Full text of Survey of Current Business : January 1969
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JANUARY 1969 / VOLUME 49 NUMBER SURVEY OF CURRENT BUSINESS CONTENTS U.S. Department of Commerce Maurice H. Stans / Secretary U.S. Economy in 1968 1 Production and Income in 1968 7 National Income and Product Tables 20 Labor Markets—Prices 24 Financial Developments in 1968 27 The Balance of Payments 30 Personal Income Higher in All Regions in Third Quarter, 1968 37 CURRENT BUSINESS STATISTICS General S1-S24 Industry S24-S40 Subject Index (Inside Back Cover) Albuquerque, N. Meat. 87101 U.S. Courthouse Ph. 247-0311. Anchorage, Alaska 99501 306 Loussac-Sogn Bldg. 272-6331. Atlanta, Ga. 30303 75 Forsyth St. NW. 526-6000. Baltimore, Md. 21202 305 U.S. Customhouse 962-3560. Birmingham, Ala. 35205 908 S. 20th Si. Ph. 325-3327. Boston, Mass. 02203 JFK Federal Bldg. 223-2312. Buffalo, N.Y. 14203 117 Ellicott St. I'h. 842-3208. Charleston, S.C. 29403 334 Meeting St. Ph. 577-4171. Charleston, W. Va. 25301 500 Quarrier St. Ph. 343-6196. Cheyenne, Wyo. 82001 6022 U.S. Federal Bldg. Ph. 634-5920. Chicago, III. 60604 1486 New Federal Bldg. Ph. 353-4400. Cincinnati, Ohio 45202 550 Main St. Ph. 684-2944. Cleveland. Ohio 666 Euclid Ave. Ph. 522-4750. 44114 Dallas, Tex. 75202 1114 Commerce St. 749-3287. Denver, Colo. 80202 16419 Fed. Bldg., 20th & Stout Sts. Ph. 297-3246. Des Moines. Iowa 609 Federal Bldg. Ph. 284-4222. 50309 Detroit, Mich. 48226 445 Federal Bldg. Ph. 226-6088. Greensboro, N.C. 27402 258 Federal Bldg. Ph. 275-9111. Hartford, Conn. 06103 18 Asylum St. Ph. 244-3530. Honolulu, Hawaii 96813 286 Alexander Young Bldg. Ph. 588-977. Houston, Tex. 77002 515 Rusk Ave. Ph. 228-0611. Jacksonville, Fla. 32202 400 W. Bay St. Ph. 791-2796. Kansas City, Mo. 64106 911 Walnut St. 374-3141. Los Angeles, Calif. 90015 1031 S. Broadway Ph. 688-2833. William H. Chartener / Assistant Secretary for Economic Affairs Office of Business Economics George Jaszi / Director Morris R. Goldman Louis J. Paradiso Associate Directors Murray F. Foss / Editor Leo V. Barry, Jr. / Statistics Editor Billy Jo Hurley / Graphics STAFF CONTRIBUTORS TO THIS ISSUE Production and Income: Joseph Wakefield Mabel A. Smith Martin Lefkowitz Genevieve B. Wimsatt Donald A. King David R. Hull, Jr. Leo Bernstein Dorothea S. Jones Labor Market—Prices—Finance: Robert B. Bretzfelder Donald A. King David R. Hull, Jr. The Balance of Payments: Emil L. Nelson Max Leehter Personal Income: Robert B. Bretzfelder Marian B. Sacks Q. Francis Dallavalle Subscription prices, including weekly statistical supplements, are $9 a year for domestic and $12.75 for foreign mailing. Single issue $1.00. Make checks payable to the Superintendent of Documents and send to U.S. Government Printing Office, Washington, D.C. 20402, or to any U.S. Department of Commerce Field Office. Memphis, Tenn. 38103 147 Jefferson Ave. Ph. 534-3214. Miami, Fla. 33130 25 West Flagler St. Ph. 350-5267. Milwaukee, Wis. 53203 238 W. Wisconsin Ave. 272-8600. Minneapolis, Minn. 55401 306 Federal Bldg. Ph. 334-2133. New Orleans, La. 70130 610 South St. Ph. 527-6516. New York. N.Y. 10007 26 Federal Plaza 264-0634. Philadelphia, Pa. 19107 1015 Chestnut St. Ph. 597-2850. Phoenix, Ariz. 85025 230 N. First Ave. Ph. 261-3285. Pittsburgh, Pa. 15222 1000 Liberty Ave. Ph. 644-2850. Portland, Oreg. 97204 217 Old U.S. Courthouse Bldg. Ph. 226-3361. Reno, Nev. 89502 300 Booth St. Ph. 784-5203. Richmond, Va. 23240 2105 Federal Bldg. Ph. 649-3611. St. Louis, Mo. 63103 2511 Federal Bldg. 622-4243. Salt Lake City, Utah 84111 125 South State St. Ph. 524-5116. San Francisco, Calif. 94102 450 Golden Gate Ave. Ph. 556-5864. San Juan, Puerto Rico 00902 100 P.O. Bldg. Ph. 723-4640. Savannah, Ga. 31402 235 U.S. Courthouse and P.O. Bldg. Ph 232-4321. Seattle, Wash. 98104 809 Federal Office Bldg. Ph. 583-5615. The US. Economy in 1908 I NCREASED demands in all principal markets brought substantial rises in the Nation's income and production in 1968. It was the eighth year of the long cyclical upswing that started in early 1961 and that was interrupted briefly in early 1967. Employment rose to its highest level ever, and the unemployment rate fell to its lowest level in 15 years. Lower unemployment rates were widespread; even so, they were still considerably above average for those groups at a disadvantage in the labor market, notably nonwhite persons and teenagers. The problem of inflation continued to be of major concern in 1968, as it has ever since the step-up in the war in Vietnam in 1965. In an economy operating at full employment, the increased demands of 1968 led to sharp increases in costs of production, profit margins, and prices. With demand strong and the supply of experienced labor very scarce, employees were able to win the largest wage increases since the early 1950's. Last year's increase in production was accompanied by some acceleration in the growth of productivity, which had slowed down the year before. However, the productivity rise fell short of the increase in wage rates so that labor costs per unit of production, although rising somewhat less than in 1967, increased considerably. The price rise of 1968 reflected not only these and other cost increases but also expanded profit margins, which had contracted in 1967. Wholesale industrial prices continued to increase, and consumer prices, rising steadily through the year, scored their largest advance in 17 years. Inflationary pressures were accentuated by last year's rise in farm prices, which had fallen in 1967. Personal income registered a sharp gain in 1968, and notwithstanding the tax increases imposed during the year as well as the continuing price rise, per capita income advanced. In addition, before-tax profits of corporations were much higher than the 1966 peak; aftertax earnings equaled their 1966 high. CHART 1 GNP rose $71 billion or 9 percent in 1968 Percent Change From Previous Year 10 GNP 8 _ (Current $). •i im i ii Real Output increased 5 percent. 6 GNP _ (in 1958 $) while prices were up 3 3/4 percent IMPLICIT PRICE DEFLATOR FOR GNP 1963 64 66 U.S. Department of Commerce, Office of Business Economics 67 68 Farm income rose but was still short of the 1966 record. In its transactions with foreign countries, the record for 1968 was a mixed one. The balance of payments deficit, after a sharp increase in 1967, improved in 1968. Aside from some special transactions, this improvement reflected a shift in private capital transactions, from sizable net outflows to a small net inflow, chiefly because foreigners made unusually heavy purchases of U.S. stocks and bonds. However, the balance on merchandise trade, which had been substantial through most of the 1960's, fell precipitously. Policy problems Both fiscal and monetary policies were used last year in efforts to stem the expansion and thereby the inflationary tide. The President called for a surtax on individual and corporate incomes in August 1967, but it was not until the end of June 1968 that the surtax was passed, as part of a fiscal program that also included a ceiling on Federal expenditures in fiscal 1969, an extension of certain excise taxes, and limitations on Federal employment. Consequently, in the first half of 1968, the responsibility for curbing the expansion fell on monetary policy. The Federal Reserve followed a policy that provided a limited accommodation to burgeoning credit demands but still permitted a sizable expansion in credit. This policy had some impact insofar as it contributed to the sharp increases in interest rates and braked an ongoing recovery in residential construction. However, monetary restraints were eased once the fiscal program was passed SUEVEY OF CURRENT BUSINESS because of the widely shared belief that the expansion in consumer and business spending would slow down and consequently diminish the need for monetary limitations This diagnosis proved to be only partially correct since consumer expenditures rose very sharply in the summer. In the fourth quarter, however, spending rose at a much more subdued rate. Private investment demand, far from slowing down, began to accelerate toward the end of the year. It was around this time that the Federal Reserve moved back toward a more restrictive policy, and against a background of heavy demands for credit, market interest rates exceeded their spring peaks, which had been the highest in many decades. Fourth Quarter GNP and Yearend Position Output continued to rise at a rapid pace in the fourth quarter. According to preliminary and incomplete data, the GNP advanced $16.8 billion to a seasonally adjusted annual rate of $887.8 billion; this was almost as large as the $18 billion increase the quarter before. The 2 percent rise in the fourth quarter was divided about equally between an increase in physical volume and an increase in price. The composition of the fourth quarter output gain was quite different from that of the third, even though the two quarterly changes were roughly the same in size. The increase in final sales slowed down, from $21.4 billion to $14.3 billion, while inventory investment increased after a decline in the preceding quarter. The slower rate of expansion in final sales was attributable to consumption expenditures, which rose only $5 billion after a gain of $13 billion in the third quarter; the rise was the smallest in more than a year. Consumer purchases of autos and parts leveled off after an unusual spurt from the spring to the summer months, while expenditures on household durables declined after seven quarterly increases. Nondurable expenditures showed little gain, but services continued their steady upward movement. With the rise in consumption much less than the $10 billion rise in disposable income, personal saving increased, and the saving rate advanced almost to 7 percent from 6% percent in the third quarter. In the first half, the saving rate averaged 7.3 percent. Fixed investment was very strong in the fourth quarter. With housing starts recovering from the spring slump and attaining their best level of the year in the fall, residential contruction rose $2.3 billion for the largest gain of 1968. More impressive was the rise in nonresidential fixed investment, which advanced $4 billion after a $3 billion rise the quarter before; most of the increase was for equipment, but an advance was also recorded in outlays for structures, for which spending had been very sluggish during the year. On the basis of figures for October and November it appears that inventory investment rose from a seasonally adjusted annual rate of $7% billion in the third quarter to $10.0 billion in the The less rapid increase in current dollar GNP in the 2d half of 1968 ... Percent Change From Previous Quarter 12 GNP (Current $) reflected a slower pace in real volume 8 GNP (in 1958 $) 6 4 2 L 1—1 - 1—| i—| [ LJ n i The price rise continued with little change 6 IMPLICIT PRI C E t)E FLAT OR FOR GNP — 4 2 0 -ita i - "r 1967 I 1968 Seasonally Adjusted at Annual Rates U.S. Department of Commerce, Office of Business Economics January 1909 fourth—a gain of $2% billion. From the second to the third quarter, inventory investment declined $3 billion. The rise in the rate of accumulation appears to be related primarily to the slower expansion in consumer buying, since trade firms accounted for the increase in accumulation. State and local government purchases continued their steady upward trend with a $2% billion rise, but Federal outlays recorded their smallest increase since 1965 with an advance of only $% billion. Incomplete data indicate that net exports were little changed in the fourth quarter—above the abnormally low first half rate but considerably under the 1967 total. December business Production, employment and income rose through the quarter and, if anything, appeared to be rising more rapidly at the end than at the beginning. Personal income advanced a large $5% billion (annual rate) in December, as compared with gains of $3% billion in October and $4.8 billion in November. The rise in payrolls was especially strong, reflecting a very substantial increase in employment (266,000 in nonfarm establishments), a slight pickup in hours (after decreases in October and November), and continued advances in hourly earnings. Unemployment remained at the post-Korean low attained the month before. Industrial production rose 1 percent, the second consecutive sizable monthly increase. Final sales in December were much less buoyant than production to judge from partial data. Retail sales, which had shown no growth from September to November, fell sharply in the closing month of the year, according to advance reports. The outbreak of the influenza epidemic in December undoubtedly had an adverse effect on December sales but how much it is impossible to say at this time. There was no evidence of any lessening in the price rise as wholesale prices of industrial commodities advanced again. Outlook for 1969 The uncertainties concerning the outlook appear manifold at the start of 1969: Of overriding importance is the course of developments relating to Vietnam, but economic events may also (Continued on page 38) SURVEY OF CURRENT BUSINESS January 1969 CHART 3 * GNP rose $16.8 billion in the fourth quarter; real GNP up 4 percent (annual rate) * Establishment employment showed another large gain in December—unemployment rate remained at November low point * GNP deflator continued its steady rise in the fourth quarter—wholesale prices up again in December THE LABOR MARKET TOTAL PRODUCTION PRICES Million Persons Billion $ 81 950 CIVILIAN LABOR FORCE AND EMPLOYMENT* CURRENT DOLLAR GNP* IMPLICIT PRICE DEFLATOR FOR GNP* (Change From Previous Quarter) 79 900 Labor Force Total 850 Final Sales 75 Employment - Inventory Change 750 73 Quarterly ( IV ) QBE Monthly (Dec.) Quarterly ( IV ) BLS 1957-59=100 Billion $ 130 UNEMPLOYMENT RATE* CONSUMER PRICES 125 Total 20 - 10 - 120 Married Men 1 t M I t i I i l M I I l i I l l I i i I i l I i i I i l I I I.I i i Quarterly ( IV ) Monthly Billion $ (Dec.) 110 1 1 i i i i i i i i i i I i i i i i I i i i i i I i i i i i I l i i i BLS Monthly (Nov.) Billions Million Persons 800 76 750 WHOLESALE PRICES - - Total Final Sales 650 64 Man-Hours** (right scale) l l l 1 . 1 . 1 i Quarterly ( IV ) 60 110 130 ^T ~~ Inventory Change I 105 ~ i 1 1 i i 1 1 i 1 i i M I i i i i i i i i i i i i i i i i i i i i i 120 QBE Monthly (Dec.) (Nov.) 1 00 i i i i i i i i i i i Dollars PRODUCTION OR NONSUPERVISORY WORKERS (PRIVATE) Average Hourly Earnings (right scale) 3.00 120 l i 9 l 6 7 i 1 i 9 i 6 I 8 1 Quarterly ( IV ) * Seasonally Adjusted l 9 i 6 i 2.40 1967 QBE 2.80 1968 Monthly 1969 (Dec.) 110 r Farm Products \ 90 1967 BLS BLS WHOLESALE PRICES Processed Foods and Feeds - 2.60 100 35.0 9 * * Seasonally Adjusted at Annual Rates U.S. Department of Commerce, Office of Business Economics - 37.5 1 i iiii 11 iii ii i11 1111ii ii 1957-59=100 130 40.0 i Total Monthly (Dec.) 45.0 42.5 " \'"\ BLS Hours CONSTANT DOLLAR (1958) GNP* (Change From Previous Quarter) Industrial Commodities 140 68 I . I — 115 Employment* (left scale) 700 600 1957-59=100 NONFARM ESTABLISHMENTS (Employees) 72 BLS 120 CONSTANT DOLLAR (1958) GNP* -4 I Retail Food* 115 1968 Monthly (Dec.) 1969 BLS SURVEY OF CURRENT BUSINESS January 1969 * Personal income increased 5 ]/2 billion in December— well above the October-November average gain * The consumption advance slowed down in the fourth quarter after strong rise in the third — saving rate rebounded • Nonresidential fixed investment advanced sharply in the fourth quarter —November housing starts were the highest since early 1964 INCOME OF PERSONS CONSUMPTION AND SAVING Billion $ 800 FIXED INVESTMENT Billion $ Billion $ 650 _ 750 _ 550 _ Producers' Durable Equipment** 75 _ 600 yS 700 100 PERSONAL CONSUMPTION EXPENDITURES* * PERSONAL INCOME** 50 .. Vr— .. Nonresidential Structures** S^ ^/ s\ 650 500 ^*s ^^^^ 600 1 1 1 M 1 II \ ^^S ""' 25 1 1 1 1 1 1 1 1 1 1 1 1 M 1 1 1 1 1 M Residential Structures** 1 450 1 1 Monthly (Dec.) v \ ^ 1 1 1 ... ... ...» ***** 1 1 QBE 1 1 1 1 Quarterly ( IV ) 1 | | i 0 l l t i l Quarterly ( IV ) QBE Billion $ Billion $ 35 l l QBE Billion $ 550 i 80 RETAIL STORE SALES* WAGES AND SALARIES** 500 _ _ Total (left scale) ^^/ ^^^^"^ 200 _ PLANT AND EQUIPMENT EXPENDITURES** 70 /^> — ^. — ^ —150 400 20 J "~~\ / 65 Excluding Automotive Group 350 1 i 1 1 1 1 1 1 1 1 1 1 1 1 M _ * 25 ^~°^ Manufacturing (right scale) 75 - \ S^ ^^ \s-^ 450 Total 30 _ 1 1 1 1 1 1 1 M 1 1 1 1 1 M M Monthly (Dec.) 100 15 1 M 1 1 1 M M 1 1 1 M 1 1 M Monthly QBE M 1 1 M 1 1 1 1 M (Dec.) y/T i 60 1 1 1 i i Census v^ 1 i i ° Anticipated i i l Quarterly ( II ) Billion $ Million Units Billion $ 700 12 l OBE-SEC 8 NEW CAR SALES** DISPOSABLE PERSONAL INCOME** 650 _ _ MACHINERY AND EQUIPMENT* (Manufacturing Firms) Domestic (left scale) 10 7 _ \ /^ 600 550 8 - ^^^^ **^^ I 500 I 6 _ r*s\. \A/ New Orders 6 1 1 1 1 I 1 I Quarterly ( IV ) - - 2 4 1 1 M 1 1 M 1 1 1 QBE Dollars 1 5 -s— •*" M M 1 1 1 II Monthly 0 M 1 M 1 M 1 (Dec.) 4 1.1 1 1 1 1 M 10 1 1 1 Trade Sources & QBE 1 1 1 1 1 1M 1 1 I 1 1 M 1 1 M M I Monthly (Nov.) Census Million Units 2.5 PERSONAL SAVING RATE* REAL PER CAPITA DISPOSABLE PERSONAL INCOME** 2,600 - (In 1958 Dollars) _ Shipments Percent 12 2,700 / i Imports (right scale) / I ;\ N. PRIVATE NONFARM HOUSING** - ^ 2.0 Starts 2,500 - 8 - 1.5 ^^ ./ 2,400 6 ^^ ^^ 1.0 ^^ 2,300 i l l 1967 i i 1968 i i i i i 1969 Quarterly ( IV ) QBE * Seasonally Adjusted * * Seasonally Adjusted at Annual Rates U.S. Department of Commerce, Office of Business Economics 4 i 1967 i i 1 1 i 1968 Quarterly ( IV ) 1 1 1 1 .5 1969 - ^fi^r^i ^f^^\^\ **' Permits 1 M M 1 1 1 1 1 1 1967 QBE M 1 M 1 M ~ II 1 ! 1 M M 1968 Monthly (Nov. 1 1 1 II 1 1969 Census SURVEY OF CURRENT BUSINESS January 1969 * In the fourth quarter: Inventory investment increased $2.5 billion over third quarter rate ® Net exports remained at relatively low third quarter rate • Federal outlays changed little— State and local purchases continued upward INVENTORIES FOREIGN TRANSACTIONS GOVERNMENT Billion $ Billion $ Billion $ 40 12 140 NET EXPORTS** CHANGE IN BUSINESS INVENTORIES** (GNP Basis) 30 - - 8 _ _ 4 Total / _ u.-^*---\\ \\ \% 0 \ ^^^.t ^^^f**^ 100 >** ••. ^^^ ^^, l.il - 120 Goods and Services __ _ 20 FEDERAL PURCHASES OF GOODS AND SERVICES** Of\ Merchandise till 1 1 Quarterly ( IV ) 1 i 4 i *** i QBE 1 1 1 1 1 1 1 Quarterly ( IV )( III ) i 60 '"" l Defense i l QBE l i i i i i Quarterly ( IV ) Billion $ Billion $ Billion $ 170 3.5 QBE 4 MERCHANDISE TRADE* MANUFACTURING AND TRADE INVENTORIES* (Book Value, End of Month) 160 ~ ~ Total 150 3.0 S 140 - i i i I i 1 i Mi i M | | | I 1 | II 1 Monthly (Nov.) 2.0 1.5 \ - J 2 i i i i i 1 i i i i i 1 i i i i i i | 11 L L 1 1 1 1 1 1 1 1 1 11 Census & QBE Monthly (Nov.) 4 MANUFACTURING AND TRADE INVENTORIES* (Book Value, End of Month) 100 _ 2 / vAy\ Shipments 0 1 1 1 1 1 1 1 1 1 1 1 1 t 1 1 1 1 1 1 1 t 1 1 1 M 1 1 1 1 1 1 1 1 Monthly (Nov.) Census Billion $ 225 NET FLOW OF PRIVATE U.S. AND FOREIGN CAPITAL (Other than Liquid Funds)* _ /* A . 1 Census Billion $ 120 r v\ Imports - Billion $ New Orders \ \ 2.5 — V V ^\l / \s/ 1 11 1 1 1 1 1 1 M 3 Exports •N/WYHQ^V >if 130 DEFENSE PRODUCTS* A _ FEDERAL BUDGET** (NIA Basis) _ 200 _ _ Manufacturing \ 60 40 y^ ^ O u t f l o w A( ^*^^~/ ^ i11 t 11ii ii ~WM^S\ 150 -4 I i i 1 Census & QBE Ratio 2.0 1 1 1 1 | 2 M 1 1 1 1 11 1 1 1 1967 1968 7 i i i i i i QBE 125 \ 7^ 75 h —r^" Liquidity Basis 1 M 1 t 11 ( I I I 1969 Monthly (Nov.) Census & QBE * Seasonally Adjusted * * Seasonally Adjusted at Annual Rates U.S. Department of Commerce, Office of Business Economics i Quarterly ( IV )( III ) 1 6 1 11111111 M l STATE AND LOCAL PURCHASES OF GOODS AND SERVICES** Official Reserve Transactions Basis \A -2 l 150 r<A. ^ Total Manufacturing and Trade i Billion $ X 1.2 Receipts QBE BALANCE OF PAYMENTS* INVENTORY/SALES RATIOS* Manufacturing 1 4 ***^ 125 | Quarterly (III) Billion $ 4 ^"-A^v ••'""/ x "sS' \ Monthly (Nov.) 1R \ \ -2 Trade i 11 ii1 11iit 1 11 111 111 11 Expenditures inflow ^~~~ Of\ 4 l • I • l 1967 ^ i i i 1968 Quarterly (III) i i | | 50 1969 i i i 1967 QBE i i 1968 i i i i i 1969 Quarterly ( IV ) QBE 69-1-5 SURVEY OF CURRENT BUSINESS 6 January 1969 - Industrial production advanced in December for third straight month • Money supply and bank credit increased again in December * Interest rates and bond yields rose to new highs INDUSTRIAL PRODUCTION MONEY, CREDIT, AND SECURITIES MARKETS Billion $ 460 Index 1957-59=100 190 Billion $ 240 / \ 170 Vvx^'X 80 ^'\ 340 - To"ta7/Nv '/ .... ... /•'*' 1 1 H'Ki 1 1 1 1 i i i i i ! i i i i i l i i i i 1 1 i i i i i 150 Monthly (Dec.) 300 180 60 160 40 ^1 in i 1 1 1 i i i t i 1 1 1 1 1 1 i i i i i i i i i 1 i i t i i _ i i 1 1 „/-—-% - 100 -2 i i i i i 1 i ii i i 1 1 1 1 1 1 1 t 1 1 1 1 M 1 1 1 1 1 1 M Monthly (Dec.) Profits After Taxes 1 l 40 i i t Output 80 r—~\*S x>.. ..X V %-"' 6 4 I i Quarterly ( I V ) I i 2 .*""** 0 i 11 1 i11 ii ii i i i i i1iiiii i i ii i t 1 i i iii 43=10 120 32 — 100 *£XV^ Shipments Monthly (Nov.) Census * Seasonally Adjusted ** Seasonally Adjusted at Annual Rates U.S. Department of Commerce, Office of Business Economics i i 60 . i. . i i i i i i . BLS 4 Standard and Poor's (500) v -^ 2 0 MM 1 1 1 1 1 1 1 1967 1969 i UNIT LABOR COSTS, PRIVATE ECONOMY* (Change From Previous Quarter) 80 1 1 111 11 1 11 1 1 1 1 i 1 11 1 1 1 11 Compensation Per cent 6 /\ 28 QBE 1 -2 STOCK PRICES DURABLE GOODS MANUFACTURERS* 1968 i Quarterly ( III ) 140 1967 i JiflJllI flJI, i Monthly (Dec.) 1941 20 i 2 3-month Treasury Bills FRB Billic,n $ 36 xf** i Corpora te Yields, Moody's Aaa 85 24 i OUTPUT AND COMf'ENSATION PER MAN-HOUR, PRIVATE ECONOMY 4 - (Change From Prev ous Quarter) 8 i i Quarterly ( III ) Per cent 6 Manufacturing New Orders QBE - FRB INTEREST RATES AND BOND YIELDS 90 i I - 60 FRB RATIO, OUTPUT TO CAPACITY* i I Internal Funds Perc ent 10 i 1 80 -1 1 Perc ent 95 1 1 \ Monthly (Dec.) 1 1 CORPORATE INTERNAL FUNDS AND PROFITS** - 0 i 1 1 i i 1 i i i ii i 1 1 1 1 1 1 1 11 i 11 1 1 i 11 1 11 1 1 75 1 Quarterly ( III ) Billion $ 120 1 /]/ S\ Steel i FRB FREE RESERVES / ^"\ \ ^' Autos (Dec.) Bill on $ 2 INDUSTRIAL PRODUCTION* Before Tax and Including IVA Money Supply (right scale) Monthly FRB Index, 1957-59=100 200 100 200 Bank Credit (left scale) 380 Nondurable Manufactures 125 -^ CORPORATE PROFITS** 420 Durable Manufactures 150 100 BANK CREDIT AND MONEY SUPPLY* 180 175 120 220 INDUSTRIAL PRODUCTION* 160 PROFITS AND COSTS L> 1 1 t 1 1 1 M 1 1 1 1 1 M 1968 Monthly (Dec.) 1 1 1 1 1 I 1969 -2 i.ni.i t i i 1967 i i i 1968 Quarterly ( III ) 1 i i i i 1969 BLS Production and Income in 1968 SUBS iSTANTIAL increases throughout the year brought the Nation's production of goods and services to a total of $861 billion in 1968, a rise of $71 billion or 9 percent over 1967. This was a considerable step-up over the 5% percent increase in 1967, and about matched the large increase in 1966, when the demands for Vietnam were added to an economy operating at a high rate. Consumption and fixed investment were chiefly responsible for the more rapid advance in 1968 than in 1967. Of last year's rise in current dollar GNP, about 5 percent represented an increase in physical volume, and 3% percent, higher prices. The advance in physical volume, although double the gain for 1967, fell short of the full-year rises for both 1965 and 1966. Within the year, the rise in real output was at an annual rate of 6% percent from the fourth quarter of 1967 to the second quarter of 1968 but tapered to a 4% percent rate in the following half-year. The price rise continued through the year with little abatement and was a considerable acceleration over the rises of 2.6 to 3.1 percent in 1966 and 1967. With demand rising in all major markets last year, final sales recorded their largest percentage advance since 1951—9 percent. For the full year, inventory accumulation rose only slightly and thus contributed little to the rise in production. During 1968, however, changes in inventory investment were pronounced. For the most part, this was because the rate of expansion in final sales was very erratic, while changes in GNP, although larger in the first half than in the second, were comparatively steady from quarter to quarter. Final sales, after a modest gain in the last quarter of 1967, rerecorded an extraordinary advance in the opening quarter of 1968, grew much more slowly in the spring, accelerated noticeably in the summer, and again slowed down in the closing quarter of the year. Of the main categories of final sales, the largest percentage gain last year (22 percent) was scored by residential construction, recovering from the credit stringency of 1966; it was the first annual increase since 1964 (chart 7). « Last year's percentage rise in final sales was the largest since 1951 * Gains were widespread Percent Change -10 0 10 Final Sales, Total Residential Structures Government Purchases (Excluding Defense) 20 30 The change within 1968, however, was very modest until late in the year. Nondefense purchases by all levels of government (up 11% percent) continued their substantial and rather steady increases, reflecting the rising trend in State and local outlays and a considerable step-up in Federal nondefense purchases. Defense purchases recorded a 9 percent gain but showed little change after midyear. The 8% percent rise in consumer expenditures dominated the dollar advance in final sales with widespread increases that were especially heavy for durable goods, particularly automobiles. Consumer spending started off the year with very large gains but subsequently exhibited a seesaw pattern of change attributable to fluctuations in the purchases of goods. Investment in nonresidential structures and durable equipment remained high, with a moderate increase (7% percent) that was larger than the 1967 rise but considerably smaller than the increases during the investment boom of 1964-66. A substantial pickup, however, became evident in the closing months of the year. Sales to foreigners rose much more rapidly in 1968 than in 1967, but the rise in imports showed an even greater acceleration. Consequently, net exports declined to their lowest level since 1959. GNP by type of product U.S. Department of Commerce, Office of Business Economics The strong advance in demand last year led to large increases in all major types of production. The increases were dominated by the recovery in durable goods, which, in current dollars, rose 7 SURVEY OF CURRENT BUSINESS 8 11 percent in 1968 after a gain of only 2 percent the year before. The rise in the value of durable goods production reflected chiefly last year's strong demand for automobiles and the moderate increases in business equipment outlays and in government purchases of hard goods. Following a 1 percent gain in 1967, the value of structures rose almost 12 percent, reflecting chiefly last year's recovery in homebuilding. Service output rose 9 percent, about the same relative advance as in 1967, as government payrolls were increased and consumers added to their expenditures for Percent Changes in Real GNP By Type of Product Last year's rise in production featured a recovery in durable goods production and construction services. Finally, the increased purchases by both consumers and government were responsible for the 7 percent rise in the value of production of nondurable goods; the year-earlier gain January 1960 was 5 percent. Adjustments for the pronounced price increases of 1968 reduce the current dollar gains but do not greatly alter the pattern of change (chart 8). Personal Income, Consumption, and Saving THE 1968 rise in personal income was the largest on record in absolute terms, and the largest since 1951 in percentage terms. The $57 billion or 9 percent increase over 1967 surpassed by a wide margin the sizable additions of the preceding 3 years and brought the total for the full year to $686 billion (chart 9.) The very large expansion in payrolls contributed the most to the 1968 income advance, but transfer payments and nonwage incomes also made notable gains. Social Security benefit payments were boosted $2% billion (annual rate) in March. For all of 1968, transfer payments expanded $7 billion, nearly as much as the unusually large increase in 1967, the first full year that Medicare payments were in effect. Partly in reflection of higher interest rates in 1968, personal interest income rose $5.3 billion, the largest gain on record. Dividend payments increased somewhat more than in 1967, while rental income of persons and incomes of nonfarm proprietors advanced at about the 1967 rates. Farm income recovered moderately, following the 1967 decline. Personal taxes increased by an exceptional $14% billion from 1967 to 1968. The Federal portion of this rise was $12 billion, of which $3% billion represented larger withholdings and quarterly declarations as a result of the imposition of the Federal surtax in July. The remainder reflected the increased tax payments on higher incomes. Total personal tax payments of $97 billion constituted 14 percent of personal income in 1968 as compared with a ratio of 13 percent in 1967. Because of the sizable increase in taxes, the rise in disposable personal income over 1967 was dampened to $42% billion, or 1% percent. Since consumer prices advanced 3.6 percent in 1968 (GNP basis), the rise in real after-tax income came to 4 percent. Sharp rise in consumer spending The expansion in consumer spending in 1968 was the largest in percentage Disposable Personal Income and Consumer Expenditures Current prices Per capita Disposable Personal consumppersonal tion exDisposable Personal income consumppenditures personal tion exincome penditures Year Constant prices Per capita Disposable Personal consumppersonal tion exincome Disposable Personal consumppenditures personal tion exincome penditures (Dollars) (fill. $) 1963 1964 1966 1966 1967 1968 . (1958 dollars) (Bil. 1958 $) 404.6 438.1 473.2 511.6 546.3 589.0 375.0 401.2 432.8 465.5 492.2 533.7 2,136 2,280 2,432 2,598 2,744 2,928 1,980 2,088 2,224 2,364 2,472 2,653 381.3 407.9 435.0 459.2 478.0 497.4 353.3 373.7 397.7 417.8 430.5 450.7 2,013 2,123 2,235 2,332 2,401 2,473 1,865 1,945 2,044 2,122 2,162 2,240 8.3 8.0 8.1 6.8 7.8 7.0 7.9 7.6 5.7 8.4 6.7 6.7 6.8 5.6 6.7 5.5 6.5 6.3 4.6 7.3 7.0 6.6 5.6 4.1 4.1 5.8 6.4 5.1 3.0 4.7 5.5 5.3 4.3 3.0 3.0 4.3 5.1 3.8 1.9 3.6 Percent change: 1963 64 65 66 67 68 ^ 1967 1st 2d 1968 1st 2d* Half Years, Seasonally Adjusted at Annual Rate U.S. Department of Commerce, Office of Business Economics 69-1*Preliminary 1963-64. _. 1964-65 1966-66 1966-67 1967-68 Source: U.S. Department of Commerce, OBE. SURVEY OF CURRENT BUSINESS January 1969 terms since 1947. The $42% billion or 8% percent gain over 1967 brought total expenditures to $534 billion. As in other years of large increases in consumer spending—such as 1955, 1965, and 1966—purchases of automobiles were exceptionally high. Sharply higher prices accounted for a large proportion of the 1968 current dollar increase in spending; after allowance for the price advance, the physical volume of goods and services pur- Changes in Personal Income and in Its Disposition Personal income increased sizably throughout 1968 Billion $ Change From Previous Quarter 10 However, the imposition of the surtax after midyear... dampened the rise in DPI 10 Nevertheless, consumer spending continued strong through the third quarter. PERSONAL CONSUMPTION EXPENDITURES and the saving rate was lower in the second half Percent PERSONAL SAVING RATE 1967 1968 Seasonally Adjusted at Annual Rates U.S. Department of Commerce, Office of Business Economics 329-153 O - 69 - 2 chased by consumers in 1968 increased 4.7 percent, as compared with 3 percent in 1967. The 1968 rise in physical volume was less than in each of the 3 years preceding 1967, as the accompanying table shows. Consumer expenditures for durable goods registered a striking advance of 13K percent last year, with higher prices accounting for about one-fifth of the dollar increase. Expenditures for nondurable goods and services increased nearly 7 and 8% percent respectively; half of these gains were due to price increases. 9 of consumer spending as compared with 26 percent in 1958 and 31 percent in 1948. The share of the spending dollar absorbed by clothing has been stable at 8.6 percent for the past 3 years. This was preceded by a 5-year period when the proportion was 8.3 percent; the recent rise in the share reflects the emergence of sharp increases in clothing prices. Fluctuations in the ratios for the other major nondurable goods groups have been rather small in recent years. The proportion of total spending devoted to services in 1968 remained at 41 percent, the same as in 1967, but Major expenditure groups higher than in preceding years. Further Among the major expenditure groups, increases in the fraction spent for the largest rise in 1968—20 percent— medical care services were offset by occurred in autos and parts, a group small reductions for some of the other groups. that had shown almost no change for 2 years following exceptionally heavy Quarterly spending pattern purchases in 1965. New car sales (inThe quarterly increases in consumer cluding purchases by business) in- expenditures during 1968 showed marked creased 1.2 million units in 1968 to a record total of 9.6 million. Aside from the exceptional rise for Personal Consumption Expenditures autos, relative increases by major categories were fairly uniform last year, All major groups of consumer expenditures increased substantially in 1968 in contrast to the 1967 experience. This is clearly indicated in chart 10. Percent Change The furniture and clothing groups each 5 10 15 20 25 gained 9 percent, while housing and household operation registered somewhat smaller increases. Expenditures TOTAL for food showed the smallest gain over 1967—6% percent. Autos & Parts Consumers devoted 6.8 percent of their 1968 expenditure dollar to autos Furniture & Houseand parts—a larger fraction than in hold Equipment either of the 2 preceding years, but still less than the proportions spent in Clothing & Shoes the boom auto years of 1955 and 1965. Furniture and other durable goods outlays, on the other hand, accounted for Household Operation the same proportion of total spending in each of the past 3 years—about 8% percent. Housing Expenditures for nondurable goods continued to decline relative to overall Food & Beverages spending in 1968, and the ratio fell to a record low of 43 percent. In recent All Other Goods years, this downtrend has been due to & Services food expenditures, which have consistently risen relatively less than total spending. For example, in 1968, food expenditures accounted for 22 percent U.S. Department of Commerce, Office of Business Economics 10 variations, not only in absolute terms but also in relation to disposable personal income. The first quarter rise of $17 billion (seasonally adjusted annual rate) was the largest quarterly increase on record. In part, it reflected a makeup in auto sales, which had been limited by the strikes in late 1967. But the rise was broadly based. Expenditures for furniture and household equipment spurted following a sluggish performance during 1967, while spending for nondurable goods expanded with strong gains for all major groups, particularly food and clothing. It was not likely that the extraordinary first quarter increase could be maintained. The second quarter increase of $8% billion was only half as large as the first quarter rise, with the changes in expenditures relatively small for most categories. A smaller expansion in income and disturbances in the cities contributed to the second quarter slowdown. The increase in consumer spending accelerated to $13 billion in the third quarter, notwithstanding a rise in personal taxes of almost $10 billion at an annual rate. About $5% billion of the tax rise was due to increased withholdings under the surtax that became effective in July. Large increases were registered in outlays for autos and parts, for furniture and household equipment, and for the groups that had lagged in the second quarter. In the fourth quarter, the increase in consumer spending fell to about $5 billion, even though disposable income advanced by $10 billion. The slower rise in expenditures for goods was general and included a leveling off in auto purchases and a decline in purchases of household durables. As noted earlier, the influenza epidemic in December probably hurt retail sales but by how much is not known; in any case, a slowdown in the spending advance was evident before December. In contrast to the erratic quarterly movements for durable and nondurable goods expenditures in 1968, the dollar increases for services were much more regular, averaging about $4% billion per quarter. SURVEY OF CURRENT BUSINESS January 1969 A number of factors doubtless conSaving rate lower tributed to the drop in the saving rate For 1968 as a whole, the ratio of personal saving to disposable personal in the second half. In part, it is income was reduced to 6.9 percent from associated with larger expenditures for 7.4 percent in 1967. After remaining at automobiles and parts, as may be seen 6.0 percent in 1964 and 1965, the saving below. rate had increased to 6.4 percent in 1966 1968 and to the unusually high rate of 7.4 1967 percent in 1967. The 1968 reduction is Year III IV I II apparently associated with larger expenditures for autos and parts; changes Ratio to DPI: 7.1 7.5 6.9 7.4 6.9 6.3 in these expenditures are usually re- Personal saving Consumer expenditures on autos flected in changes in the saving rate. If and parts 6.4 5.6 6.2 6.0 6.0 6.3 Total 13.0 13.1 13.1 13.5 12.7 these expenditures are added to the sav13.2 ing rate, there is little difference between 1967 and 1968. In addition, the impact of the tax The decline in personal saving was increase may have been delayed; this especially marked from the second is suggested by the fact that the rise quarter of 1968 to the third, dropping in consumption slowed in the fourth from 7.5 percent of disposable income quarter and the saving rate increased. to 6.3 percent. At the very time that Another possibility is that an inflatax withholdings were boosted, consumers increased their spending twice tionary psychology motivated conas fast as their after-tax incomes rose. sumers to spend relatively more of It now appears that the fourth quarter their incomes; last summer and fall, rate of saving rose to just under 7 per- price increases were in prospect for cent, but it was still below the ratio in many items, such as automobiles, the first half. apparel, and furniture. Business Fixed Investment BUSINESS investment in producers' durable equipment and nonresidential construction in 1968 showed only a moderate gain for the second successive year. Expenditures totaled $90 billion for the year as a whole, up $6 billion, or about 7 percent, from 1967 (chart 11). The increase was larger than the 3 percent advance in 1967 but about half the large annual increases in the years 1964-66, when an investment boom was underway. A significant shift in the investment climate took place during 1968, and investment became a strong source of demand late in the year. With construction costs rising substantially and equipment prices continuing to advance, the 1968 rise in business fixed investment in real terms came to 4 percent; in 1967, the real volume of these outlays had barely matched the 1966 total. The share of business fixed investment relative to total output edged down slightly but remained high relative to the average of the past decade (chart 11). Expansion in nonmanufacturing Industries covered in the OBE-SEC capital expenditures survey, which is somewhat less comprehensive than the national accounts measurement of investment, showed a rise of 4% percent from 1967 to 1968 and less than 1 percent when price increases are taken into account. The increase centered mainly in nonmanufacturing industries, where investment in current dollars was up 8 percent, as compared with a 4 percent increase in 1967. Manufacturers held current dollar outlays close to 1967 totals; expenditures had declined 1 percent from 1966 to 1967 after the strong gains of 1964-66. For the year as a whole, durable SURVEY OF CURRENT BUSINESS January 1969 goods producers' outlays—at $13.6 billion—were slightly below 1967 expenditures. Within this goods group, most industries showed cutbacks, with the largest—about 7 percent—in transportation equipment. Only the electrical machinery and the "other durable goods" groups (including lumber, furniture, fabricated metals, and miscellaneous) expanded outlays in 1968. Soft goods manufacturing companies increased their expenditures for plant and equipment about 1% percent—to $13.2 CHART 11 Nonresidential Fixed Investment Rose moderately in 1968 after little increase in 1967 billion—owing to the enlarged expansion programs of petroleum, rubber, and "other nondurable goods" groups (including apparel, leather, printing and publishing, and tobacco). Paper, chemicals, and textiles reduced outlays; for the last two industries, it was the second year in a row of declining investment. In the nonmanufacturing sector, nonrail transportation firms, paced by the airlines, and public utilities lifted their capital spending by one-seventh—marking the fifth successive year of substantial expansion. Except for railroads, the other nonmanuf acturing groups—communications, commercial, and mining firms—reported modest increases in capital outlays. Railroads reduced their 1968 outlays only slightly, in contrast to very substantial cutbacks in 1967. 11 It is still a little early for a definitive explanation of the strong investment recovery. It is probably significant that sales increased substantially during 1968, equaling or exceeding businessmen's expectations; sales had tended to fall below expectations throughout 1967. Moreover, as the year progressed, an increasing number of manufacturers became concerned about the adequacy of their capacity (bottom panel of chart 12), even though actual capacity utilization was well below preferred rates. At the end of September, manufacturers holding 45 percent of total gross assets in manufacturing reported CHAR] 12 Billion $ (ratio scale) 90 - TOTAL 80 Rise in second half 70 The highlight of investment in 1968 was the unexpectedly strong showing of investment programs late in the year. Early in 1968, businessmen had programed a 6 percent rise over actual 1967 expenditures, with a dip in the first half to be followed by a modest upturn. They carried out this projected pattern in broad outline for the first three quarters of the year, spending somewhat less than anticipated in each quarter. In the fall, however, they showed major upward revisions in spending programs. According to the OBE-SEC survey published in December 1968, businessmen in both manufacturing and nonmanuf acturing industries projected an extremely large $4 billion rise (annual rate) from the third to the fourth quarter and a rise of more than $3 billion from the fourth quarter to the first half of 1969. The turnabout in manufacturers' spending programs after mid-1968 reflected an upturn in the start of new investment projects that began around the end of 1967 (chart 12). Changes in these starts tend to be reflected in expenditures some two to three quarters later. Starts accelerated sharply in both the durable and nondurable goods groups in the third quarter of 1968 (the latest period for which data are available) to a point 30 percent above their fourth quarter 1967 rate. Plant and equipment expenditures showed yearend strength in both manufacturing and nonmanufacturing 60 50 40 The advance centered in equipment—outlays for construction changed little 70 60 50 40 30 20 30 20 15 Fixed investment rose less than total GNP for 2d straight year but remained relatively high Pei 12 PERCENT OF GNP 10 1958-68 Average 1958 60 62 64 U.S. Department of Commerce, Office of Business Economics 66 68 Billion $ 50 (Seasonally adjusted at annual rates) Nonmanufacturing 40 30 20 o Anticipated I 10 , I ! I I , ! I I The rise in manufacturers' outlays reflected the earlier upturn in starts of investment projects.. 40 STARTS OF INVESTMENT PROJECTS (Seasonally adjusted at annual rates) 30 7 Manufacturing 20 10 and manufacturers'increasing concern over the adequacy of their capacity 60 PERCENT OF FACILITIES CONSIDERED INADEQUATE* 50 Manufacturing 40 30 1963 64 65 66 67 68 69 *ln view of current and prospective sales over the next 12 months. Data: OBE-SEC U.S. Department of Commerce, Office of Business Economics 69-1-12 SUKVEY OF CURRENT BUSINESS 12 that they needed more plant and equipment facilities to meet production requirements in the next 12 months—as compared with 41 percent in June and 40 percent in March. The summer rise, which extended over a wide range of industries, interrupted the steady decline in this percentage that began in the second quarter of 1966. January 1969 prices and rents have intensified. The tight market for conventional housing has also stimulated the production of mobile homes, which advanced 20 percent in 1968 to a rate double that 5 years earlier. (These are not included in housing starts figures). Mortgage lending higher Housing private nonfarm housing starts, which totaled about 1% million units in 1968 (chart 13). The upward movement in starts that began late in 1966 continued through the first quarter of 1968, but the tightening of credit during the winter and early spring caused a temporary setback in the recovery. Starts declined 3% percent from the first to the second quarter to an annual rate of about 1.4 million units. Somewhat easier credit conditions during the summer and early fall permitted a resumption of the forward movement, and by the fourth quarter, the annual rate had advanced to 1.6 million units. Single-family starts reached nearly 900,000 units, up 10 percent from 1967; Starts up in 1968 the multifamily total of 600,000 starts Underlying last year's rise in expendi- represented a one-third gain from the tures was an 18 percent increase in preceding year. The rise in multifamily units brought these starts slightly above the 1963 peak but single family starts still trailed the rates reached earlier in the 1960's. The relatively larger rise in Private Nonfarm Housing Starts multifamily construction is probably • Starts rose 18 percent in 1968 as related to the pattern of household multifamily units exceeded 1963 peak formation in recent years, which has * Single family units, while higher, been concentrated in the younger age continued to trail 1963-65 rate groups, who typically rent rather than Million Units buy. In addition, the more stringent 2.0 downpayments and interest rate charges required on single-family home purchases have also favored apartment house accommodations. Despite last year's increase in starts, for the third year in a row the volume of starts was below the combined total required for new household formation plus estimated replacements. This shortfall has caused a substantial backlog to build up; consequently, vacancy rates 1963 64 65 66 67 68 have fallen to the lowest point in 10 Data: Census years (chart 14), and pressures on home U.S. Department of Commerce, Office of Business Economics 69-1-13 RESIDENTIAL construction activity, which turned up in early 1967, advanced further during 1968 as housing starts rose to their highest level in 4 years. For the full year, outlays totaled $30.0 billion, a $5% billion increase over 1967. Unlike the large quarter-byquarter rise during 1967, the advance in activity during 1968 was irregular: Expenditures rose approximately $}£ billion in each of the first two quarters, leveled off during the summer months, and then increased $2% billion in the fourth quarter. When the rise in construction costs is taken into account the 22 percent increase in current dollars for the full year is cut to 16 percent. Enlarged credit flows to housing markets were a key factor in last year's strong rise in residential construction activity. On the basis of data that are still incomplete for the fourth quarter, nonfarm residential mortgage lending increased about $18% billion in 1968. This expansion compares with increases of $16 billion in 1967 and $13.7 billion in 1966, and about matched the average advance from 1961 to 1965. Although mortgage lending held at relatively high levels in 1968, lending appears to have varied little during the first three quarters of the year on a seasonally adjusted basis. It showed some pickup in the final quarter to a rate approximately matching that in the second half of 1967. Last year's restrictive monetary policy and high and generally rising interest rates exerted a dampening influence on mortgage lending and housing activity. First, the high levels reached by market rates of interest were mainly responsible Vacancy Rates Last year rental and homeowner vacancy rates were the lowest in a decade Percent 10 Rental 0 L f 1958 1 I 60 I i 62 I t 64 U.S. Department of Commerce, Office of Business Economics I I 66 1 68 Data: Census 69-1-14 January 1 6 99 for a pronounced slowdown in the flow of savings to deposit-type institutions. With market rates of interest above the ceilings that commercial banks, savings and loan associations, and mutual savings banks were permitted to pay on savings accounts, these institutions encountered difficulties in attracting and holding saving-type deposits. This development limited their ability to make mortgage loans. In addition, last year's rise in market rates of interest narrowed the spread between yields on mortgages and rates of return on competitive open market investments. Under these circumstances, some mortgage lenders tended to curb their residential mortgage lending activities. Mortgage funds were available last year only at very high cost. The yield of FHA new home mortgages averaged 7.12 percent, as compared with 6.53 percent in 1967 and 6.40 percent in 1966. Although the high rates on mortgage loans were indicative of serious pressures in mortgage markets last year, the situation at no time became as critical as in 1966. There were a number of important differences between the 2 years. First, the mortgage lending institutions, as well as the Federal Home Loan Bank System, were generally in a more liquid position in 1968 than in 1966. Second, in spite of the sharp rise in market rates of interest, the slowdown in deposit flows to thrift institutions was not as severe as it was 2 years ago. This development is explained by several factors: Regulation Q reduced the competition for deposits between these institutions and the commercial banks; some of the highly interest-sensitive deposits that left the thrift institutions in 1966 apparently never returned; and the savings and loan associations have acquired greater deposit stability since 1966 through the issuance of saving certificates carrying higher rates than regular share accounts and maturities extending 6 months and more. Finally, the profit margins on mortgage loans were substantially greater in 1968 than 1966, since the rates paid by lending institutions for deposits rose less last year than in 1966 while those earned on mortgage loans rose more. SUEVEY OF CURRENT BUSINESS 13 Inventory Investment IN marked contrast to the 2 preceding years, when changes in inventory investment constituted a dynamic element in the economy, business accumulation of inventories in 1968 was not a significant source of change in GNP. For the year as a whole, businessmen added about $7% billion to their inventories, only about $1)2 billion more than the 1967 accumulation, which was far below the record $14.7 billion rise of 1966. Virtually all of the increase in business stocks in 1968 was reported by nonfarm concerns, up $7.2 billion in 1968 as compared with $5.6 billion in 1967. Here, durable goods companies accounted for all of the rise in accumulation since nondurable investment was the same in both years. Farm stocks advanced a little less in 1968 than in 1967. In 1968 as in 1967, manufacturers accounted for the major part of the overall inventory accumulation, but the rise of almost $4 billion in their stocks last year was somewhat less than their 1967 addition. Stocks of trade firms rose $2.8 billion last year, considerably more than the $0.5 billion rise during 1967. The pattern of inventory investment within the year was very irregular, in part reflecting varying rates of expansion in sales, especially at retail. In the opening quarter of 1968, a largely unexpected upsurge in sales caused inventory investment to fall sharply, but this movement was reversed in the spring as the expansion in sales abated. The rate of inventory accumulation edged down in the summer but appears to have picked up again in the closing quarter of the year as trade sales showed no further rise. Inventory investment during the year also reflected special influences affecting steel and automobiles. The stockpiling of steel against the possibility of a steel strike at the end of July bolstered in- ventory investment in the first half of the year; with a strike averted, steel consumers liquidated stocks during the second half. Auto dealers added heavily to their stocks in the first 6 months of 1968 to make up for the deficiencies caused by the auto strike in late 1967, but made only slight further additions in the final 6 months. The ratio of nonfarm stocks to GNP in 1958 dollars (chart 15) continued to recede during the year from the peaks of early 1967, but remained above the average of the preceding 5 years. Manufacturers9 additions With contributions from all major industries, manufacturers of durable goods added about $2 billion to their stocks in 1968, down from a $3 billion increase of 1967. The defense product industries, whose additions to inventory made up one-half of the total in 1967, contributed only one-third of the smaller 1968 increase. The rate of inventory investment by machinery and equipment firms also fell in 1968, with the total stock increase for this group only onequarter of the 1967 increase. Ratio of Nonfarm Stocks to GNP Percent 24 23 22 21 20 ill i ..1. i i t t i i...i I t t t J i t t I t i ...i I i t i I t t t\ i t i 1960 61 62 63 65 66 Note.-Based on seasonally adjusted constant dollar data. Stocks, average for quarter. GNP at annual rates. U.S. Department of Commerce, Office of Business Economics 67 68 SUEVEY OF CURRENT BUSINESS 14 The major increase in durable goods manufacturers' inventories in 1968 occurred in the work-in-process stage of fabrication, although holdings in both the materials and supplies and finished goods categories also rose during the year. Stocks held by nondurable goods manufacturers rose $1.8 billion in 1968, about $Y2 billion more than the year before. The 1968 increase was widely distributed among the component industries. About 60 percent of the advance consisted of finished goods, with the remainder fairly evenly divided between materials and work-in-process. metals and metal products groups affected by the threatened steel strike in the middle of the year. Stocks of nondurable goods wholesalers showed little change this year as compared with about a $1 billion increase in 1967. A slow start in the first quarter and widespread increases during the second were followed by a drop in the third, due largely to smaller holdings of farm products and raw materials. During the fourth quarter, the trend turned upward again. Stock-sales ratio The foregoing analysis of inventory changes was based largely on stock holdings after inventory valuation adjustment (GNP basis). In terms of book values, manufacturing and trade inventories rose about $10 billion during Trade inventories rise Durable goods retailers, whose stocks declined in 1967, contributed most to the expansion in retail inventories during 1968. Virtually all of the $1% billion increase was attributable to larger holdings of retail auto dealers, in sharp contrast to the decline in these stocks during 1967. Other major durable goods retailers lifted their stocks slightly during 1968 but with gains somewhat less than those of the year before. Stocks held by nondurable goods GOVERNMENTS at all levels made dealers rose at a steady pace throughout an important contribution to the rise in the year, accumulating $0.7 billion for final demand last year. Their purchases the year as a whole —$% billion more of goods and services rose nearly $19 than in 1967. Most of the increase billion—divided about equally between was reported by general merchandise Federal and non-Federal—to a total of $197 billion. Although the increase was stores. Wholesalers added about $0.7 bil-somewhat smaller than in the previous lion to their stocks in 1968, less than year, its share of the rise in total producthe accumulation in 1967. Durable tion was considerably less—25 percent goods wholesalers accounted for the as compared with 50 percent in 1967. bulk of this increase, largely in the Nondefense outlays (including those of January 1969 1968, considerably more than the $6.6 billion rise in the preceding year. Over $3 billion of the 1968 book value rise was attributable to higher inventory replacement cost. Manufacturers' stocks rose nearly $6.0 billion during the year, retailers' stocks over $3.0 billion, and wholesalers' inventories about $1.0 billion. For all manufacturing and trade firms, the ratio of (book value) stocks to sales was lower at the end of November 1968 than at the end of 1966 and 1967. However, the ratio was higher than those for the preceding 5 years. The same broad pattern is evident in the separate ratios for manufacturing, wholesale trade, and retail trade. It may well be that with expectations of rising sales and prices, businessmen do not consider their inventory position to be burdensome. Government Expenditures and Receipts Manufacturing and Trade: Ratios of Stocks to Sales Retail Manufacturing Merchant wholesalers Total manufacturing and trade Total Durable goods industries Nondurable goods industries Total 1961 1962 1963 1964 1.50 1.53 1.49 1.45 1.68 1.77 1.66 1.62 1.93 2.05 1.91 1.83 1.42 1.48 1.39 1.37 1.39 1.38 1.40 1.37 1.86 1.82 1.84 1.74 1.18 1.18 1.20 1.18 1.16 1.15 1.16 1.13 1.57 1.57 1.54 1.49 0.86 .85 .88 .85 1965 1966 1967 1968 ! 1.45 1.56 1.56 1.53 1.59 1.72 1.73 1.67 1.80 2.00 2.01 1.98 1.34 1.37 1.37 1.31 1.40 1.51 1.49 1.47 1.84 2. 11 2.07 2.08 1.18 1.22 1.22 1.18 1.13 1.22 1.23 1.19 1.47 1.61 1.57 1.50 .86 .91 .94 .92 End of year 1 End of November. Durable goods stores Nondurable goods stores Total Durable goods establishments Nondurable goods establishments State and local governments) rose about $12 billion in 1968 as compared with about $10% billion in 1967. Returning to the pattern of change in the early 1960's, these purchases advanced more than those for defense. The earlier trend was broken around mid-1965 when the Federal Government stepped up its outlays for the war in Vietnam. Other government expenditures, such as transfer payments and interest, also continued to increase in 1968. The $7% billion advance over the previous year brought the rise in total expenditures of all governments to about $26 billion (NIA basis). Large as these were, they were exceeded by an increase in receipts of $33% billion. The 1967-68 advance in receipts was a record gain, the result of increased yields from existing taxes in a rapidly expanding economy and new taxes or higher tax rates at all levels of government, notably the Federal surcharge on individuals and corporations. The Federal tax increase was enacted at midyear in an effort to minimize the Federal budget deficit January 1969 SURVEY OF CURRENT BUSINESS and to dampen inflationary pressures in the economy. 1966 Federal Government 1968 Change from previous year, ($ billions) Smaller deficits in 1968 With receipts advancing more than expenditures, both Federal and State and local governments moved toward smaller deficits in 1968. The change was most pronounced in the Federal sector, where the deficit declined to $5% billion from the record $12% billion level shown in 1967. This change occurred primarily in the second half of the year, when the deficit averaged about $1% billion at an annual rate as compared with more than $9 billion in the first half. The sharp second-half shift reflected the higher taxes and lower expenditures called for by the Revenue and Expenditure Control Act of 1968 passed by Congress in June. This legislation provided for (1) a 10 percent surcharge on corporate and individual income taxes, effective January 1, and April 1, 1968, respectively, with individual withholding beginning July 15; (2) an extension of the 1967 excise tax rates on automobiles and telephone services to January 1970; and (3) a ceiling on expenditures in fiscal 1969 that allowed for some exemptions, such as expenditures for Vietnam, interest, and social security. The new legislation also placed a limitation on the number of civilian employees in the Federal Government. 1967 National defens e purchases Employee c ompensation All other go ods and services _ . 10.4 3.6 6.9 11.8 2.8 9.0 6.5 3.3 3.2 Moreover, most of the slowdown in the deliveries of goods was centered in the procurement of major defense items. 1966 1967 1968 Change first 9 months, \$ billions) Total procurement... Aircraft Ordnance, vehicles, and related equipment Electronics and communications equipment . . . - All other procurement 3.2 1.2 4.1 1.4 .8 2.5 .2 .3 -.3 1966 0.7 Of the other major defense expenditure categories, operation and maintenance costs were up considerably less in the first 9 months of 1968 as compared with the same period of 1967, while expenditures for research and development declined. In contrast to last year's smaller gains in the purchases of goods, compensation of military and civilian personnel advanced somewhat more than in 1967. The strength of the Armed Forces increased by about 150,000 men through the first half of the year, peaking in June at over 3.5 million. This increase partly reflected the reserve callup following the Tet offensive and the Pueblo incident. However, from June to November (the latest month available) there was a decline of over 100,000 men. Civilian employment in the Department of Defense, about 1.1 million employees, showed little change after increasing substantially in 1967. Two civilian and military pay raises also added to the increase in 1968 compensation. The first, effective in October 1967, added about $% billion to the 1968 increase in Defense Department compensation; the second raise, effective July 1968, added another $K billion. The Federal Government purchased $100 billion of goods and services in 1968. The advance of nearly $9% billion, although substantial, was the smallest since the Vietnam buildup began in 1965. Defense spending increased only $6% billion last year as compared with nearly $12 billion in 1967 primarily because of slower growth in the delivery Surge in nondefense purchases of goods. These deliveries accounted for a much smaller proportion of the gain Federal nondefense purchases regisin defense purchases than in 1967, as tered a record $3 billion gain that the following table shows: brought the total to more than $21 billion for the year. This rise was due to two major factors. The first was a $2 billion increase in purchases by the Commodity Credit Corporation. The large advance in agricultural purchases was a result of expanded output, particularly in wheat and soybeans, whose prices fell considerably. The second factor responsible for the rise was a large increase in payrolls reflecting the two pay raises. The following table shows the composition of the increases in nondefense purchases in recent years. .7 .2 1.1 15 1967 1968 Change from previous year ($ billions) Total nondefense purchases Employee compensation Commodity Credit Corporation NASA... ... .0 .6 1.4 .4 2.9 .7 -1.6 .4 1.2 -1.1 2.1 -.3 OASDl benefits advance Other categories of Federal expenditures—transfers, grants, interest, and subsidies—amounted to more than $82 billion in 1968. These advanced more than $9 billion last year, or some $1 billion more than in 1966 and 1967. As in 1967, transfer payments to persons were the strongest element in the advance, accounting for over $5% CHART 16 Federal Deficit Tax increase and expenditure slowdown reduced deficit in second half Billion $ 5 - -10 - -15 2d 1st 1966 ' 1st 2d 1967 ' 1st 2d 1968 Half Years, Seasonally Adjusted at Annual Rate U.S. Department of Commerce, Office of Business Economics 69-1-16 SUKVEY OF CURRENT BUSINESS 16 billion of the total gain. However, in contrast to 1967, when medicare transfer payments accounted for half of the increase in total transfers, over 60 percent of the 1968 rise resulted from OASDI benefits. The large gain in OASDI payments— about $3% billion— was mainly the result of the 1967 amendments to the Social Security Act. The chief provisions under these amendments called for a 13 percent across-the-board increase in benefits—the sixth since the program started and the largest since 1950— and a rise from $44 to $55 in the minimum monthly payment. The Social Security Amendments of 1967 also enlarged the medicare program by allowing for expanded coverage of medical care and services. Currently, medicare has an enrollment of over 19 million persons, some 9 million of whom received benefits last year. Medicare transfers totaled more than $5% billion in 1968, an increase of about $1 billion over 1967, because of increased utilization and rapidly rising hospital and medical costs. For example, according to the Social Security Administration, hospital charges per claim Increases in Federal Government Receipts Due To Higher Yields From Existing Taxes and Tax Changes * Total receipts show record increase of $26 billion in 1968 • Yields from existing taxes were $17 billion • Tax changes added $9 billion Billion $ 30 25 20 15 10 Due to Personal & Corporate Surtax 1966 1967 1968 Change From Previous Year U.S. Department of Commerce, Office of Business Economics January 1969 (not all of which are reimbursable) increased from $656 in July 1967 to $737 in July 1968. Medical charges per bill (again, not all reimbursable) increased from $59 in August 1967 to $64 in August 1968. Larger benefits for veterans also added to the rise in personal transfers. The largest increase occurred in education benefits for veterans returning from Vietnam. Veterans' pensions and readjustment benefits also rose owing to cost-of-living increases and other adjustments provided for by recent congressional action. enterprise deficits, particularly for the CCC and the Post Office, were down nearly $% billion from 1967. The decline in the Post Office deficit reflected postal rate increases, partly offset by pay raises for postal workers. Medicaid boosts grants Grants-in-aid to State and local governments—nearly $18% billion last year—advanced more than $2% billion, almost double the rise of 1967. Public assistance grants, particularly for aid to dependent children (AFDC) and medicaid, accounted for the bulk of this increase, rising by over $% billion. The number of recipients receiving AFDC increased from 5.1 million in August 1967 to 5.7 million in August 1968; the average monthly payment in the same period increased from about $38 to $42. Highway grants rose almost $% billion in 1968 after declining nearly $K billion in 1967, when they were held back for some time as a means of limiting budget expenditures. Net interest paid amounted to nearly $12 billion in 1968, advancing by over $1K billion because of rising interest rates and a larger public debt. The rise in market interest rates to the highest levels in 40 years accounted for about two-thirds of the higher costs of financing the Federal debt. The average interest rate (as of November 30) was about 4.6 percent on an interest-bearing debt of $354 billion as compared with 4.3 percent on a debt of $342 billion in 1967. Subsidies (less the current surplus of government enterprises) recorded a moderate decline of about $K billion for the second straight year. This decline was the result of offsetting factors: (1) Government payments to farmers showed a gain of about $% billion owing to increased participation in the feed grain program, while (2) government Record rise in receipts Federal receipts advanced a record $26 billion in 1968 to nearly $177 billion. About $17 billion of this exceptional rise was due to increased yields of existing taxes on higher personal income, profits, and employment. The additional $9 billion was the result of the 10 percent surcharge on personal and corporate taxes—nearly $7 billion of the total—and of an increase in the maximum earnings subject to social security taxes. Among the various types of receipts, the largest increase—about $12 billion—was in personal tax and nontax receipts. Over one quarter of this advance was the result of the surcharge that affected payrolls beginning July 15. However, even before the surcharge went into effect, personal taxes were increasing rapidly because of the substantial gains in personal income and a rising marginal withholding rate. Corporate profits tax accruals advanced $7% billion last year. The increase was divided about equally between the effects of the surcharge and the large rise in corporate profits. Indirect business taxes also moved ahead strongly—about $1% billion—in contrast to relatively smaller gains throughout the 1960's. Tax liabilities on autos and trucks led the advance, reflecting the recovery of vehicle production following the 1967 decline. Contributions for social insurance programs advanced $4% billion; this was some $1 billion more than the increase in 1967, but was well below the record $8 billion gain recorded in 1966. Most of the 1968 rise—over $4 billion—came in OASDHI contributions. The increase in the wage base for social security tax purposes—from $6,600 to $7,800 effective in January— accounted for $2 billion of this advance. Also, in April, the voluntary supplementary medical insurance (SMI) January 1969 monthly payment was increased from $3 to $4, adding some $200 million to contributions. This category of receipts will also advance sharply in 1969 as the combined social security tax rate is scheduled to increase from 8.8 to 9.6 percent this month, adding about $3 billion (annual rate) in the first quarter. State and Local Governments State and local governments continued to be an important factor in final demand, generating $97 billion in purchases of goods and services in 1968, $9 billion more than in 1967. As usual, the rise in purchases centered in employee compensation, which advanced almost $5% billion. Average pay and employment levels continued their steady growth. State and local government employment increased nearly 500,000 persons last year, with about two employees being added in education for each employee added in all other functions combined. New construction outlays advanced over $2 billion, slightly exceeding the 1967 increase. Education construction—a major component of the total— showed signs of leveling off, while expenditures for mass transit systems, highways, and hospitals moved up sharply. The past few years have witnessed large increases in purchases other than those for compensation and construction, largely because of Federal programs. In particular, Federal grants for medicaid have expanded State and local purchases in the areas of health and welfare; by 1968, most State governments had enacted legislation to take advantage of the Federal program. As a result, expenditures on these programs last year increased about $1% billion to over $4 billion. This was twice the amount spent 2 years ago and compares with outlays of only $% billion in 1960. Other types of expenditures, such as transfer payments and net interest costs, advanced about $1 billion in 1968, somewhat more than the preceding year. Almost all of this rise occurred in trans329-153 O - 69 - 3 SUKVEY OF CURRENT BUSINESS 17 fer payments, which totaled over $9% billion. The advance was attributable to both higher benefit payments and a substantial increase in the number of public welfare recipients, which increased more than one-half million persons in the first 9 months of 1968. umbia and a new personal income tax in Nebraska contributed to this large increase. Corporate income tax accruals advanced over $% billion. A large share of this rise was attributable to higher rates in six States and the District of Columbia and to the adoption of new corporate income taxes in Michigan Receipts up sharply and Nebraska. A summary of tax changes and new Receipts of State and local governtax enactments by State governments ments totaled about $102% billion in 1968 for an increase of $10% billion, appears in the table below. While State and local yields from after an advance of $7% billion in 1967. Of the major types of receipts, the taxes were rising by slightly over 10 largest—indirect business taxes—ac- percent, Federal government grantscounted about one-half of the increase. in-aid increased over 17 percent, or Property taxes represented $2% billion $2% billion. Much of this advance is in of this rise, while State sales taxes in- the form of built-in increases and does creased $1% billion, or more than 50 not represent new programs or major percent above the previous year's gain. changes in existing ones. For example, Two-thirds of the 1968 advance was as the number of persons on welfare due to higher tax rates; 17 States increases, public assistance grants (inraised sales taxes in the last 2 years. In cluding medicaid) rise automatically as addition, indirect business taxes were the Federal government must match augmented by increased tax rates on State and local outlays for these motor fuel and cigarettes in several programs. States. Personal tax and nontax receipts Second consecutive deficit rose more than $2 billion, or 15 percent. Rising incomes as well as higher tax Despite growing surpluses of emrates in New York, Massachusetts, ployee pension funds, State and local Mississippi, and the District of Col- governments recorded a deficit for the Tax Changes of State Governments, 1968 Personal income Alaska Arizona District of Columbia Florida Idaho Kentucky Maryland Massachusetts Michigan Mississippi Nebraska ._ ... New Jersey New Mexico.. . New York Oklahoma Pennsylvania Rhode Island South Carolina South Dakota Texas Vermont Virginia West Virginia X Corp. income ... .. . . ... .. States with tax taking no action .. .. X N Cig. . tax X X x N x X2 N X X X x x x x X N New tax. X Increase in existing levy. N.a. Not available. i Alaska, aviation fuel excise and oil and gas production tax; Kentucky, motor vehicle usage tax and realty transfer tax; New Jersey, motor vehicle licensing and registration and realty transfer tax; New York, realty transfer tax; South Carolina, gift tax; South Dakota, realty transfer tax; 38 X X XN X N x X 48 XN x x x x x x x 29 Other i X x x Gasoline X x x 33 Liquor X .- ... X Sales tax 47 x N N X X 44 42 Est. yield ($ millions) na na na 350 3 95 12 70 110 68 50 117 4 153 15 130 21 n.a. n.a. 176 3 72 2 1,451 Texas, franchise tax; Vermont, rooms and meal tax. 2 Commuter tax applicable only to New York residents working in New Jersey increased to conform with New York rates. Sources: Tax Administration News; Tax Foundation, Inc.; Commerce Clearing House; Office of Business Economics. SURVEY OF CURRENT BUSINESS 18 second consecutive year. In 1968, these pension funds recorded a surplus of approximately $4% billion, up from $4 billion a year earlier. In contrast, general funds of these governments continued to register a substantial deficit. Although general fund deficits have been common throughout the 1960's, they have grown markedly in the past 2 years. Increasingly, State and local administrators, faced with public concern about increasing tax rates, have turned to credit markets for new sources of funds. This has been evident in the past 2 years, when new bond issues by State and local governments increased very sharply despite rising interest rates. In 1967, bond issues increased almost 29 percent, and for the first 10 months of 1968, they were about 20 percent ahead of the comparable period a year earlier. CHART 18 Fiscal Position of State and Local Governments Deficit shown for second straight year Billion $ National Income LAST year's advance in GNP was reflected in widespread income gains. Employee compensation posted a record annual increase of $45% billion, or 9% percent. Corporate profits, which had declined in 1967, recovered strongly; on the basis of data that are still incomplete, before-tax profits rose 13 percent. Business and professional income as well as rental income rose about in line with recent experience, while the rise in net interest accelerated. Farm proprietors7 income recovered sharply from the 9% percent decline in 1967. Rising prices for farm products and a step-up in government payments were mainly responsible for last year's 5 percent increase in farm proprietors' income. All told, the rise in national income came to $60 billion or 9 percent—& substantial advance over the 5 percent rise the year before. Although the dollar gain was the largest ever, the relative increase fell short of the 10 percent increase of 1966. Employee compensation rises -2 I960 62 64 U.S. Department (A Commerce, Office of Business Economics 66 68 69-1-18 January 1969 Increased employment and much higher rates of pay brought about record dollar increases in private and public payrolls last year. The $45% billion rise in employee compensation reflected a $30 billion gain in private wages and salaries, a $10 billion rise in government payrolls including military, and nearly a $5% billion advance in supplements (mainly employer contributions to Social Security and to private pension funds and health programs). Increased man-hours accounted for only a minor part of last year's 9 percent gain in private wages and salaries (chart 19). With shortages in many labor markets already common as the year began, the heightened demands of 1968 elicited a sizable but not unusually large rise in employment—1.5 million or 2.8 percent. This was well below the average 4 percent gain in the years 1964-66, when large production advances occurred in a setting of higher unemployment. The increase in employment last year accounted for all of the increases in man-hours as weekly hours of work, which have shown a secular downtrend for nonsupervisory employees, decreased slightly. Hours of work rose in most manufacturing industries, but this increase was more than offset by shorter hours in construction and trade. Percent Change in National Income, by Industry 1966-67 1967-68 All industries, total Agriculture, forestry, and fisheries Mining and construction Manufacturing Nondurable goods . . . . . . . . . Durable goods Transportation Communication Electric, gas, and sanitary services.. . Wholesale and retail trade Finance, insurance, and real estate . Services . ._ ... - _. Government and gov't. enterprises . . Rest of the world 5.2 9.2 -4.9 31 2.5 3.6 1.9 5.1 7 6 9.7 9.5 98 4.4 4.8 5.7 5.8 73 9.2 8.5 9.0 5.7 8.4 10.6 9.5 11.6 8.7 9.0 8.2 In the latter group, the growing importance of part-time workers was responsible for a continuation of the long-term decline in weekly hours. Higher average hourly earnings, on the other hand, accounted for more than two-thirds of the rise in private payrolls. The 6.3 percent increase in hourly earnings of nonsupervisory workers was substantially greater than the average 4.7 percent rise of 1966 and 1967 and the average 3.2 percent rise during 1961-65. Government civilian payrolls continued their steady upward trend last SURVEY OF CURRENT BUSINESS January 1969 year, posting a record gain of $8 billion over 1967. State and local governments were responsible for $5% billion of this increase as a result of both higher employment and higher rates of pay. After rising early in the year, Federal civilian employment was reduced as part of the program of fiscal restraint passed in late June. For the year as a whole, the employment gain was the smallest since 1964, and the major part of the $2% billion rise in Federal civilian payrolls reflected higher rates of pay. Military payrolls rose about $2 billion from 1967 to 1968 chiefly as a result of pay increases. mitted a widening of corporate profit margins, and with the volume of corporate output higher, profits before taxes rose sharply. On the basis of data that are still incomplete, before-tax profits rose about $9 billion to a record $89 billion—a development that stands in marked contrast to the $8)2 billion decline a year earlier. In relative terms, the rise in profits amounted to 11 percent and, during the current cyclical advance, was surpassed only by the 14% percent increase scored in 1965. Profits were higher for all the broad industry groups in 1968, but the rise was most pronounced in manufacturing, particularly durable goods. Corporate profits higher Book profits, which include gains or Strong market demands in 1968 perlosses due to differences between the replacement costs of goods taken out of inventory and their recorded acquiCHART 19 sition costs, rose even more than the national income version of profits. Nonagricultural Establishments This was due to the behavior of the The 1968 rise in private inventory valuation adjustment (IVA). nonfarm payrolls . . . With wholesale prices rising more rapidly in 1968 than in 1967, the IVA Percent Change From Previous Year increased from $1.2 billion to $3.1 12 WVA1E PAYROLLS billion; consequently, book profits rose $1.9 more than the national income measure. Corporate tax liabilities rose very sharply in 1968, partly because profits were higher, but mainly because of the reflected a sharp increase in increase in taxes resulting from the rates of p a y . . . imposition of the surtax. After-tax AVERAGE HOURLY EARNINGS profits were only $3 billion or 6 percent higher in 1968 than in 1967. Moreover, with dividend payments rising nearly the same amount as after-tax profits, retained earnings (at $26.4 billion) a rise in employment. were only about $1 billion above those of 1967 and were still significantly below their 1966 record high of $29.3 billion. Most of last year's rise in corporate internal funds came from a $4 billion increase in capital consumption and a slight dip in weekly hours of work allowances. AVERAGE WEEKLY HOURS •Illll 19 in 1967, with most gains falling in the rather narrow range of 7 to 10 percent. Government showed an above-average increase of 11% percent, and agriculture, a below-average advance of 5 percent. Contrasts with the relative changes in 1967 were most striking in the case of manufacturing, notably durable goods, and agriculture, as may be seen in the table on p. 18. CHART 20 Corporate Profits Book profits before taxes rose sharply in 1968... Billion $ Change From Previous Year 15 but taxes were also higher, partly because of the surtax... 10 5 TAX LIABILITY - m ,. p- -5 and after tax profits were up only moderately 10 AFTER TAX -5 With dividend payments higher... DIVIDENDS the rise in undistributed profits was small UNDISTRIBUTED PROFITS Industry gains widespread -4 1963 64 65 66 *Preliminary U.S. Department of Commerce, Office of Business Economics 67 68* All industries contributed to the 1968 income rise. The income originating in nearly all the major industry .groups was considerably greater last year than -5 1963 64 65 66 * Preliminary U.S. Department of Commerce, Office of Business Economics 67 68* SURVEY OF CUKKENT BUSINESS 20 January 1969 NATIONAL INCOME AND PRODUCT TABLES 1968 1967 III 1967 IV II 1967 III IV * 1967 1968' III Seasonally adjusted at annual rates 1968 IV II III IV Seasonally adjusted at annual rates Billions of current dollars Billions of 1958 dollars Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2) 789.7 860.7 Personal consumption expenditures - - 430.5 450^7 431.8 434.1 444.9 447.5 455.7 454.8 73.1 74.2 216 4 218 4 205.9 209.6 85.1 84.8 232 7 233.5 223.4 228.0 72.4 191 1 167.0 80.0 197.0 173.8 72.6 191 1 168.1 73.0 191 6 169.5 77.3 196 5 171.0 78.9 196 1 172.6 82.5 198 5 174.8 81.4 196 8 176.6 99 3 104 7 831.2 852.9 871.0 887.8 673 1 706.9 675 6 681 8 692 7 703.4 712 3 719 1 -- -- -- Nonresidential Structures Producers' durable equipment Residential structures Nonfann Farm - - Change in business inventories. Nonfann _ Farm - -- _ -- -- 121 8 119 7 127.3 127.1 136.1 99.5 106.8 101 5 107 3 105.8 112.5 120.0 109.3 113.5 117.6 116.5 119.6 126.0 93.6 99.8 94.0 96.7 99.5 97.4 99.0 103.4 83.6 27.9 55.7 Gross private domestic investment 81.0 228.2 218.7 108.2 - 79.0 226 5 213.9 114 3 127.5 114.7 Durable goods Nondurable goods Services Fixed investment 495.5 502.2 519.4 527.9 541.1 546.3 72.6 82.5 215 8 230.2 203.8 221.0 -- 795.3 811 0 492.2 533.7 Gross national product 90.0 29.2 60.8 83.3 27.7 55.6 85.0 27.7 57.3 88.6 29.6 59 0 87.0 28.5 58.5 90.1 28.8 61.3 94.2 29.8 64.4 73.7 22.6 51.1 76.7 22.5 54.3 73.2 22.2 51.0 74.0 22.1 52.0 76.5 23.4 53.0 74.5 22.1 52.4 76.6 21.9 54.7 79.4 22.5 57.0 24 6 24.0 .6 30.0 29.4 .6 26.0 25.4 .6 28.5 27.9 .6 29 1 28.5 .6 29.5 28.9 .6 29.5 28.9 .6 31.8 31.2 .6 19.9 19.5 .5 23.1 22.6 .5 20 8 20.3 .5 22.7 22.2 .5 23.0 22.6 .5 22.9 22.5 .5 22.4 21.9 .5 24.0 23.5 .5 6.1 5.6 .5 7.6 7.2 .4 5.3 4.8 6 8.3 7.1 12 2.1 1.6 4 10.8 10.4 .4 7.5 7.3 .1 10.0 9.2 .8 5.9 5.3 .6 6.9 6.5 .4 5.2 4.5 .7 8.0 6.7 1.3 2.0 1.6 .4 9.9 9.6 .4 6.8 6.6 .1 9.1 8.4 .8 4.8 Exports Imports Government purchases of goods and services 2.4 5.4 3.4 1.5 2.0 3.3 3.0 2.4 .2 3.1 1.0 —.1 -.6 .7 .7 45 8 41.0 Net exports of goods and services. 50.6 48.2 46 1 40 6 46 0 42 6 47 5 46 0 49 9 47.9 52 6 49.4 52.4 49.5 41 8 39.3 45.9 45.7 42 1 39.1 41.9 40.9 44.0 44.1 44.7 45.4 47.6 46.9 47.1 46.5 183 5 190 5 195.7 199.6 202.5 140 7 149.2 141 4 142 0 146.5 149.2 150.1 151.0 101.6 80.0 21.6 74.8 79.3 75.6 75.6 78.1 80.1 79.5 79.4 100.8 65.9 69.9 65.8 66.4 68.4 69.1 70.6 71.6 178 4 197.1 179 6 90.6 72 4 18.2 _ State and local 91.3 72 9 18 4 93.5 74 6 19 0 97.1 100.0 76 8 79.0 20 3 21.0 101.2 79 6 21.5 87 8 Federal ._ National defense Other 100.0 78.. 9 21.1 97.1 88 4 90 0 93 4 95.6 98.4 Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5) Gross national product _ Final sales Change In business inventories 789.7 860.7 _. Goods output 396 9 Final sales Change in business inventories .. Durable goods Final sales Change in business inventories 831.2 852.9 871.0 887.8 430 9 398 9 404 8 414 9 428 4 436 9 159 3 176.7 156 4 172.2 4.5 3.0 __ __ . _ . 168 2 175 3 166 7 169.1 6.2 15 237 6 254 2 237 8 240 7 246 7 253 1 234 5 251.1 236 2 236 6 246 1 248 5 g 31 46 31 41 16 314 8 342.8 77 9 Structures 87.1 161 1 164 1 157 3 159 9 42 38 317 5 324 7 78 8 81 5 330 4 85 8 673.1 706.9 692.7 703.4 712.3 719.1 705.5 6.8 710.0 9.1 693.5 9.9 364 4 370.4 379.2 384.7 386.8 355.1 373.4 356.7 356.4 8.0 52 69 59 368.4 2.0 369.3 9.9 378.0 6.8 377.7 9.1 155.9 154.5 1.4 161.2 155.6 5.6 164.9 160.5 4.4 166.3 161.7 4.6 210 2 211 6 214.5 208.5 207.5 213.9 .6 41 18 218.0 213.7 4.3 219.8 217.4 2.4 220.5 216.0 4.6 255.1 258.7 262.3 261.5 65.5 65.2 67.7 380 3 361 9 162 1 151 6 158.1 148.2 3.4 4.0 210 7 218 2 207 5 215 3 32 30 339.2 347 6 354.0 249 6 86 4 90.6 62 5 85 4 681.8 690.7 2.0 180 0 183 1 150 3 175 1 177.9 147.6 5.2 2.7 4.9 256 9 260 2 254 4 255.3 25 49 675.6 667.2 699.9 670.4 673.8 8.0 69 52 59 443.3 361 0 390.8 423.3 393.6 396.5 412 8 417.6 429.5 433.2 7.6 7 5 10 0 61 2 1 10 8 53 83 Nondurable goods. _ __ _ Final sales Change in business inventories. . _ Services 795.3 811.0 783.6 853.1 789.9 802.7 829 1 842.1 863 5 877.8 7 5 10.0 61 7.6 83 2 1 10.8 53 152.8 149.0 3.8 260.1 251 2 253 2 62.5 64.2 66.4 67.2 Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8) Gross national product 789 7 860 7 Private Business Nonfann Farm 673 1 706 9 675 6 681 8 692 7 703.4 712.3 719.1 709 8 722 3 740 3 759 9 775 0 790 3 614 0 644 8 616 0 621 7 631 8 641.6 649.7 656.2 677 9 653 7 24 2 766 4 737 4 712 4 25 0 682 4 658 0 24 4 694 1 712 4 730 8 745 6 669 4 688 1 706 1 720 2 24 8 24 3 24 7 25 5 760 7 735 2 25 5 594 0 623 8 569 9 599 9 24 1 23 9 595 6 571 2 24 4 600 8 576 3 24 5 611 4 587 8 23 6 620 5 596.2 24 3 628.5 604.5 24 0 634.9 610.9 24.0 16.0 704 8 _ Households and institutions 795 3 811 0 831 2 852 9 871 0 887 8 _ 22 3 24 0 22 5 22 9 23 5 24 2 15 5 15 7 16 1 16.3 16.2 50 50 53 44 52 54 45 16 1 49 15 6 46 24 2 49 24 2 Best of the world 49 52 43 4.8 5.1 5.3 General government 84 8 94 3 A 88 6 90 8 93 0 96 0 97 6 59 0 62 0 59 6 60 1 60 9 61 8 62.6 62.9 * Preliminary. OK SURVEY OF CUREENT BUSINESS January 1969 1967 1967 1968» III 21 1967 1968 IV I II III 1967 1968* IV P National income 789.7 860.7 795.3 811.0 831.2 852.9 871.0 887.8 74; 3 70.0 71.1 72.3 73.7 74.9 Less: Indirect business tax and nontax 69.6 75.8 70.1 71.2 72.8 74.8 76.7 liability 3.2 3.3 3.3 3.1 3.3 3.2 3.2 Business transfer payments —3 5 -4.7 —3 4 —4.2 —4 7 -3.6 -5.3 Statistical discrepancy 1.6 .7 1.5 1.3 .5 .7 1.0 79.0 3.3 .7 652.9 712.8 656.9 670.9 688.1 705.4 722.5 Equals* National income Less: Corporate profits and inventory valuation adjustment Contributions for social insurance Wage accruals less disbursements Plus: Government transfer payments to persons Interest paid by government (net) and by consumers Dividends Business transfer payments Equals : Personal income 76.2 720.5 786.4 725.3 739.8 758.8 779.1 796.1 811. 6 Plus: Subsidies less current surplus of government enterprises . . 80 4 89.2 80 2 82 3 83.8 89.2 91.6 41.9 46.9 42.1 43.0 45.8 46.5 47.4 47.8 .0 .0 .0 .0 .0 .0 .0 .0 Compensation of employees Wages and salaries Private Military . G overnment civilian ._ Other labor income Employer contributions to private pension and welfare funds Other Proprietors' income 48.6 55.3 48.9 49.7 52.5 55.0 56.3 57.5 23.6 22.9 3.1 25.9 24.6 3.3 23.5 23.5 3.2 24.2 22.5 3.2 24.9 23.6 3.2 25.7 24.4 3.3 26.2 25.2 3.3 26.7 25.4 3.3 628.8 685.8 633.7 645.2 662.7 678.1 694.3 708.2 Business and professional Income of unincorporated enterprises Inventory valuation adjustment Farm.. .. Billions of current dollars 35.6 31.3 33.7 36.1 36.1 36.7 Personal consumption expenditures. 24.9 30.0 25.4 Producers' durable equipment 5.3 4.4 4.5 .8 -1.0 Change in dealers' auto inventories.. -.5 25.3 4.5 1.4 28.4 5.0 .6 29.0 5.1 2.3 31.6 5.6 -.6 31.1 5.5 1.0 Net exports Exports Imports 45.2 46.2 48.4 49.4 50.7 51.7 23.9 21.6 22.1 23.5 23.7 24.2 24.4 26.1 23.7 24.2 25.0 25.7 26.5 27.3 19.5 3.8 60.7 62.9 61.2 61.1 61.8 62.6 63.4 63.7 46.3 47.8 46.6 46.8 47.2 47.8 48.0 48.2 46.6 —.3 48.4 —.6 15.1 14.6 14.3 14.6 14.8 15.4 15.5 20.4 20.5 20.7 20.9 21.0 21.2 Corporate profits and inventory valuation adjustment 80.4 89.2 80.2 82.3 83.8 89.2 91.6 81.6 92.3 80.8 85 4 88.9 91.8 92 7 33.5 41.3 48.1 51.0 22.9 24.6 25.2 26.4 33.2 47.6 23.5 24.1 35 1 50.3 22.5 27.9 39 8 49.1 23.6 25.5 41.1 50.7 24.4 26.3 41 5 51.2 25.2 26.0 -1.2 -3.1 23 3 26.3 25.4 -.6 -3.1 -5.1 -2.7 -1.0 -3.7 23 6 24 3 25 0 25 8 26.7 27.6 Table 7.—National Income by Industry Division (1.11) Agriculture, forestry, and fisheries Mining and construction. . M anuf acturing Nondurable goods Durable goods 652.9 712.8 656.9 670.9 688.1 705.4 722.5 21.4 22.5 21.6 21.4 21.9 22.2 22.9 39.7 42.7 39.7 40.3 41.3 42.6 42.9 196.6 215.6 196.6 201 0 207.7 214.4 218 2 75.8 83.0 75.9 77.6 80.1 82.1 84.2 120.8 132.7 120 7 123 4 127 7 132 3 134 0 Transportation Communication . Electric, gas, and sanitary services Wholesale and retail trade 26.1 28.0 13.1 14.3 12.9 14.0 96.8 105.5 26.3 13.2 13.1 97.9 26 5 27 3 27 9 28 2 13.3 13.7 13.7 14.6 13.2 13.5 13.6 14.4 99.7 101.8 104.5 107.2 32.8 5.0 Finance, insurance, and real estate Services. Government and government enterprises. Rest of the world 70.9 77.0 77.3 83.3 71.5 77.7 73.0 79.2 93.6 104.5 5.0 4.6 94.3 5.0 98.0 100.5 102.8 106.3 49 5 3 4.4 52 Table 8.—Corporate Profits (Before Tax) and Inventory Valuation Adjustment by Broad Industry Groups (6.12) -.1 1.6 1.7 -.7 2.1 2.8 .1 1.9 1.8 -.2 1.8 2.0 -.6 1.6 2.2 -.5 2.3 2.9 -.7 -1.1 2.0 2.4 3.1 3.1 25.9 2.9 32.2 4.3 26.0 3.1 28.0 3.4 30.0 4.0 32.8 4.2 33.1 4.0 Addenda: New cars, domestic J New cars, foreign 23.3 50.1 21.0 All industries, total 29.3 423.4 463.5 426.3 436.4 448.3 457.6 469.0 479.0 337.1 367.1 339.4 346.0 355.7 362.8 370.9 379.1 16.3 18.3 16.1 17.1 17.5 17.8 18.9 18.8 70.0 78.1 70.8 73.3 75.2 77.0 79.1 81.1 14.4 Inventory valuation adjustment Table 5.—Gross Auto Product in Current and Constant Dollars (1.15, 1.16) 652.9 712.8 656.9 670.9 688.1 705.4 722.5 20.3 Net interest 29.0 IV » Rental income of persons Profits tax liability Profits after tax Dividends ... Undistributed profits Gross auto product III 468.2 513.6 471.5 482.7 496.8 507.1 519.7 530.7 Supplements to wages and salaries. .. 44.8 Employer contributions for social insurance _ . 21.5 Profits before tax 1 II Table 6.—National Income by Type of Income (1.10) Table 4.—Relation of Gross National Product, National Income, and Personal Income (1.9) Equals • Net national product I Billions of dollars Billions of dollars Less: Capital consumption allowances. 69.2 IV Seasonally adjusted at annual rates Seasonally adjusted at annual rates Gross national product III 1968 74.5 81.3 76.2 82.6 78.6 84.0 Billions of 1958 dollars Gross auto product 1 29.0 34.8 29.2 30.7 33.0 35.4 35.2 35.4 Personal consumption expenditures. 24.8 29.1 25.2 Producers' durable equipment 5.2 4.4 4.5 Change in dealers' auto inventories-- -.5 .8 -1.0 Net exports 0.0 -.6 .2 Exports 2.1 1.7 1.9 Imports. . 2.7 1.7 1.7 Addenda: 24.8 4.4 1.4 27.7 5.0 .6 28.3 5.1 2.3 30.7 5.5 -.6 29.9 5.3 1.0 -.1 1.8 1.9 -.5 1.6 2.1 -.4 2.3 2.8 -.6 -1.0 2.0 2.4 3.0 3.0 New cars, domestic 2 New cars, foreign _ 27.9 3.3 29.9 3.9 32.7 4.1 32.8 3.9 26.4 2.9 31.9 4.1 26.4 3.0 Mutual Stock Non financial corporations. 32.2 4.8 1. The gross auto product total includes government purchases, which amount to $0.2 billion annually for the periods shown. h6gr SS aUt product total by tnemark ° ° up on both used cars and foreign cars. All industries, total Financial institutions.. Manufacturing Nondurable goodsDurable goods Transportation, communication, and public utilities All other industries 80 4 89.2 80 2 82.3 83 8 89 2 91 6 10.3 11.5 10.3 10.6 11.0 11.2 11.9 1.9 8.4 70.1 77.7 69.9 71.7 72.9 77.9 79.7 39.2 18.0 21.2 44.3 19.9 24.4 38.5 17.9 20.6 39.9 18.0 21.9 41.3 19.0 22.3 44.9 19.7 25.2 45.3 20.3 25.0 11 8 19.0 12.8 20.6 12 0 19.4 11 9 20 0 12 5 19.0 12 5 20.6 13 0 21 4 SURVEY OF CUKEENT BUSINESS 22 1967 1967 1968 v III January 1969 1968 IV I II 1967 III IV* 1967 1968 p Seasonally adjusted at annual rates Capital consumption allowances _. 43.4 Indirect business taxes plus transfer 40.6 payments less subsidies- 45.7 46.7 47.6 48.5 44.4 41.0 41.6 42.6 43.7 45.0 46.4 Net interest -1.0 Corporate profits and inventory valuation adjustment Profits before tax Profits tax liability - Profits after tax Dividends Undistributed profits Inventory valuation adjustment.. 76.8 85.2 78.0 88.3 33.5 41.3 44.5 47.0 21.3 22.9 23.1 24.1 -1.2 -3.1 -.9 -.8 76.2 78.1 76.8 81.2 33.2 35.1 43.6 46.1 21.7 20.6 21.9 25.5 -.6 -3.1 80.3 85.4 39.8 45.6 22.0 23.6 -5.1 -.8 -1.0 Gross product originating in financial institutions - Capital consumption allowances Indirect business taxes plus transfer payments less subsidies 400.7 410.4 316.3 323.7 330.7 280.4 286.9 293.2 35.8 36.8 37.5 -.8 -.8 -.8 85.2 87.5 87.9 88.6 41.1 41.5 46.8 47.1 22.8 23.4 24.0 23.7 -2.7 -1.0 -3.7 628.8 685.8 633.7 645.2 662.7 678.1 694.3 708.2 423.4 166.6 134.1 100.5 70.0 86.3 463.5 180.5 145.4 109.4 77.2 96.3 426.3 167.1 134.6 101.4 70.8 86.9 436.4 170.5 137.1 103.1 72.4 90.4 448.3 175.6 141.2 105.6 74.5 92.6 457.6 178.6 143.8 108.0 76.2 94.8 469.0 479.0 181.6 186.1 146.7 149.7 111.1 113.1 78.2 79.9 98.1 99.9 Other labor income 23.3 26.1 23.7 24.2 25.0 25.7 26.5 27.3 Proprietors' income Business and professional Farm 60.7 46.3 14.4 62.9 47.8 15.1 61.2 46.6 14.6 61.1 46.8 14.3 61.8 47.2 14.6 62.6 47.8 14.8 63.4 63.7 48.0 48.2 15.4 15.5 .._ 20.3 22.9 46.8 21.0 24.6 52.1 20.4 23.5 47.2 20.5 22.5 48.5 20.7 23.6 49.8 20.9 24.4 51.4 21.0 21.2 25.2 25.4 52.9 54.3 51.7 58.6 52.1 52.9 55.7 58.3 59.5 60.8 25.7 30.3 26.0 26.4 28.2 30.5 30.9 31.6 2.1 6.6 17.3 2.0 7.2 19.1 2.2 6.5 17.3 2.0 6.8 17.7 2.2 7.0 18.4 1.9 7.1 18.8 2.1 2.0 7.2 7.4 19.3 19.8 23.2 23.4 Wage and salary disbursements Commodity-producing industries __ Manufactun n,g Distributive industries Service industries _ Government. .. Rental income of persons Dividends Personal interest income 94.1 71.2 87.7 66.0 91.0 70.4 91.3 69.3 93.5 70.8 94.7 71.3 20.0 23.1. 20.3 20.9 21.7 22.5 23.9 Less: Personal contributions for social insurance 20.4 22.9 20.6 20.9 22.3 22.8 Less: Personal tax and nontax payments 82.5 96.9 83.6 85.6 88.3 91.9 101.6 105.7 42.2 45.8 42.9 43.7 44.4 45.4 46.3 47.1 42.5 39.2 39.7 40.7 41.8 43.0 44.3 Compensation of employees. - 277.0 301.7 278.7 283.9 292.5 246.8 268.0 248.1 252.8 259.8 Wages and salaries 30.2 33.8 30.6 31.1 32.7 Supplements - - Corporate profits and inventory valuation adjustment Profits before tax Profits tax liability. Profits after tax Dividends Undistributed profits Inventory valuation adjustment- __ Cash flow gross of dividends Cash flow net of dividends 468.6 479.0 38.8 Income originating in nonfinancial 351.9 384.6 353.3 360.3 370.8 corporations 8.5 9.2 66.4 73.7 67.6 76.8 28.8 35.7 38.8 41.1 20.1 21.6 18.8 19.5 -1.2 -3.1 81.1 61.0 86.9 65.3 8.6 8.9 9.0 65.9 67.5 66.5 70.6 28.4 30.2 38.1 40.4 20.5 19.4 17.6 21.0 -.6 -3.1 69.3 74.4 34.5 39.9 20.7 19.2 -5.1 80.9 60.5 84.0 64.6 84.3 63.6 381.4 389.8 298.3 304.9 311.3 264.9 270.7 276.5 33.4 34.2 34.8 9.1 9.3 9.4 74.0 75.6 76.6 76.6 35.6 35.7 41.0 41.0 21.4 22.0 19.6 18.9 -2.7 -1.0 -3.7 86.5 65.0 87.2 65.2 Gross product originating in 392.3 416.4 393.4 397.2 405.9 nonfinancial corporations 413.5 420.8 Dollars Current dollar cost per unit of 1958 dollar gross product originating 2in nonfinancial 1.104 1.136 1.107 1.117 1.123 corporations 506.2 548.1 509.5 516.1 533.5 Less* Personal outlays Personal consumption expenditures- 492.2 533.7 495.5 502.2 519.4 13.1 13.7 13.2 13.3 13.4 Interest paid by consumers Personal transfer payments to for.8 .7 .8 .7 .7 eigners Equals: Personal saving.. _ 1.133 1.138 .110 .109 .110 .109 .110 .110 .099 .706 .022 .102 .725 .022 .100 .708 .022 .100 .715 .022 .100 .721 .022 .101 .721 .022 .102 .725 .022 Corporate profits and inventory valu.169 ation adjustment .073 Profits tax liability Profits after tax plus inventory valuation adjustment.. .096 .177 .086 .168 .072 .170 .076 .171 .085 .179 .086 .180 .085 .091 .095 .094 .086 .093 .095 40.8 40.5 43.4 40.8 .8 44.0 .7 .7 37.1 41.4 478.0 497.4 479.5 483.7 491.8 497.1 499.2 501.6 Per capita current dollars Per capita, 1958 dollars 2,744 2,928 2,758 2,798 2,866 2,401 2,473 2,404 2,418 2,454 2,918 2,942 2,982 2,474 2,478 2,483 Table 1 . —Personal Consumption Expenditures by Major Type (2.3) 1 Personal consumption expendi492.2 533.7 495.5 502.2 519.4 tures 527.9 541.1 546.3 72.6 82.5 73.1 74.2 79.0 81.0 85.1 84.8 30.4 Automobiles and parts Furniture and household equipment. 31.4 10.9 Other 36.5 34.3 11.7 31.0 31.4 10.8 31.4 31.8 11.1 34.6 33.3 11.1 35.4 33.9 11.7 38.1 38.0 35.4 34.4 11.5 12.3 Nondurable goods Services Housing Household operation . Transportation Other 215.8 230.2 216.4 218.4 226.5 228.2 232.7 233.5 109.4 116.6 109.1 110.8 113.6 42.1 45.8 42.8 42.3 44.6 18.1 19.8 18.3 18.6 19.7 46.2 48.0 46.2 46.7 48.5 116.4 117.7 118.8 44.8 47.2 46.5 19.4 20.0 20.2 47.6 47.8 48.0 203.8 221.0 205.9 209.6 213.9 218.7 223.4 228.0 70.9 29.0 15.0 88.9 76.2 31.2 16.6 97.0 71.2 29.2 15.1 90.4 72.2 29.9 15.5 92.0 74.0 30.3 16.2 93.3 75.4 31.0 16.3 95.9 76.9 78.6 31.5 31.9 16.8 17.1 98.2 100.5 Table 12. — Foreign Transactions in the National Income and Product Accounts (4.1) 45.8 50.6 46.1 46.0 47.5 49.9 52.6 52.4 45.8 50.6 46.1 46.0 47.5 49.9 52.6 52.4 45.8 50.6 46.1 46.0 47.5 49.9 52.6 52.4 41.0 48.2 40.6 42.6 46.0 47.9 49.4 49.5 Transfers to foreigners Personal Government....... 3.1 .8 2.2 2.7 .7 2.1 3.4 .8 2.6 2.6 .7 1.9 2.6 .7 1.9 2.8 .8 2.1 2.8 .7 2.1 2.8 .7 2.1 Net foreign investment.. 1.7 -.3 2.1 .8 -1.1 -.8 .5 .2 Receipts from foreigners Exports of goods and services... 1. Excludes gross product originating in the rest of the world. 2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal point shifted two places to the left. v Preliminary. 40.2 542.3 555.6 561.1 527.9 541.1 546.3 13.6 13.8 14.0 Addenda: Disposable personal income : Total, billions of 1958 dollars Food and beverages Clothing and shoes Gasoline and oil Other .108 Capital consumption allowances Indirect business taxes plus transfer payments less subsidies Equals: Disposable personal income. ... 546.3 589.0 550.0 559.6 574.4 586.3 592.7 602.5 Durable goods. Billions of 1958 dollars IV p Transfer payments Old-age, survivors, disability, and health insurance benefits State unemployment insurance benefits .. Veterans benefits Other Gross product originating in 433.0 472.9 435.3 443.7 455.9 nonfinancial corporations Net interest III 87.9 66.6 Cash flow gross of dividends Cash flow net of dividends - Personal income 44.9 293.3 320.2 295.3 300.9 309.9 260.8 283.9 262.5 267.5 274.9 32.4 36.3 32.8 33.4 35.1 Net interest 491.1 503.0 44.1 Compensation of employees Wages and salaries Supplements I][ Table 10.—Personal Income and Its Disposition (2.1) 47.1 Income originating in corporate busi369.0 404.5 370.5 378.1 389.4 ness -- - I Billions of dollars Table 9.—Gross Corporate Product1 (1.14) 453.1 496.1 455.6 464.6 477.7 IV Seasonally adjusted at annual rates Billions of dollars Gross corporate product III 1968 Payments to foreigners Imports of goods and services SUKVEY OF CURRENT BUSINESS January 1969 1967 1967 1968" 1967 1968 IV III 23 I II III 1967 IV 9 1968 v III 1968 IV Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2) Federal Government expenditures 151.2 176.9 152.2 67.3 30.9 79.4 38.4 16.2 36.8 17.6 41.5 156.4 68.2 16.3 37.0 163.6 182.2 165.1 166.6 72.0 37.0 74.9' 83.7 38.2 38.6 86.8 16.4 37.9 17.0 40.5 17.5 17.8 41.2 42.0 18.1 42.4 181.9 184.9 186.8 100.0 101.2 79.0 21.0 21.5 101.6 80.0 21.6 Purchases of goods and services National defense Other -.. . 90.6 100.0 72.4 78.9 18.2 21.1 72.9 18.4 Transfer payments. .. To persons To foreigners (net). 42.3 47.8 40.1 45.7 2.2 2.1 42.9 40.3 2.6 42.7 40.8 1.9 45.1 43.2 1.9 47.7 48.7 45.6 46.6 2.1 2.1 49.5 47.4 2.1 93.5 74.6 19.0 97.1 76.8 20.3 18.4 15.9 17.0 17.7 18.3 18.5 19.2 10.3 11.9 10.2 10.7 11.3 11.8 12.1 12.2 Net interest paid Table 16.—Implicit Price Deflators for Gross National Product (8.1) 117.3 121.8 117.7 118.9 120.0 Personal consumption expenditures 114.3 118.4 114.7 115.7 116.8 118.0 118.7 120.1 100.4 103. 1 100.7 101.7 102.2 112.9 116.9 113.3 114.0 115.2 122.1 127.2 122.5 123.7 125.1 102.7 103.1 104.2 116.4 117.2 118.6 126.7 127.8 129.1 Fixed investment 115.6 120.2 116.2 117.4 118.3 119.6 120.8 121.9 Nonresidential 113. 5 117.2 113.8 114.9 115.8 116.7 117.6 118.6 Structures 123.6 129.7 124.6 125. 5 126.3 Producers' durable equipment.- 109.1 112.0 109.1 110.3 111.2 128.8 131.3 132.6 111.7 112.1 113.1 Durable goods Nondurable goods Services- 121.2 122.3 123.5 Gross private domestic investment Residential structures Nonfarm ... Farm 123.1 129.9 124.8 125.6 126.3 123.1 130.0 124.9 125.7 126.3 122.6 128.7 123.4 124.6 125.4 128.9 131.7 132.7 128.9 131.8 132.8 128.4 129.3 131.3 109.5 110.4 109.3 109.7 107.9 104.2 105.4 104.0 104.1 104.3 111.6 110.6 111.2 105.6 105.2 106.5 Government purchases of goods and services 126.8 132.1 127.0 129.2 130.1 Grants-in-aid to State and local gov15.7 ernments. Subsidies less current surplus of government enterprises IV p Gross national product 171.8182.1 69.7 32.4 168.6 175.1 III Index numbers, 1958=100 Billions of dollars Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance_._ II Seasonally adjusted Seasonally adjusted at annual rates Federal Government receipts- I 131.1 133.0 134.1 Change in business inventories Net exports of goods and services. . . 4.8 4.2 Surplus or deficit (—), national -12.4 -5.3 income and product accounts 4.8 4.6 3.9 4.1 4.4 4.2 -10.2 -2.8 -12.9 -12.2 ExportsImports. ... Federal State and local. 121.2 126.1 120.7 123.7 124.4 133.3 138.8 134.3 135.5 136.6 124.9 127.2 128.0 138.4 139.4 140.8 Table 14.—State and Local Government Receipts and Expenditures (3.3, 3.4) State and local government receipts 91.9 Personal tax and nontax receipts 15.2 Corporate profits tax accruals 2.6 Indirect business tax and nontax 53.4 accruals Contributions for social insurance ... 5.1 15.7 State and local government expenditures Purchases of goods and services Transfer payments to persons . Net interest paid _ Less:'Current surplus of government enterprises 102.4 Table 17.—Implicit Price Deflators for Gross National Product by Major Type ol Froduct (H.2) 92.7 95.5 97.8 100.8 103.6 17.5 2.9 15.4 2.5 15.8 2.7 16.3 2.8 17.0 17.9 2.9 2.9 58.2 5.3 18.4 53.8 5.1 15.9 54.7 5.1 17.0 55.8 5.2 17.7 57.3 58.9 5.3 5.4 18.3 18.5 jg g --- an Q * 19 2 Gross national product 117.3 Tinrft'hlo anrvlc Nondurable goods 93.3 103.5 128.2 129.5 131.1 132.5 133.8 126.1 127.0 127.7 130.2 132.6 133.7 Addendum: 100.0 100.5 101.9 102.1 102.0 102.3 103.5 95.6 98.4 9.4 9.6 .3 .3 ^f 3.4 35 97.1 9.6 .3 88.4 8.6 .2 90.0 9.0 .2 93.4 9.2 .2 3.3 3.4 3.3 3.3 3.4 -1.1 126.4 124.6 131.1 101.9 104.9 87.8 8.5 .2 133.3 138.4 40.2 40.8 25.2 26.4 —1.2 -3.1 -1.1 — .4 — 1.7 3.4 —1.1 —1.3 102.5 Table 18. — Implicit Price Deflators for Gross National Product by Sector (8.4) 117.3 121.8 117.7 118.9 120.0 121.2 122.3 123.5 114.8 118.9 115.2 116.2 117.2 118.4 119.3 120.4 Business Nonfarm Farm 134.1 139.4 133.6 141.4 137.0 44.0 37.1 26.3 26.0 41.4 —.6 —3.1 —5.1 —2.7 —1.0 114.1 118.2 114.6 115.5 116.5 114.7 118.8 115.2 116.2 117.1 100.7 104.5 100.2 101.1 103.2 117.8 118.6 119.8 118.4 119.1 120.3 101.9 106.3 106.5 Households and institutions . 143.7 148.9 -3.7 40.5 24.1 43.4 27.9 40.8 25.5 General government 43.4 47.1 44.1 44.9 45.7 46.7 47.6 25.9 .0 26 3 .0 26 6 .0 27 0 27.3 .0 .0 27.7 .0 143.7 152.1 143.4 147.6 149.1 150.5 153.4 155.1 48.5 25.7 27.2 .0 .0 -12.4 -5.3 -12.9 -12.2 -8.6 -10.2 -2.8 -1.4 -1.1 -1.1 -.4 -1.7 -1.1 -1.3 116.0 127.2 Gross private domestic in vestment .. 114.3 127.5 Net foreign investment 1.7 -.3 Preliminary. 114.6 108.7 109.2 110.1 116.1 116.9 118.0 126.1 131.8 99.5 Government surplus or deficit (—), national income and product accounts... -13.8 -6.4 -14.0 -12.5 -10.3 -11.3 -4.1 Statistical discrepancy 113.0 113.6 ctriirtiirM 95.8 Table 15.—Sources and Uses of Gross Saving (5.1) Gross investment 121.2 122.3 123.5 111.1 112.0 107.8 93.8 Gross national product Federal State and local 118.9 120.0 110.2 106.0 109.0 106.2 107.4 107.9 112.8 116.5 113.1 113.8 115.0 Private Personal saving Undistributed corporate profits Corporate inventory valuation adjustment . Corporate capital consumption allowances Noncorporate capital consumption allowances Wage accruals less disbursements 117.7 113.3 Services Surplus or deficit (—), national income and product accounts -1.4 Gross private saving. 121.8 110.0 Goods output. -3.5 -4.7 116.7 122.6 118.7 126.5 127.5 136.3 114.7 121.8 119.7 127.3 127.1 2.1 .8 —1.1 —.8 .5 136.1 .2 -3.4 -4.2 -4.7 -3.6 -5.3 HISTORICAL DATA Historical national income and product data are available from the following sources: 1964-67: July 1968 SURVEY OF CURRENT BUSINESS. 1929-63: The National Income and Product Accounts of the United States, 1929-65, Statistical Tables (available from any U.S. Department of Commerce Field Office or from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402, price $1.00 per copy). Labor Markets and Prices 1 HE year 1968 was the third consecutive year of large price increases and a sharp contrast to the situation in the first half of the 1960's. During the early stages of the upswing that began in the winter of 1961, large annual gains in output were realized with only a slight upward drift in prices. From 1961 through 1965, real GNP increased at an annual rate of 5% percent, and prices—as measured by the implicit deflator for GNP—rose at a rate of 1% percent per year. This comparative price stability reflected mainly the continued existence of idle resources of both labor and capital. Unemployment, while tending downward during these years, was still relatively large: 6% percent in 1961 and 4% percent in 1965. At the same time, the rise in average compensation per man-hour, about 4% percent per annum, exceeded only slightly the gains in productivity, and unit labor costs increased only fractionally each year. By mid-1965, with the Vietnam buildup superimposed upon civilian demands that were already buoyant, there were signs that the well-balanced business growth that had characterized the preceding years was ending and that the economy was beginning to expand unevenly and in excess of its capabilities. With the rate of advance in total output spurting to over 6% percent for the year, these emerging imbalances and inflationary developments intensified in late 1965. In 1966, pressures on resources mounted, as the advance in real GNP continued at the rapid pace of the previous year. The unemployment rate 24 in 1966 dropped to 3% percent. Compensation per man-hour rose more than 7 percent, the growth in productivity slowed, and unit labor costs showed their first sizable increase of the expansion. Mainly because of these cost increases, prices rose more than 2% percent. Even though the pace of the output advance slowed considerably in 1967, the unemployment rate-price record for that year was little different from that of 1966. Principally because of large withdrawals from the labor force in the early part of the year, when the business expansion was very slow, the unemployment rate showed no increase as compared with 1966. Average compensation went up somewhat less than the year before, but there was little rise in productivity. Unit costs— labor as well as nonlabor—showed a large advance, much of which was reflected in higher prices. Labor Markets in 1968 PRESSURES in the labor market were severe during 1968. For the year as a whole, the number of new jobs created outstripped the rise in the civilian labor force, and the number of persons unemployed was reduced. The unemployment rate, which was already at the unusually low level of about 3% percent toward the close of 1967, changed little during most of 1968. However, conditions became still tighter late in the year, and the rate dropped to 3.3 percent in November and December, the lowest ratios recorded since the Korean conflict (chart 21). For 1968 as a whole, the unemployment rate averaged 3.6 percent, a little under the 3.8 percent registered in each of the preceding 2 years. The demand for labor was extremely strong in 1968, especially for skilled and experienced employees. With the cost of living rising rapidly, with labor's bargaining position very favorable and with several important contracts up for renewal, major contract settlements provided large gains that were an important factor in last year's sharp acceleration in rates of pay. Wage increases were obtained in a setting of considerable labor unrest; the number of strikes was the largest in 15 years and time lost from strikes was the largest since 1959. Employment totals 76 million Civilian employment rose 1.5 million last year to 76 million. The size of the employment gain was little different from the advance registered in 1967 but was below the annual increases of 1.8 million in 1965 and 1966. Last year's gain in the civilian labor force came to 1.4 million, less than the rise in 1967 but about average for other recent years. SURVEY OF CURRENT BUSINESS January 1969 Annual Changes in Nonagricultural Employment and Sources of Change [Millions] Year 1961_-_1962... . 1963. . . 1964_ . . 1965. . 1966 .- . 1967. . . 1968- . . Increase in nonagricultural employment Increase in All* civilian sources labor force Decline in unemployment Decline in agricultural employment 0.2 1.2 1.3 1.7 0.2 1.3 1.3 1.7 0.8 .2 1.2 1.3 -0.9 .8 -.2 .3 0.3 .3 .3 .2 1.9 2.2 1.6 1.6 2.0 2.2 1.6 1.6 1.4 1.3 1.6 1.4 .4 .5 -.1 .2 .2 .4 .1 0 "Total equals increase in the civilian labor force plus the decline in unemployment plus the decline in agricultural employment. NOTE: Detail may not add because of rounding. Source: Basic data from Department of Labor. 25 After having shown continuous reductions since 1960, agricultural employment last year was about unchanged from 1967. This leveling off further intensified pressures in the nonagricultural job market. During the 1960's the movement of farm workers to nonfarm jobs averaged about 200,000 per annum and, as the table indicates, was an important source of supply for the nonagricultural labor market. Annual Employment Change in •Nonfarm Establishments [Thousands] Year Total Private State & local Manufac- nonturing manufac- governturing ment Federal Government 1961 1962 1963 1964 -192 1,554 1,106 1,630 -470 527 142 279 37 731 629 980 232 235 318 381 9 61 18 -10 1965 1966 1967 1968 2,500 3,202 788 1,152 220 300 1,217 1,271 1,031 1,222 465 593 590 565 30 186 155 17 1,996 2,104 Advance in nonfarm employment The number of employees on nonagricultural payrolls rose more than 2 million (3 percent) last year to total about 68 million, according to data In the tight labor market of 1968, from nonfarm establishments. The 1968 adult women accounted for about 55 payroll employment gain slightly expercent (875,000) of the employment ceeded the advance registered in 1967, rise even though they accounted for but was well below the rise of 3.2 only one-third of the total number of million in 1966 and 2.5 million in 1965 jobholders in 1967. In contrast, adult (see following table). men filled only about 35 percent It may be noted that the 1968 change (575,000) of the new jobs although they reported by establishments is considerheld three-fifths of the jobs the year ably larger than employment gains cited before. The rise of 100,000 in teenage earlier, which are based on figures obemployment of both sexes was about tained through household surveys. The proportional to their importance in differences, which have been sizable in 1967 employment. recent years, are traceable primarily to The nonfarm sector accounted for two factors. (1) The household survey all of last year's employment change. includes three groups of workers not included in the establishment survey: domestic and other private household workers, the self-employed, and unpaid workers who work 15 hours or more in family-operated enterprises. The number of employees in these three groups has been declining over time, and the drop is usually steepest when other job openings are most numerous. (2) Workers who hold two or more jobs "moonlighters" in nonfarm establishments are counted twice or more often in the establishment survey and only once in the household survey. If the amount of "moonlighting" is increasing, as it apparently does when jobs are easy to find, reported job holdings will go up faster in the establishment survey than in the other. Gains widespread by industry Unemployment Rates The overall rate last year was the lowest since 1953 1948 50 52 54 56 58 60 62 64 66 68 Data: BLS U.S. Department of Commerce, Office of Business Economics 69-1-21 Employment in manufacturing rose 300,000 in 1968, to a total of 19% million, continuing the expansion in progress since 1962. Although the advance was larger than that of 1967, it was far below the rise of 790,000 in 1965 and 1,150,000 in 1966. Employment gains last year occurred in nearly all of the major durable goods producing industries, with the largest and one of the strongest in transportation equipment; there was also a vigorous advance in ordnance. In contrast, employment for the year decreased slightly in nonelectric machinery, and dropped moderately in primary metals for the second straight year. Employment was also higher in most soft goods industries except for food processing and tobacco. Private nonmanufacturing industries showed a gain that exceeded 1.2 million SUEVEY OF CUERENT BUSINESS 26 January 1969 and almost matched the record increase atively more for nonwhite persons than of 1966. The largest gains—about for white persons in 1968. Nevertheless, 450,000 to 500,000—were registered in the rate for the former continued to be the large trade and service groups. Job double that for the latter; the problem openings in these industries have been is especially acute among nonwhite increasing at a swift pace all during the teenagers, whose unemployment re1960's. The rapidly expanding finance, mained at 25 percent last year. Moreinsurance, and real estate group added over, the nonwhite unemployment rate 140,000 jobs last year, while employ- has not improved much relative to the ment in transportation rose by 75,000. white rate over this decade. Employment in the cyclically sensitive contract construction industry increased 50,000 last year, nearly making up the CHART 22 decline experienced in 1967. State and local government employUnemployment Rates ment continued to rise at a fast pace in *Both white and nonwhite rates have 1968, the number of jobs increasing been cut sharply during the 1960's by more than a half million for the third consecutive year. In sharp con• Nonwhite rates remain substantially above white trast, however, Federal employment was little changed, after having risen more than 150,000 in each of the preceding 2 years. As chart 22 shows, unemployment rates for both whites and nonwhites in each of the major age-sex groups have fallen substantially since 1961, when the overall rate stood at 6% percent. In 1961, at the beginning of the current business expansion, the unemployment rate for nonwhites (12% percent) was a little more than twice that of whites (6 percent). Last year, the rate for both groups was substantially lower. The nonwhite rate (6% percent) was still somewhat more than double the white rate (3% percent) but a relative improvement is evident for adult males. It should be noted that despite lower rates, white unemployment, at a little over 2 million in 1968, was still substantially greater than nonwhite unemployment, which averaged about 600,000. Decline in unemployment Increases in rates of pay accelerated sharply in last year's tight labor market. Average hourly earnings in private industries scored a 6.3 percent advance, as a result of widespread gains that exceeded those of any other year in the present decade (see table). The 1968 increases were the result of wage increases for nonunionized workers, statutory increases under the Federal minimum wage law and substantial settlements under union contracts. Labor contracts were negotiated for at least two-fifths of the 10.7 million workers covered by major collectivebargaining agreements. According to the Labor Department, the contracts settled during 1968 provided a median first-year wage rate adjustment of 7.5 percent of straight-time hourly earnings. This gain substantially exceeded the 5.6 percent increase under settlements concluded in 1967 and the 4.8 percent increase of 1966. The first-year changes of the 1968 settlements are "front-end loaded'' to a considerable degree, since the wage change over the entire life of the contracts is 5.1 percent, only lightly above the 1967 figure. The emphasis on the large first-year figure apparently reflects labor's concern over the rapid price rise. With the job gain exceeding the labor force advance in 1968, the number of persons out of work declined nearly 160,000 to a total of 2.8 million persons. The last time the number of unemployed was that low was in the mid19 50's, when the economy (as measured by real GNP) was less than two-thirds as large. For 1967 as a whole, the rise in the labor force exceeded the number of new jobs and unemployment increased by 100,000 persons. Lower unemployment rates were evident in all the various socio-economic groups. For workers in the prime agesex group—males 20 years old or over— the rate fell to 2.2 percent; this was only a small improvement from the year before because the rate was already virtually at the frictional level. The unemployment rate for adult women fell from 4.2 to 3.8 percent, while that for teenagers showed only a slight improvement, from 12.9 to 12.7 percent. In 1967, when demand was less pressing, unemployment rates for women and teenagers rose, but the rate for adult men continued to decline. 10 1960 Nonwhite rate still high 61 62 63 64 65 66 67 68 Data: BLS The unemployment rate declined rel- U.S. Department of Commerce, Office of Business Economics Rates of pay higher 27 SUKVEY OF CUEKENT BUSINESS January 1969 Percent Increases in Average Gross Hourly Earnings of Production or Nonsupervisory Workers 1960-61 1961-62 1962-63 1963-64 1964-65 1965-66 1966-67 1967-68 Total private l but well above the increases in any other year of the current expansion. The components of price change in 1968 were different from those in 1967 even though the overall advance in prices was not much different. Last 24 37 27 3.5 3.8 4.5 4.7 6.3 M anuf acturing Nondurable Durable Construction _ 27 2.9 25 3.0 2.8 2.8 2.9 2.3 2.7 2.8 3.2 3.0 3.2 3.1 3.0 4.2 3.8 3.9 4.0 4.9 3.4 6.4 6.6 6.3 3.9 3.4 3.0 4.1 4.2 5.1 5.7 6.3 Mining 1.1 2.3 1.9 2.2 3.9 4.5 4.6 4.7 Trade Retail Wholesale . 2.9 2.6 3.1 4.0 4.5 2.6 3.3 3.1 3.4 3.7 4.2 2.9 3.6 4.0 3.6 4.9 4.9 4.6 5.6 5.2 5.5 6.7 7.5 5.9 Consumer Prices Finance, insurance, and real estate. 3.5 3.8 3.7 2.2 3.9 3.3 4.5 6.6 •Consumer prices in late 1968 were 4 3/4 percent above a year ago CHART 23 i Includes industry divisions not shown separately. Source: Basic data, Bureau of Labor Statistics, U.S. Department of Labor. •Increases ranged from 6 percent for services to 4 percent each for food and nonfood commodities 1957-59=:100 All items 120 no Price Developments in 1968 140 Services 130 120 WIDESPREAD price increases characterized last year's full-employment economy. A combination of higher aggregate demand, rising costs of production, and a buildup of inflationary expectations led to the most sizable overall price rise since the 6 months following the outbreak of the Korean war. Moreover, if not for the excess production capacity in some basic industries such as steel and cement and the availability of competitively priced imported goods, the price increases of 1968 would have been still greater. Not all of last year's price rise was a reflection of rising demand under fullemployment conditions. Farm prices are a significant case in point. These prices, which had declined in 1967 and helped to offset the rise in the nonfarm sector, turned around and added to the general price advance in 1968. The prices of goods and services included in the GNP rose approximately 1 percent in each quarter of 1968 and averaged 3% percent higher than in 1967. For the year as a whole, consumer prices showed an advance of more than 4 percent following a rise of nearly 3 percent in the preceding year. Prices in wholesale markets rose 2% percent last year, after little change from 1966 to 1967. Corporate Prices and Costs 110 Commodities Less Food* A useful analysis of price-cost-profit relationships is afforded by data for nonfinancial corporations, which produce a large share of the GNP and which have clear-cut distinctions between wages and profits. (The latter is not true of nonincorporated business.) The data provide a link between the flow of labor and nonlabor income, on the one hand, and the real volume of output, on the other. Costs and profits per unit of production are obtained by dividing each income and nonincome aggregate measured in current dollars— profits, employee compensation, capital consumption allowances, etc.