ERP Appendixes MY 1951 2

Appendix B

Statistical Tables Relating to Employment,Production, and Purchasing Power

CONTENTSNational income or expenditure: Page

B-l. Gross national product or expenditure, 1929-51. . . 225B-2. Gross national product or expenditure in 1939 prices, 1929-50 226B-3. Gross national product or expenditure in first half of 1951 prices,

1929-51 227B-4. Personal consumption expenditures, 1929-51 228B-5. Gross private domestic investment, 1929-51 229B-6. National income by distributive shares, 1929-51 230B-7. Personal income, 1929-51 231B-8. Relation of national income and personal income, 1929-51 232B-9. Disposition of personal income, 1929-51 233B-10. Total and per capita disposable personal income in current and first

half of 1951 prices, 1929-51 234Employment and wages:

B—11. Labor force, employment, and unemployment, 1929—51 235B—12. Number of wage and salary workers in nonagricultural establishments,

1929-51 236B—13. Average weekly hours in selected industries, 1929-51 237B-14. Average hourly earnings in selected industries, 1929-51 238B-15. Average gross weekly earnings in selected industries, 1929—51 239

Production and business activity:B-16. Physical production index of goods and selected services, 1929-51 . . . . 240B-17. Industrial production index, 1929-51 241B-18. Percentage changes in production and consumption of selected com-

modities, United States and other free world, 1939 to 1950 242B-19. New construction activity, 1929-51 243B-20. Business expenditures for new plant and equipment, 1929-51 244B-21. Inventories and sales in manufacturing and trade, 1939-51 245B-22. Manufacturers' inventories by stage of fabrication and as ratios to

sales, 1946-51 246B—23. Sales, stocks, and outstanding orders at 296 department stores,

1939-51 247Prices:

B-24. Consumers' price index, 1929-51 248B-25. Wholesale price index, 1929-51 249B-26. Indexes of prices received and prices paid by farmers, and parity ratio,

1929-51 250B-27. Percentage increases in wholesale prices in the United States and

foreign countries since June 1950 .... 251

223

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

Money, banking, and credit: PageB-28. Consumer credit outstanding, 1929-51 252B-29. Loans and investments of all commercial banks and weekly reporting

member banks, 1929-51 253B-30. Deposits and currency, 1929-51 254B-31. Estimated ownership of Federal securities, 1939-51 255B-32. United States Government debt—volume and kind of securities,

1929-51 256B-33. Bond yields and interest rates, selected years, 1929-51 257

Corporate profits and finance:B-34. Profits before and after tax, all private corporations, 1929-51 258B-35. Sales and profits of large manufacturing corporations, 1939-51 259B-36. Relation of profits before and after taxes to stockholders' equity,

private manufacturing corporations, by industry group, 1949-51... 260B-37. Relation of profits before and after taxes to sales, private manufactur-

ing corporations, by industry group, 1949-51 261B-38. Relation of profits before and after taxes to stockholders' equity and to

sales, all private manufacturing corporations, by size class, 1949-51. 262B-39. Sources and uses of corporate funds, 1947-51 263

International transactions:B-40. International transactions of the United States, 1948-51 264B—41. United States Government grants, other unilateral transfers, and loans

to foreign countries, 1948-51 265B-42. United States merchandise export surplus, by area, 1936-38 quarterly

average and 1947-51 266B-43. United States merchandise exports, including reexports, by area,

1936-38 quarterly average and 1947-51 267B-44. Indexes of quantity and unit value of United States domestic mer-

chandise exports, by economic class, 1936-38 quarterly average and1947-51 268

B—45. United States general merchandise imports, by area, 1936—38 quar-terly average and 1947-51 269

B—46. United States merchandise imports for consumption, by economicclass, 1936-38 quarterly average and 1947-51 270

B—47. Indexes of quantity and unit value of United States merchandise im-ports for consumption, by economic class, 1936-38 quarterly averageand 1947-51 271

Summary:B-48. Changes in selected economic series since 1939 and 1950 272

224


Statistical Tables Relating to Employment,Production, and Purchasing Power

TABLE B-l.—Gross national product or expenditure, 1929-51

[Billions of dollars]

Period

1929

19301931193219331934 _

1935 •19361937 .1938 _..1939

194019411942 . . . .19431944

19451946194719481949

1950

1950— First halfSecond half

1951— First baif i _ _

1950— First quarterSecond quarterThird quarter..Fourth quarter . _ _

1951 — First quarterSecond quarter * .

Grossnationalproduct

103.8

90.975.958.355.864.9

72.282.590.284.791.3

101.4126.4161.6194.3213.7

215.2211.1233.3259. 0257.3

282.6

Personalconsump-

tion ex-penditures

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146.9165.6177.9180.2

193.6

Grossprivate

domesticinvestment

15.8

10.25.4.9

1.32.8

6.18.3

11.46.39.9

13.918.310.95.77.7

10.728.730.242.733.0

48.9

Net foreigninvestment

0.8

.7

.2

.2

.2

.4

—.1-.1

.11.1.9

1.51.1

-.2-2.2-2.1

-1.44.68.91.9.5

-2.3

Govern-ment purchases of-

goods andservices

8.5

9.29.28.18.09.8

9.911.711.612.813.1

13.924.759.788.696.5

82.830.928.636.643.6

42.5

Seasonally adjusted annual rates

269.7295. 6

323.8

264.4275.0287.4303.7

318.5329.0

186.7200.4

205.6

184.7188.7202.5198.4

208.2203.0

44.053.8

61.8

40.147.947.360.2

59.664.0

-1.6-3.0

-.9

-1.7-1.6-3.2-2.7

-2.3.5

40.744.3

57.2

41.340.140.847.8

52.961.5

i Estimates based on incomplete data; second quarter by Council of Economic Advisers.

NOTE.—The figures beginning with 1948 are based on the revised series of national income and productof the Department of Commerce. For detail, see the "National Income Supplement to the Survey ofCurrent Business," July 1951.

Detail will not necessarily add to totals because of rounding.

Source: Department of Commerce (except as noted).

225


TABLE B-2.—Gross national product or expenditure in 1939prices, 1929-50l

[Billions of dollars, 1939 prices]

Period

1929

1930193119321933.1934

19351936-193719381939

19401941194219431944

19451946194719481949 .

1950

Totalgrossna-

tionalprod-uct

85.9

78.172.361.961.567.9

73.983.987.984.091.3

100.0115.5129.7145.7156.9

153.4138.4138.6143.5143.5

154.3

Personal consumptionexpenditures

Total

62.2

58.656.651.851.154.0

57.262.865.063.967.5

71.376.675.878.081.1

86.395.798.3

100.3102 9

108.7

Dur-able

goods

8.0

6.45.33.93.84.4

5.46.67.05.76.7

7.78.95.75.04.6

5.310.412.312.612 9

15.5

Non-dur-able

goods

29.1

27.727.525.224.927.0

28.631.832.933.435.3

37.140.141.342.644.5

47.950.249.549.7504

51.7

Serv-ices

25.1

24.523.922.722.422.6

23.224.425.124.825.5

26.527.628.830.432.0

33.235.236.438.039.6

41.6

Gross private domesticinvestment

Total

14.9

10.15.91.11.63.5

6.79.3

11.46.39.9

13.717.19.35.46.6

8.320.319.322.717.8

24.8

Newcon-

struc-tion

7.4

5.43.82.11.51.7

2.23.13.83.34.9

5.46.13.31.92.0

2.66.06.98.07.9

9.4

Pro-duc-er?'dur-able

equip-ment

6.1

4.83.31.92.02.7

3.64.85.53.94.6

6.07.24.43.65.1

6.79.9

11.812.611.6

13.2

Changein

busi-ness

inven-tories

1.5

-.2-1.1-3.0-1.8-.8

.91.42.1

-1.0.4

2.33.81.6-.1-.5

-1.04.4.6

2.1-1.7

2.2

Netfor-eignin-

vest-ment

0.8

.6

.3

.2

.1

.3

-.12

!i1.0.9

1.2.7

-.4-2.1-2.2

-1.82.74.81.4.6

Government pur-chases of goods

and services

Total

7.9

8.79.48.98.7

10.1

10.111.911.412.713.1

13.821.145.064.371.3

60.619.616.119.222.2

20.8

Fed-eral

1.3

1.51.61.72.33.1

3.04.94.45.35.2

6.113.838.358.265.4

54.612.88.5

10.913.0

11.0

Stateandlocal

6.6

7.37.87.26.47.0

7.17.16.97.47.9

7.77.36.7 |6.16.0

6.06.87.68.29.2

9.8

Pri-vategrossna-

tion'1!prod-uct 2

81.5

73.567.757.456.562.0

67.676.480.976.483.7

92.1108.2116.5125.3133.0

129.7125.6128.8133.7133.2

143.8

1 See "Survey of Current Business," January 1951, and the National Income Supplement to the "Survey,"July 1951, for explanation of conversion of estimates in current prices to those in 1939 prices.

2 Total gross national product less compensation of general government employees.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

226


TABLE B-3.—Gross national product or expenditure in fast half of 1951 prices, 1929-51l

[Billions of dollars, first half of 1951 prices]

Period

1929

19301931 _193219331934

19351936193719381939 - - -

1940 - -19411942.19431944

19451946194719481949

1950


1951— First half

1950— First quarter.Second quarterThird quarterFourth quarter

1951— First quarterSecond quarter

Totalgrossna-

tionalprod-uct

166.3

149 5139.6118.5116.4128.5

142.7161. 1170.8163.5178.7

195. 9228.4261.1294.2316.7

307.0270 3269 1278.5278 3

300.2

Personal consump-tion expenditures

1H

117.5

110.2106.497.295.9

101.9

108.1119.4123.6121.7128.6

136.1146.7144.6148.5154.4

164.7183.0187 5190.7195.5

206.3

be

32fi

16.1

12.910.67.97.78.9

10.813.314.111.513.5

15.417.911.410.09.3

10.620.824.725.225.9

31.0

bJOcu

I162.8

59.659.254.453.858.2

61.668.771.072.176.0

80.086.489.091.895.9

103.1108.1106.8107.2108.8

111 4

'>&38.6

37.736.634.934.434.8

35.737.438.538.139.1

40.742.444.246.749.2

51.054.156.058.360.8

63.9

Gross private do-mestic investment

1e

32.5

21.314.23.53.35.8

14.818.324.813.921.8

29.536.720.611.312.9

16.341. tf39.347.237.0

52.6

|o

i5?

18.6

13.79.75.33.74.2

5.57.89.58.4

12.3

13.615.48.34.85.0

6.6-15.2'

17.320.119.8

23.7

•',fr I

<o303t-3"g•a £"to O.

®s.§*•aO$_t

PH

11.1

8.85.93.53.64.9

6.58.8

10.07.28.4

10.913.18.06.79.3

J2.218.021.523.021.2

24.1)«~i 5

.a1§ ccS-c•°2eg•- t>obx>§£3O

2.8

-1.2-1.4-5.3-4.0-3.3

2.81.75.3

-1.71.1

5.08.24.3-.2

-1.4

-2.58.4f4.1

-4.0

4.8

Netfor-eignin-

.vestment

-0.6

-.7-1.2-1.2-1.4-.9

-2.1-2.4-2.1

(3)5

-LO-2.9-7.1-7.6

-7.33.07.3

-1.1-2.5

-3.9

Government pur-chase? of goods

and services

*03

£

16.9

18.720.219.018.621.7

21.925.824.527.628.3

29.846.098.8

141.5157.0

133.342.735.041.748.3

45.2

Federal

3ofr

2.9

3.23.53.65.06.8

6.710.79.7

11.711.4

13.530.484.5

128.5144.3

120.428.218.824.128.6

24.3

K*»

llo pOJ4-»

~3.2 *.»-> 0>08

fc

(2)

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

(2)(2)(2)(2)2.8

4.824.780.1

126. 2141.7

118.824.915. 317.520.7

19.3

iiCQ

14.0

15.516.715.413.614.9

15.215.114.815.916.9

16.315.614.313.012.7

12.914.516.217.619.7

20.9


293.6306.8

323.8

288.0299.1301.0312.6

319.1328.5

203.2209.5

205.6

202.2204.2213. 1205.7

208.5202.6

28.833.2

29.2

28.628.936.230.2

31.626.9

111.2111.7

110.8

111.1111.3112.7110.7

111.6109.9

63.264.6

65.6

62.564.064.264.8

65.365.8

49.656.0

61.8

44.954.250.061.9

59.863.8

23.024.4

23.1

22.723.424.624.2

23.922.2

22.425.8

27.0

21,. 023.726. 125.6

26.627.4

4.25.7

11.8

1.27.1

— . 712.1

9.314.2

-3.8-4.2

-.9

-4.2-3.5—4 6-3.9

-2.3.5

44.645.7

57.2

45.144.042 548.9

53.161.6

23.625.0

36.1

24.123.121.928.1

32.040.1

18.020.6

31.8

17.818.117.523.6

27.935.7

21.020.7

21.2

21.020.920.620.8

21.121.4

' Estimates based on preliminary data. These estimate? represent a rough conversion of the Departmentof Commerce series in 1939 prices. (See appendix table B-2.) This was done by major components, usingthe implicit price indexes for the first half of 1951 as a base. Although it would have been preferable to rede-flate the series by minor component?, this would not substantially change the results except possibly forthe war years, and for the series on changes in business inventories.

2 Not available.3 Less than 50 million dollars.



Source: Council of Economic Advisers.

227


TABLE B-4.—Personal consumption expenditures, 1929-51


Period

1929

193019311932 _19331934.

1935 .1936193719381939 -

19401941194219431944 .

1945 . . .1946194719481949

I960- -

1950— First half.Second half

1951— First half 4

1950— First quarter _Second quarter _Third quarterFourth quarter

1951 — First quarterSecond quarter 4

Totalex-

pendi-tures

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146.9165.6177.9180.2

193.6

Durable goods

Total

9.4

7.35.63.73.54.3

5.26.47.05.86.7

7.99.87.16.87.1

8.516.621.422.923.9

29.2

Auto-mo-bilesand

parts

3.2

2.21.6.9

1.01.4

1.92.32.41.62.1

2.73.3.7.8.9

1.14.26.67.59.4

12.2

Other

6.1

5.14.02.82.52.9

3.34.14.64.14.6

5.16.46.46.06.2

7.412.414.815.414.5

17.0

Nondurable goods

Total

37.7

34.129.022.722.326.7

29.432.935.234.035.3

37.644.052.961.067.1

74.985.895.1

100.998.7

102.3

Food'

19.7

18.114.811.411.514.3

16.318.520.019.019.3

20.724.430.535.338.9

43.050.356.659.758.6

60.9

Cloth-ing 2

9.2

7.96.85.04.65.6

5.96.56.76.67.0

7.48.8

11.013.715.3

17.118.619.120.118.9

18.8

Other

8.9

8.17.46.46.26.9

7.27.98.68.48.9

9.510.811.411.912.9

14.816.919.421.121.2

22.6

Services

Total

31.7

29.526.622.820.620.9

21.723.324.924.725.5

26.628.531.234.437.4

39.744.549.154.157.6

62.1

Hous-ing*

11.4

11.010.29.07.87.5

7.67.98.48.78.9

9.29.9

10.611.111.7

12.213.014.616.518.1

19.9

Other

20.2

18.516.413.812.713.4

14.115.416.516.016.5

17.418.720.623.325.7

27.531.434.537.639.5

42.2

Seasonally adjusted annual rates "

186. 7200.4

205.6

184.7188.7202.5198.4

208.2203.0

26.431.8

29.2

26.326.634.329. -1

31.527.0

10.913.6

12.0

10.411.414.312.9

12.511.5

15.618.3

17.2

15.915.220.016.5

19.015.5

99.4105.2

110.8

98.4100.4105.5104.9

111.5110.0

59.262.6

67.0

58.759.762.662.7

67.067.0

18.219.4

19.8

17.918.519.619.2

20.419.2

22.023.2

24.0

21.822.223.323.0

24.123.8

60.863.4

65.6

60.161.662.764.0

65.266.0

19.520.3

21.0

19.319.720.120.5

20.921.2

41.443.0

44.6

40.841.942.643.5

44.344.8

1 Includes alcoholic beverages.2 Includes shoes and standard clothing issued to military personnel.3 Includes imputed rental value of owner-occupied dwellings.« Estimates based on incomplete data; second quarter by Council of Economic Advisers.




228


TABLE B-5.—Gross private domestic investment, 7929-57


Period

1929

19301931193219331934

19351936198719381939

19401941194219431944

1945194619471948 . . _...1949

1950

1950— 1st half2d half

1951— 1st half 8

1950— 1st quarter....2d quarter...3d quarter4th quarter ...

1951— 1st quarter....2d quarter *__

Totalgrosspri-vate

domes-tic

invest-ment

15.8

10.25.4.9

1.32.8

6.18.3

11.46.39.9

13.918.310.95.77.7

30.728.730.242.733.0

48.9

Nonfarm producers'plant and equipment

Total i

9.8

7.64.62.52.33.1

3.85.26.64.75.7

7.49.35.84.66.3

8.715.520.323.422.0

25.6

Equip-ment2

5.6

4.32.81.61.62.2

2.93.94.73.44.0

5.36.64.13.54.7

6.310.714.616.715.6

18.8• • • ' &

Con-struetion i •

4.2

3.41.81.0.7.9

1.01.31.91.41.7

2.12.71.71.11.6

2.4- 4.8

5.76.76.4

6.8

Farm equipment andconstruction

Total 4

1.1

.9

.5

.3

.3

.4

.6

.81.0.8.8

1.01.31.0.9

1.2

1.42.43.84.64.7

4.8

Equip-ment

0.8

.7

.4

.3

.3

.3

.5

.6

.8

.6

.6

.81.0.7.6.9

1.1-1.6

2.53.23.4

3.6

Con-struc-tion

0.3

.2

.1O0

.1

.2

.2

.2

.2

.2

.3

.3

.3

.3

.3

.91.31.41.3

1.2' , .1

Resi-dential

con-struc-tion(non-

farm)! *

2.8

1.412.5.3

.71.11.41.52.7

3.03.41.81 0.8

1 14.06.3868.3

12.6

Otherpri-vatecon-struc-tion •

0.5

.5

.4

.2

.1

.1

.1

.1

.2

.2

.2

.2

.3

.1(7).1

.2

.6

.71.01.3

1.5

Net change in busi-ness inventories

Total

1.6

-.3-1.4-2.6-1.6-1.1

.91.02.3

-1.0.4

2.33.92.1-.9-.8

-.76.1-.85.0

-3.2

4.3

Non-farmafter

revalu-ation

adjust-ment

1.8

(7)-1.7-2.6-1.3

'.2

.42.11.8

-1.1.3

2.03.4.8

-.5-.3

-.66.31.43.7

-2.5

3.6

Farm

-0.3

-.2.3

°,-1.3

.5-1.1

.5

.1

.1

.2

.51.3

-.4-.5

-.1-.2

-2.21.3-.7

.8


44.053.8

61.8

40.147.947.360.2

59.664.0

23.028.2

31.0

22.024.027.528.9

30.431.6

16.820.9

22.8

15.817.820.521.3

22.423.2

6.27.2

8.2

6.26.27.07.5

8.18.4

4.65.0

5.4

4.34.85.24.8

5.35.5

3.43.8

4.2

3.13.64.03.7

4.14.3

1.21.2

1.2

1.21.21.21.1

1.21.2

11.813.4

11.8

11.212.413.713.1

12.910.7

1.51.6

1.8

1.51.51.51.6

1.71.9

3.15.6

11.8

1.15.1-.711.8

9.314.3

2.84.4

10.6

1.14.4

-1.810 6

8.113.2

.41.2

1.2

(7)

i!i1.2

1.21.1

i Items for 1945 and earlier years are not comparable with those for later years, nor with figures shown inappendix tables B-19 and B-20.

