Appendix C Statistical Tables Relating to Employment, Production, and Purchasing Power CONTENTS National income or expenditure: Page C-l. Gross national product or expenditure, 1929-49 149 C-2. Personal consumption expenditures, 1929-49 150 C-3. Gross private domestic investment, 1929-49 151 C-4. National income by distributive shares, 1929-49 152 C-5. Personal income, 1929-49 153 C-6. Relation of national income and personal income, 1929—49 .... 154 C-7. Disposition of personal income, 1929-49 155 C-8. Per capita disposable income in current and 1948 dollars, 1929-49 . . 156 Employment and wages: C-9. Labor force, employment, and unemployment, 1929-49 157 C-10. Number of wage and salary workers in nonagricultural establish- ments, 1929-49 158 C-ll. Average gross weekly earnings in selected industries, 1929-49 ... 159 C-l2. Average hourly earnings in selected industries, 1929-49 160 C-l 3. Average weekly hours in selected industries, 1929-49 161 Production and business activity: C-l 4. Physical production index of goods and selected services, 1929—49. . 162 C-15. Industrial production, 1929-49 163 C-l 6. New construction activity, 1929-49 164 C-l7. Business expenditures for new plant and equipment, 1929-50 . . . 165 G—18. Inventories and sales in manufacturing and trade, 1939—49 166 C-l9. Manufacturers' inventories by stage of fabrication and as ratios to sales, 1946-49 167 C—20. Sales, stocks, and outstanding orders at 296 department stores, 1939-49 168 Prices: C-21. Consumers'price index, 1929-49 169 C-22. Wholesale price index, 1929-49 170 C—23. Indexes of prices received and prices paid by farmers and parity ratio, 1929-49 171 Money, banking, and credit: C-24. Consumer credit outstanding, 1929-49 172 C-25. Loans and investments of all commercial banks and weekly reporting member banks, 1929-49 173 G-26. Adjusted deposits of all banks and currency outside banks, 1929-49 . 174 C-27. Estimated ownership of Federal securities, 1939-49 175 C-28. Bond yields and interest rates, selected years, 1929-49 176 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Appendix CStatistical Tables Relating to Employment,
Production, and Purchasing PowerCONTENTS
National income or expenditure: PageC - l . Gross national product or expenditure, 1929-49 149C-2. Personal consumption expenditures, 1929-49 150C-3 . Gross private domestic investment, 1929-49 151C-4. National income by distributive shares, 1929-49 152C-5. Personal income, 1929-49 153C-6. Relation of national income and personal income, 1929—49 . . . . 154C-7. Disposition of personal income, 1929-49 155C-8. Per capita disposable income in current and 1948 dollars, 1929-49 . . 156
Employment and wages:C-9. Labor force, employment, and unemployment, 1929-49 157
C-10. Number of wage and salary workers in nonagricultural establish-ments, 1929-49 158
C - l l . Average gross weekly earnings in selected industries, 1929-49 . . . 159C- l2 . Average hourly earnings in selected industries, 1929-49 160C- l 3. Average weekly hours in selected industries, 1929-49 161
Production and business activity:C-l 4. Physical production index of goods and selected services, 1929—49. . 162C-15. Industrial production, 1929-49 163C-l 6. New construction activity, 1929-49 164C- l7 . Business expenditures for new plant and equipment, 1929-50 . . . 165G—18. Inventories and sales in manufacturing and trade, 1939—49 166C- l9 . Manufacturers' inventories by stage of fabrication and as ratios to
sales, 1946-49 167C—20. Sales, stocks, and outstanding orders at 296 department stores,
1939-49 168Prices:
C-21. Consumers'price index, 1929-49 169C-22. Wholesale price index, 1929-49 170C—23. Indexes of prices received and prices paid by farmers and parity
ratio, 1929-49 171Money, banking, and credit:
C-24. Consumer credit outstanding, 1929-49 172C-25. Loans and investments of all commercial banks and weekly reporting
member banks, 1929-49 173G-26. Adjusted deposits of all banks and currency outside banks, 1929-49 . 174C-27. Estimated ownership of Federal securities, 1939-49 175C-28. Bond yields and interest rates, selected years, 1929-49 176
147
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Corporate profits and finance: PageC-29. Profits before and after tax, all private corporations, 1929-49 . . 177C-30. Sales and profits of large manufacturing corporations, 1939-49 . . 178C-31. Relation of profits before and after taxes to stockholders' equity, pri-
vate manufacturing corporations, by industry groups, 1948-49 . . 179G—32. Relation of profits before and after taxes to sales, private manufactur-
ing corporations, by industry groups, 1948-49 180G-33. Relation of profits before and after taxes to stockholders' equity and
to sales, all private manufacturing corporations, by size classes,1948-49 181
G-34. Sources and uses of corporate funds, 1946—49 182International transactions:
C-35. The international transactions of the United States, 1946-49 . . . 183G-36. United States exports and imports of goods and services, by area,
1937 and 1946-49 184C-37. United States Government aid to foreign countries, 1946-49 . . . 185C—38. Export price indexes of selected countries converted to dollars, 1937—
40 and 1946-49 186G—39. United States merchandise exports, including reexports, by areas,
1936-38 quarterly average and 1947-49 187G-40. United States domestic merchandise exports, by economic classes,
1936-38 quarterly average and 1947-49 188C-41. Indexes of quantity and unit value of United States domestic mer-
chandise exports by economic classes, 1936-38 quarterly averageand 1947-49 189
G-42. United States general merchandise imports, by areas, 1936-38quarterly average and 1947—49 190
G-43. United States merchandise imports for consumption, by economicclasses, 1936-38 quarterly average and 1947-49 191
C-44. Indexes of quantity and unit value of United States merchandise im-ports for consumption, by economic classes, 1936-38 quarterlyaverage and 1947-49 192
Summary:C-45. Changes in selected economic series since 1939 and 1948 and during
1949 193
I48
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statistical Tables Relating to Employment,Production, and Purchasing Power
TABLE C-l.—Gross national product or expenditure, 7929-49
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; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
150
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
i Items for 1939 and subsequent years are not comparable to those for earlier years, since they includecertain outlays incident to construction which have not yet been estimated for years prior to 1939. Forfurther details see Survey of Current Business, July 1949, p. 7.
