand 1940-53»

Period

1935-39 average

194019411942 . _19431944

194519461947- ._19481949

1950 .195119521953 <

Realizedgross

farm in-come

Farmproduc-tion ex-penses

Realized net farm income

Amount

Millions of dollars

10, 372

10, 92013, 70718, 59222, 87024, 113

25,32328, 96734, 00234, 52031, 763

32,06636, 96236, 52635, 100

5,742

6,6227,6559,743

11, 33012, 143

13, 03714, 77417, 22818, 91618, 170

19, 70422, 31723, 02722,600

«4,630

4,2986,0528,849

11, 54011, 970

12, 28614, 19316, 77415,60413, 593

12, 36214, 64513, 49912,500

Percentof

realizedgross

income

44.6

39.444.247.650.549.6

48.549.049.345.242.8

38.639.637.035.6

Purchas-ing

power in1935-39dollars a

Millionsof dollars

4,630

4,3865,7647,3748,6128,489

8,3588,7078,7827,7256,935

6,2436,7806,1645,730

Realized net in-come per farm

Amount

$698

677962

1,4271,8951,994

2,0592,3942,8562,6882,375

2,1892,6172,4392,270

Purchas-ing

power in1935-39dollars a

$698

691916

1,1891,4141,414

1,4011,4691,4951,3311,211

1,1061,2121,1141,040

Realized net in-come per farm-family worker

Amount

$507

518755

1,1131,4411,498

1,5591,7512,0671,9441,763

1,7052,0932,0001,880

Purchas-ing.

power in1935-39dollars *

$507

528719928

1,0751,063

1,0611,0741,082

962899

861969913860

1 Includes Government payments but, unlike the net farm income series of appendix tables G-7 and G-9,excludes changes in farm inventories. Based on the latest revisions of the series on cash receipts from farmmarketings and production expenses, which the farm income series of appendix tables G-7 and G-9 have notyet taken fully into account. Realized net income per farm-family worker computed by Council ofEconomic Advisers.

* Dollar estimates in current prices divided by the index of prices paid by farmers for family living itemsconverted from the reported base 1910-14=100 to the base 1935-39=100.

a Realized net farm income for 1939 (used in computing relatives in appendix table G-53) was 4,261 milliondollars.

4 Estimates based on incomplete data.

Source: Department of Agriculture (except as noted).

181


EMPLOYMENT AND WAGES

TABLE G-15.—Total population 74 years oj age and over and the labor force, 1929-53

Period

Monthly average: «1929

193019311932..19331934

19351936193719381939

194019411942...19431944

19451946 .- -194719481949

1950195119521953*

1952: First half.Second half

1953' First half4

Second half4

1952* JanuaryFebruaryMarchAprilMay

JulyAugust _SeptemberOctoberNovemberDecember .. _

Totalpopu-

lation »

Totallaborforce

(includ-ing

armedforces)1

Armedforces i

Civilian labor force

Total

Employment 8

Total Agricul-tural

Non-agri-

cultural

Unem-ploy-ment

Thousands of persons 14 years of age and over

87, 910

89. 44090,60091, 70092, 84094, 080

95,35096. 58097, 74098, 980

100, 210

101, 490102, 640103. 690104, 750105, 750

106, 620107, 590108, 831109, 924111, 095

112, 2371 13, 382114, 589116, 576

114, 275114, 925

116,272116,893

114, 002114,095114,193114,275114,377114,481114, 589114,696114,805114,925115,030115, 134

•

49, 440

50, 08050, 68051, 25051, 84052, 490

53, 14053, 74054, 32054. 95055, 600

56, ISO57. 53060,38064, 56066, 040

65, 29060.97061, 75862. 89863, 721

64. 74965, 98266, 56066,965

65,94567, 175

66. 67067, 260

65. 24165, 37865, 15665,41066,44868. 03467, 79267, 56967, 31666,71667, 19766,459

260

260260250250260

270300320340370

5401,6203,9709,020

11, 410

11, 4303,4501,5901,4561,616

1,6503,0983,5943,547

3,6043,584

3,5423,553

3,4613.5403,6383, 6663,6703,6443,6163,6113,6183.5703,5513,538

49, 180

49, 82050,42051,00051,59052,230

52, 87053,44054,00054.61055, 230

55, 64055. 91056,41055, 54054.630

53,86057, 52060, 16861, 44262, 105

63,09962. 88462, 96663,417

62, 34163, 591

63, 12863, 706

61, 78061,83861,51861,74462, 77864.39064.17663,95863,69863, 14663, 64662,921

47,630

45, 48042. 40038, 94038.76040,890

42, 26044. 41046. 30044, 22045, 750

47. 52050.35053, 750M. 47053,960

52. 82055. 25158,02759. 37858, 710

59. 95761,00561, 29361, 894

60, 51262, 075

61,49462,294

59, 72659, 75259,71460. 13261. 17662. 57262.23462, 35462, 26061,86262, 22861, 509

10,450

10, 34010.29010, 17010.0909,900

10,11010,0009,8209,6909,610

9,5409,1009,2509,0808,950

8,5808,3208. 2667.9738,026

7,5077,0546,8056,528

6,6346,976

6,1546,902

6,1866,0646.0126,4126,9608,1707,5986.9647,5487,2746,7745,697

37, 180

35, 14032.11028, 77028, 67030,990

32, 15034,41036. 48034, 53036, 140

37, 98041. 25044, 50045. 39045, 010

44, 24046, 93049. 76151, 40550,684

52. 45053. 95154, 48855,366

53,87855, 099

55, 34055, 392

53, 54053, 68853, 70253, 72054, 21654, 40254,63655. 39054, 71254, 58855,45455,812

1,550

4,3408,020

12, 06012, 83011, 340

10, 6109,0307,700

10.3909,480

8,1205,5602.6601,070

670

1,0402,2732,1422,0643,395

3,1421,8791,6731,523

1,8291,516

1,6341,412

2,0542,0861,8041,6121, 6021.8181,9421,6041, 4381, 2841,4181,412

Totallabor

force aspercentof totalpopu-lation

56.2

56.055.955.955.855.8

55.755.655.655.555.5

55.456.158.261.662.4

61.256.756.757.257.4

57.758.258.157.4

57.758.5

57.357.6

57.257.357.157.258.159.459.258.958.658.158.467.7

Unem-ploy-

ment as)ercentof civil-

ianlaborforce

3.2

8.715.923.624 921.7

20.116.914.319.017.2

14.69.94.71.91.2

1.94.03.63.45.5

5.03.02.72.4

2.92.4

2.62.2

3.33.42.92.62.62.83.02.52.32.02.22.2


183


TABLE G—15.— Total population 14years of age and over and the labor force, 1929—53—Con.

Period

1953: January *. _ _FebruaryMarch.AprilMay _JuneJuly ...AugustSeptember _.OctoberNovember..December...

Totalpopu-lation i

Totallaborforce

(includ-ing

armedforces)i

Armedforces i

Civilian labor force

Total

Employment 2

Total Agricul-tural

Non-agri-

cultural

Unem-ploy-ment

Thousands of persons 14 years of age and ov er

115, 635115, 923116, 199116, 272116, 375116,476116,576116,676116, 786116,893116,988117, 078

65, 95966,25566,67966, 33866, 49768,29068, 25868, 23867, 12766, 95466,87466, 106

3,5433, 5433,5453,5283,5333,5563,5903,5903,5753.5503,5203,492

62,41662, 71263, 13462, 81062, 96464,73464,66864,64863, 55263, 40463,35362, 614

60, 52460, 92461, 46061, 22861. 65863, 17263, 12063, 40862, 30662, 24261, 92560, 764

5,4525, 3665,7206,0706,390.7,9267,6287,2747, 2627,1596,6515,438

55, 07255, 55855, 74055, 15855,26855, 24655, 49256, 13455, 04455, 08355, 27455, 326

1,8921,7881,6741, 5821,3061,5621,5481,2401,2461,1621,4281,850

Totallabor

force aspercentof totalpopu-lation

57.057.257.457.157.158.658.658.557.557.357.256.5

Unem-ploy-

ment aspercentof civil-

ianlaborforce

3.02.92.72.52.12.42.41.92.01.82.33.0

1 Data for 1940-52 revised to include about 150,000 members of the armed forces who were outside of thecontinental United States in 1940 and who were, therefore, not enumerated in the 1940 Census and wereexcluded from 1940-52 estimates.

2 Includes part-time workers and those who had jobs but were not at work for such reasons as vacation,illness, bad weather, temporary layoff, and industrial disputes.

3 Monthly averages except for population, which are estimates for the middle of the period. See appendixtable G-ll for total population.

* See Monthly Report on the Labor Force, March and September 1953, series P-57, Nps. 129 and 135,respectively for revisions in estimating procedure. In order to make the data beginning with January 1953comparable with prior months, the following adjustments should be made:

[Thousands of persons 14 years of age and over]

Period of year

JanuaryFebruaryMarch- AugustS eptember-D ecemberFirst-half averageSecond-half averageAnnual average . _ _ - _ _ _ _ _

ulation

-200-400-600-600—505-600-560

Total labor

civilianlabor force

-130—260-400-400-335-400-375

Total

-130—260-400-400-335-400-375

Employment

Agricul-tural

-80-160—250-450-210-380-300

Nonagri-cultural

-50-100-150+50

-125-20-75

NOTE.—Labor force data are based on a survey made during the week which includes the 8th ofthe month. Monthly population data are for the 1st of the month.

Detail will not necessarily add to totals because of rounding.

Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.

,284874—54 13 183


TABLE G—16.—Labor force, employment, and unemployment: Total, males 20 to 64 years of age,and all others, 1929-53


Period

Monthly average:1929

19301931...193219331934 _ ..

19351936193719381939.. . .

19401941...194219431944 „

1945 ..19461947 . _19481949

1950195119521953 4

1952: First half. _.Second half.

1953: First half...Second half *_

1952: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1953- January 4

FebruaryMarchAprilMayJuneJulvAugustSeptemberOctoberNovemberDecember

Civilian labor force *

Total

49, 180

49, 82050, 42051, 00051, 59052, 230

52, 87053, 44054, 00054, 61055, 230

55, 64055, 91056, 41055, 54054, 630

63, 86057, 52060, 16861, 44262, 105

63, 09962, 88462, 96663, 417

62, 34163, 591

63, 12863, 706

61, 78061, 83861, 51861, 74462, 77864, 39064, 17663, 95863, 69863, 14663, 64662, 921

62, 41662, 71263, 13462, 81062, 96464, 73464, 66864, 64863, 55263, 40463, 35362, 614

Males,20 to 64years

(2)

(2)(2)(2)(2)(2)

(2)(2)(2)(2)(2)

3 34, 8703 34, 390

34, 20030, 81029, 690

29. 42035, 72037, 82238. 30338, 569

38, 86338, 18638, 14438, 673

38, 06538, 221

38, 59838, 748

37, 92637, 97637, 99638, 02238, 13438, 33438, 41238, 31638, 12438, 07838, 07638, 317

38, 34038, 49438, 66638, 61038, 67038, 81038, 91838. 91238, 69838, 50438, 65938, 797

Allothers

(2)

88(2)(2)(2)(2)(2)(2)

3 20, 7703 21, 520

22, 21 024, 73024, 940

24, 44021, 80022, 34623, 13923, 536

24, 23624, 69824, 82224, 744

24, 27725,370

24, 53024, 958

23, 85423, 86223, 52223, 72224, 64426, 05625,76425,64225, 57425, 06825, 57024, 604

24, 07624, 21824, 46824, 20024, 29425, 92425, 75025, 73624, 85424, 90024, 69423, 817

Employed

Total

47, 630

45, 48042,40038, 94038, 76040, 890

42, 26044,41046, 30044, 22045, 750

47, 52050, 35053, 75054, 47053, 960

52, 82055, 25158, 02759, 37858, 710

59, 95761, 00561, 29361, 894

60, 51262, 075

61, 49462, 294

59, 72659, 75259, 71460, 13261, 17662, 57262, 23462, 35462, 26061, 86262, 22861, 509

60, 52460, 92461, 46061, 22861, 65863, 17263, 12063, 40862, 30662, 24261, 92560, 764

Males,20 to 64years

(2)

(2)(2)(2)(2)(2)

(2)(2)

8(2)

3 29, 8303 31, 200

32. 87030, 45029, 460

28, 92034, 16836, 56737, 20636, 639

37, 15837, 35137. 36637, 878

37, 19137, 541

37, 72638, 029

36, 85636, 93837, 05837, 25037, 43037, 61437, 55837, 58637, 49437, 55637, 47037, 583

37, 25237, 51237, 80037, 70837, 95638, 13038, 19838, 31038, 08537, 95237, 90837, 719

Allothers

(2)

i(2)(2)(2)(2)(2)

3 17, 6903 19, 150

20, 88024, 02024, 500

23, 90021, 08221, 46022, 17222, 071

22, 79923, 65423, 92724, 016

23, 32124, 533

23, 76824, 266

22, 87022, 81422, 65622, 88223, 74624, 95824, 67624, 76824, 76624, 30624, 75823, 926

23, 27223, 41223, 66023, 52023, 70225, 04224, 92225, 09824, 22124, 29024, 01723, 045

Unemployed

Total

1,550

4,3408,020

12, 06012, 83011, 340

10, 6109,0307,700

10,3909,480

8,1205,5602,6601,070

670

1,0402,2732,1422,0643,395

3,1421,8791,6731,523

1,8291,516

1,6341,412

2,0542,0861,8041,6121,6021,8181,9421,6041,4381,2841,4181,412

1,892,788,674,582,306,562,548,240,246,162

1,4281,850

Males,20 to 64years

(2)

(2)(2)(2)(2)(2)

(2)(2)(2)(2)(2)

3 5, 0408 3, 190

1,330360

(2)

(2)1,5481,2561,0991,929

1,704835776795

874679

872719

1,0701,038

938772704720854730630522606734

1,088982866902714680720602612551751

1,077

Allothers

(2)

(2)(2)(2)(2)(2)

(2)(2)(2)(2)(2)

3 3, 0803 2, 370

1,330710

(2)

(2)725886965

1,466

1,4381,044

897728

956837

762694

9841,048

866840898

1,0981,088

874808762812678

804806808680592882828638634611677773

1 Includes part-time workers and those who had jobs but were not at work for such reasons as vacation,illness, bad weather, temporary layoff, and industrial disputes.

2 Not available.3 Since figures for the 20-64 age group are not available, those for the 14-55 age group were used.* Not entirely comparable with earlier data; see appendix table G-15, footnote 4.


Sources: Department of Labor (1929-39) and Department of Commerce (1940-53).

184


TABLE G—17.—Employed persons with a job but not at work, by reason for not working, 1946—53


Period

Monthly average:1946 2,2581947 2,4741948 2,7511949 2,530

1950 2,6481951 2,6801952 2,8141953 2,682

1952: First half 2,389Second half 3,238

1953: First half 2,247Second half 3,116

1952: January 2,182February 2,110March 2,206April 2,136May 2,168June 3,532July 6,156August 5,342September 2,566October 1,944November 1,696December 1, 725

1953: January 2,358February 2,362March 1,996April 2,168May 1,982June 2,618July 6,126August 4,924September 2, 696October 1,595November 1,687December 1,671

Total em-ployed per-sons witha job but

not atwork

Economic reasons

Total Temporarylayoff i

155215262286

208220259241

261256

231252

224272234258238340262370336220198152

274198176204264270222302278219253238

97123141185

92117142142

157126

123161

14215414218814217415023094929894

19411084100126122144170141133183195

New jobor busi-ness 2

5892121101

116103117100

104130

10891

8211892709616611214024212810058

9210413814878132137867043

All otherreasons 3

2,1032,2592,4892,244

2,4402,4602, 5552,440

2,1282,982

2,0162,864

1,9581,8381,9721,8781,9303,1925,8944,9722, 2301,7241,4981,573

2,0842,1641,8201,9641,7182,3485,9044,6222,4181,3761,4341,433

1 Includes persons whofhad been temporarily laid off from their jobs with definite instructions to returnto work within 30 days of layoff.

2 Includes persons who had a new job or business to which they were scheduled to report within the" fol-lowing 30 days. |s*

3 Includes persons who were not at work because of bad weather, industrial dispute, vacation, illness, andall other reasons.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

185


TABLE G—18.—Unemployed persons by duration of unemployment, 1946—53

Period

Monthly average:1946194719481949 _

19501951 _ . _ . _19521953 _..

1952: First half. _ .Second half


1952' JanuaryFebruary.- -March -A prilMay _ _ .JuneJulyAugustSeptember _ _OctoberNovemberDecember _

1953* JanuarvFebruary _ _ _ - _ _ _ . _MarchApril . - .MayJuneJulyAugust--. _ - _ _September _ _OctoberNovember _ _ _December

Total un-employed

Duration of unemployment

10 weeksand under

11-26weeks

Over 26weeks

Thousands of persons 14 years of age and over

2,2732,1422,0643,395

3,1421,8791, 6731,523

1,8291,516

1, 6341,412

2, 0542,0861,8041,6121,6021,8181,9421,6041,4381,2841,4181,412

1,8921,7881,6741,5821,3061,5621,5481,2401,2461,1621,4281,850

i 1, 5681, 5521,5922,381

2,0611,4241,3161,222

1,4081,222

1,2531,192

1,6381,6201,2981,1161,2481,5281,6501,2941,1161,0161,1521,107

1,4741,4101,2061,194

9821,2541,2921,0021, 051

9631,1801,662

2564427357758

726319274230

323224

298161

308372410370254224222252262190212209

326292372312266220182176139154192124

141164116256

3571378471

9869

8359

1089496

12610066705860785496

928696765888746256465564

Averagedurationof unem-

ploy-ment

Weeks

(\88.6

10.0

12.19.78.37.9

8.78.0

8.77.1

8.98.99.2

10.18.66.66.87.48.09.09.08.6

8.98.59.58.98.77.47.27.76.96.86.97.1

1 Under 3 months.2 3 to 6 months.3 Not available.


Source: Department of Commerce.