3 Total producers' durable equipment less "farm machinery and equipment" and farmers' purchases of"tractors" and "business motor vehicles." These figures assume that farmers purchase 85 and 15 percent,respectively, of all tractors and motor vehicles used for productive purposes.

3 Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings,stores, restaurants, and garages. Includes hotel construction prior to 1946 only.

4 Farm construction (residential and nonresidential) plus "farm machinery and equipment" and farmers'purchases of "tractors" and "business motor vehicles." (See footnote 2.)

5 IncI udes construction of hotels, tourist cabins, motor courts, and dormitories since 1946 only.fl Includes religious, educational, social and recreational, hospital and institutional, miscellaneous non-

residential, and all other private.' Less than 50 million dollars.• Estimates based on incomplete data; second quarter by Council of Economic Advisers.

NOTE.—The figures beginning with 1948 are based on the revised scries of national iocome and productof the Department of Commerce. For detail, see the "National Income Supplement to the Survey ofCurrent Business," July 1951.

Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

229


TABLE B-6.—National income by distributive shares, 1929-51


Period

1929

19301931193219331934

19351936 - -193719381939

19401941 _..194219431944

19451946194719481949

1950


1951— First half *

1950— First quarter _ _Second quarter _Third quarterFourth quarter _

1951 — First quarterSecond quarter 8 .. ..

Totalnation-

alin-

come1

87.4

75.058.941.739.648.6

56.864.773.667.472.5

81.3103.8137.1169.7183.8

182.7180.3198.7223.5216.7

239.0

Com-pen-

sationof em-ploy-ees2

50.8

46.539.530.829.334.1

37.142.747.744.747.8

51.864.384.9

109.2121.2

123.0117.1128.0140.2139.9

153. 3

Business and pro-fessional incomeand inventory

valuationadjustment

Total

8.3

7.05.33.22.94.3

5.06.16.66.36.8

7.79.6

12.615.017.2

18.720.619.822.120.9

22.3

In-come

ofunin-corpo-ratedenter-prises

8.1

6.34.72.93.44.3

5.06.26.76.16.9

7.810.212.915.117.2

18.822.421.322.520.3

23.8

In-ven-toryvalu-ation

ad-just-ment

0.1

.8

.6

.3-.5-.1

-.1t(«).2

—.2

-.1-.6-.4

-!l

-.1-1.8-1.5-.4

. ( >

-1.6

In-come

offarmpro-prie-tors

5,7

3.92.91.72.32.3

4.93.95.64.44.5

4.96.9

10.511.811.8

12.514.815.617.713.0

13.7

Ren-tal income

ofper-sons

5.8

4.83.62.52.02.1

2.32.73.13.33.5

3.64.35.46.16.5

6.36.67.17.57.5

8.0

Corporate profitsand inventory

valuationadjustment

Total

10.3

6.61.6

-2.0-2.0

1.1

3.04.96.24.35.8

9.214.619.924.324.0

19.218.324.731.730.5

36.2

Corpo-rateprof-its

beforetax «

9.8

3.3-.8

-3.0.2

1.7

3.25.76.23.36.5

9.317.221.125.124.3

19.723.530.533.828.3

41.4

In-ven-toryvalu-ationad-

just-ment

0.5

3.32.41.0

-2.1-.6

-.2-.7(4)1.0-.7

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

-.6-5.2-5.8-2.1

4.1

-5.1

Netinter-

est

6.5

6.25.95.45.04.8

4.54.54.44.34.2

4.14.13.93.43.1

3.02.93.54.34.9

5.4


225.0253.0

273.6

219.3230.6245.8260.1

269.4277.8

145.4161.2

174.6

142.2148.6157.3165.2

172.1177.1

21.523.1

23.9

21.121.923 223.0

24.123.7

22.125.6

25.6

21.322.926.424.8

27.324.0

-.6-2.5

-1.8

-.2-1.0-3.2-1.8

-3.2-.3

12.415.0

16.8

12.512.214.315.8

16.417.1

7.88.2

8.2

7.87.88.18.4

8.38.2

32.639.8

44.4

30.534.837.442.2

42.946.0

34.748.0

50.2

31.937.545.750.3

51.848.5

-2.0-8.2

-5.7

-1.4-2.7-8.3-8.2

-8.9-2.5

5.25.6

5.6

5.25.35.55.6

5.65.7

1 National income is the total net income earned in production by individuals and businesses. The con-cept of national income currently used differs from the concept of gross national product in that it excludesdepreciation charges and other allowances for business and institutional consumption of durable capitalgoods, and indirect business taxes.

2 Includes wage and salary receipts and other labor income (see appendix table B-7), and employerand employee contributions for social insurance (see appendix table B-8).

* See appendix table B-34 for corporate tax liability (Federal and State income and excess profits taxes)and corporate profits after taxes.

4 L*'ss than 50 million dollars.« Estimates based on incomplete data; second quarter by Council of Economic Advisers.

NOTE.—The figures beginning with 1948 are based on the revised series of national income and productof the Department of Commerce. For detail, see the "National Income Supplement to the Survey of Cur-rent Business," July 1951.



230


TABLE B-7.—Personal income, 1929-51


Perio-1

1929

19301931193219331934

19351936193719381939 . . .

19401941..194219431944

19451946194719481949

1950


1951— First half «

1950— First quarterSecond quarter...Third quarterFourth quarter. _.

1951— First quarterSecond quarter 5_.

Totalpersonalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150. 3165.9

171.9177.7191.0209.5205.1

224.7

Salaries,wages,

and otherlabor

income 1

50.5

46.339.230.529.033.8

36.842.145.942.845.7

49.561.581.4

104.5116.2

116.9111.1122.3134. 9134.2

146.4

Proprie-tors' and

rentalincome J

19.7

15.711.87.47.28.7

12.112.615.414.014.7

16.320.828.432.835.5

37.542.042.447.341.4

44.0

Dividendsand

personalinterestincome 3

13.3

12.611. 19.18.28.6

8.610.110.38.79.2

9.49.99.7

10.010.6

11.413.214.516.017.1

19.3

Transferpayments

1.5

1.52.72.22.12.2

2.43.52.42.83.0

3.13.13.23.03.6

6.211.411.811.312.4

15.1

Nonagri-culturalpersonalincome *

76.8

70.060.146.243.049.5

53.462.866.562 166.3

71.586.1

109.4135.2150.5

155.7158.8170.8187.1187.6

206.6

Agri-culturalincome

8.3

6.24.73.13. 63.7

6.55.67.56.26.3

6.89.2

13.315.115.4

16.218.920.222.417.5

18.1


216.7232.8

247.0

216.3217.1227.3238.3

244.1250.0

138.7154.1

166.2

135.6141.8150.3157.9

163.8168.5

41.646.4

48.9

41.441.845.647.2

48.849.0

18.020.5

19.6

17.618.419.621.4

19.220.0

18.411.8

12.4

21.715.011.811.9

12.312.5

200.0213.1

225.8

199.5200.6208.5217.7

223.2228.5

16.619.8

21.2

16.816.518.820.6

20.921.5

1 Differs from "compensation of employees" in appendix table B-6, in that it excludes employer andemployee contributions to social insurance. Includes wage and salary receipts and other labor income-compensation for injuries, employer contributions to private pension and welfare funds, pay of militaryreservists not on full-time active duty (pay for full-time active duty included in military wages and sal-aries), directors' fees, jury and witness fees, compensation of prison inmates, Government payments toenemy prisoners of war, marriage fees to justices of the peace, and merchant marine war-risk life and injuryclaims.

2 See appendix table B-6, for major components.3 See appendix table B-34, for dividend payments.* Nonagrictiltural income is personal income exclusive of net income of unincorporated farm enterprises

farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agriculturacorporations.

fi Estimates based on incomplete data; second quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1948 are based on the revised series of national income and product

of the Department of Commerce. For detail, see the "National Income Supplement to the Survey of Cur-rent Business," July 1951.



231


TABLE B-8.—Relation of national income and personal income, 1929—51


Period

1929

1930 . .1931193219331934

19351936193719381939 ,.

1940 _1941194219431944

1945 . .1946194719481949— „

1950

I960— First halfSecond half

1951 — First half *

1950 — First quarterSecond quarterThird quarterFourth quarter __ _ .

1951— First quarter.Second quarter 8_ _ _ _

Nation-al

income

87 4

75.068.941.739.648.6

56.864 773.667.472.5

81.3103.8137.1169.7183.8

132.7180.3198.7223.5216.7

239.0

Less:

Corpo-rate

profitsand in-

ven-toryvalu-ation

adjust-ment

10 3

6.61.6

-2.0-2.0

1.1

3.04.96.24.35.8

9.214.619.924.324.0

19.218.324.731.730.5

36.2

Contri-butions

tosocialinsur-ance

0 2

.3

.3

.3

.3

.3

.3

.61.82.02.1

2.32.83.54.55.2

6.16.05.75.25.7

7.0

Excessof

wageac-

crualsoverdis-

burse-ments

0.2-.2

0)0)(00)0)

0)

Plus:

Gov-ern-rrenttrans-

ferpay-

ments

0.9

1.02.01.41.51.6

1.82.91.92.42.5

2.72.62.72.53.1

5.610.911.110.511.6

14.3

Netinter-

estpaidby

gov-ern-

ment

1.0

.0

.1

.1

.2

.2

.11

.2

.2

.2

.3

.3

.52.12.8

3.74.44.44.54.6

4.7

Divi-dends

5.8

5.54.12.62.12.6

2.94.64.73.23.8

4.04.54.34.54.7

4.76.86.67.37.6

9.2

Busi-ness

trans-fer

pay-ments

0.6

.5,6.7.7.6

.6

.6

.6

.4

.5

.4

.5

.5

.5

.5

,5.6.7.7.7

.8

Equals:Per-

sonalincome

85.1

76.264.849.346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9177.7191.0209.5205.1

224.7


225.0253.0

273.6

219.3230.6245.8260.1

269.4277.8

32.639.8

44.4

30.534.837.442.2

42.946.0

6.77.2

8.4

6.66.87.07.4

8.38.6

0)(0

0)

0)0)

88

17.611.1

11.6

21.014.211.011.1

11.511.7

4.74,7

4.8

4.74,74.74.7

4.84,8

8.110.2

9.2

7.88.49.4

11.1

8.89.5

.7

.8

.8

.7

.7

.8

.8

.8

.8

216.7232.8

247.0

216.3217.1227.3238.3

244.1250.0

1 Less than 50 million dollars.« Estimates based on incomplete data; second quarter by Council of Economic Advisers.

NOTE.--The figures beginning with 1948 are based on the revised series of national income and productof the Department of Commerce. For detail, see the "National Income Supplement to the Survey ofCurrent Business," July 1951.



232


TABLE B-9.—Disposition of personal income, 1929-51


Period

1929

19301931 . -193219331934

19351936193719381939 . .

19401941194219431944

19451946 .19471948. _1949

1950

1950— First half .Second half ... _ _ ~

1951— First half i_. _ . . . .

1950— First quarter-Second quarter... _.Third quarterFourth quarter

1951— Frst quarter .. ..Second quarter * .

Personalincome

85.1

76264.849 346.653.2

59.968.474.068.372.6

78.395.3

122.7150.3165.9

171.9177.7191. 0209.5205.1

224.7

Less:Personaltax andnontax

payments

2.6

2.51.91.51.51.6

1.92.32.92.92.4

2.63.36.0

17.818.9

20 9is. 821.521.118.6

20.5

Equals:Disposa-

blepersonalincome

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.7132 4147.0

151.1158.9169. 5188.4186.4

204.3

Less:Personal

con-sumptionexpendi-

tures

78.8

70.861.249.246.351.9

56.262.567.164.567.5

72.182.391.2

102.2111.6

123.1146.9165. 6177.9180.2

193.6

Equals:Personal

netsaving

3.7

2.91.8

-1.4-1.2-.2

1.83.63.91.02.7

3.79 8

25.630.235.4

28.012.03.9

10.56.3

10.7

Netsaving aspercentof dis-posablepersonalincome

4.5

3.92.9

-2.9-2.7-.4

3.15.45.51.53.8

4.910.721.922.824.1

18.57.62.35.63.4

5.2


216.7232.8

247.0

216.3217.1227.3238.3

244.1250.0

19.321.6

26.9

19.019 520.223.1

26.627.2

197.4211.2

220.2

197. 3197.5207.1215.2

217.5222.8

186.7200.4

205.6

184.7188.7202.5198.4

208.2203.0

10.710.7

14.6

12.58.94.6

16.8

9.319.8

5.45.1

6.6

6.34.52.27.8

4.38.9

i Estimates based on incomplete data; second quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1948 are based on the revised series of national income and product of

the Department of Commerce. For detail, see the "National Income Supplement to the Survey of CurrentBusiness," July 1951.



233


TABLE B—10.— Total and per capita disposable personal income in current and fast half of 1951prices, 1929-51

Period

1929

19301931193219331934

19351936 _-.1937 _.._19381939— _

19401941 . .194219431944

1945.19461947 _ . .19481949 .

1950

1 950— First half _ __.Second half


1950— First quarterSecond quarterThird quarter.Fourth quarter

1951— First quarter-.Second quarter 3_

Total disposablepersonal income(billions of dollars)

Currentprices

82.5

73.763.047.845.251.6

58.066.171.165.570.2

75.792.0

116.7132. 4147.0

151.1158.9169.5188.4186.4

204.3

First halfof!951prices 1

123.9

115.9110.795.694.8

102.0

112.0126.1130.7123.1133.2

142.0162.5184.1191.6203.0

201.2196.4191.1201.5202.0

217. 8

Per capita disposableincome (dollars)

Currentprices

678

599508383360408

456516552505536

573690866968

1,062

1,0801,1241.1761,2851,250

1,347

First halfof 1951prices l

1,017

942892766755807

880985

1,015948

1,018

1,0751,2181,3651,4011,467

1,4381, 3891,3261,3741,354

1,436


197.4211.2

220.2

197.3197.5207.1215.2

217.5222.8

214.8220.7

220.2

215.6214.0217.8223.5

217.7222.6

1, 3071,387

1,434

1,3081, 3051,3621,409

1,4181,447

1,4221,449

1,434

1,4291,4141, 4321,463

1,4191,445

Population(thousands)2

121, 770

123,077124. 040124. 840125. 579126, 374

127, 250128,053128. 825129. 825130, 880

132, 114133, 377134, 831136, 719138, 390

139, 934141,398144,129146. 621149, 149

151, 689

151,038152,317

153, 594

150,847151,390152,068152, 774

153,396154,010

1 Dollar estimates in current prices divided by an over-all price index for personal consumption expend!tures. This price index was based on Department of Commerce data shifted from a 1939 base.

2 Estimated population of continental United States including armed forces overseas; annual data as ofJuly 1 and quarterly and semiannual data as of middle of period.

s Estim.tes based on incomplete data; second quarter by Council of Economic Advisers.NOTE.—The figures beginning with 1948 are based on the revised series of national income and product of

the Department of Commerce. For detail, see the "National Income Supplement to the Survey of CurrentBusiness," July 1951.

Sources: Department of Commerce and Council of Economic Advisers.

234


TABLE B-ll.—Labor force, employment, and unemployment, 1929-51

Period

Monthly average:1929

1930 -. -.193119321933 -_-1934

19351936193719381939

1940 — _1941194219431944

19451946194719481949

1950


1951— First half

1950 — JanuaryFebruaryMarchAprilMay _JuneJuly _AueustSeptemberOctoberNovember ..December

1951 — JanuaryFebruaryMarchAprilMayJune -

Totallaborforce

(includ-ing

armedforces) *

Armedforces i

Civilian labor force

Totalcivilianlaborforce

Employment a

Total Agri-cultural

Nonagri-cultural

Unem-ploy-ment

Thousands of persons, 14 years of age and over

49, 440

50, 08050. 68051, 25051, 84052, 490

53, 14053, 74054, 32054. 95055,600

56. 03057, 38060. 23064. 41065, 890

65, 14060. 82061,60862. 74863, 571

64,599

63. 77665, 422

(3)

62, 83563. 00363, 02163, 51364. 10866,17765. 74266, 20465. 02065. 43865. 45364, 674

00(3)(3)

(3)(3)(3)

260

260260250250260

270300320340370

390M703. 8208,870

11, 260

11, 2803,3001,4401.3061,466

1,500

1.347. 1, 653

(3)

1,4081,3661, 3461.3301,3201,3111,3151.3371.4531.7341,9412,136

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

49, 180

49.82050, 42051, 00051, 59052, 230

52, 87053, 44054.00054, 61055,230

55. 64055. 91056. 41055. 54054, 630

53,86057, 52060.10861,44262, 105

63, 099

62, 42963,769

62,254

61,42761. 63761. 67562. 18362. 78864. 86664. 42764. 86763. 56763. 70463, 51262, 538

61. 51461.31362. 32561. 78962. 80363, 783

47, 630

45. 48042. 40038. 94038, 76040,890

42, 26044,41046, 30044.22045, 750

47, 52050. 35053, 75054, 47053, 960

52,82055. 25058, 02759, 37858, 710

59, 957

58, 55561, 358

60, 189

56, 94756. 95357. 55158. 66859. 73161. 48261.21462, 36761,22661. 76461. 27160, 308

59,01058. 90560. 17960. 04461. 19361, 803

10, 450

10. 34010. 29010, 17010, 0909,900

10, 11010, 0009.8209,6909,610

9,5409,1009.2509,0808,950

8,5808.3208,2667,9738,026

7,507

7,2337,781

6,744

6,1986.2236.6757,1958,0629.0468,4408.1607.8118.4917, 5516,234

6.0185,9306.3936,6457,4408,035

37, 180

35. 14032,11028. 77028, 67030, 990

32, 15034,41036, 48034, 53036, 140

37.98041.25044. 50045. 39045, 010

44. 24046. 93049, 76151.40550,684

52, 450

51, 32253, 578

53, 446

50. 74950. 73050, 87751.47351, 66952. 43652. 77454. 20753.41553. 27353. 72154, 075

52. 99352. 97653, 78553. 40053. 75353,768

1,550

4,3408.020

12. 06012.83011, 340

10. 6109,0307,700

10, 3909,480

8,1205. 5602.6601,070

670

1.0402.2702.1422.0643,395

3,142

3,8742,410

2,065

4,4804,6844.1233.5153.0573.3843.2132,5002,3411,9402,2402,229

2,5032,4072,1471.7441,6091,980

Unem-ploy-ment

as per-cent oftotal

civilianlaborforce

3.2

8.7I 15.9

23.624.921.7

20.116.914.3

! 19.017.2

14.69.94.71.91.2

1.93.93.63.45.5

5.0

6-23.8

3.3

7.37.66.75.74.95.25.03.93.73.03.53.6

4.13.93.42.82.63.1

1 Data for 1940-50 exclude about 150,000 members of the armed forces who were outside the continentalUnited States in 1940 and who were therefore not enumerated iti the 1940 census. This figure is deducted bythe Census Bureau from its current estimates for comparability with 1940 data.

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

3 Not available. \

NOTE.—Labor force data are based on a survey made during the week which includes the 8th of the month.Detail will not necessarily add to totals because of rounding.Sources: Department of Labor (1929-39) and Department of Commerce (1940-51).

235


TABLE B—12.—Number of wage and salary workers in nonagricultural establishments, 1929—51l

[Thousands of employees]

Period


19301931...19321933.1934

1935 .19361937.19381939

194019411942 .1943.1944

1945...1946194719481949

1950

1950-First halfSecond half—

1951— First half < _ _ _ _

1950— JanuaryFebruaryMarchAprilMayJuneJulyAugust _SeptemberOctoberNovemberDecember

1951 — JanuaryFebruaryMarchApril *May <June 4

Totalwageand

salarywork-

ers

31, 041

29, 14326. 38323. 37723. 46625, 699

26. 79228. 80230. 71828. 90230, 287

32, 03136, 16439. 69742, 04241, 480

40, 06941, 41243, 37144, 20143, 006

44, 124

42. 71045, 538

45, 841

42, 12541, 66142, 29542. 92643', 31143, 94544. 09645.08045. 68445, 89845, 87346, 595

45. 24645,39045, 85045,96046, 19146,410

Manufacturing

Total

10, 534

9,4018,0216,7977,2588,346

8,9079.653

10. 6069,253

10, 078

10, 78012. 97415.05117,38117, 111

15, 30214, 46115, 24715. 28614, 146

14,884

14,22015, 549

15,902

13, 98013. 99714, 10314, 16214. 41314, 6K614, 77715, 45015,68515. 82715, 76515, 789

15, 78415. 97816,02215, 92815,83915,864

Dur-able

goods

C)

(')(»)(')(')(')

(*)

8(3)

4,683

5,3376,9458.804

11,07710, 858

9,0797,7398,3738,3157,465

8,008

7,5688,449

8,914

7,3427.3247,4187,5487,8097,9647,9788,2948,4238, 6188,6648,717

8,7428,8778,9698,9778, 9598,960

Non-dura-

blegoods

0

C)(')(8)(')(»)(8)(»)(3)(3)

5,394

5,4436.0286.2476,3046,253

6.2226,7226.8746,9706,681

6,876

6,6537,100

6,988

6,6386.6736,6856.6146,6046.7026.7997. 1567,2627,2097.1017,072

7,0427,1017,0536, 9516,8806,904

Min-ing

1,078

1,000864722735874

888937

1,006882845

916947983917883

826852943981932

904

870939

921

«861«595

938939940946922950946939938937

932930924910912917

Con-tractcon-

struc-tion

1,497

1, 3721,214

970809862

9121,1451,1121. 0551,150

1,2941.7902.1701, 5671,094

1,1321,6611.9822.1652,156

2,318

2.0702,565

2,429

1,9191.8611.<W72.0762.2452,4142. 5322.6292. 6262,6312,5712,403

2,2812.2282.3262,4722. 5922,674

Trans-porta-tionand

publicutili-ties

3, 907

3,6753.2432. 8042.6592,736

2,7712. 9563,1142.8402,912

3.0133.2483,4333. 6193,798

3,8724,0234,1224,1513,977

4,010

3,9034,117

4,117

3.8693. 8113.8733,9283,8854,0234,0624.1204.1394,1324,1234,125

4,0724,0824,1124,1324,1394,164

Trade*

6,401

6,0645,5314.9074.99Q5,552

5,6926.0766, 5436. 4536,612

6,9407.4167,3337.1897,260

7,5228,6029, 1969.4919,438

9,524

9,2819,766

9,640

9,2469,1529.2069. 3469.3269.4119.3909,4749,6419, 7529,896

10, 443

9. 5929. 5549,7139.6189.6709,695

Fi-nance

1,431

.398

.333,270,225,247

,262.313,355.347,382

,419,462,440,401,374

,394,586,641,716

1,763

1,812

1,7971,827

1,860

1,7721,7771,7911.8031,8121.8271,8311, 8371,8271,8211,8201,828

1,8311,8391,8541,8651,8751,893

Serv-ice »

3,127

3.0842,9132 6«22.6142,784

2, 8833,0603. 2333,1963,321

3,4773.7053,8573.9193,934

4.0554,6214, 7F64.7994,782

4,761

4,7464,776

4,728

4,7014,6964.7084,7574.7904.8264.8414,8274.8164,7574,7234,694

4.6664,6574,6824. 7434,7874,830

Gov-ern-

ment(Fed-eral,

State,and

local)

3,066

3,1493,2643 2253.1673,298

3,4773 6623.7493 8763,987

4.1924.6225.4316.0496,026

5.9675.6075,4545,6135,811

5,910

5,8225,998

6,245

5,7775,7425, 7695,9155,9005,8325.7415,7936.0046,0396,0376,376

6,0836,1226,2176.2926,3776,373

i Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedor received pay during the pay period ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Not comparable with estimatesof nonagricultural employment of the civilian labor force reported by the Department of Commerce(appendix table B-11) which include proprietors, self-employed persons, and domestic servants, whichcount persons as employed when they are not at work because of industrial disputes, bad weather, or tem-porary lay-offs, and which are based on an enumeration of population, whereas the estimates in this tableare based on reports from employing establishments.

* Data for the trade and service divisions, beginning with 1939, are not comparable with data shown forearlier years because of the shift of the automotive repair service industry from the trade to the servicedivision.

* Not available.« Estimates based on incomplete data.» Data reflect work stoppages in bituminous coal mining.NOTE.—Detail will not necessarily add to totals because of rounding.Adjustments have been made to levels indicated by data of unemployment insurance agencies and the

Bureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from 1947 bench-mark levels, thereby providing consistent series.

Source: Department of Labor.

236


TABLE B-13.—Average weekly hours in selected industries, 1929-51

Period


19301931 . .193219331934 . . .

19351936-.193719381939

1940194119421943 _ .1944

19451946194719481949

1950

1950— First halfSecond half. _

1951— First half *.._

1950 — JanuaryFebruaryMarchAprilMay.. .JuneJulyAugustSeptember- _.OctoberNovember. . .December

1951— JanuaryFebruaryMarchApril *May<June *

Manufacturing

Total

44.2

42.140.538.338.134.6

36.639.238.635.637.7

38.140.642.944.945.2

43.440.440.440.139.2

40.5

39.941.1

40.9

39.739.739.739.739.940.540.541.241.041.341.141.4

41.040. fl41.141.040.740.8

Durablegoods

0)

0)0)32.634.833.9

37.341.040.035.038.0

39.342.145.146.646.6

44.140.240.640.539.5

41.2

40.541.8

41.8

40.040140.240.740.841.341.141.841.742.141.842.2

41.541.641.942.041.741.9

Non-durablegoods

0)

0)0)41.940.035.1

36.137.737.436.137.4

37.038.940.342.543.1

42.340.540.139.638.8

39.7

39.140.2

89.8

39.439.339.238.538.939.539.840.540.140.340.340.5

40.240.040.039.639.339.4

Bitumi-nouscoal

mining

38.4

33.528.327.229.527.0

26.428.827.923.527.1

28.131.132.936.643.4

42.341.640.738.032.6

35.0

32.336.1

34.5

«24.5»25.4

39.236.034.134.734.635.535.536.136.438.5

37.634.133.634.033.4(0

Build-ingcon-

struc-tion

0)

0)0)0)

&•30.132.833.432.132.6

33.134.836.438.439.6

39.038.137.6

»37.336.7

36.3

35.437.1

36.4

34.833.734.535.636.537.036.937.636.737.437.336.7

36.735.335.836.837. 60)

Class Isteamrail-

roads

44.8

43.141.138.938.840.4

41.142-543.242.543.4

44.045.646.948.749.1

48.545.946.346.143.5

40.8

40.541.0

0)

39.839.841.639.940.241.939.442.740.541.841.440.0

42.241.242.00)0)(')

Tele-phone

0)

0)0)(00)0)

0)0)38.838.939.1

39.540.140.541.942.3

(2)39.437.439.238.5

38.9

38.739.1

38.9

38.538.638.538.738.939.139.439.339.639.438.039.1

38.939.238.938.738.9(0

Whole-sale

trade

0)

0)0)(00)V1)

0)0)100)0)

88(0

0)(')41.040.940.7

40.7

40.440.9

40.7

40.640.340.340.140.440.640.940.940.740.940.841.2

40.840.640.640.740.9(0

Retailtrade

0)

0)i1)0)0)0)

o880)0)0)0)0)

0)0)40.340.340.4

40.5

40.440.6

40.0

40.440.440.340.240.440.941.241.140.440.340.040.7

40.340.139.740.039.90)

Hotels(year-

round)

(0

(00)

8(0

80)<ro0)

0)0)0)0)0)

0)0)45.244.344.2

43.9

43.943.9

43.4

43.943.843.844.044.143.843.844.043.844.043.743.9

43.443.243.343.543.4

'(')

> Not available.* Average for year not available because new series was started in April 1945. Beginning with June 1949

data relate to nonsupervisory employees only.* Not strictly comparable with previous data.4 Estimates based on incomplete data.* Data reflect work stoppages, or 3-day workweek.

NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, and for nonsupcrvisory employees in other industries. Data are for payroll periods ending closest tothe middle of the month except in railroads whore monthly data are used.

Adjustments have been made to levels indicated by data of unemployment insurance agencies and theBureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from 1947 bench-mark levels, thereby providing consistent series.

The half-year data are straight arithmetic averages of the monthly figures and not strictly comparablewith the annual averages which have been weighted by data on man-hours.


237


TABLE B-14.—Average hourly earnings in selected industries, 1929—51

Period

Monthly average:1929 ' _ _ _

1P30193119.°.219331934 _.

1935193619?719381939

194Q19 H1942 . _19431944 _ .

1945 .1946194719481949

1950

1950— First hn IfSecond half...

1951— First half «...

1950 — JanuaryFebruaryMarchAprilMayJuneJulyAugust _SeptemberOctoberNovember...December

1951— January.FebruaryMarchApril 8...May 6June 8

Manufacturing

Total

$0. 566

.552

.515

.446

.442

.532

.550

.5G6

.624

.627

.633

.661

.729

.853om

1.019

1. 0231.0861. 2371 3501.401

1. 465

1.4321.494

1.576

1.4181.4201.4241.4341.4421.4531.4621.4641.4791.5011.5141.543

1.5551.5611.5711.5791.5861.604

Dura-ble

goods

(8)

(2)(2)

$0 497.472. 556

.577

. 58^

.674

.686

.698

.724

.808

.9471. 0591.117

1.1111. l.r>61.2921.4101.469

1.537

1. 4971.570

1.655

1. 4851.4831.4861.4991.5091.5221.5331.5391.5621.5771.5871.619

1.6301.6391.6541.6601.6641.685

Non-durablegoods

(')

(2)(2)

$0. 420.427.515

.530

.529

.577

.584

.582

.602

.640

.723

.803

.861

.9041.0151.1711. 2781. 325

1,378

1.3541.399

1.467

1.3431.3501. 3531.3551.3581. 3051.3751.3741.3791.4041.4191.443

1.4561.4581.4601.4661.4761.488

Bitumi-nouscoal

mining

$0. 681

.684

.647

.520

.501

.673

.745

.794

.8-F6

.878

.886

.883

.993

.059

.139

.186

.240

.401

. 6361.8981,941

2.010

1.9912.016

2.186

1.9331.9622.0092.0222.0052.0152.0142.0012.0262.0222. 0132.020

2.0382.2192.2222.2342.219(2)

Build-in? con-

struc-tion

(2)

(2>(2)(2)(2)

$0. 795

.815

.824

.903

.90S

.932

.9581.0101.1481. 2521.319

1.3791.4731.681

« 1.8481.935

2. 031

1.9002. 065

2.161

1.9761.9881.9951.9861.9981.9952.0062.0212.0672.0822.0932.120

2.1352.1572.1632.1702.182(2)

Class Istrainrail-

roads

$0.636

.644

.651

.600

. 595

.602

.651

.659

.676

.712

.714

.717

.751

.824

.897

.938

.9421.1161.1701. 3091.419

« 1. 549

« 1. 5448 1. 554

(2)

1.5501.5671.5321.5461.5361.5321.5531.5331.5601.5441.5611.575

1.6081.6871.702(2)

8

TVle-phone

(2)

(2)

§8(2)(2)

$0. 774.816.822

.827

.820

.843

.870

.911

0)1.1241.1971.2481.345

1.398

1.3821. 414

1.455

1.3801.3911.3761.3811.3811.3861.3951.3921.4091.4261.4221.440

1.4501.4691.4531.4501.451(2)

Whole-sale

trade

(2)

(2)

8(2)(2)

(2)

8(2)(2)(2)(2)(2)(2)(2)

8$1. 268

1. 3591. 414

1.483

1. 4561.508

1.567

1.4321.4461.4531.4661.4631.4761.4941.4891.4971.5081.5191.541

1.5551.5671.5671.5751.573(2)

"Retailtrade

(2)

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

(2)(2^

(2)(2)(2)

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

(2)(2)

$1.0091.0881.137

1.176

.156

.194

.241

.153

.145

.148

.156

.162

.175

.189

.192

.200

.199

.198

.187

.237

. 236

.233

.248

.253(2)

Hotels(year-

round)!

f2)

(2)

8888(2)

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

(2)(«>

$0. 650.7n9.743

.771

.758

.784

.806

.753

.765

.755

.756

.756

.761

.765

.771

.783

.788

.795

.801

.804

.811

.801

.806

.806(2)

nents only; additional value of room, board, uniforms, and tips not included.3 Not available.* Not available. Series beginning April 1945 includes only employees subject to provisions of the Fair

Labor Standards Act and is not comparable with preceding series which includes all employees. BeginningJune 1949, data relate to nonsupervisory employees.

4 Not strictly comparable with previous data.5 Preliminary average; does not include any retroactive wage payments.• Estimates based on incomplete data.NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-

roads, and for all nonsupervisory employees in other industries. Data are for payroll periods ending closestto the middle of the month except in railroads where monthly data are used.

Adjustments have been made to levels indicated by data of unemployment insurance agencies and theBureau of Old-Age and Survivors Insurance through 1947, and have been carried forward from 1947 bench-mark levels, thereby providing consistent series.



238


TABLE B-l 5.—Average gross weekly earnings in selected industries > 1929-51

Period


193019311932..19331934

19351936, _193719.181939

194019411942...19431944

19451946194719481949

1950 —

1950-First halfSecond half..

1951— First half e...

1950 — January ._FebruaryMarchAprilMav .JuneJulyAugustSeptemberOctoberNovemberDecember

1951 — JanuaryFebruaryMarchAprilsMay 6

June 6

Manufacturing

Total

$25. 03

23.2520.8717.0516.7318.40

20.1321.7824.0522.3023.86

25.2029 5836. 6543.1446.08

44.3943.8249.9754. 1454.92

59.33

57.0861.38

64.48

56.2956.3750.5356.9357.5458.8559.2160.3260.6461.9962.2363. 88

63.7663.8464.5764.7464.5565.44

Dura-ble

goods

$27. 22

24.7721.2816.2116.4318.87

21. 5224.0426.9124.0126.50

28.4434.0442.7349. 3052.07

49.0546.4952.4657. 1158.03

63.32

60.6865.59

69.14

59.4059.4759.7461.0161.5762.8663.0164.3365.1466.3966. 3468.32

67.6568.1869. 3069.7269. 3970.60

Non-durablegoods

$22.93

21.8420.5017.5716.8918.05

19.1119. 9121.5321.0521.78

22.2724 9229.1334.1237.12

38.2941.1446.9650.6151.41

54.71

52.9956.32

58.32

52.9153.0653. 0452.1752.8353.9254.7355.6555.3056.5857.1958.44

58.5358.3258. 4058.0558.0158.63

Bitumi-nouscoal

mining

$25. 72

22.2117.6913.9114.4718.10

19.5822.7123.8420.8023.88

24.7130.8635. 0241.6251.27

52.2558.0366. 5972.1263. 28

70.35

64.5072.78

75.417 47. 36i 49. 83

78.7572.7968.3769.9269. 6871.0471.9272.9973.2777.77

76.6375.6774. 6675.9674.11(2)

Build-ing con

struc-tion

(2)

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

$22. 97

24.5127.0130.1429.1930.39

31.7035.1441.8048.1352.18

53. 7356.2463.30

< 68. 8570.95

73.73

70.3476.60

78.77

68.7667.0068.8370.7072.9373.8274.0275.9975.8677.8778.0777.80

78.3576.1477.4479.8682.04(2)

Class Isteamrail-

roads

$28.49

27.7626.7623.3423. 0924.32

26.7628.0129.2030.2630. 99

31.5534.2538.6543.6846.06

45.6951.2254.1760.3461.73

8 63. 20

s 62. 57« 63. 67

(2)

61.6962.3763.7361.6961.7564.1961.1965.4663.1864.5464.6363.00

67.8669.5071.48(2)(2)(a)

Tele-phone

(2)

(2)(2)(2)

8§

$29. 8131.5331.94

32.4432.7433. 9736.3038.39

(3)44.0444.7748.9251.78

54.38

53.5255.33

56.61

53.1353.6952.9853.4453.7254.1954.9654.7155.8056.1854.0456.30

56. 4157.5856.5256.1256.44(2)

Whole-sale

trade

(')

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

8(')(2)(2)

(2)(2)(2)0)(2)

(2)(2)

$51. 9955.5857.55

60.36

58. 8061.68

63.82

58.1458.2758.5658.7959.1159.9361.1060.9060.9361.6861.9863.49

63. 4463.6263. 6264.1064.34(2)

Retailtrade

(2)

(')(2)(2)

8(2)(2)(2)

8(2)(2)1?!

