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APRIL 1968 /VOLUME 48 NUMBER

'OF

CONTENTS
tLS*

THE BUSINESS SITUATION
Summary

1

National Income and Product Tables

3

of

C. R. Smith / Secretary
William H* Chartener / Assistant Secretary
for Economic Affairs
Offiee of

1967 GNP by Major Industry

7

ARTICLES
Regional Changes in Personal Income, 1965-67

9

Alternative Estimates of Corporate Depreciation
and Profits s Part I

17

George Jaszi / Director
Morris H. Goldman Louis J. Puradiso
Associate Directors
Murray F. Foss / Editor
Leo V. Barry, Ji% / Statistics Editor
Billy Jo Hurley / Graphics

STAFF CONTRIBUTORS TO THIS ISSUE ,
Business Review and Features:
Leo Bernstein
Richard C. Ziemer
Articles:
Robert B. Bretzfelder

CURRENT BUSINESS STATISTICS
General

S1-S24

Industry

S24-S40

Subject Index (Inside Back Cover)

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the BUSINESS SITUATION
The expansion accelerated in the first
quarter of 1968 as GNP rose $20 billion
or 2l/2 percent. The rise in final sales
was even greater—$25 billion—and
reflected a strong surge in consumer
demand and increases in most other
final markets. The rise in sales caused
inventory accumulation to fall sharply
from the fourth quarter rate. The
physical volume of output (real GNP)
increased \% percent while prices rose
1 percent. These preliminary estimates
will be superseded next month by
estimates based on more complete data.

T

HE expansion in economic activity
accelerated in the first quarter as the
economy continued to recover from the
slowdown of early 1967 and the automobile strikes of last fall. According to
preliminary estimates, the Nation's
output of goods and services scored an
increase of $20 billion from the fourth
quarter of 1967 to the first quarter
of 1968 to reach a seasonally adjusted
annual rate of $827 billion. A striking
upsurge in consumer demand, which
had been rather sluggish during the
second half of 1967, accounted for
much of the increase in total production. Demand in all other final markets
combined also advanced more rapidly
than in other recent quarters.
All told, final sales (GNP less inventory investment) increased by an extraordinary $25 billion. On the basis of
figures that are still incomplete, it
appears that business inventories rose
in the first quarter but much less than
in the final quarter of 1967. This degrease in inventory investment held
down the rise in total production, reversing the experience from the third
to the fourth quarter, when the rise in




inventory investment accounted for a
significant part of the GNP increase.
Of the 2% percent advance in current
dollar GNP from the fourth to the first
quarter, about two-fifths represented
higher prices, and the rest, increased
physical volume. The price rise of 1
percent was a continuation of the large
advance evident since the middle of
1967. The 1% percent increase in physical volume was considerably greater
than the quarterly changes during
1967 and almost matched the large gain
1
of early 1966, when the military buildup for the war in Vietnam was
underway.
Personal income up sharply

The rise in production was accompanied by an unusually large increase
in personal income—$16 billion at an
annual rate. About three-fourths represented a rise in wages and salaries,
which in turn was attributable to a
considerable step-up in employment—
about 800,000 in nonfarm establishments—and further increases in average
hourly earnings. Dividends rose after a
decline in the preceding quarter, and
transfer payments recorded a sizable
increase, chiefly because of the rise in
Social Security benefits that became
effective in March.
Disposable income also showed an
exceptionally strong advance of almost
$14 billion, but with personal outlays
rising even more, personal saving declined. The personal saving rate fell
below the very high figure of 7% percent
in the fourth quarter, but at approximately 7 percent, it was still large
gaged by the experience of the several
years before 1967.

to the first quarter was the largest
quarterly increase on record. To some
extent, it reflected the recovery from
the automobile strikes of last fall. The
rise in domestic car sales from a seasonally adjusted annual rate of 7% million
units to 8)4 million and a large seasonally adjusted increase in imports to an
annual rate of about 1 million units
CHART 1-

In the first quarter, current
dollar GNP showed its largest
percentage gain in 2 y e a r s . . ,
Percent Change
4

- . . - , .
GNP, TOTAL

,

;

so did REAL GNP
GNP IN CONSTANT (1958) $

Overall PRICES continued
to rise sharply
PRICE DEFLATOR FOR GNP

Consumer outlays lead advance

The $16 billion rise in personal consumption expenditures from the fourth

1964

1965

1966

Change from previous quarter
U.S. Department of Commerce, Office of Business Economics

1967

1968

SUEVEY OF CURRENT BUSINESS
helped to boost expenditures on autos
and parts by $3 billion. But the rise
embraced far more than automobiles.
A broadly based advance resulted in an
$8 billion increase in expenditures for
nondurable goods, which had shown
little change in the second half of 1967.
Spending on furniture and household
appliances also moved ahead, while
outlays for services rose a little more
rapidly than in other recent quarters.
The recovery in nonresidential fixed
investment that started after the middle

CHART 2

First Quarter FINAL SALES
expanded by a record $25 billion
Billion $ Change
3 0
, ,

TOTAL

10

A $16 billion upsurge in consumer
spending dominated the advance

, RESIDENTIAL STRUCTURES:
. .(Enlarged ,scafe); ;; ;:;

Decline in inventory investment

-5

20

.GOVERNMENT
Stated local

1966

1967

1968

Quarterly, Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics




of 1967 continued in the first quarter of
1968 with a large gain of $3 billion. The
greater part of the rise represented increased expenditures for construction,
which had declined steadily on a physical volume basis since the summer of
1966. In contrast, there was a marked
slowdown in the rate of advance in
residential structures because the rise
in housing starts slowed down in the
fourth quarter of 1967. In the first
quarter of 1968, both starts and permits
increased slightly over the~fourth quarter rate.
Net exports of goods and services,
which fell sharply in the fourth quarter
of 1967, declined a little in the first
quarter, according to estimates based
on incomplete data. Although exports
registered their best quarterly advance
in 3 years, imports rose even more, in
part because of strike-hedge buying by
domestic steel consumers, unusually
heavy imports of copper, and an upsurge in imports of foreign cars.
Government purchases of goods and
services rose almost $6 billion. Defense
purchases, which had grown rather
slowly in the second half of 1967, rose
almost $2% billion, mainly because of
increased procurement of equipment
and supplies. Nondefense purchases
rose about $1 billion, chiefly because
of agricultural purchases under CCC
programs. The steady long term increase in State and local government
purchases continued with a gain of $2%
billion; higher payrolls accounted for
most of the rise.

68-4-2

From the third to the fourth quarter
of 1967, the rise in final sales slowed
down and inventory investment increased sharply. The upsurge in final
sales in the first quarter of 1968 brought
about a reversal of this development.
According to preliminary and incomplete data, inventory accumulation fell
from a seasonally adjusted annual rate
of $9 billion in the fourth quarter of
1967 to a rate of $4 billion in the opening quarter of the year. Sharp decreases
in the rate of accumulation occurred
among both manufacturing and trade
firms, particularly in durable goods.

April 1968
Rapid price rise continues

Overall prices, as measured by the
implicit price deflator for GNP, rose
almost 1 percent in the first quarter,
continuing the rapid rate of increase
experienced during the second half of
1967. Prices of consumer nondurable
goods, consumer services, and State
and local government purchases rose
faster in the first quarter than in the
fourth. This acceleration, however, was
offset by smaller price increases in
business equipment and Federal Government purchases. The price advance for
residential and nonresidential construction combined was about the same as
in the fourth quarter.
The price rise continued to reflect
both demand and cost pressures. Although there was still some slack in
manufacturing capacity in early 1968,
the overall unemployment rate, at 3.6
percent, was quite low. This represented a reduction from the 3.9 rate in
each of the two preceding quarters and
indeed was the lowest quarterly rate
since 1953. During the quarter, pressures 011 unit labor costs mounted as a
result of continued increases in wage
rates and boosts in Federal minimum
wages and Social Security taxes.
Activity up in March

The underlying trend in activity was
upward throughout the quarter although the effect of special factors—bad
weather, strikes, and legislation affect(Continued on page 8)
Table 1.—Selected Measures of Economic
Activity: Change Over Previous Month
[Seasonally adjusted]
1968

Unit
Jan.

Feb. Mar. P

1.9

2.2

1.5

11

575

143

*3.5

*3.7

*3.6

1.6

8.4

6.7

.7

6.6

2.1

.2
-.5
Industrial production. . Percent
-6.8 -3.2
Percent.Autos
Percent _ .-. -3.7 1.0
Iron and steel
.7
.4
Percent
Wholesale prices
.5
.4
Percent
Industrial commodities.

.4
9.5
.7

Retail sales

Percent

Employment *

Thous. of
persons.
Percent

Unemployment rate
Personal income
Wages and salaries

.

$bil., annual
rate.
$bil., annual
rate.

*Data refer to actual rate, not change,
1. Nonfarm establishments.

' Preliminary.

.3
.3

SURVEY OF CURRENT BUSINESS

April 1968

NATIONAL INCOME AND PRODUCT TABLES
1966
1966

1967

1967

IV

II

1966

1968
III

IV

IP

1966

1967

1968

1967
II

IV

III

IV

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Billions of 1958 dollars

Billions of current dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
743. 3

785.0

762.1

766.3

775.1

791.2

807.3

827.3

652.6

669.3

661.1

660.7

664.7

672.0

679.6

465 9

491.7

473.8

480.2

489.7

495.3

501.8

517.8

418.0

430.1

420.4

424.2

430.6

431.5

434.0

70 3
207 5
188 1

72 1
217.5
202 1

70 6
210. 3
192 9

69 4
214.2
196 6

72 5
217.2
200 0

72 7
218. 5
204 1

73.8
220.3
207 7

77 9
228.0
9
ll 9

71 3
187.7
159 1

72.1
193.0
165 0

71.1
188.4
160 9

69.7
191. 8
162.6

72.9
193.6
164 1

72.7
192.8
166.0

73.0
193. 6
167.4

118 0

112.1

122.2

110 4

105.1

112 2

120.8

119.4

105 6

96.9

108.4

96.9

91.3

96.4

103.0

104 6

107 0

103 7

103.3

104 6

108 4

111.6

115.5

93 0

92.1

91.2

90.2

90.9

92.9

94.4

Nonresidential _
Structures.,
Producers' durable equipment

80 2
27.9
52 3

82 6
26 8
55 7

82 8
27 7
55 1

81 9
27 7
54 2

81 5
26 3
55 2

82 8
26 6
56 2

84.0
26.7
57 3

87 2
28.7
58 5

72 8
23 6
49 2

73.0
21.8
51 2

74 2
23.0
51 2

73.0
22.9
50 1

72 6
21.7
51 0

73.2
21.5
51.7

73.3
21.4
52.0

Residential structures.. _ __ _
Nonfarm
Farm... _.
_

24.4
23 8
.5

24 4
23 9
6

20.9
20 4
.5

21.4
20 9
6

23.1
22 5
6

25 6
25 0
*6

27.6
27 0
.6

28.3
27 8
.6

20 2
19 7
5

19.1
18.6
.5

17.0
16 5
.5

17.3
16.8
.5

18.3
17.8
.5

19.7
19.2
.4

21.0
20.6
.4

Change in business inventories
Nonfarm
_ _ •
Farm

13 4
13 7
— 3

52
48
4

18 5
19.0

71
73
— 2

5
6
_ i

38
34
4

92
7.7
15

39
3.0
9

12 6
12 9
— 3

48
4.4
4

17.2
17.7
— 5

6.7
6.8
— .2

.4
.5i

3.5
3.2
.4

8.7
7.2
1.5

Net exports of goods and services.

51

4 8

43

53

5.3

54

3.0

2.6

4 4

3.6

3.2

4.1

4.1

4.2

1.9

43 0
37 9

45 3
40 6

44 0
39 7

45 3
39 9

45 1
39 8

45 6
40 2

45 4
42.4

47 6
44.9

40 8
36.4

42.5
38.9

41.2
38.0

42.4
38.3

42.3
38.2

42.8
38.6

42.5
40.7

Gross national product - _ -

-

Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment _ _

Exports
Imports

__

154 3

176 3

161 7

170 4

175.0

178 2

181 7

187.5

124 5

138.7

129 1

135.5

138.7

139.9

140.7

Federal.
National defense
Other.

77 0
60 5
16 5

89 9
72*5
17 4

81 5
65 6
15 9

87 1
70 2
16 8

89 5
72 5
17 0

90 9
73 3
17 6

92 2
74 2
18 0

95 7
76 6
19.1

64 7

74 1

67 8

72.3

74 4

75 1

74.7

S tate and local

77 2

86 4

80 2

83 3

85 4

87 4

89 5

91 0

59 9

64 6

61 3

63.2

64 3

64.9

66.0

Government purchases of goods and services

689.7

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product-

743.3

Final sales
Change in business inventories
Goods output

729 9
13.4

785.0

762 1

766 3

775.1

791 2

779 8
52

743 6
18.5

759 2
7.1

774 6
5

787 4
38

392 1

807.3 827 3
798 1
9.2

9

652.6

669.3

834
3.9

639 9
12.6

664 5
4.8

39

661.1
643 9
17.2

660.7

664.7

672.0

679.6

654 0
6.7

664 3
.4

668.5
3.5

671.0
8.7

379 6

396 0

391 7

388 1

398 7

405 2

353 7

361.4

361.1

356.6

359.5

362.9

366.5

Final sales.
Change in business inventories

366 2
13 4

390 8
52

373 2
18 5

380 9 391 6 394 9
5
71
38

396 0
92

341 0
12 6

356 6
4.8

343 9
17 2

349.9
6.7

359 1
.4

359.4
3.5

357.8
8.7

Durablegoods
_
„__
Final sales.
Change in business inventories

154 6
144 7
99

158 5
155 7
2 7

161 1
148 3
12 8

153 9
150 5
34

155 5
156 0
— 6

163 1
158 6
45

150 0
140 6
93

150 2
147.8
24

154 2
142.3
11 9

146.6
143.6
3.0

148 3
148.9
— 6

153.0
149. 8
3.2

152.9
148.8
4.1

Nondurable goods.
Final sales
__
„
C h ange in business inventories _ . .

225 0
221 5
35

237 5
235 1
25

230 6
224 9
57

234 2
230 5
37

236 6 237 3 242 1
235 5 237 0 237 4
3
11
4 7

203 7
200 4
3.3

211 2
208 8
2.4

206 9
201.6
5.3

210.0
206.3
3.6

211 2
210.2
1.0

209.8
209.5
.3

213.6
209.0
4.6

287 2

311 2

296 9

303 1

307 8

313 5

320 3

235 2

245 8

239 8

242 7

244 4

246 9

249.2

76 5

77 8

73 5

75 2

75 2

79 0

81 8

63 7

62 1

60 2

61.3

60.8

62.3

64.0

664.7

672.0

679.6
619.6

Services

_____

Structures

161 4
157 9
35

689.7

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product
Private
Business
Nonfarm
Farm
Households and institutions
Rest of the world.
General government
3

._..

Preliminary.




743 3

785 0

762 1

766 3

775 1

791 2

807 3

827 3

652 6

669 3

661 1

660 7

666 7

699 6

681 9

683 9

690 9

705 2

718 7

597 5

610 2

604 2

602 7

606 0

612 5

642 4
617 6
24 8

673 6
649 6
24 0

656 9
633 0
23 9

658 7
635 1
23 6

665 3
641 9
23 3

679 0
654 6
24 4

691 4
666 6
24 8

578-9
556 4
22 4

590 5
566 4
24 1

585 1
562 7
22 4

583.6
559 9
23 7

586.6
563 0
23 6

592.7
568.4
24.2

599.2
574.4
24.7

20 1

21 5

20 6

21 1

91 4

21 2

22 1

14 7

15 3

14 9

15 1

15 3

15.0

15.6

4 2

4 6

44

41

4 2

49

51

40

4 4

43

4.0

4.0

[4.8

4.9

76 6

85 3

80 2

82 5

84 2

86 0

88 6

55 0

59 1

56 9

57 9

58.7

59.6

60.0

689.7

SURVEY OF CURRENT BUSINESS
1967

1966
1966

1967

IV

I

II

April 1968

III

IV

IP

1966

1967

64.7

65.5

66.4

67.6

68.6

69.4

679.8 717.9 697.4 700.8 708.7 723.6 738.7 757.9

Less: Indirect business tax and nontax
65.1 69.7 67.0 67.9 69.1 70.2 71.4
liability .
2.8
2.8
2.8
2.8
2.8
2.8
2.7
Business transfer payments.
—2.6 -3.0 -3.8 -4.0 -2.8 -1.2 -3.5
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises

2.2

1.7

2,6

2.3

2.0

1.6

73.0
2.8

.7

1.2

616.7 650.2 634.1 636.4 641.6 653.4 669.3

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.

82.2

79.6

84.6

78.1

78.3

79.2

82.7

38.2

43.0

39.8

42.2

42.5

43.3

44.1

47.4

.0

.0

.0

.0

.0

.0

.0

.0

41.2

49.1

44.7

48.1

48.6

49.6

50.1

52.8

24.2
23.4
2.8

24.7
22.4
2.8

25.5
23.2
2.8

22.3
21.5
2.7

24.1
22.8
2.8

23.2
21.2
2.8

23.7
22.2
2.8

23.9
23.1
2.8

Compensation of employees

-

IP

435.7 469.7 450.2 459.1 463.4 472.6 483.6 497.5
394.6 423.8 407.4 414.7 418.3 426.2 435.9 447.5

Wages and salaries. . . .
Private _.
Military
Government civilian

.. ..

316.7 337.5 326.1 331.4 333.2 339.4 346. 2 355.8
14.7 16.4 15.8 16.1 16.2 16.3 17.3 17.6
63.2 69.8 65.6 67.3 68.9 70.6 72.5 74.0

Supplements to wages and salaries. .. .41.1
Employer contributions for social
insurance
_ _ . 20.3
Other labor income
Employer contributions to private pension and welfare funds
Other
Proprietors' income _ _ _

584.0 626.4 601.6 612.9 619.1 631.0 642.5 658.7

Equals: Personal income

IV

616.7 650.2 634.1 636.4 641.6 653.4 669.3

National income
. . 743.3 785.0 762. 1 766.3 775.1 791.2 807.3 827.3
67.0

III

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

II

Billions of dollars

Billions of dollars

Less: Capital consumption allowances- 63.5

I

IV

1968

Seasonally adjusted, at annual rates

Seasonally adjusted at annual rates

Gross national product

1967

1966

196S

20 8

45.9

42.7

44.4

45.2

46.4

47.6

22.6

21.1

22.2

22.3

22.8

23.3

24.8

23 2

21.7

22 2

22.9

23.6

24.3

25.2

50.0

17 3
35

59.3

58.4

58.6

57.8

57.8

58.8

59.3

59.9

Business and professional
Income of unincorporated enterprises
Inventory valuation adjustment

43.2

43.6

43.4

43.2

43.4

43.8

44.1

44.4

43.6
—.4

44.0
—.4

Farm

16.1

14.8

15.1

14.6

14.3

15.0

15.2

15.5

Rental income of persons

19.4

20.1

19.6

19.8

20.0

20.2

20.4

20.6

Corporate profits and inventory valuation adjustment
- _ _ _ • ...

82.2

79.6

84.6

78.1

78.3

79.2

82.7

83.8

80.7

83.9

79.0

78.9

80.0

85.1

34.5
49.3
21 5
27.8

33.2
47.5
22 8
24.7

34.6
49.3
21 2
28.2

32.5
46.5
22 2
24.2

32.5
46.5
23.1
23.4

32.9
47.1
23.4
23.6

35.0
50.1
22.4
27.6

-1.6 -1.2

.7

O

-.7

22.4

21.1

21.6

22.1

Profits before tax, _
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest. _.

20.2

23.2

-2.3 -4.7
22.7

23.3

23.9

Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
Table 7.—National Income by Industry Division (1.11)
Billions of current dollars
All industries, total
Gross auto product 1

29.8

27.7

29.6

27.9

29.9

Personal consumption expenditures _ 24.9
4.4
Producers' durable equipment
Change in dealers' auto inventories.4

23.9
4.2

24.3
4.3
1.3

Net exports
Exports
Imports

.0
1.3
1.2

—.1
1.6
1.7

24.5 22.2 24.6 24.5
4.3 3.9
4.3 4.3
.6 -1.1 —1.2 -1.2
j
.0 -.3
.1
1.5
l'.6
1.3
1.9
1.6
1.5
1.7
1.7

27.6
1.8

25.3
2.6

27.4
2.1

27.6
2.7

25.0

27.8

i!s

2.0

Addenda:
New cars, domestic 2
New cars, foreign

22.8
2.2

25.3
2.7

25.4
2.6

Billions of 1958 dollars
Gross auto product l.

Transportation
Communication..
.
Electric, gas, and sanitary services
Wholesale and retail trade _ _

25.4
12.7
12.3
92.6

25.5
12.8
12.4
93.5

25.7
13.0
12.6
94.9

26.5
13.2
12.9
96.9

26.9
13.2
13.1
99.2

Finance, insurance, and real estate.. .. 65.6
Services
69.3
Government and government enterprises
84.6
Rest of the world _ _
4.2

70.4
74.7

67.5
71.3

68.4
72.6

69.6
74.1

70.9
75.3

72.5
76.9

93.9
4.6

88.4
4.4

90.8
4.1

92.5
4.2

94.5
4.9

97.6
5.1

27.7

29.9

27.9

29.4

24.0
4.1
-.6

24.7 22.6 25.0 24.6
4.3
3.9
4.3 4.3
.7 -1.1 -1.3 -1.3

23.9
4.1
1.3

Net exports..
Exports
Imports .

.1
1.3
1.2

-.1
1.7
1.7

.1
1.5
1.5

— 2
l'.3
1.6

.0
1.6
1.7

.2
1.9
1.7

-.2
1.8
2.0

Financial institutions.

28.2
1.8

25.5
2.5

27.8
2.1

23.3
2.2

25.8
2.7

25.6
2.6

27.3
2.7

Non financial corporations

Addenda:
New cars, domestic 2. .
New cars, foreign

.

0

1includes

nnuafl^oft^ eriod^h^

vernmen

£°

t purchases, which amount to $0.2 billion

p PreMmina?1 ^gr°SS aUt°pr°duct total by the markuP on b<>th used cars and foreign cars.




22.7 21.8 22.0 21.6 21.3 22.0 22.2
38.2 40.2 38.7 39.8 39.7 40.3 40.9
192.1 196.7 198.8 195.0 194.0 196. 0 201.6
73.2 76.3 75.3 75.9 75.1 75.9 78.1
118.9 120.4 123.5 119. 2 118.9 120.0 123.5
26.1
13.1
12.8
96.1

30.3

28.2

616.7 650.2 634.1 636.4 641.6 653.4 669.3

24.8
12.4
12.1
90.8

Personal consumption expenditures . 25.4
Producers' durable equipment _ _
4.4
Change in dealers' auto inventories..
.4

25.3

.

Agriculture, forestry, and fisheries
Mining and construction
Manufacturing
Nondurable goods
Durable goods

Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
All industries, total
Mutual
Stock
Manufacturing
Nondurable goods...
Durable goods
.. ...
Transportation,
communication,
and public utilities
All other industries

82.2

79.6

84.6

78.1

78.3

79.2

82.7

9.3

9.7

9.6

9.6

9.5

9.6

10.0

1.9
7.4

72.9

69.9

75.0

68.5

68.8

69.6

72.7

43.1
18.7
24.4

39.3
18.0
21.3

44.4
19.2
25.3

39.6
18.4
21.1

38.9
17.8
21.1

38.2
17.7
20.5

40.6
18.3
22.4

11.9
18.0

12.0
18. 6

12.0
18.6

11.7
17.3

11.9
18.0

12.1
19.3

12.3
19.8

SURVEY OF CUREENT BUSINESS

April 1968
1966
•

1966

1967

IV

1967

I

II

1968

III

IV

IP

1966

1967

Seasonally adjusted at annual rates

Table 9.— Gross Corporate Product (1.14)
_ 429.6 450.1 442.2 441.5

462.7

444.5 451.9

Personal income

41.4

39.8

40.3

40.9

41.8

42.5

43.1

38.2

40.7

39.2

39.7

40.4

41.1

41.8

42.6

Income originating in corporate busi352.4 368.0 363.2 361.5 363.1 369.0 378.4
ness
Compensation of employees. _ __ 275.9 294.5 284.5 289.1 290. 5 296.2 302.2 311.2
Wages and salaries246.1 261.4 253.5 257.1 258.0 262.8 267.8 275.1
Supplements,
34.3 36.1
29.8 33.1 30.9 32.0 32.5 33.4
-2.4

Corporate profits and inventory
valuation adjustmentProfits before tax___ _
Profits tax liability
Profits after t a x _ _ _ - :.
Dividends
Undistributed profits
Inventory valuation adjustment- .

78.9 76.0
80.6 77.2
34.5 33.2
46.0 44.0
19.9 21.1
26.1 22.8
-1.6 -1.2

Cash flow, gross of dividends
Cash flow, net of dividends..-

85.0
_ _ _ 65.1

Gross product originating in
financial institutions

17.5

-2.5 -2.4

37.9
36.5

-2.5 -2.5 -2.5 -2.5 -2.5
74.9
75.7
32.5
43.2
20.7
22.5
-.8

75.1
75.8
32.5
43.3
21.6
21.7
-.7

75.3
76.1
32.9
43.2
21.6
21.6

78.7
81.1
35.0
46.1
20.6
25.5
-2.3 -4.7

Net interest

20 8

23.2

21 7

22 2

22 9

23.6

24.3

25.2

Proprietors' income _
Business and professional
Farm

59 3
43 2
16 1

58 4
43.6
14 8

58 6
43 4
15 1

57 8
43 2
14 6

57 8
43 4
14 3

58 8
43.8
15 0

59.3
44.1
15.2

59 9
44.4
15 5

Rental income of persons
Dividends
Personal interest income

19 4 20 1
21 5 22.8
42 4" 46.5

19 6
21 2
44 3

19 8
22 2
45 2

20 0
23 1
46 0

20.2
23.4
46.9

20.4
22.4
48.0

20.6
23.2
49.4

43 9

51.9

47 5

50 8

51 4

52.4

52.9

55.6

20 8

25 7

23 2

24 7

25 6

26.2

26.4

27.9

1.8
5.7
15 6

2.1
6.6
17.5

18 2 1
6.3
6.5
16 2 17 6

2.1
6.5
17.0

2.2
6.6
17.4

1.9
6.7
17.9

2.0
6.9
18.7

85.0
63.3

88.6
68.1

19.0

18.0

18.4

18.6

19.1

19.8

Less: Personal contributions for
social insurance

17 9

20 4

18 7

20 0

20.2

20.5

20.8

22.6

Less: Personal tax and nontax payments

75 2

81.7

79 6

80 2

79.1

82.8

84.7

87.1

424.2 423.1 425.9 432.8 442.9

40.2

38.6

39.1

38.9

37.5

37.9

39.8
38.6

40.6

41.4

4.1.9

39.3

39.9

40.7

7.0

7.1

7.3

7.4

71.5
70.8
30.2
40.6
18.2
22.5
.7

65.3
66.1
28.1
38.0
19.2
18.8

65.6
66.3
28.2
38.1
20.0
18.1
-.7

65. 7
66.5
28.5
38.0
20.1
17.9

79.3
61.1

77.2
57.9

77.9
57.9

78.6
58.5

78.9
59.3

Q

Q

7.5

7.5

68.8
71.1
30.4
40.7
19.0
21.7
-2.3 -4.7
82.1
63.1

Equals : Disposable personal income. . .508.8 544.7 522.0 532.7 540.0 548.2 557.9 571.7
Less: Personal outlays
479 0 505.9 487 4 493 9 504.0 509.6 516.2 532.6
Personal consumption expenditures- 465. 9 491.7 473.8 480.2 489.7 495.3 501.8 517.8
12 4 13 4 12 9 13 1 13.3 13.5 13.8 14.1
Interest paid by consumers
Personal transfer payments to for1.0
.8
.7
.7
eigners. _
.8
.6
.7
.6
Equals : Personal saving.
Addenda:
Disposable personal income :
Total, billions of 1958 dollars
Per capita, current dollars
Per capita, 1958 dollars

Gross product originating in
nonfinancial corporations
383.0 387.9 389.0 384.7 385.3 387.7 393.7

Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
corporations
1. 076 1. 112 1.091
.099

.104

.099

.102

.103

.105

.105

.095
.682
.018

.100
.718
.019

.096
.693
.018

.098
.711
.018

.100
.713
.019

.101
.722
.019

.101
.725
.019

Corporate profits and inventory valuation adjustment
.182
Profits tax liability
.079
Profits after tax plus inventory valuation adjustment .. .103

.171
.074

.184
.078

.170
.073

.170
.073

.169
.073

.175
.077

.097

.106

.097 ,.097

.096

.097

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.
p Preliminary.




34 6

38.8

36.0

38.5

41.6

39.1

456.3 476.5 463 2 470 6 474.9 477.5 482.6 489.4
2 584 2 736 2 639 2 686 2,716 2,749 2,789 2,852
2,317 2,393 2, 341 2,373 2,388 2,394 2,413 2,442

70 3

72 1

Automobile sand parts . ...
29.8
Furniture and household equipment. 29.9
Other
10 6

29.3
32.0
10 9

Food and beverages
Clothing and shoesGasoline and oil
Other

1.100 1.105 1.116 1. 125

.

38.7

Personal consumption expenditures
465.9 491.7 473.8 480.2 489.7 495.3 501.8 517.8

Nondurable goods
Dollars

29 8

Table 11.—Personal Consumption Expenditures by Major Type (2.3)

Durable goods

Billions of 1958 dollars

Capital consumption allowances
_
Indirect business taxes plus transfer
payments less subsidiesCompensation of employeesNet interest

447.5
175. 8
141.0
106.3
73.8
91.7

84.2
62.6

7.3

78.9
60.4

._

435.9
170.8
137.2
103.4
71.9
89.8

83.5
62.8

Corporate profits and inventory
valuation adjustment.
69.7 66. 3
Profits before tax. _ 1 _
._
71.3 67.5
Profits tax liability.
30.3 28.8
Profits after tax _ _ _ _ • _
41. 0 38.7
Dividends
18.5 19.6
Undistributed profits
22.5 19.1
Inventory valuation adjustment. .. -1.6 -1.2
Cash flow, gross of dividends
Cash flow, net of dividends. _

Other labor income.

423.8 407.4 414.7 418.3 426.2
167.2 164.1 165.7 164.8 167.4
134.4 132 6 133 1 132.6 134.6
100.9 96.5
98.7
99.6 101.7
69 5 65 5 67 0 68.8 70.2
86.3 81 4 83 4 85.0 86.9

85.6
66.1

261.3 278.3 269.5 273.7 274.6 279.8 285.3 293.9
233.4 247.4 240.5 243.7 244.1 248.5 253.2 260.2
27.9 31.0 29.1 30.0 30.5 31.3 32.1 33.8
6.7

584 0 626,4 601 6 612 9 619.1 631 0 642.5 658.7

Wage and salary disbursements
394.6
Commodity-producingindustries. _ 159.3
Manufacturing
128.1
Distributive industries
93.9
Service industries _
63.5
Government- .
77.9

85. 3
64.2

o

Income originating in nonfinancial
corporations
337.7 352.0 348.0 346.1 347.5 352.9 361. 6
Compensation of employees.
Wages and salaries
Supplements

IP

Transfer payments
Old-age, survivors, disability, and
health insurance benefits. .
State unemployment insurance
benefits
.
_ _.
Veterans benefits
Other.

Gross product originating in
nonfinancial corporations
412.1 431.2
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies. _

81.2
80.5
34.6
45.9
19.6
26.3
.7

IV

III

Table 10.—Personal Income and Its Disposition (2.1)

39.0

Net interest

II

Billions of dollars

1

Gross corporate product

I

IV

1968

Seasonally adjusted at annual rates

Billions of dollars

Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies

1967

1966

Services
Housing
Household operation
Transportation.. _
Other

70 6

69 4

72.5

72 7

73.8

77.9

29.6
30.6
10.4

27.3
31.4
10.7

29.7
31.9
10 9

29.9
32.1
10.8

30.1
32.6
11.1

33.1
33.9
10.9

207 5 217.5 210 3 214 2 217.2

218.5 220.3 228.0

106.7 110.6 107.2 109. 3 110.1 110.9 112.2 115.7
40.3 42 8 40.8 41.5 43.2 43.7 43.1 45.0
16 2 17 5 16 6 17.1 17.5 17.5 17.8 18.3
44.3 46.6 45.7 46.3 46.4 46.4 47.2 49.0
188 1 202 1 192 9 196 6 200.0 204.1 207.7 211.9
67 1
27.0
13.6
80.4

71 3
28.2
14.7
87.8

68 5
27.7
14.0
82.7

69 6
27.8
14.4
84.8

70.6 71.9
28.1 28.1
14.6 14.8
86.6 89.2

73.3
28.8
15.1
90.6

74.9
29.1
15.4
92.6

Table 12.—Foreign Transactions in the National Income and
Product Accounts (4.1)

Receipts from foreigners ..

43.0

45.3

44.0

45.3

45.1

45.6

45.4

47, (V

Exports of goods and services

43.0

45.3

44.0

45.3

45.1

45.6

45.4

47,0

Payments to foreigners

43.0

45.3

44.0

45.3

45.1

45.6

45.4

47.6

37.9

40.6

39.7

39.9

39.8

40.2

42.4

44.9

Transfers to foreigners
Personal
Government

2.9
6
2.3

2.9
8
2.1

2.5
.6
1.9

2.9
.7
2.2

3.1
1.0
2.0

3.1
.8
2.3

2.7
.7
2.0

?.8
.7
2.1

Net foreign investment

2.2

1.8

1.8

2.5

2.3

2.3

.3

-.2

Imports of goods and services .

SURVEY OF CURRENT BUSINESS

6

1966

1967

I

IV

IV

III

II

1966

1968

1967

1966

April 1968

1966

IP

1967

I

IV

1967

Table 13 —Federal Government Receipts and Expenditures (3.1, 3.2)

61.7
32.3

Personal tax and nontax receipts
Corporate profits tax accruals. _
Indirect business tax and nontax
15.9
accruals
Contributions for social insurance. __ 33.3

148.6

77.0
60.5
:... 16.5

149.1

65.2
32.3

65.5
30.3

64.0
30.3

67.5
30.6

69.1
32.5

71.2

16.6
37.7

16.3
34.7

16.2
37.0

16.5
37.2

16.7
38.0

17.0
38.7

17.5
41.8

89.9
72.5
17.4

160.9

162.8

165.9

167.9 174.8
92.2
74.2
18.0

95.7
76.6
19.1

81.5
65.6
15.9

87.1 89.5
70.2 72.5
16.8 17.0

43.5
41.2
2.3

43.3
41.3
2.0

45.8
43.7
2.1

90.9
73.3
17.6

Transfer payments. - To persons...
To foreigners (net).

36.0
33.7
2.3

42.9
40.7
2.1

38.8
36.9
1.9

42.2 42.4
40.0 40.3
2.2 2.0

Grants-in-aid to State and local governments

14.8

16.0

15.6

15.6

15.3

16.0

17.1

18.2

9.5

10.5

10.0

10.4

10.4

10.5

10.7

11.0

Net interest paid
Subsidies less current surplus of government enterprises
Surplus or deficit (—), national
income and product accounts

Personal consumption expenditures

State and local government expenditures _
Purchases of goods and services
Transfer payments to persons
Net interest paid
Less: Current surplus of government
enterprises
Surplus or deficit (—), national
income and product accounts

5.4

5.1

5.9

5.6
-11.9

.3 -12.5 -3.3

5.3

5.0

4.6

4.1

-14.7 -13.2 -10.7

Government surplus or deficit (—),
national income and product
accounts
Federal
State and local
Gross investment
Gross private domestic investment
Net foreign investment
Statistical discrepancy
p

Preliminary.




120.0

Gross private domestic investment
Fixed investment
Nonresidential. _

112.5 116. 1 113.7 114.4 115.0 116.8 118.2

.-

110.2 113. 1 111.6

112.2 112.2 113.2 114.6

118.4 122.8 120.1 121.0 121.5 123.8 125.0
Structures
Producers' durable equipment-- 106.2 108.9 107.7 108.2 108.3 108.8 110.3
120.9 128.0 123.2 123.8 126.2 129.9 131.0
121.1 128.1 123.4 124.0 126.4 130.1 131.2
114.1 120.4 115.9 117.3 118.8 122.4 123.2

Residential structures Nonfarm
... ..
Farm
Change in business inventories
Exports.
Imports.

..

105.4 106.7 106.7
104.1 104.3 104.3

119.1 121.3 120.2 120.5 120.3 121. 0 123.4
129.0 133.8 130.8 131.9 132.9 134.7 135.6

Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)

84.7

91.8

87.9

89.3

90.4

92.6

95.0

13.5
2.3

15.2
2.3

14.3
2.3

14.7
2.1

15.1
2.1

15.4
2.3

15.6
2.5

15.9

49.2
4.9
14.8

53.1
5.3
16.0

50.6
5.0
15.6

51.7
5.2
15.6

52.6
5.3
15.3

53.5
5.4
16.0

54.4
5.4
17.1

55.5
5.6
18 2

Services

122.1 126.6 123.8 124.9 125.9 127.0 128. 6

81.8

91 7

84.9

88 3

90 6

92 7

95 1

97 8

Structures

120.1 125.3 122 0 122 6 123.8 126.9 127. 8

77.2
7.5
.3

86.4
84
.2

80.2
7.8
.3

83.3 85.4
8.1 8 3
.2
.2

87.4
85
2

89.5
88
2

91.9
91
3

Addendum:

3.3

34

3.4

3.4

33

34

34

34

2.9

.1

3.0

1.0

2

-.1

-.2

Gross national product

113.9

Goods output

119.5 129.3 128 2
29 8
27.8

38 7
24.7

34 6
28.2

Durable goods
Nondurable goods

103.1 105.5 104. 5 104.9 104.8 105.5 106.7
110. 4 112.5 111.5 111.5 112.0 113.1 113.4

Gross auto product. .

98.2

—1 6 — 1 2

7

— 8

Private
Business
Nonfarm ... _
Farm

36 0
23.4
7

38 5
23.6
g

41 6
27.6
23

4 7

39 1

3q o

41 4

39 8

40 3 40 9

41 8

42 5

43 1

24.5
.0

25 7
.0

24 9
.0

25 2
.0

25 8
.0

26 1
.0

26 3
.0

25 5
.0

99.8

99.0

98.8

98.8

99.8 101.5

Table 18.—Implicit Price Deflators for Gross National Product by
Sector (8.4)

127 7 125.1 129 0 135 5
38 8
24.2

117.3 115.3 116.0 116.6 117.7 118.8 120.0

107.3 109.6 108.5 108.8 109.0 109.9 110.6

Gross national product

Personal saving
Undistributed corporate profits
Corporate inventory valuation adjustment-Corporate capital consumption
allowances
Noncorporate capital consumption
allowances
Wage accruals less disbursements ....

114.3 112.7 113.2 113.7 114.8 115.6

Government purchases of goods and
services
.
... 123.9 127. 1 125.2 125.8 126.1 127.4 129.1

Table 15.—Sources and Uses of Gross Saving (5.1)
Gross private saving

117.3 115.3 116.0 116.6 117.7 118.8

111.5

Net exports of goods and services

Table 14.—State and Local Government Receipts and Expenditures
(3.3,3.4)
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals
_ _ ..
_
Contributions for social insurance
Federal grants-in-aid _

113.9

98.6 100.0 99.4 99.5 99.5 100.1 101.1
110.6 112.7 111.6 111.7 •112. 2 113.3 113. 8
118.3 122,5 119.9 120.9 121.9 123.0 124.1

Durable goods
Nondurable goods _
Services .

Federal
State and local

State and local government receipts

IP

Table 16.—Implicit Price Deflators for Gross National Product (8.1)
Gross national product _

148.1 152.7 157.3

66.5
31.0

142.9 164.3 151.9

Federal Government expenditures
Purchases of goods and services
National defense
Other

151.8

IV

Index numbers, 1958=100

Billions of dollars

143.2

III

Seasonally adjusted

Seasonally adjusted at annual rates

Federal Government receipts.

II

1968

117.3 115.3 116.0 116.6

111.6

114.7 112. 9 113.5 114.0 115.1

117.7 118.8 120.0
116.0

111.0 114. 1 112.3 112.9 113 4 114.6 115 4
111.0 114.7 112.5 113.4 114.0 115.2 116.1
110 7 99 7 106 7 99 3 98 8 100 6 100 3

Households and institutions .
General government _

113.9

137.0 140.6
139.2 144.5 141.0 142.3 143.4 144.5 147.7

HISTORICAL DATA
3 2 — 12 4 _ 3 —10 8 —15 0

13 3

10 8

.3 —12 5 —3 3 —11 9 —14 7
1 30
2
29
10
120 2 114 0 124 0

13 2 10 7
2
^
112 9 107 3 114 5 121 1 119 2

118.0 112.1 122.2 110.4 105. 1 112.2 120.8 119.4
3
2
2.2
18 18
25 23 2 3
—2 6

30

38

4 0

28

12

9 e

Historical national income and product data are available from
the following sources:
1964-66: July 1967 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).

SUKVEY OF CURRENT BUSINESS

April 1968

1967 GNP by Major Industry
AS the rise in demand slackened from
1966 to 1967, real output increased only
2% percent, the smallest annual gain
since 1961. The slowdown in the advance in output occurred in the nonfarm sector and was concentrated in
goods-producing and goods-distributing
industries, which had expanded sharply
from 1965 to 1966 (chart 3). These
industries accounted for only 25 percent
of the 1967 increase in real output in
contrast to their contribution of almost
75 percent of the 1966 gain. The output
of the service-type industries, on the
other hand, advanced at about the same
rate in 1967 as in 1966 and was the
principal source of growth in 1967.
Farm production rose in 1967 following
a decrease the year before.
The increase in wage rates accelerated
in 1967 and with productivity growth
slowing down, unit labor costs rose even
more sharply than they had the year
before. Some of this cost increase was
absorbed by cuts in profit margins, but
most of it was passed on in higher
prices, which advanced more rapidly
than in 1966. This particular pattern
stands out in the goods-associated industries. The decline in farm prices
was an important offset to the price rise
in the nonfarm sector.
Changes in nonfarm output

The reduced rate of output expansion in 1967 was due largely to the decline in inventory accumulation, the
leveling in business fixed investment,
the slackened demand for consumer
durables, and the auto strike late in the
year. As a result, real manufacturing
output, which had increased 8% percent
from 1965 to 1966, showed practically
no change from 1966 to 1967. Within
manufacturing, production of durable
goods industries declined about 1 percent in 1967 after a 1.0 percent gain in
1966; output of nondurable goods industries was only 1 percent higher than
in 1966, following a 1966 gain of about
7 percent. Mirroring the slowdown in
manufacturing, output in transporta-




Preliminary 1967 estimates of GNP
in current and constant dollars and implicit price deflators, by major industry,
are presented here for the first time.
The data show that the slowdown in
demand last year had its greatest impact in the nonfarm sector, particularly
in manufacturing, transportation, and
trade. These industries also experienced
sharp increases in unit labor costs and
prices.

other costs, prices in the private nonfarm business sector rose 3.3 percent in
1967 after a 2.1 percent rise in 1966 and
an average annual increase of 1.1 percent from 1961 to 1965. As table 2
indicates, a step-up in the price rise in
1967 occurred in most of the industries.
Farm output and prices

The farm sector showed a pattern of
change significantly different from that
of the nonfarm sector. Real output in
1967 increased by almost 7 percent as
compared with a 4% percent decline
from 1965 to 1966. Moreover, the price
deflator for farm output declined
sharply in 1967.
CHART 3

tion and trade increased less rapidly
than in 1966.
Production in most service-type industries showed rates of increase similar
to those of 1966. An exception was electric, gas, and sanitary services, where
the output rise accelerated significantly.
Nonfarm costs and prices

Unit labor costs, as measured by employee compensation per unit of real
output, continued to increase for the
economy as a whole, particularly for
the nonfarm business sector. The advance in 1967 exceeded that of the previous year and was far greater than the
average rise in the 1961-65 period (table
2). Higher Social Security costs, the
rise in minimum wage rates, and higher
wage settlements contributed to the
1967 advances in wage rates. The 1967
increases in unit labor costs were especially sharp in the manufacturing, transportation, and trade industries, where
output was either unchanged or rose
little and productivity gains were small.
Communications and electric and gas
utilities, where output gains were relatively large, were the only major groups
experiencing lower unit labor costs last
year.
Contrasting with the rise in the unit
labor and other costs, profits per unit
of output declined from 1966 to 1967,
according to preliminary estimates.
Declines were widespread but were
most marked in manufacturing, transportation, and trade.
With labor costs up sharply and with
profits absorbing only part of these and

Last year's slowdown in real GNP growth.,.
Percent Change

-5

0

5

10

I

TOTAL GNP

1966-67
1965-66

I

centered in nonfarm commodity producing
and distributing industries...
Mining &
Contract Construction

with some offset from the sharp improvement
in these industries
Electric, Gas &
Sanitary Services

\

1

Output growth was about maintained
in other industries
Services
Finance, Insurance
& Real Estate
Communication
Govt. & Govt. Enterprises

U.S. Department of Commerce, Office of Business Economics

1

8

SUEVEY OF CURRENT BUSINESS

April 1968

Table 1.—Gross Product in Current and Constant Dollars and Implicit Price Deflators, by Industry, 1964-67
Current dollars 1 (Billions)

Constant dollars 1 (Billions of
1958 dollars)

Index of gross
product in 1958
dollars2 (1958=100)

1964

1964

1965

1966

1967 *

1964

1965

1966

1967 v

632.4

683.9

743.3

785.0

581.1

616.7

652.6

669

22.2
13.2
28.7

25.3
13.6
31.6

26.7
14.2
34.2

26.0
(5s)
()

23.0
14.4
23.3

24.9
14.8
23.7

23.7
15.5
24.1

25
(5s)
()

M anuf acturing
Transportation
Communication

180.3
26.6
13.8

197.8
28.9
14.8

218.6
31.1
16.0

224.3
32.8
17.4

173. 7
26.2
13.2

190.1
28.7
14.4

206.4
31.1
15.7

206
32
17

Electric, gas, and sanitary services
Wholesale and retail trade
Finance, insurance, and real estate

15.7
104.9
86.7

16.5
112.1
92.9

17.4
121.3
98.8

18.4
128.8
105.9

15.3
98.9
78.3

16.0
104.7
82.6

16.5
111.0
85.9

66.4
71.2
4.0

71.4
76.8
4.2

77.4
86.1
4.2

83.2
95.6
4.6

54.7
56.1
3.9

57.2
58.0
4.1

-1.3

-2.0

-2.6

-3.0

-.5

569.4
527.6
20.6

616.1
569.8
23.6

666.7
617.6
24.8

699.6
649.6
24.0

532.0
492.1
22.3

All industries, total (GNP)__.
Agriculture, forestry, and fisheries
Mining
Contract construction _ .

Services
Government and government enterprises
Rest of the world .
Residual *.
Addenda
Private sector
Nonfarm business
Farm

_

The rise in farm production during
the year reflected an increase in the
volume of farm marketings and a rebuilding of inventories, which had
decreased in 1966. With prices received
by farmers falling from the post-Korean
high reached in 1966 and with prices
paid by farmers increasing slightly,
there was a decrease of almost 10 percent from 1966 to 1967 in the implicit
price deflator for the farm sector.

(Continued from page 2)

1964

145.9

149.6

108.8

107.8
125.7
116.7

115.3
(55)
()

94.2
91.7
123.1

153.7
136.7
162.3

166.9
148.5
176.8

166.6
151.3
189.4

103.8
101.7
104.6

142.5
131.6
132.2

149.3
139.4
139.6

154.5
147.8
145.2

163.7
152.4
151.4

127.5
118.6
192.1

133.2
122.7
202.7

138.9
131.6
198.3

131. 3
132.7
107.2

139.7
141.3
113.2

147.5
150.0
107.6

1966

129.9

137.9

107.2
116.6
112.9

113. 1
120.0
114.6

140.4
124.8
149.3

17^
114
89^

59.6
62.2
4.0

62
67
4

-2.5

-3.3

-4

595.9
524.2
23.6

597.5
556.4
22.4

610
566
24

1965

1966

1967 '

110.9

113.9

117.3

101.7
91.5
133.1

112.6
91.5
141.6

102.4
(5s)
()

104.0
101.0
103.0

105.9
99.8
102.5

108.8
103.6
103.7

102.9
106.1
110.8

103.0
107.0
112,4

105. 2
109.2
115,0

105.2
112.5
118.3

144.4
142.2
217.9

121.2
127.0

125.0
132.5

129.8
138.4

134.3
142.3

150.6
152.7
115.5

107.0
107.2
92.3

108.9
108.7
100.0

111.6
111.0
110.7

114.7
114.7
99.7

by the corresponding gross product in constant (1958) dollars based on unrounded data.
They may therefore differ from figures computed from published figures.
4. Represents difference between GNP measured as sum of final products minus sum of
gross product originating by industries.
5. Data not shown separately but included in totals.
Source: U.S. Department of Commerce, Office of Business Economics.

Table 2,—Percent Change in Implicit Price Deflators and Unit Labor Costs, by Major
Industry
Unit labor costs

Implicit price deflators
1961-65
All industries, total GNP
Agriculture, forestry, a n d
Mining
1
Contract construction
M anuf acturing
Transportation
Communication

2

fisheries

_._____.

1

. ..

Electric, gas, and sanitary services
Wholesale and retail trade
Finance insurance, and real estate

The Business Situation

1967 v

1965

NOTE.—Dash line (—) not applicable.
J> Preliminary.
1. Detail may not add to totals because of rounding.
2. Indexes are based on unrounded data and may therefore differ from ones computed from
published figures.
3. Implicit deflators are calculated by dividing the total gross product in current dollars

:

Implicit deflators 3 (1958=100)

Services
_
Government and government enterprises
Addenda:
Private sector
Nonfarm business
Farm

-

1965-66

1966-67

1961-65 1

1965-66

1966-67

1.5

2.7

3.0

1.2

4.5

5.1

1.8
-1.4
5.1

10.7
.0
6.4

-9.1
(38)
()

-.3
-.2
5.0

7.9
.4
8.5

-3.9

.3
.0
-.1

1.8
-1.2
-.5

2.7
3.8
1.2

-.9
-1.8
-1.5

2.9
-.3
1.5

5.7
5.3
-1.5

-.1
.7
1.3

2.1
2.1
2.3

.0
3.0
2.9

-.8
.8
.6

2.9
2.9
4.5

-.1
5.1
5.4

3.4
4. 1

3.8
4.5

3.5
2.8

3.6
3.8

5.7
4,8

5.6
2.7

1.2
1.1
1.5

2.5
2.1
10.7

2.8
3.3
-9.9

.9
17
-1.3

4.3
3.9
6/4

4.8
5.2
-4.9

(3)
(*)

ing wages and Social Security benefits—
frequently dominated month-to-month
1. Average annual compounded rate of change between initial and terminal years.
2. Includes "Rest of the world," and the "Residual."
changes, especially in production, em3. Data not shown separately but included in totals.
ployment , and income. One exception
U.S. Department of Commerce, Office of Business Economics.
to this irregular pattern during the
quarter was retail sales, which rose gain of about $2 billion, the result of contribute a sizable boost to April
sharply in March for the third month widespread but moderate industry in- employment.
Industrial production, which was adin a row, according to advance reports. creases.
versely
affected by strikes throughout
The rise in payrolls reflected conThe March sales rise reflected increases
the
quarter,
rose about % of 1 percent
tinued increases in wage rates and a
for several lines of trade.
in
March
to
regain the level reached
Most other indicators of activity also rise of about 150,000 in nonfarm establast
December.
The March rise was due
rose in March. Personal income ad- lishment employment; weekly hours of
vanced $6.7 billion, making the fourth work edged down slightly. Last month's primarily to an improvement in duratime in the past 5 months that the employment gains were concentrated in ble goods manufacturing. Steel producincome rise has totaled $6% billion or service industries and government. Em- tion showed a modest seasonally admore. The March income flow included ployment in manufacturing and mining justed gain but automobile production
a $3% billion rise in transfer payments, remained at the February level, but the advanced about 10 percent. If current
most of which was attributable to the settlement of the strikes in the glass- schedules are met, assemblies in April
statutory increase in Social Security container industry late in March and will be about the same as the March
benefits. Wages and salaries showed a in copper mining early in April should seasonally adjusted rate.



By ROBERT B. BREtZFELDER

Regional Changes in Personal Income, 1965-67
Jt ERSONAL income in the fourth
quarter of 1967 was at a record level in
every region and in 42 States (table 1).
In the eight States showing a fourth
quarter dip, income had been at a
record high in the preceding quarter.
From the third to the fourth quarter
of last year, the largest regional gains
in personal income (from 2% to 2%
percent) were registered in the Rocky
Mountains, Plains, Far West, and New
England. Average income advances
(from 1% to 1% percent) occurred in the
Southeast, Southwest, and Mideast,
while income in the Great Lakes rose
only 1 percent.
The largest regional gains—those in
the Rocky Mountain and Plains
States—reflected strong increases in
agricultural income as well as in construction and trade. In the Far West
and New England, income increases
were widespread among the various
industries, but the most pronounced
rise occurred in durable goods manufacturing payrolls. In New England,
construction also advanced sharply.
In contrast, most income shares rose
sluggishly in the Great Lakes States,
where durable goods manufacturing
payrolls contracted slightly, mainly
because of strikes in the motor vehicle
industry.

This article presents preliminary estimates of personal income, by States and
regions, for the fourth quarter and full
year 1967. A special analysis of differential rates of income change by region
points out that the pronounced differences in rates that are apparent over
the long run narrowed considerably in
1965-66, when the economy was expanding very rapidly, but reverted to the
long term pattern when the expansion
slowed down in 1967.

(7% percent). Advances in New England
and the Rocky Mountain regions were
of average proportions (about 7 percent)
while less-than-average gains occurred
in the Great Lakes (6 percent) and the
Plains (5% percent).
As table 2 shows, both manufacturing
and Federal civilian payrolls grew at
relatively rapid rates in the Southwest,
Far West, and Southeast. In addition,
military payiolls rose sharply in the Far
West, and farm income was especially
well maintained in the Southeast. In
the large and diversified Mideast, earnings in all major industries expanded
at approximately average rates. The
small size of the total income rise in
the Great Lakes was due to the slow
growth in manufacturing wages and
salaries and a sharp decline in farm
income in that region. In the Plains
Personal income in 1967
States, a drop of more than 15 percent
From 1966 to 1967, personal income in agricultural income limited the
rose a little less than 7 percent in the increase in total income.
country as a whole.1 Above-average Per capita income in 1967
gains were registered in the Far West
As a result of the widespread gains in
(8 percent), Southwest (7% percent), total personal income last year and
Southeast (7% percent), and Mideast

1. State personal income differs from national personal
income in that wages and salaries of Federal employees
temporarily stationed abroad are excluded from the former
and included in the latter.




NOTE.—The estimates of State personal income were
prepared in the Regional Economics Division under the
supervision of Edwin J. Coleman and Q. Francis Dallavalle.
The quarterly estimates were constructed by Marian Sacks;
the annual estimates were prepared by Barbara Beacham,
Sandra Bodine, Margaret Cannon, Vivian Conklin, Linnea
Hazen, Elizabeth H. Queen, Roselee Roberts, and Sumner
Steinfeldt.

the equally widespread but smaller
increases in population, per capita
income (total income divided by total
population) was higher in 1967 than
in 1966 in every region and in every
State. Although incomes in the Nation
averaged $3,137 in 1967, there were
large differences among the States. As
the accompanying map shows, State
per capita incomes in 1967 ranged from
$3,865 in Connecticut to $1,895 in
Mississippi. Others in the top rank—all
above $3,600—include New York, Illinois, Delaware, California, Alaska,
Nevada, and New Jersey. Tables 3 and 4
present annual estimates of total and
per capita personal income for the
entire period 1948-67.
Regional Trends in Personal
Income
The rest of this article is devoted to
a discussion of changes in personal
income growth rates by regions. It first
summarizes postwar trends up to the
beginning of the Vietnam buildup in
early 1965; it then examines the shifts
that occurred during the rapid economic
expansion of 1965-66; finally, it evaluates changes over the course of the year
1967.
Over the postwar period, there have
been continuing and substantial regional differences in rates of income
growth. Broadly speaking, personal income has expanded much more rapidly
in the South and West than in the North
and East. With the rapid economic
upturn of 1965 and 1966, a pronounced
narrowing of differentials occurred, as
income in all regions rose at comparatively uniform rates. In 1967, when the
pace of the expansion slowed down for
the Nation as a whole, regional differences in rates of income increase reverted to their long term pattern.
9

SURVEY OF CURRENT BUSINESS

10
Long term trends

grew about 30 percent faster than that
From 1948 to 1965, personal income in the New England, Rocky Mountain,
rose in every region and in every State, Great Lakes, Mideast, and Plains rewith sizable and persistent regional gions taken together.
differences in rates of increase. The
When the 17-year span is divided
largest gains occurred in the western into four periods, each starting and
and southern sections of the country, terminating with a cyclical peak in
and the smallest in the northeastern business activity, relative differences in
and north central areas. From the regional trends in economic growth are
cyclical peak in late 1948 to the first found to be of about the same magniquarter of 1965 (the last quarter not tude in each subperiod as in the longer
greatly affected by the Vietnam situa- period.2 Thus, the pattern of regional
tion), personal income in the Far West, expansion in periods of secular growth
Southeast, and Southwest combined has been pervasive during the postwar

April 1968

years. Table 5 shows the data for each
of the eight regions for the four selected
timespaiis.
The consistency of the growth trends
in individual regions is striking. Among
the eight regions in the four subperiods
from 1948 to 1965—32 observations in
all—only three departures from the
pattern may be noted. From 1948 to
2 For this purpose, business activity is measured by real
gross national product. The periods used extended from the
fourth quarter of 1948 to the second quarter of 1953, from
the second quarter of 1953 to the third quarter of 1957, from
the third quarter of 1957 to the first quarter of 1960, and
from the first quarter of 1960 to the first quarter of 1965.
CHART 4

Per Capita Personal Income, 1967

3,624
C 3,700
3,434
4,268 (D.C.)

UNITED STATES $3,137
Over $3,500
$3,125 - $3,499

3,326

U.S. Department of Commerce, Office of Business Economics




$2,750 - $3,124
|

| $2,400 - $2,749

|

| Under $2,400

SURVEY OF CURRENT BUSINESS

April 1968

11

Table 1.—Quarterly Total Personal Income, by States and Regions
[Millions of dollars, seasonally adjusted at annual rates]
IS 64

State and region

1966

18 65

1967

I

II

III

IV

I

II

III

IV

I

II

III

IV

Ii

Hi

mi

IV

United States

481,998

490, 054

4fw* 441

507,767

517 370

527 159

541 524

552 805

564,398

573,803

585,578

597, 690

607,314

613,402

625, 453

636, 106

New England

30 547

31 055

31 612

32, 278

32 460

33 189

33 971

34 648

35 268

35 947

36,641

37,781

38, 085

38,448

39, 101

39,993

2,034
1,569
830

2 072
1 594
845

2 100
1* 624
866

2 189
1 641
890

2 211
1 666
901

2 292
1 766
968

2 330
1*794
995

2 361
1,836
1,029

2 390
1,873
1,042

2,438
1,913
1,074

2,496
1,980
1,120

2,504
2,016
1,138

2,517
2,037
1,128

2,580
2,089
1,172

2,594
2,143
1,192

15, 052
2,276
8,786

15 289
2,326
8 929

15 536
2,376
9 no

15 838
2,426
9 294

15 830
2,426
9 426

16 176
2,453
9 682

16 734
2 568
9 643

16 876
2 581
10 072

17,222
2,646
10 174

17, 472
2,694
10 476

17, 752
2,743
10, 721

18, 243
2,831
11, 111

18, 516
2,869
11,042

18, 735
2,847
11, 184

19,003
2,926
11,331

19,382
3,013
11, 669

117, 613

119 565

121 959

123 732

125 179

127 009

130 585

132 461

135 045

137 150

139 036

142,437

145,522

147,253

149, 200

151,417

54, 942
20,046
28, 939

55, 736
20, 327
29 581

56 731
20,729
30 218

57 205
21,087
30 842

58,026
21, 346
30 974

58 762
21 769
31 408

60 274
22 479
32 304

61 122
22 766
32 775

62, 255
23,198
33 523

63,179
23, 562
34 047

63,936
23,802
34,662

65,286
24,492
35, 493

66,919
24,966
36,066

67, 910
25,308
36, 214

68,872
25, 403
36, 752

69, 557
25,833
37,464

1 629
10 326
2,878

1 651
10* 510
2,909

1 711
10 822
2,995

1 754
10 987
3,057

1 774
11 199
3,096

1 795
11 431
3,136

1 816
11 646
3,174

1,854
11,995
3,317

1,912
12, 331
3,328

1,919
12, 502
3,400

1,977
12, 713
3,483

1,932
13,030
3,601

Maine
New Hampshire
Vermont _
Massachusetts
Rhode Island
Connecticut
Mideast
New York
New Jersey—
Pennsylvania
Delaware
Maryland _
District of Columbia-

1 500
9,398
2, 788

1 522
9 606
2,793

1 578 1 600
9 854
10 145
2,853
2,849

2 253
1 700
925

101,759

103, 610

106 049

107 699

110 969

113 383

116 079

119 798

121 503

123 231

126,787

128,688

130, 434

130, 638

134, 177

135,564

Michigan
Ohio
Indiana

21, 979
26,097
_ . . 12, 240

22 464
26, 482
12, 425

23 070
27 135
12 749

23 285
27 565
12,894

24 328
28 248
13, 470

25 059
28 686
13 828

25 516
29 402
14* 155

26 788
30 194
14 670

26 752
30 826
14 840

27 204
31 250
15 019

28 254
31,991
15, 433

28,523
32,601
15,622

28, 192
33, 092
15,993

28, 867
33, 026
15, 824

29,838
33, 819
16, 183

29, 602
34, 423
16, 821

Illinois
Wisconsin

31, 308
10 135

31, 915
10 324

32 575
10 520

33 179
10 776

33 926
10 997

34 609
11 201

35 504
11 502

36 449
11 697

37 073
12 012

37 611
12 147

38,516
12 593

39, 135
12 807

40, 170
12 987

39, 971
12 950

40, 925
13, 412

41.235
13, 483

37, 205

37,537

38 160

38,903

40 007

41 332

42 582

43 444

44 221

44 718

45,739

46,710

46,776

46,970

48, 162

49,310

--_-_._

8,478
6, 519
10,800

8,553
6, 550
10 905

8 650
6 667
11 116

8 803
6 860
11 267

9 093
7 071
11 528

9 368
7 450
11 802

9 825
7 873
12 446

10 059
8 022
12 599

10 174
8 148
12 694

10 528
8,320
12 941

10, 730
8,542
13 179

10,831
8,360
13 584

10, 894
8, 432
13 561

11, 305
8,535
13,857

11, 545
8,737
14,098

North Dakota
South Dakota _
Nebraska
_.. .

1 262
1,327
3,402

1 256
1 282
3,447

1 290
1 319
3 505

1 340
1 347
3 579

1 412
1 427
3 663

1 493
3 809

9 706
7 693
12 118
i fjii
1 562
3 881

1 558
1 568
3 987

1 560
1 633
4 049

1 519
1 640
4 098

1 509
1*637
4 250

1, 512
1, 813
4,244

1,712
1,694
4,416

5 922

6 081

6 187

6 299

6 445

6 554

6 737

6 624

6 756

6,896

7, 108

102, 024

103 575

105 595

107, 187

Great Lakes

Plains
Minnesota
Iowa
Missouri

1 AQQ

1 539
1 601
4,322

1 587
1 684
4,106

1 543
1 685
4,099

Kansas

5, 417

5 544

5 613

5 707

5 813

Southeast

79, 138

80 466

81 988

83 945

85 803

87 277

90 099

91 953

94 447

96 443

98 555

100 484

Virginia
West Virginia
Kentucky..

9,554
3,362
6,000

9,754
3 418
5,894

10 049
3 475
5 955

10, 252
3 563
6 060

10 416
3 592
6,256

10 534
3 649
6* 436

10 900
3 746
6*633

11 072
3 783
6*730

11 335
3 862
6 899

11 497
3 854
7*007

11 680
3 955
7*264

12,016
4 075
7 391

12, 370
4 130
7,490

12,480
4 126
7,608

12,660
4,220
7,692

12, 859
4,362
7,658

Tennessee _.
North Carolina..
South Carolina

6,982
9,029
4 141

7 043
9,233
4 224

7 192
9 335
4 290

7 348
9 700
4 446

7 595
9 895
4 516

7 694
9 992
4 624

7 962
10*282
4 850

8 132
10 458
4 949

8 335
10 913
5 134

8 550
11 205
5 260

8 711
11*462
5 388

8 843
11,682
5 443

9,132
11,608
5 523

9 133
11, 815
5 570

9,274
12,154
5,702

9,351
12, 619
5,728

8, 365
12,552
5 892

8, 534
12, 862
6 016

8 748
13,084
6 162

8 922
13, 410
6 319

9 185
13, 626
6 510

9 374
13 882
6 605

9 647
14 337
6 781

9 954
14 661
6 890

10 195
14 885
7 053

10 476
15 195
7 226

10 646
15 681
7 290

10, 973
15,856
7 437

10,930
16,061
7, 612

11, 175
16, 558
7 610

11, 473
17,274
7,696

11, 743
17,164
7,753

3,366
6,597
3,298

3,389
6,737
3 362

3 444
6,846
3 408

3 490
6 964
3 471

3, 585
7,135
3 492

3 678
7,280
3 529

3 812
7 544
3 605

3 911
7 729
3 684

4 039
7 935
3 862

4 185
8 082
3 906

4 142
8 368
3 968

4,237
8,547
3 984

4,346
8,729
4,093

4,512
8,842
4 146

4, 319
8,974
4, 157

4, 619
9,273
4,058

32, 939

33, 661

34 261

34 782

35,358

36 074

36 996

37 692

38 778

39 399

40 217

41 084

41, 590

42 511

43, 168

43,851

5 095
22, 334

5 186
22, 862

5 250
23 312

5 343
23* 668

5 484
24030

5 571
24* 553

5 734
25 198

5 856
25 688

5 996
26 475

6 007
26 973

6 126
27* 592

6 258
28 190

6 424
28 446

6 465
29 120

6,576
29, 766

6,716
30, 207

2,064
3,446

2,101
3 512

2, 138
3 561

2,159
3 612

2,191
3 653

2, 244
3 706

2,314
3 750

2,316
3 832

2,354
3 953

2,388
4 031

2,376
4 123

2,436
4 200

2,460
4,260

2,500
4,426

2,403
4,423

2,512
4,416

10, 930

11,007

11 121

11 281

11 504

11 650

11 985

12 237

12 407

12 564

12 668

12 913

13 335

13 384

13,412

13,768

1,581
1 422
820

1,580
1 437
821

1 599
1 468
828

1 610
1 520
836

1 652
1 620
*840

1 684
1 624
845

1 732
1 691
'846

1 780
1 718
858

1 789
1* 744
*860

1 828
1 726
878

1 864
1*696
880

1 882
1 732
*876

1 881
1 813
932

1 905
1 773
934

1,925
1 806
974

2,024
1,901
935

4,918
2,189

4 946
2 223

5 017
2 209

5 065
2 250

5 090
2 302

5 181
2 316

5 348
2 368

5 464
2*417

5 569
2 445

5 662
2*470

5 720
2 508

5 840
2 583

6 036
2 673

6,095
2 677

6,049
2, 658

6,194
2,714

69, 266

70 485

71 549

72 359

73 288

74 414

76 307

77 610

79 654

81 285

82 816

84 321

86 215

87,275

89,282

91,462

7,941
4 792

8 025
4 870

8 129
4*987

8 242
5 034

8 346
5 215

8 468
5 275

8 766
5 402

8 949
5 524

9 325
5 593

9 553
5 733

10 014
5*732

10 284
5 892

10 398
5 928

10 410
6 032

10, 852
6 106

11, 324
6,357

1,328
55 205

1,335
56 255

1 373
57 060

1 389
57 694

1 406
58 "321

1 425
59 246

1 448
60 691

1 452
61 685

1 502
63 234

1 506
64 493

1 498
65 572

1 521
66 624

1,599
68 290

1,599
69 234

1,600
70, 724

1,642
72, 139

804
1 938

833
1 955

830
1 972

846
1 985

858
2 062

872
2 090

869
2 206

885
2 181

902
2 217

963
2 309

974
2 359

972
2 376

965
2,391

1,038
2,516

Georgia
Florida
Alabama

.

Mississippi
Louisiana
Arkansas
Southwest

__

..

Oklahoma
Texas
, ._
New Mexico
Arizona
Rocky Mountain
Montana
Idaho
Wyoming
Colorado
Utah
Far West
Washington
Oregon
Nevada
California
Alaska
Hawaii 1

.
_

750
1 851

769
1 899

1. Revised.
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.

SURVEY OF CURRENT BUSINESS

12

Table 2.—Percent Changes in Selected Shares of Personal Income, by States and Regions,
1966-67
Earnings of persons engaged in production *
Total
personal
in- Farm
come

State and region

United States ...
New Ejiud&iid

6.9

-6

Mining

TransFiportaConWhole- nance, tion,
tract Manu- sale
insur- comcon- facturand
ance, muniretail
strucing
and cation,
tion
trade
and
real
estate public
utilities

3

5

6

6

8

6

Government

Federal
civilian

Services

Federal
military

State
and
local

8

7

10

12

6.8

-23

-3

9

4

8

9

Maine
.,
New Hampshire.
Vermont

5.2
8.9
8.5

-37
-22
-11

-19
(2)
-9

2
10
17

8
9
8

6
9
9

10
10

8

6
9
1

9
10
10

5
11
1

6
10
4

8
10
11

Massachusetts
Rhode Island.
Connecticut

7.0
6.7
6.4

-19
-22
-15

8.

7
13
3

6
6
7

6
9
10

9
10
10

7
4
7

9
9
11

3
3
4

6
14
8

8
8
11

Mideast

,..

____•_
.

7.2

10

6

5

6

9

5

7

5

8

12

New York
New Jersey
... . .
Pennsylvania

7.3
6.8
6.4

-4
-12
29

2
-8
2

5
8
7

5
4
4

5
7
5

9
8
9

5
6
4

5
7
7

-4
11
4

1
15
5

12
10
12

Delaware
Maryland
District of Columbia. .

6.8
9.3
8.5

43
23

12)15

-2
3
-2

2
6
7

7
10
3

10
8
7

3
6
5

5
11
8

8
11
6

31
9
9

9
15
15

Great Lakes. _

6.1

-10

5

8

2

7

9

5

7

7

11

13

Michigan
Ohio
Indiana

5.2
6.1
6.4

-14
-16
2

-3
11
2

5
4
11

3
2

7
7
6

10
8
8

6
5
5

6
6
7

7
6
8

11
13
13

13
12
13

Illinois
Wisconsin

6.5
6.6

-15
-5

5
6

12
7

4
4

7
7

9
9

6
5

7
9

6
7

10
6

12
13

Plains

(')

5.4

-16

Minnesota
Iowa
Missouri

7.4
3.1
7.1

-9
-32
-2

North D akota. _
South D akota
Nebraska

3.6
4.6
.8

Kansas

5.1

Southeast
Virginia
West Virginia
Kentucky

7.3

(2)

W

1

6

9

6

8

6

8

5

6

11

8
5

8
11
3

11
8
7

8
6
6

10
8
8

7
4
7

8
8
8

7
7
7

11
13
4

11
12
12

-5
-1
-28

5
1
-5

-3
1
5

-4
13
13

3
5
6

6
7
8

4
3
5

7
11
10

5
2

15
10
8

9
6
9

-6

-1

3

8

6

7

6

8

4

-1

13

6

6

8

7

9

8

8

9

10

12

14
6

8
4
7

6
6
7

8
6
9

7
3
5

8
6

10

12
7
13

14
10
10

13
10
12

5
10
11

10
12
7

13
11
12

9
6

3
16
10

12
12
10

2
6
13

13
12
7

(2)

(2)

0)

8.2
6.9
6.6

22
64
-6

7
7

7.1
6.4
6.0

-12
5

5
20
13

2
6
4

8
8
7

6
8
7

8
9
11

6
9
7

8
9
8

Georgia
Florida
Alabama

7.1
8.8
5.7

1
2
-5

13
-4
9

13
4
—2

8
11
6

8
8
6

9
9
10

10
12
6

9
10
4

Mississippi .
Louisiana
Arkansas

7.1
8.7
4.6

12
8
-18

6
6
2

6
11
6

8
9
9

6
7
5

11
8
9

7
10
4

7
10
8

5
10
6

Tennessee
North Carolina
South Carolina.

