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42 Fed. Res. Bull. 1 (1956)

handle is hein.journals/fedred42 and id is 1 raw text is: FURTHER EXPANSION in business and con- sumer demands in the latter part of 1955 was accompanied by increases in industrial output and prices, to new record levels. In- dustrial production in December, at 144 per cent of the 1947-49 average, was 11 per cent above a year earlier and 5 per cent above the previous high of mid-1953, when defense output was substantially greater. Average prices of industrial materials ad- vanced 4 per cent in the second half of 1955. Prices of finished industrial products also rose, as shown in the chart. Widespread ad- vances among industrial commodities- which together account for about four-fifths of the value of all commodities in the whole- sale price index-occur only in response to strong and pervasive pressure of demands. Meanwhile, with marketings of meat ani- mals sharply expanded and with Federal support levels for some important crops re- duced, wholesale prices of farm and food products on the average declined 7 per cent further in the second half of the year. The combined index of wholesale commodity prices in December was 1 per cent above midyear. While production increased to record highs in the latter part of 1955, the volume of business inventory accumulation was rela- tively small. Output of a number of indus- trial materials reached capacity levels and order backlogs accumulated. Increases in the value of inventories have reflected in pt the higher level of prices. High level production with accompanying pressures on prices of basic materials and wage rates has also characterized recent economic activity in Europe. Expansion in outlays, especially for construction, business equipment, and consumer durable goods, has exerted upward pressure on such world commodities as copper and rubber, and has been reflected in sharp increases in the vol- ume of United States exports of coal, steel scrap, and steel mill products. NOTE.-Federal Reserve groupings of BLS mid-month indexes for all commodities other than foods and feeds, both raw and processed, in the wholesale index. Latest figures shown are for December 1955. Expansion in consumer buying in the United States has been supported by rising incomes and more active use of credit. Con- sumer incomes after taxes, which had been maintained during the 1953-54 decline in business activity, began to increase in the Prices during the Economic Expansion

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