| March | 37 | 33 | | April | 38 | 35 | | May | 38 | 34 | | June | 37 | 33 | +--------------+-------------+-----------+ [34] U.S. Bureau of Labour Index divided by French official wholesale Index. ITALY AND THE UNITED STATES +--------------+-------------+-----------+ | | Purchasing | | | Per cent of | Power | Actual | | 1913 Parity. | Parity.[35] | Exchange. | +--------------+-------------+-----------+ | 1919 Aug. | 59 | 56 | | Sept. | 56 | 53 | | Oct. | 54 | 51 | | Nov. | 50 | 44 | | Dec. | 49 | 40 | | 1920 Jan. | 46 | 37 | | Feb. | 42 | 29 | | March. | 38 | 28 | | April | 36 | 23 | | May | 38 | 27 | | June | 40 | 31 | | July | 39 | 30 | | Aug. | 37 | 25 | | Sept. | 34 | 23 | | Oct. | 32 | 20 | | Nov. | 30 | 19 | | Dec. | 28 | 18 | | 1921 Jan. | 26 | 18 | | Feb. | 26 | 19 | | March | 26 | 20 | | April | 25 | 24 | | May | 27 | 27 | | June | 28 | 26 | | July | 27 | 24 | | Aug. | 26 | 22 | | Sept. | 24 | 22 | | Oct. | 24 | 20 | | Nov. | 24 | 21 | | Dec. | 23 | 23 | | 1922 Jan. | 24 | 23 | | Feb. | 25 | 25 | | March. | 27 | 26 | | April | 27 | 28 | | May | 28 | 27 | | June | 28 | 26 | | July | 28 | 24 | | Aug. | 27 | 23 | | Sept. | 26 | 22 | | Oct. | 26 | 22 | | Nov. | 26 | 23 | | Dec. | 27 | 26 | | 1923 Jan. | 27 | 26 | | Feb. | 27 | 25 | | March. | 27 | 25 | | April | 27 | 26 | | May | 27 | 25 | | June | 26 | 24 | +--------------+-------------+-----------+ [35] U.S. Bureau of Labour Index Number divided by the “Bachi” Index Number. [Illustration: FRANCE] [Illustration: ITALY] III. _The Seasonal Fluctuation._