g123_19461220.pdf

OF THE FEDERAL RESERVE SYSTS^f

for release in morning papers, Saturday, December 21, 1946

BOARD OF GO'

0.12.3 ^December 20, ,l$k6 s — - • • . J ̂

. HBIHB5S- OBEXES

1939 average = 100 f o r factory employment and-$ay co l l s ; 1923-25 average = 100 f o r construction contracts;

1935-39 average s 100 f o r a l l other se r i e s .

' i

-_.82SS< 1<

Adjusted f o r

K ^ T I S T S - -

Without ..Seasonal adjustment

1Q4<T f 1945 Hov. 1 Oct. ! Hov. Nov. Oct. Nov.

Indus t r i a l production Total pl82 / 181 168 pl82 184 167 Manufactures

Total P190 • 188 173 P191 191 173 Durable p2l4 213 191 p2l4 214 192 Nondurable pl71 168 158 P172 172 158

Minerals P137 144 138 P135 146 134 Construction contracts , value

Total * . 145 94 * 13.8 83 Residential # ' 140 44 * 13.6 42 All other » . . 148 134 * 140 115

Factory employment 146.7 Total pl48.8 146.4 127.8 P149.2 146.7 128.2

' Durable goods P171-7 169.3 143.3 P171.8 169.4 143.5 Nondurable goods P130.7 128.2 115.6 P131.3 128.9 116.2

Factory payrolls" i 286.0 Total - • W W ! * 286.0 222.9

Durable goods ' . , . - — . 318.2 241.8 Nondurable goods - - . * — * 254.6 204.5

Freight c&rloadlngB 137 139 133 141 149 136

Department s tore sa les , value P275 257 222 P336 278 273

Department s tore stocks. , value 237 165 I * 267 179

p—Preliminary. * Data not yet avai lable .

Kote: —Production, carioadinge, and department Store sales indexes-based on dai ly averages. To convert durable manufactures, nondurable manufactures, and minerals indexes to points i n t o t a l index, shown in Federal Reserve Chart Book, multiply durable by .379, nondurable by .469, and minerals by .152.

Construction contract indexes based on 3-month moving averages, centered a t second month, of I . W. Dodge data f o r 37 Eastern S ta tes . To convert indexes to value f igures , shown in Federal Reserve Chart Book, multiply t o t a l by #10,269,000, r e s iden t i a l by $184,137,000 and a l l other by $226,132,000.

Qrployment index, without seasonal adjustment, and payrol ls index compiled by Bureau of Labor S t a t i s t i c s .

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

INJWS SBIAL PRODD' (1935-39 average . 1 6 , 2#

Adjusted for seasonal variation

>, .Without seasonal adjustment

1%6 | 1945 1%6 1945 V* • - *: Gov. ^ Oct* f Ho v # Hov. | Oct. Hot.

MANUFACTURES Iron and s t e e l pl?6 183 167 P176 183 167

Pig i ron • * 1CJ 158 * 183 158 Steel 190 194 178 190 194 178

Open hearth ' 161 170 160 161 170 160 E l e c t r i c 396 369 306 396 369 306

Machinery p275 269 231 P275 269 231 Transportation, equipment p237 235 252 P237 235 252

Automobiles " pl06 185 137 pl86 185 137 Monferrous metals and products P187 179 148 pl87 179 148

Smelting and ref ining * 150 147 • 150 148 Lumber and products plit2 136 96 plitO 142 95

lumber pi34 127 83 pi 31 136 81 Furniture pi 57 154 123 P157 154 123

Stone, c lay , and glass products p201 200 158 p205 • 209 162 Plate g lass 152 158 4 152 158 4 Cement 162 156 115 175 181 122 Clay products . pi 50 148 119 P155 157 123 Gypsum and plaster products p220 210 181 P224 216 183 Abrasive and asbestos products p246 244 215 p246 2ti4 215

