SCB_021956

FEBRUARY 1956

rar

U. S. DEPARTMENT OF COMMERCE

OFFICE OF BUSINESS ECONOMICS

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

SURVEY OF CURRENT BUSINESS

No. 2

FEBRUARY 1956

PAGE

THE ECONOMY IN RECOVERY AND EXPANSION—A Revieiv of 1955 1

NATIONAL INCOME AND PRODUCT IN 1955 6Consumer Demand 7Investment Demand 8Government Demand 11National Income by Industries 13Types of Income 13

FINANCIAL DEVELOPMENTS IN 1955 17

PRODUCTION AND TRADE 20Manufacturing and Mining Production 21New Construction Activity 24Agricultural Production and Income 26Retail Trade 28

FOREIGN BUSINESS 30

* * *

MONTHLY BUSINESS STATISTICS... .S-l to S-40

Statistical Index Inside back cover

Published by the U. S. Department of Commerce, SINCLAIR WEEKS,Secretary. Office of Business Economics, M. JOSEPH ME EH AN,Director. Subscription price, including meekly statistical supplement, is$3.25 a year; foreign mailings, $4.25. Single copy, 30 cents. Send remit-tances to any Department of Commerce Field Office or to the Superintendent ofDocuments, United States Government Printing Office, Washington 25, D. C.Special subscription arrangements, including changes of address, should bemade directly with the Superintendent of Documents. Make checks payableto Superintendent of Documents.

DEPARTMENT OF COMMERCE

FIELD SERVICE

Alb«qaerq«e, N. Mex.

321 Post Office Bldg.

Atlanta 23, Ga.

50 Seventh St. NE.

Boston 9, Mass.

U. S. Post Office andCourthouse Bldg.

Buffalo 3, N. Y.

117 ElHcott St.

Charleston 4, S. C.Area 2,Sergeant Jasper Bldg.

Cheyenne, Wyo.

307 Federal Office Bldg,

Chicago 6, 111.226 W. Jackson Blvd.

Cincinnati 2, Ohio

442 U. S. Poet Officeand Courthouse

Cleveland 14, Ohio

1100 Chester Ave,

Dallas 2, Tex.1114 Commerce St.

Denver 2, Colo.

142 New Customhouse

Detroit 26, Mich.

230 W. Fort St.

El Paso, Tex.Chamber of Commerce

Bldg.

Houston 2, Tex.430 Lamar Ave.

Jacksonville 1, Fla.311 W. Monroe St.

Kansas City 6, Mo.911 Walnut St.

Log Angeles 15, Calif.1031 S. Broadway

Memphis 3, Tcnit.

22 North Front St,

Miami 32, Fla.

300 ME. First Ave.

Minneapolis 2, Minn.

2d Ave. South and3d St.

New Orleans 12, La.

333 St. Charles Ave.

New York 17, N. Y.

110 E. 45th St.

Philadelphia 7, Pa.

1015 Chestnut St.

Phoenix, Ariz.

137 N. Second Ave.

Pittsburgh 22, Pa.

107 Sixth St,

Portland 4, Oreg.

520 SW. Morrison St.

Reno, Nev.

1479 Wells Ave.

Richmond 19, Va.

1103 East Main St.

St. Louis 1, Mo.1114 Market St.

Salt Lake City 1, Utah222 SW. Temple St.

San Francisco 11, Calif.

555 Battery St.

Savannah, Ga.125-29 Bull St.

Seattle 4, Wash.

909 Firit Ave.

For local telephone listing, consult section

devoted to U. S. Government


FEBRUARY 1956

The Economy

in Recovery and Expansion

A Review of 1955

ECONOMIC developments in 1955 were featured by theresumption of the long-term advance in the Nation's produc-tion and income without appreciable disturbance to thegeneral stability of average prices. The rapid recovery

Gross National Product

In Current and Constant (1947) Dollars

BILLIONS OF DOLLARS ( ra t io sca le)

500

400 -

300 -

200

100

90

80

70

60

50

CONSTANT (1947) DOLLARS

1930 35 40 45

U. S. Deportment of Commerce, Office of Business Economics

371762°—56 2

50 55

56 - 8 - 1

already under way at the start of the year progressed quicklyinto growth beyond previous achievements. By midyearoutput had risen above the highest previous rate—-that ofthe spring of 1953—and had largely absorbed the additionalproduction capacity provided by the technological advancesand investment of the intervening period as well as theincrease in the labor force.

Production continued to expand during the last half ofthe year. The rate of advance was less sharp, however, andmore nearly commensurate with the long-term growth of theNation's production potential. The Federal Reserve Boardpolicy of credit restraint, instituted early in the year andlater strengthened, helped to check advances in demandbeyond what could be matched by additional output. Pro-duction of houses and automobiles, which set yearly recordsin 1955 and contributed heavily to the earlier phase of thebusiness advance, was moving downward at the year-endwhile output of most other major product groups washolding even or, more generally, still advancing.

For 1955 as a whole, the value of the gross national prod-uct totaled $387 billion. Measured in dollars of constantpurchasing power, this exceeded 1953 output, the previoushigh, by 4 percent and the reduced 1954 volume by 6 per-cent. Prices of consumer goods and services averaged aboutthe same in 1955 as in 1954 but those of investment itemsand Government purchases—particularly of personal serv-ices—were higher, so that the dollar value of total outputincreased somewhat more than the volume of production.

Substantial advance in consumptionThe flow of goods and services to consumers, measured in

constant dollars, expanded substantially more than theNation's population last year and brought real consumptionper capita 4}£ percent above both 1953 and 1954. Lastyear's advance followed a 4-year period in which per capitaconsumption expenditures had shown relatively little in-crease. Through 1953 rising defense requirements hadlargely absorbed increases in output in excess of populationgrowth, while in 1954 consumer purchases had risen aboutin proportion to the population increase despite a decline inthe Nation's output. Last year's rise in real consumptionexpenditures per capita represented a substantial part of the


SUKVEY OF CURRENT BUSINESS February 1956

total advance which has been achieved since the conversionfrom war to peacetime production was completed in 1947.

Employment higher

The advance in business activity raised average civilianemployment by 2 million to a record 63 million in 1955.Unemployment was reduced from a monthly average of 3.2million in 1954 to 2.7 million, or 4 percent of the civilianlabor force, in 1955. While unemployment was still seriousin certain localities with special problems, the number ofmajor "areas of substantial labor surplus" in the U. S.Department of Labor classification dropped from 48 (out of149 major areas) at the close of 1954 to 19 by the end of1955. With the exception of 3 small centers, some reduc-tion in unemployment over the year was reported in allmajor and minor areas still classified as labor surplus.

Personal Consumption ExpendituresPer Capita

In Constant (1947) Dollars

1947 DOLLARS (ratio scale)1,500

itooo

900

800

700

600

500 i I i i i i i i i i i i i i i i i I i i I i i

1930

U. S. Department of Co

1935 1940

erce, Office of Business Econ

1945 1950 1955

56-8 -2

The expansion of output, consumption, and employmentin the United States was part of a general improvementthroughout most of the free world. Rising export andimport trade reflected and contributed to the prosperity athome and abroad.

Dollar sales by durable goods manufacturers, which haddropped 11 percent from 1953 to 1954, increased 18 percentin 1955 and those of nondurable goods manufacturers, whichwere off 1 percent in 1954, increased 13 percent in 1955.Federal Reserve Board indexes showed production gains formanufactured products of 10 percent, from 1954 and 3 percentfrom 1953, and for minerals production of 10 percent from1954 and 5 percent from 1953. On the railroads, freight-carloadings increased nearly cftie-eighth and almost equaled the1953 number.

In contrast to these sectors, the service and financial indus-tries, the utilities, trade, and construction had, for the mostpart, maintained or increased revenues and the scale ofoperations in 1954. In 1955 the pace of expansion in thesesectors, although strong, was in the main less than in theindustrial segments which had been more affected by the 1954business adjustment. Nonetheless gains were as much as 9percent in retail and 8 percent in wholesale sales, 12 percentin the value of new construction work put in place, and 15percent in electric power production, where a strong growthtrend was operative.

A parallel pattern of differential advance, largely associ-ated with the recovery aspect of the year-to-year change,was evident in the distribution of the national income bytype. With total national income up 1% percent to $322billion in 1955, corporate earnings before tax, inclusive ofthe inventory valuation adjustment, rose 22 percent. Before-tax earnings of corporations had dipped rather sharply in1954 and the subsequent advance approximately restoredthe ratio between profits and national income which badprevailed before the downturn in the summer of 1953.

Employee compensation, which on an annual basis hadbeen reduced less than 1 percent in 1954, rose 6^ percentfrom 1954 to 1955 as employment increased, average workinghours lengthened, and wage rates advanced. Hourly grossearnings of production workers in manufacturing averaged$1.88 in 1955, up 7 cents from 1954; of this amount 5 centsrepresented higher straight-time rates. From December1954 to December 1955 the advance in hourly earnings was10 cents. Hourly earnings gains in norimanufacturing indus-tries varied, but apparently averaged less than in manufac-turing on a percentage basis; in 1954 they had generallybeen larger than in manufacturing.

Most other types of earnings—nonfarm proprietors' in-come, rental income, and net interest—also increased in1955. Fairly sizable advances in net private interest pay-ments in the past few years, accompanying the advances indebt and in interest rates, have been gradually raising theinterest share of national income from its postwar low, butin 1955 it still amounted to only 3 percent of the total ascompared with 7 percent in 1929.

The principal exception to the general income advance,and to the pattern of changes toward restoration of pre-1954relationships, was the decline, for the fourth consecutive year,of the net income of farm proprietors. At about $11 billionin 1955 farm proprietors' income was the lowest since 1942.Farm production set a record in 1955, but prices of agricul-tural products continued downward wiiile no commensuratereduction occurred in farm costs.

Changes in pattern of production and income Growth oj investment

Within the private nonfarm economy, sales and productionin all major industrial divisions advanced in 1955, and inmost cases exceeded any prior period. In general, thesharpest rises from the previous year occurred in those in-dustries which had experienced relatively pronounced reduc-tions in 1954—mainly manufacturing (and in particular thedurable goods industries), mining, and transportation.

Gross private investment in 1955 was valued at over $59billion. About half of the $12 billion increase from 1954occurred in inventory investment, which switched from liqui-dation of $3 billion in 1954 to accumulation of a like amountin 1955. Residential construction increased $3 billion, as didnonresidential construction and business purchases of equip-ment, taken together.


February 1956 SURVEY OF CURRENT BUSINESS

Selected Monthly Business IndicatorsBILLIONS OF DOLLARS

360

320

PERSONAL INCOME *(ANNUAL RATE)

280

240

200 A M ' 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

INDEX, 1947-49 = 100160

140

120

100

80

WHOLESALE PRICES

NONAGRICULTURAL PRODUCTS

\

ALL COMMODITIES

AGRICULTURALPRODUCTS

INDEX, 1947-49 = 100180

160

140

120

100

INDUSTRIAL PRODUCTION

I I I I I I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I I I I l l I I I I I I I I I I I I I I I I

1951 1952 1953 1954 1955

Seasonally adjusted

U. S. Department of Commerce, Office of Business Economics

INDEX, 1947-49= 100

160

I 40

I 20

100

80

MANUFACTURING PRODUCTION WORKERS

AVER-AGE HOURLYGROSS EARNINGS

AVERAGE WEEKLY HOURS

1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 I 1 1 1 1 1 1 i 1 1 1 1 1 i i 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1

BILLIONS OF DOLLARS120

100

80

60

40

ALL COMMERCIAL BANKS

BILLIONS OF DOLLARS32

28

24

20

16

MANUFACTURERS' SALES ANDNEW ORDERS*

SALES

1951 1952 1953 1954 1955

DATA: FRB, BLS, 8 QBE

56-8-3


SUEVEY OF CUERENT BUSINESS February 1956

With 1.3 million nonfarm dwelling units started, a numberexceeded only in 1950 when the average unit was smaller insize, and with business investment in plant and equipment ashigh as in any previous year, the Nation in 1955 made sub-stantial provision for the capital additions required for futureexpansion of production and consumption. After the firstquarter of the year advances in business plant and equipmentoutlays, designed to expand capacity and replace or modern-ize worn out or outmoded facilities, were very widespreadamong the Nation's major industries.

Percentage advances in investment greater than in totaloutput are, of course, typical of periods of business recovery.What distinguished the 1954-55 change in the disposition ofthe national output from most other such periods was thatthe increased proportion entering investment was not offsetto any appreciable extent by a lower proportion enteringpersonal consumption, but rather by a decline in the impor-tance of Government purchases, particularly expendituresfor national security purposes:

Percentage Distribution of Gross National Product

Year

1953

1954

1955

Total

100. 0

100.0

100.0

Personal con-sumption ex-penditures

63.3

65.6

65.2

Gross privatedomestic, and

net foreign,investment

13.6

13.0

15.2

Government purchases

Federal na-tional secu-

rity

14.1

12.0

10.5

Other Federaland State and

local

9. 1

9.4

9. 1

In dollar terms, national security expenditures had fallenfrom a peak seasonally adjusted annual rate of over $53billion in the second quarter of 1953, just prior to the Koreanarmistice, to less than $41 billion in the last quarter of 1954.They held, with only minor fluctuations, at the latter ratethroughout 1955 but, with total output expanding, theirproportion of the total continued downward. Thus it waspossible for personal consumption and investment (includingnet foreign investment) each to increase its share of the totaloutput by nearly 2 percentage points over the 2-year periodfrom 1953 to 1955.

Changes in the Nation's saving

The $12 billion advance in gross investment in 1955 impliesan equal increase in the Nation's saving. That this wasforthcoming without greater changes in the general priceaverages was the joint result of two circumstances: first,that unused resources and continuing expansion in capacitypermitted a substantial rise in production, and hence inreal income; and, second, that institutional arrangementswere such that a major part of the additional income waschanneled to corporations and, especially, to Government,where it resulted in a nearly equal increase in saving (orelimination of dissaving).

The second circumstance was particularly important lastyear since consumers were in a mood to spend rather freely;a $14}£ billion increase in disposable personal income—whichcompared with the $27 billion rise in gross national product—was more than matched by the rise in consumer spending.

Personal saving was consequently reduced by about $1billion, according to preliminary data. Corporations, onthe other hand, increased dividend payments by less thanthe rise in their after-tax earnings, so that undistributedcorporate earnings (exclusive of inventory gains and losses)

increased by nearly $2 billion, providing funds for additionalinternal financing of corporate investment. With capitalconsumption allowances on privately owned fixed assets upby more than $2 billion, the net result was a rise of nearly$3 billion in total gross private saving. At $58 billion,gross private saving in 1955 represented 15 percent of thegross national product, about the same proportion as in eachof the 7 previous years.

The major change in the saving position occurred in theGovernment sector. In 1954 the combined deficit on incomeand product transactions of all governmental units hadexceeded $7 billion, and to that extent had offset saving inthe private economy. From 1954 to 1955 total expendituresby all Governments for goods and services, transfer pay-ments, interest, and subsidies scarcely changed, but personaltax payments and accruals of social insurance and businesstaxes increased by a total of nearly $9 billion to convert thepreceding year's deficit to a small surplus on income andproduct transactions in 1955. Thus, whereas in 1954 Gov-ernment operations had to an important extent offset privatesaving, in 1955 they supplemented it to a small extent. Withtax rates little altered, the rise in tax receipts or accuralswas almost entirely the result of higher incomes and sales.

This method of presentation does not, however, stresssufficiently the place of corporate earnings in the change inthe Nation's saving. Of the increase in Government rev-enues on income and product account, $4}£ billion repre-sented the rise in corporate profits tax accurals. If thisfigure is combined with the advance in undistributed cor-porate earnings, it appears that more than half of the totalincrease in the Nation's saving from 1954 to 1955 was ratherdirectly related to the rise in corporate earnings before tax.

The importance of corporate profits and Governmentrevenues in cushioning the impact of production changes onconsumer income had also been noted from 1953 to 1954when, despite a $4 billion drop in gross national product,disposable income had increased by $4}£ billion, lendingstrength to consumer spending and preventing the possi-bility of a downward spiral of income and expendituresdeveloping. In that period the "automatic" operations ofthe economic and institutional structure, which includedalso an appreciable rise in unemployment benefits and othertransfer payments, had been strongly supplemented bymajor reductions in tax rates, as well as by credit policiesdesigned to encourage investment and spending.

Tightening of credit

At the start of 1955 the Federal Reserve authorities weremoving from a policy of monetary ease to one of activerestraint in an effort to moderate the rise in investmentdemands. Actions taken were quickly reflected in short-terminterest rates, which were already pressing upward becauseof the growing demand for funds. The higher cost of short-term credit helped to restrain the sharp advance under wayin businessmen's use of borrowed funds to finance inventoryand other short-term capital requirements.

Costs of borrowing long-term investment funds increasedon the average by about }{ to % of a percentage point andtended to dampen the growth in demand for long-term funds,especially for marginal or postponable programs. Costs ofequity financing, on the other hand, were lowered by the con-tinued rise of stock prices and fall in dividend-stock priceratios.

The impact of higher interest rates was particularly appar-ent in increasing discounts in the markets for federally sup-ported mortgages. Downpayment and maturity terms onthese mortgages were also tightened last summer from theunusually easy requirements prevalent in 1954 and early


February 1956 SURVEY OF CURRENT BUSINESS

1955. These developments were important in the slackenedapplications for guaranteed or insured mortgages in the latterpart of 1955. By the fourth quarter such applications wereoff more than one-third from the exceptionally high rate of theyear before and some easing of the restrictive features estab-lished in 1955 was undertaken in January of this year.

The rise in consumer spending from 1954 to 1955, which hasalready been noted, was pervasive and affected most cate-gories of goods and services. However, well over one-thirdof the $16 billion advance was in expenditures for durablegoods, which in 1954 had accounted for only 12 percent oftotal consumer expenditures. The increase in sales ofdurables to consumers, amounting to $6 billion on a year-to-year basis, was at once facilitated by the ready availabilityof consumer credit and the chief cause of its sharp advanceduring 1955.

Total consumer credit outstanding increased by one-fifth,or $6.1 billion, from December 1954 to December 1955, andof this amount $5.4 billion was in installment credit—$3.9billion in automobile paper alone.

Price developmentsThe price pattern which emerged from 1955 developments

differed only moderately from that of preceding years,despite the pronounced changes in the course of productionand incomes. The stability manifested by the general priceaverages over the past few years was substantially main-tained. On an annual basis, the consumer price index forcity families varied less than 1 percent during the periodfrom 1952 through 1955, while fluctuations in the annualindexes of prices paid by farmers for family living and ofwholesale commodity prices were only a little larger. Ineach case the 1955 average differed from that of 1954 by lessthan 0.5 percent. Changes during 1955 were also small.At the year-end, the two consumer price indexes were onlyfractionally above December 1954, while the wholesalecommodity price index was up 1.6 percent.

Broad differentials in price movements were also rathersimilar to those of past years. At the consumer level, pricesof commodities, and particularly retail food prices, moveddownward, as they had also done in 1953 and 1954, whilethe course of rents and other service prices—which had risenless than commodities since the prewar period—remainedupward. At wholesale, prices of farm products and proc-essed foods again declined, but more substantially than in1954, while the average of other commodities moved higher.

The advance in wholesale prices of commodities otherthan farm products and foods was larger during 1955 thanin other recent years and was concentrated in the last halfof the year. From December 1954 to December 1955 theindex of these prices increased by 4.2 percent, with more

than four-fifths of the rise occurring after June. Advancesduring this period were fairly pronounced in some commoditygroups, particularly metals and metal products, forestproducts, and rubber and products.

Situation at year-end

Expansion in total business continued throughout theyear. The gross national product in the fourth quarterreached a seasonally adjusted annual rate of $397 billion,and personal income a rate of $312 billion, about $10 billionand $9 billion, respectively, above the year as a whole.Nonagricultural employment in December was 800,000above the yearly average, after seasonal adjustment.

Advances were smaller than during the recovery phase,however, and in large measure were stemming from differentsources, with some components moving downward. Thusgross private domestic investment and consumer expendi-tures for durable goods together accounted for almost four-fifths of the $26 billion rise in the annual rate of gross nationalproduct from the third quarter of 1954 to the second quarterof 1955, but for only one-fifth of the further $12}^ billionadvance in the shorter period from the second to the fourthquarters of 1955.

Within this total, too, decided changes were taking place.Residential construction activity moved down steadily afterJuly, leading to steps to ease mortgage credit. In Decemberthe Federal Home Loan Bank Board acted to make addi-tional funds available to saving and loan associations, andin January 1956 the maximum repayment period on Govern-ment guaranteed mortgages was returned to 30 years.Consumer spending for durable goods, particularly auto-mobiles, also moved down in the fourth quarter, followinga period of exceptionally large sales, and contributed to theelimination of overtime work in auto production. On theother hand, business spending for plant and equipment,which had started to move upward only last spring, wasrising strongly during the second half, and business invest-ment schedules indicated further advances in early 1956.Aside from pronounced fluctuations in dealer stocks ofpassenger cars, the rate of business inventory accumulationwas fairly steady after the second quarter.

The remaining national product components—consumerpurchases of nondurable goods and services, Governmentpurchases, and net foreign investment, which as a groupmake up three-quarters of the product total and generallyare less volatile cyclically—increased much more rapidlyafter the second quarter of last year than in the precedingthree quarters. In the later period they contributed tothe advance in total output in rough proportion to theirweight, as a group, in the product total.


National Income

and Product in 19551 HE GENERAL character of economic activity last year,

as portrayed in the national income and product accounts,was one of mounting strength. The recovery from the1953-54 business readjustment which had begun in thelatter half of 1954 carried output and sales to record volumes.After an initial period of selective advance, in which theautomobile industry figured prominently, the rise in produc-tion became widespread, with the largest increases generallyoccurring in the industries where the previous declines hadbeen most pronounced.

At $387 billion, the gross national product exceeded the1954 total by $26^ billion, or 7}£ percent, and surpassed theprevious peak year of 1953 by 6 percent. When allowanceis made for price changes, the 1955 total is 6 percent above1954 and 4 percent above 1953.

The national income measure of total production expandedsimilarly, from $299# billion in 1954 to $322^ billion lastyear. Marked increases occurred in most types of labor andproperty incomes. However, agriculture did not share in thegeneral gain, as lower farm prices more than offset the rise offarm production to a record volume.

[Billions of dollars]

Gross national product

Change in business in-ventories _ _

Final purchasesNational securityCivilian

National income

Disposable personal in-come

1953

364.5

1.2

363. 351. 4

311.9

303.6

250.4

1954

360.5

-2.9

363. 443.2

320. 2

299.7

254.8

1955

387.2

3.2

384.040. 8

343. 2

322.3

269.4

Seasonally adjusted quar-terly totals at annual rates

1953

II

369.3

4. 5

364.853.2

311. 6

307.9

250.9

1954

II

357.6

-2.7

360. 343.6

316. 7

298.9

253.9

1955

IV

397.3

5.3

392.041. 0

351. 0

276.6

The 1955 rise in total output reflected not only an increasein employment and in the number of hours worked, but also arise in real product per man-hour. The rate of increase inproductivity was particularly pronounced in 1955, afterhaving slackened in 1954 partly as a consequence of the shiftto a lower volume of production in the hard goods industries.Technological progress and the growing stock of capitalequipment have been primary factors underlying the long-term advance.

Marked changes occurred last year in two of the areas thathad dominated the movement of the gross national product

6

from 1953 to 1954. National security expenditures, whichhad been cut back sharply after the termination of the Koreanconflict and continued to decline to the end of 1954, stabi-lized in 1955. In addition, inventory investment shifteddirection, moving from liquidation to renewed accumulation.Combined, these two segments of the gross national productrecorded a net rise of $3K billion last year, as comparedwith a $12% billion decline from 1953 to 1954. The con-trast between these movements is even more marked if thecomparison is made between the second-quarter rates of1953 and 1954, the high and low points respectively of thesetwo years, and the fourth-quarter rate of last year.

Increase in civilian purchasesCivilian final purchases, however, played the key role in

the 1955 upturn. These purchases, which had increased sub-stantially even during the period of business readjustment,moved ahead at an accelerated pace. Advancing by $23billion from 1954 to 1955, they accounted for more thanfour-fifths of the overall increase in the gross nationalproduct.

The pace of consumer spending quickened in 1955. Aparticularly steep rise occurred in automobile purchaseswhich had declined moderately in the previous year. Resi-dential construction followed a similar upward course, regis-tering an increase for the year that was almost double theadvance from 1953 to 1954.

Starting in the second quarter of 1955, the rise was aug-mented by the recovery in business expenditures on newplant and equipment. The sharp rebound that occurredraised the fourth quarter 1955 seasonally adjusted annualrate of fixed business investment about $5 billion abovethe low point in the first quarter. The change for the yearas a whole was more moderate.

Responding to the increasing demand for a wide varietyof community services, State and local government pur-chases continued to rise at a fairly uniform rate through theperiods of contraction and recovery.

Overall price indexes stable

As a result of these market developments, some keyindustries operated at or near capacity, and a number ofbasic commodities—notably steel, nonferrous metals, andsome types of building materials—were in short supply'attimes during the year.

The buildup in total expenditures, coupled with substantialincreases in business loans, automobile credit, and homemortgages, led the Government to shift from a policy of activecredit ease to one of moderate restraints. Financial develop-ments during the year are reviewed elsewhere in this issue ofthe SURVEY.


February 1956 SUEVEY OF CUEEENT BUSINESS

On the whole, however, the sharp advance in physical out-put maintained overall supply and demand in fairly evenbalance. General price indexes showed a substantial degreeof stability. The composite of gross national product pricesrose by only slightly more than 1 percent from 1954 to 1955,approximately the same as the previous year-to-year change.Consumer prices, which affect the largest segment of thegross national product, remained virtually unchanged onthe average. Prices underlying the other major componentsof final product rose moderately. Price developments,including those of raw and intermediate goods, are reviewedelsewhere in this issue.

Year-end position

Gross national product continued to advance throughout1955, but the rate of growth slackened somewhat during thesecond half of the year. In the fourth quarter the retarda-tion was attributable to a marked slowdown in the rate ofgrowth of final purchases, as expenditures for new cars andnew houses dropped below the unusually high rates thatwere achieved earlier in the year, and other lines of expendi-tures, such as fixed business investment, showed a slowerrate of growth. Partly offsetting these developments was asubstantial increase in inventory investment which accountedfor about one-half of the total increase in gross nationalproduct from the third to the fourth quarters.

Table 1.—Gross National Product or Expenditure in ConstantDollars: 1947-55 1

[Billions of 1947 dollars]

Item

Gross National Product ._

Personal consumption expendi-tures - _ _ _ _ _ _ _

Durable goodsIsi endurable goodsServices

Gross private domestic invest-ment .

New constructionProducers' durable equip-

mentChange in business inven-

tories - - -

Net foreign investment

Government purchases of goodsand services _ _ _

Federal _ _ _ _State and local _ _

Gross government prod-uct2

Other gross product 3

1947

232.2

165.020 693.151 3

29.714.0

16.7

-1.0

8.9

28.615.812.8

16.7

215.6

1948

243.9

168.021 393.353 5

38.816.1

17.7

5.1

2.1

34.920.814.0

16.6

227.3

1949

241.5

172.322.494.755.2

28.115.8

15.7

-3.5

.8

40.324.316.0

17.4

224.0

1950

264.7

182.827 297.258 4

45.320 0

18.3

7.0

—1 1

37.720.517.3

18.1

246.6

1951

282.9

183.624 299.060.4

45.219.0

18.4

7.8

2.3

51.834.217.5

23.0

259.9

1952

293.3

189.223 9

102.363 0

39.118 8

18.3

2.0

1 6

63.445 617 8

24.8

268.5

1953

306.5

197.426 7

105.365 4

39.619 8

19.1

.6

—.3

69.851.218.6

24.6

281.9

1954

300.5

200.726 9

106.567 4

36.721 3

17.4

-1.9

1 3

61.741.520.2

24.0

276.4

1955

318.8

213.932 4

111.969 6

45.324 1

18 1

3.1

1 l

58.537 221 2

23.8

295.1

1. For earlier years see July 1955 issue of the SURVEY OF CURRENT BUSINESS, pp. 22, 23.2. Compensation of general government employees.

1 3. Gross national product less compensation of general government employees, i. e. grossproduct accruing from domestic business, households, and institutions, and from the rest ofthe world.

Source: U. S. Department of Commerce, Office of Business Economics.

A large part of the fluctuations in the rate of inventoryinvestment in 1955 was attributable to swings in automotivedealers' stocks. After increasing in the first half of the year,these underwent some liquidation in the third quarter tomake way for the new models, and experienced a sizablebuild-up in the fourth. When automobile stocks are ex-cluded, the aggregate of all other inventory investmentshowed a more even pattern of moderate accumulation, inline with the advance in overall economic activity.

CONSUMER DEMAND

Consumer spending reached a new peak in 1955, rising to$252}£ billion. The $16 billion increment in these purchasesaccounted for over half of the advance in total national out-put. With average consumer prices essentially stable, thebulk of the rise represented an increase in the physical volumeof goods and services—the largest year-to-year gain since1946.

The advance in consumer buying last year was supportedprimarily by rising incomes stemming from the expandingvolume of economic activity. Disposable personal incomerose by 5% percent, from $255 billion in 1954 to $269 billionin 1955. However, as in 1954, consumer spending increasedat a somewhat faster rate, and the proportion of income saveddropped from 7 percent to 6 percent on an annual basis.

The disproportionate increase in consumer spending seemsto have been associated primarily with the upsurge in auto-mobile purchases in the financing of which consumer creditplayed an important role. Automobile paper accounted foralmost two-thirds of the advance in consumer credit in 1955.

The following breakdown of personal saving by changesin major types of assets and liabilities clearly reflects thesedevelopments. As can be seen, the major changes were asubstantial increase in the net accumulation of cash andsecurities and a similar advance in the rate at which con-sumers were incurring new debt. In addition there occurreda sizable drop in the growth of individuals' net investmentin new homes, reflecting largely a rapid increase in mortgagedebt. Changes in the other major components of savingwere relatively small.

Composition of Personal Saving


Net accumulation of cash and securities 13

Net increase in private insurance and pension reserves. 5%

Net liquidation of consumer debt — %

Net investment in nonbusiness real property 1 2

Net investment in noncorporate enterprises (includingfarms) 2 — 4J^

Errors and omissions 3

Personal saving

1955

17

6

-51

-53

17

1. Gross acquisitions of nonfarm dwellings together with nonprofit institutional constructionless depreciation and the net increase in mortgage debt.

2. Gross investment in platit and equipment, plus the net change in inventories, less de-preciation, and the net increase in mortgage and other debt.

Durables lead advance

The expanded demand for consumer durables carried thetotal outlays for these goods up to $35}£ billion in 1955, a riseof one-fifth from the preceding year. (See table 2.) Thedynamic character of this rise is emphasized by the fact thatit accounted for over 20 percent of the total increase in thegross national product even though total purchases of con-sumer durables comprise less than 10 percent of the pro-duction aggregate.

The sharp spurt in purchases of automobiles and parts,from $12}£ billion in 1954 to $17 billion last year, accountedfor the major part of the advance in the durable goods total.These expenditures reflected not only a record number ofpassenger cars sold but also a shift to larger and more ex-pensive models, and a wider acceptance of many optionalaccessories, particularly of the newer automatic varieties.

On a seasonally adjusted basis, auto purchases started torecover in the first half of 1954 from the drop experienced inthe latter part of 1953. Their annual rate rose by about $1billion in the second half of 1954, and by an additional


8 SURVEY OF CURRENT BUSINESS February 1956

billion in the first half of 1955, when it reached $16}2/ billion.

Although expenditures in the latter half of 1955 averagedslightly higher than in the first, this reflected an unusuallyhigh third-quarter rate which was not maintained in theclosing quarter.

Purchases of consumer durables other than automobilesalso displayed strength last year. Furniture was the leadinggainer, although marked advances were also recorded inhousehold appliances—notably laundry equipment, refrig-

Gross National ProductBy Major Components

BILLIONS OF DOLLARS

425TOTAL GROSS NATIONAL PRODUCT

400

375

350

325

300 lv-1 1 i i i I i i i I i i i

PERSONAL CONSUMPTION EXPENDITURES275

250

225

200

175 IA i i i i i i I i i

75

50

25

25

FIXED INVESTMENT*

I i i I i i i i i

CHANGE IN BUSINESS INVENTORIES

- 2 5 1 , 1 - 1 L

100

i i i

75

50

GOVERNMENT PURCHASES OF GOODS & SERVICES

1952 1953 1954 1955QUARTERLY TOTALS, SEASONALLY ADJUSTED,AT ANNUAL RATES

** Including net foreign investment

U. S. Department c^f Commerce, Office of Business Economics 5 6 - 8 - 4

era tors, and ranges—as well as in floor coverings and inradio and television receivers. The continuation of thesteady expansion in new home construction and liberalcredit terms, as well as the rising trend of personal incomewere important elements supporting demand for householddurables.

Rise in nondurable^The $5 billion rise in consumer spending for nondurables

last year was less concentrated in food purchases than hadbeen the case for the past several years. These purchases,however, still accounted for three-fifths of the total dollarincrease and for a larger share in real terms. Clothingpurchases, in contrast, broke out of the narrow range withinwhich they had fluctuated since 1951, and advanced to$20^ billion, a rise of about $1 billion over 1954.

The steadily expanding volume of passenger car traffic wasreflected in a further advance in gasoline and oil expenditures.These rose by %% billion, about the same as the averageannual increase in the past decade. Tobacco purchasesalso rose in 1955 following a brief reversal of their uptrendin 1953-54.

Services continue uptrendConsumer expenditures for services continued their strong

postwar growth in 1955. As in the past several years, therental value of housing (including imputed rentals on owner-occupied homes) was enlarged by a substantial influx ofnewly constructed dwellings; new nonfarm housing startsamounted to 1.3 million units last year. Average rents alsocontinued to rise from 1954 to 1955 but at a much slower ratethan in any of the preceding years of the postwar period.

The steady expansion in the rental value of housing wasaccompanied by an even larger percentage rise in outlays forthe related household operating services, particularly utilities.Electricity and gas consumption by households was up about10 percent over 1954, with higher rates of consumption perhousehold accounting for about two-thirds of this rise, and theincrease in the number of users for the remainder. Telephoneservice showed a similar rate of advance last year, with thenumber of new subscribers accounting for about half of thetotal increase.

Expenditures for personal business services showed a muchlarger rise last year than they had the year before. This wasprimarily attributable to the sharp advance in interest onpersonal debt which reflected the increase in the volume ofconsumer debt outstanding and, to a lesser extent, the rise in:

average interest rates that occurred during the year.

INVESTMENT DEMANDGross private domestic investment rose to $59 billion in

1955—an increase of one-fourth over 1954. The largestsingle factor was the $6 billion shift in inventory invest-ment—from liquidation of $3 billion in 1954 to an accumula-tion of more than $3 billion last year. The remaining halfof the increase occurred in fixed investment and was aboutequally divided between business capital purchases and newresidential construction.

The boom in private nonfarm residential construction car-ried the total of these expenditures to $16}2

/ billion in 1955,almost one-fourth higher than in the preceding year. Out-lays rose steadily within the 1954-55 period to a crest inthe third quarter of 1955 when they were at a seasonallyadjusted annual rate of $17 billion. They dropped to a$16 billion rate in the final quarter, about the same as therate for the first 3 months of the year. (A more detaileddiscussion of construction is presented in a subsequent sec-tion of this issue.)


February 1956 SURVEY OF CURRENT BUSINESS 9

Expenditures for new plant and equipment by nonagri-cultural business firms expanded over a broad industrialfront in 1955, totaling $28}? billion, about equal to the pre-vious high in 1953 and 6 percent higher than in 1954, accord-ing to the Commerce-SEC survey.1 A sizable part of therise last year, however, reflected the increase in capital goodsprices for the year as a whole.

Table 2.—Personal Consumption Expenditures: 1953-55[Billions of dollars]

Goods and services, total

Durable goods, totalAutomobiles and partsFurniture and household equipmentOther durable goods

Nondurable goods, total.Clothing and shoesFood and alcoholic beveragesGasoline and oilOther nondurable goods

Services, totalHousehold operationHousingTransportationOther services

1953

230.6

29.813. 212. 83. 9

118.919 871. 9

6. 620. 6

81. 812. 127. 9

7. 334. 6

1954

236.5

29.312. 512. 93. 9

120.919 773. 3

7. 220. 7

86. 412. 629. 8

7. 336. 8

1955

252.3

35.316. 814. 34. 2

125.920 576. 4

7. 721. 3

91. 213. 631. 2

7. 438. 9

Source: U. S. Department of Commerce, Oince of Business Economics.

Additions to productive facilities rose sharply during 1955,reversing' the steady downtrend between the third quarter of1953 and the first quarter of 1955. By year-end, capitaloutlays were at a seasonally adjusted annual rate of $31billion, as compared to $25}2 billion in the opening quarterand $29 billion in mid-1953. Capital programs reported bybusiness indicated further expansion in spending in early1956.

Factors affecting investmentMany factors contributed to plant and equipment demand

in 1955. A high and increasing rate of sales sharply raisedbusiness net earnings— and, in some commodities, broughtpressures upon capacity. Wage rate increases and sellingcompetition increased the demand for more efficient produc-tive facilities. New products and industrial processes, aswell as the prospect of continued population growth andshifts, were also important investment incentives.

Rapidly increasing depreciation and amortization charges,near-record after-tax earnings, and a favorable securitiesmarket facilitated the financing of investment in 1955.Certificates of necessity under the rapid tax-amortizationprogram were issued for about $3 billion of defense facilitiesduring the year. While substantially lower than in theyears 1951 to 1953, this amount compares with less than $1billion of new certifications in 1954. In terms of value thebulk of the 1955 certificates were issued to electric powercompanies and railroads.

Manufacturers purchased almost $11 }£ billion of new plantand equipment in 1955. This amount was somewhat largerthan in 1954 but moderately lower than in 1953.

The year 1955 witnessed a reversal of the prior downtrendin manufacturers7 fixed investment. Capital outlays hadfallen from a seasonally adjusted annual rate of almost $12billion during the first three quarters of 1953 to $10 billionin the first quarter of 1955. In the ensuing six months, they

1. The sharper 1954-55 increase in the sum of the new nonresidential construction andproducers' durable equipment components of the gross national product than in plant andequipment expenditures as reported by the Commerce-SEC survey is due mainly to the moreimportant influence of automobiles in the national product series, reflecting differences inindustrial coverage.

371762°—56 2

returned to their previous high. They exceeded $12}£ billionin the fourth quarter, and a further rise of over $% billion, atseasonally adjusted annual rates, was anticipated by manu-facturers for the first 3 months of this year. During therecent upturn capital outlays by durable goods companiesrose more rapidly than those by nondurable goods companies;an increase of about 30 percent from the first to the fourthquarter of 1955 in the former group compared with a 20percent rise in the latter.

On an annual basis the largest relative gains in the durablegoods industries were shown by the stone, clay and glass, andiron and steel industries. Nonelectrical machinery com-panies also stepped up investment sizably from 1954 to 1955.Autos and primary nonferrous metals reported reduced out-lays on a year-to-year basis, but evidenced substantial up-ward spending trends within 1955.

Among the nondurable goods industries, higher expendi-tures in 1955 were made by petroleum, rubber, paper andtextiles producers. Capital outlays by chemical companiesfell from 1954 to 1955; after an exceptionally low first quarter,however, spending in the remaining quarters of 1955 wasabove the corresponding quarters of the previous year. Fixedinvestment by food and beverage producers during 1955 hasshown stability at somewhat lower rates than in 1954.

Nonmanufacturing outlays generally higherCommercial companies in 1955 recorded their third suc-

cessive year of increase in capital spending; other major non-manufacturing industry groups slaowed recovery from re-duced 1954 rates of expenditure. Capital outlays by the"commercial and other" group exceeded $9 billion in 1955,the increase of nearly $1 billion from the preceding yearaccounting for about two-thirds of the rise in aggregateplant and equipment expenditures.

Railroads increased their capital improvement programsin 1955 by about 10 percent while more moderate relativeincreases were made by other transportation firms arid theutilities. Fixed investment by mining companies in 1955changed little from 1954.

Within 1955, the largest relative increase was in railroadswhich, along with manufacturing, had experienced thesharpest cutbacks in capital outlays from 1953 to 1954.Railroad investment in the fourth quarter of 1955 was morethan one-half again as large as the seasonally adjusted rate inthe opening quarter of the year, and further increases wereexpected in early 1956. One of the striking features in thecurrent capital goods situation is the rise in unfilled orders forfreight cars from 15,000 on January 1, 1955, to 147,000 at thebeginning of this year.

Capital outlays by the other major nonmanufacturinggroups also advanced sizably—after seasonal allowances—through 1955. However, except for communications sched-uled spending by these industries in early 1956 was at rateslittle different from the fourth quarter of 1955. Programs ofcommunications companies indicated a further rise in thefirst quarter of 1956.

Shift in inventory investmentNet investment in business inventories in 1955 amounted

to over $3 billion, as contrasted with a liquidation of similarmagnitude in the preceding year. The liquidation of inven-tories was substantially reduced in the fourth quarter of 1954and net accumulation occurred in each of the quarters of thepast year. (See chart.) To a large extent, quarterly fluc-tuations reflected changes in retailers' stocks of new cars.

In terms of the current value of the net change, about two-thirds of the accumulation of inventories in 1955 occurred intrade and one-third in manufacturing. Since inventory re-ductions in 1954 had been concentrated in manufacturing, the


10 SUEVEY OF CURRENT BUSINESS February 1956

1955 accumulation did not offset the previous year's declinein that industry although it did so in the aggregate.

Increases in the book value of inventories, which differfrom the inventory component of gross national product byincluding changes in replacement costs, were somewhatlarger in 1955 as industrial prices advanced, especially in thethird and fourth quarters. These price rises had a strongeffect on the book value of manufacturing inventories, par-ticularly in the durables group.

Manufacturers9 inventory trends

In terms of book values, more than four-fifths of the ad-vance in factory inventories in 1955 was in the durable goodsindustries, where the major liquidation of the previous yearhad also occurred. Book value increases were most sub-stantial in the metal using industries (fabricated metals,machinery and transportation equipment) and accounted forthe bulk of the increase registered by the heavy-goods groupas a whole. Inventories of nondurable goods producersshowed little change, except for small increases in the chemi-cal, petroleum and rubber industries.

Working stocks were substantially expanded in 1955 inline with rising rates of production. On an overall basis,and in durable goods manufacturing, goods-in-processshowed a larger increase than purchased materials; in non-durables goods manufacturing, on the other hand, purchasedmaterials accounted for the entire rise in working stocks.

The expanding volume of deliveries and the pressure ofrising orders during the year prevented any appreciablerise in finished goods stocks held by manufacturers. Afterallowance for seasonal variations, finished goods stocks ofdurable goods producers were virtually unchanged in bookvalue during the first 6 months of 1955; a moderate increase

Plant and Equipment ExpendituresInvestment reaches record rate in late 1955 andearly 1956 with manufactures leading broad advance

BILLIONS OF DOLLARS40 - -

TOTAL

30 ~

20 -

10 —

:•:• PUBLIC UTILITIES 8 TRANSPORTATION

Anticipated

U S. Department of G

1953 I 1954 I 1955 I 56*

QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES

DATA: SEC 8 Q B E

5 6 - 8 - 5

occurred in the second half of the year. Among the non-durable goods industries fluctuations were minor throughoutthe year.

Trade stocks riseThe change in automobile inventories was the major

element in the advance in retail trade stocks in 1955, althoughsome accumulation also occurred in apparel, food, anddepartment stores. Wholesale inventories increased mod-erately. About one-half of the increase in the book value

Table 3.—Manufacturing and Trade Inventories: 1951-55

[Seasonally adjusted; end of period]

1951 1952 1953Mar.

19

June

00

Sept. Dec.

Book Values, Billions of Dollars

TotaL_

Durable goodsNondurable goods

Manufacturing

Durable goodsPurchased materialsGoods- in-processFinished goods

Nondurable goodsPurchased materialsGoods-in-processFinished goods

Wholesale


Retail


75. ?,

38 336 9

42. 8

22. 87. 48 66. 8

20. 09. 12 78 9

11. 1

5. 85.4

21 2

9 711. 5

76.7

40. 136 6

43. 8

24 47. 3

10, 26. 9

19. 48. 62 78 1

11. 3

5. 85. 6

21 6

9 911. 7

80.3

42 937 4

45. 9

26 37 4

10. 68. 3

19. 68. 22 88 6

11.7

5. 95. 8

22 7

10. 712. 0

76.9

39 8;

37 V

43. 3

24 06. 39 87.9

19. 27.82 88 6

11.7

5.85. 9

22 4

10. 312. 1

77.5

40 337. 3

43. 3

24 16 39. 97. 9

19. 27. 72 88 7

11. 6

5. 75. 9

22 6

10. 512. 1

78.8

41, 137. 6

43. 8

24 56. 6

10. 07. 9

19. 37. 82 98 6

11. 8

5. 95. 9

23 2

10 812. 4

80.0

42. 037.9

44. 7

25 26. 9

10. 28.0

19. 57. 93 08 6

12. 0

6. 15. 9

23 2

10 712. 5

82.1

43. 938. 2

45. 9

26 37. 0

11 .08. 3

19. 68. 23 08 4

12. 3

6.45.9

23 9

11 212. 7

Stock-Sales Ratios l

Total


Manufacturing

Durable goodsPurchased materialsGoods-in-processFinished goods

Nondurable goodsPurchased materialsGoods-in-processFinished goods

Wholesale


Retail


1.61

1. 951. 38

1 77

1. 93. 66. 71

56

1 63. 78. 22. 63

1 20

1, 81. 90

1. 63

2 091. 39

1. 64

2. 091 34

1 90

2. 1767

. 8763

1. 66. 74. 23. 69

1 18

1. 89.85

1. 53

2 041 27

1.64

2. 061 33

1 82

2. 0761

. 85

. 61

1. 57. 67. 23. 67

1 25

1 . 95. 90

1.57

2 081. 29

1.68

2. 171 34

1 89

2. 2262

. 8872

1 58. 65. 22. 71

1 29

2. 00. 96

1. 58

2 131 2Q

1.56

1. 941. 29

1 73

1. 9652

. 8064

1 51. 61. 22.68

1, 21

1. 81.91

1. 50

1 941 25

1.51

1. 851 26

1 63

1. 83497559

1 43"Q. 08

. 21

. 64

1 21

1. 77. 92

1.49

1 921 25

1.51

1. 821 27

1 63

1. 8149

. 7458

1. 45. 58. 22. 64

1 21

1. 77. 92

1. 49

1 881 26

1.53

1. 901. 26

1. 68

1. 91. 51. 79

61

1 45. 59. 22. 63

1 21

1. 83. 90

1. 49

1 Q11 25

1. Ratios are weighted average inventories to average monthly sales.Source: U. S. Department of Commerce, Office of Business Eco-

:e. Office of BIT


February 1956 SUEVEY OF CURRENT BUSINESS 11

of trade inventories was accounted for by automobiles,with the remainder about evenly divided between otherretail trade and wholesale trade.

Stock-sales ratios lower

The ratio of inventories to sales for manufacturing aridtrade combined declined during 1955 as a result of the rela-tively greater rise in sales than in stocks. (See table 3.)The ratio fell steadily in the first 6 months and showed littlechange in the third quarter. During the last quarter, itwas fractionally above the midsummer ratio. At the year-end inventories of manufacturing and trade firms repre-sented about \% months7 sales—about as high a turnoverrate as any in the last 5 years.

InventoriesNonfarm inventories were increased during 1955

BILLIONS OF DOLLARS

6 -

2 ~

CHANGE IN NONFARM INVENTORIES(GNP COMPONENT)

-6

1953 1954 1955QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES

Stock-sales ratios were lowered during the yearas sales rose more rapidly

RATIO*

2.0

1.5

1.0

MANUFACTURING

RETAIL TRADE

WHOLESALE TRADE

1953 1954 1955

* Ratios are based upon seasonally adjusted data; inventories arebook value end of quarter and sales are average month for quarter


The largest decline in inventory-sales ratios occurred inthe durable-goods manufacturing industries. As a result ofthe particularly sharp sales rise in this area, the end-of-yearratio of 1.9 months was a sixth smaller than that a yearearlier. However, the fourth quarter rate was above thethird quarter in all heavy-goods industries. This tendencyfor inventories to advance relative to sales late in the yearcentered in working stocks. The stock-sales ratio for non-durable goods producers dropped 8 percent over the year to1.4 months' sales, one of the lowest rates in recent years.The drop occurred in the first half of the year. On an overallbasis, the ratio showed little change thereafter.

Stock-sales ratios of trade firms showed less decline during1955 than did those of manufacturers. As in manufacturing,sales of durables expanded faster relative to inventories thanthose of nondurables. However, the ratio for durable goodsdealers, at 1.9 for the end of the year, was up a little fromthe midyear ratio largely as a result of accumulation ofmotor vehicles. Retailers of nondurables reduced stock -sales ratios slightly during the last 3 months of the year.

Net foreign investment unchangedNet foreign investment, which measures the excess of

exports over imports of goods and services other than thosefinanced by United States gifts and grants to abroad, re-mained negligible in 1955. The gross flow of both UnitedStates exports and imports registered gains from 1954 to1955, as economic activity expanded both at home and inmany foreign countries. However, these changes were ofapproximately equal magnitude and did not alter the bal-ance. The increases in trade represented larger physicalvolume as unit values remained comparatively stable on ayear-to-year basis.

GOVERNMENT DEMANDCombined Federal, State, and local government purchases

of goods and services amounted to $76 billion last year, aboutI percent below the 1954 total. A reduction in Federalpurchases more than offset the continued rise in State andlocal outlays.

Federal Government purchases in 1955 accounted forabout 12 percent of the gross national product, as comparedwith 13}£ percent in 1954, and with 16}^ percent in the secondquarter of 1953 when they were at their highest point in thepostwar period.

National security expenditures continued to govern themovement of the Federal total. These outlays were stablethroughout 1955 at approximately the rate prevailing in thefinal quarter of 1954. However, inasmuch as they had moveddown from a higher rate during 1954, the total for 1955 wasalmost 6 percent below the prior-year figure. The bulk ofthe dollar decline was in outlays for hard goods. The impactof the reduction of 300,000 in armed force strength on totalmilitary payrolls was offset to a considerable extent by theincrease in pay which became effective in April of last year.

State and local government purchases, in contrast, roseby almost $2}£ billion last year, continuing the steady up-trend that has characterized their postwar movement. At$30 billion these outlays represented almost two-fifths of allpublic purchases. Employee compensation, which rose atabout the same rate as in the preceding year, accounted forsomewhat more than half of the total increase in 1955.Increases continued in both the number of persons employedand in average annual earnings. The advance in the totalwage bill was divided about equally between public educationand nonschool functions. The bulk of the remainder of thetotal advance last year was in construction expenditures,primarily for schools and highways. The increase in theseprograms, however, was less than in 1954.



Table 5.—National Income and Product, 1953, 1954, and 1955[Billions of dollars]

NATIONAL INCOME BY DISTRIBUTIVE SHARES

National income

Compensation of employees

Wages and salaries. _ . . _ _ _ _ _ _ ._ _ .. _Private.Military-- . - _ - . _ _Government civilian

Supplements to wages and salaries

Proprietors* and rental income ! . .

Business and professional . . - _ --FarmRental income of persons

Corporate profits and inventory valuation adjustment.- _

Corporate profits before taxCorporate profits tax liability _ _Corporate profits after tax

Net interest -

Addendum: Compensationof general governinentemployees

GROSS NATIONAL PRODUCT OR EXPENDITURE


Personal consumption expenditures

Durable goodsNondurable goodsServices -

Gross private domestic investment

New construction - - - - -Residential nonfarm - _ _ _ _ _Other

Producers' durable equipmentChange in business inventories — total

Nonfarm only

Net foreign investment

Government purchases of goods and services

Federal .- --National security

National defense - _ - . _ _ _Other national securit v

Other - -Less* Government sales

State and local -

DISPOSITION OF PERSONAL INCOME

Personal income - - _ . _

Less' Personal tax and nontax paymentsFederalState and local

Equals: Disposable personal income __ _

Less: Personal consumption expenditures

Equals: Personal saving

RELATION OF GROSS NATIONAL PRODUCT,NATIONAL INCOME, AND PERSONAL INCOME


Less' Capital consumption allowancesIndirect business tax and nontax liabilityBusiness transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus of government enter-prises - - - . . .

Equals" National income

Less: Corporate profits and inventory valuation adjustment-Contributions for social insuranceExcess of wage accruals over disbursements

Plus* Government transfer payments

Dividends - _- - . - -Business transfer payments

Equals: Personal income -

1953

303. 6

209.2

198.5164.710.323 510 8

48.4

25. 912.310. 3

37.2

38.321.317.0i i

8.8

31. 6

364.5

230. 6

29 8118.981.8

51. 4

25.811.913.824.41.21 9

!i

1954 1955

299. 7

207.9

196.? !162.-! ;

9.524.4 !11.7

48.4

2~\ 912.010. 5

33. 8

34. 017. 117.0

2

9.5

31.8

360. 5

236. 5

29.3120.986.4

47. 2

27. 813.514.322.3

-2.9— a 9

2 o 1 **

84.5

59 551. 449 42.08 5

.425.0

286.2

35 832 43.4

250.4

230. 6

19 8

364. 5

27.830. 2

1.21 3

-.4

303. 6

37.28 7

-. 1

12.85 09.31.2

286.2

77.0

49 243.241.41.86.3

.427.8

287.6

32 829.13.7

254. 8

236. 5

18.3

360.5

30. 030.31.2

— 8

-.1

299.7

33.89 6.0

15.05 2

10.01.2

287.6

322. 3

221. 3

2^8. 5173.2

9.126.212.8

49.1

27.311. 110.7

41.4

43.421.821.6

10. 5

33. 3

387. 2

252. 3

35.3125. 991.2

59. 3

32.416.615.823.83.23.0

-.4

75.9

45. 840.838.82.05.4.3

30.1

303. 3

33 930.03.9

269. 4

252.3

17.1

387.2

32. 331.91.2

.5

322. 3

41.411.0

.0

16.05.0

11.21.2

303. 3

Unadjusted Seasonally adjusted at annual rates

195.1 ! 1954 19551 !

I I II i III IV I

76.4

52. 6

49.440.72.36.43.2

12.2

6.62.92.7

9.1

9.54.74.7

2.5

8.2

91.4

58.5

7.828.322.4

14.6

6.73.33.45.22.72.7

i

18.4

11.610.39.7. 6

1.4.1

6.8

72.4

9.78.61.2

62.7

58.5

4.1

91.4

7.87.6.3

— 6

. 1

76.4

9. 12.9.0

4. 11.2.6.3

72.4

80.3

54. 6

51.442.52.36. 63.2

12.2

6.82.72 7

10.9

11.15.65.5

2.6

8.4

95.2

62.7

9.130. 9

13.8

8. 24.33.96.2

2

18.9

11.310. 19.6

. 51.3.1

7.6

74.7

9.38.21.0

65.5

62.7

2.8

95.2

8.07.9.3

— 1 2

. 1

80.3

10.92.9. 1

4. 11. 52.5.3

74.7

82.0

56.1

52.944.42.36.23.2

12.2

6.92. 62.7

11.0

11.75.95.8

2.7

8.0

97.4

62.5

8.731.022.8

16.0

9.14.74 .46. 0.9. 8

-.3

19.2

11.410. 2

' ^L3

. 17.8

76. 5

8.67. 7.9

67.9

62.5

5.4

97.4

8.28.2.3

— 1 2

.2

82.0

11.02.7

-. 1

3.91.32.6.3

76.5

57.9

54.845.6 i2.37.03.1

12.5

7.02.92.7

g

2.8

8.7

103.1

68.6

9.735.723.2

14.9

8.34.24.16.3.3

2

19.4

11.610.39.8

51.4.1

7.9

79.7

6.35.5.8

73.4

68.6

4.7

103.1

8.48.2.3

.1

.0

4.01.23.5.3

79.7

297.7

206.7

195. 2161.7

9.723.911.5

49.0

25.313.210.4

32. 6

32.716. 416.3

2

9.4

31.4

358. 3

232. 2

28.3119.284.7

45.5

25.911.814.122.9

—3. 2-3.4

-1.1

81.7

54.746. 845.01.88.3.4

27.0

285.8

32.729. 13.6

253. 1

232.2

21.0

358. 3

29.229.9

1.2

-.4

297.7

32. 69.7.0

14.35. 19.71.2

285.8

II III IV

1

298.9

207.2

195.6162. 0

9.524. 111.6

48.2

25.911.910.5

34. 0

33.716.916.8

2

9.5

31.5

357. 6

235. 1

29.0120.485.7

46.9

27.313.014.322.4

-3^2

-.3

75.9

48.643.642.01.55.4.4

27.3

286. 6.

32.729. 13. 6

253. 9

235. 1

18.8

357.6

29.fi30.41.2

—2 3

.3

298.9

1 34.09.6.0

1 5. 15.29.81.2

286.6

298.7

207.8

196.1162.1

9.424.511.7

48.3

26.011.710. 6

33. 1

33. 516.816.7

9.5

31.9

358. 8

237. 9

29.4121. 587.0

45.9

28. 514.214. 322 2

-4^9—5.4

75.8

47.742.140.3

1.86.1

428.1

287. 3

32.829. 13. 7

254. 5

237. 9

16.6

358.8

30.430.0

1.2— 1 5

.0

298.7

33. 19.6.0

15.05.2

10.01.2

287.3

303.2

209.8

198.1163.8

9.325.011.8

48.2

26.311.210.7

35.5

36.018.117.9

9.7

32.2

367. 1

241.0

30.4122. 588.1

50.7

29.415.014.421.9— 6

-LO

.9

74.5

45. 740.538.52.05.5.3

28.7

290.8

33. 129. 33.8

257.8

241.0

16.8

367.1

30.930. 7

1.2.7

-.3

303. 2

35. 59.6.0

15.75.2

10. 61.2

290.8

I II

311.4

213.1

200. 8166. 5

9.125.312.2

48.8

26.611.510.7

39.6

40.920. 520.4

1 3

9.9

32.3

375. 3

245. 8

34.4122.489.0

54.1

31.216. 115. 121.51.51.5

75.8

46. 441.238.72.55. 5.3

29.4

293. 6

32. 628.83.8

261.0

245.8

15.3

375.3

31.231.1

1.2.7

.3

311.4

39.610.5

.1

15.95. 1

10.21.2

293.6

320.7

219.5

207.0171.7

9.325.912.5

48.7

27 111.010.7

42.2

43.021 621.4

g

10.3

33.1

384.8

250.5

35. 1125. 390.2

60.1

32.616.915.723.24.34.2

-.7

74.9

45.240.438.5

1.95.2.3

29.7

300.5

33. 429.53.9

267.1

250. 5

16.6

384.8

31.931.7

1.2-.2

.4

320. 7

42.210.8

.4

16.25.0

10.71.2

300.5

III

325. 7

224.3

211 3175. 6

9. 126. 613.0

48.8

27.610.610.7

41.9

44.522.322. 2

2 6

10.7

33.7

392.0

255. 7

36. 9127. 0

91.8

60. 5

33.217.216.024.92.42.0

.0

75.8

45. 540. 639. 0

1.75.2.3

30.2

306. 1

34. 430.44.0

271.7

255.7

16.0

392. 0

32.732.2

1.28

.6

325.7

41.911.2-.6

15.75.0

11.01.2

306.1

IV

228.0

214.7178.8

9.026.913.2

50.1

28.011.410.7

3 1

11.2

34.0

397. 3

257. 2

34.8128.893.6

63. 2

32.316. 216.225. 55.35. 1

-.3

77.2

46.341.039.2

1.95.5.3

31. 0

312.1

35. 431.3

4. 1276. 6

257. 2

19.4

397. 3

33. 532. 6

1.2

.5

11.4.0

15.95.0

12.21.2

312.1

1. Includes noncorporate inventory valuation adjustment. Source: U. S. Department of Commerce, Office of Business Economics.



NATIONAL INCOME BY INDUSTRIES

All major industrial divisions except agriculture con-tributed to the 7}£ percent advance in the national incomelast year. (See table 4.) Manufacturing, mining, andtransportation, in which the decline after mid-1953 wasmainly concentrated, showed a marked resurgence, withthe first two of them rising to even higher levels than beforethe downturn. The declines in these industries had reflectedthe drop in expenditures for hard goods that had resultedprimarily from the cutbacks in national defense outlays andin business inventory investment. Their subsequent re-surgence mirrored the recovery last year in hard goods pro-duction, which was of civilian origin, and the advance inother types of output as well.

Income originating in the other nonagricultural industrydivisions also rose appreciably last year, with gains rangingfrom 1} to 8 percent. With the exception of trade, whichtemporarily leveled out, these industries had continued toadvance during the 1953-54 contraction, registering at thattime a combined advance of $4)2 billion which offset abouthalf of the. decline that had occurred in manufacturing,mining, and transportation.

Rise in manufacturing

The recovery in manufacturing income, which had begunin the fall of 1954, broadened and accelerated in the first halfof 1955, as mounting purchases of automobiles and otherconsumer commodities, along with increased demands forconstruction materials, new capital equipment, and exportsgave a sharp spur to industrial production.

In addition to covering this increase in final purchases,the advance in manufacturers' production was used toreplenish inventories, particularly of durable goods, whichhad been liquidated during the previous decline, and tobring stocks into line with the rising volume of sales.

Although income originating in manufacturing continuedto grow during 1955, the rate of advance tapered off in thesecond half of the year. Some strategic industries by thenwere operating close to capacity.

The sharp percentage rise in mining income was secondonly to that in manufacturing with which it is closely allied.Income from this industry group also started to rise in thefourth quarter of 1954, experienced its sharpest advance inthe first 2 quarters of last year, and tended to level out inthe second half. In addition to the stepped up demands ofthe metal processing and metal using industries associatedwith the recovery in hard goods production, there werecontinuing advances in the sale of petroleum and naturalgas to both industrial and household consumers.

The rise in transportation was more gradual than in eithermanufacturing or mining, and continued throughout 1955.At the year-end the income flow from this industry wasrunning at about the same seasonally adjusted annual rateas in the first half of 1953. The total for the year as awhole, however, was still slightly below the 1953 figure.

The other major nonagricultural industry divisions con-tinued or resumed, as in the case of trade, their growth trendsin 1955. Income in trade had dipped in the latter half of1953 and early 1954 but recovered before the end of thatyear. Since mid-1954 trade income has advanced steadilywith the upward course of consumer buying and businessactivity.

Earnings from contract construction continued to rise onan annual basis but dipped in the last quarter. Incomeoriginating in communications and public utilities, services,and the finance group all followed gradual uptrends thathave been in evidence since the end of World War II.

Table 4.—National Income by Major Industrial Divisions: 1953—55


Item

All industries, total

Agriculture, forestry, and fish-eries

MiningContract construction

ManufacturingWholesale and retail tradeFinance, insurance, and real es-

tate

TransportationCommunications and public util-

itiesServices

Government and governmententerprises

Rest of the world

1953

303.6

16. 85 6

15. 3

96. 751. 8

26. 3

15 8

10. 128 7

35. I1. 4

1954

299.7

16. 65 2

15.7

89. 952. 0

27. 9

14 6

10. 829 8

35. 31. 8

1955

322.3

15. 85 8

16.2

101. 855. 5

29. 4

15 5

11. 731 6

37. 12 0

Absolutechange,1954-55

22.6

g6

. 5

11. 93. 5

1. 5

9

. 91 8

1. 82

Percent-age

chanuc,1954^55

7.5

— 4. 811 53. 2

13. 26. 7

5. 4

6 2

8. 36 0

5. 111 1


Income in agriculture ran counter to the generally favor-able trend last year, showing a further decline. The totalvolume of farm marketings exceeded the record that had beenset in the previous year. Prices for both crops and livestockaveraged lower than in 1954, however, and resulted in areduction in aggregate receipts. A review of farm productionis presented elsewhere in this issue of the SURVEY.

The increase in income originating in government, which ismeasured by compensation of government employees, wasattributable mainly to the further expansion in State andlocal payrolls. The Federal Government total advancedslightly, reflecting an increase in civilian compensation whichwas partly offset by a decline in military payrolls.

TYPES OF INCOMEAll major types of income, with the exception of that of

farm proprietors, shared in the advance in the nationalincome last year. The marked increases in employee com-pensation and in corporation profits more than offset thedeclines that had occurred in these shares in 1954. The1955 advance reflected to a large degree the strong recoverythat was made in industries that had lost ground from 1953to 1954.

Total compensation of employees in 1955 was roughly6 percent higher than in either of the two preceding years.The bulk of the advance was in private industry payrolls.Private wages and salaries amounted to $173 billion, ascompared with $162^ billion in 1954 and $164^ billion in1953. These payrolls started to advance in the fourthquarter of 1954 after remaining comparatively stable in thethree preceding quarters.

Durable goods manufacturing was the most importantfactor in the initial upturn, accounting for about three-fourths of the rise in that quarter. The advance was greatlyaccelerated in the first half of 1955 as the pick-up in industrybecame more general. Payrolls both in nondurable manu-facturing and in nonmanufacturing industries made increas-ing contributions to the overall rise. In the second half ofthe year the growth of private payrolls slackened. In thethird quarter the rate of increase in the manufacturingindustries slowed. In the fourth, these industries movedahead at a somewhat faster pace, and the further slowdown,in the total private payroll advance stemmed from the move-ment in a number of nonmanufacturing industries.



Employees in NonagriculturalEstablishments

MILL!

56

52

48

44

40

20

16

12

8

4

36

32

28

24

20

16

1 2

8

4

0

ONS OF EMPLOYEES

TOTAL

-

-X x

A ) 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 I i i

^0l~

1 i 1 1 ! 1 1 i 1 1 1 1 1 1 1 1 1 ! 1 1 I 1 1 1

MANUFACTURING

^* n *"̂•••• **^^^

TOTAL ̂

— DURABLE -^

^̂ O-O-O^̂ ^̂ Ô-O-n.•y****^^ ^^^^

c^^x^X^

NONDURABLE */

»i i i i i 1 i i i i i 1 i i i i i 1 i i i i i

NONMANUFACTURING

3 ^_ —* ""*"

TOTAL '

-

-

"̂ ^^ ••J»»»"" '̂ "̂""""̂

-

;>-ox> v̂ ^tt^yoo-ooo^**^^>^>-ox> <̂Myo^>-cH>x>^^

i i i i i 1 1 i i i 1 1 1 1 l 1 1 I I 1 1 1 i 1

-

-

DISTRIBUTIVE AND SERVICE INDUSTRIES

-

-

GOVERNMENT

\

-

• • • • • • •••• *•••••• ••• -»••* *.»•*-• »•-*

MINING AND CONSTRUCTION ~^

i i i > i 1 i i < i i 1 i > i i < 1 i i i i i 1 i i < i . ! i i i i i 1 i < i > i 1 i i i i i

1952 1953 1954 1955

MONTHLY TOTALS, S E A S O N A L L Y A D J U S T E D

U. S. Department of Commerce, Office of Business E<

DATA: BLS

onomics 56-8-7

Factors in payroll changeThe rise in average hourly earnings was the most important

element in the 1955 payroll increase. This factor and thelengthened workweek together accounted for approximatelytwo-thirds of the total advance, with the remainder attrib-utable to the rise in emplo^yment.