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, garages, and hotels.
* Farm construction (residential and nonresidential) plus "farm machinery and equipment" and farmers'purchases of "tractors" and "business motor vehicles." (See footnote 2.)
6 Includes religious, educational, social and recreational, hospital and institutional, and miscellaneousnonresidential.
e Less than $50,000,000.' Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to total because of rounding.
Source: Department of Commerce (except as noted).
151
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—4.—National income by distributive shares, 7929-49
[Billions of dollars]
Period
1929..
1930..1931..1932..1933..1934..
1935..1936..1937..1938..1939..
1940..1941..1942-.1943..1944..
1945..1946..1947..1948..1949 «.
1948: First halfSecond half -
1949: First halfSecond half»
1948: First quarter __Second quarterThird quarterFourth quarter
1949: First quarterSecond quarterThird quarter«Fourth quarter«
Totalnation-
alin-
come i
87.4
75.058.941.739.648.6
56.864.773.667.472.5
81.3103. 8137.1169.7183.8
182.7179.6201.7226.2222.5
Com-pen-
sationof em-ploy-ees 2
50.8
46.539.530.829.334.1
37.142.747.744.747.8
51.864.384.9
109.2121.2
123.0117.0127.6140.3142.2
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
18.720.823.124.524.1
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
18.822.724.724.923.4
In-ven-toryvalu-ationad-
just-ment
0.1
.6
.3- . 5
i
- . 1- . 1(4)
. 22
1
- . '6- . 4- . 2- . 1
- . 1-1.9- 1 . 6- . 4
.7
In-come
offarmpro-prie-tors
3.92.91.72.32.3
4.93.95.64.44.54.96.9
10.511.811.8
12.514.215.418.415.0
Rent-al in-come
ofper-sons
5.8
4.83.62.52.02.1
2.32.73.13.33.5
3.64.35.46.16.5
6.36.26.56.66.6
Corporate profitsand inventory
valuationadjustment
Total
10.3
6.61.6
- 2 . 0- 2 . 0
1.1
3.04.96.24.35.8
9.214.619.924.324.0
19.218.325.632.630.3
Cor-po-rateprof-its
beforetax 3
9.8
3.3- . 8
- 3 . 0. 2
1.7
3.25.76.23.36.5
9 317! 221.125.124.3
19.723.631.634.827.6
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
-5.2-6.0-2.22.7
Netinter-
est
Annual rates, seasonally adjusted
220.0232.4
224.8220.2
215.1224.9230.4234.3
226.3223.4222.5217.8
136.4144.1
142.1142.2
135.1137.7143.3144.9
142. 5141.8142.2142.3
24.424.5
24.024.1
24.224.624.524.5
24.024.124.224.0
25.224.5
23.023.7
25.125.325.923.1
22.923.123.623.8
- . 8
1.1.4
- . 9n
- L 41.4
1.11.0.6.2
18.118.6
16.413.6
17.119.118.818.5
17.115.713.813.5
6.66.6
6.76.5
6.66.76.66.7
6.76.76.56.5
30.834.5
31.429.3
28.533.033.335.7
31.830.931.527.1
34.035.6
27.927.2
33.035.036.634.5
29.426.428.026.5
- 3 . 2- 1 . 0
3.42.0
- 4 . 5- 2 . 0- 3 . 3
1.2
2.34.53.5.6
6.5
6.25.95.45.04.8
4.54.54.44.34.2
4.14.13.93.43.1
3.03.03.43.84.3
3.64.0
4.24.43. 63.73.94.1
4.24.34.34.4
1 National income is the total net income earned in production by individuals of businesses. The concep tof national income currently used differs from the concept of gross national product in that it excludes de-preciation charges and other allowances for business and institutional consumption of durable capital goods.
2 Includes wage and salary receipts and other labor income (see appendix table C-5), and employer andemployee contribution for social insurance.
3 See appendix table C-29 for corporate tax liability (Federal and State income and excess profits taxes)and corporate profits after taxes.
< Less than $50,000,000.« Estimates based on incomplete data; profits and total national income for third quarter and all items for
fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
152
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 0-5.—Personal income, 1929-49
[Billions of dollars]
Period
1929
1930193119321933 _1934
19351936 . _193719381939 __
1940 _194119421943 _1944
19451946 _ _194719481949 « _
1948: First halfSecond half
1949: First halfSecond half6 _-
1948: First quarter. _.Second quarter, .Third quarterFourth quarter. _
1949: First quarterSecond quarterThird quarter. _ .Fourth quarter 6
Totalpersonalincome
85.1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.3
122.7150.3165.9
171.9176.9193.5211.9211.7
Salaries,wages,
and otherlabor
income *
50.5
46.339.230.529.033.8
36.842.145.942.845.7
49.561 581.4
104.5116 2
116.9111.0121 9135.1136.8
Proprie-tors' and
rentalincome 2
19.7
15.711.87.47.28.7
12.112.615.414.014.7
16.320.828.432.835.5
37.541.245.149.545.7
Dividendsand
personalinterestincome 3
13.3
12.611.19.18.28.6
8.610.110.38.79.2
9.49.99.7
10.010.6
11.413.214.816.217.3
Transferpayments
1.5
1.52.72.22.12.2
2.43.52.42.83.0
3.13.13.23.03.6
6.211.411.711.112.0
Nonagri-culturalpersonalincome 4
76.8
70.060.146.243.049.5
53.462.866.562.166.3
71.586.1
109.4135.2150.5
155.7158.5173.5188.8192.0
Annual rates, seasonally adjusted
207.7216.0
213.1210.3
205.1210.3215.4216.6
213.7212.5210.6210.0
131.3138.9
136.9136.6
129.9132.7138.3139.5
137.1136.7136.6136.7
49.249.8
47.244.2
48.050.449.949.7
47.846.544.544.0
15.716.6
17.217.4
15.615.816.316.9
17.117.217.317.5
11.510.8
11.912.0
11.611.411.010.5
11.712.112.211.8
184.9192.4
192.0192.0
183.4186.4191.8193.1
191.9192,1192.2191.9
1 Differs from "compensation of employees" in appendix table C-4, 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 salaries),directors' fees, jury and witness fees, compensation of prison inmates, Government payments to enemyprisoners of war, marriage fees to justices of the peace, and merchant marine war-risk life and injury claims.
2 See appendix table C-4, for major components.3 See appendix table 0-29, for dividend payments.4 Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricul-
tural net rents, agricultural net interest, and net dividends paid by agricultural corporations.« Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
153
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-6.—Relation of national income and personal income, 1929-49
1 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, interpolated from published monthlyestimates.
2 Current dollars divided by the consumers' price index on the base 1948=100 to give a rough measure ofchanges in buying power of disposable income.
3 The consumers' price index has been roughly adjusted to take account of the understatement duringthe price-control period. This adjustment is in line with the report of the Technical Committee (betterknown as the Mitchell Committee) on the consumers' price index. The unadjusted index will be found inappendix table C-21.
* Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.Sources: Department of Commerce (disposable income and population) and Department of Labor
(consumers' price index).
156
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-9.—Labor force, employment and unemployment, 1929-49
i Data for 1940-49 exclude about 150,000 members of the armed forces who were outside the continentalUnited States in 1940 and who were therefore not enumerated in the 1940 census. This figure is deductedby the Census Bureau from its current estimates for comparability with 1940 data.
a 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.
NOTE.—Detail will not necessarily add to totals because of rounding.Survey on which labor force data are based is made during the week including the 8th of the month.Sources: Department of Labor (1929-39) and Department of Commerce (1940-49).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—10.—Number of wage and salary workers in nonagi'{cultural establishments, 1929—49 1
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 (appen-dix table C-9) which include proprietors, self-employed persons, and domestic servants; which count personsas employed when they are not at work because of industrial disputes, bad weather, or temporary lay-offsand which are based on an enumeration of population, whereas the estimates in this table are based on reportsfrom employing establishments.
1 Data for the trade and service divisions, beginning with January 1947, are not comparable with datashown for earlier years because of the shift of the automotive repair service industry from the trade to theservice divtson. In January 1947, this industry amounted to approximately 230,000 employees.
*Not available.< Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Adjustments have been made to levels indicated by unemployment insurance agencies and the Bureau
of Old-Age and Survivors Insurance data through 1947, and have been carried forward from 1947 benchmark levels, thereby providing consistent series.
Source: Department of Labor.
158
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—11.—Average gross weekly earnings in selected industries, 1929—49
Period
Monthly average:1929
19301931. __193219331934
19351936193719381939
19401941194219431944
19451946194719481949 7
1948—First half--.Second half..
1949—First half__ _Second half 7.
1948—JanuaryFebruary-- .MarchApriL__.MayJ u n e . .Ju ly . . .AugustSeptember,.OctoberNovember. _December...
1 Money payments only; additional value of room, board, uniforms, and tips not included.a Not available.3 Not available. Series beginning April 1945 includes only employees subject to provisions of the Fair LaborStandards Act and is not comparable with preceding series which includes all employees. BeginningJune 1949 data relate to nonsupervisory employees.
* Annual average includes retroactive pay increases not included in monthly averages.* Not strictly comparable with previous data.* Preliminary average; does not include any retroactive wage payments.7 Estimates based on incomplete data.* Data reflect work stoppages.9 3-day work week.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 pay roll periods ending closestto the middle of the month except in railroads where monthly pay roll and employment figures are used.
Adjustments have been made to levels indicated by unemployment insurance agencies and the Bureauof Old-Age and Survivors Insurance data through 1947, and have been carried forward from 1947 benchmark levels, thereby providing consistent series.
The monthly average for each year except 1949 has been weighted by man-hours and therefore [doesnot agree with the straight arithmetic average of the monthly or half year data.
Source: Department of Labor.
159
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-12.—Average hourly earnings in selected industries',
1 Money payments only; additional value of room, board, uniforms, and tips not included.2 Not available.3 Not available. Series beginning April 1945 includes only employees subject to provisions of the FairLabor Standards Act and is not comparable with preceding series which includes all employees. BeginningJune 1949 data relate to nonsupervisory employees.4 Annual average includes retroactive pay increases not included in monthly averages.8 Not strictly comparable with previous data.6 Preliminary average; does not include any retroactive wage payments.7 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 pay roll periods ending closestto the middle of the month except in railroads where monthly pay roll and employment figures are used.
Adjustments have been made to levels indicated by unemployment insurance agencies and the Bureauof Old-Age and Survivors Insurance data through 1947, and have been carried forward from 1947 benchmark levels, thereby providing consistent series.
The monthly average for each year except 1949 has been weighted by man-hours and therefore does notagree with the straight arithmetic average of the monthly or half year data.
Source: Department of Labor.
160
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-13.—Average weekly hours in selected industries, 7929-49
1 Not available.2 Average for year not available because new series was started in April 1945. Beginning with June
1949 data relate to nonsupervisory employees only.3 Not comparable with previous data.4 Estimates based on incomplete data.5 Data reflect work stoppages.6 3-day workweek.
NOTE.—Data are for production workers in manufacturing and mining, hourly rated employees in rail-roads, and for nonsupervisory employees in other industries. Data are for pay roll periods ending closestto the middle of the month except in railroads where monthly pay roll and employment figures are used.
Adjustments have been made to levels indicated by unemployment insurance agencies and the Bureauof Old-Age and Survivors Insurance data through 1947, and have been carried forward from 1947 benchmark levels, thereby providing consistent series.
The monthly average for each year except 1949 has been weighted by man-hours and therefore does notagree with the straight arithmetic average of the monthly or half year data.
Source: Department of Labor.
161
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-14.—Physical production index of goods and selected services, 1929-49
[1935-39=100 i]
Period
Weights: 2Total __ _ . .Nonagricultural
19291930 —193119321933.- .1934 . . .
19351936 _193719381939 —
1940.— -19411942—1943 _1944
19451946—194719481949 *
1948—First half .Second half
1949—First halfSecond hah* a ._.