,

„

Southwest
Oklahoma
Texas

Montana
Idaho
Wyoming
Colorado __
Utah
Far West

()

2

()

7.3

-8

1

9

11

7

.8

5

10

10

10

13

7.3
7.6

1
-12

2
3

3
12

7
12

5
8

7
8

7
4

9
12

7
12

20
7

11
13

3.3
7.4

-9
14

1
-17

-2
4

\

3
7

2
5

4
5

6
7

5
9

-6
34

10
12

__.

6.8

5

-3

-1

5

5

7

5

7

10

14

13

_

5.0
7.0
8.0

4
15
37

-20
-1
6

6
-1
1

2
4
8

3
2
2

6
6
4

5
2

4
6
2

7
6
9

16
8
8

14
13
10

6.9
7.1

-17
27

5
-10

2
-10

8
1

6
4

10
4

6
7

8
8

9
13

15
14

13
12

,.

New Mexico
Arizona
Rocky Mountain

(2)

2

(

(2)

7.9

-2

2

-3

9

5

7

8

7

10

12

12

Washington
Oregon.

9.7
6.4

-4
(2)

-1
3

7
-4

10
2

9
4

12
8

12
4

10
6

10

a

13
11

12
11

Nevada. .
California.

6.8
7.8

40
-2

-6
4

-9
-4

9

3
5

7
6

4
9

5
7

9
10

18
12

13
12

Alaska
Hawaii

8.8
8.1

50
(2)

9
-2

-1
7

10
9

3
8

7
10

9
11

9
12

12
8

15
10

(2)

5

(2)

1. Consists of wage and salary disbursements, other labor income and proprietors' income, except Government, which
excludes proprietors' income.
2. Less than one-half of 1 percent.
Source: U.S. Department of Commerce, Office of Business Economics.




April 1968

1953, income in the Great Lakes grew
a little faster than the national average;
from 1953 to 1957, income in the Rocky
Mountains grew much faster than in
the country as a whole; and from 1957
to 1960, the pace of the income expansion in the Southwest was well below
the national rate.
Income gains in 1965-66
In contrast to the experience of the
individual regions over the long run,
there was considerable uniformity in
regional rates of growth during the
seven quarters of very rapid economic
expansion that occurred from the first
quarter of 1965 to the fourth quarter of
1966. Over this span, the rate of gain
in the three rapid-growth regions exceeded the rate in the five slower growing regions by less than 10 percentfar short of the 30 percent margin that
had prevailed earlier. Moreover, there
was considerable departure from established trends among individual regions.
The Far West, typically the fastest
growing of the regions, expanded at a
less-than-average rate in the 1965-66
period, while income growth in the New
England, Great Lakes, and Plains
regions—which had been growing at
less-than-average rates from 1948 to
1965—exceeded that in the Nation.
Factors making for

uniformity

The increased uniformity that characterized regional income changes in
1965-66 stemmed mainly from accelerated gains in areas that had been
growing comparatively slowly in previous years. Although several factors
were responsible for this, the overriding
influence was the spurt in national
economic activity. In the past, an exceptional rise in the rate of national
economic expansion has usually resulted in greater uniformity in rates of
regional income change. This tendency
is most evident during the recovery or
expansion phase of the business cycle.
For example, in each of the four postwar periods of cyclical expansion (measured from trough to peak of economic
activity), as well as during the defense
expansion stemming from the Korean

SURVEY OF CURRENT BUSINESS

April 1968

hostilities, the rate of growth in national
In 1965-66, economic activity expersonal income rose sharply. In four of panded rapidly. From the first quarter
these five periods, regional differences of 1965 to the fourth quarter of 1966,
in income growth rates were reduced.
national personal income rose at an

13
annual rate of 8% percent, in contrast
to a comparable growth rate of 5%
percent from early 1960 to early 1965.
As a result of this acceleration, regional

Table 3.—Total Personal Income, by States and Regions, 1948-67
[Millions of dollars]
State and region

1948

United States

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

1960

1961

1962

1963

1964

1965

1966

1967*

208,878 205,791 226,214 253,233 269,767 285,458 287,613 308,265 330,481 348,462 358,474 380,963 398,725 414,411 440,192 463,053 494,913 534,816 580,483 620,568

New England ..

13,796 13,623 14,911 16,525 17,451 18,500 18,731 20,038 21,367 22,477 23,078 24,405 25,532 26,579 28,165 29,461 31,378 33,608 36,415 38,906

Maine
New Hampshire ._
Vermont
._. _
Massachusetts
Rhode Island .••.__•
Connecticut
Mideast

•_

_

1,815
1,360
732

1,885
1, 449
778

1,932
1,516
799

2,100
1,608
858

2,273
1,733
946

2, 422
1,901
1, 066

2,549
2,071
1,157

1 084
668
407

1,060
671
396

1,087
704
425

1,188
792
482

1,291
833
496

1,298
884
521

1,314
915
526

1,449
983
549

7,012
1, 175
3,450

6,971
1,151
3,374

7,654
1, 262
3,779

8,344
1,384
4,335

8,675
1,446
4,710

9,179
1,531
5,087

9,293
1,523
5,160

9,891 10,497 11, 074 11,456 12, 141 12,680 13,242 13,912 14,547 15, 431 16,440 17, 675 18,909
2,115 2,199 2,352 2,509 2,730 2,914
1, 614 1, 674 1,701 1,752 1,846 1,897 1,966
5,552 6,029 6,398 6, 462 6,800 7,138 7,464 8,026 8.468 9,030 9,708 10, 621 11,306

1,534
1,035
598

1,583
1,102
619

1 644
1,137
627

1,703
1,242
673

1,796
1,305
716

54,342 54,408 59,210 64,882 68,428 72,684 73,590 78,206 83,741 88,282 90,022 95,290 99,042 102,420 108,230 113,023 120,729 128,774 138,436 148,348

New York.
New Jersey
Pennsylvania

26, 051 26,046 27, 841 30,009 31,396 33,206 34,275 36,453 38,608 40,818 41,808 44,392 46,281 47,939 50, 676 52, 697 56,156 59,499 63,669 68,315
8,063 8,131 8,934 10, 151 10, 934 11, 750 11,957 12,688 13, 719 14,550 14,822 15,845 16,528 17,336 18, 449 19,400 20, 550 22,095 23,767 25, 377
14, 716 14,553 16, 189 17,752 18,617 19,938 19, 515 20,669 22,295 23, 414 23, 555 24, 672 25,395 25,696 26,879 27,847 29,896 31, 855 34 434 36,624

Delaware
Maryland
District of Columbia. _

537
3,331
-.1,644

586
3,392
1,700

684
3,772
1,790

731
4,318
1,921

782
4,721
1,978

835
5,041
1,914

857
5,069
1,917

980
5,467
1,949

1,124
5,976
2,019

1,125
6,314
2,061

1,130
6,574
2,133

1,196
6,957
2,228

1,238
7,289
2,311

1,269
7,805
2,375

1,343
8,349
2,534

1,446
8,964
2,669

1,550 1,688 1,811 1,935
9,755 10,681 11, 573 12,644
2,822 2,957 3,182 3,453

Great Lakes.

47,806 46,004 50,849 57,556 61,019 66,312 65,549 70,776 75,631 78,619 78,383 83,418 86,490 88,002 92,992 97,626 104,786 115,094 125,063 132,703

Michigan
Ohio
Indiana

9,691 9,627 10,895 12, 176 13, 050 14,741 14,354 15,900 16,529 16,870 16,478 17,482 18,203 18, 131 19,320 20, 787 22, 701 25,447 27,685 29,125
12, 269 11, 749 12,930 14,894 15,942 17,423 17,397 18, 762 19,992 20,959 20, 615 22,011 22,729 22,976 24,154 25, 144 26,821 29,139 31,670 33, 590
5,624 5,388 5,998 6,938 7,326 8,073 7,653 8,265 8,875 9,187 9,157 9,776 10, 225 10,496 11,148 11,813 12, 577 14,030 15,230 16, 205

Illinois
Wisconsin .

15, 521 14, 607 15,948 17,711 18,608 19,812 19,933 21, 167 23,024 24,056 24,378 25, 776 26, 718 27, 517 28,992 30,228 32. 247 35,133 38,089 40, 575
4, 701 4,633 5,078 5,837 6,093 6,265 6,212 6,682 7,211 7,547 7,755 8,373 8,615 8,882 9,378 9,654 10,439 11, 345 12, 390 13,208

Plains

19,647 17,971 20,135 21,912 23,016 23,435 24,233 24,763 26,075 27,859 29.543 30,235 31,871 32,924 35,002 36,374 37,958 41,844 45,355 47,804

Minnesota
Iowa. _--.---Missouri

4,106
4,042
5,338

3,846
3,392
5,196

4,227
3,897
5,672

4,660
4,127
6,245

4,823
4,338
6,576

5,079
4,200
6,948

5,202
4,525
6,974

5,483
4,307
7,451

5,778
4,580
7,844

6,135
5,077
8,053

6,594
5,202
8,467

6,798
5,319
8,945

7,241
5,475
9,149

7,584
5,743
9,418

7,874 8,318 8,622 9,498 10,373 11, 144
6,005 6,352 6,649 7,522 8,258 8,516
9,892 10,402 11,023 11,980 12, 856 13, 775

North Dakota
South Dakota.
Nebraska

813
916
1,909

674
689
1, 697

782
814
1,978

794
942
2,067

740
828
2, 187

757
892
2,125

766
916
2,253

848
857
2,191

881
914
2,274

905
1,068
2,615

1,030
1,094
2,715

950
980
2,760

1,087
1,217
2,990

964
1,226
3,048

1,371
1,407
3,276

1,292
1,349
3,342

1,288
1,319
3,484

1,500
1,512
3,832

1,533
1,643
4, 181

1,588
1,719
4.216

2,523

2,477

2,765

3,077

3,524

3,434

3,597

3,626

3,804

4,006

4,441

4,483

4,712

4,941

5,177

5,319

5,572

6,001

6,511

6,846

Kansas

.

Southeast

31,769 31,246 34,590 39,288 42,041 43,958 43,780 47,557 51,312 54,082 56,417 60,401 62,650 65,966 70,551 75,282 81,417 88,811 97,524 104,595

Virginia.
West Virginia. .
Kentucky

3,624
2,126
2,788

3,648
1,994
2,659

4,070
2,136
2,881

4,763
2,365
3, 361

5,150
2,462
3,587

5,292
2,473
3,752

5,338
2,347
3,692

5,638
2,492
3,866

6,084
2,768
4,107

6,349
2,967
4,291

6,593
2,858
4,430

6,994
2,938
4,655

7,339
2,957
4,792

7,776
3,002
5,123

8,448
3,095
5,427

8,984
3,233
5, 733

9,909 10,736 11,641 12, 592
3,454 3,691 3,937 4,210
5,980 6,513 7,143 7,612

Tennessee
North Carolina. _
South Carolina. ..

3,037
3,732
1,779

3,001
3,675
1,724

3,295
4,219
1,886

3,645
4,691
2, 321

3,810
4,851
2,527

4,080
5,040
2,615

4,105
5,120
2,434

4,374
5,571
2,599

4,671
5,935
2,697

4,872
5,980
2,810

5,026
6,286
2,900

5,394
6,731
3,132

5,521
7,142
3,298

5,879
7,609
3,464

6,258
8,178
3, 752

6,644
8,632
3,948

7,143 7,847 8,611 9,222
9,328 10, 165 11,321 12, 049
4,278 4,731 5, 310 5,631

Georgia
Florida..
Alabama

3,154
3,043
2, 571

3,150
3,177
2,446

3,574

2,' 691

4,122
4,048
3,077

4,447
4,554
3,287

4,581
5,050
3,432

4,536
5,328
3,314

5,000
6,070
3,761

5, 350
6,972
4,005

5,531
7,730
4,261

5,778
8,457
4,440

6,222
9,308
4,693

6,489 6,757 7,293 7,905 8,647 9,544 10,579 11, 330
9,746 10, 253 11,060 11,865 12,982 14,132 15,410 16, 765
4,876 5, 014 5,270 5,660 6,099 6,700 7,254 7,668

1,639
2,679
1, 597

1,441
2,857
1,474

1,643
3,021
1,575

1,796
3,336
1,763

1,907
3,636
1,823

1,943
3,858
1,842

1,875
3,881
1,810

2,102
4,114
1,970

2,141
4,547
2,035

2,172
5,028
2,091

2,352
5,089
2,208

2,572
5,344
2, 418

2,632
5,399
2, 459

Mississippi
.
Louisiana
....
Arkansas
Southwest

....

.

2,979
5,893
2,898

3,291
6,284
3,103

3,751
7,423
3,578

3,423
6,788
3,386

4, 153
8,235
3, 931

4,449
8,954
4,113

13,066 13,924 14,850 16,917 18,327 18,923 19,288 20, 664 22,208 23,752 24,961 26,345 27,370 28,883 30,358 31,867 33,923 36,543 39,886 42,780

Oklahoma...
Texas

2,390
9,142

New Mexico
Arizona
Rocky Mountain

_.

Montana
Idaho.
... .
Wyoming _
Colorado
Utah

2,820
5,568
2,701

.

Far West
Washington
Oregon. _
Nevada
California. _
Alaska.....
Hawaii.. _

_

2,460 2,547 2,837 3,087 3,201 3,193 3,390 3,591 3,744 3,994 4,131 4,350 4,551 4,688 4,880 5,220 5, 655 6,099 6, 545
9,839 10,486 11,914 12,837 13, 196 13,504 14,438 15, 472 16,538 17, 126 17,995 18, 535 19, 551 20, 518 21,589 23,053 24,889 27, 319 29,385

655
879

719
906

811
1,006

936
1,230

1,004
1,399

1,048
1,478

1,077
1,514

1,181
1,655

1,284
1,861

1,442
2,028

1,619
2,222

1,762
2,457

1,801
2,684

1,873
2,908

4,650

4,600

5,091

5,821

6,168

6,238

6,245

6,775

7,340

7,893

8,281

8,721

9,166

9,666 10,424 10,715 11,084 11,843 12,622 13,475

876
725
429

788
712
445

962
764
484

1,049
850
556

1,075
932
547

1,096
899
549

1,079
902
533

1,178
951
570

1,241
1,047
605

1,297
1,104
645

1,371
1,163
675

1,345
1,230
715

1,383
1,241
749

1,371
1,313
774

1,581
1,413
792

1,588
1,411
811

1,593
1,462
823

1,712
1,662
845

1, 842
1,704
874

1,934
1,823
944

1,810
810

1,820
835

1,970
911

2,313
1,053

2,498
1, 116

2,528
1,166

2,566
1,165

2,804
1,272

3,066
1,381

3,365
1,482

3,525
1,547

3, 755
1,676

4,022
1,771

4,299
1,909

4,566
2,072

4,750
2,155

4,989
2,218

5,275
2,348

5,700
2,502

6,094
2,680

2,032
3,366

2,266
3,734

2,117
3,533

2,390
4, 078

2,469
4,381

23,802 24,015 26,578 30,332 33,317 35,406 36, 197 39,486 42,807 45,498 47,789 52,148 54,477 57,738 62,124 66,225 70,934 75,415 82,045 88,559

3, 608
2,278

3,600
2,251

3,995
2,482

4,414
2,784

4,697
2,966

4,934
2,990

5,035
2,961

5,306
3,198

5,583
3,422

5,912
3,416

6,138
3,577

6,540
3,826

6,706
3,960

7,079
4,067

7,635
4,313

7,764
4,578

8,087
4,921

8,626
5,350

9,797 10, 746
5,738 6,106

283
286
327
378
440
914 1,125 1,268 1,357 1,433 1, 507 1,610
480
519
625
604
673
713
772
831
17,633 17,878 19, 774 22, 756 25, 214 27,002 27,682 30, 378 33,177 35, 497 37,361 41, 010 42,980 45, 678 49, 051 52, 615 56, 570 60,006 65,002 70,097

723

685

322
692

#i
lifO

m
866

» Preliminary.
NOTE.—Total includes Alaska and Hawaii 1960-66 but not in earlier years.

O -I
Digitized for293-992
FRASER


1,970
3,182

511
896

506
972

648
l,04i

537
1,114

628
1,178

562
1,315

649
1,478

635
1,598

666
1,680

704
1,776

791
1,912

853
2,032

Source: U.S. Department of Commerce, Office of Business Economics.

907
2,230

987
2,411

SUEVEY OF CUKEENT BUSINESS

14
differences in growth rates narrowed
significantly.
Tax reduction and Vietnam buildup

The major factors underlying the

intensification of the expansion in 1965
and 1966 were the Vietnam military
buildup and the 1964-65 tax reductions. The impact of these developments on personal income is seen most

April 1968

clearly in the behavior of manufacturing
wages and salaries.
Both the military buildup and the tax
reduction contributed to the increase in
manufacturing activity through n-

Table 4.—Per Capita Personal Income, by States and Regions, 1948-67
[Dollars]
State and region

1948

1949

United States

1,430

1,384

New England

1 494

1 452

1,235
1,285
1,134

1,174
1,259
1 073

1,500
1 493
1,713

Maine
_
New Hampshire
Vermont

- _

Massachusetts
Rhode Island
Connecticut

_

1951

1952

1953

1954

1955

1,496

1 652

1 733

1 804

1 785

1 876

1 601

1 779

1 865

1 921

1 905

2 030

1,185
1,323
1 121

1 297
1 497
1 275

1 411
1, 557
1 323

1 422 1 417
1 616 1 652
1 375 1 395

1,470 1,633
1 437 1 606
1,660 1 875

1 793
1 765
2 138

1 866
1 803
2 263

1 910
1 879
2 346
2 068

1950

1956

1957

1958

1959

1960

1961

1962

1963

1964

19651

19661 1967 ^

1 975 2 045

2 068

2 161

2 215

2 264

2 368

2 455

2 586

2 760

2 963

3 13'

2 152

2 258

2 338

2 425

2 501

2 626

2 710

2 853

3 015

3 239

3 43(

1 551
1 765
1 464

1 635 1 679 1 742
1 829 1 927 1 957
1 586 1 646 1 650

1 780
2*084
1 739

1 844 1 829
2 143 2 205
1 841 1 877

1 904
2 300
1 980

1 961 2 134
2 347 2 440
2 013 2 150

2 305
2 575
2 340

2 477
2 808
2 595

2 62(
3 01(
2* 77

1 893
1 866
2 294

2 026
1 961
2 414

2 146 2 247
1 993 1 999
2 603 2 712

2 987
2 042
o 642

2 373
2 154
2 695

2 459
2 211
2 807

2 553
2 280
2 892

2 675
2 425
3 040

2 770
2 507
3* 118

2 919
2 660
3 244

3 067
2 816
3 430

3 271
3 047
3 690

3 48
3 23
3 86

2 054

2 241

1,648

1 618

1 756

1 912

1 985

2 153

2 283

2 378

2 387

2 494

2 565

2 612

2 728

2 807

2 958

3 117

3 325

3 53

New York
New Jersey
Pennsylvania

1 797
1 689
1,431

1 749
1 663
1 401

1 873
1 834
1,541

2 015
2 028
1*697

2 067 2 139 2 167 2 283
2 133 2 247 2 231 2 306
1 773 1 870 1 804 1 889

2 396
2*443
2 032

2 493
2 536
2 137

2 518
2 516
2 130

2 661
2 634
2 196

2 746
2 708
2 242

2 796
2 765
2*257

2 902
2 889
2*371

2 979
2 965
2 441

3 138
3*076
2 599

3 286
3*258
2*750

3 497
3*445
2 968

3 72
3 62
3 14

Delaware
Maryland
District of Columbia

1 721 1 854 2 131
1,467 1 456 1 602
1 957 2 107 2 221

2 208
1 769
2 377

2 293
1 888
2 457

2 379
1 964
2 363

2 329
1 888
2 424

2 519
1 994
2 483

2 755
2 126
2 660

2 641
2 198
2 701

2 610
2 205
2 818

2 712
2 269
2 928

2 757
2 343
3 017

2 759
2 464
3*065

2 883
2*573
3 249

3 013
2 675
3 370

3 139
2 834
3 549

3 356
3*022
3 687

3 529
3*204
3 948

3 70
3 43
4 2&

2 095

2 198

Mideast

Great Lakes.

. ..

1,603

1 517

1,666

1 864

1 937

2 062

1 983

2 248

2 203

2 322

2 383

2 405

2 522

2 620

2 775

3 010

3 229

3,39

Michigan
Ohio
Indiana

1 560
1, 558
1 451

1 520 1 700
1 474 1 620
1 361 1 512

1 874
1*848
1 694

1 962
1*927
1 766

2 161
2 028
1 930

2 031 2 183
1 961 2 081
1 795 1 894

2 214 2 229
2 171 2 227
1 991 2 098

2 149
2 148
1 998

2 251
2 °76
2 119

2 324
2*334
2 188

2 29Q

2 328
2 222

2 438
2*427
2 359

2 587
2*509
2 472

2 782
2 649
2 603

3 060
2 845
2 867

3 269
3 056
3 076

3 39
3 21
3 24

Illinois
Wisconsin

1,815
1 419

1 685
1 366

1,825
1 477

2 015
1 697

2 078
1 756

2 186
1 787

2 154
1 722

2 416
1 927

2 488
1 991

2 466
2 018

2 581
2 159

2 650
2 175

2 720
2 227

2 826
2* 336

2 915
2 378

3 060
2 546

3 302
2 740

3 532
2 973

3 72
3 15

Plains

- -

Minnesota
Iowa
Missouri

-

North Dakota
South Dakota
Nebraska
Kansas

.. . . .

..

Southeast
Virginia
West Virginia
Kentucky
Tennessee
North Carolina
South Carolina

. __.

1,444

1 298

1,428

1 547

1 624

1 642

1 677

1 681

1 749

1 860 1 970

1 990

2 067

2 114

2 235

2 308

2 399

2 639

2 847

2,99

1 432
1 589
1 389

1 310
1 316
1 338

1 410
1,485
1 431

1 548
1 577
1 555

1 592
1 652
1 656

1 665
1 598
1 728

1 671
1*723
1 715

1 729
1*608
1 802

1 783
1 694
1 884

1 874
1 869
1 922

1 990
1 921
2 023

2 020
1 949
2 101

2 116
1*986
2 115

2 193
2*081
2 166

2 254
2 176
2 270

2 372
2 303
2 358

2 443
2 406
2 466

2 666
2*727
2 667

2 904
2 992
2 817

3 11
3 09
2 99

1 402
1,497
1 509

1 129
1 092
1 303

1 263 1 315 1 217
1,243 1 438 1 272
1 491 1 571 1 668

1 243
1 377
1 612

1 254
1 398
1 681

1 379
1 293
1 595

1 437
1 364
1 628

1 479
1 604
1 876

1 700
1 668
1 963

1 537
1*469
1*976

1 715 1 504 2 155
1 782 1 771 2 001
2 110 2 114 2 247

2 002
1 908
2 276

1 981 2 300
1 885 2 204
2 369 2 626

2 384
2,420
2 905

2,48
2,55
2 93

1,334

1 287

1,443

1 578

1 782

1 722

1 762

1 732

1 795

1 883

2 073

2 075

2 161

2 210

2 295

2 352

2,491

2 669

2,862

3,00

984

953

1,022

1 141

1 213

1 267

1 256

1 343

1 423

1 467

1 507

1 585

1 610

1 664

1 748

1 837

1,954

2 103

2,287

2,42

1 130 1 108
1,120 1,033

1 228
1,065

1 387
1 192
1 143

1 470
1 258
1 228

1 488
1,282
1 292

1 502
1 232
1 272

1 571
1 326
1 329

1 635
1,491
1 417

1 652
1*610
1 466

1 684
1*549
1 496

1 770
1 584
1 552

1 841
1 594
1 574

1 898
1 634
1 668

2 018 2 095
1 698 1 781
1 751 1 837

2,267 2 429
1,895 2,034
1 891 2 053

2,605
2,176
2 246

2,77
2,34
2,38

1 081
1 139
1 071

1 137
1 181
1 160

1 229
1 223
1 199

1 222
1 239
1 119

1 281 1 368
1 313 1 377
1 181 1 210

1 419
1 369
1 236

1 448
1 436
1 259

1 532
1 510
1 334

1 543
1 561
1 377

1 620
1 626
1 429

1 696
1 727
1 531

1 776
1 804
1 581

1 877
1 919
1 692

2 038 2 227
2 060 2, 277
1 855 2,052

2,36
2,39
2,16

1 167
1,358
1 006

1 241
1,443
1 071

1 288
1,526
1 124

1 259
1,520
1 100

1 375
1,620
1 233

1,446
1,723
1,304

1 469
1 768
1 371

1 519
1 827
1 404

1 609
1 936
1 465

1 639
1,950
1 488

1 678 1 775
1 970 2 051
1 508 1 577

1,879
2,145
1,673

2,009
2,296
1,778

2,174
2,438
1,922

2,379
2,614
2,066

2,51
2,79
2,16

1, 020
1 396
1,142

1,026
1 500
1,194

1 040
1 614
1 207

1 128
1 613
1 279

1 203
1 666
1 377

1 205
1 655
1 372

1 268
1 687
1 486

1 309
1 748
1 545

1,436
1 843
1,627

1,486
1,943
1,746

1,625
2,085
1,843

1,777
2,277
2,010

1,89
2,44
2,09

990

933

981

944
973
891

927
940
850

1,037

947

1 034
1,281

Georgia
Florida
Alabama

1,180

Mississippi
Louisiana
Arkansas

1,032

Southwest

968

866
789

875

.

2 243
1 816

1,191

815
691

994
893

880
755

1 085

1,120

799

825

830
1 205

927

886

1 279

992

923

908

1 346
1,035

1 346
1,044

1,187

1,256

1,297

1,431

1, 513

1, 555

1,570

1,629

1,713

1 783

1 836

1 899

1 922

1 97S

2 024

2,095

2,200

2,338

2,520

2,67

Oklahoma
Texas

1,144
1,199

1,169
1,291

1,143
1,349

1,284
1 469

1,391
1 544

1,467
1 583

1,445
1 611

1,507
1 667

1,580
1 752

1,641
1 823

1,762
1 851

1 805
1 913

1,861
1 925

1 910
1 984

1 925
2 027

1,992
2 105

2,121
2,216

2,310
2,350

2,462
2,542

2,62
2,70

New Mexico
Arizona. _..-

1,084
1,274

1,116
1,269

1,177
1,331

1 305
1,567

1 366
1,662

1,386
1,653

1 412
1,623

1,504
1,677

1,593
1,767

1 702
1,803

1 827
1,863

1 917
1,948

1 890
2, 032

1 953
2 070

2 015
2 171

2,052
2,219

2,100
2,281

2,235
2,371

2,385
2,544

2,46
2,68

1 821

1 919

2 001

2 064

9 108

2 154

2 284

2 324

2 386

2 536

2,697

2,85

1 944 2 059
1 720 1 800
2,054 2 143

2 010
1 872
2 234

2 037
1 849
2 263

1 973 2 271
1 913 2 033
2 303 2 386

2 266
2 048
2,419

2,266
2,128
2,435

2,436
2,398
2, 561

2,623
2,445
2,739

2,75
2,60
2,99

2,916
2,485

3,08
2,61

Rocky Mountain

1 419

3 360

1 457

1 659

1 727

1 699

1 661

1 742

Montana .
Idaho
Wyoming

1,616
1,316
1,595

1,385
1,249
1,606

1,622
1,295
1,669

1,760
1,443
1,911

1 786
1,588
1,867

1,779
1,508
1,893

1 729
1,503
1,819

1 852 1 892
1,539 1,667
1,857 1,939

Colorado,.
Utah

1,433
1,240

1,405
1,244

1,487
1,309

1 744
1,492

1,830
1,541

1,767
1,578

1,719
1,553

1 814
1,625

1,887
1,707

2 022
1,794

2 115 2 196
1 831 1,926

2 275
1,968

2 343
2 039

2 425
2 163

2 483
2,215

2, 570
2,270

2,707
2,362

1,715

1, 689

1,801

1 985

2,103

2 144

2 117

2 239

2,335

2 400

2 433

2 567

2 622

2 694

2 811

2 910

3,047

3,176

3,384

3,58

1,600
1,621

1,569
1,573

1,674
1,620

1,821
1,789

1,919
1,875

2,001
1,868

2,001
1,821

2,038
1,928

2,093
2,015

2,170
1,995

2,231
2,082

2,318
2,191

2,349
2,235

2 455
2,275

2,593
2,373

2,622
2,472

2,722
2,609

2,901
2,761

3,222
2,908

3,48
3,05

Nevada
California..

1,814
1,752

1,822
1,730

2,019
1,852

2,250
2,044

2,431
2,167

2,462
2,204

2,437
2,172

2,549
2,313

2,500
2,419

2,588
2,489

2,651
2,511

2,767
2,651

2 856
2,710

2 928
2,777

3,241
2,887

3,244
2,997

3,246
3,142

3,302
3,261

3,497
3,457

3,62
3,66

Alaska
Hawaii

1,407

1,354

2,385
1,887

2,885
1 580

2,614
1 747

2,498
1,796

2,802
1 802

2,275
1 887

2,446
1 900

2,825
1 944

2,857
1 987

2,509
2 156

2,846
2 369

2,704
2 488

2,742
2 530

2,807
2 639

3,088
2,771

3,194
2,882

3,421
3,124

3,62
3,32

Far West
Washington
Oregon

_

v Preliminary.
1. Based on population estimates published in Population Estimates, Series P-25, No. 373,
September 5, 1967, Bureau of the Census, U.S. Department of Commerce. Subsequent




population revisions will be incorporated in the aunual personal income revisions published
in the August SURVEY.
NOTE.—Total includes Alaska and Hawaii 1960-67 but not in earlier years.
Source: U.S. Department of Commerce, Office of Business Economics.

SUKVEY OF CUREENT BUSINESS

April 1968

creased demands for a wide variety of
military goods and increased consumer
demand for both durable and nondurable manufactured goods. These, in
turn, swelled the demand for business
investment in plant and equipment
and led to an increase in the rate of
inventory accumulation by durable
goods manufacturers. As a result of
these increased demands, as well as
higher pay scales, manufacturing wages
and salaries rose at an annual rate of
9% percent over the 1965-66 period, as
compared with an average annual advance of 4% percent during the preceding 5 years.
These increases in manufacturing
payrolls played a key role in shifting
the overall income advance toward the
previously slow-growing regions in two
ways.
First, manufacturing is an especially
large source of income in the slower
growing regions. In 1966, for example,
manufacturing wages and salaries made
up about 25 percent of total personal
income in the slower growing areas, as
compared with 18 percent in the faster
growing regions (a differential of almost
40-percent). Thus, a general acceleration in manufacturing activity could
be expected to have, and in 1965-66
did have, a particularly large impact
on the growth of total income in the
slower growing areas.
Secondly, the rate of increase in
manufacturing wages and salaries in
the slower growing regions moved
closer to the rate in the faster growing

areas. The annual rate of growth in
factory payrolls in the typically slowgrowing regions increased from 3%
percent during the 1960-65 period to
9 percent in 1965-66, an acceleration
of more than 150 percent. In the fastgrowing areas, the increase was from
5% in the first period to 10% percent in
the latter, an acceleration of under 100
percent.
A shift in the product mix of military
procurement was the major factor in
the 1965-66 acceleration of manufacturing activity in the slow-growth
regions. Missiles and electronics, which
had been accounting for about onethird of total military procurement,
declined to one-seventh of the total
in 1966. In contrast, the importance of
aircraft, ordnance, and other conventional equipment in military purchases
increased markedly. Because there is a
heavy concentration of production facilities for conventional military equipment and its component parts in the
slower growing regions, the shift in
product mix contributed to the large
gain in manufacturing payrolls in
these areas.
Farm income expands unevenly

Regional changes in farm income
contributed to greater uniformity in
regional rates of income gains in 196566, despite the fact that on a national
basis this income component did not
expand as rapidly as most other income
flows. In nearly all States of the Great
Lakes and Plains regions, income from

15
CHART 5

Changes in Regional Income,
4th Quarter 1966-4th Quarter 1967
10

UNITED STATES

U.S. Department of Commerce, Office of Business Economics

agriculture rose sharply. In the Great
Lakes, agricultural income rose at an
annual rate of 10 percent over the 2
years, while in the highly agricultural
Plains region, it went up 15 percent. In
contrast, farm income changes in the
South and West were quite small. From
the first quarter of 1965 to the final
quarter of 1966, farm income in the
Southeast, Southwest, and Far West
combined was nearly unchanged. With
nonfarm income up at an annual rate
of nearly 10 percent in each of these

Table 5.—Regional Growth Rates in Personal Income for Selected Periods
Relative differences between regional and national growth rates l

Growth rates (Average percent change per quarter, annual rates,
compounded)
IV-1948
to
11-1953

11-1953 III-1957
to
to
III-1957 1-1960

1-1960
to
1-1965

1-1965
to
IV-1966

IV-1966
to
IV-1967

IV-1948
to
1-1965

IV-1948
to
11-1953

11-1953 III-1957
to
to
III-1957 1-1960

1-1960
to
1-1965

1-1965
to
IV-1966

IV-1966
to
IV-1967

IV-1948
to
1-1965

United States

6.5

4.9

4.5

5.4

8.3

6.2

5.5

0.9

0.0

0.0

0.0

0.0

0.0

0.0

Fast-growing regions

7.6

5.7

5.1

6.2

8.7

7.3

6.6

16.9

16.3

13.3

14.8

4.8

17.7

20.0

8.5
6.8
7.6

6.1
5.0
5.7

6.4
4.8
4.1

6.2
6.6
5.6

8.0
9.0
8.5

8.2
6.5
6.6

6.0
5.9
6.9

30.8
4.6
16.9

24.5
2.0
16.3

42.2
6.7
-8.9

14.8
22.2
3.7

-3.6
8.4
2.4

32.3
4.8
6.5

9.1
7.3
25.5

Slow-growing regions

6.1

4.4

3.9

4.9

8.1

5.5

5.0

-6.2

-10.2

-13.3

-9.3

-2.4

-11.3

-9.1

Rocky Mountain
New England __
Great Lakes. .
Mideast
Plains.

6.0
6.3
6.9
6.0
3.9

5.9
4.6
4.0
4.7
4.5

4.6
4.4
3.5
4.0
3.5

4.9
5.1
5.1
4.9
5.1

6.6
8.6
8.6
7.3
8.8

6.6
5.7
5.3
6.1
5.4

5.2
4.9
5.0
4.4
5.4

-7.7
-3.1
6.2
-7.7
-40.0

20.4
-6.1
-18.4
-4.1
-8.2

2.2
•-2. 2
-22, 2
-11.1
-22.2

-9.3
-5. 6
-5. 6
-9.3
-5.6

-20. 5
3.6
3.6
-12.0
6.0

6.5
-8.1
-14.5
-1.6
-12.9

-5.5
-10.9
-9.1
-20.0
-1.8

Far West
Southeast
Southwest

1

[(Regional growth rate divided by national growth rate) less 1.00] 100.
Source: U.S. Department of Commerce, Office of Business Economics.




SURVEY OF CUERENT BUSINESS

16

Table 6.—Growth Rates in Selected Components of Personal Income,
by States and Regions in Two Recent Periods
Total ManuMin- Federal
Federal
Total Manuper- factur- Agri- ing
Govper- factur- Agri- Mining GovAll
All
sonal
ing culture payernother sonal
other
ing culture payrolls ernincome pay- income rolls ment income income payrolls income
ment income
rolls
payrolls
payrolls

State and region

1-1965 to IV-1966

IV-1966 to IV-1967

United States. , _L

8.3

9.8

5.4

4.4

11.9

7.8

6.2

3.0

-0.2

1.8

7.7

New England.

8.6

10.8

2.8

26.9

10.1

7.7

5.7

3.6

-33.7

-9.8

1.3

7.6

10.6 -10.5
11.5 17.5
18.2. 20.0

5.6
23.2

6.9
1.6
18.2

7.1
9.6
9.8

3.5
7.8
6.1

6.2
8.1
2.7

-70.2
-5.4
9.4

.0
-40.5
-40.5

.0
.9
3.0

7.1
8.9
7.7

7.6
12.2
20.5

7.6
7.7
7.5

6.4
6.2
5.3

4.4
4.6
1.6

-38.6
10.5
-39.2

.0
.0
13.4

1.7
-.8
-.8

7.5
7.9
7.2

Maine .
New Hampshire
Vermont

7.0
9.7
12.5

Massachusetts
Khode Island
Connecticut.

8.1
8.7
9.5

Mideast

9.1
9.8
12.3

6.2
14.4
6.5

20.4
19.2

0.6

7.3

7.6

2.6

3.2

8.1

7.3

6.1

2.1

9.3

.9

5.8

7.4

New York „' __ _
New Jersey
Pennsylvania

6.8
8.0
7.7

e:i

8.3
8.9

10.4
11.4
-2.8

6.6
-1.8
2.6

2.2
15.0
7.8

7.0
7.4
7.3

6.4
5.2
5.5

3.8
.4
.9

-8.8
-37.8
34.1

2.4
3.1
.0

2.5
7.0
5.0

7.3
7.0
7.1

Delaware
:
Maryland
*
District of Columbia-

7.2
8.7
8.1

7.6 -18.9
7.5 -14.7
4.8

6.4

6.0
8.7
10.7

8.2
9.1
7.1

4.2
8.0
8.1

-3.4
4.0
5.2

25.1
36.1

5.1

3.7
6.6
8.7

6.5
9.2
7.6

Great Lakes

8.6

9.0

10.4

3.3

10.6

8.0

5.3

-.8

2.5

3.0

2.2

8.3

Michigan
Ohio
Indiana .

9.1
8.3
8.3

9.2
9.0
9.3

13.1
28.6
8i6

5.3
4.9

9.7
8.6
11.7

8.8
7.2
8.0

3.8
5.4
7.4

-5.1
1.9
.6

-15.8
-18.7
46.5

-13.8
10.4
3.5

.4
4.3
8.1

9.3
8.1
8.1

Illinois
Wisconsin

8.2
8.7

9.7
7.9

-5.7
17:3

1.8
6.0

13.0
7.2

7.8
8.4

5.2
5.3

-.6
-1.1

-14.0
2.6

4.5
9.5

-1.8
5.1

8.3
7.9

Plains

April 1968

three regions, the limiting effect of the
small changes in farm income on the
total is obvious.
Federal payrolls rise sharply
Increases in Federal Government
military and civilian wages and salaries—mainly the result of increased
action in Vietnam—were second only
to manufacturing as a factor in the
national speedup in the rate of personal
income growth from the first quarter of
1965 to the final quarter of 1966. In
relative terms, Federal payrolls rose
almost as rapidly as did manufacturing
wages and salaries but since the former
are only a quarter as large as the latter,
their direct impact on the overall income total is much less. However, since
Federal Government payrolls accelerated most in the three fast-growing
regions of the Nation—the Southeast,
Southwest, and Far West—during the
Vietnam buildup, this had the effect of
widening regional growth differentials
instead of narrowing them.

8.8

11.1

15.4

2.2

9.6

7.4

5.4

6.0

-10.7

3.7

-0.5

7.5

9.5
10.8
7.9

12.3
12.5
9.3

19.3
18.6
-.8

2.7
11.5
5.9

6.8
11.8
18.1

8.1
8.7
7.1

7.2
2.3
6.6

9.0
2.7
5.7

-5.8
-31.6
4.8

6.2
4.4
5.7

4.0
12.7
-.8

8.2
8.3
7.6

North Dakota
South Dakota
Nebraska

5.0
8.5
9.5

12.8
7.8
10.1

3.2
16.5
27.1

5.0

11,2
8.1
-1.7

4.4
6.6
6.6

10.5
1.8
2.3

2.2
8.9
10.0

29.2
-15.7
-26.6

8.0
.0
.0

-4.1
-4.8
-3.1

6.3
7.0
7.2

Kansas

8.4

13.5

14.1

2.1

7.3

5.3

3.4

5.0

-8.1

6.9

9.0

10.1

6.8

13.7

8.9

6.5

7.1

2.9

4.0

-1.3

7.5

8.2
7.3
9.5

7.2 -17.9
6.4 -23.2
8.8
10.6

5.3
6.6
8.3

13.3
9.2
22.9

7.6
7.9
7.8

7.2
6.6
3.6

9.2
3.1
2.7

36.9
73.1
-18.5

7.3
2.6
2.4

.0
9.4
-6.0

7.3
7.8
6.7

The following tabulation summarizes
the net effects of the acceleration in the
income flows from manufacturing, Fed(Continued on page 28)

Minnesota
Iowa
Missouri...

Southeast-.--.
Virginia
West Virginia
Kentucky
Tennessee
North Carolina
South Carolina

.

-2.0

-3.0

-1.4

8.6
9.5
10.7

11.8
10.9
10.2

.2
-2.0
.-1.3

14.4

4.0
15.4
19.3

8.4
9.4
10.4

5.6
7.4
5.2

7.1
9.1
6.9

-24.1
11.8
-4.4

8.5
10.5
.0

2.6
-2.9
-.7

6.6
7.8
5.9

Georgia ...
Florida
Alabama

10.2
8.9
7.6

10.2
1.6
11.3 -8.8
7.9 -13.2

11.5
11.0
-3.5

16.1
10.8
8.8

9.8
8.8
8.7

6.2
7.9
4.1

6.8
8.6
5.4

2.5
19.4
-49. 9

8.7
3.1
6.1

-3.6
.4
-1.9

8.6
8.4
6.6

Mississippi
Louisiana
Arkansas

9.5
10.3
7.5

14.3
9.1
11.2

3.1
7.7
8.2

18.9
15.7
11.7

10.2
9.8
8.3

8.6
8.1
2.0

9.2
8.9
8.4

27.4
24.7
-51.9

2.6
3.5
.0

-11.9
1.7
1.6

7.5
7.9
6.5

..

..

-5.7
19.3
-2.6

Southwest ..

8.5

12.3

1.6

2.5

14.8

7.9

6.6

7.9

.6

-1.7

8.0

OklahomaTexas

7.5
9.2

11.8
11.8

-1.5
3.0

3.3
2.2

13.5
16.8

7.0
8.4

7.1
6.9

5.4
9.4

19.0
-4.3

1.9
3.2

3.3
-3.0

7.3
8.3

New Mexico
Arizona

6.2
8.0

25.2
5.4
19.0 -18.0

-1.5
6.7

5.4
11.9

.5.4
7.4

2.8
5.1

-1.8
.7

-6.5
8.9

-4.5
-69.3

-9.5
6.2

6.1
7.6

Rocky Mountain

6.6

7.3

o

5.3

14.0

6.2

6.6

3.5

14.5

-15.8

3.3

7.3

Montana
Idaho
Wyoming. .

7.5
3.8
2.3

5.8
15.9
5.4 -16.6
2.7
9.3

3.5
12; 2
1.8

11.2
4.5
5.4

5.6
6.9
1.4

7.2
9.4
6.5

.7
3.0
4.4

16.5
44.0
19.6

-71.3
-8.0
9.0

1.4
1.1
-3.0

8.9
5.5
6.1

Colorado
Utah

7.9
6.6

11.2
2.6

-4.2
4.6

10.3
1.4

15.0
18.6

6.9
5.7

5.8
4.9

6.8
-3.9

-31.7
17.6

3.8
-44.2

1.4
8.0

7.9
7.0

8.0

10.9

2.5

4.7

13.5

7.1

8.2

9.2

7.8

.9

4.2

8.2

11.9
6.9

17.4
6.5

20.4
10.6

3.9

11.4
8.1

10.1
6.7

9.3
7.7

10.3
7.7

12.8
14.0

-6.9
15.4

7.0
4.0

9.5
7.6

Nevada
California ..

4.3
7.6

.0
10.1

18.6
-2.6

6.2
4.8

7.0
14.3

4.5
6.9

7.6
7.9

5.8
9.3

24.5
5.3

-27.6
3.2

5.6
3.7

8.0
7.9

Alaska
Hawaii

8.5
9.1

10.4
7.3

3.5

36.9

9.1
6.1

7.0
10.3

7.5
8.7

-7.4
7.5

-69.3
9.7

25.1

9.0
10.4

6.8
8.5

Far West
Washington
Oregon

.._

_.

NOTE.—Average percent change per quarter, annual rate, compounded.
Source: U.S. Department of Commerce, Office of Business Economics.




-2.9

Summary of 1965-66 shifts

Relative
Average percent
change per quarter, acceleration in
annual rates,
compounded
rates of
growth
(percent
1-1960 to 1-1965 to change)
IV-1966 (2H(D
1-1965

(1)

(2)

(3)

Total personal income:
United States
Fast-growing regions. _ _
Slow-growing regions.

5.4
6.2
4.9

8.3
8.7
8.1

54
40
65

5.8
6.4
5.4

7.9
8.2
7.7

36
28
43

5.5
6.3
5.0

8.4
9.1
8.0

53
44
60

5.4
6.3
4.9

8.1
7.9
8.0

50
25
63

Personal income, excluding
manufacturing wages
and salaries:
United States
Fast-growing regions _ . .
Slow-growing regions. . _
Personal income, excluding
farm income:
United States
Fast-growing regions. . .
Slow-growing regions. ..
Personal income, excluding
Federal wages and
salaries:
United States _.
Fast-growing regions _ . .
Slow-growing regions. _ .

By ALLAN H. YOUNG

Alternative Estimates oi Corporate Depreciation
and Profits: Part I
V><ORPORATE capital consumption
allowances in the national income and
product accounts are based primarily
on the depreciation claimed by corporations under the Federal tax laws and
regulations.1 Because of the many
changes in these laws and regulations
since 1940, it has become increasingly
difficult to analyze not only the depreciation data but also the profits figures
shown in the accounts. For some types
of analyses, it is desirable to use instead
figures based on depreciation methods
and service lives that are consistent
over time.
The valuation of depreciation poses
another problem whose solution requires
depreciation estimates that differ from
those published. Depreciation in the
national accounts is valued in terms of
the historical cost of assets and thus
reflects a mixture of the prices of the
various years in which the investments
were made. For this reason, neither
corporate depreciation nor corporate
profits are comparable over time, nor
are they comparable with other components of the accounts for any given
year.
The main purpose of this study is
an evaluation of long-term trends in
profits. It involves the derivation of
consistent measures of corporate depreciation that can be substituted for
those in the national accounts in order
to obtain estimates of corporate profits
unaffected by changes in depreciation
practices. It also involves the computation of depreciation in terms of current
1. Capital consumption allowances of corporations in the
national income and product accounts are somewhat more
comprehensive than depreciation claimed on corporate tax
returns. (See appendix table C for the relationship between
corporate depreciation reported to the Internal Revenue
Service, corporate capital consumption allowances in the
national accounts, and the concept used in this article.)




The many changes in the laws and
regulations that have liberalized depreciation practices since the start of
World War II have made it difficult to
interpret long-term trends in corporate
depreciation and profits. This article is
the first of a two-part study whose
primary purpose is to assess trends in
corporate profits after making allowances for these changes. The article
presents a set of calculations that show
the importance of the major changes in
depreciation practices. In the period
1941-66, corporate depreciation is estimated to have totaled $60 billion to
$85 billion more than it would have
with pre-World War II practices. The
second part, which will appear in a
later issue, will assess trends in profits
from 1929 to 1966 by providing alternative estimates of depreciation based on
depreciation methods and service lives
that are consistent over time.

prices. Several alternative measures of
depreciation and corresponding profits
estimates have been prepared because
a wide range of possibilities is open
to the analyst—depending on the
methods of depreciation used and the
assumptions made as to service lives
of assets, in addition to the choice of
asset valuation.
The results of the study are being
presented in two articles. This article,
part I, is concerned solely with depreciation. It develops a methodology by
which the corporate depreciation reported to the Internal Eevenue Service
(IRS) can be approximated by the use
of time series on corporate investment
underlying the national accounts. This
makes it possible to examine the effects
of the major changes made in depreciation practices since the start of World
War II. These consist of three administrative or statutory changes—the 60month amortization of defense facilities

first permitted during World War II,
the introduction of accelerated methods
of depreciation in 1954, and the 1962
Guidelines—and a fourth change, which
was the gradual shortening of service
lives in the 10 to 20 years prior to 1962.
Because of the uncertainties associated
with this gradual reduction in service
lives, it was not possible to present a
single approximation; instead, three
approximations are provided. Part I
also presents an appendix that includes
a discussion of the procedures and data
used in the study.
Part II, which will be published in a
later issue of the SURVEY, presents
several alternative estimates of depreciation that eliminate the effects of
changes in depreciation practices; the
data are given in both historical and
current costs. The alternative estimates
are substituted for the capital consumption allowances in the national accounts
to derive alternative estimates of corporate profits. The alternatives are
compared with published profits, and
for each, the ratios of profits to gross
corporate product and to income originating in corporations are computed
over time. This part of the study extends and revises a similar analysis that
appeared in the October 1963 SURVEY.2
Major findings (part I)
The changes in depreciation practices since 1940 have permitted corporations to recover the costs of fixed
investment more rapidly than was formerly the case. With a rising investment
stream, this liberalization has yielded
substantially larger depreciation allowances than would have arisen from the
depreciation practices in effect before
2. Murray Brown, "Depreciation and Corporate Profits,"
SURVEY OF CURRENT BUSINESS, October 1963.
17

18
World War II. In the period 1941-66,
corporate depreciation allowances (excluding depreciation on farm and residential properties) are estimated to have
totaled $60 billion to $85 billion more
than they would have with the preWorld War II practices (table 1).
During World War II and during
and after the Korean war, investment
in defense facilities could be amortized
over 60 months. Amortization has contributed about $9 billion more in depreciation than would have resulted from
the use of standard service lives. Amortization based on 60 months has run its
course since this program was discontinued at the end of 1959. The net effect
of amortization on depreciation became
negative in 1961 and will remain so
until the facilities so amortized reach
the end of their service lives. At that
time, the net effect on depreciation will
have balanced out at zero.
Under the Eevenue Act of 1954, corporations were permitted to use accelerated methods of depreciation for new
investment as an alternative to the
straight line formula. In the 1954-66
period, the new methods added about
$28 billion to the depreciation charges
that would have resulted had all corporations continued to use the straight
line formula.
The Depreciation Guidelines and Rules
issued by the Treasury in 1962 permitted corporations to make several
changes, the most important of which
allowed depreciation of investment in
new and existing equipment to be calculated over shorter service lives than
had been used previously. The use of
the Guidelines is estimated to have
added about $10 billion to depreciation
charges in the 1962-66 period.
Eeductions in tax service lives in the
10 to 20 years prior to the Guidelines

SURVEY OF CUEEENT BUSINESS
also increased depreciation charges.
Depending upon the assumptions as to
the timing and reduction in service
lives, the additional depreciation in the
1941-66 period is estimated to range
from $15 billion (approximation III)
to $40 billion (approximation I). The
"correct" figure is likely to be near the
$40 billion of approximation I. This
approximation is based on the assumption that tax service lives decreased
over a long period, from 100 percent of
Bulletin F in 1940 to 75 percent of
Bulletin F lives in the mid-fifties. The
study found less support for the other
approximations, which are based on
assumptions that tax service lives were
constant throughout the 1940's.
In 1966, between $6% billion and

April 1968

$9 billion of the $36 billion of corporate
depreciation allowances was due to the
liberalization in depreciation practices
since 1940 (chart 6). Of this amount,
the accelerated depreciation formulas
accounted for about $3K billion, the
Guideline service lives for about $1%
billion, and the pre-Guideline shortening of service lives for $2 billion to
$4% billion. Offsetting these additional
amounts was about $% billion attributable to the negative effect of 60month amortization of defense facilities.
Correspondingly, corporate profits before taxes, at about $80 billion in 1966,
were from $6% billion to $9 billion less
than they would have been in the
absence of the changes in depreciation
practices.

Tax Depreciation

This section presents the results of a corporations, but include estimates of
procedure that attempts to approxi- accidental damage to fixed capital as
mate the corporate depreciation and estimated in the national income acamortization reported to the IRS. counts. They will be referred to as
The computations make use of OBE's NIA-IRS depreciation. (See appendix
historical time series on investment table C for their relationship to IRS
flows together with certain assumptions corporate depreciation and corporate
as to the corporate share of investment, capital consumption allowances in the
depreciation methods, and service lives. national accounts.) The estimates comThe computed estimates include allow- puted from the corporate investment
ances for the introduction of accelerated data will be referred to as the approximethods in 1954, the Guideline lives mations.
A close fit to the NIA-IRS deprein 1962, the reductions in service lives
made prior to the introduction of the ciation series may be taken as evidence
Guidelines, and the 60-month amorti- that the computed depreciation represents essentially the same asset base
zation.
The depreciation figures with which as underlies NIA-IRS depreciation
the computed estimates are compared and that the assumptions regarding
exclude farm depreciation and deprecia- service lives and methods of depreciation on residential property owned by tion correspond to those actually used
by corporations in reporting to IRS.
Table 1. Depreciation Resulting From Liberalization in Depreciation Practices Since 1940 It would also mean that we can have
[Billions of dollars]
confidence in our estimates of the
effects of changes in depreciation pracTotal
Gradual shortening of
60-month
service lives
tices since World War II that are disamortization Accelerated
Guideline
of defense depreciation service lives
ApproximaApproximafacilities
ApproximaApproximacussed in the article and in the alternation III
tion I
tion I
tion III
tive measures of depreciation to be
4.4
1941-46
4.4
4.5
0.1
presented in part II of the study.
1947-52
-.6
-.6
1.8
2.4
The laws and regulations governing
1953-61
27.1
8.2
38.4
6.1
12.8
17.4
1962-66 _
30.6
-3.0
41.2
15.0
9.6
19.6
9.0
the reporting of depreciation to IRS
Total, 1941-66
61.5
9.0
85.9
27.8
9.6
15.1
39.5
and the basis for selecting the deprecia-




April 1968

SURVEY OF CUEEENT BUSINESS

19

New Investment Depreciated Wiih Accelerated Methods

tion methods and service lives used to
compute the approximations are discussed briefly in the following sections.3
Methods of Depreciation

1954

1955

1957

1956

1960-66

1959

1958

Percent
Manufacturing:
Equipment
Structures

_ _

\

_ _ I

Q1

31

43

54

66

71

75

79

Until 1954, most investment was Nonmanufacturing:
44
52
56
33
48
27
38
Equipment-_.
depreciated by the straight line method,
54
64
59
37
43
49
31
Structures
in which the value of the asset is deNOTE.—Excludes defense facilities amortized over a 60-month period.
preciated in equal annual amounts over
its service life. There was very little
These percentages are obtained from deals with tax service life—the period
use of other methods, such as the unitsinformation compiled by IRS on the over which depreciation on an asset is
of-production method and the declining
amount of depreciation claimed each claimed on tax returns. At the end of
balance method at 1% times the applicayear with the double-declining balance its tax service life, an asset is fully
ble straight line rate. Accordingly, in
method and the sum-of-the-years-digits depreciated for tax purposes. Subsethe approximations all investment prior
method. Experimentation showed that quent sections of the study refer to
to 1954 was depreciated with the
the two accelerated methods provided actual service life, that is, the period
straight line formula.
almost identical estimates of deprecia- over which an asset is retained in servThe Internal Revenue Code of 1954
tion since 1954 so that it was not neces- ice by the business. Tax and actual
permitted businessmen to depreciate
sary to use both of them to obtain a service lives are not necessarily equal
new investment made in 1954 and subalthough IRS in general requires busisatisfactory approximation.
sequent years with the declining balance
ness to use tax lives that are approxiService Lives
method at twice the applicable straight
mately the same as actual service lives.
line rate (double-declining balance)
The discussion of the available evidence
The term "service life" is used in
and with the sum-of-the-years-digits
two ways in this study: tax service life on which the estimates of tax service
method. As compared with straight line
and actual service life. This section lives are based is organized as follows:
depreciation, both of these methods
(1) tax service lives prior to Treasury
(described more fully in the appendix),
Decision 4422 in 1934, (2) tax service
permit the businessman to recover more
lives from 1934 to 1962, (3) 60-month
of an asset's cost in the early years of
1
NIA-IRS Corporate Depreciation for 1966 amortization of defense facilities, and
its life. To approximate the introduction
(4) the Guideline lives in 1962.
$6ybillion to $9 billion due to liberalization
of these accelerated methods, about 30
of depreciation practices since 1940
percent of total new investment in 1954 Billion $
Pre-1934 service lives
was depreciated with the double-declin- 40
Depreciation was first allowed in the
ing balance formula, and the proportion
income tax law of 1909, and practice
was gradually increased to about 65 35
probably varied widely during the next
percent in 1960 and thereafter; the protwo decades, when depreciation acportions are shown separately for manucounting was evolving. The IRS pub30
facturing and nonmanufacturing in the
lished estimates of average service lives
table below. The remaining investment
in the first edition of Bulletin F in 1920
in these years was depreciated with the 25
and in a second edition in 1931. Little
straight line formula.
information is available as to how
20
closely the tax service lives corresponded to these early IRS estimates.
3. A more thorough discussion of tax depreciation practices
15
It is generally agreed that tax service
may be found in the following: Eugene L. Grant and Paul T.
lives during this period were shorter
Norton, Depredation, Konald Press Co., 1955; Frederick W.
Stevenson, "Tax Depreciation and Business Resources,"
than those that resulted from Treasury
10
Conference Board Record, National Industrial Conference
Gradual Shortening of
Decision 4422 in 1934, but how much
Board, July and September 1965 and March 1966; George
/ Service Lives!/
Terborgh, Realistic Depreciation Policy, Machinery and Allied
shorter
is not known.
Products Institute, 1954; George Terborgh, The Fading Boom
Guideline Service Lives
For the approximations, the tax servin Corporate Tax Depreciation, Machinery and Allied Products
Institute, 1965; Norman B. Ture, Accelerated Depreciation
ice lives prior to 1934 were assumed to
in the United States 1954-60, National Bureau of Economic
be the same as those used after 1934.
Research, 1967; U.S. Treasury Department, Internal Reve60-Month Amortization
nue Service, Bulletin F (Revised January 1942) Income Tax,
of Defense Facilities
This assumption has little effect on the
Depreciation and Obsolescence, Estimated Useful Lives and
-5
computed estimates after World War
Depreciation Rates; U.S. Treasury Department, Internal
III
Revenue Service, Regulations Relating to Depreciation,
II. Much of the investment made
Approximation-^
Treasury Decision No. 6182,\3te\ U.S. Treasury Department,
before
1934, particularly in the shorter
Internal Revenue Service, Depreciation Guidelines and Rules,
1. See footnote to table 2 for coverage.
revised August 1964; U.S. Treasury Department release,
lived equipment, was fully depreciated
2. See text for alternative assumptions about shortening of service lives.
"Treasury Liberalizes Depreciation Rules," and attached
U.S. Department of Commerce, Office of Business Economics
68-4-f
by the end of World War II; furthermaterials dated February 19, 1965.



20

SUBVEY OF CTJKRENT BUSINESS
CHART 7

1

Percent of NIA-IRS Corporate Depreciation Due to
Liberalization of Depreciation Practices Since 1940
Percent
40

-10

e

1940

I

I

f

t

\ ^ }

\

\

\

45

I
50

55

60

65

66

1. See footnote to table 2 for coverage.
U.S. Department of Commerce, Office of Business Economics

more, the dollar amount of investment
has been much greater in the postwar
period than in earlier years.
1934-62 service lives
With Treasury Decision 4422 in 1934,
the Treasury Department began to
alter depreciation accounting practices
substantially. Business was required to
begin shifting from item accounting to
group accounting and to use, on the
average, longer service lives for both
new and existing investment. These
changes were also applicable to years
prior to 1934 for which a corporation's
book were still subject to audit. The
result was to reduce depreciation allowances in the 1930's, leaving more to be
recovered in later years.
In general, the third edition of Bulletin F, published in 1942, contained
estimates of service lives that were
longer than those given in the 1931
edition. In view of Treasury Decision
4422, the service lives in the 1942
edition of Bulletin F are probably
indicative of the tax lives in the late
1930's as well as in the early 1940's
although a firm, if it justified them,
could use shorter lives than Bulletin F.
At some point in the 1940's or early
1950's, a decline in tax service lives
set in, but little is known about when
it began and whether its pattern and



timing was the same for manufacturing
and nonmanufacturing and for equipment and structures. However, by the
late 1950's, tax service lives were well
below those of the 1942 edition of
Bulletin F. On the basis of depreciation
studies conducted by IRS, the average
tax service life of new investment by
corporations from 1954 to 1959 is
estimated to have been almost 25 percent less than Bulletin F. The reductions from Bulletin F were larger for
nonmanufacturing than manufacturing
and for equipment than for structures,
but all of these averages were within the
range of 75 to 80 percent of Bulletin F.
During the 1950's, two developments
contributed to the decline in tax service
lives. In 1953, IRS issued a directive
relaxing depreciation audit practices
that probably resulted in shorter service
lives for new investment. In 1954, the

April 1968

adoption of accelerated depreciation
methods began; the new methods required new depreciation accounts and
in many instances probably led corporate management to review its depreciation practices and to adopt shorter
tax lives. Some analysts feel that these
two developments account for the decline in service lives and that little
decline occurred before 1953.4
However, there is some evidence that
tax service lives were declining during
the 1940?s. The ratio of gross stocks to
straight line depreciation may be used
as an estimate of the average service
life of existing assets. Because of a shift
in investment mix from structures to
equipment, this ratio should have declined during the 1940's, but the ratio
based on tax returns filed with IRS
declines more than one would expect
from the change in mix. This suggests
that the tax service lives were not constant but were declining during the
1940's.
In view of the uncertainties about
the gradual shortening of tax service
lives, three approximations were computed on the basis of different assumptions. (See the table below.) In each,
the percentage reductions of Bulletin F
lives were assumed to be the same for
structures as for equipment and the
same for both manufacturing and nonmanufacturing. According to assumption I, tax service lives were constant
at Bulletin F until 1940, declined to 85
percent of Bulletin F (abbreviated .85F)
in 1952, and then more rapidly to 75
percent of Bulletin F (abbreviated .75F)
in 1957. According to assumption II,
tax service lives were constant at Bulletin F until 1952 and then declined to
.75F in 1957. According to assumption
III, tax service lives were constant at
4. George Terborgh, The Fading Boom in Corporate Tax
Depreciation, pp. 5-8.

Tax Service Lives Used in Approximations of NIA-IRS Depreciation, Selected Years
[Percent of Bulletin F]
Equipment
Structures

All equipment and structures
Manufacturing

1940

1945

1950

1952

1955

1957

1960

1961

Nonmanufacturing
1962-66

I

100

94

88

85

77

75

75

75

64

67

II

100

100

100

100

77

75

75

75

64

67

75

III

85

85

85

85

77

75

75

75

64

67

75

75

April 1968

.85F until 1952 and then declined to
.75F in 1957. These lives refer to the
tax service lives applicable to new investment in the indicated years and not
to the average of the tax lives of investment existing in those years.
60-month amortization

From 1940 to 1945, investment in
defense facilities under certificates of
necessity could be amortized over 60
months. In addition, a 1945 statute
retroactively permitted amortizable investment to be completely amortized
during the period ending with 1945.
Most amortizable investment made in
1945, for example, was completely
written off that year. The provision for
amortization was reinstituted during
the Korean war and again in 1953, continuing until 1959. Amortization as
reported to IRS is included in the
NIA-IRS depreciation series. Since
there are no direct estimates of the
amount of investment that was amortized each year, it was necessary to
prepare estimates of amortizable investment by working backwards from
the amortization figures reported to
IRS. In computing the approximations,
the standard service lives were applied
to a corporate investment total that
was reduced by the estimated amount of
amortizable investment. The resulting
depreciation was then combined with
amortization as reported to IRS.
Guideline service lives
In 1962, the Guidelines issued under
Revenue Procedure 62-21 set forth
new service lives for equipment that
were 30 to 40 percent shorter than those
suggested in Bulletin F. The new lives
were applicable to both new investment
and existing assets. Service lives of
structures were not changed appreciably from Bulletin F.
In the approximations, allowances for
the Guideline changes were made
pragmatically. As compared with the
lives previously in use, the service lives
of investment in new equipment in
1962 and subsequent years were reduced by about 15 percent for manufacturing and about 10 percent for
nonmanufacturing. The unused parts
of the lives of old equipment in 1962
were reduced by the same percentages.
These reductions in service lives resulted in increases from 1961 to 1962



SURVEY OF CURRENT BUSINESS
in the computed depreciation components for manufacturing and nonmanufacturing that closely matched the
increases in the actual IRS series.5
The Computed
Approximations
The results show that NIA-IRS depreciation can be closely approximated.
Approximation I agrees remarkably
well with the NIA-IRS series for the
period after World War II. It is shown
in the last panel in chart 8 on page 22,
and all three approximations are shown
in table 2.
Because of the different service life
assumptions, the three computed approximations differ. Neither approximation II, based on constant Bulletin
F lives through 1952, nor III, based on
constant service lives of .85F, generates
sufficient depreciation to follow the
NIA-IRS series in the 1950's as closely
as I, which is based on declining service
lives. The approximations tend to support the hypothesis that tax service
lives were declining prior to 1953. With
approximation II, the service lives of
the investment made after 1940 are too
long to generate sufficient depreciation
in the 1950's. With approximation III,
more depreciation had already been
taken on past investment than with I
so that there was less undepreciated
stock remaining in the 1950's on which
to calculate depreciation. The approximations are assessed further in the
appendix.
Effect of changes in practice
The approximations were calculated
by stages so that the effect of each of
the changes in depreciation practices
could be assessed separately. In the
first panel of chart 8, the NIA-IRS
series is compared with depreciation
computed on the assumption that the
1940 practices—Bulletin F service lives
and straight line depreciation—remained in effect in subsequent years.
This computed series is designated as
line A. The differences between these
two series since 1940 represent the
effects of changes in depreciation prac5. In the approximations, no explicit allowances were made
for provisions in the Guidelines other than the reduction in
service lives or for a feature of the investment tax credit of
1962 affecting depreciation. These other provisions were
much less important than the reduction in service lives and
are discussed in the appendix.

21
tices, which the article attempts to
explain.
In the second panel, line A is repeated. The net effect of 60-month
amortization—the difference between
the gross amount of amortization as
reported to IRS and depreciation
computed from estimates of amortizable investment using straight line
depreciation and Bulletin F service
lives—is added to line A to obtain line
B.
The net effect of the gradual shortening of tax service lives before 1962 was
taken as the difference between straight
line depreciation (on all investment
that was not amortized) computed with
constant Bulletin F service lives and
that computed with declining service
lives. This difference is added to line B
in the third panel to yield line C.
The net effect of accelerated depreciation was calculated after allowance for
the gradual shortening in service lives.
It was computed as the difference between double-declining balance and
straight line depreciation applied to
part of the new investment made since
1954. In the fourth panel, this difference
is added to line C to obtain line D. The
effect of the Guidelines was computed
by making a further reduction in service lives of new and existing equipment
in 1962. The additional depreciation so
computed is added to line D in the
fifth panel to yield line E, the end
result of approximation I. In the sixth
and last panel, the NIA-IRS series is
shown again for comparison with line E.
The total effect of changes in depreciation practices is estimated in
approximation I to have added about
$9 billion to depreciation charges in
1966, about one-quarter of corporate
depreciation charges and 11 percent of
corporate profits. About $1% billion is
attributed to the Guideline service lives,
about $3% billion to accelerated depreciation, and about $4% billion to the
gradual shortening in service lives prior
to the Guidelines. Net amortization of
defense facilities was negative by about
$% billion in 1966.
The Guideline service lives have
yielded an estimated $9% billion in
additional depreciation since 1962, and
accelerated depreciation has resulted
in about $28 billion additional depreciation since 1954. Net amortization since

SURVEY OF CUEEENT BUSINESS

22
F.*:ra7'i^:s:/a^i?^^

April 1968

—-

Derivation of Approximation of NIA-IRS Corporate Depreciation1
Billion $ (Ratio scale)

Billion $ (Ratio scale)

50

50

40 -

— 40

30 -

NfA-IRS

Depreciation 20 -

15 -

LineB
60-IVIonth Amortization
of Defense Facilities
Added to Line A

s

Line A

10 -

-

[•

3

J 1 " « M

1929

35

M

^ Line A
Straight Line Depreciation
Bulletin F Service Lives

I M I IIU M I M

40

45

8

50

I I I IJ M

55

IH IIIM

60

|

65

J1 IM M IIIM
1929

35

40

I i;i I

IM H I I I M I II I J III I J M

45

50

55

60

65

oM

1929

1M

M

35

! I I i el H I M

40

45

I i . l IJ I I I I J I I I IJ M

50

55

60

IIJ I

3

65

50

50

40

~ 40

30 -

^^
Guideline Service LiveT""^
Added to Line D
//

Line DAccelerated Depreciation
Added to Line C

- 30

- 20

LineC

s

Line D

15 -

-

10 -

15

~ 10

- 8

-

6

J' | I | 1 M | | | ij i I | M i i I n I ( | g i i t ij ||
.1 1I1M1 IMen i i i .1 M i i j i i M OM M ioi t i t iei r i \ i j i

3

LineE
Finaf Approximation I

3

\-\ I I m I i H j I M I J I I ( H I I u e t l I I. |J I i r IJ j

1929

35

40

45

50

1, See footnote to table 2 for coverage.
U.S. Department of Commerce, Office of Business Economics




55

60

65

1929

35

40

45

50

55

60

65

1929

35

40

45

50

55

60

65

SUKVEY OF CUEEENT BUSINESS

April 1968

1940 has amounted to about $9 billion.
Finally, the total amount resulting
from the gradual shortening of service
lives—from Bulletin F service lives in
1940 to .75F in 1957—has been about
$40 billion.
Although the effects of the Guidelines, accelerated methods, and amortization in approximations II and III
are about the same as in I, the amount
of depreciation arising from the reductions in service lives differs. As indicated above, the results support the
service life assumption in approximation
I. The selection of appropriate service
lives, however, remains uncertain, and
the results of the other approximations
provide a range within which the true
figures probably fall. They suggest that
if approximation I is in error, it is probably too high in most years. The three
estimates of the total effect of declining
service lives range from $15 billion in
approximation III to $40 billion in I,

23
actual series in most years by an
average of 1 percent per year. From
1960 to 1965, it exceeds the actual series
by an average of 0.6 percent per year.
Until 1961, approximation II falls
short of the actual series by larger
amounts than I; it then moves above I
and exceeds the actual series by larger
amounts than I. Approximation III
runs at a lower level than I and falls
short of the actual series every year
until 1965.

with the estimate in II at $33 billion.
The range for 1966 is from $2 billion in
III to $4% billion in II, with approximation I at $4% billion.

Appendix
In this appendix, the approximation
to NIA-IRS depreciation is assessed
more fully than in the article and the
methods and data used in the present
study are described. Generally speaking, the section dealing with methods
and data applies to both parts of the
study; however, there are occasional
references to matters discussed solely
in part II.

Table A.—Percentage Differences * Between Approximations
and NIA-IRS Series
[Averages computed with regard to sign]
Approximation
I

Further Evaluation of the
Approximations

1929-41

5.8

1942-49

-5. 7

-7.4

-5. 6

- 1. 0

-5.5

-2.0

1960-59

Approximation I was judged to be
close to NIA-IES depreciation in the
period after World War II (table A).
For the 1950's, it falls short of the

III

II

1960-65

. ..

10. 4

.6

.9

-.6

3.2

4.0

2.4

__-_.

1966 .