Text i les and products pl71 168 146 pl?l 168 146 Cotton consumption 16U 155 133 164 155 133 Rayon de l ive r i e s 249 242 226 249 242 226 Yt'ool t e x t i l e s m 177 150 * 177 150

l e a the r products * pll6 116 * pll6 117 Tanning ^ # 97 109 # 98 113

Cat t l e hide l ea the r s * 103 125 * 1Q4 130 Calf mid kip leathers * 78 83 • 79 86 Goat and kid leathers # 66 51 * 66 50 Shucp and lamb leathers * 11*1 140 * 141 148

Shoes * pl28 120 * pl28 120 Manufactured food products v P157 147 150 1 pl 58 158 151

Wheat flour ^ P152 pi4o , 133 pl 54 pl48 134 ^eutpackin^ pl65 115 155 P183 117 171 Other r.urm lecture d foods pl60 155 152 pl66 173 158

Processed f r u i t s & vegetables P178 168 128 pl64 216 118

1 / This ser ies i s currently b*?sed upon man-hour s t a t i s t i c s for plants c l a s s i f i e d in the -automobile and automobile.p&rts industries and i s designed to se&sure pro-ductive a c t i v i t y during tho month in connection with assembly of passenger cars, trucks, t r a i l e r s , and busses; production of bodies, parts, and accessories , in-cluding replacement parts; and output of nonautomotive products Aace in tho plants covered. Recently the level shown by this ser ies has been much higher re lat ive to prewar - than the lovs l shown by factory srJcs o f new passenger cars and trucks * The difference i s accounted for in part by a sharp increase in pro-duction of replacement parts and by other changes in the composition of output# I t appears, however, that the ser ies overstates tho current lovul of to ta l output in these indust r ies# Study i s being mede of production and man-hour s t a t i s t i c s in an endeavor to a r r i v e a t a mora accurate measure of overall production in these indus t r ies#

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

INDUSTRIAL FRODCCTION (1935-39 average 2 100)

Adjusted fo r seasonal v a r i a t i o n

"mithout seasonal adjustment

19W> 1945 1W6 | 19^5 Nov. | , , , Oct. I Nov. Sov. f Oct* | Kov#

MAKO*ACTLrRES (Cent* d)

and products » P151 ll*2 * P151 li*2 l ea.- n 175 172 158 175 172 158

: f p; 3d!:ctlon 84 85 81 85 85 82 f : 1A ; wid publz: pl 31 152 114 P137 155 118

1. •. -#i>l ••iiit eor.S'.imptiori 118 119 96 129 125 10L* Pe t io . oj*a ana coal products • * 174 • * 171*

letroleus; r e f i n i n g « * » * -Gasoline pl46 pl46 147 pl46 pl46 li+7 Ftiel o i l * * 164 • • 164 Lubr ica t ing Oil * * 133 * • * 133 Kerosene • * 144 * lu3

. Coke * 167 11*8 S 167 110 Byproduct * 160 144 * 160 244 Beehive p26l 3S2 276 p26l 392 276

Chemicals p239 236 228 p240 238 230 Rayon p279 272 244 p279 272 244 I n d u s t r i a l chemicals ptao 1*00 370 pLlO Loo 370

Rubber P239 235 192 p239 235 192

KINESIS

Fuels i P139 11*9 P139 ll*9 11*3 Bituminous; coal Pll6 160 159 pl l6 160 159 Anthraci te: Pl23 124 112 P123 124 112 Crude petroleum P150 pll*8 Htl P150 pl48 11*1

Pe t a l s ' * 111* 109 * 130 80 Iron ore -

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* • * 252 108

p—Preliminary or estimated. » Lata not yet avai lable .

FREI&iT CAR10ADINGS (1935-39 average • 100)

Coal - • ' ' n r - 1 IhB 11? 11 W " " "IBF Coke 166 183 167 166 160 167 Grain ; 11*7 11*2 167 11*1* 11*2 164 .livestock - 136 128 lli5 171 197 183 Purest products 151 11*6 110 11*8 151* 108 Ore • ; 157 157 13a 169 216 114 k)<teolianeou4 ll*8 139 133 154 151 139 k^rokmndise*; 83 79 74 84 82 75

feoi-e»—£0 eo: v e r t coal and miscellaneous indexes to points in t o t a l index, shown in Federal:Reserve Chart Book, mul t ip ly coal by .213 and misccllnnoous by »riU8.

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