The principal exception to this fairly general pattern wasin the durable goods manufacturing industries. Here, em-ployment was the most important element in the substantialpayroll increase that occurred, just as it had been the domi-nant factor in the decline from 1953 to 1954. The increasein the number of production workers in these industriesaccounted for about two-fifths of the 1955 payroll rise,increased wage rates for an additional one-third, and thelonger workweek for the balance.

The general pervasiveness of the increase in averageannual earnings per full-time employee from 1954 to 1955is shown by table 6. The 4^ percent advance in the all-industry average, which resulted from changes in hoursworked as well as the further rise in basic wage rates, wasabout twice as large as the 1953-54 increase. Gains inmanufacturing, mining, communications and public utilities,and government, were between 5 and 6 percent, while thosein other industry divisions were smaller.

Additional light is cast on the earnings rise in manufactur-ing by the data on average hourly earnings of productionworkers who comprise four-fifths of all employees in manu-facturing. As shown in table 7, year-to-year increases inhourly pay were evident in all but one of these industriesIn the durable goods group, the average rise of over 4 percenlcontrasted with a 2% percent increase from 1953 to 1954whereas hourly earnings in the nondurable goods industriesadvanced at the same rate, 3 percent, in both periods.

Full-time equivalent employment in the economy as gwhole rose by almost 2 percent in 1955. A substantial parlof the increase was in the manufacturing industries althouglthe peak of 1953 was not recovered. Large employmenlgains were registered also in wholesale and retail trade ancservices, with smaller advances in finance, transportatiorand public utilities. The other major industrial divisionsshowed small declines over the year.

In manufacturing, the employment gains (like the increases in hours and hourly wage rates) were most pronounced in the durable goods industries. The number oproduction workers in these industries was 5 percent highethan in 1954, with the percentage increases in automobile!and primary metals considerably in excess of this average

The impact of the increase in hours of work last year wasmost important in manufacturing, mining and transportation. Within the latter two industry divisions the advancein hours worked was particularly marked in bituminous coamining and in railroads and accounted for most of the increase in their payrolls.

In the durable goods manufacturing industries, the previous reduction in hours was halted in the summer of 195ând the advance started in the third quarter, preceding tinrise in employment. The increase continued through tinsecond quarter of 1955 and tended to level out thereafterFor the year 1955 as a whole, average weekly hours of worlwere restored to their 1953 position, about 1 hour above th1954 average.

In the nondurable goods industries, hours started to edgforward early in 1954, but otherwise showed a quarter!;pattern similar to that in the hard goods industries, andfor the year as a whole, a similar percentage rise.

In the other industrial divisions for which separate infoima tion is available the effect of increased hours was relatively unimportant. In fact, in two large industries, reta



trade and contract construction, the average workweek wasreduced fractionally.

Mixed trends in proprietors9 incomeDiverse trends in the major components of proprietors'

and rental income held the increase in their combined totalto $/2 billion last year. Nonfarm business and professionalincome advanced by approximately $1}£ billion, showing amoderate uptrend throughout 1954 and 1955. Rental in-come of persons increased fractionally, about the same asin the preceding year. The net income of farm proprietors,on the other hand, showed a reduction of about $1 billionwhich stemmed primarily from the further weakening inagricultural prices as noted earlier. The advance in nonfarmbusiness and professional income in 1955 was widely distrib-uted industrially. The largest part of the increase occurredin trade establishments and reflected the spurt in retailactivity which was paced by the record* volume of autosales.

Net interest showed a further substantial advance in 1955,increasing from $9}£ billion to $10}^ billion. Throughout thepostwar period this type of income has had a pronounceduptrend, reflecting mainly the increased volume of privatelending and borrowing activity which has been an importantelement in the postwar prosperity.

Corporate profitsPreliminary information on corporate profits for 1955 is

available so far for the first three quarters of the year. Thepresent annual review assumes, on the basis of indirectevidence at hand, that no major changes occurred from thethird quarter to the fourth.

Corporate profits before taxes as measured for nationalincome purposes, excluding inventory gains and losses, re-covered sharply last year. The advance from 1954 amountedto one-fifth, or more than $7 billion, and carried the totalfor 1955 past the $41 billion mark, $4 billion above 1953 andmore than $1 billion above the previous all-time high for1951.

When the rise began in the autumn of 1954, concurrentlywith the rapid recovery of production and sales, it centeredlargely in industries which had shown particularly markeddeclines in 1953-54. Certain branches of durables manu-facturing and transportation, in particular, recorded sharpgains. During 1955, however, increased profits in almostevery segment of corporate business accompanied the spread-ing of recovery and the transition from recovery to net newgrowth in the national income.

Corporate profits rose rapidly in the first half of the year.No additional major advance seems to have occurred there-after; but most industries were apparently able to maintain orexpand somewhat their earlier gains.

With the 1955 improvement, the overall percentage growthin corporate earnings over the past 3 years has very nearlymatched that in the total flow of income from corporations.However, the current ratio of profits to income originatingis still below the postwar peaks reached in 1950 and 1951.Postwar developments in corporate profits were discussed in aspecial report in the January SURVEY.

Inventory gains, which were negligible in 1954, amountedto about $2 billion in 1955 as price advances carried thereplacement-cost value of metals and various other inventorygoods above the book values at which such goods werecharged to sales. Book profits before taxes, including inven-tory gains, thus increased more sharply than the nationalincome measure of corporate earnings. At over $43 billionfor the year, book profits were more than 20 percent above

1954, and exceeded the previous record level of 1951 byapproximately $2 billion.

Inasmuch as the total effective rate of Federal and Statetaxes on corporate profits appears to have been substantiallythe same in 1955 as in 1954, corporate tax liability and netincome after taxes rose in line with before-tax profits. Taxesat close to $22 billion—equal to about one-half of bookprofits before taxes—amounted to $4}<> billion more than in1954. Profits after taxes showed a like advance, and theirestimated total, also approaching $22 billion, in 1955 wassecond only to that of 1950. Although before-tax profitswere lower in 1950, the effect of this difference on the netafter taxes was more than offset by that of the lower pre-Korean tax rates.

Corporate Profits

BILLIONS OF DOLLARS

50

40

30

20

10

CORPORATEEARNINGS*

PROFITS BEFORE TAX

PROFITS AFTER TAX

IN VEN TORY VA L UA TION AD JUS TMENT

1952 1953 1954 1955QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES

U, S. Department of Commerce, Office of Business Economics 56 - 8 - 8

Dividend payments in 1955 are estimated to have beenabout $11 billion, up $1 billion from 1954, and maintaineda rather steady uptrend. Most of the recent variation inafter-tax profits has been reflected in retained earnings ratherthan in disbursements.

Industry pattern of profits in 1955The preliminary data now available indicate that except

for a generally more volatile movement the industry patternof last year's improvement in profits strongly resembled thatdescribed above for national income. While over half thetotal increase in before-tax book profits occurred in manu-facturing, every industry division is estimated to have earnedhigher profits in 1955 than in 1954.

The seasonally adjusted annual rate for the January-September period last year was above the 1954 total by closeto $9 billion, or one-fourth. About $6 billion of this advancereflected a one-third increase in profits in manufacturing,which together with the mining and transportation divisions



had been particularly affected by the 1943-54 decline.Transportation also showed marked recovery in 1955, whilethe annual rate of net income in mining in the first 9 monthsis estimated to have surpassed its 1953 level last year.(Corporate income in this and other divisions is measuredbefore depletion, in thte national income statistics.)

Other nonfarm industries likewise resumed or continuedtheir postwar profits rise and the January-September annualrates topped 1953 by significant margins. The 1954-55advances represented chiefly a net growth above the pre-vious peaks of recent years in most of these cases: theutilities group, construction, finance, insurance and realestate, and the "rest of the world" industry. A substantialrelative rise indicated for trade, like that in manufacturing,consisted in considerable part of recovery from the earliersetback, though each of these two divisions is estimated tohave shown 9-month annual rates of before-tax profits wellabove the 1953 totals.

Within manufacturing, the annual rate of profits throughSeptember in the durable goods industries rose more than40 percent above the 1954 total, a percentage increase nearlytwice that of the nondurables. Profits in the latter, it shouldbe noted, had not declined as much as those in the durablelines in the preceding year. Autos and the primary metalsgroups accounted for the major part of the durables increase,which was also marked by advances in lumber and in thestone, clay and glass group as demand for building materialsstrengthened. After rn.id.year the machinery and transporta-tion equipment industries seem to have replaced the auto-mobile group among the chief centers of expansion. Forthe year as a whole, business and consumer demands com-bined to push durables manufacturing profits to a new high.

While increases in the nondurables were more limited, theannual rates of profits in the first 9 months of 1955 exceededthose for the vear 1953 in nearly every industry line. Im-

portant advances from 1954 were recorded in chemicals,which accounted for almost 40 percent of the total non-durables increase, and in rubber and leather. Textiles alsomoved up sharply, reversing the severe setback of theprevious year.

Table 6.—Employment, Payrolls, and Average Annual Earnings byMajor Industrial Division: 1954-55

Item

All industries, total - - . -

Agriculture, forestry and fish-eries

Mining •_.. _ _Contract construct ion

ManufacturingWholesale and retail tradeFinance, insurance, and real

estate - _ -

Transportation . .__Communications and public

utilities _Services

Government 2

Addendum:All private industriesAll private nonfarm indus-

tries

Number of full-time equivalent

employees l

Data inthousands

1954

53,311

2 Ofi8776

2,580

16,0159,629

2, 053

2, 562

1, 3896,420

9,819

43, 492

41, 562

1955

54, 270

2,032767

2, 557

16, 5849, 834

2,127

2, 595

1,4096, 683

9,682

44, 588

42, 692

Wages andsalaries

Millions ofdollars

1954

196, 244

3,4643, 403

11,275

66, 03734, 736

8, 138

11,691

5, 88317,770

33, 847

162, 397

159, 322

1955

208, 482

3, 4733, 552

11,367

72, 10236, 578

8,739

12, 204

6, 26818, 886

35, 313

173, 169

170, 092

Average annual earningsper full-time employee

Dollars

1954

3,681

1,6754, 3854,370

4,1233,607

3, 964

4,563

4, 2352,768

3,447

3,734

3,833

1955

3, 842

1,7094, 6314, 445

4,3483,720

4, 109

4, 703

4, 4492,826

3,649

3,884

3, 984

Percentchange1954-55

4.4

2.05. 61.7

5.53. 1

3.7

3.1

5. 12.1

5.9

4.0

3.9

1. Full-time equivalent employment measures man-years of full-time employment of wageand salary earners and its equivalent in work performed by part-time workers. Full-timeemployment is defined simply in terms of the number of hours which is customary at a par-ticular time and place. For a full explanation of the concept, see SURVEY or CURRENTBUSINESS, June 1945, pp. 17-18.

2. Includes government enterprises and rest of the world.Source: U. S. Department of Commerce, Office of Business Economics

Table 7.—Production Workers in Manufacturing: Employment, Hours, and Average Hourly Earnings

Manufactures

Durable goods

Ordnance and accessoriesLumber and wood products, except furniture.-

Stone clav and glass productsPrimary metal industriesFabricated metal products

Electrical machinery - .. _ _ -Transportation equipment, except automobiles .. . ,. _ _ .AutomobilesInstruments and related productsMiscellaneous manufacturing industries

Nondurable goods

Food and kindred productsTobacco manufacturesTextile mill productsApparel and other finished textile productsPaper and allied products . . ._ . . _ . - .

Printing and publishingChemicals and allied productsPetroleum and coal products .Rubber productsLeather and leather products

Annualaverage(1,000)

13, 064

7, 550

89680on-

4601 , 098

877

1, 167829669764220385

5,514

1 09593

9821,089

451

523548173218342

1955 employment

cKe 'A

f±"^54 ̂

3. 8

5.1

-23.37 4C Q

(i. 710.84.7

1.74.3

-5.421.7

-1.31.6

2.0

— 5-1.1

.64. 12.7

1.83.0

-2.311.83.3

13, 482

7,822

84697322476

1, 148908

1,213878673795226402

5,660

1, 126104996

1, 132464

537558170230342

Percentchange

from 4thquarter

1954

6.7

9.2

-14.3

?! 38.7

16.48.2

10. 68.8.4

22.53.74.4

3.4

-LO1.4

113.54.5

-1.712.73.0

Hours worked per week in 1955 j Average hourly earnings in 1955

Annualaverage

40.7

41.3

40. 740.941 .441.541.241.5

41.840.740.942.840.840.6

39.8

41.238.640. 136. 643.1

38.941.441.141.737.9

Percentchange

from 1954

2.5

2.7

1.2. 7

3.22.26.52.0

3.02.31.25.42.01.8

2.1

.52.44.72.81.9

1.3.7.7

5.02.7

4thquarteraverage

41.2

41.9

41.140.842.341.941.942.0

42. 641.541. 143. 141.641.3

40.4

41.839.641. 137.343.6

39.441.641.542.238.5

Percentchange A^Î

M ™1954

2.5

2.7

1.2-.72.71.76.11.9

5.22.51.01.43.22.0

2.3

1.52.93.53.62.1

2.1.7

2.02.74.6

$1.88

2.00

2.051.681.611.852.241.98

2.091.882.152.301.901. 66

1.71

1.751.341.391.341.83

2.351.992.362.091.41

Percentchange

from 1954

3.9

4.2

3.53.12.54.57.24.2

4.03.32.94.53.83.1

3.0

4.83.12.2

4^6

3.54.24.06.12.2

Percent4th i change

quarter i from 4thaverage quarter

i 1954

$1.92 I 5.5

2.05 \ 5.7

2.09 4.01.69 ; 1.81.65 , 4.41. 89 i 5. 02.31 i 7.92.03 1 5.2

2.14 ]. 5.41.91 '. 3.82.20 < 4.32.36 4.91.94 ; 4.91.69 i 4.3

1.74 4.2

1.80 ; 6.51.32 3.11.42 ; 3.61. 36 1. 5i. 87 ; s. i2.37 ; 3.02.03 5.72.41 i 5.72.15 6.41.44 3.6

Source: Computed by the Office of Business Economics, U. S. Department of Commerce, from monthly data published by the Bureau of Labor Statistics, U. S. Department of Labor.


Financial Developments

noteworthy features stand out in the financialdevelopments of 1955. Total gross private saving reacheda record volume, despite a small reduction from 1954 inpersonal saving. There was improvement in governmentaccounts as receipts increased while expenditures weremaintained at about the 1954 level. Business and consumersmade much greater use of borrowed funds in achieving theenlarged volume of private investment and purchases ofconsumer durables in 1955, and outstanding private debtclimbed to a new high.

The greatly enhanced demands for borrowed funds,coupled with restraining actions taken by monetary authori-ties, resulted in upward pressure on interest rates. On theother hand, the cost of equity financing tended downwardin 1955 as stock prices continued the rapid advance initiatedin late 1953; the gain in the overall stock-price average wasmore pronounced than the rise in corporate earnings anddividends, so that earnings-price ratios and dividend yieldsreached new lows for the postwar period.

Despite the rapid rise in debt in 1955 the private economyended the year in a fairly satisfactory financial position,founded primarily on a record flow of income and furtherimprovement in liquid asset holdings.

Gross private saving up moderately

Total gross private saving in 1955 approached $58 billion,about $3 billion more than in 1954. (Table 1.) This gainwas, however, far less than the $12 billion rise in gross privateinvestment from 1954 to 1955. While gross corporate busi-ness saving expanded sharply in 1955 in response to higherincomes, personal saving was somewhat lower as consumersspent a higher proportion of their available income. Therate of consumer spending tapered toward year-end, but for1955 as a whole, personal saving equaled 6 percent of dis-posable personal income. Although this was the lowestratio since 1950, it was about the same as that prevailing in1950 and somewhat higher than for the earlier postwarperiod.

The gap between the relatively small rise in private savingand the large gain in investment was offset in the governmentaccounts. Federal expenditures on income and productaccounts exceeded receipts by over $6 billion in 1954—adeficit which drew on private sources for financing.1 Re-

1. Government receipts and expenditures on income and product accounts differ in a numberof respects from the regular or cash budget accounts. Like the cash, but unlike the regularbudget, they include trust account activities. Unlike both the regular and cash budgetsthey exclude certain lending and capital transactions. Also, receipts in any given year includecorporate profits taxes accrued on income earned that year, rather than actual tax collectionswhich appear in regular budget and cash accounts.

371762°—56 3

ceipts expanded by $7 billion from 1954 to 1955 reflectinghigher consumer and business incomes. At the same time,expenditures were lower by $2 billion. Thus, in 1955 theFederal income and product accounts recorded a surplusof ovrer $2)2 billion. State and local governments in 1955operated at about the same deficit as in 1954, with a $2billion rise in receipts offset by increased expenditures.

On cash and "conventional" bases (as distinct from thatshown in the national income accounts) the governmentsector operated at a deficit in 1955 as in the preceding year.Thus, in terms of cash flows, payments of Federal, State andlocal government units amounted to $100 billion for calendaryear 1955, up by nearly $5 billion from 1954 and receiptsexpanded by almost the same amount to a total of $98billion, leaving the "cash" deficits approximately unchangedat roughly $2 billion in 1954 and 1955. A deficit also ap-peared in the regular or administrative budget in 1955although the excess of expenditures was somewhat reducedfrom 1954.

Business requirements for funds expand

Gross additions to real and financial assets of nonfinancialcorporations amounted to $43 billion in 1955 of which $28billion represented increases in the gross book value of realassets—plant and equipment and inventories. The remain-der, or $15 billion, represented additions to customer re-ceivables, cash and other financial resources. The gross in-crease in total corporate assets last year was more thandouble the rise in 1954. Plant and equipment outlays were$2 billion higher than in 1954; the book value of inventoriesexpanded by $4 billion in 1955 compared with a net reductionof $2.8 billion the previous year. Other current assets,principally customer receivables and cash resources, grew bymore than $14 billion in 1955 in contrast to a negligible netchange in 1954.

Rise in external financing

As in the past, internal sources supplied a major share oftotal financing requirements of corporate business. Re-tained earnings (inclusive of inventory profits) and deprecia-tion allowances of nonfinancial corporations amounted toroughly $24 billion in 1955, $5 billion higher than in 1954.While dividend payments rose in response to the improvedearnings of business, the share of after-tax profits kept in

17Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IS SURVEY OF CURRENT BUSINESS February 19r>6

business was increased from 1954 to 1955. Depreciation al-lowances were also stepped up, reflecting not only the ex-panded fixed asset base but also the acceleration of set-asidespermitted by law. External sources of equity funds yieldeda somewhat larger inflow of money than in 1954 when netsales of corporate stocks (new issues less retirements)amounted to about $2.2 billion.

The volume of gross equity funds (retained earnings,depreciation and net stock issues) available to corporatebusiness in 1955 fell considerably short of the increasedcapital requirements of business. Thus, borrowing increased

Table 1.—Sources and Uses of Gross Saving 1


Gross private saving | 54.2 j 55.0 57.8

Personal savingUndistributed corporate profits _Corporate inventory valuation adjustment _Capital consumption allowancesExcess of wage accruals over disbursements.

Government surplus on income and producttransactions - _ _ _ . _ . . .

FederalState and local

Gross investment

Gross private domestic investmentNet foreign investment

Statistical discrepancy

197.i

97

-6.

£.

49.

51.o

1.

87181

0

?9

4

40

3

1. In principle gross private saving plus government surplus ontransactions equals gross investment. Because of estimating errors, a

i 18.1 7.

— .! 30.

'

: — 7.

i — B.! 1

47.

47.— .

-.

income

%

020

2

17 110. 4

-2. 032. 3

. 0

1. 2

2 \ 2.71 ' -1. 5

0 58. 9

2 59. 33 -. 4

8 . 3

and productdifference may accur

and is indicated by the amount of the statistical discrepancy.


at a rapid pace, exceeded only by the rise in the 1950-51period. The increase in corporate debt was mainly in short-term form, with bank loans, trade payables and Federal taxliabilities up $10 billion. During the preceding year thesedebts had been reduced by $6 billion. The net inflow offunds from long-term debt issues amounted to $5}£ billionin 1955, $1 billion more than in 1954. While corporate debtrose sharply in 1955 and the cost of borrowing was alsohigher, the consequent rise in interest payments was not asgreat relatively as the rise in earnings of corporate business.

Generally speaking, corporations maintained a favorablefinancial position throughout the year. Net working capi-tal—the excess of current assets over current liabilities—topped $100 billion for the first time and current assets re-mained about double current liabilities, the same ratio as inother recent postwar years. Ownership of "cash" assetsalso increased in 1955, about in line with the increase incorporate activity.

Personal investment higher

The moderate decline in personal saving from $18.3 billionin 1954 to $17 billion last year reflected the net effect ofmajor changes in the asset and liability position of indi-viduals. Expenditures by individuals on new nonfarmdwellings topped $15 billion in 1955, about $2K billion morethan in the preceding year. Outlays by noncorporate

businesses (and nonprofit institutions) on plant, equipment,and inventories approximated $16 billion, again about $2)2billion more than in 1954. Offsetting these gross investmentoutlays in 1955 were depreciation allowances of nearly $15billion, $1 billion higher than in 1954. Thus, net investmentin real assets by individuals amounted to $16 billion last yearcompared with $12 billion in 1954, and well in excess of am^previous experience.

Groivth of liquid assets

In addition to these net purchases of real assets individualsalso increased their holdings of financial resources. Netadditions to cash, deposits, insurance and securities amountedto almost $23 billion in 1955, roughly $4K billion more thansimilar accumulations in immediately preceding years. Themajor change in liquid savings from 1954 to 1955 was in thesecurities component. Last year individuals added approxi-mately $4 billion to their holdings of Government securities;in 1954, ownership of these issues was reduced by about $1billion.

Heavy debt financing

To make these record acquisitions of capital resources,individuals and noncorporate firms borrowed heavily in 1955and their debt to financial institutions and corporate businessincreased at an accelerated rate. Over the 12-month period,such indebtedness rose by $25 billion, compared with a rise of$14J4 billion in 1954. All major components of noncorporatedebt—consumer, mortgage, and noncorporate business(including farm)—shared in the 1955 expansion. However,the most striking change in trend was in consumer short-arid intermediate-term installment credit, used principallyin the purchase of consumer durables.

There had been practically no net change in the amountof this debt outstanding during 1954. In 1955 with themounting sales of new automobiles and othersumcr goods, new borrowing increasedthe year, and exceeded repayments by

Rapid liberalization of terms of credit was a factor in therise of installment debt in 1955, not only through its effectin slowing down repayments, but also in the stimulusafforded to the wider use of credit. There were some signstoward year-end that this trend to liberalization had beenlialted if not actually reversed.

durable con-con tin u ally duringnearly $5)4 billion.

Mortgage debt continues upward

The major element in the rise of total individual indebted-ness was the nonfarm residential mortgage component. Netmortgage debt owed by individuals to corporations andfinancial intermediaries increased by $12 billion, equal toalmost half of the total rise in noncorporate debt. This wasabout $3}-2 billion more than the net increase in 1954, and byfar the largest on record. The principal influence behind thisrise was the continued heavy purchases of new housing,assisted by further liberalization of credit terms in the firsthalf of the year.

Beginning in the spring, steps were taken to halt andreverse the easing credit policies of lenders. Initial cash pay-ments were stepped up on federally underwritten mortgages,the longer-term maturities being negotiated on such loanswere eliminated, and the Federal Home Loan Bank Board



restricted the availability of its credit which had been used toan increasing degree in accommodating savings and loanassociations in their mortgage lending activity.

The general firming of interest rates also served to restrictthe availability of funds for federally underwritten mort-gages. These fixed-interest loans became less attractive forinvestment purposes as open market long-term interest ratesedged upward over the year. This was no doubt a factor in

Business and Consumer Debt

BILLIONS OF DOLLARS ( ra t i o scale)

100

50

40

30

20

10

MORTGAGE DEBT( I -T04-FAMILY RESIDENCES)

COMMERCIAL 8tINDUSTRIAL ^^ ..••'BANK LOANS

CONSUMERCREDIT

© Preliminary estimate

t i l l J L1945 46 47 48 49 50 51 52 53 54 55

DEBT OUTSTANDING AT END OF YEAR


DATA: FRB 8 HLBB

56 -8-9

the decline in applications for FHA and VA loans in thelatter part of 1955.

A fuller review of trends in individual indebtednessappeared in the January SURVEY OF CURRENT BUSINESS.

Costs of financing divergent

I The cost of borrowed funds rose appreciably during 1955,with short-term rates showing the largest absolute and rela-tive increases. Yields on 3-month Treasury bills reached2.6 percent in December, \% percentage points higher thanat the end of 1954 and 2 points above the low of that year.Yields in long-term U. S. issues rose by 0.3 of a percentagepoint in 1955. Unlike interest rates on other securities, which

rose more or less steadily throughout the year, the yield onlong-term U. S. Government securities stabilized in the finalmonths of the year at a rate slightly under 3 percent. Ingeneral, at year-end long-term money costs were still belowthe postwar peak of early 1953.

In an effort to moderate private demands for credit in1955 the Federal Reserve early in the year moved to limitavailability of credit to member banks. The discount rate"at which members of the system could borrow from theReserve Banks was raised four times in the course of the yearreaching 2% percent in November, one percentage pointabove the end of 1954. Throughout 1955 open market policywas also directed to restraining the volume of reserves avail-able to banks, and on the average Federal Reserve bankholdings of U. S. securities (the reduction of which tends tolower reserves) were about $750 million below 1954. Thus,if member banks desired to use Federal Reserve credit inmeeting private demand for funds, they had to borrow fromthe central banks at the higher prevailing discount rates.The average Federal Reserve loan balance of member banksin 1955 was $460 million higher than in the previous year.

Common stock yields lower

Common stock prices continued their "bullish" drivethroughout the greater part of 1955, although at a muchreduced rate in the closing months of the year. At year-end,the Securities and Exchange Commission stock price indexwas about one-fourth above the previous year's closingprices. For the full year, prices averaged about one-thirdabove 1954. Gains in industrial stock prices substantiallyexceeded these overall averages.

The favorable earnings record of corporate business was nodoubt a major factor in buoyancy of stocks. Overallafter-tax corporate earnings in 1955 averaged roughly one-fourth higher than in 1954. Dividends were also higher in1955, totaling for all corporations about 10 percent above1954. Thus, it appears that the earnings-price ratio anddividend yields on common stocks in 1955 were at the lowpoint for the postwar period.

The Federal Reserve Board also took action to minimizespeculative activity in the stock markets in 1955. LastJanuary the minimum amount of cash required to buy stockswas raised from 50 percent to 60 percent of the purchaseprice, and in April these cash margins were further raised to70 percent. In large part a reflection of these moves, therise in stock market credit was considerably dampened inthe last half of the year.

Gross stock issues increased

With borrowing costs higher and the cost of equity fundslower in 1955, the incentive to shift from debt to equityfinancing was the strongest in many years. While the netinflow of funds from sales of stocks in 1955 was only slightlylarger than in 1954, gross stock sales in 1955 were consider-ably higher. Gross new issues of common and preferredstocks were about $1 billion larger than in 1954 when salesamounted to $3.8 billion, and were almost double the aver-age of the previous postwar years.


Production and Trade

Movements in Production and TradeINDEX, 1947 -49 = 100 ( ratio scale)

140

120

IOO

INDUSTRIAL PRODUCTION(PHYSICAL VOLUME)

\

FARM OUTPUT(PHYSICAL VOLUME)

\

BILLIONS OF 1947-49 DOLLARS (ratio scale)

180

160

140

' 20U,

SALES OF RETAIL STORES

BILLIONS OF 1947-49 DOLLARS (ratio scale)35

30

25

TOTAL NEWCONSTRUCTION

\

I J_

1951 1952 1953 1954 1955

DATA: FRB, AGR., QBE, BDSA 8 BLS

U. S. Department of Commerce, Office of Business Economics 56-8 - 14

20

JLHE BROAD base of the expansion in business activityduring 1955 is clearly brought out by detailed examinationof changes in industrial and agricultural production, in newconstruction activity, and in retail trade. Each of thesesectors advanced significantly during the year, although atdifferential rates, to reach new record volumes for the yearas a whole. From 1954 to 1955 industrial production in-creased 11 percent while agricultural output advanced 3percent. The volume of new construction, measured in1947-49 dollars, was 9 percent higher. The volume of goodspurchased at retail stores, which had been practically un-changed from 1953 to 1954 when the economy experienceda moderate recession, increased 9 percent in real terms from1954 to 1955. This advance was greater than the increasein real disposable personal income for the same period.

As the year progressed, gains in the nonfarm sector becamesmaller. In the closing months of the year, retail trade lev-eled off while gains in industrial production were much re-duced and new construction declined moderately. The vol-ume of agricultural marketings rose more than seasonally inthe final quarter of the year.

The exceptionally large and rising demands during 1955were reflected in a strong flow of new orders to manufacturers.For the year as a whole, manufacturers received new ordersvalued at $326 billion. In the same period they shippedgoods valued at $317 billion. New orders for factory goodsincreased throughout the year and in almost every monthexceeded shipments. Thus, unfilled orders on the books ofmanufacturers rose steadily to $55 }£ billion at the year-end,$9 billion above the end of 1954.

The expansion in new orders placed with durable-goodsproducers was substantially greater during 1955 than fornondurable-goods manufacturers, with the largest relativeincreases recorded in the primary metals and transportationequipment industries. As the year drew to a close, orderingof machinery and aircraft was showing pronounced strength!Backlogs held by durable-goods producers at the end of 1955were nearly 4 months of sales at the high December rate.The ratio of unfilled orders to sales was higher than a yearbefore for each of the major durable-goods industries excepttransportation equipment. The year-end 1955 ratio forthis industry, at 6 months of sales, was moderately below ayear earlier.

The record total of new orders for nondurables in 1955showed an increase of 8 percent from 1954. For thoseindustries which carry unfilled orders on their books, back-logs rose as the inflow of 1955 orders exceeded shipments bymore than %% billion. Paper and textile companies reportedthe largest relative increases in unfilled orders.



The general business advance from 1954 to 1955 wasaccompanied by some increase in the total business popula-tion. The number of operating concerns in the UnitedStates reached a new high of 4,225,000 in mid-1955, a more-than-seasonal gain of 45,000 firms during the first 6 monthsof the year. The net increase in the business populationduring the first half of 1955 was four times that whichoccurred during the similar period of 1954, when business

activity was declining, nearly twice that of 1953, and aboutthe same as in each of the business expansion years 1950 to1952. In general, the rise in the business population duringthe first half of 1955 reflected increases in each of the majorindustry groups. It should be emphasized that thesechanges in the business population are relatively small andthat from a broad point of view the business population canbe regarded as nearly stable in the past several years.

Manufacturing and Mining Production

INDUSTRIAL production advanced steadily through most of1955 under the stimulus of rising consumer and businessdemand. The physical volume of production for the yearas a whole was 11 percent higher than in 1954 and 4 percentabove the previous peak reached in 1953. At the year-endoutput was at a record rate though there was evidence ofsome tapering off from peak rates in a few scattered indus-tries.

Materials generally were in plentiful supply and the tempo-rary tightness that developed earlier in the year in somemetals and building materials had in most cases easedconsiderably by the year-end.

Table 1.—Industrial Production

[1947-49=100; seasonally adjusted]

19541st quarter2nd quarter _ _. _3rd quarter4th quarter..

Year

19551st quarter^nd quarterJuJvAugust _ _ _ _ _SeptemberOctober _ _November _December _ _

Year

Percent change

4th quarter 1954 to 4th quarter1955

1954 to 1955 _ . _ . _ _ _ . _ ._1953 to 1955

Total

124124123128

125

133138139140142143144144

139

12. 5

11.23.7

Manufactures

Durables

138135135141

137

147153155158160161161160

155

17. 5

13. 11.3

Nondurables

114116114118

116

122127126125128129130130

126

9.3

8.66. 8

Min-erals

113111110113

111

121121120121123123125127

122

10.6

9.95.2

Source: Board of Governors of the Federal Reserve System.

The increase in industrial output last year was entirelyfor the civilian economy. Defense production, which stillaccounts for a sizable proportion of total output, was gen-erally stable during the year, following a decline extendingback to mid-1953.

The upswing in manufacturing output in 1955 followedthe strong impetus provided by the automobile industrybeginning in the fourth quarter of 1954. The rapid expan-sion of motor vehicle assemblies in this period not onlyengendered increased activity in industries supplying com-ponent parts and materials—steel, rubber tires, glass, radios,and parts and accessories—but also led to a sustainedgeneral advance in manufacturing operations.

Automobiles and the primary metals industries, with ap-proxhnately one-eighth of the weight in the Federal Reserveindex, accounted for roughly one-third of the 10 percent risein total industrial output and for two-thirds of the rise inthe durable goods group from the third quarter of 1954through April 1955, when the peak rate of automobile pro-duction was reached.

The enlarged manufacturing output was made possible bya record flow of materials and supplies. During the courseof the year, industries producing basic raw materials gearedoperations upward in line with the rising demands.

Thus production of primary metals expanded sharply in1955 to meet the large requirements from motor vehicle andother metal fabricating plants. Steel making facilitiesturned out a record 117 million tons of steel ingots and cast-ings, over 5 million tons more than in 1953, the previous top.An equally impressive tonnage of finished steel productswas produced. The total of 84.7 million tons of finishedsteel exceeded the high 1953 volume by 4.5 million tons.After allowing for increased net exports, however, the in-creased quantity available for the domestic economy wasonly 2.2 million tons. The expansion in civilian consump-tion though was substantially larger as takings of finishedsteel for defense production were smaller than in 1953.

For the ninth consecutive year, the industry added to itssteel-making capacity. The net expansion of capacity of2.5 million tons of steel ingots and castings brought totalrated capacity to 128.4 million tons as of January 1, 1956.This total represents a net gain of over 37 million tons, ortwo-fifths, in the 9-year period since 1946. A 3-yearfacilities expansion program calling for additional productivecapacity of 15 million tons is contemplated by the industrythrough modernization of existing facilities and constructionof new plants.


22

Expansion in nonferrous metals

Higher prices and strong demand, both domestic andforeign, greatly stimulated output of most of the majornonferrous metals. Production of copper rose as much as 20percent, despite work stoppages in some mines, and outputof zinc also increased substantially. Lead productionshowed little change. Most of the increase in overall newsupplies of nonferrous metals was obtained from domesticsources, partly from higher rates of operations and partlyfrom new facilities. Imports, particularly of aluminum andrefined copper, were in considerably reduced volume. Un-filled order backlogs for most nonferrous metals were sub-stantially higher at the end of the year than at the beginning.

With the benefit of new facilities, aluminum productionin 1955 came close to 1.6 million tons, a record. Becauseof considerably reduced imports overall new supplies were

SUEVEY OF CUEKENT BUSINESS February 1956

only moderately above the quantities available in 1954. Ingeneral, total consumption exceeded the enlarged suppliesdespite substantially reduced set-asides in 1955 as comparedwith 1954 for the national stockpile. Consumption of alumi-num in civilian type products has been increasing rapidlyin recent years as newly developed uses and increased usein established product lines have greatly expanded themarket for the light metal. Trade reports indicate that theconstruction industry is now the largest single consumerof aluminum, displacing the transportation equipment indus-try, even though use of aluminum in aircraft output is beingincreasingly supplemented by expanded consumption inmotor vehicle production. Further large-scale expansionprograms for ingot aluminum have recently been announcedby the industry.

The coal industry staged a significant comeback in 1955as high domestic and foreign requirements pushed output toaround 470 million tons, the highest since 1951.

Output of Selected Manufactured Products

I N D E X E S , 1 9 4 7 - 4 9 = 1 0 0

320

300

280

260

240

NONAUTOMOTIVE- TRANSPORTATION

EQUIPMENT

1955

1954

I I I

180

160

I 40

120

IOO

MACHINERY— (EXCL. HOUSEHOLD

APPLIANCES)

I I I

180

140

120

IOO

PRIMARY METALS180

I 60

140

120

IOO

CLAY, GLASS, AND- LUMBER PRODUCTS -

I 1

180

160

140

120

loo

CHEMICALS AND- ALLIED PRODUCTS -

I I I

200

180

160

J 40

120

PASSENGER CARS

1955

1954

.o

180

160

MAJOR HOUSEHOLD-GOODS

120

IOO I I I

180

I 60

140

120

IOO

APPAREL ANDr- ALLIED PRODUCTS - I 80

160

140

120

IOO

REFINED PETROLEUM- PRODUCTS 180 h

160

100

PAPER AND ALLIED

VV-

Q U A R T E R L Y D A T A , S E A S O N A L L Y A D J U S T E D


BASIC DATA : FRB

56 -8 -10



Widespread advance

All of the 24 major manufacturing and mining groupscomprising the Federal Reserve production index shared inthe general advance though in varying degree. The year-to-year increases from 1954 to 1955 varied from 30 percent forprimary metals to 1 percent for tobacco products, with mostindustries showing advances of 10 percent or more. Trans-portation equipment, which includes the production of motorvehicles, increased 16 percent but motor vehicles as a groupshowed a substantial rise of two-fifths. Exceptionally largeyear-to-year production gains, averaging well over one-fifth,were also registered for materials and components manufac-tured for the automobile industry.

Output for most major industry groups in 1955 was abovethat of any previous year. The exceptions were fabricatedmetals, machinery, instruments, textile mill, and tobaccoproducts and even in these cases the rate of activity inDecember was above or only slightly below previous highsof 1953.

The generally rising trend in output for selected groups ofmanufactured products or industries is apparent in theaccompanying chart. The indexes of nonautomotive trans-portation equipment and machinery shown in the chart arethe Federal Reserve seasonally adjusted production indexeswith rough adjustments made to exclude the output ofpassenger cars, trucks and parts, household appliances andradios and television sets.

In the transportation equipment and machinery industries,where the bulk of defense production is concentrated, all ofthe rise occurred in products destined for the civilian market.The production of nonautomotive transportation equip-ment—aircraft, shipbuilding, and railroad equipment—though showing little over-all change for 1955 as a wholereversed the downward trend evident in 1954 and the rateat the year-end was 7 percent above the low point reachedin the fourth quarter of 1954. The bulge in the output ofthis group in the final quarter of the year reflected for themost part increased activity in aircraft plants. Backlogsfor both military and civilian type planes continue large.In the last half of 1955 new orders placed by domestic andforeign airlines for the newest type civilian transport planesalone exceeded $1 billion. It should be noted that theindustry also utilizes substantial resources in research anddevelopmental work on long-range missile mechanisms.

New orders for railroad equipment have been placed inlarge volume since May 1955. In November alone, over51,000 freight cars for domestic use were ordered and thiswas followed by the placement of 42,000 more in December.Total backlogs for new freight cars which as recently asMay totaled only 20,000 uni ts jumped to 148,000 by Decem-ber, the highest since 1951. Deliveries of rolling stock torailroads also improved in the last half of 1955 though therate at the year-end was still well under the high 1951-53volume.

Producers of machinery enjoyed an active year even thoughthe industry lagged behind in the early stages of the generalrecovery movement. The sharp rise in output which began inthe early spring months of 1955 corresponded in general to thepattern of new order placement for machine tools and generalindustrial machinery, which in turn reflected to a largedegree the upturn in the planned capital investment pro-grams of business. Output advanced nearly 10 percent forthe year and reached a level at the year-end only moderatelybelow the high rate of 1953 when machinery plants wereconcentrating on sizable defense orders. The rise in theoutput of this group was an important element of strengthin sustaining the high rate of total industrial productionduring the latter part of 1955.

Output of clay, glass, and lumber products, a large pro-portion of which is consumed by the construction industry,expanded by 12 percent from 1954 to 1955. Large produc-tion gains were also reported for chemicals, paper, andrefined petroleum products, industries which have shownstrong growth trends in recent years.

The past year was an active one for the apparel industry.The 9 percent increase in output from 1954 to 1955 reflecteda rise in consumer demand for wearing apparel. The 1955advance lifted the rate of clothing output at the year-endto slightly above the previous peak reached in August1950. However, the production rise in this industry sincethe 1947-49 base period has been much smaller than thegains experienced by most other major manufacturingindustries. Output of textile mill products also increasedin 1955.

The automobile industry highlighted the 1955 productionperformance by turning out close to 9.2 million units—7.9million passenger cars and nearly 1.3 million trucks. Thepassenger car count was more than 2.3 million higher than in1954 and 1.2 million above the previous peak of 1950. Inthe 3 years since 1952 when NPA materials controls werelifted, the industry has turned out nearly 20 million passen-ger cars, or close to two-fifths of the total number on theroad in 1955. Truck assemblies were the highest since 1951and more than 200,000 above 1954.

Aside from the model changeover period in September andOctober, assemblies of passenger cars were maintained at ahigh rate throughout the year. In the closing weeks of 1955,however, output was cut back moderately to bring produc-tion more in line with the current rate of consumer purchases,and this curtailment extended into early 1956. Concurrentwith the reduction in output, Saturday overtime work whichhad prevailed in most assembly plants during 1955 was elimi-nated and scattered layoffs occurred.

Household goods production high

Strong consumer buying supported a high volume of out-put of major household goods in 1955. Following a longsteady rise output dropped moderately in the fourth quarterof 1955, however, owing mainly to larger than seasonal de-clines in the output of appliances and television receivers.Production of furniture and floor coverings was maintainedclose to the high third quarter rate. For the year, output ofmajor household goods averaged 18 percent higher than in1954 and equaled the high volume of 1950.

The year-to-year increases in output were substantial formost individual products. As in other recent years new pro-duction peaks were limited to the relatively newer lines—television sets, room air-conditioning units, dryers, dish -washers, and food waste disposals. Among the well-estab-lished products, washing machines virtually matched therecord volume of 1950 when 4.3 million units were turned out.

About 7.8 million television receivers were produced in1955. This was 400,000 more than in 1954 and 300,000above the previous peak in 1950. Output expanded duringthe first 9 months of 1955 and then was cut back sharply inresponse to the lower volume of consumer purchases. Inthe October-December period the number of television setsturned out was one-fourth below the high volume of thefourth quarter of 1954. Output of color television receiversin 1955 was still small, about the same as in 1954 when anestimated 15,000 to 25,000 sets were turned out. Radioproduction hit close to 15 million, the highest since 1948 and4.5 million above the previous year. Of this increase, 3million represented auto radios.


New Construction ActivityCONSTRUCTION expenditures reached new highs again lastyear as record outlays were made for business, residential,'Government and institutional construction. Total expendi-tures in 1955 for new construction, both private and public,amounted to $42% billion, 12 percent more than in 1954.

About three-fourths of the increase over 1954 representedlarger physical volume; construction costs in 1955, after twoyears of relative stability, averaged 2}<J percent higher thanin 1954. Even though significant additions to capacity weremade by building materials producers in the recent period, therise in construction demand more than kept pace with thehigher output. Reflecting the supply-demand relationship,building materials prices advanced almost without interrup-tion throughout the year. Wholesale prices of building ma-terials in December were about 5 percent higher than a yearearlier. Over the same period average hourly earnings ofconstruction workers rose about 2 percent—a smaller-than-average advance for recent years.

Private residential constructionResidential construction activity last year took place in a

setting of rising consumer income bolstered by continuedlarge holdings of liquid assets. Demand for additional hous-ing appeared generally strong. The latest statistics showedvacancy rates in mid-1955 to be not much higher than in1950, although in some cities there appeared to be on over-supply of apartment house units at prevailing rentals.

Important developments in private residential constructionlast year were: a record outlay in both current dollar andreal terms and a number of housing starts almost as high asin 1950; a tightening in mortgage markets, partly the resultof competing demands for capital funds from other sectorsof the economy but also the outcome of restrictions imposedby monetary authorities; and the declining trend in housingstarts in the second half of the year, with a resultant reversalafter July of the rise in residential activity.

Expenditures for new private nonfarm residential con-struction last year totaled $16.6 billion, a gain of more than$3 billion over 1954 and $4 billion over 1950. The increaseover last year reflected not only a larger number of housingunits under construction but also a higher value per unit.According to data of the Department of Labor, average costper housing unit started in 1955 rose 7 percent over 1954.The greater part of this rise represented a continuation ofthe trend stalled about 5 years ago, to meet the growingdemand for larger houses. Thus, although 1955 expendi-tures reflect a slightly smaller number of housing units thanin 1950, average costs per unit last year were about 15 per-cent higher, after an allowance for the increase in materialand labor charges. Real outlays were thus about one-sixth above the 1950 peak.

The increase in residential activity through the thirdquarter of 1955 was an extension—though at a slower rate—of the rising tendency that began in the final quarter of 1953.With residential starts leveling out in the first half of 19557the rate of increase in expenditures slowed down considerablyas compared with 1954, as may be seen in the chart. Ona quarterly basis outlays for new residential constructionwere at a peak in the third quarter after seasonal adjustment.At that time they were 6 percent above the first quarter, incontrast with a 21 percent advance in the corresponding1954 period. In the fourth quarter activity fell off about 6percent, with the month-to-month movement steadilydownward.

24

Builders started 1.3 million private housing units lastyear, 9 percent more than in 1954 and only 3 percent lessthan were started in 1950. More than half of these unitswere started with Government assistance in mortgagefinancing; the number of 1- to 4-family housing units under-written by the Government in 1955 was the highest on record.The number of starts that were VA-guaranteed rose almostone-third, and made up a record 30 percent of the total,while the number of FHA-assisted homes was about the sameas in ]954—somewhat over one-fifth of the grand total.

As the chart indicates, seasonally adjusted starts weremoving downward during the second half of last year, follow-ing a period of near stability in the first half. The seasonallyadjusted annual rate of starts in the first 6 months of 1955was 1.4 million and by the final quarter had fallen to 1.2million.

The large number of houses put under way in the firstpart of the year resulted from plans that builders had initi-ated in late 1954 and early 1955, when conditions for thefinancing of home construction were quite favorable. VAmortgages were available on a, no-downpayment, 30-yearbasis; FHA mortgage maturities were also lengthened anddownpayment requirements reduced; and construction fundswere comparatively plentiful.

In the first half of 1955 requests for VA appraisals of newunits—a, good indicator of builders' intentions in that mar-ket—were at an annual rate of more than 700,000, as com-pared with a 1953 total of 250,000 and the previous recordin 1954 of 535,000. Dwelling units in FHA applicationsfor commitments on 1- to 4-family houses—another indicatorof builders' plans—were also running at a high rate in the firsthalf of the year.

With the quickening pace of general business activityhowever, the demand for funds from other sectors of theeconomy increased markedly, and in the second half of theyear a growing stringency in new construction money devel-oped. In the meantime the rapid increase in home mortgageindebtedness in the first half, coupled with the further largeincreases in prospect from the heavy inflow of new plans, hadled to a tightening of terms by FHA and VA in late July:both agencies reduced maximum mortgage terms from 30to 25 years and increased down payment requirements.In addition, the Federal Home Loan Bank Board early inSeptember imposed new restrictions against borrowing bymember savings and loan associations.

For new applications the VA eliminated completely thewidely used no-downpayment loans, which had beenincreasing steadily in importance since the end of 1953,Thus over half of the VA loans closed on new homes in 1955were of this type, as compared with three-eighths of theVA total in 1954 and a much smaller proportion in 1953.There was a comparable upward movement in loans withmaturities over 25 years; last year as many as two out ofthree new home loans closed had maturities from 26 to 30years. It is of interest to note that because there was asizable backlog to which these new restrictive provisions didnot apply, as late as December 46 percent of VA loansclosed on new homes involved no downpayment while 82percent had terms from 26 to 30 years.

As the year went on, particularly in the second half?builders reduced their plans for new building. FHA appli-cations by the final quarter were running at 40 percent belowthe corresponding period of 1954 while requests for VAappraisals were one-third lower. In December the changedsituation in housing prospects led the Home Loan BankDigitized for FRASER

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


Board to ease somewhat its earlier restrictions on borrowing,while this January the VA and FHA permitted once againmortgages with 30-year maturities.

Private nonresidential construction

Private construction other than residential rose for thesixth successive year, with a 10 percent overall advance andincreases in all major sectors except farm construction. Thelargest gain occurred in commercial building, where the de-velopment of new shopping areas in the suburbs and storemodernization programs brought about a rise of more than50 percent over 1954 in store construction. Outlays for 1955were close to $2 billion; after allowance for price changes,expenditures for stores last year were apparently not far

New Construction ActivityConstruction set another record in 1955, butdecreased in the fourth quarter

1LUONS OF DOLLARS

P R I V A T E N O N F A R M R E S I D E N T I A L

1953 1954 1955QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES

reflecting declines in private housing starts

MILLION UNITS

2.0

1.5

t .O

NEW PERMANENT NONFARM DWELLING UNITS STARTED(PRIVATELY OWNED)

I I I I f c . l . t 1 . J . . . I { M 1 M, lM.tmL.LLh t a1953 1954 1955

MONTHLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES

DATA: BOSA a BLS

U. S. Department of Commerce, Office of Business Economics 56 - 8 - 1 1

different from the all-time high in commercial constructionreached in 1926-27. Office building and warehouse expendi-tures also exceeded $1 billion for the first time last yearalthough in this category real outlays are still about one-fifth below the record rates of 1929-30.

The sharp recovery in industrial production, with theresultant improvement in earnings, was a major factor inthe one-fifth advance in industrial construction over theprevious year. Such expenditures, even after allowance forprice increases, were higher than they were in 1952, whenthe mobilization expansion program was at its peak. Publicutility expenditures for construction were also at a recordrate *in 1955, chiefly because of higher expenditures bytelephone and gas companies. Electric utilities spent aboutthe same as in the previous year while railroad constructionoutlays, because of the very low rates prevailing early inthe year, were slightly less than in 1954.

Institutional and "other nonfarm private constructionregistered another sizable gain. Church construction rosesubstantially, expenditures for social and recreational, andhospital and institutional facilities were up slightly, andconstruction of private educational facilities was down alittle.

As the year drew to a close divergent trends became ap-parent in the various major sectors. The steady upwardmovement in outlays for industrial building showed noevidence of abatement but some leveling appeared in officebuilding and warehouse construction while store construc-tion had been reduced.

Public constructionPublic construction totaled $12 billion in 1955, a new

record 2 percent above 1954 spending. Developmentsduring the year represented the continuation of recenttrends. Direct Federal construction declined for the thirdsuccessive year, approximately 20 percent from 1954, whileFederal grants-in-aid and state and local government ex-penditures continued the uninterrupted rise under way sinceabout the end of World War II. Federal outlays, includingFederal aid, constituted 29 percent of all public expendi-tures last year; this may be compared with a ratio of 44 per-cent in 1952, when outlays for defense facilities were attheir peak, but is about the same proportion as in 1948-50.

In the state and local government sector expenditures forhighways, schools and water and sewer facilities made thelargest contributions to the 1954-55 increase. Constructionof these types, being related to long-term influences such asthe increasing population and its shift to outlying areas, andto the development of superhighways, has shown a steadyupward trend since 1945.

Highway expenditures exceeded $4 billion last year, up10 percent from 1954. A pronounced increase took place inoutlays for educational facilities, which totaled almost $2.5billioii, or 16 percent more than the 1954 expenditure. Out-lays for water supply and sewage disposal facilities rose 11percent, exceeding $1 billion for the first time.

The 2 categories of State and local construction thatshowed decreases were hospital facilities and residentialbuilding; the latter fell by almost one-fourth from 1954. Only18,000 publicly financed housing units were started last year,the lowest number since 1948.

In the Federal sector, outlays for industrial facilitiesdeclined again but construction of military facilities in-creased substantially. These two categories accounted formore than 70 percent of direct Federal spending for con-struction last year. Outlays for conservation and develop-ment fell 15 percent from 1954.

371762°-56-Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Agricultural Production and Income

FARM output expanded in 1955, Despite acreage restrictionson major crops, record yields per acre and a considerableincrease in livestock marketings resulted in burdensome agri-cultural supplies. As a result, farm prices, following somerecovery in the early months of 1955, declined during theremainder of the year. For the year as a whole, pricesreceived by farmers averaged 5 percent lower than in 1954.Thus, although marketings were higher during the year,cash receipts (including CCC loans) at $29.2 billion wereabout 3 percent lower than in 1954.

Prices paid by farmers for items used in production aver-aged about the same in 1955 as a year earlier. Thoughproducts of nonfarm origin were appreciably higher, off-setting price declines occurred in feed and in livestockpurchased. With production costs firm, net income of farmoperators was down about one-tenth and lower than in anyyear since 1942.

If adjustment is made for the shift in population from thefarm and for increasing income from nonfarm sources,income per capita of the farm population from all sources in1955 was about equal to the average for the years since theend of World War II.

Crop receipts lower

Moderate declines in cash receipts from both crops andlivestock occurred in 1955. In other recent }rears crop receiptshad held up rather well (though surpluses were being builtup). In 1955, cash receipts from crop marketings (includingCCC loans) at $13.1 billion were only about 8 percent belowthe 1952 peak, with about one-third of the decline occurringin the past year. The most recent reduction was principallyin receipts from wheat as marketing quotas imposed loweracreage, yields were up only moderately, and prices wereslightly lower.

Cash receipts from marketings of livestock and productsat $16.1 billion were 4 percent below 1954 and down nearly afifth from the peak reached in 1951. Hog receipts accountedfor most of the drop in 1955 and cattle receipts had fallenin earlier years.

Domestic demand for farm proclucts was strong in 1955with increases in population and in income both contributoryinfluences. Consumers spent appreciably more for food in1955 than in the preceding year but the rise appeared to belargely in distribution including processing rather than invalue of product at the farm level. Exports of farm productsother than cotton were up substantially in 1955 as the dis-posal of surpluses abroad increased. Some surpluses werereduced, and increases in those of other products, for whichproduction continued high, were restrained by the stepped-updisposal program. The increased disposal activity was astep toward restoration of balanced demand-supply condi-tions which was aimed more at achieving longer-term favor-able effects than at providing immediate support to farmincome.

Total crop production in 1955 was 4 percent above that in1954—and close to the high attained in 1948—as recordyields more than offset a reduction in acreage harvested.Most of the decrease from the preceding year in acreageharvested represented more extensive crop failure or aban-donment with little change from the preceding year in totalacreage planted or grown.

26

Wheat production was a little lower in 1955 than the yearbefore and about one-fifth below the 10-year average as aresult of a combination of reductions in acreage allotmentsand adverse weather leading to unusually large abandonment.United States supplies for this crop year are at a record highas the carryover on July 1, 1955, exceeded 1 billion bushels.Production at 940 million bushels was not far, however, fromestimates for consumption and export in the current crop-year. Exports of wheat have been stepped up in the pastyear following a considerable decline in the preceding fewyears. The new winter wheat crop seeded in the fall of 1955was slightly larger than the acreage seeded the year before,and prospects at the beginning of 1956 were for somewhathigher yields.

The statistical position of cotton has deteriorated in thepast year as a record yield on a reduced acreage resulted in a14.7-million-bale crop; 1 million larger than in 1954. Heavypledging of cotton from the 1955 crop for CCC loans broughttotal CCC stocks and holdings pledged against loans to 13.5million bales at the end of 1955. Increasing productionabroad and declining U. S. exports have necessitated somechanges in U. S. export policy. Up to a million bales ofshort-staple cotton held by Commodity Credit Corporationare being made available for export at reduced prices in 1956.

Feed grain production in 1955 was near the 1948 record andsupplies available are at a new high both in total and in rela-tion to the livestock population. Domestic feed consumptionis expected to be up from the relatively low rate of feedingin the crop-year ending October 1, 1955, and exports havebeen running substantially higher.

Table 2.— Farm Production

[I947-4U=100]

Farm output

Livestock and products

All livestock and products^

Meat animalsDairy productsPoultry and eggs

Crops

All crops

Feed grainsHav and forageFood grainsVegetables _ _ _Fruits and nuts

Sugar cropsCottonTobaccoOil crops

1 950

100

106

107101111

97

10410583

101102

11770

101116

1951

103

111

114100119

99

971108195

105

98106115106

1952

107

112

115101123

103

10210510596

102

95106112104

1958

108

114

114106127

103

10110896

100104

106115102102

1954

109

119

1 19108134

101

1051088597

106

11896

111117

1955 P

112

122

124109134

105

11111480

100107

110103112129

p Preliminary.

Source: U. S. Department of Agriculture, Agricultural Research Service.



More meat

Most of the rise in output of livestock and products—andall of the drop in cash receipts—occurred in hog production,Total pork production reached 11 billion pounds in 1956, 11percent higher than in 1954. Hog prices were lower than ayear earlier throughout 1955, with a severe decline in pricesoccurring in the fourth quarter as the seasonal peak in mar-ketings was reached. Despite government purchases ofpork and lard, the average price of hogs dropped from $14.50in October to $12.20 in November and to $10.60 in mid-December. For the final quarter, hog prices averaged about30 percent less than a year earlier. As the peak of slaughterpassed prices recovered moderately at the beginning of 1956.In the fall survey of farmers' intentions, slightly smallerfarrowings were indicated for the spring of 1956 than in thespring of 1955.

Table 3.—Comparison of CCC Price Support Extended on 1955Crops as of December 31 With Corresponding Figures for Cropsof Earlier Years *

[Data as of December 31 for crop of year designated]

Cotton, Upland _.. .WheatTobacco

Milk and butterfat:ButterCheeseDried milk

CornGrain SorghumRice -Barley - -Soybeans

PeanutsOatsFlaxseed _ .Beans, dry edible

All other

Total

Unit

balesbuIb

IbIbIb

bucwtcwtbubu

Ibbubu

cwt

Millions of units

1953

5.5430. 1162.4

222.0213. 3395.4

86. 514.21.2

32.527.7

449. 543.415.22.7

1954

1.8349.4233. 7

175. 2124.0371. 3

19.142.515.485.023.4

13.260. 2

5.72.5

1955

5.5222.9323. 4

124. 1116.3373.9

88.843.512.566.722.8

298.651.96.82.3

Millions of dollars

1953

932.6931.565.3

144.081.961.8

136.833.46.0

38.070.5

47.634.555. 221.9

82.0

2,733.0

1954

300. 4778.4127.9

99.342.156.8

30.499.674.394.850.7

1.445.617.318.2

51. 0

1,888.2

1955

907. 5458.0219.7

70.640. 363.1

136. 875.966. 357.845.7

33. 731. 419.215. 2

13.3

2,254.5

1. Represents loans made, purchases, and purchase agreements.

Source: U. S. Department of Agriculture, Commodity Stabilization Service.

Beef and veal production in 1955 was 4 percent above theprevious high in 1954. The strength of demand was suchthat during the first three quarters of the year prices wereabout the same as in 1954, but large marketings of cattle(as well as hogs) lowered prices in the final quarter. A con-siderable rise in cow and heifer slaughter in 1955 suggeststhat the several-year rise in the size of the calf crop mayhave reached its peak.

Milk production edged higher in 1955 despite a reductionin the number of cows. Consumption of dairy products wasalso higher and smaller purchases were made by the CCC forprice support purposes. Total stocks of dairy products,especially butter, were sharply reduced during the year.The income position of dairy farmers improved in 1955 asprices held about even with 1954 and feed prices declinedsubstantially during the year.

Poultry and egg producers also had a better year in 1955with slightly higher production, a 7 percent average increasein prices from 1954, and a material reduction in feed prices.Whereas many dairy farmers raise most of their own feedand to this extent do not benefit directly from lower feedprices, most commercial poultry and egg producers purchasethe bulk of their poultry feed and hence have lower costs

when feed prices decline. Prices of poultry products weresubject to considerable variation during the year, however,and at year-end egg prices were rising and were more thana third above a year earlier, whereas broiler prices weredeclining and were even with about a year ago.

Rise in product per man-hour

Farm gross national product in constant dollars advanced3 percent from 1954 to 1955. At $25.2 billion in constant1947-49 dollars it was 16 percent above the 1947-49 averageand 20 percent above 1941. Farm gross national productis a value-added concept obtained by subtracting from thetotal value of farm output the value of (intermediate) ma-terials used up in the production process, such as fertilizer,purchased feed, and motor fuel. It measures productionoccurring on farms, without duplication, and is "gross" onlyin the sense that depreciation and other capital consumptionallowances are not deducted. It is computed both incurrent dollars and in "real" or constant (1947-49) dollars;only the latter is discussed here.1

The rise in total farm output has paralleled that in farmGNP since the end of the war but has been greater from theprewar period to date, rising 28 percent since 1941. Through-out this period machinery has been substituted for labor, sothat the value of farm product per man-hour has risen at anaverage rate of 4 percent per year.2 During the sameperiod total output of agriculture per man-hour increasedat an average rate of 4.7 percent per year.

The more rapid rise from 1941 to date in total output thanin farm gross national product results from an increasingproportion of intermediate to final product. The risingproportion occurred before and during the war years, how-ever, and has not continued in the postwar period. The risein the past has been more pronounced during periods whenprices received by farmers were relatively high in relationto prices of intermediate products since in such periods inter-mediate products are more freely used.

In recent years, prices received have declined more thanthe prices of intermediate products, and in constant dollarterms the ratio of intermediate products to total output hasdeclined. More specifically, the use of the relatively higher-priced intermediate products has increased less than total

Table 4.—Farm Gross National Product[Billions of dollars]

1. Total value of farm output -

2. I/ess: Value of intermediate prod-ucts consumed, total

3. Plus: Other items,-

4. Equals: Farm gross national prod-uct -.. _ -

Current dollars

1952

37.2

13.7

j

23.4

1953

34.4

12.6

-.1

21.7

1954

34.1

12.7

—.1

21.4

1955

33. 1

12.5

-.1

20.5

Constant 1947-49 dollars

1952

35.2

12.4

-.1

22.7

1953

34.9

12.5

i

23.3

1954

37.3

12.6

-.1

24.6

1956

37.9

12,6

-. !

25. 2

Source: U. S. Department of Commerce, Office of Business Economics, based largely upondata from U. S. Department of Agriculture.

output during these years. This appears to be an adjust-ment to the less favorable price relationships for the farmer.In terms of current or actual prices, the ratio of intermediateproducts to final products has continued upward throughoutthis period.

1. Historical estimate of current and constant dollar farm QNP are shown in the August1954 issue of SURVEY OF CURRENT BUSINESS.

2. The man-hours represent the monthly average for each year of the number at workin agriculture times the average hours from the Census Monthly .Report of the Labor Force.


Retail Trade

RETAIL sales in 1955 reached a total of $185 billion, about$15 billion or 9 percent above the previous year. Sinceretail prices were fairly stable in 1955, the physical increasein sales about matched the rise in dollar values. New saleshighs were established in every major kind of retail business,Advances were largest in the durable-goods categories, andsales for the group as a whole rose by $9 billion, or 15 per-cent. Nondurable businesses accounted for an increase of$6 billion or 5 percent.

Retail sales moved up steadily throughout the year. Inthe final quarter, the rate of increase was reduced by a slightdecline in sales of durable goods. Sales of nondurable-goods stores continued their steady advance of about 1percent per quarter.

A feature of the 1955 sales picture was the considerablereliance placed on consumer credit to supplement the risingincomes. Three-fourths of the consumer credit increase of$5 billion during the year was in automobile sales financing.

Record automobile sales

About three-fourths of the $9 billion rise in the sales ofdurable-goods stores from 1954 to 1955 was accounted forby the automotive group which includes dealers in new andused cars, trucks, parts and accessories and other productssome of whom have substantial receipts from services.Starting in the fall of 1954, when the 1955 models with their"new look'7 were introduced, sales of automotive dealers,seasonally adjusted, advanced at an average rate of about 6 per-cent per quarter for four consecutive quarters, exceeding by farthe gains shown for any other group. In the final quarterof the year, however, automotive dealers' sales leveled off,primarily because of reduced demand for new cars. Forthe full year 1955, sales of automotive stores amounted to$38.2 billion, more than one-fifth above 1954.

Table 5.—Sales of Retail Stores by Kinds of Business, 1952-55

[Billions of dollars], - .. ._ . ._

All retail stores i

Durable-goods stores *

Automotive group .Motor vehicle, other auto dealers-

Furniture and appliance groupLumber, building, hardware group.

Nondurable-goods stores l

Apparel groupDrug and proprietarv storesEating and drinking placesFood group _

Grocery storesGasoline service stations , - - . . -

General merchandise group - . -Department stores, excluding

mail-order

1952

164. 1

55. 3

28. 326. 48.9

10.2

108.8

10. 64.7

12.739.832.210.0

18.7

10.3

19-53

170.7

60.4

33.331.59.1

10. 4

110.4

10.34.8

13.040.833. P.10.5

19.0

10.4

1954

170.7

58.2

31.730.09. 1

10.1

112.5

10. 14.9

13. 141.635.011.4

18.9

10.3

1955

185.5

67.0

38.236. 310. 111.0

118.5

10.85.2

13.743.636.912.4

20. 1

10.9

- — • ' --•"1955 quarters

seasonally adjustedannual rates

iI | n in ; rv

178.8 -183.9 1187.9 189.5

63.2 | 66.4 i 69.0 ; 68.5

36. 0 ! 37. 9 i 39. 6 39. 134. 2 : 36. 0 j 37. 5 37. 19.8 i 9. 9 i 10. 2 10.2

10.3 ; 11. 1 | 11.2 11.3

115.5 117.5 119.0 121,0

10.5 • 10.7 ! 10.8 ' 10.95. 0 i 5. I i 5. 3 5. 4

13.0 ! 13. 6 l 14.0 i 13.943. 0 i 43. 2 i 43. 8 i 44. 636.3 i 36. 4 : 37.0 i 37.812.1 ! 12.3 ' 12.4 ' 12.8

19.4 i 19.9 ! 20.4 i 20.3! J i

10.4 i 10. 7 i 11.1 ; 11.0

1. Sales of jewelry stores, other durable-goods stores, and other nondurable-goods stores arenot shown separately but are included in the appropriate total.

Source; U. S. Department of Commerce, Office of Business Economics and Bureau of theCensus.

28

Retailers sold 7.4 million new automobiles in 1955—a thirdabove the 1954 total—to establish a new sales record. Pro-duction continued at a high pace throughout the year, and asa result of the slowdown in sales in the final weeks, new carinventories increased sharply. At the turn of the year,downward adjustments were being made in factory schedules.

Other durable-goods stores fared well in the 1955 salespicture. Furniture and appliance store sales strengthenedfollowing a fairly long period of relative stability and in 1955were up about 10 percent over 1954; lumber, building andhardware dealer sales rose 9 percent.

Sales of nondurable-goods stores moved generally upwardthroughout the year, advancing at a somewhat sharper ratethan in 1954. From a seasonally adjusted total of $28.2 bil-lion in the third quarter of 1954 they moved to $30.3 billion inthe fourth quarter of 1955. Last year marked the sixth suces-sive year of advance in purchases of nondurable commodities.

The greatest 1954 to 1955 sales gain in the nondurablecategories, 8 percent, was registered by gasoline servicestations. This rise, which has averaged about the same ineach of the last four years, reflects in large part the increase inmotor vehicles on the road. Passenger car registrations,which had increased by 2 million in 1954 to a total of 48million cars, reached 52 million by the end of 1955.

Sales by general merchandise stores in 1955 were up about7 percent over 1954. After advancing at an average rate of2 percent per quarter during the first 9 months, they de-clined slightly, on a seasonally adjusted basis, at the year-end.

The outstanding advance at department stores was in themajor appliance departments which registered a 25 percentsales gain in 1955. This sharp advance reflected, in part,increased promotional activity and the use of special salesby such stores to meet the challenge of discount houses inthe appliance field.

Departmental variations also suggest some trading up byconsumers as a result of the steady rise in income. Forexample, while total sales of stores reporting on a depart-mental basis were up 5 percent in 1955 over 1954, within thisaggregate sales rises tended to be much more pronounced indepartments handling higher priced goods. Increases of10 to 15 percent were shown for sporting goods and cameras,fine jewelry and watches, silverware and clocks, and luggage.On an overall basis, sales for main stores showed a 5 percentgain compared to a 3 percent rise for basement stores whichgenerally handle lower priced lines.

The favorable sales experience encouraged departmentstores to increase new orders placed with manufacturers in1955 by 9 percent over the previous year. At the year-end,outstanding orders were nearly a fifth above year-ago figuresand the ratio of inventories to December sales was somewhatabove the year before.

Sales of apparel stores, which had been declining moder-ately since the end of 1952, definitely reversed their directionin 1955 to advance by 6 percent over 1954 dollar volume.Increases of a similar magnitude were indicated at drug andfood stores and eating and drinking places.

Chain stores shared in the business upswing in 1955.Sales of retail organizations operating eleven or more stores



amounted to $34 billion for the year, a 7 percent increaseover 1954. This was a somewhat better performance thanthat experienced by all retail stores exclusive of motor vehicledealers, which are unimportant in the chain store field. The1955 share of total retail business, exclusive of motor vehicledealers, going to chains with eleven or more retail storeswas 22.7 percent.

Sales of Retail StoresBILLIONS OF DOLLARS

52

48

44

40

ALL RETAIL STORES

36 lv_J I L i I l I I I I I I l I

1 2AUTOMOTIVE GROUP

4 ( I I » I i i i I t I I I l I I

12DURABLE-GOODS STORES(EXCL. AUTOMOTIVE GROUP)

l—L J L i I I

32

28

24

NONDURABLE-GOODS STORES

1952 1953 1954 1955QUARTERLY TOTALS, SEASONALLY ADJUSTED

U. S. Department of Commerce, Office of Business Economics 56 -

The gain in chain store sales relative to total trade activitywas most strongly evident in department store operations.Chain department store sales rose 12 percent in 1955 com-pared to a 2 percent advance for all other department stores.This may be associated with increases in the number ofbranch department stores being opened in new shoppingcenter developments.

Table 6.—Ratio of Retail Sales to Disposable Personal Income

All retail stores 1

Durable-goods stores l

Automotive groupMotor vehicles, other auto

dealersFurniture and appliance groupLumber, b u i l d i n g , h a r d w a r e

2TOUD

Nondurable-goods stores L

Apparel groupDrug and proprietary storesEating and drinking placesFood group

Grocery storesGasoline service stations

General merchandise groupDepartment stores, excluding

mail-order

1952

69.3

23.3

12. 0

11. 13. 8

4. 3

46.0

4. 52. 05. 4

16. 813. 64. 2

7. 9

4. 3

1953

68.2

24. 1

13. 3

12. 63. 6

4. 2

44. 1

4. 11. 95. 2

16. 313. 44. 2

7. 6

4. 1

1954

67.0

22.8

12.4

11. 83.6

4. 0

44. 1

4. 01. 95. 2

16. 313. 74. 5

7. 4

4. 0

1955

68.8

24.9

14. 2

13. 53.7

4. 1

44.0

4.01. 95. 1

16. 213. 74. 6

7. 5

4. 0

1. Sales of jewelry stores, other durable-goods stores, and other nondurable-goods stores arenot shown separately but are included in the appropriate total.

Source: U. S. Department of Commerce, Office of Business Economics and Bureau of theCensus.

In the case of eating and drinking places also, the relativeadvance in sales of chains exceeded those of independentstores by a significant margin, a 7 percent rise for sales ofchains comparing with 4 percent for all other such estab-lishments. For grocery stores, which form the most im-portant sector of chain store operations, the relative advancein sales of chain stores was only slightly higher than fornonchain grocery organizations. At apparel and drug storesincreases in activity shown by chains in 1955 were less thanthose registered by organizations operating fewer than 11stores.

Sales-income ratio up

The ratio of total retail sales to disposable personal incomemoved upward from 67 percent in 1954 to 69 percent in 1955although there was a slight decline in this figure in the fourthquarter. The rise in the proportion is attributable primarilyto increased sales by motor vehicle dealers. For this kindof business the ratio of sales to income went up from 11.8in 1954 to 13.5 in 1955. Slight advances in the proportionwere also shown for the other major durable-goods groups.

At nondurable-goods stores the ratio of total sales todisposable personal income showed little change between1954 and 1955. A slight decline in the ratio for food storesand eating and drinking places was largely offset by smallincreases in those of gasoline service stations and generalmerchandise stores.


Foreign BusinessP OREIGN purchases of United States produced goods and

services contributed appreciably to the rise in United Statesbusiness activity during 1955. The 10 percent rise from 1954in exports (excluding shipments of military supplies andservices provided under grant-aid programs) compares withthe 1Y<L percent increase in the value of the aggregate outputof this country.

Exports of goods and services, seasonally adjusted at an-nual rates, rose by more than $1 billion from the third to thefourth quarter of 1954, remained fairly stable through thefirst half of 1955, and rose again by about $1.2 billion in thesecond half of last year. Foreign purchases thus contributedto the advance in business activity during the early phaseof the upswing, and again during the last half of 1955, whenthe rise in domestic purchases was slowing down.

Upswing in exports to Europe and CanadaNearly 60 percent of the $1.4 billion rise from 1954 to 1955

in nonmilitary merchandise exports represented greater ship-ments to Western Europe, and 33 percent reflected expandedexports to Canada. Business activity in both areas, as inthe United States, had expanded to record rates during theyear.

However, there has been a continuous upward movementof economic activity in Western Europe since the secondquarter of 1953, whereas Canadian business activity, havingundergone a period of adjustment in 1954, did not start toexpand until the latter part of 1954. This difference largelyexplains the fact that the most recent rise in exports toCanada began only in the second quarter of 1955, whereasthe upswing in exports to Western Europe started a yearearlier.

In 1955, as during the previous year, the United Kingdom,Germany, and the Netherlands accounted for a large portionof the rise in shipments to Western Europe. The new creditrestrictions and other anti-inflationary measures adoptedduring the year by the United Kingdom and a number ofEuropean countries so far have exerted little effect on theirdemand for imports from the United States, the bulk ofwhich consist of food, tobacco, and basic industrial materials.

Sales to countries in the outer sterling area, includingSouth Africa, Australia, New Zealand, India, and Pakistan,were responsible for most of the export advance outsideEurope and Canada.

A number of Latin American markets, notably Mexico andArgentina, also expanded during 1955. On the whole, how-ever, exports to Latin America were slightly lower than in1954. This reflects the effects of the downturn in coffeeprices beginning in August 1954. Exports to Brazil, whichhad enjoyed a temporary upsurge in 1954, again becamesubject to rigid curtailment throughout 1955 with a resultingreduction over the year of about $220 million. Shipments toColombia declined during 1955 but during the first half of theyear were partly financed through temporary measures, suchas drawings on reserves and short-term credits, since Co-lombia's dollar receipts during this period had dropped evenfaster.

Exports to Japan were moderately lower than in 1954, butrecovered considerably from the decline which had occurredin the last half of that year. The recovery reflected not onlythe expansion of the Japanese economy but also the currentimprovement in Japan's gold and dollar reserve position.

30

The geographic pattern of changes provides a partial ex-planation of the fact that exports of foodstuffs and raw ma-terials, other than cotton, increased much more, percentage-wise, from 1954 to 1955 than exports of manufactured goods.Another reason was the rise in exports by other industrialcountries, which met to an increasing extent the world de-mand for industrial goods. The recent tendency of raw ma-terials to absorb a larger, and manufactured goods a smaller,share in exports is even more noticeable if 1955 exports arecompared with those in 1953. (See table 1.) This is incontrast to the previous long-term tendency for the propor-tion of manufactured goods to total United States exportsto rise.

The advance from 1954 in shipments of industrial raw ma-terials alone (excluding cotton and other agricultural items)amounted to $750 million or more. Overseas coal ship-ments, destined mainly to support Western Europe's risingindustrial requirements, rose by about $175 million, thusproviding a major stimulus to increased output in the bi-tuminous coal industry. Exports of steel (excluding scrap)rose by roughly $170 million and thus claimed a slightlylarger portion of domestic output than in 1954.

Steel scrap exports, mainly to Western Europe, Japan, andto some extent Canada, climbed to approximately 5 milliontons in 1955 as compared with about 1.5 million tons in 1954.In value, the increase amounted to almost $125 million.

Part of the rise in domestic output of a number of otherbasic materials—notably chemicals, woodpulp, other woodand paper products, and synthetic rubber—was also chan-neled into markets abroad during 1955. Foreign demandfor nonferrous metals increased too, but the rise in such ex-ports was restricted b}^ the imposition of export quotas duringthe year.

Upturn in capital goods exports moderate

Considered in the aggregate the rise in exports of capitalequipment from 1954 to 1955 (excluding merchant vesselstransferred to foreign registry) amounted to roughly $175 to$200 million with the bulk of the increase going to Canada.

Changes in demand for such exports had varying effectson the output of domestic industries. Producers of con-struction and mining machinery boosted sales to Canadaalone by over $45 million and to other foreign areas by atleast $25 million. The civil aircraft industry also increasedits exports as well as its domestic shipments; it marketed 36percent of its production abroad in the first 9 months of1955—a slightly higher portion than in the year 1954.Exports of railway freight cars also claimed a somewhatlarger portion of domestic output than in 1954. The in-crease in exports of freight cars, however, only partiallyoffset the drop in shipments of railway passenger cars toCanada, and total exports of railway equipment in 1955 wereapproximately $25 million below 1954.

Several other major equipment industries which tradi-tionally depend to a large extent upon exports, namelyproducers of machine tools, motor trucks and busses, andagricultural machinery, experienced little change in foreignsales during 1955 although domestic orders increased. For-eign demand for some of these products is being supplied toan increasing extent from foreign sources.



Passenger cars and automobile parts and accessories domi-nated the rise in exports of consumer durables as well as indomestic sales of such items. Of the total gain of perhaps$300 million in exports of consumer durables from 1954 to1955, passenger cars accounted for about $70 million andautomobile parts and accessories for approximately $115million. By far the largest portion of the additional exportswent to Canada, where passenger car output and sales alsoestablished new records in 1955. Other countries, particu-larly Sweden, Belgium, Venezuela, Cuba, and the Union ofSouth Africa, also shared substantially in the increasedshipments.

Table 1.—United States Exports (Excluding Military Aid) First 10Months of 1955 Compared with Similar Period of Preceding 2Years

Total exports

Agricultural goods excluding cotton _ _

Raw materials (excluding cotton) and semi-manufactures

Cotton _ _ _Finished manufactures, total

Selected product groups:Coal and related productsIron and steelNonferrous metalsWood and paper _ _ . .ChemicalsMachineryAutomobiles and parts . .. . _ _Textiles

January-October 1955 percentchange from—

January-Octo-ber 1953

16

17

5029

3460997236-125

January- Octo-ber 1954

12

23

28-33

8

59593

3197

180

Source: Basic data; U. S. Department of Commerce, Bureau of the Census.

During the first half of 1955 foreign demand for householdappliances and for radio and television sets from the UnitedStates was little changed from the first half of the previousyear. In the third quarter of 1955, however, such exportsshowed signs of increasing strength, reflecting in part thebeginning of an upturn in Canadian import demand.Textile exports displayed a similar pattern, with gains limitedlargely to the latter part of 1955.

Rise in most agricultural exports

The gain in agricultural exports during 1955 was aided byGovernment programs including sales for foreign currenciesand exchanges of agricultural commodities for strategic andcritical materials.

Grain shipments increased by nearly $200 million withlarger exports of coarse grains as wrell as wheat. In the firstpart of 1955 exports of wheat to Western Europe were con-siderably larger than in the same period of 1954 as a resultof the poor quality of the 1954-55 wheat harvest in that area.During the early part of the current crop year, however,our exports of oats and sorghums and corn expanded again.Coarse grain exports from the United States in the latterpart of 1955 were additionally stimulated by the reductionin supplies available for export from Argentina, as well asby rising livestock numbers and higher feeding rates abroad.Tobacco and soybean exports also gained substantially dur-ing; 1955.

Food shipments under foreign relief programs advancedby over $90 million and were more than twice as large asiii 1954.

The aggregate rise from 1954 to 1955 in agricultural ex-ports other than cotton amounted to about $450 million.Cotton exports, which fell by nearly $320 million as comparedwith 1954, were handicapped by a number of factors. Theseincluded increased production elsewhere which is sold atlower prices than United States produced cotton, the levelingout in foreign cotton consumption, and the partial switchto synthetic fibers. At the same time foreign purchases ofAmerican cotton may have been delayed in anticipation ofthe special million bale export program effective in January1956.

The sale of services, and income from foreign invest-ments, rose by approximately the same proportion as exportsof merchandise. Incomes on United States direct invest-ments abroad increased in Europe as a result of the generalrise in economic activity, and in other areas because of higheroutput and prices of raw materials. A larger portion oftotal foreign earnings appear to have been remitted to UnitedStates parent companies than was the case last year.

Imports of goods and services rise 10 percent

The rise in foreign expenditures here was facilitated by anearly equal rise in foreign incomes from the sale of goodsand services to the United States, from United States in-vestment abroad, and from the transfer of funds throughGovernment grants arid private remittances.

The net gain of $1 billion in imports of industrial rawmaterials highlighted import developments during 1955.Business purchases of such imported materials climbed by$1.2 billion but Government stockpile acquisitions declinedby over $200 million from 1954 to 1955.

Prices of raw materials, particularly rubber and copper,advanced significantly during the year under the pressure ofrising demands in Europe and in the United States. Priceincreases occurring in the latter part of 1955 were not fullyreflected in the 1955 statistics, however, due to time lagsbetween orders and imports.

The increase from 1954 to 1955 in the volume of industrialraw material imports, exclusive of Government stockpilepurchases, amounted to about 15 percent as compared witha 10 percent rise in the index of domestic manufacturingproduction. Most important among rising raw materialimports were petroleum, iron ore, and wood products.

Notwithstanding the large overall advance in such im-ports, those of a number of basic metals associated withdurable goods output did not rise above 1954, or increasedonly moderately. Imports of aluminum, copper, and nickelwere limited by suppl}7 shortages abroad and releases fromGovernment contracts were necessary to meet industrialdemand for these materials. In the case of lead and zincprivate inventories were reduced to meet rising requirements.

World newsprint supplies likewise became tighter duringthe year. Imports expanded only moderately and, althoughdomestic production increased, inventories were drawn downto help meet the enlarged demand.

Producers of textiles, leather, and other nondurable goodsthat also participated substantially in the business upswingin 1955 generally encountered a relatively abundant foreignsupply of raw materials. Greater imports of apparel wooland raw silk were obtained at prices lower than in 1954while increased purchases of carpet wool entailed only amoderate advance in price. Enlarged imports of synthetictextile filaments and furs also supported the rise in domesticnondurable goods output during 1955.


32 SUEVEY OF CURRENT BUSINESS February 1956

As has been characteristic of most of the postwar period,imports of manufactured consumer goods increased relativelymore—over one-fourth—than sales of domestically producedgoods. The $250 million advance in these imports during1955 encompassed a wide range of individual items withnotable increases occurring in imports of finished textiles,automobiles, and diamonds.

The aggregate value of imports of food, beverages, and to-bacco dropped by about $150 million during 1955. Thisdecline can be attributed almost entirely to the drop incoffee and cocoa prices from the extraordinary highs pre-vailing in 1954. The value of most of the other major foodimports was relatively stable.

Although the volume of coffee imports rose by approxi-mately 335 million pounds under the stimulus of the lowerprices effective in 1955, the dollar value fell by about $120million as compared with the previous year. The reactionof cocoa demand to the reduced prices was apparently de-layed arid the quantity of imports was even slightly lowerthan in 1954.

Table 2.—Major Changes in the United States Balance of Paymentsfrom 1954 to 1955 l


United States expenditures abroad

United States imports:MerchandiseServices . _ _

United States Government grants 2 andcapital

United States private capital

Total United States expenditures

Foreign expenditures in the United States

United States exports:Merchandise 2

Services

Transactions unaccounted for (net)

Foreign accumulation of gold and dollar assetsthrough transactions with the United States. _

1954

10. 35. 6

1. 5

1. 6

12. 75. 1

1.8

1955

11. 56. 1

2. 2

1. 0

14. 15. 5

. 2

1. 6

Change

1. 2. 5

. 7Q

1. 8

1. 4. 4

2

-.2

1. Based on preliminary estimates.2. Excluding grants in the form of military goods and services.


Private payments for services increased by about $350million over 1954. This includes a rise of about $100 millionin tourist expenditures. Military and other Governmentservice expenditures were about $200 million higher. Mostof the rise in these private and Government payments accruedto Western Europe.

Private capital outflow smallerNet outflows of private capital to foreign countries were

about $1 billion in 1955, including $750 million for directinvestments abroad and $250 million for short- and medium-term loans and transactions in foreign securities.

The total for direct investments was about the same as inother recent years, and, when considered together with anequally large amount invested annually out of undistributedforeign earnings, indicates a strong long-term buildup ofessential productive facilities abroad. Portfolio and short-term capital outflows were much less than the extraordinaryamount of $860 million registered for 1954, but were in linewith the average for other postwar years.

Foreign investment activity by United States enterprisesin recent years has been based on, and contributed to thelarge gains in economic activity not only in foreign countries,especially Canada and Western Europe, but also in thedomestic economy. About half of the direct investmentcapital flow in 1955, as in other years since 1951, went toCanada. Most of the new capital was invested in the petro-leum and mining industries, but some went also into manu-facturing and financial enterprises.

Direct investments in Western Europe during the yearreached a record amount of about $125 million, in additionto which about $275 million of new investments were financedfrom undistributed earnings.

Net capital flows to Latin America do not appear to havebeen higher than the $100 million recorded for 1954, withmanufacturing investments accounting for about half.Large investment outlays by petroleum and mining com-panies in this area are financed out of depreciation and othercharges against earnings, so that they are not reflected inthese estimates of net capital flows.

Direct investment capital flows to the rest of the worldwere about $150 million in 1955, about the same as in 1954,and were mainly directed to the petroleum industry.

Portfolio and short-term capital outflows were sub-stantially smaller than in 1954 because of the high domesticdemand for investment funds, repayments of earlier loans,and a large return flow of funds placed in the Londonmarket in 1954. Also, the very large volume of short-termoutflows in 1954 had already raised the outstanding debt insome countries, especially in Latin America, to unusuallyhigh levels. Rising interest rates in the United States cur-tailed the sale of new foreign bond issues in this market formost of the year and also caused a sizable liquidation ofexisting holdings of Canadian bonds. On the other hand,American investors purchased over $100 million of theshares of Canadian and European corporations, but thisactivity was reduced at the end of the year.

Government grants and credits up

Largely because of increased payments to support militarybudgets abroad, Government grants rose by about $250million. The net outflow of Government capital was morethan $400 million larger than in 1954 because of smallerloan repayments by foreign countries and the increasedacquisition of foreign currencies from the sale of agriculturalcommodities.

Foreign dollar accumulation continues

Since the rise in foreign receipts from the United Stateswas not quite as large as the rise in foreign expenditureson goods and services here, the transfer of gold and dollarassets to foreign countries was about $200 million smallerthan the $1,750 million of last year. However, a largershare of net foreign dollar receipts was used for long-terminvestments here, and the increase in foreign holdings ofgold and liquid dollar assets resulting from transactions withthe United States was reduced from about $1.5 billion in1954 to about $1.2 billion last year. Newly mined goldprobably added perhaps another $400 million to foreignreserves. For foreign countries as a whole the rise in goldand liquid dollar assets, which amounted to about 6 percent,appears to have been more than sufficient to facilitate con-tinued expansion of international trade and business activit}'.However, there are important areas where reserves werediminished during the year, and balance of payments con-siderations may require continued restrictions on domesticdemands and imports.


BUSINESS STATISTICSJL HE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1955 Statistical Supplement to the SURVEY OF

CURRENT BUSINESS. That volume (price $2.00) contains monthly data for the years 1951 through 1954 and monthly averages for earlier yearsback to 1929 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1951. Seriesadded or revised since publication of the 1955 Supplement are indicated by an asterisk (*) and a dagger ( f ) , respectively, the accompanying foot-note indicating where historical data and a descriptive note may be found. In most instances, the terms "unadjusted" and "adjusted" usedto designate index numbers and dollar values refer to adjustment of monthly figures for seasonal variation.

Statistics originating in Government agencies are not copyrighted and may be reprinted freely,through the courtesy of the compilers, and are subject to their copyrights.

Data from private sources are provided

Unless otherwise stated, statistics through 1954 anddescriptive notes are shown in the 1955 edition ofBUSINESS STATISTICS

1954

Decem-ber

Janu-ary

Febru-ary March April May

1

June

)55

July August Septem-ber October Novem-

berDecem-

ber

1956

Janu-ary

GENERAL BUSINESS INDICATORS

NATIONAL INCOME AND PRODUCT

Seasonally adjusted quarterly totals at annual rates:National income, total _ _ bil. of dol__

Compensation of employees, total doWages and salaries total do

Private doMilitary doGovernment civilian do

Supplements to wages and salaries do _ _

Proprietors' and rental income, totalcf - -do .Business and professional d" doFarm doRental income of persons _ _ _ d o

Corporate profits and inventory valuation adjust-ment total bil of dol

Corporate profits before tax, total doCorporate profits tax liability doCorporate profits after tax do

Inventory valuation adjustment doNet interest do

Gross national product, total do

Personal consumption expenditures total doDurable goods doNondurable goods doServices do

Gross private domestic investment, total do _New construction - - do_Producers' durable equipment doChange in business inventories . do^ _

Net foreign investment . _ - do ..Government purchases of goods and services, total

bil. of dol. _Federal (less Government sales) do

National security 9 -_ _ _ _ _ d o .State and local do

Personal income, total doLess: Personal tax and nontax payments doEquals: Disposable personal income do

Personal saving§ _ - do-

PERSONAL INCOME, BY SOURCE

Seasonally adjusted, at annual rates:Total personal income bil of dol

Wage and salary disbursements, total doCommodity-producing industries--, - -do. ...Distributive industries doService industries doGovernment - do

Other labor income-- _ _ doProprietors' and rental income-. _ _ - do._ _Personal interest income and dividends doTransfer payments doLess personal contributions for social insurance

bil. of dol. -

Total nonagricultural income _ . . . do.- -

303.2

209 8198 1163 8

9 325 011 8

48.226 311 210.7

35 536 018 117 9—.59 7

367 1

241 030 4

122.588 1

50 729.421 9— .6

.9

74.545 740 528 7

290 833 1

257 8

16 8

293 4

198.884.853 126 634 3

6.748.926. 517 1

4.6

278. 1

292 2

199.385.452 926 834 2

6 849.125.017 0

5.0

276.5

293 2

200.386.353 026 734 3

6 848.825.317 0

5.0

277.7

311.4

213 1200 8166 5

Q l25 312.2

48.826 611 510.7

39 640 920 520 4

—1.39 9

375 3

245 834 4

122 489 0

54 131.221 51 5

— .4

75.846 441.229 4

293 632 6

261 0

15 3

295 7

202. 687.853 627 034 2

6 848.525.517 4

5 1

280. 9

298 9

204. 688.953 627 234 9

6 949.025. 917 6

5.1

283.7

301 4

207.390.654 527 434 8

6 948.826.117 5

5.2

286. 6

320.7

219 5207 0171 7

9 325 912 5

48.727 111.010.7

42 243.021 621.4

10 3

384 8

250 535 1

125.390 2

60 132 623 2

4 3

— . 7

74 945 240 429 7

300 533 4

267 1

16 6

301 6

208.090.954 927 434 8

6 948.526. 317 1

5 2

287.2

305 3

212.491.755.727 837.2

7.047.926. 416 9

5.3

291. 7

305 3

211.291.556. 127 935.7

7.048.826.716 9

5.3

290.8

325. 7

224.3211 3175. 6

0 126 613.0

48.827 610. 610.7

41 944. 522 322 2

—2. 610. 7

392 0

255 736. 9

127 091.8

60 533. 224 92.4

.0

75.845. 540.630.2

306 134.4

271 7

16.0

307 9

212. 492 256.428.035.8

7. 149.727.116 9

5.3

293.0

"'

309 2

213.392.856 428 235.9

7 149.827.416 9

5.3

294. 4

r 312 o

-215.3r 94. 0T 56 s'• 28 5r 36 0

7 1T 50. 2

27. 617 1

5.3

r 296. 6

228.0214 7178. 8

9 026 913.2

50.128 011.410.7

-3.111 2

397 3

257 234 8

128 893 6

63 232 325 55 3

— 3

77 246 341 031 0

312 135 4

276 6

19 4

315 0

215. 794. 157 028 636 0

7 250. 229. 917 4

5.4

299.8T Revised.o* Includes inventory valuation adjustment. 9 Government sales are not deducted.§ Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.

S-l


S-2 SURVEY OF CURRENT BUSINESS February 19."iC


1954

Decem-ber

Janu-ary

Febru-ary March April

11

May I June

55


berDecem-

ber

1956

Janu-ary

GENERAL BUSINESS INDICATORS—Continued

NEW PLANT AND EQUIPMENTEXPENDITURES

Unadjusted quarterly totals:All industries mil o fdo l

Manufacturing doDurable-goods industries . _.. _ . _do- - -Nondurable-goods industries do

Mining doRailroads doTransportation, other than rail doPublic utilities doCommercial and other do

Seasonally adjusted quarterly totals at annual rates:All industries bil o fdo l

Manufacturing doDurable-goods industries doNondurable-goods industries do

Mining doRailroads doTransportation other than rail doPublic utilities doCommercial and other do

FARM INCOME AND MARKETINGS $

Cash receipts from farming, including Governmentpayments, total __ mil. ofdol

Farm marketings and CCC loans, total _ _ -doCrops , doLivestock and products, total? - do -

Dairy products doMeat animals doPoultry and eggs _ -do _ -

Indexes of cash receipts from marketings and CCCloans, unadjusted:

All commodities 1935-39 = 100Crops doLivestock and products do

Indexes of volume of farm marketings, unadjusted:All commodities 1935-39=100

Crops doLivestock and products do

INDUSTRIAL PRODUCTION

Federal Peserve Index of Physical Volume

Unadjusted combined index 1947-49=100

Manufactures _ _ _ doDurable manufactures do

Primary metals 9 doSteel do -Primary nonferrous metals do

Metal fabricating (incl ordnance) doFabricated metal products do _Machinery do

Nonelectrical machinery doElectrical machinery - - do

Transportation equipment 9 doAutos doTrucks - do- .-Aircraft and parts do

Instruments and related products _ - doFurniture and fixtures do. - -Lumber and products doStone, clay, and glass products doMiscellaneous manufactures - do~

Nondurable manufactures doFood and beverage manufactures do

Food manufactures 9 doM^cat products doBakery products do

Beverages doAlcoholic beverages do

Tobacco manufactures doTextile-mill products 9 do

Cotton and synthetic fabrics _doWool textiles do

Apparel and allied products - -- -doLeather and products doPaper and allied products _ - -do- ~ -

Pulp and paper doPrinting arid publishing do- - . ..Chemicals and allied products do

Industrial chemicals doPetroleum and coal products do

Petroleum refining doRubber products. . . _ _ _ _ _ _ _ _ __do .. -

6,988

2, 9651,3731, 592

244180379

1, 1092,110

26. 18

10.584.805.79

.91

.681 534 018.46

2,812

2,7821,4561, 326

335704272

420515349

180185175

128

129143117121160

156124146123191

19117494

478142112116134134

1151011041369888848398

10470

9994

129127123156166129140128

2, 571

2,5361,2451,291

311741219

382440340

165167163

132

133147129130159

159124148126191

20019598

479140109117132129

12098

102138948480

10510411470

113105140140119158169132142145

1,948

1,917738

1,179299618243

289261310

129106146

135

136151136138167

162126152129196

205210

87477142113125134134

1229799

124958986

10410811672

116112148147122162177134144144

5, 847

2, 2491,0631, 186

186179359845

2,030

25 65

10.174.785.39

.8074

1 464 018.46

1,921

1, 898577

1,321348671286

286204348

12979

166

138

140154142146169

165130154132195

209215J04479145114126140137

12510010012895

10110010510911874

123113152150128166184133139146

1,998

1,983645

1,338365674272

299228352

13080

169

138

140155144148166

166131152134189

213223137472144111129146135

12410110011894

10710699

10911879

117105154148127165182132131)147

1,919

1,902511

1,391396673283

181366

13467

184

138

140155143151166

165134151135181

209205132469142113129149137

12410410211497

11310710910811683

113100153151127165182131135146

7,009

2 7951,2781, 517

235217420

1, 0522, 290

27 19

10.845 065. 78

.9480

1 624 098.90

1,959

1,948653

1, 295387611262

294231341

13590

169

139

141155144147167

163135153137184

200184134466149116137155141

12711210811410012711711610611085

110105156154

165185136140151

2,071

2,061868

1,193371543259

311307314

143127156

130

132146122133127

157130142131165

197195126469147113118149133

11711110910410012110692919673

9592

139135121158176134141121

2,436

2,4261, 0951,331

354685279

366387350

165157171

139

140153132141150

162139153131194

192166106469150123133158142

12811711811898

11410411210811579

116108155151123163182138143133

7,449

2,8991,3781,521

248215401

1,1742,512

29 65

11.975. 776.20

.9996

1 604 439.70

3,067

3, 0541, 6781,376

337707318

461593362

203240175

142

144157143150173

165142161137207

185130102484155127136158149

13012212512999

11110210710611180

111107157150131171190136141

'144

3,644

3, 6292,0881,541

344836347

547738406

242297201

147

149'164

149154171

173145169141223

200153106490158128138161154

13512412514310011811710911211785

117109167158135176192138143155

3,333

3, 3121,9001,412

333708359

500671372

214239196

146

148163149156173

174139164141208

215212122501160128123159152

13211511815099

11211883

121100158156135178197140148150

1 7 962

3 3771, 6991, 678

264318418

1 3072, 278

1 30 86

12. 646 236 41

971 151 664 709 74

141

143159147

171138162145194

207

162128112154149

126

133

142

r Revised. v Preliminary. ' Estimates based on anticipated capital expenditures of business; those for the 1st quarter of 1956 appear on p. 4 of the December 1955 issue of the SURVEY.9 Includes data not shown separately.JAnnual estimates beginning 1910 and monthly data beginning January 1953 for cash receipts, also monthly data beginning January 1953 for indexes of cash receipts and volume of market-

is, have been revised to take into account the latest information on production, disposition, and price. Unpublished revisions (prior to August 1954) will be shown later.


February 1056 SURVEY OF CURRENT BUSINESS S-3


1954

Decem-ber

Janu-ary F^yU~ j M*rch April May

19,

June

>5


berDecem-

ber

1956

Janu-ary


INDUSTRIAL PRODUCTION— Continued

Federal Reserve Index of Physical Volume— Con.

Unadjusted index— Continued

Minerals 1947-49 = 100 .Coal doCrude oil and natural gas doMetal mining doStone and earth minerals _ _ . do

Adjusted, combined index do

Manufactures _ _ doDurable manufactures _ _ _do.

Primary metals do

Metal fabricating (incl. ordnance) doFabricated metal products doMachinery do

Nonelectrical machinery. . _. . . doElectrical machinery do

Transportation equipment doInstruments and related products do

Furniture and fixtures . _ . . . _ doLumber and products doStone, clay, and glass products. _ _. . doMiscellaneous manufactures do

Nondurable manufactures doFood and beverage manufactures doTobacco manufactures - ._ doTextile-mill products doApparel and allied products _ __ _ _ _doLeather arid products _ . _ _ . - . do -

Paper and allied products doPrinting a n d publishing _ _ _ _ _ _ d oChemicals and allied products doPetroleum and coal products ... doRubber products do

Minerals - - - doCoal do -Crude oil and natural gas .. ._ _ .. do. --Metal mining doStone and earth minerals _ _ do -

CONSUMER DURABLES OUTPUT

Unadjusted total output 1947-49=100

Major consumer durables doAutos doM'alor household goods do

Furniture and floor coverings doAppliances and heaters doRadio and television sets ~-^ do

Other consumer durables do ..

Adjusted total output do

Major consumer durables doAutos - _ doMajor household goods do

Furniture and floor coverings ._ ... . doAppliances and heaters _ - - - doRadio and television sets -do

Other consumer durables do

BUSINESS SALES AND INVENTORIES §

Manufacturing and trade sales (adj.), total. _bil. of dol..

Manufacturine;, total - _ _ - _ .. do -Durable-goods industries - do

Wholesale trade total doDurable-goods establishments doNondurable-goods establishments do

Retail trade, total . . . - ~ - . do _ .Durable-goods stores doNondurable-goods stores _ - do _

Manufacturing and trade inventories, book value, endof month (adjusted), total _ bil. of doL

Manufacturing, total - -doDurable-goods industries doNondurable-goods industries do

Wholesale trade, total doDurable-ôods establishments doNondurable-goods establishments do

Retail trade, total doDurable-goods stores _ _ . _ do . _ _Nondurable-goods stores. .... . . do ...

11475

13876

122

130

131.143121

r 155125145

r 121193

' 189140108131135131

119' 107

101r 102

107100

13(5121155129133

IK;73

138103127

132

14917413010910825894

r 131

-"146'167T 130

105' 117

24290

48.7

24. L11,612 5

9 53.06.5

15.15.39.8

76.9

43.324 019.2

11.55 75.8

22.110.112.0

11777

14279

115

132

133145127

T 157125145124187

r 197140109129136132

121107107

r 102r 110

105

140123155131143

12074

142110126

142

163195137108124260

95

r 139

r 157r 188

133107

r 12622598

48.7

24.311.812 4

9 53. 16.4

14.95. 19 7

76. 9

43.224 019.2

11.55 75. 8

22.210.212.1

11979

14485

113

133

134147131

r 158126146125

r 189

r 199142109127138133

121106106103106104

143123158134138

12379

144114124

151

174210146111138272

97

r j d l

r 159r 191r 134

107r 130

22699

48.9

24.612.012 6

9 53. I6.4

14.85.29.6

77. 3

43.324 019.2

11.75 7n' 9

22 410.312.0

11871

14586

122

135

136148136

»• 160129

r 147

126r 190

T 200143112127143136

124r 107

107104

r 111105

147125161134140

12172

145113132

155

179215151114151260

99

r 142

r 161* 192r 136

109«• 133

222100

50. 7

26.012.913 1

9 73.26.5

15. 15.59.6

77.5

43.324 119.2

11.65 75' 9

22 610.512.1 !

11972

143101128

136

138151138

r 162130

r 151131

r 191

T 202143113127146136

126r 109

103r 1077 112

105

151125163136144

11972

143100129

156

180223145111150228

99

144

163r 192r 140

130* 140

226100

50.9

26.012 813 2

9 63.26.4

15.35 59.7

77 7

43 324 219.1

11.75 75.9

22 810.512.2

12277

139131133

138

140153140

T 163134

r 153134

r 189

r 202142117128149142

127T 108

109r 106r 114

105

156126168134147

12181

139111129

147

167205136109145189102

H5

T 163r 190T 141

113r 142

222103

51.7

26.613 313 3

9 73.36.4

15. 45 59.9

78 3

43 524 319.2

11.85 86 0

23 010 812.3

12174

139141134

139

141155143

»• 164135155136

r 192

r 198149121133153145

128r 109

109r 107r 114

107

156128170136149

12286

139117129

144

160184141113152192106

r 144

r 160r 173r 151

117r 145

269106

52.3

27 113 513 6

9 73.36,5

15 45 69.8

78 8

43 824 519.3

11.85 Q5 9

23 210 812.4

11977

139104135

139

141155134

T 166135158138197

r 202151122125152143

126r 108

101106

r 112106

155128170134137

12087

13988

130

137

152195115105116143103

r 150

r 169r 188r 155

117' 146

290106

51.9

26.713.513 2

9 63.36.3

15. 55.79.8

79 2

43 924 619.4

11.96 05" 9

23 410.812.5

12482

141126139

140

142158139

r 168137

r 159140

r 196

T 203153124127155145

125r 108

100T 107r 112

10?

153128168135138

12182

141105130

139

152166141117127254110

152

T 171T 193

155121143294107

52.8

27.213 713 5

9 93.46.4

15.75 89.9

79 6

44 324 819.5

11.96 05 9

23 310 812.5

12683

142141141

142

144160146

r 170141

r 161141

T 199

205155125127155145

T 128T 108

100107

M16104

157130173135

r!42

r 12380

r 141119133

136

145130159124151289115

T 153

172r 195r 156

123r 147

279111

53.1

27 213 713 5

10 03.46.6

15 85 8

10 0

80 0

44 725 219.5

12.06 15 9

23 210 712.5

rl2788

143136139

143

145r!61148

173149164143205

208156124130153145

r!29111100109116105

158131171137147

r!2380

143ri20131

146

r!57153

T 162127145315

r120

152

T 168r 194r 148T 121

137259

r H4

52.5

r 26 613 313 4

10 13.46.7

15 85 8

10 0

r go 9

r 45 4T 25 7

19.7

12.26 26 0

23 310 712.6

12687

144117135

144

146161149

172139162143198

159123123157145

130112

110121102

157130173139147

12580

144127133

159

178212150124132279117

r 151

r 167r 196r 143

121134235114

r 53. 2

27.313 713 6

r 1Q ]

3.4r 6. 6

15 85 7

10 1

r 81 6

r 45 7r 26 1T 19.6

12.36 36 0

r 93 6

11 0r!2.6

12591

147

144

145160151

170139160142196

207161193

124155146

130112

131

142

12787

147

147

162193137

111

147

161187141

114

53.2

27 313 713 6

10 13.46.7

15 85 7

10 1

82 1

45 926 319. 6

12. 36 45 9

23 911 212. 7

rRevised.§The term "business" here includes only manufacturing and trade. Business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjusted

data for manufacturing are shown on p. S-4; those for retail and wholesale trade on pp. S-9, S-10, and S-ll.


S-4 SUEVEY OF CURRENT BUSINESS February 1956


1954

Decem-ber

1955

Janu-ary

Febru-ary March April May June July August Septem-

ber October Novem- Decem-ber ber

1956

Janu-ary


MANUFACTURERS' SALES, INVENTORIES,AND ORDERS

lies value (unadjusted), total mil of dolDurable-goods industries, total do

Primary metal - - - . . _do...Fabricated metal doMachinery (including electrical) do.Transportation equipment (including motor

vehicles") mil. of dolLumber and furniture doStone clay and glass doOther durable-goods industries do

Nondurable-goods industries total doFood and beverage doTobacco -- - - doTextile _ _ - - --do ...Paper doChemical doPetroleum arid coal doRubber - -- -do _ .Other nondurable-goods industries do

lies value (adjusted), total doDurable-goods industries, total do

Primary metal doFabricated metal doMachinery (including electrical) doTransportation equipment (including motor

vehicles) mil. of dolLumber and furniture doStone clav and glass doOther durable-goods industries do

Nondurable-goods industries, total doFood and beverage doTobacco ôTextile - --- -- d o _ _ .Paper -- -- - - - .-.do.. .Chemical - doPetroleum and coal doRubber doOther nondurable-goods industries do

nventories, end of month:Book value (unadjusted), total do

Durable-goods industries, total doPrimary metal doFabricated metal- - ... ... ...doMachinery (including electrical) doTransportation equipment (including motor

vehicles) mil. of dolLumber and furniture doStone clav, and glass _ . . do ._Other durable-goods industries do

By stages of fabrication:Purchased materials bil, of dolGoods in process doFinished goods _ _ d o

Nondurable-goods industries, total mil. of dol.Food and beverage doTobacco doTextile - do ._Paper doChemical doPetroleum and coal doRubber -- .-do-..Other nondurable-goods industries do

By stages of fabrication:Purchased materials _ __bi l . of dol_.Goods in process - doFinished goods _. do

Qventories, end of month:Book value (adjusted), totnL.. . mil. of dol._

Durable-goods industries, total doPrimary metal - do.. ._

Machinery (inc1udincr electrical) doTransportation equipment (including motor

vehicle^) mil of dolI umber and furniture doStone clay and Înss doOther durable-goods industries do

By stages of fabrication:Purchased materials bil of dolGoods in process doFinished ôods do

Nondurable-goods industries f~otal mil of dolFood and beverage doTobacco doTextile doPaper - do ...Chemical doPetroleum and coal doRubber do

By stages of fabrication:Purchased materials bil of dolGrOods in Drocess doFinished ffoods _ _ do _.

24, 16411, 7371,7931, 0433,287

3,213955530916

12, 4273, 975

3171,077

7121,6212, 470

4001, 855

24, 09711,5701,7191,0983,147

3, 061985596964

12, 5273,991

2991, 046

7421,7642,287

4171,981

43,51124, 047

3, 3452, 3917,820

5,8251,690

8602,116

6.59.77.8

19, 4644,7301,9192, 3271,0143. 0822, 669

8212,902

8.12.78.7

43, 26524, 0233, 2352 4407, 881

5, 7801.690

8602,137

6.39.87.9

19 2424 5321, 8452, 3991, 0043,0132,643

8212 9S5

7.82.88.6

23 69911,4001,8731 0782.920

3, 166944498921

12 2993 908

2771,047

7561 7762, 339

4371. 759

24, 28711, 850

1, 8291, 1233,075

3 2211 026

586990

12, 4373,993

2981.068

7411,7402 293

4241,880

43, 50324, 0533,2802, 4177,822

5, 8311,719

8822,102

6.49.87.9

19,4504,6971,9632,3301,0283, 049?, 581

8062,996

7.92.88.7

43, 19623, 9843,2392 4177,804

5 8381,719

8652,102

6.49.77.9

19 2124 5581, 8522, 3541, 0283,0202,634

7902 976

7.82.88.6

23 97111 7961, 8981 0903, 134

3, 2391 009

505921

12 1753 799

2681,004

7311 7372 238

4181.980

24, 64912, 029

1, 9501 1473 130

3, 1971 051

574980

12, 6204,029

2981, 035

7541,7872.307

4401,970

43, 47724, 121

3,2292,4207,844

5, 8631,742

9072,116

6.39.88.0

19,3564, 5431 , 9842, 3801,0553, 0452,590

8063, 003

7.92.98.6

43, 25624, 0283, 2622 4207, 794

5,8611,724

8722,095

6.39.87.9

19 2284,4991,8422,3801,0343,0192,670

7823 002

7.72.88.7

27 55013 8992,2251 2913,628

3, 8521 176

6511 076

13 6514 117

3091, 151

8472 0252,388

4752,339

25, 97612, 8602,0871 2533,318

3,4861 069

6321,015

13, 1164, 1 13

3031,096

8071,9022,341

4662,088

43, 48324, 2683, 1662, 4867,898

5,9401,731

9142, 133

6.210.08.1

19,2154, 3911,9012, 3961,0573, 0222,587

8213,040

7.82.98.5

43, 33224, 1123, 2882 4617, 788

5, 8831,714

8872,091

6.39.97.9

19, 2204,4421, 8462. 3961,0362,9822,667

8053 046

7.72.88.7

26 29613 3002 1781 2783,326

3, 8051 100

643970

12 9964' 045

3001.072

8032 0062, 238

4592, 073

26, 02512, 8052, 1331, 2783, 193

3, 5461 048

637970

13, 2204, 246

3261,117

7871,9122,284

4452,103

43, 34424, 352

3, 1262, 5467, 955

5, 9221,736

9152,152

6.210.08.2

18,9924, 2281 , 8572, 4041,0442, 9672,605

8243,063

7.72.98.4

43, 26424, 1593, 2662 4967,816

5,8641,719

8882,110

6.59.97.8

19, 1054.4001,8392, 3801,0342.9432, 658

7843 067

2.88.6

26 32513 3902,2411 2593,382

3 7321 136

672968

12 9354 176

3431,043

8241 9792,229

4601, 881

26, 65113, 3222,2131 3253, 410

3, 6091 125

652988

13, 3294,189

3361,172

8411, 9612,346

4652,019

43, 64924, 5393, 1342,6018,029

5,9251,752

9152,183

6.310.08.3

19,1104, 1451,8052,4441,0382,9932,670

8423.173

7.62.98.5

43, 54924, 3043,2362 5017,919

5, 8761, 735

8972,140

6.510.07.9

19, 2454, 3911,8422, 3961,0382, 9952,670

8103, 103

7.82.98.5

27 39413 974

2, 3491 3973 682

3 5291 244

7161 057

13 4204 377

3431,148

8441 9552 338

4881,927

27, 11113, 5272, 3151 3833, 547

3,3291 208

6881, 057

13, 5844,329

3181,148

8441,9852,386

4652,109

43, 97624, 7553, 1162,7168,078

5, 9981,747

9062,194

6.510.18.2

19, 2214,1081,7642,4501,0343, 0532,686

8753,251

7.62.98.7

43, 77924. 4573,1882 5877, 905

5,9611,747

8972.172

6.610.07.9

19, 3224, 3441,8572,4261, 0343,0242, 713

8503, 074

7.82.98.6

24 64412' 114

1 , 8751 2943 036

3 3421 034'631902

12 5304' 148

316952776

1 7532 276

4531 856

26, 73113, 5032.1381 4073 475

3, 6151 198

6571,013

13, 2284,223

3161,133

8341,8442,299

4712.108

43, 85524, 5743, 2012, 6568,009

5, 8651,773

9062, 164

6.610.07.9

19, 2814,2211,7222,4221,0523, 0512,753

8273,233

7.62.98.7

43, 93824, 5633,1972 6048,010

5,9051,755

9062,186

6.610.17.8

19, 3754,3581,8322,3981,0633, 0392,753

8533 079

7.82.98.6

27 41113' 4942 2231 5853 332

3 1421 344

7441 124

13 9174 392

3601,187

8831 9842 382

4702 259

27 22913, 7452 2851 5103 484

3 4131 280

6821,091

13, 4844 291

3301.109

8742 0012 3«2

4562 041

43, 94524, 6183,2812, 5947,983

5, 9531.759

8962,152

6.810.07.8

19, 3274,3481,7192,4101, 0463,0472,783

8113,163

7.63.08.7

44, 31524, 7683,2592 6208,069

5,9901,742

9142,174

6.710.18.0

19, 5474,3741,8292,4341,0783, 1122, 755

8633,102

7.93.08.6

27 596 j

13 502 12, 3531 5363.535

2 9561 285

7301 107

14 0944 419

3381, 244

8792 0582 346

4512 359

27, 22413, 6922 3941 4363 474

3 4381 236

6701,044

13, 5324 249

3191,131

8702,0102 346

4562 151

44, 26624 9013, 3792. 6747,996

6, 0661, 777

8872,122

7.010.27.7

19, 3654,4751,7282,3731,0163, 0632,815

8303,065

7. 73.08.6

44, 70325, 1823, 3052 7578,110

6, 1361,795

9142,165

6.910.28.0

19, 5214,3921,7632,3971, 0263,1882,787

8743,094

7.93.08.6

r 27 830 i'• 13, 656

2, 3691,5483,577

T 3, 0871 188

7381 149

14 1744 352

3201, 246

9212 0402, 362

4832,450

r 26, 637r 13, 261

2,3241 3823 472

T 3 2521 131' 665

1,035

13, 3764. 104

3271,112

8771,9392,339

4472,231

r 44, 959r 25, 377

3,5122, 6178, 093

r 6, 3461,806

9002,103

7.1r 10. 5

7.8

19, 5824, 6561,7772,3491,0283,1012,880

8482, 943

'7.93.0

'8.7

r 45, 356' 25, 659

3,4262, 7268,240

r 6, 3311,843

9472.146

'7.0r 10.5

8.2

19, 6974,4971,7592,3971,0493,1902,824

9023,079

8.03.08.7

r 27, 292 ir 13, 723

r 2, 390r 1,381' 3, 473 ;

r 3, 633r 1, 133

'6681 045

r 13 569r 4, 084

'334'1,221

'886r 1,919r 2, 454

443r 2 228

r 27, 343' 13,721' 2, 393r 1,395r 3, 553

' 3, 576r I 144

' 6551,005

' 13, 622' 4, 047

'327' 1,197

'886'2,014' 2, 479

482r 2, 190

' 45, 317' 25, 670' 3, 600' 2, 649' 8, 232

' 6, 388' 1, 806

' 901' 2, 094

7 110 6'8.0

' 19, 6474, 6611 7972,3771,0313 1422 823

888' 2 928

8.2' 2 9

8.5

' 45, 669' 26, 050' 3, 491' 2 759' 8. 397

' 6, 475'1,843

' 948' 2, 137

'6 .9' 10.8'8.3

' 19,6194, 4501,7792,4261,0413,1572,768

935' 3, 063

8.13.1

'8.4

26, 95213, 682

2, 4541.3283,747

3, 4571, 060

6161,020

13, 2704. 010

3231, 094

8361,7982,724

2.022

27. 28813. 659

2, 3621, 3983.618

3.3901,140

6771.074

13, 6294. 092

3331, 105

8711,9572.522

2,267

46. 05826, 2003, 6312, 6528.373

6 6101, 837

9832.114

7.210.98.1

19, 8584, 6231, 8372, 4501. 0583,2942, 668

2,984

8.52.98.5

45. 85926, 280

3, 5212 7348,455

6.5891,819

9832,179

7.011.08.3

19, 5794, 4201, 7662, 5001,0483,2142,641

3,0551 8.2

3.08.4

.

'Revised.




1954

Decem-ber

1955

Janu-ary


ber October Novem-ber

Decem-ber

1956

Janu-ary


MANUFACTURERS' SALES, INVENTORIES,AND ORDERS— Continued

New orders, not (unadjusted), total mil. of dol.Durable-goods industries, total _ _ do

Primary metal doFabricated metal _ _ doMachinery (including electrical) doTransportation equipment (including motor ve-

hicles) mil. of dol_-Other durable-goods industries do

Nondurable-goods industries, total _ _ do _ _ _Industries with unfilled orders 9 doIndustries without unfilled orders'! _ _ do

New orders, net (adjusted), total ... do _ _Durable-goods industries, total. _ _ _ _ _ -do _ _

Primary metal _ doFabricated metal. _ - _ _ _ _ _ d o ._Machinery (including electrical) - doTransportation equipment (including motor ve-

hicles) mil. of dolOther durable-goods industries _ . - _ . -do _ _

Nondurable-goods industries, total- do ___Industries with unfilled orders? doIndustries without unfilled orders! . __ . do

Unfilled orders, end of month (unadj.), total doDurable-poods industries, total do

Primary metal doFabricated metal doMachinery (including electrical) .._ ._ doTransportation equipment (including motor ve-

hicles) mil of dolOther industries, including ordnance do. _ _

Nondurable-goods industries, total 9 ..do .

BUSINESS INCORPORATIONS^1

New incorporations (48 States) . number

INDUSTRIAL AND COMMERCIAL FAILUREScf

Failures, total number

Commercial service doConstruction doManufacturing and mining doRetail trade - doWholesale trade do

Liabilities (current), total thous. of dol

Commercial service doConstruction ___ doManufacturing and mining ... do _Retail trade _ doWholesale trade _ _ _ d o _

24, 30911, 7882 1511, 1593 029

3,1732,276

12, 5212 9019, 620

24, 76011, 9632,0681,2882,933

3,1732,501

12, 7973,1199,678

46, 52943, 7903, 7603,184

13, 36319, 505

3,978

2,739

11, 981

917

7213020441398

40, 103

1,8575,926

17, 5268,5096,285

24, 32411, 940

2 2221,1352 983

3,0152,585

12, 3842 8939,491

24, 64112, 1422, 1361,1352,936

3,3502,585

12, 4992,9229,577

47, 17444, 3504 1093,241

13, 44619, 354

4,200

2,824

13, 181

939

8787

195456114

37, 872

3, 1549,044

11, 6369,6474,391

24, 26812, 0232 3971,0643 191

2,8712, 500

12, 2452 8709,375

24, 84512,1702 4461,1203 233

2,8712,500

12, 6752 8999,776

47, 47144, 5774 6083,215

13, 50318, 986

4, 265

2,894

11, 369

877

60113188412104

42 056

2, 2447,624

18, 9228,9284,338

28, 31014, 5962 8961, 4633 656

3,6582,923

13, 7143 253

10, 461

26, 48213, 3532, 5861,3063,404

3, 3252,732

13, 1293,040

10. 089

48, 23145, 2745 2793,387

13, 53118, 792

4, 285

2,957

13,417

1,038

66108225520119

41, 209

2,9164,468

16, 92111,9724,932

26, 04313, 1322 5041,2183 345

3,3372,728

12,9112 888

10, 023

26, 11612, 879

2, 3851,1943 179

3,3372,784

13, 2373,008

10, 229

47, 97845, 1065 6053,327

13, 55018, 324

4,300

2,872

11, 756

903

6610615448493

35, 968

2,2296,450

12, 65310, 7653,871'

26, 70813, 7132, 5131,2983 321

3, 7682,813

12, 9952 957

10, 038

27, 72014, 331

2, 5381,3663, 531

3, 9662,930

13, 3893, 146

10, 243

48, 36145, 4295 8773,366

13, 48918, 360

4, 337

2,932

12, 029

955

8012116849987

34, 714

1,9984,885

14, 09310, 8742,864

28, 31414, 5712 3281,6403 929

3,5483,126

13, 7433 403

10 340

27, 79514, 0332 4771,5623 734

3 2253,035

13, 7623 336

10, 426

49, 32146, 0665 8563 609

13, 73618, 419

4,446

3,255

12, 605

914

75114200446

79

36 667

5 2594,702

13, 8889 5643,254

26, 10013, 3472 3161, 4453 639

3, 2342 713

12 7533 0109 743

27 04413 5712 3391 4453 656

3 3342 797

13 4733 382

10 091

50, 77747 299fi' 2973 760

14 33918,311

4 592

3 478

10, 893

861

6810217942389

32 543

1 5026 289

11, 8658 6054 282'

28, 44314, 5802 5591, 6863 698

3,1913 446

13, 8633 159

10 704

28, 71815, 1452 6111, 6063 833

3 8443, 251

13, 5733 191

10 382

51, 80948 3856 6333 861

14 70518, 360

4 826

3 424

10, 983

888

59134158430107

36 O9^

1 9879 663

10 10210 0244 252

28, 74414, 7662 4061,6174 029

3,7332 981

13 9783 195

10 783

28 30114, 9362 5321,5254 165

3 7332,981

13, 3652 958

10 407

52, 95749 6496 6863 942

15 19919, 137

4, 685

3,308

11,024

822

7511416836699

33 120

2 6664' 256

10 7988 2531 147

'28, 21 3T 14, 061

2 3021 5403 882

r 3, 4342 903

14 1523' 309

10 843

r 27 466' 14 094

2 3731 5403 929

r 3 4342 818

13 3723 036

10 336

53, 34050 0546 6193 934

15 50419 484

4 513

3 °86

10 698

919

8113618043785

34 777

3 6558 713

lo' 4079 5862 416

r 27, 726r 14, 026

r 2 613*• 1 412T 3 582

^ 3 726T 2 593

r 13 700r 3 296

r 10 4Q4

r 98 315T 14 680

T o 751r I 5f,qr 4 006

r 3 553r 2 701

r 13, 635T 3 139

T 10 496

r 53, 774r 50 357

r (•) 842r 3 955

r 15 713r 19, 577

T 4 260

r 3 417

10, 157

945

7013319646284

42 783

1 2399 744

14 1061° 626

5 068

28, 70215 4902 6981 5604 261

4 5012 470

13 2122 900

10 312

29 30015 5982 5941 6834 106

4 5012 714

13, 7023 118

10 584

55, 52452 1657 0864 197

16 22720, 621

4, 034

3,359

11, 527

908

73136191404104

41 643

1 1067 341

11 55410 77510 867

COMMODITY PRICES

PRICES RECEIVED AND PAID BY FARMERS

Prices received, all farm products. - _ 1910-14—100

Crops. _ _ . _ - - _ - _ doCommercial vegetables, fresh market. doCotton _ _ _ _ _ _ d oFeed grains and hay doFood grains do

Fruit doOil-bearing crops doPotatoes! doTobacco do

Livestock and products doDairy products doMeat animals doPoultry and eggs. __ _ . _ _ doWool do

Prices paid:All commodities and services.-, _ do

Familv living items. _ _ _ _ _ _ _ _ _ d oProduction items do

All commodities and services, interest, taxes, andwage rates-. 1910-14—100

Parity ratio0 do. .

239

243221276202939

218279182430

236264253155284

261272250

279

86

243

247257275204241

216274192425

240258263163284

264273

r 253

283

Sfi

244

244258268203240

203270198436

245255264190285

264271256

283

86

243

243262269198939

204264200437

243248260199281

265273256

284

86

247

252270270197236

216261297437

242241269185274

265274254

284

87

244

255308955200940

209259305436

234236260175953

263274251

282

87

243

244230266196232

239256213435

242235276176251

263274250

°82

86

237

2389932711902^2

235257170435

237949261178247

262274°48

281

84

233

298211277178214

213245141437

237249951191240

260273247

279

84

235

229230285174217

210225129497

240257250209226

259272246

279

84

230

224

278167220

188227130143

236264240195222

261274246

280

82

225

2242312741642°0

193228143438

225^67216195219

259273244

279

81

223

227°31264170°21

207239144455

2199«fC

201°04920

259T 273

243

r 278

80

226

93 1244259171220

225235161452

2219 fin2072Q5222

259272246

281

80r Revised.9 Includes textiles, leather, paper, and printing and publishing industries; unfilled orders for other nondurable-goods industries are zero.*t For these industries (food, beverages, tobacco, apparel, petroleum, chemicals, and rubber), sales are considered equal to new orders.cf Data are from Dun and Bradstreet, Inc.§ Includes sweetpotatoes and dry edible beans.© Ratio of prices received to prices paid (including interest, taxes, and wage rates).


S-6 SURVEY OF CURRENT BUSINESS February 1956


1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

COMMODITY PRICES—Continued

RETAIL PRICESAll commodities (U. S. Department of Commerce

index) 1935-39—100Consumer price index (U. S. Department of Labor):

All items 1947-49=100Apparel - _ _ . _ _ - _ _ do .Pood 9 do

Dairy products _ _ _ -_ ._ doFruits and vegetables doMeats, poultry, and fish do

Housing 9 doGas and electricity doHousefurnishings - doRent do

Medical care doPersonal care _ _ _ doReading and recreation doTransportation doOther goods and services do

WHOLESALE PRICEScfU. S. Department of Labor indexes:

All commodities 1947-49 = 100Farm products 9 do

Fruits and vegetables, fresh and dried doGrains - - do _Livestock and live poultrv do

Foods, processed 9 doCereal and bakery products doDairv products and ice cream doFruits and vegetables, canned and frozen.. doMêats poultrv and fish do

Commodities other than farm products andfoods 1947-49 = 100--Chemicals and allied products 9 do

Chemicals, industrial ..- _ . - _ ...do. _ _Drugs and Pharmaceuticals § do

Fertilizer materials _ _ _ _ _ _ _ - _do --Prepaêd paint do

Fuel, power, and lighting materials 9 , _ do -Coal doElectricity - - doGas - _ _ .- --do - - _Petroleum and products do

Furniture, other household durables 9 doAppliances, household doFurniture, household doRadio receivers and phonographs _ .--doTelevision receivers do

Hides, skins, and leather products 9 do. -.Footwear doHides and skins _ _ _ . _ . _ do-..Leather do

Lumber and wood products _ _ . - _ do _Lumber - _ - _ _ _ _ _ do _ -

Machinery and motive products 9 - doAgricultural machinery and equip doConstruction machinery and equip doElectrical machinery and equipment doMotor vehicles _ . _ _ . d o - _

Metals and metal products 9 doHeating equipment doIron and steel - _ _ _ doNonferrous metals - do

Nonmetallic minerals, structural 9 doClay products doConcrete products doGypsum products do

Pulp, paper, a n d allied products _ _ _ _ _ _ d o _ .Paper do

Rubber and products doTires and tubes _ ~ _ _ _ _ do

Textile products and apparel 9 _ _ _ doApparel doCotton products doSilk products doSynthetic textiles doWool products - _ do

Tobacco mfs. and bottled beverages 9 - _ do -Beverages, alcoholic doCigarettes _ _ ._ _ _ do

Miscellaneous doToys, sporting goods do

PURCHASING POWER OF THE DOLLARAs measured by-

Wholesale prices 1947-49=100Consumer prices doRetail food prices do

207. 6

114.3

104. 3110.4106. 8108 4102. 2

1~!9 7109 1105.4129 4

120. 3113. (5106.6127 3119.9

109. 5

89.990.992, 574.0

103.5116.8108 2106. 085 2

114.9

107.0117.493. 659. 3

113.3112 8

107. 5105. 2100. 7110.2110. 4

115.7109. 4112. 995.469.2

91. 8111. 647.481. 5

120. 0119.8

125. 7121.2132. 612fi. 8121. 7

129. 8114.3135. 0127. 6

121.8135. 4117. 4122. 1

115. 9126. 9

132. 0134.9

95.298.489 9

123.987.2

106.7

121.4114.3124.0

98.0112.9

91.387.590.6

207.3

114.3

103.3110. 6106. 4110.6102. 4

119 6109 4104. 6129. 5

126. 5113. 7106.9127 6119.9

110.1

92 5105. 293.579.4

103.8116.9107.0104. 687. 6

115.2

107. 1117.393. 661.8

113.6112.8

108. 5105. 2100. 7113.0111.7

115.5108. 7112.595. 469. 0

91.9111. 649. 581.2

120. 3120. 0

125. 8121. 5133. 2126. 8121. 7

130. 1113. 9135. 8127.9

122.0135. 8116. 7122. 1

116.3127. 5

136. 8139, 9

95. 298.290.2

124.187.3

106. 6

121.4114.3124.0

97.0113.2

90.887.590.4

207.5

114.3

103. 4110.8106. 1110.7102. 5

119.6109. 9104. 8129. 7

126. 8113.5106. 4127 4119.8

110.4

93. 1103. 893. 180.7

103. 2116.3107. 2104.486.9

115.7

107. 1117.493. 361 . 0

113.5113.1

108.7105. 2100. 1116.3111.7

115.4108. 5112. 694. 768.8

92, 3111.551.682.2

121.2121.4

126. 1121. 6133. 8126.7121. 5

131. 5113. 7135. 8133. 7

121.8136. 1117,0122.1

116.61 28. 0

140. 6142,4

95.298.290. 6

122.486, 7

106, 3

121.6114.6124.0

97.1113. 1

90. 687.590.3

207.5 1

114.3

103. 2110.8105. 4112,0102. 3

119.6110.3104. 6130. 0

127.0113.5106. 61?7 ?,119.8

110.0

92.1104. 492. 279.9

101.6116.5107.2104.883.3

115.6

106. 8117.593. 155, 4

J 13. 6114.0

108. 5105.199.5

116.6111.7

115. 1107. 2112.794. 768.8

92.2111. 550. 782.1

121.4121.8

126. 1121. 5133.8126. 4121. 5

131. 9113.6136. 2134. 3

121. 9136. 5118. 2122, 1

116.8128.0

138.0.142. 3

95.398.390.8

121.187.5

106. 1

121.6114.7124. 0

95. 6113.2

90. 9i 87.5: 90.3

1

207. 9

114.2

103. 1111.2104. 6117.5103. 0

119.5110.3104. 5129.9

127. 3113.7106. 6125 3119.8

110.5

94.2120.991.084.0

102. 5116. 8106. 9104. 786.0

115.7

107. 1118.093.255 2

113. 5114.8

107.4102.397.8

113. 1111.5

115. 1107. 3112.894. 768.8

93.2111. 556. 983.6

122.4122.9

126. 3121. 5134,1126. 4121. 9

132. 9113. 6136. 4138. 3

122.3136. 8118.2122.1

117.4128.0

138. 3142. 3

95.098.090.4

122.887,2

106. 0

121.6114.7124.0

94.0113.2

1 90.5! 87. 6

89.9

207.7

114. 2

103.3111.1104. 0120.2102. 1

119.4110.9103. 7130. 3

127. 5113.9106. 51 25. 5119.9

109. 9

91.2118.792.478.4

102. 1118.3104. 0104.185.7

115. 5

106. 8117.693. 253. 2

113.1314.8

107.0100.497.8

111.0111.5

115. 1106. 5113. 194.769.0

92.9111.453. 385.0

123. 5124.2

126. 7121.5134. 3126, 5122.0

132. 5113. 5135. 6137. 8

123. 2137.0118.2122.1

117.7128.9

138.0142.3

95. 098.090.3

123.286. 9

106,1

121. 6114.7124. 0

91.3113.2

91.0•• 87. 6

90.0

207.8

114.4

103. 2111.3104.1119. 5103.8

119.7110.7103.8130. 4

127.6114.7106.2125. 8119.9

110.3

91,8104. 790.383. 1

103.9117. 6104.6104. 591.4

115.6

106. 8117.893.053.8

111.0114.8

106.8100. 697.2

110.4111.5

115. 2106. 4112.994. 768.8

92.9111.455.783.8

123. 7124.7

127.1121. 5134. 7126. 5122.0

132.6113. 5135.8137.8

123.7137.3118. 3122.1

118.3129. 2

140.3142.3

95.298.690.6

124.086.6

105.5

121.6114.7124.0

89.1113. 2

90.7' 87.4i 89.8

208.6

114.7

103.2112. 1104. 7121.9103. 7

119.9110.8103.6130. 4

127.9115.5106. 3125. 4120.3

110.5

89.598.786.779.4

103.1117.6106. 0104.688.5

116.5

106. 0118.292.855. 9

I1 1.7114.8

106.4101.596.1

108.9111.6

115. 5106. 5113.194.068.9

93.7111.458.285.1

124.1125.1

127.5121. 5134.7126.7122.0

136.7113.6143. 1139.5

125. 3141. 3118. 3122.1

119.0130.7

143. 4142.3

95.398.691.0

126.886.8

105. 0

121.6114.7124.0

90.8113.1

90.587.289.2

208.1

114.5

103.4111.2105. 7111.3102.9

120.0110.8103.2130.5

128.0115. 8106.3125. 4120.4

110.9

88.199.578.675.5

101.9115. 1107. 8105. 086.3

117.5

105. 9118.192.454.6

112.1114. 8

107.2102.296.6

106.8113.0

116.0106.6114.389.268. 9

93.8111.458.985.0

125.1126.4

128.5122.4138.2127.7122.0

139. 5116.0144.9145.0

126.1142.9118.6122.1

119.7130.5

148.7147.2

95.398.691.7

128.786.7

103.9

121.7114.7124.0

89.8113.4

90.287.389.9

208. 9

114.9

104.6111.6106.5110.2103.5

120.4111.2103.6130.5

128.2116.6106. 7125. 3120.6

111.7

89.3102.181.475.5

101. 5114.4104.3106.887.5

118.5

106.0118.292.455.8

112.0114.8

108.0108.195.5

107.8114.0

116.4106.2115.289.469.3

94.0111.460.985.1

125.7127.1

130.0126.3140. 5130.6122.0

141.9117.2145.0154.2

126.4143.9119.8122.1

120.5131.0

151.7147.2

95.498.692.5

126.886.7

103.0

121.7114.7124.0

90.3113.6

89.587.089.6

' 208. 7

114.9

104. 6110.8107.5108.5100.9

120.8111.2104.4130.8

128.7117.0106. 7126.6120.6

111.6

86.892.982.471.8

100.2114.8105.0107.481.6

119.0

106.5118.992.358.2

112.3115.0

108.0108.794.3

109.3114.2

116. 9106.1115.689.569.5

95.3113.562.386.1

125.4126.8

131.4126.7142.1130.7124.7

142.4117. 3145.7153.9

126.8144.3120.2122.1

122.8131.2

147.8147.2

95.498.792.8

123.786.1

102.8

121.7114.7124.0

91.5113.8

89.687.090.3

•• 208. 2

115.0

104. 7109.8107.8109.097.1

120.9111.5104. 5130. 9

129.8117. 5106.8128.5120.6

111.2

84.1102. 679.862.2

98.8115.1105.9107.777.8

119.4

106.6119.392.357.6

112.3115. 0

108.6109.094.3

110.8115.0

117.2106. 3116.489.869.5

96.4115.460.287.7

125.0126.4

132. 5126.1142.4131.4126.5

142.9117.4146.0153.9

125.2144. 5120.2122.1

123.2131.7

150.6151.8

95.699.0

'93.2120.885.8

102.8

121.7114.7124.0

88.0114.3

89.987.091.1

208.1

1 114.7

104.7109.5107.7110.794.6

120. 8111.5103.4131. 1

130. 2117.9106.8127. 3120. 6

111.3

83.4102.882.759.3

98.2115. 2107.2107. 875.3

119.7

106. 7119.492.356. 6

112.3115. 8

108. 9109.494.3

110.8115.6

117.4106. 3116. 590.069. 5

96. 7115.461.188.4

125. 1126. 4

132.8126. 2143. 0131. 6126. 7

143 9117.4147.1155. 8

125.4144.6120.2122 1

123. 6133. 0

151. 0151.8

95.699.193.7

120.684.9

102.8

121.7114.7124.0

88.7114.9

2 89. 82 87 22 91. 3

r Revised. l Index based on 1935-39 = 100 is 191.8. 2 Indexes based on 1935-39=100 are as follows: Measured by— wholesale prices, 47.0 (December); consumer prices, 52.1 (December);retail food, 45.2 (December).