—by the total production of these corporations measured in constant 1958 dollars. The sum of the costs and profits per unit equals price per unit, which is the deflator for nonfinancial corporations. Real corporate output rose 6 percent in 1968—a noteworthy recovery from the small 1% percent gain from 1966 to 1967. Corporate prices rose close to 3 percent, reflecting not only expanded profit margins but also higher costs. The 1968 price rise was only slightly more than the rise the year before, 100 I V <'..!. I 1 i t t t t t t 130 Fruits and Weats, Poultry, and Fish* 120 „**•«»«***** *** * 110 Apparel Commodities' 120 110 100 Medical Cart Services 150 140 130 120 110 1966 1967 1968 *Seasonally Adjusted Data: BLS U.S. Department of Commerce, Office of Business Economics 69-1-23 SURVEY OF CURRENT BUSINESS 28 year witnessed a rise in unit labor costs that was well below that of 1967: about 2.7 percent as compared with 4.3 percent. The deceleration in the rise in unit labor costs in 1968 occurred despite the substantial increases in rates of employee compensation. This reflects the fact that higher labor productivity (output per man-hour) offset the increases in employee compensation to a greater extent in 1968 than in 1967. In addition to less growth in unit labor costs, the rise in the nonlabor component of unit costs also slowed markedly in 1968. These costs, which include primarily capital consumption - -\ Wholesale Industrial Commodity Prices * Prices of wholesale industrial commodities rose 21/2 percent from 1967 to 1968 * For most commodity groups increases were larger than in 1967 Percent Change - 6 - 4 - 2 0 2 4 6 1 I I 10 12 I I I 14 Industrial Commodities Lumber & Wood Products Consumer Prices Nonmetallic Mineral Products Prices of virtually all consumer goods and services rose in 1968, unlike 1967, when near-stability in food prices dampened the rise in the overall index. Service prices generally showed the largest advances, ranging from about 2K percent for rent to nearly 7% percent for medical care. Prices of consumer commodities averaged 3% percent above 1967 with about equal increases in food and nonfood. Textile Products & Apparel Rubber & Rubber Products Hides, Skins, Leather, & Related Products Machinery & Equipment Furniture & Household Durables Metals & Metal Products Miscellaneous Products Pulp, Paper, & Allied Products Chemicals & Allied Products Fuels & Related Products & Power I i i i *Percentage change figures are based on annual average data, with December 1968 estimated. U.S. Department of Commerce, Office of Business Economics allowances, indirect business taxes, and interest, are relatively fixed in the short run. Nonlabor costs per unit of corporate output rose 2.2 percent in 1968 as compared with a 7 percent increase in 1967. Finally, the increase in the unit price of corporate output in 1968 differed from that of 1967 with respect to the role of profit margins. In 1967, when demand conditions were less buoyant, corporations were forced to absorb part of their sharply higher unit costs in the form of lower profit margins, which declined about 7% percent. Last year, however, the reverse of the 1967 situation prevailed. Strong market demands permitted corporations to raise unit prices more than the unit cost increases, and profit margins rose about 4% percent. These developments are illustrated in chart 25, where the year-to-year changes are shown in absolute rather than percentage terms. The chart makes clear that last year, higher labor costs accounted for somewhat more than half the price rise; in the 2 preceding years, labor costs on balance accounted for almost all of the price rise. Data: BLS 69-1-24 Food prices rebound Retail food prices advanced last year despite improved supplies of many items. Prices in grocery stores were up more than 3 percent after a small decline in 1967, and prices of restaurant meals increased more than 5 percent. The rise in restaurant prices reflects not only the higher cost of food prepared by such establishments but also a substantial boost in employee pay scales—in part a result of the extension January 1969 of minimum wage coverage early in the year. Changes in retail grocery store food prices were in sharp contrast to 1967. Two groups that account for more than one-half of consumer food purchases— meats, poultry, and fish, and "other foods at home" (which includes such important commodities as margarine, cooking oil, eggs, sugar, and coffee) — rose almost 2% percent after sizable decreases in 1967. In contrast, prices of cereals and bakery products and dairy products increased less than in 1967. The most significant contribution to the rise in food prices last year came from fruits and vegetables. These products, which account for roughly onesixth of the food index and were unchanged from 1966 to 1967, showed an average price advance of 7% percent from 1967 to 1968. A sharp rise in citrus fruit prices last winter, due to a freeze that reduced supplies, accounted for the bulk of the increase. Nonfood commodity prices up Prices of consumer goods other than food rose 3% percent from 1967 to 1968, after increases of 2% percent in 1967 and 1# percent in 1966. Last year's increases for nondurable goods averaged more than 4 percent, while those for durables were about 3 percent. Rising apparel prices were an important part of the broad advance for noiidurables; retail prices of clothing and shoes were boosted almost 6 percent last year, the largest rise since the scare buying that followed the start of the Korean war. The price rise for consumer durable goods last year was a continuation of a pronounced upward trend that started in early 1967 after several years of comparative stability. New car prices were up 3 percent from the year-earlier average, reflecting the increases posted on both the new 1968 models in late 1967 and the new 1969 models introduced last September. Prices of household durables rose 3% percent last year after a 1% percent advance in 1967. Service price rise continues Service prices continued to be the most rapidly rising component of the SUEVEY OF CUEEENT BUSINESS January 1969 Consumer Price Index. For all services, prices rose 3% percent in 1966, 4% percent in 1967, and 5% percent last year; if rents are excluded, each of these figures would be increased by about one-half of 1 percent. To a large degree, service price changes reflect changes in labor costs. The tight labor market, higher minimum wage rates, and extended minimum wage coverage have all been important factors contributing to the upward movement of wages and prices in service industries. Prices of medical care services continued their pronounced rise in 1968, but the tempo of the advance eased somewhat from the 8% percent rate of 1967, the first full year of medicare. However, last year's 1% percent increase was the largest among the major service categories, as doctors' fees advanced, hospital room charges soared, and health insurance premiums were adjusted upward to keep pace. Price rises for most other services were also substantial in 1968. Household services, excluding rent, rose nearly 6 percent, partly because of sharply higher mortgage interest costs; transportation services were up 4 percent, and prices of miscellaneous services, such as haircuts, movie admissions, and college tuition fees, increased an averEstimated Contribution to Rise in the Consumer Price Index by Major Groups 196566 Major groups: Food Housing Apparel and Upkeep Transportation Health & Recreation 1.14 .79 .27 . 19 . 57 Special groups: C ommodities 1.70 1. 14 Food Nondurable except food commodities .57 Apparel commodities .24 Other nondurables less food and apparel . .33 l Durable commodities _ .02 Household durables -.01 New cars . -.04 196667 196768 0.21 .99 .42 .38 .78 0.81 1.34 .57 .46 .99 1. 17 .21 2.39 .81 .76 .37 1.01 . 52 .38 .28 .07 .02 .51 .55 . 17 .07 Services Rent .. . Household services less rent.. . Transportation services Medical care services ._. . . Other services 1.31 .08 .52 .21 .25 .22 1 54 .10 .62 .17 .43 23 1 83 .13 .82 .20 .38 .33 All Items 2.9 2.8 4 2 1 Includes items not shown separately. NOTE.—Contribution is measured by price change times relative importance 9f the component in December of the preceding year. Details will not add to subtotals or totals. Source: Basic data from BLS. age of 5% percent. The rise in rents accelerated with a boost of 2% percent; the acceleration reflects mainly the pressure of demand on the comparatively limited supply of apartments, as evidenced in the steady decline in rental vacancy rates. The text table shows, for each of the major components of the Consumer Price Index, the contribution to the price rise in each of the past 3 years. The contribution is measured by the price change times the relative importance of the component. 29 and prices of fruits and vegetables, both fresh and processed, were up 6% percent last year. Changes in Wholesale Prices of Products and Foods [Percent] 1965-66 1966-67 1967-68 Farm products, processed foods, and feeds - _ ... Farm products . Fruits and vegetables, fresh and dried . Grains .-. Livestock Poultry.. 6.7 —5.6 2.5 .7 8.6 9.5 5.8 . -3.4 7.3 Processed foods and feeds Fruits and vegetables, canned and frozen Cereals and bakery products -. Meats, poultry, and fish__ Dairy products - Wholesale Prices Prices in wholesale markets increased 2V2 percent from 1967 to 1968, after little change the preceding year. Prices of industrial and agricultural commodities showed about equal gains, in contrast to 1967 when a moderate rise for industrial products was about offset by declines in farm products and foods. The advance in industrial commodity prices for the full year 1968 was the largest in a decade and was broadly based: Of the 12 major industrial commodity groups in the Wholesale Price Index, 10 registered increases. Prices of farm products and processed foods reversed their 1967 decline with increases in both crops and livestock. Farm —.9 -5.3 —8.1 -10.1 6.6 -10.8 3.7 3.5 5.9 -1.2 2.1 2.6 2.3 6.5 5.9 9.1 9.2 1.5 -4.7 3.0 .9 3.1 4.6 2.3 Industrial prices increase Wholesale prices of industrial commodities—a key measure of price trends—showed widespread and generally substantial increases last year. (Continued on page 32) Changes in Prices, Costs, and Profits Per Unit of Real Corporate Output Last year's price rise for corporations reflected increases in labor costs, nonlabor costs, and profit margins Agricultural commodities higher On a combined basis, prices of farm products, processed foods, and feeds advanced 2% percent in 1968 after a somewhat higher drop the preceding year. The rise in farm product prices slightly exceeded that for foods and feeds combined; in the latter category, prices of manufactured animal feeds weakened as a result of reduced exports and little change in domestic demand. Bumper crops of food and feed grains, both in the United States and abroad, led to a decline of 11 percent in domestic grain prices last year; this was the only significant reduction among the major agricultural commodity groups (see table). Improved demand bolstered prices of livestock and meats about 3% percent, after marked declines in 1967, LABOR COSTS PER UNIT •"*' '•":• 0 f, :-- <" v -;. •K -.02 .02 NONLABOR COSTS PER UNIT -:• ':'"';'4' .02 PROFITS BEFORE TAX AND (VA PER UNIT mm -.02 1963 Note: Nonfinancial corporations only. U.S. Department ot Commerce, Office of Business Economics 67 68 Financial Developments in 1908 _L HE strong rise in economic activity last year brought increased demands to credit markets that were already under stress as the year began. Governments were unusually large borrowers in 1968. Stale and local governments issued a record volume of new securities, and the Federal Government issued new securities in amounts close to last year's postwar record. Consumers increased their borrowing in 1968 markedly: Additions to mortgage debt were almost one-fifiri higher and additions to installment debt more than 2% times as large as the increases the year before. Corporate business remained heavily dependent on external financing last year as the rise in internal funds failed to keep pace with the expansion in investment exp3nditures. The funds raised by corporations in credit markets in 1968 were second only to the record amounts borrowed in 1967. The strains that these heavy demands for funds imposed on credit markets were accentuated by a restrictive monetary policy. In an attempt to contain inflationary pressures and promote orderly economic growth, the Federal Reserve System pursued a monetary policy designed to provide a limited accommodation of unusually large credit demands. Although restrictive in relation to the demands for funds, this policy, which varied in its intensity at different times within the year, permitted substantial growth in bank credit, money supply, and time deposits. Interest rates and bond yields Despite strong growth in monetary variables in 1968, the pressures that 30 developed in financial markets produced the highest annual levels for financing costs in several decades. Long-term rates, which had advanced from 1966 to 1967, rose still further last year, and short-term rates, which had fallen in 1967, rose to new records (chart 26). Interest rates and bond yields exhibited erratic patterns during 1968 as they responded to a variety of influences— the uneven impact of credit restraint, the gold crisis in the spring, uncertainties associated with the passage of the program of fiscal restraint, anticipations of continued inflation, and the shifting prospects for peace in Vietnam. On balance, financing costs rose over the first 5 months of 1968 and by the end of May had exceeded the highs established in 1966 and 1967. Following the passage of tax legislation and the ensuing relaxation of credit tightness, financing costs fell noticeably through midsummer but rose again in the fall. The upward trend in financing costs gathered momentum in December when commercial banks twice raised their prime rates, and the Federal Reserve System raised the discount rate. By yearend, most interest rates and bond yields had risen above their end-of-May peaks. Monetary policy During the first half of 1968, the burden of dampening the economic expansion fell on monetary policy. Following the shift from expansive credit policies in late 1967, which the Federal Reserve System signaled with increases in both the discount rate and the reserve requirements on demand deposits, the authorities moved grad- ually toward tightening in the early months of 1968. In the spring months, faced with the strong evidence of an acceleration in inflationary pressures, and the outbreak of the gold and dollar crisis, the authorities used monetary policy more forcefully. The discount rate was raised from 4K to 5 percent on March 22 and again on April 19 to 5}o percent. Although the System made substantial purchases of Government securities through its open market operations, these were limited to offsetting the loss of reserves that resulted from gold sales. Also, especially from mid-March to mid-April, the System imposed considerable restraint on the banking system by delaying action to raise the interest rate limits that Regulation Q allowed banks to pay for time deposits. With market rates of interest rising, banks were experiencing considerable difficulty in attracting and holding these deposits, a particularly acute problem in the case of the large denomination certificate of deposit funds. During the summer, after the passage of the program of fiscal restraint, the tempo of credit policy changed again. Concerned with the possibility that the late June tax and expenditure legislation might lead to an overdose of fiscal restraint, and seeking to establish a better mix between monetary and fiscal policies, the Federal Reserve made heavy open market purchases of Government securities. This permitted an expansion in bank reserves that helped ease credit conditions considerably. On August 15, the discount rate was lowered from 5% to 5% percent. In the fall, when it became evident January 1969 that consumer and business spending were not slowing down as anticipated, credit restraint was stepped up. In the closing months of the year, open market operations held the line on the expansion in member bank reserves, rising market rates of interest were again bringing the banks under pressure from Regulation Q ceilings, and on December 18, the discount rate was returned to its pre-August level of 5% percent. Bank credit expansion The credit policy pursued in 1968 permitted an expansion in member bank reserves that provided an increase of 11 percent in commercial bank credit. This was only slightly less than the postwar record increase of 1967 when stimulative credit policies prevailed, and it was twice as large as the 5% percent advance in 1966, the last experience with credit restraint. Following the pattern of monetary policy noted above, bank credit expansion was uneven over the course of 1968: loans and investments at commercial banks rose at a moderate 6X percent annual rate in the first two quarters, spurted to a record 19 percent annual rate in the summer and then tapered to a 10^ percent rate in the fourth quarter. Loans at commercial banks increased $27 billion last year and accounted for about 70 percent of the total expansion in bank credit. This contrasts with the year before when, under less buoyant conditions, commercial banks allocated more than half of their portfolio increases to investments in U.S. Government and other securities. Despite the limitations of monetary policy, loans at commercial banks were relatively strong in the first half of 1968 as banks relied on the liquidity they had built up in 1967 and supported loan expansion by curtailing their investments in securities. Loan expansion accelerated sharply in the summer quarter, but subsided a little in the closing quarter of the year. The investment component of bank credit rose $11 billion in 1968, roughly half of the advance posted in 1967. By far the largest part of last year's increase ($8 billion) was recorded in the second half of the year, and most of this was concentrated in the summer SURVEY OF CURRENT BUSINESS quarter. For the year as a whole, most of the commercial bank investments were in State and local obligations as banks added only $2 billion to their holdings of U.S. Government securities. Bank deposit expansion Total deposit liabilities of commercial banks mirrored the strong expansion in bank credit and rose 9% percent last year. The money stock (currency and demand deposits) increased 6)2 percent in 1968, about the same as in 1967, but the 11% percent expansion in time deposits was substantially less than the advance in the preceding year. Increases in time deposits were smallest in the spring, largest in the summer and tapered slightly in the fall. These variations reflected the uneven- 31 ness of monetary restraint last year, as well as shifts in the public's preferences for holding time deposit balances. The latter, in turn, was related to the movements in market rates of interest and to the relationship these bear to the maximum ceiling rates that Regulation Q allows the banks to pay for time deposits. In late winter and spring, when restraints were greatest, the rapid rise in market rates of interest reduced the attractiveness of the rates paid on time deposits, and interestsensitive depositors shifted from these deposits to higher yielding market securities. In the summer, when credit restraint was relaxed and market rates of interest receded, this process was reversed and time deposit growth accelerated. In late fall, the strong rise In 1968, financing costs reached their highest levels in several decades Percent BONO YIELDS »•"•»«** FHA Mortgages / on New Homes / (Secondary Market) / V" AAN/-J \ State and Local (tody's Aaa) 6 _ 5 - 1959 U.S. Department of Commerce, Office of Business Economics 65 66 67 68 Data: FRB, FHA, Moody's & Treas. 69-1-26 SURVEY OF CURRENT BUSINESS 32 January 1969 in interest rates was apparently again causing a shift in the public's preference for holding time deposit balances, and growth in these deposits moderated. While the expansion in money stock was rapid throughout last year, it was particularly pronounced during the spring. After rising at a seasonally adjusted annual rate of 4K percent from January to March, the growth in money stock surged to an 8K percent rate in the second quarter, tapered to about half this pace in the summer and then rose at nearly a 7% percent rate in the closing quarter of the year. In a general way, these changes were the reverse of those shown by time deposits. The unusual acceleration in money expansion in the spring resulted in part from the public's decision to shift the flow of new deposits from time to demand deposits. As explained above, this was a consequence of the changing spread between market rates of interest and the rates that Regulation Q permitted banks to pay on time deposits. It was also a consequence of a strong demand for money balances that developed at this time. This demand is believed to have been related to the sharp step-up in the volume of stock market activity and the accompanying log jam in paperwork—and to a variety of uncertainties: the gold and dollar crisis, the outlook for fiscal restraint, and the course of monetary policy and interest rates. Thus, with the demand for money strong and for time deposits weak, the deposit creation that did occur during the spring mainly took the form of demand deposits. In addition, the pronounced second quarter acceleration in money stock was partly the result of a marked shift from Government demand deposits (which are not counted as part of the private money stock) to private accounts. The growth of demand deposits slowed appreciably in the summer when time deposit growth accelerated and government deposits built up. During the fall, the pickup in money growth reflected a reversal of these developments: Government demand deposits were reduced and the public again devoted a somewhat larger proportion of deposit growth to money balances and a smaller proportion to time deposits (see table). (Continued from page 29) capacity of manmade fibers and the competition from imports. In 1968, however, prices of textile products and apparel rose 3% percent as manmade fiber prices firmed and prices of cotton products advanced. Metals prices moved erratically in 1968 but, on balance, averaged 2% percent above their 1967 level, about double the rise in the preceding year. The 3% percent rise in the index of nonferrous metals prices was closely associated with the copper situation. Domestic copper production was shut down by a strike that began in mid-1967 and extended into April 1968. Prices of secondary copper products increased substantially during the strike period, but dropped sharply after a settlement was reached. Domestic producers raised primary copper prices at the end of the strike and again at yearend. Iron and steel prices were somewhat unstable during 1968; producers increased prices of some key products after a new labor contract was concluded on July 31, but a substantial reduction—partially rescinded—was made on hot-rolled sheets in the fall. Declines in steel scrap prices during 1968 accompanied the decline in steel production after late spring and held the rise in the overall index of iron and steel prices to 2 percent. Machinery prices continued to rise at the 3 percent rate of the 2 preceding years. Increases were sizable for all categories except electrical machinery. Prices of motor vehicles and equipment rose 2% percent in 1968 after a 1% percent increase the preceding year. The rise in the overall index of industrial commodity prices was dampened last year by a reduction in fuel prices and near-stability in chemical prices; together, these commodities constitute nearly one-fifth of the industrial index. The drop in fuels reflects mainly declines that have occurred in refined petroleum product prices since their sharp runup in mid1967 at the time of the Middle East conflict; these were offset to some extent by higher coal prices. Chemical prices eased a little because of pricecutting in agricultural chemicals and fertilizers, where capacity has been excessive. Within the year, prices advanced sharply during the winter months, leveled off through August, and began to rise again in the fall. The period of stability during the summer resulted from a retardation in the rate of price increases for most commodity groups and a decline in prices of metals. Among the major commodity groups, the most prominent advance was the 13 percent rise in lumber and wood products, which have a weight of only 3K percent in the overall industrial index. Eight groups with a weight of 70 percent in the Industrial Price Index showed increases ranging from 2% to 3% percent. Among these, the most important were the increases in such heavily weighted categories as textile products and apparel, metals and metal products, and machinery and equipment. Wholesale prices of textile products and apparel had fluctuated in an extremely narrow range for nearly 15 years prior to late 1967, mainly because of the pronounced expansion in the Quarterly Changes in Reserves and Deposits of Member Banks, 1968 [Seasonally adjusted, billions of dollars] I Total reserves .. . ... 0.66 Nonborrowed reserves. . . .-29 Total deposits* Demand deposits Time deposits . Government deposits 4.8 1.5 1.3 2.1 II III 0.01 -.02 0.58 .83 .8 9.1 3.1 .6 -2.8 .4 7.1 1.4 IV 0.58 .19 8.9 3.3 6.9 -1.2 *Deposits subject to reserve requirements. The Balance of Payments in 1908 THE pattern of our international receipts and payments in 1968 was notably different from the pattern of previous years, reflecting unusual changes in trade and capital transactions. Even though exports rose substantially, a new upsurge in imports caused a pronounced decline in our merchandise trade surplus. In an even more striking development, the United States became a net importer of capital in 1968. This change on capital account more than offset the deterioration in the trade balance, resulting in a liquidity balance more favorable than in any other year since 1957. The year 1968 began in a climate of uncertainty in financial markets. There were lingering doubts as to the strength of the dollar after Britain's failure in late 1967 to maintain the exchange value of the pound. In order to restore confidence in the dollar and in the international monetary system, the President announced a broad program on January 1, 1968, to improve the balance of payments. The program included mandatory restraints on direct investment abroad, tighter measures restraining foreign lending by banks, and further efforts to reduce the adverse impact of Government expenditures. Before the effects of these measures were fully demonstrated, speculative purchases of gold, which had been very heavy in the fourth quarter of 1967, reached crisis proportions again in March. U.S. gold losses in the first quarter were nearly $1.4 billion, most of which was used to meet private demand in foreign gold markets. This loss was brought to a halt after the international agreement of March 17 to stabilize official gold reserves. The agreement to stop supplying gold from official reserves to private markets meant that private demand and supply (including new production) would determine the price of gold traded there. At the same time, the price at which gold was to be traded among official agencies was maintained at $35 per ounce. The two-tier price system for gold was remarkably successful in halting the speculative attack on the official gold price. Uncertainty over the strength of the dollar disappeared before midyear, and the dollar remained relatively strong on the exchange markets in the face of speculation over the defensibility of existing exchange rates for the German mark and the French franc. C H A R T 27 U.S. Balance of Payments Billion $ Liquidity Basis Official Reserve Transactions o3§IS W& Basis _ mm Later in the year, speculative movements of funds out of France for investment in German marks placed extreme strains on international financial markets. Although the U.S. dollar was not under pressure during these disruptions, the defensive measures employed by foreign countries in protecting their currencies and the support extended them by the United States led to significant changes in the composition of U.S. official reserves and in U.S. liabilities to foreign official agencies. In the process of supporting their currencies, foreign official agencies made massive use of their liquid dollar holdings, including those obtained through swap arrangements with the United States and through their drawings of dollars from the IMF. During the course of the year, these support operations affected U.S. accounts by (1) reducing U.S. liquid liabilities to foreign official agencies, (2) increasing U.S. liquid liabilities to private foreigners, (3) increasing U.S. official reserve assets held in the form of convertible currencies, and (4) improving the U.S. gold tranche position in the IMF. Changes in balances -2 -4 1964 65 66 67 68* 1964 65 66 67 68* *January-September totals, seasonally adjusted. U.S. Department of Commerce, Office of Business Economics 69-1-27 During the full year 1968, the U.S. reserve position in the IMF and the convertible foreign currencies included in U.S. official reserves increased by $2.1 billion, more than offsetting the net reduction of $1.2 billion in the gold stock. Thus, total U.S. official reserve assets, although changed in composition, showed a net increase of $0.9 billion during 1968. 33 SUEVEY OF CUEEENT BUSINESS 34 During the first 9 months of 1968, there was a net decrease of $1.9 billion in U.S. liabilities to foreign official agencies. This reflected reductions of $3.6 billion in liquid liabilities offset, in part, by an increase of some $1.7 billion in nonliquid liabilities, including special financial transactions designed to convert U.S. liabilities to foreigners from liquid to nonliquid form. The net reduction in U.S. liabilities to foreign official agencies for the full year plus the increase in U.S. official reserve assets created a large surplus in the balance measured on the official reserve transactions basis, as compared with a deficit of $3.4 billion on this basis in 1967. Since the balance on the liquidity basis is not affected by the shift of liquid dollar liabilities from official to private accounts, this measure of the balance of payments was less influenced by the emergency financial operations abroad. The improvement in the liquidity balance, therefore, reflected principally the large inflows through foreigners' net investments in the United States, including purchases of U.S. stocks, bonds, and other nonliquid assets. These contributions, together with a rise in receipts from special transactions by foreign official agencies (up from less than $1.0 billion in 1967 to more than $1.4 billion through September 1968), more than offset the serious deterioration in the U.S. trade balance. In the first 9 months of 1968, the total liquidity deficit was only $0.8 billion, seasonally adjusted, and the final total for the full year may have been more favorable. The comparable deficit was $3.6 billion for all of 1967 and about $1.3 billion in 1965 and 1966 (chart 27). Merchandise Trade On the basis of incomplete data for the whole year, the Nation's favorable trade balance appears to have dropped from $3K billion in 1967 to barely $K billion in the year just ended. (On the Bureau of Census basis, the balance fell from $4.1 billion to 1967 to $1.1 billion in 1968.) The export surplus of $K billion was the narrowest in the whole post-World War II period, and the year-to-year deterioration of $3 billion was the largest adverse shift since 1949-50. These developments occurred against a background of vigorously expanding trade in both directions last year. Nonmilitary merchandise exports in 1968 rose 11 percent over the preceding year after a gain of only 4% percent for 1967, while imports increased 23 percent following a 1967 advance of less than 6 percent. Actual or threatened strikes in domestic metal industries and by longshoremen at east and gulf coast ports distorted quarterly trends in trade during 1968 and strongly influenced the statistics for specific commodities like steel, copper, and aluminum. However, their effect on the movement of overall exports, imports, and the trade balance for the year as a whole was not of major importance. With realistic assumptions as to the effects of these special factors on the annual volumes of imports and exports, it appears unlikely that much more than one-fifth of the deterioration in the trade balance in 1968 could be attributed to strikes and the threat of strikes. Sharp rise in imports The exceptionally large rise in imports in 1968 was reflected in all major categories of goods. Industrial supplies and materials accounted for about 40 percent of the total dollar gain in imports, reflecting demands sparked by the swift pace of U.S. economic growth and amplified by strikes or threats of strikes. Nevertheless, the rate of increase in this major category was less rapid than the gain in total imports. Automotive vehicles and parts, on the other hand, which accounted for about one-tenth of total 1967 imports, contributed one-fourth of the 1968 expansion in total imports. Imports of other nonfood consumer goods advanced at a pace about parallel with the overall rate, with strong growth widespread throughout this group of commodities. Although imports of foods and beverages advanced less rapidly than the total, 1968 witnessed a sharp reversal in coffee imports from the 1967 downturn, while imports of whiskey January 1969 and meat products extended the sizable gains of recent years. At the same time, total agricultural exports showed almost no expansion from 1967. Gains in exports of corn, cotton, and tobacco were largely offset by lower exports, mainly of sorghums but also of wheat and other grains. Eeductions in grain prices accentuated the declines in agricultural export values. Among nonfarm products, annual gains were substantial for exports of transport equipment, chemicals, and forest products. However, there were some significant shifts within the year. Sharply increased worldwide deliveries of commercial transport planes, together with strongly expanding automotive sales to Canada, accounted for nearly half the seasonally adjusted gain in total exports from the last half of 1967 to the first half of 1968. These two commodity groups accounted for less than one-fifth of the advance in overall exports in the second half of 1968. The latter period brought expanded gains in exports of chemicals, wood and paper, and nonferrous metals (following labor-contract settlements) and marked increases in exports of machinery and nonfood consumer goods. Except for the stepped-up pace of automotive deliveries, exports to Canada showed little growth in 1968. Exports to Western Europe showed significant improvement, expanding sharply in the second half of the year, and sales to Japan in the second half also bettered the already improved performance of the first half. Trade surplus declines The trade surplus, which had virtually disappeared in the first half, improved substantially in the second. However, at a seasonally adjusted annual rate of less than $1 billion (balance of payments basis), it remained extremely modest. The improvement within the year was due to a slower rate of expansion in imports. The rate of increase in imports from the first to the second half of 1968 was less than SUKVEY OF CUEEENT BUSINESS January 1969 one-third as much as the 18 percent increase from the last half of 1967 to the first half of 1968. The rate of increase in exports in the last half of 1968 was comparable to the rate of increase recorded in the preceding half year. Last year's deterioration in the trade surplus, while extreme, was a continuation of a trend dating from 1964. Merchandise Trade Balance Except for civilian aircraft all major commodity categories contributed to last year's deterioration IMPORT BALANCE Billion $ -4 I -2 EXPORT BALANCE 0 I TOTAL WHANDfS TRADE I960 1967 1966 j 1965 1964 | Foods, Feids, and Beverages Automotive Venletes and Parts (with Canada) Automotive Vehicles and Parts (with all other areas) j i L_ Note.-Total merchandise trade balance is on a balance of payments basis; balances for commodity categories are on Census basis. Total includes "All other" which is not shown separately. All 1968 data are Jan.-Sept. totals, seasonally adjusted at annual rates. U.S. Department of Commerce, Office of Business Economics Chart 28 indicates the persistent decline in the trade surplus during this period and shows how the decline was distributed among the broad end-use commodity categories. In 1968, the trade surplus increased significantly only in aircraft and parts, reflecting the deliveries of jetliners to foreign airlines. The favorable balance of trade declined only slightly in other capital goods categories, but there were serious deteriorations in all other commodity groups. Automotive trade with both Canada and the rest of the world swung from surpluses to deficits, and even in the food and beverages category, the United States recorded an import surplus last year. 35 Foreign Direct Investment Program, which does not restrict transfers to foreign affiliates of funds that were borrowed abroad by a U.S. parent company. The remainder of securities sales was almost entirely foreign purchases of U.S. corporate stock—$1.2 billion during the 9 months or $1.6 billion at an annual rate. A second major source of improvement in private capital transactions in 1968 was the reduction in U.S. bank claims of more than $400 million (seasonally adjusted annual rate) after an increase of some $460 million in such claims during 1967. This change may have reflected the tightening of the program to restrain bank credit under the Federal Reserve Program, although the total reduction in claims by the banking community was beyond Private Capital and Other that required under the program. Transactions Additional improvement through other private capital transactions inThe sharp decline in the merchandise trade balance from 1967 to 1968 was cluded U.S. corporate borrowing abroad more than offset by the phenomenal from banks, largely to help finance halt to the customary net outflow of direct investment activities. At the capital through private transactions. same time, there were some offsetting The imposition of mandatory controls increases in corporate assets abroad on direct investment transactions at other than direct investments. The the beginning of the year and the greater part of these were bank deposits tightening of restraints on capital or other temporary investments of outflows through U.S. banks were funds that were obtained through major factors in the unprecedented special bond issues or other forms of shift to a net inflow of private capital foreign borrowing. If the transfers of funds borrowed in 1968. However, the largely unrelated abroad by the U.S. companies are inincrease in foreign purchases of outstanding U.S. securities (mainly com- cluded, the seasonally adjusted annual mon stocks) was an important addi- rate of direct investment capital outtional element in the improvement on flows in the first three quarters of 1968 exceeded the $3.0 billion outflow for capital account. Chart 29 indicates the total net the year 1967. Acquisitions of existing improvement in private capital trans- foreign enterprises (net of liquidations actions in 1968, by type, along with of existing U.S. affiliates) totaled more the comparable annual data since 1964. than $320 million during the first 9 The major source of improvement months of 1968 as compared with about last year was in foreign purchases of $180 million in all of 1967. Thus, while U.S. private securities, which were at use of foreign-borrowed funds offset a an annual rate of $3.7 billion during large portion of the balance of paythe first 9 months of 1968, as compared ments impact of investment activities, with $1.4 billion in 1967. The sales of the actual transfers of capital for U.S. securities during the first three direct investment purposes were not quarters of 1968 included some $1.6 reduced, and the Foreign Direct Investbillion ($2.1 billion annual rate) of ment Program appears to have had bonds issued by U.S. corporations to little or no adverse effect on the scope finance their investments abroad. These of investment activities by foreign sales were in direct response to the affiliates. SUEVEY OF CURRENT BUSINESS 36 Improvement in services The annual rate of income receipts from direct investments abroad during the first 9 months of 1968 was about 14 percent above the total for 1967. This additional source of improvement in 1968 balance of payments receipts could also be attributed to the control program since reinvestments of earnings by foreign affiliates are also subject to its limitations. Keceipts and payments from tourism showed some net improvement in 1968 mainly because disturbances in Europe appear to have affected payments more than receipts, and expenditures in Canada were down as compared with those of the year before, when Expo '67 attracted many U.S. visitors. Among other major payments, military expenditures abroad continued to increase and were at an annual rate of $4.5 billion in the first 9 months of 1968. In summary, the net balance on transactions in services (in contrast to merchandise trade) increased from net receipts of $1.3 billion in 1967 to nearly $2 billion at a seasonally adjusted annual rate in the January-September period of last year. Near-Term Prospects Improvements in the U.S. balance of payments in 1968 reflect the impact of special circumstances that are not likely to be repeated this year. It will be more difficult to realize improvements in the same areas in 1969 since some of the favorable changes in capital flows were transitory in nature or were essentially one-time contributions. There was an initial gain for the balance of payments in 1968 associated with the tightening of restraints or the imposition of new controls. Even if the controls are not relaxed, in the second year of operations they are likely only to maintain the improvements already achieved. Any reduction in the reliance on foreign sources of finance for direct investment activities could be reflected in a deterioration in the balance of payments. Tight money in the United States may discourage lending to foreigners, but another large reduction in banking claims on foreigners should not be expected. The substantial flow of foreign funds into U.S. corporate stocks could easily turn around with a sharp or prolonged decline in stock prices. But there also are reasonable grounds for expecting continued foreign interest in U.S. securities. The increasing preference among European investors for equity securities and the desire to diversify portfolios may help sustain the demand for U.S. corporate stocks. The general growth in European capital markets and the increased activity of U.S. investment firms abroad facilitate the channeling of foreign investors' demand to U.S. securities. However, these potentialities do not alter the precarious nature of the balance of payments improvements in 1968, and the prospects are highly tenuous for future improvement in the same areas. Consequently, the outlook for even short-term gains depends upon better performance on trade account. The prospects here appear at least moderately encouraging; there is already some evidence of a slowing down in the excessively rapid growth of imports. The increase in imports of industrial supplies and materials is likely to taper off with a change in the tempo of U.S. economic activity. On the other hand, it is less likely that the persistent increase in the trade deficit in consumer goods can be reversed unless new efforts are made to counter foreign competition in major items. The rising favor among U.S. consumers for the types of goods produced abroad and the rising capacity of foreign suppliers to produce for the U.S. market make it difficult to counter the unfavorable trend in the trade balance in consumer goods. However, January 1969 if the rate of growth in exports can be maintained and if imports grow less rapidly with the slowing of U.S. economic expansion, there should be considerable improvement in the foreign trade surplus in 1969. CHART 29 Private Capital Transactions The halting of private net capital outflows in 1968 was the major source of improvement in the balance of payments U.S. OUTFLOWS U.S. INFLOWS Billion $ -8 -6 -2 0 0 BALANCE ON TOTAL CAPITAL TRANSACTIONS (Total net outflows) (Total net inflows) 1968 1967 1966 1965 1964 Direct Investment Capital Flows (Net investments abroad) (Foreign investments in U.S.) Security Transactions i (Foreign sales in U.S., net) (U.S. sales abroad, 1 net) Claims Reported by U.S. Banks (Increase in U.S. claims) (Decrease in U.S. claims F Other Private Capital Transactions 2 (Increase in U.S. claims) (Increase in U.S. liabilities) Note.-All 1968 data are Jan.-Sept. totals, seasonally adjusted at annual rates. 1 Excluding liquidations of U.S. securities by the Government of the United Kingdom and investments by international and regional organizations in the U.S. Government agency bonds. 2 Excluding changes in U.S. liquid liabilities and special transactions by U.S. and foreign official and international agencies. U.S. Department of Commerce, Office of Business Economics 69-1 Personal Income Higher in all Regions in Third Quarter of 1968 A EESONAL income rose in all regions and in 48 of the 50 States during the third quarter of 1968 as income from most major sources advanced briskly. Nationally, there were above-average gains in farm income, Federal payrolls, and finance and transportation wages and salaries. Although most other industries showed gains close to the average, construction payrolls registered little change, while the rise in nonfarm proprietors' earnings generally lagged behind the national pace. From the second to the third quarter, total personal income rose 2% percent, or $16 billion, for the entire Nation. Among the eight regions, income gains varied from about 3 percent in the Far West and the Southwest to 1% percent in the Mideast and about three-fourths of 1 percent in the Rocky Mountains. The advances in the other four regions—Plains, Great Lakes, Southeast, and New England—were very close to the national pace (text table). Many of the regional differences in the rate of income advance during the summer can be traced directly to developments in farming. Nearly all of the above-average gain in total personal income in the Southwest is traceable to a jump in farm income. Similarly, the small advance in the Rocky Mountain States was caused chiefly by weakness in agricultural income, although income in many other industries in that region expanded rather slowly. The above-average third quarter income advance in the Far West is attributable to a broadly based lift in most major nonfarm sources of personal income as well as to a sharp rise in farm income. Only in durable goods manufacturing was there a substantial industrial lag in the Far West. The somewhat below-average gain in the Mideast region is traceable mainly to a slow increase in both hard and soft goods manufacturing industries as well as in Federal Government payrolls. The Plains, Great Lakes, Southeast, and New England regions each showed an increase of roughly average proportions in both total and nonfarm personal income. The industrial pattern of the personal income gain in the Plains and Southeast was similar to that in the United States. This was not the case in New England and the Great Lakes. In New England, a comparatively small expansion in manufacturing payrolls—in both hard and soft goods lines—was offset by an unusually large increase in farming and by sizable gains in mining, construction, and finance. In the Great Lakes, a spurt in- payrolls of both durable and nondurable goods producers provided the major impetus to the income rise. Wage and salary payments in durable goods factories in the region rose over 3 percent (as compared with a nationwide gain of 1% percent) despite the sharp fall in steel production following the labor contract settlement in early summer. Higher wages called for by the new contract partly offset the effects the decline in production had on employment and hours of w^ork. In addition, auto production and payrolls increased during the summer. Offsetting the strength in manufacturing in the Great Lakes, farm earnings in the region fell back substantially; gains in most other industries were fairly close to the U.S. average. Percent Change in Personal Income, From Second Quarter to Third Quarter 1968 Regions Total Nonfarm Far West Southwest 3.1 3.0 2.9 2.5 Plains Great Lakes Southeast New England 2.6 2.4 2.3 2.2 2.1 1.8 .7 1.8 1.7 2.4 2.3 Mideast Rocky Mountain U.S. average . . . . -. . 2.6 2.6 2.0 37 SUKVEY OF CURRENT BUSINESS 38 Table 1.—Quarterly Total Personal Income, by States and Regions [Millions of dollars, seasonally adjusted at annual rates] Percent change, 1968 1968 19 57 State and region II-III I Maine New Hampshire Vermont Massachusetts ._ Rhode Island Connecticut ... Mideast New York New Jersey Pennsylvania .. ... Delaware. Maryland District of Columbia Great Lakes II III 617 968 629 942 641 231 658 927 674 345 690 316 38 658 39 255 39 970 40 747 41,325 42, 450 43,391 2.2 2 544 2 068 1 15° 2,614 2,105 1,184 2,656 2,154 1,219 2,658 2,244 1,248 2,750 2,266 1,263 2,844 2,313 1,292 3.4 2.1 2.3 18, 739 2 923 11 263 19 082 2 943 11 466 19, 298 3,030 11, 739 19, 667 3 083 11,968 19,967 3,169 12, 039 20, 616 3,214 12, 341 20, 951 3,247 12, 744 1.6 1.0 3.3 148 211 150 142 153 463 157 210 160 793 163 722 1.8 67 364 24 964 36 560 68 300 25 512 36 646 69, 293 25, 807 37, 208 70, 705 26, 461 37, 847 72,396 26, 699 39, 155 74, 152 27, 427 39, 688 75, 578 28,011 40, 330 1.9 2.1 1.6 1 833 12 °56 3 216 . -.. .. ... I 2 524 2,052 1 157 . IV 146 193 New England. III 611 135 United States II 1 894 19 461 3 398 1,930 12, 576 3,328 1,963 13, 087 3 400 1,977 13, 484 3 499 2,058 13, 783 3,685 2,096 14, 027 3,680 1.8 1.8 i 2.4 130 662 130 813 134 354 135 398 140 701 142 627 146 081 2.4 Michigan.. . .. . ... Ohio Indiana _ 28 482 33 226 15 870 93 765 32 881 1^ (559 29, 786 33 803 15 986 29, 573 34 510 16, 403 31, 270 35 97? 16, 717 31, 449 36 339 17, 005 32, 734 37 068 17, 344 4.1 2.0 2.0 Illinois ... Wisconsin 40 022 13, 062 40 498 13 010 41, 426 13, 353 41,455 13, 457 42,812 13,930 43, 731 14, 103 44, 392 14, 543 1.5 3.1 47 148 47 662 48 872 49 171 50 435 51 588 52 912 2.6 10 899 8 178 10 910 8 418 11,363 8,966 11 477 8 671 11 835 8,916 11,923 9,195 12 428 9,493 4 2 3.2 13 674 1 574 13 674 1 599 13 823 1,558 13 927 1,627 14 431 1,683 14 635 1,641 14, 895 1,877 18 14.4 1 683 4 318 1 706 4 482 1,788 4,418 1 805 4,470 1 813 4,455 1 858 4,770 1,904 4,707 2 5 -1.3 Plains Minnesota Iowa ... . . Missouri. North Dakota - ...... South Dakota Nebraska Kansas ..- .. . .. 6 822 6 873 6,956 7,194 7,302 7 566 7,608 .6 103 629 104 538 106, 120 108, 846 111,687 114, 598 117, 269 2.3 Virginia.- .. ... West Virginia Kentucky. - 12 314 4 137 7 690 12 474 4 162 7 561 12 725 4 205 7 787 13 362 4 284 7 911 13 416 4 390 8 045 13 756 4 478 8 277 14 219 4 529 8 510 3 4 1i 2 8 Tennessee. North Carolina .. . South Carolina 9 154 11 996 5 675 9 246 12 042 5 661 9 352 12, 165 5 746 9 515 12 866 5 926 9 876 12 826 6 125 10 152 13 224 6 233 10 249 13 598 6 388 10 2 8 2 5 Georgia Florida . Alabama 11 301 16 475 7 549 11 329 16 810 7 616 11 484 17 482 7 (576 11 720 17 638 7 786 12 055 17 947 8 162 12 423 18 602 8 228 12 708 19 338 8 338 2 3 4 0 13 4 486 8 868 3 984 4 544 8 891 4 202 4 336 8 988 4,174 4 443 9 234 4*161 4 662 9 659 4*524 4 912 9 722 4 591 4 936 9 838 4 618 5 1 2 6 41 917 42 985 43 875 44 599 45 642 47 511 48 948 3 0 6 499 28* 717 6 384 29 601 6 621 30 324 6 874 30 643 7 030 31 451 7 007 32 908 7 296 33 898 4 1 30 New Mexico Arizona 2 432 4 269 2 532 4 468 2 420 4* 510 2 553 4 529 2 563 4 598 2 718 4*878 2 663 5 091 —2 0 4 4 Rocky Mountain 13 276 13 478 13 460 13 953 14 060 14 672 14 782 7 1 977 1*830 967 1 985 1 884 973 2 019 1 900 988 1 7 8 15 Southeast Mississippi . Louisiana Arkansas ... . Southwest Oklahoma Texas Montana Idaho .. Wyoming _ _ . 1 916 1 722 924 1 948 l' 735 '934 1 878 1 812 923 2 012 1 930 1 002 Colorado. . Utah 6 060 2 654 6 207 2 654 6 178 2 669 6 318 2 691 6 516 2 770 6 911 2 919 6 923 2 952 2 1i 86 335 87 650 89 700 91, 468 94 198 96 301 99, 285 31 10 485 5 927 10 689 6 046 10 945 6 129 11 364 6 386 11 590 6 440 11 815 6 576 12 127 6 711 2 6 21 1 536 68 387 1 559 69 356 1 613 71 013 1 656 72 062 1 690 74 478 1 745 76 165 1 824 78 623 4 5 3 2 991 2 326 1 003 2 373 1 007 2 442 1 066 2 520 1 099 2 570 1 125 2 680 1 126 2 800 1 4 5 Far West Washington Oregon.. ,. Nevada .. California.. . Alaska. Hawaii. . NOTE. Quarterly totals for the State personal income series will not agree with the personal income measure carried in the national income and product accounts since the latter includes income disbursed to Government personnel stationed abroad. Source: U.S. Department of Commerce, Office of Business Economics. January 1969 (Continued from page 3) be affected by military troubles in other areas, by the international monetary situation, and by developments in our cities. In addition, consumers and investors have been behaving in very unexpected ways, making the task of forecasting especially difficult. Finally, the 1969 outcome depends on Government economic policies and on labor and business attitudes. Despite these uncertainties, the prospects now are that the economy will show a large expansion in 1969, but the real volume of GNP will increase at a more sustainable rate than last year and the increase in prices will slow somewhat. Personal income and corporate profits will set new records, employment will rise to new highs, and the overall unemployment rate will remain comparatively low. There should be further large gains in consumer expenditures, although the pattern may be uneven during the year, partly because of the increases in social security taxes and unusually large settlements on 1968 tax liabilities. Residential construction is likely to increase more although credit restrictions will limit the extent of the rise. Fixed business investment is due for a healthy advance, according to all available evidence. Net exports will show some improvement as exports continue to increase and the import rise slowrs down. State and local government purchases will continue their strong expansion, but on the basis of present programs, Federal purchases will be relatively stable. The most difficult economic problem in 1969 will be to contain inflation. The slowrer increase in the real volume of output will help to moderate the price rise. Partly because of the "frontend loading" in the labor contracts negotiated in 1968 and the smaller coverage of forthcoming contract negotiations, wage rate increases may not be as pronounced as last year. Also, the movement in farm prices should be less unfavorable than in 1968. Nevertheless, strong demand and cost pressures will persist and the problem of inflation will remain. SURVEY OF CURRENT BUSINESS January 1969 39 Farm Income, 1960-67: Revised Data for Page S-3 1 [Millions of dollars] Cash receipts from farming Cash receipts from farming Receipts from marketings and CCC loans Receipts from marketings and CCC loans Year and month Total, including Government payments Livestock and products Total Crops 34, 856 36, 582 38, 103 39, 094 39, 414 34, 154 35, 089 36, 356 37, 398 37, 233 3,420 2,544 2,766 2,538 2,503 2,920 July August. September October November December Annual total.. 1966: JanuaryFebruary March April May Meat animals 15, 208 15, 660 16, 294 17, 435 17, 377 18, 946 19, 429 20, 062 19, 963 19, 856 4,753 4,918 4,854 4,860 5,027 10, 598 11, 007 11, 665 11, 455 11, 137 3,292 3,197 3,240 3,322 3,374 3,325 2,405 2,516 2,455 2,475 2,894 1,658 880 785 780 734 1,091 1,667 1,525 1,731 1,675 1,741 1,803 436 401 447 434 452 426 933 850 982 924 974 1,062 256 233 265 273 270 283 2,973 3,284 3,747 4,762 4,557 3,957 1,227 1,367 1,754 2,678 2,487 1,949 1,746 1,917 1,993 2,084 2,070 2,008 411 398 394 411 402 426 1,018 1,176 1,243 1,299 1,298 1,205 295 322 336 354 351 344 39, 350 17, 392 21, 958 5,037 12, 964 3,581 3,794 3,090 3,176 2,955 2,891 . Dairy products 41,813 . . Total 3,079 3,924 4,365 5,102 4,641 4,011 1960 . 1961 1962 1963... 1964 1965: January February March April May June.. Year and month 3,719 2,921 3,002 2,836 2,851 1,734 1,001 858 859 809 1,985 1,920 2,144 1,977 2,042 430 403 462 459 481 1,209 1,176 1,296 1,145 1,197 304 296 344 321 315 Total, including Government payTotal ments Poultry and eggs Livestock and products Crops Total Dairy products Meat animals Poultry and eggs 1966— Continued June 3,211 3,181 1,196 1,985 472 1,161 322 July August September October... November December 3,432 4,661 4,945 5,408 4,931 3,963 3,303 3,715 3,980 4,922 4,838 3,912 1,424 1,536 1,736 2,555 2,672 1,877 1,879 2,179 2,244 2,367 2,166 2,035 465 467 467 478 461 486 1,068 1,309 1,368 1,476 1,300 1,155 325 382 391 396 389 362 46, 457 43, 180 18, 256 24, 924 5,532 14, 859 4,149 3,687 3,011 3,204 2,814 2 949 3,263 3,617 2,797 2,967 2,719 2,916 3,240 1,523 948 959 818 817 1,253 2,094 1,849 2,008 1,901 2,099 1,987 487 449 502 494 522 504 1,244 1,082 1,161 1,090 1,247 1,168 314 268 307 274 289 287 3,605 4,531 4,751 5,398 4,777 3,877 3,499 3,708 3,862 4,915 4,715 3,833 1,586 1,587 1,712 2,605 2, 653 1,921 1,913 2,121 2,150 2,310 2,062 1,912 473 463 459 471 458 488 1,113 1,309 1,347 1,494 1,278 1,098 309 332 328 329 307 295 45, 867 42, 788 18, 383 24, 405 5,770 14, 630 3,640 Annual total 1967: January February March April May June July August September October November December Annual total. . Indexes of Cash Receipts and Farm Marketings (Unadjusted), 1960-67: Revised Data for Page S-3 * [1957-59=100] Year and month Cash receipts from farm marketings and CCC loans Year and month Total 1960 1961 1962 1963 1964 . 1965: January February _ March. April May June Livestock Crops and products 105 108 112 115 115 110 113 117 126 125 102 105 108 108 107 123 89 93 91 92 107 144 76 67 67 63 94 108 99 112 108 113 113 July.. . August September October. ... NovemberDecember. . 110 122 139 177 169 147 106 118 152 233 216 169 113 124 129 135 134 130 Annual.. . 122 125 119 138 108 111 105 106 150 86 74 74 69 129 124 139 128 132 1966: January February __ March April May . . Cash receipts from farm marketings and CCC loans Total 1966— Continued June July August 103 123 133 129 122 141 September . October November. December.. 148 183 180 145 150 220 232 163 145 153 140 132 Annual.- 133 132 135 1967: January February _ . March April May June 134 104 110 101 108 120 132 82 83 70 70 108 136 120 130 123 136 129 July August September. October November. December.. 130 137 143 182 175 142 137 138 148 226 231 167 124 137 139 150 134 124 Annual... 132 133 132 Year and month Year and month Livestock Crops and products 118 122 138 Physical volume of farm marketings Physical volume of farm marketings Total Total Crops Livestock and products 108 111 122 92 111 119 119 111 124 SeptemberOctober NovemberDecember. . 131 165 170 140 134 202 224 165 128 138 130 122 Livestock Crops and products 1960 1961 1962 1963 1964 107 109 111 116 118 112 110 112 119 118 104 108 110 114 118 1965: January February. _ March April May June 126 87 90 84 84 104 141 65 52 46 44 88 115 103 118 113 115 116 July August September October November. December.- 110 119 135 174 166 141 110 117 149 231 218 174 111 120 125 131 128 117 Annual-.. 118 120 118 1966: January February ... March April May 130 94 94 88 92 154 79 62 54 52 113 105 118 113 120 1966— Continued June July August Annual. - 120 121 120 1967: January February, March April Mav June _. 128 95 100 90 96 110 137 77 72 53 54 96 122 109 122 118 127 122 July August SeptemberOctober NovemberDecember.. 122 130 133 173 170 137 132 133 138 214 224 162 114 127 129 142 131 119 Annual... 124 124 124 1 Source: U.S. Department of Agriculture, Economic Research Service. Data for 1965-67 reflect incorporation of the latest available information relating to production, marketing, prices and inputs from Government and private sources. In addition, the estimates for the dollar figures only were revised back to 1960 (annually, 1960-67; monthly, 1965-67) to include Alaska and Hawaii. U.S. GOVERNMENT PRINTING OFFICE : 1969 O - 329-153 For Facts and Analysis In a Rapidly Changing Labor World... Monthly Labor Review The Unique and Authoritative Monthly Labor Review The Continuing Labor Market. 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Subscribe Now to the MONTHLY LABOR REVIEW Order from Superintendent of Documents or Any regional office of the Government Printing Office Bureau of Labor Statistics Washington, D.C. 20402 U.S. Department of Labor CURRENT BUSINESS STATISTICS JLHE STATISTICS here update series published in the 1967 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY OF CURRENT BUSINESS. That volume (price $2.50) provides a description of each series, references to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1963 through 1966 (1956-66 for major quarterly series), annually, 1939-66; for selected series, monthly or quarterly, 1947-66 (where available). Series added or significantly revised after the 1967 BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (|), respectively; certain revisions for 1966 issued too late for inclusion in the 1967 volume appear in the monthly SURVEY beginning with the September 1967 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein corresponding to revised annual data are available upon request. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights. 1965 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1966 1965 IV I II 1967 IV III I Annual total 1968 I IV III II III II | IV P i Seasonally adjusted quarterly totals at annual rates GENERAL BUSINESS INDICATORS—Quarterly Series NATIONAL INCOME AND PRODUCT bil. $ 684.9 747.6 789.7 710 0 728.4 740 4 753 3 768 2 772 2 780 2 795 3 811 0 831 2 852 9 871.0 887.8 Personal consumption expenditures, total do 432. 8 465.5 492.2 447.4 457.8 461.1 469.3 473.7 480.9 490.3 495.5 502.2 519.4 527.9 541.1 546.3 Durable goods total 9 Automobiles and parts _ _ Furniture and household equipment do do . do 66 3 30.3 26.9 70.5 30.4 29.8 72.6 30.4 31.4 68 9 30 6 28.9 71 6 31.8 29.3 68 2 28 9 29.0 71 0 30 3 30 4 71 1 30 5 30 4 69 8 28 1 31 1 73 4 31 2 31 2 73 1 31 0 31 4 74 2 31 4 31 8 79 0 34 6 33 3 81 0 35 4 33 9 85.1 38,1 35.4 84.8 38.0 34.4 06 3 39.4 106 8 16 4 208 3 40 5 107 0 16'7 228 9 44 8 116 4 19 4 232.7 47.2 117.7 20.0 233. 5 46.5 118.8 223.4 31.5 76.9 16.8 228. 0 Gross national product, total t Nondurable goods, total 9 Clothing and shoes _ _ __ __ Food and beverages Gasoline and oil _ _ _ _ _ _ do do, do do 191.1 35.9 98.8 15.3 206.7 39.8 106.4 16.6 215. 8 42.1 109 4 18.1 197 8 37.4 102 3 15 9 202 8 39.2 105 1 16 0 9 Services, total 9 Household operation. Housing Transportation _ . . . , __ __ do _.do_ . do do 175.5 25.6 63 5 12.6 188.3 27.1 67.3 13.6 203.8 29.0 70 9 15 0 180 26 65 13 7 4 1 2 183 4 26.2 66 0 13 3 186 7 26.9 66 8 13 6 190 27 67 13 0 5 6 6 193 3 27 8 68 8 13 8 198 28 69 14 do 108. 1 120.8 114 3 113 2 116 8 121 0 119 9 125 7 113 0 98 5 71.3 25 5 45.8 27 2 26.7 9.6 86 106.1 81.3 28 5 52.8 24 8 24.3 14.7 14 9 108 2 83 6 27 9 55.7 24 6 24 0 61 56 103 5 76 2 27 8 48.3 27 4 26 9 9 7 85 105 9 78 6 28 6 50.0 27 3 26*8 10 9 10 7 105 6 79 8 28 1 51.7 25 8 15 4 15 4 107 0 82 6 28 9 53.7 94 4 93 9 12 8 13 3 105 9 84 2 28 2 55.9 21 7 21 1 19 8 20 9 104 6 83 5 29 0 54.5 21 1 20 5 8 4 83 do do _- _ _ do 6.9 39 2 32.3 5.1 43 1 38 1 4.8 45 8 41 0 6.0 40 5 34 5 6.0 42 1 36 1 5.2 42 6 37 3 4.5 43 6 39 1 4.5 44 9 39 7 5.2 45 5 40 3 Govt. purchases of goods and services, totaL.do Federal do National defense _ _. _ _ do State and local do 137.0 66 9 50 1 70 1 156. 2 77 4 60 6 178.4 90 6 72 4 87 8 143.3 70 1 52 9 5 73 147.8 72 5 55 3 75 3 153.1 75 6 58 6 77 4 159.5 79 9 63 0 79 7 164.3 81 5 65 4 82 7 By major type of product: f Final sales, total Goods total Durable goods Nondurable goods Services.. _, _ Structures 675 3 337 G 133 0 204.7 262 9 74.8 732 8 367 5 145 7 221.8 288 0 77.3 783 6 390 8 156 4 234.5 314 8 77 9 700 3 351 1 138 5 212. 5 271 o 78 2 717 5 360 5 143 3 217.3 977 5 79 5 725 0 36° 6 220.4 9g4 7 77 7 740 4 371 0 147 3 223.7 992 3 77 2 9.6 6 7 30 14.7 10 2 4 5 6.1 30 31 9.7 4 6 51 10.9 7 6 33 15.4 99 55 Gross private domestic investment, total Fixed investment _ NonresidentiaL. _ _ , Structures Producers' durable equipment Residential structures Nonfarm _ _ _ _ _ Change in business inventories Nonfarm Net exports of goods and services Exports Imports.. _ _ _ _ _ _ _ _ _ _._ Change in business inventories Durable goods Nondurable goods. _ .._ _ __ do do __ do do do d o do .. do do do do do do do. _ _ do do do 14°" 9 3 4 9 8 9 16 4 42 8 109 1 18 3 218 4 42 3 110 8 18 6 "6 5 44 6 113 6 19 7 6 7 4 8 995 29 71 15 9 2 2 1 909 6 29 9 9 72 15 5 9 13 9 30 3 74 9 0 16 218 31 75 16 107 6 114 7 121 8 119 7 127 3 127.1 136. 1 105 4 82 9 7 27 55.5 9 29 7 2 1 2 3 109 3 83 3 27 7 55.6 26 0 25' 4 5 3 4 8 113 5 85 0 27 7 57.3 117 6 88 6 29 6 59.0 29 1 28 5 16 116 5 87* 0 28 5 58'. 5 29 5 9 89 10 8 10 4 119 6 90.1 28 8 61.3 29 5 28 9 75 7 3 126.0 94.2 29 8 64.4 31 8 31 2 10 0 9 2 45 5 40 4 5.4 46 1 40* 6 3.4 46 0 42 6 1.5 47 5 46 0 2.0 49 9 47 9 3.3 52 6 49 4 3.0 52 4 49 5 173.1 87 4 70* 0 85 8 177.3 90 0 72 1 87 2 179.6 91 3 79 9 88 4 183.5 93 5 74 6 90 0 190.5 97 1 76 8 93 4 195.7 100 0 79 0 95 6 199.6 101 2 79 6 98 4 202.5 101 6 80 0 100 8 748 4 375 9 3 150 225. 1 °98 1 74 9 763 8 381 5 151 1 230.4 306 3 76 1 778 391 157 234. 310 75 0 8 1 7 9 3 789 9 393 6 157 3 236'. 2 317 5 78*8 809 7 396 5 159 9 236.6 324 7 81 5 829 1 412 8 166 7 246.1 330 4 849 1 417 6 169 1 248.5 339 9 85 4 863 5 429 5 175 1 254.4 347 6 86 4 877 433 177 255. 354 90 12.8 10 5 9 4 19.8 13 6 6 3 8.4 33 50 2.3 5.3 38 16 8.3 49 41 2.1 15 10.8 69 4 6 7.5 4 9 2 5 209 40 106 17 3 3 9 1 212 40 108 17 9 9 7 7 9 2 1 7 7 9 15 42 108 17 01 28 70 14 9 9 5.1 Q 17 9g 5 27 9 8 3 71 9 I 85 8 Q 7 0 4 3 20. 2 31.9 78.6 17.1 8 2 9 3 0 6 10.0 5° 4 9 GNP in constant (1958) dollars Gross national product, total f bil. $_. Durable goods Nondurable goods Services Gross private domestic investment, total 617.8 657.1 673.1 636.6 648.6 653.3 659.5 657.1 665.7 669.2 do 397.7 417.8 430.5 409.2 420.0 420.6 424.8 431.2 66 6 178 6 152.5 71 3 186 9 159.5 72 4 191 1 167.0 69 8 183 3 156.1 415.7 79 9 185 5 157.3 414.8 do do do Personal consumption expenditures, total 69 2 186 9 158.7 71 8 187*8 160.4 71 4 187 5 161.7 70 1 190 3 164.4 73 7 191 6 165.9 108.8 112.3 681.8 692.7 703.4 712.3 719.1 431.8 79 g 191 1 168.1 434.1 444.9 447.5 455.7 454.8 73 0 191 6 169.5 77 3 196 5 171.0 78 9 196 1 172.6 82 5 198 5 174.8 81 4 196 8 176.6 675.6 do 99.2 99.5 103.4 106.1 109.5 107.4 99.8 94.2 99.3 104.7 101.5 107.3 105.8 112.5 do do do do 90 1 66 3 23 8 9.0 94 9 73 8 9 11 13.9 93 6 73 7 19 9 5.9 94 0 70 3 93 g 9.3 95 8 94 7 23 6 10.3 29 o 14.7 95 5 74 8 20 7 12.0 93 7 75 4 18 ° 18.6 91 8 74 2 17 6 8.0 99 Q 73 3 18 7 2.3 94 0 73 9 °0 8 5.2 96 7 74 0 29 7 8.0 99 5 76 5 23 0 2.0 97 4 74 5 99 0 76 6 99 9 99 4 9.9 6.8 103 4 79 4 9 40 9.1 do 6.2 4.0 2.4 5.7 5.3 4.3 3.6 2.9 3.0 2.8 3.1 1.0 -.1 -.6 .7 .7 114.7 126. 