The combined net profits of 536 manufacturing and trading companies showed a 36.6% increase over the same period in 1928, with steel production leading the way. Retail sales, construction starts, and railroad revenues set record after record. Stocks continue to make record gains. An enormous surplus of wheat from 1928 drives down wheat prices, straining commodity markets and farmers' incomes. Unemployment hovers around a robust 4%. US nominal GDP is $105 billion.