$40. 6643.8545.93

47.63

46.7648.50

49.65

46.5846.2646.2646.4746.9448.0848.9948.9948.4848. 3247.9248.31

49.8549.5648.9549.9249.99(a)

Hotels(year-

round) *

(*)

8(2)(2)(2)

(3)(2)(2)

8(')(2)(2)(2)(2)

(')0)

$29. 3631.4132.84

33.85

33.2634.38

34.93

33.0633.5133.0733.2633.3433.3333.5133.9234.3034.6734.7435.16

34.8935.0434. 6835.0834.98(»)

1 Money payments only; additional value of room, board, uniforms, and tips not included.8 Not available.* Not available. Series beginning April 1945 includes only employees subject to provisions of the Fair

Labor Standards Act and is not com parable with preceding series which includes all employees. BeginningJune 1949, data relate to nonsupervisory employees.

4 Not strictly comparable with previous data.« Preliminary average; does not include any retroactive wage payments.fl Estimates based on incomplete data.7 Data reflect work stoppages, or 3-day workweek.

NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, and for all nonsupervisory employees in other industries. Data are for payroll periods ending closestto the middle of the month except in railroads where monthly data are used.

Adjustments have been made to levels indicated by data of unemployment insurance agencies and theBureau of Old-Age and Survivors Insurance through 1947. and have been carried forward from 1947 bench-mark levels, thereby providing consistent series.



239


TABLE B-16.—Physical production index of goods and selected services, 1929—51

[1935-39=100 i]

Period

Weights: »TotalNonagricultural

1929

19301931193219331934 - -

1935193619371938 _-. _ _1939

19401941194219431944

1945194619471948 _ _1949

1950


1951— First half «

Production of goods

Totalpro-

ductionof goods

100.0

110

9584687274

8799

11093

109

122153184205201

178161174183174

194

8(3)

Agri-cultural

pro-duction

19.5

97

951041019379

9685

108105106

110114128125130

129134129141140

138

(4)(4)

(4)

Nonagrictiltural production

Total

78.0100.0

113

9579606773

8510311190

110

125162197225218

190168185193182

208

198218

230

Indus-trial

produc-tion

65.681.6

110

9175586975

8710311389

109

125162199239235

203170187192176

200

189211

222

Con-struc-tion

9.011.1

157

132109685059

70102103103121

1271621689561

63115133157166

196

194200

202

Electricand gasutilities

5.87.2

88

8784767781

8797

104100111

123141158183191

187188214243248

276

269283

306

Production ofselected services

Trans-por-

tation

nT

10489737683

8810111095

106

117146185220230

217198208209190

212

203221

243

Tele-phoneand

telegraph

no106101918486

9098

102102108

115126135143147

158182196207212

220

.8(3)

1 All half-year data have been seasonally adjusted except the electric and gas utilities for which no satis-factory adjustment factor is available.2 Computed from the Department of Commerce national income data. The weight factors are percent-ages of the national income for each industry to the total for the 5 industries. The agriculture weightexcludes net rents paid by landlords living on farms, imputed rents, and subsidy payments. The weightfor construction has been adjusted to include force account and other construction done outside of the con-tract construction industry, the weights for other industry groups to exclude such construction. Manu-facturers and minerals of the industrial production index were weighted into the total indexes separatelybut only the total industrial production index is shown here. See appendix table B-17 for the individualcomponents of the index of industrial production.

3 Not available.* Because of the extreme seasonal nature of agricultural crop production, only an annual index has been

computed.s Estimates based on incomplete data.NOTE.—A composite index of production of goods and services has not been compiled because of the

inadequate data for measuring the production of services. The only service production data used were fortransportation and for communications by telephone and telegraph. Data for measuring such servicesas wholesale and retail trade, finance, insurance, real estate, Government, and communication other thantelephone and telegraph were inadequate for separate indexes and for an index for all services other thantransportation, telephone, and telegraph.

Sources: Based on the following data:Agricultural production: Department of Agriculture index'of farm output which measures the physica

volume of farm production for human use.Industrial production: Federal Reserve index of industrial production.Construction: Department of Commerce value of new construction activity deflated by their index of

construction costs and converted into relatives with 1935-39 as 100.Electric and gas utilities: Based on the following series: Electric power produced by utilities as reported

by the Federal Power Commission, and sales'of manufactured and mixed gas to consumers as reported bythe American Gas Association. The two series are converted into relatives with the average for the period1935-39 as 100. The relative series are combined into an index with electric power given a weight of 85and gas 15, the respective percentages of the revenues of each of the utilities to the total revenues producedby both in the base period 1935-39.

Transportation: Department of Commerce index of transportation;Telephone and telegraph: Based on Department of Labor production indexes for 1935-49 and on a series

of Works Progress, Administration for 1929-34. These indexes are for class A telephone carriers and theprincipal wire-telegraph and ocean-cable carriers which file annual reports with the Federal Communica-tions Commission.

240


TABLE B-17.—Industrial production index, 192Q-51

[1935-39=100, adjusted for seasonal variation]

PeriodTotal

industrialproduction

Manufactures

Total Durable NondurableMinerals


19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

1950

1950—First half....Second half..

1951—First half»...

1950—JanuaryFebruary—MarchAprilMayJuneJulyAugustSeptember-OctoberNovember...December. _.

1951—JanuaryFebruaryMarchAprilMayiJune*

110

9175586975

8710311389

109

125162199239235

203170187192176

200

189211

222

183180187190195199196209211216215218

221221222223223223

110

9074576874

8710411387109

126168212258252

214177194198183

209

198220

233

192192194199204208206218220225224229

231232234234233

132

9867415465

8310812278109

139201279300353

274192220225202

237

220254

274

209207211222231237235247251261260268

268271277278276277

93

8479707981

9010010695109

115142158176171

166165172177168

187

181193

199

179180181180181184181195194196195197

201201199198198197

107

93806776

11297106

117125129132140

137134149165135

148

138158

163

130118144140145151144159163166160157

164158158164165167

i Estimates based on incomplete data.Source: Board of Governors of the Federal Reserve System.

241


Table B-18.—Percentage changes in production and consumption of selected commodities, UnitedStates and other free world, 7939 to 1950

[Percent]

Commodity

Commodities in which United States is substantiallyself-sufficient:

Bread grains 'Coarse grains 3 5 _ __ _.Cotton 3

Fats and oils 8 . _ _ _ . . .Fertilizer (nitrogenous)Lumber.. . . . .Meat8

Sulfur — native

Commodities of which United States has substantialimports:

Aluminum... . .Cobalt •Copper9

Coffee (green) 3 _ _.Iron ore .Lead9

Manganese ore _ .Newsprint-Nickel 9

PetroleumRubber: Natural and synthetic-

Natural only __ _.Sugar (raw equivalent)Tin9 __Tungsten 9

Wood pulp (mechanical and chemical) ...Wool 3

Zinc9

Production

UnitedStates

+27+34-24+64

+402+43+47

+148

+340+560+25

+90+4

+343+4

+561° + 47, 500

+24

+15+74-26+6

Other freeworld

+11+14+10-9

+52-50+3

-31

+59+-6g-8

-20-18+31+10+14

+172+89+85+35

-+437

+14+9

+14

Consumption *

UnitedStates

+5+39

'+547+30

7+237+59

7+33+158

+560+266+1087+53

+96+123+144+64+50+91

7+1127 +227+26

+57+80+75

7+71+60

Other freeworld 2

87-32+11

7+57(<)(«)

+50

+17-20-40-14-7

-20-15

(«)-35+91

7+797+74

+1-35

(4)(4)

7+22-8

1 Apparent consumption, i. e., production plus imports minus exports, except as noted in footnote 7.2 Estimated.» Change from 1935/36 to 1939/40 average to 1950/51.4 Not available.• Barley, corn, and oats.8 Change from 193-V36 to 1938/39 average to 1950/51. Oil-content basis. Includes butter and peanuts.7 Represents estimated actual rather than apparent consumption.« Change from 1937/38 to 1941/42 average to 1950/51.9 Production represents metal content of mine production.10 This very high percentage results from the low absolute level of production of synthetic rubber in

1939.Source: Compiled by the Department of State.

242


TABLE B-19.—New construction activity, 1929-51

[Value put in place, millions of dollars]

Period

1929

19301931 .193219331934 _ _

1935193619371938 _ . .1939

194019411942. _.19431944

1945 .1946 _194719481949

1950

1950— First half.Second half

1951 First half

1950 — JanuaryFebruaryMarch ___A prilMay _ _June _July .August .SeptemberOctoberNovember _December

1951 — JanuaryFebiuaryMarch _AprilMay__ __ _June

Totalnewcon-

struc-tion

10, 793

8,7416,4273,5382,8793,720

4,2326,4976.9996,9808,198

8,68211,95714,0758 3015,259

5, 63312,00016, 62721,57222, 584

27,902

Private construction

Totalpri-

vate1

8,307

5,8833,7681,6761,2311,509

1,9992,9813,9033, 5604,389

5,0546,2063,4151,9792,186

3,2359,638

13,13116,66516, 181

20, 789

Resi-den-tial

build-ing

(non-farm)

3,625

2,0751,565

630470625

1,0101,5651,8751,9902,680

2.9853,5101,715

885815

1,1004,0156,3108,5808,267

12,600

Non-resi-den-tial

build-ing

(non-farm)

2,694

2,0031,099

502406456

472713

1,085764786

1,0251,482

635233351

1,0203,3413,1423,6213,228

3,777

Otherpri-vate2

1,988

1,8051,104

544355428

517703943806923

1,0441,2141,065

8611,020

1,1152,2823,6794,4644,686

4,412

Public construction

Totalpublic

2,486

2,8582,6591,8621,6482,211

2, 2333,5163,0963,4203,809

3,6285, 751

10, 6606, 3223,073

2,3982, 3623,4964,9076,403

7,113

Mili-taryand

naval

19

2940343647

37293762

125

3851,6205,0162,550

837

690188204158137

177

Non-resi-den-tial

build-ing

659

660612415230363

328701550672970

6151,6463,6852,0101,361

937354599

1,3012,068

2,402

High-ways

1,266

1,5161, 355

958847

1,000

8451,3621,2261,4211,381

1,3021,066

734446362

398895

1,5141,8562,129

2,350

Otherpub-lic'

542

653652455535801

1,0231,4241,2831,2651,333

1,3261,4191.2251,316

513

373925

1,1791,5922,069

2,184


26,54229, 262

30, 756

25, 14025, 76426. 64027. 00026,91627, 79228.16428. 88429, 53229.74829,97629, 268

30, 01230, 86432. 06431. 74030.21629, 640

19, 57622, 002

21, 796

18, 14419, 18819, 32019, 71620. 24420. 84421.61222, 08022, 32022, 32021.99621, 684

21.90022. 89622. 99222, 15220, 65220,184

11, 79413, 406

11, 798

10,48811, 54411,55612. 00012.31212.86413. 48813. 81213, 93213. 60812, 93612, 660

12, 58813. 23612. 93611,89210. 3089,828

3,3664,188

5,228

3. 2523.3243.2883,3243,4803.5283,6723,8043,9964, 3204,6444,692

4,7405,0285,2565,4125,4845,448

4,4164,408

4,770

4.4044,3204,4764,3924,4524,4524,4524,4644,3924,3924,4164,332

4,5724, 6324,8004.8484,8604,908

6,9667,260

8,960

6.9966.5767, 3207,2846.6726,9486. 5526.8047.2127,4287,9807,584

8,1127,9689.0729,5889,5649,456

124230

728

156132120120108108108168216276288324

432468576792

1,0321,068

2,2222,582

3,326

2.1002,1962,1842,1962, 3642.2922,1602.2562.5082.7722,8802,916

3,0603, 0003,2043,5043,6123,576

2.4102,290

2,430

2, 4602.0762,8202, 7362.0042,3642,2562, 3042,3762,1722,5202,112

2.3282,1722,8082,7002,3282,244

2,2102,158

2,476

2,2802.1722.1962,2322,1962, 1842,0282.0762,1122.2082,2922,232

2.2922,3282,4842,5922,5922,568

1 Excludes construction expenditures for crude petroleum and natural-gas drilling, and therefore does notagree with the new construction expenditures included in the gross national product.2 Includes public utility, farm, and other private construction, not separately sh »wn.

3 Includes residential, sewer and water, miscellaneous public service enterprises, conservation and develop-ment, and all other public construction not separately shown.

Sources: Department of Commerce and Department of Labor.

243


TABLE B-20.—Business expenditures for new plant and equipment, 1929-51

[Millions of dollars]

Period

1929

193019311932 .19331934

19351936 -_19371938 -.-1939

19401941 .194219431944

19451946194719481949

1950


1951— First half*

1950— First quarterSecond QuarterThird quarterFourth quarter

1951 — First quarterSecond quarter •Third quarter *. . .

Total i

9,165

7,6104,7122,6082,1373,080

3,7385,0776,7304,5205,200

6,4908,1906,1104,5305,210

6,63012,04016, 18019, 23018,120

18,560

Manufacturing and mining

Total

3,596

2,5411,435

930992

1,460

1,7902,4503,3301,8302,310

3,1404,0803,1702,6102,890

3,6506,4708,1509,1407,990

8,900

Manu-factur-

ing

(')

(«)

88(3)(3)(3)0)1,930

2,5803,4002,7602, 2502,390

3,2105,9107,4608,3407,250

8,220

Mining

(')

(*)(')(3)(3)(3)

0)(')(')(8)380

560680410360500

440560690800740

680

Transportation

Rail-.road

840

865360164101218

166306525238280

440560540460580

550570910

1,3201,350

1,140

Other

(4)

(4)

88(4)(4)(4)(4)280

390340260190280

320660800700520

440

Electricand gasutilities

(«)

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

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

480

550710680540490

6301,0401,9002,6803,140

3,170

Com-mercial

andmiscel-

laneous *

4,729

4,2042,9171,5141,0441,402

1,7822,3212,8752,4521,850

1,9802,4901,470

730970

1,4803,3004,4305,3905,120

4,920

Annual rates, not adjusted for seasonal variation

16,06021, 080

23,180

14, 80017,31018, 80023,330

20,65025,70025, 610

7,38010, 440

12, 210

6,6808,0808,910

11, 950

10, 55013, 86013, 960

6,7709,680

11, 400

6,1007,4408,190

11, 160

9,82012, 97013, 100

610760

810

580640720790

730890860

1,0601,210

1,490

9301,1901,1401,280

1,2101,7701,660

340540

530

320360490580

500560610

2,8203,510

3,410

2,6103, 0303,2803,740

3,0103,8104,010

4,4605,380

5,540

4,2604,6504,9805.780

5,3805,7005,470

1 Excludes agriculture and outlays charged to current account.* Commercial and miscellaneous include trade, service, finance, and communication for all years shown.

Prior to 1939, miscellaneous also included transportation other than railroad, and electric and gas utilitieswhich are not available separately for these years.1 Not available separately for years prior to 1939.

< Included in commercial and miscellaneous prior to 1939.»Estimates for second and third quarters of 1951 are based on anticipated capital expenditures reported

by business in a survey made during May and early June.NOTE.—These figures do not agree with those shown in column 2 of appendix table B-5 and included in

the gross national product estimates of the Department of Commerce, principally because the latter covercertain equipment and construction outlays charged to current expense. Figures for 1929-44 are FederalReserve Board estimates based on Securities and Exchange Commission and other data.

Detail will not necessarily add to totals because figures are rounded to the nearest 10 million dollars.Sources: Securities and Exchange Commission and Department of Commerce (except as noted).

244


TABLE B-21.—Inventories and sales in manufacturing and tradet 1939-51

[Adjusted for seasonal variation]

Period

1939 .

19401941194219431944

19451946194719481949

1950—.

1950: First half....Second half.

1951: First half*..

1950: JanuaryFebruary.-.MarchAprilMayJune . ..JulyAugustSeptember. .OctoberNovember, .December. _.

