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SURVEY of CURRENT BUSINESS November 1933 Business Indicators 1923-25 = 100 NOVEMBER 1933 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 13 NUMBER 11 Volume 13 NOVEMBER 1933 Number 11 WEEKLY DATA THROUGH OCTOBER 28, 1933 MONTHLY DATA THROUGH SEPTEMBER 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: Page Business indexes 22 Business situation summarized 3 Commodity prices 23 Comparison of principal data, 1929 to 1933 4 Construction and real estate 24 Commodity prices 5 Domestic trade 25 Domestic trade 6 Employment conditions and wages 27 Employment 7 Finance 30 Finance 8 Foreign trade 34 Foreign trade 9 Transportation and communications 34 Real estate and construction 10 Statistics on individual industries: Transportation 11 Chemicals and allied products 36 Electric power and gas 38 Survey of individual industries: Foodstuffs and tobacco 39 Automobiles and rubber 12 Fuels and byproducts 42 Chemicals 13 Leather and products 43 Farm and food products 14 Lumber and manufactures 44 Forest products 15 Metals and manufactures: Iron and steel 16 Iron and steel 45 Textiles. 17 Machinery and apparatus 47 Nonferrous metals and products 48 STATISTICAL DATA Paper and printing. - - 49 New and revised series: Rubber and products 50 Chemical wood-pulp production, revised series 18 Stone, clay, and glass products 51 Chemical wood-pulp consumption and shipments, revised series. 19 Textile products 52 Mechanical wood pulp —consumption and shipments, produc- Transportation equipment 54 tion, revised series 20 Canadian statistics 55 Total paper production, revised series 20 Index of revisions made in December 1932 and June 1933 issues 56 Weekly business statistics 21 General index Inside back coyer Subscription price of the SURVEY OF CURRENT BUSINESS is 31.50 a year, which includes the 12 monthly numbers, the 1932 annual supplement, and the 52 weekly supplements. Single-copy price: Monthly, 10 cents; weekly, 5 cents; annual, 40 cents. Foreign subscriptions, 33, including weekly and 1932 annual supplements. 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 17005—33 1 SURVEY OF CURRENT BUSINESS November 1933 Business Indicators 1923-25 = 100 INDUSTRIAL PRODUCTION INDUSTRIAL PRODUCTION I GO / MANUFACTURES (ADJUSTED)* s MINERALS' (ADJUSTED) * iOO 40 FACTORY EMPLOYMENT AND PAYROLLS CONSTRUCTION CONTRACTS AWARDED 160 200 40 TOTAL FREIGHT CAR LOADINGS FREIGHT CAR LOADINGS L.C.L. 160 160 DEPARTMENT STORE SALES WHOLESALE PRICES ZOO 160 VALUE OF EXPORTS VALUE OF IMPORTS 200 200 UNADJUSTED 100 BANK DEBITS OUTSIDE NEW YORK CITY FEDERAL RESERVE MEMBER BANK LOANS* 200 160 UNADJUSTED 100 100 ALL OTHER (COMMERCIAL} 40 1929 1930 1931 1932 1933 1929 1930 193! 1932 1933 8 ADJUSTED FOR SEASONAL VARIATION * REPORTING MEMBER BANKS November 1933 SURVEY OF CURRENT BUSINESS Business Situation Summarized NDUSTRIAL production has continued to recede percent, production in the third quarter was 49 I during October, although the rate of decline in percent higher than a year ago. recent weeks has not been as rapid as in August and Retail sales in September failed to extend the August September. Available distribution indexes fail to gains. The increase in department-store sales fell record the seasonal rise usually evident in the fall, short of the usual seasonal increase, and the adjusted despite the continued growth of purchasing power. index dropped 9 percent. Sales were only 3 percent Commodity prices have risen, and recent increases higher than a year ago, although prices were up about appear to have been more pronounced in retail than in 17 percent. Variety-chain and chain-food stores also wholesale quotations. Real income, however, is showed only a moderate increase in value over last- considerably higher than in the early months of the year. The increase in freight-car loadings in Septem- year as well as higher than a year ago. ber was less than the usual seasonal rise, and the same Output of mines and factories in September declined was true of the merchandise less-than-caiiot group. contrary to the normal movement, and the adjusted Exports increased in September to the highest total index dropped 8 percent, or at about the same rate since the end of 1931. Imports dropped b}7 more than as in the preceding month. Manufacturing produc- the usual seasonal amount for the month, although tion declined relatively more than mineral output. the increase over a year ago was greater than in the Decreases were general in all of the major industries, case of exports. with the exception of food products. The widest According to official estimates, over 600,000 persons declines were in the iron and steel industry, 18 percent; returned to work in September and there was a further in textiles, 13 percent; and in lumber, 22 percent. The substantial increase in pay rolls. Factory employ- principal consumers' goods industries, aside from tex- ment increased by 4.4 percent and pay rolls by 3.4 tiles and food products, recorded only moderate percent. Average hours worked per week were further declines and all were operating at a relatively high reduced, and hourly rates of wages continued to move rate. The reduction in the mineral industry was higher. largely due to the drop in bituminous-coal production, Movements in the financial markets have been although output of crude petroleum reflects the efforts irregular. Both bonds and stocks tended lower during to bring the flow into line with current requirements. the period under review. The banking figures reveal Although the recent drop in total industrial production a steady increase in "all other" loans, and a decrease reduced the September increase over a year ago to 27 in advances against securities. MONTHLY BUSINESS INDEXES l Factory em- Department Foreign £ 4 o al Industrial production ployment Freight-car loadings store sales, trade, value, i , 78 ft , and pay rolls value adjusted » d « tJ s Unadjusted 1 Adjusted 2 >» Total Merchan- =o dise, I.C.I. ^£ index e adjuste gs , contracts h0) aa S?S n •q Year and month 1 1 S3 pric •+* 1 e 2? value aa •s aa •d , 1 9 J3 « 3 n•o commoditie 1 •+- 3 1 S 1 cfi aa JM c | fi 3 £ £ 3 f I types o 1 «8 i C •C? f 'S* 1n 3 I Constructio 1 S ftV < f 5 < H tt Wholesal ^ Monthly Monthly average, 1923-25=100 average, 1926=100 1930: September 92 90 101 90 89 94 83. 4 83.0 99 87 99 94 103 99 78 74 107.7 81 84.4 1931: September 77 76 83 76 75 78 72.8 61.8 78 69 88 85 88 85 45 56 84.3 59 71.2 1932: September 66 73 66 65 70 60.3 42.1 61 54 72 69 71 68 33 32 59.6 30 65.3 October £ 66 80 66 65 74 61.1 43.5 65 57 72 69 75 69 33 32 62.6 29 64.4 November 65 63 78 65 64 75 61.2 41.8 58 57 70 68 73 63 32 32 55.4 27 63.9 December 60 58 72 66 64 76 60.6 40.9 52 58 64 69 106 60 33 30 65.0 28 62.6 1933: January 64 63 71 65 64 73 59.4 39.2 51 56 65 69 49 60 31 29 61.1 22 61.0 February 64 63 76 63 61 79 59.4 40.0 51 54 64 66 49 60 29 26 52.7 19 59.8 March 60 58 74 60 56 81 56.6 36.9 48 50 63 62 50 57 28 26 48.7 14 60.2 April 67 68 65 67 66 72 57.7 38.6 51 53 65 63 68 67 29 25 53.8 14 60.4 May 80 80 76 78 78 , 78 60.6 42.0 56 56 68 66 67 67 32 32 58.3 16 62. 7 June _. 91 93 82 92 93 84 64.8 46.2 60 60 67 67 64 68 36 40 65.7 18 65.0 July 96 97 89 100 101 90 70.1 49.9 66 65 70 70 49 70 43 48 70.4 21 68. P August 90 89 94 91 91 91 73. 3 55.7 65 61 09 69 ,59 38 50 62.7 24 CO. 5 September. 85 84 92 84 83 86 74.3 57. 6 68 60 70 C8 73 70 40 48 61.9 28 70.8 Monthly average, January' through September: 1931 84 84 84 76. 4 68 9 7(\ 88 X5 56 95.3 67 74.0 1 9 1939 64 63 69 6 9 46 4 1 56 73 ! 64 36 66. 6 28 65. 4 1933 77 i 77 80 04. 0 1 45.1 H 57 67 59 34 36 59 5 20 U 3 i Adjusted for number of working days. * Adjusted for seasonal variation. SURVEY OF CURRENT BUSINESS November 1933 Comparison of Principal Data, 1929 to 1933 I FIRST B MONTHS V//////////A REMAINDER OF WAR BANK DEBITS OUTSIDE NEW YORK CITY- (BILLIONS OF DOLLARS) CONSTRUCTION CONTRACTS AWARDED -(BILLIONS OF DOLLARS) STEEL INGOT PRODUCTION - (MILLIONS OF TONS) AUTOMOBILE PRODUCTION -(THOUSANDS OF CARS) FREIGHT CAR LOADINGS -(MILLIONS OF CARS) November 1933 SURVEY OF CURRENT BUSINESS Commodity Prices RICES continued to move upward during Farm prices in mid-October were the same as a PSeptember and the first 3 weeks of October.
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