186


TABLE G—19.—Insured unemployment under State unemployment insurance programs, by geographicdivision, 1939 and 1946-53 1

[Thousands of persons]

Period

Weekly average:1939

194619471948 _ _1949

1950195119521953


1953: First halfSecond half _

1952: January __FebruaryMarchApril....MavJuneJulyAugustSeptemberOctoberNovember .December


Conti-nentalUnitedStates

1,086.1

1, 294. 51,007.9

998.81, 970. 0

1, 497. 5965.5

1, 018. 9988.1

1, 184. 1853.6

989.4986.8

, 384. 1, 284. 1, 192. 3, 143. 9, 075. 5, 024. 9, 228. 5997.6687.1631.4685.8891.5

1, 155. 91,083.61, 014. 5

960.6889.0832.7861.1816.1779.4840.0

1,115.11, 508. 9

NewEng-land

98.5

85.397.0

104.8226.4

145.9100.9100.878.5

121.979.5

77.080.0

123.3113.1110.3135.2131.5118.3116.795.572.560.860.471.1

88.281.476.379.674.661.966.664.066.173.191.6

118.7

Mid-dleAt-

lantic

305.9

410.2340.9318.8599.0

466.5314.2318.6303.4

369.3268.0

306.8299.9

415.8373.2355.3359.5356.4355.7383.9290.3217.8211.6223.4280.8

350.9310.9301.4313.5289.1275.0283.8257.0251.2246.2331.3430.1

EastNorthCen-tral

208.2

274.5149.0159.9380.9

268.9172.3188.3164.4

202.1174.3

132.4196.5

259.3226.1194.5184.3173.0175.4321.8267.3127.2102.9101.9124.9

157.9138.3122.3121.2124.8130.0140.2155.8152.4179.3233.2318.1

WestNorthCen-tral

73.8

71.348.044.275.9

71.845.446.262.3

58.933.4

58.146.5

76.576.171.059.240.730.040.936.625.123.228.745.7

70.274.368.953.642.639.038.131.132.339.856.081.9

SouthAt-

lantic

124.7

86.880.180.1

176.3

134.490.999.2

107.7

108.790.0

105.2110.3

116.9106.899.8

104.8110.1113.6128.5105.379.370.971.384.6

111.7105.6104.1101.0103.5105.2112.5101.891.793.8

113.9148.2

EastSouthCen-tral

63.6

64.150.049.1

104.4

81.860.769.169.0

76.361.6

69.268.7

81.479.178.574.871.872.483.269.454.250.251.961.0

75.775.071.369.366.257.560.958.752.459.777.4

103.2

WestSouthCen-tral

60.7

60.842.935.871.4

70.342.144.750.0

53.635.7

53.346.5

58.763.360.753.146.439.741.439.129.627.032.644.6

57.261.258.251.048.044.246.245.137.338.547.264.8

Moun-tain

30.2

18.813.515.029.4

29.415.115.820.4

21.99.8

23.717.1

30.731.928.318.911.410.09.97.76.16.29.6

19.4

30.733.529.121.115.112.812.712.711.012.819.533.9

Pacific

120.7

222.6186.4190.7306.1

228.3124.2136.3142.4

171.3101.3

163.6121.1

221.5214.0193.9154.2134.3110.1101.986.775.278.2

106.0159.8

213.2203.4182.7150.4125.1107.1100.090.085.096.6

144.9209.9

1 Represents weekly average volume of total or partial unemployment during the year for which claimswere filed for waiting period credit or benefit payments. Regional composition: New England—Maine,New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut; Middle Atlantic—New York,New Jersey, Pennsylvania; East North Central—Ohio, Indiana, Illinois, Michigan, Wisconsin; WestNorth Central—Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska, Kansas; SouthAtlantic—Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, SouthCarolina, Georgia, Florida; East South Central—Kentucky, Tennessee, Alabama, Mississippi; WestSouth Central—Arkansas, Louisiana, Oklahoma, Texas; Mountain—Montana, Idaho, Wyoming, Colo-rado, New Mexico, Arizona, Utah, Nevada; Pacific—Washington, Oregon, California.

NOTE.—State unemployment insurance programs exclude from coverage agricultural workers, govern-ment employees, self-employed persons, domestic servants, workers in very small firms (in most States),employees in nonprofit organizations, and railroad workers (who have a separate unemployment insurancesystem under the Railroad Retirement Board). The data also exclude unemployed veterans filing claimsunder the Servicemen's Readjustment Act or the Veterans Readjustment Assistance Act.

Detail will not necessarily add to totals because of rounding.

Source: Department of Labor.

187


TABLE G—20.—Labor turnover rates in manufacturing industries, 1930—53

[Rates per 100 employees]

Period

Separation rates

Total Quit* LayoffDischarge,military,and mis-

cellaneous *

Accessionrates

Monthly average:a

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949.

1950-.1951195219533

1952: First halfSecond half.__

1953: First halfSecond half 3_


1953: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember _ _ _OctoberNovemberDecember

5.04.04.43.84.1

3.44.44.13.1

3.43.96.57.36.8

8.36.14.84.54.3

3.54.44.14.3

3.94.3

4.14.6

4.03.93.74.13.93.95.04.64.94.23.53.4

3.83.64.14.34.44.24.34.85.24.54.24.3

.7

1.11.3

.92.03.85.25.1

5.14.33.42.81.5

1.92.42.32.3

2.12.6

2.52.2

1.91.92.02.22.22.22.23.03.52.82.11.7

2.12.22.52.72.72.62.52.93.12.11.51.1

3.02.93.52.73.0

2.52.03.03.42.2

2.21.31.1.6.6

2.31.21.01.32.4

1.11.21.11.4

1.21.0

.91.8

1.41.31.11.31.11.12.21.0.7.7.7

1.0

.9

1.0.9

1.11.31.51.82.32.9

.4

.2

.2

.2

.2

.2

.2

.2

.1

.1

.3

.61.71.51.1

3.13.13.35.44.7

4.24.43.63.84.1

4.45.47.67.56.1

6.36.75.14.43.5

4.44.44.43.9

4.14.7

4.43.4

4.43.93.93.73.94.94.45.95.65.24.03.3

4.44.24.44.34.15.14.14.34.03.32.71.9

1 Prior to 1940, military and miscellaneous separations are included with quits.2 Averages computed by Council of Economic Advisers from published monthly rates.3 Estimates based on incomplete data.


Source: Department of Labor (except as noted).

188


TABLE G-21.—Number of wage and salary workers in nonagricultural establishments, 7929—53 l

[Thousands of employees]

Period


19301931193219331934

19351936193719381939

19401941194219431944-

194519461947- _.-19481949

1950195119521953* ...

1952: JanuaryFebruaryMarchAprilMayJune ._JulyAugust . __.SeptemberOctoberNovemberDecember

1953: JanuaryFebruaryMarchAprilMayJune__JulyAugustSeptemberOctoberNovemberDecember *.„

Totalwageand

salarywork-

ers

31, 041

29, 14326, 38323, 37723, 46625, 699

26, 79228. 80230, 71828, 90230, 287

32, 03136, 16439, 69742, 04241, 480

40, 08941, 41243, 43844, 38243, 295

44, 69647, 20247, 99349, 146

Manufacturing

Total

10, 534

9,4018,0216,7977,2588,346

8,9079,653

10, 6069, 253

10, 078

10, 78012, 97415, 05117, 38117, 111

15, 30214, 46115, 29015, 32114, 178

14, 96716, 08216, 20917, 009

Dur-able

goods

(3)

(3)(3)(3)8(3)(3)(3)(3)

4,683

5,3376, 9458, 804

11, 07710, 858

9,0797,7398, 3728,3127,473

8,0859,0719,2629,951

Non-dura-ble

goods

(3)

(3)(3)(3)(3)(3)

88

5,394

5, 4436, 0286,2476,3046,253

6,2226, 7226,9187,0106,705

6,8827,0116, 9467,058

Min-ing

1,078

1,000864722735874

888937

1,006882845

916947983917883

826852943982918

889913872832

Con-tractcon-

struc-tion

1,497

1,3721,214

970809862

9121,1451,1121, 0551,150

1,2941,7902,1701,5671,094

1, 1321,6611,9822,1692,165

2, 3332,5882,5722,537

Trans-porta-tionand

publicutili-ties

3,907

3,6753,2432, 8042, 6592,736

2,7712,9563,1142, 8402,912

3,0133,2483,4333, 6193,798

3,8724,0234,1224,1413,949

3,9774, 16G4,2204,275

Trade 2

6,401

6,0845,5314,9074,9995,552

5,6926,0766, 5436,4536,612

6,9407, 4167, 3337,1897,260

7, 5228. 6029,1969,5199,513

9,64510. 01310, 25110, 475

Fi-nance

1,431

1,3981,3331,2701,2251.247

1,2621,3131, 3551,3471,382

1,4191,4621,4401,4011,374

1, 3941,5861, 6411,7111,736

1,7961,8611,9572,032

Serv-ice 2

3,127

3,0842, 9132,6822,6142,784

2,8833,0603, 2333,1963,321

3,4773,7053,8573,9193, 934

4, 0554,6214,8074,9255,000

5,0985,2075,2805,315

Gov-ern-

ment(Fed-eral,

State,and

local)

3,066

3,1493,2643,2253,1673,298

3,4773,6623,7493,8763,987

4,1924,6225,4316,0496,026

5, 9675,6075,4565,6145,837

5,9926,3736,6336,671

Seasonally adjusted

47, 49447, 70947, 68047, 62447, 67047, 47147, 33648, 0394S, 40648. 66448, 85748, 957

49, 01449, 11349, 14849, 15449, 29749, 48649, 51149, 30349, 21649, 20548, 84348, 462

16, 01816, 07616, 09716,14316, 08215, 77115,60916, 15116, 412] 6, 54616, 75516, 870

16, 94917, 03917, 16817, 22917, 27617, 31917, 30317, 12716, 95916, 78816, 58716, 360

9,1219,1819,2029,2579,2278, 8638, 6529, 1819,4219. 5399, 6999;797

9,8719,965

10, 06810,11810, 13510, 16110, 15010, 0509,9369,8249,6489, 481

6, 8976,8956,8956,8866, 8556, 9086,9576,9706, 9917,0077, 0567,073

7,0787,0747,1007,1117,1417, 1587,1537,0777, 0236, 9646, 9396, 879

909905907893890812777883880867870871

872867854838833831816821820807813812

2, 5622, 6112,5422,5362. 5182,5872, 5952, 6042,6112,5742,5712,548

2, 5312, 5622, 5292, 5172,4842,5082, 5112,5142, 5712, 6072, 5832,532

4, 1844,2044,2104,1704,1874, 1934, 1544,2094.2594,3034, 2934,281

4,2464, 2614,2724,2664, 2824,2824, 2934,2874, 3014,3164,2794,219

10, 13410, 14010, 14610,13510, 18410, 24610, 27310, 26110, 33310, 39010, 36610, 397

10, 43710, 44510, 39010, 40210, 46610, 52110, 52410,48910, 50310, 56210, 48210, 481

1,9111, 9161, 9211,9311, 9401,9521, 9671, 9801, 9861, 9931,9931; 988

1,9891,9871,9932,0042, 0152,0262,0442,0552, 0642,0682,0692,065

5, 2495, 2595,2575, 2665,2705, 2815,3025, 2995,2855, 3035, 2925,290

5,2985,3005, 3055, 3075,3045, 3175, 3335,3295,3135,3305, 3235,321

6, 5276,5986,6006,5706,5996, 6296,6596, 6526, 6406, 6886,7176, 712

6, 6926, 6526,6376,5916,6376,6826,6876,6816,6856, 7276,7076,672

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 unpaid family workers. Not comparable withestimates of nonagricultural employment of the civilian labor force (appendix table G-15) which includeproprietors, self-employed persons, and domestic servants, which count persons as employed when theyare not at work because of industrial disputes, bad weather, or temporary layoffs, and which are based onan enumeration of population, whereas the estimates in this table are based on reports from employingestablishments.

2 Beginning with 1939, data are not strictly comparable with data shown for earlier years because of theshift of the automotive repair service industry from the trade to the service division.

3j;Not available.4 Estimates based on incomplete data.

f NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Department cf. Labor and Board of Governors of the Federal Reserve System.

189


TABLE G—22.—Average weekly hours of work in selected industries, 1929—53

Period

1929

19301931..1932 _1933 .1934

19351936 .19371938..1939

1940..19411942..19431944..

1945 .194619471948.1949

I960195119521953 »

1962: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...October. _ .NovemberDecember

1953: JanuaryFebruaryMarchAprilMayJune .-JulyAugustSeptemberOctoberNovemberDecember 8_ _

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

40.540.740.740.5

40.840.740.639.840.240.539.940.541.241.441.141.7

41.040.941.140.840.740.740.340.539.940.340.040.1

Durablegoods

(2)

00

32.634.833.9

37.341.040.035.038.0

39.342.145.146.646.6

44.140.240.640.539.5

41.241.641.541.2

41.841.741.640.841.141.240.241.041.942.241.942.5

41.841.741.941.641.541.440.841.140.641.040.640.8

Non-durablegoods

(2)

841.940.035.1

36.137.737.436.137.4

37.038.940.342.543.1

42.340.540.139.638.8

39.739.539.639.5

39.439.439.238.438.939.539.439.940.340.340.140.5

39.839.740.039.539.539.739.639.639.039.239.139.2

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

35.035.234.234.5

38.535.935.429.931.828.528.136.238.932.335.536.4

35.432.733.132.134.436.534.437.334.636.232.6(2)

Build-ingcon-

struc-tion

(2)

(a)0

28.9

30.132.833.432.132.6

33.134.836.438.439.6

39.038.137.6

• 37.336.7

36.337.238.137.0

37.537.936.837.637.938.838.538.538.838.737.138.2

36.937.136.836.937.337.737.137.636.137.536.4(2)

Class Irail-

roads *

(2)

888843.7

44.345.847.048.748.9

48.546.046.446.243.7

40.841.040.6(2)

41.741.340.241.439.939.739.940.141.041.939.140.8

39.940.540.741.339.841.842.140.340.640.9(2)(2)

Tele-phone

(2)

8I§38.838.939.1

39.540.140.541.942.3

441.739.437.439.238. 5

38.939.138.538.7

38.738.538.534.938.739.039.339.039.038.938.938.8

38.638.338.238.338.739.039.038.739.438.638.9(2)

Whole-sale

trade

(2)

I841.342.642.842.2

»41.7

41.241.041.342.242.9

42.741.541.040.940.7

40.740.740.640.4

40.740.440.440.140.440.540.640.640.740.740.740.9

40.440.540.440.340.340.440.540.440.440.640.5(2)

Retailtrade

'excepteatingand

drink-ing

places)

(2)

88(2)

42.7

42.542.141.140.340.4

40.340.740.340.340.4

40.540.239.939.3

39.939.939.939.939.740.340.640.539.739.439.039.8

39.339.239.239.139.039.439.939.839.139.038.9(2)

Hotels(year-

round)

(2)

(2)(2)

(2)

(2)

§45.945.6

45.945.545.645.245.4

45.645.445.244.344.2

43.943.242.642.3

42.842.842.542.842.642.642.442.642.442.442.342.9

42.442.342.142.542.142.042.242.342.042.642.6

(2)

* New series. Averages are based upon monthly data (exclusive of switching and terminal companies)summarized in the M-300 report by the ICC and relate to all employees who received pay during the month,except executives, officials, and staff assistants (ICC Group I). Beginning September 1949, data reflect areduction in basic workweek from 48 to 40 hours.

i Not available.3 Not strictly comparable with previous data.< 9-month average, April through December, because of new series started in April 1945. Beginning with

June 1949 data relate to nonsupervisory employees only.6 Estimates based on incomplete data.NOTE.—Data are for production workers in manufacturing and mining, construction workers in building

construction, and for nonsupervisory employees in other industries. Data are for payroll periods endingclosest to the middle of the month. The annual figures for 1953 are straight arithmetic averages of themonthly figures and not strictly comparable with the averages for earlier years which have been weightedby data on employment.


190


TABLE G-23.—Average gross hourly earnings in selected industries, 1929—53

Period

1929__

19301931.--19321933 _ _1934

19351936193719381939

1940194119421943 -1944

19451946194719481949

1950195119521953 7


1953: January.FebruaryMarchAprilMay__June .JulyAugustSeptemberOctoberNovemberDecember 7...

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

1.4651.591.671.77

1.631.641.651.651.651.651.641.661.691.701.711.73

1.741.741.751.751.761.761.771.771.791.781.791.79

Dura-ble

goods

(4)

(4)(4)

$0. 497.472.556

.577

.586

.674

. 686

.698

.724

.808

.9471. 0591.117

1.1111.1561.2921.4101. 469

1.5371.671.761.87

1.721.721.741.741.741.741.731.761.801.811.821.83

1.841.851.851.861.861.871.881.881.901.901.891.89

Non-dura-

blegoods

(4)

(«)(4)

$0.420.427.515

.530

.529

.577

.584

.582

.602

.640

.723

.803

.861

.9041.0151.1711.2781.325

1.3781.481.541.61

1.521.521.531.531.531.531.541.541.541.541.561.57

1.581.581.591.591.601.601.611.611.631.621.631.64

Bitu-minous

coalmining

$0. 681

.684

.647

.520

.501

.673

.745

.794

.856

.878

.886

.883

.9931.0591. 1391.186

1.2401.4011.6361.8981.941

2.0102.212.292.48

2.242.242.242.232.212.262.262.232.262.342.432.52

2.482.492.472.482.472.502.472.492.492.472.48

(4)

Build-ingcon-

struc-tion

(4)

(0(4)(4)(4)

$0. 795

.815

.824

.903

.908

.932

.9581.0101.1481. 2521.319

1.3791.4781. 681

81.8481.935

2.0312.192.312.47

2.262.272.282.282.262.252.292.312.352.382.392.40

2.412.422.442.442.442.442.472.492.522.522.53

(4)

Class Irail-

roads *

(4)

(4)(4)(4)(4)(4)

(4)(4)(4)(4)

$0. 730

.733

.743

.837

.852

.948

.9551.0871.1861.3011.427

1.5721.731.83

(4)

1.801.831.811.791.801.821.831.851.861.851.901.87

1.871.901.851.861.871.861.861.871.881.89

(4)(4)

Tele-phone

(4)

(4)(4)(4)(4)(4)

(4)(4)

$0. 774.816.822

.827

.820

.843

.870

.911

8.962.124.197.248.345

.398

.491.591.68

1.541.551.541.551.571.561.591.591.611.641.661.64

1.651. 661.651.651.671.671.651.661.731.711.75

(4)

Whole-sale

trade

(4)

(4)(4)

8(4)

$0. 648.667.698

fl.700.715

.739

.793

.860

.933

.985

1.0291.1501. 2681. 3591.414

1.4831.581.671.76

1.631.631.641.651.651.661.671.681.681.701.701.70

1.711.721.73.74.76.76.78.78.79.79.79(4)

Retailtrade

(excepteatingand

drinkingplaces)

(4)

(4)(4)

8(4)(4)(4)(4)(4)

$0. 542

. 553

.580

.626

.679

.731

.783

.893

.009

.088

.137

.176

.26

.32

.40

1.301.291.291.301.321.331.331.331.341.351.351.32

1.361.371.371.381.391.401.411.411.421.421.42(4)

Hotels(year-

round) 2

(4)

(4)(4)(4)(4)(4)

8(4)

$0. 329.335

.340

.357

.392

.451

.497

.537

.596

.650

.709

.743

.771

.82

.87

.91

.85

.86

.86

.86

.86

.86

.87

.87

.87

.88

.88

.88

.88

.89

.89

.89

.90

.91

.91

.91

.93

.93

.92(4)

Agri-cul-ture3

$0. 244

.228

.173

.130

.117

.130

.144

.154

.173

.168

.168

.171

.209

.271

.358

.428

.477

.520

.553

.580

.559

.561

.625

.661

.672

.693

.571

.664

.688

.715

.581

.675

.697

i New series. Averages are based upon monthly data (exclusive of switching 'and terminal Companies)summarized in the M-300 report by the ICC and relate to all employees who received pay during themonth, except executives, officials, and staff assistants (ICC Group I). Beginning September 1949, datareflect a wage rate increase and reduction in basic workweek from 48 to 40 hours.

i Money payments only; additional value of board, room, uniform, and tips not included.8 Composite rate per hour. Weighted average of all farm wage rates on a per hour basis.4 Not available.8 Not strictly comparable with previous data.8 9-month average, April through December. Series beginning April 1945 includes only employees subject

to provisions of the Fair Labor Standards Act and is not comparable with preceding series which includesall employees. Beginning June 1949, data relate to nonsupervisory employees.

