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SURVEY of CURRENT BUSINESS June 1933 Business Indicators 1923-25=100

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JUNE 1933 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 13 NUMBER 6 The usual semiannual revision of material has been made in this issue. Approximately 25 new- series of data have been added, and the same number dropped for lack of current statistics. All the new series added since the publication of the 1932 Annual Supplement to the SURVEY are indicated by an asterisk (*). Back figures and explanatory data for these series are not printed in the Annual Supplement. If they have been published in monthly issues, references are given in the footnotes. A record of the series added and dropped since the publication of the 1932 Supplement appears on page 56 of this issue. This list will be carried also in subsequent issues, to provide a source of ready reference. No 1933 Annual Supplement As previously announced, reduced printing funds make it impossible to publish a 1933 Annual Supplement. It is important, therefore, that the tables printed monthly in the SURVEY giving back data for certain new and revised series, be retained for reference purposes. Copies of the 1932 ANNUAL SUPPLEMENT are still furnished to new subscribers to the SURVEY, so that they may obtain the maximum benefit from the service. This supplement, and the March 1933 issue, which contains practically all the 1932 data, will afford a complete record through December 1932, except in the case of new series, where reference to the individual monthly numbers in which the back data occurred will be necessary. New subscribers may obtain the March issue as long as copies are available by sending 10 cents extra with their subscriptions. Volume 13 JUNE 1933 Number 6 WEEKLY DATA THROUGH MAY 27, 1933 MONTHLY DATA THROUGH APRIL 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 Monthly business statistics: Page Business indicators 2 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 Finance 30 Employment 7 Foreign trade 34 Finance 8 Transportation and communications 34 Foreign trade 9 Statistics on individual industries: Real estate and construction 10 Chemicals and allied products 36 Transportation 11 Electric power and gas 38 Survey of individual industries: Foodstuffs and tobacco 39 Automobiles and rubber 12 Fuels and by-products 42 Chemicals 13 Leather and products 43 Lumber and manufactures 44 Farm and food products 14 Metals and manufactures: Forest products 15 Iron and steel 45 Iron and steel 16 Machinery and apparatus 47 Textiles., 17 Nonferrous metals and products 48 Paper and printing 49 STATISTICAL DATA Rubber and products 50 New and revised series: Stone, clay, and glass products 51 Life insurance, premium collections 18 Textile products 52 Leather production; butter consumption 19 Transportation equipment 54 Employment and pay rolls, miscellaneous data; U.S. Government Canadian statistics 55 bond prices; machine production of face brick 19, 20 Index of revisions made in December 1932 and June 1933 issues 56 Weekly business statistics 21 General index „ Inside back cover Subscription price of the SURVEY OF CURRENT BUSINESS is $1.50 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, $3, 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 176556—33 1 SURVEY OF CURRENT BUSINESS June 1933 Business Indicators 1923-25=100 INDUSTRIAL PRODUCTION INDUSTRIAL PRODUCTION 160 160 / MANUFACTURES (ADJUSTED^ -TOTALfiDJUSTED) f MINERALS (ADJUSTED)? FACTORY EMPLOYMENT AND PAYROLLS CONSTRUCTION CONTRACTS AWARDED 160 200 UNADJUSTED PAYROLLS (UNADJUSTED) 100 EMPLOYMENT (ADJUSTED)* 1C A TOTAL FREIGHT CAFt LOADINGS FREIGHT CAR LOADINGS L.C.L. I'OU 160 UNADJUSTED (UNADJUSTED 100 °^ <*£\} 100 \ *%> /ADJUSTED9 (•ADJUSTED* ACS 1 III 1 | II1 1Mil IIIIIII 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 II 1 II DEPARTMENT STORE SALES WHOLESALE PRICES 160 sFARM PRODUCTS 100 CALL COMMODITIES VALUE OF EXPORTS VALUE OF IMPORTS 200 UNADJUSTED TUNADJUSTED 100 Mill BANK DEBITS OUTSIDE NEW YORK CITY FEDERAL RESERVE MEMBER BANK LOANS* 200 160 /UNADJUSTED 100 V-v. ->• 1 1 11 11 111111 111 ii III 1 19 29 1930 1 93 I 1 93 2 » 933 I 929 930 1931 I 932 I 933 8 ADJUSTED FOR SEASONAL VARIATION * REPORTING MEMBER BANKS June 1933 SURVEY OF CURRENT BUSINESS Business Situation Summarized RODUCTION and distribution indexes advanced been made in reopening the banks unlicensed after the Pthroughout May, and business activity showed holiday, but the freeing of these impounded deposits improvement over the corresponding month of the has been a slow process. Following the suspension of preceding year for the first time since 1929. Practical- gold payments, the dollar dropped to a discount of 20 ly all of the major indicators of production were higher percent in terms of European gold currencies. than in May 1932 and in such industries as automobiles, The employment and pay-roll increases reported for iron and steel, textiles, and food processing the in- April were not sufficient to offset the March decline. creases have been substantial. Retail trade has im- Further gains have occurred in the past month, al- proved markedly, and the distribution of merchandise though they have not been as large relatively as the by the railroads in the second week of Ma}^ exceeded production increases. In April the pay-roll index ad- last year's level. Construction contracts awarded up to vanced 4.6 percent while the employment index was up the middle of the month have continued extremely small. 1.9 percent. Both were substantially below a year ago.- Prices of both commodities and securities have The April advance in industrial production was advanced in response to the announced policies and particularly sharp after the March let down. The plans of the administration and as a result of the adjusted index was 12 percent above March, 3 percent improvement in business. Many raw materials and above January, and was also 6.3 percent above a year food products have risen rapidly, and the disparity ago, marking the first month of the depression which between prices of such commodities and the prices of has not recorded a decline in this index in comparison finished goods has been substantially reduced. Stock with a year earlier. Manufacturing production was prices have advanced to the level reached last fall, and responsible for the improvement in both periods, as bond prices have also improved, particularly the more the output of minerals declined. Total production in speculative issues. The banking situation has eased the first 4 months of 1933, however, was 5.8 percent further, with a continued reduction in currency in below the same period of 1932. circulation and in reserve bank credit outstanding. The adjusted index of carloadings in April did not Short term money rates have returned to the low levels regain the level prevailing before the bank holiday, prevailing prior to the bank holiday, while the long but there has been a further uptrend in May. Foreign- term capital market remains dormant. New capital trade statistics in April were of the same unfavorable issues continue extremely small. Some progress has nature as in other recent months. MONTHLY BUSINESS INDEXES l 1 __5 Factory em- Department Foreign 5- al Industrial production ployment Freight-car loadings store sales, trade, value, |S I CO and pay rolls value adjusted 2 4 78 i h s , - fc Unadjusted i Adjuste-12 Total Merchan- 2 dise, l.c.l. contr 1 «* adju ___ index d nploy i s mm e e r u e a s e n Year and month o p f s I f valu , o o t Vl a. T3 r 1 adjust , nadjust n facture \ 3 debit *uctio pes j j j 1 •3 3 r s s 3 3 3 3 S ees ill ju HI mbe ad ad ad Z Z c po S3 i J3 1 - M < z < £ g $ 1 a >•* 8 1 Monthly Monthly average, 1923-1925=100 average, 1926=100 1930: April 107 110 94 104 104 71 92.4 97.1 93 97 101 98 110 107 92 88 123.3 101 90 Q 1931: April 90 91 83 88 87 83 78.0 73.6 77 80 91 88 101 107 60 53 99.5 73 74 8 1932: April 64 63 72 63 61 79 64.3 48.7 57 59 75 73 74 79 37 36 72 8 27 65 5 May _ _ 61 61 65 60 58 67 62.1 46.2 53 54 74 71 72 72 37 34 63 4 26 64 4 June __ . 59 59 61 59 58 63 60.0 42.6 52 52 71 71 66 69 ' 34 36 65.4 27 63 9 July 56 55 62 58 57 64 58 3 39.6 51 51 68 69 46 65 32 27 63 4 27 64 5 August 59 58 66 60 59 65 58.8 40.1 53 51 68 68 49 65 31 29 59 6 30 65 2 September 68 66 73 66 65 70 60 3 42 1 61 54 72 69 71 68 33 32 59 6 30 65 3 October 68 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 65 63 76 64 62 79 59.4 40.0 51 54 64 66 49 60 29 26 52 7 19 59 8 March 61 59 74 60 57 81 56.6 36.9 48 50 63 62 50 57 28 26 48.7 14 60 2 April 68 68 68 67 66 75 57.7 38.6 51 53 65 63 68 67 29 25 53 1 14 60 __ Monthly average, Jan- ! uary through April: 1931 _.
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