erp1947 my appendixes 3
TRANSCRIPT
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APPENDIX B
STATISTICAL TABLES RELATING TO EMPLOYMENT, PRODUCTION, AND
PURCHASING POWER
TABLE I.—Gross national product or expenditure, 1929-47l
[Billions of dollars]
Period
1929 . . .19301931 . . . . . . .19321933 . . . . . .19341935 . . .19361937. . .1938. „ . . ,1939 . . .19401 9 4 1 . . .19421943 . . .19441945 . . .1946 _
1946:I.III l lIV. . . .
1947:First half2
Grossnationalproduct
103.890.975.968.355.864.972.284.790.284.790.4
100.5125.3159.6192.6210.6213.1203.7
191.7197.0207.5218.6
225.0
Personalconsump-tion ex-
penditures
78.870.861.249.246.351.956.262.567.164.567.572.182.390.8
101.6110.4121.7143.7
Grossprivate
domesticinvest-ment
15.810.25.4.9
1.32.86.1
10.511.46.39.0
13.017.29.34.65.79.1
24.6
Netforeigninvest-ment
0.8.7.2.2.2.4
- . 1—.1
.11.1
.91.51.1
- . 2- 2 . 2- 2 . 1—.84.8
Seasonally adjusted annual rates
134.3138.2147.3154.9
158.0
18.622.327.030.4
29.5
q q6.14.55.2
10.0
Govern-ment
purchasesof goods
andservices
8.59.29.28.18.09 89.9
11 711.612.813.113.924.759.788.696.683.130.7
35.430.328.628.2
27.5
1 The figures in this table are based on the revised series on national income and product of the Departmentof Commerce. For explanation of revisions see the Department of Commerce supplement to the July 1947Survey of Current Business entitled, "National Income and Product Statistics of the United States,1929-46."
2 Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (revised series).
61
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62 MIDYEAR ECONOMIC REPORT OF THE PRESIDENT
TABLE II.—National income by distributive shares, 1929-47 l
[Billions of dollars]
Period
192919301931 __-.193219331934193519361937193819391940194119421943194419451946
1946:IIIIIII V .
1947:First half 7.
Totalnation-al in-
come2
87.475.058.941.739.648.656.866.973.667.472.581.3
103.8136.5168. 3182.3182.8178.2
Com-pensa-tion of
em-ploy-ees 3
50.846.539.530.829.334.137.142.747.744.747.851.864.384.7
109.1121.2122.9116.8
Proprietors' and rentalincome4
Total
19.715.711.87.47.28.7
12.114.815.414.014.716.320.828.132.134.437.141.8
Busi-nessandpro-fes-
sional
8.37.05.33.22.94.35.06.16.66.36.87.79.6
12.114.115.316.719.7
Farm
5.73.92.91.72.32.34.96.15.64.44.54.9.6.9
10.611.812.413.515.2
Rent-al in-come
ofper-sons
5.84.83.62.52.02.12.32.73.13.33.53.64.35.46.26.77.06.9
Corporate profits and inventory val-uation adjustment
Total
10.36.61.6
- 2 . 0- 2 . 0
1.13.04.96.24.35.89.2
14.619.823.723.519.716.5
Corporate profits
Profitsbeforetaxes !
9.83.3
- . 8-3 .0
.21.73.25.76.23.36.59.3
17.221.124.523.820.221.1
Taxliabil-ity 6
1.4.8.5. 4.5.7
1.01.41.51.01.52.97.8
11.714.213.911.38.6
Profitsafter
taxes 5
8.42.5
- 1 . 3- 3 . 4
l'.O2.34.34.72.35.06.49.49.4
10.49.98.9
12.5
Inven-toryvalu-tion
adjust-ment
0.53.32.41.0
- 2 . 1- . 6- . 2—.7(6)1.0
-!i— 2. 6- 1 . 3
- . 8- . 4- . 5
- 4 . 7
Netinter-est
6.56.25.95.45.04.84.54.54.44.34.24.14.13.93.43.23.13.2
Seasonally adjusted annual rates
168.2173.5179.9191.0
199.0
111.5114.0119.2122.2
125.3
39.439.241.946.7
46.9
18.518.619.922.0
22.2
14.113.815.217.8
17.6
6.96.86.87.0
7.1
14.217.215.618.8
23.5
15.219.422.927.1
29.0
6.18.09.3
11.0
11.6
9. 111.513.516.1
17.4
—1.0- 2 . 3- 7 . 3- 8 . 3
- 5 . 5
3 13.23.23.2
3.3
1 The figures in this table are based on the revised series on national income and product of the Depart-ment of Commerce. For explanation of revisions see the Department of Commerce supplement to theJuly 1947 Survey of Current Business entitled, "National Income and Product Statistics of the UnitedStates, 1929-46."
2 National income is the total net income earned in production by individuals or businesses. The conceptof national income currently used differs from the concept of gross national product in excluding depreciationcharges and other allowances for business and institutional consumption of durable capital goods. A recon-ciliation between these two series and personal income is shown in appendix A, table II, for selected periods.
* Includes wages and salaries, employer contributions for social insurance, and other labor income.* Includes noncorporate inventory valuation adjustment.« Federal and State income and excess-profits taxes.* Less than 500 million dollars.* Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (revised series).
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MIDYEAR ECONOMIC REPORT OF THE PRESIDENT 63
TABLE III.—Personal income, 1929-47 l .FBillions of dollarsl
Period
1929.19301931.19321933.1934.19351936.1937.193819391940.1941.1942.1943.1944.1945.1946.
1946:I . . .I I . . . .I l lIV.
1947:First half«.