Production of goods
Totalpro-
ductionof
rgoods
100.0
1129685697274
8799
11193
110
123154187207201
178162176184175
(4)
Agri-cultural
pro-duction
19.5
9795
1041019379
9685
108105106
110114128125130
129134129140138
(5)(«)
8
Nonagricultural production
Total
78.0100.0
1169781626873
8510311290
110
126164201227218
190169187195184
196196
187180
Indus-trial
produc-tion
65.681.6
no"9175586975
8710311389
109
125162199239235
203170187192175
192192
181170
Con-struc-tion
9.011.1
180153124795358
69101106101123
13318220211260
68128147174182
171179
172191
Electricand gasutilities
5.87.2
888784767781
8797
104100111
123141158183191
187188214243247
242244
249245
Production ofselected services
Trans-por-
tation
31710489737683
8810111095
106
117146185220230
217198208209191
210208
197185
Tele-phone
andtele-
graph
110106101918486
9098
102102108
115126135143147
158182196207
(4)
(4)
. 8 '1 All half year data have been seasonally adjusted except the electric and gas utilities for which no satis-
factory adjustment factor is available. »-i&* &•&•&• fes*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 weight ex-cludes 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-factures 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 0-15 for the individualcomponents of the index of industrial production.
5 Estimates based on incomplete data.* Not available.6 Because of the extreme seasonal nature of agricultural crop production, only an annual index has been
computed.
NOTE.—A composite index of production of goods and services has not been compiled because of theinadequate 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 physical
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 1935-48 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.
162
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
i Excludes construction expenditures for crude petroleum and natural-gas drilling, and, therefore doesnot agree with the new construction expenditures in the gross national product.
21939 and subsequent years are not comparable to nonfarm residential construction in table C-3 sincethis series excludes certain outlays incident to construction which have been included in gross privatedomestic investment.
3 Excludes farm and public utility; for 1929-32 includes negligible amount of public industrial and com-mercial building not segregable.
4 Estimates based on incomplete data.
Sources: Department of Commerce and Department of Labor.
164
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—17.—Business expenditures for new plant and equipment, 1929—50
1 Excludes agriculture.2 Commercial and miscellaneous includes 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.fe 3 Not available separately for years prior to 1939.¥, * Included in commercial and miscellaneous prior to 1939.wp Estimates for fourth quarter of 1949 and the first quarter of 1950 are based on anticipated capital expend-itures of business.
NOTE.—These figures do not agree with those shown in column 2 of table C-3 and included in the grossnational product estimates of the Department of Commerce, principally because the latter cover certainequipment and construction outlays charged to current expense. Figures for 1929-44 are Federal ReserveBoard estimates based on Securities and Exchange Commission and other data.
Detail will not necessarily add to totals because figures are rounded to the nearest $10,000,000.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
165
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G—18.—Inventories and sales in manufacturing and trade, 1939-49
[Adjusted for seasonal variation]
Period
1939-
1940..1941..1942..1943-1944..
1945....1946....1947....1948....
1948—First half....Second half..
1949-Firsthalf....
1948—JanuaryFebruary...MarchApri l . .MayJuneJuly__AugustSeptember-OctoberNovember..December..
1 Book value, end of period.2 Monthly average shown for year and half year and total for month.3 Average inventories based on centered averages of month-end figures.< Estimates based on incomplete data.1 Not available.
NOTE.—The inventory figures in this table do not agree with the estimates of "change in business inven-tories" included in the gross national product since they cover only manufacturing and trade rather than allbusiness, and show inventories in terms of current book value without adjustment for revaluation.
Source: Department of Commerce.
166
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-19.—Manufacturers'' inventories by stage of fabrication'and as ratios to sales, 1946-49
1 Not adjusted for seasonal variation.2 Not available.* Estimates based on incomplete data.
NOTE.—These figures represent retail sales, stocks, and outstanding orders as reported by a sample of296 of the larger department stores located in various cities throughout the country and are not estimatesof total sales, stocks, and outstanding orders for all department stores in the United States. Data are notavailable prior to 1939.
Source: Board of Governors of the Federal Reserve System.
168
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1 Includes other sale credit and repair and modernization loans insured by Federal Housing Administra-tion.
2 Includes single-payment loans of commercial banks, and pawnbrokers and service credit.3 Estimates by Council of Economic Advisers.« Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
172
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G—25.—Loans and investments of all commercial banks and weekly reporting member banks,1929-49
1 Reporting date nearest end of period.2 June data are used because complete end-of-year data prior to 1936 are not available for U. S. Government
obligations.3 Not available prior to May 12,1937, when the loan classification was revised.* Estimates by Council of Economic Advisers.«Beginning June, reported gross, i. e., before deduction of valuation reserves, instead of net as previously
reported.6 Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-26.—Adjusted deposits of all banks and currency outside banks, 1929-49
1 Reporting date nearest end of period.* Includes demand deposits, other than interbank and U. S. Government, less cash items in process of
collection.8 Includes deposits in commercial banks, mutual savings banks, and Postal Savings System.* Estimates by Council of Economic Advisers.* Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
174
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-27.—Estimated ownership of Federal securities, 1939-49
1 United States savings bonds, series A-D, E, and F, are included at current redemption values.2 Securities issued or guaranteed by the U. S. Government, excluding guaranteed securities held by the
Treasury.3 Includes trust, sinking, and investment funds of State and local governments and their agencies, and
Territories and insular possessions.4 Includes commercial banks, trust companies, and stock savings banks in the United States and in
Territories and insular possessions. Figures exclude securities held in trust departments.« Includes insurance companies, mutual savings banks, savings and loan associations, dealers and brokers
and foreign accounts in this country. Beginning with December 1946, the foreign accounts include invest-ments by the International Bank for Reconstruction and Development and the International MonetaryFund in special noninterest bearing notes issued by the U. S. Government. Beginning with June 30,1947,includes holdings of Federal land banks.
6 Includes partnerships and personal trust accounts.' Estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Treasury Department (except as noted).