5.8

1. Difference equals approximation minus NIA-IRS as
percent of NIA-IRS.

Table 2.—Approximations to NIA-IRS Corporate Depreciation
fBillions of dollars!
Approximation I

Year

Straight 60line
month
NIAdepre- amorticiation, zation
IRS
depreci- Bulof deation
letin
fense
F lives facilities
(1)

(2)

(3)

Approximation III

Approximation II

GradGradStraight 60Straight
Accel- Guide- ual
ApDifline month
ual
line
Diferated line short- proxi- fer- depre- amorti Accel- Guide- short- Approxi- ferdepredepre- ser- ening mation ence ciation, zation erated line ening mation ence ciation,
ciavice of ser- 1(2+ (7-1)
of de- depre- ser- of ser- 11(9+ (14-1)
Bul.85
tion lives vice 3+4+
letin
fense
vice
ciavice 10+11+
Bullives 5+6)
tion
F lives facilletin
lives lives 12+13)
ities
F lives
(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

60month Accel- Guideamorti erated line
zation depre service
of de- ciafense
tion lives
facilities

(17)

(18)

(19)

Gradual
Difshort- Approxi- ferening mation ence
of ser- III (16+ (21-1)
vice 17+18+
lives
19+20)
(20)

(21)

(22)

1929

4.0

3.8

3.8 -0.1

3.8

3.8

-0.1

4.1

4.1

o.i

1930
1931
1932
1933
1934

4.1
4.1
3.8
3.5
3.4

4.0
4.0
3.9
3.8
3.7

4.0
4.0
3.9
3.8
3.7

-.1
-.1
.1
.2
.3

4.0
4.0
3.9
3.8
3.7

4.0
4.0
3.9
3.8
3.7

-.1
-.1
.1
.2
.3

4.3
4.3
4.1
4.0
3.8

4.3
4.3
4.1
4.0
3.8

2
'2
'4
'4

. ;.s

1935
1936
1937
1938
1939

3.4
3.4
3.4
3.4
3.5

3.6
3.7
3.8
3.8
3.8

3.6
3.7
3.8
3.8
3.8

,3
.3
.4
.4
.4

3.6
3.7
3.8
3.8
3. 8

3. 6
3.7
3.8
3.8
3.8

.3
.3
.4
.4
.4

3.8
3.8
3.9
3.9
3.9

3.8
3.8
3.9
3.9
3.9

4
'5
'5
'5
>

1940
1941
1942
1943
1944

3.5
3.9
4.7
5.0
5.7

3.9
4.0
4.1
4.0
4.0

0.0
.1
.5
.8
1.5

0.0
.0
.0
.0

3.9
4.1
4.6
4.9
5.5

.4
.2
i
—.2

3.9
4.0
4.1
4.0
4.0

0.0
.1
.5
.8
1.5

3.9
4.1
4.6
4.9
5.4

.4
.2
-.2
-.2
-.3

4.0
4.1
4.2
4.1
4.0

0.0
.1
.5
.8
1.4

4.0
4. 2
4.7
4.9
5.4

4
'3
_'l
_'l
-.3

1945
1946
1947
1948
1949

6.0
4.2
5.3
6.3
7.1

4.0
4.3
4.8
5.7
6.5

1.7
-.2
— 2
-.2
-.2

.0
.1
.1
.2
.3

5.7
4.1
4.7
5.7
6.7

-.3
-.1
-.5
-.7
-.5

4.0
4.3
4.8
5.7
6.5

1.7
-.2
-.2
-.2
-.2

5.7
4.1
4.6
5.4
6.3

0

-.7
-.9
-.8

4.1
4.4
5.0
6.0
7.0

1.6
-.3
-.3
-.3
-.3

5.7
4.1
4.7
5.7
6.7

-.3
-.1
-.5
—.6

1950
1951
1952
1953
1954

7.8
9.2
10.3
11.9
13.6

7.4
8.4
9.3
10.1
10.9

-.2
.0
.4
.9
1.3

0.2

.5
.6
.7
.8
1.0

7.7
8.9
10.3
11.8
13.5

-.2
-.2
.0
-.1
-.1

7.4
8.4
9.3
10.1
10.9

-.2
.0
.4
.9
1.3

0.2

0.1
.2

7.2
8.4
9.6
11.0
12. 6

-.6
-.8
-.7
-.9
-.9

8.0
9.0
10.0
10.9
11.7

-.3
-.1
.3
.8
1.2

-.2
-.2
.0
-.2
-.3

1955
1956
1957
1958
1959

15.9
17.2
19.0
20.1
21.5

11.7
12. 8
14.1
15.1
16.1

1.7
1.7
1.4
.9
.5

.7
1.1
1.6
1.9
2.2

1.3
1.6
1.9
2.2
2.5

15.4
17.2
19.0
20.1
21.3

-.5
.0
.0
.0
-.2

11.7
12.8
14.1
15.1
16.1

1.7
1.7
1.4
.9
•5

.6
1.1
1.6
1.9
2.2

.6
1.0
1.5
1.8
2.2

14.6
16.6
18.6
19.8
21.0

-1.2
-.6
-.5
-.4
-.5

12.7
13.9
15.2
16.4
17.4

1960
1961
1962
1963
1964

22.7
23.9
27.5
29.0
30.8

17.4
18.6
19.9
21.4
23.1

.1
-.2

-'.6
-.7

2.5
2.6
2.6
2.7
2.9

2.3
2.0
1.8

2.8
3.1
3.4
3.6
3.8

22.8
24.1
27.7
29.2
30.9

17. 4
18.6
19.9
21.4
23.1

.1
-.2
-.4
-.6
-.7

2.5
2.6
2.6
2.8
2.9

2.3
2.1
1.9

2.7
3.1
3.4
3.7
4.0

22.6
24.1
27.8
29.3
31.2

-.1
.2
.3
.3
.3

1965
1966

33.2
35.6

25.2
27.6

-.6
-.7

3.2
3.5

1.7
1.7

4.2
4.6

33.6
36.7

25,2
27.6

-.6
-.7

3.2
3.5

1.8
1.7

4.4
4.8

33.8
37.0

.6
1.4

A

0

.0
.2 .2
.2
.1
.4
1.1

NOTE.—NIA-IRS depreciation includes amortization and accidental damage to fixed
capital; excludes depreciation on farm and residental properties owned by corporations.




-.2

0.2

0.0
.1

7.7
8.9
10.3
11.7
13.3

1.6
1.5
1.3
.7
.3

.7
1.1 .......
1.6
1.9
2.2

.3
.5
.7
.8
1.0

15.2
17.0
18.8
19. 9
20.9

-.7
-.3
-.3
-.3
-.6

18.7
20.1
21.5
23.1
24.9

.0
-.3
-.5
—. 6
-.7

2.5
2.6
2.6 ~~~2.~2~
2.0
2.7
2.9
1.8

1.2
1.4
1.5
1.6
1.8

22.4
23.8
27.4
28.8
30.6

-.3
-.1
-.2
-.2
-.2

27.1
29.8

-.7
-.7

3.2
3.5

1.7
1.7

1.9
2.1

33.3
36. 4

.1
.9

Source: U.S. Department of Commerce, Office of Business Economics.

24
None of the approximations agrees
closely with the increase in the NIAIES series from 1965 to 1966. The
NIA-IES series increases $2.4 billion
while the approximations show increases
of about $3.1 billion. Part of. the discrepancy may be due to the preliminary
nature of the NIA-IES series. Final
IES tabulations for 1965 and preliminary tabulations for 1966 will not be
available until later this year. Another
possible explanation for part of the
discrepancy is that the reserve ratio
test and the restriction on open-end
accounts with respect to overage assets
may have reduced the depreciation
deductions beginning in 1965. (This is
discussed below.)
Although the approximations are
shown back to 1929, the study did not
attempt to approximate the NIA-IES
series closely in the years prior to 1940.
The level of the NIA-IES series in
1929 falls between the computed estimate based on Bulletin F lives and that
based on .85F lives. The NIA-IES
series declines more than the computed
series in the early 1930's and increases
more in the 1940's. The larger decline
and later increase are consistent with
the effect of Treasury Decision 4422
and with two other factors that may be
assumed to have affected the NIA-IES
series in the 1930's and 1940's. Eeduced
amounts of depreciation were taken
with the units-of-production method in
the 1930's, and there was probably a
natural tendency for corporations showing losses to attempt to postpone
depreciation to more prosperous years.
A closer approximation could have
been achieved in the 1930's if allowances
had been made for the factors cited
above.
In addition to comparing the approximations with the NIA-IES series, two
comparisons with independently derived estimates are possible. In a recent
study based on balance sheets data
from IES, Norman Ture estimated
that the-accelerated methods contributed $2.4 billion dollars of depreciation in 1959.6 This figure compares
with an estimate of $2.2 billion in all
three approximations. About half of
the $200 million difference is due to
6. Ture, op. ctt., pp. 82-96.




SUEVEY OF CUREENT BUSINESS
the exclusion of farm and residential
depreciation from the estimates presented in this article.
In a survey of corporations made by
QBE in the spring of 1963,7 it was
estimated that the Guidelines contributed $2.4 billion additional depreciation in 1962, which compares with a
range of $2.2 billion to $2.3 billion in
the approximations. Because corporations were able to switch to the Guidelines for the year 1962 until their books
were no longer subject to audit, a larger
discrepancy might result if a survey
covering 1962 were taken now.
Possible sources of error

April 1968

unduly complicated the procedures.
Instead, the service lives were reduced
in 1962 to provide a close match between
the computed and actual increase from
1961 to 1962. The procedure may not
provide a close agreement after 1962,
but more information and probably
the passage of a few more years are
needed before this can be adequately
assessed. Those aspects of Guidelines
and the investment tax credit for which
no explicit allowances were introduced
are discussed below. (5) Underlying
the study are several sources of data
and a number of assumptions that
were necessary in deriving the corporate
share of total investment, the estimate
of corporate residential depreciation,
etc. All these involve problems as to
definition, coverage, and statistical
accuracy.

The uncertainties concerning the
service lives used by corporations have
already been indicated as a source of
possible error in the approximations.
Other possible sources of error include Guidelines
the following: (1) The computed apThe Guidelines contained several
proximations make no allowance for
provisions
for which no explicit alresale of used assets. On balance, these
lowances
were
included in the approxiprobably take place at prices higher
mations.
These
provisions are discussed
than the depreciated values; they thus
below.
increase the net book value of the
The Guidelines established about 75
stock and result in larger depreciation
asset
classes and a suggested service
deductions than if the original owner
life
for
each class. Most of the classes
held the asset to retirement. (2) Simplicovered
the equipment used by a
fying assumptions were necessary with
particular
industry, but a few classes
respect to the depreciation procedures
covered
types
of depreciable assets in
used by business. As indicated below,
general
use
by
business, such as office
each of 34 types of investment was
assigned an average service life and equipment, transportation equipment,
retired in a range around the average and buildings. The service lives sugon the basis of the Winfrey distribu- gested in the Guidelines were 30 to 40
tion. However, business procedures percent shorter than Bulletin F lives
are more complex. Neither the group and also shorter than the lives being
nor the item accounting methods used used by many firms.
A firm had the option of either conby business corresponds exactly to the
tinuing
its previous procedures or
procedures employed in the study.
adopting
the Guidelines. In the present
(3) The adjustments for changes in
study,
instead
of regrouping part of the
service lives and the switch to accelerinvestment
data
for equipment to corated methods were made on the basis
respond
to
the
new
asset groups and
of averages. Actually, there is a good
applying
the
Guideline
service lives to
deal of dispersion about these averages,
by both type of investment and in- these new groups, all of the data were
dustry, which could lead to somewhat continued as 20 equipment groups as
different results. (4) No explicit allow- described below, and the service lives
ances were introduced in 1962 for several applicable to all investment were reaspects of the Guidelines and the invest- duced. Because more use of the Guidement tax credit since they would have lines was made by manufacturing firms
than by nonmanufacturing firms, service lives were reduced more for manu7. Lawrence Bridge, "New Depreciation Guidelines and
the Investment Tax Credit," SURVEY OF CURRENT BUSIfacturing equipment than for nonNESS, July 1963.
manufacturing.

April 1968

The Guidelines also established the
reserve ratio test as a procedure for
determining if a firm's depreciation
rate under the Guidelines was excessive.
Under the test, the ratio of the depreciation reserve to the gross value of the
asset group is compared with a ratio
based on expected or normal replacement practice. The reserve ratio test
was originally scheduled to take effect
in 1965, but the transition period was
extended and the test was significantly
modified when it became apparent that
many firms would be unable to meet
the test. One reason that some firms
failed the original test was the exaggerated depreciation deductions arising
from the inclusion of fully depreciated
assets in group accounts. Assets that
had been fully depreciated in item or
year-of-acquisition accounts and that
were still in use could be included in
new group accounts established under
the Guidelines. It was to the taxpayer's
advantage to include the original value
of such assets in new open-end group
accounts and to depreciate the accounts with either the straight line or
sum-of-the-years-digits method because
in both of these methods the gross value
of the assets is the base for calculating
depreciation. For manufacturing corporations in 1963, about 20 percent of
the additional depreciation arising from
the Guidelines was estimated to be due
to the inclusion of fully depreciated
assets in group accounts and 80 percent
to shorter lives.8 When the transition
period for the reserve ratio test was
extended, the regulations were also
changed so that new investment in
1965 and later years could not be added
to open-end accounts being depreciated
with either the straight line or sum-ofthe-years-digits method. This made the
accounts containing the fully depreciated assets closed end. Since the depreciation taken previously had been
transferred to the new accounts, the
depreciation reserves of these accounts
were already high and would rapidly
approach the gross value if there were
no retirement of fully depreciated
assets.
In the approximations, no allowances
were made for depreciation arising
8. Frederick W. Stevenson, op. cit.




SURVEY OF CURRENT BUSINESS
from fully depreciated assets or for the
reserve ratio test. The effect of the
reserve ratio test is generally considered
to have been negligible. However, the
presence of the test and the restriction
on new additions to open-end group
accounts after 1964 may have resulted
in less depreciation being taken because
of overage assets. The fact that the
OBE approximations exceed the NIAIRS figures in 1965 and 1966 lends
support to this possibility.
Investment tax credit

Beginning in 1962, corporations were
allowed an investment credit against
their income tax. Initially, the depreciable base on which depreciation is
computed was reduced by the amount
of the tax credit. For corporations
other than public utilities, the credit
allowed was 7 percent of the investment
in equipment with service lives of
8 years or more and less than 7 percent
for equipment with service lives from
4 to 8 years. Property with lives of less
than 4 years was not eligible for credit.
The credit was limited to a certain
percentage of profits; in addition, there
were provisions for carrying the credit
forward or backward to other tax years.
In 1964, the law was changed so that
the depreciable base was no longer reduced by the amount of the tax credit
and the reductions made in 1962 and
1963 were restored. This change shifted
tax depreciation from 1962 and 1963
to later years—perhaps as much as $100
million from 1962 and $300 million from
1963. In the approximation, no adjustment was made in the depreciable base
to take account of the initial provision
in the investment tax credit or its
revision in 1964.
Methods and Sources of Data
The present study draws on OBE's
Capital Stock Study, which presented
estimates of fixed capital stocks and
related measures for all business excluding residential properties.9 Where necessary, reference is made to the methods
and data sources of the Capital Stock
Study. Additional discussion of these
9. Lawrence Grose, Irving Rottenberg, Robert C. Wasson,
"New Estimates of Fixed Business Capital in the United
States 1925-65," SURVEY OF CURRENT BUSINESS, December
1966.

25
points may be found in the article
describing the earlier study.
Computation of depreciation

The perpetual inventory method was
used to compute the approximations to
NIA-IRS depreciation in part I and
the alternative measures of corporate
capital consumption allowances in part
II. In the perpetual inventory method,
estimates of gross investment and of
service lives are used to develop measures of stocks and depreciation. Gross
stocks are obtained by cumulating gross
investment in prior years and then subtracting gross investment in those assets
that have completed their service lives.
Depreciation charges are obtained by
applying depreciation rates to the investment elements contained in the
gross stock. Net stocks are obtained by
subtracting from the value of gross
stocks the cumulated depreciation on
assets still in service.
Corporate investment figures for
about 20 groups of equipment and 14
types of structures were used in the
computations. For each type of investment, an average service life was used
together with a distribution of the retirements or discards of assets about the
average. The distribution used was a
modification of the Winfrey S-3 curve,10
a bell-shaped distribution with discards
starting at 45 percent of the average
service life and continuing until 155
percent is attained. For example, for
investment with an average service life
of 20 years, the assumption is that discards begin in the ninth year on a small
scale and increase gradually, with the
greatest concentration near the 20th
year. The discards continue beyond the
20th year in declining amounts until
the 31st year.
The service lives resulting from the
Winfrey distribution were used in
computing depreciation. In the above
example, the investment discarded in
the ninth year was fully depreciated
over a 9-year service life. The investment discarded in the 31st year was
fully depreciated over a 31-year service
life.
10. Robley Winfrey, Statistical Analyses of Industrial Property Retirement, Iowa Engineering Experiment Station Bulletin 125, December 11,1935, p. 104.

SUEVEY OF CURRENT BUSINESS

26
Three depreciation formulas were
considered in the study. The straight
line formula depreciates the value of an
asset over its service life in equal
annual amounts. The straight line
formula may be written:

assumed to have occurred at midyear;
a half-year of depreciation is taken in
the first year and a half-year in the
last yeai in which the asset is in service.
Service lives

The average service lives were based
on the results of the Capital Stock
Study; the derivation of these lives is
discussed below. Average service lives
where D represents depreciation, /
based primarily on Bulletin F (1942
is an investment element contained
edition) were estimated for each of the
in the gross stock, t is the year in which
20 groups of equipment and 14 types of
the investment was made, n is the
structures in the Capital Stock Study.
service life, and i=Q, 1, . . ., n— 1.
The average life for each of the 19 bioad
The double-declining balance formula
types of nonfarm equipment was dedepreciates the net value of an asset
rived from the Bulletin F service lives
by a constant percentage -each year,
assigned to individual types of equipwhich is twice the percentage taken in
ment within the group. Altogether,
the first year with straight line deservice lives for about 180 detailed
preciation. The double-declining baltypes of equipment were used in obtainance formula may be written:
ing averages for the 19 groups. Averages
were calculated with weights based on
shipments data from the Census of
Manufactures. The average life for
where Z>, ty /, n, and i are defined as in farm equipment was derived from
the straight line formula. With the several Department of Agriculture
double-declining balance formula, the studies.
Since the investment data for strucnet value never reaches zero. To write
off the entire value, a convention that tures include both investment in new
is available under IRS regulations was structures and investment in alterations
used. Depreciation was switched to and additions to existing structures, the
straight line at the point where straight average service life of the two is less
line depreciation of the remaining value than that for new structures alone as
results in a larger deduction than would shown in Bulletin F. The service lives
the use of double-declining deprecia- used were 20 percent shorter than
Bulletin F for manufacturing structures
tion.
The sum-of-the-years-digits formula and 7 percent shorter than Bulletin F
takes as depreciation a changing frac- for nonmanufacturing structures.
No allowance was introduced for
tion of the original value of the asset
each year. The numerator of the frac- alterations and additions to farm struction changes each year to correspond tures. The service lives of farm structo the remaining useful life, and the tures represent a compromise between
denominator, which remains constant, Bulletin F lives and the shorter lives
is the sum of all the years' digits in the provided in the Guidelines.
Although in most instances the lives
service life. The sum-of-the-years-digits
of the individual types of equipment
formula may be written:
were taken as constant over the period
^
n—i
covered by the study, the average lives
*+*— (1+2,
f1 J_O _L
+ ...,/i)\
for the equipment groups change over
time because of differences in asset
where Z), t, I, n, and i are defined as in composition. The average lives as dethe straight line formula.
scribed above are those referred to as
The half-year convention was used
in computing depreciation, but to Bulletin F service lives in the present
simplify presentation it is not shown study. Lives shorter than Bulletin F
in the above formulas. With the half- were prepared by taking a percentage
year convention, all investment is of the Bulletin F service lives.




JLt

an

April 1968
Derivation of corporate investment

The corporate investment estimates
were prepared for the present study
from the data on private fixed nonresidential investment as shown in the
national income and product accounts.
In the national accounts, nonresidential fixed investment is shown for 20
groups of equipment and 14 types of
structures (tables 5.2 and 5.4 in the
July 1967 SURVEY). These 34 series
were separated into manufacturing,
farm, and all other industries in the
Capital Stock Study. This separation
and the extension of the 34 series to
years earlier than 1929 are described
in the December 1966 SURVEY article.
For the present study, these investment
estimates—updated to include revisions
that appeared in the July 1967
SURVEY—provided the starting point
for developing corporate estimates of
investment in fixed assets.
The disaggregation of investment
into corporate and noncorporate components was accomplished by a variety
of methods:
(1) Several investment series from
the Capital Stock Study were wholly
assigned to either the corporate or the
noncorporate sector. For example, all
investment in public utility structures
was taken as corporate while all investment by nonprofit institutions was
assigned to the noncorporate sector.
(2) Investment in automobiles was
separated into corporate and noncorporate shares on the basis of information concerning corporate purchases
of autos obtained in the 1957-58 plant
and equipment surveys and in the
1957-58 surveys by the Federal Reserve System on the use of cars for
business purposes by employees.
(3) Corporate and noncorporate
shares of investment in petroleum and
natural gas structures (largely oil
wells) were based on the depletion
allowances reported to IRS by corporate
and noncorporate businesses.
(4) After special treatment of these
items, the remaining investment components, each of which was already
allocated among manufacturing, farm,
and all other industries in the Capital
Stock Study, were further allocated be-

April 1968

tween corporate and noncorporate on
the basis of five overall ratios for (a)
manufacturing equipment, (b) manufacturing structures, (c) all other nonfarm equipment, (d) all other nonfarm
structures, and (e) farm. Overall percentages were used since information
is not available to separate the remaining investment components individually
into corporate and noncorporate parts.
To prepare the manufacturing percentages, corporate and noncorporate
investment in structures and in equipment—less those items handled separately in sections (1) through (3)
above—were estimated for benchmark
years from the 1954, 1958, and 1963
Censuses of Manufactures. Using wages
and salaries plus net income of proprietors, the noncorporate estimates—since
they were the smallest share—were
interpolated between the benchmarks
and extrapolated forward to 1966 and
back to 1946. The noncorporate estimates were deducted from the annual
totals used in the Capital Stock Study
for plant and equipment to establish
corporate investment for each year
from 1946 to 1966. Overall corporate
percentages were then computed for
manufacturing equipment and manufacturing structures.
The corporate-noncorporate allocation for other nonfarm industries from
1946 to 1966 were derived from several
sources: for trade and services, Census
of Business data; for transportation and
construction, mainly the OBE-SEC
plant and equipment data; for the remaining industries, IRS depreciation
figures. The noncorporate estimates
were interpolated between benchmarks
and extrapolated forward to 1966 and
back to 1946 using either gross reciepts
or wages and salaries plus net income of
proprietors, although some use was also
made of the OBE-SEC plant and equipment survey. The noncorporate estimates were then deducted from the
annual totals to arrive at corporate investment, and overall corporate percentages were computed for all other
nonfarm equipment and all other nonfarm structures.
The corporate percentage for farms
was based on IRS corporate farm depreciation and on total farm deprecia-




SURVEY OF CURRENT BUSINESS
tion estimates of the Department of
Agriculture, after the former had been
adjusted to include only domestic farms
and had been revalued in current
prices.
The five corporate percentages derived by these processes were extrapolated from 1946 back to 1938 on the
basis of the corporate and noncorporate capital consumption allowances
and were held constant prior to 1938.
The corporate percentages used for
1938 and 1966 are shown in table B.
The resulting series of percentages were
applied to the estimates of the 34 categories of investment for the entire span
of over 100 years to derive the corporate
share of each of these items.
Separate estimates of investment by
financial and nonfinancial corporations
were also required for this study. The
basic technique employed was to measure investment by financial corporations
as equal to the sum of the change in
net stocks derived from successive
balance sheets plus capital consumption
allowances from income statements.
Data from various government and
private organizations were used for the
several types of financial institutions.
The sources included the Federal Deposit Insurance Corporation, Federal
Reserve System, Internal Revenue
Service, Institute of Life Insurance,
and Best's Fire and Casualty Aggregates
and Averages. The investment by financial corporations was allocated among
Table B.—Percent of Nonresidential Investment Allocated
to Corporations, 1938 and 1966

1938

1966

Manufacturing:
Equipment
Passenger cars not in IRSRailroad
.
All other
Structures

.

- ..

93.0

93.9

91.8
100. 0
92.9

88.6
100. 0
93.9

97.5

96.7

Nonfarm nonmanufacturing:
Equipment
Passenger cars not in IRS
Railroad
Nonprofit institutions . . .
Allother
Structures

_

Petroleum and natural gas well
drilling and exploration
.
Public utilities
Nonprofit institutions
All other
. _ _

65.9

77.7

87.4
100.0
.0
62.9

83.1
100.0
.0
77.7

82.9

65.2

94.1
100.0
.0
74.2

93.5
100.0
.0
62.8

2.0

7.0

Farm:
All equipment and structures

27
and deducted from the following corporate investment components: furniture, general industrial machinery, office
and store equipment, service-industry
machines, electrical machinery, automobiles, and commercial structures.
Residential property
Estimates of the amounts accruing to
corporate owners of residential property
were deducted from the published
figures pertaining to corporate profits,
capital consumption, gross product, and
income originating so that the coverage
of these series would correspond to the
computed depreciation measures. The
residential estimates for corporations
were obtained by allocating the components of gross product of tenantoccupied residential properties between
corporate and other owners. The ratio
of the stock of residential properties
owned by corporations to the total
tenant-occupied stock was used to
allocate gross product, income originating, and the sum of depreciation and
profits of tenant-occupied properties.
The stock estimates were developed
from information from the 1960 Survey
of Residential Finance and the Flow of
Funds Accounts of the Federal Reserve.
The split between profits and depreciation was based on the distribution
between profits and depreciation shown
for the 3-digit IRS industry Real
Estate Owners and Operators.
The allocation of the residential
estimates between financial and nonfinancial corporations was based on the
ratio of the stock of housing owned by
life insurance companies to the total
corporate residential stock.
Derivation of NIA-IRS corporate
depreciation
Table C shows for the year 1966 the
relationship between corporate depreciation as reported to IRS (line 1),
corporate capital consumption allowances as published in the national
accounts (line 5), and the NIA-IRS
corporate depreciation used in Part I
of this study (line 10). The NIA-IRS
total is obtained by adding to IRS
corporate depreciation an allowance
for accidental damage to fixed capital
and deducting capital consumption al-

SUEVEY OF CUKRENT BUSINESS

28
lowances for both residential properties and farms owned by corporations.
Table C.—Relationships Between Corporate Depreciation
Estimates, 1966
[Billions of dollars]
Item

Line

IRS corporate depreciation *
Plus:

Accidental damage to fixed capital
Capital consumption allowances
for oil and gas well drilling and
exploration charged to current
expense
Capital consumption allowances
for passenger cars of employees
reimbursed for travel expenses-

Equals: Corporate capital consumption
allowances in national income
accounts

Amount
236.2

1.5
.7
39.0

Minus: Line 3
Line 4
Capital consumption allowances
for corporate firms
Capital consumption allowances
for residential properties owned
by corporations

1.5
.7

Equals: NIA-IRS corporate depreciation.

35.6

2
1.0

1. Excludes depreciation reported by foreign branches of
U.S. corporations.
2. Preliminary estimate prepared by OBE.

Regional Changes in Personal Income
(Continued from page 16)

eral Government, and farming on
changes in regional trends in total
income from 1960-65 to 1965-66. A
comparison of changes in the rate of
personal income growth over the two
periods with and without the component under evaluation provides a net
measure that reflects both the weight
of the component in the income structure and the acceleration in the rate of
change in the component.
It is evident from the tabulation that
the increased growth in manufacturing
wages and salaries had by far the largest
absolute effect on changes in the income aggregate both nationally and




regionally. It also contributed substantially to the narrowing of regional
differentials in growth rates. Changes in
Federal payrolls boosted the rate of
growth in total income appreciably but
tended to widen regional differentials
by stimulating total income growth
more in fast-growing than in slowgrowing regions. Farm income, on the
other hand, had no significant effect on
the national income growth rate but
contributed to uniformity by limiting
the relative increase of total income in
fast-growing regions.

Income Changes in 1967
During 1967, when the national rate
of economic advance slowed, and there
was an actual decline in the output
of durable goods, regional economic
growth once again resembled its long
term geographic pattern. That is, substantially larger relative income gains
were again recorded in the West and
South, and smaller ones in the northeast
and north central regions. Over the
course of the year, personal income rose
30 percent more in the three rapidgrowth regions than in the other five
areas—a differential about the same as
that which prevailed over the longer
span from 1948 to 1965.
Manufacturing expansion slows
The factors responsible for the reemergence of long term trends in 1967
were generally the reverse of those
operating in 1965-66. Most of last
year's change in regional growth patterns is traceable to a substantial decline
in the rate of expansion of factory payrolls (centering in durable goods) in the
typically slow-growing regions and to a

April 1968

near-continuation of the rate of expansion in manufacturing payrolls in
the other regions. In addition, the small
rise in farm income in the fast-growing
regions combined with a small decline
in the slow-growing areas in 1967 to
widen regional trends in total income
growth. Finally, the leveling off in
Federal payrolls over the year tended
to narrow regional trends in total income growth during 1967.
Table 6 shows State and regional
changes in total income and in selected
components from the first quarter of
1965 to the fourth quarter of 1966 and
from the fourth quarter of 1966 to the
fourth quarter of 1967.
Regional shifts within 1967
Developments within the year 1967
buttress the foregoing analysis. From
the fourth quarter of 1966 to the second
quarter of 1967—when the economy
was sluggish and output of durables fell
markedly—the rate of growth in the
usually fast-growing regions exceeded
that in the slow-growing regions by 40
percent. Thus, during the first half of
the year, regional economic differences
were even greater than those typical of
the long term trend.
In contrast, when the economic advance again quickened and output of
durables nearly made up their previous
drop during the last half of 1967,
regional rates of growth became more
uniform. Over this two-quarter span,
the rate of growth in the fast-growing
regions exceeded that in slow-growing
regions by about 10 percent. This pattern of regional growth is closely in
line with that which prevailed during
the economic expansion of 1965-66.

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 (f), 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
fche 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

I

Annual total

II

1967

1966

1965

III | IV

•i | n

III

| IV

I

II

1968
III

IV

I*

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
bil. $

683.9

743.3

785.0

662.7

675.4

690.0

708.4

725.9

736.7

748 8

762 1

766 3

775 1

791.2

807.3

827.3

do

433.1

465.9

491.7

420.2

428.1

436.4

447.8

458.2

461.6

470.1

473.8

480.2

489.7

495.3

501.8

517.8

Durable goods, total 9 _ _ _ do
Automobiles and parts
do
Furniture and household equipment.—— do

66.0
29.9
27.0

70.3
29.8
29.9

72.1
29.3
32.0

65.2
30.4
25.8

64.2
29.2
26.1

66.1
29.8
27.3

68.6
30.3
28.9

71.6
31.4
29.4

68.2
28.5
29.1

70.9
29.8
30.6

70.6
29.6
30.6

69 4
27.3
31.4

72 5
29.7
31.9

72.7
29.9
32.1

73.8
30.1
32.6

77.9
33.1
33.9

do
do
__do_ __
do

191 2
36.1
99.0
15 1

207 5
40.3
106. 7
16 2

217 5
42.8
110.6
17 5

184 6
34.6
95.6
14 3

189 8
35.6
98.3
15 1

192 4
36.2
99.4
15 3

198 0
37.8
102.5
15 7

203 2
39.5
105.2
15 8

207 1
39 8
107.0
16 2

209 5
41 0
107.3
16 3

210 3
40 8
107.2
16 6

214 2
41 5
109 3
17 1

217 2
43 2
110 1
17 5

218.5
43.7
110.9
17.5

220 3
43.1
112.2
17 8

228.0
45.0
115.7
18.3

do
_do
do_ _
do

175 9
25.7
63.6
12 6

188 1
27.0
67.1
13 6

202 1
28.2
71.3
14 7

170 4
24 7
61.9
12 0

174
25
63
12

2
5
2
5

177 8
26 1
64.2
12 8

181 2
26 5
65.3
13 1

183 5
26 1
66.2
13 2

186 3
26 9
66.5
13 5

189 8
27 4
67 4
13 7

192 9
27 7
68.5
14 0

196 6
27 8
69 6
14 4

200 0
28 1
70 6
14 6

204.1
28.1
71.9
14.8

207 7
28 8
73.3
15 1

211.9
29.1
74.9
15.4

do_ __

107,4

118.0

112.1

105.1

105.1

108.2

112.3

115.2

118.5

116 4

122.2

110 4

105 1

112.2

120.8

119.4

111.6
84 0
26 7
57.3
27.6
27 0
9 2
7.7

115.5
87.2
28.7
58.5
28.3
27.8
3.9
3.0

Gross national product, total
Personal consumption expenditures, total

Nondurable goods, total 9
Clothing and shoes
.,
Food and beverages
__
Gasoline and oil
Services total 9
Household operation _
Housing
Transportation

_ _ _ _

_

Gross private domestic investment, total
Fixed investment
Nonresident ial
Structures
- Producers' durable equipment.
Residential structures. _ _ _
Nonfarm
Change in business inventories
Nonfarm __ _

_ _ _do_
do
do
_do_
do
do
-do_ __
do

98 0
71 1
25 1
46 0
27.0
26 4
9.4
8.4

104.6
80 2
27 9
52.3
24.4
23 8
13.4
13.7

107.0
82 6
26 8
55.7
24.4
23 9
52
4.8

94 4
67 3
23 1
44.1
27.2
26 6
10 6
10.1

96 3
69 3
24 7
44 6
27.0
26 5
88
7.9

98 8
71 9
25 1
46 8
26.9
26 4
94
7.9

102 4
75 7
27 3
48 3
26.8
26 2
9.9
8.7

105 3
78 3
28 3
50 0
27.0
26 5
99
9.6

104 5
78 7
27 5
51.2
25.8
25 3
14.0
14.4

104 9
81 2
28 2
53 1
23.7
23 2
11 4
12.0

103 7
82 8
27 7
55.1
20.9
20 4
18.5
19.0

103 3
81 9
27 7
54 2
21.4
20 9
71
7.3

104 6
81 5
26 3
55 2
23.1
22 5
.5
.6

108.4
82.8
26.6
56.2
25.6
25.0
3.8
3.4

do.
do
do

6.9
39.1
32 2

5.1
43.0
37 9

48
45.3
40 6

6.1
35.1
28 9

8.2
40.7
32 6

7.4
40.3
32 9

61
40 5
34 4

61
42.0
36 0

5.4
42.5
37 1

46
43.7
39 0

4.3
44.0
39 7

53
45.3
39 9

5.3
45.1
39 8

5.4
45.6
40.2

30
45.4
42 4

2.6
47.6
44.9

Govt. purchases of goods and services, total. .do
Federal
_ _ _ _ _ _ _ _
do_
National defense
do
State and local
_
do

136.4
66.8
50.1
69 6

154.3
77.0
60.5
77.2

176.3
89 9
72.5
86 4

131.3
64.3
48.4
66 9

133.9
65.4
49.2
68.6

138.1
67.6
50.3
70 4

142.3
69 8
52 4
72 5

146.5
72.1
55.1
74 3

151.2
74.9
58.4
76.2

157.7
79 5
63.0
78 1

161.7
81 5
65.6
80 2

170.4
87.1
70.2
83 3

175.0
89.5
72.5
85.4

178.2
90.9
73.3
87.4

181.7
92 2
74.2
89 5

187.5
95.7
76 6
91.9

By major type of product:
Final sales, total
Goods, total _ _ _ _ _
Durable goods
Nondurable goods
Services
Structures

do
do
do
do
do
do

674 5
337 2
132.8
204.4
262 9
74.4

729 9
366 2
144.7
221.5
287 2
76.5

779 8
390 8
155.7
235 1
311 2
77 8

652 0
325 9
129.6
196 3
254 6
71 6

666.5
332 8
130.0
202.9
260 1
73.6

680 6
340 2
133.9
206.3
266 0
74.4

698 5
349 9
137 9
212 0
271 0
77 6

716 0
359 6
143 2
216 4
276 6
79 9

722.6
361 7
141.6
220 1
283 5
77.4

737.4
370 3
145 8
224 5
291 6
75 5

743 6
373 2
148 3
224 9
296 9
73 5

759 2
380 9
150 5
230 5
303 1
75 2

774.6
391 6
156.0
235. 5
307.8
75.2

787.4
394.9
157.9
237.0
313. 5
79.0

798.1
396 0
158 6
237 4
320 3
81 8

823.4

do
do
do

9.4
6.7
27

13.4
9.9
35

5.2
27
25

10.6
87
20

8.8
7.0
18

9.4
71
23

9.9
50
49

9.9
74
2 5

14.0
97
4 3

11.4
99
15

18.5
12 8
57

7.1
34
37

.5
—.6
1.1

3.8
3.5
.3

92
45
4 7

3.9

689.7

Net exports of goods and services
Exports
Imports

_-

_
_

Change in business inventories
Durable goods. _ _ _ _ _
Nondurable goods
GNP in constant (1958) dollars
Gross national product, total

____bil. $__

Personal consumption expenditures, total
Durable goods
Nondurable goods
Services. _ _ _ _ _
Gross private domestic investment, total

616.7

652.6

669.3

601.5

609.7

620.7

634.4

645.4

649.3

654.8

661. 1

660.7

664.7

672.0

679.6

do

398 4

418 0

430 1

389 1

394 1

400 7

409 9

416 2

415 2

420 4

420 4

424 2

430.6

431.5

434 0

_ do
do
do

66.4
178 9
153 2

71.3
187 7
159.1

72.1
193 0
165 0

65.0
174 7
149 4

64.1
178 0
152 0

66.8
179 3
154.6

69.5
183 6
156.8

73.0
185 8
157.3

69.3
187 7
158.2

71.9
188 8
159.8

71.1
188.4
160.9

69.7
191 8
162 6

72.9
193.6
164.1

72.7
192.8
166.0

73.0
193.6
167.4

do

98 0

105 6

96 9

95 9

95 9

98 3

101 6

104 0

106 5

103 6

108 4

96 9

91.3

96.4

103.0

Fixed investment
Nonresidential
Residential structures
Change in business inventories

do
do
do
do

89.1
66 0
23 2
88

93.0
72 8
20 2
12 6

92.1
73 0
19 1
48

86 6
62 9
23 7
93

87 9
64 5
23 4
80

89 6
66 7
23 0
87

92.4
69 7
22 6
92

94.5
71 8
22 8
95

93.1
71 7
21 4
13 4

93.0
73 6
19 4
10 6

91.2
74 2
17.0
17 2

90.2
73 0
17.3
67

90.9
72.6
18.3
.4

92.9
73.2
19.7
3.5

94.4
73.3
21.0
87

Net exports of goods and services

do

60

44

36

52

68

6 4

56

54

48

41

32

41

4.1

4.2

19

126 6
66 4
60.1

129 1
67.8
61.3

135 5
72.3
63.2

138 7
74.4
64.3

139 9
75.1
64.9

140 7
74.7
66.0

Govt. purchases of goods and services total do
114 3
124 5 138 7
Federal
_
'
do
74 1
57 8
64 7
State and local
do
56.4
59.9
64.6
r
Revised.
* Preliminary.
9 Includes data not shown separately.

293-992 O - 68 - 3



111 3
56 3

55! o

112 9
57 1
55.8

115 3
58 5
56.7

117 4
59 3
58.0

119 9
61 2
58.7

122 7
63 4
59.4

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

III

IV

I

II

1968

1967

1966

1965

II

April 1968

III

IV

I

II

IV

III

IP

II

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income total

bil $

562.4

do

393.9

Compensation of employees total
Wages and salaries total
Private
Military Government civilian
Supplements to wages and salaries
Proprietors' income, total 9
Business and professional 9
Farm
_ _
Rental income of persons

616.7

••650.2

555.3

566.5

582.8

600.3

610.4

622.1

634.1

636.4

641.6

653.4

408.4

420.8

430.7

441.2

450.2

459. 1

463.4

472.6

r

669. 3

435.7

469.7

388.6

397.2

483.6

497.5

354.2
286.2
11.7
56.3
34.5

362.0
292.1
12.1
57.8
35.2

372.4
300.0
13.1
59.4
36.0

381.3
306.9
13.6
60.7
39.5

390.2
313.8
14.2
62.2
40.5

399.6
320.1
15.1
64.3
41.6

407.4
326.1
15.8
65.6
42. 7

414.7
331.4
16.1
67.3
44.4

418.3
333.2
16.2
68.9
45.2

426.2
339.4
16.3
70.6
46.4

435.9
346.2
17.3
72.5
47.6

447.5
355.8
17.6
74.0
50.0
59.9
44.4
15.5
20.6

do
do
do
do
do

359.1
289. 8
12.1
57.1
34.9

394.6
316.7
14.7
63.2
41.1

423.8
337.5
16.4
69.8
45.9

do
do
do
do

56.7
41.9
14.8
19.0

59.3
43.2
16.1
19.4

58.4
43.6
14.8
20.1

56.7
41.7
15.0
18.9

57.2
42.0
15.2
19.1

57.8
42.5
15.3
19.2

60.0
42.8
17.1
19.2

59.3
43.3
16. 0
19.3

59.2
43.3
15.9
19.4

58.6
43.4
15.1
19.6

57.8
43.2
14.6
19.8

57.8
43.4
14.3
20.0

58.8
43.8
15.0
20.2

59.3
44.1
15.2
20.4

Corporate profits and inventory valuation adjustment total
bil $
By broad industry groups:
Financial institutions
do
Nonfinancial corporations total
do
Manufacturing total
do
Nondurable goods industries
do
Durable goods industries
do
Transportation, communication, and public
utilities
bil $
All other industries
do

74.9

82.2

' 79. 6

73.4

74.9

78.7

81.1

81.3

81.9

84.6

78.1

78.3

79.2

' 82. 7

8.4
66.5
38.7
16.5
22.2

9.3
72.9
43. 1
18.7
24.4

9.7
'69.9
'39.3
'18.0
21.3

8.4
65.0
37.7
16.0
21.6

8.4
66.5
38.6
16.5
22.1

8.6
70.0
41.0
17.4
23.7

8.9
72.2
42.7
18.3
24.3

9.0
72.2
42.5
18.5
24.0

9.5
72.4
42.7
18. 8
23.9

9.6
75.0
44.4
19.2
25.3

9.6
68.5
39.6
18.4
21.1

9.5
68.8
38.9
17.8
21.1

9.6
69.6
38.2
17.7
20.5

10.0
'72.7
40.6
18.3
22.4

11.2
16.6

11.9
18.0

12.0
'18.6

10.9
16.5

11.2
16.7

12.0
17.0

11.7
17.8

12.0
17.8

11.8
17.9

12.0
18.6

11.7
17.3

11.9
18.0

12.1
19.3

12.3
19.8

Corporate profits before tax, total, _.__.__do
Corporate profits tax liability
do
Corporate profits after tax
do
Dividends
do
Undistributed profits
do
Inventory valuation adjustment
do
Net interest do

76.6
31.4
45.2
19.8
25.4
-1.7
17.9

83.8
34.5
49.3
21.5
27.8
-1.6
20.2

'80.7
33.2
'47.5
22.8
'24.7
-1.2
22.4

75.6
30.9
44.6
19.4
25.2
-2.1
17.6

75.8
31.1
44.8
20.2
24.6
-.9
18.2

80.8
33.1
47.7
20.9
26.8
-2.2
18.8

83.7
34.5
49.2
21.4
27.8
-2.6
19.3

83.6
34.5
49.2
21.6
27.6
-2.3
19.8

84.0
34.6
49.4
21.6
27.8
-2.2
20.4

83.9
34.6
49.3
21.2
28.2
.7
21.1

79.0
32.5
46.5
22.2
24.2
-.8
21.6

78.9
32.5
46.5
23.1
23.4
-.7
22.1

80.0
32.9
47.1
23.4
23.6
-.8
22.7

'85.1
'35.0
'50.1
22.4
'27.6
-2.3
23.3

-4.7
23.9

bil $
do
do
do
do

537.8
65.6
472.2
445.0
27.2

584.0
75.2
508.8
479.0
29.8

626.4
81.7
544.7
505.9
38.7

530.1
66.1
464.0
439.9
24.0

544.6
65.2
479.4
448.5
30.9

556.1
66.7
489.4
460.1
29.3

567.8
70.4
497.5
470.9
26.6

577.3
74.1
503. 3
474.6
28.7

589.3
76.9
512.4
483. 2
29.2

601.6
79.6
522. 0
487.4
34.6

612.9
80.2
532. 7
493.9
38.8

619.1
79.1
540. 0
504.0
36.0

631.0
82.8
548.2
509.6
38.5

642.5
84.7
557.9
516.2
41.6

658.7
87.1
571.7
532. 6
39.1

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

12.81
5.47
2.76
2.70

13.41
5.73
2.91
2.82

14.95
6.72
3.48
3.24

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
3.46
3.34

15.40
6.48
3.33
3.15

17.05
7.30
3.82
3.48

i 14.26 216.31
6.14
7.08
3.17
3.66
3.41
2.97

1.30
1.73
2.81
6.94
4.94
11.79

1.47
1.9S
3.44
8.41
5.62
12.74

1.42
1.53
3.88
9.88
5.91
12.34

.33
.44
.77
1.71
1.24
2.85

.32
.44
.72
1.88
1.22
3.10

.35
.46
.73
2.04
1.41
3.25

.33
.40
.75
1.60
1.26
2.83

.40
.55
1.00
2.09
1.42
3.06

.37
.48
.82
2.36
1.36
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
2.66
1.46
3.09

.39
.36
1.07
2.92
1.62
3.39

50.35
21.55
10.80
10.70

52.75
23.00
11.75
11.25

55.35
24.15
12.45
11.70

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

60.90
26.15
13.50
12.65

62.70
26.00
13.50
12.55

1.30
1.55
2.70
6.85
4.80
11.60

1.25
1.70
3.00
6.75
5.05
11.95

1.35
1.95
3.00
7.30
5.30
12.25

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

1.45
1.40
4.10
9.80
6.05
11.95

1.50
1.40
4.45
10.65
6.05
12.65

10, 180
6,880
192
1,562
1,546

10,080
6,811
230
1,474
1,565

10, 119
6,925
212
1,353
1,629

10, 511
7,203
209
1,469
1,630

10,618
7,181
222
1,535
1,680

10, 913
7,382
206
1,587
1,738

10,997
7,402
210
1,654
1,731

11,352
7, 671
339
1,575
1,767

11,353
7,712
336
1,545
1,760

11, 530
7,626
237
1,842
1,825

Pll,458
*7,454
*360
* 1, 823
P 1, 821

Imports of goods and services
do
-32, 203 -37,937 p-40,893 -8, 139 -8, 233
Merchandise, adjusted, excl. military
_ _ _ d o -21,472 -25, 510 p-26,980 -5, 475 —5,556
-754
Military expenditures
do
-711
-2, 921 -3,694 p-4,319
-435
—424
Income on foreign investments in the U.S_-do
-2,074 *~2, 277
-1, 729
Other services
do
-6,081 -6, 659 *-7,317 -1, 529 -1,488
Unilateral transfers, net (excl. military grants);
-725
transfers to foreigners C )
mil $ -2, 824 -2, 925 p-3,049
-775
r
Revised.
» Preliminary.
1
Estimates for Jan.-Mar. 1968 based on anticipated capital expendit ures of bt siness.
2 Estimates for Apr.-June 1968 based on antici]Dated ca pital exp snditures of busirless,
Anticipated expenditures for the year 1968 are as foll<>ws (in b l.$):Alliiidustries, 65.23; mjmufacturing, total, 27.93; durable goods industries, 14 39; nond urable g oods indiistries, 11J.54;
mining, 1.58; railroad, 1.27; transportation, 4.51; put)lic utilit ies, 10.88; commun i cation, (>.45;
commercial and other, 12.60.
3 Includes commun] cation.
9 Includes inventory valuation adjustment.

-8, 599
-5,772
-785
-469
-1, 573

-8,997 -9,265
-6,025 -6, 225
-861
-911
-471
-475
-1,636 -1,658

-9, 762
-6, 580
-953
-565
-1, 664

-9,913
-6,680
-969
-563
-1, 701

-9,999
-6,662
-1,045
-557
— 1, 735

-10,033
-6, 558
-1,070
-547
-1,858

-10,122
-6,549
-1,094
-585
-1,894

p-10,73
p-7,21
p-1.11
p-58
p-1,83

DISPOSITION OF PERSONAL

23.2

INCOME

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§
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
Seas. adj. qtrly. totals at annual rates:
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
do
_ do_ _
do
do
do
do>
do
_do— .
do
do

.35
.33
.92
2.25

.41
.30
1.11
2.78

34.27

34.62

1 64. 80 264.30
28.10
28. 00
14.55
14.60
13.40
13.55
1. 55
1.45
4.00
11. 25

1.60
1.15
3.90
10.95

3 18. 55 3 18. 60

U.S. BALANCE OF INTERNATIONAL
PAYMENTSd*
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




39,147
26,244
844
5,888
6,171

43, 039 *45,693
29, 168 v 30, 463
847 p 1, 272
6,245 *6,785
6,779 p 7, 173

p-62
-849
-852
-728
-632
-709
-733
-851
-660
©P ersonal Dutlays c omprise personal consum ption ex penditur es, inter sst paid by consume rs, and personal t ransfer p ayments to foreigiaers.
§P€ rsonal sa ving is e xcess of d isposabl(j income over per sonal out lays,
1fD ata for itidividual durable and noridurable goods industries compone nts appear in the
Mar., June, Se pt., and Dec. issu es of the SURVEY
£ar. , June, Sept., and Dec.
&blore complete det£ills are gri7en in th(} quarter y review s in the ft
issues of the S URVEY.

SURVEY OF CURRENT BUSINESS

April 1968

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1965

1966

1965

1967
I

Annual total

S-3
1966

III

II

IV

I

1967

III

II

I

IV

II

1968

III

IV

I

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 (-j-)
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

-1, 113 -1,741 p- 1,608

-3,743

-4, 213 p-5, 446 -1,657

-389

-885

-812

-981

-1,135

-932

-1, 165

-984

-1, 575

-1, 531 p-2, 362

-396

—490

-r244

-445

-365

—500

-328

-338

-737

-556

-473

p-596

P52

842

68

41

271

424

68

82

-6

1,027

-419

-375

p-181

3,301 P 6,600
789 P 3, 523
2,512 * 3,077
-302 p-595

286
-24
310
53

-342
-267
-75
-113

211
416
-205
-245

236
-12
248
-110

492
227
265
-233

1, 145
54
1,091
-198

459
83
376
277

1,205
425
780
-148

364
-494
858
-295

2,166
972
1,194
-546

1,821 P 2, 249
1,013 P2,032
808
P217
209
p37

-259

-651

-122

-419

-533

-553

-638

-916

-443

-175

1,222
391
113
278
-415

568

-1,335

-1,357 p-3, 575

-818

199

-457

-1, 304

225 p-3, 398

-834

239

207

1966

1967

861

-18 -1,817

-832

Mar.

Apr.

May

June

"-1,851

456 p- 1,205

1967

Feb.

Annual

-165

1968

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.p

GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:
Total personal income

584.0

626 4

612.6

615.6

616.5

618.2

622 6

627 0

631 6

634 4

635 9

642 4

649 3

650 9

'659 3

666 0

Wage and salary disbursements, total
do____ 394.6
C ommodity-producing industries, total_do_ _ . .. 159.3
Manufacturing
do
128.1
Distributive industries
do
93.9

423. 8
167.2
134 4
100.9

414.2
165. 2
132.7
98.6

416.2
165.6
132.9
99. 1

416. 7
165.0
132. 5
99.1

417. 2
164.3
132.2
99.3

420.9
165.2
133 0
100.4

423.4
166. 1
133 2
101.3

426. 7
168.0
135 3
101.8

428.5
168.2
135.4
102.1

429.4
167.9
134 9
102 6

435.3
171.2
137 5
103 7

443. 1
173.3
139 6
103.9

442. 4 ' 449. 0
173. 3 'r 176. 8
141. 5
139 6
105. 1 '106.7

451.1
177.3
141.8
106. 9

bil. $

Service industries
do
Government
__ _
__•
_
do
Other labor income
__. _
_do_ __
Proprietors' income:
Business and professional _ .
do
Farm. __ _
__ __ __ __do _

63.5
77.9
20.8

69 5
86 3
23.2

66.9
83.4
22.2

67.6
84.0
22.4

68.2
84.5
22.6

68.6
85.0
22.8

69 5
85.7
23.1

69 6
86.4
23.3

70 1
86.9
23.6

70.8
87.4

71 1
87 8
24.0

71 9
88 4
24 3

72 8
93.1
24.6

73 1
90.9
24. 9

'73.8
'91.6
25.2

74.4
92.4
25.5

43.2
16.1

43 6
14.8

43. 2
14.6

43.1
14.3

43. 3
14.4

43.4
14.4

43.6
14.3

43.7
14.7

43.8
15.0

43.9
15.3

44 0
15.1

44 1
15 2

44.2
15.3

44.3
15.3

44. 4
' 15. 4

44.5
15.6

Rental income of persons. . __
do
Dividends _ _
__
do
_.
Personal interest income. _
do
Transfer payments
do
Less personal contributions for social insurance
bil. $__

19.4
21.5
42.4
43.9

20 1
22 8
46.5
51 9

19.8
22.3
45.2
51.1

19.9
22.6
45.5
51.7

20.0
22.8
45.8
51.0

20.0
23.1
46.0
51.5

20.1
23.3
46.1
51.6

20.2
23.5
46.4
52.2

20.2
23.5
46.9
52.4

20.3
23.4
47. 3
52.5

20 3
23.2
47.6
52 8

20 4
23.1
48.0
52 8

20.4
21.0
48.5
53 1

20.5
22.9
48.9
54.0

20.5
' 23. 2 •
'49.4
'54.7

20.6
23.6
49.9
58.0

17.9

20.4

20. 0

20. 1

20.1

20.1

20. 3

20.4

20.6

20.6

20.6

20.8

21.1

22. 3

22.6

22.7

563.1

606.5

593.0

596.2

596.9

598.8

603.2

607. 2

611.4

614.0

615.7

622.0

628.8

630.3 ' 638. 6

645.0

Total nonagricultural income

-do

OO O

FARM INCOME AND MARKETINGS
Cash receipts from farming, including Government
payments (48 States), total
mil. $

3,014

46 485

45 542

2 978

3 165

2 744

2 906

3, 271

3 601

4 499

4 822

5 401

4 688

3 810

3,778

43 219
18 384
24^835
5 502
14 890
4-, 134

42 471
18 310
24 161
5 757
14 479
3* 644

2 765
936
1 829
452
1 077
263

2 927
942
1,985
502
1 153
297

2 649
804
1,845
493
1 040
272

2 873
814
2,059
527
1 213
284

3,248
1,273
1, 975
497
1,165
292

3 495
1 579
1, 916
474
1 114
315

3 676
1,547
2, 129
466
1 308
'343

3 933
1 818
2,115
455
1 311
338

4 918
2 601
2 317
470
1 507
'330

4 626
2 592
2,034
454
1 271
299

3 766
1 862
1,904
478
1 104
'297

3 720 2,830
896
1,661
1,935
2,059
464
485
1 236 1 176
251
'295

134
134
134

132
133
131

103
82
119

109
82
129

99
70
120

107
71
134

121
111
128

130
138
124

137
135
138

146
159
137

183
227
150

172
226
132

140
162
124

138
145
134

105
78
126

121
121
120

124
124
123

95
76
109

100
70
122

89
52
117

96
55
125

112
99
121

122
132
115

128
128
128

136
148
128

174
215
144

168
219
129

135
158
119

135
149
124

95
71
113

156.3

p 158.0

156. 6

157.0

157.9

156.0

159.0

150. 5

157.9

161.1

161.5

161.2

158.6
164.8
150.8
120.5
173 9

p 159. 6
P 163. 8
P 154. 4
pl23 5
p 184 4

158.4
163.4
152.1
121.9

158.9
164. 4
152.1
120. 1

160.3
164.9
154.4
122.1

158.1
164.1
150.6
121. 8

161.0
165.6
155.3
123. 9

150. 5
154.7
145.1
124.8

158.3
158. 9
157.4
129.0

162.6
163.8
161.2
125 6

163.7
164.4
162.9
124.7

163.5 ' 162. 6 ' 160. 0
167.1 169.3 ' 165. 9
159.0 ' 154. 2 ' 152. 5
124.2 ' 121. 4 ' 121. 4

do
do
do
do
do____

155. 5
147.5
166. 5
141 4
172. 6

pl58 3
pl48. 4
P 159. 0
P 145 o
P179.6

156.8
145.8
157.2
142 1
180.4

157.2
146.2
160.1
141 8
180.8

157. 7
147.1
161.8
142 5
180.3

155.2
144.2
157.8
139 8
179.0

159.8
150.5
162. 0
146 8
180.0

151.2
139.9
132.9
142 2
175.3

156.9
147.7
137. 4
151 1
176.4

163 3
155.7
162.2
153 7
179.5

162.2
155.4
170.0
150 8
176.8

161.3
152.0
171.7
145.7
181.3

do
do
do

157 0
156.9
157.2

p 157. 7
P 152. 1
P 163. 4

156.5
151.5
161.7

156.7
151.9
161.7

158.1
152.5
163.9

160.8
156.6
158.3
150 0
158. 9
159 1
152.6
152.0
145.0
152.5
154.3
152.5
169.3
165.4
166.4
160.9
162.4
155.2
c? Revisions for 1966 appear on p. 20 of the Nov.
9 Includes data for items not shown separately.

Farm marketings and CCC loans, total
do
Crops
do
Livestock and products, total 9
do
Dairy products
_
do
Meat animals
do
Poultry and eggs. _
_
_ _do
Indexes of cash receipts from marketings and CCC
loans, unadjusted:
All commodities
1957-59=100
Crops
do
Livestock and products
do
Indexes of volume of farm marketings, unadjusted:
All commodities
1957—59 — 100
Crops
do
Livestock and products
do
INDUSTRIAL PRODUCTION cf
Federal Reserve Index of Quantity Output
Unadj., total index (incl. utilities) d" __1957-59 =100. _
By industry groupings:
Manufacturing, total
_do
Durable manufactures. _
do
Nondurable manufactures
do
Mining
do
Utilities
do
By market groupings:
Final products, total
Consumer goods. _ ._
Automotive and home goods.
Apparel and staples
Equipment, including defense
Materials
Durable goods materials
Nondurable materials __
' Revised.
p Preliminary.
§ See note marked " cf" on p. S-2.




' 160. 7 ' 159. 1 '162.1

161.0
150. 3
174.7
142 5
183.9

163. 1

' 163. 5 164.6
170.7
'168.9
' 156. 8 157.0
125. 5
'124.0

r 159. 2 ' 162. 1
r 149. 1 ' 152. 6
'168.3' ' 174. 5
143.0
' 181. 0 ' 182. 4

163.5
154.4
179
183.2

161.1 ' 160. 4 159.0 ' 162. 0 163.1
157
155.5
154.3 ' 151. 8
153.7
169
168.7 ' 166. 7 r 166. 4 ' 168. 8
1967 SURVEY.

S-4

April 1968

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 P
Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.p

GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION^1— Continued
Federal Reserve Index of Quantity Output— Con.
Seas, adj., total index (incl. utilities) cf- 1957-59 =100.
By industry groupings:
Manufacturing total
do

156.6

156.4

156.5

155.6

155.6

156.6

158.1

156.8

156.9

159.5

162.0
' 164. 0

161.2 ' 161. 5
' 162. 6 ' 162. 9

162. 1~

158 6

159 6

158 5

158 2

158 2

157 2

157 0

157 6

159 4

158.1

158 3

161.1

164.8
142 7
136.2
166 2
163.0
158 8

163.8
132.5
126.8
153.1
162.0
158.1

162.9
131 9
124.8
167 2
165.0
160 9

162.6
129.2
123.7
162 1
162.9
160.1

162.5
129 1
122 7
161 4
161.0
158 1

162.2
128 9
122.9
154 4
160.8
156 4

161.5
129.0
121.2
156 4
160.8
156.9

162.5
129 6
122 3
155 3
159.8
156 1

163.6
129 3
124. 3
144 2
159. 1
156 8

161.1
129.2
125.6
141.1
158.1
156.0

160.7
131.7
127.7
142.8
158. 2
156.4

164.1 168.1 r 167. 1 '
135.0 ' 140. 9 ' 137. 0
133.3 ' 140. 9 r 135. 7 '
142.2 ' 145. 3 r 143. 8
159.8 r 162. 4 ' 162. 5 '
159.4 '
158.8
160.0

_ do_ _
do
do
do_
do_
do

183.8
181.9
186 4
166.9
168.7
165. 0

183. 4
183.4
183.3
166.0
147.0
182.2

186.8
187.3
186.2
157.5
136.5
175.6

184.5
185.2
183.6
162.6
143.8
178.8

182.1
183.5
180 3
165 7
149 5
179.8

180.5
181.7
178 9
167.5
152.0
181.4

177.5
181.3
172.4
169.3
154.5
181.8

180.0
182.2
177 1
170 8
156.7
182.6

182.8
182.6
183.2
171.9
158.0
183.6

182.2
182.1
182.4
159.2
129.4
184. 3

179.6
177.2
182.8
159.2
128.6
185. 2

183.2
180.9
186.3
165.6
141.4
186.0

183.4
182.2 ' 183. 0
180.9
179.5 r 180. 7
185.8 ' 186. 2 186.6
177.5 ' 175. 6 ' 175. 8
160.4
166.9 r 162. 2
186.3 r 186. 8 ' 188. 4

183
180
187
180
169
189

Instruments and related products _ _ do_ _
Clay, glass, and stone products
do
Lumber and products
do
Furniture and fixtures
_
do
Miscellaneous manufactures
do_

176.5
140.7
119 4
171*9
157.9

184.8
138.7
116 5
167.8
157.4

183.4
136.9
115 2
170 6
157.1

185.8
134. 9
117 3
166.5
158.2

185 2
136.0
119 1
166 5
159 2

185.3
134.8
115 6
166.5
158.1

184.1
133.5
114 9
166.3
156.7

182 9
134.1
115 5
162 7
155.4

183.2
136.9
109 2
164 8
154 9

183.1
138.4
114.3
166.3
156.4

183.2
139.7
117.0
166.6
155.0

185.4
139.2
120.6
167.8
155.1

186.3 ' 186. 7 185.1
143.6 ' 140. 8 ' 136. 5
121.7
125.7 r 118. 1
170.7 ' 171. 3 172.6
160.8
155.7 r 158. 9

184
137

150 8
142 5
150 1
111 7

154.4
142.2
147 7
106 5
153 6

152 9
138 9
147 1
103 7
152 4

152.6
138 8
143 6
101 0
152 4

152 8
137 8
142 5
107 1

151.1
137 8
142 6
105 0
151 4

151.4
136 6
142 4
105 4
151 6

151 5
136 8
144 2
103 0
149 0

154 0
138 7
146 4
106 5

154.2
141.3
146.8
108.4
152. 9

155.2
144. 9
146.2
109.7
154.5

157.2
r 158. 9
147.4 ' 151. 6
148.6 ' 150. 9
113.3 ' 115. 1
156.1 157.0

r 157. 1
r 147. 6

146.8
134 2
203.8
234 8
133.9

146 1

147.4
132 8
201 1
231 3
130 1

147.4
133 1
199 6
228 8
132 1

147.8
134 3
199 9
227 5
134 4

148 3

145.4
135.7
202.3
234.2
137.0

144.3
134. 0
205.5
238.8
137.6

145.5
144.1
134.4
129.9
208.0 r 210. 5
242.3 '246.9
136.8
' 138. 0

r 143. 3

1A(\ 7

1 AA Q

131 9
1 9Q Q
149 9

199 1
132.2
129 3
147.5
118.0

207.5 '215 4
206 7
133.5 r 134. 1 ' 134. 1
130.2 ' 130 5 r 131. 5
148.2
151.2
153.3
113.5
115.5
120.5

Durable manufactures 9
Primary metals
Iron and steel
_
Nonferrous metals and products
Fabricated metal products
Structural metal parts. ...
Machinery
_
Nonelectrical machinery
Electrical machinery.
Transportation equipment 9 _
Motor vehicles and parts
Aircraft and other equipment

Nondurable manufactures _
Textile mill products
Apparel products
Leather and products
Paper and products
Printing and publishing.. __ ___
Newspapers
Chemicals and products
Industrial chemicals
Petroleum 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, total d".
Consumer goods
Automotive and home goods
Automotive products
Autos __

_

Home goods 9
Appliances TV and radios
Furniture and rugs

do
do
do
do
do
do

do
do
do
do
do
do___
do
do
do
do

1 ^9 1

142 1

m

o

193 2
221 0
128 3

200 1
228 3
133 1

123 9

146 3
121 4

123 8
122 5
121.6
123 6
133 9
133 3

128 0
122 6
129.1
133 9
119 7
133 7

127 8
117 2
131 2
138 0
105 7
136 6

124.3
115.5
127.5
133.1
95.6
136.5

122.4
112.3
126.1
130.3
93.8
132.9

123.6 ' 122. 3 r 122. 7
115.3
116.1 110.8
126.4 r 123. 5
125.8
128.7 r 126. 4
130.3
93.2
95.7 ' 100. 0
139.0
135.3
142.7

182 7
189 7

183 2
190 3

184 1
191 4

184 8
192 1

184.8
192.1

187.6
195.8

190.5
199.4

157 3
147 1
155.8

156 3
146.0
153.3

156 8
146.9
154.3

157 1
147.1
156.4

158 2
148 6
162.5

157.0
147.0
155.0

156.9 •- 160.0
150.1
147.9
163.2
157.7

144.6
136 5
155 3
162 7
152 9
157 4

151.3
149 6

145.8
149 9

140 5
158 5
143 8
157 2

151.2
156 0
144 8
156 6
138 6
157 3

155.2
160 7
148 0
157 3
143 3
156 3

161 1
163 7
157 8
163 4
155 0
156 9

142.1
133.4
153.6
164.1
155.9
157.8

145.2
135.3
158 2
166.4
162.9
159.7

152.4
170.0
144.5
175.1
162.9
163 3
170. 8 ' 168. 3
168.4
158 7
163.4
166.5

144 4
135 0
147.1
129 6

143 7
131 9
147.0
130 3

144 6
133 2
147.8
130 2

144 1
132 8
147.3
129 0

144 2
134 8
146.9
129 8

144.4
135 7
146.9
129.7

144 8
136 0
147.3
129.5

145.9
146 4
147 6
137. 4 r 139 o
136 3
148.4
150.1 ' 149. 3
129. 5 '130 4 ' 130. 4

136 1
182 4
143 6
166 6

133 2
182 3
142 5
166 9

136 5
182 7
141 4
169 3

136 3
184 0
142 1
168 3

137 9
178 0
140 9
168 8

135 8
179 8
136 2
170.5

137 6
181 6
134 8
171.2

139.2
183 1
135.7
174.1

178.1
181.3
169 0
200 5
208 9

178.9
180.6
166 8
201 9
214 1
154 3

178.6
179.8
166 6
200 3
210.4
158 5

176.1
176.9
162 3
199.0
209.9
157 5

181.1
183.5
170 4
200.9
222.9
147 2

120 5
117 0
118 0
119 3
133 4
133 5

123. 5
118.1
123.2
126.4
119.9
135.4

122 4
115 7
119 6
120 0
142 1
136 6

121 5
115 1
118.1
120 1
143 7
137 2

122 0
125 5
117 1
119 6
149 5
130 6

120 2
120 1
117.5
119 6
132 9
129 2

do
do
do

173 9
156 1

184.4
191 7
161.2

180 5
186 9

181 9
188 8

182 7
189 9

do
do
do

155 5
147 5
166.5

158.3
148.4
159.0

157 0
146 1
152.4

157 1
146.6
155.2

do. . _
do

163 0
169 5

149.1
145.7
153 6
166.0
159 5
159.6

135 7
120 5

do

1 4.1 4.

Consumer staples
Processed foods

do
do

142.0
126 4

"Drne1*? ^r»an anr! tnilptrfpV

rin

Newspapers magazines books
Consumer fuel and lighting

do
do

m

250.1
r 134. 8

131 7

132 4
1 30 3
143 9
120 2

132 3

133 1

132 0

146 1
116 2

146 3
116 0

141 2
117 4

164 1
156 9
158 5

200 7
231 4
133 2

129.9
r 211. 5

131 5

IBS A.

•I KK 7

201 0
227 g
132 8

148 6o

m

142 8
123 6

do
do
do
do
do
do

170 fi

13A 1

I CO O

19Q 7

1 3ft A

153 6
158 9
144 2
157 9

1 3ft 3

1 OQ A

19Q ft

167. 3
137.3
137. 0
147.3
163. 8
160. 4

163.5
168.3
138
138
164
160

173
160

' 157. 4
148.7

157.5

' 146. 1
131.4
210.6

147

145.0
109.9
154.8

202 4
131.2
128.9
143.8
120.2

1S9 9
120 0

1 9A A

Apparel and staples

134.8
133.7
130.6

' 124. 1
114.3
' 125. 8
' 131. 6
101.1
143.9

126.3
126
127
133

191.8 ' 195. 3 ' 196. 5
205.2
200 8

196.0

161.9
152.8
169.0

r 160. 9
r 151. 4

167.0
r 164. 2

163.2
165. 4
' 169. 1

r

r 159. 3

166.4

' 161. 9
' 152. 3
167.6

162.6
153.5
172

162.4
158.0
168.2
171.2
162.2
168.8

171
173

150.8
130.5

151

145 0
136 2
147.5
130 0

14.4. 1
1 37 1

146.1
130 2

143 9
135 5
146.3
129 6

135 9

136 0

136 5
159 9

136 4
183 0
140 1
168 3

142 3
162 7

142 3
164 2

172.6
181 2
172 3
190 1
208 3
167 5

179.6
182.9
170 3
200 9
215 4
158 7

180.3
186 6
176 8
199 8
215 0
162 6

179.6
184 4
174 1
199 1
211 7
162 8

179.2
183 5

201 7
210 4
161 5

178.5
182.1
169 1
200 8
211 7
167 6

109 8

178.4
180.8
169 0
201 1
210 2
148 6

do
do
do
do
do

157 0
156.9
166 5
180 7
141.7

157.7
152.1
144 6
184.5
140.1

155 8
151.3
142 8
186 5
139 2

155.5
151.5
139.5
185.6
139.7

156.0
151.0
137 5
183.2
139.2

154.6
149.7
143.7
180.9
137.1

154.9
148.9
143.3
179.6
137.2

156.1
149.7
141.8
181.2
138.1

157.9
151.8
142.7
186.3
139.0

156.7
148.5
134.9
184.7
140.0

157.4
149.0
133.3
184.1
139.3

161.6
159.5 ' 162. 2
152. 3 ' 155. 7 ' 155. 0
143.8
159 4 ' 160. 9
186.0 r 184.9 ' 183. 9
140.9
143. 9 r 143. 2

do
do
do
do

157.2
149 0
145 6
150 6

163.4
152 2
148.5
154 1

160.4
151 0
147 1
153 0

159.7
150 0
144 6
152 7

161.1
153 4
148 5
155 8

159.6
150 1
146.2
152 0

161.1
151 3
145.1
154 4

162.6
150 9
141.7
155 5

164.2
151 7
143.0
156 0

165.2
153 1
150.4
154 5

166.0
152 5
153.7
151.9

166.9
' 168. 9 ' 168. 3 ' 167. 4
151 2
153 2 rr 154 7 r 153 7
152.6 r 152. 0 ' 151. 4 146.9
153.4
153 5
156 0 '154 9

167

136.6
144.0
122.5
128.9
183.2
172.9
note on p. S-3.

139.6
123.6
180.2

139.8
123.2
181.9

141.3
125.3
182.1

140.3
124.3
181. 0

146.9
130. 3
188.5

150
135

•I OQ

K

133 9

Business fuel and power 9
do
Mineral fuels
do
Nonresidential utilities
.do
Revised.
* Preliminary.
cf See corresponding




1 33 8

128 7

168 9
166 6
165 7

Nondurable materials 9
Business supplies
Containers
General business supplies

200 6
230 9
127 4

148 3

do
do
do
"- do

do
do
do

Materials cf — -Durable goods materials 9
Consumer durable
Equipment Construction

134. 8

1 <i9 1

190 3
132.4
130 1
1417
120.0

E quipment , including defense 9
. _ _ do
Business equipment
do
Industrial equipment
do
Commercial equipment
do
Freight and passenger equipment do
Farm pfniipTTiPTif
(Jo

r

158.0

156.3

K

1 on K

-101

0

179 1

143. 0
146.9
149.1 147.3
147.7
131.0
128.2
135.1
133.4
137.1
182.1
187.9
181.1
182.5
183.8
9 Includes data for items not shown separately.

r

142 2
136 5
184 3 r 184 2
'138
4
138 5
176 6
176 8

186 2
141.7

181.5 ' 181. 4 182.4
183.4 ' 183. 3 ' 183. 4
166 8
168 0
168 9
204 7 'r 204 2 206.2
230.5
226 4
228 4
131 2
148 3

r 145. 6

r

128. 7
188.3

' 161. 3
' 155. 3
163.3
186.3
144.6

' 147. 6 ' 148. 5
132.1
130.4
193.2

182.1
183

161.6
156

SURVEY OF CUKEENT BUSINESS

April 1968
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967

Annual

S-5

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

GENERAL BUSINESS INDICATORS—Continued
BUSINESS SALES AND INVENTORIES §
Mfg. and trade sales (unadj.), total..

_ _ _mil. $

1,035,052 1,057,637

81, 466

89, 060

86, 362

88,904

88, 462

89,967

90, 307

91, 593

96, 285

86, 109

89,466

88, 759

89, 067

88, 633

87,517

89, 938

92,453 ••92,892

93,056

44, 707
23, 052
21, 655

45, 170
23, 192
21, 978

45, 447
23, 633
21, 814

44, 571
22, 949
21, 622

44, 233
22, 311
21,922

46,108
23,487
22,621

48,342 '48, 133
25,290 '25,227
23,052 '22,906

47,479
24,667
22,812

91,970

Mfg. and trade sales (seas, adj.) , total cf

do

11,035,052 11,057,637 86, 138

87, 255

86, 656

87, 358

88, 368

Manufacturing, totalcf
Durable goods industries
Nondurable goods industriescf.-

do
do
__do_ .