5 140.7 118.4 121.5 57 9 65 2 74 8 61 8 59 6 56.8 61.3 65.' 9 58^7 59.6 '•Revised. P Preliminary. 1 Preliminary annual tota ls for 1968 for components shown in this column appear on pp. 20-23 of this issue of the SURVEY. fRevised series Estimates of national income and product and personal inco e have been revised back to 124.7 64 0 60.7 128.5 66 9 61. 6 131.3 67 9 63.4 138.1 72 7 65. 4 141.0 75 1 66.0 141.4 75 6 6n's 142.0 75 6 146.5 78 1 149.2 80 1 69.1 150. 1 151. 0 79 4 Fixed investment.. _ . Nonresidential ___ _ Residential structures Change in business inventories Net exports of goods and services _ Govt. purchases of goods and services, total. _do Federal _ do State and localdo 66 4 fiS 4 7Q ^ 70 fi 71 fi 1965 (sec p. 19 ff. of the July 1968 SURVEY for data beginning 1965); revisions prior to May 1967 for personal income appear on p. 28 fT. of the July 1968 SURVEY. 9 Includes data not shown separately. S-l January 1969 SURVEY OF CURRENT BUSINESS S-2 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1965 | 1966 | 1967 Annual total I II 1968 1967 1966 III IV I II III 1969 I IV II III IV P 722. 5 I GENERAL BUSINESS INDICATORS—Quarterly Series—Continued NATIONAL INCOME AND PRODUCT— Con. Quarterly Data Seasonally Adjusted at Annual Hates bil $ Proprietors' income, total 9 Business and professional 9 Farm Rental income of persons 652. 9 604.0 615.1 626.7 637.3 638.6 645.1 056. 9 670. 9 088. 1 705.4 435.6 468.2 420.6 430.8 441.4 449. 7 456. 7 461.8 471.5 482. 7 490. 8 507.1 519.7 » 530. 7 358.9 289. 6 12 1 57.1 35.0 394.6 316.9 14.6 63.1 41.1 423. 4 337.1 16.3 70.0 44.8 381.0 306. 7 13.6 60.6 39. 6 390.2 314.0 14.2 62.1 40.5 399. 8 320. 8 14. !) 64.1 41.5 407. 2 326. 0 15. 5 65.7 42. 5 413.3 330. 2 15.8 67. 2 43.4 417.6 332. 8 15. 9 68. 8 44.2 420. 3 331). 4 16.1 70.8 45. 2 436. 4 346.0 17.1 73.3 40 '> 448. 3 355. 7 17.5 75.2 48.4 457.6 362.8 17.8 77.0 49.4 469.0 « 479. 0 370.9 « 379. 1 18.9 18.8 79.1 81.1 51.7 50.7 do do do do Wages and salaries total Private Military Government civilian Supplements to wages and salaries 620.8 393.8 do do do do do Compensation of employees, total 564.3 do National income, totalf 57.3 42.4 14.8 19.0 60.7 44.8 15.9 19.8 60.7 46.3 14.4 20.3 61.5 44.5 16.9 19. 5 60.8 44.7 16.1 19. 7 60. 2 44.7 15.5 19. 9 60. 2 45.2 15. 1 20. 0 60. 1 45. 7 14.4 20.1 00. 5 46.1 14.4 20. 2 61.2 40.6 14.0 20.4 61.1 40.8 14.3 20.5 01.8 47.2 14.0 20.7 62.6 47.8 14.8 20.9 63.4 48.0 15.4 21.0 63.7 48.2 15.5 21.2 Corporate profits and inventory valuation adjustment total bil $ By broad industry groups: Financial institutions do Nonlinancial corporations, total do Alanufact firing, total do Nondurable goods industries do Durable goods industries do Transportation, communication, and public utilitiesbil. $_. All other industries do 76.1 83.9 80.4 82.7 83.4 84.2 85.3 79.5 79. 6 80.2 82.3 83.8 89.2 91.6 8 7 67.4 39.3 16.6 22.8 10 2 73.7 42.8 18.8 24.1 10 3 70.1 39.2 18.0 21. 2 9 8 72.8 42. 9 18.5 24.4 10.2 73.2 42.6 18.8 23.8 10.4 73.8 42.7 19.0 23. 6 10.4 74.9 43.3 18.8 24.5 10.3 69. 2 39. 3 18.3 21.0 10.2 09. 5 3D. 1 17.9 21.2 10.3 0'.). 9 38. 5 17.9 20. 0 10. 0 71.7 3!». 9 18.0 21.9 11.0 72.9 41.3 19. 0 22. 3 11.2 77.9 44.9 19.7 25.2 11.9 79.7 45.3 20.3 25.0 11.1 16. 9 12.0 18.8 11.8 19.0 11.8 18.1 12. 1 18.5 12. 1 19.0 r.». o 12.0 11.7 18.1 11.8 18.6 12. 0 1',). 4 11.9 20. 0 12.5 19. 0 12.5 20.6 13.0 21.4 Corporate profits before tax total Corporate profits ta v liability Corporate profits after tax Dividends Undistributed profits . . Inventory valuation adjustment Net interest - - 77.8 31.3 46.5 19 8 26.7 17 18.2 85.6 34.6 51.0 21 7 29.3 1 7 20.8 81.6 33.5 48.1 22 9 25.2 1 ^ 23.3 85.2 34.5 50.8 21 6 2!). 1 86. 7 35.0 51.6 21 9 85. 0 34. 4 50. 7 21 6 29. 1 3 22. 0 79. 9 32. 8 47. 1 80. 3 33.0 47.3 23.2 24.1 19.8 85. 6 34.6 51.0 21 9 29. 1 9 2 20. 4 99 9 22. [) SO. 8 33.2 47.0 23. 5 24. 1 0 23.0 85.4 35. 1 50.3 22.5 27. 9 3 1 24.3 88.9 39. 8 49. 1 23.0 25.5 51 25.0 91.8 41.1 50.7 24.4 26.3 2 7 25.8 92.7 41.5 51.2 25. 2 26.0 1.0 26.7 bil $ do do do do 538. 9 65.7 473. 2 444.8 28.4 586.8 75. 3 511.6 478.6 32. 9 628. 8 82.5 546. 3 506. 2 40. 2 570.4 70.4 500. 0 470.5 29. 5 580. 3 74.7 505. 5 474. 2 31.4 592. 1 76.8 515.4 4H2. 5 32. 9 604. 5 614. 8 80.5 534. 2 494. 6 39. 7 621. 0 80. 1 541. 5 504. 5 37.0 033. 7 83. 0 550. 0 50',). 5 40. 5 045. 2 85. 0 559. 0 516. 1 43.4 002. 7 88.3 574. 4 533. 5 40. 8 678.1 91.9 586. 3 542. 3 44.0 694.3 a 708. 2 101.6 - 105. 7 592.7 « 602. 5 555.6 a 561. 1 37.1 Ml. 4 bil. $ do do do 51.96 22.45 11.40 11. 05 60.63 26.99 13.99 13.00 61.66 26.69 13.70 13.00 12.77 5.61 2.87 2.74 15.29 6.78 3.51 3.27 15. 57 6. 84 3.54 3.30 17.00 7.75 4.07 3.68 13.59 6.10 3.08 3.02 15.61 6.81 3.40 3.34 15.40 6.48 3.33 3. 15 17.05 7.30 3.82 3. 48 14.25 5.79 2. 96 2.82 15. 87 0.50 3. 22 3.28 16.08 6.03 3.37 3.25 US. 33 7. 86 4.03 3.83 1.30 1.73 2.81 6.94 4.94 11.79 1.47 1.98 3.44 8.41 5.62 12.74 1.42 1.53 3.88 9.88 5.91 12.34 .33 .40 .75 1.60 1.26 2.83 .40 .55 1.00 2.09 1.42 3.06 .37 .48 .82 2. 36 L 36 3.33 .38 .55 .86 2.36 1.58 3.52 .32 .41 .70 1.84 1.35 2.87 .34 .41 1.12 2.46 1.49 2.99 .37 .35 .98 2. 06 1,46 3.09 .39 .36 1.07 2.92 1. 02 3. 39 .36 .37 .98 2.33 1.43 2. 93 .36 .38 1,04 2. 97 1.51 3.11 .34 .36 1.12 2.90 1.50 3.18 .42 .40 1.32 3. 13 . 30 .41 .96 2, 04 35.20 s 1. 74 58.00 25.60 13.15 12.45 60.10 26. 80 13.85 12.95 61.25 27.55 14.35 13. 20 62.80 27.75 14.50 13. 25 61. 65 27.85 14. 20 13.70 61.50 27.00 13.75 13.25 00. 90 26. 15 13. 50 12. 65 62. 70 20. 00 13. 50 12. 55 64. 75 26. 35 13. 05 12.70 62. 65 25. 80 12. 80 13.00 63. 45 20. 05 13. 05 13.05 167. 25 28. 10 14.15 13, 90 271.15 1.40 1.75 3.30 8.25 5.35 12.35 1.55 2.00 3.50 8.30 5.50 12.45 1.45 1.85 3.40 8.55 5.60 12.85 1.45 2.35 3.50 8.50 5.95 13.30 1.40 1.80 3.05 9.20 5. 75 12.55 1.30 1.55 3. 90 9.70 5.80 12. 25 1. 15 1. 40 4. 10 9. 80 0. 05 11.95 1.50 1.40 4. 45 10. 05 0.05 12.05 1.55 1. 05 4. 35 1 1. 60 0.35 12.85 1.40 1.45 3. 65 11.65 5. 90 12.80 1.35 1.40 4. 00 10.90 0.15 12. 35 1. GO 1.50 5. 35 11.45 1.55 1.40 4.30 13. 20 10,528 7,188 200 1,478 1,662 10,645 7,179 219 1, 537 1,710 10,912 7, 309 205 l,f,89 1,7-19 11,059 7,440 205 1, 648 1, 706 11,371 7, 001 •,535 1,504 1, 781 11,377 7, 703 331) 1, 556 1,782 11,513 7, 626 245 1,327 1, 815 11,496 7, 478 323 1,8W 1,813 11,800 7,921 300 1, 742 1,888 12, 557 8,325 362 1, 950 1, 920 do do do do do do do 9 Q 9' 5 21. 1 24. 0 4 « 25. 4 *27.6 DISPOSITION OF PERSONAL INCOMEf Quarterly Data Seasonally Adjusted at Annual Rates Personal income total Less: Personal tax and nontax payments Equals: Disposable personal income Less: Personal outlays® Equals* Personal saving§ 52.5. 4 487.3 38. 1 NEW PLANT AND EQUIPMENT EXPENDITURES Unadjusted quarterly or annual totals: All industries .. Manufacturing Durable goods industries^ Nondurable goods industries?Mining _ Railroad .__ _ Transportation, other than rail Public utilities _ Communication Commercial and other do do do do do . do Seas. adj. qtrly. totals at annual rates: All industries _ Manufacturing ... Durable goods industries? Nondurable goods industries? Mining Railroad . _ Transportation, other than rail Public utilities-.. _ _ Commercial and other U.S. do do do do _ _ .__ . do do do. do do 3 19. 25 2 15. 02 I). 50 3.2S 3. 22 29. 00 15. 10 14. 50 3 20 . 05 BALANCE OF INTERNATIONAL PAYMENTSc? Quarterly Data Are Seasonally Adjusted (Credits +; debits -) Exports of goods and services (excl. transfers under military grants) mil $ Merchandise, adjusted, excl. military do._ Military sales _ do Income on U.S. investments abroad do Other services do 39,197 26, 244 830 5,894 6,229 43, 144 29, 176 829 6, 252 6,887 45, 757 30, 468 1,239 6,859 7,191 p 13, 247 v 8.840 p 405 P 2, 048 i " . - " . . - p 1,954 i Imports of goods and services do -32,296 -38, 063 -40, 988 -9,020 -9,336 -9, 778 -9, 929 -10,078 -10,108 -10,1-54 --10,013 -11,534 -11,905 <-12,30& Merchandise, adjusted, excl. military do -21,516 -25, 541 -26,991 -6,036 -6,263 -6,567 -6,675 -6,686 -6,005 -6,541 — 7, 159 —7,807 -8, 320 p— 8, 578 , _ -962 - 979 -1,072 --1,005 -1,098 -1,104 -1,110 -1,123 P- 1,150 Military expenditures do -872 -923 -2,945 -3,736 -4,339 -704 p-735 -598 — 575 -500 — 060 — 560 — 556 -563 -476 -479 Income on foreign investments in the U.S__do -1,729 -2,074 -2,293 Other services do - 1 , 093 -1,712 - i , 700 -1,878 — 1 , 940 -1,787 -1,897 -1,818 P— 1,900 -6,106 -6,712 -7,365 -1,636 -1,671 Unilateral transfers, net (excl. military grants); -713 p-754 -042 — 84"i -Oil —859 -730 -017 transfers to foreigners ( — ) mil $ -2, 834 -2, 925 -3,075 — 732 -701 -845 r r ©P ersonal c nllay? c emprise personal consum >tion ex >enditur is, interc >t paid by conRevised. v Preliminary. » See note 1 on p. S-l. 1 sume "s, and p Tsonal t •ansfer p; lyment.; to foreigr ers. Estimates for Oct. -Dec. 1968 based on anticipate(I capital expenditiires of bus iness. 2 §Pe rsonal sa ving is !•-. :cess of d isposubk income, over per? onal out ays. Estimates for Jan. -Mar. 1969 based on anticipated capit al expen iitures of business Anticipated expenditures for the year 1968 are as f ollows ( n bil. $). All indu stries. 6- .53; ill) \ta for in dividim'' durable and non durable 2oods itu ustries ('ompone its appear in the Mar., June, Se it., and Dec. issu ^ of t h e 3UKVF.Y. manufacturing, total, 26.78; durable goods industr es, 13.58 ; nondunible good!- industr ies, o\\ ore eo m i )le(.edetn ilsare giv en in t lie quarter y review 3 in t ho -\ Lir., Jun c, Sept., and Dec. 13.19; mining, 1.49; railroad, 1.51; transportation, 4. 46 public iitilities, 1 1.38; com nunicat on, issues of the SiJRVEY. 1levised < lata budi to 1900 appear o n p. 32 ; f. of the June 1968 issue. 6.26; commercial and other, 12.65. 3 Includes comn lunicatio n. « CcHTt-eted. tSee corresponding note on p. S-l. 9 Includes i nventory valuatioii adjustm ent. SURVEY OF CURRENT BUSINESS January I960 1965 Unless otherwise stated, statistics through 19G6 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 S-3 19B7 1966 1967 I Annual total II III IV I 1968 III II IV 1969 II 1 III IV I Nov. Dcc.p GENERAL BUSINESS INDICATORS—Quarterly Series—Continued U.S. BALANCE OF INTERNATIONAL PAYMENTS §— Con. Quarterly Data Are Seasonally Adjusted Transactions in U.S. private assets, net; increase (-) _ . . mil. $ Transactions in U.S. Govt. assets, excl. official reserve assets* increase ( — ) mil $ Transactions in U.S. official reserve assets, net; increase ( — ) mil $ Transactions in foreign assets in the U.S., net (U.S. liabilities); increase (+) mil. $.. LiQuid assets do Other assets do Unrecorded transactions do Balance on liquidity basis — increase in U.S. official reserve assets and decrease in liquid liabilities to all foreigners; decrease ( — ) mil $ Balance on official reserve transactions basis — increase in U.S. official reserve assets and decrease in liquid and certain nonliquid liabilities to foreign official agencies; decrease (— ) mil. $ Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS -3 792 -4, 298 -5,505 —1 562 — 1 535 -1,011 -1,114 -1,010 -1,163 —496 —330 —347 — 708 —572 —501 68 82 —6 1,027 -419 -375 -181 6, 705 3, 519 3, 186 -535 484 206 278 -198 1,110 594 219 375 231 1,135 339 796 -102 343 -522 865 -250 2,143 941 1,202 -458 1,943 1,177 766 207 2,276 1,923 353 -34 -1,357 -3,571 —630 -93 -333 -505 —522 -802 3S2 113 261) -317 3,323 789 2, 534 -214 -1,280 1966 -707 —630 424 —2411 568 -1,335 -1,104 -1,788 -1,638 —362 999 I -975 266 -3,405 1967 Annual -409 1, 085 -145 -116 -301 692 99 -1, 764 1967 Nov. -645 -788 p— 499 -137 p-571 1,150 -217 1,367 -243 2, 780 301 2,479 -429 p2 270 P530 pi, 740 P444 -1,742 -687 -164 p41 -1,082 247 -806 -1,448 p-1,768 -556 1,528 P444 Aug. Sept. 904 1968 Dec. Jan. Feb. Mar. Apr. June May July Oct. GENERAL BUSINESS INDICATORS—Monthly Series 370.0 672.6 678.2 683.7 689.2 694.1 699.7 703.2 r 708. 0 713. 4 152. 2 L77.0 142.2 106. 5 453.2 176.7 141.6 106.9 457.5 179.3 144.3 107.4 462. 2 179. 9 145.6 109. 7 465. 4 180. 6 146.0 109. 9 468.7 181.1 146.3 111.2 472.8 183.3 147.8 112. 1 474.9 184.7 148.8 112. 1 ' 478. 9 ' 186. 1 '149.7 '113.3 483. 1 187. 5 150. ft 113.7 75.2 93.4 25.2 75.5 94.2 25.5 76.1 94.7 25.7 77.0 95.5 26.0 77.5 97.4 26.3 78.2 98.2 26.5 78.8 98.6 26.8 79.1 99.0 27.0 79. 8 ' 99. 6 27.3 80. 8 101.0 27. G 47.5 14.8 47.6 14.8 47.8 14.8 47.9 14.8 48.0 15.1 48.0 15.4 48.0 15.7 48.1 15.6 48.2 '15.5 48.3 15. 5 °0 7 23.9 50.2 57.8 20.8 24.3 50.8 58.1 20 9 24.7 51.3 58.2 20.9 24.3 51. 9 58.5 21 0 25. 0 52.4 59.1 21.0 25.2 52. 9 59. 6 21.1 25.3 53.4 59. 9 21.2 25.3 54.0 60.4 21.2 25.4 ' 54. 3 60.8 21. 3 22. 4 22.6 22.8 22.9 23.1 23.2 652.4 658.0 663.4 668. 7 673.3 678.6 J, 021 2, 986 3,027 3,206 3,716 4,861 23.4 23.3 349. 9 51 Ji 61.1 23.5 23. 5 682. ' 687. 0 692. 5 5,138 5,602 1 3,973 1,744 2 229 478 1,362 373 5, 206 2, 678 2, 528 498 1, 639 375 4, 954 2, 742 2,212 485 1,350 35,8 4,09') l,95 r > 2, 1H Mu 1/J32 364 4, 991 1 4, 148 2,847 835 2, 012 504 1,190 286 3, 562 1, 476 2,086 493 1,253 322 107 73 132 111 74 139 119 108 127 133 129 135 140 138 142 148 152 145 194 174 164 1 184 210 144 i ir>:< 92 55 119 98 57 128 112 105 116 126 133 120 133 141 127 133 142 127 182 227 148 1173 233 129 » 141 172 122 164. 6 163.2 165.2 169. 4 160. 3 163.3 r 169. 5 ' 170.2 ' 169. 1 167.0 166. 4 170.5 161.2 125.3 165. 1 169. 4 159. 8 127. 3 167. 4 172.1 161. 6 128.6 171. 6 175.4 167.0 128. 9 160.4 164. 1 155.7 127. 1 163. 0 160. 5 166. 3 130. 7 '170.5 ^ 1 70. 6 r 170. 5 128.6 '172.9 171.2 '171.3 ' 167. 3 '126.8 Kil.4 120. 0 164. 8 156.2 179. 8 148 7 183i4 160. 8 151.7 175.1 144. 2 m4 162.6 153.7 178.5 145. 9 18L6 168.8 161. 2 184. 5 153. 8 185! 1 159. 1 14!). 6 153. 5 148.3 179-. 6 162. 0 r'171.0 154. 2 , 165. 9 141. 5 ;' 178.5 158.3 ! - i r>i.9 184. 6 178'. 6 ' 171.9 ' !()«». 4 ' 192. 7 158 1 183.7 r 169. 1W. S 164. 5 157.7 171.5 3,188 1,233 1,955 522 1,108 299 93 00 118 Revised. ^ p Preliminary. i Data for Nov. and Dec. 1968 cover 50 States §See note marked "c?" on p. S--2. fSec corresponding note on p. S-l. {Series rcvise'l beginning 1960 (annual data for 1960-67 and monthly data for 1905-67, for dollar figures only, now include Alaska and Hawaii; 1968 data exclude these States); monthly data back to 1965appear 2, 993 851 2, 142 540 1.284 281 106 73 131 r 2,868 838 2, 030 511 1,215 267 3,763 1, 579 2, 184 482 1,330 355 165. 4 158.8 172.2 167. 6 162. 4 173.0 169. 9 164.8 175.1 161.3 155. 1 167. 6 164. 5 153. 1 176. 3 r f j ] r 173. 5 T 172. 1 122. 8 3 '161. 4 190. 9 171 13'* 10S.3 173. S 1 r,c,.:{ 1S2 186. 3 l,8!t. 3 ' 167. 5 ' 168. 7 168. 9 ' 1 57. 4 r lf>8. 9 '159.0 ' 177. 9 [ '178.9 ' 179. 1 167.7 15!) 177 on p. 39 o the Jan. 1969 issue o the SURVP:Y. ^Revisions for 1966 appear on p. 20 of the Nov. 1967 SURVEY; those for Jan.-Aug. 1967 will be shown later. 9 Includes data for items not shown separately. SURVEY OF CURRENT BUSINESS S-4 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1967 Annual January 1969 Nov. 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Oct. Sept. Nov. Dec.p GENERAL BUSINESS INDICATORS—Continued INDUSTRIAL PRODUCTION^— Continued Federal Reserve Index of Quantity Output— Con. Seas, adj., total index (incl. utilities) d"-1957-59 = 10r By industry groupings: Manufacturing, total _ _ - __ do 156.3 158.1 159.8 162.1 161.2 162.0 163.0 162.5 164.2 165.8 166.0 164.6 165.1 158.6 159.7 161.3 164.1 162.7 163.6 164.6 163.7 165.8 167.3 167.4 165.7 166.3 167. 4 ' 168. 7 170.1 Durable manufactures 9 do Primary metals do_. . Iron and steel .. _ .do Nonferrous metals and products do. Fabricated metal products _ do Structural metal parts do_- 164.8 142.7 136.2 166.2 163.0 158.8 163.7 132.5 126.8 153.2 161.9 158.1 164.1 134.9 133.3 142. 1 159.8 158.8 168.1 140.9 140.9 145. 2 162. 4 160.0 167. 2 136.3 134. 2 145.6 163.9 159.4 167.6 139.3 137.8 154.1 165.7 160.9 168.2 140.2 140.8 151.3 166.6 162.7 167.2 143.3 143.1 154.5 161.4 156.9 169.8 148.5 146.4 161.2 165.0 159.8 171.0 148.6 148.4 150.4 166.1 161.8 170.8 145.8 146.6 153.6 166.2 159.7 167.8 ' 168. 7 r 169. 3 '171.4 122.8 ' 120. 6 ' 123. 0 ' 129. 6 112.9 ' 107. 3 ' 108. 1 116.2 153.9 ' 166. 2 ' 173. 5 173.8 167.6 ' 172. 2 173.6 166.3 159.1 161.1 ' 165. 1 ' 168. 4 172.6 136 124 183.8 181.9 186.4 166.9 168.7 165.0 183.4 183.4 183.3 165.7 146.5 182.1 183.2 180.9 186.3 165.6 141.4 186.0 182.2 179.5 185.8 177.5 166.9 186.3 183.4 180.7 186. 9 175.6 162. 2 186.8 183.2 180.6 186. 6 175.1 161.1 186.5 183.3 180.2 187.3 177.6 167.8 185.4 179.4 176. 9 182.8 175.3 164.8 183.5 179.9 176.6 184.2 180.4 173.6 185.4 181.7 178.8 185.5 182.6 174.2 188.6 182.7 179.8 186.5 183.2 174.3 189.3 183.8 r 186. 4 179.1 ' 182. 6 191.4 190.1 180.5 181.7 173.5 175.4 184.7 185.7 do do do do do- . . 176.5 140.7 119.4 171.9 157.9 184.8 138.7 116. 9 167.7 157.3 185.4 139.2 120. 6 167.8 155.1 186.3 143. 6 125.7 170.7 155. 7 186.7 140.8 118.1 171.3 158.9 184.7 137.3 119.3 173.0 160.7 183.8 131.0 125.0 173.7 159.9 181.4 146.1 123. 9 174.1 158.8 181.2 146.4 122.7 178.9 160.6 181.3 145.1 123.4 178.0 160.9 179.2 145.2 120.6 177.8 161.1 182.6 147.5 114.7 178.6 161.4 do do do do do 150.8 142.5 150.1 111.7 152. 1 154.6 142.0 147. 6 106.3 153.6 157.7 147.1 148.6 113.0 156.1 159.0 151.9 150.9 114.8 157.4 157.1 147.6 145.2 110.4 155.9 158.6 148.8 146.4 109.7 157.1 160.0 149.9 148.5 113.7 159.2 159.5 146.3 148.9 114.6 159.5 160.8 147.2 149.6 118.0 161.1 162.7 148.8 151.4 115.8 162.9 163.0 150. 9 150.4 If 7.0 164.1 163.0 151.4 149.0 109.5 164.1 do do do do do 142.1 134.2 193.2 221.0 128.3 146.8 134.2 203.8 236.0 133.4 145.5 134.4 209.2 245.5 136.7 144.1 129.9 211.4 249.4 137.9 143.3 129.9 211.8 250. 9 134.8 145.9 131.4 213.8 251.8 135.7 146.8 133.7 215.0 252. 7 136.1 145.8 130.8 215.2 256.2 137.3 149.8 134.4 216. 6 255.5 139.9 149.6 134.7 219.3 258.0 140.6 149.5 134.7 229 4 264.' 4 139.5 151.1 137.7 221.0 262.7 140.7 do do.-_ do do do 191.9 128.7 126. 6 139. 9 120.0 193.5 132. 6 130.1 146.0 120.3 213.9 133. 5 130.2 151.0 115.5 215.4 134.4 130.5 155.5 120.5 206.7 133.5 130.7 148.2 114.4 212.3 133.2 130.7 146.7 132.1 215.7 134.5 131.4 151.2 122. 9 209.4 135.3 131.9 153.3 112.1 214.3 134.0 131.9 145.0 120.0 218.0 135. 5 132.2 153.1 122.8 222.4 135.1 132.7 147. 9 123.4 223.1 135.3 131.5 155.7 123.1 do _ do _ do. do do do 120.5 117.0 118.0 119.3 133.4 133.5 123. 8 120.4 123.1 126.3 120.3 135.4 124.1 117.2 126.5 128.7 94.6 139.0 122.8 119.2 123.5 126.4 97.1 142.7 121.6 113.4 123. 6 127. 4 100.0 135.3 123.9 116.8 124.5 129.7 102.8 145.0 126.2 126.0 126.0 130. 9 108.7 141.2 127.1 124.4 124.8 128.7 139.9 137.1 126.9 120.4 126.6 131.2 131.4 135.0 129.2 126.7 128.4 132.4 130.8 136.9 130.0 126. 6 120.2 134.0 134.1 137.1 129.4 121.3 129.3 134.8 134.5 137.5 ' 127. 0 do do do 173.9 179.6 156.1 184.9 191.8 163.0 191.5 199.4 166.6 192.6 200.8 166.8 196.7 205.2 169.8 199.0 207.3 172.8 198.0 206.4 171.8 196.5 204.9 170.0 196.1 205.0 168.4 197.9 207.0 169.2 199. 3 208.2 171.3 202.1 211.5 172.6 204.8 214.7 155.5 147.5 166.5 158.3 148.5 159.0 160.1 150.2 163.2 162.1 153.0 169.0 160.8 151.3 167.0 162.0 152.9 167.9 163. 5 155.0 173.1 161.7 153.5 169.5 163.0 154.6 173.6 165.2 156.8 176.4 164.7 156.4 175.2 164.8 156.8 175.6 r 165. 7 do do do do do do 163.0 169.5 154.4 168.9 166.6 165.7 149.1 145.7 153.6 166.0 159.6 159.6 152.4 144.5 162.9 170.8 168.4 163.4 170.0 175.1 163.3 168.3 158.7 166.5 164.2 163.2 165.4 169.1 159.3 166.4 162.7 158.0 168.8 171.5 162.6 169.2 173.4 172.7 174.4 172.9 164.8 169. 9 168.7 166.8 171.2 170.1 156.8 170.1 178.1 182.3 172.6 170.4 156.7 174.6 180.7 183.5 177.1 173.4 161.6 174.8 180.4 183.7 176.1 171.5 161.8 174. 5 177.1 182.4 170.2 174.6 168.0 174.0 175.6 177.4 173.2 175. 9 170.4 175.5 Apparel and staples do Apparel, incl. knit goods and shoes__do Consumer staples _ do Processed foods do 141.4 139.5 142.0 126.4 145.1 136.2 147.6 130.0 146.1 137. 5 148.5 129.5 147.9 139.2 150.4 130.4 146.2 136. 5 149.0 129.5 148.1 137.3 151.2 130.6 149.2 140.3 151.7 131.3 148.3 139.9 150.7 131.2 148.6 139.5 151.2 131.0 150.6 140.8 153.4 132.2 150.4 139.4 153.5 132.9 152.5 150.7 '151. 5 139.8 ' 139. 6 141.9 154.9 ' 155. 5 ' 155. 4 153.9 132.5 ' 129. 5 129.1 132.5 133.2 173.5 136.5 159.9 137.4 182.7 140.1 168.9 139.0 183.1 135.7 174.9 143.7 184.3 138.5 177.5 136.8 184. 2 138. 4 176.9 141.8 185.9 141.5 179.6 141.7 187. 5 142.1 179.4 139.4 186.1 142.1 177.3 136.6 190.0 145. 3 177.0 142.9 192.0 143.6 180.8 139.6 192.6 144.2 180.8 144.7 190.6 143.6 182.6 145.2 193.6 140.7 186.0 172.6 181.2 172. 3 190.1 208. 3 167.5 179.4 182. 8 170.2 200.9 215.4 158.7 181.5 183.5 170.4 200.9 222.9 147. 2 181.5 183.4 168.9 204.7 228 4 131.2 181.4 183.3 168.0 204. 2 226. 4 148.3 181. 6 182.9 165.8 206.1 230. 1 146.4 181.8 183.3 167.0 205. 4 227.8 150.6 179.4 180.9 165.9 204.4 220.8 140.3 181.1 182.5 165.8 203. 6 231.5 145.1 183.2 184.3 168.0 204. 6 234.0 144.2 182. 6 183.4 167.5 202.4 234.3 139.6 181.9 182.4 164.7 204.6 233.2 145.8 ' 183. 6 ' 185. 2 167.8 205.9 235.6 ' 152. 9 do do do do do 157.0 156.9 166.5 180.7 141.7 157.8 151.9 143.9 184.5 139.6 160.1 152. 4 143.8 186.0 141.2 162.0 155. 1 159.4 184.9 142.1 161.7 154. 9 162. 3 183.9 142.8 161.8 155. 4 162. 2 186.7 144.8 162.8 156.7 160.1 185.1 145.8 163.1 157. 1 154.6 181. 9 144.4 165.2 166.7 159.4 FA 4 163.0 <•• 166. 2 183.6 184.8 145.3 145.6 167.4 164.2 r 165. 1 153.3 r 153. 3 166.1 153.5 185.1 185.3 143.3 ' 145. 5 Nondurable materials 9 Business supplies Containers . General business supplies do do do do 157.2 149.0 145.6 150.6 163. 9 152.9 148.5 155.1 168.1 154.7 152.6 155.7 169.2 154. 7 152. 0 156.0 168. 7 154. 4 154. 3 154.5 168.3 151.1 144.5 154.4 169.1 150.1 142.8 153.8 169.3 152.0 150.9 152.6 171.2 154. 5 155.6 154.0 Business fuel and power 9 Mineral fuels Nonresidential utilities do do do 144.3 136. 6 129.2 1" 5 172.9 183.3 cfSee correspond!)-ig note on p. S-3. 147.5 130.8 189.3 146.2 129.3 188.9 147.2 128. 9 193.4 149.1 131.4 194.4 Machinery _ Nonelectrical machinery Electrical machinery Transportation equipment 9 Motor vehicles and parts Aircraft and other equipment _ do _ do do do do do Instruments and related products Clay, glass, and stone products _ Lumber and products Furniture and fixtures Miscellaneous manufactures Nondurable manufactures Textile mill products Apparel products Leather and products Paper and products.. _. Printing and publishing Newspapers Chemicals and products Industrial chemicals Petroleum products _ . Rubber and plastics products Foods and beverages Food manufactures Beverages Tobacco products Mining _ Coal Crude oil and natural gas Crude oil Metal mining Stone and earth minerals Utilities . Electric Gas By market groupings: Final products, totalcf Consumer goods ._ _ _ Automotive and home goods Automotive products Autos. . . . . . . . Auto parts and allied products Home goods 9 Appliances, TV, and radios Furniture and rugs Beverages and tobacco Drugs, soap, and toiletries Newspapers, magazines, books Consumer fuel and lighting do do do._. do do do do Equipment, including defense 9 do___ Business equipment _ _ do Industrial equipment do Commercial equipment do Freight and passenger equipment. .do... Farm equipment do MaterialscT Durable goods materials 9 Consumer durable Equipment _ Construction . _ r Revised. p Preliminary. 173.9 159.0 I 158.9 ! 159.0 1*0 8 167.7 185. 8 143.7 175.3 157.9 > 156.0 158.8 ; 150.8 150. 2 151. 7 153.2 i 154.1 134.3 132.6 133.7 136.4 13G.O 193.6 194.6 198.2 196.7 197.0 9Imiludes da ta for ite ms not s 10 wn sep arately. 165.7 r 167.4 188.4 186.5 190.8 r 180. 4 ' 179. 9 r 177. 0 177.4 ' 181. 0 ' 179. 3 «• 186. 1 «• 183. 7 ' 189. 3 184.3 ' 185. 8 150.0 ' 151.5 119.4 '119.4 179.7 ' 180. 4 162.0 r 162. 1 ' 188. 3 ' 150. 5 122.0 ' 182. 3 ' 161. 0 168.9 175 171 189 187 192 179 173 181 190 152 183 160 ' 165. 0 ' 165. 3 3 152.0 ' 153. 2 154.9 149. 9 150.8 r 109. 3 113.1 ' 166. 1 ' 166. 6 167.8 167.0 150.0 '151.2 ' 152. 0 138.4 140.8 140.9 222.4 ' 226. 6 225.9 ' 263. 2 266.0 ' 141. 9 ' 143. 4 142. 7 153 r 163. r 135.4 131.5 156.0 124.0 135.8 '131.6 158.5 120.8 134.4 130.0 ' 120. 7 ' 126. 5 86.6 ' 115. 9 ' 125. 5 126.6 ' 129. 1 129.1 ' 125. 0 132.5 ' 132. 2 136.0 127.1 120 125 127 ' 210. 0 212.5 ' 166. 4 ' 167. 4 157.3 ' 158. 5 ' 158. 9 175.8 ' 177. 6 179.1 168.2 159.4 177 120.8 ' 126. 8 131.2 127.7 136.5 ' 208. 4 218.7 180.2 ' 178. 9 180.3 ' 180. 6 ' 177. 0 179.8 ' 176. 7 178.4 171.1 ' 171.8 177.5 ' 174. 2 177 175 157 145.8 ' 199. 8 200.2 ' 145. 8 145.7 188.7 ' 185. 7 ' 190. 0 174.1 206.5 241.1 187.1 192 ' 165. 5 ' 167. 5 ' 155. 3 ' 158. 0 ' 166. 5 167.7 186.9 184.7 ' 146. 3 147. 9 169.6 180 ' ' ' ' ' 183. 3 187. 1 170. 2 205. 9 237. 8 155.3 178.3 163.6 167.9 161.4 180 154.3 ' 153. 3 ' 148. 9 r 153. 1 134.1 r 126. 0 '131.6 136.6 205.5 202.8 200.3 « Cor rected. 153 131 175.5 158.4 154.2 160. 5 ' 177. 2 161. 1 163. 4 160. 0 T r r ' ' ' ' 176. 0 161. 7 167. 5 158. 8 January 1969 S-5 SURVEY OF CURRENT BUSINESS 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS Annual 1968 1967 1967 Nov. Dec. Jan. Feb. Mar. Apr. May June Oct. Nov. Aug. Sept. 94 408 96 310 98 496 99 096 51,441 ••52,560 27, 985 '28,960 23 456 '23 600 Dec. 98 605 '103 413 101, 837 97 360 52,685 28, 917 23, 768 28, 891 9,320 19, 571 July GENERAL BUSINESS INDICATORS—Continued BUSINESS SALES AND INVENTORIES § Mfg and trade sales (unadj ) total rf Mfg and trade sales (seas adj ) totaled mil $ l l 046 213 067 539 92 117 *1 96 953 86 378 90 002 95 315 do il 046 213*1 067 539 90 759 Manufacturing , totaled Durable goods industries Nondurable goods industries do do do 1533 506 1548 542 295 624 299 680 242 882 248 862 46 955 25 538 47 961 26 610 48 446 26 844 91 3M 91 coo 48 356 26 711 91 41 7 91 fi4^ 91 fi09 Retail trade, total cf Durable goods stores Nondurable goods stores. _ do do do *303 956 1313 809 98 301 100 173 205 655 213 636 26 385 8 276 18 109 26 368 8 422 17 946 26 936 8 502 18 434 27 512 8 871 18 641 Merchant wholesalers, total Durable goods establishments Nondurable goods establishments do do do *203 751 91 026 112 724 205 188 17 419 90 447 7 040 114 741 9 576 17 641 7 980 9 661 17 694 17 953 8 171 9*789 1 91 970 93 077 48 447 26 925 7 QQ9 9 802 93 821 94 612 95 757 98 459 100 Oil 97 554 r 99 684 100, 442 94 436 96 043 48 755 26 888 91 fcfi7 50 014 27 509 22 505 50 729 27 633 23 096 51 425 28 211 23 214 49 825 26 837 22 988 28 145 9 062 19 083 27 675 8 871 18*804 28 132 9 081 19 051 28 451 9 290 19 161 28, 802 9 402 19 400 29, 037 9 567 19 470 28,863 '28,706 9 699 r 9, 402 19,164 '19,304 18 021 18 006 8 ICO 9 843 17 897 18 374 8 152 10 222 18 269 8 309 9 960 18 498 8 301 10 197 18, 792 '18,418 18, 866 8 554 ' 8 536 8,843 10 238 ' 9, 882 10, 023 o 141 9 880 c OKQ 9 839 Mfg. and trade inventories, book value, end of year or month (unadj.), total cf mil $ 135 513 142 213 143 762 142 213 143 308 144 921 146 430 148 157 149 140 148 890 148 138 148 320 149 122 '152,201 154, 245 Mfg. and trade inventories, book value, end of year or month (seas, adj.), total cf mil $ 137 184 143 772 142 554 143 772 144 106 144 819 145 153 146 487 147 808 148 522 149 063 149,923 150,725 '152,122 153, 193 Manufacturing, totald" Durable goods industries... Nondurable goods industries Retail trade , total f Durable goods stores. Nondurable goods stores Merchant wholesalers, total Durable goods establishments Nondurable goods establishments Inventory-sales ratios: Manufacturing and trade, totalcf do do do do do do do do do 78 49 28 38 17 21 20 12 8 82 819 53* 540 29 279 39 318 17 403 21 915 21 635 12 543 9 092 82 389 53 *283 29 106 39 104 17 065 22 039 21 061 12 258 8 803 82 819 53 540 29 279 39 318 17 403 21 915 21 635 12 543 9 092 82 890 53 525 29 365 39 575 17 566 22 009 21 641 12 433 9 208 83 408 54 009 29 399 39 788 17' 709 22 079 °1 623 12 446 9 177 83 759 54 295 29 464 39 776 17 723 22 053 21 618 12 509 9 109 84 54 29 40 382 724 658 242 9 086 85 278 55 234 30 044 40 606 18 248 22 358 21 924 12 664 9 260 is' 113 22 129 21 863 19 777 85 582 55 442 30 140 40 842 18 440 22 402 22 098 12 775 9 323 85 829 55 461 30 368 41 065 18* 475 22 590 22 169 12 923 9 246 86 56 30 41 18 22 22 13 9 713 069 644 010 501 509 200 166 034 87 109 56, 458 30 651 41 424 18 622 22 802 22 192 13 064 9*128 '87,566 '56,657 '30,909 42, 220 19, 165 23 055 '22 336 '13 218 '9 118 88,182 57, 124 31, 058 42, 488 19, 361 23, 127 22, 523 13, 306 9,217 1 48 1 58 1 57 1 56 1 55 1 54 1 53 1 55 1 54 1 52 1 51 1 54 1 52 ' 1.53 1.53 1 62 1 85 ratio Manufacturing, total cf do Durable goods industries do Materials and supplies. do Work in process. . do Finished goods . _ do Nondurable goods industries do Materials and supplies. _ _ do Work in process do Finished goods do Retail trade, totald* do Durable goods stores do Nondurable goods stores do Merchant wholesalers, total do Durable goods establishments do Nondurable goods establishments do MANUFACTURERS' SALES, INVENTORIES, AND ORDERS Manufacturers' export sales: Durable goods industries: Unadjusted, total mil $ Seasonally adj., total* do 125 797 328 368 309 059 691 112 579 1 77 2 08 1 75 2 09 1 73 2 01 1 71 1 99 1 72 2 02 1 73 2 02 1 7°. 2 04 1 71 2 01 1 69 2 oi 1 67 1 97 1 69 2 02 1 67 1.96 1.67 1.98 60 94 50 60 92 49 60 92 49 59 89 48 1 74 2 09 63 95 51 60 92 50 1 36 1 33 1 30 1 31 1 33 1 31 1.31 1.31 .49 20 62 .49 .20 62 1 43 1 97 1 16 1 21 1 56 1 41 1 93 1 16 1 20 1 59 1.44 1 92 1 19 1.18 1 53 1.47 2.04 1.19 '1.21 ' 1.55 '.92 1.47 2.08 1.18 1.19 1.50 1 275 ' 1, 370 1,293 ' 1, 356 1,403 1,384 58 81 46 62 94 52 54 20 60 1 44 2 00 1 18 1.14 1 49 85 11 436 59 93 50 1 40 1 34 61 96 52 1 36 1 37 55 21 64 1 47 2 03 1 21 1 22 1 61 91 12 853 53 21 62 1 48 2 06 1 22 1 21 1 56 53 21 63 1 49 2 07 1 22 1.23 1 57 .92 .94 1 109 1,091 1 337 1,204 58 92 50 1 36 53 21 63 1 47 2 07 1 19 1 22 1 58 59 93 50 1 36 52 21 63 1 45 2 00 1 18 1 20 1 52 94 94 1 139 1,210 1 137 1,175 59 93 50 1 36 52 21 64 1 41 1 96 1 16 1 20 1 54 92 1 169 1,' 091 1 45 2 04 1 18 1 21 1 57 1 44 2 01 1 17 1 23 1 57 92 94 49 20 61 44 98 17 20 57 91 1 203 1 184 1 268 1,223 1 256 1,222 51 21 OA 50 20 63 49 20 62 50 21 63 .93 89 1 180 1,314 1 152 1,261 .89 .58 89 .49 .58 .91 .49 .49 .20 .62 .92 Durable goods industries total 9 Stone, clay, and glass products Primary metals.. _ _ Blast furnaces, steel mills Fabricated metal products Machinery, except electrical Electrical machinery Transportation equipment do 538 506 548 542 46 799 46 923 45 421 48 976 50 491 50 068 50 596 53 163 47 378 47 967 52 950 ' 54,016 do do do do do do do do 295 14 49 24 30 46 40 75 299 14 45 22 31 52 41 74 680 479 867 846 443 066 443 863 40 nn« 25 455 1 226 3 798 1 963 2 627 4 301 3 695 6 366 25 137 1 088 3 872 2 042 2 586 4 225 3 303 6 815 4 0^1 27 070 1 154 4 189 2 218 2 770 4 794 3 601 6 971 28 283 1 373 4 663 2 457 2 900 4 808 3 361 7 410 4 490 25 612 1 297 4 352 2 554 2 703 4,376 3 151 6 086 3 096 24 692 1 403 3,536 1 497 2,896 4,519 3 389 4,976 2 126 9 500 854 864 922 880 909 29 606 1 402 4 852 2 617 3 015 5 165 3 717 7 466 4 one 815 28 290 1 204 4 411 2 362 2 864 5 026 3 708 7 310 4 9fl7 8 841 26 644 1 182 3 766 1 926 2 673 4 748 3 717 7 295 4 120 '862 97 QQ4. 47 14.fl Shipments (not seas, adj.), total d" 994 860 955 28 404 1 449 3,912 1 579 2 965 5,029 3 754 7,067 4 018 1 062 21 344 7 128 20 279 6 967 20 284 6 716 21 906 7 084 22 201 7 151 22 234 7 014 22 313 7 233 23 557 7 680 21 766 7,455 23 275 7,729 24 546 ' 24,475 8,251 ' 8, 115 23, 675 8,063 1 758 1 811 3 527 1 822 1 597 1 795 3 452 1 733 1 014 1 795 1 917 3 684 1 815 1 767 1 979 3 816 1 821 1 1 04 1 736 1 981 4 019 1 787 1 765 2 014 3 969 1 811 1 245 1 892 2 123 4 127 1 955 1 252 1 585 1 901 3 588 1,837 1 099 1 819 2,041 3 940 1,884 1 160 1,956 1 981 2,186 ' 2, 174 4 204 ' 4, 109 1,897 ' 1, 905 1 221 r 1 321 1,865 2,058 3,945 1,888 1 178 624 634 530 544 913 682 799 278 o eijn 0 QQ7 1 348 4 584 2 416 2 865 4 930 3 403 6 993 Q Q7fi r 29 541 ' 1, 496 ' 4, 125 ' 1, 754 ' 3, 079 ' 5, 094 ' 3, 681 ' 7, 835 r 4 749 ' 1, 025 52, 635 28 960 1,343 4,071 1,698 2,885 4,988 3,678 7,952 4 707 1,039 Instruments and related pro'ducts do Nondurable goods industries total 9 Food and kindred products Tobacco products Textile mill products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and plastics products do do do do do do do do 1 Ofil 1 637 1 776 3 218 1 773 1 007 Shipments (seas, adj.), totalcf By industry group: Durable goods industries, total 9 Stone, clay, and glass products Primary metals . . Blast furnaces, steel mills Fabricated metal products Machinery, except electrical Electrical machinery Transportation equipment Motor vehicles and parts Instruments and related products do 46 955 47961 48 447 48 356 48 446 48 755 50,014 50 729 51, 425 49, 825 51, 441 ' 52,560 52, 685 do do do do do do do do do do 25 538 1 234 3 941 2 088 2 671 4 493 3 569 6,170 3 328 26 610 1 319 4 027 2 140 2 786 4 693 3 624 6,686 3,748 26 711 1 303 4 056 2 158 2 789 4 647 3 560 6,703 3 821 26 844 1 257 4 119 2,165 2 813 4 678 3 578 6,746 3 766 26 888 1 330 4 263 2 194 2 814 4 685 3 473 6,689 3 701 27 509 1 329 4 423 2,288 2 841 4 657 3,475 7,020 4 092 27 633 1 263 4 603 2,504 2 811 4 749 3,601 6,801 3 879 28, 211 1 280 4,741 2,720 2,898 4,740 3,503 7,148 3,874 26, 837 1,295 3,662 1,516 2,799 4,853 3,503 6,906 3,966 841 816 26 925 1 285 4 012 2 114 2 889 4 639 3 556 6,903 3,938 923 944 926 969 27, 985 ' 28,960 1,347 ' 1, 390 3,963 ' 4, 220 1,626 ' 1, 835 2,859 ' 3, 005 5,075 ' 5, 194 3,545 ' 3, 529 7,227 ' 7, 555 4,188 ' 4, 329 '989 999 28, 917 1,351 4,201 1,807 2,929 5,199 3,576 7,590 4,278 1,025 do do do do do do do do 21 417 7 132 21 351 7,141 21 522 7,036 21 645 7,066 21, 602 7,112 21 867 7 095 22, 505 7,267 23, 096 7,499 23, 214 7,754 22, 988 7,721 408 418 1,742 1,750 1,692 1 855 1,884 1 822 3,586 3,611 3 709 1 762 1 831 1 774 1,046 1,075 1,097 'Revised. i Based on data not seasonally adjusted. 2 Advance estimate. §The term business" here includes only manufacturing and trade; business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown below and on p. S-6; those for wholesale and retail trade on pp. S-ll and S-12. cf Series revised to reflect benchmarking manufacturing data to annual survey of manufactures totals for 1961 to 1966 and carrying forward the revised levels to June 1968, and to reflect revision of the retail sales sample. Complete details and data back to 1961 for 1,780 1 900 3,664 1 808 1,095 1,741 1,952 3,697 1 803 1,161 1,804 2,023 3,811 1,824 1,204 1,804 2,045 3,966 1,911 1,182 1,867 2,056 3,881 1,824 1,210 1,746 2,016 4,014 1,869 1,197 23, 456 ' 23,600 7,812 ' 7, 869 '421 411 1,848 ' 1, 805 2,117 ' 2, 112 4,061 '4,061 1,884 ' 1, 890 1,221 ' 1, 276 23, 768 8,070 399 Nondurable goods industries total 9 Food and kindred products Tobacco products Textile mill products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and plastics products 242 79 4 19 20 40 20 n 882 729 772 608 411 797 403 Q 70 248 83 4 19 21 49 21 862 017 768 241 120 347 211 19 ^Q7 403 401 399 405 359 921 396 386 1 1 OR 888 402 406 903 413 1,722 1,913 3,619 1 856 1,086 387 1 9'39 892 394 421 421 437 419 438 423 412 419 417 1,787 2,070 4,163 1,897 1,215 manufacturing, for which methodology and sample design remain unchanged, appear in Manufacturers' Shipments, Inventories, and Orders: 1961-1968—Series M3-1.1, available from the Bureau of the Census (Wash., D.C. 20233). See note marked "t" for p. S-ll regarding new retail sales sample. Revised manufacturing and trade sales and inventories (except inventory-sales ratios) back to 1961 appear on p. 22 ff. of the Nov. 1968 SURVEY. \ Revised series; see corresponding note on p. S-12. *New series. 9 Includes data for items not shown separately. SURVEY OF CURRENT BUSINESS S-6 Unless otherwise stated, statistics through 19C>6 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 Annual January 1969 1968 1967 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 4,551 ' 4, 559 4,390 9, 905 HO, 126 10, 351 8,234 ' 8, 483 8,643 4.771 '4,919 4,806 4,248 '4,304 4,240 19, 732 -20,169 20, 255 Oct. Nov. Dec. GENERAL BUSINESS INDICATORS—Continued MANUFACTURERS' SALES, INVENTORIES, AND ORDERS^— Continued By market category: 152,169 151,206 Home < T oods and npparol mil $ Consumer staples.. . . . . _ . _ . _ . .. . do _ _ _ 1101,749 H06.412 1 70, 153 184,149 E q u i p m e n t and defense prod., exel. auto.do 1 52, 926 148,769 A u t o m o t i v e equipment... . . . _ _ _ __.do 1 43, 344 142.916 ( 'oust ruction materials and supplies do 1212,165 1215,090 other materials and supplies do S u p p l e m e n t a r y market categories: 1 Consumer durables . ._ _. do _ _ . 22, 661 123,461 1 34, 076 139,279 I >efeime products (old series) do 1 )efeiise products*. . . . do 158, 928 ~ 1 63, 709 Machinery and equipment do i n v e n t o r i e s , end of rear or month: Hook value ( u n a d j u s t e d ) , totaled... do ... D n r a N e goods industries, total --_ do N o n d u r a b l e goods industries, total. _ _ _.. _do Book value (seasonally adjusted), totalcf.-.do Bv i n d u s t r y group: Durable goods industries, total 9--- .do Stone, clay, and glass products, ...do Primary metals. _ .. ...do Blast furnaces, steel mills .do Fabricated metal products. ...do Machinery, except electrical ... _ _ d o Electricarmacln'nery.. do Transportation equipment. do Motor vehicles and parts... do I n s t r u m e n t s and related products do By s l a w of fabrication:^ A l a t e r i a N and supplies?. do P r i m a r v metals do M a c h i n e r y (elec. and mmdec.)._.do Transportation e(|iiipment do Work in process 9 do P r i m a r y metals do M a c h i n e r y (elec. and nonelec.) do Transportation equipment do Finished foods 9 do P r i m a r y metals.... do M a c h i n e r y (dec. and nonelec.) do Transportation equipment do 77,899 49. 496 28, 403 82, 561 53, 217 29, 344 4,307 9 180 7, 374 3,808 3 698 18, 588 4.429 9, 142 7,714 4. 235 3, 846 18, 595 4, 581 9,118 7, 087 4. 421 3, 800 18, 834 4,504 9,090 7, 087 4, 285 3,941 18, 849 4,437 9,094 7, 756 4, 235 3,916 19, 008 4, 565 9,149 7, 763 4,209 3. 988 19, 081 4, 825 9, 346 7,743 4. 622 3,966 19,512 4,908 9, 549 7,803 4,401 3,972 20, 096 4, 865 9, 862 8,277 4.430 4,052 19, 939 4,519 9,831 8,015 4, 559 3. 998 18,903 2 004 3,571 2, 041 3, 090 5,435 ~5.619 2.044 3. 732 1,930 5, 500 2, 025 3, 739 2, 063 5, 500 1.997 3, 838 2, 050 5, 567 2,001 3,719 1, 928 5, 633 2, 035 3, 763 1,948 5, 578 2,023 3,788 1,905 5, 057 2.049 4.126 2.217 5,589 1,939 3,742 1,823 5, 082 81,899 52. 889 29. 010 82. 501 53. 217 29. 344 83, 200 53, 405 29, 735 84, 012 54, 285 29, 727 84, 304 54, 585 29,719 85, 069 55. 208 29, 861 85, 828 55,731 30, 097 85, 775 55, 756 30, 019 85,314 55,128 30, 186 86,247 55,897 30,350 86,409 '86,887 56, 141 T '56,265 30, 268 30, 622 87, 614 56, 667 30, 947 1,990 3,839 1,884 5, 921 ' 2, 032 ' 4, 060 2,070 ' 5, 926 1,926 4,058 1,908 6,178 78,125 .... . ._ ... .... Nondurable troods industries, t o t a l 9. ..do Food a n d k i n d r e d products do Toba ceo prod net s do Tex t i l l 1 m i l l products do Paper and allied products do C h e m i c a l s and allied products do Petroleum ami coal products do Pk ubber and plast ics products do By stasre of f a b r i c a t i o n : Materials and supplies do W o r k in process do Finished troods do.... By m a r k e t category: Home troods and apparel . do K q u i p . and defense prod., excl. a u t o do A u t o m o t i v e , equipment do ( ' o n s f r u c t i o n materials and supplies do other materials and supplies do •-'Hr.plementary market categories: Consumer durables do I )cfcnse products (old series). _ do . Defense products* do... Machinerv and equipment do 82, 819 82, 389 82,819 82, 890 83, 408 83, 759 84,382 85, 278 85, 582 85, 829 86,713 87, 109 '87,566 88, 182 49, 797 1,907 7, 226 4. 039 5, 415 10, 248 7 930 10, 762 3,706 1,863 53, 540 1,952 7, 644 4,319 5. 465 10, 905 8, 157 12, 079 3, 827 2,013 53. 283 1,950 7,616 4, 263 5, 467 10,880 8, 180 12, 498 3, 800 1,997 53, 540 1,952 7. 044 4,319 5, 405 10.905 X. 157 12,079 3, 827 2, 013 53, 525 1,952 7, 000 4, 300 5, 404 10, 784 8, 180 12.717 3.911 2, 007 54, 009 1,949 7, 074 4,318 5, 542 10, 808 8.224 12.975 3,981 2, 034 54, 295 1,930 7,715 4, 322 5. 585 10, 843 8, 261 13,108 4,073 2, 044 54, 724 1,927 7,724 4,341 5, 691 10,954 8, 291 13,263 4, 139 2, 033 55, 234 1,940 7, 657 4,302 5, 823 11,061 8, 400 13,430 4,118 2, 025 55, 442 1,957 7, 506 4,109 5,963 11, 107 8, 352 13,603 4, 172 2, 042 55, 461 1,997 7, 255 3,831 6, 077 11, 132 8, 463 13, 494 4, 280 2, 056 56,069 2,003 7,433 3,994 6, 102 11,174 8,448 13,761 4,411 2,061 56, 458 '56,657 2,029 ' 2, 064 7,502 ' 7, 426 4, 065 ' 3, 985 6,121 ' 6, 229 11,213 '11,147 8 502 ' 8, 524 13,889 ' 13, 891 4,248 ' 4, 257 2, 067 ' 2, 105 57, 124 2, 136 7,518 4,010 6, 285 11,229 8,520 13, 990 4,281 2,093 15, 484 2,807 4,904 0 872 21,976 2,412 8. 581 6. 764 12. 337 '>, 007 4, 693 1,126 15, 592 2,815 4, 785 2 968 24, 675 2, 671 9, 021 8, 527 13.273 2.158 5, 256 1,184 15,532 2, 809 4, 792 2, 954 24, 428 2, 632 8. 980 8, 387 13,323 2, 175 5, 300 1,157 15, 592 2,815 4, 785 2. 968 24, 675 2.671 9, 021 8, 527 13,273 2. 158 5, 256 1,184 15, 489 2, 781 4. 674 3,044 24. 641 2, 643 9, 068 8,481 13. 395 2, 236 1, 192 15, 648 2,772 4, 092 3,106 24, 926 2, 621 9, 125 8, 647 13, 435 2, 281 5,215 1,222 15, 840 2, 796 4, 721 3,204 25, 078 2, 629 9,183 8,714 13,377 2. 290 5, 200 1,190 16, 071 2,821 4,800 3, 260 25, 214 2,621 9. 210 8,801 13, 439 2,282 5, 235 1 , 202 16, 379 2, 872 4,903 3,295 25, 392 2, 570 9,243 8, 941 13, 463 2, 215 5, 315 1,194 16, 498 2,832 4,876 3,379 25, 490 2, 505 9, 260 9, 044 13, 454 2, 169 5, 323 1,180 lt>, 753 2,833 4,907 3. 450 25, 237 2, 387 9, 273 8,845 13,471 2,035 5, 415 1,199 16,781 2,853 4,807 3, 496 25,544 2, 469 9,311 8,981 13,744 2,111 5, 444 1,284 16, 704 ' 16, 763 2, 876 ' 2, 850 4,816 4,850 3, 436 ' 3. 403 25, 772 '25,825 2, 486 ' 2, 451 9, 305 '9,319 9, 128 ' 9, 146 13,982 '14,069 2,140 ' 2, 125 5, 560 ' 5, 536 1,325 ' 1, 342 16, 695 2,797 4,820 3,383 26, 198 2,530 9, 361 9, 285 14, 231 2,191 5,568 1,322 28. 328 6, 922 2, 226 3, 072 2, 185 5, 230 1,861 1,582 °9 °79 Y, 094 2, 269 3. 232 2, 190 5, 000 1,971 1,601 29. 106 7, 026 2, 243 3, 172 2, 220 5, 547 1.941 1,593 29, 279 7, 094 2, 269 3, 232 2. 190 5. 600 1,971 1,601 29, 365 7,122 2, 292 3,297 2, 202 5, 576 1,978 1,596 29, 399 7, 128 2, 263 3, 338 2,234 5. 574 1, 956 1,611 29, 464 7,110 2, 248 3,389 2, 230 5, 621 1,970 1,620 29, 658 7,081 2, 251 3. 393 2, 261 5, 651 1,955 1, 668 30, 044 7,220 2,201 3,406 2,284 5, 698 1,981 1,674 30, 140 7, 262 2,278 3, 440 2, 326 5, 664 2,021 1,693 30, 368 7, 376 2, 276 3,392 2, 338 5, 708 2,047 1,704 30,044 7,434 9 259 3,474 2, 327 5, 751 2, 006 1,748 30, 651 '30,909 31, 058 7,423 ' 7, 491 7,457 2,236 2, 219 '2,211 3,454 3,470 3,477 2,331 ' 2, 359 2,348 5, 793 ' 5, 871 5, 882 2,131 2,083 ' 2, 114 1,861 1,733 '1,731 11,266 4, 255 12, 807 11,247 4. 496 13, 536 11,280 4.444 13,382 11,247 4, 496 13, 536 11,306 4, 482 13, 577 11,249 4.497 13, 653 11,128 4, 508 13, 829 11,228 4, 522 13, 909 11,312 4, 604 14, 128 11,333 4,619 14, 188 11,360 4, 082 14,320 11,508 4, 729 14,407 11,511 '11,609 11, 557 4,679 ' 4, 724 4,854 14, 461 ' 14, 576 14, 647 8,441 10 8 ''3 18.316 4, 552 6, 467 29, 526 8, 589 1 1 997 20, 955 4, 640 6, 445 30, 893 8. 624 8, 589 11 1 67 1 1 '^97 20, 750 20, 955 4, 605 4, 640 6, 445 6.411 30, 832 30, 893 8, 678 8,701 11,382 11,392 20, 808 20, 995 4, 715 4,833 6,479 ' 6, 554 30, 828 30, 933 8,713 11,346 21,089 4, 907 6, 559 31,145 8, 838 11,360 21,250 4, 996 6, 609 31,329 8,927 11,514 21,595 4, 997 6, 086 31,559 8, 853 11,532 21,769 5,042 6, 754 31,032 8, 932 11,075 21, 004 5, 107 0, 887 31, 504 9,043 11,714 21,774 5, 306 6, 944 31,932 9, 206 ' 9, 327 11, 709 '11,789 21, 988 '21,943 5,172 ' 5, 195 6, 909 ' 7, 129 32, 005 ' 32, 183 9,536 11,771 22, 065 5, 186 7,238 32, 386 4, 145 8, 476 4. 333 10,307 4. 352 10, 139 4,371 10, 486 6, 696 13, 589 4, 309 10, 537 0, 077 13, 003 4, 359 10, 012 6, 862 13, 759 4, 386 10, 872 7, 025 13, 873 4,344 10,945 7, 105 14, 000 4, 446 10, 958 0, 987 13,851 4,498 11,146 7,138 13, 846 4,643 '4,671 11,404 '11,419 7, 233 7, 287 13, 873 ' 13, 851 4,750 11,532 7,277 13, 884 51,879 29, 700 22, 173 50, 453 28, 172 22, 281 49,511 27,179 22, 332 52, 469 28, 860 23, 603 46, 738 24,951 21,787 48,449 25,310 23,133 53, 005 ' 55, 022 52, 417 29, 052 ' 30, 536 28, 775 24, 553 ' 24, 486 23, 642 12, 832 13, 689 13, 046 13,089 4,374 10, 308 6, 686 13, 565 \r w orders, net (not seas. adj.). totaled Dnr.iblc eoods industries, total Nondurable goods industries, total do do do 551,250 80S, 504 242, 746 551,138 302, 205 248, 873 46.311 24, 920 21,391 47, 838 27, 545 20, 293 40, 227 25, 930 20, 297 49, 538 27, 593 21,945 Vow orders, net (seas, adj.), tot aid* By i n d u s t r y group: Durable eoods industries, total 9 Primary metals P'last furnaces, steel mills Fa 1 >rieated metal products Machinery, except electrical Electrical machinery Transportation equipment Aircraft, missiles, and parts do 1551,250 1551,138 47, 320 49, 403 48, 353 48, 453 49, 566 49, 237 49, 650 49, 850 50, 181 50, 201 51, 877 '53,931 53, 384 do 308, 504 do 50, 796 do 25, 075 do 32, 146 do 50, 205 rlo"._ 42, 909 do 79,414 do 25, 790 302, 205 45, 393 23, 037 32, 557 51,714 41,749 70, 849 28, 620 25, 852 4. 094 2, 229 2, 820 4, 497 3. 265 6, 481 2,610 28, 050 4,313 2,418 3. 335 4, 004 3, 098 20, 837 4.424 2. 520 2.798 4, 591 3. 201 0, 919 2,494 26, 814 4. 364 2,401 2, 719 4, 541 3, 642 6, 662 2, 464 28, 005 4,244 2, 262 L\ 775 4, 404 3, 530 8, 089 3, 781 27, 373 4.244 2.396 2, 819 4, 658 3, 366 7, 326 3,173 27, 172 3, 900 2,014 2,941 4. 665 3,313 7,343 2, 903 26, 701 3, 867 1,755 2, 824 4, 810 3, 725 6, 259 1,616 26, 925 3, 859 1.791 2, 755 4, 923 3, 476 6, 749 2, 396 27, 329 3, 491 1,400 2,917 4,706 3,501 7,479 2, 492 28, 381 r 30, 280 4, 092 ' 4, 397 1, 082 ' 1, 990 3,103 ' 3, 271 5,184 ' 5, 403 3, 008 ' 3, 751 0, 990 ' 7, 764 2, 098 ' 2, 749 29, 635 4, 519 2,139 3,324 5, 289 3,520 7,587 2,618 Nondurable goods industries, total do 242, 746 248, 873 21,468 21,407 21,510 Industries with u n f i l l e d orders^ do 65,113 66, 285 5, 772 5, 893 5, 930 Industries without unfilled ordersf do 177,633 182, 588 15,696 15, 514 15, 580 By market category: H o m e goods and'apparel do 1 53, 236 1 50, 966 4, 272 4.429 4. 495 Consumer staples do 1101,749 1106,416 9 190 9,133 9,103 1 E q u i p , and defense prod., excl. auto do 83, 01 3 186,057 7, 354 8, 330 7, 320 Automotive equipment do ' 52, 746 1 48, 306 3,880 4, 254 4, 454 C o n s t r u c t i o n m a t e r i a l s and supplies do._. ' 44, 264 144,019 4, 392 3.831 3, 055 ^ Other m a t e r i a l s and supplies do 1217,242 '215,374 18, 793 18, 925 19, 326 S u p p l e m e n t a r y m a r k e t categories: C 'onsumer durables ' do 1 22, 728 1 23. 257 1 , 991 1,955 2. 030 Defense products (old series) do , ! 39^263 142,473 3, 636 4. 350 3, 500 Defense products* . . . . . do ; [ M a c h i n e r y and equipment do 103,214 •• 102,999 5,372 5,495 5,400 ' Revised. i Based on data not seasonally ad usted. - Advance estimate. crSee corresponding note on p. S-5. *New series; see cor responding note on p. S-7. 9 Includes d a t a for items not shown separately. e Includes te xtile mill products, leather and products, paper and allied products, and printing and publis hing industries; unfilled orders for other 21,639 5, 979 15,660 21,501 5, 8S7 15,074 21,804 0, 041 15, 823 22, 478 6, 134 16,344 23, 149 6, 271 16, 878 23, 250 0, 304 10,952 22,872 5, 953 16, 919 23, 490 '23,651 0,434 '6,518 17,002 '17,133 23, 749 0,424 17, 325 4, 564 9, 091 7, 624 4,231 3, 820 19,117 4,449 9,101 8,943 4, 299 3, 800 18, 908 4, 512 9,151 8, 284 4, 241 3.989 19, 000 4,737 9, 351 7, 909 4, 554 4, 090 19, 009 5, 089 9, 568 7, 579 4,408 4, 080 19, 126 4,838 9,874 7,888 4,431 3, 950 19, 194 4,460 9, 827 8, 142 4,649 4,135 18,988 4,575 4,001 9,931 '•10,126 8, 495 ' 9, 527 4,984 ' 4, 094 4, 480 ' 4, 500 19, 386 '20,509 4,402 10,342 8,472 4,826 4,591 20, 751 1,944 1,994 4, 428 5, 073 1,406 1,311 5, 382 . 5, 492 1,902 4,011 2, 208 5, 447 2, 207 2, 963 2, 059 5, 968 2, 034 3, 000 1,914 5, 714 1,884 3,913 2, 355 6, 027 4, 333 10,307 3', 040 2, 085 3, 801 1,595 5, 380 2, 033 3, 554 1,919 5, 910 ' ' ' ' 2, 033 1,959 4, 407 3,893 2, 384 1,831 6, 550 6,263 nondt rable go ods indii ^tries are zero, )arel and related r Fo r these i idustrie^ (food ai id kindnH! produ cts, toba ceo prod ucts, api plastics produ cts, petrc)leum an 1 coal pro ducts, cl emicals rmd allied product s, and ru )ber and produ cts) sale? are con? idered ec jual to IKuv orders SURVEY OF CURRENT BUSINESS January 1969 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1967 Annual S-7 1968 1967 Nov. Dec. Jan. Feb. Mar. May Apr. June July Aug. Sept. Oct. Nov. Dec. GENERAL BUSINESS INDICATORS—Continued MANUFACTURERS' SALES, INVENTORIES, AND ORDERS!—Continued Unfilled orders, end of year or month (unadjusted), totall mil. $-_ Durable goods industries, total do Nondur. goods ind. with unfilled orders© do 79,903 82, 499 76,895 j 79,480 3,008 | 3,019 Unfilled orders, end of year or month (seasonally adjusted), totalf mil. $_ 81,072 By industry group: Durable goods industries, total 9 do 77,987 Primary metals do 7,501 Blast.'furnaces, steel mills do 3,445 Fabricated m e t a l products do | 7,819 Machinery, except electrical do | 14,919 E lect rica 1 m aehinery do j 12,942 Transportation equipment do j 29,027 A i r c r a f t , missiles and parts do } 22,465 Nondur. goods ind. with unfilled orders© 83. 220 83. 700 80,044 ; 80,667 3,176 3,033 84. 358 '85.357 85. 143 81,318 '82,307 i 82,123 3,040 '3,050 I 3,020 82,806 83,184 83,617 '84,991 79, 684 5, 704 2, 645 8, 752 14, 408 12,803 32,368 26,922 80,177 5,533 2, 529 8,870 14, 321 12,801 32,941 27,012 80, 572 5, 662 2, 585 9,115 14, 430 12,923 32,709 26, 604 •81,894 82, 607 r 5, 840 6, 157 ' 2, 7403, 072 ' 9,381 9,776 14, 637 14,726 • 13,148 13, 092 •32,918 32, 914 26, 670 26, 599 3,007 3,045 ' 3, 0973,077 82,184 83,686 83,592 | 83,689 ] 84,809 ! 85,291 j 84,! 79 13'-* 6,' 733 3,366 8,427 14, 640 13,161 30, 440 25, 070 80, 578 7,019 3,644 8,976 14,551 13, 235 31,031 25, 682 80,490 7,431 4,056 8,885 14,503 12,940 31,047 25,698 80,593 7,739 4,299 8,815 I 14,397 ! 13,022 | 31,006 ! 25,755 I 3,085 3,108 3,052 3,108 3,102 3,096 2,372 ! 42,859 8,171 27,670 2 125 44,304 9,313 27, 944 2,134 43,669 8,767 27,614 2,125 44,304 9,313 27,944 2,024 43,970 9,162 28,436 I 1,917 ' 28. 680 ! i : ! 21,968 i I I 1,698 31, 888 1,703 31,228 1,698 31,888 1,609 ! 1,669 I 31,622 i 31,784 ! 22,289 21,822 ! 21,149 20,969 1,666 3, 019 1, 083 0,784 1,609 33, 728 20, 622 20, 643 1, 536 33, 976 20,941 20, 512 1, 650 1.720 1, 705 33, 151 32, 690 32, 860 21.095 20, 792 21, 324 20, 823 20, 951 21,295 16,065 18, 403 17,525 18, 168 20,438 i 17,910 17,223 i 18,014 r),520 7,974 19,641 18, 659 19, 940 18, 796 18.670 19, 197 19, 733 19, 530 881 102 166 133 393 87 831 104 158 133 347 89 909 92 168 150 393 106 751 92 140 128 317 74 810 ss 134 119 380 tt ° 734 87 129 105 344 69 705 68 112 126 320 7() 91,411 74,657 90. 269 4,618 I 6,885 9,942 17,397 ! 25,378 i 31,275 33,120 ! 15.368 i 20,589 23,345 14,415 \ 19,740 12,931 12,611 8,723 65, 766 6, 525 14,595 22, 113 14, 0!)S 8, 435 58, 651 5, 857 15, 703 15, 951 13, 721 7, 419 21~367~ BUSINESS INCORPORATIONS^ New incorporations (50 States and Dist. Col.): Unadjusted number..! 200,010 j 206,569 Seasonally adjusted do_. Labilities (current), total Commercial service Construction Manufacturing and mining Retail trade Wholesale trade 83,305 83,867 85, 255 5. 640 84. 555 83. 861 80,273 80,796 ! 82,212 j 82,550 j 81,446 i 80,706 3,032 , 3,071 j 3,043 j 3,090 j 3,109 3,155 80, 578 7, 019 3, 644 8,976 14, 551 13,235 31,031 25, 682 do By market category: Home goods, apparel, consumer s t a p l e s _ _ _ d o E q u i p , and defense prod., inel. a u t o do Construction m a t e r i a l s and supplies do Other materials and supplies do Supplementary market, categories: Consumer durables do Defense products (oid series) _do Defense products* do Machinery and equipment do INDUSTRIAL AND COMMERCIAL FAILURES d" Fallures, t of al number. C01 ninercial service do Construction do Manufacturing and mining do Retail trade do Wholesale trade do 81,584 i 82,499 78,579 ! 79,480 3,005 j 3,019 81,754 7,864 4,396 8,777 14,183 12,974 ' 32,349 27,014 i 82,239 ! 81,902 7,845 ! 7,322 4,324 4, 598 8,782 8, 882 14,156 14,164 12, 867 12, 705 32, 986 33,309 27, 697 | 28,140 80,970 6, 586 3, 575 8,895 14, 225 12,829 32, 767 27,288 3,055 | 3,052 I 3,025 | 3,078 • I i 2,104 i 2,053 I 1,970 2,170 2,085 43,853 45,104 I 45,657 ! 45,755 ! 45,538 8,997 | 8,998 I 9,122 r>, yyn y, L££ y, -ou 9,047 % vnt 28,704 , 8, 604 28, 583 28, 080 27, 110 2,154 45,151 if, iOO 26, 368 85, 684 2,165 r 2,182 2,091 45, 368 45,843 • 46, 662 9, 270 9, inrt 9, 700 if, 504 26] 455 26, 105 r 26^ 447 2,186 46, 506 10,051 26*941 1,692 «• 1,693 32, 577 '32,925 21,358 r 21,672 21,287 21, 912 19, 052 19,015 20, 053 21, 237 ... .. 1,727 32,757 ! 21,534 ! 21,997 j 21, 636 21, 721 18,201 20, 850 1 13,061 j 1,368 I 2, 510 | 1,852 I 6,076 j 1,255 I 12,364 i 1,329 ! 2,261 j 1,832 ! 5, 696 1,246 thous. $ _ _ ! 1,385,659 do i 185,202 do j 326,376 ... ... do ! 352,861 do j 344,346 do | 176,874 1,265,227 144,965 ! 323,680 I 325,869 | 334,279 i 136,434 Failure annual rate (seasonally adjusted) No. per 10,000 concerns j i ! 2 51.6 | 844 90 159 149 354 92 832 85 129 142 388 88 1 , 021 119 188 143 472 99 69, 977 195, 448 104, 491 7,398 7,025 45,725 15,780 97, 86S 23, 366 20, 678 25, 988 31,131 19,110 16,380 20, 339 7,384 9, 487 22,257 79,602 6.913 19,786 24. 377 19,04S 9, 47S 3, 593 ),738 3, 924 1,110 5, 486 L, 335 80, 107 7, 971 10, 483 22, 662 23, 277 15] 714 37.5 44.3 43.5 2 49. Q 1, 003 ' 133 152 153 454 111 36.9 41.0 36.5 40.3 260 235 333 179 166 167 303 563 281 305 348 124 259 229 292 176 163 156 302 563 285 300 354 134 260 221 288 170 157 150 266 563 294 307 364 261 226 270 219 147 149 308 576 291 315 353 267 230 272 222 151 150 317 577 299 32! » 352 165 310 335 293 311 335 293 311 ! 33<) ! 293 i 310 i 337 i 291 | 1 i ! i 696 87 115 ! 97 341 L. ... 56 65, 384 58, 651 6,631 7,949 ! _ _ _ _ 18,001 8,157 ] 13,512 i 20,482 i. 17,594 i 16,908 ; 9,646 5, 155 |._.. 37. 5 311 338 292 354 74 768 92 151 111 347 67 35. 7 355 40.9 COMMODITY PRICES ^ES PRICES RECEIVED AND PAID BY FARMERS Prices received, all farm products! 1910-14 = 100, Crops 9 do Commercial vegetables do_ Cotton do Feed grains and hay do ~~_ Food grains _._* ~_~~ do""" Fruit Idol"! Tobacco _do Livestock and products? do_ Dairy products II_II_~do_" Meat animals " ~ ~ do Poultry and eggs IHIIIIIIIIIIIIdoI! Prices paid: All commodities and services do... Family living items IIIdoI~~" Production items I_II_IIIIdo All commodities and services, interest, "taxes, and wage rates (parity index) 1910-14 = 100 Parity ratio §.. .do.. CONSUMER PRICES (U.S. Department of Labor Indexes) Unadjusted indexes: All items 1957-59 = 100. Special group indexes: All items less shelter do All items less food ~ - ~ ~ ~ ~ ~ d o _ ~~_ All items less medical care '-"-"""do."" Commodities do Nondurables I-_--~do~~ Nondurables less food .-"-""do."".1 Durables9 --~-~~~-~_II_~doI~"Ii I New cars ~ do Used cars I-.-I_IIIIII"I~do 267 237 285 215 180 185 258 552 292 294 356 161 305 336 132 297 315 285 302 321 287 334 342 74 284 191 174 177 225 555 319 318 130 254 230 351 189 162 170 270 558 275 318 324 132 302 325 286 303 325 287 304 327 288 343 73 344 74 346 74 348 74 251 228 284 154 168 249 557 270 322 317 123 253 231 299 233 160 169 277 551 282 314 342 131 990) 348 164 165 173 294 560 282 308 345 307 330 291 259 232 365 166 164 167 298 563 282 305 348 127 i | 309 I 333 i 292 262 228 275 224 148 155 326 570 291 335 ! 340 262 227 318 204 156 15'. > 279 570 292 340 337 154 262 221 32', 1SL If.1. 15f 24-1 581 2'.T 337 343 I 354 73 314 341 294 116.3 112.9 113.0 112.3 109.2 111.8 109.7 102! 7 97. 117.8 j 117.8 118.2 118.6 119.0 119.5 ! 119.9 i 120.3 120.9 121.5 I 121.9 , 122.2 i 122.9 117.5 118.7 116.5 112. 6 115.3 115.2 106.0 101.4 125.6 117.7 118.9 116.8 112.9 115.6 115.2 106.1 101.3 124. 8 118. 2 119.3 117.3 118.5 119. 7 117.6 113.2 116.0 115.1 106.3 101.0 125.8 113.5 116.4 115.6 106.4 100.8 123. 6 119.1 ! 119.6 120.0 120.2 ! 120.6 121.0 118.1 ! 118.5 i 118.9 113. 9 114.3 114.7 116.9 117.3 117.8 116.1 116.4 117. 0 106. 6 106.9 106.9 100. 3 100. 6 100.3 126.3 126.7 120.4 121. 6 111). 5 115.1 I 118.2 ! 117.5 ! 107.4 ! 100.1 120.8 122.1 120.1 115.5 118. 7 117. 6 107. 6 99. 8 121.2 122.6 120.5 115. 9 119. 2 118. 1 107. 7 W. 1 315 341 296 123.4 115.9 116.8 115.0 111.2 114.0 113.1 104.3 98.1 121.5 122. 5 124. 4 121. 9 117.1 120.3 120.2 109. 3 103. 8 . o - Based on unadjusted data. ^1 Sec note marked « a" on p. S-5 ' Advance estimate.. i o e See corresponding note on p. S-6. 9 Includes data for items not shown separatel y. *New series. Based on separate reports on defense work filed by large. defense contractors in ordnance, communications, complete aircraft, aircraft parts, and shipbuilding industries. It differs from the old series in that it includes defense activity in shipbuilding and excludes nondefensc work in ordnance, communications, complete aircraft, and 258 228 342 168 165 173 273 560 121.5 i 122.2 123.0 I 123.8 120.8 ! 121.5 116.1 119. 6 118.9 107.6 !)8.4 126. 7 116.8 120. 2 119.7 108. 5 102.8 aircraft parts. Further details appear in the Aug. 1968 issue of the, Census Bureau Current Industrial Report, Series: M3-1. cf1 Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col.). J Re visions for Jan. 1964-Mar. 19G7 (back to Jan. 1959 for all farm products, all crops, commercial vegetables, and fruit) are available from the Dept. of Agriculture, Statistical Reporting Service. § Ratio of prices received to prices paid (parity index). SURVEY OF CURRENT BUSINESS S-8 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1967 January 1969 1968 1967 Annual Nov. Dec. Feb. Jan. Mar. Apr. May June July Aug. Sept. Oct. 115.3 137.4 142.0 120.5 114 .6 122.6 123.8 121.7 126.9 116.3 131.1 111.3 115.9 109.9 114.8 124.0 121 2 118^9 139.4 "".'.-. 132.4 148.2 122.8 128 .0 Nov. Dec.p COMMODITY PRICES—Continued CONSUMER PRICES— Continued (U.S. Department of Labor Indexes— Continued) Unadjusted indexes— Continued Special group indexes— Continued Commodities less food 1957-59 = 100., Cervices less rent Food 9 Meats, poultry, and Dairy products Fruits and vegetables llousinrr Shelter 9 Kent fish _ _ _ - 106.5 122.3 125.0 114. 2 114^1 111.8 117. 6 111.1 114.1 110.4 115. 7 107.7 108.3 108.1 105.0 109. 6 112.7 111.0 125. 8 119.0 127.7 112. 2 117. 1 do do .do ..do --do do_ do do Fuel ind utilities 9 do Fuel oil and coal do (las and electricity do Household furnishings and operation... .do Apparel and upkeep ..do transportation do Private do Public _ Health and recreation 9 Medical care Personal care Kcadiii rr and recreation Seasonally adjusted indexes: Food * Apparel and upkeep (JO do do do do Foods and feeds, processed 9 111.5 131.3 135.2 117.4 112.0 118.5 124.9 116.9 120.8 113.9 123.5 109.8 113.8 109. 3 111.2 116.6 118.6 116.4 136. 2 127. 5 141.9 117.6 123. 0 111.9 132. 1 136.1 117.9 113.1 118.7 126.1 117.2 121.0 114.2 123.8 109.9 ! 113.9 I 109.3 ! 111.8 117.6 119.0 116.7 137.1 128.3 142.9 118.4 124. 2 112. 2 132. 5 136.6 118. 3 112.7 118.8 128. 3 117.5 121.3 114.4 124. 0 110.0 114.0 109. 5 112.2 118.4 119.0 116.8 137.2 128. 8 143. 5 119.0 124. 9 112.5 133.0 137.1 118.8 113.0 120.2 130.7 117.8 121.6 114. 6 124.3 110.3 115. 3 109.5 112.5 119.5 119. 1 116.8 137.3 129. 2 144.0 119.6 125.3 113.0 133.9 138.1 119.1 113.2 120.9 130.0 118.7 122.9 114.9 126.1 110.3 115.4 109.4 112.9 119.9 119.7 117.4 138.4 129.7 144.4 120.1 125. 6 113.2 134.9 139.3 120.0 114.0 121. 0 132. 2 119.5 124.2 115.1 127.8 110.6 115.7 109.5 113.1 119.7 119.8 117. 0 138.5 130. 2 145. 1 120. 4 125. 9 113.5 135.5 140.0 120.5 115.3 121.5 128. 2 120.1 125.0 115.4 128.8 110.7 115.7 109.7 113.3 120.3 120.0 117.7 138.6 130. 5 145.5 120. 9 126.3 113.9 136.0 140.5 120.4 115.5 121.6 122.9 120.4 125.3 115.7 129.1 110.5 115.8 109.3 113.9 12G.7 114.7 136.6 141.2 120.9 115.4 122.3 123.4 120.9 126.0 116.0 130.0 110.4 115.9 109.1 114.2 123.3 120. 6 118.4 138.7 131.9 147.4 122. 1 127.5 119.4 119.3 119.2 119.2 119.9 119.8 119.0 120.3 119.6 119.7 121.0 120.0 120.0 122.1 119. 7 120.9 122.7 120.4 121 .0 123.3 120.7 116.4 116.2 117.7 117.2 116.6 118.5 117.4 117.1 119.1 118.1 117.8 119. 5 118.7 118. 5 119.1 198.1 194.7 i 100. 4 95.1 89. 5 99. 1 96.2 90.7 100. 1 96. 1 W. 9 99.8 96.4 99. 5 97.0 92.7 100.1 96.0 92. 8 98.3 94.8 92. 9 96.1 94.2 92.2 95.6 93.5 92.3 94.4 93.7 92.2 94.9 94.5 92.2 96.1 95 2 92.0 97.5 106. 1 106.2 106. 8 107. 2 108.0 108.2 108.3 108.5 108.7 109.1 108.7 109.1 109.1 r 109.6 101.6 107.7 110.4 101.4 107. 9 110.5 102.0 107.7 110.9 101.4 107.8 111.3 102.6 107.9 111.9 100.8 107. 9 111.4 100.9 108.3 112.0 100.2 108.5 112.0 98.8 96. 1 100.7 98.1 95.1 100.3 101.5 108.6 112.5 Q9 O J_. ^ 109.8 105. 3 104.8 106.9 96.5 106. 1 108. 9 98.6 106. 5 109. 3 99.1 106.9 109.7 10G.O 105. 0 105. > 1()(U) 105.3 108.0 104.7 106. 7 108.2 105.3 109.3 104.0 107. 3 109. 4 105.2 109. 6 104. 8 107. 6 109.7 105. 6 110.3 105.0 108.1 110.4 105.9 111.0 105.9 108.7 111.1 106. 4 111.4 105.9 108. 9 111.5 106.3 111.5 106.0 109. 1 111.8 106.4 111.2 106.5 109.1 111.5 106.7 111.3 106.7 109.4 111.6 107.2 111.3 107.4 109.7 111.7 107.7 111.6 106.6 109. 5 111.9 107.2 112.0 107.0 109.9 112.3 107.4 112.8 106. 5 110.0 113.1 107.0 113.1 107.0 110.3 113.4 107 .2 108.9 _do. 99.6 105. 6 108.2 100.9 107. 6 110.2 105. 2 103.4 104.8 105.3 106.8 106.9 106.8 107.9 108.0 109.4 107.7 108.6 107.4 108.3 108.4 103.9 108.2 80.0 93.8 109.5 101.4 97.4 75.1 87.8 106.2 102.8 97.6 76.5 84.8 106. 0 101.2 99.8 78.7 79.3 104.1 103.1 109.4 82.0 87.6 103.9 103.3 101.3 112.5 86.3 87.0 102. 7 102. 1 114.5 85.1 81.4 105.7 102.1 112.0 84.7 81.1 105. 2 103.6 123.6 86.4 85.4 105.4 102.5 106,4 82.0 89.6 106.2 ! 113.3 108. 6 i 117.4 I ! 124.0 ! 113.8 i 107.6 112.9 108. 9 117.4 123.3 114.4 107.0 112.8 109. 5 117.3 125. 9 114. 6 105.8 113.6 109.4 117.1 128. 9 114.6 107. 0 114.6 109.4 ! 117.0 128.7 114.8 \ 109.8 115.9 109. 5 118. 4 128. 8 114.7 113.6 115.3 114. 9 110.0 109.8 119.0 119.3 129. 1 128.8 113.6 ! 113.6 111.2 109. 7 114.4 110.5 119. 4 130.1 114.0 106.9 114.7 110.6 119.3 130.0 114.1 107.7 108.6 108.8 108.6 108.8 108.8 108.9 109. 2 109.7 r 109.9 97. 9 98.7 97.9 93. 0 68.5 115. 2 97.8 1 98.1 98.0 j 93.3 69.9 1 115.2 97.8 96.7 97.9 j 93.5 73.4 115.9 102.5 105.8 101.8 120.8 100. 9 101.9 108.3 101.9 120.4 ! 99.3 102.0 111.0 102.0 120.4 99.2 104. 4 92.6 117. 8 80. 7 104.5 92.7 118.5 80.2 j 104.7 ! 92.7 I 118 .9 j 80.2 1 i I ] 105.fi 102.5 <)7.3 91.4 110.0 do 96. 4 102. 9 81.3 65.6 96.2 98.9 105.0 85.4 68.2 97.6 99.0 i 108. 1 85.0 i 98'.7 111.7 106. 5 122. 0 107. 2 105. 0 110.9 107.4 117.0 123. 0 112.0 102. 2 111.5 107. 7 116.9 124. 1 113.1 103. 2 112.4 107.9 117.1 123.8 113.7 105.5 104.7 do 99.7 101.0 92. 2 82.2 101.1 113.0 !1 105.8 1 1 5. 4 ! 118. '-> ; 104.8 ! 110.2 do -do do do do 106. 3 107.1 107.4 107.8 117.1 108.3 98. 8 101.6 98.8 93.4 80.9 114.4 98.7 101.6 99.0 93.4 78.4 114.4 98.5 101.3 98.6 93.5 112'. 2 98.6 101.2 98.7 93.4 80.0 114.1 102. f 104.9 100.9 133.1 99.9 101.8 1 102. 5 105.0 ! 105. 0 101.0 ! 101.1 130.0 j 133. 3 98.8 102.0 105.5 101.2 126.5 99.5 102.4 105.4 101.3 125.0 100.3 102. 4 105.2 101.3 123.6 100.5 102. 6 103.3 105.4 j 105. 5 101. 2 | 101.8 120. 8 1 120. 6 102. 8 | 101.0 103. 3 1 103. 6 91.6 ! 91.9 115. 7 116.0 81.7 81.6 103.8 92.2 116.2 81.8 104.0 92. 2 116.9 81.8 103.7 105.3 101.3 ! 123.3 1 103.1 1 i 103.9 92.0 117.0 81.3 118.3 126. 6 95.6 111.5 ; 115.8 123. 6 118.8 127. 0 98.2 112.5 117.0 125. 3 118.7 127.1 95.1 i 112.8 i 117.2 j 125.0 119.5 119.5 127. 3 ! 127.2 102. 8 101.5 113.8 ; 113.6 120. 5 119. 2 127.7 | 129. 8 i 1 i | 120. 7 128. 8 106. 6 114. 1 122. 6 131. 5 122.3 131.3 105.6 115.1 124. 9 133.4 115.4 127. 0 129. 0 102.9 129. 3 i ! 1 i 1 115.8 127.7 130. 