? Estimates based on incomplete data.

NOTE.—Data are for production workers in manufacturing and mining, construction workers in buildingconstruction, and for all nonsupervisory employees in other industries. Data are for payroll periods endingclosest to the middle of the month. In the nonagricultural series, the annual figures for 1953 are straightarithmetic averages of the monthly figures and not strictly comparable with the averages for earlier yearswhich have been weighted by data on man-hours.

Sources: Department of Agriculture and Department of Labor.


TABLE G—24.—Average gross weekly earnings in selected industries, 1929—53

Period

1929

19301931193219331934

193519361937 .- .19381939 _ -

19401941194219431944

19451946194719481949

19501951195219536

1952: January. .FebruaryMarchAprilMayJuneJulyAugust...September...OctoberNovember...December

1953: January. ._FebruaryMarch .AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember fl_.

Manufacturing

Total

$25. 03

23.2520.8717. 0516. 7318. 40

20. 1321.7824. 0522. 3023. 86

25 2029. 5836. 6543.1446.08

44.3943. 8249.9754. 1454. 92

59. 3364. 7167.9771.55

66. 5066.7566.9965.6766. 3366.8365. 4467. 2369. 6370.3870.2872.14

71.3471.1771.9371.4071.6371. 6371. 3371.6971.4271. 7371.6071.78

Dura-ble

goods

$27. 22

24.7721.2816. 2116.4318.87

21.5224.0426.9124.0126.50

28.4434. 0442.7349.3052.07

49. 0546. 4952. 4657.1158.03

63.3269.4773.0477.20

71.9071.7272. 3870.9971. 5171. 6969.5572.1675. 4276.3876.2677.78

76.9177. 1577. 5277. 3877.1977.4276.7077.2777.1477.9076.7377.11

Non-durablegoods

$22. 93

21.8420.5017. 5716.8918.05

19. 1119.9421. 5321.0521.78

22.2724.9229.1334.1237.12

38. 2941.1446. 9650. 6151. 41

54. 7158. 4660.9863. 45

59.8959.8959.9858. 7559. 5260. 4460.6861.4562.0662. 0662. 5663. 59

62.8862. 7363.6062. 8163.2063. 5263. 7663. 7663. 5763. 5063. 7364.29

Bitumi-nouscoal

mining

$25. 72

22.2117.6913.9114.4718.10

19. 5822.7123.8420.8023.88

24.7130.8635.0241.6251. 27

52. 2558. 0366. 5972.1263.28

70. 3577.7978.3285.55

86.2480.4279.3066.6870.2864. 4163. 5180.7387.9175. 5886.2791.73

87.7981.4281.7679.6184.9791. 2584.9792.8886.1589.4180.85

Build-ing con-struc-tion

(3)

$22. 97

24. 5127.0130.1429.1930.39

31.7035. 1441.8048.1352.18

53. 7356. 2463. 30

4 68. 8570. 95

73. 7381.4788. 0191.31

84. 7586. 0383. 9085. 7385. 6587.3088.1788.9491.1892.1188. 6791.68

88.9389.7889.7990.0491.0191.9991. 6493.6290.9794. 5092.09

Class Irail-

roads i

(3)

$31. 90

32. 4734. 0339. 3441.4946.36

46.3250. 0055. 0360.1162.36

64.1470. 9374.30

75.0675. 5872.7674.1171.8272. 2573. 0274.1976.2677.5274.2976.30

74.6176. 9575. 3076.8274.4377.7578. 3175. 3676.3377.30

Tele-phone

(J)

(3)

8$30. 0331.7432. 14

32. 6732. 8834. 1436. 4538.54

840.1244.2944.7748.9251.78

54. 3858. 2661.2264.92

59. 6059. 6859. 2954. 1060.7660. 8462. 4962. 0162. 7963. 8064.5763.63

63.6963.5863. 0363. 2064.6365.1364.3564.2468.1666. 0168.08

(3)

Whole-sale

trade

(3)(3)

$27. 7226.1126. 37

26.7628.4129.87

4 29. 5429.82

30.4532. 5135. 5239. 3742. 26

43. 9447. 7351.9955. 5857. 55

60. 3664. 3167.8071.12

66.3465. 8566. 2666.1766.6667.2367.8068.2168. 3869. 1969.1969.53

69.0869. 6669.8970.1270.9371.1072.0971.9172.3272.6772.50

Retailtrade(excepteatingand

drink-ing

places)

(3)

(3)(3)

$23. 14

23. 5024.4225. 7327.3629.53

31 . 5536. 3540.6643. 8545.93

47. 6350. 6552. 6754.79

51. 8751. 4751.4751. 8752. 4053. 6054.0053. 8753. 2053. 1952. 6552.54

53. 4553.7053. 7053. 9654.2155.1656.2656. 1255.5255. 3855.24

(3)

Hotels(year-

round)2

(3)(3)(3)(3)

f3)

$15. 1015.28

15. 6116.2417.8820.3922.56

24.4927.0629.3631.4132.84

33. 8535. 4237.0638.28

36. 3836.8136.5536.8136.6436. 6436.8937.0636.8937.3137. 2237.75

37.3137.6537.4737.8337.8938.2238.4038.4939. 0639. 6239.19

1 New series. Averages are based upon monthly data (exclusive of switching and terminal companies)summarized in the M-300 report by the ICC and relate to all employees who received pay during the month,except executives, officials, and staff assistants (ICC group I). Beginning September 1949, data reflect awage rate increase and reduction in basic workweek from 48 to 40 hours.

2 Money payments only; additional value of board, room, uniforms, and tips not included.3 Not available.* Not strictly comparable with previous data.8 9-month average, April through December. Series beginning April 1945 includes only employees sub-

ject to provisions of the Fair Labor Standards Act and is not comparable with preceding series whichincludes all employees. Beginning June 1949, data relate to nonsupervisory employees.

« Estimates based on incomplete data.NOTE.—Data are for production workers in manufacturing and mining, 'construction workers in building

construction, and for all non supervisory employees in other industries. Data are for payroll periods endingclosest to the middle of the month. The annual figures for 1953 are straight arithmetic averages of themonthly figures and not strictly comparable with the averages for earlier years which have been weightedby data on man-hours.


192


PRODUCTION AND BUSINESS ACTIVITY

TABLE G-25.—Indexes of industrial and agricultural production, 1929-53

[1947-49=100]

Period

1929 _

1930193119321933 .1934

19351936193719381939

19401941194219431944

19451946194719481949 -.

19501951195219533

1952' JanuaryFebruaryMarchAprilMay _ _ _ -JuneJulyAugustSeptember-OctoberNovemberDecember

1953: January _ _ _ _ _ _FebruaryMarchAprilMay _JuneJuly _.August-September.. _ _ _ _ _ _ _ _ _ _OctoberNovember. _December3 _ _ _

Industrial production 1

Total

59

4940313740

4756614858

6787

108127125

10790

10010497

112120124134

Manufactures

Total

58

4839303639

4655604657

6688

110133130

11090

10010397

113121125136

Durable

60

4531192430

3849553549

6391

126162159

12386

10110495

116128136153

Nondur-able

56

5148424849

6561646766

698493

10399

969599

10299

111114114119

Minerals

68

5961424861

5563716268

7681848793

9291

10010694

105115114116

Seasonally adjusted

121121121120119118115123129130133133

134134135136137136137136133132130128

121121122120121119116125130132135135

136136137138139138139138134134132129

130131131130132125119135144147151152

154155155155156154157157152151147144

111112112111110113113114116117118118

117118119121123121121119117117116115

119119118116104106105111119111118117

116116115115117119120119118114113113

Agricul-tural

produc-tion a

72

7178756959

7263817879

8285969397

969995

103102

101104107107

(4)(4)(4)(4)(«)(4)(4)

8(4)

%%S(4

?(4)(4)(4)(4)(4)

* Revised series. The index has been improved in this revision by (1) incorporation of a number of newseries; (2) revision of weights, seasonal adjustment factors, and working-day allowances; (3) adoption of amore recent comparison base period; (4) use of improved industrial classifications, and (5) developmentof an independent set of annual indexes from the more comprehensive data available at yearly intervals.For a detailed description of the revision, see the December 1953 issue of the Federal Reserve Bulletin.

3 Index of volume of farm production for human use. Converted from the reported base, 1935-39=100.3 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.

193


TABLE G-26.—New construction activity, 1929-53

[Value put in place, millions of dollars]

Period

1929

1930 -- - --1931 __. __193219331934

193519361937193g1939

19401941194219431944

19451946' -- --194719481949

1950195119521953

1952- First half- .Second half

1953: First half ...Second half .

1952* JanuaryFebruaryMarchAprilMay. _ _ _ -.JuneJulyAugust - . -SeptemberOctoberNovember .December

1953: JanuaryFebruaryMarchApril ._MayJune --. ._ _ - _JulyAugustSeptemberOctober . _ _NovemberDecember.

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, 45430, 89532, 63834, 843

Private construction

Totalpri-

vate1

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, 45421, 56421,81223, 615

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, 10011, 905

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

3,7775,1525,0145,676

Otherpri-

vate2

1,988

1,8051,104

544355428

517703943806923

1,0441,2141,065

8611,020

1,1152,2823,8044,6524,889

5,0775, 4395,6986,034

Public construction

Totalpub-lic

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

7,0009,331

10,82611, 228

Mili-taryand

naval

19

2940343647

37293762

125

3851, 6205,0162,550

837

690188204158137

177887

1,3881,323

Non-militarybuilding

Resi-den-tial

1

961933565

200430545739211

80374200156359

345595654554

Non-resi-den-tial

659

660612415230363

328701550672970

6151,6463, 6852,0101,361

937354599

1,3012,068

2,3843,4694,1194,317

High-way

1,266

1,5161,355

958847

1,000

8451,3621,2261,4211,381

1,3021,066

734446362

398895

1,4511,7742,131

2,2722,5182,8603,150

Otherpub-lics

542

653652455535800

1,0141,3631,1901,2301,268

1,126989680577302

293551979

,436,710

,822,862,805,884


32, 61832, 658

35, 43634, 250

30, 93632, 65233, 74433, 52832, 65232, 19631, 90831,89632, 55632, 92833, 37233, 288

33, 88835, 84436, 60036, 30034, 92035, 06434, 18833, 73233, 88834, 09234, 80034, 800

21, 77621, 848

23, 79223, 438

20, 78421, 69622, 95622, 28421, 63621, 30021, 40821, 40821, 56421, 98422, 27222, 452

22, 35623, 43624, 66024, 70823, 76023, 83223, 46023, 24423, 13623, 34023, 62823, 820

10, 99611, 204

12, 23811, 572

10, 02010, 80012, 09611, 43610, 89610, 72810, 81210, 82410, 89611, 35211, 58011, 760

11,35212, 08413, 06812, 96011, 86812, 09611, 74811, 47211, 30411, 48411, 55611, 868

5,0984,930

5,5825,770

5,1605,2445,2205,1485,0164,8004,8124,8484,9084,9325,0405,040

5,3045, 5685,6285,6645,7245, 6045,5925, 6405,7125,7485,9885,940

5,6825,714

5, 9726,096

5, 6045, 6525,6405,7005,7245,7725, 7845,7365,7605, 7005, 6525,652

5,7005, 7845, 9646,0846,1686,1326,1206,1326,1206,1086,0846,012

10, 84210, 810

11,64410, 812

10, 15210, 95610, 78811, 24411,01610, 89610, 50010, 48810, 99210, 94411, 10010, 836

11, 53212, 40811, 94011, 59211, 16011, 23210, 72810, 48810, 75210, 75211,17210, 980

1,4521,324

1, 5341,112

1,3081, 3321,4881, 5121, 5241, 5481,3801, 3321,2601,2121,3081,452

1,5481, 6561, 6081,4761, 4521,4641,2601,1521,068

9601,0561,176

710598

608500

840792696684648600624600588576588012

624648600612588576528468504516504480

3,9304,308

4, 4524,182

3,9003,9363,8163,8883,9604,0803,9844, 1644,2844,2484,5604,608

4,5004, 6084,5724,4164,2964,3203,9723, 9124,0804, 1524,4644, 512

2,8882,832

3, 1003,200

2, 2082,9882,8803,2883,0482,9162,8442,7483,1323,1442,8442,280

2.8923,4803,1803,0842,9283,0363,2043,2043,2523,3363,2762,928

1,8621,748

1, G501,818

1,8961, 9081,9081,8721,8361,7521,6681,6441,7281,7641,8001,884

1,9682,0161,9802,0041,8961,8361,7641,7521,8481,7881,8721,884

1 Excludes construction expenditures for crude petroleum and natural-gas 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 shown separately.

'Includes sewer and water, miscellaneous public service enterprises, conservation and development,and all other public construction not shown separately.

Sources: Department of Commerce and Department of Labor.

194


TABLE G-27.—New nonfarm housing starts, by source of funds and by type of structure, 1929-53l

[Number of units]

Period

1929 •

193019311932 . _193319341935 .1936193719381939

19401941194219431944

194519461947 - -._194819491950195119521953 •

1952* First halfSecond half

1953: First halfSecond half •

1952: JanuaryFebruaryMarch .__April _MayJune _ .JulyAugustSeptemberOctoberNovemberDecember

1953: January. .FebruaryMarch _ _AprilMayJune -JulyAugust.September . _October fl

November*December fl

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, 1001, 396, 0001, 091, 3001, 127, 0001, 102, 400

565, 800561, 200

581, 400521, 000

64,90077, 700

103, 900106, 200109, 600103, 500102, 60099, 100

100. 800101, 10086, 10071,500

72, 10079, 200

105, 800111, 400108, 300104, 60096, 70093, 20095, 10088, 00080, 00068, 000

Source of funds

Private

509,000

330, 000254, 000134, 00093,000

126, 000215, 700304, 200332, 400399, 300458, 400

529, 600619, 500301, 200183, 700138, 700

208, 100662, 500845, 600913. 50098R. 800

1, 352, 2001. 020, 1001, 068, 5001, 066, 900

621, 700546, 800

553, 100513, 800

61, 40074, 30091, 10097, 000

101, 00096, 900

101, 10097, 40099, 20099, 20082, 30067, 600

68,20073, 80096, 100

107, 400105, 600102, 00096. 40092, 20092, 10088, 00078, 40066, 700

Public

5,30014, 8003,6006, 700

56,600

73, 00086, 60054, 8007,3003,100

1,2008,0003,400

18. 10036, 30043,80071, 20058, 50035, 500

44, 10014, 400

28, 3007,200

3,5003,400

12, 8069,2008,6006,6001,5001,7001,6001,9003,8003,900

3,9005,4009,7004,0002,7002,600

3001,0003,000(8)1,6001,300

Type of structure

l-family

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, 100942, 500

(7)

461, 700480, 800

487, 500(7)

54,00065, 70079, 60085, 70089. 70087, 00090, 50085, 80086, 50087,40072, 10058,500

59,60065, 10084, 80094, 40093,60090, 00084, 40081, 50081, 000

2-family «

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, 50044,80040,40045,900

C7)

23, 20022,700

22, 000(7)

3,0003,4004,3004,4004,3003,8003,5004,0004,7003,8003,4003,300

3,1003,4003,8004,3004,0003,4003,9003,2003,200

(7)

Multi-family 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, 300197, 100150, 800138, 600

C7)

80,90057,700

71,900(7)

7,9008.600

20, 00016, 10015, 60012, 7008,6009,3009,6009,900

10, 6009,700

9,40010, 70017, 20012, 70010,70011, 2008,4008,500

10,900(7)

8

Privateunits,

season-ally ad-justedannualrates *

1, 023, 0001, 221, 0001, 104, 0001, 030, 000

993, 000985. 000

1, 055. 0001,016,0001, 102. 0001, 134, 0001, 122, 0001, 127, 000

1, 137, 0001, 213, 0001, 165, 0001, 141, 0001, 039, 0001, 037, 0001,006,000

962. 0001, 023, 0001, 006, 0001,069,0001, 112, 000

1 These estimates are based on building permit records which have been adjusted for lapsed permits andfor lags between permit issuance and start of construction. They are based also on reports of Federal con-struction contract awards and on field surveys in non-permit-issuing places. All temporary units areexcluded.

2 Includes units in 1- and 2-family structures with stores.> Includes units in multifamily structures with stores.* Seasonally adjusted annual rate data are based on privately owned starts only, since the wide fluctua-

tions of public housing starts are not due primarily to seasonal influences. For method of computing sea-sonally adjusted annual rates see special release of Aug. 28,1952, issued by the Department of Labor .

» The number of starts for each of the years 1920-28 were as follows: 247,000; 449,000; 716,000; 871,000; 893,000;937,000; 849,000; 810,000 and 753,000.

« Estimates based on incomplete data.' Not available.• Less than 50 units.


284874—54 195


TABLE G—28.—Business expenditures for new plant and equipment, 1939 and 1945—54


Period

1939

19451946 -194719481949

1950 _19511952 - - — .-1953 3 *

1952: First half..Second half...


1952: First quarterSecond quarterThird quarterFourth quarter. _

1953: First quarterSecond quarter, _ _Third quarterFourth quarter 3

1954: First quarter 3..

Total i

5.51

8.6914.8520.6122.0619.28

20.6025. 6426.4627.83

Manufacturing

Total

1.94

3.986.798.709.137.15

7.4910. 8511.9912.42

Dura-ble

goods

0.76

1.593.113.413.482.59

3.145.175.785.86

Non-durablegoods

1.19

2.393.685.305.654.56

4.365.686.216.56

Mining

0.33

.38

.43

.69

.88

.79

.71

.93

.88

.89

Transportation

Rail-road

0.28

.55

.58

.891.321.35

1.111.471.391.32

Other

0.36

.57

.921.301.28.89

1.211.491.361.36

Publicutili-ties

0,52

.50

.791.542.543.12

3.313.663.844.48

Com-mer-cialand

other 2

2.08

2.705.337.496.905.98

6.787.246.997.34


26.6526.22

27.6228.55

26.7226.5825.4926.96

27.1828. 0628.8228.28

27.96

12.0111.94

12.5712.58

11.7812.2411.6412.23

12.4812.6612.7112.44

12.08

5.835.72

6.045.85

5.815.865.545.89

6.006.095.915.79

5.62

6.176.22

6.536.72

5.976.386.106.34

6.496.576.806.64

6.46

0.92.85

.85

.93

.93

.90

.83

.87

.86

.84

.95

.91

.88

1.501.28

1.351.29

1.561.441.241.32

1.381.321.301.28

1.18

1.401.32

1.281.45

1.441.361.271.38

1.271.281.461.44

1.32

3.783.88

4.404.50

3.823.753.714.04

4.204.594.704.30

4.52

7.046.96

7.187.80

7.196.896.807.12

6.987.377.697.90

7.98

1 Excludes agriculture and outlays charged to current account.2 Includes trade, service, finance, communications, and construction.3 Estimates for fourth quarter of 1953 and first quarter of 1954 based on anticipated capital expenditures

reported by business in November 1953.< Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide with

average of seasonally adjusted figures, in part because of adjustments when necessary for systematic tenden-cies in anticipatory data.

NOTE.—These figures do not agree with those shown in column 2 of appendix table G-6 which are includedin the gross national product estimates of the Department of Commerce, principally because the latter coveragricultural investment and certain equipment and construction outlays charged to current expense. Thisseries is not available for years 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,

196


TABLE G—29.—Inventories and sales in manufacturing and trade, 1939—53

Period

1939 .

1940 _-19411942 - . -.19431944

194519461947 .._19481949 ._

1950 _

195119521953 «

1952' First halfSecond half --

1953' First halfSecond half 5

1952: JanuaryFebruary.MarchAprilMay _-JuneJulyAugust _ _SeptemberOctoberNovemberDecember _

1953; January _ _ __FebruaryMarch _AprilMayJuneJulyAugust _ -SeptemberOctoberNovemberDecember '

Total manufactur-ing and trade

Millions ofdollars

In-ven-

tories2Sales'

Ratioof in-ven-tories

tosales 4

Manufacturing

Millions ofdollars &

In-ven-

tories2Sales 8


tosales 4

Wholesale trade

Millions ofdollars

In-ven-

tories2Sales3


tosales *

Retail trade *

Millions ofdollars

In-ven-

tories2Sales8


tosales <

Old series

20, 051

22, 17628, 78031, 09131, 34331, 059

30,89342, 89250, 48455, 61252,111

64, 092

10, 802

12, 13415,81118, 62321, 92023, 785

23,85227, 15033, 15636,43834, 664

39, 917

1.77

1.72.58.66.40.33

.30

.33

:8.56

1.40

11,465

12,81916, 96019, 28720, 09819, 507

18, 39024, 45728, 87431,69328, 860

34, 314

5,112

5,8598,172

10, 43012,82013, 782

12, 87312, 61715,91717, 63016,416

19, 284

2.11

2.061.781.771.511.45

1.481.661.711.721.86

1.57

3,052

3,2384,0443,7813,6843,912

4,5556,5837. 5508.0917, 940

10, 462

2,187

2,4103,0333,4263,8304,152

4,4765,9937,2727,9317,354

8,658

1.34

1.301.201.19.97.94

.91

.901.01.99

1.08

1.03

5,534

6,1197,7768,0237,5617,640

7,94811,85214, 06015,82815, 311

19, 316

3,503

3,8654,6064,7685,2705,851

6,5038,5419,967

10, 87710,893

11, 974

1.53

1.491.481.761.421.32

1.211.131.271.401.43

1.40

New series

75, 26877, 10981, 124

44, 82146, 08048, 691

1.611.641.64

42, 90444, 19046, 721

22, 20523, 04625, 323

1.781.891.81

11, 12511, 32711, 964

9,4319,3609,335

1.201.181.25

21, 23921, 59222,439

13, 18513, 67414, 251

1.631.531.57

Seasonally adjusted

74,62277, 109

80, 16781, 124

75, 37975, 52275, 67075, 30374, 94074, 62274, 42274, 67775, 54476, 33276, 78777, 109

77, 13077, 69378, 26678, 99679, 67880, 16781, 11681, 58682,00081, 80581, 124

(0

45, 17146, 894

49, 26848,546

45, 08145, 54144, 37045, 45145, 36645, 21744, 81444, 66446, 87148, 57947, 65748, 781

47, 81948, 53349, 67150, 18849, 39550, 00150, 39948, 13848, 65348, 28947, 897

(7)

1.671.61

1.591.68

1.671.661.701.661.661.651.661.671.601.561.611.58

1.611.601.571.571.611.601.601.691.681.701.70(7)

43, 18844, 190

46, 16046, 721

43, 10743, 43943, 69143, 59743, 49443, 18843,07443, 38043, 45443, 68943, 88544, 190

44, 33044, 58144, 79745, 16445, 67346, 16046, 48546, 88847, 08747, 04446, 721

(7)

22,47523, 553

25, 50825, 154

22, 43422, 67622, 40822, 95622, 62821, 75021, 49822, 27023, 92124, 65124, 27124, 706

24, 50724, 72425, 76326, 36025, 81625, 88026, 36725, 06725, 38024, 99024, 559

(7)

1.931.85

1.761.86

1.921.911.941.901.921.992.011.941.821.771.801.78

1.811.801.731.711.761.771.761.861.851.881.91(7)

10,92811, 327

11, 71311,964

11, 16510, 95610, 97710, 89510, 77510, 92811,02711,06911,11911, 24811, 36211, 327

11, 28211, 40511, 48811, 44511, 55011, 71311, 88811, 92311, 98912, 04111, 964

(7)

9,2209,469

9,3929,234

9,4779,4448,9299,1328,8889,4539,6499,0359,3809,7269,3609,665

9,1729,2959,4719,5489,1559,7099,5638,9989,2919,2599,146(7)

1.191.18

1.221.29

1.181.171.231.201.221.151.141.221.181.151.211.17

1.231.221.211.201.261.201.231.321.291.301.31(7)

20, 50621, 592

22, 29422,439

21, 10721, 12721,00220, 81120, 67120, 50620, 32120, 22820, 97121, 39521, 54021, 592

21, 51821, 70721, 98122, 38722, 45522, 29422, 74322, 77522, 92422, 72022, 439

(7)

13,47513, 872

14,36814, 143

13, 17013, 42113, 03313, 36313, 85014, 01413, 66713, 35913, 57014, 20214, 02614, 410

14, 14014, 51414, 43714. 28014, 42414, 41214, 46914, 07313, 98214, 04014, 19214,100

1.551.51

1.531.60

1.611.571.621.561.501.471.491.521.521.491.531.50

1.521.491.511.551.551.551.561.621.631.631.59(7)

1 Beginning in 1951, the estimates of retail sales and inventories are based on a new method of estima-tion adopted by the Bureau of the Census. Estimates shown in this table for 1939-50 are on the previouslypublished basis and estimates for 1951-53 are on the new basis. For a description of the retail sales andinventory series, see Survey of Current Business, September and November 1952.

2 Seasonally adjusted, end of period.3 Monthly average shown for year and half-year and total for month.4 For annual and semiannual periods weighted average inventories to average monthly sales; for monthly

data, ratio of average end of current and previous months inventories to sales for month.5 Where December data not available, data for year and half-year calculated on basis of no change from

November.«Preliminary estimate.* Not available.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 these figures cover only manufacturing and traderather than all business, and show inventories in terms of current book value without adjustment forrevaluation.


197


TABLE G-30.—Manufacturers' new orders, sales, and inventories, 1939-53

[Millions of dollars, not seasonally adjusted]

Period


19401941194219431944

19451946 _194719481949.

19501951195219533

1952: First half_ _.Second half.

1953: First half....Second half a_

1952* JanuaryFebruaryMarchAprilMay __ _ _ _.JuneJulyAugustSeptemberOctoberNovemberDecember

1953: JanuaryFebruaryMarchApril ...MavJuneJuly ...AugustSeptemberOctoberNovember

New orders *

Dura-ble-

goodsindus-tries

2,169

3,3745,3218,0486,7705,472

3,9445, 9426,3657,4826,592

10, 31412, 71811,88811,564

12, 13111,645

12, 76310, 126

11, 49411, 08113, 46512, 80310, 38213, 56111,35410, 66112, 59511,90510, 75612, 600

12, 78612, 26613, 40412, 95912, 17612, 98511, 58810, 13310, 0909,838,98

Non-durable-

goodsindus-tries

3,186

3,4314,4825,2975, 9346,434

6,5887,7519, 2569,8709,311

10, 66511,6721 1, 82212,529

11,51512, 130

12, 38812, 698

11, 62811, 63511, 60911, 40011, 37011,44711, 29511, 84012, 61513, 48811, 70111, 839

12, 06511, 74312, 94512, 52012,38812, 66912, 24412, 53913, 14513, 44212, 118

Sales i

Dura-ble-

goodsindus-tries

1,950

2,4733,8025,1646,8637,337

6,2684,9866,6957, 5947,070

8,80410, 43311,20612,848

10, 89311, 519

13, 10712,537

10, 39610, 75611, 32211, 32611, 17910, 3788,876

10,60812, 06913, 07111, 88312,608

12, 02112, 34513, 81313, 70213, 17813, 58612, 31812,4812,9113, 22311,74

Non-durable-goodsindus-tries

3,162

3,3864,3715,2665,9586,446

6,6057,6319,222

10,0369,347

10,48011, 77211, 84012, 584

11,55012,129

12, 33512, 883

11, 76711, 61611, 81711, 60411, 29211, 20211, 10211, 84912, 58213, 60811, 69611, 939

11, 98711, 72012, 94612, 59312, 29012, 47312, 38312, 79313, 24713, 61212,38

Inventories s

Durable-goods industries

Pur-chasedmate-rials

1, 802

2,1063,1603,7333,9193,393

3,2084,6015,2545,7574, 719

6,2167,6167,6608,376

7,2767,660

8,1408,376

7,5817,5347,5187, 4167,3847,2767,1897,3377 4117,5687, 63C7,660

7,5207,4777,5527,6127,9028,1408,3258,4708,5228,488,37

Goods-in-

process

1,482

1,9833,1524,5615,2105,014

3,4974,5585,1205, 3194,651

5, 8858,3359,5729,848

9,1509,572

10, 1629,848

8,5978,8469,0209,1629,2589,1509,0339,1629,2259,2749,3119,572

9,7089,964

10, 13710, 19110, 16710, 16210, 19110, 18410, 15010, 0109,848

Fin-ishedgoods

2,048

2,2142,2862,1422,0422,024

2,0592,7913,8934,6504,585

4,5596,6996,8137,859

7,0926,813

7,6787,859

' 6,9136,9997,1107,2357,2827,0926.8286,6186,5116,5436,6066,813

7,0247,0987,3017, 5297,7027,6787,5887,5687,6017,7737,859

Nondurable-goodsindustries

Pur-chasedmate-rials

2,520

2,7354,1104,4204,6544,760

5, 0406,6577,3537,4006,699

8,5229,3778,7718,098

8,5968,771

8,0578,098

9,2669,1419, 0228,8888,7728,5968,5488,3628, 4258,4908,6008,771

8, 5868, 5538,50(8,2978,1268,0577,9997,8488,0468,0928,098

Goods-in-

proc-ess

786

8521,1141,2241,2891,334

1,4401,7392,1222,1572,032

2,4092,6652, 8992,962

2,6312,899

3,2882,962

2,7372,7952,7882,7382,6622,6312,7802,8802,9062,9982,9572,899

3,0273,0803,0983,1803,2013,2883,2363,2223,1863,0292,962

Fin-shedgoods

2,878

2,9833,2023,2673,0573,054

3,2134,2745,2906,4996,351

6,5868,3648,1148,516

8,2288,114

8,3588,516

8,3788,2798,2758,1768,0508,2288,2838,3498,1818,0478,1338,114

8,1718,0927,9617,9868,1898,3588,4088, 4908, 4058,4068,516

1 Monthly average shown for year or half-year and total for month.2 Book value, end of period. This series has not been revised and is not directly comparable with the

sales and orders figures in this table and the inventory data in appendix table G-29.s Based on data through November.Source: Department of Commerce.


PRICESTABLE G-31.—Consumer price index, 1929-53

For city wage-earner and clerical-worker families

[1947-49=100]

Period


19301931193219331934 _ .

1935 . ..1936193719381939

19401941194219431944

19451946 - -194719481949 _ ..

1950195119521953 .


1953* First halfSecond half _ .

1952' January 15February 15March 15April 15 ..May 15June 15July 15 _.August 15September 15 . .- ..October 15November 15December 15 _ . _-

1953: January 15February 15March 15April 15 .May 15Junel5 _ . _July 15August 15September 15October 15November 15December 15

Allitems

73.3

71.465.058.455.357.2

58.759.361.460.359.4

59.962.969.774.075.2

76.983.495.5

102.8101.8

102.8111.0113.5114.4

112.9114.2

113.8115.0

113.1112.4112.4112.9113. 0113.4114.1114.3114.1114.2114.3114.1

113.9113.4113.6113.7114.0114. 5114.7115.0115.2115.4115.0114.9

Food

65.6

62.451.442.841.646.4

49.750.152.148.447.1

47.852.261.368.367.4

68.979.095.9

104.1100.0

101.2112. 6114.6112.8

113.8115.4

112.3113.3

115.0112.6112.7113.9114.3114.6116.3116.6115.4115.0115.0113.8

113.1111.5111.7111.5112.1113.7113.8114. 1113.8113.6112.0112.3

Housing

Total

0)

0)

880)0)0)0)0)

0)0)0)0)0)

0)0)95.0

101.7103.3

106.1112.4114.6117.7

114.0115.2

116.9118.4

113.9114.0114.0114.0114.0114.0114.4114.6114.8115.2115.7116.4

116.4116.6116.8117.0117.1117.4117.8118.0118.4118.7118.9118.9

Rent

117.4

114.2108.297.183.678.4

78.280.183.886.586.6

86.988.490.490.390.6

90.991.494.4

100.7105.0

108.8113.1117.9124.1

116.8118.9

122.1126.1

116.0116.4116.7116.9117.4117.6117.9118.2118.3118.8119.5120.7

121.1121.5121. 7122.1123.0123.3123.8125.1126.0126.8127.3127.6

Ap-parel

60.3

58.953.647.545.950.2

50.651.053.753.452.5

53.255.664.967.872.6

76.383.797.1

103.599.4

98.1106.9105.8104.8

106.3105.4

104.6105.0

107.0106.8106.4106.0105.8105. 6105.3105.1105.8105. 6105.2105.1

104.6104.6104.7104.6104.7104.6104.4104.3105.3105.5105. 5105.3

Trans-porta-tion

0)

(00)I0)(00)0)(0

0)0)0)0)0)

(00)90.6

100.9108.5

111.3118.4126.2129.7

124.5128.0

129.3130.1

122.8123.71 24. 4124.8125.1126.3126.8127.0127.7128.4128.9128.9

129.3129.1129.3129.4129.4129.4129.7130.6130.7130. 7130.1128.9

Medi-cal

care

0)

0)0)0)0)0)

0)0)0)(00)

0)0)(0(')

(0

0)0)94.9

100.9104.1

106.0111.1117.2121.3

115.8118.7

120.0122.6

114.7114.8115.7115.9116.1117.8118.0118.1118.8118.9118.9119.3

119.4119.3119.5120.2120.7121.1121.5121.8122.6122.8123.3123.6

Per-sonalcare

0)

0)0)0)0)0)

880)

0)0)0)0)0)

0)(097.6

101.3101.1

101.1110.5111.8112.8

111.3112.2

112.5113.1

111.0111.1111.0111.3111.6111.7111.9112.1112.1112.3112.4112.5

112.4112.5112.4112.5112.8112.6112.6112.7112.9113.2113.4113.6

Read-ing andrecrea-

tion

0)

0)

8880)

888(0

0)0)95.5

100.4104.1

103.4106.5107.0108.0

106.6107.4

107.8108.2

107.2106.6106.3106.2106.2106.8107.0107.0107.3107.6107.4108.0

107.8107.5107.7107.9108.0107.8107.4107.6107.8108.6108.9108.9

Othergoodsand

services

0)

0)

8888(0

(00)(0(0(0

0)0)96.1

100.5103.4

105.2109.7115.4118.2

114.8115.9

117.2119.2

113.2114.4114.8115.2115.8115.7116.0115.9115.9115.8115.8115.9

115.9115.8117.5117.9118.0118.2118.3118.4118 5119-7120.2120.3

i Not available.Source: Department of Labor.

