JUNE, 1932 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 12 NUMBER 6 Over 100 new of statistical and an index have been added in this issue of the SURVEY OF CURRENT BUSINESS. The contents of the monthly business statistics section have been changed markedly, both as to presentation and arrangement. With the aid of the index these changes will enable the reader to find those series in which he is more particularly interested with a minimum of effort. The SURVEY now assembles under one cover more than 2,100 series of data on current busi- ness movements—simplifying the work of business men, research workers, and others desiring to keep informed on all phases of business activity. The 1932 annual supplement to the SURVEY is in process of printing. This volume contains the same series as the current number, on a monthly basis back to 1923, together with monthly averages for earlier years, where available. It has been revised thoroughly in form and content and the joint use of the monthly and the annual is facilitated by the uniform presentation of data. Volume 12 JUNE, 1932 Number 6 WEEKLY DATA THROUGH MAY 21, 1932 MONTHLY DATA THROUGH APRIL SURVEY OF CURRENT BUSINESS PUBLISHED BY UNITED STATERS 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: Finance 30 Credit and banking 8 Foreign trade 34 Security and money markets 9 Transportation and communications 34 Foreign trade 10 Statistics on individual industries: Real estate and construction 11 Chemicals and allied products 36 Transportation 12 Electric power and gas 38 Survey of individual industries: Foodstuffs and tobacco 39 Automobiles and rubber. 13 Fuels and by-products , 42 Chemicals 14 Leather and products 43 Farm and food products 15 Lumber and manufactures 44 Forest products 16 Metals and manufactures: Iron and steel 17 Iron and steel 45 Textiles 18 Machinery and apparatus 48 Miscellaneous industries 19 Nonferrous metals 49 Paper and printing 50 Rubber and products 51 STATISTICAL DATA Stone, clay, and glass products 52 New and revised series: Textile products 53 Foreign-trade indexes 20 Transportation equipment 55 Cash dividend payments 20 Canadian statistics 56 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 120541—32 1 SURVEY OF CURRENT BUSINESS June, 1932 Business Indicators 1923-1925 = 100 INDUSTRIAL PRODUCTION INDUSTRIAL PRODUCTION 160 160 S MANUFACTURES (ADJUSTED) ° 100 40 40 FACTORY EMPLOYMENT FACTORY PAYROLLS 160 160 f UNADJUSTED 100 40 TOTAL FREIGHT CAR LOADINGS FREIGHT CAR LOADINGS L.C.L. 160 160 /UNADJUSTED H&JisADJUSTED ( 100 4-0 ' < ' [ ! i ' I ! ! ! [ i ! ' I I I I I I I I I I I I I I I I I ! I I I I I I I I I ! I I I I ! i i ! I I i I ! I i I I DEPARTMENT STORE SALES WHOLESALE PRICES 200 160 VALUE OF EXPORTS VALUE OF IMPORTS BANK DEBITS OUTSIDE NEW YORK CITY BUILDING CONTRACTS AWARDED 2OO 200 {-UNADJUSTED - UNADJUSTED 100 100 ADJUSTED 0 o 1928 1929 1930 1931 1932 I9Z8 1929 I960 193! 1932 ADJUSTED FOR SEASONAL VARIATION June, 1932 SURVEY OF CUERENT BUSINESS Business Situation Summarized URING April and the first half of May there Industrial employment and pay rolls underwent a D has been a further decline in business activity, contraction during April in excess of the usual seasonal accompanied by a marked shrinkage in the volume of amount. Increased employment was reported for employment and pay rolls. Prices have continued several industrial groups, but the gains were mainly under pressure, with a further recession in the general seasonal in character. Factory employment declined level of wholesale prices. Usually a slight seasonal 3.2 per cent, after ajustment, while pay rolls decreased recession occurs in industrial production in April, about 7 per cent. but the decline last month was in excess of that nor- Distribution of merchandise by the railroads de- malry experienced. The drop of 4.5 per cent in the clined by more than the usual seasonal amount during adjusted index resulted from a decline in both manu- April, and there has been a further drop in the first facturing and mineral production, the latter having half of May. Merchandise 1. c. 1. loadings continued shown increases in the preceding two months. at the same level as in preceding months, the loadings Automobile production recorded a belated seasonal so far this year failing to show the usual spring expan- expansion in April, and there has been a further gain sion. during the current month. This activity has also con- Department-store sales increased by more than the tributed to a slight gain in the rate of operations in normal seasonal amount in April, but reports from the steel industry during May. Increased output in other leading retail outlets indicated a wider decline April was also reported for the food products, lumber, as compared with a year ago than in immediately and cement industries, while among the extractive preceding months. Exports and imports receded industries increases were reported for petroleum, further during April, but the movement of farm anthracite, and silver. With the exception of the ce- products abroad has been well maintained. Building ment and anthracite industries, these gains resulted in contracts awarded expanded seasonally in April, and advances in the adjusted indexes. The change in the the first half of May has brought a further increase. hard-coal industry, as well as the decline in the manu- Banking conditions continue to improve, although facture of tobacco, was of approximately the usual the shrinkage of outstanding bank credit has not yet seasonal proportion. Sharp decreases occurred in the been halted. Security prices have again receded, but output of the textile and bituminous-coal industries. the rate of decline has slackened. Bank debits outside The reduction in the output of boots and shoes was also New York were higher than in March, but continue in excess of the normal movement. to run about 27 per cent below a year ago. MONTHLY BUSINESS INDEXES l l , - Factory em- Department- Foreign k Industrial production ployment Freight-car loadings store sales, trade, value, com Yor and pay rolls value adjusted - 4 types w l 2 78 , d Ne a? al i >. , Merchan- e Unadjusted i Adjusted 2 Total dise, 1. c. 1. s I- i y index S3 £"8 e Cit j adjuste , °-g as outsid s Year and month t •d H3 moditie i I jj «*«o^£ ^o> 4> o> pric e contracts V ce +i cs "oa OS en g te value 1 ti a 53 £ •w »o g i 1» debit 3 3 S 3 1 "i I 4> 0 k (3 G a c = 1 io i ee eg E 1 f 1 IM Ban i P a Buildin Wholesal H S g 1 s 1 •^ f I I w Monthly Monthly average 1923-1925=100 average 1926-100 1930: April 107 110 94 104 104 104 92.4 97.1 93 97 101 98 110 107 92 88 123.4 101 90.0 1931: April 90 91 83 88 87 91 78.0 73.6 77 80 91 88 101 106 60 53 99.5 73 74.8 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 79 74.1 64.3 76 72 86 86 67 88 47 54 83.8 59 72.1 September 77 76 82 3 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 70.3 November 73 71 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 83 142 180 46 48 86.7 38 68.6 1932: January 71 i 70 74 72 71 77 68.1 52.4 58 65 75 81 64 78 39 42 80.6 31 67.3 February __ _ 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 66.0 April 64 63 71 64 61 79 64.3 48.7 57 59 75 73 76 180 38 36 72.8 26 65.5 Monthly average, Jan- uary through April: 1930 .