175
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-28.—Bond yields and interest rates, selected years, 1929-49
[Percent per annum]
Period 9-12monthcertifi-cates of
indebted-ness
U. S. Government securityyields
Long-term bonds
Partiallytax-
exempt 2
15 yearsand over,taxable
High grade cor-porate bond
yields(Moody's)
Aaabonds
Baabonds
Bankrates onshort-term
businessloans
(3)(3)(3)00
2.1
2.02.6
2.22.12.12.5
(3)
2.42.472.602.64
2.702.742.63
(3)
Bankersaccept-ances 90days-NewYork
5.03.63.13.43.44
.44
.44
.44
.61
.871.111.13
1.061.061.131.19
1.191.191.061.06
FederalEeserveBank
discountrate-NewYork
1929 average1933 average1935 average1937 average1939 average
1941 average1943 average
1945 average1946 average1947 average1948 average. . . _1949 average 8
1 Tax exempt prior to March 1, 1941; taxable thereafter.2 Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 12
years, in 1929 and 1933; and after 15 years, from 1935,3 Not available.« From October 30, 1942 to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances se-
cured by Government securities maturing in 1 year or less.« No partially tax-exempt bonds due or callable in 15 years and over.6 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.
Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal Ee-serve System (except as noted).
176
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-29.—Profits before and after tax, all private corporations, 1929-49
1 Federal and State corporate income and excess profits taxes.2 Minus $8,000,000.3 Estimates based on incomplete data; third and fourth quarters by Council of Economic Advisers.
NOTE.—No allowance has been made for inventory valuation adjustment. See appendix table C-4 forprofits before tax and inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
177
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—30.—Sales and profits of large manufacturing corporations^ 1939—49
Totals for period, not adjusted for seasonal variation
11,15412,664
12,545
5,4405,7145,9916,673
6,1536,3926,323
1,3601,746
1,660
672688788958
840820862
8031,034
989
395408470564
498491504
6,5086,856
6,294
3,2193,2893,3243,532
3,2453,0493,179
1,0991,108
901
546553543565
501400451
718756
584
356362362394
325259295
1 See Federal Eeserve Bulletin, June 1949 and subsequent issues, for similar data for the following industrygroups: primary metals and products, machinery, automobiles and equipment, foods and kindred products,chemicals and allied products, and petroleum refining.
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.
178
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—31.—Relation of profits before and after taxes to stockholders9 equity, privatemanufacturing corporations, by industry groups, 1948-49
Industry groups
All private manufacturing corporations...
FoodTobacco manufacturesTextile 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 productsLeather and leather productsStone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries
Fabricated metal products _.Machinery (except electrical and transportation).Electrical machinery _.Transportation equipment (except motor
vehicles)Motor vehicles and parts
Instruments; photographic and optical goods;watches and clocks
Miscellaneous manufacturing (including ord-nance)
All private manufacturing corporations-..
Food-. ._.Tobacco manufacturesTextile 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 products _Stone, clay, and glass productsPrimary nonferrous metal industries.Primary iron and steel industries
Fabricated metal productsMachinery (except electrical and transportation).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
1948
Totalfor year
Thirdquarter
Fourthquarter
1949
Firstquarter
Secondquarter
Thirdquarter
Before Federal taxes
25.6
21.321.930.920.530.4
26.826.724.025.026.7
21.517.824.322.323.8
27.527.327.6
14.234.7
22.6
20.7
25.2
24.028.026.823.630.8
23.224.826.025.224.0
20.820.027.621.224.0
28.024.822.8
11.636.4
21.6
23.6
25.2
20.825.623.69.2
19.2
22.422.818.024.422.4
21.614.025.224.830.0
28.027.632.0
18.842.0
26.8
19.6
20.4
16.818.416.817.614.8
16.019.623.222.818.0
13.611.618.821.625.6
20.023.622.0
15.233.6
20.8
16.0
16.8
20.020.88.4
10.014.4
12.414.019.616.814.8
11.67.6
21.28.0
17.6
14.020.416.4
11.236.0
19.2
5.2
After Federal taxes
16.1
12.913.718.812.219.3
16.016.414.615.819.8
12.410.415.014.114.7
17.016.616.1
8.219.8
14.0
12.2
16.0
14.817.616.014.419.2
13.615.216.816.018.0
12.011.617.213.614.8
17.214.814.0
6.821.2
13.2
14.8
15.6
12.415.614.45.2
12.4
13.214.010.016.018.0
12.87.6
15.215.218.4
17.216.818.0
10.822.8
16.8
11.2
12.8
9.611.610.010.48.8
9.212.014.414.013.2
8.06.4
11.213.614.8
12.014.012.4
9.619.6
12.4
10.0
10.4
12.412.84.45.29.2
6.48.4
11.610.011.6
7.23.6
13.24.0
10.0
7.612.410.0
6.820.8
11.6
2.0
18.8
23.222.010.816.012.8
13.214.821.222.414.0
10.812.824.49.2
14.4
20.417.217.6
11.646.8
19.2
13.6
12.0
14.413.66.49.68.0
7.29.2
13.214.011.2
6.87.2
15.25.68.4
12.010.410.8
7.227.2
11.2
7.6
Sources: Federal Trade Commission and Securities and Exchange Commission.
179
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—32.—Relation of profits before and after taxes to sales, private manufacturing corpora-tions, by industry groups, 1948—49
Industry groups
Profits in cents per dollar of sales
1948
Total foryear
Thirdquarter
Fourthquarter
1949
Firstquarter
Secondquarter
Thirdquarter
All private manufacturing corpora-tions
Food-.Tobacco manufacturesTextile mill productsApparel and finished textilesLumber and wood products
Furniture and fixtures..Paper and allied productsPrinting and publishing (except news-
papers)Chemicals and allied productsProducts of petroleum and coal
Rubber productsLeather and leather productsStone, clay, and glass productsPrimary nonferrous metal industriesPrimary iron and steel industries
Fabricated metal productsMachinery (except electrical and trans-
portation)Electrical machineryTransportation equipment (except motor
vehicles)Motor vehicles and parts.-
Instruments; photographic and opticalgoods; watches and clocks
Miscellaneous manufacturing (includingordnance)
All private manufacturing corpora-tions
FoodTobacco manufacturesTextile mill productsApparel and finished textiles-Lumber and wood products..