3 103. 1 129. 7 110.1 116.6 127.8 129.3 131.5 i 132.1 103.2 103.6 130.0 130.4 98.4 103. 6 97.4 94. C 81.3 109.3 98.2 101.7 I 98.3 93.7 100! 9 Fuels and related prod., and power 9 do Coal do 1 Electric power Jan. 1958 = 100.Gas fuels do Petroleum products, refined 1957-59 = 100.. 101.3 98. 6 ! 100.3 1 129. 3 ! 99.5 | 103.6 103. 2 100. 7 133. 6 102.2 102.8 104.8 100. 9 132. 8 100.4 Furniture and household durables 9 App 1 iances, h ouseh ol d Furniture, household Home electronic equipment do do do do 99.1 89.1 | 109.1 ! 83.6 101. 0 90.1 112.8 82. 5 102.1 102.0 90.8 | 90. 9 114.3 114.3 81.8 103.0 ' 91.1 i 115.2 1 81.7 Hides, skins, and leather products 9 Footwear Hides and skins Leather Lumber and wood products Lumber 1 do do do 1 do do___. : do 119.7 118.2 140.8 121.1 105. 6 108. 5 115.8 122. 1 94.0 110. 5 105. 4 108. 4 116.0 115.4 124.3 123. 7 90.4 | 89.7 106.5 i 109. 1 107. ( 106.7 110. 9 111.8 116.5 ! 116.7 117.9 125. 6 125. 6 i 125. 5 87.3 !; 89.5 i 99.3 108. 6 108.9 i 110.3 113.9 108.6 111.6 114.0 ; 117.1 120.3 I i 1 i 1 98.1 99.4 98. 4 93. 2 71.2 114.4 j 98. 5 ! 93.0 i 76.7 | 113.2 97.8 ! 102. 8 1 95.7 ! 94.5 ! 102. 8 100.8 j ! 98.2 101. 3 98.2 93.4 69.1 114.4 1 ! | 1 j ! 98.2 99.5 98.5 92.9 76.4 113.2 Chemicals and allied products 9 do 1 Agric. chemicals and chem. prod do Chemicals, industrial . _ do. ._ Drugs and Pharmaceuticals do Fats and oils, inedible do Prepared paint do 98.4 102. 2 98.3 93.8 98.1 ; 100. 6 *, 113.9 112.6 1 113.2 Machinery and equipment 9 do 1 108. 2 111.8 118. 5 125.8 123.8 j 124.9 122.3 Agricultural machinery and equip do 127.2 118.9 122.7 125.3 \ 126.3 Construction machinery and equip do 102.7 102. 3 99.0 i 101.8 101.6 Electrical machinery and equip do_.__ 126.1 123. 8 125.4 1 125.8 Metalworking machinery and equip do 1 118.8 1 r Revised. v Preliminary. i Computed by OBE. 9 Includes data for items not shown separately. d"For actual wholesale prices of individual commodities, see respective 119'. 5 117.2 138.7 131.1 146.4 121. 5 105.9 Cereal and bakery products do Dairv products. _' . do . Fruits and vegetables, processed do Meats, poultrv, and fish . . . . -.do Industrial commodities 111.2 130.8 134. 6 117.0 111.6 118.5 124. 1 116.4 120. 2 113.7 122.9 109.5 113.7 108.9 110.6 115.9 118.7 116. 6 135.5 127.1 141.2 117.6 122.7 i 109. 5 i 101.9 i 115.2 All commodities do By stage of processing: Crude materials for further processing do Intermediate materials, supplies, etc do Finished goodsO do By durability of product: Durable goods ~ do Nondurable goods do Total manufactures, . ~ do Durable manufactures do Nondurable manufactures do Farm products 9 -Fruits and vegetables, fresli and dried Grains Live poultry Livestock 111.1 111.1 129. 6 130.1 133.2 133.8 116.2 115.6 111.4 111.2 117.8 1 118.1 119.6 116.7 116. 0 115.5 119.4 119.9 113.2 113.5 122. 6 121.9 109.3 109.3 112.7 113.1 108. 7 109. 0 109.7 109. 3 116. 6 116.8 118.3 117.9 116.2 115.8 134.6 134.9 126.2 126. 6 140. 4 139.7 116.9 117.2 122. 2 122. 0 116.1 115 9 117.8 do do WHOLESALE PRICEScf (U.S. Department of Labor Indexes} Spot market prices, basic commodities: 22 Commodities 1957-59 = 100- 9 Foodstuffs do 13 Raw industrials do Farm prod., processed foods and feeds 109.2 127.7 131.1 115. 2 111.2 116. 7 117.5 114.3 117.9 112.4 120.2 109.0 111.6 108. 5 108. 2 114.0 115.9 113.9 132. 1 123.8 136. 7 115. 5 120. 1 ! 114.1 I 125.8 1 i 102^ 7 126. 6 114.3 126.1 128.3 102.6 127.3 commodities. 114.8 115.0 126.2 126.3 128. 9 ! 129. 4 i 1 102. 9 103.0 127.6 1 128. 0 i 114^4 ' ] i 1 1 104.1 1 92.4 I 117.2 i 80.7 115.0 1 115. 2 126. 8 i 126. 5 129.4 ! 129 2 : ! 102.' 7 102.7 128.2 i 129. 1 i 104. 2 92.5 1 117. 5 i 80.7 J OGoods to users, incl. raw foods and fuels. 122.4 131 .7 107.0 113 .8 126.8 1 136 .2 j 114.7 j 110.2 i 1 :;;::::: SURVEY OF CURRENT BUSINESS January 1969 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 Annual S-9 1967 Nov. 1968 Jan. Dec. Mar. Feb. Apr. May June July Aug. Sept. Oct. Nov. Dec. COMMODITY PRICES—Continued WHOLESALE PRICES^— Continued (U.S. Department of Labor Indexes — Continued) All commodities — Continued Industrial commodities — Continued Metals and metal products 9 — - 1957-59 = 100 Heating equipment do Iron and steel _ _ __ do Nonferrous metals do 108.3 92 5 102.3 1°0 9 109.6 92 6 103.5 120 9 111 0 93 3 104 2 194 7 111 4 93 4 104 6 195 7 112.2 93 1 105.4 127 4 113 3 93 8 105 7 131 1 Nonmetallic mineral products 9 do Clay prod., structural, excl. refractories do.. Concrete products _ do Gypsum products do Pulp, paper, and allied products do Paper. __ _ do Rubber and products do Tires and tubes do 102.6 104.3 105.1 105 3 106.0 108 103 10° 109 107 94 93 4 0 4 6 3 8 3 110.1 105 3 102 4 104 0 110.0 97 0 96.2 111.1 105 6 103 9 104 6 111 2 99 1 98 7 111 6 105 8 103 9 104 8 111 2 99 ° 98 7 111.8 106.5 103 9 105 2 111. 2 99 5 98.7 Textile products and apparel 9 . AppareL Cotton products _ Manmade fiber textile products Silk yarns Wool products do do do do do do 10° 1 105 0 109 5 89 5 153 G IOC 0 102 1 106 9 100 7 86.8 171 9 103 2 103 0 108 0 101 2 88 1 183 9 102 2 103 8 108 9 1 104 88 6 189 7 10° 2 104 3 108 3 105 2 89.3 196 8 102.3 105 89 197 !()•) Transportation equipment 9 _ Motor vehicles and equipment. Miscellaneous products 9 Toys, sporting goods, etc . Tobacco products do do_ do do do 100 106 104 109 8 8 1 6 102.1 109 2 105 6 112 9 104 110 106 114 104 110 106 114 0 7 4 8 104.3 111 0 106 7 114 8 104 111 106 114 $0 945 .884 $0 943 860 $0 942 849 $0 936 846 $0 933 843 ^0 996 840 0 6 3 8 112.5 95. 6 106.7 121 9 112.4 95.8 106.0 122.4 108. 7 108.7 108.9 109.2 113.7 108 5 106 6 104 9 113.0 100 6 99 5 113.7 108 6 106 6 105 1 113.1 100 7 99.5 114.2 109. 1 106 2 105 2 113.1 101 0 99.5 115.2 109.2 106 2 105.2 113.4 101.1 99.5 106 0 110 9 105 3 90.7 175 1 104 1 106 5 111 0 105 4 92.5 177 5 104 1 107 0 111 7 105 3 92.7 175 5 104. 7 107.2 111 8 105.4 93.0 172.0 104.6 104 9 111 5 108 7 114 9 104.4 111 6 108 9 114 9 104.1 111 9 109 0 114 9 106.5 112 0 109.1 115 0 106 .6 112.5 109.2 116 5 $0 990 897 $0 917 893 $0 9°0 890 $0 917 818 $0 917 .814 $0 912 .810 r r 111.7 95 3 104.8 123 6 111.4 95 3 104.8 122 3 107.4 107.8 108.3 108.4 112.1 107 5 105 9 1 105 11° 1 99 7 98 7 112.5 107 6 105 1 105 5 113 5 99 8 98 7 112.3 108 2 105 1 104 7 112.7 99 9 98 7 112.5 108 1 105 0 104 9 113 0 100 7 100 9 104 6 109 1 105 0 89 3 196 3 103 1 104 7 109 9 3 105 89 3 189 7 103 0 104 8 109 4 104 9 89 7 183 8 103 5 105 110 104 89 184 103 105 110 105 90 182 103 8 7 2 4 5 9 104 111 107 114 3 5 4 9 104 3 111 8 108 1 114 9 104 2 111 9 8 108 114 9 104 5 111 8 108 2 114 9 $0 924 837 $0 923 834 $0 9" '831 113.3 94 5 105 0 131 0 106 9 107.3 111 106 105 105 111 99 98 9 8 1 7 9 5 7 112.0 107 0 105 1 105 2 111 9 99 7 98 7 104 6 0 6 ° 8 3 3 6 8 ios x 112 2 95.5 106.7 121 5 111.7 94 7 104.9 194 1 113.8 94 3 105.4 133 2 2 1 7 9 0 8 111.3 95 4 104.8 121 7 PURCHASING POWER OF THE DOLLAR As measured byWholesale prices Consumer prices. 1957-59—$! 00 do _ $0.911 CONSTRUCTION AND REAL ESTATE CONSTRUCTION PUT IN PLACE J New construction (unadjusted), total . . mil. $ Private, total 9 do Residential (nonfarm) do New housing units do Nonresidential buildings, except farm and pub-" lie utilities, total 9 mil $ Industrial.-. do Commercial.. do Farm construction. . do Public utilities: Telephone and telegraph do Public, total 9 do Buildings (excluding military) 9 do Housing and redevelopment do Industrial do Military facilities... do Highways and streets do New construction (seasonally adjusted at annual rates), total _ _ bil $ Private, total 9--. - Index (mo. data seas adj ) Public ownership Private ownership By type of building: Nonresidential Residential 1 Non-building construction New construction planning (Engineering News-Record) § r 7 341 r 7 519 r 7 680 r 7 943 8 014 7,582 4 441 2,191 1,742 3 819 1,859 1,465 3 586 1, 655 1,305 3 98 1, 885 1,472 4 513 2, 262 1,710 4 843 2,518 1,891 4 963 2, 628 2,015 5 068 2,687 2, 075 5 318 2, 770 2, 123 5 344 2,760 2, 139 5 493 2,695 2,130 5 277 2,609 2, 083 18 595 6 679 6 879 1,245 18 106 6 131 6 989 1 324 1 616 493 676 1 499 59 1 573 1 349 431 595 1 323 397 549 1 428 428 587 1 538 441 676 1 569 448 684 1 5993 49 689 1 535 417 79 1 1 690 ' 485 / 1 716 508 793 1 808 538 844 1 729 554 769 1 609 1 638 150 146 104 120 140 25 573 9 i§8 9 974 706 406 721 8 538 9 24 000 6 951 6 407 5 605 139 141 156 148 147 172 9 73 9 49g 9 556 9 619 9 695 9 609 9 591 910 63 49 60 953 885 54 35 57 1 051 888 57 43 79 1 014 41 81 37 96 45 83 r gl 3 r 83 6 r 84 5 r 87 2 86.7 56 5 57 2 59 5 58. 9 119 9 9 375 1 786 85 59 40 76 706 825 47 36 70 559 78 9 49 39 56 469 739 35 38 59 379 84 56 45 51 572 893 78 45 53 755 955 83 49 64 886 79 6 81 9 89 9 83 9 83 6 r R1! 9 r 85 7 53 9 8 920 655 369 769 8 355 54 0 55 3 cr A cc -I cy A 57 3 55 0 54 7 99 £ 9 97 4 98 1 29 1 30.0 30.4 17 6 4 8 8 3 19 0 5 6 8 6 18 6 5 5 8 5 19 7 6 1 8 9 19.0 6.4 8.0 1 633 1 974 9 T §9 1 27 2 27 6 97 o 26 8 27 7 99 3 17 8 5 7 7 0 17 4 58 6 7 19 3 6 3 19 5 19 2 5 5 8 3 19 1 5 5 8 5 18 5 5 3 81 17 7 4 9 8 1 17 16 1 7 1 ^ 16 15 19 1 7 18 2 0 27 1 97 7 27 0 27 3 27 7 27.9 9 7 '6 5 9 9 6 6 8 9 2 5 8 4 10 6 .9 4,863 9 f! 27 10 3 6 5 8 8 2 i 50 150 C 7 8 3 I 25 7 do 10 5 6 5 9 99 10 6 6 3 996 3 o 71 A 9 76 00 C •i o 7 5 97 10 8 10 • _* 10 8 8 q 9 3 27 9 ^i 28 4 11 0 1 0 9 8 41 7 4 070 6 170 53 446 4 258 2 1 KQ 1 R8 mil $ do 18 152 31 998 20 709 32 737 1 435 2 823 f)' AQO do do do 19 393 17, 827 12 930 20 418 19, 695 13 333 1 586 1,717 956 1 550 1,404 31,462 i o4'~> 1,495 do 52.112 59. 944 4 995 * SQfi 3 4Q9 ^ run 3 osn f 2 5 9 10 0 7 r 9* 2 9 8 8 K g 9 9 7 145 1957 59 — 100 7 953 1 966 9 2 9' 1 5 589 5 956 6 318 5 170 6,171 -107 I Q9 183 200 183 i fin 159 1 ^4 9 n^fi 1 860 3 7OA 9 256 3' 7nn 1 994 4 3 04 1 549 3 691 1 728 4 443 1,558 3 305 1 QOC 1 ^99 2,220 2, 312 9 297 2' 543 9 030 2,243 i 31 fi 2 414 2,287 1 9^ 9 128 2, 295 1 895 1 815 2,125 1 230 2 370 2,408 1 393 1,992 2,043 828 4 fifiS a 9 «nn 4.895 3. 001 6.387 1 C.QQ 1 507 ' Revised * Preliminary. 'Annual total includes revisions not distributed to months. Computed from cumulative valuation total. 3 See note "IT" for this page cf See corresponding note on p. S-8. 9 Includes data for items not shown separately: I Revisions for 1965-May 1967 are shown in Bu. of Census report C30-68-6. 329-153 O - 69 - 4 r Q 786 9 4 763 2,340 1,857 do Buildings (excluding military) 9 do Housing and redevelopment do Industrial.. do Military facilities do Highways and streets do CONSTRUCTION CONTRACTS Construction contracts in 48 States (F. W. Dodge Co.).' Valuation, total V- mil $ 5 956 50 587 23, 736 17,885 76 160 Residential (nonfarm) do Nonresidential buildings, except farm and public utilities, total 9 bil. $ Industrial _ do Commercial do Public utilities: Telephone and telegraph do Public, total 9 5 219 51 1°0 23,971 17,964 75 120 > R35i 9fV7 ^ Beginning Jan. 1968, data are not entirely comparable with those for earlier periods; new compilation method raises the level of residential data by 8 percent and the total valuation by 3 percent. § Data for Nov. 1967 and Feb., May, Aug., and Oct. 1968 are for 5 weeks, other months, 4 weeks. SURVEY OF CURRENT BUSINESS S-10 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS j 1967 Annual January 1969 1968 1967 Dec. Nov. Jan. Feb. Mar. Apr. May June July Sept. Aug. Oct. Nov. Dec. CONSTRUCTION AND REAL ESTATE—Continued HOUSING STARTS AND PERMITS New housing units started: Unadjusted: Total, incl. farm (private arid public) One-family structures Privately owned Total n on farm (private and public) In metropolitan areas Privately owned 1,321.9 844.9 1, 291. 6 120.2 69.1 118.4 83.1 47.1 80.1 1,172. 8 807.3 1,141.5 1, 298. 8 919.7 1, 268. 4 118.6 84.9 116.8 82.1 63.6 79.1 1, 590 1,567 do do do Seasonally adjusted at annual rates: Total, including farm (private only) Total nonfarm (private only) 145.1 87.2 ! 128.6 ! 165.2 55.4 79.4 j 98.0 : 87.0 84.6 126.6 l 162.0 ! 140.9 I I 85. 3 126. 0 162. 2 143.3 I 101.2 | 01.4 I 92. 1 ! 118.4 139.0 I 82.8 i 123.9 ! 159.1 1,196.2 779. 5 1, 165. 0 thous.. do do 1,250 1,235 1, 456 1,430 1, 537 1,499 1,390 745 1,148 667 1,394 724 do do New private bousing units authorized by building permits 03.000 permit-issuing places):{ Seasonally adjusted at annual rates: Total thous.. Ono-family structures do 1,141 651 82.7 ! 45.3 80.5 ! I 82.0 ! 63.5 79.8 j 141.1 ! 140.0 103.6 i 100.6 136.0 I 137.3 141.0 r139.8 I r r143.3 ! 128.1 96.4 82. 6 r 80. 3 i 85. 7 ! 64. 4 52.1 136.6 r 134. 3 I T 140. 8 ! 125. 7 93. 0 ir i 126.1 138.9 r 138. 0 i 140. 6 102.9 I 99. 3 j 101. 0 134.5 r 132.4 ' 138. 1 123. 7 142.9 I 142.5 81.6 i 86.5 137.9 i 139.8 r 1,591 1,562 1,364 1,345 1,365 1,248 1, 531 1,507 1,518 1,496 1,592 1,570 1,570 1,541 1,689 1,71; 1,454 1,439 1,340 675 1,511 1,479 1, 280 659 1,281 641 1,289 663 >90 j73 1, 393 706 '1,378 '•694 1,425 72!) 1,400 702 CONSTRUCTION COST INDEXES Dept. of Commerce composite}: American Appraisal Co., The: Averaee, 30 cities Atlanta New York San Francisco St. Louis 119 Engineering News-Record: + Building Construction do do Bu. of Public Roads—Highway construction: Composite (avg. for year or qtr.) 1957-59 = 100.. 127 128 128 129 130 132 132 33 134 134 134 909 992 1,008 910 903 930 1,024 1,025 933 916 932 1,025 1,026 937 919 937 1,033 1,044 941 923 938 1,033 1. 044 943 923 940 1,047 1,044 943 923 945 1,053 1,048 944 927 958 I, 064 1, 052 948 962 973 1,065 1, 056 958 964 979 1, 075 1,087 968 964 86 81 )90 79 67 992 1.087 1,092 980 969 994 1.110 1,092 980 969 997 1,110 1,093 1,001 •J69 132 134 134 134 134 135 135 136 138 140 41 142 142 143 129. 8 130.7 130.2 127. 4 133.8 134.7 134.3 131.2 | 133.9 ! 134.7 i 134.4 ! 131.2 133.7 134.6 134.2 131.1 134.1 135.1 134.6 131.6 134.6 135.3 135.5 ! 136. 2 134.9 ; 135. 5 132.4 133.3 137.3 138.4 137.5 135.2 139. 6 140.8 139. 8 137.4 123.4 134.1 E. IT. Boockh and Associates, Inc.: ^ Average, 20 cities: All types combined 1957-59 = 100.. A p a r t m e n t s , hotels, office buildings do Commercial and factory buildings do Residences do 127 122.1 123.2 122. 2 Associated Heiiera! Contractors of America. Tnc , T h e ( b u i l d i n g only) 1957-59= 100.. 127 127 1913 = 100 do do do do 125 867 941 963 867 852 1957-59=100._ 127.4 140.8 130.1 144.3 130.4 144. 5 131.4 145. 't 131.8 146.5 132. 5 147.0 141.6 156.6 141.7 156.7 113.0 142.2 140.1 138.3 140.7 154.1 I 156.0 136. 2 151.9 132.9 147.6 142.1 143.1 .5 141.8 140.6 | 141.7 138.5 139.2 132. 6 119.8 120.6 143. 1 158. 0 CONSTRUCTION MATERIALS O u t p u t index: Composite, unadjusted ? Seasonally adjusted .. ..1947-49-100 .do Iron and steol products, u n a d j u s t e d Lumber and wood products, u n a d i Portland cement, u n a d j u s t e d 150.9 j 133.0 158.1 | 154.8 do do do 100. 0 155.0 189. 8 163.0 149. 6 150. 6 161.4 147.6 137.0 127. 5 140.0 149. 1 147.2 166. 4 164.0 169. 5 176. 8 173.7 147. 1 j 158.6 184.8 \ 192.7 152. 6 ! 155. 9 I 167. 2 j 175. 6 101.5 i 122.0 I 156.7 205.9 183.0 170. 5 175. 8 164.3 203.1 I 201.2 179.0 i 161.6 223. 7 221.1 170.6 154.1 r T 168. 7 161.1 180.7 210.1 151.9 166. 7 175.1 249.8 i 263.8 r r 159.1 173. 0 238. 4 159. 6 189. 4 271. 3 14.0 168 10.4 125 17.1 198 12.7 147 180.4 187.8 159.7 REAL ESTATE Mortgage applications for new home construction: I A p p l i c a t i o n s for F1TA c o m m i t m e n t s I thou::. units..!; Seasonally adjusted a n n u a l rates! do Requests for V A appraisals do \ Seasonally adjusted a n n u a l rates! do I 11.2 163 8.4 122 153.0 99. 2 Home mortgages insured or guaranteed by— | Fed. FFous. A d m . : Face a m o u n t . l.._nril. $ 6,095.32 ! 5, 884. 64 Vet. Adm.: Face amount § do 2, 600. 53 13.404.87 Federal Home Loan Banks, outstanding advances to member institutions, end of period. mil. $ _ _ > 6,935 I New mortgage loans of nil savings and loan assoeia- i tions, estimated totalt * mil. $.. I By purpose of loan:t 11 ome con struct ion do Home purchase do...* All other purposes do Nonfarm foreclosures Fire losses (on bldgs., contents, etc.) 4, 386 020. 86 382.91 457. 89 340.32 4,188 ! 4,386 ! 1,759 388 856 i 557 ! 577.50 i 436. 34 348.77 ! 279. 57 15.9 160 11.6 127 434. 80 267. 29 14.7 144 12.4 126 15.7 161 11.0 110 I 13.2 I 146 i 12.5 ! 135 i 15.2 167 11.5 127 '13.5 211 11.4 172 9.0 136 684.06 ! 572.38 I 359.54 i 376.98 365.50 4,889 4,997 i 5,026 | 5,035 j 5,040 1,965 1,456 i 1,766 1,389 13.7 157 10.4 120 470.58 495.28 I 493.61 572.97 j 595.12 ! 588.18 265. 30 ! 280.15 ! 240. 95 326.86 340.69 ! 322.30 4,442 j 4,348 i 4,269 i 4,545 j 4,719 j 380 780 599 1,801 12.4 152 10. 6 141 1,844 | 1,977 ' 1,823 ' r 1, 930 \ 1,701 426 1,066 473 396 1,031 417 5, 259 409 1,146 422 '461 ! r 986 r 483 392 975 456 3, 605 7,747 5,372 4,190 9, 505 6,196 number.. 117,473 110,541 8,469 8,119 8,414 | 7,822 8,127 I 8,040 7, 630 6,446 115.21 127. 82 153.95 ; 142.75 155.58 ! 197.25 157.72 154.71 ; 159.14 131.69 383 859 459 6,669 1,496.76 1,706.72 mil. $_ 291 665 433 ! 305 704 447 409 840 517 475 934 543 505 1,041 541 134.80 134.21 DOMESTIC TRADE ADVERTISING Marketing/Communications advertising index, seasonally adjusted:® ' Combined index 1^57 59 100 Business papers do Magazines do Newspapers do Outdoor _. do Radio (network) do Television (network) do r • i ' ! i ' ' 148 l°8 159 119 91 118 1Q4 1 49 ' i ^o 19^ i 1OK 117 95 117 1^7 ' 113 ' 96 ' 130 161 114 111 101 H 134 15° 113 73 109 900 '^10 ; 900 90S S 1 ^O 19Q Revised. c Corrected. {Revisions for Jan.-Aug. 1967 for new private housing u n i t s authorized; for 1905-May 1967 for Dept. of Commerce composite; for July-Dec. 1906'for E X K building and construction cost indexes; for 1960-66 (seas, adj.) for FHA applications and YA appraisals: and for Jan.July 1967 for new mortgage loans will be shown later. | i i T i | -1 fl ' ' i ! 141 157 1°8 97 106 '• 93fi 1 51 160 155 13° 161 125 87 199 199 1 £,*} 1 ^0 919 1 C4 1 07 79 123 911 75 19Q 999 150 128 16° 116 82 144 154 900 910 161 196 95 147 146 195 141 123 84 175 •'03 1 99 168 126 90 137 198 1 i ! i 1 . ... ^Copyrighted data; sec last paragraph of headnote, p. S-l. 9 Includes data for items not shown separately. § Data include guaranteed direct loans sold. © Formerly Printer's Ink advertising index. SURVEY OF CURRENT BUSINESS January 1969 Unless otherwise stated, statistics through 19G6 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 19(>8 19 67 j 1967 Nov. Annual Dec. Jan. Feb. Mar. May Apr. June Aug. July Sept. Oct. Nov. Dec. DOMESTIC TRADE—Continued ADVERTISING— Continued Television advertising: Network (major national networks): Net time costs, total Automotive incl accessories Drugs and toiletries Foods, soft drinks, confectionery Soaps , cleansers , etc Smoking materials All other 471.7 42 6 127. 5 89.1 34.1 60.4 117 9 417.2 36.0 122. 6 84.7 41.5 46.1 86 3 1,411.3 106. 7 4**) 8 274 0 131. 5 161. 4 308.0 1 499 9 115. 8 429 0 306. 8 134.3 183.1 331.0 Magazine advertising (general and natl. farm magazines): Cost, total mil. $ 1, 166. 7 Apparel and accessories do ! 68. 1 Automotive, incl. accessories do i 123. 5 Building materials do 34.5 Drugs and toiletries do 134.4 Foods, soft drinks, confectionery do 125 4 1,161.6 60.7 103. 7 31.0 148.4 116. 1 115.6 5.4 9.8 22 14.' 6 11.9 99.9 3.3 8.1 1.4 12.3 10.1 63.3 1.6 4.4 1.2 7. 1 6.7 79.2 80.1 53 3 17.6 39.6 411.0 89.2 70.7 62 7 22.9 39.9 416.3 11.5 15.0 5. 1 4.4 1.1 4.7 34.4 3.4 4.5 5.4 9 2 3!7 41.3 4.2 27.' 6 4.3 1.5 3.0 33.6 3 354 3 924.3 2, 430. 0 18° 9 73 ° 310.3 1,863.6 3, 297. 8 878.1 2, 419. 6 158. 5 66 9 297.1 1,897.1 305. 8 68. 4 237.4 13. ',) 53 28.7 189. 5 283. 2 59.8 223. 4 9.2 5. 6 99 2 18& 4 231.3 67.0 164.2 11.4 7.6 17.3 127. 9 203, 751 91, 026 112,724 205, 188 90, 447 114, 741 18, 132 7,904 10,228 17,408 7, 530 9,878 21,607 12, 308 9, 299 21,425 12, 150 9, 275 313, 809 100, 173 58, 273 53, 96f> 4,307 15, 267 Beer, wine, liquors.. , Industrial materials Soaps , cleansers , etc Smokinc materials A l l other. __ . . . . rrpl $ do do do do do do _ . _ _ do . i i • .. do do do do Newspaper advertising linage (52 cities): Total '. .mil. lines.. Classified do Display, total. _. .... ..... . . .do Automotive. .. .. _ _ _ _ _ _ _ do . _ Financial do General do. _ Retail. . . . do WHOLESALE TRADE Merchant wholesalers sales (unadj.), total, mil. $.. Durable goods establishments do Nondurable goods establishments do Merchant wholesalers inventories, book value, end of year or month (unadj.), total mil. $._ 20, 520 Durable goods establishments do 11,805 Nondurable goods establishments do 8, 715 RETAIL TRADE t All retail stores: t Estimated sales (unadj.), total J mil. $._ 303, 956 Durable goods stores 9 do 98, 301 Automotive group do 58, 089 Passenger car, other auto, dealers do 54, 144 Tire, bat tery, accessory dealers do 3, 945 Furniture and appliance group 9 do 14, 558 Furniture, homefurnishings stores do Household appliance, TV radio do Lumber, building, hardware group do 12, 573 Lumber, bldg. materials dealersd" do 9,769 2 §04 Nondurable goods stores 9 do Apparel group do Men's and bovs' wear stores do Women's apparel, accessory stores do Family and other apparel stores ... do Shoe stores _ _ do Drug and proprietary stores do Eating and drinking places do Food group do Grocery stores do Gasoline service stations do General merchandise group with nonstores 9 mil $ General merchandise group without nonstores 9 §._ _ mil. $ Department stores do Mail order houses (dept. store mdseVdo Variety stores . . .do Liquor stores do 205, 655 17,291 12, 675 9,781 2,894 213, 636 18, 123 9,988 , 22,098 , 68,137 21,792 29 739 46, 961 • 10, 721 23, 473 69, 113 49, 820 1 i . . i ! ! 331.3 23.0 89.2 63.2 33.7 33.1 89. 1 ! . _ 119.2 8,6 12.7 4.8 11.9 9.9 116.0 5.6 11.9 4.1 14.5 8.5 99.9 2.6 9.3 3.7 14.3 9.6 69.9 1.1 4.8 6.8 7.8 8.1 7.9 4.4 i!i 39.8 4.7 2.5 3.8 43.1 5.9 1.9 4.0 42.1 5.5 1.5 4.2 35.1 6.3 4. 1 3.3 1.9 2.9 23.9 236.1 66. 9 169. 2 13.4 4.6 22.3 128.9 282. 4 79.0 203. 5 14.4 5. 5 26. 0 157. 6 277. 5 76.0 201.4 16. 6 6. 6 26.1 152. 2 306.5 224! 0 17.3 5.5 29. 0 172. 2 279.2 79.0 200. 2 16. 6 5.8 23.4 154. 3 16, 863 7, 365 9, 497 16, 816 7, 541 9, 275 17,775 8, 026 9,749 18,087 8,397 9, 690 18, 578 8,482 10, 095 21,607 12, 308 9, 299 21, 678 12, 236 9, 442 21. 555 12, 308 9, 247 21,679 12, 564 9, 115 21,841 12,881 8,960 27, 186 8, 525 4,842 4, 436 406 1,432 858 461 1,080 839 241 18, 661 1, 630 405 621 362 242 881 1,909 5,748 5, 348 1,939 32, 622 9 032 4, 573 4,111 462 1,738 956 616 1,088 749 339 23, 590 2, 618 686 997 595 340 1,241 2,041 6, 562 6, 110 1, 958 24, 094 24, 210 27, 049 7, 517 4, 642 4, 339 303 1, 205 726 381 16, 577 1,277 332 493 242 210 901 1,836 5, 596 5, 232 1,874 7, 883 4,842 4, 557 285 1, 205 7^2 390 891 708 183 16, 327 1, 155 267 462 233 193 887 1,837 5, 598 5, 227 1,809 8,916 5, 526 5, 187 339 1,253 769 402 1,013 797 216 18, 133 1,430 313 559 295 263 901 2, 022 6, 113 5, 705 1,970 5,136 7, 376 3,289 3, 296 3, 901 1.7 641 84.7 3.2 9.6 1.8 11.2 9.1 105.9 6.3 11.1 3.1 12.3 10.3 9 9 301.3 18.1 88.6 57.4 33.0 28.4 75.8 i 67.7 i i 106.8 10.6 6.8 3.1 11.6 7.1 127.2 7.1 17.3 2.9 13.5 9.5 134.7 6. (5 13.9 4.6 7.1 3.7 1.5 3 .2 24.8 5.8 1.9 3.6 41.6 10.4 9. 4 5.3 2.8 4.1 44. 9 13.0 9.8 5.4 1.8 4.4 50. 9 249.9 75.2 174.8 13. 6 6.9 18.6 135. 7 277.9 83.8 194. 1 13.3 4.1 18.1 158. 6 292.8 83.3 209. 5 15.9 5.7 27.1 160.9 315. 7 84.1 231. 5 16. 0 7.2 31.7 176. 7 315. !) 79.0 230. 8 13.1 6. 2 32. 5 185.0 17, 961 8, 241 9, 720 18, 488 8, 515 '.), 973 18,933 8, 629 10,304 18, 640 r 19, 979 18, 979 8, 590 ' 9, 220 8, (554 10, 050 ' 10, 759 10, 325 21,816 12, 851 8, 965 21,952 13, 020 8, 932 21,908 13,030 8, 878 22,094 13,183 8, 910 22, 170 ••22,031 13, 065 ' 13, 102 9, 105 ' 9, 470 27, 602 29, 285 29,410 27, 015 0,917 6, 112 5, 706 406 1,314 871 376 1, 269 986 283 19, 368 1, 538 367 600 312 953 2, 189 6, 310 5, 883 2, 097 28,887 9,828 5, 974 5, 543 431 1, 353 875 414 1,290 1,010 280 19,059 1, 522 375 577 311 259 938 2, 245 6,252 5, 825 2, 150 28,542 9, 134 5, 549 5, 171 378 1,217 783 363 1,190 926 264 18, 468 1, 627 364 617 334 312 906 2, 034 5, 838 5, 420 2, 012 9 696 5, 773 5, 354 419 1,393 861 440 1,338 1,055 283 18,846 1,421 325 548 312 236 938 2,287 6. 196 5, 766 2, 197 9, 383 5,365 4, 951 414 1,479 905 476 1, 355 1,077 9 78 20, 027 1, 633 342 618 378 295 962 2, 413 6, 596 0, 166 2, 202 4,218 4,342 4,296 4 222 4,671 QO g 10.' 3 9.1 3^4 1.6 10.5 5.7 15.' 1 11.6 100. 0 4.0 7.4 1.0 12. 0 !>. 1 "•I 4. 2 1.1 4.3 36. 0 22,810 13, 170 9, 641 ••29,418 '30, 223 134,305 8,703 '10, 039 r 9, 004 i J). S35 4,814 r 5, 992 ' 5, 038 15,215 4, 457 r 5, 595 5, 21 1 357 427 r 397 1,412 r 1,450 ' 1,490 i 1,704 850 937 '907 460 409 r 456 1,257 '1,339 1, 225 997 r 1, 063 925 260 300 276 18, 312 "•19, 379 '20, 619 124,530 1, 557 r 1,654 ' 1,821 332 430 '373 r 608 709 650 333 395 '360 284 ' 265 281 912 '937 i" 1/25 7 '941 2, 175 ' 2, 161 ' 2, 057 i 2, 094 5, 860 r 0, 108 ' 6, 464 i 0, 4i)0 5, 448 ' 5, 685 ' 6, 042 Mi, ( I I S 2,017 r 2, 064 ' 2, 075 i 2, 10(1 4,266 ' 4, 097 ' 5, 456 i 7, 739 4, 243 3,831 ' 4, 209 ' 4, 970 1 7, 101 2, 916 3, 911 3,890 6, 698 3,813 2 912 3, 487 3,800 2, 844 2. 602 r 2, 843 ' 3, 379 1 4, H80 4, 512 27,868 ; 29, 589 2, 628 2, 641 1, 949 2, 538 2, 334 2, 538 1, 912 273 ! 250 417 373 -•316 187 248 239 218 238 233 197 ! 520 451 574 982 346 432 496 487 474 '498 497 387 i 6,081 600 640 548 ' 584 502 822 560 486 581 6,409 516 583 537 Estimated sales (seas, adj.), total J _ _ _ do 1 26, 936 27, 512 28, 145 27, 675 28, 132 28,451 28,802 29,037 28, 863 '28, 706 '28, 891 ; 26, 368 Durable goods stores 9 do n nr,i> 9, 567 8 492 9, 699 ' 9, 402 ' 9, 320 1 !), 1 7 1 8 502 9, 290 9, 081 8,871 9, 402 8 871 Automotive group ... _ do 5, 730 5, 604 5, 399 i 4,738 4, 951 5, 907 ' 5, 023 5,512 5,117 5, 598 5,18!) 5,307 Passenger car, other auto, dealers do 5, 347 5, 219 5, 523 ' 5, 254 5, 0',)4 ! 4,378 5, 027 4, 563 4,744 4,812 ' 4,921 5,213 Tire, battery, accessory dealers do 418 389 384 372 385 ' 309 360 388 373 385 377 386 1,440 Furniture and appliance croup 9 do 1.402 ' 1, 359 1,350 1,323 1, 362 1,349 1,381 1, 367 1,363 ! 1,372 1,420 855 Furniture, homefurnishings stores do i 852 ' 837 882 884 871 ; 777 824 837 85!) 826 843 Household appliance. TV. radio do ' 475 430 '435 441 . 429 422 415 429 428 440 ; 440 446 Lumber, buildiner, hardware group do 1,198 1, 197 1, 196 '1,200 1,114 """846" 1,190 1, 191 1, 170 1,133 1,202 1,181 910 924 927 '930 904 932 874 : 878 947 ' 048 899 2S8 Hardware stores do 273 270 209 236 25!) 266 259 282 243 : 254 1 Nondurable goods stores 9 do 17,946 18, 434 18, 641 19, 083 18, 804 19, 051 19,161 19,400 19,470 19, 164 '19,304 '19, 571 1 II . D'.)!J Apparel group do 1, 074 1, 696 ' 1,034 1, 621 1, 563 1, 597 1,473 1, 530 1,574 1,659 1,547 1, 677 Men's and boys' wear stores do 395 380 '373 307 385 345 366 380 380 379 367 405 Women's apparel, accessory stores do 045 647 634 665 580 '638 560 599 662 601 621 589 Family and other apparel stores do 353 329 '343 359 334 340 338 327 338 35!) 309 357 Shoe stores do 292 '280 281 278 24!) 241 245 268 274 257 278 253 Revised. i Advance estimate. jSeries revise 1 to reflect , a new sample of retailcM\S durable totals, and scle cted line s of trad e, unadj. and seas3. adj., b ack to 1! 61 appe. r on p. The most important difference, between this and th old sample is a ccounted for by UN 22 IT. of the No v. 1968 S JRVEY. 1< urther d etails apiicar in tl e Censu 3 Bureau Monthly R e t a i l general merchandise group which now includes all IK n-stores, i.e., rna 1 order houses, n er Trade Report, Aug. 19( 8. 91ncludes Jata for i :ems not shown s eparatel> chandising machine, operators, and direct selling estal lishments. Forme rly, many nou-st on cfComprises lumber 3•arils, bi ilding in iterials d ealers, ai id paint, plunibh g, and el (-.•tried establishments were classified outside of the general i erchandise group , particularly in the stores. §Exc ept depn rtment s tores ma il order. food and eating and drinking place groups. Revisions for total retail sal ^s, durable and n on 4,450 2,948 377 530 562 26,385 8,276 4,756 4,353 403 1,295 781 421 1,044 810 234 18,109 1,517 368 579 326 244 January 1969 SUKVEY OF CURKENT BUSINESS S-12 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1967 Nov. Annual 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 959 2,119 6,131 5,717 2 042 956 2,114 6,194 5,773 2 055 967 2,068 6,146 5,720 2,053 972 2,139 6,194 5,779 2,073 967 2,151 6,145 5,723 2,037 Oct. Nov. Dec. DOMESTIC TRADE—Continued RETAIL TRADEt— Continued All retail stores}— Continued Estimated sales (seas, adj.) — Continued Nondurable goods stores — Continued Drug and proprietary stores mil. $ Eating and drinking places. do Food group __do . Grocery stores __do_ __ Gasoline service stations do General merchandise group with nonstores 9 mil. $ General merchandise group without nonstores 9 § mil. $ Department stores do Mail order houses (dept. store mdse.)do Variety stores __ _do Liquor stores do Estimated inventories, end of year or month :f Book value (unadjusted), total mil $ Durable goods stores 9 do Automotive group do Furniture and appliance group do Lumber, building, hardware group do Nondurable goods stores 9 do Apparel group do Food group do General merchandise group with nonstores mil $ Department stores do Book value (seas adj ) total do Durable goods stores 9 do Automotive group do Furniture and appliance group do Lumber, building, hardware group do Nondurable goods stores 9 do Apparel group do Food group do General merchandise group with nonstores mil. $ Department stores do Firms with 11 or more stores:! Estimated sales (unadj.), total 9 do Apparel group 9 - - - - do Men's and boys' wear stores do Women's apparel, accessory stores do Shoe stores. _ do Drug and proprietary stores do Eating and drinking places... do Furniture and appliance group do General merchandise group with nonstores 9 -- mil. $ Genera] merchandise croup without nonstores§ mil $ Dept. stores, excl. mail order sales do Variety stores do Grocery stores do Tire, battery, accessory dealers do Estimated sales (seas, adj ) total 9 do Apparel group 9 do Men's and boys' wear stores do Women's apparel, accessory stores do Shoe stores _ do Drug and proprietary stores do. Eating and drinking places do General merchandise group with nonstores 9 mil. $ General merchandise group without nonstores§ mil $ Dept. stores, excl. mail order sales... d o _ _ _ Grocery stores do__. Tire, battery, accessory dealers.. _ __ do All retail stores, accounts receivable, end of yr. or mo.: Total (unadjusted) mil $ Durable goods stores do Nondurable goods stores do Charge accounts do Installment accounts do Total (seasonally adjusted) do Durable goods stores do Nondurable goods stores do Charge accounts do Installment accounts do 914 2 012 5 841 5 435 1 955 934 2 023 5 920 5 514 1 910 941 2 015 5 886 5 496 1 975 932 2 083 5 914 5 525 1 990 2 6 5 2 921 117 044 626 054 2 6 5 2 934 099 084 658 041 ••963 r 2, 146 ' 6, 133 ' 5, 714 r 2, 040 948 2,145 6,274 5,849 2,085 4,720 4 473 4 295 4 269 4 348 4 457 4 390 4,455 4,490 4,757 4,677 4,506 '4,622 3 807 2 533 250 495 541 3 770 2 529 242 491 528 3 859 2 564 256 501 567 3 925 2 623 250 511 552 4 020 2 689 267 523 588 3 986 2 680 266 497 554 4 038 2 698 249 521 589 4,077 2,725 271 516 578 4,315 2,907 278 527 596 4,241 2,861 280 519 589 4,047 2,733 268 492 592 ' 4, 141 4,257 ' 2, 798 2,923 ••283 301 '520 521 '603 599 045 832 284 825 575 213 178 290 40 438 16 724 6 723 3 026 2 669 23 714 4 791 4 477 38 045 16 832 7 284 2 825 2 575 21 213 4 178 4 290 38 430 17 493 7 845 2 811 2 641 20 937 4 010 4 248 39 354 18 019 8 201 2 893 2 660 21 335 4 225 4 271 40 447 18 400 8 413 2 953 2 738 22 047 4 405 4 324 41 247 18 989 8 799 3 034 2 809 22 258 4 456 4 360 41 496 19 278 9 069 3 039 2 794 22 218 4 388 4 371 41 163 19 174 8 987 3 027 2 764 21 989 4 317 4 334 40 916 18 895 8,794 3 035 2,801 22, 021 4,431 4 291 39 979 17, 536 7,348 3 032 2,764 22, 443 4,670 4 311 40, 543 17, 244 7,130 3,059 2,788 23, 299 4,953 4,382 42,683 18, 246 7,898 3,140 2,806 24, 437 5,116 4,552 43, 815 18, 866 8,437 3,158 2,790 24, 949 5,145 4,651 7 927 4 376 38 368 17 309 8 066 2 825 2 634 21 059 4 300 4 086 8 304 4 717 39 318 17 403 7 425 2 927 2 666 21 915 4 384 4 273 9 971 5 720 39 104 17 065 7 268 2 887 2 682 22 039 4 379 4 380 8 304 4 717 39 318 17 403 7 425 2 927 2 666 21 915 4 384 4 273 8 312 4 640 39 575 17 566 7 609 2 925 2 706 22 009 4 383 4 269 8 4 39 17 7 2 2 22 4 4 576 836 788 709 693 992 703 079 392 314 8 967 5 113 39 776 17 723 7 747 2 992 2 692 22 053 4 401 4 311 9 137 5 170 40 242 18 113 8 043 3 010 2 735 22 129 4 443 4 338 9 146 5 168 40 606 18, 248 8 192 3 006 2,713 22 358 4,450 4 384 9 105 5 102 40 842 18, 440 8 352 3 006 2 712 22 402 4,506 4 351 9 189 5 148 41, 065 18, 475 8,407 3,038 2,807 22, 590 4,630 4,356 9 305 5 189 41, 010 18, 501 8 417 3,035 2,781 22, 509 4,574 4,381 9,733 5,375 41, 424 18, 622 8,590 3,008 2,799 22, 802 4,668 4,408 10, 505 5,884 42, 220 19, 165 8,945 3,046 2,820 23, 055 4,720 4,450 10, 810 6,116 42,488 19, 361 9,121 3,019 2,798 23, 127 4,694 4,555 8 503 4 660 8 900 5 018 8 835 4 957 8 900 5 018 8 990 5 088 9 049 5 161 9 025 5 159 9 107 5 160 9,266 5 252 9,366 5 298 9,448 5,329 9,351 5,231 9,360 5,153 9,525 5,254 9,624 5,337 7 820 435 67 150 110 245 159 100 10 604 682 107 242 149 369 173 123 6 352 315 50 107 85 247 156 86 6 387 291 43 103 78 242 156 92 7 318 384 50 133 107 257 173 95 7 479 460 60 157 134 265 177 98 7,828 414 62 145 110 283 176 104 7,689 421 66 143 113 275 178 103 7,532 368 53 132 93 275 180 111 8,279 440 54 159 118 283 186 130 7,454 426 54 153 119 266 192 120 ' 8, 068 9,015 '454 502 88 '71 180 '163 118 '111 279 '272 183 '189 119 '112 2,248 2 266 2,713 2 969 3,033 3,013 2,959 3,300 2,979 ' 3, 303 3,902 3 201 2 325 401 2 679 139 7 565 393 57 135 110 254 166 4 592 3 610 778 3 135 167 7 309 379 53 133 99 236 175 2 070 1,515 263 2 635 107 7 503 416 59 150 108 274 169 2 073 1 490 296 2 676 105 7 681 428 63 152 108 272 173 2 499 1,821 339 2 967 122 7 707 442 64 152 114 268 175 2 763 2,003 393 2 738 146 7 718 417 60 144 108 278 179 2,811 2,066 384 2,971 159 7,728 415 64 142 106 290 169 2,801 2,083 377 2,882 161 7,794 430 65 147 112 277 166 2,745 2,023 364 2,837 156 8,045 454 67 159 115 288 169 3,080 2,263 407 3,122 159 8,004 451 64 163 120 291 172 2,750 ' 3, 055 2, 08 '2,234 '391 347 2,694 ' 2, 890 '153 130 7,923 ' 7, 992 444 '445 63 '67 161 '159 114 '118 ' 283 288 '189 191 2,992 3,104 3,132 3,098 3,083 3,099 3,306 3,254 3,126 ' 3, 245 3,342 2 763 2,025 369 2,731 138 2 773 2,028 388 2,728 121 2 787 2,023 386 2,780 138 2 879 2,102 396 2,805 140 2 901 2,100 412 2,815 139 2,889 2,115 385 2,864 144 2,868 2,087 2,889 2,115 3,100 2,291 3,045 2,243 2,854 148 2,923 141 2,931 147 2,918 153 2,890 2,127 378 2,916 ' 3, 017 3,100 ' 2, 208 2,265 416 ' 402 ' 2, 916 2,985 18 696 7 109 11 587 8 199 10 497 18 664 7 054 11 610 8 086 10 578 19 806 7 331 12 475 8 336 11 470 18 588 7 093 11 495 7 936 10 652 18 518 6*999 11 519 7 679 10 839 18 943 7 345 11 598 8 075 10 868 18 497 7 018 11 479 7 770 10 727 19 024 7 360 11 664 8 120 10 904 18 853 7 150 11 703 8 052 10 801 19 196 7 445 11 751 8 124 11 072 19,005 7,299 11, 706 8,254 10 751 18 957 7,337 11 620 8 059 10, 898 19, 154 7,428 11 726 8,337 10 817 19 020 7,251 11 769 8 126 10, 894 18, 910 7,413 11,497 8,227 10 683 19 045 7,263 11, 782 8,196 10, 849 18, 964 7,415 11, 549 8,191 10 773 19 152 7,258 11,894 8,193 10, 959 37 16 7 2 2 20 4 4 094 771 888 731 545 323 085 102 18 986 7 212 11 774 8 164 10 822 17 767 6 987 10 780 7 730 10 037 38 16 7 2 2 21 4 4 19 806 7 331 12 475 8 336 11 470 18 588 7 093 11 495 7 936 10 652 19 7 11 7 11 18 7 11 7 10 020 079 941 931 089 622 178 444 956 666 Af\Q A(V7 3,679 2,671 461 3,176 159 8,168 454 74 162 118 190 LABOR FORCE, EMPLOYMENT, AND EARNINGS POPULATION OF THE UNITED STATES Total, incl. armed forces overseas .mil. LABOR FORCE Labor force, total, 16 years of age and over Civilian labor force. . Employed, total. _ _ Nonagricultural employment Agricultural employment Unemployed (all civilian workers) thous_. do do _ do do _ do 1 196. 92 1 199. 12 78, 893 75 770 72, 895 68, 915 3,979 2,875 80, 793 77 347 74, 372 70, 528 3,844 2,975 199. 92 200.09 200.25 200. 36 200.51 200.66 200.83 201. 00 201. 17 201. 36 201. 56 201. 75 201. 94 202.1 81,582 78, 113 75, 218 71,460 3,759 2,894 81, 527 78, 057 75, 338 71, 793 3,545 2,719 79,811 76, 347 73, 273 69,908 3,366 3,074 80, 869 77, 402 74, 114 70, 653 3,462 3,288 80, 938 77, 447 74, 517 70, 980 3,537 2,929 81, 141 77, 634 75, 143 71, 292 3,851 2,491 81, 770 78, 234 75, 931 71, 935 3,996 2,303 84, 454 80, 887 77, 273 72, 757 4,516 3,614 84, 550 80, 964 77, 746 73, 270 4,476 3,217 83, 792 80, 203 77, 432 73, 325 4,107 2,772 82, 137 78,546 75, 939 72,103 3,836 2,606 82, 477 78,874 76,364 72, 596 3,767 2,511 82, 702 79, 185 76, 609 73, 001 3,607 2,577 82,61 79,11 76,70 73,42 3,27 2,41 ' Revised. 1 As of July 1. t See corresponding note on p. S-ll. 9 Includes data not shown separately. § Except department stores mail order. 1f Series revised to reflect benchmarking to the levels of the 1966 and 1967 Annual Retail Trade Reports and to conform to the definitions of the new retail sales sample; revised data back to 1961 appear on p. 22 ff. of the Nov. 1968 SURVEY. SURVEY OF CURRENT BUSINESS January 1960 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1967 1967 Annual Nov. S-13 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec." LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued LABOR FORCE— Continued Seasonally Adjusted Civilian labor forcef Employed, total _____ Nonagrictiltural employment \gricultural employment 77, 989 75, 005 71, 166 3,839 thous. _ do _ do_ _ _ do __ 78, 473 75, 577 71, 361 4,216 77, 923 75, 167 71, 164 4,003 78, 672 75, 731 71,604 4,127 78, 658 75, 802 71, 788 4,014 78, 343 75,636 71,656 3,980 78, 613 75, 829 71, 936 3,893 79, 018 76, 048 72, 197 3,851 78, 985 76, 038 72, 202 3,836 78, 690 75, 929 72, 196 3,733 78, 831 75, 957 72, 355 3,602 78,804 75, 952 72, 471 3,481 79, 032 76, 389 72, 713 3,676 79, 456 76, 867 72, 993 3,874 536 449 2,984 485 2,896 445 2,756 488 2,941 455 2,856 448 2,707 398 2.784 410 2,970 423 2,947 453 2,761 398 2,874 369 2,852 388 2,643 354 2,589 323 3.8 2.5 3.8 12.7 3.8 2.3 4.2 12.9 3.8 2.4 4.0 13.9 3.7 2.2 4.1 12.8 3.5 2.3 3.9 11.3 3.7 2.3 4.0 12.6 3.6 2.2 3.7 13.0 3.5 2.1 3.7 11.9 3.5 2.1 3.7 12.6 3.8 2.3 3.7 13.6 3.7 2.2 3.9 13.6 3.5 2.2 3.7 12.0 3.6 2.2 3.9 12.6 3.6 2.3 3.8 12.7 3.3 2.0 3.4 12.2 3.3 1.8 3.5 12.6 1.9 7.3 3.3 1.8 7.4 3.4 1.7 7.3 3.4 1.7 6.9 3.3 1.6 6.4 3.2 1.7 7.2 3.3 1.7 6.9 3.2 1.5 6.7 3.1 1.6 6.4 3.2 1.7 7.2 3.3 1.6 6.9 3.3 1.6 6.2 3.2 1.6 6.7 3.2 1.7 7.4 3.2 1.6 6.5 3.0 1.4 6.0 2.9 2.0 2.2 2.2 2.1 2.0 4.3 2.2 4.3 1.9 4.4 1.8 3.9 1.9 3.7 2.1 4.2 2.1 4.3 2.0 4.2 2.1 4.1 2.0 4.1 2.0 3.8 1.8 3.6 3.8 8.1 3.2 2 8 3.9 7.3 3.7 3.4 3.9 7.2 3.5 3.2 3.8 6.1 3.5 3.5 3.6 8.3 3.3 2.8 3.8 7.4 3.6 3.4 3.6 8.0 3.5 3.1 3.4 5.7 3.3 2. 7 3.4 6.5 3.2 2.9 3.8 8.1 3.2 2.8 3.8 7.0 3.3 2.8 3.6 6.9 3.4 3.1 3.6 5.5 3.4 3.3 3.7 6.1 3.4 3.2 3.4 6.6 3.1 3.0 3.2 5.1 2.8 2.6 64,034 66, 030 67,397 67,903 66,017 66,393 66,713 67, 422 67, 724 68, 724 68, 327 68, 508 68, 923 '69,292 '69,551 70, 012 64,034 627 3,275 19, 214 11, 284 66, 030 616 3,203 19, 434 11,422 66,778 603 3,214 19, 518 11,463 67,060 603 3,275 19, 593 11, 498 67,058 604 3,107 19, 612 11,541 67,600 608 3,388 19, 612 11,514 67,656 609 3,330 19, 607 11,495 67, 755 632 3,313 19, 657 11, 533 67, 792 631 3,245 19, 693 11,545 68, 039 632 3,174 19, 777 11,571 68, 170 638 3,189 19, 776 11,619 68, 314 638 3,195 19, 748 11,563 68, 382 ' 68, 701 '68,920 639 ••591 '635 3,252 ' 3, 285 ' 3, 273 19, 755 ' 19, 807 '19,854 11,577 '11,603 '11,647 69, 186 638 3,353 19, 918 11,685 Ordnance and accessories ... _ ...do Lumber and wood products do Furniture and fixtures. do. Stone, clay, and glass products. do Primary metal industries do Fabricated metal products _ -.-do. Machinery, except electrical do 261 614 462 644 ,351 ,351 ,910 317 598 455 629 1,318 1,361 1,967 333 598 457 631 1,306 1,360 1,977 334 605 464 640 1,306 1,374 1,942 334 605 465 638 1,306 1,374 1,962 334 612 466 609 1,305 1,369 1,957 336 607 466 591 1,304 1,374 1,960 337 599 468 641 1,320 1,373 1,949 338 594 471 640 1,322 1,376 1,949 344 592 474 642 1,310 1,386 1,951 349 597 471 642 1,314 1,385 1,944 350 597 476 644 1,291 1,385 1,953 348 598 476 643 1,279 1,391 1,957 '334 '603 478 '649 1,272 1,410 '1,962 '350 '601 '485 '653 ' 1, 285 '1,413 ' 1, 987 350 601 489 658 1,292 1,423 1,979 Electrical equip, and supplies _do_ .. Transportation equipment do Instruments and related products do Miscellaneous manufacturing ind do Nondurable goods do Food and kindred products do Tobacco manufactures do. Textile mill products do Apparel and other textile products.. .do Paper and allied products do Printing and publishing _ _ _ . do Chemicals and allied products. do. Petroleum and coal products do Rubber and plastics products, nee do Leather and leather products do Transportation, communication, electric, gas, and sanitary services.. _ _ _ _. .thous Wholesale and retail trade do Wholesale trade do Retail trade do ,909 ,918 431 434 7,930 1,777 84 964 1,402 667 1,017 961 184 511 364 1,953 1,947 448 429 8,012 1,785 87 957 1,400 681 1,048 1,002 183 516 351 1,959 1,968 449 425 8,055 1,780 90 963 1,399 684 1,053 1,014 185 535 352 1,962 1,993 450 428 8,095 1,786 93 970 1,407 687 1,054 1,021 185 537 355 1,965 2,007 450 435 8,071 1,775 85 972 1,399 688 1,054 1,021 185 537 355 1,965 2,015 450 432 8,098 1,773 87 981 1,403 690 1,055 1,023 186 545 355 1,957 2,018 449 433 8,112 1,777 87 979 1,408 690 1,058 1,024 186 546 357 1,955 2,015 448 428 8,124 1,783 81 979 1,417 692 1,058 1,020 185 550 359 1,963 2,013 447 432 8,148 1,778 87 982 1,422 696 1,061 1,023 186 552 361 1,960 2,031 448 433 8,206 1,797 87 990 1,433 699 1,062 1,030 188 559 361 1,962 2,070 446 439 8,157 1,777 87 987 1,416 697 1,064 1,033 188 559 349 1,963 2,013 452 439 8,185 1,778 90 990 1,412 702 1,067 1,036 187 566 357 1,964 2,035 451 435 8,178 1,773 87 987 1,422 700 1,063 1,037 186 566 357 ' 1, 957 ' 2, 046 454 '438 ' 8, 204 1,778 84 '988 1,426 '704 ' 1, 068 ' 1, 041 187 570 358 1,960 1,964 ' 2, 018 2,030 455 457 '440 442 ' 8, 207 8,233 ' 1, 779 1,781 '82 81 '992 995 '1,417 1,426 '708 712 ' 1,072 1,071 1,044 1,047 '188 188 '568 575 '357 357 4,151 13, 245 3,437 9,808 4,271 13, 613 3,538 10, 074 4,297 13, 791 3,584 10, 207 4,302 13, 793 3,581 10, 212 4,317 13, 818 3,586 10, 232 4,342 13, 920 3, 619 10, 301 4,332 13, 999 3,632 10, 367 4,331 14, 009 3,641 10, 368 4,281 14, 049 3,655 10, 394 4,336 14, 086 3,679 10, 407 4,346 14,117 3,680 10, 437 4,358 14, 181 3, 683 10, 498 4, 365 ' 4, 374 4,369 14, 222 ' 14, 298 '14,331 14,310 3,695 ' 3, 708 ' 3, 722 3,718 10, 527 ' 10, 590 ' 10, 609 10, 592 Finance, insurance, and real estate Services .. _ Government . ._ _ Federal. _ _ State and local . 3,100 9,551 10, 871 2,564 8,307 3,217 10, 060 11,616 2,719 8,897 3,273 10, 270 11,812 2,692 9,120 3,289 10, 316 11, 889 2,709 9,180 3,291 10, 331 11,978 2,721 9,257 3,304 10, 405 12, 021 2,721 9, 300 3,311 10, 415 12, 053 2,718 9, 335 3,323 10, 402 12, 088 2,717 9,371 3,334 10, 425 12, 134 2,721 9,413 3,335 10, 467 12, 232 2,795 9,437 3,350 10, 498 12, 256 2,788 9,468 3,376 10, 548 12, 270 2,751 9,519 3,387 '3,411, ' 3, 425 10, 545 '10,610 ' 10, 695 12,217 '12,325 '12,313 2,705 ' 2, 696 2,716 9,501 ' 9, 620 '9,617 14, 297 14, 300 14,489 14,425 14,213 14,231 14,248 14, 303 14, 352 14, 622 14,415 14, 561 14, 739 '14,718 ' 14, 720 14, 657 14, 297 8,370 127 536 382 517 1,100 1,052 1,344 14, 300 8,354 176 520 375 500 1,057 1,052 1,367 14, 338 8,362 187 519 375 504 1,043 1,049 1,366 14, 400 8,389 187 525 382 511 1,045 1,063 1,331 14, 405 8,420 190 527 385 511 1,042 1,062 1,343 14, 393 8,382 190 531 385 479 1,040 1,056 1,344 14,386 8,371 191 528 385 463 1,038 1, 062 1,346 14, 439 8,406 192 520 387 517 1,054 1,059 1,332 14, 449 8,401 193 516 389 514 1,054 1,060 1,331 14, 523 8,424 198 514 392 517 1,042 1,070 1,334 14,512 8,458 200 517 389 516 1,044 1,068 1,322 14, 474 8,399 200 518 393 518 1,023 1,066 1,331 14, 476 8,410 198 517 393 515 1,012 1,073 1,332 1,325 1,318 1,315 1,319 1,319 1,366 1,371 1,390 1,411 1,420 275 280 280 279 279 346 338 335 335 342 5, 926 5,946 5, 976 6, Oil 5, 985 1,180 1,186 1,183 1,191 1,181 72 75 77 79 73 859 849 853 860 861 1.246 1.240 1.238 1. 243 1 . 233 'Revised. p Preliminary. *Ncw series. Monthly data for earlier years are available. {Beginning in the Mar. 1968 SURVEY, labor force data reflect new seasonal factors. tMTective with the Sept. 1967 SURVEY, additional series (unemployment rates, seasonally adjusted production workers, hours, man-hours and man-hour indexes private sector data and spendable earnings) are shown; these are not in the 1967 edition of BUSINESS STATISTICS 1,316 1,423 279 339 6,011 1,178 74 870 1.240 1,311 1,429 278 340 6,015 1,181 74 867 1.243 1,310 1,425 275 335 6,033 1,191 68 868 1,312 1,419 275 338 6,048 1,185 73 871 1 95fi 1,305 1,438 275 339 6,099 1,204 73 877 1 . 265 1,308 1,478 272 344 6,054 1,185 74 876 1,313 1,415 278 344 6, 075 1,187 1,313 1,439 277 341 6,066 1,183 74 878 1 94Q 1 9 A.Z 875 1 954 Unemployed (all civilian workers) do Long-term 15 weeks and over do Rates (unemployed in each group as percent of total in that group) :J All civilian workers Men 20 years and over _ __ Women, 20 years and over. _ - _. Both sexes 16-19 years Married men* Nonwhite workers* White workers* __ Occupation: White-collar workers* Industry: Private wage and salary workers* Construction* Manufacturing* _ EMPLOYMENT Employees on payrolls of nonagricultural estab.:t1 Total, not adjusted for seasonal variation. -thous.. Seasonally Adjusted . _ . Total Mining Contract construction Manufacturing. Durable goods ... _ _ .thous do do do_._ do do do do do do Production workers on manufacturing payrolls: Total, not seasonally adjusted ft thous '4,2».4 3,441 10, 758 12, 399 2,697 9,702 Seasonally Adjusted Totalt thous.. Durable goods do Ordnance and accessories do Lumber and wood products . do Furniture and fixtures. . do Stone, clay, and glass products- . . ...do Primary metal industries .do Fabricated metal products do Machinery, except electrical do Electrical equipment and supplies Transportation equipment . Instruments and related products Miscellaneous manufacturing ind Nondurable goods Food and kindred products Tobacco manufactures Textile mill products Apparel and other textile products do do do do do do do do do 1 951 14, 524 ' 14, 564 14, 634 ' 8, 432 ' 8, 470 8,502 '201 200 ' 186 '520 ' 521 521 '401 405 396 530 '520 '525 1,029 1,009 ' 1,021 1,099 ' 1, 092 '1,090 1,348 '1,337 '1,357 ' 1,302 1, 446 280 '344 ' 6, 092 ' 1,191 '71 873 1 95Q 1,306 ' 1,423 280 '345 ' 6, 094 ' 1,191 '70 ' 877 r 1 949 1,308 1,433 282 347 6,132 1,200 69 882 1 . 958 ^Beginning in the June 1968 SURVEY, payroll employment and earnings data (except man-hours, beginning Aug. 1968 SURVEY) reflect revised'benchmarks and seasonal factors; comparable earlier data, except man-hours and man-hour indexes, appear in BLS Bulletin 1312-6, EMPLOYMENT AND EARNINGS FOR THE UNITED STATES, 1909—68, $5.75, available from the Gov't. Printing Of!., Wash., D.C. 20402. SURVEY OF CURRENT BUSINESS S-14 - '••• • • 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1967 1967 Annual Nov. January 1969 1968 1 Dec. Mar. Feb. Jan. Apr. May June July Sept. Aug. Oct. Nov. Dec.' LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued i EMPLOYMENT— Continued Seasonally Adjusted Production workers on manufacturing payrollsContinued Nondurable goods industries — Continued Paper and allied products thous Printing and publishing do [ Chemicals and allied products do Petroleum and coal products . . - do ' Rubber and plastics products, nee do Leather and leather products . do i 545 666 614 118 438 307 541 663 614 118 438 306 '546 '667 ! '617 119 441 308 551 i 670 618 119 : 440 309 555 671 621 119 448 309 43.4 37.3 40.7 40.9 3.6 41.5 3.8 41.3 40.7 40.7 41.9 41.9 41.7 41.'. 0 40.3 42. 6 40.5 39.2 42.8 37.5 | 40.7 40.7 3.5 41.1 3.7 41.6 40.7 40.6 41.9 40.2 41.7 41.9 40.5 41.9 40.5 39.2 43.1 37.9 41.2 41.1 3.7 41.7 3.9 42.0 41.1 40.8 42.2 41.3 42. 1 42.4 40. 9 42.6 40. 6 39.7 '41.3 ' 37. 5 ! 41. 1 41.0 i 3.7 41.6 4.0 I 42.0 '40.8 40.8 '42.2 41.4 42.2 42.3 40.5 42.6 40.6 39.5 ' 42. 9 ! 36.0 40.9 40.8 3.7 41.6 4.0 '41.4 40.4 '40.4 '41.8 '41.4 42.3 ' 42.3 '40.5 '42.2 '40.7 ' 39. 2 42.5 37.9 41. 1 40.7 3.7 41.4 3.9 40.9 40.5 40.4 41.9 41.3 42. 1 42. 6 40.4 42.1 40.8 39.1 40.0 3.4 41.1 38.5 41.3 36.4 39.9 3.4 40.8 38.1 41.5 36.1 39.9 3.3 41. 1 38 9 41 1 36.0 40.1 3.5 40. 9 38.5 41.6 36.5 39 9 3.3 40.8 37.6 41. 1 36.4 '39.7 '3.4 '40.6 '37.6 41.1 '35.9 39. 9 3.3 40.8 37.4 41.3 36.0 43.0 38. 1 41.6 42.5 41.7 38. 8 43.0 38.2 41.7 42.3 41.7 38.7 43.1 38.3 41.7 42. 8 41.8 38.1 42 9 38 4 41.7 42.1 41.4 37 8 43.2 38.4 42.0 42. 5 41.6 38.4 43. 1 '43.0 38.3 38.6 41.9 ' 41. 9 ' 42. 6 ' 42. 5 41.6 41.7 38.0 '38.7 35.9 39 8 34. 6 37 1 36.3 40.3 34.9 37.1 36. 2 40.1 34.9 37.0 36 40 34 37 36.1 40.2 34.7 37.1 35.9 40.1 '34.5 '37.0 134.68 135. 46 135. 89 398 318 528 669 592 115 397 304 530 661 600 116 413 305 533 66° 604 117 415 307 534 660 605 117 415 306 535 662 606 117 422 307 534 662 607 117 422 308 536 663 602 117 426 311 538 665 603 118 427 312 42 7 1 37.6 41.3 42 6 37.7 40.6 39 42 1 4 3 42 2 40 3 41 5 42.0 4° 1 42.4 43.8 41.2 49 6 42.1 40.0 34 41 2 35 41 7 40 2 40 4 41.6 41 1 41.5 42. 6 40.2 41 4 41.3 39. 4 43 4 39. 4 40.8 40.7 33 41 2 34 41 8 40 9 40 5 42.1 41 5 41.4 42. 3 40.5 39 8 41. 1 39. 5 42 5 37.2 41.1 40.7 34 41 3 36 41 6 40 1 40 7 41.7 41 6 41. 6 42.4 40.4 41 7 41.2 39.4 41 8 36. 0 40.0 40.2 35 40 9 37 40 2 38 6 39 6 40.8 41 5 41.5 41.8 40.1 41 8 40.6 39.2 42 3 37.9 40.6 40.8 35 41.4 36 42 2 41 2 41 0 41.9 41 8 41.4 42. 2 40.3 41 9 40.8 39.7 42 3 36.8 40.6 40.7 3.4 41.4 37 41.9 40.5 40 9 41.7 41 8 41.5 42.1 40.2 49 4 40.8 39.5 42.8 37.8 39.8 40.1 3.0 40.7 3.1 40. 9 40.1 40.0 41.7 42.3 40.4 41.0 39. 5 41. 1 39.6 38.5 42.6 37.2 40.9 40.9 3.7 41.5 3.8 41.5 40.3 41.2 41.8 42.0 41.7 41. 9 40.2 42. 9 40.5 39.7 do do do do do do 40 9 34 41 2 38 9 39 9 9 3 40 8 38 9 41 9 4 36 39 9 32 40 8 36 9 41 9 6 36 39 3 40 37 39 35 40 3 40 40 41 36 39 8 3.3 40 7 37 9 41 6 36 2 39.2 2.8 40.4 34 1 40 6 35 0 39.8 3.3 40.7 38.0 41.2 36.3 . do do do do do do 43 4 38 8 42.0 42.4 42.0 38 6 39 7 31 40 9 38 6 40 9 36 0 49 $ 38 4 41.fi 42.7 41.4 38 1 49 7 38 1 41.8 42. 9 41.7 39 3 43 0 38 0 41.8 42.1 41.3 38 3 49 G 37 8 41.7 42. 9 41.2 37 8 49 ft 38 2 41.9 42.3 41.6 38 7 36 40 35 37 5 3 3 n 36 4 40 9 2 35 3 36 40 35 36 36 40 34 37 36 40 34 36 42 7 38 9 41.6 42.2 41.4 38 7 I 36 1 39 9 34 7 1 37 1 i 42 0 37 8 41.4 42. 7 40.3 38 1 °°36 1 39 9 34 8 36 9 134.01 542 665 610 119 i 433 I 301 42.9 37.6 41.1 40.9 3.6 41.7 3.8 41.6 40.7 41.1 42.0 42.1 41.9 42.0 40.6 42. 5 40.6 39.7 518 646 574 115 542 ; 664 i 609 118 435 ; 312 i HOURS AND MAN-HOURS Seasonally Adjusted Average weekly gross hours per production worker on payrolls of nonagricultural estab.rtl Mining hours Cont ract construction do Manufacturing: Not seasonally adjusted do Seasonally adjusted -do_ .. Overtime hours do Durable goods _ . _ - do . . Overtime hours do Ordnance and accessories do Lumber and wood products - _, do Furniture and fixtures do Stone, clay, and glass products do Primary metal industries. .-. .do. Fabricated metal products do Machinery, except electrical do Flectm-al equipment and supplies do Transportation equipment do Instruments and related products do Miscellaneous manufacturing ind do Nondurable goods Overtime hours Food and kindred products Tobacco manufactures Textile mill products Apparel and other textile products ... Paper and allied products . Printing and publishing Chemicals and allied products Petroleum and coal products Rubber and plastics products, nee Leather and leather products Wholesale and retail trade. _. Wholesale trade Retail trade .. _ .. Finance, insurance, and real estate 41 9 36 4 do do . do~do 37 1 40 7 35 9 07 q -» n 2 1 1 9 2 3 5 5 9 1 1 0 8 0 0 2 8 1 6 5 1 0 9 9 Seasonally Adjusted Man-hours in nonfarm estab., all employees, seasonally adjusted, annual rateff bil. man-hours .. 129. 33 131.85 133.72 133.23 132.16 134.38 133.80 Man-hour indexes (aggregate weekly), industrial and construction industries, totaltl 1957-59 = 100.. Mining do Contract construction do Manufacturing ...do Durable goods _ do Ordnance and accessories do Lumber and wood products do, . Furniture and fixtures do Stone, clay, and glass products do.. .. 116.0 89 5 114 1 118 0 124 5 151 2 97 7 197 6 111.1 113.7 79 9 110 9 115 8 191 4 9 06 3 93 3 191 7 106. 4 114.7 78 9 116 5 116 1 121 1 9 19 9 94 7 122 2 108.5 114.7 77 4 112 2 117 0 129 4 218 9 ( »3 9 125 1 109. 0 112.0 76 0 101 7 115 7 121 6 914 9 90 8 129 6 106.6 115. 9 77. 9 118 8 117.3 122 5 225 6 97. 6 127 0 102.6 115.3 114.9 114.0 81.9 77.8 • 82 1 113. 1 115 7 j 110. 9 117.0 ; 115 4 ' 117.7 123. 1 1 122. 3 190 7 225.4 1 225 2 ! 991 o 92. 8 ! 95.4 93 0 124 5 128. 9 1 126. 7 109. 9 98. 7 110.3 117.3 126. 3 138. 9 146.7 117. 1 126. 8 113 1 110.0 123. 7 137.3 142. 5 114. 1 126. 5 109. 0 110.1 109.7 125. 3 123. 0 133.1 136. 3 143.3 143. 2 111.3 i 118.4 126. 4 125.7 107.8 108. 1 109. 6 124.8 132. 4 142. 3 119.4 124.1 109. 5 110.1 109.9 124.8 123. 8 133.7 133. 8 142. 6 I 141.7 121. 9 120.0 124. 3 124.7 109. 7 109. 9 do do do do do 109 5 96 2 85 1 106 2 119. 0 108 6 96 0 87 7 102 5 117.1 109. 6 95. 6 91 3 104.3 117.5 110.1 96.2 88 9 105. 7 118.0 107. 9 94.7 83.5 101.5 113.5 do do do do .do do 114. 9 115 3 116 3 80 3 147 1 100. 6 115. 3 116 7 118 6 80 8 144 3 94.9 115.5 115.7 120 8 i 82.2 151.5 98.1 117.0 115. 6 121 6 81.4 150. 7 96.2 116.1 114.7 121.5 82. 9 150.4 ! 94.6 130.24 i 146, 26 i 112.34 i 135. 89 154. 95 114.90 138.78 137.70 161.63 155. 13 117.50 i 119.60 Primary metal industries do Fabricated metal products ... . .do . Machinery, except electrical do Electrical equipment and supplies do Transportation equipment do Instruments and related products do Miscellaneous manufacturing ind do Nondurable goods Food and kindred products Tobacco manufactures Textile mill products Apparel and other textile products Paper and allied products Printing and publishing ,.. . Chemicals and allied products Petroleum and coal products Rubber and plastics products, nee _. Leather and leather products W E E K L Y AND HOURLY EARNINGS 43.2 38.5 41.8 42. 9 41.2 38.0 35.8 '40.0 34.4 36.9 35.7 39.8 34.3 37.0 136. 26 '136.30 '136.40 '136.37 136. 68 3 3 9 0 115.8 82 3 109 3 118 7 193 7 9 31 8 93 3 i 199 6 111.1 115.5 83 9 109 1 118 3 193 8 939 4 ~93 9 197 4 110.6 114.8 89 9 109 7 117 3 1" 0 934 i 94 1 128 4 111.0 1 116.3 83 7 113 0 118 5 193 7 9 34 0 94 8 129 0 111.2 116.0 ' 115. 5 i ' 73 0 '82. 9 ! r 113 2 ' 108 3 ' 118 7 ' 118. 5 ' 123 8 ' 123. 9 r 219 g ' 234 1i ' 94 7 ' 93.9 ! 130 0 ' 130 3 112.2 ' 112. 2 1 117.4 82. 7 117.3 119. 1 124. 3 230. 2 94. 1 131.6 113.6 112.2 125.2 I 131. 6 141. 9 122.5 122. 1 109. 6 111.1 127. 0 132. 2 142. 5 123. 0 122. 4 109.9 110. 8 126. 2 131. 0 141.8 126.7 120. 7 110.1 104.2 125.9 131 6 143.0 119 3 123.4 110 1 105. 9 ' 105. 8 128. 0 ' 130. 5 133.2 ' 133. 4 i 144.4 ' 141.8 123. 4 ! ' 124. 0 ! 123. 2 ' 124. 6! 110.6 ! ' 111.0 ' ' ' ' ' ' ' 107. 1i 130. 6 • 135. 4 142.3 120. 8 124. 9 110.5 107. 7 131.1 135. 5 142. 1 121.4 126. 1 110.8 110.1 110.5 95.2 ! 95. 2 90.5 85.5 106.5 106. 9 118.0 118.7 113.0 121.2 128. 8 139. 2 117. 9 119.3 1 105.3 |! 108 5 95.3 ! 70 7 104 1 i 114.8 ! 110. 8 95. 5 84. 6 106. 0 119. 6 112.1 98.0 85.7 '< 107.0 I 120. 8 111 0 95. 7 85 9 107.4 118.2 111 9 96 6 91 3 106 6 117.5 111.7 95. 8 86.9 107. 5 120. 0 1 ' 111.9 : ' 96. 2! ; '81.4 : ! 106. 0 120.2 ' 111.3 '95.7 ' 80. 2i ' 106. 5' ' 117.6 112.3 96. 9 78. 7 107. 6 118.8 116.9 !1 116.4 i! 116.2 116. 2 122. 3 121. 6 ' 81.5 81.7 154.4 i 153. 6 ! 97. 2 i 97.5 i 114.9 115.2 i 1°0 0 82 5 151 0 ! 97.0 i 118. 1 I 116.4 ; 120. 8 82.8 ; 156. 6 ; 99. 1 118.9 119.2 119.3 117 5 193 3 89 0 159 5 95.0 119.3 ' 120. 1 117.0 '118.3 124. 2 r 124. 5 1 82. 8 '83.7 160. 2 ; 161.7 j 96. 1 i '97.5 i '120.9 ' 117. 9 ' 124. 7 '83.5 ' 161.0 ' 96. 1\ 122.4 118.7 125.0 84.3 162.3 96. 1 116.6 i 117.0 122. 3 i 122 5 84. 1 159. 2 93.8 82.4 ! 159. 5 I 98.8 ! 1 i Not Seasonally Adjusted Average weekly gross earnings per production worker on payrolls of nonagricultural estab. :tH Mining.. _. . dollars Contract construction do Manufacturing ostal tlishments do r Revised. p Preliminary. tSee corresponding note, bottom of p. S-13. 136.95 136.45 137.10 140.25 1 151.50 !; 154.57 154. 94 159.27 1 1 7. 60 119.36 ; 120.18 ; 118.21 i ' See corresponding 141.24 14109 145.52 ! 144.52 146. 35 I' 138. 78 ' 146. 97: 147.90 162.43 ! 164.74 , ltiT.52 ! 169.94 : 172. 99 '172.80 '158.20 : 168. 14 122. 29 1 123.30 i 122.10 121.69 i 125.66 125. 77 ' 125. 97 127.41 note, bottom of p. S-13. SURVEY OF CURRENT BUSINESS January 1969 Unless otherwise stated, statistics through I960 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1907 19GG Annual S-15 1968 1967 Nov. Dec. Fob. Jan. Apr. Mar. June May July Sept. Aug. Oct. Nov. Dec LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued 1 WEEKLY AND HOURLY EARNINGS— Con. i : ! i ' ' ' Not Seasonally Adjusted — Continued Avg. weekly cross earnings per prod, worker on manufacturing payrolls— Continued 11 Durable goods dollars Ordnance and accessories do "Lumber and wood products do Furniture and fixtures do Stone, clay, and glass products do Primary metal industries . ... Fabricated metal products Machinery except electrical Fleet rieal equip and supplier Transportation equipment.. _. I n s t r u m e n t s and related products Miscellaneous manufacturing ind Nondurable eoods Food and kindred products _ . Tobacco m a n u f a c t u r e s Textile mill products Apparel and other textile products Taper and allied products P r i n t i n g and publishing. . Chemicals and allied products . Petroleum and coal products Rubber and plastics products, nee Leather and leather products . Wholesale and retail trade Wholes-ile trade _ , ... Retail t rule F i n a n c e , insurance, and real estate do do do do ...do do do 122. 09 133. 77 91.80 91. 72 114.24 123. 60 132. 19 94.87 94. 13 117.31 125.66 129.16 136.40 1 136.73 98.49 95.92 97.34 99.84 121.96 119.81 127 70 !1 128 54 129.68 127.58 132.03 136.50 133.95 130.33 93.21 ! 99.79 100.50 100.90 93 36 i 98 01 i 98.42 ' 95.26 116.29 118.90 | 119.19 123.85 138.09 • 122.11 135.34 137. 27 123. 67 135. 89 111.35 142. 42 117.71 92. 59 141.25 125. 33 137.05 115. 18 141.35 119.77 94.56 : 143.45 128. 52 139.53 i 117.26 152.01 i 121.60 ; 96.47 144 35 ;> 144 70 ! 146.23 126 69 126.28 ! 128.44 I 137.10 139.59 i 140.86 : 115.20 116.06 i 115.49 151.68 148.63 i 151.62 117.97 119.54 : 119.66 95.06 | 98.85 | 98.60 j 102. 03 107. 98 87. 62 84. 25 73. 08 105.06 109.47 83.42 89. 03 75. 14 1 105.86 - 110.70 : 85.03 : 89. 67 i 74. 88 103.86 109.87 86.01 84.74 73.01 122. 84 125. 95 128. 96 152. 87 113.85 78.87 125.99 !! 127.74 127.64 129.75 132.40 1 132.82 156. 16 150. 06 119.70 :; 119.55 82.92 83.28 124 91 126.00 132.48 157 36 117.55 81.92 109 18 141.86 114.93 88.80 ; i do do, do do do 98.49 i 103.82 do do do do do do 119.35 122.01 ! do do do do 85.19 ' 82. 12 ! 68.80 I 125. 58 ; 144.58 112. 14 74.88 : 79.02 I 111.11 !: r 82. 13 116.06 70 9 r > 95. 46 68 >7 92. 13 i 82.67 i 83.22 117. 79 119. 90 18 71 34 7° 97.31 ! 98.05 1 106.40 110.28 ; 93.61 i 89.64 i 79.57 ! 132.29 i 132.92 i 131.02 133.63 134.37 ' 131.61 102.97 106.30 ; 105.01 99.88 101.52 : 99.14 126.30 i 127.62 126.72 i 150.52 148.54 i 124.62 131.99 ! 135.71 141.46 ! 112.61 i 116.58 ! 146.16 157.38 ;: 115.44 i 119.88 95.12 . 98.75 j 150.10 132.62 141.37 118.15 155.55 120.88 99.25 148.75 142.36 i 130.41 132.0!) • 140.11 13!). 44 : 116.51 118.37 i 152.52 150.70 119.39 ! 121.20 j 90.36 ! 97.71 ! 106.79 !; 104.76 ! 108.26 109.47 ! 111.08 110 09 113 68 i 115.36 1 I 92.01 87.30 98.14 102.31 ! ! 89.84 : 86.22 ; 89.40 '• 90.69 | 80.15 ; 76.08 ; 79.50 j 80.30 j ! ! 125.50 I 125.93 : 123 97 ' ; 128.82 ; 130.64 128.22 I 133.02 } 132.70 134.60 153.55 i 154.24 16° 54 i 117.42 ' 117.14 113.32 ! 85.80 ; 85.25 81.92 , 83 41 • 84 49 '> 84 85 ; 118' 10 : 119 40 ;; 119.80 7'> 11 7° 80 70 0.3 98.42 99.26 99.80 , 84.85 119.89 73 49 100.00 1^0 13 131 45 135.01 15') 64 r>0 2'> 85.47 ; 130.59 132.94 136.27 158.90 121.04 87.36 ; 130 29 134 05 107.12 101.70 128.05 87.36 : 122.92 75 82 102.12 ; 3.30 4. 32 2.9!) 2.87 3.18 3.04 3.22 2.53 2. 46 3.00 3.32 4.29 3 00 2.87 3.18 3.04 3.23 2. 58 2. 47 3.01 1 148.68 '147. 24 j 136.85 '136.95 ; 143.82 '145.51 ', 121.06 '121.29 160.07 '162.92 < 123.62 '123.62 | 99.50 ; '100. 15 i 110.00 l 110.55 i 115.92 , 114.96 , 99.53 95.55 ; 89.19 92.51 ! 79.06 i 81.40 : ! I j ! ' i 85.32 ; 120.99 73.40 101.01 | i 135.01 135.85 136.03 ! 137.85 1 137.76 '139.08 '138.53 138.61 109.03 '107. 08 105.32 104.52 I 104.33 104.58 : r!02. 82 ; 104.4!) ! 130.36 '130.36 '128. 63 128.74 132.32 132.94 136.45 163.18 121.42 85.31 '. i ! i : i 133.06 135.49 136 .45 157.78 122 30 85.41 112.03 111.88 116.48 115.21 94.33 92.43 94.02 ; 94.21 82.26 ; 82.63 1 135.60 137.39 138.60 , 162.49 : 125.46 : 85.28 88.56 i 88.80 i 122.82 123.22 j 77 33 : 77 33 102.77 i 102.77 j '149. 14 137.80 '146. 36 '122. 10 '163. 45 '124.75 '99.79 : 150.28 138.55 149.64 ! 123.82 165.07 : 126.18 : 100.47 : ! '111. 72 113.08 '116.28 118.08 '94.13 99.58 \ 94.21 94.85 j '81.00 80.91 '134.97 '137.03 : 138.69 '160.98 125.16 ; '86.56 ''135.10 , 136.35 '139. 86 '161.93 ; 124.98 : 86.26 : 136. Hi 140.01 I 139.05 i 161.03 125.10 • 88.08 88.08 ' 87.47 i '87.33 ; 87.60 124.62 123.91 '124.80 : 126.32 75.99 '75.46 75.14 76. 12 103.60 ; '104. 25 '104. 00 < 105. 3* J Average hourly gross earnings per production Mining Contract construction Manufacturing Excluding overtime Dm able goodExcluding overtime .. Ordnance and accessories Lumber and wood products . ... Furniture and fixtures . . Stone, clav, and elass products Primary metal industries Fabricated metal products Machinery, except electrical Electrical equip, and supplies Transportation equipment Instruments and related products Miscellaneous manufacturing ind Nondurable goods Excluding overtime Food and kindred products Tobacco manufactures Textile mill products Apparel and other textile products Paper and allied products Printing and publishing Chemicals and allied products Petroleum and coal products Rubber and plastics products, nee Leather and leather products Wholesale and retail trade Wholesale trade Retail trade Finance, insurance, and real estate dollars do do~. do do do do do do do 3.05 3.89 o 79 2 59 2.90 2.76 3.17 2.25 2.21 do do do do do do do 2. 88 3.17 2. 36 2. 33 2. 82 do do do do do do do do do do do do do do do do 2.45 2.35 2.52 2.19 1.96 1.89 2.75 3. 16 2.99 3 30 4' 34 •? 94 •> 83 3! 13 3 00 3' '>(-, 'M4 2 40 2.90 3.42 i 3.02 3.24 ;: 2.83 3.49 i 2.90 2.37 3.44 3.06 3.26 2.86 3.56 2.93 2.43 3 47 < 3.09 ; 3 28 '> 88 ' 3' 62 2 92 2^45 i 3"! oo ; i 1 i 1 i ! 1 ; i ! i i 3.41 ; 2. 67 1.94 2 13 2.73 1.91 2. 47 i ! i j i ! i | 3.24 4.25 2.91 2.79 3.09 2.96 3.24 2.41 2.40 2.88 3.34 2.98 3. 19 2. 77 3.44 2. 85 2. 35 3.28 2.88 3. 09 2. 65 3.33 2. 73 0 22 3.22 4.22 2 88 2.76 3.05 2.93 3.24 2.42 2.38 2.89 3.19 4.11 2. 83 l> 72 i ; i 2. 57 2. 47 2. 64 o 07 2. 06 2. 03 2.87 3.28 3. 10 3.58 2. 75 2. 07 2.88 2.01 2. 58 Miscellaneous hourly wages: Construction wages, 20 cities (ENR) : Common labor $ per hr 3.887 3. 623 Skilled labor .. do 5. 527 5. 207 Farm, without board or rm., 1st of mo do 1.33 1.23 Railroad wages (average class I) do i 3. 293 i 3. 106 Spendable Weekly Earnings f 1 Spendable average weekly earnings per worker (with three dependents) in'manufacturing industries: Current dollars 101. 15 99. 46 Constant dollars 1957-59 dollars. . 87.89 86. 98 PRIVATE SECTOR SERIESfl Not Seasonally Adjusted Excludes government employees:^ Employees, total, nonagricultural estab thous _ 54,414 53,163 44,281 i 45, 130 Production or nonsupervisory workers do.- . Hrs. (gross), av. weekly: Unadjusted-.hours. 38.0 3S.6 ' Seasonally adj ,do_- . Weekly earnings (gross), average dollars. 98.82 ! 101.84 Hourly earnings (gross), average do__2. 