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
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