BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For Immediate release, Monday, August 16, 1951*~vu } :

G.12.3 ' - August 16, 1954 BUSINESS INDEXES

19U7-49 average = 100

Unadjusted 1954 1#3 1954 1953

, July i i July July 1 June | May July Industrial production

124 Total pl24 124 .124 137 P117 124 123 129 Manufactures

124 Total pl26 125 126 139 pll8 125 124 130 Durable pl36 135 135 157 P127 135 136 147 Nondurable Pll6 116 116 121 pl09 116 113 113

Minerals pill 113 111 120 P109 114 112 117 Consumer durable goods l/

116 Total pl20 118 119 137 P104 116 116 120 Major consumer durables P131 128 130 152 pl08 125 126 130 Autos P127 136 145 164 P125 143 146 l6l Household pl35 123 120 143. P 9& 111 110 103

Other consumer durables P 97 96 93 102 P 94 94 92 99 Construction contracts, value 234 189 Total n.a. 207 193 172 n.a* 240 234 189

Residential n.a. 227 216 175 n#a# 251 257 178 All other n.a. 193 178 170 n.a. 233 219 196

Employment and payrolls 2/ 113.8 Honagricultural emp., total P109.9 110.1 110.2 114.2 P109.5 110.2 109.7 113.8

Manufacturing prod, workers Employment, total plOO.4 101.8 102.1 113t6 p 99.1 100.9 100.5 112.2 Durable P105.6 107.6 108.3 124.6 pl04.0 107.6 108.0 122.8 nondurable P 94.3 95.0 94.9 100.8 P 93.4 93.1 91.8 99-8 Payrolls, total - . el32.8 136.7 135.1 15.1.1

Freight carloadings 82 84 84 93 86 87 86 97 Department store sales, value ell5 p U 2 108 113, e 91 pio6 106 89 Department store stocks,value n.a. 122 121 130 n.a. 116 126 121 if Detailed indexes are shown on page 5 of this release. For description see

Federal Reserve Bulletin for May 195^# PP 438-452. 2/ Seasonal factors for employment series revised for recent years* Back data may

be obtained from the Division of Research and Statistics x V " . ... . r . . .

Rote: Construction contract indexes based on 3-m>nth moving averages, centered at second month, of F. W. Dpdge data for 37 Eastern States. The unadjusted indexes of employment and payrolls are compiled by or based on data of the Bureau of Labor Statistics.

eEstimated pPreliminary n.a.Not available Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRQWJCTIOH (lS#-49 average - 100)

Seasonally adjusted Unadjusted M S P 1 1953 1954 1953 pJuly 1 June 1 May 1 July oJuly 1 June 1 May July

DURABLE MANUFACTURES*

Primary metals 105 109 106 136 95 110 108 124 Metal fabricating 150 146 147 171 140 146 147 161 Fabricated metal products 12k 122 121 142 117 122 121 135 Machinery 1*6 140 137 164 132 137 136 1*8 nonelectrical 126 123 124 145 120 125 126 138 Electrical n.a. 171 163 200 n.a. 163 162 168

Transportation equipment 169 168 175 196 163 173 177 190 Instruments 137 136 138 156 133 136 138 151 Clay, glass and lumber prod. 116 118 125 127 111 122 126 132 Stone, clay and glass prod. na. 129 130 135 131 130 132 Lumber and products n.a. 108 120 119 n.a. 115 122 112

Furniture and miscellaneous 120 120 118 134 112 116 114 125 Furniture and fixtures' 107 104 102 121 99 100 98 113 Miscellaneous manufactures 130 131 128 143 121 127 124 133

NONDURABLE MANUFACTURES: Textiles and apparel 96 96 99 111 85 97 95 97 Textile mill products n.a. 93 95 108 n.a. 93 94 93 Apparel and allied products n.a. 100 104 114 n.a. 102 96 102 Rubber and leather products 106 107 106 116 93 107 103 101 Rubber products . n.a. 119 119 130 n.a. 121 118 114 Leather and products n.a. 97 & 104 n.a. 95 89 91 Paper and printing 127 126 & 126 117 126 126 116 Paper and allied products n.a. 335 137 134 n.a. 135 134 120 Printing and publishing 121 121 120 121 114 120 121 114

Chemicals and petroleum prod* 141 142 141 146 134 13? 13? 139 Chemicals and allied prod* 148 148 147 152 138 144 144 141 Petroleum and coal products 123 125 125 132 123 125 123 132

Food, beverages and tobacco 109 109 110 107 112 111 104 111 Food and beverage mfrs. 109 109 110 108 113 111 103 112 Tobacco manufactures n.a. n.a. 108 103 n.a. n.a. 108 94 MINERALS: Mineral fuels Ill 114 112 120 107 112 111 114 Coal 70 69 65 87 57 63 62 69 Crude oil and natural gas 130 135 134 .135 130 135 134 135 Metal, stone and earth min. 109 110 106 121 121 122 116 134

p--Preliminary n.a.Rot available Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION (191*7-49 average 100)

Without seasonal adjustment im 15*53

.June 1 May | Apr. June | May Primary metals

Ferrous metals 106 10k 102 138 lb3 Pig iron 99 9h 93 133 133 Steel 109 108 105 113 118 Carbon steel 111 108 103 137 m o Alloy steel 102 109 113 183 196