68 2.56 ! r ^ Revised. v 1'roliminary. ' Includes a d j u s t t i K M i t s not dii - Effective Apr. 1968, data :i reflect income tax surcharge impc E x p e n d i t u r e Control Act. As of Jan. 1, 1969. 2.62 2.52 2.67 2.15 2.13 2.07 2.93 3.35 3. 16 3. 64 2.85 2.11 2.29 2.93 2 05 2.63 ! : 1 ! i ' i ; ; : i i ! i i 2.64 2.54 2.70 2.22 2.14 2.08 2.95 3.37 3. 17 3. 59 2.86 2.13 2.28 2.95 2. 04 2.65 4. 001 4. 009 5 687 : 5. 713 3.312 ; 3.338 i i ! : i ! 3 28 4.27 '> 94 '' 83 3'. 12 3 00 3 25 2 47 2 42 2.90 i ; 1 ij 1 3 47 ; 3 . 0 8 !: 3 30 2 88 ! 3 59 ;i 2.93 2.49 '> 67 ': 2' 57 < '/74 i ^'35 ; 2 14 ' 2.11 ! ^ 9 6 !l 3 36 3'->0 3 72 ;: •/86 '2.15 2.33 '> 96 2Q9 2.66 i 2 68 i 2 58 '• o 75 : 2' 47 '• 2.16 I 2. 18 \ 2 96 i 3 39 I 3 19 ! 3.70 ' ° 85 : 2.20 1 2.36! 3 00 i 2 11 i 2. 69 i 4040 5' 747 140 3335 3 28 4.28 : ° 96 '> 85 3.14 3.02 3 22 2.50 2. 43 2.90 i 3 49 3.11 3 33 2 88 3.61 2.94 2.49 ; 3. 30 4.27 2 97 2.86 3.15 3.03 3.21 2.51 2. 43 2.97 : : i ; ; : i ! i j 3.55 3. 10 3.31 2.88 i 3.60 2.93 2.49 3.52 ' 3.15 3. 36 ' 2.90 3.66 2.96 i 2.50 2. 70 2.61 2 78 2.56 2.15 2. 18 \ 2.98! 3.41 i 3.22 ' 3.78 n 84 i 2.22 2.37 3.02 2. 13 i 2. 71 i ; 4061 5' 750 2 69 ' 2 59 ••> 77 2.48 ^ 2.17 ; 2.19 ; 2971 3 42 3.19 3.69 ! '' 85 '• 2.22 1 2.37^ 3 01 i 2.12 1 2.69 | ; ; 4061 4.076 5 . 7 5 0 ! 5.761 1.43 3380 , 3358 3357 103.35 87.73 105.04 88.87 103 43 87'. 21 104 85 88.11 105.50 -'103.23 88.28 286.10 55, 386 46.008 38. 0 38. 0 103. 74 55, 766 46,360 38. 0 37. 8 103. 74 53989 44^582 37.3 376 101' 95 •> 70 54 ''57 44.837 37.6 37.9 104.53 •> 78 54520 45.068 37.6 37.8 104.90 •> 79 2. 72 2.62 ; 2.80 2.61 2.17 2.19 i 3.01; 3.45 3.23 3.73 2.89 2. 22 j 2.39: 3.04; 2.14 ; 2.73 i : : i : 3.33 4.34 3 00 2 88 3.18 3.05 3.21 2.58 2. 46 3.01 3.33 4.38 i 2.9!) 2.86 3.17 3.03 3.23 2 60 2. 47 i 3.02 ; 3. 38 4.47 3.05 2.90 3. 23 3.08 3. 2S 2.64 2. 52 3.06 3. 54 i 3.15: 3.35 : 2.91 , 3.66 ! 2. 97 ; 2.50 ; 3.55 3.15 3. 36 2.92 3.04 2.97 2.49 3.55 3 Hi 3-36 2. 93 3.04 3 00 2. 4S 3.60 ! 3.60 3.22 3. 23 3.40 3.44 2. 90 2.98 3.74 '3.78 3.03 i 3.03 2.50 '2.51 i ! ! > 2. 73 i 2. 62 i 2 80 ! 2. 63 ! 2.18 i 2.20 j 3. 03 : 3.48 3.26 ; 3.73 2.91 ' 2.24 j 2.40^ 3.05; 2.16 ! 2. 76 i 2. 75 2.63 2.80 2.04 2.17 2.19 3.07 3. 4S 3.28 3.76 2.94 2.21 2.40 3.04 2.16 2.77 ; 2, 75 2.64 2.77 2.45 2.24 2.23 ! 3.08 3.51 3.28 3.73 2.94 2.23 2.40 3.05 '2. 16 ! 2.77 i '3.32 i '4.50 : 3.00 i : 2.92 \ : 3.25 j 3.09 ; '3.31 ! ; 2.62 ! 2. 52 j i 3.06 ! 106.38 88.43 55.208 55,497 45,742 45,988 37.3 37.7 37.6 37.8 104.44 106.69 2 80 : 2.83 107.16 106.23 88. 64 ; 87.43 105 91 86.88 2. 7S : 2. 79 2.00 j 2.67 2. SO ' 2.81 2.37 , 2.37 2.26 2.27 2.26 2.27 i 3.11 '3.11: 3.55 '3.55 3.30 3.31 3.77 3.77 2. 9S 2. <)K 2.25 2.20 2.44 2.45 3.10 3.09 2.19 2.20 2.80 2.81 108.98 89.18 ; : ; ; i i '3.62 3. 25 ' 3. 46 '3.00 '3.81 3.05 ' 2. 52 : 4.162 | 4.224 j 4.234 4.287 4.307 4.317 5.865 5 . 9 7 4 ; 5.989 6 . 0 7 3 ' 6.102 6.134 . 1.45 .... 1.41 3.349 3.254 3.464 3.490 --. ' 3. 45 '4.52 3.08 2.94 3.27 3.12 3.33 2.62 ' 2. 52 '3.07 \ 2. 80 2.6!) '2.85 2.51 2.27 2.25 '3.12 3.56 '3.33 '3.81 2.99 2.27 ' 2. 4(5 '3.12 2.21 ' 2. 82 i 3.48 4.52 3.10 2.90 3.29 3.13 3.34 2.60 2. 53 3.08 3.63 3.26 3.48 3.02 3.83 3.07 2.55 : : : , ; : ! ; 2. 82 2.70 2.88 2.56 2.28 2.26 3.13 3.59 3.34 3.78 3.00 2.27 2.44 3.15 2.20 2.84 4.321 4.343 6 . 1 5 0 : 6.173 °1.5< - 109.06 109.22 . . 8 8 . 7 4 , 88.51 . . . 56,444 56,479 56,746 56,793 '56,853 '57.039 46.852 46.816 47.053 47.127 '47, 1x0 r 4 - 3 8 9 38.1 3S. 2 38.3 3S. 1 37.8 '3^.0 r 37.9 37.9 37.!* 38.0 3<. > 3-.,i 108.59 109.25 10!). 54 110. «7 110.3s '109.50 2.85 , 2.86 , 2.86 ; 2.91 2.92 2.92 t i d i n g note, b o t t o m of fSce corresponding note, bottom of p. S-13. 57,408 4,^)1 , :- 8 . . f ' -. HO. < n 2. ;M p. S-13. SUKVEY OF CUERENT BUSINESS S-16 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 January 1969 1967 Annual Nov. 1968 Dec. Jan. Feb. Mar. Apr. May June July Sept. Aug. Oct. Nov. Dec. LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued HELP-WANTED ADVERTISING Seasonally adjusted index 190 INDUSTRIAL DISPUTES Strikes and lockouts: Beginning in period: Work stoppages number Workers involved _. _ thous In effect during month : Work stoppages number.. Workers involved _ thous Man-days idle during period .. do__ _ EMPLOYMENT SERVICE AND UNEMPLOYMENT INSURANCE Nonfarm placements thous Unemployment insurance programs: Insured unemployment, all programs© do State programs: Initial claims . do Insured unemployment, weekly avg do Percent of covered employment :cf Unadjusted Seasonally adjusted Beneficiaries, weekly average thous Benefits paid mil $ Federal employees, insured unemployment, weekly average thous Veterans' program (UCX): Initial claims do Insured unemployment weekly avg do Beneficiaries, weekly average do 182 187 190 5.0 38 4.6 2.6 12 1957-59=100 LABOR TURNOVER Manufacturing establishments: Unadjusted for seasonal variation: A Accession rate, total mo. rate per 100 employ ees__ New hires do Separation rate, total _ __ _ do Quit _ __ __ do Layoff do Seasonally adjusted: A Accession rate, total __ __ _ do_ New hires do Separation rate, total do Quit do Layoff . __ __ __do 4 4 3.7 2.8 0 28 4 0 19 13 2 0 39 184 193 202 4.2 3.8 3.9 14 16 4.4 2 3 2.3 2 7 39 1.9 2.1 15 12 1i 4.4 3.4 4.5 3.5 4.5 3.3 4.1 3.4 4.1 2 3 4.5 2.3 4.7 2.5 4.6 2.4 1.2 1.2 1.4 219 f 213 '222 5.9 4.7 4.1 2.3 .9 4.9 3.7 5.0 2.3 1.7 5.7 4.3 6.0 3.7 1.2 5.7 '5.0 r 40 "3.9 4 5 63 4.9 2.8 "4.0 "2.1 4.6 3.4 4.7 3.5 2.0 198 4.5 3.3 4.6 3.5 4.5 3.4 35 4 3 4.1 2.2 1.0 1.5 185 10 32 2 9 4 1 189 4.6 4.3 30 4 4 4.5 3.3 0 4 6 187 188 2.4 4.1 1i "30 12 "11 4.7 3.5 4.8 '3.7 r 1.2 1.4 1.1 2.5 1.3 2.4 1.1 2.4 1.2 2.6 1.3 2 4 1.2 2.6 1.1 "4.8 "3.6 " 4. 4 "2.6 "1.0 490 438 600 252 500 167 370 163 420 140 400 151 480 267 "270 "112 690 545 810 580 5,650 750 331 4,260 630 316 3,810 690 290 3,660 670 268 2,820 561 540 426 984 4. 5 2.3 4,405 1,960 4 595 2 870 360 277 182 74 310 135 330 232 330 130 25,400 653 559 42 100 3,210 445 210 2,550 470 211 2,520 500 326 3,780 3, 550 6 493 5 817 460 380 419 400 438 482 496 538 542 531 1 651 1 478 1,214 1,025 942 1,057 1,023 867 861 969 762 822 642 883 1,080 1,142 696 964 991 778 955 604 802 701 794 788 913 2.2 687 16 1.6 2.1 644 "200 "107 1.8 2.1 680 1 123 10 575 1 061 1 270 1 068 11 760 1 205 910 997 2 3 2 5 2 0 895 1 771 1 017 2 092 1 338 1 149 1 259 1 718 1,460 1 624 1 556 1 390 32 2 8 2.3 2.2 1,298 231 1 1,060 195.1 2.0 2.2 844 1.8 2.2 794 2.0 2.3 770 1.9 2.3 804 159 2 1,374 243 7 159 1 129. 1 145.6 150.0 121 8 126.0 29 26 23 20 19 20 20 19 20 21 31 40 36 24 40 38 21 36 39 18 29 26 17 25 23 20 25 25 28 30 25 26 32 29 22 28 26 26 27 24 21 182 21 19 39. 5 222 23 21 22 26 21 25 33 26 46.3 4.0 4. 6 6. 9 241 20 54 23 41 39 25 26 2.3 12 23 27 A[\ a "410 " 170 " 1, 650 122.5 28 134 9 2.3 20 20 on o 720 "500 379 "224 3,570 " 2, 210 3.3 2.3 2.3 942 23 145 4,910 1,317 248.5 2 6 2.3 776 20 Railroad program: Applications thous Insured unemployment, weekly avg.-.do Benefits Daid mil $ 510 302 r 6. 7 26 32 26 r o 8 4 13 19 10 7 9 20 33 15 26 16 2 6 14 2 1 16 2 3 16 3 1 18 31 20 4 0 18 359 417 761 656 4,286 18 798 5 822 12 976 4,330 19 746 6 270 13, 476 4,418 20 734 7 091 13,643 4,327 20 264 7,737 12, 527 4,420 20 839 7,592 13 247 4,389 22, 220 7,758 14, 462 FINANCE BANKING Open market paper outstanding, end of period: Bankers' acceptances mil. $ Commercial and finance co paper total do Placed through dealers do Placed directly (finance paper) do 3 603 13 279 3 089 10 190 Agricultural loans and discounts outstanding of agencies supervised by the Farm Credit Adm.: Total, end of period— mil. $ Farm mortgage loans: Federal land banks do Loans to cooperatives do Other loans and discounts do Bank debits to demand deposit accounts, except interbank and U.S. Government accounts, annual rates, seasonally adjusted: Total (233 SMSA's)O bil $ New York SMSA do Total 232 S MSA's (except N Y ) do 6 other leading SMSA 'si do 226 other SMSA's do Federal Reserve banks, condition, end of period: Assets, total 9 mil. $ Reserve bank credit outstanding, total 9__do Discounts and advances do U.S. Government securities. do Gold certificate reserves do Liabilities, total 9 Deposits, total Member-bank reserve balances Federal Reserve notes in circulation 4 17 4 12 317 084 901 183 218 147 136 Oil 4 17 4 12 317 084 901 183 312 370 216 154 4,266 17 813 5 493 12 320 4 18 5 12 336 487 832 655 4 17 5 11 430 509 930 579 4 18 5 12 5 2 3 1 2 10 848 10 675 10 848 11 012 11, 188 11,361 11 488 11, 598 11, 730 11,830 11,809 11,722 11, 734 11, 677 4 958 1 290 3 205 5 609 1 506 3 733 5 546 1 475 3 654 5 609 1 506 3*733 5 661 1*565 3 785 5 721 1 595 3 871 5 793 1 598 3*970 5 853 1 549 4 085 5 923 1 482 4* 193 5 973 1 454 4 302 6,004 1 454 4,372 6,033 1 450 4,326 6,064 1,479 4,179 6,094 1,551 4,090 6,107 1,583 3,987 923 1 502 2 420 9 328 1 092 7 70 332 6 661 5 2' 921* 2 3 740 3 1 471 8 2 268 5 6 997 7 7 047 0 7 369 4 7 263 9 7 218 7 7 500 7 7 614 0 7 948 5 8 163 0 8 521 8 8 368.4 8 599 8 8, 540. 1 3 100 8 3 149 7 3 323 4 3 216 8 3 'l97 9 3 285 5 3*370 6 3 595 0 3 726 1 4 079.6 3, 857. 8 3, 953. 7 3, 929. 9 3 896 9 3' 897 3 4 046 0 4 047 1 4 020 8 4 215 2 4 243 4 4 353 5 4 436 9 4, 442. 2 4, 510. 6 4, 646. 1 4, 614. 2 i cc7 o 1 515 4 1 584 8 1 593 3 1 601 6 1 673 5 1 722 0 1 771 0 1 807 9 1 825 2 1 840 2 1 904 9 1 904. 1 2 339 1 2 381 9 2 461 2 2 453 g 2 419 2 2 541 7 2 521 4 2 582 5 2* 629 0 2 617.0 2,670 4 2 741 2 2, 710. 1 73 413 75 330 74 319 73 462 72, 892 74 393 74 736 75, 510 76, 296 75, 592 77, 388 77, 215 78, 977 78, 972 50,869 76 48 931 12 392 51,948 141 49, 112 11 481 51,434 843 49, 092 11 484 51, 056 166 48, 952 11 384 52, 127 672 49, 691 10, 131 52, 612 741 50, 507 10 128 53, 436 1,026 50, 625 10 026 54, 610 305 52, 230 10, 025 54, 880 736 52, 397 10, 025 55, 461 529 53, 044 10, 026 54, 707 390 53, 279 10, 026 55, 919 179 53,329 10, 026 56, 226 471 53, 350 10, 026 56, 613 188 52, 937 10, 026 75 330 73 418 75 330 74 319 73 462 72, 892 74 393 74 736 75, 510 76, 296 75, 592 77, 388 77, 215 78, 977 78, 972 22 920 20 999 42 369 22 837 20 648 41 488 22 920 20 999 42, 369 23, 614 21,838 41,365 23 040 21, 195 41,211 22, 614 21, 133 41, 490 22 885 21, 221 41,811 23, 217 21, 334 42, 137 23, 196 21,462 42, 534 23, 496 21, 702 42, 857 23, 314 21,808 43, 179 22, 949 21,233 43, 273 23, 935 22,316 43, 472 23, 667 22, 533 44, 481 23, 473 21, 807 45, 510 27.1 29.9 27.1 27.8 27.6 24.4 24.2 23.8 23. 6 23.4 23.2 23.2 23.1 22.5 22.0 75 330 51, 948 141 49 112 11 481 do 70 332 do _ do do.__ 20, 972 19, 794 40, 196 31.5 ••Revised. p Preliminary. AAdjusted to new benchmarks and seasonal factors; see note "If," p. S-13. ©Excludes persons under extended duration provisions. (^Insured unemployment as % of average covered employment in a 12-month period. 4 18 5 13 9 452 47, 192 173 44, 282 12 674 Ratio of gold certificate reserves to FR note liabilities _ percent.. 4 17 5 12 OTotal SMSA's include some cities and counties not designated as SMSA's. ^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach. 9 Includes data not shown separately. SURVEY OF CURRENT BUSINESS January 1969 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1967 End of year S-17 1968 Dec. Nov. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. FINANCE—Continued BANKING— Continued All member banks of Federal Reserve System, averages of daily figures: Reserves held, total - ..mil. $._ i 23, 830 i 25, 260 24,740 25, 260 25, 834 25, 610 25, 580 25, 546 25, 505 25, 713 26,001 <26, 069 26, 077 26, 653 '26, 760 27, 175 i 23, 438 i 24, 915 24,337 24, 915 25, 453 25,211 25, 224 25. 276 25, 085 25, 362 25,702 =25, 694 25. 694 26, 393 26, 472 26, 766 Required - do 383 411 299 260 '288 375 1392 1345 399 270 420 351 403 356 381 345 Excess -- do 515 525 427 569 765 565 1557 361 683 133 671 746 692 1238 237 Borrowings from Federal Reserve banks . _ _ do 238 -132 -356 -226 -167 -190 '-281 270 144 38 -413 -341 U07 -315 -326 Free reserves . _ __ do_ __ i -165 107 Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.: Deposits: 75, 120 81, 848 76, 649 81, 848 78, 598 75, 721 76, 244 78, 384 76, 136 76, 164 78, 839 76, 793 78, 029 79, 134 78, 964 88, 930 Demand, adjustedcf mil. $ 114, 765 127, 277 113,421 127, 277 120,128 116,456 117,044 121,317 115, 108 123, 430 122,373 117, 004 127, 364 123, 574 125, 007 144, 295 Demand total 9 do 83, 108 Individuals, partnerships, and corp do 92, 380 83, 521 92, 380 86, 053 82, 761 84, 721 86, 147 83, 860 87, 998 87, 330 84, 929 88, 412 88, 655 91, 495 102, 818 7,675 6,175 6,247 6,175 6,301 5,984 6,366 6,137 7,121 5,946 State and local governments do 5,620 6, 202 5,516 6,231 6,231 5,607 3,774 3,437 5,485 1,429 3,990 6,515 3,882 5,467 3, 323 5, 208 3,107 3,055 U.S. Government do 3,818 2,793 3,368 3,818 Domestic commercial banks do 13, 838 15, 752 12, 774 15, 752 13, 298 12, 785 14, 202 13, 394 13, 135 15,837 14, 582 13,635 16, 216 14, 896 15, 596 19, 064 Time, total 9 Individuals, partnerships, and corp.: Savings Other time 106,411 108, 259 109, 359 110, 771 111,937 112, 103 do 89, 639 do do 47, 213 29, 002 48,864 38, 273 Loans (adjusted) , totalcT _ . _ _ _ . ...do Commercial and industrial do For purchasing or carrying securities do . To nonbank financial institutions do Real estate loans ._ _ _.do Other loans do 134, 761 60, 779 6,691 11, 228 27, 492 34, 729 143, 966 66, 290 8,350 10, 470 28, 988 37, 700 Investments, total . . _ . do U.S. Government securities, totaL. do Notes and bonds _ do Other securities do . Commercial bank credit (last Wed. of mo., except for June 30 and Dec. 31 call dates) , seas. adj. :t Total loans and investmentsO bil $ LoansO do U.S. Government securities . . do Other securities do Money and interest rates: § Bank rates on short-term business loans: t In 35 centers percent per annum New York City do 7 other northeast centers do 8 north central centers do 7 southeast centers do 8 southwest centers do 4 west coast centers do Discount rate (N.Y.F.R. Bank), end of year or month percent-Federal intermediate credit bank loans do Federal land bank loans do Home mortgage rates (conventional 1st mortgages) :t New home purchase (U.S. avg.) percent-Existing home purchase (U S avg ) do Open market rates, New York City: Bankers' acceptances (prime, 90 days) . . do. Commercial paper (prime, 4-6 months)__do Finance Co. paper placed directly, 3-6 mo.do Stock Exchange call loans, going rate do Yield on U.S. Government securities (taxable): 3-month bills (rate on new issue) percent. . 3-5 year issues _ do 51, 502 24, 803 19, 816 26, 699 61, 804 28,371 22, 322 33,433 61, 485 28, 400 22, 436 33, 085 61,804 28, 371 22,322 33, 433 2 310. 5 2208.2 53.6 248.7 346. 5 225.4 59.7 61.4 344.3 222.7 61.2 60.4 346.5 225.4 59.7 61.4 35.99 35.72 36.34 35.96 35.96 36.06 36.09 5.96 5.71 6.29 5.91 5.94 6.03 6.03 4.50 35.82 3 5.74 4.50 35.88 36.02 4.50 5.78 6.00 4.50 5.82 6.24 4.50 5.98 6.68 4.50 6.10 6.71 5.00 6.21 6.71 5.50 6.30 6.71 5.50 6.37 6.75 5.50 6.47 6.92 5.50 6.57 6.96 5.25 6.61 6.96 5.25 6.61 6.96 5.25 6.59 6.96 5.25 6.54 6.96 6.14 6.30 36.33 36.40 6.33 6.42 6.41 6.51 6.39 6.57 6.47 6.58 6.50 6.59 6.57 6.64 6.69 6.81 6.88 6.97 7.04 7.10 7.10 7.12 7.10 7.11 '7.09 '7.09 7.07 7.07 5.36 5.55 5.42 5.78 '4.75 <5.10 *4.89 <5.66 4.98 5.28 5.17 5.68 5.43 5.56 5.43 6.00 5.40 5.60 5.46 6.00 5.23 5.50 5.25 6.00 5.50 5.64 5.40 6.00 5.75 5.81 5.60 6.18 6.04 6.18 5.99 6.50 5.96 6.25 6.04 6.50 5.85 6.19 6.02 6.50 5.66 5.88 5.74 6.50 5.63 5.82 5.61 6.50 5.79 5.80 5.59 6.50 5.97 5.92 5.75 ' 6. 25 6.20 6.13 5.86 6.50 <4.881 <5.16 « 44. 321 5. 07 4.762 5.73 5.012 5.72 5.081 5.53 4.969 5.59 5.144 5.77 5.365 5.69 5.621 5.95 5.544 5.71 5.382 5.44 5.095 5.32 5.202 5.30 5.334 5.42 5.492 5.47 5.916 5.99 102, 921 102, 969 102, 921 104, 178 104, 961 104, 696 104, 080 104, 170 104, 118 48, 516 39, 639 329-153 0 - 6 9 - 6 48, 274 41, 972 48, 512 44, 023 48, 522 45,106 48, 672 45, 926 49, 161 45,013 48, 990 39, 632 48,386 39, 113 138,213 143, 966 141, 762 140, 511 63,733 66, 290 64,994 65, 057 8,360 7,562 8,350 6,817 9.303 9,676 9,773 10, 470 28, 754 28, 988 29, 035 29, 106 35, 597 37,700 36, 293 36, 431 142,078 67, 013 6,578 9,597 29,268 36, 092 144,872 143, 667 148, 695 67, 757 67, 054 69, 222 6,736 7,689 6,938 9,634 10, 608 10, 540 29, 543 29, 844 30, 226 37, 016 37, 779 38, 945 62, 057 28, 080 22, 057 33,977 62, 927 28, 738 23, 870 34, 189 61,482 27, 208 23, 423 34, 274 60, 885 26, 005 23, 210 34, 880 61, 136 26, 494 23,942 34, 642 60, 083 25, 327 23, 382 34, 756 62, 131 27, 070 23, 253 35,061 64,129 27, 781 24, 401 36, 348 66, 239 28, 602 24, 701 37, 637 68,051 30,099 24, 770 37, 952 66, 525 28, 231 24, 480 38, 294 68, 347 29, 354 24, 040 38, 993 349.9 227.5 60.0 62.4 353.9 229.2 62.0 62.7 352.5 229.0 59.9 63.6 355.2 231.4 60.3 63.4 357.3 232.6 61.0 63.6 357.8 233.5 60.4 63.9 365.9 238.4 63.1 64.4 370.4 241.1 63.9 65.5 374.8 243.8 64.0 67.0 379.6 246.9 64.2 68.5 381.6 250.4 61.0 70.2 384.5 252.3 61.7 70.5 48,864 38,273 48, 597 40, 006 48, 269 43,042 149,811 148, 615 153, 411 151, 927 154, 024 161,824 69, 181 68,134 69, 693 69,686 71, 178 73, 988 I), 533 8,296 7,691 8,839 8,751 10, 245 10, 377 9,789 '10,617 10, 253 10, 287 11,866 30, 434 30, 740 31, 057 31,462 31, 752 32, 051 38, 202 38,681 '40, 137 39, 498 40, 485 40, 882 6.84 6.60 7.19 6.89 6.61 6.87 6.76 6.36 6.14 6.73 6.35 6.21 6.41 6.31 CONSUMER CREDIT (Short- and Intermediate-term) Total outstanding, end of year or montht--.mil. $_. '97,543 ••102,132 '99,648 '102,132 '101,260 Installment credit total do 77, 539 80, 926 79, 485 80, 926 80, 379 Automobile paper do 30, 556 30, 724 30, 718 30, 724 30, 579 Other consumer goods paper do 20, 978 22, 395 21, 323 22, 395 22, 117 Repair and modernization loans do 3,734 3,789 3,810 3,818 3,789 Personal loans do 22, 187 24, 018 23,634 24, 018 23, 949 By type of holder: Financial institutions, total do 66, 724 69, 490 68,945 69, 490 69, 238 Commercial banks do 31, 319 32, 700 32, 547 32, 700 32, 710 Sales finance companies do 16, 697 16, 838 16, 725 16, 838 16, 726 Credit unions • do 8,972 8,868 8,255 8,908 8,972 Consumer finance companies do 8,050 8,103 7,663 7,888 8,103 Other. . do 2,884 2,877 2,877 2,790 2,877 Retail outlets, total do 10, 815 11, 436 10,540 11,436 11, 141 Automobile dealers do 285 285 277 285 285 Noninstallment credit , total _ do 20,004 21, 206 20,163 21, 206 20, 881 Single-payment loans, total do 8,449 8,428 7,972 8,423 8,428 Commercial banks do 7,352 7,340 7,307 6,946 7,340 Other financial institutions .do 1,097 1,116 1,088 1,026 1,088 Charge accounts, total do 6,424 6,146 6,968 6,686 6,968 Credit cards ... do 1,047 1,038 1,029 874 1,029 Service credit do 5. 346 5.810 5. 594 5.810 6.008 ' Revised. * Corrected. i Average for Dec. 2 Effective with the June 9 change in Federal Reserve regulations, data exclude loan balances accumulated for payment of personal loans (about $1.1 bil.); beginning June 30, about $1 bil. of certificates, formerly in "other loans," are in "other securities." 3 4 Average for year. Daily average. d*For demand deposits, the term "adjusted" denotes demand deposits other than domestic commercial interbank and U.S. Government, less cash items in process of collection; for loans, exclusive of loans to domestic commercial banks and after deduction of valuation 48, 470 39, 295 48, 620 39, 910 48, 533 38, 788 6.61 6.40 6.95 6.69 6.44 6.48 6.62 6.89 6.67 7 16 6.96 6.74 6.86 6.86 5.50 '100,771 '100,981 '102,257 '103,411 '104,620 '105,680 '107,090 '107,636 '108,643 110, 035 80, 233 30, 682 21, 767 3,708 24, 076 80, 474 30, 942 21, 644 3,688 24, 200 81, 328 31, 331 21, 841 3,697 24, 459 82, 312 31, 818 22,011 3,746 24, 737 83, 433 32,364 22, 248 3,769 25, 052 84, 448 32, 874 22, 452 3,808 25, 314 85, 684 33, 325 22, 777 3,857 25, 725 86, 184 33, 336 22, 988 3,881 25, 979 87, 058 33, 698 23, 248 3,910 26, 202 87, 953 33, 925 23, 668 3,931 26, 429 69, 439 32, 839 16, 713 8,899 8,071 2,917 10, 794 286 20, 538 8,484 7,375 1,109 5,859 1, 017 6.195 69, 840 33, 082 16, 759 8,975 8,091 2,933 10,634 289 20, 507 8,529 7,416 1,113 5,710 1,012 6.268 70, 600 33, 562 16,868 9,109 8, 144 2,917 10, 728 293 20, 929 8,636 7,526 1,110 6,026 1,021 6.267 71, 560 34, 079 17, 010 9,271 8,175 3,025 10, 752 298 21,099 8,663 7,526 1,137 6,276 1,022 6.160 72, 610 34, 585 17, 239 9,461 8,302 3,023 10, 823 303 21, 187 8,674 7,546 1,128 6,368 1,090 6.145 73, 573 35, 103 17, 448 9,574 8,397 3,051 10, 875 308 21, 232 8,695 7,565 1,130 6,457 1,160 6,080 74, 690 35, 672 17, 670 9,739 8,490 3,119 10, 994 313 21, 406 8,774 7,627 1,147 6,574 1,245 6,058 75, 114 35, 923 17, 680 9,851 8,530 3,130 11, 070 313 21, 452 8,868 7,719 1,149 6,550 1,267 6,034 75, 871 36, 352 17, 823 9,962 8,588 3,146 11,187 317 21, 585 8,943 7,794 1,149 6,692 1,268 5,950 76, 446 36, 560 17, 960 10, 049 8,685 3,192 11, 507 319 22, 082 9,024 7,857 1,167 6,964 1,294 6,094 reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves). 9Includes data not shown separately. JRevised monthly data for commercial bank credit for 1948-June 1967 appear on p. 44 of the Sept. 1968 SURVEY; those for home mortgage rates for 1965-66 and for consumer credit for 1956-Oct. 1967 will be shown later. ©Adjusted to exclude interbank loans. §For bond yields, see p. S-20. fBegirmmg Feb. 1967, series revised to cover 35 centers and exclude rates for certain loans formerly included (see May 196< Federal Reserve Bulletin). SURVEY OF CURRENT BUSINESS S-18 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1967 January 1969 1967 Annual 1968 Dec. Nov. Feb. Jan. Apr. Mar. June May July Aug. Sept. Oct. Nov. Dec. FINANCE—Continued CONSUMER CREDITS— Continued Installment credit extended and repaid: Unadjusted: Extended, total __ Automobile paper Other consumer goods paper All other ., Repaid total Automobile paper Other consumer goods paper All other Seasonally adjusted: Extended total Automobile paper Other consumer goods paper All other Repaid, total Automobile paper Other consumer goods paper All other mil. $ do do do do do do do ' 84, 693 26, 667 26, 952 31, 074 ' 7, 386 2,215 2,429 2,742 ' 8, 378 2,074 3,265 3,039 r 76, 120 25,404 23, 178 27, 538 r r 6, 907 2,208 2,161 2,538 ••6 937 2,068 2,193 2,676 7,304 2,262 2,303 2,739 r r r 82, 335 27, 341 25, 591 29, 403 T r 6, 913 2 190 2,193 2 530 ' 7 001 81 306 2,6499 25, 535 29 272 do do do _ do do do _ do do FEDERAL GOVERNMENT FINANCE Budget receipts, expenditures, and net lending: 1 Expenditure account: Receipts (net) mil. $ Expenditure (excl. net lending) .do Expend acct surplus or deficit ( — ) do Loan account: Net lending do Budget surplus or deficit (— ) do Budgetfinancing:1 Borrowing from the public do Reduction in cash balances do Total, budget financingdo Gross amount of debt outstanding^ . ..do ._ Held by the public do 1149 555 1153 485 10 888 1 153, 184 1 172, 956 i _3 599 i 19 471 i 2 848 i 5 959 i 8 807 »23 090 1 2 317 1 25, 407 Receipts and expenditures (national income and product accounts basis), qtrly. totals seas. adj. at annual rates: Federal Government receipts, total bil. $ Personal tax and nontax receipts _. do Corporate profit tax accruals do Indirect business tax and nontax accruals do Contributions for social insurance do Federal Government expenditures, total . do . Purchases of goods and services do National defense do Transfer payments . do Grants-in-aid to State and local govts do ... Net interest paid. do Subsidies less current surplus of government enterprises. bil $ Surplus or deficit (— ). . do i 158 362 * 5, 841 1 67, 453 »34 i 13 i 5 i6 950 045 423 688 1 7,329 2,302 2,434 2,593 T r 7,453 2,385 2,339 2,729 T 7,054 2 254 2,223 2 577 6, 862 2,193 2,275 2,394 ' 8, 377 2,853 2,520 3,004 r 8, 115 2,735 2,441 2,939 ' 8, 738 2,974 2,631 3,133 '8,502 2,774 2,531 3,197 '7,682 2,354 2,462 2,866 '8,687 2,917 2,752 3,018 8,166 2,546 2,739 2,881 T 7, 365 2,375 2,336 2,654 ' 7, 393 2,366 2,350 2,677 r 6 994 2,189 2,204 2,601 T ' 7, 266 ' 7, 182 2,343 2,323 2,251 2,206 2,737 2,588 ' 7, 813 2,555 2,492 2,766 7,271 2,319 2,319 2 633 r 7,863 2,509 2,597 2,757 r r 8,003 2,570 2,536 2,897 ' 8, 247 2,673 2,622 2,952 ' 8, 187 2,684 2,483 3,020 r 8,533 2,782 2,645 3,106 8,288 2,681 2,640 2,967 7 281 2 316 2,372 2 593 r 2,764 2,533 2,922 7 903 2,605 2,531 2 767 6, 716 2,296 1,925 2,495 ' 7, 222 2 297 2,340 2,585 r r ' 7, 253 ' 7, 701 2 482 2 327 2,428 2,209 2,791 2,717 '7,586 2 391 2,451 2,744 7,454 2,363 2,388 2 703 7, 501 2,565 2,295 2 641 r 8, 219 T 7 260 2,305 2,418 2 537 '7,847 2,559 2,458 2,830 r T r 7, 111 2,275 2,269 2,567 8,033 2,590 2,535 2,908 7, 301 2 327 2,312 2 662 r 7, 287 2 289 2,324 2,674 7, 723 2,464 2,427 2,832 7, 390 2.352 2,374 2 664 ' 8, 416 2,783 2,560 3,073 12 220 12 087 11 870 14,864 13, 695 14, 311 —2 644 — 1 608 —2 442 19 045 11 711 15, 199 15,385 3 847 —3 674 19 476 11 706 13, 195 14, 486 13, 961 16, 161 4 990 —2 255 —2 966 18, 746 10, 733 12 705 16, 024 16,570 15, 038 2 722 —5,837 —2 332 -688 —589 —611 —3 233 —2 296 —3 053 12 367 i _5 178 1—5 936 i _8 go? i —25 407 Budget receipts by source and outlays by agency: H Receipts (net), total mil $ 1149 555 U53 485 Individual income taxes (gross) do i 69 371 i 78 218 i 34 918 i 29 889 Corporation income taxes (gross) do Employment taxes (gross) do i 26 483 i 27 576 Other do i 28* 365 i 29 177 Expenditures and net lending, total 9 do Agriculture Department .. do Defense Department, military . .do ... Health, Education, and Welfare Department do Treasury Department do National Aeronautics and Space A dm do Veterans Administration .. do 2 205 2,255 2 541 r T 7, 360 2,233 2,383 2 744 6, 782 2,157 2,156 2,469 —856 —479 3,368 —4 529 -313 -189 —984 4,006 -2, 567 -3, 155 -207 -286 —55 2,515 -6,122 —2 387 4 055 2,801 —3, 769 —1,626 2 841 —1, 742 —237 -1,488 314 1,728 2,567 -3,368 4,529 -4,006 3,155 367, 749 373,185 369, 776 373, 356 378, 018 291 542 294 345 290 576 294,631 297, 472 3,132 —4 525 —686 2,990 2,010 3 073 6,122 -2, 515 2,387 372, 616 375,374 375, 120 292, 947 296, 121 295 441 3 976 4 081 —1 345 -743 —1,785 4,398 3,233 2,296 3,053 360 988 361 977 365, 021 370, 637 368, 862 285 749 286 457 290 433 294 512 293 169 4 348 708 10 888 5 464 12 367 4 828 4 224 1 536 1 952 588 12 220 8,152 940 12 087 6,901 650 178, 892 * 7, 326 i 77, 190 1,583 2 046 3 345 2 591 15, 453 2 067 2 967 14,383 495 447 6,891 ' 6,164 3,247 1 305 372 595 Ml, 251 » 1 719 14, 4, 722 i 7, 037 11,706 5,164 2,259 2,087 2,450 13, 195 6,472 3 426 3 851 19 476 7,781 7 412 2 547 2 100 16, 241 15, 470 19 045 11, 732 4 339 3,068 2 468 11 711 6,105 14 923 15, 678 r 6, 069 r 6, 832 3,581 1 312 T 3, 409 1 350 11 6 4 2 2 3,316 1 228 395 598 870 205 439 050 025 111 410 606 796 377 ' 634 763 565 6,902 4,374 1 347 425 610 10, 733 5,359 1,496 1,937 2,243 12 705 6,541 3 439 18, 746 9,247 5 133 2,380 2 188 14, 274 16, 349 1,270 6,449 16, 231 1,645 6,438 16,856 1,289 6,769 15,092 754 6,342 3,527 1,348 277 590 3,771 1,364 3,764 1,353 342 622 3,790 1,252 393 ••597 3,830 1 436 329 617 599 5,543 276 7,115 4,120 1,422 451 588 654 2,880 434 599 679 2,495 3 194 143 0 61 7 32 4 15 8 33 1 151 2 67.3 30 9 16 2 36 8 156 69 32 16 37 4 7 4 4 9 166 6 72 0 37 0 17 0 40 5 171.8 74.9 38 2 17 5 41. 2 ' 182. 1 83.7 38.4 17.8 42.0 142 77 60 35 14 9 163.6 90.6 72 4 42.3 15.7 10.3 168.6 93 5 74 6 42 7 17.0 10 7 175 1 97 1 76 8 45 1 17.7 11 3 181.9 100.0 79 0 47.7 18.3 11.8 184.9 101.2 79.6 48.7 18.5 12.1 186.8 101.6 80.0 49.5 19.2 12.2 4.2 4 4 6 7 4 5 5 4 4 8 4 6 39 4 1 —12 4 —12 2 86 —10 2 18.1 42.4 4.4 7 86.8 ' -2.8 LIFE INSURANCE Institute of Life Insurance: Assets, total, all U.S. life insurance companies J bil $ Bonds (book value), total do Stocks (book value), total do Mortgage loans, total _ do N on farm do Real estate. do Policy loans and premium notes do Cash do Other assets _ do 2 167 02 2 71 90 2 8 76 2 64 61 2 59 37 2 4 88 2 9 12 2 1 53 2 6 23 2 177 36 75 42 2 10 79 2 67 52 2 61 95 2 5 19 2 10 06 2 1 56 2 6 83 2 176 18 75 63 8 84 67 10 61 60 5 16 10 00 1 45 8 01 177 20 75 49 9 00 67 60 62 04 5 18 10 08 1 56 8 30 178 26 76 37 9 06 67 77 62 22 5 21 10 17 1 46 8 23 178 76 76.68 9 17 67 87 62 29 5 24 10 26 1.33 8 21 Payments to policyholders and beneficiaries in U.S., total mil $ 12 342 2 13 293 6 1 059 6 1 373 4 1 174 9 1 Death benefits do 5 218 2 5 665 3 531 2 447 3 520 5 Matured endowments... do 981.6 1 017 1 96 0 86 5 80 8 Disability payments do 169.3 174.6 14.3 17.4 12 9 Annuity payments do 1 152 6 1 261 3 133 5 107 4 91 8 Surrender values.. do 184.0 2 120 6 2, 243. 1 191.8 196 0 Policy dividends do 210.3 2. 699. 9 2. 932. 2 210.6 475.6 r Revised. Data shown in 1966 and 1967 annual columns are for fiscal years ending June 30, 1967 2 and June 30, 1968, respectively; revised monthly data not available. Annual statement values. cf Sec note " {" on p. S-17. fTables showing cash transactions and administrative budget receipts and expenditures 1 179 48 76 97 9 35 68 06 62 42 5 26 10 36 1 18 8 30 150 8 1 531 6 81.0 13.7 114.4 197.0 213.1 180. 41 77.15 9 43 68.12 62 45 5 30 10 47 1.19 8 74 181 23 77 42 9 59 68 34 62 63 5 34 10 60 1.17 8 78 182 11 77 59 9 75 68 51 62 78 5 37 10 73 1.24 8 92 183 09 78.14 9 94 68 71 62 97 5 42 10 81 1.40 8 68 278 4 1 155 3 1 177 9 1 127 2 1 525.8 508 7 476 4 575 4 84.1 83.8 76 7 90 5 16.2 15.5 18.6 18 0 117.2 112 2 118 7 111 8 218.5 194 4 215 0 208.1 227.0 242.4 267.7 216.1 183 84 78 34 10 04 68 91 63 15 5 47 10 92 1 35 8 79 184. 75 78.51 10.17 69.02 63.25 5.50 11.03 1.45 9.07 120 5 1 198 8 1 499 2 507 3 74.9 75 5 15.4 16.8 117 3 112 1 201.4 204 7 212.3 282.4 185 70 78.98 10 34 69 21 63 43 5 51 11.12 1.46 9 08 186 89 79 32 10 51 69 41 63 63 5 54 11 20 1.45 9 47 162.3 1 247 2 1 087 3 498. 6 547.8 466.1 75.0 75.4 84.6 15.6 15.9 15.5 113.2 117.0 122.8 200.5 218.6 186.5 259.4 226.8 257.5 have been discontinued. Data shown in the indicated sections are on the basis of budget concepts adopted pursuant to the recommendations of the President's Commission on Budget Concepts. 9 Includes data for items not shown separately. I Re visions for Apr. 1966-Aug. 1967 will be shown later. SURVEY OF CUREENT BUSINESS January 1969 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1967 Annual Nov. 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 13,802 15, 658 9,782 8,888 3,471 i 6, 234 549 536 Nov. Dec. FINANCE—Continued LIFE INSURANCE— Continued Life Insurance Agency Management Association :t Insurance written (new paid-for insurance): 121,989 1141,799 Value estimated total mil $ 88, 693 94,777 Ordinary (incl. mass-marketed ord.)f _ _ . Groupt.. -. - - - - - - 26,219 139,968 7,054 Industrial do 7,078 Premiums collected: Total life insurance premiums ..do . 16,090 17,017 12, 117 12, 822 Ordinary (incl. mass-marketed ord.)t--do 2,605 Groupf do 2,843 Industrial do__ 1,367 1,352 MONETARY STATISTICS Gold and silver: Gold: 11,982 Monetary stock, U.S. (end of period) _. .mil. S.- 13, 159 -50 Net release from earmark! do -86 Exports . thous. $ 457, 333 1,005,199 42,004 Imports do 32, 547 Production, world total ...mil. $. 2 1, 445. 0 2pl,410.0 South Africa do 1,080.8 1,068. 7 Canada do 114.6 103.7 55.4 63.1 United States do Silver: Exports _ thous. $ 114,325 100, 710 Imports ... . _ do 78, 378 80, 178 Price at New York dol. per fine oz 1.293 1.550 Production: Canada thous. fine oz_. 32, 825 37, 206 Mexico __ _. do 40, 173 41, 984 United States do 30, 354 45, 047 Currency in circulation (end of period) bil. $.. 44.7 47.2 Money supply and related data (avg. of daily fig.) : J Unadjusted for seasonal variation: Total money supply bil $ 176.4 169.8 Currency outside banks do 37.5 39.4 Demand deposits do 137.0 132.3 Time deposits adjusted! do 3 154. 0 173.3 5.1 4.9 U.S. Government demand deposits . _ _ do Adjusted for seasonal variation: Total money supply do Currency outside banks.. . do Demand deposits do Time deposits adjusted!- . do Turnover of demand deposits except interbank and U.S. Govt., annual rates, seas, adjusted: Total (233 SMSA's) O . .ratio of debits to deposits. . 52.8 56.7 New York SMSA do 120.8 109.4 Total 232 SMSA's (except N.Y.) do 40.1 38.3 6 other leading SMSA'scf do 53.4 50.1 226 other SMSA's do 34.5 33.3 PROFITS AND DIVIDENDS (QTRLY.) Manufacturing corps. (Fed. Trade and SEC): Net profit after taxes, all industries mil. $.. Food and kindred products do Textile mill products... do Lumber and wood products (except furniture) mil. $.. Paper and allied products do Chemicals and allied products do Petroleum refining do Stone, clay, and glass products do Primary nonferrous metal do Primary iron and steel. ._ do Fabricated metal products (except ordnance, machinery, and transport, equip.) mil. $.. Machinery (except electrical) do Elec. machinery, equip., and supplies do Transportation equipment (except motor vehicles, etc.)... . mil $ Motor vehicles and equipment do All other manufacturing industries do Dividends paid (cash) , all industries do Electric utilities, profits after taxes (Federal Reserve) mil $ 11, 425 124,089 8,535 8,798 2,317 114,720 573 571 1,379 1,051 231 97 1,734 1,178 313 243 9,989 7,291 2,197 501 10, 871 8,118 2,198 555 14,421 9,139 4,670 612 11, 786 8,898 2,331 557 12,450 9,253 2,594 603 11,416 8,435 2,431 550 11, 407 8,433 2,451 523 12,295 8,470 3,305 520 11,161 8,101 2,533 527 1,442 1,109 228 105 1,430 1,096 237 98 1,486 1,128 258 99 1,462 1,094 269 98 1,514 1,146 268 100 1,434 1,084 254 96 1,512 1,118 293 101 1,516 1,129 287 100 1,432 1,072 261 99 1,569 1,192 278 99 1,426 1,083 248 95 11, 882 10, 484 -31 -234 949 500,800 1,839 12, 596 10,484 -148 1,302 29, 283 10, 384 10,367 413 -31 254 300, 630 19, 153 16,094 10, 367 -49 9,199 59,648 10,367 -76 458 13, 361 10,367 170 11, 732 18,365 10,367 36 11, 484 20, 770 10,367 92 370 16,128 20,990 14, 182 1.973 11,884 11, 547 2.018 4,092 48.3 4,327 48.7 50.0 12, 908 11, 982 11, 984 -32 52 -221 969 1,002,523 1,503 1,126 3,201 2,510 90.0 8.2 88.5 8.7 90.3 7.7 90.0 7.7 91.8 8.3 91.8 8.2 93.1 8.4 91.5 7.5 90.5 7.4 91.5 7.7 2,792 6,759 1.953 6,236 4,984 2.066 12, 993 10, 922 1.990 23, 889 8,645 1.855 9,192 12, 436 2.180 19, 526 8,567 2.203 18,953 14,306 2.377 41, 149 13, 019 2.464 35, 673 16, 543 2.314 17, 207 10,844 2.195 18,806 13,421 2.208 3,134 4,027 644 46.5 2,864 '3,342 ' 3, 672 '3,640 '3,435 '3,807 ' 3, 559 ' 4, 536 '4,564 4,894 2,949 2,276 3,019 4,017 1,079 2,841 4,233 4,196 703 2,017 3,282 1,268 650 45.8 47.2 47.6 45.8 46.6 47.2 48.4 48.0 46.3 3,372 182.4 40.4 141.9 181.3 5.3 187.1 41.2 145.9 182.0 5.0 187.6 40.5 147.1 183.7 5.0 181.4 40.3 141.1 185.8 7.2 182.0 40.7 141.2 187.7 6.6 185.6 41.1 144.5 187.9 4.2 182.5 41.3 141.1 188.4 6.4 185.6 41.9 143.6 188.6 5.4 187.2 42.4 144.8 190.8 5.7 186.9 42.7 144.2 194.4 5.5 188.6 42.7 145.8 196.2 5.9 190.6 ' 193. 4 42.9 '43.7 147.7 ' 149. 7 200.7 199.1 '4.2 6.1 181.0 40.1 141.0 182.0 181.3 40.4 140.9 183.5 182.3 40.5 141.7 184.1 182.7 40.7 141.9 185.2 183.4 41.1 142.2 186.7 184.3 41.4 143.0 187.1 186.1 41.6 144.5 187.6 187.4 42.0 145.4 188.2 189.4 42.2 147.2 190.4 190.3 42.6 147.6 193.8 189.5 42.7 146.7 196.6 190.2 42.8 147.4 199.5 192.0 43.2 ' 148. 7 201.9 58.4 130.2 41.2 55.7 34.8 58.5 122.1 41.1 54.6 35.3 60.2 128.5 41.6 55.6 36.0 59.8 129.2 42.1 56.9 36.1 59.3 128.2 41.6 56.5 35.7 59.7 126.7 42.3 57.4 36.2 61.0 129.5 43.0 58.8 36.1 62.4 131.4 43.4 59.5 36.6 64.3 140.3 43.7 59.9 37.0 65.2 147.7 43.7 60.8 36.5 64.7 144.7 43.8 61.3 36.7 66.3 143.1 45.6 64.4 37.7 66.5 144.6 44.9 63.0 37.4 30, 937 2,102 702 29,008 2,130 540 7,946 589 171 7,430 501 129 8,286 521 167 345 911 3,474 5,055 799 1,298 1,487 333 796 3,261 5,497 672 1,061 1,165 98 210 859 1 477 '195 233 346 113 193 878 1,491 79 225 334 173 239 904 1,400 240 306 413 1,316 2,893 2,297 322 692 666 268 641 572 356 796 581 809 2,356 3,884 13, 262 249 712 1,129 3,732 238 862 906 3,325 285 957 949 3,538 237 396 1,150 3,626 2,764 2,911 729 863 193.1 43.4 149.7 204.3 349 745 605 821 3,053 4,058 12, 958 199.3 44.3 154.9 202.5 4.7 179 211 852 1,442 254 269 177 1,395 3,058 2,379 1.959 7,635 590 180 641 SECURITIES ISSUED Securities and Exchange Commission: Estimated gross proceeds, total mil. $ 8,732 4,483 45,015 68,514 4,556 By type of security: Bonds and notes, total do 8,428 4,206 4,234 42,501 65, 670 Corporate do 1,196 2,107 15,561 1,449 21,954 Common stock. do 222 235 1,939 276 1,959 Preferred stock do 42 81 574 46 885 By type of issuer: Corporate, total 9 do 1,500 2,385 1,771 18,074 24, 798 Manufacturing do 527 1,135 561 7,070 11,058 Extractive (mining) . do 25 126 49 375 587 Public utility do 410 282 424 3, 665 4,935 Railroad do 0 16 339 9 286 Communication do 70 83 2,003 1,979 188 Financial and real estate do 1.941 2.433 176 277 279 'Revised. r> Preliminary. 1 Includes coverage on Federal employees of $8.3 bil. in Doc. 1967 and $3.5 bil. in Nov. 1968. 2 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. 3 Beginning June 1966, data exclude ba'ances accumulated for payment of personal loans (amounting to $1,140 million for week ending June 15). t Revisions for Jan. 1966-July 1967 for insurance written and for Jan.-July 1967 for premiums collected will be shown later; those for money supply for 1963-Apr. 1967 are in the June 10, 367 8,072 5,069 3,423 7,702 4,984 4,913 9,821 3,819 6,060 3,257 7,845 1,382 169 58 4,628 1,359 295 145 3,152 1,157 221 49 7,402 1,566 249 51 4,598 2,025 361 24 4,541 1,771 286 86 9,426 1,037 303 93 3,421 1,159 397 1 5,551 1,591 483 25 2,821 1,294 395 41 1,608 570 50 562 47 148 64 1,799 777 42 456 13 86 105 1,428 373 38 180 14 192 147 1.866 563 18 557 0 104 348 2,411 767 35 507 28 239 332 2,143 843 27 239 20 239 201 1,432 362 21 446 11 95 197 1,557 453 70 475 5 156 142 2,099 620 66 676 19 106 229 1,729 392 77 443 50 171 219 1968 Federal Reserve Bulletin. § Or increase in earmarked gold (-). t Beginning Oct. 1968 SURVEY, mass-marketed ordinary, formerly combined with group, is included under ordinary insurance; monthly data available on new basis beginning Jan. 1966. 11 Time deposits at all commercial banks other than those due to domestic commercial banks and the U.S. Govt. O Total SMSA's include some cities and counties not designated as SMSA's. c? Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach. 9 Includes data not shown separately. SURVEY OF CURRENT BUSINESS S-20 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1967 Nov. Annual January 1969 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 1 Oct. Nov. Dec. FINANCE—Continued SECURITIES ISSUED— Continued Securities and Exchange Commission— Continued Estimated gross proceeds— Continued By type of issuer— Continued Noncorporate, total 9 -- mil. $. . 26,941 8,231 U S Government - do State and municipal do. .. 11,089 43, 716 19, 431 14, 288 7,232 5,054 1,320 2,099 371 1,093 2,785 481 1,162 6,464 4,719 1,134 3,270 418 1,363 1,995 405 1,277 5,836 3,805 1,134 2,573 383 1,360 2,770 417 1,422 8,389 5,850 1,729 2,262 361 1,423 17, 841 24,409 1,470 2,344 1,732 1,585 1,765 1,397 1,829 2,367 2,097 1,397 1,513 15,806 12, 430 3,376 241 1,795 22, 230 16, 154 6,076 312 1,867 1,305 914 391 3 163 2,113 1,379 734 8 223 1,588 1,202 386 30 117 1,447 1,136 311 16 121 1,592 1,253 339 24 149 1,210 897 313 12 175 1,647 1,102 546 4 177 1,944 1,263 681 33 389 1,985 1,143 841 6 106 State and municipal Issues (Bond Buyer): Long-term do_ . 11,089 6,524 Short-term ..do 14,288 8,025 1,320 767 1,093 330 1,162 569 1,134 563 1,363 1,090 1,277 669 1,134 972 1,360 422 1 791 791 7, 948 7,200 2,763 2,500 791 7,948 2,763 888 7,797 2,942 815 7,419 2,778 820 7,248 2,692 834 7,701 2,979 850 8,268 3,064 New corporate security issues: Estimated net proceeds total Proposed uses of proceeds: New money, total Plant and equipment Working capital Retirement of securities Other purposes do . . . _.do do do. do do _ 3,960 430 2,260 1,527 379 1,037 1.074 744 330 3 320 1,281 912 370 15 216 1,422 673 1,729 835 1,423 '2,260 r 459 856 1,037 975 885 8,728 3,293 977 8,861 3,269 885 8,489 2,984 964 8,724 3,126 1,111 574 SECURITY MARKETS Brokers' Balances (N.Y.S.E. Members Carrying Margin Accounts) Cash on hand and in banks Customers' debit balances (net) Customers' free credit balances (net) mil $ do do *609 i 5, 387 1 1,637 1 1 T r T 1, 024 S, 859 3, 407 1,063 8,994 3,422 Bonds Prices: Standard & Poor's Corporation: Industrial, utility, and railroad (AAA issues): Composite c? dol. per $100 bond.. Domestic municipal (15 bonds) do 86.1 102.5 81.8 100.5 76.8 95.2 75.9 93.6 77.2 95.5 77.5 94.8 76.9 92.7 76.2 94.7 75.3 92.7 75.6 92.8 76.1 95.2 78.1 95.9 78.4 93.9 77.0 92.7 75.7 91.2 72.8 89.2 78.63 76.55 70.53 71.22 73.09 73.30 70.98 72.06 70.89 72.58 73.99 74.48 73.95 72.44 71.27 68.47 4,261.12 6, 087. 43 3,740.48 5, 393. 60 567.12 536.43 531.62 519. 14 552.08 503.57 402. 93 392. 36 434.68 432.90 523. 16 499. 30 549. 78 520. 63 445.94 429. 15 388.82 375. 37 364.07 343. 50 397. 64 397. 65 522. 32 533.78 501.27 474.36 4,100.86 5, 428. 00 3,589.62 4, 862. 48 496.10 475. 48 440.43 446. 45 437. 51 422.35 339. 82 341. 27 356. 71 367.88 383.18 386.64 394. 65 404. 34 336. 37 335 50 313. 26 317. 38 286.17 277. 57 304. 64 323.61 406. 30 430 97 395. 10 383.79 New York Stock Exchange, exclusive of some stopped sales, face value, total .mil. $.. 3, 092. 79 3,955.54 382. 38 360. 78 333. 25 268.61 317. 43 351. 55 346. 53 276. 51 269.07 252. 18 305.18 363.54 343. 20 387.20 6.60 6.63 6.57 6.37 6.35 6.43 6.56 6.80 6.02 6.25 6.38 6.82 5.97 6.23 6.39 6.79 6 09 6.32 6 47 6 84 6.19 6.45 6.59 7.01 6.45 6.66 6.85 7.23 U.S. Treasury bonds, taxable! -do Sales: Total, excl. U.S. Government bonds (SEC): All registered exchanges: Market value mil $ Face value do. New York Stock Exchange: Market value do Face value do Yields: Domestic corporate (Moody *s) By rating: Aaa Aa _. _ _ A. Baa By group: Industrials Public utilities Railroads Domestic municipal: Bond Buyer (20 bonds) Standard & Poor's Corp. (15 bonds) U.S. Treasury bonds, taxable© _ 5.34 2 5. 82 6.36 26.51 6.45 6.40 6.42 6.53 do .do do do 5.13 5.23 5.35 5.67 25.51 5.66 5.86 6.23 6.07 6.23 6.43 6.72 26.19 6.35 6.58 6.93 6.17 6.29 6.48 6.84 6.10 6.27 6.41 6.80 6.11 6.28 6.43 6.85 6.21 6.38 6.57 6.97 6.27 6.48 6.62 7.03 6.28 6.50 6.65 7.07 6.24 6.45 6.60 6 98 do do do 5.30 5.36 5.37 5.74 5.81 5.89 6.28 6.39 6.42 6.39 6.57 26.63 6.34 6.47 6.65 6.31 6.36 6.65 6.33 6.39 6.67 6.42 6.54 6.79 6.49 6.60 6 87 6.54 6.60 6.88 6.50 6.53 6.82 6.26 6.30 6.72 6.24 6.27 6.70 6.34 6 39 6 72 6.47 6.58 6.78 6.72 6.85 6.97 do do 3.83 3.82 3.96 3.98 4.42 4.36 4.44 4.49 4.16 4.34 4.44 4.39 4.54 4.56 4.44 4.41 4.64 4.56 4.48 4.56 4.11 4.36 4.38 4.31 4.36 4.47 4.56 4.56 4.64 4.68 4.85 4.91 do 4.66 4.85 5.44 5.36 5.18 5.16 5.39 5.28 5.40 5.23 5.09 5.04 5.09 5 24 5.36 5.65 8.25 9.17 4.11 4.45 5.06 6.85 8.26 9 03 4.34 4.62 5 35 7.82 8.28 8.92 4.41 4.55 5.48 8.09 8.30 8.95 4.44 4.55 5.57 7.95 8.41 9.12 4.44 4.55 5.57 7.95 8.42 9.12 4.45 4.52 5.69 8.08 8.42 9 12 4.46 4 52 5 69 8.08 8.46 9 18 4.48 4 52 5 78 8 08 8.47 9 18 4.48 4 52 5 78 8 08 8.47 9.18 4.48 4.55 5.78 8.08 8.49 9 20 4.50 4 55 5 78 8 08 8.52 9.23 4.50 4.55 5.78 9.00 8.52 9.23 4.55 4.55 5.89 9.00 8.56 9 25 4.55 4 55 5 89 9 24 8.78 9.55 4.55 4.62 6.09 9.86 8.78 9.57 4.58 4.62 6.14 9.86 230.88 266. 77 102.90 92.65 246.54 290 05 101 87 95 91 250. 32 300. 84 95.92 90.80 256.30 309. 19 98.19 90 86 247. 26 294. 18 97.75 88 59 241. 14 286.99 97.15 85 80 13 45 76 77 266. 57 317 73 99.25 101 90 267. 62 328 32 98 46 109 77 92 50 83 53 281.46 343 13 107. 33 115 18 268.18 326.90 104.04 111 24 3.57 3.44 3.99 4.80 4.04 2.92 3.35 3.11 4 26 4.82 3.87 3.47 3.31 2.97 4.60 5.01 4.06 4.01 3.24 2.89 4.52 5.01 4.06 3.78 3.40 3.10 4.54 5.14 3.93 3.63 3.49 3.18 4.58 5.27 3.77 3.99 3.21 2.93 4 51 4 52 3.17 2.85 3.20 2.90 4 53 4.47 3.24 3.00 3.18 2.81 4 62 4.15 3.28 2.66 3.17 2.81 4 60 4 15 3.01 2.69 3.12 2.78 4 25 4.01 3.07 2.83 3.27 2.93 4.40 4.15 3.26 2.76 percent _ . 2 Stocks Dividend rates, prices, yields, and earnings, common stocks (Moody's): Dividends per share, annual rate, composite dollars .. Industrials. do Public utilities _ do Railroads _ do N.Y. banks do Fire insurance companies do . Price per share, end of mo., composite do Industrials do Public utilities . _ do Railroads do Yields, composite Industrials.. Public utilities Railroads N.Y. banks... Fire insurance companies percent-do .do do do do Earnings per share (indust., qtrly. at ann. rate; pub. util. and RR., for 12 mo. ending each qtr.) : Industrials dollars 16.78 15.76 18.65 Public utilities do . 6.30 6.67 6.67 Railroads __.do 9.34 6.74 6.74 r Revised. » End of year. 2 Beginning Dec. 18,1967, Aaa railroad bonds not included. 9 Includes data not shown separately. cfNumber of bonds represented fluctuates; the change in the number does not affect the 242 290 92 86 77 96 66 75 3.47 3.13 4 81 5 21 3.86 4.11 262 319 92 94 85 20 93 62 3.22 2 88 4 82 4 78 3 66 3.94 262 318 92 109 95 40 08 93 268.14 320 51 100 10 105 57 3.22 2 88 4 87 4 42 3.63 3.38 3.16 2.86 4 48 4.31 3.30 2.71 264 314 99 100 269 329 98 109 18.05 15.50 15.98 6.67 6.78 6.88 6.72 continuity of the series. 1 Prices are derived from average yields on basis of an assumed 3 percent 20-year bond. OFor bonds due or callable in 10 years or more. SURVEY OF CURRENT BUSINESS January 1969 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1 1967 Annual S-21 1968 1967 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. FINANCE—Continued SECURITY MARKETS— Continued Stocks— Continued Dividend yields, preferred stocks, 10 high-grade (Standard & Poor's Corp.) percent.. Standard & Poor's Corporation :d" Industrial, public utility , and railroad: Combined index (500 stocks) 1941-43=10__ 4.97 5.34 5.79 5.95 5.70 5.65 5.80 5.86 5.92 5.90 5.74 5.59 5.63 5.76 5.82 5.93 308.70 873.60 136.56 227.35 Prices: Dow-Jones averages (65 stocks) Industrial (30 stocks) Public utility (15 stocks) Railroad (20 stocks) 314. 79 879. 12 132. 65 242. 38 303.88 865. 43 123. 05 230. 74 309.78 887.20 125. 19 233.20 312. 05 884. 77 132. 48 233.76 299.84 847. 20 128. 87 224.63 292. 86 834.76 123. 66 217. 94 309.31 893. 37 123. 59 230.63 318. 17 905.22 122. 72 246.85 327. 12 906.82 127.66 262. 95 327. 41 905. 32 133. 11 259. 95 318. 15 883.72 131. 15 249. 52 329. 15 922. 80 130. 80 258.53 340. 25 955. 47 130. 40 270. 41 344.39 964.12 137. 57 270. 51 347. 57 968.39 138. 26 279. 25 85.26 91.93 92.66 95.30 95.04 90.75 89.09 95.67 97.87 100.53 100.30 98.11 101.34 103.76 105.40 106.48 . do. _ .. do-_. do do. do 91.08 84.86 74.10 68.21 46.34 99.18 96.96 79.18 68.10 46.72 100.90 103. 58 80.47 63.48 42.95 103.91 106.41 81.92 64.61 43.46 103.11 102. 87 81.06 68.02 43.38 98.33 98,13 77.99 65.61 42.35 96.77 96.32 77.49 62.62 41.68 104.42 104.08 84.79 63.66 44.79 107.02 106.86 87.75 62.92 48.00 109.73 110. 65 89.04 65.21 51.72 109.16 108.12 88.38 67.55 51.01 106. 77 104.92 85.73 66.60 48.80 110. 53 107. 57 88.46 66.77 51.11 113.29 108.48 91.36 66.93 54.26 114. 77 109.75 92.04 70.59 53.74 116. 01 111. 44 91.91 70.54 55.19 do do 33.32 63.80 36.40 66.46 35.65 64.60 35.52 64.83 37.18 67.64 38.46 70.66 38.38 70.59 40.35 73.18 42.19 76.43 43.72 79.66 48.58 85.91 47.38 84.74 46.99 84.59 49.65 89.83 52.46 98.15 50.99 99.20 Fire and casualty insurance (16 stocks)., _ do 64.55 62.29 55.84 56.99 59.42 56.61 53.31 53.61 59.23 72.52 78.11 78.11 82.97 96.19 95.35 98.29 46.15 46.18 50.26 45.41 44.45 50.77 51.97 53.51 45.43 49.82 51.40 53.79 48.43 42.39 50.19 53.06 55.80 48.73 42.75 52.37 53.24 55.45 47.90 44.87 55.89 50.68 52.63 45.15 43.36 53 88 49.48 51.54 43.29 41.78 52.98 53.23 56.03 46 85 42 46 57 56 54.85 58.04 49.92 42.07 60.43 56.64 59.83 52.86 43.30 64.60 56.41 59.12 51.59 44.69 68.90 55.04 57.59 49.01 44.09 68.19 56.80 59.57 51.94 44.53 71.77 58.32 61.07 55.24 45.22 77.50 59.44 61.97 55 96 47.18 79 55 60.32 63.21 57 30 46.73 79 00 161,752 4,504 14, 478 14, 919 17, 662 518 12,008 321 12,632 336 17 571 20 012 568 18,582 510 16,529 444 14,038 376 13,733 38S 18, 572 16 165 125,329 2,886 11,193 242 11, 186 262 12,914 298 8,909 205 9,672 221 13, 310 14, 341 333 13,548 305 12,373 283 10,493 244 9,868 231 13, 727 11, 979 2,530 212 230 263 174 193 296 292 257 243 194 228 272 252 268 605. 82 11, 622 586. 17 11, 568 605.82 11,622 582.94 11, 696 564.15 11, 796 568.51 11, 897 619. 04 11,936 631.82 12,158 641.04 12,330 628.88 12, 440 640.17 12,626 668.36 12, 714 676. 18 12, 891 716. 40 13,042 692. 34 13, 196 Industrial, total (425 stocks) 9 Capital goods (130 stocks) Consumers' goods (181 stocks) Public utility (55 stocks) Railroad (20 stocks) Banks: New York City (9 stocks) Outside New York City (16 stocks) New York Stock Exchange common stock indexes: Composite 12/31/65=50.. Industrial do Transportation _ do Utility do Finance do Sales: Total on all registered exchanges (SEC): 123, 034 Market value mil $ 3,188 Shares sold millions On New York Stock Exchange: 98, 565 Market value.. mil. $ 2,205 Shares sold (cleared or settled) millions.. New York Stock Exchange: Exclusive of odd-lot and stopped stock sales 1,899 (sales effected) _ . millions Shares listed, N.Y. Stock Exchange, end of period: Market value, all listed shares . bil. $ Number of shares listed millions. 482.54 10,939 381 412 453 298 479 305 412 261 FOREIGN TRADE OF THE UNITED STATES FOREIGN TRADE Value Exports (mdse.), incl. reexports, total Excl. Dept. of Defense shipments Seasonally adjusted .... mil. $.. 30,319.6 31,526.2 2,796.1 2,871.5 do_. 29, 379. 2 30,934.4 2,760.0 2,812.3 do By geographic regions: Africa Asia. . Australia and Oceania. Europe do do do do Northern North America Southern North America South America.. _ By leading countries: Africa: United Arab Republic (Egypt) Republic of South Africa do do... do 2,691.4 2,603.4 2,726.8 2, 726. 0 2,673.8 2,983.4 2,968.1 2, 731. 2 2, 699. 5 2,840.5 2,984.7 2, 763. 4 3,184.3 2,674.0 2,666.7 2,639.1 2,944.2 2,944.4 2, 681. 5 2,640.5 2,786.8 2,941.5 2,714.9 3,124.4 2,784.7 2, 773. 1 2,454.7 2,888.5 2, 719. 7 2, 759. 3 2,803.0 2,915.8 3,245.9 2,594.2 2,989.3 1,348.5 1, 182. 3 6,733.3 7, 147. 2 805.3 1,016.1 10,003.0 10,294.1 88.6 617.4 79.5 961.3 88.4 642.6 164.1 943.1 92.1 870.8 88.6 880.1 87.7 613.5 81.3 855.4 127.5 669.8 93.1 938.8 117.7 600.9 96.0 961.0 108.2 618.8 74.0 863.3 100.1 110.3 115.8 586.4 609.8 628.1 73.3 92.5 98.6 880.6 1,000.3 1,011.6 6,661.2 7, 174. 1 2,268.3 2,365.0 2, 499. 9 2, 354. 9 634.3 213.4 202.5 618.1 197.7 218.1 615.4 186.0 189.6 600.7 213.4 196. 2 630.5 208.8 196.6 695.0 222.6 236.7 735.9 224.4 232.2 637.4 220.5 209.0 594.1 214.7 250.3 565.9 212.6 249.1 661.2 213.0 256.4 769.5 211.7 184.0 791.5 221.3 277.4 96.6 676.2 107.1 639.9 94.2 109.6 543.4 690.0 80.8 78.5 879.9 1,016.0 do do 189.1 401.0 66.1 426.4 1.1 32.1 2.9 29.0 2.5 35.3 1.0 39.3 2.9 26.6 1.4 47.0 6.9 44.5 6.9 34.2 3.4 36.5 2.2 43.3 3.3 36.3 11.1 36.3 3.1 43.1 Asia; Australia and Oceania: Australia, including New Guinea ... do India do Pakistan do Malaysia do 654.2 929.3 238.7 894.1 955.4 346.9 49.2 63.4 75.9 24.6 5.2 157.9 58.5 34.6 6.7 73.6 94.6 18.4 5.9 73.4 81.9 27.9 5.5 72.4 80.5 27.0 5.3 83.3 74.1 23.9 4.7 83.0 50.9 17.6 3.8 67.9 51.3 25.0 3.8 59.6 43.7 18.6 4.3 81.8 52.1 24.2 4.5 79.3 40.6 29.1 3.9 67.3 33.9 28.5 3.7 66.9 51.0 33.2 3.8 67.6 68.4 428.2 2,695.8 11.1 34.7 258.5 7.4 33.8 244.1 11.1 45.8 246.1 256.8 14.0 32.1 230.3 21.5 38.5 250.4 15.4 49.0 235.0 11.8 38.4 228.3 8.5 34.0 230.3 9.9 36.6 247.4 12.5 40.5 249.9 12.6 24.3 223.7 23.3 32.3 276.7 Indonesia Philippines .. Japan Europe: France East Germany West Germany _. . . Italv Union of Soviet Socialist Republics United Kingdom do do do 45.6 347.8 2,363.6 do do do 1,007.0 25.2 1, 673. 6 1,025.1 26.3 1,706.3 78.6 2.5 161.8 86.0 1.1 136.3 102.3 2.5 117.1 87.0 2.7 124.7 84.4 1.1 130.8 98.2 3.2 161.6 100.6 2.4 150.6 79.2 1.6 137.1 81.7 .5 134.4 82.2 3.7 162.2 84.7 2.9 158.5 79.6 1.3 133.1 102.2 3.4 142.3 do do do 908.8 972.9 103.0 3.8 165.5 93.4 4.5 193.6 95.1 5.9 167.4 74.7 2.9 179.3 93.6 6.2 151.5 87.5 5.4 166.6 94.0 3.8 183.2 103.3 4.3 170.8 103.3 4.6 162.9 99.3 6.9 182.5 88.2 2.2 201.3 86.6 2.4 204.9 93.4 6.9 223.6 600.7 629.5 695.0 735.9 637.3 9 Inch[ides datii not shewn sepairately. 594.1 565.9 661.2 769.4 791.5 60.2 41.7 1, 737. 1 1,960.3 North and South America: Canada mil $ 6, 660. 8 7, 172. 9 634.3 618.1 615.4 Revised. d*Number of stocks represents nuiiiber cur rently us ed; the change in number does not affect continuity of the series. r 5.0 36.1 SURVEY OF CURRENT BUSINESS S-22 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 | 1967 Nov. Annual January 1969 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 345.4 18.6 40.3 17.7 26.8 118.3 53.5 436.8 41.3 87.0 24.7 29.7 112.5 60.7 FOREIGN TRADE OF THE UNITED STATES—Continued FOREIGN TRADE— Continued Value— Continued Exports (mdse.), incl. reexports— Continued By leading countries— Continued North and South America— Continued Latin American Republics, total 9 Argentina Brazil Chile Colombia Mexico Venezuela Exports of U.S. merchandise, total Excluding military grant -aid Agricultural products, total Nonagricultural products, total mil. $.. 4, 230. 9 244.1 do 575.0 do 256.0 do 287.1 do 1, 180. 0 do 598.0 do do do do do By commodity groups and principal commodities: Food and live animals 9 do Meats and preparations (incl. poultry).. do Grains and cereal preparations do 4, 126. 2 230.3 547.9 248.1 218.0 1, 223. 3 587.5 358.6 20.2 56.5 22.8 15.3 109.0 50.5 362.9 18.5 58.6 24.0 25.2 99.8 50.3 329.9 18.6 46.5 18.3 21.9 94.7 45.8 359.4 16.1 48.4 21.1 23.3 118.8 49.3 358.4 14.6 41.2 32.2 29.1 120.5 47.1 402.3 19.7 61.2 18.1 26.2 111.4 59.4 405.9 22.3 55.0 22.8 29.9 123.6 53.5 378.4 16.7 53.7 23.1 28.9 121.9 48.5 410.7 25.5 64.7 38.3 28.2 111.4 55.4 404.5 21.8 74.6 29.0 26.8 105.7 54.3 410.5 30.7 65.0 32.4 22.8 97.9 63.5 29,883.9 31,142.1 2,764.9 2,840.7 2, 697. 9 2, 695. 1 2, 635. 5 2,947.4 2, 930. 9 2, 697. 2 2, 664. 4 2,802.6 2, 950. 9 2,717.9 3, 150. 5 28,943.5 30,550.2 2,728.7 2,781.5 2,645.1 2, 635. 8 2,600.9 2,908.2 2, 907. 2 2, 647. 5 2,605.4 2, 748. 9 2, 907. 6 2, 669. 3 3, 090. 6 547.5 544.5 523.9 497.6 461.4 609.5 563.6 545.5 489.2 469.7 463.9 6,874.2 6, 383. 3 667.7 465.8 23,009.8 24, 763. 9 2.098.0 2, 277. 4 2,152.4 2, 147. 7 2,091.0 2, 423. 5 2,433.3 2,235.8 2, 198. 6 2, 313. 4 2,481.1 2,253.9 2, 541. 0 4,562. 4 158.9 3, 189. 6 4060.9 151.3 2, 681. 4 409.8 14.8 288.8. 351.1 11.8 237.0 353.4 11.8 246.6 354.0 11.7 246.2 353.8 10.1 249.2 334.9 11.5 225.4 313.9 10.6 183.3 287.6 10.0 176.5 297.0 10.3 183.4 326.0 15.3 197.9 289.5 16.6 167.0 278.2 15.4 150.4 336.3 21.6 200.4 Beverages and tobacco do 623.7 648.7 70.5 73.7 44.5 52.9 36.9 46.4 52.6 55.7 48.5 73.0 88.1 45.6 82.5 Crude materials inedible exc fuels 9 Cotton raw excl linters and waste Soybeans exc canned or prepared Metal ores, concentrates, and scrap do do do do 3, 070. 4 432.2 759.9 421.6 3, 279. 7 463.8 771.6 519.6 328.2 32.7 112.8 46.6 276.8 38.3 74.3 36.6 284.9 60.9 61.3 35.6 290.5 52.7 53.2 47.4 308.5 49.3 68.6 54.3 313.1 45.8 61.3 57.9 302.6 45.1 57.1 50.5 245.1 33.9 52.5 33.5 271.4 43.4 47.5 36.0 264.6 24.4 47.8 44.5 266.0 30.5 38.4 51.2 280.8 17.9 88.2 39.4 348.6 22.2 132.3 50.6 Mineral fuels lubricants etc 9 Coal and related products Petroleum and products do do do 975.8 493.0 434.1 1, 104. 1 501.3 538.9 96.1 50.1 41.2 76.1 39.1 31.3 76.5 35.5 30.4 70.5 30.9 33.6 79.0 33.5 39.9 89.6 45.9 38.1 93.3 48.9 39.1 87.0 42.5 38.1 90.3 42.3 41.4 102.3 58.3 39.4 106.5 54.3 46.8 78.2 38.4 34.4 92.4 46.8 39.7 Animal and vegetable oils, fats, waxes do 356.8 338.0 27.9 19.8 15.5 26.2 24.3 23.2 20.9 29.3 20.1 20.3 25.0 21.1 20.1 C hemicals do 2,674. 5 2,801.6 244.2 242.6 235.9 238.4 257.8 292.5 287.4 260.2 278.8 304.3 334.8 249.3 272.8 Manufactured goods 9 Textiles Iron and steel Nonferrous base metals do do do do 3,433. 5 554.2 557.3 582.4 3, 391. 1 530.9 561.2 516.8 270.7 45.3 42.6 29.2 277.6 48.9 46.0 30.1 262.0 40.4 45.4 29.9 264.9 43.2 40.6 29.2 264.5 39.5 39.6 32.5 319.0 47.9 47.3 40.2 326.3 46.9 46.8 54.0 307.5 40.8 45.0 57.1 298.7 40.1 46.5 56.4 320.7 44.9 47.8 57.8 379.2 51.1 63.3 72.0 313.9 39.1 55.7 55.1 351.2 46.0 65.1 62.4 Machinery and transport equipment, total mil. $.- 11, 155. 5 Machinery total 9 Agricultural Metalworking Construction, excav. and mining Electrical do do do do do 7,445.8 628.3 337.9 969.1 1, 900. 1 12,574.1 1,080. 4 1,241. 1 1, 160. 6 1, 163. 1 1, 074. 4 1, 273. 8 1, 272. 5 1, 174. 8 1, 118. 6 1, 123. 0 1, 199. 4 1, 179. 4 1, 384. 4 761.8 664.2 703.8 8, 047. 8 705.9 734.3 717.7 669.2 675.3 679.0 785.3 769.8 711.8 692.6 54.3 35.4 51.8 49.8 614.7 45.2 40.3 49.8 47.6 56.8 58.0 53.0 51.5 54.0 24.0 26.2 23.6 28.6 22.0 338.8 31.7 35.5 25.5 39.1 30.9 26.9 26.9 28.9 97.2 98.2 77.6 83.8 1, 038. 0 94.6 91.5 99.4 82.2 80.3 77.3 99.7 95.2 96.6 199.0 196.4 176.6 199.5 2, 098. 2 190.3 178.7 197.4 200.8 193.4 188.1 182.2 173.5 180.8 Transport equipment, total Motor vehicles and parts -do do 3, 709. 7 2,386.3 4, 523. 5 2, 733. 9 416.2 252.0 Miscellaneous manufactured articles do 1, 844. 2 1, 985. 4 Commodities not classified do 1, 187. 2 958.8 do do 25,542.2 26,812.3 2,441.7 2,431.4 2,728.5 2,448.1 2,558.2 2,755.3 2,814.6 2,648.8 2,812.0 2, 739. 1 2,869.3 2,924.1 2, 795. 1 2,381.8 2,525.0 2,609.0 2,601.9 2, 612. 4 2,640.5 2, 751. 9 2,839.3 2,664.4 2,827.3 2, 963. 7 2, 657. 4 2, 818. 3 do do do do 978.8 5,276.4 593.5 7,857.2 905.4 5, 352. 2 581.3 8, 232. 2 62.1 491.8 57.5 797.4 80.5 438.0 59.8 779.3 101.6 504.6 44.4 889.7 96.2 422.8 49.9 818.0 96.5 484.4 54.0 794.1 119.2 548.6 48.2 880.0 100.7 594.2 56.3 902.1 83.4 566.4 62.5 786.1 90.0 636.6 61.2 883.0 80.9 652.7 75.9 892.0 98.8 653.1 67.1 884.9 76.4 630.4 72.3 836.7 83.1 604.1 65.9 863.1 do do do 6, 131. 4 1,912.1 2,785.3 7, 105. 0 1,968.2 2, 663. 4 644.0 161.3 220.8 668.3 176.0 228.7 732.2 206.5 255.5 634.4 176.2 250.3 697.9 197.7 233.4 720.5 190.5 246.5 749.9 205.7 205.1 766.4 170.7 212.7 703.2 187.9 249.2 615.7 179.0 242.3 728.6 175.0 260.7 905.8 172.2 229.4 791.4 171.3 215.2 do do 17.6 249.0 14.9 227.0 1.2 13.2 1.0 23.1 3.7 24.6 .7 17.3 1.6 26.9 2.0 31.5 2.4 23.2 1.9 20.2 3.8 17.9 4.6 17.8 3.3 16.0 2.7 17.6 2.7 17.6 do do do do do do do 398.6 327.0 67.8 176.7 179.0 397.6 2, 962. 6 411.5 297.6 54.8 195.6 181.8 380.5 2,998.7 48.3 27.2 3.9 21.8 14.7 23.6 294.6 46.5 25.0 6.7 18.7 17.1 42.7 221.3 31.2 28.4 5.0 21.0 12.6 26.3 297.6 38.7 23.1 4.3 19.0 11.8 25.6 230.4 37.2 24.7 4.3 18.0 12.7 27.6 293.0 31.0 26.9 5.0 16.9 13.1 39.4 320.1 40.6 22.7 4.2 15.7 16.2 55.5 339.7 44.8 27.3 5.8 18.0 14.4 49.0 315.0 42.2 24.2 6.4 17.4 18.6 43.0 366.6 56.3 26.2 4.5 18.5 12.4 45.2 402.9 42.3 31.1 7.6 30.0 18.5 22.3 379.8 50.2 25.5 4.5 21.0 12.8 30.5 384.2 52.9 27.0 4.9 22.3 14.9 30.5 363.5 do do do do do do 697.9 8.2 1, 795. 6 743.0 49.4 1, 786. 1 689.8 5.6 1,955.4 855.6 41.0 1, 709. 8 67.5 .3 205.9 82.9 2.7 158.6 61.7 .3 186.8 83.4 2.9 170.0 71.9 .5 231.5 85.7 9.2 165.2 69.1 .4 217.3 81.4 4.7 149.5 65.7 .2 197.8 83.8 6.8 146.9 76.8 .3 223.9 91.6 4.7 177.0 72.2 .6 246.8 102.3 5.6 178.1 42.7 .3 218 5 87.4 4.3 163.9 81.6 .5 224.8 92.7 4.3 183.1 82.9 .6 242.8 102.8 3.3 188.7 69.6 .6 226.4 86.7 2.3 191.3 61.6 .6 230.3 94.2 7.4 176.9 65.6 .5 231.3 95.4 1.8 157.8 do 6, 124. 9 7, 099. 3 643.5 668.0 732.1 634.1 697.4 720.4 749.9 766.0 702.2 615.3 727. 8 905.5 791.3 333.0 13.9 52.9 12.8 19.6 65.5 81.8 326.0 14.9 53.0 11.7 23.2 73.5 70.0 _ G eneral imports total Seasonally adjusted By geographic regions: Africa Asia Australia and Oceania Europe Northern North America Southern North America South America By leading countries: Africa: United Arab Republic (Egvpt) Republic of South Africa * Asia; Australia and Oceania: Australia including New Guinea India __ __ Pakistan Malaysia Indonesia Philippines Japan Europe: France East Germany. West Germany Italy . . . . Union of Soviet Socialist Republics United Kingdom North and South America: Canada. _ _ Latin American Republics, total 9 Argentina __ Brazil _ Chile ... Colombia . Mexico Venezuela .. ' Revised. 9 Includes data not shown do 3, 969. 9 do 148.8 do 599.7 do 229.1 do 244.8 do 750.2 do . 1. 002. 4 separately. 3,853.2 140.3 559.0 175. 2 240.4 748.9 981.6 523.8 281.1 485.2 278.3 484.1 259.0 405.2 249.1 488.6 290.3 502.7 299.2 463.0 257.6 426.0 214.9 417.1 198.0 465.2 284.7 475.6 307.1 622.6 353.0 170.5 172.3 169. 5 166.6 170.4 188.2 190.2 168.9 170.2 190.5 181.8 183.5 192.9 66.8 109.6 95.2 68.0 65.9 66.6 71.2 81.0 70.8 78.0 80.5 87.8 69.3 319.8 12.3 57.1 16.0 18.8 64.8 68.8 331.6 10.8 30.7 8.4 20.1 65.9 inn. i 379.7 15.9 48.9 15.7 26.3 72.2 97 3 358.6 15.3 64.1 15.9 21.3 73.8 86.5 358.8 15.6 43.1 18.7 17.2 81.2 95.8 376.9 15.9 62.7 33.8 19.5 83.8 71 n 331.0 17.0 45.8 12.9 18.2 87.6 66.3 312.5 14.5 43.5 13.2 19.4 63.1 68.2 368.7 17.2 65.5 12.6 21.0 73.8 8fi. 3 351.9 9.7 63.3 19.3 30.6 71.8 60.8 367.1 18.3 72.3 22.2 22.0 67.8 76.3 Dec. SURVEY OF CURRENT BUSINESS January 1969 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1967 Annual S-23 Nov. 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. FOREIGN TRADE OF THE UNITED STATES—Continued FOREIGN TRADE— Continued Value— Continued General imports— Continued By commodity groups and principal commodities: 430.8 415.2 379.0 438.2 433 2 4, 530. 5 4, 472. 1 378.5 410.8 Agricultural products, total mil. $ 21,011.7 22, 343. 6 2, 057. 0 2, 020. 2 2,304.4 2,032.9 2, 179. 3 2, 317. 0 2 381 4 Nonagricultural products, total. ..do 455.0 385.7 422.3 386.2 437 5 434 5 2,262.6 2, 374. 5 2,304.6 2, 414. 3 2, 538. 4 2, 372. 8 Food and live animals 9 do Cocoa or cacao beans do Coffee do Meats and preparations do Sugar do Beverages and tobacco __ _ do _ Crude materials, inedible, exc. fuels 9 _ -do Metal ores do Paper base stocks. _ do Textile fibers do Rubber ... do 3, 947. 5 122.2 1, 067. 3 599.5 501.2 641.7 3, 265. 5 1,019.8 449.3 436.3 180.9 4,003.1 147.2 962.7 645.0 588.4 698.1 2,964.3 973.9 419.3 305.6 174.5 335.0 9.5 82.2 54.9 37.3 73.8 256.3 86.1 38.3 26.2 17.1 357.0 14.4 63.9 58.2 64.3 81.7 254.0 86.0 33.7 28.5 16.6 366.5 21.0 100.1 57.2 25.2 74.2 254.7 70.1 35.3 32.9 16.8 356.9 13.9 110.5 52.9 35.2 64.2 225.3 53.7 35.7 31.6 14.0 333.4 4.3 78.4 51.4 48.4 61.8 257.2 63.2 36.0 30.1 13.3 393.8 15.4 107.6 55.8 55.6 61.5 260.3 65.8 39.5 33.1 13.6 396 1 16 6 87 2 52 7 67 2 55 1 296 3 102 2 39.3 31 0 14 2 353.8 13.0 73 6 66.2 58.6 47.6 280.8 88.2 40.4 25.7 11.9 403.3 10.5 111 7 67 2 62.6 54.4 286.5 88 1 36.8 28 1 17.9 403.1 8.8 110 0 68.7 70.7 80.8 288.9 90.3 36.8 24 1 16.3 408.9 7.5 103.1 83.1 55.8 80.1 302.0 99.4 34.2 28.5 23.4 368.2 6.6 74.5 69.5 60.4 67.2 292.1 85.9 40.4 22.2 14.0 396.8 6.3 95.7 72.5 43.7 61.8 264.3 75.6 37.4 25.2 16.5 Mineral fuels, lubricants, etc Petroleum and products.. _ _ Animal and vegetable oils and fats Chemicals do do do do 2, 262. 0 2, 127. 1 146.2 955.3 2, 248. 0 2,088.1 122.1 957.9 167.8 152.6 12.5 87.2 212.8 199.8 11.4 81.9 237. 5 219.6 13.8 91.5 204.1 187.6 14.7 86.8 220.3 204.4 9.2 96.9 193.9 176.3 11.3 103.0 178 0 162 1 13.4 104 0 202.8 188.2 15.4 82.2 228.5 214.9 17.4 95.2 187.1 174.4 8.5 101.3 220.7 205.8 14.8 95.2 226. 6 212.0 12.7 88.6 195.0 179.1 10.3 94.0 _ do do do do do 6, 352. 6 1, 305. 0 889.5 1, 551. 8 908.5 6, 384. 2 1, 372. 8 863.7 1,562.3 811.9 628.0 145.6 71.6 167.6 70.8 570.3 121.0 71.3 155.6 66.6 681.5 128.4 72.0 224.6 86.2 610.0 123.8 61.1 198.7 70.2 686.6 145.6 70.9 220.1 74.5 760.2 168.1 79.0 244.5 85.7 719.3 193.2 77.5 162.3 81.6 647.1 176.8 72.9 147.0 74.1 654.2 172.4 72.0 123.4 82.0 708.7 235.3 67.2 126.3 83.5 666.5 189.2 60.5 134.2 90.1 648.5 170.1 75.7 120.9 «81.9 629.3 177.7 69.0 110.7 77.4 Machinery and transport equipment Machinery, total 9 Metalworking Electrical do do do do 4, 822. 8 2,612.9 135.3 1,010.5 5, 793. 5 3,028.8 203.4 1, 139. 8 525.2 275.6 17.6 118.8 562.6 266.0 17.0 95.1 671.4 305.3 17.8 101.7 586.2 263.1 16.1 90.0 577.4 267.2 15.4 99.9 617.8 305.6 20.0 118.9 686.0 301.7 16 2 113.8 665.0 283.6 22.0 111.3 630.6 308.7 14.7 133.2 547.6 309.4 18.3 136.1 663.3 322.9 17.6 140.9 788.4 351.8 17.0 160.4 744.3 325.0 11.3 145.5 2,209.8 1, 617. 7 2, 282. 2 866.4 2, 762. 4 2, 259. 4 2, 576. 2 1, 064. 