1951: JanuaryFebruary ...March *April*May*

Total manufacturingand trade

Millions ofdollars

Inven

tori

es *

20, 172

22,18428, 77231,01331,14330, 887

30, 57142, 38950, 79456, 75651, 608

61, 569

54,24161,569

69,926

52, 02451, 82552, 48452,90553, 55354, 24]53, 24354,49656,40458,66060, 26961, 569

63.38864, 42466. 45468, 47669, 926

OT

£m

11,109

12, 52016,41219, 24022,37224,084

24.18127, 57633, 58137, 00334, 857

39, 615

36, 72442, 498

45, 203

34, 24435, 30536, 59935, 64538, 65239, 89641, 98245, 27542, 14241,82141,31842. 452

46, 65545. 35645,19643, 54645, 261

Ra

tio

o

f av

erag

ein

ve

nto

rie

s to

mo

nth

ly s

ales

*

1.73

1.681.531.601.361.30

1.271.291.411.461.56

1.38

1.431.34

1.45

1.511.471.431.481.38.35.28.19.32.38.44.44

.34

.411.451. 551.53

Manufacturing

Millions ofdollars

Inven

tori

es >

11,465

12, 81916, 96019, 28720,09819, 507

18,39024. 49828,92032, 27628, 879

34, 061

30,02834, 061

38,824

29. 03528,99029, 07329.38429. 65930, 02829. 83029, 85830, 73231, 77033, 00734, 061

34, 92835, 47436.41537, 84938, 824

CQ

5,100

5,8528,168

10. 42512. 82213, 788

12,88312,61715, 91817, 81116, 666

19, 574

17, 87421, 337

23,063

16,21616, 87717, 79717,20619, 30919, 83820,26922, 95621, 15421, 24621,11221, 284

23,16622, 64623. 39922, 38923, 715

Ra

tio

of

aver

age

inv

en

tori

es

tom

on

thly

sal

es '

2.11

2.061.781.771.611.45

1.481.661.711.721.85

1.54

1.641.46

1.57

1.791.721.631.701.531.501.481.301.431.471.531.58

1.491.551.541.601.62

Wholesale trade

Millions ofdollars

Inven

tori

es *

3,175

3,3254,1823, 8583.6843,980

4,6386,6658,6539,5119,031

10, 754

9.49310, 754

11,988

8,9919, 0359,1299,3849.4789,4939,2889,5629,879

10, 19310, 47510,754

11,03811, 13311,39711, 65111, 988

«832,505

2,8023,6204,0124,2734,561

4,9836.6017,7548,3557,509

8,354

7,6529,019

9,581

7,1737, 3277,6777,3598,0168,3599,0139,6378,8558.8168,8198,974

10, 1829,6359,4739,1329,481

<U Ob£+>03t* •«03 M W^ O3 en

Ra

tio

o

f ai

inv

en

tori

mo

nth

ly s

al

1.21

1.161.031.02.86.86

.82

.811.031.091.23

1.14

1.201.10

1.18

1.261.231.181.261.181.131.04.98

1.101.141.171.18

1.071.151.191.261.25

Retail trade

Millions ofdollars

Inven

tori

es *

5,532

6,0407,6307,8687,3617,400

7,54311,22613, 22114,96913,698

16,754

14,72016, 754

19, 114

13, 99813,80014,28214, 13814.41614, 72014, 12515,07615,79316, 69716, 78716, 754

17, 42217, 81718, 64218, 97619, 114

e»

8a3,504

3,8664,6244,8035,2776,735

6,3158,3589,909

10.83710, 682

11,687

11,19812, 142

12, 559

10, 85511, 10111,12511, 08011,32711,69912, 70012,68212, 13311, 75911,38712,194

13,30713, 07512. 32412. 02512, 065

Ra

tio

o

f av

erag

ein

ve

nto

rie

s to

mo

nth

ly s

ales

*

1.53

1.471.461.711.381.31

1.201.111.221.321.34

1.28

1.261.29

1.44

1.281.251.261.281.261.251.141.151.271.381.471.38

1.281.351.481.561.58

1 Book value, end of period.* Monthly average shown for year and half-year and total for month.* Average inventories based on centered averages of end-of-period figures.* Estimates based on incomplete data.

NOTE.—The inventory figures in this table do not agree with the estimates of "change in businessinventories" included in the gross national product since they cover only manufacturing and trade ratherthan all business, and show inventories in terms of current book value without adjustment for revaluation.

Source: Department of Commerce.

245


TABLE B—22.—Manufacturers' inventories by stage of fabrication and as ratios to sales, 1946-51

[Not adjusted for seasonal variation]

Period

194619471948 .1949

1950

1950— First half ....Seconci half. .

1951— First half*...

1950— JanuaryFebruaryMarchAprilMayJuneJulyAugust _.September...OctoberNovember...December

1951— JanuaryFebruaryMarch 2

April *May *

Total manufac-turing ,

Book value ofinventories atend of period

(billions ofdollars)

Mate-rialsand

goodsin

process

17 419 720.817.7

22.6

18.022.6

25.6

17.817 817.817.817.918.018.519.019.820.721.622 6

23.624.124.725.325.6

Fin-ishedgoods

7.29.3

11.611.3

11.8

11.811.6

13.2

11.511 411.411.411.611.811.310.710.710.811 311.6

11.711.712.012 513.2

Durable goods industries



Mate-rialsand

goodsin

process

8.810.110.98.9

11.4

9.411.4

13.3

8.99.09.09 19.39.49.59.7

10 010.310.811.4

11.812.112.512.913.3

Fin-ishedgoods

2.73.74.54.4

4.3

4.64.3

5.1

.55

.6

.6

.64.64 44.14.04.14.24.3

4.44.64.64.85.1

Ratio of aver-age inventories

to monthlysales *

Mate-rialsand

goodsin

process

1.581 511.411.44

1.11

1.171.06

1.15

1.341.321.121.191 091.031.19.97

1.04.98

1.101.09

1.141.211.061.181.20

Fin-ishedgoods

0.50.52.56.68

.51

.58

.44

.43

.66

.66

.56

.60

.55

.51

.57

.43

.43

.39

.43

.42

.43

.46

.40

.44

.46

Nondurable goods industries



Mate-rialsand

goodsin

process

8.69.79.98.7

11.3

8.711.3

12.2

8.98.88.88.78.78.79.09.39.7

10 410.811.3

11.811 912.212.412.2

Fin-ishedgoods

4.55.67 17.0

7.2

7.27.2

8.1

7.06 96.86.86.97.26.96.66.66.77.17.2

7.37.27.47.78.1

Ratio of aver-age inventories

to monthlysales i

Mate-rialsand

goodsin

process

0.94.95.94.93

.85

.88

.83

.98

.94

.94

.84

.92

.85

.83

.82

.71

.79

.81

.91

.95

.911.00.94

1.061.02

Fin-ishedgoods

0.48.54.60.73

.63

.70

.58

.61

.75

.73

.65

.71

.67

.68

.65

.52

.55

.54

.59

.62

.57

.61

.57

.65

.65

1 Average inventories based on centered averages of end-of-period figures.2 Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.

Source: Department of Commerce.

246


TABLE B-23.—Sales, stocks, and outstanding orders at 296 department stores, 1939-51

Period


1940194119421943.1944

19451946194719481949

1950



195Q — JanuaryFebruaryMarch _.AprilMay -JuneJulyAusustSeptemberOctober .NovemberDecember

1951 — JanuaryFebruaryMarchAprilMay

Reported data(millions of dollars) *

Sales(total formonth)

128

136156179204227

255318337352333

347

298396

324

256247320318330317292331370361403616

337286347313338

Stocks(end ofmonth)

344

353419699509535

563715826912862

941

8721,011

1,149

788854920930906833789918

1,0291.1691,203

957

9941,0941,2181,2461,195

Out-standing

orders(end ofmonth)

(2)

108194263530560

729909552465350

466

333600

483

390393326271248369693755702593442412

658656467339293

Derived data(millions of dollars) !

Receipts(total

formonth)

130

137165182203226

256344338356331

361

305416

372

255313386328306244248460481501437370

374386471341287

Neworders

(total formonth)

(2)

(2)170192223236

269327336335331

370

317423

348

348316319273283365572522428392286340

620384282213241

Ratio

Stocksto sales

2.69

2.602.693.352. 502.36

2.212.252.452.592.59

2.71

2.932.55

3.55

3.083.462.882.922.752.632.702.772.783.242.991.55

2.953.833.513.983.54

Ordersto sales

(2)

0.791.241.472.602.47

2.862.861.641.321.05

1.34

1.121.52

1.49

1.521.591.02.85.75

1.162.372.281.901.641.10.67

1.952.291.351.08.87

Ordersto stocks

(2)

0.31.46.44

1.041.05

1.291.27.67.51.41

% .50

.38

.59

.42

.49

.46

.35

.29

.27

.44

.88

.82

.68

.51

.37

.43

.66

.60

.38

.27

.25

1 Not adjusted for seasonal variation.2 Not available.3 Average of data for first 5 months.NOTE.—These figures are not estimates for all department stores in the United States. Figures for sales,

stocks, and outstanding orders are based on actual reports from the 296 stores. Receipts of goods are de-rived from the reported figures on sales and stocks. New orders are derived from estimates of receipts andreported figures on outstanding orders.

Semiannual and annual data on receipts and new orders cannot be derived directly from the monthlyaverages of sales, stocks, and outstanding orders.

Source: Board of Governors of the Federal Reserve System.

247


TABLE B-24.—Consumers* price index, 1929-51

For moderate-income families in large cities

[1935-39=100]

Period

1929 . _

1930 . . .193119321933 . .1934 _ _

19351936193719381939 . . . . . _

1940 „- —19411942 -.19431944 - -

194519461947 - -19481949 .- .

1950


1951— First half 1 _

1950 — January 15 .February 15March 15...April 15May 15June 15July 15August 15 . _September 15October 15November 15December 15

1951 — January 15. _ . ._February 15March 15April 15May 15June 15 .

Allitems

122 5

119 4108.797 692 495.7

98 199 1

102 7100 899 4

100 2105 2116 6123 7125 7

128 6139 5159 6171.9170 2

171 9

168 8175.1

184.0

168 2167 9168.4168 5169 3170.2172 0173 4174 6175.6176 4178.8

181.5183 8184.5184.6185 4(2)

Food

132.5

126 0103.986 584 193.7

100 4101 3105 397 895 2

96 6105 5123 9138 0136 1

139 1159 6193 8210.2201 9

204 5

198 0211.0

225.7

196 0194 9196. 6197 3199 8203.1208.2209 9210 0210.6210.8216.3

221.9226 0226.2225 7227 4

3 226. 8

Apparel

115 3

112 7102.690 887 996.1

96 897 6

102 8102 2100 5

101 7106 3124 2129 7138 8

145 9160 2185 8198 0190 1

187 7

184 9190.5

202.2

185 0184 9185.1184 9184 7184.6184 5185 7189 8193. 0194 3195.5

198 5202 0203 1203 6204 01 (a)

Rent

141.4

137.5130.3116 9100 794.4

94 296 4

100 9104 1104 3

104.6106 4108 8108 7109.1

109 5110 1113 6121.2126 4

131 0

130 1132.0

134.5

129 4129 7129.8130 1130 6130.9131.3131.6131 8132.0132.5132.9

133. 2134 0134.7135 1135 4(2)

Fuel,elec-

tricity,and re-friger-ation

112 5

111 4108.9103 4100 0101.4

100 7100 2100 299 999 0

99 7102 2105 4107 7109 8

110 3112 4121 1133 9137 5

140 6

139 8141.4

143.8

140 0140 1140 3140 3138 8139.1139 4140 2141 2142 0142 5142.8

143 3143 9144 2144 0143 6(2)

House-fur-

nish-ings

111.7

108 998.085 484 292.8

94 896 3

104 3103 3101 3

100 5107 3122 2125 6136 4

145 8159 2184 4195. 8189 0

190 2

185 1195.4

210.4

184 7185 2185.3185 4185 0184 8186 1189 1194 2198 7201 1203.2

207 4209 7210 7211 8212 6

(2)

Miscel-laneous

104.6

105.1104.1101 798 497.9

98 198 7

101.0101 5100.7

101 1104 0110 9115 8121 3

124.1128 8139 9149.9154 6

156 5

154 9158.0

163.8

155 1155. 1155.0154 7155 1154.6155. 2156.8157 8158 3159 2160.6

162.1163 2164.3164.6165 0(2)

i Estimates based on data available through May 15, except for food.8 Not available.1 Estimate based on a survey of 8 cities.


248


TABLE #-25.—Wholesale price index, 1929-51

[1926=100]

Period

Monthly average:1929 . .

1930193119321933 . .1934

19351936193719381939

1940.—1941194219431944 . .

19451946194719481949

1950


1951— First half1

1950 — January „FebruaryMarchApril .MayJuneJulyAugust _SeptemberOctoberNovemberDecember

1951 — January ..February.. . ..MarchApril. .May.June * _

All

com

mod

itie

s95.3

86.473.064 865.974.9

80.080 886.378.677.1

78.687.398.8

103 1104.0

105.8121.1152.1165.1155.0

161.5

153.8169 2

182.6

151.4152.8152.7152 8155 9157 3162 9166.4169.5169.1171.7175 3

180.1183.6184.0183.6182.9181.7

1

&

104.9

88.364.848.251.465.3

76.880 986.468.565 3

67.7Of) A

105.9122 6123.3

128.2148.9181.2188.3165.5

170.4

160.5180 5

200.2

154.7159 1159. 4159. 3164 7165 9176 0177 6180 4177.8183.7187 4

194.2202.6203 8202.5199.6198.6

&

99.9

90.574.661.060.570.5

83.782. 185.573.670 4

71.382.799.6

106.0104.9

106 2130.7168.7179.1161.4

166.2

157.4175.0

186.0

154.8156.7155. 5155.3159 9162.4171 4174.6177.2172.5175.2179 0

182.2187.6186 6185.8187.3186.3

3e91.6

85.275.070 271.278.4

77.979 685.381.781.3

83.089 095.596.998.5

99.7109.5135.2151.0147.3

153.2

146.8159.7

171.5

145.8146.0146.1146 3147 6148 7151 6155.5159 2161.5163.7166 7

170.3171.8172 4172 3171.7170.5

0

Jh•e sC'O* £o<

B

109.1

100.086.172 980.986.6

89.695 4

104.692.895.6

100.8108.3117.7117.5116.7

118.1137.2182.4188.8180.4

191.9

180.2204 1

234.3

179.3179.0179.6179.4181 0182 6187 2195.6203 0208.6211.5218 7

234.8238 2236 2233.3232.6230.6

ther tl

1

He90.4

80.366.354.964.872.9

70.971.576.366.769.7

73.884.896.997.498.4

100.1116.3141.7149.8140.4

148.0

137.2158.6

180.8

138.5138.2137.3136.4136 1136 fl142 6149.5158 3163.1166.8171 4

178.2181. 1183 2182 8181.9177 6

ian far

1If•2-S9|"3S3

PM

83.0

78.567.570.366.373.3

73.576 277.676.573.1

71.776.278.580.883.0

84.090.1

108.7134.2131.7

133.2

131. 6134 9

137.8

131.0131.5131.5130.9131 9132 6133 5134 2134 9135.3135.7135 7

136.4138. 1138 6138.1137.5137.8

mproc

3*%11•2 ft

«

100.5

92.184.580.279.886.9

86.487.095.795.794.4

95.899.4

103.8103.8103.8

104.7115.5145.0163.6170.2

173.6

169.4177.9

188.4

168.5168 7168.6168.8169 9171 9172 4174 4176 7178.6180 4184.9

187.5188 1188 8189 0188.8188.2

Lucts aj

Bui

ldin

g m

ater

ials

95.4

89.979.271.477.086.2

85.386.795.290.390 5

94.8103.2110.2111.4115.5

117.8132.6179.7199.1193.4

206.0

195.6216.5

227.4

191.6192.8194.2194.8198 1202 1207 2213.9219 7218.9217 8221 4

226.1228.1228 5228 5227.8225.6

ad fooc

Ch

em

ica

ls

an

dal

lied

prod

ucts

94.0

88.779.373.972.175.3

79.078.782.677.076.0

77.084.495.594.995.2

95.2101.4127.3135.7118.6

122.7

115.7129.5

145.9

115.3115.0116.2117.0116 4114 5118 1122.5128 7132.2135.7139 6

144.5147.3146 4147.9146.4142.9

Is

Ho

use

furn

ish

ing

good

s

94.3

92.784.975 175.881.5

80.681 789.786.886 3

88.594.3

102.4102 7104.3

104.5111.6131.1144.5145.3

153.2

145.8160.4

178.0

144.9145.2145.5145.8146 6146 9148 7153.9lf>9 2163. 8166 9170 2

174.7175.4178 8180 1180.0179.3

Mis

cella

neou

s

82.6

77 769.864 462 569.7

68.370 577 873.374 8

77.382 089.792 293.6

94 7100 3115.5120 5112.3

120.9

112.1130 0

142.3

110.0110 0110.7112 6114 7114 7119 0124 3127 4131.3137 6140 5

142.4142 7142 5142 7141.7141.7

i Estimates based on incomplete data.Source: Department of Labor.

249


TABLE B-26.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-51

[1910-14=100]

Period Pricesreceived

Prices paid(including in-terest, taxes,

and wagerates)

Parityratio *

Monthly average:1929 -

1930.193119321933 -1934

1935,..1936.-193719381939 —

19401941 __1942.19431944

194519461947 —19481949.....

1950

1950—First halfSecond half

1951—First half

1950—January 15February 15 _ _March 15April 15May 15..June 15July 15Aujrust 15September 15.October 15November 15_December 15. .

1951—January 15February 15 _ _March 15April 15May 15 _.June 15 _-

148

12587657090

1091141229795

100123158

21922196

22062234

275285249

256

241272

306

235237237241247247263267272268276286

300313311309305301

160

151130112109120

124124131124122

124132151170182

189207239259250

255

250260

280

248248250250253254256257260261263265

272276280283283283

67586475

937877

8193105113108

109113115110100

100

96105

110

959695

97103104105103105108

110113111109108106

i Ratio of prices received to prices paid (including interest, taxes, and wage rates).a Includes subsidy payments between October 1943 and June 1946.

Source: Department of Agriculture.

250


TABLE B-27.—Percentage increases in wholesale prices in the United States and foreign countriessince June 1950

Country

Percentage increasefrom June 1950 to

latest date

Actual Annualrate

Latest date

United States

Africa and Near East:AlgeriaEgyptIranIraq __IsraelLebanon _Morocco _TunisiaUnion of South Africa

Western European countries:Austria 1 _BelgiumDenmarkFranceGermany (Federal Republic)*..Greece _IrelandItaly.. _NetherlandsNorwayPortugal. _Spain.Sweden _Switzerland- __.TurkeyUnited Kingdom

Latin America:Argentina *BrazilChileCosta Rica __ _Cuba < _ _ _Dominican RepublicEl SalvadorGuatemalaMexico _ _ _ _ _NicaraguaPeru _ _ ._Venezuela. _ _ _

Pacific and Far East:AustraliaIndia..__ _Indochina.Japan.New ZealandPhilippinesThailand _

Other:CanadaFinland

16 16

61

June 1951

February 1951April 1951May 1951April 1951February 1951May 1951April 1951March 1951May 1951

May 1951May 1951May 1951May 1951April 1951May 1951April 1951April 1951April 1951June 1951April 1951April 1951April 1951May 1951March 1951May 1951

November 1950April 1951February 1951May 1951February 1951May 1951December 1950May 1951May 1951December 1950May 1951May 1951

March 1951May 1951April 1951April 1951December 1950May 1951March 1951

May 1951May 1951

1 Covers basic materials only.2 Covers producers' prices of industrial products.* Cost-of-living figures.«Retail food figures.NOTE.—-For many countries, figures are for capital or principal city only.Sources: International Monetary Fund and United States Economic Cooperation Administration.