9 Includes data not shown separately, cf For actual wholesa e prices of individual commodities, see respective commodities. §Effective with the January 1955 index, cosmetics andrelated products were transferred from drugs, etc., to the "other chemicals" subgroup.




1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION ACTIVITY

New construction (unadjusted), total mil. of dol._

Privato, total doResiden tial (nonfarm) do

New dwelling units . _ __ _ . _ do - _Additions and alterations do

Nonresidential building, except farm and publicutility, total mil. of dol

Industrial . _ . _ _ _ _ _ _ _ d o _ _Commercial do

Farm construction _ _. -doPublic utility do

Public, total doNonresidential building _ _ _ d oMilitary facilities doHighway _ _ _ _ _ _ do _Other types do

New construction (seasonally adjusted), total doPrivate, total _ _ __ _ do

Residential (nonfarm) doNonresidential building, except farm and public

utility mil. of dolFarm construction do_Public utility do

Public, total doNonresidential building doHighway do

CONTRACT AWARDS

Construction contracts awarded in 37 States (F. W.Dodge Corp.):

Total projects numberTotal valuation^ _ mil. ofdoL

Public ownership doPrivate ownership ._ - _ d o _ - -

Nonresidential buildings:Projects numberFloor area thous of sq ftValuation mil. of dol

Residential buildings:Projects number. .Floor area thous. of sq. f t _ -Valuation mil of do!

Public works:Projects number. _Valuation . mil. of dol

Utilities:Projects ... _ _ _ _ numberValuation mil. of doL _

Value of contract awards (F. R. indexes):Total, unadjusted 1947-49=100

Residential, unadjusted. _ __ _do -Total, adjusted do

Residential, adjusted-. - do

Engineering construction:Contract awards (ENR)§ _ _ mil. of dol

Highway concrete pavement contract awards:d"Total thous. of sq. yd_ _

Airports doRoads doStreets and alleys do

NEW DWELLING UNITS( (7. /S. Department of Labor)

New permanent nonfarm dwelling units started:Unadjusted:

Total, privately and publicly owned- ._ thousands. .Privately owned, total ___ do

In metropolitan areas doPublicly owned do

Seasonally adjusted at annual rate:Privately owned, total _ . _ _ _ _ . ..do...

Building construction authorized, all permit-issuingplaces:

New dwelling units, total..- _ _ _ thousandsPrivately financed, total do

Units in 1-family structures doUnits in 2-family structures doUnits in multifamily structures do

Publicly financed, total _ _.do -

CONSTRUCTION COST INDEXESDepartment of Commerce composite 1947-49 =100- _Aberthaw (industrial building) 1914=100-.American Appraisal Co., The:

Average, 30 cities . 1913 = 100--Atlanta . - _ _ _do _New York doSan Francisco .. - ... do -St. Louis _do

3, 092

2 2631,2581, 150

86

55218419293

348

82935188

214176

3,4292, 3501,307

539124366

1, 079393393

62, 3941,829

6171,212

5,01751,396

701

55, 40777, 300

762

1,514273

45693

211'235* 258••275

1,373

1 8, 6912, 698

1 3, 6391 2,354

90.689.969.0

. 7

1, 478. 0

277 .476.066.32.96.81.4

122.5396

598649629545599

2,815

2 0731, 1221,030

71

54318618992

302

74234278

155167

3,4222,4001 338

554123368

1 022388342

56 2851, 504

4801, 024

4 22742 768

565

50, 69670, 031

690

979174

38376

r214r 239T 260r 286

1,295

7,1342 6002 7691 765

87.687.367.8

.3

1,416.0

76.375.967.32.16.5.3

122.7

598649629545599

2,698

2 0021, 049

96068

54818719895

297

696320

77150149

3. 4532 4381 348

582122371

1 015380339

58 4561 581

4721,109

4 28441 861

534

52, 58374, 545

744

1,234248

35555

r 227r 263r 260T 295

1 085

7,2892 1343* 6351 590

89.987.964. 92.0

1, 370. 0

78.876 867.92.56.32.1

122. 7

599649629550600

2, 989

2 1931. 1851, 085

79

558186207103333

79634982

190175

3, 4642 4641 349

604121374

1 000370337

75 5332 135

6771 458

5 79951 925

759

67, 53998, 806

9QO

1,803273

462113

264307260291

1 987

9. 5042 0213' 9883 495

113.8112.886.01.0

1,367.0

115.6114 7100. 5

4.010.1

.9

123. 0396

600650630551601

3, 283

2 3671,3191, 19(

106

563184214114357

916361

98270187

3, 5252 5251 391

624120376

1 000360336

79 1842 322

6761 646

6 13551 989

706

70, 088107, 850

1 070

2,301342

660204

290336253286

1 449

8, 4702 8552* 2793 336

132. 0130 595. 41.5

1, 350. 0

119.3118 5107. 5

3.37.8.8

123. 5

601650628553601

3, 606

2 5471, 4301,270

133

592184236131378

1 059374106375204

3. 5812 5501 419

629119374

1 025' 362352

75 8962 185

6751 510

6 10751 736

726

66, 55897, 248

1 Oil

2, 610290

621158

296332245280

1 727

8, 7601 249

3' 3054* 213

137. 6135 197.32 5

1 362 0

120. 1117 4104. 4

3.29.82.8

123.8

6026546%

601

3,881

2 7301, 5441, 380

133

633190259141396

1 151382120430219

3, 5652 5451 420

621117374

1 020363339

75 1412 255

7571 498

6 21757 218

843

65, 45995, 481

951

2, 887382

57879

294320253290

1 882

9, 292950

3 9664 376

134.8131 496. 23 4

1,371 0

115. 1113 0102.2

2.97.92.1

124. 6397

604654697556601

4, 044

2 8291,5901 430

127

668199277148407

1 215387122480226

3,5662 ,5781 435

641116373

988344338

73 1302 272

7611 511

6 71564* 544

S93

62, 79994, 491

959

2 960332

65688

281301257296

1 684

5,787944

9 2372 606

122.6121 987.7

7

1 283 0

98.297 489.42.45 5.8

125. 8

611664629568604

4,101

2 8581,5871 435

119

686205286150421

1 243380129500234

3,5682 5911 433

658115373

977335334

64 1441 895

5491 346

5 71547* 886

' 681

55, 51482, 058

835

2,447299

46879

271277259278

1 240

9,346288

5 3213 737

124.7122 389.22 4

1 310 0

108 1106 395.32.78 31 8

126.2

613664641573605

4,086

2 8441, 5611 410

119

714213303137420

1 242372133510297

3,5732 5991 422

679114372

974338327

57 6732 035' 621

1 414

c c^n

49 837709

49, 21172, 039

733

2,316368

606224

253258250256

1 786

5,798490

2 2463 062

114.9113 682.21 3

1 251 0

96 395 386.12.27 01 0

126.5399

614665642575606

3,953

2 7651, 5081 360

116

719218305112415

1 188353134485216

3, 5262 5511 374

683H9

371

975329332

61 1351 863

5511 312

4Q 1 ̂ R

692

53, 03376, 964

700

1,772277

467111

249246260252

1 526

5, 9991 0^9

2 4130 KOA

r 105. 8r 104 8

T 75.8T 1 0

r 1 221 0

89 487 778.72.16 91 7

126.7

616665642577fin?

3, 617

2 6321,4221 280

110

71722529694

388

985318115355197

3, 5182 5171 345

680111370

1 001334357

54 8561 797

5271 269

4 aop.A(\ A K Q

663

48, 34673, 638

726

1,398280

426129

244243270252

1 369

7,1711 8953' 3451 931

90.089 263.8

g

1 203 0

70 069 662.82.24 6.4

126.8

618666643578f\08

3,177

2 4101,2831 160

92

68322626983

351

767287106200174

3,4892 4861 326

669110369

1 003322367

50 5511 921

7301 190

AQ A9A

727

44, 30270, 440

71 1

1 394359

AAQ

124

244233qni

273

1 693

i 8, 909

1 ^ 99Q

75.072 252.52 g

1 187 0

127. 0401

619666643580RHQ

2,849

2 1261,078

97573

65422824983

303

72329097

165171

3,4572 4391 983

667110369

1 018330367

"

1 593

6,9201 9Q93 2872 341

74.073 052.71 0

1 183 0

622667644582f\1Q

r Revised. 1 Data include some contracts awarded in prior months but not reported. 2 Revision for October 1954 (thous.): Total, 94.0.§ Data for December 1954 and March, June, September, and December 1955 are for 5 weeks; other months, 4 weeks,cf Data for December 1954 and March, June, August, and November 1955 are for 5 weeks; other months, 4 weeks.


S-8 SURVEY OF CURRENT BUSINESS February 1!)50


1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

CONSTRUCTION AND REAL ESTATE—Continued

CONSTRUCTION COST INDEXES— Continued

Associated General Contractors (all types) .. 1913 =100.-E. H. Boeckh and Assoeiates:§

Average, 20 cities:Apartments, hotels, and office buildings:

Brick and concrete U. S. avg. 1926-29=100.-Brick and steel doBrick and wood do

Commercial and factory buildings:Brick and concrete _ _ do _ _Brick and steel doBrick and wood doFrame doSteel do .

Residences:Brick doFrame _ _ _ _ _ _ _ . _ d o - _ _

Engineering News-Record:c?Building . 1947-49 = 100.-Construction do

Bu. of Public Roads — Highway construction:Composite, standard mile 1946=100.-

CONSTRUCTION MATERIALS

Output of selected construction materials, index :fIron and steel products 1947-49—100--Lumber and wood products do

REAL ESTATE

Home mortgages insured or guaranteed by —Fed. Hous. Adm.: Face amount thous. of doLVet Adm • Face amount do

Federal Home Loan Banks, outstanding advances tomember institutions mil of dol

New mortgage loans of all savings and loan associa-tions, estimated total mil. of dol_

By purpose of loan:Home construction doHome purchase doAll other purposes do_ __

New nonfarm mortgages recorded ($20,000 and under),estimated total mil. of dol.

Nonfarm foreclosures numberFire losses thous. of dol

432

258.5253. 8257. 1

266. 2262.2255. 7256. 4245.9

257.7251. 7

135.4142.1

128.1

97.6124.9

201,289555, 699

867

853

295369189

2,2672,224

83, 881

432

258.8254.6257.7

266. 4262. 5256.2257. 4246.0

258.4252.4

135.9142.4

104.5117.7

252, 393622, 155

717

744

252326166

2,0242,305

75, 265

432

258.8254. 7257.9

266.5262.6256.3257. 7246.1

258. 6252. 6

135.9142.5

104.5116.7

226, 434566,118

688

775

265340171

1,9582,189

85, 046

432

259.0254. 9258.6

266. 7262.9256. 8258. 8246.3

259. 3253. 5

136.2142.9

127.6

130.1136.4

269, 267531, 647

702

1,026

386427212

2, 4552,595

88, 197

434

260.7256.2260.0

268. 5264. 5258. 1260.3247.4

260.7254.9

136.8144.2

133.5129. 9

243, 346514, 998

754

1,016

380430205

2,3572,447

78, 632

435

261.8257.3261.3

269.7265. 6259. 6261. 8248.3

262. 3256. 4

137.4144.8

136.2136.6

229, 813548, 510

821

1,069

395470205

2,4832,457

71, 789

439

263.8259. 5263. 1

271. 5267.3261.3263.8249.8

263. 9258.3

138.3145.7

125.5

154.2142.3

269, 487552, 928

1,017

1,157

418536204

2,6362, 861

70, 828

443

266.1262. 0264.3

274.0271.9262.3264.5257.5

264.9259.1

141.4148.4

127.6119.6

230, 031520, 545

1,061

1, 054

371494188

2,4632,209

61, 614

443

266.7262.6264.9

274.6272.4263.2264.8257.8

265.6259. 6

141.7148. 5

144.1146.0

279, 312617, 282

1,187

1,171

416553201

2,6972,254

71, 103

441

267.8263.6265.7

275.7273.3264.0265. 4258. 5

266. 3260. 3

141.4148.8

129. 4

149.5139.7

274, 376589, 859

1,275

1,012

342503167

2,5222,294

65, 970

444

268.5264.4266.2

276.3273.8264.6266.4259.0

266.8260.8

141.8148.6

r 145. 0135.3

273, 493717, 334

1,344

880

303426152

2,387

58, 778

446

269.1265.1266.7

276.8274.4265.2266.9259.4

267.4261.3

141.6148.6

134.9124.6

275, 334755, 018

1, 364

782

261385137

2,316

68, 784

446

270.1266.1267 3

278.1275.3265.7267 3260.8

268.0261.9

142.1149.3

131.1

261, 480620, 173

1,417

746

253351142

2,188

89, 212

452

142.9150.2

DOMESTIC TRADE

ADVERTISING

Printers' Ink advertising index, adjusted:Combined index 1947-49 = 100

Business papers doIVTagazines doNewspapers doOutdoor doRadio (network) doTelevision (network) 1950-52=100

Tide advertising index, unadjusted 1947-49 = 100..

Radio advertising:Cost of facilities total thous of dol

Automotive incl accessories doDrugs and toiletries doFoods soft drinks confectionery doSoaps cleansers etc doSmoking materials doAll other do

Television advertising:Cost of facilities total do

Automotive, including accessories doDru°'s and toiletries doFoods, soft drinks, confectionery doSoaps cleansers etc doSmoking materials doAll other do ..

Magazine advertising:Cost total do

Apparel and accessories,--- doAutomotive, incl accessories doBuilding materials doDrugs and toiletries doFoods, soft drinks, confectionery _ _ . . _ do -Beer wine liquors do

Household equipment and supplios doHousehold furnishings doIndustrial materials doSoaps cleansers etc doSmoking materials doAll other do

Linage, total thous. of lines..r Revised. 1 Data are no longer available. ° R

174a 161

141« 160

162«53

°304

149.6

11,187857

2, 4Q22,4811,2541,0233,081

33, 5603,3887, 3577, 4533, 2963,9298,139

45. 0773, 3403,714

8594, 3616,4724, 568

2,8071,5103,036

2941,492

12, 622

3,283

evisions fcT1 S 1

18216513718214460

294

140.9

10, 786822

2,5742,3531,064

9573,014

33, 4463,5067,7277,7353,4533,3887, 636

34, 6481,8564,1771,3943,2895,2341, 507

9131, 2912,313

5061,055

11,113

3,771

r Novem

18116414018213261

304

158.6

10,215834

2,3412,3431,023

8832,790

31,2793,2396, 8357, 3393, 3333,2627,271

47, 4793,0254,5232,3034,7807, 3902,220

1, 9131, 7263,0891,0731,350

14, 088

4,348

ber 1954: ]

182167141186152

57300

191.0

11,239875

2,6442,5321,168

9653,056

34, 5743,7257,6577,9913,7283,6017,873

56, 9664,8525,3083,4474,9957,9162,472

2,9582, 6573,675

9711, 486

16, 229

4,794

Business r

17916814517814954

301

195.3

9,924775

2,3422,1421,046

9282,690

32, 7023,3877,4407,3743,5923,3487,562

67, 1335, 2677,1124,1795,7387,6253,108

4, 9993,5614,567

7911,362

18, 822

4,927

)apers, 16"

186165148188156

54311

202.8

10, 106845

2,3302,2311,095

9312,674

33, 4503,7737,5657,1823,7623,7147,456

66, 6115,4926,6213, 9065,8677,3523,225

5,1313,8424, 9831,0981,622

17, 472

4,5487; newspa]

191172145201146

56324

191.5

9,434928

2,1292, 1251,014

8212,416

31, 7243,5117,7717,1853,5313,4686,258

53, 0832, 993

' 5,8153,1535,4007,0262,720

4,0121,8604,208

6951,458

13, 742

3,402

Ders, 172; i

191164143190151

58371

150.6

8,273829

1, 6361, 750

712783

2, 563

29, 9973,6708,7626, 0693, 4163,3544,725

37, 329918

4,5401,6904,2216, 3882,084

1,748715

3,200492

1,27210, 063

3,395

•adio (net

19617915020314255

343

156.6

0)

30, 3453,3588, 0615,9473,8493, 2035,328

40, 8364,1973,7621,6993,7446,1391,888

1,6701,4963, 451

5401,369

10, 881

4,205

work), 61

193184150191171

50338

191.5

33, 0453, 6208,0436,9224,1343, 4996,826

58, 6737,5153,6613,8484,8457,3472, 354

3.6742', 4934,469

8361,524

16, 108

5,032

televisioi

••18618714119015146

325

217.0

r 38, 1194,936

r 9, 3637,8694,3263,6527,973

71, 0846,1935,9263,6106,2419,2233,555

4,9014,3095,680

9461,548

18, 954

5, 570

a (networ

19716615920415646

338

219.2

38, 8974, 9358, 8508,1314,4223, 7648,794

68, 2954,8767, 5042,2586, 0648, 5334,148

4,7903, 5164,943

7781, 362

19, 523

4,689

k), 285

163. 0

3,669 4,114

§ Copyrighted data; see last paragraph of headnote, p. S-l.G? Data reported at the beginning of each month are shown here for the previous month.f Revised series.




1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

DOMESTIC TRADE—Continued

ADVERTISING— Continued

Newspaper advertising:Linage, total (52 cities) thous. of lines

Classified _ ___ _ _ _ do __

Displav, total _ _ d o\utomotive doFinancial-. _ do __General doRetPil - ~ - do

PERSONAL CONSUMPTION EXPENDITURES

Seasonally adjusted quarterly totals at annual rates:Goods and services, total .__ _ _ bil. ofdoL

Durable goods, total 9 _ doAutomobiles and parts-- .. - - doFurniture and household equipment - do

Nondurable goods, total 9 - -- - doClothing and shoes _ - _ _ _ _ _ _ _ _ doFood and alcoholic beverages - _ .-doGasoline and oil _ _ _ do

Services, total 9 -- __doHousehold operation, do_ __Housing _ do __Transportation. .__ _ do

RETAIL TRADE

All retail stores:Estimated sales (unadjusted), total mil. of doL.

Durable-goods stores 9 - -- do ._Automotive group do

Motor-vehicle, other automotive dealers do __Tire, battery, accessory dealers do

Furniture and appliance group _ ___ .doFurniture, homefurnishings stores _ _ _ __doHousehold-appliance, radio stores do

Lumber, building, hardware group _-doLumber, building-materials dealers ._ _ _ d o _ _ _Hardware stores . __. do

Nondurable-goods stores 9 do\pparel group do

Men's and boys' wear stores doWomen's apparel, accessory stores doFamilv and other apparel stores doShoe stores do

Drug and proprietary stores _ doEating and drinking places doFood group _ do

Grocery stores doGasoline service stations _ do

General-merchandise group _ _ _ _ _ _ d oDepartment stores, excl. mail-order cf doMail-order (catalog sales) _ . _ _ do _ _Variety stores doOther general-merchandise stores _ _ _ - do _ _

Liquor stores do

Estimated sales (adjusted), total _ _ _ _ _ d o

Durable-goods stores 9 doAutomotive group _ - - do

Motor-vehicle, other automotive dealers, .doTire, battery, accessory dealers ___ . . . do _ _ _

Furniture arid appliance group. _ .. _ do _Furniture, homefurnishings stores _.do . _ _Household -appliance, radio stores do

Lumber, building, hardware group doLumber, building-materials dealers _..doHardware stores.- _ - _ . . _ -do

Nondurable-goods stores 9 - doApparel group do

Men's and boys' wear stores _ . _ . . .. doWomen's apparel, accessorv stores-- _. do. _Familv and other apparel stores _-doShoe stores do

Drug and proprietary stores doEating and drinking places _ _ _ _ _ _ _ doFood group do

Grocery stores doGasoline service stations _ _ - _ _ do _

General-merchandise group doDepartment stores, excl. mail-order doMail-order (catalog sales) _ _ do _ -Variety stores doOther general-merchandise stores.- . do

Liquor stores do

229, 48045, 160

184,3208 0743,218

26 038146, 991

241.0

30 413.412 9

122 520.074.47.4

88.113.030.27.3

17, 872

5,6142,8242. 636

187

1,025600425

916597319

12 2581,448

354566313215

5301,1133,9203 3041,008

2, 8501,555

173549574458

15, 123

5 3203,0542,904

150

766475290

909668241

9,803912188374177173

4131, 0703 6573, 103

974

1,669904107285374284

196 20450 842

145, 3629 9804' 51 6

24 785106 081

13,279

4 4822 6452,532

113

698410288

663493170

8 797'693149284136125

4201 0133 3982 868

949

1 24467683

186299248

14 864

5 1432,8442,700

143

805488317

879647232

9,722889184356180169

4251,0923 5603 0071,023

1,654902106269377290

194 39548, 519

145 87611 0402 708

27 748104 379

12,762

4 5032 7072, 591

116

682405277

639480160

8 260?602130247120106

394950

3,2532 742

873

1,17161185

190284240

14, 765

5 2092,9902,841

149

810496314

836623213

9 556870188338183161

4121,0853 5773 010

998

1,584849104254377277

242 54957, 756

184, 79315 2923 530

34 414131 557

245 8

34 416 413 9

122 419 874.07 5

89 013 130 67 4

14,704

5 4303 3053,170

135

761456305

795599196

9 274*796155328167146

4091 0263,5272 983

944

1,464796107219342256

15 060

5 4583,1693,020

149

836496340

863645219

9,602867183334193157

4181,0833 6023 0531,007

1,615861112258384277

243 83459, 996

183, 83817 0793 382

33 243130 135

15,622

5,7043 4313, 271

159

757466292

900672228

9 917986194384199209

4161 0803,6893 127

988

1,650897

94278381266

15, 251

5 5223,2023,044

158

837504334

890661229

9, 729889194342183169

4271, 1413 5252 9801,023

1,677912104268393273

260 38164, 921

195. 46018 4993 278

36 696136 986

15,468

5 8453 4093. 252

157

809510299

998752246

9 (523878184352166177

4191 1363 5142 9501 046

1 58486699

243376268

15 368

5 5073,1082,955

153

826498329

955719236

9 860905197350188170

4281, 1263 6363 0691 026

1,676889111271404292

243 71861, 286

182, 43219 5413 203

34 278125 409

250.5

35 116 614 2

125 320 575.97 7

90 213 431 0

7 4

15,734

6 125?> 5363.' 355

180

847522325

1 040798242

9 608?868197326167178

4251 1683 5913 0251 066

1 565852102248363266

15 345

5 5703', 1713,011

160

823503320

938707231

9,775878196338180164

4311, 1403 6353 0631,030

1,630877109268377290

212 27960,911

151 36815 2263 772

24 968107 402

15, 398

5 7203 2713,080

191

825492333

973735238

9 678756160287156153

4341 2743 7613 198l' 117

1 41274582

• 244342289

15 484

5 6403,1482,963

184

887536352

923684239

9 844905193353190168

4391, 1583 5613 0041, 034

1,723958112276378294

219, 75063, 121

156, 62915 9142 657

23 800114 259

15, 622

5 9803 4353. 252

182

854514340

1 032795237

9 642740144281165150

4321 2823 6173' 055l' 108

1 562833111255364287

15 662

5 7633,3633,192

171

827492336

916684232

9 900892194339186173

4421 1653 6833 1141 026

1,671901113276381303

246 15462, 714

183, 44016 0543 007

30 849133 530

255 7

36 918 014 7

127 020 477 5

7 7

91 813.731 47.4

15,905

5 9003 3673, 201

167

822490331

1 037786251

10 005910166342206197

4251 2203 7663 2051 049

1 674920112266377302

15 840

5 8403 3843,214

171

826497329

950705245

10 000895183346192173

4491 1673 6963 1331 033

1,711926110290385308

273, 07365, 684

207, 39019 7973, 678

39 778144, 137

15, 824

5,5642 9642,786

1/7

909562348

1 047788259

10 260974193374227180

4371 2043 7053 1461 083

1 807993116282416312

15 777

5 7643' 2803,107

173

849517332

963725238

10 013908183355201169

4471 1593 6863 1211 042

1, 693923110282378307

268, 51658, 567

209, 94920 0453 440

38 514147, 950

15, 894

5 5393 0392,866

172

927584343

958715244

10 355988219382222165

4321 1263* 6483 078l' 085

1 9561,076

158291432319

15 808

5 6893 2613,090

171

838525313

935710225

10 119916191354200172

4471 1643 7283 1641 078

1,700914117286384306

242 54250, 144

192, 39812 5683, 421

27 128149, 281

257.2

34 816.014 3

128 821.278.37 9

93.614.231.97.5

i- 19, 268

6, 186r 3 118

2,910208

' I 163704459

947630317

13 083r i 598

402621353222

r 5901 1824 1683 5421 104

3 0101,617

183595616493

15 795

5 6773? 2333,068

165

873546327

929689240

10 118912193372189159

4591 1583 7263 1761 083

1,672913115273370300

1 13, 948

1 2 772

1 771

i 714

i 440i i 057i 3 478i 2 996i i 021

i i 2781 695

f Revised. i Advance estimate.9 Includes data not shown separately.cfCorrcction: 1951 monthly average for combined department-store and mail-order sales (old series) shown in the 1955 edition of BUSINESS STATISTICS should read $927,000,000.




1954

Decem-ber

Janu-ary


19

June

55


berDecem-

ber

1

Jtt

Janu-ary


RETAIL TRADE— Continued

All retail stores— ContinuedEstimated inventories:

Unadjusted, total mil of dolDurable-Roods stores . - . _ do _ _Nondurable-goods stores do

Adjusted, total doDurable-goods stores . __ .. ._ do .

Automotive group doFurniture and appliance group- _ do _Lumber, building, hardware group do

Nondurable-goods stores - doApparel group ._ do _Food group doGeneral-merchandise group do

Firms with 11 or more stores:Estimated sales (unadjusted), total 9 do

Apparel group 9 doMen's and boys' wear stores ...do __.Women's apparel, accessory stores doShoe stores - _ . do

Dru? and proprietary stores do..Eating and drinking places doFurniture, homefurnishings stores _ _ do

General-merchandise group 9 .. ... do__Department stores doDry-goods, other general-merchandise stores

mil. of dol__Variety stores.- do

Grocery stores doLumber, building-materials dealers doTire, battery, accessory stores _ _ _ d o ___

Estimated sales (adjusted), total 9 do

Apparel group 9 doMen's and boys' wear stores doWomen's apparel, accessory stores... _ _ d oShoe stores do

Drug and proprietary stores doEating and drinking places doFurniture, homefurnishings stores do

General-merchandise group 9 doDepartment stores doDry-goods, other general-merchandise stores

mil. of dol_.Variety stores _ do

Grocery stores _ doLumber, building-materials dealers doTire, battery, accessory stores do

Department stores:Accounts receivable, end of month:

Charge accounts _ 1947-49=100Installment accounts do

Ratio of collections to accounts receivable:Charge accounts percentInstallment accounts do

Sales by type of payment:Cash sales . .percent of total sales. „Charge account sales _ doInstallment sales do

Sales, unadjusted, total U. S.J 1947-49=100..

Atlanta doBoston _ -. -. _ _ do_ -_Chicago - doCleveland doDallas . _ _ _ doKansas City do

Minneapolis... ._ _ _ do _New York doPhiladelphia _. . . doRichmond ... _ _ _ . . _ doSt. Louis . doSan Francisco do._ _

Sales, adjusted, total U. S.J __ . _ do._

Atlanta _ _ _ . - do _Boston doChicago - doCleveland _ _ _ _ . . _ do__ .Dallas doKansas City . .do

Minneapolis— ._ _ _ _ d o ___New York doPhiladelphia . doRichmond _ _ do _St. Louis do—San Francisco- do—

20, 6709,240

11, 430

22, 09010, 0603, 4301,9002,410

12, 0302,5702,3103,920

3,718

29632

11986

925832

1, 360570

203425

1,2885874

2,798

188187362665727

820385

120216

1,1547052

200277

4614

474310

'202

'236200

r 189191228

'206

180r 188' 199'232

194'210

116

' 136no112110136120

111r 107' 114' 129

117'119

20, 9709,700

11, 270

22, 21010, 1603,6501,8502,330

12, 0502,6502,3803,830

2,316

126124841

605323

565267

80140

1,0835042

2, 754

181156962635631

812393

114206

1,1276655

163276

4414

454312

91

106908887

11094

808585919297

119

137114116111140124

112108113133123125

22, 01010, 27011, 740

22, 36010, 3303,7701,8902. 310

12, 0302,7102, 3503,820

2, 255

113104437

57.5024

536240

73144

1,0715442

2. 717

169156656635730

758357

107197

1,1647055

140268

4314

454312

88

107828483

10389

818283918993

112

134109109108129114

103101108122114118

23, 52010, 95012, 570

22, 59010. 4503, 9001,8902,290

12, 1402,7702,3103,870

2.632

174146756

605632

687327

93170

1,1666149

2,778

178156861635730

802380

115205

1,1687055

132266

4815

444412

100

129909893

120104

8893

10111110197

115

133107114107134120

108105111129116118

23,511,212,2

22,710,53,91,92,2

12,22,82,33,8

2.9

2

83

12

1,2

2,7

1

_

3

12

1,1

12

1

11111

1

1111

1

111111

111111

23, 57011, 28012, 290

22, 76010, 5403,9601,9102, 290

12, 2202,8002,3803,830

2.906

212178179

645626

807389

116215

1,2536857

2,774

175157060665728

795379

112205

1,1706958

137267

4415

454411

114

141108114112136123

10899109125118112

119

142108119116142126

107102115126122120

23,39011, 24012. 150

23, 00010, 7504, 1301,9202. 310

12, 2502,7402,4203,860

2,721

178157262

625831

760377

105186

1. 1357556

2,825

181167161645728

800369

117211

1,1937355

139267

4515

454411

116

134111116110133119

108101114129120116

117

137111117113134120

107103115128120118

22, 84010, 92011, 920

23, 19010, 7804,1001, 9502, 330

12, 4102,7402, 4503, 990

2, 778

176166664

626028

774378

110190

1,1648063

2,784

172156757645928

780359

113206

1,1847055

135266

4615

464311

110

121107112104120113

95100107118106113

114

136107114108132118

103104114123108118

22, 73010, 85011, 880

23, 37010, 8404,1601,9602, 350

12, 5302,7702,5004,020

2,729

146116054

656227

706346

103181

1, 2127769

2,809

179157260665930

814383

121205

1,1617160

125266

4314

454213

98

122829696123111

897790107102107

124

152114122124145136

111108121136132123

23, 08010, 76012, 320

23, 35010, 8504,1501.9602, 350

12, 5002, 7302,5104,040

2, 713

14396150

626330

781369

117192

1,1218464

2,836

177157059646029

819386

119210

1,1917158

125268

4614

454213

105

12986103104129117

1028292112109118

118

143107115114139124

107106114134120122

23, 30010, 39012,910

23, 23010, 7203, 9701,9702,380

12, 5102,7602,4804,050

2,896

185126968

636227

827404

120200

1,2258157

2, 875

181157061666028

839397

126215

1.2036960

137274

4515

444412

123

136120123116131127

119111124138122123

121

140112118116131127

112108120134119126

23, 89010, 39013,500

23, 29010, 7203, 9901, 9602,380

12, 5702,7802,5404,050

2, 949

196177662

656333

874425

130212

1,2007859

2,820

182167260656030

800376

120205

1,1856859

148282

4715

444313

128

154115126125146131

126116125140135126

122

148114120120138125

109109120132122126

'24, 78010, 930

r 13, 850

r 23, 590r 11, 000'4,2501,9802, 360

r 12, 5902,7602,570' 4, 080

2,994

201207859

636035

938428

141224

1, 1757058

' 2, 898

189167364666229

'833'388

121216

1,2086959

163296

4715

444412

148

165141' 147147155142

'126139159164149145

122

142116' 121118136124

r 110

110121134124125

22, 42010. 41012, 010

23, 91011, 2404,4701, 9702, 380

12, 6702,7202. 5704,170

4,029

3163312891

996333

1,470622

221456

1,4175885

2, 916

185167460706228

820384

120208

1, 2406960

217333

4fi15

464311

P212

p 25f>P 206p203p 205p241p 212

p 179v 194v 213*236p 2(>7p 217

p 122

* 147p 114p 121p 119v 144p 124

P 11UP 110P 122P 131p 125p 123

P95

P 125

for

r Revised. P Preliminary. 9 Includes data not shown separately.t Data for 1946-55 have been revised to reflect current seasonal patterns and to allow for changes in the samples used in computing the unadjusted indexes. Revision

total United States appear on p. 24 of the October 1955 SURVEY; unpublished revisions for the districts are available upon request.is beginning with 1946


February 1956 SURVEY OF CURRENT BUSINESS S-ll


1954

Decem-ber

Janu-ary


1<

June

)55


berDecem-

ber

1958

Janu-ary


RETAIL TRADE—Continued

Department stores—ContinuedStocks, total U. S., end of month:J

Unadjusted 1947-49=100.A d justed do_. _

Mail-order and store sales:Total sales, 2 companies thous. of dol.

Montgomery Ward & Co doSears, Roebuck & Co do__ .

WHOLESALE TRADE

Sales, estimated (unadj.), total mil. of dol.Durable-goods establishments doNondurable-goods establishments do.._

Inventories, estimated (unadj.), total do..Durable-goods establishments do_Nondurable-goods establishments do_

110r 125

523,056131, 875391,181

9,6003,0106,590

11,5605,4606,100

110123

266,31253,456212,856

8,6902,7205, 970

117123

242, 84752, 271190,576

127124

319, 24976, 420242,829

8,450 I 9,700 9,1402.800 ! 3,270 3,2205,650 i 6,430 j 5,920

129124

376,04988, 607287, 442

11,740 i 11,770 i 11,620 I 11,5705,650 i 5,850 i 5.940 I 6,0006,090 ! 5,920 i 5,680 \ 5,570

127123

370, 49184, 767285, 725

9,3203, 2706,050

121127

377,03183, 922293,109

10,1103,4506,660

119127

347, 36274,182273,179

9,6603,1906,470

11,550 11,520 i 11,6606,060 6,040 1 5,9505,490 5,480 5,710

126129

380,96787,181293, 786

10, 5403,5706,970

11,8705,9705.900

135129

391, 25892, 071299.187

10, 7303, 6407.090

145129

414,465102,795311,670

' 10. 5003. 5PO' 6, 910

12.180 12, 600 12, 6206,000 6. 060 ' 6.0606. 180 6, 540 ! r 6. 560

148'131

431, 702110,174321, 527

• 10, 6003, 530

r 7,070

p 119p 135

570,391146,155424, 236

10,1703,4106,760

12, 2906,0806,210

286, 60758, 523228.084

EMPLOYMENT AND POPULATION

POPULATION

Population, continental United States:Total, incl. Armed Forces overseas.- --thousands..

EMPLOYMENT

Noninstitutional population, estimated number 14years of age and over, total© thousands. -

Total labor force, including Armed Forces., . do

Civilian labor force, total .. ... ._ do -Employed do

Agricultural employment do __Non agricultural employment do

Unemployed _ do~.

Not in labor force do

Employees in nonagricultural establishments:Total unadjusted (U. S. Dept. of Labor) do

Manufacturing doDurable-goods industries doNondurable-goods industries _. do.- .

Mining, total doMetal . .. . . . doAnthracite _ do_ _Bituminous coal doCrude-petroleum and natural-gas production

thousands- .Nonmetallic mining and quarrying do

Contract construction doTransportation and public utilities? do

Interstate railroads-.. doLocal railways and bus lines ... .do _ _ .Trucking and warehousing * doTelephone doTelegraph _ _ _ _ . _ _ doGas and electric utilities do. --

Wholesale and retail trade doWholesale trade doRetail trade 9 do

General-merchandise stores - . doFood and liquor stores doAutomotive and accessories dealers do

Finance, insurance, and real estate doService and miscellaneous? do

Hotels and lodging places _ - _ _ doLaundries. . - doCleaning and dyeing plants do

Government _ . do

Total, adjusted d1 doManufacturing _ . . do

Durable-goods industries _ _ ... .doNondurable-goods industries--. do _

Mining doContract construction d" _ - _ - doTransportation and public utilities doWholesale and retail trade doFinance, insurance, and real estate doService and miscellaneous doGovernment cf _ _ . . d o _

Production workers in manufacturing industries:Total (U. S. Dept. of Labor) T thousands..

Durable-goods industries . _ doOrdnance and accessories do

163,699

116, 763

66,811

63, 52660, 6885,325

55, 3632,838

49, 952

49, 46316 0509,1446,906

7479343

212

296104

2,4263,9961,187

12374869442

555

11,3542,8608,4941,9031, 494

767

2, 1365,588

463327155

7,166

T 48 43215, 9929,1056,887

743T 2, 491

3,98610, 5752,1475,644

r 6, 854

12,6457,218

97

163,930

116, 855

66, 700

63, 49760 150

5,29754, 8533,347

50 156

47, 74115 9259 1136,812

7419443

211

294100

2 2373,9271. 153

122724693

41553

10, 4192 8177 6021,3271,462

749

2,1245,533

456326153

6 835

r 48 4Q415 9939, 1246,869

741r 2 486

3,97410, 5742, 1455 646

r 6 845

12, 5237,182

96

164, 158

116, 901

66, 550

63, 32159 938

5, 08454, 8543,383

50 352

47, 75316 0609 2206,840

7379440

210

293100

2 1693, 9371,152

121732696

41553

10, 3092 8067 5031,2691, 467

749

2,1325,536

462324150

6 873

r 48 47016 0919,2116,880

741r 2 451

3, 98410, 5412, 1545 649

r 6 859

!12,6497 282 !

94 I

164, 367

117,051

66, 840

63, 65460 477

5, 69254, 7853,176

50 212

48, 21216 2019 3236,878

7399538

208

296102

2 2553,9661, 157

12174470041

554

10, 4082 8137 5951,3051 471

755

2.1505,571

463325154

6 922

r 48 76016 2299, 3006,929

739r 2 483

3, 98610, 6332, 1615 656

r 6 873

12, 7787 375

94

164, 595

117,130

67, 784

64, 64761 6856 215

55, 4702 962

49 346

48, 64316 2559' 4186 837

7399737

205

295105

2 3993, 9391, 159

12074866742

554

10 5492 8041 7451 3721 478

763

2,1615, 674

480329157

6 927

r 48 88216' 3809 4056 975

743T 2 502

3,94610, 6002,1615 674

r 6 870

12,8167 457

91 i

164, 799

117, 236

68, 256

65 19262 7036 963

55, 7402 489

48 979

48, 91816 3349' 5016 833

7429734

208

297106

2 5263,9971,196

12075567442

557

10 5342 8017' 733l'3421 487

768

2, 1715, 733

488333160

6 881

r 49 942

16 5459? 5237 022

749r 2 539

4, 00010, 6552,1715 676

r ft 907

12, 8827 530

90 i

165,023

117,318

69, 692

66, 69664 016

7, 68156, 3352 679

47 626

49, 50816 5779 6246. 953

7609937

211

306107

2 6154, 0811,224

118760715

42565

10 6432 8267 8171 3491 503

777

2, 2065, 775

514338161

6 851

r 49 51416 6889 6277' 061'

756r 2 514

4, 06410,7112,1845 690

T g qo7

13, 0867 630' 89

165, 248

117,404

70, 429

67 46564 994

7 70457, 2912 471

46 975

49, 42016 4759 5116 964

7499035

209

308108

2 7014,1131,240

11276272742

571

10 6332 8587* 7751 313l' 506

785

2, 2375, 816

574339156

6 696

r 49 63816 6359' gi87 017

757r 9 54(j

4, 08210,7652, 2045 730

r ^ 019

12, 9517 499

89

165, 495

117, 517

70, 695

67 72665 488

7 53657, 9522 237

46 823

49, 85816 8079 5787 229

7549335

208

309109

2 7464,1371 246

11377373142

572

10 6382 8637 7751 3151 499

788

2.2415, 818

5753381.51

6 717

r 49 71816 P619 6157 046

747r 2 519

4, 10610. 7972.2085 732

r g 948

13, 2627 553

88

165. 762

117.634

69, 853

66 88264 7337 875

56, 8582 149

47 781

50, 32216 91'9 6457 270

75810034

9QQ

305110

9 7484,1521, 242

11679172842

566

10 8242 87°7 9451 3951 51 6

785

2. 2235. 791

509336155

6 91 1r 49 835

16 6C*19 6341 0,57

7'4r 9 537

4. 13510.8242 '?235 705

r 6 966

13, 3737 62'̂

87 .

166,022

117,749

70. 250

67 09265 161

7 90557, 2562 131

47 409

50, 47116 9999 7621 237

75110035

°09

299108

2 6854,1271 236

11580071543

561

10 9092 9098* 0001 4441 527

785

2. 2165, 730

472334157

7 H'id-

9 7367 086

9 ^19

4,11610, 8012,227r 7<>n

6 9^1

13, 4467 79Q 1

84 i

166, 280

117,864

70. 164

67 20664 8076 920

57, 8872 398

47 701

r 50, 629r 17 049

•r 9' 867r 7 182

754T JOG

36°ll

300107

T 2 580' 4, 143

1 225115809736

42560

r li 126T 9 Q49

r 8 184

1 ' 570T 1 f j f j t )r 790

•• 2, 213' 5, 690

461333156

~" H74

r 1 R QA9

r 9 826r 7 136

~rn

r 9 493r 4, 132' 10, 868

r 2, 224

r Q gey

r 13. 498r 7 Q'ta

84

166, 512

117, 995

69, 538

66 59264 1655 884

58, 2812 427

48 457

'51, 299r 17 009

r 9 884r 7 125

r 754r 99

r 212

104r 9 407

' 4, 164

r 11 747r 9' QTO

r 1 964r i cgcj

r 799r 2, 220r 5, 658

r Q 842

T 7 106

r 9 471

' 4, 153

* 10, 941r 2, 231r x 71 cT 7 009

' 13. 460r 1 RIV-J

r83

166, 738

118,080

68, 691

65 77562 8915 635

57, 2562 885

49 388

v 49. 541''16 798

/> 9 802P g 996

p 74ftP 98

P 213

?99v 2 243p 4, 095

p 10 845„ n Q94

p i 407P l' 555

p 78(5

"2,216" 5, 600

P Q HOkjt 7 053

M, 144"11,007p 2, 238

" 13, 240v 7 7fi"-t

P82r Revised. p Preliminary. | See corresponding note on p. S-10.©Beginning July 1955, estimates relate to the calendar week which contains the 12th of the month (except December 1955 estimates which cover the week of Dec. 4-10)- earlier data relate

to the calendar week containing the 8th of the month. 9 Includes data for industries not shown. '

later.

*New series. Figures relate to establishments primarily engaged in local or long-distance trucking, transfer, and draying services or in the storage of farm products and other goods.rf1 Reflects preliminary revisions for seasonally adjusted estimates of total employment and the construction and Government divisions; revisions beginning January 1953 \\ill be shown




1954

Decem-ber

1955

J anu-ary



Decem-ber

1956

Janu-ary

EMPLOYMENT AND POPULATION—Continued

EMPLOYMENT— Continued

Production workers in mfg. industries — ContinuedTotal (U. S. Dept. of Labor)— Continued

Durable-goods industries — ContinuedLumber and wood products (except furniture)

thousands. .Sawmills and planing mills do

Furniture and fixtures _ - do_Stone, clav, and glass products do_-Primary metal industries 9 - do

Blast furnaces, steel works, and rolling millsthousands. -

Primary smelting and refining of nonferrousmetals - thousands

Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment)

thousands- ..Machinery (except electrical) doElectrical machinery . _ ..do _Transportation equipment 9 - do

Automobiles . _ . _ _ _ _ _ d oAircraft and parts doShip and boat building and repairs doRailroad equipment . _ do

Instruments and related products _ _ d o . -Miscellaneous mfg. industries do

Nondurable-goods industries _ _ _ . doFood and kindred products 9 do

Meat products __ _ _ doDairy products doCanning and preserving _ doBakery products doBeverages _ do

Tobacco manufactures doTextile-mill products 9 - - - -- - do

Broad-woven fabric mills _ . ...do ._Knitting mills _ . _ do

Apparel and other finished textile productsthousands..

Paper and allied products doPulp, paper, and paperboard mills do

Printing, publishing, and allied industriesthousands.-

Chemicals and allied products doIndustrial organic chemicals do

Products of petroleum and coal __ doPetroleum refining _ do

Rubber products doTires and inner tubes _ _ do

Leather and leather products,. doFootwear (except rubber) do

Production workers in manufacturing industries, ad-justed:

Total thousandsDurable-goods industries doNondurable-goods industries -.do

Production workers in manufacturing industries :Indexes of employment:

Unadjusted _ 1947-49=100Adjusted _ _ _ _ _ _ _ _ _ d o - _

Miscellaneous employment data:Federal civilian employees (executive branch):

United States, continental thousandsWashington, D. C., metropolitan area do

Railway employees (class I steam railways) :Total thousands ,Indexes:

Unadjusted 1947-49=100--Adjusted _ __do . -

PAYROLLS

Manufacturing production-worker payroll index, un-adjusted (U. S. Dept. of Labor)— 1947-49=100-.

LABOR CONDITIONS

Average weekly hours per worker (U. S. Dept. ofLabor):

All manufacturing industries hoursDurable-goods industries _ do .

Ordnance and accessories _ _ - -do. .Lumber and wood products (except furniture)

hours-.Sawmills and planing mills do

Furniture and fixtures doStone, clay, and glass products doPrimary metal industries 9 _ _ _ _ _ _ do

Blast furnaces, steel works, and rolling millshours. -

Primary smelting and refining of nonferrousmetals - __ hours

Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment) hours. -

Machinery (except electrical)... do. _

661360297437

1, 002

493

53

8431, 106

8091, 375

70252510437

218373

5,4271,062

26472

151173114

100983443200

1,073442223

51953420617213320785

335222

12, 5807, 1775,403

102.2101.7

i 2,431. 1i 209. 8

1,059

79.881.5

143.1

40.541.140.7

40.840.941.441.140.0

39.1

40.5

41.640.9

631350293430

1,013

498

53

8341,109

8001,400

73052310438

217360

5,3411.007

25672

135168107

91977444192

1,069437221

51253420716913220985

336225

12, 5867,1915,395

101.2101.8

2, 113. 2206.1

1,037

78.277.5

141.5

40.240.940.0

40.740.740.540.640.4

39.7

40.6

41.140.8

639353296434

1,032

508

53

8441, 125

8031,426

75052310641

216371

5,367985250

73125169105

89985446196

1,101437222

51253520917013220987

345228

12, 6737, 2695,404

102. 3102.5

2,116.4207.0

1,033

78.078.1

144.4

40.441.140.5

40.841.241.340.640.6

39.8

40.4

41.241.0

6343f>5298442

1, 057

520

53

8601,144

8031,447

77352010840

219377

5,403991248

74128169109

83985445197

1,110439222

51654821217213321287

347227

12, 7987, 3505,448

103.3103.5

2, 122. 1207.5

1,035

78.178.7

146.6

40.641.440.6

40.841.141.341.340.9

40.2

40.5

41.441.4

651360297450

1,076

531

54

8681,164

8041,462

78951810741

218376

5,3591,011

24678

142169114

80983446196

1,057441223

51655121417313221189

337222

12, 9347,4435,491

103.6104.6

2, 127. 4207.3

1,040

78.479.5

146.7

40.341.240.6

40.440.640.341.341.2

40.5

40.6

41.241.6

' Revised. » Preliminary. l Includes temporary Post Office employees hired during Christmas310,000 in December 1955.

9 Includes data for industries not shown.

683373298456

1,096

544

54

8771,174

8091, 456

78950910942

211379

5,3521, 035

25183

149171118

80965431197

1,041444223

51655021517513421690

331218

13, 0817,5495,532

104.1105.8

2, 132. 9207.7

1,081

81.680.5

150.1

40.841.640.8

41.041.740.741.841.6

40.9

40.7

41.642.1

season; t

727389300466

1,115

557

55

8841,182

8161,447

78250311341

220385

5,4561,089

25589

183174122

82974433202

1,058451226

52154521717613521991

342225

13, 2007,6345,566

105.8106.7

2, 157. 4211.3

1,109

83.781.9

152.1

40.741.240.9

41.842.541.641.941.5

41.0

40.5

41.342.1

here were

720387298460

1,098

560

44

8631,160

8021,420

76150210842

219372

5,4521,150

25790

233174129

79954429194

1,025448227

51854221917713521692

342225

13, 1197, 6095,510

104.7106.1

2, 161. 3211.9

1,121

84.682.8

151.0

40.440.940.3

40.540.940.641.340.6

40.1

40.5

41.241.4

about 30

731393313472

1,112

564

51

8771,155

8181,379

72250110543

220388

5,7091,250

25988

327172127

105986440206

1,101459229

52054321817613421791

351229

13, 1277,5925,535

107.2106.1

2, 164. 5211.5

1,126

85.083.5

154.6

40.6'41.1

40.4

41.542.142.041.940.5

39.9

38.8

41.641.6

4,300 suet

726387320479

1, 134

568

55

8941,149

8551, 357

68951010346

223400

5, 7501,245

26383

325173122

114989438208

1,115462229

53055321817413222392

346224

13, 1607,6145,546

108.1106.4

2, 146. 9209.2

1,122

84.784.5

158.7

40.941.441.0

41.041.442.341.941.8

41.4

41.4

41.842. 1

i employe

716381323478

1, 135

559

55

9041,194

8851,378

71151210146

225407

5,7171,191

26578

260175120

113991439210

1,123464229

535557218

13022692

344222

13, 2707,7015,569

108.7107.3

2, 146. 1209.6

1,115

'84.286.0

161.2

41.141.741.0

41.141.542.441.941.6

40.6

41.2

42.242.3

es in all c

'696375323

'477'1, 151

563

55

' 912

'1,213'870

' 1, 4848315199946

* 225'405

' 5, 659'1,130

26875

199175115

101998442211

' 1, 135465231

539' 557

219'171

12923194

'332'211

' 13, 412' 7, 797' 5, 615

' 109. 1' 108. 4

2, 142. 2r 209. 6

' 1, 107

p83. 5P85.4

' 163. 9

41.241.941.4

40.541.542.141.641.7

40.8

41.1

41.842.4

ireas in I

'665

321'471

f 1, 162

'906' 1,237

874' 1, 514

'227'394

' 5, 607' 1, 068

'96'998

' 1, 136464

'537'558

' 170

'234

'346

' 13, 396' 7, 810' 5, 586

' 108. 8' 108. 3

1 2, 435. 21 214. 7

v 1, 103

P83. 0PS4.9

163.8

'41.3'41.9'41.3

'41.0

42.3'41.8' 42 "!

'41.843.1

)ecember

-- 638

p 319P464

p 1,160

*895p 1, 244

P854P 1. 496

P226P384

v 5, 477v 1, 007

p90P987

t 1, 108P457

P529P 556

p 167

P232

P343

p 13, 299p 7, 767p 5, 532

p 107. 0P 107. 5

p 158. 4

P40. 6P41.0P41.3

P40.0

P40.5P40. 9

Ml.lP42. 7

1954 and


February 1956 SUKVEY OF CURRENT BUSINESS S-13


1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary


LABOR CONDITIONS— Continued

Average weekly hours per worker, etc. — ContinuedAll manufacturing industries, etc.— Continued

Durable-goods industries — ContinuedElectrical machinery- . hours -Transportation equipment 9 - --- -- do. _

A utoinob iles _ _ doAircraft and parts doShip and boat building and repairs do -Railroad equipment do

Instruments and related products doMiscellaneous mfg industries do

Nondurable-goods industries doFood and kindred products 9 , _ .do _ _

Meat products. _ doDairy products.. __ _ - - _ _ _ _ _ _ ._do- -Canning and preserving doBakery products _ _ __- .. .. .. - -do _.Beverages do

Tobacco manufactures doTextile-mill products 9 -do

Broad- wo ven fabric mills doKnitting mills do

Apparel and other finished textile productshours. .

Paper and allied products doPulp, paper, and paperboard mills.. do

Printing, publishing, and allied industrieshours.

Chemicals and allied products doIndustrial organic chemicals _ . _ _ do

Products of petroleum and coal doPetroleum refining . . .__ _ .. do .

Rubber products doTires and inner tubes. _ . _ do

Leather and leather products doFootwear (except rubber) do

Nonmanufacturing industries:Mining:

Metal doAnthracite . do ._Bituminous coal doCrude-petroleum and natural-gas production:

Petroleum and natural-gas production hoursNonmetallic miring and quarrying do

Contract construction ._ . . ... ..do ...Non build ing construction doBuilding construction _ . .. do..

Transportation and public utilities:Local railways and bus lines . - do _Telephone doTelegraph . _ _ do _Gas and electric utilities do

Wholesale and retail trade:Wholesale trade doRetail trade (except eating and drinking places) 9

hours--General -merchandise stores do _ _ _Food and liquor stores doAutomotive and accessories dealers..-, do..

Service and miscellaneous:Hotels, vear-round doLaundries.. _ do __Cleaning and dvoinsr plants do

Industrial disputes (strikes and lock-outs) :Beginning in month:

Work stoppages number. .Workers involved thousands

In effect during month:Work stopnages . _ number. _Workers involved . _ .thousands. _Man-days idle during month do .

U. S. Employment Service placement activities:Nona^r icultural placements thousands..

Unemployment compensation, State laws (Bureau ofEmployment Security):

Initial claimscf1 thousands. .Insured unemployment weeklv average doBenefit payments:

Beneficiaries, weekly averaged" - - do. __Amount of paymentscf thous. of dol._

Veterans' unemployment allowances:Initial claims .thousands-Insured unemployment, weekly average. do —Beneficiaries, weekly average doAmount of payments thous. of dol_.

Labor turnover in manufacturing establishments:Accession rate.— _ .monthly rate per 100 employees. _Separation rate, total do

Discharge doLay-off doQuit -. do ...Military and miscellaneous do

40.542.544.041 439.240 440.540 6

39.841.442.842.838. 240.939.5

38.440.240.638 3

36.342.743.8

39.041 441.040.640.641.841.637.837.2

41.735.137. 1

40.343.436.438.436.0

43.239.341.441.4

40.8

39.537.138.444.4

41.840.339.5

15329

29378

486

393

1,4501,666

1,365153,050

417987

9, 381

2.53.0.2

1.7.9.2

40 342. 143 041 539.440 140 240 2

39 340.841 743.337 740.439 4

37 739.639 937 4

36.042.343.7

38.241 140.740.840.941.341. 137 937.5

42.831.937 1

41.742.435. 436.835.1

42.538.941.340.9

40.4

38.935. 338.044.0

42.140.039.0

225.50

32580

400

397

1,5191,962

1,6701 70, 882

4492

10510,198

3. 32.9.2

1.51.0.3

40 442.443 841 139 539 440 540 5

39 540 540 043 338 240 539 7

37 040 040 138 2

36.742 543.8

38.441 240.840 240.241 340. 738 838 5

42 036.337 8

39.941.635. 337.934.7

42.939 041.340.9

40.3

38.935.137.944.2

41.839.838 0

25090

380125570

373

1.0381,880

1,694165, 469

3595

11110, 224

3.22.5.2

1.11.0.2

40 542.744 341 339 639 540 540 6

39 740 540 543 238 040 440 2

37 640 040 138 4

37.142 844.0

38.841 441.040 740.441 040.338 538 1

41 631.936 9

40.143. 636.639.635.9

42.839.041.540.8

40.3

38.835.237.644.2

41.740.239.2

300165

450220

1,600

453

1,0051 657

1,600178,762

3388

10711,337

3.63.0.2

1.31.3

9

40 642. 143 540 739 640 040 340 1

39 040 340 043 037 740 340 5

36 438 739 136 3

35.642 543.7

38.541 340.941 040 741 842 436 636 0

41 128 837 2

40.243 936.038 235. 4

43.039 442.040 9

40 3

38.634.737.644.2

41.640.339.7

325210

500310

2, 600

480

1,0091,471

1,345135.779

256986

8,423

3.53.1.3

1.21.5.2

40 842 744 341 039 940 140 640 5

39 641 141 343 838 341 140 7

38 839 540 037 5

36.342 944.0

38.741 341.041 441.042 042. 136 736.0

42 230.837 4

41.245.337.440.236.7

43. 339.842. 341.0

40.6

38.834.637.744.1

41.240.841.0

375170

575310

2,600

542

9101 263

1,136117,402

255566

6,739

3.83.2.3

1.11.5.2

40 640 340 041 039 840 740 840 5

39 941 541 344 039 341 440 7

39 439 840 038 1

36.643 044 1

38.741 441 141 240 642 343 137 937 5

42 235 139 0

40 145 337 741 236 7

43 939 442 341 1

40 6

39.135 438 344.2

41 340 440 1

500500

700650

3 400

548

8981 121

1,057108, 861

405664

6,606

4.33.2.3

1.21.5.2

39 841 742 541 239 140 540 239 7

39 741 941 744 839 741 442 2

38 339 640 337 7

36.043 144.5

38.741 240 941 340 841 342 737 737 4

41 235 538 2

40 845 438 242 137 2

43 240 042 241 4

40 9

39.735.939 144.1

41 340.639 *>

425750

650900

3 200

514

9691,092

92491,602

325968

6,764

3.43.4.3

1.31.6.2

40 641.141 541 039 140 940 640 3

39 941 141 643 739 240 941 4

39 240 240 738 6

36.943 244 4

38.941 240 841 040 441 342 138 338 1

42 133 537 5

40 145 837 741 636 7

43 340 242 441 6

40 6

39.635.739 143. 8

41 640.038 5

450220

650380

3. 000

603

877961

83992, 834

376070

7,681

4.54.0.3

1.32.2,2

40 341.241 341 439 540 841 240 9

40 141 742 943 539 941 240 9

40 440 541 038 5

36.843 644 5

39.341 541 141 340 841 541 437 236 3

42 828 736 5

40 845 938 542 837 4

43 040 142 441 4

40 7

39.135 038 444.0

41 240 340 3

400240

600430

2 800

622

725858

76383 169

244762

6,528

4.44.4.3

1.12.8.2

41 641 541 941 539 039 841 441 3

40 341 642 842 939 941 0

r 40 0

41 040 841 239 4

37.243 544 6

39.141 540 841 641 442 042 037 636 6

42 837 237 4

41 045 637 441 436 3

42 439 942 241 6

40 7

38.734 838 143.7

41 540 640 2

400225

600320

2,600

587

794784

67270, 091

203542

4,243

4.13 5.3

1 21 8.2

41.543.144.741 738.240 341.541 2

40 341.644 442.636 441.039 9

38 441 241 639 6

37.143 645.0

39.141 641 241 341 442 642 537 937 0

42 6

36 3

40 344 435 438 434 7

42 940 341 941 5

40 9

38.634 537 943.9

41 540 239 4

22590

475190

2 650

504

937863

685r 74 674

273740

4, 132

3.3r 3 1

3r 1 2r 1 4

.2

r 41. 6Ml. 8

r 41 4r 41 2r 40 4Ml. 8

r 39 141 2

-37.1T 43 6

'39.7Ml 8

r 41 o

r 41 2

r 3Q 2

17550

350200

2 000

431

1 1931 123

86195 153

324751

5, 230

p 2 . 4p 2 9

p 2p 1 4P 1 1

p. 2

p 41.0p40. 1

p 40 7p 40 2

p 39 9p 41 5

p 37 9p 40 3

P 36.5p 43 2

p 38. 7p 41 5

p 41 3

p 40 8

P 39 3

P 1 462

r Revised. v Preliminary.9 Includes data for industries not shown.<? Beginning 1955 includes data relative to UOFE (January 1955 initial claims, 29,000; beneficiaries, 2,700; benefits paid, $307,000).


S-14 SURVEY OF CUEREXT BUSINESS February 195$

Unless otherwise stated, statistics through 1954 and ! l954

descriptive notes are shown in the 1955 edition of | T^npmBUSINESS STATISTICS | her Janu-

aryFebru-

ary March April May

19*

June

5


berDecem-

ber

1956

Janu-ary


WAGES

Average weekly gross earnings (IT. S. Department ofLabor) :

A.11 manufacturing industries dollarsDurable goods industries do

Ordnance and accessories doLumber and wood products (except furniture)

dollars--Sawmills and planing mills ... . do ..

Furniture and fixture*' doStone, clay, and glass products do

Primary metal industries 9 - .. doBlast furnaces, steel works, and rolling mills

dollars .Primary smelting and refining of nonferrous

metals dollarsFabricated metal prod, (except ordnance, ma-

chinery, and trans, equip.) dollars. -Machinery (except electrical) doElectrical machinery do

Transportation equipment 9 do\utomobiles do\ircraft and parts doShip and boat buildinsr and repairs.- _ _ _ d o . _Railroad equipment do

Instruments and related products . doMiscellaneous mf(r industries do

Nondurable-goods industries doFood and kindred products 9 . _ do . -

Meat products doDairy products - doCanning and preserving. _ _ do_ __Bakery products - doBeverages .. _ do . _


Broad-woven fabric mills doKnittinf mills do

Apparel and other finished textile productsdollars _ -

Paper and allied products doPulp, paper, and paperboard mills. do

Printing, publishing, and allied industriesdollars ..

Chemicals and allied products doIndustrial organic chemicals. do -

Products of petroleum and coal doPetroleum refining . do

Rubber products doTires and inner tubes do

Leather and leather products doFootwear (except rubber) _ . do


Metal doAnthracite . . . . _ . _ doBituminous coal ... do ...Crude-petroleum and natural-gas production:

Petroleum and natural-gas productiondollars . .

