THE WAR AND POST-WAR PERIOD 
TABLE 31.—CyCLES IN THE LABOR MARKET AND IN MALE IMMIGRATION: 
1919-1923 
Percentage deviations from mean for 1919 to 1922, corrected for seasonal variation 
and expressed in multiples of their standard deviations. 
YEAR AND LaBor Mare Im- YEAR AND LABOR MALE 1M- 
MonTH MARKET» MIGRATION® Monta MARKET MIGRATION 
1919 1921 (con.) 
January. ... +0.58 —0.85 July i... —1.14 —0.54 
February. . . +0.32 —0.92 August. . ... -—1.29 —0.70 
Mareh..... +0.27 —1.03 September . . —1.18 —0.73 
April... ..... +0.33 —]1.13 October . .. . -—1.03 —0.75 
May....... +0.62 —1.07 November. . —0.96 —0.73 
June....... +0.79 —0.92 December . . —1.01 —0.70 
1922 
duly... .... +0.55 —0.70 January. ... —0.95 —0.73 
August. . ... +1.04 —0.53 February. . . —0.92 —0.78 
September. . +1.50 —0.41 | March..... —0.90 —0.80 
October. . .. +0.70 —0.36 April. . UL. —0.77 —0.69 
November. . +0.83 —0.13 May. ......i —0.39 —0.53 
December . . 41.16 +0.21 Jume....... —0.32 —0.41 
1920 
January. . .. +1.79 +0.43 July... —0.18 —0.38 
February. . . +2.15 +0.22 August. . ... —0.24 —0.34 
March..... +1.58 —0.12 September. . 0.00 —0.24 
April... .... +1.10 —0.28 October. . .. —0.04 —0.17 
May....... 40.90 40.04 November. . +0.12 —0.13 
June. ...... +0.82 +0.62 December . . +0.18 —0.03 
1923 
July....... +0.66 +1.32 | January. . .. +0.38 +0.30 
August . .... +0.74 +1.75 February. . . +0.62 +0.71 
September. . +0.43 +1.92 March. .... +0.57 +1.07 
October. . . . +0.17 +1.93 April. ...\.. +0.58 +1.25 
November. . —0.32 +2.23 May....... +0.14 +1.20 
December . . —0.71 +2.68 June .:..... —0.04 +1.15 
1921 
January .... —0.96 +2.61 July... —0. 20 +1.06 
February .. . —1.07 +1.74 August ....., —0.29 “+1.09 
March. . ... —1.13 +0.56 September. . —0.23 +1.05 
Apnl....... —1.20 —0.03 October. . .. —0.36 +1.09 
May.....\. —1.24 —0.17 November. . —0.33 +1.11 
June......; —1.24 —0.33 December . —0. 50 +0.99 
8Federal Reserve Bulletin, February, 1924, p. 87. Based upon the ratio of jobs to applicants in public 
employment offices. 
Computed from the index given in Table 30. 
In Table 31 and Chart 24, the fluctuations of male immigration 
and of the labor market, as computed by the Federal Reserve 
Board, are compared. Both curves are corrected for typical seasonal 
variation, but not for trend, and are expressed in terms of the 
129