251


TABLE B-28.—Consumer credit outstanding, 1929-51


End of period

1929 ..

1930 -193119321933 .1934 — .

1935 .1936—193719381939. .

1940194119421943. .1944

1945...1946194719481949

1950

1950 — JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember.OctoberNovemberDecember ._ _ __

1951 — JanuaryFebruary ._MarchApril *May 3June 3

Totalconsumer

credit

6,252

5,5704,6363,4933,4393,846

4,7735,9336, 5136,1287,031

8,1638,8265,6924,6004,976

5,6278,677

11,86214,36616,809

20,097

16,36816, 15916,33816,63917,07717,65118,29518, 84219,32919, 39819, 40520,097

19, 93719, 53319,37919,12319, 18419,200

Instalment credit

Total

3,158

2,6882,2041, 5181,5881,860

2,6223,5183,9603,5954,424

5,4175,8873,0482,0012,061

2,3644,0006,4348,600

10,890

13,459

10,83610,88411, 07711, 32211,66712, 10512, 59813,00913, 34413,38913, 30613,459

13, 25213,07312,97612,90512, 91312,900

Automobilesale credit

1,318

928637322459576

9401,2891,384

9701,267

1,7291,942

482175200

227544

1,1511,9613,144

4,126

3,1793,2563,3553,4703,6003,7903,9944,1074,2134,2274,1754,126

4,0563,9903,9463,9343,9774,000

Other »

1,840

1,7601,5671,1961,1291,284

1,6822,2292,5762,6253,157

3,6883,9452,5661,8261,861

2, 1373,4565,2836,6397,746

9,333

7,6577,6287,7227,8528,0678,3158,6048,9029,1319,1629,1319,333

9,1969,0839,0308,9718,9368,900

Chargeaccounts

1,749

1,6111,3811,1141,0811,203

1,2921,4191,4591,4871,544

1,6501,7641,5131,4981,758

1,9813,0543,6123,8543,909

4,239

3,5063,2333,2113,2413,2903,3923,5273,6363,7413,7033,7394,239

4,2484,0103,9383,7443,7903,800

Otherconsumer

credit 2

1,345

1,2711,051

861770783

859996

1,0941,0461,063

1,0961,1751,1311,1011,157

1,2821,6231,8161,9122,010

2,399

2,0262,0422,0502,0762,1202,1542,1702,1972,2442,3062,3602,399

2,4372,4502,4652,4742,4812,500

i Includes other sale credit and loans, including repair and modernization loans insured by Federal Hous-ing Administration.

* Includes loans by pawnbrokers, service credit, and single-payment loans under $3,000 made by com-mercial banks. The single-payment loan item was revised in November 1950 to exclude loans over $3,000.See Federal Reserve Bulletin for November 1950, pp. 1465-1466.

* Estimates based on incomplete data; June by Council of Economic Advisers.

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

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

252


TABLE B-29.—Loans and investments of all commercial banks and weekly reporting member banks,1929-51*


End of period s

1929— June4

1930— June* _1931— June*1932— June *1933— June* _1934— June *

1935_june *1936193719381939

194019411942 -19431944

194519461947194g1949

1950

1950 — January _ _ .FebruaryMarch _. _.April -May _ _JuneJuly . .AugustSeptember _ .OctoberNovember _December. _

1951 — JanuaryFebruary . . ._MarchApril ..MayJune *_„, , -.,_, _ _

All commercial banks

Totalloansand

invest-ments

49.4

48.944.936.130.432.7

34.639.538.338.740.7

43.950.767.485.1

105.5

124.0114.0116.3114.3120.2

126.7

121.2120.6120.3120.3121.2121.8122.3123.3123.6124.5125.4126.7

125.1125.0125.7125.4125.1126.6

Loans

35.7

34.529.221.816.315.7

14.916.417.116.417.2

18.821.719.219.121.6

26.131.138.142.543.0

52.2

42.943.143.743.844.144.8'46.047.348.949.951.552.2

52.753.554.454.454.555.0

Investments

Total

13.7

14.415.714.314.017.0

19.723.121.222.323.4

25.129.048.266.083.9

97.982.978.271.877.2

74.4

78.377.576.676.577.177.076.376.074.674.673.974.4

72.371.571.371.070.671.6

U. 8. Gov-ernmentobliga-tions

4.9

5.06.06.27.5

10.3

12.715.314.215.116.3

17.821.841.459.877.6

90.674.869.262.667.0

62.0

68.067.165.865.566.165.865.064.262.562.561.762.0

60.059.158.858.558.159.0

Othersecuri-

ties

8.7

9.49.78.16.56.7

7.07.87.17.27.1

7.47.26.86.16.3

7.38.19.09.2

10.2

12.4

10.310.410.811.011.011.211.411.812.112.112.112.4

12.412.412.612.612.512.6

Weekly reportingmember banks

Totalloans(net)

16.7

17.014.711.38.98.5

8.29.29.48.48.8

9.411.410.310.813.0

15.9819.4

23.325.624.9

31.4

24.524.724.925.025.025.626.427.328.529.430.631.4

31.532.232.732.732.432.9

Commer-cial, indus-trial, andagricul-

turalloans 3

(5)

(»)(8)(8)(6)(8)

(«)(«)

5.14.24,7

5.37.16.36.46.5

7.2« 11.3

14,615.613.9

17.9

13.913.813.813.413.413.614.014.715.716.517.117.9

18.118.719.219.219.019.2

i Excludes mutual savings banks.* For all commercial banks last reporting date within period; for weekly reporting member banks, report-

ing date nearest end of period.• Includes open-market paper.4 June data are used because complete end-of-year data prior to 1936 are not available for United States

Government obligations.* Not available prior to May 12,1937, when the loan classification was revised.• Series revised to extend coverage. Previous figures not strictly comparable.f Estimates for all commercial banks based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).

253


TABLE B-30.—Deposits and currency, 1929-51


End of period >

1929

1930193119321933—1934

1935193619371938 _1939

1940194119421943—1944

19451946194719481949

1950

1950— JanuaryFebruaryMarchAprilMayJune, .,. , ,JulyAugustSeptemberOctoberNovemberDecember . .

1951 — JanuaryFebruaryMarchAprilMayJune V . „.. , ~ - , . , -

Total de-posits andcurrency

54,742

53,57248,37945,37042, 55148,106

52, 72657, 59556, 78159,87864,733

71,12979, 098

100,500123, 391151, 428

176,378167, 500172, 330172, 693173, 851

180, 574

173, 600172, 800172, 400172, 500173,000174, 715174, 400175, 500176, 400176, 300177, 400180, 574

178, 800178, 900179,900179,800179, 100180,900

U. S. Gov-ernmentdeposits/

187

324518516

1,0191,836

1,4531,235

9661,8121,480

1,1212,7629,201

11,00321, 203

25, 5853,4962,3223,5744,070

3,657

3,9004,6005,3004,1003,8004,7514,1004,5004,8003,5003,5003,657

3,6004,7007,4006,5005,4006,500

Deposits adjusted and currency (privately heldmoney supply) *

Total

54, 555

53,24847,86144,85441,53246,270

51, 27356,36055, 81558,06663,253

70,00876, 33691,299

112, 388130,225

150,793164,004170,008169, 119169, 781

176, 917

169, 700168,200167, 100168,400169, 200169, 964170, 200171,000171, 600172, 800173, 900176, 917

175, 200174, 200172, 500173,300173, 700174, 400

Currencyoutsidebanks

3,557

3,6054,4704,6694.7824,655

4,9175,5165,6385,7756,401

7,3259,615

13,94618,83723,505

26,49026, 73026, 47626,07925, 415

25, 398

24, 50024, 70024,60024,60024, 70025, 18524,40024, 50024,50024,60024,90025,398

24,60024,60024,40024,60024,90025,000

Adjusteddemanddeposits *

22,809

20,96717, 41215,72815, 03518, 459

22. 11525; 48323,95925,98629,793

34,94538,99248, 92260, 80366,930

75, 85183,31487, 12185,52085,750

92, 272

86, 40084,50083,20084,30085,00085,04086,50087, 40088,00089,20090,30092, 272

91,60090,60089, 00089, 50089, 50089,900

Timedeposits '

28, 189

28,67625,97924,45721, 71523,156

24, 24125, 36126, 21826, 30527,059

27, 73827,72928,43132, 74839,790

48, 45253,96056, 41157,52058, 616

59, 247

58,70059,00059, 30059, 50059, 50059, 73959,40059, 10059,00059, 00058,70059, 247

59,00059,00059, 10059,20059, 30059,500

1 Last reporting date during the period.* Includes United States Government deposits at Federal Reserve Banks and commercial and savings

banks, and, beginning with 1938, includes United States Treasurer's time deposits, open account.«Includes deposits and currency held by State and local governments.4 Includes demand deposits, other than interbank and United States Government, less cash items in

process of collection.'«Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes

interbank deposits.«Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).

254


TABLE B-31.—Estimated ownership of Federal securities, 1939-51

[Billions of dollars—par values1]

End of period

1939 .

19401941194219431944

19451946194719481949

1950

1950 — January.. _ _FebruaryMarch . .AprilMayJune. _ _ _ _ ._JulyAugustSeptemberOctoberNovember . _ _December.-

1951 — JanuaryFebruaryMarchAprilMay? _June 7

Gross debt and guaranteed obligations outstanding

Total*

47.6

50.964.3

112.5170.1232.1

278.7259.5257.0252.9257.2

256.7

256.9256.4255.7255.7256.4257.4257. 6257.9257.2257.0257.1256.7

256.1256.0255.0254.7255.1255.3

Held byU.S.

Govern-ment

agenciesand trust

funds

6.5

7.69.5

12.216.921.7

27.030.934.437.339.4

39.2

39.038.437.637.337.437.838.038.138.939.039.239.2

39.639.739.839.940.341.0

Held by public

Totalheld bypublic

41.1

43.354.7

100.2153.2210.5

251.6228.6222.6215.5217.8

217.5

217.9218.0218.1218.4219.0219.5219.6219.8218.4217.9217.9217.5

216.6216.2215.2214.9214.8214.3

Stateand localgovern-ments 8

0.4

.5

.71.02.14.3

6.56.37.37.98.0

7.8

8.08.08.48.48.38.28.38.38.28.18.17.8

7.87.97.97.98.08.0

Com-mercialbanks4

15.9

17.321.441.159.977.7

90.874.568.762.566.8

61.8

67.466.464.965.265.865.664.664.162.262.261.561.8

59.858.957.858.557.958.5

FederalReservebanks

2.5

2.22.36.2

11.518.8

24.323.322.623.318.9

20.8

17.817.717.617.817.418.318.018.419.619.319.720.8

21.521.922.922.722.523.0

Nonbankprivatecorpo-rations

andassocia-tions «

12.2

12.816.828.242.056.8

66.460.568.856.558.0

60.5

58.459.260.660.260.660.361.361.661.261.261.560.5

60.860.960.259.460.258.8

Indi-viduals6

10.1

10.613.623.737.652.9

63.763.865.365.466.2

66.7

66.366.666. 666.867.067.267.467.467.367.267.266.7

66.666.766.466.366.266.0

1 United States savings bonds, series A-D, E, and F, are included at current redemption values.2 Securities issued or guaranteed by the United States Government, excluding guaranteed securities

held by the Treasury.3 Includes trust, sinking, and investment funds of State and local governments and their agencies, andTerritories and possessions.

< Includes commercial banks, trust companies, and stock savings banks in the United States and inTerritories and possessions; excludes securities held in trust departments.

6 Includes insurance companies, mutual savings banks, savings and loan associations, nonprofit institu-tions, corporate pension trust funds, dealers and brokers and foreign accounts in this country. Beginningwith December 1946 the foreign accounts include investments by the International Bank for Reconstruc-tion and Development and the International Monetary Fund hi special non-interest-bearing notes issuedby the United States Government. Beginning with June 30,1947, includes holdings of Federal land banks.

6 Includes partnerships and personal trust accounts.f Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Treasury Department (except as noted).

255


TABLE B-32.—United States Government debt—volume and kind of securities, 1929-51


End of period

1929

19301931193219331934

193519361937 —19381939

19401941194219431944.

194519461947 _1948-1949

1950

1950 — January _ _ .FebruaryMarchAprilMayJune .. _July _ .AugustSeptemberOctoberNovemberDecember

1951 — January _FebruaryMarchApril . . . .MayJune _

Grosspublic

debt andguaran-

teedissues i

16.3

16.017.820.824.031.5

35.139.141.944.447.6

50.964.3

112.5170.1232.1

278.7259.5257.0252.9257.2

256.7

256.9256.4255.7255.7256.4257.4257.6257.9257.2257.0257.1256.7

256.1256.0255.0254.7255. 1255.3

Interest-bearing public debt

Marketable publicissues

Short-term

issues'

3.3

2.92.85.97.5

11.1

14.212.512.59.87.7

7.58.0

27.047.169.9

78.257.147.745.950.2

58.3

49.949.851.551.652.052.452.252.256.956.055.958.3

57.457.457.457.457.458.9

Treasurybonds

11.3

11.313.513.414.715.4

14.319.520.524.026.9

28.033.449.367.991.6

120.4119.3117.9111.4104.8

94.0

104.8104.8102.8102.8102.8102.8102.8102.896.796.796.794.0

94.094.094.080.580.578.8

Nonmarketablepublic issues

UnitedStates

savingsbonds

0.2.5

1.01.42.2

3.26.1

15.027.440.4

48.249.852.155.156.7

58.0

57.057.257.357.457.5

' 57.557.657.557.458.058.058.0

58.057.857.857.757.657.6

Treas-ury

tax andsavings

notes

2.56.48.69.8

8.25.75.44.67.6

8.6

7.98.08.08.18.38.58.68.98.99.08.98.6

8.78.78.38.18.27.8

Specialissues 3

0.6

.8

.4

.4

.4

.6

.7

.62.23.24.2

5.47.09.0

12.716.3

20.024.629.031.733.9

33.7

33.532.932.131.881.932.432.532.733.433.533.733.7

34.033.933.533.634.034.7

Nonin-terest

bearingdebt

0.3

.3

.3

.4

.4

.5

1.0.7.6.5.6

.6

.5

.91.41.8

2.41.52.72.22.1

2.4

2.02.02.22.22.22.22.12.12.22.22.22.4

2.42.62.42.42.42.4

Fullyguar-

anteedsecuri-

ties

0.23.1

4.54.74.65.05.7

5.96.34.34.21.5

.6

.3

.1

.1(*)

(<)

(<)(<)<)

?34)3*)«)

(4)8(*)

8i Total includes Postal Savings bonds, depositary bonds. Armed Forces leave bonds, and Treasury

investment bonds, not shown separately.* Includes Treasury bills, certificates of indebtedness, and Treasury notes.3 Issued to United States investment accounts; these accounts also held 6.3 billion dollars of public market-

able and nonmarketable issues on June 30,1951.* Less than 50 million dollars.Source: Treasury Department.

256


TABLE B-33.—Bond yields and interest rates, selected years, 1929-51

[Percent per annum]

Period

Average:19291933193519371939

19411943

1945194619471948 . ...1949

I960

1950 — First quarterSecond quarterThird quarterFourth quarter

1951 — First quarterSecond quarter

United States Governmentsecurity yields— New York

3-monthTreas-ury

bills i

(3)0.515.137.447.023

.103

.373

.375

.375

.5941.0401.102

1.218

1.118.166.233.353

.400

.532

9-12monthissues 2

(4)(4)(«)(«)(*)

(4)0.75

.81

.82

.881.141.14

1.26

1.141.191.271.44

1.671.84

Taxablebonds

15 yearsand over

(8)(5)0)

8(«)2.47

2.372.192.252.442.31

2.32

2.242.312.342.38

2.422.61

CorporateAaa

bonds(Moody's)

4.734.493.603.263.01

2.772.73

2.622.532.612.822.66

2.62

2.582.612.632.67

2.702.90

Averageof ratescharged

by bankson short-

termloans-selectedcities

(')(6)(6)(6)2.1

2.02.6

2.22.12.12.52.7

2.7

2.602.682.632.84

3.023.07

Primecommer-

cialpaper,

months-NewYork

5.851.73.76.94.59

.54

.69

.75

.811.031.441.48

1.45

1.311.311.471.71

1.962.20

Bankersaccept-ances.

90days-NewYork

5.03.63.13.43.44

.44

.44

.44

.61

.871.111.12

1.15

1.061.061.181.31

1.511.63

FederalReserveBank

discountrate —NewYork

5.162.561.501.331.00

1.00U.OO

n.oo'1.00

1.001.341.50

1.59

1.50.60.61.75

.75

.75

i Rate on new issues within period.3 Includes certificates of indebtedness, when outstanding in proper maturity range, and selected note and

bond issues.3 Treasury bills were first issued in December 1929.< Not available before August 1942.«Taxable bonds in this classification were first issued in March 1941.« Not available on same basis.7 From October 30,1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances

secured by Government securities maturing or callable hi one year or less.Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal

Reserve System.