199


TABLE G-32.—Wholesale priceTindexf 1929-53

[1947-49=100]*

Period


1930 -193119321933 ._ -1934

19351936 .193719381939

194019411942_ _ - --19431944

1945194619471948. - .1949

195019511952 _ -1953*



1952: JanuaryFebruaryMarchApril _MayJune _..July .AugustSeptemberOctoberNovemberDecember

1953: January .FebruaryMarchAprilMay _JuneJulyAugustSeptemberOctoberNovemberDecember 4

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

103.1114.8111.6110.1

112.1111.2

109.7110.4

113.0112. 5112.3111.8111.6111.2111.8112.2111.8111.1110.7109.6

109.9109.6110.0109.4109.8109.5110.9110.6111.0110.2109.8110.1

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

97.5113.4107.097.0

108.3105.7

98.096.0

110.0107.8108.2108.7107.9107.2110.2109.9106.6104.9103.699.2

99.697.999.897.397.895.497.996.498.195.393.794.5

Proc-essedfoods

58.5

53.344.836.536.342.6

52.150.152.445.643.3

43.650.559.161.660.4

60.877.698.2

106.195.7

99.8111.4108.8104.6

109.0108.6

104.3105.0

110.1109.5109.2108.0108.6108.5110.0110.5110.3108.5107.7104.3

105.5105.2104.1103.2104.3103.3105.5104.8106.6104.7103.8104.3

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. 9113.2114.0

113.5112.9

113.4114.7

114.3114.2113.8113.3113.0112.6112.5113.0113.2113.0112.8112.9

113.1113.1113.4113.2113.6113.9114.8114.9114.7114.6114.5114.6

Textileprod-uctsand

apparel

(3)

§8(3)

(3)(3)(3)(3)(3)

(3)(3)(3)(3)(3)

(3)(3)100.1104.495.5

99.2110.699.897.3

100.798.9

97.996.7

103.3102.1100.699.999.399.098.999.199.599.298.698.2

98.898.597.597.497.697.497.597.596.996.596.295.8

Chemi-calsand

alliedprod-ucts

(3)

(3)(3)(3)51.253.7

56.056.459.055.955.8

56.661.669.369.570.2

70.676.3

101.4103.894.8

96.3110.0104.5105.7

105.2103.8

104.7106.7

106.7105.9105.4104.8104.3104.3104.2104.0104.0103.9103.5103.3

103.6103.6104.2105.5105.5105.6106.2106.3106.7106.7107.2107.1

Rubberand

prod-ucts

83.5

73.062.053.856.865.8

66.471.784.482.786.3

80.286.5

100.6103.3102.0

98.999.499.0

102.198.9

120.5148.0134.0125.0

140.6127.4

125.7124.2

144.1143.1142. 0140.6140.4133.4130.0127.8126.3126.0126.4127.7

127. 3126.2125.7124.8125.4125.0124.6123.5124.0124.2124.3124.8

Lumberand

woodprod-ucts

31.9

29.423.820.324.228.5

27.428.733.730.831.6

35.241.845.448.051.9

52.560.393.7

107.299.2

113.9123.9120.3120.2

120.4120.1

121.5118.9

120.1120.3120.5120.9120.7119.9120.2120.5120.4120.2119.7119.7

120.5121.1121.7122.2121.8121.5121.1120.4119.2118.1117.3117.4


2OO


TABLE G-32.—Wholesale price index, 1929-53—Continued

[1947-49=100] *

Period

Monthly average:1929 ..

19301931193219331934

1935 ..1936193719381939

194019411942 .._19431944

1945 _.1946194719481949

1950 .. _ _19511952 . _1953*

1952- First halfSecond half . .

1953: First halfSecond half * _ _ _ _ _

1952: JanuaryFebruaryMarchApril _ _May „_- . _June _JulyAugust-SeptemberOctoberNovember _December

1953: JanuaryFebruaryMarchAprilMayJune _JulyAugust „ - _ _ _September _OctoberNovemberDecember 4

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

104.6120.397.298.5

97.497.1

98.898.2

102.299.598.094.194.795.996.296.596.596.697.699.0

97.398.098.197.9

100. 4101.0100.099.999.797.197.195.6

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. 7106.6109.4

106.7106.4

107. 9111.0

107.4107.2107.4106.3106.0105.9106.0105.8106.2106. 6106.7107.2

107.8108.1108.4107.4107.1108.3111.1111.0110.9111.2111.2110.5

Pulp,paper,

andalliedprod-ucts

(3)

(3)

88(3)(3)(3)(3)(3)(3)(3)(3)(3)(3)(3)(3)98.6

102.998.5

100.9119.6116.5116.1

117.5115.6

115.5116.8

118.2118.3117. 7117.4116.9116.7115. 3115.6115.6115.5115.5115.9

115. 8115.3115.1115. 3115.4115.8115.8116.2116.9117.5117.3117.1

Metalsand

metalprod-ucts

67.0

60.354.149.950.956.2

56.257.365.663.162.6

62.864.064.964.864.8

65.973.991.3

103. 9104.8

110.3122.8123.0126.9

122.2123.8

125.3128.4

122.4122.6122.6122.5121.8121.1121.9124.1124.6124.1123.9124.0

124.0124.6125.5125.0125.7126.9129. 3129.4128.5127.9127.9127.6

Machin-ery andmotiveprod-ucts

(3)

(3)

888(3)(3)65.3

66.268.671.271.071.0

71.680.392.5

100.9108.6

108.6119.0121.5123.0

121.5121.4

122.0124.0

120.8122.0121.8121.6121.6121.3121.4121.4121.5121.3121.4121.4

121.5121.6121.8122.0122.4122.9123.4123.7124.0124.1124.2124.3

Furni-itureand

otherhouse-holddura-bles

69.3

68.262.855.455.560.2

59.860.667.265.665.4

66.871.276.876.478.4

78.683.095.6

101.4103.1

105.3114.1112.0114.2

112.0111.9

113. 5114.8

112.3112.4111.9112.1111.7111.6111.6111.5112.0112.0112.1112.3

112.7112.9113.1113.9114.1114.3114.7114.8114.9114.8114.9114.9

Non-metal-

licminer-

als(struc-tural)

72.6

72.467.663.466.971.6

71.671.773.471.169.5

69.771.374.174.575.9

79.184.293.9

101.7104.4

106.9113.6113.6118.2

113.0114.2

116.1120.3

112.9112.9112.9112.8112.9113.8113.8113.8113.8114.4114.5114.6

114.6114.6115.1116.9117.2118.1119.4119.6120.7120.7120.8120.8

Tobaccomanu-

facturesand

bottledbever-ages 2

86.6

87.184.681,472.876.0

75.975.876.576.476.4

77.378.179.183.083.4

85.889.797.2

100.5102.3

103.5109.4111.8115.4

111.6112.1

113.9117.0

109.4112.0112.0112.0112.0112.0112.0112.0112.1112.1112.1112.1

111.9111.9114.8114.8114.8114.9115.6115.6116.2118.1118.1118.1

• ' • »3^•^msm

Miscel-^laneous

(3)

(3)

8(3)(3)

88(3)

(3)

8800(3)100.8103. 196.1

96.6104.9108.397.8

109.6107.0

100.095.7

111.1111.4109.2109.5108.4108.1105.5108.9108.3108.4105.7105.1

103.0101.2101.798.599.795.895.396.494.794.493.2

100.1

1 This does not replace the former index (1926=100) as the official index prior to January 1952. These data fromJanuary 1947 through December 1951 represent the revised sample and the 1947-49 weighting pattern. Prior toJanuaryTl947 they are based on the month-to-month movement of the former index. The only official index upto and including December 1951 is the former monthly index (1926=100).

2 The data from January 1947 through January 1953 differ from the official series due to a change in the methodof eliminating excise taxes and discounts.

3 Not available.4 Preliminary estimates.


2OI


TABLE G-33.—Indexes of prices received and prices paid by farmers, and parity ratioy 1929-53

[1910-14=100]

Prices paid for itemsused in

Period

Living Producetion

Parityindex(pricespaid,

interest,taxes, and

wagerates)

Pricesreceived

byfarmers

Parityratioi

Monthly average:1929 154

1930. - 1441931 1241932 _ 1061933 _ _ _ 1081934 122

1935 1241936.... 1241937 1281938 1221939 120

1940 ..._ 1211941 1301942 _ 1491943 1661944 175

1945 1821946 2021947 2371948 2511949 243

1950 2461951 2681952 _ 2711953 _ 270

1952: First half.. 271Second half 271

1953: First half _. 269Second half 271

1952: January 15__ _ _ _ __ 271February 15 271March 15 271April 15... 271May 15 271June 15 272July 15.. 273August 15 273September 15 271October 15 269November 15 269December 15 269

1953: January 15 268February 15 266March 15 269April 15 269May 15 270June 15 271July 15 271August 15. _ 273September 15. 270October 15 270November 15.. 270December 15. _ 270

146

135113

114

122122132122121

123130148164173

176191224250238

246273274253

279270

258

278281280281281273273274271269266264

265261261257257248250249247246248250

160

151130112109120

124124131124123

124133152171182

190208240260251

256282287279

289285

281278

288290289290290288287288286284282281

284281282280280277279279277276277278

148

12587657090

1091141229795

100123158M92M96

22062234275285249

256302288258

292284

262254

300289288290293292295295288282277269

267263264259261259259258256250249252

67586475

92937877

8192104112108

108112115110

10010710092

101100

9391

104100100100101101103102101

96

949494929394939292919091

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.

2O2


TABLE G-34.—Indexes of wholesale prices and cost of living in the United States and foreigncountries, selected dates

[1948=100]

Country

United States . _ _

Africa and Near East:Algeria J

Egypt - -IranIraq _ ._IsraelLebanonMoroccoTunisiaUnion of South Africa..

Western European coun-tries:

AustriaBelgiumDenmarkFranceGermany (Federal Re-

public).4

Greece _IrelandItalyNetherlandsNorwayPortugalSpainSweden _ _ _.SwitzerlandTurkeyUnited Kingdom

Latin America:Argentina _BrazilChileCosta RicaCubaDominican Republic. -.El SalvadorGuatemala _.Mexico _NicaraguaParaguayPeruVenezuela

Pacific and Far East:AustraliaIndiaIndochina *Japan *New Zealand ._PhilippinesThailand

Other:CanadaFinland _

Wholesale prices

Jan-uary1953

105

13110510010619481

156166150

243109138158

12012112997

13715312017014299

106150

<•)181235101

(«)94

144109149153694198101

187103132145139102104

115162

Latest data

Index

105

12711012890

24874

137160150

240106131154

11615412896

13315211117913898

109149

(ls27897

(fl)90

15511515216791820498

19310616914613899

104

113156

Date, 1953

December

SeptemberSeptemberNovemberDecemberNovemberOctoberNovemberOctoberNovember

DecemberDecemberNovemberNovember

NownberNovemberOctoberNovemberOctoberDecemberNovemberOctoberNovemberNovemberNovemberDecember

(6)

OctoberAugustNovember(6)

NovemberDecemberNovemberDecemberOctoberAugustOctoberNovornb^r

OctoberDecemberOctoberNovemberSeptemberDecemberSeptftmhftr

NovemberNovember

Cost of living

Jan-uary1953

111

14210510210019292

«1672167

128

»204>106

124172

110118

«124116128134102126

•131104110128

322146214122292107

(«)211931452152

1,010157

2 101

»135104155123

«132100127

120155

Latest data

Index

112

13910511487

22085

2161»164

131

3203» 106

123167

107138126117128137101127130104114130

318166318121290103

(8)2121314121611,180

170295

13511220013613595

143

120157

Date, 1953

November

NovemberSeptemberNovemberDecemberNovemberOctoberNovemberOctoberNovember

DecemberDecemberOctoberNovember

NovemberOctober3d quarterNovemberNovemberDecemberDecemberOctober4th quarterDecemberOctoberNovember

OctoberNovemberNovemberNovemberOctoberNovember

OctoberNovemberOctoberAugustOctoberNovember

2d quarterSeptemberOctoberNovember3d quarterDecemberOctober

DecemberNovember

i1949=100.2 Food prices,a Retail prices.< 1950=100.* 1st quarter.6 Not available.

NOTE.—The components of the indexes are not always the same for each country.Source: International Monetary Fund.

203


CREDIT, MONEY SUPPLY, AND FEDERAL FINANCE

TABLE G—35.—Short- and intermediate-term consumer credit outstanding, 1929-53

[Millions of dollars]

End of period

1929

19301931__193219331934 .

19351936193719381939

1940_ .19411942 _1943 .1944

1945194619471948 .1949

19501951.19521953 «

1952: JanuaryFebruary _ _MarchAprilMayJuneJulyAugustSeptemberOctober..November _December ._

1953: JanuaryFebruaryMarchAprilMavJune _-JulyAugustSeptemberOctoberNovember _ _ .December'

Total

6,444

5, 7674,7603, 5673,4823,904

4,9116,1356, 6896, 3387,222

8,3389,1725,9834,9015,111

5,6658,384

11, 57014, 41117, 104

20, 81321, 46825, 82728, 800

20, 94520, 69020, 66121, 00921,79622, 55422, 86723, 13523, 52024, 14724, 61125, 827

25, 67425, 50425, 94626, 45527, 05627, 41127, 58127, 81027, 97928, 16628, 25228, 800

Instalment credit

Total

3,151

2,6872,2071, 5211, 5881,871

2, 6943,6234,0153,6914,503

5, 5146,0853,1662. 1362,176

2, 4624, 1726, 6958, 968

11,516

14, 49014, 83718, 68421, 800

14, 66014, 56614, 56614, 75315, 34116, 07316, 50916, 76917, 09017,61117, 96118,684

18, 85118, 98219, 39119, 76720, 21320, 63521,00421,21821, 34721,48621, 58621, 800

1

Auto-mobilepaper 1

(4)

(4)(4)(4)(4)(4)

(4)(4)(4)(4)

1,497

2,0712,458

742355397

455981

1,9243,0544,699

6,3426,2428,099

10, 300

6, 1466,1116,0856,1806, 5316,9657,1937,2647,3807,6307,8568,099

8,2738,4808,7999,1119,4329, 6929,973

10, 13610, 23210, 33710, 35810, 300

Othercon-

sumergoods

paper 1

(4)

(4)(4)(4)(4)(4)

(4)(4)(4)(4)

1,620

1,8271,9291, 195

819791

8161,2902, 1432, 8423,486

4, 3374,2705,3285,600

4,1754, 0924, 0624,0754,2014,3604,4694,5704,6994, 8954, 9625,328

5,2885,2085,2175, 2175,2725, 3335, 3515, 3625,3525, 3665, 4065,600

Eepairand

modern-izationloans 2

(4)

(4)(4)

8(4)

(4)(4)(4)(4)

298

371376255130119

182405718843887

1,0061,0901,4061,600

1,0791,0781,0791,1001,1421,1851,2291,2681, 3121, 3621,3931,406

1,4031,4041,4161,4351, 4621,4931,5161,5341,5621,5851, 6041,600

Per-sonalloans

(4)

(4)(4)(4)(4)(4)

(4)(4)(4)(4)

1,088

1, 2451,322

974832869

1, 0091,4961,9102,2292,444

2, 8053, 2353,8514,300

3,2603,2853,3403,3983, 4673,5633,6183,6673, 6993,7243,7503,851

3,8873,8903,9594,0044,0474,1174,1644,1864,2014,1984,2184,300

Noninstalment credit

Total

3,293

3,0802, 5532, 0461,8942, 033

2,2172,5122,6742,6472,719

2, 8243,0872,8172,7652,935

3,2034,2124,8755, 4435, 588

6,3236,6317,1437,000

6,2856,1246,0956,2566, 4556, 4816,3586, 3666,4306, 5366,6507,143

6,8236,5226,5556,6886,8436,7766,5776,5926,6326,6806, 6667,000

Chargeac-

counts

1,602

1, 4761. 2651,020

9901,102

1,1831,3001,3361,3621,414

1,4711,6451,4441,4401,517

1,6122,0762, 3532,7132,680

3,0063, 0963,3423,200

2,7492,4942,4142,5412,6662,6712,5852,5902,6502,7892,8393,342

2,9752,6782,6132,6822,7632,7812,7052,6682,7162,8112,8403,200

Other 5

1,691

1,6041,2881,026

904931

1,0341,2121,3381, 2851,305

1, 3531,4421,3731,3251, .18

1,5912,1362, 5222,7302,908

3,3173,5353,8013,800

3,5363,6303,6813,7153,7893,8103,7733,7763,7803,7473,8113,801

3,8483,8443,9424,0064,0803,9953,8723,9243,9163,8693,8263,800

1 Includes all consumer credit extended for the purpose of purchasing automobiles and other consumergoods and secured by the items purchased.

2 Includes only such loans held by financial institutions; those held by retail outlets are included in"other consumer goods paper."

3 Single-payment loans and service credit.< Not available.

• « Estimates based on incomplete data; by Council of Economic Advisers.

Source: Board"of Governors of the Federal Eeserve System (except as noted).

204


TABLE G-36.—Mortgage debt outstanding, by type of property mortgaged, 7939-53


End of period

1939

1940 _ _ _1941194219431944

19451946 .. _194719481949

19501951195221953 2 .

1952: First quarter 2

Second quarter 2

Third quarter 2

Fourth quarter 2

1953: First quarter 2

Second quarter 2

Third quarter 2

Fourth quarter 2

Allproperties

35.5

36.537.636.735.334.7

35.541.848.956.262.7

72.882.190.9

100.5

84.086.388.790.9

93.095.798.2

100.5

Nonfarm properties

Total

28*9

30.031. 230.829.929.7

30.836. 943.950.957.1

66.775.683.892.7

77.379.381.683.8

85.788.290.592.7

1- to 4-familyhouses

16.3

17.318.418.217.817.9

18.523.128.233.337.5

45.151.958.265.0

53.254.856.558.2

59.661.563.365.0

Multifamllyand

commercialproperties *

12.5

12.612.912.512.111.8

12.213.815.717.619.6

21.623.725.627.7

24.124.625.125.6

26.126.727.227.7

Farmproperties

6.6

6.56.46.05.44.9

4.84.95.15.35.6

6.16.67.17.8

6.77.07.17.1

7.37.57.67.8

1 Derived figures which include negligible amount of farm loans held by savings arid loan associations.2 Preliminary estimates.

Source: Board of Governors of the Federal Reserve System (compiled from data supplied by variousGovernment and private organizations).

205


TABLE G-37.—Deposits and currency, 1929-53


End of period »

1929

1930.. _ .1931193219331934

19351936193719381939

1940 .1941.. _ .19421943.. _1944

19451946194719481949 . .