Totalpersonalincome 2
85.176.264.849.346.653.259.970.674.068.372.678.395.3
122.2149.4164.9171.6177.2
Wage andsalary
receipts 3
50.045.738.730.128.733.436.341.645.442.345.148.960.980.5
103.5114.9115.2109.2
Otherlabor
income
0.5.5.5.4.4.4.4.5.5.5.5.6.6.7.9
1.31.51.6
Proprie-tors' and
rentalincome
19.715.711.87.47.28.7
12.114.815.414.014.716.320.828.132.134.437.141.8
Divi-dends
5.85.54.12.62.12.62.94.64.73.23.84.04.54.34.54.74.85.6
Personalinterestincome
7.57.17.06.66.26.05.75.65.65.55.45.45.45.45.56.06.87.7
Transferpayments
Seasonally adjusted annual rates
168.7172.5179.5187.5
191.1
102.6107.0111.8115.4
117.8
1.61.61.61.6
1.7
39.439.241.946.7
46.9
5.15.45.65.9
6.2
7.67.77.77.7
7.7
12.511.610.910.3
10.8
1 The figures in this table are based on the revised series on national income and product of the Depart-ment of Commerce. For explanation of revisions see the Department of Commerce supplement to theJuly 1947 Survey of Current Business entitled, "National Income and Product Statistics of the UnitedStates, 1929-46."
2 Formerly called income payments.3 Total employer disbursements less employee contributions for social insurance.4 Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (revised series).
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64 MIDYEAR ECONOMIC REPORT OF THE PRESIDENT
TABLE IV.—Disposition of personal income, 1929-^7 x
[Billions of dollars]
Period
1929 . _193019311932193319341935... . .1936193719381939194019411942194319441945. .1946
1946:
II . _ _IIIIV
1947:First half *
Personalincome
85.176.264.849.346.653.259.970.674.068.372.678.395.3
122.2149.4164.9171.6177.2
Less: Per-sonal taxand non-tax pay-ments
2.62.51.91.51.51.61.92.32.92.92.42.63.36.0
17.818.920.918.8
Equals:Disposablepersonalincome
82.573.763.047.845.251.658.0-68.371.165.570.275.792.0
116.2131.6146.0150.7158.4
Less: Per-sonal con-sumptionexpendi-
tures
78.870.861.249.246.351.956.262.567.164.567.572.182.390.8
101.6110.4121.7143.7
Equals:Personalsaving
3.72.91.8
-1 .4-1 .2- . 21.85.83.91.02.73.79.8
25.430.035.629.014.8
Seasonally adjusted annual rates
168.7172.5179.5187.5
191.1
17.818.719.119.5
21.5
150.9153.8160.4168.0
169.6
134.3138.2147.3154.9
158.0
16.615.513.113.1
11.6
1 The figures in this table are based on the revised series on national income and product of the Depart-ment of Commerce. For explanation of revisions see the Department of Commerce supplement to theJuly 1947 Survey of Current Business entitled, "National Income and Product Statistics of the UnitedStates, 1929-46."
2 Estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (revised series).
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MIDYEAR ECONOMIC REPORT OF THE PRESIDENT 65TABLE V.—Disposable personal income, population and consumers* price index,
1929-47
Period
19291930. -.19311932 . . .1933.-.193419351936 . _ _.1937 _19381939 _ _19401941194219431944 _19451946- . . _ .
1946:III _ _I l lIV _
1947:First half e
Disposablepersonalincome(billions
of dollars) *
82.573.763.047.845.251.658.068.371.165.570.275.792.0
116.2131.6146.0150.7158.4
Seasonallyadjusted
annual rates
150.9153.8160.4168.0
169.6
Population(thousands) *
121, 770123,077124,040124,840125,579126,374127.250128,053128,825129,825130,880131,970133,203134,665136,497138,083139,586141,229
«140,549«140,9855141,547* 142,288
143,338
Consumers'price index(1944=100)
97.695.186.677.873.676.378.279.081.880.379.279.883.892.898.5
100.0102.3111.0
Not adjustedfor seasonal *
103.5105.2114.5120.6
123.7
Per capita disposablepersonal income
Currentdollars
678599508383360408456533552505536574691863964
1,0571,0801,122
1944dollars 3
695630587492489635583675676629677719826930979
1,0571,0561,011
Seasonally adjustedannual rates
1,0741,0911,1331,181
1,183
1,0381,037
990979
956
1 Based on the revised series on national income and product of the Department of Commerce. Forexplanation of revisions see the Department of Commerce supplement to the July 1947 Survey of CurrentBusiness entitled, "National Income and Product Statistics of the United States, 1929-46."
2 Estimated population of continental United States, including armed forces overseas; annual data as ofJuly 1 and quarterly data as of middle of quarter.
3 Current dollars divided by the consumers' price index on 1944=100 base to give a rough measure ofchanges in buying power of disposable income.
< A small part of the increase may be seasonal.5 Interpolated from published data.• Estimates based on incomplete data.Sources: Department of Commerce (disposable income and population) and Department of Labor
(consumers' price index).
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66 MIDYEAR ECONOMIC REPORT OF THE PRESIDENT
TABLE VI.—Total consumer credit, 1929-47
Estimated amounts outstanding
[Millions of dollars]
End of year or monthTotal
consumercredit
7,6376,8295,5264,0933,9294,3965,4396,7967,4917,0647,9949,1469,8956,4785,3345,7766,637
10,147
6,4276,5306,9847,3687,6077,9058,0258,3628,6319,0139,527
10,147
9,9679,910
10,21610,41310,664
Installmentcredit i
3,1672,6962,2121,5261,6051,8672,6273,5263,9713,6124,4495,4485,9202,9481,9572,0342,3653,976
2,3642,4042,5032,6492,7832, 9023,0223,1653,2883,4583,6463,976
4,0484,1574,3294, 543'4,747
Otherconsumercredit *
4,4704,1333,3142,5672,3242,5292,8123,2703,5203,4523,5453,6983,9753,5303,3773,7424,2726,171
4,0634,1264,4814,7194,8245,0035,0035,1975,3435,5555,8816,171
5,9195,7535,8875,8705,917
1929 _ . . .19301931.—1932 1...19331934 ,193519361937193819391940194119421943 . .1944.19451946.
1946:January. __February..MarchAprilMayJuneJulyAugustSeptember.October....November.December.
1947:January. . .February..MarchAprilMay
1 Includes automobile and other sale credit and repair and modernization loans insured by the FederalHousing Administratioa.2 Includes noninstallment consumer loans (single-payment loans of commercial banks and pawnbrokers),charge accounts, and service credit.
Source: Board of Governors of the Federal Reserve System.
