OCTOBER, 1932 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 12 NUMBER 10 EXPLANATORY The Survey of Current Business is designed to present the early issues of the Survey and, in the Record Book of each month the available statistical measurements of Business Statistics, data on textiles, metals and economic activity, together with the necessary analyt- machinery, fuels, automobiles, and rubber are carried ical comment, which will enable readers to obtain a back to 1909 on a monthly basis, where available. comprehensive picture of the business situation. Cer- These record books should not be used for data later tain of the more important series are presented in than 1922, and the monthly data should be checked graphic form so that the trend of the major indicators against the annual averages given in the 1932 Annual can be readily determined. In order to get the monthly Supplement to assure the continuity of the series and to statistics to subscribers more quickly, and to bring the obtain any necessary corrections. The three parts of material up to date with current weekly statistics, a the Record Book may be obtained from the Superin- 4-page supplement is furnished each week as part of the tendent of Documents, Government Printing Office, threefold service of the Survey. Washington, D. C, for 10 cents each, or 30 cents for Over 2,100 series of data, gathered from more than 200 the set. organizations, are presented regularly each month. INDEX NUMBERS Most of the statistics are not compiled by the Survey, To facilitate comparisons of the movement of impor- but represent a careful selection of material available tant series over a period of time, index numbers have from all sources. The chief function of this publication been used in numerous instances throughout the is to bring together in usable form the statistics which, Survey. In brief, these index numbers simply express if published at all, are scattered in hundreds of different the current movement with relation to a fixed base— publications and reports, and to aid in the proper usually the monthly average of the years 1923-1925. analysis and interpretation of the figures. The Survey The construction of these index numbers is described in of Current Business compiles the indexes of domestic brief in the annual supplement. and world stocks, new and unfilled orders, agricultural, livestock and forest products marketings, foreign trade, SEASONAL ADJUSTMENT OF INDEXES five and ten cent store sales, and department store sales Seasonal variations are found in most economic hy districts. series for which monthly statistics are obtainable, SOURCES ©F DATA Consumption and production of commodities, foreign The sources and inclusiveness of the data in the table trade, retail trade, employment, construction, railroad " Monthly Business Statistics " will be found in the freight traffic, and many other types of data are marked explanatory footnotes covering each series in the 1932 by seasonal swings repeated with minor variations year Annual Supplement to the Survey. The data given in after year. These are definitely periodic in character these footnotes should always be kept in mind when within a 12-month period. In cases where an adjust- utilizing the statistics carried in each monthly number. ment is noted for a series carried in the Survey* the Sources of the weekly statistics are given on page 20 index has been corrected for the number of working or of the July, 1932, issue of the Survey, and in somewhat business days in the various months, and then adjusted more detail on page 4 of the August 4, 1932, issue of for seasonal variation. The index figures thereby the Weekly Supplement to the Survey, become comparable throughout the series. HISTORICAL DATA METHODS ©F USE In the 1932 Annual Supplement to the Survey of Methods of using and interpreting current business Current Business, the statistical series presented cur- statistics have been collected by the Department of rently are carried back on a monthly basis to 1923, and Commerce from many business concerns and are on a yearly basis to 1913, where available. The statistics described in a booklet entitled "How to Use Current therein have been carefully reviewed and revised and Business Statistics/* together with methods of col- supersede those carried in the 1931 Annual Supplement lecting statistics. This booklet may be obtained from as well as those in the semiannual numbers issued prior the Superintendent of Documents, Government Print- to 1931. Monthly data prior to 1923 will be found in ing Office, Washington, D. C, for 15 cents per copy. Volume 12 OCTOBER, 1932 Number 10 WEEKLY DATA THROUGH SEPTEMBER 24, 1932 MONTHLY DATA THROUGH AUGUST 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 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 Survey of individual industries: Fuels and by-products 42 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 STATISTICAL DATA Stone, clay, and glass products 52 Textile products 52 Average weekly earnings, hours of work, and labor turn- Transportation equipment 54 over rates 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, 33.00. 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 140978—32- -1 SURVEY OF CURRENT BUSINESS October, 1932 Business Indicators 1923-1925 = 100 INDUSTRIAL PRODUCTION INDUSTRIAL PRODUCTION 160 160 /T07AL(ADJUSTl 'MANUFACTURES(ADJUSTED) * —*~ rM/NERALS (ADJUSTED) 9 100 \ 40 ill lMllllli!! ! 11 III III! i FACTORY EMPLOYMENT FACTORY PAYROLLS 160 160 f UNADJUSTED 100 TOTAL FREIGHT CAR LOADINGS FREIGHT CAR LOADINGS L.C.L. 160 160 /UNADJUSTED UNADJUSTED \fADJUSTED* pr ADJUSTED ° 100 HIM 111111 in 11 1111! 111111 11111 In 111 11 II in 11 40 1 | | | | jI I) I | j 11 I I I I | ! |I 11| 1 DEPARTMENT STORE SALES WHOLESALE PRICES 200 160 i ^UNADJUSTED FARMPR0DUCTS 100 'ALL COMMODITIES v K j 0 11111hiN i VALUE OF EXPORTS VALUE OF IMPORTS 200 1 200 UNADJUSTED £ UNADJUSTED 100 \ ,.,_ .,„_„ 100 0 1 1 II 11 1! 1 ! 1 1 I !|j1 | \ | | | | | || |||| | ! | I 1 I I ll I I 111 I 1 I il I I!I ] I M | | || | j jj j BANK DEBITS OUTSIDE NEW YORK CITY BUILDING CONTRACTS AWARDED 200 200 fUNAlVUSTED 100 100 \ ISTED % y\ 11 Mill 1 1 M II 111 II1 i 1 1 M 1 1 !ii 1n 1 ii 11n i 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 ADJUSTED FOR SEASONAL VARIATION October, 1932 SURVEY OF CURRENT BUSINESS Business Situation Summarized USINESS activit}^ since the latter part of August Industrial production turned upward in August after B has been moderately improved, with a number of declining steadily since last February, and the adjusted the major indicators moving upward by more than the index of the Federal Reserve Board advanced for the usual seasonal amount. The movement has been gen- first time this year. Manufacturing output was up 5 erated largely by the demand for consumer goods as per cent, the textiles and leather industries being reflected in the rapid gains in the textile industry, and mainly responsible for the increase. Automobile pro- an upturn in the leather and food processing industries. duction was sharply lower, and declines were also So far the heavy industries have felt little stimulation reported for the iron and steel, lumber, cement, and and show a continued tendency to lag. Steel mill tobacco manufacturing industries, after allowance for activity has risen to only about 17 per cent of capacity; seasonal influences. Mineral output was larger by the the automobile industry is seasonally inactive with usual seasonal amount, principally due to the higher production at a low level; and the slight advances in output of bituminous coal. construction have afforded but little support to the Factory employment and pay rolls were higher in productive end of the industry. August, interrupting the long series of declines. The Freight carloadings during the four weeks ended seasonally adjusted index of employment advanced September 17 have been increasing, and the gains have about 1 per cent over July, while the unadjusted index been in excess of the usual seasonal amounts for this of pay rolls was up 1.3 per cent. The advances were period. The weekly statistics on electric power out- not sufficient to offset the wide declines of the pre- put have also improved, and the decline as compared ceding month. with a year ago has narrowed measurably for the more The financial situation was further ameliorated dur- recent periods.