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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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