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MIDYEAR ECONOMIC REPORT OF THE PRESIDENT
TABLE XV.—New construction activity, 1929-47
{Millions of dollars]
75
Year orquarter
192919301931...193219331934193519361937 _-193819391940194119421943 -1944 -19451946
11I I » . —IIIi—IV i. . .
1947:IK....II i« . . .
Totalnewcon-
struc-tion
9,9138,0595,9803,2602,2232,7563,1104,7145,3085,0186,0626,807
10,30813,3537,7344,0734,6099,8901,5242,3003,1042,962
2,4602,896
Private construction
Totalprivate
7,5225.3063,4161,4821,0051,2211,6482,4863,2742,9413,6194,1995,2382,9081,6691,7462,5617,7391,2571,8622,3762,244
1,9482,167
Resi-dentialbuild-
ing
2,7971,4461,228
462278361665
1,1311,3721,5112,1142,3552,7651,315
650535684
3,183432722
1,0271,002
8691,014
Non-resi-
dentialbuild-
ing
2,8222,0991,104
499404455472712
1,088764785
1,0281,486
635232350
1,0143,350
632843953922
782735
Otherprivate
1,9031,7611,084
521323405511643814666720816987958787861863
1,206193297396320
297418
Public construction
Totalpublic
2,3912,7532, 5641,7781,2181, 5351.4622,2282,0342,0772,4432,6085,070
10,4456,0652,3272,0482,151
267438728718
512729
By funds
Fed-eral
237338451510540698822
1,2551,143
9761,2511,4063,8459,5315,6051,9121,5581,067
140199344384
236267
Stateandlocal
2,1542,4152,1131,268
678837640973891
1,1011,1921,2021,225
914460415490
1,084127239384334
276462
By types
Mili-taryandfed-
erallyfinancedindus-trial
19294034385839333974
148549
2,9008,4534,2181,3441,160
27267617074
4756
High-wajrs
1,2481,4811,323
916675821622876850837835875
• 85067545036034270660
149265232
119300
Otherpublic
1]]
:
]
,12,24,201
82S505656801
L, 319L,145L, 166L,460L, 184L, 320L, 317L, 397
623546
L, 173140228393412
346373
1 Not adjusted for seasonal variation.2 Estimates based on incomplete data.Source: Departments of Commerce and Labor.
749764—47-
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76 MIDYEAR ECONOMIC REPORT OF THE PRESIDENT
TABLE XVI.—Business inventories and sales, 1989-47
Year or month
Manufacturing *
Millions of dollars
Inven-tories < Sales«
Ratio ofinven-
tories tosales
Wholesale»»
Millions of dollars
Inven-tories < Sales*
Ratio ofinven-
tories tosales
Retail
Millions of dollars
Inven-tories*
5,2845,4846,0407,523
6,4386, 2736,6286,8266,9897,1717,5757,7308,0378,6848,7979,130
9,3849,4329,5629,4879,442
Sales'
3,5043,8664,6248,063
7,6547,8397,7847,6057,6357,6927,9718,4208,2648,3878,7968,705
8,8999,0388,9428,8328,836
Ratio ofinven-
tories to
1939 average1940 average1941 average1946 average
1946:JanuaryFebruary.MarchAprilMayJune...July...AugustSeptemberOctoberNovemberDecember
1947:JanuaryFebruaryMarchAprilMay
9,94111,17113,37917,817
16,36916,59016,82916,83716,93417,17518,01018,466
19,53319,89620,259
20,80521,17621,61222,06122,408
4,7415,4827,78310,4/2
8,9138,1639,5079,95610,0589,7029,97611,15710,73812,24012,42612,849
13,22612,94013,93713,89813,723
2.102.041.721.70
1.842.031.771.691.681.771.811.661.761.601.601.58
1.571.641.551.591.63
2,4792,6193,0263,423
3,0412,9813,0483,1093,1613,2423,3183,4633,6343,7844,0464,245
4,4254,5644,6824,8004,781
1,9612,1832,8524,646
4,2234,2874.1594,3814,4854,3614,7304,7894,8166,2036,1105,204
6,4185,3145,1635,2265,173
1.261.201.06.74
1.511.421.31
.84
.80
.85
.90
.92
.93
.95
.92
.971.041.001.05
1.051.041.071.071.07
i Not adjusted for seasonal variation.1 Adjusted for seasonal variation.» Service and limited function wholesalers only.* Book value, end of month.»Total for month.
Source: Department of Commerce (Office of Business Economics).
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MIDYEAR ECONOMIC REPORT OF THE PRESIDENT 77TABLE XVII.—Sales, stocks, and outstanding orders at 296 department stores,
1939-47
Year or month
Millions of dollars
Sales(total formonth)
128136156179204227255318
224239301319304304244303309341404526
256250332321332
Stocks(end ofmonth)
344353419599508534564714
491533583644674699735806828879919776
769838865849810
\Jllli'standing
orders(end ofmonth)
108194263530560728907
899979971910934
1,0481,0731,012
960845691557
619603485387348
Ratio ofstocks to
sales
2.692.602.693.352.492.352.212.25
2.192.231.942.022.222.303.012.662.682.582.271.48
3.003.352.612.642.44
Ratio oforders to
sales
0.791.241.472.602.472.852.85
4.014.103.232.853.073.454.403.343.112.481.711.06
2.422.411.461.211.05
Ratio oforders to
stocks
0.31.46.44
1.041.051.291.27
1.831.841.671.411.391.501.461.261.16.96.75.72
.80
.72
.56
.46
.43
1939 average..1940 average.1941 average.J 942 average.1943 average.1944 average .1945 average.1946average.
1946:JanuaryFebruary.. .MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December. .
1947:JanuaryFebruary...MarchAprilMay
Source: Board of Governors of the Federal Reserve System.
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78 MIDYEAR ECONOMIC REPORT OF THE PRESIDENT
TABLE XVIII.—Corporate profits before and after taxes, 1939-47
[Millions of dollars]
Year or quarter
All privatecorporations 629 large private corporations—profits after taxes1
ss
Number of com-panies . -
1940.1941.1942.1943.1944.1945.1946.
1946:I...II..III.IV..
1947:I...II..