*527,629 1538,946 43, 771
276,069 277,474 22, 622
251,560 261, 472 21, 149

44,663
23, 137
21, 526

43, 766
22, 269
21, 497

44, 692
22, 900
21, 792

Retail trade, total _._
Durable goods stores
Nondurable goods stores

._

___

Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments

_

83, 415

do_ _ 1303,672 i 313,503
97,812
do
99, 669
205,860 213,834
do

25,470
7,955
17, 515

25, 739
8,150
17, 589

25,918
8,104
17, 814

25,897
8,187
17, 710

26,544
8,546
17, 998

26,444
8,592
17, 852

26, 422
8,508
17,914

26, 732
8,743
17,989

26,089
8,235
17,854

26,411 26, 470 '27,065
8,221 8,327 ' 8, 523
18, 190 18,143 '18, 542

27,482
8,760
18,722

1203,751 i 205,188
do
91, 026
do
90, 447
_ do. __ 112, 724 114, 740

16, 897
7,488
9,409

16, 853
7,350
9,503

16, 972
7,292
9,680

16, 769
7,246
9,523

17, 117
7,495
9,622

17, 145
7,503
9,642

17, 198
7,562
9,636

17,330
7,684
9,646

17, 195
7,718
9,477

17,419
7,843
9,576

17,641 '17, 694
7,980 '7,892
9,661 '9,802

18,095
8,169
9,926

Mfg. and trade inventories, book value, end of year
or month (unadj.) total
mil $

133, 474

138,964 136, 506 137, 833 138, 439 138, 454 137, 455 136, 607 136, 503 136,917 138,698 140 547 138,964 140,058 141, 586

Mfg. and trade inventories, book value, end of year
or month (seas, adj.), totalcf ..___
mil. $

135, 233

140, 742

77, 581
50, 037
27, 544
36, 961
16, 536
20, 425
20, 691
12, 112
8,579

82,425
53,930
28, 495
36, 682
15,977
20,705
21, 635
12, 543
9,092

Manufacturing, totals _ _
Durable goods industries
Nondurable goods industriescf
Retail trade, total...
Durable goods stores
__
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
Inventory-sales ratios:
Manufacturing and trade, totaled

do
do
do
do
do.
do__-_
do
do_ __ _
do_
_ ratio

Manufacturing, totalcf
do
Durable goods industries.^ _.
. do _
Materials and supplies
_do
Work in process
do
Finished goods
_ _ _ do _
Nondurable goods industries cf .
do
Materials and supplies
do___
Work in process
do
Finished goods,. __ _
do
Retail trade, total
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 (unadj.), total mil. $

136,491 136,815 137,080 137,191 136,805 137,111 137,850 137,794 138,268 139,331 140,742 '141,342 141,565
79, 105
31, 079
28, 026
36,644
16,315
20,329
20, 742
12, 096
8,646

79, 430
51, 216
28, 214
36, 526
16, 142
20, 384
20, 859
12, 105
8,754

80, 059
51, 593
28,466
36,236
16,033
20,203
20, 785
12, 162
8,623

80,341
51, 784
28, 557
36, 263
15,904
20, 359
20, 587
11,989
8,598

80, 119
51, 809
28, 310
36, 087
15, 661
20, 426
20, 599
11, 981
8,618

80, 603
52, 346
28, 257
35, 997
15, 549
20,448
20, 511
12,038
8,473

81, 033
52, 784
28, 249
36, 028
15, 503
20, 525
20, 789
12, 099
8,690

80, 841 81, 106
52, 572 52, 918
28, 269 28, 188
36, 143 36, 217
15, 711 15, 681
20, 432 20, 536
20, 810 20,945
12,069 12,202
8,741 8,743

81,796
53,506
28,290
36,474
15, 728
20, 746
21,061
12,258
8,803

82,425
53,930
28,495
36,682
15,977
20, 705
21,635
12,543
9,092

'82,571
'53, 742
^8,829
37, 130
16,238
20,892
'21,641
'12,433
' 9, 208

82,862
54,070
28, 792
37,094
16,268
20, 826
21,609
12,360
9,249

1.48

1.56

1.58

1.57

1.58

1. 57

1.55

1.54

1.55

1.55

1.58

1,55

1.52

'1.52

1.52

1.64
1.98
.59
.87
.52
1.27
.50
.19
.58
1.42
1.97
1.16
1.14
1.49
.85

1.79
2.25
.64
1.03
.59
1.30
.49
.20
.61
1.39
1.92
1.15
1.22
1.61
.91

1.81
2. 26
.66
1.02
.59
1.33
.50
.20
.62
1.44
2.05
1.16
1.23
1.62
.92

1.78
2.21
.64
1.00
.58
1.31
.49
.20
.62
1.42
1.98
1.16
1.24
1.65
.92

1.83
2.32
.66
1.05
.60
1.32
.50
.20
.62
1.40
1.98
1.13
1.22
1.67
.89

1.80
2.26
.64
1.03
.59
1.31
.50
.20
.62
1.40
1.94
1.15
1.23
1.65
.90

1.79
2.25
.63
1.03
.59
1.31
.50
.20
.61
1.36
1.83
1.13
1.20
1.60
.90

1.78
2.26
.63
1.04
.59
1.29
.49
.20
.60
1.36
1.81
1.15
1.20
1.60
.88

1.78
2.23
.62
1.02
.59
1.29
.49
.20
.60
.36
.82
.15
.21
.60
.90

1.81
2.29
.64
1.05
.60
1.31
.50
.20
.61
1.35
1.80
1.14
1.20
1.57
.91

1.83
2.37
.66
1.09
.62
1.29
.48
.21
.60
1.39
1.90
1.15
1.22
1.58
.92

1.77
2.28
.63
1.05
.60
1.25
.47
.20
.58
1.38
1.91
1.14
1.21
1.56
.92

1.71
2.13
.59
.99
.56
1.24
.45
.20
.58
1.39
1.92
'1.14
1.23
1.57
.94

1.72
'2.13
.59
'.99
'.56
1.26
.46
.20
.60
1.37
1.91
1.13
1.22
1.58
'.94

1.75
2.19
.60
1.02
.57
1.26
.46
.20
.61
1.35
1.86
1.11
1.19
1.51
.93

1,337

11, 437

12,850

1,016

1,201

1,053

1,123

1,098

935

982

1,035

998

1,109

' 1, 139

1, 143

527, 629

538,946

44, 598

45, 854

45, 063

44, 918

46, 786

40, 985

44, 174

46,456

46,067

46,302

46,288 '44,977

48, 283

276, 069
11, 929
45, 651
23, 707
26, 024

277, 474
11,817
42, 607
22, 237
25, 725

23,062
864
3,748
1,876
2,121

23,946
928
3,732
1,923
2,187

23,342
959
3,681
1,892
2,116

23,528
998
3,613
1,877
2,168

24, 778
1, 051
3,717
1,885
2,276

20,580
943
3,105
1,621
1,939

22,089
1,083
3,401
1,814
2,222

23, 565
1,106
3,449
1,805
2,230

23,019
1,067
3,485
1,870
2,227

23, 575
1,006
3,538
1,911
2,142

24,595
977
3, 506
1,874
2,179

25, 086
938
3,911
2,178
2,263

_ do _
do
do
do
do

40, 204
39, 852
73,460
46, 470
9,806

43, 119
40,909
73, 020
42,224
10,673

3,626
3,419
6,086
3,653
806

3,752
3,500
6,505
3,888
851

3,733
3,177
6,401
3,915
829

3,647
3,196
6,609
4,085
865

3,869
3,531
6,891
4,178
929

3,272
3,028
5,168
2,782
832

3,436
3,357
5,023
2,463
926

3,671
3,668
5,746
3,080
998

3,537
3,590
5,509
2,966
967

3,532
3,641
6,204
3,488
955

3,875
3,653
7,056
4,013
975

Nondurable goods industries, totalcf 9 do
Food and kindred products..
_ do _
Tobacco products
do
Textile mill products cf
do
Paper and allied products. _
_
do
Chemicals and allied products
do
Petroleum and coal products.
do
Rubber and plastics products
do

251, 560
87, 761
5,104
19, 588
21, 770
38, 676
20, 517
12, 752

261,472
92, 392
5,102
19,205
22, 492
42,069
21, 304
13, 290

21, 536
7,490
398
1,515
1,891
3,342
1,745
1,086

21, 908
7,571
408
1,573
1,928
3,457
1,739
1,138

21, 721
7,466
425
1,550
1, 839
3,648
1,759
1, 133

21, 390
7,629
411
1,548
1,846
3,503
1,746
1,136

22, 008
7,811
471
1,647
1,891
3,564
1,822
1,164

20, 405
7,352
447
1,344
1,703
3,283
1,811
1,010

22, 085
7,634
454
1,647
1,918
3,581
1,789
1,112

22, 891
8,144
431
1,752
1,922
3,795
1,796
1, 126

23,048
8,161
415
1,824
1,945
3,762
1,791
1,195

22, 727
8,112
431
1,755
1,931
3,622
1,829
1,120

21, 693
7,937
427
1,634
1,891
3,364
1,773
1,061

Shipments (not seas, adj.), totaled
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

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 _
. d o
do
do
do
_ do

'3,493
'3,257
' 6, 623
' 3, 963
'924

3, 983
3,553
6,789
3,938
970

'21, 642 23, 197
' 7, 656 8,010
412
385
' 1, 592 1,710
r 1,913
2,039
'3,581 3,920
1,812
' 1, 736
1, 161
'1,068

do

43, 771

44, 663

43, 766

44,692

44, 707

45, 170

45, 447

44, 571

44,233

46, 108

48,342 '48, 133

47,479

do
do
do
do
do

22,622
1,013
3,618
1,802
2,214

23, 137
1,020
3,517
1,787
2,272

22, 269
927
3,439
1,742
2,080

22,900
914
3,434
1,791
2,092

23, 052
923
3,462
1,755
2,093

23, 192
897
3,581
1,905
2,068

23,633
959
3,519
1,839
2,092

22,949
1,010
3,419
1,780
2,094

22, 311
966
3,475
1,885
2,094

23,487
1,028
3,620
1,992
2,180

25,290
1,187
3,826
2,097
2,351

'25, 227
'1,140
' 3, 732
' 2, 019
' 2, 385

24, 667
1, 101
3,774
2,091
2,363

do
do
do
do
do

3,485
3,336
5,686
3,385
805

3,489
3,435
6,061
3,529
845

3,453
3,222
5,912
3,557
836

3,455
3,323
6,380
3,875
876

3,517
3,358
6,465
3, 896
878

3, 587
3,468
6,172
3,561
933

3,672
3,423
6,577
3,900
965

3,690
3,412
5,909
3,252
932

3,631
3,394
5,366
2,744
938

3,737
3,491
5,929
3, 184
929

3,996
3,596
6,772
3,855
904

Nondurable goods industries total cf 9 do
21, 149 21, 526 21, 497
Food and kindred products
do
7,370
7,562
7,549
Tobacco products
do
420
438
428
Textile mill products cf
do
1,513
1, 523
1,549
Paper and allied products
do
1,856
1,878
1,808
Chemicals and allied products
do
3,325
3,388
3, 378
Petroleum and coal products
do
1, 722
1,792
1,789
Rubber and plastics products
do
1,075
1,087
1,106
r
2
Revised.
1 Based on data not seasonally adjusted.
Advance estimate.
§1'he
term "business" here includes only manufacturing and trade; business i nventories as sho wn
on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjus ted data for
manufacturing are shown below and on p. S-6; those for wholesale and retail trade on pp. S -11
and S-12.
cf Revised to incorporate new data for the textile mill products series wrhich, in additioiito




'23, 335
'903
' 3, 610
' 1, 987
' 2, 123

'
'
'
'
'

3, 852
3, 586
6, 748
3, 839
1, 043

3,831
3,470
6,404
3,717
968

21, 792 21,655 21, 978 21, 814 21, 622 21,922 22, 621 23, 052 '22, 906 22, 812
7, 875
7, 728
7,611
7, 695
7, 634
7,690
8,295 ' 7, 989
7,809
8,090
425
436
400
441
431
432
421
415
437
414
1,712
1,577
1,572
1,590
1,592
1,637
1,734 '1,747
1,685
1,690
1,851
1,803
1,879
1,870
1,839
2,021 ' 2, 013 2,000
1,876
1,949
3,909
3,331 3,432
3,616
3,638
3,578
3,666
3,773 3,797 '3,758
1,792
1,797
1,762
1, 811
1,838
1, 740 '1,727
1,776
1,835
1,780
1,149
1,124
1,126
1,110
1,149
1, 134 ' 1, 142
1,085
1,136
1,088
being i^eviewed and corr ected, re lects revisions res lilting fr<
)m bendimarking the seri(js to the
1966 A nnual Siirvey of Manufac tures anc1 the COBciputatiori of new seasonal factors, Revised
data b ack to 1962 for a 11 industiT group s, as wel1 as higher level industry totals, r 3flecting
9 Includes data f or items
bench marking to the la test data availab Le will b(5 shown ; ater.
not sh own sep irately.

SURVEY OF CURRENT BUSINESS

S-6
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1968

1967

1967

Annual

April 1968

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

4,386
10,351
6,855
4,355
3, 504
18,891

Jan.

Feb.

Mar.

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
Shipments (seas, adj.)— Continued
By market category:
Home goods and apparelc?
mil $
Consumer staples
do
Equipment and defense prod., excl. auto.do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies cT
do
Supplementary market categories:
Consumer durables
do
Defense products
do
Machinery and equipment
do
Inventories, end of year or month:
Book value (unadjusted), total c?
Durable goods industries total
Nondurable goods industries, total d"
Book value (seasonally adjusted), totald*
By industry group:
Durable goods industries, total 9
Stone clay and glass products
Primary metals
Blast furnaces, steel mills..
Fabricated metal products

i 49, 388
1116,303
173,207
i 47, 804
i 37, 971
214, 273

4,116
9,346
5, 703
3,844
3,253
17, 509

4,215
9,532
6,000
4,004
3,297
17, 615

4, 044
9,555
5,816
4,005
3,039
17,307

4,183
9,684
5,925
4,324
3,023
17, 553

4,156
9,608
6,026
4,360
3,006
17, 551

4, 123
9,659
6,163
3,999
2, 979
18, 247

4,002
9,708
6,223
4,381
3,150
17, 983

4,000
9,630
6,258
3,709
3,187
17, 787

3,996
9,775
6,175
3,209
3,122
17, 956

4,135
10, 143
6,396
3,670
3,275
18,489

i 21, 212 i 21, 979
l 33, 240 138,419
i 53, 220 i 56, 139

1,777
2,897
4,562

1,863
3,135
4,630

1,719
2,988
4,524

1,763
3, 162
4,538

1,796
3,145
4,644

1,855
3,218
4,776

1,826
3,284
4,775

1,833
3,312
4,768

1,855
3,278
4,643

1,893
3,450
4,762

80, 363
52,287
28,076

80, 662
52,541
28,121

81,232
52,925
28,307

i 49, 716
110,451
167,889
i 52S 045
i 38, 977
208, 551

'4,473 4, 282
10,113 9,942
' 6, 752
6, 538
' 4, 334 4,196
' 3, 511 3,570
18, 950 18, 951

2,012 '1,960
3,652 "3,674
4,975 ' 4, 921

1,919
3,531
4,862

81,898
53,262
28,636

82,543
53,527
29,016

83, 302
54, 280
29, 022

82,571

82, 862

do
do
do

77,108
49,432
27, 676

81,898
53,262
28,636

79, 523
51,274
28, 249

79,866
51,580
28, 286

80, 518
52, 107
28, 411

80,965
52,558
28, 407

80,608
52, 346
28, 262

80,328
52, 194
28, 134

80,713
52,631
28, 082

do

77,581

82,425

79, 105

79, 430

80, 059

80, 341

80, 119

80,603

81, 033

80,841

81, 106

81,796

82,425

52, 572
1,769
7,440
4,248
5,230

52,918
1,792
7,464
4,273
5,268

53,506
1,785
7,476
4,282
5,326

53,930 ' 53,742 54, 070
1,795
1,775
1,789
7,529
7,519 r 7, 547
4,318 ' 4, 335 4,334
5,368 ' 5, 313 5,366

50, 037
1,746
7,109
4,043
5,314

53,930
1,789
7,519
4,318
5,368

51,079
1,787
7,174
4,137
5,295

51, 216
1,794
7,213
4,128
5,273

51,593
1,819
7,338
4,204
5,269

51,784
1,842
7,451
4,243
5,229

51,809 52,346
1,847
1,835
7,478
7,495
4, 242
4, 257
5, 162
5, 142

52,784
1,813
7,482
4,265
5,179

Machinery, except electrical. .
do
Electrical machinery
do
Transportation equipment
do
Motor vehicles and[parts..
do
Instruments and related products— do

9,942
7,653
11, 369
3,538
2,214

10,495
7,869
13, 510
3,653
2,395

10,117
7,857
11,921
3,640
2,222

10, 152
7,825
12,004
3,533
2.251

10,173
7,783
12,164
3,454
2,290

10,234
7,755
12,184
3,398
2,303

10, 275
7,682
12, 236
3, 302
2,301

10,313
7, 730
12, 706
3,568
2,313

10,362
7,765
13,082
3,781
2,316

10,451
7,749
12,824
3,528
2,328

10,425
7,830
12,941
3,568
2,357

10,540
7,880
13,232
3,675
2,359

10,495
7,869
13, 510
3,653
2,395

r 10,338 10, 352
' 7, 881 7,861
' 13,494 13,689
' 3, 718 3,770
' 2, 375 2,402

By stage of fabrication:
Materials and supplies 9
do
Primary metals
do
Machinery (elec and nonelec ) do
Transp ortation equipment
do
Work in process 9
do
Primary metals
do
Machinery (elec. and nonelec.) ... do
Transportation equipment
do
Finished goods 9
do
Primary metals
do
Machinery (elec. and" nonelec.) ...do
Transportation equipment
do

14, 802
2,603
4,877
2,477
22,263
2,477
7,853
7,512
12, 972
2,029
4,865
1,380

14,909
2, 608
4,735
2,585
25,099
2, 738
8,217
9,447
13,922
2,173
5,412
1,478

14,856
2,638
4,910
2,519
22,967
2,489
7,949
8,028
13, 256
2,047
5,115
1,374

14,748
2,642
4,859
2,425
23, 140
2,470
7,981
8,220
13,328
2,101
5,137
1,359

14,721 14,576
2,706
2,705
4,781
4,719
2,363 2,343
23,423 23, 592
2,607
2,510
8,014
7,987
8,442
8,439
13,449 13,616
2,138
2,123
5,256
5,188
1,399
1,362

14, 485
2,693
4,664
2,331
23, 704
2,646
8,065
8,488
13, 620
2,139
5,228
1,417

14,536
2,668
4,728
2,382
24, 139
2,704
8,056
8,922
13,671
2,123
5,259
1,402

14,668
2,626
4,725
2,591
24,215
2,713
8,083
8,997
13,901
2,143
5,319
1,494

14,597
2,579
4,708
2,512
24,143
2,68t)
8, 117
8,894
13,832
2,181
5,375
1,418

14,718
2,539
4,748
2,552
24,370
2,723
8,162
8,957
13,830
2,202
5,345
1,432

14,806
2,560
4,780
2,578
24,721
2,715
8,184
9,223
13,979
2,201
5,456
1,431

14,909
2,608
4,735
2,585
25,099
2,738
8,217
9,447
13,922
2,173
5,412
1,478

' 14,808 14,876
' 2, 594 2,577
'4,632 4,596
'2,668 2,692
' 24,921 25, 122
' 2, 691 2,668
' 8, 252 8,238
' 9, 338 9,492
' 14,013 14, 072
' 2, 262 2,284
'5,335 5,379
'1,488 1,505

27, 544
6,394
2,343
3,017
2,271
5,039
1,869
1,402

28, 495
6, 561
2,392
3,169
2,272
5,451
1,980
1,409

28, 026
6,594
2,376
3,060
2,272
5,175
1,925
1,427

28, 214
6,669
2,389
3,078
2,286
5,203
1,915
1,446

28, 466
6,756
2,383
3,101
2,300
5,290
1,950
1,453

28, 557
6,737
2,377
3,101
2,305
5,412
1,960
1,428

28,310
6,634
2,380
3,108
2,310
5,381
1,918
1,415

28, 257
6,662
2,373
3,096
2,310
5,383
1,935
1,402

28, 249
6,512
2,366
3,133
2,307
5,400
1,923
1,398

28,269
6,391
2,348
3,160
2,300
5,433
1,920
1,389

28,188
6,425
2,338
3,128
2,279
5,407
1,925
1,398

28,290 28,495 ' 28,829 28,792
6,489
6,561 ' 6, 755 6,781
2,392 ' 2, 408 2,397
2,326
3,264
3,123 3,169 '3,239
2,285 2,272 ' 2, 269 2,302
5,469
5,454
5,451 '5,477
1,930
1,980 ' 2, 031 1, 995
1,420
1,419
1,409 '1,418

10, 501
4,306
12, 737

10, 444
4,606
13,445

10, 565
4,317
13, 144

10,649
4,318
13, 247

10, 747
4,302
13, 417

10, 808
4,341
13, 408

10, 783
4,385
13, 142

10,667
4,340
13, 250

10, 722
4,386
13, 141

10, 711
4,413
13, 145

10, 573
4,520
13, 095

10,543
4,572
13,175

10,444 ' 10,573 10,430
4,606 ' 4, 573 4,554
13,445 ' 13,683 13, 808

8,384
10,910
20, 939
4,437
6,504
31,251

8, 411
10, 730
18, 750
4,450
6,512
30,252

8,390
10,861
19, 009
4,343
6,491
30, 336

8,373 8,352 8,182 8,114
10,977 10,994 10, 922 10,946
19,303 19,481 19, 646 19,892
4,171
4,263
4,060 4,297
6,541 6,504
6,491 6,433
30, 602 30, 839 30, 818 30, 921

8,268
10,755
20, 041
4,523
6,368
31, 078

8,343
10, 647
20, 218
4,251
6,315
31, 067

8,397
10,683
20,356
4,300
6,369
31, 001

8,399
10,749
20,653
4,436
6,430
31,129

8,384
10, 910
20, 939
4,437
6,504
31,251

do
do
do

8, 241
10,476
18, 166
4,358
6,537
29, 803
4,189
8,732
12, 592

4, 368
10, 781
13, 368

4,328
9,193
12, 801

4,286
9,405
12,830

4,253
9,615
12,873

4,276
9,744
12,903

4,232
9,839
13, 016

4,228
10,094
13,037

4,269
10, 218
13, 103

4,251
10,213
13, 197

4,348
10,319
13, 182

4,396
10,476
13,354

4,368 '4,441
10, 781 ' 10,758
13,368 ' 13,184

do
do
do

541, 276
289,836
251, 440

541, 997
280, 530
261, 467

44, 595
23, 117
21, 478

45, 044
23,204
21,840

44,906
23,157
21, 749

44, 987
23,600
21, 387

47, 786
25, 830
21, 956

42, 206
21, 754
20, 452

44, 380
22,268
22, 112

46, 804
23,888
22, 916

46, 705
23, 660
23,045

45,875
23,096
22, 779

47,100 '45,757 48, 902
25,394 ' 24,107 25, 583
21,706 ' 21,650 23,319

i 541,276 1541,997
New orders, net (seas, adj.), totald1----- .....do
By industry group:
289,836 280,530
Durable goods industries, total 9
do
46,879
Primary metals
do
42,216
24,285 22, 403
Blast furnaces, steel mills
do
Fabricated metal products
do__._ 26, 743 26,542
42, 677
Machinery, except electrical
do
42,944
42, 269
Electrical machinery
do
41,208
79, 861
Transportation equipment. _._
.do
75, 557
27,503 28,936
Aircraft, missiles, and parts
do

43,390

43, 516

43,689

45, 546

45, 881

45, 786

45, 621

45, 128

45,296

46,208

49,660 '47,628

22, 329
3,427
1,805
2,224
3,266
3, 362
5, 799
2,291

22,065
3,013
1,434
2,247
3,351
3,273
5,911
2,207

22,226
3,236
1,701
2,136
3,429
3,196
6,140
2,228

23,857
3,606
2,020
2,106
3,497
3,250
7,209
2,763

24, 263
3,591
1,886
2,108
3,590
3,455
7,327
3,067

23,715
3,646
1,994
1,979
3,564
3,579
6,697
2,469

23,726
3,470
1,794
2,254
3,945
3,640
5,950
1,705

23,416
3,612
1,971
2,009
3,679
3,554
6,019
2,362

23,381
3,467
1,905
2,246
3,588
3,473
6,241
3,023

23,545
3,783
2,091
2,334
3,840
3,315
5,673
2,072

26,492
4, 120
2,394
2,936
3,875
3,569
7,101
2,883

21, 061
5,613
15,448

21,451
5,640
15,811

21,463
5,680
15,783

21,689
5,756
15,933

21, 618
5,667
15, 951

22, 071
6,007
16,064

21, 895
5,873
16,022

21, 712
5,820
15, 892

21,915
5,848
16, 067

22, 663
6,033
16,630

23,168 '22,857
6,291 '6,217
16,877 '16,640

22,897
6,265
16,632

4,105
9,685
6,560
4, 503
2,991
17, 702

4,163
9,614
7,047
4,333
2,976
17, 748

4,101
9,663
6,230
4, 077
2,951
18,764

4,057
9,713
6,230
4,288
3,305
18,028

4,007
9,630
6,374
3,712
3,111
18, 294

4,032
9,765
7,249
3,231
3,249
17, 770

4,064
10, 148
5,920
3,706
3,415
18,955

4,401
10,342
7,601
4,314
4, 115
18,887

'4,424
'10,097
' 6, 117
' 4, 325
' 3, 375
'19,290

4,315
9,954
6,347
4,057
3,433
19, 608

do
do
do
do
do

Nondurable goods industries, total 9 cfdo
Food and kindred products
do
Tobacco products
do
Textile mill products d*.
do
Paper and allied products.
do
Chemicals and allied products
do
Petroleum and coal products
do
Kubber and plastics products
do
By stage of fabrication:
Materials and supplies c?
do
Work in process^
do
Finished goods &
do
By market category:
Home goods and apparel rf1 .
Consumer staples
Equip, and defense prod., excl. auto
Automotivo equipment
Construction materials and supplies
Other materials and suppliescF
Supplementary market categories:
Consumer durables
Defense products
Machinery and equipment
New orders, net (not seas adj ) total d1
Durable goods industries, total
Nondurable goods industries, totald1

Nondurable goods industries totald1
Industries with unfilled orders ed*
Industries without unfilled orders?

do
do
do
do
do
do

do
do
do

251, 440
68,560
182,880

261,467
69,276
192, 191

By market category:
Home goods and appareld"1
do_.._ i 49, 821 149,160 4,044 4,111 4,028
Consumer staples. __•
do
1110,454 1116,306 9,348
9,555
9,529
Equip, and defense prod., excl auto
do
175,275 i 75, 520 5,756
5,685
5,760
Automotive equipment
do.___ 152,058 147,308 3,610
3,830 3,962
Construction materials and supplies_..___do
139,413 138,812 3,307
3,293 3,099
Other materials and suppliescT
do
1214,255 1214,891 17,325 16, 993 17, 360
Supplementary market categories:
Consumer durables
do
121,318 121,799
1,.698
1,712
1,748
Defense products
do
i 40, 469 i 42, 103 3,330 3,235 3,273
Machinery and equipment
do
i 56, 770 i 55, 693 4,242
4,443
4,315
r
2
Revised.
1 Based on data not seasonally adjusted,
Advan ce estim ate.
? Ineludes data for items not shown separately.
d"See correspc nding no te on p. £5-5.
6 aneludes textile mill products, leather and products, Daper ancI allied pr oducts, iind prin ting
and publishing industries; unfilled orders for othe r nondunible good 3 industr ies are z ero.




' 8, 536 8,551
' 11,152 11, 161
' 20,742 20,869
' 4, 495 4,605
' 6, 494 6,564
' 31,152 31, 112

4,430
10,895
13, 176

47, 714

' 24,771 24, 817
' 4, 013 4,314
' 2, 322 2,584
' 2, 313 2, 238
' 3, 807 3,574
'3,335 3,530
6,406
'6, 562
' 2, 327 2,448

1, 936
2,020 '1,904
1,728
1,814
1,857
1,906
1,829
1,859
1,810
3,865 4,201 3, 641 2,841 3,712 4,093
3,063 3,973 '3,331 3,737
4,607 4,794
4,827 '4,866 4,530
4,791
4,853 5,058 4,665
4,614
IfFc >r these industriej3 (food aiid kindr ed produ cts, toba ceo prod ucts, api:>arel anc related
produ cts, petr Dleum an d coal prc>ducts, cllemicals and alliecI product s, andrubber and plastics
produ cts) sale 3 are cons>idered e(jual to new order s.

SURVEY OF CURRENT BUSINESS

April 1968
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

S-7

1967

1967
Feb.

Annual

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Nov.

Dec.

81,217
78, 150
3,067

80,795
77,676
3,119

81, 628
78, 495
3,133

r
82, 405
r

79, 265
'3,140

83, 026
79, 763
3,263

Oct.

Jan.

Feb.

Mar.

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
Unfilled orders, end of year or month (unadjusted),
totalf
mil $
Durable goods industries total
do
Nondur goods ind with unfilled orders© f do

78 449
75,315
3,134

81, 628
78, 495
3, 133

Unfilled orders, end of year or month (seasonally
adjusted), totalf
mil. $
By industry group:
Durable goods industries total 9
do
Primary metals
do
Blast furnaces steel mills
do
Fabricated metal products
do
Machinery except electrical
do
Electrical machinery
do
Transportation equipment
do
Aircraft missiles and parts
do

79,675

82, 872

76,415
6,909
3,305
6,221
12 816
12, 279
32,350
26 056

79, 597
6,527
3, 497
7, 084
12, 626
12, 577
34, 884
29, 733

Nondur. goods ind. with unfilled orders© f do

3,260

3,275

do
do
do
do

2,208
42, 205
6, 493
28, 769

do..
do
do _

By market category:
Home goods, apparel, consumer staples^
Equip, and defense prod., incl. auto
Construction materials and supplies _
Other materials and suppliesf
Supplementary market categories:
Consumer durables
_ _
_
^
Defense products
Machinery and equipment

BUSINESS INCORPORATIONS^
New incorporations (50 States and Dist. Col.):
Unadjusted _ .
number
Seasonally adjusted
do
INDUSTRIAL AND COMMERCIAL
FAILURES c?
number

Failures, total _ _

Commercial service
Construction...
Manufacturing and mining
Retail trade...
Wholesale trade... _ .
Liabilities (current), total

do
do
do
do
do
thous. $

Commercial service.
do. ._
Construction
do
Manufacturing and mining . . . _ ... do
Retail trade..
do
Wholesale trade
_
__do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns..

77 791
74 795
2,996

77,633
74609
3, 024

78,239

77,093

77,014

77,869

79044 « 79 662

79832

80,390

81,455

81,555

82,872 '82,368

82, 602

75, 131
6,274
2 882
6, 144
12 497
12 394
32, 158
26 505

74 060
5,771
2 529
6 119
12 359
12' 232
32 009
26 649

74,016
5, 569
2, 487
6,176
12,335
12,206
32,237
26,971

74, 973
5,741
2 716
6,189
12 376
12 133
33, 066
27 667

76
5
2
6
12
12
33
28

185
870
847
205
449
230
929
646

76 710
5 935
2 936
6*116
12 426
12 341
34 453
29 024

76 801
5 886
2 ggo
6 277
12 699
12 558
33 826
28 520

77 268
6 078
3 082
6*193
12 688
12 700
33 935
28 661

78, 340
6,070
3 102
6,345
12 645
12 779
34, 811
29 509

78,396
6,233
3 201
6 499
12 747
12604
34,555
29314

79, 597
6,527
3,497
7,084
12, 626
12, 577
34, 884
29 733

'79,141
' 6, 808
' 3, 800
' 7, 012
r
12, 581
'12,326
'34,698
'29 596

79, 291
7,347
4,292
6, 887
12, 324
12, 386
34, 699
29, 774

3,108

3, 033

2,998

2 896

2 859

2 952

3 031

3 122

3 115

3 159

3,275

'3, 227

3,311

1,981
44, 047
7,381
29, 463

2,146
41, 297
6,457
28 339

2 037
40 886
6,454
27 716

2, 022
40,709
6,513
27, 770

1 946
41, 522
6,482
27 919

1 960
42 517
6 450
28 117

1 943
42 662
6 424
28 633

2
42
6
28

Oil
692
501
186

2 038
43 786
6,630
29 001

1 973 1 981
43346 44, 047
7,381
6 768
29468 29 463

'1,919
'43,406
' 7, 243
'29 800

1,966
43, 072
7,106
30 458

1,704
31,765
19,614

1,515
35, 433
19, 162

1, 644
32 167
19 224

1 526
32 268
18 909

1 520
32 552
18830

1,485
33 253
18, 898

1 519
34 309
19 047

1 479
34 732
19 124

1 511 1 488
34 288 34 687
19 407 19 307

1 540
35 503
19 278

1 505 1,515 ' 1, 460
35 116 35 433 '35 092
19 306 19 162 '19 105

1,479
35 299
18 770

200, 010

206, 569

15 225
15 987

19 036
16 244

16 511
16 760

18 700
17 627

18 591
17* 799

15 415
16 300

17 332
17 674

16 222
18 118

17 233
18 000

16 065
18 403

17 525
18 168

20 438
17 223

17 910
18 014

13, 061

12,364

1 216

1 216

1 160

843

1 017

913

949

881

831

844

832

1,368
2,510
1,852
6,076
1, 255

1,329
2,261
1,832
5,696
1,246

152
236
160
555
113

128
227
190
557
114

125
238
149
519
129

82
132
129
405
95

98
159
172
490
98

93
152
145
431
92

108
197
130
426
88

102
166
133
393
87

104
158
133
347
89

90
159
149
354
92

85
129
142
388
88

78 600
75 536
3,064

1,385,659 1,265,227 113 450 119 322 103 817
185,202
326, 376
352, 861
344, 346
176, 874

144,965
323, 680
325, 869
334, 279
136, 434

12, 746
25 050
32, 325
32 887
10 442

10,086
38 928
29 321
32 652
8 335

251.6

249.0

57. 1

49.7

9
29
27
25
12

77,701
74 679
3, 022

78 703
75*732
2*971

1 100 1 047

119
193
157
515
116

105
180
163
500
99

79 927
76 908
3*019

80 231
77 187
3 044

003
574
579
676

80 580
77 510
3 070

2
42
6
29

93 370 104 643

72 551 108 901

93 943

81 633

69 977 195 448 104 491

79 602

767
058
489
367
136

10,280
16 046
26 912
26 307
13 825

896
912
062
931
842

4 690
16 191
27* 100
17 062
7 508

310
758
294
861
"678

6 344
11 536
29 177
37 769
9* 117

11 052
14 192
14 705
33 652
8 032

7 025
15 780
20 678
19 110
7 334

725
868
988
380
487

7, 398
23 366
31, 131
20 339
22 257

6,913
19 786
24, 377
19 048
9 478

52 1

48.6

48 6

43 2

49 3

49 1

47 4

42 2

43 2

38.2

37.5

257
225

256

224
277
186

252
217
242
180

251
224
252
230

250
227
275
^257

253
231
288
233

255
232
362
189

258
229
344
168

nr.fi

1 £7
9fifi

ocq

OCA

977

560
283
302

537
275
320
330
122

544
269
321
316
122

304
324

302
325

6
26
26
27
16

12
12
33
37
12

45
97
25
16
9

COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
1910-14=100..
Crops?..
. ...
do
Commercial vegetables
do.
Cotton
do
Feed grains and hay _. ._
do
Food grains.. _
_ _
do
Fruit
do
Tobacco
do
Livestock and products ?
do
Dairy products
_
do
Meat animals.
do
Poultry and eggs
do
Prices paid:
All commodities and services...
do..
Family living items
do
Production items. .
do
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
do
All items less medical care
do
Commodities
do
Nondurables. _
do
Nondurables less fooddo
Durables?...
do
New cars...
do
Used cars. __ __
do

266
235
288
215

252
224
284
191

250
224
276
173

181
185
243
553
292
293
356
161

174
177
227
554
276
304
335
132

184
179
199
561
276
306
328
142

186
189
199
561
272
300
323
144

297
315

302
321

285

287

300
319

'300
' 319

334
80

342
74

113 1

116 3

286

112 9
113 0
112 3
109 2
111 8
109.7
102 7
97 2
117. 8

115 9
116 8
115 0
111 2
114 0
113. 1
104 3
98 1
121. 5
2
'Revised.
i Advance estimate.
Based on unadjusted data
See note marked "d"" on p. S-5.
© See corresponding note on p.
includes data for items not shown separately.




252
223
280
175

!

245
923
305
173

252
221
276
167

326

183
185
193
558
264
291
319
130

183
188
197
558
279
288
351
126

558
279
288

203
558
285
292

123

133

qr»9
198

537
283
312
344
133

301
318

302
320

303
321

304
323

303
323

303
323

r 287

288

338
75

'339
74

340
72

341
74

114 8

lie n

115 3

•ME C

114 3
115 2
113 7
109 9
112 7
111.5
102 8
97 3
114. 0

114 6

114 8
115 9
114 1
110 2
113 0
112.4
103 4
97 0

115 4
113 8
110 0
112 9
111.8
102 9
97 2
115 Q

255
227
322
169

118.8

289

115 1

116 3
114 4
110 5
113 2
112.7
103 9
96 9
121.4

184

178

166

1fV7

917

qeq

OKO

290

291

342

167

306
329

308
330

288

290

292

344

343

7q

7q

344
74

346
74

348
74

350
74

117 1

117 5

117 8

118 9

118 6

119 0

116 7
117 7
115 8
112 0
114 9
114.1
104 8
96 1
12fi.2

117 1
118 2
116 2
112 4
115 1
114. 5
105 7
101 1
126.0

117 5
118 7
116 5
112 6
115 3
115.2
106 0
101 4
125 fi

117 7
118 9
116 8
112 9
115 6
115.2
106 1
101 3

118 2
119 3
117 3
113 2
116 0
115. 1
106 3
101 0
125.8

118 5
119 7
117 6
113 5
116 4
115.6
106 4
100 8
123.6

342

7K

7K

7K

343
73

116 0

llfi 5

11 A O

116 1

m

1 1 f\ R

m qe
m

m
m

112.8
If) A A

Q7 A
194 8

Q

o

113.2

%

Q

195 9

303
325

559

283
309
345
132

304
327

344

llfi 8
11 "1 2

165
173
287
560
282
314
342
131

165
173
313

557
272
321
318
129

162
170
284
559
274
316
324
132

160
169

287

289

e

154
168

286

98Q

115 6
116 5
114 8
111 0
113 8
112.7
104 1
96 8
122.4

160

259
231
343
164

289

124.8

cf Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist, Col.).
§ Ratio of prices received to prices paid (parity index).
<= Corrected.

S-8
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

SURVEY OF CUEEENT BUSINESS

April 1968

1967 v

1968

1967
Feb.

Annual

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.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
Services
- do _
Services less rent
do
Food 9
do
Meats poultry, and
fish
do
Dairy products
do
Fruits and vegetables
do
Housing
do
Shelter 9
do
Rent
. do
Homeownership
do
Fuel and utilities 9
do
Fuel oil and coal
do
Gas and electricity
do
Household furnishings and operation do
Apparel and upkeep
do
Transportation
do
Private
do
Public
do
Health and recreation 9
do
Medical care
do
Personal care
do
Reading and recreation
do
Seasonally adjusted indexes:
Food
--- -- _--do__ Apparel and upkeep
_-do_ _
Transportation
- __
-do
WHOLESALE PRICES cf
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities:
22 Commodities
1957-59=100
9 Foodstuffs, _ _.
_
_ _ _do_ _
13 Raw industrials
do
All commodities
By stage of processing:
Crude materials for further processing
Finished goods O
By durability of product:
Durable goods _
Nondurable goods
Total manufactures
__
Durable manufactures _ _ . .___
Nondurable manufactures
Farm prod., processed foods and feeds

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

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

107.6
125.9
129.2
114.2
110.7
116.1
114.2
113.3
116.8
111.7
118.9
108.7
111. 1
108.3
107.0
111.9
113.8
111.8
130.0
121.8
133.6
114.1
118. 6

107.8
126.3
129.5
114.2
110.0
115.7
115.2
113.3
116.6
111.8
118.6
108.7
111.1
108.3
107.3
112.6
114.2
112.2
130.5
122.2
134.6
114.4
118.9

108.4
126.6
130.0
113.7
109.0
115.7
114. 2
113. 6
116.9
111.9
119.0
108.8
111.0
108.4
107.7
113.0
115.1
113.2
130.6
122.6
135. 1
114.9
119.4

108.7
127.0
130.4
113.9
108.5
115.9
116.4
113.9
117.5
112.1
119.7
108.7
110.8
108.3
107.9
113.8
115.5
113.6
130.9
122.8
135.7
115.0
119.6

108.9
127.4
130.8
115.1
111.6
116.3
139.9
114.1
117.7
112. 2
119.9
108.6
110.5
108.2
108.1
113.9
115.7
113.7
132. 2
123.2
136.3
115.3
119.7

109.1
127.7
131.2
116.0
112.3
116.4
124.4
114.3
117.9
112.4
120.2
108. 9
111.4
108.3
108.2
113.7
116.2
114.1
132.7
123.6
136.9
115.5
119.8

109. 4
128.2
131.7
116.6
113.1
116.6
122.7
114.7
118.4
112.6
120.8
109.1
111.7
108. 5
108.3
113.8
116.4
114.4
132.8
124.2
137.5
116.1
120.0

110.0
128.7
132.3
115.9
113.4
117.3
115. 6
115.0
118.7
112.8
121.1
109.4
112.3
108.9
108.8
115.1
116.8
114.8
133. 0
124.9
138.5
116.4
120.5

110.6
129.1
132.7
115.7
112.3
117.9
115.3
115.3
119.0
113.0
121.5
109.4
112.5
108.9
109.1
116.0
117.7
115.7
133.0
125.5
139.0
116.5
121.4

111.1
129.6
133.2
115.6
111.4
117.8
116.7
115.5
119.4
113.2
121.9
109.3
112.7
109.0
109.3
116.6
118.3
116.2
134.6
126.2
139.7
116.9
122.0

111.1
130.1
133.8
116.2
111.2
118.1
119.6
116.0
119.9
113. 5
122.6
109.3
113.1
108.7
109.7
116.8
117.9
115.8
134.9
126.6
140.4
117.2
122.2

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

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

114.0
112.3
114.3

114.3
112.9
114.5

113.9
113.1
115.3

114.5
113.7
115.6

115.3
113.9
115.9

115.0
114.2
116.0

115.8
114.3
116.3

115.6
114.9
117.0

115.8
115.4
117.3

116.1
115.9
117.8

116.4
116.2
117.7

117. 2
116.6
118.5

117.4
117.1
119. 1

96.4
92.2
99.5

198.1
194.7
1 100. 4

102.0
97.5
105.2

100.0
96.3
102.5

98.1
95.3
100.1

99.0
98.1
99.6

98.8
97.3
99.8

97.1
95.4
98.3

96.7
94.6
98.1

95.9
93.4
97.8

95.0
91.2
97.7

95.1
89.5
99.1

96.2
90.7
100.1

96.1
90.9
99.8

do__ .

105.9

106.1

106.0

105.7

105.3

105.8

106.3

106.5

106.1

106.2

106.1

106.2

106.8

107.2

' 108.0

do
do

105.3
104.8
106.9

99.6
105.6
108.2

100.8
105.5
107.6

99.7
105.5
107.2

98.0
105.5
107.0

100.6
105.3
107.6

101.4
105.4
108.4

101.7
105.4
108.7

99.5
105.4
108.3

98.5
105.7
108.7

97.9
105.7
108.6

96.5
105.9
108.9

98.6
106.3
109.3

99.1
106.7
109.7

100.9
107.4
110.3

i_ do_.
l__do
_do _ _
do
do

106.0
105.6
105.7
106.0
105.3

108.0
104.7
106.7
108.2
105.3

107.6
104.7
106.4
107.7
105.1

107.6
104.2
106.3
107.7
104.8

107.6
103.7
106.2
107.8
104.6

107.5
104.6
106.3
107.7
105.0

107.5
105.4
106.6
107.7
105.6

107. 6
105.6
106.8
107.9
105.8

107.9
104.8
106.8
108.1
105.6

108.2
104. 8
107.1
108.4
105.8

108.7
104.2
107.1
109.0
105.3

109.1
104.0
107.2
109.3
105.2

109.5
104.8
107.6
109.6
105.6

110.2
105.0
108.1
110.3
105.9

110.9
105.9
108.7
110.9
106.4

do

108.9

105.2

105.7

104.6

103.4

105.0

106.8

107.3

105.2

105.3

104.1

103.4

104.8

105.3 * 106. 8

107.0
102.2

113.1

Farm products 9 __
do __
Fruits and vegetables, fresh and dried-do
Grains
... _. _
do_ _
Live poultry
do
Livestock
do

105.6
102.5
97.3
91.4
110.0

99.7
101.6
92.2
82.2
101.0

101.0
104.5
95.8
97.1
99.5

99.6
98.4
99.9
90.8
97.4

97.6
99.6
98.3
89.0
94.0

100.7
104.4
98.0
85.6
102.6

102.4
114.3
96.1
85.7
104.9

102.8
107.9
92.6
91.9
107.4

99.2
96.6
86.1
77.3
106.3

98.4
92.2
85.6
72.9
103.5

97.1
91.6
86.6
73.8
101.8

96.4
102.9
81. 3
65.6
96.2

98.9
105.0
85.4
68.2
97.6

99.0 '101.3
112.5
108.1
86.3
85.0
87.0
78.2
102.7
98.7

Foods and feeds, processed 9 -- - do
Beverages and beverage materials.
do - _
Cereal and bakery products
_ _ _do
Dairy products
___do _ _ _
Fruits and vegetables, processed
do

113.0
105.8
115.4
118.5
104.8
110.2

111.7
106.5
117.1
122.0
107.2
105.0

111.7
105.9
117.3
121.2
104.3
104.7

110.6
105.6
117.5
120.7
104.2
101.7

110.0
105.9
117.2
120.1
104.3
100.6

110.7
106.0
117.4
120.8
105.1
103.8

112.6
106.3
117.2
122.2
106.5
108.3

113.1
106.4
116.9
122.0
107.0
109.9

112.1
106.6
116.8
122.1
107.1
107.4

112.7
106.7
116.6
122.8
107.9
108.6

111.7
107.3
116.8
123.0
109.3
104.7

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

r 113. 3

do

104.7

106.3

106.0

106.0

106.0

106.0

106.0

106.0

106.3

106.5

106.8

107. 1

107.4

107. 8

r 108. 3

do
do
do
do
do _ _ _
do

97.8
102.8
95.7
94.5
102.8
106.8

98.4
103.6
97.4
94.0
81.3
109.3

98.5
105. 4
96.9
94.2
89.1
108.7

98.5
105.9
97.0
94.4
81.5
108.8

98.8
105.2
97.6
94.0
85.3
108.8

98.8
105.2
97.5
94.1
82.9
108.8

98.5
105.1
97.2
94.1
79.5
108.8

98.3
103.5
97.2
94.1
77.1
108.8

98.0
101. 8
97.1
93.6
77.2
108.8

97.9
101.2
97.1
93.5
77.1
109.9

98.2
101.6
98.3
93.6
78.5
109.9

98.2
101.7
98.3
93.7
77.9
109.9

98.4
102.2
98.3
93.8
77.2
112.2

98.2
99.5
98.5
92.9
76.4
113.2

98.1
100.6
98.5
93.0
76.7
113.2

Fuels and related prod., and power 9
do
Coal
do
Electric power
Jan. 1958=100Gas fuels _
do
Petroleum products, refined
1957-59=100—

101.3
98.6
100.3
129.3
99.5

103.6
103.2
100.7
133.6
102.2

103.4
102.3
100.6
134.5
101.9

103.7
102.2
100.6
134. 6
102.4

103.3
102.7
100.6
134.8
101.7

104.4
102.6
100.6
135.0
103.7

104.0
102.4
100.5
134.3
103.1

103.9
103.0
100.6
131.8
103.3

104.7
103.0
100.5
132.0
104.6

104.5
104.1
100.7
132.6
103.9

103.0
103.8
100.8
132.7
101.0

102.8
104.8
100.9
132.8
100.4

102. 6
104.9
100.9
133.1
99.9

101.8
105.0
101.0
130.0
98.8

102.5
105.0
101.1
133.3
99.5

Furniture and household durables 9
Appliances, household.
Furniture, household
Home electronic equipment
.

99.1
89.1
109.1
83.6

101.0
90.1
112.8
82.5

100.4
89.7
112.0
83.5

100.6
89.8
112.4
83.3

100.6
89.8
112.4
83.3

100.8
89.7
112.4
82.9

100.8
90.0
112.4
82.0

100.9
90.1
112.6
81.8

101.0
90.1
112.8
81.8

101.2
90.3
113.0
81.6

101.7
90.5
113.4
82.1

102.0
90.8
114.3
82.2

102.1
90.9
114.3
81.8

103.0
91.1
115. 2
81.7

103.3
91.6
115.7
81.7

119.7
118.2
140.8
121.1
105. 6
108.5

115.8
122.0
94.0
110.5
105.4
108.4

118.0
121.6
107.8
116.3
103.6
105.4

116.9
121. 7
98.9
114.6
103.6
106.0

115.7
121.5
88.3
112.9
104.1
106.6

115.2
121.4
87.2
110.9
104.2
107.0

115.6
121.5
95.8
110.2
104.7
108.0

115.2
121.4
93.4
109. 5
105.3
108.3

114.4
121.2
86.8
109.2
106.1
109.0

114.4
121.8
93.2
105.3
108. 7
112.0

114.8
123.6
86.8
104.7
107.3
111. 2

115.4
123.7
90.4
106.5
106.7
110.9

116.0
124.3
89.7
109.1
107.6
111.8

116.5
125.6
87.3
108. 6
108.6
114.0

116. 7
125.5
89.5
108.9
111.6
117.1

112. 6
123.8
125.3
101.6
125.4

113.2
124.9
126.3
102.3
125.8

113.9
125.8
127.2
102.7
126.1

114.1
125. 8
127.7
102.7
126.6

Industrial commodities

.

Chemicals and allied products 9
Agric. chemicals and chem. prod
Chemicals, industrial
Drugs and Pharmaceuticals
Fats and oils, inedible
__ _..
Prepared paint

Hides, skins, and leather products 9
Footwear
___
Hides and skins. _ _ _
Leather
Lumber and wood products
Lumber

do
do
do_ _
do
_do
do
do
do
_do__
_ do

111.5
108.2
111.8
111.2
111.6
118. 5
122.3
121.9
121.7
121.8
118.9
122.7
121.4
121.5
121.8
102.2
101.8
102. 3
99.0
101.8
122.6
Metalworking machinery and equip
do
123.8
122.2
118.8
122.9
/Revised.
* Preliminary.
i Computed by QBE.
9 Includes data for items not
shown separately.
d"For actual wholesale prices of individual commodities, see respective
Machinery and equipment 9
_
Agricultural machinery and equip
Construction machinery and equip




97.0
92.7
100.1

i 109. 5
i 101.9
U15.2

do
do
do

111.6
111.6
121.8
121.8
121.9
121.9
101.9
101. 8
123.6
123.6
commodities.

112.2
111.9
111.8
111.6
122.2
122.0
122.3
121.9
122.4
122.4
124.3
122.1
101.6
101.5
101.5
101.7
124.4
124.4
124.6
123.9
©Goods to users, incl. raw foods

and fuels.

108.3

108.6
117.4
124.0
113.8
107.6
108.6

SURVEY OF CURRENT BUSINESS

April 1968
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967*

1966

1968

1967

Feb.

Annual

S-9

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

COMMODITY PRICES—Continued
WHOLESALE PRICEScf— 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
120.9

109.5
92.6
103.6
120.6

109.6
92.3
103.2
122.3

109.4
92.2
103.3
121.1

109.1
92.0
103.2
120.0

108.9
92.0
103.2
118.9

108.9
92.5
103.3
118.7

109.0
92.6
103.4
118.6

109.2
92.5
103.5
118.9

109.6
92.7
104.0
119. 4

109.8
92.9
103.9
120.7

110.5
93.3
104.3
122.7

111.0
93.4
104.7
123.7

111.7
93.1
105.5
125. 1

112.8
93.8
105.8
128.8

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

103.7

103.8

103.9

103.8

103.9

104.2

104.5

104.7

104.9

105.1

105.3

106.0

106.9

108.4
103.0
102.4
102.6
107.3
94.8
93.3

110.1
105.3
102.4
104.0
110.0
97.0
96.2

109.3
104.4
103.5
103.3
108.5
95.8
94.9

109. 3
104.5
102.3
103.6
108.5
95.9
94.9 .

109.4
104.6
102.3
103.9
109.3
95.9
94.0

109.7
105.2
102.3
103.9
109.5
95.8
94.0

109.7
105.7
100.9
103.9
109.6
95.8
94.0

109.9
105.8
100.7
104.1
110.9
95.8
94.0

110.4
105.8
100.7
104.0
110.9
97.8
98.7

110.7
105.9
100.7
104.1
110.9
98.2
98.7

110.7
105.9
103.9
104.3
111.2
98.8
98.7

111.1
105.6
103.9
104.6
111.2
99.1
98.7

111.6
105.8
103.9
104.8
111.2
99.2
98.7

111.8
106.5
103.9
105.2
111.2
99.5
98.7

111.9
106.8
105.1
105.7
111.9
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

102.1
105.0
102.5
89.5
153.6
106.0

102.1
106.8
100.6
86.8
171.9
103.2

102.0
105.9
101.8
87.1
164.1
104.7

101.8
106.0
101.3
86.9
164.1
104. 0

101.8
106.2
100.8
86.8
164.5
102.9

101.6
106.3
100.3
86.3
167.0
103.1

101.6
106.7
99.7
85.8
167.0
103.2

101.5
107.1
98.9
85.5
168.4
103.3

101.7
107.3
98.8
85.9
172.6
102.9

102.0
107.4
99.2
86.3
175.7
102.7

102.2
107.5
99.1
86.9
179. 5
102.8

103.0
108.0
101.2
88.1
183.9
102.2

103.8
108.1
104. 2
88.6
189.7
102.2

104.3
108.3
105.2
89.3
196.8
102.3

104.6
108.8
105.0
89.6
197.2
102.8

Transportation equipment 9
Motor vehicles and equipment
Miscellaneous products 9
Toys, sporting goods, etc
Tobacco products

do
do
do
do
do

100. 8
106.8
104.1
109.6

102.1
109.2
105.6
112.9

101.6
108.0
105.3
110.3

101.6
107.7
104.0
110.3

101.6
108.0
105. 2
110.3

101.6
108.0
105.3
110.3

101.4
109.6
105.3
114.8

101.3
109,7
105. 6
114.8

101.3
110.0
105.8
114.8

101.5
110.2
106.1
114.8

103.7
110.5
106.3
114.8

104.0
110.6
106.3
114.8

104.0
110.7
106.4
114.8

104.3
111.0
106.7
114.8

104.4
111.3
106.6
114.8

$0.945
.884

$0. 943
.860

$0.943
.871

$0. 946
.870

$0. 950
.867

$0.945
.865

$0. 941
.862

$0.939
.858

$0. 943
.855

$0. 942
.854

$0.943
.851

$0.942
.849

$0. 936
.846

$0.933 ' $0.926
.840
.843

' 7, 193 ' 7, 117 '6,844

' 6, 204

r

PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
Consumer prices

_. .

1957-59 =$1. 00_ _
do

$0.923

CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
New construction (unadjusted), total

_

mil. $

Private, total 9
do
Residential (nonfarm)
do
New housing units
do
Nonresidential buildings, except farm and public 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____
Residential,.
_do
Industrial
do
Military facilities
do
Highways and streets
_do
New construction (seasonally adjusted at annual
rates), total
bil. $
Private, total 9

T

74, 936

4,591

5,175

5,740

6,306

6,674

6,982

7,119

50, 446
49 583
23,815 23, 579
17, 964 r 17 884

3 108
1,263

3,356

3,673

4,023
1,868
1,380

4,316
2,110
1,599

4,532
2,280

4,696
2,384

1,732

4,778
2,377

4,757
2,345

1,810

1,835

1,848

2, 325
1, 857

2,182
1,742

' 1, 869
' 1, 466

1,688
1,310

1,554

1,589

1,678

1,665

1,616

1,489

522
573

' 1, 340
'432
'525

1,308

147

149

145

104

120

1, 851 ' 1, 654

1,492

74, 371

r
r

18, 607
6,703
6,890
1,225

r

1,600

23,925
8,921
653
369
713
8,359

r

1,357

1,419

1,501

1,509

482
490

1 629

115

139

127

138

151

25 353

412
705

do

473
512

464
557

499
597

515
577

541
593
134

530
597
142

592
626

547
663

140
r

494
677

1,819

2,067

2,283

2,358

2,450

738
58
28
45
546

818
68
27
44
668

890
73
42
46
784

917
58
45
57
858

925
56
34
64
939

911
57
30
70
910

902
61
37
71
883

75 0

73.1

72.0

73.9

72.4

73.4

74.4

'76.9

48 0

46.9

46.0

47.8

48.1

49.2

50.2

51 7

52.2

52.6

52.4

20.3

20.8

21.1

22.1

22.9

23.7

24.6

25.3

26.0

26.6

19.8

18.2

17.3

17.8

17.3

17.6

17.6

18.4
66
6 7

18.3
70

6.1
7.2

5.6
6.9

6.0
7.1

5.9
6.7

6.2
6.7

6.0

64

2, 360

' 2, 182

882
63
37
71
840

854
60
40
73
704

P

77.5

6.2

r

80. 5

81,3

54.5

54.9

26.9

26.9

27.1

18.0

17.4

19.6

7 2

6 7

'19.6
'6.3
r
79

78.4

5.6

r

r

78.4

5.9

5.8
8.3

1.6

1.7

1.5

1.7

1.7

1.6

16

17

17

17

1.6

1.6

1.7

27.0

26.2

25.9

26.1

24.3

24.2

24 2

'25.2

r 25 3

'25 8

'26.0

'26.0

26.3

9.5
.8
.3
.8

9.9
.9
.3
.6
9.0

10.1

.9
.4
.5
8.9

9.8
.7
.5
.6
8.2

9.9
.6
.5
.8
8.0

9.9
.6
4
.7

10.2

10.5

.6
5
.8
8.0

.5
.9

.5
.8

.5
.9

80

.6
5
.7
8.3

10.2

10.2

9.8
.8
.3
.6
9.1

3,714

33,714

3,704

.6
4
.8
8.2

53 446

3,300

4 424

4,389

5,095

5,414

4,879

5,104

4,695

5,053

4,258

2 153

143

149

138

154

164

149

165

168

171

168

1
1,188
Public ownership
mil $
18, 152 20 709
1 509 1 498
1
2,112
Private ownership
do
31, 998 32 737
2 916
2 891
By type of building:
1,430
Nonresidential
do
11 19 393 20 418
1 714
1 830
1,056
Residential 1
do
1 584
1 627
17, 827 19 695
814
Non-building construction
do
1,127
i 12, 930
931
13 333
New construction planning
5,401
(Engineering News-Record) §
do
3,359
52, 112 r 59. 944
4,781
r
Revised.2 * Preliminary.
1 Annual total includes revisions
not distributed to
3
months.
Computed from cumulative valuation total.
gee note "1f" for this page,
cf See corresponding note on p. S-8.
9 Includes data for items not shown separately.
Beginning Jan. 1968, data are not entirely comparable with those for earlier periods; new

3,275

2,169

1 989

1,677
3,018

1,527

3,527

1,435

1 786
1,741
1,169

1 874
1,887
1,292




36
70

397
527

38
52

2145

1957-59—100

5,039

39
56

1 50, 150

Index (mo. data seas, adj.)

r

646
53
25
45
376

2,423 ' 2, 415

5, 420

4,353 ' 3, 766 3,547

1,483

7.1
7.7

do

Buildings (excluding military) 9
do
Residential
do
Industrial _
do
Military facilities
_
do
Highways and streets
do
CONSTRUCTION CONTRACTS
Construction contracts in 48 States (F. W. Dodge
Co.):
Valuation, total ^
mil. $

1,642
1,188

1,327

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

1,422
1,022

6 991

18 108

r 6 151
r

891

4,662

1,820

3,245

2,890

] 824
3 280

1 808

2,070
2,000

1,285

1,344

1 749
1 829
1,302

1,847
1,912
1,345

2,002

159

156

2,490

1,300
2,414

1,041

2,823

1,507

2,664

1 586
1,717

1,550
1,404
1,042

31,462
905

1,347

1,251
1,495

956

. 166

958

5,040 3,930
5,506
4,053 4, 932 4,295 5,896
3,492
5,809 6,829
compilation method raises the level of residential data by 8 percent and the total valuation
by 3 percent.
§ Data for Mar., June, Aug., and Nov. 1967 and Feb. 1968 are for 5 weeks;
other months, 4 weeks.

r 4, 143

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

1967

|

Annual

April 1968

1967
Mar.

Feb.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

CONSTRUCTION AND REAL ESTATE—Continued
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total, incl. farm (private and public). _ -thous -One-family structures
do
Privately owned. __ _•
_ •
do
Total nonfarm (private and public)
In metropolitan areas _
Privately owned
.
_

do
do
do

Seasonally adjusted at annual rates:
Total, including farm (private only)
Total nonfarm (private only)

_ do
do

1,196.2
779.5
1, 165. 0

1,321.
-9
r
844. 9
1, 291. 6

63.2
40 4
61 4

92.9
66 6
91.5

115.9
79 9
113 7

134. 2
87 4
132 0

.431.6
87 7
125 4

126.1
82 4
125 3

130.2
83 8
127 4

125.8
78 2
121.9

137.0
81.8
135. 4

120.2
69.1
118.4

'183.1
'47.1
80.1

'82.7
45.1
'80.5

'86.9
56.1
'84.3

125.9

1,172.8
807.3
1, 141. 5

1,298.8
' 919. 7
1, 268. 4

62.0
43 9
60 2

90.7
62 6
89.2

114.2
77 4
112 0

131.9
91 7
129 7

129.6
87 9
123 4

124.9
87 7
124 0

126.5
89 8
123 6

123. 4
88.3
119.5

134.6
99.0
133.1

118.6
84.9
116.8

82.1
'63.6
79.1

'82.0
63.4
'79.8

'85.0
63.3
'82.4

123.2
121.1

1 149
1 132

1 094
1 067

1 116
1 099

1,274
1 254

1 233
1 214

1 369
1 356

1,407
1 381

1,445
1 415

1,496
1,478

1,590
1,567

1,250 ' 1, 456 ' 1, 529
1,235 ' 1, 430 ' 1, 491

1,476
1,444

1 033

1 109

1 093

1,212

1,158

1,323

1, 102

1 , 362

New private housing units authorized by building
permits (12,000 permit-issuing places):
Seasonally adjusted at annual rates:
Total
_
thous
One-family structures _
do

972
£63

1,079

613

894
551

928
558

1 028

121

r 127

100

123

123

578

601

630

1,127

1,159

626

639

638

128

129

129

673

625

702

630

' 1, 360
'690

123.8

706

CONSTRUCTION COST INDEXES
Dept of Commerce composite
American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco .
St. Louis.. _
-__

1957 59 — 100
1913=100
do
do
do
do

Associated General Contractors of America, Inc.,
The (building only)
1957-59=100
E. H. Boeckh and Associates, Inc.: 1
Average, 20 cities:
All tvpes combined
1957 59 100
Apartments hotels office buildings
do
Commercial and factory buildings
do
Residences
do
Engineering News-Record:!
Building
Construction

do
do

Bu. of Public Roads—Highway construction:
Composite (avg for year or qtr ) 1957-59—100

r
r

867
941
963
867
852

1 008

909
992

124

126

129

919

922

1,015

1,001
1,016

1,019
1,019

133

133

130 1
131 2
130 2
127 9

131 9
133 0
132 2
129 4

127.3
140.5

127 8
141 9

910
903

891
970
997
890
883

891
970
997
890
883

891
972
997
890
882

899
982
997
890
912

909
982
997
891
912

1 013

127

132

129

129

129

130

131

122 1
123 2
122 2
120.1

129 8
130 7
130 2
127 4

1 9^ d.

126 3
125 8
123 0

125 5
126 3
125 8
123 1

125 8
126 6
126 1
123 3

127 0
127 9
127 3
124 8

123. 4
134. 1

127 4
140 8

124 7
136 9

125.1
137.3

125 1
137 3

126.4
139.4

113 0

116 9

157 6

ICO 1

915
995
923
912

917
998

129
930
1,024
1,025

129

130

130

932

937

938

940

1 025
1,026

1,033
1,044

1,033
1,044

1,047
1,044

937
919

941
923

943
923

943
923
135

928
912

933
916

133

134

134

134

134

134

132 3
133 4
132 6
130.0

133 3
134 1
133 8
130.6

133 6
134 5
134 2
130.9

133 8
134 7
134.3
131.2

133 9
134 7
134 4
131.2

133 7
134. 6
134.2
131.1

134. 1
135.1
134.6
131.6

128.6
143.3

129.3
143.7

129.7
144.2

130.1
144.3

130.4
144.5

131.4
145.7

131.8
146.5

924
912

112 3

113 2

r

928
912

123.0

1132.5
U47.0
120.6

119 2

CONSTRUCTION MATERIALS
Output Index:
Composite unadjusted 9
Seasonally adjusted

1947 49—100
do

Iron and steel products unadjusted

do

Portland cement unadjusted

do

169 0
155 0
189 8

163 0

153.0

167.2

1AQ K

186 6

143 1

158 0
163 5

148 9
146 3

164 5
153 3

166 7
155 7

150 5
156 2

180 7
164. 4

162 4
155. 9

167 2
148.2

150.4
157.9

132 5
154 4

132 4
107 -1
102 5

171 3
164 8
148 5

164 2
145 3
167 1

182 4
156 3
208 0

177 0
152 6
226 9

156 4
131 7
225 4

187 6
165 7
266 6

r 162. 2

172.1
163 9
239 3

161.4
152 0
182.2

147.6
136 6
127 5

147. 7

155 5
234.2

10.7
137

16.6
151
10.3

14.8
159
11.0

16.0
162
10.9

16.3
169
12.8

12.7
155
12.2

17.1
180
11.6

14.6
176
10.8

15.3
185
12.5

12.9
189

10.2
162

11.2
163

151

9.5
136

301. 12
168. 52

388. 16
195. 36

358. 98
184. 12

406. 92
231. 28

508. 04
265. 88

501. 11
295. 92

653. 83
340. 29

643. 11
352. 10

665.33
434. 29

19fi "»

102. 7

REAL ESTATE
Mortgage applications for new home construction:
Applications for FHA commitments
thous. units. _
Seasonally adjusted annual rates f
do
Requests for VA appraisals _
- d o
Seasonally adjusted annual ratest
do
Home mortgages insured or guaranteed by —
Fed. Hous. Adm.: Faceamount._ _._ _ mil. $
Vet. A dm.: Face amount §_
do
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $__
New mortgage loans of all savings and loan associations, estimated total t _ _ _ _ .
mil. $
By purpose of loan:t
Home construction
_._ ._ _. . do
Home purchase
.
do
All other purposes _ _ _ _
_
do
Nonfarm foreclosures
Fire losses (on bld^s contents etc )

99.2

124.4

6, 095. 32 5 884.64
2, 600. 53 3 404 87

7.7
107

103

122

109

135

146

122

131

7.9
125

8.4
122

12.4
152
'10.6
'141

15.9
160
11.6

620. 86
382. 91

457. 89
340.32

577. 59
348. 77

436.34
279. 57

434.80
267. 29

125

6,935

4,386

5,800

5,175

4,782

4,421

4,302

4,221

4,153

4,122

4,114

4,188

4,386

4, 442

4,348

4,269

16, 720

19 891

950

1,347

1,339

1,738

2,162

1,860

2,228

1,971

1,950

1,801

4 190
9 505
6 196

205
420
325

306
571
470

312
586
441

400
779
559

435

424

1,046

681

382
951
527

8,701

10, 584

9,774

9,914

10, 035

9,484

10, 274

9,407

143 15

164 04

144 17

173 25

116 95

143
124
153
104
119
105
197

145
121
150
113
95
114
206

152
130
162
113
88
125
217

3,606
7,746
5,368

number

117 473

mil $

1 AQfi 7fi

1

7flfi 79

155 08

149 66

142 86

1,186

618

381
1,017

573

1,759

' 1, 389

'1,456

1,763

413
949
588

388
856
557

380
780
599

'291
'665
'433

'305
'704
'447

407
840
516

114 79

115 21

127 82

153 95

142. 75

DOMESTIC TRADE
ADVERTISING
Marketing/Communications advertising index, seasonally adjusted : ©
Combined index
1957-59 — 100
148
152
148
148
Business papers
do
125
127
128
128
Magazines
do
155
159
158
165
Newspapers
do
113
113
119
120
Outdoor
do
91
97
92
85
Radio (network)
do
118
123
115
118
Television (network")
do
211
194
205
207
c
'Revised.
1 Index as of Apr. 1, 1968: Building. 132.9; construction, 147.6.
Corrected.
^Copyrighted data; see last paragraph of headnote, p. S-l.
^Revisions for July-Dec. 1966 for ENR building and construction cost indexes: for 1960-66




150
130
160
121
111
117
195

145
129
157
112
78
118
197

144
126
160
111
94
124
188

148
139
149
106
84
125
215

149
125
157
113
96
130
210

150
125
161
114
111
101
209

(seas, adj.) for FHA applications and VA appraisals; and for Jan.-Nov. 1966 for new mortgage
loans will be shown later.
9 Includes data for items not shown separately.
§ Data
include guaranteed direct loans sold.
© Formerly Printer's Ink advertising index.

SURVEY OF CURRENT BUSINESS

April 1968
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

S-ll
1968

1967

1967

Annual

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

DOMESTIC TRADE—Continued
ADVERTISING— Continued
Television advertising:
Network (major national networks) :
Net time costs total
m^l $
Automotive, incl. accessories
_do
Druss and toiletries
do
Foods , soft drinks , confectionery. _ _ _ _ _ _ do
Soaps cleansers etc
do
All other

do

1 411 3 1 499.9
106.7
115.8
429.0
429.8
274.0
306.8
134.3
131.5
183.1
161. 4
308.0
381.0

Magazine advertising (general and natl. farm magazines):
Cost, total
mil. $ 1, 166. 7
Apparel and accessories
do
68.1
Automotive, incl. accessories _
do
123.5
Building materials
do
34.5
Drugs and toiletries
do _ _ . 134.4
Foods, soft drinks, confectionery
do
125. 4
Beer, wine, liquors
do
Household equip., supplies, furnishings, .do
Industrial materials. _
_ _ _ _ . do_ _.
Soaps, cleansers, etc
do
Smoking materials.
do__._
Allother
_-____
_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 establish trents
do
Nondurable goods establishments
do

317.8
21 0
85 4
66.0
30.8
37.6
76.9

403.0
29 5
122.8
86 9
37 5
48.3
77 8

471.7
42.6
127. 5
89.1
34.1
60.4
117.9

307.4
22.7
93.3
64 6
31.8
36.7
58.2

_

1,161.6
60.7
103. 7
31.0
148.4
116.1

89.9
4.1
10.1
2.0
11.6
10.4

106.4
6.8
10.9
3.8
11.5
11. 0

110.9
8.3
10.2
4.2
13.0
8.6

112.1
5.7
10.6
3.9
13.4
9.6

97.8
2.4
8.4
3.1
14. 9
10.4

69.3
.9
4.0
1.7
10.8
9.4

64.4
5.3
3.1
1.5
10.2
6.9

108.0
9.8
8.2
3.1
13.3
9.8

118.4
7.0
13.3
2.7
14.8
10.8

115.6
5.4
9.8
2.2
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

84.7
3. 2
9.6
1.8
11.2
9.1

105.9
6.3
11.1
3.1
12.3
10.3

79.2
80.1
53.3
17.6
39.6
411.0

89.2
70.7
62.7
22.9
39.9
416.3

5.1
3.5
4.1
1.7
3.4
33.9

6.8
6.5
5.5
2.3
3.1
38.2

6.6
8.6
5.9
2.5
3.1
39.9

8.1
9.3
6.3
2.5
3.5
39.1

8.1
5.6
6.4
2.4
3.5
32. 6

5.6
3.7
4.4
1.6
2.9
24, 4

3.4
2.9
3.6
1.4
2.5
23.6

6.5
6.2
7.1
2.0
3.2
38.8

9.5
9.0
5.6
2.2
3.8
39.8

11.5
7.5
5.4
2.2
3.7
41.3

15.0
5.1
4.4
1.1
4.7
34.4

3.4
2.5
4.2
1.7
2.7
27.6

4.5
2.8
4.3
1.5
3.0
33.6

6.8
6.2
4.4
2.2
3.1
39.8

3,354.3
924.3
2,430.0
182.9
73.2
310.3
1,863.6

3, 297. 8
878.1
2, 419. 6
158.5
66.9
297. 1
1,897.1

233. 6
66.4
167.2
12.3
4.7
22. 7
127.5

278. 3
74.1
204. 3
14.3
5.6
25.5
158.9

294.3
80.2
214.1
15.6
5.8
28.9
163.8

300.1
80. 6
219.5
16.5
5.6
29.3
168. 1

279.1
76.4
202.7
15. 7
5.4
26.3
155.3

246. 4
74.9
171.5
11. 9
5.8
17.8
136.0

269.8
76.3
193.6
11.2
4.2
19. 0
159.2

269.8
73.1
196.7
13.7
4.8
26.2
152.0

296.2
76.9
219.3
12.7
6.2
29.9
170. 5

305.8
68.4
237.4
13.9
5.3
28.7
189. 5

283.2
59.8
223. 4
9.2
5.6
22.2
186.4

231.3
67.0
164.2
11.4
7.6
17.3
127.9

236.1
66.9
169.2
13.4
4. 6,
22.3
128.9

203, 751
91, 026
112, 724

205, 188
90, 447
114,741

15, 220
6, 643
8,577

17,527
7,624
9,903

16, 218
7,165
9,053

17,429
7, 662
9,767

17,568
7,964
9,604

16,425
7,287
9,138

18,087
8, 061
10,026

17,272
7,727
9,545

18,078
8,107
9,971

18, 132
7,904
10, 228

17,408
7, 530
9,878

16, 863
7,365
9,497

16, 951
7,539
9, 412

21, 607
12,308
9,299

20, 634
11,961
8,673

20, 859
12, 155
8,704

20, 722
12, 231
8,491

20, 554
12, 190
8,364

20, 510
12, 220
8,290

20,385
12, 171
8,214

20, 684
12, 113
8,570

20,849
12, 120
8,729

21,268
12, 184
9,084

21,425
12, 150
9,275

21, 607
12,308
9,299

21,678
12, 236
9,442

21, 548
12, 224
9,323

Merchant wholesalers inventories, book value,
end of year or rronth (unadj.), total roil. $__ 20, 520
Durable goods establish11" ents
do
11, 805
Nondurable goods establishments
do
8, 715
RETAIL TRADE
All retail stores:
Estimated sales (unadj.), total
mil. $
303, 672

313,503

21, 648

25,679

25, 081

26, 557

27, 616

26,005

26,201

26,239

26, 162

27, 159

32, 589 '24,269 '24,232 126, 943

do _
do
do
do

97,812
57, 414
53,875
3, 539

99,669
57, 556
53, 695
3,861

6, 801
4,010
3,787
223

8,234
4,989
4,711
278

8,205
4,955
4,644
311

8,928
5, 413
5,084
329

9,398
5,644
5,273
371

8,547
5,014
4,670
344

8,298
4, 669
4,338
331

8,200
4, 515
4,192
323

8,574
4, 870
4,531
339

8,482
4,777
4,413
364

8, 984 '7,546 ' 7, 791 18,772
4,503 r4,594 ' 4, 718 i 5, 412
4, 466
4, 089 r 4, 326
414
268
252

do __
do
do
do
do
do

14,978
9,089
4,905
12,307
9,340
2, 967

15, 700
9,384
5,245
12, 411
9, 350
3,061

1,101
654
375
741
557
184

1,192
715
401
905
684
221

1,160
725
370
999
738
261

1,245
781
391
1,115
844
271

1,313
804
439
1,167
884
283

1,239
770
399
1,143
881
262

1,325
818
424
1,167
911
256

1,367
805
464
1,121
867
254

1,365
820
440
1,145
892
253

1,472
859
497
1, 057
802
255

1,785 ' 1,204 ' 1, 232 1 1, 273
'695
730
957
665
'417
414
1,074
'833
887
'621
716
686
'212
358
201

Nondurable goods stores 9 _
. do _
Apparel group
do
Men's and boys' wear stores
do
Women's apparel, accessory stores do
Family and other apparel stores
_do
Shoe stores
_ __do .

205,860
17,276
3,537
6,913
4,015
2,811

213, 834
18,105
3,822
6, 994
4,342
2,947

14, 847
1,042
213
422
239
168

17, 445
1,512
277
590
354
291

16,876
1,375
282
550
307
236

17, 629
1,439
297
575
319
248

18, 218
1,473
337
552
337
247

17, 458
1,301
286
492
314
209

17,903
1,451
293
546
372
240

18, 039
1,574
304
595
394
281

17, 588
1, 472
300
577
361
234

18, 677
1,628
357
620
404
247

23, 605 '16,723 '16,441 U8,171
2,614 '1,288 ' 1, 162 1 1, 418
'296
604
240
'489
995
450
'286
668
278
194
347
'217

do _
do _
do
do
do ._

10, 148
23, 431
71, 125
65,105
23, 012

10, 894
24, 887
72,137
66, 146
24,011

818
1,726
5,407
4,961
1,722

893
1,940
6,096
5, 596
1,901

851
1,991
5,810
5,348
1, 940

894
2,093
5, 888
5,391
2,034

910
2,197
6,259
5,742
2,136

879
2,293
6,145
5,632
2, 159

888
2,316
6,059
5,544
2,113

882
2,178
6,236
5,729
2,030

886
2,121
5,842
5,338
2,035

895
2,024
5,999
5,495
2,047

1, 261
2,163
6,848
6,278
2, 067

General merchandise group 9 _ _
do ._
Department stores
__
do Mail order houses (dept. store mdse.) _do__-_
Variety stores
do
Liquor stores
do

39,811
26,094
2,691
5,727
6,758

42, 174
27, 703
2,767
6,078
7,120

2,400
1, 534
172
347
500

3, 197
2,077
221
466
551

3,049
2,016
199
414
541

3, 322
2,194
208
470
572

3,483
2,322
198
492
586

3,085
2, 008
179
455
577

3,502
2,280
233
501
580

3,516
2,319
223
496
589

3, 519
2,312
264
479
573

4,219
2,760
359
571
624

6,371 '2,721 '2,761 13,325
4, 223 ' 1, 815 '1,806 12,193
355
176
187
1,057
'363
402
913
560
551

Durable goods stores 9 - _ _
Automotive group
Passenger car other auto dealers
Tire, battery, accessory dealers
Furniture and appliance group 9
Furniture homefurnishings stores
Household appliance, TV, radio
Lumber, building, hardware group
Lumber, bldg. materials dealerscf
Hardware stores

Drug and proprietary stores- _
Eating and drinking places
Food group __
_
Grocery stores
Gasoline service stations

_

' 914
'1,980
' 5, 940
' 5, 467
'1,988

1912
'882
'1,988 1i 2, 181
6, 369
r 5, 860
'5,380 i 5, 870
'1,924 12,050

25, 470

25,739

25,918

25,897

26, 544

26, 444

26,422

26, 732

26, 089

26, 411

26,470 '27,065 '27,482 128,009

Durable goods stores 9
Automotive group.
Passenger car, other auto, dealers
Tire, battery, accessory dealers

do -_
do do
do

7,955
4,394
4, 085
309

8,150
4,602
4,291
311

8,104
4,660
4, 348
312

8,187
4, 752
4,448
304

8,546
5,069
4,750
319

8,592
5,130
4.814
316

8,508
5,053
4, 731
322

8, 743
5,224
4,891
333

8,235
4,707
4,361
346

8,221
4,692
4,331
361

8,327 ' 8, 523 ' 8, 760 18,919
4,678 ' 4, 892 5,049
4,355 ' 4, 549 4,716
343
333
323

Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance, TV, radio
Lumber, building, hardware group
Lumber, bldg. materials dealers cf
Hardware stores

do
do —
do
do _
do
do

1,308
780
449
1,058
801
257

1,278
755
441
1,049
794
255

1,286
791
423
1,048
779
269

1,306
795
420
1,001
750
251

1, 295
775
450
1,014
754
260

1,267
784
397
1,031
771
260

1,299
781
424
1,025
767
258

1, 347
812
450
1,041
789
252

1,300
771
423
1,038
786
252

1,331
782
454
1,021
774
247

1,358 '1,360
'789
778
463
'469
1,088 ' 1, 084
839
'819
249
'265

17, 515 17, 589 17,814
Nondurable goods stores 9
.
do ._
Apparel group _ _ _ ,_
do
1,443
1,585
1,476
315
Men's and boys' wear stores
do
333
304
557
Women's apparel, accessory stores do
614
576
343
Family and other apparel stores
do
384
357
Shoe stores.
...
do
228
239
254
'Revised.
i Advance estimate.
9 Includes data for items not shown separately.
cf Comprises lumber yards, building
materials dealers, and paint, plumbing, and electrical stores.

17, 710
1,490
317
585
342
246

17, 998
1, 524
326
596
358
244

17, 852
1,538
332
594
371
241

17, 914
1, 562
340
605
367
250

17, 989
1,559
322
607
373
257

17,854
1,485
307
575
349
254

18,190
1,515
324
578
364
249

Estimated sales (seas, adj.), total




do

1,394
835
467
1.184
917
267

18, 143 '18,542 '18,722 119,090
1,476 ' 1, 548 1,588
304
330
'338
'584
585
559
403
'365
367
270
'261
246

SURVEY OF CURRENT BUSINESS

S-12
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

April 1068

1967

1967

Annual

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail stores— Continued
Estimated sales (seas, adj.)— Continued
Nondurable goods stores — Continued
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores
Gasoline service stations
General merchandise group 9
Department stores
Mail orderhouses (dept. store mdse.)
Variety stores
Liquor stores

mil. $
do __
do
do
do

883
2,026
5,942
5,452
1,968

889
2,046
6,041
5,535
1,964

906
2,034
5,985
5,513
1,992

903
2,038
5,996
5,507
1,996

923
2,059
6,050
5,548
2,040

903
2,071
6,002
5,500
2,020

913
2,094
6,019
5,516
2,003

901
2,110
6,042
5,535
2,028

912
2,104
6,054
5,543
2,015

928
2,133
6,095
5,584
2,064

949
2,144
6,179
5,666
2,017

'954
' 2, 173
' 6, 249
' 5, 743
' 2, 095

926
2,254
6,191
5,687
2,117

do
do
do
do -_
do

3,361
2,191
230
472
595

3,327
2,200
223
448
584

3,479
2,278
230
520
609

3,468
2,283
215
504
598

3,604
2,377
228
516
599

3, 529
2,305
236
506
580

3,565
2,341
222
516
597

3,587
2,354
239
516
599

3,543
2,321
250
508
600

3,613
2,371
239
533
601

3,577
2,367
231
529
586

' 3, 610
' 2, 388
241
'526
633

3,720
2,477
237
530
625

Estimated inventories, end of year or month:
Book value (unadjusted) total
mil $
Durable goods stores 9
do
Automotive group
do
Furniture and appliance group
do
Lumber building hardware group do

35,846
16, 144
7,938
2,512
2,401

35, 459
15, 468
6,990
2,530
2,361

36, 349
16,681
8,255
2,518
2, 410

37, 108
16, 855
8,221
2,548
2,471

37, 199
16,826
8,105
2,599
2,514

36,935
16,695
7,966
2,606
2,527

36, 337
16, 295
7,683
2,594
2,477

35,894
15, 972
7,363
2,556
2,432

35, 106
14, 691
5, 972
2,564
2, 419

35, 705 - 36, 768
14, 786 14,968
6,172
6,066
2,636
2,603
2,443
2,440

37,890
15,363
6, 451
2,722
2,455

35,459
15,468
6,990
2,530
2,361

35,837
16, 104
7,528
2,518
2,422

36, 736
16, 599
7,870
2,592
2,442

do
do
do
do
do

19, 702
4,102
4,201
6,425
3,919

19, 991
4,127
4,265
6,714
4,102

19,668
4,222
4,129
6,460
3,891

20,253
4,308
4,189
6,767
4,108

20,373
4,314
4,167
6,833
4,123

20, 240
4,270
4,149
6,816
4,120

20, 042
4,131
4,176
6,693
4,025

19, 922
4,125
4,122
6,760
4,076

20, 415
4,407
4,108
6,970
4,212

20,919
4, 545
4,156
7,320
4,449

21,800
4,617
4,320
7,851
4,845

22,527
4,747
4,463
8,142
5,055

19,991
4,127
4,265
6,714
4,102

19, 733
3,961
4,221
6,712
4,036

20, 137
4,262
4,242
6,907
4,209

Book value (seas, adj.), total—
do
Durable goods stores 9
do
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group.__do

36, 961
16, 536
8,108
2,574
2,483

36, 682
15, 977
7,140
2,611
2,442

36, 644
16, 315
7,672
2,612
2,447

36, 526
16, 142
7,515
2,561
2,418

36,236
16,033
7,409
2,568
2,448

36, 263
15, 904
7,315
2,585
2,451

36, 087
15, 661
7,154
2,586
2,419

35, 997
15, 549
6,966
2,571
2,427

36,028
15,503
6,867
2,569
2,429

36, 143
15, 711
7,041
2,567
2,452

36,217
15,681
7,006
2,549
2,468

36,474
15,728
7,048
2,610
2,475

36,682
15, 977
7,140
2,611
2,442

37, 130
16, 238
7,330
2,617
2,507

37, 094
16, 268
7,314
2,689
2,479

do
do
do
do
do

20, 425
4,318
4,209
6,909
4,200

20, 705
4,363
4,248
7,189
4,359

20, 329
4,389
4,162
6,832
4,162

20, 384
4,369
4,156
6,895
4,179

20, 203
4,288
4,114
6,817
4,115

20, 359
4,335
4,149
6,900
4,174

20, 426
4,321
4,184
6,904
4,201

20, 448
4,328
4, 189
6,961
4,233

20, 525
4,333
4,205
6,997
4,250

20, 432
4,264
4,181
7,019
4,261

20,536
4,236
4,231
7,067
4,299

20, 746
4,294
4,321
7,141
4,345

20, 705
4,363
4,248
7,189
4,359

20, 892
4,343
4,281
7,365
4,475

20, 826
4,430
4,276
7,307
4,502

Nondurable goods stores 9
Apparel group
Food group
General merchandise group
Department stores

Nondurable goods stores 9
Apparel group
Food group
General merchandise group
Department stores
Firms with 11 or more stores:
Estimated sales (unadj.) total 9

do

80, 323

85, 203

5,550

6,855

6,500

6,839

7,252

6,683

7,063

7,292

7,050

7,820

10,604

6, 352

6,387

Apparel group 9
Mien's and boys' wear stores
Women's apparel accessory stores
Shoe stores

do
do
do
do

4,770
573
1,779
1,269

5,069
612
1,855
1,367

271
31
102
76

430
45
152
133

371
43
140
101

404
47
152
111

415
53
151
114

339
39
126
92

411
43
148
112

444
47
160
135

426
52
157
111

476
63
173
118

776
106
288
179

338
49
111
98

320
38
113
87

Drug and proprietary stores
Eating and drinking places
Furniture and appliance group

do
do
do

2,663
2,222
1,276

3,120
2,554
1, 362

221
185
89

250
206
103

229
202
104

243
214
115

256
223
116

247
223
113

251
226
118

253
222
119

254
223
124

267
216
126

432
221
145

255
210
102

250
207
100

General merchandise group 9
Dept stores excl mail order sales
Variety stores

do
do
do

28,988
19, 653
4, 593

30, 953
20, 984
5, 029

1,720
1,146
278

2,324
1,561
383

2,237
1,533
341

2,432
1,667
388

2,559
1,767
407

2,276
1,547
371

2,590
1,750
414

2, 575
1,757
412

2,586
1,753
395

3,128
2,101
481

4,704
3,146
893

1,994
1,374
297

2,041
1,376
332

Grocery stores
Tire, battery, accessory dealers

do
do

29,906
1,472

31, 145
1,529

2,334
93

2,686
116

2,516
127

2,498
133

2,692
150

2,582
129

2,549
126

2,753
122

2,489
127

2,605
137

3,116
172

2,620
114

2,612
107

Estimated sales (seas, adj.), total 9

do

6,907

6,852

6,993

6,948

7,171

7,162

7,013

7,215

7,205

7,368

7,282

7,483

7,683

Apparel group 9
IVTen's and boys' wear stores
"W omen's apparel accessory stores
Shoe stores
_

do
do
do
do __

418
46
160
109

372
47
138
98

438
50
165
121

407
47
151
109

424
52
155
112

415
49
150
111

436
54
156
119

436
52
157
122

434
50
160
121

429
54
155
118

435
53
159
119

447
. 58
156
125

473
56
167
121

Drug and proprietary stores
Eating and drinking places

do
do

254
214

253
209

245
205

252
209

261
209

256
208

265
209

261
216

267 ,
221

277
225

276
223

283
228

281
229

General merchandise group 9
Dept stores excl mail order sale5*
Variety stores.
_

do
do
do _

2,471
1,685
387

2,449
1,671
369

2,528
1,683
420

2,482
1,710
417

2,627
1,774
422

2,643
1,738
416

2,486
1,780
427

2,646
1,759
428

2,607
1,783
418

2,667
1,830
443

2,566
1, 767
445

2,677
1,834
435

2,827
1,941
444

Grocery stores
Tire, battery, accessory dealers

do
do

2,548
131

2,556
135

2,583
127

2,575
123

2,591
130

2,613
118

2,628
125

2,640
127

2,620
130

2,655
136

2,712
125

2,764
147

2,738
143

A 11 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).
Durable goods stores
Nondurable goods stores
Charge accounts
Installment accounts

_._

do
do
do
do
do

18,986
7,212
11, 774
8,164
10, 822

19, 806
7,331
12,475
8,336
11, 470

17, 538
6,751
10, 787
7,338
10, 200

17, 656
6,766
10, 890
7,518
10,138

17,814
6,875
10, 939
7,789
10, 025

18,005
6,943
11,062
8,013
9,992

18,359
7,225
11, 134
8,194
10, 165

18, 034
7,128
10, 906
8,010
10, 024

18, 082
7,146
10, 936
7,950
10, 132

18,205
7,194
11, Oil
7,941
10,264

18,168
7,094
11,074
7,974
10,194

18,696 r 19. 806
7,109 '7,331
11,587 r 12, 475
8,199 '8,336
10,497 "11,470

19, 020
7,079
11,941
7,931
11,089

18, 572
7,022
11,550
7,774
10, 798

17,767
6,987
10, 780
7,730
10, 037

18, 588
7,093
11, 495
7,936
10, 652

18, 007
7,144
10, 863
7,721
10, 286

18, 159
7,129
11, 030
7,804
10,355

18,211
7,181
11, 030
7,920
10, 291

17,926
6,973
10,953
7,827
10, 099

18, 225
7,049
11,176
7,992
10, 233

18, 169
6,985
11, 184
8,016
10, 153

18, 251
6,974
11, 277
7, 993
10, 258

18,399
7,064
11,335
8,035
10,364

18,251
6,918
11,333
7,933
10,318

18,664 '18, 588
7,054 '7,093
11,610 '11,495
8,086 '7,936
10,578 '10, 652

18, 622
7,178
11, 444
7,956
10, 666

19,001
7,371
11,630
8,175
10,826

LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas
___mil__ 1 196. 92 i 199. 12 198. 28
LABOR FORCE
Labor force, total, 16 years of age and over. . thous
78, 893
80, 793 79, 107
Civilian labor force. _.
do
75, 770
77,347 75, 689
Employed, total
do
72, 895
74, 372 72, 506
Nonagricultural employment
do
68,915
70, 528 69, 225
Agricultural employment
do
3,979
3,844
3,281
Unemployed (all civilian workers). "Ill IdoIIII
2,875
2,975
3,183
'Revised.
' As of July 1.




198. 43

198. 61

198.76

198.94

199. 12

199. 32

199.53

199. 73

199.92

200.09

200. 25

200.36

200.51

78, 949
75, 513
72, 560
69, 149
3,410
2,954

79, 560
76, 111
73, 445
69, 724
3,721
2,666

79, 551
76,095
73, 637
69,812
3,825
2,457

82, 464
79, 020
75,391
70,996
4,395
3,628

82,920
79, 471
76, 221
71,705
4,516
3,250

82, 571
79, 112
76, 170
71, 792
4,378
2,942

80,982
77, 526
74,631
70,700
3,931
2,895

81, 595
78, 132
75, 181
71, 148
4,033
2,951

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

9 Includes data not shown separately.

SURVEY OF CURRENT BUSINESS

April 1968
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967

Annual

S-13

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.p

78, 072 77,989
74,735 75,005
71, 017 71, 166
3,718 3,839

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

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
LABOR FORCE— Continued
Seasonally Adjusted
Civilian labor force!
Employed, total
Nonagricultural employment
Agricultural employment

thous
do
_ _ __do
do

Unemployed (all civilian workers) . _ _do
Long-term, 15 weeks and over.
do
Kates (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*
Durable goods*
__
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:f
Total, not adjusted for seasonal variation -_ thous ..
Seasonally Adjusted

Total
Mining
Contract construction
Manufacturing
Durable goods

thous
do
. . _ . . . . . do ..
do
do

Ordnance and accessories.
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
_
Fabricated metal products
Machinery, except electrical

do
do
do
do
.do
do
do

76, 921
74, 063
70, 187
3,876

76, 676
73, 822
69, 964
3,858

76,814
73, 939
70, 096
3,843

76,502
73, 550
69, 822
3,728

77, 214
74, 169
70,430
3,739

77, 495
74, 478
70,631
3,847

77,598
74,664
70, 708
3,956

77,807
74,638
70, 941
3,697

536

449

2,858
447

2,854
436

2,875
434

2,952
433

3,045
441

3,017
436

2,934
445

3,169
440

3,337
475

2,984
485

2,896
445

2, 756
488

2,941
455

2,856
448

3.8
2.5
3.8
12.7

3.8
2.3
4.2
12.9

3.7
2.2
4.0
12.6

3.7
2.3
4.1
11.8

3.7
2.3
4.1
12.0

3.9
2.4
4.1
12.7

3.9
2.5
4.2
12.7

3.9
2.4
4.3
12.9

3.8
2.3
3.9
13.3

4.1
2.3
4.9
13.4

4.3
2.5
4.8
14.8

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

1.9
7.3
3.3

1.8

1.7

1.8

1.9

1.9

1.9

1.8

3.4

3.3

3.2

3.3

3.4

3.5

3.5

1.9
6.8
3.4

1.8
8.0
3.6

1.9
8.8
3.7

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

2.0
4.2

2.2
4.4

2.0

2.1

1.8

1.9

2.2

2.2
4.6

2.2
4.4

2.4
4.6

2.4
4.9

2.2
4.4

2.1
4.3

2.0
4.3

2.2
4.3

1.9
4.4

3.8
8.1
3.2
2.8

3.9
7.3
3.7
3.4

3.7
7.7
3.4
2.9

3.7
7.4
3.6
3.1

3.7
8.1
3.6
3.4

3.9
7.8
3.8
3.7

4.0
8.4
3.9
3.6

4.0
7.4
4.0
4.0

3.9
7.2
3.8
3.4

4.2
5.4
4.0
3.7

4.4
6.9
4.1
3.6

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

63,982

66, 063

64,491

64,843

65,215

65,594

66,514

66, 129

66,408

66,672

66,914

67,470

67,980 '•66,107 '66,481

66,831

r

'67,712 67, 855
'602
602
' 3, 461 3,442
'19, 525 19, 522
'11,422 11,417

63,982
625
3,292
19, 186
11, 256

66, 063
613
3,264
19, 339
11,327

65, 692
624
3,352
19,507
11,482

65,749
624
3,313
19,445
11,434

65,653
620
3,276
19,331
11,322

65,639
617
3,192
19,238
11,283

65,903
619
3,187
19,285
11,285

65, 939
623
3,231
19, 169
11,218

66, 190
606
3,223
19,318
11, 351

66, 055
601
3,238
19, 142
11, 149

66,243
597
3,236
19,169
11,143

66,918
597
3,289
19,422
11,364

256
613
462
645
1,345
1,349
1,911

292
593
456
631
1,301
1,355
1,971

283
603
465
640
1,348
1,372
1,984

286
602
459
638
1,332
1,364
1,984

288
592
455
628
1,305
1,354
1,979

286
584
453
624
1,299
1,348
1,972

290
590
452
626
1,295
1,357
1,972

292
585
447
625
1,280
1,350
1,969

297
585
451
626
1,281
1,356
1,976

299
585
451
622
1,262
1,331
1,966

300
592
455
628
1,267
1,332
1,932

303
593
458
634
1,289
1,354
1,980

'305
304
304
607
'603
600
'468
465
468
'610
642
642
1,290 ' 1, 291 ' 1, 292
1,368 ' 1, 368 ' 1, 366
1,947 ' 1, 966 '1,958
1,922
1,974
457
430
8,092
1,788
91
964
1,397
690
1,071
1,008
193
535
355

67,126
598
3,353
19,491
11,399

67 137
'598
' 3, 175
r
!9 511
'11,444

' 1, 926
'1,999
'456
435
8,103
' 1, 778
'86
'976
' 1, 394
'693
' 1, 072
' 1, 012
'194
'542
356

307
609
467
597
1,289
1,369
1,962

1,919
2,005
456
437
8,105
1,785
87
973
1,389
694
1,077
1,009
194
543
354

E lectrical 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 .... .. - d o
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, nec_.-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

1,896
1,912
433
434
7,930
1,779
84
962
1,399
668
1,022
958
186
510
364

1,915
1,927
455
431
8,012
1,789
86
952
1,391
684
1,064
991
189
514
352

1,959
1,938
454
436
8,025
1,798
85
954
1,401
681
1,056
984
187
523
356

1,947
1,932
456
434
8,011
1,803
84
952
1,384
684
1,065
981
186
521
351

1,916
1,916
456
433
8,009
1,800
86
945
1,390
680
1,063
984
187
520
354

1,904
1,927
454
432
7,955
1,797
86
941
1,395
679
1,064
982
187
472
352

1,872
1,947
454
430
8,000
1,806
87
948
1,396
688
1,066
990
189
479
351

1,889
1,896
455
430
7,951
1,790
89
940
1,376
689
1,066
989
191
479
342

1,916
1,980
456
427
7,967
1,751
85
946
1,381
687
1,067
992
190
521
347

1,882
1,873
452
426
7,993
1,777
81
950
1,377
682
1,064
993
191
529
349

1,896
1,862
454
425
8,026
1,783
82
954
1,384
685
1,065
1,001
192
529
351

1,919
1,951
455
428
8,058
1,785
89
957
1,389
687
1,069
1,002
193
533
354

4,151
13,211
3,438
9,773

4,262
13, 672
3,556
10, 116

4,247
13, 541
3,521
10, 020

4,246
13, 557
3,535
10, 022

4,212
13, 572
3,545
10, 027

4,267
13,609
3,549
10, 060

4,266
13,648
3,555
10,093

4,292
13,647
3,555
10, 092

4,283
13,664
3,569
10, 095

4,262
13,719
3,565
10, 154

4,251
13,776
3,567
10,209

4,287
13,900
3,602
10,298

4,290 ' 4, 294 '4,321
13,870 13,915 14, 047
3,598 '3,609 ' 3, 643
10, 272 '10, 306 10, 404

4,321
14, 111
3,650
10, 461

Finance, insurance, and real estate
Services
Government
_
•_
Federal..
State and local

3,102
9,545
10,871
2,564
8,307

3,228
10,071
11, 616
2,719
8,897

3,165
9,883
11,373
2,673
8,700

3,179
9,946
11,439
2,685
8,754

3,194
9,973
11, 475
2,688
8,787

3,205
9,987
11, 524
2,698
8,826

3,227
10, 035
11, 636
2,747
8,889

3,234
10, 074
11, 669
2,759
8,910

3,253
10, 130
11,713
2,746
8,967

3,264
10, 161
11, 668
2,715
8,953

3,270
10,199
11,745
2,712
9,033

3,290
10, 297
11,836
2,698
9,138

3,304 ' 3, 308 3,321
10,332 10, 358 10, 409
11,888 11, 978 12,026
2,708 2, 721 '2,719
9,180 ' 9, 257 ' 9, 307

3,330
10, 436
12, 091
2,727
9,364

14, 273

14, 226

14, 252

14, 200

14,104

14, 059

14, 249

13,996

14,261

14, 290

14,249

14,406

14,337

14, 155

14, 164

14,273
8,349
122
535
383
518
,096
,050
,345

14,226
8,282
150
515
376
502
1,043
1, 047
1,371

14,436
8,459
143
524
384
509
1,091
1,065
1,392

14,358
8,407
146
525
379
509
1,073
1,059
1,388

14,233
8,286
147
514
374
499
1,049
1,046
1,380

14,147
8,254
147
507
375
495
1,042
1,041
1,373

14, 170
8,240
149
512
371
498
,037
,048
,372

14, 056
8,170
151
508
366
498
1,023
1,041
1,368

14,191
8,299
155
509
369
497
1,024
1, 048
1,375

14,003
8,091
154
508
370
494
1,003
1,023
1,365

14,034
8,083
157
513
374
500
1,009
1,024
1,329

14,278
8,294
157
515
377
505
1,031
1,045
1,372

14,317 14, 325 14, 340
8,313 ' 8, 346 ' 8, 330
' 160
160
158
'527
'523
520
'387
387
383
'481
513
514
1,030 ' 1, 029 ' 1, 030
1,058 ' 1, 055 ' 1, 054
1, 351
1,336 r 1, 347

14, 322
8,314
161
528
386
470
1,026
1,057
1,350

do
do
do
do
do

Production workers on manufacturing payrolls:
Total, not seasonally adjusted!
thous. .
Seasonally Adjusted

Totalf
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures _.
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery, except electrical

thous
do
do
do
do
..do. .
do
do
do

Electrical equipment and supplies
do
,317
1,332
1,345
1,298
1,294
Transportation equipment
do. . . _ ,361
1,371
1,363 1,347
1,356
Instruments and related products
do
277
289
288
289
286
Miscellaneous manufacturing ind
do
347
344
347
343
341
Nondurable goods
.do
5,925
5,944 5,977 5,951 5,947
Food and kindred products
do
1,181
1,200
1,195
1,187 1,197
Tobacco manufactures
. , do
72
72
73
73
74
Textile mill products
do
848
845
857
838
844
Apparel and other textile products. . . do
1,243
1,232
1,243
1,226
1,232
r
Revised.
v Preliminary.
*New series. Mont hly data !br earlier years ar 3 availat>le.
JBeginnmg in the Mar. 1968 SURVEY, labor force d$ita reflect new seasc nal facto rs.
fEffective with the Sept. 1967 SURVEY, additionalseries (un employm ent rates , seasonaily
adjusted production workers, hours, man-hours and man-hou r indexes, private sector da ta,
and spendable earnings) are shown; these are not in the 1967 e(lition of IBUSINESS STATIST!cs.




1, 924
'1,985
457
436
' 8, 067
' 1, 779
'85
'966
' 1, 385
691
' 1, 070
' 1, 008
192
'535
356

14, 127

1,290
1,294 '1,294
1,265
1,284
,251
1,289
1,293
1,290
1,260
1,270
1,419
,377
1,326
1,380
1,361
1,398 ' 1, 408 ' 1, 417
1,410
1,297
1,289
284
'286
286
285
285
287
285
285
286
281
283
343
343
344
340
342
339
338
337
337
336
335
5,984
5,893 5,930
5,886
6,004 ' 5, 979 ' 6, 010 6,008
5,892 5,912
5,951
1, 189
1,201
1,196
1,185
1,188
1,148
1, 190 ' 1, 183 ' 1, 180
1,175
1,185
74
'73
72
74
75
76
77
72
78
69
70
862
'867
855
841
835
834
839
842
848
855
847
1,227
1,221 ' 1, 232
1,239
1,235
1,234
1,220
1,223
1,231
1,218
1,223
Also, t he establ ishment data refle ct adjust ment to 1tfar. 1966 benchm irks and re vised s aasonal
factors ; compar able earlier data ((jxcept m m-hours and man-hour inc exes and unemplc>yment
rates) c<ippear in BLSBu lletin 13] 2-5, EMI'LOYMEN r AND EARNINGS I'OR THE 1UNITED S TATES,
1909-67 , availat le from 1 he Government Printing Office. W ashington, D.C. 20402. $4 75.

SURVEY OF CUKKENT BUSINESS

S-14
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

| 1967

Annual

April 1968

1967

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.*>

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT— Continued
Seasonally Adjusted
Production workers on manufacturing payrolls—
Continued
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

519
650
572
116
397
318

531
671
586
118
395
304

529
670
585
117
406
309

531
674
580
116
403
304

526
673
583
118
402
307

525
672
580
117
354
305

535
673
583
119
362
302

536
674
585
119
362
295

534
673
585
118
401
299

527
669
585
120
407
300

531
669
594
121
408
303

533
673
595
121
412
306

42.7
37.6
41.3

42.6
37.7
40.6

3.9
42.1
4.3
42.3
40.8
41.5
42.0
42.1
42.4
43.8
41.2
42.6
42.1
40.0

3.4
41.2
3.5
41.8
40.3
40.4
41.6
41.0
41.5
42.5
40.2
41.4
41.2
39.4

42.2
37.6
40.1
40.3
3.4
41.0
3.7
41.7
40.3
40.2
41.5
40.9
41.4
43.0
39.7
40.7
40.9
38.7

42.4
37.4
40.3
40.4
3.3
41.1
3.5
41.9
40.7
40.2
41.5
40.8
41.5
42.9
40.0
40.7
41.5
39.2

42.7
37.4
40.2
40.5
3.2
41.0
3.3
41.6
40.6
40.3
41.3
40.2
41.5
42.8
39.6
40.9
41.5
39.7

42.0
36.4
40.4
40.3
3.2
41.0
3.3
42.0
40.1
40.1
41.1
40.6
41.3
42.3
39.9
41.7
41.1
39.5

42.2
37.4
40.6
40.3
3.2
40.9
3.3
41.2
40.1
40.3
41.3
40.6
41.2
42.0
40.0
41.2
41.0
39.4

43.2
37.5
40.3
40.4
3.3
41.0
3.5
41.8
39.9
40.2
41.3
40.9
41.3
42.1
40.3
41.4
41.0
39.2

42.8
37.5
40.7
40.7
3.3
41.3
3.5
41.9
39.7
40.2
41.6
41.0
41.5
42.2
40.4
42.5
41.2
39.4

42.8
38.3
40.9
40.8
3.4
41.6
3.7
42.4
40.5
40.7
42.0
41.0
41.8
42.7
40.2
42.7
41.2
39.5

42.3
37.1
40.8
40.7
3.4
41.3
3.5
41.7
40.5
40.4
41.841.3
41.4
42.3
40.5
41.5
41.1
39.4

do
do
do
do
do
do

40.2
3.4
41.2
38.8
41.9
36.4

39. 7
3.1
40.9
38.5
40.9
36.0

39.5
3.1
41.0
38.2
40.2
35.6

39.5
3.2
41.1
38.2
40.2
35.5

39.8
3.0
40.8
39.4
40.8
36.2

39.5
3.0
40.6
38.3
40.5
35.9

39.5
3.0
41.0
39.0
40.4
35.7

39.6
3.0
40.6
38.4
40.6
35.9

39.7
3.1
40.8
38.9
41.0
35.8

39.9
3.3
41.0
38.0
41.4
36.3

do
do
do
do
.do ...
do....

43.4
38.8
42.0
42.4
42.0
38.6

42.838.4
41.6
42.7
41.4
38.2

42.8
38.6
41.4
42.6
40.9
37.1

42.8
38.5
41.6
43.0
41.0
37.0

42.5
38.6
41.5
42.6
41.1
37.7

42.5
38.3
41.2
42.6
40.9
37.7

42.6
38.3
41.3
42.6
41.2
37.9

42.7
38.3
41.5
42.8
40.6
38.4

42.6
38.3
41.5
43.1
42.0
38.3

do
do
do
do

37.1
40.8
35.9
37.3

36.6
40.4
35.3
37.0

36.6
40.5
35.3
37.0

36.6
40.5
35.3
37.0

36.4
40.4
35.1
37.0

36.3
40.3
35.2
37.1

36.7
40.5
35.4
37.1

36.7
40.5
35.4
37.0

Seasonally Adjusted
Man-hours in nonfarm estab., all employees,
seasonally adjusted, annual ratef
bil. man-hours .-

129. 28

132. 24

131. 57

131. 67

131. 08

130.89

131. 80

Man-hour indexes (aggregate weekly), industrial
and construction industries, totalt
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

115.9
82.2
114.7
117.8
124.2
144.9
97.4
127.7
111.2

113.5
79.4
113.2
115. 2
120.4
176.9
92.7
122.0
106. 9

114.9
80.6
116.7
116.3
122.3
167.8
94.2
124.2
108.0

114.3
80.8
114.6
115.9
121.9
172.1
95.3
122.6
108.0

113.2
80.9
112.6
114.9
119.8
172.1
93.1
121.2
105.4

111.5
79.4
106.7
114.0
119.5
173.7
90.7
121.0
104.1

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

116.9
126. 1
139.0
145.8
116.7
127.7
113.4

108.5
123.1
137.6
140.0
112.9
129.1
109.7

113.1
124.9
141.2
143.6
112.3
129.1
109.7

110.9
124.5
140.5
143.3
131.4
110.1

106.8
123.0
139.3
138.2
110.9
131.4
111.2

Nondurable goods...
..
do .
Food and kindred products
. . .do
Tobacco manufactures
do
Textile mill products—
...
do
Apparel and other textile products . '. . . do. . .

109.5
96.2
84.6
106. 0
118.7

108. 5
96.2
86.6
101.9
116.2

108.5
97.2
85.0
100.7
116.0

108.1
97.7
83.8
100.3
114.1

115.0
115.8
115.9
81.0
146. 8
100.6

116.0
118.4
117.4
83.5
143.8
95. 0

115.6
118.9
116.7
82.3
146.0
93.8

130. 66
145.89
112.34

136.32
154,19
114. 90

131. 14
143. 60
111.88

536
672
597
121
414
307

536
671
598
122
414
307

'538
'673
'599
'122
'419
307

537
673
597
123
420
306

43.5
39.4
40.8
40.8
3.3
41.2
3.4
41.9
41.2
40.5
42.1
41.6
41.4
42.4
40.6
39.8
41.1
39.6

42.5
41.6
37.3
36.0
41.0
40.0
40.7
40.2
3.5
3.5
41.4 '41.0
3.6
'3.7
41.7
40.4
40.3 '38.6
40.7
39.5
41.7 V 40. 8
41.7 '41.5
41.5
41.4
42.4 '41.8
40.4 '40.2
41.8
41.9
41.1 '40.5
39.4
39.2

'41.9
'38.0
40.5
40.7
'3.4
'41.4
'3.7
'42.1
'41.2
'40.9
'42.2
'41.7
'41.2
' 42. 2
'40.3
'41.8
'40.8
'39.7

42.2
36.9
40.6
40.7
3.4
41.4
3.6
41.9
41.2
40.8
41.8
41.8
41.4
42.1
40.3
42.1
40.8
39.4

39.7
3.2
40.7
39.0
41.3
35.8

40.1
3.2
40.8
38.8
41.5
36.3

39.8
3.3
40.7
36.8
41.6
36.2

'39.2
3.3
40.4
'37.5
'39.9
'35.1

40.0
3.2
'40.7
'40.4
'41.5
'36.4

39.7
3.3
40.4
38.7
41.3
35.9

42.8
38.3
41.5
42.4
41.9
38.9

42.8
38.0
41.5
43.0
41.9
38.7

42.8
38.2
41.9
43.1
41.8
39.5

43.1
38.0
41.8
42.1
41.3
38.4

42.6
'37.8
41.7
42.9
41.2
'37.8

42.8
'38.3
'41.8
'42.2
'41.5
'38.6

42.6
38.1
41.7
41.9
41.5
38.7

36.7
40.5
35.5
37.1

36.7
40.3
35.4
37.1

36.3
40.3
35.1
37.1

36.5
40.3
35.2
37.1

36.3
40.2
35.1
36.9

'36.2
'40.1
34.9
37.0

'36.1
'40.0
34.9
'36.7

36.0
40.0
34.6
36.6

131. 62

132.74

132. 56

132. 35

134.37 '134.06 '133.05

135. 25

135.14

111.9
79.7
109.1
114.1
118.9
172.7
91.6
120.3
105.2

111.8
82.2
111.2
113.4
118.3
177.6
90.4
118.4
105.2

113.0
78.5
111.0
115.2
121.0
182.8
90.1
119.3
105.7

112.7
77.7
113.9
114.2
118.6
183.7
91.8
121.1
106. 1

111.8
76.4
110.6
113.8
117.7
184.2
92.7
121.6
106.9

114.9
78.2
119.5
115.9
120.4
185.1
94.7
122.8
108.7

114.6
76.6
115.3
116.4
121.3
185.4
93.5
125.4
109.6

' 111. 8
74.8
' 104. 1
' 115. 0
120.6
181.9
'90.1
123.0
' 107. 0

' 115. 8
'76.4
' 121. 8
' 116. 7
'121.6
' 189. 5
'96.9
' 127. 3
' 103. 8

114.9
76.7
118.0
116.3
121.5
189.8
97.1
126.7
100.5

107.2
121.8
137.0
137.8
114.2
129.3
110.3

106.7
122.3
136.0
134.6
114.2
128.1
109.4

106.0
121.8
135.9
137.1
110.5
128.1
108.5

106.4
123.2
136.9
140.2
120.6
128.7
108.4

104.2
121.1
137.5
136.2
111.4
126.9
108.4

105.6
120. 1
132.6
138.3
107.6
127.5
107.8

108.7
122.5
137.2
140.8
110.5
128.4
109.3

108.8
124.4
133.6
140.5
117.6
128.8
108.4

' 108. 2
' 123. 7
' 132. 8
'139.9
' 118. 7
' 126. 9
110.1

'
'
'
'
'
'
'

108. 8
123. 0
134. 5
140. 3
119. 2
127. 9
111. 2

108.7
124.0
134.1
139.8
120.2
127.0
110.4

108.5
96.5
87.7
101.0
117.0

106.9
96.2
86.4
99.9
116.3

107.8
97.5
89.2
100.4
116. 0

107.0
95.3
89.0
100.0
114.9

107.6
92.7
85.4
101.6
114.8

108.6
95.4
79.9
103.0
115.9

108.7
95.5
83.2
103.3
114.8

110.0
96.0
91.1
103.9
117.2

109.6
109.9 ' 107. 8 110.3
95.9 '94.6 '95.1
95.1
87.3
87.5 '82.3 '89.9
105.1 ' 100. 8 ' 106. 3 105.2
117.1 ' 112. 4 ' 117. 6 115.5

116.0
119.3
116.2
82.4
145.3
92.0

114.1
119.4
116.5
83.0
145.3
94.7

113.9
118.3
115.1
82.3
127.3
94.1

116.3
118.5
116.0
83.7
131.2
93.7

116.8
118.6
116.9
84.1
129.2
92.7

116.1
118.5
116.9
84.0
148.1
93.7

115.1
117.8
116.9
84.0
150.0
95.5

116.0
116.8
118.7
85.9
150.3
95.9

116.4
118.1
120.0
86.1
151.5
98.9

117.9
116.5 ' 117. 5
117.4 ' 116. 6 ' 118. 5
120.2
120.1 ' 120. 6
84.1
86.4 '85.0
150.4
150.0 ' 152. 9
96.5 '95.0 '97.0

116.7
117.8
119.9
85.1
153.3
96.9

132. 09
146.83
112.44

134. 51
147. 23
112. 56

134. 09
149. 54
113. 52

136.53
153. 56
114. 49

139.43
157.90
113.65

138.24
159.08
114. 77

139. 32
162. 60
116. 57

139. 00
160. 40
116. 28

139.32
161. 24
117. 50

138. 55 ' 137.45 ' 135.96
154. 76 ' 151.55 ' 154.64
119. 31 ' 117.60 119. 48

137. 70
154.64
120. 18

HOURS AND MAN-HOURS
Seasonally Adjusted
Average weekly gross hours per production worker
on payrolls of nonagricultural estab. :f
Mining
hours
Contract 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
Electrical 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

Paper and allied products
.
Printing and publishing..
Chemicals and allied products. .
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products

do
do
do
do
do
do

HI; 6

WEEKLY AND HOURLY EARNINGS
Not Seasonally Adjusted
Average weekly gross earnings per production
worker on payrolls of nonagricultural estab. :t
Mining.dollars
Contract construction
. . _ do
Manufacturing establishments..
. do
r
Revised.
*> Preliminary.
tSee corresponding note, bottom of p. S-13.




SURVEY OF CURRENT BUSINESS

April 1968
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

| 1967

Feb.

Annual

S-15

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.p

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
WEEKLY AND HOURLY EARNINGS— Con.
Not Seasonally Adjusted— Continued
Avg. weekly gross earnings per prod, worker on
manufacturing payrolls— Continued f
Durable goods
___
dollars..
Ordnance and accessories
__
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products.
_ do

122.09
134.94
91.80
91.72
114.24

123. 60
135. 43
95.91
93.73
117. 73

120.77
133. 22
91.08
90.12
112.19

121.36
133. 54
93.09
90.74
113.70

121.18
132.48
94.77
90.46
115. 23

122.89
134.08
95.18
91.25
116.62

123. 19
132.25
97.27
93.09
117.46

122.40
134.05
96.64
92.40
118.01

123.30
135.11
96.88
95.06
119.99

126. 05
138.65
99. 72
97. 41
121. 11

125.44
137.43
99.55
97. 82
121.25

126.07
139.35
99.96
97.34
122. 38

129.58
140.44
97.20
99.84
120. 22

-•127.70
135. 53
' 94. 22
' 93. 36
'116.69

'128.96
'139.53
'100.85
' 97. 77
'119.89

129. 68
138. 11
101. 34
98.17
120. 30

Primary metal industries
__
do. _ _ _ 138.09
Fabricated metal products . _ _ _
... do
121.69
Machinery, except electrical
.
do
134.90
Electrical equip, and supplies.
do. _ _ . 109.18
Transportation equipment _ _ _ _ _ _ _
do
141.86
Instruments and related products
do
114.93
Miscellaneous manufacturing inddo
88.80

136.94
123. 26
135. 15
111. 76
142. 42
117. 01
92.59

134. 97
120. 83
135.88
107.98
136. 21
114.11
90. 17

135.38
120. 72
136.20
108.93
136. 49
115.51
92. 20

133.57
121. 54
134.82
108.35
137.30
115. 77
91.57

134.64
123. 26
134. 30
110. 12
141. 78
115.90
91.57

136.12
122.84
134. 09
111.88
141. 17
117. 01
92.20

136.27
121.66
133.24
111.32
140.29
116.28
90.79

137.50
123. 55
132.82
111. 76
143. 52
117. 14
92.04

138. 58
126. 00
136. 10
112. 31
147. 48
118. 53
92.66

137.90
124. 38
135. 46
114. 09
146. 86
118. 53
93.53

141.25
124.92
137.05
115.87
141.35
119.36
94.56

143.45
127.80
139.53
117.67
152. 01
120.89
96.47

'144.35
'126.28
'137.10
'115.60
'151.68
' 117. 27
95.06

'144.70
'125.56
'139.26
'116: 06
'149.04
'119.14
' 98. 85

145. 81
126. 59
140.44
116. 18
150. 48
118.84
98.60

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—.
Wholesale and retail trade
Wholesale trade
Retail trade
_
Finance, insurance, and real estate

do
do
do
do
do

98.49
103.82
84.97
82.12
68.80

102. 03
107. 98
87.01
84.25
73. 08

99.18
105. 18
82.08
80.60
71.04

100. 08
106. 52
87.52
81.20
71.80

100.22
105.86
91.33
81.20
72.16

100. 73
107. 18
90.30
82.22
71.80

101. 63
108. 50
94.41
82.82
72.52

102. 03
108. 62
91.44
81.41
72. 16

102.80
107.94
87.75
83.84
74.05

104. 66
109. 67
86.33
86.73
74.73

104. 14
107.98
86.05
88.19
73.75

105.06
109.47
83.42
89.03
74.93

105.60
HO. 29
85.03
89.67
74.88

'103.86 '106.40
109. 87 110. 00
' 85. 88 '93.35
' 84. 74 ' 89. 42
' 72. 66 ' 79. 57

106. 52
109. 85
93.99
89. 62
79.13

do
do. .
do
do
do
do

119, 35
122. 61
125. 16
144. 58
112. 14
74.88

122.84
125.95
128. 96
152.87
113. 85
79.07

119. 14
123.33
125. 25
147. 97
109.35
76.13

119. 71
125.06
126.88
150. 94
110. 16
75.65

119.00
124. 03
127.49
153. 15
110.30
75.19

120.28
124.86
127. 10
153. 58
107. 57
77.04

122. 41
124.86
128. 65
152. 72
109.03
79.28

123.69
124.91
129.48
156.67
105.73
79.75

124.41
126.28
129. 17
153.79
116.89
80.11

125. 85
128. 21
130. 31
155. 52
119. 71
80.26

125.85
127. 25
130.73
155. 23
119. 99
80. 43

125.99
127.64
132. 40
156. 52
120. 12
82.92

127. 74
129. 75
132. 82
150. 06
119. 55
83.28

124. 91
' 126. 38
'132,07
'157.36
117. 55
'81.92

125.93
130. 64
132. 61
153. 22
118. 53
85.69

do
do
do
do

79.02
111.38
68.57
92. 50

82.35
116. 76
70.95
96.57

80.22
114. 05
69.10
94.98

80.59
114. 74
69.30
95.35

80.73
115. 26
69.80
95.83

81.09
115.66
69.80
96.20

82.80
116. 64
71.56
96.20

84.15
117.62
72.96
97.20

84. 15
116.64
72.96
96.83

83.45
118. 08
71.66
97.31

82. 90
118. 08
71. 55
98.69

82.67
118.48
71.34
98.42

83.45 '83.65 '84.49
84. 25
119.88 '118.80 '119.80 119. 70
72.22
72.11 '73.14 . 72.72
99. 90 ' 100,46 100. 56
99.16

3.06
3.88
2.72
2.59
2.90
2.76
3.19
2.25
2.21
2.72

3.20
4.09
2.83
2.72
3.00
2.88
3.24
2.38
2.32
2.83

3.16
4.00
2.79
2.68
2.96
2.84
3.21
2.30
2.27
2.77

3.16
3.99
2.79
2.69
2.96
2.85
3.21
2.31
2.28
2.78

3.18
3.99
2.80
2.70
2.97
2.86
3.20
2.34
2.29
2.79

3.17
4.02
2.81
2.70
2.99
2.87
3.20
2.35
2.31
2.81

3.19
4.02
2.82
2.71
2.99
2.88
3.21
2.39
2.31
2.81

3.22
4.08
2.82
2.71
3.00
2.88
3.23
2.41
2.31
2.83

3.20
4.10
2.82
2.71
3.00
2.88
3.24
2.41
2.33
2.85

3.24
4.18
2.85
2.73
3.03
2.89
3.27
2.45
2.37
2.87

3.24
4.21
2.85
2.74
3.03
2.90
3.28
2.44
2.38
2.88

3.24
4.21
2.88
2.76
3.06
2.93
3.31
2.45
2.38
2.90

3.26
4.24
2.91
2.79
3.10
2.96
3.32
2 A3
2.40
2.89

'3.32
'4.33
' 2. 94
2. 83
3.13
3.00
3.33
2.46
'2.40
2.91

'3.30
'4.26
2,95
2.83
3.13
3.00
' 3. 33
'2.49
' 2. 42
2.91

3.31
4.26
2.96
2.84
3.14
3.01
3.32
2.49
2.43
2.92

3.28
2.87
3.08
2.65
3.33
2.73
2.22

3.34
2.97
3.18
2.78
3.44
2.84
2.35

3.30
2.94
3.16
2.72
3.38
2.79
2.33

3.31
2.93
3.16
2.73
3.37
2.79
2.34

3.29
2.95
3.15
2.75
3.39
2.81
2.33

3.30
2.97
3.16
2.76
3.40
2.82
2.33

3.32
2.96
3.17
2.79
3.41
2.84
2.34

3.34
2.96
3.18
2.79
3.43
2.85
2.34

3.37
2.97
3.17
2.78
3.45
2.85
2.33

3.38
3.00
3.21
2.78
3.47
2.87
2.34

3.38
2.99
3.21
2.81
3.48
2.87
2.35

3.42
3.01
3.24
2.84
3.49
2.89
2.37

3.44
3.05
3.26
2.87
3.56
2.92
2.43

3.47
'3.08
3.28
2.89
' 3. 62
2.91
2.45

' 3. 47
'3.07
'3.30
'2.88
'3.60
2.92
'2.49

3.48
3.08
3.32
2.89
3.60
2.92
2.49

2.45
2.35
2.52
2.19
1.96
1.89
2.75
3.16
2.98
3.41
2.67
1.94
2.13
2.73
1.91
2.48

2.57
2.48
2.64
2.26
2.06
2.03
2.87
3.28
3.10
3.58
2.75
2.07
2.25
2.89
2.01
2.61

2.53
2.44
2.61
2.28
2.01
1.99
2.81
3. 22
3.04
3.54
2.70
2.03
2.21
2.83
1.98
2.56

2.54
2.45
2.63
2.34
2.02
2.00
2.81
3.24
3.05
3.56
2.70
2.05
2.22
2.84
1.98
2.57

2.55
2.46
2.64
2.36
2.02
2.01
2.82
3.23
3.05
3.57
2.71
2.06
2.23
2.86
2.00
2.59

2.55
2.46
2.64
2.37
2.03
2.00
2.83
3.26
3.07
3.58
2.63
2.06
2.24
2.87
2.00
2.60

2.56
2.46
2.64
2.39
2.03
2.02
2.86
3.26
3.10
3.56
2.64
2.07
2.25
2.88
2.01
2.60

2.57
2.47
2.63
2.40
2.02
2.01
2.89
3.27
3.12
3.61
2.63
2.05
2.25
2.89
2.01
2.62

2.57
2.47
2.62
2.25
2.04
2.04
2.90
3.28
3.12
3.56
2.77
2.07
2.25
2.88
2.01
2.61

2.61
2.50
2.63
2.18
2.10
2.07
2.92
3.33
3.14
3.60
2.83
2.09
2.28
2.93
2.03
2.63

2.61
2.50
2.64
2.13
2.12
2.06
2.92
3.34
3.15
3.61
2.85
2.10
2.29
2.93
2.05
2.66

2.62
2.52
2.67
2.15
2.13
2.07
2.93
3.35
3.16
3.64
2.86
2.11
2.29
2.94
2.05
2.66

2.64
2.54
2.69
2.22
2.14
2.08
2.95
3.37
3.17
3.59
2.86
2.13
2.28
2.96
2.04
2.68

2.67
2.57
2.74
'2.34
2.14
'2.10
2.96
'3.37
'3.19
'3.72
2.86
' 2. 15
2.33
2.97
2.09
2.70

'2.68
2.58
2.75
'2.45
2.16
2.18
'2.96
3.40
'3.18
'3.70
'2.85
'2.20
'2.36
'3.01
'2.12
2.73

2.69
2.59
2.76
2.48
2.17
2. 18
2.97
3.42
3.18
3.71
2.87
2.22
2.36
3.00
2.12
2.74

3.887
5.527
1.33

3.752
5.364

3.757
5.371

3.832
5.464

3.876
5.533

3.978
5.627

4.009
5.713

4.040
5.747
1.42

4.061
5. 750

4.061
5.750
<* 1. 43

3.269

3.212

3.226

3.271

3.997
5.660
1.29
3.262

4.001
5.687

3.179

3.962
5.560
1.36
3.259

3.978
5.620

3.266

3.757
5.374
1.34
3.235

101. 26
87.07

98.86
86.11

99.30
86.35

99.40
86.21

100. 16
86.64

100. 93
87.01

100. 27
86.07

101. 16
86.54

102. 61
87.63

102. 37
87.12

103.35
87.73

54,448
45, 173
38.2

53, 017
43,895
37.9
38.2
99.30
2.62

53,289
44,136
38.0
38.2
99.56
2.62

53, 631
44,440
37.8
38.0
99.41
2.63

53,990
44,782
37 9

Average hourly gross earnings per production
worker on payrolls of nonagricultural estab.:t
Mining
_
_
..dollars-..
Contract construction
do
Manufacturing..
_
do
Excluding overtime
do
Durable goods.
do
Excluding overtime
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 equip, and supplies
do
Transportation equipment
do
Instruments and related products. _ . . . _do
Miscellaneous manufacturing ind
do
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

do
do
do
do
do
do
do
do
_ _do
do
do
do. _ _ _
do
do
do
do

Miscellaneous hourly wages:
Construction wages, 20 cities (EN R) : §
Commonlabor
$oerhr
3.623
Skilledlabor
*do ""
5.207
Farm, without board or rm., 1st of mo
do
1.23
Railroad wages (average, class I)
do
i 3. 106
Spendable Weekly Earnings f
Spendable average weekly earnings per worker (with
three dependents) in manufacturing industries:
Current dollars
99.45
Constant dollars
1957-59 dollars
87.93
PRIVATE SECTOR SERIES
Not Seasonally Adjusted
Excludes government employees:
Employees, total, nonagricultural estab
thous. _ 53, 111
Production or nonsupervisory workers
do
44,234
Hrs. (gross), av. weekly: Unadjusted_.hours_L
38.7
Seasonally adj.do
Weekly earnings (gross), average
dollars
98.69
Hourly earnings (gross), average... do
2.55
'1 Revised.
* Preliminary.
« As of Apr. 1,1968.
Includes adjustments not distributed by months.




101. 99
2.67

'125.50
'129.20
' 132. 29
'153.18
'117.14
' 85. 80

3.312

104. 81 '103.43 104. 94
88. 67 ' 87. 21 88.18

54,850 54, 858 55,168 55,057 55, 038 55,459 55,848 ' 54, 079 '54,347
45, 545 45. 493 45, 785 45, 696 45,688 46, 090 46,449 '44,683 '44,912
37.5 '37.7
38.2
38.5
38.1
38.3
38.1
38.4
38.6
37.7 ' 38. 0
3&o 38.1 38.2 38.2 38.4 38.0 38.3 38.0 '102.75
'104.05
103.
90
103.
63
100.06 101.88 103. 18 103.45 104.06 103. 25
2.76
2.72 '2.74
2.72
2.64
2.71
2.68
2.71
2.68
2.66
fSee corresponding note, bottom of p. S-13.
§ Wages as of Apr. 1,1965: Common labor $4.076; skilled labor. $5.761.

54,610
45, 152
37.7
37.9
104. 43
2.77

SURVEY OF CURRENT BUSINESS

S-16
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

April 1968

1967

Annual

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP- WANTED ADVERTISING
Seasonally adjusted index..
1957-59=100—
LABOR TURNOVER
Manufacturing establishments: f
Unadjusted fqr seasonal variation:
Accession rate, total
mo. rate per 100 employees.
New hires .
do
Separation rate, total
do
Quit
do
Layoff
- --do
Seasonally adjusted:
Accession rate total
do
New hires
do
Separation rate, total _ _ ._ _
.do _
Quit
do
Layoff
do
INDUSTRIAL DISPUTES
Strikes and lockouts:
Beginning in period:
Work stoppages
number
Workers involved - . _ _
_ . . . thous
In effect during month:
Work stoppages
number
Workers involved
-thous .
IVIan-davs 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:^ "
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 averase
do
Benefits paid
mil $
Railroad program:
Applications
thous
Insured unemployment weekly avc do
Benefits paid
mil $

190

182

190

184

181

174

171

169

180

185

186

187

190

184

'193

5.0
3.8
46
2.6
1.2

4.4
3.2
46
2.3
1.4

36
2.7
40
19
1.3

39
28
46
21
15

39
28
43
22
13

46
3.3
42
22
1.1

59
4.5
43
23
1.1

46
33
48
21
1.9

5.4
4.0
53
3.2
1.1

5.3
4.1
6.2
4.0
1.2

4.7
3.7
47
2.4
1.3

3.7
2.7
4.0
1.9
1.3

2.8
2.0
3.9
1.5
1.6

'4.2
••2.9
'4.4
2.0
'1.5

*>3.8
*»2.7
J»3.8
J>1.9
*1.1

43
34
4.9
2.5
15

41
32
5.2
2.4
17

42
31
4.7
2.3
15

46
3.2
4.6
2.2
1.4

4.6
3.2
4.8
2.4
1.4

42
3.0
4.4
2.1
1.6

4.3
3.1
4.3
2.3
1.1

4.3
3.2
4.7
2.3
1.3

4.7
3.5
4.5
2.2
1.3

4.5
3.3
4.3
2.4
1.2

4.4
3.4
4.1
2.4
1.1

'4.5
'3.4
'4.5
2.4
'1.4

P4.5
*3.4
*4.6
*2.5

325
106

430
141

440
409

535
255

430
177

375
804

385
86

405
375

405
158

300
197

190
65

310
135

330
232

465
575
202
151
1 280 1 490

600
443
2 170

695
402
3 900

670
350
4 360

630
1,010
4 710

655
231
2 840

670
484
6,320

645
440
6 510

530
388
3 060

400
194
2 610

470
211
2, 520

500
326

380

419

400

1,338 ' 1, 718

1,651

4,405
1,960

*4 475
J>2,900

25 400 j, 41 Q00

Pl.3

3, 780

6,493

5 817

407

460

476

507

537

487

552

558

540

460

1 123

1 270 1 654

1 603

1,423

1,197

1,070

1,246

1,122

955

953

1,068

10, 575
1 061

11 760 1,087
1 205 1 582

1,061
1 532

848
1,005
1 360 1 142

803
1 019

1,218
1 184

872
1 059

663
894

798
889

910
997

1,149
1,259

1,460
1, 624

1,556

2.4
3.4
3.3
2.9
2.7
2.5
2.6
2.7
1,014
1
349
1
374
1
244
1 017
2' 092 219 5 257 5 200 6 183.6

2.1
2.6
925
156.1

2.4
2.8
907
147.3

2.2
2.6
946
172.8

1.8
2.4
759
122.6

1.8
2.4
713
122.1

2.0
2.3
776
134.9

2.6
2.3
942
159.2

3.3
2.3
1,317
248.5

1,374
243.7

2.3
895
1 771

2.5

v 201

969
3.2
2.3

21

20

24

22

19

18

18

20

19

18

20

21

23

28

29

182
21
19
39.5

222
23
21
46 3

14
21
21
3.6
4
20
30

14
19
18
3.4
3
17
2.8

22
24
18
3.1

21
25
23
4.4

18
22
21
3.7

20
22
19
3.5

22
26
21
4.0

25
33
26
4.6

31
40
36
6.9

24
40
38
6.7

241
246
40 6

16
24
22
4 2
5
23
4.2

17
19
19
3.5

145
20
39 3

15
25
23
3.9
6
24
3.8

15
14
2.5

21
17
2.1

12
18
3.2

15
21
2.9

56
21
4.2

54
23
4.1

39
23
4.4

25
'26
4.7

12
27
4.0

131 4 116
150 17 044
934 4 976
216 12 068

4 103
16 816
4*979
11 837

4,146
16 220
5 124
11,096

4, 136 4,218
16 777 17 147
5,136
5*186
11, 591 12, Oil

4,317 4,312
17 084 18, 370
4,901 5,216
12, 183 13, 154

4,266
17, 813
5,493
12, 320

10 605

10 661

10,624

10, 661

10, 848

11, 012

11, 188

11,361

5,721
1,595
3,871

5,793
1,598
3,970

'7,263.9
3,216.8
'4,047.1
1, 593. 3
'2,453.8

7,218.7
3,197.9
4,020.8
1, 601. 6
2,419.2

FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil $
Placed through dealers
Placed directly (finance paper)

do
do

3 603
13 279
3 089
10 190

4 317 3 575 3 704
17 084 15 199 16 034
4*901 3 781 4 jJgQ
12 183 11* 418 11 674

3 830 3 964 4
16 249 17 067 16
4*356 4 713 4
11* 893 12 354 11

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.__

4,958
1,290
3,205

5,609
1,506
3 733

5,036
1,342
3,343

5,111
1,363
3,463

5,175
1,337
3,590

5,248
1,316
3,716

5,303
1,296
3,836

5,358
1,335
3,911

5,404
1,368
3,889

5,449
1,384
3,790

5,502
1,438
3,721

5,546
1,475
3,654

5,609
1,506
3,733

5,661
1,565
3,785

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 SMSA's (except N.Y.)
_.do..._
6 other leading SMSA'sf— do
226 other SMSA's
do

5, 923. 1
2, 502. 2
3,420.9
1, 328. 1
2 092 7

6, 661. 5
2 921 2
3, 740. 3
1,471.8
2 268 5

6, 294. 9
2, 724. 7
3, 570. 2
1, 389. 5
2 igo 7

6,315.9
2,756 6
3,559.3
1,386.8
2 172 5

6, 553. 5
2,864.0
3, 689. 5
1, 451. 4
2 238 1

6,348.2
2, 734. 5
3,613.7
1,409.2
2 204 5

6,637.2
2, 904. 1
3, 733. 1
1,476.4
2 256 7

6, 688. 7
2, 857. 1
3,831.6
1,560.5
2 271 1

7,067.8
3, 185. 7
3,882.1
1,575.0
2 307 1

6,799.4
2, 952. 4
3,847.0
1,513.6
2,333 4

6, 993. 0
3, 102. 4
3,890.6
1, 537. 7
2 352.9

6,997.7
3, 100. 8
3,896.9
1,557.8
2 339 1

7, 047. 0
3,149.7
3,897.3
1,515.4
2, 381. 9

7,369.4
3,323.4
4,046.0
1, 584. 8
2, 461. 2

Federal Keserve banks, condition, end of period:
Assets, total 9
..mil. $__

70, 332

75,330

67,490

67,385

69, 015

68,862

70, 135

70, 516

70,126

71, 193 71,383

73,418

75,330

74,319 '73,462

72,866

Reserve bank credit outstanding, total 9 -do
Discounts and advances
do
U.S. Government securities
_do
Gold certificate reserves
do

47, 192
173
44, 282
12 674

51,948
141
49, 112
11 481

45, 799
165
43, 971
12 626

46, 507
42
44,908
12 611

47, 267
54
45, 460
12 604

47, 799 48,268
415
68
46,066 46, 718
12, 608 12 610

47, 603 48,363
41
36
46,804 46, 555
12,604 12 499

48,860
74
46,916
12, 510

48,873
120
47,390
12, 410

50,869
76
48,931
12 392

51,948
141
49, 112
11, 481

51,434 '51,056
166
843
49, 092 48, 952
11,484 11,384

52, 101
672
49,691
10,131

70 332

75 330

67 490

67 385 69 015

68 862

70 516

70 126

71 193

71, 383

73 418

75, 330

74, 319 '73,462

72,866

21 433 22 072
19, 789 20, 686
40, 363 40, 413

21 877
20,604
40, 628

22 837 22, 920
20,648 20, 999
41,488 42, 369

31 0

30 5

Liabilities, total 9 _ _
Deposits, total.
Member-bank reserve balances....
Federal Reserve notes in circulation.

do
do
do.^..
.do ._

Ratio of gold certificate reserves to FR note
liabilities
percent

9 452

10 848

9 721

20 972
19, 794
40 196

22 920
20,999
42 369

19 879
18,916
39 115

31 5

97 1

32 3

9 937

10 280

10 435

70 135
20 561 21 353 20 844 21 474
19, 148 19, 410 19, 634 19, 505
39 013 39 070 39, 499 39 934
32 3

'Revised.
* Preliminary.
fSee corresponding note, bottom of p. S-13.
©Excludes persons under extended duration provisions.
cflnsured unemployment as % of average covered employment in a 12-month period.




10 103

32 3

31 9

31 6

20 813
18,877
40, 199
31 4

31 0

10, 675

29 9

27 1

23, 614 '23,040 22, 588
21,838 '21,195 21,107
41,365 41, 211 41,490
27 8

27.6

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

April 1968
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

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

23,791
23,404
387
89
298

24,200
23,842
358
90
268

24,608
24, 322
286
126
160

24,740
24,337
403
133
270

25, 260
24, 915
345
238
107

25,834 25,610
25,453 "•25,211
381
'399
237
361
144
'38

Feb.

Mar.

FINANCE—Continued
BANKING— Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil $ i 23, 830 125,260 23,709 23,405 23,362 23, 284 23,518 23,907
Required
do
123,438 1 24, 915 23,351 22,970 23,053 22, 914 23,098 23,548
Excess
do
1392
1345
358
370
435
309
420
359
Borrowings from Federal Reserve banks ...do.
1557
362
134
1238
101
123
199
87
Free reserves .
__ _ »
do
i -165
-4
U07
175
269
297
272
236
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjustedo"1
mil. $_. 75, 120 81,848 72, 600 72,841 71, 484 *72,785 "73,174 "74,349
Demand, total 9
_
do
114, 765 127, 277 109, 635 106, 592 110,455 111,495 409,402 412,460
Individuals , partnerships , and corp
do
83, 108
92,380 79,254 77, 469 77,831 79, 782 79,244 "81,031
State and local Governments
do _ _ .
6,137
6,310
6,249 ° 5,919 6,089
6,231
5,937 6,229
U.S. Government
' _.
do
3,882
2,944
3,752
6, 150
2,705 3,103 3,458
3,818
Domestic commercial banks _ _ _
_ do _
13, 838
15, 752 13,236 12,462 12, 927 13,490 "12,700 13,445
Time, total 9 _ ___
.
do
89, 639 102, 921 94, 240 96,133 96,569 97,829 '98,847 100, 731
Individuals, partnerships, and corp.:
Savings.
.
do
47, 213 48,864 46, 609 47,098 46,970 47,285 '47, 738 47,836
Other time
do
29, 002 38, 273 33,024 34,039 33,769 " 34,706 35, 117 36,604
Loans (adjusted), totalc?
do
134, 761 143,966 432,350 133,027 134, 237 433,106 436,042 137,270
Commercial and industrial
_ ...
do
60, 779
66,290 60, 730 61,962 62, 648 61,836 « 63,769 « 63,419
For purchasing or carrying securities
do
6,691
6,799
6,642
6,302 6,050 " 7,454
8,350
6,901
To nonbank financial institutions
do_ _
9,942
11, 228
9,612
9,723 9,634 « 10,269 « 9,906
10, 470
Real estate loans
_ _ __
do
27, 492
28, 988 27, 168 27, 131 27, 087 ' 27,295 27, 547 27, 797
Other loans
do
34, 729
37, 700 33,808 33,852 34,068 "34,509 « 35,246 c 35,020
Investments, total
do
51, 502
61, 804 54. 147 56, 038 56,033 •> 56,270 55, 783 58,268
U.S. Government securities, total
do
24, 803
28,371 25, 629 26, 770 25, 326 25, 398 24, 126 26,004
Notes and bonds
- do
19, 816
22,322 21, 058 21,248 21,446 21,544 " 21,334 21,041
Other securities
__
do
26, 699
33, 433 28, 518 29,268 30, 707 « 30,872 31, 657 32,264
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas. adj.:|
Total loans and in vestments©
bil $
2 310. 2
323.2 324.6 325.6 332.4
344.4 318.0 321.4
Loans O
do
2 207. 8
213.5
213.9
224.0 211.0 211.3
213.5
217.1
U.S. Government securities
do
55.9
53.7
56.1
55.4
57.8
60.0
56.1
58.8
Other securities
_
do
248.7
51.1
53.6
60.4
56.3
52.3
55.0
56.5
Money and interest rates: §
Bank rates on short-term business loans: f
In 35 centers
percent per annum
6.13
5.95
35.99
New York City
do
5.86
5.67
35.72
7 other northeast centers
...do. _
6.45
36.34
6 32
8 north central centers
.
do
6.12
5.91
35.96
7 southeast centers
._
do
6.07
35.96
5 93
8 southwest centers
_
do
6.18
6 04
36.06
4 west coast centers
do
6.26
36.09
6.05
Discount rate (N.Y.F.R. Bank), end of year or
month
percent__
4.50
4.50
4.00
4.00
4.50
4.00
4.50
4.00
Federal intermediate credit bank loans
do
35.82
6.38
6.03
5.72
6.17
35.88
5.78
5.63
Federal land bank loans
____
do
35.74
6.00
36.02
6.00
6.00
6.00
6.00
6.00
Home mortgage rates (conventional 1st mortgages) :J
New home purchase (U.S. avg.)
percent.. 36.14
6.39
6.34
6.31
36.33
6.25
6.23
6.31
Existing home purchase (U.S. avg.)
do
36.30
6.50
6.34
6.44
36.40
6.28
6.29
6.30
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)
do.
4.58
45.36
4.88
4.40
44.75
4.68
4.29
4.27
Commercial paper (prime, 4-6 months).. do
4.92
45.55
5.38
5.24
4.65
45.10
4.83
4.67
Finance Co. paper placed directly, 3-6 mo. do
4.70
45.42
5.19
5.01
4.40
44.89
4.57
4.41
Stock Exchange call loans, going rate
do
5.50
45.78
5.75
5.50
5.75
5.50
5.50
45.66
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent. . 44.881 44.321
4.308
4.554 4.288
3.852 3.640 3.480
3-5 year issues
do
5.17
45.16
4.73
4.52
4.96
4.46
45.07
4.68
CONSUMER CREDIT
(Short- and Intermediate-term)
Total outstanding, end of year or month
mil. $„
Installment credit, total
Automobile paper
Other consumer goods paper
.
Repair and modernization loans
Personal loans
By type of holder:
Financial institutions, total
Commercial banks
Sales finance companies
Credit unions
Consumer finance companies. _ _
Other

do .
do
do
__do _
do
do..
do
do
do
do__.
do


293-992 O - 68 - 5


73, 321 74,395 77, 183 76, 649 81,848 78, 598 75, 721 76,244
107, 686 113,043 118, 625 113,421 127,277 120,128 116, 456 117, 044
79, 157 81,444 84,808 83, 521 92,380 86, 053 82, 761 84, 721
5,620
5,503 5,665 6,683 5,607 6,231 6,301
5,984
3,323
5,353 4,031 3,368
5,467
2,322
3,818
6,515
12, 643 12, 846 13,960 12, 774 15, 752 13,298 12, 785 14, 202

101,827 101, 659 102,189 102,969 102,921 104, 178 104,961 104,696
47,957
37,449

48, 349
37, 174

48,438
37,949

48,533
38,788

48,864
38, 273

48, 516
39, 639

48,620
39, 910

49, 006
39,616

135, 488 138,009 439,217 438,213 143,966 141, 762 140, 511 142,068
62, 189 63, 372 63,401 63,733 66,290 64,994 65,057 67,014
6,578
7,247 7,791 6,817
8,350 8,360
7,562
7,024
9,773 10,470
9,676
9,303 9,597
9,495 10, 185 10,428
29,268
29,035
29, 106
28,094 28,337 28,531 28, 754 28,988
35,273 35, 466 35, 730 35, 597 37,700 36,293 36, 431 36,092

59,321
26,903
22, 274
32,418

59, 717
27,043
21,978
32, 674

61,677
28,915
21,842
32, 762

61,485
28,400
22,436
33, 085

337.3
218.2
61.8
57.3

339.5
220.2
61.6
57.7

342.6
221.8
62.3
58.6

344.3
222.3
61.8
60.2

61,804 62, 057
28,371 28,080
22,322 22,057
33,433 33,977

62, 927
28, 738
23,871
34,189

61, 482
27, 208
23,423
34,274

348.4
227. 2
59.1
62.1.