Nonmetallic mining and quarrying doContract construction do

NoTibuilding construction doBuilding construction. . . . do

Transportation and public utilities:Local railways and buslines do _ _ _Telephone .. . - - doTelegraph doGas and electric utilities.. . do

Wholesale and retail trade:Wholesale trade doRetail trade (except eating and drinking places) 9

dollars.-General-rnerchandise stores doFood and liquor stores doAutomotive and accessories dealers do

Finance, insurance, and real estate:Banks and trust companies ..do

Service and miscellaneous:Hotels, vear-round _ .doLaundries doCleaning and dyeing plants, - ,_do

74 1280. 1582 21

66. 9166.6765 8373. 98

85. 60

87. 98

81 00

80. 7083. 4474. 52

93. 0899 4487.7783. 1088.88

75. 3360 18

66. 4770. 7981. 7569.3455.3969.1278.21

49.9255. 0753.5950. 56

49.0176.0182. 34

90. 0979.9084.46

92 5796.2284. 8598.1852. 1649. 10

87.5789. 8692. 01

90. 6876. 3894.2889.4795. 40

79. 4970.7477. 0084.87

75. 89

56. 8841. 9261. 4476. 37

58. 51

41.3840. 7047, 01

73 9780. 1681 20

66. 3466. 7563 9973. 49

87. 26

90. 1 2

81 61

80. 1582.8274. 56

92. 6296 7588.8182.7487.82

75.1765 93

66.0270. 1879. 6570. 5854. 6768 2877.62

50 1454. 2552. 6749. 37

48.6075 7282. 16

88. 2479. 7384. 25

93 0296. 9383. 8497.4152. 6849.88

90. 3176.8892.01

95. 4975. 0591 6985. 0193. 02

78. 6369. 6376 8284. 25

75. 1 4

57. 5741.6561. 1875. 68

58. 97

41. 2640. 4046. 41

74 7480. 5682 22

66. 5067.5765 6773. 49

87.29

89. 95

81 20

80. 3483.6474.74

93.2898 9987 9582. 9585. 89

76. 1466 12

66. 3670.0776 0071 . 4556. 1568.8578.61

49 5855. 2053 3350. 81

49.5576. 0882. 34

89.4780.3484.86

91 2594. 8784 2596. 4653. 9351. 59

88. 2094.7494. 50

89.3874.0591 4388.3191.96

79.3770.9876 8284. 66

74. 96

57. 5741.0761. 0276. 91

59. 02

40. 9640.2045, 22

75 1181. 5682 42

66. 1066. 9965 6774. 75

88. 34

91.25

81 41

80.7384.8775.33

94.37100 5688.3882. 7684. 14

76.1466 58

66.7070.0777.7671.2856. 2468. 2880.00

51.5154. 8052. 9350. 69

49. 7177.0483. 16

90.7980.3285. 69

93 6196. 9683.6495.5153. 5251. 05

87.7880.0791.88

91. 4377.1794 0691.4894.42

79. 1870.2077. 1984. 05

75.76

57.4241. 1860. 5478. 68

59. 08

40. 4540.6047.04

74 9681.5882 42

67. 0667. 4064 4875. 17

89. 40

92. 34

81 61

80. 3485.7075. 52

92. 6297 8887.1083.1688.00

75. 7665 76

65.9170. 1276. 0070.9557.6868. 1181.41

50.6053. 0252. 0047. 92

46. 9976.9383. 47

89.7181 . 3687.12

95 9499.7286. 53

102. 1851.2448.24

86.3174.8893.00

93.6778.5892 5289.3993. 10

79.9871.7178. 5484. 66

76. 1 7

57. 5140. 6060. 5480.00

59. 00

40. 3540. 7047.24

76 3082. 7882 82

68. 4769. 6464. 7176, 91

90. 69

93. 66

82 62

81. 5487. 1576. 30

94.79101.0088. 15R3. 3988.62

75. 9266. 83

67. 3271.5179.3072.7156. 6869.8782.21

54. 7154. 5153. 2049. 50

47. 9277. 6583. 60

90. 9581.7786. 51

97 70101.2787. 36

101.8851. 7548.24

89.4677.6293. 87

96.4181.9996 1294. 0796. 52

80. 5472. 8379. 5285. 28

77. 14

58. 2040. 8361.0781. 14

58. 69

40. 7941.6249.61

76 1181.9983 44

71.9073.1066 9877. 52

91.30

95. 12

82 82

80. 9587. 5775. 92

88 2689 2088 1583.1890 35

77 9366 42

67 8371.3879 3073 0455. 8170 7982.21

55 5554.9253 2050 29

48. 6878 6985. 1 1

90. 9582.8087. 54

97 23100. 2888 83

105. 6053. 4450. 63

90 7387.4098. 28

93. 0382.9096 8996.4196.89

82.0970.9279 5285. 49

59. 0442.1362. 4381.77

58. 50

40. 4740. 8048. 12

76 3682.6282 62

69. 6670. 3564 9677.23

92.57

98. 65

84 65

81.9986.1174.82

92 9997 7589 4081.7290 32

76 3865 51

67 8972 0780 4875 2654 7970 7987.35

54 0054.2553 2049 01

47.8879 3086.78

90. 9583.2287 94

99 53102 4186 32

103 3352. 4049 74

91 4686 2795 50

96. 2983. 9998 9499 3698 95

81 2272 0079 3486 94

78 53

60. 3443. 0863 7381 14

58. 77

40.8941.0147.04

76 3382.6182.42

72. 2172. 8368.4677.93

91.94

96.96

81. 48

82.7886.9475.92

92.0695 4588.9883.6793. 25

77. 5566 50

67 8371. 1083 6272.9856. 4570. 3585.28

50 5755.4854. 1350.95

49.8279 9287.02

91. 4282.8186.90

97 5899.7986 32

102. 7253. 2450.67

94 7385.7694.50

92.6384.7398 0299. 0197.99

81. 4072. 7679.7187.78

77.95

60. 1942.4863. 7381. 03

58. 67

40.7740.4045. 82

77 7184. 4685 28

70. 9371.6269. 3779. 19

97. 39

103. 91

89 42

84.0288. 8376. 17

93 1196 2390 6784 9394 25

79 5268 30

68 Q772 9887 5273 9558 6571 2884 66

50 5056. 7056 1751 21

50. 0581 1088. 11

93.1484. 2589 60

100 36102 8286 74

101 0252. 4549 01

96 7372 6196 73

95. 8885. 83

100 87102 29100 61

81. 7072 5879 7187 77

78 96

59. 8242. 0062 9880 96

59. 09

41.2040 7048. 36

78 5085. 0785 28

71.1071.8069. 9678.77

96.10

99. 47

88 58

85. 6790. 1079.46

94 2198 4791 3084.2491 54

80 3269 38

69 3273 6387 7472 0759. 0571 3482.00

51 2557. 5356 4453. 19

50. 5981 3588.31

92.6783.4288. 13

99 84103 0989 04

103 7453. 3949.41

97 5896 7299.86

96. 3584.3698 3699 3698.01

80.5673 4279 3489.02

79 37

58. 8241. 7662 4879. 53

60. 25

41. 5041 0148.24

79.5286.3186.94

68.4570.1469.0479.04

96.33

100. 37

87 54

84.4490.7479.27

99 56106 3991 7482.1394 30

80 5169 63

70 1274 8894 1372 4253.5172 1682.19

51 4658.5057 4153 86

50.4681 5389.10

92.2884.8689 82

99 95103 9192 44

107 9554.9651 06

97 13

96 92

94.3081.7093 1091 7893 34

81 0875 7678 3589 23

78 94

58. 6741.0662 5479 46

60.64

41.5040 6047. 28

r 79. 71r 86. 31r 86. 73

r 68. 06

T 69. 37r 79. 00

r 97. 67

' 84. 8593.10

r 79. 87

r 95 30

r80 73r 70 04

T 70 30r 76 08

r 53 9658.50

'50.46r81 97

r 94. 49r 85. 27

r gg 4Q

r 88 99

r 56. 45

p 78 36v 84. 05p 86 73

P 65. 60

p 66 42p 77.30

p 83. 43p 92 66P 79. 13

T 90 23

p 79 77TJ fiK 34

•P 69 83p 75 95

P 53 06p 57. 23

T 50. 01P 81 65

p 92. 11p 85. 08

P 99 12

P gy 72

p57. 38

T Revised. v Preliminary.9 Includes data for industries not shown.


February lf)r>6 SURVEY OF CURRENT BUSINESS S-15


1954

Decem-ber

Janu-ary


19

June

55


berDecem-

ber

1956

Janu-ary


WAGES— Continued

Average hourly gross earnings (U. S. Department ofLabor) :

4.11 manufacturing industries dollarsDurable-goods industries do

Ordnance and accessories. doLumber and wood products (except f i i rn i tu re )___

dollars—Sawm ills and plan ing m ills - . d o

Furniture and fixtures doStone, clay, and glass products. doPrimary metal industries 9 do

Blast furnaces, steel works, and rolling millsdollars..

Priinary smelting and refining of nonferrousmetals _ _ _ _ . . ... dollars

Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment) dollars. .

Machinery (except electrical) doElectrical machinery . do

Transportation equipment 9 - doAutomobiles doA ircraft and parts . do...Shin and boat building and repairs doRailroad equipment do

Instruments and related products do ...Miscellaneous mfg. industries .do ...

Nondurable-goods industries. __doFood and kindred products 9 do ..

Meat products . _ _ ... .-..doDairy products - doCanning and preserving doBaker v products - doBeverages - . do


Broad-woven fabric mills doKnitting mills do

Apparel and other finished textile productsdollars. .

Paper and allied products. _ .doPulp, paper, and paperboard mills do

Printing, publishing, and allied industries-doChemicals and allied products... do

Industrial organic chemicals. - —do

Products of petroleum and coal doPetroleum refining do

Rubber products ... . _ , ..do ...Tires and inner tubes do

Leather and leather products _ doFootwear (except rubber) ..do


Metal doAnthracite doBituminous coal _ _ . ..doCrude-petroleum and natural-gas production:

Petroleum and natural-gas prod dollars..Nonmetallic mining and quarrying do

Contract construction doNon building construction doBuilding construction _ . _ _ . . ..do ...

Transportation and public utilities:Local rail wavs and bus lines - do... -Telephone _ doTelegraph doGas and electric utilities __ do

Wholesale and retail trade:Wholesale trade doRetail trade (except eating and drinking places)

dollars..General-merchandise stores . doFood and liquor stores .._ . _.doAutomotive and accessories dealers do

Service and miscellaneous:Hotels, vear -round doLaundries _ ... do ._Cleaning and dyeing plants do

Miscellaneous wage data:Construction wage rates (ENR):§

Common labor dol. per hrSkilled labor do

Farm wage rates, without board or room (quarterly)dol. per hr_-

Railway wages (average, class I) _ . do. _ _Road-building wages, common labor do

I 831 952. 02

1.641.631 591 802.14

2.25

2. 00

1.942 041.84

2. 192 262. 122.122.20

1 861.63

1.671.711.91

62.4569

.98

.3037

.3232

.35

.78

.882.311.932. 00

2.282 372.032.361.381. 32

2. 10? 562.48

2.251.762.592.332. 65

1.841.801 862.05

1.86

1.441.131.601.72

991.011. 19

2. 0223 186

1. 928

1 841 962. 03

1.631.641 58.81

2.16

2.27

2.01

1.952 031 85

2. 202 252 142.102.19

87.64

.6872

.9163

.4569

.97

.3337

.3232

.35

.79

.882.311.942.07

2.282 372. 032.371.391.33

2. 112 412.48

2.291.772.592.312.65

1.851. 791 862. 06

1 86

1.481.181.611.72

981.011. 19

2. 0223 188

.881.9491.64

1 851 962. 03

1.631.641 591.812.15

2.26

2 01

1.952 041 85

2 202 262 142 102.18

1 881 64

1 681 731 901 651 471 701 98

1 341 381 331 33

1.351.791.882.331.952.08

2.272 362 042.371 391.34

2.102 612 50

2.241.782. 592 332. 65

1.851 821 862 07

1 86

1.481.171.611.74

981.011 19

2 0193 188

1.977

1 851 972. 03

1.621 . 631 591.812.16

2.27

2 01

1.952 051 86

2 212 272 142 092.13

1 881 64

1 681 731 921 651 481 691 99

1 371 371 321 32

1.341.801.892.341.942.09

2 302 402 042.371 391.34

2.112 512 49

2.281.772. 572 312.63

1.851 801 862. 06

1 88

1.481.171.611.78

971.011 20

2.0213 190

1. 925

i

1 86 •1 98 ''2.03

1.661.661 601.822.17

2.28

2.01

1 . 952 061 86

2 202 252 142. 102. 20

1 881 64

1.691 741.901 651.531 692 01

1.391 371 331 32

1.321.811.912. 331.972.13

2.342 452.072.411.401.34

2. 102 602 50

2.331.792.572.342. 63

1.861 821 872.07

1 89

1 . 491.171.611.81

971.011 19

2 0253 190

.851.9461.74

1 871 992.03

1.671 671 591.842.18

2.29

2 03

1.962 071 87

2 222 282 152 092 21

1 871 65

1 701 741 921 661 4K1 702 02

1 411 381 331 32

1.321.811 902. 351.982. 11

2 369 472 082 421 411.34

2 122 522 51

2. 341.812.572 342 63

1.861 831 882 08

1 90

1 501.181 621.84

991 021 21

2 0503 207

1.942

1 87i on2. 04

1.721 721 611.852.20

9 32

2 04

1.969 08

1 87

2 192 232 152 092 22

1 911 64

1 701 721 921 661 421 712 02

1 411 38I 331 32

1.331.831 932.352.002 13

2 362 472 102 451 411.35

2 152 492 52

2.321 832.579 342 64

1.871 801 882 08

1 91

1 511 191 631 85

981 011 20

2 0593 227

1. 941

1 892 022.05

1.721 79

1 601.872.28

2 46

2 09

1.992 081 88

9 232 302 172 092 23

1 901 65

1 711 721 931 681 381 712 07

1 411 371 321 30

1.331.841 952.352.022 15

2 412 51o Q92 421 391. 33

2 222 432 50

2.361 852.599 3fi2 fi6

1.881 801 882 10

1 92

1 521 201 631 84

991 011 20

2 0733 247

.881 9621 72

1 882 012. 04

1.741 731 631.862.27

2.43

2 10

1.992 091 87

2 242 302 172 142 28

1 911 65

1 701 732 011 671 441 722 06

1 291 381 331 32

1.351.851.962.352.012.13

2 382 472 092.441 391.33

2 252 562 52

2.311.852.602 382 67

1.881 811 882 11

1 92

1 521. 191 631.85

981 011 19

2 0873 264

1.938

1 902 042.08

1.731 731 641.892. 33

2 51

? 16

2.012 111 89

2 262 339 192 152 31

1 931 67

1 721 752 041 701 471 732 07

1 251 401 371 33

1.361.861 982.372. 032 18

2 432 522 092 441 411.35

2 269 532 65

2. 351 872.622 39'> 69

1.901 811 882 12

1 94

1 531 201 641 84

I 001 011 °0

9 0873 971

1 954

1 912 042.08

1.731 731 651.882.31

2.45

2 15

2. 032 131 qi

2 272 352 202 162 30

1 941 68

1 721 772 051 681 481 742 05

1 251 411 371 35

1.36..87I 982.372.012.16

2 402 492 122 471 421.35

2 282 602 67

2. 351 852. 632 402 70

1.901 841 882 14

1 95

1 521 201 641.82

I 001 011 20

2 0933 286

1 9831 72

1 932 062.10

1.691.691 641.902.31

2.46

2 13

2.022 141 91

2 312 382 202 152 34

1 941 69

1 741 802 121 701 471 762 06

1 341 421 381 36

1.361.871 982.362.042 18

2 422 519 172 541 451.38

2 28

2 67

2 341 842 639 399 69

1 891 881 872 15

1 93

1 521 191 651 81

1 001 011 20

9 Q943 289

1 987

1 939 ()(i

••2 .10

1.66

T i 64r 1.89

2.32

2.03? 161 92

r 2 28

1 951 70

r 1 741 82

r 1 381 42

>• 1. 36* 1.88r 2.38' 2. 04

r 9 4()

r 2 IB

1 44

9 0973 990

" 1 93v 2 05p 2. 10

p 1.64

•» \ 64p \. 89

>' 2. 03P 2 17p 1 93

p 2 25

p I 9f>v 1.70

T 1. 75*> 1 83

v \ 40r \ 42

p 1.37v 1.89

P2.38'' 2. 05

p 2 40

p 2 15

p I 4fi

2 107'•} 298'

.91

r Revised. v Preliminary.9 Includes data for industries not shown.§ Rates as of Feb. 1, 1956: Common labor, $2.117; skilled labor, $3.309.


•S-16 SUEVEY OF CURRENT BUSINESS February 1056


1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

FINANCE

BANKING

Acceptances and commercial paper outstanding:Bankers' acceptances _ _ _ _ mil. o fdo l__Commercial paper do

Agricultural loans and discounts outstanding of agen-cies supervised by the Farm Credit Adm.:

Total mil of dolFarm mortgage loans total do

Federal land banks doLand Bank Commissioner do

Loans to cooperatives do _Other loans and discounts do

ank debits total (345 centers) do-__New York City do

B6 other centers cf - - do.-

Federal Reserve banks, condition, end of month:\sset<* tot-il 9 mil. of dol

Reserve bank credit outstanding, total 9-- -doDiscounts and advances doUnited States Government securities do

Gold certificate reserves - do

Liabilities total 9 - _ d o _ _ _Deposits total 9 d°

Member-bank reserve balances doExcess reserves (estimated) do

Federal Reserve notes in circulation do

Reserve ratio - - - percent

Federal Reserve weekly reporting member banks,condition, Wednesday nearest end of month:

Deposits:Demand adjusted _ -_ _ mil. ofdol..Demand, except interbank:

Individuals, partnerships, and corporationsmil. of doL-

States and political subdivisions.. . _ doUnited States Government. do _

Time except interbank total 9 doIndividuals, partnerships, and corporations

mil. of dol_-States and political subdivisions do

Interbank (demand and time)-- _ do

Investments total - - - -- -doU. S. Government obligations, direct and guaran-

teed total --- - - mil. of doLBills - do. -Certificates doBonds and guaranteed obligations do- _Notes do

Other securities _ _ _ do_ -

Loans (adjusted) totalO doCommercial industrial, and agricultural do _ _To brokers and dealers in securities doOther loans for purchasing or carrying securities

mil. of dol- -Real -estate loans -- - - - do ... -Other loans do

Money and interest rates :§Bank rates on business loans:

In 19 cities percentNew York City do

11 th rl t ' n "ti do

Discount rate (N Y F R. Bank) doFederal intermediate credit bank loans doFederal land bank loans doOpen market rates, New York City:

Acceptances, prime, bankers' 90 days doCommercial paper, prime. 4-6 months doCall loans, renewal (N. Y. S. E.) _do . ._Yield on U. S. Govt. securities:

3-month bills - - do3_5 year taxable issues do

Savings deposits, balance to credit of depositors:New York State savings banks mil of dolLT. S. postal savings - -- ....do _ . _

CONSUMER CREDIT(Short- and Intermediate- term)

Total outstanding end of month mil of dol

Installment credit, total do

Auto mobile paper doOther consumer-goods paper doRepair and modernization loans doPersonal loans. _ _ __ _ -_ . .-. do

873733

2,3051,2931,281

13364648

186,31773, 81738, 217

50, 87225. 885

14324, 93221, 033

50, 87220, 37118, 876

25826, 253

45.1

58, 445

60, 1173, 9392,597

20, 169

18, 8061,154

14, 273

45, 526

36, 9022,5432,768

23, 3918,2008,624

41,00822,4862,688

1,1137,176

' 8,205

3.553.303 553.90

1.501.904.17

1.251.313.00

1.1741.94

15, 4752,137

30. 125

22, 467

10,3965,6681, 6164,787

869713

368662

163, 39362, 64233. 531

49, 62624, 960

47523, 88521,038

49, 62620, 13818,918

58125, 640

46.0

57, 639

58, 3174,2322,320

20, 198

18, 8641, 126

13, 651

44, 783

35, 7992,0652,551

23, 1028, 0818,984

40, 48321,9262,582

1,0567,2798,346

1.501.794.17

1.331.473.00

1.2572.11

15,5582,116

29, 760

22, 436

10,4595, 6091,5744,794

831703

355696

149, 74457, 09131,595

49, 44224. 769

'48523, 60521,032

49, 44219, 87918, 562

47125, 609

46.2

56, 270

57, 7623,9602,633

20, 280

18, 9301, 145

13, 402

43, 590

34, 5991,8161,633

22, 0769,0748,991

40, 75122, 241

2.374

1,0807,3598,408

1.501.794.17

1.381.683.00

1.1772.18

1 5, 6042. 095

|

29,518

22, 508

10, 6415, 484

1 1,5504,833

807681

2,4341, 3471.336

12339747

178, 92467, 24239,908

49, 43424, 667

39123,61321,027

49, 43419, 80618, 283

41225, 528

46.4

55, 590

56, 4744,0622, 534

20, 329

18, 9901,132

13, 085

41, 932

32, 8851,2861,117

21,8068,6769,047

41, 44822, 5972,483

1,1137,4748,488

3 543.293 55

1.501.794.17

1.381.693.00

1.3352.30

15,7702,075

29, 948

22, 974

11,0535,4791,5304,912

767623

325792

1158.29657, 63434, 494

49,91324, 988

56023, 61 220. 985

49, 91320, 15818, 495

33425, 496

46.0

56, 969

57, 9214,2163,105

20, 319

18, 9691,142

12, 988

42, 960

33, 9831,7501,911

21, 6828,6408,977

41,81822, 5452,660

1,1087,5708,652

1.751.834.17

1.431.903.00

1.6202.39

15,7642, 052

30, 655

23, 513

11,4825, 4921,5345, 005

686572

318835

1167,71462,21136, 570

49, 30624, 780

46023, 66220, 988

49, 30619, 68518, 221

19225, 656

46.3

56,011

57, 6244,3613,148

20, 363

19,0371,113

12, 974

41, 724

33, 0261,0811,149

21,4909,3068,698

42, 44022, 6362,742

1, 1557,7198,910

1.751.924.17

1.502.003.00

1.4912.40

15, 8302, 030

31,568

24,149

11,9855, 6551, 5465,063

655572

2, 6051,4081 408

0319878

U77.91767, 63437, 569

49, 66624, 601

12823, 60720, 994

49, 66619,26818, 066

-7325, 868

46.5

56, 156

57, 3764,2583,224

20, 449

19, 1731,059

13, 058

40, 798

32, 0761,019

74321,3139,0018,722

43, 67423, 5012,678

1,1907,8739,153

3.563.303 553.95

1.752.084.17

1.502.003.00

1.4322.42

15, 9852,008

32, 471

24, 914

12, 5615,6391,5625,152

650593

2 6511,4211 421

0336894

1161,74858, 90434, 123

50, 48825, 719

75424, 09120, 994

50, 48820, 45118, 999

68825, 945

45.3

55, 865

56, 9843, 9633, 374

20, 333

19,1041,018

13, 339

40, 765

31, 9751,160

93221,0778,8068,790

44, 11323, 5502,775

1,1907, 9939,340

1.752.424.17

1.502.113.01

1.6222.54

16, 0221,984

32, 896

25, 476

13, 0385, 6761,570

! 5, 192

655580

2 6701,4361 436

o341893

'1167,34358, 98035, 863

49, 88024, 911

47023, 76020, 993

49, 88019, 53218, 368

21726, 004

46.1

55, 931

57, 5233,9903,256

20, 385

19, 1461,032

12, 977

39, 716

30, 948985625

20, 9658,3738,768

44,69624, 1712,467

1,1848, 1209,492

2.002.424.17

1.672.333.34

1.8762.73

16,073•• 1, 961

33,636

26, 155

13, 5475,7621,5895,257

671564

2 6631,4511 451

0357855

••1168,96762, 55035, 126

50, 24325, 250

60323, 83420, 994

50, 24319, 74118, 423

21126, 142

45.8

56, 306

58, 3163,7722,635

20, 405

19, 210993

13, 077

39, 044

30, 347994496

20, 7878,0708,697

45, 44924.660

2, 406

1,1948,2579,669

3 773.543 764 11

2.252.564.17

2.082.543.40

2.0862.72

16,190v 1, 943

34,293

26, 699

13, 9295,8481,6115,311

662547

2 6411,4641 464

0386791

^175,77967,56835, 803

50 22125, 430

70624, 02421, 007

50, 22119, 84818, 565

17226, 246

45.6

56, 394

58, 1304,0552,876

20, 513

19, 356952

13, 515

39, 124

30, 559842

1,19620, 6447,8778,565

46, 49925, 3032,689

1,2458,0739,926

2.252.654.17

2.232.703.50

2.2592.58

16, 191p 1, 925

34,640

26, 963

14, 0955,9171,6275, 324

|

642542

2 6041 4771 477

o392735

''173,19063 40636, 876

51 19725, 776

61824, 25621,002

51, 19719,77018, 474

5726, 629

45.3

56,900

59,4753,9712,870

20,367

19,192971

13,111

38,006

29,643636824

20,7777,4068, 363

47,33126,0142,605

1,2488,18810,015

2.503.004. 17

2.172.813.55

2.2252.70

16,295* 1,908

35 059

27,247

14, 1726,0571,6345,384

642510

2 5921 4971 497

o374721

1 200,52381 02740 193

52 34026, 507

10824, 78521, 009

52, 34020 35519, 005

* 10226, 921

r 44. 4

58, 882

62, 1664,0262, 239

20, 527

19, 354969

13, 882

38, 380

30, 1221, 535

91020, 6806,9978,258

48, 35626, 6732,852

1,2718. 147

10. 159

3 933.763 954 17

2.503.004.17

2.432.993.63

2.5622.83

16,509v 1, 890

36 225

27, 895

14, 3126 4351,6415. 507

50 61525, 122

85223, 46621,010

50, 61519 88118, 750

p40426, 170

45. 6

57, 607

58,9464,3991,477

20, 416

19, 251963

12, 917

36, 983

28, 8221,044

69820, 2306,8508,161

47, 71126, 2602,625

1,3028,154

10, 197

•-:::::::

16 584

r Revised. v Preliminary. ! Data are for 344 centers.d* Includes Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.9 Includes data not shown separately.O Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross.§ For bond yields, see p. S-20.




1954

Decem-ber Ja?y" | Fear™' | Mareh April

1955

May June July August Septem-ber October Novem-

berDecem-

ber

1956

Janu-ary

FINANCE— Continued

CONSUMER CREDIT— Continued(Short- and Intermediate-term)

Total outstanding, end of month— ContinuedInstallment credit — Continued

By type of holder:Financial institutions, total mil. of doL

Commercial banks doSales-finance companies do - _Credit unions doOther do _

Retail outlets, total do---.Department stores - _ _ doFurniture stores - doAutomobile dealers _ _ doOther do .

Noninstallment credit, total do —

Single-payment loans -- - do ._Charge accounts do ...Service credit doBy type of holder:

Financial institutions - -_ do _ _Retail outlets doService credit -- - do

Installment credit extended and repaid:Unadjusted:

iCxtended total - _ _ d oAutomobile paper - _- doOther consumer-goods paper - do __All other - -~ do

Repaid total -- doAutomobile paper - - do -_Other consumer-goods paper doAll other - - do _

Adjusted:Extended total - - do ...

Automobile paper doOther consumer-goods paper -- do -411 other do_ -.

Repaid total - doAutomobile paper do. ...Other consumer-goods paper doAll other - do ~

FEDERAL GOVERNMENT FINANCE

Budget receipts and expenditures:Receipts total mil. of dol .

Receipts net do ..Customs -- do^ _ -Income and emplovment taxes - - doMiscellaneous internal revenue - do _ . _\11 other receipts - do

Expenditures, total - do_...Interest on public debt _ - do - -Veterans' services and benefits - _ d o - _ .National security doAll other expenditures do ...

Public debt and guaranteed obligations:Gross debt f direct) end of month, total -do _

Interest bearing total doPublic issues -~ -- do. .-Special issues do

Noninterest bearing doObligations guaranteed by U. S. Government, end

of month mil. of dol- .U. S. Savings bonds:

Amount outstanding end of month - doSales Dories F through K doRedemptions _ do ...

Government corporations and credit agencies:Assets, except interagency, total mil. of del-

Loans receivable total (less reserves) doTo aid agriculture -. - do -_To aid homeowners doForeign loans _ _ _ _ - .. do _ . _\ll other do

Commodities, supplies, and materials doU. S. Government securities doOther securities and investments doLand, structures, and equipment doAll other assets do

Liabilities, except interagency, total doBonds, notes, and debentures .__ . _do ....

18, 938,636,421,292,58

3,531,20

890394

1,047

7, 658

2,4203, 5181,720

2,4203,5181,720

3. 0461,184

936926

2, 5931, 084

666843

2,7621,298

679785

2,4881,083

643762

4,2173,742

473, 204

801165

6,2881,200

4013,739

947

278, 750275, 731233, 16542, 5663,019

34

58, 358557633

41, 40319,3486,9292,9078,0011, 739

3,8522,9673,4328,0463,758

5,2851.101

Other liabilities _ do 4. 183Privately owned interest doU. S. Government interest do '

50835, 610

18, 9778,6516,4621.2822, 582

3, 4591.158

862397

1,042

7. 324

2, 3713,2251,728

2, 3713 2251, 728

2,3891,060

616713

2, 420997675748

2,8231,233

788802

2,4961,020

684792

4,8334,655

483,638

716430

4, 942222379

3,1761, 166

278, 439275, 696233, 42742, 2682,743

24

58, 456742772

19, 1538,6886, 5701,2982, 597

3, 3551,108

848404995

7,010

2, 4272,8311, 752

2, 4272. 831I! 752

2,4161, 167

529720

2,344985654705

2,8981,382

660856

2, 5211,071

680770

5, 9545,427

474, 857

774276

4,831396365

3, 0481,022

278, 182275, 565233, 51742, 0472,617

27

58. 605602543

19,6138,8446,8081,3302, 631

3, 3611,123

838420980

6, 974

2,4812, 7351,758

2,4812, 7351. 758

3,1591, 569

708882

2,6931,157

713823

3, 0351,472

741822

2,5621,096

683783

11, 0899,741

609,906

995127

5,894478386

3,7591, 271

274, 048271, 200229, 10342, 0972, 847

33

58, 701614605

41, 99619, 7827,4663,0137,9681 593

3,6123,1873,4297,9824,004

5,6051,592

20, 1279,0207,0771,3602. 670

3, 3861,138

834437977

7,142

2.4962. 8591,787

2, 4962, 8591.787

3, 0891,512

703874

2, 5501,083

690777

3,0171,404

736877

2,5521,093

672787

4, 9413,732

513,976

795119

5, 228355383

3,3821, 108

276, 649273, 924232, 23341, 6912, 725

37

58, 639535682

4,013 j

1 20, 718! 9, 228

7,3901 1,395

2, 705

3,4311.150

842! 4571 982

7,419

2, 5893,0111,819

2, 5893, 01 11,819

3. 2061,616

741849

2, 5701,113

678779

3, 0911. 517'736838

2, 6341, 139

687808

6,1194, 438

564, 849

939276

5, 356443381

3,3461,187

277, 472274, 804232, 56342, 2402,668

43

58, 64]488581

1

i! 21, 432! 9, 495

7,7471,4342, 756

3, 482! 1,160i 851

481990

7,557

2, 6863, 0401.831

2,6863, 0401,831

3. 4431, 766

766911

2. 6781,190

682806

3, 1651. 580

754831

2,6121, 165

678769

11,27910. 125

579,921

989311

6, 7531 1, 476

3984,146

733

274, 374271, 741228, 49143,2502, 633

44

58, 643496619

40, 63918 9276, 3623 0958, 0321 932

3, 4753 1083 4307,8213 87s

4, 9001.88?

i 3 01 Q .543 ; ! /ifi8

35,848

21,9809, 6568,0871,4582,779

3, 4961,155

856501984

7, 420

2, 59"2,9911,834

2, 5952,9911, 834

3,1311, 594

711826

2,5691,117

674778

3,1221,510

791821

2,6021,132

697773

3,0892,765

541,924

877234

5,382592364

2,8631,564

277, 584274, 955231,61543, 3402,629

42

58, 672494589

! 35,171

22, 6059,8718,4221,495

| 2. 817I

3,5501. 167

871523

i 989

7,481

2,6293,0191,833

2,6293,0191, 833

3, 4361,745

793898

2,7571,236

707814

3,2001,559

770871

2, 7141,195

720799

5,8484, 734

554, 459

945390

6. 225522434

3, 4201,850

278, 309275, 711231, 47244, 2382, 598

43

58, 703487543

23,1010,06(8.6671. 5282,846

3. 5981. 191

878538991

7. 594

2,6573, 1081,829

2. 6573, 1081.829

3, 2411,592

783866

2.6971, 210

697790

3, 2791.613

756910

2,6911, 173

696822

6,1805,498

574.968

947208

5, 340529363

3,611837

277, 476274. 879230! 98843, 8912, 597

48

58, 532462722

23, 32410, 1458,7711.5472,861

3, 6391,203

88954f>

1.001

7,677

2, 66f3,2181,793

2,6663,2181,793

3. 0511,417

785849

2,7871,251

716820

3. 0641.467

721876

2, 7731.231

719823

2,9982,692

621.873

890173

5, 355542364

3. 1611,288

279. 818277, 277233, 61943, 6572,541

48

58, 494451574

23, 52410,2278,8251,5562, 916

3,7231,251

9095-50

1,013

7,812

2, 7573, 2851,770

2, 7573, 2a51,770

3,1031,341

850912

2,8191,264

710845

3, 1751,429

802944

2.8301,280

699851

5, 5274, 662

654,2151,008

240

5, 172542

P426p 3, 116v 1,089

280, 136277, 628233, 61544, 0132,508

53

58,501438526

23,8610, 348,931.582,99

4,031,42

95f55f

1,09"

8,33(

2,77t3,79"1, 75"

2, 77f3, 7971, 757

3, 5081,3691,0901,049

2, 8601, 229

712919

3,1851. 503

792890

.2, 7471,228

690829

5,3374, 889

563,962

879440

5, 651595

P408P 3, 477P 1, 170

280, 769277, 799233, 87343, 9262,970

53

58, 548466545

:

in

280, 049277, 170233, 58443, 5852,879

53

58, 193645

1, 126

r Revised. > Preliminary. i Effective with the fiscal year ended June 30, 1955, changed from a due and payable basis to an accrual basis.




1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

FINANCE—Continued

LIFE INSURANCE

Institute of Life Insurance:Assets, total, all U. S. life insurance companies

mil. of doL-Bonds (book value), domestic and foreign, total

mil. of doL-U. S. Government doState, county, municipal (IT. S.) _ _ . d oPublic utility (U. S.) . - d o .Railroad ( U S ) doIndustrial and miscellaneous (U.S.) do. -

Stocks (book value), domestic and foreign, totalmil. of doL-

Preferred (U. S.) . . ... ...do .--Common (U. S.) do

Mortgage loans, total do _ .N on farm do

Real estate - do - .Policy loans and premium notes doCash doOther assets . - . ._ - do _ _ _

Life Insurance Agency Management Association:Insurance written (new paid-for insurance):©

Value, estimated total mil ofdolGroup and wholesale - - .do ._Industrial doOrdinary, total© _ .._ __do .

New England doMiddle Atlantic - ._. ..do. _.East North Central doWest North Central -do ._South Atlantic doEast South Central doWest South Central doMountain doPacific. - ... do

Institute of Life Insurance:Payments to policyholders and beneficiaries, esti-

mated total thous. of doL_Death benefits ._ -do -Matured endowments , doDisability payments _ _ d oAnnuity payments _ do ..Surrender values doPolicy dividends do

Life Insurance Association of America:Premium income (39 cos ), total^f do

Accident and health do\nnuities doGroup doIndustrial doOrdinary do

MONETARY STATISTICS

Gold and silver:Gold:

Monetary stock, U. S. (end of mo.) ...mil. ofdolNet release from earmark § doExports thous of dolImports - doProduction, reported monthly total 9 - d o -

Africa doCanada doUnited States do . -

Silver:Exports doImports _ _ -_ - _ doPrice at New York dol. per fine o z _ _Production:

CanadaO thous of fine ozMexico _ _ _ _ _ _ _ . _ d oUnited States do

Money supply (end of month) :Currency in circulation mil. of doL _Deposits and currency, total do

Foreign banks deposits, net _ _ doU S Government balances do

Deposits (adjusted) and currency, total . -.do --Demand deposits adjusted doTime deposits _ _ _ _ _ _ _ , d oCurrency outside banks do

Turnover of demand deposits except interbank andU.S. Government, annual rate:

New York City ratio of debits to deposits- -0 other centerscft -- - do. _ _338 other reporting centers t do

PROFITS AND DIVIDENDS (QUARTERLY)

Manufacturing corporations (Fed. Trade and SEC):Net profit after taxes all industries mil of dol

Food and kindred products doTextile mill products - doLumber and wood products (except furniture)

mil. of dol_-Paper and allied products. _ _ do

84, 068

46, 1849,0211, 833

13, 0653 682

16, 002

2,7101.6931,012

25, 92823, 8822,2753,0871,2002,684

4,1371, 159

5102,468

15053652221528610323398

297

525, 998207, 59454, 241

9, 79540, 55171, 445

142, 372

907, 544102, 185175, 582

70, 301128, 007431, 469

21,7131.8

2,3633,024

71, 30045, 50013, 5005,800

2335,795.853

2, 3653,0293, 169

30, 509218,882

3, 3295,869

209, 684106, 55075, 28227 852

48.128.121.0

3 05722337

57127

84, 912

46, 6539,2331,940

13, 1403 705

16. 063

2, 7561, 7151,036

26, 22324. 171

2, 3103, 1271, 1402, 703

3,104386516

2,202158525467180237

9221477

251

477,058182, 79958 32810, 58847, 72274, 776

102 845

21, 714-9.7

7883,016

70, 40045 80012 8005,000

6404,321.853

2, 1754, 9083, 416

29, 789217, 500

3,2005,000

209, 200107 00075, 40026 800

42.025.419.6

85, 324

46, 6909,2421,977

13, 1543 719

16, 092

2,7631,7141, 044

26, 47424, 4052, 3443.1441,1112,798

3, 358620544

2, 19415152047117924792

20283

250

424, 607176, 94351, 320

8, 86938, 30773, 88375 285

21,716-.8689

3, 90567, 90043, 80012 3004,800

2906, 351. 853

1, 9616, 7262, 753

29, 817216 000

3, 1006,000

206, 900104 500

75, 70026 800

41.926.419.6

85, 627

46, 7649,0911,964

13, 1913 716

16, 293

2, 7731,7071, 059

26, 72724, 6292,3673, 1591,0292.808

3, 830462590

2,778188641585226311116275107328

498, 084201, 47458, 8059,216

39,21086, 702

102 677

2,174,366286, 266298 036232, 210251 671

1,106,183

21,719-27.7

6743. 388

73, 30047 20013 0005, 400

1,6955,840.873

2 3864,6603 560

29, 800214 500

3, 2006, 100

205, 300102 40076, 20026 700

41.730.220 0

3 33520187

64130

86, 061

46, 9009,1051,965

13, 2053 724

16, 395

2,7911,7111,073

26, 94924, 824

2, 3813,1771,0272, 836

5, 6452,602

5402, 503

16257852420129610924096

298

419, 386180, 93345,512

9,06433, 92173, 97075 986

21, 671-41.8

1822,658

71,40046 80012 9005,000

1385,223.871

2, 2703,9223,068

29, 769216, 900

3,1006, 400

207, 400104 50076, 20026 700

37.327.1

i 19.2

86, 515

47, 0059,0581,956

13, 2033 774

16, 519

2, 7871,6961,084

27, 21725, 0672 4073, 1901,0672,842

3,641452607

2, 582174597539205310110241101304

439, 941187, 32450,6199,171

36, 42776, 50079 900

21, 674-1.0

3144,854

47, 60013, 4005,300

2363,999.889

2, 2363, 4153,075

30, 009216, 600

3,2006, 700

206, 700103 30076, 50026 800

42.728.4

1 20.6

86, 967

47, 0879,0461,957

13, 2363 771

16, 594

2,8291,7091,112

27, 48325, 3102,4203,2071,0642, 877

4,026711570

2,745186641567230325112258102324

444, 925183, 19250, 254

9,23638, 65575, 60887 980

2,058,101293, 953236 984201,277218, 293

1,107,594

21, 678g

6944,511

47, 40013, 0005,600

2907,423.897

2, 4623.0353, 089

30, 229217, .595

3, 2476,610

207, 738103, 23477, 12927 375

44.728.3

1 20.8

3,878255

79

82154

87, 636

47, 3509,0961,979

13, 3093 771

16, 732

2,8691,7241 137

27, 74825 5512,4533 2301 0942,892

3 588647528

2,41315454651420628910222492

285

398, 481167, 65044 1478, 659

35, 45466, 15976 412

21, 682—.1859

2, 476

48, 50013 5004,100

2106, 549.905

2, 3863,691

596

30, 244P218. 800

P 3, 300p 7, 400

p208, 100"103, 900

P77, 100p27 100

40.726.6

1 20.4

88, 087

47, 4149,1791,979

13, 3193 776

16, 704

2, 8751,7281 139

28, 00125 7872,4713 2451, 1692,912

3,674568540

2,566154540555214320111251100321

442, 123199, 66148, 5009, 062

36, 98376, 31271 605

21, 682—2.9

1833,794

49 10013, 5005, 900

261T 5, 818

.908

2,4823,0532,005

30, 317p218, 200

p 3, 100v 6, 400

p208, 600pl()3 900p 77, 400t> 27 300

38.225.9

1 19 9

88, 529

47, 5789,1291,983

13, 3663 786

16, 858

2, 8701.7201.142

28, 25026, 0252,4923,2601,1422,937

3,746833561

2,35214749950820129010522991

281

421,191180,09544, 4238.674

38, 32767, 73781 935

2,069,637299, 608255 004207, 207216 461

1,091,357

21, 68410.6969

5, 392

48, 50013, 8007,000

649'7,299

.908

2, 3322,8362,840

30, 422P218, 800

p 3, 200P 5, 800

p209, 700P104 900v 77, 700p 27 200

43 527.4

1 21 1

3 73530181

85154

89, 016

47, 7429,0271,990

13. 4003 877

16,985

2,8791,7191 152

28, 56326 3202,5063 2711, 1332,922

3 710579571

2,560163573562202319109234102296

425, 367182, 02851, 6058,800

39, 51973, 86169 554

21, 686-7.1

23010,645

13 8006, 800

910r 6, 717

.918

2,290

2,432

30, 559P220, 700

v 3, 200f> 6, 200

»211, 300?106 100p 77, 900» 27 300

44.726.5

1 20 3

89, 491

47, 7438,8911,987

13 4573 871

17,070

2,8991 7311 160

28 86826 613

2, 5233 2831,2002, 975

4,5981,336

5492,713

177617586211338123243102317

435, 673189, 45353, 4649,207

39, 48571,66772 397

21, 688-27.0

77832, 648

6,300

5226, 655.915

3,087

30, 993P221, 200

P 3, 200p 5, 800

P212, 200pl06 900p 77,400P 27 900

45.4*29.0

1 J>22 0

5 8572,258

5113, 088

192680665248363129292136383

21,690-23. 8

59127, 305

7216, 736.905

31, 158P224, 300

P 3, 200p 5, 300

P215, 700P109 700P 78, 200p 27 900

51 3p 28.3

v p 21 9

.904

T Revised. v Preliminary. l Data for 337 centers.0 Revisions for insurance written for January-August 1954 are shown in the November 1955 SURVEY. Revisions for silver production in Canada for January-September 1954 are shown

ill the December 1955 SURVEY.© Data for January-December 1954 include revisions not distributed by regions.1 Effective with 1955, data are quarterly totals. § Or increase in earmarked gold (—). 9 Includes data not shown separately.concludes Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. % Revisions beginning with 1943 appear on p. 24 of the October 1955 SURVEY.




1954

Decem-ber

Janu-ary


19

June

55


berDecem-

ber

1956

Janu-ary

FINANCE—Continued

PROFITS AND DIVIDENDS— Continued

Manufacturing corporations — ContinuedNet profit after taxes— Continued

Chemicals and allied products, mil. ofdolPetroleum refining _ doStone, clay, and glass products.- _ _ doPrimary nonferrous metal doPrimary iron and steel - . . do .Fabricated metal products (except ordnance,

machinery, and transport, equip.) ---mil. of doLMachinery (except electrical) doElectrical machinery ... _ _ .do _.Transportation equipment (except motor vehicles,

etc.) mil of dolMotor vehicles and parts doAll other manufacturing industries . . -.do...

Dividends paid (cash), all industries ...do __Electric utilities, net profit after taxes (Fed. Res.)

mil of dolRailways and telephone cos. (see pp. S-23 and S-24).

SECURITIES ISSUED

Commercial and Financial Chronicle:Securities issued, by type of security, total (new

capital and refunding) _ . mil. ofdolNew capital, total do

Domestic, total.. _ _ . . _. do _.Corporate doFederal agencies doMunicipal, State, etc. .do _

Foreign _ _ _ do

Refunding, total 9 _ _ doDomestic, total-. _ _ do -

Corporate - - doFederal agencies „ do- _ .Municipal, State, etc - . do

Securities and Exchange Commission:Estimated gross proceeds, total do

By type of security:Bonds and notes, total __ .. do

Corporate doCommon stock . doPreferred stock . ... do . _ _

By type of issuer.Corporate, total 9 do

Manufacturing.- ._ do ...Mining doPublic utility. -. _ - do _ .Railroad doCommunication - - - d o -Real estate and financial do

Noncorporate, total 9 __ . _ . _ do. -U S. Government , doState and municipal .... . do -

New corporate security issues:Estimated net proceeds, total do.__

Proposed uses of proceeds:New money, total - do

Plant and equipment do_-_Working capital do

Retirement of securities doOther purposes _ - .. . do _ _ _

State and municipal issues (Bond Buyer):Long-term thotis of dolShort-term _ _ do -

SECURITY MARKETS

Brokers' Balances (N. Y. S. E. MembersCarrying Margin Accounts)

Cash on hand and in banks mil. of dolCustomers' debit balances (net) doCustomers' free credit balances . .. - --.do -Money borrowed - - do ..

BondsPrices:

Average price of all listed bonds (N. Y. 8. E.),total§ . . _ . dollars .

Domestic _ _ --do -.Foreign do

Standard and Poor's Corporation:Industrial, utility, and railroad (Al-j- issues):

Composite (17 bonds). dol. per $100 bond--Domestic municipal (15 bonds) do

U". S. Treasury bonds, taxable . . _ - - doSales:

Total, excluding U. S. Government bonds:All registered exchanges:

Market value , -thotis. of dolFace value _. do...

New York Stock Exchange:Market value.- -. -do - _ .Face value do

327662116134230

81175203

105275305

2,002

288

2,0431,5691,522

6540

86847

4754503686319

2,552

2,38785410362

1,01918975

4636244

1101,534

557906

1,004

51536714740089

906, 056327, 572

3482,4431, 0231,616

100. 07100. 4378.92

117.0126.698.97

150, 401155, 797

147, 784152. 634

1,4461,1141,015

43152

53398

332332134192

6

2,706

2,51848413553

67219020

24264

798

2,034742541

660

46532514011481

541, 449191,319

2,5581,0691,696

99. 0599.3979.06

116.7125. 497.88

115, 121129, 547

111,885126, 209

86472972638232

3133

135135458011

1,431

1,29436411325

5018613

1111

45149930602328

492

3621771855674

327, 527262, 627

2,6531.0631,779

98. 4198. 7678. 05

115. 7124.996. 97

86, 84390, 703

84, 51688. 119

364575111159262

111224167

102501278

1,422

341

2,0031,6631, 6321 067

4951731

340340137194

9

2,583

2,03387151237

1,42064449

2262527

3861, 163

614540

1,396

1,19075943113571

539, 767209. 769

2,7011,0221,939

98.6298.9778.55

115. 4124. 497.08

93, 992100, 868

92, 03197. 287

1,24497595950931

41916

269269173916

1,654

1,45347514654

67517231

2189319

116979535429

659

44426018516550

429, 030200, 591

2,752973

2, 062

98.2798. 5979.06

115.2124 996.31

80, 46389, 342

78, 89987. 152

1,3241, 1231, 121

74936

3362

20120184

1153

4,399

4,095694209

95

998435

15249

1325

1853,4013,020

350

977

791567224

74112

349 648149, 768

2,731928

2,119

98.3698.6780.36

114.7125. 196.53

82 14190, 512

80, 24986, 856

4135661P218?345

132298173

115578316

1, 436

296

1, 6281 4931 492

592236664

1

13513592412

1,947

1,68453320657

79618082

280187182

1, 151496651

778

6354401948162

650 780218, 322

3372 757

9172,093

97. 9198 1980 28

114.5123 996 37

108 696111 629

106 849108. 668

2,487

2 33358310153

73735832

1054

46129

1 7501 265

470

723

51424705714069

470 161301 267

2 780918

2 080

96.9897 2480 92

114.3121 494 96

93 54796 276

91 21690. 405

1 656

1 44067220016

8871732991

18792

281768509259

870

62328733521632

258 707330 455

2, 752887

2,064

96.9597. 1982 10

113.3120 594.51

82 60483 401

80 54980. 933

429600190157312

158269172

99359369

1,565

284

1 640

1 4665749382

74919052

2243129

166892481407

735

56236819455

118

407 314200 458

2 848977

2 124

97 4497 7181 82

113.1121 394 87

106 046108* 464

104 134l()fi. 239

T 2, 695T 2, 492' 1, 299

r!59r43

1,299••138'28

r!7066

r698rl!2

r 1,396461926

r 1, 282

r 1, 125'997r!28

r75r82

925 818136* 646

2 789920

2 159

98 0798 3581 27

113.5122 595 83

195 875177 186

194 268175. 133

r 1,850

' 1,573r719

19286

r719J-201

14••287

12r40r90

r 1,132438

r661r 705

'592'459r!33

r73r39

r QQl 017242 810

2 796'876

2 260

97 6597 9679 06

113. 7122 795 46

90 76287 870

88 66285. 283

1,916

1, 7651, 001

11338

1,001377

50275523694

915466397

985

807554253

64114

397 355148, 913

2 820895

2 298

97 0897 3778 91

112.4119 895 07

9^ 28395 692

93 79593. 748

121 3

r Revised. p Preliminary.9 Includes data not shown separately.§ Data for bonds of the International Bank for Reconstruction and Development, not shown separately, are included in computing average price of all listed bonds,




1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

FINANCE—Continued

SECURITY MARKETS— ContinuedBonds— Continued

Sales— ContinuedNew York Stock Exchange, exclusive of stopped

sales, face value, total§ thous. of dolU. S. Government do ..Other than U. S. Government, total§--_ do

Domestic do -Foreign - .do

Value, issues listed on N. Y. S. E.:Market value, total, all issues § - mil. of dol

Domestic..- _ _ ._ _. _ . - .. doForeign - do ,.

Face value, total, all issues § - doDomestic doForeign . _ _ _ d o _ -

Yields:Domestic corporate (Moody 's) .__ percent .

By ratings:Aaa - _ _ . do. .Aa doA .. .. do...Baa do

By groups:Industrial doPublic utility __ _ do...Railroad do

Domestic municipal:Bond Buyer (20 bonds) _ do .Standard and Poor's Corp (15 bonds) _ do_ .

U S Treasury bonds, taxable do - _Stocks

Cash dividend payments publicly reported:Total dividend payments mil. of dol

Finance _ _ _ _ _ _ _ _ _ d oManufacturing _ doMining _-do .Public utilities:

Communications doElectric and gas - _ do _

Railroad doTrade _ . . _ doMiscellaneous do

Dividend rates, prices, yields, and earnings, commonstocks (Moody 's):

Dividends per share, annual rate (200 stocks) .dollars _ .Industrial (125 stocks) doPublic utility (24 stocks) _ . __ . - do -Railroad (25 stocks) doBank (15 stocks) do -Insurance (10 stocks) do

Price per share, end of month (200 stocks) 9 - - -doIndustrial (125 stocks) doPublic utility (24 stocks) doRailroad (25 stocks) - . d o

Yield (200 stocks) percentIndustrial (125 stocks) - do . .Public utility (24 stocks) doRailroad (25 stocks) - _ . . _ . - _ . - - doBank (15 stocks) doInsurance (10 stocks) do

Earnings per share (at annual rate), quarterly:Industrial (125 stocks) dollarsPublic utility (24 stocks) doRailroad (25 stocks) do

Dividend yields, preferred stocks, 11 high-grade(Standard and Poor's Corp.)- - - -percent-

Prices:Dow-Jones & Co., Inc. (65 stocks) dol. per share. .

Industrial (30 stock'3) doPublic utilitv (15 stocks) doRailroad (20 stocks) . do ...

Standard and Poor's Corporation:Industrial, public utility, and railroad: cf

Combined index (480 stocks) ... 1936-39=100..Industrial, total (420 stocks) 9 do

Capital goods (128 stocks) . doConsumers' goods (195 stocks) do

Public utility (40 stocks) .. do ..Railroad (20 stocks) __ do

Banks, N. Y. C. (12 stocks) doFire insurance (16 stocks) _ _ _ _ _ . do - . -

Sales (Securities and Exchange Commission):Total on all registered exchanges:

Market value mil. of dolShares sold _ _ thousands

On New York Stock Exchange:Market value . . - mil. of dol- .Shares sold thousands

Exclusive of odd lot and stopped sales (N. Y.Times) . . . thousands-

Shares listed, New York Stock Exchange:Market value, all listed shares _ - mil. of dolNumber of shares listed millions

126,4870

126,487118, 359

8, 051

106, 517104, 442

1,403106. 438103,995

1,778

3.13

2.903.043.143.45

3.073.103.23

2.362.332.57

1, 978. 4239. 2

1.261.8138. 2

42.5118. 088.947.642.2

4.434.732.143.143.153.37

105. 40115. 6447. 5664.27

4 204.094.504.894.092.52

9 432.949.97

3.93

145. 81393. 8461.43

139. 64

264.5296.7296.8228.7144.0217.5147.6295. 9

3,714135, 762

3,19693 705

76, 456

169, 1493.174

101,1004

101,09693, 654

7. 356

105. 476103, 351

1, 456106, 491103. 985

1,841

3.15

2.933.063. 153.45

3 083.123. 25

2.432.392.65

721.1142.0233.7

4.7

121.881.132. 993.511. 4

4.484.792.143.193.153.39

106. 21116. 8346. 9464.354.224.104.564.964.142.58

3.98

147. 98398. 4362.39

142. 45

268.8301.9302.7232.2145. 1222.41 50. 5302.3

3,996142, 277

3, 43896 769

74, 646

171, 1553,208

79. 9924

79, 98873,1106,819

104,518102,427

1,433106,204103,713

1. 836

3.18

2.993. 103.173.47

3 123. 153.28

2.452.422.72

259. 570.885. 52.2

1.367.910.217.04.6

4.564 902.143 233.153 39

108. 30118.4948.5967.424.214.144.404.794. 062 51

4.00

151.70410. 2563.29

145. 64

278.1312.4316.2235. 0149.6231.9153.9311.1

3,547131,210

3,06790 745

60, 815

175, 5883,236

81 3730

81, 37373, 806

7, 547

104, 349102, 266

1,428105, 806103 334

1,818

3.20

3.023. 133.183. 4«

3 143.173 31

2.422.452.71

1, 340. 491.0

869.2100.1

39.3111.064. 538.726.6

4.594 922 183 233 143 49

108. 90117.6147 9767.42

4 214.184 544.793 892 58

9 703 037 00

4.01

152. 75408. 9163.87

149. 06

277.5310.8315.3233.8150.4237.9157.3312.4

3 795135, 043

3,27791 252

66, 865

175. 8063,262

80 5700

80, 57074, 9305, 592

104. 344102,238

1 , 449106. 184103, 696

1,833

3.21

3.013. 133.193.49

3 143.173.30

2.402.432.77

669. 0118.8235. 2

7.1

126. 485.123.957.015. 5

4.604.932.183.363.153.49

111.68122.4049.1272.214.124. 034.444. 653.942.50

3.98

158. 35422. 9964. 56

157. 51

286.2321. 5330.2241.0151.8252. 1164.2322. 5

3,155105, 677

2,73471 171

53, 788

181,3863,284

76 5720

76, 57264, 44412. 041

104,459102,314

1.487106,200103,694

1,851

3.23

3.043.153.213.50

3 173.193.32

2.392.412.75

251. 362.0

104.83.3

1.461.94.58.35.1

4.624.952.213.363.153.49

111.49122. 1548. 5471.63

4. 144.054.554.694.062. 49

3.99

157.89421 . 5564.06

157.75

285.0319.7331.9239.8152.3250.9156. 7327.0

2,67598, 219

2,31668, 645

45. 427

182, 8303, 341

99 5540

99, 55489 6729,846

104, 282102, 181

1,443106. 513104 061

1.797

3.23

3. 053.143. 223.51

3 183.213.31

2.482.482.76

1, 390. 393.6

909.6104.0

40.4112.962.538.628.7

4.634.952.233.403.153.49

119.66133.4149.2172. 963.873.714.534.664.012.40

10 903.088.86

3.98

162. 77440. 7964. 23

161.16

300. 7340.5356.2250. 6153.4258.9157. 2331.4

3,247116, 222

2,78479, 175

58, 148

194, 4063,434

79 1840

79, 18471 5877, 535

104, 002101.892

1 454107, 237104 785

1,797

3.24

3.063.143.243.52

3 183.223.32

2 562.622.87

669.2142.3221.8

7.3

127.586.918.057.57.9

4.665 002.233.423.153.49

123. 15137. 8551.3971.633.783.634.344.773 952 45

3.96

166. 90462. 1665. 51

158. 98

315.3359.6369.1270.0156.4256. 1158.4334.5

3, 08195, 984

2,65468 416

48, 459

198, 2283 475

87 8260

87, 82682 3685 445

103,997101, 853

1, 496107, 273104 796

1,822

3 29

3 113 203 283 56

3 253 263 36

2 632 672 91

263 356.1

107 93.1

4 371 16 58. 16 2

4.795 182.233 423. 153 49

122. 44137. 5951 4371.063 913.764 344.813 932 56

4.01

164.94457. 2965.87

155. 19

311.0354 2361.6269. 1155. 9250.0160.4320.5

2 57984 622

2 22959 906

41 , 806

197, 9943 492

119 7581

119, 757114 398

5 329

104 548102 416

1 487107 291104 818

1 817

3.31

3.133 ?23.313 59

3 253 293 40

2 532.632 88

1 488 4108.5985 7113 2

38 9114 258 641 128 2

4.815 202 243 423 233 49

122. 51138.2149 8369. 603 933 764 504 914 062 67

10 203 139 18

4.06

169. 99476 4365.36

160 08

323. 2371 1380 3282.8154 8257.0165 3314.9

3 323107, 344

2 86475 519

60, 100

197. 5363 519

83 9745

83, 96978 9165' 026

106 110103 982

1 477108 199105 727

1 817

3 30

3 103 193 303 59

3 233 273 38

2 452 562 82

669 0128 5234 9

9 1

128 587 217 455 7

7 7

4.905 302 243 603 233 49

119.02133. 9648 5367 42

4 123 964 625 344 162 73

4.04

160. 92452 6562. 31

149 99

306.2350 1350 6272. 6150 6240.5157 5293 1

2 97895 888

2 59866 364

42, 178

192 7823 560

75 397Q

75 39769 7085' 668

105 501103' 449

l'40^108 039105' 607

1 777

3 29

3 103 183 293 58

3 223 283 38

2 522 552 85

294 6S5 2

112 22 0

1 573 43 49 77 2

5.195 692 273 703 263 60

126. 95143. 7849 q074 47

4 093 964 554 974 092 63

4 01

169. 48476 5964 76

159 29

321.5369 2370 2285.9153 8254 6160 9309 3

2 728101 986

2 35872 613

46 380

204 6503 766

80 651

104 750102 701

1 399107' 898105 471

1 772

3 33

3 153 223 333 62

3 263 313 42

2 582 712 88

2 418 7265 8

1 547 0' 230 5

42 1126 4117 451 338 2

5. 205 712 273 793 303 63

127.97145. 6749 3572 294 063 924 605 244 222 69

4 05

172. 36484 58

64 98163 34

327.0r 37^ g

379 0284.2153 2

r 257 7162 5315 0

2 925105' 915

2 51269 211

50, 991

207, 6993 836

3 30

3 113 193 303 60

3 233 283 40

2 649 86

5. 225 722 273 863 303 65

123.91140. 1149 1070 764 214,084 625 464 41•> gr,

4. 03

168. 18474 7563 60

157 94

322. 9371 7373 0275. 8152 9249. 4160 &308 1

47, 197

T Revised, v Preliminary.§ Sales and value figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included in computing the average price of

all listed bonds shown on p. S-19.9 Includes data not shown separately.d" Number of stocks represents number currently used; the change in the number does not affect the continuity of series.


February 1956 SURVEY OF CURRENT BUSINESS &-21


1954

Decem-ber

1955

Janu- Febru-ary ary March April May June July August Septem-


Decem-ber

1956

Janu-ary

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES

BALANCE OF PAYMENTS (QUARTERLY)

E xports of goods and services, total mil. of doL _Military transfers under grants, net ._ ... do. _ _Merchandise, adjusted, excluding military trans-

act ions mil. of dolIncome on investments abroad doOther services and militarv transactions do

Imports of goods and services, total _- do _..Merchandise adjusted cf doIncome on foreign investments in U. S _ __doM' ilitarv expenditures doOther services cf do

Bal-ince on goods and services - ..do

Unilateral transfers (net), total _ do.. _ _Private doGovernment do

U. S. long- and short-term capital (net), total doPrivate do ...Government --do _ _

Foreign long- and short-term capital (net) doGold sales [purchases ( — )] doErrors and omissions - do _ _

FOREIGN TRADE

Indexes

Exports of IT. S. merchandise :tQuantity 1936-38=100.-Value doI' nit value .-do

Imports for consumption:]:Quantity - do ._.Value do _ .Unit value do

Agricultural products, quantity:Exports, U. S. merchandise, total:

Unadjusted 1924-29=100.-Adjusted - -- -do.

Total, excluding cotton:XTnad justed do. __Adjusted -do ---

Imports for consumption:Unadjusted do\djusted do

Shipping Weight

Water-borne trade:Exports, incl. reexports §_ thous. of long tons..General imports - do

Value t

Exports (mdse.)f including reexports, totall.mil. of dol..By geographic regions:A

Africa thous. of doL-Asia and Oceania doEurope doNorthern North America doSouthern North America ._ do -South America _ do

By leading countries: AAfrica:

Egypt doUnion of South Africa do

Asia and Oceania:Australia, including New Guinea do. - . -British Malaya do ..China including Manchuria cioIndia and Pakistan _ _ do -Japan doIndonesia - do _Republic of the Philippines do-

Europe:France doEast Germany . _ _ . __ _ _ _ _ _ _ ... do_West Germany doItaly doUnion of Soviet Socialist Republics doUnited Kingdom do

North and South America:Canada doLatin American Republics, total 9 do

Argentina - _ _ - doBrazil doChile doColombia doCuba doMexico - -. .-doVenezuela ... .- -. - ..do. -

5.583607

3,501720755

3,8942,575

114651554

4-1, 689

-1,216-125

-1,091

-640-632

-8

+324+70

-227

265536202

158454286

11091

146132

9188

6,1489,529

1, 318. 2

51, 230198, 647382, 503222, 825145, 988165, 202

4,21716, 566

18,8113,154

021, 79954, 2275,890

32,670

34, 833394

51, 43839, 683

1879, 758

222, 814295, 47512, 93932, 41710, 36032, 13439, 04954, 04550, 029

234473202

149420282

9289

133133

9997

5,2819,343

1, 165. 6

48, 155185, 937332, 903205, 787133, 683127, 166

3,62025, 202

15, 5342,755

017, 29057, 8554,619

27, 498

28, 1190

41, 46124, 602

11274, 793

205, 785247, 216

12, 77121,1445,422

27, 11035, 75150, 78541, 620

250501201

145411283

96112

143171

9190

5,9898,924

1, 233. 2

45,305197, 451374, 971221, 882125, 590123, 613

4,47122, 199

26, 8193,190

020, 02951,9145,621

29, 627

27, 3790

48, 39233.311

179, 654

221, 868235, 696

12, 53618, 0558,244

26, 31336, 12449, 56240, 851

5,183499

3, 443534707

4, 0922 762

113648569

+1, 091

-1, 224-112

— 1,112

-74-3

-71

+156+30+21

270546202

173490283

108123

160183

11199

6,14510, 294

1, 342. 3

52, 931232, 770360, 938265, 001147, 725135, 786

7,56624, 768

18, 5683,575

027,02952, 4898,044

35, 723

33,0120

42, 29628, 566

1578, 599

264, 996267, 05510, 27820,0139,897

28, 83041, 38558, 99045, 372

254513202

150425283

7593

113133

9993

7,7898,960

1, 263. 6

56, 218195, 704313, 202277. 835142, 331137, 419

7,87923, 660

13, 4752, 981

016, 82951, 2415,919

35, 898

27, 99160

48, 38632, 568

3364, 794

277, 830265, 06310, 46918, 3286,351

32. 60940, 32857,83346. 998

5, 469614

3. 536553766

1

262533203

167467279

7291

108126

109111

8,85010, 372

1, 308. 0

56, 464197, 669307, 285293, 582134, 729126, 333

8,01625,401

13, 5542,389

020, 90550, 7484,532

28, 407

31, 28511

55, 07631, 854

358, 112

293, 580247, 34010, 90018, 2096, 656

25, 90337, 83753, 87444. 102

4,4442 799

126759760

+1, 025

-1,239-110

—1. 129

—561-397-164

+538+33

+204

264536203

164459280

95127

145175

97104

9,46611, 124

1, 315. 8

52, 460176, 425349, 601286, 065138, 089125, 792

10, 63023, 934

11,2212,739

016, 90044, 8475,714

23, 340

26, 483128

52, 74629, 471

160, 931

285, 951251,68913, 36617, 3936,413

23, 80234, 99056, 22042. 900

|

254515203

155429277

91100

9,54910, 524

1, 267. 1

50, 046185, 169333, 232254, 356136, 808132, 610

7,41622, 203

12, 6713,185

020, 27252, 9826,331

21, 666

32, 9440

47, 24023, 193

184, 989

264, 345257, 786

1 7, 57020,8456,188

24, 43233, 17661, 23240. 505

246500204

167468280

100106

10, 099' 11, 566

1, 228. 3

41, 925159, 112305, 628271, 858135,015129, 951

7,07817, 466

13, 7182,637

015, 24046, 5068,493

23,281

27, 1820

47, 93325, 416

1269, 992

271, 771252, 51113, 28021, 9237,125

24, 63232, 53359, 78140. 631

5, 362609

3,378578797

4, 5162 813

127682894

+846

— 1 123-104

—1 019

—291—235-56

+49015

+93

248509205

163464284

i 9, 760i 11, 060

1,248.9

44, 031175, 914334, 348276, 224136, 707127, 616

5,50719, 546

17, 2102,316

015, 61854, 734

5, 61422, 244

28, 3760

49, 30728, 370

088,694

276, 195250, 68111, 70216, 8636,546

25, 92836, 06455, 57147. 235

276568206

175494283

1, 395. 1

49, 664199, 272382, 914295, 584146, 472138, 969

4, 50320, 863

20, 7953,093

323, 38854, 1576,020

31, 564

35, 7650

50, 46430, 928

64101,624

295, 583269, 86512, 87318, 0848,580

28,31540, 00761,45247. 080

257533207

181512283

••1,308.8

43, 922199, 170368, 477277, 241155, 201139, 073

4,81417, 061

22, 3923,445

018, 18152, 8847,163

37, 759

29, 726209

51, 69330, 792

1075, 531

277, 241278, 592

9,03618, 7078,391

27, 31239, 79266, 49454. 727

pi, 363.0

T Revised. v Preliminary. 1 Revisions for September 1954 (thous. long tons): Exports, 5,995; imports, 8,974.cf Excludes military expenditures. ^Revisions for January-July 1954 will be shown later.§ Excludes "special category" shipments and all commodities exported under foreign-aid programs as Department of Defense controlled cargo.ITotal exports and data by economic classes and commodities include shipments under the Mutual Security Program. Total MSP military shipments are as follows (mil. dol.):

December 1954-December 1955, respectively—97.6; 85.3; 94.7: 92.2; 93.9; 131.1; 128.0; 127.8; 127.9; 99.1; 119.3; 72.7; 83.7.AExcludes shipments under MSP and "special category" shipments not made under this program. 9 Includes countries not shown separately.


S-22 SURVEY OF CURRENT BUSINESS February 19-".G


1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued!

FOREIGN TRADE— Continued

Valued— Continued

Exports of U. S. merchandise, totalf mil. of doL .By economic classes:

Crude materials . thous. of dol -Crude foodstuffs doM anufactured foodstuffs and beverages doSemimanufactures 9 -- -- - do ___Finished manufactures 9 . . do

By principal commodities:Agricultural products, total© do

Cotton, unmanufactured doFruits, vegetables, and preparations . _ - do. .Grains and preparations doPacking-house products _._ doTobacco and manufactures do

Nonagricultural products, tota!0 mil. of doL.Automobiles, parts, and accessories

thous. of dol .Chemicals and related products § do . _Coal and related fuels doIron and steel-mill products do

Machinery, total§0 do _ . _Agricultural doTractors, parts and accessories doElectrical f _ do ___Metal working § doOther industrial do

Petroleum and products doTextiles and manufactures do

General imports total mil of dolBy geographic regions:

Africa thous. of doL_\sia and Oceania doEurope doNorthern North America doSouthern North America doSouth America * do

By leading countries:Africa:

Egvpt doUnion of South Africa do

Asia and Oceania:Australia including New Guinea doBritish Malava doChina in eluding Manchuria doIndia and Pakistan doTapan doIndonesia doRepublic of the Philippines do

Europe:France doF ast Germany do\Vest Germany doItaly doUnion of Soviet Socialist Republics doUnited Kingdom do

North and South America:Canada do

Latin American Republics total© doArgentina doBrazil doChile doColombia doCuba doMexico doVenezuela do

Imports for consumption total mil of dolBy economic classes:

"Crude materials thous of dolCrude foodstuffs doManufactured foodstuffs and beverages doSemimanufactures doFinished manufactures do

By principal commodities:\gricultural products total© do

Cocoa or cacao beans incl shells doCoffee doHides and ^kins do

Sugar -do\Vool and mohair unmanufactured do

Nonagricultural products total© doFurs and manufacturers do

Nonferrous ores, metals, and manufactures, totalthous of dol

Copper incl ore and manufactures doTin including ore do

Newsprint do

1, 306. 8

205, 29282 19664, 813

175, 133779. 411

339, 33294, 64020, 72278, 53024, 23132, 082

967.5

111,84086, 30127, 94256, 342

238, 7647 752

25, 80860, 82917 677

114, 435

55, 42254 570

942.3

57, 877121,325208, 355215 858107, 106231 792

1,3795,972

6 97914 552

72617, 05525, 04114, 2389,814

14, 058389

23, 45714, 192

91957, 376

215, 837

312 0556,962

96 84215, 00340, 43417 68927, 85151, 788

931 2

206 286242*022

71 546217 783193 565

360 95730 821

174, 3743 171

24 48010', 42315 444

570 24511,990

97 43128 38214 97422 67552' 96387 896

1, 152. 5

154, 12875 47857. 225

169, 157696. 553

273, 39463, 52318, 69072, 43622. 92025, 566

879.1

109, 26779, 62620, 23053. 673

227, 1798,872

26, 33164, 83414, 893

101,025

46, 35647 208

870 3

45, 650151, 478163, 357183 268144, 864181 721

1,5007,512

15 83011,634

84321, 89334, 41615, 25716. 728

12, 805220

21,7069,740

69235 510

183, 239

297 5167,585

56 52912, 72638 72236 28940, 97647, 716

862 2

201 735198 60086 719

199 304175 890

358 96519 055

140, 5263 924

27 71936, 50221 646

503 2839,394

75 00323 36311 67222 20046 73285 202

1,221.9

147, 44082 32164, 879

183, 561743, 660

275, 04159, 01020, 31480, 63221, 89522, 986

946.8

117, 66384,01127, 08758, 156

242, 32310 36228, 61669, 84116 932

104, 242

47, 10449 588

849 5

51,513140 966179, 263183 828138, 023155 888

1,8217,914

4 15815 870

81421, 18922, 52617, 84317, 830

13, 170759

21,75513, 4861 147

48 699

183, 772

265 3769,222

36 04514, 99032. 81234 52441, 80046, 389

843 3

204 075169* 29482 655

209 166178 140

318 96322 471

107, 8993 506

30 35836, 33517 518

524 3669,975

88 20729 48515 03722 21043 20084 552

1, 329. 7

152, 57196 34469, 368

188, 825822, 549

295, 43169, 56424, 869

102, 10220,81526, 769

1,034.2

136, 37593, 30722, 94267, 160

268, 45912, 60131,69471, 53816, 991

121, 462

49, 97363 230

1,018 9

65, 105188, 066225, 429212, 704145, 593181, 983

4,51510, 604

13 85420, 906

1,03425, 70134, 50918, 37622, 673

19, 836597

31, 35421, 298

86655, 535

212, 666

297 96413, 19840, 58717, 48232, 07545, 85840, 47458, 546

1 005 6

254 086178 541105 029230, 281237 657

372 90526 086

105, 4136, 181

39 47044, 38426. 404

632, 6907,853

95 27731 12914, 98428 29651 45195 028

1, 250. 7

136, 23656 90461,703

191, 240804, 633

209, 62445, 68022, 65658, 81422, 38015 573

1,041.1

148, 60299, 03640 08568 626

269, 29413 75031 59578, 48915 734

116 779

49, 33857 248

870 7

56, 291159 534179, 754204 344116 874153 951

3 3816. 321

13 29719? 629

74416 66628 17118, 33722 620

16 154272

25, 89414. 183

81050 370

204, 327

251 08611,04843 92317, 25819 99436 70332, 35344 190

872 4

224 817146 71392 409

210, 693197 730

318 49018 01990 882

4 34240 66137, 14423 629

553 8736 452

98 19730 49512? 09321 94550 32074 215

1, 299. 0

140. 22462 73959, 864

191,393844, 766

228, 06843, 37624, 18263, 73618, 78418,572

1, 070. 9

142, 96789, 22441 24865, 908

266, 76213 34030 97574, 54417 840

116 546

56 88151 435

966 1

54, 848196 428195, 678229 672121 274168 179

1,41710, 905

15 51822 967

24128 37833, 90216, 60531,614

14, 962299

27, 65514,1211 291

50 886

229, 640

271 60510, 59342 43717,08733, 23631 60938, 52846 579

958 6

237 283174 93195 657

236 116214 563

348 65811 452

120,0606 554

39 59138, 67423 605

609 8938,672

109 20730' 88514 09325 25052 76776 546

1,306.3

156, 51986 77770, 530

185, 248807, 209

278, 99256, 37925, 74886, 04418, 92221,780

1, 027. 3

123, 30686, 23145 19364, 512

250, 29311 67330 56366 24117 162

113 417

54 29148 841

938 8

46, 765172 416191 809244 108112' 651171 058

1 8689 781

6 02622' 300

7221 96734 41814,47128 333

16 886339

32, 65013,4611 386

46 650

243, 965

263 75512, 78938 91719. 22432 90135 90134, 28247, 103

941 9

243 106143 479100 453235 717219 097

311 69615 57990, 1365 628

33 97437, 39922 752

630 1557,429

110 02440 01713 24830 35853 23982 675

1, 256. 4

132, 02197 14369, 742

184, 772772, 730

255, 38011,74624, 62198, 03518, 99039 720

1,001.0

108, 32686 65042 84968 490

248, 52710 97827 87969 14015 981

114 120

61 62543 218

885 3

42, 605173 843186 566208 720

97 032176 547

2 2735,829

13 05320 692

5621 Oil35 88015, 50226 229

15.512693

30, 21812, 4132 025

52 662

208, 589

258 17111,39151 82314, 77335 45232 86630, 39042, 647

879 0

219 902148 64593 594

211,427205 399

300 6648 592

102, 3755 219

28 50940, 30822 096

578 3045,812

99 81434 60914 80023 48546 79475 272

i1

1, 219. 4

139, 14884, 50362, 718

184, 127748, 936

222, 06211,95724, 06283, 41719, 81434, 758

997.4

96, 11591, 77251, 94862, 075

221, 9469,203

23, 46758, 40814, 906

107, 047

61,86746, 060

958. 9

47, 641187, 165If 8, 698244,71193, 949

186, 698

1,3654,273

11,25122, 673

84818, 80339, 38418, 96731, 290

17, 142272

34, 13214, 1471,175

55, 507

244, 342

262, 44611,86146, 80915, 27340, 06733, 81627, 14750, 404

959 2

250 407141,28996 877

253, 465217 124

315 63115, 75994, 1414,837

39 85442, 08623, 678

643, 5324,437

119 89642 29715,36631 73854, 38185 45Q

1, 239. 6

177, 04469, 12569, 979

197, 440726, 024

257, 87921,91421,87275, 12418, 32363. 749

981.7

87, 13891, 16853, 13969, 547

234,1647,342

20, 28266, 92215.621

113.814

53,21549, 499

945. 1

50, 444169, 362207, 166234, 53191,127

192,516

1.5077.789

11,21120, 946

2,54717,41638, 97618. 46119, 537

17. 440632

32. 51111,716

1 98349, 433

234, 196

259, 86913, 29566, 03314. 43028, 69932, 65427, 10042, 801

951 0

254 593138.53390, 986

243, 379223 491

305 77811,34296, 6783,167

37 75732, 65620, 963

645, 2045,215

1123 24048 23613,87428 79048, 44984 180

1, 384. 9

206, 91362 95680, 820

213, 637820, 569

290, 10235, 95229, 17165, 17624, 61863,719

1, 094. 8

90, 39397, 65856, 17478, 046

268, 4807 402

30, 37267, 83019, 251

131, 254

58, 56656 184

1,009 8

50, 189167 362237, 722239 11487, 889

227 561

8237,124

4 81020, 155

80717, 87543, 82616, 25915, 840

17. 654436

37, 72219, 2653,050

59, 543

239, 114

294, 4028, 583

77, 45013, 52260, 60635, 47120, 24846, 159

1, 013. 0

244, 327191, 03495, 054

239, 781242, 793

352, 5239,869

146, 8134,887

38, 28628, 74421, 694

660, 4643,403

121 09944,91115,09128 94253, 22281 840

1, 299. 3

182, 89471 41884, 864

195, 337764, 776

294, 22326, 69724, 80172, 36225, 32847, 214

1, 005. 1

106, 75693,00247, 61474, 053

267, 6697,621

29, 04671, 63617, 859

129, 542

48, 22753, 489

1, 064. 2

44, 716184, 843254, 637240, 578114, 948224, 517

1,5946,914

10, 95918, 474

96520, 49247, 79621, 33514, 699

21, 43S400

37, 00019, 006

56059, 403

240, 433

312, 2838,434

76, 88523, 10643,71637, 79S30, 67149, 915

1, 050. 6

247 693193, 732104 694251, 584252 943

360 38613, 987

138, 1924,476

43 05327, 89818, 899

690, 2613,568

125 01448, 28514, 27229 87854, 72295 184

_

r Revised. * Preliminary. JRevisions for January-August 1954 will be shown later. 1 See similar note on p. S-21.9 Data for semimanufacturers reported as "special category, type 1" are included with finished manufactures.©Includes data not shown separately.§ Excludes "special category, type 1" exports; electrical machinery data are excluded through 1954 only.




1954

Decem-ber

1955

Janu-ary


ber October |Nob™m- Decem-

ber

1956

Janu-ary

TRANSPORTATION AND COMMUNICATIONS

TRANSPORTATION

Airlines

Operations on scheduled airlines: §Miles flown revenue thousandsExpress and freight ton-miles flown doMail ton-miles flown __ _ doPassengers carried revenue doPassenger-miles flown, revenue millions. _

Express Operations

Transportation revenues thous. of dol__Kxprcss privilege payments do

Local Transit Lines

Fares, average cash rate -cents..Passengers carried revenue millions

Large Motor Carriers (Intercity)

Carriers of property (quarterly totals) :1^Vurnber of reporting carriersOperating revenues total thous of dolFxpences total doRevenue freight carried thous. of tons

Carriers of passengers, class I (quarterly totals) :dumber of reporting carriersOperating revenues total thous. of dolFxpenses total do

Class I Steam Railways

Freight carloadings (A. A. R.):cTTotal cars thousands __

Coal - doCoke do ._-Forest products doGrain and grain products dolivestock doOre do __.ATerehandise 1 c 1 doMiscellaneous - - --do

Freight carloadings (Federal Reserve indexes):Total unadjusted . 1935-39=100-.

Coal doCoke doForest products doGrain and grain products do _.livestock doOre do. _\Terchandis3 1 c 1 doMiscellaneous - - do

Total adjusted doCoal - do -..Coke doForest products - -~ -do_. -Grain and grain products doLivestock do. _Ore - - do. _Merchandise I c l - - do _ _Miscellaneous do

Freight-car surplus and shortage, daily average:Car surplus total 9 number

Boxcars -~ do _-Gondolas and open hoppers - do -

Car shortage total $ doBox Cars ._. . -.-do.Gondolas and open hoppers - - -do_

Financial operations:Operating revenues, total 9 mil. of dol_

Freight doPassenger - - -- - do - _

Opcratin0" expenses doTax accruals, joint facility and equipment rents

mil. of doL-N"et railway operating income _ do . _Net in co met - do

Operating results:Freight carried 1 mile mil of ton-milesRevenue per ton-mile centsPassengers carried 1 mile, revenue . . . - millions. _

Waterway Traffic

Clearances, vessels in foreign trade:Total U S ports thous. of net tons

Foreign vessels _ _ doUnited States vessels do

Panama Canal:Total thous. of long tons

In United States vessels do

44, 36519, 6979,8332,5181,426

39, 51717, 161

14.0863

136.1

2,026905, 121891, 94169, 051

16489, 61684, 66779, 068

3,04859546

1982214077

2891,582

114106125137133605740

127

12310611915414262

18441

135

40, 9602,348

27,410244237

0

•797. 4r652. 2

69.0628.3

60.6r!08. 0126.6

47 5881.4212,625

9,2496,6042,645

3,4041.030

|

45, 09215, 3476,5742,6011,485

27, 2588,965

14.1783

119.6

* 2, 505M88'40

r 164r 189'35'58

••234r 1, 297

110103127133132615337

123

12110312114813264

21039

134

71,0879,568

49, 286368341

3

752.7625. 965.3

590.0

94.168.751.9

48, 1611.3572,488

8,4496,2612,188

3,4531.065

40, 79014, 7536,6942,3671,320

26, 8498,993

14.1731

113 0

2, 575511

421711772556

2431,351

113105131138124454939

128

12210512414412756

19840

136

47, 1716,445

30,14568766523

724.3611.855.3

564.1

93.666.646.1

46 0981.3822, 057

8,7486, 4372.311

3.376'987

45, 69618, 1747,5972,7321,521

32, 32613, 712

14.2837

126 3

789763, 552722, 339

52, 405

15977, 33277, 87670 136

2,62144742

1681712767

2551,444

11591

134135120495940

137

12391

13313513062

20440

144

38, 4683,351

28, 2301,4271,334

34

825.2703.256.5

612.0

115.497.777.9

50, 9961.4232,117

9,4466,8842, 563

3,7601.123

45, 78617, 427r 7, 268

2,9501,620

29S 58011 411

14.3800

124 2

3.43356956

20521740

179308

1,859

12095

14213312358

13639

140

12395

14413314065

17739

142

21,8102,398

11,6572,4181,834

281

796.0673.958.2

602.2

106.487.467.0

51 2051.372

| 2. 222

10, 1417,3622,779

3,6691.305

I

47, 30217, 7276,9762.9761.592

29, 92111 483

14.3802

121 8

3,063510

4717919429

307251

1, 547

13010514714513752

27140

146

128105149139155

5717740

144

14,4142,9112,3176, 3503, 8662,048

850.4724.759.2

634.9

114.2101.286.7

55,8331.3542,270

11,1837,9863.197

3,750! 1.316

iI

47, 52618, P336, 9103,1211, 765

33. 34113 858

14.3756

116 3

787789, 338748, 37653. 467

15992, 60783,61376 367

3,08552947

18620823

332258

1,503

13099

14815315541

29642

144

12599

15114715250

19142

140

9,5833,383

86610, 4566,1033,788

875.1737.966.8

644.9

124.2106.088. 1

54 9381.3892,561

11, 5548, 4953, 059

3,4641.333

49 18016, 9676, 3053,0701,760

29, 62210, 314

14.4665

107 9

3,731553

57219335

27416324

1,799

13110415114619741

30542

140

125104156145164

5019043

139

8,467250

3,00813, 49110, 8242,362

849.6711.270.0

644.8

112.192.672.4

54, 4631.3662,793

11, 7908,6043,186

3,9321.419

50 06220, 5786,827

r 3 0641,748

32, 56012 392

14.4700

113 4

3,114528

50192217

27344257

1,499

13110916015615249

30341

142

12610916614814151

20240

140

5,164274372

13, 3698,0185, 179

905.1764.968.2

669.7

125.7109.790 6

57 0441.3732, 743

11, 8398,6903,149

3,7031,469

48 39421 3666, 736

r3 0711,692

32, 98613 421

14.5745

111 3

789807 935771 14454, 515

157110, 23690 92680 363

3,14253551

18520840

352249

1,522

13811516715515480

32041

151

12711516914313860

21339

139

5 045453297

12, 9227,2995,332

876 6745 959.6

651 8

121.0103.879 6

57 2221. 3512,315

11,8858,8423 044

3,8831.517

49 20121, 526

7, 0153,0811, 674

33, 73014 193

14.6773

120 1

4.12469766

23128771

410327

2,036

13911516614916210328341

154

12911516914116267

20240

141

3,505136894

20, 94211,6158,692

907.6777.555.9

671.3

125. 4110.990 0

60 6941.3322,152

11,8228,7623,060

3,8101,268

45 59219 2577,0092 7051,453

33, 76113 476

14.6768

122.5

3,05455953

167207

50251247

1,520

13512117314114991

21240

149

13112117314415272

20240

143

3,574247359

15, 9168,9526,672

873 9744 157.8

656 8

114.1103.179.9

55 229

3,2791.045

14.7801

3,41772669

21022046

103284

1,760

124124181140127667337

137

13412417215813668

23539

145

5 558598870

3,6731,4842,005

858.2706.469.9

77.8

3,7071.051

2, 713573

551731853474

2251,394

124123181145135626737

137

13712317216113565

26839

149

5.7571, 451

7612, 9451, 503:1, 246

r Revised.§ Beginning January 1955, data include local service operations of one carrier.*J Data beginning 1st quarter 1955 cover large motor carriers having operating revenues of $1,000,000 or above.d* Data for December 1954 and April, July, October, and December 1955 are for 5 weeks; other months, 4 weeks.

1954, $76,800,000.9 Includes data not shown separately. JRevised data for November


S-24 SUBVEY OF CURRENT BUSINESS February 1956


1954

Decem-ber

1955

Janu-ary

~ j March April May June July August Septem-ber October Novem-

berDecem-

ber

1956

Janu-ary

TRANSPORTATION AND COMMUNICATIONS—Continued

TRANSPORTATION— Continued

TravelHotels:

Average sale per occupied room dollarsRooms occupied _ _ .percent of total _.Restaurant sales index same month 1929 — 100

Foreign travel:U. S. citizens: Arrivals number .

Departures - _ doAliens: Arrivals _ do

Departures _ - doPassports issued and renewed do

National parks, visitors. thousands _Pullman Co.:

Revenue passenger-miles millionsPassenger revenues. ___ thous. of dol_.

COMMUNICATIONS

Telephone carriers:Operating revenues 9 thous. of dol

Station revenues doTolls message do

Operating expenses, before taxes doNet operating income _ _ ._ - do^ __Phones in service, end of month thousands

Telegraph, cable, and radiotelegraph carriers:Wire- telegraph:

Operating revenues thous. of dol. _Operating expenses, incl. depreciation _ _ _ d o . _ -Net operating revenues do

Ocean-cable:Operating revenues do __Operating expenses, incl depreciation doNet operating revenues - - do

Radiotelegraph:Operating revenues . do_._Operating expenses, incl. depreciation _ _ __do ___Net operating revenues . do...

6.8959

229

72, 73069, 84048, 67541, 77925, 005

277

5717,474

448, 387257,149154, 870311,916

58, 45745, 858

19, 73317, 479

973

3,0111,862

864

2,9982, 353

540

7.1773

252

69, 27276, 63845, 88130, 47234, 356

318

7029,224

441, 354258, 047146, 783289,31862, 14346, 093

17, 55215, 953

737

2, 6762, 104

301

2,7542,272

333

7.2574

252

80, 02185, 52441,74530, 23540, 173

309

5877,710

429, 188254, 859137, 976281. 24060, 26146,310

16, 99614,8801,302

2,4521,972

220

2, 6352,198

351

7.0275

241

91, 53598. 61551, 58638, 96356, 399

437

6007,884

454, 235260, 606157 059307, 21059, 12346, 545

19, 85916, 3322,677

2,9332, 068

599

2,8932, 306

466

7.6573

259

90, 092104, 60457,12940, 23260, 675

690

5437,129

449 942261, 586151 080299. 16561, 14846,746

18, 92015, 8252, 254

2, 5792 088

236

2,6892,275

296

6.9874

277

109, 558107, 29061, 41942, 71371, 0551,162

5216,823

457 793263, 022157 307306, 50361, 22046, 961

19, 59816, 4462,300

2,7712 131

367

2,7432,317

306

7.6174

280

105, 876140, 12760, 76553, 22671. 6262,547

5717,500

460 582264, 035158 688304, 35464, 29447, 175

20, 04216, 5352 660

2 9022 123

521

2, 8752,302

452

7.1965

235

134, 363149, 95964, 02250, 39640, 6244,492

5457,148

454, 265261, 072155 069301, 554

61, 97947, 406

18, 11016, 574

714

2, 7692 128

364

2,7612, 272

374

7.9771

260

157, 479113, 46873, 69251, 89740, 9634,472

5647,388

475, 538265, 605170, 757318, 78864, 08447. 652

20,17517, 2152, 155

2,8172, 156

374

2,9542,247

601

7.7874

258

134, 96387, 53480, 73851,20531,0862,070

5336,971

467 757267, 576160 757309, 829

64, 40147, 952

19, 45116, 9261 758

2, 9632 169

516

2,9972,300

585

8.1778

265

104, 19275, 86166, 38145, 02526. 7461,170

5557,252

475 879273, 400162 431312, 558

68, 09648, 232

19, 07416, 4701 872

2 8311 983

578

2 9852,311

572

8.0771

260

25 990432

5617, 311

18, 66516,3651 592

2,7242 030

448

2,9732,428

473

7. 1058

236

28. 310310

36 660

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Inorganic chemicals, production:Ammonia, synthetic anhydrous (commercial)

short tons..Calcium carbide (commercial) .__ doCarbon dioxide, liquid, gas, and solid- . do._Chlorine, gas doHydrochloric acid (100% HC1) , do

Nitric acid (100% HNOs) doOxygen (high purity) _ . mil. of cu. ftPhosphoric acid (50% HsPO^ short tonsSodium carbonate (soda ash), ammonia soda process

(58%Na2O) short tons. -Sodium bichromate and chromate doSodium hydroxide (100% NaOH) doSodium silicate, soluble silicate glass (anhydrous)

short tons-Sodium sulfate (Glauber's salt and crude salt cake)

short tons__Sulfuric acid:

Production (100% HaSOO — -thous. of short tons..Price, wholesale, 66°, tanks, at works

dol, per short tori..Organic chemicals :cf

Acetic acid (synthetic and natural), productionthous. of lb-_

Acetic anhydride, production - . _ _ do . .Acetylsalicylic acid (aspirin) , production doAlcohol, ethyl:

Production thous of proof galStocks, end of month, total . do .

In industrial alcohol bonded warehouses . doIn denaturing plants - . do

Used for denaturation __ _ __ . - _ - d o -Withdrawn tax-paid do

Alcohol, denatured:Production _ - - _ _ thous. of wine galConsumption (withdrawals) - - do - - . -Stocks, end of month - - do

Creosote oil, production _ _ _ -thous. of galDDT, production thous. of lb_Ethyl acetate (85%), production doEthvlene glycol, production _ _ do -Formaldehyde (37%HCHO), production doGlycerin, refined, all grades:

Production doConsumption _ _ _ . . _ . d oStocks, end of month _._ ._ _do _

Methanol, production:Natural thous. of gal..Synthetic.. . . . _^do

Phthalic anhydride, production thous. of lb. .

253, 68760, 51644, 834

259, 44566 372

199, 1402,214

264 317

385, 2708,707

300, 604

53, 066

71, 485

1,300

22.35

41,06963, 5781,142

33 651r 53, 917r 33, 643

20, 27531, 839

755

17,17317, 3405,434

10, 0886,0365, 105

54, 03284, 910

20 66015, 14430,379

17616,97428, 376

270, 36362, 38842, 666

260, 35767 494

213, 7322,349

276 286

385, 7879,000

301, 769

49, 451

75, 973

1,313

22.35

43, 07167, 8861,194

35 304<• 52, 130••31, 724

20 40635, 045

703

18 86219, 3464 934

9, 5659,3597,336

51, 59977, 226

18 56614, 83630, 073

17015, 39325, 798

249, 39853, 80440. 551

232, 82662 751

190 1082, 132

289 323

359, 5698,181

275, 326

50, 490

69, 511

1,266

22.35

36, 94460, 3531,202

33 015r 53, 068'31,791

21 27732, 792

672

17 67717,1745 455

8 9349,3198,395

55, 20695, 422

17 27514, 64228, 391

15713, 82524, 976

285, 23972, 52253,813

269, 31969 599

206 9322, 466

312 208

420, 0859, 538

317, 245

62, 841

68,483

1,388

22. 35

48, 10078, 5901, 509

35 615r 48, 109'27.316

20 79337, 855

927

20 404r 20, 645

5 238

11 06410, 4564,571

60 605111,366

20 03216 30628, 699

16715, 53130,450

286, 56771, 92358, 644

235, 15859 266

201 9562 422

311 551

387, 2429 657

278, 266

48, 451

66, 972

1,339

22. 35

45, 25672,1271,217

37 784r 49 720' 27. 991

21 72936 230

650

19 50420, 1564 504

10 1679, 2169,006

55 756104,641

18 34515 69226 913

18515,88629,263

296, 79974, 50573, 859

294, 84771 677

191, 7432,422

306 851

442, 59410,734

336, 554

54, 900

72, 365

1,373'22.35

41, 62170, 477

1,413

39 52351 87330, 90420 96935, 023

795

18 87819, 382

T 4 013

10 68110, 7036,171

72, 854104, 700

20 46115 84827, 061

19216, 74029,330

261, 28573, 94180, 244

292, 90873 362

178 4282,326

261 312

416, 14710 289

338, 232

56, 923

66, 925

1, 255

22. 35

43, 72967, 6641,406

*• 36 49949, 98428, 54521 43937, 046

902

19 98918, 5855 267

13 01410, 6736,639

74 90999, 344

21 38416 05528 688

18616, 07124, 851

236, 75977, 52791, 906

291,42468 693

173, 5952,249

197 401

380, 4229,690

330, 413

40, 905

63, 263

1,122

22.35

43, 98766, 3591,099

35 85544, 84231, 25713, 58540, 970

720

22 18018, 8748 642

8 53811, 334

7,01782 83182, 131

15 60814 16525 880

18117,46331, 582

237, 20274, 63496, 362

295, 49266 577

173 0572,397

244 502

392, 9649,967

332, 687

42, 238

66,232

1,202

22.35

44, 64769, 499

912

36 26338, 56024, 87713, 68339, 2251 007

21 14021, 4768 383

11 53911, 2777,726

86 96393, 912

22 10216 51028 146

18717 46529, 735

231,95471, 37477, 167

293, 92969 399

173 0972,384

318 254

413, 0719 982

334 488

55, 154

67, 906

1,259

22.35

47, 42166 299

716

40 92339, 41725, 99413 42437, 831

929

20 42^18 8939 825

9 80710, 1907,765

84 88597 092

20 43617 19329 200

19017 59030, 414

265,86876 03363, 138

316, 61479 237

190 5562 582

320 269

442, 61210 801

357, 013

56,279

74, 570

1,355

22.35

47, 01470, 7221,705

40 90340 27328, 06212 21136 894

908

19 91422 6077 079

10 34010, 2737,809

84 693107 005

23 09317 64730 241

19717 69831, 174

-268,85980 68652 607

r 308, 10476 418

199 3412 638

298 313

434 159r 10 287345 872

58, 811

74 934r 1, 416

22.35

47, 26373 4911 385

41 91144' 71034^ 9129 798

37 787946

20 38321 2736 065

10 27310,3106,124

75 535111' 181

21 81917 05430* 546

18617 20629! 980

272, 74885 611

316, 94878 154

212 816

304 081

432, 319

356 573

1, 465

J» 22. 35

22 943is' 71934* 280

r Revised. » Preliminary. 9 Includes data not shown separately.cf Data (except for alcohol) are reported on basis of 100-percent content of the specified material unless otherwise indicated.




1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

CHEMICALS AND ALLIED PRODUCTS—Continued

FERTILIZERS

Consumption (10 States)© thous. of short tonsExports total 9 short tons

Nitrogenous materials doPhosphate materials doPotash materials do

Imports total 9 - - doNitrogenous materials, total . do.

Nitrato of soda doPhosphate materials . _ _ _ _ . d o - _Potash materials do

Price, wholesale, nitrate of soda, crude, f. o. b. cars,port warehouses dol per short ton

Potash deliveries short tonsSuperphosphate (100% A.P.AJd1

Production - doStocks endofmor th . do

MISCELLANEOUS

Explosives (industrial), shipments:Black blasting powder thous. of IbHigh explosives do

Sulfur (native):Production thous. of long tonsStocks (producers')* end of month do

FATS, OILS, OILSEEDS, AND BYPRODUCTS

Animal fats, greases, and oils:Animal fats:

Production! thous. of IbConsumption , factory:}: doStocks, end of month _._ _-do

Greases:Production! doConsumption, factory! - doStocks, end of month do

Fish oils:Production! doConsumption, factory doStocks, end of month . ._ _ do _ .

Vegetable oils, oilseeds, and byproducts:Vegetable oils, total:

Production, crude! mil. of IbConsumption, crude, factory! doStocks, end of month:!

Crude! doRefined § .. do ...

Exports _- _ _ _ .. _ -thous. o f l b .Imports, total do

Paint oils doAll other vegetable oils do

Copra:Consumption, factory short tons...Stocks, end of month doImports do

Coconut or copra oil:Production:

Crude..-. . . _ _ . . thous. of IbRefined do

Consumption, factorv:Crudot--- * -- - doRefined do

Stocks, end of month:Crude doRefined do

Imports do

Cottonseed:!Receipts at mills thous. of short tons..Consumption (crush) doStocks at mills, end of month _ do

Cottonseed cake and mcnl:!Production short tonsStocks at mills, end of month _ _ . _ _do

Cottonseed oil, crude:!Production _ thous. o f lbStocks, end of month do

Cottonseed oil, refined:Production _ doConsumption, factory - ._ - .do _

In margarine do

Stocks, end of month §! mil. of IbPrice, wholesale, drums (N. Y.) dol. per Ib

369ar304,985

22, 733259 13910, 759

214,033189, 05884, 5558,9865, 498

51.25

154,317

206. 309326, 579

98053, 594

4783,228

426,417133,596254, 218

56, 55627- 55075, 025

6,69811,07465, 108

551521

669799

124,96034. 006

3, 05830, 948

27. 67816, 05324, 998

35, 53727, 441

42, 06125 091

68, 73310 3446 402

488609

2,321

294, 034245, 510

196, 923146, 394

157, 682146, 16729, 997

668.204

511r 284, 959

49, 490216,27010, 529

228, 075190, 50659, 3599,294

12, 868

51.25

187, 873

209,017347, 161

1,01752, 571

4473,214

1 465, 5371 193, 2061 412, 194

(2)(2)

(2)

3 5323 8, 275

3 51, 494

547524

674806

95, 71140, 0532,049

38, 005

29, 21116, 57925, 448

36, 74728, 899

43, 61324 231

68 71511 98210 459

119598

1,842

293, 109242, 133

196, 278141, 494

159, 433144, 29528 524

661.206

786*• 321, 465

97, 057172,07421,039

236, 247165, 44949, 46311,19441,339

51. 25

200, 116

210, 165347, 728

81053, 167

4003,201

1 417, 8371 197, 7101415,127

(2)(2)(2)

33123 8, 391

3 47, 554

487489

671689

168, 75145, 3066,858

38, 448

22, 41515, 73619, 810

28, 73727, 596

43, 04324 327

61 01211 77214 617

84514

1,412

254 430257, 064

169 946145, 221

141 252141, 28825 294

546.206

1,839r 287, 049

59, 568183,34424, 519

353, 695256, 70270, 53520, 12648, 161

51.25

266, 832

228, 764274, 322

87658, 535

4353,091

1 454, 8221 203, 8371415,106

(2)(2)(2)

33453 10, 5643 46, 141

493564

645714

27, 24840, 233

1,40238, 832

28, 34415, 31334, 819

36, 06832, 005

49, 80128 476

68 57311 84412 225

36438

1,010

218 928278, 909

150 978125, 738

161 402138, 28528 949

568.198

1,650r378, 105

76,515268, 96911,172

241, 269177.02961,0159,712

25, 904

51.25

235, 857

233, 572221, 442

68562, 651

4382,996

1 410, 1361 196, 4261409,530

(2)(2)(2)

31,4153 12,7323 36, 962

441486

617703

26, 05238, 601

2,60236, 000

31, 08916, 67425, 234

40, 43828, 240

43, 34227 496

73 99611 0549 633

13318705

154 119273, 098

110 834106, 593

117 110119, 30219 165

562.199

1,001r 324, 919

48, 403257, 181

12, 160

322, 904160,94371, 7688,030

1 5, 778

51.25

164, 411

210,818248, 022

34665, 632

4562,925

1424,8151 208, 2641 410, 501

(2)(2)(2)

3 9, 9893 11,4383 36, 045

443496

579656

50, 80942, 4472, 766

39, 681

28,01119,23131, 743

36, 05629, 282

46, 34429 755

73 1199 5549 835

7285422

139 630266, 945

101 98796, 409

105 709135, 36621 325

527.207

559••232 878

33, 511177, 583

9,242

164, 745113, 11652, 9142, 536

12, 104

51.25

61, 750

143, 181289, 542

28068, 967

4252,875

i 403, 658' 196, 4091 394, 025

(2)(2)(2)

3 40, 5743 10,968s 68, 129

415495

514564

77, 63645, 9362,194

43, 742

32, 93318. 47430, 524

41, 32730, 955

46, 23426 402

78 60310 17414 265

19197243

95 378237, 998

67 25173, 552

87 033134, 56020 718

433.222

241r 285. 452

31, 568206, 699

35, 078

146, 92780, 69842. 87615, 89828, 107

51.25

93, 209

93, 769291, 246

31560, 043

4882,887

i 366,7731 151, 030' 390,904

(2)(2)(2)

333,9863 9, 337

3 61, 779

390391

490479

111,21536, 6393,503

33, 136

22, 92622 29228 115

29, 14423 909

34 59821 431

84 97912 76010 969

131165209

78 293203, 090

56 96253 915

59 12095 85214' 330

344.215

172r 344, 305

40, 228270, 63122, 784

124, 70282, 69326, 07410, 4216,798

51.25

115, 859

136, 990292, 176

47874, 622

5012,943

1 424, 4711 200, 4061 370, 588

(2)(2)(2)

228,9443 9, 653

s 70, 455

414447

485429

40, 77034, 2711,299

32, 972

31, 20317,69725 099

39, 83538 211

54 33433 155

85 52913 24215 790

349212345

103 409169, 703

70 39158 955

57 996105 13716 336

287.201

292r 488, 983

76, 340377 47224, 752

175, 655120, 56657, 6749,784

17, 946

51.25

137, 897

182 209301,413

46669, 589

4993,000

1 428, 1 72'212,7391 347. 756

(2)(2)(2)

326 1613 11,2333 94, 337

493482

504409

60, 68832, 2503 933

28 318

27, 42024, 08542 014

34, 74734 988

52 94432 556

82 53314 0678 771

1, 066494917

233 349150, 240

159 43187 689

96 846101 70720 868

273.188

440r 472, 202

82, 376362 413

13, 771

148, 98185, 40228. 2738,654

33 838

51 25

145 617

214 898318,512

52169, 983

5453 004

' 473 050'211,287' 335, 770

(2)(2)(2)

315 432312, 375398, 049

671573

563426

63, 51724, 7321 145

23 587

31,94019 43142 335

40 68932 465

49 21332 720

78 82512 5819 244

1, 689708

1 898

328 503170 721

236 807155 640

140 847125 25524 473

283.191

428355, 75S86, 295

239,01318, 490

175, 413121, 30934, 65210, 15733, 407

51.25

161, 564

216,247333, 608

41167, 244

5373,095

i 552, 270'213,3741388,643

(2)

(2)(2)

'3 12. 2^0r3 12,977

r3104,893

665597

654r468

73, 05943, 6773 375

40, 302

26. 87317, 26723 401

34, 378T 31 688

49 273T 32 535

75 87114 40719 139

1, 406781

2 523

370 6331 73, 742

262 589204 267

189 943130 45331 115

324' 188

P 51 25

153 431

230, 676375, 653

41863, 900

i 563 263i 202, 0791461,625

(2)(2)(2)

3 4 0933 12 7563 98, 947

616590

678523

25, 40720 137

32 53225 719

42 97227 072

75 91313 164

570672

2 421

317 153163, 049

226 931192' 182

185 720117 03826 834

378p. 188

r Revised. v Preliminary.i Beginning 1955, data include greases (other than wool) and both crude and refined products (except that production figures exclude refined lard); refined products (not included prior to

1955) are no longer reported separately from crude. 2 Beginning 1955, data are included with animal fats; see note 1. 3 Beginning 1955, data may include some refined fish oils (not formerlyincluded); figures included for consumption and stocks of cod, cod-liver, and other liver oils are incomplete.

© States represented are: North Carolina, South Carolina, Georgia, Florida, Alabama, Tennessee, Arkansas, Louisiana, Texas, Oklahoma. According to quarterly reports from Virginia,consumption in that State is as follows (thous. short tons): 1955—January-March, 287; April-June, 349; July-September, 71.

9 Includes data not shown separately.c? A. P. A. (available phosphoric acid).! Revisions for January -July 1954 (August 1953-July 1954 for cottonseed and products) will be shown later.§ Includes stocks owned by the Commodity Credit Corporation.» Revisions for January-November 1954 are as follows (short tons): 218,581; 201,132; 282,514; 259,586; 314,470; 266,153; 308,139; 413,443; 377,461; 461,326; 237,330.


-̂26 SURVEY OF CURRENT BUSINESS February 1956


1954

Decem-ber

Janu-ary


19

June

55

July August Seberemj°ctoberNovem-

berDecem-

ber

1956

Janu-ary

CHEMICALS AND ALLIED PRODUCTS—Continued

FATS, OILS, ETC.— ContinuedVegetable oils, oilseeds, and byproducts — Con.

Flaxseed:Production (crop estimate) thous, of buOil mills:*

Consumption doStocks, end of month -do __

Price, wholesale, No. 1 (Minneapolis) _dol. perbu__Linseed oil, raw:

Production* thous. of IbConsumption, factory* doStocks at factory, end of month* _ do_ _.Price, wholesale (Minneapolis) dol. per Ib

Soybeans:

Consumption, factory _ _ _ d o . _Stocks, end of month do

Soybean oil:Production:

Crude thous oflbRefined do

Consumption, factory, refined* . _ do _Stocks, end of month:

Crude doRefined* do

Price, wholesale, refined (N. Y.)_. . _ dol. per IbMargarine:

Production thous o f lbStocks (factory and warehouse), end of mo -doPrice, wholesale, colored, delivered (eastern IT. S.).

dol. per IbShortening:

Production thous. o f lbStocks, end of month _ _ do

PAINTS, VARNISH, AND LACQUERFactory shipments total thous. of dol

Industrial sales - doTrade sales do

SYNTHETIC PLASTICS AND RESINMATERIALS

Production:Cellulose acetate and mixed ester plastics:

Sheets rods and tubes thous. of IbMolding and extrusion materials do

Nitrocellulose sheets rods and tubes doOther cellulose plastics do

Phenolic and other tar acid resins doPolystyrene doUrea and melamine resins doVinyl resins doAlkyd resins doRosin modifications doMiscellaneous do_ __

* 40, 808

2 7f25, 2P23.38

54, 1 6539, P61

186, 6P7.126

1311 gf521,18144, 613

227, 765204, 180197, 029

109, 11666 755

. 195

116,34627, 279

.273

178, 888122, 760

93, 63341,81151,822

3, 6626,470

329452

33,01035, 20520, 34449, 77330, 2859,209

36, 105

2 3414, 5503.35

46, 20434, 933

181, 927.123

21,48333, 243

230, 957205, 325192, 795

118,60280 090

.194

124,4763 23, 763

.273

172, 5153119,826

109,79645,01764, 779

3,2906, 908

414553

34, 39436, 86020, 69853, 78231, 44111.35335, 806

1 8844, 2763.36

37, 05840, 974

164, 731.125

19, 77724, 355

214,068187, 174185, 616

128, 11473 078

.194

119,8033 25, 467

.273

168, 2633 128, 537

104, 02344, 36359, 660

3,2157,177

364559

37, 19536, 36020, 67651,65031,90910, 47837, 041

3 1382, 5593.25

59, 70343, 533

171, 597.123

19, 52517, 549

210, 643219, 803219,097

107, 73268 183

.187

125, 7813 28, 390

.273

187, 7783 150, 179

133,31154, 07279, 239

4,2817,422

483744

41, 45944, 18524, 95659. 76738, 89912,12642, 259

1 8611, 6543.24

36, 80145, 085

161, 853.125

20, 03112, 912

218,083199, 755194, 676

104, 43866 197

.186

104, 407s 26, 428

.273

159,9213158,191

135, 08953, 09681,993

3,2657,574

427584

39, 44841,82423,71156, 77338, 83512, 09647, 846

*>• 0141,0063.34

40, 70743, 619

139, 750.131

21,01210, 200

229, 163217,411211,230

94, 69564, 702

.188

112,5693 23, 484

.273

182,2103 145, 034

143, 39754, 44388, 954

3,2477,758

403561

39, 87642, 55022, 63661,73138, 44411,82048, 750

1 5521, 0353.35

30, 89150, 888

110, 324.131

22,11910, 775

243, 635224, 826216, 075

83, 16467, 247

.191

105, 0243 25, 580

.273

188, 7823 154, 234

149, 72156, 33693, 385

3,9037, 723

415333

41, 99442, 27321,23156, 11839, 13611,66547, 143

2 0231, 8073.29

41, 24845, 99162, 259

.132

21, 34710, 541

235, 756182, 704166, 083

119, 55967 093

.185

79, 6993 24, 252

.273

121, 9933 138,949

124, 56347, 20877, 355

2. 2836,271

260313

30, 28835, 74917,11054, 62831,97912, 30341, 744

2 6353,0343.15

52, 55346, 62963, 138

.135

19, 8917,201

219, 494213, 151190, 072

113,57878, 623

.181

91, 5923 20, 632

.273

151,4473149,813

137, 60955, 30982, 300

3, 3907,681

413332

39, 08741, 14422,41657. 02235, 88610. 76748, 151

3 0644,7973.08

61, 40346, 72468, 623

.136

18,71220, 117

206, 411202, 904210, 645

109, 17870, 699

.171

113, 9233 22, 206

.273

158, 3703140,726

133, 26752, 19881, 069

4,0128,728

396430

42, 22150, 30424, 28060, 96836, 70012, 14853, 104

4 2757,1663.10

84, 70856, 22080, 294

.130

25, 38874, 133

279, 908240, 688220, 896

109, 69577, 514

.174

124, 4283 25, 881

.273

180, 7833 136, 658

125,21454, 79270, 422

3,8808,374

415385

44,619r 48, 460T 26, 498

62, 15935, 48012, 62856, 304

3 1327,5423.17

62, 49341, 236

108, 296. 127

25, 39488, 365

277, 042232, 664

T 215,687

135, 084r 82 310

.175r116, 447'322, 835

.273

161,9173137,012

118, 99353, 22365, 770

3,4958, 394

451643

44, 66348, 27225, 19762, 20034, 46411,08058, 258

240,638

3 2636, 6953.21

64 47043, 583

136, 013•p . 128

2 371 27623, 86981, 784

261,550232, 155234, 323

138, 23270 pgp,

p. 173

115 2183 23, 703

P. 273

141, 3873142,961

101.24146, 00055, 241

3.35

ELECTRIC POWER AND GAS

ELECTRIC POWER

Production (utility and industrial), totalmil. of kw.-hr.

Electric utilities, total doBy fuels do -By water power do

Privately and municipally owned utilities doOther producers (publicly owned) do

Industrial establishments, total . . _ _ doBy fuels doBy water power.- .. - .. ._ do -

Sales to ultimate customers, total (Edison Electric In-stitute) mil of kw -hr

Commercial and industrial:Small light and power doLarge light and power - - - . _ _ _ do

Railways and railroads - - do_ -Residential or domestic doRural (distinct rural rates) doStreet and highway lighting doOther public authorities doInterdepartmental do

Revenue from sales to ultimate customers (EdisonElectric Instituted thous. of dol_-

49, 89043, 44934, 4029,047

36 3087,140

6,4416, 020

421

37 092

6, 27918, 250

44010, 203

63741782046

644. 528

50, 40443, 95534, 5269,429

36 2947.661

6,4486, 139

309

38, 198

6, 38418,414

43711 071

60142182940

660. 153

46, 26940, 23031,6598,571

33 2307,000

6, 0395, 742

296

37, 654

6,31118,133

39910,958

60537982248

655. 779

51,15344, 44934,05110, 399

36 2488,201

6, 7036, 375

329

38, 283

6, 26919, 253

41610,375

71937183051

651. 058

48, 37642, 03531,56710, 468

34 2577,778

6,3416,017

324

38, 140

6,22519, 496

3749,917

92833481750

644. 841

49, 93943, 35433, 5399,815

35, 3268,028

6, 5856, 277

308

38, 127

6,24020, 248

3659,208

87931482249

639, 059

50, 72544, 23434, 525

9,709

36 0128,222

6,4906,204

286

38, 850

6, 58620, 778

3708, 975

958296837

52

647, 704

52, 92446, 62537, 2759,350

37, 8488,777

6,2996, 052

247

39 557

7,60120, 551

3359, 2621, 160

30583349

661. 284

55, 91749, 35339, 8219,532

40 1799,175

6,5636, 309

254

41, 957

7,49721, 895

3529,7061,266

33086052

690, 352

52, 90746, 33538, 1688,167

37, 5958,740

6,5726,365

207

42, 122

7,47621, 982

3549,8121,213

356876

54

695, 804

54, 20647, 36738, 6018,766

38, 7598,608

6,8396,608

231

41, 829

7, 02622, 512

3569,672

95439686251

684, 701

54, 51347, 75138, 5439,208

39, 1008,651

6,7626, 524

237

41 688

6,73822, 364

39110 073

77042288347

681. 561

57, 57150, 71541, 4089 307

41 4779, 238

6, 8566, 632

224

T Revised. v Preliminary.1 Revised estimate of 1954 crop. 2 December 1 estimate of 1955 crop. 3 Beginning January 1955 excludes quantities held by consuming factories. Comparable data for December 1954

(units as above): Margarine, 26,960; shortening, 119,597.* Revisions for January-July 1954 will be shown later.


February 1956 SURVEY OF CUKEENT BUSINESS S-27


1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

ELECTRIC POWER AND GAS—Continued

GAS

Manufactured and mixed gas (quarterly ):cfCustomers, end of quarter, total thousands

Residential (incl. house-h eating) doIndustrial and commercial do

Sales to consumers, total mil. of thermsResidential (incl. house-heating) _ d o _ _ .Industrial and commercial do

Revenue from sales to consumers total thous. of dolResidential (incl. house-heating) doIndustrial and commercial do. _

Natural gas (quarterly) :cfCustomers, end of quarter, total thousands

Residential (incl. house-heating)... . . _do _-Industrial and commercial do

Sales to consumers total mil of thermsResidential (incl house-heating) doIndustrial and commercial -do _

Revenue from sales to consumers, total thous. of dol _Residential (incl. house -heating).-.- doIndustrial and commercial do

5,7415,318

420847552289

115, 78684, 81630, 345

22, 15920, 398

1, 73415, 352

4, 7239,780

695,511386, 598288, 052

5,5105,097

4091,210

879323

155, 784118,44636, 572

22, 49820, 672

1,79919 5658,715

10, 1591,021,488658, 033344, 245

5,3614,961

398827516302

110, 43179, 47630, 325

22, 64120, 870

1,74414, 2213,9319,602

648 215342, 971287, 646

5,1734,793

378546274264

75 92950, 94653, 422

22 97321,2121 734

12 044l' 7419 590

478 745194 055267 158

FOODSTUFFS AND TOBACCO

ALCOHOLIC BEVERAGESBeer:

Production! thous. of bblTaxable withdrawals _ do _Stocks, end of month! . _ _ _ do

Distilled spirits:Production! _ _ _ _ _ _ _ thous. o f t ax ga lConsumption, apparent, for beverage purposes

thous. of wine gal__Tax-paid withdrawals! thous. of tax ga l__Stocks, end of month!-. - - _ _ -doImports thous. of proof gal

Whisky:Production! thous. of tax gal--Tax -paid withdrawals! _ - _ _ _ doStocks, end of month! doImports _ __ . thous. of proof gal

Rectified spirits and wines, production, total 9 1thous. of proof gal_

Whisky! doWines and distilling materials:

Effervescent wines:Production! _. thous. of wine galTaxable withdrawals! doStocks, end of month! doImports _ _ - _ _.do

Still wines:Production!- _ __ ._ do __Taxable withdrawals §!__ _ _ do_ _Stocks, end of month §! do_ ._Imports do

Distilling materials produced at wineries! _do_

DAIRY PRODUCTS

Butter, creamery:Production (factory) ! thous. of lb_.Stocks, cold storage, end of month doPrice, wholesale, 92-score (New York)___dol. per l b _ _

Cheese:Production (factory), total ! thous. of Ib

American, whole milk t do_ -Stocks, cold storage, end of month, total _ do

American, whole milk doImports. _ _ _ _ _ _ _ _ d oPrice, wholesale, American, single daisies (Chi-

cago) dol. per l b _ _Condenscd and evaporated milk:

Production, case goods: !Condensed (sweetened) thous. of IbEvaporated (unsweetened) _ _ do

Stocks, manufacturers', case goods, end of month:Condensed (sweetened) thous. of lb_.Evaporated (unsweetened) __ _ . do

Exports:Condensed (sweetened) _ doEvaporated (unsweetened) do

Price, wholesale, U. S. average:Evaporated (unsweetened) dol. per case.-

Fluid milk:Production mil. of lb_ _Utilization in mfd. dairy products doPrice, dealers', standard grade _ dol. per 100 Ib

Dry milk:Production: $

Dry whole milk thous. of lb__Nonfat dry milk solids (human food) do

Stocks, manufacturers', end of month:Dry whole milk..- do,.Nonfat dry milk solids (human food) do

Exports:Dry whole milk. _ . _ _ doNonfat dry milk solids (human food) do_

Price, wholesale, nonfat dry milk solids (humanfood), U. S. average _ _ _ dol. per Ib

6,4866,440

r9, 161r 16, 036

23, 00810, 667

r 840, 7072,444

10, 2866, 022

r707 3462,209

* 6, 233r 5 504

105229

1 036127

3, 628r 12, 6S8

r 192, 399733

6,212

99, 297378 610

.608

91 47561 566

548, 850518, 879

5 111

.374

2 097153 218

r 3, 739206, 954

528,227

5.56

8,8413,249

5 03

7,37894, 994

8,24551, 250

3,13014, 080

.155

6,2165,388

r 9, 577

13, 267

12, 3338,654

842, 5881 307

8,2394,742

708 2421, 162

' 4, 7074 012

143107

r 1 17030

T 1,941r 10, 022

r 182, 002402

1,938

108, 190341 655

.583

93 47564 130

522, 676492, 833

3 509

.369

2 600164 000

4,775143, 494

5311,373

5.56

9,1053,520r 4 99

7,500110,500

8,23855, 826

2,98225, 699

.154

5 7725,3309,647

13, 753

12, 94910,007

843, 2851 374

9,4705,609

709 6651,258

' 5, 4894 907

22783

1 30429

r 1, 643' 10, 5,r6

T 171, 795410

r 1 973

103, 835314 568

.581

90 24563 010

499, 742470, 092

3 502

.370

2 110174 800

4,569104 537

1914, 079

5.56

8,8843,396

4 93

6, 650105,600

6 71260, 918

3,6169,549

.154

7 8996 902

10,193

r 15, 622

15, 768r 13, 407

r 842, 5661 802

10 7257, 027

710 9701 613

r 7, 1716 445

160112

1 33333

r 1 937r 13, 194

r 160, 299555

3 204

120, 775311 462

.579

110 48079 *685

493, 433462, 949

5 109

.370

2 950230 100

3,89597 640

o18, 061

5.57

10, 4474, 095

4 84

8, 650132,000

7 67864, 126

3 83035, 616

.153

8 2847 187

r 10,815

14, 962

15, 505Ml, 422844, 138

1 783

10 1225, 361

713 9851 620

r 6,3405 718

212108

1 42042

r 1 322r 10, 982

r 150, 398539

T 2 325

129, 375293 203

.579

126 17595 890

501, OPO467, 671

4 195

.370

2 125255 750

5,783135 026

3816.612

5.57

11,2644,485

4 71

9,100152,800

7 47788, 341

4 62622 455

.153

rS 968r 7 99811,278

13,155

16, 13010, 825

844 3201 734

9 0735,181

716 0781 560

r 5, 6574 909

178r!11

r i 47351

1 28110 174

r!40 895526

r 648

158, 535308 154

.579

162 970129 475

527 '739493, 909

3 708

.368

1 700325 750

5,526258 438

819 866

5.57

13, 0885,591

4 68

10, 650197,800

9 067125, 861

3 1962 060

.152

9 3948 460

11,627

13, 421

16,91513, 774

841 4961 983

8 9156, 567

715 8611 816

r 7, 7836 810

266137

1 40151

1 26710 842

128 475513606

153, 080334 ^01

-578

157 900126' 330581 168542, 609

3 453

.368

2 140304 500

5, 570357 514

20010 205

5.57

12, 6655,4154 69

10, 325181,300

10 773150, 162

3 11132 575

.153

8 9138 608

11 380

9 391

14, 21710, 951

838 8001 596

5 5504,526

715 5501 484

5, 9925 315

7078

1 56733

7288 929

122 153417900

124, 8959 ̂ 2 139

.578

199 02 5100 715

597 (85561, 482

2 530

.368

3 000257 800

6,457412 415

71712 419

5.57

11, 7044, 4494 80

8.070127,500

12 281140, 501

3 90117 066

.153

9 2109 025

11 000

11,379

15, 67311,369

836 1101 591

8 1425,267

716 3041,421

5,3104 237

175114

1 61336

1 4879 926

112, 250393

5 633

102. 465097 617

.582

113 99085 340

596' 891562^ 41 9

3 567

.368

3 010227 500

7,177448 700

1 5139 745

5. 57

10, 6163,775

4 90

7,40098, 600

11 875117, 246

4 58817 371

.154

7 2527 405

10 380

19 388

16,90613,613

834 5292 253

11 1897, 226

717 5682 031

7,3826 383

102132

1 57054

19 57111 120

120 826452

52 431

91, 585295 043

.590

99 59570 795

5°2 241559, 448

3 174

.389

2 540184 500

5, 482427 570

43612 346

5.57

9,6183,3225 01

8,90089, 100

10 998101, 566

2 87117 859

.155

6 4326 248

10 166

34 917

18. 50717 083

832 5812 525

12 8639 216

717 9912 310

10 1569 013

106191

1 45879

79 47413 347

184 Oil61 8

145 546

94, 070OKA f i9 f i

. 58(5

91 20063 070

566 481536? 355

K cno

.378

3 925164 500

7,381383 871

1 43310 407

5.57

9,3243,2445 10

8,30088, 200

10 31487, 758

3 98817 712

.154

5 7756 1299 427

31 189

20, 85616 731

833 2013 620

13 5388,978

719 656'-} 282

9,9308 761

160247

1 346l'->9

43 34013 369

214 698889

93 578

91, 040202 294

.584

84 97056 100

531 094505 435

G uqn

.379

o 07 r

142 200

7 556274 432

1 51217 445

5 64

8,7243,0755 19

8,92587 500

10 64081, 231

3 24426 148

.154

104, 555i (\ • r i o r

.588

93 19061 380

506 098478 729

.378

4 025152 800

4,752214 239

5.71

9,0233, 4535 10

8,750113 700

8 66180, 677

.154

~ " ~ " ~ 5 8 0 ~

.375

9,604

504

' Revised.cf1 Revisions for 1953 and for the 1st and 2d quarters of 1954 are available upon request. Totals include data not shown separately.

Amei1954; dairy products—butter, cheese, (total and




1954

Decem-ber

1955

Janu-ary

Febru-ary March April May June July Au? October Novem-

berDecem-

ber

1956

Janu-ary

FOODSTUFFS AND TOBACCO— Continued

FRUITS AND VEGETABLESApples:

Production (crop estimate) - ._ thous. ofbuShipments, carlot no. of carloads..Stocks, cold storage, end of month thous. of bu. .

Citrus fruits, carlot shipments no. of carloads .Frozen fruits, juices, and vegetables:

Stocks, cold storage, end of month:Fruits thous. of Ib . .Fruit juices doVegetables do

Potatoes, white:Production (crop estimate) thous of buShipments, carlot - no. of carloads -Price, wholesale, U. S. No. 1 (New York)

dol. per 100 lb._

GRAIN AND GRAIN PRODUCTS

Exports (barley, corn, oats, rye, wheat).--thous. of bu._

Barley:Production (crop estimate) doReceipts, principal markets _.do. -Stocks, domestic, end of month:

On farms doExports, including malt -doPrices, wholesale (Minneapolis):

No. 2, malting ..dol. per bu_.No 3 straight do

Corn:Production (crop estimate) mil of buGrindings, wet process thous. of bu_.Receipts, principal markets ... -doStocks, domestic, end of month:

Commercial doOn farms mil of bu

Exports, including meal - - - - thous. of bu_.Prices, wholesale:

No. 3, yellow (Chicago) dol. per bu..Weighted average 5 markets, all grades do _

Oats:Production (crop estimate) mil of buReceipts, principal markets- _ _ _ _ _ _ thous. of bu.Stocks, domestic, end of month:

Commercial - -- - -- - do .. .On farms do

Exports including oatmeal _ - - _ doPrice, wholesale, No. 3, white (Chicago), dol. per bu_-

Rice:Production (crop estimate) thous of bags 9California:

Receipts, domestic, rough thous. of l b _ _Shipments from mills, milled rice doStocks, rough and cleaned (cleaned basis), end

of month thous. of IbSouthern States (Ark., La., Tenn., Tex.):

Receipts, rough, at mills doShipments from mills, milled rice _ doStocks, domestic, rough and cleaned (cleaned

basis) end of month mil o f l bExports. .' thous. of lb_ .Price, wholesale, head, clean (N. O.) dol. per l b _ _

Rye:Production (crop estimate) thous of buReceipts principal markets doStocks, commercial, domestic, end of month _ . doPrice, wholesale, No. 2 (Minneapolis) ...dol. per bu._

Wheat:

Spring wheat do

Receipts principal markets thous of buDisapnearance doStocks, end of month-

Canada (Canadian wheat) _ - - _ , _ d o _ _ _United States domestic total cf mil o f b u

Commercial - ... ... thous. of bu..Interior mills , e leva tors , and warehouses

thous of buMerchant mills doOn farms do

Exports, total, including flour do"Wheat only do

Prices, wholesale:No. 1, dark northern spring (Minneapolis)

dol. per bu._No 2, hard winter (Kansas Citv) .- -doNo 2 red winter (St Louis) doWeighted avg., 6 markets, all grades do

MOO, 8542, 886

24, 878

11,610

377, 950248, 001649, 321

1356 03114,141

3. 698

41, 430"

i 370, 50210, 070

' 27 517165, 195

4,175

1. 420] . 290

i 3, 01011,67030, 975

' 65, 218'2 093.2

9,569

1. 5221.450

1 1, 49710,510

20, 055'920,789

701.839

1 64, 216

85, 45733, 125

117, 630

62, 94198, 056

987.944, 623

.094

1 24, 320921

10, 9401. 300

i 984 81 180 51 804 325, 923

'"213,573

354, 877'1 471 4374, 369

517, 943126, 382

'321 321

26, 54422, 643

2.7582. 4652. 2802.646

2,47118, 975

9, 445

348, 163296, 333576, 981

18,281

3. 225

35, 549

16,321

27, 141

' 1, 352

1.4411.350

10, 95427, 831

62, 809

6,980

1.5241.448

12, 704

20, 448

"~i~862~.814

31, 94528, 489

109, 027

50, 954113,344

916. 542,515

.094

1, 296' 9, 541

1.420

28, 032

r 356, 258

366, 942

24, 56721,149

2. 7292. 4432.3382. 635

2,41313, 194

8,678

309, 152357, 503505, 428

16, 750

3. 342

43, 395

8, 975

23, 121

3, 761

1.4311.413

10, 83619, 423

63, 192

9, 955

1.4951.434

8, 193

20, 499

""I, "260.797

129, 02870, 745

127, 276

61,315112,015

784.825,011

.094

419T 9. 274

1. 396

2,4987,793

9,503

i268, 216386, 726456, 995

22, 498

3.750

52, 778

10,311

21,184r 116, 721

5,019

1.4391.342

11,94915, 530

56, 199'1 425.7

11, 434

1.4631.390

7,159

17, 886'551,570

3, 061. 771

125, 049133. 373

85, 952

58, 409133, 727

653. 8112,005

.094

2068,7791.322

I19, 823

r 343, 399

356, 237

27, 482* 254, 060

T 332, 021'1 218 2351, 913

430. 732101.475

'211 592

27, 90723, 828

2. 7562.4102.2302.610

i 33, 109j 28, 184

2.7082 4562.2052.603

i

2,1874,114

9,3041

222, 407451,283426, 679

20, 865

7.167

29,690

7,140

19, 701

3, 534

1.4431.342

10, 62113, 028

46, 385

4,784

1.4601.439

5,392

15,866

"~i~782".712

119,108101,451

67, 491

18, 276115,091

610.175,114

.105

2828, 4981.246

24, 105

r 324, 164

351, 749

19, 49814,373

2. 6682. 4612.2042. 593

1,8601,677

9,731

208, 365513,638396,454

18, 502

6.508

29, 620

9,112

16, 954

4,776

1.4211.291

11,52418, 433

41,315

4,408

1.4821.487

6, 629

14,498

~ ~ ~ i ~ 5 2 7 ~.708

142, 16893, 542

72, 047

10, 43788, 903

599.2123. 393

. 113

2916,6791. 233

38, 436

'323,669

364, 462

18.90414, 745

2.7422. 5312. 2782. 666

810376

9,965

250, 582492, 970418,876

24, 758

4.131

41,461

18, 249

' 23, 527'343,724

5,369

1.4121.290

11,91219, 683

' 36, 805r 948. 9

5,666

1.4731.483

8,371

15,8333249.213

3,237.710

133, 772117,056

47, 693

15,05465, 285

495. 976, 788

.113

8586,4961.142

45, 199199. 1 4 6

' 348. 489'31,021.63380,409

3399,2983 60, 144

'339 130

26, 79822, 383

j 2. 7342. 190

' 1. 948: 2. 428

362212

8,223

391,944417, 332482, 910

10, 035

2.563

50, 275

24, 067

31, 574

9,017

1.2791. 180

10, 93817, 535

27, 070

11, 768

1.4721.490

23, 146

23, 085

~2~ 049"(4)

89, 73359,811

49, 203

12, 66071, 627

389.4137, 272

.113

2, 8778,6731.042

101, 574

' 378, 766

427, 416

27, 05123, 376

2.6212. 1601. 9682. 263

234233

6,308

440, 672362, 434605, 154

9, 463

3.269

46, 723

26, 258

32, 696

12, 168

1.2711.171

12, 54130, 689

28, 050

8,088

1.3051.323

22, 109

38, 217

~~"i~6i2~.578

23, 34943, 754

17, 510

238, 219120, 707

360.642, 291

.093

1,6389,1381.046

57, 958

'372,182

446, 093

24, 50120, 762

2.4782.1511.9452.397

5399,121

4,696

470,439 !325,288672,574

11, 641

3,033

39, 177

16, 156

28, 468••256,013

8, 050

1.2401.127

11, 35828,185

31, 7103 310 811, 352

1.3071.244

8,727

37, 581'1,246,086

2, 175.610

22, 6937,241

24, 692

986,179260, 028

661. 6150, 886

.089

9028, 9321.112

36, 015'207, 108

'374,487'1 753 7448, 678

'594 312'141 403' 428, 541

17,28314, 242

2. 5052. 1 551.923

! 2. 445

3, 46634, 379

4,467

458, 921287, 547692, 821

13, 585

3.217

35, 827

14, 266

28, 168

9,478

1. 2581. 155

12, 50240, 062

38, 721

11, 292

1.1881.180

5,185

33, 297

3,123(4)

136, 48927, 053

81,284

1,032,421185,179

1 , 097. 0153, 729

.089

1,3848,1361.061

31, 802

'•366,890

440, 750

11,4227, 153

2, 5132.1982.0352.478

' 2, 93534, 854

'4,742

444. 087245, 393663, 160

' 14, 824

' 3. 206

38, 968

13, 836

26, 149

5,050

1. 2511.130

11, 59051, 592

65, 517

"16," 855"

1. 1731.201

6,349

27, 283

"""2," 838".635

66, 09724, 959

95, 868

241, 850121,168

1,127.8118, 445

.093

1,6748,4141.026

24, 768

' 363, 288

421,248

19,31214, 534

2.5112.2072.0432.461

2 105,293' 2, 78327, 559

r 10, 887

416, 673258, 025621, 721

2 381,631' 15, 410

p 2. 884

2 390,96913, 975

27, 038189 510

1. 2351.116

2 3 18511,18822, 843

70, 9102, 191. 4

1.2501.269

2 1, 5768,887

26, 575981, 205

.694

2 53, 420

46, 12221, 970

101, 792

p. 093

2 29 1871, 5538. 3691.156

2 938 22 232 82 705 421,007

219, 910

' 364, 7321, 535. 0403, 181

543,101126,878320, 800

2.4872. 253

i 2. 153i 2. 445

2, 333

8,324

18, 542

13, 013

25, 167

1.2391. 099

73, 073

1.2451.268

28, 084

. 668

69, 50435, 426

106,170

~ ~ ~ 6 ~ 7 1 41. 160

390,508

2.4472. 2422. 1562. 407

r Revised. » Preliminary. l Revised estimate of 1954 crop. 2 December 1 estimate of 1955 crop.3 Old crop only; new grain not reported until beginning of new crop year (July for barley, oats, and wheat;9 Bags of 100 Ib.cf The total includes wheat owned by the Commodity Credit Corporation and stored off farms in its own steel and wooden bins; such data are not included in the breakdown of stocks.

October for corn). 4 No quotation.


February 1056 SUEVEY OF CURRENT BUSINESS S-29


1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

FOODSTUFFS AND TOBACCO—Continued

GRAIN AND GRAIN PRODUCTS— Continued

Wheat flour:Production:

Flour _ -thous. of sacks (100 lb.)_.Operations, percent of capacityOffal _ short tons._

Grinding of wheat _ _ -thous. of bu._Stocks held by mills, end of quarter

thous of sacks (100 Ib.)Exports do _ - -Prices, wholesale:

Spring, short patents (Minneapolis)dol. per sack (100 Ib.) _

Winter, hard, short patents (Kansas City)-_do

LIVESTOCKCattle and calves:

Slaughter (federally inspected):Calves thous. of animals. -Cattle do

Receipts principal markets doShipments, feeder, to 9 corn-belt States _ _ _ . .do. .-Prices, wholesale:

Beef steers (Chicago) _ dol. per 100 IbSteers, stockcr and feeder (Kansas City) doCalves vealers (Chicago) do

Hogs:Slaughter (federally inspected) thous. of animals. .Receipts principal markets doPrices:

Wholesale, average, all grades (Chicago)dol. per 100 lb-_

Hog-corn price ratiobu. of corn equal in value to 100 Ib. of live hog..

Sheep and lambs:Slaughter (federally inspected) thous. of animalsReceipts principal markets do _Shipments, feeder, to 9 corn-belt States _ _ -do-Prices, wholesale:

Lambs average (Chicago) dol. per 100 IbLambs feeder, good and choice (Omaha) do~ -

MEATSTotal meats:

Production (carcass weight, leaf lard out), inspectedslaughter _ - - mil. o f lb

Stocks (excluding lard), cold storage, end of monthmil. of l b__

Exports (including lard) doImports (excluding lard) _ ._ _ do

Beef and veal:Production, inspected slaughter _ thous. of lb._Stocks, cold storage, end of month doExports _ -- _ .__ _ _ __ - doImports doPrice, wholesale, beef, fresh, steer carcasses, choice

(fiOO-700 Ibs) (New York) dol. pcrlb_.Lamb and mutton:

Production, inspected slaughter thous. of lb_.Stocks cold storage end of month do

Pork (including lard), production, inspected slaughterthous. of lb__

Pork (excluding lard):Production, inspected slaughter do __Stocks, cold storage, end of month.. ... _. _doExports doImports _ -. ._ - do -Prices, wholesale:

Hams, smoked, composite dol. per l b _ _Fresh loins. 8-12 Ib. average (New York) do

Lard:Production, inspected slaughter thous. of lb._Stocks, dry and cold storage, end of month doExports doPrice, wholesale, refined (Chicago) dol. per lb_.

POULTRY AND EGGSPoultry:

Receipts 5 markets thous of IbStocks, cold storage (frozen), end of month doPrice, wholesale, live fowls, heavy type, No. 1

(Chicago) _ _ _ _ dol. per IbEggs:

Prod uction, farm m illions. _Dried egg production thous. of lb_.Stocks, cold storage, end of month:

Shell thous. of cases. .Frozen .. _ _ thous. of Ib

Price, wholesale, extras, large (Chicago)dol. per doz._

MISCELLANEOUS FOOD PRODUCTS

Confectionery, manufacturers' sales thous. of dol__Cocoa or cacao beans:

Imports (incl. shells) long tons..Price, wholesale, Accra (New York) dol. per lb._.

19, 17478.3

382, 856

44, 524

4,6611,674

6.9106.325

6391,5832,177

355

26. 2119. 2321. 00

6, 1193, 315

16.97

12.2

1, 1671,192

185

19. 2518.05

2,120

8008124

912, 239208, 380

6, 7185, 795

.455

54, 7049,714

1,153,238

843, 809448, 645

4,03716, 074

. 556

.412

225, 859104, 12557, 324

.173

64, 744269, 863

.175

5, 5891,336

19374, 928

.317

r 100,215

27, 181.475

19, 15685.6

384, 216

44, 567

1,467

6. 7556.205

5631, 5212,322

294

26. 1220. 4027.00

5, 5193,183

16.51

12.1

1,2231,334

226

20.8820.22

1,993

8447524

883, 371193, 580

6, 9936, 511

.460

58, 8108,767

1,050,606

771, 981504, 624

4,84315, 292

. 536

.431

203, 886124, 39154, 807

.163

40, 480251,296

.188

5,7711,919

23566, 245

.334

84, 645

18, 874.488

17, 71483.1

356, 211

41, 186

1,750

6.6506.025

5171 3131, 767

171

24. 4620. 4629. 00

4, 6382, 587

15.91

11.7

1,0801,029

135

21.7520.75

1,665

8376919

760, 473166, 014

6, 4435 725

.449

53, 1748,743

851, 694

628, 102530, 537

6 47611,573

.479

.425

163, 743137,88247, 253

.153

36 267211, 258

.243

5, 5181,902

26862, 517

.422

85, 277

22, 494.468

19, 88481.1

394, 156

46, 104

4,7132,114

6.8056.095

6601, 5242,086

212

24.1221.2825. 00

5, 4912,924

15. 90

11.3

1,2441,166

120

22.7520.97

1,962

8356527

890, 867154, 349

3,3699 082

.435

61, 4299,089

1,009,567

749, 899543, 929

6 244' 15, 244

.479

.422

189,884137, 35746, 056

.156

39, 349162, 472

.280

6, 5842,357

47983, 672

.410

83, 644

26, 268.400

17, 42878.1

347, 874

40, 443

2,199

6.6456.060

5961, 4522,040

272

23.3621.2520.00

4,4722,473

16.48

12.2

1,1801, 302

156

21.5019.83

1,736

8227422

844, 205143, 849

1,9348 361

.417

56, 8029, 677

834, 963

618, 489539, 434

6 34411,336

.506

.453

158, 080140, 35256, 492

.168

40, 666127, 549

.240

6, 5292, 932

1,183125, 833

.373

76, 950

19, 264.375

17, 52378.4

349, 892

40, 691

1,785

6.9906.225

5881 5602,277

236

22. 1820.0124.00

4,1642,337

16.39

11.7

1,2281,246

113

23.000)

1,760

7405527

901, 574130, 593

2,5478 760

.402

57, 6069, 957

800, 728

587,211477, 028

5 96915, 484

.525

.508

156, 320144, 14936 591

.148

48 999107, 309

.253

6,4402, 913

2,088170, 933

.346

62, 435

14, 339.365

18, 47078.8

371,280

42, 944

4,1111,895

6.8006.030

6111 6412,122

149

22.1519.0323.00

3,7132,140

17.54

13.1

1,2051,110

96

23.500)

1,753

6145129

952, 637117, 362

2,18813 197

.398

52, 8928,851

747, 208

549, 989375, 741

5 491H, 272

.540

.564

144, 297133, 39432, 365

.155

50 41197, 960

.245

5,7013,292

2,292193, 888

.369

65, 623

19, 726.381

17,61282.6

356, 099

41, 063

1,577

6. 7556.030

5501 5241,956

169

22. 5218.1922.00

3,4281,929

16.12

11.9

1,0761,043

147

21.120)

1,596

5295030

878, 641115, 238

2, 85212 070

.395

47, 0308,597

670, 129

494, 676297, 962

4 23115, 526

. 534

.472

128, 545117, 57829, 886

.155

46 646101, 942

.245

5,2852,643

2,244194. 706

.370

47, 198

11,656.370

18, 61576.0

371, 633

43, 239

1,605

6.1505. 775

6461, 7972, 596«257

22. 3317. 6923. 00

4,4752,519

15.31

12.1

1,2391,288a 259

20.752 17. 60

1,897

4485330

1,032,932120, 581

2,72114, 072

.405

54, 3438,737

809, 765

605, 362218, 624

3 64213,717

.539

.458

149, 41997. 01435, 672

.133

55 937119, 769

.215

4, 8951, 319

1,680179 920

.464

60, 941

21, 109.318

19, 17485.7

377, 855

44, 301

4,6321,305

6. 2255.625

7101, 7522, 533"529

22.6717.9724.00

5,1442,682

15.75

12.7

1, 3441,625« 545

19.7517.83

1,977

4054926

1,021,504120,886

2,42612, 244

.420

58, 7428,683

896, 472

678, 528179,182

4 46111, 633

.501

.492

159, 34975,01130 545

.138

58 494161,947

.235

4,7981,159

1,140155 365

.514

106, 860

16, 335.333

21, 00093.8

411, 194

48, 369

1,832

6.2755.775

7281 6933,058

947

21. 9518.0226. 00

6,1443,251

14. 30

12.7

1,2481,797

513

19.5018.18

2,121

4448123

999, 507136, 278

3,1009 428

.396

55, 2459,569

1,065,839

805, 841205. 197

6 44111,513

.456

.409

190, 12074, 75656 426

.153

68 413258, 413

.233

5,1811, 136

804127 847

. 496

106,842

14, 738.340

19, 75888 3

384, 694

45, 489

2 050

' 6. 165r 5. 625

7001 6622 674

734

20 8416. 9222 00

6, 8574 099

12.01

11.2

1, 1621 273'247

18 6217 88

2 254

6019128

970, 324176,613

2 34912 150

.376

52, 853r Q 884

1,230,521

908 359306* 714

5 82314 503

.454

.374

235, 33298 42666 532' . 138

80 480259, 687

210

5, 186739

333101 395

.501

* 115. 327

21, 336.324

19,31786 3

376 700

44, 462

5 078

v 6. 070P 5. 750

6331 p,1 7

2 091420

20 3015. 89

P 24 00

7 3944 056

10.38

9.2

1 , 1 ttI 091

161

18 2516 68

2 340

782

961, 519227, 485

.362

53, 84910 7"

1,324,890

967 766421 624

p. 448.326

261,249146 9S5

P . 125

74 756229, 294

f> 235

5, 467449

11375 204

.514

99, 065

p . 324

20 0117.13

11. 08

9.4

19 0016 96

.368

.346

47 239

.447

r Revised. * Preliminary. 1 No quotation. 2 Average for 2 weeks (August 22—September 2). « For 8 States (South Dakota excluded).




1954

Decem-ber

Janu-ary


19

June

55

July August Septem-ber October Novem- Decem-

ber ber

FOODSTUFFS AND TOBACCO—Continued

MISCELLANEOUS FOOD PRODUCTS— Con.

Coffee:Clearances from Brazil, total thous. of basso*. -

To United States doVisible supply, United States do -Imports doPrice, wholesale, Santos, No. 4 (New York)

dol. per l b _ _Fish:

Stocks, cold storage, end of month thous. of lb_ „Sugar:

Cuban stocks, raw, end of monththous, of Spanish tons..

United States:Deliveries and supply (raw basis) :

Production and receipts:Production short tons..Entries from off-shore do

Hawaii and Puerto Rico do -

Deliveries, total _ _ _ . do.-.For domestic consumption doFor export . . do ...

Stocks, raw and refined, end of monththous. of short tons__

Exports short tons..Imports:

Raw sugar, total doFrom Cuba - doFrom Philippine Islands do

Refined sugar, total _ . . _ doFrom Cuba do

Prices (New York):Raw, wholesale dol. per IbRefined:

Retail § dol per 5 IbWholesale doi per Ib

Tea, imports thous of Ib

TOBACCOLeaf:

Production (crop estimate) __ .mil. o f l b _ _Stocks, dealers' and manufacturers', end of quarter,

total mil oflbDomestic:

Cigar le'if doAir-cun-d, fire-cured, flue-cured, and miscella-

neous domestic mil of lbForeign grown:

Cierar leaf doCigarette tobacco do

Exports, including scrap and stems.. ...-thous. of lb._Imports, including scrap and stems do

Manufactured products:Prod uction , manufactured tobacco , to tal do

Chewing plug, and twist doSmoking" doSnuff do

Consumption (withdrawals):Cigarettes (small):

Tax-free millionsTax-paid ^ do

Cigars (large), tax-paid '. thousands.-Manufactured tobacco and snuff, tax-paid

thous. of lb .Exports cigarettes millionsPrice (wholesale), cigarettes, manufacturer to whole-

saler and jobber, f. o. b. destinationdol. per thous--

1, 082630799

2,084

.685

194, 338

r 2, 087

549,214215, 486146, 234

671, 196669, 122

2,074

1,927690

101,45387, 9903, 051

67950

. 060

.497

.0858,494

i 2, 244

4,774

301

4 269

17186

39, 4307,640

14,5565, 6895. 7643.104

2, 80526, 651

425. 958

14,8421,399

3.938

918424729

1.JB99i

.670

175,001

1,888

149,465317, 409

29, 065

569, 000567, 000

2, 468

1,889583

329, 562263. 64465, 84023, 06314,144

. 060

. 498

. 08510, 198

30, 9318, 699

16,2516. 5366,5163,199

2, 64430. 438

408, 334

1 5, 9211, 109

3 938

578228776

1,338

.545

150, 471

2, 513

43, 747443, 730102, 247

572, 995569, 723

3,272

1,823541

303, 089229, 47873,61042, 86130, 933

. 060

.497

. 08510, 225

28, 0338, 482

1 5, 6986,0126, 3773, 309

2,51628, 655

399, 885

14, 9681,447

3. 938

92349051.7

1,473

.583

127, 477

4, 288

55, 429558, 851171,995

711,171706,617

4, 554

1,781418

344, 404256, 50787. 89468, 78354, 288

. 058

. 494

.08415,459

4,819

376

4, 233

19191

36, 8679, 594

18,6187, 2537, 6533,711

2. 67233. 695

467, 522

18,2421,213

3. 938

996645520

1,353

.580

122, 669

4, 688

48, 992630, 496208, 785

625, 097619,459

5, 638

1, 753604

303, 954207,31592, £6046, 30845, 905

.059

.495

.0847,842

18,6438,864

16,6366, 4556. 8323, 349

2, 39928, 788

445. 701

1 6, 3201,208

3. 938

723322490

1,775

.545

128, 899

4,478

37, 866634, 000234. 789

697, 094681,204

5,890

1,612401

323, 786130,787189, 84538,81638, 371

. 060

. 495

. 0847, 61 5

21,8469,390

17,8866, 8967, 6413, 349

2, 33934,-498

51 6, 022

1 7, 3081,169

3. 938

1,356829546

1,357

.585

139, 582

3,988

45, 901476, 796173, 424

823, 025820, 274

2, 751

1,329613

301, 645164,425133, 58040, 76440, 552

.060

. 496

.0844, 366

4,404

36S

3. 845

18173

25,19910,831

18,1107, 3637,1403, 606

2, 72335, 648

510.219

1 7, 5551 , 275

3. 938

943497492

1, 547

.535

168,310

3, 638

35, 545611,799212,814

861,826857,594

4, 232

1,091406

341, 875190, 523132,41832, 79431,735

.061

.496

.0847,490

48, 8268,414

12,7635, 4685, 2332, 062

2, 36928, 561

414,250

13, 0211,468

3.938

1,221681527

1,415

.550

184,217

3,132

47, 821756, 514298, 793

884, 525879, 436

5, 089

963304

365, 892204, 979155, 45724, 75122, 359

.060

.496

.0848, 633

45, 2369, 698

17,9347,2337,0243,678

2,23236, 760

535, 596

17, 5181,080

3.938

1,8101, 207

5211, 480

.610

191, 504

2,882

119, 175541,149240, 626

798, 299793, 627

4,672

864290

263, 483189, 94046, 25640, 79839. 271

. 060

.496

.0848, 695

4,708

334

4, 202

18154

85, 4049,479

17,3886. 9677, 0543. 366

2. 93732, 076

533, 707

16. 6241,2«0

3. 938

1,8821,134

5282,215

.568

190, 783

2, 532

521,457515, 800201,641

733, 258727, 967

5, 291

1,132606

261.645231, 38930, 25214, 30312. 546

.061

.497

.0858,047

85," 2549, 766

17 3956, 8807, 2563, 260

2, 4491 32 937

551,082

16,8071, 402

3. 938

1,661914564

2,144

.540r 188. 953

2, 132

752. 375449, 748168, 780

r 609, 182* 604, 932' 4, 250

' 1. 717909

265, 534242, 385

16,5137,3345,677

'. 059

.501

. 0859, 341

63. 40410. 383

16, 1796, 6276, 3043, 249

2.41632, 644

613, 199

16. 9091,226

3.938

1. 126657831

. 530

175, 297

1,882

164. 90888, 590

571,554569, 169

2,3S5

1, 918

p. 058

. 501P. OS5

_

2 2. 256

5 176

307

4 675

19175

P 3. 938

.535

LEATHER AND PRODUCTS

HIDES AND SKINS

Imports, total hides and skins 9 - _lhous. of Ib._Calf and kip skins thous. of piecesCattle hides _ _ . - - do...Goat and kid skins_ doSheep and lamb skins do

Prices, wholesale (Chicago):Calfskins, packer, heavy, 9^/15 Ib dol. per lb_ .Hides, steer, heavy, native, over 53 Ib do

LEATHERProduction:

Calf and kip__ thous. of skins_-Cattle hide thous of hidesGoat and kid thous. of skins. .Sheep and lamb. ... do

Exports:Sole leather:

Bends, backs, and sides thous of lb.Offal, including welting and belting offal, . _ do

Upper leather thous. of sq. ft.-Prices, wholesale:

Sole, bends, light, f. o. b. tannery dol. per lb-_Upper, chrome calf, B and C grades, f. o. b. tan-

nery - dol. per sq. f t_ .

7,12555

1,836628

. 325

. 098

9832.1922. 1901 , 923

6139

3, 574

. 595

.877

9,227 ; 9, 21791 11751 ; 58

2,513 1 1,701986 i 1,576

.325 ! .375

. 108 | . 108

956 9452.109 i 2,0852,197 i 2.1711,923 2,117

34 3219 20

3,224 ; 3,418

. 595 ! . 600

.870 l .893

| i

16,806 i 8,336 11,952 ' 13.30983 1 101 105 ! 13043 i 9 30 ? 19

2,422 ! 2.453 3.216 ! 2, 1585.082 1,079 2,575 ! 2,712

.400 I .490 .425 1 400

.105 | .118 .108 .120

1,019 882 863 j 8912,325 2,148 2,169 ' 2,2192, 433 2,186 2.227 2,3942,144 2,143 2,266 2,243

102 j 99 1 71 6773 i 33 88 19

4,029 ! 3,989 2.826 3,334

. 595 \ . 600 . 605 : . 603

. 910 ' . 930 . 950 . 920

12, 58115923

2,2772, 776

.450

. 135

6061.6641,8231, 574

3972

2, 839

. 603

.942

1 1 , 69812941

2,3132, 197

.475

.138

8719 ?()9

1 7, 2819115

1 1,964578

1 . 475.148

i 827! 2 157

i 11,541 9,640292 i 81

18 i 282,172 2,4122, 298 890

. 500 ! . .T(l()

.148 . 133

i 890 ! 836! 9 5>m 2. 230

1 , 994 1 , 996 2, 1 82 2. 2302,498 ! 2,074 2, 163 2.329

85 : 64 l 121 ' 5785 i 12 i 30 ; 77

3, 407 3, 576 3, 429 j 3, 009

.595 i .600 .600 ; .605

.987 ' .998 ' .987 '; 1.022

P. 500P. 133

v. 6051 M.022

:::::::::

T Revised. v Preliminary.1 Revised estimate of 1954 crop. 2 December 1 estimate of 1955 crop.cf Bags of 132 Ib. §Data represent price for New York and Northeastern New Jersey. 9 Includes data for types not shown separately.




1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

LEATHER AND PRODUCTS—Continued

LEATHER MANUFACTURES

Shoes and slippers:Production, total thous. of pairs

Shoes, sandals, and play shoes, except athletic,total thous. of pairs.-

By kinds:Men's . doYouths' and boys' do _Women's doMisses' and children's doInfants' and babies' _ _ _ do

Slippers for house-wear doAthletic doOther footwear _ _ _ __. _ __ do

Exports - do _Prices, wholesale, f. o. b. factory:

Men's and boys' oxfords, dress, cattle hide upper,Goodyear welt _. . 1947-49=100--

Women's oxfords (nurses'), side upper, Goodyearwelt 1947-49 = 100..

W omen's and misses' pumps, suede split __ _do

44, 165

39, 939

8,9341, 585

19, 6066 3453,469

3, 757337132283

110.0

116.8112.3

48, 424

45, 477

9,0411,914

24, 6056 4323, 485

2,429331187303

110.0

116.8112.3

48 971

45, 322

8,9281,851

24, 8766 4443.223

3.098337214372

110.0

116.8112.3

57, 398

52, 611

10, 0372,244

29, 4057 0903. 835

4,215370202509

110.0

116.8112.3

47, 979

43, 344

9,3211,807

23, 8325 2483, 136

4,133369133336

110.0

116.8112.3

47, 160

41, 992

8,9161,726

23, 0385 3662, 946

4,689352127262

110.0

116.8112.3

49, 590

43, 422

8,8871,961

23, 5295 9183, 127

5, 566342260212

110.0

116.8112.3

41, 054

36, 037

7 4091,688

20 2904 6092,041

4 569254194256

110 0

116.8112.3

54 115

46, 691

9,3161,997

26 2466 0743.058

6 461386577330

110 0

116 8112.3

50, 610

42, 767

9 1271, 857

23 6225 2232, 938

7, 245388210392

110. 0

116.8112.3

48, 197

40, 628

9,2461, 586

21, 4725 3582 966

7,068375126368

112 8

118. 1117.4

42, 921

36, 162

7, 9051,331

19, 1425 0602,724

6,274370115335

116.8

118. 1117.4

45, 551

40, 834

8,7111, 586

21, 6745 7053, 158

4, 185388144

V 116 8

f 118 1P 117.4

LUMBER AND MANUFACTURES

LUMBER— ALL TYPES

National Lumber Manufacturers Association: tProduction, total mil bd ft

Hardwoods doSoftwoods . ... do

Shipments, total doHardwoods _ _ doSoftwoods do

Stocks, gross (mill and concentration yards), end ofmonth, total mil. bd ft

Hardwoods .. _ _ doSoftwoods do

Exports, total sawmill products . . M bd. ftImports, total sawmill products _ do

SOFTWOODSDouglas fir:

Orders, new mil. bd. ft. _Orders, unfilled, end of month doProduction doShipments __ doStocks, gross, mill, end of month „ do

Exports, total sawmill products. M bd. ftSawed timber doBoards, planks, scantlings, etc . _ do

Prices, wholesale:Dimension, No. 1 dried, 2" x 4", R. L.

dol. per M bd. ft..Flooring, B and better, F. Q., 1" x 4", R. L.

dol. per M bd. ft—Southern pine:

Orders, new mil. bd. f t_.Orders, unfilled, end of month doProduction doShipments doStocks, gross (mill and concentration yards), end of

month mil. bd. ftExports, total sawmill products _ M bd. ft

Sawed timber doBoards, planks, scantlings, etc do

Prices, wholesale, composite:Boards, No. 2 and bettor, 1" x 6", R. L.

dol. per M bd. ft..Flooring, B and better, F. G., 1" x 4", S. L.

dol. per M bd. f t_ .Western pine:

Orders, new mil. bd. ftOrders, unfilled, end of month . doProduction doShipments doStocks, gross, mill, end of month . .. doPrice, wholesale, Ponderosa, boards, No. 3 common,

1" x8" dol. per M bd. ft..

HARDWOOD FLOORING

Maple, beech, and birch:Orders, new M bd ftOrders, unfilled, end of month . doProduction doShipments _ _ _ _ __ doStocks, mill, end of month __ .. _ . do

Oak:Orders, new doOrders, unfilled, end of month doProduction doShipments doStocks, mill, end of month _ _ _ _ do

3 085586

2,499

3 067588

2 479

9 2413,9665 275

63 251281,356

889801829832879

32 4488 398

24 050

82. 999

131. 361

630239694650

1 7467,4423 1044,338

78.199

151.839

676439612619

1, 764

71.96

3 95011 7004 4503 950

11,050

89 81665 15797 83488 96057. 375

2 812561

2,251

2 827584

2 243

9 2253, 9435 282

53 776251, 592

758829807729957

30, 08814 05516 033

83. 972

131. 361

702276666665

] 7476,5002 6483 752

78. 480

151.609

597485491551

1, 703

72.26

4 85012 5504 0004' ooo

11,050

116 74187 01393 47694* 88552. 966

2 946'605

2,341

2 966667

2 299

9 2053,8815 324

84 682262 054

732810828752

1 033

46 80225 57221 230

85. 534

132. 178

673303672646

1 7737 7372 5295' 208

78. 471

150.996

598477535590

1 648

74.18

4 62513' 4253 5253' 625

10 900

107 96698* 57490 40091 32152*. 045

3 387629

2.758

3 481658

2 823

9 1113, 8525 259

65 670292 816

906791908925

1 016

31 81517 63614 179

85. 071

132. 178

746273784776

] 7819 4052 9586 447

77. 527

150. 996

696493633680

1, 601

75. 17

5 50014 0503 9004 000

10 775

111 554108 122106 193107' 090so! 301

3 253612

2,641

3 466697

2 769

8 8983,7675 131

68 963262, 035

961868803884935

42 79220 46322 329

85. 624

132. 178

753290738736

1 7838 3992 1516*248

77. 256

150.384

766543682716

1 567

77.20

4 (35()15 1253 7504 000

10 550

108 916111 682100 543104 16044. 633

3 438622

2,816

3 519678

2 841

8 8183 7115 107

86 261314 087

829849830848918

40 03317 64422 389

87. 115

132. 178

775285776780

1 7798 9301 9676 963

77. 702

149.426

742513770772

1 565

78.49

4 5 501 5' 3003 6504 4509 800

98 351104 696105 896105 337

4ft 400

3 598' 635

2, 963

3 754688

3 066

8 6623 6585 004

74 556353 651

911826853934837

26 23315 71510 518

87. 535

131.867

789274764800

1 7437 3982 2655 133

77. 174

149. 426

8605148SO859

1 586

80. 05

5 25015 5504 3004* 950g 300

103 623100 159111 772111 732

44 154

3 042577

2 465

3 235641

2 594

8 4683 5944 874

60 614307 625

752819648759725

21 88710 35711 530

88. 074

131.867

735288695721

1 7177 3671 6545 713

77. 434

149. 426

747511760750

1 596

80.41

4 97515 6003 9504 6008 600

98 538100 22699 328

100 29442 188

3 653614

3, 039

3 670'703

2 967

8 4543 5064 948

74 673385 231

719762850776800

30 47215 21415 258

89. 173

131.867

794285750797

1 6706 7571 5505 207

78. 922

151.263

850453959909

1 646

80. 76

5 5501.5* 475

4 8505* 4258* 000

105 63299 403

109 306108 07044 494

3 543671

2 872

3 471712

2 759

8 5263 4645 062

60 86835l' 108

655676815742873

21 50311 8619 642

89. 320

132.194

754293734746

1 6586 2221 7724 450

80.155

151.018

826454872S25

1 693

80.74

4 25014 350

4 1004 7757 525

99 08491 074

105 238105 81049 Q58

3 431703

2 728

3 360755

2 605

8 5973' 4115' 186

K9 154309' 254

603606740672942

30 93317 24712 986

89. 180

132.504

713269

737

1 638f>' 6741 9154 759

80. 683

149. 916

702380846775

1 764

80. 13

3 45012 000

'•* 8754 2257 300

87 85885 704

10° 070100 684

44 344

3 111669

2,442

3 076716

2 360

8 6183 3645 254

56 231272, 349

649583709672968

20 4779 378

11 099

r 87. 962

132. 504

654229712694

1 6565 5452 1383 407

* 81. 474

149. 916

603367638616

1 786

r 79. 36

3 85011 7503 9003 9007 200

78 74172 123

102 31795 049si ai9

2 888608

2 280

2 778'672

2 106

8 7293 3005' 429

741710678614

1 032

p 88. 094

P 134. 174

601217688613

1 731

P 80. 651

149. 916

628418592577

1 801

P 79. 36

4 30012 () ' ) ( )4 100•3 8007 500

61 16893 665S2? 732<i9 .54.5

r Revised. v Preliminary.^Revisions for 1954 appear in the December 1955 SURVEY.




1954

Decem-ber

1955

Janu-ary


ber October Novem- 1 Decem-ber ber

1956

Janu-ary

LUMBER AND MANUFACTURES—Continued

PLYWOOD

Hardwood (except container and packaging) :Shipments (market) , quarterly total

M sq. ft., surface measure--Inventories (for sale), end of quarter do

Softwood (Douglas fir only), productionM sq ft , %" equivalent-

203, 55629, 096

392, 810 393, 101' 389, 408

211,57731, 157

444, 081 412, 756 418, 950

220, 90833, 847

416, 207 321,111 414,569

215, 32632, 858

422, 532 427, 948 423 235 413, 501

METALS AND MANUFACTURES

IRON AND STEEL

Foreign trade:Iron and steel products (excl. advanced mfrs.) :

Exports, total - _ _ short tons -Scrap do

Imports, total _ do ..Scrap do

Iron and Steel Scrap

Production and receipts total thous. of short tonsHome scrap produced _ _ _ do - -Purchased scrap received (net) do

Consumption total doStocks consumers' end of month do

OreIron ore:

All districts:Mine production thous of long tonsShipments doStocks at mines end of month do

Lake Superior district:Shipments from upper lake ports doConsumption bv furnaces _ _ _ doStocks end of month total do

At furnaces _ doOn Lake Erie docks do

Imports do __"Manganese ore imports (manganese content) do

Pi<r Iron and Iron Manufactures

Castings, gray iron:Orders unfilled for sale thous of short tonsShipments total do

Castings, malleable iron:Orders unfilled for sale short tonsShipments, total do

Eor sale doPig iron:

Production - thous. of short tons _Consumption _ doStocks (consumers' and suppliers'), end of month

thous of short tonsPrices, wholesale:

Composite dol per long tonBasic (furnace) doFoundry No 2 Northern do

Steel, Crude and Semimanufactures

Steel castings:Shipments total short tons

For sale total doRailway specialties do

Steel forgings (for sale):Orders, unfilled thous. of short tons..Shipments, total do

Drop and upset do

Steel ingots and steel for castings:Production do

Percent of capacity^Prices, wholesale:

Composite finished steel dol per IbSteel billets, rerolling, carbon, f. o. b. mill

dol. per short ton--Structural shapes (carbon) f o b mill dol per IbSteel scrap, No. 1, heavy melting (Pittsburgh)

dol per long ton

Steel, Manufactured Products

Barrels and drums, steel, heavy types (for sale) :Orders unfilled end of month thousandsShipments doStocks end of month do

Cans, metal, shipments (in terms of steel consumed),total for sale and own use short tons

Food doNonfood do

Shipments for sale.- - do

667, 541400, 707128, 10627, 695

6, 1853,2902, 8965 6857 349

2 9071, 8966 737

186, 341

44, 01837, 427

6, 591

1.17859

7451,074

564

85 06480, 59949, 005

5, 5875, 576

2 536

56.0356. 0056. 50

93, 54769, 84311,489

472.7128. 596.432 0

8,28779

.0542

74. 000452

32.50

2,2171,797

90

283, 386170, 125113,261247, 688

631, 371368, 280104,29111 124

6, 0043,3842 6196 0667 284

2 7871 5878 023

06, 620

37, 47031, 360

6, 110

1,08166

7831,092

563

99 81782, 02848, 000

5,7855,827

2 447

56.0356.0056. 50

98, 23875, 04413, 809

487.8135. 9103. 033 0

8, 83883

.0542

74. 000452

36.50

2,1981,742

77

279, 642170,068109, 574240, 159

660, 518359, 187112,934

24 923

5, 8743.2942 5805 9937 156

2 7411, 5319 227

06,447

31, 10825, 222

5, 886

93167

8521,106

578

101 76685, 97948, 721

5,4435, 560

2 384

56. 0356. 0056. 50

106, 43080, 72916, 501

491.9135.4102.133 3

8,49788

.0542

74. 00. 0452

36.50

2,1451,747

89

259, 585154, 507105, 078224, 128

778, 290421,004109, 723

11 524

7,0723,9093 1627 0717 158

3 2271, 835

10 109

07,481

23,71118,6165, 095

1, 24887

9341,315

689

99 730102, 36460, 063

6, 4646,531

2 213

56.0356. 0056. 50

127, 46098, 92619, 339

507.1154.4119.235 2

9,98293

.0542

74. 00.0452

38.50

2, 3032,125

104

307, 939171,568136, 371265, 592

801,766413,481116,948

13 302 i

7, 0683, 9053, 1636 9887,243

6 0565, 312

11 366

3, 7587, 290

18, 90714, 5454,362

1,22081

9661,294

680

104, 091101, 22657, 397

6, 3856,412

2 097

56. 0356. 0056. 50

120,05392, 23716, 646

499.4149. 6113. 536 2

9, 81595

. 0542

74. 00. 0452

38. 50

! 2, 3421,990

106

321, 281178, 528142,753273, 649

815, 901450, 418139, 166

9 836

7,1993, 9473, 2527 1867 259

11 82012, 62110 532

11,6067,798

21, 90117, 4654, 436

2, 04586

9381, 310

707

106, 44698, 39757, 317

6,8056, 770

2 084

56.0356.0056. 50

122, 46592,71316, 810

509.4147.0109.437.7

10, 32897

. 0542

74. 00. 0452

34.50

2,1232,062

107

379, 767222, 797156,970330, 050

844, 999512, 579132, 644

13 041

6, 7733,8442, 9296 8527, 184

13, 70414, 8359 402

12, 5957,473

27, 36122, 455

4, 906

2,49072

9821, 296

716

107, 55999, 45660, 261

6,5446, 4(58

2, 116

56.0356.0056. 50

133,887102, 45719, 591

519.6155.5117.038.4

9,74694

. 0542

74. 00. 0452

34.50

2,3772 514

125

397, 799230, 016167,783

! 347,471

827, 315448, 402103. 97811 777

6 0483, 4572,5916 1017,132

13, 03414.6337, 803

13, 3347. 273

33. 42427 940

5, 485

2, 49860

1 0501, 070

579

115,42075, 57044. 914

6,3916, 082

2,332

57. 8858. 5059.00

97, 87571, 17011,631

513. 3115.082.732.3

19,101

85

. 0576

78.50.0487

39.50

2, 3172, 078

116

427, 434266. 148161. 286386, 053

672, 163328, 060184,286

27, 120 !

6, 8503,8293,0216, 6237,357

14, 16015,1176, 846

13, 5727, 485

39. 50033. 100

6, 405

2, 87198

1,1601,226

688

123, 47382, 44848, 126

6, 6016,462

2,471

58. 4558.5059. 00

126, 40696, 29020, 576

547.0134.899.934.9

9, 59590

. 0580

78. 50. 0487

44.50

1, 9532,230

109

565, 220392, 145173, 075511, 684

767, 919414, 678169,87225 887

6,7863,9212, 8656 7887, 355

13.83014, 5446, 130

12,7577, 539

45, 40638, 4596,948

2,51890

1,1511, 253

713

116. 63687, 21555, 471

6,7036,612

2,483

58. 4558.5059. 00

140, 843107, 62223, 594

552.4148.8110.138.6

9,88296

. 0580

78. 50.0487

43.50

1,8712,032

114

511, 429355, 914155,515443, 363

837, 373442, 674172, 396

17, 083

7,2484,0023, 2457 2177,385

12 84613,696

5 279

12, 2447, 850

49, 52342, 167

7. 356

2, 85775

1,1131, 310

714

121,26190, 86653, 804

6, 9656,937

2 421

58.4558.5059.00

145,674110, 40923, 745

559.7158.0120.038.0

10, 50198

.0582

78.50.0487

44.50

1,9102,075

124

501, 455343, 966157, 489445, 349

782, 285419, 495160,51815 508

7,2133 9693,2447 2147, 385

7, 2669, 2683, 277

7,4107,488

51, 04043, 718

7, 323

2, 23764

1,062r 1, 306

697

116,98199, 28058, 069

6,699r 6, 690

r 2 361

58.4558.5059.00

r 152, 381116, 90825, 635

584.7158.1119.738.4

10, 24799

.0582

78.50.0487

45.50

1,7412,042

138

r 252, 716'150,311' 102, 405r 212, 971

p 7, 102p 4, 034v 3, 068P 7 27'?p 7 243

1847, 663

44, 35937, 539

6, 820

p 1,272

plOO,011

6, 954p 6, 833

p 2 295

58. 45p 58. 50p 59. 00

pl66, 102

" P 158. 1

r 10, 504r 99

. 0581

p 78. 50p . 0487

p 50. 00

1,8402, 185

147

270, 693156, 504114, 189230, 573

10,81199

' Revised. f Preliminary.t For 1956, percent of capacity is calculated on annual capacity as of January 1,1956, of 128,363,090 tons of steel; for 1955, data are based on capacity as of January 1,1955 (125,828,310); Decem-

ber 1954. on capacity as of January 1, 1954 (124,330,410 tons).




1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

METALS AND MANUFACTURES—Continued

IRON AND STEEL— ContinuedSteel, Manufactured Products — Continued

Closures (for glass containers), production millionsCrowns, production. __ _ __ ._ thousand gross. _Steel products, net shipments:

Total 9 . thous. of short tons -Bars: Hot rolled, all grades _ _ _ do -_-

Reinforcing _ - - doSemimanufactures doPipe and tubes doPlates doRails _ doSheets __ ___ _ . do _ .Strip* Cold rolled do

Hot rolled - __ _. do _ _Structural shapes, heavy doTin plate and terneplate doWire and wire products. .. do

NONFERROUS METALS AND PRODUCTS*Aluminum:

Production, primary, domestic short tons..Estimated recovery from scrap© doImports (general):

Metal and alloys crude doPlates, sheets, etc do

Price, primary ingot, 99%-f- dol. per l b _ _Aluminum shipments:

Mill products and pig and ingot (net) mil. of l b _ _Mill products, total cf ___ _ do. _.

Plate and sheet cf doCastings .__ do

Copper:Production:

Mine, recoverable copper short tonsRefinery, primary do

From domestic ores _ doFrom foreign ores .__ __ do

Secondary, recovered as refined doImports (general):

Refined, unref., scrap © _. _-doRefined do

Exports:Refined, scrap, brass and bronze ingots do

Refined __ _ doConsumption, refined (by mills, etc.)_._ _ _ do ._Stocks, refined, end of month, total _ . _ d o _ _ _ _

Fabricators' doPrice, bars, electrolytic (N. Y.) dol. per l b _ _

Copper-base mill and foundry products, shipments(quarterly) :

Brass mill products, total mil oflbCopper wire mill products © doBrass and bronze foundry products do

Lead:Production:

Mine, recoverable lead short tonsSecondary, estimated recoverable © do

Imports (general), ore©, metal doConsumption, fabricators', total - do -Stocks, end of month:

Producers', ore, base bullion, and in process ©(ABMS) short tons

Refiners' (primary) ref and antimonial © doConsumers' total doScrap (lead-base, purchased), all consumers -do

Price pig desilverized (N. Y ) dol per IbTin:

Production, pig, total _ long tonsImports for consumption:

Ore © _ - doBars, pigs, etc^ _ _ _ _ _ do

Consumption, pig, total - __ doPrimary do

Exports incl reexport45 (metal) doStocks pig, end of month, total do

Industry, . _ _ . _ _ _ _ _ _ _ _ d oPrice, pig, Straits (N. Y.), prompt dol. per lb_.

Sine:Mine production, recoverable zinc short tons..Imports (general) :

Ores and concentrates © doMetal (slab blocks) do

Slab zinc:Production (primary smelter), from domestic and

foreign ores short tonsSecondary (redistilled) production, total doConsumption, fabricators', total doExports _ _ _ _ _ _ _ _ _ _ d oStocks, end of month-

Producers', smelter (AZI)_ _ _ . ___ . _ _ do_Consumers' do

Price, prime Western (St. Louis) dol. per l b _ _Zinc oxide (zinc content of ore consumed)

short tons ._

1,21818, 196

5,44961912320049742140

2, 054128160347270352

127, 03527, 609

13, 5191, 170.2220

298.1195. 6108. 764.0

r 81, 613119,26486, 80932, 455

«r!6,172

46, 75512, 643

30, 11917, 760

127, 323131, 17492, 558.2970

551359219

28, 23034, 71831,40791,000

109, 13189,611

122, 19861, 857

.1500

2, 692

2, 0195, 5986, 9004, 330

12216, 33114, 979. 8857

39, 035

40,81118, 094

79, 5555,609

81, 7421,518

124, 277100, 757

.1150

6.148

1,24723, 663

6,01062311620357843997

2,229133158336419393

128. 20327, 091

15, 674888

. 2303

289.7206. 2114.064.4

r 83, 300117, 15388, 3.1228, 841

T 15,834

39, 30711,153

26, 92915, 883

126, 308121,83581,807.2978

27, 34735, 94721,10793, 000

107,31481, 858

113,36459, 104. 1500

2,608

1, 8574,1436,9004, 500

17514, 75114, 100.8727

41, 205

39, 07614, 697

80, 1395,937

85 1194,428

117,15297 013.1150

6. 610

1, 24523, 993

6,120630128255610457103

2, 166131159338433415

116,23628, 521

12, 593895

. 2320

301. 6205. 2112.066.9

r 83, 492111,01581,02129, 994

r 15, 028

45, 85812, 104

37, 37524, 890

119, 609120, 643

77, 683.3270

27, 00432, 74233, 63386, 000

114,48162, 599

120, 14256, 361. 1500

2,728

1,3126, 3857,2804,730

17414, 76113, 970.9077

39, 389

29, 83215,828

73, 7855,192

80 6021,918

96, 165101 734

.1150

6.376

1,51629, 480

7, 269764161310795543122

2, 450153178407514502

130, 27233, 933

12, 7531,546. 2320

347.9234. 7128.479.0

' 93, 769120,61194, 26026, 351

r 19, 383

44, 61911,120

25, 67317, 811

137, 361117, 78673 632.3294

677392238

30, 96138, 97630, 21499, 000

108, 51362 398

112, 74250, 939.1500

2,582

1, 7696,0268, 0505 200

17714, 94413, 905.9104

45, 216

35, 19113, 257

83 3955,784

96 3882,618

90, 837102 438

.1150

6.774

1,38927, 982

7,279747184303824560118

2, 416141182398534508

126, 39429, 919

18,4091,065. 2320

324. 3227.9123. 373.0

>• 89, 154111,34885, 11826, 230

r 18, 858

44, 04115, 935

28, 57519, 202

133, 130111, 37571,086.3570

28, 60235, 00733, 28696, 100

106, 02352, 804

112,17050, 053.1500

2,298

2,4373, 9187,8205,160

18513, 51312, 835. 9139

42, 886

41, 26215, 696

78, 3995, 387

91 312413

74, 579103 304

.1193

6.563

1,40430, 691

7,541774215290872571121

2,439148193414607515

131, 12829, 491

20, 3911. 467. 2320

342.4234. 3125. 271.7

r 90, 824127, 12496, 54930, 575

' 18, 827

45, 33910, 150

28, 75320, 658

135, 513121,02478 865.3570

28, 80736, 87648, 597

100, 400

107, 25748, 988

124, 14549, 046. 1500

1,842

1,8615, 4547, 9655, 305

4815,61614, 550.9137

44, 273

34,13413, 048

81, 1735,004

94 9133,053

63, 184104 003

.1200

6.725

1 53233, 640

7,770770209325967600127

2.428152198378651542

127, 63430, 925

20, 1742. 126. 2320

341. 7255. 7136. 468.5

«• 89, 392117, 63989, 44428. 195

r 20, 015

49, 36914, 449

19, 32215,702

141, 044112, 18775, 1 58. 3570

666401258

28, 44234, 76534, 023

102, 900

106, 40942, 843

123,68646, 413.1500

1,106

1, 1635,6157, 7855, 160

8313, 67513, 644.9364

43, 477

38, 94913,166

79, 0015, 457

92 7391,550

48, 603106 983

.1223

7.021

1, 25128,319

6, 251627177264824506104

2,108109145357368363

132, 66923, 687

12, 9571,172.2320

303. 9210. 2113.355.0

r 33, 34342, 56621, 29421, 272

r 12, 557

46, 58112, 283

13, 7909, 544

71, 233101, 86067, 334.3570

25, 84629, 83632, 64083, 800

103, 63638, 198

118,58345, 771.1500

1.147

2, 1165.4496, 6404, 520

416, 36215, 580. 9683

41, 817

35, 80214, 730

78, 9175,483

70 589756

51, 290114,115

.1250

7.062

1,54431, 251

7, 05471719728388554388

2, 307137162378553455

133, 55128, 923

17, 6211,702.2427

355. 6250.0141.464.9

r 67, 23578, 90555, 82423, 081' 15, 201

54, 75327, 345

15, 37210, 52190, 493

122, 68275, 668.3815

26, 66631, 14740, 735

106, 600

125. 64432 767

116,68350, 762. 1500

1, 986

2,1805, 5207, 9855,310

9116, 34815, 685. 9646

42, 323

41, 60016, 538

78, 8366, 038

87 687973

46, 084120 943

. 1250

7.175

1,45426, 662

7,37873918628987361995

2,394148172426588469

130, 606r 30, 681

14, 4162,038. 2440

344.4244. 1134. 567.1

«• 90, 271129 79197, 23432, 557

T 21, 328

63, 70623, 770

22, 29418,615

126, 772153, 738102 742

. 4405

521345234

26, 71036, 29040, 794

111, 500

1 22. 35229 384

115, 10453, 412

1510

2, 003

8195,9247, 9605, 330

2016, 50916,115. 9626

41,787

57,41018,111

77, 0876, 361

91,849760

42, 167120, 262

.1293

6.237

1 49226, 079

7,21781420227687760786

2,452159177420310469

134, 65531 785

12 1832,216.2440

343. 1248.8138.372. 2

r 92, 192127 53794 21833.319

r 22, 665

52,15420, 784

20, 29315, 719

150,780151,238106 185

.4303

26 97640, 98038 999

114, 700

124 81124, 146

110,24752, 872

1550

2 036

1,443

7,8255 015

7117, 16116, 965. 9609

41,338

45, 94422, 031

r82, 460r6, 98997 940

589

43, 868115 681

.1300

8.140

r 1, 41326, 338

7,24875819431488463974

2,499161183436300439

133, 689

10, 2352, 689.2440

r 353 2* 245'. 5

137. 175. 1

91,053123,09594, 87628, 219

r 22, 071

57, 13020, 876

19, 34116,434

148, 449r 156, 801r 112, 897

.4296

36, 47940 335

108, 100

116,20426 147

109, 52553, 209

1550

2 092

1,9665, ()] 07, 8105, 010

917,44817, 267.9787

39, 555

42, 70020, 627

80 6027.014

98. 275151

38, 058117 879

.1300

8. 065

1 34723, 192

7,58183419431288567898

2 641163183449328426

140, 748

.2440

357.0243. 0138.6

88 575135 67599 34936, 32621 073

pl56 159"158, 320P108 762

.4348

P661p411P263

1556

1. 0776

40 979

.1300

. 2440

.4375

".1615

1.0482

. 1343

r Revised. *» Preliminary. 9 Includes data not shown separately. ©Basic metal content.cf Data beginning January 1955 are not strictly comparable with earlier data because of a change in coverage and method of reporting.*New (or substituted) series in most cases. All series (except as noted) are compiled by the 17. S. Department of Interior, Bureau of Mines; data prior to August 1954 for new series will bo

hown later. General imports comprise imports for immediate consumption plus material entering the country under bond. Aluminum—prices of aluminum ingot are as quoted by theAmerican Metal Market; shipments of mill products plus pig and ingot are compiled jointly bv the U. S. Department of Commerce, BDSA and Bureau oj the Census. Copper—exports, consump-ion, and stocks of copper and shipments of mill and foundry products are compiled by BDSA. Lead—producers' stocks of lead ore and bullion are compiled by the American Bureau of MetalStatistics: stocks of scrap lead are in gross weight. Tin—total stocks include Government stocks available for industry use. Zinc—primary smelter production of slab zinc is derived by sub-racting secondary (redistilled) production at primary and secondary smelters (compiled by Bureau of Mines) from total smelter production (compiled by American Zinc Institute).

« Revisions for August-November 1954 (short tons): 15,638; 16,076; 17,192; 15,557.




1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

METALS AND MANUFACTURES—Continued

HEATING APPARATUS, EXCEPT ELECTRIC

Radiators and convectors, cast iron:Shipments thous. of sq. ft. of radiation. .Stocks, end of month do

Oil burners:Shipments _ number .Stocks, end of month __ _ _ do_ _.

Stoves and ranges, domestic cooking, excl. electric:Shipments, total _ number- _

Coal and wood doGas (incl. bungalow and combination) do _ .Kerosene, gasoline, and fuel oil .. --- _ . . do_ _ _

Stoves, domestic heating, shipments, total. do _ _ _Coal and wood - ._ . _ do. .,Gas doKerosene, gasoline, and fuel oil - do

Warm-air furnaces (forced-air and gravity air-flow),shipments, total __. _ _ _ . .number _

Gas do - .Oil doSolid fuel _ do . .

Water heaters, gas, shipments do

MACHINERY AND APPARATUS

Blowers, fans, and unit heaters, quarterly totals:Blowers and fans, new orders... thous. of dol._Unit heater group, new orders _ _ do

Foundry equipment (new), new orders, netmo. avg. shipments, 1947-49=100-.

Furnaces, industrial, new orders, net:Electric processing thous. of dol _Fuel-fired (except for hot rolling steel) do

Machine tools (metal-cutting types) :New orders mo av? shipments 1945—47 = 100Shipments do

Pumps (steam, power, centrifugal and rotary), neworders thous ofdr l

Tractors (except contractors' off-highway and garden) :Shipments total thous oi dol

Wheel-type doTracklaving do. _

ELECTRICAL EQUIPMENT

Batteries (automotive replacement only), ship-ments thousands

Household electrical appliances:Refrigeration, output (seas, adj.)* - 1947-49=100..Vacuum cleaners (standard type), sales billed

thousands..Washers, domestic sales billed do

Radio sets production§ doTelevision sets (incl. combination), production!

thousands..Insulating materials arid related products:

Insulating materials, sales billed, index1947-49=100.-

Fiber products:Laminated fiber products, shipments ©

thous. of dol. -Vulcanized fiber:

Consumption of fiber paper . -thous. of IbShipments of vulcanized products thous. of dol ..

Steel conduit (rigid), shipments thous. of ft

Motors and generators, quarterly:New orders, index 1947-49=100Polyphase induction motors, 1-200 hp:J

New orders _ thous. of dol- .Billings do

Direct current motors and generators, 1-200 hp:lNew orders - thous. of dolBillings do

1,9565, 434

46, 88257,125

160, 4945,586

146,1358,773

110, 2459,094

74, 51 326, 638

81,13050, 34128, 055

2, 734163, 458

39, 73916,087

113.9

1,2464,100

202 9203 4

4,787

°157,6550 87, 71 6« 69, 939

1,796

125

217.0264. 8

1 1,261 6

i 833. 4

138. 3

10, 535

3,7941,540

25,911

156. 7

34, 47636, 184

8,1309,942

1, 6755, 876

57, 28250. 686

167, 7525, 564

153, 0659,123

75, 0044,824

41, 64628, 534

85, 47650, 92331, 899

2, 654200, 001

81.0

1,1483, 543

203 0167 3

5 220

66 17841,43124, 747

1,478

131

250. 1357.4

1,068 1

654. 6

1 32. 0

9,426

4,0371,571

24, 049

1, 9706, 106

58, 04151, 163

200, 3065, 527

186, 4368, 343

90, 8974,422

38, 22848, 247

79, 53747, 74028 9172,880

214 703

90.4

9764,390

209 4168 2

6 709

71,78645, 80725, 979

1,647

133

262.7353. 2

1 089 7

702.5

137.0

10,076

3,9181,565

25, 898

2,4196,416

59, 21862, 655

232, 4316,063

217, 4668,902

105,3577,710

50 35047, 297

87, 12153, 67330 5102,938

248 754

55,81314 648

163.6

1,3425 609

214 6202 5

6 161

79 30254, 02525, 277

1,321

141

358.2370. 6

1 1,482 3

i 831. 2

1 60. 0

12,211

4,8761.803

29 762

155.0

38, 64934 638

6,7299 052

2, 0356,991

60,15571,864

196, 7054 283

182, 5029,920

98, 3078,624

50 31139, 372

91,90858,01231 484

2,412231 694

178.6

2, 2345 032

178 1180 1

5 447

94 71864, 84729, 871

1,281

152

244.1313. 5

1 099 8

583.2

160.0

11, 106

4,5911,815

30 521

1,7327 898

65, 40769, 732

199, 6824 107

187, 7357, 840

122,72210, 62474 60537, 493

99, 93762, 69634 284

2 957216 731

145.7

1,8133 801

243 7180 9

6 411

82 28951 01631,273

1,572

158

261.2341.8

1 ll-i 0

467.4

154.0

10, 909

4,7781,799

32 504

2,2087 903

68 60068, 141

216, 8794 817

204 1707,892

186, 20115, 589

116 85453 758

117,37674, 12539 6573 594

214 607

53, 01316 497

186.8

2, 6352 836

263 2198 8

7 419

79 17947 91131, 268

1 794

163

241.7354. 5

1 1 204 9

i 590. 0

158. 0

11, 522

4,6791,750

35 310

186 0

44, 40741 298

10, 5458 179

1,8657 520

70, 94565, 462

156, 7455 367

145 9515, 427

233, 19826 304

142 72364 171

107, 90564, 56338 902

4 440207 226

213.4

7862 981

217 8152 9

5 834

63 36038 61324, 747

2 024

161

207.8245 9718 5

344. 3

117.0

9, 856

3, 1361,367

53 017

3,6156 378

100, 82659, 572

238,0146 460

219, 08312, 471

311,16445, 107

185 48180, 576

163, 74199, 55857 7926,391

260 438

134.0

1,3484 101

221 3164 6

7 022

52 359*>$ 30823, 051

2 777

160

255. 5403 8947 6

647. 9

147.0

11,057

4,5051,817

31 611

3,3265 845

107 97250, 174

238, 2147 752

218, 28012, 182

353,82056 196

214 38883 236

164, 154101, 82854 1058 221

224 027

58 17018 228

156.7

9646 579

207 3195 4

5 664

59 14029 73629, 404

3 039

166

308. 3414. 9

il 302 4

i 939. 5

156. 0

12, 827

3,8181,639

29 682

208 0

49 96940 578

9 9507 220

3,1155 234

94 68949 268

T 227. 506r 6 834

r208 633T 12, 039

r 399, 454r 65 947

r251 62981 878

150, 33194, 36847 6608*303

218 521

108 6

1, 5327 061

347 1204 9

7 048

81 72842 58939, 139

3 036

162

350. 7362 3

1 500 2

759. 7

156. 0

12, 399

4 6071,914

32 216

2,7794 666

63 18655 828

198 8527 053

183 5318,268

303, 54647 447

212 56543 534

120 94877, 42737 2026 319

184 761

154 4

1, 5434 131

r 433 3T 214 2

5 249

67 35533 ?8834, 067

T 2 626

146

307.5361 3

1 580 8

631. 7

155.0

11,668

4,4091,776

29 522

2,1888 191

P 530 8P 237 l

7 624

77 fill39* 32138, 290

2 555

243. 5357 5

r 1 ] 78fi 3

r i 604. 6

f>l 125

p590.

PETROLEUM, COAL, AND PRODUCTS

COALAnthracite:

Production. - _. _ . _ .. thous. of short tons -Stocks in producers' storage yards, end of month

thous. of short tons._Exports -.. . do --_Prices:

Retail, composite dol. per short ton-Wholesale, chestnut, f. o. b. car at mine do

2,816

1,293348

25.4013. 657

2, 333

1,267311

25. 5213. 721

2,442

1,164253

25.6713. 721

1, 910

1,13217.

25. 6713. 721

1, 640

1, 145148

25. 6413. 721

1,888

1,081176

24.0811.829

2,024

1,000226

24.1811-829

1, 755

1,008207

24.5012.257

1, 812

1,048242

24.4812. 257

2,333

942302

24.6312. 524

2,127

966418

25.1813. 261

«• 2, 268

886331

25.5113. 324

2,383

720

25. 96v 13. 643

2,4<

r Revised. *> Preliminary. l Represents 5 weeks' production. ° Quarterly total.*New series. Compiled by the Board of Governors of the Federal Reserve System. The seasonally adjusted index reflects changes in total output of refrigerators, freezers, room air cond

tioners, and dehumidifiers. Monthly data beginning 1947 will be shown later.§ Radio production comprises home, portable battery, automobile, and clock models; television sets include combination models. Data for December 1954 and March, June, Septembe

and December 1955 cover 5 weeks; other months, 4 weeks.© Data beginnirg August 1955 cover 20 companies; earlier data, 19 companies.t Data for polyphase induction motors cover 34 companies; for direct current motors and generators, 27 companies.




1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

PETROLEUM, COAL, AND PRODUCTS—Continued

COAL- ContinuedBituminous:

Production . . _ . . _ _ _ thous. of short tons-Industrial consumption and retail deliveries, totalj

thous. of short tonsIndustrial consumption, totalj do

Electric-power utilities . _ _ do _Coke ovens doBeehive coke ovens _ _ _ _ _ _ _ doSteel and rolling mills doCement mills _ _ doOther industrials do

Railroads (class I) doBunker fuel (foreign trade) do

Retail-dealer deliveries _ do

Stocks, industrial and retail dealers', end of month,total _ thous. of short tons. .

Industrial, total _. __ _ _ do -Electric-power utilities doCoke ovens - doSteel and rolling mills doCement mills _ doOther industrials doRailroads (class I) - _- - do_ _

Retail dealers . do. -

Exports -- _ _ _ do_. _Prices:

Retail, composite dol. per short ton -Wholesale:

Screenings, indust. use, f. o. b. car at mine-, doLarge domestic sizes, f. o. b. car at mine .-do

COKEProduction-.

Beehive thous. of short tonsOven (byproduct) .___doPntrnlnnm r-okp 9 dn

Stocks, end of month:Oven-coke plants, total do

At furnace plants _ _ _ do- _\ t merchant plants do

Petroleum coke _ ._ - doExports . do. .Price, beehive, Connellsville (furnace)

dol. per short ton._

PETROLEUM AND PRODUCTS

Crude petroleum:Wells completed numberProduction thous. of bblRefiner v operations - ... -.-percent of capacity _ _Consumption (runs to stills) thous. of bbL.Stocks, end of month:

Gasoline-bearing in U. S., total _ _ - - do _ _ .At refineries doAt tank farms and in pipelines doOn leases do

Exports doImports . _ - ._ _ _ - - - _ d o - . _ -Price (Oklahoma-Kansas) at wells dol. per bb l__

Refined petroleum products:Fuel oil:

Production:Distillate fuel oil thous, of bbl__Residual fuel oil do

Domestic demand:Distillate fuel oil: _ doResidual fuel oil do

Consumption by type of consumer:Electric-power plants doRailways (class I) doVessels (bunker oil) _. _ do _-

Stocks, end of month:Distillate fuel oil _ doResidual fuel oil do _ -

Exports:Distillate fuel oil . _ __ doResidual fuel oil do

Prices, wholesale:Distillate (New York Harbor, No. 2 fuel)

dol. per gal__Rosidual (Okla., No. a fuel) dol. per bbl..

Kerosene:Production thous. of bbl_.Domestic demand. ... _ doStocks, end of month do _Exports . - . doPrice, wholesale, bulk lots (New York Harbor)

dol. per gal__

38, 151r 35, 529r 29, 742' 11, 642

7 99566

506775

7 194

1 54420

5,787

69, 20168, 39139 71112, 335

6061,311

12 9531,475

810

2 481

15 08

4.4826.951

435, 580

471

2 9421 6241 317

42150

13. 75

2 743198 213

88224, 382

258, 38567 309

172, 08118 995

79723 066

2.82

51 71836 806

75, 84354, 055

7 6878 4676, 022

108 14452, 105

1 8981 720

.1021.400

11, 79618 33027, 826

96

.110

36, 580

36, 33430, 10111,7508 258

99506755

7 316

1 4152

6,233

65, 86965, 16638 09511, 476

5561, 155

12 4871 397

703

1 804

15 10

4.4816. 951

615. 745

457

2 7481 6541 094

44929

13.75

2, 486209 600

90228, 737

260, 15667 916

172, 63519 605

38120, 799

2.82

53, 92638 276

73, 80155, 880

8 9128 0935, 916

86 69249, 457

1 7862 819

. 1021. 500

12, 66517 07123 266

109

.110

35 545

33 76927, 91610 8407 631'l05504670

6 892

1 2713

5 853

63, 75163 13036 79611 066

5091 082

12 3371 340

621

2 539

15 10

4.4816.949

645, 327

436

2 6141 632

98147443

13. 75

2 340191 392

92211, 365

258, 63066 574

172,42919 627

97620. 912

2.82

51, 71934 683

68, 51351.386

7 4327 6995, 803

69 28346, 042

9192 Q85

.1021. 500

10, 47115 00318 291

326

.110

37 060

35 10530, 24311 2348 755

169511707

7 578

1 27811

4,862

63, 66463 02237 03510 776

505963

12 4941 249

642

9 282

15 10

4.4806.920

1026,131

486

2 526] 579

94647639

13.75

2,738213 454

90228, 594

264, 43068 829

176, 19319 408

77124, 480

2.82

52, 77936 722

58, 25251, 475

6 8138 2686, 379

62 45744, 970

1 5219 231

.1021. 500

11,08010 94018 187

179

.110

34 620

31, 20728, 3689 9068 519

196417672

7 411

1 20344

2 839

64, 00163 27037 37610 702

534970

12 4691 219

731

4 569

15 00

4.4016.369

1176,014

438

2 4851 529

956498

29

13. 75

2,787206 600

87214, 080

275, 23271 215

184,31719 700

1,43120, 818

2.82

46, 03333 288

37, 17743, 668

5 6787 6356, 332

70 13943, 838

1 2582 535

.1021. 500

9, 3735 799

21 4869 15

.110

38, 620

31, 47829, 123 110. 5058 927

222387714

7 093

1 24035

2, 355

66, 35665, 47138 34711,516

5611,015

12 8401,192

885

4 717

14 77

4. 3776.371

1356,287

476

2 3461 373

973473

42

13.75

2 594206 983

89225, 699

276, 94871 293

185, 77119 884

1,16623, 106

2.82

47, 09434 426

31,72641,848

4 8847 6886, 708

83 55945, 083

2 1092 256

.1011.600

9,1643 878

26 375300

.108

36 320

31 35628, 71610 8088 593

*244365687

6 887

1 15943

2 640

69, 45268 31039 22512' 747

5581 140

13 4051*235

1 142

4 992

14 81

4.3906.423

1576,001

479

2 1881 227

961440

44

13. 75

2 798198 389

91224, 510

270, 85070 788

181,07618 986

1,05324 739

2.82

48 83932 3°2

29, 99440, 754

4 6028' 337

' Q, 362

100 65244, 398

2 1452 380

.1011.700

8 0844 374

29 830' 291

.108

36, 470

31, 44129, 08311, 4648 621

238342707

6 508

1 15449

2, 358

68, 04266, 84538 40512, 348

5481, 166

13 2581, 120

1, 197

4 652

14 83

4.3956.588

1456,039

483

2 1121 198

914437

57

13.75

2 661205 600

93234, 986

264, 60169 399

175, 70219 500

88725 049

2.82

48, 83233 823

28, 35938. 919

4 6178* 1857, 005

119 16944, 81*4

2 259I 866

.1011. 750

8, 8775 436

32 749430

.108

43, 000

34, 23130, 83112 2908 886

276357710

7 003

1 25356

3,400

70, 98869 70139 28813 674

5671 236

13 7621 174

1 287

5 708

14 93

4. 4306.738

1666,229

467

2 0641 250

81440239

13.65

2 834206 604

93234, 966

256, 42765 920

171,28519 222

1,19126 502

2.82

50, 23733 794

33, 78141,287

5 3698 4717, 332

133 67545, 480

2 1942 618

.1011.750

8 9756 116

35' 292995

.108

40, 740

34, 85030, 53911 7838 858

268364703

7 283

1 22852

4 311

71, 70070 44339 87213 993

5801 289

13 5561 153

1 257

5 436

15.25

4. 7377. 104

1636. 234

417

1 9751 291

684361

45

13.63

2 746201 919

91224, 478

256, 26967 887

168,34420 038

83225, 161

2.82

48, 61731 815

37, 29037, 866

5 1838, 3306,755

143 24846, 267

2 1959 99f>

.1031.750

8 3637 036

36 361144

. 108

r 41 650

37 53332, 71312 3829 151

291407732

8 339

1 35160

4 820

71 74770 51640 20813 892

5701 304

13 4201 122

1 231

5 534

15 40

4.7067.166

1786 452

473

1 7^2l' 240' 542330

48

13. 63

9 473211 770

90231 411

259, 20167 823

171 24720 131

87125 606

2 82

49 98534 821

38, 84842, 583

6 0438 4567. 061

1^9 28847, 040

2 9W31 884

. 0981.750

9 5669 087

36 70593

. 103

43, 550

r 40, 581r 34, 387

13, 026r 9 020

r 315486768

9 281

1 435T 56

6, 194

«• 70, 325r 69, 211

39 720r 13 604

r 5271 342

12 9231 095

1 114

4 656

15.43

f 4. 722<• 7. 187

*• 189r 6, 357

520

r i 7481 319r 429

30758

13.63

2 598210 406

93230, 758

260, 70765 095

175, 42720 185

87226 658

2. 82

50, 39336 412

59, 77651,219

7 0968 688f>', 455

141 80844] 071

1 4271 456

.0981.750

10 22913 47333' 283

93

.103

45, 270

45, 43037, 53314 4829 431

373575871

10 265

1 48650

7 897

68, 43167 43338 22813 350

5761 270

12 9221 087

998

15 46

v 4 727v 7. 199

2256 640

1 6971 386

311

13. 88

»2. 82

8 540

6,777

P. 103P 1. 800

P. 108

v 44 750

14.13

T Revised. » Preliminary.tRevised (effective with the October 1955 SURVEY) to include bunker fuel.9 Includes nonmarketable catalyst coke. Such production for January-November 1955 is as follows (thous. short tons): 198; 186; 184; 141; 204; 209; 204; 219; 189; 209; 231.




