BOARD OF GOVERNORS OP THE FEDERAL RESERVE

For release In morning papers Saturday, May 22, 1945

R&S BI - 225*! May 21, 1945

BUSINESS INDEXES

1955-39 average - 100 for Industrial production and freight-car loadings $ 1959 « 100 for factory employment and payrolls; 1925-25 average • 100 for all other series

Adjusted for seasonal variation

Without seasonal adjustment

" 1645 ' ' 1942 1943 1942 Apr. | Mar. Apr. Apr. | Mar. Apr.

Industrial production Total p205 202 175 p201 199 172 Manufactures Total p216 215 182 p215 212 181 Durable pSOO 298 254 p500 296 254 nondurable pl48 147 159 pl46 144 158

Minerals pl51 155 125 pi 24 124 126 Construction contracts. value Total * 85 128 * 84 145 Residential $ 42 82 * 44 96 All other $ 119 165 * 117 185

Factory employment Total pl68.2 168.4 147.1 pl67.4 167.5 146.5 Durable goods p225.8 224.8 180.2 p225.6 224.1 180.0 Nondurable goods pi 22.8 125.9 121.0 pl21.6 122.6 119.8

Factory payrolls Total • t . * 504.4 221.4 Durable goods • • • • • * * ' * 420,4 287.2 Bondurable goods .» # # 191.0 167.0

Freight-oar loadings 141 156 143 152 150 156

Department store sales. value pl50 156 117 pl56 121 115

Department store stocks , value * 90 118 * • 92 122

p—Preliminary or estimated. *Data not yet available. Botes—Production, earloadings, and department etore sales indexes based on daily averages. To convert durable manufactures, nondurable manufactures, and minerals indexes to points in total index, shown in Federal Reserve Chart Book, multiply durable by .379, nondurable by .469, and minerals by .152.

Construction contract indexes based on 3-month moving averages, centered at second month, of P. W- Dodge data for 37 Eastern States. To convert indexes to value figures, shown in the Federal Reserve Chart Book, multiply total by $410, 268,000, residential by 9184,157,000, and all other by *226,132,000.

Employment indfex, without seasonal adjustment, and payrolls index compiled by Bureau of Labor Statistics.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION {1925-39 average • 100}

Adjusted for seasonal variation

Without seasonal adjustment

- - »|9fi , - - 1942 - 1942 tor. Apr. | Mar. Apr.

kasofactubbs Zroa and steel ... 209 210 199 209 210 199 Pig iron 197 202 192 197 202 192 Steel 285 233 219 " 235 233 219 Open hearth and Bessemer 186 188 181 - 186 188 181 Electric 680 669 487 680 659 487

Machinery p362 559 273 p362 359 273 Transportation equipment p692 683 350 p592 583 350 Honferrous metals and products pl94 192 177 pl94 192 177 Lumber and products pl26 124 132 pi 25 119 132 Lumber pll6 114 127 pll6 106 127 Furniture pl43 144 142 pi 43 144 142

Stone, elay, & glass products p!46 149 154 pK2 133 151 Cement » 146 167 * 126 161 Polished plate glasfc

Textiles and products 42

pl58 59 167

43 157

42 plS8

39 157

43 157

Cotton consumption 166 166 177 166 166 177 Rayon deliveries pl82 161 170 pl82 181 170 .foopt tWEfcUeg ... . * 164, 164 153

Leather products • m - 111 130 * • 114 131 Tanning • 113 131 * 113 131 Cattle hide leathers ,* 126 147 . * 127 147 Calf and kip leathers * . 92 93 » 90 90 Goat and kid leathers * 93 116 * 93 119

Shoes • 110 130 * 114 131 Manufactured food products pl60 152 156' p!35 * '134'- 123 Wheat flour 121 126 98 114 123 92 Meatpacking pl43 154 142 pl35 140 134 Other manufactured foods pi 56 156 137 pl37 138 121

Tobacco products 131 127 pl37

123 119 Cigars 101 120 93 114 Cigeretter 159 140 148 130 Manufactured tobacco 4 snuff 87 97 89 96

Paper and products . * 135 148 .* . 137 151 Paperboard ISO 150 157 ISO 150 167

. • newsprint production '•*•*• " # . • • gQ " 1 W 90 109 Printing and publishing pill 110 117 pU7 114 123 newsprint consumption 100 97 98 107 101 106

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION (1936-39 average * 100)

-- — * * - : . .

*•;. Adjusted "for : f seasonal variation ~

Without seasonal adjustment -- — * * - : . .

'.IMS 1*42 191: 1542 -- — * * - : . .

Apr. I Mar. Apr. Apr, ! Mar. Apr.

MANUFACTURES (Cont'd.)

Coke pl69 169 162 pl69 169 162 . Byproduct pl58 156 182 pl68 168 158 Beehive p640 646 614 p640 546 614

Chemicals p217 211 168 p£20 216 168

' MINERALS

Fuels ' pi 31 plM 121 pl31 pl33 121 Bituminous coal pi 51 161 160 pl61 161 160 Anthracite pl29 ite 122 pl29 128 122 C-ude petroleum pi 23 pi 23 109 pl23 pl28 109

Metals pl32 133 162 P84 68 166 Iron ore 236 235 217 60 237

p.rpreliminary or estimated. »6ata not yot available.

FREIGHT-CAR LOADINGS (1956-39 average * 100)

Coal 168 140 160 133 144 136 Coke 208 182 200 183 189 178 Grain ; V'\ 146 152 117 124 131 100 Livestock - .118 117 101 106 98 90 Forest products 138 133 rl60 138 183 rl60 Ore p205 216 289 106 66 218 Miscellaneous 142 141 141 143 138 142 Merchandise, l.c.l. 62 61 80 63 62 81

r—Revised. ' '' ' '' ' ' ' " . , . V ' ' . ' ' Bote:—To convert coal end ydsoellapsoue Indexes to points in total index, shown

in the Federal Reserve Chart Book, multiply eoal by .213 and miscellaneous by .548 * "

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis