' f BOARD OF GOVERKORS OF THE FEDERAL RESERVE SYSTEM

For release ir afternoon papers Wednesday, January 26, 1944

JAN 2 61944

/' R&S 31 - 233 January 26, 1844

BUSINESS INDEXES 1935-35 average - 100 for Industrial production and freight oarloadings;

1939 100 for factory employment and payrolls; 1923-25 average 100 for all other series

Adjusted for seasonal variation

Without seasonal adjustment Annual indexes 1943 1942 1943 1942

Annual indexes

Deo. | Nov, Deo. Dec. | Nov. Dec. 1943 7 1942

Industrial production Total p245 247 223 p243 247 221 p239 199 Manufactures Total p264 268 240 p263 268 239 p258 212 Durable p374 377 328 p373 377 327 p361 279 Nondurable pl75 175 169 pl74 180 168 pl76 158

Minerals pl39 1'3 127 pl32 131 119 pl32 129 Construction contracts, value Total p66 60 175 p53 53 139 p69 166 Residential p39 37 91 p33 35 77 p40 82 All other p87 78 243 p68 67 190 p92 235

Factory employment Total pl69.4 170.7 164.2 pl69.7 170,7 164,5 pl68.7 152.3 Durable goods p233.0 233.5 21&5 p233.0 233.6 215,5 p227.8 191.5 Nondurable goods pll9,2 121.2 123,'/ pll9.8 121.2 124.3 pl22.1 1214

Factory payrolls Total * 336.2 28%9 * 242,3 Durable goods * 473.9 3 9 U * 32U Nondurable 9odc mm * 201.4 1864 * IMS

Freight oarloadings 144 139 136 133 142 126 137 138 Department store sales. value pl29 158 125 p229 160 222 pl38 124 Department store stocks ,value * 98 101 * 113 95 * 118 p--Pre11mlnary or estimated, Data not yet available. Note#Production, oarloadings, and department store 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 F, W, Dodge data for 37 Eastern States. To convert indexes to value figures, shown in the Federal Reserve Chart Book, multiply total by #410,269,000, residential by $184,137,000, and all other by #226,132,000,

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

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'2, INDUSTRIAL PRODUCTION (1935-59 average - 100)

Adjusted for Without seasonal variation seasonal adjustment AJuuUBll : 1*3 1645 1945 1942 Dee, 1 Nov. Bee-, Dee, J Nov. Dec. 1943 i 1942

MAHUFACTORES "

Iron and steel < 199 . 209 200 199 209 200 207 199 Pig iron 198 200 197 198 200 197 198 193 Steel 221 235 221 221 235 221 232 218 Open hearth 176 184 179 176 184 179 184 179 Electric 556 592 623 556 692 623 576 495

Machinery p465 463 407 p463 463. 407 p444 340 Transportation equipment p784 . 785 630 p784 785 630 p737 464 Honferrous metals & products .* 304 242 304 243 p273 214 Lumber and products pl36 136 130 pi 26 133 120 pl29 134 lumber pl29 127 122 pi 12 124 106 pll9 130 Furniture pl52 162 146 pl52 152 146 pl49 142

Stone, clay, & glass products pl68 168 173 pl71 172 169 pl73 168 Plate glass 55 54 35 55 64 35 p44 37 Cement # 98 171 * 105 156 pl28 171 Clay products pi 26 124 144 pl31 129 149 pl34 154 Gypsum and plaster products pl96 196 191 pl99 198 194 pl99 186 Abrasive 6 asbestos products p325 329 293 p325 329 293 p319 236

Textiles and products pl47 162 157 pl47 152 157 pl54 157 Cotton consumption 142 155 163 142 153 163 159 171 Rayon deliveries pl89 191 178 pl89 191 178 pl83 173 Wool textiles - S 153 163 * 163 163 pl56 156