19501951 . . .19521953 6

1952: JanuaryFebruary. .... ._ . ...March. __AprilMay _JuneJulyAugustSeptember-OctoberNovemberDecember

1953* JanuaryFebruaryMarchApril . . . .May .JuneJuly _ .AugustSeptember.OctoberNovemberDecember 8

Totaldeposits

andcur-

rency

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, 449205, 500

188, 200188, 000188, 800188, 700189, 300191, 358193, 400193,100194, 100196, 100198, 900200, 449

198, 300197, 400196, 900195, 400195, 300196, 634201, 300201, 100201,100201,700203, 600205, 500

Demand deposits adjustedand currency 3

Total

26, 366

24, 57221, 88220, 39719, 81723, 114

27, 03230,99929, 59731, 76136, 194

42, 27048, 60762, 86879, 64090, 435

102, 341110, 044113, 597111,599111,165

117,670124, 537129, 002130, 700

123, 500121, 400120, 500121, 100121, 300121, 228121, 900122, 100122, 900125, 300126, 800129, 002

127,300125, 200124, 200125, 000124, 500124, 267124, 600124, 800125, 100127, 600128, 100130, 700

Cur-rency

outsidebanks

3,557

3,6054,4704,6694,7824,655

4,9175, 5165, 6385, 7756,401

7,3259, 615

13, 94618, 83723, 505

26, 490"26, 73026, 47626, 07925, 415

25, 39826, 30327, 49428, 000

25, 60025, 60025. 70025, 90026, 00026, 47426, 20026, 30026, 60026, 70027, 40027, 494

26, 80026, 90026. 90027, 00027,00027, 36927,20027,30027, 50027, 40027, 90028,000

Demanddeposits

adjusted 3

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, 508102, 700

97, 90095, 70094, 80095. 10095. 30094, 75495, 70095, 80096, 40098, 60099, 400

101, 508

100, 50098, 30097, 40098,00097,50096, 89897, 40097,50097,700

100, 300100, 200102, 700

Timedeposits

ad-justed2 <

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, 79970, 300

61.70062, 00062, 40062, 70063,00063, 67663, 80064, 10064,50064,90064,80065, 799

66, 10066, 40066,80067, 20067,60068, 29368, 40068. 70069,10069, 60069, 30070, 300

U.S.Gov-ern-

mentde-

posits *

187

324518516

1,0191,836

1, 4531,235

9661,8121,480

1,1212,7629,201

11,00321, 203

25, 5853,4962,3223, 5744,070

3,6573,8625,6484,500

3,0004,6005,8004,9004,9006,4547,6006,9006,7005,9007,3005, 648

5,0005,8005,8003,2003,3004,0748,3007,7006,8004,4006,2004,500

i June and December figures through June 1953 are for call dates. Other monthly data are for the lastWednesday of the month.

2 Includes deposits and currency held by State and local governments.3 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of

.4 Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes

interbank deposits.6 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.« 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).

206


TABLE G—38.—Loans and investments of all commercial banks, 1929—53


End of period »

1929— June 4

1930— June <1931— June *1932— June*1933— June «1934— June 4

19351936 . . ...193719381939

1940 . -19411942 _19431944

194519461947 -19481949

1950195119521953 «

1952: January _ _FebruaryMarchAprilMayJune _.JulyAugust .SeptemberOctober ..November.December

1953: January _.FebruaryMarchAprilMayJune. _ _- __JulyAugustSeptember.OctoberNovember _ _December 6

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

126.7132.6141.6146.7

132.8132 2132.5132.3133.1134.4136.8136.6137.1139.4141.7141.6

140.8140.1140.0138.5138.1138.0143.2143.1143.0143.9145.5146.7

Loans

Total 2

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

52.257.764.268.5

57.557.657.858.258.559.259.760.261.262.463.464.2

63.964.165.265.365.465.065.666.066.367.167.368.5

Commercialand indus-trial loans >

(8)

8

8(»)w(8)c8)

5.76.4

7.39.37.97.98.0

9.614.218.218.917.1

21.925.927.927.5

25.625.625.825.224.925.325.125.526.226.927.527.9

27.527.427.927.827.627.427.427.527.727.727.627.5

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

74.474.977.578.2

75.374.774.774.174.575.277.076.375.977.078.377.5

76.976.074.873.272.772.977.677.176.776.878.278.2

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

62.061.563.363.6

62.061.361.160.560.761.262.962.061.662.964.163.3

62.861.960.558.958.358.663.262.662.262.363.763.6

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

12.413.314.114.6

13.313.413.613.713.814.014.114.414.314.214.214.1

14.214.114.314.414.414.314.314.514.514.514.514.6

1 June and December figures through June 1953 are for call dates. Other monthly data are for the lastWednesday 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.

a Beginning with 1948, data are shown gross, i. e., before deduction of valuation reserves, instead of net asfor 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.

4 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.

8 Not available.« Estimates based on incomplete data; by Council of Economic Advisers.


Source: Board of Governors of the Federal Reserve System (except as noted).

207


TABLE G-39.—Member bank reserves and Reserve Bank credit, 1929-53


Period

Averages of daily figures:1929

1930 _1931193219331934 „.

1935 _ _„_1936193719381939

19401941194219431944

19451946 . ...1947 . .19481949

1950195119521953

1952: JanuaryFebruaryMarchAprilMayJune..JulyAugustSeptember _ _OctoberNovemberDecember

1953: January _ _FebruaryMarch .AprilMayJune . ._JulyAugustSeptemberOctober.NovemberDecember

Reserve Bank credit outstanding

Total

1,459

1,0871,2742,0772,4292,502

2,4752,4812, 5542,6002,628

2,4872,2933,4088, 182

15, 358

22, 21124, 02922, 98922, 28320, 161

19, 06224, 07024, 80126, 262

24, 44423,82623, 89023. 72623, 70424, 14424, 78624. 82425, 05525, 68126, 17227,299

26, 58626, 08026, 02525, 89225, 68225, 96026, 12326, 32226, 41026, 51426,41327, 107

U.S.Govern-ment se-curities

208

564669

1,4612,0522,432

2,4312,4312, 5042,5652,584

2,4172,1873,1917,724

14, 772

21,36323, 25022, 33021,51119, 560

18,41022, 75623, 06624, 661

23. 20622, 55222. 63422, 44822. 30822. 61722, 79823, 02723, 47123, 65723, 63824, 400

24. 20223. 91823, 89223, 86123, 97324, 74824, 95525, 00025. 16825. 34425, 17225,639

Dis-countsand ad-vances

952

27232752128336

76

1495

457

25135

376310219331231

129293801777

200365314365573585

1,0921.059

7231,0931.5771,633

1,3721,3361,2201.184

955433428658468367494448

Allother,

mainlyfloat

300

251278959435

3745362739

67102210433451

472469441441370

5221,021

935821

1,038909942913823941895738861931958

1,266

1,012826913847753779740663774802747

1,021

Member bank reserve balances

Total

2,358

2,3792,3232,1142, 3433,676

5,0015, 9896, 8307,935

10, 352

13,24913, 40412,64812, 62613, 222

15,05515, 96916,46118, 00117, 774

16,40019, 29320, 35619, 996

20, 47019, 99520. 20719, 77719, 76720. 14020. 53520, 30620. 51420. 61120, 74421, 180

20. 95820, 52020.41620, 00719, 80720, 28719, 65319. 52619. 55219, 53619, 71819, 920

Re-quired i

2,315

2, 3242,2341,858

2 1, 81522,112

2,5323,4775,6105,4135,960

6,9238,0809,980

11,11612, 176

13, 93414, 99315, 60817,16416, 952

15,61718, 53619, 64219, 319

19, 53719. 30019, 32219, 12719, 13919, 43119,92619, 65719, 73619, 96320,08720, 457

20, 25119,88219, 82819, 47219, 30619, 49918, 86918. 88218, 83418. 78419,03519, 227

Excess *

43

5589

2562528

2 1,564

2,4692,5121,2202, 5224, 392

6,3265,3242,6681, 5101, 046

1,121976853837822

783757714677

933695885650628709609649778648657723

707638588535591788784644718752683693

1 Estimates.2 Data on required and excess reserves from March 1933 through April 1934 for licensed banks only.


Source: Board of Governors of the Federal Reserve System.

208


TABLE G—40.—Estimated ownership of Federal obligations, 1939—53

[Billions of dollars—par values 1]

End of periu'd

1939

191019111942 ... ...19431944

19151916194719481919

1950 . -195119521953 8— . _-.

1952: JanuaryFebruaryMarch..AprilMayJuneJuly .AugustSeptember.. _October . _ _NovemberDecember

1953: JanuaryFebruaryMarch _ _AprilMay _JuneJulyAugustSeptemberOctoberNovember. . .December 8. _

Gross public debt and guaranteed issues 2

Total

47.6

50.961 3

112.5170.1232.1

278.7259.5257.0252. 9257.2

250. 7259.5267.4275.2

259.8260.4258.1258.3260.0259.2263.1263.2262.7265. 0267.5267.4

267.5267.6264.5264.6266. 6266.1272.7273.3273.0273.5275.3275.2

Heldby

U.S.Gov-ern-ment

invest-ment

ac-counts

6.5

7.69.5

12.216.921.7

27.030.934.437.339.4

39.242.345.948.3

42.742.943.043.243.744.344.645.045.145.145.545.9

46.046.246.346.346.847.647.648.048.048.048.248.3

Held by others

Totalheldby

others

41.1

43.351 7

100.2153.2210.5

251.6228. 6222.62J 5. 5217.8

217.5217.2221.6226.9

217.1217.5215.1215.1216.2214.8218.5218.2217.7219.9221.9221.6

221.5221.5218.3218.3219.8218.6225.1225.3225.0225.5227.1226.9

State 3andlocal

govern-ments

0.4

.5

.71.02.14.3

6.56.37.37.98.1

8.89.6

11.112.5

9.910.010.110.210.210.410.710.810.911.011.011.1

11.211.311.411.511.912.012.212.212.212.212.312.5

Com-mer-cial

banks 4

15.9

17.321.441.159.977.7

90.874.568.762.566.8

61.861.663.463.6

62.161.260.160.561.061.162.761.861.663.164.263.4

62.861.959.559.158.658.863. 562.762.562.763.763.6

FederalReservebanks

2.5

2.22.36.2

11.518.8

24.323.322.623.318.9

20.823.824.725.9

22.722.522.522.422.322.922.923.123.723.623.824.7

23.923.923.823.924.224.725.025.125.225.325.125.9

Nonbank private cor-porations and asso-ciations

Total

12.2

12.816.828.242.056.4

65.760.158.456.457.7

60.658.258.359.9

58.359.057.457.558.556.557.658.057.358.158.858.3

59.460.058.859.059.957.659.460.459.960.260.859.9

Corpo-rations B

2.2

2.04.0

10.116.421.4

22. 015.314.114.816.8

20.521.321.021.3

21.522.120.720.221.219.720.320.720.220.521.021.0

21.421.820.720.521.519.420.721.421.121.321.821.3

Other 8

10.0

10.812.818.125.635.0

43.744.844.341.640.9

40.136.937.338.6

36.836.936.737.337.336.837.337.337.137.637.837.3

38.038.238.138.538.438.238.739.038.838.939.038.6

Indi-vid-

uals7

10.1

10.613.623.737.653.3

61361265.765.566.3

65.564.064.165.0

64.164.865.064.664.363.964.664.464.264.264.164.1

64.164.464.864.865.265.465.164.965.165.065.165.0

1 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. Not all of total shown is subject to statutory

debt limitation.3 Includes trust, sinking, and investment funds of State and local governments and their agencies, and

of Territories and possessions.4 Includes commercial banks, trust companies, and stock savings banks in the United States and inTerritories and possessions; figures exclude securities held in trust departments.

6 Exclusive of banks and insurance companies.6 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 non-interest-bearing notes issued by the U. S. Government. Beginning with June 30,1947, includesholdings of Federal land banks.

7 Includes partnerships and personal trust accounts.s Estimates based on incomplete data; by Council of Economic Advisers.


Source: Treasury Department (except as noted).


TABLE G—41,—U. S. Government debt—volume and kind of obligations, 1929—53


End of period

1929

19301931 - - -19321933 - - -.1934

19351936193719381939

19401941194219431944 .

194519461947 _ - .- -19481949 . . _ .

1950 - -19511952 . _ _ ..1953

1952: JanuaryFebruaryMarchAprilMay _ - _ -June_JulyAugust...SeptemberOctober _ _ _ _ .November _December

1953: JanuaryFebruary _March...AprilMay.JuneJuly....August .SeptemberOctoberNovemberDecember

Grosspublic

debt andguar-

anteedissues i

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

256.7259.5267.4275.2

259.8260.4258.1258.3260. 0259.2263.1263.2262.7265.0267.5267.4

267.5267.6264.5264.6266.6266.1272.7273.3273.0273.5275.3275.2

Interest-bearing public debt

Marketable publicissues

Short-term

issues *

3.3

2.92.85.97.5

11.1

14.212.512.59.87.7

7.58.0

27.047.169.9

78.257.147.745.950.2

58.365.668.777.3

65.665.664.464.865.664.664.464.264.066.968.968.7

68.768.065.565.666.366.072.472.479.579.679.177.3

Treasurybonds

11.3

11.313.513.414.715.4

14.319.520.524.026.9

28.033.449.367.991.6

120.4119.3117.9111.4104.8

94.076.979.877.2

76.976.976.876.876.875.779.979.879.879.879.879.8

79.880.480.480.481.981.281.281.273.273.275.577.2

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

58.057.657.957.7

57.757.757.757.657.657.757.757.857.857.857.957.9

58.158.358,458.457.957.957.957.957.857.857.857.7

Treasurytax andsavingsnotes

2.56.48.69.8

8.25.75.44.67.6

8.67.55.86.0

7.58.06.97.17.56.66.46.36.06.06.15.8

5.75.64.94.84.84.54.75.05.66.36.26.0

Invest-ment

bonds 3

1.01.01.0

1.013.013.412.9

13.013.013.012.512.514.014.114.114.113.413.413.4

13.413.413.413.313.313.313.213.213.112.912.912.9

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

33.735.939.141.2

36.236.436.536.737.237.737.938.338.438.438.839.1

39.139.339.439.539.740.540.641.041.040.941.041.2

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. Not all of total shown is subject to statutory debt limitation.

2 Includes bills, certificates of indebtedness, and notes.* Includes Series A bonds and, beginning in April 1951, Series B convertible bonds.4 Issued to U. S. Government investment accounts. These accounts also held 7.1 billion dollars of public

marketable and nonmarketable issues on December 31,1953.

Source: Treasury Department.

2IO


TABLE G-42.—Bond yields and interest rates, 1929-53[Percent per annum]

Period

Number of issues.-- _

Average:1929

1930 .1931193219331934

19351936 -193719381939

19401941194219431944

19451946194719481949 ...

1950 ...19511952 .1953

1952* JanuaryFebruaryMarchAprilMay .June __JulyAugustSeptember. __October. _ _NovemberDecember

1953: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember...December

U. S. Government securities

3-monthTreas-ury

bills i

(•)

(6)1.402.879.515.256

.137

.143

.447

.053

.023

.014

.103

.326

.373

.375

.375

.375

.5941.0401.102

1.2181.5521.7661.931

1.6881.5741.6581.6231.7101.7001.8241.8761.7861.7831.8622.126

2.0422.0182.0822.1772.2002.2312.1012.0881.8761.4021.4271.630

9-12monthissues 2

(7)

(0

88(0(7)(7)(7)(7)

(7)(7)(7).75.79

.81

.82

.881.141.14

1.261.731.812.07

1.751.701.691.601.661.741.891.941.951.841.892.03

1.971.972.042.272.412.462.362.332.171.721.531.61

Long-termtaxable bonds'

Oldseries 4

3-7

(8)

(3)(3)

(3)(3)

8(3)

82.462.472.48

2.372.192.252.442.31

2.322.572.682.93

2.742.712.702.642.572.612.612.702.712.742.712.75

2.802. 832.892.973.093.092.993.002.972.832.852.79

Newseries 6

1

(«)

i88(8)(•)(5)

(«)(•)<•)0)«(«)(')

8(6)

(?(•)3.16

(5)(5)(5)

(5)(3)

8(5)

888(5)(5)3.263.293.253.223.193.063.042.96

Corporatebonds

(Moody's)

Aaa

30

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

2.622.862.963.20

2.982.932.962.932.932.942.952.942.953.012.982.97

3.023.073.123.233.343.403.283.243.293.163.113.13

Baa

30

5.90

5.907.629.307.766.32

5.754.775.035.804.96

4.754.334.283.913.61

3.293.053.243.473.42

3.243.413.523.74

3.593.533.513.503.493.503.503.513.523.543.533.51

3,513.533.573.653.783.863.863.853.883.823.763.74

High-grade

munic-ipal

bonds(Stand-ard &

Poor's)

15

4.27

4.074.014.654.714.03

3.413.073.102.912.76

2.502.102.362.061.86

1.671.642.012.402.21

1.982.002.192.72

2.102.042.072.012.052.102.122.222.332.422.402.40

2.472.542.612.632.732.992.992.882.882.722.622.59

Avg.rate onshort-termbankloans

to busi-ness —

selectedcities

(8)

(8)(8)(8)(8)(8)

(8)(8)(8)(8)2.1

2.12.02.22.62.4

2.22.12.12.52.7

2.73.13.53.7

3.45

3.51

3.49

3.51

3.54

3.73

3.74

3.76

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

1.452.172.332.52

2.382.382.382.352.312.312.312.312.312.312.312.31

2.312.312.362.442.682.752.752.752.742.552.322.25

FederalReserveBankdis-

countrate

5.16

3.042.112.822.561.54

1.501.501.331.001.00

1.001.00

•1.00•1.00•1.00

•1.00•1.00

1.001.341.50

1.591.751.751.99

1.751.751.751.751.751.751.751.751.751.751.751.75

1.882.002.002.002.002.002.002.002.002.002.002.00

1 Rate on new issues within period. Issues were tax exempt prior to March 1,1941, and fully taxable there-after. For the period 1934-37, series includes issues with maturities of more than 3 months.

2 Includes certificates of indebtedness and selected note and bond issues.3 Bonds in this classification were first issued in March 1941.4 2^-percent bonds, 15 years and over prior to April 1952 and 12 years and over beginning in April 1952.fi 3J4-percent bonds of 1978-83, first issued May 1, 1953.6 Treasury bills were first issued in December 1929 and were issued irregularly in 1930.7 Not available before August 1942.'8 Not available on same basis as for 1939 and subsequent years.• 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 short-term bank loans.Source: Board of Governors of the Federal Reserve System (compiled from data supplied by various

Government and private organizations).

284874—54 15 211


TABLE G—43.—Government cash receipts from and payments to the public, calendar years, 1943—53


Calendar year

19431944 .

19451946. _19471948 . __ _ ._.1949

19501951 :.19521953 4 -.