9 242.9 211.7 247.7 108.2 296.6 257.1 216.6 83.0 366.1 322.3 247.3 90.1 323.1 273.9 213.5 86.3 310.2 256.5 236.9 78.5 312.2 255.6 246.6 106.8 384.4 338.9 262.9 103 3 381.4 327.1 261.2 93.0 321.9 276.8 332.5 109.4 238.2 191.1 315.5 97.7 340.3 302.6 312.2 105.7 436.6 370.9 325.3 106.4 419.4 384.4 291.7 107.4 154 168 109 159 177 111 165 184 112 "165 *182 '111 J>113 178 182 102 185 191 103 200 205 103 213 220 103 224 234 104 185, 978 18, 570 187, 426 18, 636 18,364 1,696 15,602 1,606 14,280 1,520 14, 114 1,547 14,668 1,464 16, 370 1,747 16, 602 1,684 15, 223 1,520 15,864 1,550 16, 922 1,703 17,531 1,790 15,454 1,405 266, 074 17,319 256, 814 17 434 20, 861 1 567 23,312 1,539 22, 856 1,740 19, 597 1,571 22, 416 1 605 19, 965 23, 980 1 756 1,823 24, 363 1 686 24,946 23, 932 26,304 1 845 1 918 1,915 26,042 1,726 Manufactured goods 9 Iron and steel Newsprint. Nonferrous metals Textiles _ Transport equipment do Automobiles and parts do Miscellaneous manufactured articles do Commodities not classified do Indexes Exports (U.S. mdse., excl. military grant-aid): Quantity 1957-59—100 Value do Unit value do General imports: Quantity do Value do Unit value do Shipping Weight and Value Waterborne trade: Exports (incl. reexports): Shipping weight thous. sh. tons Value . mil. $ General imports: Shipping weight. . _ _ thous. sh. tons Value mil $ TRANSPORTATION AND COMMUNICATION TRANSPORTATION Air Carriers Scheduled domestic trunk carriers: Financial operations (qtrly. total): ODerating revenues, total 9 mil. $. 3,707 Transport, total 9 do... 3,672 Passenger do 3.261 Property do 242 U.S. mail (excl. subsidy) do 91 Operating expenses (incl. depreciation)...do 3,250 Net income (after taxes) _do 240 Operating results: Miles flown (revenue) _ mil. 1,010.9 Express and freight ton-miles flown. ._ do 1. 081. 7 Mail ton-miles flown do 282.4 Passengers originated (revenue) Ido 81.1 Passenger-miles flown (revenue) btt 57.1 Express Operations (qtrly.) Transportation revenues mil. $ 430.8 Express privilege payments do..]" 111.7 Local Transit Lines Fares, average cash rate Passengers carried (revenue) cents mil.. 21.9 6,671 4,470 4,431 3,936 277 104 4,057 234 1 274.5 1, 285. 9 393.4 99 3 71.3 1,130 1,121 80 5.5 112.0 102.6 41.3 8.4 6.2 7.9 5.7 108.8 126.9 120 5 119.6 45 3 90 64 61 120 4 122 0 43 6 93 67 124 3 136.0 44 5 88 63 95.8 22.2 23.0 23 1 23.2 23.2 23.4 559 546 561 540 568 Motor Carriers (Intercity) Carriers of property, class I (qtrly. total) : Number of reporting carriers . 2 1 203 2 1 203 1,203 Operating revenues, total mil. $ 7,963 8,117 2,169 Expenses, total do 7 566 7,813 2,078 Freight carried (revenue) _V.V."mil." tons" ' 477 122 473 ••Revised p Preliminary. 1 For the 3d quarter 1967, payments of $1.4 mil. were deferred until the 4th quarter 1967. 2 Number of carriers filing complete reports for the year. 80 31 1 163 14 118.6 104.0 41.0 6.4 423.1 103.6 22.7 6 616 71 31 23 117.5 114.3 55.4 86 1 275 1,139 1 116 1,076 109.9 110.2 40.3 1,287 1,164 1 153 1,028 989 73 33 133.7 136.3 43.7 11 1 127.5 134.8 41 1 10 2 130.6 124.7 4. 08 99 7.8 7.6 8.6 6.6 124 7 126.1 41 8 93.8 21.4 93.4 20.2 23 4 568 23.4 584 89 23 7 23.8 23 9 24.3 24.4 24.4 519 514 509 532 574 541 9 Includes data not shown separately. « Corrected. Dec. SURVEY OF CURRENT BUSINESS S-24 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 | 1967 1968 1967 Nov. Annual January 1969 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 164.3 166.4 Oct. Nov. Dec. TRANSPORTATION AND COMMUNICATION—Continued TRANSPORTATION— Continued Motor Carriers (Intercity) — Continued Freight carried, volume indexes, class I and II (ATA): Common and contract carriers of property (qtrly ) average same period, 1957-59=100 Common carriers of general' freight, seas. adj. 1957-59=100 . Carriers of passengers, class I (qtrly.): Number of reporting carriers Operating revenues, total mil. $ Expenses, total _ do Passengers carried (revenue) mil 161 2 152.8 1 161 643.0 547.6 225 3 168.1 154.4 160.2 156.0 i i6i 663 9 586.0 223 6 156.4 160.1 163.3 165.8 161 162.1 174.3 172.6 163.4 165.4 165.1 171.7 165.3 169.5 165 159.7 145.6 54.6 141.1 139.5 50 8 2 610 2 349 148 110 2 757 2,482 112 2 131 418 207 174 184 8 181 8 1 292 3 105 194.3 191.5 1.296 3,311 Class I Railroads Financial operations (qtrly.): Operating revenues total 9 mil. $ Freight do Passenger do Operating expenses do Tax accruals and rents do Net railway operating income do Net income (after taxes) do Opera ting results: Ton -miles of freight (net), revenue and nonrevenue (qtrly ) bil Revenue ton -miles do Revenue per ton-mile (qtrly avg ) cents Passengers (revenue) carried 1 mile (Qtrly ) mil Travel Hotels: Average sale per occupied room dollars Rooms occupied " % of total Restaurant sales index same mo 1951=100 Foreign travel: U 8 citizens' Arrivals thous Departures do Aliens: Arrivals do Departures do Passports issued and renewed . do National parks, visits do._ _ Pullman Co. (qtrly.): Passenger-miles (revenue) mil Passenger revenues mil $ COMMUNICATION (QTRLY.) Telephone carriers: Operating revenues 9 mil. $ Station revenues do Tolls, message. _ do Operating expenses (excluding taxes) do Net operating income (after taxes) do Phones in service end of period mil Telegraph carriers: Domestic: Operating re venues mil. $ Operating expenses do Net operating revenues (before income taxes) mil $ International: Operating revenues do Operating expenses do Net operating revenues (before income taxes) mil. $ 906 4 325 2,673 2,375 116 2,069 378 226 < —17 750.5 738 3 1 257 5 17 095 731 6 8 719 4 1 269 15 201 185.7 182.6 1.301 3 566 10.03 10 59 10, 661 9,286 10 366 9 130 544 485 8 122 1,490 1 048 8 203 1 485 677 11.24 9.91 105 2 079 '383 10.73 10.83 10.48 11.64 11.14 11.94 64 129 63 117 63 134 63 125 350 359 204 168 176 371 374 230 185 213 383 391 244 206 235 439 559 269 238 214 2 2, 707 2 2, 173 2394 2140 2107 2 55.6 2' 71.8 258.0 259.5 2 » 74.9 10.63 11.90 11.85 12.31 533 627 327 260 191 9,273 485 809 367 528 352 357 264 311 693 '83 132 9,240 ' 4, 176 ' 2, 725 58 117 72 118 63 122 63 116 61 116 59 110 48 119 3 881 3 759 2,413 2 040 1,548 38,490 4,387 4,334 2,773 2,358 1,686 39,538 292 249 197 172 79 278 298 196 204 75 922 1,969 33 80 1,434 24.57 244 4 64 4.08 13,847 7,090 5,170 8,319 2,488 90.2 3,568 1 822 1,332 2,153 642 90 2 3 634 1 851 1 358 2 156 91 6 3,700 1,872 1,390 2,191 584 92.2 3,796 1,895 1,447 2,275 643 93.6 319.3 275 5 335.0 291.9 84.6 72 6 86.3 74.8 90.7 77.3 89.3 79.7 24 9 24 2 83 6.0 7.5 5.4 121 4 90 4 132 3 101 4 34 8 27 2 35.8 27.1 37.0 27.6 39.0 29.1 27.1 26.2 6 0 7.2 7.9 57 110 4.62 12,905 6 699 4,761 7,713 2,317 86 0 12.03 279 5 02 252.3 8.2 62 115 1,534 56 103 320 322 206 154 128 832 61 116 306 334 169 138 143 1,082 288 1,366 2,112 2,881 ' 6, 388 272 662 67 1,412 75 904 CHEMICALS AND ALLIED PRODUCTS CHEMICALS Inorganic chemicals, production: Acetylene mil cu ft Ammonia, synthetic anhydrous thous sh tons Carbon dioxide liquid gas and solid do Chlorine gas (100% Clj) ' do Hydrochloric acid (100% HC1) do Nitric acid (100% HNOs) do Oxygen (high purity) mil cu ft Phosphoric acid (100% PjOs) thous sh tons Sodium carbonate (soda ash), synthetic (58% NagO) thous sh tons Sodium bichromate and chromate do Sodium hydroxide (100% NaOH) do Sodium silicate anhydrous thous sh tons Sodium sulfate anhydrous thous sh tons Sulfuric acid (100% H2SO<) do 16 598 5 14 570 1 230 10 622 4 11 869 6 1 024 7 1 089 0 1 172 8 83 7 666 7 7 205 2 5 7 658 0 1,519 4 1 597 7 139.1 521 7 5 514 4 6 121 8 212 751 5 224 592 20 570 4 548 6 4 764 3 414 3 1 273 955 8 81 6 695 5 146 9 521 5 21 511 455 1 5 089 7 4 827 9 141 5 131 3 7 616 5 7 891 4 623 3 605 3 1 445 1 si 386 6 28 384 9 28 815 2 342 1 364 0 433 5 11 6 10 5 11 6 672 1 666 3 708 8 49 0 38 1 51 4 115 8 110 7 114 4 2 615 8 2 284 3 2 3gQ g 393 9 10.8 681 9 55 4 119 2 2 478 4 1 278 990 6 81 1 661 9 126 7 499 3 20 895 412 5 *• Revised. * Preliminary. 1 Number of carriers filing complete reports for the year. 3 Preliminary estimate by Association of American Railroads. Data cover 5 weeks; other months, 4 weeks. < Reflects adjustment of -230 mil. dol. for extraordinary items. 2 1 156 1,219 1,276 1 241 1 292 1 271 973 3 1 062 4 1 082 6 1 163 7 1 028 5 1031 3 107.2 88.0 75 5 69 6 73 1 ' 89 5 688 2 700 1 692 4 701 8 649 8 708 4 141.7 150.3 138.7 132 0 137.8 144 8 595 3 593 0 434 9 470 4 538 9 517 8 21 114 22 099 21 930 21 661 21 265 21,077 435 9 326 2 458 6 381 9 432 6 453 8 349 8 12! 6 727 7 55 2 134 6 2 459 7 2 390 2 399 5 12.7 12 2 723 9 755 4 59 1 57 1 130 5 145 2 447 7 2 541 2 383 7 12.4 727 1 46 0 121 2 2 278 1 1,224 ' 1, 174 932.1 r 949. 0 105.5 r 92.5 702 6 701 2 149.0 ' 149. 9 r 463 3 486 6 18,960 ••18,297 388 2 r406.9 380 0 397 6 12.1 11.3 725 o 729 1 42' 8 47 4 115 0 121 4 2 161 8 2 282 2 r 383 2 11.7 r 736 4 r 47*8 r 121 7 r9 294 6 1,276 943.6 90.1 733 5 156. 2 501 9 19, 255 409.0 410 8 12.4 777 2 61 9 129.0 2 365 8 «Annual total reflects revisions not distributed to the monthly data. 1968, passports are issued for 5 years; no renewals are made. «Effective Aug. 26, SURVEY OF CURRENT BUSINESS January I960 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS S-25 1968 1967 1967 Nov. Annual Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. CHEMICALS AND ALLIED PRODUCTS—Continued CHEMICALS— Continued Organic chemicals, production :d" Acetic anhydride Acetvlsalicylic acid (aspirin) Creosote oil * 1,596.8 11,556.4 34.1 30.5 i 116. 5 i 114.7 123.4 2.8 9.9 144.0 2.1 133.3 2.6 7 2 136.5 2.6 9.5 140.1 2.9 9.9 123.7 2.7 9.6 103.0 2.2 8.3 107.6 2.4 10.7 141.2 2.3 9.0 142.3 2.1 8.0 142.5 2.6 9.3 137. 1 '3.1 10.5 139.0 3.0 8.8 mil Ib do do 141.5 1 121.6 13,712.6 102.8 138.9 3, 686. 2 6.6 14.9 320.6 10.1 12.7 335.1 11.7 13.5 313.8 11.5 10.5 337.6 12.6 13.5 340.4 10.8 9.5 343.6 11.7 13.6 350.5 12.3 12.8 356.3 12.2 13.0 337.3 12.3 13.3 340.6 10.7 14.5 ' 332. 4 18.8 364.6 11.8 330.8 do do mil. gal__ mil Ib 365. 6 26.0 i 492. 3 i 675. 2 353.8 32.6 i 520. 2 715.3 32.6 30.4 44.6 62.7 30.8 32.6 48.3 66.2 30.8 36.0 45.4 51.0 29.4 36.7 46.5 58.2 34.1 42.1 46.8 59.7 28.8 37.5 49.9 60.8 27.3 32.1 47.5 66.6 26.3 29.3 46.5 65.5 27.5 29.2 48.6 57.1 30.2 28.7 46.1 63.9 28.7 28.4 47.5 59.1 '27.0 '28.1 50.5 66.2 29.0 26.9 49.4 62.5 mil. tax gal do do do 659.6 204.0 570.0 74.7 685.0 218.4 556. 1 79.0 59.5 208.7 44.2 8.4 57.2 218.4 41.6 6.2 56.8 220.0 44.0 6.4 52.2 223.3 43.8 5.0 55.2 223.9 41.8 5.8 57.6 220.7 48.2 7.5 58.2 216.6 48.8 6.9 54.6 215.7 44.7 6.4 59.7 217.4 47.1 6.5 56.5 207.5 49.8 6.6 60.0 201.4 47.0 7.7 70.8 199.5 51.7 9. 1 mil wine gal do do 307.3 310.0 3.5 300.1 * 298. 6 4.9 23.8 23.6 4.4 22. 9 22*4 4.9 23.7 22.9 5.7 23.5 23.8 5.3 22.7 24.1 3.9 25.9 25.8 4.0 26.3 27.2 3.1 24.0 23.8 3.4 25.3 25.8 2.9 26.7 26.2 3.3 25.2 25.7 2.7 27.6 27.0 3.4 thous. sh. tons-. do do do 14,219 2, 303 10,018 1,000 15, 294 i 1, 629 11,025 1,119 1,343 128 943 71 1,428 159 947 106 1,419 175 935 91 1,324 121 948 127 1,417 162 1,077 79 1,584 229 1,132 115 1,610 174 1,207 110 1,466 147 1,091 89 1,617 215 1,195 75 1,533 180 1,143 99 1,658 242 1,134 153 1,902 347 1,332 160 1,544 317 1,100 77 154 160 2,382 321 177 168 2,711 218 17 13 328 18 11 9 188 11 18 20 467 16 18 17 378 8 28 31 473 30 46 11 498 16 21 3 223 19 11 1 205 30 11 1 152 25 15 6 111 25 13 5 260 (2) 14 6 275 (2) 12 13 254 2 3,991 4,034 267 259 336 411 607 598 354 281 117 213 329 4,450 624 4,695 726 411 658 398 726 356 697 375 704 405 615 378 500 379 497 310 529 257 567 308 578 '351 ••524 ••358 '525 332 520 Explosives (industrial), shipments, quarterly: Black blasting powder mil Ib High explosives do .5 1,753.1 .4 1, 708. 5 Paints, varnish, and lacquer, factory shipments: Total shipments mil $ Trade products do Industrial finishes do 2, 364. 4 2, 348. 2 1,312.4 1, 329. 5 1, 052. 0 1, 018. 7 179.9 94.1 85.8 150.4 76.5 73.9 177.6 89.7 87.9 186.2 100.9 85.3 206.4 114.7 91.6 229 2 135.8 93.3 241.7 141.4 100.3 239.0 139.8 99.2 231.6 140.5 91.1 238.6 141.9 96.6 ' 101. 9 231.4 119.7 111.7 i 8, 243 2,704 8,284 1,954 678 2,123 702 1,954 681 1,996 646 2,011 699 2,046 690 2,027 715 2,028 763 2,142 777 2,293 771 2,466 744 2,619 757 2,691 mil. Ib i 186. 7 U71.9 13.9 14.9 12.3 15.4 15.3 14.2 14.3 14.2 13.3 15.7 16.3 do polymer mil Ib do do do 1 666. 1 i 585. 9 47.8 44.0 48.4 49.8 53.9 54.0 55.3 51.1 52.6 54.5 51.4 1334.5 i 470. 0 1,046. 7 i 718. 3 i 289. 9 489.7 i 953. 7 i 645. 4 24.9 42.4 84.2 57.4 27.4 44.9 76.0 52.8 24.8 39.6 82.3 51.9 29.7 45.6 83.1 55.2 28.1 49.1 87.6 60.3 31.0 54.3 83.7 58.3 30.9 51.9 92.3 59.6 21.7 50.6 86.2 55.2 28.6 46.2 72.0 54.1 24.2 47.7 85.2 65.5 25.0 48.9 91.4 68.2 12,384.5 1 2, 365. 4 12,680.0 1 2, 599. 4 13,558.0 3,761.9 213.9 235.4 311.4 208.7 233.2 360.3 193. 4 219.9 344.4 189.8 ' 218. 3 343.7 220.2 235.9 334.1 224.2 237.1 351.6 235.6 250.3 370.0 229.3 246.7 363.5 212.3 231.7 362.4 228.1 245.3 381.4 235.7 254.8 383.7 mil Ib do mil gal DDT Ftbyl acetate (85%^ Formaldehyde (37% HCHO) Glycerin, refined, all grades: Production Stocks end of period Methanol, synthetic and natural Phthalic anhvdride r ALCOHOL Ethyl alcohol and spirits: Production Stocks end of period Used for denaturation Taxable withdrawals Denatured alcohol: Production Consumption (withdrawals) Stocks end of period FERTILIZERS Exports, total 9 Vitrogenous materials Phosphate materials Potash materials Imports: Ammonium nitrate Ammonium sulfate Potassium chloride Sodium nitrate do do do_ do Potash deliveries (IMO) do Superphosphate and other phosphatic fertilizers (100%P 2 0 5 ): Production thous sh. tons Stocks end of period do MISCELLANEOUS PRODUCTS Sulfur, native (Frasch) and recovered: Production thous. Ig. tons__ Stocks (producers'), end of period do 1 403.9 .1 417.5 2 330.9 .1 428.8 r 229. 5 127.6 PLASTICS AND RESIN MATERIALS Production: Cellulose plastic materials . . Thermosetting resins: Alkyd resins Coumarone-indene and petroleum resins Polyester resins Phenolic and other tar acid resins Urea and melamine resins - _ . Thermoplastic resins: Styrene-type materials (polystyrene) mil. Ib Virivl resins (resin content basis) do Polvcthylene do 1 ELECTRIC POWER AND GAS ELECTRIC POWER Production (utility and industrial), total mil. kw.-hr__ 1,249,444 1,314,299 109,818 115,905 121, 305 112, 970 114, 845 109, 234 114, 607 119, 340 127, 472 131, 905 115,832 119,354 Electric utilities, total By fuels By waterpower. .. Privately and municipally owned util Other producers (publicly owned) Industrial establishments, total By fuels By waterpower . r Revised. 1 2 Revised annual do do do 1,144,350 1,211,749 101,288 107, 340 112, 565 104, 531 105, 887 100, 340 105, 522 110, 645 118,870 123, 001 107, 154 110,288 949, 594 991, 706 82,781 86, 503 92, 325 86, 615 87, 024 81, 341 85, 998 91, 708 99, 841 104, 856 '91,428 93, 636 194, 756 220, 043 18, 508 20, 837 20, 240 17, 915 18, 864 18, 999 19, 524 18, 936 19, 029 18, 146 15, 726 16, 652 do do 933, 464 210,886 985, 580 226, 169 82, 860 18, 429 87, 361 19, 979 91,866 20, 699 84, 976 19, 555 85, 345 20, 542 80, 976 19, 364 85, 251 20, 271 90, 318 20, 326 do. . do do 105, 094 101,912 3, 182 102, 549 99, 203 3,346 8,529 8,259 270 8,565 8,251 314 8,740 8,421 319 8,439 8,155 284 8,957 8,651 306 8, 895 8,578 317 9,084 8,758 327 8,695 8,378 317 total; revisions are not distributed to the monthly data Less than 500 short tons. 329-153 0 - 6 9 - 5 97, 308 101, 215 21, 582 21, 786 87, 884 19, 270 91,092 19, 196 8,904 8,657 246 8,677 8,457 220 9,066 8,818 248 8,603 8,338 265 cfData are reported on the basis of 100 percent content of the specified material unless otherwise indicated. 9 Includes data not shown separately. SURVEY OF CURRENT BUSINESS S-26 1%7 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS Annual January 1969 1967 Nov. 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ELECTRIC POWER AND GAS—Continued ELECTRIC POWER— Continued Sales to ultimate customers, total (EEI) mil.kw.-hr. 1,038,982 1,107,023 Commercial and industrial: 225, 878 242, 492 Small light and power § do 465, 077 486, 043 Large light and power § do 91,635 95, 386 100,952 98, 707 98, 285 94, 620 94, 367 97, 169 102, 330 107, 416 106, 260 100, 515 19, 708 41,307 20.047 41,216 20. 851 41,851 20, 526 41, 380 20. 501 42, 024 20, 029 42, 488 20, 621 43, 488 22, 064 43, 354 24, 174 43, 055 25. 433 44, 195 24,832 44, 166 22, 762 44, 678 4,572 331.525 9. 863 29, 426 3,102 389 26, 513 915 2, 525 278 434 29, 782 962 2,668 277 458 33, 924 960 2, 626 283 432 32,603 901 2,593 273 404 31,603 874 2, 599 280 358 28, 118 815 2, 527 284 351 26, 239 775 2, 586 307 336 27, 676 750 2,685 304 342 30, 995 746 2,693 324 338 33, 570 796 2,769 315 351 32, 967 842 2, 772 331 361 28, 687 903 2, 787 337 Railways and railroads Residential or domestic Street and highway lighting Other public authorities Interdepartmental do do do do do 4.514 306, 572 9,240 25, 922 1,779 Revenue from sales to ultimate customers (Edison Flectric Institute) mil $ 16 196 1 17, 222. 7 1,423.4 1,473.0 1,545.5 1,519.0 1, 503. 1 1,454.6 1, 450. 8 1,514.6 1,601.6 1, 670. 7 1,656.3 1,559.8 GAS Manufactured and mixed gas: Customers end of period total 9 669 626 43 650 608 40 574 539 35 613 389 224 ! I 53.9 36.5 17.5 323 174 144 163 63 98 29.3 18.1 10.8 14.8 7. 7 7 0 38, 835 35, 692 3,097 38, 962 35. 834 3 082 670 628 41 666 624 41 666 624 41 1 , 386 807 56° 1,437 829 589 404 227 171 127.9 83. 5 43. 1 131.4 84 5 45.3 36.4 23.0 12.9 38, 183 35, 057 3, 082 39, 034 35, 836 3, 152 39, 034 35. 836 3 152 39, 053 35, 842 32.115 .. 127,183 40, 933 80, 592 133, 424 42,811 85,321 34 460 11,120 22, 027 47. 703 20,674 ! . _ _ _ . . . 27.030 Revenue from sales to consumers, total 9 ..mil. $.. 7, 736. 8 4, 108. 2 Residential do 3, 425. 4 Industrial and commercial do 8, 124. 4 4, 294. 9 3, 637. 9 2.100.9 1 103.1 946.4 Industrial and commercial ^ales to consumers total 9 Residential thous do mil therms do Revenue from sales to consumers, total 9 -mil. $._ T \ t '• 1 • " 1 coir moreial Natural gas: Customers, end of period, total 9 T \ t \' 1 ' T ] POI iinproial Sales to consumers total 9 Residential Industrial and commercial do thous._ do mil therms do do I . 3, 169. 0 1. 883. 4 1,285.6 .. 33. 077 ! 8,960 |! 22.594 . . . .! ! . . 9f, 950 3, 821 21,519 ! | ! ..11,911.7 940.4 i .| 920.0 | 1 i i 1 . 339. 9 ! .W> 9 787 5 ' I I FOOD AND KINDRED PRODUCTS; TOBACCO ALCOHOLIC BEVERAGES Beer: Production _ mil. bbl__ Taxable withdrawals do Stocks end of period do Distilled spirits (total): Production mil. tax gal Consumption, apparent, for beverage purposes mil. wine gal_. Taxable withdrawals mil tax gal Stocks, end of period _ _ .- do Imports mil. proof gal Whisky: Production mil. tax gal Taxable withdrawals - _ _.do Stocks, end of period do Imports mil. proof gaL. 113.04 104.26 10.57 116. 55 106. 97 10.77 8.37 8.12 11.30 8.47 8.33 10.77 9.05 7.58 11.52 8.57 7.48 11.94 10.10 8.95 12. 36 10.84 9.45 12. 88 11.48 10. 19 13.17 11.37 10.30 13.31 12.30 11.58 13.02 11.37 10 76 12.64 9.86 9.11 12.54 10.10 9.28 12.48 191.14 211.74 20.73 19.94 18.33 16.49 17.63 21.21 25.14 19.32 18.24 14.72 19 36 23.73 308. 92 144 73 880. 56 60.30 324. 81 148. 20 904. 58 68.17 33.94 15.20 899. 16 8.54 37.98 11 05 904. 58 7.42 23.22 10.97 909. 39 4.76 24. 62 10.07 912. 89 5. 00 28. 22 10. 52 917.15 5.17 26. 62 13.95 920. 51 6.20 29.37 12.59 929. 85 6.00 26.48 12.13 934. 29 5.16 25. 96 10 53 939. 76 4.92 27.47 1° 53 938. 82 6 17 27.35 14 29 940. 45 6.80 15 75 943.52 9.23 7.90 128.51 94. 58 835. 46 52. 20 153. 78 97.02 856. 66 59.70 14.83 10.74 853. 74 7.67 12. 76 7.21 856. 60 6.58 13.08 7.19 860. 36 4.22 13.57 6.88 864.53 4.48 14. 36 7.24 868. 98 4.60 16.28 8. 62 873 7~* 5.35 20. 51 7.88 883. 23 5.34 14. 15 6. 97 888.11 4.50 13.85 6.28 893. 66 4.31 9.60 7.63 892. 77 5.37 13 28 9.45 893 39 5.92 17.66 11.07 895. 98 8.13 7.00 101.08 67.14 108. 15 67.20 12.17 7.90 8.63 5.17 8.31 4.70 6.90 4.16 7.60 4.31 10.30 6.30 9.37 5.77 8.91 5.33 8.30 4.92 8.66 4.99 10.43 6 37 12. 85 8.26 8.75 7.40 3.75 1 64 10.18 8.74 4.30 1 92 1.00 1.20 4.46 .28 1.04 1.12 4.30 23 .98 .60 4.62 15 1.07 .56 5.07 13 1.12 .78 5.35 14 1.17 .63 5.82 15 .88 .78 5. 85 .20 .87 .74 5.90 17 .60 .55 5.86 13 1.06 6.08 24 .95 1 06 5.85 18 1.07 1 28 5.54 26 .)- 218. 38 165. 80 265. 11 16.34 217.36 47.77 16.61 174.84 272. 03 285. 85 1 2.24 17. 46 7.93 14.45 272. 03 1.88 3.88 15.11 258. 34 1.37 2.83 14.51 243. 08 1. 27 2.92 18.42 227. 77 1.30 2.94 13.48 214. 48 1.68 3.01 14. 05 203. 34 1.93 2.40 14.39 187. 59 1.41 2.21 11.22 175. 28 1.55 8.88 14.76 166.67 2 24 72 54 14 76 221.09 2. 22 93. 68 18.04 290. 02 1.78 1.54 391.14 361. 34 58.10 19.98 10.50 3.18 3.84 3.99 3.52 3.22 4.66 35.96 125. 32 126.37 . mil. Ib 1,112.0 do 32.3 $ per lb_. .672 1,222.6 168.6 .675 82.2 186.2 .675 93.0 168.6 .686 107.8 163.5 . 673 100.7 173.0 . 673 108. 6 176.4 .672 113.9 180.1 .673 124.4 199.3 .673 116. 5 225.0 .672 100.1 241.7 .674 81.5 224.6 .677 70.2 196.5 .691 1,855.5 ' 1,910.4 ' 134. 9 1,220.6 ' 1, 277. 1 '80.1 148.0 92.5 149.0 94.8 144.2 94. 3 163.0 105.8 179 9 120.9 199.6 139. 6 197.1 140.1 175.7 123. 1 161.3 109. 6 146.6 94.4 372.9 326.3 ») 3 361 0 312. 3 8 7 352.5 304.6 q 1 363 4 315. 0 9 5 393.7 341.6 14 8 420.8 370.1 1° 9 444.5 389.2 9 09 451 3 390.5 93 5 448 5 T 415 5 r 395 6 377.2 ' 346. 4 r 334. 5 9() 0 11 6 10 7 .528 . 522 . 550 .553 .549 .549 .550 Kectifled spirits and wines, production, total mil. proof gal Whisky _ do _ Wines and distilling materials: Effervescent wines: Production mil. wine gal Taxable withdrawals do Stocks, end of period _ _ _ _ do .. Imports do Still wines: Production _ _ _ do. Taxable withdrawals do Stocks, end of period- __ do __ Imports. _ _ _ _ .. _ _. do Distilling materials produced at wineries__.do DAIRY PRODUCTS Butter, creamery: Production (factory).. __ Stocks, cold storage, end of period Price, wholesale, 92-score (N.Y.) Cheese: Production (factory), total American, whole milk _ _ mil. lb__ do Stocks, cold storage, end of period do American, whole milk do Imports do Price, wholesale, American, single daisies (Chicago) $ perlb.- 372.7 322.2 135 5 390 3 344.0 t 151 g 401 8 354.3 9 3 390.3 344.0 13 9 .527 .521 .518 .529 .530 1 r Revised. i Annual total reflects revisions not distributed to the monthly data. § Data are not wholly comparable on a year to year basis because of changes from one classi- fication to another. .551 9 Includes data not shown separately. r 77.7 161.9 .686 77.8 '137.4 .680 147.1 90.4 137.0 81.1 .562 .565 117.3 .690 374 4 315. 0 SURVEY OF CURRENT BUSINESS January 1060 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1968 1967 1967 1966 S-27 | Annual Nov. Dec. Feb. Jan. Mar. Apr. May June July Sept. Aug. Oct. Nov. Dec. FOOD AND KINDRED PRODUCTS; TOBACCO—Continued DAIRY PRODUCTS— Continued Condensed and evaporated milk: Production, case goods: 7 7 91.0 3.3 7.4 8.7 8.0 6.7 9.3 8.6 86.2 85.6 96.4 125.4 146.7 138.4 138. 0 8.1 6.9 8.3 6.9 101.5 91.0 128 6 1, 709. 2 1,493.2 11.6 192 9 5.8 8.9 5.8 5.4 6.4 2.6 219 2 190 2 142 2 104.0 8.2 190 2 78.1 58.6 106.2 149.1 178.9 192.8 189.0 160.6 124. 4 92.9 38.4 28.6 33.8 1.0 2.5 6.0 2.6 9 3.3 1.5 2.3 2.7 2.5 4.7 3.9 1.3 2.5 2.4 1.7 6.5 3.2 6.0 1.7 2.7 2.8 6.1 3.1 1.5 2.7 6 73 7 05 7 06 7.06 7 06 7.06 7.07 7 09 7 29 7.33 7. 35 7.36 7.36 7.36 7.36 - ..mil. l b _ _ 119,892 56, 398 do 4.82 $ per 100 lb._ 119,294 8,814 3,808 5.35 9, 299 4,126 5.29 9.608 4, 628 5.27 9,249 4,574 5.20 10, 269 5,103 5.08 10, 460 5, 576 5.03 11,283 6,147 4.99 10,937 6,038 4.90 10, 208 5, 567 5.06 9,567 4, 929 5. 24 9,058 4, 120 5.46 9,159 4,119 5.62 8,793 3,818 '5.68 5. 7 97.4 6.0 118.9 6.5 128.0 5.7 128.8 6.4 145. 5 7.1 169. 8 9.6 189.2 10.0 188.2 5.2 152. 1 4.6 120.3 4.9 91.0 6.1 91.0 5.1 90.9 11.5 145.9 11.1 139. 9 10.1 128. 4 8.4 9.1 107.4 90.1 76.0 Stocks, manufacturers', case goods, end of period: Exports: Price, manufacturers' average selling: Fluid milk: Production on farms , _ __ T'tilization in mfd. dairy products Price, wholesale, U.S. average Dry milk: Production: Dry whole milk 64 4 58, 587 5.01 5 7 83.7 8? 4.0 4.7 134.5 3.0 107.5 5.7 2.6 3.0 mil. Ib 94.4 1, 579. 7 do 6.9 118.2 6.1 6.6 6.1 7.6 9.1 99.9 98.7 84.6 79. 3 6.3 98.7 76.8 89.6 118.0 16.4 170.3 12.8 140.9 1.1 3.5 1.1 2.5 I.I 4.1 6.2 1.5 6.7 1.1 4.3 1.4 1.1 26.4 12.3 10.2 20.8 22.8 6.6 8.1 .199 .199 .198 .198 .198 .199 .227 .231 .231 .231 .232 .234 .235 .233 1 590 3 1,245.4 152 5 121 2 116 7 122.8 122.3 109.6 86.2 92.2 99.1 114.4 86.2 84.8 5. 62 13.7 .182 9,220 108.3 Stocks, manufacturers', end of period: Drv whole milk Exports: Dry whole milk do Nonfat drv milk (human food) do Price, manufacturers' average selling, nonfat dry milk (human food) $ per lb_. 74.3 1,674.8 6.6 6.6 1.3 1.7 7.9 1.1 GRAIN AND GRAIN PRODUCTS Barley: HI O f ( l [ tvi u< ; _ '' ' -. --- Prices, wholesale (Minneapolis): No 2, malting No. 3, straight .. Ho i 303 9 ^372 9 301.6 294 4 182.9 179 1 118.7 115 2 40.2 63.6 4.0 .3 11 4.8 2.9 .8 .8 .5 1.1 1.8 .4 .7 2.4 1.30 1.29 1.25 1.24 1.20 1.20 1.23 1.24 1.24 1.25 1.23 1.23 1.24 1.23 1.24 1.25 1. 19 1.18 1.06 1.07 1.04 1.05 1.19 1.20 1.19 1.18 1.17 1.15 4, 760 207.2 17 1 15 9 18 2 17.9 18.3 18.3 1.35 1.33 $ per bu do Corn: 14 117 203 6 rl 2 301 6 182 9 118. 7 216. 9 127. 7 89. 3 445. 8 295. 6 150.2 3136. 8 3 70. 6 3 66. 1 3 169 2, 362 2 151 1 621 4 217 3 353 515.3 76 3 61.7 51 8 48.1 54.9 41.9 42. 1 42.7 46.7 ._ 60.7 1.34 1.31 1.27 1.25 1.06 1.07 1.11 1. 09 1.10 1.09 1.12 1.10 1.14 1.14 1.13 1.11 ,.,7 1.14 1.13 1.15 1.10 1.10 1.06 1.06 Prices, wholesale: No. 3, yellow (Chicago) _ .__ $ per bu Weighted avg., 5 markets, all grades do Oats: Off farms Exports, including oatmeal Price, wholesale, No. 2, white (Chicago) do Rye: Production (crop estimate) mil bu Stocks (domestic) end of period do Price, wholesale, No. 2 (Minneapolis) ..$ per bu__ Stocks (domestic), end of period total On farms OfT farms _ rl mil bu do do do do do do 85 0 864 648 543 104 9.4 .1 4 r l .6 31,146 3 765 3380 50.2 40.8 54.1 1.06 1.03 1.06 1.08 1.13 1.14 1.14 1.13 3 3 "" 930 776 154 _. . _ - . 6 „ 1.4 1.0 .5 9 1.6 .83 2.0 .79 .81 .82 .74 .67 .60 .63 .58 187 135 194 224 213 167 206 188 122 119 83 63 91 80 54 28 170 76 371 69 .7 1.0 71 2 105 3 81 43 59 62 254 260 1S5 179 142 106 88 69 79 110 286 317 592 384 408 338 451 511 485 235 424 141 434 62 410 88 299 126 248 1,182 1,732 1,584 481 749 519 1,875 1,671 1, 545 417 300 090 272 235 784 169 1,547 2,122 2,119 .090 .087 .081 18. 0 1.12 1.10 1. 09 31.9 1.12 317 254 5 880 3 962 6, 675 T 4, 544 1,758 2 978 083 1,875 4.066 .085 2,003 337 085 i 27 8 28 4 1.20 ' ! 24 2 27 7 1.19 1.14 i 1 312 i <>4q r ! 1,522 T 1 049 r 475 55! > 085 1,236 988 469 644 406 085 .088 .090 .090 .090 27 7 1.13 1.17 1.18 23 2 1.17 1.13 1.14 343 295 481 3 305 372 342 209 336 2 23 2 1.17 1.17 1.20 2 1 570 2 340 2 i 2'>9 !316 i i 062 ' 1 1 207 1 365 1 600 1 209 930 115 58 .9 . 270 204 3 66 89. 4 347 837 360 477 and wheat; Oct. for corn). of 100 Ibs. 446 299 ' 373 1,209 505 505 409 704 704 641 r 2 3 Revised. ' Crop estimate for the year. December 1 estimate of 1968 crop. Old crop only; new crop not reported until beginning of new crop year (July for barley, oats, rye, 531 442 358 84 .80 74 . 75 1,913 1.403 1,536 920 807 4,375 2 789 648 543 104 4 77 1 4 217 3 353 864 30.2 do Rice: Production (crop estimate) mil bags 9 California mills: Receipts, domestic, rough mil. Ib Shipments from mills, milled rice do Stocks, rough and cleaned (cleaned basis), end of period mil Ib Southern States mills (Ark.. La., Tenn., Tex.): Receipts, rough, from producers mil Ib Shipments from mills, milled rice do Stocks, domestic, rough and cleaned (cleaned basis), end of period mil Ib Exports do Price, wholesale, Nato No 2 (N O ) $ per Ib Wheat: Production (crop estimate), total Spring wheat Winter wheat Distribution _ i 801 662 557 105 1.14 1.14 2 3 677 2 899 779 616 6 418 2 i 3 537 3 228 3 . ... . 309 i 4 Average for 11 months. 1,690 744 ! 946 i . | I § Excludes pearl barley. i 1 9 Rigs January 1969 SURVEY OF CURRENT BUSINESS S-28 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1967 Annual Nov. 1968 Dec. Jan. Feb. Mar. May Apr. June July Aug. Sept. Oct. Nov. Dec. FOOD AND KINDRED PRODUCTS; TOBACCO—Continued GRAIN AND GRAIN PRODUCTS— Con. Wheat— Continued Exports total, including Wheat only flour mil. bu do Prices, wholesale: No. 1, dark northern spring (Minneapolis) $ per bu__ No. 2, hd. and dk. hd. winter (Kans. City). do Weighted avg., 6 markets, all grades. _ ..do Wheat flour: Production: Flour thotis sacks (100 Ib ) Offal thous sh tons Grindings of wheat thous bu Stocks held by mills, end of period thous. sacks (100 Ib.) Exports do Prices, wholesale: Spring, standard patent (Minneapolis) $ per 100 Ib Winter hard 95% patent (Kans City) do 875.7 820.8 675.6 637.1 71.5 68.9 59.1 55.2 63.1 58.7 69.1 65.4 63.4 59.1 64.8 58.0 42.2 39.1 48.3 45.6 51.1 48.0 50.2 46.5 30.4 25.2 42.6 37.9 50.7 44.0 1.97 1.81 1.88 1.92 1.68 1.88 1.91 1.59 1.86 1.85 1.58 1.86 1.86 1.62 1.87 1.85 1.63 1.85 1.87 1.61 1.84 1.84 1.57 1.83 1.81 1.55 1.78 1.77 1.48 1.70 1.74 1.42 1.62 1.68 1.41 1.62 1.72 1.42 1.73 1.79 1.49 1.83 1.79 1.54 1.83 253, 000 4 619 568 672 245, 240 4 423 549 801 21 046 20, 731 21, 543 20,379 21, 873 20,025 19,985 19 687 20, 422 21,873 21, 533 r 46, 503 48, 368 45,637 49, 019 44,492 44,374 44 119 45, 852 48,950 48, 042 f 23, 506 '411 53, 606 22, 067 47 016 4,180 23, 540 4,372 16, 535 1,115 4,372 1,712 1, 903 1,568 4,348 1,842 2,930 1,300 4,262 1,144 1,304 1,551 4,517 2,229 2,020 2,903 6 365 5 994 6 194 5 631 5 925 5 433 5 913 5 383 5.938 5 433 6 020 5 500 6.020 5 450 6 210 5 938 5.888 5 350 5.775 5 267 5.775 5 350 5.788 5.288 5.913 5 375 4 002 357 2,254 27 780 ' 12 585 T 1 252 7 §59 1 287 323 365 2,214 2,493 1,045 378 371 387 366 390 355 351 352 369 391 379 1.72 1.50 1.78 383 49, 082 LIVESTOCK Cattle and calves: Slaughter (federally inspected): Calves thous animals Cattle do Receipts at 28 public markets do Shipments feeder to 8 corn-belt States do Prices, wholesale: Beef steers (Chicago) $ per 100 lb._ Steers, stocker and feeder (Kansas C i t y ) _ _ d o Calves, vealers (Xatl Stockyards 111 ) do Flogs: Slaughter (federally inspected) thous animals Receipts a t 2 8 public markets, _ _ _ _ _ _ _ d o _ _ Prices: Wholesale, average, all grades (Chicago) $per 1001b__ Hog- corn price ratio (bu. of corn equal in value to 100 Ib. live hog) Sheep and lambs: Slaughter (federally inspected) thous animals Receipts at 28 public markets do Shipments feeder to 8 corn-belt States do Price, wholesale, lambs, average (Chicago) $per 1001b__ 4 432 27, 319 13, 134 8 056 966 668 302 342 332 2 258 2,241 2,286 523 850 401 302 2,541 847 472 883 384 740 386 257 2,367 794 291 344 311 323 373 2,609 1,015 2.468 2,540 1,123 1 153 2,813 1,381 1 488 2,416 1,077 1,206 921 468 957 708 288 26.17 25.41 32 38 25.97 24.73 39 38 26.46 23.90 39 00 26.38 23.68 33 00 26.68 23.89 34 00 27.19 25. 68 35 50 27.67 26.09 38 50 27.38 26.43 35 50 27.02 26.80 34 00 26.83 26.51 33 50 27.56 26.54 32 00 27.92 25.84 32.00 28.24 25.33 32.00 28.22 25.33 28.38 26.01 28.83 26.39 63 729 15, 175 70 915 • 16 263 6 431 1,531 6 100 1,396 6 496 1,445 5 697 1,288 6 238 1 323 6 483 1,431 6 407 1,355 5 125 1,130 5,454 1,221 5,942 1,186 6 348 1,319 7,404 1,612 6,571 1,388 1,410 22.61 18.95 17.22 16.79 17.73 18.86 19. 37 18.56 18.37 19.58 20.50 19.35 19.49 18.19 17.56 17.87 '16 2 16.9 17 8 17 5 17 5 16.7 18.0 20 0 19.3 19.3 18.6 16.8 17.0 210 25.00 18.5 16 3 r 17 6 11 553 3,901 1 988 11 516 3 619 1 449 899 323 150 869 248 92 1 050 840 190 78 796 178 75 865 200 61 920 241 114 856 245 83 928 266 74 930 233 122 973 300 181 1 068 276 96 376 301 835 243 130 25.00 23.48 22.50 22.00 23.00 24.75 26.00 26.50 29.50 29.00 26.25 25.25 25.25 25.62 26.12 29 291 31 110 2 646 2 582 9 816 9 494 9 5$! 2 690 9 855 2 482 2 661 2 738 2 738 3 132 2, 770 621 480 644 484 644 36 120 651 38 198 635 37 117 618 32 109 662 37 123 674 34 109 615 32 150 548 34 151 508 45 148 517 55 171 '572 '614 625 1 381' 1 554 1 434 1 587 1 464 '207 1 599 1 608 1 536 287 3 87 1 414 i 406 286 3 76 1 714 '273 1 489 '304 306 MEATS AND LARD Total meats: Production (carcass weight, leaf lard in) , inspected slaughter mil Ib Stocks (excluding lard), cold storage, end of period.mil Ib Exports (meat and meat preparations) do Imports (meat and meat preparations) do Beef and veal: Production, inspected slaughter do Stocks, cold storage, end of period . . do Exports do Imports _ do Price, wholesale, beef, fresh, steer carcasses, choice (600-700 Ibs.) (New York) $ per lb-_ Lamb and mutton: Production, inspected slaughter mil Ib Stocks, cold storage, end of period" do Pork (including lard), production, inspected slaughter _ mil Ib Pork (excluding lard) : Production, inspected slaughter do Stocks, cold storage, end of period do Exports do Imports _ do Prices, wholesale: Hams, smoked, composite... ... $perlb Fresh loins, 8-12 Ib. average (New York) . _ d o _ _ _ Lard: Production, inspected slaughter mil Ib Stocks, dry and cold storage, end of period do Exports "do Price, wholesale, refined (Chicago) $ per Ib 1 318 1 397 638 46 123 16 710 17 254 1 384 317 32 895 .442 581 17 i 967 279 3 88 .451 .460 286 34 574 15 15 45 .464 54 15 15 I9 000 13 281 1 217 1 156 1 208 9 662 234 55 10 751 286 56 987 944 993 279 5 286 5 288 4 23 32 27 .587 .569 544 546 .515 .465 .472 1 695 1 835 168 154 298 100 158 152 307 151 189 196 POULTRY AND EGGS Poultry: Slaughter (commercial production) mil Ib 8 786 9 218 Stocks, cold storage (frozen), end of period, total 436 mil. l b _ _ 540 Turkeys do 267 367 Price, in Georgia producing area, live broilers .145 $ per lb._ .122 r Revised. i Annual total reflects revisions not distributed to the monthly dat-.i. 45 .460 573 120 27 113 151 8 116 884 517 .515 157 164 964 2 78 234 .474 44 13 1 036 849 291 3 97 9 9 70 84 203 3 69 .469 .469 .475 42 44 46 12 12 1 211 1 222 929 985 986 306 3 355 3 °9 28 13 1 134 504 531 .533 .492 136 9 224 148 517 388 3 99 516 2 105 222 2 113 240 3 113 .472 .477 .477 47 249 2 129 .477 48 147 2 111 62 144 3 107 .466 .471 53 42 .484 45 45 12 12 11 977 1 024 1 084 1 154 1 365 1 239 786 830 881 943 326 3 245 4 197 11 197 11 1 114 222 14 232 29 27 24 30 24 1 014 '209 18 545 .481 .484 41 12 12 522 544 .550 .569 .515 .543 .539 .484 110 140 146 154 121 10 108 105 16 105 94 16 105 182 .472 .475 164 17° 13') 8 110 130 12 104 89 14 '15 15 25 78 20 114 14 97 114 741 687 566 589 620 706 671 805 880 858 984 795 606 429 540 367 525 361 458 310 400 9 68 351 995 312 194 296 185 332 9 26 413 305 492 386 607 '504 '486 '386 421 323 .105 .110 .125 . 135 .135 .135 .135 .140 . 145 .140 . 135 .115 .120 . 125 121 13 116 132 16 115 January 1969 SURVEY OF CUKEENT BUSINESS Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1957 edition of BUSINESS STATISTICS 1966 1968 1967 | 1967 Annual S-29 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. FOOD AND KINDRED PRODUCTS; TOBACCO—Continued POULTRY AND EGGS-Continued Eggs: Production on farms mil. casesGL. Stocks ,cold storage, end of period: Shell thous. casesO Frozen mil. lb__ Price, wholesale, extras, large (delivered; Chicago) $ per doz 184.7 194.9 15.9 16.6 16.6 15.7 17.1 16.6 17.7 15.9 16.1 15.7 15.1 15.8 15.4 15.9 82 81 102 86 191 95 287 108 262 110 229 109 150 102 '172 '92 '91 82 66 72 27 36 86 89 150 96 86 89 75 85 77 80 401 298 .298 .315 1.325 .294 .316 .303 .287 .332 .369 .390 .501 .399 .437 Cocoa (cacao) beans: Imports (incl. shells) thous Ig tons Price, wholesale, Accra (New York) $ per lb._ 319 3 .246 282 6 .288 17 8 .316 26 1 .310 35 g .315 24.5 .300 7.7 .300 25.7 .313 27.9 .296 21.8 .289 18.6 .291 15.3 .300 12.9 '363 10.8 .394 10.0 .465 .498 Coffee (green) : Inventories (roasters', Importers', dealers'), end of period thous bagsd" Roastings (green weight) _ do 3 141 21 300 2 311 21 291 Imports, total _ do From Brazil do Price, wholesale, Santos, No. 4 (N. ¥.)--$ per lb__ Confectionery, manufacturers' sales mil $ 22 056 6 726 .414 1 543 21 312 6 069 .384 r i 645 1 845 637 .375 1 424 316 .373 r 134 2 202 631 .373 r 148 2,461 956 .375 '150 1,755 510 .375 r 142 271 253 248 253 227 201 174 4 045 6 250 1,911 4 103 6 391 1,958 1 090 327 117 978 339 99 551 2 128 24 172 302 129 do do do 10 444 10 299 2 598 10 516 10 245 2 870 829 818 2 217 848 827 2 870 763 748 2 891 sh tons 3 006 1 468 106 27 thous sh tons do do 4 198 1 039 38 4 584 1 134 97 287 29 1 .073 .074 MISCELLANEOUS FOOD PRODUCTS Fish: Stocks, cold storage, end of period _mll. lb_. Sugar (United States): Deliveries and supply (raw basis) :§ Production and receipts: Production thous sh tons Entries from off-shore, total 9 do Hawaii and Puerto Rico ... do Deliveries, total 9 For domestic consumption Stocks, raw and ref , end of period Exports, raw and refined Imports: Raw sugar, total 9 From the Philippines Refined sugar, total _ Price s (New York): Raw, wholesale Refined: Retail (incl N E New Jersey) Wholesale (excl excise tax) Tea, imports $ per Ib .070 2 2 311 5 592 r 171 3,286 4,954 2,568 5,687 5, 205 4,921 1,956 559 .380 '113 1,641 567 .378 '106 2,481 726 .378 '97 2,397 773 .378 '127 2,322 839 .375 '194 1.687 552 .378 190 2,132 740 .378 .375 176 181 188 235 258 275 '288 '287 284 202 146 142 115 154 152 105 218 199 65 418 170 72 714 184 90 788 184 158 532 92 793 570 215 439 128 752 738 2,719 841 825 2 603 834 821 2 523 943 931 2,323 952 940 2 092 1,028 1,008 1,817 1,029 1,117 1,102 1,013 1,249 ' 1, 723 932 921 p 2, 466 85 285 51 120 89 65 94 165 120 62 113 434 138 51 201 13 4 282 32 5 373 64 2 440 109 3 494 174 26 457 253 8 475 104 2 541 161 4 444 9 2 452 33 1 290 32 48 .073 .074 .074 .074 .074 .075 .076 .076 .076 .076 .077 .076 613 099 .614 099 .615 099 .622 102 .624 .103 .635 .102 .635 .102 .636 .638 14, 766 12, 279 2,398 766 .375 ' 126 $ per 5 Ib $ per Ib 620 096 3 620 099 617 100 618 099 608 099 .614 100 thous Ib 132 996 142 583 10 144 13 857 10 910 10 121 13 500 13 121 15 800 13 734 11,440 16, 354 3 189 5 118.6 3 225 7 139.2 294 2 123 4 268 2 139 2 264 2 141 5 267.6 128.9 271 8 124.2 258 4 130.7 273.6 133.8 258 4 130.3 238.9 124.3 297.7 136.2 292.4 '317.0 125.4 ' 134. 7 2 946 8 83.4 2 922 1 92.8 229 5 67 6 232 5 92 8 246 5 73.0 258.4 100.5 247.8 80.8 239.1 76.0 271.2 79.7 291.5 83.1 230.1 69.6 245.0 73.2 239.4 ' 261. 5 231.5 75.5 69. 7 64.9 2 109.7 53 2 2 114. 1 59 9 176 8 53 3 189 3 59 9 203.3 58 8 192.7 62.1 177.5 65.3 170.8 62 3 161.5 58.0 160.9 62.2 162.3 52.6 168.0 52.8 168.0 '199.7 50.1 '56.3 266 257 oec occ 256 256 256 256 256 256 256 256 256 566 7 516.1 50 9 577 8 525.1 73 2 45 7 44.4 69 7 46 0 39.7 73 2 46 3 38.6 81 6 46 5 43.0 81 5 46 0 42.9 84 9 41 0 42.8 76 0 49 5 42.5 72 5 44 4 40.6 69 g 41.8 40.5 59.6 44 9 53.2 47.5 44.5 47.2 39.3 4 466 9 2, 439. 6 447.4 4 753 0 2, 401. 6 424.6 395 7 192 2 441 9 394 0 188.9 424 6 415 0 205.3 489.2 381.9 189.9 439.5 387.5 209.1 438.1 379 4 198.7 428 1 426.1 225.3 440.1 398.1 214.1 407.1 398.5 205.0 420.3 397.5 210.1 400.0 390.2 '431.9 211.7 ' 223. 0 376.9 ' 386. 7 389.3 200.5 383.1 164.1 72 1 158.5 118.4 73 0 146.3 11 6 5 7 168.1 5.9 62 146.3 .9 60 144.4 .6 61 119.2 1.1 62 110.5 4.0 6 3 113. 1 10.8 65 119.7 21.0 57 145.8 36.2 65 163.0 30.9 55 177.8 26.3 '20.4 5.2 58 188.3 ' 178. 8 12.2 5.6 159.3 20.9 18.8 37.7 30.9 34.9 64.7 114.4 20.3 39.9 48. 2 68.9 95. 9 16.9 41.1 56.6 142.8 59.6 67.9 108.8 34.2 57.8 129.0 35.7 54.2 145.2 40.5 61.1 152.8 16.1 .076 Baking or frying fats (incl. shortening) : Production mil Ib Stocks, end of period© ._ do Salad or cooking oils: Production do Stocks, end of period© _ _ do Margarine: Production do Stocks, end of period© do Price, wholesale (colored; mfr. to wholesaler or 303.6 123.3 180.3 46.4 FATS, OILS, AND RELATED PRODUCTS Animal and fish fats:A Tallow, edible: Production (Quantities rendered) mil Ib Consumption in end products " do Stocks end. of period 1 do Tallow and grease (except wool), inedible: Production (quantities rendered) do Consumption in end products do Stocks, end of period t do Fish and marine mammal oils: Production do Stocks, end of period t do Vegetable oils and related products: Coconut oil: 32.3 363.1 2 350. 5 34.6 35.5 Production: Crude mil. lb_. 52. 2 565. 1 569.6 35. 5 42.7 Refined do 783.4 749.1 61.1 61.4 53.1 Consumption in end products do 147.5 133.6 223.9 100.5 133.6 Stocks, crude and ref., end of period 1f do 115.8 498.2 2 523. 0 35.2 16.2 Imports do Corn oil: 35.1 444.0 33.8 446.6 35.5 Production: Crude do 36.4 418.1 35.1 32.7 397.6 Refined do 35.7 35.6 421.5 34.2 388.0 Consumption in end products do 36.5 37.7 41.3 37.7 53.5 Stocks, crude and ref., end of period IF do ' Revised. r> Preliminary. 1 Beginning January 1968, data are not comparable with those for earlier periods; prices are based on minimum 80 percent A quality (instead of 60-79.9 percent as formerly). 2 Annual 3 total reflects revisions not distributed to the monthly data. Beginning July 1967, prices based on 1967 benchmark; 1967 average is for July-Dec, period. July 1967 price on old basis, $0.631. '48.1 '45.1 '40.9 45.7 46.5 43. 2 41.6 27.5 ' 48 1 44 5 61.6 57.2 '65.6 172.3 130.2 ' 132. 9 17.5 41.0 30.7 34.0 44 1 39.7 34.4 '41.4 33.4 36.6 38.8 40.7 37.6 38.5 39.0 36.8 35.2 38.3 31.9 33.6 37.8 35.5 36.5 34.3 35.2 40.2 39.5 33.5 '40.9 37.4 36.5 36.2 30.6 37.3 35.6 40.0 39.7 41.1 51.2 49.2 43.5 34.1 39.8 50.1 44.9 OCases of 30 dozen. tfBags of 132.276 Ib. § Monthly data reflect cumulative revisions for prior periods. 9Includes data not shown separately; see also note " §". AFor data on lard, see p. S-28. ©Producers' and warehouse stocks. ^Factory and warehouse stocks. SURVEY OF CURRENT BUSINESS S-30 Unless otherwise stated, statistics through 1966 ' and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS ; 1967 1967 Nov. Annual January 1969 1968 Doc. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. FOOD AND KINDRED PRODUCTS; TOBACCO—Continued ! FATS, OILS, AND RELATED PRODUCTS— Continued Vegetable oils and related products— Continued Cottonseed cake and meal: Production thous sh tons Stocks (at oil mills) end of period do Cottonseed oil: Production: Crude _ _ ... mil. l b _ Refined do Consumption in end products do Stocks, crude and refined (factory and warehouse), end of period mil. lh.._ Exports (crude and refined) ...do Price, wholesale (drums; N.Y.) _$ per l b . _ Linseed oil: Production crude (raw) mil Ib Consumption in end products do Stocks, crude and refined (factory and warehouse) end of period mil. Ib Soybean cake and meal: Production thous. sh. tons. Stocks (at oil mills), end of period do Soybean oil: Production: Crude .__ _ mil. l b . _ Refined do Consumption in end products do Stocks, crude and refined (factory and warehouse) end of period mil. lb_ Export^ (crude and refined) do Price, wholesale (refined; N.Y.) $ per lb..- 2,381.4 94.2 1,564. 7 146.7 229. 0 137.1 196.8 146.7 198.0 161.8 161.6 168.1 140. 2 170.6 107.8 192.4 73.8 200.5 47.8 188.9 39.1 158.0 33.5 127. 4 54.5 107.6 ' 231 .5 -130.7 240.3 145.4 1, 674. 6 1, 506. 4 1,258.1 1,108.3 1, 050. 8 997. 0 167. 1 111.6 87.4 140.8 123.7 85.1 143.8 136. 6 85.7 114.1 106.5 82.6 99.1 115.7 81.5 76.1 77.7 81.0 52.6 71.4 91.0 35.5 50.3 87.1 27.4 34.4 62.4 22. 9 29.' 4 63.0 39.6 30.0 59.2 '162.6 '99.3 ' 76.9 167.8 122.8 381.8 184.0 .178 252. 1 i 72.1 2 . 154 228. 6 4.7 252. 1 3.4 .148 313.7 4.5 .148 328. 2 2.0 .154 324.7 3.6 .158 311.7 8.4 .160 262.9 . 185 201. 4 5.4 .183 158. 3 7.4 .184 118.7 .8 .193 98. 7 3.3 .175 r 153. 2 3.9 216. 7 12.0 454. 2 234. 7 370. 6 213. 3 35.9 13.9 24.3 12.1 27.6 14.6 28.5 17.9 25. 8 15.0 23.4 17.3 24.3 17.9 23.2 18.3 9.9 17.2 22.0 17.3 31.6 16.8 '49.7 17.3 41 .2 14.1 208. 4 .128 213.3 .129 222. 6 .132 213.3 .132 O9') 7 7l32 223. 0 .132 219. 3 .132 216. 2 .132 205. 0 .132 200. 9 .132 179. 2 .132 163. 6 .126 162.2 .119 164.7 168.0 12, 614. 4 120. 0 13,359.2 199. 8 1.218.4 168. 0 1,181.9 199. 8 1,191.7 142. 7 1,132.6 158.5 1.124.1 196. 3 1,028.9 1, 128. 2 150.8 123.8 1,098.9 151. 6 5,811.2 5,152.0 5, 210. 2 6,149.9 5, 072. 8 5, 207. 5 535. 3 414.8 436. 2 525. 7 442.6 432.7 526. 2 429. 1 457.1 510. 4 457.7 450.8 510. 9 431. 9 448.5 472.8 424. 2 428.0 520.5 447. 1 448.1 507. 5 425. 2 457.0 507. 6 392. 6 413.3 477.6 427. 1 444. 9 408.6 444.4 457. 0 510.9 684.8 .140 655.1 i 912.3 .120 570.1 114.3 .109 655. 1 40.1 . 110 688.4 30.3 .108 695. 0 68.4 . 132 711.5 80. 9 .115 747.0 41.4 .106 745. 6 48.0 .107 705.0 119.2 .098 743.2 46.2 .092 695. 7 29.7 .092 539.9 124. 2 .093 0 1,102.1 1,022.7 136.0 100.5 228. 1 134.6 893.4 '1,257.3 1,281.4 1, 207. 1 95.4 111.5 112.6 147.8 r 578 .8 ' 446. 7 496. 0 587.5 439. 6 446.1 ' 531. 4 67.2 570.0 56.4 r TOBACCO Leaf: 3 1,888 '3 1,968 Stocks, dealers' and manufacturers' end of period 5, 486 5, 353 mil. lb_. Exports. incl. scrap and sterns thous. Ib... 551,162 571, 559 179, 336 1197,109 Imports, incl. scrap and stems do Manufactured: Consumption (withdrawals) : Cigarettes (small): Tax-exempt Taxable millions . 46, 112 522, 532 do 7, 075 23, 453 millions Exports cigarettes 48, 971 527, 798 6, 846 23, 652 4 5,486 66," 834 ~ 68, 822 17, 520 13, X92 4,148 42, 529 609 1,824 3.902 36, 593 411 2, 049 44. 296 hi, 337 44, 792 22, 179 5,312 28, 806 20, 361 3, 485 I 4. 040 4,144 40. 982 1 46,362 ! 41,839 ; 531 536 557 1, 59';) 1,940 ! 1, 490 T 63, 939 18,335 4,937 73, 366 16, 656 38, 781 18, 990 4,788 44, 093 532 1,810 5, 243 48, 947 616 3,088 5,470 44, 159 558 3, 329 4,478 50, 083 682 1, 579 43, 727 16, 680 4, 858 45, 614 17, 824 43, 696 18, 427 3, 954 4, 923 40,015 ! 47,305 569 | 641 2, 298 2, 244 4, 659 43, 407 535 2,455 36, 934 22, 830 1 71,322 13,874 2, 089 ; LEATHER AND PRODUCTS HIDES AND SKINS Exports: Value, total 9 . . ._ thous. $ Calf and kip skins thous. skins _ Cattle hides thous. hides. Imports: Value total 9 Sheep and lamb skins Cf oat and kid skins thous $ thous pieces do Prices, wholesale, f.o.b. shipping point: Calfskins, packer, heavy, 9H/15 Ib Ilides steer heavy native over 53 Ib $ per lh._ do 155, 623 2, 582 14, 307 127, 893 2,626 11, 987 10, 783 233 1,131 8, 476 217 837 15, 701 208 797 9, 723 211 983 4,850 177 1,043 9, 644 289 902 10, 152 238 1, 022 9,281 212 1,018 8,753 190 816 11, 724 111 1,302 10, 937 130 1,180 13, 737 163 1,235 13, 456 158 1,185 88, 995 36, 998 10, 331 61, 200 36, 044 7, 109 4,400 1,804 488 4,500 3,174 391 6,600 2, 330 614 7, 900 3,413 734 8,300 4,037 418 8, 200 3, 349 572 8,700 3, 659 419 7,300 3,034 483 7,200 3, 469 352 5, 900 2, 214 295 6, 300 2, 359 344 5,200 1,475 330 3,700 915 369 . 460 . 120 .460 .108 . 500 .098 .480 .113 .500 . 123 .550 .108 .575 .110 .625 .114 .601 . 177 .500 . 093 .480 .093 . 530 .120 . 550 .113 1 LEATHER Production: Calf and whole kip thous skins Cattle hide and side kip thous. hides and kips- . Goat and kid thous. skins__ Sheep and lamb do 4,720 23, 830 13, 372 29, 302 4,008 23, 394 8, 456 28, 375 378 2, 069 731 2,748 347 1, 978 641 2, 399 341 2, 088 696 2, 664 340 2. 073 539 2, 691 341 1.990 520 2, 762 398 2, 073 547 2, 807 436 2, 181 536 2, 910 392 2, 002 466 2, 554 359 1,616 442 2, 225 390 2, 094 496 2,821 306 ' 1, 895 573 2, 560 320 2, 201 700 2, 651 Exports: Upper and lining leather thous. sq. f t , . 65, 704 71, 769 6, 883 6,520 6, 732 , 7, 683 7,417 8,746 6, 733 5, 619 4,249 5, 777 5,220 6,078 Prices, wholesale, f.o.b. tannery: Sole bends light index 1957 59^100 Upper, chrome calf, B and C grades index, 1957-59 = 100-. 2 114.5 97. 9 90.5 91. 2 90. 5 90. 5 90.5 98.0 98.0 95.0 95.0 96.5 105. 5 92. 8 85.8 87. 9 86.3 88.2 89. 0 88.8 88.4 88.8 94.2 94.2 95.9 LEATHER MANUFACTURES Shoes and slippers: Production, total % thous. pairs.- 641, 696 Shoes, sandals, and play shoes, except athletic t thous. pairs. . 537, 681 93, 823 Slippers J do 7, 268 Athletic t do... _ 2, 924 Other footwear J do 599, 964 51,283 47, 681 56, 644 55, 670 58, 067 56, 878 57, 175 51, 158 48, 136 57, 460 '51,228 495, 380 95, 620 6, 949 2,015 41,153 9, 360 605 165 40, 586 6, 337 580 178 47, 689 8, 186 602 167 46,418 8,443 628 181 48, 457 8,760 654 196 46, 467 9,535 683 193 46, 477 9, 875 619 204 41, 515 8, 809 641 193 40, 504 7,072 428 132 46, 710 '41,387 47,479 9, 933 ' 9, 057 11,119 ' 626 693 641 '158 176 176 2,737 2,217 207 167 144 178 244 232 185 165 156 193 737 120.9 122. 9 124.5 125. 7 125.7 125. 7 125. 7 128.7 128.7 128.7 128.7 128. 7 131.3 111.0 121. 2 113.1 125.8 113.7 129. 6 113.7 129.9 113.7 133.1 113.7 132.3 116.6 132. 4 120.0 133. 2 120.0 132.9 120. 0 133.1 120.0 133.0 120.0 132. 9 120 .0 135.5 i Exports do Prices, wholesale, f.o.b. factory: Men's and boys' oxfords, dress, elk or side upper, Goodyear welt..- index, 1957-59=100-Women's oxfords, elk side upper, Goodyear welt index, 1957-59=100.Women's pumps, low-medium quality-.-do 90. 5 ' Revised. 1 Annual total reflects revisions not distributed to the monthly data. 3 4 - Average for 11 months. Crop estimate for the year. December 1 estimate of 1968 crop. Q Includes data for items not shown separately. t Revisions for Jan. 1965-July 1967 will be shown later. | 7,853 59, 467 213 195 1, 716 SURVEY OF CURRENT BUSINESS January 1969 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1967 Annual Nov. S-31 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. LUMBER AND PRODUCTS LUMBER— ALL TYPES National Forest Products Association: Production, total mil. bd. ft . ' 36, 584 ' 35, 275 f 2, 933 ' 2, 595 '2,711 ' 2, 845 ' 3, 137 ' 3, 278 ' 3, 281 ' 3, 108 3,140 '3,211 ' 3, 183 3,364 '582 '604 '504 '602 '592 ' 7, 737 * 7, 401 '481 '581 '630 '611 '536 '596 605 Hardwoods do Softwoods do _ T 28, 847 r 27, 374 ' 2, 329 ' 2, 059 ' 2, 230 ' 2, 341 ' 2, 556 ' 2, 676 '2,685 ' 2, 478 ' 2, 548 ' 2, 600 ' 2, 601 2,759 Shipments, total TEardwoods Softwoods .. - Stocks (gross), mill, end of period, total Hardwoods Softwoods .do do. do do do do Exports, total sawmill products^ _ . _ do Imports, total sawmill products, .. _ do ' r36, 810 8, 242 r 28, 568 2,970 614 2,356 ' 35, 777 ' 2, 945 ' 2, 772 ' 2, 700 ' 2, 980 ' 3, 252 ' 3, 414 ' 3, 426 ' 3, 196 ' 3, 253 ' 3, 312 ' 3, 194 3,434 ' 7, 603 '660 '634 ' 710 ' 686 ' 666 '621 '581 '637 '654 '608 '637 637 r 28, 174 ' 2, 285 ' 2, 138 ' 2, 119 ' 2, 343 ' 2, 542 ' 2, 728 ' 2, 760 ' 2, 542 ' 2, 645 ' 2, 691 ' 2, 557 2,797 ' 5, 737 ' 5, 744 ' 5, 859 ' 5, 744 ' 5, 789 ' 5, 690 '5,632 r '1,377 '1,411 '1,377 ' 1, 332 ' 1. 252 ' 1, 183 1, 06!) r 4, 668 ' 4, 368 ' 4, 448 ' 4, 368 '4,457 ' 4, 438 ' 4, 449 ' 5, 504 ' 5, 380 ' 5, 322 ' 5, 279 ' 5, 194 ' 5, 196 ' 1,115 ' 1, 051 '1,041 ' 1, 038 ' 1, 034 '995 ' 4, 389 ' 4, 329 ' 4, 281 '4,241 ' 4, 160 ' 4, 201 3,041 687 2, 354 5,094 975 4,119 5, 030 934 4,096 1,009 5,120 1,112 4,987 82 380 95 256 100 407 108 418 107 407 110 476 104 439 81 517 100 610 94 560 81 526 90 685 82 519 '8,315 486 r 8, 222 ••570 '684 '502 '718 '579 '710 '620 '808 '725 '783 '755 '758 '727 '724 651 '858 734 '795 752 '666 645 790 742 726 662 674 657 ' 8, 046 ••8,433 ' 8, 450 7,840 1, 040 '957 '670 '686 '1,018 '584 '641 '957 '716 r 777 '969 '723 '773 '919 721 693 947 774 806 915 671 679 907 24 9 15 32 10 22 31 7 24 27 6 21 SOFTWOODS Douglas fir: Orders, new . ._ ._ Orders, unfilled, end of period mil. bd. ft. do- _ Production _ Shipments Stocks (gross) , mill, end of period - do do do Exports, total sawmill products Sawed timber _ _ Boards, planks, scantlings, etc do do do Prices, wholesale: Dimension, construction, dried, 1" x 4", K. L. $pcr M bd. ft.. Flooring, C and better, F. G., 1" x 4", R. L. $per M bd. f t _ _ 401 110 290 388 113 275 '762 '724 '801 '726 '786 '669 ' 753 '703 ' 1, 012 ' 1, 035 ' 1, 044 ' 1, 059 36 9 '799 '747 '800 '775 ' 1, 058 ' 1, 030 32 9 23 39 14 25 43 10 33 34 9 25 31 7 24 36 10 26 32 8 24 29 6 23 85.62 85.54 89. 20 90. 43 95.75 98. 62 105. 88 103. 56 103. 84 104. 66 108. 46 111.01 112.36 165.87 16'.). 99 167. 96 165. 24 165. 24 164.54 165. 24 164. 71 163.31 163. 31 163. 31 163. 31 165. 94 ' 6, 374 274 r 6, 381 '541 277 '500 307 ' 522 328 '579 356 '586 358 '620 388 '598 356 '562 368 '596 375 '596 367 '621 390 647 369 629 391 Production .. . .. _ . . _ do _ Shipments do Stocks (gross), mill and concentration yards, end of period mil bd ft ' 6, 60', » r 6, 466 ' 6, 415 ' 6, 348 '579 ' 558 '509 '470 ' 519 '501 '521 ' 551 '568 '584 '575 '590 '591 '630 '548 '550 '590 '589 '579 '604 '559 '598 645 668 596 607 1 °30 1, 297 1,258 1,297 1,315 1, 285 1, 269 1,254 1,215 1,213 1,214 1,189 1,150 1, 127 1,116 Exports, total sawmill products M bd. ft._ 99, 202 87, 436 8,817 7,229 8, 674 6, 965 7,428 6,716 9,658 6,529 7,649 7,538 7,790 5,536 5,222 Prices, wholesale, (indexes): Boards, No. 2 and better, 1" x 6", R. L. 1957-59=100.. Flooring, B and better, F. G., I" x 4", S. L. 1957-59 = 100-. 105.1 103.4 106.5 107.0 108. 9 111.2 114.0 116.0 117.7 118.6 119. 5 120.8 121. 8 106.2 106.0 107.2 107.4 108.7 109.2 110.7 111.6 112.7 112.7 113.7 114.5 114.7 ' 10, 510 ' 10, 531 557 427 '807 504 '848 557 756 607 869 659 880 '642 1,040 666 '920 582 939 624 994 640 946 608 985 616 1,006 615 789 600 ' 10, 552 ' 10, 180 ' 10, 618 ' 10, 401 '809 '787 '744 '795 714 706 801 817 920 897 968 1,016 983 1,004 888 897 955 978 988 978 1,015 977 1,003 1,008 804 804 1, 453 1,437 1,460 1,412 1,391 1,382 1,359 1,369 1,407 1,402 1,402 87. 26 92. 16 88.72 87.67 89.03 89.99 Southern pine: Orders new Orders, unfilled, end of period mil bd ft - -do Western pine: Orders new Orders unfilled, end of period Production _ _ . ._ Shipments.- . .. . . mil bd ft do _ _ _ do _ do_.. Stocks (gross) , mill, end of period do Price, wholesale, Ponderosa, boards, No. 3,1" x 12", R. L. (6' and over) $ per M bd. f t _ . 307 ! 1,666 1,445 1,496 1,445 69.39 71. 95 73.73 71.94 70.78 71.86 75.90 547.0 20.1 40.0 21.9 36.1 20.1 42. 0 20. 5 50.3 26.4 44.6 27.3 39.2 25.8 41.2 21.4 34.4 18.9 39.2 19.1 45.1 20.7 47.0 25.6 45.3 26.1 36.2 25.7 551.2 552.2 57.9 45.4 42.1 58.1 37.1 37.3 57.9 41.1 40. 6 58.4 40.3 43. 1 53. 9 41.1 43.7 51. 3 41.6 40.5 52.4 43.4 44.3 51.0 38.2 37.2 49.2 33.4 38.2 44.0 38.3 43.0 38.5 34.6 40.5 30.5 41.4 44.8 27.1 34.4 36.1 25.3 HARDWOOD FLOORING Oak: Orders, new Orders, unfilled, end of period mil bd ft do Production Shipments Stocks (gross) , mill, end of period do do do 618.1 26.0 685.6 654.4 58.3 ' METALS AND MANUFACTURES IRON AND STEEL Exports: Steel mill products thous. sh. tons. _ Scrap do Pig iron do 1,724 5,857 12 1,685 7,635 7 128 451 (>) 127 353 (l) 141 485 (l) 104 355 1 110 527 1 137 420 1 132 502 1 120 501 1 142 479 1 176 624 1 269 764 1 207 539 1 306 801 2 10, 753 464 1,252 11,455 286 2 631 1,308 28 71 1,013 28 78 1,102 34 14 1,058 26 14 1,241 27 64 1, 480 30 31 1,770 36 63 1,507 31 71 1,505 30 81 2,138 16 92 1,698 17 124 1,485 24 99 1,550 19 thous sh tons do do do 55, 463 36, 671 91, 583 8,188 52, 312 2 32, 654 85, 361 7,793 4,587 3,416 7,481 7,739 4,600 3, 629 7, 692 7,793 4,702 4, 762 3, 391 3,709 7,777 7,795 7,546 | 7, 672 5,017 3,799 8, 232 i 5, 009 3,568 8, 024 7,889 5,259 3,746 8,342 8,113 4.785 3,411 7,577 8,225 Prices, steel scrap, No. 1 heavy melting: Composite (5 markets) $ per Ig ton Pittsburgh district.- - ."do 29.95 31.00 3 27. 51 27.00 27.48 27. 50 28. 65 30. 00 30.07 33. 00 '• 28.17 31.00 26. 30 28. 50 ; 24.48 %. 00 22. 85 24.00 1 Imports: Steel mill products Scrap Pig iron do do do Iron and Steel Scrap Production Receipts Consumption Stocks, consumers', end of period T Revised. f Preliminary. 1 Less 3 than 500 tons. 2 Annual total reflects revisions not distributed to the monthly data. For Feb.-Dec. 1967. 30. 32 34. 00 22. 59 24.00 22. 40 24.00 23 .01 25.00 -- SURVEY OF CURRENT BUSINESS S-32 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 | 1967 Annual January 1969 1967 Nov. 1968 Jan. Dec. Feb. Mar. Apr. June May July Aug. Sept. Oct. Nov. METALS AND MANUFACTURES—Continued IRON AND STEEL— Continued Ore Iron ore (operations in all U.S. districts): Mine production thous. Ig tons Shipments from mines do Imports do U.S. and foreign ores and ore agglomerates: Receipts at iron and steel plants do Consumption at iron and steel plants do Exports do Stocks total, end of period At mines At furnace yards At U S docks do do do do Mianganese (mn content) general imports do 4,766 6,502 4,377 4,831 3,293 3,328 5,289 2,009 2,390 5,182 2,035 1,725 5,476 2,140 2,031 6,697 6,881 2,859 9,492 11,210 5,243 9,582 11, 075 4,650 9,459 11,737 4,591 9,098 10, 411 4,555 8,514 8,760 5,082 6,918 8,418 4,742 3,114 119, 435 118, 982 5,944 10, 651 10, 479 417 6,995 11,220 342 3,693 11, 251 346 3,674 10, 746 321 3,920 11, 562 385 8,787 11,457 625 15, 437 11, 770 570 15, 189 11, 152 458 15, 325 11,012 500 13, 915 8,519 493 12,904 7,343 593 12,200 7,798 698 7,737 8,358 522 69, 525 '71,238 12,160 ' 13, 130 54, 658 55, 121 2,707 2,987 73,824 11, 470 59,345 3,009 71, 116 13, 008 55, 121 2,987 66, 532 16,288 47, 527 2,717 62, 143 19, 435 40, 455 2,253 57, 287 22, 771 32, 813 1,703 54, 323 22, 586 30, 130 1,607 56, 113 20, 866 33, 798 1,449 58, 708 19, 374 37,880 1,454 61, 054 17,095 42, 195 1,764 65, 413 15, 782 47, 591 2,040 71, 113 15, 536 53, 153 2,424 74, 491 14, 230 57, 554 2,707 56, 934 2,806 1,086 96 97 108 87 116 82 72 68 61 92 103 28 52 1 86,984 87, 371 7,626 7,757 8,182 8,231 8,097 8,285 7,841 8,139 8,476 8,658 8,443 8,568 8,706 8,650 8,244 8,220 8,021 6,333 5,481 5,916 6,218 2,842 2,836 2,842 2,677 2,523 2,425 2,439 2,514 2,549 62.70 63.00 63.50 62.70 63.00 63.50 62.70 63.00 63.50 62.70 63.00 63.50 62.70 63.00 63.50 62.70 63.00 63.50 62.70 63.00 63.50 62.70 63.00 63.50 62.70 63.00 63.50 62.70 63.00 63.50 62.70 63.00 63.50 62.70 63.00 63.50 62.70 62.70 913 14, 329 8,128 850 1,262 716 913 1,212 662 912 1,186 650 979 1,283 693 1,010 1, 360 770 1,026 1,352 802 1,031 1,455 835 986 1,291 774 965 1,144 703 909 1,184 723 899 l,223 '747 889 1,307 770 120 1,040 615 120 89 51 120 86 47 121 91 53 122 85 42 123 91 48 117 94 50 112 102 55 113 91 48 120 79 44 122 79 46 131 88 49 116 102 56 11, 299 141.5 11,953 144.9 12,015 145.6 11, 795 152.8 12,721 154.2 12,450 155.9 12,700 153.9 11,906 149.1 11, 452 138.8 8,956 108.6 8,086 101.3 300 145 119 293 150 125 336 159 127 318 154 126 307 157 128 300 153 125 283 155 125 262 144 118 280 129 109 279 129 109 289 135 116 331 141 119 7,310 7,003 7,758 7,901 8,752 9,035 9,718 9,492 10, 368 5,263 5,215 6,316 6,007 380 525 752 139 422 562 843 143 439 586 840 140 439 648 882 152 433 627 858 138 530 671 926 165 254 370 513 63 291 385 457 72 350 438 540 110 479 428 523 99 1,155 757 228 161 851 282 509 3,307 971 1,587 1,296 857 259 170 957 314 582 3,633 1,049 1,681 1,303 842 279 173 1,175 345 654 3,552 986 1,667 1,443 919 333 181 1,113 358 842 3,842 1,093 1,778 1,348 875 288 177 1,077 343 882 3,786 1,089 1,726 1,521 963 376 173 1,113 361 960 4,121 1,264 1,830 887 477 279 123 666 205 320 1,984 616 787 818 444 251 116 520 210 544 1,919 530 789 965 551 267 137 600 252 770 2,293 685 943 937 559 239 131 626 239 334 2,343 723 985 ••190,041 i 84, 179 1 90, 824 1 82, 415 46, 259 i 44, 627 128, 225 127, 694 7,779 1,293 Pig Iron and Iron Products Pig iron: Production (excluding production of ferroalloys) thous. sh. tons_- i 91, 500 Consumption do 91, 770 Stocks (consumers' and suppliers'), end of period thous. sh. tons,2,962 Prices: Composite $ per Ig ton 62.74 Basic (furnace) do 63.00 Foundry No 2 Northern do 63.50 Castings, gray iron: Orders, unfilled, for sale, end of period thous. sh. tons__ 962 Shipments total do 15, 716 For sale do 8,927 Castings, malleable iron: Orders, unfilled, for sale, end of period thous. sh. tons-182 Shipments total do 1,133 For sale do 688 r Steel, Raw and Semifinished Steel (raw): Production thous sh tons 1 134,101 1127,213 Index daily average 1957 59—100 138.1 131.0 Steel castings: Orders, unfilled, for sale, end of period thous. sh. tons.. 590 293 Shipments, total do 2,155 1,857 For sale, total do 1,792 1,554 Steel Mill Products Steel products, net shipments: Total (all grades) thous sh By product: Semifinished products Structural shapes (heavy), steel piling Plates Rails and accessories tons do do _. do do Bars and tool steel total do Bars: Hot rolled (incl. light shapes) do Reinforcing do Cold finished do Pipe and tubing do Wire and wire products do Tin mill products do Sheets and strip (incl. electrical), total.. . do Sheets: Hot rolled do Cold rolled do By market (quarterly shipments) : Service centers and distributors. _. C onstruction , incl . maintenance Contractors' products Automotive.-- _ __. do do _ do do Rail transportation Machinery, industrial equip., tools Containers, packaging, ship, materials Other do do do do Steel mill products, inventories, end of period: Consumers' (manufacturers only)._mil. sh. tons__ Receipts during period do Consumption during period do Service centers (warehouses) do Producing mills: In process (ingots, semifinished, etc.) do Finished (sheets, plates, bars, pipe, etc.) -do i 89, 995 i 83, 897 3,806 6,764 9,103 1,776 4,061 6,133 7,948 1,434 371 518 691 88 376 493 680 109 380 495 759 127 14, 523 9,126 3,276 1,999 9,233 3,495 5,828 35, 468 10, 137 15, 972 13,053 7,961 3,249 1,733 8,969 3,133 6,591 32, 574 9,312 14, 709 1,136 702 281 144 725 253 333 3,196 885 1,508 1,044 672 236 128 662 225 427 2,986 823 1,435 1,138 749 218 161 730 267 573 3,290 947 1,573 i 16, 400 111,862 i 4, 969 i 17, 984 i 14, 863 i 111,375 4, 582 i 16, 488 3,864 2,722 1 168 4,774 4,811 3,849 1,570 6,108 3,748 2 1, 104 2737 3,030 2336 1,171 3,962 2 1, 128 702 1,275 1,517 5,470 1 4,110 3,111 1,233 5,650 871 1,557 1,873 5,987 898 1,730 2,594 6,685 593 1,174 1,949 7,168 2 2215 2332 2773 1, 691 i 4, 332 i 5, 747 i 6, 597 i 22, 104 3, 225 i 4, 994 i 7, 255 1 21, 115 10.1 65.1 67.9 9.1 62.5 63.5 9.2 5.7 5.6 9.1 5.4 5.5 9.6 6.1 5.6 10.1 6.0 5.5 10.5 6.2 5.8 11.4 6.7 5.8 12.2 7.2 6.4 13.1 6.9 6.0 15.0 7.0 5.1 14.7 5.0 5.3 13.3 4.3 5.7 5.4 5.6 5.2 5.6 5.5 5.5 5.4 6.0 5.8 5.7 5.9 6.2 '6. 1 6.1 9.6 7.9 '9.3 8.0 p 9.5 p 8.4 .0900 .0897 .0871 9.8 9.2 12.5 9.6 11.8 9.1 11.7 10.5 11.5 10.1 10.6 10.0 10.1 9.0 9.1 7.0 9.8 7.7 .0865 .0865 .0864 For mo nth shovra. .0865 .0865 .0865 .0865 .0882 12.3 10.1 12.5 9.6 Steel (carbon),finished,composite price. . _$ per lb_, .0842 .0850 .0860 .0855 ••Revised. "Preliminary. 1 Revised total; me mthly rev isions are not avail able. 9,006 ' 9, 590 109.2 '120.1 2 12.0 10.4 12.0 ••5.2 ••6.5 * 10.9 p 4.7 p 5. 8 Dec. SURVEY OF CURRENT BUSINESS January 1969 Unless otherwise stated, statistics through 1966 and descriotive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1967 Nov. Annual S-33 1968 Dec. Jan. Feb. Mar. 1 1 Apr. May June July Aug. Sept. Oct. Nov. Dec. METALS AND MANUFACTURES—Continued NONFERROUS METALS AND PRODUCTS Aluminum: Production, primary (dom. and foreign ores) thous sh tons Recovery from scrap (aluminum content) do Imports (general): Metal and alloys, crude Plates sheets etc Exports metal and alloys crude do do do Stocks, primary (at reduction plants), end of period thous sh. tons Price, primary ingot, 99.5% minimum.. _$ per lb._ Aluminum shipments: Ingot and mill products (net) Mill products total Plate and sheet (excluding foil) Castings^ 2, 968. 4 3. 269. 3 T i 820. 0 277.2 69.0 282.7 66.0 285.3 73.0 267.1 72.0 288.3 78.0 280.3 78.0 289.0 81.0 218.5 68.0 226.0 61.0 246.5 70.0 269.0 69.0 293.4 521.8 119.1 188.2 450.5 56.3 209.0 37.7 4.2 12.4 45.7 3.4 11.1 54.6 4.7 13.3 44.7 4.1 13.7 89.6 4.4 12.3 69.6 5.4 15.5 58.4 5.3 15.4 74.4 4.7 13.4 61.2 5.9 11.9 40.3 7.1 13.1 52.5 .9 20.4 49.7 5.3 16.7 38.4 .7 18.1 74.8 . 2450 208.0 .2498 216.1 .2500 208.0 .2500 213.0 .2500 187.7 .2500 161.2 .2500 113.4 .2500 97.4 .2500 109.3 .2585 114.2 .2600 91.2 .2600 93.9 .2600 99.2 .2600 .2600 747. 2 507.4 234.2 . 127. 9 816.0 583.3 280.3 137.0 796.1 593.9 282.4 139.4 937.9 649.4 313.2 137.6 957.0 688.5 348.7 132.7 1,069.6 797.7 414.6 138.8 695.4 489.0 209.5 121.6 696.6 516.4 227.8 101.2 750.6 550.4 253.1 120.5 ' 780. 5 r 564. 6 r 256. 0 4 847.8 625.4 284.4 145.8 123.9 150.5 121.4 29.1 38.1 122.4 158.4 129.8 28.6 33.5 127.9 168.8 136.9 31.9 31.4 120.5 153.4 128.6 24.8 32.0 127.8 181.0 151.0 30.0 32.6 122.9 165.2 139 4 25.9 33.7 1831.6 r mil Ib do do -do 8,797.6 '8,836.9 6,457.5 r 6,350 6 2,936.7 2, 868. 1 1,639.9 1, 534. 7 730.6 539.2 245.0 130.1 Copper: Production: M!ine recoverable copper thous sh tons Refinery primary do From domestic ores do From foreign ores do Secondary recovered as refined do 1,429.2 954.1 1,711.0 1, 133. 0 1,353.1 846.6 286.4 357. & 472.0 394.5 24.3 16.0 23.9 18.1 22.9 17.7 28.0 16.1 41.0 29.2 121.3 96.0 27.4 23.3 21.2 24. 9 37.8 36.4 125.5 139.0 111.8 27.2 44.7 Imports (general) : Refined unrefined scrap (copper cont ) do Refined do Exports: Refined and scrap do Refined do Consumption refined (by mill^ etc ) Stocks, refined, end of period Fabricators' Price bars electrolytic (N Y ) do do do $ per Ib 596.7 162.7 644.1 328.3 79.9 58.1 64.4 47.5 99.5 78.3 86.3 74.1 88.4 74.3 111.5 73.5 56.9 33.5 50.5 24.2 27.9 8.4 53.1 13.3 43.0 8.2 29.8 5.5 35.5 7.2 334.7 273.1 241.8 159.4 13.3 2.9 10.4 2.0 9.4 2.5 12.6 1.1 17.2 2.2 19.4 5.4 29.8 19.8 37.0 30.4 40.4 31.3 42.9 31.8 52.6 39.9 35.0 25 .4 35.2 28.1 2 382 0 1,948.2 169.5 240.0 114.1 174.0 s. 3823 .3617 122.6 185.1 124.1 121.4 169. 