Full text: Migration and business cycles

IMMIGRATION PRIOR TO 1890 
TABLE 18.—CYCLES OF IMMIGRATION AND OF IMPORTS OF MERCHANDISE, 
BY YEARS, 1820-1923 
Percentage deviations from seven-year moving averages, expressed in multiples of 
their standard deviations (26.62 per cent for immigrants, and 12.25 per cent for imports). 
ImMmi- + Im- bo Ivr- Im- Inmi- Im- 
YEAR| GRANTS® PORTS® | YEAR GRANTS PORTS | YEAR GRANTS PORTS 
1820NF. ..... —1.25¢ | 1855 —1.05 —0.60 |, 1890 .00 +0.06 
1821 eed ue —2.44 1856 —0.71 +0.39 1891 40.98 +0.69 
1S220. .. ... +0.64 1857 40.71 +1.04 1892 40.64 +0.50 
1823 —0.98c —0.13 1858 —0.90 —1.18 1893 +0.30 +0.85 
1824 —0.79 —0.21 1859 —0.68 +0.91 1894 —1.39 —1.32 
1825 —0.71 +1.29 1860 +0.23 +1.84 , 1895 —0.15 —0.18 
1826 —1.01 ' 40.21 1861 —1.20 +0.16 = 1886 —0.11 +0.56 
1827 +0.34 —0.38 1862 —1.50 | —2.64 1897 —1.05 +0.42 
1828 +1.54 +0.31 1863 —0.11 —1.44 1898 —0.98 —1.48 
1829 —0.15 —1.20 1864 —0.15 +0.42 i 1899 —0.45 —0.83 
1830 —0.86 —1.92 1865 40.30 —1.89 1600 —0.23 +0.38 
1831 —1.47 +0.81 1866 +0.64 +2.17 1901 —0.41 —0.20 
1832 —0.08 —0.02 1867 —0.04 +0.55 1902 +0.23 —0.11 
1833 +0.90c —0.73 1868 —0.38 —0.87 1903 +0.53 +0.29 
1834 +0.68 —0.82 1869 40.41 —0.68 1904 —0.53 —0.64 
1835 —0.79 +1.09 1870 —0.08 —0.82 § 1905 0.53 —0.07 
1836 40.90 +2.98 1871 —0.11 +0.17 1906 +1.01 +0.28 
1837 40.79 —+0.10 1872 +1.05 +1.40 1907 +1.35 +1.12 
1838 —1.58 —2.19 1873 +1.35 41.53 1908 —2.18 —0.88 
1839 —0.38 +2.03 1874 —0.23 +0.37 1909 —0.04 —0.60 
1840 +0.27 —1.17 1875 —0.90 -+0.02 1910 +0.30 +0.32 
1841 +0.10 +0.78 1876 —1.13 —0.72 1911 —0.49 —0.20 
1842 40.65 —1.36 1877 —1.77 —0.92 1912 +0.60 +0.10 
1843 —0.30° d 1878 —1.92 —1.30 1913 +2.78 +0.24 
1844 —1.36¢ —0.58 1879 —1.35 —1.51 1914 +0.15 —0.10 
1845 | —0.77 + —0.31 | 1880 + +1.20 +1.16 1915 —2.03 —1.71 
1846 —0.37 —0.16 1881 +1.69 +0.36 1916 —0.83 , —0.45 
1847 40.60 —0. 56 1882 +1.47 +1.14 1917 —2.18 + —0.45 
1848 —0.30 +0.10 | 1883 +0.15 +0.74 | 1918 —2.48 —0.32 
1849 40.19 —0.97 1884 —0.53 +0.02 1919 —1.16 —0.27 
1850 —0.04 —0.34 1885 —1.16 —1.21 ; 1920 42.63 +4.17 
1851 +0.45¢ +0.18 | 1886 —0.56 | —0.55 1921 40.65 +0.02 
1852 40.38 —0.53 1887 40.53 +0.02 1922 —1.16 —2.53 
1853 +0.53 +0.60 | 1888 +0.45 :+0.10 1923 40.94 40.37 
1854 41.35 +0.81 1889 —0.45 —0.07 
sComputed from data given in Table 1. 
bComputed from data published in the Monthly Summary of Commerce and Finance, and the Statistical 
Abstract of the United States. 
°From 1820 to 1831, the immigration data cover years ending September 30th; from 1833 to 1842, 
December 31st; from 1844 to 1850, September 30th; from 1851 to 1923, December 31st. The figures for 
1832 and 1843 are estimated from data for fifteen and nine months, respectively. 
Vine oor to 1843, the import figures are for years ending September 30th; after 1843, for years ending 
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