6,4679,32517, 23221,09824, 51623,84120, 22221,140
3,7244,8765,7436,797
}*7,250
5,0056,4479,3869,433
10,3639,9288,939
12,539
2,1352,9043,4494,051
1,4651,8182,1631,7691,8001,8961,9252,545
323604698853
875
-19493261
-342142102
45
63
89 97(3)
74
122132152161171184203321
828093
643)
1 Federal and State income and excess-profits taxes.* Quarterly average based on incomplete data for the first half year.3 Not available.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (all corporations); Bqard of Governors of the Federal Reserve System
(629 large corporations).
TABLE XIX.—Commercial, industrial, and agricultural loans of all insured banks,1940-46
[Millions of dollars]
Call date
1940: Dec. 31 _ ,1941: Dec 311942: Dec. 31 _.1943: Dec. 311944: Dec. 301945: Dec. 31 . . .1946:
June 29Dec 31
1947: June 302
Total com-mercial,
industrial,and agri-cultural
loans
8,45910,6649,3999,2829,643
10,775
11,70015,37415,950
Commer-cial and
industrialloans i
7,1789,2147,7577,7777,9209,461
10,33414,01614,600
Agricul-tural loans l
1,2811,4501,6421,5051,7231,314
1,3661,3581,350
1 During the period Dec. 31, 1942-June 30, 1945, agricultural loans to dealers, processors, and farmers'cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classi-fied as commercial and industrial loans; consequently, beginning Dec. 31,1945, these items may not be en-tirely comparable.
2 Estimates based on data for weekly reporting member banks.
Source: Board of Governors of the Federal Reserve System.
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MIDYEAR ECONOMIC EEPORT OF THE PRESIDENT 79
TABLE XX.—Adjusted deposits of all banks and currency outside banks, 1929-47[Millions of dollars]
End of month
Totaljusted andcurrencyoutside xbanks
UnitedStates
Govern-ment
deposits 1
Other deposits and currency"outside banks
TotalDemanddeposits
adjusted2
22, 54022, 80914,41115,03525,19823,95924, 31325, 98627,35529,79331,96234,94537. 31738,99241,87048,92256,03960,80360,06566,93069,05375,85179,47683, 31482.50080,60080,40081,30081,500
Timedeposits3
28,61128,18921,65621, 71525,90526, 21826, 23626, 30526,79127.05927,46327, 73827,87927.72927,32028,43130,26032, 74835, 72039,79044,25348,45251,82953,96054,20054, 70054,90055,10055,300
Currencyoutsidebanks
1929—JuneDecember.
1933—JuneDecember.
1937—JuneDecember.
1938—JuneDecember.
1939—JuneDecember
1940—JuneDecember
1941—JuneDecember
1942—JuneDecember
1943—JuneDecember
1944—JuneDecember
1945—JuneDecember
1946—JuneDecember
1947—January __February.MarchAprilMay _
55,17154,71341,68042, 54857, 25856, 63956, 56558, 95560,94364,09966,95270, 76174,15378, 23181,96399,701
110.161122,812136,172150.988162. 784175, 401171,237167,107165,900165, 400165,100165. 200164,900
381158852
1,016666824
792846828753753
1,8951,8378,4028.048
10,42419,50620, 76324,38124,60813,4163,1033,1003,9003,8002,8002,100
54, 79054, 55540,82841, 53256, 59255,81555, 96658,06660,151
• 63,25366,12470,00873,40076, 33680,12691,299
102,113112, 388116,666130, 225138,403150, 793157,821164,004162,800161, 500161,300162.400162,800
3,6393,5574,7614,7825,4895,6385,4175,7756,0056,401
7,3258,2049,615
10,93613,94615,81418,83720,88123,50525,09726,49026,51626,73026,10026,20026,00026,00026,000
1 Beginning with December 1938, includes United States Treasurer's time deposits, open account.2 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of
collection.* Includes deposits in commercial banks, mutual savings banks, and Postal Savings System.Source: Board of Governors of the Federal Reserve System.
TABLE XXI.— U. S. Government foreign transfers and loanst 1946-47
[Millions of dollars]
Type of transfer or loan
Unilateral transfers:Straight lend-leaseUNRRA _Civ. supplies for occupied territoriesOther government transfers (net)
Total unilateral transfersLong-term loans:
Lend-lease creditsSurplus property credits _ .Export-Import BankU.K. loan - _ .International Bank and Monetary Fund _Other ._ -...
Total long-term loansRepayments
Net long-term loans . .
Total Government loans and transfers - -Less: International Bank and Fund 2
Government, excluding Bank and Fund.
I
109532107
- 3 2
716
271135137
54322
521
1,237
1,237
1946
I I
4641420745
712
173414333
159
1,07919
1,060
1,772159
1,613
III
6382115125
628
78110231400
17
83618
818
1.446
1,446
IV
19412562
381
24201270200164
2
86120
841
1,222164
1,058
1947
I
274225
- 2 6
473
180280500
2,90426
3,89036
3,854
4,3272,904
1,423
II
0)(0(1)
0)0)
0)0)0)
950159
0)
8(0
0)159
1 Not available.2 Deducted because these institutions had not begun operating by Mar. 31,1947. The U. S. Governmentinvestment in them was, therefore, not available to finance purchases of goods and services from the UnitedStates.
Source: Department of Commerce.
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8 0 MIDYEAR ECONOMIC REPORT OF THE PRESIDENT
TABLE XXII.—Exports, including reexports, by continents
Continent
Total.