352.4
228.3
61.8
62.3

351.3
228.2
59.9
63.2

344.4
224.0
60.0
60.4

5.96
5.71
6.29
5.91
5.94
6.03
6.03

5.95
5.66
6.29
5.92
5.92
6.01
6.02

6.36
6 14
6 73
6.35
6.21
6.41
6.31

4.00
5.62
6.00

4.00
5.64
6.00

4.00
5.66
6.00

4.50
5.78
6.00

4.50
5.82
6.24

4.50
5.98
6.68

4.50
6.10
6.71

55.00
6.21
6.71

6.28
6.34

6.31
6.36

6.34
6.39

6.33
6.42

6.41
6.51

6.39
6.57

'6.47
' 6. 58

6.50
6.58

4.77
5.00
4.75
5.50

4.76
5.00
4.77
5.50

4.88
5.07
4.96
5.50

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

4.275
5.28

4.451
5.40

4.588
5.52

4.762
5.73

5.012
5.72

5. 081
5.53

4.969
5.59

5.144
5.77

97, 672

94, 786

99,228

92,517

92, 519

93, 089

93,917

94,813

95, 115

95,684

95,886

96,094

96,802

99, 228

98,225

74,656

77, 946

73, 598

73, 591

73, 840

74, 290

75,051

75, 348

75,889

76,039

76,223

76,680

77, 946

77, 467

77,327

30, 961
19, 834
3,751
20, 110

31, 197
21, 328
3,731
21, 690

30, 530
19, 426
3,666
19,976

30, 527
19, 369
3,648
20, 047

30, 635
19, 376
3,636
20, 193

30,852
19, 442
3,670
20, 326

31, 208
19, 580
3,696
20,567

31, 364 31,455
19,607 19, 755
3,711 3,743
20, 666 20,936

31,296
19, 914
3,742
21, 087

31,237
20,042
3,746
21,198

31,217
20,340
3,748
21,375

31, 197
21, 328
3,731
21, 690

31, 061
21, 097
3,678
21, 631

31,137
20, 785
3,653
21, 752

65, 565
32, 155
16,936
8,549
6,014
1,911

68,273
33,992
16, 851
9,169
6,294
1,967

64,966
31,967
16, 696
8,429
5,965
1,909

65,006
32,068
16, 593
8,485
5,951
1,909

65, 298
32, 299
16, 590
8,561
5,951
1,897

65, 733
32, 560
16,615
8,665
5,947
1,946

66, 452
32,966
16, 721
8,826
5,995
1,944

66, 781 67,273
33, 235 33, 536
16, 747 16, 755
8,864 8,991
6,009 6,036
1,926
1,955

67, 376 67,513
33,637 33,723
16, 701 16, 698
9,026 9,054
6,067 6,086
1,952
1,945

67,763
33,819
16,722
9,113
6,138
1,971

68, 273
33, 992
16, 851
9,169
6,294
1,967

68,076
34,017
16,775
9,063
6,251
1,970

68,215
34,155
16, 706
9,094
6,270
1,990

Retail outlets, total
do
9,091
9,673 8,632 8,585 8,542
Automobile dealers
do
490
485
486
490
506
Noninstallment credit, total
do
20, 130
21, 282 18,919 18,928 19, 249
Single-payment loans, total _
do
7,754 7,769
7,844
7,890
8,267
Commercial banks
do
6,634 6,647
6,758
6,714
7,064
Other financial institutions _ _
do
1,122
1,132
1,120
1,130
1,203
Charge accounts, total
do
7,144
5,824 5,809
5,923
7,595
Credit cards
do
874
895
922
898
1,054
Service credit
do
5,142
5,420 5,341 5,350 5,436
r
Revised.
« Corrected.
1
Average for Dec.
2 Effective with the June 9 shange in Federal 1Reserve i egulatio ns,
data exclude loan balances accumulated for payment of persona 1 loans (at)OUt$l.l bil.); beginning
June
30,
about
$1
bil.
of certificates, formerly in ''other loa ns," areiii" other securitie s."
3
Average for year.
* Daily average.
« Effective Apr. 19, discount rate is 5 50.
cTFor demand deposits, the term "adjusted" denot es demanc1 deposits other thsin domes tic
commercial interbank and U.S. Government, less cash item s in proc(}SS Of CO]lection; for

25, 587
25,225
361
671
-310

9,391 9,112
8,917
9, 673
8,557
8,567 8,616
8,599
8,663 8,710
504
507
506
506
506
494
502
506
507
508
20,
758 20,345
19, 627 19,762 19, 767 19, 795 19,847 19,871 20,122 21, 282
8,288 8,325
8,237
8,189
8,100 8,136
8,017
8,077
8,267
8,179
7,075 7,098
7,034
7,064
6,848 6,902
6,994 7,001
6,927 6,950
1,213
1,227
1,203
1,203
1,175
1,169
1,188
1,185
1,173 1,186
6,970 6,386
6,614
6,471
7,595
6,231 6,334
6,387
6,346 6,368
1,081
1,040
965
1,046
1,054
1,024
939
1,083
1,056
1,057
5,634
5,420 5,500
5,271
5,351
5,211
5,379
5,321 5,291
5,281
loans, exclusive i of loans to donlestic co cninercia] banks and aftei* deduct]on of va luation
reserve s (individual loaii items a re showrL gross; i. e., before deducti()n of valilation re serves),
JRevise>d month ly data f(>r comme rcial ban k credit
9Imiludes da ta not sh own sepa rately.
(1948-6 6) appea r in the Sept. 196 7 Fed. BDeserve B ulletin; ;hose for home m ortgage r ates for
§1?or bond yields,
C)Adjuste d to excl ude inter bank loa ns.
1965-66 will be shown la ter.
fBeginni ng Feb. 1967, sen es revise 1 to cover 35 cem ers and tjxclude r ates for
see p. 3-20.
certain loans fo rmerly in eluded (see May 1967 Fed eral Rese rve Bulletin) .

April 1968

SURVEY OF CURRENT BUSINESS

S-18
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

Annual

1968

1967

1967
Mar.

Feb.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

FINANCE—Continued
CONSUMER CREDIT-Continued
Installment credit extended and repaid:
Unadjusted:
Extended, total
_
Automobile paper
Other consumer goods paper
All other
*

mil. $
do
do
do

78, 896
28 491
23, 502
26 903

81, 263
27 221
25, 787
28 255

5,488
1 916
1 655
1 917

6 641
2 350
1 985
2 306

6,495
2 294
1 927
2 274

7,062
2 559
2,074
2 429

7,458
2 678
2,155
2 625

6,859
2 396
2,071
2 392

7,223
2 392
2,229
2 602

6,590
2,042
2,205
2,343

6,912
2,355
2,215
2,342

7,032
2,222
2,375
2,435

7,829
2,094
3,088
2,647

6,363
2,178
1,992
2, 193

6,372
2,301
1,854
2,217

Repaid, total
Automobile paper
Other consumer goods paper
All other

do
do
do
do

72, 805
26 373
21 361
25 071

77, 973
26 985
24 293
26, 695

5 905
2 075
1*878
1 952

6
2
2
2

648
353
042
253

6 246
2 186
1 920
2 140

6,612
2 342
2 008
2,262

6,697
2 322
2 017
2,358

6,562
2 240
2 044
2 278

6,682
2 301
2 081
2,300

6,440
2,201
2 046
2,193

6,728
2,414
2 087
2,227

6,575
2,242
2,077
2, 256

6,563
2,114
2 100
2,349

6,842
2,314
2,223
2,305

6,512
2,225
2,166
2,121

Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other

do
do
do
do

6
2
2
2

6
2
2
2

510
199
049
262

6
2
2
2

606
217
095
294

6,554
2,238
2 032
2,284

6,823
2,338
2,081
2,404

6
2
2
2

776
266
147
363

6,929
2,285
2,212
2,432

6,973
2,322
2,234
2,417

6,942
2,321
2,165
2,456

7,032
2,305
2,242
2,485

7,035
2,306
2,321
2,408

7,089
2,437
2,223
2,429

7,245
2,519
2,250
2,476

do
do
do
do

6 281
2 217
1 915
2 149

6 246
2 193
1 899
2 154

6 393
2 235
1,968
2 190

6 361
2,219
1,948
2 194

6,531
2,281
1,995
2,255

6
2
2
2

551
228
074
249

6,585
2,240
2,079
2,266

6,689
2,280
2,106
2,303

6,631
2,301
2,093
2,237

6,614
2,240
2,105
2,269

6,652
2,250
2,167
2,235

6,691
2,302
2,088
2,301

6,679
2,308
2,110
2,261

14 490
13 167

17 070
11 189
5 881

11 295
14 445
3 150

21,501
12 762
8 739

8 938
14 538
5 600

11 766
16 325
4 559

15, 176
14 201

8,739
14 815

11, 032
15 202

12, 734
13, 434
—699

Repaid, total
Automobile paper
Other consumer goods paper
All other

_

497
177
099
221

FEDERAL GOVERNMENT FINANCE
Net cash transactions with the public: <?
Receipts from
mil $
145 136 156 300 12 308
Payments to
do
150 868 163 571 11 852
AKR
Excess of receipts or payments ( )
do
5 731
7 270
Seasonally adjusted, quarterly totals: §
Receipts from
_ bil. $ _
Payments to
do
Excess of receipts, or payments (— )
do
Receipts and expenditures (national income and
product accounts basis), qtrly. totals, seas.
adj. at annual rates:
Receipts
bil $
143 2
151 8
Expenditures
do
142 9
164 3
Surplus, or deficit (—)
_
do
.3
12 5
Budget receipts and expenditures:
Receipts, total
Receipts net^f
Customs
Individual income taxes
Corporation income taxes
Employment taxes
Other internal revenue and receipts
Expenditures total^f
Interest on public debt
Veterans' benefits and services
National defense
All other expenditures

mil $
do
do

146 863 160 057 12 046
HO* 802 117 708
7* 757
1 930
1 989
134

do
do
do
do

66
31
24
22

151
986
059
736

72
34
27
23

088
218
917
845

do
do
do
do
do

118
12
5
64
35

078
752
838
271
872

131
13
6
76
36

698
769
288
252
058

6 212
COK

3 9 CO
1 713
9 459
1 108

1 ' 393

39 2
38 S

38.5
38.1

.4

38.5
43.4
-4.9

38.8
43.3
-4.5

149 1
160 9
11 9

148.1
162 8
—14.7

152.7
165.9
-13.2

' 157. 3
167.9
'-10. 7

4

16 527

U ' 30*.
17fl

5 01 fi
6 79Q
9 3*^3

9 9fi1

n1

fiQQ

-IKA

KCO

5
2

7 co
fl4O

975 —6 076 —4 170

19 225
13 534

150

9 807
4 9QC
3 157
1 817

5 687
1 065
3*033
2 120

9 464
1 127

10 915
1* 103

6 303
l' 567

6 125
3*130

XQrv

KAQ

6

CQ3

q 11o

12 072
6 289
'l66

565

22, 072
18 304

176

15, 090
12 404

10 768
7 301

160

178

163

179

193

160

181

4 107

5 375

4 468

5,463

8,152

1 390
2 029

2 107
1 872

4,828
4,224
1,565
1,935

2 646
1 927

10 131 11 502
1 127 1 142

12 730
1 128

12 468
1 145

11 530
1 154

550

543

599

6 792
4 364

6 586
4 257

6 113
2 505

946

543

6 425
3 440

642

Public debt and guaranteed obligations:
Gross debt (direct), end of yr. or mo., total-bil. $_. i 329. 32 i1 344. 66 329. 62 330.95 327. 80 330. 89 326. 22 330.64 335. 85 335. 90
Interest bearing, total
do
i 325. 02 1 341 19 325 69 327 01 323 88 326 99 322. 29 327 13 332. 41 332. 45
Public issues
_
do
1273 03
283 96 274 20 274 95 272 23 271 82 266 13 270 92 274. 10 274. 71
i - i o 7f»
1 1 ft RQ
1Q 33
18 61
Held by U S Govt investment accts do
19 55
18 83
i 51 99 i 57 23
57.74
Special issues
_
_
do
58.31
56.16
55 17
51 65
56 21
51 49
52 06
1
3.44
3.45
Noninterest bearing and matured
do. _
3.94
*3 47
3.89
3.50
4. 30
3 93
3 93
3 94
Guaranteed obligations not owned by U.S. Treasury, end of year or month - _
bil. $
U.S. savings bonds:
Amount outstanding, end of yr. or mo_-.do
Sales, series E and H
do
Redemptions
do

i 49
1 50. 92
4.86
6 00

1

55

51

i 51. 71
4.90
5.79

51.01
43

47

8,979
6 823

1 970
1 835

428

12,711
10, 616

9 018
6 371

7 100
4 032
2 106
1 689

7 275
9 328
2 566
2 728

10, 225
7,529

174.8

913

588

940

' 1, 611

11 730
1 174

10, 084
1,234

6 628
3,391

6 411
3 570

6,017
2,436

340. 50
337.04
279. 87
18 68
57.17

345. 09
341. 57
284. 20
18 80
57.37

344. 66
341.19
283.96
18.70
57.23

346. 26
342.81
286. 88
18 70
55.93

351. 56
348. 31
291. 07
19 08
57.24

349.47
346. 14
289. 42

3.46

3.52

3.47

3.45

3.24

3.34

.52

.54

.55

.55

.55

.56

51.67
.37

51.71
.35

51.70
.46

51.73
.42

51.73
.40

.43

.47

.63

.53

586

417

51

51

.51

.52

.52

51.16
39

51.24
.44

51.30
.41

51.41
.41

51.46
.39

51.50
.35

51.59
.40

.47

.48

.46

.44

169 86

170 57

171 24

7 81

7 91
66 02
60 72

88
48
12
41
04

173. 13
74 37
8.34
66 32
60 92

173. 84
74 76
8 46
66 51
61 07

174. 66
74 96
8.62
66 70
61 24

175. 39
75 37
8.72
66 88
61 40

176. 18
75 63
8.84
67 10
61 60

177.20
75. 49
9.00
67.60
62.04

178.26
76 37
9.06
67.77
62.22

178. 76
76.68
9.17
67.87
62.29

4 99
9 70
1 30
7 89

5 03
9 74
1 46
7 g7

5 05
9 81
1 34
7 92

5 08
9 88
1 34
8 09

5.10
9 93
1 43
7.95

5.16
10 00
1.45
8.01

5.18
10.08
1.56
8.30

5.21
10.17
1.46
8.23

5.24
10.26
1.33
8.21

51
51.09
46
' 52

45

48

.50

.52-

56.71

.54

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
Nonfarm
"
do
Real estate. . _
Policy loans and premium notes
Cash__._. _
~"
Other assets

do
do
""do
do

i 167 02

168 93

i 71 (\f\

i g yg
i g4 61
i 59 37

7 58

i 4 gg
1
9 12
1
1 53
i e 23

fse en

er on

60 26

fin ^9

4 89
9 34
1 33
7 70

4 92

9

44
1 9fi

7 82

79 Q8

4 94
9 54
1 18
8 00

73 9fi

8 00
fifi OK

60 92
4 95
9 62
1 35
7 80

171
73
8
66
61

Payments to policyholders and beneficiaries in
U.S., total
mil $ 12 342 2 13 293 6 968 1 1 236 8 1 034 11 103 2 1 137 5
Death benefits
do
5 218 2 5 665 3
477 4
454 5
416 6
492 1
542 3
Matured endowments
do
981 6 1 017 1 80 0
87 9
82 7
85 6
95 9
-ic
'c
Disability payments
do
169 3
174 6
17 5
13 4
13 7
15 1
Annuity payments. _
Surrender values
Policy dividends
r

do
do
do

1 152 6
2 120 6
2. 699. 9

1 261 3
2 243 1
2.932.2

98 8
167 1
192.2

108 1
206 0
268. 0

99 3
189 6
194.3

Revised.
v Preliminary.
™5 of Tear; assets of life insurance companies are annual statement values.
io<£?
borrowing.
§Revisions for 1958-66 appear in the Treasury Bulletin (Dec.
1

19o7).




101 1
195 7
213.6

102 2
199 2
253.3

969
429
71
13

0 1 166 8 1 118 8 1, 078. 1 1, 059. 6 1, 373. 4 1,174.9 1, 150. 8
531.6
531.2
520.5
465.4
447.3
453.9
6
509 7
6
86.5
81.0
80.8
96.0
87 1
78 8
77 5
13.7
17.4
12.9
13 0
14 3
16 6
5
13 3

102 5
169 2
182.6

102 8
198 0
265.5

121 0
180. 6
267.9

109 8
184.2
218.6

107.4
184.0
210.6

91.8
191.8
475.6

133.5
196.0
210.3

114.4
197.0
213.1

HData for net receipts and total expenditures reflect exclusion of certain inter fund
transactions.
J Revisions for Apr. 1966-Jan. 1967 will be shown later.

SURVEY OF CURRENT BUSINESS

April 1968
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

Annual

S-19

1967
Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

10, 626
7,838
2,222
566

10, 140
7,277
2,298
565

11, 683
8,428
2,650
605

11, 425 i 24,089 '9,989
7,198
8,428 1 8,586
2,424 14,932 ' 2, 290
501
573
571

Dec.

Jan.

Feb.

Mar.

FINANCE— Continued
LIFE INSURANCE— Continued
Life Insurance Agency Management Association:!
Insurance written (new paid-for insurance) :
Value estimated total
mil. $ '121,989 1141,799
93, 488
Ordinary
do
87, 332
27, 580 i 41, 257
Group and mass-marketed ordinary
do_
7,054
In dustrial
do
7,078
Premiums collected:
10, 090
16,906
Total life insurance premiums
do
12,668
Ordinary
_ _
do_ __ 12, 063
2,907
Group and mass-marketed ordinary
do
2,660
1,332
1,367
Industrial
do

9, 566
6, 864
2,135
567
or 1, 284
«'965

226
93

MONETARY STATISTICS
Gold and silver:
Gold:
11,982 13, 107
Monetary stock, U.S. (end of period) ._ .mil. $_. 13, 159
-50
-86
Net release from earmark! _ •
__do
-23
457, 333 1,005,199
Exports
thous. $
56
Imports.. _ _ _ _ _ _ . _ _d o _ _ _ 42,004
32, 547
3,348
2
Production, world total..
mil. $__ 1, 445. 0
South Africa
_
do
1, 080. 8 1, 061. 6
87.8
103.8
114. 6
Canada
_
- __do
8.9
United States
do
63.1
Silver:
Exports
thous. $__ 114, 325 ' 100, 710 9,018
Imports
do
78, 378
80, 178
6,399
Price at New York
_ ___ dol. per fine oz
1.293
1.550
1.293
Production:
37, 206
Canada
••?*. - - - - -thous. fine oz
32,820
2,504
Mexico_.._
'___
_
do
41, 984
3,245
United States
_.
do
30, 354
45, 047
3,927
Currency in circulation (end of period)
bil. $__
44.7
47.2
43.6
Money supply and related data (avg. of daily fig.) :
Unadjusted for seasonal variation:
Total money supply,
bil. $
176.4
169.8
170.6
Currency outside banks
_ __ _ do
39.4
37.5
38.3
Demand deposits
do
132. 3
137.0
132.3
Time deposits adiustedf
do
173.2
s 154. 0
164.0
U.S. Government demand deposits _ _ do_ _
5.0
4.9
5.0
Adjusted for seasonal variation:
Total money supply
do
171.5
Currency outside banks
_ . do
38.7
Demand deposits
_.do_ .
132.8
Time deposits adjusted^
do
163.5
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMS A's) O__ ratio of debits to deposits.
56.7
52.8
55.6
New York SMS A
do
120.8
109.4
119.4
Total 232 SMSA's (except N.Y.)
do
40.1
38.3
39.4
53.4
6 other leading SMSA'sd"
do... .
50.1
52.6
226 other SMSA's
_
_ do
34.5
33.3
34.2
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.$

10, 715
7,615
2,484
616

r 1, 459

"•1,114
244
.CM

' 1, 330 ' 1, 475 ' 1, 360 1,399 ' 1, 406 ' 1, 313 ' 1, 443
'988
'1,040 ' 1, 053 r 1, 051
1,107
' 1, 013 1,104
241
257
267
231
232
218
225
98
104
93
105
99
105
95

13, 107
12
285
1,494

13, 109
-3
162
2,326

13, 109
3
63
2,239

13, 110
-5
490
2,530

89.5
9.1

89.1
8.9

91.2
8.9

89.1
9.1

88.9
8.4

90.5
8.3

89.9
8.0

10, 693
6,136
1.293

11, 072
8,451
1.293

15, 149
8,159
1.296

19, 786
10, 120
1.301

2,912
4,021
1.593

1,722
8,520
1.750

3,353
3,469
3,598
43.6

3,224
3,114
4,151
43.7

4,020
2,304
3,280
44.4

3,403
6,078
4,194
44.7

2,729
2,129
2,461
44.9

171.9
38.5
133.4
166.7
4.9

173.6 . 171.1
38.9
38. 7
132.2
134.9
170.8
168.8
6.5
4.8

174.3
39.3
135.1
173.0
3.9

173.1
38.9
134.2
166.1

172.7
39.1
133.6
168.1

174.5
39.2
135.3
170.0

54.8
117.2
39.1
51.2
33.9

57.7
123.0
40.8
54.2
35.1

54.8
115.2
39.2
52.0
33.9

11, 925
8,280
3,002
643

11, 370
8,140
2,644
586

13, 108 13,008
1
-17
104
77
2,041 3,331

13, 006 12,905
1
-8
226
73
8,219
1,771

1,372 ' 1, 721
1,040 ' 1, 157
235
328
96
235

1,425
1,088
241
97

12, 908 11, 982 11, 984
-32
52
-221
969 1,002,523 1,503
1,126
3,201
2,510

11, 882
-31
949
1,839

82.0
8.7

90.3
7.7

4,094
5,839
1.680

2,480 ' 2, 792
6,759
3,296
1.953
1.786

6,236
4,984
2.066

12, 993
10, 922
1.990

23,889
8,645
1.855

2,691
3,020
892
45.1

2,928
2,462
1,366
45.0

3,390
4,393
1, 235
45.4

3,134
4,027
644
46.5

2,864
703
45.8

1,079
45.8

175.8
39.6
136.2
175.1
5.6

175.9
39.6
136.2
177.7
4.3

178.4
39.8
138.6
178.9
5.0

180.6
40.0
140.6
180.3
6.2

182.5
40.4
142.1
181.1
5.2

187.2
41.2
146.0
181.8
5.0

187.8 ' 181. 5
40.5
40.3
147.3 ' 141. 3
183.5
185.5
4.9
'7.2

182.1
40.7
141.4
187.4
6.7

176.2
39.3
136.8
172.4

177.9
39.5
138.4
174.6

179.1
39.6
139.6
177.2

179.2
39.8
139.5
178. 9

180.3
39.9
140.3
180.8

181.2
40.0
141.2
182.5

181.5 ' 182. 5 ' 182. 5
40.5
40.7
40.4
141.9 ' 141. 8
141.1
185.0
183.7
183.8

183.4
41.1
142.3
186.6

56.5
120.0
40.1
53.4
34.4

56.8
119.8
40.7
55.5
34.5

59.0
128.5
41.1
56.6
34.6

57.4
120.6
40.8
55.4
35.1

58.3
125.5
40.8
54.6
35.1

58.4
130.2
41.2
55.7
34.8

.. 58. 5
122.1
4i. 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

650
47.2

6,748
451
105

7 596
506
124

6,718
584
140

7 946
589
171

345
911
3,474
5,055
799
1, 298
1,487

333
796
3,261
5,497
672
1,061
1,165

*51
* 191
786
1,341
67
325
296

82
205
849
1,344
194
311
296

102
190
767
1,335
216
192
227

98
210
859
1 477
195
233
346

1,395
3,058
2,379

1,316
2,893
2,297

321
674
527

368
840
564

305
687
540

322
692
666

821
3,053
4, 058
12, 958

809
2,356
3,884
13, 262

162
620
831
3,185

199
831
883
3,266

199
193
1,041
3,079

249
712
1,129
3,732

2,764

2,911

799

666

717

729

5,373

4,375

10, 625

3,844
1,361
111
47

5,043
2,343
313
17

4,161
2,375
130
84

10,376
2,231
144
105

4,004
1,549
173
41

1,518
598
30
426
27
92
ins

2,674 ' 2, 589 2,481
963
1,334
1,263
163
16
40
477
476
536
35
24
33
40
359
354
UQ
279
122

1,763
654
16
269
20
202

4, 002

10, 484

90.0
8.2

84.1
8.6

29, 008
2,130
540

4

10, 871
8,018
2,298
555

1,421
1,088
230
103

30, 937
4 2, 102
702

SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
mil. $
7, 523
45, 015
5,253
4,229
68, 514
By type of security:
Bonds and notes, total
do
5,110
7,367
42, 501
3,991
65, 670
Corporate...do___
1,262
2,219
15, 561
21,954
1,778
Common stock
_
do
119
139
94
1,939
1,959
Preferred stock
do
24
17
574
144
885
By type of issuer:
Corporate, total 9
do
2,362
1,418
2,015
18, 074
24, 798
Manufacturing
do___
570
1,283
7,070
1,153
11, 058
Extractive (mining)
do
35
15
375
29
587
Public utility
do
279
510
3,665
401
4,935
Railroad _
do
42
20
12
339
286
Communication
do
106
147
2,003
1,979
109
Financial and real estate
do
1 .941
9, 433
248
92
143
r
2
Revised.
i Includes $8.3 bil. coverage on Federal employees.
Estimated; excludes
U.S.S.R., other Eastern European countries, China Mainland, and North Korea.
3 Beginning June 1966, data exclude balances accumulated for payment of personal loans (amounting to $1,140 million for week ending June 15).
4 Beginning with the period noted, data
reflect reclassification of companies between industries and are not strictly comparable with
those for earlier periods.
« Revisions for Jan. 1967: Total, 1,344; ordinary, 1,036.




9,732
7,201
1,956
575

11, 992
8,392
2,959
641

4,218

187

8,732

4,483

4,539

8,068

4,141
1,940
238
231

8, 428
1,196
222
81

4,206
2,107
235
42

4,213
1,431
279
47

7,844
1,381
168
55

2,409
930
65
647
7
121

1,500
527
25
410
0
83

2,385
1,135
126
282
16
70

1,757
557
40
425
9
185
259

1, 604
561
50
559
47
148
78

4,609

3Q9

17fi

977

2.180

t Revisions for mouths of 1966 will be shown later.
§ Or increase in earmarked gold (—).
If 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

Annual

April 1968

1967
Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commission—Continued
Estimated gross proceeds— Continued
By type of issuer— Continued
Noncorporate, total 9
mil $
IT S. Government do
State and municipal
do
New corporate security issues:
Estimated net proceeds, total
Proposed uses of proceeds:
New money, total.
Plant and equipment
Working capital
Hetirement of securities
Other purposes

_

State and municipal issues (Bond Buyer) :
Long-term
Short-term

26 941
8 231
11, 089

43 716
19 431
14, 288

6 105
4 154
1*159

9 891
459
1 437

2 213
393
1 129

2 483
*438
1 209

9 700
410
1 461

1 786
415
925

8 145
6 458
840

2 455
362
1 273

2 200
422
991

7 232
5 054
1,320

2 099
371
1,093

2 782
481
1,162

6 464
4 719
1,134

do

17, 841

24, 409

1 400

2,334

1,985

1,493

2,631

2,543

2,440

1,733

2,367

1,470

2,344

1,718

1,580

do
do
do.
do
do

15, 806
12, 430
3,376
241
1,795

22,230
16, 154
6,076
312
1,867

1 375
918
457
1
24

2,178
1 755
423
17
139

1,891
1 352
539
12
82

1,418
1 082
336
19
56

2,363
1 832
531
20
248

2,179
1,531
647
89
275

2,184
1,717
467
34
222

1,581
1,080
501
10
142

2,120
1,459
662
79
168

1,305
914
391
3
163

2,113
1,379
734
8
223

1,606
1,200
406
30
83

1,474
1,145
329
14
92

do
do

11 089
6,524

14, 288
8,025

1 159 1,437
634
756

1 129
1 197

1,209
951

1,461
531

925
286

840
752

1,273
603

991
764

1,320
767

1,093
330

1 162 ' 1, 134
563
569

1
791
7, 948
* 2, 763

713
685
5 445
5 803
1 936 2,135

701
5 896
2,078

673
5,966
2, 220

686
6,195
2,231

698
6,636
2,341

732
6,677
2,281

720
6, 943
2,401

776
7,111
2, 513

791
7,200
2,500

791
7,948
2,763

888
7,797
2,942

815
7,419
2,768

1,325
1,077

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.._

1
1

!609
5, 387
1, 637

1

Bonds
Prices:
Standard & Poor's Corporation:
Industrial, utility, and railroad (AAA issues) :
Composite cf
dol per $100 bond
Domestic municipal (15 bonds)
do

86.1
102.6

81.8
100.5

86 4
106.4

85 6
105. 8

85 4
104.9

83 4
101.1

81.7
100.2

81 1
99.3

80 3
99.6

80.0
98.0

78 5
95.8

76.8
95.2

75.9
93.6

77 2
95.5

77.5
94.8

76 9
92.7

78.63

76.55

80.73

80 96

80 24

77.48

76.37

76 39

75.38

75.04

73.01

70.53

71.22

73.09

73.30

70.98

4,261.12 6 087 43
3,740.48 5,393 60

409 22
350 65

478 39
394 94

381 00
333 15

534 32
451 62

539 46
464. 38

541 91
455 80

529 22
471 09

494. 25
439. 68

634. 15
559. 18

567 12
536. 43

531 62
519. 14

552 08
503 57

402. 93
392. 36

4,100.86 5, 428. 00
3,589.62 4,862 48

385 34
330 33

451 87
374 71

349 76
309 72

484. 92
413 73

463. 58
406. 43

468 83
402 31

466 98
422 84

438. 28
385. 75

553. 63
494. 43

496. 10
475. 48

440. 43
446. 45

437. 51
422 35

339. 82
341. 27

New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $ 3, 092. 79 3, 955. 54

258 78

281. 42

279 94

329 41

326. 62

358 94

326 09

319.92

403 06

382. 38

360. 78

333 25

268.61

317 43

5.35

5.43

5.42

5.56

5.75

5.86

5.91

6.00

6.14

6.36

26.51

6.45

6.40

6.42

5.51
5.66
5 86
6.23

5
5
5
5

03
18
38
82

5.13
5.23
5.49
5.85

5
5
5
5

11
26
46
83

5.24
5.42
5.60
5.96

5.44
5.63
5.77
6.15

5
5
5
6

5
5
5
6

62
76
94
33

5.65
5.87
6.06
6.40

5
6
6
6

82
01
19
52

6.07
6.23
6.43
6.72

6
6
6
6

17
29
48
84

6.10
6.27
6.41
6.80

6 11
6.28
6 43
6 85

5.74
5 81
5 89

5 33
5 25
5 48

5.39
5.37
5.51

5 37
5 37
5 51

5.46
5 59
5 62

5.64
5 80
5.80

5 79
5 91
5 88

5 84
5 96
5 94

5.93
6.02
6.03

6 05
6 12
6 24

6.28
6 39
6.42

6.39
6 57
6. 63

6 34
6 47
6 65

6.31
6 36
6.65

6 33
6 39
6 67

3.83
3.82

3.96
3.98

3.60
3.56

3.54
3.60

3.69
3.66

3.96
3.92

4.06
3.99

3 91
4.05

4.06
4.03

4.19
4.15

4.27
4.31

4.42
4.36

4.44
4.49

4.16
4.34

4.44
4.39

4.54
4.56

4.66

4.85

4 47

4.45

4 51

4.76

4.86

4 86

4 95

4.99

5 18

5.44

5.36

5 18

5 16

5 39

8.25
9.17
4 11
4.45
5.06
6.85

8.26
9 03
4 34
4.62
5 35
7.82

8.30
9.16
4 20
4.63
5 28
7.81

8.32
9.17
4.27
4.63
5.28
7.81

8.33
9 18
4 27
4.63
5 28
7.81

8.19
8.95
4.32
4.63
5.28
7.81

8.20
8.95
4.38
4.63
5.29
7.81

8.21
8 96
4 39
4 65
5 99
7.81

8.21
8 96
4 39
4 65
5 30
7.81

8.22
8.96
4.39
4.65
5.48
7.81

8.23
9 00
4 40
4.58
5 48
7.81

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

230. 88
266 77
102 90
92.65

246.54
290 05
101 87
95 91

233. 23
267 35
105. 18
92.56

242. 02
278. 90
106. 81
93.52

251. 52
293 28
108 90
93 60

238. 37
277 83
102. 58
94.89

242. 22
282 15
100. 73
97.92

252. 69
99$ 94
103 04
105 56

249. 02
295 09
99 63
104 99

257.40
307 35
99 76
101. 22

251. 90
302 88
93 63
91 88

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

242. 77
290 96
92 66
86 75

3.57
3.44
3.99
4.80
4.04
2.92

3.35
3 11
4 26
4 82
3 87
3.47

3.56
3.43
3.99
5.00
•3.94
3.17

3.44
3.29
4.00
4.95
3.84
3.28

3.31
3 13
3.92
4.95
3.83
3.31

3.44
3.22
4.21
4.88
3.96
3.51

3.39
3.17
4.35
4.73
3.98
3.43

3.25
3 00
4 96
4 41
3 68
3.53

3.30
3 04
4 41
4.43
3 69
3.54

3.19
2.92
4.40
4.59
3.77
3.57

3.27
2 97
4.70
4.98
3 89
3.85

3.31
2 97
4 60
5.01
4 06
4.02

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

3.47
3 13
4 81
5 21
3 8Q
4.11

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)
percent__
By rating:
Aaa
do
Aa
__
_
do
A.
._
do
Baa
._
_
_
do
By group:
Industrials
_ _ _ _ _
d o
Public utilities
do
Railroads.
do
Domestic municipal:
Bond Buyer (20 bonds)
_
do
Standard & Poor's Corp. (15 bonds)
_do
U.S. Treasury bonds, taxableO

do

5.34

25.82

5.13
5.23
5.35
5.67

2

5.30
5 36
5.37

2

58
72
88
26

2 6.19
6.35
6.58
6.93
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
Industrials
Public utilities
Railroads
.__ _
Yields, composite
"Industrials _ _ _ _
Public utilities
Railroads
_
N.Y. banks _
Fire insurance companies

do
do
do
do
.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
Public utilities
do
Railroads
. . .
do

14.70
16.78
15.75
r
6.37
6.30
6 68
8.85
9.34
r
Revised.
1 End of year.
2 Beginning Dec. 18,1967 Aaa railroad bonds not included.
9 Includes data not shown separately.
cf Number of bonds represented fluctuates; the change in the number does not affect the




r
16.07
13.50
18 73
6.42
6.53
r 6 68
8.30
continuity of the series.
^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.

SUEVEY OF CURRENT BUSINESS

April 1968
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1968

1967

1967

Feb.

Annual

S-21

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
percent--

4.97

5.34

4.98

5.04

5.03

5.17

5.30

5.34

5.35

5.41

5.59

5.79

5.95

5.70

5.65

5.80

308. 70
873.60
136. 56
227.35

314. 79
879.12
132. 65
242. 38

305. 65
851. 12
138. 03
228. 69

307. 70
858. 11
135. 96
231. 98

309. 45
868. 66
139. 29
228. 77

315. 57
883. 74
137. 15
238. 27

318. 12
872. 66
131. 92
253. 90

327. 23
888. 51
132. 72
267. 65

329. 62
912. 46
132. 43
262. 85

330. 87
923. 45
131. 33
261. 79

321. 30
907. 54
126. 08
250. 55

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

85.26

91.93

87.36

89.42

90.96

92. 59

91.43

93.01

94.49

95.81

95.66

92.66

95.30

95.04

90.75

89. 00

91.08
84.86
74.10
68.21
46.34

99.18
96.96
79.18
68.10
46.72

93.35
86.72
73.78
70.45
46.13

95.86
90.08
75.10
70.03
46.78

97.54
92.37
77.53
71.70
45.80

99. 59
95.10
79.13
70.70
47.00

98.61
96.34
78.94
67.39
48.19

100. 38
98.35
81.27
67.77
49.91

102. 11
101. 01
83.88
68.03
50.43

103. 84
104.17
84.62
67.45
49.27

104. 16
106. 64
83.60
64.93
46.28

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

Banks:
New York City (10 stocks) . _
do
Outside New York City (16 stocks)., .do

33.32
63.80

36.40
66.46

35.62
67.09

35.32
66.00

36.01
66.56

35.43
65.81

35.35
63.97

36. 76
65.95

37.89
67.34

38.39
67.99

37.83
67.43

35.65
64.60

35.52
64.83

37.18
67.64

38.46
70.66

38.38
70.59

Fire and casualty insurance (20 stocks)_,_do

64. 55

62. 29

68.99

65.86

64.86

62.60

61.34

62.56

58.95

60.84

58.66

55.84

56.99

59.42

56.61

53.31

New York Stock Exchange common stock indexes:
Composite
12/31/65=50Industrial
do
Transportation.
_,
do
Utility
do
Finance
do

46.15
46.18
50. 26
45.41
44. 45

50.77
51.97
53.51
45.43
49. 82

47.80
47.72
52. 56
47.03
48.71

49.02
49.02
55.19
47.88
48.17

49.92
50.19
54.60
48.07
48.37

51.00
51.78
55.76
47.20
48.17

50.54
51. 55
54.97
45.95
47.51

51.67
53.13
57.30
44.87
49.85

52. 46
54.20
56.80
44.69
51.24

53.23
55.28
54.89
44.57
52.98

53.13
55.62
51.56
43.33
52.69

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

123, 034
3,188

161, 752
4,504

11, 181
316

14, 515
418

11, 777
323

14,411
397

13, 891
374

13, 313
393

14, 023
392

13, 092
369

14, 499
409

14, 478
381

14,919
412

17, 662
518

12, 008
321

98, 565
2, 205

125, 329
2,886

8,792
216

11,465
268

9,232
206

11, 335
257

10,801
243

10, 114
241

10, 920
251

9,964
228

11, 006
249

11, 193
242

11, 186
262

12,914
298

8,909
205

1,899

2,530

183

225

188

219

213

217

208

205

225

212

230

263

174

193

482. 54
10, 939

605. 82
11, 622

527. 04
11, 046

549. 49
11, 073

572. 64
11,114

546. 65
11, 199

559. 50
11, 277

586.41
11, 326

581. 99
11,374

600. 94
11, 433

583. 13
11, 484

586. 17
11, 568

605.82
11, 622

582.94
11, 696

564. 15
11, 796

568. 51
11, 897

Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
__
Public utility (15 stocks)
Railroad (20 stocks)

___ _

Standard & Poor's Corporation :cf
Industrial, public utility , and railroad:
Combined index (500 stocks)
1941-43= 10__
Industrial, total (425 stocks) 9
Capital goods (122 stocks)
Consumers' goods (181 stocks)
Public utility (55 stocks)
Railroad (20 stocks)

do _ _ _
do
_ do _ _
do
do

Sales:
Total on all registered exchanges (SEC):
Market value
mil $
Shares sold _ _ .
_____
millions
On New York Stock Exchange:
Market value
mil $
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
millions
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $_.
Number of shares listed. _ _ _ _ _
millions .

FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value
Exports (mdse.), incl. reexports, total
Excl. Dept. of Defense shipments
Seasonally adjusted

do
do
do
do

Northern North America
Southern North America
South America..

__

By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan _
Malaysia
Indonesia
Philippines
Japan

__ _

Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada...
r

2,469.3 2,831.9 2,705.4 2,725.5 2,667.2 2,418.8 2,486.4
2,417.9 2,796.8 2,666.1 2,683.2 2,617.9 2,376.4 2,395.4
2,607.3 2,551.4 2,653.8 2,546.9 2,576.5 2,584.1

do

By geographic regions:
Africa
Asia
Australia and Oceania
Europe.

Europe:
France
East Germany
West Germany

mil. $._ 30,319.6 31,533.7
do
29,379.2 30,941.9

2,784.7 2, 773. 1

115.3
608.6
76.7
892.8

118.9
582.2
78.4
877.8

114.0
602.9
72.5
854.4

86.0
561.7
77.9
792.0

89.8
584.1
73.3
811.5

90.3
594.1
74.5
811.6

70.3
570.4
82.9
789.8

88.6
617.4
79.5
961.3

88.4
642.6
164.1
943.1

96.6
676.2
92.1
870.8

107. 1
639.9
88.6
880.1

7, 174. 1 ' 536. 7 638.6
177.6
205.1
2, 365. 0
2,354.9 ' 186. 8 207.9

625.9
193.8
203.7

684.6
200.8
188.2

641.5
203.5
191.8

531.2
190.1
192.1

533.0
191.7
204.3

590.9
198.3
190.0

600.3
201.9
169.6

634.3
213.4
202.5

618.1
197.7
218.1

615.4
186.0
189.6

600.7
213.4
196. 2

do
do

189.1
401.0

66.1
426.4

7.8
34.4

7.5
43.2

11.3
40.7

10.8
32.0

4.9
36.0

1.8
35.4

3.4
38.2

5.9
29.2

1.5
25.7

1.1
32.1

2.9
29.0

2.5
35.3

1.0
39.3

do
do
do
do

654.2
929.3
238.7
45.6

891.3
955.4
346.9
49.2

70.1
''84.5
30.7
5.0

68.0
82.8
44.7
4.2

68.2
80.7
25. 2
3.5

65.5
84.5
14.3
3.1

64.1
83.7
25.0
3.2

66.5
69.4
23.3
4.0

63.6
94.5
14.4
3.2

66.9
65.7
47.6
3.3

73.9
74.7
29.7
4.4

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

do
do
do

67.6
347.8
2 363 6

68.4
428.2
2, 695. 8

4.4
31.0
218. 2

10.3
35.9
228.1

5.3
36.8
225. 9

4.6
35.7
221.5

2.3
40.3
210.6

3.7
41.9
220. 1

3.2
32.6
217.2

3.4
34.1
229.5

5.8
37.6
216.7

11.1
34.7
258.5

7.4
33.8
244.1

11.1
45.8
246.1

5.0
36.1
256.8

do
do
do

1,007.0
25.2
1, 673. 6

1, 025. 1
26.3
1, 076. 3

87.6
1.6
128. 5

108.6
4.7
179.0

92. 5
5.9
163. 1

95.5
3.5
151.3

101.2
2.1
121.1

73.5
1.5
131.1

67.9
.6
152.2

71.6
.6
121.4

78.3
.3
129.4

78.6
2.5
161.8

86.0
1.1
136.3

102.3
2.5
117.1

87.0
2.7.
124.7

do
do
do

908.8
41.7
1, 737. 1

972.9
60.2
1, 960. 3

78.8
8.7
146.9

88.7
7,1
165.1

77. 7
3.4
173.6

82.4
5.2
163.5

81.1
6.0
162.2

76.7
2.7
141.0

69.1
2.3
167.0

73.2
5.8
192.7

72.2
6.1
147.7

103.0
3.8
165.5

93.4
4.5
193.6

95.1
5.9
167.4

74.7
2.9
179. 3

mil. $__ 6,660.8

7, 172. 9

r 530. 6

638.5

625.8

684.5

(341. 4

531.1

532.9

590.8

600.2

634.3

618. 1

615.4

600.7

Revised.
cf Number of stocks represents nu]nber cur rently us ed; the change in
number does not affect continuity of the series.




2,642.7 2,392.3 2,692.2 2,603.9

113.9
652.7
82.8
936.5

87.5
1, 348. 5 1,182.3
6,733.3 7, 147. 2 r 583. 0
78.4
805.3 1. 016. 1
10,003.0 10,294.1 r 819. 3

do
6, 661. 2
do
2, 268. 3
do _ _ _ 2,499.9

2,547.9

2,549.7 2,485.2 2,797.0 2,872.0 2,726.8 2, 726. 0
2,504.6 2,440.0 2,760.8 2,812.9 2,674.0 2,666.7

9 Inel udes dat i not shown sepai ately.

SURVEY OF CUEEENT BUSINESS

S-22
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1968

1967

1967
Feb.

Annual

April 1968

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

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

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.

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
Beverages and tobacco

do

Cotton, raw, excl. linters and waste., do
Soybeans, exc. canned or prepared. __ do_ _
Metal ores, concentrates, and scrap
do
Mineral fuels, lubricants, etc. 9
Coal and related products
Petroleum and products

- -do
do
do

- -

Animal and vegetable oils, fats, waxes — do
C h emicals

do

Manufactured goods 9
Textiles
Iron and steeL_
Nonferrous base metals
Machinery

348. 2
20.9
54.3
20.6
14.6
99.1
49.1

335.6
15.7
44.0
18.8
17.1
101.2
52.5

320.4
16.1
33.5
19.6
19.2
106.3
47.7

29,883.9 31,147.2 2,440.8 2,797.1 2,669.8 2,692.5 2,635.4 2,389.7 2,448.4
28,943.5 30, 555. 4 2,389.4 2,762.0 2,630.5 2,650.2 2,586.1 2,347.3 2,357.5
519.6
472.3 469.6
6,874.2 6,383.3 ' 512. 9 552.2 524.2 543.9
23,009.8 24, 763. 9 1,927.9 2,248.9 2, 156. 7 , 154. 0 , 129. 2 , 929. 6 1,980.3

, 518. 2
,473.1
490.9
,027.3

,456.0
,410.8
531.7
,924.2

316.2
12.6
210.8

334.9
12.4
222.4

332.9
14.9
209.7

mil. $_. 4, 230. 9
244.1
do_ _
575.0
do_ _
256.0
do
287.1
__do_ _ _
1, 180. 0
__do_598.0
-do

4,562. 4
158.9
3, 189. 6
623.7
3,070. 4
432.2
759.9
421.6
975.8
493.0
434.1
356.8
2,674. 5

do. . 3,433. 5
554.2
do
557.3
do
582.4
__do

_

4, 126. 2
230.3
547.9
248.1
218.0
1,223.3
587.5

319.4
25.9
39.5
16.0
23.1
90.8
43.0

4,064.1 '308.4
151.3
12.8
2, 681. 4
196.9
648.7

'40.6

3, 280. 1 '280.6
463.8
53.8
771.6
62.9
519.6
34.7
1, 104. 4
501.3
538.9

81.4
39.1
36.9

338.1

360.7
19.8
53.5
23.6
16.8
105.4
44.4

351.3
17.3
40.9
21.2
13.4
101.2
55.6

336.5
18.3
38.3
20.9
16.7
103.6
48.6

351. 1
11.8
237.0

353.4
11.8
246.6

354.0
11.7
246.2

54.2

46.4

40.4

50.2

69.5

56.8

70.5

73.7

44.5

52.9

263.0
34.2
65.3
41.7

275.3
35.7
58.1
44.6

236.1
27.2
49.6
46.2

240.6
27.3
47.4
41.4

228.4
30.6
29.3
50.8

290.2
30.9
83.4
52.6

328.3
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

84.4
42.0
38.6

93.3
48.3
40.1

94.5
48.6
40.4

113.7
38.5
70.9

120.7
46.0
69.6

109.1
40.1
61.9

92.8
46.8
41.7

96.1
50.1
41.2

76.0
39.1
31.3

76.5
35.5
30.4

70.5
30.9
33.6

59.2

288.2
47.9
54.2
47.3
76.4
33.3
38.0

'31.9

33.4

29.2

32.1

38.9

29.9

22.7

26.2

24.7

27.9

19.8

15.5

26.2

242.5

234.2

249.0

240.2

220.7

232.7

235.3

218.6

244.9

242.6

235.9

238.4

3,390.1
530.9
561.2
516.8

325.5
47.4
54.5
61.5

309.3
44.9
50.2
55.9

293.7
45.6
48.1
45.7

298.6
42.0
45.6
61.0

256.8 < 258. 5
41.1
37.2
40.6
42.1
30.6
46.2

267.7
43.8
41.3
32.2

256.4
44.8
40.0
27.7

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 ?

285.6
42.1
52.8
49.5

954.6

908.8 1,017.7

682.7
54.0
31.5
82.9
183.9

637.0
50.3
31.3
84.7
164.8

597.8
44.6
19.6
80.3
161.0

630.9
37.4
22.8
85.4
168.1

405.5
235.2

317. 5
179. 1

311.0
186.2

386.8
222.3

' 957. 6 1, 157. 2 1,116.9 1, 115. 5 1,088.1

741.9
69.6
30.0
96.4
188.6

726.3
64.1
32.9
95.8
185.6

Transport equipment , total
Motor vehicles and parts. __

3, 709. 7
2,386.3

4, 525. 2
2, 733. 9

415.3
254.1

390.6
241.0

375.4
243.5

By geographic regions:
Africa..
_ ___
Asia
_-_
Australia and Oceania
Europe.- _ _ _ _ _ _ _
__

410.1
14.8
288.8

,697.9 , 695. 1
, 645. 1 , 635. 8
545.5
547.5
,152.4 , 147. 7

291.7
48.7
61.1
47.3

47.6

333.3
13.3
208.9

7,445.8 8, 047. 8 ' 642. 4
614.7
628.3
57.7
338.8
337.9
25.9
969.1 1,038.0
86.5
1,900.1 2,096.9 r 166. 1

do

,765.8 ,841.0
2,729.6 2, 781. 9
667.7
563.6
, 098. 0 2, 277. 4

322.4
10.8
214.8

327.8
11.6
212.1

Machinery, total 9
_ _ _ _ _ _ do_ _
Agricultural
__do-_
Metalworking _
_ _ _
do
Construction, excav. and mining. _.do _
Electrical
do

General imports total

358.6
20.2
56.5
22.8
15.3
109.0
50.5

335.9
12.4
214.0

358.3
12.9
242.5

740.0
71.9
28.9
97.3
182.1

do _ _ _
-do

339.2
16.1
50.6
19.9
15.2
99.2
51.0

2,802.5 ' 215. 5

and transport equipment, total
mil. $_- 11,155.5 12, 573. 0

__

346.4
22.6
35.4
19.0
22.3
105.5
45.7

' 315. 2

'198.8

25,542.2 26,815.6 2,003.7 2,354.8 2,090.9 2 222.0 2,269.8 2,126.9 2, 165. 5 2,111.8
2,229.2 2,202.9 2,226.0 2,139.9 2,227.3 2,208.0 2,125.1 2,208.5

959.9 1, 080. 8 1, 242. 6 1, 160. 6 1,163.1
618.4
675.3
664.2
679.0
717.7
,35.8
49.8
35.4
53.0
40.3
29.6
30.9
26.2
26.9
31.7
78.0
77.3
82.2
77.6
91.5
169.9
176.5
173.5
188.1 182.2
341.6
485.2
416.6
484.1
524.9
221.3
252.0
281.1 278.3 259.0
2, 342.2 2,435.4 2, 431. 1 2, 735. 2 2,448.1
2,201.5 2,375.7 2, 524. 8 2,615.4 2, 601. 9

__do
_ do
do_ _
do

978.8
5, 276. 4
593.5
7,857.2

905.4
5,352.2
581.3
8, 232. 2

94.7
' 359. 8
'41.1
628.0

95.6
463.5
44.9
729.8

78.4
421.4
46.7
608.5

76.9
441.5
33.4
661.5

68.5
439.8
57.6
692.1

57.4
436.9
51.9
661.7

54.5
488.9
56.5
630.9

78.3
438.7
45.3
617.6

74.1
472.9
46.6
723.4

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

Northern North America
do
Southern North America
_ _ _ _ do_ _
South America _ _ _
_
__ __do__
By leading countries:
Africa:
United Arab Republic (Egypt)
do
Republic of South Africa
do
Asia; Australia and Oceania:
Australia, including New Guinea
do
India. _ _
do_ _ _
Pakistan.- ___ _ _ _
do
Malaysia
do
Indonesia
do
Philippines
do
Japan
do
Europe:
France _
do
East Germany
do
West Germany
do
Italy _
do
Union of Soviet Socialist Republics
do
United Kingdom
do
North and South America:
Canada. _ . .
do

6, 131. 4
1, 912. 1
2, 785. 3

7, 105. 0
1,968.2
2, 663. 4

' 498. 2
' 163. 4
217.9

597.8
200.9
222.8

544.4
176.4
214,9

629.0
169.7
209.8

643.8
173.6
201.5

563.5
136.1
218.9

578.9
146.8
207.8

573.3
134.1
223.5

637.2
150.1
237,0

644.0
161.3
220.8

668.3
176.0
228.7

732.2
206.5
255.5

634.4
176.2
250.3

17.6
249. 0

14.9
227.0

.6
27.7

.9
21.9

.2
19.2

4.9
20.2

3.8
15.9

.2
11.5

.6
14.4

.1
23.9

.7
21.2

1.2
13.2

1.0
23.1

3.7
24.6

.7
17.3

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

'30.1
21.1
4.8
10.8
15.3
22.9
' 193. 1

27.2
29.4
6.4
18.8
17.5
36.3
251.5

35.1
23.4
4.1
16.1
13.7
34.3
228.7

20.3
23.9
3.6
17.0
14.3
20.7
248.7

43.6
22.4
3.4
12.0
12.7
36.1
251.6

32.8
21.0
2.8
10.0
16.0
36.0
251.2

34.8
29.0
4.2
16.4
18.5
41.2
269.8

31.0
20.5
4.5
18.8
14.5
29.3
251.6

32.4
26.1
2.9
17.5
15.2
28.6
280.2

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

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

49.5
.4
142.8
61.9
1.9
133.7

57.9
.3
160.3
77.7
6.0
147.1

52.8
.2
131.7
66.1
2.4
123.5

54.5
.3
142.9
69.4
4.5
154.9

60.2
.3
166.1
70.4
2.5
139.3

60.7
.4
166.1
71.0
1.7
131.3

62.5
.3
142.0
77.3
3.8
136.4

46.1
.3
156.0
59.2
3.2
130.5

58.2
.5
182.5
79.2
2.9
137.4

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

6, 124. 9

7, 099. 3

' 498. 1

597.5

544.3

628.5

643.4

562.5

578.2

572.0

637.0

643.5

668.0

732.1

634.1

304.4
10.0
54.4
11.8
22.0
50.7

296.8
11.2
54.4
9.4
18.5
55.3

298.6
12.3
53.1
17.9
19.1
49.2

317.1
13.6
60.3
9.5
17.2
57.6

319.8
12.3
57.1
16.0
18.8
64.8

331.6
10.8
30.7
8.4
20.1
65.9

379.7
15.9
48.9
15.7
26.3
72.2

358. 6
15.3
64.1
15.9
21.3
73.8

Latin American Republics, total 9
Argentina
Brazil
_
_
Chile
Colombia
Mexico
r

Revised.

* Corrected.




do
do
do
do
do
do. .

3, 969. 9
148.8
599. 7
229.1
244.8
750.2

3, 853. 2
140.3
559.0
175. 2
240.4
748.9

9 Includes data not shown separately.

319.8
10.4
36.0
25.8
18.8
fi5.2

344.6
13.5
43.2
11.4
18.9
70.5

331.7
9.6
38.4
15.5
19.7
71.7

317.8
11.2
37.9
18.6
19.1
64.3

304.9
10.6
41.0
16.2
23.0
63.3

Mar.

SURVEY OF GTJKRENT BUSINESS

April 1968
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

S-23

1967

1967

Annual

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value— Continued
General imports— Continued
By commodity groups and principal commodities:
4, 530. 5 4 472 1 364 6
375 7
329 9
430 8
Agricultural products total
mil $
431 5
358 4
357 8
415 2
336 1
410 8
378 5
344 5
369 1
Nonagricultural products, total
_ _ _do_ __ 21,011.7 22, 343. 6 '1,639.1 1, 924. 4 ] , 715. 4 1 , 886. 3 1, 919. 0 1 782 8 1, 807. 7 1,781.6 1, 973! 1 2, 057! 0 2, 020. 2 2, 304. 4 2, 032. 9
Food and live animals 9
Cocoa or cacao beans..
Coffee
Meats and preparations
Sugar
Beverages and tobacco

do
_ _do_
do
do
do

_

3, 947. 5
122.2
1, 067. 3
599.5
501.2

4, 003. 1
147.2
962.7
645.0
588.4

641.7

698.1

do

2, 964. 7
973.9
419.3
305.6
174.5

Crude materials inedible exc fuels 9
do
"Metal ores
do
Paper base stocks
-_ _ _
_ do _
Textile
fibers
do
Rubber
do

3, 265. 5
1,019.8
449.3
436.3
180.9

Mineral fuels, lubricants, etc
Petroleum and products

2, 262. 0 2, 250. 1
2, 127. 1 2, 088. 1

do
do

146.2
955.3

Animal and vegetable oils and fats. _ _ _ do
Chemicals
do
Manufactured goods 9
Iron and steel
Newsprint
Nonferrous metals
Textiles
Machinery and transport equipment
Machinery, total 9 _ _
Metalworking
Electrical

r

314.1
25.9
74.5
47.5
37.0

369.0
20.8
93 8
51.4
46.2

49.9

322. 6
11.7
76.9
44.3
54.4

296.2
5.5
77 4
43 1
37.4

337.2
9.9
75.4
51.5
59.7

55.5

51 4

356.9
13.9
110 5
52.9
35.2

6
8
5
6
8

331 7

310.3
71 8
57.7
56.0

347.0
6.7
90 6
61.4
42.3

335. 0

83 0
61.1
56.3

82 2
54.9
37.3

357.0
14.4
63 9
58.2
64.3

366.5
21.0
100.1
57.2
25.2

38 3

39 9

51.8

69.8

73.8

81 7

74.2

64.2

327
8
80
59
63

4.7

4.8

9.5

63.6

62.4

210. 7
61.2
33.3
24.9
14.1

254.5
62 8
39.8
32.0
21.2

226.3
62.7
32.4
25.2
13.6

250 7
92 6
35.0
23.5
14 3

282 2
117.0
35.8
24.9

9.6

224 0
79 7
30 7
23.0
9 o

276 5
98.1
35.5
23.6
15.8

234.3
71.2
32.5
23.7
12 7

248 9
88 8
34.8
20.8
13 2

256 4
86 1
38.3
26.2
17 1

254 4
86.0
33.7
28.5
16 6

254 7
70.1
35.3
32.9
16.8

225.3
53.7
35.7
31.6
14.0

186.7
172.3

211.8
197 2

193.8
179.1

194.7
181.1

176.9
163.7

165.3
153 5

158.3
147.4

169.9
154.3

185.4
174 4

167.8
152 6

212.5
199 8

237. 5
219.6

204.1
187.6

14.8
80.0

11.3
90.2

83.7

85.1

8.9

76.1

70 7

82.9

69.6

10.2
73.1

12.8
87.8

11.4
82.0

13.8
91.5

14.7
86.8

531.9
114.4
71.4
129.7
76.7

490.8
105.6
68.9
122.3
69.8

551.7
122.4
79.3
127.1
69.8

527 5
114.2
77.8
124.8
61.3

493 2
110 8
69 9
105.0
60 4

513 2
116.9
70.8
100.9
69.3

536.1
106.7
68.5
139.8
60.5

549.8
115.4
76.7
137.1
65.7

628 0
145 6
71.6
167.6
70 8

570 0
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

122.4
963.1

6, 386. 7 ' 472. 1
98.2
1, 372. 8
64.6
863.7
1, 562. 3 r 123. 1
60.4
811.9

8.0

8.2

6.2

7.2

9.1

do
do
_ do _
do
do

6, 352. 6
1, 305. 0
889.5
1, 551. 8
908.5

do

4,822.8

5 791.2

434.7

537.2

430.4

497.1

515 8

473 6

418 5

413. 1

505.3

518 6

562 6

671 4

586.2

do
do
do

2, 612. 9
135.3
1,010.5

3, 028. 8
203.4
1, 139. 8

232.5
14.3
87.5

286.1
19.8
103.7

234.1
17.5
80.7

254.4
16 2
86.0

249.8
17.7
87.5

251.6
15 9
89 1

258.9
18.0
104.2

224.0
16.0
94.1

253.8
17.1
107.3

275. 6
17 6
118 8

266.0
17 0
95.1

305.3
17 8
101.7

263.1
16.1
90.0

2,209.8
1, 617. 7

2, 762. 4
2, 259. 4

202.1
164.1

251.1
196.4

196.2
151. 1

242 8
192 8

266.1
218.2

222 0
179 6

159.6
115.2

189.1
157.7

251.5
219.8

242 9
211 7

296 6
257. 1

366.1
322.3

323.1
273.9

Transport equipment
do
Automobiles and parts
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
Water borne trade:
Exports (incl. reexports) :
Shipping weight
thous. sh. tons
Value.
_
_
mil. $
General imports:
Shipping weight
thous. sh. tons
Value.
_ _ _
_ _
mil. $

158
168
106

179
192
108

191
203
106

180
182
101

188
188
100

189
188
99

r

185 978
18, 520

187 973
18 642

12 971
1,463

13, 705
1,653

14, 948
1,601

16, 058
1,607

16, 570
1,572

17,216
1,500

16, 892
1,450

16, 368
1,507

16 827
1 454

18 364
1, 696

15, 602
1,606

14 278
1,520

266, 074
17, 319

254 599
17, 415

18 994
1,315

20 764
1 540

20, 132
1,348

22, 646
1,426

22, 810
1,484

19 429
1,396

21 092
1,450

18, 996
1,352

22 686
1 487

20 861
1,567

23, 312
1,539

22 856
1,740

114 1
114 9
38 8
83
58

109 9
110.2
40 3
8.0
55

117 5
114.3
55 4
8.6
6.4

TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Scheduled domestic trunk carriers:
Financial operations (qtrly. total) :
Operating revenues, total 9
mil. $
Transport, total 9
do
Passenger
do
Property..
_
do
U.S. mail (excl. subsidy)
do
Operating expenses (incl. depreciation) do
Net income (after taxes)
do
Operating results:
Miles flown (revenue)
mil
Express and freight ton-miles
flown
do
Mail ton-miles
flown
do
Passengers originated (revenue)
do
Passenger-miles flown (revenue)
bil

1 010 9
1 081 7
282 4
81 1
57 1

1 274 5
1 285 9
393 4
99 3
71 3

Express Operations (qtrly.)
Transportation revenues
Express privilege payments

mil. $
do

430 8
111.7

423 1
103.6

Local Transit Lines
Fares, average cash rate .
Passengers carried (revenue) . .

cents
mil

21 9
6 671

22 6
r Q 634

Motor Carriers (Intercity)
Carriers of property, class I (qtrly. total)Number of reporting carriersOperating revenues, total
mil $
Expenses, total
do
Freight carried (revenue).
mil. tons

4

88 9
85 5
24 5
67
4 6

102 6
105.8
29 9
8.4
59

100 1
108.8
28.2
8.0
5.5

2
4
4
9
4

101 2
24.0

22 2
52?

22 2
595

1, 148
1 233
7,849
1 899
7 457
1 851
462
'l!6
^Revised.
p Preliminary.
i As compiled by Air Transport Assn. of America.
2 Excludes excess baggage revenues.
a For the 1st quarter 1967, payments of $2.6 mil. were
deferred until 2d quarter 1967; for the 3d quarter 1967, payments of $1.4 mil. were deferred




105
114
29
7
5

105
117
28
9
6

4
4
9
2
7

22 9
561

22 3
593

22 4
5^3

1 188

1

1,
056
12
68
i 20
1 1 040
i 94
110 5
100 3
27 8
8.8
68

113 1
113 8
31 8
97
74

109 4
113 4
33 5
8.3
60

108 8
26.9

104 3
23. 7

108 8
29 0

3

r

1

1,122
1 112
987
72
26
990
77

1 030
1 0^0
904
62
24
951
39

3,707
3 672
3.261
242
91
3 250
240

3

99 §

494

23 o
595

23 1
546

93 }
580

23 1
560

23 2
551

23 3
561

23 3
540

1 226
1 983
1 917
126
4
until the 4th quarter 1967.
Number of carriers filing complete reports for the year.
9 Includes data not shown separately.
§ Publication of data beyond 2d quarter 1967 withheld pending revision of comparable
back data.

SURVEY OF CURRENT BUSINESS

S-24
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

1967

Annual

April 1968

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

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

160.2

156.0

147.7

154.0

155.8
155.7

1156
641.0
545.8
223. 2

150.2

134.3

141.6

147.3

156.8
143.7

148.6

145.5

154.5
146.4

162
137.8
133.3
52.5

162
162.8
145.3
55.8

161
203.7
161.9
62.2

2,536
2,226
117
2,027
364
145
121

2,628
2,312
121
2,069
380
179
143

2,529
2 217
131
2,038
363
128
78

180.0
177.2
1.256
3,567

186.8
184.0
1.257
3,793

179.1
174.9
1.268
4,274

260.8

150.7

154.3

162.8

162.7

185.7
257.2 2 3 66. 2

251.4

2

Class I Railroads
Financial operations
(qtrly.):
Operatm01 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
Operating 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.S. 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 expense (excluding taxes)
do
Net operating income (after taxes)
do
Phones in service, end of period
mil
Telegraph carriers:
Domestic:
Operating revenues
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 $

10, 655
9,281
544
8,117
1,492
1,046
902

10 366
9 130
485

750.5
738.3
1 257
17, 095

731 6

10.03
62
115

10 59
61
116

10.22
62
114

9.79
64
122

10.98
67
123

10.41
64
128

11.06
63
123

9.93
55
109

11.12
63
112

10.97
64
120

11.40
68
112

11.24
59
110

9.91
48
119

10.73
56
103

10,83
61
116

3,881
3,759
2,413
2,040
1,548
38, 490

4,387
' 4, 338
2,773
2,358
1,686
39, 538

254
275
149
123
111
941

322
325
191
154
188
1,380

308
328
206
157
197
1,711

352
365
223
190
224
2,417

402
537
236
217
219
5,674

455
565
319
247
165
8,814

656
475
316
291
144
8,595

434
365
306
243
100
3,892

360
296
248
226
83
2,725

292
C
249
'197
172
79
1,534

278
298
196
204
75
922

128
832

143
1,082

1,969
33.80

1,434
24.57

403
6.97

358
6 11

385
6 47

288
5 02

12, 904
6,699
4,761
7,713
2,317
86.0

13, 846
7,090
5,170
8,319
2,488
90.2

3,356
1,732
1,245
2,040
584
87.0

3,445
1,764
1,291
2,067
618
87.8

3,477
1,773
1,303
2,059
643
89.0

3,568
1,822
1,332
2,153
642
90 2

319.3
275.5

334. 9
291.8

81.5
71.8

85 3
73.4

83 5
74.0

84 6
72.6

24 9

24 2

4 3

7o

4 6

83

121 4
90.4

132 4
101.3

31.2
23.9

33 1
24.8

33 3
25.4

34 8
27.2

27 1

26 2

63

71

68

60

677

2,673
2,375
116

226

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Acetylene
mil cu ft
Ammonia, synthetic anhydrous, thous. sh. toils
Carbon dioxide, liquid, gas, and solid
do
Chlorine, gas (100% Ch)
do
Hydrochloric acid (100% HC1)
_
do
Nitric acid (100% HN"Os)
do
Oxygen (high purity) _
mil. cu. ft
Phosphoric acid (100% PsOs)
thous. sh. tons
Sodium carbonate (soda ash), synthetic (58%
Xa20) _ _
thous. sh tons
vSodium bichromate and chromate
do
Sodium hvdroxide (100% NaOH)
do
Sodium silicate, anhydrous . thous. sh. tons
Sodium sulfate, anhydrous., thous. sh. tons
Sulfuric acid (100% H3S04)
do

1 234 1 225
16 598
14 569
'10,622.4 rrll,896.6
928.7 1,032.2
1,089
0
84.7
93.9
1
172
8
r
7, 205. 2 r 7 653 9 589.0
648.1
a,
519.
4
126.7
138.8
1,598
6
r
5, 514 4 rr 6 121 8 521 3
544.3
212, 751 224 462 17072 18,899
r
404.9
424.8
4, 548. 6 T 4, 764 3

1 280 1 290 1 069
991.4 1,072.8 1,002.0
92 9
112 9
103 6
624. 1
613.0
646 7
133.2
134 2
125.9
531 9
446 3
515 4
17, 617 18 557 17 397
410.6
408.4
353 6

r

408.7
11.2
642 9
45.1
115.2
2,460.1

5, 089. 7 4, 827 9
>• 141. 5
131.3
7,r 616 5 7 891 4
623. 3 r 605 3
'1,445.1 1, 384. 6
28, 477 3 r28 213 0 9
r

429.4
359 6
11.6
11.8
660.0
596 0
53.6
48 3
121.7
106 1
330 3 2 480 8

r
Revised.
* Preliminary.
1 Number of carriers filing complete reports for the year.
- Preliminary estimate by Association of American Railroads.
3 Data cover 5 weeks; other




1 029
967.6
109.8
647.2
120.8
457 5
17, 656
345.0

1 162
950.7
115 3
619.3
127.6
493 4
18, 932
357.9

1 146 1 234 1 230 1 273 1 277
925.9 1,022.9 1, 024. 7 ' 955. 8 949.2
83.7
104 5
98 2
83 7 '81 6
621.8
666.7 r 691 4
662.6
653 7
133.5
138.2
139.1
126. 7
146. 9
521 7 '521 5
532 0
495 4
504 8
18 660 19 258 20 570 r r21, 511 20, 637
415.3
414. 3 455 1 409.6
367.6

404 0
421 7
402.4
398.1
378 0
407.4
10.1
10.7
9.7
10.3
11.2
11.1
643 5
673 0
662 3
679 2
643 1
6440
43 6
525
flfi 3
53 3
50 7
50 6
109 6
122. 4
102.2
120.6
113.7
121.1
24260 9 196 2 2 115 3 9 259 6 2 172 1 2381 5 2
months, 4 weeks.

e Corrected.