1954

Decem-ber

1955

Janu-ary

Febru-ary March April May July August Septem-


Decem-ber

PETROLEUM, COAL, AND PRODUCTS—Continued

PETROLEUM AND PRODUCTS— Continued

Refined petroleum products— ContinuedLubricants:

Production thous.ofbblDomestic demand _ ._. doStocks, refinery, end of month _ .do _ _ .Exports - - doPrice, wholesale, bright stock (midcontinent,

f. o. b. Tulsa) dol. per gaL.Motor fuel:

Gasoline (including aviation):Production, total thous. of bbl

Gasoline and naphtha from crude oil doNatural-gas liquids:

Used at refineries (incl. benzol) do ..-Used in other gasoline blends, etc do

Domestic demand doStocks, end of month:

Finished gasoline doAt refineries _. ..do

Unfinished gasoline doNatural gasoline and allied products __do

Exports (motor fuel, gasoline, jet fuel) - --doPrices, gasoline:

Wholesale, refinery (Oklahoma, group 3)dol. per gal__

Wholesale, regular grade (N. Y.) doRetail, service stations, 50 cities. __ do _ .

Aviation gasoline:Production, total thous. of bbL.

100-octane and above - doStocks end of month total do

100-octane and above - ~ doJet fuel:*

Production . ___ do _Domestic demand doStocks end of month . do ._

Asphalt;:©Production _ ... do __Stocks refinery end of month do

Wax:QProduction doStocks refinery, end of month - . do -

Asphalt products, shipments:Asphalt roofing, total thous. of squares. ..

Roll roofing and cap sheet:Smooth surfaced do _Mineral surfaced . . do _

Shingles all types doAsphalt sidings - - - - do _ ~Saturated felts short tons

4, 5442, 9619, 7021,296

. 180

111, 75398, 878

10, 0992,776

104, 258

146, 67980, 9708 721

14, 038

2, 154

.105

.125

.213

8, 5617,0089 2185, 569

3, 8063, 6433, 21 5

4,2007, 175

404562

3, 134

568674

1,89284

56, 707

4, 5653,180

10, 162892

.180

112,80899, 419

10, 8572,532

96, 397

159, 48692, 09210 07612, 973

1,765

.105

.125

.211

8,0196, 064

10 1306 113

4,1633 9063, 472

4, 2468 623

433579

3,190

603686

1,90285

62, 720

3,9922,901

10, 0871, 094

.180

102, 34290, 424

9,4512, 467

88, 464

170 422101 07011 22112 004

1 641

.105

. 125

.212

7,2455 745

10 3026 3«0

4, 2654 3693 368

4 2309 888

427578

3, 264

652687

1, 92579

81, 326

4,6023, 6659,7791,179

.180

109, 83897, 207

10, 0672,564

105, 684

172 396101. 119

11 57612, 805

1,559

.105

.125

.214

8,2175,934

10 0306 063

5, 2855 0873, 566

5, 06710 869

466542

5, 533

1,1341,0633, 336

125112, 726

4,6913, 5899,6151,211

.180

105, 06992, 793

9,4862, 790

111, 116

165, 41393, 28510 18813, 460

1,642

.105

.125

.216

7 8786, 4339 6056 098

4, 2434 2023, 607

6,27811 779

441552

6,099

1,0881, 1003,912

9889, 320

4 7403, 7669,4301,097

.180

111, 75999,016

10, 0272,716

115 707

158 55285 13210 19914 976

2 135

.108

.125

.215

8,7716 4969 6756 124

4 8454 9723 480

7, 82711 524

423554

5,972

9861,1153 870

9177, 040

4,8183, 7509,2331,208

.180

111, 75999, 291

10, 0012, 467

120, 710

147, 15476, 36310 28516, 327

2,000

.108

.125

.214

8,9267, 1698 5575 230

5,0074 8333 619

8, 7999 943

464590

6,950

1,1361,3164,498

109109, 404

4,5573, 4888,9471,289

.180

118, 548105, £82

10, 4752,491

115, 653

146 84475. 49910 23517, 553

2,471

.108

.125

.219

9,3156 9429 5566 115

4 5494 7113 456

9 5069 107

433602

5,225

8501,0743,300

9169, 355

4 8713,9868,5471,220

.180

119 601106,311

10, 6432,647

121 816

141 35272 57810 56018 048

2 416

.110

.125

.218

9,4167 2279 6216 210

5 0294 8993 542

9 4626 918

408573

7,183

1 3421,5284 314

12497 146

4 5263,5728,2911, 143

.190

113 527100, 259

10,6142,654

113 379

140 23671,0359 958

1 7, 658

2, 171

.110

. 125

.214

8, £346 843

10 1086,487

4 9685 1813 329

9 0475 789

416561

6,242

1 2031 3323 707

13974 887

4,6663,7208,1081,060

.190

118 652104, 839

11, 9031,910

112 558

143 08073, 32710 02318, 144

2,510

.110

.130

.213

9,2637,480

10 0746,527

5, 0765 1363,229

8,0825 669

445535

5,948

1, 1901, 3833 375

15078 717

5 1153,7138,4331,024

.200

116 009102, 255

11, 3792,375

109 212

148 05074, 8529 821

16, 450

1,904

.110

.130

.212

8,3016 803

10 0356 571

4 7544 7863 197

6 0176 504

482536

4,617

9081, 0762 632

128r 104 4S7

p. 200

p. 110p. 130.216

2,707

528625

1 5,5474

81 117

PULP, PAPER, AND PRINTING

PULP WOOD AND WASTE PAPER

Pulpwood:Receipts . thous. of cords (128 cu. f t . ) ._Consumption - doStocks end of month do

Waste paper:Receipts ._ - _ - short tons ..Consumption _ . . doStocks end of month do

WOOD PULPProduction :cf

Total, all grades thous. of short tons-.Dissolving and special alpha doSulfate " - - .-doSulfite - . do .Groundwood - ._ __ __ - - do._Defibrited or exploded doSoda, semichem., screenings, damaged, etc. -do

Stocks, end of month :cfTotal all mills do

Pulp mills - -do -Paper and board mills doNonpaper mills - do

Exports, all grades, total __ doDissolving and special alpha ... do .All other - do

Imports, all grades, total . doDissolving and special alpha doAll other _' do

2, 6452,4175. 070

674, 021643, 691454 263

1,491.072. I

784. 6188.0205. 693 3

147. 3

759 6157. 4517 784 6

53 613.939 7

169 516 7

152.8

2, 8232,6805, 386

655, 291686, 004428. 747

1 , 654. 578. 1

881.7216. 9212.1104. 5161. 1

743.4175.9489 6

77.9

49.014.035 0

158 210 2

148.0

2,6902,5125, 563

643, 881676, 121397 734

1,564.872 7

852. 8196.5206. 196 0

140.7

731. 5167 8489 174.6

62 513 149 4

149 113 8

135.4

2, 6472, 8625, 348

785, 696785. 023398, 987

1, 784. 182.1

964.3223. 0233. 9116 8164.0

714.01 55. 8485 073.2

54 A15.139 3

208 619 1

189.5

2,1892 7524, 785

743, 006733, 154407, 295

1,709.470.4

920. 2233. 9219.7106. 6158.6

712.1154. 9479. 5

77.7

55.516.139. 4

159.618 8

140.8

2.4162,8424, 359

795, 214793, 855408 530

1, 787. 991.5

976. 5211.8226.2112 0170. 0

719.31 62. 0475 082.3

49 312.437.0

181. 119 2

161.9

2,7132,8374,235

865, 151904, 539779 120

1, 768. 389.2

971.0210.6219.8112 1165. 6

752. 9170.8491 290.9

49 815.434 5

208.421 5

186.9

2,7342, 6054, 363

668, 080633, 344436 772

1,631.266.6

891.7201.0218. 0105. 5148.5

741.0162, 8491.886.4

52.519.033.5

157.215.2

142.1

3,0752 8784 566

781, 481802 637415 277

1, 810. 799.4

976.8210.9230.7115.9176.9

759. 4164.8506 588. 1

53.514.539.0

212.518. 1

194.5

2,9682 7164 811

765, 167781 546398 680

1,710.961 6

943. 6204. 8222. 1110 8168. 0

764 5152.1520 292.3

55.019.735.4

188. 015 9

172.0

2,8992 9874 726

808 959800 758406 763

1, 873. 988 2

1,005.7232.7244.0116 6186. 7

770 4157.4514 898.1

40. 514.126.3

194.116 9

177.2

2, 640r 2 886

4 482

r 796 131r 780 973r 421 687

' 1,801. 283 6

r 983. 4213.3236. 6

r 108 5175. 9

r 771.8151.9

T 517 6102.2

55.017.637.4

210. 620 5

190.0

3, 0272 7(}o4 475

755 120722 273453 500

1,718.385 3

9°2 2201. ()238.4100 1171.3

762 9133. 1525 8103.9

r Revised. ? Preliminary.*New series. Prior to 1954, included with data for gasoline, kerosene, and distillate fuel oil; for January-July 1954 figures, see note "l" on p. S-35 of the November 1954 SURVEY and earlie

issues.©Asphalt—5.5 bbl. = l short ton; wax—1 bbl. = 280 Ib.rf1 Effective with the October 1955 SURVEY, data as compiled by the Bureau of the Census have been substituted for those from the United States Pulp Producers Association.




1954

Decem-ber

1955

Janu-ary


ber • October Novem-ber

Decem-ber

1956

Janu-ary

PULP, PAPER, AND PRINTING—Continued

PAPER AND PAPER PRODUCTS

All paper and board mills, production:!Paper and board, total. - ... -thous. of short tons _

Paper do -Paperboard . . . _ _ _ d o - - _Wet-machine board do _Construction paper and board _ _ _ d o - _.

Paper, excl. building paper, newsprint, and paperboard(American Paper and Pulp Association):

Orders new thous of short tonsOrders, unfilled, end of month doProduction doShipments doStocks, end of month _ _ _ _do _ .

Fine paper:Orders new doOrders unfilled, end of month doProduction _ doShipments doStocks end of month do

Printing paper:Orders new ._ - do _ _Orders unfilled , end of month doProduction - _ do _-Shipments doStocks end of month _ doPrice, wholesale, book paper, "A" grade, English

finish, white, f. o b. mill dol. per 100 IbCoarse paper:

Orders, new - . thous. of short tons. -Orders unfilled, end of month doProduction doShipments doStocks, end of month _ do.-..

Newsprint:Canada (incl. Newfoundland):

Production doShipments from mills . . - doStocks nt mills end of month do

United States:Consumption bv publishers doProduction _ _ _ do _Shipments from mills doStocks, end of month:

At mills doAt publishers - - do _In transit to publishers do

Imports _ - - . _ _ - _ _ - _ do _Price, rolls, contract, delivered to principal ports

dol. TXT short ton-.Paperboard (National Paperboard Association):

Orders, new ... . thous. of short tons.Orders, unfilled, end of month doProduction, total . . _ _ . _ -do

Percent of activityPaper products:

Shipping containers, corrugated and solid fiber,shipments _ _ - mil. sq. ft. surface area

Folding paper boxes, index of value:New orders - _ _ . -1947-49=100-Shipments .. . _ _ - .. ._. do- -

PRINTING

Rook publication, total number of editionsNew books _ _ _ doNew editions do

2, 161964960

12226

899. 5606.3852. 7856. 7436. 2

124.462.2

118.1116.2115 6

324.1300.1290. 8297.4146. 5

13.80

286. 5128. 5278 1281.590.6

500. 1506. 0125.0

408. 0109.2111.5

6.2439.476.9

445.8

125. 75

1, 063. 0363.0

1, 054. 482

7,041

179.8168.2

860701159

2,3451,0401, 054

12239

972.2713.5929. 5930. 1445. 7

117. 562.0

121. 5124.7111 1

345. 7375. 2313.9309.9150. 4

14.00

306. 8152. 3302. 3298.9105.7

490. 8466. 3149.6

383. 5115.6113.9

7.9417. 8131.1

392.5

125. 75

1. 020. 3450. 7

1, 013. 392

6,808

184.7172.3

971771200

2,249989

1,02412

224

919.5701. 8879.7878.5420.6

124.372.5

116. 7121.5107. 5

313.5359. 2295. 4292.1153.8

14.10

304. 2149. 6293. 1287.889.0

479.3464. 1164. 8

365. 2109.9110.6

7.2412.287.7

364.3

125. 75

1, 085. 0523. 4

1, 043. 195

6,870

176.7151.8

950756194

2, 5751,1171, 167

14277

1, 049. 2756. 8999.6

1, 007. 3413.5

133.475.6

127.7134. 1101.5

362. 4382.4343.9344.1153.6

14.10

354.2176. 4331. 6332.890.4

539. 1512. 0191.9

438. 9125.5125. 1

7.6383.182.6

435.8

125. 75

1,311.7515. 7

1, 214. 196

8,226

193.9178.9

1 102855247

2,4571, 0661,113

14265

956. 4750. 9951. 8939.2422.7

124.478.1

120. 6120.497 5

318.9372.2317.2312.7158.0

14.10

318. 7172. 3310.1311.184.6

518. 6540. 5170.0

431. 8120.9121.1

7.4369. 278.8

421.2

125. 75

1, 163. 1507. 6

1, 142. 295

7,863

188. 1168.0

1 175965210

2,5451,0831,170

13278

959.2770.6958. 0952. 2426.7

126. 185.9

125.2124. 5103 1

327.7380.0326.3330 1154.3

14. 10

316. 8180 5313 4309 087.7

521 3525 0166 3

455 4133 5131 1

9 8340 486.4

446.7

125. 75

1 248. 4621 0

1, 187 296

7 948

183 8167. 1

1 069838231

2,5591,0791,197

14270

985 2805 6953 3960 2433 0

131 892 4

126 6133 9104 9

363 6415 4324 6327 8151 1

14 10

304 6175 9311 4311 593 5

507 8543 4130 7

422 2131 2133 4

7 7345 286.4

447 5

125. 75

1 239 058 9 2

1 210 6qq

8 171

198 9179 9

993800193

2, 265968

1,0269

261

894 2838. 6850 7834.8436. 9

109 4103. 498.698 999 6

317.0433 3285.8280 7156.2

14.45

296.9181.0284 0282. 287.6

490 4502.4118 7

378 4124 5121 7

10 5358 783.7

392.0

125. 75

1 082 4602 9

1 019 281

7 098

187 3150 3

920692228

2, 6051,0781,218

14296

949 4860 8950 5941 6446.9

113 596 2

116 7118 694 7

337.1451 5329. 7330 7155 2

14 45

313. 9188 9311 0308 293.4

539 5534 6123 6

384 7134 9137 0

8 4404 o81.0

454 8

125. 75

1 305 7665 8

1 264 399

8 603

206 6188 5

723588135

2,5181,0651,164

13275

997 6898 8946 8949 1446.1

128 4109 4123 5124 1100 5

338 2435 i325 2323 8156 6

14 45

331 6223 9306 9305 5

88 7

503 2501 6125 2

424 8125 0124 3

9 1379 786.2

409 3

125.75

1 167 4585 7

1 192 497

8 594

188 1191 0

951783168

r 2, 681r 1, 154

1,23613

278

1 033 8896 1

1 021 71 008 0

462. 6

129 4112 4128 9129 5104 9

357 0441 2337 7340 6153 8

14 45

338 7210 3332 4328 0

89 0

538 8547 2116 9

478 9140 1139 6

9 5342 380.7

453 1

125. 75

1 299 8591 3

1 260 2102

8 814

189 7194 3

1 4671 256

211

r 2, 599r 1, 105

1,22213

260

965 0884 0994 0967. 0466. 0

123 0110 0125.0125. 082 0

333 0435 0339. 0336 0157.0

14. 45

316. 0207 0319 0313 094.0

541 7544 4114 2

461 8140 3142 3

7 5325 782.5

458 3

r 126. 75

1 255 1654 6

1 961 4100

8 247

191 6189 2

1 086'926160

2, 4751,0821,137

12243

v 14.85

520 0554 180 1

419 2131 9131 0

8 3361 097.4

p 127. 99

1 203 7577 2

1 223 790

7 §27

185 2180 7

1 216969247

1 195 4539 5

1 184 8100

717570147

RUBBER AND RUBBER PRODUCTS

RUBBERNatural rubber:

Consumption _. . - . . . . - - _ . . ___ long tons .Stocks, end of month doImports, including latex and guayule _ .. ..do- -Price, wholesale, smoked sheets (New York)

dol. per Ib-Chemical (synthetic):

Production ... _ long tons.Consumption _ __ . ... ._ _ _ do _Stocks, end of month __ _ _ doExports do

Reclaimed rubber:Production _. . ... doConsumption _ _.. doStocks, end of month do

55, 096102, 94343, 557

.288

58, 45664, 130

150. 1752,672

25, 76224, 54630, 746

56, 911101, 05049, 941

.325r 70, 045T 68, 456147, 774

3,422

25, 23725, 32229, 656

50, 99797, 18950, 790

.354r 67, 609r 67, 709

r!41 6633,148

25 33224, 33330, 125

58, 472102 05861, 250

.313

* 78, 757T 77, 173

r!43 5874,454

29 57428 67430, 311

52, 963101 62061, 113

.323r 75 604r 72 123

r!41 4445,564

26 67826 60930, 068

54 746106 6f 061, 042

.314r 81 617r 75 421

r!38 1085,740

27 91127 65229, 528

56 282100 86152 762

.348T 77 819T 79 497

r!30 6948,710

30 42629 15729, 725

46 166105 78243' 626

.400

T si 472T 62 897

T 139 9027,896

24 03422 56329, 939

48 359109 05659 840

.455

r 83 628T 72 722

r!37 05010, 497

25 18325 79027. 956

50 963113 18550 459

.493

r 83 257r 76 375

r!36 03511, 847

26 37726 34027. 110

54 995110 79545 720

.433

89 060r 80 389134 75311, 241

27 94726 59727. 565

T 52 769103 77^50' 509

'.453

91 281r 8i' 661

T 133 66410, 890

r 20 113r 27 229•• 28. 473

48 565109' 854

.470

90 31975 943

135 630

28 10224 60431. 100

.408

r Revised. » Preliminary.t Effective with the October 1955 SURVEY, items have been revised as follows: Construction paper (formerly included in the total for paper) is now combined with construction board;

wet-machine board was formerly included with paperboard.




1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

RUBBER AND RUBBER PRODUCTS—Continued

TIRES AND TUBES

Pneumatic casings: cfProduction thousands

Shipments, total doOriginal equipment doReplacement equipment doExport do_

Stocks, end of month . _ _ do. ..Exports do

Inner tubes: cfProduction __ . _. doShipments do

Stocks, end of month doExports _ __do_ _

8,442

7,3443,7073, 468

169

14, 762141

3,2002, 569

9,51970

9,040

8,9113,7854,967

159

14, 949134

3,0894,116

8,25258

8,745

8,2723,8334,281

157

15, 368155

2,8502,862

8,24481

10, 083

9,9074,7804,926

201

15, 609180

3,2343,327

8,21796

9,153

9,9374,4575,315

165

14, 890155

2,8363,250

7,96387

9,949

9,8654,3525,361

152

14, 936154

3,0053,233

7,73562

10, 703

10, 2343,9316,129

174

15, 460155

3,1363,565

7,32678

9,027

9,7293 8905,711

128

14, 684125

2,7683.450

6,66467

8,717

9,4623 3625,980

119

13, 908111

2,9233,733

5 91748

9,125

8 4533 1425,170

140

14, 674137

3 1693 261

5, 96678

9 555

8 1173 4954 460

161

16, 163147

3 1193,004

6 28667

9 603

8 0454 3033 592

150

17 727140

3 0522,875

6 73478

8 478

7 5154 0453 298

172

18 778

2 7192*686

6 833

STONE, CLAY, AND GLASS PRODUCTS

PORTLAND CEMENT

Production thous of bblPercent of capacity _ _ _

Shipments ._ _ _ __ _ thous. of bblStocks, 3nd of month:

Finished do. __Clinker do

CLAY PRODUCTS

Brick, unglazed:Production _. _ _ thous. of standard brickShipments doPrice, wholesale, common, composite, f. o. b plant

dol. per thous.

Clay sewer pipe, vitrified:Production. short tonsShipments do

Structural tile, unglazed:Production doShipments _ _ _ _ . _ do

GLASS PRODUCTS

Glass containers:Production thous. of gross

Shipments domestic, total doGeneral-use food:

W arrow -neck food doWide-mouth food (incl. packers' tumblers, jelly

glasses and fruit jars) thous of gross

Beverage doBeer bottles -- -~do-Liquor and wine doMedicinal and toilet doChemical household and industrial doDairy products do

Stocks end of month -_ do_ __

GYPSUM AND PRODUCTS

Crude gypsum, quarterly total:Imports thous of short tonsProduction do

Calcined production quarterly total do

Gypsum products sold or used, quarterly total:Uncalcined uses short tons

Industrial uses doBuilding uses:

Plasters:Base -coat doAll other (incl Keene's cement) do

Lath mil. of sq. f t -_Wallboard doAll other O do

22 29089

16, 347

16, 7315,274

519, 144464 080

28. 430

151,619121,607

68, 62164, 351

8, 538

8,891

767

2 514

506677

1,0122,369

757289

12, 892

8382, 550

2 026

814 663

66 327

400, 172266 754

641.81 1,091. 4

53 8

20 22381

13, 520

23, 4377,888

468, 522412 028

28. b42

132, 268100, 512

65, 82763, 716

10, 449

9,593

833

3,016

392596847

2,772923214

13, 301

17 61178

14, 031

27, 08710 812

445, 775405 001

28. 559

133, 933108, 975

65, 43859, 583

10, 211

9,177

846

2 719

455536976

2 564903178

14, 058

22 34089

22, 941

26, 51612, 571

562, 507568 469

28. 559

163, 417148, 750

72, 47069, 059

11, 293

10, 930

1,038

2,836

853854

1,2572,894

997201

14, 247

6532,333

2,025

650, 083

73, 624

395, 234255, 906

683.31, 137. 4

44.3

24 818103

25, 295

26, 10612 044

569, 355605 391

28. 654

142, 879147, 018

65, 14670, 105

11, 045

10, 422

1,052

2,699

9801,0701,0972 399

930195

14, 521

27 031108

29, 527

23, 67210, 439

613, 871652 091

28. 750

156, 551173, 337

67, 60072, 353

11, 758

11, 635

1,114

3,277

1,3111,1561,0602,555

959203

14, 331

26 762111

31, 606

18, 8558 624

653, 910684, 429

28. 846

179, 359197, 360

77, 35877, 109

12, 219

12, 063

1,176

3,226

1,5101,2821,1672,491

998213

14, 327

8772,589

2.148

753, 092

72, 338

476, 667312,123

724.41,157.4

55.8

27 332107

29, 467

16, 7277 192

623, 164627 200

28. 952

151, 504170, 587

72, 61569, 870

11. 858

10, 996

1,217

3,093

1,2301,161

9722,196

915212

14, 805

27 861109

31, 883

12, 7315 373

677, 449680 758

29. 308

173, 326193 115

73 37680, 651

13, 109

14, 361

1,852

4 749

9311,1451,1443,0271,184

329

13,263

26 958109

29 887

9 7794 413

675 876677 850

29. 451

182, 797187 947

69, 24174, 339

11, 234

11, 194

1,746

3 013

480739

1,2032,6691,015

329

13, 040

1,3272,871

2,402

761,999

72, 174

511, 104357, 985

771.31,175.1

56.9

27 924'no

28 950r8 754r3 514

656, 86S637 593

29. 736

171,814171,749

72, 16573, 672

12, 173

11, 147

1,348

3,271

411597

1,4862,7911,003

240

13, 719

24 894101

21 985

11 6634 062

632 714581 028r 29. 831

174 343157 170

69 63164, 489

10, 557

9,845

931

2,955

471589

1,3462,477

839237

14, 123

566 810480 413

P 30. 017

163 161117 863

69 07859 681

10, 166

11, 332

1,057

3,410

708730

1,1613,106

920240

12,700

•• Revised. *> Preliminary. 1 Includes data for laminated board.cfData for 1954 for production, shipments, and stocks have been revised. Unpublishedr evisions (for January-May) are available upon request.O Comprises sheathing, formboard, tile, and for 1955 also laminated board.


February 1056 SURVEY OF CUEKENT BUSINESS S-39


1954

Decem-ber

Janu-ary


19

June

55


berDecem-

ber

1956

Janu-ary

TEXTILE PRODUCTS

APPAREL

Hosiery, shipments. thous. of dozen pairs. .Men's apparel, cuttings:^

Tailored garments:Suits _ -. -- thous. of unitS-Overcoats and topcoats doTrousers (separate), dress and sport do

Shirts (woven fabrics), dress and sportthous. of doz..

Work clothing:Dungarees and waistband overalls _ _ doShirts do

Women's, misses', juniors' outerwear, cuttings:Coats thous of unitsDresses - _ _ _ _ doSuits doWaists, blouses, and shirts thous. of doz__

COTTON

Cotton (exclusive of linters) :Production:

Ginnings§ -thous. of running bales. .Crop estimate, equivalent 500-lb. bales

thous. of bales ..Consumption^ balesStocks in the United States, end of month, totalf

thous. of bales _.Domestic cotton, total . . . do

On farms and in transit, doPublic storage and compresses doConsuming establishments do

Foreign cotton, total doExports _ .. -.bales..Imports doPrices (farm), American upland cents per lb_.Prices, wholesale, middling, l$it", average 14 mar-

kets - cents per IbCotton linters:^

Consumption . _ ---thous. of bales. _Production doStocks, end of month - do ._

COTTON MANUFACTURES

Cotton cloth:Cotton broad-woven goods over 12 inches in width,

production, quarterly mil. of linear yardsExports thous of sq ydImports - doPrices, wholesale:

Mill margins _ _ _ cents per lb__Denim, white back, 28-inch, 8 oz/vd cents per ydPrint cloth, 39-inch, 68 x 72 do ._Sheeting, class B, 40-inch, 48 x 44-48 do

Cotton yarn, natural stock, on cones or tubes:Prices, wholesale, f. o. b. mill:

20/2, carded, weaving _dol. per lb._36/2 combed knitting do

Spindle activity (cotton system spindles) :fActive spindles, last working day, total. thous__

Consuming 100 percent cotton doSpindle hours operated, all fibers, total, mil. of h r _ _

Average per working day doConsuming 100 percent cotton - _ do

Operations as percent of capacitvd"1 - -

RAYON AND ACETATE AND MFS.

Filament yarn and staple:Shipments, domestic, producers':

Filament yarn mil of IbStaple (incl. tow) do

Stocks, producers', end of month:Filament yarn doStaple (incl. tow) do

Imports thous of IbPrices, wholesale, viscose, f. o. b. shipping point:

Filament 150 denier dol per IbStaple, 1 5 denierO do

Rayon and acetate broad-woven goods, production,quarterly total thous, of linear yards -

SILKSilk, raw:

Imports thous of IbPrice, wholesale, white, Japanese, 20/2~2 denier, 87%

(AA) f o b warehouse dol per Ib

WOOL

Consumption, mill (clean basis) :\Apparel class thous of IbGarnet class_- do

12, 776

i 2, 0501320

1 4, 9801 1, 715

13401 265

r 2, 065r 20, 909

T } , 372r 1, 406

213,017

'1801,596r 17,716r 17, 662

»• 2, 008r 14, 008

r 1, 646r 54

496, 66510, 129

32.7

33.9

••illl1 196

r 1, 794

2,49752 6419,953

26.5035. 115.916 6

.642

.933

20, 62619, 136

i 11,059442

i 10, 2391 122. 5

70.434.9

55 632.0

12, 696

780.336

464, 858

692

4 60

1 22 599* 11. 070

12, 335

1,848296

5,712

1,840

352300

2 18720, 4531 7731,248

3 13,413

r 71 6 045

16, 69916 6371,426

13,4451,767

62334, 04416, 489

32.5

34.0

125187

1,831

44 1237,683

27.2934 916.516 6

. 659

.931

20, 78219, 2829,934

4979,184138.0

65.835.4

55 528.6

11,906

780.336

1 400

4 61

21 3499.960

12, 969

1,816288

4,944

1,876

388300

2 11020, 2731 7561,289

r 720 591

15, 69515 5861,075

12, 6681, 843

109307, 456

16, 80531.7

34.1

115166

1,827

47 4277,035

27.3734.916.516.6

.664

.947

20, 95419, 42910, 046

5119,299140.1

67.933.0

50 425.8

11, 356

780.336

812

4 53

22 72510. 195

14, 162

i 2, 0651 335

1 5, 940

i 2, 225

14351 415

2 89628, 0701 8461,446

U3,618

4 13, 696"•1893 238

14, 46914, 410

73011, 8481,832

58369, 24128, 374

31.9

33.5

i 1371 140

1,793

2,59464, 55210, 940

27.7834.916.316.6

.665

.947

20, 89219, 365

i 12, 400496

1 11, 485i 138. 5

83.939.1

44.322.2

17, 734

830.336

478, 901

879

4 46

1 27 121i 12. 676

12,001

1,636372

5,856

1,908

416360

1 14629, 459

8801,358

r695 188

13, 55813, 492

55611,1621,774

66239, 330

16, 59431.9

33.4

135102

1,738

47, 8868,481

27.3634.916.016. 5

.664

.945

20, 67419, 1609,594

4888,854134.6

77.533.0

39.322.1

18. 604

830.336

585

4 56

22 72210. 217

10, 713

1,816496

5, 328

1,744

424360

88728, 91 2

7821,280

r704 029

12, 64612 575

50010, 3991,676

71230, 690

12, 49331.5

33.7

14287

1,666

49 8219,492

26.5934 915.816 3

.663

.945

19, 82418, 3029,678

4848,937135.7

T 70.6••30.1

40 121.0

18, 800

830.336

658

4 58

23 49510. 336

12, 585

1 1,9451 550

1 5, 5201 1.865

1 4251 410

1 83924. 5481 0401,286

rl849 413

11. 52011 449

2739,7051,471

70280, 923

9,04931.4

33.8

* 1291 57

1,559

2, 45541 4679,305

26.3434 916.016 1

.665

.949

19, 84018, 335

1 11, 789481

1 10, 8671 132. 3

r 69.9r30. 6

43 620.5

17, 904

830.336

469, 853

492

4 60

1 27 0411 11. 260

10 260

1 004292

3 696

1,356

304324

2 17017 1361 137

970

313

r 565 834

11,12111 055

2209,4741,361

6558 8559 87532.1

33.7

12751

1,475

37 1929 435

26 6534 916.316 1

.668

.955

20, 70819, 1478,234

4337,546115 7

65.427.5

46 325.6

17 473

.830

.336

505

4 76

20 6826.637

13, 674

1,856564

5,088

1,708

452360

2 69722 9501 4241 236

1,388

717 227

22, 76422 70311,8019 7291,173

6160, 438

7 37932.7

33.6

14167

1,373

37 0979 922

27.2135 416.316 9

.676

.968

20, 73519, 13610, 088

5049,293141.4

72.733.2

44.924.5

17, 029

.830

.336

997

4.85

23, 14210. 509

14, 024

1 1 , 9001 605

1 5, 640

i 1,9101 455i 400

2 44221 188

9301 055

4 815

1 874 837

22, 82422 7779,818

11 7821,177

47116, 109

23 73033.8

33 01 147i 154

1,353

2 40542 05112 755

28.9136 416.417 3

.693978

20, 79919, 243

i 12, 287455

i 11,363i 138. 0

70.329.8

47.725.8

13, 057

.830

.336

452, 303

1 211

4.75

1 25 8961 13. 242

14. 236

1,684400

4,944

1,856

424384

2 56419 997

9941,084

9 553

737 056

22, 82722 7676,921

14 5151 331

59191, 536

10 51632.8

32 9

157216

1,397

49 88515, 750

29.7836 416.617 5

.696984

20, 88319 30210, 290

5159,512144.9

r 70.730.5

48.628.9

11, 924

830.336

1 058

4.58

r 22, 99011, 890

14, 463

1,716340

5,424

1,864

372376

2 68420 607

1 4491 092

13 052

741 447

21, 74521 6883, 584

16 5«11, 523

56137, 44919 234

32.4

33 6

155235

1,418

42 46916, 478

30. 2436 417 517 8

r .701984

20, 90219 35210,150

5089,393143. 0

69.936.2

r49. 5r 29. 19,871

830.326

1,259

r 4 43

' 22, 643' 11, 566

12, 198

i 1 945i 335

1 5 160

i 1, 890

i 375i 3Qo

1 98518 5891 640

789

2 13, 704

1855 447

20, 76820 7081,476

17 5611,671

60

31.2

33 71 142i 206

1 431

31.08p 36.4r> 18.0p 18.1

p. 708p. 988

20, 98819, 440

i 11, 848474

i 10, 992i 133. 3

70.831.3

52.234.2

p. 830p. 326

P 4 42

P 125,922p 113,961

3 14, 380

5 14, 663

30.7

34 1

31. 26

r Revised. p Preliminary. i Data cover a 5-week period. 2 Ginnings to December 13. 3 Ginnings to January 16. 4 Total ginnings of 1954 crop.5 December 1 estimate of 1955 crop.IData for December 1954 and March, June, September, and December 1955 cover 5-week periods and for other months, 4 weeks; cotton stocks and number of active spindles are for end

of period covered.§Total ginnings to end of month indicated.cf The operation rate is calculated on a 5-day, 80-hour week without any adjustment for holidays. ©Quotations beginning August 1955 not strictly comparable with earlier data.


S-40 SUEVEY OF CURRENT BUSINESS February 1956


1954

Decem-ber

1955

Janu-ary



Decem-ber

1956

Janu-ary

TEXTILE PRODUCTS—Continued

WOOL AND MANUFACTURES— Continued

Wool imports, clean content _ _ _ _ . thous. of lb_-Apparel class (dutiable), clean content do

Wool prices, wholesale, raw, Boston:Territory, 64s, 70s, 80s, clean basis dol. per lb_.Bright ileece, 56s-58s, clean basis _ do.Australian, 64s, 70s, good topmaking, clean basis, in

bond dol. per IbKnitting yarn, worsted, 2/20s-50s/56s, Bradford system,

wholesale price. __ _. dol. per lb_Woolen and worsted woven goods, except woven

felts:Production, quarterly, total thous. of lin. yd_-

Apparel fabrics, total do_Government orders do.-_Other than Government orders, total do__.

Men's and boys' _ do_ _Women's and children's.. do.-_

Nonapparel fabrics, total do. _Blanketing doOther nonapparel fabrics do

Prices, wholesale, suiting, f. o. b. mill:Flannel, men's and boys' 1947-49=100.-Garbardine, women's and children's- do. _.

14, 4537,828

1. 5601. 135

1. 625

1.928

74, 97269, 4761,208

68, 26834, 03834, 230

5,4962, 5542,942

112.1103.6

19, 66612.066

1.5501.146

1.525

1.928

112.1103.6

17, 9569,313

1.5561.191

1.475

1.916

112.197.3

26, 93813, 071

1.5351.138

1.475

1.916

73, 76469 5641,105

68, 45936, 37732, 082

4,2002,8151,385

112.197.3

23 70311,565

1.4951 095

1 475

1.879

112.197.3

23 57811, 688

1.4751 072

1 475

1.867

112.997.3

22 99910, 331

1.4351 066

1 475

1.867

84, 26680 296

2 76977, 52737 85639, 671

3,9702,9691,001

112.997.3

22 8769,517

1.4251 086

1 475

1.867

112.997.3

24 0129,855

1. 3851 069

1 395

1.844

112.997.3

19 4067,729

1. 3251 020

1 275

1.844

76, 04172 9651 434

71,53132 37839, 153

3,0762 111

965

112.997.3

21 1178,341

1.300gqg

1 262

1.819

112.997.3

17 9439,588

1.275992

1 225

1.819

112.997.3

1.2981 029

1 22i

p 1 819

112 997 3

1.3161 064

1 300

TRANSPORTATION EQUIPMENT

AIRCRAFT

Civil aircraft (complete), shipments numberAirframe weight thous. of Ib

Exportsd71- number..

MOTOR VEHICLES

Factory sales, total numberCoaches total do

Domestic doPassenger cars, total do

Domestic doTrucks, total _ _ _ - _.do.

Domestic do

Exports, total doPassenger cars do_Trucks and buses do

Truck trailers, production, total doComplete trailers do

Vans doTrailer chassis .-do

Registrations:New passenger cars _ doNew commercial cars _ , do

RAILWAY EQUIPMENT

American Railway Car Institute:Freight cars:

Shipments total numberEquipment manufacturers, total do

Domestic - _ _ doRailroad shops, domestic do

Passenger cars, equipment manufacturers:Orders unfilled, end of month, total do-

Domestic -- doShipments, total __ -do

Domestic -- do.

Association of American Railroads:Freight cars (class I), end of month :§

Number owned O - thousandsUndergoing or awaiting classified repairs

thousands _Percent of total owned

Orders, unfilled O - number. _Equipment manufacturers doRailroad shops . .. _ -do

Locomotives (class I), end of month:OSteam, undergoing or awaiting classified repairs

numberPercent of total on line

Diesel-electric and electric: Orders, unfillednumber of power units

Exports of locomotives, total number

INDUSTRIAL TRUCKS AND TRACTORS

Trucks, electric, shipments:Hand (motorized)* numberRider-type do

Trucks and tractors, gasoline-powered, shipments*number

290522.4

97

766,185427337

669, 936643, 76395, 82279, 793

35, 01020, 39314, 617

4,9254,7262,823

199

656, 61169, 838

2,2401, 4361,377

804

7576715734

1,736

1166.7

13, 6246,0787,546

1,22714.5

493

29

394

350859.2

83

725, 379190185

635, 513611,04089, 67673, 947

38, 64221, 67016, 972

4,7504,6022,849

148

440, 02462, 231

2,0141,6051,605

409

7616934018

1,733

1217.0

16, 9707,2489,722

1,29015.6

472

28

387342

1,449

357962.9

115

744, 942176148

677, 705648, 61667, 06155, 253

36, 27123, 25613,015

5,2265,0293,091

197

476, 58456, 242

2,6032,0631,913

540

7256723621

1,730

1247.1

17, 0966,981

10, 115

1,29816.1

455

42

444359

1,652

4781, 032. 1

162

894, 597325267

791, 280765, 663102, 99286, 060

37, 13624, 13613, 000

6, 4026,1403,739

262

636, 53464, 732

3,1332,3682,068

765

9539184527

1,727

1176.8

18, 0016,240

11, 761

1,21515.7

428

45

507425

1,808

438762. 5

111

881, 840519501

753, 434727, 907127, 887110, 176

40, 60723, 00017, 607

6,3606, 0683,704

292

651, 85579, 071

3,0751,9891,6641,086

9208963625

1,723

1146.6

18, 1936,235

11, 958

1,24716.5

360

49

476406

1,647

4861, 139. 2

185

849, 393313266

721, 139697, 471127, 941108, 362

35, 29319, 34315, 950

6,3366,0343,843

302

661, 30482, 086

4 3202,6752, 4381,645

1,0241,007

4941

1,720

1106.4

17, 0305,590

11, 440

1,18616.2

385

38

678833

3 926

5381,211 9

175

767, 182309237

647, 658629, 185119,215101, 625

33, 45817, 38116, 077

7,3687,0824,491

286

681, 37290, 005

3 0571,7321,6901,325

1,001982

5548

1,717

1036.0

27, 84815, 45912, 389

1,20416.7

470

22

578533

2,188

354932 5

201

768, 621296256

658, 736643, 402109, 58993, 739

30. 90315, 18115, 722

5, 9895,7993,593

190

647, 24584, 413

2,9681,9541,2841,014

9939773933

1,709

965.6

44, 62223, 61321, 009

1,22817.4

467

59

521455

1,961

241757.0

132

716, 163434410

620, 610602 95995, 11980 077

30, 38215, 20715, 175

7 2547,0504 483

205

658, 96492, 079

5 0293, 1871, 9351,842

9529374542

1,704

945.5

50, 08727, 20122, 886

1,10516.5

704

45

506346

2,163

341696 4

132

559, 962223198

467, 845459 07391, 89476 851

23, 1669 769

13 397

7 1616,9434 299

218

654, 53289, 924

3 9652, 3921,7081 573

594583355350

1,702

865.1

50, 64228, 79921, 843

1,04816.1

816

23

670441

2,463

345658 l

188

601 256469385

505, 177491 893

95, 61081 390

22, 7298, 759

13 970

6, 9486,7404,241

208

576, 04587, 262

4 2332,8562,4551,377

433424206204

1,702

804.7

57, 41031, 29426, 116

1,01616.1

876

40

650449

2,569

337447 8

116

r860 800r 359r 340

745 993720 667114' 44898 345

30 39617 87812 518

7 1516 9414 727

210

509 15575 756

r 3 845r 2 749

2 3311 096

3993903838

1,700

754.4

103, 68546, 94756, 738

1 01316 4

906

62

636441

2 684

478646 8

799 009410406

695 043667 920103 55686 891

6 9096 6634 438

246

p2 343 438^93 733

3 8142 7142 6961 100

8608513939

1 694

714 2

135, 29362 99672, 297

99716 8

854

638520

2 333

i 611 200

i 105 900

r Revised. ? Preliminary. J Preliminary estimate of production based on Ward's Automotive Reports. Production for preceding month: 682,700 passenger cars; 98.900 trucks.2 For 35 States. cTExports revised beginning January 1954 to include 2 types of aircraft formerly classified as "special category" and therefore excluded from the total.§ Excludes railroad-owned private refrigerator cars. 0 Data beginning December 1955 reflect reclassification of reporting roads to revised I. C. C. list of Class I line-haul railroads;

comparability with earlier data, based on ownership, is affected by less than 1 percent. *New series. Data prior to January 1955 are not available.

U. S . G O V E R N M E N T P R I N T I N G O F F I C E : 1956Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40-Pages marked S

Acids.... 24Advertising , _ _ _ _ . _ _ _ _ „ 8, 9Agricultural employment _ _ _ ___ II.Agricultural loans and foreign trade 16, 17, 21, 22Aircraft and par ts_____. 2, 12, 13, 14, 15, 40Airline operations - 23Alcohol, denatured and ethyl 24Alcoholic beverages. , _ _ . _ „ 2, 6, 8, 27Aluminum , _ _ . , _ _ 33Animal fats, greases, and oils 25Anthracite _ _ _ 11, 13, 14, 15, 34Apparel 2,3,6,8,9, 10, 12, 13, 14, 15,39Asphalt and asphalt products 36Automobiles 2,3,8,9,12,13, 14, 15,16,17,22,40

Bakery products _ _ _ _ _ _ _ _ _ _ _ 2, 12, 13, 14, 15Balance of payments .-~. 21Banking . ... 14,16Barley ... . 28Barrels and drums , _ _ ~ 32Battery shipments . _ . _ _ _ . 34Beef and veal . _ 29Beverages „ _ „ _ _ 2,6,8, 12, 13, 14, 15,27Bituminous coal _ _ _ _ 11, 13, 14, 15, 35Blast furnaces, steel works, e tC-____ ._ 12, 14, 15Blowers and fans... _ _ , _ _ 34Bonds, issues, prices, sales, yields _ . . ... 17,19, 20Book publication , _ „ „ _ _ _ _ _ _ _ , . 37Brass and bronze _ _ _ _ _ _ . _ _ . — - 33Brick . _ _ _ _ _ _ ._ 38Brokers' loans and balances_ _ _ „ _ . , „ _ _ _ _ _ _ 16, 19Building and construction materials_. 8,9,10Building costs „ _ _ „ _ _ _ „ _ _ _ . 7, 8Business incorporations, new , _ _ _ _ _ , 5Business sales and inventories_„.«_,,____- , 3Butter ..-._..... _ 27

Cans (metal), closures, crowns.____, _ . ._ 32,33Carloadinps . . .. , _ _ „ _ _ 23Cattle and calves.. _ _ _ _ _ _ _. 29Cement and concrete products,_ _ — 6, 38Cereals and bakery products . _ 6, 12,13,14, 15Chain-store sales (11 stores and over only)___ 10Cheese...... .... .... 27Chemicals 2, 3, 4, 6, 12, 13, 14, 15,19, 22, 24Cigarettes and cigars , _ . 6, 30Civilian employees, Federal_, 12Clay products (see also Stone, clay, etc.)_-_ _ _ 6, 38Coal___ .__ . 3, 6, 11, 13, 14, 15, 22, 23, 34, 35Cocoa . . _ . _ _ _ _ _ _ - . _ _ . . _ . . 22, 29Coffee. _ _ - _ „ _ _ _ . - - _ . _ . _ - _ _ - _ _ 22,30Coke .. — . 23,35Commercial and industrial failures 5Communications 11, 13, 14, 15, 19, 20, 24Confectionery, sales _ „ _ _ _ _ _ _ _ _ 29Construction:

Contracts awarded..., ... _ _ _ _ _ _ 7Costs _ _ _ _ _ _ . _ _ _ . . _. 7,8Dwelling units 7Employment, earnings, hours, wage rates__ 11,

13,14,15Highways and roads . _ . _ > . . _ - _ _ > _ _ 7, 8, 15New construction, dollar va lue .______ 1,7

Consumer credit ... _. 16,17Consumer durables output, index 3Consumer expenditures 1, 9Consumer price index _ _ _ 6Copper _ _ _ _ _ _ _ _ _ _ _ 22,33Copra and coconut oil 25Corn _ 28Cost-of-living index (see Consumer price

index) - 6Cotton, raw and manufactures 2,5,6, 22, 39Cottonseed, cake and meal, oil 25Credit, short- and intermediate-term 16, 17Crops ... 2,5,26,28,30,39Crude oil and natural gas . _ _ _ _ . _ 3Currency in circulation _ _ , 18

Dairy products. 2,5,6, 12, 13, 14, 15, 27Debits, bank 16Debt, United States Government_ _ . 17Department stores 9, 10, 11, 17Deposits, bank 16, 18Disputes, industrial 13Distilled spirits 27Dividend payments, rates, and yields 1,18,19, 20Drup-store sales . _ 9, 10Dwelling units, new ._ , _ _ 7

Earnings, weekly and hourly 14, 15Eating and drinking places 9, 10Eggs and poultry _ _ _ 2, 5, 29Electric power 6, 26Electrical machinery and equipment 2,

3,6,12,13,14,15,19,22,34Employment estimates and indexes.. 11, 12Employment Service activities 13Engineering construction 7, 8Expenditures, United States Government.___ 17Explosives 25Exports (see also individual commodities) 21, 22Express operations 23

Failures, industrial and commercial 5Farm income, marketings, and prices 1, 2, 5, 6Farm wages 15Fats and oils, greases . _ _ _ _ . 6, 25, 26Federal Government finance 17Federal Reserve banks, condition of , _ 16Federal Reserve reporting member banks , 16Fertilizers 6, 25Fiber products , _ 34Fire losses 8Fish oils and fish . . ._ 25, 30Flaxseed 26Flooring 31Flour, wheat , _ _ _ 29Food products 2, 3, 4, 5, 6,

8, 9, 10, 12, 13, 14,15, 18, 22, 27, 28, 29, 30

Pages marked SForeclosures, real estate ~. ...— 8Foreign trade indexes, shipping weight, value

by regions, countries, economic classes, andcommodity groups ... 21, 22

Foundry equipment 34Freight carloadings. _ _ 23Freight cars (equipment) 40Freight-car surplus and shortage 23Fruits and vegetables.._ „ . _ „ _ _ _ 5, 6, 22, 28Fuel oil _ , , _ . 35Fuels 6,34,35Furnaces .__ , _ _ _ 34Furniture. 2,3,6,9,10,12,14, 15, 17Furs.... ... 22

Gas, prices, customers, sales, revenues _ _ _ 6, 27Gasoline . _ . _ - 9, 36Glass products . „ „ _ _ 38Generators and motors , _ _ _ 34Glycerin. 24Gold 18Grains and products 5,6, 22, 23, 28, 29Grocery stores 9, 10Gross national product 1Gross private domestic investment 1Gypsum and products. 6, 38

Hardware stores. , . 6, 9Heating apparatus.... . _ _ _ _ — 34Hides and skins . _ . _ . _ _ 6, 22,30Highways and roads____. . _ _ _ _ . . _ . _ _ - 7, 8, 15Hogs . . — — 29Home Loan banks, loans outs tanding._______ 8Home mortgages. — - _ _ _ 8Hosiery ....... „ _ _ _ _ _ „ _ _ _ 39Hotels... _ _ _ . _ _ _ _ _ . ..-_ 11, 13, 14, 15, 24Hours of work per week_____ _ _ _ _ _ _ 12,13Housefurnishings ,__ , _ _ _ , , _ _ _ 6, 8, 9, 10Household appliances and radios , _ _ _ _ 3, 6, 9, 34

Imports (see also individual commodities) 21, 22Income, personal.._ . 1Income and employment tax receipts 17Industrial production indexes.__. _._...— 2,3Installment credit . _ . . _ _ _ - . 16, 17Installment sales, department stores. _ _ 10Instruments and related products. 2, 3,12,13,14,15Insulating materials.. ...— 34Insurance, life , ... 18Interest and money rates _ _ . 16International transactions of the U. S _ _ _ 21, 22Inventories, manufacturers' and trade. 3, 4, 10Iron and steel, crude and manufactures _ _ _ _ _ _ 2,

6,8,12,14,15,19,22,32,33

Kerosene. .... .. 35

Labor disputes, turnover._ —. _ 13Labor force _ . , _ _ . . _ . 11Lamb and mutton. 29Lard . _ _ . 29Lead... ... 33Leather and products. _ . _ _ _ _ _ _ _ _ — _ _ 2,

3,6,12,13,14,15,30,31Linseed oil _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 26Livestock. 2,5,6,23,29Loans, real estate, agricultural, bank, brokers'

(see also Consumer credit) 8,16,17,19Locomoti ves , _ _ _ _ . _ - . _ _ 40Lubricants - _ _ 36Lumber and products 2,

3, 4, 6, 8, 9, 10, 12, 14, 15, 18, 31, 32

Machine activity, cotton . _ . _ 39Machine tools. ... ~ _ _ _ ,_ 34Machinery. 2,3,4,5, 6, 12, 14, 15, 19, 22,34Magazine advertising 8Mail-order houses, sales , _ _ _ _ . , _ _ 11Manufacturers' sales, inventories, orders _ _ _ _ _ 3, 4, 5Manufacturing production indexes 2,3Manufacturing production workers, employ-

ment, payrolls, hours, wages _ _ _ _ _ 11, 12, 13, 14, 15Margarine _ 26Meats and meat packing 2, 5, 6, 12, 13, 14, 15, 29Medical and personal care _ _ 6Metals 2,3,4,5,6, 11.12, 13, 14, 15, 19,32,33M ethanol _ _ ^ „ _ „ _ - _ _ _ . 24Milk ... _ - - - - - _ _ - 27Minerals and mining.,..___ 2, 3, 11,13, 14, 15, 19, 20Monetary statistics _ _ _ _ , . ,_ 18Money supply --, , 18Mortgage loans _ . _ _ _ 8, 16, 18Motor carriers. —... 23Motor fuel 36Motor vehicles ... 6,9, 19,40Motors, electrical ... 34

National income and product. , _ _ _ _ . 1National parks, visitors._. . _ _ . _ _ _ _ 24National security , _ 1,17Newspaper advertising... . _ — „ 8, 9Newsprint - 22, 37New York Stock Exchange, selected data 19, 20Nonferrous metals 2, 6, 12, 14, 15, 19, 22, 33Noninstallment credit , . . 17

Oats . _ _ _ - _ _ _ . _ . _ „ „ _ 28Oil burners.. ... 34Oils and fats, greases . 6,25, 26Orders, new and unfilled, manufacturers' 5Ordnance ... ... 11,12,14, 15Paint and paint materials , _ _ _ 6, 26Panama Canal traffic. , _ _ _ .. 23Paper and products and pulp 2

3, 4, 6, 12, 13, 14, 15, 18, 36, 37Passports issued _ _ _ , .. 24Payrolls, indexes 12Personal consumption expenditures , 1,9Personal income 1Personal saving and disposable income-_____ 1

Pages marked SPetroleum and products 2,

3, 6, 12, 13, 14, 15, 19, 22, 35, 36Pig iron 33Plant and equipment expenditures 2, 19Plastics and resin materials . 26Plywood 32Population nPork 29Postal savings 16Poultry and eggs 2, 5, 29Prices (see also individual commodities):

Consumer price index. ....... 6Received and paid by farmers , .. 5Retail price indexes 6Wholesale price indexes 6

Printing and publishing 2,3, 12, 13, 14, 15,37Profits, corporation_____ . _ _ , 1, 18, 19Public utilities.. _ _ __ _ 2,6,

7, 11, 13, 14, 15, 18, 19, 20, 26, 27Pullman Company ... . 24Pulp and pulpwood 35Pumps 34Purchasing power of the dollar . _ _ 6

Radiators and convectors . _ _ _ 34Radio and television 3, 6, 8, 34Railroads 2, 11,12,13,14,15,19,20,23,40Railways (local) and bus lines - 11, 13, 14, 15, 23Rayon and rayon manufactures- _ 39Real estate 8, 16, 18, 19Receipts, United States Government _ . _ 17Recreation 6Refrigerators, electrical • _ , . 34Rents (housing), index.. 6Retail trade, all retail stores, chain stores (11

stores and over only), general merchandise,department stores 3, 5, 9,10,11,13,14,15, 17

Rice „ _ _ _ _ _ _ 28Roofing and siding, asphalt 36Rubber (natural, synthetic, and reclaimed),

tires and tubes 6, 22,37,38Rubber products industry, production index,

sales, inventories, prices, employment, pay-rolls, hours, earnings 2, 3, 4, 6,12, 13, 14, 15

Rye.___ 28

Saving, personal , , _ _ „ , „ _ _ 1Savings deposits 16Securities issued... 19Services . _ ._ . 1,9, 11, 13, 14, 15Sewer pipe, clay , _ . 38Sheep and lambs 29Ship and boat building 12, 13, 14, 15Shoes and other footwear-.. 6, 9, 10, 12, 13, 14, 15, 31Shortening . 26Silk, prices, imports 6, 39Silver „ _ _ _ 18Soybeans and soybean oil _ _ 26Spindle activity, cotton . 39Steel ingots and steel manufactures (see also

Iron and steel) _ . _ _ 2,32, 33Steel scrap. . 32Stocks, department stores (see also Inven-

tories) _ 11Stocks, dividends, prices, sales, yields, listings. 20Stone and earth minerals 3Stone, clay, and glass products 2,

3,4, 12, 14, 15,19,38Stoves , _ _ . _ _ _ 34Sugar 22,30Sulfur _ . 25Sulfuric acid 24Superphosphate 25

Tea 30Telephone, telegraph, cable, and radio-tele-

graph carriers 11, 13, 14, 15,20,24Television and radio ... 3, 6, 8, 34Textiles 2,3,

4, 6, 12, 13, 14, 15, 18, 22, 39, 40Tile 38Tin 22,33Tirea and inner tubes 6, 9, 10, 12, 13, 14, 15, 38Tobacco 2,3,4,5,6,8,12, 13, 14, 15,22,30Tools, machine 34Tractors 34Trade, retail and wholesale 3,

5,9, 10, 11, 13, 14, 15, 17Transit lines, local 23Transportation and transportation equipment. 2,

3, 4, 5, 6, 9, 11, 12, 13, 14, 15, 19, 23, 40Travel.... 24Truck trailers 40Trucks . _ _ 2,40

Unemployment and compensation 11,13United States Government bonds 16, 18, 19, 20United States Government finance , _ _ _ _ 17Utilities. _ _ . . _ _ _ - - . . 2,

6, 7, 11, 13, 14, 15, 19, 20, 26, 27

Vacuum c l e a n e r s . _ _ _ _ _ _ _ _ _ _ _ _ _ _ 34Variety stores 9, 10Vegetable oils 25, 26Vegetables and fruits _ _ _ . 5,6, 22, 28Vessels cleared in foreign trade 23Veterans' benefits..._.._. . 13,17

Wages and salaries...__. 1,14, 15Washers.... . 34Water heaters._._.__ ... 34Wax -._...... 36Wheat and wheat flour 28, 29Wholesale price indexes 6Wholesale trade 3,5,11, 13,14,15Wood pulp 36Wool and wool manufactures. 2,5,6, 22, 39, 40

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lummaru for 1955

MAJOR BUSINESS INDICATORS, 195O-55Item

National Income and ProductGross national product, total (bil. of dol.)_

Personal consumption expendituresGross private domestic investmentNet foreign investmentGovernment purchases of goods and

servicesNational income (bil. of dol.)

Personal IncomeTotal (bil. of dol.)

Wage and salary disbursements, total. _Commodity-producing industriesDistributive industriesService industriesGovernment. .̂ _

Other labor incomeProprietors' and rental incomePersonal interest income and dividends.Transfer paymentsLess personal contributions for social

Total nonagricultural income (bil. of dol.).

New Plant and Equipment ExpendituresAll industries, total (mil. of dol.)

ManufacturingDurable-goods industriesNondurable-goods industries

MiningRailroads. _ _ _Transportation, other than railPublic utilities __Commercial and other. .

Manufacturing and Trade Sales,Inventories, and Orders

Sales, total (bil. of dol.) § _Manufacturing, total

Durable-goods industriesNondurable-goods industries

Wholesale trade, totalDurable-goods establishmentsNondurable-goods establishments

Retail trade, total §Durable-goods stores. _Nondurable-goods stores

Inventories, book value, end of year,

Manufacturing, totalDurable-goods industriesNondurable-goods industries _

Wholesale trade, totalDurable-goods establishmentsNondurable-goods establishments

Retail trade, total §Durable-goods storesNondurable-goods stores.

Manufacturers' orders (mil. of dol.):New (net), total

Durable-goods industries , .Nondurable-goods industries

Unfilled, end of year, unadjusted

Nondurable-goods industries

PricesPrices received by farmers (1910-14=100)Prices paid by farmers, all commodities

and services, interest, taxes, and wagerates (1910-14—100)

Parity ratio (1910-14=100)Consumer prices (1947-49—100)Wholesale prices (1947-49=100):

All commodities, combined indexFarm productsFoods, processedAll other > .

1950

285.1194.051.2

-2.2

42.0

240.0

227.1146.563.541.319 522.2

3.844.619.815 1

9 0

210.5

20, 6057 4913 1354,356

7071,1111,2123 3096,775

479.0231.4105.6125.8103.934.269.7

143 752.990 8

34.516.817.810.54.95.6

18 78.2

10.5

251, 756123, 776127, 98041, 126

4,576

258

256101

102.8

103.197.599.8

105.0

1951

328.2208.356.9

.2

62.8

277.0

255.3170.874.945.821.328.84.8

49.920.712 6

o 4

235.7

25,64410, 8525,1685,684

9291,4741,4903, 6647, 235

539.1267. 7124. 5143.2113.237.675.5

158 254 5

103 7

43.022 820.211.15 65.5

19 99.0

10.9

294, 132152, 095142, 03767,55304 1 A-i

3,412

302

282107

111 0

114.8113.4111.4115.9

1952

345. 2218.349.6-.2

77.5

289.5

271.1185.280.648.723 032.95.3

49.921.313 2

q o

253.1

26, 49311 6325,6146,018

9851,3961,5003 8877,094

550.6274.2131.2143.0112.336.076.4

164 155.3

108 8

tff f>44.024.419.611.35.55.8

20.29.2

11.1

282,987140, 250142, 73776,34370 17ft

3,167

288

287100

113 5

111.6107.0108.8113.2

1953

364.5230.651.4

—2.0

84.5

303.6

286.2198.688.251.824 833.8

6.048.423.114 0

3 0

270.2

28,32211 9085,6486,260

9861,3111, 5654,5528,000

581.1298.4149.6148.8111.937.174.8

170 760.4

110 4

TQ 1

46.226.419.8

11.75 76.0

21.29.9

11.3

281, 067133, 075147, 99258,987K/J £70

2,314

258

27992

114 4

110.197.0

104.6114.0

1954

360.5236.547.2—.3

77.0

299.7

287.6196.284.252.325.933.86.6

48.424.716.2

4. 5

271.9

26, 82711,0385,0915,948

975854

1,5124,2198,230

560.7280.8133.6147.2109.334.874.5

170.758.2

112.5

ft 7

43.524.019.5

11.65.56.1

20.79.2

11.4

268,297120, 702147, 59546,529XO 7QfJ

2,739

249

28189

114 8

110.395.6

105.3114.5

U955

387.2252.359.3—.4

75.9

322.3

303.3208.590.555.127 635.37.0

49.126.817 2

5 2

288.4

28,26811,3205,4185,902

933929

1,5984,3789,110

620.1317.0157.9159.0117.639.678.0

185.567.0

118.5

fin &46.126.219.912.36.16.2

22.410.412.0

325, 895166,245159,65055,524eo -ICK

3,359

237

28184

114 6

a 110. 7» 89. 7

3 101. 72 117. 0

Item

ProductionFarm marketings, physical volume, total

(1935-39=100) _Crops...Livestock and products _

Industrial prod., total (1947-49=100)

Durable manufacturesNondurable manufactures

MineralsSelected commodities, production:

Coal, bituminous (thous. of short tons).Crude petroleum (mil. of bbl.)_Electric power, industrial and utility

(mil. of kw-hr.) .Lumber (mil. of board feet)Steel ingots and steel for castings

(thous of short tons)Motor vehicles, factory sales, total

(thous.)Passenger cars _Trucks and coaches

ConstructionNew construction, total (mil. of dol.)

Private, totalResidential (nonfarm)Nonresidential, except farm and pub-

lic utilityPublic, total

Nonresidential buildingHighwayEmployment Status of the Nonin-

stitutional PopulationTotal 14 years old and over, monthly

average (thous. of persons) 9Labor force, incl. Armed Forces, total 9 _

Civilian labor force 9 -

Agricultural employment 9 _.Nonagricultural employment 9 ~-

TJnemployedNot in labor force 9 - -

Employment and PayrollsEmployees in nonagricultural establish-

ments, mo. avg., total (thous.)Manufacturing «MiningContract constructionTransportation and public utilities

Finance, insurance, and real estate

GovernmentProduction and related workers, all mfg.:

Employment index (1947-49=100) .Payroll index (1947-49=100)

FinanceConsumer credit (short- and intermedi-

ate-term), outstanding, end of year:Total (mil. of dol.)

Installment (mil. of dol.) _Federal finance (mil. of dol.):

Gross debt (direct), Dec. 31Budget receipts and expenditures:!

Income and" employment taxesExpenditures, total

National security JMoney supply, Dec. 31 (mil. of dol.):

Currency in circulationDeposits (adjusted) and currency, total

Demand deposits, adjusted...Time depositsCurrency outside banks .

Foreign TradeExport, incl. reexports (mil. of dol.)General imports (mil. of dol.)

1950

145141147112

116111105

516, 3111,974

388, 67438,902

96 836

8,0036,6661,337

28,45421,45412, 600

3,7777,0002,3842,272

110,92964, 74963, 09959 9577,507

3 14246, 181

44, 73814, 967

8892,3333,9779,6451,8245 077

6,026

99.6111.7

20, 81314,490

256, 708

37 30631, 90637,72813, 476

27,741176, 91792,27259, 24725, 398

10,2758,852

1951

146137153120

128114115

533,6652,248

433,35837, 515

105,200

6,7655,3381,427

31, 18221,76410, 973

5,1529,4183,4972,518

112, 07565, 98362, 88461 0057,054

1 87946, 092

47, 34716, 104

9162,6034,166

10, 0121,8925 2646,389

106.4129.8

21,46814, 837

259, 419

52 97947, 21256, 33730, 275

29,206185, 98498, 23461, 44726, 303

15, 03210, 967'

1952

153146158124•ttyc

136114114

466,8412,290

463,05537, 462

93,168

5,5394,3211,218

33,00822, 10711, 100

5,01410, 9014,1362,820

113, 27066, 56062, 96661 2936,805

54,4881 673

46, 710

48,30316, 334

8852,6344,185

10, 2811,9675 4116,609

106.3136.6

25,82718,684

267, 391

64 84058,73470, 68243, 176

30, 433194, 801101, 50865,79927,494

15, 20110, 717

1953

160156163134•JOfl

163118116

457,2902,357

514, 16936, 742

111,610

7,3236,1171,206

35,27123, 87711,930

5,68011,3944,3463,160

115,09567, 36263, 81562 2136,562

1 60247, 732

49,68117,238

8522,6224,221

2,0385 5386,645

111.8151.4

29,53722,187

275, 168

63 84157, 74372, 99744,465

30, 781200, 917102, 45170, 37528,091

15, 77410, 873

1954

161149170125

137116111

392, 0002,316

544,64536, 713

88 312

6,6015,5591,042

37, 57725,76813, 496

6,25011, 8094,6413,750

116,21967, 81864, 46861 2386,504

54,7343 230

48,401

48, 28515, 989

7702,5274,008

10, 4982, 1145 6296,751

101.8137.7

30, 12522, 467

278,750

61 17157, 18964, 85442, 821

30,509209, 684106, 55075,28227,852

15, 09510, 210

U955

3 1631 150* 172

139140155126122

469,4003 2 263

624 90239 105

117 036

9,1697,9201,249

42,25030, 25C16, 60C

7,62412, OOC4, 22£4, IOC

117,38£68, 89e65,84*63 19C

6,73(56, 4&2 6&f

48, 495

2 49, 39*2 16, 551

274i22,501*4,051

2 10, 721* 2, 19.a 5 69<36,92

2 105. (3 152. 1

36,2227,89,

280, 76'

63 3558, 55i66, 1240,50

31,15215, 70109, 70^78,2027,90

15,4711,36

1 Data for most items are preliminary. 2 Calculated by the Office of Business Economics. 3 For 11 months, January-November. §New series on retail trade: Sales beginning 195and inventories beginning December 1950. Data on old basis and comparable with earlier figures are as follows (bil. of dol.): Sales for 1951—total, 533.8; total retail, 153.0; durable, 53.2; riocdurable, 99.8; inventories for December 1950—total, 63.4; total retail, 18.4; durable, 8.4; nondurable, 10.0. 9 Data for 1954-55 not strictly comparable with earlier data due to change in sampland estimating procedures, tData beginning 1954 are on a budgetary basis and are not strictly comparable with earlier figures. JPrior to 1954, data are for national defense and relate"activities.


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