Furniture and fixturesPaper and allied productsPrinting and publishing (except news-
papers)Chemicals and allied productsProducts of petroleum and coal__
Rubber productsLeather and leather productsStone, clay, and glass products. __Primary nonferrous metal industriesPrimary iron and steel industries
Fabricated metal productsMachinery (except electrical and trans-
portation)Electrical machineryTransportation equipment (except motor
vehicles)Motor vehicles and parts
Instruments; photographic and opticalgoods; watches and clocks
Miscellaneous manufacturing (includingordnance)
Before Federal taxes
11.15.68.3
13.55.1
15.4
9.213.8
8.513.917.4
8.25.6
13.914.212.2
11.5
12.010.1
7.012.0
12.5
9.5
11.06.19.7
12.85.8
15.1
8.312.8
9.414.516.4
7.86.2
15.512.612.5
11.4
11.59.0
5.312.5
12.3
10.8
10.95.5
10.111.32.3
11.0
7.512.0
6.213.315.2
8.44.5
14.116.214.2
11.2
12.010.7
8.613.7
13.0
8.7
9.9
4.67.78.94.8
10.4
6.511.5
9.113.213.8
6.24.1
12.315.213.4
9.8
11.89.0
7.212.0
12.0
8.4
8.5
5.68.24.93.19.2
5.29.1
7.710.811.8
5.02.9
14.07.5
10.8
7.1
10.77.1
5.512.1
11.3
2.7
After Federal taxes
7.0
3.35.18.23.09.8
5.58.4
5.28.8
12.9
4.73.38.69.07.5
7.1
7.35.9
4.06.9
7.8
5.6
6.9
3.76.17.73.69.5
4.87.8
6.19.2
12.2
4.53.79.68.17.7
7.0
6.95.5
3.07.3
7.6
6.8
6.8
3.36.16.91.37.2
4.47.4
3.48.7
12.2
4.92.58.7
10.08.7
7.0
7.26.0
4.97.4
8.2
5.0
6.1
2.74.85.32.96.4
3.77.0
5.78.1
10.3
3.72.27.29.57.9
5.8
7.15.1
4.57.1
7.2
5.2
5.2
3.45.02.71.65.8
2.75.5
4.66.59.2
3.11.48.63.96.2
3.8
6.44.5
3.37.1
6.9
1.1
9.5
6.58.55.94.38.1
5.79.5
14.511.6
4.54.3
15.78.89.9
9.5
10.27.9
6.115.4
11.5
6.9
6.04.05.33.52.55.2
3.15.7
5.49.19.1
2.92.59.75.65.7
5.7
6.24.8
3.79.0
6.7
3.9
Sources: Federal Trade Commission and Securities and Exchange Commission.
180
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-33.—Relation of profits before and after taxes to stockholders9 equity and to sales, allprivate manufacturing corporations, by size classes, 1948—49
Assets class (thousands of dollars)
All sizes
1 to 249250 to 9991,000 to 4,999 _.5,000 to 99,999100,000 and over
All sizes
1 to 249 . .250 to 9991,000 to 4,999 _ _.5,000 to 99,999100,000 and over.
All sizes _ _ - .
I t o 2 4 9 . . _ ___ . .250 to 9991,000 to 4,9995,000 to 99,999 _.100,000 and over
All sizes .
1 to 249250 to 9991,000 to 4,999 ._5,000 to 99,999100,000 and over _ _
1948
Total foryear
Thirdquarter
Fourthquarter
1949
Firstquarter
Secondquarter
Thirdquarter
Ratio of profits before Federal taxes (annual rate) to stockholders'equity
25.6
15.523.824.826.426.1
25.2
23.223.225.225.626.4
25.2 1 20.4
2.816.419.626.027.6
14.417.217.220.022.4
16.8
10.412.815.216.018.8
18.8
14.016.016.017.230.8
Profits before Federal taxes in cents per dollar of sales
11.1
4.07.49.0
11.313.2
11.0
5.87.39.2
11.112.8
10.9
0.75.27.1
11.114.1
9.9
4.06.27.09.7
12.2
8.5
2.84.86.5o o
10.5
9.5
3.86.06.98.9
11.9
Ratio of profits after Federal taxes (annual rate) to stockholders'equity
16.1
8.814.214.816.116.9
16.0
15.214.015.215.617.2
15.6
- 0 . 89.2
11.616.018.0
12.8
8.49.6
10.012.014.4
10.4
4.86.88.89.6
12.0
12.0
8.49.29.2
10.413.6
Profits afte r Federal taxes in cents per dollar of sales
7.0
2.34.45.47.08.6
6.9
3.84.45.66.88.3
6.8
- 0 . 23.04.26.89.2
6.1
2.43.54.05.97.8
5.2
1.32.53.75.06.7
6.0
2.33.44.05.57.6
Sources: Federal Trade Commission and Securities and Exchange Commission.
181
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-34.—Sources and uses oj corporate funds t 1 946-49l
External:Change in trade debt-Change in Federal income tax liability. _ . . .Other current liabilities -Change in bank loans. __Change in mortgages __ _ _. . . __Net new issues
Bonds. __ __Stocks, _
Total external sources _ _
Total sources
Uses:Plant and equipment outlays .Inventories (change in book value)Change in customer receivablesCash and deposits .United States Government securitiesOther current assets _
Total uses.._ ._
Discrepancy (uses less sources)
1946
7.74.2
11.9
4.0
1*83.3.6
2.31.01.3
10.4
22.3
11.611.24.81.1
- 5 . 8- . 7
22.2
- 1
1947
11.44.9
16.3
2.62.7.6
2.6.8
4.43.11.3
13.7
30.0
15.08.95.71.3
- 1 . 5- . 1
29.3
—.7
1948
12.55.5
18.0
.9
.9(3)1.2.7
6.04.81.2
9.7
27.7
17.36.32.3
—.1.1
25.9
- 1 . 8
1949»
7.56.2
13.7
- . 2-2 .4(3)-1 .6
.55.13.71.4
1.4
15.1
16.0—3.7
.71.01.5
—.4
15.1
1 Excludes banks and insurance companies.2 Estimates based on incomplete data.3 Less than $50,000,000.
Sources: Department of Commerce estimates based on Securities and Exchange Commission and otherfinancial data.