5 114.1 109.8 169.5 107.6 96. 4 159. 2 100. 9 107 8 172.4 103.8 162.3 183. 2 129.9 .4219 172.9 205.6 139.4 . 4207 195 4 190.2 132.1 .4210 130 0 219.2 166.1 .4171 168 8 214.8 159.6 .4170 pl87. 8 p 203 7 P199.8 p 175.2 P148.9 p 130.9 .4171 .4172 pl79 6 p 165. 2 P112. 7 .4171 Copper-base mill and foundry products, shipments (quarterly total) : Copper mill (brass mill) products mil 11) Copper wire mill products (copper cont ) do Brass and bronze foundry products do 3,326 2,494 1 007 Lead: A Production: Mine recoverable lead thous sh tons Recovered from scrap (lead cont.) do 327.4 i 572. 8 Imports (general) ore (lead cont ) metal Consumption total do do Stocks, end of period: Producers', ore, base bullion, and in process (lead content) ABM!S thous sh tons Refiners' (primary), refined and antimonial (lead content) thous sh tons Consumers' (lead content) cf do Scrap (lead-base, purchased), all smelters (gross weight) thous sh tons Price, common grade (N.Y.) $perlb__ Tin:A Imports (for consumption) : Ore (tin content) Bars pigs etc Recovery from scrap total (tin cont ) As metal Consumption pig total Primary Exports, incl. reexports (metal) Stocks pig (industrial) end of period Price, pig, Straits (N.Y.), prompt 1 316.9 553. 8 431.3 488 4 !1,323.9 1 260.5 142.2 596 579 244 2 595 2,360 966 42 5 108 0 688 559 929 24.8 46.6 24.2 50.1 r 675 595 250 624 567 257 r .4171 22.4 47.3 22.3 49.6 22.0 51.2 25 3 48.9 28.7 47.8 26.5 49 2 28.8 37.5 31.0 44.6 33.6 105. 6 43.9 108.8 39 3 105.1 43 8 106.2 38 7 107.1 37 8 112 1 30 3 104 8 35 8 93.3 r 29. 3 46.4 42.1 50.4 27.6 110. 1 36 7 113 5 30.3 130.6 32 3 160 2 168 8 160.2 166.1 158.8 156.8 153 9 147.5 148 6 143 4 143.5 145.2 143.1 4 19.1 102 0 23.6 100.7 17.2 88.1 14.0 86.1 13.2 99.4 15.5 105 2 18.2 106 9 21.0 102 5 29.4 116.1 29.6 105. 1 22.3 100.8 19.5 84.0 4 58 0 .1400 48 2 .1400 53 6 .1400 57.5 .1400 58.2 .1400 58.9 .1400 56 8 .1400 50 6 .1304 50 9 .1300 55.5 .1270 53. 1 .1250 50.9 .1250 50.1 .1279 .1300 3,255 49 924 122 667 13 176 80 646 57 856 68 5 343 1 665 285 6 165 4 485 467 4,775 1 625 290 6,265 4,655 0 5,473 1 720 275 7,010 5 160 784 5, 145 1 616 241 6,775 4 965 49 3 895 1 655 245 7 010 4 925 417 4 928 2 015 225 7 285 5 115 0 3 667 2 315 280 7,685 5 295 702 5 088 2 040 235 7,090 5 085 458 3 561 1 765 235 6 305 4 540 771 3,868 1 770 255 6 270 4 290 0 6 847 2 060 250 6,660 4 650 0 4,359 0 6,302 do 2 4, 372 41,624 !25 349 i 3 238 85, 486 60 209 do do $ per Ib-. 3,069 22 687 1.6402 2,509 18 662 1. 5340 75 17 590 1. 5501 36 18 662 1. 5259 190 17 965 1. 4788 303 17 515 1. 4563 969 18 385 1. 4562 197 18 910 1. 4521 888 18 480 1. 4330 247 16 520 1.4165 109 16 945 1.4148 84 15 680 1.4185 211 18 145 1. 4804 564 16 360 1.5107 572 6 549 4 41 8 41 5 42 8 42 1 41 7 43 7 45 3 44 5 43 3 47 0 r 44 4 44.2 521.3 277.4 534.1 221 4 44.8 23.0 32.8 19.0 50.3 29.3 33.7 30 8 47.8 35 8 30.2 31.1 43.5 24.0 45 0 17 2 50.8 20 2 53.9 51.1 14.9 41.1 24.4 i 126. 7 1 269. 6 1 114 3 *240 9 10 0 18.6 8.9 18.1 10.4 20.1 8.8 18.9 8.6 19.1 8 8 19.8 10 1 19.7 9 8 20 5 9.2 19.7 9.5 19.4 10.9 19.9 10.7 19.8 1 025 1 1Q38 g 68 5 6 5 106.5 71 6 6 0 100.7 .1 69 6 6 1 112.2 .6 64 5 5 8 104.0 5.7 68 1 6 1 108.2 6.3 85 0 6 0 110.7 11.6 95 5 6 4 120.7 2.5 92 4 5 5 115.2 1.0 87 1 5 8 104.7 .1 87 8 6 1 104.7 3 () 86 7 7 0 108.8 2.3 89 5 6.3 123. 7 1.6 (3) 84.3 97 4 .1350 73.4 93.7 .1350 66.4 94.2 .1350 62.9 89.9 .1350 64.8 93.3 .1350 65.4 88 0 .1350 70.4 84.7 .1350 78.8 89.1 .1350 84.4 85.2 .1350 82.2 78.9 .1350 70.3 73.8 .1350 67.6 67.4 . 1350 .1350 Ig tons do do do do Zinc:A Mine production, recoverable zinc thous sh tons Imports (general): Ores (zinc content) do Metal (slab blocks) do Consumption (recoverable zinc content) : Ores Scrap, all types do do Slab zinc: Production (primary smelter), from domestic 4 4 22. 6 90. 3 4 52. 8 . 1512 23.4 4 105 8 J i 73 5 83 3 Secondary (redistilled) production do 1,410.2 1 236.8 Consumption, fabricators' do 1.4 Exports.. do 16.8 Stocks, end of period: 64.8 Producers', at smelter (AZI)O do 81 9 Consumers' do 129.6 102 5 .1450 Price, Prime Western (East St. Louis) .$ per l b - _ .1384 (3) 89.0 90 9 .1350 r l Revised. p Preliminary. Annual total; 4 monthly revisions are not available. * Total for 11 months. 3 Less than 50 tons. Reported yearend stocks. See BUSINESS 5 STATISTICS note. Jan.-Aug. average. ^Effective 1966, estimates are derived from a new sample and are not directly comparable u-itli earlier data; see note in Feb. 1967 SURVEY. r 125. .2600 .1300 7,510 5,070 805 1. 6214 1.6346 54.9 23.6 AData reflect sales from the Government stockpile. ^Consumers' and secondary smelters' lead stocks in refinery shapes and in copper-base scrap. O Producers' stocks elsewhere, end of Dec. 1968, 15,700 tons. SURVEY OF CURRENT BUSINESS S-34 1966 Unless otherwise stated, statistics through 1966 and descriotive notes are shown in the 1967 edition of BUSINESS STATISTICS 1967 1967 Annual January 1969 Nov. 1968 Dec. Feb. Jan. Mar. Apr. May 1 Juno i July Aug. Sept. Oct. Nov. Dec. METALS AND MANUFACTURES—Continued HEATING EQUIPMENT, EXC. ELECTRIC Radiators and con vectors, shipments: Oast-iron... . _ _ mil. sq. ft. radiation. N on ferrous do Oil burners: Shipments thous Stocks, end of period do Ranges, gas, domestic cooking (incl. free -standing, set-in, high-oven ranges, and built-in oven broilers), shipments thous Top burner sections (4-burnerequiv ) ship do I 19.7 2 90 4 1 6.9 84 8 .6 8 0 .5 .5 .6 6 4 8 0 7 3 .7 7.7 .4 5.5 .3 .4 .4 5 5 6 5 4 0 : .5 8 6 r r 63. 7 35. 1 .7.. .81 73. 1 ' 28.4 ; 211.2 1 10 5 ! 11 9 559. 5 44. 1 625 2 27.3 61.9 28.9 46.5 27.3 47.1 32.4 51.5 30.2 42 2 32.1 51.3 33.2 43.0 36.4 55. 8 34.2 43.3 35.3 2, 135. 6 234 1 2 122 7 104 3 191.8 17.5 181 9 14 5 164.8 13 8 173.2 14 7 201.1 18. 1 175. 9 17.2 188. 5 18 8 192 5 10 7 153.7 14.8 101.5 17 8 11.482.3 Stoves, domestic heating, shipments, total — do 1, 033. 8 Gas do Warm-air furnaces (forced-air and gravity air-flow), 1, 525. 1 shipments, total thous Gas do 11,211.3 Water heaters gas shipments do 2 488.9 1,313.0 928.9 120.1 92.7 67.5 44.7 76.4 44.5 60.3 33.0 79.5 48. 9 85.8 53.7 100.5 73. 2 08. 6 77.0 120. 4 102. 1 '139.4 r 105. 4 174.0 125.1 1, 404. 0 1, 082. 7 2 602 3 126.8 96.9 197.1 113.2 03. 5 240 8 108.3 88.7 252.6 108.7 89.5 236 0 125. 0 103.1 210.4 122. 0 102. 0 241. 5 114.0 94.2 216 8 127 2 102.8 209 5 130. 0 114.1 103. 2 r 140. 6 113.3 218. 1 183.1 230.6 - . 137.2 177.5 200 4 i 98°. 7 i 279.9 300.5 210.2 284.9 270.1 275.2 380.5 210.4 196.2 197 3 406.6 247.8 177 4 179 3 23.9 95.9 140 7 U2.3 171.6 10.3 11.0 10.2 12 7 9.3 .7 9.6 4.4 .5 1.1 10.4 7. 7 .9 0.7 5.6 .9 4.6 85 206 1 197 9 221.1 186. 7 189,6 189. 1 243.7 242.8 10 390 12 404 11 133 12 174 903 912 941 992 819 971 823 819 1,168 3,367 3,746 94.15 85. 80 84. 90 74.60 139. 75 114.90 104.65 125. 40 1, 032.0 986. 4 22.80 20.40 32.15 27. 95 203. 7 3 1 r 82. 6 27.3 : 201.7 148.7 . . . - MACHINERY AND EQUIPMENT Foundry equipment (new), new orders, net mo avg shipments 1 95 7-59 ~ 100 Furnaces (industrial) and ovens, etc., new orders (domestic) net mil $ Electric processing __ _ . ___ do Fuel-fired (exc. for hot rolling steel) do Material handling equipment (industrial): Orders (new) index seas adjf 1 957-59 ~ 100 Industrial trucks (electric), shipments: TIand (motorized) number Rider-tvpe do Industrial trucks and tractors (internal combustion engines) shipments number Machine tools: Metal cutting type tools:! Orders, new (net), total Domestic Shipments, total Domestic ._ Order backlog, end of period Metal forming type tools :t Orders, new (net), total Domestic Shipments, total Domestic . Order backlog, end of period mil. $ do do do _ .. . do do do do do do 47 043 1,629.90 1,483.10 1,221.75 1,097.50 1 306.7 445. 72 401.35 463 45 436. 85 394 4 1.3 6.3 1,058 .5 7.1 .8 7.1 1,086 2,961 3 406 3,418 77.45 1, 134. 95 67. 65 1,024.65 1 353 20 114.25 1,211.05 101.45 1 088 5 1,137.5 88.35 80. 15 137. 40 121.40 1,088.5 75.50 64.20 102. 85 91. 45 1,061.1 23. 60 21.70 34. 55 31.15 234. 5 33.25 27. 20 39. 45 35. 15 228.3 21. 85 20.45 31.50 25. 20 218. 6 41 996 286. 65 248. 15 452 75 406. 90 228 3 Other machinery and equip., qtrly. shipments: Tractors used in construction: i 377 g i 476 o Tracklaying total mil $ 7 Wheel (contractors' off-highway) do ' 183. 6 92. 8 Tractor shovel loaders (integral units only), wheel and tracklaying types mil. $ '1412.9 'i 7 407.0 Tractors, wheel (excl. garden and contractors' i 986 2 off-highway types) mil $ 1 005 9 Farm machines and equipment (selected types), excl. tractors mil. $.. 1, 220. 6 1,203.5 23.75 22.50 29. 30 27. 55 213. 1 .9 °19. 1 307. 0 13 1 1.0 9.0 0.2 1.7 4.0 8.2 .8 ! 4.3 .8 4.0 3.9 2.8 227.1 184 7 272.0 198.8 222. 2 218. 8 1 000 1 019 845 1, 016 869 980 1,139 007 807 801 1,007 1,055 | - - 1,089 3, 559 3,279 3 824 3,770 3,003 3, 600 4, 123 90.10 78.40 105. 90 89.35 970.6 93.30 86.15 121.30 109. 60 942. 6 9775 81. 85 127.60 114.90 912. 8 105. 65 04. 05 100. 05 01.35 018. 4 70.75 74. 05 88. 05 82. 40 000. 2 71.05 62. 30 115.55 109.15 864.7 '78.55 98.75 ' 70. 45 80. 45 '107.75 104.35 i' 100. 90 97.05 '835.5 820.0 19.70 17.05 28. 15 24. 90 195. 3 22. 50 18. 15 29. 10 25. 50 188.7 28.80 25.70 34.30 28.55 183.2 20. 75 27. 30 26. 05 23. 50 186.0 26.75 23. 40 32. 00 30.40 170. 0 22. 75 20. 90 26. 90 24. 95 175. 7 ' !' ' i' i' .7 78 8 20.2 89.6 11.5 146 2 21.1 120. 3 10.3 91. 9 105. 6 133.6 273.5 266.3 178. 6 215.6 376.5 - 56. 35 54. 10 32. 00 20. 15 190. 2 ! ! 4 - 80. 00 i . 77. 10 j 25. 05 _ 22. 60 ! 253. 2 j 125.3 204 9 - - . 48. 2 L - - ....' 4 l 06. 2 j i . 343.5 . ELECTRICAL EQUIPMENT Batteries (auto, replacement), shipments. ..thous.. 32, 124 32, 061 ITousehold electrical appliances: Ranges, incl. built-ins, shipments (manufacturers'), domestic and export thous - _ 2, 028. 0 11,909.6 Refrigerators and home freezers, output 1957-59 = 100 145.8 163. 0 r 1^09 rr 5 c?7 A Washers, sales (dom. and export) t do 4, 446. 5 4, 376. 0 Driers (gas and electric), sales (domestic and 9 export) _ _ thous 360 8 2 642 3 Radio sets, production O do Television sets (incl. combination), prod.O do .... Electron tubes and semiconductors (excl. receiving, Motors and generators: New orders index qtrly 1947-49 — 100 New orders (gross) : Polyphase induction motors, 1-200 hp mil. $.. D.C. motors and generators, 1-200 hp do 3,431 3,179 3,852 2,736 2, 215 2,119 1,809 2,101 2,450 3,144 3, 646 | ' 4, 054 3, 731 ; 3 173.4 191.6 189. 8 187. 9 183. 6 196.3 187. 5 180.1 180.0 170.5 232.5 201.7 j 161.2 563 4 321.5 139. 6 477 4 292. 9 147.0 505 0 347. 2 175.1 497 8 376. 4 164.1 565 1 377.4 177. 6 471 8 324. 5 156.1 464 6 330.2 188. 6 490 9 412.0 1 65. 6 515 2 374.3 182.2 114.1 551 1 ! 04° 6 445. 1 431.3 191.3 682 1 455.9 344.8 r 185. 166.3 ! i 297.2 256 1 247.4 i 228. 2 200 2 155.8 142. 8 176.0 194.8 275.5 318.7 375.7 287.3 23 595 12, 402 21 698 10, 881 2,226 1,022 s 2,278 M,066 1,463 ' 798 ! 1, 787 919 52,134 5 1, 114 1, 549 818 1, 682 905 2 000 5 1, 105 1,272 651 52,415 1,875 5 876 ! 1,237 1,950 1,156 1,982 1,063 I 0^0 O 7J9 Q CQ 9 CQ Q j CC J 61 7 57 8 c;9 4 57 0 47 5 239 205 «113.3 51.3 e 97. 6 47.5 58 3 6 6. 8 3.5 6 6.9 3.8 67.5 4.1 6 7.5 3.6 57 3 ' 68.1 4.6 68.7 4.4 59 5 60 4 ^2,383 1,154 s 55. 8 i 208 203 207 188 67.6 3.4 5 G8 0 1 4.4 I *7.9 3.5 67.9 4.7 68.1 926 68 853 40 1,016 47 1,021 75 13.125 j 13.125 13.475 13. 475 6 9. 0 4.8 6 7. 2 . 3.7 ! 13. 825 4.0 PETROLEUM, COAL, AND PRODUCTS COAL Anthracite: Production thous. sh. tons__ 12, 941 897 996 12, 256 1,017 Exports . _ do 28 48 766 595 59 Price, wholesale, chestnut, f.o.b. car at mine $ per sh. ton.. 12. 824 12. 892 13. 475 13. 825 13. 825 Bituminous: Production thous. sh. tons.. 533,881 552,494 47,441 43, 160 45, 180 r Revised. i Revised total; monthly revisions are not available. - Total for 11 mouths. r Reported year-end stocks. See BUSINESS STATISTICS. < For month shown. 5 Data cover 5 weeks; other periods, 4 weeks. « Excludes orders for motors 1-20 hp.; domestic sales of this class in 1967 totaled $110.5 mil.; Nov. 1968, $8.7 mil. ' Effective 1st quarter 1967. tractor shovel loaders include types not previously covered and off-highway wheel tractors exclude types previously covered; also, wheel tractors for 3d quarter 1967 omit one type s s (usually included) to avoid disclosure of individual operations. Data cover 6 weeks. 894 25 13.867 994 17 1 1,164 30 13.867 \ 13.867 018 1 33 i 1,000 48 960 53 988 43, 830 47,510 47,730 48.830 ! 40,600 42, 300 49, 540 '47,300 ' 37, 540 44,635 44,985 ITData (back to Jan. 1065) reflect revisions and new seasonal adjustment factors. tRevised series. Monthly data for 195566 are on p. 35 fT. of the Mar. 1968 S U R V E Y . 1 Revised to include combination washer-driers. O Radio production comprises table, portable battery, auto, and clock models; television sets cover monochrome and color units. SURVEY OF CURRENT BUSINESS January 1969 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 Annual S-35 1967 Nov. 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Oct. Sept. Nov. Dec. PETROLEUM, COAL, AND PRODUCTS—Continued COAL— Continued Bituminous— Continued Industrial consumption and retail deliveries, total 9 thous sh. tons Electric power utilities do Mfg. and mining industries, total _ „ _ _ _ .do Coke plants (oven and beehive) do Retail deliveries to other consumers do Stocks, industrial and retail dealers', end of period, total -- ---thous. sh. tons Electric power utilities. _ _ - . do M fg and mining industries, total do Oven-coke plants do 486, 266 264, 202 201, 490 95, 892 480, 255 271, 784 190, 905 92,111 42 42, 066 23 364 23,364 16, 674 7,840 44, 035 24, 631 17, 247 8,165 47, 344 26, 646 17, 917 8, 095 44, 525 25, 115 17, 030 7,749 43, 186 24, 346 17,107 8,211 38, 734 21,929 15, 989 8,004 39, 275 22, 574 16,173 8,257 38, 858 23, 209 15, 125 7,960 40,519 25, 126 14, 882 7,941 19, 965 17, 099 1,985 2,148 2,780 2,380 1,730 773 471 475 465 681 943 1,357 74, 466 52, 895 21, 332 9,206 93, 128 69, 737 23, 212 10 940 95, 001 71, 357 23 23, 345 10 10, 914 93, 128 69, 737 23, 212 10, 940 86, 325 64, 269 21, 921 10, 422 82, 356 60, 631 21,614 9, 815 82, 724 60, 750 21, 894 10, 492 87, 773 64,121 23, 552 11,882 92, 171 68,213 23, 833 11, 994 93, 487 69, 131 24, 183 11, 633 89,404 66,417 22, 801 10, 321 91,492 67, 529 23, 754 10, 545 96, 220 70, 633 25, 372 11,209 91, 966 68, 880 22, 885 9, 540 41,517 '37,541 26. 530 22, 850 14, 245 ' 13, 694 7,354 ' 6, 716 39, 735 23, 764 14, 566 6, 699 i 239 179 199 179 135 111 80 100 125 173 186 209 215 201 49, 302 49, 510 4 948 4,948 3,775 3,241 2, 786 3,061 4, 512 4,826 4,224 4,147 5,868 5,406 3,783 4, 534 4. 952 6.971 5.217 6.795 5.287 6. 998 5.278 7.017 5. 281 7.077 5,281 7.077 5.313 7.077 5.326 6.643 5. 336 6.643 5.336 6.671 5.336 6.671 5.336 6.727 5,336 6.810 1,442 65, 959 17,611 834 63 737 18 187 74 5 5, 410 1,483 75 5,643 1,606 74 5,602 1,535 70 5, 352 1,497 78 5,686 1,584 81 5, 528 1,484 82 5,692 1,572 73 5,468 1,561 65 5, 453 1,636 63 5,088 1,692 51 4, 684 1,627 '46 4,686 48 4,747 3,078 2,863 215 1,459 1,102 5,467 4 961 506 1,364 710 5,499 5 022 5,022 477 1,337 64 5,467 4,961 506 1,364 46 5,375 4,879 495 1,342 78 5, 226 4,766 460 1,297 83 5, 016 4,579 437 1,304 65 4,740 4,240 501 1,218 47 4, 525 4,152 373 1,219 54 4,336 3,992 344 1, 259 63 4, 312 3,953 359 1,260 42 4,736 4,329 409 1, 281 54 5, 31)2 4, 968 424 1, 319 58 ' 5, 757 5,362 395 5, 926 5, 588 338 Crude petroleum: O i l wells completed _ _ _ _ _ _ number 16, 780 2.93 Price at wells (Okla. -Kansas) $ per bbl__ Runs to stills mil. bbL_ 3, 447. 2 Refinery operating ratio % of capacity _ _ 91 i 15 367 3.02 3, 582. 6 93 1,193 3.05 299.1 94 2,061 3.05 318.1 96 940 3.05 312. 9 95 934 3.05 297.0 96 978 3.05 312. 8 95 1,379 3.05 299. 5 88 986 3.05 324.1 92 1,205 3.05 310.2 91 1,320 3. 06 328. 1 93 1,162 3.06 328.5 93 1, 350 3.06 312.4 92 4 656 8 383.5 408.2 418.4 396.3 430.2 395.4 408.3 402.2 420. 6 411.1 399. 5 414.3 279.7 45.3 270.3 43.7 288.8 47.4 273.7 45.5 285.4 47.3 274.4 44.8 283. 9 46.4 285.8 46.1 269. 1 44.6 276.4 46.7 30.5 62.9 28.2 54.2 35.5 58.5 32.5 43.7 37.5 38.1 40.2 42.9 45.7 44.6 43.2 36.0 42.5 42. 9 45.9 45.1 Retail dealers do Exports _ _do Prices, wholesale: Screenings, indust. use, f.o.b. mine $ persh. ton-Domestic, large sizes, f.o.b. mine do COKE Production: Beehive __ . ... -_thous. sh. tons Oven (bvproduct) do Petroleum coke§ - - - - - - - - do Stocks, end of period: Oven-coke plants, total do At furnace plants do At merchant plants do Petroleum coke__ do Exports do 68 PETROLEUM AND PRODUCTS All oils, supply, demand, and stocks: New supply, total Production: Crude petroleum Natural-gas liquids, etc fm ports: Crude petroleum _ Refined products mil bbl Distillate fuel oil Residual fuel oil Jet fuel 3 216 5 514 5 269 4 269.4 44.0 276.2 45.1 447.1 492.0 411 9 6 514 29.6 40 4 40.4 37.5 49.4 _ -24.0 -8.9 -53.6 -26.9 18.1 16.9 31.6 29.7 31.1 19. 6 21. 9 9.1 407 5 407.5 417.0 471.6 423.1 413.0 378.1 378.6 372.0 389.7 392. 4 375.6 406. 8 1.5 70.9 4, 325. 1 1,793.4 101 1 26 5 85 4 4 481 9 1 84? 7 100 1 1 .1 84 8.4 390 0 399.0 154 5 154.5 10.5 10 5 .1 .2 5.9 '5. 6 411.0 ' 465. 7 150. 6 147.8 11.4 16.3 .3 6.4 416.5 144.5 12.2 368! 1 159. 8 6.9 -i .1 6.6 400.1 170.1 8.7 797.4 626 4 244.4 818 1 651 7 300 8 80 8 80.8 57.1 57 1 26 3 26.3 93.4 63.2 26.7 M17.8 84.4 26.1 100.7 69.1 27.2 '85.4 63.9 27.9 '60.1 51.5 29 2 ' 56. 1 44.5 27.8 ' 49. 5 42.6 30.9 53.6 48.3 29.4 62.3 50.9 32. 0 do do do Stocks, end of period, total 1 Crude petroleum -__ _ Unfinished oils, natural gasoline, etc Finished products 63.0 4 593 8 do do do _ 38.1 4 397.5 do do do do do _ _ do do Lubricants Asphalt. Liquefied gases Refined petroleum products: Gasoline (incl. aviation): Production Exports Stocks, end of period 3 027. 8 468.7 do do Change in stocks, all oils (decrease,—) Demand, total . Exports: Crude petroleum Refined products _ _ Domestic demand, total 9 Gasoline _ _ _ _ _ Kerosene 4, 435. 6 do do 48 9 134 1 323.9 44 3 131 2 344 4 36 3.6 93 9.3 35 3 35.3 3.5 4.4 36.6 3.8 4.0 42.5 3.8 4.2 36.6 3.9 5.5 33.1 4.3 9.3 25.8 4.4 13.1 27.5 3.7 16.2 25.4 4.1 20.0 27.8 4.0 17.5 27.1 4.4 17.0 32.9 do do .do do 874. 5 238 4 2944.1 249 0 2 96 0 2599 2 952.9 254 2 254.2 99 1 99.1 599 599. 6 944.1 249.0 96.0 599. 2 890.5 244.9 93.6 552.0 863.7 245. 3 94. 3 524. 1 881.8 256. 9 96. 2 528.6 898. 6 262. 1 100.7 535. 8 930.2 262. 0 106.8 561.4 959.9 264.9 104.2 590.8 9 991.0 1,010.5 1 03 5 1 266. 4 ' 262. 8 205. 8 102.7 98.4 • 104.2 641.5 671. 2 621. 0 do do do 1 792 6 38 194.2 1 845 9 4 9 208 0 155.3 155 3 4 .4 192 0 192.0 165.8 .3 208.0 159.4 .3 220.4 147. 6 .1 224 2 153.4 223! 4 147.0 .3 209.5 160.7 .3 203.1 162. 3 .1 201.0 170.3 .2 193! 1 Prices (excl. aviation): Wholesale, ref. (Okla., group 3) $ per gal__ .114 .115 .115 .117 .110 Retail (regular grade, excl. taxes), 55 cities (1st of following mo.) $ per gal-.216 .226 .226 .229 .225 Aviation gasoline: Production mil. bbl 41.2 37.1 2.7 2.9 2.3 4 Exports do 4 0 .3 34 .4 .3 Stocks, end of period do7.8 7.9 7.9 7.5 7.6 Kerosene: Production do 10° 1 10.6 100 4 10 1 10.1 10.3 Stocks, end of period., _ . do 25 4 °5 0 26.2 25.4 26 2 19.2 Price, wholesale, bulk lots (N.Y. Harbor) $ per gal . .104 .110 .112 .112 .112 ' Revised. ' nevised. 1 2 Annual total reflects revisions not distributed to the monthly data, See i ote 'T' for 3 this page. Less than 50 thousand barrels. !f Beginning 1967, data reflect change in reporting to show all stocks of unf nishcd oils, unfinished o ils, natural gasoline, plant condensate, and isopentane as one item, and stocks of "finished prods "fu lishcd pr 3d- 3 .2 .1 .1 ) (3) '7.5 '7.0 7.7 '6.8 '6.9 ' 405. 2 r 371. 1 ' 370. 8 '364.2 ' 382. 7 ' 385. 5 168.8 166. 4 162. 7 179.3 155.7 180. 5 6.1 6.3 5.6 5.1 9.7 4.7 ( r n-.l ' 47. 9 '46.0 48.2 45.9 28.8 28.8 4.3 19.9 28.1 170. 3 .1 186. 1 fU1 .^ ' 266. 3 101.5 673. 7 _ _j 167.2 195. 1 .115 .115 .120 .108 . 115 .115 .115 .115 .225 .228 .230 .232 .231 .230 .234 . 234 2.2 .1 7.8 2.9 .2 7.6 2.4 .2 6.7 2.8 2.5 .1 6.4 3.1 6^6 C).l 2.7 .1 6.3 3.0 .2 6.3 9.7 16.7 9.4 16.4 7.8 18.6 8.5 20.9 7.2 23.0 7.3 25.7 7.8 27.2 28.0 | .228 i .226 .235 i .115 .111 .112 .112 .112 .115 .115 .115 nets" is anoth 3r (both items in(,lude sto ?,ks at re fineries, i latuwl g as processing plants, terminalf , and l)i Ik statio is). Also , as a res ult of inc reased c()vcrage i i certain bulk terminals, stocks of distill ate and •esidual fuels are on a ne\v basis. )ec. l%f data on new basis (mil. bbl.): Total sto cks, 881.1 ; distillate, 158.1; residual G3.9. 9 In eludes dcita not si own sep irately. §Inch ides noni narketal le catalyst coke. SURVEY OF CURRENT BUSINESS S-36 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1967 Annual January 1969 1967 Nov. 1968 Dec. Jan. Feb. Mar. Juno May Apr. July Aug. Sept. Oct. Nov. PETROLEUM, COAL, AND PRODUCTS—Continued PETROLEUM AND PRODUCTS— Continued Refined petroleum products— Continued Distillate fuel oil: Production. mil. bbl Imports.. _ do _ . Exports do Stocks, end of period do Price, wholesale (N.Y. Harbor, No. 2 fuel) $ per gal Residual fuel oil: Production. _ __ _ _ _ ..mil. bbL_ Imports do Exports _ _ _ do Stocks end of period do Price, wholesale (Okla., No. 6) $ per bbl Jet fuel (military grade only) : Production Stocks end of period 785.8 13.8 4 4 154. 1 119 8 96 9 93 5 .100 102 102 102 102 . 102 276.0 395.8 22.0 !65 6 1.47 24.5 30.9 27.5 37.9 65 6 1.45 24 5 42 3 15 55 1 1 45 24 7 46 4 64 2 1 45 27.7 50 9 16 58 5 1 45 215 5 19.4 273 2 22 2 24 2 22 1 24 0 22 2 24 1 22 9 65.4 17 1 12.7 64.9 18 6 14 8 53 18 13 8 5 6 12 14 8 .270 270 270 129.6 17.3 127 8 19.9 60 1 215. 1 65.5 1.4 5 73 8 3.5 4 74 3 3.7 74 5 35 3 77 3 4 8 r 2 68 8 69.1 71 7 70.5 r 2 r 1 115 8 139.5 109 105 .105 22.8 32 7 19.7 30.9 72 4 1.35 1.9 67 6 1.45 1.2 74 3 1.35 75.8 1.35 27 3 24 4 27 1 25 1 65 2 ' 101 1 8 2 2 2.0 2.5 66 1 2 4 2.9 2.2 r I r 1 168 1 191 4 206.0 105 105 .101 21.2 30 4 21.4 24.7 19.4 31.3 4 9 9 2.1 60 5 1 45 62 8 1 45 22.7 27 8 2 2 66 9 1 45 23 8 23 o 25 3 92 g 26 5 23 1 27 3 25 2 24 5 23 6 26 6 24 8 51 10 15 1 5 0 13 15 1 5 4 1 7 15 0 5 5 15 14 7 57 16 14 4 5 3 16 14 4 19 13 6 15 13 8 18 13.5 270 270 970 270 270 270 270 270 270 270 10 1 17 2 6 9 19 9 6 4 22 7 6 2 25 0 7 3 26 9 9 8 27 6 13 0 27 8 14 2 26 9 15 3 23.0 15.7 19.1 14.8 17.2 67 6 236 6 53 26 0 5 7 29 1 58 28 5 5 6 28 0 6 3 30 4 5 7 28 8 68 29 8 6 0 27 5 6 3 29. 1 6 3 28.6 28.6 37.7 63 4 68 6 63 4 53 1 48 2 50 7 59 1 67 7 74 7 80 4 85.8 91.1 69,363 28,917 40, 446 76 500 30 509 45 991 6 270 2 689 3 580 4 126 1 881 2 245 4 689 2 025 2 664 4 217 1 873 2 344 4 309 1 874 2 435 5 901 2 316 3 585 7 061 2,577 4 484 8 212 2 957 5 955 8 020 3,000 5 020 8,086 3,169 4 917 8,343 3,346 4,997 ' 8, 397 '3,375 r 5, 122 6,172 2,632 3,540 554 539 880 468 445 876 55 33 76 30 17 57 31 13 70 26 14 64 23 26 60 30 36 71 29 44 78 36 45 81 30 43 77 41 46 81 44 42 82 '55 53 89 49 28 70 mil. bbl do Liquefied petroleum gases: Production do Transfer from gasoline plants do Stocks (at plants, terminals, underground, and at refineries) end of period mil bbl Asphalt siding Insulated siding Saturated felts 159 7 264.0 376.8 12.9 61.2 1.62 Lubricants: Production do Exports do Stocks end of period do Price, wholesale, bright stock (midcontinent, f o b Tulsa) $ per gal Asphalt and tar products, shipments: Asphalt roofing total thous squares Roll roofing and cap sheet do Shingles all types do 176 1 .094 mil. bbl do Asphalt: Production Stocks end of period 804 8 18.5 4 3 1 159 7 do do thous sh. tons 2.5 1.2 2.2 5.5 1.3 5.7 5.6 5.7 PULP, PAPER, AND PAPER PRODUCTS PULPWOOD AND WASTE PAPER Pulpwood: Receipts Consumption Stocks end of period Waste paper: i 56 797 2 56 259 2 6 529 54 921 55 257 5 859 4 377 4 615 6 024 4 123 4 333 5 859 4 180 4 9 835 5 31 4 806 4 713 5 398 5 026 5 037 5 415 3 865 4 200 4 249 4 795 5 060 4 776 4 823 4*932 4 766 4 973 4 755 5,017 5 047 5 021 5,008 4 933 4 733 5,274 5,337 5,235 5,398 2 jo 541 2 -738 9 733 '602 OQQ 594 753 602 859 542 004 526 883 510 859 518 899 518 870 493 761 535 885 510 r 850 do ••513 921 547 35 487 1 447 22 593 2 669 2 563 3 139 q (]AA 3 270 3 180 q 977 3 207 2 997 3 290 3 053 3 360 do do do 2 36 2 1 2 23 22 9 QQ7 Dissolving and special alpha Sulfate Sulfite 1 890 1 751 9 2 076 2 078 2 113 2,180 217 191 209 1,953 213 1 913 205 926 2 053 226 1 960 2 096 206 Oil Groundwood Defibrated or exploded Soda, semichem screenings etc Stocks, end of period: Total all mills Pulp mills Paper and board mills Nonpaper mills do do do 3 794 2 1 658 2 3 351 3 953 1 418 3 407 334 120 296 256 15 217 348 195 294 336 122 272 367 130 309 348 136 296 368 133 319 359 128 297 340 131 291 363 137 318 344 128 298 363 136 316 do do do do 816 276 456 84 786 342 363 80 813 388 359 69 786 342 363 80 785 379 342 64 779 358 352 69 756 334 349 74 783 345 362 76 795 339 382 73 838 369 397 73 797 323 404 71 801 344 383 74 r 746 r 364 '67 778 346 368 65 Exports, all grades, total Dissolving and special alpha All other. do do do 1 572 1 710 1 009 1 109 160 57 103 156 57 99 139 48 91 155 50 105 153 63 90 172 66 106 127 39 87 179 49 130 176 72 103 163 66 97 128 32 96 165 65 99 Imports, all grades total Dissolving and special alpha All other do do do 3 355 3 162 3 065 2 898 290 23 267 252 26 226 269 27 242 155 57 98 977 95 959 280 23 257 315 29 286 305 23 283 311 20 290 292 23 270 283 23 261 258 26 232 304 27 277 299 19 280 47 189 20 631 22 574 20 341 21 840 3 871 1 683 1 862 11 3 592 1 644 1 659 3 963 1 781 1 842 4 190 1 884 1 924 4 144 1 847 1 913 4 220 1 905 1 923 4 159 1 849 1 938 3 873 1 733 1,774 4 197 r 4 017 1 834 r 1,810 1,966 r 1, 808 4 435 1,965 2,044 3 831 3 678 315 12 278 4 038 1 831 1 874 46 886 46 074 3 893 101 7 115 1 97 1 1ft1 Q 101 9 117 8 97 3 Q9 n thous cords (128 cu ft ) do do Stocks, end of period Production: WOODPULP 640 527 562 748 2 563 607 293 265 128 227 119 135 149 142 131 216 164 132 131 150 133 197 315 151 214 PAPER AND PAPER PRODUCTS Paper and board: Production (Bu. of the Census): Paper do Paper board do Wet-machine board do Construction paper and board do New orders (American Paper Institute): All grades paper and board do Wholesale price indexes: Printing paper 1957 59 100 Tiook paper A grade do Paperboard do Buildine nanpr and hnnrH An r Revised. 1 153 135 09 fi p Preliminary. See note "1" for p. S-35. -Reported annual total; revisions not allocated to the months. 117 6 97 3 Q1 Q 13 320 12 328 3 561 4 170 3 975 101 9 117 8 97 3 101 9 117 8 97 3 101 9 117 8 97 3 09 1 Q<> 1 Q1 8 13 370 13 379 13 360 10 355 11 386 4 332 4 248 4 297 4 952 3 940 4 275 101 9 117 8 91 7 92. n 101 9 117 8 91.7 92.1 101 119 91 92 101 9 119 4 90 6 99 3 101 9 120 5 90 6 92.3 13 369 9 4 7 3 120 5 90.6 92.9 12 '386 r 4,078 100 6 121 0 90.9 93.5 13 414 ' 4, 526 Dec. January 1969 SURVEY OF CURRENT BUSINESS 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1967 1967 Nov. Annual S-37 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Oct. Sept. Nov. Dec. PULP, PAPER, AND PAPER PRODUCTS—Continued PAPER AND PAPER PRODUCTS— Con. Selected types of paper (API): Fine paper: Orders, new _ -thous. sh. tons.. Orders unfilled end of period do 2,637 159 2,645 157 215 146 206 157 242 164 227 158 264 184 269 213 255 208 243 223 232 217 225 207 230 226 »236 *217 do do _ 2,641 2,633 2,659 2,658 215 217 202 203 237 237 224 222 244 250 250 247 249 248 242 240 221 224 233 225 226 226 •p 253 p246 do __ do 6,711 553 6,335 449 472 415 508 449 546 427 570 513 617 525 579 537 586 504 577 539 554 546 569 510 541 510 P615 P525 do do 6, 511 6,511 6,332 6,332 501 501 508 508 534 534 544 544 567 567 568 568 580 580 572 572 526 526 570 570 538 538 p595 p 595 4,723 200 4,678 214 406 225 411 214 423 228 399 218 440 231 396 218 441 231 418 262 380 236 429 253 388 265 P 447 P279 do do 4,696 4,704 4,753 4,685 408 404 400 403 422 405 418 412 432 423 404 396 432 427 410 396 379 380 413 418 372 374 TO 430 do do do . 8,419 8,385 184 8,051 7,968 268 675 687 311 602 646 268 641 583 325 629 573 381 674 659 396 674 682 388 711 756 343 689 705 327 693 617 402 639 634 408 576 622 362 719 760 320 702 761 262 do do do 2,408 2,405 21 2,620 2,602 39 222 228 41 204 206 39 238 223 55 220 215 59 250 242 68 234 253 49 265 267 47 256 254 49 240 244 46 253 247 51 240 240 52 257 259 50 248 255 43 Consumption by publishersd" do Stocks at and in transit to publishers, end of period . ---thous. sh. tons. 6,898 6,907 622 587 518 523 604 586 622 579 509 559 599 645 652 681 630 673 630 617 613 584 605 626 623 681 704 659 660 628 Imports___ _ . _ - , __ do Price, rolls, contract, f.o.b. mill, freight allowed or delivered -_ _ .$ per sh. ton 6,991 6,599 541 531 537 460 531 594 581 544 542 505 451 568 514 136. 23 139. 95 141. 40 141.40 141. 40 141.40 141. 40 141. 40 141.40 141. 40 141. 40 141. 40 141. 40 449 724 446 92 444 618 439 87 466 767 458 89 405 648 421 78 429 661 408 89 481 714 482 92 494 733 480 90 497 767 480 90 488 778 489 91 510 826 489 433 847 421 513 877 497 470 895 469 536 921 * 511 966 454 869 512 502 518 Paper products: Shipping containers, corrugated and solid fiber, shipments mil. sq. ft. surf. area-- 160,452 162,362 14, 175 13,081 13, 432 12, 922 13, 763 14, 289 14, 922 14,416 13, 477 15, 316 15, 375 17, 191 15, 121 13, 765 134.1 139.7 132.5 126.1 128.6 138.7 135.6 139.6 131.6 129.4 145.2 142.2 Production Shipments Printing paper: Orders, new _ . Orders, unfilled, end of period Production Shipments __ _ ._ .. _ _ .. Coarse paper: Orders, new Orders, unfilled, end of period. _ - . Production Shipments _ . _ Newsprint: Canada: Production Shipments from mills __ Stocks at mills, end of period. . ._ United States: Production __ _ _ _ . _ . - . . Shipments from mills Stocks at mills, end of period. ._ do - do. Paperboard (American Paper Institute): Orders, new (weekly avg.) thous. sh. tons__ Orders, unfilled § do Production, total (weekly avg.) _. _. . do Percent of activity (based on 6.5-day week) Folding paper boxes, shipments, index of physical volume 1947-49=100.- 134.1 c r M30 T 158. 6 p 135. 1 RUBBER AND RUBBER PRODUCTS RUBBER Natural rubber: Consumption thous. Ig. tons._ Stocks, end of period,- _ _ do Imports, incl. latex and guayule do 545. 68 91.59 431. 66 488. 85 111 66 452. 80 46.03 109 43 50.23 43.06 111 66 48.22 49.17 108 23 46.88 47.61 102 10 42.06 49.48 95 09 39.49 47.94 94 42 42.17 49.61 92 64 42.72 46.22 92 07 36.73 41.00 99 57 51.26 Price, wholesale, smoked sheets (N.Y.)_.$ per lb-. .236 .199 .179 .175 .173 .164 .176 .179 .186 .213 .208 thous. Ig. tons.. 1,969.97 1,911.87 181. 88 do 1 666 06 1 628 26 155 13 do 348 69 369 94 347 00 185. 10 143 83 369 94 178.79 162 92 360 27 170. 82 154 26 360 38 180. 29 161 98 358 80 177. 88 156 04 357 83 184. 77 162 82 354 33 173. 42 153 23 364 32 171. 58 135 49 375 64 Synthetic rubber: Production Consumption Stocks, end of period Exports (Bu. of Census)__ 49.05 46.27 103 02 107 19 63.30 46.06 53.85 105 05 36.24 48.69 100. 02 43.69 .201 .215 .228 178.63 172.89 153 92 rl58 07 374 65 r361 12 178. 39 178 40 348 04 180. 69 161 55 348 14 .210 do 308 44 299. 80 24 94 23 02 24 35 23 99 26 15 24 86 27 39 21 23 23 67 30 71 37 76 13 86 18 28 do do do Reclaimed rubber: Production. Consumption _ Stocks, end of period 277. 36 264 51 32 29 243 65 239 27 28 40 23 18 21 25 27 21 23 90 22 59 28 40 23 76 23 07 28 04 23 94 22' 85 29 yg 22 71 23 51 28 58 22 12 22 09 29 07 22 78 21 88 28 95 21 20 20 70 29 00 17 65 15 94 29 46 19 68 19 14 30 26 20 28 20 22 29 88 22 60 22 38 30 03 20 14 19 82 29 71 177, 169 163, 192 .228 16 831 TIRES AND TUBES Pneumatic casings, automotive: Production _ thous Shipments, total Original equipment Replacement equipment Export do do do do Stocks, end of period Exports (Bu. of Census) do do Inner tubes, automotive: Production Shipments. Stocks, end of period Exports (Bu. of Census) do do do do r 16 244 15,664 17, 594 17 118 18, 175 17, 212 17, 930 16 683 14 429 15 694 16 506 18 695 173 464 172 947 r!3 612 54,680 47, 617 r 4, 321 116,348 123, 205 r 9 H9 r 172 2 125 2 436 12 972 5,008 7 760 204 14 818 4,866 9 757 196 13 538 4,585 8 755 198 16 740 5,465 11 099 176 18 876 5,176 13 500 200 19 059 5,603 13, 025 431 18 427 5,265 12 782 381 15 782 2,986 12 561 235 15 235 2,542 12 399 294 18 226 5,305 12 514 407 19 623 15 450 5,899 5,679 9 372 13 681 178 ' 264 42 569 2 051 34 782 1 450 31 674 166 34 782 121 38 020 76 41 916 145 43 742 93 42 369 126 41 817 280 40 689 416 39 485 185 39 969 254 38 719 397 37 930 39 698 ' 245 157 42 765 44 222 11 996 1.100 39 775 41 691 11 005 3 816 3 191 10 508 63 3 314 3 026 11 005 69 4 078 4 579 10 790 63 4 005 3 664 11 159 66 3 991 3 778 11 453 62 3 598 3 532 11 605 197 3 770 3 675 11 744 120 3 492 3 574 11 917 83 3 093 3 440 11 518 92 3 491 3 595 |9 437 115 3 428 3 658 1? 442 266 4 094 4 230 11* 146 '132 849 Revised. v Preliminary. e Corrected. cf As reported by publishers accounting for about 75 percent of total newsprint consumption. 3 474 3 900 11 480 109 § Monthly data are averages for the 4-week period ending on Saturday nearest the end of the month; annual data are as of Dec. 31. SUEVEY OF CURRENT BUSINESS S-38 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1968 1967 Nov. Annual January 1969 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 44, 106 39, 855 45, 358 30,954 708.1 ' 672. 0 18.2 '18.3 168.5 ' 169. 6 740.2 16.2 171.4 Dec. STONE, CLAY, AND GLASS PRODUCTS PORTLAND CEMENT Shipments,finishedcement __ . thous. bbl 380, 694 374,017 30,604 21,305 17, 166 20,204 26, 176 34, 426 37, 389 36, 876 41, 763 7, 551. 7 °67 4 1,610 3 7, 117. 4 234.5 1, 572. 2 615.1 17. 1 126.7 471.1 14.3 92.2 360.1 13.5 82.9 500.6 13.4 103.1 600.0 16.0 132.4 710.5 14.6 160.0 734.9 15.8 159.7 687.1 16.8 154. 2 727.2 16.9 165. 7 CLAY CONSTRUCTION PRODUCTS Shipments: Brick, unglazed (common and face) mil. standard brick Structural tile, except facing thous. sh tons Sewer pipe and fittings, vitrified do Facing tile (hollow) , glazed and unglazed mil. brick equivalent Floor and wall tile and accessories, glazed and unglazed mil sq ft Price index, brick (common), f.o.b. plant or N.Y. dock 1957-59-100 308 1 240.1 20.7 18.3 14.4 14.6 18.0 22.4 18.8 17.4 19.0 17.8 18.8 20.9 272 7 257.5 21.3 18.4 21.3 20.4 22.6 23. 9 25.2 24.3 22.4 24.5 23.9 24.1 111 5 113 3 113.9 114.9 115.3 115.4 115.8 115.8 116.1 116.5 116.8 117.6 117.6 343 138 331 976 93 640 89, 988 90, 523 98, 252 136, 785 206 353 131 476 200 500 37,604 56 036 34, 335 55 653 29,684 60, 839 35, 844 62, 408 GLASS AND GLASS PRODUCTS Flat glass mfrs ' shipments thous $ Sheet (window) glass, shipments Plate and other flat glass shipments Glass containers: Production do do thous gross Shipments, domestic, total do General-use food: Narrow-neck food do Wide-mouth food (incl. packers' tumblers, jelly glasses, and fruit jars) thous gross 211 764 225 579 19, 499 19, 073 20 584 (5) (S) 20,068 20, 992 21, 757 21, 909 23, 054 '21,368 22, 870 21,125 204 093 228, 766 21, 123 25,647 25, 451 (5) 5 () 17, 146 18, 666 20, 017 21,322 23, 576 '21,034 20,902 18, 721 21 605 23,631 1,700 2,204 2,260 (5) (5) 1,591 1,930 1,886 2,365 3,473 '2,681 2,252 1,576 5,633 6,887 6 579 (5) (5) 3,693 4,066 4,524 4,864 5,826 ' 4, 763 5,591 4,981 3,755 3,798 1,304 3,980 4,331 1,323 4,519 4,577 1,465 4 684 4,983 1,349 4, 387 ' 3, 609 4,781 '4,081 1,591 ' 1, 637 4,190 3,373 1,802 3,871 3,268 1,639 2,657 2,638 2,649 2,696 3,065 '2,810 '390 3,189 440 65 2,910 63 20, 709 22,463 24, 593 52 168 57 852 Beverage Beer bottles Liquor and wine do do do 27 098 38 895 17 608 38 185 44 501 19, 459 3,728 3,559 2,137 5 108 4,153 2,198 3 694 5 040 2, 276 (5) (5) (5) (5) 5 ( ) 5 ( ) Medicinal and toilet Chemical household and industrial Dairy products do do do 39 766 5 812 1 141 38 516 5 664 3,768 4 898 (5) (5) (5) (5) 958 510 88 4,386 (5) (5) 284 64 do 30 084 22 546 29, 394 (5) (5) 16, 304 5 479 9 647 4 722 q 393 1 372 2,348 1, 069 2,233 1,402 2,582 1,604 2,768 do 8 434 7 879 1 812 1 923 2 155 2,330 do do 4 693 4 511 1,185 866 73 1,487 1,369 69 78 77 do do 680 899 561 813 118 189 130 184 137 196 143 215 1 079 7 084 94Q 190 296 249 7 089 1 560 1 771 2 048 Stocks, end of period 600 111 608 96 ?•> 546 17 568 356 42 339 58 18, 407 19, 936 324 57 20, 324 387 66 19, 594 r 416 60 GYPSUM AND PRODUCTS (QTRLY) Crude gypsum, total: Imports Production thous sh tons do Calcined production total Gypsum products sold or used, total: Uncalcined uses Industrial uses Building uses: Plasters: Base-coat All other (incl Keene's cement) Lath Wallboard All other. _ mil sq ft do do 322 228 293 52 59 °43 285 2,326 79 73 TEXTILE PRODUCTS WOVEN FABRICS Woven fabrics (gray goods), weaving mills: Production total 9 mil linear yd Cotton do Manmade fiber do 12 689 8 866 3 571 11 983 8 263 3 493 969 649 306 1 l IOQ i 753 i 353 1 1 154 i 749 i 383 983 651 314 1 317 1 330 1 317 1 287 1 270 Stocks, total, end of period 9 cf Cotton _ Manmade fiber do do do 1 306 Orders, unfilled, total end of period 9 f Cotton ._ Manmade fiber do do do 3 209 2 408 746 3 190 2 060 1 045 3 20° 2 099 1 021 9 562 7 435 6 320 ' 2 6 933 3 7 264 9 575 9 647 7 455 9 215 766 521 837 465 850 466 837 465 3 190 2*060 1 045 821 451 3 047 1 915 1 036 953 i i 136 i 738 621 i 373 313 939 604 315 932 592 320 i 888 i 558 1311 1 223 1 225 1 250 1 228 1 240 784 440 811 443 2 860 1 734 1 032 2 814 1,666 1 054 769 437 2 836 1,670 1 069 775 435 2 892 1,651 1 142 778 457 2 948 1,608 1 241 748 466 907 573 317 T 911 576 '320 1 235 ' 1, 225 756 466 749 '463 2 974 r 2 909 ' 2 768 1,500 1,640 l".596 1 236 ' 1 224 1,180 i 1, 134 i 709 i 406 1,192 715 464 2 866 1,575 1,212 COTTON Cotton (exclusive of linters): Production: GinningsA thous running bales Crop estimate, equivalent 500-lb. bales thous bales Consumption.. do Stocks in the United States, total, end of period thous bales Domestic cotton , total do On farms and in transit do Public storage and compresses . do Consuming establishments do Foreign cotton, total . _ do. 720 !825 !880 20 265 14 563 15 705 14 563 13 220 20 186 14 472 15 614 14 472 13 135 1,509 1,121 1,509 2,554 1,311 11,369 11,613 11,369 10 073 17,639 1,594 1,751 1,594 1,447 1,426 86 91 79 91 91 r Revised. i Data cover 5 weeks; other months, 4 weeks. - Ginnings to Dec. 13. 3 Ginnings to Jan. 16. < Crop for the year 1967. » Data not available owing to lack of complete reports from the industry. • Dec. 1 estimate of 1968 crop. 9 Includes data not shown separately. cfStocks (owned by weaving mills and billed and held for others) exclude bedsheeting, 4 729 7 7 435 * 7 455 721 374 1,416 5,955 1670 665 643 '813 '9, 164 2 10, 030 o 10, 822 1 839 692 682 657 7 633 6 448 16 575 15 720 14 636 9 660 8 588 12 051 10 898 6,402 16,517 15, 665 14, 575 9*594 8 529 7,580 11 971 10 826 6,268 300 11,085 10, 339 616 628 955 660 1,137 3,819 '6,890 ""8,874" 4,277 3,777 5,037 6,810 5,813 8,970 ' 7,916 1,512 '1,419 1,507 1,825 1,655 1,927 1,956 2,087 1,864 2, 125 50 '59 55 46 58 54 72 66 59 81 toweling, and blanketing, and billed and held stocks of denims. 1}Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling, and blanketing. ATotal ginnings to end of month indicated, except as noted. SURVEY OF CURRENT BUSINESS January 1969 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1966 1967 1967 Annual S-39 Nov. 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. TEXTILE PRODUCTS—Continued COTTON— Continued Cotton (exclusive of linters)— Continued Exports thous. balesImports do Price (farm), American upland cents per l b _ - _ Price middling 1", avg. 12 markets'! do- Cotton linters: Consumption thous. balesProduction do Stocks end of period do COTTON MANUFACTURES Spindle activity (cotton system spindles): Active spindles, last working day, total Consumin (T 100 percent cotton Spindle hours operated, all fibers, total Average per working day_ Consuming 100 percent cotton - miL. do biL_ do do_ Cotton yarn, price, 36/2, combed, knitting, natural stock - .$perlb_. Cotton cloth: Cotton broadwoven goods over 12" in width: Production (qtrly.) mil. lin. y d _ . Orders, unfilled, end of period, as compared with avg. weekly production No. weeks' prod.. Inventories, end of period, as compared with nvg. weekly production --No. weeks' prod-Ratio of stocks to unfilled orders (at cotton mills) end of period, seasonally adjusted- ... Mill margins:* Carded yarn cloth average cents per lb-_ Combed varn cloth average _ - do Blends (65% polyester-35% cotton) do E'rices, wholesale: Print cloth, 39 inch, 68 x 72__. cents per yard.. Sheeting, class B, 40-inch, 48 x 44-48 _ .do 3,597 100 » 20. 6 i 22.1 3,973 169 i 25. 4 124.8 1,366 1,419 725 1,080 977 617 19.5 15.1 132.1 .509 102.4 20.0 14.4 126.2 .486 94.4 20.1 14.5 10.2 .511 7.3 .949 .942 .960 8,840 8,278 18.4 15.4 5.2 .25 Ml. 95 « 95. 74 4 63. 29 18.7 WOOL Wool consumption, mill (clean basis) : Apparel class mil Ib Carpet class do Wool imports, clean yield. _ __ do Duty-free (carpet class) do Wool prices, raw, clean basis, Boston: Good French combing and staple: Graded territory, fine $ per lb-Graded fleece, % blood _ _ do Australian, 64s, 70s, good topmaking . _ _ d o 2 406 3 19.6 25.1 436 3 19.4 25.2 96 122 628 98 122 617 84 98 614 2 383 3 21.1 24.9 357 2 20.0 24.9 277 2 20.8 24.8 108 62 549 90 41 492 20.1 13.8 12.5 .501 2 8. 5 20.1 13.7 10.3 .516 7.0 20.1 13.6 10.3 .513 6.8 1.065 1.040 1.040 2 92 27 '436 85 83 595 213 20 26.0 25.0 262 44 26.2 25.0 '92 42 255 95 20 364 77 20 300 20.2 13.6 10. 5 .419 2 6. 8 20.2 13.5 10.1 .504 6.6 1.040 1.039 152 2 26.5 24.3 2 185 1 24.2 23.3 21.6 22.7 1.037 ' 114 160 '308 20.2 20.2 13.3 2 13.3 9.9 ' 12.5 .495 .502 6.5 ' 2 8. 3 95 157 353 2 20.1 14.2 12. 7 .508 2 8. 9 20.1 14.1 10.4 .519 7.2 20.1 14.0 10.3 .516 7.2 1.026 1.081 1.085 1.070 15.4 13.9 12.2 12.1 12.7 12.3 12.1 16.8 12.4 '11.6 12.4 12.4 5.0 5.2 5.1 5.0 4.9 5.2 5.2 5.3 6.8 5.4 5.3 5.1 5.0 .35 .34 .35 .37 .42 .42 .41 .42 .42 .40 .42 .44 .41 .40 37.75 75.60 54.47 33.43 68.50 66.85 32.36 80.98 69.32 33.72 83.82 71. 92 35.36 86.41 73.54 36.13 90.48 65.97 36.77 91.98 63.25 37.30 92.91 63.85 38.00 37.73 94.40 3 90. 13 62.84 63.69 37.85 90.58 64.04 38.10 91.72 62.24 39.03 93.31 60.31 40.80 95.20 60.51 U8.4 16.5 18.5 17.0 19.0 17.0 19.0 17.0 19.0 17.0 19.0 17.0 18.9 17.0 18.9 17.5 18.4 17.5 18.4 5,573 6,200 4,026 16, 599 8,812 10, 040 3,614 15, 804 20.0 14.4 11.6 .465 2 8. 3 2 2 20.1 13.1 10.0 .502 6.6 1,924 2,035 2,031 17.0 18.4 17.3 18.4 3, 980. 6 734.7 603.4 1, 149. 2 205 9 181.7 '1,211.8 198 3 183.3 1,229.6 183 3 176.7 1,213.9 1,119.8 308.8 334.3 344.9 82.4 ' 375 .4 365.8 89.0 410.4 359.8 99.4 42.02 98.55 60.68 1,303.5 204.7 180.4 423.7 392.6 102.1 .66 .81 1.52 7, 805 6, 303 3, 9 12 14, 029 8,782 5,910 3,065 14,972 8, 155 6,077 4,978 22, 598 8,661 8,445 4,456 19, 519 7,205 7,944 3,953 20,668 7,910 9,100 4,579 20, 250 8,156 12, 338 5,921 16, 848 8,011 9,134 5,650 14, 474 8,516 9,381 5,584 15, 165 8,509 8,583 5,485 17,480 8,396 9,185 6,124 18, 376 51.7 43.8 40.7 51.3 33.9 47.2 49.1 52.4 138 7 142.4 40 4 134 9 r 159 7 37 3 154 6 158 8 41 7 168.3 184.1 44.7 .62 .81 1.46 .61 .81 1.41 .60 .81 1.41 4 234 1 '4 237 3 1V 612 5 ^1, 620. 4 735 0 r 754 o 335 4 r 324 2 1, 907. 7 '1,987.0 ' 624. 6 600.2 1,051.2 rl 169 6 479.4 ' 412. 5 266.6 103.6 277.2 114.6 228.7 83.9 187.3 78.2 17.5 6.8 16.9 8.7 1.349 1.171 1.259 1.215 .910 1.153 1.177 .825 1.125 .61 .82 1.41 r\ 175 7 r 439 o .61 .82 1.42 .61 .84 1.42 .61 .84 1.43 .61 .87 1.43 .61 .85 1.43 .61 .88 1.43 .61 .87 1.43 1,272.9 454.2 191.0 85.7 1 284 7 465 4 210 4 86 5 '1 310 5 '460 1 ' 565. 1 649.6 159 5 '340 3 178 0 408 8 '677.7 r 173 5 '430 6 157.7 422 .2 110.5 112.7 '117.8 106.0 r 205 1 r 79 Q 2 20.2 29.1 19.0 9.3 1.165 .835 1.162 2 r 203 1 r 88 0 2 19.0 7.2 19.2 9.7 '17.8 7.1 20.6 12.5 2 22.7 2 8.9 17.7 9.2 16.4 9.0 1.220 .820 1.175 1.220 .820 1.175 1.220 .850 1.175 1. 210 .840 1.175 1.215 .864 1. 191 1.245 .880 1. 195 90.7 91.0 91.7 19.3 7.2 21.2 8.2 19.8 7.2 19.0 10.3 1.178 .825 1.175 1.190 .825 1.175 1.208 .820 1.175 89.9 90.2 90.7 19.7 7.5 23.5 9.0 19.4 7.2 21.7 7.7 1.165 .825 1.175 1.165 . 825 1. 175 88.8 62.0 2 659.5 19.9 27.4 25.3 14.0 24. 9 8.8 22.8 10.0 22. 7 9.0 24.0 12.3 2 WOOL MANUFACTURES Knitting yarn, worsted, 2/20s-50s/56s, American system, wholesale price 1957-59 =100. _ | 108. 2 88.2 87.8 87.8 92.6 Wool broadwoven goods, exc. felts: Production (qtrly.) mil. lin. yd._ 264.9 238.6 57.8 Price (wholesale), suiting, flannel, men's and boys', f.o.b. mill .. 1957-59 = 100 102.7 M01.7 100. 5 100. 5 100.5 r 3 Revised. 1 Season average. 2 por 5 weeks, other months, 4 weeks. Beginning July 1968, average omits one cloth; July 19685margin comparable with earlier data, 95.52 cents 6 per pound. < Average for Aug.-Dec. For ten months. Revised total; revisions not distributed by months. « Corrected. HFor the period Sept. 1967-Feb. 1968, 14 markets; beginning Mar. 1968, 12 markets. 447 3 19.9 25.4 2 Exports: Yarns and monofilaments thous. lb_- 98, 722 « 88, 831 Staple, tow, and tops do 55, 522 78, 293 Imports' Yarns and nionouMaments do 16,571 28, 194 Staple tow and tops do 177, 570 8 149, 672 Stocks, producers', end of period: Filament yarn (rayon and acetate) mil. lb._ 67.3 51.7 Staple, incl. tow (rayon) do._70.1 43.8 Noncellulosic fiber, except textile glass: Yarn and monofilaments do 150.2 138.7 Staple incl tow do 129.8 142.4 Textile glass fiber do 42 5 40.4 .80 .80 1.58 474 10 22.4 26.2 2 14.5 4.5 331 10 27.6 27.0 81 146 595 MANMADE FIBERS AND MANUFACTURES Fiber production, qtrly. total mil. l b _ _ 3, 860. 1 Filament varn (rayon and acetate) do 799.8 Staple, incl. tow (rayon) _ _ _ _ do 659.2 Noncellulosic, except textile glass: Yarn and monofilaments do 1, 164. 7 Staple, incl. tow. do 904.0 Textile glass fiber do 332.4 Prices, manmade fibers, f.o.b. producing plant: Staple: Polyester, 1.5 denier $ per lb-_ Yarn: Rayon (viscose), 150 denier. . do Acrylic (spun), knitting, 2/20,3-6 D*_ do Manmade fiber and silk broadwoven fabrics: Production (qtrly ) total 9 mil lin yd Filament yarn (100%) fabrics 9 do Chiefly rayon and/or acetate fabrics do Chiefly nylon fabrics __ do Spun yarn (100%) fabrics (except blanketing) 9 mil. lin. yd._ Rayon and/or acetate fabrics and blends do Polyester blends with cotton . do_ _. Filament and spun yarn fabrics (combinations and mixtures) mil. lin. yd._. 298 17 30.5 25.0 '68.8 2 1.245 .880 1.195 91.8 57.0 101.1 100.5 100. 5 100. 5 100.5 100.8 101.1 101.1 *New series. Beginning Aug. 1966, mill margins refer to weighted averages of over 70 types of unfinished carded yarn cloths and to simple averages of 7 or 8 combed yarn cloths and of 3 polyester-cotton blends; no comparable data prior to Aug. 1966 are available. Spun yarn price (BLS) available beginning Jan. 1965. 9 Includes data not shown separately. SURVEY OF CURRENT BUSINESS S-40 1966 Unless otherwise stated, statistics through 1966 and descriptive notes are shown in the 1967 edition of BUSINESS STATISTICS 1967 Annual January 1969 1968 1967 Nov. Dec. Jan. Mar. Feb. May Apr. June July Aug. Sept. Oct. Nov. 20, 631 Dec. TEXTILE PRODUCTS—Continued APPAREL Hosierv, shipments Men's apparel, cuttings: Tailored garments: Suits Overcoats and topcoats 210, 425 thous. doz. pairs r thous. units - do Coats (separate) , dress and sport do Trousers (separate) , dress and sport. do Shirts (woven fabrics) , dress and sport thous. doz Work clothing: Dungarees and waistband overalls do Shirts. - do Women's, misses', juniors' outerwear, cuttings: Coats thous. units Dresses do Suits do Blouses, waists, and shirts Skirts thous. doz do 20, 495 ' 4, 052 223,482 15,371 r 13, 446 13, 726 ' 1, 256 147, 246 ' 138, 571 '12,010 T 19, 151 17, 107 18, 022 19, 828 18, 331 19, 858 19, 536 21, 632 1 672 337 1,894 311 1,716 290 1 848 297 1,854 365 1,810 426 1,783 363 1,272 318 1,856 408 ' 1, 836 '420 2,357 395 '1 079 1,244 10, 275 11, 738 1,151 12, 838 1,188 13, 237 1,263 13, 799 1,256 14, 841 1,172 13, 828 793 12, 079 r r r 1,208 ' 1, 074 1,371 14, 418 '13,417 14, 867 1, 625 1,918 2,201 2,170 2,118 2,109 2,061 1,716 1,992 ' 1, 858 2,342 '614 '291 480 275 569 303 579 308 514 295 555 268 660 265 416 214 544 259 '676 '268 605 340 r 24, 007 ' 22, 414 r 2, 260 ' 1, 624 1,770 273 080 '279 864 '21 850 '18 711 24, 379 T '692 847 10, 651 r 7, 983 ' 599 2,098 25 047 989 1,449 27, 376 1,060 1,209 28, 394 622 1,588 24,049 526 1,749 21, 034 643 1,865 19, 136 659 1,336 628 1,466 660 1,410 714 1,455 649 1,271 742 1,142 854 25, 598 '6 106 4,081 r r 18, 197 r 'r19 719 ' 1, 919 ••419 4, 770 r r 16, 671 19,873 r 16 895 9, 554 T 22, 835 T 7 464 4,042 ' 2, 020 r 510 '329 ' 14 064 ' 1, 152 ' 8, 548 T 576 '867 '396 1,157 522 2,108 ' 2, 051 2,146 21, 334 ' 19, 892 22, 728 622 646 '532 1,201 788 ' 1, 148 '645 1,405 789 TRANSPORTATION EQUIPMENT AEROSPACE VEHICLES Orders, new (net), qtrly. total mil. $ IT S Government do Prime contract do Sales (net) receipts or billings qtrly total do U S. Government do Backlog 6f orders, end of period 9 do U.S. Government do Aircraft (complete) and parts do Engines (aircraft) and parts do Missiles, space vehicle systems, engines, propulsion units, and parts mil $ Other related operations (conversions, modifications), products, services mil $ Aircraft (complete): Shipments 0 Airframe weight 0 Exports do thous Ib mil $ ' 27 233 '26 900 16 351 r is 538 24 219 '24 423 20 227 14 530 30 17 16 4 936 950 401 9 52 i 7, 244 13 640 6,633 i1 6 321 4, 156 6,916 5 506 6,360 6 398 4,181 130 262 936 950 401 252 6,731 3 881 6,226 6 221 3 989 116,813 i 4, 192 468 550 813 666 556 30 17 16 4 23 444 16 334 27 547 15,711 14, 655 3 824 7 5 6 6 4 30 589 15, 768 17, 938 3,916 31 202 17, 236 17,214 3,765 1 116,057 4 510 5 704 5 704 14 708 4 007 5,254 2 492 2 810 2 810 12 759 2 827 2 854 2 087 0 43 983 553 7 2 981 5 56 739 786 5 296 6 5 367 95 2 381 2 6 645 95 3 337 9 6 043 127 5 354 6 6 359 145 6 357.0 6 671 78 7 373.4 6,858 115.4 391 4 6 931 130 2 339.5 5 831 125.8 406.8 6,931 117.6 340.3 6 005 121.7 311. 6 5 668 94.1 0, 329. 4 9 943 4 8, 598. 3 8, 336. 9 1, 731. 1 1, 606. 5 8, 976. 2 8 484 6 7, 436. 8 7 070. 2 1, 539. 5 1 414 4 807.7 761 8 683.0 645 2 124.7 116 5 957.8 903 9 813.9 768.5 144.0 135.4 937.5 889.3 787.0 747.2 150.4 142. 1 847.6 801 4 703.2 668 2 144.3 133 2 968.0 917 7 800.7 764.0 167.3 153 7 941.7 1, 103. 5 895.8 1 051 6 782.7 916.9 747.8 876.2 159.0 186.6 147.9 175.4 990.1 945.8 813.7 781.6 176.4 164.3 773.1 744.8 624.6 605.4 148.5 139.4 292.1 274.7 193.1 182.6 99.0 92.1 816.9 1,125.2 21,036.3 769.4 1, 065 .2 935.2 2 873. 7 656.4 620.0 889.5 2 162. 6 190.0 160.5 175.8 149.4 337.3 5,581 53.5 160.7 MOTOR VEHICLES Factory sales, total Domestic .Passenger cars, total ._ Domestic Trucks and buses, total . Domestic. . thous.. do .do do do do Exports: Passenger cars (new), assembled To Canada* Trucks and buses (new), assembled do do do 177. 58 114 32 78 64 280 58 236 64 82 24 26.74 22 58 5 16 37.13 31 61 6 15 35.09 29 90 5.99 29 34 25 29 7 29 30.92 27 99 7 63 29.90 25.65 8.40 30.19 27 62 7.82 26.12 23.22 6.84 15.35 13.63 6.07 8.29 6.86 5.41 27.71 23.60 8.84 30.32 26.24 7.83 do do do 913 21 165 36 42 96 090 fi9 323 55 100 48 27 37 3 13 110 67 40 71 8 88 145 98 48 28 9 23 121 37 31 22 9 74 112 32 34 12 8 09 117 33 34.32 6 20 157 10 49 07 6 93 139 11 50.91 9.93 139 32 32.25 8.70 97 25 13.68 3.58 126 02 42.57 10.50 143 10 75 07 113 493 75 527 96 539 59 147 7 884 5 161 7 209 4 757 7 839 5 028 8 881 5 713 10 207 6 775 9 814 5 899 10 918 7 188 8 942 5*676 8 891 5,529 9 526 6,439 9 544 6,475 18 402 27 497 2 326 1 447 2 063 2 192 2 181 2 165 1 956 2 532 2 392 2 308 3 703 3 703 93 008 5 3 g 357 4 658 1 3 779 2 1 610 4 3 i 518 4 643 0 64 5 107 2 737 9 67 1 121 4 800.6 78.0 145.9 872.0 »79.5 161.9 744.4 «81.7 150.9 705.3 94.7 148.5 880.3 103.8 1 170.3 757.0 84.2 140.3 90 349 67 944 22, 405 QO flQC 64 775 18 320 5 122 3 958 1,164 5 483 3' 087 1 496 148. 6 10 061 7,056 Registrations (new vehicles) : O Passenger cars Foreign cars Trucks (commercial cars) 2 154 .81 55.67 13.95 Shipments, truck trailers: Complete trailers and chassis number Vans do Trailer bodies and chassis (detachable), sold separately number 2 715. 0 36.28 30.79 10.03 Imports: Passenger cars (new) complete units From Canada* Trucks and buses complete units 2 863. 6 thous do do a 604 0 859.4 82.4 161.6 824.3 78.4 149 6 13.60 6 62 1 olio 9 725 0 75 5 131 7 4 717 3 875 842 5 754 4 358 1^396 5 712 3 978 1,734 5 774 3 395 2,379 4 994 2 906 2,088 4 408 2 728 1,680 3 499 2 476 1,023 3 760 2 488 1,272 4 448 3,062 1,386 4 533 3 319 1,214 4,097 2,670 1,427 °657 9 62 5 l!8 5 0 a 0 a a RAILROAD EQUIPMENT Freight cars (ARCI): Shipments Equipment manufacturers total Railroad shops, domestic number do do New orders Equipment manufacturers total Railroad shops, domestic do do do 99 828 73' 185 26 643 53 703 38 468 15* 235 6 209 3 365 2 844 8 209 4 450 3 759 4 548 3 418 1 130 5 527 2 727 2 800 3 860 3 380 480 3 294 2,502 792 4 057 2,686 1,371 3 233 3 197 36 2,789 2,580 203 3,156 3,033 123 ' 4, 323 ' 4, 223 100 9,800 6,782 3,018 9,641 7,841 1,800 Unfilled orders, end of period Equipment manufacturers total Railroad shops, domestic do do do 56 618 40 426 16 192 94 917 14 276 10 641 21 828 13 730 8 098 24 917 14 276 10 641 24 893 14 024 10 869 24 742 12 469 12' 273 22, 933 11 894 11 039 20, 364 10 862 9,502 19, 281 10 496 8 785 17,810 10 969 6,841 16, 948 10, 977 5,971 16, 261 11,439 4,822 16, 229 12, 693 3,536 21, 400 16, 060 5,340 26, 939 21,226 5,713 1,497 4 8 1 482 5 1 1,492 5 2 1,482 51 1,480 5 3 1,478 53 1, 478 52 1,476 5 2 1,473 5 2 1,473 5 2 1,470 5.2 1,467 5.4 1,466 5.4 1,463 5.2 1,461 5.2 QO 7-1 93 84 93 83 93 66 93 72 93 68 93 80 93 57 °3 6^ 93 55 64.23 64.12 63.' 90 63^84 63.75 63.40 63.55 63.66 63.30 63.18 9Total includes backlog for nonrelated products and services and basic research. ® Data include military-type planes shipped to foreign governments. *New series; source, Bureau of the Census. O Courtesy of R. L. Polk & Co.; republication prohibited. §Excludes railroad-owned private refrigerator cars and private line cars. Freight cars (revenue), class 1 railroads (AAR):§ Number owned, end of period thous Held for repairs % of total owned Capacity (carrying), aggregate, end of period Average per car _.. tons no en 62.74 63.33 62.85 62.85 ' Revised. l Beginning 1st quarter 1968, value of new orders and backlog refers to orders on a funded order basis for Government contracts and on binding legal documents (or equivalent) for commercial business. Revised 4th quarter 1967 figures, comparable with funded data beginning 1st quarter 1968 (mil. dol.): Total net new orders 7,428; total backlog, 29,339. 2 Preliminary estimate of production. 3 Annual total includes revisions not distributed by months. <• Omits data for 1 State. 61.19 QO X I INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40 SECTIONS Earnings, weekly and hourly Eating and drinking places Eggs and poultry Electric power Electrical machinery and equipment General: Business indicators Commodity prices Construction and real estate Domestic trade 1-7 7-9 9,10 10-12 Labor force, employment, and earnings Finance Foreign trade of the United States Transportation and communications 12-16 16-21 21-23 23,24 Industry: Chemicals and allied products Electric power and gas Food and kindred products; tobacco Leather and products 24,25 25,26 26-30 30 Lumber and products Metals and manufactures Petroleum, coal, and products Pulp, paper, and paper products 31 31-34 34,36 36,37 Rubber and rubber products Stone, clay, and glass products Textile products Transportation equipment 37 38 38-40 40 INDIVIDUAL SERIES Advertising 10,11,16 Aerospace vehicles 40 Agricultural loans 16 Air carrier operations 23 Aircraft and parts 4,6,7,40 Alcohol, denatured and ethyl 25 Alcoholic beverages 11,26 Aluminum 33 Apparel 1,3,4,8,9,11-15,40 Asphalt and tar products 35,36 Automobiles, etc 1,3-9,11,12,19,22,23,40 Balance of international payments 2,3 Banking 16,17 Barley 27 Battery shipments 34 Beef and veal 28 Beverages 4,8,11,22,23,26 Blast furnaces, steel works, etc 5-7 Bonds, outstanding, issued, prices, sales, yields 18-20 Brass and bronze 33 Brick 38 Broker's balances 20 Building and construction materials 7-8, 10,31,36,38 Building costs 10 Building permits 10 Business incorporations (new), failures 7 Business sales and inventories 5 Butter 26 Cattle and calves 28 Cement and concrete products 9,10,38 Cereal and bakery products 8 Chain-store sales, firms with 11 or more stores... 12 Cheese 26 Chemicals 4-6,8,13-15,19,22-25 Cigarettes and cigars 30 Clay products 9,38 Coal. 4,8,22,34,35 Cocoa.. 23,29 Coffee 23,29 Coke 35 Communication 2,19,24 Confectionery, sales 29 Construction: Contracts 9 Costs 10 Employment, unemployment, hours, earnings.. 13-15 Fixed investment, structures 1 Highways and roads 9,10 Housing starts 10 New construction put in place 9 Consumer credit 17,18 Consumer expenditures 1 Consumer goods output, index 3,4 Consumer price index 7,8 Copper 33 Corn 27 Cost of living (see Consumer price index) 7,8 Cotton, raw and manufactures 7,9,22,38,39 Cottonseed cake and meal and oil 30 Credit, short- and intermediate-term 17,18 Crops 3,7,27,28,30,38 Crude oil and natural gas 4,35 Currency in circulation 19 Dairy products Debits, bank Debt, U.S Government Department stores Deposits, bank Disputes, industrial Distilled spirits Dividend payments, rates, and yields Drug stores, sales 3,7,8,26,27 16 18 11,12 16,17,19 16 26 2,3,18-21 11,12 14,15 11,12 3,7,28,29 4,8,25,26 4-8, 13-15,19,22,23,34 Employment estimates 12-15 Employment Service activities 16 Expenditures, U.S Government 18 Explosives 25 Exports (see also individual commodities) 1,2,21-23 Express operations 23 Failures, industrial and commercial 7 Farm income, marketings, and prices 2,3,7,8 Farm wages 15 Fats and oils 8,22,23,29,30 Federal Government finance 18 Federal Reserve banks, condition of 16 Federal Reserve member banks 17 Fertilizers 8,25 Fire losses 10 Fish oils and fish 29 Flooring, hardwood 31 Flour, wheat 28,29 Food products 1,4-8,11-15,19,22,23,26-30 Foreclosures, real estate 10 Foreign trade (see also individual commod.) 21-23 Foundry equipment 34 Freight cars (equipment) 4,40 Fruits and vegetables 7,8 Fuel oil 35,36 Fuels 4,8,22,23,34-36 Furnaces 34 Furniture 4,8,11-15 Gas, output, prices, sales, revenues Gasoline Glass and products Glycerin Gold Grains and products Grocery stores Gross national product. Gross private domestic investment Gypsum and products 4,8,26 1,35 38 25 19 7,8,22,27,28 11,12 1 1 9,38 Hardware stores 11 Heating equipment 9,34 Hides and skins 8,30 Highways and roads 9,10 Hogs 28 Home electronic equipment 8 Home Loan banks, outstanding advances 10 Home mortgages 10 Hosiery 40 Hotels 24 Hours of work per week 14 Housefurnishings 1,4,8,11,12 Household appliances, radios, and television sets. 4, 8,11,34 Housing starts and permits 10 Imports (see also individual commodities) 1,22,23 Income, personal 2,3 Income and employment tax receipts 18 Industrial production indexes: By industry 3,4 By market grouping 3,4 Installment credit 12,17,18 Instruments and related products 4-6,13-15 Insurance, life 18,19 Interest and money rates 17 Inventories, manufacturers* and trade 5,6,12 Inventory-sales ratios 5 Iron and steel 4,5-7,9,10,19,22,23,31,32 Labor advertising index, strikes, turnover. 16 . 12,13 Labor force Lamb and mutton 28 Lard 28 33 Lead. Leather and products 4,8,13-15,30 Life insurance 18,19 Linseed oil 30 Livestock 3,7,8,28 Loans, real estate, agricultural, bank, brokers* (see also Consumer credit) 10,16,17,18,20 Lubricants 35,36 Lumber and products 4,8,10-15,19,31 Machine tools 34 Machinery 4,5-8,13-15,19,22,23,34 Mail order houses, sales 11 Man-hours, aggregate, and indexes 14 Manmade fibers and manufactures 9,39 Manufacturers* sales (or shipments), inventories, orders 4-7 Manufacturing employment, unemployment, production workers, hours, man-hours, earnings.. . 13-15 Manufacturing production indexes 3,4 Margarine 29 Meat animals and meats 3,7,8,22,23,28 Medical and personal care 7 Metals 4-7,9,19,22,23,31-33 Milk 27 Mining and minerals 2-4,9,13-15,19 Monetary statistics 19 Money supply 19 Mortgage applications, loans, rates 10,16,17,18 Motor carriers 23,24 Motor vehicles 1,4-7,9,11,19,22,23,40 Motors and generators 34 National defense expenditures 1,18 National income and product 1,2 National parks, visits 24 Newsprint 23,37 New York Stock Exchange, selected data 20,21 Nonferrons metals 4,9,19,22,23,33 Noninstalhnent credit 17 Oats Oil burners Oils and fats Orders, new and unfilled, manufactures' Ordnance 27 34 8,22,23,29,30 6,7 13-15 Paint and paint materials Paper and products and pulp 8,25 4-6, 9,13-15,19,23,36,37 Parity ratio 7 Passports issued 24 Personal consumption expenditures 1 Persona] income 2,3 Personal outlays 2 Petroleum and products 4-6, 8,11,13-15,19,22,23,35,36 Pig iron 32 Plant and equipment expenditures 2,20 Plastics and resin materials 25 Population 12 Pork 28 Poultry and eggs 3,7,28,29 Prices (see also individual commodities) 7-9 Printing and publishing 4,13-15 Profits, corporate 2,19 Public utilities 2-4,8,9,13,19-21 Pullman Company 24 Pulp and pulpwood 36 Purchasing power of the dollar 9 Radiators and convectors 34 Radio and television 4,10,11,34 Railroads 2,15,16,19,20,21,24,40 Railways (local) and bus lines 23 Rayon and acetate 39 Real estate 10,17,18 Receipts, U.S. Government 18 Recreation 8 Refrigerators and home freezers 34 Rent (housing) 7 Retail trade 5,8,11-15,17,18 Rice 27 Roofing and siding, asphalt 36 Rubber and products (incl. plastics) 4-6, 9,13-15 23,37 Saving, personal Savings deposits Securities issued Security markets Services Sheep and lambs Shoes and other footwear Silver Soybean cake and meal and oil Spindle activity, cotton Steel (raw) and steel manufactures Steel scrap Stock prices, earnings, sales, etc Stone, clay, glass products Stoves and ranges Sugar Sulfur Sulfuric acid Superphosphate 2 17 19,20 20,21 1,7,13 28 8,11,12,30 19 30 39 31,32 31 20,23 4-6,8,13-15,19,38 34 23,29 25 24 25 Tea imports 29 Telephone and telegraph carriers 24 Television and radio 4,10,11,34 Textiles and products.... 4-6,8,13-15,19,22,23,38-40 Tin 33 Tires and inner tubes 9,11,12,37 Tobacco and manufactures 4-6,9,11,13-15,30 Tractors 34 Trade (retail and wholesale) 5,11,12 Transit lines, local 23 Transportation 1,2,8,13,23,24 Transportation equipment 4-7,13-15,19,40 Travel 23,24 Truck trailers 40 Trucks (industrial and other) 34,40 Unemployment and insurance U.S. Government bonds U.S. Government Utilities Vacuum cleaners Variety stores Vegetable oils Vegetables and fruits Veterans* benefits Wages and salaries Washers and driers Water heaters Wheat and wheat flour Wholesale price indexes Wholesale trade Wood pulp Wool and wool manufactures Zinc. 12,13,16 16-18,20 finance 18 2-4,9,13,19-21,25,26 34 11,12 29,30 7,8 16,18 2,3, 14,15 34 34 28 8,9 •• 5,7,11 ,13-15 36 9,39 33 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U.S. GOVERNMENT PRINTING OFFICE D I V I S I O N OF PUBLIC DOCUMENTS WASHINGTON, D.C. 20402 First-Class Mail OFFICIAL BUSINESS U.S. DEPARTMENT OF COMMERCE INDUSTRIAL OUTLOOK 1969 Over 23,OOO copies sold in 1968 Definitive reviews, forecasts for over 1OO major industries pinpoint trends in key industries through a review of 1968, and forecasts for 1969. You get over 3OO pages packed with last minute data on: production . . . sales . . . shipments . . . employment . . . productivity . . . problem areas . . . imports/exports . . . new products . . . financial ratios . . . industry profiles . . . defense-related regulations. This reliable guide compiled by the Business and Defense Services Administration saves you days of time consuming research. For only $2.5O you get the only yearly review and forecast for ALL major U.S. industries. Be among the first to receive the 1969 Edition . . . Return This Special Reservation Now. r Mail to: Superintendent of Documents Government Printing Office Washington, D.C. 20402 for Supt Docs use Please send me copies of U.S. Industrial Outlook, 1969 (Catalogue No. C 41.42/3:969). $2.50 each. Enclosed $ Send check, money order, Supt. Docs. Coupons. Or, charge deposit account no. 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