Leather products pl06 104 117 pl08 .106 116 pll4 122 Tanning * 99 126 * 102 125 p!15 128 Cattle hide leathers * 101 141 * 105 141 pl21 143 Calf and kip leathers * 67 93 * ; 69 " 91 p85 92 Goat and kid leathers $ 92 64 * 8S 65 p89 96 Sheep and lamb leathers * 148 154 167 146 pl67 150

Shoes pll2 109 . 110 pll2 109 110 pll4 119 Manufactured food products pl47 149 143 pl43 150 13S pl42 134 Wheat flour p!52 128 120 pl30 129 118 pll6 107 Meatpacking p!67 185 166 pl99 206 186 pl64 148 Other manufactured foods pl46 145 144 pl45 Isi 142 pl42 134 Processed fruits & vegetables pl25 121 122 p97 111 95 118 126

Tobacco products . * 148 146 # 151 137 pl33 131 Cigars * 101 154 * 101 154 p99 119. Cigarettes * 186 160 * 190 147 pl64 150 Other "tobacco products * i-oo 54 103 83 p89 94 Paper and products 140 133 * 160 132 pl40 142 P&pcrbofard 135 151 134 135 151 134 14*7 ' 141 Newsprint production * 86 100 * 87 98 p69 105. Printing and publishing plOS 106 111 pl08 110 114 pill 115 Newsprint consumption 89 .90 103 93 . 98 108 99 103 pPreliminary or estimated* * Data not yet ava: lable.

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

e # # # 3. - '- INDUSTRIAL PRODUCTION (1935-39 average = 100)

Adjusted for -seasonal -variation-

Without eeason&l adjustment Annual Indexes - 1943 ' 1 1 1942 - iSNt 5 1942

Annual Indexes

* Dee. 1 Itovv 1 I Dec, * S e e , - 1 ri Deer 1948 1 1942

MANUFACTURES (Cont'd.)

Petroleum and coal products p216 213 156 p216 213 156 pl85 147 Petroleum refining p223 ' 220 155 p223 220 155 pl88 144 Gasoline pl28 123 104 pl28 123 104 pill 110 Fuel oil , 159 137 e 153 137 pl45 129 Lubricating oil 137 113 # 137 112 pl21 121 Kerosene *. 117 99 # . 120 102 pl 16 109

Coke . pl73 163 166 pl73 *; 163 166 pl67 164 Byproduct pl63 155 156 pl63 155 156 pl67 154 Beehive p536 462 601 pS3S 462 501 p495 513

Chemicals p372 390 544 p373 ' 392 346 p385 . 278 Rayon p225 ' 223 196 p225 ' 223 196 p215 1.85 Industrial chemicals p398 ; 398 319 p398 | 398 319 p367 286

Rubber p247 : 241 212 p247 241 212 p228 172 MINERALS

Fuels p!4l 134 126 pl4l * 134 126 pl33 126 Bituminous coal pl56 131 143 pl56 ! 131 143 pl47 145 Anthracite pll4 102 105 pll4 102 105 pH8 117 Crude petroleum pl39 139 121 pl39 : 139 121 pl29 118

Metals pl22 123 133 p76 ! 115 79 pl25 148 Iron ore # p223 223 p46 I 182

-J. -19 p218 229

pPreliminary or estimated. * Data not yet availably

FREIGHT CARLOADI1J0S (1956-35 average * 100)

Coal 147 . 127 132 147 127 132 138 136 Coke 192 106 184 202 186 *93 186 181 Grain 153 . 161 139 144 157 '130 146 121 Livestock 122 . 132 117 118 166 113 117 104 Forest products 154 150 137 138 147 122 141 155 Ore -f 209 191 189 65 193 59 192 206 Miscellaneous 148 147 144 139 153 ' 136 145 146 Merchandise, l.c.l. 68 67 59 65 68 '56 63 69

the.Federal Reserve Chart Book, multiply coal by ,213 and miscellaneous by .548.

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