Survey of Current Business March 1932
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MARCH, 1932 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 1Z NUMBER 3 Bought • • • • • • Raw materials New equipment Replacements Office and sundry supplies . Printing • • • • • • • • • • The list is long-the memorandum of your purchases of the last few months. Attention formerly focused upon Sales now is divided be tween Sales a'nd Purchases. There are many opportunities to buy. To make your purchases at the opportune moment, however, it is necessary to be as well posted on commodity, distribution, and economic movements affecting prices and supplies of the items you purchase as it is to be thoroughly in formed regarding the market for your own products. Many types of data will aid you in determining favorable purchasing factors-statistics and summaries for industrial operations and pro duction, stocks of manufactured goods and raw materials, unfilled orders, freight-car loadings, commodity indexes, foreign trade, con struction activities, agricultural marketing and stocks, bank loans, the money market, and employment. All these appear each month in the SURVEY OF CURRENT BUSINESS. • • • • • • • • • Volume 12 MARCH, 1932 Number 3 WEEKLY DATA THROUGH FEBRUARY 20, 1932 MONTHLY DATA THROUGH JANUARY SURVEY OF CURRENT BUSINESS PUBLISHED BY UNITED STATES DEPARTMENT OF COMMERCE WASHINGTON CONTENTS Page Monthly business indicators ________________________ -------________________ 2 Business situation summarized____________________________________________ 3 Finance _________________________________________________________________ 4 1932 in comparison _____________________________________ ---------- ____ ---- 6 Commodity prices________________________________________________________ 7 Employment_____________________________________________________________ 8 Domestic trade_____________ ____ ___ _ ____ __ _ _ ____ ____ _ _____ ____ __ ____ ______ 9 Foreign trade ______________________________________________________ ------ 10 Transportation___________________________________________________________ 11 Construction _____________________________________________________________ 12 Agriculture ____________________________ ---------------------------------- 13 Iron and steel industry _________ -----______________________________________ 14 Chemical industries _________________________________ -·-____________________ 15 Automobile and rubber industries _____________ ---------------------------- 16 Textile industry ________________________________________ ------------------ 17 Food industries _____________________________ --------______________________ 18 Forest products---------------------------------------------------------- 19 New and revised series-Status of Federal-aid road construction____________ 20 Weekly business statistics_______________ __ _ _ _ _ _ _ __ __ _ _ __ __ _ _ _ __ _ _ _ _ ___ ___ _ 21 Monthly business statistics (Index)______ __ _ _ __ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _____ _ __ _ 22 'Subscription price of the SuRVEY OF CURRENT BusiNESS is $1.50 a year which includes the 12 monthly numbers, the annual supplement, and the 52 weekly supplements; single copies (monthly), 10 cents; annual supplement, 25 cents. Foreign subscriptions without weekly supple ments, $2.50; single copies (monthly issues), including postage, 14 cents; annual supplement, 36 cents. Make remittances only to Superintendent of Documents, Washington, D. C., by postal money order, express order, or New York draft. Currency at Sender's risk. Postage stamps or foreign money not accepted :W3384-32-l 1 2 SURVEY OF CURRENT BUSINESS l\Iarch, 1932 Monthly Business Indicators 1923-1925=100 INDUSTRIAL PRODUCTION 140r-----.----~.----.--~-.-----. 5 .f- M'ANUFAaURES (AD.JUSTED} I .., I MINERALS (ADJUSTED} FACTORY EMPLOYMENT FACTORY PAYROLLS FREIGHT CAR LOADINGS L.C.L. GG 111:1!1111 WHOLESALE PRICES VALUE OF EXPORTS BANK DEBITS OUTSiDE NEW YORK CITY BUILDING CONTRACTS AWARDED 200 I t UIV-4/JJU.STEDI I l 100~~~~--~~~~_,-----4----~1 . '·· .I 1930 1931 L-5~A~D.~V.~V.~~~T£~D~A~V~~~S£=A~S~O.~WA~L~--~~~R~~~n~a~N___________________________________________________ j March, 1932 SURVEY OF CURRENT BUSINESS 3 Business Situation Summarized URTHER recession in general business activity slightly less than the decline for the full year 1931, com F occurred in January, and the gains in individual pared with 1930, and somewhat larger than the Decem lines, excepting for certain manufactured products, ber reduction. have failed to measure up to the usual seasonal expec Employment underwent a further contraction in tations. Weekly indications available for the first January, and in general the deeline was of greater than three weeks of February reveal no change in the trend. seasonal proportions. Fifteen major industrial groups The financial measures recently adopted to stem the reported a decline of 3.9 per cent in employment and deflation have resulted in some improvement in senti 7.5 per cent in pay rolls. Factory employment de ment and the financial situation, which, however, has creased 1.9 per cent, after adjustment for seasonal varia not yet been translated into increased productive tion, and the unadjusted index for factory pay rolls activity. The majority of the important indexes have dropped about 6 per cent. moved downward, with industries serving direct con Retail and wholesale trade was lower in January, sumer demands still making the best rela.tive showing. mainly as a result of seasonal influences, and the dull Construction activity has fallen off by considerably ness has continued thus far in February. Department more than is usual at this season. store sales declined by slightly more than the usual Industrial production during January was somewhat seasonal amount, and the sales of chain stores showed higher than in December as a result of an increase in a larger percentage of decline from a year ago than the manufacturing activity which was of approximately average for the months immediately preceding. Car the usual seasonal amount. Mineml production was loadings not only failed to expand seasonally in Jan lower. Increased activity, after seasonal adjustment, uary but were lower than in December, and the trend was reported for the iron and steel, textile, leather and has continued downward during February. Foreign shoe, cement, and tobaeco manufaetures industries, trade in .January continued to recede, with exports off while produetion of lumber and food products was by more than the usual seasonal amount. Imports unehanged. were also lower, whereas the usual seasonal trend is The slight decrease in automotive output resulted in upward. a sharp drop in the adjusted index. Fuel output was Movements in financial markets were mixed in Jan generally lower with declines in the coal, petroleum, and uary, but the bond market seored distinct improve electric power industries. Production of nonferrous ment, which has been \vell maintained. \Vealmess in metals also declined. Compared with <January, 1931, wholesale priees remains an unsettling factor, although industrial prodnetion was down 15 per cent, only reeently the rate of decline has slaekencd. MONTHLY BUSINESS INDEXES Department Foreign it i 1: FreiJOht car loadings store •ales, trade, z.. "" ,,, Wholesale prlcea Yalue yaJne l -- =~ i i ';~ r: . Merchan- ·= ~~ ~ ;a • - Total dise, I. r. 1. ~ ..... It ·~ ·&.!-= ! er-e ·i .. w.:~ fC :,. 2 .. .::.... Q I': oe::~ ~ .i !·..: ;r= c: = ' =- " i=~ Year and monUa -'g i • .,_I'.":! :~a 1= '==t.=• ~ 1' .5 e ~ 1.. ~ - I ~: j~.g f ;g I'· a" ' ! -= ..... = = ,' 0 ~ 1..,. ~~ i I 0 I r.. ~-"' = i'-----'------1 - - Monthly average 1923-1925= 100 11 :Monthly average i--- ----1:.. 1926=100 f H.1 , i' I 117 ' 117 ! 118 100 ' 101 108 97 ~() 110 ' 12D 142.4 'i 120 l' ~''· n 1 105. ~ 92. a i~~~~ ~~~~;~~ :::::::::::::::::::! 103 103 112 YO U4 89 100 94 ss 107 108 130.21! 95J, 92.51101.0,89.5 mll: I 82 81 90 78 tl8 74 82 S:l 90 79 97 66 57 110. 0 I'! 71 73. 1 ' 79. 0 80 87 83 :. I zs. 21' 86 85 88 78 73 74 80 98 59 54 86.0 I 7797 ,·I 16. 8 70. 1 I 78.3 87 87 87 78 75 ' 75 80 89 89 ' 92 ' 97 62 65 9~ .. 4 !, . 7G. 0 70. 6 77. 2 89 89 92 78 74 77 so 91 88 101 106 57 58 9" i3 74. 81 70. 1 75. 9 89 89 . 86 78 72 7g 79 92 i 89 'J7 97 54 5f> 95. 6 ' 66 ' 73. 2 67. 1 ' 75. 1 ~sm_----:::=:::~-=::1 ~~ 84 85 76 tiS 77 77 89' 89 90 95 49 55 98. 451 I 64 • 72. 1 65. 4 · 74. I 7(1 July ___ -------- __ -----------1 83 83 84 75 64 78 87 88 05 91 48 54 93.5 1 m 1 12.0 64.9, 73.9 79 79 74 64 76 ' 72 86 86 67 8R 43 52 83. 8 59 ' 72. I 63. ~ ' 74. 2 I ~~~t~~;l be~~~==:::::::::::::: 1 76 ~~ 77 73 ti2 78 69 88 ' 85 87 84 48 53 84. 3 1 W ! 71. 2 60. 5 I 73. 9 Octo her_-_------------- ----i 73 7i I 85 70 59 ' 78 i 69 87 83 9:l 86 51 52 91. 9 11! 551! 70. 3 5~. R I 72. 9 No\t~ember ·---- _____________ ! 72 70 i 84 59 5fJ 70 i ti8 85 ' 83 97 83 51 46 74. 0 I 4g . 70. 2 58. 7 : 73. 4 69 i 69 December_--------------- .. ! 71 83 69 56 61 ' 77 ; 83 14.2 81 48 47 86. 7 II 38 !, 68. 6 55. 7 72. 3 1932: ' January__________________ _ I ; i: 70 69 ' 78 68 .)2 1)8 ,. 81 G.; bO 4~ 80.6 '' 33 : Gl.3 52.8 ' 71.7 i) u. 1 1 I Adjusted for seasonal variation. 'Adjusted for number of working days, 4 SURVEY OF CURRENT BUSINESS March, 1932 Finance-Credit and Banking HE general banking and credit situation was Federal reserve credit also declined, but the rate of T featured during January by gradual credit liquida liquidation was less than seasonal. Since the begin tion on the part of the reporting member banks, by a ing of February the weekly decline in the outstanding less-than-seasonal decline in money in circulation, and volume of reserve credit has been somewhat more by a steady outflow of gold. During the course of the marked and apparently has reflected the results of month remedial legislation, particularly the recon special efforts being made during recent weeks to struction finance corporation act, gradually set the attract hoarded cash into banks and into investment.