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frb_031946

frb_031946

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Published by: fedfraser on Apr 18, 2014
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FEDERALESERVE
BULLETIN
MARCH 1946
BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM
 
ELLIOTT THURSTON
EDITORIAL COMMITTEE
WOODLIEF THOMASCARL
 E.
 PARRY
The Federal Reserve
 BULLETIN
 is issued monthly under the direction of the staff editorialcommittee. This committee is responsible for interpretations and opinions expressed, exceptin official statements and signed articles.CONTENTS
PAGE
219-226227-231232-235236-239240-248248Review of the Month—Recent Economic Developments.The Foreign Loan Policy of the United States. .The British Loan, by Marriner S. Eccles.Report of Board on Pending Legislation on Housing.Financing War Production and Contract Terminations Under Regulation VDistinguished Service in War Finance.Law Department:Consumer Credit—Suspension of License and Consent Injunction. . 249-251Suit regarding Removal of Bank Directors. 251-252Foreign Funds Control:Treasury Regulations. 252Treasury Department Releases 252-254Current Events . . . . 255-256Foreign Banking Laws and Reports—Monetary and Banking Reform in Guatemala. 257-288National Summary of Business Conditions. .... 289-290Financial, Industrial, Commercial Statistics, U. S. (See p. 291 for list of tables). 291-339International Financial Statistics (See p. 340 for list of tables) . 340-357Board of Governors and
 Staff;
 Open Market Committee and
 Staff;
 Federal AdvisoryCouncil . 358Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 359Map of Federal Reserve Districts. 360Federal Reserve Publications
 (See inside of bac\ cover)
Subscription Price
 of
 Bulletin
A
 copy of the Federal Reserve
 BULLETIN
 is sent to each member bank without charge. The subscriptionprice in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba,Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (in-cluding Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is$2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group sub-scriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or$1.50 for 12 months.
 
FEDERAL RESERVE BULLETIN
VOLUME
 32
March
 1946
NUMBER
 3
RECENT ECONOMIC DEVELOPMENTS
Since last autumn activity
 in
 many sectorsof
 the
 economy
 has
 been expanding
 and in-
comes
 in the
 aggregate have been largelymaintained, notwithstanding strikes
 in im-
portant manufacturing industries. Increasesin activity have been substantial
 in the con-
struction, distribution,
 and
 service industries,and agricultural production has continued
 at
a high level.
 A
 marked decline
 in
 output
 of
manufactures, owing mainly
 to
 strikes
 in the
steel, automobile, and electrical machinery in-dustries, has been offset
 in
 part by
 an
 increasein output
 of
 minerals. Total industrial pro-duction
 in
 January,
 as
 measured
 by the
PER CENT
260
INDUSTRIAL PRODUCTION
,L VOLUME SEASONALLY ADJUSTED, 1935-39-100 FOR TOTAL
1942
 1944 1946 1940 1942 1944 1946
Federal Reserve
 index.
 Groups
 are
 expressed
 in
 terms
 of
points
 in the
 total
 index.
 Monthly
 figures,
 latest shown
 are
preliminary estimates
 for
 February.
Board's index
 and
 shown
 in the
 accompany-ing chart, was reduced
 to
 159 per cent
 of the
1935-39 average
 as
 compared with
 168 in
November;
 and in
 February
 is
 estimated
 at
around 155.
 In
 March industrial productionmay advance above
 the
 November level,
 re-
flecting the
 end of
 major work stoppagesand also continued increases
 in
 output
 of
building materials, most nondurable goods,and minerals.Production
 in the
 whole economy, includ-ing agricultural
 as
 well
 as
 nonagriculturaltypes
 of
 activity,
 is now
 above
 the
 level
 of
any previous peacetime period
 and
 substan-tially above
 the
 average
 for the
 years
 1935
to 1939. Employment
 in all
 major lines
 of
activity except agriculture, mining,
 and con-
struction
 is
 above
 the
 advanced 1941 level.Unemployment
 was
 around
 2.7
 million
 in
February, which
 is
 considerably less than
 the
1941 average
 of 5
 million
 and the
 1939 aver-age
 of 9
 million. Output
 of
 most goods
 and
services
 is
 close
 to the
 capacity
 of the
 coun-try's resources under present conditions.While there will
 be
 increases
 in
 capacity
 as
additional veterans enter
 the
 labor market,as
 the
 organization
 of the
 work improves,and
 as the
 flow
 of
 materials
 and
 finishedproducts assumes more normal relationships,these developments take time.
 The
 processof expansion would
 not be
 facilitated
 and
might
 be
 delayed
 by a
 general advance
 in
the level
 of
 prices although selective priceadjustments will
 be
 required.
MARCH
 1946
219

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