257


TABLE B-34.—Profits before and after tax, all private corporations, 1929-51


Period

1929

19301931 . . -193219331934

19351936193719381939

19401941194219431944

19451946194719481949

1950

I960— First half ..Second half

1951— First half » . - -

1950 — First quarter _Second quarter . -_Third quarterFourth quarter

1951— First quarterSecond quarter *

Corporateprofitsbefore

tax

9.8

3.3-.8

-3.0.2

1.7

3.25.76.23.36.5

9.317.221.125.124.3

19.723.630.533.828.3

41.4

Corporatetax

liability 1

1.4

.8

.5

.4

.5

.7

1.01.41.51.01.5

2.97.8

11.714.413.5

11.29.6

11.913.011.0

18.6

Corporate profits after tax

Total

8.4

2.5-1.3-3.4-.41.0

2.34.34.72.35.0

6.49.49.4

10.610.8

8.513.918.520.717.3

22.8

Dividendpayments

5.8

5.54.12.62.12.6

2.94.64.73.23.8

4.04.54.34.54.7

4.75.86.67.37.6

9.2

Undis-tributedprofits

2.6

-3.0-5.4-6.0-2.4-1.6

-.6-.3

W -.91.2

2.44.95.16.26.1

3.88.1

12.013.69.7

13.6


34.748.0

50.2

31.937.545.750.3

51.848.6

15.621.5

27.5

14.416.920.522.5

28.526.5

19.026.5

22.6

17.520.625.227.8

23.322.0

8.110.2

9.2

7.88.49.4

11.1

8.89.5

11.016.2

13.5

9.712.215.816.7

14.512.5

i Federal and State corporate income and excess profits taxes.» Minus 8 million dollars.' Estimates based on incomplete data; 1951 by Council of Economic Advisers.NOTE.—No allowance has been made for inventory valuation adjustment. See appendix table B-6 for

profits before tax and inventory valuation adjustment.Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

258


TABLE B—35.—Sales and prof ts of large manufacturing corporations, 1939—51


Period

1939

19401941194219431944 ..

1945—19461947 ..1948 _1949

1950


1950 — First quarterSecond quarterThird quarter. _Fourth quarter

1951 — First quarter 2

Durable goods industries(106 corporations) »

Sales

6,748

8,75012,80615, 36220,63322,085

18, 16112, 38719, 50223, 59123,914

29, 240

Profits

Before taxes

734

1,2262,1752,3262, 3892,192

1,288607

2,3123,1073,192

5,191

After taxes

597

830982782755726

574295

1,3551,8361,888

2,540

Nondurable goods industries(94 corporations) *

Sales

3,843

4,2575,4856,4087,6078,263

8,3718,940

11, 31313, 36412,790

14,710

Profits

Before taxes

476

617980

1,0691,2931,339

1,1331,4261,7872,2081,843

2,701

After taxes

400

443538438506520

555968

1,1671,4741,211

1,510

Totals for period, not adjusted for seasonal variation

13, 20016, 039

6,0047,1967,8518,188

8,375

2,1363,055

8961,2401,4031,652

1,381

1,1871,353

494693777576

530

6,7048,005

3,2513,4533,9394,066

4,280

1,0851,615

504681782833

840

660850

307353468382

368

1 See Federal Reserve Bulletin, June 1949, and subsequent issues, for similar data for the following indus-try groups: primary metals and products, machinery, automobiles and equipment, foods and kindredproducts, chemicals and allied products, and petroleum refining.

2 Estimates based on incomplete data.

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

Source: Compiled by the Board of Governors of the Federal Reserve System and based on publishedreports of various industrial corporations.

259


TABLE B-36.—Relation of profits before and after taxes to stockholders' equity, private manu-facturing corporations, by industry group, 1949-51

Industry group

All private manufacturing corporations .

Food... .Tobacco manufactures .Textile mill productsApparel and finished textilesLumber and wood products ..

Furniture and fixturesPaper and allied productsPrinting and publishing (except newspapers).Chemicals and allied productsProducts of petroleum and coal

Rubber products _Leather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries-Primary iron and steel industries

Fabricated metal productsMachinery (except electrical and transporta-

tion) , _ _Electrical machineryTransportation equipment (except motor ve-

hicles)Motor vehicles and parts

Instruments; photographic and optical goods;watches and clocks

Miscellaneous manufacturing (including ord-nance) ._

All private manufacturing corporations-

FoodTobacco manufactures..Textile m ill productsApparel and finished textiles _Lumber and wood products.. . .

Furniture and fixturesPaper and allied products.. .Printing and publishing (except newspapers).Chemicals and allied productsProducts of petroleum and coal

Rubber products-Leather and leather products . .Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries

Fabricated metal products.Machinery (except electrical and transporta-

tion) ...Electrical machineryTransportation equipment (except motor

vehicles) .Motor vehicles and parts

Instruments; photographic and optical goods;watches and clocks ..

Miscellaneous manufacturing (including ord-nance)

Percentage ratio^of profits (annual rate) to stockholders'equity

1949total

1950

Total Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

1951,first

quarter

Before Federal taxes

18.6

19.520.213.013.214.2

14.717.319.021.215.2

13.611.021.313.017.0

17.7

19.232.3

12.637.7

19.9

12.5

27.9

22.221.322.918.129.6

27.128.520.132.619.3

31.019.333.125.528.2

29.1

25.941.6

18.953.2

30.9

22.7

19.6

15.616.418.011.616.8

15.620.820.425.212.8

14.810.820.416.020.0

18.4

18.429.2

12.039.2

20.8

10.0

24.8

20.419.217.210.428.4

23.623.216.828.416.8

21.212.832.422.026.8

24.8

24.431.2

17.655.2

26.0

14.8

31.2

28.825. 226.026.438.0

29.228.824.036.420.4

38.025.239.226.829.2

34.0

26.841.2

19.258.8

33.2

29.6

35.6

23.624.429.623.634.4

39.240.419.240.026.8

47.628.039.636.436.4

38.0

33.662.4

26.858.4

43.2

35.6

32.8

20.820.429.622.034.0

34.444.021.640.823.2

43.222.436.432.034.8

37.6

34.847.2

19.646.0

33.6

34.8

After Federal taxes

11.6

11.812.67.67.59.1

8.210.711.413.211.9

8.76.2

13.18.1

10.0

10.4

11.613.6

7.822.1

12.1

7.2

15.4

12.311.512.710.117.5

15.216.211.517.813.9

16.910.917.715.014.3

16.0

14.120.9

10.025.3

16.7

12.3

12.0

9.210.010.86.4

10.4

8.412.812.815.610.0

9.66.4

12.410.411.6

11.2

10.817.2

7.222.8

12.8

5.2

15.6

12.412.010.45.2

18.0

15.214.49.6

17.613.2

13.67.2

20.014.816.0

15.6

14.818.4

10.432.4

16.0

8.4

17.6

16.413.214.416.422.8

16.016.414.420.814.0

22.414.822.016.015.2

19.2

14.822.0

10.028.8

18.8

16.8

16.4

11.610.814.812.018.4

20.420.89.6

17.218.0

21.615.216.019.214.0

17.6

15.625.2

12.416.8

19.2

18.4

14.8

10.09.6

14.411.617.2

16.018.410.017.214.4

18.810.816.016.013.6

17.6

15.218.4

9.217.2

14.4

16.4

Sources: Federal Trade Commission and Securities and Exchange Commission.

260


TABLE B-37.—Relation of profits before and after taxe$ to sales, private manufacturing corporations,by industry group, 1949-51

Industry group

All private manufacturing corporations.

FoodTobacco manufacturers _ _Textile mill productsApparel and finished textilesLumber and wood products

Furniture and fixtures _Paper and allied productsPrinting and publishing (except newspapers).Chemicals and allied productsProducts of petroleum and coal

Rubber'products _Leather and leather productsStone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries


tion)Electrical machineryTransportation equipment (except motor

vehicles)Motor vehicles and parts

Instruments; photographic and optical goods;watches and clocks . _

Miscellaneous manufacturing (includingordnance)

All private manufacturing corporations-

Food.Tobacco manufacturesTextile mill products - . .Apparel and finished textilesLumber and wood products

Furniture and fixturesPaper and allied products.. ..Printing and publishing (except newspapers).Chemicals and allied productsProducts of petroleum and coal

Rubber products _Leather and leather products . -Stone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries


tion)Electrical machinery _ . _.Transportation equipment (except motor

vehicles)Motor vehicles and parts _ _ . ..

Instruments; photographic and optical goods;watches and clocks

Miscellaneous manufacturing (includingordnance) . . „, ,^

Profits in cents per dollar of sales

1949total

1950

Total Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

1951,first

quarter

Before Federal taxes

9.3

5.58.27.03.79.2

5.910.67.4

13.212.0

5.93.9

13.911.111.1

8.7

10.69.3

6.313.5

11.6

6.2

12.8

6.19.0

10.55.0

15.9

9.015.47.9

18.814.9

10.66.5

18.817.315.5

12.4

13.314.3

8.917.5

15.9

10.4

10.1

4.87.49.03.5

11.2

5.912.38.5

15.610.7

6.64.2

14.113.512.7

9.7

10.711.3

6.215.3

12.6

5.5

11.8

5.68.18.93.3

15.2

8.413.66.8

17.113.5

7.84.9

18.915.915.1

11.4

12.611.7

8.617.8

14.3

7.7

13.5

7.510.111.46.3

18.6

9.515.69.4

20.515.2

11.47.4

20.517.115.7

13.0

13.614.0

9.318.0

16.8

12.5

14.9

6.310.012.26.0

17.2

11.418.97.0

21.119.1

14.78.7

20.521.117.8

14.4

15.618.6

10.818.3

18.7

13.7

13.5

5.49.1

11.95.4

17.7

10.519.88.3

20.916.5

13.06.9

19.718.216.5

14.5

15.015.1

7.914.0

16.0

13.8

After Federal taxes

5.8

3.35.14.12.15.9

3.36.54.58.29.4

3.82.28.66.96.5

5.1

6.45.7

3.97.9

7.0

3.6

7.1

3.44.95.82.89.4

5.18.84.5

10.310.7

5.83.7

10.110.27.9

6.8

7.37.2

4.78.3

8.6

5.6

6.2

2.84.65.41.97.1

3.27.55.49.68.2

4.22.58.68.57.5

5.9

6.46.7

3.78.9

7.7

2.9

7.4

3.45.05.21.69.7

5.48.43.8

10.610.7

5.02.7

11.710.59.0

7.1

7.77.0

5.110.5

8.9

4.5

7.6

4.35.46.53.9

11.1

5.39.05.6

11.710.5

6.64.3

11.610.28.2

7.3

7.67.5

4.S8.8

9.4

7.0

6.9

3.04.46.13.19.2

6.09.73.59.2

13.0

6.64.78.3

11.16.9

6.7

7.37.5

5.05.3

8.4

7.0

6.1

2.64.35.72.89.1

4.98.33.98.8

10.2

5.73.38.59.06.4

6.7

6.65.9

3.75.2

6.9

6.6


26l


TABLE B-38.—Relation of profits before and after taxes to stockholders' equity and to sales,all private manufacturing corporations, by size class, 1949-51

Assets elass(thousands of dollars)

All sizes1 to 249250 to 9991.000 to 4,9995,000 to 99,999 ._109,000 and over

All sizes1 to 249250 to 9991 000 to 4,9996,009 to 99,999 . . .100,000 and over _

All sizes .1 to 249250 to 999.1,000 to 4,9995,000 to 99,999100,000 and over .

All sizes1 to 249250 to 9991,000 to 4,999 . .5,000 to 99,999 _106,000 ana over

1949total

1950

Total Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

1951,first

quarter

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

18.69.8

14.115.417.726.8

27.917.123.525.227.729.5

19.68.8

13.217.218.421.6

24.815.221.221.623.627.2

31.226.430.428.831.232.0

35.616.828.432.836.836.8

32.823.628.833.234.432.0

Profits before Federal taxes in cents per dollar of sales

9.32.65.26.59.0

11.8

12.84.37.99.5

12.515.5

10.12.55.17.39.5

12.8

11.84.27.48.5

11.314.4

13.56.29.8

10.313.316.0

14.93.88.7

11.014.918.2

13.55.48.8

10.913.815.4

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

11.64.97.88.9

10.913.5

15.410.513.214.015.216.4

12.04.07.2

10.011.213.6

15.69.6

12.813.214.817.2

17.619.218.816.417.217.6

16.48.0

14.016.017.616.4

14.814.414.815.615.214.4

Profits after Federal taxes in cents per dollar of sales

5.81.32.93.85.57.6

7.12.64.45.2fl.98.6

6.21.12.74.25.88.1

7.42.74.45.27.09.2

7.64.56.05.97.48.9

6.91.94.35.47.18.2

6.13.34.55.26.07.0


262


TABLE B-39.—Sources and uses of corporate funds, 1947-51l


Source or use of funds

Uses:Plant and equipment outlaysInventories (change in book value) _ .Change in customer receivablesCash and U. 8. Government securitiesOther current assets

Total uses

Sources:Internal:

Retained profits and depletion allowances.Depreciation allowances

Total internal sources

External:Change in trade debtChange in Federal income tax liability. --Other current liabilitiesChange in bank loansChange hi mortgagesNet new issues

Total external sources

Total sources

Discrepancy (sources less uses)

1947

15.07.17.61.0

—.1

30.6

11.66.2

16.8

4.42.31.02.6.6

4.4

15.3

32.3

1.7

1948

17.44.24.21.9

(4)

27.7

12.86.2

19.0

1.1.5

(4)1.1.8

5.9

9.4

28.4

.7

1949

16.1-4.3-.63.0

—.2

14.0

9.17.0

16.1

-2.2-2.0—.1

—1.9.7

5.3

-.2

15.9

1.9

1950

17.27.6

10.05.0.5

40.3

13.07.5

20.5

5.97.21.02.5.8

3.7

21.1

41.6

1.3

19

Firsthalf »

7.31.52.72.0

2

13.7

5.23.8

9.0

.62.0.4

-.4.3

2.3

5.2

14.2

.5

50

Secondhalf*

9.96.17.33.0.3

26.6

7.83.7

11.5

5.35.2.6

2.9.5

1.4

15.9

27.4

.8

1951,first

half2 3

10.56.53.01.0

21.0

6.54.4

10.9

2.41.6.5

2.01.02.7

10.2

21.1

.1

i Excludes banks and insurance companies.3 Not adjusted for seasonal variation.3 Preliminary estimates based on incomplete data; by Council of Economic Advisers.4 Less than 50 million dollars.

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

Sources: Department of Commerce estimates based on Securities and Exchange Commission and otherfinancial data (except as noted).

263


TABLE B-40.— International transactions of the United States, 1948-51


Type of transaction

Exports of goods and services:Recorded goodsOther goods l

Total goodsServices _ _ _ _ _ _ _Income on in vestments _--

Total exports

Imports of goods and services:Recorded goodsOther goods *

Total goodsServices _ _ _Income on in vestments. __

Total imports

Surplus of exports of goodsand services:

Recorded goodsOther goods * _ _

Total goodsServicesIncome on investments. _ _

Total surplus of exports _

Means of financing surplus ofexports of goods and serv-ices: *

Liquidation of gold anddollar assets by foreigncountries , _ __„_

Dollar disbursements by:International Mone-

tary FundInternational Bank.__

United States Govern-ment sources: *

Unilateral transfers.. _Long- and short-term

loansUnited States private

sources:"RemittancfisLong- and short-term

capital 5

Total means of fi-nancing

Errors and omissions

1948total

12, 653693

13, 3462,2461,375

16,967

7,124698

7,8222,162

284

10,268

5,529-5

5,52484

1,091

6,699

780

203176

4,157

886

678

856

7,736-1, 037

1949total

12,051286

12,3372,2321,405

15,974

6,622444

7,0662,184

353

9,603

5,429-158

5,27148

1,052

6,371

-60

9938

5,321

647

522

589

7,156-785

1950

Total

10,273385

10,6582,0241,743

14, 425

8,852463

9,3152,376

437

12,128

1,421-78

1,343-3521,306

2,297

-3, 645

-2037

4,120

164

481

1,316

2,453-156

Firstquarter

2,36673

2,439455363

3,257

1,88971

1,96049476

2,530

4772

479-39287

727

-459

-1217

1,023

82

123

42

816-89

Secondquarter

2,510105

2,615526385

3,526

1,93176

2,007577125

2,709

57929

608-51260

817

-679

11

1,122

39

124

182

79918

Thirdquarter

2,45147

2,498519477

3,494

2,390143

2,53375190

3,374

61-96

-35-232

387

120

-1, 544

—82

865

37

107

836

295-175

Fourthquarter

2,947159

3,106524518

4,148

2,642173

2,815554146

3,515

305-14

291-30372

633

-963

7

1,110

6

127

256

54390

1951

Firstquarter1

3,32979

3,408590443

4,441

3,029170

3,19958983

3,871

300-91

2091

360

570

-745

-1016

1,040

57

110

186

654-84

Secondquarter 1

4,100130

4,230665455

5,350

2,950150

3,10070595

3,900

1,150-20

1,130-40360

1,450

-55

1,220

50

100

190,

1,505-55

» Estimates ba«ed on incomplete data; second quarter by Council of Economic Advisers.J Includes goods sold to or bought from other countries that have not been shipped from or into theUnited States customs area, and other adjustments.3 All figures for means of financing are on a net basis.4 For detail, see appendix table B-41.

& Excludes purchases or sales of obligations issued by the International Bank for Reconstruction andDevelopment.


264


TABLE B-41.—United States Government grants, other unilateral transfers, and loans to foreigncountries, 1948-51


Type of aid

Unilateral payments:Military aid programs:

Mutual defense assistanceprogram

Greek-Turkish aid. ..Chinese aid

EGA programs:European Recovery Program.Other

Army Civilian Supply Program *.Point Four assistancePhilippine Rehabilitation Act...Interim aid and post-UNRRA ._International Refugee Organiza-

tion and other United Nationsrelief organizations

Other

Total unilateral paymentsLess: Unilateral receipts

Equals: Net unilateral pay-ments .

Long-term loans and investments:United Kingdom loan. _.EGA programsExport-Import Bank loans _.Surplus property credits, in-

cluding ship salesRaw-materiaFcredits to occupied

areasUnited Nations building loanOther

Total long-term loans andinvestments .. _.

Less: Repayments

Equals: Net long-term loansand in vestments .

Outflow of short-term capital (net)

Total net unilateral payments,loans and investments

1948

34971

1,39796

1,468

130627

117107

4 362'205

4,157

300476454

168

639

1,416443

973

-87

5,043

1949

17144

3,73092

1,082

2032

104157

5 585264

5,321

428163

30

262012

679205

474

173

5,968

Total

516625

2,719114500

7166

84122

4 295175

4,120

163193

2

28226

414287

127

37

4,284

Firstquar-ter

5352

75445

1221

39

2339

1 06542

1,023

5650

2

6112

12751

76

6

1,105

1950

Secondquar-ter

6612

(3)

82944

1381

27

2333

1,17351

1,122

3058

2152

11697

19

20

1,161

Thirdquar-

ter

140g1

5469

1134

34

2425

90439

865

4941

131

9559

36

1

902

Fourthquar-ter

30572

59016

1271

66

1425

1 15343

1,110

2844

31

7680

—4

10

1,116

19

Firstquar-ter^

3223

(3)

595277514

1437

1 07838

1,040

3983

32

12760

67

-10

1,097

51

Secondquar-ter i

(2)(2)(3)

(2)(2)

0)(2)

(2)

(2)(2)

(2)(2)

1,220

(2)(2)

(2)

8(5)(2)

50

1,270

i Estimates based on incomplete data: second quarter by Council of Economic Advisers.» Not available.* Less than 500 thousand dollars.< Includes disbursements by EGA from funds appropriated under the Army Civilian Supply Program,Source: Department of Commerce (except as noted).

