Evening star., 1933-12-12
BUSINESS OUTLOOK
REPORTED BETTER
Employment Holds Own and
Pay Rolls Increase, Sur
vey Shows.

Employment held its own and pay
rolls gained slightly in October and the
first half Of November, according to the
monthly survey of current business Of
the Department of Commerce, which
reflected a generally optimistic situa-
ton in nearly all phases of American
trade and industrial activity
The survey is based upon approx
mately 2.200 business indexes and sta
tistical tables, compiled by both public
and private organizations, and repre-
sents a digest of all business statistics
available to the Bureau Of Foreign
and Domestic Commerce from all parts
of the country. 81.
Industrial production declined in Oc-
tober, the survey said, contrary to the
normal seasonal trend, but the move
ment of weekly indicators suggests that
the recession, which has been in prog
ress since July, may have come to an
end in November.
The decline of per cent in the
was about the same relative decrease
as in the two preceding months. How
ever, production was 16 per cent
higher than a year ago and 5.3 per
cent higher than in October, 1881.
Slight Income Gain.
Employment showed little compare
tive change in october. Data on pay
rolls indicate slight gain in workers
income in the same period. Factory en-
ployment remained close to the figures
for the preceding month, although the
usual seasonal movement is downward
After adjustment for the seasonal fac
tor the Federal Reserve Boards index
declined by u of l per cent.
OF the 13 major groups Of employ
ment, six were higher in October after
adjustment for seasonal variation. The
virtually unchanged.
Both employment and pay rolls in
factories. however, were higher than a
year ago. The increase in factory
workers over the year previous was al
most 20 per cent. while the pay roll
gains were almost 33la per cent.
In October Sc industries reported a
gain in number of workers over the
figures for September. Pay roll in
creases were reported by "a industries.
Commodity prices were at slightly
higher level in October than in the
preceding month. For wholesale prices
the increase was the smallest since last
April, but the monthly index reached
weekly basis the wholesale price index
was 71.3 per cent of the 1926 average
at the beginning Of October. dropped
to 70.4 in the week Of October 81 and
then spurted upward to tit in the
week of November 18, the highest point
touched since the third quarter Of 1881.
Retail prices also showed moder-
ate increase, and the advance OF the
cost of living index Of the National
Industrial Conference Board was neg
ligible.
Drop in Food Production.
A sharp drop in the adjusted pro-
duction index of food products in Oc-
tober reflected chiefly the cessation OF
hog slaughtering for the Government,
which was the major factor in the
September rise. Substantial increases
were reported for several branches OF
the industry, but they were more than
offset by the unusual decline In the
meat industry. Farm employment de-
clined fractionally in October, but wage
payments advanced slightly at the
same time.
New construction, traced chiefly to
the Governments program operating
through the Public Works Administra-
ton. brought october contracts to the
highest level, with one exception, since
November, 1881. The value of con-
tracts awarded, $145 200, 900, was Il per
cent higher than the preceding month
and more than one-third higher than a
year ago.
Although the rate of activity in the
construction industry continues low In
comparison with other postwar years,
the October figures represent gain OF
$50 per cent over the lew Of last Spring
Contracts awarded in the first half OF
November were about the same, on
daily average basis, as In October. and
the increase over last year was main
tanned during this period.
Movement Of goods into the hands OF
consumers increased further during Oc-
, tober, and the net gain in trade gen.
orally appears to have been about equal
to the usual seasonal change. Trade
in urban industrial regions appeared tc
be less satisfactory than in the major
/ ID