Review Of The Mineral-Fuel Industries In 1959 - General Summary

ECONOMIC recovery, which began in 1958, carried through into 1959 but was somewhat retarded by the 116-day steel strike beginning in July 1959. Recovery and economic growth increased production and consumption of mineral fuels 3 percent above 1958. The increase was accomplished despite a drop of 26 percent in coal exports. Prices remained constant during the year so that the value of production and consumption also increased 3 percent over 1958. Stocks in the hands of producers at yearend were little changed from the supply at the beginning of the year. Employment in the field of mineral fuels decreased 6.4 percent from 1958. Average hourly earnings were up 7 percent, and average hours worked were up 5 percent, with the result that weekly earnings gained 11.8 percent. Internal freight rates were relatively constant, but ocean tanker rates declined both in 1958 and 1959 from the high rates charged during the Suez crisis. The index of major input expenses decreased for anthracite, held constant for bituminous coal, and increased for petroleum. The index of labor cost per dollar of product and per ton of product declined again in 1959 to a new low in anthracite and bituminous-coal mining industries.