182
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-35.—The international transactions of the United States, 7946-49
[Millions of dollars]
Type of transaction
Exports of goods and services:Recorded goods *Other goods8 -
Total goodsServices -Income on investments
Total exports
Imports of goods and services:Recorded goodsOther goods » _.
Total goodsServicesIncome on investments
Total imports _ _
Surplus of exports of goods andservices:
Recorded goods*Other goods* -
Total goodsServicesIncome on investments
Total surplus of exports
Means of financing surplus of exportsof goods and services:4
Liquidation of gold and dollarassets by foreign countries
Dollar disbursements by:Internat ional Monetary
FundInternational Bank
United States Governmentsources:8
GrantsLong- and short-term loans.-
United States private sources:RemittancesLong- and short-term capital.
Total means of financing.. -
Errors and omissions
1946
10,1861,688
11,8742,272
820
14,966
4,933235
5,1681,783
216
7,167
5,2531,453
6,706489604
7,799
1,968
2,2792,774
598335
7,954
-155
1947
15,230826
16,0562,6111,074
19,741
5,756315
6,0712,165
227
8,463
9,474511
9,985446847
11,278
4,513
464297
1,8123,901
568727
12,282
-1,004
1948
12,615830
13,4452,0831,263
16,791
7,124573
7,6972,493
291
10,481
5,491257
5,748-410
972
6,310
857
196176
3,761897
6481,017
7,552
-1,242
1949
Total»
11,925579
12,5042,0611,261
15,826
6,618596
7,2142,584
277
10,075
5,307-17
5,290-523
984
5,751
-42
8347
5,243618
537374
6,860
-1,109
Firstquarter
3,286167
3,453550263
4,266
1,790173
1,96356481
2,608
1,496- 6
1,490-14182
1,658
-28
328
1,273292
147115
1,839
-181
Secondquarter
3,356138
3,494570350
4,414
1,601140
1,74162457
2,422
1,755- 2
1,753-54293
1,992
330
18g
1,490110
14153
2,150
-158
Thirdquarter
2,683134
2,817516298
3,631
1,477143
1,62078664
2,470
1,206- 9
1,197-270
234
1,161
106
311
1,215161
12491
1,711
-550
Fourthquarter^
2,600140
2,740425350
3,515
1,750140
1,89061075
2,575
850
850-185
275
940
-450
3020
1,26555
125115
1,160
-220
1 Estimates based on incomplete data.2 Figures for recorded exports of goods in 1946 and 1947 have been adjusted to include goods shipped to
United States armed forces abroad for distribution to civilians in occupied areas in order to make themcomparable with figures for 1948 and 1949. Such shipments are included in exports as recorded by theBureau of the Census in 1948 and 1949 but were not so included in prior years.
* Includes goods sold to or bought from other countries that have not been shipped from or into the UnitedStates customs area and other adjustments.
* All figures for means of financing are on a net basis.« For detail see table C-37.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Departments of Commerce.
183
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-36.—United States exports and imports of goods and services, by area, 1937 and7946-49
[Billions of dollars]
Area
Export surplus:E R P countries.E R P dependencies, _Europe, except E R P
countries.Canada and Newfound-
land.- _Latin-American Repub-
lics _Other *
Total»
Exports of goods and ser-vices:
E R P countriesE R P dependenciesEurope, except E R P
countriesCanada and Newfound-
landLatin-American Repub-
lics-Other i
Total 2
Imports of goods and ser-vices:
E R P countriesE R P dependenciesEurope, except E R P
countries.Canada and Newfound-
landLatin-American Repub-
licsOther i
Total 2
1937
0.28- . 3 1
- . 0 3
.34
.28
1.60.18
.13
2.64
4.55
1.33.50
.15
I 2.29
4.27
1946
4.18.30
.85
.68
.631.16
7.80
5.62.68
1 08
1.94
2.882.77
14.97
1.44.38
.23
1.26
2.251.61
7.17
1947
5.36.33
.34
1.16
2.002.09
11.28
7.25.92
.56
2.66
4.743.61
19.74
1.89.59
.22
1.50
2.741.52
8.46
Annual rates
1948
Firstquarter
4.68
.19
.56
.961.19
7.58
6.86.82
.44
2.13
4.323.09
17.66
2.18
.82
.25
1.573.361.90
10.08
Secondquarter
3.40.20
- . 0 3
.70
1.221.30
6.79
5.76.85
.20
2.53
4.353.24
16.93
2.36.65
.23
1.83
3.131.94
10.14
Thirdquarter
3.07.05
- . 0 3
- . 0 8
.781.03
4.82
5.61.74
22
2.42
3.643.15
15.78
2.54.69
.25
2.50
2.862.12
10.96
Fourthquarter
2.76.02
.39
1.231.68
6.08
5.42.78
22
2.63
4.243.52
16.81
2.66.76
.22
2.24
3.011.84
10.73
1949
Firstquarter
3.53.10
.05
.57
.751.63
6.63
6.19.92
22
2.35
3.883.50
17.06
2.66.82
.17
1.78
3.131.87
10.43
Secondquarter
3.69.26
07
1.11
.782.05
7.96
6.18.93
23
3.04
3.623.65
17.65
2.49.67
.16
1.93
2.841.60
9.69
1 Includes international institutions.2 Includes income on investments.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—37.—United States Government aid to foreign countries, 1946—49
[Millions of dollars]
Type of aid
A. Unilateral payments (net):Lend-leaseUNRRA and post-UNRRA.Civilian supplies distributed
by the armed forcesTransfers to PhilippinesChinese aid 3
Greek-Turkish aidInternational Refugee Organ-
izationsInterim aidEuropeanRecovery Program.Other
Total unilateral payments.Less unilateral receipts
Equals net unilateral pay-ments
B. Long-term loans and invest-ments (net):
Lend-lease creditsSurplus property including
ship salesExport-Import Bank loans...United Kingdom loan. ._Subscription t o -
International BankInternational Monetary
FundEuropean Recovery Program.Other
Total long-term loans andinvestments
Less repayments
Equals net long-term loansand investments, includingInternational Bank andInternational MonetaryFund
Less subscriptions to Inter-national Bank and Inter-national Monetary Fund..