Total

Cashre-

ceipts

47.457.9

59.853.057.560.057.9

60.679.593.394.5

Cashpay-

ments

96.1102.0

93.951.051.052.360.2

61.578.695.0

100.3

Excessof re-ceipts(+)orpay-

ments(-)

-48.7-44.0

-34.1+2.0+6.6+7.8-2.3

-.9+.9

-1.7-5.8

Federal

Cashre-

ceipts

37.948.1

49.441.444.344.941.3

42.459.371.370.6

Cashpay-

ments

89.094.8

86.141.438.636.942.6

42.058.073.076.8


ments(-)

-51.1-46.7

-36.7(3)

+5.7+8.0-1.3

+.4+1.2-1.6-6.2

State and local 1

Cashre-

ceipts

9.69.8

10.311.613.215.116.6

18.220.222.023.9

Cashpay-

ments2

7.17.2

7.89.6

12.415.417.6

19.520.622.023.5


ments(-)

+2.5+2.6

+2.6+2.0+ 9-.3

-1.0

-1.3-.4

+ll

1 Based on the national income and product statistics of the Department of Commerce, adjusted to acash basis.

2 Federal grants-in-aid have been deducted from State and local government receipts and paymentssince they are included in Federal payments.

3 Less than 50 million dollars.4 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 Economic Advisers.

212


CORPORATE PROFITS AND FINANCE

TABLE G-44.—Profits before and after taxes, all private corporations, 1929—53


Period

1929 _ _..

19301931193219331934... _ _ .

1935. _ _.19361937 .. ..19381939

19401941.. -194219431944

19451946194719481949

1950195119521953.

1952: First half _ . _ _Second half


1952' First quarterSecond quarter _ _ _Third quarterFourth quarter

1953: First quarter __ _. ___Second quarterThird quarterFourth quarter. _

Corporateprofitsbeforetaxes

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

41.043.739.2

(3)

Corporatetax

liability 1

1.4

.8

.5

.4

.5

.7

1.01.41.51.01.5

2.97.8

11.714.413.5

11.29.6

11.913.010.8

18.223.620.6

(3)

Corporate profits after taxes

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

22.720.118.6

(3)

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

9.19.29.1

<9 .4

Undis-tributedprofits

2.6

-3.0-5.4-6.0-2.4-1.6

-.6-.3

« -.91.2

2.44.95.16.26.1

3.88.1

12.013.58.8

13.610.99.5

(3)


39.838.6

45.2(3)

41.538.237.040.3

44.645.943.3

(')

21.020.3

24.7(3)

21.820.119.421.2

24.425.023.6

(3)

18.918.3

20.6(')

19.718.017.519.1

20.320.819.6

(3)

9.19.1

9.3<9.6

9.19.19.19.1

9.29.49.6

*9.6

9.89.2

11.3(3)

10.68.98.4

10.0

11.111.410.0

(')

1 Federal and State corporate income and excess profits taxes.2 Minus 8 million dollars.s Not available.* Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.NOTE.—No allowance has been made for inventory valuation adjustment. See appendix table G-7 for

profits before taxes and inventory valuation adjustment.Detail will not necessarily add to totals becausej)f rounding.


213


TABLE G-45.—Relation of profits after taxes to stockholders' equity and to sales, private manu-facturing corporations, by industry group, 1947-50 average and 1952-53

ludnstry group

All private manufac-turing corporations-

FoodTobacco manufacturesTextile-mill productsApparel and finished textiles-Lumber and wood products -

Furniture and fixturesPaper and allied productsPrinting and publishing (ex-

cept newspapers)Chemicals and allied prod-

uctsPetroleum refining

Products of petroleum andcoal (except petroleum re-f i n i n g ) _ _

Rubber productsLeather and leather products.Stone, clay, and glass prod-

ucts _. _ _ _ ._ _ _Primary nonferrous metal in-

dustries ---

Primary iron and steel in-dustries

Fabricated metal products.. _Machinery (except electri-

cal) _ _ _Electrical machineryTransportation equipment

(except motor vehicles)

Motor vehicles and partsInstruments, photographic

and optical goods, watchesand clocks

Miscellaneous manufactur-ing (including ordnance)___

1947-50aver-age

1952

Year Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

1953

Firstquarter

Secondquarter

Thirdquarter

Ratio of profits (annual rate) to stockholders' equity

14.8

13.612.114.512.017.1

14.316.2

13.4

15.9i 15.1

(2)12.810.4

15.2

12.5

12.915.3

14.517.8

6.6

21.7

14.6

11.4

10.2

7.78.24.24.88.5

8.610.2

9.1

10.712.9

^8.610.95.7

11.5

11.5

8.310.0

11.213.3

12.1

13.7

11.5

7.1

10.1

5.97.34.01.88.0

7.411.4

10.9

11.113.6

6.09.62.6

8.4

13 0

9.79.9

12.213.4

10.9

12.9

10.6

6.5

10.0

7.77.73.23.48.9

9.09.5

10.2

10.613.0

8.910.85.6

12.6

11.3

5.510.4

12.511.4

12.5

15.4

11.1

6.1

9.9

9.49.04.75.89.8

8.410.1

9.4

10.512.3

13.511.28.1

13.6

9.3

6.310.5

10.212.0

11.9

11.4

11.2

7.3

11.3

7.49.34.97.87.3

9.810.8

6.2

11.314.5

6.613.06.7

11.9

12.6

12.49.7

10.417.8

14.5

16.0

13.6

8.1

10.7

7.07.76.07.67.0

11.210.6

11.4

11.412.3

6.711.56.5

9.3

12.4

10.99.4

11.315.1

12.8

15.2

11.7

8.3

11.2

8.29.55.36.79.8

10.410.2

10.8

11.612.9

11.212.18.0

14.9

11.9

11.411.0

11.712.8

15.4

15.0

11.7

9.0

10.5

10.210.55.04.97.6

7.110.2

8.9

10.313.3

9.811.56.2

13.8

9.9

11.010.9

8.712.1

12.2

12.8

10.7

9.1


214


TABLE G-45.—Relation of profits after taxes to stockholders9 equity and to sales> private manu-facturing corporations, by industry group, 1947-50 average and 7952-53—Continued

Industry group

All private manufac-turing corporations. _

FoodTobacco manufacturesTextile-mill pro ductsApparel and finished textiles .Lumber and wood products. _

Furniture and fixtures __ _.Paper and allied productsPrinting and publishing (ex-

cept newspapers)Chemicals and allied prod-

uctsPetroleum and refining

Products of petroleum andcoal (except petroleum re-fining)

Rubber products.. .Leather and leather products.Stone, clay, and glass prod-

uctsPrimary nonferrous metal

industries

Primary iron and steel indus-tries .-

Fabricated metal products. _.Machinery (except electrical) .Electrical machineryTransportation equipment

(except motor vehicles)

Motor vehicles and partsInstruments, photographic

and optical goods, watchesand clocks .

Miscellaneous manufactur-ing (including ordnance) _..

1947-50aver-age

6.7

3.64.86.63.19.2

5.08.6

5.0

9.1i l l .O

(2)4.83.4

8.9

8.8

7.26.67.16.3

3.4

7.4

7.9

5.3

1952

Year Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

1953

Firstquarter

Secondquarter

Thirdquarter

Profits in cents per dollar of sales

4.3

1.93.21.91.04.1

2.75.7

3.3

6.110.1

3.73.61.8

6.6

6.7

4.74.04.84.5

2.9

4.7

4.8

2.7

4.2

1.53.01.8.4

4.2

2.36.0

4.0

6.210.0

2.83.2.8

5.0

7.3

4.94.15.14.6

2.9

4.5

4.8

2.6

4.2

1.93.01.5.8

4.3

2.75.4

3.8

6.010.2

3.63.51.8

7.2

6.8

3.54.35.13.9

2.8

4.9

4.8

2.5

4.3

2.33.42.11.34.6

2.75.7

3.5

6.19.6

5.43.72.5

7.4

5.7

3.94.14.64.1

2.8

4.6

4.8

2.9

4.4

1.83.52.11.63.3

2.95.6

2.1

6.210.5

2.84.21.9

6.4

7.0

5.83.64.45.1

2.8

4.7

5.0

2.7

4.3

1.83.22.71.73.5

3.35.7

4.2

6.39.6

3.33.82.0

5.4

7.1

5.23.64.84.6

2.6

4.1

4.8

3.1

4.4

2.13.72.51.64.6

3.25.4

3.9

6.310.2

4.63.92.5

8.0

6.1

5.24.04.64.0

2.8

3.9

4.7

3.2

4.3

2.53.92.51.13.7

2.45.4

3.3

6.010.3

4.33.91.9

7.3

5.8

5.43.83.94.0

2.4

3.7

4.5

3.8

1 Petroleum refining and products of petroleum and coal combined.2 Not available separately for this period.NOTE.—Beginning with the third quarter of 1951, these series are based on a new sample. However, the

1947-50 averages have not been adjusted and therefore are not strictly comparable with data for later periods.For explanatory notes concerning compilation of the series, see Quarterly Financial Reports for UnitedStates Manufacturing Corporations by Federal Trade Commission and Securities and Exchange Com-mission.

Sources: Federal Trade Commission and Securities and Exchange Commission.

215


TABLE' G—46.—Relation of profits before and after taxes to stockholders' equity and to sales,private manufacturing corporations, by asset size class, 1947—50 average and 1952—53

Asset size class(thousands of dollars)

All asset sizes

Under 250 _250 to 9991,000 to 4,9995,000 to 99,999100,000 and over

All asset sizes _ _

Under 250250 to 9991,000 to 4,9995,000 to 99,999100,000 and over -

All asset sizes -

Under 250__250 to 9991,000 to 4,999 .5,000 to 99,999100,000 and over

All asset sizes

Under 250 . -250 to 9991,000 to 4,9995,000 to 99,999 . . _ -100,000 and over

1947-50average

1952

Year Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

1953

Firstquarter

Secondquarter

Thirdquarter

Ratio cf profits before Federal taxes (annual rate) to stockholders' equity

24.6

16.722.724.225.224.9

21.8

17.217.519.621.923.0

23.6

15.717.320.723.325.7

22.0

20.319.720.222.222.6

20.7

22.118.819.120.821.2

22.2

9.910.818.422.524.9

24.9

13.218.120.725.127.0

26.4

21.721.120.725.728.8

23.3

17.517.317.722.425.8

Profits before Federal taxes in cents per dollar of sales

11.1

4.47.49.0

11.313.2

9.2

3.64.86.59.2

11.8

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

8.6

1.92.95.88. 8

11.5

10.0

3.04.97.0

10.112.6

10.4

4.75.76.8

10.212.9

9.6

3.74.96.19.3

12.2

Ratio of profits after Federal taxes (annual rate) to stockholders' equity

14.8

9.813.114.114.915.3

10.2

9.47.68.09.4

11.5

10.1

8.96.97.99.3

11.6

10.0

12.38.68.09.2

11.0

9.9

13.08.48.29.1

10.8

11.3

2.84.97.9

10.713.7

10.7

7.07.98.9

10.311.8

11.2

13.210.38.8

10.612.1

10.5

11.08.17.49.5

11.9

Profits after Federal taxes in cents per dollar of sales

6.7

2.64.35.26.78.1

4.3

1.92.12.64.05.9

4.2

1.92.02.63.95.8

4.2

2.72.52.63.95.6

4.3

2.72.52.83.95.7

4.4

0.51.32.5'4.26.3

4.3

1.62.23.04.15.5

4.4

2.92.82.94.25.4

4.3

2.32.32.54.05.6

NOTE.—Beginning with the third quarter of 1951, these series are based on a new sample. However, the1947-50 averages have not been adjusted and therefore are not strictly comparable with data for later periods.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.

2l6


TABLE G—47.—Sources and uses of corporate funds, 1946—53 1


Source or use of funds

Uses:Plant and equipment outlaysInventories (change in book

value) -_Change in customer net receiva-

bles 3

Cash and U. S. Governmentsecurities

Other current assets

Total uses

Sources:Internal:

Retained profits and deple-tion allowances

Depreciation allowances

Total internal sources

External:Change in Federal income

tax liabilityOther current liabilities ..Change in bank loans and

mortgage loansNet new issues _ _

Total external sources

Total sources

Discrepancy (uses less sources)

1946

13.2

11.2

1.0

-4.7-.7

20.0

7.64.3

11.9

— 1.62.1

3.82.4

6.7

18.5

1.5

1947

17.5

7.1

3.0

1.0-.1

28.5

11.65.3

16.9

2.31.4

3.44.4

11.5

28 3

.3

1948

19.1

4.2

2.8

1.0(4)

27.1

12.86.3

19.1

.8

.3

1.95.9

8.9

28.1

—.9

1949

16.4

-3.6

.8

3.2-.2

16.6

8.07.2

15.2

—2.3.5

-2.24.9

.9

16.0

.6

1950

17.0

9.9

5.1

4.5.3

36.8

13.07.9

20.9

7.21.7

2.43.7

15.0

35.9

.9

1951

21.6

10.2

.7

3.0.4

36.0

10.28.7

18.9

5.11.0

5.2C>.3

17.6

36.6

-.6

1952

22.5

1.7

2 4

.3

.5

27.4

8.810.3

19.1

-3.11.0

3.28.1

9.2

28.3

-.9

1953 2

24.0

3.5

3.0

2.0.5

33.0

10.012.0

22.0

2.51.0

1.07.5

12.0

34.0

— 1.0

* Excludes banks and insurance companies.'•Estimated to nearest half-billion dollars on basis of incomplete data; by Council of Economic Advisers.* Receivables are net of payables which are therefore not shown separately.

4 Less than 50 million dollars.


Source: Department of Commerce based on Securities and Exchange Commission and other financialdata (except as noted).

217


TABLE G-48.—Business population, 1929-53

Period

1929

1930193119321933 . .1934

193519361937 _ _ . . _19381939

19401941194219431944

1945194619471948 _1949

1950195119521953 __


1953: JanuaryFebruaryMarchAprilMayJune -July . .AugustSeptember. .OctoberNovember .December

Operating businesses andbusiness turnover *

Operat-ing

busi-nesses

Newbusi-nesses

Dis-con-tin-uedbusi-nesses

Busi-ness

trans-fers

Thousands of firms *

3, 029. 0

2, 993. 72, 916. 42, 828. 12, 782. 12,884.0

2, 991. 93, 069. 83, 136. 33, 073. 73, 222. 2

3, 290. 83, 269. 63, 185. 82, 905. 12, 916. 5

3, 113. 93, 487. 23, 783. 23, 948. 34, 000. 0

4, 050. 74, 108. 54, 167. 4

(')

4, 175. 4

4, 178. 8

84,212.4

(8)

(5)

(5)(5)(8)(5)(5)

(8)(8)(5)(8)(8)

275.2290.0121.2146.0330.9

422. 7617.4460.8393.3331.1

348.2363.2363.9«

213.0

150.9

199.3

(8)

(8)

(8)(8)(8)(8)(5)

(8)(8)(5)(5)(5)

318.1270.7386.5337.0174.6

175.6208.7239.2282.0306.5

289.6309.3306.4(8)

158.8

147.5

8165.7

(')

(5)

(8)(5)(5)(8)(8)

(5)(5)(5)(8)(8)

(8)

8(8)

359.4

473.2626.9571.9501.3434.7

419.4378.3374.9

(«)

(")

(')

(8)

(8)

Newbusi-ness

incor-pora-tions

Business failures, by size of liabilities 2

Number of failures

Total Under$100,000

$100,000andover

Number of firms *

(5)

(8)(fi)(5)(8)(8)

(8)(8)(8)(5)(5)

(8)(8)(8)(8)(8)

35,781132,916112,63896,10185,491

92,92583,64992,819

102,545

8,3577,1387,9028,2847,9157,8197,5497,0887,5298,2236,7418,274

9,4687,9439,6599,5078,9688,9268,7037,4877,4338,2677,2698,915

22,909

26, 35528, 28531, 822

6 19, 85912, 091

12, 2449,6079,490

12, 836714,768

13, 61911, 8489,4053,2211,222

8091,1293,4745, 2509,246

9, 1628,0587,6118,862

671619715780638671580594539631590583

647691739693697817724700686840815813

22, 165

25, 40827, 23030, 197

• 18, 88011, 421

11, 6919,2859,203

12, 5537 14, 541

13, 40011, 6859,2823,1551,176

7591,0023, 1034,8538,708

8,7467,6267,0818,075

616583665715607628527562506582551539

604632674628636767651639610766745723

744

9471,0551,625«979

670

553322287283

7227

2191631236646

50127371397538

416432530787

553650653143533233493944

435965656150736176747090

Amount of currentliabilities

Total Under$100,000

$100,000andover

Thousands of dollars 4

483, 252

668, 282736, 310928, 313H57,520333, 959

310, 580203, 173183, 253246, 5057182,520

166, 684136, 104100, 76345, 33931, 670

30, 22567, 349

204, 612234, 620308, 109

248, 283259, 547283, 314394, 153

26, 20819, 47429, 23229, 53021, 19321,22222, 78916, 32220, 13835, 04918, 75723, 400

23, 30927, 27331, 08227, 52032, 78932, 37939,83028, 52933, 81737, 07636, 79543, 754

261, 458

303, 464354, 159432, 625

6215,510138, 509

135. 489102. 803101. 856140, 120

7132,863

119, 904100, 66080, 28631, 18414, 548

11, 38515, 71763, 66893, 899

161, 386

151, 189131, 593131, 871167, 530

11, 52110, 78212, 91213, 36510, 48712, 0709,880

10, 1058,645

10,98810, 60410, 512

11, 67912, 15213, 36512, 57513, 19316, 18513, 93113, 08713, 79015, 90415, 60916, 060

221, 794

364, 818382, 151495, 688

6242,010195, 450

175, 091100, 37081. 397

106. 3857 49, 657

46, 78035, 44420, 47714, 15517, 122

18, 84051, 632

140, 944140, 721146, 723

97, 094127, 954151,443226, 623

14, 6878,692

16, 32016, 16510, 7069,152

12, 9096, 217

11,49324, 0618, 153

12, 888

11, 63015, 12117, 71714, 94519, 59616, 19425, 89915, 44220, 02721, 17221, 18627, 694

1 Excludes firms in fields of agriculture and professional services. Includes self-employed person only ifhe has either an established place of business or at least one employee.

2 Industrial and commercial only; excludes banks, railroads, insurance companies, etc.* Operating businesses are end-of-quarter data with annual estimate centered at June 30. New and dis-

continued businesses and business transfers are totals for the year and half-year.* Total for period.• Not available.« Revised series no longer carries group of agents and commercial services (such as real estate and insur-

ance brokers, holding and finance companies, tourist agencies, etc.).7 Revised series has more complete coverage of small firms.• Preliminary.Sources: Department of Commerce and Dun & Bradstreet, Inc.