265


TABLE B-42.—United States merchandise export surplus, by area, 1936-38 quarterly averageand 1947-51

Period

Quarterly average:1936-381947194819491950S

1949— First quarterSecond quarterThird quarterFourth quarter

1950 — First quarterSecond quarterThird quarter »Fourth quarter «


Second quarter *

Quarterly average:1936-38194719481949 . .I960'


1950 — First quarterSecond quarterThird quarter 3Fourth quarter 3


Totalmer-

chandiseexportsurplus

Canada 1Other

WesternHemi-sphere

ERPcoun-tries*

OtherEurope Asia 2

Australiaand

OceaniaAfrica

Millions of dollars

1192,3961,3821,357

355

1,5491,7751,218

888

47757961

305

3001,150

2724688

10214

94188125

2

rj

5129

93(8)

-7449215114

-73

17516010912

-8723

-209-21

-219(•)

1301,150

802808405

9101,000

668656

537520265301

301(6)

27316

-13

81321

-12-10-12-17

-1(6)

-61312183238

-39

283291218160

9717

-83-189

-121(8)

1341-318

-16

20112513

-12-14-17-22

-38(fi)

151239871

-33

601127041

-38-7

-57-28

-47(8)

Percentage of total

100100100100100

100100100100

100100100100

100

22.710.36.47.53.9

6.110.610.3

• 2

-1.58.83.33.0

31.0

-5.918.715.68.4

-20.6

11.39.08.91.4

-18.24.0

-342. 6-6.9

-73.0

109.248.058.059.5

114.1

58.756.354.873.9

112.689.8

434.498.7

100.3

1.73.0.1.4

-3.7

.5

.7

.2

.1

-2.5-1.7

-19.7-5.6

-.3

-51.313.013.217.5

-11.0

18.316.417.918.0

20.32.9

-136. 1-62.0

-40.3

10.91.7-.21.3

-4.5

1.3.6

2.11.5

-2.5-2.4

-27.9-7.2

-12.7

12.65.17.15.2

-9.3

3.96.35.74.6

-8.0-1.2

-93.4-9.2

-15.7

1 Includes Newfoundland and Labrador.2 Turkey is included with ERP countries and excluded from Asia. Exports to and imports from Ger-

many are included with those of ERP countries, and, in the postwar period, relate almost wholly to tradewith the three western zones.

3 Data by area exclude, while total exports include, "special category" exports. For this reason, the exportor import surplus by area will not add to the total export surplus in these periods. For the amount of"special category" exports, see table B-43, footnote 3.

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

NOTE.—Detail will not necessarily add to totals because of rounding. See also footnote 3.


266


TABLE B-43.—United States merchandise exports, including reexports, by area, 1936—38 quarterlyaverage and 1947-51

Period

Quarterly average:1936-3819471948. _ _19491950S

1949— First quarter _.Second quarterThird quarterFourth quarter

1950— First quarterSecond quarterThird quarter 3Fourth quarter 8

1951— First quarter 3Second quarter *

Quarterly average:1936-381947 -.194819491950 5


1950— First quarterSecond quarterThird quarter 3Fourth quarter 8

1951— First quarter 3

TotalexDorts

includingreexports

Canada lOther

WesternHemi-sphere

ERPcountries2

OtherEurope Asia 2

Australiaand

OceaniaAfrica

Millions of dollars

7423,8353, 1643,0132,568

3,3383,3762,6952,643

2.3662,5102,4512,947

3,3294,100

115528486490504

472571473444

397530505583

622(5)

1361,017

841725703

837740671653

640668706797

863(5)

2821,3241,0461,019

720

1,1601,190

843884

777763587756

815(s)

31118494134.

42463539

33353733

62(5)

122561507534370

611593483448

399381334365

471(s)

2380384936

54504744

37383038

44(fi)

3220519615590

163186142130

849679

103

120(5)

Percentage of total

100100100100100

100100100100

100100100100

100

15.513.815.416.319.6

14.116.917.616.8

16.821.120.619.8

18.7

18.326.526.624.127.4

25.121.924.924.7

27.026.628.827.0

25.9

38.034.533.133.828.0

34.835.231.333.4

32.830.423.925.7

24.5

4.23.11.51.41.3

1.31.41.31.5

1.41.41.51.1

1.9

16.414.616.017.714.4

18.317.617.917.0

16.915.213.612.4

14.1

3.12.11.21.61.4

1.61.51.71.7

1.61.51.21.3

1.3

4.35.36.25.13.5

4.95.55.34.9

3.63.83.23.5

3.6

1 Includes Newfoundland and Labrador.8 Turkey is included with ERP countries and excluded from Asia. Exports to Germany are included

with those of ERP countries and, in the postwar period, relate almost wholly to exports to the three westernzones.

8 Data by area exclude, while total exports include, "special category" exports. For this reason, ex-ports by area will not add to total exports hi these periods. "Special category" exports amounted to 173million dollars in the third quarter of 1950, 272 million in the fourth quarter, and 333 million in the firstquarter of 1951.

4 Estimates based upon incomplete data; by Council of Economic Advisers.5 Not available.NOTE.—Data hi this table cover all merchandise, including reexports, shipped from the United States

customs area to foreign countries, including, in 1947 to 1951, goods destined to United States armed forcesabroad for distribution in occupied areas as civilian supplies.

Detail will not necessarily add to totals because of rounding. See also footnote 3.Source: Department of Commerce (except as noted).

267


TABLE B—44.—Indexes of quantity and unit value of United States domestic merchandise exports,by economic class, 1936—38 quarterly average and 1947—51

[1936-38=100]

Period

Quarterly average:1936-381947194819491950

1949— First quarterSecond quarterThird quarter _.Fourth quarter


1951— First quarterSecond quarter 2




1951— First quarterSecond quarter 2

Totaldomesticexports

Crudematerials

Crudefoodstuffs i

Manufac-tured

foodstuffs iSemiman-ufactures

Finishedmanufac-

tures

Quantity indexes

100275214219193

233243200201

181194184209

222261

100123100126128

12915593

125

125143112128

112(3)

1,00397362435287

495438440368

284271264325

454(3)

100478350297237

317366235271

213250224230

247(3)

100203144150127

162167144128

121126125135

131(')

100332257250225

264269236229

207220220251

277(3)

Unit value indexes

100188200186180

194188182179

177175180191

202210

100195223212220

216212212208

206212226245

263(3)

100248255225193

233233216214

196190192196

203(3)

100218223177151

191175175163

151142162169

185(3)

100169184174170

184179165164

164166168184

203(3)

100182193184179

190186181177

179175177187

195(3)

i Export indexes of crude and manufactured foodstuffs, particularly those of unit value in 1950, are in-fluenced by sales of large quantities of food products at prices considerably below market quotations.Such exports include sales from Government-owned surplus and shipments on which subsidies were paidby the Department of Agriculture.

* Estimates based on incomplete data; by Council of Economic Advisers. For unit value, April usedas indicative of entire quarter.

3 Not available.

NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value ofchanges in average prices has been eliminated. The indexes of unit value provide a measure of change inthe average prices at which trade transactions are reported in official foreign trade statistics, includingchange in average prices that result from changes in the commodity composition of trade. The indexesfor 1947 to 1951 are based on data which include goods destined to the United States armed forces abroadfor distribution to civilians hi occupied areas.


268


TABLE B-45.—United States general merchandise imports, by area, 1936-38 quarterly averageand 1947-51

Period

Quarterly average:1936-3819471948 _1949 .I960


1950—First quarterSecond quarterThird quarterFourth quarter

1951— First quarter.Second quarter 3

Quarterly average:1936-38.1947194819491950

1949— First quarterSecond quarter.. ._ _Third quarter _.Fourth quarter

I960— First quarter.Second quarter..Third quarterFourth quarter

1951— First quarter

Totalgeneral

im-ports

Can-ada i

OtherWesternHemi-sphere

ERPcoun-tries

OtherEu-rope

Asia aAus-traliaand

OceaniaAfrica

Millions of dollars

6221,4391,7811,6562,213

1,7891,6011,4781,755

1,8891,9312,3902,642

3,0292,950

88282398388490

378383348442

404479503574

529<«)

143568626611776

662580562641

727645915818

1,082(«)

152174244211315

250190175228

240243322455

514(4)

3045483547

34333338

45454950

63(4)

183249324296409

328302265288

302364417554

592(<)

1039413152

34392231

49524760

82(<)

17829884

123

103747289

122103136131

167(4)

Percentage of total

100100100100100

100100100100

100100100100

100

14.119.622.323.422.1

21.123.923.525.2

21.424.821.021.7

17.5

23.039.535.136.935.1

37.036.238.036.5

38.533.438.331.0

35.7

24.412.113.712.714.2

14.011.911.813.0

12.712.613.517.2

17.0

4.83.12.72.12.1

1.92.12.22.2

2.42.32.11.9

2.1

29.417.318.217.918.5

18.318.917.916.4

16.018.917.421.0

19.5

1.62.72.31.92.3

1.92.41.51.8

2.62.72.02.3

2.7

2.75.75.55.15.6

5.84.64.95.1

6.55.35.75.0

5.5

*Includes Newfoundland and Labrador.»Turkey is included with ERP countries and excluded from Asia. Imports from Germany are included

with those of ERP countries and, in the postwar period, relate almost wholly to imports from the threewestern zones.

3 Estimates based on incomplete data; by Council of Economic Advisers.* Not available.

NOTE.—Data in this table cover all merchandise received in the United States customs area from foreigncountries. General imports include merchandise entered immediately upon arrival into merchandisingchannels, plus entries into bonded customs warehouses.



269


TABI*E B-46.—United States merchandise imports for consumption, by economic class, 1936-38quarterly average and 1947—51

Period



1950 — First quarterSecond quarterThird quarter .._Fourth quarter - . _

1951— -First quarterSecond quarter *

Quarterly average:1936-381947. .194819491950

1949 — First quarter -Second quarterThird quarter _._Fourth quarter

1950— First quarter _Second quarter . -Third quarterFourth quarter

1951 — First quarter

Totalimportsfor con-

sumption

Crudematerials

Crudefoodstuffs

Manufac-tured

foodstuffsSemimanu-

facturesFinishedmanufac-

tures

Millions of dollars

6151,4161,7731,6482,186

1,7571,5901,5011,744

1,8731,9082,3492,614

2,9572,850

190441537463617

503449424478

536516635781

925(2)

85254318333437

340302287403

423347516463

642(3)

95164183185224

182198194167

185213275224

256(2)

126311408355531

396336306381

417481544683

664(2)

120246327311376

336305290315

312352378462

470(2)

Percentage of total

100100100100100

100100100100

100100100100

100

30.931.130.328.128.2

28.628.228.227.4

28.627.027.029.9

31.3

13.817.917.920.220.0

19.419.019.123.1

22.618.222.017.7

21.7

15.411.610.311.210.2

10.412.512.99.6

9.9ll.fi11.78.6

8.7

20.522.023.021.524.3

22.521.120.421.8

22.325.223.226.1

22.5

19.517.418.418.917.2

19.119.219.318.1

16.718.416.117.7

15.9

* Estimates based on incomplete data; by Council of Economic Advisers.2 Not available.NOTE.—Imports for consumption include merchandise entered immediately upon arrival into merchan-

dising or consumption channels, plus withdrawals from bonded customs warehouses for consumption.Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

270


TABLE B-47.—Indexes of quantity and unit value of United States merchandise imports forconsumption, bv economic class, 1936—38 quarterly average and 1947—51

[1936-38=1001

Period

Quarterly average:1936-3819471948 . . _1949_.._1950

1949 — First quarterSecond quarter .Third quarterFourth quarter

1950 — First quarterSecond quarter. .. ..Third quarterFourth quarter

1951 — First quarterSecond quarter * . _ .

Quarterly average:1936-381947194819491950 . . . . .

1949 — First quarterSecond quarter.Third quarterFourth quarter _


1951 — First quarterSecond quarter *

Totalimports forconsump-

tion

Crudematerials

Crudefoodstuffs

Manufac-tured food-

stuffs

Semi-manufac-

tures

Finishedmanufac-

tures

Quantity indexes

100108123120146

121116111131

137136154158

163158

100129139125152

129118116136

152140156161

161(2)

10096

109119113

121116104135

12194

125111

149(2)

100839197

117

9310510088

98113143113

126(2)

100130149143219

140129130169

189213220247

225(2)

10084

103101125

1059894

106

107119125147

141(2)

Unit value indexes

100213235224243

235224220217

223229248270

295308

100180203195214

206200193185

185194215255

302(2)

100311343330454

330306324352

410433485491

508(2)

100208212202203

205199205201

199199203210

214(2)

100191217198193

225208187180

176179197220

234(2)

100245266258252

267261258249

245248253262

278(2)

i Estimates based on incomplete data; by Council of Economic Advisers. For unit value, April used asin dicative of entire quarter,

a Not available.NoTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changes

in average prices has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions arc reported in official foreign trade statistics, including changes in averageprices that result from changes in the commodity composition of trade.


271


TABLE B—48.—Changes in selected economic series since 1939 and 1950

Source:Ap-

pendixTableNo.

B-l....

B-3.._.

B-6

B-7- —

B-10...

B-11--

B-15...

B-16...

B-17...

B-19...

B-20...

B-21__.

B-24.,.

See foe

Economic series

Gross national product .Personal consumption expendi-

turesGross private domestic investment .Government purchases of goods

and services . .

Gross national product in first half of1951 prices _

Personal consumption expendi-tures

Gross private domestic investment -Government purchases of goods

and services... _ .

National incomeCompensation of employees

Personal incomeDisposal personable income _Personal net saving

Per capita disposable personal income:Current pricesFirst half of 1951 prices

Labor force, including armed forcesCivilian labor force

Employment _ _AgriculturalNonagri cultural. . . .

Unemployment

Average gross weekly earnings:Manufacturing

Durable goodsNondurable goods

Building construction ._

Physical production index of goodsAgriculturalNonagricultural. _

Industrial productionDurable manufacturesNondurable manufacturesMinerals

New constructionPrivate

Residential (nonfarm)NonresidentialOther private

Public ...

Business expenditures for new plantand equipment

Manufacturing

Inventories, end of periodManufacturing..Wholesale tradeRetail trade

SalesManufacturingWholesale traote .Retail trade

Consumers* price index: All itemsFoodApparelRentHousefurnishings.

ttnotes at end of table.

1939=100

1950

Total

310

287494

324

168

160241

160

330321

310291396

251141

11611413178

14533

249239251243

178130189

183217172140

340474470481478187

357426

305297339303357384333334

173215187126188

Firsthalf

295

277444

311

164

158228

158

310304

298281396

244140

11511312875

14241

239229243231

(3)(3)180

173202166130

324446440428478183

309351

269262299266331350305320

170208184125183

Secondhalf

324

297543

338

172

163257

161

349337

321301396

259142

11811513481

14825

257248259252

(3)(3)198

194233177149

357501500533478191

405502

305297339303383418360347

176222190127193

1951,firsthalf*

355

305624

437

181

160283

202

377365

340314541

268141

(3)11313270

14822

270261268259

(3)(3)209

204251183154

375497440665517235

446591

347339378346407452382358

185237201129208

Percentage increase *

1950, firsthalf, to

1951, firsthalf

20.1

10.140.5

40.5

10.3

1.224.6

28.3

21.620.1

14.011.636.4

9.7.8

(3)-.a2.8

-6.84.1

-46.7

12.913.910.112.0

(3)

0,217.524.59.9

18.1

15.911.3

.055.38.0

28.6

44.368.4

28.929.326.329.923.129.025.212.2

9.014.09.43.4

13.7

1950, sec-ond half,to 1951,

first half 2

9.5

2.614.9

29.1

5.5

-1.910.4

25.2

8.18.3

6.14.3

36.4

3.4-1.0

(3)-2.4-1.9

-13.3-.2

-14.3N

5.15.43.62.8

8'5.5

5.27.93.13.2

5.1-.9

-12.024. 88. 2

23.4

10.017.8

13.614.011.514.16.48.16.23.4

5.17.06.11.97.7

272


TABLE B-48.—Changes in selected economic series since 1939 and 1950—Continued

Source:Ap-

pendixTableNo.

B-25...

B-26...

B-28...

B-29...

B-34...

B-43...

B-45...

Economic series

Wholesale price index: All commod-ities . . .

Farm productsFoods.Other than farm products and

foods .

Prices received by farmersPrices paid by farmers (including in-

terest, taxes, and wage rates)

Consumer credit outstanding, end ofperiod _.

Instalment credit . .

Loans and investments of all com-mercial banks , end of period

LoansInvestments in U. S. Government

obligations

Corporate profits:Profits before tax..Profits after tax

Dividend paymentsUndistributed profits

Merchandise exports, including re-exports . _.

General merchandise imports

1939=100

1950

Total

209261236

188

269

209

286304

311303

380

637456242

1133

*346

*356

Firsthalf

199246224

181

254

205

251274

299260

404

534380213917

*329

*307

Secondhalf

219276249

196

286

213

286304

311303

380

738530268

1350

<364

4405

1951,firsthalf3

237307264

211

322

230

273292

311320

362

772452242

1125

4501

4481

Percentage increase *

1950, firsthalf, to

1951, firsthalf8

18.724.718.2

16.8

27.0

12.0

8.86.6

3.922.8

-10.3

44.718.913.622.7

52.3

56.5

1950, sec-ond half,to 1951,

first half «

7.910.96.3

7.4

12.5

7.7

-4.5-4.2

-.15.4

-4.8

4.6-14.7-9.8

-16.7

37.6

18.8

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

> Estimates based on incomplete data.»Not available.41936-38 average=100.

273



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ERP Appendixes MY 1951 2