41 Fed. Res. Bull. 1 (1955)

handle is hein.journals/fedred41 and id is 1 raw text is: FEDERAL RESERVE BULLETIN

January 1955

NUMBER 1

THE CURRENT BUSINESS SITUATION

Industrial production recovered by Decem-
ber half of the decline which occurred from
mid-1953 to March 1954 and the Board's
seasonally adjusted index covering manufac-
tures and minerals was 130 per cent of the
1947-49 average. A further rise is indicated
in January. The largest increases recently
have been in durable goods which earlier had
decreased the most as curtailments in defense
production and inventories were concentrated
in these lines. Output of nondurable goods
began to recover early in 1954 and is now
not far below its previous high, and minerals
production has shown substantial improve-
ment.
Electric and gas utilities have continued
their relatively steady postwar growth. Con-
struction activity, already at an advanced
level last spring, has since expanded further
owing mainly to increased residential build-
ing. Activity in most other lines, including
trade, service, and State and local govern-
ment, has changed little or tended to increase
somewhat further since mid-1953.      Un-
employment, after allowance for seasonal in-
fluences, was declining in late 1954, but was
substantially above the low 1953 levels.
Strength last year in markets for consumer
goods and services and for new housing was
associated with generally sustained personal
incomes despite some curtailment of wage
and salary incomes arising mainly from re-
duced employment in manufacturing, min-
JNNUARv 1955

ACTIVITY AND PRICES
1947-49-100

P.r Eint
2180

WHOLESALE PRICES                 I        I
CDSIAOMMO D TIE5     120
100
I                        I                -  so
190             1952              1954
No.T_-Physical volume activity indexes are seasonally ad-
justed. Food prices include materials as well as finished items
and industrial commodities include all other goods in the whole-
sale price index. Construction, utilities, asd prirce indees com-
ied from data reported rmpectiveiy by Commerce Departmentd
edrral Power Commission and American Gas Association; and
Bureau of Labor Statistics.
ing, and railroad transportation. Recent
recovery in industrial output has been accom-
panied by increased employment and weekly
earnings, and total wage and salary income
has    been    rising.   Dividend       and     interest
income continued to rise in 1954 and un-
employment compensation payments were

VOLUME 41

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