North America _South America __EuropeAsia .OceaniaAfrica
Total
North AmericaSouth AmericaEuropeAsiaOceaniaAfrica
1936-38quarterly
average
1946
I II III IV
1947
I I I I
Millions of dollars
742
18369
3111252332
2,284
500236
1,11726933
129
2,485
585275
1,09336528
140
2,351
64926396934226
103
2,620
81037991936730
116
3,596
912571
1,37848864
183
4,000
1,030670
1,49051075
225
Percentage of total
100.0
24.79.3
41.916.83.14.3
100.0
21.910.348.911.81.45.6
100.0
23.511.144.014.71.15.6
100.0
27.611.241.214.51.14.4
100.0
30.914.535.114.01.14.4
100.0
25.415.938.313.61.85.1
100.0
25.816.837.312.81.95.6
i Preliminary; estimates for June included.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
TABLE XXIII.—General imports, by continents
Continent1936-38
quarterlyaverage
1946
III IV
1947
Millions of dollars
Total
North America.South America.EuropeAsiaOceaniaAfrica
Total
North America.South America-EuropeAsiaOceania.Africa
622
15081
1781871016
1,096
3642541651934178
1,191
3982752102013572
1,237
4242631922176281
1,411
4623032292964576
1,412
4963091863064670
Percentage of total
100.0
24.113.028.630.11.62.6
100.0
33.223.215.117.63.77.1
100.0
33.423.117.616.92.96.0
100.0
34.321.315.517.55.06.5
100.0
32.721.516.221.03.25.4
100.0
35.121.913.221.73.35.0
1,480
5673191862736075
100.0
38.321.612.618.54.05.1
1 Preliminary; estimates for June included.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
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MIDYEAR ECONOMIC REPORT OF THE PRESIDENT 81TABLE XXIV.—Recorded exports of selected commodities from the United States
Commodity'and unit of measure1936-38,quarterlyaverage
16133541
0)72
(00) 31,323
70112
1,35839
14248321692
1062
241
36469
1946
Firstquarter
1001
57512014
33811810859
1,097131143863
14559
247
1437
39143
2,804574
Fourthquarter
653
646516
138561
3710
1,14311320992044
403505912835
4093
9,471537
1947,first
quarter
Wheat, including flour million bushels..Corn doMeat products million pounds..Edible fats do . . . .Eggs, dried doDairy products:
Condensed and evaporated milk doDried mi lk . . . d o . . .Butter, butter oils, and spreads doCheese. ._. . . do
Coal, anthracite and bituminous.._ million long tons..Iron and steel-mill products 1,000 long tons..
Steel sheets doTobacco, unmanufactured . . . million pounds..Cotton, raw, excluding, linters .1,000 bales..Refrigerators, electric, household thousands..Radio receiving sets. doPassenger cars, new... doMotortrucks, busses and chassis, new. doCrude petroleum, domestic million barrels..Motor fuel and gasoline doLubricating oils doGas and fuel oil, including residual fuel oil doSawed timber million board feet..Boards, planks, scantlings, etc doFreight cars, mostly over 10-ton capacity, but including mine,
industrial, and other number..Locomotives, electric, steam, Diesel, and gasoline do
228210915
955313312
1,463140159
1,0584943063708114770182
17,432539
1 Less than one-half the unit indicated.| Source: Department of Commerce.
TABLE XXV.—United States production and exports of selected nonfood commodities
Commodity and unit of measure
Production
1939
34,95514,129
2,5614,8835,9131,753
24,97563,249
710
57,612
1,97910,318
4243,351
1,2652,307
6114683569
1946
53,07320,067
2,8344,792
10, 0552,588
30,300208,216
940
82,298
1,90815,000
5297,031
1,733(8)
77671946
104
Firstquar-ter,1947
14,9956,007
7701,3962,827
760
7,20078, 921
335
25,000
6364,500
1201,905
432(6)
1931791328
1939
2,5281,071
34825623466
1,104419
115
1,182
124552
322
72263
4146128
Exports
1946
4,8001,523
379386699445
64940,551
171
2,465
103832
13151
43(8)
4933118
Firstquar-ter,1947
1,583463
132150286126
27042,210
70
1,028
49430
247
8(8)
11742
Exports as percentof production
1939
Pet.7.27.6
13.65 34.03.8
4.4.7
16.2
2.1
6.35.3
.7
.7
5.711.4
6.79.7
33.611.7
1946
Pet.9.07.6
13.48.17.0
17.2
2.119.5
18.2
3.0
5.45.5
2.52.1
2.5(8)
6.34.7
23.97.7
Firstquar-ter,1947
Pet.10.67.7
17.110.710.116.6
3.853.5
20.9
4.1
7.79.6
1.72.5
1.9(6)
5.73.9
30.77.1
Rolled steel products1,000 short tons. .
Plates and sheets doTin plate and terne plate
doTubular products * __.doBars doRails do
Lumber (sawmill products)million board feet..
Freight cars 1,000 dollars>__Motortrucks, busses and chassis, new*
1,000 uni ts . .Motortruck and automobile tires
(casings) thousands..Refrigerators, electric household
1,000 uni ts . .Radios, receiving sets do —Boots and shoes other than rubber
million pairs..Wearing apparel—million dollars *._Petroleum, crude, domestic
million barrels..Refined mineral oils.million dollars..
Motor fuel and gasolinemillion barrels.,
Gas and fuel oils ..doLubricating oil doKerosene do
i Total tubular products in 1939; excludes cast iron pipe and fittings in 1946 and January-March 1947.* Estimated value of shipments to United States railroads and to foreign markets.* Exports data cover complete cars only; they exclude shipments of parts for assembly abroad.* Value of production is estimated; data include wearing apparel except footwear.* Not available.Source: Department of Commerce.
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8 2 MIDYEAR ECONOMIC /REPORT OF THE PRESIDENT
TABLE XXVI.—Distribution of United States food supplies moving into consumptionchannels, 1939 and 1946
Commodity and periodTotaldistri-bution
Exportsand ship-
ments
Militarydistri-
bution i
Civiliandistri-bution
Percapitaciviliandistri-bution
Exportsand ship-ments aspercentof totaldistri-bution
Meat (carcass equivalent):1939 _1946
Dairy products (milk equivalent):1939.1946
Food fats and oils (excluding butter): 219391946
Canned fruits (processed weight):1938-39 pack year . __1946
Fresh fruits (farm weight):19391946
Canned vegetables (processed weight):1938-39 pack year1946
Fresh vegetables (farm weight):19391946
Wheat 3 (grain equivalent):1939 _1946
Corn 3 (grain equivalent):19391946
Eggs (fresh egg equivalent):1939 _1946..
Millionpounds
17,73923,335
108,985121,401
4,6125,039
2,3613,111
21, 35921,786
4,1637,014
32,04039,198
Millionbushels
571844
180185
Milliondozen
3,4184,916
Millionpounds
2461,156
4296,104
365646
359140
1,2771,166
57230
134494
Millionbushels
93280
3317
Milliondozen
3
Millionpounds
945
2,506
50
94
484
186
425
Millionbushels
75
6
Milliondozen
Millionpounds
17,49321,234
108, 556112,791
4,2474,343
2,0022,877
20,08220,136
4,106
395 137
31,90638, 279
Millionbushels
478
147162
Milliondozen
3,4154,384
Pounds132.8152.8
824811
32.231.2
15.220.7
152.4144.9
31.347.5
242275
218211
62.565.2
Number311378
Percent1.45.0
.45.0
7.912.8
15.24.5
6.05.4
1.43.3
.41.3
16.333.2
18.39.2
.18.0
1 Includes food for civilian feeding programs in liberated and occupied areas.a Actual weight except for margarine which is on a "fat content" basis.8 Excludes amounts used for animal feed, industrial raw materials, and seed.Source: Department of Agriculture.
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MIDYEAR ECONOMIC REPORT OF THE PRESIDENT 67
TABLE VII.—-The labor force, 1940-47
[Thousands]
Year or month
1940 monthly average.1941 monthly average.1942 monthly average.1943 monthly average.1944 monthly average.1945 monthly average.1946 monthly average
1946:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1947:January. . __FebruaryMarchAprilMay . . . .June
Total laborforce (in-cludingarmedforces)
56,03057,38060,23064,41065,89065,14060,820
59,49059,13059,63060,30060,57062,00062,82062,20061,34061,16060,98060,320
59, 51059,63059,96060,65061,76064,007
Totalcivilianlaborforce
55,64055,91056,41055,54054,63053,86057,520
53,32053,89055,16056,45057,16058,93060,11059,75059,12058,99058,97058,430
57,79058,01058,39059,12060,29062,609
Civilian labor force
Employment
Total
47,52050,35053,75054,47053,96052,82055,250
51,02051,24052,46054,12054,85056,36057,84057, 69057,05057,03057,04056,310
55,39055, 52056,06056,70058,33060,055
Nonagri-cultural
37,98041,25044,50045,39045,01044,24046,930
44,30044,30044,93045,95045,97046,35047,87048, 55048,30048,41049,14049,100
48,89048,60048,82048,84049,37049,678
Agricul-tural
9,5409,1009,2509,0808,9508,5808,320
6,7206,9407,5308,1708,880
10,0109,9709,1408,7508,6207,9007,210
6,5006,9207,2407,8608,960
10,377
Unem-ployment
8,1205,5602,6601,070
6701,0402,270
2,3002,6502,7002,3302,3102,5702,2702,0602,0701,9601,9302,120
2,4002,4902,3302,4201,9602,555
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
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68 MIDYEAR ECONOMIC REPORT OF THE PRESIDENT
TABLE VIII.—Number of employees in nonagricultural establishments, 1989-47 *[Thousands]
Year or month Total
Manufacturing
TotalDur-able
goods
Non-dur-able
goods
Min-ing
Con-struc-tion
Trans-porta-tionand
publicutili-ties
Trade
Fi-nance,service,
andmiscel-lane-ous
Gov-ern-
ment
1939 monthly average1940 monthly average1941 monthly average1942 monthly average.1943 monthly average1944 monthly average1945 monthly average1946 monthly average
1946:JanuaryFebruary _._MarchApril.. _MayJuneJulyAugustSeptemberOctober. . . .November.'December
1947:JanuaryFebruaryMarchApril. . .MayJune 2
30,28732,03136,16439,69742,04241,48039,97740,712
38,74538,14839,184
40,25840,68040,87741,46641,84842,06542,43942,928
41,79541,84942,04341,82341,91642,226
10,07810, 78012,97415,05117,38117, 11115,30214,365
13,49912,75113,43314,04514,15914.37114,52614,87615,03515,06415,27115,348
15.37215,47515,51115,42915,23015,259
4,3574,9756,4858,17910,29710,2008,4777,102
6,6015,7316,3246,9047,0357,1727,3077,4867,5907,6237,7217,731
7,7817,8577,8937,8927,7807,816
5,7205,8056,4886,8737,0846,9126,8257,263
7,0207,1097,1417,1247,1997,2197,3907,4457,4417,5507,617
7,5917,6187,6187,5377,4507,443
845916947983917883826836
864864857542753864873886884
874
883880879856881889
1,1501,2941,7902,1701,567,094,082,493
:,085, 101,203,356,438,532,627,713,747,753,713,644
,515,502,534,619,688,761
2,9123,0133,2483,4333,6193,7983,8724,023
3,9323,943
3,9913,9463,9964,0514,1034,0644,0934,1014,071
4,0154,0114,0213,836
6,7057,0557,5677,4817,3227,3997,6548,448
8,0568,0908,1978,329
8,3428,3378,4028,5238,667
4,121
9,234
8,5558,5078,5638,5518,5478,567
4,6104,7815,0165,1485,1875,1695,2745,954
5,6965,7766,8405,9845,9655,9615,9755,9845,9906,0546,0986,119
6,0716,1076,1206,1066,1556,222
3,9874,1924,6225,4316,0496,02&5,9675,595
5,6135,62$5,6715,6615,6955,6145,488.5,5025,6055.5515,4755,638
5,3845,3675,4155,42&5,4475,407
i Number of employees in nonagricultural establishments includes all full- and part-time wage and salaryworkers in nonagricultural establishments who worked or received pay during the pay period ending nearestthe 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armedforces are excluded. Not comparable with estimates for nonagricultural employment of the civilian laborforce derived from data in appendix B, table VII, because latter include self-employed, proprietors, anddomestic servants and are based on population enumeration whereas estimates in this table are based onestablishment reports.
8 Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
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MIDYEAR ECONOMIC REPORT OF THE PRESIDENT 6 9
TABLE IX.—Average gross weekly earnings in selected industries^ 1989-47
Year or month
Manufacturing
Total
$23.8625.2029.5836.6543.1446.0844.3943.74
41.1540.5842.1542.8842. 5143.3143.3844.9945.3945.7345.7946.96
47.1047.2947.7247.5048.4648.91
Dura-ble
goods
$26.5028.4434.0442.7349.3052.0749.0546.49
43.6742.5744.7945.7145.1046.3246.2448.0248.3648.9048.6249.57
49.6049.7450.3350.3451.7152.39
Non-durable
goods
$21.7822.2724.9229.1334.1237.1238.2941.02
38.7539.0139.8340.1339.9340.2840.4641.8942.3442.4542.8744.24
44.4744.6744.9044.4244.9345.08
Bitu-ruinous
coalmining
$23.8824.7130.8635.0241.6251.2752.2558.03
54.1657.3758.3030.1534.2064.4452.2762.8461.6562.4961.5469.56
69.5465.3064.9054.7766.56
(2)
Privatebuild-
ingcon-
struc-tion
$30.3931.7035.1441.8048.1352.1853.8056.24
52.8953.0452.8754.2953.6355.2356.2556.6758.4959.2057.6560.32
59.9758.9261.2360.5362.38
(2)
Class Isteamrail-
roads
$30.7131.3234.0438.3943.4845.6945.4950.99
43.2943.8443.0147.7646.3951.0551.7852.6051.2852.6451.5950.53
52.47(2)(?)
8(2)
Tele-phone
$31.9432.4432.7433.9736.3038.39
0)44.04
41.1944.3743.7644.0944.8244.9344.8244.1944.1044.3044.4042.98
43.3743.3142.5132.2637.08
(2)
w noie-sale
frftfifiirau.6
$29.8530.3932.3235.5639.4042.2944.0748.06
45.1446.0746.3147.1347.4847.8848.0648.1449.5449.4449.8051.20
50.0550.8750.8051.1351.57(2)
Retailtrade
$21.1721.1721.4923.2424.8826.5828.3132.55
30.5430.7731.1231.4031.4532.3933.6433.8133.7633.1933.0433.73
35.0235.2735.3135.9336.43
(2)
Hotels(year
round)
1939 monthly average.. _1940 monthly average. _.1941 monthly average. __1942 monthly average. __1943 monthly average. _ _1944 monthly average...1945 monthly average. _.1946 monthly average. _ _
1946:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1947:JanuaryFebruaryMarchAprilMayJune 3
$15.2515.5216.0917.6220.2122.6524.5326.95
26.2126.4326.5726.6426.6526.7026.6327.1526.9827.2728.1528.40
28.6228.9129.0929.4129.23
i Not available. New series, beginning April 1945; includes only employees subject to provisions of theFair Labor Standards Act and is not comparable with preceding series, which includes all employees.
* Not available.3 Preliminary.
Source: Department of Labor.
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7 0 MIDYEAR ECONOMIC REPORT OF THE PRESIDENT
TABLE X.—Average hourly earnings in selected industries, 1939-47
Year or month
Manufacturing
Total
$0.633.661.729.853.961
1.0191.0231.084
1.0041.0021.0351.0581.0711.0841.0931.1121.1261.1301.1391.148
1.1611.1701.1801.1861.2081.220
Dura-ble
goods
$0,698.724.808.947
1.0591.1171.1111.156
1.0701.0641.1031.1311.1471.1651.1771.1861.2011.2021.2101.216
1.2241.2291.2371.2441.2771.294
Non-durablegoods
$0,582.602.640.723.803.861.904
1.012
.941
.953
.975
.988
.9961.0031.0091.0361.0501.0561.0651.077
1.0941.1071.1191.1221.1311.138
Bitu-minous
coalmining
$0,886.883.993
1.0591.1391.1861.2401.401
1.2591.2651.2741.2391.3211.4741.4571.4661.4801.4601.4771.491
1.4911.4911.4841.4811.464
(2)
Privatebuild-
ingcon-
struc-tion
$0,932.958
1.0101.1481.2521.3191.3801.478
1.402]
:
.
L.422L.411L.423L.431L.444L.4731.4821.510L.526L.549L.569
L. 5941.5981.6101.6341.656
(2)
Class Isteamrail-
roads
$0.707.711.745.819.892.934.938
1.111
.935
.949
.9291.0451.0691.1171.1161.1121.1321.1131.1241.128
1.126(2)(2)(2)(2)(2)
Tele-phone
$0,822.827.820.843.870.911
0)1.124
]
1.030L.0951.105L.131L.143L.147L. 1351.1291.148L.137L.131L. 132
1.1321.1411.124L.147L.188(2)
Whole-colasaie
trade
$0.715.739.793.860.933.985
1.0291.144
1.0701.0951.1011.1211.1351.1461.1551.1481.1791.1721.1861.202
1.1971.2301.2311.2291.241
(2)
Retailtrade
$0.536.542.568.614.670.724.773.878
.828
.835
.841
.851
.859
.876
.888
.893
.908
.907
.917
.919
.953
.957
.960
.973
.986(2)
Hotels(year-
round)
1939 monthly average.1940 monthly average.1941 monthly average.1942 monthly average.1943 monthly average.1944 monthly average.1945 monthly average.1946 monthly average.
1946:January _.February.. .MarchApril.MayJuneJuly _AugustSeptemberOctober..NovemberDecember.._
1947:JanuaryFebruaryMarchAprilMayJune 3
$0.324.332.348.386.451.505.550.612
.604
.602
.600
.599
.596
.598
.602
.614
.620
.626
.642
.651
.648
.654
.642
.642
.6432)
1 Not available. New series, beginning April 1945; includes only employees subject to provisions of theFair Labor Standards Act and is not comparable with preceding series, which includes all employees.
2 Not available.3 Preliminary.Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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MIDYEAR ECONOMIC REPORT OF THE PRESIDENT 71TABLE XI.—Consumers1 price index, 19S9~47
For moderate-income families in large cities
[1935-39=100]
Year or month
1939 monthly average.1940 monthly average.1941 monthly average.1942 monthly average.1943 monthly average.1944 monthly average.1945 monthly average.1946 monthly average.