2l8


INTERNATIONAL TRANSACTIONS

TABLE G-49.—United States balance of payments, excluding U. S. Government grants ofmilitary goods and services, 1947-53


Area and type of transaction

WITH THE WORLD *

Exports of goods and services:TotalLess i Unilateral military transfers

Net total

Imports of goods and services:MilitaryOther

Total

Unilateral transfers other than U. S. Govern-ment grants [net outflow (— )]

Balance on goods and services and unilateraltransfers other than U. S. Governmentgrants [net outflow (— )]

United States private capital [net outflow

Errors and omissionsBalance on goods and services, unilateral

transfers other than U. S. Governmentgrants, United States private capital, anderrors and omissions [net outflow (— )]

U. S. Government credits and grants (exclud-ing transfers of military goods and services) .

Increase (+) or decrease (— ) in foreign goldand dollar assets through transactions withthe United States

WITH WESTERN EUROPE AND DEPENDENCIES 8

Exports of goods and services, excluding mili-tary transfers ..

Imports of goods and services fl

Balance on goods and services and unilateraltransfers other than U. 8. Governmentgrants [net outflow (—)] .


Multilateral transfers 7 _Balance on goods and services, unilateral

transfers other than U. S. Governmentgrants, United States private capital, andmultilateral transfers [net outflow (— )]


Increase (+) or decrease (— ) in foreign goldand dollar assets • _

WITH CONTINENTAL WESTERN EUROPE ANDDEPENDENCIES •

Exports of goods and services, excluding mil-itary transfers

Imports of goods and services "Balance on goods and services and unilateral

transfers other than U. S. Governmentgrants [net outflow (— )]


Multilateral transfers 7 ..Balance on goods and services, unilateral


U. S. Government credits and grants (exclud-ing transfers of military goods and services') .

Increase (+) or decrease (-) in foreign goldand dollar assets 8

1947

19.8.1

19.7

.57.8

8.3

—.7

+10.7

-1.0+1.0

+10.7

«-8.8

-1.9

8.1

2.8

+5.3

-.1+1.7

+6.9

-4.3

-2.6

(9)(8)

CO

(9)(9)

(9)

CO(9)

1948

17.0.4

16 6

.89 5

10 3

—.7

+5.6

—.9+1 0

+5.8

-4.6

-1.2

6.4O o

+3.1

-.2+1.5

+4.4

-3.7

-.7

4.9

2.0

+2.9

-.1+.2

+3.0

-2.8

-.2

1949

16.0.2

15.8

.69.0

9.6

-.6

+5.5

—.6+.8

+5.7

-5.6

-.1

6.1

3.2

+2.9

(3)+1.7

+4.6

-4.6

-.1

4.5

2.0

+2.5

+.1+.6

+3.2

-3.4

+.2

1950

14.4.6

13.8

.611.5

12.1

-.6

+1.2

-1.3+.2

00

-3.6

Si+3. 6

4.5

3.9

+.6

-.3+.6

+.9

-2.9

+1.9

3.3

2.3

+1.0

-.2+.4

+1.2

-2.2

+.9

1951

20.21.5

18.7

1.313.8

15.1

—.5

+3.2

-1.1+.5

+2.7

-3.1

+.4

6.1

4.9

+1.2

(3)+.8

+2.1

-2.0

-.1

4.3

2.9

+1.3

(3)+.1

+1.5

-1.8

+.3

1952

20.62.6

18.1

1.913.9

15.8

-.6

+1.7

-1.1+.6

+1.2

-2.4

+1.2

5.6

5.6

(3)

(3)+1.1

+1.0

-1.6

+.6

4.0

3.6

+.4

-.1+.1

+.4

-1.1

+.7

19531

21.44.7

16.8

2.514.3

16.8

-.7

—.7

-.1+.3

-.5

-2.0

+2.5

4.8

6.3

-1.5

+.1+.4

-1.0

—1.1

+2.1

3.4

4.1

-.8

+.2+.1

-.5

o

+1.2


219


TABLE G—49.—UnitedlStates balance of payments, excluding U. S. Government grants of militarygoods and services, 1947—53—Continued



WITH STERLING AREA 8

Exports of goods and services, excludingmilitary transfers ,

Imports of goods and services ' _ _ _ _ _Balance on goods and services and unilateral

transfers other than U. S. Governmentgrants [net outflow (—)]


Multilateral transfers 7

Balance on goods and services, unilateraltransfers other than U. S. Governmentgrants, United States private capital, andmultilateral transfers [net outflow (— )]


Increase (+) or decrease (— ) in foreign goldand dollar assets 8

WITH CANADA

Exports of goods and services, excluding mili-tary transfers

Imports of goods and services "Balance on goods and services and unilateral

transfers other than U. S. Governmentgrants _. -



Balance on goods and services, unilateraltransfers other than U. S. Governmentgrants, United States private capital, andmultilateral transfers [net outflow (— )]

U. S. Government credits and grants (exclud-ing transfers of military goods and services).


WITH LATIN AMERICA •

Exports of goods and services, excludingmilitary transfers _

Imports of goods and services 'Balance on goods and services and unilateral

transfers other than U. S. Governmentgrants [net outflow (— )1


Multilateral transfers 7 __Balance on goods and services, unilateral




1947

(9)

(»)

(9)

(•)(•)

(•)

(v)

(fl)

2.7

1.5

+1.1

+.2-.5

+.8

00

-.8

4.8

2 8

+2.0

—.6-.6

+.8

-.2

-.6

1948

2.7

2.0

+.7

-.1+1.4

+2.0

Q

-1.0

2.5

2.0

+.4

—.2-.6

-.4

(3)

+.4

4.2

3 1

+1.1

— 3—.7

(3)

(3)

-.1

1949

2.5

1.8

+.7i

+.9

+1.6

-1.1

-.4

2.6

2.0

+.6

—.1c

(3)

(3)(3)

3.7

3 0

+.7

—.3-.7

-.3

-.1

+.4

1950

1.9

2.4

-.4

-.2+.3

-.3

-.7

+1.0

2.7

2.4

+.3

— .7-.2

-.6

(3)

+.6

3.9

3 6

+.3

—.2-.5

0

(3)+.3

1951

3.2

3.0

+.2

(3)+.5

+.7

-.3

-.4

3.5

2.8

+.7

—.4-.2

(3)

(3)

(3)

5.2

4 1

+1.0

—.3-.6

+.1

-.2

(3)

1952

3.0

2.8

+.2

(3)

+.6

+.8

-.6

—.2

3.8

3.0

+.8

—.4-.7

-.3

(3)

+.3

4.8

4 3

+.5

— 4-.2

-.1

-.1

+.1

19531

2.4

2.9

-.5

(3)

(3)

-.5

-.5

+.9

4.1

3.2

+.9

—.2—.4

+.3

(3)

-.3

4.2

4 4

-.2

-f- 1(3)

-. 1

-.3

+.5


220


TABLE G-49.—United States balance of payments, excluding U. S. Government grants of militarygoods and services, 1947-53—Continued



WITH OTHER COUNTRIES s

Exports of goods and services, excluding mili-tary transfers

Imports of goods and services 'Balance on goods and services and unilateral

transfers other than U. S. Governmentgrants [net outflow ( — )]



Balance on goods and services, unilateraltransfers other than U. S. Governmentgrants, United States private capital, andmultilateral transfers.. _


Increase (+) or decrease (— ) in foreign goldand dollar assets 8 _ _ .

1947

(9)

(0)

(9)

(°)(')

(9)

(e)

(9)

1948

2 2

1 7

+.5

-.1+.3

+.7

-.8

+.1

1949

2.3

1 4

+1.0

-.2+.2

+1.0

-.9

-.1

1950

1 9

2 0

(3)

-.1+.2

+.1

-.6

+.5

1951

2 7

2 6

+.1

-.2+.2

+.1

-.6

+.5

1952

2.6

2 6

(3)

-.1+.5

+.4

-.5

+.1

19531

2.7

2.9

2

-. 1+.6

+.3

-.4

+.1

1 January-September data at annual rates.2 Includes international institutions.3 Less than 50 million dollars.4 Includes 3.1 billion dollars for subscription to International Monetary Fund and International Bank

for Reconstruction and Development.5 For geographic coverage, see Survey of Current Business, December 1952.6 Includes net unilateral transfers other than U. S. Government military and economic aid.7 Includes errors and omissions; (+) indicates payment by the area.8 Includes gold transactions with the United States only.9 Not available.


221


TABLE G—50.—U. S. Government grants and capital movements to foreign countries, 2947-53


Type of aid

Disbursements on grants:Military goods and services:

Mutual Defense _ . _ __Greek- Turkish aidChina aid ._ .- -

Other Government grants:EGA and Mutual Security:

EuropeOther areas -- -- --

Army Civilian Supply2

Philippine RehabilitationInternational Refugee Organization and other

international relief agencies, excludingTJNRRA

UNRRA, post UNRRA, and interim aidOther grants _ . _.

Total disbursementsLess: ReceiptsEquals: Net unilateral payments _ _

Long-term capital:Subscription to:

International Bank for Reconstruction andDevelopment

International Monetary FundBritish LoanEGA and MSA ProgramsExport-Import BankSurplus Credits (including ship sales)Raw material credits to occupied areasUnited Nations building loanOther

Total long-term capital outflowLess: RepaymentsEquals: Net long-term capital movements _ . _

Short-term capital, net

U. S. Government grants of military goods andservices

Other U. S. Government grants, net ._U. S. Government long- and short-term credit _

1947

49

1,00986

3477368

2,019147

1,872

3172 7452,850

79727380

81

7 143294

6,849

108

491,8236,957

1948

32746

1,39796

1,468130

11662764

4,271172

4,099

300476454168

63g

1 416443973

—87

3733,726

886

1949

17140

3,73092

1,082203

1042

33

5,457245

5,212

42816330262012

679205474

173

2115,001

647

1950

516625

2,719114500166

84

28

4,194151

4,043

163193

228226

414287127

37

5833,460

164

1951

1,471g2

2,490153336

12

39

58

4,569138

4,431

209222

136

450310140

23

1,4812,950

163

1952

2,593

1,515281155

4

48

17

4,61385

4,528

333483

715

838429409

68

2,5931,935

477

1953 *

4,652

1,255428131

71

10

6,547124

6,423

49661

19

729445284

-36

4,6521,771

248

1 January-September data at annual rates.2 After 1949, includes disbursements in Germany administered by EGA from funds appropriated underthe Army Civilian Supply Program.


TABLE G-51.—Estimated gold reserves and dollar holdings of foreign countries, 7928, 7937, and1945-53


Area

All foreign countriesSterling areaContinental OEEC countries

and dependenciesOther Europe.CanadaLatin American RepublicsAll other countries .

1928

8.81.4

4.3.1.4

1.11.5

1937

15.14.9

6.8.1.4

1.01.9

1945

20.84.1

7.9.8

1.73.82.5

1946

19.44.5

7.0.9

1.53.71.8

1947

15.23.7

5.3.8.7

2.91.8

1948

15.02.9

5.6.7

1.22.71.9

1949

15.42.7

6 0.6

1.43.11.6

1950

19.14.5

6.6.6

2.03.51.9

1951

19.23 8

6 9.5

2 23.42.4

1952

20.53.3

8 1.6

2.53.42.6

1953»

23.14.1

9.7.5

2.43.62.8

1 Preliminary estimates.NOTE.—Includes gold reserves and dollar holdings of all foreign countries with the exception of U. S. S. R.

gold reserves. Holdings of the Bank for International Settlements (both for its own and EPU accounts)and of the Tripartite Commission for Restitution of Monetary Gold are included with the holdings of Con-tinental OEEC countries and dependencies. Figures represent (1) reported and estimated gold reserves ofcentral banks and governments, and (2) official and private dollar holdings reported by banks in the UnitedStates, including foreign-held deposits, U. S. Government securities maturing within 20 months after dateof purchase, and certain other short-term liabilities to foreigners. Year-end estimates for all years except1928; the 1928 figures are estimated on the basis of gold reserves at the end of that year plus dollar holdingsreported by 15 New York City banks as of May 31,1929.

Source: Board of Governors of the Federal Reserve System.

222


TABLE G—52.—Indexes of quantity and unit value of United States merchandise imports forconsumption and of domestic merchandise exports, by economic class, 7936-38 average and1947-53

=100]

Period

Merchandise imports for con-sumption: i

1936-38 average1947 .194819491950195119521953 2

1936-38 average1947 _ _-. _-1948194919501951195219532 - -

Domestic merchandise ex-ports: i

1936-38 average1947194819491950 _1951195219532

1936-38 average194719481949 . . -._195019511952 . . _1953 3

Total Crudematerials

Crudefoodstuffs

Manu-factured

foodstuffsSemi-man-ufactures

Finishedmanufac-

tures

Quantity

100108123120146144151159

100129139125152142150149

10096

109119113119118118

100839197

117122129136

100130149143219200206234

10084

103101125134150160

Unit value

100213235224243305289277

100180203195214312258233

100311343330454512516518

100208212202203221222221

100191217198193244248236

100245266258252296292286

Quantity

100275214219193247251262

10012310012612814212199

100397362435287475427331

100478350297237264243214

100203144150127154152131

100332257250225298326383

UnitValue

100188200186180206205204

100195223212220260245230

100248255225193215233220

100218223177151189177187

100169184174170209206201

100182193184179199200201

1 The indexes of quantity are a measure of the volume of trade after the influence on value of changes inaverage 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 in averageprices that result from changes in the commodity composition of trade.

2 Estimates based on data for the first 10 months.

NOTE.—Export indexes of crude and manufactured foodstuffs in some periods, particularly those of unitvalue during 1950, are influenced by sales of large quantities of food products at prices considerably belowmarket quotations. Such exports include sales from Government-owned surplus and shipments on whichsubsidies were paid by the Department of Agriculture.


223


SUMMARY

TABLE G-53.—Changes in selected economic series since 1939 and since 1952

Source:Ap-

pendixTableNo.

G-l

G-2

G-7

G-10

G-ll

G-14

G-ll

G-15

G-15

G-21

G-23

G-24

G-25

G-26

G-28

Economic series

Gross national productPersonal consumption expendituresGross private domestic investmentGovernment purchases of goods and

services...

Gross national product in constant prices. ..Personal consumption expendituresGross private domestic investmentGovernment purchases of goods and

services:Total

FederalState and local-

National income -C ompensation of employees .

Personal incomeDisposable personal incomePersonal net saving ._

Per capita disposable personal income:Current prices1953 prices

Realized net farm income

Population: Total

14 years of age and over

Labor force, including armed forcesCivilian labor force

EmploymentAgriculturalNonagricultural . __

Unemployment

Wage and salary workers in nonagriculturalestablishments : Total

ManufacturingDurableNondurable ...

Contract constructionGovernmentAllother .

Average gross hourly earnings:Manufacturing

Durable goods... ._ ._ _ _Nondurable goods

Building constructionRetail trade ._ -

Average gross weekly earnings:Manufacturing.

Durable goodsNondurable goods

Building construction __ __ ._Retail trade

Industrial productionDurable manufactures. _ __ _Nondurable manufacturesMinerals -

Agricultural produ ction ___

New construction, current pricesPrivateResidential (nonfarm) _ . _Public

Business expenditures for new plant andequipment: Total

Manufacturing __

Relatives on 1939 base

1946

231218290

236

151142192

14924886

249245

245226444

210137

333

108

107

11010412187

13024

137143165125144141131

172166174159165

184175189185157

155176144134125

14622015062

270350

1950

314288530

321

170161260

157210124

332321

312293419

253141

290

116

112

11611413178

14533

148149173128203150142

231220237218217

249239251243206

193237168154128

347489470184

374386

1951

361308592

480

183160266

219367125

384374

350321626

272141

344

118

113

11911413373

14920

156160194130225160147

251239254235232

271262268268219

207261173169132

377491409245

465559

1952

381323530

592

188164235

263476130

402404

371335626

279142

317

120

114

12011413471

15118

158361198129224166150

264252265248244

285276280290228

214278173168135

398497414284

480618

1953

402341563

637

195171244

277501136

(a)435

392353670

290146

293

122

116

12011513568

15316

162169212131221167152

280268277265258

300291291300237

231312180171135

425538444295

505640

Per-centagechange,1952 to19531

+5.5+5.4+6.1

+7.6

+3.7+4.0+3.9

+5.4+5.3+5.0

3+7.0+7.5

+5.5+5.5+7.1

+3.7+2.4

-7.4

+1.7

+1.7

+.6

+t:o7-4.1+1.6-9.0

+2.4+4.9+7.4+1.6-1.4+.6

+1.6

+6.0+6.2+4.5+6.9+6.1

+5.3+5.7+4.1+3.7+4.0

+8.1+12.5+4.4+1:8o+6.8+8.3+7.3+3.7

+5.2+3.6

224


TABLE G-53.—Changes in selected economic series since 1939 and since 1952—Continued

Source:Ap-

pendixTableNo.

G-31

Q-32

G-33

G-35

G-38

G-41

G-44

Economic series

Consumer price index: Allitems__.FoodApparelRent .--Medical care *

Wholesale price index: All commoditiesFarm products ...Processed foodsOther than farm products and foods

Prices received by farmersParity index (prices paid, interest, taxes,

and wage rates)

Short- and intermediate-term consumercredit outstanding: Total _

Instalment credit

Loans and investments of all commercialbanks: Total

Loans. _ _Investments in U. S. Government

obligations .. -

Gross public debt and guaranteed issues

Corporate profits before taxesCorporate profits after taxes

Dividend payments.Undistributed profits..

Relatives on 1939 base

1946

140168159106

(2)

157228179135

246

169

11693

280181

459

545

362278153675

1950

173215187126146

206267230181

269

208

288322

311303

380

539

631454239

1,133

1951

187239204131153

229311257199

318

229

297329

326335

377

545

672402242908

1952

191243202136161

223293251195

303

233

358415

348373

388

562

603372239792

1953

193239200143167

220266242196

272

227

399484

360398

390

578

(2)(2)247(2)

Per-centagechange,1952 to19531

+.8-1.6-.9

+5.3+3.5

-1.3-9.3-3.9+.7

-10.4

-2.8

+11.5+16.7

+3.6+6.7

+.5

+2.9

314.739.8

+3.3316.1

1 Changes are computed from data as reported and therefore may differ slightly from changes computedfrom the relatives shown here.

2 Not available.3 Based on data for the first 3 quarters of each year.* Based on percentage changes published in Department of Labor monthly reports on consumer prices.

O

225


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ERP1954 Appendixes 7

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