393.9
433 5
10.8
11.6
708 8
681 9
55 4 r 49 0
119.2
115. 8
442 3 r2 592 6

364.0
10.5
673 0
38 3
110.7
2 °88 3

9 Includes data not shown separately.

54.3 2 s 71 6

176

SURVEY OF CURRENT BUSINESS

April 1968
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

S-25

1967

1967

Annual

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Organic chemicals, production :cf
Acetic anhydride
\cetvlsalicylic acid (aspirin)
Creosote oil

mil Ib '1,600.9 1 1, 556. 4
34.1
30.5
do
1 112. 7 i 116. 5
mil. gal_

114. 7
2.2
7.2

108.4
2.9
10.6

129.7
2.9
11.4

135 0
25
9.1

135 8
17
9.5

140 1
2.2
9.2

131.8
2.2
9.9

127.0
2.8
9.9

131.5
3.3
9.0

123.4
2.8
9.9

144.0
2.1

133.3
2.6
7.2

136.5
2.6
9.5

141.5
i 121. 6
3, 627. 1

102.8
138.9
3, 686. 2

10.1
8.3
289.8

9.7
10.7
321.8

9.4
12.4
308.9

9.7
12.8
319 5

7.0
14.2
295 4

9.6
10.1
281 2

10.5
11.2
299.0

5.7
9.4
289.8

4.4
9.4
324.4

6.6
14.9
320.6

10.1
11.7
12.7
13.5
'
313.
8
335.1

11.5
10.5
337.6

365. 6
26.0
485. 6
674.8

353.8
32.6
i 520. 2
715.3

26.5
27.3
41.0
53.6

30.9
27.0
44.5
57.6

31.0
27.2
39.6
59 8

33.3
27.7
45.9
60 4

28.1
29.4
45.7
55 0

26.8
27.9
41.9
52 8

24.8
22.3
44.9
61.0

25.7
21.4
39.5
65.1

32.4
25.0
41.9
63.0

32.6
30.4
44.6
62.7

30.8
32.6
48.3
66.2

30.8
36.0
45.4
r
51.0

29.4
37.8
46.5
51 5

659.6
204.0
570.0
74.7

685.2
218.4
556.1
79.0

49.1
205.1
41.9
5.0

56.3
204.1
51.6
6.7

52 6
209.5
39.8
6.5

63 4
214. 4
49.2
7.0

57.2
216.0
45.6
6.8

54 1
221.9
48.5
5.3

55.2
221.8
49.7
6.5

57.4
218.6
43.3
7.1

66.3
219.5
44.1
8.4

59.5
208.7
44.2
8.4

57.2
218.4
41.6
6.2

56.8
220.0
44.0
6.4

307.3
310.0
3.5

300.1
298.7
4.9

22.6
22.8
2.8

27.9
26.8
3.8

21.5
21.8
3.6

26.5
26.1
4.0

24.5
25.0
3.6

26.1
25.7
4.0

26.8
26.8
4.1

23.3
23.1
4.4

23.7
24.0
4.1

23.8
23.6
4.4

22.9
22.4
4.9

23.7
22.9
5.7

14,219
2,303
10,018
1,000

15, 294
11,629
11, 025
1,119

1,129
118
854
109

1,166
137
922
83

1,171
40
943
77

1,311
153
947
87

1,360
95
959
76

1,111
68
855
53

1,354
111
940
98

1,194
218
773
109

1,501
334
963
115

1,343
128
943
71

1,428
159
947
106

1,419
175
935
91

1, 324
121
948
127

177
U68
2, 711
218

9
29
213
30

19
32
244
22

28
19
308
22

21
5
207
21

12
3
154
39

10
2
121
24

10
15
264
16

12
8
293
5

16
13
170
2

17
13
328
18

11
9
188
11

18
20
467
16

18
17
378
8

3,991

4,034

296

504

611

319

217

145

298

380

385

267

259

336

4,431
624

' 4, 563
'725

406
637

439
623

415
529

385
567

346
627

287
700

325
713

359
684

401
597

400
653

'398
'726

356
697

mil. Ib
do_ _
do

DDT
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
_ _ _
Stocks end of period
Methanol synthetic and natural
Phthalic anhydride

do__ _
do
mil. gal _
mil. Ib

1

1
1

ALCOHOL
Ethyl alcohol and spirits:
Production
mil tax gal
Stocks end of period
do
Used for denaturation
do
Taxable withdrawals
_ _ do
Denatured alcohol :
Production
mil. wine gal
Consumption (withdrawals) _ _ _ _ _ _ _ d o _
Stocks, end of period
do
FERTILIZERS
Exports, total 9
Nfitrogenous materials
Phosphate materials
Potash materials
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate

- --thous. sh. tons._
do
_ do-___
do

_

154
160
2,382
321

do _
_ _ _ do_ _
do_
do_ _

_

Potash deliveries (K^O)
do
Superphosphate and other phosphatic fertilizers
(100%P205):
Production
thous. sh. tons
Stocks, end of period
_ _ __
do __

1

363
705

MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly:
Black blasting powder
_
mil. Ib
High explosives
do

.5
1,753.1

.1
406.4

.4
1 708 5

.1
456 2

.1
442 0

.1
403.9

Paints, varnish, and lacquer, factory shipments:
Total shipments., _ _
mil. $ . 2, 364. 4 '2,450.1
1, 312. 4 r 1, 373. 1
Trade products
do
1, 052. 0 1, 077. 0
Industrialf i n i s h e s.
_ _
do

167.3
88.9
78.4

208.3
114.8
93.5

208.6
121 1
87.5

231.7
134 4
97.3

250.4
146.7
103.7

214.8
134.2
80.7

248.2
146 8
101.5

210.4
120 1
90.3

204.8
109. 3
95.4

188.0
96.9
91.0

Sulfur, native (Frasch) and recovered:
Production
.
thous. Ig. tons_.
Stocks (producers'), end of period
do

8,258
1,954

611
2,618

708
2,492

696
2,405

719
2,349

668
2,215

716
2,278

695
2,244

673
2,263

699
2,231

171. 9

14.5

15 7

13 8

15 1

14 2

11.6

12 5

12.7

i 8, 242
2,704

T

155. 6
78.6
'76.9

180.6
91 1
89 5

678
2,123

702
1,954

681
1,996

12.8

13.9

14 9

PLASTICS AND RESIN MATERIALS
Production:
Cellulose plastic materials

i 190. 6

1

1

i 585. 9

43.3

51.1

47.6

52.3

52.8

46.1

53.1

50.1

50.8

47.8

44.0

i 289. 9
489.7
i1 953. 7
645. 4

25.5
35.4
73.2
46.8

28 1
41.fi
88 2
57 4

24 9
40.1
80.6
51 2

19 0
46.4
80.8
51 3

25 4
41.8
80.0
56 6

20 5
35.7
67. 3
42.8

20 8
44.0
80.7
57 9

29.0
39.4
79.3
60.2

22.9
42.1
87.2
60.6

24.9
42.4
84.2
57.4

27 4
44.9
76.0
52 8

Thermoplastic resins:
Styrene-type materials (polystyrene) mil. Ib. _ 12,397.2
12,365.4
1
Vinyl resins (resin content basis)
do
2, 670. 0 1 2, 599. 4
Polyethylene.
_
do
!3 558 7 3 761 9

188.6
204.4
296.9

201. 2
225 .'5
330 5

207.9
215.9
320 5

208.5
211.8
316 1

192.3
212. 2
309 8

169.8
167.7
299 7

190.2
203.1
291 8

189.8
221.5
296.6

203.6
228.5
321 3

213.9
235.4
311.4

208.7
233 2
360 3

_

mil. Ib

Therm osetting resins:
Alkyd resins __
do
Coumarone-indene and petroleum polymer
resins _ _ _
mil. Ib
Polyester resins _ _ _
_ _
do
Phenolic and other tar acid resins ... _ do Urea and melaniine resins
do

614. 0

i 333. 5
453.3
1
982. 6
i 632. 8

ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr__ 1,249,444 1,314,299 101, 061 107, 699 102, 172 106, 582 111, 704 114,428 118, 321 107, 159 109, 498 109,818 115,905 121, 305
Electric utilities, total .
By fuels
By waterpower

do
do
do

Privately and municipally owned util
Other producers (publicly owned)
Industrial establishments, total
By fuels
By waterpower
r
1

.

1,144,350 1,211,749 92, 960
949, 594 991, 706 76,369
194, 756 220, 043 16, 591

93, 654
76, 199
17,455

97, 727 103, 007 106, 019 109, 753
78, 524 84, 505 87, 106 91, 088
19, 203 18, 502 18,914 18,666

98, 939 100, 864 101,288 107, 340 112, 565
81, 658 82, 989 82,781 86, 503 92, 325
17, 281 17, 874 18, 508 20,837 20, 240

do
do

933, 464
210,886

985,580
226,169

75, 468
17, 492

80, 627
18, 315

75, 546
18, 108

78, 747
18, 980

83, 772
19,235

85, 836
20, 184

89, 231
20, 522

80, 731
18, 208

82, 784
18,079

82,860
18, 429

87, 361
19, 979

91, 866
20, 699

do
do
do

105. 094
101,912
3,182

102, 549
99, 203
3,346

8,101
7,821
280

8, 757
8, 4,54
304

8,518
8,220
298

8,854
8,524
330

8,697
8,408
289

8,409
8,183
226

8,568
8,320
248

8,220
8,001
219

8,635
8,369
266

8y529
8,259
270

8,565
8,251
314

8,740
8,421
319

Revised.
Revised annual total; revisions are not distributed to the monthly data.


293-992 O - 68 - 4


98,94:2
80, 419
18, 523

cTData 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
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

Annual

April 1968

1967
Feb.

Mar.

Apr.

June

May

1968

July

Sept.

Oct.

Nov.

Dec.

97, 963

95,646

92, 564

91,635

95, 386

23, 056
41, 913

22, 310
41, 507

20, 868
41, 724

19,708
41,308

20, 047
41, 216

336

351

28, 166

29, 130

338
27,948
794
2,436
314

Aug.

Jan.

Feb.

Mar.

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
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

4, 572
331, 525
9, 863
29, 426
3,102

89 654

90, 421

88, 105

87, 585

90,587

94, 197

18 613
38, 367

18, 859
39, 559

18, 705
39, 530

18, 679
40, 304

20,343

22, 196
40, 130

376
772

370
24,885
726

2, 376 -

2,316

337
25,510
702
2,405
301

423
28 895

834

2 370

152

426
28, 174

817
2,407
179

26, 142

204

40, 991

306

713

754
2,437
321

2,341

315

355
25, 939

876
2,494
307

389

26, 513

915
2,525
278

434
29, 782

962
2,669
277

Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $. 16, 196. 1 17, 222. 7 1, 398. 1 1, 393. 8 1, 370. 4 1, 362. 4 1, 416. 3 1, 481. 4 1, 523. 6 1,496.5 1,444.5 1,423.4 1, 473. 0

GAS
Manufactured and mixed gas:
Customers end of period, total 9
Residential
Industrial and commercial

thous
do
do

670
628
41

677
634
43

672
629
42

666
624
42

mil therms
do
do

1 386

807
562

561
363
198

311
176
131

175
68
106

Revenue from sales to consumers total 9 mil $
Residential
do
Industrial and commercial
do

127 9
83 5
43 1

49.0
33.6
15.3

29.0
18.5
10.2

16.8

thous
- do
do

37, 183
34, 057
3 082

38, 201
35, 062
3,139

38,073
34,991
3,037

38, Oil

mil therms
do
do

127 524
40 959
80 890

42, 927
18, 843
24, 084

31, 225
9,194
20, 931

24, 595

Revenue from sales to consumers, total 9 mil $
Residential
do
Industrial and commercial
do

7 745 2
4 108 2
3 433 8

2, 882. 5
1, 731. 9
1, 150 5

1, 868. 3

1, 245. 1

Sales to consumers total 9
Residential
Industrial and commercial

Natural gas:
Customers, end of period, total 9
Residential
Industrial and commercial
Sales to consumers total 9
Residential
Industrial and commercial

8.9
7.8

34,977
2,990
3,684

19, 578

484.2

962.6
865.8

719.6

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
T-axable withdrawals
mil. tax galStocks, 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
191.14
308. 92
144. 73
880. 56
60 30
128. 51

116 55
106. 97
10.77

8. 15
7.07
11.77

10 68
9.50
12.14

211 74

17 20

19.36

324 81
148. 20
904 58
68 17

21 54
r
9. 79
888 40
3 94

27.24
12.64
892 90
5 21
14.82
8.25
846. 85
4.49

r

r

r

835. 46

52.20

153. 78
96 99
856 66
59 70

13.81
6.81
843 33
3.42

101. 08
67 14

108 08
67 18

6.87
4 26

8.75
7.40
3.75
1 64

10 11
8.71
4 30
1 92

4 38

218. 28
165. 80
265. 11
16.34

217 22
174. 53
272. 03
i 17 46

391. 12

mil. Ib
1, 112. 0
_____do_ _
32.3
$ per lb_.
.672

Rectified 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

94.58

8.94
5 53^

8.89
8.67
11.94

9.00
8.28
11.83

8.37
8.12
11.30

13.83

16.80

20.58

26.46
13.27
897. 62
4.89

25.80
12.77
898. 03
5.76

28.94
16.07
897. 34
7.80

9.91
8.29
854.32
4.27

12.10
8.73
854. 33
5. 04

6.47
3 87

9.13
5 56

.94
.68
4.87
.14

.49
.48
4.86
10

11.21
10.51
12.83

11.26
10.20
13.04

18. 18

20.27

r

16. 50

11.14

23.66
11.70
895. 69
4 90

27.99

13.46
899. 46
5 19

27.52
12.95
900. 42
5 56

22.55
9.40
900 14
4 04

14.09
7.54
850. 06
4.32

15.47
8.21
854. 57

4.49

10.98
7.60
855. 37
4.88

7.68
5.44
855. 62
3 50

8.69
5 32

9.67
5 93

9.37
5.82

.71
.52

r

10.74
10.48
12.48

10 64
9 63
13.03

10.77
9.18
12.88

8.47
8.33
10.77

9.05
7.58
11.52

20.73

19.94

18.33

33.94
15.20
899. 16
8.54

37.98
11.05
904. 58
7.42

23.22
10.97
909. 39
4 76

5 00

14.58
11.69
853. 34
6.94

14.83
10.74
853. 74
7.67

12. 76
7.21
856. 66
6.58

13.08
7.19
860. 36
4.22

4 48

9.84
6.45

11.82
7.78

12.17
7.90

8.63
5.17

8.31
4 70

1.01
.63
5.14
.10

.80
.76
5.09
.10

.85
1.11
4.75
.24

1.00
1.26
4.46
.28

1.04
1.12
4.30
.23

.98
.60
4.62
.15

13

1 27

4.50

4.64

13

.17

.13

.74
.62
4.66
.15

3.14
13.14
239. 90
1.08

3.22
17.87
225. 49
1.47

2.88
13.59
212. 49
1.35

2.63
13.59
201. 88
1.51

3.11
14.94
187. 26
1.41

1.84
10.12
177. 28
1. 17

3.59
15.44
165. 28
1.27

31.43
14.69
177.92
1.51

106. 20
16.69
263. 56
1.69

47.77
16.61
285. 85
2.24

7.93
14.45
272. 03
1.88

3.88
15.11
258. 34
1.37

360.60

7.44

10.56

3.28

10.74

6.59

2.29

8.90

62.10

161. 94

58.10

19.98

10.50

1 233 4
'l68 6
.675

105.0
54.7
.672

111.8
76.2
.672

120.0
102.9
.672

129.1
151.2
.673

129.5
191.6
.672

104.9
228.5
.672

86.2
233.2
.681

75.3
212.4
.677

84.6
200.5
.676

82.2
186.2
.675

92.4
168.6
.686

108 1
163.5
.673

1, 897. 3
1 271 5

143.7
95.4

160.7
106.7

170.5
119.1

187.3
131.1

192.0
137.4

172.4
120.6

159.4
108.6

140.8
90.8

138.1
87 2

132.0
81.0

148.0
92 5

147.7
95 1

390 3

361.2

367.4

387.4
335.1
15 7

408.0
355.4
11.7

457. 8
404.1
72

439.5
386.1
7 6

419.7
370.0
85

401.8
354.3
93

390.3
344.0
13 9

372 9 r 361 0
326. 3 '312.3
8 7
93

.518

.518

.518

.518

.518

.518

.529

86
.43

.83
.65

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

1,855.5
1 2206

Stocks, cold storage, end of period
do. _
American, whole milk
do
Imports
do
Price, wholesale, American, single daisies (Chicago)
.$ per lb_.

372.7
322.2

r

Revised.

308.6

135 5

344.0
i jjji g

13.2

317.9
18 8

.527

.521

.520

.518

1 Annual total reflects revisions not distributed to the monthly data.




r

438. 6 ' 453. 3
399.8
384.8
12 0
18 4
.522

.524

r

.530

r

101 9
173 0
.673

178 9
.672

142.7
94 4

.528

350 3
302.1

.522

§Data are not wholly comparable on a year to year basis because of changes from one
classification to another.
9 Includes data not shown separately.

SURVEY OF CURRENT BUSINESS

April 1968
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

Annual

S-27

1967
Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS-Continued
Condensed and evaporated milk:
Production, case goods:
63.7
128. 6
Condensed (sweetened)
mil. Ib
1, 696. 1 1, 498. 9
Evaporated (unsweetened)
do
Stocks, manufacturers', case goods, end of period:
11.6
5.8
Condensed (sweetened)
mil. Ib
192.9
190.2
Evaporated (unsweetened)
do
Exports:
92. 9
28.6
Condensed (sweetened)
do
38.4
33.8
Evaporated (unsweetened). __ _ __ do
Price, manufacturers' average selling:
6.73
7.05
Evaporated (unsweetened)
$ per case__
Fluid milk:
Production on farms
mil. Ib 119, 892 119, 294
59, 578
56, 398
Utilization in mfd. dairy products
_ do
5.02
4.81
Price, wholesale, U.S. average
$ per lOOlb..
Drymilk:
Production:
94.4
82.8
Dry whole milk
mil. lb__
1, 595. 1 1, 694. 2
Nonfat dry milk (human food)
do
Stocks, manufacturers', end of period:
6.1
Dry whole milk
do
6.9
101.1
118.2
Nonfat dry milk (human food) .
do_
Exports:
12.8
Dry whole milk
__
do
16.4
140.9
170.3
Nonfat dry milk (human food)
do__
Price, manufacturers' average selling, nonfat dry
.199
.182
milk (human food)
.
$perlb_.

2.9

3.2

173.3

7 9
152.0

3.4

167.2

141.9

115.5

97.0

59
85.0

78
92.9

33
86.5

74
85.8

r

11.0
174.2

'12.0
228.6

••14.4
266.8

13.6
281.8

10.4
292.2

8.7
265.3

89
219.2

5.8
190.2

54
142.2

82
104 0

7.3
2.2

7.0

5.2
3.6

.1
3.2

(i)
1.4

(i)
2.3

(i)
2.5

1.0
2.5

6.0
2.6

9

2 ^J

33

15
23

102.6

4 0
119.8

66
1.46. 5

15.5
119.6

13 8
81.9

98
124 0

fi)
5.9

1.8
3.7

6.9

6.2

4.3

7.05

7.05

7^.05

7.05

7.05

7.05

7.05

7.06

7.06

7.06

7.06

7.06

7.06

9,203
4, 596
5.06

10, 507
5,185
4.95

10, 734
5,558
4.77

11,470
6,134
4.74

11, 095
6,379
4.68

10, 315
5,599
4.80

9,709
4,984
4.98

9,124
4.173
5.20

9,167
4,137
5.32

8 814
3,875
5.36

9 299
4, 198
5.29

9 608
M 633
5.27

9 249
4 610
'5.20

6.7
129.6

8.0
145.7

8.8
173.0

10.2
195.1

7.2
202.4

8.2
157.5

5.1
130.1

4.7
100.3

5.4
100 8

5.7
100 6

6.1
123 9

69
128 9

7 3
129 1

7.0
»-109.3

7.2

88
115.7

10.9
137.9

9.4
157.6

10 2
162.3

8.6

99.6

7.4

152.6

136.0

72
116 1

65
99 7

61
101 1

66
84 6

66
79 3

1i

1.2

5.11

7

1.6

1.6

16.2

.7

10.7

.8
7.2

.9

14.4

32.1

13.4

.8
7.4

19.3

12
4 7

11
35

2.5

I I
41

62

.199

'.200

.199

.199

.199

.199

.198

.199

.200

.199

.198

.198

.198

82.7

100.9

87.6

86.5

91.7

98.7

106.1

121.8

105.5

152.5

121.2

116.7

122.8

.7

10 269

GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats rye, wheat) _. .mil. bu__ 1, 590. 3
Barley:
Production (crop estimate)
__.__
do__-.
Stocks (domestic), end of period-,
do
On farms
do___
Off farms.
do
Exports, including malt§
do_._
Prices, wholesale (Minneapolis):
No. 2, malting
_ _ _ $ per bu
No. 3, straight . _
do

1,245.4

2 393. 2
294.4
179.1
115.2
63.6

2 370. 2
302.6
182.8
119. 8
40.2

3.1

207.2
114.9
92.2
.8

3.0

4.9

3121.8
3
57.0
3
64. 8
5.2

7.9

2.3

1.35
1.33

1.30
1.29

1.32
1.31

1.33
1.32

1.32
1.31

1.35
1.33

1.33
1.31

1.32
1 29

1 31
1 30

2 4, 117
203.6

2 4, 722.
207.2

15.1

17.6

16.7

18.1

18 2

16 1

3,677
2,899
779
616.6

4,215
3,353
862
515.3

38.1

2,715
2,044
671
49.0

35.4

31.7

1,743
1,337
406
34.0

1.34
1.31

1.27
1.25

1.38
1.33

1.38
1.34

1.36
1.32

1.37
1.33

1.35
1.33

mil. bu._
do
do _
do

2801

2782
647
544
104

Exports, including oatmeal
do
Price, wholesale, No. 2, white (Chicago)
$ per bu._

30.2

Corn:
Production (crop estimate, grain only), .mil. bu__
Grindings, wet process
do
Stpcks (domestic), end of period, total, .mil. bu_.
On farms
do
Off farms
do
Exports, including meal and
flour
.do .
Prices, wholesale:
No. 3, yellow (Chicago)
$perbu._
Weighted avg., 5 markets, all grades
do...
Oats:
Production (crop estimate)
Stocks (domestic), end of period, total
Onfarms__
Off farms

Rice:
Production (crop estimate)
mil. bags?
California mills:
Receipts, domestic, rough
mil. lb._
Shipments from mills, milled rice ..do «
Stocks, rough and cleaned (cleaned basis), end
of period
mil. lb._
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. lb._
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.)..__$ perlb..

Rye:
Production (crop estimate)
mil. bu.
Stocks (domestic) , end of period
do
Price, wholesale, No. 2 (Minneapolis) __$ per bu._
Wheat:
Production (crop estimate), total
Spring wheat
Winter wheat
Distribution
_
Stocks (domestic), end of period, total
Onfarms
Off farms

mil. bu
do
do
do
do
do
do

662
557
105

9.5
4

<.77

.75

442
355
88
r

302 6
182 8
119 8

3.1

29

4 0

3

1i

48

1.26
1 26

1 26
1 26

1 25
1 24

1 20
1 20

1 23
1 24

1 24
1 25

1 23
1 23

18 6

18 4

19 2

17 1

15 9

18 2

17 9

18 3

28.0

36.8

3823
3
569
3
254
46.4

42 5

76 3

4,215
3,353
862
61 7

51 8

48 1

1.28
1.26

1.22
1.19

1.19
1.19

1.15
1 14

1.06
1 07

1.11
1 09

1.10
1 09

1.05
1 10

776
640
136

3270
3199
3
71

.l

.2

.8

1.7

2.8

1.4

.9

4

6

.77

.75

.74

.78

.74

.73

.74

.74

.74

163
122

138
134

180
206

104
58

144
122

202
153

165
145

352
41

81
43

285.0

289.6

1,536
920

1,913
1,403

147
119

.1

6

7

.80

.83

.79

59
62

187
135

194
224

213
167

179

317

254

248

239

202

120

135

113

118

70

269

277

254

'260

185

5,880
3,962

6,675
4,561

294

232

104

441

150

385

385

26

405

276

206

1,133

1,527

1,487

492

384

504

592

408

338

511

451

485

1,758
2,978
.083

1,875
4,066
.085

' 1, 416

1,163

616
324

1,545

.085

2,003
337
.085

1,671

.085

450
223

1, 875

.085

379
510

1,571

.085

900
319

559

295

227.8
28.4
1.20

224.1
27.7
1.19

1.19

24.3
1.23

1.21

1.22

1.14

1.17

1.18

21,312
2249
21,062
1,559

21,524
2
312
1,212
1,366

414
390

461

1,049

3

289
912
194

358

.085

.085

.085

.085

2,064
288
.085

18. 7
1.17

1.23

1.17

33.3
1.18

1.16

227

1.14
1 14

647
544
104

.77

(5)

343

.085

27. 7
1.13

1.17

2

349

700
505
239
409
704
641
461
r
2
3
Revised.
i Less than 50,000 Ibs.
Crop estimate for the year.
old crop only;
new crop not reported until beginning of new crop year (July for barley, oats, rye, and wheat;




380. 0
230.6
149 5

1,208

275

393

348

3425
3
145
3280

1,566

1,208

602
955
Oct. for corn).
* Average for 11 months.
pearl barley.
9 Bags of 100 Ib.

505
704
s Less than 50,000 bushels.

§ Excludes

S-28

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967
Feb.

Annual

April 1968

Apr.

Mar.

May

June

July

1968
Sept.

Aug.

Oct.

Nov.

Dec.

(Jan.

Feb.

Mar.

FOOD AND KINDRED PRODUCTS; TOBACCO— Continued
GRAIN AND GRAIN PRODUCTS— Con.
Wheat— Continued
Exports, total, including
Wheat only

flour

_

mil. bu._
do

875.7
820.8

675.6
637.1

40.7
38.0

50.8
46.5

48.3
44.6

48.0
44.2

50.5
45.9

59.6
57.4

65.4
63.1

71.0
68.4

59.0
56.8

71.5
68.9

59.1
55.2

63.1
58.7

69.1
65.4

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

1.97
1.81
1.88

1.92
1.68
1.88

1.91
1.73
1.87

1.97
1.84
1.93

1.96
1.78
1.91

1.99
1.77
1.94

1.94
1.66
1.86

1.93
1.61
1.75

1.86
1.58
1.81

1.90
1.57
1.90

1.93
1.63
1.93

1.91
1.59
1.86

1.85
1.58
1.86

1.86
1.62
1.87

1.85
1.63
1.85

18,479
345
42, 767

19,756
365
44, 336

19, 902
365
44,724

18,490
335
41,851

21, 660
398
48,842

20, 397
382
47,094

21, 216
394
49, 019

20,453
378
46,957

20, 731
371
46, 503

21, 513
'387
48, 368

20, 298
364
45,456

1,560

1,642

4,224
1,976

911

1,001

4, 689
1,118

921

1,115

4,372
1,712

1,903

1,568

6.263
5.790

6.275
5. 767

6.213
5.700

6.275
5.800

6.013
5.583

5.975
5.450

5.975
5.483

5.925
5.433

5.913
5.383

Wheat flour:
Production:
253, COO 241, 623 19, 019 21, 272
Flour
thous sacks (100 Ib )
4,423
372
4,621
346
Offal
thous. sh. tons__
567, 936 548, 125 42, 662 47, 842
Grindings of wheat
thous bu
Stocks held by mills, end of period
4,372
4,226
4,180
thous. sacks (100 lb.)_.
1,172
16, 535
1,844
23, 540
Exports
_ _ _
__do
Prices, wholesale:
Spring, standard patent (Minneapolis)
6.124
6.175
6.263
$ per 100 lb_. 6.365
5.633
5.631
5.994
5.850
Winter hard 95% patent (Kans City) do

1.87
1.61
1.84

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 Ib
Steers, stocker and feeder (Kansas City)__do
Calves, vealers (Natl. Stockyards, !!!.)__ do
Hogs:
Slaughter (federally inspected) thous animals
Receipts at 28 public markets
do_ _
Prices:
Wholesale, average, all grades (Chicago)
$ per 100 lbHog- 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 lOOlb..

4,002
313
-•27,773 ••2,108
840
' 12, 506
355
7,852

400
2,338
943
459

316
2,185
891
388

300
2,425
1,013
406

285
2,423
958
326

271
2,238
955
397

332
2,461
1,108
612

348
2,330
1,078
972

383
2,433
1,393
1,468

357
2,254
' 1, 215
1,287

323
2,214
966
668

365
2,493
1,045
523

302
2,257
850
401

847

24. 92
24.04
35.00

24.65
24.58
35.00

24.59
24.81
31.00

25.37
25.14
34.50

25.83
25.49
32.00

26.37
25.61
30.00

27.18
25.53
31.00

27.59
24.79
31.00

26.95
24.91
31.00

26.46
23.90
32.00

26.38
23.68
33.00

26.68
23.89

27.19
25.68

27.67
26.09

70, 900 ' 5, 661
1,233
» 16, 263

6,725
1,442

5,870
1,372

5,306
1,328

5,178
1,249

4,743
1,118

5,808
1,257

6,114
1,286

6,684
1,545

6,431
1,531

6,100
1,396

6,496
1,445

5,697
1,288

1,323

18.95

18.81

18.05

17.23

21.31

21.05

21.12

19.94

19.09

18.06

17.22

16.79

17.73

18.86

19.37

16.3

14.9

14.0

13.5

17.4

16.7

17.7

18.4

17.1

17.2

17.5

16.1

16.9

17.8

17.5

11, 553
3,901
1,988

' 11, 498
3,619
1,449

'992
221
67

1,072
250
71

872
215
76

890
300
95

904
272
96

902
277
76

1,001
359
113

1,037
405
223

1,007
451
300

899
323
150

869
248
92

1,050
276
96

840
190
78

178

25.00

23.48

21.25

21.25

22.75

29.25

26.75

24.75

24. 00

22.50

22.25

22.50

22.00

23.00

24.75

26.00

29,291

' 31, 106

' 2, 422

2,748

2,513

2,569

2,552

2,327

2,624

2,599

2,787

2,646

2,582

2,816

2,494

'537
40
134

' 591
47
138

'638
46
123

644
36
120

651
38
128

'635
37
117

4,432
27, 319
13, 134
8,056
26.17
25.41
32.38
63,729
15, 175
22.61

18.5

25.97
24.73
32.38
r

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)
$perlb__
Lamb and mutton:
Production, inspected slaughter
j, mil. lb__
Stocks, cold storage, end of period
do

621
480
1, 318

16,710
317
32
895

.442
581
17

727
41
110

783
39
96

725
43
91

664
39
112

601
34
130

528
40
131

' 17, 501 ' 1, 326 1,466
313
325
286
3
34
3
67
1967
63

1,378
'301
3
61

1,524
300
3
56

1,514
288
3
77

1,381
276
3
97

1,495
255
3
99

1,422
"260
2
101

1,490
'265
3
101

1,384
'279
3
88

1,381
286
3
76

1,554
287
3
87

1,414
'264
2
76

644
484
1,397

229

.434

.419

.427

.442

.454

.460

.469

.486

.466

.460

.460

.464

.474

.469

574
15

52
15

56
15

44
16

43
17

43
15

43
13

48
11

50
11

49
13

45
15

45
15

54
15

44
13

13

1, 043

1,226

1,090

1,002

995

902

1,082

1,128

1,248

1,156

1,208

1,036

'847
290
7
27

996
331
6
32

890
386
5
24

798
336
4
25

799
293
3
32

724
239
2
26

878
199
3
24

918
203
4
21

1,009
250
7
23

987
279
5
23

944
286
5
32

993
288
4
27

849
291
3
27

306

.540
.506

.549
.467

.483
.458

.523
.556

.557
.554

.523
.594

.563
.553

.545
.545

.547
.502

.546
.465

.573
.472

.515

.533

.492

145
142
19
.135

148
128
13
.129

141
128
14
.124

129
118
20
.119

149
106
16
.125

152
107
13
.124

172
105
18
.120

168
120
27
.113

154
151
8
.116

157
'164
7

136
124
27

143
125
14
.136

166
132
9
.133

1,217

8,786

9,342

551

624

622

733

791

771

992

942

1,007

897

730

687

566

436
267

540
367

409
254

351
207

321
176

296
149

308
160

368
221

486
332

603
441

'721
'551

'606
'429

540
367

525
'361

'458
'310

402
269

.140

.130

.125

.120

.125

.140

.120

.120

.110

.105

.105

.125

.135

.135

.145
.122
' Revised.
i Annual total reflects revisions not distributed to the monthly data.




614

.451

Pork (including lard), production, inspected
slaughter
mil. Ib
12, 000 ' 13, 281 r
Pork (excluding lard) :
Production, inspected slaughter
do
9,662 ' 10, 751
Stocks, cold storage, end of period
do
286
234
Exports
_
do
56
55
Imports _
do
*307
298
Prices, wholesale:
Hams, smoked, composite
$ per lb_
.544
.587
Fresh loins, 8-12 Ib. average (New York) ._ do
.569
.515
Lard:
Production, inspected slaughter
mil. Ib . 1,695
1,835
Stocks, dry and cold storage, end of period. _ do ._
100
151
Exports
do
'189
158
Price, wholesale, refined (Chicago)
$ per lb__
.152
.126
POULTRY AND EGGS
Poultry:
Slaughter (commercial production) __ ...mil. Ib
Stocks, cold storage (frozen), end of period, total
mil. lb__
Turkeys
do
Price, in Georgia producing area, live broilers
$ per lb..

697
42
99

SUEVEY OF CUKKENT BUSINESS

April 1968
Unless otherwise stated, statistics through 19S6
and descriptive note? are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967

Annual

S-29

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS— Continued
Eggs:
Production on farms
mil. casesO-_
Stocks , cold storage, end of period:
Shell
thous. cases O
Frozen
mil. Ib
Price, wholesale, extras, large (delivered; Chicago)
Iperdoz--

184.6

194.9

15.0

17.0

16.7

17.0

16.2

16.4

16.1

15.6

16.2

15.8

16.5

16.6

15.7

17.0

27
36

86
89

••53
41

'41
44

••117
55

265
71

427
85

391
93

315
99

.' 253
100

239
98

150
96

86
89

75
85

'77
80

80
82

.401

.298

.311

.322

.265

.258

.251

.324

.288

.320

.283

.298

.315

••.300

'.276

.298

Cocoa (cacao) beans:
Imports (incl shells)
thous. Ig. tons
Price, wholesale, Accra (New York)
$ per lb._

319.3
.246

282.6
.288

50.9
.305

39.8
.290

21.6
.274

10.8
.276

18.9
.278

16.5
.269

9.2
.279

8.9
.303

12.4
.291

17.8
.316

26.1
.310

35.8
.320

24.5
.300

.300

Coffee (green) :
Inventories (roasters', importers', dealers'), end
of period
thous bagsc?1
Boastings (green weight) _ _ _
do

3, 141
21, 300

2,414
21,291

22, 056
Imports, total
- do
6,726
From Brazil
__
do
.414
Price, wholesale, Santos, No. 4 (N.Y.)~$ per lb~
Confectionery, manufacturers' sales
mil $ •' 1,535

21,312
6,069
.384
1,616

1,618
359
.388
143

2,092
412
.388
136

1,717
362
.385
106

1,722
455
.388
115

1,647
468
.395
111

2,126
627
.388
86

1,818
620
.380
122

1, 599
476
.380
191

2,103
778
.375
167

1,845
637
.375
166

1,424
316
.373
127

2, 202
631
.378
'140

2,461
956
.375
142

.375

271

253

224

204

190

183

184

226

240

247

238

248

253

227

'202

175

4, 045
6,250
1,911

4, 103
6,391
1,958

216
246
143

110
233
184

10
158
156

144
214
198

123
481
146

48
479
102

60
760
286

92
538
205

670
542
152

1,090
327
117

978
339
99

551
2,128
24

302
129

10, 444
10,299
2,598

10, 516
10,245
2,870

683
673
2,734

873
859
2,614

824
788
2,501

880
842
2,379

1,053
1,022
2,130

891
875
1,869

1,048
1,017
1,428

1,051
1,027
1,149

862
840
1,418

829
818
2,217

sh tons

3,006

1,468

89

91

57

68

197

58

117

587

32

106

27

85

285

thous sh tons
_
do
do

4,198
1,039
38

4,584
1 1, 134
97

295
45
10

406
100
4

421
154
3

281
54
4

466
132
5

500
143
3

449
70
1

444
103
3

324
49
7

287
29
1

434
138
51

201
13
4

282
32
5

.070

.073

.072

.072

.072

.073

.074

.073

.073

.073

.074

.074

,.073

.074

.074

.620
.096

2.619
.099

.630
.099

.629
.099

.629
.099

.627
.099

.631
.099

2.623
.099

.620
.099

.620
.099

.615
.100

.617
.100

.618
.099

.608

132,996

142, 583

11,633

14,419

14, 518

12, 663

12,378

10, 476

11,907

9,931

8,196

10, 144

13,857

10, 910

10, 121

3, 189 5
118.6

3,225.7
139.2

260.1
118.8

270. 5
119.2

249.9
125.9

283.6
125.6

275.9
149.0

221.5
135.8

281.3
123.8

276.0
127.6

284.7
126.0

294.2
123.4

268.2 ••264.2
139. 2 ' 141. 5

270.9
130.3

2, 946. 8
83.4

2, 922. 1
92.8

240.8
89.4

254.1
81.9

244.5
97.9

251.0
87.8

255.6
84.7

230 3
84.5

255.8
93.0

251.8
81. 3

238.2
70.0

229.5
80.9

232.5 ' 246. 5
92.8 ••73.0

258. 3
100.8

2, 109. 7
53.2

2, 114. 1
59.9

174.7
55.3

194.9
65.3

160.5
68.2

171.0
57.9

173.6
59.7

139.4
61.9

176.8
61.4

168.2
57.9

186.6
61.3

176.8
53.3

189.3 •' 203. 3
59.9 '68.8

191.1
62.2

.256

.256

.256

.256

.256

.256

.256

.256

.256

.256

.256

53.4
44.4
75.1

51.3
43.9
78.4

50.3
44.9
83.6

57.2
46.3
80.8

49.8
45.0
83.5

41.5
40.4
80.5

44.9
55.4
72.8

43.8
45.1
70.2

42.9
40.3
72.8

45.7
44.4
69.7

46.0
39.7
73.2

387.9
191.3
471. 9

419.8
205.6
501.2

393.7
202.1
497.2

403.8
211.1
481.8

419.1
220,4
432.4

364.1
173.6
397.4

405.8
210.8
394.2

373.5
200.7
408. 8-

387.1
194.4
434.6

395.7
192.2
441.9

394.0 ' 415. 0
188.9 ' 205. 3
424.6 ' 489. 2

383.6
190.8
440.3

.5
5.6
154.4

.8
5.7
135.5

3.2
6.9
145.5

9.1
6.2
165.9

20.1
6.6
165.6

21.4
6.0
167. 7

21.9
6.6
165.0

13.0
5.7
160.4

9.0
5.7
165.1

11.6
5.7
168.1

'.9
5.9
6.0
6.2
146.3 ' 144. 4

.4
6.2
121.2

(<0
52.4
68.3
184.3
24.3

(d)
49.0
52.0
145.9
25.8

£4
63.5

(d)
49.6
69.5
107.8
18.5

(d)
44.5
62.9
107.7
34.2

37.3
54.4
68.4
94.5
31.4

35.5
42.7
61.4
100.5
35.2

32.3
34.6
52.2
35. 5
53.1 .' 62. 1
'
147.
5
133.6
115.8
16.2

20.9
45.8
56.4
143.5
59.6

MISCELLANEOUS FOOD PRODUCTS

Fish:
Stocks, cold storage, end of period

___mil. 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

do
do
do

Prices (New York):
Raw, wholesale.
$perlb__
Reflned*.
Retail (incl. N.E. New Jersey) ....$ per 5 lb~
Wholesale (excl excise tax)
$ per Ib
Tea, imports

_ thous. Ib

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
Marearine:
Production
_
do
Stocks, end of period©
do
Price, wholesale (colored; mfr. to wholesaler or
laT?e retailer* delivered)
$ oer Ib

.266

.257

2,874
5,657

2,457
5,226

2,702
4,816

2,414
5,592

763
848
748
827
2,870 ' 2, 891 ^2,688

.074

PATS, OILS, AND RELATED PRODUCTS
Animal and fish fats: A
Tallow, edible:
577.8
566.7
Production (quantities rendered)
mil. lb-_
525.1
516.1
Consumption in end products
do
73.2
50.9
Stocks, end of period ^
do
Tallow and grease (except wool), inedible:
4, 466. 9 4, 753. 0
Production (quantities rendered)
do
2, 439. 6 2, 401. 6
Consumption in end products
do
424.6
447.4
Stocks, end of period 1
do
Fish and marine mammal oils:
118.4
164.1
Production
do
73.0
72.1
Consumption in end products
do
146.3
158.5
Stocks, end of period t
do

Vegetable oils and related products:
Coconut oil:
358.5
(<0
Production* Crude
mil Ib
(d)
(«0
565.1
44.9
41.3
45.0
569.6
Refined
do
749.1
56.4
65.0
783.4
62.7
Consumption in end products
___do__.
133.6
191.6
206.8
187.7
Stocks; crude and ref., end of period If
do
18.4
79.6
20.2
"~498.~2~ i 523. 0
Imports
do
Corn oil:
444.2
40.4
37.7
33.7
446.6
Production: Crude
do
418.1
38.8
33.7
30.3
397.6
Refined
do
421.5
38.2
32.5
31.0
388.0
Consumption in end products
do 44.9
37.7
49.5
45.8
53.5
Stocks, crude and ref., end of period If
do
r
Revised.
*> Preliminary.
<* Data withheld to avoid disclosure of operations of individual
firms.
1
2
Annual 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.




114.0
24.1

••46.3
••38.6
' 81. 6

47.3
42.5
91.2

37.7
33.8 ••35.1
33.9
38.9
38.5
38.2
35,5
39. 1
40.2
36.5
36.4
35.1
33.2
32.7
33.2
34.8
39.7
36.8
35.8
36.0
35.7
35.6
34.2
35.1
30.0
35.7
40.0
40.1
34.9
34.3
••36.5
41.3
37.7
48.7
45.6
43.0
50.0
49.2
46.8
O Cases of 30 dozen.
cf Bags of 132.276 Ib.
§ Monthly data reflect cumulative revisions
for prior periods.
9 Includes data not shown separately; see also note t f §".
AFor data
on lard, see p. S-28.
©Producers' and warehouse stocks.
IfFactory 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

1966

| 1967

Annual

April 1968

1967
Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

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. Ib
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) , end of period
mil Ib
Exports (crude and refined)
do
Price wholesale (drums* N Y )
$ per Ib
Linseed oil:
Production crude (raw)
mil Ib
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) , end of period
mil. Ib
Price, wholesale (Minneapolis) _ _ $ per Ib

2, 381. 4
94.2

1, 570. 6
146.7

179.1
126.1

184.0
148.1

106.8
166.9

63.3
160.9

67.5
157.8

44.2
148.4

65.9
133. 2

49.1
104.9

143.5
121. 6

229. 0
137.1

196.8 r 198. 0
146.7 «• 161. 8

158.8
167. 6

1, 674. 6
1, 506. 4
1,258.1

1, 137. 5
1, 050. 8
997.0

126.6
117.1
86.3

128.7
122.8
86.9

73.9
108.5
90.5

43.5
87.5
91.9

49.6
72.6
78.3

30.2
42.6
73.4

45.4
47.7
80.6

33.5
32.9
74.7

100. 2
55.1
79.4

167. 1
111.6
87.4

140.8
123.7
85. 1

143. 8
136. 6

114.1
107.1
82. 1

381.8
184.0
.178

252.1
»72.1
2.154

476.9
4.6
.158

514.0
8.7
.158

476.9
25. 4
.158

416.7
11.6
.158

364.7
2.0
.160

298.3
6.2
.150

246.0
2.6
.152

207.0
3.0
.154

198.7
5.6
.150

228.6
4.7

252.1 ••313.7

4.5

302.6
2.0

454.2
234.7

365.8
213.3

29.7
19.3

31.3
19.1

30.2
20.2

32.5
22.5

35.4
19.6

7.2
16.9

32.9
18.1

37.8
16.9

35.3
15. 6

35.9
13.9

27.6

28.5
15.9

208.4
.128

213. 3
.129

204.9
.128

206.5
.128

204.7
.128

211.8
.128

199.2
.128

184.1
.128

185.4
.128

187.4
.127

196.6
.132

222.6
.132

Soybean cake and meal:
Production
_ thous. sh. tons 12,614.4 13, 065. 1 1,022.3 1,083.7 1,080.9 1,107.6 1, 103. 6 1,061.7 1,029.5
86.3
122.1 141.3
111.0
146.1
120.0
177.0
111.7
Stocks (at oil mills) , end of period
do
102.3
Soybean oil:
5, 811. 2 ' 6, 122. 4 468.8
496.8 502.8 r 530. 9 ' 527. 9 «* 512. 3 *-493 4
Production* Crude
mil Ib
410.4
450.3 377.0 432.7
5, 152. 0 5, 072. 8
446.0 387.4
424.8
Refined
do
373.2 443.7
418.7
450.6
5,210.2 5, 207. 5
455.6 404.4 436.8
Consumption in end products
do
Stocks, crude and refined (factory and ware581.6
632.2 687 5
591.0
510.9
655.1
535.8 600.4 633.7
house) end of period
mil Ib
45.7
120.2
41.0
86.2
684.8 i 912. 3
66.5
131.0
Exports (crude and refined).
_
do _
43.1
.127
.114
.140
.120
.12g
.127
.122
.127
Price, wholesale (refined; N Y )
$ per Ib
122

972.9
109. 6
T

r

•-85.7

3.4

.148
24.3
12.1

r

!4.6

213. 3 ' 222. 7
.132

223. 0

1,136.9 1, 180. 1 1,128.3 -1,191.7 1, 142. 5
151.6
177.0 r 142. 7
165.5
159.1

470. 2 »• 529. 3 •• 535. 3 ' 525. 7 •• 526. 2
442.6 •• 429. 1
398.2
428.2
414.8
436.2
450.1
448.5
432.7 ••457.1

595.0
118.0
.115

571.3
79.1
.111

570.1
114.3
.109

655.1 '688.4
40.1
30.3
.110

514.2
457.6
450.7

697.2
68.4

TOBACCO
Leaf:
3
1,888 3 2, 007
Production (crop estimate)
mil Ib
Stocks, dealers' and manufacturers' end of period
5,486
mil Ib
5,353
Exports, incl. scrap and stems
thous. Ib _ 551, 162 1571,559
179,336 i 197, 109
Imports incl scrap and stems
do

34, 791
16,680

5,339
39,111 53,273
13,488 15, 305

48, 091
14, 828

4 880
39, 444
19,089

31, 425
14, 899

43,458
19,985

4 995
59, 439
16, 876

50,656
20,487

66,834

5,486
68,822

17, 520

13, 892

44, 296
16, 337

44, 792
22, 179

Manufactured:
Consumption (withdrawals) :
Cigarettes (small) :
Tax-exempt
Taxable
Cigars (large) , taxable
__
Exports cigarettes

3,967
39,936
477
1,731

4,593
43, 591
592
2,202

3,972
44,084
57?
2,059

4,321
48, 101
639
1,943

5, 262
48, 123
529
2,396

4,141
41, 376
485
2,270

3,495
51, 658
648
1,917

3,894
43, 835
605
1,811

3,870
46,653
710
1,680

42,529
609

36, 593 "40,982

3.902

"3,485

1,824

441
2,049

557
1,599

4, 040
46, 362
531
1,940

millions _ 46, 112
522, 532
do
7,076
do
23, 453
millions

48,971
527, 798
6,845
23,652

4,148

LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
thous. $
Calf and kip skins
thous skins
Cattle hides
thous hides

13, 169 11,300
198
265
1 103 1,154

12,546
264
1,090

8,801
351
757

8,593
174
735

8,640
138
842

8,700
160
912

8,873
221
931

10, 783
233
1,131

8,476
217
837

15, 701
208
797

9,723
211
983

6 200
3 857
576

6,300
4 079
'457

5,200
3 846
721

5,400
3 194
531

5,300
2 925
740

4,100
2,503
558

4 500
2 833
510

4,200
3 46Q
479

4,400
1 804
488

4,500
3 174
391

6,600
2 330
614

7,900
3,413
734

575
129

500
129

450
125

.450
119

.450
130

400
125

.400
.110

410
125

.430
105

.460
108

500
098

4 008
23* 406
8 682
28 375

332
1 924
'742
2,153

349
2 085
841
2 251

320
379
1 895 2 050
752
777
2,201 2,459

226
340
1 983 1 461
769
485
2,402
1,808

370
2 059
624
2,778

294
374
1 892 2 102
757
663
2, 557
2,607

378
2 070
781
2,748

341
347
1 977 2 088
696
'641
2,664
2,399

71 769

4 869

6 192

3,691

5 565

8 933

4 415

5,631

7 260

6 301

6,883

6 520

155, 623
2,582
14, 307

127, 893
2 626
11, 987

15,404
230
1,324

88,995
36 998
10, 331

61 200
36 044
7*109

5 600
2 510
*793

Sperlb
do

.601
177

460
120

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

Exports:
tipper and lining leather

65 704

Imports:
Value, total 9
Sheep and lamb skins
Goat and kid skins

thous $
thous pieces
do

Prices, wholesale, f.o.b shipping point:
Calfskins packer heavy 9H/151b
Hides steer heavy native over 53 Ib

thous. sq ft

Prices, wholesale, f.o.b. tannery:
Sole bends light
index 1957-59—100
Upper, chrome calf, B and C grades
index 1957-59—100
LEATHER MANUFACTURES
Shoes and slippers:
Production total
thous pairs
Shoes, sandals, and play shoes, except athletic t
thous pairs
Slippers!
do
Athletic
do
Other footwear
do
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
T
Revised.
« Correction.
1
Annual total reflects revisions
2

Average for 11 months.




2

6 732

114 5

97 9

107 4

106 0

104 6

101.1

98 2

95 4

95.4

91 2

90 5

90.5

91 2

105 5

92 g

101 6

99 2

98 3

98.3

95 3

88 1

88 1

83 5

84 2

85 8

87 9

646 897

603 214

49 890

53 812

46 302

48 744

49 024

40 932

58 249

50 545

53 858

51 558 r 47 881

56,306

41 345 r 40 696
9 428 ••6 418
••576
608
191
177

47 589
7 943
607
167

167

144

536 583
100 633
6 576
2 838

497
96
6
2

263 42 463
6 723
948
532
841
161
172

44 665
8 351
*634
16?

38 466
7 088
585
163

39 552
8 364
613
215

39 777
8 504
583
160

34 027
6 444
342
118

47 314
10 121
611
203

40 356
9 445
555
189

43 175
9 882
618
183

191

162

207

212

179

207

2,737

2 217

174

237

164

162

120 9

12? 9

123 5

123 5

121 5

121 5

121 5

121 5

121 5

122 0

124 5

124 5

125 7

111 0
121 2

113 1
125 8

111 4
124 5

111 4
124 7

113 7
124 7

113 7
124 4

113 7
125 2

113 7
124 9

113 7
123 9

113 7
125 5

113 7
199 5

113 7
129 6

113 7
129 9

not distributed to the monthly data.
« crop estimate for the year.

7, 683

178

9 Includes data for items not shown separately.
^ ^
^Revisions for 1966 (thous. pairs): Shoes, sandals, etc., June, 44,962; July, 38,471; Oct.,
43,372; slippers, June, 8,901; July, 6,560; Oct., 10,665.

SURVEY OF CURRENT BUSINESS

April 1968

1967

1967

1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

Annual

S-31

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept

Oct.

Nov.

Dec.

Jan.

Feb.

LUMBER AND PRODUCTS
LUMBER— ALL TYPES
National Forest Products Association:
Production total
mil bd. ft
Hardwoods
_
do
Softwoods
_ _ _ _ _ _ _ _ __do
Shipments, total
Hardwoods
Softwoods

do _
_do
do _

_ __

Stocks (gross) mill end of period, total
Hardwoods
_
Softwoods
_

36, 433
7,563
28, 870

2

36,662
8,075
28, 587

2

34, 595
7, 185
27, 410

2 671

3 161

2,900

3,039

2,976

2,654

3,124

2,970

3,066

2,864

2, 549

2,539

2,829

2,111

2, 551

2,252

2,411

2,355

2,076

2,530

2,365

2,453

2,300

2,036

2,223

2, 337

34, 948
7, 356
27, 592

2 736

3 112

2, 954

2, 987

2,961

2,773

3,137

3,043

3,025

563

2,853

2,700

2,655

2, 959

2 434

2,331

571

2 121

2,416

2,398

2,244

2,556

2,430

2,420

2, 242

2,097

2,111

2,339

2
2

2
2

560

615

610

678

648

623

628

621

578

529

594

581

605

613

613

605

564

611

513

603

316

544

492

620

do
do
do

5 747
1, 080
4,667

5, 810
1,391
4,419

5 880
1 125
4,755

5 931
1 127
4 804

5, 935
1, 186
4, 749

5,968
1,215
4,753

6, 013
1,300
4,713

5,909
1,374
4,535

5,902
1,399
4,503

5,857
1, 414
4,443

5,872
1,441
4,431

5,907
1,426
4,481

5, 810
1,391
4,419

5,812
1,346
4,466

5 715
1,265
4,450

Exports, total sawmill products _ _
Imports total sawmill products

_ . _ do
do

1, 009
5 120

1, 112
4 987

67

87
502

95
419

98
432

131
496

89
418

100
598

90
431

103
415

82
380

95
256

100
407

108
418

SOFTWOODS
Douglas fir:
Orders, new
Orders unfilled end of period

mil. bd. ft._
do

8,480

2 7 934

603
602

668
600

657
589

677
562

704
567

644
606

708
597

595
528

624
502

660
505

693
580

681
621

782
726

2
7,864
2

716
716

634
665

683
649

662
658

574
618

Production.
Shipments
Stocks (gross), mill, end of period

do
do
do

Exports, total sawmill products.do
Sawed timber
_
_
_ _ do
Boards, planks scantlings, etc
do
Prices, wholesale:
Dimension, construction, dried, 1" x 4", R. L.
$ per M bd. ft_
Flooring, C and better, F. G., I" x 4", R. L.
$ per M bd. ft

580

486
r

8,601
8, 615
1 040

401
110
290

670
668

729
704

1,170

1,210

656
699

539
605

1,185

1,167

1,084

1,084

1,053

1,045

31
9
22

35
10
25

37
9
28

48
18
30

27
7
21

30
4
26

32
11
21

32
9
23

7 840
1 006

612
568

739
670

1 101

388
113
275

27
g
19

700
640

705
677

1,049

1,006

1,018

1 045

24
9
15

32
10
22

36
9
27

32
9
23

85. 62

85 54

80 91

84. 06

82.96

82.40

83. 24

82.82

86.09

90.71

89.63

89.20

90.43

165 87

169 99

170 31

171. 47

171. 47

172. 63

172 05

170. 86

170. 86

169. 30

168.63

167. 96

165 24

mil bd. ft
do -_

6 419

6 717

307

524
310

582
294

540
291

566
292

575
294

519
283

637
316

589
315

599
294

572
277

527
307

577
328

637
356

Production
do
Shipments
_
do __
Stocks (gross) , mill and concentration yards, end
of period
mil bd. ft
Exports, total sawmill products
M bd. ft
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1957-59=100
Flooring, B and better, F. G., 1" x 4", S. L.
1957-59=100

6 654
6, 511

6 751
6 684

510
502

605
598

526
543

588
565

583
573

517
530

586
604

584
590

592
620

610
589

536
497

574
556

579
609

1 230
99, 202

1 297
87 436

1 279
7 042

1,286
8,329

1,269
6,425

1,292
8,502

1, 302
7 026

1, 289
5,989

1, 271
6,496

1,265
6,220

1,237
8,795

1 258
8, 817

1.297
7,229

1 315
8 674

1,285
6,965

756
607

869
659

Southern pine:
Orders new
Orders, unfilled, end of period

Western pine:
Orders, new
Orders, unfilled, end of period

mil. bd. ft
_ _ _ do

Production
_ _ do
Shipments
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. ft

274

105.1

103 4

101.0

101.6

101.4

102.2

103.1

103. 6

103.7

105.0

105.2

106.5

107.0

106.2

106 0

105 8

105.8

105.8

105.1

105 1

105.2

105.6

106.4

106.7

107.2

107 4

10 375

557

865
501

904
503

871
511

884
507

845
495

920
525

955
510

898
479

904
484

793
504

835
557

10 023
10 245
1 445

770
841

947
902

820
863

862
857

1,609

1,566

824
890

1,564

1,526

1,531

1,465

1,468

1, 450

1,474

1,496

1,445

71 95

66 40

69.55

73.32

74.16

73. 87

73 83

73.12

73.18

74.39

73.73

71.94

31.2
16.3
25. 1
26. 7
18

26.1
15.4
28.4
26. 5
4 4

2.2
16. 7
18

30
17.5
2 2

3. 1
18.0

20

2.1

2.1
2.2

2 2

2 2
17.4
2 4
2 0
2 5

2 2
17.0
29
29
29

618.1
26.0
685.6
654.4
58.3

547.0
20.1
551. 2
552 2
57.9

48.3
31.7
42 4
43 0
56.4

61. 1
39 4
51 6
53 4
53 9

42
28
38
41
58

10,295

2

427
10, 337
10, 403
1,666

69.39

2
2

847
888

973
970

911
929

923
899

795
773

731
782

714
706

801
817

1,453

1,437

HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new
Orders, unfilled, end of period _
Production
Shipments
Stocks (gross) mill end of period
Oak:
Orders, new
_
Orders, unfilled, end of period
Production
Shipments
Stocks (gross) , mill, end of period

mil. bd. ft
do _
do..
do
do
do
do
do
do
do

1.8

2.3

2.6
17.4

2 2

17.2
2 5
2 4
2 3

39.4
34.8
46 4
44 0
55 9

43.1
31.8
49 9
46 5
60 3

45.3
28.4
47.2
47 9
61.4

2.4
2.4

23

1.2

2.1

1.8

16.4

15.8
27

33

16.6
24
25
30

2.4
35

61 1
33.8
52 0
56 1
54 0

43.2
28.0
47.4
49 0
52 3

41.1
23.9
49.3
45 8
54.7

103
716

118
657
5

106
779
(i)

2
7
6
9
0

2.5
2.1

1.7

1.7

2.0

15.4
2 5

15. 2

14.9
2 3

1.8

27

4 4

21
50

58

40.0
21.9
45 4
42 1
58.1

36.1
20.1
37.1
37 3
57.9

42 0
20.5
41 1
40 6
58 4

50. 3
26.4
40.3
43 1
53.9

129
610
(i)

128
451
(i)

127
353
(i)

141
485
(i)

104
355
1

1,013

1,102

1,058

1.7

METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh tons
Scrap
do
Pig iron__
do
Imports:
Steel mill products
Scrap
Pig iron _

_

do
do
do

1 724
5 857
12
10 753
464
1 252

1 685
7 635
' 7
11 455
286
2 631

190
544
(i)

162
776

160
641
I

137
805
1

122
811
Yi)

882
24
37

828
16
41

1 030
' 26

963
27
41

965
22
49

985
22
62

956
29
22

999
21
57

1 308

63

cn

744
12
46

(i)

28
71

28
78

Iron and Steel Scrap
Production
thous sh tons
Receipts
do
Consumption
do
Stocks, consumers', end of period
do
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per Ig ton
Pittsburgh district
do.___

55 463
36 606
91 584
8 193
29 95
31.00

r
Revised.
p Preliminary.
i Less than 500 tons.
not distributed to the monthly data.
s For Feb.-Dec.




3 27 51
27.00

4 142
2 462
6 904
7*798

4
2
7
7

610
9099
49
826

4 323
3 150
7 062
7 835

4 451
3 259
7 290
7*770

4 198
3* 119
6 784
7 854

3 803
2 674
6 058
7 861

4 351
3 058
7 009
7 871

4 293
3 070
6 937
7 840

4 488
3*238
7*397
7 709

4 587
3 416
7 481
7 739

27 38
27.00

28 53
27.00

26 98
26.50

26 79
26.00

27 23
26.00

27 18
26.00

27 59
27.00

28 28
27.00

26 55
26.00

27 48
27.50

2 Annual total reflects revisions

28 65
30.00

34
14

26
14

Mar.

SURVEY OF CURRENT BUSINESS

S-32
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

1967

Feb.

Annual

April 1968

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

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

_

Manganese (mn content) general imports

90,704
84, 195
90,583 83, 359
46, 259 i 44, 627

4,576
1,772
2,049

5,049
1, 778
1,712

6,277
5,494
2,629

9,039
11,119
4,582

9,419
10,998
5,273

9,526
11,373
4,204

9,697
10, 631
5,377

8,875
9,816
3,500

7,367
8,714
4,946

4,766
6,502
4,377

4,831
3,293
3,328

5,289
2,009
2,390

1,725

119, 435
118, 982
5,944

3,391
9,370
366

3,753
10, 479
346

6,988
9,816
736

14,349
10, 015
626

15, 240 15,037
8,853 9,222
585
739

14, 373
9,456
337

12, 627
9,562
524

12, 631
10,307
674

10, 651
10, 479
417

6,995
11, 220
342

3,693
11, 251
346

3,674
10, 746
321

57,141 59, 242
22,515 20, 435
32, 311 36,645
2,162
2,315

64,069
18,856
43, 032
2,181

68,203
17, 042
48,847
2,314

72, 375
16, 103
53. 764
2,508

74, 727
15, 162
56,829
2,736

75, 903
13, 815
59, 153
2,935

73,804
11, 470
59,325
3,009

71, 116 66, 532
13, 008 16, 288
55, 121 47, 527
2,987 2,717

40, 455
2,253

128, 225
127, 694
7,779

do
do__
do
- do

69, 431
12, 066
54,658
2,707

do

1,293

71, 116 ' 63,076 59,349
13, 008 18,637 21,908
55, 121 ' 41,885 35, 138
2,303
2,987 2,544

134

112

60

61

85

60

69

121

66

96

97

108

87

6,804
6,853

7,587
7,555

7,215
7,117

7,321
7,288

6,639
6,605

6,696
6,678

6,951
7,102

7,055
7,198

7,530
7,631

7,626
7,757

8,182

8,097

7,841

2,995

3,066

3,161

3,224

3,299

3,354

3,204

3,068

2,960

2,836

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

945
1, 113
606

927
1,246
675

896
1,180
653

919
1,262
698

896
1,256
709

882
934
581

896
1,240
747

897
1,169
703

909
1,235
742

'913
850
1,262 ' 1, 212
'662
716

916
1,201
659

147
85
54

140
95
60

134
81
48

133
93
55

131
88
53

132
64
41

137
85
51

132
89
51

122
95
49

120
89
51

120
86
47

122
92
55

10. 041
134.8

10,963
132.9

10, 349
129.6

10, 577
128.2

9,576
119.9

9,620
116.6

10,300
124.8

10,438
130.7

11, 171
135.4

11, 299
141.5

11,953
144.9

12,015
145.6

263
1, 857
1,554

510
165
139

454
189
159

404
162
136

373
165
139

342
168
142

328
124
105

317
138
113

319
138
116

303
143
118

300
145
119

'293
'150
'125

336
158
128

6,531

7,562

6,763

7,247

7,029

6,221

7,169

6,700

7,181

7, 310

7,003

7,758

7,901

264
448
574
95

327
492
645
98

329
494
597
78

363
511
640
94

371
518
691
88

376
493
680
109

380
495
759
127

380
525
752
139

958
560
278
113
736
229
541
2,377
695
1,067

1,124
663
312
142
820
276
596
2,790
793
1,267

1,024
1,108
617
650
288 ,
311
112
137
718
710
270
267
560
685
2,924
2,508
841
726
1,121 1,301

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

1,155
757
228
161
851
282
509
3,307
971
1,587

1,086

Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous sh tons 191,500 186,976
Consumption
do
91, 770
Stocks (consumers' and suppliers'), end of period
2,962
thous. sh. tons
Prices:
62.74
Composite
$perlg. ton-62.70
Basic (furnace)... _ _ _.
do
63.00
63.00
Foundry, No. 2, Northern. __
do__ .
63.50
63.50
Castings, gray iron:
Orders, unfilled, for sale, end of period
962
thous. sh. tons
'913
Shipments, total
__
do
15, 716 '14,329
For sale
_ __ _ _ _ _ __do _
8,927 ' 8, 128
Castings, malleable iron:
Orders, unfilled, for sale, end of period
182
thous. sh. tons. .
'120
Shipments, total
do
1,133
1,040
688
For sale— __ _ _ do
615

62.70

Steel, Raw and Semifinished
Steel (raw):
Production
__ _ _ _
thous. sh. tons
Index
daily average 1957-59—100
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons
Shipments, total
do
For sale, total
do

1

134,101 -•1127,213
138.1 ' 131. 0
590
2,155
1,792

11, 795 Pl2, 698
152.8 P153. 9

Steel Mill Products
Steel products, net shipments:
Total (all grades)
By product:
Semifinished products
Structural shapes (heavy), steel piling
Plates
.
Rails and accessories

do

189,995 183,897

do
do
do
do

3,806
6,764
9,103
1,776

4,061
6,133
7,948
1,434

360
508
668
144

403
591
784
169

326
536
665
154

316
538
667
147

291
481
660
125

Bars and tool steel total
Bars: Hot rolled (incl. light shapes)
Reinforcing
Cold
finished
Pipe and tubing
Wire and wire products
Tin mill products
Sheets and strip (incl electrical) total
Sheets* Hot rolled
Cold rolled

do
do
do
do
do
do
do
do
do
do

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

1,059
673
215
160
557
249
510
2,476
710
1,089

1,212
755
268
177
705
288
638
2,772
794
1,208

1,069
650
267
143
722
270
589
2,432
686
1,085

1,106
662
279
156
897
275
564
2,737
796
1,238

1,093
637
297
149
908
280
601
2,590
773
1,111

By market:
Service centers and distributors
Construction, incl. maintenance
Contractors' products
Automotive

do
do
do
do

116,400 i 14, 863
i 11, 862 i 11, 375
14,969 i 4, 582
1
17, 984 i 16, 488

3,842
2,650
1,089
3,928

3,706
3,161
1 197
3,793

3,475
2,876
1 133
4 029

3,864 2 1, 285
2908
2,722
2
374
1,168
4,774 2 1, 787

2

Rail transportation
do
Machinery, industrial equip., tools
do
Containers, packaging, ship, materials. _ _ do
Other
do

14,332 i 3, 225
1
5, 747 i 4, 994
i 6, 597 i 7, 255
i 22, 104 i 21, 115

995
1,357
1,829
5,677

899
1,221
1,952
5,109

634
1,103
1 956
4,885

702
1,275
1,517
5,470 2

2283
2523
2646
1, 952

2297
2529
2578
2
1, 925

9.6
6.1
5.6

10.1
5.9
5.4

Steel mill products, inventories, end of period:
Consumers' (manufacturers only) -.mil. sh. tons__
Receipts during period
do
Consumption during period
do

10.1
65.1
67.9

9.1
62.5
63.5

10.0
4.8
4.9

9.9
5.4
5.5

9.4
4.9
5.4

9.0
5.3
5.7

8.7
5.1
5.4

9.1
4.5
4.1

9.1
5.3
5.3

8.8
5.1
5.4

9.1
5.7
5.4

9.2
5.7
5.6

9.1
5.4
5.5

2

1, 328
2998
2391
1, 857

5.4

'5.6

5.3

5.3

5.7

5.6

5.3

5.2

5.4

5.3

5.2

5.3

'5.6

"5.7

9.8
9.2

12.5
9.6

10.1
9.3

10.0
9.3

10.5
9.1

10.7
9.0

10.4
8.7

10.8
8.7

10.7
8.7

11.1
8.8

11.6
8.8

11.8
9.1

12.5
9.6

'12.3
'10.1

12.0
10.4

Steel (carbon), finished, composite price.. _$ per lb-.
.0842
r
Revised.
*»
Preliminary.
1
Revised total; monthly revisions are not available.

.0850

.0848

.0848

.0848

.0848
.0848
.0848
2For month shown.

.0848

.0852

.0854

.0855

.0860

.0864

.0865

Service centers (warehouses)
do
Producing mills:
In process (ingots, semifinished, etc.)
do
Finished (sheets, plates, bars, pipe, etc.). do




.0865

SURVEY OF CURRENT BUSINESS

April 1968
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

1967

1966

Annual

S-33

Feb.

Mar.

Apr.

May

June

1968

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)

,, .

f A*j

Imports (general):
IWEetal and alloys crude
Plates sheets etc
Exports metal and alloys crude

do
do
do

Stocks, primary (at reduction plants), end of
period
thous sfa tons
Price, primary ingot, 99.5% minimum.. .$ per lb._
Aluminum shipments:
Ingot and mill products (net)
IVtill products total
Plate and sheet (excluding foil)
Castings^

mil Ib
do
do
do

Copper:
Production:
Refinery primary
From domestic ores

do
do

Secondary recovered as refined

do

Imports (general) :
Refined unrefined scrap (copper cont ) do
Refined
do
Exports:
Refined and scrap
do
Refined
do
Consumption refined (by mills etc )
Stocks refined, end of period
Fabricators'
Price bars electrolytic (N Y )

do
do
do
$ per Ib

Copper-base mill and foundry products, shipments
(quarterly total) :
Copper mill (brass mill) products
mil Ib
Copper wire mill products (copper cont ) do
Brass and bronze foundry products
do
Lead: A
Production:
]\d[ine recoverable lead
thous sh tons
Recovered from scrap (lead cont )
do
Imports (general) oro (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) cT
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

Ig tons
do
do
do
do
do

Exports, incl. reexports (metal)
do
Stocks pig (industrial) end of period
do
Price, pig, Straits (N.Y.), prompt.. .."II$"perib_]

3 269 3

243 6
62 0

274.4
72.0

268 4
67 0

278 9
65 0

270 1
63 0

277 0
58 0

277 6
64 0

270. 4
65.0

283.8
65.0

277.2
69.0

282.7

521 8
119.1
188.2

450.5
56.3
209.0

32 7
6 5
24 9

41.1
6.8
24.0

44.5
5.3
21.9

39.0
4.5
19.6

37 9
47
18 3

26.4
3.6
20.3

30.7
3.4
12.3

43.0
3.1
12.8

35.3
3.1
11.0

37.7
4.2
12.4

45.7
3.4
11.1

54.6
4.7
13.3

44.7

74.8
. 2450

208 0
.2498

69 1
.2500

69.8
.2500

83.1
.2500

93.3
.2500

109 8
.2500

142.0
.2500

170.6
.2500

187.6
.2500

204.9
.2500

216.1
.2500

208.0
.2500

.2500

.2500

8799 2
6,459. 1
2 942 3
1,633.7

rg 356 5
r
6 365 9
r 2 868 1
l' 534! 7

739 8
519 1
239 2
128 4

767.7
559.8
241.8
136.4

730.4
524.2
243 3
128.4

752.1
565.7
242 5
135.8

751 0
549 2
254 2
133 3

658 3
486.9
216 9
98.6

743.3
527.4
227.5
133.6

745.8
534.3
243.1
115.2

760.8 '730.6 ' 749.2
560.6
539.2 '507.4
255.5 245.0 '234.2
121.6
130.1
127.9

841. 9
561.8
265.0
137.0

117 8
138 6
111 5
27 i
33 1

132.9
151.8
124.9
26.9
41.0

131 9
138. 3
114. 9
23 4
42.3

130 4
160.0
129 8
30 2
42.7

127 0
161 9
130 0
31 9
43 2

66 5
88.8
70 3
18 6
27.9

31 7
42.9
27 3
15 6
20.5

22.4
30.0
8.3
21.7
22.8

23.5
37.8
4.5
33.2
29.6

21.8
16.0

21.5
18.1

'22.9
17.7

27.9
16.1

27.4

23.3

21.2

24.9

2 968 4
808 0

1 429 2
949 8
1,711.0 1 133.0
1 353 1
846 6
357 9
286 4
472.0
394.5
596 7
162.7

644 1
328.3

58 4
19 8

42.6
13.3

45 4
21.3

55 2
18.2

59 3
22.5

39 9
18.2

36 6
17.9

57.8
26.9

61.4
45.0

79.9
58.1

-64.4
47.5

99.5
78.3

86.3
74.1

334. 7
273 1

241. 8
159.4

22 4
16 0

32.7
24.9

27.7
21.5

20.6
16.0

32.9
28 7

24.2
18.3

11.3
4.3

12.5
4.9

12.1
4.2

13.3
2.9

10.4
2.0

9.4
2.5

12.6
1.1

2 382 0 1 948 2
240.0 v 172. 7
174. 0 P 117. 3
5 3823
3617

197 8
227 1
160 6
3810

217.9
242.3
177.5
.3808

187 0
240.8
193.6
3817

191 7
270.7
205.6
3812

192 2
289 6
223.6
3808

102 2
318^4
247.8
3830

142 5
279.2
210.3
3909

133 5
238.1
172.5

134.9
204.4
139.5

745
••639
241

2 595
3,326
2 494 r 2 356
966
1 007

596
579
244

605
529
232

649
609
249

25 7
42 2

••30.1
48.0

r 29 5
43 3

r 31 9
45 5

27 8
40 9

24 4
39 2

24 6
48.7

23.3
46.9

24.3
48.6

21.9
50.1

21.9
46.6

22.9
47.3

431 3
488 4
11,323. 9 1 240.2

42 2
97 3

46.6
110.9

36 2
104. 9

34 6
108.8

54 0
103 8

38 2
85.4

43 6
102. 6

30.3
100.9

41.2
109.8

42.5
104.5

33.6
104.6

43.9
108.8

154 7

159 1

158 8

165 0

171 2

169 8

173 4

168 8

160.2

166 1

19.5
106.0

19.1
102.0

23.6
100.7

17 2
88.1

48.2
. 1400

53.6
.1400

57.5
.1400

.1400

68
5,343
1 665
285
6,165
4,485

467
4,775
1,625
290
6,265
4,655

0
5,473

784
5,145

7,010
5,160

36
75
17 590 '18, 670
1.5501 1. 5259

190

303

17 965
1. 4788

1. 4563

142 2

160 2

mo

154 8

23 4
90. 3

23 6
r 100 7

90 7

29 5
98.6

32 2
97.3

33 7
93.5

31 6
105 3

31 5
114.2

28 2
112.8

22 7
108.5

46.3
.1400

49 3
.1400

50 4
.1400

50 8
.1400

51 3
.1400

49 9
.1400

46 8
.1400

47.9
. 1400

122
4,268
1 940
260
7,260
5,275

32
5,350
1 885
270
6,685
4,740

179
3, 933
1 955
270
7,570
5,350

4,359
1 620
320
5,995
4,370

o

0
3,302
1 775
275
6,220
4,690

964
4,305
1 530
305
6,025
4,530

1,013
4,416
1 615
295
6,150
4,545

4
4

52 8
.1512

53 6
.1400

r

2 4 372
3 255
41, 624 49 924
25 318 21 475
3,315
3 380
85, 486 178 585
60 209 157 310
3 069
22 687
1. 6402

r

90 2
d.R R

.1400

OQ9

2 883
1 945
' 265
6 720
4 875

492

o
3,328
2 010

280

7,065
5,125

2 509
ig gyo
1. 5340

on KM

1. 5438

235
20 500
1. 5371

209
20 825
1. 5333

257
20 265
1.5311

20 560
1. 5494

65
20 975
1. 5439

240
19 855
1. 5250

39
18 607
1. 5101

30
19 250
1. 5199

165

r

572 6

546 4

r 43 6

r 50 7

r 49 4

r 50 3

r 4g 2

r 44 6

48 7

43 2

42 1

41.3

41.1

43 0

do
do

521 3
277 4

534 1
221 4

51 2
11 1

48 6
26 9

46 8
14 9

56.9
15 4

64.0
17 0

45.2
18.3

37.6
20.6

28.3
16.1

29.8
11.9

44.8
23.0

32.8
19.0

50.3
29.3

Consumption (recoverable zinc content) :
Ores
do
Scrap, all types
do

1 126 7
1269 6

106 1
223 1

87
18 9

10 2
19 2

93
18 8

8.8
19.0

80
18.5

7.6
17.7

8.6
18.4

8.3
18.2

8.6
18.6

10.0
18.6

8.9
18.1

10.4
20.1

87 6
5.4
100.4

83 0
4.9
99.8
10.6

73 8
4.8
83.7
4.3

70.2
5.1
102.9
1.1

68.3
5.8
99.5
.1

65 6
7.0
108.6
.1

68.5
6.5
106.5
(3)

71.6
6.0
100.7
.1

Slab zinc:
Production (primary smelter), from domestic
86 0
and foreign ores
thous sh tons
89 2
84 1
1 038 1 943 0
57
Secondary (redistilled) production
do
54
' 72 4
54
67 7
97.3
Consumption fabricators'
do
1 410 2 1 217 8 104 8
105 8
(3)
3
.1
Exports
do
14
16 8
Stocks, end of period:
103.7
Producers', at smelter (AZI)O
_do_ _ 4 64. 8
83.8
87.9
84.3
r 129 5
103.7
Consumers'
do
108.5
105 2
97 3
.1450
Price, Prime Western (East St. Louis). $ per lb. . .1450
.1450
.1450
.1384
' Revised.
p Preliminary.
1 Revised total; monthly revisions are not available.
2 Total for 11 months.
3 Less than 50 tons.
< Reported yearend stocks. See BUSINESS
STATISTICS note. $ Jan.-Aug. average.
^Effective 1966, estimates are derived from a new sample and are not directly comparable
with earlier data; see note in Feb. 1967 SURVEY.




(3)

.2500

121.4 J> 109. 8 P96.4
122.6
185.1 ' 169. 5 v 169. 5 p 159. 2
'
114. 1 v 107. 6 p 100. 9
124.1

311 1
545 3

327 4
*572 8

ZincrA
Mine production, recoverable zinc
Imports (general):
Ores (zinc content)
Metal (slab blocks)

4.1
13.7

39.3

.1400

1. 4562

33.7
30.8

69.6

6.1

112.2

'.6

5.7

66.4
73.4
62.9
94.5
84.3
116.7
89.0
117.9
109.3
105.6
113.4
90.9 '97.4
93.8
101.2
93.0
88.7
89.2
96.0
97.3
.1350
. 1350
.1350
.1350
.1350
.1350
.1355
. 1350 .1350
.1350
.1356
AData reflect sales from the Government stockpile.
of Consumers' and secondary smelters' lead stocks in refinery shapes and in copper-base
scrap.
©Producers' stocks elsewhere, end of Mar. 1968, 8,800 tons.

SURVEY OF CURRENT BUSINESS

S-34
Unless otherwise stated, statistics through 1966
and descriotive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

| 1967

Annual

April 1968

Feb.

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

METALS AND MANUFACTURES—Continued
HEATING EQUIPMENT, EXC. ELECTRIC
Radiators and convectors, shipments:
6.9
1-9.7
Cast-iron
__mil. sq. ft. radiation..
290.4
84.4
Nonferrous
do
Oil burners:
1 559. 5 ' 625. 2
Shipments
thous
344.1
27.3
Stocks end of period __
_ _
do
Ranges, gas, domestic cooking (incl. free-standing,
set-in, high-oven ranges, and built-in oven
broilers), shipments..
._
--thous 12,135.6 2, 132. 7
194.3
234.1
Top burner sections (4-burner equiv.) , ship do
Stoves, domestic heating, shipments, total— _do
Gas
-- --- - do. ...
Warm-air furnaces (forced-air and gravity air-flow),
shipments, total..
thous
Gas
-- -- - --do
Water heaters, gas, shipments
do

.6
5.5

.6
5.9

.3
5.8

.5
5.7

.7
6.9

.4
5. 6

.5
8.8

.8
9.6

.79.8

40.5
40.4

46.6
39.1

30.3
43.3

46.2
40.4

55.6
42.4

35.7
42.6

69.2
44.0

71.5
36.8

74.9
29.7

163.2
13.5

206.9
16.1

161.3
13.6

182.4
15.9

194.5
18.6

133. 5
13.8

185.4
18.4

197.6
21.2

1,313.0
928.9

74.1
44.6

74.3
49.4

69. 6
44.7

98.5
68.2

101.2
81.8

115.7
85.2

157.1
113.4

1, 525. 1 '1,404.0
11,211.3 '1,082.7
2,488.9 '2,553.7

203:7

86.8
66.6

94.0
73.6
229.0

90.1
72.8
224. 6

98.7
78.7
199.2

107.0
81.3
203.3

113.1
89.2
176.1

279.9

300.5

195.8

320.6

523.5

255.0

323.9

179.3
23.9
95.9

140.7
112.3
171.6

18.2
1.2
5.0

13.4
1.4
8.3

10.6
1.0
5.8

9.7
1.8
4.0

14.1
1.2
8.4

11,482.3
1,033.8

.6
8.0

.5
6.4

.5
8.0

61.9
28.9

46.5
27.3

46.5
32.3

195.5
18.9

191.8
17.5

181.9
14.5

190.7
134.7

188. 0
136. 4

120. 1
92.7

67.5
44.7

75.5
43.9

144.7
108. 5
225. 5

172. 5
126.6
214.7

168.9
126. 7
233.3

126.8 ' 113. 2
96.9 '93.5
197.1 ' 240. 8

108.8
89.1
252.2

213.1

207.0

319.8

536.0

210.2

284.9

270.1

275.2

10. 9
1.0
7.1

14.3
.5
9.8

10.7
.5
3.6

5.5
1.1
1.8

10.3
1.3
6.3

11.0
.5
7.1

'10.2
.8
7.1

12.7
.7
9.6

170.4

MACHINERY AND EQUIPMENT
Foundry equipment (new), new orders, net
mo. avg. shipments 1957-59=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, adjl
1957-59=100.Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (internal combustion
engines) shipments
number
Machine tools:
Metal cutting type tools :f
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.r.

. - _ _ _ _ , .mil. $._
do
do
do
do
do
do
do
do
do

Other machinery and equip., qtrly. shipments:
Construction machinery (selected types), total 9
mil. $__
Tractors, tracklaying, total
do
Tractors wheel (con off-highway)
do
Tractor shovel loaders (integral units only),
wheel and tracklaying types
mil $
Tractors, wheel (excl. garden and contractors'
off-highway types)
mil $
Farm machines and equipment (selected types),
excl. tractors
mil $
ELECTRICAL EQUIPMENT
Batteries (auto, replacement) shipments
thous
Household electrical appliances:
Ranges, incl. built-ins, shipments (manufacturers'), domestic and export
thous
Refrigerators and home freezers, output
1957-59=100..
Vacuum cleaners sales billed
thous
Washers, sales (dom. and export) %
do
Driers (gas and electric), sales (domestic and
export)
thous

' 181. 0 ' 179. 8 ' 234. 8 '170.8 '203.5 '185.3 '213.2

' 206. 1

197.9

201.0 '189.2

221.1

186.7

189.6

10, 390
12, 404

11, 133
12, 174

903
976

1,024
1,374

997
1,032

1,079
1,014

1,136
995

844
885

789
780

875
1,021

845
1,067

903
1,058

912
1,086

941
992

819
971

47, 043

41,996

3,417

3,985

3,552

3,748

3,938

3,283

3,284

3,665

3,292

2,961

3,406

3,418

3,367

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

78.80
77.25 77.45 88.35 '75.50 84.40
1,134.95 101. 45 105. 35 90.85 101. 00 110.80 93.90 115. 60
74. 40
67.65, 80.15 '64.20
71.75
1,024.65 89.00 93.30 82.65 90.85 100. 05 82.95 105. 60
73.25
1, 353. 20 100.55 132.80 103. 60 118.30 129.80 102. 55 93.05 122.40 106. 20 114. 25 137.40 '102.85 115.05
116.25
115.
50
90.45
107.
35
94.70
83.65
108.
85
92.60
95. 80 101. 45 121.40 ' 91. 45 104.15
1,211.05
1,088.5 1,309.5 1,282.0 1, 269. 3 1, 252. 0 1,233.0 1, 224. 3 1,246.9 1,203.3 1,174.3 1, 137. 5 1, 088. 5 '1,061.1 1, 030. 5
286.65
248.15
452. 75
406.90
228.3

20.20
18.80
42.85
39.70
338.6

24.40
21.55
40.85
36.35
361.3

1 1,922.4 11,757.0
i 476. 0
388.4
162.3
84.4

7435.0
95.4
720.7

25.25
20.20
40.35
38. 70
323.5

21.70
18.20
40.40
37.00
304.8

28.50
23.65
46.70
37.70
286.6

25.35
18.75
29.70
26.10
282.3

19.30
18.30
28.80
24.65
272.8

21.60
19. 20
31.90
29.40
262. 5

534. 4
121.7
28.0

' 417. 2
92.6
' 7 17. 5

24. 10
21.75
41.15
37.30
245. 4

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

370 4
78.8
18.3

434.9

21.45
20.30
28.85
27.05
211. 2

1412.9

406.9

7 102. 0

122.5

'91 0

91 3

1,005.9

957.9

273.9

294.0

185.1

204.9

'1,220.6

1,203.4

375.8

348.7

263.4

215 6

32,124

32,062

2,179

2,302

1,872

1,897

2,070

2,396

3,133

3,246

3,609

3,431

3,179

2,028.0

1,909.6

138.0

154.0

164.9

158.9

163.7

131.7

165. 1

153.0

162.8

176.7

173.4

191.6

189.8

140.1
155. 6
156. 1 140.8
143.3
139.0
151.4
106.6
161.2
139.6
171.1
506.6 397.7 394.9 444.6 415. 2
514.6
444.3
489,0
477.4
574.9
563.4
'328.7 ' 401. 2 ' 276. 0 ' 349. 2 ' 386. 1 ' 360. 7 ' 443. 3 ' 467. 2 ' 428. 7 ' 321. 5 ' 292. 9

147.0
505.0
347. 2

175.1
497.8
376.4

377.4

228.2

200.2

163.0
145.8
5, 582. 7 5,677.4
'4,446.5 '4,376.0
2, 360. 8

2,642.3

202.2

Radio sets, production©
do
23, 595
Television sets (incl. combination), prod. 6 - -do -_. 12, 402
Electron tubes and semiconductors (excl. receiving,
power, and spec, purpose tubes), sales
mil. $.. 1868.3
Motors and generators:
New orders, index, qtrly
1947-49—100
239
New orders (gross) :
Polyphase induction motors, 1-200 hp
mil. $__ 6 113. 3
D.C. motors and generators, 1-200 hp
do
51.3

21,698
10,881

1,479
1,049

712.0

60.1

697.6
47.5

68.2
5.0

3,843

186.2

119.3

117.5

146.6

169.1

285.7

316.2

325.8

297.2

256.1

247.4

1, 771

51,171

1,483
680

1,584 5 1, 621
5728
729

1,027
474

1,767
858

52,574
« 1, 219

2,164
1,031

2,226 s 2,278
1,022 51,066

1,463
798

64.9

56.1

59.2

47.4

62.2

60.2

62.2

5

58.2

218

225

205

483.1

69.2
4.1

69.1

4.3

68.3
5.0

68.4
3.6

58.2

188
6 7. 6
3.9

67.3
3.0

3*.l

59.9

' 1, 787 s 2, 134
919 5 1, 112

58.3

56.1

66.9
3.8

67.5
4.1

188

68.4
4.0

67.6
3.4

66.8
3.5

PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
994
Production, _._
_____thous. sh. tons_. 12, 941 12,002
'894
897
932
1,235
1,024
962
947
959
880
1,011
1,079
975
919
Exports
do
25
28
48
49
63
59
766
41
76
595
37 " 46
35
45
35
Price, wholesale, chestnut, f.o.b. car at mine
$persh. ton_. 12.824
12.892 13. 475 13. 475 12. 005 12. 005 12.005 12. 495 12.495 12.985 12. 985 13. 475 13. 825
Bituminous:
Production
__._
thous. sh. tons__ 533,881 '551,000 '42,841 '48, 217 '45, 179 '49,689 '45, 174 '36,869 '50,883 '45,480 '48,693 '47,304 '43,169 '45,180 42,875 47,050
2
' Revised.
1 Revised total; monthly revisions are not available.
Total for 11 months.
IfData (back to Jan. 1965) reflect revisions and new seasonal adjustment factors.
3
Reported year-end stocks. See BUSINESS STATISTICS.
* For month shown.
«Data cover
fRevised series. Monthly data for 1956-66 are on pp. 35 ff. of the Mar. 1968 SURVEY.
5 weeks; other periods, 4 weeks.
« Excludes orders for motors 1-20 hp.; domestic sales of
t Revi?ed to include combination washer-driers.
9 Total includes data not shown
this class in 1967 totaled $110.5 mil.; Feb. 1968, $8.8 mil.
t Effective 1st quarter 1967, total
separately.
shipments and shovel loaders include types not previously covered and off-highw y wheel
ORadio production comprises table, portable battery, auto, and clock models; television
tractors exclude types previously covered; also, the wheel tractors for 3d quarter 1967 omit
sets cover monochrome and color units.
one type (usually included) to avoid disclosure of individual operations.




SURVEY OF CURRENT BUSINESS

April 1968
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

| 1967

1968

1967

Feb.

Annual

S-35

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous— Continued
Industrial consumption and retail deliveries,
486,266
total 9
thous sh tons
Electric power utilities
do
264, 202
IVlfg and mining industries total
do
201,490
Coke plants (oven and beehive)..
do___. 95,892

480, 259
271, 784
190,900
92, 106

41,517
22, 758
16,209
7,258

19,965

17,099

2,550

1,680

74,466
52,895
21, 332
9,206

93, 128
69, 737
23,212
10,940

70, 196
49,583
20,439
9,364

71,231
50,702
20,380
9,491

Retail deliveries to other consumers

do

Stocks, industrial and retail dealers', end of period,
total
thous. sh. tons__
Electric power utilities
do
Mfg and mining industries, total
do
Oven-coke plants
do
Retail dealers

37, 590 36,724 38,820
22,318 21,999 22,922
14, 770 14,199 14,942
7,367
7,327
7,513

41, 711 37,370
22,910 20,955
17, 117 15,639
7,979 7,611

38, 150
21, 543
15,845
7,836

729

693

433

473

895

74,696
53,702
20,846
9,829

80,209
58, 156
21,855
10,596

85,234
61,831
23, 175
11,019

80,621
60,150
20,240
8,774

86,726
65,089
21,392
9,465

37,130
21, 133
14,630
7,435

1,311

40,115 42,066 '44,035
22,528 23,364 24, 631
15,939 16,674 17,247
7,829 7,840 8,165

1,592

1,985

90,707 94,467 95,001
68,653 70,935 71,357
21, 825 23,305 23,345
9, 726 10,611 10,914

47, 344
26,646
17,917
8,095

2,148

2,780

93,128
69, 737
23, 212
10,940

86, 325
64, 269
21, 921
10,422

239

179

174

149

148

198

228

231

245

229

227

199

179

135

49,302

49, 510

3,610

3,102

4,193

4,912

4,987

4,032

4,641

3,966

4,722

4,948

3, 775

3,241

2,786

4.952
6.971

5.217
6. 795

5.122
7.162

5.116
7.197

5.238
6. 463

5.231
6.426

5.224
6.417

5.237
6.561

5.233
6.596

5.272
6.681

5.242
6.856

5.287
6.998

5.278
7.017

1,442
65,959
17, 611

834
63,737
18, 187

92
4,996
1,341

63
5,552
1,523

60
5,312
1,420

59
5,394
1,545

55
5,098
1,535

47
5,105
1,605

60
5,208
1,540

56
5,154
1,529

74
5,412
1,523

74
5,410
1,483

75
5,643
1,606

,74
5,602

71
5,352

3,078
2,863
215
1,459
1, 102

5,467
4,961
506
1,364
2710

3,388
3,156
232
1,474
68

3,527
3,273
254
1,453
67

3,732
3, 465
267
1,420
58

3,963
3,687
277
1,372
50

4,350
4,051
299
1,387
48

4,766
4,371
396
1,451
36

5,016
4,595
421
1,408
84

5,277
4,824
453
1,413
61

5,439
4,972
467
1,400
51

5,499
5,022
477
1,337
64

5,467
4,961
506
1,364
46

5,375
4,879
495

5.226
4.766
460

78

83

_number__ 16,780 215,367
2.93
$ per bbl
3.02
3,447.2 3,582.6
_mil. bbl
% of capacity
91
93

1,303
2.98
268.4
92

1,168
3.00
296.1
92

1, 054
3.00
282.9
91

1,243
3.00
297.1
90

1,234
3.00
294.6
92

1, 466
3.00
310.0
94

1,056
3.05
309.7
94

1,133
3.05
302.0
94

1, 774
3.05
310.9
94

1,193
3.05
299.1
94

2,061
3.05
318.1
96

'

do

Exports
do
Prices, wholesale:
Screenings, indust. use, f .o.b. mine
$ per sh. ton..
Domestic, large sizes, f.o.b. mine
_ . do _
COKE
Production:
Beehive
thous. sh. tons
Oven (byproduct)-- _ _ _ _ _ _ _
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
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price at wells (Okla.-Kansas)
Runs to stills — _._
Refinery operating ratio

All oils, supply, demand, and stocks :
New supply, total
Production:
Crude petroleum
Natural-gas liquids, benzol, etc
Imports:
Crude petroleum
_
Refined products

..mil. bbl__ 4,435.6

3,216.5
514.5

241. 5
39. 3

264.9
43.2

254.3
42.6

260.0
43.3

447.1
492. 0

411.6
514.2

29.2
'46.6

37.6
'52.0

38.2
'46.4

39.9
'40.4

do
do
do__._

Demand, total _
Exports:
Crude petroleum.......
Refined products
Domestic demand, total 9
Gasoline _ _ _
Kerosene

do

Lubricants
Asphalt
Liquefied gases

_

Stocks, end of period, total
Crude petroleum _
Natural-gas liquids.... _ _ _ _
Refined products.
_ _ _
Refined petroleum products:
Gasoline (incl. aviation) :
Production
Exports
_
Stocks, end of period.

do
do
do

38J

272.9
41.6

279. 1
44.7

269.4
44.0

276.2
45.1

33.6
'37.0

30.1
'31.9

31. 5
'35.3

31.5
'32.7

31.9
'46.5

29.6
'40.4

37.5
49.4

63.9

22l! 2

146.2
.3
216.2

142.7
.3
214. 7

151.8
.3
206.9

.117

.115

.120

.120

.120

. 120

.225

.227

.227

.225

.224

.228

37.1
4.0
7.9

3.1
.4
8.3

2.9
.3
7.7

3.0
.3
7.9

3.5
.3
7.9

2.8
.2
7.5

100.2
25.0

9.2
18. 3

8.5
17.2

7.2
18.7

6.9
19.4

6.5
21.6

.110

.109

.109

.109

.109
.109
.112
.112
.112
9Inc ludes da ta not sh own septirately.

1,845.9
4.9
207.7

Prices fexcl. aviation) :
Wholesale, ref. (Okla., group 3)
$ per gal__
•11*
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal
.216
Aviation gasoline:
Production
mil. bbl _.
41.2
Exports.. __
do
3.4
Stocks, end of period
.
do
7.8
Kerosene:
Production
do
102. 1
Stocks, end of period
do
25.0
Price, wholesale, bulk lots (N. Y. Harbor)
$pergal_.
.104
r
Revised.
1 Less than 50,000 bbls.
2
Annual total reflects revisions not distributed to t lie month ly




256.3
41.5

292.5
43.3

4,397.5

1,792.6
3.8
194.2

data.

136. 4

408.2

283.9
42.7

-18.4 -12.8
23.4
33.4
12.5
11.6 -23.3
21.0
18.7
5.0
'
375.
0
'
410.
5
'355.3
4,592.9
' 390. 6 ' 406. 7
'348.0 ' 371. 0 '363.3 ' 367. 6 '383.8
_
_ _ do
.1
.1
0
1. 5
6.0
0
26.5
.3
8.5
1.4
8.2
1.8
,___^___da_ ,_
6.6
6.3
70.9
8.4
8.4
85.4
6.8
7.6
6.9
7.7
8.1
7.0
do
'
404.
1
4, 325. 1 4, 480. 9 ••368.4
' 340. 9 ' 364. 2 ' 354. 6 ' 351. 4 ' 367. 5 '340.9 '381.6 ' 398. 3
do
1,793.4 1, 842. 7
128.9 152.2 145.7 161.1 165. 5 162.7 171.0 152. 6 160.6 154.5
do
12.4
9.6
100. 1
10J.1
6.2
7.7
10.5
5.7
5.5
6.1
4.3
74
do
90.2
89.1
797.4
47.7
80.3
60.4
60.3
816.7
58.3
48.6
47.3
49.2
do
40.8
62. 8
67.7
626.4
652.1
52.7
49.8
56.2
56.8
41.5
44.4
45.5
do
244.4
300,8 '20.3 '23.8 '24.3 '24.6 r 25. 6 '27.2 '26.3 ' 26. 0 ' 28. 3 '26.3
do
3.9
3.9
3.0
48.9
3.4
3.5
3.6
44.3
3.6
3.8
4.0
4.1
do
5.9
3.1
16,7
15.0
131.2
9.3
134. 1
7.8
11.9
20.3
16.3
15.5
do
30.0
30. 9
25.8
323.9
344.4
24.1
29.1
24.3
24.2
35.3
25.0
23.6
do
874. 5
938.4 857. 5 844.6 878. 1 890.5 895.6 916. 5 935.3 958.6 970.2
946.9
do
258.1 266.8 268.8 261. 6 256.2 261.6
238.4
257.3 255.1 254.2
249.0 252.4
_ do
35.8
40.4
33.3
75.9
66.0
76.3
44.3
52.7
71.7
70.4
65.7
59.3
do
571. 8. 550.8 567.0 569.0 574.6 594.3 602.0 625.5 638. 8 622.3
595.7
623.7

Change in stocks, all oils (decrease,—)

Distillate fuel oil
Residual fuel oil. .
Jet fuel

4,656.8 ' 356. 6 '397.7 ' 381. 4 '383.6 ' 368. 4 ' 388. 6 '402.6 ' 378. 7 ' 402. 2 '383.5

3,027. 8
do
_--do___468.7

155.5
.2
197.8

159.2
.7
194. 3

-8.5
416.8
.1
5.9
410.7
150. 6
11.4

92.7
63.5
26.7
3.5
4.4
36.6
938.4
249.0
65.7
623.7

160.3
.6
183.7

158.8
.7
190.5

159.4
.3
190.2

155.3
.4
191.7

.120

.120

.120

.110

.115

. 115

.226

.230

.226

.226

.226

.229

3.1
.6
7.3

3.3
.3
7.3

3.3
.4
7.6

3.1
.3
7.6

2.9
.4
7.5

2.7
.3
7.9

7.6
23.7

7.5
25.1

7.6
25.5

8.6
26.4

10.1
25.9

10.6
25.0

165.9
.3
207.7

.225

.225

.112
.112
.112
§ Inclu des nonrnarketable catalyst coke.

.228

SURVEY OF CUEBENT BUSINESS

S-36
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967

Annual

April 1968

Feb.

Mar.

Apr.

May

June

1968

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

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

mil. bbl
do

mil. bhl
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 and tar products, shipments:
Asphalt roofing total
thous souares
Roll roofing and cap sheet
do
Shingles all types
do
Asphalt siding . _
Insulated siding
Saturated felts

61.9
.9
.3
104.7

70.1
2.7
.3
87.0

63 0
1.4
.4
92 8

62 7
13
1
96 4

64 9
13
3
113 0

67 6
.9
.4
132 6

68.3
1.1
.2
154.5

69 1
1.2
.4
176 6

69 2
1.7
.6
186 7

65.5
1.4
.5
172 8

73 8
3.5
.4
157.1

.094

.100

.099

.099

.099

.099

099

.102

.102

.102

.102

.102

.102

264 0
376.8
12.9
61 2
1.62

276 0
395.8
22.0
62 5
1.47

23 2
38.3
1.4
56 6
1.50

24 2
41.1
1.6
52 9
1.45

22 8
36 5
1.3
58 6
1 45

21 6
30 8
17
59 8
1 45

21 6
26 6
16
61 2
1 45

21 5
23 1
2.0
62 7
1 45

21 1
26.5
2.6
63 7
1 45

20 9
24 2
2.8
65 5
1 45

21 7
35 4
1.9
65 0
1.45

24 5
30 9
2.5
61 4
1 45

27 5
37 9
1.2
62 5
1.45

215. 5
19.4

273.2
22 2

20.0
20 7

21.5
20 4

21.9
20 2

22 7
20 4

23.4
21.3

23.7
21 0

23.8
21 6

23.5
21 1

25.1
21 8

24.2
22 0

24.0
22 2

65.4
17.1
12.7

64 9
18.6
14.8

50
14
13.7

55
1.9
13.4

54
17
13.5

57
18
13 6

54
14
13 4

54
16
13.9

55
15
13.8

52
14
13.6

55
1.6
14.0

53
18
13.8

56
1.2
14.8

.270

.270

.270

.270

270

270

270

270

270

270

.270

270

.270

129.6
17.3

127.8
19.9

57
23 0

8.1
25.4

90
26 8

11 9
27 1

12 8
25 0

14.3
23.7

14 9
19.0

13 7
16.8

13 4
15.6

r 10 1
17.2

69
19.9

60.1
215 1

67.6
233 9

51
22 0

5.8
20 1

55
14 9

6.2
15 2

57
14 5

5.6
15 2

56
16 6

5.8
16 8

5.5
20 9

5.3
26 0

5.7
26 4

37.7

63.4

29 9

32.6

40 7

49.6

56 6

63.1

69 0

73 2

74.4

68.6

63.4

69 363
28, 917
40, 446

76 926
31 160
45 765

3 ego
5 337
1 506 2 232
2 174
3,106

6 089
2 349
3 740

6 430
2 416
4 014

8,032
3,001
5,031

7 960
2 965
4 996

9 257
3 621
5 636

8 174
3 309
4*864

8 027
3,423
4,604

6 336
2 753
3 583

554
504
880

482
445
864

41
25
73

34
34
70

33
40
66

39
56
82

39
46
81

48
57
93

44
50
82

55
51
84

57
33
77

Lubricants:
Production
do
Exports
do
Stocks end of period
do
Price, wholesale, bright stock (midcontinent,
f o b . Tulsa)
$ per gal
Asphalt:
"Production
Stocks end of period

805.8
18.5
4.3
157.1

do
do
thous sh tons

31
20
52

4 181 '4 689
1*933 '2 025
2 248 ' 2, 664
31
17
57

'31
13
'70

4 120
1 812
2 307
25
14
64

PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
thous. cords (128 cu ft )
Consumption
do
Stocks, end of period.
do
Waste paper:
Consumption
thous sh tons
Stocks, end of period
do
WOODPULP
Production:
Total all grades
Dissolving and special alpha
Sulfate.
Sulfite

thous sh tons
do
do
do

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

1
1

56 797
56, 259
i 6, 529

54 921
55, 257
5,859

4 526
4 454
6020

5 105
4 801
6 286

4 361
4 759
5 994

4 507
4* 797
5 708

4 686
4 550
4 g57

4 326
4 279
5 939

4 775
4 626
5 966

4 548
4 299
6 194

4 g27
4 900
6,233

4 377
4 615
6 024

i 10 541
*738

r 9 733
r
602

770
616

829
640

788
630

815
642

811
720

695
629

899
615

839
601

892
581

833
594

36 640 35 487
1 1 527 1 447
i 123, 562
22 593
2, 748
2 669

2 897
110
1 849
221

3 065 3 133 2 966
128
106
*102
1 967 1 969 1 858
233
239
*228

2 726

3 004
2 834
112
122
1 927 1 773
211
221

3 098
*142
1,954
226

1

1

3, 794
i1 1, 658
3, 351

3 129
' 139
1 981
238

104.

1 729
189

4 123 v 4, 180
4,333 f 4, 835
5,859 f 5, 231

'753
602

*>860
539

2 997
128
1 890
227

2 563
119
1,751
206

3 139
135
2,011
256

256
15
217

348
125
294

786
342
'363
80

*733
P318
?350
*>65

3 953
1 418
3 407

322
124
271

345
132
294

337
131
290

350
134
314

343
137
298

310
120
273

335
130
269

328
121
288

345
123
308

334
120
296

r 7g6

342
'363
80

778
323
379
76

805
322
407
76

786
324
386
76

809
356
375
78

860
363
425
72

827
382
378
67

814
377
370
67

808
381
360
68

836
408
357
71

813
388
359
69

165

r

r

do
do
do
do

816
276
456
84

Exports, all grades, total
Dissolving and special alpha
All other.

do
do
do

1,572
563
1,009

1 710
607
1 102

113
38
75

172
83
89

128
36
92

133
31
101

185
77
108

111
38
73

106

135
45
89

150
47
103

160
57
103

156
57
99

139
48
91

155
57
98

Imports, all grades, total .
Dissolving and special alpha
All other

do
do
do

3,355
293
3 065

3 162
265
2 898

261
19
242

297
25
273

245
20
226

269
25
245

273
21
251

236
16
221

256
27
229

249
21
228

246
22
224

290
23
267

252
26
226

269
27
242

277
25
252

4 015
1 794
1 895
13
313

3 812
1 730
1 856
11
215

3 934
1 735
1 876
12
311

3 885
1 684
1 865
12
324

3 425
I 492
1 634
290

3 938
1 727
1 865
11
334

3 720
1 653
1*723
10
332

3 927

r 3 gg5

3, 884

3 544

3 913

3 7g7

101 9
118 8
97 3
92.2

101 9
117 8
97 3
91.7

101 9
117 8
97 3
91.5

101 9
117 8
97 3
91.5

101 9
117 8
97 3
91.3

101 9
117 8
97 3
91.4

CO

PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
3 684
All grades, total unadjusted thous sh tons
47 189 r 45 gig
Paper..
do
1 654
20 631 r 20 331
Paperboard
do
1,753
22, 574 r 21 840
11
r 135
Wet-machine board
do
153
r
^
fift.9
Construction paper and board
do
266
3 831
New orders (American Paper Institute) :
All grades, paper and board
do
46, 886 r 46 034 ' 3, 618
Wholesale price indexes:
Printing paper
1957 59—100
101.9
101 7
101 9
115 1
Book paper, A grade
do
116.7
117 6
97*3
Paperboard
do
97.3
97 1
92.4
Building paper and board
do
92.8
91.9'
' Revised.
*> Preliminary.
1
Reported annual total; revisions not allocated to the months.




3,972
101 9
116.7
97.3
92.3

r

T

Q

4 i2g
3 871 ' 3 592 »4 016
1 772 1 683 ' 1 644P! 814
1 982 1 862 ' 1 659 P! 871
11
r 12
P 13
12
P 3ig
r 27g
363
315
r

4 159
101 9
117 8
97 3
92.1

r

3 823 '3 521
101 9
117 8
97 3
92.0

101 9
117 8
97.3
92.1

Mar.

SURVEY OF CURRENT BUSINESS

April 1968

1967

1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

Feb.

Annual

S-37

Mar.

Apr.

May

June

July

1968
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

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, 642
'155

215
158

238
157

237
174

231
174

222
177

201
178

232
168

198
148

'220
' 151

'215
' 146

'203
'155

*232
*157

do
- do

2,641
2,633

'2,656
' 2, 655

222
223

237
236

230
230

229
231

216
211

194
196

236
243

213
213

'228
'224

'215
'217

'199
'200

P228
p230

do
do

6,711
553

' 6, 328
'443

494
496

561
496

554
513

532
467

569
526

500
509

514
462

514
468

'536
'482

'472
'415

'501
'443

p. 646.
p427

do
do

6,511
6,511

' 6, 325
'6,325

518
518

565
565

536
536

546
546

544
544

488
488

526
526

512
512

'530
'530

'501
'501

'501
'501

*532
*532

do
do

4, 723
200

' 4, 673
'210

393
225

422
223

392
213

367
190

387
199

330
195

418
218

363
223

'397
'224

406
225

'406
'212

*424
P229

do
do

4,696
4,704

' 4, 751
' 4, 680

392
376

429
436

400
389

398
385

383
387

315
316

412
408

400
379

' 418
'405

408
404

'396
'398

*423
P406

do
do
do

8,419
8,385
184

8,051
7,968
268

659
602
327

695
653
369

670
692
348

704
741
311

652
713
250

668
592
326

705
665
365

641
660
346

681
704
323

675
687
311

602
646
268

641
5$3
325

629
573
381

674
659
396

.do
do
do

2,408
2,405
21

2,620
2,602
39

212
199
51

225
225
51

223
221
54

227
249
32

222
228
27

197
191
33

225
212
46

209
211
44

228
226
47

222
228
41

204
206
39

238
223
55

220
215
59

250
242
68

6,898

6,907

511

585

609

616

568

522

544

568

634

622

587

518

523

604

681

630

672

676

654

676

711

727

726

707

698

673

630

617

613

584

6,991

6,599

500

549

528

614

601

527

542

528

575

541

531

537

460

136.23

139. 95

138. 40

138.40

138.40

138. 40

139. 00

141.40

141.40

141.40

141.40

141.40

141. 40

449
724
446
92

444
618
'439
'87

451
720
'452
92

450
705
'444
'89

459
695
'454
'89

448
690
452
88

446
614
'454
'91

393
654
'376
'74

454
645
'448
90

448
702
'413
84

476
759
'463
91

466
767
'458
'89

405
648
'421
'78

'429
'661
'408
'92

'481
'714
'482
'92

494
733
480
90

Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf. area__ 160, 152

161, 610

12, 098

14,056

12,747

13,999

13,923

11, 630

14, 336

14,227

15,045

13,940

12,971

13,432

12,922

13, 763

v 134. 1

122.4

141. 7

128.6

136.5

141.6

118.5

142.0

137.4

143.8

139.7

132.5

126.1

128.3

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 §

Consumption by publishersd"
do
Stocks at and in transit to publishers, end of
period
thous. sh. tons
Imports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh ton
Paper board (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

RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous Ig tons
Stocks, end of period
do
Imports , incl. latex and guayule
do
Price, wholesale, smoked sheets (N.Y.)__$ per lb_.
Synthetic rubber:
Production.. _ _ _ _
Consumption
_
Stocks, end of period

thous Ig tons
do
do

Exports (Bu. of Census)
Reclaimed rubber:
Production
Consumption
Stocks, end of period

..

' 545. 68 '488.85 ' 42. 71 ' 47. 25 ' 37. 64 ' 29. 04 ' 28. 32 ' 23. 12 ' 49. 14 ' 46. 54 ' 50. 75 ' 46. 03 ' 43. 06 49.35
r 91. 59 '111.66

431.66

452. 80

98.07
33.06

104.98
51.75

107. 68
33.58

116. 76
36.61

.236

.199

.208

.206

.208

.208

116.84
24.13

.220

1,969.97 '1,911.87 '150. 11 164.60 ' 154. 97 ' 138. 45 132. 09
1,666.06 --1,628.26 '133. 55 ' 146. 15 '126.89 '106.88 '103.87
348. 69 '369.94 347. 55 345. 57 353.99 355. 02 355. 75

do

308. 44

do
do
do

277. 36 '243.65
264. 51 '239.27
32.29 '28.40

299.80

25.24

25.07

22.81

27.40

' 20. 78 ' 23. 37 ' 18. 03 ' 14. 12
' 20. 73 ' 21. 43 ' 19. 35 ' 15. 17
30. 12
30.82
32.38
28.07

26.56

108. 44
46.88

42.06

.175

.173

.164

137. 92 155. 68 '167.73 178. 74 '181.88 185. 10
' 84. 34 '157.17 '154.39 '170.15 '155.13 '143.83
383.04 355.30 349.60 335. 43 347.00 '369.94

178.86
163. 39
361.46

126.95
23.27

125.83
43.57

118.43
33.55

110. 25
35.46

.206

.193

.179

.188

23.73

24. 57

26. 11

24.08

109.43 ' 111. 66
48.22
50.23

.179

24.94

23.02

24.35

.176

23.99

23.72
' 14. 50 '11.97 ' 23. 56 ' 22. 52 ' 25. 45 ' 23. 18 ' 23. 90
' 14. 74 ' 11. 29 ' 24. 16 ' 21. 25 ' 25. 24 ' 21. 25 ' 22. 59 22.43
24.88
27.21 ' 28. 40 28.67
26.39
25.20
24.90
25.21

TIRES AND TUBES
Pneumatic casings, automotive:
Production. _
__

_ _ _ _ _ _ t h o u s . _ 177, 169 163, 192

Shipments, total
Original equipment
Replacement equipment
Export __

do
do
do
do

Stocks , end of period. .
Exports (Bu. of Census)

do
do
do
do
do
do

Inner tubes , automotive :
Production.
Shipments
_
Stocks, end of period
_
Exports (Bu. of Census) _ .
r

_

14, 147

15, 070

12,424

8, 734

8,748

6,919

15, 744

16, 162

18, 278

16,244

15,664

17, 594

17,118

173, 464 172, 947
54,680 47,617
116, 348 123,205
2,436
2,125

11, 353
3,234
7,898
222

14, 434
4,455
9,782
198

16, 299
4,330
11,788
181

16, 265
4,835
11, 293
137

16, 201
4,695
11, 401
105

12, 469
2,125
10, 239
105

13, 818
2,673
10, 971
174

15, 670
3,693
11,757
219

16,695
4,098
12,368
230

13, 611
4,308
9,132
171

12,972
5,008
7,760
204

14,818
4,866
9,757
196

13, 538
4,585
8, 755
198

42, 569
2,051

34, 782
1,450

47, 594
115

48, 273
156

44,410
147

37,088
107

29, 883
101

24, 381
80

26, 466
106

27, 114
122

28,920
106

31, 674
166

34,782
121

38, 020
76

41,916
146

42,765
44,222
11,996
1,100

39, 775
41, 691
11,005
849

3,385
3,312
10, 947
55

3,809
3,762
10,922
101

3,103
3,531
10,631
108

2,696
3,546
9,888
65

2,871
3,412
9,337
71

2,145
3,053
8,599
56

3,516
3,361
8,937
45

3,634
3,202
9,574
76

4,067
3,741
10,033
72

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

Revised.
T> Preliminary.
cf As reported by publishers accounting for about 75 percent of total newsprint consumption.




§ 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.

SURVEY OF CURRENT BUSINESS

S-38
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

April 1968
1968

1967

1967

Annual

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

21, 305

17, 166

20, 204

Mar.

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement

thous bbl

380 694

37 527

44 632

39, 148

40, 000

30,604

CC1 Q

fiftQ n 641 9

19 7
140* 2

91 1
•i eft n

19 5
156 1

720 8
21 0
177 3

665 8
17 6
161 9

700 8
19 0
163 4

613 2
17 1
126 7

374 213

17 066

24 758

27 940

34 765

7 0Q7 5
234 5
1 570 8

369 8
21 0
72 1

555 5
24 4
124 0

605 9
21 8
119 3

37 909

CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
r

Structural tile except facing
thous sh tons
Sewer pipe and fittings vitrified
do
Facing tile (hollow) , glazed and unglazed
Floor and wall tile and accessories, glazed and unPrice index, brick (common), f.o.b. plant or
N Y dock
1957 59 100

7 551 g
267 4
1 610 3

r

r

469 2
r

14 3
92. 2

364 3
13 5
82.9

308 1

240 2

15 3

19 2

19 9

22 4

91 ft

19 5

20 7

18 6

21 8

20 7

' 18 3

14.4

272 7

257 6

19 1

2° 9

20 8

99 Q

nt 7

20 1

24 2

22 6

21 6

21 3

r 18 4

21 5

111 5

m

112 9

112 9

119 Q

113 1

113 5

113 7

113 7

113 9

114 9

q

•110

K

GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
Sheet (window) glass, shipments
Plate and other flat glass shipments

thous $

343, 138

332 067

76, 791

76 644

84, 901

93, 731

do
do

136, 785
206 353

131 567
9QO 500

28, 388
48 403

29 862

35,622

37, 695
56, 036

211 764

99 K K7Q

16 852

18 040

19 185

IQ i7n

IQ 9^4

I Q 147

20 089

17 938

20 213

19 499

19 073

20 629

204, 093

228 766

15, 010

18, 485

17, 458

18 873

20 129

17 540

20, 410

19, 074

19, 746

21, 123

25,647

25, 451

21 605
59 igg

23 631

1 651

2,056

1 804

1 818

1 909

1 609

2,275

2, 906

2,251

1,700

2,204

2,260

K7 OKO

4 079

4 432

4 023

A4, &&&
999

A 400

4 072

5 361

4 893

5 521

5 633

6 887

6 579

2,796

4,301
4 526
1 588

3,384

3,440

2,628

4 048
1,479

3,511
1,598

1,915

3,728
3,559

2, 137

5,108
4, 153
2,198

3,694

4 068
1 136

2,963
3,209

Glass containers:
Shipments, domestic, total
do
General-use food:
Narrow-neck food
do
Wide-mouth food (incl. packers' tumblers,

49, 279

AD. 709

Beverage
Beer bottles
Liquor and wine

do
do
do

27, 098
38 895
17 608

38 185
44 501
19 459

1,918
2 631
1,291

2,763
3,885
1,682

3 890
1 495

3 304
4 329
1 602

Medicinal and toilet
Chemical household and industrial
Dairy products

do
do
do

39 766

38 516

2 865

2 959

3 074

3 255

453
71

2883
448
74

2 809

958

497
78

3 069

1 141

481
71

2,993
459
86

3,362
445
80

3,768
510
88

4,386
600
111

4,898
608
96

do

30 084

22 546

32 964

31 943

33 580

33 223

31 679

33 675

32 736

31, 201

31 515

29, 394

22, 546

17, 598

5 479
9 647

4 722
9 406

8 434

7 685

do
do

4 693

do
do

Stocks, end of period

C 010

C RKA

505
93

495
66

399
63

5, 040
2, 276

GYPSUM AND PRODUCTS (QTRLY)
Crude gypsum, total:
Imports
.
Production

thous sh tons
do

Calcined, production, total

do

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

1,171

737

1,372

1,442

2 033

2,236

2,742

2,395

1 793

1,824

2,320

1,748

4 554

757
78

1,277

1,331

1, 189

295

72

70

680
899

560
815

135
183

148
202

161
240

116
190

1 079
7 084

220

6 993

315
2.284
74

1,537

322

228

/
74

219

947

1,576

1 596

64

49

247

193
60

TEXTILE PRODUCTS
WOVEN FABRICS
Woven fabrics (gray goods), weaving mills:
Production total Q
mil linear vd
Cotton.. '_
do
Manmade
fiber
do

n

Qoq

QCO

11 1 58

Q^fi

QCQ

111 fi7

71 5

3 571

8 263
3 493

673
262

i §23
i 312

674
262

670
269

i §09
i 334

477
222

do
do
do

1 306

1 317
'837

1 311

Orders unfilled total end of period 9 IF do
Cotton.
" do
Manmade
fiber
do

o 999

0

2 408

Stocks, total, end of period 9 d1
Cotton
Manmade
fiber

1 9 AftQ
ft ggQ

766
521

746

918 1 i i5j
1781
631
1350
270

971
656
299

969 1 1 126 i 1 163
1749
i 753
649
1392
1353
306

1 307

1 364

1 396

1 404

1 390

1,338

1,330

1,317

1,291

860
528

865
511

1,357

782
504

1 323

786
505

850
466

837
465

821
455

IQfl

o ACQ

9 sni
2 020

2 OQO
1 866

2 099
1 748

2 804
1 928

2 835
1 882

2 957
1 941

749

735

3 202
2 099
1 021

3 190

2 251

3 n4fi
2 290

9 5fi9

2 060
1 045

3 044
1,915
1,033

465

737

686

806
497

708

835
512

852
527

1 753

845
498

849
475

799

865

881

944

257

632

1,013

3,289

2,060

1,045

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

9 562

7 432

9,575

7 450
9 215

4 9 562

748

733

i ggg

1 7 84.8 Ifi ^48
15 516
20 265
M
Domestic cotton, total
do
20 186
14 489 17 770 16 479 15 455
On farms and in transit
do
1 *19fi
801
1 121
713
954
Public storage and compresses I_I" do
17, 639
11,369 14, 942 13, 779 12, 664
Consuming establishments.
do
1,990
1,426
1,594
1,874
1,987
Foreign cotton, total.
do
79
91
61
78
69
'Revised,
i
Data
cover
5
weeks;
other
months,
4
weeks.
2
Ginnings
to
Dec,
13.
3
Ginmngs to Jan. 16.
* Crop for the year 1966. s Crop for the year 1967.
9 Includes data not shown separately.
cf Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims.

14 378
14 326




9 647

corj

749

i 906

671

562

721

1850

744

720

1 3 1Qfi

19 *Wl

13 140

12 375

400

19 400
19 342
7 926

17 088
17 004
5 808

10, 318
1,757
58

1,614
58

18 235
18 171
7 459
9, 157
1,555
64

15 715
15 624
2 564
11, 613
1,447
91

*472

s 7, 432

6,327 2 6, 931 37,265
r!880

729

14 580 13 301
14, 489 13,217
1 526 1,413

12 101
12, 020
1, 186
8,970
1,864
81

1825

s 7, 450
735

7,917
11,369 -•10,073
1,955
1,594 ' 1, 751
73
'86
91
^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.

11, 690
1, 965
52

10. 818
1,850
56

9,802

9,790

1,406
84

SURVEY OF CURRENT BUSINESS

April 1968
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1968

1967

1967

Annual

S-39

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (exclusive of linters)— Continued
Exports
thous. bales..
Imports
do
Price (farm), American upland
cents per lb___
Price, middling 1", avg. 14 markets f
do
Cotton linters:
Consumption
—thous. bales..
Production
do
Stocks end of period
do

3,973
169

458
5
20.2
22.0

401
5
20.4
22.1

288
3
20.4
22.2

416
19
19.7
22. 2

299
3
20.3
22.4

228
4
20.9
22.6

244
20
22. 0
22.8

277
52
21.3
23.2

275
25
27.3
23.4

298
17
30.5
25.0

331
10
27.6
27.0

474
10
22.4
26.2

447
3
19.9
25.4

1,366
1,419
725

1,080
977
617

89
111
810

2105
113
828

94
65
831

87
37
766

2104
40
695

70

297
33
546

84
92
538

81
146
595

298
122
617

'296
122

84
98
614

85

637

79
40
595

.mil_do
_-bil_do
do

19.5
15.1
132.1
.509
102.4

20.0
14.4
126.2
.486
94.4

19.8
15.3
10.0
.499
7.8

19.8
15.3
211.9
.477
29.3

20.0
15.3
10.0
.501
7.7

19.7
15.0
9.9
.496
7. 5

19.6
14.8
212.3
.491
29.3

19.8
14.9
8.1
.403
6.0

20.0
14.9
9.8
.491
7.2

20.0
14.7
2 12. 0
.481
28.8

20.1
14.7
10.3
.513
7.4

20.1
14.5
10.2
.511
7.3

20.0
14.4
211.6
.465
28.3

'20.1
14.2
2 12.7
.508
28.9

20.1
14.1
10.4
.519
7.2

20.1
13.9
10. 3
.516
7. 1

Cotton yarn, price, 36/2, combed, knitting, natural
stock
$perlb_.
Cotton cloth:
Cotton broad woven goods over 12" in width:

.949

.942

.945

.940

.934

.932

.927

.920

.920

.925

.927

.960

1.026

8,840

8,284

13.9

12.2

COTTON MANUFACTURES
Spindle activity (cotton system spindles):
Active spindles, last working day, total
Consuming 100 percent cotton
'.
Spindle hours operated, all fibers, total
Average per working day _
Consuming 100 percent cotton. _

Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod._
Inventories, end of period, as compared with
avg. weekly production- -No. weeks' prod—
Ratio of stocks to unfilled orders (at cotton

3,597
100
:- * 20. 6

122.1

18.4
4.5
.25

Mill margins:*
Carded yarn cloth average
cents per lb__ 4 41. 95
4 95. 74
Combed yarn cloth average
do _
Blends (65% polyester-35% cotton)
do _ _ 463.28
Prices, wholesale:
Print cloth, 39 inch, 68 x 72— .cents per yard18.7
Sheeting, class B, 40-inch, 48 x 44-48 _ _ .do
18.0

15.4
5.2

2,221

14.9
4.2

4.4

4.5

4.7

12.3

13.7

13.3

14.5

15.4

5.1

5.1

5.0

5.0

5.2

5. 1

5.0

.37

.38

.34

.35

.37

.42

36.64
35.75
73.66
72.52
55.72 s 84. 03

33.43
68.50
90.55

32.36
80.98
99.86

16.5
18.5

17.0
19.0

5.1

17.2
7.1

.32

.33

.37

.40

.41

.36

37.75
75.60
60.48

40.54
78.97
52.69

40.42
78.52
51.28

40.09
77.62
51.18

39.59
76.06
49.47

38.33
75.43
43.03

37.90
71.79
43.15

37.23
73.46
49.20

718.4

18.4

17.8

17.3
18.4

18.4

18.4

16.0
18.3

Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 denier
$ per lb__
.80
.66
Yarn* Rayon (viscose) 150 denier
do
.80
.81
1.52
Acrylic (spun) , knitting, 2/20,3-6 D*_do__ . . 1.58
Manmade fiber and silk broad woven fabrics:
Production (qtrly.). total 9
mil. lin. yd — 4, 234. 1 4,234.8
1, 612. 5 1,625.6
Filament yarn'(100%) fabrics9
.do
735.0
Chiefly rayon and/or acetate fabrics
do__ __
761.1
Ohieflv nylon fabrics
do
317.5
335.4
Spun yarn (100%) fabrics (except blanketing) 9
mil. lin. yd__ 1, 907. 7 1, 978. 0
Rayon and/or acetate fabrics and blends
601.0
do
623.6
1, 051. 2 1,163.1
Filament and spun yarn fabrics (combinations
411.5
and mixtures)
do
479.4

937. 7
181.3
155.3

300.3
224.5
76.3

_

8,101
7,034
3,357
13, 600

7,453
6,314
1,908
14, 488

7,492
6,290
1,574
10, 674

6,685
7,599
1,666
9,465

68. 6
80.1

63.3
82.8

60.9
80.8

61.7
78.4

164.6
122.0
47.0
.72
.81
1.54

.72
,81
1.53

962.0
175.3
129. 4

283.1
264 3
75. 1

296.2
286.1
75.0

6,147
7,735
1,894
10, 776
60. 1
77.1

.68
.81
1.53

1,020.4
407 7
194. 3
81.3

. 65
.81
1.54

2,035

16.3
18.3

1,149.2
205.9
181.7

6,693
5,974
2,305
11,982

9,368
5,071
2,535
14,314

7,865
6,363
3,942
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

64.4
75.5

59.7
62.4

58.4
55.5

58.5
49.5

53.0
44.9

51.7
43.8

48.2
40. 7

45.3
44.4

169.1
129.7

163.0
128.4

155.9
132.1
43.4

147.6
129.9

143.2
131.6

138. 7
142.4
40.4

136.6
146.0

132.9
145.0

.62
.81
1.55

.62
.81
1.54

.62
.81
1.53

.62
.81
1.53

.62
.81
1.46

.60
.81
1.41

1,040.9
402.0
187. 9
80.6

' 999. 0
' 375. 4
' 171. 6
' 76. 8

1, 174. 5
440. 5
207.3
78.8

, 486. 1

' 473. 0

561.4

154 4
284.9

' 134. 5
'280.6

160.3
338.1

102 3

99 3

99.5

110.4

18.4
6.1
13.1
4.2

222.1
26.8
17.6
5.7

18.6
6.6
13.9
3.2

19.0
7.1
13.9
5.6

223.3
26.9
15.8
6.3

15.4
4.6
13.9
6.9

18.1
7.0
15.0
7.3

220.8
28.5
17.7
7.2

16.7
7.3
13.9
6.6

17.5
6.8
16.9
8.7

1.349
1. 171
1.259

1.215
.910
1.153

1.225
.975
1.175

1.213
.945
1. 175

1.175
.918
1.125

1.175
,895
1.125

1.235
.975
1.175

1.245
.938
1. 175

1.237
.895
1.165

1.225
.838
1.125

1.225
.825
1.125

1. 177
.825
1.125

1.165
.835
1.162

100.1

98.2

91.0

91.6

91.9

92.5

90.0

90.0

89.4

88.2

87.8

92.6

237.4

in9 7

mi 7

61.8
102.7

102.7

65.9

im.5

52.7

_

220.2 ' 2 22. 7
29.1 ' 2 9 . 0
24.0
19.0
12.3
9.3

228.7
83.9
187.3
78.2

108.2

363.4
360.0

6,442
7,426
2,178
13,395

266.6
103.6
277.2
114.6

264.9

368.7
361.2

36.13
90.48
65. 97

334.3 3 119. 9 3 119. 2
344.9 3 123. 1 s 110. 7
82.4

151 8
259.5

457,5 _ _ _ , —

33.72 35.36
83.82 86.41
111.10 s 73. 54

5,806
6,062
1,532
13,846

47 1

.72
.81
1.53

16.3
18.3

931 7
172.2
137 0

164.1
120.9

r
2
3
Revised.
1 Season average.
For 5 weeks, other months, 4 weeks.
For month
shown.
4 Average for Aug.-Dec.
* Margins for 5 blends, Sept. 1967; 78.50 cents; margins
for 4 blends, Jan. 1968, 71.92 cents. See note "*."
6 Revised total; revisions not distributed
by months.
f yor ten months.
^Beginning Sept. 1967, average of 14 markets.




12.7

13.5

.29

Exports: Yarns and monofilaments
thous. lb._ 98, 722 688,831
Staple tow and tops
do
78,293
55, 522
Imports* Yarns and monofilaments
do
16, 571 28, 194
Staple, tow, and tops__
__. —do
177, 570 6149,672
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
mil. lb._
51.7
67.3
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
142.4
129.8
Textile glass
fiber
do
42.5
40.4

WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
system, wholesale price
1957-59=100—
Wool broadwoven goods, exc. felts:
Production (qtrlv )
mil lin yd
Price (wholesale), suiting, flannel, men's and
bovs'. fn.h mill
1QR7 ^o— inn

13.7

'1,897

.35

MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil. lb__ 3, 860. 1 3, 980. 6
734.7
Filament yarn (rayon and acetate)
do
799.8
603.4
Staple incl tow (rayon)
do
659.2
Noncellulosic, except textile glass:
Yarn and monofilaments
_
do
1, 164. 7 1,213.9
Staple incl tow
do
904.0 1, 119. 8
Textile glass
fiber
do
308.8
332.4

WOOL
Wool consumption, mill (clean basis) :
Apparel class
_mil. lb..
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
do

14.5

2,131

19.4
25.2

1.165
.825
1.175

-.

19.7
7.5
23.5
9.0
1.165
.825
1.175

1.178
.825
1.175

57.0

101.8
101.5
101.5
101.8
100.5
100.5
im.fi
101. fi
*New series. Beginning Aug. 1966, mill margins refer to weighted averages of 71 types of
unfinished carded yarn cloths and to simple averages of 8 combed yarn cloths and 4 polyestercotton blends (Oct. 1967-Jan. 1968, 5 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
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967
Feb.

Annual

April 1968

Mar.

Apr.

May

June

1968

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

19, 870

15,368

16, 671

18, 197

1,840 «• 1, 603
335
269

1,911
298

'995
9, 919

1,241
11, 320

1, 846

1,898

'584

478
269

Mar.

TEXTILE PRODUCTS—Continued
APPAREL
Hosiery, shipments
Men's 'apparel, cuttings:
Tailored garments:
Suits
Overcoats and topcoats

thou^T drtZ- pairs
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

210, 425 r223 880 r!9 274 19, 234
T

17 856

18,990

19, 879

16, 020

19, 959

18, 924

20,199

1,537
227

1,724
331

1,532
365

1,538
390

1,726
395

880
278

1,639
361

1,649
290

1, 774
345

13, 148 * 12, 659 1, 055
145 673 r 133 762 10 994

1,176
12 322

1,090
10 571

1,115
11 202

1,084
12 019

623
8,927

1,039
12, 219

1, 104
11, 337

1,116
11, 624

1,159
11, 594

2,477

2,469

2,129

2,070

2, 061

1,504

2,255

2,087

2,417

2,288

552
348

648
372

596
314

636
341

669
331

441
232

606
324

709
303

642
308

490
307

1 419 1 776 1,759
25 359 23, 693 19, 256
592
543
702

2,215
25, 311
715

2,090
20, 956
547

2,177
22,882
698

1,218
784

1,145
687

1,356
754

20,715
3 799

27, 827

r

18, 904
3 812

25, 985
r

5,909 " 7 042
4,096 ' 3, 777

24, 595
271, 107
10, 375
17, 053
10, 225

r
r

923
21 302 1 918 1 259
283
398 24, 592 30 453 27, 523
r
823
554
8 388
872
14 064
8, 582

r

1 205
710

1 350
792

1 271 1 209 1 179
790
808
724

961
801

r
r

r272

2,148 r 1, 543 1,776
22, 119 ' 18,962 24, 615
842
'630
728
1,152
578

867
••398

1, 193
543

TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly. total
mil. $_. 27, 223
U.S. Government
___
.do
16, 351
Prime contract
do
24, 219
Sales (net), receipts, or billings, qtrly. total -.do
20, 227
U.S. Government..
do
14 530

26, 887
18, 530
24 413
23, 438
16 329

5,193
3,613
4,586
5,171
3 717

7,438
4,727
6 864
5 925
4 076

Backlog of 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. $

30, 722
30,754
17 750
15 975
16 377 "•----— 17 446
4,251
3| 861

28 964
16 142
15 508
3 957

Aircraft (complete) :
Shipments ©
Airframe weight © _
Exports

.

do
thous Ib
mil. $

27, 547
15,711
14 655
3,824

' 6, 798
'r 4, 648
6, 160
'5,682
'3 985

7,458
5,542
6,803
6,660
4, 551

30, 722
17, 750
16 377
4,251

'r 29,921
16,758
r 15708
4,487

' 5, 104

5,704

r

2,629

4,510

5,704

2,492

2 629

2, 087. 0
43, 983
553.7

2 981. 5
56 694
786 5

141.2
3 016
53 3

261.8
5 134
78 7

224 9
4 329
62.3

262 0
4 984
55 2

259 8
4 803
71 9

220.9
4,133
52.4

281.5
4 920
46 3

243.2
4 531
85 6

273.2
5 239
48.7

296.6
5, 367
95.2

381.2 ' 337. 9
6,645 »• 6, 043
95.3 127.5

10, 329. 5
9, 943. 5
8,598.3
8,336.9
1, 731. 1
1, 606. 6

8,976.2
8 484 6
7, 436. 8
7 070 2
1, 539. 5
1 414 4

660.2
628.1
525. 6
501.9
134.6
126.2

833.4
785 1
684.1
647 4
149 3
137 7

792.2
749. 4
659.8
628 3
132.4
121 1

898.3
848 7
750 3
713 4
148 0
135 3

911.7
865 2
765 3
732 3
146 4
133 0

530.8
506.3
425.5
410 6
105.3
95 6

324.2
300 8
231.6
218 3
92.6
82 5

710.5
670 3
601.0
570 6
109 5
99 7

751.9
706.9
645.4
608.8
106.5
98 1

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

14 19
84
6 57
.51
1 09

31 41
96
7 *»4
.53
1 14

26 69
81
7 75
.57
1 19

25 85
1 33
9 09
.57
I 1Q

15 81
1 13
8 94
58

13 32
92
8 87
.37
76

10 69
93
5 80
56

21 56
74
5 27
.62
96

25 76
1 02
5 09
.47
AK

26 74
69
5 16
.42
76

37 13
80
6 15
.34
52

79 52
.33
5.49

QQ AC

80 66
45
7 42

Q4 4fi

.31
7 28

66 97
21
6.06

25
9 43

85 06
.32
7.44

44 98
28
2 59

68 97
43
5.58

98 07
48
5.07

35.09
.72
5.99
.55
71
145 98
.42
9.23

8 322 10 111
5 253 6 309

7 990
4 829

8 820
5 376

7 483
3 999

6 492
3 684

7 485
4 336

7 871
4 619

8 787
5 549

7 834
5 161

7,209
4 757

7*839
5,028

8,816
5,637

27 497

1 658

2 377

3 431

2 898

2 227

2 866

2 784

1 869

1 787

2 326

1 447 2,063

2,191

2 9 008 5 2 8 361 9
2 658. 1 2 780 6
2 1,610. 4 21 518 9

538 9
45.2
108.9

670 8
57 5
132 2

786 1 a 807 4 &793 5 6 742 8 6 716 2 b 543 5 6 696 4 6 b632 5 b 724 7 « 647. 8
63 1 * 65 8 •61.2
63 3 a 70 o 666 7 6 65 4 683 9 6 67 6 6 72 3
144.6 a 139 o 6139 5 &130 7 6 141 i & 119 2 6 115 7 6 106. 2 & 120. 4 « 117. 6

o594. 6
« 60.7
« 110.0

9 156

18 320

8 101
6 048
2 053

2 102

8 311
6 466
1*845

6 344
5 094
1 250

99, 833 r 54 129
73, 190 r 38 614
r 26 643 15 515

3 358
2,908
450

5 028
3 824
1 204

1 728
1,444
284

4 169
3 244
925

4, 740

4 833

2 668

2 578

2, 595

354.6
6,363
145.6

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
do
Passenger cars (used)
do
Trucks and buses (new) , assembled
do
Trucks a n d buses (used)
_ _
do"
Truck and bus bodies for assembly
do
Imports:
Passenger cars (new) complete units
do
Passenger cars (used)
do
Trucks and buses, complete units
do
Shipments, truck trailers:
Complete trailers and chassis
number
Vans
do
Trailer bodies and chassis (detachable), sofd
separately
number
Registrations (new vehicles) : O
Passenger cars
Foreign cars
Trucks (commercial cars)

thous
do
do

177 58 280 58
12.72
11 08
78 64
82 24
6.79
6.00
10 70
10 99
3 913 21 1 020 62
5.75
4 99
42.96
75 07
113, 493 96 539
75 527 59 147
18, 402

-10

1

QQ

100 48 110 67
'82
.91
3.13
8.88

r

847.6 1967.4
801.4
703,2 i 796. 3
668.2
144.3 1 171. 0
133.2
29.34
.71
7 29
.38
57

121 37
.54
9.74

RAILROAD EQUIPMENT
Freight cars (ARCI):
Shipments
Equipment manufacturers total
Railroad shops, domestic
~

number
do
do

New orders .
E quipm ent man ufacturers , total
Railroad shops, domestic

do
do
do

Unfilled orders end of period
Equipment manufacturers, total
Railroad shops domestic '

do
do
do

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

90, 349
67 944
22 405

56 618
40 426
16 192

83 099
OA 77Q

94 Q17

14 276

in' CA-I

1 .407
48

1

Q1 KO

no -if*

61.19

62.85

4.89

51

46 197
35 293
10 904

7

0*14

5 686
4 776
910

7 294
6 757

2 365
2 140
225

H4Q
4ftQ

W7

42 055 34 960 32 493 on 7 on
32 049 26 515 24 373 23 007
10 006 8 445 8 190

1 498
51

1 4QR

1 4QQ

50

51

91 99
6L42

no OK

92 51
6L72

61.60

/Revised.
i Preliminary estimate of production.
2 Annual total includes revisions not
distributed by months.
3 Revised to reflect Jan.-Apr. imports from Canada of new and
used cars and other motor vehicles not specifically identified; beginning May 1966, data refer
to total imports (incl. those from Canada) of new, on-the-highway, four-wheeled passenger
automobiles. Revised Jan.-Apr. 1966 data (thous.): 77.9; 73.0; 93.7; 59.0.
"Omits data for




8 458

7
1

97 ofi°.
20 361

6 916

5

770

1 137

6 262

A *tAA

1 918

6 347 r 4 608
2 338 r 3, 948
4 009
660
9fi 4ft°i 24 819
16 712 16 306

6 039
A OQ1

1 748

2 378
2 352
26
21 082
14 311

fi 7(19

9

771

o K-IO

fi 771

1 4Q7

1

4Qfi

1 4Qfi

1 400

54

53

1 496
52

1

no en

Q9 Qfi

no ni

no on

no en

no

61.87

62.04

62.14

62.36

62.46

62.64

4QQ
O

5

55

55

KA

5 122 5 487
3 958 3 991
1 164 1*496

4,713
3 871
842

5,754
4 358
1 396

6 209 8 590 ' 4, 757 5,614
3 365 4,551 ' 3, 627 2,814
2 844 r 4 039 1 130 2 800
21 828 24 917 24 893 24 742
13 730 14 276 14, 024 12, 469
Q* AQQ
10 641 10 869 12 273
1 492
52

1 482

93 60
62^74

93 16
62^85

5i

1 480 1 478
5.3
5.3
93 71 93 41
63.33 63.18

two States.
bOmits data for one State.
9 Total includes backlog for nonrelated products and services and basic research.
0Data include military-type planes shipped to foreign governments.
©Courtesy of R. L. Polk & Co.; republication prohibited.
§Excludes railroad-owned private refrigerator cars and private line cars.

TO
SECTIONS
General:
Business indicators . » ...... ...... ..... . ...... 1—7
Commodity prices. ......................... 7-9
Construction and real estate* ..... . . . . . . ..... 9, 10
Domestic trade. . . ..... .,.,..,.____. ..... ...
Labor force, employment, and earnings. ...... 12—16
Finance. . . , . , ..... .....,......,,.____..... 16-21
Foreign trade of the United States____........ 21-23
Transportation and communications. , . , . , , . , . 23,24

Industry:
Chemicals and allied products. . ..... , , • ...... . 24, 25
Electric power and gas ...... . .......... ..... 25,26
Food and kindred products; tobacco. . . . . . . . . . 26-30
Leather and products. . . . . . . . . . .___. . . . . . . . .
30
Lumber and products. .................____.
31
Metals and manufactures. . ......... ......... 31-34
Petroleum, coal, and products. . . . . . , , . . , . . » , . 34, 36
Pulp, paper, and paper products, ...... . . . . . . . 36, 37
Rubber and rubber products. . .____. . . . . ...... 37
Stone, clay, and glass products. . . . . . , » . , . . . , ,
38
Textile products. . ...... ........ ........____38-40
Transportation equipment ...... . ..... ....... 40

INDIVIDUAL SERIES
Advertising.
10,11,16
Aerospace vehicles
..,...»,,
40
Agricultural loans.
,»...,...«....»,
16
Air carrier operations
23
Aircraft and parts
4,6,7,40
t
Alcohol, denatured and ethyl
25
Alcoholic beverages,
11,26
Aluminum.... v . . . . . . , . , , .
.....
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
34
Battery shipments.
,..»
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
f
Brick
38
Brofcer*s balances
20
Building and construction materials....
7-8,
10,31, 36,38
Building c o s t s . „ . . , . . . . . , ,
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.
3,7.8,26,27
Debits, bank.. . . . . . . . . . . . . . . . . .
.........
16
Debt, U.S Government.
18
Department stores...,.„.,,„'
' . . . . . . i . . . 11,12
Deposits, bank.
16,17,19
Disputes, industrial
16
Distilled spirits...........................
26
Dividend payments, rates, and yields....... 2,3,18-21
Drug stores, sales...
11,12




Earnings, weekly and hourly..........
. . . . . 14,15
Eating and drinking places
11,12
Eggs and poultry
3,7,28,29
Electric power.
4,8,25,26
Electrical machinery and equipment............ 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............ 4,8,26
Gasoline...
1,35
Glass and products..•,.....,.,..•»..
,,.
38
Glycerin
25
Gold
19
Grains and products.
7,8,22,27,28
Grocery stores
,
11,12
Gross national product
1
Gross private domestic investment.
1
Gypsum and products.
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.
6
Iron and steel
4,5-7,9,10,19,22,23,31,32
Labor advertising index, strikes, turnover.
Labor force
Lamb and mutton

16
. 12,13
28
Lard.
.'...".I
!!!!!!!!!
28
Lead.
33
Leather and products... ^ ..!t , _ ^ ^ ^ 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, v i s i t s . . . . . . . . . . . . . . . . . . . . . . . . .
24
Newsprint.
,,'
23,37
New York Stock Exchange, selected data........ 20,21
Nonferrous metals
... 4,9,19,22,23,33
Nonmstailment credit.
17
Oats........
27
Oil burners
34
Oils and fats.
8,22,23,29,30
Orders, new and unfilled, manufactures'..»..,...
6,7
Ordnance.
,
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
Personal 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 pulp wood.
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 (inel. plastics)......
.. 4-4,
9,13-15, 23,37
Saving, personal.
,,.,..,.......
2
Savings deposits.
17
Securities issued
.....,;........ 19,20
Security markets.
,„
... 20,21
Services
1,7,13
Sheep and l a m b s . . , , . . . . . . , . . . .
28
Shoes and other footwear...
...,,...., 8,11* 12,30
Silver..
............,..,,...,,,,...,.
19
Soybean cake and meal and oil..,,.,,.,,.,.....
30
Spindle activity, cotton.........
...
..
39
Steel (raw) and steel manufactures
31,32
Steel scrap....
,
31
Stock prices, earnings, sales, etc
20,21
Stone, clay, glass products
4-6,8,13-15,19, 38
Stoves ana" ranges,..;'
34
Sugar
23,29
Sulfur.,.
25
Sulfttrie acid.
24
Superphosphate,.,.,».......,...
...
....
25
Tea imports.
29
A......
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....
4-4,9,11,13-15,30
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
.......

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

Wages and salaries.
2,3,14,15
Washers and driers.
—
34
Water heaters
34
Wheat and wheat
flour..,..,,,..
.,...
28
Wholesale price indexes.
8,9
Wholesale trade
5,7,11,13-15
Wood pulp
..,.,,....
36
Wool and wool manufactures....„,..,...,,.,.,. 9,39
Zinc.

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