Equals net long-term loansand investments, excludingInternational Bank andInternational MonetaryFund
C. Outflow of short-term capital(net)
Total net unilateral payments,loans, and investments, exclud-ing International Bank andInternational Monetary Fund(A-fB-f-C)
1946
2091,524
5396015
170
2,517238
2,279
600
841945600
317
5
12
3,32090
3,230
322
2,908
-134
5,053
1947
761
98096
74
1712
332
2,272460
1,812
2
274796
2,850
318
2,745
80
7,065174
6,891
3,063
3,828
73
5,713
1948
85
1,280130168349
89546
1,388115
4,150389
3, 761
2
210454300
48622
1,474332
1,142
1,142
-245
4,658
1949
Total i
1
33
5,692449
5,243
8
8695203
492
492
126
5,861
Firstquarter
243535353
18
90547
1,37299
1,273
50
28029
35963
296
296
- 4
1,565
Secondquarter
244445543
18
1,12250
1,57686
1,490
42
9828
16856
112
112
- 2
1,600
Thirdquarter
330621343
17
94029
1,434219
1,215
35
1622
7344
29
29
132
1,376
Fourthquarter^
3333
(2)
1,31045
1,265
8
9540
55
55
1,320
* Estimates based on incomplete data.* Not available.3 Includes Korean aid in 1949.
Source: Department of Commerce.
185
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-38.—Export price indexes of selected countries converted to dollars, 1937-40 and 7946-49
* Unit value of finished manufactures other than foodstuffs.2 Unit value of exports.»National indexes converted to dollar equivalents on basis of average of old and new exchange rates.Source: Based on data obtained from Department of Commerce and International Monetary Fund.
186
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-39.—United States merchandise exports, including reexports, by areas, 1936—38 quarterlyaverage and 7947-49
1949— First quarter.. .Second quarter .Third quarter. _
Totalexportsinclud-ing re-exports
Canada
OtherWest-
ernHemi-sphere
E R Pcoun-tries i
OtherEurope Asia i
Aus-traliaand
OceaniaAfrica
7423,8353,1632,990
3,3153,2372,9373,162
3,3243,3582,6832,600
Millions of dollars
113519479
425493485511
464566472
1381,027
848
913902738840
843742671
2821,3241,046
1,1401,059
9661,018
1,1591,186
840
3111849
84333840
424635
122562507
513508486520
599581474
238038
42343047
545047
Percentage of total
100100100
100100100100
100100100
15.213.515.1
12.815.216.516.2
14.016.917.6
18.626.826.8
27.527.925.126.6
25.422.125.0
38.034.533.1
34.432.732.932.2
34.935.331.3
4.23.11.5
2.51.01.31.3
1.31.41.3
16.414.716.0
15.515.716.516.4
18.017.317.7
3.12.11.2
1.31.11.01.5
1.61.51.8
32205
197207194186
163187143
4.35.36.2
5.96.46.65.9
4.95.65.3
1 Turkey is included with E R P countries and excluded from Asia. Exports to Germany in the post-war period relate almost wholly to exports to the three western zones.
2 Estimates based on incomplete data.3 Not available.
NOTE.—Data in this table cover all merchandise, including reexports, shipped from the United Statescustoms area to foreign countries including, in 1947 to 1949, 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.
Source: Department of Commerce.
868148—50- -13
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C-40.—United States domestic merchandise exports, by economic classes, 1936—38 quarterlyaverage and 1947—49
1 Estimates based on incomplete data.2 Not available.NOTE.—Data in this table cover all domestic merchandise shipped from the United States customs area
to foreign countries including, in 1947 to 1949, goods destined to United States armed forces abroad for dis-tribution in occupied areas as civilian supplies.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
188
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-41.—Indexes of quantity and unit value of United States domestic merchandise exports,by economic classes, 1936—38 quarterly average and 1947-49
NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changesin average price* has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions are reported in official foreign trade statistics, including change in averageprices that result from changes in the commodity composition of trade. The indexes for 1947 to 1949 arebased on data which include goods destined to the United States armed forces abroad for distribution tocivilians in occupied areas.
Source: Department of Commerce.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-42.—United States general merchandise imports, by areas, 1936-38 quarterly averageand 1947-49
1 Turkey is included with E R P countries and excluded from Asia. Imports from Germany in the postwarperiod relate almost wholly to imports from the three western zones.
2 Estimates based on incomplete data.3 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.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce
[QC
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C - 4 3 . — United States merchandise imports Jor consumption, by economic classes, 1936—38quarterly average and 7947—49
1 Estimates based on incomplete data.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.
191
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—44.—Indexes of quantity and unit value of United States merchandise imports for con~sumption, by economic classes, 1936—38 quarterly average and 1947—49
1 Average of three quarters.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 are reported in official foreign trade statistics, including changes in averageprices that result from changes in the commodity composition of trade.
Source: Department of Commerce.
192
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-45.—Changes in selected economic series since 1939 and 1948 and during 1949
Source:Appen-
dixtableNo.
C-l
C-4
C-7
0-8
C-9
C-ll
0-14
C-15
C-l 6
C-17
C-18
C-21
C-22
Gross national productPersonal consumption expendituresGross private domestic investmentNet foreign investmentGovernment purchases of goods and
services _.
National income .._Compensation of employees.
Personal incomeDisposable personal income.Personal net saving
Per capita disposable personal income:Current dollars _.1948 dollars
Labor force, including armed forces-Civilian labor force
EmploymentNonagriculturalAgricultural..
Unemployment
Average gross weekly earningManufacturing.._Bituminous coal mining..Building construction
Physical production index of goods andselected services: