SURVEY of CURRENT BUSINESS October 1936
Total Page:16
File Type:pdf, Size:1020Kb
OCTOBER 1936 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 16 NUMBER 10 THE RAYON INDUSTRY IN THE UNITED STATES has a record of almost uninter- rupted expansion since the development of this product on a commercial scale. Production of yarn in 1935 amounted to 265,000,000 pounds, or considerably more than double the 1929 total; 1936 production will establish another record. Nearly three-fourths of rayon yarn shipments go to broad woven goods manufacturers. Allied products of the industry, such as wrapping tissue, have assumed major importance. The United States was the world's leading pro- ducer in 1935 as in other recent years. The increase in Japanese production during the first half of 1936 was much more rapid than the expansion in United States production. The article on page 14 by J. A. Van Swearingen of the staff of the Survey of Current Business pre- sents a summary of developments in the industry, with particular emphasis on production trends and the major uses of the fiber. 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 OCTOBER 1936 Number 10 CONTENTS SUMMARIES AND CHARTS STATISTICAL D ATA—Continued Page Business indicators 2 Monthly business statistics: Page 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 Real estate and construction 9 Foreign trade 36 Transportation 10 Transportation and communications 37 Review of the— Statistics on individual industries: Automobile and rubber industries 11 Chemicals and allied products 39 Iron and steel industries 12 Electric power and gas 41 Textile industries 13 Foodstuffs and tobacco 42 Fuels and byproducts 45 Leather and products 47 Lumber and manufactures 48 SPECIAL ARTICLE Progress of the domestic rayon industry 14 Metals and manufactures: Iron and steel 49 Machinery and apparatus 51 Nonf errous metals and products 52 STATISTICAL DATA Paper and printing 53 Revised series: Rubber and products 55 Stone, clay, and glass products 56 Hours of work and factory weekly and hourly earnings (25 indus- Textile products 57 tries) July 1914, June 1920-June 1936; Annalist indexes of Transportation equipment 58 business activity, January 1923-July 1936 17, 20 Canadian statistics 60 Weekly business statistics through September 26 21 General index Inside back cover Subscription price of the SURVEY OF CURRENT BUSINESS is 31-50 a year. Single-copy price: Monthly, 10 cents; weekly, 5 cents. Foreign subscriptions, 33, including weekly supplements. Make remittances only to Superintendent of Documents, Washington, D. C. 94948—36 1 1 SURVEY OF CURRENT BUSINESS October 1936 Business Indicators 1923-25=100 INDUSTRIAL PRODUCTION FACTORY EMPLOYMENT AND PAYROLLS 125 125 100 100 \ EMPLOYMENT (Adjusted) y \ 75 \ /-\ 1 75 Adjusted e 50 50 PAYROLLS (Unadjusted) 25 25 0 i II i 11 i I ii I Mill I | | M 1 1 II1I I 1 1 0 i i i i i 1 i i i i i llllllllMI 1 1 1 1 1 I 1 FREIGHT CAR LOADINGS CONSTRUCTION CONTRACTS AWARDED 125 125 \ 100 100 e L.C.L. (Adjusted) \ 75 7 75 \ ^^ 50 50 v\ / W TOTAL (Ac \ TOTAL (Aqiusted)*/ ^\—S _ 25 25 V / V —• itSftEStDENn, U (Ac/justed) 0 MM lllll II \ | M 1 1 I1t \ ' 1 1 » M 1 II II 1 0 II | M 1 M | 1 1llllllllMI \ 1 1 1 1 1 M 1 M DEPARTMENT STORE SALES WHOLESALE PRICES 125 125 V • 100 100 ALL COMMOLVT/ES \ \ 75 75 •^•^s^ TOTAL -y^ Adjusted) 9 \ <*+*~r FARM PRODUCTS 50 50 25 25 0 i i i i I 1 i I 1 l l11111111111 llllllllMI 0 M 1 II 1 | | | 1 i| i I I I 1 II I I iII 11 1 1 1 1111 FEDERAL RESERVE MEMBER BANK LOANS* BANK DEBITS OUTSIDE NEW YORK CITY 150 150 \ 125 125 100 N 100 N TOTAL;? \ f 75 L \ 75 V 50 50 t~ALL OTHER (Commercial) 1 3 0 M M 1 1 M 1 1 1 ..... i ' o llllllllMI 1 1 II 1 1 M 1I I1 I 11 I 111 111 1 I929'3O*3I^Z*33 1934 1935 1936 I9Z9'3O'3I "3Z'33 1934 1935 1936 ADJUSTED FOR SEASONAL VAR/AT/ON * REPORT/NG MEMBER BANKS D.D. '8639 J.M. October 1936 SURVEY OP CURRENT BUSINESS Business Situation Summarized USINESS activity during the third quarter made a The failure of the usual seasonal recession in con- B substantial advance, with gains in industrial pro- struction contracts awarded to materialize during the duction, construction activity, retail trade, and freight summer months indicates that the trend in the build- traffic. While the broad nature of the improvement ing industry is still definitely upward. While projects was of outstanding interest, it is significant that further financed by public funds increased considerably, pri- progress was made in those directions in which capital vately financed work did not show the customary outlays are important, e. g., plant expansions, ma- seasonal decline. chinery installations, railway-equipment building, and Retail sales during the quarter increased on a sea- residential construction. sonally adjusted basis, and were considerably in excess Industrial production for the period was one-fifth of the sales in the corresponding months of 1935. July larger than the corresponding quarter of 1935, and was was the best month of the period according to the only about one-tenth below the 1929 average. Output adjusted indexes, but sales throughout the quarter of the manufacturing industries, on a seasonally cor- benefited from the further rise in consumer income and rected basis, was larger than for any quarter subsequent the distribution of Government funds in settlement of to 1929. the veterans' bonus. Aggregate retail sales in rural Steel output increased during this period, contrary areas have not been affected to a major degree by the to seasonal expectations, and at the end of September drought; actual cash farm income, at least during daily average steel production was the highest since July and August, increased more than seasonally as the early months of 1930. This improved demand for a result of the higher prices of farm products and some steel is a reflection of the expanding output of the dur- acceleration in the marketing of available supplies. able-goods industries generally. Automobile manu- Prices of nonfarm products also tended to advance facturers required smaller quantities of steel in theduring the quarter. past quarter as production gradually declined to the The trend of employment continued upward during seasonal low in the latter part of September when the summer months. The seasonally adjusted index assembly operations of most companies were suspended. of factory employment advanced nearly 3 percent from Manufacturers of building materials have had the most June to August, the latter month being the most recent active quarter in several years. Production of textiles for which data are available. has risen sharply. MONTHLY BUSINESS INDEXES Factory em- Freight- Retail sales Foreign Cash farm Industrial production ployment value, trade, value, and pay rolls car loadings adjusted adjusted * income > Mer- Unadjusted 1 Adjusted » chan- Total dise, l is If Year and month Co a i! I V f f Monthly Monthly Monthly average, 1923-25=100 1929-31 Monthly average, 1923-25=100 average, average, 100 1924-29=100 1926-100 1929: August. _. 122 122 121 121 122 115 107.2 112.0 107 106 111 129.0 109 119 143.5 122 113.5 108.5 96.3 1930: August 90 88 101 90 88 96 88.2 83.3 89 95 102 95.9 85 70 106.2 81 79.5 81.0 84.3 1931: August 78 77 82 78 78 79 76.8 65.9 72 86 89 76.5 47 54 83.8 59 50.0 49.5 72.1 1932: August.. __. 59 58 66 60 59 65 60.0 40.3 51 68 64 58.5 31 29 59.6 30 38.5 38.5 65.2 1933: August 90 89 95 91 91 91 76.5 56.4 61 69 74 75.2 38 50 62.7 24 49.5 51.0 69.5 1934: August 73 71 83 73 72 80 79.4 61.7 59 65 76 79.2 49 39 68.0 27 62.5 65.0 76.4 1935: August 87 87 85 87 88 81 81.8 69.1 60 64 77 92.8 49 54 78.8 38 67.0 64.5 80.5 September 90 89 92 90 91 87 81.9 71.7 62 65 81 104.8 50 53 76.1 43 76.5 66.0 80.7 October 97 96 100 65 95 93 83.7 74.3 64 64 78 104.6 48 58 85.4 95.0 69.0 80.5 November 97 98 95 97 98 92 84.8 73.7 66 64 81 103.7 62 52 84.6 79.0 69.5 80.6 December.. 96 95 96 104 104 101 85.6 75.6 71 66 83 109.8 56 94.7 72.5 67.0 80.9 1936: January 95 95 99 98 97 103 84.8 71.9 70 64 81 96.3 51 88.7 65.0 66.5 80.6 February , 95 93 106 94 91 110 83.8 72.0 70 62 83 93.0 53 80.0 53.0 63.0 80.6 March 96 97 89 93 93 95 84.2 75.5 66 62 84 106.7 51 90.6 59.5 67.5 79.6 April 103 105 94 100 99 105 84.9 77.2 69 63 84 109.9 53 88.7 58.5 69.5 79.7 May__ 105 105 100 101 100 101 85.8 78.5 70 64 87 113.3 56 86.2 64.0 72.5 78.6 June 104 105 100 103 104 99 86.3 78.7 70 66 87 112.4 55 95.7 69.5 80.0 79.2 July 104 105 101 107 108 101 87.7 77.8 73 67 91 114.7 54 94.4 84.0 88.0 80.5 August 105 106 103 107 108 9S 88.6 81.0 70 67 87 111.9 51 86.7 75.5 74.5 81.6 Monthly average, January through August: 1934 82 81 86 79.6 62.1 62 66 69.4 51.3 74.0 1935 88 88 88 81.0 67.4 61 64 84.