Castings and forgings 100 97 98 127 133 Nonferrous metals 123 120 122 139 139

Fabricated metal products Structural metal parts 125 125 123 IliO 139 Stampings and misc. metal products 11h 116 117 1L3 lWt

Nonelectrical machinery Farm machinery 8U 81t 85 102 105 Industrial and commercial machinery 12? 127 129 118 118 Machine tools and presses 157 161 167 189 191

Electrical machinery Electrical apparatus and parts 157 159 160 182 182

Transportation equipment Autos 1U3 11*6 151 166 162 Trucks 95 100 101 106 12k Aircraft and parts ItTl L72 175 152 L52 Railroad cars 25 32 39 62 66

Stone, clay and glass products 116 125 Glass and pottery products 116 117 117 123 125

Cement 138 137 132 138 137 Lumber and products Lumber 106 117 113 117 llli Millwork and plywood 155 161 163 152 159

Textile mill products Cotton and synthetic fabrics 96 99 99 111 115 Cotton consumption 92 95 97 110 110 Synthetic fabrics 109 107 102 130 129

Wool textiles 69 68 63 91 87 Knit goods 106 105 103 117 123

Apparel and allied products Men1s outerwear 95 108 111 121* 128 Women*s outerwear 111 83 99 119 9h Misc. apparel, etc* 98 97 96 110 110

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

INDUSTRIAL PRODUCTION (191*7-1*9 average 100)

Without seasonal adjustment 1951* 1953

June I May 1 Apr. June | May

Rubber products Tires and tubes 119 111 Ill 123 132

Leather and products 106 Shoes and slippers 100 93 103 99 106

Paper and allied products Wood pulp 152 11*8 Ht6 11*6 11*1* Paper and board 129 125 125 128 126 Paperboard 136 132 128 11*0 135

Printing and publishing 125 118 Newsprint consumption 119 125 129 118 127

Job printing and periodicals 120 119 119 121 120 Chemicals and allied products

Industrial chemicals 152 Ui9 150 161 159 Synthetic fibers 157 11*9 11*6 171* 168

Paints 117 116 116 121 122 Petroleum -and coal products

128 136 Petroleum refining 132 130 128 136 132 Gasoline 12*3 11*0 137 11*5 11*0 Fuel oil 125 122 121 130 125

Coke 79 80 80 111* 111* Food and beverage manufactures Food manufactures 107 100 97 105 101 Meat products 108 105 106 105 103 Dairy products 151 135 119 lli6 136 Canned and frozen foods 98 85 75 103 90 Grain mill products 115 106 99 110 10L Bakery products 97 95 96 103 100

Beverages 126 115 103 119 110 Alcoholic beverages lilt 108 100 107 102 Beer and ale 128 117 106 117 106

Coal Bituminous coal 65 65 60 83 81.

Crude oil and natural gas Crude oil 125 121* 127 126 122

Metal mining 118 107 79 11*2 139 Iron ore 152 126 58 201 m

Stone and earth minerals 127 125 119 130 125

Note.--Groups and subgroups include individual series not published separately.

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OUTPUT AX)NSUMER DURABLE GOODS ^ (191*71*9 average 100)

Seasonally adjusted Unadjusted 195a 1953 1951* 1955

June | May 1 Apr. June June 1 May I Apr# June MAJOR HOUSEHOLD GOODS* Furniture and floor coverings 96 96 97 115 93 92 97 112

Furniture 102 100 102 122 98 96 100 117 Floor coverings 79 81* 82 96 80 81 90 93 . -iances and heaters 108 117 HI* 121 110 112 116 123 X i,i or appliances 111 120 117 127 111* 117 121* 130 Ranges 81 83 76 102 76 80 79 96 Refrigeration appliances 129 11*1* 136 138 11*0 11*7 153 lb? Laundry appliances 113 121* 131* 11*2 117 111 130 116

Heating apparatus n.a. 106 103 103 n.a* 96 91 100 Radio and television sets 21*6 198 178 262 165 155 172 179

iadio sets 1*5 1*3 1*3 63 1*1* 1*8 1*9 61 Television sets 631 1*93 1*36 61*2 397 360 1*06 bob

O T ' O CONSUMER DURABLE GOODS: Auto parts and tires 96 90 89 91 96 90 87 91 r'isc. home and personal goods 96 96 96 113 93 91* 96 110

OUTPUT CF MAJOR HOUSEHOID GOODS (191*71*9 average 100)

Without seasonal t adjustment 1951* 1953

June 1 1 May 1 # June 1 May V.'oven carpets 65 68 77 82 87 Gas ranges n.a. 71 70 72 88 -lectrie ranges 86 96 95 135 136 ".efrigerators 78 85 92 98 108 Freezers n.a* 169 151 198 260 Ashing machines 112 107 122 138 127 Driers and ironers 158 11*7 202 212 200 Vacuum cleaners 69 78 78 70 9b Furnaces n.a 85 81 96 100 .iter heaters 125 118 112 126 lato radios 96 112 117 11*3 176 Household radios 30 30 31 39 b5 Table model TV 1*28 396 1*98 310 357 Console model TV 369 328 322 1*90 560

Note.For description and back figures see Federal Reserve Bulletin for May 195b pp. b38-b52, reprint available on request* Back figures, not in Bulletin, on individual indexes for major household goods, without seasonal adjust-ment, also available on request to Division of Research and Statistics.

n.a.Not available* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis