SURVEY of CURRENT BUSINESS April 1934
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APRIL 1934 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 14 NUMBER 4 The National Income, 1929-32 • The final report on the national income, a preliminary summary of which was published in the February issue of the Survey of Current Business, is now available for distri bution as Senate Document No. 124. The income estimates are presented in great detail by industrial divisions and by type of payment in a 261-page report, which contains over 200 statistical tables, 16 charts, and explanatory and analytical text. Copies may be ob tained at 20 cents each from the Superintendent of Docu ments, Government Printing Office, Washington, D.C. Volume 14 APRIL 1934 Number 4 WEEKLY DATA THROUGH MARCH 31, 1934 MONTHLY DATA THROUGH FEBRUARY SURVEY OF CURRENT BUSINESS PUBLISHED BY UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON CONTENTS SUMMARIES AND CHARTS STATISTICAL DATA-Continued Page Business indicators................................................ 2 Monthly business statistics-Continued Pa~e Business situation summarized..................................... 3 Con~truction and real estate. .. .. .. .. • . .. 24 Comparison of principal data, 1930-34.............................. 4 Domestic trade................................................ 25 Commodity prices................................................. 5 Employment conditions and wages............................. 27 Domestic trade.................................................... 6 Finance ....................................................... 30 Employment....................................................... 7 Forel)l.n trade.................................................. 34 Finance........................................................... 8 Transportation and con1munications. o. o..... o... o............. 35 Foreig,rt trade...................................................... 9 Statistics on individual industries: Real estate and construction....................................... 10 Chemicals and allied products.............................. 36 Transportation.................................................... H Electric power and gas..................................... 38 .Survey of individual industries: Foo(lstuffs and tobacco ••••• o. o o o •••••••••••• , •••••••••• o o o. 39 1\.utontobiles ~1nd rttbber. • • • . • • • .. • • • • . • . • . • • . 12 Fuels and byproducts...................................... 42 Forest t>roducts................................................ 13 Leather an'l pro(ltrctso o. oo ••••••• o•.. oo o o oo o •• o •• o.• o. o o •• o 44 Iron attd steel .....•••••.....••••••••••••.•••... 4. 4............. 14 Lt1n1ber a11d 111anufactureso. o•••.• o•. o. o.•.• oo o o........... 44 Textiles...... .. .. .. .. .. 15 Metal and manufactures: lr<>n and steel. ........................... ,............. 45 SPECIAL ARTICLE Machinery and apparatus.............................. 47 Index of Sales of New Passen~er Automobiles........................ 16 Nonferrous n1etals and products .. o.......... o. o........ 48 Par)cr n.n<.l pritttinfl· •• 0 ••••••• 0 0 • 0 0 ••••••••••• 0 ••••• 0....... 49 STATISTICAL DATA Revised series: Rul)l)el a11d pro<lucts ... o ••••••••••••••••••• 4. 0. ~ 0 ••••••• 0. 0 51 Opcratin~ revenues, operatin~ cxvcnscs and. n~.:t railway operat~ Stone, clay, and ;;~lass products ........................ o. oo.. 52 in~ incotne of class 1 stcun1 railways.. • • 2;) Textile products........................................... 52 Weekly business statistics.......................................... 21 Transr·ortation equiprnent .•.• o•••••• o•• oo ••.•• o........... 54 Monthly business statistics: CanadiaR st:1tistics~ ...... 0•••• 0••••• 0............... 0•..•. 0..... 55 l~tlsiness indexes. 0 oo .. o. o...................................... 21 Index of revisions 1nade in December 1933 issue .•••••••••.• 4 •••••• ~. 56 Comm<>dity prices............................................. 23 General in.:.! ex ...••.. , ...••••• 0. 0 0 0 •••••• 0 4 0 •• 0 •• 0 •••• InsJde back cover Subscr:ption price of the SuRVEY oF CeRRENT Busi=-rEss is $l.50 a year, which includes the 12 monthly numbers, the- i':f32 aunuJ.t supplement, and the 52 weekly supplements. Singl~-copv ~~rice: .i\foathly, 10 C(':ltr.; weekly, 5 cents; annual, 40 cents, Foreign subscription3, $3, induJing weekly r.nd 1932 annual Fupplements. J\-lakc remittances only to Superintec.dcnt of Documents, \V ashington, D.C., by postal money order, express order, or Ne.v York draft. Currency at senJer's risk. Postage stamps or foreign money not accepted 47657-3{--1 2 SCJiYEY OF CGRRENT B"CSI:KESS :\pi i' I \I') 1 Business Indicators 1923-25=100 ----------------- !r~DUSTR!/\i~~ Pr::ODJCT;r)~·l 160 i-----.--------------------:-·--- ____ ]_________ _ i ! : I . ! IQQ ~~~~2~~'/IL(::t~~;}\~-i------: i ' i , ___ /--j--./ ' ' /f'Q ~ ij_.Ll_j_.i.J.U j_J_j_U.J_ili_u_'_:_)__iJJ..~J_t J.! .LLL~~-!J~. ~--~.U.LL'- 1 .Lu tJ...!JJ ; --~ CO:<STFUCTION CC'~-~Ti=U~::TS l\·N,Ll,RDEG 2(;0 ~--·····- -~---------------·:·-- ··-r-----·-: I .r Wl~' .~:,!L<J r.:) ' iOd¥~--L ______ J_ ___ ~------~----~·--- .. )/ \r~.... _l:r);O';--..... , ~ : \/ c.~'C\.\'' /i:_~ ,, ._,-f{i_.,,_C'.. -. 0 Lu_u.LtJJJ.i.L_WJlmu±~~~-_;:tJ.rrr:·i~"':t"~2~~l·J.'l.cJ DEPARTMENT STORE SALES 200 0 VALUE OF EXPORTS VALUE OF IMPORTS 200 2oor----.~~~~~~~~~_,----, e AOJUST£0 FON SEASONAL VARIATION *REPORTING MEMBER BANKS D.O. 7tiSS ,, April 1934 SUHVEY OF CURRENT BUSINESS ,) Business Situation Summarized USINESS activity improYed during February, and tobacco--r<'eorded decreases for the month. The rise B the forward movement has continued in 11arch. in the indexes of coal production reflected the seYen' The expansion in manufacturing output in February weatlH'r conditions, as "~en as increased industrial was n.ccompnnicd by a pronouneed rise in both factory drmands. The gain in tho composite index of indns employment and pay rolls, the latter exceeding the trinl production for the month, nfter nllownnce for the total for last September, which was tlH' l1igl:est. re sea:oonal tn'nd, wa~. nearly 4 percent, bringing the index ported in 1933. Cash income rocoiYed by fnmwrs from eonsiclfrnhly ldiOYC OO{ i\ l 933 nnd 19:32, <Ill(] '.\ ithin 5 the snle of fn,rm products 1·ose nearly 5 r:e~·emt dnring perecnt of the snmP month of 1931. the month after allowance fer the sensond trf'nd, nnd ThE' substnntial illcrenses in rrivnte employnH'lli in '"·:;,; (:):) j)(~l·cent above a year age•. lncrnases in the Fubrunry were the result of ulditions to the Pumbcr of mnjor distribution seri(•c_; L:wc not bPen ~:s lnrg(' as fuctory workc>r,,, ns therl' wus n ;:;mnll drcn•u,·c in ~h(' tho c- re:ported for production, the Febnwi')' ri,:P in noum:m:d'acturing industries currently sm·vc~,~Pd. For frci~!·ht-car loncling:s being in accord •,1ith ti:e u:;unl factories, the ri:'r in employmt>nt 1n1::- G percent \"l per Ill()H'mcnt. Hf't.nil sales figures indica ted no marked cent nft('r udjn;,iment for sensonnl Y::riiltioJJR) :nHl in change in eonsomH'r purdwciing during the month, p~ty rolk 12 percent, the latter being tLe l:irgcst cxcPpt in tlw case of automobile,,, the Ynlue of w!Jiel1 monthly ~:<<in reported oyer the period since collt p:: rn hk \nts nhout double the Jnrmnry total. Construction uuta first bcc'nme nvailubh', namely, 1D1 D. work, ~'~. Itlettsured by the contracts uwurded, dt'clined Wholesale prices changed only slightly in the ,) \'> ceks during Fehrtwry but tun1ed lll"'·nrd in tlw llrs1 hnlf r11dcd f.Inrch :24. The rnpid rise in tlH' first (i Wl'eks of March. of the year has beeu succeeded by an irregulr, r mo>e Incrensing aut()mobilc output has been an important ment. Hl'tnil prices, farm prices, nncl the co::-t of liYing influence on tlu~ trend of nctiYity clnring recent weeks. moYcd higher during Febnwry. The February adjusted inclex of automobile production \rhilc gold reeeipts \H'.re heaYy during 1\lnrch, the was the higlwst figure reported since :1Iay I 93 J, and oHt\Ynrcl movement from Europe tO\Yard this country output has been larger in .Mureh. Iron and steel has tapered off. The excess reseryes of the member production increased rapidly in February, but by the bnnks hnve continued to mour{t to unprecedented middle of March opemtions had leveled off. Improve tot,uls, but the expansion in member bank loans and ment in the textile industry has continued at a slower innstments hns been confined to Government r,:ecurity rate, the adjusted index ndvancin?, 5 percent in Feb holdings. No change has occurred in the new capital ruary. Three of the major groups for which produc market, n.nd f:lotations have been few in number and tion tlata are available-food produets, lumber, and small in total. MONTHLY BUSINESS INDEXES '' t'actory em- .: Department I ~o•·eign ,I :, = ' Industrialproduction II' ployment [' Freight-carloadlngs 'i storesales, trade,value,.! I= 'I"'- 'I ~ l------...,.-------~--1 and pay rolls:'------~--~ i value I adjusted'·~[' ~ 1, .;~ :1 ~ Unadjusted t Adjusted' li ~~ ~ -( Total r:~~~:~:~.- I I 1 t. ~!I'll ~! 1--...,----.,-~- ~~ ~~ I I' ~~ §~ -;;:;:; ~ ~ - =-... I - ... 1 - ... ;:g, ~s Year and month ~ -:.. ~ -:.. i~.· ~~c:: I I ~ ~ i i ..._: I -~ ~ ~~ ~~ II i~ s ., ~ s .5 et ~ = . ~ a ~ ~ ~ ~ I ! I _&=: I ~ 'I ~ ~ ~ ~ i ~ , ~ :.:! , i ! I .s ~ 1 .s ~ .s ~ .; - .: l1 a- l1 ~ \i Monthly Monthly average, 1923-25=100 1\ average, 1 926 1930: February--~~-~~~ --,w'"g"'rr'"o:->j--,;Iou-4-;-l--,;r o""7"-r;-;;o""7-;--'ro"'s'l'l