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prises have increased general building and construction, private construction still remains 21% less than in 1932.
Encouragement is to be found in the estimated reemployment of an additional 750,000 workers during the month of August, repre¬ senting a 6.5% increase in factory employment and an 11.6% in¬ crease in total factory payrolls. It also is estimated by the Depart¬ ment of Agriculture that about $1,000,000,000 has been added to the purchasing power of the American farm market by the increased prices for agricultural products.
Department store sales increased 10% over July, reaching 77% of the 1923-1925 average, and attaining the greatest volume since April, 1932. Part of this increased business, however, is merely the result of higher prices, retail prices having increased approximately 8% in August. Dollar sales were 20% above August, 1932, but 13% below August, 1931. Mail order company sales advanced in August to a point 19% below those of last year and 6% below August, 1931.
Commodity prices have risen more slowly during recent weeks than during the first rapid upswing earlier in the summer. Accord¬ ing to Fairchild’s Index, retail prices increased 8.4% during August, and on September 1 stood at 19% above May and 12% above the
same period of 1932. Retail food prices held even in August, but have gained in the neighborhood of 35% since January, 1933. The cost of living increased 2.3% in August, according to the National Industrial Conference Board, and now stands 7.6% above the low for the year. Open market operations of the Federal Reserve Banks have resulted in an unprecedented growth of bank reserves but these do not seem to be finding their way into the community in the way of actual increases in credit accommodations. New issues in the capital market remain insignificant.
While the cross currents found in business today are typical of the first stages of a recovery period, attention cannot help but be focused upon the basic problem of the immediate future — the further increase of mass purchasing power at a rate faster than advancing prices. This is of extreme interest to the broadcaster from two aspects ; upon the success of this undertaking depends any resumption of business at all. Unless a resumption of mass pur¬ chasing power takes place sufficient to make possible the resumed consumption of the non-necessities which loom so large in Amer¬ ican Droduction todav. there can be little hope for a permanently increased business tempo, or of a consequent protracted rise in advertising volume.
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