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SURVEY of CURRENT BUSINESS June 1936 JUNE 1936 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 16 NUMBER 6 •TTLMONG the durable goods industries that have made rapid strides toward recovery is included the farm equipment manufacturing industry. Business in 1935 was the best since 1930, although it fell considerably short of the results of the earlier year. Production amounted to $331,998,066 in 1935, or almost three times the value of the 1932 production. The total was, however, only 55 percent of the 1929 figure. , Business, both domestic and foreign, so far during 1936 has shown further substantial gains. The review on page 16 by E. V. Needkam, the Bureau's agricultural implements specialist, gives a summary of recent as well as of historical trends. UNITED STATES DEPARTMENT OF COMMERCE DANIEL C. ROPER, Secretary BUREAU OF FOREIGN AND DOMESTIC COMMERCE ALEXANDER V. DYE, Director SURVEY OF CURRENT BUSINESS Prepared in the DIVISION OF ECONOMIC RESEARCH ROY G. BLAKEY, Chief M. JOSEPH MEEHAN, Editor Volume 16 JUNE 1936 Number 6 CONTENTS SUMMARIES AND CHARTS STATISTICAL DATA—Continued Page Page Business indicators 2 Monthly business statistics: Business situation summarized 3 Business indexes 22 Graphic comparison of principal data 4 Commodity prices 23 Commodity prices 5 Construction and real estate 24 Domestic trade 6 Domestic trade 25 Employment 7 Employment conditions and wages 27 Finance 8 Finance 31 Foreign trade 9 Foreign trade 36 Real estate and construction 10 Transportation and communications 37 Transportation 11 Statistics on individual industries: Survey ofiindividual industries: Chemicals and allied products 39 Automobiles and rubber 12 Electric power and gas 41 Forest products 13 Foodstuffs and tobacco 42 Iron and steel 14 Fuels and byproducts 45 Textile industries 15 Leather and products 47 Lumber and manufactures 48 SPECIAL ARTICLE Metals and manufactures: Farm equipment business recovers rapidly.... 16 Iron and steel 49 Machinery and apparatus 51 STATISTICAL DATA Nonferrous metals and products 52 New and revised series: Paper and printing 53 New series: Commercial stocks of domestic barley, corn, oats, Rubber and products 55 and wheat in the United States and Canadian wheat in Canada, Stone, clay, and glass products 56 1927-36 19 Textile products 57 Revised series: Manufactured gas: Customers, sales and reve- Transportation equipment. 58 nues, 1929-35 20 Canadian statistics 60 Weekly business statistics through May 30 21 General index Inside back cover Subscription price of the SURVEY OF CURRENT BUSINESS is $1.50 a year. Single-copy price: Monthly, 10 cents; weekly, 5 cents. Foreign subscriptions, $3, including weekly supplements. Make remittances only to Superintendent of Documents, Washington, D. C. 69511—36 SURVEY OF CURRENT BUSINESS June 1936 Business Indicators 1923-25=100 INDUSTRIAL PRODUCTION FACTORY EMPLOYMENT AND PAYROLLS 125 125 100 100 v/ EMPLOYMENT (Adjusted) ® ^—_-—^ "IIIIMH HI 75 \ 75 N V Adjusted ® X 50 50 PAYROLLS (^Unadjusted) 25 25 0 i i i I I 1 i ii M MMIIMIM 11II1111111 0 Ml 1 1 1 1 1 1Mil 1 l1 Mil! IIII 11 n i II FREIGHT CAR LOADINGS CONSTRUCTION CONTRACTS AWARDED 125 125 \ 100 100 (Adjusted)^ \ 75 L.C.L. 75 \ \ / \ 50 50 v\ V* TOTAL (Acijusted)* \ \ TOTAL (Aqiustecf) y 25 1 25 SSRES/DENT/,\L (Adjusted) I V —•• 0 i 1 I.I 1 1 1 II 11 1| !! II 1 1 1 1 1M 11 III IIII1 0 1 1 | II 1 I! 1 M1 M1 1 I II 1 1I I1 1 II 1 M 1 1 1 DEPARTMENT STORE SALES WHOLESALE PRICES 125 125 100 100 • .A ALL COMMOL7/T/£S 75 1\ 75 s TOTAL 0djusted) PRODUCTS 50 50 i 25 25 0 \ II II 1 il 1 I Mil1 l 1 1 1 | l1| |1 ii 1 II II i M 11 1 1 M 1 MII M 1 1 M M 1 II II 1 1 II II FEDERAL RESERVE MEMBER BANK LOANS* BANK DEBITS OUTSIDE NEW YORK CITY 150 \ 125 125 100 100 TOTAL; 75 \ 75 50 50 (commercial) ot i i i i I t i i i I I I I I I I I 1 I i I • iiilinnt 0[ M I I I ! 1 I 1 M iiiI i M i i 11 I I I I 1 I I ! I M i929'30'3!'32'33 1934 1935 1936 1929 '30 '31 '32 '33 1934 1935 1936 ADJUSTED FOR SEASONAL VAR/AT/ON * REPORT/NG MEMBER BANKS D.D. 8635 J.M. June 1936 SURVEY OF CURRENT BUSINESS Business Situation Summarized NDUSTRIAL activity has tended to level off in about the same as in March; the indexes of food proc- I May after the unusually rapid rise in April when the essing and shoe production fell off less than the seasonally adjusted index of manufacturing advanced usual seasonal amount; and the contraseasonal gain to 99 from 93 in March, and the index of mineral out- in tobacco manufacturing established a record for the put rose to 104 from 95. While the March-April month in this industry. change was influenced by the effects of the floods which The expansion in manufacturing in April was accom- accompanied the spring thaw in the East, the forward panied by an increase in the seasonally adjusted index movement this spring continues to have as a basis the of factory employment; there was a large gain also in sales expansion in many industries. the number of employees in the nonmanufacturing The demand for finished steel has held the ingot industries surveyed regularly by the Bureau of Labor rate during May close to 69 percent of capacity, the Statistics. During the past year of increased produc- April figure, which represented the highest rate of tion and national income, the estimated gain in em- production in 6 years. Sales of automobiles have been ployment in all industries and occupations has been maintained in May at a rate which promises little in excess of 1,500,000. change in production from the April total; in that Retail sales reports for April reveal mixed trends month production exceeded half a million units for the in comparison with the March results, but the value of first time since 1929. This high rate of automobile all retail sales was greater than in April 1935, and a production was the major factor in the record output substantial year-to-year gain for the May comparison of plate glass in April, although the expansion in build- is indicated by current reports. ing operations has also caused an increasing demand The May crop report revealed a deterioration due to for this product as well as for lumber, cement, and the uneven distribution of rainfall and extreme tem- other building materials. Notwithstanding the further peratures. In the first half of May, however, there improvement in construction, the relatively low level was a marked improvement in conditions. Prices of of building remains a major deterrent to reemployment, farm products and foods have continued to decline as not only in this industry but in others as well. adjustments are gradually made to a more normal In the nondurable goods industries the changes in demand-supply situation. Prices of industrial com- April were not so marked. Production of textiles was modites also have eased. MONTHLY BUSINESS INDEXES l Factory em- Retail sales Foreign 4 Freight- w Cash farm » Industrial production ployment value, trade, value, al , 78 car loadings d income» and pay rolls adjusted adjusted 2 , Ne e - , Mer- - s Adjusted » chan- y Unadjusted i Total s * Index dise, adjuste d , e rolls mer d Lcl. Cit l y e contracts s s k outsid store n s employ t pa f f d pric value Year and month Yor » , e » > o o t s s d adjuste commoditie d r s , s genera chandis , debit l l unadjuste k ees types Constructio Amoun Adjusted Ban Adjuste Departmen Mineral Mineral Rural Manufacture Tota Manufacture Tota Numbe Import Wholesal Export Adjuste Unadjuste Monthly T 1929-31 Monthly Monthl j average, 1923-25=100 = 100 Monthly average, 1923-25= 100 average, average, 1924-29=100 1926-100 1929: April 124 128 103 121 122 114 105. 1 112.6 108 104 110 120.0 118 118 135. 7 123 85.5 105. 5 ; 95.5 1930: April _ . 107 110 94 104 104 104 96.1 97.7 97 98 105 107.7 92 88 123.3 101 80.0 98.5 ' 90.0 1931: 4pril 90 91 83 88 87 91 80.6 74.4 80 88 102 86.6 60 53 99.5 73 58.5 70.5 74.8 1932: April 64 63 72 63 61 80 66.1 49.5 59 73 74 67.2 37 36 72.8 27 41.5 52.0 65.5 1933: April 67 68 65 66 65 73 59.9 38.8 53 63 64 61.5 29 25 53.8 14 36.5 47.5 60.4 1934: April 88 89 81 86 85 90 82.3 67.3 62 65 74 73.8 50 42 72.4 32 45.5 60.0 73.3 1935: ApriL_ 89 91 79 86 86 87 82.4 70.8 61 63 73 101.0 45 49 78.3 27 55.5 69.0 80.1 Mav 87 87 88 85 84 89 81.4 68.5 61 63 76 93.1 46 52 78.9 27 57.0 64.0 80.2 June 86 85 97 86 84 98 80.1 66.4 63 64 80 99.7 50 51 80.1 30 52.0 60.0 79.8 July 83 83 84 86 86 84 80.6 65.4 58 64 80 97.0 52 59 83.9 35 53.5 60.5 79.4 August 87 87 85 87 88 81 81.8 69.7 60 64 78 92.8 49 54 78.8 38 64.5 62.5 80.5 September 90 89 92 90 91 87 81.9 72.2 62 65 81 104.
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