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Survey of Current Business July 1932

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Survey of Current Business July 1932 JULY, 1932 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE VOLUME 12 NUMBER 7 CLEARING HOUSE OF BUSINESS STATISTICS Major facts gathered from many sources and presented regularly in the Survey of Current Business afford a complete digest of business movements, an essential background for eval- uating current trends and formulating business policies. Over 200 organizations contribute the basic statistics presented regularly in this publication. GOVERNMENTAL TRADE TECHNICAL PRIVATE AGENCIES ASSOCIATIONS PUBLICATIONS (ORGANIZATIONS 42 95. 32 39 OF OVER 2iOO OF CURRENT STATISTICAL DATA ASSEMBLED UNDER ONE COVER MONTHLY WEEKLY ANNUALLY 18 PAGES OF CHARTS A 4 PAGE SUPPLEMENT A 3O6 PAGE SUPPLEMENT AND ANALYTICAL COMMENT OF WEEKLY STATISTICS GIVING THE SAME SERIES TOGETHER WITH 37 PAGES AND CHARTS, AND ADVANCE AS THE MONTHLY NUMBERS OF STATISTICAL DATA. MONTHLY STATISTICS. BACK TO 1913,WHERE AVAIL- A PRESS RELEASE REVIEW- ABLE, WITH EXPLANATORY ING BUSINESS DEVELOPMENTS. FOOTNOTES. EXECUTIVES STATISTICIANS BANKERS PURCHASING AGENTS ECO NO MISTS SALES MANAGERS PUBLICISTS TRAFFIC MANAGERS STUDENTS ADVERTISING AGENTS Volume 12 JULY, 1932 Number 7 WEEKLY DATA THROUGH JUNE 25, 1932 MONTHLY DATA THROUGH MAY 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 Page Business indicators 2 Monthly business statistics: Business situation summarized 3 Business indexes 22 Comparison of principal data, 1928 to 1932 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 30 Finance: Foreign trade 34 Credit and banking 8 Transportation and communications 34 Security and money markets 9 Statistics on individual industries: Foreign trade 10 Chemicals and allied products 36 Real estate and construction 11 Electric power and gas 38 Transportation 12 Foodstuffs and tobacco 39 Fuels and by-products 42 Survey of individual industries: Leather and products 43 Automobiles and rubber 13 Lumber and manufactures 44 Chemicals 14 Metals and manufactures: Farm and food products 15 Iron and steel 45 Forest products 16 Machinery and apparatus 48 Iron and steel 17 Nonferrous metals and products 48 Textiles 18 Paper and printing 50 Miscellaneous industries 19 Rubber and products 51 Stone, clay, and glass products 52 Textile products 52 STATISTICAL DATA Transportation equipment 54 Weekly business indicators, 1931-1932 20 Canadian statistics 55 Weekly business statistics 21 Index Inside back cover Subscription price of the SURVEY OF CURRENT BUSINESS is 31.50 a year which includes the 12 monthly numbers, the annual supplement and the 52 weekly supplements. Foreign subscriptions without weekly supplements, 32.50. 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 126591—32 1 SURVEY OF CURRENT BUSINESS Business Indicators 1923-1925 = 100 INDUSTRIAL PRODUCTION INDUSTRIAL PRODUCTION 160 160 I f MANUFACTURES (ADJUSTED) ( ^^ ' ^MINERALS (ADJUSTED) ° 100 4Q I ! I H 1 1 40 FACTORY EMPLOYMENT FACTORY PAYROLLS 160 { 60 fUNADJUSTED s~^-\ ^T^W\J- ""•s. I 40 1 II 1 1 1 1 ! 1! I 1 2^r i i ml till! TOTAL FREIGHT CAR LOADINGS FREIGHT CAR LOADINGS L.C.L. 160 160 SUNADJLISTED \(ADJUSTED ° 100 100 * 40 DEPARTMENT STORE SALES WHOLESALE PRICES 200 100 VALUE OF EXPORTS VALUE OF IMPORTS sUNAD JUSTED 100 ^S_AA- ""^ i — 1 1 ! 1 1 1 1 1 ! 1 1 i M 1 1 i i ii 1 1 1 1 n il i n 1 1 1 1 1 II 1 ! 1 1 1 1 BANK DEBITS OUTSIDE NEW YORK CITY BUILDING CONTRACTS AWARDED 200] 200 - UNADJUSTED 100 1928 1929 1930 1931 1932 1928 1929 1930 ! 193! 1932 ADJUSTED FOR SEASONAL I'AR/ATION July, 1932 SURVEY OF CURRENT BUSINESS Business Situation Summarized ANUFACTURING activity again receded in foreign trade. Exports dropped by more than the M May, but at a less rapid rate than in the two pre- usual seasonal amount, while imports were sharply lower. ceding months, and increases occurred in the output of Continued recession in business activity is reflected automobiles, cement, food products, lumber, and in a further loss in employment and pay rolls during tobacco manufactures. Total industrial production, May. After allowing for seasonal influences, factory without allowance for seasonal influences, declined 3.2 employment dropped 3 per cent, and the unadjusted per cent, as a result of a drop of 14 per cent in mineral index of pay rolls was off 5 per cent. The trend in output and of 1.6 per cent in manufacturing produc- nonmanufacturing industries was also downward, al- tion. The decline in the output of coal was the though earnings in the quarrying and nonmetallic major factor in the fall of the minerals index, although mining, cleaning and dyeing, crude petroleum, power, losses also occurred in the output of petroleum, zinc, light and water, and wholesale trade groups increased. and silver. Industrial production normally increases Construction activity expanded in May and the slightly from April to May, so that the drop in the daily average volume of contracts awarded was 24 per adjusted production index was somewhat greater than cent above the preceding month. The increase was the loss in actual output. During the first three the result of a gain in public works and utility construc- weeks of June no improvement has occurred, and there tion, as the daily average of residential contracts de- has been some further recession in several important clined to a new low level at a rate of only about industries. Automobile production has continued up- $1,000,000. Daily average contracts awarded during ward during the current month. the first three weeks of the current month dropped Distribution indexes also show some further shrink- considerably below the May level. age in consumer purchasing in May and the first half Security prices receded further in May, but during of June. The rail movement of merchandise has the current month the decline has slackened and the undergone a further reduction, and loadings of less- turnover in recent sessions has been very light. The than-car-lot merchandise declined after holding steady gold outflow, which was extremely rapid during May, for the first four months of the year. Retail sales slowed appreciably in June, and during the third week declined during May, with department store sales fol- of the month we had a net gain of gold on balance. lowing the trend, whereas in the preceding month they Reserve banks have made continued heavy purchases made a relatively better showing. Returns for May of Government securities, but this action has not yet afford no indication of a change in the trend of our been reflected in an expansion of member bank loans. MONTHLY BUSINESS INDEXES 1 , - Factory em- Department- Foreign ! k Industrial production ployment Freight-car loadings store sales, trade, value 2 , 1 Yor and pay rolls value adjusted com 4 types w l ' 78 , Ne B? al , Merchan- e Unadjusted i Adjusted * Total s |^, | dise, l.c.l. y indei ? e &A-M Cit adjusted ^to , outsid s Year and month 5 23 moditie 3 1 pric e v *5 1 contracts -M « i <n to g «- « *1 x value • £ a a a £ 3 j debit y •« S 0 3 iGO ^ In | O 0 o k a !a a rt f f ! <8 1 «8 1 n a a a 1 Buildin Wholesal H ~ S i & «4 P 3 & 1 p f I a Ban Monthly Monthly average 1923-1925- 100 average 1926-100 1930: May __ 105 106 102 102 101 104 91.4 94.4 97 96 101 98 105 105 90 86 123.6 105 88.8 1931: May 89 90 84 87 86 87 77.8 72.2 79 79 92 89 97 97 57 55 95.6 65 73.2 June _ _ _ _ 83 82 85 83 82 86 76.0 67.6 77 77 89 89 90 95 55 57 98.4 63 72. 1 July ._ 80 79 85 82 82 86 75.1 64.4 78 76 87 88 65 91 54 59 93.5 61 72.0 August 78 77 82 78 78 79 74.1 64.3 76 72 86 86 67 88 47 54 83.8 59 i 72. 1 September 77 76 82 76 75 77 72.8 61.8 78 69 88 85 87 84 45 56 84.3 59 71.2 October 75 72 92 73 71 84 70.3 59.4 78 69 87 83 93 86 44 51 91.9 55 j 70. 3 November 73 84 73 ! 71 81 69.3 56.2 70 68 85 83 95 83 44 46 74.0 49 70.2 December 68 66 80 74 73 85 69.4 55.8 61 69 77 83 142 81 46 48 86.7 38 68.6 1932: 7 anuary 71 70 74 72 71 77 68.1 52.4 58 65 75 81 64 78 39 42 80.6 31 67.3 Februarv __ 71 70 75 70 68 78 67.8 53.6 59 62 75 78 64 78 45 41 65.2 27 66. 3 March 68 66 77 67 64 84 66. 4 52.3 58 61 75 75 70 72 41 37 69.6 26 •i 66. 0> April 64 63 72 64 61 79 64.3 48.7 57 59 75 73 76 80 38 36 72.8 27 65.5 May . 62 62 62 61 SO 64 62. 2 46.3 53 54 74 7i 74 74 37 34 63.4 36 64.4 C um ulat i v e , J anuar y through May: 1930 106 : 107 100 93.2 96.
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