1946:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober. _NovemberDecember
1947:JanuaryFebruaryMarchAprilMayJune,2
All items
99.4100.2105.2116.5123.6125.5128.4139.3
129.9129.6130.2131.1131.7133.3141.2144.1145.9148.6152.2153.3
153.3153.2156.3156.1155.8157
Food
95.296.6
105.5123.9138.0136.1139.1159.6
141.0139.6140.1141.7142.6145.6165.7171.2174.1180.0187.7185.9
183.8181.5189.5188.0187.6190
Clothing
100.5101.7106.3124.2129.7138.8145.9160.2
149.7150.5153.1154.5155.7157.2158.7161.2165.9168.1171.0176.5
179.0180.2184.3184.6184.4
Rent
104.3104.6106.2108.5108.0108.2108.3108.6
0)(0108.40)0)108.5(0108.7108.8(0
8108.8108.9109.0109.0109.2
Fuel, elec-tricity,and ice
99.099.7
102.2105.4107.7109.8110.3112.5
110.8111.0110.5110.4110.3110.5113.3113.7114.4114.4114.8115.5
117.3117.5117.6118.4117.6
Housefurnish-
ings
101.3100.5107.3122.2125.6136.4145.8159.2
148.8149.7150.2152.0153.7156.1157.9160.0165.6168.5171.0177.1
179.1180.8182.3182.4181.6
Miscel-laneous
100.7101.1104.0110.9115.8121.3124.1128.8
125.4125.6125.9126.7127.2127.9128.2129.8129.9131.0132.5136.1
137.1% 137.4
138.2139.1138.7
* Usually surveyed quarterly.2 Estimates based on incomplete data.a Not available.Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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72 MIDYEAR ECONOMIC REPORT OF THE PRESIDENT
TABLE XII.—Wholesale price index, 1989-47
[1926=100]
Year or month
1939 monthly average. _.1940 monthly average.._1941 monthly average. -.1942 monthly average...1943 monthly average. - .1944 monthly average.._1945 monthly average. -_1946 monthly average...
1946:JanuaryFebruaryMarchAprilMayJune _July __AugustSeptemberOctober.. _.NovemberDecember
1947:JanuaryFebruaryMarchAprilMay.June *
77.178.687.398.8
103.1104.0105.8120.9
107.1107.7108.9110.2111.0112.9124.7129.1124.0134.1139. 7140.9
141.5144.5149.5147.7146.9147.7
65.367.782.4
105.9122.6123.3128.2148.6
129.9130.8133.4135.4137.5140.1157.0161.0154.3165.3169.8168.1
165.0170.4182.6177.0175.7177.9
70.471.382.799.6
106.6104.9106.2130.4
107.3107.109.4110.8lll.fi112.9140.2149.0131.9157.9165.4160.1
156.2162.0167.6162.4159.8161.0
Other than farm products and foods
81.383.089.095.596.998.599.7
109.3
100.8101.3102.2103.3103.9105.6109.5111.6112.2115.8120.7124.7
127.6128.5131.1131.8131.7131.8
95.6100.8108.3117.7117.5116.7118.1136.2
119.4119.6119.8119.8120.4122.4141.2138.9141.6142.4172.5176.7
175.1173.8174.166.4165.6
101.6102.2104.7107.9108.8109.2118.1124.0125.7128.6131.6134.7
136.6138.0139.6139.2138.9
73.171.776.278.580.883.084.0
84.985.185.086.186.187.890.394.494.394.294.596.1
97.797.9
100.7103.4103.3
94.495.899.4
103.8103.8103.8104.7115.3
105.7106.6108.4108.8100.4ll2.2113.3114.0114.2125.8130.2134.7
138.0137.9139.9140.3141.4
90.594.8
103.2110.2111.4115.5117.8132.2
120.0120.9124.9126.5127.8129.9132.1132.7133.8134.8145.5157.8
169.7174.8177.5178.8177.0
76.077.084.495.594.995.295.2
101.5
96.095.996.096.196.596.499,398.498.499.9
118.9125.7
128.1129.3132.2133.2127.1
86.388.594.3
102.4102.7104.3104.5111.5
106.2106.5106.9107.5108.3'110.4111.9112.6113.6115.3118.2120.2
123.3124.6125.8127.4128.8
74.877.382.089.792.293.694.7
100.2
95.395.. 695.695.797.098.5
101.3102.0102.1104.0106.5108.9
110.3110.9115.3115.7116.1
1 Preliminary estimates based on weekly data.«Not available.Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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MIDYEAR ECONOMIC REPORT OF THE PRESIDENT 73
TABLE XIII.—Index of prices paid and of prices received by farmers and parityratio, 1939-47
[1910-14=100]
Year or monthPrices paid(includinginterest
and taxes)
124125132150162170174194
177179180181185188199204200207212213
215221227230229230
Pricesreceived l
95100124159192195202233
206207209212211218244249243273263264
260262280276272271
Parityratio 2
1939 monthly average.1940 monthly average.1941 monthly average.1942 monthly average.1943 monthly average.1944 monthly aveiage.1945 monthly average.1946 monthly average.
1946:JanuaryFebruary _.MarchAprilMayJune._JulyAugustSeptemberOctoberNovemberDecember _
1947:JanuaryFebruaryMarchApril.May. . . __June
778094
106119115116120
116116116117114116123122122132124124
121119123120119118
1 August 1909-July 1914=100.* Ratio of prices received to prices paid (including interest and taxes).Source: Department of Agriculture.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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74 MIDYEAR ECONOMIC REPORT OF THE PRESIDENT
TABLE XIV.—Industrial production index, 1939—47
[1935-39=100, seasonally adjustedl
Year or monthTotal
industrialproduction
Manufactures
Total Durable NondurableMinerals
1939 monthly average1940 monthly average1941 monthly average1942 monthly average1943 monthly average1944 monthly average1945 monthly average1946 monthly average
1946:JanuaryFebruaryMarchAprilMayJune—July . . .AugustSeptemberOctoberNovemberDecember
1947:JanuaryFebruaryMarchAprilMayJune*
109125162199239235203170
160152168165159170172178180182183182
189189190186185183
109126168212258252214177
163154173176167176177184186188191190
196197198194192190
109139201279360353274192
166138183190175193202208212214214211
221222225222220220
109115142158176171166165
161167166164161162157164165168173174
177176176172169166
106117125129132140137134
141141137104115139146144146145136137
146146148142152149
i Estimates based on incomplete data.Source: Board of Governors of Federal Reserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis