Full text of Survey of Current Business : August 1973
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A UNITED STATES
DEPARTMENT OF
COMMERCE
PUBLICATION
U.S. DEPARTMENT
OF COMMERCE
Social and Economic
atistics Administration
R-EAU OF ECONOMIC
ANALYSIS
AUGUST 1973 / VOLUME 53 NUMBER
8
SURVEY OF
CURRENT BUSINESS
AUGUST 1973 / VOLUME 53 NUMBER
8
SURVEY OF CURRENT BUSINESS
U.S. Department of Commerce
THE BUSINESS SITUATION
Monetary Policy
Commercial Banks
Residential Construction and Finance
2
3
4
Wages Under Collective Bargaining
5
National Income and Product Tables
11
ALTERNATIVE MEASURES OF PRICE CHANGE FOR
GNP, 1970-73
THE INTERNATIONAL INVESTMENT POSITION OF
THE UNITED STATES: DEVELOPMENTS IN 1972
THE BEA QUARTERLY MODEL AS A FORECASTING
INSTRUMENT
STATE AND REGIONAL PERSONAL INCOME,
1959-1972
FOREIGN DIRECT INVESTMENTS IN THE UNITED
STATES IN 1972
15
18
24
39
Frederick B. Dent / Secretary
Edward D. Failor / Administrator
Social and Economic Statistics
Administration
Bureau of Economic Analysis
George Jaszi / Director
Morris R. Goldman / Deputy Director
Lora S. Collins / Editor
Leo V. Barry, Jr. / Statistics Editor
Billy Jo Hurley / Graphics
Staff Contributors to This Issue
Robert Boyke
Robert B. Bretzfelder
David T. Dobbs
Albert A. Hirseh
Donald A. King
Thomas W. Kraseman
Robert B. Leftwich
Bruce Levine
Barbara L. Miles
John. C Musgrave
Russell B. Scholl
50
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (.Inside Back Cover)
Annual subscription, including weekly statistical supplement: $20 domestic, $25 foreign. Single copy $2.25. Order
from Superintendent of Documents, U.S. Government
Printing Office, Washington, D . C 20402, or any Commerce Field Office. Make check payable to Superintendent
of Documents.
Annual subscription in microfiche, excluding weekly
supplement: $9 domestic, $12 foreign. Single copy $1.45.
Order from National Technical Information Service,
Springfield, Va. 22151.
Address change: Send to Superintendent of Documents
or NTIS, with copy of mailing label. For exchange or
official subscriptions, send to BEA.
Editorial correspondence: Send to Bureau of Economic
Analysis, U.S. Department of Commerce, Washington,
D.C. 20230.
The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for
printing this periodical has been approved by the Director of the Office of Management and Budget through September 1,1975.
U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICES
Albuquerque, N. Mex. 87101
316 U.S. Courthouse 843-2386.
Cheyenne, Wyo. 82001
2120 Capitol Ave. 778-2220.
Hartford, Conn. 06103
450 Main St. 244-3530.
Milwaukee, Wis. 53203
238 W. Wisconsin Ave. 224-3473.
Reno, Nev. 89502
300 Booth St. 784-5203.
Anchorage, Alaska 99501
632 Sixth Ave. 272-6531.
Chicago, III. 60603
Room 1406 Mid-Continental Plaz
Bldg. 353-4450.
Honolulu, Hawaii 96813
286 Alexander Young Bldg.
546-8694.
Minneapolis, Minn. 55401
306 Federal Bldg. 725-2133.
Richmond, Va. 23240
8010 Federal Bldg. 782-2246.
Atlanta, Ga. 30309
1401 Peachtree St. NE. 526-6000.
Baltimore, Md. 21202
415 U.S. Customhouse 962-3560.
Birmingham, Ala. 35205
908 S. 20th St. 325-3327.
Cincinnati, Ohio 45202
550 Main St. 684-2944.
Cleveland, Ohio 44114
666 Euclid Ave. 522-4750.
Dallas, Tex. 75202
1100 Commerce St. 749-3287.
Boston, Mass. 02116
441 Stuart St. 223-2312.
Denver, Colo. 80202
19th & Stout Sts. 837-3246.
Buffalo, N.Y. 14202
111 W. Huron St. 842-3208.
Des Moines, Iowa 50309
609 Federal Bldg. 284-4222.
Charleston, S.C. 29403
334 Meeting St. 577-4171.
http://fraser.stlouisfed.org/
Charleston,
Va.
253O1
Federal Reserve
Bank ofW.St.
Louis
Detroit, Mich. 48226
445 Federal Bldg. 226-6088.
Houston, Tex. 77002
1017 Old Federal Bldg. 226-4231.
Jacksonville, Fla. 32207
4080 Woodcock Dr. 791-2796.
Kansas City, Mo. 64106
601 East 12th St. 374-3141.
Newark, N.J. 07102
24 Commerce St. 645-6214
New Orleans, La. 70130
610 South St. 527-6546.
New York, N.Y. 10007
26 Federal Plaza 264-0634.
Los Angeles, Calif. 90024
11000 Wilshire Blvd. 824-7591.
Philadelphia, Pa. 19107
1015 Chestnut St. 597-2850.
Phoenix, Ariz. 85004
112 N. Central 261-3285.
Memphis, Tenn. 38103
147 Jefferson Ave. 534-3214.
Pittsburgh, Pa. 15222
1000 Liberty Ave. 644-2850.
Portland, Ore*.
97205
St. Louis, Mo. 63103
2511 Federal Bldg. 622-4243.
Salt Lake City, Utah 84111
125 South State St. 524-5116,
San Francisco, Calif. 94102
450 Golden Gate Ave. 556-5864.
San Juan, Puerto Rico 00902
100 P.O. Bldg. 723-4640.
Savannah, Ga. 31402
%
235 U.S- Courthouse and P.O.
Bldg. 232-4321.
the BUSINESS SITUATION
r OLLOWING a gradual tightening of
credit during most of the first half of
this year, the monetary authorities
have, in the past few months, greatly
intensified their efforts to slow the
growth of money and credit. The recent,
progressive tightening of credit, coupled
with continuing strong loan demands,
has resulted in a sharp escalation of
short-term interest rates to levels well
above the record highs of late 1969 and
early 1970 (chart 1).
From mid-May to mid-August, the
rise in short-term open market rates
was roughly 2% percentage points. That
3-month rise was noticeably faster
than the increase during the 6 months
ending in May, the period roughly comparable to the first phase of the Federal
Reserve System's present course of
credit tightening. From mid-May to
mid-August, the prime commercial loan
rate—the rate banks charge their most
creditworthy business borrowers—was
raised from 6% to 9}i percent in ten
steps. In the preceding 6 months, by
contrast, this rate was raised 1 percentTable 1.—Change
in Interest Rates
and
Bond Yields
[Percentage points]
Jan.
1972
to
Nov.
1972
Prime 4- to 6-month commercial paper rate
3-month Treasury bills
(new issues)
Federal funds rate
Bank prime rate
Corporate Aaa bond yield
(Moody's) _
U.S. Treasury long-term
bond yield
State and local bond
yield (Bond Buyer)
1969-70
Nov. Mid-May
1972
1973
month
to
to
to
May mid-Aug. mid1973
1973
Aug.
1973
1.17
2.02
2.72
1.16
1.37
1.56
1.00
1.58
2.78
1.50
2.39
2.58
2.50
.70
1.20
.75
-.07
.17
.29
-.90
-.12
.72
.76
-.02
.23
.45
-1.54
age point in four steps; during that
period, the Government's Committee
on Interest and Dividends was vigourously engaged in efforts to force the
banking system to slow the increase in
the cost of credit. The rate on 3-month
Treasury bills increased from 6% percent in mid-May to 8% percent in midAugust, and the rate on Federal funds,
the price at which banks buy and sell
excess reserves and one of the most
sensitive indicators of money market
conditions, increased from 7% percent
to about 10}<2 percent.
The impact of credit stringency was
concentrated in short-term markets
until the past month or so, when the
upward drift of capital market yields
began to accelerate. As a result of the
recent firming in long-term markets,
most yields increased a little more in
the three months ending in mid-August
than they had in the six months ending
in May. From mid-May to mid-August,
yields on corporate Aaa bonds rose
about }{ of a percentage point to 7}i
percent and yields on State and local
bonds about % point to 5% percent. In
the six months ending in May these
yields increased less than ){ point.
Despite the recent acceleration, the
increases thus far this year have been
moderate and these yields remain well
below their peaks in early 1970
(Table 1). Yields on U.S. Treasury
long-term bonds, however, increased
about % of a percentage point to 7 percent from mid-May to mid-August,
about the same as the increase from
November to May. The more rapid
increase in yields on U.S. bonds than
on other long-term securities is due
mainly to efforts on the part of the
CHART 1
Short- and Long-Term Interest Rates
Percent
if
10 Federal Funds Rate
-
-J
IT-
^^ Prime Commercial Paper
rp"^
(4-6 Months)
\ 1
/ :
Prime Rate
6 3-Month
Treasury B ills
if
Pf
4 --
• 1111..
.....h
mill
..C.I.M..
10
FHA New Home
•Mortgage Yields
/
-
State and Local
(Bond Buyer)
llilililiiilmiiliMiiliMiiliiiiiLinlimiLnilinn
1969
1970
1971
Data:
1972
1973
FRB, HUD, Moody's, Bond Buyer & Treasury
• Last data plotted are weekly figures through mid-Aug.
U.S. Department of Commerce, Bureau of Economic Analysis
73-8-1
SURVEY OF CURRENT BUSINESS
Treasury to lengthen debt maturity.
Although Treasury borrowing has been
moderate this year, a relatively large
part of that borrowing has carried longterm maturity, and this has put upward
pressure on U.S. bond yields. Mortgage yields typically respond to changes
in money and capital markets with a
lag, which reflects, in part, the fact that
mortgage rates actually quoted borrowers increase more rapidly than reported in the official statistics. After
showing virtually no change in 1972 and
early 1973, reported yields began to
edge higher in March of this year. The
average yield on FHA-insured new
home mortgages was 8.2 percent in
July up from 7.6 percent in February.
An unusually wide inverse yield differential has developed between shortterm and long-term borrowing costs—
short-term being considerably higher.
One reason why the current round of
credit tightening has not seen long-term
rates rise considerably more than they
have may be that the volume of new
State-local and corporate bond issues
coming to market has been moderate
this year. On the other hand, the borrowing of Federally-sponsored credit
agencies also affects long-term markets,
and these agencies have been borrowing
increasingly in recent months and are
expected to step-up their demands in
the second half of this year.
Table 2.—Percent Change in Monetary Aggregates
l
[Seasonally adjusted at annual rates]
1972
I
Reserves available to support private nonbank deposits
Money stock (Ml)
...
Money stock plus time deposits at commercial banks other
than large CD's (M2)
M2 plus depostis at nonbank thrift institutions (M3)
II
1973
III
4
IV
I
II
10.4
9.2
6.5
8.1
10.0
8.2
10.6
8.6
9.6
1.7
11.0
10.3
12.7
14.9
8.5
10.8
10.3
12.4
10.2
11.5
5.7
8.6
9.5
9.4
months
ending
July
12.3
9.4
8.7
8.6
1. Change calculated from end of period.
acceleration since mid-May—and the
growth of monetary aggregates slowed.
Money stock (Ml, currency in circulation and private demand deposits) rose
at a seasonally adjusted annual rate of
1.7 percent in the first quarter as compared to 8.6 percent in the fourth.
However, part of that slowdown was
due to transitory factors, including
transactions associated with upheavals
in international currency markets (see
the February " Business Situation" article), heavy State and local government buying of certificates of deposit
(CD's) with demand deposits previously swelled by receipt of revenue
sharing funds, and the transfer of corporate demand deposits to U.S. Government accounts (not counted in Ml) in
payment of taxes. The growth of commercial bank time and saving deposits
other than large negotiable CD's also
slowed in the first quarter, as depositors
began to respond to rising market
interest rates by diverting funds to
higher yielding investments. Time and
Monetary Policy
saving deposits increased at a seasonally
Since moving toward a more restric- adjusted annual rate of 9.5 percent in
tive monetary policy late last year, the the first quarter as compared to 11.6
Federal Reserve System has used all of percent in the fourth, and M2 (Ml plus
its major tools of control to impose time and saving deposits at commercial
credit stringency: open market opera- banks other than large negotiable CD's,
tions have been employed to restrict increased 5.7 percent at an annual rate,
growth of bank reserves and thus of down from 10.2 percent in the fourth
money and credit, reserve requirements quarter.
were raised on two occasions, and the
The first-quarter slowdown in the
discount rate was increased seven growth of the aggregates was followed,
times. The objective of policy early
however, by acceleration. Reserves
this year was apparently to achieve a
gradual slowdown in the growth of the available to support private nonbank
monetary aggregates without a sharp deposits (RPD's) increased at an anincrease in interest rates; however, nual rate of 11 percent from March
emphasis shifted in the second quarter to June, up from 9% percent in the
toward much more aggressive restraint. first quarter. That acceleration supAs restraint began to take hold early ported very strong expansion of CD's
this year, the rise in interest rates and of the money stock, as growth of
accelerated-^though much less than the Ml surged to an annual rate of 10M
August 1973
percent in the second quarter. The
reasons for the acceleration are not
clear. In part, the unusually strong
expansion of the money stock reflected
the fact that the transitory influences
suppressing growth in the first quarter
had abated, and the fact that Federal
Government demand deposits declined
sharply as unusually large personal
income tax refunds were paid. Growth
of M2 also accelerated in the second
quarter; however, that was due entirely to the surge in Ml, for the growth
of consumer-type time and saving
deposits continued to decelerate.
Recent policy
developments
The Federal Reserve became increasingly concerned about the growth
of money and credit as the seconc1
quarter wore on. As a consequence,
open market operations became more
restrictive—as was reflected in the
escalation of the Federal funds rate—
reserve requirements were raised, and
increases in the discount rate were
explicitly aimed at slowing the credit
expansion. During this period, the
Federal Reserve also suspended interest
rate ceilings on longer-term large negotiable CD's thereby permitting a
lengthening of the maturity structure
of bank liabilities and also permitting
interest rates to function more freely
as the allocator of credit.
In mid-May, the Federal Reserve
System imposed an additional reserve
requirement of 3 percent on any further
expansion of the amount of large
negotiable CD's outstanding, raising
the reserve requirement on those deposits from 5 to 8 percent. That action
was aimed at raising the cost of CD
funds and slowing the issuance of
CD's; large money center banks, in
the face of increasirg pressure on reserve positions and very strong loan
August 1973
SUKVEY OF CURRENT BUSINESS
demand, had been bidding agressively
for these deposits. The outstanding
volume of large negotiable CD's increased from $45 billion at the end
of 1972 to $58% billion in mid-May;
by mid-August, volume reached $66j^
billion.
In mid-May, at the same time that
reserve requirements OD large CD's were
raised, the monetary authorities also
suspended the Regulation Q ceilings on
interest rates on large negotiable CD's
with maturities of 90 days or more.
With market interest rates rising, banks
were encountering difficulty in selling
the longer term CD's and were concentrating sales in short-term CD's (30 to
89 days maturity) on which the rate
ceiling had been suspended in mid-1970.
This was creating an unstable situation
as the maturity structure of bank
liabilities was shortening appreciably.
For example, at the end of April, more
than 78 percent (roughly $44 billion) of
total large CD's outstanding had less
than 90 days to maturity, as compared
with 67 percent or about $30 billion at
the end of 1972. Since mid-May, banks
have been selling longer term CD's and
the pressure from the shortening maturity of the banks' liability structure
has abated.
The Federal Reserve's Open Market
Committee apparently decided at its
mid-June meeting to tighten credit
further. (The record of policy actions
taken by the Committee in mid-June
will not be made public until midSeptember.) In late June, in a further
effort to slow the growth of money and
credit, the Federal Reserve imposed an
additional reserve requirement of ^
percentage point on member bank
demand deposits in excess of $2 million.
The behavior of the monetary aggregates in July was mixed. Growth of the
money stock slowed appreciably, as
did growth of time and saving deposits
at commercial banks, but nonborrowed
reserves and RPD's continued to expand rapidly. Moreover, the volume of
large CD's continued to increase substantially, and the expansion of bank
credit, especially business loans, continued strong. Testifying before the
Congressional Joint Economic Committee in early August, the Chairman
of the Federal Reserve said that he
expected the growth rate of Ml to slow
in the near future, but warned that if
the restrictive actions already taken
by the Federal Reserve do not reduce
the growth of money and credit to "an
acceptable rate," further restrictive
measures will be adopted. He specifically mentioned that reserve requirements on CD's could be raised further
if banks continue to finance "excessive" expansion of business loans with
CD funds.
Increases in the discount rate
As credit conditions became tighter
in late 1972 and early 1973, member
bank borrowing from Federal Reserve
Banks began to rise sharply. Borrowing
demand was enhanced by the fact that
rising market rates of interest progressively widened the gap between the cost
to banks of attracting reserves (loanable
funds) through issuance of CD's and the
cost at which they could borrow from
Federal Reserve Banks.
Outstanding member bank borrowing
from the Federal Reserve rose from an
average of nearly $750 million in the
fourth quarter to $1.5 billion in the first
quarter and $1.8 billion in the second.
As a proportion of total reserves, borrowings averaged 2.3 percent in the
fourth quarter, 4.8 percent in the first,
and 5.5 percent in the second.
In efforts to close the differential
between the discount rate and rising
market interest rates, the monetary
authorities raised the discount rate
from 4% to 6 percent in four steps
from December to mid-May. On each
occasion, the authorities stated that
the purpose of the increase was to
achieve a better alignment with rising
market interest rates—an implication
that the Federal Reserve was simply
"following" the market rates. After
mid-May, the discount policy apparently become more stringent. In
early June the rate was raised to 6%
percent, an action the authorities
termed as partly an anti-inflation
measure. In late June, at the time that
the increase in demand deposit reserve
requirements was announced, the discount rate was raised to 7 percent and
the action was explicitly intended
"to restrain continuing excessive expansion in money and credit."
After late June, market interest
rates rose sharply and by mid-August,
the spread between the discount rate
and the rate on large CD's was 3%
percentage points, or more than twice
as large as at any time earlier this year
when the discount rate was raised. The
authorities again raised the discount
rate to 7}i percent in mid-August, but
noted that this action did not signal any
new tightening of policy, but was taken
to keep in step with the upward movement in other short-term rates.
Commercial Banks
The situation of commercial banks
during the present course of credit
tightening has been very different from
their situation during the tightening
in 1966 and 1969, for this time the
banks have been able to compete
directly for loanable funds by selling
CD's; as a result, they have been able
to maintain their position in the credit
flow process. The difference lies in the
fact that interest rate ceilings on
short-maturity CD's have been suspended since 1970, and on longer CD's
since May of this year. Commercial
banks accounted for nearly 38 percent
of total funds advanced in credit
markets in the first quarter of this
year and 33 percent in the second, as
compared with 33 percent in 1972 and
36 percent in 1971, years when monetary policy was accommodative or
only mildly restrictive. This is in sharp
contrast to the situation confronting
the banking system in 1969, when
market interest rates rose far above
the Regulation Q ceilings and depositors
shifted funds from banks to direct
investment in open market instruments.
The banks' role as intermediaries was
constrained, and they accounted for
only 14 percent of total funds advanced
in credit market in the year 1969, as
compared with 35 percent in 1968.
Borrowers have indeed been finding
funds progressively more costly and
harder to get, but in contrast to the
credit stringency of 1969 and 1966,
funds have been available. A so-called
"credit crunch"—a situation where
funds are not available even to borrowers willing to pay high borrowing
costs—has thus far been avoided. Thus,
SURVEY OF CURRENT BUSINESS
a fundamental difference between the
credit stringency in 1973 and that in
1969 and 1966 is that market interest
rates this time have a much more
important role as an allocator of credit.
Nondeposit sources of funds
Given their ability to bid freely for
CD funds, commercial banks have
made only moderate use of nondeposit
sources of funds. Under present conditions, they have little motivation to
borrow Eurodollars as a way of getting
loanable funds, and the volume of such
borrowing in July was little different
from that of last December. (In a move
to correct an anomaly in reserve requirements, the Federal Reserve reduced requirements on Eurodollar
CHART 2
Change in Bank Credit
Billion $
30
I I I
I I I
I I I I I I I I I I I I I I I
20
10 -
I I I I I I I I I I I I I I I I I I I I I I I
-10
20
INVESTMENTS
10 Other
•
\
V\
-10
1 1 1 1 1 1i
1968
1 i i
69
70
1| 1 I1
71
Government \
u.sSecurities *
i I 1 i I i
1 72
73
Change calculated from end of quarter to end of quarter
Seasonally Adjusted
» July at a quarterly rate.
Source: FRB
U.S. Department of Commerce, Bureau of Economic Analysis
73-8-2
August 1973
borrowing in mid-May, putting this business in the early months of the
source of loanable funds on equal foot- year reflected not only the strength of
ing with large CD's.) In 1969, when economic activity, but also the policy
banks were facing a major runoff of of the Committee on Interest and
CD's, Eurodollar borrowing from for- Dividends, which forced the banking
eign branches rose $6.8 billion to $12.8 system to hold back increases in the
billion during the course of the year.
prime rate. As a consequence of that
Another mechanism heavily used by policy, corporations found more favorbanks in 1969 was the sale of loans to able borrowing terms at banks than
their own affiliates—their parent hold- could be obtained from alternative
ing companies in particular—which sources, e.g., through the sale of comcould legally sell commercial paper at mercial paper.
The much slower pace of economic
competitive market interest rates and
use the proceeds to buy the loans. activity in the second quarter was reBank sales of loans to their affiliates flected in a slackening of bank credit
rose from $1.5 billion in May 1969 growth. Loan expansion was about half
(when data were first collected) to that of the first quarter and loans to
nearly $4.0 billion yearend. From business increased about $7 billion. A
December 1972 to June of this year, large part of the slowdown in business
loan sales increased nearly $1 billion, loan growth occurred in June when
to $3.5 billion, and there appeared to some corporations apparently used probe some step-up in activity in July ceeds from maturing CD's to meet tax
when sales increased about $% billion payments, rather than increasing their
further. Commercial paper issued by borrowing from banks. Loans to conbank affiliates has increased somewhat sumers and loans to finance real estate
more rapidly this year than other non- activities increased about as much in
deposit sources of loanable funds, from the second quarter as in the first,
$2.6 billion last December to $4.3 bil- though the expansion of loans to nonlion in June (the latest month for which bank financial institutions slowed
data are available). Nonetheless, that sharply and loans to finance security
increase is only a little more than half transactions declined a little more than
as large as the increase from May to in the first quarter.
Commercial banks increased their seDecember 1969.
curity holdings by $1 billion in the
Bank credit
second quarter after reducing holdings
Loans and investments at commer- $1.5 in the first. Because banks have
cial banks in the first 7 months of this been able to compete for money market
vear increased an extraordinary $44 funds, they have been able to accombillion. Bank credit increased a little modate this year's huge loan expansion
more than $25 billion in the first without sizable reductions in security
quarter, $14 billion in the second and holdings—the typical pattern of port$4% billion in July. It is important to folio management in periods of credit
note, however, that a significant part stringency.
of this unusually large credit expansion
Following the slowdown in June,
does not reflect a net increase in total credit expansion was again strong in
volume of funds advanced in credit July. Loans increased $5% billion and
markets. Rather, it reflects a rerouting security holdings declined a little more
of funds from savers (mainly buyers of than %y2 billion. Loans to business inCD's) to borrowers that otherwise creased $2 billion and continued to be
would have flowed through other credit the fastest growing component of bank
channels, i.e., the commercial paper credit.
market or capital markets.
Residential Construction and
Loan growth has accounted for virFinance
tually all of this year's net expansion of
Homebuilding activity, although still
bank credit. Loan expansion amounted
to nearly $27 billion in the first quarter, at a very high level, was weakening
$12% billion of which represented loans noticeably by mid-year. Housing starts
to business. The volume of lending to held in the first quarter at last year's
August 1973
record annual rate of 2.4 million units
but slipped to an average 2.2 million
units in the second. In July, starts held
at an annual rate of 2.2 million units.
Virtually all of the slowdown in starts
through mid-year was in starts of singlefamily homes (although issuance of
housing permits has declined more for
multi-unit structures (24 percent) than
for single family units (9 percent)
since the peak in the fourth quarter).
Starts of single-family units were at an
annual rate of 1.36 million in the first
quarter, 1.20 million in the second, and
1.25 million in July. Sales of new homes
have declined about 10 percent from
their peak in the fourth quarter of last
year, and the inventory of new homes
for sale has continued to rise.
The rate of starts of multi-unit structures held at about 1 million units in
the first and second quarters but declined slightly in July. The starts rate
continued to exceed completions in the
first half, and the number of units in
multi-unit structures yet to come to
market continued to rise. Rental vacancy rates have moved somewhat
higher, but these rates have become a
less reliable indicator of the condition
of demand for multi-unit housing because of the increasing proportion of
new apartment units that are owneroccupied rather than rented.
It was widely forecast that residential
construction would undergo a cutback
this year, as an adjustment following
the building boom of 1970-72. The
tightening of credit conditions in recent
months has probably not yet had a
significant impact on homebuilding in
most sections of the country, but a
growing impact can be expected. The
rise in interest rates and the competition for credit this year are greater than
most forecasters expected, and could
well result in a steeper decline in homebuilding than would otherwise have
occurred.
With market interest rates rising,
savers began earlier this year to divert
funds away from the thrift institutions,
and the net flow of savings to these
institutions slowed appreciably. The
net flow at the savings and loan associations amounted to $5% billion (seasonally adjusted) in the second quarter,
down from $8}i billion in the first and
SURVEY OF CURRENT BUSINESS
the smallest quarterly increase since mid-August, when Congress reinstated
1970. In all probability the drop would the temporerily lapsed legal authority
have been worse had it not been for for FHA mortgage insurance.
unusually large personal income tax
refunds paid in April and May. Data
Wages Under Collective
are not yet available for July, but the
Bargaining
indications are that the weakening of
The average size of settlements
savings flows intensified sharply last
agreed
upon in major union contract
month.
negotiations diminished further in the
The slowdown of savings came at a
first half of 1973, continuing a trend
time of an unusually large volume of
that began in mid-1971, when wage and
mortgage takedowns, i.e., lending under
price controls were first instituted
commitments previously made. Mort(chart 3). Wage and benefit increases
gage debt expansion was at a record
negotiated in the first half of this year
pace of more than $8% billion in the
in contracts covering 5,000 workers or
second quarter, up from $8 billion in
more averaged 7.5 percent for the first
the first. The growing pressures on the
contract year, and 6.2 percent annually
S&L's have led to cutbacks in mortgage
over the life of the contract—in each
commitments—the volume outstandcase about 1 percentage point less than
ing peaked in February at a record
the average for the full year 1972. For
$21% billion (seasonally adjusted) and
wage changes alone, in contracts covhad declined to $19% billion by June
ering 1,000 workers or more, increases
(the latest month for which data are
negotiated this year averaged 5.8 peravailable)—and to a rise in mortgage
cent for the first contract year alid 5.3
interest rates. Late in the second
percent annually over the contract life.
quarter, lending was further curtailed
The first-year increase was about l}i
in some States as mortgage interest
percentage points less than the 1972
rates rose above the limit permissible
average, and the contract-life increase
under existing usury laws.
about 1 percentage point less.
Several steps have recently been
A larger than usual number of major
taken to improve the availability of contracts were up for negotiation. Almortgage funds. The Federal Home together, 351 major agreements (those
Loan Banks have stepped up then- involving 1,000 workers or more) coverlending to the S&L's, with outstanding ing about 2% million workers were conadvances up from about $8 billion at cluded in the first half of this year;
the end of last year to $8% billion in major settlements were reached in the
March and $12% billion in July. In railroad, apparel, petroleum, electrical
addition, the Federal Home Loan Bank machinery, trucking, rubber, and conBoard reduced the reserves that the struction industries.
S&L's must maintain from 6.5 to 5.5
The decline in the size of contract
percent of deposits, thereby freeing settlements in the first half was ensome $2% billion for expansion of tirely in nonmanufacturing industries,
mortgage lending activity. To offset where settlements averaged 5.6 percent
some of the adverse impact that rising for the first year and 5.1 percent per
market interest rates were having on year over the life of the contract (chart
the flow of funds to the thrift institu- 3). In contrast, there was almost no
tions, the Federal regulatory agencies change from 1972 in the size of manuin early July raised the structure of facturing settlements, which averaged
interest rates permissible on consumer- 6.3 percent for the first year and 5.6
type time and saving deposits. In an percent per year over the contract life.
effort to increase lending under Gov- This was the first time since comparable
ernment-guaranteed and insured loans, figures became available in 1968 that
interest rates at which FHA and VA increases negotiated in manufacturing
mortgages can be written were raised exceeded those in other industries.
from 7 percent to 7% percent in July.
The average annual life-of-contract
However, commitments under the new increase in manufacturing settlements
ceiling could not become effective until has shown remarkably small fluctua-
6
SURVEY OF CURRENT BUSINESS
tions since 1968, holding in a range of 5 in manufacturing, while in the first half
to 6 percent except for a somewhat of 1973 it was only about the same as in
larger figure in 1971. The range of first- manufacturing. This sharp reduction
year increases has been somewhat wider in construction settlements reflects in
but still moderate. In construction, on part the efforts of the Construction Inthe other hand, fluctuations have been dustry Stabilization Committee, which
extreme. For example, in 1970 the came into existence in March 1971,
average life-of-contract increase in and to some degree also an increase in
construction was 2 y2 times as great as competition from lower-paid nonunion
workers.
The wage control authorities under
the
various phases of the economic
CHART 3
stabilization program that began 2
years ago have focused their attention
Wage Increases Under
mainly on increases currently becoming
Collective Bargaining
effective, deferring action on increases
•
• In first year of contract
scheduled for the future. Partly as a
•
• Over life of contract
Percent Per Year
result
of this policy, the amount of
15
ALL INDUSTRIES
"front loading"—providing for a disproportionate share of the total increase
10
to become effective in the first contract
year—has diminished sharply. In the
first half of 1973, the difference in size
batween the average first-year and the
average annual life-of-contract wage
increases was only ){ percentage point,
MANUFACTURING
much less than in any of the past 5
years; in 1970, at the peak of front
10
loading, this difference was 3 percentage
points. The heavy emphasis on front
loading in 1970 reflected pressure by
unions for an immediate "catch up"
on the unexpectedly large price inflation
which had occurred during the life of
CONSTRUCTION
earlier major contract settlements,
15
mostly negotiated in 1967.
NONMANUFACTURING
EXCLUDING CONSTRUCTION
15
10
i
1968
1969
1970
1971
1972
1973
1st Half
NOTE —Figures plotted are mean percentage increases in straight time
hourly earnings resulting from collective-bargaining agreements reached
in the time period indicated and covering 1,000 or more workers.
Data: BLS
U.S. Department of Commerce, Bureau of Economic Analysis
73-8-3
Cost of living escalation
The number of workers covered by
cost-of-living escalator clauses increased sharply in 1971, from about 3
million at the beginning of the year to
4.3 million at the end—about 20 to 25
percent of the total union membership—as the clauses were introduced or
reinstated in several large contracts.
Since then, however, the number of
major contracts with escalator clauses
has shown little change, but the proportion of workers on nonfarm payrolls
who are covered by escalation is the
highest since 1960.
Although the number of major contracts with escalator clauses has not
changed significantly this year, the
improvement of existing escalator
clauses, generally to permit faster escalation, is an important bargaining
August 1973
issue. In the auto industry negotiations,
the United Auto Workers are demanding a major liberalization of the cost-ofliving formula in their contract. In an
inflationary period, of course, escalator
clauses have the effect of increasing
wage rates by a larger percentage than
the increases actually specified in the
contracts.
In manufacturing settlements this
year, those without escalator protecttion specified somewhat larger wage increases than those with escalation—the
typical pattern. In norimanufacturing
settlements, however, wage increases
in contracts without escalator clauses
averaged somewhat less than those in
contracts which include such clauses.
This development largely reflects the
relatively small wage increase, with no
provision for escalation, in the railroad
settlement, where emphasis was mainly
on pension benefits. Another factor was
the further sharp decline in settlements
in the construction industry, where
escalator clauses are very rare.
Strike activity
Although some 40 percent more
workers were covered by major contract settlements ir. the first half of
this year than in the same period of
last year, agreements were reached
with remarkably little conflict, and the
amount of work time lost in strikes
continued the downtrend of the past 2
years. The number of man-days of
idleness in strikes in the first half of
this year w^as about 20 percent below
the relatively small number in the first
half of last year, and the estimated
percent of working time lost in strikes
was lower than in any year since the
early 1960's, when the postwar lows
were reached. An exception to the general harmony was the public schools,
where strikes in five major school systems accounted for 8 percent of the
time lost in strikes in the first half of
this year.
The downtrend in negotiated wage
increases and the relatively low level
of strike activity in the first half coincided with a very sharp acceleration of
the rise in consumer prices—chiefly in
food, which rose 10 percent in the 6
(Continued on page 52)
SURVEY OF CURRENT BUSINESS
August 1973
CHART 4
•
Revised estimates show GNP up $29V2 billion in second quarter, real GNP up 2.4 percent
•
In July: Employment was little changed, unemployment rate edged down to 4.7 percent
Wholesale price index fell as result of drop in nonindustrial prices
TOTAL PRODUCTION
THE LABOR MARKET
Billion $
1,400
Percent
92
16
CURRENT DOLLAR GNP **
1,300
PRICES
Million Persons
CIVILIAN LABOR FORCE AND EMPLOYMENT*
IMPLICIT PRICE DEFLATOR FOR GNP
(Change From Previous Quarter)**
12
Labor Force
\
Inventory Change
1,200
J
^
~
84 r
....
1,100
80 -
T o t a l ^ ^ ^ * F i n a l Sales
\
1,000
i
i
i i
Quarterly (II)
i
1
1
I
/
•
•
"
"
Hi. Lull
-
..
Employment
i 1111 111 11 i 11 11 >l i i
76
*
i i ii i Ii i il I
II i
Monthly (July)
BEA
Quarterly I
BLS
Billion $
80
CURRENT DOLLAR GNP
(Change From Previous Quarter)*
Percent
Percent
8
16
60
6
UNEMPLOYMENT RATE *
CHAW PRICE INDEX FOR GNP
(Change From Previous Quarter)*
Total
12
'
4
Fin ISales
;
-
^%
Married Men
L
/
lh. hull
2
0
Quarterly (II)
Monthly (July)
Billions
80
170
Inventory Change
Total
--
^Je^*
^
-
•• - ? • • " '
68
Final Sales
1
1
i
I
i I
Quarterly (II)
i
I
i
64
i 11 111 i 11 i i i i i 1111111 i
i i I I 11 i 111 i
Monthly (July)
BEA
Hours
15
45.0
CONSTANT DOLLAR (1958) GNP
(Change From Previous Quarter) **
130
140
120
42.5
130
110
-
Average
Weekly Hours
(left scale)
35.0
1973
BEA
Q u a r t e r l y (II)
"Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
^
Monthly (July)
' Retail Food*
| 11 M 1 1 1 1
11 1
1 111 11111 i
i iiii1 iiii i
BLS
1967 = 100
160
3.50
140
—
Farm Products
Processed Foods
andFeedsv
A
/ ^
/
/
1973
120
"
i 11 M | i 11 i i i M i il i i M i i 11 i 11 i 11 i i 3.00
1972
"-
180
3.75
3.25
1971
r
v
Totay
37.5
1972
Total
WHOLESALE PRICES
Average Hourly Earnings
/ " '
(right scale) N ^ . - - * * "
•*•*•
/
Monthly (June)
4.00
"
-
BLS
Dollars
40.0
^Seasonally Adjusted
150
PRODUCTION OR NONSUPERVISORY
WORKERS (PRIVATE)*
Final Sales
1971
140
Man-Hours**
(right scale)
Percent
10
160
-
72
\
600
150
CONSUMER PRICES
76
Employment*
(left scale)
BEA
1967 = 100
NONFARM ESTABLISHMENTS
900 -
800 -
Quarterly (II)
BLS
Million Persons
CONSTANT DOLLAR (1958) G N P * *
700
1 1| M |M 11 1 1 f 11 1I 1| 1 | | 1 111 1i 1 11 1 1
BEA
Billion $
1,000
BEA
BLS
100
Industrial
Commodities
i 111 \ | j 11 | | I I i i i 1 t i I i i 111111111 i i
1971
1972
Monthly (July)
1973
BLS
8
SUEVEY OF CURRENT BUSINESS
August 1973
CHART 5
In July: Personal income rose $7lA billion, about equal to average increase in first half
Advance report shows retail sales up 3% percent
Sales rate of new domestic-model cars edged back up to 10 million units
•
•
•
CONSUMPTION AND SAVING
INCOME OF PERSONS
Billion $
1,100
850
PERSONAL INCOME**
1,000
FIXED INVESTMENT
Percent
Billion $
Billion $
18
125
14
100
PERSONAL CONSUMPTION EXPENDITURES*
AND PERSONAL SAVING RATE*
-
800
/I
900
-
750
800
-
700
Personal Consumption
Expenditures
(left scale)
Producers' Durable Equipment *
10
75
Residential Structures**
50
Personal Savirg Rate
(right scaje)
11111111
700
LLl
1 1 1 I 1 I 1 1 1 1 11 1 1 I I 1 I I I I I
i
650
i
I
i
Billion $
^Nonresidential Structures**
i
i
Quarterly (II)
BEA
Monthly (July)
i
Billion $
700
Billion $
i
i
i
i
i
i
i
i
BEA
Quarterly ( H )
Billion $
no
J^
650 -
i
BEA
45
WAGES AND SAURIES**
i
RETAIL STORE SALES*
PUNT AND EQUIPMENT EXPENDITURES **
/
,.©-'"
y
40
100
.&'
Total
(left scale)
^
y ^
/
200
35
150
30
11111 h 11 1 1 1 111111111 1 I I 1 1 I 1 I 1 1 1 1100
25
600
******
550
~
-
7~7"n,,., 1
Million Unit*
12
NEW CAR SALES**
Billion $
900
DISPOSABLE PERSONAL INCOME**
i,....
y
-
800
Imports
(right scale)
700
i
i
i
1
70
1
A
10
Domestic
(left scale)
New Orders
i
i
i
i
i
t
4 Ii ii i IIi i i i i 1 I i i l II IIi i i I 1Ii i I 1 i i i )I1 0
Monthly (July)
BEA
6
i n i 11111 11
Trade Sources & BEA
1
ry*
3.5
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
2,900 _ (In 1958 Dollars)
-
2.4
2,800
-
1.6
2,700
-
.8
1
1
1
1972
Q u a r t e r l y (II)
1
n
1
BEA
**Seasonally Adjusted at Annual Rates
Digitized for U.S.
FRASER
Department of Commerce, Bureau of Economic Analysis
I
-
3.0
-
2.0
A
Permits
i 111 1111 111
1 1 11971
II 1 II 1 1 i
1973
Census
PRIVATE HOUSING*
NET CHANGE IN INSTALLMENT
CREDIT OUTSTANDING*
1
i 11 i 11111 11 11111 1 11111
Monthly (June)
Million Units
^Seasonally Adjusted
1
-
3.2
1
1
8
Billion $
I
1
12
3,000
1971
1
Billion $
Dollars
1
1
Shipments
Quarterly (II)
2,600
1
CAPITAL GOODS MANUFACTURERS*
(NONDEFENSE)
-
y0^—
o Expected
80
14
A
'
-
Census
Million Units
10
850
111111111M
Monthly (July)
BEA
Monthly (July)
750
90
^Excluding Automotive Group
/
Manufacturing
(right scale)
500
-
1972
Monthly (June)
II 1 1 ! I 1 1 1 II
1.5
1**11 i \ I n n i i i i111 i I I i
1971
1973
FRB
1972
Monthly (July)
I IIII1 I I
1973
Census
SUEVEY OF CURRENT BUSINESS
August 1973
CHART 6
In June: Book value of manufacturing and trade inventories rose $2.6 billion, ratio to sales increased slightly
In second quarter: balance of payments position improved on both net liquidty and official reserve bases
Federal fiscal position was in approximate balance on NIA basis
GOVERNMENT
FOREIGN TRANSACTIONS
INVENTORIES
Billion $
15
Billion $
Billion $
10
200
GOVERNMENT PURCHASES OF
GOODS AND SERVICES**
NET EXPORTS **
CHANGE IN BUSINESS INVENTORIES*
(6NP Basis)
160
10
llii.illn
Quarterly (II)
120
Federal Total
80
Defense \
*
40
-10
-5
State and Local
BEA
Quarterly (II)
Quarterly (ll)
BEA
BEA
Billion $
Billion $
320
210
MANUFACTURING AND TRADE
INVENTORIES*
- (Book Value, End of Month)
200
FEDERAL BUDGET**
(NIA Basis)
,
/
_
280
/
Expenditures
190
Total
-
180
^
^
t 11 111 111 i i
170
>^
111111 i 11 i i
-
240
-
200
i 111 11 i 11 11
Monthly (June)
2 I i il i i 1i I i ItI I II ii Iii Iii Ii i i Il III i i I
Census & BEA
Monthly (June)
5
Manufacturing
-5
1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 11 11 1I 1 1 1 1 1 1 1 1 1
60
Monthly (June)
i
i
i
i
i
i
i
Quarterly (II)
I
BEA
Billion $
50
-
-
r\
.>•••"•
.V...
80
i
-
Current Account
__—X—-—i
— Trade
100
Receipts
BALANCE OF PAYMENTS *
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
120
160
—
Census
Billion $
10
Billion $
140
/*""
-
10
-Current Account and
Long-Term Capital
i
i
i
-
i
Census & BEA
i
i
i
i
Quarterly (I)
i
-50
BEA
BEA
Billion $
Billion $
Ratio
Quarterly
2.6
INVENTORY-SALES RATIOS*
BALANCE OF PAYMENTS *
DEFENSE PRODUCTS MANUFACTURERS*
2.2
Net Liquidity,
Balance
Manufacturing
New uraers
Orders
/ \
.
-5
-10
1.0
1 1 1 1 1 1
1 1 1 1 1 1i 1 1i 1 1 1 1 1 1 1
1971
1972
i 111 11 i 11 11
1973
Monthly (June)
Census & BEA
^Seasonally Adjusted
**Seasonally Adjusted at Annual Rates
Department of Commerce, Bureau of Economic Analysis
Digitized forU.S.
FRASER
-15
Shipments
Y N f f i i c i a l Reserve
Transactions Balance
Total Manufacturing'
and Trade
i
i
1971
i
I
i
i
1972
Quarterly {
i
0 IIII II{II IIIIIII I1 JtIIIM III IIIIII I
1973
1971
BEA
1972
Monthly (June)
1973
Census
73-8-6
10
SURVEY OF CURRENT BUSINESS
August 1973
CHART 7
•
•
•
In July: Bank credit increased strongly, money supply growth slowed
Interest rates and bond yields rose further
In second quarter: Corporate profits before tax (including IVA) rose more than $4V2 billion
INDUSTRIAL PRODUCTION
Billion $
280
Nondurable
Manufactures
/
no
z*s""
550
Money Supply
(right scale)
Total
,—' *S/^
100
w*+
y
r
-
500
_
450
N
^
Durable
Manufactures
-
260
100
-
240
--
220
50
200
25 I
Nonfinancial
Corporations
^ B a n k Credit
(left scale)
11 1 1 11 1 I 1 1 1
111111 111 11
I i 1 I I 1 I 1 I 1 l
90
CORPORATE PROFITS AND IVA, BEFORE TAXES*
/ ,
•***
r
Billion $
125
BANK CREDIT AND MONEY S U P P L Y * / ^
INDUSTRIAL PRODUCTION*
120
PROFITS AND COSTS
MONEY, CREDIT, AND SECURITIES MARKETS
Billion $
600
1967 = 100
130
400
i 11 i 11 111 11
. i i . i f i « . i i
11111111111
I
I
I
I
I
34
100
32
75
i I I I II I II I II i I t I II Il I i II )l M I I I I II I
Monthly (June)
-2
i i i nTi i i i i
i ii i I Iiii i i I IIIIIIi I I
30
50
28
25 I
Billion $
100
10
Manufacturing
90-Day
Commercial Paper
6
I
I
I
I
I
I
Q u a r t e r l y (II)
I
?
1
I
I
I
I
I
1
I
BEA
/f
16
Compensation _
//
Output
-
JlMJU
V 3-Month
I
I
COMPENSATION AND REAL OUTPUT PER MAN-HOUR,
PRIVATE ECONOMY
(Change From Previous Quarter)**
4
70
I
.•-
Quarterly (II)
/
Corporate Aaa (Moody's)
8
90
1
BEA
Percent
24
INTEREST RATES AND BOND Y i a D
RATIO, OUTPUT TO CAPACITY*
I
FRB
Monthly (July)
FRB
Percent
I
I
Cash Flow After
Dividends
\
I
I
Profits After Tax
75
60 I
I
CORPORATE CASH FLOW
AND PROFITS**
'Net Free Reserves
(left scale)
80
I
Billion $
125
/V—'
50
I
Quarterly (II)
Billion $
1967=100
150
INDUSTRIAL PRODUCTION*
I
Monthly (July)
FRB
Monthly (June)
bZF*'
Treasury Bills
i 11 11 111 i 11 11 i i 111 11 i i i i 111 i 11 i i i i
-8
Quarterly (II)
Monthly (July)
FRB
Billion $
1941-43=10
Percent
52
140
24
STOCK PRICES
DURABLE GOODS
MANUFACTURERS*
120 ~~
BLS
UNIT LABOR COSTS, PRIVATE ECONOMY
(Change From Previous Quarter)**
Standard and Poor's 500
s
16
V
100
80
20
I IiI IIIIII I
1971
i i I i i l I I
1972
M o n t h l y (June)
^Seasonally Adjusted
i iI
I i iI i i I I I
111 11 1 1 1 1 1 1
1971
1973
Census
**Seasonally Adjusted at Annual Rates
Digitized forU.S.FRASER
Department of Commerce, Bureau of Economic Analysis
60
-
-
!•-1 .. il
!•-••!
1 1 1 1 ll 1 1 1 II 1 1 1 1 1 1 1 1 1 II- 8
1972
Monthly (July)
1973
1971
1972
Quarterly (II)
1973
BLS
SURVEY OF CURRENT BUSINESS
August 1973
11
NATIONAL INCOME AND PRODUCT TABLES
1972
1971
1972
I
II
1973
III
IV
I
1972
II
1971
1972
I
II
Seasonally adjusted at annual rates
1973
III
IV
I
II
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1958 dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product
,055.5 1,155.2 1,112.5 1,142. 4 1,166.5 1,199.2 1,242.5 1,272.0
Personal consumption expenditures..
Durable goods
Nondurable goods.
Services
Gross private domestic investment.
Fixed investment
Nonresidential
Structures...^
Producers' durable equipmentResidential structures .
Nonfarm
Farm
Change in business inventories.
Nonfarm
Farm
745.4
790.7
768.0
785.6
796.7
812.3
829.3
834.3
667.2
726.5
700.2
719.2
734.1
752.6
779.4
795.6
496.3
526.8
512.5
523.4
531.0
540.5
552.7
553.3
103.6
278.7
284.9
117.4
299.9
309.2
111.5
288.8
300.0
115.1
297.9
306.2
120.2
302.3
311.6
122.9
310.7
319.0
132.2
322.2
325.0
132.8
330.3
332.6
92.2
211.6
192.4
104.0
220.9
201.8
99.2
215.0
198.2
101.9
220.7
200.8
105.8
222.2
202.9
109.2
225.8
205.4
116.2
228.0
209.1
153.2
178.3
167.5
174.7
181.5
189.4
194.5
198.2
110.3
122.9
116.5
121.0
124.8
129.1
117.0
228.8
207.0
130.2
147.1
172.3
165.8
169.2
172.9
181.2
189.9
193.7
105.0
118.3
115.4
116.7
118.2
122.8
126.9
126.9
104.4
37.9
66.5
118.2
41.7
76.5
114.0
41.0
73.1
116.3
41.5
74.9
118.3
41.3
77.0
124.3
43.0
81.2
130.9
45.3
85.5
134.1
47.2
86.9
76.1
22.5
53.6
83.7
23.0
60.8
81.5
23.0
58.4
82.5
23.0
59.5
83.4
22.7
60.7
87.5
23.1
64.3
91.2
23.8
67.4
91.5
24.4
67.2
42.7
42.2
54.0
53.5
51.8
51.2
52.8
52.3
54.5
53.9
56.9
56.4
.5
59.0
58.4
59.6
59.1
.5
29.0
28.6
.4
34.6
34.2
.4
34.0
33.6
.4
34.2
33.9
.4
34.7
34.3
.4
35.3
35.0
.3
35.6
35.3
.4
35.3
35.0
.3
6.1
4.5
1.6
6.0
5.6
.4
1.7
1.4
.4
5.5
4.8
.7
8.7
8.4
.3
8.2
7.9
.3
4.6
4.4
.2
4.5
4.4
.1
5.3
3.8
1.4
4.6
4.5
.1
1.1
1.0
.1
4.3
4.0
.3
.0
6.3
6.2
.1
3.3
3.2
.1
3.4
3.3
.1
-4.6
-5.5
-5.7
-3.8
-3.5
.0
2.8
.4
-2.0
-3.7
-2.8
-.9
2.0
5.6
66.3
65.5
73.5
78.1
70.3
75.8
69.9
75.6
74.0
77.7
79.7
83.2
89.7
89.7
97.2
94.4
52.7
52.4
56.4
55.4
59.1
54.1
56.8
56.6
57.5
59.6
60.3
65.3
63.3
66.6
61.1
234.3
255.0
250.3
254.2
254.7
260.7
268.6
275.3
138.4
142.7
144.0
141.8
143.5
144.4
145.2
98.1
71.6
26.5
104.4
74.4
30.1
106.0
76.5
29.5
106.7
76.6
30.1
102.3
71.9
30.4
102.7
72.4
30.3
105.5
74.3
31.2
107.3
74.2
33.1
60.9
63.0
62.9
58.8
58.6
58.2
58.2
136.2
150.5
144.3
147.5
152.4
158.0
163.0
168.0
77.5
79.7
81.1
83.0
85.0
,6.2
87.0
Net exports of goods and services
Exports
Imports
Government purchases of goods and services
Federal.
National defense..
Other
State and local.
130.2
58.4
143.0
60.8
82.2
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product _
1,055.5 1,155.2 1,112.5 1,142. 4 1,166.5 1,199.2 1,242.5 1,272.0
745.4
790.7
768.0
785.6
796.7
812.3
829.3
834.3
Final sales
Change in business inventories.
Goods output.
1, 049. 4 1,149.1 1,110. 8 1,136. 9 1,157. 8 1,191.0 1, 237. 8 1, 267. 5
6.1
8.2
6.0
1.7
5.5
4.6
4.5
8.7
497.1 541.4
536.4
516.9
548.6
589.6
563.6
604.2
740.1
5.3
786.1
4.6
766.9
1.1
781.3
4.3
790.0
6.6
806.0
6.3
826.0
3.3
831.0
3.4
396.1
423.9
407.3
421.5
428.4
438.4
452.1
453.9
555.4
8.2
233.2
222.8
10.4
585.0
4.6
599.6
4.5
390.8
5.3
419.3
4.6
406.2
1.1
417.2
4.3
421.7
6.6
432.1
6.3
448.7
3.3
450.5
3.4
214.6
211.4
3.2
539.9
8.7
222.6
216.8
5.8
242.5
238.1
4.4
249.7
242.4
7.3
163.0
161.3
1.7
184.1
180.2
3.9
173.5
173.2
.3
180.4
177.7
2.7
186.2
181.8
4.4
196.3
188.0
8.2
203.4
200.3
3.2
207.1
201.8
5.4
311.0
309.7
1.3
321.9
319.6
2.3
326.0
323.1
2.9
330.3
332.5
—2.2
347.2
346.9
.3
354.5
357.3
-2.8
233.1
229.5
3.6
239.8
239.1
.7
233.8
233.0
.8
241.1
239.5
1.6
242.2
240.0
2.2
242.1
244.1
—1.9
248.7
248.5
.2
246.7
248.7
-2.0
471.8
123.8
481.5
124.4
491.8
126.2
503.9
131.7
514.8
138.1
527.7
140.1
280.1
69.1
292.6
74.2
286.8
73.9
290.3
73.8
294.5
73.8
298.8
75.1
300.6
76.7
304.1
76.3
Final sales
Change in business inventories.
Durable goods
Final sales
Change in business inventories.
491.1
6.1
535.4
6.0
515.2
1.7
531.0
5.5
193.1
191.1
2.0
219.1
214.1
4.9
205.9
205.5
.4
Nondurable goods
Final sales
Change in business inventories .
304.0
299.9
4.1
322.3
321.2
1.1
447.4
110.9
487.3
126.5
Services
Structures.
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..
Federal
State and local
1,055.5 1,155.2 1,112.5 1,142.4 1,166.5 1,199.2 1,242.5 1,272.0
S30.3 1,019.7
980.3 1,008. 6 1,030.0 1,060.0 1,098.9 1,126.2
889.9
859.4
30.4
975.4
941.0
34.4
937.8
904.8
33.0
965.2
931.3
33.9
33.5
7.0
36.8
7.5
35.5
7.0
36.6
6.8
37.5
7.6
125.1
47.6
77.6
135.4
50.3
85.1
132.2
50.5
81.7
133.8
50.0
83.8
136.5
50.2
86.4
984.9 1, 013. 6 1, 050. 5 1,075.6
976.9 1, 008. 9 1,032.3
951.0
33.9
36.7
41.6
43.3
37.8
8.7
139.2
50.5
88.7
745.4
790.7
768.0
785.6
796.7
812.3
829.3
834.3
684.7
729.5
707.3
725.0
735.3
750.3
767.1
772.0
662.2
636.3
26.0
706.6
682.0
24.6
684.7
659.2
25.6
702.6
677.4
25.2
712.3
688.7
23.6
726.8
702.5
24.2
742.9
718.1
24.8
747.5
726.1
22.4
39.3
9.1
40.5
10.1
16.8
5.6
17.4
5.5
17.2
5.4
17.4
5.0
17.5
5.5
17.4
6.2
18.0
6.3
18.2
6.3
143.5
52.5
91.1
145.8
52.2
93.6
60.7
23.0
37.6
61.1
21.8
39.3
60.7
22.1
38.6
60.6
21.7
38.9
61.3
21.7
39.7
62.0
21.7
40.3
62.2
21.6
40.6
62.4
21.4
41.0
HISTORICAL STATISTICS
THE national income and product data for 1929-63 are in The National Income and Product Accounts of the United States, 1929-1965,
Statistical Tables (available at $1 from Commerce Department District Offices or the Superintendent of Documents; see addresses inside
front cover). Each July SURVEY contains preliminary data for the latest 2 years and fully revised data for the preceding 2. The July 1973
issue has data for 1969-72. Prior July issues have fully revised data as follows: 1968-69, July 1972; 1967-68, July 1971; 1966-67, July 1970;
1965-66, July 1969; 1964-65, July 1968. BE A will provide on request a reprint of the fully revised data for the years 1964-69.
SURVEY OF CURRENT BUSINESS
12
1972
1972
1971
II
I
August 1973
1973
III
I
IV
1972
II*
1971
1972
Seasonally adjusted at annual rates
1,055.5 1,155.2 1,112.5 1,142.4 1,166.5 1,199.2 1,242.5 1,272.0
Less: Indirect business tax
and nontax liability...
Business transfer payments
Statistical discrepancy..
Plus: Subsidies less current
surplus government
enterprises
Equals: National income
Less: Corporate profits and
inventory valuation
adjustment
Contributions for social
insurance
Wage accruals less disbursements
Plus: Government transfer
payments to persons.
Interest paid by government (net) and by
consumers. „
Dividends
Business transfer payments
Equals: Personal income..
102. 4
98.4 103.6
98.4
102.3
8 1,064.
961.6 1,052.8 1,014. 2 1,
105.1
106.9
109.1
[,094.1 1,135.5 11,162.9
102.4
109.5
106.5
108.4
110.5
112.8
115.6
117.2
4.3
4.6
-1.5
4.5
-6.7
4.6
-1.0
4.7
1.6
4.7
.2
4.8
1.1
4.9
1.9
-3.4
1.7
1.2
1.5
I
II*
859.4 941.8 911.0 928.3 949.2 978.6 1015.0 1039.4
Compensation of employees.
Wages and salaries._
-
Private
Military
Government civilian.
1.8
.4
2.2
978.6 1,015.0 1,039.4
859.4
941.8
911.0
928.3
949.2
80.1
91.1
86.2
88.0
91.5
98.8
104.3
109.0
64.6
73.7
71.7
72.9
74.5
75.8
89.3
90.9
.6
-.5
-1.4
-.4
-.2
.0
.0
-.3
88.9
98.3
94.3
95.3
96.4
107.3
108.8
110.8
31.0
25.1
32.7
26.0
31.6
25.7
32.6
25.9
32.9
26.2
33.7
26.4
34.7
26.9
36.1
27.3
4.8
4.9
4.3
4.6
4.5
4.6
4.7
4.7
863.5
939.2
910.8
926.1
943.7
976.1
644.1 707.1 684.3 699.6 713.1 731.2 757.4 774.9
573.8 627.3 607.3 620.8 632.5 648.7 666.7 682.3
449.7 493.3 476.4 488.4 497.5 510.9 525.1 538.7
19.4 20.3 20.9 20.1 20.0 20.1 20.9 20.5
104.7 113.8 110.0 112.3 115.1 117.7 120.7 123.1
Supplements to wages and salaries. _ 70.3
Employer contributions for social
insurance
33.7
79.7
77.0
78.9
80.5
82.5
90.8
92.6
39.0
37.9
38.7
39.3
40.2
47.4
48.3
36.6
40.7
39.1
40.2
41.3
42.3
43.3
44.2
68.7
74.2
72.5
73.2
74.1
77.1
80.6
81.5
51.9
16.8
54.0
20.2
53.1
19.5
53.3
19.9
54.3
19.8
55.3
21.8
56.3
24.3
57.1
24.4
Rental income of persons
24.5
24.1
24.1
22.6
24.9
24.9
24.7
24.6
Corporate profits and inventory valuation adjustment
80.1
91.1
86.2
88.0
91.5
98.8 104.3 109.0
85.1
98.0
92.8
94.8
98.4 106.1 119.6 130.1
37.4
47.6
25.1
22.5
42.7
55.4
26.0
29.3
40.6
52.2
25.7
26.5
41.4
53.4
25.9
27.5
42.9
55.6
26.2
29.4
Other labor income..
1.2
IV
Table 6.—National Income by Type of Income (1.10)
National income
Equals: Net national product..
III
Billions of dollars
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
Less: Capital consumption
allowances
II
Seasonally adjusted at annual rates-
Billions of dollars
Gross national product
I
1973
Proprietors' income
Business and professional.
Farms
Profits before tax..
Profits tax liability
Profits after tax
Dividends
Undistributed profits .
Inventory valuation adjustment
Net interest
-4.9 -6.9
42.0
45.2
45.9
60.3
26.4
33.9
52.7
66.9
26.9
40.0
57.5
72.6
27.3
45.2
- 6 . 6 - 6 . 7 - 6 . 9 - 7 . 3 -15.4 -21.1
43.9
44.8
45.7
46.6
47.9
49.4
996.6 1,019.0
Table 7.—National Income by Industry Division (1.11)
Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
Billions of current dollars
Gross auto product*.
Personal consumption expenditures
Producers' durable equipment
Change in dealers' auto inventories
Net exportsExports
Imports
40.9
43.6
40.1
42.1
46.5
45.6
51.5
51.2
35.4
39.4
36.6
38.1
41.8
41.2
45.1
44.6
7.9
All industries, total.
859.4 941.8 911.0 928.3 949.2 978.6 1015.0 1039.4
Agriculture, forestry, and fisheries
Mining and construction
Manufacturing.
Nondurable goods.
Durable goods
26.2 30.4 29.5 30.0 29.9 32.2 34.7
53.7 59.9 58.3 59.3 60.4 61.8 64.0
226.4 252.6 241.3 248.7 253.9 266.5 280.8
91.8 99.9
i.4 97.7 100.8 104.6 107.3
134.5 152.7 144.9 151.0 153.1 161.9 173.5
Transportation.
Communication
Electric, gas, and sanitary services
Wholesale and retail trade
Finance, insurance, and real estate
Services
Government and government enterprises
Rest of the world...
32.8 36.0 35.2 35.3 36.2 37.3 38.2
17.8 20.0 19.2 19.5 20.4 20.8 20.9
16.5 18.2 17.2 18.3 18.5 18.6 19.1
130.9 139.7 136.7 138.3 140.5 143.2 146.9
100.1 107.9 105.0 105.7 109.2 111.6 114.2
109.8 120.1 115.9 119.0 121.8 123.9 128.4
6.3
7.0
6.5
6.7
7.4
7.3
8.0
1.4
-.5
-.4
-.4
-.8
-.4
.9
1.2
-2.6
2.5
5.1
-2.7
3.0
5.7
-2.9
2.7
5.6
-2.8
2.8
5.6
-2.3
3.2
5.4
-2.9
3.3
6.2
-2.8
3.6
6.4
-2.9
3.6
6.5
35.7
7.8
37.9
8.6
34.9
8.2
36.9
8.2
40.3
8.8
39.5
9.4
44.0
10.6
44.8
9.8
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
46.4
45.5
Financial institutions
138.2 149.5 145.8 147.6 150.7 153.9 158.6
7.6
9.1
7.5
7.0
7.0
6.8
8.7
Addenda:
New cars, domestic 2 .
New cars, foreign
Billions of 1958 dollars
All industries, total
Gross auto product l
Personal consumption expenditures
Producers' durable equipment.
Change in dealers' auto inventories
Net exports.
Exports...
Imports...
36.4
31.4
39.0
35.2
36.1
32.8
37.7
34.0
41.0
36.7
41.4
37.3
40.4
39.6
5.6
6.3
5.8
6.1
6f5
6.7
7.2
7.0
1.2
-.4
-.4
-.3
-.7
-.3
.8
1.0
-2.3
2.3
4.5
-2.4
2.6
5.0
-2.6
2.3
4.9
-2.4
2.4
4.8
-1.9
2.7
4.7
-2.6
3.0
5.5
-2.4
3.2
5.6
-2.5
3.1
5.6
Addenda:
New cars, domestic 2 .
New cars, foreign
32.4
7.2
34.6
7.9
32.0
7.5
33.5
7.5
36.2
8.0
36.7
8.8
40.6
9.9
40.7
9.0
1. The gross auto product total includes government purchases.
2. Differs from the gross auto product total by the markup on both used cars and foreign
cars.
•Second quarter corporate profits (and related components and totals) are preliminary and
subject to revision next month.
Federal Reserve banks
Other financial institutions
Nonfinancial corporations.
Manufacturing
Nondurable goods
Durable goods
Transportation,
communication,
and public utilities
All other industries..
80.1
91.1
86.2
88.0
91.5
98.8 104.3
109.0
15.2
17.5
16.6
17.3
17.6
18.6
19.8
21.3
3.3
11.9
64.9
3.4
14.1
73.6
3.4
13.3
3.4
14.0
4.4
17.0
70.7
3.4
15.2
80.2
3.9
16.0
69.6
3.4
14.2
73.9
84.5
87.7
32.5
17.8
14.7
40.1
20.0
20.2
37.3
18.6
18.7
38.7
18.5
20.2
39.9
20.4
19.5
44.7
22.4
22.3
49.7
22.8
26.9
8.6
23.9
9.3
24.2
8.5
23.8
8.9
23.1
9.8
24.1
9.9
25.7
9.2
25.6
SUEVEY OF CURRENT BUSINESS
August 1973
1972
1971
1972
II
13
1973
III
IV
I
1972
1971
II
1972
Seasonally adjusted at annual rates
Compensation of employees.
Wages and salaries
Supplements
Net interest
60.4
65.9
63.4
66.2
66.0
68.0
57.7
60.8
59.3
60.2
61.2
62.5
Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment..
Cash flow, gross of dividends.
Cashflow,net of dividends...
Gross product originating i n
financial institutions
Gross product originating in
nonfinancial corporations
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
—
Income originating in nonfinancial
corporations...'-
195.4
713.4
70.6
64.3
65.2
17.6 198.7 510.7 121.4 539.5 561.9
577.6
9.2 428.9 414.2 424.6 432.4 444.6 461.6
140.9 373.8 360.9 370.0 376.7 387.6 398.3
48.4 55.1 53.3 54.6 55.6 56.9 63.3
473.4
408.7
64.6
5.0
3.8
3.8
3.8
3.8
3.7
3.7
3.7
74.4 84.9 80.7 82.3 85.2 91.2
100.5
79.3 91.8 87.3 89.1 92.2 98.6 111.9 121.5
45.9
52.7
42.9
37.4 42.7 40.6 41.4
57.5
41.8 49.1 46.7 47.7 49.3 52.7 59.2
64.0
22.3 23.3 23.2 23.4 23.5 23.0 23.6
23.9
19.6 25.8 23.5 24.3 25.9 29.7 35.6
40.1
- 4 . 9 - 6 . 9 - 6 . 6 - 6 . 7 - 6 . 9 - 7 . 3 -15.4 -21.1
102.\ 115.0 110.1 113.8 115.4 120.7 128.5 134.6
80.0 91.7 86.9 90.5 91.9 97.' 104.9 110.7
32.6
35.4
34.0
35.1
35.7
36.8
38.
40.5
554.1 608.9 587.4 601.9 612.9 633.2 656.7 672.9
60.9 63.5 63.3 65.2 66.3 67.6
58.1 63.
55.1
58.0
56.6
57.4
58.4
59.6
61.
62.2
481.0 491.3 508.4 529.1 543.1
440.9 487.
Net interest
398.8 406.1 417.8 434.1 445.4
365.3 403.0
320.3 351.5 339.3 347.8 354.1 364.6 375.0 384.9
45.0
60.5
49.8 51.0 51.9 53.2 59.
16.5 17.4 16.8 17.2 17.5 17.9 18.2 18.6
Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment.
67.3 64.0 65.0 67.
72.7 76.? 79.1
74.3 70.
71.
74.6 80.0 92. 100.2
35.0 33.2 33.
35.2 37.
44.3 48.3
34.
39.2 37.4 37.9 39.4 42.2 47.8 51.9
20.3 21.2 21.2 21.3 21.
20.9 21.4 21.8
18.1 16.2 16.6 18.
14.
21.2 26.4 30.2
-4.9 -6.9 -6.6 -6.
-6.
- 7 . 3 - 1 5 . 4 -21. l
Compensation of employees
Wages and salaries
Supplements
.-..
Gash flow, gross of dividends
Cash flow, net of dividends
59.2
64.1
92.5 102.5
72.2 81.
77.
101. 102.7 107.3 114.
80.2 81.4 86.4 92.
119.5
97.7
Billions of 1958 dollars
Gross product originating in
nonfinancial corporations
442.7 475.5 462.3 471.9 477.8 489.8 503.4 509.9
Dollars
Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
corporations
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Compensation of employees
Net interest
Corporate profits and inventory valuation adjustment
Profits tax liability
Profits after tax plus inventory valuation adjustment..
1
1.305 1,320
1.252 1.281 1.271 1.276 1.283
1.293
.131 .133 .132 .135 .132 .133 .132
.125
.825
.037
.122
.847
.037
.122
.842
.036
.122
.845
.036
.122
.850
.037
.122
.853
.037
.122
.862
.036
.122
.874
.036
.134
.067
.142
.074
.139
.072
.138
.072
.142
.074
.148
.077
.152
.088
.155
.095
.067
.068
.067
.066
.068
.071
.064
.060
Personal income.
I
II
163.5 939.2 910.8 926.1 943.7 976.1 996.6 1019.0
Wage and salary disbursements
573.3
Commodity-producing industries. _ 206.3
Manufacturing
160.5
Distributive industries
38.3
Service industries
.04.7
Government
. ,23.9
627.8
226.0
175.9
51.5
116.1
134.2
608.8
218.2
.9
147.5
111.6
131.6
621.1
223.7
174.0
50.0
114.9
132.6
632.7
227.3
177.0
152.5
117.9
135.0
348.7
234.8
1.7
156.0
120.1
137.8
666.7
241.6
189.1
159.5
123.9
141.6
682.6
248.6
194.8
163.3
126.9
143.7
Other labor income..
36.6
40.7
39.1
40.2
41.3
42.3
43.3
44.2
Proprietors' income.
Business and professional..
Farm.
68.7
51.9
16.8
74.2
54.0
20.2
72.5
53.1
19.5
73.2
53.3
19.9
74.1
54.3
19.8
77.1
55.3
21.8
80.6
56.3
24.3
81.5
57.1
24.4
Rental income of persons..
Dividends
Personal interest income..
24.5
25.1
73.0
24.1
26.0
78.0
24.1
25.7
75.5
22.6
25.9
77.4
24.9
26.2
78.6
24.9
26.4
80.3
24.7
26.9
24.6
27.3
85.6
Transfer payments
Old-age, survivors, disability, and
health insurance benefits
State unemployment insurance
benefits
Veterans benefits
Other....
93.2 103.0
98.8
44.5
49.6
46.6
47.3
48.0
56.4
5.7
11.2
31.8
5.5
12.7
35.1
5.8
12.0
34.4
6.3
12.1
34.1
5.3
12.6
35.2
4.7
14.1
58.3
4.1
13.3
37.8
30.9
34.7
33.8
34.3
35.2
35.7
41.9
Less: Personal contributions for
social insurance
101.1 112.0
82.7
113.6
115.7
60.0
4.1
13.4
38.2
42.6
Less: Personal tax and nontax pay117.5 142.2 138.0 140.7 142.8 147.4 145.1
ments.
149.3
Equals: Disposable personal income.. 746.0 797.0 772.8 785.4 800.9 828.7 851.5
869.7
Less: Personal outlays
685.8 747.2 720.0 739.5 755.1 774.3 801.5
Personal consumption expenditures. 667.2 726.5 700.2 719.2 734.1 752.6 779.4
Interest paid by consumers
19.7 18.8 19.4 20.0 20.7 21.2
Personal transfer payments to for- 17.7
eigners
1.0
1.0
1.0
.9
1.1
1.0
Equals: Personal saving.
49.7 52.9 45.9 45.8 54.4 50.0
60.2
818.7
795.6
22.0
Addenda:
Disposable personal income:
Total, billions of 1958 dollars..
Per capita, current dollars
Per capita, 1958 dollars
Personal saving rate,s percent.
554.9 577.9 565.7 571.6 579.3 595.1 603.9
3,603 3,816 3,711 3,765 3,831 3,955 4,057
2,680 2,767 2,716 2,740 2,771 2,841 2,878
8.1
6.2
6.8
5.8
5.7
5.9
1.0
51.0
604.8
4,137
2,877
5.9
Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Personal consumption expendi667.2 726.5 700.2 719.2 734.1 752.6 779.4
tures .
103.6 117.4 111.5 115.1 120.2 122.9 132.2
Durable goods
795.6
132.8
46.6 52.8 49.4 51.2 55.0 55.7 60.5
Automobiles a n d parts
5.0
3.7
4.4
4.1
4.0
4.2
3.3
Mobile homes
48.1 46.6 47.3 48.6 50.0 53.7
Furniture and household equipment. 42.1
17.3 18.0
16.5
16.6
16.6
15.4
14.9
Other
278.7 299.9 288.8 297.9 302.3 310.7 322.2
Nondurable goods
330.3
136.6 145.3 141.0 144.7 146.5 149.1 154.7
57.0 '62.3 59.4 61.7 62.9 65.1 68.3
23.5 25.5 24.7 25.0 25.8 26.6 27.5
61.5 66.8 63.6 66.6 67.2 70.0 71.7
158.1
69.3
28.8
74.2
284.9 309.2 300.0. 306.2 311.6 319.0 325.0
332.6
98.5 105.5 103.1 104.7 106.3 107.9 110.6
39.7 43.8 41.8 43.2 44.5 45.7 46.5
20.4 21.8 21.6 21.7 21.8 22.2 22.8
126.3 138.0 133.5 136.6 138.9 143.1 145.1
113.3
47.1
23.2
149.0
Food and beverages.
Clothing and shoes..
Gasoline and oil
Other
Services..
Housing...
Household operation.
Transportation
Other
59.7
5.0
54.4
18.6
Table 12.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners
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.
3. Personal saving as a percentage of disposable personal income.
•Seefootnote on page 12.
IV
Table 10.—Personal Income and its Disposition (2.1)
186.7 344.3 621.5 537.1 548.6 ;70.i
Income originating in corporate business
468.6
III
Billions of dollars
Table 9.—Gross Corporate Product * (1.14)
Gross corporate product..
II
Seasonally adjusted at annual rates
Billions of dollars
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
I
1973
Exports of goods and services..
Capital grants received by the United
States
Payments to foreigners
Imports of goods and services..
Transfers to foreigners..
Personal
Government
Net foreign investment..
67.0
74.2
71.1
70.6
74.7
80.4
89.7
97.2
66.3
73.5
70.3
69.9
74.0
79.7
89.7
97.2
.7
.7
.7
.7
.0
.0
67.0
74.2
71.1
70.6
74.7
80.4
89.7
97.2
65.5
78.1
75.8
75.6
77.7
83.2
89.7
94.4
3.6
1.0
2.6
3.7
1.0
2.7
3.9
1.0
2.9
3.8
.9
2.8
3.8
1.0
2.8
3.5
1.1
2.5
3.0
.9
2.1
3.3
1.0
2.3
-8.7 -6.9 -6.3 -3.0
-.5
.7
-2.1 -7.6
SURVEY OF CURRENT BUSINESS
14
1972
1971
1972
I
II
August 1973
1973
III
IV
I
1972
II*
1971
1972
I
Seasonally adjusted at annual rates
198.9 228.7 222.9 225.4 229.6 236.9 253.6
Personal tax and nontax receipts
89.9 107.9 105.6 106.6 108.1 111.3 108.5
Corporate profits tax accruals
33.3 37.8 36.0 36.7 38.0 40.7 46.6
Indirect business tax and nontax
accruals
20.4- 19.9 19.7 19.7 19.9 20.3 20.7
Contributions for social insurance. _ _ 55.2 63.0 61.5 62.4 63.6 64.6 77.8
Federal Government expenditures
221.0 244.6 236.6 244.4 237.0 260.3 258.6
Gross national product -
111.4
50.9
Personal consumption expenditures
21.2
79.1
262.4
98.1 104.4 106.0 106.7 102.3 102.7 105.5
71.6 74.4 76.5 76.6 71.9 72.4 74.3
26.5 30.1 29.5 30.1 30.4 30.3 31.2
107.3
74.2
33.1
Transfer payments...
To persons
To foreigners (net).
74.9
72.3
2.6
82.9
80.1
2.7
79.7
76.8
2.9
80.1
77.3
2.8
80.8
78.0
2.8
91.0
88.5
2.5
91.8
89.7
2.1
91.5
2.3
37.7
13.5
32.2
13.1
38.0
13.6
34.4
13.4
46.1
13.7
41.1
14.7
40.5
15.6
6.1
5.5
-.6
5.5
4.7
-.8
5.9
5.1
-.8
6.2
6.1
-.1
6.7
6.1
-.6
5.5
4.6
-.9
5.1
3.9
-1.2
.0
.0
-.1
.0
.0
.0
-.1
Durable goods.. _
Nondurable goods .
Services
.. -
Table 14.—State and Local Government Receipts and Expenditures
(3.3, 3.4)
152.3 177.2 166.2 175.9 175.3 191.2 190.2
192.8
34.3
4.9
32.4
4.6
34.1
4.7
34.6
4.9
36.1
5.2
36.6
6.1
37.9
6.6
89.6
10.7
37.7
86.8
10.2
32.2
88.7
10.5
38.0
90.6
10.9
34.4
92.5
11.3
46.1
94.9
11.6
41.1
96.0
11.8
40.5
State and local government expenditures
148.3 164,0 157.8 160.8 165.9 171.6 176.4
181.2
Purchases of goods and services
136.2 150.5 144.3 147.5 152.4 158.0 163.0
Transfer payments to persons
16.6 18.2 17.5 18.0 18.5 18.8 19.1
Net interest paid
- . 2 - . 4 - . 3 - . 4 - . 5 - . 6 -1.2
Subsidies less current surplus of
government enterprises
-4.1 -4.4 -4.3 -4.4 -4.5 -4.6 -4.6
Subsidies
.0
.0
.0
.0
.0
.0
.0
Current surplus
4.2
4.4
4.5
4.3
4.5
4.6
4.7
Less: Wage accruals less disbursements
.2
-.1
-.6
.0
.0
.0
- 1
4.0
13.1
8.4
15.2
9.5
19.6
13.9
168.0
19.4
-1.6
-4.7
.0
4.7
11.6
Table 15.—Sources and Uses of Gross Saving (5.1)
Gross private saving
_ 171.9 174.2 170.2 170.0 170.3 186.0 181.5 184.1
Personal saving
60.2 49.7 52.9 45.9 45.8 54.4 50.0
51.0
Undistributed corporate profits
22.5 29.3 26.5 27.5 29.4 33.9 40.0
45.2
Corporate inventory valuation adjustment
- 4 . 9 - 6 . 9 - 6 . 6 - 6 . 7 - 6 . 9 - 7 . 3 -15.4 - 2 1 . 1
Corporate capital
consumption
60.4 65.9 63.4 66.2 66.0 68.0 69.3
allowances
70.6
Noncorporate capital consumption
33.4 36.5 34.9 37.5 36.3 37.1 37.7
allowances
38.6
Wage accruals less disbursements
.0
-.1
.4 - . 3 - . 9 - . 2 - . 2
.0
Government surplus or deficit (—),
national income and product accounts - 1 8 . 1 - 2 . 8 - 5 . 4 - 3 . 9
8.9
2.0 - 3 . 8
11.7
-22.2 -15.9 -13.8 -19.0 - 7 . 4 -23.4 - 5 . 0
Federal
4.0 13.1
8.4 15.2
9.5 19.6 13.9
State and local.
Capital grants received by the United
States
.7
.7
.7
.7
.7
.0
.7
Fixed investment
140.1 145 7 143 6 145 0 146 3 147 6 149 7 152 7
Nonresidential
137.3 141 3 140.0 141 1 141 8 142 1 143 5 146 5
Structures. _ .
168.4 181.7 178.2 180.4 182.2 186.0 190.7 193.9
Producers' durable equipment.. 124.2 126.0 125.0 125.9 126.8 126.3 126.8 129.3
Residential structures
Nonfarm
. ...
Farm.
.0
151.1 170.6 158.9 165.9 174.7 183.1 191.5
197.7
198.2
-.5
*See footnote on page 12.
147.5 156.3 152.4 154.4 157.0 161.2 165.6 168.6
147.5 156.4 152.4 154.5 157.1 161.3 165.6 168.6
141.9 150.8 147.2 149.0 151.5 156.0 159.2 162.7
Change in business inventories.. . .
Net exports of goods and services
125.7 130.2 127.0 129.2 130.7 133.7 137.4 145.9
125.0 133.6 128.3 133.0 135.2 137.8 141.8 154.5
Exports
Imports
. . . . . . .
State and local
1.9
169.2 178.3 175.4 176.6 179.6 181.6 186.0 189.6
160.9 171.7 168.2 169.8 173.9 175.5 181.2 184.4
175.8 183.2 181.0 181.9 183.7 185.9 189.2 193.1
Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
Gross national product
Final sales
Goods output
141.60 146.10 144.85 145.42 146.42 147.63 149.81 152.46
141.8 146.2 144.8 145.5 146.6 147.8 149. 9 152.5
125.5 127.7 126.9 127.3 128.1 128.6 130.4 133.1
118.5 119.0 118.7 118.9 119.2 118.8 119.2 120.5
130.4 134.4 133.0 133.5 134.6 136.4 139.6 143.7
Durable goods
Nondurable goods-Services
159.7 166.5 164.5 165.9 167.0 168.6 171.3 173.5
Structures..
160.4 170.6 167.5 168.6 170.9 175.4 180.1 183.6
Addendum:
Gross auto product-
112.4 111.7 111.2 111.9 113.4 110.1 111.1 112.6
Table 18.—Implicit Price Deflators for Gross National Product by
Sector (8.4)
Gross national product _
141.60 146.10 144.85 145.42 146.42 147.63 149.81 152.46
135. 88
134.4
135.1
117.1
Private
Business . . .
Nonfarm .
Farm
Households and institutions..
Rest of the world
139.78
138.0
138.0
139.5
138.59
137.0
137.3
129.0
139.12
137.4
137.5
134.8
140.07
138.3
138.1
143.6
141.27
139.5
139.1
151.3
143.25
141.4
140.5
167.6
145.88
143.9
142.4
193.0
198.9 212.1
206.2 221.5 217.9 220.8 222.6 224.6 230.8 233.9
General government..
206.1 230.5 228.1 229.9 231.4 232.6 243.2 244.3
206.0 216.5 212.0 215.6 217.8 220.2 224.2 228.4
Federal
State and local.
Table 19.—Gross National Product: Change from Preceding Period
(7.7)
Percent at annual rate
Percent
.1
11.6
Gross private domestic investment-. 153.2 178.3 167.5 174.7 181.5 189.4 194.5
Net foreign investment
-2.1 -7.6 -8.7 -8.7 -6.9 -6.3 -3.0
3.4 -1.5 -6.7 -1.0
Statistical discrepancy.
1.6
.2
1.1
Gross investment.
...
134.4 137.9 136.6 137.4 138.2 139.2 141.0 143.8
112.3 112.8 112.3 112.9 113.5 112.5 113.0 114.3
131.7 135.7 134.3 135.0 136.0 137.6 140.8 144.8
. . . 148.0 153.2 151.3 152.5 153 5 155 3 157 0 159 0
Gross private domestic investment . . .
F e d e r a l . . ._ .
Surplus or deficit (—), national
income and produ ct accounts
II
141.60 146.10 144 85 145 42 146 42147 63149 81 152 46
Government purchases of goods and
services
Surplus or deficit (—), national
income and product accounts
- 2 2 . 2 -15.9 -13.8 -19.0 - 7 . 4 -23.4 - 5 . 0
Personal tax and nontax receipts
27.7
Corporate profits tax accruals
4.1
Indirect business tax a n d nontax
accruals
82.0
Contributions for social insurance. __ 9.4
Federal grants-in-aid
29.1
I
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
262.5
Purchases of goods and services
National defense
Other
State and local government receipts
IV
Index numbers, 1958=100
Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)
Grants-in-aid to State and local governments
29.1
Net interest paid
13.6
Subsidies less current surplus of government enterprises
5.3
Subsidies
3.9
Current surplus
-1.4
Less: Wage accruals less disbursements
.0
III
Seasonally adjusted
Billions of dollars
Federal Government receipts.
II
1973
Gross national product;
Current dollars
Constant dollars
.
Implicit price deflator
Chain price index
Gross private product;
Current dollars
Constant dollars
Implicit price deflator
Chain price index
.
.
. .
8.7
5.8
11.7
15.2
3.3
3.9
8.7
5.7
5.2
2.8
3.2
8.1
1.6
2.6
6.1
7.1
9.9
2.4
7.3
7.0
9.6
10.6
12.2
15.5
10.3
5.4
4.9
4.0
12.1
10.4
8.7
6.5
2.9
3.1
5.8
2.7
3.2
8.4
3.5
3.9
9.3
5.7
6.5
2.5
7.6
7.2
9.4
6.1
10.9
11.2
4.9
9.5
4.7
5.1
3.2
3.6
7.9
3.5
4.3
4.5
8.0
3.2
1.6
2.2
By JOHN C. MUSGRAVE
Alternative Measures of Price Change for GNP, 1970-78
1 HE implicit price deflator for GNP,
a byproduct of the calculation of
constant-dollar, or "real", GNP, is a
composite index of the prices of all the
goods and services that make up GNP.
Unlike most price indexes, which are
constructed with fixed weights, the
GNP deflator is based on shifting
weights that- reflect the shifting composition of GNP. This was explained in
an article in the March 1969 SURVEY,1
which carried a table for the period
1965-68 comparing the quarter-toquarter behavior of the implicit deflator
with that of alternative indexes of GNP
prices using fixed weights.
The fixed weighted price indexes published in 1969 were based on 1958
weights and fourth quarter 1965
weights. New fixed weighted indexes
based on 1967 weights were published
in the August 1971 SURVEY, which
carried a table for the period 1965-71
showing quarter-to-quarter percentage
changes in the implicit deflator, in the
fixed weighted index using 1967 weights,
and in the chain price index. In the
chain index calculation, quarter-toquarter
percentage
changes are
weighted by the composition of GNP
in the first of the two quarters involved.
These measures were updated in the
August 1972 SURVEY, to take account
of the revised GNP data for 1969-72
published in July 1972.
The data presented here take account
of the revision of GNP data for 1970-73
published in July 1973. The data for
1965-68 published in the August 1971
SURVEY and the data for 1969 published
in the August 1972 SURVEY have not
been revised. The quarter-to-quarter
percentage changes in the implicit
1. "Alternative Measures of Price Change for GNP" by
Allan H. Young and Claudia Harkins, SURVEY OF CURRENT
BUSINESS, March 1969. Reprints are available on request.
to a steady decline in the weight of
Federal general government employee
compensation in real GNP, resulting
from declining Federal employment,
particularly in the military. Because
the level of the deflator for Federal
general government employee compenSURVEY.
Table 1 shows quarter-to-quarter sation is high relative to the deflator for
percentage changes in the various price total GNP (on a base of 1958 = 100), a
measures. Table 2 shows quarterly decrease in this component's weight
values of the fixed weighted price tends to hold down the level of the imindexes calculated with 1967 weights. plicit deflator for GNP, and this has
The indexes are shown on the base the effect of holding down the rate of
1958 = 100, the same base used for the increase in the implicit deflator.
implicit deflators.
The declining weight of Federal general
government employee compensaFor total GNP, the fixed weighted
tion
was not the only factor in the
index based on 1967 weights and the
divergence
of the price measures since
chain index increased at about the same
1971-1.
A
similar, though less sharp,
rate as the implicit deflator in the
pattern
of
divergence
can be seen in the
period 1965-70, although there were
measures
of
price
change
for gross
occasional short-run divergences beprivate
product
(GNP
less
output
of
cause of changes in the composition of
constant-dollar GNP, which affect the general government, represented by
implicit GNP deflator but neither of compensation of ^general government
the two alternative measures. However, employees). Here, too, the fixed
as was noted in the August 1972 weighted index increased faster than the
SURVEY,
the alternative measures implicit deflator in nine of the ten quarshowed faster increases than the im- ters, but the excess averaged only 0.6
plicit deflator in the period 1971-1 percentage point (at an annual rate),
through 1972-11. This divergence con- and the chain index increased faster
tinued through the second quarter of than the deflator in eight of the ten
1973. Thus, in nine of the ten quarters quarters, but the excess averaged only
from 1971-1 through 1973-11, the fixed 0.3 percentage point. This divergence
weighted index increased at a faster resulted from a decline over this period
rate than the implicit deflator, while in the weights of components of gross
the chain index increased at a faster private product with relatively high
rate than the implicit deflator in eight deflators (on a base of 1958 = 100),
of these ten quarters. The quarterly in- notably output of highways and streets
crease in the fixed weighted index and nonresidential buildings purchased
averaged 0.8 percentage point greater by State and local governments and
(at an annual rate) than the increase output of private industrial buildings,
in the deflator over this period, while and from an increase in the weights of
the quarterly increase in the chain index components with relatively low deaveraged 0.5 percentage point greater flators, notably output of passenger
than the increase in the deflator. This cars and furniture and household equippersistent divergence was due largely ment purchased by consumers.
deflators and chain indexes for total
GNP and for gross private product are
updated on an ongoing basis in table 19
of the national income and product
tables published every month in the
SURVEY and in table 7.7 in the July
15
SURVEY OF CURRENT BUSINESS
16
August 1973
Table 1.—Price Changes as Measured by Implicit Deflators, Fixed Weighted Price Indexes, and Chain Indexes, Quarterly, 1970-1—1973-II
[Percent change at annual rate]
1970
I
Implicit
deflator
1967
weights
Gross national product
6.37
6.15
Personal consumption expenditures
5.12
2.27
5.10
5.79
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers'durable equipment- .
Residential structures.
Change in business inventories
_. . _
._.
-.
.
-
Net exports of goods and services
Exports
Imports
--
. .
-
.
Government purchases of goods and services
Federal
State and local
Addendum:
Gross private product
II
Chain
Implicit
deflator
1967
weights
5.99
4.57
4.96
5.13
1.82
5.40
6.00
5.05
1.82
5.31
5.97
3.60
2.25
3.86
4.19
4.20
6.02
6.38
5.39
-2.80
3.15
5.04
6.21
4.39
-2.75
3.14
4.99
6.40
4.23
-2.76
1.52
4.60
1.59
4.73
13.22
18.42
7.86
5.02
III
Implicit
deflator
1967
weights
4.97
4.12
3.93
3.81
2.44
3.79
4.30
3.82
2.41
3.86
4.29
3.46
3.34
2.74
3.95
3.34
3.05
2.82
3.99
5.32
5.91
9.55
4.18
5.20
6.20
6.53
10.79
4.23
5.11
6.17
6.50
10.72
4.22
5.10
2.44
5.23
8.62
4.32
-7.41
2.72
5.95
9.28
4.11
-7.39
1.59
4.76
6.48
5.99
6.41
5.79
6.41
5.80
6.23
12.33
11.54
14.94
8.21
11.46
15.29
8.21
9.74
10.29
7.91
7.21
5.70
8.76
7.36
5.61
8.87
4.76
4.63
4.10
4.54
4.54
Chain
IV
Chain
Implicit
deflator
1967
weights
3.76
6.36
5.40
5.52
3.33
2.96
2.823.99
5.97
7.33
3.19
6.31
5.17
7.79
3.27
6.29
5.16
7.31
3.30
6 30
2.68
5.77
9.02
3.99
-7.37
9.45
10.17
9.70
7.80
4.42
7.43
8 30
9 63
7.56
4.51
7.61
8 55
9 80
7.87
4.50
6.16
12.36
6.16
12.38
-.28
.95
-.08
1.25
-.08
1.24
9.11
8.65
8.67
7.42
5.22
9.67
7.31
5.08
9.10
6.26
4.79
7.09
5.49
4.04
6.94
5.84
4.33
6.98
3.90
3.56
3.36
6.18
5.30
5.42
Chain
Table 1.—Price Changes as Measured by Implicit Deflators, Fixed Weighted Price Indexes, and Chain Indexes, Quarterly, 1970—I—1973-11—
Continued
[Percent change at annual rate]
1971
I
Implicit
deflator
1967
weights
6.78
4.86
5.25
4.92
4.77
2.86
7.08
4.20
2.41
3.55
5.50
4.32
2.11
3.91
5.49
6.61
6.46
9.34
4.84
7.12
6.49
6.28
8.86
4.78
7.12
6.79
4.77
13.16
1.62
10.77
10.20
7.25
10.23
7.70
10.24
7.60
12.02
18.23
7.12
11.72
16.00
7.58
4.29
5.38
Implicit
deflator
1967
weights
Gross national product
5.48
6.94
Personal consumption expenditures
3.71
4.67
2.87
7.13
5.00
5.42
2.89
7.06
5.65
4.78
9.45
3.60
7.22
---
Durable goods
Nondurable goods
Services
Gross Drivate domestic investment
Fixed investment
Nonresidential
S tructures
Producers' durable equipment
Residential structures
Change in business inventories..
.
_-
Net exports of goods and services
Exports
Imports
--
Government purchases of goods and services
Federal
State and local
-
Addendum:
Gross private product
-
_.
.
II
Chain
III
Chain
Implicit
deflator
1967
weights
3.61
1.30
2.34
1.94
3.48
-1.05
3.22
5.43
1.24
-4.14
2.53
2.28
1.41
-3.41
2.35
2.07
1.27
-3.61
2.36
2.04
6.07
5.13
11.79
1.47
8.45
-1.10
-2.02
7.08
-3.84
1.49
1.77
8.60
-2.18
.62
.64
8.01
-3.45
.59
.53
.55
.44
.52
5.24
5.27
2.13
4.41
3.03
3.87
3.01
3.90
4.10
3.92
4.29
3.87
3.62
4.04
2.62
3.02
2.36
5.40
7.16
3.66
4.99
7.33
3.33
3.71
3.59
.82
1.53
1.25
Implicit
deflator
1967
weights
5.18
2.83
3.73
4.23
2.00
3.79
5.48
2.99
-1.26
3.11
5.33
3.49
-1.19
3.20
5.39
6.97
5.89
11.90
2.54
10.74
7.22
5.95
12.24
2.46
10.76
5.68
4.08
12.43
5.94
5.20
11.46
1.64
8.46
2.68
3.16
2.98
3.60
3.00
3.52
5.36
11.60
17.21
7.58
6.40
3.89
8.16
6.88
4.76
9.06
6.92
4.93
8.39
1.31
-1.94
3.89
5.35
4.79
5.10
5.01
2.76
.11
8.41
.99
IV
Chain
Chain
SURVEY OF CURRENT BUSINESS
August 1973
17
Table 1.—Price Changes as Measured by Implicit Deflators, Fixed Weighted Price Indexes, and Chain Indexes, Quarterly, 1970-1—1973-11—
Continued
[Percent change at annual rate]
1972
I
Gross national product-.
.
..
1967
weights
.
5.73
5.63
3.13
3.27
3.57
3.30
3.27
3.53
3.57
2.89
. .
5.16
1.58
2.83
2.61
2.78
3.16
3.16
3.39
3.41
2.84
2.32
2.11
2.02
3.26
2.61
2.09
2.18
3.22
2.55
1.89
2.14
3.21
2.47
2.32
3.23
2,67
3.15
3 63
3.36
2.78
6.82
6.46
8.94
5.06
6.88
6.71
6.66
9.78
4.72
6.89
6.87
6.88
10.07
5.14
6.85
3.84
3.17
5.09
2.95
5.43
4.32
4.00
5.09
3.33
5.41
4.27
3.76
4.82
3.17
5.42
3.64
2.14
4.01
2.79
6.90
1.45
3.73
.62
4.38
.63
4.43
6.93
15.37
6.94
14.94
6.93
15.19
. .
10.53
16.49
6.41
11.83
15. 78
7.94
10.67
15.59
7.23
2.93
3.80
2.06
3.79
3.60
3.99
.
4.92
4.08
3.96
1.56
2.48
.
_.
Net exports of goods and services
Exports.
.
Imports
Govern ment purchases of goods and services _
Federal
State and local
Addendum:
Gross private product.
.
.
.
Chain
IV
1967
weights
_
Gross private domestic investment
Fixed investment .
_
Nonresidential
Structures
Producers' durable equipment
Residential structures
Change in business inventories
Chain
III
Implicit
deflator
.
Personal consumption expenditures _ Nondurable goods
Services.
Implicit
deflator
II
Implicit
deflator
1967
weights
Chain
Implicit
deflator
1967
weights
3.21
3.35
4.02
3.09
3 26
3.39
2.74
2.92
—3 56
4.64
4.58
3.39
~ 3 36
4.71
4.30
3.18
—3 70
4 62
4.52
4.11
3.29
5.03
2.21
6.92
4.46
3.36
5.20
2.35
6.92
3.56
.64
8.63
-1.58
11.24
4.83
2.97
8.52
-.42
11.21
4.82
1.97
9.02
-1.67
11.21
4.59
6.79
4.50
6.87
4.50
7.00
9.78
8.11
9.84
8.15
9.86
8.15
4.08
3.71
4.35
6.95
10.01
3.91
3.27
2.35
4.23
3.50
2.57
4.18
4.60
3.66
4.95
4.57
2.41
6.82
4.63
2.72
5.94
2.21
2.74
3.14
3.15
3.50
4.11
3.86
Chain
3.85
1973
I
..
Gross private domestic investment...
Fixed investment
Nonresidential Structures
Producers' durable equipment
Residential structures...
.
Change in business inventories
.
1967
weights
7.11
7.26
7.55
7.00
6.41
2.35
9.81
4.72
8.14
4.53
11.90
5.27
8.49
4.62
13.20
5.01
8.04
4.62
12.54
5.07 '
7.13
5.90
11.05
2.67
11.22
6.99
5.08
10.07
2.51
11.24
8.24
8.81
6.78
8.28
7.45
6.53
6.25
6.34
6.19
7.45
6.74
6.43
6.67
6.31
7.44
11.53
11.99
11.29
12.00
11.28
12.09
26.93
41.12
27.21
40.36
26.91
41.00
9.88
13.74
7.28
10.30
12.92
7.70
9.64
12.91
7.55
8.09
7.37
8.48
7.58
7.05
8.13
8.06
7.03
8.73
5.71
7.03
6.53
7.56
7.92
7.18
1967
weights
6.05
7.79
5.14
1.70
9.76
4.57
6.85
2.60
10.37
4.71
5.82
4.01
10.65
1.71
11.23
. .
.
.
Net exports of goods and services
Exports.
Imports
Government purchases of goods and services
Federal
State and local . .
.
Implicit
deflator
Implicit
deflator
Gross national product
Personal consumption expenditures
Durable goods _
Nondurable goods
Services.
II
_.
Addendum:
Gross private product
Chain
Chain
Table 2.—Fixed Weighted Price Indexes, 1967 Weights, 1970-1—1973-11
[1958=100]
1970
II
Gross national product..
1971
III
IV
II
1972
III
IV
1973
II
III
IV
II
133.293
134.917
136.222
138.025
140.361
142.169
143.478
144.311
146. 301
147.327
148.477
149.947
152.785
155.591
Personal consumption expenditures...
Durable goods.
Nondurabl e goods
Services
127.935
107.839
126.611
138.214
129.137
108.491
127.794
139.677
130.203
109.308
128.685
141.050
131.854
111.379
129.724
143.217
133.472
112.858
130.651
145.681
134.889
113.448
131.909
147.640
136.050
113.110
132.951
149.592
136.526
112.133
133.727
150.359
137.629
113.111
134.903
151.434
138.517
113.696
135.631
152.638
139.595
114.713
136.757
153.688
140.762
113.737
138.340
155.316
143.112
114.470
141.794
157.112
146.057
115.769
146.258
159.045
Gross private domestic investment
Fixed investment
_
Nonresidential
Structures.
Producers' durable equipment...
Residential structures.
Change in business inventories.......
130.486
127.878
147.168
119.260
139.860
132.462
129.917
150.987
120.503
141.612
133.355
131.806
154.375
121.723
138.922
135.767
134.461
157.963
123.960
140.462
137.955
136.580
161.529
125.434
142.899
140.298
138.548
166.134
126.223
146.591
142.335
140.315
170.703
126.738
149.598
142.862
140.933
174.261
126.044
149.797
145.202
143.225
178.408
127.506
152.311
146.746
144.636
180.637
128.552
154.332
148.232
145.811
182.866
129.256
156.936
149.990
146.882
186.640
129.119
161.161
152.593
149.002
191.596
129.972
165.502
155.026
151.277
194.563
131.939
168.501
Net exports of goods and services..
Exports
Imports
118.198
115.709
120.049
117.348
121.857
120.818
121.834
121.194
124.837
123.461
125.757
124.558
125.894
126.157
126.836
127.361
127.631
128.732
129.181
133.292
130.611
135.525
133.712
138.206
137.335
142.179
145.850
154.756
Government purchases of goods and
services
Federal
_
State and local
152.157
144.105
161.329
154.827
146.116
164.751
157.622
147.987
168. 597
159.740
149.461
171.450
164.226
155.110
174.611
166.980
156.921
178-438
168.667
158.437
180.321
170.899
161.200
181.948
175.742
167.215
185.455
177.384
168.700
187.277
178.819
169.682
189.227
180.828
170.693
192.374
185.316
175.959
195.975
188.733
178.982
199.842
128.615
130-050
131.193
132.898
134.649
136.335
137.583
138.107
139.494
140.352
141.439
142.871
145.316
148.113
Addendum:
Gross private product..
By RUSSELL B. SCHOLL
The International Investment Position of the United States:
Developments in 1972
X HE recorded net international investment position of the United States
declined $7.0 billion in 1972. Although
this was substantially less than the
record $11.5 billion decline in 1971, the
real deterioration was probably greater
in 1972, when a record deficit on current
CHART 8
International Assets and Liabilities
of the United States
Billion $
- 200
- 180
Nonliquid,
U.S. Government l
account in the U.S. balance of payments
was by far the major contributing
factor. In 1971, on the other hand, much
of the decline was due to a very large
errors and omissions outflow, suggesting that a large part of the recorded
deterioration that year was due to substantial underreporting of foreign assets
acquired by U.S. private residents.
Total U.S. international assets rose
$18.6 billion in 1972 to almost $200
billion, but U.S. liabilities to foreigners
increased $25.6 billion to about $149
billion. The net investment position at
yearend was $50.6 billion, 26 percent
below the peak net investment position
registered in 1970.
This article reviews the factors accounting for the changes in the net
international
investment
position
during 1972. It discusses changes in the
composition of U.S. assets and
liabilities, noting especially the shifts
between liquid and nonliquid categories. Finally, the pattern of change in
the liquidity structure of the investment
position is examined by comparing
selected categories of assets and liabilities.
Changes in the net international
investment position
Nonliquid,
Private
-
Liquid, Private
Liquid,
U.S. Government
1960
1971
1972
Liquid liabilities include other readily marketable and
nonliqid liabilities toforeign official agencies as in
table 3 line 36.
2. Assets not separately available in 1960. included with
private nonliquid assets.
20
The major factors that determine the
change in the U.S. net investment position are shown in table 1. The first is
the balance of payments effect; it is
the sum of the balance on current account (the balance of goods and services and unilateral transfers), alloca-
1.
Note.-Refer to table 3 for data.
U.S. Department of Commerce, Bureau of Economic Analysis
18
NOTE.—Data prepared under the supervision of Richard Carter with significant
contributions from Julius Freidlin, Nancy R.
Keith, and E. Seymour Kerber.
tions of SDR, and an adjustment for
unrecorded transactions (errors and
omissions in the balance of payments).
This sum, in, an accounting sense, must
be equal to net recorded balance of
payments capital flows, i.e., the net
recorded change in U.S. assets and liabilities resulting from balance of payments transactions. If the unrecorded
flows in the balance of payments could
be identified, part would presumably
go into the recorded current account
and part into recorded balance of payments capital flows; then, the current
account plus allocations of SDR would
equal net recorded balance of payments
capital flows.
The other two factors that determine
the change in the investment position
are not included in balance of payments
transactions. Net reinvested earnings
are retained earnings of U.S. direct
investment abroad less those of foreign
direct investment in the United States.
The third factor is net valuation and
other adjustments to outstanding U.S.
investments abroad and foreign investments in the United States, including
changes in reporting coverage and definition, changes in the market value of
outstanding assets and liabilities, and
changes in exchange rates. (See table 2,
footnote 1.)
Essentially, the United States increases its net investment position by
making a net transfer abroad of goods
and services (i.e., by having a surplus
on current account, adjusted for
errors and omissions) or by the net
reinvesting of foreign, earnings abroad.
The position is also affected by changes
in the valuation of outstanding assets
and liabilities.
August 1973
SUEVEY OF CUEEENT BUSINESS
The 1972 deficit in the current account, $8.4 billion, was $5.6 billion
larger than the $2.8 billion deficit in
1971. Allocations of SDE of $0.7 billion were again favorable. The adjustment for errors and omissions was unfavorable, at $3.1 billion, although this
was significantly smaller than the $10.8
billion negative adjustment in 1971.
The net result of these three items was
unfavorable by $10.8 billion, equivalent
to the net recorded capital inflow in
1972. This was somewhat below the
previous year's record inflow of $12.9
billion. There was a favorable impact in
the net investment position from $4.0
billion of net reinvested earnings, and
there was a very small adverse net
valuation adjustment of $0.2 billion.
In 1971, the net favorable effect of these
two factors was much less.
A major reason for the continued
deterioration in the trade balance and
the current account was the strong rise
in business activity in the United
States, compared with that of our leading trade partners abroad, as well as
the initial perverse effects of the December 1971 dollar devaluation.
As a result of unsettled exchange
markets in 1972 and to a much greater
extent in 1971, large errors and omissions outflows in the U.S. balance of
payments contributed to the deterioration in the net investment position. As
confidence in exchange markets improved in 1972 in response to the appreciation in value of a number of major
19
foreign currencies during the second increase was attributable to the apprehalf of 1971, and due to the Smith- ciation of leading foreign currencies
sonian accord of December 1971 devalu- against the dollar. Eeinvested earnings
ing the dollar, these outflows were of foreign direct investment in the
reduced. However, uncertainties over United States also increased, but were
currency values continued, especially only a fractional offset. Valuation adafter the pound floated in July 1972, justments in 1972 were of little conseand induced further large errors and quence to the change in the net investomissions outflows. Such unrecorded ment position.
outflows in both years of speculative
flare-ups in exchange markets suggest Changes in U.S. assets and liabilities
that there is substantial underreporting
Both U.S. assets abroad and liabiliof foreign assets acquired by U.S. prities to foreigners showed substantial
vate residents. If we could record these
increases again in 1972, assets growing
flows, the deterioration in the net
by 10 percent and liabilities by 21 perinvestment position would be reduced,
cent, compared with the 1971 increases
but by a lesser extent in 1972 than in
of 8 percent and 26 percent, respec1971.
tively.
Eeinvested earnings of U.S. incorU.S. international assets rose $18.6
porated affiliates abroad net of rein- billion. Balance of payments capital
vested earnings of foreign-owned enter- flows accounted for $10.1 billion of the
prises in the United States totaled $4.0 rise and other items contributed $8.5
billion in 1972, compared with $2.7 billion (table 2). Liquid assets increased
billion in 1971. Since 1968 the rate of $2.2 billion; $1.2 billion was capital
increase in the value of U.S. direct outflows reported by U.S. banks and
investment abroad, resulting from re- nonbanking concerns. The remaining
investment of earnings plus capital increase of $1.0 billion in liquid assets
outflows, has fluctuated in a narrow was associated with changes in monerange between 9.0 percent and 10.3 tary reserves. Of this, balance of paypercent. Capital outflows were unusu- ments transactions accounted for none
ally low in 1972, but the value of U.S. of the change; the $0.7 billion SDE
direct investments abroad nevertheless allocation in 1972 was offset by a small
rose 9.2 percent because of the large decline of $0.2 billion in convertible
increase in their reinvested earnings. currencies and in the U.S. gold tranche
Eeinvested earnings of U.S. incorpo- position in the IMF, and a reduction
rated affiliates abroad are reported in of $0.5 billion in the U.S. gold stock,
dollars, and therefore some of the 1972 largely reflecting an IMF repurchase of
T a b l e 1.—Factors A c c o u n t i n g for C h a n g e s i n t h e N e t I n t e r n a t i o n a l I n v e s t m e n t P o s i t i o n of t h e U n i t e d S t a t e s
1
[Millions of dollars]
Average
Item
1968
1961-65
1966-70
3,762
659
1.
Balance of payments factors:
Balance on current account (surplus (+)).
2. Plus:
Allocations of SDR
3. Plus:
Adjustment for errors and omissions (receipts (-J-))
-824
4.
Sum of lines 1, 2, and 3 equals net recorded balance of payments capitalflows(outflows (+))
-443
1969
-1,050
173
1970
1971
1972*
416
-2,790
867
717
-8,353
710
-1,042
—431
-2,395
-1,205
-10,784
-3,112
2,938
-210
-874
-3,445
78
-12,859
-10,755
1,072
1,786
1,687
2,173
2,514
2,659
3,973
-618
-39
-660
3,061
-791
-1,262
-198
3,392
1,537
153
1,789
1,801
-11,462
-6,980
65,487
67,276
69,077
57,615
50,635
Other factors:
5. Plus:
6. Plus:
Net reinvested earnings (increase (+))-Net valuation and other adjustments.
7. Equals:
Change in net international investment position of the United States...
.
8. Addendum: Net international investment position of the United States at end of period 2
s v Preliminary.
1. Revised.
2. The net position at the end of a given period is equal to the position at the end of the
preceding period plus the total net change during the period.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CUEEENT BUSINESS
20
August 1973
Table 2.—Changes in the International Investment Position of the United States Reconciled with Balance of Payments Capital Flows
[Millions of dollars]
Lines
in
table
3
1971'
Item (increase (+))
Net international investment position of the United States
Balance of payments capital flows
Other than capital flows
U.S. assets abroad
Capital flows
Other than capital flows
Nonliquid assets
Capital flows
Other than capital flows
4
5,6
U.S. Government
Long-term credits
_
Capital flows
Exchange rate adjustments
1
Changes in coverage and statistical discrepanciesForeign currencies and other short-term assets
Capital flows
Exchange rate adjustments i
Changes in coverage and statistical discrepancies_
-
Direct investments abroad
_
Capital
flows
_
Reinvested earnings.
Valuation adjustments
Foreign bonds
Capital flows
Price changes
Exchange rate adjustments 1
Foreign corporate stocks
Capital flows
Price changes
_1
_
Other
claims,rate
reported
by U.S.
banks..
Exchange
adjustments
Capital flows
Other claims, reported by U.S. nonbanking concerns
Capital flows
Private, short-term nonliquid
Claims reported by U.S. banks
Capital flows
Changes in coverage and statistical discrepancies.
Claims reported by U.S. nonbanking concernsCapital flows
Statistical discrepancies
Liquid assets.
Capital flows
Other than capital flows.
-6,980
-12,859
1,397
-10,755
3,775
U.S. liabilities to foreigners
25,412
25,551
Capital flows
Other than capital flows
22,520
2,892
20,833
4,718
14,721
16,346
10,912
3,809
8,876
7,470
2,018
2,049
2,077
2,074
13
-10
2,445
1,742
-309
1,012
-59
-182
123
-396
-166
-231
10,907
8,020
3,157
-80
1,494
938
548
7,833
3,404
4,521
-92
1,190
1,027
159
4
4,571
10,467
1,806
2,765
5,749
4,718
U.S. Government
Capital flows
Exchange rate adjustments i
Statistical discrepancies
Private, long-term
-447
-467
21
-1
4,976
238
238
10,056
Capital flows
Other than capital flows.
2,288
2,688
5,338
4,718
30
Direct investments in the United States..
Capital flows
Reinvested earnings
Valuation adjustments
385
-115
708
160
548
31
Corporate and other bonds.
Capital flows
Price changes
1,748
1,433
315
2,285
2,067
218
32
Corporate stocks..
Capital flows...
Price changes...
2,740
836
1,904
6,220
2,268
3,952
-250
-250
149
149
28
29
33
1,999
-412
2,239
172
Other liabilities, reported by U.S. banks..
Capital flows
613
27
306
280
34
Other liabilities, reported by U.S. nonbanking concerns...
Capital flows
Statistical discrepancies
353
384
-31
694
694
612
612
1,269
1,269
35
168
168
202
202
Private, short-term nonliquid, reported by U.S. nonbanking concerns
Capital flows
Statistical discrepancies
42
-15
57
173
173
1,796
1,804
1,280
1,802
-522
1,495
1,495
516
530
-14
309
315
-6
-771
2,225
-1,251
480
1,202
1,023
359
531
-172
499
492
7
-2,320
Gold...
Capital flows
Par value adjustments *
281
-547
828
249
249
858
703
155
Convertible currencies
Capital flows
Exchange rate adjustments i_
-353
-381
28
-35
Gold tranche position in I M F .
Capital flows
Par value adjustments i
-1,350
-1,350
-120
-153
33
r
Revised.
P Preliminary.
1. The "exchange rate adjustments" in lines 5/6, 7,10 and 11 represent changes in the dollar
value of foreign currencies as indicated by exchange market movements. In lines 24, 28, 42 and
44 are adjustments representing changes resulting from the realignment of par values, which
were altered under the 1971 Smithsonian Agreement. In lines 22, 23, and 25 the "par value
Nonliquid liabilities to other than foreign official agencies
Capital flows
Other than capital flows.
12,493
Claims reported by U.S. nonbanking concernsCapital flows
Statistical discrepancies
25
27
1
742
742
24
1972 P
18,571
1,241
SDR
Capital flows
Par value adjustments i
1971'
10,078
1,190
566
624
23
Item (increase ( + ) )
9,661
4,289
1,549
U.S. monetary reserve assets..
U.S. Liabilities to foreigners
13,950
Claims reported by U.S. banks.
Capital flows
Changes in coverage
—
Private-
20
1972 P
-11,462
4,943
Private, long-term
10
Lines
in
table
3
Net International Investment Position and U.S. Assets Abroad
36
Liquid liabilities to private foreigners and liquid, other readily
marketable, and nonliquid liabilities to foreign official
agencies
Capital flows
Other than capital flows.
To private foreigners.
To foreign commercial banks
Capital flows
Changes in coverage and statistical discrepancies.
To international and regional organizations
Capital flows
Statistical discrepancies
To other foreigners
Capital
flows
_
Statistical discrepancies
_
_
To foreign official agencies
Liquid
Capital flows
Changes in coverage and statistical
discrepancies.
i
Exchange rate adjustments _Other readily marketable liabilities
Capital
flows
_
Nonliquid, reported by U.S. Government.
C apital flows
Exchange rate adjustments 1
20,841
15 084
20, 714
127
15,084
-6,006
4,776
-6,220
-6,908
3,861
3,862
-1
677
682
-5
104
104
-463
-465
2
811
810
1
26,847
10,308
26,987
27,615
-668
40
-551
-551
9,720
9,720
411
341
70
189
189
399
adjustments" represent the change in the official dollar/gold parity under the Smithsonian Agreement as officially implemented on May 8,1972.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
August 1973
assets associated with the change in the
official dollar /gold parity from $35 to
$38 in May 1972.
gold held in the United States. AH of
the $1.0 billion increase in liquid assets
reflected a revaluation of U.S. reserve
21
The change in nonliquid assets
amounted to $16.3 billion, and accounted for most of the 1972 increase
Table 3.—International Investment Position of the United States at YearendJ
[Million of dollars]
Western Europe
Total
Line
21
22
23
24
25
Net international investment position of
the United States.
U.S. assets abroad....
Nonliquid assets
U.S. Government
Long-term credits:
Repayable in dollars 1 - Other 2
Foreign currencies and other
short-term assets
Private, long-term
Direct investments abroad
Foreign securities:
Foreign bonds
Foreign corporate stocks
Other claims, reported by U.S.
banks...
Other claims, reported by U.S.
nonbanking concerns *
Private, short-term nonliquid
Claims, reported by U.S. banks.
Claims reported by U.S. nonbanking concerns
Liquid assets
-•
Private
Claims reported by U.S. b a n k s . .
Claims reported by U.S. nonbanking concerns
U.S. monetary reserve assets
Gold
SDR
Convertible currencies
Gold tranche position in I M F . . .
26
U.S. liabilities to foreigners
8
9
10
11
12
13
14
15
16
17
18
19
20
27
Nonliquid, liabilities to other than
foreign official agencies
28
29
30
U.S. Government ™
Private, long term
Direct investments in the United
States
U.S. securities:
Corporate and other bonds
Corporate stocks
—
Other liabilities, reported by
U.S. b a n k s . . .
Other liabilities, reported by
U.S. nonbanking concerns
Private, short-term nonliquid, reported by U.S. nonbanking concerns
31
32
33
34
35
37
38
40
41
42
43
44
Latin
American
Republics
and other
Western
Hemisphere
Japan 3
Type of investment
1960
5
6
7
Canada
1970
1971'
1972P
44,658 69,077 57,615 50,635
85,577 166,764 180,714 199,285
66,158 149,865 164,586 180,932
16,854 32,079 34,097 36,146
1971'
1972P
1971'
-29,371
45,644
26,543
40,011
1972P
1971'
Other
foreign
countries 3
International
organizations
and
unallocated t
1972P
1971'
1972P
1971'
1972P
1971'
29,211 -7,759
44,144
8,343
42, 563
8,029
78
606
-11,676
9,663
9,031
21,471
30,791
30,220
6,653
23,038
33,847
7,095
30,622
36,370
36,192
17,520
30,128
40,222
39, 918
18,682
16,110
19,557
7,666
1,419
17,827
21,255
8,345
1,488
75
482
95
762
94
5,942
675
6,397
654
10,847
4,535
12,785
4,148
1,414
1,483
1972P
7,851
-37,895
50,155
48,137
7,902
25, 529 28,407
5,745
6,178
6,799
872
6,906
849
2,892
1,994
2,449
44,497 104,960 115,867 128,360
31,865 78,178 86,198 94,031
180
33,295
27,740
147
36,690
30,714
2
37,500
24,106
3
41,209
25, 784
29
3,047
1,821
47
4,136
2,222
36
19,506
15,789
44
20,964
16,644
2,138
16,273
12,473
1,749
18,504
13,934
5
6,247
4,270
5
6,857
*4,733
504
2,819
310
3,329
8,726
3,261
9,642
4,136
256
1,188
1,108
173
1,188
141
2,070
225
2,324
255
1,977
2,124
572
246
315
1,463
1,996
1,023
1,422
C)
139
4,376
4,043
155
3,992
3,667
973
4,061
3,215
995
4,880
4,020
482
569
2,732
1,954
(*)
846
571
571
282
860
908
908
425
707
178
178
127
778
304
304
201
7 289
483
7
['13,956 23,445
6,185
5,574
3,984
13,160
6,437
14,654
7,050
15,844
9,049
1,698
3,035
3,647
4,916
707
800
208
1,376
6
4,813
6 3,594
4,150
12,826
9,592
4,318
14,622
10,872
4,520
16,426
12,367
1,525
2,837
1,344
1,537
3,545
1,889
1,199
949
578
1,264
1,276
837
6 1,219
19,359
3,234
16,899
2,412
1,210
3,750
16,128
3,961
2,400
4,059
18,353
5,202
3,142
1,493
1,661
1,386
705
1,656
2,018
1,778
938
371
1,513
1,513
1,049
439
1,581
1,581
1,083
314
313
237
325
632
631
495
1,202
14,487
11,072
851
629
1,935
1,561
2,060
12,167 813,151
10,206 U0.487
1,100 " 1,958
241
276
8 465
585
681
275
7 840
240
464
C)
498
C)
76
1
136
1
275
240
(*)
(*)
1
1
(6)
(6)
()
19, 359
17,804
1,555
7
7
51
7
11,891
1
12,910
11,891
10,206
1,100
12,910
10,487
1,958
103
585
465
10,809
5,748
10,094
3,447
3,428
4,225
4,854
1,613
2,209
1,850
2,291
13
3,730
2
4,318
88
1,145
433
1,343
1,850
2,291
146
145
1,246
253
1,420
391
351
480
40,859
97,687 123,099 148,650
75,015
88,050
13,468
14,933
16,102
21,339
19,830
50,681
55,252
65, 719
40,270
47,466
7,207
8,051
88
849
793
18,418
2,005
44,785
1,558
49, 761
1,796
59,817
1,413
36,196
1,312
43,409
18
6,952
31
7,779
26
-111
18
678
6,910
13,270
13,655
14,363
10,086
10,441
3,339
3,612
-230
-132
315
649
9,302
6,878
18,689
8,626
21,429
10,911
27,649
6,825
14, 779
8,753
19, 548
285
3,121
375
3,596
8
70
58
254
200
2,562
9,320
273
3,014
62
644
32
846
7
1,008
758
907
244
258
4
1
1
1
115
131
43
1,550
4,940
5,293
5,987
4,262
4,409
203
195
40
497
538
602
250
619
3,891
3,933
4,106
2,661
2,745
237
241
173
153
482
534
380
Liquid liabilities to private foreigners
and liquid, other readily marketable, and nonliquid liabilities to
foreign official agencies
• 21,029
47,006
67,847
82,931
34, 745
40,584
6,261
6,882
16,014
20,490
5,095
5,955
4,135
7,885
1,597
1,137
22,619 16,613 9 21,389
17,169 910,949 914,810
4,572
3,374
6,357
5,045
2,281
1,898
2,603
2,159
n.s.s.
n.s.s.
n.s.s.
n.s.s.
3,664
1,265
4,222
1,374
n.s.s.
n.s.s.
n.s.s.
n.s.s.
1,053
1,137
1,190
30,173
29,468
10
1,302
34,227
33,533
n.s.s.
n.s.s.
n.s.s.
328
2,071
1,431
1,431
334
2,514
1,733
1,733
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
1,137
444
4,279
n.s.s.
n.s.s.
n.s.s.
1,053
383
3,980
1,340
1,439
705
694
135
135
2,640
2,840
To private foreigners
To foreign commercial banks u..
To international and regional
organizations
To other foreigners
To foreign official agencies
Liquid
_
Other readily marketable
Nonliquid, reported
by U.S.
Government l 0
9,139
4,818
1,541
2,780
11,890
11,888
846 »1, 523
4,604 »4,141
24,387 » 51,234
20,623 9 47,610
9 144
3,069
3,480
91,627
9 4,952
> 61,542
9 57,330
9 543
3,669
r Revised.
v Preliminary.
*Less than $500,000 ( ± ) .
{Includes U.S. gold stock,
n.s.s. Not shown separately.
1. Also includes paid-in capital subscription to international financial institutions (other
than IMF) and outstanding amounts of miscellaneous claims which have been settled through
international agreements to be payable to the U.S. Government over periods in excess of 1
year. Excludes World War I debts that are not being serviced.
2. Includes indebtedness which the borrower may contractually, or at its option, repay with
its currency, with a third country's currency, or by delivery of materials or transfer of services.
3. The Ryukyu Islands are included with Japan in 1972; in previous periods they are included With other foreign countries.
4. For the most part represents the estimated investment in shipping companies registered
primarily in Panama and Liberia.
5. The long-term position data given here include estimates for real estate, insurance, estates,
and trusts.
6. Liquid claims are not available separately and are included with nonliquid claims.
36
284
433
544
544
7. Country detail for Western Europe includes the six countries of the European Economic
Community, United Kingdom, and Switzerland only, and for Latin America and O.W.H.
includes only Bahamas and Bermuda. Remaining countries are not separately identified due
to insignificant amounts and are included in other foreign countries.
8. Total reserve assets include an increase of $1,016 million resulting from a change in par
value of the U.S. dollar on May 8,1972, consisting of $828 million total gold stock, $155 million
SDR, and $33 million gold tranche position in IMF.
9. The regional breakdown for these liability lines may not add to the world total since
certain items cannot be shown separately.
10. U.S. Government liabilities are broken down into those to foreign official reserve agencies
in line 44 and those to others in line 28, including foreign official agencies other than reserve
agencies.
11. As reported by U.S. banks; ultimate ownership is not identified.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CURRENT BUSINESS
22
in U.S. assets abroad. Capital outflows
totaled $8.9 billior, while other items
totaled $7.4 billion, including reinvested earnings and valuation adjustment to U.S. holdings of foreign stock.
U.S. Government assets abroad increased $2.0 billion. Net capital outflows
were $1.6 billion, but there was an
adverse adjustment of $0.5 billion for
the loss in dollar value of U.S. Government claims denominated in currencies
that depreciated against the dollar
in 1972. The rest of the increase
resulted from other adjustments to
the U.S. Government's long-term claims
on foreign governments. These adjustments reflect future payments to be
CHART 9
Liquidity Ratios: Outstanding U.S. Assets
Abroad to Liabilities to Foreigners by
Degree of Liquidity
1.0 -
.5 -
1960
62
64
66
68
NOTE.-- Refer to table 4 for description and data.
U.S. Department of Commerce, Bureau of Economic Analysis
70
72
made to the U.S. Government by the
Japanese Government under the agreement for the reversion of the Ryukyu
Islands to Japan, and by the Soviet
Union in settlement for its outstanding
lend-lease obligations.
Private nonliquid assets abroad increased $14.2 billion in 1972, mainly
in long-term assets. Direct investment,
the major category of U.S. private
investment abroad, rose $7.8 billion.
This was only slightly less than the
1971 increase, as lower direct investment capital outflows were offset by
a large rise in reinvested earnings.
U.S. investments in foreign securities
in 1972 increased $3.2 billion. Net
purchases by U.S. residents of foreign
bonds amounted to $1.0 billion and
the increase in value of outstanding
bonds contributed another $0.2 billion,
with only negligible adjustments for
foreign exchange rate changes. There
were net sales of foreign stocks of
$0.4 billion, but the value of U.S.
holdings of foreign stocks was sharply
boosted by a $2.4 billion increase
in the value of outstanding holdings
reflecting the rise in foreign stock
prices; in addition, there was a $0.2
billion appreciation in the dollar value
of outstanding holdings due to changes
in foreign exchange rates.
Other nonliquid claims, including
both short- and long-term, increased
$3.3 billion, mainly as a result of
drawings by foreigners on their lines
of credit with U.S. banks. The rise
in bank claims on foreigners was
stimulated by the lackluster domestic
demand for bank loans throughout
most of 1972 and by the exemption
of export credits from the Voluntary
Foreign Credit Restraint Program towards the end of 1971. Moreover,
foreign utilization of these credits
in 1972 was stimulated by expectations
of a further dollar devaluation.
Total U.S. liabilities increased $25.6
billion in 1972. The increase was
similar in size to that in 1971, but its
composition was markedly different.
The increase in liquid liabilities to
foreign official agencies, which was
enormous in 1971, was much smaller
in 1972, while nonliquid and liquid
liabilities to private foreigners rose
much more in 1972 than in 1971.
August 1973
Nonliquid liabilities to private foreigners rose $10.5 billion, more than
double the 1971 gain. Especially noteworthy was the increase in foreign
investment ir U.S. securities of $8.5
billion, one-half of which was accounted
for by net purchases and one-half by
increases in the value of outstanding
holdings. The $2.3 billion increase
in foreign holdings of U.S. bonds
largely reflected $2.1 billion in net
purchases. Increases in U.S. stock
prices encouraged these purchases as
nearly one-half the foreign purchases
of U.S. bonds in 1972 was accounted
for by debt instruments convertible
into U.S. equities. The rise in U.S.
stock prices also attracted $2.3 billion
in net purchases of U.S. stocks and
resulted in a $4.0 billion appreciation
in the value of existing foreign holdings
of U.S. stocks. Such holdings have
grown markedly in the past few years.
The value of direct investments in
the United States increased $0.7 billion
in 1972, double the 1971 rise. Reinvested earnings were $0.5 billion, and
there were net capital inflows of $0.2
billion following outflows in 1971.
Other nonliquid U.S. liabilities of banks
and nonbanking concerns increased $] .0
billion; $0.4 billion of the increase was
due to corporate long-term borrowing
in Japan, which for the first time became
a major source of such funds. The
Japanese monetary authorities, having
accumulated substantial amounts of
dollars, were easing foreign credit controls and depositing dollars in Japanese
commercial banks, resulting in attractive terms being made available to
U.S. and other borrowers.
The combined increase in liquid
liabilities to private foreigners and liabilities to foregin official agencies was
$15.1 billion in 1972, much less than
in 1971 but still high by historical
standards. Liquid liabilities to private
foreigners, which had declined in 1970
and 1971, rose $4.8 billion in 1972. A
faster rise in short-term interest rates
in the United States than in most leading foreign money markets, particularly
the Eurodollar market, narrowed the
differential which favored those centers.
U.S. banks and U.S.-based agencies and
branches of foreign banks thus borrowed from their offices abroad, in
SUEVEY OF CURRENT BUSINESS
August 1973
contrast to their reduction in liabilities
to those offices in 1971. Liabilities to
foreign official agencies rose $10.3 billion
in 1972, far below the 1971 increase of
$26.8 billion. Some confidence in the
dollar's value had been at least temporarily restored by the December 1971
Smithsonian realignment of exchange
rates, but the further build-up in 1972
in these liabilities reflected the fact
that uncertainties continued during that
year.
In summary, the change in the
international investment position of the
United States in 1972 indicated an
unusually large increase in nonliquid
categories—nonliquid liabilities increased
$10.5 billion and nonliquid assets
rose $16.4 billion. However, in the
liquid categories our position worsened
further as liquid liabilities rose more
than liquid assets.
Liquidity structure
The liquidity structure of the U.S.
international investment position can
be analyzed with the help of the ratios
in table 4. All of the ratios declined in
1972 but much less than in 1971 (except
ratio B2, discussed later). The slower
delcine, particularly in the monetary
combinations, was associated with a
reduction of the U.S. balance of payments deficit and with less turmoil in
foreign exchange markets than in 1971.
These developments were especially
reflected in ratio Al, which relates U.S.
official reserve assets to U.S. liabilities
to foreign official agencies. Changes
in this ratio, the investment position
counterpart of the official reserve transactions balance in the payments accounts, are related to the financing of
the overall U.S. balance of payments.
In 1972, U.S. reserve assets were revalued upward by the change in the
official dollar/gold parity but were otherwise relatively stable as the dollar was
inconvertible into reserve assets. Liabilities to foreign official agencies rose
less in 1972 than in 1971, as the
dollar devaluation of December 1971
reduced expectations of further rate
changes in 1972. Even so, there were
several exchange market flare-ups and
additional accumulations of dollars by
foreign monetary authorities in support of the Smithsonian exchange
rate structure.
Ratio A2, the investment position
counterpart to the net liquidity balance,
declined somewhat less than ratio Al,
for A2 also takes into account U.S. private liquid claims and liquid liabilities
to private foreigners. These liquid
claims on and liabilities to foreigners,
while sensitive to exchange market
developments, are also strongly influenced by interest rate differentials
between the United States and other
international money centers, particularly the Eurodollar market. In 1972,
U.S. short-term interest rates generally
rose faster than Eurodollar rates, except
during a few periods of exchange market
speculation, and encouraged inflows to
U.S. banks from their foreign branches
and to U.S. agencies of foreign banks
23
from their head offices abroad, thus
increasing U.S. liabilities. Liquid assets
other than reserves also increased in
1972, but less than liabilities.
The other combinations of assets and
liabilities in table 4 are concerned with
longer term developments in the liquidity structure of the international investment position. Ratio Bl, which
compares total U.S. short-term assets
to total short-term liabilities, including
nonliquid, declined much less in 1972
than in 1971. Exemption of export
credits from the Voluntary Credit
Restraint Program in the fourth quarter
of 1971 allowed banks to increase further their foreign short-term nonliquid
assets in 1972. On the other hand, U.S.
short-term nonliquid liabilities showed
only a small rise in 1972, as U.S. corporate overseas borrowing was mostly
longer term since long-term interest
rates remained relatively stable and
rising U.S. stock prices favored convertible bond issues at low interest
rates.
A significant change in 1972 was the
decline in ratio B2, which compares
long-term assets to long-term liabilities
to private foreigners. This ratio, which
had been virtually stable in the last
four years, dropped to 2.67 in 1972 from
2.93 in 1971. The decline probably
reflected the combined influences of a
rapid rise in U.S. business activity and
the dollar devaluation of December
1971, as both these factors attracted
foreign funds to the U.S. securities
market.
Table 4.—Liquidity Ratios: Outstanding U.S. Assets Abroad to Liabilities to Foreigners, by Degree of Liquidity
Refer
to
chart
Lines in table 3
Ratios
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1.48
1.26
1.11
1.00
0.93
0.77
0.85
1.00
0.59
0.24
.92
.82
.71
.70
.66
.58
.54
.47
.48
.43
.36
.24
.22
1.12
1.06
.92
.91
.84
.79
.71
.70
.64
.58
.43
.40
3.20
3.00
3.38
3.26
3.27
3.36
3.56
3.37
2.94
3.03
2.93
2.93
2.67
2.09
2.00
2.08
2.02
2.02
2.06
2.08
1.94
1.81
1.74
1.71
1.47
1.34
Monetary combinations
Ai
A2
21
41
Reserves
Liabilities to foreign official agencies
17
36
Liquid assets
Liquid liabilities to private foreigners and liquid and nonliquid liabilities
to foreign official agencies
0.21
Other combinations
Bi
B2
Bj
14+17
36+36
Liquid and nonliquid short-term assets
Liquid and nonliquid short-term liabilities and nonliquid liabilities to
foreign official agencies
4+8
28+29
Long-term assets
Long-term liabilities to other than foreign official reserve agencies
2
26
Total U.S. assets abroad
Total U.S. liabilities to foreigners
By ALBERT A. HIRSCH
The BEA Quarterly Model as a Forecasting Instrument
O I N C E the early 1960's, there has "exogenous" variables (those that are
been an explosive growth in the number determined outside the system) and the
of econometric models of the U.S. "initial conditions" (values of both
economy. The models now existing kinds of variables in the period(s) just
differ considerably as to the underlying before the prediction period) are "given"
theoretical framework, intended use, (in the sense of being known or being
extent of disaggregation, specific for- hypothetically assumed). Predictions
mulation of comparable relationships, can refer to the past as well as to the
and time unit (month, quarter, or year). future. One may also assume both the
The Bureau of Economic Analysis initial conditions and the exogenous
(BEA) quarterly model belongs to the variable hypothetically, in which case
family of "large" models whose primary the predictions do not pertain to any
use is in forecasting. It is also used to historical time period at all. The preanalyze the impact of alternative Gov- dictions that are analyzed in this arernment policies. It is a substantially ticle, however, were made with actual
revised and enlarged version of a model initial conditions and known exogenous
published in 1966.l The model now variables.
Forecasting refers to the estimation
contains 63 behavioral equations. The
model equations and an explanation of of the probable future values of ecothem are presented in a BEA staff nomic variables. Forecasts differ from
paper.2 An interim version of the model, predictions in that they require judgtogether with an analysis of sample mental forecasts of exogenous variables
period predictions and cyclical proper- in place of known or hypothetical
values. (As is explained later, most
ties, is presented elsewhere.3
This article examines and evaluates econometric forecasters introduce other
the predictive and forecasting proper- judgmental elements as well.) They
share in common with predictions the
ties of the model. In the present confeature that the model translates the
text, the following distinction is drawn
initial conditions and exogenous varibetween prediction and forecasting. ables into a set of endogenous outputs.
Prediction pertains to the determina- The end result in the case of forecasts,
tion of values of the "endogenous" however, is a set of unconditionally
variables in the model (the variables stated expectations of what is most
that are explained by the system of likely to happen, thus contrasting with
equations), when the values of the the conditional nature of predictions.
(In practice, we frequently deviate
1. Maurice Liebenberg, Albert A. Hirsch, and Joel Popkin,
from
forecasting in this pure sense by
"A Quarterly Econometric Model of the United States: A
generating more than one set of outputs
Progress Keport," SURVEY OF CURRENT BUSINESS. May 1966.
The model was generally referred to as the "OBE model"
for a given time period, based on alterprior to the renaming of the Office of Business Economics as
native assumptions for some of the
the Bureau of Economic Analysis.
2. Albert A. Hirsch, Maurice Liebenberg, and George R.
inputs.)
Green, "The BEA Quarterly Model," Bureau of Economic
The first major section of the article
Analysis Staff Paper No. 22, July 1973, available from the
National Technical Information Service, Springfield,
presents
an investigation of the errors
Virginia 22151. Order by COM 73-11114. Price is $3.00.
made
when
the model is used without
3. George R. Green, in association with Maurice Liebenberg and Albert A. Hirsch, "Short- and Long-term Simulations with the OBE Econometric Model" in Econometric
Models of Cyclical Behavior, edited by Bert G. Hickman,
Studies in Income and Wealth, 36, Vol. 1, National Bureau of
Economic Research, 1972.
24
NOTE.—Computational and clerical assistance
in the preparation of this article by Fannie M.
Hall, Irene M. Mattia, and Judith K. White
is gratefully acknowledged.
judgmental modifications to predict
both within and beyond the "sample
period," that is, the period from which
the data used to fit the equations are
taken. The basic summary statistic
used to measure error is the "root mean
square error," which is defined later.
While the main focus is on the quantitative accuracy of predictions, the degree
of success in predicting business cycle
turning points is also examined. The
second major section analyzes the record
of errors in actual forecasts made with
various versions of the BEA model
over the period 1966-71 and compares
those results with the post-sample
prediction errors and with errors generated by certain other procedures. A
final section summarizes the major
statistical findings.
The whole inquiry—both its prediction and forecasting aspects—is aimed
at the question: How reliable is the
model as a forecasting instrument? The
article does not provide an unambiguous answer to this question. However,
both the quantitative error statistics
and the analysis of turning point predictions show a substantial tendency
toward deterioration as the prediction
or forecast horizon lengthens. Since a
large part of the impact of many kinds
of Government economic policy actions
occurs several quarters after such actions, further improvements in econometric modeling are desirable.
An econometric model is a set of
equations comprised of behavioral relationships plus "identities," or definitional relationships. The behavioral
relationships are specified (as far as
possible) on the basis of economic
theory and are estimated by fitting
regressions to actual data. A basic
assumption is that the relationships
are "stochastic." That is, even if all of
the important causal determinants are
August 1973
included as explanatory variables in an
equation and the form of the equation
is properly specified, there remains a
random or unexplained error term
(often called "disturbance'7) which represents the net effect of the myriad
other forces that are acting on the
dependent variable.
The stochastic nature of the behavioral relationships is a fundamental
source of predictioD error in an econometric model. The unexplained, and
therefore unpredictable, random disturbances are a direct cause of errors
in the dependent (endogenous) variables. They also cause prediction error
indirectly since in the estimation process they give rise to sampling errors in
the coefficients; and erroneous coefficients result in wrong predictions of
the effects that changes in one variable
have upon another.
A second source of prediction error
is errors in specifying behavior relationships. Specification errors can take the
form of omission of important causal
variables that should be included, inclusion of variables that should be
excluded, or incorrect mathematical
formulation of the function. A related
source of error which manifests itself
primarily in post-sample predictions
and forecasts is structural change, i.e.
the tendency for the "true" parameters
of the system to change over time. It
can be argued that this phenomenon
simply reflects omission of variables,
but such omissions can be manifold and
hard to pinpoint or quantify.
A third class of sources of prediction
error are various special problems of
estimation. As in the case of random
disturbances, these problems can give
rise to prediction error via their tendency to yield incorrect estimates of
parameters. These include intercorrelation among explanatory variables,
autocorrelation of disturbances, simultaneity of equations, inclusion of lagged
dependent variables, errors in the measurement of data, and again, errors in
specification. The deficient characteristics of the estimated coefficients that
arise when appropriate corrective econometric techniques are not or cannot
be applied are mainly "bias" (the
tendency to under- or overestimate the
parameters), and "inefficiency" (the
SURVEY OF CURRENT BUSINESS
tendency for parameter estimates based
on different samples of data to be
widelv dispersed).
Forecasts are subject to all the
sources of prediction error, but they
are also subject to additional sources of
error. First, there are errors in projecting exogenous variables. Second,
there are errors in the judgmental
adjustments made to the model equations. Third, forecasts are normally
made using preliminary (and sometimes
incomplete) data for initial conditions;
this is a source of error that would be
absent if complete revised data were
used.
Fortunately, the law of large numbers in statistics leads us to expect that
the various sources of error tend to be
offsetting in their impact on the prediction of particular variables. As the
evidence presented in this article shows,
there is an analogous offsetting tendency with respect to errors in the components of key aggregates.
Prediction Errors
There is no direct way to test the
forecasting ability of a model prior to
actual forecasting use. However, since
prediction errors are likely to be major
contributors to forecasting errors, an
obvious indirect test of a model's likely
forecasting performance is to see how
well the model predicts endogenous
variables in periods for which actual
values are known, using known values
of exogenous variables, the latest revised data for the initial conditions, and
perhaps crude estimates of the direct
impacts of such exogenous factors as
major strikes or strike threats. Such
tests can be made both within and
beyond the sample period.
Tests beyond the sample period are
particularly crucial since these indicate
the stability of the model relationships;
good performance within the sample
period may reflect, in part, ad hoc
selection of relationships on the criterion of fit. Unfortunately, the "degrees of freedom" provided by usable
time series observations are relatively
scarce. Accordingly, most of the available observations must be used for
fitting the model's equations, leaving
only a small number of available
25
periods for post-sample testing. For
this reason, as well as the need to
determine how well the post-sample
performance holds up relative to that
of the sample period, the error statistics
for the latter provide important additional information.
One- to six-quarter
predictions
The quantitative prediction errors
were obtained by running dynamic
simulations for overlapping six-quarter
spans covering both the bulk of the
sample period, which is 1953-11—
1968-IV, and a post-sample period
(1969-1—1971-11) and comparing predicted with actual values. In dynamic
predictions, computed rather than
actual values of lagged endogenous
variables are used as inputs for subsequent periods. The first sample-period
prediction sequence begins in 1953-IV
and ends in 1955-1; the second begins
in 1954-1 and ends in 1955-11, and so
on, through the sequence ending in
1968-IV. A six-quarter span was chosen
because that is a usual forecasting
horizon. Error statistics (to be described shortly) were calculated for all
predictions one quarter ahead, all
predictions two quarters ahead, . . .,
and all predictions six quarters ahead.
In order to calculate all the summary
error statistics with the same number
of observations for all horizons and to
have all of them cover the same time
period, errors for periods prior to
1955-1 were not used. Thus, the sample-period error statistics are based
on 56 sets of predictions covering the
14 years from 1955-1 through 1968-IV.
For the post-sample period, there are
only 10 sets of predictions covering
the 2Y2 years from 1969-1 through
1971-II.4
In making the predictions, account
was taken of serial correlation in the
equation residuals, that is, the tendency
for the residuals of successive time
periods to be systematically related;
this is, after all, useful information that
should not be discarded in making pre4. The data reported in this study were compiled prior
to the July 1972 revision of the national income and product
accounts. Hence the "actual" values of national income
variables against which errors are measured are based on
the accounts as of July 1971.
26
SURVEY OF CURRENT BUSINESS
evaluating RMSE statistics, that the
RMSE gives more weight to extreme
errors than does the average absolute
error and thus tends to be larger.
Sample period. Table 1 shows RMSE's
for the period 1955-1—1968-IV for predictions of major variables with
horizons of from one to six quarters.
Only RMSE's for endogenous components of GNP are shown since
exogenous variables are assigned their
actual values and hence show no error;
Adjt+i = Y2 b^et+het-i)
for this reason, exports, military imports, and government purchases of
where et is the observed residual in the goods and services are not listed.
initial quarter (first quarter prior to Second, it should be noted that the
prediction period), et-i is the residual model determines components of real
in the previous quarter, b is the esti- GNP and corresponding price deflators;
mated autocorrelation coefficient, and thus the RMSE's for current-dollar
i is the number of quarters from the magnitudes—real magnitudes times
initial quarter being predicted.5
prices—represent composites of errors
in the basic variables.
Size of prediction errors
Two generalizations can be made
The basic summary error statistic about the RMSE's. First, the errors
in this study is the root mean square generated grow in size as the prediction
error (RMSE), which is given by the horizon lengthens. This phenomenon
reflects accumulation of errors through
formula
lagged variables, which, after the first
predicted quarter, also contain prediction errors. The tendency toward inwhere Pt represents the predicted value creasing error is greatly subdued in the
for the i-th observation, At the cor- prediction of quarterly changes, as
responding actual, and N the number of can be seen in the second line of table 1
observations. Alternative measures, where RMSE's for change in currentsuch as the average absolute error,6 dollar GNP are shown. The reason for
could be used. However, the RMSE has this is that in any prediction sequence
useful analytical characteristics; in the accumulation of errors through
particular, its square (the mean square lagged variables tends to be in one
error) can be decomposed into contrib- direction; to this extent, accumulation
uting elements, as shown later, is registered in the levels, but not in the
whereas the average absolute error changes. The second generalization is
cannot. It should be kept in mind, when that RMSE's for aggregates, such as
GNP or personal consumption expenditures,
are less than the sum of com5. The adjustments were made to the "normalized" equations. Thus, if the dependent variable of a behavioral eqa- ponent RMSE's. This reflects the
tion that is estimated in constructing the model is not a
tendency of errors to be offsetting.
simple endogenous variable, but, for example, a ratio such as
CSNH/N (nonhousing services consumption per capita),
The largest errors among components
then the equation is first transformed so that only a single
of
real GNP are in nondurables conendogenous variable appears on the left. In the example here,
both sides of the equation are first multiplied by N (popu- sumption, nonresidential fixed investlation) before the adjustment formula is applied.
It should be noted that use of the above formula for the ment, and change in business invensample period predictions is quantitatively not very importories. (The size of the RMSE's in nontant, since many of the estimated equations already contain a
durables consumption is not surprising
correction for serial correlation in the residuals via the
"Cochrane-Orcutt" transformation. Thus, with a few excep- since this is the largest single component
tions, the 6 coefficients are relatively small.
of real final demand in the model.)
6. Average absolute error=
Relative sizes of errors in the real final
demand components are roughly reflected in those of the corresponding
i.e., in computing the sum of the errors, the signs of individual
current-dollar magnitudes.
errors are disregarded.
dictions. Specifically, in equations in
which serial correlation is significantly
present, additive adjustments were
made to the constant term based on the
last two observed residuals prior to the
prediction period and the estimated
autocorrelation coefficient. The adjustments are such that they decay from a
weighted average of the two residuals
toward zero over the prediction period.
In algebraic terms:
August 1973
RMSE's for personal income are
larger than those for corporate profits,
and increase more rapidly as the prediction horizon lengthens. However,
profits are much smaller than personal
income; thus, in percentage terms (not
shown), profit predictions are subject to
considerably larger errors.
Compared with errors in currentdollar GNP and real GNP, errors in the
implicit price deflator for private GNP
are surprisingly small. This can be seen
from comparisons of root mean square
percentage errors for the three magnitudes, as shown in the last three lines
of table 1. A percentage error is computed as
and the root mean square percentage
error is calculated analogously to the
RMSE. Because errors in the price
level predictions are relatively small,
errors in real GNP carry through directly into errors in current-dollar GNP.
In the first prediction quarter, the root
mean square percent error in real GNP
is more than three times as great as
that in the private deflator. By the fifth
and sixth prediction quarters this ratio
is nearly four. However, the relatively
small errors in the aggregate price index
reflect larger but offsetting errors among
component price deflators.
Errors in the unemployment rate
reflect, in part, those in real output.
This is seen in the fact that errors in
employment, which is directly related
to output, are larger (the more so as the
prediction horizon lengthens) than those
in labor force. Errors in both short- and
long-term interest rates remain quite
low over the whole six-quarter prediction horizon.
Post-sample period. Error statistics for
predictions beyond the sample period
are derived from only 10 sets of overlapping predictions covering 2}& years,
as against 56 full sets covering 14 years
in the sample period. Predictions over
six-quarter spans in the post-sample
period (1969-1 through 1971-11) were
obtained in the same way as the sampleperiod predictions with two modifications: (1) The constant adjustments
were made to decay over the prediction
horizon from the average of the last
SUEVEY OF CURRENT BUSINESS
August 1973
two periods' residuals prior to the prediction period toward an average of the
last eight quarters' residuals rather than
toward zero; 7 (2) special adjustments
were incorporated to handle the direct
effects of the General Motors strike in
late 1970. The first modification allows
for the fact that beyond the sample
period, the average prediction error of
the equation may differ from zero because of specification errors or gradual
structural change. The eight-quarter
average error is intended to represent
an updated long-run average of expected errors. The second modification
takes into consideration that the impact
of the GM strike was considerably
greater than that of previous strikes,
whose mean effects are represented
7. The formula used is
Adjt+i=Hbi[(et-6-i:8)+b(et-i-e-i: 8 )]+8-i:8,
where e-i:s=
by the coefficients of strike dummy
variables.
Prediction errors for the post-sample
period, shown in table 2, are generally
larger than for the sample period. This
result is to be expected. Most of the
variables in the model exhibit substantial growth trends. I t is thus natural
that the prediction errors should be
larger in the post-sample period when
the values of the variables are large as
compared with those of the sample
period. Furthermore, it can be shown
that even if the random disturbances
do not increase in size with that of the
endogenous variables, expected prediction errors grow with the increasing
gap between current and sample mean
values of the explanatory variables. The
tendency toward increasing error is aggravated by errors in specification and
by structural changes. Another likely
27
reason for the larger errors is that this
particular period was an inherently difficult one to predict.
For current-dollar GNP, the ratio
of RMSE's in the 1969-71 period to
RMSE's in the 1955-68 period averages
to about 2.3 over the whole prediction
horizon (see table 3). For real GNP
this ratio is about 1.7. For the private
GNP deflator, the ratio is 1.5 for onequarter predictions and rises to 2.6 for
six-quarter predictions. The "amplification" of the root mean square percentage errors is much smaller, though
for each variable and all prediction
horizons it is still greater than 1.0.
Among GNP components, errors in
personal consumption expenditures are
much larger relative to errors in total
GNP in the post-sample than in the
sample period. Most of this difference
is accounted for by substantially larger
Table 1.—Root Mean Square
Errors of Selected Variables:
Sample Period Predictions
(1955-1—1968-IV)
Table 2.—Root Mean Square Errors
of Selected Variables: Postsample Period Predictions (1969I—1971-11)
Table 3.—Ratios of PostSample
Period
to
Sample Period
Root
Mean Square Errors
Prediction horizon (quarters)
Prediction horizon (quarters)
Prediction horizon (quarters)
1Q
2Q
3Q
4Q
5Q
6Q
1Q
2Q
3Q
4Q
5Q
1Q
2Q
3Q
4Q
5Q
2.94
2.94
5.16
3.83
9.36
4.05
11.61
4.10
13.65
4.25
6.01
6.01
11.01
7.42
18.42
7.46
23.63
6.79
6.68
1.91
.95
.54
2.03
.51
2.77
1.69
1.06
2.58
7.31
3.96
3.66
2.35
1.43
2.82
4.62
3.04
1.66
3.12
1.12
5.90
3.79
1.73
3.45
1.28
7.10
4.50
1.72
3.74
1.45
2.05
1.26
3.01
3.56
6.97
3.41
2.85
3.66
3.84
10.83
4.95
3.56
4.54
4.08
13.77
6.56
3.64
5.54
4.99
5.36
6.72
8.16
3.26
7.79
13.32
18.00
6Q
30.56
6.43
2.0
2.0
2.1
1.9
2.5
1.9
2.5
1.7
2.4
1.6
2.2
1.5
16.69
8.84
3.48
5.31
5.21
18.82
10.71
3.31
4.58
5.44
2.1
2.2
2.3
1.5
7.0
2.5
2.0
2.7
1.4
5.3
3.0
2.1
2.5
1.6
3.0
2.2
2.2
1.8
4.5
2.8
2.3
2.0
1.5
4.1
2.7
2.4
1.9
1.2
3.8
22.62
25.76
1.7
2.5
3.4
3.4
3.2
1.2
1.1
1.0
Billions of dollars:
Gross national product
Change in GNP
Personal consumption expenditures
Fixed nonresidential investment
Residential structures
Change in business inventories
Imports of goods and services.
_
Personal income Corporate profits and inventory valuation adjustment
1.97
1.95
.72
3.14
4.22
3.2
5.32
5.60
5.53
1.1
1.1
.92
13.28
7.98
3.20
2.04
2.83
2.32
.30
3.77
2.55
3.79
3.07
1.06
16.06
9.41
3.86
2.31
3.10
2.63
.38
4.77
2.57
4.66
3.72
1.16
17.78
10.31
4.19
2.26
3.35
2.88
.54
6.35
2.48
4.46
3.76
1.21
17.16
10.11
4.26
1.90
3.15
2.90
.67
7.56
2.39
3.91
3.77
1.23
1.6
1.7
2.3
2.2
1.3
3.2
.7
1.7
1.8
1.3
6.5
5.8
1.7
2.1
2.5
2.7
1.5
3.8
.5
1.8
2.1
1.2
4.5
6.6
2.0
2.3
2.7
3.0
1.5
4.3
.5
1.8
2.0
1.4
3.6
7.1
1.9
2.2
2.7
3.0
1.5
4.7
.5
1.8
1.7
1.6
3.6
7.3
1.7
2.0
2.6
2.5
1.4
5.0
.5
1.9
1.6
1.4
3.2
7.1
1.5
1.7
2.5
1.9
1.2
4.6
.5
1.9
1.6
1.1
2.8
6.8
.27
50.0
.93
.44
74.1
1.36
.61
110.2
1.66
.70
143.9
1.71
.95
176.6
1.89
1.51
200.2
1.87
1.5
1.6
1.3
1.5
1.7
1.7
1.5
1.9
1.6
1.5
2.1
1.4
1.8
2.3
1.4
2.6
2.3
1.2
.35
.65
.79
.42
.42
.22
.59
.78
.39
.74
1.18
.67
.89
1.52
1.03
1.83
1.15
1.14
2.03
1.26
1.8
1.4
.7
2.1
2.0
2.5
2.7
1.2
2.8
3.1
1.4
3.0
3.2
1.6
3.3
3.1
1.6
.25
.20
.27
.20
.70
.84
.49
.84
.47
.95
.49
1.11
.46
3.9
4.2
3.7
3.8
3.5
3.3
3.5
2.6
3.8
2.3
4.1
2.3
1.98
1.90
.49
2.34
2.19
.57
.64
.63
.21
2.00
1.83
.47
2.53
2.22
.55
2.99
2.45
.76
3.23
2.37
1.20
1.3
1.2
1.2
1.4
1.2
1.2
1.6
1.4
1.3
1.6
1.4
1.3
1.5
1.3
1.5
1.4
1.1
2.1
3.78
4.50
5.22
5.71
2.15
3.20
4.92
2.68
1.00
.59
1.56
.48
.43
1.52
.99
2.48
.69
.14
6.75
3.51
1.20
.67
1.86
.54
.60
2.11
1.31
2.71
.86
.15
8.46
4.30
1,42
.78
2.10
.56
.78
2.70
1.49
2.99
1.03
.16
10.25
5.16
1.62
.89
2.35
.58
1.00
3.38
1.52
3.31
1.19
.17
11.83
5.92
1.74
1.01
2.59
.63
1.23
4.02
1.46
3.60
1.34
.18
4.56
3.21
1.78
1.05
1.73
1.26
.17
1.50
.91
2.52
2.97
.75
8.11
5.50
2.45
1.57
2.26
1.83
.20
2.66
2.09
3.05
3.10
Implicit price deflator, private GNP (1958=100)_ .18
.30
Wages per private employee (dollars per year). _. 30.4 43.5
Index of private output per manhour (1958=100). .72
.82
.40
57.2
1.01
.48
68.7
1.20
.52
77.4
1.35
.58
89.0
1.52
.32
.49
.65
.34
.58
.73
.24
.15
.24
.18
1.26
1.28
.36
1.59
1.59
.44
2.84
4.4
1.3
Billions of 1958 dollars:
Gross national product...
Personal consumption expenditures
Automobiles and parts
Nonauto durables
Nondurables..
Nonhousing services.
Housing services
Fixed nonresidential investment
Residential structures
Change in business inventories.
M erchandise imports
S e rvices imports, nondefense
.-.
2.80
1.90
.77
.48
1.32
.39
.26
.87
.52
1.96
.46
.13
Miscellaneuos variables:
Civilian labor force (millions)
Employed
Unemployemnt rate (percent)
.24
.30
.32
Average yield on 4-6 months commercial paper
(percent).
Average yield, corporate bonds (percent)
.28
.40
.48
.23
.13
Root Mean Square Percentage Errors:
Gross national product
GNP in 1958 dollars.
Implicit deflator, private GNP. _
...
1.19
1.12
SURVEY OF CURRENT BUSINESS
28
errors in purchases of autos and parts
and of nonhousing services. Errors in
imports are also much larger. By contrast, errors in housing services are
smaller and errors in inventory investment are only moderately larger.
Errors in personal income are much
larger. This results from positive bias
(discussed below) both in the average
private wage rate and in private employment, which result in large errors
in employee compensation. The errors
in corporate profits, however, are only
slightly larger.
The unemployment rate is very well
predicted on the average in one- and
two-quarter predictions, but the error
mounts more rapidly in subsequent
quarters than in the comparable quarters within the sample period. Errors
in the short- and long-term interest
rates are uniformly larger.
Bias component of errors
To what extent are prediction errors
the result of systematic factors rather
than purely random? There are several
kinds of systematic error, the most
important of which is bias, that is,
a persistent tendency to underpredict
or overpredict.8 The degree of bias in
sample period and post-sample period
predictions is examined here.
The quantitative importance of bias
can be analyzed by decomposing the
mean square error (MSE) into the bias
component (F-J) 2 —that is, the square
of the average prediction error—and
the variance of the error around the
average (S2P.A):
MSE=RMSE 2 = (P-S) 2 +S 2 p. A
Table 4 shows, for sample-period
predictions of selected variables, the
average prediction error (F-5), the
standard deviation of the mean prediction error (Sp_J), and the "bias proportion" of the MSE, that is (F-J) 2 /
8. Two other kinds of systematic error may be noted. First,
even if errors are on the average unbiased, it is possible that
for low values of a variable actuals are underpredicted while
for high values they are overpredicted, or vice versa. Such
predictions are said to be inefficient. Another systematic
factor frequently found in judgmental forecasts, is underprediction of changes, whether postive or negative. Under
estimation of change is not necessarily inconsistent with
unbiasedness and efficiency.
MSE. The average error is a direct
measure of bias which preserves its sign
(direction) and the bias proportion indicates the importance of bias in the
total error. Table 5 shows the same
statistics for post-sample predictions.
During the sample period, average
errors for current-dollar GNP and real
GNP are small for the whole prediction
horizon and not statistically significant.9
There is also an absence of significant
bias in most GNP components, personal income, corporate profits, the
implicit deflator for private GNP, and
the unemployment rate. There is, however, a significant negative bias in imports for all six quarters. There is also
a noticeable positive bias in business
inventory investment, but it is not
significant at the 5 percent level. Except for imports, the bias proportion
is well under 10 percent.
The post-sample period errors present a marked contrast to those of the
sample period in respect to bias. (However, the caution given in footnote 9
about interpreting the significance test
for bias applies even more strongly to
the post-sample than the sample period
because of the much smaller number of
observations in the former.)
Average errors in both current-dollar
GNP and real GNP are positive and,
after the first quarter, significantly so
at the 5 percent level. Moreover, bias
accounts for a sizable proportion of the
mean square error. Average errors in
the private GNP deflator are also
positive, but are significant only in the
fifth and sixth quarters.
All major endogenous GNP components begin to show significant positive
bias at some point within the sixquarter prediction horizon. For residential construction and business
inventory investment, the bias is significant from the start; for other components, it is significant only after the
second or third quarter. The positive
bias in imports tends to dampen the
positive bias in GNP.
9. The 5-percent level of significance is used, based on the
J-test, £=(P-A)/p_-j A f-ratio of approximately 2 or more
indicates that the mean error is significantly different from
zero, that is, that bias is significant. It should be noted, however, that in the present context the significance test is deficient since the observations are not truly independent because they derive from overlapping predictions.
August 1973
On the income side, there is significant positive bias in personal income.
There is negative bias in the unemployment rate and significant positive bias
in the private GNP deflator after the
fourth quarter.
Turning point errors
Thus far we have been concerned
with the quantitative aspect of predictive performance, that is, with the size
of errors. Of perhaps equal importance
is the ability of a model to detect well
in advance changes in the direction of
economic activity. The degree of reliance that can be placed on models to
anticipate business cycle turning points
depends on the extent to which they
incorporate the cyclical dynamics of
the real world.
The view of the business cycle that is
consistent with the structure of most
econometric models is that the basic
(nonstochastic) behavior relationships
in the economy do not result in sustained cycles, but that cycles are induced by interaction, via dynamic lag
patterns, between that system of relationships, on the one hand, and random
shocks to those relationships and to the
smooth paths of the exogenous variables, on the other. The theoretical
foundation for this view was developed
by Slutsky.10 Its relevance was later
tested first on an earlier annual U.S.
model n and more recently on two
quarterly models including a version of
the BEA model.12 In the first study a
clear similarity was found between
observed historical cycles and cycles
simulated by a model "shocked" with
random disturbances. In the more
recent study, the similarity was found
to be somewhat more tenuous.
Nonstochastic simulations with the
BEA model and with two other
quarterly models, made continuously
over each model's full sample period
and beyond (i.e., simulations without
10. Eugen Slutsky, "The Summation of Random Causes
as the Source of Cyclical Processes," Econometrica, April 1937.
11. Frank and Irma Adelman, "The Dynamic Properties
of the Klein-Goldberger Model," Econometrica, October 1959.
12. Victor Zarnowitz, Charlotte Boschan, and Geoffrey H.
Moore, "Business Cycle Analysis of Econometric Model
Simulations" in Econometric Models of Cyclical Behavior,
edited by Bert G. Hickman, Studies in Income and Wealth,
36, Vol. 1, National Bureau of Economic Research, 1972.
SURVEY OF CURRENT BUSINESS
August 1973
29
Table 4.—Bias in Sample Period Predictions of Major Items
Table 5.—Bias in Post-Sample Period Predictions of Major Items
[Average errors and standard deviations are in $billions, except as otherwise indicated]
[Average errors and standard deviations are in $billions, except as otherwise indicated]
Prediction horizon (quarters)
Prediction horizon (quarters)
1Q
2Q 1
3Q
4Q
5Q
6Q
0.53
0.88
0.74
0.49
0.18
-1.01
s
[(P-S)2/MSE]o
P-Sb
GNP in 1958 dollars:
P-S
.50
.83
.032
.029
1.05
.010
.32
.55
.30
1.26
.003
-.10
1.42
.000
-.76
1.57
.006
-1.40
S
P-S
[(P-S)2/MSE]
Implicit deflator, private GNP (1958=
.72
.013
.90
.013
.002
1,07
.001
1.22
.005
.03
.04
.05
.07
.06
.45
1.36
.014
100):
P-S
S
P-S
[(P-S)2/MSE]
Personal consumption expenditures:
P-S
s
P-S
[(P-J2/MSE]
Fixed nonresidential investment:
P-S
s
P-S
[(P-S)2/MSE)
Residential structures:
P-S
s
P-S
[(P-S)2/MSE]
Change in business inventories:
P-S
s
P-S
[(P-S)2/MSE]
Imports of goods and services:
P-S
s
P-S
[(P-S)2/MSE]
Personal income:
P-S
s
[(P-S)2/MSE]
P-S
Corporate profits and inventory valuation adjustment:
P-S
b
P-S
[(P-S)2/MSE]
Unemployment rate (percent):
P-S
.01
P-S
[(P-S)2/MSE]
.02
.04
.19
.07
.08
.10
.028
.018
.016
.021
.013
.0003
.12
.22
.34
.37
.26
.01
.25
.36
.48
.61
.78
.95
.004
.018
.009
.007
.002
.000
.08
.17
.32
.43
.45
.39
.13
.23
.31
.40
.50
.60
.007
.011
.018
.020
.014
.008
-.05
-.12
.07
.14
.010
.012
.41
.64
-.16
-.20
-.22
-.225
.19
.22
.23
.23
.013
.014
.016
.017
.71
.71
.67
.64
.21
.34
.37
.41
.45
.49
.041
.061
.064
.052
.038
.029
-.15
-.26
-.34
-.42
-.48
-.55
.06
.09
.11
.14
.16
.18
.081
.131
.136
.141
.143
.144
.36
.66
.78
.69
.39
.01
.31
.49
.62
.75
.86
.99
.033
.045
.034
.017
.004
.000
.23
.39
.28
.25
.10
.31.
.014
-.06
-.14
.45
.58
.68
.76
.82
.018
.006
.003
.000
.000
-.08
-.09
-.08
-.04
.00
.04
.06
.07
.07
.08
.08
.035
.028
.024
.015
.004
.000
a Average prediction error.
b Standard deviation of average piediction error.
c Bias propoition (square of average en or as a proportion of mean square error).
3Q
1.38
5.10
9.38
.053
1.31
.215
2.12
.259
2.65
.295
3.06
.337
3.24
.373
.48
3.04
5.96
8.31
9.78
9.18
.61
.011
1.00
.141
1.59
.201
1.84
.268
1.99
.303
1.94
.286
.01
.04
.12
.17
.43
1.01
.03
.05
.08
.09
.11
.15
.000
.010
.038
.059
.205
.447
4Q
5Q
6Q
(P-A>
12.84
16.31
18.66
q
P-Sb
[(P-S)2/MSE]e
GNP in 1958 dollars:
P-S
s
P-S
[(P-S)2/MSE]
Implicit deflator, private GNP
(1958=100):
P-S
.78
S
Q
b
2Q
Gross national product:
Gross national product:
(P-S)*
1Q
P-S
[(P-S)2/MSE]
Personal consumption expenditures:
P-A
q
o
P-S
[(P-S)2/MSEJ
Fixed nonresidential investment:
P-S
q
b
P-S
[(P-S)2/MSE]
Residential structures:
P-S
q
b
P-S
[(P-S)2/MSE]
Change in business inventories:
P-S
q
b
P-S
[(P-S)2/MSE]
Imports of goods and services:
P-S
q
b
P-S
[(P-S)2/MSE]
Personal income:
P-S
q
b
P-S
[(P-S)2/MSE]
Corporate profits and inventory valuation
adjustment:
P-3
q
b
P-S
[(P-S)2/MSE]
Unemployment rate (percent):
P-S
s
P-S
[(P-S)2/MSE]
-.17
.59
2.30
4.12
6.50
8.90
.53
.92
.002
.007
1.42
.045
1.76
.090
2.06
.152
2.22
.224
.05
.59
1.98
3.30
5.11
6.81
.27
.45
.61
.76
.97
.001
.030
.160
.253
.334
1.11
.404
1.07
2.63
3.41
3.57
3.35
3.14
.09
.15
.13
.10
.13
.14
.721
.852
.918
.962
.927
.900
.73
2.00
3.14
3.76
4.00
3.40
.36
.41
.44
.54
.47
.41
.058
.300
.478
.461
.567
.551
.25
.67
1.41
.48
.51
.51
.005
.030
.119
.73
3.46
.42
.93
.050
.197
6.95
1.87
2.60
3.54
.62
.61
.55
.140
.249
.423
10.23
13.60
16.38
1.52
.272
1.98
.323
2.42
.361
2.66
.404
.36
1.03
1.30
1.18
•1.32
1.06
.28
. .41
.104
.63
.70
.73
.73
.072
.049
.056
.037
.028
-.01
-.23
.03
.05
.002
.349
-.50
-.75
-.97
-1.08
.08
.10
.12
.12
.557
.651
.711
.734
a Average piediction error.
6 Standard deviation of average piediction eiror.
c Bias pioportion (square of average en or as a pioportion of mean square error).
SURVEY OF CURRENT BUSINESS
30
random shocks), show that the models turn in 1956-IV and the upturn in
tend to replicate well the first actual 1958-11 are not nearly as good. While
business cycle in the period being the changes in direction of real GNP
simulated but to follow only weakly are recognized in all six simulations,
the contours of subsequent cycles, or to those beginning more than one quarter
miss turning points altogether.13 This before the downturn and that beginning
happens in part because the shocks that three quarters before the upturn preare reflected in the lagged endogenous dict the respective turning points one
variables that define the initial con- quarter early. More important, the
ditions damp out over time, and so, depth of the 1957-58 recession is badly
accordingly, does the cyclical behavior underestimated.
of the model since it receives no further
The 1960-11 downturn is predicted
shocks other than erratic changes in the by all three simulations begun prior to
exogenous variables.
it, despite the relative mildness of that
The above theoretical and empirical recession. However, the model depicts a
evidence leads us to expect that for shorter recession than actually ocshort prediction horizons models may curred. In all simulations except the
do reasonably well in predicting turning one beginning one quarter before the
points. The panels in chart 10 show upturn, an early upturn is predicted.
The moderate downturn in 1969-IV
actual paths of real GNP in the vicinity
of specific cyclical turning points in is correctly predicted in each of the
real GNP, and predicted paths using downturn simulations. However, the
the BEA model. Three six-quarter simu- upturn in 1970-11 is predicted with a
lations were run in the vicinity of each lag by each of the three simulations
turning point. A turning point (down- related to it. The simulation beginning
turn or upturn) is defined to be the from 1970-1 does show a slight gain for
quarter following a peak or trough in 1970-11, but that is followed by two
real GNP. The simulations were initi- quarters of further decline so that it
ated from one, two, and three quarters cannot be regarded as a genuine upturn
before the turning point. The turning
prediction. Nevertheless, the simulapoints include four upturns beginning
tions do follow broadly the contour of
with that of 1954 and three downturns
beginning with that of 1957. All the the actual economy. (It should be noted
recessions and recoveries, except the that the sharp temporary dip in 1970most recent one, occurred within the IV is associated with the General
Motors strike, and is unrelated to the
sample period,.
recession;
no allowance was made for
A summary tabulation showing the
u
degree of the model's success in identi- strike effects in these simulations.)
fying turning points and the extent of
Forecasting Errors: 1966-71
mis timings is given in table 6. As one
might expect, the proportion of misForecasts using the BEA quarterly
timed turning point predictions in- model, beginning with the version pubcreases with the interval between the lished in 1966, have been made regularly
initial quarter and the turning point.
with horizons of four or more quarters.
For all predictions, approximately twothirds of the turning points are cor- From these forecasts summary error
rectly predicted. Among the eight cases statistics have been compiled for the
which do not show the correct timing,
predicted turning points are off by more
than one quarter in only two cases.
The upturn in 1954-III is well replicated by the model. Each simulation
correctly predicts the upturn quarter
and follows the actual path of real GNP
quite closely. Predictions of the down13. Ibid., Section 3.
14. Zarnowitz, Boschan, and Moore (op. cit.), examined
not only the detection of turning points, but also the degree
to which simulations in the vicinity of cyclical turning points
replicate, for such business cycle indicators identified by the
National Bureau of Economic Research as occur in the
models, the lead-lag relationships typical of the actual behavior of those indicators. They conclude that models have a
bias toward leads. For the BEA model, they find that "most
of the simulated leading and coinciding series lead [actual
turns], while lagging series show a tendency to coincide"
(Ibid., p. 341). One must emphasize the tentativeness of
this finding, however, since the period covered by the model
runs is short relative to the time span that forms the basis
of the N B E R ' s classification of indicators.
August 1973
Table 6.—Prediction of Turning Points in
Real GNP
Number of quarters
from initial quarter to
turning point
Date of turning point*
All
simulations
Successes(O) or failures
(X)
1954-III ( U ) .
1957-IV ( D ) .
1958-11 ( U ) . .
1960-11 ( D ) 1961-11 (U)_.
1969-IV ( D ) .
1970-11 (U)_.
Relative number of
successes
Turning point missed by
1 quarter
Turning point missed by
2 quarters
Turning point missed by
3 or more quarters
o
o
o
o
o
o
o
X
X
6/7
4/7
3/7
13/21
0
2
4
6
0
1
0
1
1
0
0
1
o
o
o
X
X
*U=Upturn, D=Downturn.
period 1966-1 through 1971-II.15 The
historical record does not represent a
set of values generated by a constant
forecasting mechanism. Rather, it represents the experience of a team using
an evolving econometric model. The
model structure has been changed continually in both major and minor ways
and was periodically reestimated, and
each forecast was made with the latest
version. There is also a lack of exact
consistency among forecasts in the
degree of exogeneity and in the choice
between expectations-based and endogenous variants of fixed nonresidential
investment equations.
Before turning to an examination
and evaluation of forecasting performance, we first explain the role of judgmental elements (other than the forecasting of exogenous variables) in model
forecasting. Also, two methodological
problems involved in compiling forecast errors and their solution are discussed.
Judgmental elements in forecasting
It is possible to generate model forecasts mechanically, just as was done in
the case of the predictions, simply by
"plugging in" the necessary exogenous
variables over the forecasting horizon,
perhaps adding formula-based constant
adjustments, and solving the model
15. This quarter is set as the cutoff point primarily b
the new price and wage policy, beginning with the l.
imposed on August 15,1971, introduced an important sti
tural change that was not anticipated.
SURVEY OF CURRENT BUSINESS
August 1973
31
given by the formula. For instance, one
would obviously not want to use the
formula employed in the post-sample
predictions if recent residuals show a
clear trend; rather, one would tend to
continue the trend in the adjustments.
Second, there may be special factors
which explain the most recent residuals,
but which are not relevant to the forecast period or are relevant in a special way. Third, the forecaster may
know about an impending circumstance, either as a certainty or as a
substantial possibility, which calls for
sequentially for the desired period. To structure or is inconsistent with premost practitioners of econometric fore- liminary model outputs), or judgmental
casting, however, such a procedure ap- restrictions on the outputs.
Judgmental elements (other than
pears inadequate. A model can be a
powerful aid to forecasting, but it projections of exogenous variables) are
should not be a straightjacket. Most usually introduced by using constant
experienced model forecasters exercise adjustments that do not rest on a forconsiderable control over their model's mula. Such adjustments are mostly
output by departing from mechanical made prior to running a forecast. The
procedures. Such departures are based following are specific reasons—based on
on internal information (nature of past internal or external information—why
equation residuals), external informa- such prior adjustments are made:
tion (knowledge about the economy First, the recent pattern of residuals
that is not incorporated in the model may not suggest the "decay" process
CHART 10
Cyclical Turning Points in Real GNP
Billions of 1958 $
4601
Billions of 1958 $
490
UPTURN 1954-111
490
DOWNTURN 1957-IV
520
UPTURN 1958-11
DOWNTURN 1960-11
450
480
480
510 -
440
470
470
500 -
-
/
430
460
460
490
420
450
450
480
410
440
440
470
400U
L
I
I
I
I
t
I
4 1 2
3
1953
1954
4
1 2
3
1955
4
540
4301!
I I
1 2
3
1957
750
UPTURN 1961-11
1
4
I
I I
1 2
3
1958
I
4
I
1
1959
43"! I I
3
4
1957
760
DOWNTURN 1969-IV
530
740 -
520
730
510
720
500
710 -
-
720
490
700 -
-
710
-
750
r
740
t
1 1
1 2
3
1958
I
4
1 1 I
1 2
3
1959
460
I
I
I
I
i
I
3 4
1960
1
2 3
1961
4
1 2
3
1962
I
I
690
1
1
1
i
i
i
4
1 2
3
1970
4
1
1971
1
1
1
7nnl I
I
3 4
1969
Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
i
-
i
i
I
1
1
l
1 2
3
1960
4
1 2
3
1961
UPTURN 1970-11
730
1 2
3
1969
3 4
1959
—
i«nl I
-/ 1
I I I
1 2
3
1970
I
4
I
I I
1 2
3
1971
Actual
One Quarter Ahead
Two Quarters Ahead
Three Quarters Ahead
I
i
32
special adjustment; or he may regard
certain factors that are not incorporated
into the model structure as relevant
during the period of forecast. Examples
are: legislation having some future effect;
a strike threat which is expected to
lead to certain kinds of anticipatorybehavior; the direct effects of a strike
on production; the effect on consumption of a large and prolonged decline in
stock prices.
There is one kind of external information in response to which adjustments
are (normally) made only after an
initial run is obtained. Since the first
quarter covered by each forecast is
usually well in progress at the time of
making a forecast, there is partial information already available on developments in that quarter. Thus, if model
outputs obviously conflict with what is
indicated by the partial data, the differences become a basis for making
further adjustments.
After making adjustments based on
objective information, the forecaster
may still decide that certain outputs
are "unreasonable," and he might,
therefore, make further adjustments.
What constitutes ' 'reasonableness,''
that is, a valid basis for imposing a
judgmental constraint on a model's
output, is a moot philosophical issue.
As a practical matter, judgmental
modifications are introduced, for example, when predicted changes are
strikingly large or small compared to
past changes or when certain ratios
are well outside their historical range.
It should be emphasized that we have
tried to refrain from making judgments
about global or summary magnitudes,
such as total GNP or the price level,
but rather have confined them to
specific items, such as components of
GNP, and to notions of "consistency"
among variables.16
16. This assertion contradicts the following conclusion
based on a study of BEA(OBE) and Wharton model forecasts by Yoel Haitovsky and George Treyz: "We find that
there is reason to believe that in the first quarter of the
forecast, both the values chosen for the exogenous variables
and the discretionary constant adjustments were influenced
by interaction between the forecaster and the model forecast
and that this interaction improved . . . first quarter forecasts
[of GNP]" ("Forecasts with Quarterly Macroeconometric
Models, Equation Adjustments, and Benchmark Predictions," Review of Economics and Statistics, August 1972, p.
320). This statement suggests that the forecasters systematically adjust constants in such a way as to offset the effect
of errors in the exogenous variables on the forecasts of GNP.
SURVEY OF CURRENT BUSINESS
At times certain behavioral relationships break down to such an extent
that it becomes easier to substitute
extraneous estimates of certain variables for endogenously determined values
than to try to modify the results by
constant adjustments. This has, for
instance, sometimes been the case with
housing starts. Another example: Equations based upon past market determination of wages and prices become
inappropriate if price-wage policies such
as those initiated in August 1971 are
effective in modifying price and wage
behavior.
Selection of forecasts and
tion of errors
computa-
We have frequently made more than
one forecast during a quarter because
of significant data revisions, new data
on the quarter in progress, or other new
information calling for the modification
of previously made assumptions. Moreover, we have often presented alternative versions of a forecast incorporating
alternative assumptions about policy
decisions or about the occurrence of
some exogenous future event, such as
a strike, or alternative time paths of
certain exogenous variables about which
there was considerable uncertainty.
Also, in some instances where it appeared unlikely that certain endogenous
variables would turn out as predicted
by the model, alternative forecasts,
making these variables exogenous, were
run.
For the purpose of analyzing forecast
errors, only one forecast made in each
quarter has been selected. The principles underlying the selection were as
follows: First, wherever possible, the
forecast chosen was one made after the
final national income and product
account estimates for the previous
quarter had been completed, but before
substantial two-month information for
the current quarter was becoming
available, i.e., roughly between the
fifteenth day of the second month of
the quarter and the tenth day of its
third month. Second, if a given forecast
had versions with differing degrees of
endogeneity, that with the maximum
endogeneity was selected. Third, where
August 1973
more than one fiscal policy or strike
variant was available, the variant
whose assumption most closely approximated the actual subsequent event
was selected.
The periodic revision of data creates
a problem for the measurement of
forecasting error, but one which can be
essentially overcome. It is assumed
that revised data are more accurate
than preliminary data and hence are
a more appropriate basis against which
to evaluate forecasts. Since the initial
conditions and the data being forecast
tend to be revised in the same direction,
some kind of adjustment of the forecast
for revisions in the initial conditions
is warranted. (When a forecast horizon
extends over the time of the annual
(July) revisions of the national income
and product accounts, unrevised data
for the final quarters of the forecast
horizon that are comparable to the
unrevised initial conditions do not
even exist.)
On the assumption that forecasting
accuracy is to be judged on the basis of
cumulative changes from the initial
levels, the solution to this problem is
straightforward for a linear system:
To compute the adjusted error for any
variable in period t+i, where t denotes
the initial period, calculate the adjusted forecast level in t-\-i by adding
the cumulative change originally forecast from t to t+i to the revised initial
level; the revised actual level in t+i is
then subtracted from the adjusted
forecast level:
where et+i is the adjusted error, A and F
are actual and forecast values, and the
superscripts r and u indicate revised
and unrevised values respectively.
In a nonlinear system, such as the
BEA model, this approach can lead to
inconsistent errors. For example, the
adjusted forecast level of a currentdollar GNP component in t+i is, in
general, not precisely the same when
current-dollar values are used directly
as it is when the separately forecast
August 1973
real GNP components and implicit
price deflators are used. However, over
relatively short forecasting horizons
the inconsistency is not likely to be
serious. Thus, the approach described
above was used to calculate adjusted
error, following the convention that the
adjustment is applied directly in each
case to the variable that is the subject
of error measurement.
The plan for the remainder of this
section is as follows: First, RMSE and
bias statistics for ex-ante (i.e., actual)
forecasts are presented. Errors in exante forecasts are then compared with
errors in post-sample predictions. Next,
errors in ex-ante forecasts are compared
with errors in corresponding "ex-post"
forecasts (adjusted ex-ante forecasts
with actual values of exogenous variables
substituted for the forecast values) in
order to determine the effect of errors
in forecasting exogenous variables. Finally, after a brief discussion of the
problems of evaluating forecasting performance,
comparisons are made
between errors in the ex-ante forecasts
and those based on extrapolation using
autoregressions as "naive" benchmarks.
SURVEY OF CURRENT BUSINESS
Errors in personal consumption expenditures and in business inventory
investment are heavy contributors to
errors in current-dollar GNP forecast
one quarter ahead. Errors in forecasting consumer purchases of autos and
parts (shown only in 1958 dollars in the
table) account for a major portion of
the errors in forecasting total personal
consumption expenditures, despite the
fact that autos and parts purchases are
only about one-tenth of the total.
Errors in fixed nonresideutial investment and imports become prominent
by the fifth quarter.
The RMSE's for each of the two
main exogenous components of GNP—
exports and government purchases—
are also substantial, but the RMSE for
the sum of the two components is
considerably less than the sum of the
separate RMSE's, reflecting substantial
offsetting of errors. The size of errors in
the sum of government purchases relative to that of errors in total GNP
diminishes as the forecast horizon
lengthens.
Forecast errors in personal income
increasingly dominate those in corporate profits as the forecast horizon
lengthens. In percentage terms (not
shown), however, RMSE's for corporate profits are uniformly larger.
Bias
As noted above, errors in forecasts of
current-dollar GNP are moderated by
offsetting errors in forecasts of prices
and real GNP. This offsetting reflects
a positive bias in forecasts of real GNP
and a substantial negative bias in
Table 7.—Root Mean Square Errors of Selected Variables: Ex-ante Forecasts (1966-11971-11)
Forecast horizon (quarters)
1Q
Number of observations.
2Q
22
21
3Q
4Q
20
18
5Q
6Q
Billions of dollars:
Size of errors in ex-ante forecasts
Gross national product
Change in GNP
Table 7 shows root mean square errors
for major variables from ex-ante forecasts with horizons up to six quarters.
As is indicated in the first line of the
table, the number of forecasts is not
constant for the various horizons, but
diminishes as the horizon lengthens.
The RMSE's show a general tendency to rise as the horizon lengthens, as
they did in the case of the predictions.
(A falling off in the RMSE's for many
of the items in the table in the sixth
quarter may simply reflect the fact that
only five of the 22 forecasts are represented for that horizon.) As in the case
of the predictions, there is a tendency
for offsetting errors among GNP components. Moreover—and this is a new
feature—there is a very strong offsetting of errors between real GNP and
the price level (represented by the
private GNP deflator), resulting in only
moderate errors in current-dollar GNP.
As shown below, forecast errors in these
v a r i a b l e s show b i a s in o p p o s i t e
directions.
Personal consumption expenditures
Fixed nonresidential investment
Residential structures
Change in business inventories
Exports of goods and services*.
Imports of goods and services.
Government purchases of goods and services*
33
2.94
2.94
6.67
6.00
10.80
5.60
15.27
7.60
16.95
7.42
15.48
6.94
3.93
1.67
1.14
3.78
1.70
1.84
1.86
2.84
1.78
4.15
2.14
2.52
2.83
9.32
3.18
2.53
4.19
2.29
3.12
3.62
11.87
4.34
3.38
4.77
2.52
3.84
5.05
12.09
5.68
3.24
3.86
3.40
5.19
4.46
11.59
5.02
3.64
2.00
3.18
5.98
4.94
Exports plus government purchases*
2.24
3.13
3.98
4.87
3.65
4.19
Personal income
2.69
2.74
6.02
4.29
9.19
5.16
13.16
6.47
18.43
10.26
18.76
8.56
2.89
2.54
1.60
.70
2.14
.75
.23
5.61
4.29
2.58
.85
1.91
1.22
.37
8.78
6.01
2.87
1.26
2.78
1.62
.50
11.94
7.35
3.50
1.73
3.62
1.92
.63
15.84
7.86
3.50
1.71
2.78
2.62
17.27
9.50
4.57
1.76
3.28
3.07
.82
2.48
.77
3.42
1.67
.48
2.35
1.19
3.81
1.76
.70
2.46
1.86
3.64
2.19
3.45
2.46
4.43
2.51
1.11
3.87
2.06
3.48
2.70
1.38
3.84
2.24
1.81
2.55
1.20
.44
41.2
.97
.75
56.6
1.34
1.16
87.2
1.92
1.63
129.6
2.53
2.64
126.5
3.29
2.47
113.1
3.92
_
Corporate profits and inventory valuation adjustment..
Billions of 1958 dollars:
Gross national product
Personal consumption expenditures
Automobile and parts
Nonauto durables
Non durables
Nonhousing services..
Housing services
Fixed nonresidential investment.
Residential structures
Change in business inventories
Merchandise imports**
Services imports, nondefense**
Miscellaneous variables:
Implicit price deflator, private GNP (1958=100)
Wages per private employee (dollars per year)
Index of private output per manhour (1958=100)**
Civilian labor force (millions)
Employed
Unemployment rate (percent)
.28
.29
.13
.61
.66
.38
.59
.78
.53
1.03
1.04
.74
1.11
.99
.84
Average yield on 4-6 months commercial paper (percent)
Average yield, corporate bonds (percent)
.47
.23
1.32
.82
1.85
1.08
2.34
1.41
2.46
1.58
Root Mean Square Percentage Errors
Gross national product
GNP in 1958 dollars....
Implicit deflator, private GNP
*Exogenous.
**Based on forecasts since April 1967 only.
50
60
55
.80
.82
.70
.95
1.05
.89
1.13
1.23
1.10
1.10
1.41
1.34
1.10
1.46
1.43
SURVEY OF CURRENT BUSINESS
34
Table 8.—Bias in Ex-ante Forecasts for Major Items
[Average errors and standard deviations are in $billions, except as otherwise indicated]
Forecast horizon (quarters)
1Q
2Q
3Q
-1.60
-1.77
4Q
5Q
6Q
-7.02
-2.48
Gross national product:
(P-3)>
S
P-Ib
[(P-3) 2/MSE] •
-0.90
.98
.086
-3.07
2,16
.058
3.55
.028
4.98
.041
5.15
.171
2.38
4.57
6.24
9.28
1.69
.183
2.49
.274
3.40
.270
4.27
.345
5.09
.026
GNP in 1958 dollars:
P-3
1.42
Q
O
P-3
[(P-3) 2/MSE]
.84
.235
13.46
3.59
.611
Implicit deflator, private GNP:
P-3
-.32
-.54
-.90
-1.24
-2.28
-2.64
Q
D
P-3
[P-3) 2/MSE]
.10
.465
.17
.482
.22
.634
.36
.549
.20
.934
.35
.856
Personal consumption expenditures:
P-3
-.49
-.06
-.30
-1.33
-7.53
-5.60
Q
O
P-3
[(P-3) 2/MSE]
1.29
.016
2.27
.000
3.10
.001
3.93
.013
3.15
.388
3.38
.233
Fixed nonresidential investment:
P-3
-.16
-.13
-.36
-1.76
-2.65
-2.58
b
P-3
[(P-3) 2/MSE]
.55
.009
.95
.002
1.05
.012
1.32
.164
1.67
.218
1.43
.264
Residential structures:
P-3
-.39
-.71
-.80
-.81
-.46
-.64
S
P-3
[(P-3) 2/MSE]
.36
.117
.54
.159
.80
.100
1.09
.057
1.07
.020
.09
.47
1.59
.000
1.28
.015
.85
.059
Change in business inventories:
P-3
-.51
-.77
-.08
1.16
Q
D
P-3
[(P-3) 2/MSE]
1.25
.018
1.36
.034
1.40
.000
.54
.336
Exports & government purchases*:
P-3
-.44
-1.40
-2.20
-2.95
-1.55
Q
D
P-3
[(P-3) 2/MSE]
.73
.038
.93
.200
1.11
.306
1.29
.367
1.10
.180
-.14
1.40
.001
Imports of goods and services:
P-3
S
P-3
[(P-3) 2/MSE]
-.85
.54
.213
-1.56
.66
.383
-2.20
.74
.497
-2.78
.88
.524
-4.86
.61
.877
-5.96
.16
.993
Personal income:
P-3
-1.46
-3.05
-4.46
-8.05
-14.11
-13.60
Q
O
P-3
[(P-3) 2/MSE]
.75
.294
1.73
.257
2.62
.266
3.47
.374
3.95
.586
4.23
.535
.57
1.71.
2.78
3.95
5.34
5.62
.89
.043
1.36
.095
1.45
.290
1.71
.373
2.92
.371
2.15
.431
Corporate profits and inventory valuation adjustment:
P-3
S
P-3
[(P-3) 2/MSE]
Unemployment rate (percent):
P-3
-.02
-.00
-.06
-.12
-.17
-.42
Q
O
P-3
[(P-3) 2/MSE]
.04
.028
.12
.000
» Average prediction error.
Standard deviation of average prediction error.
° Bias proportion (square of average error as a proportion of mean square error).
*Exogenous.
b
.12
.024
.17
.001
.24
.054
.24
.248
August 1973
forecasts of the deflator, as can be seen
in table 8 (comparable to tables 4
and 5). The bias in the real GNP
forecasts becomes significant at the
5 percent level after the fourth quarter.
For the deflator, bias is significant for
all quarters.
The positive bias in the real GNP
forecast errors reflects a positive,
though not significant, bias in the forecast errors for real personal consumption expenditures and a strong negative
bias in forecast errors for real merchandise imports (not shown in the
table). In current dollars, there are
large and significant negative errors in
total imports, while the sum of the two
main exogenous variables (exports and
government purchases) also has a
negative mean error for all quarters
with bias significant in the third and
fourth quarters. On the income side, a
strong negative bias in the personal
income errors is partly offset by a
positive, but marginally significant,
bias in corporate profits. Errors in the
unemployment rate show no significant
bias.
The source of bias in forecasting
errors is not clear. However, through
a systematic decomposition of errors by
sources of error—which we intend to
undertake in the near future—we can
identify equations that are critical in
producing bias and make adjustments
that tend to eliminate it. Reduction of
bias, of course, serves to reduce the
size of errors.
Ex-ante forecasts versus post-sample
predictions
The ex-ante forecasts reviewed in this
article differ from the post-sample
predictions in the following ways:
(1) The forecasts cover a longer time
period; (2) they incorporate a mixture
of model versions and a somewhat
varying degree of exogeneity; (3) they
use judgmental projections of exogenous variables rather than actual
values; (4) they embody many judgmental (in place of mechanical) constant adjustments; (5) they use unrevised rather than revised data as
initial conditions.
Because of the multiplicity of differences, it is difficult to compare error
statistics from the two sets of runs in a
meaningful way. It is also hazardous to
August 1973
generalize from them because of the
extreme shortness of the period covered
by the post-sample predictions. Having
both sets of results, however, makes a
comparison between them irresistible,
and we shall try to draw such tentative
inferences as we can.
Comparison of table 7 with table 2
reveals that for both current-dollar
GNP and real GNP, EMSE's of the
ex-ante forecasts are in almost all cases
smaller than the EMSE's of the postsample predictions. For current-dollar
GNP, the comparative sizes of the
errors reflects primarily the fact that
offsetting biases between price and
output errors occur in the forecasts,
but not in the predictions.
EMSEVfor components of real GNP
are also generally smaller in the forecasts. However, the relative composition of errors is broadly similar in the
two cases; in the case of the forecasts,
errors in personal consumption expenditures dominate those in total GNP to a
somewhat greater extent.
Errors in the private GNP deflator,
besides being negatively biased, are
substantially larger in the forecasts
than in the predictions. For horizons up
to five quarters, the root mean square
percentage errors are almost twice as
large.
Forecast errors in the unemployment
rate are smaller than those in the predictions, a result that is consistent with
the smaller errors in real GNP. Errors
in forecasting both short- and longterm interest rates are generally much
larger than in the predictions. This
stems in large part from failure to
forecast correctly changes in the discount rate, which is exogenous and
which has a strong impact on the shortterm rate and an indirect and weaker
short-run impact on the long-term rate.
In order to remove, at least for the
aggregative output and price variables,
differences between forecasts and postsample predictions that are due to the
difference in the time period covered,
EMSE's for these variables were also
computed for the subset of forecasts
covering the same period (1969-1 to
1971-11) used for the predictions. Table
9 shows these EMSE's for currentdollar GNP, real GNP, and the implicit
private GNP deflator. The same general
SUEVEY OF CUEEENT BUSINESS
35
Table 9.~Root Mean Square Errors of Selected Variables: Ex-ante Forecasts Versus Post
Sample Predictions (1969-1—1971-11)
Forecast or prediction horizon (quarters)
1Q
2Q
3Q
2.07
6.01
4.87
11.01
5.40
18.42
2.37
4.56
5.65
8.11
.51
.27
.87
.44
5Q
6Q
5.51
23.63
8.88
28.08
30.5
9.22
13.28
13.26
16.06
18.40
17.78
20.84
17.16
1.32
.61
1.85
.70
2.45
.95
3.16
1.51
Gross national product (billions of dollars):
Ex-ante forecasts
Post-sample predictions
Gross national product (billions of 1958 dollars):
Ex-ante forecasts
Post-sample predictions
Implicit deflator, private GNP (1958=100):
Ex-ante forecasts
Post-sample predictions
pattern emerges as in the comparison of
the full set of forecasts with the predictions. For current-dollar GNP, RMSE's
in the subset of forecasts are smaller
than in the the full set, averaging only
about one-third as large as in the predictions. After the first quarter, real
GNP errors are larger in the subset of
forecasts than in the full set, and are,
therefore, closer to the prediction errors;
in the fifth and sixth quarters they are
greater. Price errors are generally somewhat greater in the subset of forecasts
than in the full set, and thus show an
even wider margin over the price errors
in the post-sample predictions. There
is evidently more offsetting of errors
between real output and the price level
in the 1969-71 subset of forecasts than
in the full set.
The relatively poor performance of
the forecasts of the price level, as compared with the predictions, is largely
explained by bigger errors in productivity (output per man-hour) in the
forecasts than in the predictions (judging from comparisons based on the full
set of forecasts). Another possible
explanatory factor is that a recently
introduced method of solving for the
price level, which has been shown to
reduce errors,17 was used in all of the
predictions, but in only the last few of
the forecasts. Errors in the private
sector wage rate—the other element of
unit labor cost, which is the main
determinant of the price level—are
somewhat smaller in the forecasts than
in the predictions.
17. Albert A. Hirsch, "Price Simulations with the OBE
Econometric Model," in Econometrics of Price Behavior,
edited by Otto Eckstein, Board of Governors of the Federal
Reserve System, 1972.
The reason why errors in real GNP
are smaller in the ex-ante forecasts
than in the post-sample predictions is
less obvious. The above comparisons do
not indicate offsetting of larger errors
among components of real GNP; nor
do the results of the next section
show substantial offsetting between
errors in exogenous variables and model
prediction errors. A likely explanation—
though a tentative one—is that judgmental adjustments have contributed
to forecasting accuracy, at least for the
first few forecast quarters.18
Ex-post versus ex-ante forecasts
The main judgmental element in
econometric forecasting is the projection of exogenous variables. It is thus of
interest to determine whether errors in
these projections have worsened the
accuracy of the GNP forecasts, and if
so, to what extent. This can be ascertained by repeating forecasts made in
the past with all inputs other than the
exogenous variables kept intact; for
the latter, the actual values are used.
This type of repetition of past ex-ante
forecasts is called ex-post forecasting.
What cannot be done, unfortunately,
is to update the judgmental elements in
the constant adjustments—that is, departures from mechanical adjustments
—in accordance with data revisions and
18. This inference is corroborated by evidence in the study
by Haitovsky and Treyz (op. cit.). For both the BE A and
Wharton Model forecasts that are analyzed, the forecasts of
current-dollar GNP, real GNP, and the unemployment rate
are generally poorer when the judgmental constant adjustments are replaced by mechanical adjustments (but the exante exogenous variables are used). We are undertaking a
more intensive investigation of the role of different kinds
of judgment in forecasting and we will report the results
when more observations become available.
36
SUEVEY OF CURRENT BUSINESS
Table 10.—Root Mean Square Errors: Ex ante versus Ex-post Forecasts (1967-11—1971-II)
Forecast horizon (quarters)
1Q
Number of observations
17
16
3Q
4Q
15
13
5Q
6Q
Gross national product (billions of dollars):
Ex-ante
Ex-post
2.45
3.82
7.08
9.43
10.98
14.58
14.95
19.11
18.45
22.04
17.27
18.41
Gross national product (billions of 1958 dollars):
Ex-ante
.
Ex-post
2.59
2.61
5.92
6.61
9.11
10.24
12.23
13.42
17.39
14.38
18.74
14.69
Implicit deflator, private GNP (1958-100):
Ex-ante
Ex-post
.38
.78
.76
1.23
1.20
1.78
1.79
2.57
2.79
3.12
3.79
Unemployment rate (percent):
Ex-ante
Ex-post
.14
.15
.29
.35
.42
.55
.59
.72
.81
.94
.85
ex-post knowledge of special factors.
The problem is that this would have to
be done in a way that is not prejudiced
by the actual outcome of the data being
forecast. Putting it in another way, so
far as the constant adjustments are
concerned, we cannot disentangle the
uncertainty of the forecaster's judgment from the "uncertainty" (i.e.,
purely stochastic elements) inherent in
the model. Thus, in our effort to remove
errors of judgment, we are limited to
the removal of errors in projecting exogenous variables.
Reference has already been made to
the study by Haitovsky and Treyz of
ex-ante and ex-post forecast errors in
the BEA and Wharton models (footnote
14); the period covered for the BEA
model in that study is 1967-111 through
1969-111. It has not been possible to
replicate forecasts made prior to 1967III, but results of the forecasts covering
1969-IV through 1971-11 have been
added. Thus, ex-post forecasts can be
examined for all but the first five of the
full set of ex-ante forecasts.
In the ex-post forecasts, values of the
exogenous variables were determined by
linking changes in them, as measured
by data now available, to the initial
levels used in the ex-ante forecasts.
Adjusted errors in the endogenous
variables were then computed in the
same way as described for the ex-ante
forecasts. Table 10 compares root
mean square errors in current-dollar
GNP, real GNP, the private GNP
deflator, and the unemployment rate
for this set of ex-post forecasts with
those of the corresponding ex-ante
forecasts.
The results are mixed. Forecasts of
current-dollar GNP are uniformly and
substantially poorer ex-post. We have
not compiled all the necessary data to
determine precisely why this rather surprising result occurs. As in the case of
the analogous superiority of ex-ante forecasts over post-sample predictions of
current-dollar GNP, it must result from
offsetting errors. In this instance, however, the offsetting occurs between
errors in the exogenous variables and
the errors in the model equations. For
real GNP, RMSE's of ex-post forecasts
are only slightly worse in the first four
quarters and are substantially better in
the fifth and sixth quarters. The
R VlSE's for the ex-post and the e: -ante
forecasts of the private GNP deflator
are almost identical until the sixth
quarter. Ex-post forecast errors in the
unemployment rate are slightly larger
until the sixth quarter, primarily reflecting the larger ex-post errors in real
output.
While there are no formal hypothesis
tests to ascertain whether the differences between ex-ante and ex-post forecast errors are statistically significant,
the small differences for variables other
than current-dollar GNP and the small
number of degrees of freedom strongly
suggest that the differences are not
significant.
Further evaluation
performance
of
forecasting
Comparisons have been made tetween ex-ante forecast errors and pre-
August 1973
diction errors and between ex-ante and
ex-post forecast errors. However, neither
set of comparisons, answers the question : Is an econometric model (and the
BEA model in particular) a useful device for forecasting?
This question cannot be answered
unambiguously for at least the following
reasons: (1) There is no single criterion
of forecasting quality; (2) what constitutes a sufficiently accurate forecast
depends on how the results are to be
used; (3) as previously noted, one cannot fully separate the use of a model in
forecasting from the judgment of the
forecaster; hence, various tests that
attempt to assess the contribution of
the model to forecasting are not wholly
satisfactory; (4) the continuing process
of model development and improvement and the changing structure of the
economy imply that the past record of
a model is not a clear guide to its future
performance.
In regard to the first point, it must
be borne in mind that a forecast does
not yield a single magnitude, but a
whole vector of outputs (and for multiperiod forecasts, a set of such vectors
or matrix of outputs). A forecaster or
forecasting system can, for instance,
produce an excellent record in terms
of current-dollar GNP, but a poor one
in terms of composition of final demand,
prices, profits, etc. Again, a set of quarterly forecasts might include good oneand two-quarter projections, but poor
ones beyond that; or it may provide
good year-ahead forecasts, but give misleading quarterly patterns and fail to
indicate cyclical turning points. There
is no objective basis for weighting these
various elements to arrive at an overall
rating of forecasting quality.
One may compare model forecasts
with forecasts obtained by other techniques, but here also there are problems.
For instance, the record of an econometric forecaster, or of a group of
econometric forecasters, can be compared with that of a selected group of
judgmental forecasters over the same
period. However, it is not likely that a
reputable judgmental forecaster exists
who can claim to be uninfluenced by
econometric forecasts (and probably
also vice versa) and there is an obvious
problem in deciding which econometric
August 1973
and judgmental forecasts are to be
compared. Another obstacle to meaningful comparison is that judgmental
and econometric forecasters do not
project a common set of values for the
exogenous variables of the models.19
Standardized comparisons of the forecasting ability of different econometric
models are also hard to obtain. The
difficulty in sorting out the forecaster's
judgmental errors from the performance
of the model is a particular problem
here. 20
Comparison of ex-ante forecasts with
"naive" benchmarks
In view of the problems of finding an
absolute standard for evaluating forecasts and in comparing model forecasts
with judgmental forecasts or one
model's forecasts with those of another,
it is worthwhile to make still another
kind of comparison, namely, between
ex-ante forecasts and so-called "naive"
extrapolations. The latter approach is
one that makes no use of economic
knowledge other than past data on the
variables in question and hence is
merely a mechanical device for projecting the data. Such a benchmark can
represent a sort of floor below which, it
is hoped, forecasting performance based
on the non-naive method will not sink.
A whole spectrum of naive benchmarks, varying in degree of com19. Notwithstanding these difficulties, a very tentative
comparison between model and judgmental forecasts has
been made by Victor Zarnowitz, using the BE A and Wharton
model results obtained by Haitovsky and Treyz. According
to Zarnowitz, models have "a slight edge" on judgmental
forecasts; "Forecasting Economic Conditions: Record and
Prospect," The Business Cycle Today, edited by Victor
Zarnowitz, National Bureau of Economic Research, 1972,
especially pp. 222-27.
20. A cooperative attempt to make intermodel comparisons
of predictive ability and other properties, by imposing procedures as uniform as possible, has been undertaken by various model builders under the sponsorship of the National
Bureau of Economic Research and the National Science
Foundation.
Preliminary comparisons of sample period and post-sample
period predictions of current-dollar GNP and real GNP for
all models, including the BE A model, have been published
in Lawrence R. Klein and Gary Fromm, "A Comparison of
Eleven Econometric Models of the United States," American
Economic Review, May 1973. (Comparisons of ex-ante forecasts have not been made by this group.) The results indicate
relatively little variation across models in RMSE's within
the sample period. There is more variation in the post-sample
comparisons; however, these comparisons are hampered by
lack of perfect uniformity in the time period covered, shortness of the post-sample period in most cases, and adjustment
procedures.
For the period 1967-III—1969-III, comparisons of ex-ante
and ex-post forecast results for key variables from the BE A
and Wharton models using actual and alternative constant
adjustment procedures have also been published (Haitovsky
and Treyz, op. cit.).
SUEVEY OF CUREENT BUSINESS
plexity, is available. The simplest one
is a projection of no change from the
previous period. Since the economy is
generally upward trending, it is clear
that all serious forecasting systems
would win over this benchmark. A
benchmark that provides a somewhat
harder test is extrapolation of the
same change as in the previous period.
A more complex benchmark, which
involves statistical inference applied to
past economic data but which again
fails to incorporate hypotheses of economic casuality, is an autoregressive
equation, that is, one in which the variable in question depends on its own
lagged values:
t _2+.
. . + anYt_n.
37
Table 11 shows RMSE's for extrapolations of major variables one to six
quarters ahead made using "secondorder" autoregressive equations, that
is, equations having two lagged values
of the dependent variable. Inclusion of
the second as well as the first lagged
value results in difference equations
which may yield cyclical movements
as well as growth. As in the predictions
and forecasts made with the model,
the autoregressive extrapolations were
generated dynamically; that is, extrapolated rather than actual values of the
lagged dependent variables were used
where needed as inputs.
Extrapolations with the autoregressive equations were made for the same
Table 11.—Root Mean Square Errors for Selected Items: Ex ante Forecasts versus Extrapolations using Second-order Autoregressive Equations
Forecast horizon (quarters)
1Q
2Q
3Q
4Q
5Q
6Q
Billions of dollars:
Gross national product:
Ex-ante forecasts
Autoregressive
2.94
4.53
6.67
7.44
10.80
10.62
15.27
14.28
16.95
17.68
15.48
19.61
Personal income:
Ex-ante forecasts
Autoregressive
2.69
2.41
6.02
3.74
9.19
5.66
13.16
6.74
18.43
7.80
18.76
8.51
Corporate profits and inventory valuation adjustment:
Ex-ante forecasts
Autoregressive
2.74
2.53
4.29
3.65
5.16
4.90
6.47
6.44
10.26
7.89
8.56
2.89
4.25
5.61
7.29
8.78
11.41
11.94
16.75
15.84
22.62
17.27
28.27
2.54
3.79
4.29
5.25
6.01
7.21
7.35
10.22
7.86
13.32
9.50
16.03
1.60
2.39
2.58
2.14
2.87
2.08
3.50
2.78
3.50
2.70
4.57
2.45
2.48
1.37
2.35
2.49
2.46
3.99
3.45
6.08
3.87
8.40
3.84
10.62
.77
.78
1.19
1.41
2.46
2.31
2.06
2.45
2.24
2.45
Change in business inventories:
Ex-ante forecasts
Autoregressive—
3.42
4.41
3.81
5.19
3.64
5.57
4.43
3.48
7.05
1.81
7.24
Merchandise imports:
Ex-ante forecasts*
Autoregressive
1.67
1.19
1.76
1.61
2.19
1.67
2.51
1.60
2.70
1.52
2.55
1.83
Implicit price deflator, private GNP (1958=100):
E x-ante forecasts
Autoregressive
.75
1.16
1.01
1.63
1.37
2.64
1.86
2.47
2.48
Unemployment rate (percent):
Ex-ante forecasts
Autoregressive
.37
.50
.38
.53
1.14
.74
1.38
.84
1.56
Average yield on 4-6 months commercial paper (percent)
Ex-ante forecasts
Autoregressive
.93
.82
1.32
1.15
1.85
1.38
2.34
1.67
2.46
1.99
.52
1.59
2.29
1.08
2.76
1.41
2.81
1.58
.87
Billions of 1958 dollars:
Gross national product:
Ex-ante forecasts
Autoregressive _ _
Personal consumption expenditures:
Ex-ante forecasts
Autoregressive
Automobiles and parts:
Ex-ante forecasts
Autoregressive
Filed nonresidential investment:
Ex-ante forecasts
Autoregressive
Residential structures:
Ex-ante forecasts
Autoregressive
Miscellaneous items:
Average yield, corporate bonds (percent):
Ex-ante forecasts
Autoregressive
•Based on forecasts since April 1967 only.
—
38
period as that for which the model
forecasts are presented, i.e., 1966—
1971-11. However, two sets of parameter estimates were made for each
autoregressive equation: The first set
was estimated over the period 1953II—1966-IV and used to extrapolate
in 1967 and 1968; the second set was
estimated through 1968 and used to
extrapolate in 1969—1971-11. This reestimation of the autoregressive equation parameters corresponds to the
timing of major reestimations of the
model.
For current-dollar GNP, the model
ex-ante forecasts are, on balance, superior to the autoregressive extrapolations, although a reversal occurs in the
third and fourth quarters. The model
forecasts of real GNP are distinctly superior to autoregressive extrapolations
throughout, while the forecasts of the
private GNP deflator are inferior to
the extrapolations until the sixth quarter. Perhaps the autoregressive price
equation captures the role of price
expectations to a substantial degree.
Among components of real GNP,
model forecasts are better than autoregressive extrapolations of total
consumption expenditures, fixed nonresidential investment after the first
quarter, business inventory investment,
SURVEY OF CURRENT BUSINESS
August 1973
and, to a slight extent, residential construction outlays. However, model forecasts are weaker for consumer purchases
of autos and parts after the first quarter
and merchandise imports in all quarters.
Beyond one quarter, the model forecasts of personal income yield substantially larger errors than the autoregressive extrapolations. For profits, the
two sets of errors are closer, although
the model forecasts are slightly poorer.
The model forecasts are superior for
the unemployment rate and the longterm interest rate, but not for the
short-term interest rate.
The mixed performance of the ex-ante
forecasts relative to extrapolation based
on autoregression is somewhat disappointing. However, this does not
suggest that we should abandon econometric models in favor of autoregressive
or other empirical extrapolation techniques. Rather, it points up the need
for further improvement in model structure or, in statistical techniques of
estimation or prediction. Even if they
would consistently yield more accurate
forecasts, purely empirical techniques
could not deal with the impact of
assumed alternative policy decisions
and other contingencies. Only a model
can do this.
Summary of Major Findings
Table 12.—Errors in Forecast of August 8, 1968
[Predicted minus actual]
1969
1968
III
IV
I
II
III
IV
Billions of dollars (except as indicated):
Gross national product.
-14.6
-25.0
-32.3
-37.3
-31.4
Personal consumption expendituresAutomobiles and parts
Other durable goods
Nondurable goods
Services
-8.4
-3.2
-1.1
-2.5
-1.7
-11.0
-3.7
-1.3
-3.8
-2.3
-17.5
-5.4
-2.4
-6.5
-3.3
-22.5
-5.4
-3.3
-9.2
-4.7
-22.2
-5.5
-1.1
-8.9
-6.7
-24.3
-5.8
-.9
-9.1
-8.3
Fixed nonresidential investment
Residential structures
Change in business inventories
.4
.1
-1.2
-1.2
-2.0
-2.5
-.1
-4.3
-4.2
-5.9
-4.8
-4.2
-8.7
-3.8
-7.2
-9.3
-.9
-1.7
Net exports
Exports
Imports
1.2
-1.6
-2.8
3.5
1.5
3.8
5.2
1.5
4.0
-2.9
-7.0
2.9
-3.4
-6.3
2.9
-3.7
-6.6
.6
1.5
1.3
2.8
-1.5
1.8
2.8
-1.0
2.2
3.1
-19.4
-10.4
-27.6
-16.6
-32.4
-24.7
-36.4
-29.0
Government purchases of goods and services
Federal
State and local
Personal income
Disposable personal income
Corporate profits and inventory valuation adjustment
Gross national product in 1958 dollars
Implicit price deflator, private GNP (1958=100)
Wages per private employee (thousands of dollars per year).
-2.0
.2
.0
-1.5
-L0
-3.9
-3.4
-11.0
-2.5
-7.7
-2.2
-2.7
.5
7.5
-5.0
-1.5
-12.8
-14.2
-13.8
-5.0
-.2
-7.5
-1.2
-1.8
-2.6
-3.4
-.06
-.7
-.16
-.24
-.24
-.22
-.15
(1) Both prediction and forecasting
errors tend to grow in size as the
prediction horizon is extended. This
tendency is greatly subdued in predictions and forecasts of quarterly
changes—as distinct fiom the levels—
of the variables.
(2) In both the predictions and the
forecasts, root mean square errors
(RMSE's) in such aggregates as GNP
and personal consumption expenditures
are substantially less than the sum of
RMSE's in the components, indicating
offsetting of errors.
(3) The errors in the post-sample
predictions are generally much larger
than in the sample period predictions.
For trend-type variables, the excess
of post-sample over sample period
errors is less in percentage than in
absolute terms, but still substantial.
(4) The ex-ante forecast errors are
smaller than the post-sample prediction
errors for real output, but substantially
larger for the price level. It is concluded tentatively that judgmental adjustments in the constant terms helped
to improve the forecasts.
(5) There is virtually no bias in the
sample period predictions. However,
errors in both the post-sample predictions and the forecasts show evidence
of significant bias, though the significance tests are tenuous. The postsample predictions show significant
positive bias in real GNP and in certain
GNP components, but not in the price
level for the first few quarters. In the
ex-ante forecasts, by contrast, bias in
real GNP is positive, though not statistically significant until the fifth quarter.
There is a strong negative bias in the
price level forecasts, which offsets the
positive bias in real output and results
in relatively small errors in money
GNP.
(6) For current-dollar GNP, ex-post
forecasts (those in which the projected
values of exogenous variables used in
the ex-ante forecasts are replaced by
actual values) yield larger errors than
ex-ante forecasts for the whole forecast
horizon; this results from offsetting
errors in exogenous variables and model
(Continued on page 52)
by ROBERT B. BRETZFELDER
State and Regional Personal Income, 1959-1972
The State personal income series is
fully integrated into the national income and product accounts of the
United States. However, the personal
income total for^the Nation differs in
the two series because the national acSURVEY OF CURRENT BUSINESS. The counts include—and the State accounts
new data incorporate two revisions: (1) exclude—income disbursed to military
the usual revision of the three most re- and civilian government personnel stacent years (in this case, .1970-72) to tioned temporarily abroad.
bring the State numbers into line with
the revised national data published in Personal income defined
the July 1973 SURVEY; and (2) inPersonal income consists of private
corporation into the State estimates of and government wage and salary payinterstate commuting patterns de- ments in cash and in kind, farm and
veloped from the 1970 Census of Popu- nonfarm proprietors' income, interest,
lation, which make possible more ac- net rents, dividends, and transfer paycurate estimates of residence-adjusted ments, less personal contributions for
total and per capital State income. The social insurance. It is measured before
revisions to incorporate the new com- the deduction of personal income or
muting patterns extend back to 1959. other personal taxes.
Estimates of total and per capita inPer capita personal income is total
come for all years since 1957 and for personal income divided by total popselected years 1948-57 are shown in ulation. Total and per capita personal
tables 1 and 2. Data for 1929, 1940 and income are measured in current dollars
all years 1948-57 can be found in the (i.e., no "correction" is made for price
April 1969 SURVEY, pages 22 and 26. changes).
Tables 4-62A are shown here for 197072 only; and tables 63 and 70 are shown
Personal Income in 1972
for 1972. Data for tables 4-62 A, 63, and
Total personal income in the Nation
70 for earlier years as published in
rose
nearly 9 percent last year, with
previous issues of the SURVEY should
gains
of 7 percent or more in each of the
not be used, because of subsequent reeight
regions
and in all but three of the
visions. Annual data for tables 4-62A
States.
The
exceptions
were New York,
and tables 63 and 70 back to 1948 can
Vermont,
and
Connecticut,
where the
be obtained from the Regional Ecoincreases
were
between
5%
and 6%
nomics Division, Bureau of Economic
percent.
Nationally,
consumer
prices
Analysis, U. S. Department of Comrose
2y
percent
as
measured
by
the
2
merce, Washington, D.C. 20230.
implicit price deflator for personal
consumption expenditures. The perNOTE.—The State income estimates were
sonal
income gains in all regions and in
prepared in the Economic Measurement
Branch, Regional Economics Division, by all States exceeded the increase in
Wallace Bailey, Jr., Kenneth Berkman,
Robert Brown, Michael Carroll, Vivian Conk- consumer prices by at least 3}i percent,
lin, Francis Dallavalle, Frederic Gatlin, Judith so that the purchasing power of perHubert, Raymond Leach, Gordon Lester, Jr.,
Myles Levin, Allan Millican, Elizabeth Queen, sonal income apparently increased at
William Reid, Jr., Katharine Richardson, least moderately.
Victor Sahadachny, Susan Schmid, and John
The largest gains in total personal
Wells under the direction of Edwin J. Coleman. Special programming for this article was income, ranging from 14% to 13 perprepared by Francis Dallavalle, David Cartcent, were in Wyoming, Montana, Colowright, and Yvonne Collins.
X HIS report presents revised estimates of annual regional and State
total and per capita personal income for
the years 1959 through 1972. These
estimates replace those published in
the April 1973 and earlier issues of the
rado, Arizona, Florida, Mississippi, and
South Dakota. The income gains in
these States were broadly based, with
income from both basic (export-type)
and secondary (service-type) industries
rising at rates well above the national
averages for these industries. Farm income was sharply higher in all of these
States except Colorado and Arizona,
and manufacturing payrolls increased
very strongly in all except Montana.
Contract construction payrolls were up
strongly in the seven States and government payrolls increased sharply in
all but Montana. There were unusually
large gains in mining payrolls in Arizona, Montana, and Wyoming. Largely
reflecting the strength in these basic
industries, income from most other industries—most of which are servicerelated—also rose in the seven States
at rates well above the national averages for those industries.
In New York, Vermont, and Connecticut, the three States where the
income rise was weakest, manufacturing
payrolls rose only moderately. Construction payroll gains were also weak
and income from most service-related
industries rose less in these States than
in the Nation.
Per Capita Personal Income
Changes in per capita personal income over the first three years of the
1970's clearly show a continuation of
the long-term convergence of State and
regional per capita incomes toward the
national average. As has been typical
over the past four decades, per capita
income tended to grow faster from 1969
to 1972 in States with below-average
incomes and to increase more slowly in
States with above-average incomes.
Of the 34 States and four regions with
per capita incomes less than the
national average in 1969, 27 States and
two regions showed gains by 1972 in
their per capita income standing rela39
CHART 11
Per Capita Personal Income, 1972
R< $4,483
$5,328
O
o
td
el
CO
M
United States $4,490
$4,800 and Over
$4,400-$4,799
$4,100-$4,399
|
| $3,650-$4,099
$3,649 and Under
$4756
$4,725
$4,278
$4,187
>
U.S. Department of Commerce, Bureau of Economic Analysis
United
States
Mideast
Far
West
New
Great
England Lakes
Plains
Rocky South- SouthMountain west
east 73-8-11
CO
SUEVEY OF CUKEENT BUSINESS
August 1973
41
CHART 12 tive to the Nation; three States and
two regions showed no change in
relative standing, and the remaining
four States showed small declines. A
State or region's relative standing is
measured as the ratio of its per capita
income to the national average per
capita income.
Conversely, of the 14 States and
four regions with per capita incomes
more than the national average in 1969,
nine States and all four regions registered declines in per capita income
relative to the national average between 1969 and 1972; four States
showed slight gains in relative standing, and one State's relative position
was unchanged.
In 1969, two States—Indiana and
Rhode Island—had per capita incomes
equal to the U.S. average. In 1972,
income in Rhode Island still equaled
the national average while income in
Mideast
Indiana was 3 percent below the
average.
Far West
The long-term convergence of State
New England
and regional per capita incomes toGreat Lakes
ward the national average is illustrated
in table A and chart 12. The table
UNITED STATES
—
shows the coefficient of variation of
regional and State income in selected
Rocky Mountain
years and the chart shows the regional
Plains
income relatives for selected years since
1929.
The coefficient of variation of State
Southwest
per capita income fell from 37.9 percent
Southeast
in 1929 to 16.4 percent in 1969, and to
14.9 percent in 1972. However, despite
the large reduction in inequality of per
capita income among the States, substantial differences remain: Connecticut's per capita income of $5,328
was 70 percent larger than Mississippi's
$3,137.
Regional Per Capita Income Differentials Narrow
Regional Per Capita Income as
Percent of U.S. Average
150
140
70
Table- k
Year
60
50
1929
1940
U.S. Department of Commerce, Bureau of Economic Analysis
1948
1960
1969 1972
Regions
States
Average
change
Coefficient
per year in
of
variation coefficients
(percent(percent)
age points)
Average
change
Coefficient
per year in
of
variation coefficients
(percent)
(percentage points)
37.9
1929
29 8
1940
27.7
-0.2
38.1
0.0
1948
15.9
-2.0
21.0
-2.1
1960
14.6
-.1
20.4
-.1
1969
11.8
-.3
16.4
-.4
-.8
14.9
-.5
1972
9.4
SUEVEY OF CURRENT BUSINESS
42
August 1973
Table 1.—Personal Income, by States and Regions, Selected Years *
[Millions of dollars]
State and region
Line
N e w England.
13,796 14,911 17,453 18,498 18,729 20,038 22,477 23,027 24,363 25,465 26,507 28,059 29,359 31,260 33,620 36,511 39,782 43,367
Great Lakes.
17
18
19
20
21
Michigan..
Ohio
Indiana
Illinois
Wisconsin _
30
31
32
33
34
35
36
37
38
39
40
41
42
43
1,087
704
425
7,654
1,262
3,779
1,291
833
496
8,675
1,446
4,710
1,298
884
521
9,179
1,531
5,087
1,314
915
526
9,293
1,523
5,160
1,449 1,583
983 1,102
619
549
9,891 11, 074
1,614 1,701
5,552
1,637
1,132
626
11, 438
1,748
6,446
1,722 1,816
1,179 1,237
678
720
12,152 12, 685
1,840 1,886
6,793 7,121
1,834
1,300
734
13, 237
1,956
7,445
1,902
1,393
774
13, 887
2,101
8,000
1,948 2,114
1,470 1,572
845
792
14,513 15, 382
2,186 2,337
8,450 9,011
2,285 2,450
1,711 1,901
937 1,062
16,400 17, 677
2,496 2,729
9,790 10, 693
2,567
2,091
1,144
19, 249
2,983
11, 749
2,784
2,315
1.263
20, 998
3,268
12, 740
26,051 27,841 31, 396 33,206
8,063 8,934 10, 934 11, 750
14, 716 16,189 18, 617 19, 938
835
782
537
684
3,331 3,772 4,721 5,041
1,644 1,790 1,978 1,914
34,275
11, 957
19,515
857
5,069
1,917
36,453 40,818 41, 715
12, 688 14,550 14,823
23,414 23,594
1,125 1,135
5,467 6,314 6,567
1,949 2,061 2,132
44,251
15,835
24, 799
1,202
6,963
2,205
46,154
16,500
25, 528
1,248
7,283
2,304
47, 783
17, 322
25,824
1,285
7,793
2,371
50, 480
18,423
27,007
1,368
8,331
2,532
52,484
19, 393
27,960
1,476
8,944
2,670
55, 879
20,576
30,008
1,591
9,734
2,820
59,329
22, 201
32,007
1,739
10, 661
2,963
63,552
23,964
34, 861
1,838
11, 649
3,102
68,405
25, 819
37,113
1, 942
12,572
3,303
74, 706
28, 218
40,007
2,128
14,002
3,521
47,805 50,849 61,019 66,314 65,547 70,776 78,618 78,541 83,612 86,691 88,191 93,348 97,948 105,168 115,718 126,405 133,169 145,190
9,691 10, 895 13,050 14, 741
12, 269 12, 930 15, 942 17,423
5,624 5,998 7,326 8,073
15,521 15, 948 18,608 19,812
4,701 5,078 6,093 6,265
14,354
17, 397
7,653
19, 933
6,212
15,900
18, 762
8,265
21,167
6,682
16, 870
20, 959
9,187
24,056
7,547
16, 603 17, 647 18, 378
20, 637 22,034 22, 758
9,192 9,746 10,193
24,353 25, 759 26, 693
7,755 8,426 8,670
18, 306
23,004
10, 462
27,478
8,941
19, 636
24, 203
11,118
28, 932
9,459
21,112
25,184
11, 762
30,155
9,736
23, 084
26, 875
12,518
32,161
10, 530
25, 942
29, 376
13, 930
35, 033
11, 436
28, 326
32,194
15,115
38, 223
12, 546
29, 768
33, 786
15, 838
40, 564
13, 213
32, 949
37,087
17, 229
43, 579
14, 346
19,647 20,134 23,016 23,434 24,233 24,762 27,858 29,526 30,199 31,838 32,900 34,986 36,359 37,942 41,965 45,606 48,106 52,102
Plains.
Minnesota
Iowa
Missouri
North Dakota.
South Dakota.
Nebraska
Kansas.
4,106
4,042
5,338
813
916
1,909
2,523
4,227
3,897
5,672
782
814
1,978
2,765
4,823
4,338
6,576
740
828
2,187
3,524
5,079
4,200
757
892
2,125
3,434
5,202
4,525
6,974
766
916
2,253
3,597
5,483
4,307
7,450
848
857
2,191
3,626
6,135
5,077
8,053
905
1,068
2,615
4,006
6,585
5,200
8,461
1,030
1,094
2,713
4,443
6,778
5,295
8,957
948
979
2,756
4,485
7,218
5,452
9,181
1,083
1,215
2,985
4,703
7,558 7,844 8,286 8,584
10,334 11,110
5,722 5,983 6,327 6,622 7,539 8,286 8,482
9,478 9,""" 10,508 11,145 12,104 13,018 13, 999
962 1,
1,290 1,287 1,505 1,567 1,599
1,223 1,402 1,345 1,315 1,522 1,672 1,724
3,043 3,271 3,339 3,482 3,853 4,242 4,416
4,913 5,135 5,265 5,507 5,944 6,487 6,776
12,156
9,104
15, 262
1,661
1,877
4,658
7,385
31,769 34,589 42,042 43,957 43,779 47,558 54,082 56,419 60,387 62,636 65,976 70,516 75,265 81,386 88,791 97,945 106,433 117,559
Southeast.
Virginia
West Virginia..
Kentucky
Tennessee _
North Carolina.
South Carolina.
Georgia!
Florida
Alabama
Mississippi
Louisiana
Arkansas
Southwest.
44
45
46
47
Oklahoma
Texas
New Mexico..
Arizona
48
Rocky Mountain.
49
50
51
52
53
1,084
668
407
7,012
1,175
3,450
54,343 59,211 68,428 72,684 73,590 78,207 88,282 89,967 95,255 99,017 102,378 108,142 112,928 120,608 128,901 138,966 149,153 162,582
New York..
New Jersey
Pennsylvania
Delaware...
Maryland.
District of Columbia.
16
23
24
25
26
27
28
29
1968
208,876 226,214 269,769 285,456 287,607 308,266 348,460 358,474 380,987 398,726 414,411 440,189 463,054 494,912 535,924 583,698 625,576 684,745
Mideast-
22
1950 1952 1953 1954 1955 1957 1958 1959' 1960' 1961 ' 1962 ' 1963' 1964' 1965 ' 1966' 1967'
United States.
Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut
10
11
12
13
14
15
1948
Montana..
Idaho
Wyoming _
Colorado..
Utah
3,624
2,126
2,788
3,037
3,732
1,779
3,154
3,043
2,571
1,639
2,679
1,597
4,070
2,136
2,881
3,295
4,219
\,r~
5,150
2,462
3,587
3,810
4,851
2,527
4,447
4,554
3,287
1,907
3,636
1,823
5,292
2,473
3,752
4,080
5,040
2,615
4,581
5,050
3,432
1,943
3,858
1,842
5,338
2,347
3,692
4,105
5,120
2,434
4,536
5,328
3,314
1,875
3,881
1,810
6,349
2,967
4,291
4,872
5,980
2,810
5,531
7,730
4,261
2,172
5,028
2,091
5,638
2,492
3,866
4,374
5,571
2,599
5,000
6,070
3,761
2,102
4,114
1,970
6,591
2,887
4,441
5,025
6,263
2,885
5,767
8,453
4,442
2,349
5,105
2,210
6,988
2,960
4,640
5,397
6,725
3,127
6,183
9,292
4,734
2,572
5,351
2,418
7,328 7,764 8,428 8,966 9,887 10,700 11, 661 12, 731
3,026 3,121 3,264 3,489 3,729 3,995 4,256
2,!
4,784 5,122 5,430 5,741 5,994 6,553 7,203 7,776
5,524 5,884 6,259 6,644 7,141 7,854 8,661 9,285
8,166 8,618 9,303 10,101 11, 330 12, 292
7,137 7,1
3,290 3,460 3,746 3,946 4,277 4,730 5,327 5,766
6,448 6,712 7,238 7,844 8,573 9,458 10, 466 11, 440
9,726 10,236 11,039 11, 849 12, 966 14,174 15,649 17, 446
4,923 5,062 5,317 5,712 6,158 6,767
7,728
2,632 2,821 2,978 3,292 3,426 3,750 4,128 4,435
5,407 5,581 5,901 6,292 6,793 7,406 8,235 9,048
2,457 2,699 2,892 3,097 3,380 3,569 3,986 4,230
14,108
4,506
8,526
10, 217
13,567
6,401
12, 662
19,785
8,448
4,861
9,885
4,592
3,574
3,599
2,691
1,643
3,021
1,575
13,065 14,850 18,327 18,923 19,288 20,663 23,751 25,013 26,395 27,419 28,947 30,413 31,923 33,988 36,662 40,282 43,673 48,249
2,390 2,547
9,142 10, 486
655
811
879 1,006
3,087
12, 837
1,004
1,399
5,092
6,168
962
764
484
1,970
911
1,075
932
547
2,498
1,116
4,651
3,201 3,193 3,390 3,744 4,000 4,144 4,365 4,571
13,196 13,504 14,438 16,538 17,175 18,059 18,599 19, 623
1,048 1,077 1,181 1,442 1,618 1,748 1,788 1,862
1,478 1,514 1,655 2,028 2,220 2,443 2,667 2,891
6,238
6,244
7,893
6,775
8,280
8,722
9,167
4,710 4,904
20, 581 21, 649
1,959 2,022
3,163 3,349
5,249 5,689 6,175
23,116 24, 951 27, 642
2,106 2,260 2,371
3,517 3,761 4,094
6,708 7,263
30,003 33,284
2,457 2,652
4,505 5,051
9,665 10,420 10,714 11,085 11,898 12,657 13,439 14,666
1,592
1,460
827
4,983
2,223
1,874 1,915 2,029
1,794 1,890
1.'
936 1,002
894 6,119
5,691 2,676 6,849
2,895
2,518
23,802 26,578 33,317 35,406 36,197 39,486 45,499 47,702 52,055 54,358 57,611 61,957 66,074 70,767 75,487 82,191 88,384 97,219
876
725
429
1,810
810
Far West
Washington.
Oregon
Nevada
California...
1,096
899
549
2,528
1,166
1,079
902
533
2,566
1,165
1,297
1,104
645
3,365
1,482
1,178
951
570
2,804
1,272
1,370
1,161
677
3,524
1,549
1,345
1,226
715
3,756
1,681
1,383
1,238
749
4,021
1,777
1,371
1,309
776
4,296
1,913
1,581
1,410
795
4,560
2,074
1,587
1,410
813
4,745
2,159
3,995 4,697 4,934 5,035 5,306 5,912 6,114 6,533 6,691 7,066 7,615 7,756
2,278 2,482 2,966 2,990 2,961 3,198 3,416 3,556 3,780 3,912 4,020 4,259 4,518
283
32"
440
480
711
753
809
890 1,094 1,233
604
673
519
52, 567
17, 633 19, 774 25, 214 27,002 27, 682 30, 378 35, 497 37, 321 40, 988 42, 945 45, 636
Alaska..
Hawaii.
723
322
692
511
562
528
562
659
972 1,315 1,178 1,315 1,476
495
908
13, 796
48,830
47,805
19, 647
22, 970
10,036
15, 807
6,467
23,519
14, 911
52, 964
50, 849
20,134
25, 730
10, 510
17, 629
7,235
26, 251
17,453
60,947
61,019
23,016
31, 472
12,592
21, 382
9,011
32,877
18, 498
64, 894
66, 314
23, 434
32, 841
13,207
22,097
9,244
34, 926
18, 729
65, 747
65,547
24, 233
32, 944
12,986
22, 388
9,355
35, 678
20,038
69, 811
70, 776
24, 762
35, 767
14,104
23, 911
10, 215
38, 882
' Revised. State estimates of personal income from 1959-to-date reflect the inclusion of 1970
Census of Population journey-to-work data.
672
1,676
711
1,772
8,080 8,652 9,927 10, 925
4,851 5,287 5,710 6,049
1,319 1,399 1,472 1,544
56,518 60,149 65,082 69, 866
801
1,907
2,014
916
2,219
1,022
2,414
12,106
6,577
1,751
76, 786
1,111
2,700
Personal Income, by Census Regions
Addenda
New England
Middle Atlantic....
East North Central.
West North Central
South Atlantic
East South CentralWest South Central.
Mountain
. .
Pacific
641
1,595
1,721
1,668
855
5,294
2,359
22, 477
78, 782
78, 618
27, 858
40, 867
15,596
27, 401
12,036
44, 826
23,027
80,132
78, 541
29, 526
42, 681
16, 257
28, 490
12, 829
46, 991
24, 363
84,885
83, 612
30,199
45, 646
17, 342
29, 971
13, 667
51, 302
25, 465
88,182
86, 691
31, 838
47, 743
17, 863
30, 828
14, 432
55, 683
26, 507
90,929
88,191
32,900
50, 256
28,059
95, 911
93, 348
34, 986
53, 969
19, 984
32, 474 34,084
15, 307 16, 637
58, 958 63, 211
29, 359 31,260 33, 620 36,511 39, 782 43, 367
, 337142, 931
99, 837 106, 462 113, 538 122, 378 131,
145,190
97,948 105,168 115,718 126,
'" 405 133,169
"'
36, 359 37, 942 41,965 45,606 48,106 52,102
57, 578 62, 640 68. 255 75,016 81, 747 90, 680
21,390 22, 718 24, 924 27, 296 29,224 32,053
35, 914 38,537 41, 616 46,039 49, 989 55,024
17, 317 18,027 19,319 20, 593 21, 945 24,119
67, 324 72,157 76, 970 83, 854 90,276 99,280
1. Due to lack of space, data for 1929, 1940, 1949, 1951, and 1956 are omitted. These data are
available in the April 1969 SURVEY OF CURRENT BUSINESS, pages 22 and 26.
SURVEY OF CURRENT BUSINESS
August 1973
43
Table 2.—Per Capita Personal Income, by States and Regions, Selected Years
[Dollars]
[Millions of dollars]
1969 r
1970'
746,449 803,52
47,121
50,796
3,006
2,528
1,372
22,854
3,459
13,902
3,255
2,779
1,480
24,731
3,748
14,803
1971
r
1972 r
86,070
33,347
46, 593
2,466
16,856
4,016
1948
1
1,921 1,905 2,030 2,241 2,253 2,334 2,418 2,485 2,598 2,672 2,795 2,968 3,194 3,441 3,727 4,015 4,278 4,454 4,756
2
1,421
1,616
1,374
1,910
1,878
2,346
3
4
5
6
7
8
1,496
1,494
1,601 1,865
3,407
2,983
1,602
26,131
3,999
15,378
3,714
3,270
1,703
28,096
4,340
16,421
1,235
1,284
1,133
1,500
1,493
1,713
1,186
1,323
1,121
1,633
1,605
1,875
157,831 166,038 177,680 193,375
1,411
1,557
1,324
1,866
1,804
2,263
1,797
1,689
1,431
1,720
1,467
1,958
1,873
1,834
1,541
2,132
1,602
2,221
1,602 1,666
2,067
2,134
1,773
2,293
1,888
2,457
40,081
45,176
21,138
53,552
17,734
44,325
48,888
23,101
57,829
19, 232
1,560
1,558
1,451
1,815
1,418
1,701
1,620
1,512
1,825
1,477
56,808
61,297
64,966
71,118
1,444
1,428 1,624
13,448
9,881
16,346
1,874
1,985
5,302
7,972
14, 709
10,609
17,682
1,928
2,080
5,653
8,635
15,516
11,001
18,885
2,182
2,223
5,973
9,186
16, 746
12,396
20,403
2,363
2,512
6,642
10,058
1,431
1,590
1,389
1,401
1,497
1,509
1,333
1,410
1,485
1,431
1,263
1,242
1,490
1,443
1,863
2,032
1,851
2,458
2,206
2,799
1,844
2,103
1,882
2,536
2,280
2,879
1,914
2,205
1,970
2,639
2,412
3,022
1,962
2,266
1,995
2,716
2,495
3,099
2,129
2,370
2,117
2,823
2,640
3,221
2,292
2,531
2,320
2,981
2,795
3,427
2,452
2,791
2,571
3,194
3,036
3,683
2,557
2,999
2,705
3,441
3,281
4,003
2,801
3,266
2,936
3,738
3,544
4,298
3,030
3,492
3,139
4,045
3,711
4,634
3,272
3,745
3,311
4,340
3,941
4,871
3,366
3,935
3,528
4,535
4,170
5,013
3,610
4,241
3,686
4,855
4,483
5,328
2,139
2,247
1,870
2,379
1,964
2,363
2,167
2,231
1,804
2,328
1,888
2,423
2,283
2,306
1,889
2,519
1,994
2,483
2,493
2,536
2,137
2,641
2,198
2,701
2,513
2,517
2,134
2,621
2,202
2,817
2,652
2,633
2,207
2,727
2,271
2,897
62,192
68,568
8,617
40,240
3,173
6,507
9,109
42,353
3,420
7,310
9,995
46,486
3,796
8,292
16,206
18,049
19,651
22,205
1,419
1,457
2,200
2,154
1,118
7,615
3,119
2,438
2,352
1,268
8,541
3,451
2,529
2,538
1,308
9,501
3,774
2,875
2,858
1,494
10,782
4,197
1,616
1,315
1, 595
1,433
1,241
1,622
1,295
1,668
1,487
1,309
2,741
2,704
2,253
2,780
2,340
3,012
2,801
2,765
2,267
2,788
2,454
3,047
2,918
2,889
2,378
2,917
2,553
3,213
3,006
2,969
2,447
3,056
2,642
3,346
3,177
3,089
2,605
3,201
2,788
3,534
3,346
3,281
2,754
3,430
2,962
3,718
3,562
3,498
2,989
3,563
3,153
3,921
3,814
3,727
3,177
3,699
3,346
4,176
4,139
4,028
3,407
3,985
3,670
4,526
4,447
4,331
3,693
4,331
3,986
4,879
4,714
4,635
3,943
4,483
4,281
5,333
4,957
4,904
4,166
4,800
4,512
5,763
5,242
5,232
4,465
5,188
4,882
6,265
2,161
2,028
1,930
2,186
1,787
2,031
1,961
1,795
2,154
1,722
2,183
2,081
1,894
2,243
1,816
2,229
2,227
2,028
2,488
1,991
2,165
2,150
2,006
2,463
2,018
2,272
2,278
2,113
2,580
2,165
2,346
2,338
2,181
2,647
2,188
2,319
2,334
2,212
2,713
2,230
2,475
2,438
2,348
2,814
2,336
2,620
2,522
2,451
2,899
2,368
2,820
2,666
2,578
3,040
2,528
3,104
2,880
2,830
3,276
2,702
3,328
3,117
3,024
3,527
2,935
3,449
3,244
3,134
3,705
3,071
3,789
3,527
3,383
3,964
3,302
4,090
3,825
3,674
4,271
3,531
4,156
3,992
3,752
4,492
3,794
4,455
4,207
4,031
4,789
3,965
Line
9
10
11
12
13
14
15
16
4,881
4,534
4,366
5,140
4,255
17
18
19
20
21
1,642 1,677 1,681 1,860 1,969 1,987 2,064 2,113 2,235 2,314 2,403 2,653 2,870 3,018 3,247 3,506 3,745 3,936 4,278
22
1,665
1,598
1,728
1,244
1,376
1,612
1,722
1,671
1,723
1,715
1,254
1,398
1,681
1,762
1,729
1,608
1,802
1,378
1,293
1,594
1,732
1,874
1,869
1,922
1,479
1,603
1,876
1,882
1,988
1,920
2,021
1,699
1,668
1,962
2,074
2,014
1,940
2,104
1,533
1,468
1,973
2,076
2,108
1,978
2,122
1,708
1,779
2,106
2,155
2,178
2,076
2,179
1,500
1,764
2,105
2,218
2,233
2,176
2,291
2,148
1,988
2,234
2,302
2,347
2,303
2,393
2,00i
1,899
2,262
2,375
2,413
2,412
2,509
1,983
1,876
2,349
2,493
2,644
2,749
2,710
2,318
2,200
2,619
2,695
2,857
3,000
2,878
2,422
2,448
2,914
2,949
3,036
3,037
3,084
2,554
2,569
3,031
3,084
3,283
3,248
3,341
2,675
2, 80 >
3,175
3,333
3,578
3,523
3,523
3,017
2,972
3,597
3,565
3,848
3,749
3,768
3,120
3,124
3,794
3,841
4,020
3,847
4,004
3,474
3,298
3,961
4,070
4,298
4,300
4,293
3,738
3,699
4,355
4,455
23
24
25
26
27
28
29
1,968 2,121 2,318 2,498 2,731 2,979 3,223 3,458 3,801
30
2,269
1,942
1,916
1,894
1,937
1,728
2,013
2,243
1,814
1,529
1,971
1,782
4,298
3,594
3,609
3,671
3,799
3,477
3,909
4,378
3,420
3,137
3,543
3,365
31
32
33
34
35
36
37
38
39
40
41
42
1,513 1,555 1,570 1,629
1,783 1,839 1,902 1,926 1,986 2,037 2,113 2,225 2,379 2,588 2,776 3,016 3,257 3,519 3,672 3,965
43
1,391
1,544
1,367
1,662
1,641
1,823
1,702
1,802
3,795
3,991
3,564
4,263
44
45
46
47
1,727
1,699 1,661 1,742 1,919 2,000 2,064 2,107 2,149 2,275 2,313 2,372 2,531 2,673 2,810 3,013 3,279 3,580 3,810 4,187
48
1,786
1,588
1,866
1,830
1,542
1,779
1,509
1,892
1,767
1,578
1,297
58,536
7,873
36,642
2,905
5,752
1-671
4,020
1,799
1,977
1,752
2,375
2,146
2,692
1970 r 1971 ' 1972 r
1,847
1,143
1,349
1,177
1,330
53,173
1,536
3,705
1,734
1,948
1,648
2,283
2,038
2,635
1968 ' 1969
2,097
1,818
1,854
1,787
1,817
1,604
1,880
2,105
1,701
1,467
1,863
1,651
1,144
1,199
1,034
1,274
1,130
1,120
990
944
973
891
968
1,180
866
790
1,032
875
1,404
3,476
1,679
1,927
1,647
2,247
1,998
2,712
1958
1,611 1,668 1,755
1,187
20,478
6,402
11,905
14,796
19,809
9,268
18,451
31, 779
12,004
7,099
13,179
6,656
1,249
3,045
1,552
1,765
1,463
2,026
1,962
2,414
1957
1,838
1,608
1,573
1,545
1,561
1,376
1,630
1,944
1,504
1,206
1,659
1,373
1,470
1,258
1,229
1,137
1,181
1,160
1,241
1,442
1,071
886
1,279
992
18,493
5,784
10,845
13, 298
17,706
8,311
16,632
28,042
10,937
6,278
12,052
5,912
14,349 15,399
8,446
9,354
2,424
2,676
94,412 102,009
1,592
1,652
1,656
1,217
1,272
1,668
1,783
1,228
1,065
981
994
1,037
893
1,034
1,281
880
755
1,120
825
17,000
5,320
10,008
12,118
16,383
7,691
15,269
25, 275
10,053
5,753
11,180
5,527
13,730
7,765
2,195
89,312
1,417
1,651
1,395
1,893
1,866
2,294
1955
984 1,022 1,213 1,267 1,257 1,343 1,467 1,507 1,584
15,445
4,810
9,228
11,233
15,034
7,045
14,201
22,535
9,254
5,278
10,367
5,000
13,165
7,213
1,998
83,138
1954
1,937 2,062 1,983 2,095 2,248 2,208 2,327 2,389 2,409 2,528 2,622 2,777 3,013 3,245 3,384 3,662 3,955 4,113 4,373 4,725
1,962
1,926
1,766
2,078
1,757
36,993
42,665
19, 539
50,023
16,818
105,515 113,001 U9,631 129,528
1953
1,648 1,756 1,985 2,068 2,054 2,153 2,378 2,385 2,493 2,565 2,616 2,734 2,817 2,974 3,142 3,360 3,584 3,878 4,181 4,454 4,699 5,008
35, 917
40,406
18,898
47,153
15,458
129,430 141,576 154,292 171,827
r
1,733 1,804 1,785 1,876 2,045 2,068 2,161 2,216 2,265 2,370 2,458 2,590 2,770 2,986 3,170 3,436 3,708 3,943 4,164 4,492
1,430
57,545
96,280
38,543
53,249
2,931
19,803
4,686
r
1952
53,499
90,963
35,825
49,580
2,683
18,079
4,339
1959 r 1960 r 1961 r 1962 r 1963 r 1964' 1965 r 1966 r 1967
1950
858,620 935,350
176,071 189,348 201,470 215,493
80,509
30,729
43,359
2,339
15,416
3,718
1
1,488
1,282
1,293
1,229
1,223
1,199
1,288
1,526
1,124
923
1,346
1,035
1,467
1,583
1,386
1,654
1,501
1,232
1,272
1,222
1,239
1,119
1,259
1,520
1,099
908
1,346
1,044
1,445
1,611
1,412
1,623
1,729
1,503
1,818
1,718
1,554
1,571
1,326
1,328
1,281
1,313
1,181
1,375
1,620
1,233
1,020
1,396
1,142
1,507
1,667
1,504
1,677
1,852
1,539
1,857
1,814
1,625
1,652
1,610
1,465
1,419
1,369
1,236
1,469
1,768
1,371
1,040
1,614
1,207
1,944
1,720
2,054
2,023
1,794
1,684
1,565
1,500
1,448
1,431
1,252
1,516
1,826
1,405
1,126
1,618
1,280
1,764
1,857
1,826
1,861
2,057
1,797
2,148
2,114
1,833
1,769
1,596
1,547
1,532
1,509
1,332
1,599
1,933
1,477
1,203
1,668
1,377
1,811
1,920
1,903
1,938
2,010
1,866
2,234
2,196
1,933
1,868
1,933
1,874
2,019
2,037
1,844
2,262
2,273
1,974
1,896
1,655
1,677
1,624
1,632
1,436
1,672
1,952
1,527
1,279
1,698
1,495
1,921
1,998
1,929
2,055
1,970
1,914
2,302
2,330
2,044
2,016
1,725
1,764
1,704
1,735
1,546
1,771
2,022
1,600
1,328
1,764
1,561
1,941
2,047
2,001
2,150
2,265
2,037
2,387
2,401
2,165
2,011
2,131
2,044
2,202
2,258
2,064
2,421
2,451
2,216
2,146
2,251
2,094
2,260
2,426
2,088
2,087
2,068
2,077
1,897
2,183
2,381
1,965
1,669
2,119
1,885
2,617
2,251
2,289
2,266
2,314
2,114
2,390
2,564
2,109
1,839
2,320
2,099
2,332
2,404
2,234
2,375
2,438
2,432
2,576
2,667
2,380
2,516
2,635
2,354
2,536
2,824
2,406
2,452
2,406
2,482
2,276
2,595
2,795
2,235
1,991
2,527
2,225
2,695
2,831
2,457
2,737
2,732
2,608
2,906
2,980
2,626
3,095
2,556
2,669
2,635
2,711
2,501
2,825
3,076
2,452
2,191
2,744
2,414
2,902
3,076
2,668
3,003
3,348
2,755
2,886
2,883
2,988
2,741
3,120
3,393
2,690
2,378
2,865
2,614
3,106
3,318
2,874
3,312
3,653
3,047
3,104
3,082
3,218
2,963
3,318
3,692
2,913
2,596
3,068
2,869
3,350
3,576
3,117
3,631
3,918
3,272
3,310
3,329
3,433
3,157
3,566
3,992
3,137
2,790
3,264
3,030
3,503
3,706
3,273
3,926
3,999
3,780
4,330
4,574
3,728
49
50
51
52
53
1,715
1,801 2,103 2,144 2,117 2,239 2,400 2,429 2,563 2,615 2,682 2,793 2,889 3,021 3,154 3,378 3,567 3,868 4,122 4,346 4,535 4,866
54
1,600
1,621
1,814
1,752
1,674
1,620
2,018
1,852
1,919
1,875
2,429
2,167
2,001
1,867
2,462
2,204
2,001
1,821
2,437
2,172
2,038
1,927
2,549
2,313
2,170
1,996
2,588
2,489
2,205
2,070
2,645
2,508
2,316
2,165
2,699
2,650
2,344
2,208
2,781
2,706
2,452
2,249
2,825
2,766
2,588
2,342
3,109
2,870
2,625
2,438
3,105
2,975
2,255
2,147
2,438
2,530
2,273
2,651
2,438
2,767
2,836
2,495
2,899
2,720
3,092
3,231
2,813
3,170
3,046
3,399
3,516
2,979
3,498
3,280
3,796
3,839
3,228
3,562
3,444
3,857
4,173
3,447
3,442 3,702 3,938 4,022 4,169 4,472
3,057 3,282 3,498 3,694 3,949 4,287
3,438 3,773 4,163 4,452 4,753 5,078
3,643 3,959 4,218 4,467 4,654 4,988
55
56
57
58
2,612 2,492 2,300 2,273 2,507 2,357 2,507 2,876 2 694 2,733 2 778 3,046 3 205 3 378 3,676 3,898 4,219 4 603 4,907 5 141
1,407 1,386 1,748 1,795 1,802 1,838 2,156 1,981 2,156 2,366 2,481 2,567 2,641 2,813 2,885 3,183 3,410 3,756 4,098 4^562 4,749 5,031
59
60
2,729
2,569
3,096
3,114
2,916
2,729
3,151
3,236
3,247
2,900
3,299
3,451
P e r Capita Personal Income, by Census Regions
47,121
154, 598
157,831
56,808
100,543
34,993
59,882
26,862
107,810
50,796
166,010
166,038
61,297
110,275
37,932
65, 564
29,924
115,687
53,499
176,368
177,680
64,966
120,071
41,358
69,426
32,804
122,447
57,545
188,072
193,375
71,118
133,607
45,805
76,316
36,969
132, 542
1,494
1,652
1,602
1,444
1,137
906
1,118
1,368
1,715
1,601
1,751
1,666
1,428
1,211
915
1,207
1,418
1,798
1,865
1,978
1,937
1,624
1,422
1,096
1,405
1,691
2,099
1,921
2,066
2,062
1,642
1,467
1,161
1,457
1,676
2,140
1,905
2,055
1,983
1,677
1,450
1,145
1,472
1,650
2,113
2,030
2,154
2,095
1,681
1,541
1,233
1,535
2,732
2,235
2,241
2,383
2,248
1,860
1,666
1,349
1,691
1,897
2,397
2,253
2,389
2,208
1,969
1,704
1,392
1,737
1,978
2,426
2,334
2,501
2,327
1,987
1,786
1,462
1,799
2,044
2,561
NOTE.—Details may not add to totals because of rounding. Alaska and Hawaii included
1960 to date but not in earlier years.
2,418
2,573
2,389
2,064
1,830
1,480
1,812
2,087
2,608
2,485
2,619
2,409
2,113
1,884
1,549
1,878
2,131
2,674
2,598
2,738
2,528
2,235
1,985
1,622
1,928
2,254
2,781
2,672
2,819
2,622
2,314
2,076
1,723
2,014
2,297
2,877
2,795
2,976
2,777
2,403
2,217
1,812
2,134
2,353
3,014
2,968
3,143
3,013
2,653
2,375
1,974
2,286
2,496
3,147
3,194
3,366
3,245
2,870
2,575
2,153
2,503
2,639
3,374
3,441
3,594
3,384
3,018
2,773
2,298
2,692
2,786
3,566
3,727
3,884
3,662
3,247
3,030
2,516
2,923
3,012
3,867
4,015
4,185
3,955
3,506
3,316
2,743
3,133
3,288
4,122
4,278
4,454
4,113
3,745
3,583
2,958
3,380
3,586
4,353
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
4,453
4,696
4,373
3,936
3,838
3,180
3,529
3,826
4,542
4,756
4,994
4,725
4,278
4,205
3,496
3,819
4,182
4,870
61
62
63
64
65
66
67
68
69
SUEVEY OF CUEKENT BUSINESS
44
August 1973
Tables 4^27.—Personal Income
[Millions
Table 4.—United
States
Item
Line
1970
Table 5.—New
England
1972
Table 6 . - M a i n e
T a b l e 7.—New
Hampshire
Table 8.—Vermont
1970
1971
1972
1970
1971
1972
1970
1971
1972
1970
1971
1972
50,796
53,499
57,545
3,255
3,407
3,714
2,779
2,983
3,270
1,480
1,602
1,703
2,076
24
2
2,160
20
1
2,374
19
2
1,901
8
4
2,005
6
4
2,220
6
4
938
11
7
991
11
6
1,055
10
7
(0
0)
0)
154
760
415
345
359
106
30
77
7
86
278
200
78
134
38
12
26
6
83
275
196
79
148
42
13
29
7
75
293
208
85
158
45
15
30
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Wage and salary disbursements
537,178 568,781 523,550 34,104 35,478 38,491
3,433
Farms
3,578
3,879
95
97
96
5,824
Mining
6,037
34
6,718
35
34
1,395
(i)
Coalmining
1,475
1,768
CO
Crude petroleum and natural gas
2,575
1
2,655
2,905
33
1,854
34
33
1,907
2,045
Mining and quarrying except fuel .
Contract construction2,283
2,434
32, 351 35, 038 38, 440 2,125
Manufacturing
_
. . .
158, 294 160,519 175, 897 11,656 11,335 12,223
7,225
7,806
Durables _ .
. . .
97, 984 98,101 108, 678 7,575
4,110
4,417
Non durables
60,310 62, 418 67, 219 4,081
5,855
6,288
Wholesale and retail trade. _
88, 993 95,191 103, 592 5,528
2,121
Finance, insurance and real estate
2,296
27,031 29,608 32,569
1,959
Banking
_
566
602
8,642
7,439
530
8,049
Other finance insurance and real estate
1,694
1,555
19,592 21,559 23, 927 1,429
Transportation, communications and public
2,390
2,129
utilities
40, 297 43,155 47, 899
1,978
178
169
Railroad transportation .
6,530
6,973
6,268
163
602
540
Highway freight and warehousing
9,032 10,127 11,524
493
369
342
9,126
9,846
Other transportation
8,970
326
1,242
1,078
996
Communications and public utilities
16,027 17,372 19,556
5,472
6,048
Services
5,065
69 616 75,067 83,510
205
3,892
169
180
Hotels and other lodging places
3,432
3,220
544
541
9,611
539
Personal services and private households
9,539
9,455
1,003
1,065
981
Business and repair services
14,486 15,035 16,733
179
201
Amusement and recreation _ _
167
4,397
3,757
3,988
Professional, social and related services. .
3,209
3,570
4,033
38,698 43,073 48, 877
6,061
6,579
Government
110 244 119 377 129 710 5,577
1,316
1,400
Federal, civilian.
. . .
1,263
28,106 29,947 32,102
709
662
671
Federal, military
15,675 15,849 16,757
4,074
4,470
State and local..
66,463 73,581 80, 851 3,652
94
100
Other industries. .
1,211 1,336
87
1,095
1
2
3
4
5
6
7
g
9
10
11
12
13
14
li
16
Personal income
1971
803,521 $58,620 935,350
2
134
692
217
475
337
83
27
56
137
32
33
12
60
223
17
39
21
7
140
437
111
71
255
7
0)
142
678
218
460
365
90
30
60
2
151
731
245
487
397
96
33
63
4
132
681
368
313
304
90
25
65
4
136
682
369
313
331
98
27
71
150
34
36
13
67
241
166
35
40
14
77
287
107
5
29
11
62
236
117
5
33
11
68
259
134
5
37
12
80
292
59
10
16
6
27
153
64
11
18
5
30
167
69
10
19
6
34
183
25
20
22
30
25
19
40
23
7
41
27
7
29
35
13
29
38
14
152
466
114
77
274
7
188
516
123
86
307
9
139
335
102
50
183
4
156
367
107
55
206
4
21
24
29
40
15
19
12
4
19
12
4
179
400
113
62
225
5
97
171
34
6
130
2
108
194
38
6
150
2
19
12
4
124
212
41
6
165
2
32
Other labor income
32,149
36,542
40,692
1,960
2,155
2,373
112
126
140
108
123
138
53
59
63
33
34
35
Proprietors' income
Farm
Nonfarm . . .
66,919 68,270
16 902 16,377
50,017 51,893
74,676
20,689
53, 987
3,329
3,337
3,444
289
194
156
169
175
9
184
207
10
196
218
58
231
306
66
240
15
203
54
101
55
114
57
117
36
Property income
37
Transfer payments.
38
221
200
201
3,108
3,136
3,243
288
68
220
. . . . 116,102 122,660 128,147
8,107
8,283
8,752
479
470
504
405
436
467
206
229
243
79,107
93,208 102,954
5,087
6,106
6,576
407
479
522
267
320
350
178
211
231
Less: Personal contributions for social insurance.. 27,934
34,669
1,789
1,859
2,091
107
118
132
95
109
122
51
57
64
30,841
Table 17.—Maryland
Table 16.—Delaware
Item
Line
1
2
Personal
income
Wage and salary disbursements
1970
1971
1972
1970
1971
1972
1970
1971
1972
2,466
2,683
2,931
16,856
18,079
19,803
4,016
4,339
1,652
1,790
1,975
14,655
24
2,896
3
1
1
13,286
24
2,719
2
1
12,452
23
<7
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Mining
Coal mining
Crude petroleum and natural gas
Mining and quarrying except fuel
Contract construction...
M anufacturing
Durables
Nondurables
Wholesale and retail trade _. .
Finance, insurance and real estate
Banking
.. .
Other finance, insurance and real estate
Transportation, communications and public
utilities
Railroad transportation
. ..
Highway freight and warehousing. _
Other transportation
Communications and public utilities
Services
Hotels and other lodging places.. . .
Personal services and private households
Business and repair services
Amusement and recreation .
.
...
Professional, social and related services
Government
Federal, civilian
Federal, military
State and local...
.....
Other industries
...
32
Other labor income..
33
34
35
Proprietors' income
Farm
Nonfarm
36
Property income..
37
Transfer payments
38
Less: Personal contributions for social insurance.
See page 48 for footnotes.
.
-
. . . . . .
Table 18.—District of
4Columbia
2
1
(i)
22
8
1
23
8
1
27
10
2
1
113
1
124
1
141
676
177
499
722
208
514
772
224
548
283
84
1,960
563
2,120
617
15
1,003
2,381
1,345
1,036
2,351
684
23
25
27
118
129
49
57
445
92
101
109
19
22
14
19
26
11
232
66
44
252
74
13
810
2,239
1,273
13
913
2,220
1,233
2
1
0)
0)
75
2
1
0)
0)
83
1971
1972
4,686 166,038 177,680 193,375
36,993
40,081
44,325
3,079 113,893 120,198 131,377
324
376
296
2
707
794
680
347
1
291
277
25,234
63
27,103 30,194
70
80
116
134
0)
1
96
129
44
85
220
94
231
100
139
19
21
23
488
545
67
72
77
791
847
931
127
188
146
134
212
149
135
147
21
29
11
121
166
143
131
27
11
33
361
1,698
54
207
533
385
1,829
59
210
557
435
2,103
29
10
27
67
598
17
80
71
69
642
81
73
76
688
18
82
79
72
832
77
927
9
420
10
461
10
500
4,323
2,288
4,666
2,471
1,129
5,123
2,683
1,444
1,017
1,558
1,099
1,638
1,151
564
566
594
1,471
1,630
1,846
24
26
28
193
233
30
198
262
33
208
279
38
38
181
44
194
49
226
6
6
9
30
38
30
39
31
50
10
98
280
47
50
183
3
11
109
311
52
51
209
3
12
125
346
55
55
236
3
987
64
214
615
81
228
86
28
9
27
17
1972
Table 20.—Michigan
1970
126
45
81
965
Table 19.—Great Lakes
139
48
90
1970
108
1971
112
121
112
1
11
1
13
1
17
294
304
7,162
6,805
45, 234 46,391
32, 944 33, 696
12, 290 12f695
18,361 19,499
5,214
4,773
1,267
1,366
3,506
3,848
325
7,485
51, 272
37, 656
13, 616
20, 927
5,640
1,455
4,185
100
1,341
10, 799
8,842
1,958
3,838
895
102
1,445
11,456
9,421
2,035
4,151
966
116
1,600
12,966
10, 746
2,219
4,536
1,053
266
285
302
629
681
751
7,864
1,537
2,198
1,020
3,109
12, 722
8,491
1,596
2,504
1,037
3,355
13,656
9,394
1,706
2,826
1,083
3,779
15,143
1,418
1,527
1,699
695
2,803
744
2,981
831
3,376
431
454
529
82
85
1,630
2,400
1,631
2,494
569
8,509
18,588
3,487
535
7,727
17, 007
3,347
1,644
2,725
197
395
132
363
518
206
446
130
355
533
220
510
139
92
366
603
625
116
124
136
9,620
20,176
3,707
1,724
3,932
1,884
4,357
2,179
4,712
567
155
606
171
925
903
922
530
149
12,735
14,197
15,547
3,254
3,635
3,935
151
167
3,629
2,411
170
32
35
38
132
160
176
571
650
721
81
94
103
8,717
10,131
11,288
2,588
3,200
149
151
166
1,112
1,127
1,193
138
149
157
54
112
126
986
89
122
280
216
343
1,037
1,072
138
149
157
13,570
3,463
10,107
2,224
42
109
12,494
2,713
9,781
2,262
39
110
12,079
2,570
9,509
1,982
2,008
2,067
421
451
473
2,010
2,115
2,234
600
617
633
22,915
24,329
25,577
4,853
5,070
5,356
181
213
231
1,374
1,644
1,833
623
733
879
14,278
16,786
18,603
3,235
3,824
4,245
70
80
90
664
743
834
146
151
164
5,844
6,258
7,039
1,180
1,341
1,509
SUEVEY OF CUEEENT BUSINESS
August 1973
45
by Major Sources, 1970-72
of dollars]
Table 9.Massachusetts
Table lO.-Rhode
Island
Table 13.—New York
1971
1972
1970
28,096
3,748
3,999
4,340
14,803
15,378
16,421 189,348 201,470 215,493
86,070
90,963
96,280
17,323
18,732
2,589
2,708
2,966
10,037
10,290
11,144 128,424 135,199 146,207
56,688
59,527
63,673
27
11
27
10
3
1
3
1
3
2
25
10
27
10
1971
1972
24,731
26,131
16,563
25
10
0)
1
(i)
(i)
(0
0)
11
10
5,101
3,113
1,987
2,824
1,094
4,999
3,002
1,997
2,980
1,050
1,177
5,365
3,237
2,127
3,187
1,121
980
286
695
Table 12.—Mideast
1970
1970
10
988
Table 11.—Connecticut
302
748
317
804
1,004
1,082
1,226
65
246
196
496
87
271
206
538
72
302
221
631
2,825
3,028
3,336
1
145
850
533
317
402
122
34
88
(0
1
150
846
519
326
427
131
37
94
0)
2
162
924
573
351
464
143
40
103
1972
32
11
0)
0)
0)
9
677
10
714
4,053
3,142
3,856
2,921
1,526
1,603
4,150
3,128
1,022
1,724
(i)
0)
1971
1
9
640
911
646
146
499
935
709
157
553
785
167
618
536
42
128
84
282
572
44
138
89
301
636
47
154
96
338
1,297
1,419
1,546
1970
1971
1972
1970
1971
1972
Table 14.—New Jersey
1970
Table 15.Pennsylvania
Line
1971
1972
1970
1971
1972
33,347
35,825
38,543
46,593
49,580
53,249
1
23,565
24,951
2
3
4
5
6
7
8
9
10
11
12
13
14
15
26,988
31,349
32,750
35,838
223
517
297
38
182
235
518
298
37
183
250
611
356
62
193
82
88
4
17
67
93
85
1
15
68
97
107
2
35
70
42
50
9
2
38
41
49
9
2
37
45
55
11
4
40
69
354
274
18
62
70
357
277
18
63
77
418
331
20
66
7,041
38,106
21,763
16,343
20,607
8,116
2,298
5,818
7,723
38,069
21,414
16,654
21,772
8,822
2,471
6,351
8,215
40,383
22,872
17,511
23,472
9,554
2,592
6,962
2,738
14,724
8,086
6,638
9,520
4,828
1,409
3,419
3,093
14, 613
7,956
6,657
9,869
5,221
1,501
3,720
3,153
15,211
8,326
6,885
10,501
5,621
1,577
4,044
1,421
8,369
4,432
3,937
4,003
1,225
1,519
8,423
4,355
4,069
4,321
1,346
1,614
9,003
4,661
4,342
4,699
1,454
1,885
11,973
7,750
4,223
4,664
1,349
1,990
11,962
7,618
4,344
4,990
1,470
2,209
12,877
8,268
4,609
5,406
1,611
1,088
400
949
1,038
1,150
10,156
1,187
2,036
2,820
4,113
18,695
10, 625
1,235
2,258
2,808
4,324
20,207
11,683
1,303
2,552
2,975
4,853
22,427
4,826
4,892
5,382
1,920
2,077
2,258
2,396
2,573
2,856
377
674
389
721
404
833
1,822
1,953
9,259
1,785
1,998
9,985
1,903
2,242
10,958
123
577
494
726
129
647
506
796
142
713
514
889
518
589
320
969
542
667
332
575
755
364
3,086
3,351
3,739
3,873
1,032
4,206
1,162
4,713
2,199
4,693
2,207
4,806
1,022
11,463
26,959
7,625
1,790
17,544
2,229
5,281
1,087
13, 034
29,299
8,147
1,842
19,310
1,059
2,391
1,057
2,399
1,066
2,603
1,020
1,128
4,833
10,521
1,727
5,532
11,562
1,783
6,248
12,504
1,878
1,512
3,407
1,977
4,069
368
786
408
1,728
3,777
2,448
4,746
1,324
2,710
5,084
1,387
3,055
5,681
1,482
8,463
9,441
10,257
2,213
2,518
2,767
3,222
3,486
3,925
40
46
52
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
2,490
32
3,489
329
895
363
984
365
432
461
1,834
2,059
47
50
52
135
8
41
17
69
331
8
39
55
15
214
595
148
174
273
6
929
1,021
1,128
141
158
176
616
668
728
7,238
8,078
8,871
2,925
3,277
3,560
1,456
1,630
1,820
2,072
2,266
1,497
1,504
1,548
223
4
219
234
3
231
239
1
238
972
49
923
934
41
893
958
34
924
12,374
12,732
13,020
5,567
5,711
5,822
2,014
2,133
2,193
3,394
3,461
866
724
606
329
299
221
42
32
21
331
263
189
11,508
12,008
12,413
5,238
5,413
5,601
1,972
2,101
2,172
3,064
3,199
3,300
33
34
35
540
573
2,527
2,582
2,695
28,749
30,102
30,476
14,626
14,887
15,108
4,681
5,036
5,290
6,411
6,997
6,737
36
24,932
8,913
10,530
11,454
2,874
3,423
3,776
5,035
5,941
6,759
37
8,012
2,649
2,968
3,337
1,243
1,348
1,523
1,669
1,835
2,064
38
69
248
600
79
1,829
2,759
665
260
73
248
605
86
2,016
3,001
683
259
80
248
624
100
2,284
3,232
724
254
2,254
144
8
44
18
74
359
8
39
58
16
239
640
169
168
304
6
159
9
49
20
82
403
8
39
64
18
274
699
188
175
336
7
34
166
259
49
789
1,281
204
102
976
22
35
165
268
53
899
38
163
298
57
986
1,393
1,521
1,080
1,183
206
108
24
212
126
25
675
984
10,144
24,721
7,190
1,747
15,785
242
709
269
38
34
28
1,460
1,471
1,521
3,979
4,027
4,270
511
2,621
3,118
3,387
441
515
560
1,173
1,462
1,525
19,001
22,484
859
862
969
155
156
175
523
558
628
6,439
7,125
Table 22.-Indiana
Table 21.—Ohio
797
313
Table 24.—Wisconsin
Table 23.—Illinois
365
611
331
104
374
623
338
115
383
658
141
Table 25.—Plains
103
351
979
141
42
108
350
148
834
425
46
125
352
156
897
405
51
Table 26.—Minnesota
130
471
682
141
201
145
479
718
154
212
198
484
805
171
211
Table 27.—Iowa
Line
1970
1971
1972
1970
1971
1972
1970
1971
1972
1970
1971
1972
1970
1971
1972
1970
1971
1972
1970
1971
1972
42,665
45,176
48,888
19,539
21,138
23,101
50,023
53,552
57,829
16,818
17,734
19,232
61,297
64,966
71,118
14,709
15,516
16,746
10,609
11,001
12,396
1
29,647
30,883
33,500
13,372
14,070
15,623
34,710
36,639
39,440
10,929
11,501
12,620
37,042
39,315
42,646
9,513
10,079
10,890
5,808
6,182
6,743
58
232
124
46
62
63
245
132
47
65
73
286
165
52
69
38
74
38
7
28
807
45
77
41
7
29
808
56
84
47
6
30
892
78
235
114
43
78
81
242
116
44
81
9,5
262
133
45
83
59
27
1
64
28
1
320
360
19
89
252
376
368
20
87
261
406
382
23
87
272
64
143
6,828
5,299
1,529
2,304
2,458
12, 997
8,578
4,419
6,914
2,145
2,340
9,804
5,614
4,190
6,970
1,803
2,544
9,921
5,624
4,297
7,435
1,962
2,624
10,949
6,352
4,596
7,899
2,119
93
28
2
1
25
389
6,096
4,681
1,415
2,120
2,466
11, 992
7,832
4,161
6,518
1,990
93
27
2
1
25
386
5,888
4,531
1,357
2,016
2,201
11,860
7,797
4,063
6,163
1,813
80
26
2
1
23
367
1,355
1,494
1,613
1,268
1,390
1,514
2
3
4
5
6
7
8
9
10
11
12
13
14
15
3,192
3,449
3,809
831
764
477
867
869
491
926
986
545
1,814
12,396
8,957
3,439
4,595
1,110
277
833
1,773
1,808
12,495 13,667
8,941
9,865
3,555
3,802
4,846
5,168
• 1, 219 1,299
522
143
379
561
153
408
616
165
452
298
921
314
985
2,088
2,267
2,463
2,989
3,337
462
832
223
946
968
215
297
67
389
2,770
432
741
229
865
904
206
271
65
361
1,079
417
644
233
794
232
338
68
441
607
681
518
964
629
782
535
672
876
572
3,122
3,406
3,798
1,207
1,298
1,449
4,376
1,043
4,654
1,217
5,062
458
496
531
0)
0)
27
669
73
30
1
1
28
727
4,291
2,817
1,475
1,748
4,351
2,821
1,530
1,863
4,815
3,167
1,647
2,004
26
643
434
123
311
478
133
344
527
143
385
535
573
604
46
132
0)
1
131
673
59
135
0)
0)
134
735
1
142
724
2,676
1,550
1,126
1,827
2,647
1,494
1,153
1,959
2,911
1,658
1,253
2,062
1,791
1,019
1,851
1,035
2,083
1,228
1,076
1,143
1,209
742
187
168
137
251
805
194
188
149
273
893
205
209
173
305
462
101
137
27
198
701
24
95
88
24
470
504
108
155
2(9
213
792
34
95
99
26
538
476
131
345
523
141
382
559
148
411
773
283
89
194
816
306
95
211
855
332
101
230
684
109
208
73
294
740
113
237
76
314
815
121
269
80
344
1,214
1,318
1,458
1,120
4,622
1,223
4,958
1,352
5,499
1,261
1,345
1,472
3,146
6,122
1,176
1,810
1,970
3,247
8,218
1,768
3,663
8,874
1,893
1,662
1,851
2,043
1,196
1,297
960
287
51
303
49
320
47
1,098
391
2,985
7,555
1,652
378
243
40
1,010
2,149
63
143
222
53
991
418
96
117
25
179
653
22
93
81
22
435
245
22
4,155
4,555
1,527
5,030
5,542
6,021
1,324
228
20
948
17
16
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
2,253
2,576
2,853
1,063
1,210
1,355
2,084
2,318
2,530
727
827
921
2,144
2,437
2,709
533
595
667
333
380
424
32
3,047
2,927
3,203
1,624
1,957
2,005
3,461
3,740
1,684
1,647
1,663
1,691
585
570
1,093
10,290
5,918
4,372
1,542
1,062
8,606
4,389
4,216
1,708
698
986
8,659
4,525
4,134
838
870
697
845
820
871
2,114
1,287
1,872
1,032
2,514
1,654
860
33
34
35
36
95
421
602
145
1,859
4,192
1,073
239
2,880
40
101
426
643
155
2,081
4,524
1,104
241
3,179
45
129
447
708
176
2,339
4,894
1,165
47
189
175
42
755
1,904
220
408
89
3,510
1,408
45
13
49
191
186
44
828
2,083
435
91
1,557
14
54
193
208
48
947
2,300
477
99
1,724
15
161
508
934
184
2, 589
5,168
1,093
407
3,667
47
171
507
950
195
2,832
5,654
1,121
53
202
490
1,014
211
49
46
149
171
48
800
19
49
152
181
50
885
261
39
1,670
20
53
149
193
54
284
42
1,822
23
178
610
678
170
873
75
189
623
717
182
908
84
227
615
793
201
85
53
146
197
44
820
56
149
205
47
888
1,499
21
1,676
18
19
213
18
867
15
1,031
465
380
570
430
640
644
697
892
2,583
2,546
2,633
1,194
1,317
1,361
2,764
2,847
4,288
1,336
2,953
5,675
6,141
6,452
2,500
2,696
2,852
7,412
7,862
8,215
2,476
2,559
2,701
9,389
9,872
10,397
2,067
2,240
2,357
1,639
1,741
1,835
3,658
4,281
4,716
1,652
1,956
2,112
4,159
4,879
5,476
1,573
1,845
2,054
6,022
6,963
7,569
1,376
1,625
1,775
1,047
1,201
1,297
37
1,616
1,633
1,837
672
752
846
1,803
1,887
2,121
572
645
726
1,960
2,226
2,492
489
565
634
331
374
417
38
827
840
SUEVEY OF CUEEENT BUSINESS
46
August 1973
Tables 28-51.—Personal Income
[Mi llions
Table 28.—Missouri
Line
1970
Personal income
Wage and salary disbursements
Farms
M ining
C oal mining
Crude petroleum and natural gas
Mining and quarrying except fuel
Contract construction
Manufacturing
Durables
:
Nondurables
Wholesale and retail trade
Finance, insurance and real estate
Banking
Otherfinance,insurance and real estate
Transportation, communications and public
utilities
Railroad transportation
Highway freight and warehousing
Other transportation...
Communications and public utilities
Services
Hotels and other lodging places
Personal services and private households
Business and repair services
Amusement and recreation
Professional, social and related services
Government
Federal, civilian
Federal, military
State and local
Other industries
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Table 29.—North
Table 30.—South
Dakota
Dakota
Table 31.—Nebraska
Table 32.-Kansas
Item
1971
1972
1970
1971
1972
1970
1971
1972
1970
1971
1972
1970
1971
1972
17,682
18,885
20,403
1,928
2,182
2,363
2,080
2,223
2,512
5,653
5,973
6,642
8,635
9,186
10,058
11,424
63
77
10
6
60
658
3,346
1,959
1,387
2,117
553
150
403
12,077
70
79
11
7
62
728
3,374
1,995
1,379
2,249
602
160
442
12,997
68
82
13
7
62
737
3,651
2,179
1,472
2,388
650
169
482
1,042
1,134
1,119
23
20
1,230
25
21
3,343
5,381
42
12
53
13
0)5
0)4
17
53
115
38
77
215
45
21
24
19
63
123
43
80
229
47
22
25
0)
0)
3,660
64
13
5,076
31
14
3
9
2
93
75
32
43
233
44
18
26
1,039
22
17
3,140
25
13
3
8
2
80
70
30
40
217
41
17
24
1,265
40
14
3
8
3
112
82
37
44
251
48
19
29
41
82
4
68
11
299
48
80
4
65
12
321
1,198
1,222
710
488
914
222
75
147
711
511
980
240
80
159
5,860
52
81
5
65
11
343
1,387
835
552
1,057
260
85
175
1,071
202
277
242
350
1,412
54
193
235
59
871
2,111
597
259
1,255
16
1,149
209
313
242
385
1,523
57
197
245
63
960
2,287
637
266
1,383
17
1,268
223
350
266
430
1,692
67
195
275
71
1,084
2,442
677
273
1,493
19
95
34
14
5
41
141
7
18
9
3
103
358
73
95
190
2
102
36
17
5
45
153
8
19
9
3
114
387
81
102
205
2
113
39
20
5
49
175
12
19
11
3
130
429
89
117
223
3
78
13
22
5
39
150
6
22
11
5
106
339
87
47
206
4
13
26
6
40
159
7
22
12
6
112
365
92
53
219
5
477
168
104
43
162
598
20
87
86
22
383
510
176
117
42
175
644
21
89
95
23
416
1,230
1,321
251
289
691
14
267
298
756
15
0)
C1)
20
71
138
56
82
239
51
23
27
Q
o
211
608
309
299
604
183
53
131
219
628
313
315
643
200
56
144
96
14
32
6
44
179
8
22
13
6
130
406
103
61
242
4
311
131
62
20
98
406
15
51
59
15
266
757
146
114
497
6
335
138
70
21
107
434
16
52
62
16
288
811
160
120
531
7
0)
9
249
697
360
337
693
219
59
161
374
148
87
20
118
485
20
53
71
17
323
858
173
133
553
561
189
133
45
193
704
22
88
101
25
468
1,399
286
309
804
16
32
Other labor income
720
825
909
48
56
59
65
162
184
203
297
339
381
33
34
35
Proprietors' income
1,706
592
1,114
1,799
598
1,201
2,047
813
1,234
361
227
135
498
364
134
507
367
140
474
332
142
519
364
155
655
496
159
986
576
409
1,015
1,310
1,361
582
433
1,266
821
446
674
637
752
610
1,610
948
662
36
Property income
2,619
2,740
2,883
328
326
347
345
330
351
1,021
1,045
1,098
1,370
1,449
1,526
37
Transfer payments
1,791
2,074
2,273
209
240
229
264
287
520
592
644
851
967
1,029
578
630
706
60
72
58
76
174
206
230
270
312
348
Farm
Nonfarm
Less: Personal contributions for social insurance..
Table 40.—Georgia
Line
Personal income
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Table 41.—Florida
Table 42.—Alabama
Table 43.—Mississippi
Table 44.—Louisiana
Item
Wage and salary disbursements
Farms
Mining
..
C oal mining
Crude petroleum and natural gas
Mining and quarrying except fuel
Contract construction
Manufacturing
Durables
Nondurables
Wholesale and retail trade
Finance, insurance and real estate
Banking
Otherfinance,insurance and real estate
Transportation, communications and public
utilities
Railroad transportation
Highway freight and warehousing
Other transportation
Communications and public utilities
Services
Hotels and other lodging places
Personal services and private households
Business and repair services
Amusement and recreation...
_
Professional, social and related services.
Government
--•
Federal, civilian..
.-Federal, military
State and local...
Other industries
-
1970
1971
1972
1970
1971
1972
1970
1971
1972
1970
1971
1972
1970
1971
1972
15,269
16,632
18,451
25,275
28,042
31,779
10,053
10,937
12,004
5,753
6,278
7,099
11,180
12,052
13,179
10,616
59
50
1
1
49
539
2,930
1,127
1,803
1,943
542
139
403
11,480
61
54
1
1
53
638
3,059
1,150
1,909
2,146
611
155
456
12,870
64
59
1
1
58
808
3,432
1,303
2,129
2,421
695
170
524
15,639
239
67
17,074
229
85
19,688
258
92
7,311
3,780
7,266
7,748
0)
66
55
71
57
4,315
72
60
42
481
43
509
8,496
52
559
0)
11
73
1,547
2,455
1,378
1,078
3,462
1,085
213
872
16
75
1,978
2,776
1,572
1,203
3,957
1,284
242
1,042
50
6
13
393
2,229
1,150
1,079
1,091
297
83
213
8,062
40
83
62
8
13
449
2,462
1,253
1,208
1,219
335
92
243
3,492
9
58
1,430
2,374
1,357
1,017
3,143
957
191
766
6,804
40
70
49
4
16
355
2,132
1,110
1,021
1,009
267
75
192
0)
0)
0)
1,372
1,453
872
140
193
229
310
1,101
66
278
204
48
506
2,541
740
641
1,160
38
957
145
219
250
343
1,216
71
283
226
50
586
2,697
778
600
1,319
40
1,097
153
259
292
393
1,393
78
288
283
56
689
2,855
831
564
1,460
47
1,310
125
181
490
514
2,509
243
409
452
150
1,255
3,548
746
746
2,056
62
1,441
130
200
525
586
2,819
267
421
475
211
1,445
3,883
806
766
2,311
1,659
138
235
590
696
3,199
312
432
587
243
1,626
4,406
884
846
2,676
81
452
94
100
60
198
768
27
187
170
17
365
1,698
605
299
794
15
488
98
111
58
220
825
29
191
183
19
404
1,864
670
305
888
16
570
667
773
754
881
1,009
415
1,464
461
1,003
1,570
490
1,080
1,652
538
1,114
2,051
483
1,567
2,303
596
1,708
2,471
704
1,767
0)
0)
49
6
208
0)
50
7
211
1,040
1,130
570
469
517
136
45
91
626
504
565
151
50
101
560
106
131
61
263
927
31
193
200
21
480
1,970
712
300
957
19
220
42
45
25
108
391
20
123
56
246
44
55
26
120
420
22
126
55
184
847
196
173
479
12
208
917
214
177
526
12
467
525
211
249
904
300
604
969
297
672
1,048
356
692
848
441
407
901
453
448
1,025
551
475
32
Other labor income
33
34
35
Proprietors'income.
Farm
Nonfarm
36
Property i n c o m e . .
1,800
1,988
2,125
4,665
5,056
5,398
1,175
1,288
1,373
669
727
37
Transfer payments
1,354
1,625
1,814
3,035
3,651
4,253
1,126
1,330
1,476
716
842
38
Less: Personal contributions for social insurance..
784
868
923
1,040
372
428
480
183
221
See page 48 for footnotes.
-
534
52
8
244
1,336
790
546
640
169
54
114
283
47
67
31
138
471
24
127
62
11
247
1,027
237
206
584
14
450
32
604
478
32
630
569
803
597
856
1,263
1,369
316
86
230
342
94
248
745
84
102
325
234
874
43
190
173
30
438
111
88
114
317
258
946
46
193
188
32
487
1,550
1,656
277
264
297
268
1,009
1,092
0)
528
31
701
1,581
662
919
1,506
383
103
280
850
95
131
332
291
1,041
56
194
217
35
538
1,798
320
278
1,200
24
19
22
443
499
547
1,001
1,086
309
692
341
745
1,239
436
803
783
1,642
1,731
1,819
938
1,201
1,393
1,533
248
373
405
455
SURVEY OF CURRENT BUSINESS
August 1973
47
by Major Sources 1970-72—Continued
of dollars]
Table 34.-Virginia
Table 33.—Southeast
1972
1970
141,576 154,292 171,827
94,435 102,080 114,591
1970
1971
818
832
890
1,620
1,736
1,978
757
566
298
814
600
322
977
661
340
6,077
25,309
11,161
14,148
15,412
4,177
1,097
3,080
6,729
26,695
11,729
14,967
16,829
4,663
1,209
3,454
7,989
30,049
13,511
16, 537
18,869
5,305
1,339
3,966
7,051
1,250
1,556
1,587
2,659
10,960
7,692
1,306
1,761
1,662
2,963
12, 028
8,715
1,402
2,053
1,848
3,412
13,547
2,285
1,928
2,333
2,060
2,364
2,419
5,636
22, 774
6,367
5,139
11,268
6,379
24, 615
6,945
5,165
12,505
5,257
10,008
10,845
11,905
12,118
13,298
14,796
4,201
6,476
6,954
8,162
8,876
9,997
420
391
17
11
261
9
440
410
17
12
319
9
532
502
18
13
343
47
232
197
15
21
421
51
260
224
15
22
467
42
49
15
1
33
423
45
54
19
1
34
495
51
60
22
1
37
563
26
624
1,011
1,046
1,123
1,964
1,167
2,077
1,236
7,633
56
299
261
15
23
504
2,353
1,430
922
1,142
275
2,892
1,231
1,661
1,342
3,427
1,489
1,938
1,689
4,183
1,375
2,808
1,749
84
192
355
98
256
3,038
1,283
1,754
1,480
545
170
120
54
200
720
29
124
101
30
436
606
183
141
58
225
791
32
124
111
33
490
518
116
187
63
153
956
59
195
165
28
509
574
122
217
68
167
653
131
259
73
190
1,036
1,505
1,597
1,572
1,746
61
150
126
1
23
932
2,412
1,032
1,380
1,729
2,559
1,119
1,440
1,877
2,895
1,323
1,571
2,071
4,673
2,070
1,240
1,363
4,984
2,268
1,247
1,469
5,410
2,461
1,311
1,638
6,053
6,897
564
657
13,217
4,260
8,958
13,996
4,326
9,669
15,371
5,301
10,070
1,107
1,187
190
917
164
223
1,022
18,712
20,245
21,554
2,057
14,875
17,628
19,830
1,455
4,921
5,709
6,416
608
705
Table 45.—Arkansas
6,402
3,816
59
129
108
1
21
810
83
236
291
43
711
591
294
5,784
3,538
9
49
122
101
1
20
725
7,325
26,955
7,526
5,460
13,968
261
5,320
14,885
1,687
239
1972
20,478
1,486
513
1971
18,493
1,363
434
1970
13,390
1,040
848
1972
12,425
921
191
184
208
338
743
1971
17,000
615
161
454
21
Table 38.—North
Carolina
1970
1970
542
148
394
Table 37.—Tennessee
1972
1972
487
135
352
Table 36.—Kentucky
1971
1971
843
183
165
194
301
678
Table 35.—West
Virginia
614
397
485
99
34
65
642
404
533
108
37
71
703
420
582
119
40
79
797
993
235
72
163
501
162
105
52
181
668
28
122
92
842
1,061
257
78
179
1970
Table 39.—South
Carolim i
1972
1970
1971
1972
16,383
17,706
19,809
7,691
8,311
9,268
1
11,336
97
28
1
12,240
99
29
1
13,872
100
30
1
5,522
34
11
5,968
38
12
6,705
42
14
27
678
0)
29
827
0)
0)
0)
4,464
1,474
2,991
1,892
5,070
1,735
3,335
2,120
2,044
2,152
2,414
2
3
4
5
6
7
8
9
10
11
12
13
14
15
709
77
282
86
264
783
80
319
87
296
897
87
364
97
349
1,179
1,093
1,202
1,915
2,374
581
146
371
734
1,083
1,188
1,269
396
109
287
445
121
324
0)
457
129
329
0)
11
318
521
536
614
,1,615
1,800
790
217
55
162
886
238
61
176
1,348
60
278
192
46
772
286
43
72
28
143
549
26
137
92
16
278
316
45
81
30
160
603
32
140
99
17
315
357
49
99
32
177
672
37
141
110
21
363
2,561
2,882
1,350
1,475
1,652
399
723
446
793
1,439
1,642
509
142
367
571
159
413
24
403
125
72
26
181
391
20
56
53
17
245
695
143
25
527
3
28
398
1,407
332
333
742
9
15
22
24
28
293
472
586
11
748
275
300
347
423
492
556
510
582
674
605
689
788
1,282
345
11
334
391
19
372
1,137
415
722
1,169
1,310
1,146
1,240
1,326
1,695
1,752
1,916
434
734
539
771
276
870
270
970
328
998
685
628
761
1,059
362
15
347
1,010
1,124
2,228
2,377
589
637
676
1,185
1,284
1,363
1,462
1,615
1,720
1,925
1,737
1,977
740
899
1,026
1,128
1,325
1,466
1,279
1,499
1,661
1,392
790
186
213
240
340
378
424
440
515
580
570
691
23
103
238
337
54
956
Table 46.—Southwest
Table 47.—Oklahoma
362
330
813
10
383
330
884
11
Table 48.—Texas
456
137
980
12
63
200
172
28
572
524
139
13
73
208
201
40
658
Table 49.—New
47
274
142
38
593
14
418
726
192
48
144
369
115
64
24
165
353
19
55
46
17
217
636
132
22
481
4
94
239
305
47
802
12
354
1,523
343
110
59
23
151
323
18
53
42
15
196
584
119
21
443
3
206
207
238
388
316
500
658
11
335
565
752
12
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
286
328
370
32
1,155
633
177
456
666
185
481
725
230
495
33
34
35
2,089
2,219
817
840
892
36
1,627
1,792
711
838
944
37
777
278
329
368
38
50
278
155
40
679
Table 50.—Arizona
Table 51.—Rocky
Triouniaiii
1970
1971
1972
1970
1971
1972
1970
1971
1972
1970
1971
Line
1971
Line
1972
1970
1971
1972
1970
1971
1972
1970
1971
1972
5,527
5,912
6,656
58,536
62,192
68,568
8,61?
9,109
9,995
40,240
42,353
46,486
3,173
3,420
3,796
6,507
7,310
8,292
18,049
19,651
22,205
1
3,159
3,444
3,866
38,007
40,581
44,893
5,323
5,646
6,171
27,791
30,541
2,090
2,256
4,889
5,642
11,593
12,756
14,559
90
37
1
20
16
187
87
40
2
21
17
223
50
386
6
367
13
342
247
272
1,048
0)
0)
1,142
1
994
53
1,086
1,014
1,142
2,036
6,356
3,502
2,854
5,800
1,603
87
261
2
2
257
627
896
713
183
924
294
90
204
352
1,175
2,357
1,489
2,035
2,287
2,585
2,088
78
219
1
2
215
500
778
622
156
824
251
77
174
307
2,030
1,263
1,207
2,482
76
207
1
1
204
378
758
614
143
732
214
68
146
276
1,897
1,175
1,065
2,234
25
153
7
61
85
188
172
106
66
374
99
29
69
192
205
452
35
158
260
930
1,181
1,839
5,809
3,167
2,642
5,282
1,428
23
146
5
57
83
152
147
88
59
333
88
26
62
172
221
496
43
171
282
1,754
5,774
3,265
2,509
4,865
1,284
22
142
4
55
83
124
137
82
55
301
80
23
57
157
204
453
32
159
262
771
1,034
40
354
6
335
12
288
993
629
363
862
234
78
156
443
41
357
6
339
13
326
2,538
4,354
94
35
1
20
14
168
955
488
467
512
133
44
89
252
26,240
244
1,004
1,018
1,113
1,284
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
72
66
12
102
365
18
80
50
13
204
630
164
79
387
15
75
76
15
109
400
20
82
56
14
228
691
178
88
425
17
81
88
18
122
448
22
84
66
15
261
750
193
96
460
17
293
440
543
811
307
480
571
876
332
547
61f
988
39
54
44
169
653
63
78
118
29
365
42
61
52
197
757
68
78
142
35
433
291
298
176
518
3,828
37
48
42
149
586
55
272
249
159
432
3,435
36
34
17
104
433
24
38
151
12
208
897
278
154
465
262
216
156
386
3,251
34
29
17
92
382
20
36
143
11
171
807
250
141
416
5
1,432
1,584
1,822
1,268
304
249
716
11
1,433
336
282
815
13
3,262
1,068
6
277
217
624
9
1,086
3,941
1,268
630
2,042
30
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
200
240
870
508
362
539
495
563
150
47
102
275
636
544
635
177
53
124
310
383
389
434
1,707
1,770
1,941
12
13
15
1,343
1,392
1,516
2,545
7,662
4,592
3,070
6,761
1,812
2,817
7,748
4,496
3,252
7,377
2,023
3,193
8,566
5,024
3,542
8,140
2,283
1,309
2,964
1,473
3,195
1,676
3,560
408
629
713
426
692
752
461
786
815
1,214
4,794
1,325
5,114
1,497
5,727
353
503
365
550
410
607
619
395
938
256
85
172
482
190
217
73
2,796
10,067
2,710
2,233
5,125
80
3,222
10,962
2,936
2,382
5,644
88
45
114
113
170
591
23
94
81
18
375
1,503
539
298
666
15
274
2,165
2,476
2,755
314
350
807
457
350
985
616
368
5,987
2,095
3,891
5,632
1,700
3,932
6,419
2,118
4,301
926
379
547
728
762
809
8,846
9,331
9,873
739
863
950
5,479
6,392
7,122
170
203
228
1,947
2,221
2,494
248
796
997
174
2,578
9,307
2,552
2,141
4,613
266
809
1,053
294
802
1,191
703
439
1,042
288
91
196
534
951
53
334
950
363
C)
56
397
722
501
157
344
767
562
174
388
868
648
192
456
1,724
5,931
1,499
1,490
2,942
1,849
6,422
1,597
1,560
3,264
2,123
6,968
1,725
1,668
3,575
54
32
26
16
83
367
19
36
144
10
158
755
238
136
381
5
20
3,570
1,178
536
1,855
24
389
1,523
1,743
1,926
92
109
123
236
274
318
589
682
778
32
857
301
556
1,033
397
637
4,144
1,395
2,749
3,819
1,085
2,735
4,393
1,401
2,992
329
148
181
318
132
185
337
135
202
588
173
415
638
183
456
656
186
470
2,161
934
1,227
2,105
825
1,280
2,433
1,077
1,356
33
34
35
1,343
1,451
1,528
6,204
6,441
6,805
405
446
473
894
993
1,068
2,638
2,830
3,015
36
979
1,130
1,238
3,495
4,065
4,512
355
413
462
651
784
910
1,705
1,988
2,218
37
267
325
364
1,366
1,506
1,691
98
122
137
216
268
302
636
711
797
38
51
144
131
208
709
28
96
106
22
458
47
128
121
187
643
26
96
92
19
410
1,571
558"
283
729
15
596
278
789
15
1,663
151
591
663
121
44
158
599
699
130
49
174
591
792
148
75
109
26
322
1,118
99
166
272
60
834
538
1,656
109
172
302
71
930
120
176
354
86
SURVEY OF CURRENT BUSINESS
48
August 1973
Tables 52-62A.—Personal Income by Major Sources, 1970-72
[Millions of dollarsl
Table 52.—Montana
Item
1970
Personal income.
Wage and salary disbursements
Farms
M ining
Coal mining
Crude petroleum and natural gas
Mining and quarrying except fuel
Contract construction
Manufacturing
Durables
Nondurables
Wholesale and retail trade
Finance, insurance and real estate
Banking
Otherfinance,insurance and real estate
Transportation, communications and public
utilities
Railroad transportation
Highway freight and warehousing.
Other transportation
_
Communications and public utilities
Services.
Hotels and other lodging places
Personal services and private households
Business and repair services
Amusement and recreation
Professional, social and related services
Government
Federal, civilian
_
..
Federal, military.
State and local
Other industries
1971
1972
2,438
2,529
1,350
40
58
1
15
42
98
175
113
62
244
48
22
26
1,462
46
51
2
13
37
106
186
121
65
264
54
24
30
147
64
24
11
49
155
13
21
18
4
99
382
109
50
223
3
158
67
27
12
52
168
15
22
20
5
108
425
122
52
251
3
Table 54.—Wyoming
Table 53.-Idaho
Table 55.—Colorado
Table 56.—Utah
Table 57.—Far West
1970
1971
1972
1970
1971
1972
1970
1971
1972
1970
1971
1972
2,875
2,352
2,538
2,858
1,268
1,308
1,494
1,619
51
63
2
15
46
127
201
131
70
294
59
26
33
1,378
43
30
1,493
45
30
1,704
57
30
0)
(0
0)
0)
0)
0)
174
72
31
13
59
187
17
22
24
5
119
459
130
57
272
4
113
36
23
7
47
178
13
22
54
5
84
326
88
40
199
4
30
97
284
162
122
251
52
21
31
30
102
307
179
127
275
47
23
35
123
38
28
7
51
192
14
22
57
357
96
40
220
5
29
121
349
205
144
313
65
25
39
137
41
33
8
56
227
15
23
64
6
119
400
105
51
244
5
1970
1971
1972
8,541
9,501
10,782
3,451
3,774
4,197
113,001 119,631 129,528
752
22
105
3
63
39
60
53
20
33
109
23
11
12
814
24
106
5
57
43
72
56
22
34
120
25
12
13
920
26
121
8
64
49
89
63
25
38
131
27
14
14
5,716
85
145
14
72
58
394
978
601
378
1,028
283
75
6,361
75
149
14
75
60
500
1,058
649
409
1,186
322
85
7,376
74
156
16
72
67
644
1,260
791
469
1,349
379
93
2,397
14
116
13
10
93
122
406
279
127
403
95
28
66
2,626
14
116
14
12
90
149
424
291
133
442
104
31
73
2,939
13
127
17
20
90
194
483
337
147
498
118
34
84
75,907
1,016
403
1
226
176
4,259
18,382
13,089
5,294
12,803
3,724
1,012
2,713
91
37
16
8
29
72
16
12
10
3
31
216
53
30
133
1
97
39
16
8
33
78
17
12
11
3
34
236
57
32
146
1
107
41
18
9
39
88
19
13
13
4
40
266
62
38
166
1
465
66
97
109
193
741
46
84
143
33
435
.,589
440
383
766
509
68
110
108
222
829
50
87
163
40
489
1,721
483
370
868
12
610
73
135
121
281
961
54
89
193
49
575
1,928
540
433
954
16
203
59
55
21
68
285
11
28
47
14
185
749
378
35
336
3
226
60
68
23
74
317
13
28
51
18
207
831
420
42
369
3
79,169
1,052
411
2
231
177
4,471
18,072
12,583
5,489
13,586
4,062
1,095
2,967
86,432
1,130
442
5
252
185
4,913
19,831
13,891
5,940
14,807
4,526
1,202
3,324
254 5,749 6,115
64
629
656
81 1,100
1,216
1,721
26 1,719
83 2,301 2,522
360 10,883 11,560
15
658
685
1,180
30 1,187
61 2,449 2,512
1,239
22 1,214
233 5,375 5,943
887 18,489 19, 621
431 4,159 4,377
51 3,120 3,100
405 11,211 12,144
197
220
703
1,379
1,865
2,742
12,748
755
1,193
2,812
1,363
6,626
21,103
4,662
3,241
13,200
241
Other labor income.
Proprietors' income.
Farm
Nonfarm.
74
82
92
72
83
94
40
48
53
274
320
370
130
149
169
3,943
4,371
4,846
459
283
176
395
219
176
532
346
447
256
191
434
236
198
282
206
199
94
105
137
63
194
106
790
238
552
855
245
609
909
268
641
265
63
285
62
223
309
75
234
8,838
1,409
7,428
9,059
1,465
7,594
9,812
1,973
7,839
Property income
384
306
337
357
208
241
1,272
1,379
1,477
489
520 16,191 17,084
17,896
Transfer payments.
254
140
777
905
1,008
381
434 12,346 14,465
15,634
319
359
156
173
4,519
5,092
187
397
420
292
322
Less: Personal contributions for social insurance.
83
110
Table 58.—
Washington
74
202
229
239
281
314
112
90
89
100
42
469
129
323
55
288
49
Table 60.—
Nevada
Table 59.—
Oregon
4,223
133
Table 61.—
California
Table 62.—
Hawaii
Table 62.AAlaska
Item
1970
1971
1972
13,730 14,349 15,399
Personal income.
Wage and salary disbursements
9,151
95
19
1
2
16
571
2,324
1,679
645
1,538
428
121
306
F arms
.
Mining
_
_.
Coalmining
Crude petroleum and natural gas
Mining and quarrying except fuel
Contract construction
Manufacturing..
_
.,
Durables
Nondurables
Wholesale and retail trade
Finance, insurance and real estate
Banking
_
Otherfinance,insurance and real estate
Transportation, communications and public
utilities
691
Railroad transportation.
122
Highway freight and warehousing
130
Other transportation.
226
Communications and public utilities
213
Services
_
1,003
Hotels and other lodging places
51
Personal services and private households
132
Business and repair services
208
Amusement and recreation
40
Professional, social and related services
571
Government..
2,458
Federal, civilian
582
Federal, military
505
State and local
1,372
Other industries
24
1970
1971
2,424 2,676 89,312 94,412 102,099 3,476
3,705
4,020
1,404
1,536
1,671
6,032
64
116
1,641
11
35
1,793
12
33
2,726
70
2,964
74
1,179
0)
0)
0)
0)
15
14
369
305
1,486 1,676
1,103 1,262
414
382
1,016 1,142
271
242
83
76
188
166
35
134
70
43
27
229
59
17
42
33
152
75
46
30
249
68
19
49
1,983 60,142 62,664 68,410
884
960
12
847
343
369
34
337
1
0)
0)
250
0)
223
34
114
118
114
171 3,276 3,405 3,765
88 14,602 14,355 15,688
54 10,345 9,937 10, 910
34 4,258 4,418 4,777
279 10, 096 10, 710 11,628
77 3,013 3,303 3,694
874
964
21
802
56 2,211 2,429 2,730
0)
0)
0)
281
182
43
139
384
138
29
109
258
193
42
151
408
148
32
116
280
201
45
156
450
160
34
126
1,279
1
42
2
37
3
122
64
30
33
142
31
13
18
1,390
1
37
2
33
2
131
67
32
35
156
38
14
23
468
97
131
68
173
618
36
80
100
24
378
1,150
274
32
844
13
522
104
156
73
189
704
40
83
114
28
439
1,254
296
33
925
14
119
18
18
28
56
610
199
27
116
191
77
372
90
70
213
2
131
18
19
30
64
659
203
27
122
217
89
410
96
76
239
217
231
249
115
2
17
47
50
107
10
127
2
18
53
54
121
12
8
22
3
77
705
218
234
252
7
310
352
C)
0)
Other labor income..
452
488
537
269
Proprietors' income..
1,169
242
926
1,217
248
1,404
404
999
794
142
652
838
134
703
917
190
727
151
26
125
167
27
140
1,891
2,024 2,120
1,138
1,259
1,332
254
280
Farm
Nonfarm
Property income
_
Transfer payments
Less: Personal contributions for social insurance.
1,507
1,790
1,895
856
440
503
565
264
324
1972
162
198
365
74
85
3,161
181
37
145
295
232
95
1. Less than $500,000.
NOTE.—Detail may not add to total because of rounding.
1971
1972
147 4,500 4,790 5,219
20
414
443
397
21
922 1,034
838
34 1,390 1,398
1,511
72 1,875 2,057 2,230
716 8,705 9,194 10,128
393
428
230
374
941
947
29
950
125 2,033 2,081 2,337
956 1,060
227
960
105 4,388 4,823 5,356
455 14,606 15,504 16,763
105 3,232 3,400 3,614
85 2,510 2,520 2,737
265 8,864 9,584 10,412
195
160
178
71
1,085
1970
3,502
6,724 6,838
999 1,055
5,725
5,782
12,908
9,822
3,445
3,877
7,310
1,341
5,968
13,522 14,148
11,493 12,421
3,607
4,067
2,594
76
0)
0)
22
102
92
345
76
35
63
18
153
964
313
310
341
6
1972
1972
9,354 2,195
0)
0)
1971
1971
1971
5,378
66
14
1970
1970
1970
7,765 8,446
9,334 0,007 4,972
90
93
64
21
23
12
2
3
0)
2
0)
2
17
12
17
610
277
609
2,157 2,379 1,385
1,497 1,664 1,022
660
364
715
1,610 1,757
940
449
225
484
126
71
134
322
154
350
725
801
439
127
136
92
144
167
115
246
225
75
251
229
156
1,089 1,201
566
53
56
34
134
132
78
236
209
93
42
48
22
652
726
339
2,557 2,631 1,053
606
255
646
472
386
35
1,478 1,599
763
29
11
1972
C1)
0)
22
107
101
380
88
36
65
20
172
1,031
336
319
375
6
24
119
106
426
105
36
70
24
191
1,117
345
376
395
7
C1)
50
1
45
3
107
61
28
32
132
28
11
17
107
2
18
49
38
100
9
8
23
2
57
588
195
221
173
2
63
648
205
224
219
44
49
99
116
126
201
21
180
224
33
191
227
32
196
90
1
89
473
494
513
95
236
127
151
357
100
114
168
61
67
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUKVEY OF CUREENT BUSINESS
August 1973
49
Table 63.—Broad Industrial Sources of Personal Income, by States and Regions, 1972
Table 70.—Industrial Sources of Civilian Income Received by Persons for Participation in Current Production 1 , by States and Regions, 1972
[Millions of dollars]
Table 63
State and region
Total
personal
income
Farm
income
Table 70
Government
income
disbursements
l
Federal
State
and local
Private
nonfarm3
income
Total
Farms
Mining
Contract
construc- Manution
facturing
Wholesale and
retail
trade
TransporFinance, tation, cominsurance, munications,
and real
and public
estate
utilities
United States..
935,350
24,073
132,859
96,011
682,407
720,373
24,626
7,232
46,507
198,934
121,168
39,779
54,146
New England..
57,545
290
7,493
5,495
44,267
43,484
299
39
3,009
13,500
7,176
2,785
2,719
3,714
3,270
1,703
83
20
66
649
487
243
381
261
198
2,602
2,503
1,195
2,722
2,503
1,279
85
20
67
2
4
7
200
195
97
807
834
323
469
420
195
118
133
58
28,096
4,340
16,421
53
5
64
3,651
820
1,643
2,871
411
1,373
21, 522
3,104
13,342
21,106
3,196
12,679
55
5
66
11
2
12
1,445
202
871
5,920
1,023
4,593
3,591
538
1,963
29,092
24,297
161,270
165,917
860
699
9,845
45,180
10,497
4,420
7,105
13,190
3,280
5,098
72,282
30, 780
40, 788
72, 549
30,535
41, 512
319
66
267
114
60
490
3,715
1,968
2,688
16,944
10,058
14,441
314
269
2,051
2,289
12,860
2,253
15,944
62
146
3
30
162
1,203
896
2,689
Maine
New Hampshire.
Vermont
M assachusetts.
Rhode Island.Connecticut
Mideast.
215,493
New York
New Jersey—
Pennsylvania.
96,280
38,543
53,249
311
63
257
Delaware
Maryland...
District of
Columbia-
2,931
19,803
60
142
4,750
409
2,272
3,123
109
152
18,221
19,887
4,138
5,321
2,449
151,503
155,003
3,845
873
9,066
59,405
4,740
4,023
1,946
35,032
38,915
18,019
35,996
39,253
18,841
425
644
701
147
319
92
1,941
2,211
1,135
15,953
15,677
7,830
1,402
631
5,896
2,084
5,433
2,079
45,098
14,439
45,795
15,117
1,432
644
282
33
2,874
904
71,118
6,206
9,561
6,816
48,535
54,518
6,329
411
3,284
16,746
12,396
20,403
2,363
2,512
6,642
10,058
867
1,714
865
399
511
868
981
1,884
1,429
2,932
445
433
915
1,523
1,892
1,173
1,737
250
268
599
12,102
8,080
14,868
1,269
1,300
4,260
6,656
13,161
9,631
15,637
1,707
1,879
4,982
7,521
885
1,748
883
407
521
885
1,001
162
31
92
15
23
14
74
854
515
919
139
94
317
446
3,224
2,313
4,169
94
155
781
1, 590
193,375
3,765
Michigan..
Ohio
Indiana..
44,325
48,888
23,101
416
630
687
57,829
19, 232
Illinois.
Wisconsin.
Plains.
Minnesota
Iowa
Missouri
North D a k o t a . . .
South D a k o t a . . .
Nebraska
Kansas
Govern- Other
ment 2
11,820 113,928
2,233
7,873
5,916
170
191
154
82
19
392
240
434
341
207
1,360
174
941
1,396
181
715
4,244
527
2,072
3,001
529
1,403
14
44
27,276
11,325
13,162
29,421
27,690
461
12,129
5,350
6,540
6,538
1,810
1,965
6,074
2,540
3,206
14,314
4,902
6,380
12,200
3,693
5,453
201
87
84
320
99
796
123
1,050
289
2,716
293
4,598
5
45
2,672
2,006
Great Lakes.
Service
116
169
819
1,453
39
6,822
10,555
20,348
19,379
297
1,279
1,589
763
2,544
646
1,916
2,765
1,227
4,423
5, 232
2,098
4,566
4,710
2,217
61
80
31
14, 517
5,427
24,415
5,285
6,026
2,747
7,951
2,404
3,717
930
6,620
1,974
5,770
2,116
86
39
12,326
9,516
2,666
4,336
7,498
7,975
176
2,391
1,533
2,812
314
307
870
1,288
685
424
807
64
67
273
347
1,099
594
1,436
128
113
418
638
1,915
1,151
2,287
227
242
673
1,004
2,007
1,283
2,191
315
348
731
1,100
29
40
41
4
8
19
33
264
171,827
6,072
30,292
15,991
199,473
130,971
6,207
2,204
9,631
33,572
22,263
6,523
9,896
18,496
21,714
465
Virginia
West Virginia...
Kentucky
Tennessee
North Carolina.
South Carolina..
20,478
6,402
11,905
14, 796
19,809
9,268
278
27
585
373
845
267
5,459
1,078
1,988
2,171
2,799
1,761
1,804
627
1,036
1,375
1,811
814
12,937
4,669
8,297
10,877
14,354
6,427
15, 566
4,896
9,145
11,808
15, 742
7,203
285
28
596
380
862
273
180
617
357
71
33
15
1,096
401
644
729
1,009
491
3,242
1,273
2,679
3,849
5,553
2,621
2,390
695
1,396
2,037
2,532
1,059
742
146
346
550
700
296
1,166
456
691
743
1,016
406
2,266
600
1,138
1,640
1,893
927
4,159
675
1,280
1,784
2,104
1,098
38
6
18
24
40
17
Georgia.-.
Florida...
Alabama.
18,451
31, 779
12,004
590
941
388
2,880
5,677
2,266
1,724
2,912
1,154
13,256
22, 250
8,195
14,689
22,272
9,291
603
965
396
63
97
96
990
2,275
562
3,834
3,095
2,760
2,820
4,476
1,473
845
1,576
405
1,235
1,892
1,920
4,165
1,243
2,317
3,589
1,689
61
140
27
Mississippi.
Louisiana...
Arkansas...
7,099
13,179
6,656
610
478
690
1,246
1,839
1,128
718
1,447
569
4,526
9,415
4,270
5,385
9,971
5,002
624
489
705
573
41
314
843
276
1,509
1,820
1,337
814
1,792
779
218
476
223
329
967
356
1,440
829
1,531
660
24
42
27
68,568
2,499
11,494
6,348
48,227
51,535
2,559
1,969
3,862
9,796
9,626
2,929
4,065
7,891
8,671
170
9,995
46,486
438
1,907
7,328
968
3,987
6,682
33,533
7,291
35,098
447
1,677
380
1,130
432
2,511
1,263
6,849
379
2,048
615
2,831
1,024
5,302
1,403
5,354
26
112
New Mexico..
Arizona
3,796
8,292
157
266
825
1,435
517
877
2,297
5, 715
2,830
6,316
160
274
162
297
225
695
1,321
7,284
195
996
445
1,068
124
377
219
400
540
1,025
751
1,162
23
Rocky Mountain..
22,205
1,272
3,765
2,297
14,872
17,080
1,301
534
1,422
2,634
3,019
839
1,445
2,477
3,347
61
Montana..
Idaho
Wyoming..
2,875
2,858
1,494
389
332
129
473
433
231
299
278
174
1,714
1,814
960
2,177
2,225
1,122
397
340
132
69
34
125
155
164
110
228
386
78
354
383
158
82
87
37
197
158
120
279
309
128
406
353
230
10
13
4
Colorado..
Utah
10,782
4,197
335
87
,1,783
845
1,091
455
7,573
2,810
8,204
3,352
343
89
166
141
754
239
1,399
544
1,549
575
487
146
1,282
479
1,511
848
26
282
129,528
3,032
19,755
15,829
90,912
97,645
3,119
464
5,920
22,224
17,194
5,661
7,537
17,123
18,009
394
15,399
9,354
487
249
2,637
1,301
1,829
1,011
10,446
6,793
11, 531
7,246
499
256
738
474
2,647
1,869
2,078
1,376
614
347
901
593
1,707
1,051
2,265
1,230
58
32
2,676
102,099
48
2,248
395
15,422
277
12,713
1,957
71,716
2,154
76, 714
49
2,315
39
383
190
4,518
98
17,610
318
13,422
4,601
166
5,877
373
817
13, 548 14,142
298
1,671
4,020
1
103
538
982
263
455
1,289
2,932
1
107
39
2,480
146
323
74
224
177
506
46
184
148
284
476
751
27
13
Southeast.
South west _
Oklahoma.
Texas
Far West.
Washington.
Oregon
Nevada....
California..
Alaska..
Hawaii.
Footnotes to table 63:
1. Consists of net income of farm proprietors', farm wages, and farm other labor income less
personal contributions under the OASDHI program.
2. Consists of income disbursed directly to persons by the Federal and State and local
governments. Comprises wages and salaries (net of employee contributions for social insurance), other labor income, interest and transfer payments.
3. FRASER
Equals total personal income less farm income and government income disbursements.
Digitized for
154
539
Footnotes to table 70:
1. Consists of wage and salary disbursements, other labor income, and proprietors' income.
2. Does not include earnings of military personnel.
3. Less than $500,000.
By ROBERT B. LEFTWICH
and ROBERT BOYKE
Foreign Direet Investments in the United States in 1972
± HE value of foreign direct investments in the United States rose $708
million in 1972 to $14,363 million at
yearend, following a rise of only $385
million in 1971. The 1972 increase was
comprised of reinvested earnings of
$548 million and net capital inflows of
$160 million. Valuation adjustments in
1972 were nil. The data presented here
update the information published in
" Foreign Direct Investments in the
United States, 1962-71" in the February 1973 issue of the SURVEY.
The $160 million net capital inflow to
foreign-owned U.S. affiliates in 1972
folloAved the $115 million capital out-
flow of 1971, a favorable swing of $275
million. The swing resulted from a $47
million increase in inflows for new
investment and a $228 million decline
in capital outflows resulting from liquidations and changes in intercompany
accounts. Capital flows with Japan
showed a favorable swing of $570
Table 1.—Foreign Direct Investments in the United States, Selected Data Items, Countries, and Industries
[Millions of dollars]
Book value at yearend
1^Jet capital
Area and industry
Total
By Area:
Canada . .
Europe
_
United Kingdom
European Economic Community
Belgium and Luxembourg
_.
France
Germany
Italy
Netherlands
.
Other Western Europe
_
Sweden
Switzerland
Other
Japan..
Latin American Republics and other Western Hemisphere
Other
By Industry:
Petroleum.
Manufacturing
Trade.
Insurance
Other Finance
Other
1971'
1971 r
1972 P
-142
1,110
1,233
621
719
498
548
39
-107
-19
-148
-50
—23
-61
—4
—10
60
21
27
12
218
757
350
274
22
21
55
264
851
415
337
20
48
81
—5
193
99
4
92
3
88
465
236
134
3
10
19
5
97
96
11
83
2
115
509
274
160
4
18
24
6
108
J75
3
70
2
137
292
104
140
20
11
39
-4
75
49
150
350
139
179
16
24
62
-10
87
32
48
1
29
3
92
75
40
64
53
40
36
8
42
1
28
(*)
30
1
8
7
7
1
235
537
141
215
5
78
27
116
217
50
185
5 39
14
124
204
70
215
5 87
19
78
318
71
110
334
86
26
5
4
14
13,270
13,655
14,363
-115
255
-370
160
302
3,117
9,554
4,127
3,555
338
286
680
100
2,151
1,872
208
1 545
119
3,339
10,086
4,438
3,761
341
315
771
109
2,225
1,888
229
1,537
123
3,612
10,441
4,581
3,874
307
321
807
108
2,331
1,986
254
1 595
138
85
236
206
65
-17
18
52
13
—1
-35
21
—59
3
6
217
119
85
123
5
4
-65
—50
—18
-25
9
19
66
25
29
12
84
112
23
83
29
12
2
9
1
79
20
87
-20
—17
g
6
13
—30
-46
19
—68
2
229
—230
—132
—512
19
—531
58
105
—47
248
121
315
146
298
145
60
16
3
11
57
5
-24
-2
1
-25
-2
2 992
6,140
994
3 2 256
3,113
6,755
512
3 2 352
3,243
7,228
523
3 2 411
43
294
-553
81
— 11
30
4
220
24
39
74
-577
81
—13
26
32
142
106
-12
-3
-181
56
-2
-1
203
512
130
185
5 62
18
(4)
923
(4)
958
' Revised. p Preliminary.
*Less than $500,000 (±).
1. "Earnings" represents the foreign share in corporate and branch earnings; "interest,
dividends, and branch earnings" is the amount of earnings distributed after withholding
taxes.
2. "New investments" consists of the first reported capital inflow to establish or acquire
a new company or operation in the United States and the cost of acquisition of additional
shares of existing companies.
50
1972 P
1972 P
New
Total invest-2 Other
ments
10
46
2
5
New
Total invest-2 Other
ments
20
139
-75
56
—1
21
5
36
13
29
6
4
2
1
21
1972 P
1971 r
1971 '
(4)
Reinvested
earnings
1972 P
1970
888
Interest,
dividends,
and branch
earnings l
Earnings l
inflows
176
133
10
118
5
,1971'
3. Includes market revaluation of securities held by insurance companies.
4. Included in "insurance".
5. Interest paid by agency banks in the United States to foreign home offices has been
excluded from direct investment totals.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
August 1973
million from 1971 to 1972, which more
than accounted for the total improvement as net capital inflows from other
countries declined $295 million from
1971 to 1972.
The inflow for new investments in
1972, $302 million, was not particularly
large by recent standards, but it was
noteworthy that new investments by
Japanese firms rose to a record $105
million from only $19 million in 1971.
The previous high for new investment
inflows from Japan was $74 million in
1968. Most of the Japanese investments
in 1972 took place during the third and
fourth quarters and represented the
acquisition of additional shares in U.S.
trade affiliates.
Capital flows with Japan other than
for new investments moved even more
favorably—from an outflow of $531
million in 1971 to an outflow of only $47
million in 1972. There was a large
increase in the first quarter of 1972 in
U.S. trade affiliates' receivables from
their Japanese parents, but these capital outflows were substantially reversed
during the remainder of the year. The
large outflows in 1971, and perhaps
those in the first quarter of 1972, were
apparently associated with anticipations of the appreciation of the yen
SURVEY OF CURRENT BUSINESS
that occurred in 1971 and 1972. At
yearend 1971, the value of the Japanese
direct investment position in U.S.
affiliates was negative (—$230 million),
largely reflecting prepayment during
1971 for imports from Japanese parent
firms. Despite the increase in inflows
for new investment in 1972 and the
large improvement in other capital
flows with Japan, the Japanese direct
investment position remained negative
(—$132 million) at yearend 1972.
There was a net capital inflow from
Western Europe of only $5 million in
1972 compared with $236 million in
1971. New investments dropped from
$217 million to $112 million and other
capital flows deteriorated from an
inflow of $20 million in 1971 to an
outflow of $107 million in 1972. Foreign
exchange market uncertainties may
have contributed to this swing. The
reported outflows were related to intercompany transactions and were concentrated in countries whose currencies
appreciated against the dollar. The
$61 million outflow to Germany and
the $50 million outflow to Belgium
and Luxembourg were particularly
noticeable.
Earnings of foreign direct investments in the United States totaled
51
Table 2.—Value of Foreign Direct Investments in the United States by Major
Industry and Country-End of 1972
[Millions of dollars]
Total
ManFiufac- nance Petroturand leum Other
ing insur-
ance
All areas
Canada
Europe
United Kingdom
Netherlands
Switzerland
Other
Other areas
14,363
7,228
2,411
3,243
1,481
3,612
2,194
310
268
840
10,441
4,581
2,331
1,595
1,933
4,781
1,735
760
1,158
1,128
1,936
1,205
46
373
312
2,959
1,286
1,399
274
764
355
126
64
219
311
253
165
16
-123
$1,233 million in 1972, up 11 percent
from the 1971 total of $1,110 million.
Branch earnings accounted for most of
the increase, rising from $232 million
in 1971 to $316 million in 1972. Earnings of affiliates in the petroleum,
insurance, and other finance industries
showed above average gains.
Income paid to their foreign parents
by the U.S. affiliates was $719 million
in 1972, an increase of 16 percent from
1971. Most of the increase resulted from
the sharp rise in branch earnings, but
common stock dividends also showed a
substantial increase.
SURVEY OF CURRENT BUSINESS
52
(Continued from page 6)
August 1973
ment cost of goods taken out of in- Table 3.—Relationship of Federal Government Receipts and Expenditures in the
ventory and the cost at which these
National Income Accounts to the Unified
Budget, Fiscal Year 1973
items are charged to production. Pro[Billions of dollars]
fits as measured in the national income
accounts (NIA) include only profits
January August
1973
1973
arising from current production, and
budget preliminary
thus exclude inventory profits—which
were at an annual rate of $21 billion
Receipts
in the second quarter, up $5% billion
Unified budget receipts. _
225.0
232.2
from the first. Thus, pretax profits on
Coverage differences
-.2
-.3
the national income basis rose $4%
Netting and grossing
5.3
5.0
Timing differences. _ . .
._
6.2
3.6
Miscellaneous.
billion to a seasonally adjusted annual
-.1
-.4
rate of $109 billion. The national Federal receipts, NIA basis
233.3
242.9
Expenditures
income profits figure had risen $5%
billion in the first quarter and $15% Unified budget outlays
246.6
249.8
Coverage differences_
billion from end-1971 to end-1972.
.6
.3
months ending in June. An official of
the United Auto Workers has stated
that the union's demands in bargaining
on the auto industry contract, which
expires September 15, could shift to
placing a much higher priority on getting a large wage increase, if the members begin to press for it. Recent
statements by both the Treasury Secretary and the President of the AFL-CIO
have acknowledged that if the price
rise does not slow, labor can be expected to demand substantially larger
wage increases later this year and in
1974 than has been the pattern thus
Outer continental shelf de1.1
1.1
posit funds
far in 1973.
Federal fiscal position
-.5
-.8
Other
. .
F inancial transactions
-.9
-1.3
2.9
Net purchases of land
2.3
The Federal fiscal position as meas5.3
5.0
Netting and grossing
National Accounts in the
2.8
1.8
Timing differences
ured in the NIA was in approximate
-.6
.3
Miscellaneous
_
Second Quarter
balance in the second quarter. Large Federal expenditures, NIA basis
255.0
259.9
On the basis of more complete increases in receipts far outpaced the Unified budget surplus or deficit (—)... -24.8
-17.8
-26.6
-12.1
source data, BEA has revised the growth of expenditures, and the ac- NIA deficit surplus or deficit ( - )
counts
registered
a
nominal
surplus
estimate of second quarter GNP. The
Source: Estimates by BEA.
revisions of the components are very of $.1 billion at a seasonally adjusted
(Continued from page 38)
small, and have a negligible effect on annual rate. There has been deficits
total GNP. Real GNP is very slightly of $5 billion in the first quarter and equations. Differences between errors
smaller than previously estimated, cur- $23.4 billion in the fourth; a surplus in ex-post and ex-ante forecasts of real
rent dollar GNP is slightly larger, was last registered in the fourth quarter GNP, the private GNP implicit deand the implicit price deflator is also of 1969.
For the fiscal year 1973, the pre- flator, and the unemployment rate are
higher.
liminary figures (based on data not generally slight.
(7) For key aggregates—currentCorporate profits
seasonally adjusted) show a Federal
According to the preliminary esti- deficit of $12.1 billion as measured in dollar GNP, real GNP, real personal
mate, corporate book profits before the NIA. This compares with a $26.6 consumption expenditures, and the untaxes increased $10% billion in the billion deficit estimated on the basis employment rate—model forecasts are
second quarter to a seasonally adjusted of the January budget, with NIA superior to extrapolations based on
annual rate of $130.1 billion. Book receipts having come in higher, and autoregressions; for the private GNP
profits had risen $13/2 billion in the expenditures lower, than indicated in deflator, some GNP components, and
first quarter, and about $19 billion in the budget. Table 3 shows the relation- personal income, the latter are superior.
the year from end-1971 to end-1972. ship between the unified budget and
(8) While the model tends to underMore than one-third of the second the NIA measures of receipts and estimate the amplitude of cyclical
quarter increase was in durable goods expenditures, as estimated in the Janswings in real output, it generally
manufacturing; advances were also uary budget and as indicated by the
recognizes
turning points. However,
reported by nondurables manufactures preliminary actual figures. Detailed
accuracy
in
identifying the quarter of
and financial institutions.
explanations of the reconciliation items
downturn or upturn diminishes as the
Book profits include gains or losses appear on page 28 of the February
prediction horizon lengthens.
1973
issue
of
the
SURVEY.
due to differences between the replace-
U. S. GOVERNMENT PRINTING OFFICE : 1973 O - 517-658
CURRENT BUSINESS STATISTICS
J.HE STATISTICS here update series published in the 1971 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
That volume (available from the Superintendent of Documents for $3.00) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1967 through 1970 (1960-70 for major quarterly
series), annually, 1947-70; for selected series, monthly or quarterly, 1947-70 (where available). Series added or significantly revised after the 1971
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively; certain revisions for 1970 issued too late for
inclusion in the 1971 volume appear in the monthly SURVEY beginning with the September 1971 issue. Also, unless otherwise noted, revised monthly
data for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1971 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 189-90. Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
OF CURRENT BUSINESS.
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes a r e a s shown in
the 1971 edition of BUSINESS STATISTICS
1971
1972
1970
II
Annual total
III
1971
IV
I
II
1972
III
IV
I
II
1973
| III
I
IV
|
II
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
Gross national product, totalt
bil.$.
977.1
1,055.5
1,155.2
970.6
987.4
991.8
Personal consumption expenditures, total..do
617.6
667.2
726.5
614.0
623.7
628.3
650.0
662.2
673.0
683.4
700.2
719.2
734.1
752.6
779.4 ' 795.6
Durable goods, total9
do
Automobiles and parts
do
Furniture and household equipment...do
Nondurable goods, total?
do
Clothing and shoes
do
Food and beverages
do
Gasoline and oil
do
Services, totalQ
do.
Household operation
do.
Housing
do.
Transportation
do.
Gross private domestic investment, total...do..
Fixed investment
do
Nonresidential
do
Structures
do
Producers' durable equipment
do
Residential structures
do
Nonfarm
do
Change in business inventories
do
Nonfarm
do
Net exports of goods and services
do..
Exports
do.
Imports
do.
Govt. purchases of goods and services, total. do
Federal
do
National defense
do
State and local
do
91.3
37.3
39.6
103.6
46.6
42.1
117.4
52.8
48.1
92.8
39.3
39.4
93.4
39.1
39.6
88.1
33.1
40.3
100.3
44.7
41.3
101.9
45.5
41.6
105.4
48.3
41.9
106.7
47.8
43.6
111.5
49.4
46.6
115.1
51.2
47.3
120.2
55.0
48.6
122.9
55.7
50.0
132.2
60.5
53.7
263.8
52.8
130.0
22.2
278.7
57.0
136.6
23.5
299.9
62.3
145.3
25.5
261.2
52.5
128.5
22.1
265.7
52.7
131.5
22.3
271.1
54.5
133.3
22.7
273.5
55.7
134.1
22.9
278.0
57.0
136.2
23.1
279.8
57.4
137.6
23.6
283.5
58.1
138.4
24.5
59.4
141.0
24.7
297.9
61.7
144.7
25.0
302.3
62.9
146.5
25.8
310.7
65.1
149.1
26.6
322.2 r 330.3
68.3
'69.3
154.7 ' 158. 1
27.5
'28.8
262.6
36.4
90.9
18.3
284.9
39.7
98.5
20.4
309.2
43.8
105.5
21.8
259.9
35.9
90.2
18.0
264.6
36.9
91.4
18.5
269.1
37.3
93.3
276.1
38.4
95.4
19.4
282.3
39.3
97.6
20.1
287.8
40.3
99.5
20.6
293.2
40.7
101.4
21 2
300.0
41.8
103.1
21.6
306.2
43.2
104.7
21.7
311.6
44.5
106.3
21.8
319.0
45.7
107.9
22.2
136.3
153.2
325.0 r332.6
46.5
r47.1
110.6 ' 113. 3
22.8
23.2
178.3
135.4
139.2
131.7
100.6
36.1
64.4
31.2
30.7
4.5
4.3
147.1
104.4
37.9
66.5
42.7
42.2
6.1
4.5
172.3
118.2
41.7
76.5
54.0
53.5
6.0
5.6
130.5
101.0
36.1
64.9
29.5
29.2
4.9
4.7
133.2
102.8
36.4
66.5
30.4
29.9
6.0
5.8
62.9
59.3
66.3
65.5
-4.6
73.5
78.1
3.9
63.1
59.2
4.2
63.9
59.7
132.3
98.5
36.5
62.0
33.8
33.1
5.1
4.9
2.8
63.2
60.4
219.5
96.2
74.6
123.3
234.3
98.1
71.6
136.2
255.0
104.4
74.4
150.5
217.3
95.8
74.0
121.5
220.3
94.7
73.2
125.6
223.3
94.8
72.6
128.5
972.6
466.7
182.5
284.1
410.3
'95.6
1,049.4
491.1
191.1
299.9
447.4
110.9
1,149.1
535.4
214.1
321.2
487.3
126.5
965.7
466.8
184.9
281.9
405.8
93.2
981.3
472.1
186.2
285.9
413.5
95.7
986.7
465.9
175.0
290.9
421.0
99.8
4.5
1.2
3.3
6.1
2.0
4.1
6.0
4.9
1.1
4.9
.2
4.6
6.0
5.2
5.1
-1.1
6.2
By major type of product:!
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
Structures..
Change in business inventories
Durable goods
Nondurable goods
do..
do..
do..
do..
do..
do..
do..
do..
do..
18.9
137.4
1,027.2 1,046.9 1,063.5 1,084.2 1,112.5 1,142.4 1,166.5 1,199.2 1,242.5 '1,272.0
145.5
152.7
153.8
160.8
167.5
174.7
181.5
189.4
138.5
101.4
37.0
64.4
37.1
36.6
7.0
5.8
145.0
103.6
37.6
66.0
41.5
41.0
7.6
149.5
104.7
38.4
66.3
44.8
44.1
4.3
2.4
155.6
108.0
38.5
69.5
47.5
46.9
5.3
3.5
165.8
114.0
41.0
73.1
51.8
51.2
1.7
1.4
169.2
116.3
41.5
74.9
52.8
52.3
5.5
4.8
172.9
118.3
41.3
77.0
54.5
53.9
8.7
8.4
181.2
124.3
43.0
81.2
56.9
56.4
8.2
7.9
3.8
65.9
62.1
.5
67.1
66.fr
1.1
69.1
68.0
-2.2
63.0
65.2
-5.5
70.3
75.8
-5.7
69.9
75.6
-3.8
74.0
77.7
227.9
96.1
72.3
131.8
231.5
96.7
71.3
134.8
235.5
98.2
70.3
137.3
242.2
101.2
72.4
141.0
250.3
106.0
76.5
144.3
254.2
106.7
76.6
147.5
254.7
102.3
71.9
152.4
194.5
r 198.2
-3.5
79.7
83.2
189.9
130.9
45.3
85.5
59.0
58.4
4.6
4.4
.0
89.7
89.7
r 193. 7
' 134. 1
47.2
'86.9
'59.6
'59.1
'4.5
'4.4
'2.8
'97.2
'94.4
260.7
102.7
72.4
158.0
105.5
74.3
163.0
' 275.3
' 107.3
' 74.2
' 168.0
1,237.8
585.0
238.1
346.9
514.8
138.1
•1,267.5
r 599. 6
' 242.4
' 357.3
' 527. 7
' 140.1
1,020.2 1,039.2 1,059.2 1,078.9 1,110.8 1,136.9 1,157.8 1,191.0
531.0
539.9
555.4
482.1
485.9
501.1
515.2
495.2
211.4
216.8
222.8
187.4
196.2
205.5
188.1
192.8
319.6
323.1
332.5
294.7
304.9
309.7
297.8
302.4
481.5
491.8
503.9
433.9
471.8
450.8 460.9
444.0
124.4
126.2
131.7
104.1
117.0
123.8
113.2
109.3
7.0
4.1
2.9
7.6
4.2
3.4
4.3
.7
3.7
5.3
-.9
6.2
1.7
.4
1.3
5.5
3.2
2.3
8.7
5.8
2.9
' 132.8
'59.7
'54.4
4.6
'4.5
4.4
'7.3
.3 ' - 2 . 8
8.2
10.4
-2.2
GNP in constant (1958) dollarsf
Gross national product, totalt
bil.$..
Personal consumption expenditures, total..do
Durable goods
Nondurable goods
Services
do..
do..
do.
Gross private domestic investment, total...do.
Fixed investment
do..
Nonresidential
do..
Residential structures
do..
Change in business inventories
do..
Net exports of goods and services
do
Govt. purchases of goods and services, total, do...
Federal
do...
State and local
do...
722.5
745.4
790.7
722.1
727.2
719.3
735.1
740.4
746.9
759.0
768.0
785.6
796.7
812.3
829.3 ' 834.3
477.5
496.3
526.8
477.5
480.9
477.5
489.5
493.6
498.0
504.1
512.5
523.4
531.0
540.5
552.7 ' 553.3
206.5
187.2
92.2
211.6
192.4
104.0
220.9
201.8
85.8
205.1
186.5
85.6
207.2
188.1
79.3
209.8
188.4
210.1
189.9
90.2
211.8
191.7
211.5
192.9
95.8
213.0
195.3
99.2
215.0
198.2
101.9
220.7
200.8
105.8
222.2
202.9
109.2
225.8
205.4
117.0 ' 116.2
228.8 '228.0
207.0 ' 209.1
103.4
110.3
122.9
103.5
105.4
102.1
106.6
110.3
109.5
114.8
116.5
121.0
124.8
129.1
130.2
99.5
77.2
22.2
3.9
105.0
76.1
29.0
5.3
118.3
83.7
34.6
4.6
99.1
78.3
20.8
4.4
100.5
78.6
21.8
4.9
97.6
73.5
24.1
4.5
100.7
74.8
25.9
5.8
103.8
75.5
28.3
6.5
105.5
75.6
29.9
4.0
110.1
78.4
31.7
4.7
115.4
81.5
34.0
1.1
116.7
82.5
34.2
4.3
118.2
83.4
34.7
122.8
87.5
35.3
6.3
126.9 ' 126. 9
91.2
'91.5
35.6
35.3
3.3
'3.4
2.3
.4
-2.0
2.1
3.0
2.0
2.4
-1.6
-3.7
-2.8
141.8
58.8
83.0
143.5
58.6
85.0
144.4
58.2
86.2
138.4
143.0
139.3
139.1
138.0
60.8
60.9
64.5
64.3
62.4
82.2
74.6
77.5
'75.0
75.5
r
Revised.
» Preliminary.
t Revised series. Estimates of national income and product and personal income have been revised back to 1969 (see p. 14fif.of the July 1973 SURVEY);
revisions prior to May 1972 for personal income appear on pp. 27-28 of the July 1973 SURVEY.
517-658 O - 73 - S-l
136.7
136.7
138.6
141.6
137.8
60.1
59.9
61.1
62.5
61.8
76.6
77.5
79.1
76.0
76.8
9 Includes data not shown separately.
142.7
63.0
79.7
144.0
62.9
81.1
2.0
S-l
' 130. 2
'5.6
' 145. 2
'53.2
'87.0
OF CUKEENT
S-2
Unless otherwise stated i n footnotes b e l o w , data
through 1970 a n d descriptive n o t e s a r e a s s h o w n in
t h e 1971 edition of B U S I N E S S S T A T I S T I C S
1970
1971
|
1970
1972
1971
I
IV
III
A n n u a l total
August 1973
1972
III
II
IV
I
II
1973
III
I
IV
II
III
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL I N C O M E AND
PRODUCT—Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income totalf
- bil. $
800.5
859.4
941.8
809.3
806.3
835.9
853.6
865.6
882.7
911.0
928.3
949.2
978.6
,015.0
Compensation of employees, totalf
..do....
603.9
644.1
707.1
610.1
610.6
627.6
638.8
648.8
661.2
684.3
699.6
713.1
731.2
757.4
774.9
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
..do...
..do....
-.do....
do
do
..-do....
do
.-.do—.
542 0
426 9
19 6
95.5
61.9
66.9
50.0
16.9
23.9
573.8
449.7
19.4
104.7
70.3
68.7
51.9
16.8
24.5
627.3
493.3
20.3
113.8
79.7
74.2
54.0
20.2
24.1
547 1
431 0
19.4
96.7
62.9
66.2
50.2
16.0
24.2
546.7
429.2
19.0
98.5
63.9
66.2
50.0
16.2
24.4
559.8
438.5
19.8
101.6
67.7
67.9
50.9
16.9
24.4
569.3
446.3
19.3
103.6
69.6
68.3
51.7
16.6
24.7
577.6
452.3
18.9
106.3
71.1
68.6
52.3
16.3
24.7
588.6
461.7
19.6
107.3
72.6
70.2
52.7
17.5
24.4
607.3
476.4
20.9
110.0
77.0
72.5
53.1
19.5
24.1
620.8
488.4
20.1
112.3
78.9
73.2
53.3
19.9
22.6
632.5
497.5
20.0
115.1
80.5
74.1
54.3
19.8
24.9
648.7
510.9
20.1
117.7
82.5
77.1
55.3
21.8
24.9
666.7
525.1
20.9
120.7
90.8
80.6
56.3
24.3
24.7
682.3
538.7
20.5
123.1
'92.6
81.5
57.1
24.4
24.6
69.2
80.1
91.1
71.3
65.9
75.8
80.5
80.9
83.4
86.2
88.0
91.5
98.8
104.3
J>109. 0
13.6
55.6
27 8
17 3
10.5
15.2
64.9
32 5
17 8
14.7
17.5
73.6
40.1
20.0
20.2
14.0
57.3
29.1
17.8
11.4
14.2
51.7
23.7
17.5
6.3
14.0
61.8
31.8
17.6
14.2
14.7
65.8
32.7
17.8
14.9
15.9
65.0
31.8
18.0
13.8
16.3
67.1
33.6
17.9
15.7
16.6
69.6
37.3
18.6
18.7
17.3
70.7
38.7
18.5
20.2
17.6
73.9
39.9
20.4
19.5
18.6
80.2
44.7
22.4
22.3
19 8
84.5
49 7
22 8
26.9
78
20.1
8.6
23.9
9.3
24.2
7.9
20.2
7.3
20.7
8.2
21.8
9.1
23.9
9.1
24.1
7.9
25.7
8.5
23.8
8.9
23.1
9.8
24.1
9.9
25.7
92
25.6
74.0
34.8
39 3
24.7
14.6
-4.8
36 5
85.1
37.4
47.6
25.1
22.5
-4.9
42.0
98.0
42.7
55.4
26.0
29.3
-6.9
45.2
75.7
35.7
39.9
24.7
15.2
-4.4
37.5
69.8
33.0
36.7
24.5
12.2
-3.8
39.2
80.8
37.0
43.8
25.3
18.5
-5.0
40.2
85.5
38.4
47.1
25.1
22.0
-5.0
41.4
87.0
38.0
49.0
25.2
23.7
-6.1
42.7
86.9
36.4
50.6
24.9
25.7
-3.6
43.5
92.8
40.6
52.2
25.7
26.5
-6.6
43.9
94.8
41.4
53.4
25.9
27.5
-6.7
44.8
98.4
42.9
55.6
26.2
29.4
-6.9
45.7
106.1
45.9
60.3
26.4
33.9
-7.3
46.6
808 3
116 6
691.7
635.5
56.2
863.5
117.5
746.0
685.8
60.2
939.2
142.2
797.0
747.2
49.7
816.8
114.3
702.4
641.7
60.8
822.9
115.7
707.2
646.6
60.6
840.0
112.6
727.4
668.3
59.2
859.5
115.5
744.0
680.6
63.5
870.2
118.1
752.0
691.8
60.2
884.4
124.0
760.4
702. 6
57.8
910.8
138.0
772.8
720.0
52.9
926.1
140.7
785.4
739.5
45.9
943.7
142.8
800.9
755.1
45.8
976.1
147.4
828.7
774.3
54.4
996 6
145 1
851 5
801 5
50.0
79.71
31.95
15.80
16.15
81.21
29.99
14.15
15.84
88.44
31.35
15.64
15.72
20.26
7.99
3.87
4.12
21.66
8.66
4.26
4.40
17.68
6.69
3.11
3.58
20.60
7.55
3.52
4.03
20.14
7.31
3.40
3.91
22.79
8.44
4.12
4.32
19.38
6.61
3.29
3.32
22.01
7.63
3.71
3.92
21.86
7.74
3.86
3.87
25.20
9.38
4.77
4.61
47.76
1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16.59
51.22
2.16
1.67
1.88
1.38
15.30
12. 86
2.44
10.77
18.05
57.09
2.42
1.80
2.46
1.46
17.00
14.48
2.52
11.89
20.07
12.27
.46
12.99
.50
10.99
.49
13.06
.54
12.83
14.35
12.77
14.38
14.12
15.83
.46
.74
.43
.76
.34
.34
.47
.60
.30
3.58
2.79
.33
3.74
3.12
.28
3.11
2.70
.36
3.83
3 20
.55
.42
.39
.37
.59
.45
56
.37
4.29
3.60
.69
2.84
5.26
.58
.48
.50
.32
.61
.48
.73
.39
.63
.47
.63
.40
3.63
3.19
.44
2.72
4.55
4.24
3.61
.62
2.95
4.98
.59
.38
.61
.35
4.39
3.67
.72
2.84
4.97
21 50 i 24. 93 i 25.32
9.43
9.28
7 80
4.83
4.78
3 92
4.60
4.50
3.88
15.89
15.65
13.69
.71
.68
63
4.74
4.01
.73
3.39
5.57
Corporate profits and inventory valuation adjustment total
bil. $..
By broad industry groups:
..do....
Financial institutions
.
do
Nonfinancial corporations total
.. do .
Manufacturing total
...do—.
Nondurable goods industries
do
Durable poods industries
Transportation, communication, and public
utilities
bil. $
...do....
All other industries
do
Coroorate Drofits 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
DISPOSITION OF PERSONAL INCOME f
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
bil $
do
Less* Personal tax and nontax payments
do
Equals* Disposable personal income
do
Less* Personal outlays©
do
Equals' Personal saving§
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
bil. $
...do-...
Manufacturing
do
Durable goods industries f
do
Nondurable goods industries 1
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities...
Electric
Gas and other
Communication
Commercial and other
Seas. adj. qtrly. totals at annual rates:
All industries
Manufactiirincr
NondiiralDlft c^oods industries IF
NoTiTnfl.nnfa.ctnriiicr
Mining
Air transDortation
Public ntilitips
Electric
Gas and other
Communication
Commercial and other
do
do
do
.- do.
. ..-do.-..
—do...
do
do
do
do
2.56
4.16
2.81
4.42
2.50
3.94
2.81
4.44
4.07
3.35
.71
2.62
4.42
do
do
do
do
81.88
32.15
15.74
16.40
78.63
30.98
14.92
16.05
79.32
30.46
14.21
16.25
81.61
30.12
14.06
16.06
80.75
29.19
13.76
15.43
83.18
30.35
14.61
15.74
86.79
30.09
15.06
15.02
87.12
30.37
14.77
15.60
87.67
30.98
15.67
15.31
91.94
33.64
16.86
16.78
do
do
do
do
do
do
do
do
do
do
49.73
1.86
1.96
3.24
1.22
13.84
11.34
2.50
10.62
17.00
47.66
1.94
1.56
3.08
1.22
13.68
11.20
2.48
10.20
15.97
48.86
2.04
1.46
1.29
1.33
14.64
12.16
2.48
10.70
17.39
51.50
2.08
1.88
2.28
1 40
14.91
12.61
2.30
11.21
17.72
51.56
52.82
2.30
1.64
2 26
1.33
56.70
2.42
2.10
1.96
1.48
56.75
56.70
2.23
1.72
1.68
1.48
2.38
1.88
2.89
1.53
2.40
1.50
2.67
1.41
58.30
2.46
1.71
2.33
1.42
15.87
13.56
2.30
10.73
17.85
15.74
13.01
2.74
10.44
19.10
16.92
14.27
2.65
11.71
20.10
16.60
14.32
2.27
11.59
19.88
17.01
14.62
2.38
11.56
20.16
17.53
14.67
2.86
12.63
20.21
18,49
12,36
19,92
13,21
26
28
.78
.63
.41
.63
U.S. BALANCE OF INTERNATI ONAL
PAYMENTSd*
Quarterly Data Are Seasonally Adju rtcd
(Credits +; debits - )
Exports of goods and services (excl. transftjrs under
mil. $
military grants)
Merchandise, adjusted, excl. military
_ do
Transfers under U.S. military agency sales contracts
.mil $
Receipts of Income on U.S. investments
abroad.
mil. $
Other services
_.
.—do—
62,91
41,96
66,28
42,76
73,46
48,76
15,97
10,70
15,80
10,45
16,48
10,87
16,78
10,79
17,28
11,52
15,73
9,58
17,58
11,65
1,47
1,91
1,16
34
42
49
50
48
41
32
11,42
8,05
12,89
8,71
13,92
9,60
2,86
2,06
2,85
2,06
... do
Imports of goods and services
Merchandise, adjusted, excl. military... .—do—
Direct defense expenditures
do
Payments of income on foreign investments in the
U.S .
mil. $
Other services
.—do—
-59,28
-39,78
-4,85
-5,16
-9,68
-65,48
-45,46
-4,82
-4,92
-10,25
-78,07
-55,68
-4,72
-14,92
-9,96
-1,21
-1,28
-2,47
-15,09
-10,26
-1,20
-1,21
-2,41
-6,06
-11,60
704
1.04
-4,60
80
3,63
— .do—
Balance on goods and services, total
-6,91
-2,69
2,17
18
Merchandise, adjusted, excl. military . . _—do—
74
r
Revised.
r> Preliminary.
i Estimates (corrected for systematic biases) for Apr.June and July-Sept. 1973 based on expected capital expenditures of business.
Expected
2
expenditures for the year 1973 appear on p. 11 of the June 1973 SURVEY.
Includes communication,
f See corresponding note on p. S-l.
9 Includes inventory valuation adjust
ment.
© Personal outlays comprise personal consumption expenditures, interest paid by
3,31
3,03
2,98
2,23
2,12
2,16
-15,53 -16,650 -17,00
-10,74 -11,708 -11,90
—1,20
-1,17 -1,214
-1,29
-1,13
-1,16
-2,59
-2,45
-2,59
17,463
11,53
28
P21.3
?87. 7
119.6 P130. 1
52.7 P 5 7 . 5
66 9 v 72.6
26 9
45.2
40 0
-15.4 - 2 1 . 1
49.4
47 9
46
52
.32
3.95
3 45
50
2 87
4 94
1,019.0
r 149. 3
r 869. 7
r 818. 7
'51.0
.46
.68
.50
.46
.40
.42
4.75
4.00
5.24
4.36
2 8.66
2 8.57
.74
.88
96 19 i 98. 57 1101.80
38.01
35 51 37.05
19.68
17 88 19.14
18.34
17.91
17.63
63.79
61.52
60.68
2.90
2.68
2.59
2.05
1.75
2.11
2.03
2.58
2.21
1.61
1.58
1.53
20.18
18.68
18.38
17.22
15.92
15.40
9 Qfi
2.98
12. 34
2
35. 03
2
34.
25
21.53
p 22,42
P34
3,55
2,18
3,31
2,29
3,27
2,36
3,47
2,39
3,86
2,55
*>4,10
-16,29
-11,10
-1,23
-18,96
-13,47
—1,22
-18,88
-13,31
—1,24
-19,43
-13,93o
—1,108
-20,79
-14,95
P-22,43
-1,34
-2,61
-1,42
-2,84
-1,47
-2,85
-1,52
-2,86
lie
, 039. 4
P
v 1fiQft
i jfi
-1,63 v -1,85
-3,04 p—3,12
V
-87
*-96
-1,74
P706
-1,42
-93
28
13
-1,3"
95
-56
P-294
-38
-1,57
-1,77
12
-1,52
-1,82
-91
consumers, and personal transfer payments to foreigners.
§ Personal saving is excess of disposable income over personal outlays.
.
HData for individual durable and nondurable goods industries components appear in tae
Mar., June, Sept., and Dec. issues of the SURVEY.
d"More complete details appear in ino
quarterly reviews in the Mar., June, Sept., and Dec. issues of the SURVEY.
August 1973
SURVEY OF CURRENT BUSINESS
1971
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS S T A T I S T I C S
1970
1972
Annual total
III
S-3
1971
IV
I
II
1972
III
IV
I
II
1973
III
IV
1
II
I
III
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE O F INTERNATIONAL
PAYMENTS—Con.
Quarterly Data Are Seasonally Adjusted
Unilateral transactions (excl. military grants), net
mil. $ . . -3,214
416
Balance on current account
do
Long-term capital, net:
-2,018
U.S. Government
do
-1,429
Private
do
Balance on current account and long-term capital
mil. $
-3,031
Nonliquid short-term private capital flows, net
-482
mil. $ . .
867
Allocation of special drawing rights (SDR)...do
-1,205
Errors and omissions, net
do
-839
-135
-803
151
-859
-728
-958
-678
-978
- 1 , 538
-969
-2,343
-938
-2,364
-954
-1,893
-373
-205
-680
-642
-895
-575
- 1 , 691
-598
2,018
-544
-53
201
-289
1,143
-95
604
-366
-393
-9,842
-356
-868
-1,386
-2,994
- 3 , 294
-1,881
-3,775
-1,855
-2,652
-1,637
-221
r-517
'-822
'-516
-535
-430
216
180
179
179
179
178
310
178
-33
' 949
'-2,391
'-5,511
'-1,933
944
-940
-1,626
- 5 , 698 -9,448 -4,151
-647 -2,434 - 1 , 749
-6,345 -11, 882 - 5 , 900
-3,188
-288
-3,476
-2,307
1,456
-851
5,738
2,546
1,057
4,467
-17
366
221
280
27
-2
34
78
-3,598
-2,790
- 3 , 744
-8,353
-825
-2,359
-4,401
-1,339
-151
-9,550
-2,347
222
717
710
42
217
-10, 784
-3,112
-705
-906 -2,672
Net liquidity balance
..
_
.do . . . -3,851 -21,965 -13,882 -802
3,542 -1,084 -2, 258 -2,958
-5,988 -7,788
Liquid private capital flows, net
__do
-9,839 -29, 753 -10,340 -1,886 -3,164 -5,630
Official reserve transactions balance
do
Changes in liabilities to foreign official agencies:
1,547
2,451
5,157
7,637
27, 615
9,720
Liquid
mil. $
399
-810
-551
-233
-188
-201
Other readily marketable
do
Nonliquid
do
Changes in U.S. official reserve assets, net .do
Gross liquidity balance, excluding S D R
do
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes areas shown in
the 1971 edition of BUSINESS STATISTICS
535
341
2,477
-4,466
2,348
-23, 779
1971
1972
189
77
-8
5,854
-160
-8
10,870
-173
-9
682
824
32
584
659
1,194
-187
429
-231
-15,826 -1,023 -1,000 -3,183 -5,801 -10,079 - 4 , 720 -4,168 -2,376
177
July
Aug.
Sept.
-586
781
p -344
p —120
- 1 , 556 p-1,214
-982 P-1,420
177
-1,490 p-4,237
-4.531 -3,851 p-6,709 p-1,496
7
2,367 p-3,830 PI,959
-4, 524 -1,484 p-10,539
P463
-55
-5,118
1972
June
Annual
-12
••-492
-881 p - 7 5 1
- 1 , 751 p -750
1,645
J>9,161
117
P1,202
P-907
P259
-167
p-44
P168
-111
P22O
P17
-4,159 P - 8 , 6 3 1 P - 7 0 5
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July P
GENERAL BUSINESS INDICATORS—Monthly Series
P E R S O N A L I N C O M E , BY S O U R C E f
Seasonally adjusted, at annual rates:
Total personal income
bil. $.
863.5
939.2
927.0
935.2
944.4
951.3
967.0
977.6
983.6
989.1
997.4
1,003.3
1,011.6
1,018.7
Wage and salary disbursements, total
do
Commodity-producing industries, total-do
Manufacturing
do
Distributive industries
do
573.3
206.3
160.5
138.3
627.8
226.0
175.9
151.5
624.6
224.6
174.8
151.3
627.0
224.4
174.9
151.6
632.6
227.4
177.0
152.4
638.7
230.1
179.3
153.6
643.8
232.8
181.6
155.2
648.4
235.0
183.8
155.6
654.0
236.8
185.6
157.2
661.7
239.2
187.1
158.7
667.2
242.2
189.6
159.3
671.1
243.5
190.6
160.6
677.6
245.9
192.9
162.2
682.0
248.3
194.7
163.2
• 688. 2
251. 7
197. 0
164. 5
692.9
253.5
198.2
165.3
Service industries
Government
Other labor income
Proprietors' income:
Business and professional
Farm
do_
do_.
do_.
104.7
123.9
116.1
134.2
40.7
115.8
132.9
40.6
117.2
133.8
40.9
117.6
135.1
41.3
118.8
136.2
41.6
119.2
136.7
42.0
119.8
138.1
42.3
121.3
138.7
42.7
122.9
140.9
43.0
124.1
141.6
43.3
124.9
142.2
43.6
126.4
143.1
43.9
126.8
143.7
44.2
127.7
• 144.4
44.5
129.0
145.0
44.8
do.
do.
51.9
16.8
54.0
20.2
52.4
19.6
54.0
19.3
54.5
19.8
54.3
20.3
55.1
20.8
55.1
22.4
55.6
22.3
56.1
24.0
56.3
24.3
56.4
24.6
56.8
24.2
57.1
24.4
••57.3
24.6
57.6
24.5
24.5
25.1
73.0
93.2
24.1
26.0
78.0
103.0
19.8
25.9
78.2
100.2
24.4
26.1
78.3
100.6
25.2
26.3
78.5
101.3
25.1
26.2
78.9
101.4
25.1
26.3
79.6
109.7
24.7
26.3
80.4
113.7
24.9
26.5
81.1
112.6
24.8
26.8
81.9
112.5
24.8
26.9
82.6
113.8
24.6
27.0
83.4
114.5
24.3
27.3
84.5
115.3
24.6
27.3
85.7
115.9
24.9
27.4
'86.5
• 116. 0
25.0
27.6
87.6
117.2
35.4
35.4
42.5
'42.8
43.4
Rental income of persons
do
Dividends
do
Personal interest income
do
Transfer payments
do
Less personal contributions for social insurance
bil. $..
30.9
34.7
34.4
Total nonagricultural income
do
FARM INCOME AND MARKETINGS \
Cash receipts from farming, including Government
payments, total!
mil.$.. 55,950
911.5
900.1
Farm marketings and C C C loans, total
Crops
,
Livestock and pproducts,
total 9
Dairy
Di
products
d
t
Meat animalss
do..
do..
do..
do.
d
do_.
Poultry and eggs
do..
Indexes of cash receipts from marketings and CCC
loans, unadjusted: %
All commodities
1967=100..
Crops
do
Livestock and products
do
Indexes of volume of farm marketings, unadjusted: X
All commodities
1967 = 100-.
Crops
do
Livestock and products
do
35.0
35.2
917.3
923.6
35.7
35.9
41.7
41.9
42.0
42.4
947.7
953.6
957.4
965.3
970.9
979.5
1,026. 6 1,033.9
• 994.2 1,001.4
64,632
4,310
7,431
5,469
5,520
7,453
7,220
5,963
6,295
4,814
5,112
4,560
5,148
5,582
52, 805
22,245
30,560
6,811
19,524
3,958
60,671
25,075
35,596
7,157
23,955
4,165
4,293
1,262
3,031
613
2,043
343
4,526
1,807
2,719
597
1,734
362
4,856
1,913
2,943
595
1,933
391
5,477
2,313
3,164
581
2,178
381
7,383
3,827
3,556
602
2,543
387
7,188
4,016
3,172
579
2,178
393
5,901
3,038
2,863
606
1,860
370
6,246
2,841
3,405
5,102
1,517
3,585
653
2,436
4,483
1,268
3,215
651
2,043
487
5,140
1,413
3,727
5,562
1,931
3,631
618
2,336
424
4,796
1,636
3,160
563
2,186
384
2,476
2,367
572
6,300
2,900
3,400
600
2,100
600
124
121
126
142
136
147
121
82
150
127
118
134
136
125
146
154
151
157
208
249
176
202
261
157
166
198
142
176
185
168
135
106
156
143
99
177
126
83
159
144
92
184
156
126
180
177
190
168
110
113
108
112
115
109
69
113
105
111
100
108
107
109
118
123
112
162
212
124
161
226
113
126
165
98
130
160
107
51
108
92
79
104
106
120
95
• 125. 3 128. 5
121.3
84
63
101
694
519
648
INDUSTRIAL PRODUCTION &
Federal Reserve Board Index of Quantity Output
Unadjusted, total index &
By market groupings:
Final products.
Consumer goods
Automotive products
Home goods and clothing
Equipment
Materials
By industry groupings:
Manufacturing
Durable manufactures
Nondurable manufactures. _
1
121. 6 • 122. 7 1120. 4
109.9
• 116.4
114.1
126.5
134.2
121.3
96.7
107.0
117.5
93.5
107.8
113.7
127.3
108.0
121.6
94.8
119.9
134.3
137.2
126.2
99.8
119.7
133.2
147.0
127.8
100.8
116.1
126.8
141.9
122.3
101.1
112.0
120.2
123.9
115.3
100.5
115.3
125.3
138.5
119.0
101.4
117.4
119.2
110.3
117.0
121.3
124.0
123.5
122.5
114.0
108.4
122.1
116.4
110.5
125.0
107.8
101.2
117.4
114.6
106.3
126.6
120.3
113.5
130.2
122.2
116.4
130.6
120.0
115.3
126.7
116.3
113.3
120.6
1967=100..
106.8
_do.
.do.
do.
do.
do-
104.7
115.7
119.5
107.4
89.4
111.9
123.6
127.7
117.7
95.5
do.
107.4
do.
do.
do.
105.2
99.4
113.5
r 115. 2 • 117.1
Mining and utilities
...do.
130.4
118.9
123.2
125.1
124.1
r
Revised.
»
Preliminary.
fSee
corresponding
note
on
p
.
S-l.
tSeries
revised
http://fraser.stlouisfed.org/
beginning 1969; monthly data prior to May 1972 appear in the Farm Income Situation, July
Federal Reserve Bank of St. Louis
' 117.3 • 118. 9 • 123. 6 124. 6
124. 5
119.1
129.2
149.1
126.9
104.9
120.0
130.8
151.5
130.2
105.0
118.9
129.2
147.6
129.2
104.6
119.8
130.0
147.4
128.5
105.6
124.4
135.3
150.5
133.4
109.2
118.2
127.2
122.7
118.5
105.8
122.8
128.6
129.2
129.9
130.3
131.7
121.9
117.6
114.9
121.5
123.2
121.0
126.3
124.6
122.5
127.7
124.7
122.4
128.0
125.6
123.0
129.3
128.8
125.8
133.1
121.0
118.2
125.2
128.7
125.7
123.5
122.7
131.2
126.5 123.8 125.2 128.6 127.5 125.0
cf Series revised back to 1970 to reflect new seasonal adjustment factors and production
levels. Monthly revisions are available upon request.
SURVEY OF CUEEENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1972"
1971
1972
June
Annual
August 1973
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
July
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTIONJ—Continued
Federal Reserve Index of Quantity Output—Con.
103.8
115.2
114.4
115.1
116.3
117.6
119.2
' 120.2
121.1
122.2 ' 123.4 '123.7
124.8 '125.4
126.3
103.4
104.7
115.7
113.8
111.9
123.6
112.7
111.0
122.7
113.3
111.6
123.3
114.7
112.6
124.3
115.6
113.6
125.2
117.3
115.3
127.0
IIS. 6
116.3
127.4
119.1
116.8
127.7
120.7
118.6
129.8
121.5
119.3
130.2
121.7
119.6
130.8
122.0
120.0
130.9
122.9
120.8
131.4
123.2
121.2
131.5
124.1
122.0
132.2
115.1
119.5
108.3
140.9
125.7
127.7
112.7
156.5
125.0
125.1
108.2
157.5
124.5
125.3
108.2
158.0
124.9
126.0
109.5
158.1
125.7
125.4
109.6
155.8
129.1
132.3
118.9
158.0
131.0
13S.3
128.6
160.6
135,0
142.9
133.9
160.0
136.0
138.6
130.2
155.0
137.8
141.7
131.5
161.4
140.4
144.1
130.8
169.9
140.5
141.7
128.1
167.5
141.5
142.6
129.8
167.0
140.0
138.8
132.6
150.7
141.1
140.1
134.0
151.9
112.6
111.5
117.2
124.5
124.6
132.6
124.9
125.0
132.5
124.1
121.6
132.3
124.3
118.6
136.4
125.8
123.0
134.5
127.3
124.1
137.6
126.9
121.7
137.6
130.5
133.3
139.0
134.5
140.7
142.1
135.8
137.8
145.0
138.3
143.0
145.7
139.8
149.7
146.7
140.9
148.0
147.8
140.7
147.9
149.7
141.6
115.9
101.4
119.8
113.6
126.3
122.8
109.7
126.2
117.5
135.3
121.8
108.8
125.3
117.1
134.1
122.8
110.4
126.1
116.7
135.9
124.1
112.0
127.3
118.4
136.6
124.9
113.5
127.9
118.3
138.1
126.2
113.5
129.5
119.5
140.0
126.0
114.8
128.9
119.9
138.3
125.0
112.2
128.4
119.1
138.1
127.4
115.1
130.7
121.1
140.9
127. 3
115.2
130.5
121.5
140.0
127.1
115.4
130.3
120.9
140.1
127.2
114.5
130.6
121.0
140.7
127.6
113.8
131.2
121.0
141.9
128.2
128.7
131.3
121.3
141.9
132.0
121,4
143.1
Equipment
do
Business equipment
do
Industrial equipment $
do
Building and mining equipment-do
Manufacturing equipment
do
89.4
98.8
92.9
92.9
82.6
95.5
108.1
102.5
104.8
92.7
94.7
104.7
101.1
104.9
90.9
95.3
105.5
102.4
106.0
93.2
96.3
107.2
104.0
103.9
96.1
97.7
109.6
107.9
10S.1
99.1
98.9
111.6
109.1
10S.3
101.0
100.7
113.4
110.4
108.7
102.6
101.5
114.4
111.5
112.3
102.5
102.9
116.9
113.0
113.0
104.7
104.1
118.2
114.5
115.1
106.1
104.1
118.6
115.6
116.0
107.5
104.7
119.6
117.4
118.1
109.4
105.8
121.3
119.2
118.8
112.0
106.8
122.7
120.9
121.0
113.5
107.9
123.1
121.1
120.9
114.5
Commercial, transit, farm eq$ ...do
Commercial equipment
do
Transit equipment..
do
101.2
110.0
89.4
110,3
118.4
96.8
108.8
116.7
95.5
109.1
118.6
92.5
110.9
120.4
93.0
111.6
122.4
92.9
114.4
123.9
96.8
116.6
125.5
101.9
117.6
126.5
101.7
121.4
128.8
110.0
122. 4
129.9
111.8
121.9
130.6
110.2
122.2
131.3
107.5
123.7
131.6
109.8
124.7
133.2
110.4
125.4
133.8
110.4
Seasonally adjusted, total indexj
1987=100..
By market groupings:!
Products, total.
do....
Final products
do....
Consumer goods
.-..do—
Durable consumer goods
.....do
Automotive products
do
Autos.
do
Auto parts and allied goods
do—
Home goods9
do,.
Appliances, TV, home audio...do,.
Carpeting and furniture
do..
nondurable consumer goods
Clothing
Consumer staples.
_
Consumer foods and tobacco
Nonfood staples
do do..
do..
do.
do..
r 124.1
do.
77.1
77.9
78.1
78.3
78.1
77.6
77.9
79.6
80.1
79.8
80.6
80.1
80.0
79.9
80.6
82.4
do
do.
do
112.6
112.6
112.6
121.1
120.8
121.3
119.4
118.5
120.2
119.8
118.0
121.3
122.3
121.2
123.0
122.8
122.9
122.8
124.7
125.6
123.9
127.6
130.0
125.9
127.7
128.7
126.9
128.4
129.6
127.4
129.5
130.3
128.9
129.4
130.7
128.3
129.3
132.2
127.0
130.6
132.0
129.4
131.0
134.4
128.3
131.6
134.5
Materials
do.
Durable goods materials $
do
Consumer durable paits
do
Equipment parts
do.
Nondurable goods materials $
do.
Textile, paper and chem. materials...do
Fuel and power, industrial
do
107.4
101.7
104.2
87.1
114.1
116.6
116.3
117.4
113.5
113.8
99.3
122.5
129.2
120.9
117.1
112.6
111.6
98.0
122.8
128.5
121.9
117.8
113.0
113.2
100.2
124.0
131.0
122.8
118.8
114.5
115.5
100.1
124.7
132.5
121.1
120.9
118.1
118.1
103.1
124.6
132.0
124.5
122.3
120.2
119.0
107.5
125.3
132.9
123.2
122.8
121.4
120. 5
103. 7
124.6
132.9
122.6
124.4
123.5
123.6
112.0
126.4
136.0
119.5
124.5
124.1
123.9
111.6
126.3
136.0
120.6
126.7
126.6
125.4
113.0
127. 7
136.5
122.7
127.0
127.6
125.9
114.6
127.1
136.3
122.6
127.7
127.9
129.0
113.8
128.5
138.8
122.1
127.7
128.0
125.7
117.9
128-3
138.4
122,7
129.2
130.3
129.4
118.0
129,0
139.4
123.4
130.2
131.6
130.0
119.5
129.7
140.5
124.0
do-.
do,.
..do..
do..
do..
do..
do..
105.2
99.4
104.0
100.9
96.6
108.7
107.5
114.0
108.4
113.9
113.1
107.1
123.6
114.8
113.1
107.5
112.8
111.3
102.7
125.1
114.5
114.3
108.8
114.7
115.1
108.1
123.0
114.3
115.4
109.7
115.3
114.3
108.1
124.8
116.6
117.0
111.6
118.8
119.7
114.7
128.4
118.0
118.5
113.8
121.3
122.1
118.4
131.5
120.4
119. 5
115.3
122. 6
122.9
119.2
132. 0
122. 2
120.4
116.3
124.0
125.4
120.0
134.0
122.3
121.4
117.5
124.3
123.1
118.6
130.0
125.7
122.7
118.7
125.4
124.7
120.0
133.9
126.2
123.4
119.9
125.8
123.5
117.5
134.4
128.4
123.8
120.6
127.3
125.8
119.7
137.8
128.9
124.9
121.7
127.0
124,2
119.8
129.7
130.1
125.2
122.5
129.0
125.0
120.0
133.1
133.4
126.6
123.9
130.1
126.0
120.0
do
dodo
do
94.9
96.2
94.3
98.3
103.5
107.5
105.7
109,6
102.7
108.6
104.4
108.8
103.7
108.4
107.0
109.9
104.6
109.7
109.8
109.5
106.0
111.8
111.7
112.0
108.2
114.0
113.5
114.7
110.1
115. 7
115.3
116.1
111.2
116.8
114.4
119.6
112.5
118.4
116.3
120.8
113.7
119.1
117.3
121.2
115.1
121.4
119.0
123.9
115.7
122.6
121.5
123.8
117.2
124.6
123.0
126.2
118.0
126.0
124.9
127.3
119.1
126.8
126.0
127.6
do
do
do.
do.
114.1
72.5
108.5
99.0
123.1
75.8
120.2
97.4
119.6
76.1
120.7
97.7
120.2
76.0
121.7
98.1
121.0
76.1
122.7
99.5
122. 9
77.2
124.3
102.7
128.7
77.6
125.0
105.0
132.3
78.7
125.1
106.6
135.9
78.3
126.6
107.6
139.3
no,o
130.1
141.5
79.7
131.9
110.3
141.0
80.8
133.8
110.0
140.1
81.1
134.7
111.0
140.9
82.2
138.9
110.7
142.5
80.1
138.9
111.9
144.1
80.8
139.7
Lumber, clay, and glass
do
Lumber and products..
_..do
Clay, glass, and stone products
do
111.5
113.9
110.0
120.0
122.4
118.6
118.5
121.2
117.0
120.0
122.5
118.6
121.0
121.8
120.4
121.9
123.6
120.9
124.9
127.3
123.5
124.5
126. 8
123.1
123.7
122.7
124.3
126.4
125.8
126.8
127.3
128. 5
126.6
129.1
129.5
128.9
129.9
129.1
130.4
130.3
127.4
132.0
128.9
125.9
130.8
131.0
Furniture and miscellaneous
Furniture and
fixtures
Miscellaneous manufactures
111. 7
102.1
120.5
122,7
113.5
131.1
122.1
112.8
130.6
123.7
115.5
131.0
126.2
116.4
135.1
126.6
116.7
135.6
126.9
117.6
135.4
126.6
118.5
134.0
127.7
120.3
134.5
130.3
119.1
140.5
132.8
122.3
142.4
133.4
122.8
143.0
133.1
123.8
141.6
136.1
126.5
144.7
135.0
128.5
141.1
138.7
do
. do
..do do...
do
113.6
100.7
108.6
97.8
87.4
122.1
108.1
117.4
105.7
88.9
121.4
107.5
116.4
104.4
92.2
122.5
109.0
118.7
106.0
90.1
123.6
109.7
120.8
106.8
86.5
124.8
111.2
121.1
108.3
91.6
125.2
112.1
123.2
109.5
88.0
125.6
113.0
125.7
110.1
85.9
126.2
113.2
124.2
111.1
87.4
127.0
113.4
125.3
112.3
81.3
128.4
114.4
126.1
112.6
85.1
128.6
114.6
127.1
112.4
85.0
128.4
114.0
126.1
111.7
129.9
114.4
127.3
112.1
83.0
129.3
114.7
129.6
130.4
116.2
do.
doWVVVV""
do...
107.8
115.8
102.5
116.1
128.2
107.9
114.6
125.1
107.3
117.0
131.0
107.6
117.6
130.5
108.7
117.7
130.1
109.4
119.9
131.1
112.4
120.0
131.3
112.6
120.3
133.6
111.3
120.0
131.8
112.1
121.5
134.1
113.0
122.4
137.1
112.4
120.8
133.6
112.2
122.0
135.1
113.2
120.1
130.6
113.1
124.8
126.4
115.7
126.0
137.8
139.6
120.6
145.5
136.9
138.3
117.7
146.8
138.5
140.0
120.5
147.8
140.0
141.3
121.0
150.6
142.2
144.8
121.3
149.8
141.6
143.9
123.8
148.4
142.0
143.2
124.4
151.5
143.8
144.7
125.5
154.7
145.5
146.4
127.3
157.1
146.3
147.2
124.1
160.4
146.3
146.8
123.5
163.4
147.9
147.8
126.9
165.1
149.6
149.2
128.9
166.8
149.7
129.3
166.3
113.7
114.9
97.7
117.6
118.6
103.7
117.9
119.5
96.4
117.0
118.5
96.7
118.3
119.0
108.5
118.6
119.8
103.0
118.5
119.0
111.8
119.0
119.4
112.5
118.5
119.7
102.5
119.6
120.5
107.9
122.0
122.9
110.3
121.5
121.8
118.1
120.7
121.3
112.9
123.2
124.2
111.2
121.8
122.6
122.0
123.0
118.9
107.0
121.4
93.2
107.6
99.8
108.
108.3
124.1
108.8
120.9
98.1
109.2
104.2
110.0
107.3
123.2
108.6
108.0
96.6
110.4
109.0
110.7
108.8
124.0
108.6
109.8
96.8
110.3
109.0
110,5
108.6
124.8
108.8
118.6
98.5
109.3
97.8
111.1
108.8
126.5
110.8
124.8
101.1
110.8
105.2
111.8
108.4
126.6
110.2
122.8
102.0
110.1
100.8
111.5
107.9
126.7
109.7
124.7
104.4
109. 0
102.6
110.0
107.0
126.1
108.2
128.1
104.0
10S.8
98.6
108.2
106.4
127.3
108.5
130.3
108.9
106.5
99.1
107.7
105.5
128.0
110.2
131.9
107.8
108.
103.9
109.1
108.7
127.3
109.5
127.8
109.4
107.6
105.7
107.9
103.7
126.6
109.0
128.5
108.8
107.1
99.9
108.3
103.6
126.8
108.8/
127.4
108/4
107.0
100.9
107.9
104.0
126.8
109.3
121.1
104.8
108.7
106.4
109.1
105.1
127.7
110.6
133.9
138.1
119.8
143.4
149.4
123.4
141.5
147.4
122.5
143,3
149.5
122.9
144.9
151.3
123.1
148.2
148.5
146.4
147.1
151.0
155.6
153.1
154.2
155.2
159.1
124.9
123.7
124.0
124.3
tSee note marked "c?" on p. S-3.
150.5
158.3
149.6
157.4
148,7
156.2
149.5
156,8
148.8
156.1
149.0
156.4
Defense and space equipment
Intermediate products
Construction products
Misc. intermediate products
By industry groupings:!:
Manufacturing, total
Durable manufactures _
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals
Fabricated metal products
Machinery and allied goods 9
Machinery
Nonelectrical machinery.. _
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aerospace and misc. trans, eq
Instruments
do. - .
do. I -.
do... -
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather products
Paper and printing.
Paper and products
Printing and publishing
Chemicals, petroleum, and r u b b e r - . . d o . .
Chemicals and products
do..
Petroleum products
do..
Rubber and plastics products
do..
Foods and tobacco.
Foods
Tobacco products
do
VV.VV.'.VVV"do"
Mining and utilities..
Mining
IVVVVVVVVVAOV
*
do
^ "*
Stone and earth minerals".
Coal, oil and gas
Coal
"II
Oil and gas extraction"I
do"
do"
<J0~"
"do
Metal mining.."IIIIH
Crude oil
Utilities.
do"
~
IHIIIIIIIIdo."
R e v ised.
v Preliminary.
9 Includes data for items not shown separately
fEevised data for 1966-72 for the indicated series appear on pp. 24-25 of the Oct 1972and p. 7 of the July 1973 issue of the SURVEY.
See also notes marked "f" on pp. 8-11 and S-12.
77.1
134.8
86.5
122.1
150.7
151.3
109.4
109.4
109.4
CURRENT BUSINESS
August 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
S-5
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
GENERAL BUSINESS INDICATORS—Continued
BUSINESS SALES §
Mfg. and trade sales (unadj.), total t-
mil. 3
1,347,209 1,496,165 129,379 116,846 126,226
130,245
133,059
133,511
136,768
125,858
130,874
144,004
141,559
147,013 150,140
Mfg. and trade sales (seas, adj.), total f
do..
11,347,209 U,496,165 122,347 122,783 126,792
127,656
130,336
131,918
133,483
136,863
138,910
141,010
141,274
142,694 142,446
Manufacturing, total %
_
Durable goods industries
Nondurable goods industries..
Ketail trade,total t
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total...
Durable goods establishments
Nondurable goods establishments
do..
do..
do.
do..
do.
...do.
do—
do
do
1671,002 1749,587
359,371 406,707
311,631 342,880
61. 295 61,047
32, 019 32,803
28; 376 28, 244
63.686
34.687
28,999
64,503
35,249
29, 254
65,451
36, 302
29,149
66,993
36,870
30,123
67,104
36,614
30,490
68,401
37, 773
30,628
69, 245
38.122
31.123
69, 719
38, 064
31, 655
70,468
38,651
31,817
•71,284
39,284
32,000
71,545
39,240
32,305
408,850 ^448,379
131,814 149,659
277,036 298,720
3o,R22
12,253
24,569
37,342
12,468
24,874
37,969
12,842
25,127
37,746
12,614
25,132
39,106
13,168
25,938
38,713
13,173
25,540
39,417
13,640
25,777
40, 707
14, 234
26,473
41,242
14,405
26,837
41, 979
14, 612
27,367
41,185
14,339
41,735
14,299
27,436
41,218
13,698
27,522
267,357 1298,199
122,420 138,446
144,937 159,753
24.230 24,394
11,248 11,326
12,982 13,068
25,137
11,802
13,335
25,407
11,918
13,489
25,779
12,016
13,763
26,212
12,155
14,057
26, 962
12, 546
14,416
27, 755
12, 974
14, 781
28,423
13,181
15,242
29,312
13, 720
15,592
29,621
13,806
15,815
29,675 29,683
13,964 1 13,898
15,711 i 15,785
186,943
187,113
192,435 195,104
192,593
195,042
198,076 201,231 202,919 '204,647 1205,778
194,151
187,681
189,093
190,486
191,583 192,921 194,151
196,295
198,172 199,525 200,787 '202,896 1205,505
107,719
70, 218
37, 501
54,700
24,442
30,258
31,732
18,884
12,848
104,685
67,734
36,951
105,822
68, 568
37, 254
106,168
68, 875
37,293
52,940
23,194
29,746
53,661
109,082
71,136
37,946
56,039
24,638
31,401
30,657
18,239
12,418
106,617
69.308
37.309
53,934
23, 675
30,259
31,032
18,296
12,736
BUSINESS INVENTORIES §
Mfg. and trade inventories, book value, end of year
or month (unadj.), total f
mil. $.. 181,847
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total f
..mil $.. 183,622
Manufacturing, totalt
Durable goods industries
Nondurable goods industries
Retail trade, total f
_•_
Durable goods stores..
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
-do— 102,445
do
66,050
do—
do.... 52,261
do.... 23,808
do
28,453
28,916
-do
17,254
do
11,662
do
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total t
ratio.
Manufacturing, totalt
Durable goods industries
Materials and supplies
Work in process
Finished goods
-
-
Nondurable goods industries
Materials and supplies
Work in process
Finished goods
__
Retail trade, total t
Durable goods stores
Nondurable goods stores
-__.
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
r.-u
K l
-' 2
"-8
-.11
30,056
18,182
11,874
53,107
23,037
30,070
30,164
17,984
12,180
30,053
106,974
69,613
37,361
107,719
70, 218
37, 501
108,187
70,590
37,597
54,658
24,235
30,423
31,289
18,628
12,661
54,700
24,442
30,258
31,732
18, 884
12,848
55,526
24,472
31,054
32,582
19,229
13,353
110,174
71. 873
38, 301
33,051
19,321
13,730
56,106
24, 538
31,068
33,245
19, 457
13,788
110,577
72,213
38,364
56,636
24,624
32,012
111,625 1113,039
72,!
73,736
•38,758 39,303
57,285 58,079
25,094 25,454
32,191 32,625
33,5.74
33,986 i 34,388
19,496
19,929 i 20,302
14,078 r14,057 I 14,086
1.51
1.53
1.53
1.49
1.49
1.47
1.46
1.45
1.43
1.43
1.41
1.42
'1.42
1.44
-do,.
do..
do..
-—do..
do..
1.82
2.22
.65
1.67
2.00
.57
.90
.53
1.70
2,05
.57
,92
,55
1.71
2.06
.59
.92
.55
1.66
1.98
.56
.88
.53
1.65
1.95
.55
.88
.52
1.63
1.91
.55
.87
.50
1.60
1.89
.54
,86
.49
1.61
1.92
.55
.87
.50
1.58
1.87
.54
.85
.48
1.58
1.87
.54
.85
1.58
1.89
.54
.87
.48
1.57
1.87
.54
.86
.47
1.57
'1.85
.54
.85
.47
1.58
1.88
.55
do_
do..
do..
do..
1.37
.51
.21
.65
1.29
.48
.20
.61
1.30
.48
.20
.61
1.31
.49
.20
.62
1.28
.48
.20
.61
1.27
.47
.20
.60
1.28
.47
.20
.60
1.24
.46
.20
.59
1.23
.45
.20
.58
1.23
.46
.19
.58
1.22
.46
.19
.57
1.21
.46
.19
.56
1.21
.46
.19
1.21
.46
.19
.56
do..
do.
do..
1.47
2.06
1.19
1.42
1.90
1.19
1.45
1.5)3
1-21
1.42
1.86
1.20
1.40
1.79
1.20
1.42
1.87
1.20
1.38
1.80
1.17
1.41
1.84
1.19
1.39
1.79
1.17
1.36
1.72
1.17
1.36
1.71
1.17
1.34
1.68
1.15
1.38
1.72
1.19
'1.37
' 1.75
'1.17
1.22
.47
.19
.56
1.41
1.86
1.19
1.23
1.60
.92
1.21
1.55
.91
1.22
1.58
.91
1.23
1.61
.91
1.20
1.52
.91
1.21
1.53
.92
1.20
1.52
1.19
1.53
1.18
1.51
1.17
1.48
.90
1.16
1.47
.90
1.13
1.42
1.13
1.41
.89
1.15
1.43
1.16
1.46
.89
21,583
25,108
i 097
1,738
1,951
1,997
2,201
2,111
2,145
2,288
2,268
2,218
2,171
2,446
2,217
2,153
2,289
2,427
2,499
2,699
2,518
2,530
2,487
2,759
2,660
2,638
2,572
65,260
56,394
61,578
67,168
67,222
66,567
63,675
63,764
70,335
72,843
72,014
1,810
4,341
2,101
1,610
32,367
2,072
4,743
2,295
1,761
36,579 37,058
2,064 2,092
5,122 5,138
2,481
2,449
1,932 1,899
36,503
1,987
5, 025
2,479
1,811
34,636
1,736
5,051
2,518
1,806
35,061
1,752
5,242
2,679
1,815
1,
5,793
2,891
2,084
40,328
2, 051
6,030
3,012
2,153
39,942 '40,707 42,641
2,064 ' 2,182 2,264
6,028 '•6,195 ' 6,402
3,034 3,134
2,946
2,368
2,222 ' 2,253
2~5~605~
3,568
4,663
4,201
6,610
3,681
1,056
3,992
4,867
4,584
7,086
3,895
1,119
4,242
5,230
3,866
5,326
4,959
9,134
5,520
1,175
3,860
5,316
4,644
9,784
6,710
1,047
4,372
5,903
5,178
10,769
7,134
1,138
4,403
6,294
5,345
10,854
7,097
1,182
4,426 ' 4,503
6,216 ' 6,199
5,192 '5, 111
10,663 '11,151
6,741 ' 7,006
1,170 ' 1,170
4,736
6,731
5,614
11,249
7,176
1,265
2 9, 295
32,072 '31,884
10,683 '10,740
483
'526
2,501 ' 2,549
11, 313
545
2,734
'2,699
' 5,784
' 2,781
' 1,716
2,812
5,999
2,983
1,807
Merchant wholesalers, total
do...
Durable goods establishments
do.__
Nondurable goods establishments
do...
MANUFACTURERS* SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total
._
mil. $..
Seasonally adj., total
do.
Bhipments (not seas, adj.), totalt
Durable goods industries, total? t
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Nonferrous metals
_
Fabrlcated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
N ondurable goods industries, total 9
Food and kindred products
Tobacco products.
Textile mill products..
192,593
_.do_
do..
do_
do_.
do.
do..
do..
do_
_._do_.
do_.
do_
do_
_.do..
do..
do..
do..
do..
do..
do..
do..
671,002
749,587
359,371
18,535
53,067
25,790
20,170
406, 707 35, 793
22,344
1, 976
57,941
•V074
28,109
2, 447
21,392
1,865
42,026 47,098
55, 559 61,024
49,169 55,950
90,941 105,340
58,138 66,762
13,393
12,275
311.631 342,880
103.632 114,496
5,863
5,528
24,030 26,726
25,459
51,872
17,044
28, 278
57,437
29,932
19,185
4,182
5,512
4, 826
9. 148
5, 909
3,141
29.462 26,762
9. 768 9,073
515
489
2,451
1,931
?, 460
5,027
2. 505
1,066
2,217
4,382
2,490
1,419
4,261
5,398
5,021
9,543
6,247
1,242
10,155
6,629
1,209
3,974
5,130
5,109
10, 208
6,670
1,232
29, 211 30,589
9,639 10,375
502
509
2,313
30,164
10,012
495
2,323
30,064
10,126
515
2,368
10,183
489
2,294
28,703
9,687
475
2,215
31,349
10,380
478
2,451
32,515
11,032
486
2,687
2,470
4,979
2,528
1,718
2,406
4,845
2,618
1,604
2,288
4,740
2,685
1,490
2,432
4,885
2,649
1,560
2,566
5,579
2,723
1,709
2,652
5,741
2, 675
1,766
2,411
4,798
2,553
1,636
2,456
5,076
2,611
1,735
2,628
5,910
2,723
1,796
•72,591 I 76,232
37,233
64,503 65,451
Shipments (seas, adj.), totalt
do..
Cl,295 61,047
67,104 68,401 69,245 69,719 70,468 '71,284 71,545
By industry group:
32,919
34,687 35,249 36,302 36,870 36,614 37,773 38,122 38,064 38,651 '39,284 • 39,257 2 41,410
Durable goods industries, total 91
do..
2,067
1,968 2,013
2,042
2,068
2,029 ' 2,096
1,804
1,940 1,926
1,964 2,025
1,
Stone, clay, and glass products
do..
5,652
5,634
4. 590
5,471 ' 5,710 ' 5,789 2 6,103
5,002 5,212 5,437
5,349
5,567
5,449
4,728
Primary metals
do..
2,797
2,820
2,784
2; 160
2,413
2,583
2,595
2,704 2,766
2,226
2,730
2,823
2,751
Blast furnaces, steel mills
do.
2,031
2,033
1, 725
1,863 1,903 1,910 1,859
2,188
2,081 ' 2,115
1,815
1,957
1,909
Nonferrous metals
_
_ do.
Fabricated metal products
do..
4,093
4,362 ' 4,487 4,415
3. 904
3,985
4,264
4,449
4,330
4,015
4,047
3,822
3,931
6,128
5,975 ' 6,047
Machinery, except electrical
do..
5,297
5,635
5, 005
5,221
5,684
5,818
5,196
5,488
5,534
5,103
5,289
5,393 ' 5,296
Electrical machinery
do..
5,141
4,756
5, 215
4, 538
4,677
4,695
5,085
4,937
4,901
4,610
10,018
Transportation equipment
do..
9,765 10,105 '10,317 ' 10,229 211,288
9,153
9,820
8. 295
9,411
10,259
9,915
9,601
8,040
6,254
6,407
Motor vehicles and parts
. do_
6,342
5,840
6,266
5,157
6,076
6,650
6,395 6,253
6,398
6,194
4,833
1,186
1,194 '1,171
1,170
1,181
Instruments and related products
do_
1,115
1,158
1, 071
1,140
1,163
1,206
1,181
1,130
2
' Revised.
1 Based on data not seasonally adjusted.
Advance estimate; total mfrs.
ing are shown below and on p. S-6; those for wholesale and retail trade on pp. S-ll and S-12
shipments for June 1973 do not reflect revisions for selected components. §The term "busifSee corresponding ncte on p. S-4 and note marked "t" on pp. S-ll and S-12. JSee
ness" here includes only manufacturing and trade; business inventories as shown on p. S-l
corresponding note on p. S-7.
$ Includes data for items not shown separately.
cover data for all types of producers, both farm and nonfarm. Unadjusted data for manufactur-
CURRENT BUSINESS
SURVEY
S-6
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S STATISTICS
1971
|
1972
1972
Annual
August 1973
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSJ—Continued
Shipments (seas, adj.)%—Continued
By industry group:
Nondurable goods industries, total 9 - - .mil. $. Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do—
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do___
By market category:%
Home goods and apparel
do
Consumer staples.. .
do
Equipment and defense prod., excl. auto.do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:$
Household durables
do
Capital goods industriesd".
do
Nondefense
do
Defense
do
28,376
9,497
478
2,310
2,348
4,752
2,434
1,558
28, 244
9,425
478
2,239
2,357
4,752
2,503
.,538
28, 999
9,696
491
2,269
2,384
4,886
2,544
1,636
29, 254
9,817
485
2,312
2,387
4,874
2,584
1,700
29,149
9,637
497
2,133
2,421
4,982
2,550
1,659
30,123
10, 008
511
2,331
2,446
5,072
2,640
1,662
30, 490
10,284
501
2,381
2,433
5,314
2,668
1,648
30, 628
10,303
505
2,420
2,522
5,245
2,667
1,681
31,123
10, 454
503
2,477
2,520
5,464
2,674
1,687
31, 655
10, 866
498
2,532
2,548
5,488
2,702
1,679
31,817
10, 926
499
2,541
2,609
5,409
2,745
1,698
32, 000 32, 305
10,872 10,996
520
505
' 2,611 2,574
' 2, 715 2,688
' 5,387 5,628
' 2, 819 2,913
' 1, 663 1,688
165,346
133,517
191, 798
168,594
156,389
1255,358
171,555
146,257
103.198
179,835
163,500
285,242
5,870
12,145
8,538
6,198
5,216
23,328
5,823
12, 039
8,655
5,847
5,220
23,463
12,383
8,746
6,982
5,376
24,191
6,087
12,411
8,727
7,223
5,389
24, 666
6,141
12,335
8,989
7,415
5,484
25,087
6,543
12, 741
9,241
7,567
5,580
25,321
6,354
12, 936
9,172
7,334
5,547
25, 761
6,473
12, 961
9,638
7,703
5,715
25, 911
6,554
13,148
9,496
7,558
5,979
26, 510
13,532
9,467
7,518
5,943
26, 620
6,761 ' 6, 682 6,655
13,559 • 13, 570 13,622
10, 025 •10,192 10,325
7,482 ' 7,560 7,421
5,939 '6,079
6,039
26, 702 •27,201 27,483
127,210
1109,058
189,567
119,491
131,354
121,611
1103,294
18,317
2, 545
10, 060
8,606
1,454
2,597
10,134
8,578
1,556
2,695
10, 268
8,780
1,488
2,698
10, 256
8,705
1,551
2,734
10,539
8,966
1,573
2,922
10, 737
9,165
1,572
2,825
10, 681
9,121
1,560
2,835
11,295
9,597
1,698
2,929
11,161
9,531
1,630
2,968
11,155
9,490
1,665
3,011 ' 2, 993
11, 695 •11,844
10,055 •10,098
1,640 ' 1, 746
2,975
11,964
10,381
1, 583
dodo..
do..
102,130
65, 620
36, 510
107,415
69,803
37, 612
104,496
67, 733
36, 763
104,248
67, 613
36, 635
105,552
68, 639
36, 913
105,311
"1,529
36, 782
106,105
' 1,958
37,147
106,623 107.415
"1,334 69, 803
37, 289 37, 612
108,572
70, 625
37, 947
109,737
71, 453
38, 284
110,837
72,390
38, 447
111,469 112,604
72,884 •73,562
38, 585 39, 042
13,203
73,856
39,347
do.
102, 445
107, 719
104,260
104,685
105,822
106,168
106,617
106,974
107,719
108,187
109,082
110,174
110,577
111,625
13, 039
do.
do.
do
do.
do.
66, 050
2,362
9,219
4,913
3,393
70, 218
2,463
9,658
5,268
3,354
67,502
2,379
9,691
5,357
3,400
67, 734
2,376
9,728
5,394
3,400
2,420
9,801
5,410
3,444
68, 875
2,442
9,799
5,442
3,406
69,308
2,454
9,716
5,393
3,362
69, 613
2,454
9,670
5,356
3,325
70, 218
2,463
9,658
5,268
3,354
70,590
2,468
9,575
5,161
3,364
71,136
2,446
9,483
5,043
3,384
71,873
2,495
9,365
4,915
3,391
72, 213
2,477
9,425
4,925
3,421
72,867 73, 736
' 2,524 2,607
r 9,425 9,379
' 4, 940 4,825
' 3,403 3,458
7,539
13,735
9,756
14,836
4,202
2,546
7,832
14,386
10,381
16,150
4,589
2,717
7.475
7,397
13, 727 13,725
9,981
9,943
15,370 15,527
4,486
4,403
2,592
2,649
7,623
7,536
13,819 13, 969
10, 084 10,158
15, 956 15, 822
4,623
4,798
2,679
2,663
7,781
7,762
14, 010 14,175
10,197 10, 279
15,931 15, 979
4,659
4,603
2,715
2,719
7,832
14,386
10,381
16,150
4,589
2,717
7,887
14, 482
10, 654
16,217
4,530
2,659
8,062
14,652
10, 768
16,320
4,553
2,627
8,203 8,113 ' 8,189 8,238
14,843 14, 975 15,172 15,402
10, 954 11,030 11,211 11,337
16, 492 16,604 16,634 16,872
4,644 4,732 ' 4,799 4,933
2,698 2,713 ' 2,744 2,801
By stage of fabrication^
Materials and supplies 9
do..
Primary metals
do..
Machinery (elec. and nonelec.)._.do_.
Transportation equipment
do..
19,270
3,315
6,121
3,253
20, 010 18,900
3,283 3,351
6,071
6,516
3,022 3,016
19,596
3,304
6,156
3,247
19, 790 19, 902
3,271
3,280
6,303
6,411
3,169
3,071
20,010
3,283
6,516
3,022
20,252
3,309
6,640
3,035
20,463
3,302
6,744
3,034
20, 659 20, 887
3,267 3,328
6,857 7,017
3,139
3,081
Work in process 9
do..
Primary metals
do.
Machinery (elec. and nonelec.)___do_
Transportation equipment
do.
29,142
3,175
10, 492
10,038
32, 074 30,380 30,323 30, 563 30, 932
3,520
3,526
3,485 3,448
3,476
11, 250 10, 648 10, 647 10, 775 10, 871
11, 774 10, 805 10, 902 10, 885 11, 066
31,412
3,484
10,931
11,389
31, 639
3,451
11,077
11,539
32,074 32, 286 32,559 33, 005 33,114 33, 318 33,631
3,485
3,474
3,466 3,509 ' 3,544 3,464
3,488
11, 250 11,414 11,526 11,741 11, 801 11,964 12,146
11, 774 11, 860 11, 952 12, 036 12,064 11,999 12,130
Finished goods 9
do.
Primary metals
do.
Machinery (elec. and nonelec.)___do_.
Transportation equipment
do.
17, 638
2,729
6,878
1,545
18,134
2,890
7,001
1,354
18,385
2,987
7,011
1,649
18.106
2,961
6,973
1,373
18.072
2,939
6,966
1,369
18,134
2,890
7,001
1,354
18,052
2,792
7,082
1,322
18,114
2,693
7,150
1,334
18, 209 18, 212 18,351 18,640
2,632 2,588 r 2,533 2,544
7,199
7,187 ' 7, 262 7,354
1, 375 1,401
1,458
1,440
Nondurable goods industries, total9-.do
Food and kindred products
do.
Tobacco products
do_
Textile mill products
do.
Paper and allied products
do.
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do
By stage of fabrication:J
Materials and supplies
do.
Work in process
do_
Finished goods
do.
36,395
9,298
2,157
3,806
2,846
6,877
2,367
2,202
37,501 36, 758
9,316
9,421
2,154
2,369
4,044 3,988
2,830
2,875
6,882
7,018
2,326
2,300
2,305
2,383
36, 951 37, 254 37, 293 37,309
9,566
9,471
9,435
9,448
2,228
2,263
2,157
2,279
3,992
3,972
3,998
4,029
2,844
2,870
2,830
2,861
6,930
6,962
6,916
6,999
2,350
2,374
2,336
2,351
2,338
2,322
2,310
2,324
37,361
9.434
2,319
4,034
2,871
7,019
2,345
2,345
37, 501 37, 597
9,421
9,595
2,369
2,338
4,044
4,060
2,882
2,875
7,002
7,018
2,262
2,300
2,380
2,383
37, 946
9,723
2,343
4,106
2,885
6,992
2,280
2,391
38,301 38,364 •38,758 39,303
9,830 9,760 ' 9,864 10, 019
2,326 2,333 ' 2, 352 2,350
4,192
4,255 ' 4, 295 4,323
2,912
2,915 ' 2, 948 2,994
6,955 6,998 ' 7, 036 7,028
2,268 2,345 ' 2,321 2,384
2,397 2,389 ' 2,457 2,487
13,578
5,647
17,170
13,865 13,708
5,968 5,722
17, 668 17,328
13, 706 13,776 13,827
5,871
5,813
5,751
17,494 17, 665 17,595
13, 780 13, 808
5,928
5,927
17, 601 17, 626
13,865 13, 965
5,"
5,960
17, 668 17,672
14, 251
6,006
17, 689
14, 406 14,531 •14,660 15,025
6,093 ' 6,134 6,157
6,048
17, 848 17, 740 ' 17, 964 18,121
do___
do
do...
do
do___
do___
10, 891
14, 020
25, 659
5,547
8,432
37,896
11,852
14, 373
27, 251
6,081
8,931
39,231
11,440
14,156
26, 013
5,950
8,427
38, 699
11, 629
14, 295
26, 612
6,153
8,830
39,098
11,703
14,314
26, 917
6,113
8,801
39,126
11,852 11, 929
14,373 14,374
27, 251 27,452
6,097
6,081
8,942
8,931
39, 231 39,393
12, 208
14, 474
27, 656
6,152
8,950
39,642
12, 404
14, 575
27,931
6,264
9,062
39, 938
do__.
do...
do...
do
5,054
29,030
24, 445
4,585
5,376
5,401
5,562 5,315
5,342
5,446
30, 771 29,368 29, 421 29, 633 29, 867 29. 998
25,684 24, 566 24,590 24, 722 24, 930 25, 020
4,937
4,831
4,911
4,978
5,087
5,498
30,300
25,312
4,988
5,562
5,613
30, 771 31, 087
25, 684 25, 877
5,087
5,210
5,746
31,345
26, 097
5,248
5,779
5,758 ' 5,870
31, 677 31, 931 '32,101
26,411 26, 547 '26,717
5~~'
5,266 5,384
57, 765 62.329
30, 996 33,143
26, 769 29,186
67, 075
36,827
30, 248
65, 814 66,527
36, 730 37, 657
29,084 28, 870
73, 046
41, 467
31,579
76, 638 74,476 '74,318 77,926
43,926 42, 241 '42,341 • 44,914
32, 712 32, 235 •31,977 33,515
66, 355
67, 726
70, 016
71, 022
72, 806 73, 325 '74,535
357,010 418,400 35, 396 33, 207 35, 772 37, 292 37,127
5,516
5,441
5,060
5,044
5,512
52, 048 60,143
2,812
2,740
2,530
2,870
29, 813 2,624
25,220
1,924
1,955
1,795
1,85!
19, 760 21, 670 1,726
37, 462
5,449
2,757
1,916
Inventories, end of year or monthrj
Book value (unadjusted), total
Durable goods industries, total
Nondurable goods industries, total
Book value (seasonally adjusted), total?
By industry group:
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Nonferrous metals
Fabricated metal products
do.-.
Machinery, except electrical
do...
Electrical machinery
do
Transportation equipment
do
Motor vehicles and parts
do
Instruments and related products. _do
By market category:!
Home goods and apparel
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:%
Household durables
Capital goods industriescf_
Nondefense
Defense
New orders, net (not seas, adj.), totalj
Durable goods industries, total
Nondurable goods industries, total
_do___
do...
do
New orders, net (seas, adj.), totalt
By industry group:
Durable goods industries, total 9 .
Primary metals
Blast furnaces, steel mills
Nonferrous metals
do_.
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
...do..
do..
do..
...do..
do..
do_.
do..
do..
do..
18, 222
2,892
6,951
1,549
11,365
14,016
25, 930
5,844
8,454
38, 651
1668,784 1762,170 66,839
357,010 418, 400 37,377
311, 774 343,770 29,462
668,784
41,576
55, 014
49, 769
89,841
21,869
762,170
48,075
63, 779
57,171
109,377
29, 615
19,317
3,325
6,102
3,070
18,094
2,927
6,957
1,555
18,409
2,971
6,972
1,824
11,523
14.328
26, 214
6,290
8,519
38, 948
63, 817 61, 486 64,809
4,002
5,294
4,721
9,635
3,554
3,959
5,287
4,609
7,828
2,012
19, 558
3,292
6,245
3,107
11,567
14,355
26,460
6,106
8,659
39,021
69,095 67, 957
38, 466 37, 690
30, 629 30, 267
66, 620
4,053
5, 34f 5,521
4,659
5,161
9,453 10,003
2,565
2,693
Nondurable goods industries, total
do.__ 311, 774 343, 770 28, 421 28, 279 29,037
7,515
Industries with unfilled orders©
do
7,388
80, 456 89, 291 7,447
Industries without unfilled orders^
do.
231,318 254,479 20, 974 20,891 21,522
2
' Revised.
i Based on data not seasonally adjusted.
Advance estimate; total mfrs.
http://fraser.stlouisfed.org/
new orders for June 1973 do not reflect revisions for selected components.
JSee corresponding note on
p. S-7.
Includes data for items not shown separately.
c? Capital goods
Federal Reserve
Bank
of St. 9Louis
38, 325 39, 218
12, 299
14, 613
28,237
6,323
9,044
40, 061
21,198 21,465
' 3,348 3,371
' 7,157 7,239
' 3,195 3,284
12,426
14,849
•28,338
' 6,432
' 9, 235
•40,345
1
12, 633
15, 027
28, 688
6,634
9,376
40, 681
5,937
32,526
27, 066
5,460
74,786
' 42,449 1 43,016
' 7, 042 ' 7, 015
' 3, 729 3,778
2,234
'2,316
5,557
2,767
1,970
5,694
2,819
2,047
39, 765
6,015
3,061
2,138
41, 021 41, 341
6,500 6,656
3,459 3,604
2,146
2,147
4,449
6,116
5,320
10, 657
2,889
4,635
6,093
5,496
10, 203
2,727
4,556 4,488 ' 4,861 4,674
6,443 6,411 ' 6,544 6,602
5,727 5,710 ' 5,696 5,655
10, 281 10,503 '10,739 1 11,329
2,674 2,678 ' 3, 068 3,250
4,109
5,580
4,
10,150
2,705
3,'
5,886
5,152
9,813
2,369
4,393
6,101
5,010
10, 226
2,960
29,328 29, 228
7,576
7,548
21, 752 21, 680
30,264
7,815
22,449
30,583
7,73'
22,844
31, 984 '32,086 32, 283
8,129
8,301 '8,417
23, 683 •23,669 24,154
(old series) categories.
©See corresponding note on p. S-7.
HFor these industries (food and kindred products, tobacco manufacti"other textile products, petroleum and coal products, chemicals and alii
30, 798
7,919
22,879
31, 257
8,009
23,248
31,785
8,081
23,704
July
August 1973
±5U£
UF {
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1972
Annual
5S
S-7
1972
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSJ — Continued
New orders, net (seas, adj.) J—Continued
By market category:
Home goods and apparel
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies.
Supplementary series:
Household durables
Capital goods industries^!
Nondefense-.
Defense
5,946
5,780
12,038
8,508
5,888
5,271
24,001
mil. $._
do
do
do
_do
do
2 65,383
2133,569
2 91,469
2 68,773
2 55,786
2253,804
2 71,896
2146,254
2108,318
280,395
2 64,323
2290,984
12,141
10,106
6,228
5,309
24,087
do
..do
do
-do
2 27,200
2107,755
2,616
2,547
11, 799 10,077
8,954
8,981
2,818 1,123
6,006
12,382
6,182
12,405
9,690
7,022
7,299
5,589
5,453
24, 957 25,455
6,205
12,330
9,363
7,501
5,439
25,517
6,493
6,315
6,393
6,694 6,707 6,858 ' 6,695 6,706
12, 742 12, 941 12,964 13,146 13,533 13,565 13,561 13,623
9,810
9,864 10, 205 10,100 10, 724 10,903 11,097 11,194
7,605
7,913
7,449
7,655
7,577
7,523 ' 7, 746 7,736
5,565
5,895
6,249
6,118
6,190
6,017 '6,423
5,909
25,511 26,430 26,646 27,309 28, 075 28,459 •29,013 29, 278
2,691
10,533
1,634
2,796
11,530
9,727
1,803
2,797
11,062
9,625
1,437
2,860
11,124
9,699
1,425
2,785
11,815
9,991
1,824
2,751
12,037
10,277
1,760
3,061
11,830
10,105
1,725
3,033
12,461
10,572
1,889
3,077
12,571
10, 619
1,952
82, 667 83,175
78, 927 79,251
3,740 3,924
85,314
81,345
3,969
88,077 90,788
83, 941 86,422
4,136
4,366
94,583
90,020
4,563
97,044 98,772 100,461
92,316 93, 950 96,222
4,728 ' 4,822 4,749
84,216
86,020
87, 635 89,412
' 3,007 ' 3,078 i 3,243
•12,768 13,590 i 12,493
10,919 11,415 i 11,447
r 1,849 ' 2,175 1 1,046
219,686
2 31,645
2128,461
2107,790
2 20,671
Unfilled orders, end of year or month (unadjusted),
total*
mil. $..
Durable goods industries, total
do
Nondur. goods ind. with unfilled orders®.... do
72, 731
69, 652
3,079
85,314
81,345
3,969
77,883
74,268
3,615
79,254 80,005
75, 632 76,408
3,622 3,597
81,932
78,295
3,637
Unfilled orders, end of year or month (seasonally
adjusted), total*
mil. $..
By industry group:
Durable goods industries, total 9
do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous metals
.do
73,282
86,020
78,900
79,339
80,462
82,579
92,499
95,354 •98,602 101,839
70,152
5,657
3,216
1,571
81, 986 75,326
6,740
7,964
4,104
5,008
1,749
1,861
75,730
7,056
4,408
1,729
76,815
7,570
4,807
1,790
78,858
7,799
4,964
1,842
79,683
7,874
5,037
1,791
80, 275 81, 986 83,431
7,974
7,964
8,209
5,064
5,008
5,076
1,848
1,861
1,999
85,074
8,572
5,317
2,106
88,031
9,438
5,992
2,219
90, 719
10, 623
7,000
2,305
do
do
do
do
do
9,943
12,150
14,511
22, 098
15,400
10,926
14, 917
15, 748
26,107
18, 010
10,127
13,036
14, 747
24, 574
17,144
10,264
13,220
14, 746
24,362
16, 843
10,386
13,369
14, 728
24, 662
17,073
10,596
13, 669
15,194
25,254
17,396
10, 612
13,952
15,424
25,584
17,596
10,580
14,350
15, 639
25,482
17, 468
10, 926
14, 917
15, 748
26,107
18, 010
11,111
15,349
15, 983
26,505
18,198
11, 297
15,807
16,338
26, 690
18,330
11,523
16,432
16,850
27, 206
18, 617
11,650 ' 12,024
16,866 '17,365
17,166 717,566
27, 604 ' 28,025
18,497 18,663
Nondur. goods ind. with unfilled orders®..do
3,130
4,034
3,574
3,609
3,647
3,721
3,800
3,941
4,034
4,204
4,338
4,468
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
By market category:%
Home goods, apparel, consumer staples
Equip, and defense prod., incl. auto
Construction materials and supplies
Other materials and supplies
Supplementary series :X
Household durables
Capital goods industries^..
Nondefense
Defense..
4,635
do
do
do
do
2,083
38, 696
9,433
23,070
2,432 2,414
44,365 41,275
10,270 9,640
28, 953 25,571
2,370
41,169
9,691
26,109
2,367
41,452
9,768
26,875
2,456
42,491
9,968
27,664
2,515
42, 951
9,923
28,094
2,466
43,558
9,908
28,284
do
.do
do
do
1,637
43,298
26,079
17,219
1,933
1,928
50,165 46,639
30, 612 27,032
19,553 19,607
1,878
46,582
27,408
19,174
1,874
46,847
27,527
19,320
1,972
48,121
28,549
19,572
2,035
48,644
29,208
19,436
2,112
2,046
1,973
1,849
1,933
1,981
49,031 50,165 50, 907 51, 576 52, 882 53, 755
29, 742 30, 612 31, 292 31,866 32, 948 33,509
19,289 19,553 19, 615 19, 710 19, 934 20, 246
New incorporations (50 States and Dist. Col.):
Unadjusted©
_..number.. 287,577
Seasonally adjusted©
do
316, 601 28,331
26,303
26,103 26,118
26, 815 26,420
24,761
26,798
26,736
27,417
23,991
26,387
•93,882 97,647
11,954 13,181
' 8,025 9,036
' 2,506 2,552
1
4,720
12,282
17,839
17,931
29,126
18,991
98,374
98,947
13,822
28,589
4,696
2,562 2,663 ' 2,668 2,715
2,432 2,355
2,493
44,365 45,142 45,843 47,159 48,076 '49,165 50,351
10, 270 10,450 10, 589 10,836 10,915 '11,258 11,467
28, 953 29, 688 30,487 31, 942 33,700 '35,511 37,306
' 2,127
'54,679
'34,329
'20,350
' 2,230 i 2,326
56,308 56,491
35,364 36,159
20,944 20,332
BUSINESS INCORPORATIONS^
INDUSTRIAL AND COMMERCIAL
FAILURES^
Failures, total
number.
Commercial service
_do.__
Construction
do...
Manufacturing and mining
do
Retail trade
do__.
Wholesale trade
__do.__
Liabilities (current), total
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..
10,326
1,464
1,545
1,932
4,428
957
9,566
1,252
1,375
1,576
4,398
965
730
88
81
126
338
97
740
103
92
127
344
74
824
101
124
147
372
80
730
106
103
107
352
62
755
88
106
125
363
73
799
91
127
121
393
67
1,916,929
356,923
222,357
712,611
444,086
180,952
2,000,244
231,813
193, 530
766, 991
558, 270
249, 640
127,900
14, 228
10,447
48,979
27,036
27, 210
204,624
18,022
7,619
112, 769
45,419
20,795
253, 619
16, 058
22, 000
114,160
87,812
13, 589
113,540
13,807
9,435
50, 938
31,597
7,763
152, 974
14,072
12, 737
47, 907
63,580
14,678
208,583
17,502
22,044
52,284
105,445
11,308
2 38.3
34.2
38.5
40.5
38.8
38.5
2
41.7
26,059 30,114
27, 614 27,173
708
98
118
108
308
76
772
90
105
125
376
76
26, 821 31,967 '29,304 *30,476
28,640 29,914 '28, 693 *28,422
753
85
94
126
378
70
874
117
115
137
411
94
86,786 205, 837 137,162 252,349
16,089 17, 526 5,407 37, 035
13,728 20, 282 18,490 21,120
19,266 115, 440 73,929 84, 669
22,401 37, 826 30,184 73,237
15,302 14, 763 9,152 36,258
37.4
838
97
149
106
390
96
840
94
124
125
411
119,343 167,949
8,071
9,290
19,202 37,982
38,588 57, 965
33,528 33, 665
19,954 29,067
180,209
9,822
16,928
89,959
36,923
26,577
796
94
119
112
396
75
34.9
36.0
35.9
35.2
36.3
38.2
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
Crops 9
Commercial vegetables
Cotton
Feed grains and hay
Food grains
Fruit
Tobacco.
_
Livestock and products?
Dairy products
Meat animals
Poultry and eggs
1910-14 = 100..
do
do
do
do___I
do
do
do
do
__do
do
do
285
242
322
206
185
167
261
619
321
354
402
133
320
261
327
243
183
192
280
685
371
366
494
137
318
261
316
264
180
166
303
665
366
345
502
126
323
259
308
258
178
164
276
677
377
350
515
136
324
265
322
258
178
183
293
717
375
361
508
133
328
264
332
206
187
209
314
717
383
373
512
145
329
264
300
216
188
228
325
702
385
383
513
136
332
272
354
229
192
239
277
704
383
391
497
151
349
287
336
216
221
283
265
704
402
391
527
168
365
295
402
187
223
283
282
707
424
391
560
192
379
299
395
199
216
243
301
704
447
392
612
179
405
316
411
222
218
251
331
704
481
388
669
204
400
324
463
229
220
262
316
707
466
381
638
211
413
348
434
255
243
262
316
707
469
378
650
204
437
385
444
249
281
291
345
706
480
378
664
221
438
371
430
257
288
294
335
703
495
386
687
228
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._
352
382
331
371
401
350
'370
400
348
372
403
349
372
403
349
376
406
356
377
404
358
381
408
361
386
410
369
394
414
379
401
421
386
409
426
396
413
433
399
421
438
409
'434
'443
'428
433
443
426
410
'432
'431
433
433
437
440
443
449
458
465
473
480
488
'500
499
Parity ratio §
__
do..
75
75
69
74
74
' Revised.
v Preliminary.
i Advance estimate;2 total mfrs. unfilled orders for June
1973 do not reflect revisions for selected components.
Based on unadjusted data.
\ Revised back to 1966 to reflect benchmarking to Annual Surveys of Manufactures (1966-71)
Digitizedand
for calculation
FRASER of new seasonal factors. Revisions and further details available from the
Census Bureau as follows: 1966—Mfrs. Shipments, Inventories, and Orders: 1966-72, M3-1.4,
http://fraser.stlouisfed.org/
Revised; 1967-Mar. 1973—Mfrs. Shipments, Inventories,
and Orders: 1967-73, M3-1.5.
USee
N
note marked
"d>"ofonSt.
p. Louis
S-6.
Federal Reserve
Bank
'87
85
75
82
83
75
78
80
86
75
© Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries, unfilled orders for other nondurable goods are zero.
$ Includes data for items not shown separately.
cf Compiled by Dun & Bradstreet,
Inc. (failures data for 48 States and Dist. of Col.).
O Revisions for Jan.-Dec. 1970 (unadj.)
and Mar. 1970-Dec. 1971 (seas, adj.) will be shown later.
§ Ratio of prices received to prices
paid (parity index).
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
August 1973
1973
1972
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
COMMODITY PRICES—Continued
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unadjusted Indexes:
All items
Special group indexes:
All items less shelter
All items less food
All items less medical care..
Commodities.
Nondurables
_
Nondurables less food
Durables9Commodities less food..
Services
Services less rent
1967=100.
do...
do__.
do...
do
do__.
do...
-do
.do...
do...
do
Food 9
do
Meats, poultry, and
fish
do
Dairy products
..do
Fruits and vegetables.._
_
_do
Housing
do.
Shelter?
do.
Rent
do
Homeownership
do
Fuel and utilities?
do
Fuel oil and coal
...do.
Gas and electricity
do
Household furnishings and operation...do
Apparel and upkeep
-_do
Transportation
_
..do.
Private
do
New cars
do
Used cars.
do
Public
_
___do
Health and recreation?
do
Medical care
...do
Personal care
do
Reading and recreation
do
121.3
125.3
125.0
125.5
125.
126.2
126.6
126.
127.
127.
128.
129.
130.
131.
132.4
119.3
122 1
120.'9
122.9
125.8
124.9
122.7
125.7
124.6
123.1
125.9
125.1
123.
126.
125.
123.8
126.7
125.9
124.2
127.1
126.2
124.
127.
126.
124.
127.
126.
125.
127.
127.
126.
127.9
128.
127.
128.
129.
128.
129.
130.
129.
129.7
131.3
130.6
130.3
132.2
117.4
117.7
117.0
116.5
116.8
128.4
130.8
120.9
121.7
119.8
118.9
119.4
133.3
135.9
120.7
121.2
119.5
119.2
119.4
133.1
135.7
121.2
121.7
119.3
119.6
119.4
133.5
136.2
121.
122.
119.
119.
119.
133.
136.
122.0
122.8
120.8
119.8
120.3
134.1
136.7
122.3
123.1
121.3
120.1
120.8
134.6
137.2
122.
123.5
121.
120.3
121.0
134.9
137.6
122.
123.
121.
120.
121.
135.
138.
123.
124.
120.
119.
120.
135.
138.3
124.5
126.
121.6
119.9
120.9
136.2
138.7
126.
128.3
122.4
120.
121.5
136.6
139.2
127.4
129.
123.3
121.0
122.3
137.0
139.6
128.3
130.7
124.0
121.8
123.0
137.5
140.1
129.4
132.0
124.7
122.3
123.7
138.1
140.7
118.4
123.5
128.0
117.1
125.0
129.2
134.5
119.2
140.1
120.1
118.5
120.5
121.0
122.3
119.9
117.5
111.0
110.5
143.4
126.1
132.5
119.8
122.8
123.0
126.4
117.0
127.2
129.0
134.1
119.0
139.6
120.1
117.8
120.3
121.0
122.1
119.8
117.3
111.3
112.0
143.0
126.1
132.4
120.0
122.9
124.2
129.9
116.8
128.4
129.5 I
134.9
119.2
140.7
120.2
117.7
120.3
121.1
121.1
120.3
117.8
111.0
112.7
143.3
126.3
132.7
120.0
123.0
124.6
130.8
116.6
128.1
129.9
135.5
119.6
141.3
120.1
117.9
120.5
121.2
120.8
120.5
118.1
110.6
112.4
143.3
126.5
132. 9
120.2
123. 0
124.8
130.9
116.9
125.7
130.1
135.7
119.9
141.5
120.
118.0
120.5
121.6
123.1
121.0
118.6
109.6
113.6
144.0
126.8
133.1
120.5
123.7
124.9
131.3
117.
124.5
130.4
136.0
120.3
141.8
120.6
118.1
120.9
121.8
124.3
121.2
118.
110.1
115.
144.1
127.2
133.
120.8
124.0
125.4
131.5
117.7
126.5
130.8
136.2
120.5
142.0
121.7
119.3
122.2
122.1
125.0
121.4
119.0
110.2
116.0
144.1
127.4
134.1
121.0
124.1
126.0
131.2
118.3
127.3
131.2
136.8
121.0
142.6
121.9
110.6
115.0
144.5
127.5
134.4
121.5
124.0
128.6
136.
119.
130-5
131.4
136.9
121.5
142.6
122.8
120.7
124.1
122.2
123.0
121.0
118.5
111.1
112.8
144.3
127.8
134.9
121.8
124.1
131.1
142.8
121.0
133.3
132.0
137.3
122.1
142.9
124.1
127.2
124.5
122.6
123.6
121.1
118.7
111.0
112.4
144.3
128.1
135.3
122.4
124.3
134.5
152.7
121.5
136.8
132.3
137.7
122.6
143.2
124.6
127.8
125.0
123.0
124.8
121.5
119.1
110.8
113.7
144.5
128.6
135.8
123.1
124.5
136.5
155.4
121.8
141.8
132.8
138.1
123.0
143.6
125.1
128.3
125.5
123.6
125.8
122.6
120.3
111.1
117.3
143.9
129.2
136.2
123.8
125.2
137.9
155.6
123.2
144.6
133.3
138.7
123.5
144.2
125.4
129.3
125.7
123.9
126.7
123.5
121.3
111.1
120.6
143.9
129.6
136.6
124.4
125.6
139.8
156.5
124.1
151.7
133.9
139.4
123.9
145.0
125.6
131.6
125.4
124.7
126.8
124.6
122.4
111.0
122.3
144.9
130.0
137.0
124.9
125.9
120. 0
115.0
123. 0
119.1
112.7
123.7
119.8
114.4
123.7
121.0
115.8
124.6
122.7
119.7
124.8
124.5
119.4
128.1
126.2
118.7
131.6
130.8
125.0
134.8
134.4
127.5
139.3
143.0
136.6
147.5
149.9
142.3
155.3
161.1
158.6
162.9
113.9
119.1
118.8
119.7
119.9
120.2
120.0
120.7
122.9
124.5
126.9
129.7
152.9
145.4
158.2
130.7
133.5
171.2
172.8
170.1
136.7
115.0
114.0
113.5
112.7
116.6
127.6
118.7
117.2
116.6
119.5
127.2
118.5
116.9
116.1
119.6
130.1
118.8
117.8
117.3
119.7
130.3
119.2
117.9
117.4
119.8
130.3
119.7
118.2
117.7
119.9
129.2
119.9
117.6
117.1
119.7
130.4
120.6
118.3
117.9
119.9
138.3
122.3
119.5
119.3
120.3
143.3
123.1
121.0
121.2
120.6
151.3
125.1
122.5
122.9
121.2
159.0
127. 4
124.6
125. 5
121.7
158.8
128.5
125.6
126.6
122.3
167.7
131.5
126.8
127.9
123.1
177.5
134.3
128.7
130.2
123.4
117.0
111.7
113.8
117.0
110.5
121.1
117.6
117.9
121.1
114.7
121.2
117.0
117.8
121.3
114.3
121.4
118.5
118.3
121.5
115.1
121.6
118.6
118.5
121.7
115.1
121.8
119.1
118.8
121.9
115.6
121.7
118.8
118.8
121.7
115.8
121.8
120.0
119.2
121.8
116.5
122.1
123.5
120.7
122.1
119.2
122.7
125.7
121.6
122.6
120.6
123.9
129.2
123.6
123.7
123.5
125.6
132.9
125. 7
125. 4
125.4
128.0
137.7
128.7
127.7
129.7
116. &
115.3
119.1
124.3
128.8
115.2
133.7
115.1
117.5
114.7
118.1
119.8
118.6
116.6
112.0
110.2
137.7
122.2
128.4
116.8
119.3
119. &
122.5
122.3
125.0
121.3
118.9
WHOLESALE PRICESo1
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities:
22 Commodities
1967=100..
9 Foodstuffs
do
13 Raw industrials
do
All commodities
doBy stage of processing:
Crude materials for further processing do
Intermediate materials, supplies, etc
do
Finished goods©
do
Consumer finished goods.
do
Producerfinishedgoods
do
By durability of product:
Durable goods
do
Nondurable goods
do
Total manufactures
do
Durable manufactures
do
Nondurable manufactures
do
Farm prod., processed foods and feeds
do
U08.0
1109. 3
»107. 1
1
1
1
113.8
122.4
121.3
124.0
123.8
124.5
123.3
125.3
132.6
137.0
142.4
149.0
127.0
133.5
126.7
126.7
126.6
147.9
154.9
128.2
143.1
130.9
178.8
134.0
163.6
112.9
120.1
100.9
100.3
118.3
125.0
127.6
102.9
104.0
142.5
124.0
121.7
94.5
102.9
146.4
128.0
129.9
96.3
118.4
152.4
128.2
138.9
99.8
106.8
148.1
128.6
138.1
109.5
112.3
144.9
125.5
122.8
109.2
103.8
144.2
128.8
141.8
113.6
102.8
139.5
137.5
134.6
137.6
103.6
152.6
144.2
151.2
135.6
127.9
159.4
150.9
146.9
128. 2
137.0
177.8
160.9
158.5
126.1
] 64. S
194.4
160.6
176.0
130.9
185.8
184.1
170.4
186.0
149.9
180.3
188.7
182.3
197.5
178.6
184.5
193.8
114.3
115.8
111.4
115.4
114.3
116.0
120.8
118.0
114.7
118.6
119.7
130.0
119.6
117.8
113.3
115.3
119.5
131.4
121.5
117.9
113.6
117.7
119.6
135.8
121.0
118.9
115.3
118.6
120.2
132.3
121.8
119.1
116.1
119.0
120.1
131.7
121.8
118.8
116.9
120.0
121.8
130.4
123.1
119.4
118.3
121.8
123.8
127.9
129.4
119.7
120.1
123.0
124.7
136.3
132.4
119.8
121.0
123.8
125.3
145.2
137.0
120.0
120.8
124.0
125.9
153.1
141.4
120.8
121.3
126.8
126.2
165.1
139.8
121.4
123.7
127.2
126.6
163.2
145.0
121.9
124.3
126.5
127.2
162.5
151.8
121.4
125.9
127.5
127.9
164.9
114.0
117.9
117.9
118.1
118.5
118.7
118.8
119.1
119.4
120.0
121.3
122. 7
124.4
125.8
126.9
Chemicals and allied products ?
...do
104.2
104.2
104.3
104.2
104.4
Agric. chemicals and chem. prod
do
92.3
91.9
92.0
92.2
91.7
Chemicals, industrial
do...
101.4
101.5
101.3
102.0
101.2
Drugs and Pharmaceuticals
do
103.1
103.2
103.3
102.4
103.0
Fats and oils, inedible
do...
115.9
113.2
121.4
133.5
115.8
118.3
Prepared paint
do
118.3
118.3
115.6
118.0
Fuels and related prod., and power ?
do...
114.2
118.2
118.6
118.6
119.7
Coal
do...
191.2
191.2
191.5
181.8
193.8
Electric power
do
121.5
122.1
122.1
113.6
121.5
Gas fuels
do ...
112.9
114.3
113.2
108.0
114.1
Petroleum products, refined
do
108.5
110.7
109.1
106.8
108.9
Furniture and household durables?
do...
109.9
111.4
111.2
111.7
111.4
Appliances, household
do._
107.1
107.7
107.3
107.2
107.6
Furniture, household
do_.
117.2
117.8
114.8
117.3
117.4
Home electronic equipment
do...
92.6
92.4
92.4
93.8
92.7
1
Computed by BEA.
? Includes data for items not shown separately. c^For actual
wholesale prices of individual commodities, see respective commodities.
104.4
92.0
101.3
103.1
116.4
118.3
104.4
92.1
100.8
103.3
117.2
118.2
104.7
92.4
100.9
103.6
123.2
118.2
104.8
92.5
101.0
103.7
128.2
118.2
105.1
93.0
101.4
103.5
130.3
119.4
105.6
93. 1
101.8
103.6
139.1
119.4
106.7
93.6
101.9
103.8
173.9
119.9
107.7
94.5
102.6
103.8
184.0
120.3
109.3
94.7
102.7
104.0
232.0
120.8
110.4
95.0
103.0
104.4
263.6
121.0
120.3
192.2
122.6
116.7
111.3
120.6
192.4
123.1
117.5
111.5
121.3
201.2
123.0
119.0
111.5
121.9
205.5
122.9
119.2
112.0
122.2
205.5
123.8
118.4
112.3
126.0
206.9
125.9
118.6
118.7
126.7
207. 4
126.8
118.9
119.4
131.8
213.8
127.6
120.1
127.9
135.5
214.2
128.2
121.4
133.9
142.8
215.1
128.4
128.0
146.6
112.0
108.1
117.7
92.9
112.0
108.0
117.7
92.9
112.3
108.0
118.1
92.5
112.4
107.9
118.5
92.3
112.6
107.8
119.1
92.4
113.1
108.2
119.4
92.4
113.5
108.4
120. 0
92.2
114.1
108.3
121.8
92.2
115.1
108.0
122.3
92.2
115.2
107.4
123.3
91.6
Farm products?
do
Fruits and vegetables, fresh and dried-do
Grains
do.
Live poultry
do_
Livestock...
do.
Foods and feeds, processed?
Beverages and beverage materials
Cereal and bakery products
Dairy products
Fruits and vegetables, processed
Meats, poultry, and
fish
Industrial commodities
do
do
do
do
do
do...
do
0 Goods to users, incl. raw foods and fuels.
July
August 1973
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
June
July
Aug.
COMMODITY
WHOLESALE PRICEScf—Continued
(U.S. Department of Labor Indexes—Continued)
All commodities—Continued
Industrial commodities—Continued
Hides, skins, and leather products 9
1967=100
Footwear,
do__
Hides and skins
do__
Leather
do._
Lumber and wood products
do_.
Lumber
do._
S-9
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
PRICES—Continued
114.0
116.8
115.1
112.5
127.0
135.5
131.3
124.5
213.7
140.3
144.3
159.4
130.9
125.8
204.1
138.6
144.2
159.0
131.6
126.5
212.5
138.1
146.1
161.6
134.6
126.5
243.0
140.6
148.1
164.1
135.7
126.8
244.0
143.5
148.5
165.1
139.8
127.0
270.8
153.3
149.2
166.1
144.0
128.5
287.0
162.6
149.4
166.8
142.2
128.7
255.2
162.2
149.8
167.9
143.9
129.0
274.0
162.8
151.0
169.0
144.9
130.9
272.7
162.9
161.0
182.3
143.5
131.1
246.4
164.5
173.2
195.8
145.0
131.5
270.2
161.1
182.0
207.2
142.2
129.3
253.5
159.7
186.9
215.4
140.9
129.3
241.6
156.4
183.1
214.8
141.4
129.5
246.3
156.8
177.8
209.6
do_.
do...
do..
do..
do...
115.5
117.2
121.4
109.5
117.3
117.9
122.3
125.7
110.4
120.2
118.1
122.7
125.9
110.6
120.2
118.3
122.7
125.9
110.7
120.5
118.3
122.8
126.1
110.6
120.8
118.3
122.6
126.1
110.6
121.0
118.4
122.6
126.1
110.5
121.2
118.5
122.9
126.3
110.6
121.3
118.6
122.9
126.3
110.6
121.3
118.9
123.6
126.6
110.9
121.8
119.4
124.4
127.4
111.0
122.5
120.0
124.7
128.6
111.3
123.4
120.8
124.7
130.4
111.7
124.5
121.5
125.0
130.9
112.3
125.2
121.9
125.4
131.3
112.7
125.6
122.0
125.5
130.9
112.7
125.8
do__.
do...
_..do_..
do_.
119.0
115.5
121.8
116.0
123.5
118.2
128.4
116.9
123.6
118.6
128.1
117.6
123.7
119.2
128.6
116.8
124.0
119.2
128.8
117.4
124.1
119.2
128.9
117.3
124.1
119.2
129.0
117.2
124.4
119.2
129.5
117.4
125.6
118.8
131.9
117.9
126.9
119.2
133.0
121.0
129.2
119.5
133.3
128.3
130.5
120.5
134.0
131.4
131.7
120.2
135.3
133.2
132.5
120.7
135.9
135.0
132.8
120.9
135.9
135.9
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 plastics products
do..
Tires and tubes
do...
122.4
126.1
125.8
123.5
119.0
128.3
116.8
126.2
126.7
114.2
120.6
106.8
110.1
114.1
109.2
109.2
117.3
125.6
114.7
113.4
116.3
109.3
109.2
117.4
125.3
113.9
113.5
116.2
108.9
108.7
Textile products and apparel 9
Apparel
Cotton products
Manmade fiber textile products
Wool products
do._.
do...
do...
_.do__
..do...
108.6
112.9
110.6
100.8
93.5
113.6
114.8
121.8
108.0
99.4
Transportation equipment9.--Dec. 1968=100.
Motor vehicles and equip
1967=100.
110.3
114.7
Miscellaneous products 9
Toys, sporting goods, etc
Tobacco products
112.8
112.6
116.7
Machinery and equipment 9
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip
Metalworking machinery and equip
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
do...
do...
do...
126.9
127.3
127.3
127.4
128.2
128.4
129.0
130.0
130.5
131.1
130.0
117.5
126.1
116.1
114.1
116.7
109.5
109.7
117.5
126.3
115.2
114.3
116.7
109.5
109.7
118.4
127.2
115.5
114.7
116.8
109.5
109.7
118.8
127. a
115.0
115.0
117. 3
109.8
109.7
118.9
127.5
114.8
115.1
117.5
109.8
109.7
120.3
128.5
117.4
115.8
117.8
110.0
109.7
121.5
128.9
115.8
116.5
118.5
110.1
109.3
122.2
129.6
118.1
118.3
119.2
110.3
109.3
123.0
130.8
119.6
119.8
120.2
110.6
109.4
123.6
131.5
120.4
120.7
120.8
111.5
110.0
123.8
132.3
124.1
122.0
122.5
112.6
110.4
123.8
132.3
122.9
122.3
121.8
112.9
110.4
113.6
114.4
122.6
108.6
99.2
117.5
126.0
115.7
113.7
116.7
109.2
109.5
114.0
115.1
123.0
108.9
100.0
114.1
115.1
122.8
108.7
101.1
114.3
115.3
123.6
108.6
102.5
114.8
115.6
124.0
108.6
106.6
115.1
115.9
124.2
109.5
107.1
116.6
116.5
126.0
111.4
114.5
117.4
116.8
128.2
111.8
119.2
119.0
117.0
130.0
115.2
127.7
120.8
117.7
133.3
118.7
129.8
122.3
118.4
137.4
121.5
127.5
123.7
118.8
141.3
122.9
131.3
124.2
118.8
144.6
123.1
132.1
113.7
118.0
114.2
118.5
114.1
118.4
114.2
118.5
114.2
118.5
112.9
116.9
113.0
117.0
115.6
116.0
124.8
110.3
108.8
114.2
118.4
114.1
118.2
114.2
118.2
114.5
U8.6
114.9
119.0
115.1
119.1
115.0
118.9
115.0
119.0
114.6
114.4
117.5
114.2
114.4
117.5
114.9
114.5
117.5
115.1
114.5
117.5
115.2
114.8
117.6
115.0
114.9
117.5
115.0
115.0
117.5
115.1
115.1
117.5
115.8
116.2
117.5
117.1
116.5
121.0
117.9
117.1
121.8
118.6
117.2
122.0
119.5
117.3
122.3
120.2
117.5
122.5
120.9
117.6
122.5
$0. 840 $0.842
.798
.800
$0.835
.797
$0,834
.796
$0.832
.792
$0. 833
.790
$0,829
.788
$0,814
.786
$0. 803
.783
$0. 788
.778
$0.771
.770
$0.765
.765
$0,749
.760
$0.732
.755
$0,741
.754
•11,748
12,417
PURCHASING P O W E R OF T H E DOLLAR
As measured b y Wholesale prices
Consumer prices
1967=$1.00.
do..
$0.878
.824
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE 1
mil. $.. 109,238
123,836
11,015
10,943
11,420
11,489
11,571
11,048
10,502
' 9,491
1
9,102
9,974
10,857
Private, total 9
do
Residential (including farm)
do
New housing units
_
do
Nonresidential buildings, except farm and public utilities, total 9
-mil. $_.
Industrial
_
_
_do
Commercial
do
Public utilities:
Telephone and telegraph
do
79,367
43,268
35,066
93,640
54,186
44,736
8,283
4,865
3,912
8,307
4,981
4,065
8,542
5,054
4,143
8,597
5,075
4,215
8,114
4,677
3,954
' 7,260
r
4,171
3,553
1
5,046
4,236
8,506
4,946
4,181
6,894
3,911
3,328
7,552
4,254
3,559
' 8,277 ' 8, 901
r 4, 744 r 5, 153
' 3,822
9,390
5,450
4,408
22,479
5,423
11,619
24,036
4,676
13,462
2,075
416
1,161
2,017
398
1,132
2,144
415
1,203
2,171
401
1,252
2,221
397
1,274
2,121
399
2,051
420
1,137
1,929
391
1,862
360
2,063
418
2,194 ' 2,302
'446
437
2,445
525
1,357
3,005
3,283
299
266
296
Public, total 9
do..
29,871
30,196
2,732
2,636
2,878
2,892
2,885
-.do
do
...do
do....
do
11,397
1,136
572
901
10,658
11,500
875
534
1,080
10,448
951
73
46
97
1,014
927
94
40
101
1,015
1,040
78
42
85
1,104
1,049
62
44
98
1,093
1,102
73
47
100
1,045
2,542
958
71
43
108
914
121.6
121.6
123.0
125.1
128.5
92.6
92.4
93.9
94.5
53.3
43.8
53.8
44.1
54.5
44.7
24.0
4.8
13.3
23.5
4.6
13.2
3.3
do..
do..
do..
do .
do..
do..
New construction (unadjusted), total 1
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
_
Highways and streets
New construction (seasonally adjusted at annual
rates), total 1
bil. $..
Private, total 9
do..
Residential (including farm)
do
New housing units
.do
Nonresidential buildings, except farm and public utilities, total 9
bil. $..
Industrial
_
do
Commercial
do
Public utilities:
Telephone and telegraph
do
Public, total 9
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets
1,187
314
307
307
1,088
1,051
1,154
1,235
223
245
300
299
2,388
336
'2,847
3,027
1,162
75
'52
106
57
104
2,231
1,051
66
56
94
579
2,208
1,001
57
45
96
2,422
1,012
77
51
103
717
126.8
131.6
' 134.1
134.3
136.6
'135.3
' 136.7
137.6
96.2
97.5
98.4
101.4
• 102.0
103.0
102.7
'104.4
105.1
55.5
45.9
56.4
46.9
57.2
47.8
57.5
48.0
'57.8
'48.1
59.4
49.4
59.8
49.6
'59.3
48.9
59.6
'49.2
59.9
49.5
24.1
4.7
13.4
23.7
4.5
13.4
24.3
4.3
13.9
24.5
4.6
13.6
24.8
4.8
13.9
'26.3
5.3
26.2
5.2
14.9
26.7
5.5
15.1
27.0
5.3
'15.5
'27.7
'5.3
16.1
28.2
6.1
15.5
3.2
3.4
3.3
3.4
3.5
3.5
3.6
4.0
29.0
29.2
29.2
30.6
32.3
29.3
33.1
32.3
33.6
32.6
'32.3
10.8
.8
.5
1.1
10.1
11.0
1.2
.6
1.3
10.1
11.4
1.0
.5
.9
10.0
12.0
.8
.5
1.0
10.4
13.3
.9
.5
1.1
10.6
11.1
.7
.5
1.2
10.6
12.9
'12.7
.7
.6
1. i
'11.0
14.0
1.0
'13.6
13.5
.9
.5
'1.3
r 2,580
1,131
1,074
74
83
52
48
85
94
727
643
r
'15.0
3.6
3.6
'33.7
' Revised.
* Preliminary.
cfSee corresponding note on p. S-8.
9 Includes data for items not shown separately.
HBeginning Jan. 1969, data have been revised to reflect the incorporation of new basic
'1,322
32.4
'14.2
'.8
1.1
1.2
1.3
.7
9.9
10.5
1.2
'10.9
data and the introduction of new seasonal factors based upon data through 1972; monthly
1.2
11.0
data are available upon request.
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S STATISTICS
1971
1972
1972
Annual
August 1973
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
9,910
July
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F. W. Dodge
Division, McGraw-Hill):
Valuation total
mil. $
Index (mo. data seas, adj.)
Public ownershin
Private ownership
By type of building:
Nonresidential
Residential
-Non-biiildinsr construction
New construction planning
(Engineering News-Record) O
-
80,188
'91,512
' 8,358
8,067
8,875
8,197
8,225
7,248
6,464
6,795
6,839
8,644
8,814
9,428
1967=100..
i 145
i 165
154
155
180
187
171
177
163
181
191
193
177
173
183
mil. $__
- do
23,927
56, 261
' 24,099
' 67,412
' 2, 468
' 5, 890
2,528
5,538
2,466
6,409
2,017
6,181
1,669
6,557
1,785
5,462
1,650
4,814
1,918
4,877
1,717
5,122
2,046
6,599
2,071
6,743
2,359
7,069
2,995
6, 916
do
do . . .
do _
do
25, 590
34,714
19, 883
' 27,237
r
45,379
' 18,896
' 2, 399
' 4, 328
' 1, 630
2,461
3,864
1,741
2,458
4,671
1,746
2,378
4,135
1,684
2,384
4,298
1,544
2,184
3,663
1,402
2,212
3,120
1,132
2,420
3,195
1,180
2,229
3,^77
1,333
2,707
4,643
1,294
2,634
4,512
1,668
2,629
4,754
2,045
2,976
4,612
2,323
65, 578
68,001
5,000
3,894
5,315
4,470
6,489
8,032
7,679
6,102
6,014
7, 600
5,710
6,602
4,026
5,070
2, 084. 5
1,518.5
2,052. 2
1,151.0
2,378.5
1,732.7
2,356.6
1,309.2
226.2
160.4
223.1
131.9
207.5
149.8
206.5
119.1
231.0
168.2
228.6
131.3
204.4
142.9
203.0
120.5
218.2
158.0
216.5
117.0
187.1
137.1
185.7
97.4
' 152. 7
116.2
150.5
73.2
147.3
113.0
146.6
77.1
139.5
106. 1
138.0
73.6
' 201.1
' 152. 7
200.0
105.1
'200.4
145.9
199. 6
' 114. 0
201.8
2,315
1,283
2,244
1,319
2,424
1,373
2,426
1,382
2,446
1,315
2,395
1,324
2,369
1,207
2,497
1,450
2,456
1,372
2,260
1,245
2,123
1,202
r 2, 413
1,271
r
r
r
2, 093
1,117
2 176
1 249
1,816
891
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Inside SMSA's
Privately owned
One-family structures
Seasonally adjusted at annual rates:\
Total nrivatelv owned
One-familv structures
thous
-.do
do
do
do
do
New private housing units authorized by building
permits (13,000 permit-issuing places):
Monthly data are seas. adj. at annual rates: t
Total
thous
One-family structures
do
Manufacturers' shipments of mobile homes:
Unadjusted
do
Seasonally adjusted at annual rates
do
CONSTRUCTION COST INDEXES
' 205.4 ' 234.1
' 154. 5 ' 171.4
205.0 r 234. 0
120.5
131.6
r
1,925
906
2,130
990
2,121
989
2,108
1,013
2,237
1,031
2,265
975
2,216
1,086
2,139
961
2,377
947
2,254
1,084
2,221
1,089
2,102
1,011
1,882
943
' 1,838
' 954
' 2, 030
'934
496.6
575.9
55.0
586
48.5
559
52.1
537
49.1
497
54.4
551
50.7
670
38.0
610
40.7
648
42.9
642
57.0
737
61.6
680
57.3
661
57.3
616
Dept. of Commerce composite.-
1967=100..
130
139
138
138
139
140
142
143
144
144
145
-•147
'148
148
149
American Appraisal Co., The:
Average, 30 cities
.
Atlanta
..
__
______
New York
San Francisco
St. Louis
_- _-
1913-100..
do. _
do
do .
__do .
1,258
1,411
1,359
1,174
1,219
1,369
1,563
1,436
1,285
1,286
1,367
1,545
1,436
1,267
1,284
1,375
1,577
1,436
1,306
1,285
1,379
1,577
1,440
1,315
1,285
1,383
1,581
1,440
1,319
1,286
1,399
1,588
1,441
1,319
1,318
1,405
1,590
1,443
1,319
1,320
1,407
1,592
1,443
1,319
1,320
1,426
1,670
1,456
1,349
1,335
1,464
1,696
1,513
1,406
1,372
1,496
1,728
1,569
1,434
1,413
1,512
1,752
1,584
1,437
1,430
1,517
1,752
1,581
1,440
1,441
1,522
1,753
1,582
1, 497
1,441
201.2
114.8
Associated General Contractors
of America, Inc.,
1
Thfi Cbnildin-r onlvi r?
1967—100
Boeckh indexes:
Average, 20 cities:
135.0
Apartments hotels office buildings 1967—100
133.9
Commercial and factory buildings
do
132. 8
Residences
do
Engineering News-Record:
Building
1967 = 100.- 140.5
146.7
Construction.
_
do
Federal Highway Adm.—Highway construction:
Composite (avg. for year or qtr.)
1967=100.
131.7
CONSTRUCTION MATERIALS
Output index:
175.7
Composite, unadjusted?_ .1947-49 = 100
Seasonally adjusted
___do
Iron and steel products, unadjusted
do
163.8
182.7
Lumber and wood products, unadj
do
209.0
Portland cement, unadjusted
do
REAL ESTATEf
Mortgage applications for new home construction:
FHA net applications.
thous. units
366.8
Seasonally adjusted annual rates
do
217.9
Requests for VA appraisals
do
Seasonally adjusted annual rates
do
Home mortgages insured or guaranteed b y Fed. Hous. Adm.: Face amount
mil. $.. 10,374.54
Vet. Adm.: Face amount§
do
6,065.83
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
New mortgage loans of all savings and loan associations, estimated total
_
mil. $
By purpose of loan:
Home construction
...
_.do _
Home purchase _
do
All other purposes...
.
, do
Foreclosures
number..
Fire losses (on bldgs., contents, etc.)t
mil. $__
146.6
146.1
145.4
144.8
148.3
147.9
147.5
146.9
148.6
148.3
151.6
152.6
153.7
155.1
160.1
1 A.7 *<
163.2
171.1
155.2
163.0
155.0
163.9
138.2
133 7
189.7
205.6
191. 9
185.9
194.3
213.4
195.7
195.1
191.0
207.8
187.0
185.4
193.7
157.8
180.3
170.5
180.9
' 169. 5
' 193.0
199.7
207 0
175.0
193.9
219.3
189.4
201.1
269.6
164.3
182.4
253.0
197.3
208.5
304.5
183.7
194.8
264.2
193.2
211.7
275.4
175.8
192.0
198.6
156.7
163.4
144.2
168.1
190.6
143.3
' 168. 5
' 186. 9
148.5
206 2
213.0
201.0
225.2
20.4
221
20.3
219
17.2
224
17.3
200
19.5
207
19.2
202
14.0
166
15.9
192
12.3
147
15.7
189
12.6
162
16.4
207
9.7
131
12.0
194
9.4
124
15.5
^22
8.2
100
15.3
217
9.2
93
18.4
201
6.3
68
15.9
169
8.4
89
15.1
161
9.1
103
p 14.9
8,067. 06
8,419. 86
643.05
854.60
635.16
672. 96
750.10
771. 98
585. 28
758. 57
598. 00
737. 74
592.11
791. 77
435.11
731. 77
577. 47
687. 68
396.44
630.43
462.88
599. 05
374.25
618. 02
385. 90
655. 67
381. 62
650. 60
665. 86
7,936
7,979
6,075
6,138
6,295
6,736
7,045
7,245
7,979
7,831
7,944
8,420
9,429
10,156
11,142
12,365
39 485
51 408
5 449
4,572
5 379
4 689
4 522
4 393
4 591
3 702
3 710
4 990
4 989
r 5 477
p 5 738
6,835
18,810
13 840
8,553
26, 615
16 240
872
2,920
1 657
743
2,515
1 314
803
3,087
1 489
739
2,587
1 363
761
2,423
1 338
714
2,307
1 372
667
2,167
1 757
590
1,970
1 142
614
2,019
1 077
887
2,685
1 418
*>903
886
' 931
2,762 ' 3 , 1 4 1 ; v 3,469
1 341 ' 1 405 •p 1 366
116 698
132,335
12 469
10,533
11,124
10 735
10 834
10, 857
10 382
2,316
2,304
187
188
184
178
182
164
194
218
213
218
209.2
155.8
164.9
156.4
165.4
157.9
166.2
158.4
167.0
160.1
168.3
141.2
r
Revised.
p Preliminary.
i Computed from cumulative valuation total.
2 index
as of Aug. 1,1973: Building, 169.4; construction, 178.8.
OData for June, Aug., and Nov. 1972
and Mar. and May 1973 are for 5 weeks; other months, 4 weeks.
9 Includes data for items
not shown separately.
§Data include guaranteed direct loans sold.
cfNew base; comparable data for earlier periods will be shown later.
HHome mortgage rates (conventional
161.4
169.0
164.9
172.2
144.4
167.3
173.7
168.0
174.4
168.9
175.0
137.8
168.5
176.5
2168. 3
2177. 0
145 9
229
224 i
12.4
135
223
1st mortgages) are under money and interest rates on p. S-17. f Beginning Jan. 1970, data
include estimates for uninsured fire losses and are not comparable with those for earlier
periods. Revised monthly data back to 1970 are available upon request.
^Beginning Jan.
1973, housing starts in permit-issuing places are for 14,000 permit places.
SUEVEY OF CURRENT BUSINESS
August 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1972
1972
June
Annual
S-ll
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonally adjusted:f
Combined indexf
Television (network)
Spot TV
Magazines
Newspapers..
advertising
index
214
24'
338
187
148
214
264
321
186
142
219
267
310
187
162
225
281
360
183
146
228
27;
348
184
169
233
272
377
195
162
242
287
410
192
163
238
275
418
187
164
1, 297. 7
44.4
119.8
23.2
148.2
115.2
109.0
1.7
12.2
2.2
13.3
10.6
83.8
1.2
8.4
1.3
10.5
8.7
78.1
3.7
5.0
.9
11.2
6.3
117.0
6.4
8.4
2.2
12.1
136.5
5.0
15.1
2.1
13.5
11.8
138.5
4.1
11.7
2.1
13.6
13.7
111.2
3.5
6.8
1.0
11.5
9.7
72.5
1.7
5.9
1.0
9.3
5.0
2.2
8.8
1.7
11.7
109.8
4.9
11.3
2.8
12.1
8.0
126.7
5.7
13.6
3.4
11.6
9.5
126.7
3.5
13.3
3.5
13.0
8.3
109.8
2.0
11.0
2.5
12.6
9.3
64.0
33.1
17.8
118.2
486.0
91.0
76.7
29.7
20.6
116.2
512.7
8.5
6.2
2.4
1.7
9.6
40.5
6.4
4.6
1.6
1.6
9.8
29.8
4.7
3.4
2.3
1.4
8.6
30.5
6.7
7.6
3.3
1.8
11.3
48.1
10.2
10.2
2.4
1.7
11.1
53.2
11.4
9.5
3.0
1.9
11.4
56.0
14.8
4.9
1.9
1.3
11.3
44.6
3.4
2.9
1.9
.9
7.2
33.4
3.7
3.8
1.6
1.4
8.1
38.0
5.1
6.5
2.5
2.0
8.3
46.2
6.9
9.5
2.7
2.0
9.3
52.5
8.0
9.4
3.9
2.0
8.7
53.1
7.4
7.3
3.4
1.3
8.6
44.4
3, 208.
100.8
751.7
103.1
445.4
1, 807. 3
3,648. 6
102.5
914.9
122.1
504.4
2, 004. 7
310.3
8.3
79.3
11.5
43.6
167.6
280.4
7.6
82.6
10.2
30.4
149.7
273.4
7.4
76.7
6.3
30.0
153.0
281.2
10.5
74.3
8.3
40.2
147.9
333.7
8.2
82.9
11.6
50.6
180.3
339.1
8.8
72.8
9.4
50.5
197.6
306.4
5.9
64.4
9.8
35.4
190.9
279.6
6.9
79.8
13.6
36.4
143.0
274.1
7.8
76.9
8.3
37.3
143.9
315. 5
8.7
87.4
11.4
43.7
164.4
340.7
9.7
92.2
15.2
46.9
176.8
338.5
9.7
91.2
10.4
44.5
182.8
Merchant wholesalers sales (unadj.), totaL.mil. {
Durable goods establishments
do..
Nondurable goods establishments
do..
267,357
122,420
144,937
298,199
138, 446
159,753
25,389
12,127
13,262
23,491
11,085
12, 406
26,654
12,552
14,102
25,555
12,092
13,463
26,823
12,604
14, 219
27,154
12,301
14,853
26,089
11,557
14,532
26,326
11,856
14,470
25,562
11,699
13,863
29,852
13,831
16,021
28,859 '31,232
13,841 r 14,828
15,018 r 16,404
30, 267
14, 692
15,575
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $_
Durable goods establishments
do...
Nondurable goods establishmentsdo._.
28,828
16, 987
11,841
31,895
18,672
13, 223
29,648
18,003
11,646
29,901
18,332
11,569
29,868
18,098
11,769
30,367
18,166
12, 201
31, 255
18, 250
13,005
31,665
18,471
13,194
31, 895
18,672
13, 223
32,865
18,970
13,895
33,171
19,139
14,032
33,493
19,525
13,968
33,614
19,714
13,900
r
34,154
20,489
13, 665
mil. $.
do...
do...
do
do
408, 850
448,379
149,659
88 612
81 521
7, 091
38, 730
37, 522
39,014
39,790
47,004
41,309
40,686
12,785
7,406
6.770
12,501
7,192
6,592
600
13,569
8,043
7,396
647
13,229
7,775
7,136
639
13, 725
7,274
6,624
650
35,768
12,154
7.504
7,019
485
34,977
13,735
8,372
7,716
36,961
12,624
7,486
6,869
617
37, 994
131, 814
78, 916
72, 538
6, 378
12,284
7,612
7,143
469
14,853
9,374
8,761
614
14,535
8,989
8,347
642
do
do.
do.
18, 560
11, 004
6, 221
21, 315
12, 550
7, 029
1,770
1,101
544
1,749
1,001
1,817
1,070
607
1,760
1,022
595
1,863
1,107
599
1,959
1,166
623
2,330
1,235
854
1,789
1,044
595
1,754
1,058
563
1,927
1,158
610
1,856
1,137
578
17, 378 20,064
13, 733 15,973
3,645
4,091
277,036 298,720
20,804
21, 993
4,727
5,198
8,193
8,386
3,532
3,774
1,841
1,460
381
24,995
1,739
432
653
298
1,837
1,465
372
24,337
1,580
371
605
267
1,952
1,590
362
1,924
1,567
357
33,279
3,177
827
1,197
480
1,458
1,188
270
23,614
1,608
424
595
283
1,470
1,198
272
25,445
1,923
445
737
340
1,759
1,398
361
26,561
2,055
504
777
351
1,664
1,212
452
25,209
1,759
389
667
317
1,883
1,541
342
25,021
1,846
401
708
361
22,693
1,460
339
585
247
1,746
1,417
329
26,456
1,829
399
712
342
1,184
2,943
8,253
7,676
2,606
1,189
2,902
7,862
7,293
2,686
1,201
2,782
7,991
7,441
2,668
1,668
2,910
8,948
8,321
2,724
1,205
2,715
7,995
7,468
2,589
1,151
2,623
7,646
7,106
2,474
1,222
2,975
8,792
8,202
2,773
1,219
2,950
8,171
7,579
2,808
1957-59=100.
do
.do.
do
do
199
233
302
175
141
Magazine advertising (general and natl. farm magazines) :
Cost, total
mil. $.
Apparel and accessories
do...
Automotive, incl. accessories
do
Building materials
do
Drugs and toiletries
do
Foods, soft drinks, confectionery
do.
1,251.4
47.0
Hi. 3
19.2
158.6
108.1
Beer, wine, liquors
do...
Household equip., supplies, furnishings..do.._
Industrial materials
do...
Soaps, cleansers, etc
do...
Smoking materials
do...
Allother
do...
Newspaper advertising expenditures (64 cities): ©
Total*
mil. $.
Automotive
do...
Classified
do...
Financial
do...
General
do...
Retail
do...
219
262
340
186
151
WHOLESALE TRADE
r
33,820
20,062
13, 758
RETAIL TRADE t
All retail stores:t
Estimated sales (unadj.), total %
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 1 do..
Lumber, bldg. materials dealersd"
do..
Hardware stores
do..
Nondurable goods stores 9
do..
Apparel group
do..
Men's and boys' wear stores
do..
Women's apparel, accessory stores.._do_.
Shoe stores
do..
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores
Gasoline service stations
do.
do..
do.
do..
do.
General merchandise group with nonstores9
mil. $..
General merchandise group without nonstores 9§
mil. $.
Department stores
do
Mail order houses (dept. store mdse).do
Variety stores
do
Liquor stores
do
Estimated sales (seas, adj.), total %
do....
Durable goods stores 9
do
Automotive group
do
Passenger car, other auto, dealers
do
Tire, battery, accessory dealers
do
43,190
43, 641
15,465 • 15,372
9,428 ' 9,236
r
8,525
8,744
711
1,953
1,214
r
602
2,024
1,208
679
1,861 r 2,098
1,487 r 1, 656
374
-•442
26,151 •27,725
2,007 r 1,920
440
M48
743
-•738
408
••324
2,175
1,709
466
28,269
r
1,989
492
738
345
13, 736
31,131
89, 239
82, 793
29,163
14,523
33,891
95, 020
88,340
31, 044
1,195
3,022
8,173
7,592
2,645
1,163
3,063
8,092
7,492
2,752
1,222
3,127
8,100
7,494
2,758
68,134
74,903
5,977
5,660
6,224
6,151
6,540
7,487
10,755
4,999
4,933
6,307
6,467
62, 242
42, 027
4,301
6,972
8,773
68,936
46,302
r
4, 722
7,756
9,215
5,493 5,208
3,739 3.486
324
313
584
616
774
803
16,822 37,342
L2,253 12,468
7,266 7,399
6,704 6,821
562 | 578
5,735
3,787
417
638
760
37,969
12,842
7,723
7,104
619
5,628
3,835
366
610
749
37, 746
5,985
4.006
477
623
757
39,106
6,887
4.622
620
698
779
38,713
10,243
7,098
528
1,304
1,069
4,572
3,076
300
492
692
5,776
3,849
473
620
740
39,417
40,707
4,469
2,961
340
496
667
41,242
12, 614
7,503
13,173
7,825
7,215
610
13,640
8,300
7,729
571
14,234
8,507
7,904
14,405
8,575
7,945
630
41,979
14, 612
8,769
8,127
642
5,975
4,034
425
666
718
41,185
r
r
r
r
1,281
3,238
8,745
8,139
2, 947
' 1,299
r
3,361
r 9,222
' 8,593
r
3,002
6,713
r
6,194
4,209
'419
'668
••789
r
6,778
6,298
r 4,290
367
699
824
41, 735 41,218
14,299 r13, 696
8,503 7,937
' 7,870 7,330
-633
607
615
13,168
7,853
7,195
658
Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance, TV, radio
do
do
do
1,735
1,051
527
1,781
1,026
607
1,797
1,040
613
1,750
1,034
580
1,846
1,093
602
1,846
1,093
591
1,808
1,048
601
1,962
1,145
640
2,021
1,215
659
2,014
1,184
659
2,024
1,208
1,995
1,203
••635
1,998
1,162
Lumber, building, hardware group
Lumber, bldg. materials dealers^
Hardware stores
do..
do..
do..
1,605
1,263
342
1,679
1,338
341
1,714
1,362
352
1, 746
1,406
340
1, 780
1,427
353
1,747
1,390
357
1,711
1,379
332
1,915
1,545
370
1,937
1,556
381
1, 936
1,547
389
1,896
1,508
388
1,939
1,546
'393
1,938
1,525
413
r
Revised.
1
Advance estimate. ©Source: Media Records, Inc. 64-City Newspaper Advertising
Trend Chart.
*New series. Beginning Jan. 1971 the series was revised to reflect trends in
newspaper advertising expenditures in 64 cities instead of linage in 52 cities as formerly published,
t Revised to reflect new sample design, improved techniques, and new information
from the 1967 Census of Business; revisions for periods prior to Oct. 1970 appear on p . 55 ff.
of the Dec. 1971 SURVEY (complete details appear in the Census Bureau Monthly Retail
14,339
8,555
7, 927
628
Trade Report, Aug. 1971 issue). 9 Includes data for items not shown separately.
fFormerly Marketing/Communications advertising index. Series revised in June 1971;
comparable 1970 monthly data are in the SURVEY for t h a t month (no comparable earlier data
are available).
d" Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical
stores.
§Except department stores mail order.
SURVEY
S-12
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
CURRENT
| 1972
August 1973
1973
1972
June
Annual
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
28,277
DOMESTIC TRADE—Continued
RETAIL TRADEf—Continued
AH retail storesf—Continued
Estimated sales (seas, adj.)—Continued
Nondurable goods stores?
mil. $_.
Apparel group
do
Men's and boys' wear stores
__do
Women's apparel, accessory stores
do
Shoe stores
-do
Drug and proprietary stores
Eatingand drinking places
Food group
Grocery stores
Gasoline service stations
24,569
1,788
429
683
294
24,874
1,801
433
695
299
25,127
1,813
438
699
300
25,132
1,836
433
701
318
25,938
1,947
468
718
350
25,540
1,891
445
710
344
25,777
1,899
438
730
347
26,473
1,949
476
741
26,837
2,012
471
788
348
27,367
2,175
506
825
397
26,846
1,878
444
706
339
27,436
1,974
'456
'753
••335
27,522
2,011
482
762
338
1,218
2,801
7,832
7,279
2,500
1,204
2,818
7,956
7,374
2,677
1,246
2,797
8,039
7,457
2,622
1,204
2,830
8,005
7,438
2,611
1,226
2,873
8,209
7,637
2,686
1,250
2, 913
8,134
7,570
2,6S1
1,236
2,957
8,071
7,503
2,713
1,246
3,057
8,476
7,894
2,714
1,254
3,057
8,409
7,800
2,821
1,241
3,089
8,431
7,834
2,821
1,280
3,060
8,616
8,012
2,868
1,291
3,096
8,665
8,074
2,884
1,313
3,092
8,680
8,076
2,837
6,143
6,267
6,333
6,548
6,354
6,362
6,590
6,753
7,137
6,696
6,917
6,945
5,632
3,792
370
638
776
5,801
3,899
393
643
785
5,772
3,845
412
654
775
5,858
4,007
400
634
767
6,065
4,092
432
663
800
5,833
3, 937
415
643
5,884
4,008
366
671
740
6,095
4,101
412
703
759
6,223
4,212
429
681
795
6,621
4,439
489
738
779
6,166
4,167
452
656
783
4,326
'453
'688
'799
60,889
23,152
11,384
3,557
3,219
53, 283 53,697 52,794
23, 782 24, 701 23,592
10, 950 12, 084 11,083
3,746
3,692 3,691
3,631
3,568 3,543
51,693
21,749
9,169
3,672
3,536
53,187
22,451
9,845
3,750
3,561
55,075
22,984
10,165
3,803
3,574
!56, S16 53,283
i 23,908 23,782
;10, 707 10,950
! 3, 923 3,746
3,631
; 3,646
53,605
24,078
11,222
3,754
3,692
55,168
24, S39
11,845
3,766
3,809
56,901
25,574
12,346
3,816
3,910
57,836
25,976
12,613
3,932
4,006
58,223
26,335
12,823
4,008
4,061
58,421
26,538
13,085
3,996
4,031
27,737
4,397
5,507
29, 501 28,996
4,556
4,509
5,859
5,538
29,202
4,598
5,563
29,944
4,834
5,631
30,736
5,044
5,645
32,091
5,188
5,893
32,908 29,501
5, 302 4,556
6,030 5,859
29,527
4,354
5,728
30,329
4,616
5,731
31,327
4,834
5,892
31,860
4,886
6,012
31,888
4,819
6,020
31,883
4,804
6,137
11,062
6,613
11, 784 12,106
7,075
7,273
12,153
7,203
12,541
7,469
12,981
7,763
54, 700 53,293
24,442 23,665
11, 324 11,086
3,791
3,703
3,732 3,508
52.940
23,194
10,596
3,725
3,529
53,107
23,037
10,407
3,690
3,579
53,661
23,608
10,937
3,743
3,612
13, 203
7,859
56,039 56,106
24, 638 24,538
11,522 11,435
3, 851 3,835
3, 824 3,826
13,482
7,994
52,261
23,808
11,772
3,604
3,312
13,680 14,132 11,784 12,097
7,075
7,200
8,316 j 8,759
53,934 ! 54.658 54,700 55, 526
23,675 i 24 235 24,442 24,472
10,918 i 11,247 11,324 11,335
3,714 | 3.761 3,791
3,732 3,764
3,628 i 3,705
56,636
24,624
11,508
3,885
3,886
13,541
7,993
57,285
25,094
11, 786
3,972
3,931
13,533
7,899
58,079
25,454
12,027
4,004
3,964
28,453
4,580
5,442
30, 258 29,628
4,746
4,673
5,790
5,560
29,746
4,726
5,597
30,070 30,053
4,753
4,777
5,734 5,714
31,401
4,818
5,806
31,568
4,858
5,892
32,012
4,920
6,012
32,191
4,902
6,026
32,625
4,983
6,168
11,753
7,035
12, 521 12,462
7,527
7,545
12,380
7,380
12,561
7,499
12,446
7,443
30,259 ! 30 423 30,258 31,054
4,746 4,722
4,835 | 4.S60
5,800 I 5.S15 5,790 5,815
12,388 12,500 12,521 13,095
7,485
7,527 7,818
7,710
13,356
7,955
13,427
7,963
13,696
8,124
13,664
8,049
13,921
8,201
126,607
137, 650 11,430
do.
do_.
__do_.
do..
do_.
General merchandise group with nonstores 9
mil. $..
General merchandise group without nonstores 9 §
mil. $..
Department stores
_
do
Mail order houses (dept. store mdse.)do
Variety stores
do
Liquor stores
do—
Estimated inventories, end of year or month: X
Book value (unadjusted), total X—
mil. $..
Durable goods stores 9
do
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group. _do
Nondurable goods stores 9
do
Apparel group
_
do
Food group
_
...do
General merchandise group with nonstores
mil. $..
Department stores
_do
Book value (seas, adj.), total X
do
Durable goods stores 9
...do
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group...do
Nondurable goods stores 9
-.do
Apparel group
do
Food group
do
General merchandise group with nonstores.
mil. $..
Department stores
...do
Firms with 11 or more stores: t
Estimated sales (unadj.), total9___
Apparel group 9
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
_
Drug and proprietary stores
Eating and drinking places
__
Furniture and appliance group
.do
do.
do.
do
do
do
do
do
General merchandise group with nonstoros9
mil. $..
General merchandise group without nonstores §
mil. $.
Dept. stores, excl. mail order sales
do
Variety stores..
_
do
Grocery stores
Tire, battery, accessory dealers
Estimated sales (seas, adj.), total 9 0
Apparel group 9
Men's and boys' wear stores
Women's apparel, accessory stores.
Shoe stores
Drug and proprietary stores
Eating and drinking places
_
do
.do
do....
10,892
11,465
11,661
11,826
12,814
16,906
10,482
10,162
12,377
12,119
12,665
13,006
6,741
750
2,123
1,498
4,693
2,735
1,600
6,055
782
2,194
1,737
5,246
2,887
1,902
472
67
171
129
441
267
164
410
50
153
111
417
278
152
487
51
180
144
445
274
165
532
59
189
178
431
230
156
545
66
194
169
431
229
171
584
75
213
176
442
168
910
126
335
246
695
240
221
405
53
141
126
420
228
160
383
40
152
115
407
222
154
520
56
193
163
440
263
178
610
64
215
206
445
263
167
••536
'63
'200
' 144
479
'277
' 159
555
68
200
159
497
288
181
62,092
58,113
4,635
4,385
4,814
4,800
5,096 \
5,904
8,630
3,878
3,830
4,964
5,075
'5,268
5,317
49,008
36,544
5,398
55,100
40, 795
6,191
4,393
3,307
493
4,165
3,102
465
4,578
3,365
503
4,531
3,400
486
4,785
3,533
500
5. 593
4,082
568
6,240
1,075
3,680
2,721
391
3.609
2. 629
393
4,686
3,432
495
4,836
3,580
539
' 5,005
' 3,725
'538
5,076
3,803
568
45,235
1,955
49,206
2,094
4,114
178
4,122
191
4,315
171
4,090
186
4,232
188
4,727
198
4,243
141
4,032
134
4,719
180
4,235
192
r
200
4,524
'189
4,776
198
11,268
11,449
11,592
11,660
12,202 : 11,944
473
65
177
122
451
249
493
67
180
132
431
259
491
59
185
137
450
249
511
63
183
154
443
228
4,737
4,817
4,846
4,481
3,310
515
4,604
3,413
521
4,597
3,379
516
4,724
3,534
513
4,060
4,151
165
4,223
187
4,133
182
4,384 j 4.2S8
191 !
177
22,486 22,094
7,687
7,809
14,677 14,407
9,452 9,124
13,034 12,970
22,288
7,805
14,483
9,163
13,125
22,808
7,966
14,842
9,442
13,366
22,504 22,714
7,606 7,714
14, 898 15,000
9,163 9,238
13,341 13,476
23,031
7,781
15,250
9,429
13,602
do..
do..
do..
do..
do.,
do..
General merchandise group with nonstores 9 - .
mil. $.
General merchandise group without nonstores §
mil. $.
Dept. stores, excl. mail order sales
do..
Variety stores
do...
Grocery stores
do..
Tire, battery, accessory dealers
do.
All retail stores, accts. receivable, end of yr. or mo.: d"
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
I_I"___Ido~I~
__
_do
"I'.IIIdo."
23,514
7,753
15,761
9,385
14,129
25,068
8,115
16,953
10, 090
14, 978
22, 046
7,580
14,466
8,986
13,060
23,518 22,494
7,940
7,649
15,578 14,845
9,671
9,252
13, 847 13,242
' Revised.
i Advance estimate.
fSee note marked " J " on p. S-ll.
iSeries revised
to reflect benchmarking to the levels of the 1968-71 Annual Retail Trade Reports (Census
Bureau), and also recalculation of seasonal factors for all lines of trade; description of revisions
and revised data appear on p. 55 £f. of the Dec. 1971 SURVEY (1968-69) and pp. 24-25 of the
12, 628
7,470
6,443
4,333
446
717
11,830
12,477
12,503
12,814
12,524
12,742
12,693
531
63
li>4
107
460
240
528
62
188
165
451
544
64
197
170
461
252
574
59
226
172
472
260
616
72
224
192
454
270
548
63
202
170
483
258
'550
'64
'208
'148
480
'262
556
64
204
154
506
265
5,008
5,023
5,242
5,331
5,565
5,252
• 5,426
5,445
4,874 i 4.748
3,627 ' 3,519
529 I
517
4,798
3,554
544
4,986
3,672
567
5,076
3,750
546
5,303
3,900
579
4,991
3,698
539
• 5,158
• 3,821
'554
5,197
3,822
586
4,139
166
4,480
185
4,335
184
190
4,525
184
• 4,533
'174
4,455
169
23,061
23,563
8,010
7, 42
15,051 i 15.621
9,664 j 9,653
13,397 I 13.910
25,068 24,143 23, 703 23,655
8,115
7,910
7,845 7,822
16, 953 16,298 15,881 15,745
10,090 9,417 9,333 9,441
14, 978 14, 726 14, 370 14,214
23,957
'8,065
15,892
' 9,705
14,252
24,547
8,367
16,180
10,195
14,352
24, 764
8,536
16, 228
10, 241
14,523
23,139
7,757
15,382
9,530
13,609
23,518 23,669 23, 983 24,106
7,940 8,053 8,123
8,205
15, 578 15, 616 15, 860 15,901
9,671
9,567 9, 749 9,800
13, 847 14,102 14,234 14,306
24,232
'8,276
15,956
'9,785
14,447
24,665
8,467
16,198
10,040
14,625
24,843
8,380
16,463
10,031
14,812
551
66
189
179
455
223
5,147 |
23, 364
7.847
15.517
;
>,524
13.840
Oct. 1972 SURVEY (1970-71).
9 Includes data not shown separately.
§Except department
stores mail order.
d"See note marked " J " on p. S-ll; data prior to Feb. 1971 will be shown
later.
GRevised data (seas, adj.) back to Jan. 1971 appear in the Census Bureau Monthly
Retail Trade Report, Dec. 1972 issue.
suit V J b i l UJb UU-KJttiiiJN J.
August 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
S-13
1972
1972
Annual
ttl)
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July P
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas t
mil..
LABOR FORCE §
Labor force, persons 16 years of age and over_.thous_.
Civilian labor force
--do—
Employed, total
do—
Agriculture
-do—
Nonagricultural industries
do—
Unemployed
do—
Seasonally Adjusted
Civilian labor force
do—
Employed, total
do—
Agriculture
do
Nonagricultural industries
do....
Unemployed
...-do
Long-term, 15 weeks and over
do
Rates (unemployed in each group as percent
of total in the group):
All civilian workers
Men, 20 years and over
Women, 20 years and over..
Both sexes, 16-19 years
.
White
Negro and other races.
Married men
Occupation: White-collar workers
Blue-collar workers
Industry of last job (nonagricultural):
Private wage and salary workers
Construction
_
Manufacturing
Durable goods
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:t
Total, not adjusted for seasonal variation...thous—
Private sector (excl. government)
do.
Seasonally Adjusted
Total employees, nonagricultural payrolls t__ do
Private sector (excl. government)
do.
Nonmanufacturing industries*
do.
Goods-producing*
do.
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.
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
do..
Nondurable goods
do.
Food and kindred products
do..
Tobacco manufactures
do..
Textile mill products
do.
Apparel and other textile products. _do.
Paper and allied products
do.
Printing and publishing
do.
Chemicals and allied products
do.
Petroleum and coal products
do.
Rubber and plastics products, nec.do.
Leather and leather products
do.
Service-producing*
do..
Trans., comm., electric, gas, etc
do..
Wholesale and retail trade
do..
Wholesale trade
do..
Retail trade
do..
Finance, insurance, and real estate
do..
Services
_..do.
Government
do.
Federal
_
do.
State and local
do.
207.04
1
208.84
208.71
208.84
208.98
209.13
86,929
84,113
79,120
3,387
75, 732
4,993
88,991
86, 542
2 81, 702
3,472
78, 230
2 4, 840
90,448
88,055
82,629
3,976
78,653
5,426
91,005
88,617
83,443
4,061
79,383
5,173
90,758
88,362
83,505
4,031
79,475
4,857
82,034
3,658
78,376
4,658
86,597
81,782
3,443
78,339
4,815
1,151
86,941
82,061
3,610
78,451
4,880
1,170
209.58
209.72
209.83
209.92
210.04
210.16
210.28
89,400
4,470
82,703
3,363
79,340
4,266
89,437
86,997
82,881
3,163
79,719
4,116
88,122
85,718
81,043
2,955
78,088
4,675
89,075
86,683 87,325
81,838 2 82,814
2,956
3,131
78,882 79,683
4,845 4,512
89,823
87,473
83,299
3,295
80,004
4,174
89,891
87, 557
83,758
3,467
80,291
3,799
92, 729
90,414
85,567
4,053
81,514
4,847
87,066
82,256
3,579
78,677
4,810
1,134
87,236
82,397
3,658
78,739
4,839
1,117
87,023
82,525
3,556
78,969
4,498
1,068
87,267
82,780
3,650
79,130
4,487
1,001
86,921
82,555
3,501
79,054
4,366
919
87,569
83,127
3,424
79,703
4,442
88,350
83,917
3,311
80,606
4,433
763
88,405
84,024
3,275
80,749
4,381
802
88,932
84,674
3,403
81,271
4,258
775
5.5
3.8
5.4
16.2
5.0
10.0
2.8
3.4
6.0
5.6
9.8
5.1
4.8
5.5
3.9
5.5
15.4
5.0
10.0
2.8
3.5
6.0
5.6
10.3
5.1
4.5
5.2
3.5
5.0
15.6
4.6
10.1
2.5
3.1
5.8
5.3
10.5
4.6
4.2
5.1
3.4
5.1
15.7
4.6
9.6
2.4
3.3
5.6
5.2
9.8
4.4
3.9
5.0
3.3
5.3
14.3
4.6
8.9
2.4
3.2
5.6
5.1
3.4
4.9
15.8
4.6
9.0
2.4
3.0
5.7
5.0
3.4
4.9
14.2
4.4
9.0
2.5
2.9
5.4
5.0
3.4
4.7
15.4
4.5
9.1
2.4
3.1
5.4
5.0
3.4
4.6
15.4
4.4
9.4
2.3
2.8
5.4
4.8
3.2
4.9
13.3
4.3
8.5
2.3
2.8
5.3
5.1
9.0
5.0
4.6
5.1
8.7
4.5
4.3
4.9
8.5
4.6
4.5
4.9
9.4
4.3
3.8
4.9
9.0
4.5
4.1
4.7
7.9
4.4
3.7
89,591
87,176
82,707
3,721
1,181
1,158
86,554
81, 752
3,331
78,421
4.802
1,139
5.9
4.4
5.7
16.9
5.4
9.9
3.2
3.5
7.4
5.6
4.0
5.4
16.2
5.0
10.0
2.8
3.4
6.5
5.5
4.0
5.6
14.9
5.1
9.2
2.9
3.2
6.5
5.6
3.9
5.7
15.5
5.0
10.0
2.7
3.4
6.5
5.6
3.9
5.5
16.7
5.1
9.7
2.6
3.5
6.4
6.2
10.4
6.8
7.0
5.7
10.3
5.6
5.4
5.6
9.6
5.7
5.8
5.7
10.7
5.6
5.7
5.8
11.0
5.5
5.2
70,645
57,790
72,764
59,475
73,463
60,152
72,469
59,720
72,975
60,295
73,519
74,118
60,606
74,449
60,804
74,778
61,071
73,343
59,772
73,724
59,993
74,255
60,459
74,861 '75,404 '76,214
61,068 '61,589 '62,514
70,645
57,790
39, 262
22,542
602
3,411
72,764
59, 475
40,541
23,061
607
3,521
72,705
59,478
40,547
23,072
601
3,540
72,694
59,423
40,530
22,993
601
3,499
73,016
59, 693
40,718
23,122
603
3,544
73,268
59,883
40,814
23,226
606
3,551
73,584
60,178
40,968
23,379
608
3,561
73,835
60,382
41,070
23,444
608
3,524
74,002
60,500
41,098
23,468
607
3,459
74,252
60,774
41,311
23,571
610
3,498
74,715
61,182
41,596
23,792
612
3,594
74,914
61,340
41,697
23,857
610
3,604
75,105
61,491
41,764
23,906
608
3,571
18,529
10,565
192
581
458
634
1,227
1,328
1,805
1,768
1,724
437
410
7,964
1,758
76
957
1,336
684
1,071
1,008
191
581
302
48,103
4,442
15,142
3,809
11,333
3,796
11,869
12,856
2,664
10,191
18,933
10,884
188
612
493
660
1,235
1,371
1,864
1,833
1,747
456
425
18, 931
10,857
188
611
18,893
10,867
190
613
495
662
1,219
1,371
1,859
1,828
1,751
456
423
8,026
1,754
75
990
1,312
698
1,077
997
189
628
306
49,701
4,477
15,685
3,917
11,768
3,927
12,341
13,271
2,613
10,658
18,975
10,933
191
614
497
663
1,241
1,377
1,872
1,834
1,757
460
427
8,042
1,740
70
994
1,335
700
1,080
998
189
630
306
49,894
4,487
15,762
19,069
11,003
187
614
499
665
1,263
1,381
1,885
1,849
1,772
462
426
8,066
1,746
67
995
1,339
701
1,083
1,007
189
634
305
50,042
4,507
15,794
3,946
11,823 11,848
3,940
3,953
12,382 12,403
13,323 13,385
2,624
2,633
10,699 10,752
19,210
11,112
191
616
503
671
1,274
1,393
1,909
1,878
1,782
466
429
8,098
1,746
68
1,003
1,343
706
1,085
1,010
189
644
304
50,205
4,540
15,839
3,958
11,881
3,969
12,451
13,406
2,639
10,767
19,312
11,194
196
621
505
673
1,278
1,400
1,932
1,888
1,800
470
431
8,118
1,743
70
1,008
1,347
706
1,088
1,013
189
652
302
50,391
4,549
15,911
3,963
11,948
3,981
12,497
13,453
2,644
10,809
19,402 19,463 19,586 19,643 19,727 •19,782 •19,868
11,270 11,326 11,421 11,463 11,534 •11,602 •11,657
196
198
197
'193
197
195
'192
623
624
628
'629
630
631
'627
508
511
514
517
••523
520
'525
673
674
682
692
687
687
'693
1,286
1,284
1,286
1,280
1,288 ' 1, 299 '1,308
1,407
1,419
1,432
1,436
1,448 ' 1,456
1,455
1,950
1,965
1,973
1,990
2,006 ' 2, 021 '2,038
1,908
1,925
1,945
1,957
1,970 ••1,984 ' 2,004
1,814
1,845
1,817
1,846
1,869 ' 1,877 '1,884
472
481
477
484
'490
481
'494
433
433
437
439
438
439
'437
8,132
8,165
8,137
8,180
8,193 ' 8,180 '8,211
1,749
1,751
1,744
1,748
1,746 ' 1,736 ' 1,739
72
72
73
76
76
76
'76
1,015
1,014
1,023
1,023
1,023 ' 1,022 ' 1,024
1,345
1,349
1,337
1,350
1,357 ' 1,351 ' 1,351
708
707
711
719
715
712
'719
1,093
1,095
1,090
1,092
1,094
1,096
1,100
1,016
1,014
1,014
1,018
1,021 ' 1, 025 ' 1,029
189
189
185
186
183
'185
••182
664
672
657
674
680
'688
676
299
295
295
296
299
'300
298
50,534 50,681 50,923 51,057 51,199 r51,311 '51,301
4,558 4,574 4,580 4,580
4,591 ' 4,593 ' 4,589
15,946 16,013 16,114 16,163 16,217 ' 16,256 ' 16,244
3,970 4,001
4,022
4,029 4,044 ' 4,046 ' 4,071
11,976 12,012 12,092 12,134 12,173 -•12,210 '12,173
3,991
3,995 4,014
4,044 ' 4,049
4,024 4,031
12,537 12,621 12,682 12, 716 12,746 r 12,776 '12,803
13,502 13,478 13,533 13,574 13,614 ' 13,642 '13,616
2,641 ' 2,613
2,650
2,634
2,628
2,628
2,631
10,852 10,844 10,905 10,943 10,986 '11,001 '11,003
8,049
1,751
72
991
1,335
697
1,080
1,002
190
627
304
49,704
4,495
15,683
3,918
11,765
3,927
12,309
13,290
2,650
10,640
490
661
1,224
1,372
1,858
1,830
1,740
457
426
8,074
1,771
74
990
1,332
698
1,080
1,001
190
629
309
49,633
4,486
15,678
3,922
11,756
3,927
12,315
13,227
2,639
10,588
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted £.. .thous.. 47,732 49,223 49,862 49,407 49,952
13,434
13,838 13,960 13,590 14,023
Manufacturing
_
...do.
Seasonally Adjusted
Production or nonsupervisory workers on private
nonagricultural payrolls**
thous. 47,732 49,223 49,228 49,169 49,412
Goods-producing*
do
16,717
17,205 17, 219 17,150 17,268
Mining*
do...
451
456
459
453
455
Contract construction*
do...
2,928
2,908
2,832
2,925
2,887
Manufacturing
do.._
13,884
13,838 13,841 13,808
13,434
Durable goods
...do...
7,972
7,919
7,598
7,896
7,907
Ordnance and accessories
do...
94
97
94
2
'Revised. *> Preliminary. * As of July 1.
See note § below.
fSeenote"f,"p. S-14.
§Effective Jan. 1972, data are adjusted to the 1970 Census and are not directly comparable
with earlier data. On unadjusted basis, 330,000 were added to civilian labor force and 301,000
to civilian employment. Effective Mar. 1973, subsequent adjustments added 60,000 to the
labor force and to total employment. Beginning in the Feb. 1973 SURVEY, data reflect new
seasonal factors; comparable earlierfiguresappear in EMPLOYMENT & EARNINGS (Feb. 1973),
USDL, BLS.
209.44
50, 036 50,256
14,180 14,225
49,581
17,350
458
2,936
13,956
8,027
93
49,839
17,486
460
2,944
14,082
8,124
96
83,889
3,480
80,409
4,379
859
•75,321
•61,679
•41,897
•24,010
'608
' 3,620
75,432
•61,816
41,948
•24,131
'613
'3,650
50,442 50,689
14, 281 14,282
49,365
14,130
49,562
14,258
49,994
14,345
50,554 51,025
14,394 ••14,457
50,105
17,555
458
2,841
14,256
8,266
102
50,316
17,624
462
2,867
14,295
8,307
102
50,708
17,827
464
2,961
14,402
8,386
103
50,830
17,890
462
2,977
14,451
8,425
102
50,947 51,090 •51,197
17,920 17,996 18,108
••461
'463
461
3,018
2,938 '2,984
14,521 14,551 14,625
8,483 ' 8,528 ' 8,576
99
101
50,021
17,539
459
2,905
14,175
8,200
102
51,857
14,752
*New series; see also note "J".
tEffective Oct. 1972 SURVEY, employment, hours, earnings, etc., reflect revised benchmarks and seasonal factors, and are not comparable withfiguresin earlier SURVEYS and in
BUSINESS STATISTICS. Unadjusted data through June 1972 and seasonally adjusted data
through Dec. 1967 appear in BLS Bulletin 1312-9, EMPLOYMENT & EARNINGS, 1909-72. Effec-
tive June 1973 SURVEY, all seasonally adjusted data again reflect new factors; comparable
data, 1968-73, appear in EMPLOYMENT & EARNINGS (June 1973), BLS.
. 15 U ^lJNiD
UJb UUJKJ
S-14
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
August 197^
1972
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
544
430
550
1,033
1,118
1,356
1,361
1,351 '
May
June
July?
'542
'428
555
1,044
1,123
1,366
1,370
1,354
296
'304
343
343
6,038 ' 6, 023
1,178 '•1,170
63
63
900
••900
1,182 ' 1, 174
552
557
663
'661
593
596
115
115
536
531
256
••256
33,027 33, 094
3,952
3,957
14,404 14,435
3,381 ' 3, 385
11,023 11, 050
3,139 ' 3,143
11,532 11,559
'541
'435
'554
' 1, 052
' 1,124
' 1, 379
' 1,386
' 1,360
'306
'341
' 6, 049
' 1,173
'63
'900
' 1,176
'557
'664
'598
'117
'544
'257
33,091
' 3, 953
14,409
' 3,405
11,004
' 3,143
11, 586
541
430
553
1,046
1,116
1,370
1,394
1,347
302
336
6,013
1,177
64
901
1,131
562
666
604
117
539
252
33,112
3,962
14,419
3,401
11,018
3,149
11,582
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT—Continued
Seasonally Adjusted
Production or nonsupervisory workers on payrolls}
—Continued
Manufacturing, durable goods industries—Con.
Lumber and wood products
thous..
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
do
Nondurable goods
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products._.do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
l..do
Petroleum and coal products
do
Kubber and plastics products, nee._.do
Leather and leather products
do
Service-producing*
do
Transportation, comm., elec, gas, etc*
do
Wholesale and retail trade*
do
Wholesale trade*
do
Retail trade*
do
Finance, insurance, and real estate*
do
Services*
_
do
500
377
503
968
1,010
1,178
1,171
1,218
261
316
5,836
1,186
63
839
1,168
523
654
580
117
448
258
31,015
3,844
13,439
3,181
10, 258
2,984
10,748
527
408
527
984
1,049
1,236
1,238
1,248
276
331
5,919
1,180
59
871
1,165
537
657
581
117
489
261
32,018
3,883
13, 923
3,278
10, 645
3,072
11,140
526
405
527
976
1,052
1,231
1,236
1,242
276
331
5,945
1,201
62
870
1,163
539
657
580
117
491
265
32,009
3,879
13,911
3,283
10, 628
3,074
11,145
528
409
529
969
1,049
1,234
1,234
1,253
276
330
5,901
1,186
62
870
1,142
539
655
579
116
489
263
32,019
3,865
13,919
3,280
10, 639
3,069
11,166
529
411
530
992
1,056
1,246
1,240
1,260
279
332
5,912
1,168
57
874
1,164
540
657
580
117
492
263
32,144
3,871
13,983
3, 296
10, 687
3,083
11, 207
37.0
42.3
37.3
39.9
37.2
42.5
37.0
40.6
37.2
37.6
42.2
37.0
40.4
40.6
3.4
529
413
530
1,013
1,059
1,252
1,251
1,273
281
333
5,929
1,174
54
875
1,168
541
658
585
531
416
537
1,023
1,069
1,277
1,278
1,278
284
335
535
419
539
1,025
1,075
1,298
1,288
1,294
287
338
37.1
37.6
42.5
37.0
40.6
• 40.6
3.5
37.3
37.4
42.7
36.9
41.0
40.8
37.3
37.3
42.5
37.4
40.8
40.7
3.6
37.2
37.1
42.4
36.9
41.0
40.8
3.7
539
424
539
1,031
1,091
1,324
1,316
1,310
292
339
5,988
1,181
59
893
1,161
548
662
590
119
522
253
32,692
3,947
14, 211
3,350
10, 861
3,111
11,423
543
426
547
1,033
1,104
1,328
1,337
1,327
295
343
6,016
1,184
61
902
1,173
552
661
587
115
529
252
32,881
3,949
14,320
3,363
10, 957
3,127
11,485
543
428
550
1,027
1,108
1,343
1,349
1,334
298
343
6,026
1,181
63
900
1,174
554
661
592
117
531
253
32,940
3, 945
14,362
3,372
10, 990
3,134
11,499
37.0
37.2
41.8
35.8
41.2
40.7
3.8
36.9
36.6
41.5
36.1
40.0
40.3
3.7
37.2
36.8
42.0
36.2
40.6
41.0
3.9
37.1
36.9
41.9
37.0
40.8
40.9
3.9
37.2
36.9
41.7
37.0
40.7
40.9
4.1
37.2
37.0
42.5
'37.5
'40.7
'40.7
3.9
37.2
37.5
'42.8
'37.4
'40.9
'40.6
37.3
37.7
42.8
37.4
40.7
40.9
538
421
538
1,033
1,082
1,314
1,306
1,305
289
338
5,975
5,990
5,958
1,171
1,175
1,175
57
59
55
887
894
882
1,176
1,172
1,171
546
547
545
659
660
659
589
590
587
119
119
118
117
513
517
505
495
258
257
261
262
32,231 32,353 32,482 32,550
3,885
3,922 3, 930 3,937
14,025 14,067 14,137 14,157
3,301
3,319
3,324
3,315
10, 724 10, 752 10,818 10,833
3,090
3,106
3,111
3,097
11, 231 11, 267 11,309 11,345
AVERAGE HOURS PER WEEK
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.
payrolls: ^Seasonally adjusted
hours..
Not seasonally adjusted
do
Mining
do
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.
2.9
3.5
37.1
37.4
42.6
36.9
40.9
40.6
3.4
40.4
2.8
41.7
40.3
39.8
41.6
40.4
40.4
40.6
39.9
40.7
39.8
38.9
41.3
3.6
42.2
41.0
40.5
41.9
41.6
41.2
42.0
40.5
41.8
40.5
39.3
41.3
3.4
42.0
41.2
40.7
42.0
41.4
41.1
42.1
40.5
41.5
40.6
39.5
41.2
3.5
42.3
41.1
40.4
41.9
41.5
41.2
42.1
40.4
41.4
40.5
39.3
41.3
3.6
42.6
41.2
40.5
41.9
41.6
41.2
42.2
40.5
41.4
40.6
39.4
41.4
3.8
42.3
41.3
40.5
42.0
41.9
41.3
42.4
40.6
41.9
40.7
39.5
41.4
3.8
42.5
41.0
40.3
42.1
42.2
41.4
42.4
40.6
41.7
40.6
39.3
41.7
3.9
42.3
41.0
40.3
41.8
42.7
41.6
42.6
40.8
42.2
40.5
39.3
41.5
4.0
42.5
39.8
40.0
41.6
42.4
41.6
42.6
40.5
42.4
40.6
39.1
41.3
4.1
42.5
39.9
39.0
41.1
42.4
41.4
42.4
40.4
42.3
40.4
38.7
42.0
4.4
42.7
40.7
40.6
42.2
42.4
41.9
42.9
41.1
43.2
40.8
39.4
41.6
4.1
42.4
41.0
40.6
42.3
42.1
41.7
42.6
40.6
42.0
40.7
39.3
41.8
4.4
42.0
41.1
40.4
42.3
42.2
41.8
42.5
40.6
43.5
40.8
39.0
41.6
4.2
'41.9
'40.7
40.1
42.3
'41.9
'41.6
'42.6
40.6
'42.1
'40.7
'39.1
'41.4
'4.0
'41.7
'40.8
40.1
••42.1
'41.9
'41.5
'42.5
'40.1
'42.0
'40.5
39.0
41.6
4.2
42.5
40.9
40.3
42.5
42.9
41.8
42.3
40.3
42.7
40.3
38.8
39.3
3.0
40.3
37.0
40.6
35.6
39.7
3.3
40/4
34.7
41.3
36.0
39.7
3.3
40.4
34.3
41.3
35.9
39.6
3.3
40.4
34.2
41.2
35.9
39.7
3.3
40.3
35.3
41.3
36.0
39.8
3.4
40.3
34.4
41.4
36. 2
39.8
3.4
40.4
35.5
41.3
36.2
39.8
3.5
40.3
35.4
41.3
36.1
39.6
3.4
40.4
35.4
41.2
35.7
39.1
3.4
40.1
33.9
39.5
34.5
39.7
3.4
40.2
35.6
41.2
36.0
39.8
3.5
40.2
36.0
41.3
36.2
39.8
3.6
40.1
36.5
41.6
36.1
39.6
3.4
'40,4
'35.3
40.9
36.0
'39.6
'3.3
'40.2
'35.2
40.8
35.9
39.8
3.4
40.2
36.4
41.2
36.3
do.
do.
do.
do.
do.
...do.
42.1
37.5
41.6
42.4
40.3
37.7
42.8
37.9
41.8
42. 2
41.2
38.3
42.9
37.8
41.9
42.1
41.2
38.6
42.8
37.9
41.8
41.7
41.0
38.4
43.0
37.9
41.8
41.8
41.3
38.9
42.9
38.2
41.9
42.3
41.2
38.7
42.9
38.0
42.0
42.3
41.3
37.9
43.1
38.2
41.9
42.4
41.6
37.8
42.9
37.7
41.9
42.2
41.3
36.5
42.5
37.8
41.6
41.9
41.0
37.2
43.0
38.0
42.0
41.9
41.5
37.8
43.1
38.0
42.0
42.0
41.5
37.9
42.8
38.0
41.9
41.9
41.5
38.2
42.8
'38.0
42.0
'42.1
'40.8
'37.9
42.7
'37.8
42.1
'41.7
'40.7
38.1
42.8
38.0
42.2
41.9
40.8
38.3
do..
do..
do..
do..
...do..
do..
40.2
35.1
39.8
33.7
37.0
34.2
40.4
35.1
39.8
33.6
37.2
34.1
40.6
35.2
39.9
33.8
37.2
34.2
40.3
35.1
39.9
33.6
37.3
34.2
40.6
35.0
39.6
33.6
37.1
34.1
40.3
35.0
39.9
33.6
37.2
34.2
40.5
35.1
39.8
33.5
37.2
34.2
40.4
35.0
39.8
33.5
37.0
34.1
40.5
35.1
39.7
33.6
37.1
34.0
40.6
34.9
39.7
33.4
37.0
34.1
40.4
35.0
39.7
33.5
37.1
34.1
40.4
34.8
39.7
33.4
37.0
34.0
40.7
34.8
39.5
33. 4
37.2
34.1
'41.0
34.8
'41.0
'34.9
'39.7
33.4
37.0
34.2
39.5
'33.5
37.0
34.4
40.8
34.9
39.6
33.4
37.2
34.4
137.72
111. 72
1.32
6.62
38.34
9.29
27.74
7.30
21.11
26.00
142.46
115.37
1.34
6.78
39.68
9.47
28.68
7.59
21.83
27.09
142. 66
115. 59
1.33
6.81
39.68
9.49
28.79
7.60
21.88
27.07
143. 73 144. 27
116. 26 116. 90
1.35
1.34
6.94
6.83
40.35
40.05
9.58
9.46
144.60
117. 20
1.34
6.78
40.69
9.58
29.01
7.67
22.14
27.40
144.52
117.10
1.32
6.46
40.74
9.62
29.11
7.71
22.15
27.43
145.15
117. 67
1.32
6.57
40.94
9.66
29.12
7.69
22.38
27.47
146. 28
118. 69
1.34
6.76
41.37
9.62
29.37
7.74
22.49
27.59
146.38
118. 85
1.33
6.93
41.35
9.62
29.39
7.74
22.48
27.53
146.98 147.50
119.37 119.84
1.32
'1.34
'7.06
6.87
41.62 '41.58
9.72 '9.79
29.45 r 29.56
7.78
7.80
22.60
22.72
27.61 ' 27. 67
147.65
120.18
1.36
'7.10
'41.68
'9.78
' 29.57
'7.79
" 22.90
• 27.47
148.09
120.31
1.37
7.14
41.66
9.76
29.57
7.83
22.97
27.78
102.8
94.0
95.6
103.5
106.6
98.1
97.5
105.5
106.7
98.0
96.6
105.8
Nondurable goods
do..
Overtime hours
__.do_.
Food and kindred products
do..
Tobacco manufactures
do..
Textile mill products....
do..
Apparel and other textile products
do..
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products..
Trans., comm., elec, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
_
_
MAN-HOURS
Seasonally Adjusted
Man-hours of wage and salary workers, nonagiic.
establishments, for 1 week in the month, seasonally adjusted at annual rate J..bil. man-hours..
Total private sector*
do
Mining
do
Contract construction
do .
Manufacturing
do
Transportation, comm., elec, gas
do".
Wholesale and retail trade
do
Finance, insurance, and real estate " " d o
Services
do
Government*
_
......do....
Indexes
of
man-hours
(aggregate
weekly):
J
If
Pl
"iy a te nonagric. payrolls, total*
1967 = 100
Goods-producing*
do
Mining*...
_
"
&0~
Contract construction*
do"...
p
*New series.
Revised.
Digitized^Revised.
for
FRASERv Preliminary.
JSee note "J," p. S-13.
http://fraser.stlouisfed.org/
1 Production and nonsupervisory workers.
Federal Reserve Bank of St. Louis
142. 26 142. 67
115. 23 115. 74
1.32
1.33
6.75
6.84
39.53
39.78
9.40
9.49
28.68
28.76
7.62
7.61
21.94
21.93
26.92
27.03
106.4
97.6
96.1
104.7
106.9
98.4
97.0
106.2
7.65
22.04
27.47
7.68
22.12
27.37
108.4
109.8
109.9
110.4 '110.8 1 111.1 111.2
99.5
103.7
102.1
102.4
102.9 ' 103.1 ' 103.4
95.9
99. g
97.5
96.9
99.1
18.0
96.2
101.4
105.0
107.9
106.5 ' 109.7 '110.6 111.6
NOTE FOR S-13: {Revisions (back to 1960), to adjust to the 1970 Census, appear in "Estimates of the Population of the United States and Components of Change- 1972 " P-25.
No. 499 (May 1973), Bureau of the Census.
107.5
99.2
97.8
106.2
108.1
100.1
97.8
107.9
108.4
100.5
97.4
105.0
108.2
99.8
95.8
99.7
August 1973
UV (JUKI
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
S-15
1972
1972
Annual
51JN.E
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July v
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
M AN-H O URS—Continued
Indexes of man-hours, private nonagric. payrolls,
goods-producing indus-t, Useas. adjusted—Con.
Manufacturing
1967 = 100_.
Durable goods
do
Nondurable goods
do
Service-producing*
do
Transportation, comm., elec, gas*
do
Wholesale and retail trade*
do
Wholesale trade*
do
Retail trade*
do
Finance, insurance, and real estate*
do
Services*
do
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker :1ft
Not seasonally adjusted:
Private nonagric. payrolls
dollars
Mining
do_.
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 equipment and supplies.do._.
Transportation equipment
do...
Instruments and related products..do...
Miscellaneous manufacturing i n d . - . d o . . .
Nondurable goods
do...
Excluding overtime
do. -.
Food and kindred products
do...
Tobacco manufactures
do...
Textile mill products
do._.
Apparel and other textile prod
do_.
Paper and allied products
do...
Printing and publishing
do...
Chemicals and allied products
do...
Petroleum and coal products
do..
Rubber and plastics products, nee . d o . . .
Leather and leather products
do._
Transportation, comm., elec, gas
do..
Wholesale and retail trade
do..
Wholesale trade
do..
Retail trade
do..
Finance, insurance, and real estate
do..
Services
do. _
Seasonally adjusted:*
Private nonagricultural payrolls
do.
Mining
do.
Contract construction
do.
Manufacturing
do.
Transportation, comm., elec, gas
do.
Wholesale and retail trade
do.
Finance, insurance, and real estate
do..
Services
do.
Indexes of avg. hourly earnings, seas, adj.: <£>*%
Private nonfarm economy:
Current dollars
1967 = 100
1967dollarsA
do...
Mining
do.
Contract construction
do...
Manufacturing
do.
Transportation, comm., elec, gas
do___
Wholesale and retail trade
do_ _ _
Finance, insurance, and real estate
do...
Services
do...
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (E N R ) : cf
Common labor
$ per hr
Skilled labor
______
do
Farm, without board or rm., 1st of mo
do....
Railroad wages (average, class I)
do
Avg. weekly earnings per worker, ^private nonfarm:
Current dollars, seasonally adjusted*...
1967 dollars, seasonally adjusted*A
Spendable earnings (worker with 3 dependents):
Current dollars, seasonally adjusted
1967 dollars, seasonally ad justed A
Current dollars, not seasonally adjustedz%
Private nonfarm, total
dollars..
Mining
do
Contract construction
do
Manufacturing
do.
Durable goods
I_IIdoIIII
Nondurable goods
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Wholesale trade
do
Retail trade
do
Finance, insurance, and real estate
do
Services
do_
92.3
89.1
97.1
108.9
102.7
106.7
105.5
107.1
116.1
112.8
96.8
94.9
99.5
112.5
104.4
110.4
109.0
110.9
120.1
116.8
96.7
94.5
99.9
112.8
104.7
110.8
109.3
111.3
120.3
117.0
96.4
94.6
99.1
112.5
103.6
110.3
109.2
110.7
120.4
117.2
97.1
95.5
99.5
112.8
104.5
110.6
108.9
111.2
120.3
117.3
98.0
96.6
100.0
113.2
104.1
111.2
109.9
111.6
120.9
117.9
98.8
97.8
100.4
113.6
105.6
111.2
110.1
111.6
121.2
118.3
99.8
99.2
100.7
113.8
105.6
111.7
110.3
112.3
120.9
118.4
99.9
99.6
100.4
114.1
106.0
112.0
110.1
112.8
121.4
118.4
99.3
99.6
98.8
114.5
106.6
112.0
111.0
112.4
121.1
119.6
101.7
102.1
101.2
115.2
106.1
113.1
111.4
113.7
122.0
120.2
101.6
101.7
101.6
115.1
106.0
113.2
111.7
113.7
122.0
120.0
3.43
4.06
5.69
3.56
3.44
3.79
3.66
3.84
3.15
2.90
3.66
4.23
3.74
3.99
3.48
4.41
3.52
2.97
3.65
4.38
6.06
3.81
3.65
4.05
3.88
4.09
3.31
3.06
3.91
4.66
3.99
4.27
3.67
4.73
3.72
3.11
3.63
4.34
5.94
3.79
3.63
4.03
3.86
4.09
3.33
3.05
3.91
4.62
3.98
4.26
3.65
4.69
3.71
3.10
3.64
4.35
5.96
3.78
3.63
4.01
3.85
4.10
3.34
3.04
3.93
4.64
3.97
4.24
3.66
4.63
3.70
3.09
3.77
4.60
6.42
3.98
3.81
4.23
4.04
4.18
3.45
3.15
4.03
4.87
4.13
4.44
3.80
5.00
3.82
3.24
3.43
3.14
3.48
3.34
3.59
3.57
2.71
2.58
3.97
4.49
4.23
4.97
3.61
2.70
4.66
3.01
3.87
2.70
3.45
3.14
3.53
3.38
3.66
3.49
2.78
2.68
4.03
4.56
4.29
5.02
3.68
2.72
4.82
3.07
3.94
2.75
3.49
3.25
3.58
3.43
3.72
3.49
2.83
2.69
4.06
4.59
4.33
5.03
3.72
2.74
4.86
3.07
3.99
2.75
3.52
3.27
3.61
3.47
3.75
3.56
2.87
2.72
4.06
4.56
4.36
5.09
3.74
2.77
4.87
3.11
3.99
2.78
3.54
3.27
3.78
4.55
6.31
3.97
3.80
4.23
4.03
4.15
3.47
3.17
4.04
4.86
4.15
4.45
3.78
5.00
3.82
3.22
3.59
3.45
3.75
3.65
2.88
2.72
4.07
4.58
4.35
5.09
3.73
2.78
4.90
3.13
4.02
2.80
3.56
3.28
3.80
4.55
6.28
3.98
3.81
4.23
4.03
4.17
3.47
3.19
4.07
4.88
4.15
4.46
3.79
4.96
3.82
3.23
3.45
3.31
3.59
3.53
2.72
2.59
3.92
4.47
4.20
4.94
3.56
2.70
4.58
3.00
3.85
3.74
4.41
6.22
3.86
3.69
4.11
3.92
4.13
3.37
3.12
4.02
4.74
4.05
4.35
3.71
4.81
3.73
3.13
3.52
3.37
3.63
3.38
2.76
2.67
4.02
4.55
4.28
5.01
3.69
2.72
4.80
3.06
3.93
2.74
3.48
3.24
3.74
4.55
6.32
3.95
3.78
4.21
4.01
4.18
3.38
3.15
4.02
4.81
4.13
4.44
3.79
5.01
3.83
3.19
3.47
3.33
3.60
3.43
2.73
2.61
3.94
4.48
4.20
4.95
3.60
2.71
4.64
3.02
3.88
2.70
3.45
3.18
3.72
4.42
6.15
3.86
3.68
4.11
3.92
4.15
3.38
3.11
3.99
4.75
4.05
4.33
3.72
4.80
3.74
3.13
3.51
3.36
3.61
3.35
2.75
2.65
4.01
4.56
4.26
5.00
3.66
2.72
4.74
3.05
3.91
2.73
3.47
3.23
3.74
4.47
6.23
3.89
3.72
4.14
3.95
4.13
3.40
3.13
4.00
4.80
4.07
4.38
3.74
4.87
3.74
3.15
3.26
3.14
3.38
3.15
2.57
2.49
3.67
4.20
3.94
4.57
3.40
2.60
4.20
2.87
3.67
2.57
3.28
3.01
3.66
4.37
6.03
3.80
3.64
4.04
3.87
4.10
3.33
3.08
3.96
4.69
3.99
4.26
3.68
4.71
3.71
3.09
3.47
3.32
3.57
3.38
2.73
2.61
3.97
4.49
4.23
4.94
3.63
2.70
4.70
3.01
3.86
2.70
3.44
3.14
3.43
4.06
5.69
3.56
4.20
2.87
3.28
3.01
3.65
4.38
6.06
3.81
4.64
3.02
3.45
3.18
3. 63
4.37
6.01
3.79
4.60
3.00
3.44
3.16
3.65
4.39
6.02
3.79
4.65
3.02
3.45
3.16
3.67
4.41
6.07
3.83
4.69
3.03
3.45
3.17
3.69
4.42
6.10
3.86
4.70
3.05
3.48
3.21
3.73
4.41
6.15
3.88
4.80
3.06
3.49
3.23
3.73
4.44
6.19
3.89
4.81
3.07
3.49
3.24
3.75
4.53
6.29
3.93
4.85
3.09
3.53
3.27
3.77
4.58
6.37
3.97
4.86
3.09
3.53
3. 26
129.7
106.9
127.2
138.1
127.5
130.0
128.3
126.8
131.1
137.9
110.1
136.7
146.9
135.4
143.7
135.0
133.4
138.4
137.2
109.9
136.3
145.6
135.0
142.1
134.5
133.0
137.5
138.0
110.1
137.3
145.8
135.5
144.0
135.3
133.9
138.3
138.5
110.2
137.7
147.0
136.1
145.1
135.5
133.8
138.4
139.3
110.4
138.1
148.0
136.8
145.9
136.5
134.9
139.7
140.4
110.9
137.8
149.2
137.5
148.2
137.2
135.4
140.7
140.7
110.8
138.4
149.6
138.0
148.7
137.4
135.2
141.0
141.9
111.5
140.9
151.8
138.8
150.1
138.4
136.5
142.0
6.010
8.340
1.73
14.416
6.642
9.146
1.84
6.704
9.174
6.758
9.255
1.85
6.773
9.280
6.786
9.337
6.813
9.490
1.82
6.836
9.378
6.841
9.396
102.3
103.0
101.3
116.4
107.8
113.7
112.3
114.2
122.3
122.4
102.5
103.2
101.3
116.4
107.5
113.6
112.4
114.0
123.2
122.3
3.61
3.46
3.77
3.70
2.88
2.73
4.08
4.60
4.36
5.15
3.73
2.80
4.89
3.14
4.03
2.81
3.55
3.30
3.83
4.60
6.31
4.01
3.83
4.26
4.06
4.18
3.51
3.21
4.11
4.92
4.19
4.49
3.81
5.00
3.81
3.22
3.63
3.48
3.78
3.81
2.90
2.74
4.11
4.63
4.40
5.22
3.76
2.79
4.96
3.16
4.07
2.83
3.59
3.32
3.85
'4.61
'6.34
'4.02
3.85
4.28
4.08
'4.23
'3.54
3.24
4.14
'4.95
'4.21
4.50
'3.81
'5.00
'3.86
3.26
3.64
3.50
3.82
3.84
2.90
'2.74
4.12
4.67
'4.42
5.22
'3.71
2.80
4.96
3.17
4.09
2.84
3.57
'3.32
3.87
4.64
'6.35
4.04
'3.85
4.30
'4.09
'4.22
'3.61
'3.25
4.16
'4.96
4.24
'4.50
3.83
'5.04
'3.85
3.26
3.65
'3.50
'3.81
'3.87
2.89
2.74
'4.15
'4.66
4.45
'5.24
'3.74
'2.79
'4.98
3.18
'4.09
2.85
3.57
'3.33
3.89
4.70
6.38
4.05
3.88
4.30
4.11
4.23
3.58
3.26
4.18
5.02
4.23
4.48
3.85
5.05
3.84
3.26
3.68
3.53
3.80
3.95
2.89
2.73
4.20
4.69
4.48
5.24
3.82
2.79
5.01
3.19
4.12
2.86
3.61
3.34
3.78
4.52
6.29
3.96
4.90
3.11
3.53
3.27
3.81
4.54
6.31
3.98
4.92
3.13
3.54
3.30
3.84
4.59
6.35
4.01
4.97
3.15
3.58
3.32
3.85
'4.62
'6.34
'4.02
4.97
3.16
3.56
'3.32
3.87
4.67
'6.43
4.04
'5.00
3.18
3.58
'3.35
3.90
4.74
6.44
4.06
5.00
3.20
3.61
3.36
142.3
111.3
142.4
154.0
139.5
150.4
138.7
136.8
142.2
142.5
110.7
141.5
151.6
139.7
151.5
139.2
137.0
142.3
143.3
110.4
142.5
152.6
140.4
152.1
140.2
136.9
143.6
144.4
144.
110.5
110.
144.0 '144.
153.4
153.
141.1
141.
154.6
153.
141.2
141.
139.1
138.
144.7
144.
• 145.
110.
146.
155.
• 142.
154.
142.
•139.
146.
146.4
110.5
147.6
155.9
143.2
155.1
143.3
140.7
146.4
6.896
9.410
1.98
9.410
6.897
9.414
6.910
9.490
1.97
6.93
9.48
7.04
9.52
7.09
9.55
2.02
5.199
126.91
104.62
135. 78 134. 67 135. 78
108.36 107. 88 108.35
136.16 137. 64 139.13
108. 36 109. 07 109.89
138. 76
109. 28
138. 75 139.11
109. 05 108. 79
140. 62
109. 22
141. 35 142.85
108. 83 109.30
143.22
108.94
143.96
108.89
145.47
109. 78
112.12
92.43
120. 79 119. 92 120. 79
96.39
96.40 96.07
121. 09 122. 26 123. 43
96.36
96.89
123.14
96.98
123.14
96.78
122.51
95.81
123. 70
124. 26
95.67
125.42
95.96
125. 70
95.61
126.28
95.51
127.44
96.17
126.91
171.74
212. 24
142.04
153.12
128.12
168.84
100.74
146.07
86.61
121.36
102.94
135.78
186.15
224. 22
154.69
167. 27
137. 76
187. 46
106. 00
154. 42
90.72
128.34
108. 44
136.86 137. 62
184.44 186. 60
225.88 230.35
152.71 154. 28
164.01 166. 04
138.16 138. 80
189.66 191. 76
108.36 108.06
155.19 153. 63
93.69
93.69
129.03 127. 97
108.
64
109. 27
' Revised.
v Preliminary.
i Includes adjustments not distributed by months.
JSee corresponding note, p. S-13.
^Production and nonsupervisory workers.
*New
series.
Digitized0Source:
for FRASER
USDL, Bureau of Labor Statistics; the indexes exclude effects of changes in the
proportion of workers in high-wage and low-wage industries, and the total and manufacturing
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
102.1
102.5
102. 8
103.0
101.7
101.1
115.7
116.1
107.0
107.9
113.4
113.7
112.2
111.5
114.1 ' 114. 3
122.8 ' 122. 3
120.7
121.4
135.76
186.62
223.34
155.01
167.65
137.66
186.86
106. 50
154.00
91.73
127.60
107.39
139.13 139.50 138.75 139.13 137. 98 139.10 140. 22 141.33 142.45 145.13 146. 65
189.18 189.19
191.10 189.98
188.37 188. 37 191.82 195.46 '200.45 202.10
234.93 237.60 224. 28 222.46 223.42 220.22 229. 85 232.21 237.75 '241.94 244.35
158. 26 157. 49 159. 49 162. 74 159.20 161.18 162.38 163.21 163. 61 '165.24 164.84
171.39 170.57 173. 05 177. 24 173.43 175.97 175. 97 177. 22 178. 05 '179.31 177.59
140.40 140.10 141.20 142. 84 139.71 141. 09 142. 96 143.39 143. 78 '145.27 146. 83
191.97 194.88 195.21 197. 80 195.77 197.47 196. 58 199.39 '201.87 '205.18 206.41
107. 06 106.79 106. 53 108.37 107.30 107. 99 108. 33 108.70 109.37 '111.94 114.20
156. 01 156. 41 156.81 160.00 157.61 158.79 159. 59 159.95 161.56 '161.96 163. 98
93.39
93.72 ' 96.33 98.67
92.45
91.73 91.24
91.30
93.23 91.46
92.12
65
128. 74 129.80 129.13 130. 59 130.98 132.08 131. 35 133.55 131. 73 132.09 134.
'114.55 116. 90
110.48
112.88
112.55
110.47
110. 50 111. 18 110.85 111.19 111.87
indexes also exclude, for the manufacturing sector only, effects of fluctuations in overtime
premiums. See also note " t , " p. S-13. tfWages as of Aug. 1,1973: Common, $7.18; skilled,
$9.66.
AEarnings expressed in 1967 dollars are adjusted for changes in purchasing power
since the base period, 1967, by dividing by the Consumer Price Index for the respective period.
CUERENT
S-16
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS STATISTICS
1971
August 1973
1972
1972
Annual
June
July
Aug.
1973
Sept.
Nov.
Oct.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP-WANTED ADVERTISING
Seasonally adjusted indexf.1967=100.
LABOR TURNOVER*
Manufacturing establishments:
Unadjusted for 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
82
100
97
103
107
103
109
109
117
122
119
121
122
122
3.9
2.5
4.2
1.8
1.6
4.4
3.3
4.2
2.2
1.1
5.2
4.1
4.2
2.2
1.1
4.6
3.4
4.8
2.2
1.7
6.0
4.4
5.4
3.6
.9
5.3
4.2
5.3
3.4
4.8
3.8
4.3
2.5
3.6
2.9
3.7
1.9
1.0
2.7
2.0
3.6
1.6
1.3
4.6
35
4.2
2.2
1.0
4.0
3.1
3.7
2.1
4.4
3.5
4.2
2.5
4.5
3.6
4.1
2.4
.7
5.3
4.4
'4.3
'2.7
'.6
4.0
2.9
4.5
2.2
1.4
4.4
3.2
4.3
2.2
1.2
4.5
3.3
4.2
2.4
1.0
4.4
3.3
4.1
2.1
1.0
4.6
3.5
4.0
2.3
4.5
3.6
4.1
2.4
4.3
3.5
4.1
2.5
1.0
4.9
4.0
4.4
2.6
.9
4.8
3.9
4.4
2.7
4.9
4.0
4.7
2.9
.9
4.9
3.9
4.4
2.6
5.1
4.3
'4.7
'2.8
425
670
640
360
630
440
710
320
560
270
510
200
410
310
480
380
590
410
670
470
710
580
860
520
840
311
388
3,513
177
426
3,185
108
198
2,492
129
214
2,049
139
196
1,065
93
136
1,075
41
99
914
118
145
1,433
141
200
1.281
110
156
1,330
146
167
1,890
155
253
2,483
238
299
2,173
1,952
2,088
1,763
1,554
1,512
1,692
1,993
2,333
2,250
2,075
1,828
1,610
1,523
1,119
1,507
1,347
1,801
1,539
2,124
1,000
2,062
916
1,898
920
1,669
1,465
1,383
3.3
3.0
1,350
342.0
3.8
2.7
1,758
465.3
3.7
2.7
1,803
415.0
3.4
2.8
1,751
1412.3
2.8
2.7
1,506
361.1
2.5
2.7
P2.4
31
28
INDUSTRIAL D I S P U T E S
Work stoppages:
Number of stoppages:
5,138
P 5,100
Beginning in month or year
number-.
In effect during month
do—
Workers involved in stoppages:
p 1, 700
3,280
Beginning in month or year
thous.-.
In effect during month
do—
Man-days idle during month or year
d o — ~47~589"
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
2,186
2,593
weekly §9
thous..
State programs:
13,580
15,337
Initial claims
do
2,150
1,848
Insured unemployment, avg weekly...do
Percent of covered employment:^
3.5
4.1
Unadjusted
Seasonally adjusted.
P 1,470
1,814
Beneficiaries, average weekly
thous..
1
Benefits paid
mil. $.. 4,957.0 4,471.0
Federal employees, insured unemployment,
average weekly
thous..
Veterans' program (UCX):
Initial claims
do
Insured unemployment, avg weekly...do—
Beneficiaries, average weekly
do
Benefits paid
mil. $..
Railroad program:
Applications
thous.
Insured unemployment, avg weekly...do
Benefits paid
_
mil. $.
34
36
1,095
1,636
1,378
1,823
974
1,565
795
1,388
955
1,357
3.1
3.6
1,342
382.1
3.4
3.7
1,376
364.3
2.9
3.4
1,294
363.0
2.6
3.4
1,116
280.1
2.5
3.4
1,129
280.3
1,203
307.2
39
38
38
39
39
39
37
31
69
66
18.2
30
67
66
18.0
35
70
64
16.9
39
76
74
20.9
35
76
73
17.7
33
72
74
20.0
16.9
6
16
12
20
3.5
11
16
3.8
7
21
5.9
3
18
3.8
26
15
3.7
2.9
10
2.3
29
622
131
115
356.0
523
106
102
361.8
43
110
112
30.9
40
107
104
27.5
38
95
99
28.5
33
78
80
20.9
609
26
75.7
105
20
51.5
11
14
2.8
27
18
2.9
10
17
3.7
18
3.4
1
1
P6.0
*>5.1
M.5
P2.9
P.7
P3. 6
M. 9
P3.0
58
9
13
FINANCE
BANKING
Open market paper outstanding, end of period:
7,889
Bankers'acceptances
mil. $_.
2 32,126
Commercial and finance co. paper, total
do
11.418
Placed through dealers
do
Placed directly (finance paper)
do
2 20,708
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
16,347
7,917
2,076
6,354
7,069
6,898
34,721 34,366
12,172 12,867
22, 549 21,499
6,643
34,785
12,923
21,862
6,639
34, 233
12,944
21,289
6,602
34,012
13,088
20,924
6,748 6,864 6,898
35,651 35,775 34,721
13,558 13,221 12,172
22,093 22,554 22,549
6,859
6,564 6,734
35, 727 35,196 34,052
12, 552 10,924 9,359
23,175 24, 272 24, 693
6,713
34,404
9,334
25,070
35,672
9,436
26,236
18, 294 17,667
17,654
17,722
17, 872
18,012
18,046
18,294
18, 925 19, 343 19,733
20,075
20,319
8,857
2,335
6,799
8,972
2,313
6,761
9,107
2,298
9,387
2,936
7,020
9,767
2,859
7,449
9,953
2,765
7,601
9,107
2,998
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted: ©
Total (233 SMSA's)0
Jbil. $_.
New York SMSA
do....
Total 232 SMSA's (except N.Y.)
6 other leading SMSA'sJ..
226 other SMSA's
2,145
7,092
8,517
2,137
7,000
7,499. 7 7,361.0 7,817. 6 7,737. 6 7,748.1 8,175. 4 8,178. 7 8,617.4 8,821.9 9,087.3 9,072.8 '9,256.2 9,397.5
3, 096. 4 2,996.3 3, 233. 0 3,191.0 3, 225.8 3,411.9 3, 495. 4 3,653.7 3,788.3 3,856.6 3,873.7 3,907.8 4,035. 8
4,403. 4 4,364. 7 4,584, 6 4,546. 5 4, 522. 3 4, 763. 5 4, 683. 4 4,963.7 5,033.7 5,230.7 5,199.1 '5,348.4 5,361. 7
do..
do.
do.
99,523
97, 675
99,746
Reserve bank credit outstanding, total 9 ..do....
Discounts and advances..
do
U.S. Government securities
do
75,821
39
77, 291
1,981
69,906
75, 964 74,154
83
130
_
Liabilities, total 9
Deposits, total.
_
Member-bank reserve balances
Federal Reserve notes in circulation
do
do...
..do...
do
do
70,218
9,875
99,523
31,475
27,780
54,954
10,303
97,675
99,440
70,822
71,356
10,303
10,303
99,440
99,746
30,942 29,263
27,482 26,185
59, 914 55, 702 56,127
28, 667
25, 647
99,541
100,039 93,635
76,474 74,85 9 75,173 73,476
239
481
501
1,092
69,874 70,094
69,501
70,740
10,303 10,303
10,303
10,303
98,658 100,039
93,635
99,541
29,159 25,666
30,738 29,719
28, 227 27,515 26,757 23,667
56,347 56,351 57,062 58,419
r
2
Revised.
v Preliminary.
i See note " § " , this page.
Beginning Dec. 1971, data
on new basis reflect inclusion of paper issued directly by real estate investment trusts and
several additional finance companies. § Insured unemployment (all programs) data include
claims filed under extended duration provisions of regular State laws; amounts paid under
these programs are excluded from the annual figure and, beginning Jan. 1973, from
Digitized for the
FRASER
monthly data.
t Revised (back to 1951) to reflect new seasonals and other modifications.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
8,749
2,233
6,890
9,591
2,895
7,246
13,280.6 12,994.0 13,969.4 14,022.7 13,896. 7 15,154. 714, 783. 6 15,472.8 16,049.0 15,932.1 16,000.3 '16,433.2 16,622.1
5,780. 8 5,633. 0 6,151.8 6, 285.1 6,148. 6 6,979. 3 6, 604.8 6,855. 4 7,227.0 6,844. 8 6,927.5 7,177. 0 7,224. 6
Federal Reserve banks, condition, end of period:
Assets, total?
..mil. $.
Gold certificate account
8,631
2,156
6,935
9,251
2,808
6,866
7,237
35,786
9,489
26, 297
99,061
99,492
99,325
100,010 100,010
77, 291 77,228
1,981
1,310
69,906 72,022
78,228
1,564
72,620
79,598
2,048
74,276
79,832
1,716
79,392
1,224
75,495
74,128
10,303
10,303
10,303
10,303
10,303
10,303
97,675
99,061
99,492
99,325
28,667
25,647
30,458
26,727
58,402
30,814
27,653
31,626
27,713
100, 010
30,968
25, 700
58,466
58,676
59,414
97,675
59,914
100,509
P104,
282
' 80,355 83,192
2,224
' 1, 770
75,022 77,098
10, 303
100,509
100,010
29,920
29,123
24,892 • 24,818
32,304
28,338
60,847
61,362
60,223
©"Insured unemployment as % of average covered employment in a 12-month period.
©Series revised to reflect recalculation of seasonal factors and trading-day adjustment;
revisions back to 1964 are shown in the July 1972 Federal Reserve Bulletin, p. 634.
JSee
note "%", p. S-13.
GTotal 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.
August 1973
OF (JUKKKJNl 13Ufc
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971 |
1972
1972
End of year
S-17
s«
July
June
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
31,973
31,678
295
1,858
-1,563
32,277
32,125
152
1,721
-1,560
32,393 '32, 028
32,275 31,969
118
'59
1,786 '1,789
-1,638 -1,653
96,237
• 97,246
95,932
June
July
FINANCE—Continued
BANKING— Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total©
mil. $_
Required
do...
Excess©
do...
Borrowings from Federal Reserve banks.__do.__
'Free reserves©
do___
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:!
Demand, adjustedd"
mil. $.
Demand, total?
Individuals, partnerships, and corp
State and local governments
U.S. Government
Domestic commercial banks
Time, total 9
Individuals, partnerships, and corp.:
Savings
Other time
do—
do
do
do
do
do...
131,329
i 31,164
U65
U07
158
31,353
31,134
i 219
i 1,049
32,539
32,335
204
94
110
33,021
32,874
147
202
—55
33,148
32,893
255
438
-183
33,003
32,841
162
514
-352
91,910
91,355
91,964
91,683
106,219
91,204
152,699
106,885
6,563
7,571
20, 880
169,768
121,308
7,221
6,469
22,412
146,199 147,378 140,450 146,133
102,356 104,095 102,374 103,334
6,872
6,491
6,744
6,038
4,472
6,479
5,726
1,715
20,034 20,957 20,357 20,010
33,803
33, 556
247
574
-327
31,774 31,353
31,460 31,134
4 314
219
606
1,049
* -292
98,220
97,444
32,962 31,742
32,620 31,537
342
205
1,165
1,593
- 8 2 3 -1,388
106,219 97,765
95,489
155,144 152,024 169,768 156,909 157,135
109,379 108, 876 121,308 110,248 109,337
7,180
7,403
6,483
7,221
6,968
6,289
4,824
3,888
6,469
7,230
21,947 20,620 22,412 21,992 22,531
P33,524
^33, 202
P322
P 2,051
p-1,605
97,944 100,189
149,421 156,704 150, 507 149,950 157, 605
105,786 109,067 109, 212 107,431 111,528
6,561
6, 901
6,582
6,836
7,504
3,010
2,891
7,258
5,646
7,447
19, 059 21,021 20, 342 19,362 22, 749
140,932
160,661
do
do
54,542
61,274
58,572
72,334
Loans (adjusted), total d*f
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
Other loans
do
do
do
do
do
do
192,238
83,770
8,835
14,504
38,400
57,183
Investments, totalj
U.S. Government securities, total
Notes and bonds
Other securities
do
do
do
do
81,033
28,944
24,605
52,089
85,146
29,133
22,552
56,013
80,065
26,009
22,384
54,056
79,962
25,770
22,502
54,192
80,031
25,651
22,085
54,380
81,013
26,307
21,535
54,706
81,615
25,985
21,837
55,630
83,394
27,925
22,357
55,469
85,146
29,133
22,552
56,013
84,343
28,926
22,426
55,417
80,868
25,663
21,066
55,205
80,653
25,373
20,473
55,280
• 79,618
24,495
'19,973
'55,123
79,498
23, 991
19,770
55, 507
79,388
23, 839
19,800
55,549
78, 333
22, 301
19,447
56, 032
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates), seas, adj.:
Total loans and investments©
bil. $..
LoansO
do...
U.S. Government securities
do
Other securities
do
485.7
320.6
60.7
104.5
557.5
378.2
62.4
116.9
517.5
343.7
63.2
110.6
521.3
347.8
62.3
111.3
529.1
355.3
61.4
112.5
535.6
360.1
62.0
113.5
540.5
366.9
59.9
113.6
549. 8
373.6
60.6
115.6
557.5
378.2
62.4
116.9
564.6
385.5
61.9
117.1
573.7
582.6
404.9
60.6
117.2
585.3
408.0
60.6
116.6
596.4
418.1
69.6
118.7
596.6
417.8
60.8
118.0
601.4
423.3
58.7
119.5
Money and interest rates: §
Bank rates on short-term business loans:
In 35 centers
percent per annum
New York City
do...
7 other northeast centers
do...
2 6.32
2
6.01
2 6.56
2 5.82
2 5. 57
2 6.07
5.84
5.55
6.14
6.33
6.09
6.61
6.52
6.22
6.89
7.35
7.04
7.71
2
2
2
2
6.30
6.62
6.46
6.38
2
2
2
2
5.79
6.06
6.07
5.82
6.27
6.56
6.36
6.41
6.45
6.76
6.63
6.50
7.45
7.37
7.33
7.25
6.50
7.00
8 north central centers
7 southeast centers
8 southwest centers...
4 west coast centers
do
do
do
do
Discount rate (N.Y.F.R. Bank), end of year or
month
percent..
149,647 152,111 155,495 156,270 157,686 158,858 160,661 162,936 168,212 174,302 176,383 180,341 179,961 185,434
57, 844
65, 476
57, 892
67,564
59,827
70,796
58,069
70, 841
58,113
71,778
58,184
73,103
58,572
72,334
58,186
74,310
58,091
78,195
58,591 • 58,093 58, 219
82,599 • 83,266 •86,317
58, 250
87,207
57,345
92, 791
226,042 203,086 206,437 206,401 211,016 215, 876 217,337 226,042 225,628 232,731 238,308 •242,960 246,091 250,625 256,139
91,442 84,954 85,307
86,631 88,014
85,011
99,872 102,487 102, 794 104,997 107,557
88,642 91,442 92,314 96,250
12,535
10,588
11,423
11,279
9,130
12,218
10,924
11,868 12,535 12,007 11, 457 10, 671 '10,054 10,119
9,705
20,524 16,043
16,279
17,030
18,234 18,249 20,524 19,850 20,938 22,246 '23,107 23,651 24, 879 26, 496
16,527
45,992 41,992
42,846
44,112
44,972
43,517
46,473 46,955 47,501 '48,193 49, 060 50,003 51,006
45,630 45,992
72,063 60,954 62,615
61,738 63,117
66,363
72,063 68,619 72,218 72,812
74,540 74,849 75,226 76, 612
5.74
6.07
6,02
5.80
60.2
117.2
4.50
2 4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
5. CO
5.50
5.50
5.50
6.00
2 6.37
2 6.00
5.86
5.81
5.81
5.84
5.90
6.05
6.20
6.32
6.40
6.50
6.71
6.34
Home mortgage rates (conventional 1st mortgages) :
New home purchase (U.S. avg.)
percent..
Existing home purchase (U.S. avg.)
do
2 7.59
2 7.54
2 7.45
2 7.38
7.41
7.36
7.43
7.37
7.45
7.39
7.43
7.42
7.48
7.43
7.50
7.44
7.51
7.45
7.71
7.70
7.71
7.77
'7.79
'7.79
7.84
7.84
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)
do
Commercial paper (prime, 4-6 months)__do
Finance Co. paper placed directly, 3-6 mo.do
Stock Exchange call loans, going rate
do
3
3
3
3
3
3
3
3
4.47
4.69
4.52
5.16
4.47
4.64
4.45
5.00
4.73
4.85
4.72
5.23
4.67
4.82
4.58
5.25
4.84
5.13
4.91
5.25
5.05
5.30
5.13
6.70
5.01
5.25
5.13
5.75
5.16
5.45
5.24
5.75
5.60
5.78
5.56
6.01
6.14
6.22
5.97
6.29
6-82
6.89
6.44
6.80
6.97
7.14
6.76
7.00
7.15
7.27
6.85
7.18
7.98
7.99
7.41
7.83
9.19
9.18
8.09
8.41
3 4.071
3 5.85
3.874
5.77
4.059
5.86
4.014
5.92
4.651
6.16
4.719
6.11
4.774
6.03
5.061
6.07
5.307
6.29
5.558
6.61
6.054
6.85
6.289
6.74
6.348
6.78
7.188
6.76
8.015
7.49
Federal intermediate credit bank loans
do
4.85
5.11
4.91
5.73
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent.. 3 4.348
3-5 year issues
do
3 5.77
«7.e
57.6
7.70
7.72
CONSUMER CREDIT If
(Short- and Intermediate-term)
Total outstanding, end of year or month
mil. $.
138,394
157, 564 .43,812 145,214 147, 631 148,976 150,576 152,968 157, 564 .57,227 157,582
do...
111,295
127,332
Automobile paper
Other consumer goods paper
Repair and modernization loans
Personal loans
do...
do_._
do...
do...
38,664
34,353
5,413
32,865
44,129
40,080
6, 201
36, 922
By type of holder:
Financial institutions, total
Commercial banks
Finance companies
do..
do..
do.
97,144
51, 240
28,883
111,382
59,783
32,088
do..
do.I..
14,770
2,251
16,913
2,598
Installment credit,total
Credit unions
Miscellaneous lenders
.16,365 117,702 119, 911 121,193 122,505 124, 325 127,332
41,019
35,041
5,717
34,588
42,644
36,745
6,049
35, 755
.27,368 127,959
.59,320 161,491 164,277 167,083
L29,
375 131,022 133,531 136, 018
45,610
39,951
6,328
37,486
46,478
40,441
6,408
37,695
47,518
41, 096
6,541
.02, 909 104,132 106,146 107, 278 108,405 109, 673 111, 382 .11,690 112,630 .14,190
54,883 55,688 56,846 57,566 58,266 58, 878 59, 783 60,148 60, 582 61,388
29,722 30,065 30,464 30,650 30, 970 31, 427 32, 088 32,177 32,431 32,750
.15,727
62,459
33, 078
.18,165 120,450
63,707 64,999
33,859 34,367
15,786
2,518
41,603
35,470
5,799
34,832
15,910
2,469
42,323
36,188
5,950
35,450
43,162
37,216
6,124
36,003
43, 674
38, 064
6,174
36,413
44,129
40, 080
6,201
36, 922
44,353
39, 952
6,193
36, 870
44,817
39, 795
6,239
37,108
48,549
41,853
6,688
38,928
16,278
2,558
16,439
2,623
16,556
2,613
16, 742
2,626
16,913
2,598
16, 847
2,518
16,973
2,644
17,239
2,813
17,455
2,735
17,832
2,767
18, 269
2,815
Retail outlets, total
do..
14,151
15, 950 13,456
13,765
13,570
226
261
243
251
Automobile dealers
do...
248
Revised, v Preliminary.
2
4
Average for Dec.
Average for year.
3 Daily average.
See note "©" for this
page.
5 Beginning Jan. 1973, data reflect changes in sample and weighting.
©Beginning Nov. 1972, data are not comparable with those for earlier periods because of regulatory
changes affecting reserve requirements (Regulation D) and check collection processing
(Regulation J) that became effective in early November.
cf For demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial
bank and U.S. Government, less cash items in process of collection; for loans,
Digitized exclusive
for FRASER
of loans to and Federal funds transactions with domestic commercial banks and
13,915
253
14,100
257
14, 652
259
15, 950
261
15,678
15,329
266
15,185
272
15, 295
278
15,366
284
15,568
289
r
1
after deduction of valuation reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
^Revisions for months prior to Feb. 1971 will be shown later.
9Includes data not shown separately.
©Adjusted to exclude interbank loans.
§For bond yields, see p. S-20.
f Revised: new data incorporate adjustment of sample-based estimates to reflect recent
benchmarks and new seasonal factors. Monthly revisions appear in the October 1972 Federal Reserve Bulletin.
OF CURRENT BUSINESS
S-18
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1972
1972
June
Annual
August 1973
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
30,746
12,817
11,359
1,458
31,065
12,990
11,520
1,470
8,319
6,387
1,932
9,610
8,555
6,544
2,011
9,520
FINANCE—Continued
CONSUMER CREDIT U—Continued
Outstanding credit—Continued
Noninstallment credit, total
mil $_
Single-payment loans, total
do...
Commercial banks
do.__
Other financial institutions
do__.
Charge accounts, total
Ketail outlets
Credit cards
Service credit
Installment credit extended and repaid:
Unadjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
-
27,099
10,585
9,316
1,269
30, 232
12, 256
1C, 857
1,399
27,447
11,181
9,831
1,350
27,512
11,235
9,900
1,335
27,720
11,411
10,053
1,358
27,783
11,541
10,165
1,376
28,071
11,717
10,339
1,378
28,643
11,917
10,527
1,390
30, 232
12, 256
10, 857
1, 399
do_.
do.
do_.
do_.
8,350
8,397
1,953
8,164
9,002
7,055
1,947
8,974
7,610
5,689
1,921
8,656
7,644
5,664
1,980
8,633
7,717
5,676
2,041
8,592
7,693
5,613
2,080
8,549
7,780
5,794
1,986
8,574
8,010
6,081
1,929
8,716
9, 002
7,055
1, 947
8, 974
8,357
6,402
1,955
9,298
7,646
5,735
1,911
9,568
7,702
5,825
1,877
9,703
8,036
6,129
1,907
9,747
do.
do_.
do_.
do_.
124,281
34,873
47,821
41,587
142, 951
40,194
55, 599
47, 111
13,096
3,938
4,779
4,379
11,833
3,480
4,544
3,809
13,166
3,696
5,094
4,376
11, 535
3,110
4,695
3,730
12,337
3,663
4,831
3,843
12, 806 13, 643
3,505 3,195
5,202 6,171
4,052 4,277
11,923
3,393
4,949
3,581
11,214
3,407
4,252
3,555
13,681
4,164
5,169
4,348
13,661
4,101
5,378
4,182
14, 792 14,608
4,409 4,313
5,698
5,678
4,685 4,617
do_.
do_.
do.
do_
115,050
31,393
44,933
38,724
126,
34,
49,
42,
10,914
2.982
4,177
3, 755
10,496
2,896
4,115
3,485
10,957
2,976
4,376
3,605
10,253
2,789
4,138
3,326
11,025
3,145
4,360
3,520
10,986
2,993
4,354
3,639
10,636
2,740
4,155
3,741
11, 887 10,623
3,169
2,943
5,077
4,409
3,641
3,284
12, 265
3,371
5,013
3,881
12,014
3,233
4,888
3,893
12, 283 12,121
3.369 3,282
5,043 4,921
3,871
3,918
914
729
872
313
29,859 29,623 29,945 30,469
12, 204 12,409 12,540 12, 686
10,825 10, 989 11, 074 11,237
1,449
1,379
1,466
1,420
Repaid, total
Automobile paper
Other consumer goods paper
All other
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
do.
do..
do.
do_
12,057
3,412
4,577
4,068
11,687
3,298
4,684
3,705
12,484
3,491
4,990
4,003
11,953
3,368
4,772
3,813
12,404
3,504
4,971
3,929
12,846
3,620
5,118
4,108
12, 627
3,763
4,876
3, 988
13,304 13,434
4,006
3,972
5, 282 5,245
4,016
4,217
13, 852
4,001
5,349
4,502
13,465
3,822
5,563
4,080
13, 932
3,989
5,504
4,439
13,646
3,762
5,505
4,379
Repaid, total
Automobile paper
Other consumer goods paper
All other
do..
do..
do.
do..
10,671
2,922
4,164
3,585
10,593
2,917
4,249
3,427
10,841
2,896
4,395
3,550
10, 667
2,873
4,303
3,491
10, 908 11,128
3,023
3,041
4,354 4,444
3,661
3,513
10, 964
2, 977
4,341
3,646
11,355
3,097
4,649
3,609
11,808
3,225
12, 061 11,941
3, 218 3,261
4,917
4,963
3,763
3,880
12,034
3,253
4,955
3,826
25,589
23, 202
15,207
18, 591
18, 213
20, 581
22,183
18,471
14,738 16,748
20, 055 21,165
18, 972
19, 721
21,130
23,631
—750
-5,317 - 4 , 4 1 8
750
5,317 4,418
4,197
5,298
2,851
- 3 , 447
2,466
-2, 501
2,501
1,519
982
11,437
3,145
4,627
3,665
4, 755
3,828
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net)
Budget surplus or deficit (—)...
Budget financing, total
Borrowing from the public
Reduction in cash balances
mil. $
do.
do..
do.
do.
do.
Gross amount of debt outstanding
do.
Held by the public.
do.
Budget receipts by source and outlays by agency:
Receipts (net), total
mil. $..
Individual income taxes (net)
do
Corporation income taxes (net)
do
Social insurance taxes and contributions
(net)
mil. $_.
Other
do
3,712
2,387 - 3 , 3 8 4 - 2 , 369
-23,227
3,384
i 23, 227 -2,387
2,369 —3, 712
3,730
376
i 19, 442 -3,368
934
4,088
-346
981
i 3, 785
1,435
• 409,468 437, 329 437,329 442,461 446,051 444,580 450, 604 455,285 460,243 461, 030 465,792 469,587 467,322 467,555 468,426
• 304,328 323, 770 323,770 327,499 328,433 328, 809 331,660 336,958 341,155 342,674 346,537 349,542 347,383 345,414 343,045
15, 207
7,355
1,071
18, 213
8,380
665
22,183
11,005
4,965
14,738
7,595
965
16, 748
8,613
559
18, 972
8,206
5,632
21,130
12,897
1,382
i 48,578 i 53, 914
i 26,798 i 27, 832
4,122
2,180
4,277
2,505
2,318
4,038
2,175
3,759
2,420
4,969
2,606
2,975
2,160
4,486
2,366
1211,425 1231,876
10, 943
i 8,560
75,150
174,546
23, 202
588
8,264
18,591
2,688
5,193
20, 581
1,532
5,662
18,471
403
5,204
20,055
1,083
6,066
21,165
681
6,250
19, 721
207
5,965
161, 866
i 20,990
i 3,381
19,756
71, 779
22 124
3,422
10, 710
8,211
1,869
292
906
5,456
1,862
289
882
6,013
1,864
289
855
6,271
1,991
273
831
7,044
1,720
271
893
7,037
2,098
272
1,276
6,972
4,518
284
986
198.9
228.7
225.4
229.1
236.9
253.1
*>262.5
89.9
33.3
20.4
55.2
107.9
37.8
19.9
63.0
106.6
36.7
19.7
62.4
108.1
38.0
19.9
63.6
111.3
40. 7
20.3
64.
108.5
46.6
20.7
77.8
<• 111.4
do
221.0
244.6
244.4
237.0
260.3
258.6
• 262.4
do
.do
98.1
71.6
104.4
74.4
106.7
76.6
102.3
71.9
•102. 7
72.4
105.5
74.3
• 107. 3
'74.2
74.9
29.1
13.6
82.9
37.7
13.5
80.1
38.0
13.6
80.8
34.4
13.4
91.0
46.1
13.7
91.8
41.1
14.7
r93.8
40.5
r 15.6
5.3
6.1
5.9
Transfer payments
do
Grants-in-aid to State and local govts
do
Net interest paid
do
Subsidies less current surplus of government
enterprises
bil. $..
1
Less: Wage accruals less disbursements...do
Surplus or deficit (—)
18,067 15,987 25,860 16,584 28,504
20, 227 20,806 22,306 20,157 20, 892
3,554 - 3 , 573
-2,160 -4,820
7,612
4,820 -3, 554
3,573 - 7 , 612
2,160
3,005
-2,159
1
,
970
2
, 369
3,863
1,815 -1,395
5,543 - 5 . 243
-1,703
25,589
11,054
8,267
Personal tax and nontax receipts
do
Corporate profit tax accruals
do
Indirect business tax and nontax accruals.do
Contributions for social insurance
do
Purchases of goods and services
National defense
1-23,033
i 23,033
i 19,448
i 3,794
208, 649
231, 876
188, 392 1208, 649
86,230 i 94, 737
126,785 i 32,166
Outlays, total?
_..
do
Agriculture Department
do
Defense Department, military
do
Health, Education, and Welfare Department
mil. $..
Treasury Department
do
National Aeronautics and Space Adm
do
Veterans Administration
do
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
Federal Government receipts, total
bil. $..
Federal Government expenditures, total
188,392
211,425
18, 067 15,987
8,067 3,409
4,867
672
25,860
11, 587
5,657
16, 584
3,825
923
28,504
12,321
8,739
7,029
2,298
5,340
2,371
6,359
2,258
9,380
2, -156
5,085
2,359
23,631
1,366
6,332
20,227
770
6,075
20,806
328
6,633
22,306
643
6,207
20,157
62
6,238
20, 892
433
7,503
7,121
4,210
271
1,154
7,051
2,148
241
1,043
6,554
2,475
301
1,061
7,125
3,760
265
1,111
7,583
' 2, 214
255
1,014
7,782
2,123
306
5.5
'5.1
.0
.0
-.1
-23.4
-5.0
.1
do
-22.2
-15.9
bil. $..
do_
do.
do.
do.
222.10
11.00
99.80
75.50
69.90
239.73
11.37
112.98
76.95
71.27
229.95
11.13
107.08
75.40
69.82
231.60
11.20
108.35
75.46
233.54
11.32
109.88
75.52
69.91
234.63
11.40
110.34
75.59
69.97
236.23
11.47
111.66
75.69
70.06
238.34
11.62
113.18
75.90
70.27
239. 73
11. 37
112.98
76.95
71.27
241.02
11.19
114.53
77.48
71.86
6.90
17.06
1.76
10.07
7.30
18.00
1.98
11.15
7.14
17.52
1.33
10.34
7.20
17.60
1.37
10.42
7.25
17.69
1.36
10.52
7.24
17.77
1.42
10.87
7.22
17.86
1.46
10.86
7.26
17.93
1.43
11.02
7.30
18.00
1.98
11.15
7.37
18.08
1.60
10.78
-19.0
'21.2
'79.1
LIFE I N S U R A N C E
Institute of Life Insurance:
Assets, total, all U.S. life insurance cos
Government securities
Corporate securities
Mortgage loans, total
Nonfarm
Real estate
Policy loans and premium notes
Cash
Other assets
r
1
do..
"do
do.
_ do.
Revised.
* Preliminary.
Data shown in 1971 and 1972 annual columns are for fiscal years ending June 30 of the
respective years; they include revisions not distributed to months.
242. 07 243. 08
11.15
11.14
115. 39 115. 97
77.59
77.51
71.89
71.95
7.43
18.17
1.57
10.86
ifSee similar note on p. S-17.
$ Includes data for items not shown separately.
7.45
18.29
1.55
11.08
242. 56
11.46
115.18
77.26
71.61
243.59
11.43
115.90
77.40
71.72
244. 53
11.36
116.15
77.91
72.19
7.52
18.42
1.66
11.07
7.54
18.53
1.69
11.09
7.55
18.67
1.78
11.10
July
SURVEY OF CURRENT BUSINESS
August 1973
Unless otherwise stated in footnotes below, datP
through 1970 and descriptive notes are a s showi*
in the 1971 edition of BUSINESS S T A T I S T I C S
1971
1972
1972
June
Annual
S-19
July
Aug.
Sept.
1973
Oct..
Nov.
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July
FINANCE—Continued
LIFE INSURANCE—Continued
Institute of Life Insurance—Continued
Payments to policy-holders and beneficiaries in
TT ^ tntol
T^pntli l^PTipfit^
mil $
do
17 177 2 18,574.1
7,423 3 8,007. 0
990.2 1,000.4
271.2
256.8
1,944.4 2,213. 2
2 881 6 3,027.4
3,680.9 4,054.9
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance):!
Value, estimated total
-mil. $..
Ordinary (incl. mass-marketed ord.) do
Group
_ _ . _ . _ do_ _
Industrial
- - do
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)_._mil. S.Net release from earmark§
do
Exports
thous. $.
Imports
. _
do
Production:
South Africa
mil. $
Canada
do
United Srafps
do
Silver:
Exports
_
. __
thous. $_.
Imports
do
Price at New York
dol. perfineoz._
Production:
Canada
thous.fineoz1...
TVTexico
r\o
United States
_ do--_
Currency in circulation (end of period)
bil.$_.
189,484
132,803
49,407
7,274
208,497
146,116
55,054
7,327
18,346 15, 757
12, 661 11, 035
5,070 '4,064
615
10,132
-889
51,249
283,948
10,410
-1,715
63,053
357,689
1,098.7
77.3
16, 726
12,145
4,024
16, 544
11, 218
4,788
17,371
12, 686
4,118
17, 531
12,855
4,116
23,526
13,838
9,181
15, 285
11,316
3,443
16, 265
12,048
3,691
20,604
14,905
5,077
18, 793
13,733
4,458
19, 244
14,362
4,274
19, 680
13,858
5,242
658
557
538
567
560
507
526
526
622
602
608
580
10,410
0
2,029
25,801
10,410
0
3,436
11,953
10, 410
12
16,339
52, 656
10,410
-1
4,705
31,502
10,410
0
4,257
29, 216
10, 410
1
44,535
10,410
0
3,322
42, 212
10,410
4
2,786
19,745
10,410
4
2,015
32,487
10,410
3
2,405
27,526
10,410
6
2,899
41,127
10,410
2
3,056
33,070
10, 410
25
52,341
34,990
1,109. 8
77.2
94.3
94.4
94.1
93.9
94.2
91.5
84.3
88.2
86.5
88.5
86.6
86.0
6.2
6.4
5.9
6.3
6.3
6.0
6.3
6.2
6.1
6.3
6.2
6.8
19,499
49,507
1.546
31, 592
59,357
1.685
1,204
3,414
1.569
16,347
5,955
1.736
9,040
2,963
1.846
774
1,515
5,911
1.811
1,640
5,735
1.832
2,331
4,765
1.976
616
436
8,287
2.017
6,993
2.236
1,960
8,664
2.309
856
5,431
1.777
6,838
2.207
1,718
7,490
2.401
15,231
2.621
41, 030
39,727
2,841
3,527
3,244
3,597
2,865
2,420
3,212
3,275
3,629
2,953
4,615
4,118
3,036
66.5
62.2
62.4
62.7
62.6
63.6
65.1
66.5
64.3
64.7
65.2
66.1
67.2
67.8
246.2
54.6
191.6
293.4
243.2
54.4
188.8
291.4
6.9
246.6
55.1
191.6
294.0
7.3
245.5
55. 1
190.5
299.5
5.3
248.7
55.2
193.5
302.7
5.9
251.2
55.7
195.5
305.9
6.6
254.3
56.7
197.7
307.7
6.2
262.9
57.8
205.0
311.7
7.3
262.6
56.7
205.9
316.6
8.0
254.0
56.7
197.3
322.5
9.6
254.1
57.3
196.7
331.4
10.1
259.5
58.2
201.5
336.1
8.2
256.0
58.7
197.3
340.9
8.4
'261.2
59.4
'201.8
342.7
6.9
263.4
59.9
203.4
345.9
245.1
54.4
190.7
291.7
247.7
54 6
193. 1
295.0
248.6
54 8
193.8
298.9
250.1
55.3
194.8
301.9
251.6
55.7
195.9
304.8
252.7
56.2
196.5
308.4
255.5
56.8
198.7
312.8
255.4
57.0
198.4
317.0
256.7
57.5
199.3
322.6
256.6
57.9
' 198. 7
330.9
258.2
58.7
199.5
336.7
260.5
59.0
201.6
341.8
'263.2
59.4
203.9
' 344.1
264.5
59.5
205.1
347.8
84.8
199.9
58.7
88.1
47.6
82.4
194.4
57.2
84.2
46.9
87.6
206.9
60.2
90.2
48.8
88.7
214.9
60.1
89,8
48.8
86.7
208.3
59.2
89.2
47.8
93.5
229.2
62.1
93.9
50.0
90.7
215.7
61.8
95.6
48.9
94.0
224.0
64.3
98.5
51.2
97.8
238.0
65.9
102.6
51.9
96.9
228.3
67.6
104.0
53.7
95.9
228.9
66.4
102.3
52.7
97.7
235.1
67.2
103.4
53.5
99.8
245.0
68.6
107.1
54.0
7,325 r 9, 030 r 6,552
11,066
61.1
Money supply and related data (avg. of daily fig.):®
Unadjusted for seasonal variation:
231.2
Total money supply
bil $
51.1
Currency outside bank s__
do ,_
180.1
Demand deposits
do
254.0
Time deposits adjusted! .
do
6.5
U.S. Government demand depositsif .__ do___
Adjusted for seasonal variation:
Total money supplv
do
Currencv outside banks
do
Demand deposits
do
Time deposits adjusted!
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:%
Total (233 SMSA's)O ratio of debits to deposits
New York SMS A ___ _
do
Total 232 SMSA's (except N.Y.)
do....
6 other leading SMSA'sd"
- - do_
2260ther SMSA's
do
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade and SEC):
Net profit after taxes, all industries
mil. $.. 31,038
Food and kindred oroducts
do
2 754
Textile mill products
_ ._
do
558
Lumber and wood products (except furniture)
mil. $..
603
Paper and allied products
do
501
Chemicals and allied products.
do
3,780
Petroleum refining
do
5,829
853
Stone,
and glass
products . _ _ do
do
Primaryclay,
nonferrous
metal
621
Primary iron and steel._
_
do
Fabricated metal products (except ordnance,
748
machinery, and transport, equip.)
mil. $_.
1,070
Machinery (except electrical)
do.
Elec. machinery, equip., and supplies
do
2,489
2,563
Transportation equipment (except motor
vehicles, etc.)
mil $
585
M^otor vehicles and prminmpnt
r\n
All other manufacturing industries
do
Dividends paid (cash) all industries
do
Electric utilities, profits after taxes (Federal Reserve)
mil $
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes, total
Corporate.. ___ _
Common stock
Preferred stock...
o AQ7
4,990
15 252
mil. $.. 106,430
do
92, 289
do
31 883
do
10,459
do
3,683
7.3
36,467
3 021
659
9,628
782
161
8,776
770
163
10,125
807
196
10,506
1,012
941
4,499
286
271
1,117
312
223
1,149
234
279
1,157
370
291
1,337
5,151
1,060
687
1,022
1,090
328
214
318
1,296
355
145
1,478
252
168
327
1,406
168
252
336
1,569
437
3,481
2,999
950
763
780
255
o5,944
con
16 110
A 1 HA
98,481
7,588
208
1,468
6,921
7,136
5,635
9,505
10,987
8,210
2.706
2,089
6.3
190
465
1,091
851
223
1 393
1,369
4,122
877
956
175
1 115
1,730
4 553
916
716
188
342
1,555
3 570
876
766
374
437
83,420
5,802
5,803 6,187
28 896 2 555 2 465 1 945
743
9,694
913
1,174
612
3,367
206
206
' Revised, v Preliminary.
i Beginning Jan. 1972 valued $38 per fine ounce.
§Or increase in earmarked gold (—). eEffective February 1973 SURVEY, data revised to reflect:
Annual review of seasonal factors; regular benchmark adjustment; effect of changes in check
collection procedures (Regulation J); and adjustments to include new figures from internationally oriented banking institutions. Monthly revisions back to 1959 are in the Feb. 1973
Federal Reserve Bulletin.
983
10,410
6,523
5,472
6,320 '7,213 * 5,794 10,258
8,051
7,440
9,953
4,566
957 r 2,117 r 1, 726 1,660
2,343
2 625 1,276
1 651 2,336
622
558
832
913
r 984
880
1,033
498
765
186
200
172
137
421
154
272
305
833
1f At all commercial banks. iSeries revised to reflect recalculation of seasonal factors ivvision,
back to 1964 are shown in the July 1972 Federal Reserve Bulletin p. 634 ©Total bMbA
include some cities and counties not designated as SMSA's. ^Includes Boston, Pniladelpnia
Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
: UF
S-20
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
|
(JU-K KKN
August 1973
1972
1972
June
Annual
1 13L
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
1,962
213
68
596
3,933
MOO
91
931
' 2,484
r 282
141
'519
100
174
751
r 108
1,008
• 1, 222
92
'258
r 961
May
June
July
FINANCE—Continued
S E C U R I T I E S ISSUED—Continued
Securities and Exchange Commission—Continued
E s t i m a t e d gross proceeds—Continued
B y type of issuer:
Corporate, total 9
mil. $
Manufacturing
do...
Extractive (mining)
do__.
Public utility
do__.
!,468
381
109
765
46,025
11,645
1,261
11, 752
41,957
6,629
2,010
11,357
4,341
767
168
1,538
3,583
574
163
2,893
452
255
635
2,720
603
93
1,247
3,791
383
278
1,280
3,377
426
338
794
3,396
589
176
861
2,327
176
90
900
do...
do.-.
do...
2,411
5,818
3,048
4,817
10, 580
185
800
529
160
586
1,148
96
237
823
61
33
232
165
371
1,074
69
658
730
238
50
1,165
121
33
903
do...
do__.
do...
60,406
17,325
24,370
54, 523
17,080
23,028
3,248
536
2, 222
3,338
496
1,784
4,243
606
1,898
2,915
474
1,701
5,714
2,530
1,970
7,610
3,590
1,817
4,814
2,553
1,760
4,196
1,199
1,889
5,363
1,603
1,445
5,096
606
2,304
do...
do._.
24,370
26, 281
22, 941
25, 222
2,222
2,705
1,784
1,215
1,898
1,840
1,701
2,475
1,970
1,587
1,814
2,764
1,801
1,640
1,887
1,622
1,445
1,130
2,304
1,638
1,688
2,062
1,870
•2,492
i 6,535
i 5,700
1835
i 1,298
i 9,045
i 8,180
i 865
i 1, 528
8,747
7,792
955
1,274
8,924
7,945
979
1,285
9,092
8,060
1,032
1,298
9,091
8,083
1,008
1,255
9,024
8,081
943
1,351
9,068
8,166
902
1,396
9,045
8,180
865
1, 528
8,840
7,975
865
1,484
8,620
7,753
867
1,508
8,344
7,465
879
1,566
8,165
7,293
872
1,482
7,650
6,784
866
1,502
i 387
i 1, 837
1
414
i 1,957
386
1,845
403
1,842
384
1,733
380
1,677
389
1,708
390
1,828
414
1, 957
413
431
1,770
442
1,719
389
1,536
413
1, 564
65.0
80.0
65.9
84.4
65.6
83.4
65.6
83.1
65.8
84.2
65.6
83.4
65.5
85.2
65.9
87.1
66.0
87.1
66.0
86.9
65.5
86. 1
65.2
84.1
64.9
85.7
64.7
86.1
64.4
85.8
.8.71
69.05
69.23
69.55
68.06
68. 09
69.87
68.68
65.89
64.09
63. 59
64.39
63.43
62.61
Sales:
T o t a l , e x c l . U.S. G o v e r n m e n t bonds ( S E C ) :
All registered exchanges:
M a r k e t value
mil. $__ 8,803.91 9, 515. 67
10,157.90 10,077.35
Face value
do
799.32
840.74
632. 67
679. 82
723.49
775. 83
525.26
580. 92
676. 38 935. 61 807. 45 841. 21 734.02
747. 69 989. 33 866. 54 952. 20 790.10
783.47
869.21
781.70
923.56
645. 90
738. 59
615.35
725. 34
8,009.57 8, 717. 24
9,080.68 9,168. 52
740.74
776.82
581. 21
625. 30
669. 41
481. 76
527. 60
629.34
692.12
740.12
828.62
747.12
810.76
606. 45
684, 98
585.14
679. 35
6,563.82 5,444.12
443. 07
362.57
415.73
309. 72
370. 69 463. 55 417. 92 448. 44 362. 93
392.0
351. 32
379.95
335. 55
7.66
7.66
7.61
7.59
7.59
7.52
7.47
7.19
7.43
7.64
8.19
7.22
7.41
7.64
8.09
7.21
7.45
7.64
8.06
7.12
7.39
7.58
7.99
7.08
7.36
7.50
7.93
Transportation §
Communication
Financial a n d real estate
Noncorporate, total 9
U . S . Government
State a n d municipal
State a n d municipal issues (Bond B u y e r ) :
Long-term
Short-term
r
367
568
• 4,068 8,598
3,353
564
1,795
1,688
• 2,046
•2,517
SECURITY MARKETS
Stock M a r k e t Customer Financing*
Margin credit at brokers and banks, end of month
total
mil. $.
At brokers
do_..
At b a n k s
do__.
Other security credit at banks
do__.
Free credit balances at brokers:
Margin accounts
do__.
Cash accounts
d o . _.
Bonds
Prices:
S t a n d a r d & Poor's Corporation:
High grade corporate:
Composited 1
dol. per $100 b o n d . .
Domestic municipal (15 bonds)
do
U.S. Treasury bonds, t a x a b l e !
N e w York Stock Exchange:
M a r k e t value
Face value
do
do_.
do.
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $_.
Yields:
Domestic corporate (Moody's)
B y rating:
Aaa
Aa
67.7
886.17 740. 76 786.18 692. 06
928. 53 790. 08 837. 91 738. 43
7.57
7.62
7.62
7.62
7.69
7.15
7.37
7.53
7.90
7.22
7.47
7.60
7.97
7.29
7.49
7.66
8.03
7.26
7.49
7.64
8.09
7.29
7.49
7.64
8.06
7.37
7.55
7.71
8.13
7.22
7.48
7.91
7.27
7.51
7.87
7.34
7.61
7.92
7.43
7.64
7.94
7.43
7.64
7.98
7.41
7.63
8.01
7.49
7.69
8.07
4.99
5.03
5.11
5.03
5.16
5.05
5.22
5.12
5.26
5.30
5.10
5.16
5.22
5.12
5.25
5.15
5.69
5.50
5.63
9.62
4.89
3.79
7.31
11.02
9.21
9.97
4.90
3.83
7.31
11.02
9.22
9.97
4.92
3.92
7.39
11.10
percent..
7.94
do.
do
do
do
7.39
7.78
8.03
8.56
7.21
7.48
7.66
8.15
7.23
7.51
7.69
8.20
7.21
7.50
7.71
8.23
do
do .
do_._.
7.57
8.13
8.38
7.35
7.74
7.98
7.36
7.83
7.98
7.39
7.80
8.00
7.35
7.69
7.99
7.36
7.63
7.97
7.36
7.63
7.97
7.28
7.55
7.95
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
do.
do.
6.46
5.70
5.25
5.27
5.43
5.37
5.32
5.39
5.38
5.29
5.30
5.36
5.04
5.20
U.S. T r e a s u r y bonds, taxable©
do
5.63
5.59
5.54
5.70
8.81
9.50
4.77
3.78
7.28
10. 62
8.92
9.61
4.87
3.73
7.32
10.99
8.87
9.58
4.86
3.78
7.31
11.02
8.87
9.59
4.86
3.78
7.31
11.02
8.97
9.60
4.88
3.78
7.31
11.02
8.97
9.60
4.89
3.78
7.31
11. 02
261.43
318.75
84.16
85.12
290. 65
362.44
80.20
91.00
283. 32
354.96
75.27
87.87
285. 55
357. 81
75.11
86.96
295.79
369.60
78.25
90.16
294. 25
366. 24
78.48
85.86
3.11
2.68
6.47
4.35
3.28
3.13
3.03
2.60
6.24
4.19
3.08
2.90
3.05
2.62
6.23
4.40
3.02
2.94
A..
Baa
By group:
Industrials
Public utilities.
Railroads..
7.63
7.49
6.22
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.
Property and casualty insurance cos
do.
Price per share, end of m o . , composite
Industrials
Public utilities
Railroads
do...
_ do
do...
do.
Yields, composite
Industrials
Public utilities
Railroads
N . Y . banks
Property and casualty insurance cos
percent..
do._
do
do...
do
do
3.37
2.98
5.6:
4.44
4.14
3.25
3.07
2.65
6.07
4.10
3.35
2.92
3.13
2.70
6.46
4.30
3.53
3.00
Earnings per share (indust., qtrly. at ann. ratepub, util. and R R . , for 12 mo. ending each qtr.):
Industrials
dollars
Public utilities
do.
Railroads
do.
17.55
7.14
3.93
20.28
7.73
6.71
20.81
7.53
4.71
r
Revised.
* Preliminary.
i E n d of year.
*New series; more detailed information
appears
in the F e b r u a r y 1972 Federal Reserve Bulletin.
9 Includes data not shown separately.
§ Beginning April 1971 SURVEY, data res t a t e d to include "other transportation" in addition to railroad data formerly shown.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
17.44
9.32
10.09
4.98
3.96
7.39
11.53
9.34
10.10
4.99
3.96
7.54
11.53
9.38
10.17
4.99
4.00
7.54
11.53
9.39
10.18
4.99
4.00
7.54
11.64
9.41
10.19
5.00
3.97
7.54
12.89
295. 56 309. 50 313. 81 311.61 298. 69
365. 83 383.21 389. 48 388. 63 373. 23
83.61
86.86
79.43
77.54
83.36
91.26
83.85 93.33
81.39
86.38
298.30
374. 61
75.20
84.58
286. 63
358. 35
74.73
77.95
281.78
352. 21
74.69
71.60
280. 68
351.31
72. 89
71.40
3.13
2.70
0.64
4.68
3.30
3.20
3.27
2.84
6.68
5.13
3.49
3.56
3.33
2.89
6.68
5.59
3.46
3.71
3.35
2. 90
6.86
5.56
3.20
3.82
3.04
2.63
5.87
4.52
3.05
2.70
2.60
5.64
4.10
3.17
2.52
2.94
2.56
5.88
4.30
3.06
2.67
24.42
7.73
9.29
10.06
4.95
3.95
7.39
11.38
2.98
2.59
6.23
4.57
3.07
3.09
3.12
2.70
6.42
4.87
3.26
3.30
23.70
.17
o" Number of bonds represented fluctuates; the change in the number does not affect tli<
continuity of the series.
UPrices are derived from average yields on basis of an assumed 3 percent 20-year bond.
O For bonds due or callable in 10 years or more.
August 1973
SU1
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
KEJN'JL1 B U S1JNH
OF
Annual
S-21
1972
1972
June
July
Aug.
Sept,
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
6.93
6.92
6.87
6.91
7.03
7.11
7.13
7.25
7.35
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
percent..
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utilitv (15 stocks)
Transportation (20 stocks)
6.89
*% 1 2
319.36
950.71
112.83
241.44
nf
bo4./6
117. 22
217. 20
Standard & Poor's Corporation:d"
Industrial, public utility, and railroad:
Combined index (500 stocks)
1941-43=10..
Industrial, total (425 stocks) 9
Capital goods (116 stocks)
Consumers'goods (184 stocks)
Public utility (55 stocks)
Railroad (20 stocks)
6.75
do....
do
do
do
do
Banks:
New York City (9 stocks)
_ do...
Outside New York City (16 stocks)
do
Property-liability insurance (16 stocks)_.do
New York Stock Exchange common stock indexes:
Composite
12/31/65=50..
Industrial
„
do
Transportation
do
Utility
. .
_
—do
Finance
do
6.99
315. 09 306.91
943.43 925.92
106.27 107.09
243. 84 229.95
6.90
7.00
7.03
315.22 310.15 321.92
958. 34 950. 58 944.10
109.07 109.76 113.06
233.53 222.86 215 88
322.19
,001.19
121.33
227.89
332.15
,020.32
121. 47
232 74
325.94
1,026.82
118.06
216.58
308.40
974.04
113.08
202.04
300.94
957.35
109.52
194.60
297.65
944.10
108.02
194.22
286.34 274.32
922.41 893.90
107.38 105.34
175. 53 159.79
275.35
903.61
101.38
162 70
109. 20 108. 01
107.21
111.01
109.39
109. 56
115.05
117.50
118.42
114.16
112.42
110.27
107. 22
104.75
105.83
108.35
102.80
99.78
59.33
41.94
121.79
119.39
113.90
56.89
44.11
120.84
120. 92
113.43
53.73
43.66
119.98
119.13
112.57
53.47
42.00
124. 35
124.47
116.17
54.66
43.28
122.33
121.63
113.19
55.36
42.37
122. 39
119, 50
112. 94
56.66
41.20
128.29
122.11
119.51
61.16
42.41
131.08
124.57
122.26
61.73
44.62
132.55
127.04
122.57
60.01
42.87
127.87
125. 56
117.54
57.52
40.61
126.05
124.53
116.41
55.94
39.29
123.56
120.38
111.24
55.34
35.88
119. 95
116.48
107.44
55.43
36.14
117.20
114.75
104.83
54.37
34.35
118.65
116.31
105. 94
53.31
35.22
46.31
87.06
57.37
105.81
55.27
103.63
57.35
106.94
61.28
112.21
62.11
116.62
63.99
118. 20
63.45
117.74
62.48
114. 24
65.03
113.88
59.30
103.73
61.21
105.59
59.50
100.49
59.79
97.72
58.28
97.45
66.05
102.23
115.04
132.58
132.63
127.13
131. 71
129.86
133.04
149.68
144.16
134.69
124.23
124.67
119.77
109. 50
113.36
122.09
54.22
57.92
44.35
39.44
70.38
60.29
65.73
50.17
38.48
78.35
59.87
65.76
51.26
36.32
76 59
59.21
65.13
48.45
36.02
75.41
61.07
67.25
48.97
36.87
78.27
60.05
65.72
46.49
37.82
78.41
59.99
65.35
44.95
38.93
79.64
62.99
68.29
47.50
41.81
84.57
64.26
69.96
48.44
42.28
83.45
64.38
70.55
45.14
41.72
81.62
61.52
67.67
42.34
39.95
74 47
60.15
66.20
40.92
39.13
72.32
58.67
64.41
40.57
38.97
69.42
56.74
62.22
36.66
39,01
65.33
55.14
60.52
33 72
37.95
63 52
56.12
61.53
34.22
37.68
68.95
204,032 '16,740
6,299
506
13,915
427
17,596
525
12,183
367
14,809
461
18,540
556
17,856
547
18,926
565
15,062
446
16,486
519
12,878
408
14,931
475
12,085
409
159,700
4,496
12, 989
360
10,831
307
13, 828
378
9,669
264
11,930
346
15,047
414
14, 473
398
15,407
414
12, 323
330
13,449
382
10,591
301
12,343
357
9,852
308
4,138
315
289
357
246
317
406
345
394
318
342
278
337
269
308
871. 54
19,159
793.22
18,432
791.10
18,607
821.15
18,773
816. 22 824. 96 863.52
18,875 19,002 19,063
87L 54
19,159
854.13
19,323
816.96
19,403
809. 76
19, 525
775.81
19,686
758.59
20; 066
752.58
20 327
792.06
20,466
98.29
Sales:
Total on all registered exchanges (SEC):
185,027
Market value
mil $
5,916
Shares sold
millions
On New York Stock ExchangeMarket value
. mil. $.. 147,098
4,265
Shares sold (cleared or settled)
millions..
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
millions
3,891
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
_
bil. $.
Number of shares listed
_ . . . . millions.
6.93
741.83
17,500
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value of Exports
Exports (mdse.), incl. reexports, total
Excl. Dept. of Defense shipments.
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
mil. $.- 44,129.9 '49,788.2 '4,050.7 '3,742.9 '3,979.8 '4,006.6 '4,508.5 '4,613.5 '4,722.7
5,595.8 6,064.0 5,896.9 5,387. 7
43, 548.6 '49,218.6 '4,014.7 '3,676.9 '3,934.0 '3,963.4 '4,441.0 '4,582.9
5,560.5 6,023.0 5,858.4 5,321.6
5,487.0 5,602. 8 5,778.1 5,868. 5
do
do
do..
do..
do..
do.
'3,971.0 '4,074.1 '4,196.5 '4,176.4 '4,316.3 '4,472.9
138.9
1,572.0
11,275.7 ' 931.6
1,034.9
'69.7
16,098.4 1,183.5
111.5
109.9
146.6
150.9
134.1
855.2 1,016.8 1,072.5
878.5
893.3
84.9
83.9
93.9
93.9
104.3
,187.4 1, 246. 5 1, 282. 7 1,407.2 1,535.8
167.4
200.4
232.0
1,417.7 1,444. 2 1,444.2
150.5
134.0
109.3
1,827.4 2,022. 5 1,899.0
10,367.4 12,419.0 '1.115,4
3,154. 5 3,564.2
283.7
3,327.7 3,711.4
328.0
875.5 1,008.9 1,062.9 1,158.3 1,138.6
279. 4 298.1 304.0
349.6
325.6
337.7
296.1
310.8
306. 3 308.1
,090.4 1,283.3 1,314.1 1,422.1 1,334.3
410.5
415.9
383.8
363.1
324.2
375.2
352.2
356.8
353.6
307.5
1,694.3
9,855.3
1,168. 4
14,562.3
Northern North America
Southern North America
South America
do
.do
do
By leading countries:
Africa:
Egypt
Republic of South Africa
do.
-..do
62.9
622.3
76.1
597.1
7.7
46.4
5.0
37.5
12.1
64.0
4.4
48.6
3.0
70.1
8.8
50.9
2.9
53.9
7.4
61.3
12.5
55.1
29.9
52.5
12.7
57.6
26.2
56.5
34.4
60.3
do..
do.
do..
__do_.
1,018. 3
648.1
211.4
71.5
857.0
350.0
183.0
128.0
58.4
49.2
17.1
7.0
70.0
28.2
14.3
5.8
90.3
20.8
15.1
16.9
69.2
20.9
8.2
21.0
75.3
21.0
16.0
18.7
76.1
25.3
8.9
8.5
67.5
27.6
14.2
9.1
86.7
23.8
15.7
8.1
89.2
28.7
21.0
11.7
80.3
39.4
10.3
11.2
90.5
35.1
16.6
8.6
130.2
31.4
16.0
12.8
108.6
35.5
15.7
10.4
do..
do..
.do..
263.0
340.2
4,054.8
307.6
365.6
4,941.2
29.8
31.0
387.7
22.3
34.4
376.5
11.3
27.8
405.3
21.5
32.8
378.5
21.1
29.5
463.7
24.0
29.4
488.5
44.0
32.0
511.6
46.3
25.3
547.8
34.1
29.1
565.3
21.8
32.4
771.7
27.2
41.4
657.5
30.6
39.0
697.9
35.7
44.6
706.2
do..
do_.
do..
1,373.2
25.4
2,831.1
1,609.6
14.9
2,811.2
117.0
.5
'218.5
113.5
.5
219.9
108.8
.6
199.0
117.6
.2
206.9
150.6
.2
247.3
151.2
262.9
160.9
3.0
272.0
187.4
.3
246.5
180.2
2.4
259.1
240.6
.8
314.0
191.4
2.0
306.9
200.1
1.2
293.6
160.5
.6
322.1
do.
do
do
1,313.9
160.9
2,369.2
1,425.2
546.7
2,658.2
115.3
21.0
'200.6
103.2
19.3
192.8
93.3
75.1
184.9
105.2
67.8
236.2
100.9
64.0
215.2
129.4
56.1
275.3
138.9
101.4
241.0
129.6
98.3
249.7
143.3
99.8
238.0
183.5
111.6
310.4
188.7
103.1
248.9
172.6
137.7
340.5
225.3
142.9
282.5
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
Europe:
France
East Germany
West Germany
__
Italy
Union of Soviet Socialist Republics
United Kingdom
.3
North and South America:
Canada
do.
10,365.4 12,415.4 •1,115.4 873.8 1,008.2 1,062.8 1,157.9^ 1,138.5 1,060.0 1,080.1 1,090.1 1,283.2 1,313.5 1,422.0 1,334.1
' Revised.
9 Includes data not shown separately,
rf Number of stocks represents number currently used; the change in number does not
affect continuity of the series.
MJJK
S-22
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
|
UUKJ tJt!JJN
V Hi I
1972
Annual
1
August 1972
13 U>
1972
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE—Continued
Value of Exports—Continued
Exports (mdse.), incl. reexports—Continued
By leading countries—Continued
North and South America—Continued
Latin American Republics, total?
mil. $~ 5,666.5 6,471.2
390.9
400.1
Argentina
do
966.3 1, 242.9
Brazil
do__._
187.0
223.7
Chile
do.—
317.3
377.5
Colombia
do
1, 620. 0 1, 982. 2
Mexico
do
923.7
787.1
Venezuela
do
Exports of U.S. merchandise, total
Excluding military grant-aid
Agricultural products, total
N onagri cultural products, total
do
do
do
do
43, 491. 8
42, 910. 5
7, 698. 0
35,793.7
Beverages and tobacco
do
709.2
541.2
34.9
106.9
15.0
23.3
171.4
73.0
550.4
43.1
100.4
12.1
23.9
171.2
78.1
617.9
45.1
118.5
15.5
26.9
207.6
73.1
474.3
23.7
296.2
436.4
19.5
272. 8
469.3
18.7
318.4
• 517. 2 • 550.6
19.6
29.9
333.6
337.4
604.9
27.1
119.7
14.4
32.9
188. 9.
547.4
28.0
113.7
14.0
23.6
180.2
74.4
554.4
20.8
101.4
14.1
30.3
180.6
92.5
648.7
27.3
123.0
15.4
34.9
215.6
81.0
118.4
15.6
32.1
214.8
94.9
688.1
30.6
139.3
11.2
27.0
240.4
77.9
705.7
29.4
149.0
19.4
39.0
235.8
71.4
•4,527.2 '4,649.2 4, 719.5
•4,496.6 '4,617.1 4, 677. 7
1,079.9 1.110.8 1,136.1
3,447.2 3,540.9 3, 583. 5
4, 831.1
4, 794.5
1,179.4
3.651.7
5, 878. 7
5, 825.8
1,407.7
4,471.0
5,491.8
5,456.4
1, 264.1
4,227.7
5,967. 7
5,926. 7
1,364.9
4,602. 8
5, 793.4
5, 754.9
1, 376. 0
4,417.4
669.4
26.2
802.3
48.4
531.1
767.9
45.6
510.0
834.7
45.1
565.1
949.6
38.5
548.7
26.8
104.2
9.6
26.4
184.4
76.2
' 615. 7
23.9
384.8
• 658.0
23.1
441.4
21.7
476.7
455.5
644.4
34.9
' 908.5
54.1
59.7
66.2
76.3
85.8
94.8
90.5
62.9
74.5
78.4
74.8
68.4
73.3
4,328. 6 ' 5,030.5
502.8
583.2
1,324.8 1, 507.7
507.9
486.7
371.6
24.6
106.1
42.2
362.0
17.7
91.5
45.6
311.4
13.8
53.0
43.1
'500.0
30.4
186.2
51.2
' 566.0
55.9
214.8
44.2
• 566.4
85.7
185.5
61.6
586.4
103.2
185.9
55.8
663.1
82.0
254. 6
59.3
840.7
104.7
304.4
90.8
718.0
92.5
248.1
67.5
779.7
69.8
290.4
101.3
676.6
81.5
187.0
93.3
122.9
84.9
'35.3
62.1
335.3
404.4
63.5
70.8
44.3
102.9
62.5
36.1
353.2
10.1
84.5
49.3
157.2
113.9
38.2
'38.3
349.1
421.8
66.2
73.8
38.6
130.3
89.1
35.6
36.3
r 335.9
r 405. 7
64.9
75.0
44.6
137.1
91.1
37.2
35.2
392.9
445.7
74.2
70.9
51.5
146.9
95. 3
41.8
'47.8
'331.9
' 127. 4
67.5
41.4
'35.9
' 386.0
' 440. 6
75.5
71.2
51.2
105.3
62.0
36.2
44.0
403.9
478.2
78.3
85.5
57.8
106.7
55.5
36.3
44.8
384.7
457. 6
71.6
75.2
54.1
121.2
71.4
38.2
61.0
441.8
534.0
85.9
98.0
59.7
142.0
95.1
40.2
38.0
443.6
564.9
91.8
98.6
69.0
141.0
95.9
40.7
137.8
91.1
39.8
58.9
475.8
587.0
96.4
102.2
71.2
1,497. 4 ' 1,552.5
Mineral fuels, lubricants, etc. 9
do..
950.7 1,019.1
Coal and related products
do..
478.9
445.0
Petroleum and products
do..
615.2
' 508.0
Animal and vegetable oils, fats, waxes—do..
3,836.0
' 4,132.9
Chemicals
do..
4,413.4 ' 4,904.1
632.1
Manufactured goods 9
do..
778.8
791.6
825.9
Textiles
do..
595.6
566.8
Iron and steel
do..
Nonferrous base metals
do..
Machinery and transport equipment, total
'21,532.7
mil. $_- 19, 459. 8
,560.9 13, 244.4
Machinery, total 9
do.
596.7
749.6
Agricultural
do.
404.5
410.0
Metalworking
do.
404.2
1,601.1
Construction, excav. and mining
do
066.7 • 3,697.8
Electrical
do
899.0 • 8,296.6
Transport equipment, total
do
157.1 4,796.4
Motor vehicles and parts
do
734.1 • 3,189.7
Miscellaneous manufactured articles
do
531.4 • 1,559.4
Commodities not classified
_do
Value of Imports
General imports, total
do
45,562.7 "55,563.4
Seasonally adjusted
do
By geographic regions:
Africa
do_._. 1,236.3 1.595.2
Asia
d o . . . . 11,779.5 15,111.5
Australia and Oceania
do
894.9 1,145.4
Europe
do
j 12,881.1 15, 740.3
Northern North America
do
12,695.4 14,915.3
3, 000.5 3.536.3
Southern North America
do.
3,033. 7 3,460.0
South America
do.
By leading countries:
Africa:
19.1
16.9
Egypt
do
286.5
324.7
Republic of South Africa
do
Asia; Australia and Oceania:
636.1
819.9
Australia, including New Guinea
do
329.1
426.6
India
do
77.1
40.2
Pakistan
do
269.0
301.2
Malaysia
do
277.8
207.2
Indonesia
do
483.5
Philippines
do
495.6
Japan
do
7,258. 8 9, 064. 3
Europe:
1, 087. 7 1,368.5
France
do.
10.1
East Germany
do.
10.3
West Germany
do_
3, 650. 5 4, 248. 7
italy
do
1,405. 7 1.755.8
Union of Soviet Socialist Republics
do
57.2
95.4
United Kingdom
do.
2, 498. 5 2.985.9
North and South America:
Canada
do.
12,691.5 14,908.9
Latin American Republics, total 9
do
| 4,881. 0 5, 772.1
Argentina
do
j 175.8
201.4
Brazil
do
| 761.7
941.6
Chile
do
j 90.9
82.9
Colombia
do
| 239.2
284.1
Mexico
do
j 1,261.6 1,631.6
Venezuela
do
1,215. " 1, 297.5
By commodity groups and principal commodities:
Agricultural products,total
mil. $. 5, 765. 5 6, 504.9
Nonagricultural products, total
do
39,797.3 49.050.4
' Revised.
9 Includes data not shown separately.
526.0
38.8
112.4
14.8
22.9
153.9
73.0
'48,978.6 '3,977.8 •3,684.4 •3,909.5 '3,936.6 '4,447.2
'48,419.1 '3,941.8 3,618.3 •3,863.9 '3,893.4 '4,379.7
684.0
9,409.6
709.9
908.0
681.8
744.1
39,466.6 3,233.7 2,986.1 3, 236. 0 3, 228.1 3,540. 9
By commodity groups and principal commodities:
Food and live animals9
mil. $_. 4,366. 6 ' 5,660.8
252.0
192.0
Meats and preparations (incl. poultry)..do
2,449.1 3,505.0
Grains and cereal preparations
do.
Crude materials, inedible, exc. fuels 9 — d o .
Cotton, raw, excl. linters and waste
do
Soybeans, exc. canned or prepared
do
Metal ores, concentrates, and scrap
do
551.7
24.9
107.9
'14.8
29.9
158.9
94.4
44.5
332.8
374.1
54.6
64.2
37.9
' 426.4
72.0
54.4
460.0
578.4
94.2
109.7
64.3
1, 756. 5 '1,592.4 1,673.8 1, 739.7 '1,885.9 '1,904.1 1,937. 2 1,956. 4 2,026.9 2, 527. 8 2, 250.0 2,569. 7 2,317.7
101,3 1,031.3 1, 063. 2 1, 034. 6 1,132. 6 , 185. 2 1,199. 0 1, 222. 6 1, 223. 0 1,444.5 1,360.9 1, 474. 2 1,428. 8
69.6
64.3
63.1
58.8
62.8
105.0
92.6
56.7
59.3
61.8
86.6
78.3
97.0
31.2
42.1
31.7
30.4
32.5
37.2
32.4
35.6
30.6
44.4
35.8
31.4
37.0
139.8
135.0
137.4
130.2
119.3
180.7
176.3
124. 1 148.1
130.4
151.0
182.9
179.8
303.5 • 283. 7 • 296. 5 309.6
369.7
341.3
409.7
337.5
389.6
334.8
352.4
413.8
439.5
561.5 • 610. 8 675.1
655.1
733.8
754.8 ' 721.8
738.2
889.1 1,095.5
889.0
803.9 1, 083.4
399.0
283.4
357.4
527.8
474.2
551.0
433.2
521.7
543.6
455.8
448.5
426.7
477.5
265.4
261.0
264.7
325.7
324.3
263.3 ' 282. 8 '264.9
345.4
334.7
275.1
276.3
270.8
131.4 •118.6
168.4
145.7
116.0
131.0
120.5
146.7
171.1
118.9
131.0
128.7
132.6
4, 766.1 '4,313.6 4, 727.0 •4,491.4 '5,008.5 "5,201.4 •4,795.7 5,423.0 14,944.6 5, 595. 6 5,347.3 '6,032.0 5,900.8 5, 651. 8
4,467. 7 '4,565.1 4, 726.0 •4,612.2 '4,737.5 •5,147.9 •5,002.3 5,280.9 15, 540. 8 5,432.1 5, 290. "i 5,760.7 5,793.6 5,762.4
124.5
182.5
' 126.5
134.6
216.4
184.2
137.8
165.5
187.5
141. 4
164. 7 155.4
226.3
1,240.2 1,174. 8 1,488. 6 1,339. 8 1, 398. 7 1,404.1 1,247.6 1, 364. 3 1, 245. 0 1,413.3 1,352.4 1,515.7 1, 549.1
128.0
101.2
96.6
90.1
87.2
108.5
127.8
123.4
90.1
123.0
101. 0
83. 4
120.3
1,346.0 1,314.4 1,341. 6 1,122. 0 1,355.3 1.491.7 1,366.4 1, 555.3 1,405. 2 1,587.9 1, 529. 7 1,723.2 1,628.9
1,373. 3 1,063.5 1, 027. 3 1, 206.1 1,372.9 1.456.8 1,302.4 1,477.9 1,337.8 1,546.9 1,443.4 1,667.1 1,673.7
248.7
308.7
287.5
258.3
368.4
277. 7 411.6
428.3
287.7
305.5 310.9
419.2 I 418.4
312.5
292.0
297.4
292.3
277.1
393.4
301.8
324.3
299.6
283.9 314.3
356.4 316.0
2.5
22.1
1.2
36.4
1.9
26.4
1.3
26.7
1.1
33.9
1.6
26.5
1.6
23.1
3.7
25.2
.5
37.2
1.2
30.1
2.6
32.3
1.4
31.7
2.2
28.4
68.4
42.8
3.3
23.3
20.1
50.8
707.1
57.5
38.2
1.9
24.1
18.2
33 8
680.1
92.0
37.3
5.1
21.5
26.1
50.8
911.1
91.3
30.2
2.2
17.6
29.5
52.7
805.5
89.1
27.3
2.5
33.9
28.2
34.9
819.0
79.9
34.0
2.3
24.9
24.2
41.5
863.9
61.9
29.1
2.6
21.8
26.1
56.0
724.6
72.3
35.2
3.3
23.3
29.4
35.0
800.8
29.0
3.3
23.6
25.0
31.3
708.7
61.9
38.4
3.6
30.9
34.2
50.3
792.2
70.7
29.7
2.5
25.4
30.1
44.6
779.9
76.9
35.9
2.3
40.7
43.8
56.1
812.6
82.5
39.2
1.7
40.0
48.4
55.0
810.9
115.8
.6
349.2
143.2
7.4
296.1
108.7
.7
373.2
142.3
7.3
132.5
94.3
.6
282.0
134.6
14.0
197.1
113.8
.7
364.5
124.4
9.5
271.8
127.1
1.0
380.9
156. 2
11.1
319.0
121.6
.8
357.5
147.9
12.8
264.7
138.1
.9
421.2
170.2
18.4
123.1
.5
379.7
162.6
12.5
266. 6
128.3
.7
436.8
167.0
15.5
140.9
.6
415.3
138.9
17.8
153.3
1.1
482.8
156.6
10.9
317.0
145.7
1.2
460.1
166.8
11.4
298.5
246.9
173.1
9.7
208.2
296.4
292.6
1,373.2 1,062.9 1, 025. 8 1, 205. 6 1,372.3 1,456.5 1,301.8 1, 477. 8 1,337.8 1,546.1 1,443.4 1,666.4 1,672.8
604.9
644.4
473.6
604.1
482.9
488.9
562.5
608.9
476.3
447.4
486.1
521.1
615.8
17.9
18.6
16.8
17.1
23.6
16.1
15.5
17.7
15.0
24.4
16.9
16.3
21.3
94.5
102.7
85.2
76.5
108.2
74.2
131.2
80.5
85.3
74.7
86.2
70.6
78.9
2.9
4.9
7.1
10.1
6.3
13.3
12.4
6.5
5.4
5.7
12.6
5.3
6.8
32.8
38.7
26.1
35.1
30.7
17.0
33.6
21.0
19.2
27.9
24.9
30.1
23.2
206.6
125.2
189.5
126.6
114.6
161.7
193.2
149.4
170.5
125.0
196.8
121.3
146.6
101.9
126. 8 121.9
104.1
108.6
134.4
109.2
107.8
130.6
113.9
130.8
99.1
108.8
670.1
787.8
659.7
556.1
545.4
6.0
)9.4
580.3
554.1
564.3
618.1
526.7
471.3
•4,239.4 3,842. 4 4,171. 2 3, 939. 4 4,426. 7 4,635.7 4, 230. 7 4, 763. 3 4,326. 5 4,929.6 4,637.8 5, 244. 2 5, 230. 7
SURVEY OF CURRENT BUSINESS
August 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in t h e 1971 edition of BUSINESS S T A T I S T I C S
1971
1973
1972
1972
Annual
S-23
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Mar.
Apr.
May
June
568.4
24.1
121.5
99.7
48.9
630.1
20.1
141.1
96.6
72.1
732,7
24.0
180.1
135.9
85.5
627.1
15.5
126.1
120.8
69.3
Feb.
July
FOREIGN TRADE OF THE UNITED STATES—Continued
F O R E I G N TRADE—Continued
Value of Imports—Continued
General imports—Continued
B y commodity groups and principal commodi
ties:
Food and live animals 9
mil. $.
Cocoa or cacao beans
do__.
Coffee
_
do__.
Meats and preparations
-do...
Sugar
do__.
Beverages and tobacco
do...
Crude materials, inedible, exc. fuels?
Metal ores
_
Paper base stocks
Textile
fibers
_
Rubber...
_
_
do...
do...
__do__.
do...
__do__.
Mineral fuels, lubricants, etc
do...
Petroleum and products
do__.
Animal and vegetable oils and fats
Chemicals
_
Manufactured goods?
Iron and steel
Newsprint
Nonferrous metals
Textiles.._
Machinery and transport equipment
Machinery, t o t a l ?
Metalworking
Electrical
Transport equipment
Automobiles and parts
Miscellaneous manufactured articles
do...
do...
do...
do__.
do...
do__.
do...
do__.
do...
do__.
do...
do._.
do...
do...
Commodities not classified
do...
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967=100.
Quantity
do...
"Value
^
do
General imports:
Unit value
..
do_._
Quantity
_
do...
Value
do.__
Shipping Weight and Value
Waterborne trade:
Exports (inch reexports):
Shipping weight
thous. sh. tons.
Value
mil. $.
General imports:
Shipping weight
thous. sh. tons.
Value.
mil. $.
5,528.6
181.3
1,166.6
1,050.1
763.6
875.5
6,369.9
150.7
1,181. 7
1, 222. 8
824.1
585.1
8.0
128.8
127.0
62.0
' 545.1
6.8
103.5
111.9
52.4
'539.4
23.6
83.7
89.6
62.7
72.4
107.1
347.3
87.8
45.9
15.7
18.0
99.3
324.9
88.5
38.5
14.9
18.3
388.5
84.4
56.7
21.9
19.5
76.3
341.2
62.6
48.1
21.0
18.0
83.5
334.9
85.6
43.4
14.6
14.3
117.3
383.1
112.5
49.0
16.9
17.6
658.2
21.6
145.2
119.8
80.3
98.9
383.8
69.8
52.2
21.8
23.3
398.3
92.7
50.0
19.2
20.0
102.5
444.3
103.6
57.5
23.2
27.0
453.1
121.9
51.9
21.0
29.2
412.4
371.0
' 417.0
374.4
475.7
431.1
532,7
488.1
494,9
452.4
595.1
553.7
502.2
463.2
609.4
565.2
604.3
566.7
16.8
14.7
13.6
15.8
19.8
189.1
190. 2
202.7
221.9
213.1
208.7
r 968.4 1,107. 8
240.7
286.6
110.6
87.9
224.7
161.5
144.2
114.4
232.0
90.6
178.2
124.1
1,078.2
220.1
107.3
199.5
143.5
992.8 1,178. 7 1,114.0
204.4
243.5
296.2
100.5
109.4
104.8
159.1
178.9
186.2
133.5
128.3
137.8
1,713.6 -1,492.3 1,675.9 1,560.0 1, 813.0
812.3
737.5
698.4
647.4
702.0
13.3
17.4
14.4
12.8
11.8
363.8
332.0
284.6
275.0
317.0
1,710.1 1,954.3 1,918.2
806.8
865.0
853.8
10.9
14.5
16.5
391.2
344.4
377.4
1,009. 5
3,382.0 •3,859.8
1,043. 9 1,021.6
502.3
509.9
158.4
195.9
216.0
196.2
525.5
13.3
78.8
89.8
102.4
88.6
324.1
95.6
42.8
'16.7
11.5
'63.5
55.7
316.8
86.7
36.9
16.9
12.7
316.9
90.3
41.4
19.6
16.4
3,714. 8
3,323.3
4,798.9
4,299. 6
375.1
336.1
378.4
341.4
400.2
365. 8
409.3
366.7
171.6
179.6
15.5
16.3
11.1
11.5
15.5
10.1
21.7
1,612.3 '2,014.8
' 175.1
144.2
' 168.1
159.0
' 165. 8
177.4
166.4
1,551.6
1,391.2
11,421.5 1,018.0
2, 926. 4
263.4
1,053. 9
91.8
1,933. 2 '200.4
1, 528.4
127.0
' 940.4
256.5
85.7
147.9
118.5
994.1
291.9
83.3
141.3
140.2
r 939. 7
263.1
87.0
151.2
116.3
13,873.2
5,967. 8
106.8
2,555.1
•17,400.6 1,531.6 1,247.2
7,786. 9 • 672.6
610.7
140.4
9.0
14.7
3,375. 4 • 282.5
266.6
1,370.6
667.1
12.0
315.8
7,905. 5
6,776.4
9, 613. 2
7, 945. 9
9,545.8
2,725.2
5,372.9 '6,910. 6
1,475. 6
1,598.0
858.9
705.0
580.9
131.9
484.3
9.9
79.2
101.8
65.9
576.2
7.6
111.7
128.4
91.0
636.5
513.0
703.4
552.8
595.9
' 698.8
126.5
135.6
555.1
4.0
130.1
125 4
64.4
1,086.4 1,072.5
314.9
303.8
96.5
96.4
173.0
179.8
125.8
141.5
1,273.8 1,523.6
687.4
613.1
11.4
9.0
331.4
299.1
652.0
836.0
965.2
797.7
527.8
618.2
603.0
147.1
132.7
621.4
143.9
616.7
25.7
132.9
108.8
71.9
109.2
844.5
697.3
977.5
805.0
858.0 1,000.6
841.0
715.8
563.0
631.5
584.2
643.2
144.6
162. 8
128.7
151.3
97.3
903.3 1,100. 5 1,053. 2
896.2
941.7
748.3
697.1
649.7
609.8
160.9
131.6
141.4
114.4
122.4
140.0
' 117.6
' 134.3
' 158.0
118.0
130.8
154.4
117.7
119.9
141.0
116.7
130.0
151.7
118.0
129.2
152.5
118.4
145.0
171.6
122.8
143.3
176.1
122.6
144.6
177.3
123.5
147.5
182.1
126.8
148.0
187.7
127.2
179.3
228.0
128.4
166.3
213.6
132.4
175.3
232.1
134.5
167.5
225.3
117.4
144.5
' 126.1
' 163. 8
206.6
126.7
167.9
212.7
126.1
152.7
192.5
127.3
165.8
211.0
128.3
156.0
200.1
129.8
172.1
223.5
130.4
177.5
231.6
130.3
164.3
214.0
133.3
181.5
242.0
134.3
164.3
220.7
137.5
181.6
249.7
145.1
164.5
238.6
146.9
183.3
269.2
147.8
178.2
263.3
204,132
22,610
230,137
25,523
19,631
2,031
17,742
1,991
21,938
2,088
20,432
2,025
21,680
2,338
21,943
2,449
20,720
2,531
19, 814
2,600
18,865
2,633
22,218
3,144
22, 741
2,946
313,167
26,993
350,551
33,610
30,050
2,860
28,083
2,737
31, 753
3,154
28,377
2,825
30,923
3,107
32, 531
3,076
33,428
2,853
33,411
3,207
29,981
2,919
34,408
3,319
31,522
3,171
11.05
47.9
1,534
12.94
50.2
1,814
13.24
51.8
1,796
13.16
50.3
1,822
10.44
226
55
10.11
255
58
2.80
148
43
3.05
27.8
465
27.8
448
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
bil._
Passenger-load factor §
percent .
Ton-miles (revenue), totalf
mil-
152.41
53.0
20,746
13.95
55.9
1,847
10,046
8,220
826
288
9,717
30
11,163
9,271
938
272
10, 579
222
2,801
2,321
225
65
2,638
68
106.44
2,278
708
118.14
2,567
686
10.68
218
55
7,753
7,496
31
8,652
8,158
196
2,156
2,035
47
Operating revenues9©__
__
Passenger revenues
Freight and express revenues
Mail revenues
Operating expenses©..
Net income after taxes©
Domestic operations:
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton-miles..
Operating revenues©
Operating expensesO
Net income after taxes©
bil
mil._
do...
mil. $_.
do.."
do
International and territorial operations:
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton-miles
_
bil
..mil..
do
29.22
1,518
617
34.27
1,738
515
3.26
141
38
mil. $_.
do...
do
2,292
2,221
-1
2,512
2,420
26
645
603
21
27.4
' 5,274
27.2
'440
Operating revenues©
Operating expenses©
Net income after taxes©
mil. $..
do
do
dol__~
do
do~___
135. 63
48.5
18,685
Local Transit Lines
Fares, average cash rate
cents
26.6
5,497
Passengers carried (revenue)
...mil..
' Revised.
» Preliminary.
9 Includes data not shown separately.
^Applies to passengers, baggage, cargo, and mail carried.
15.10
60.9
1,931
15.65
62.7
2,034
12.47
53.8
1,705
12.29
50.9
1,725
11.52
50.0
1,687
11.93
229
55
9.22
223
53
9.50
235
55
9.25
253
57
2,278
2,045
108
3.82
144
36
3.72
147
38
3.25
145
38
27.8
411
27.8
427
2,785
2,322
241
66
2,808
-46
10.42
237
75
9.80
208
56
8.80
203
52
2.79
164
42
2.27
169
55
2.66
155
68
2.69
136
46
2.24
133
42
27.8
446
27.8
424
2.68
166
47
579
602
-17
600
613
-18
27.8
451
10.26
246
61
2,207
2,206
-29
2,212
2,093
52
732
630
57
27.2
384
12.50
49.1
1,696
2,812
2,308
268
76
2,705
34
3,010
2,535
236
62
2,675
165
11.28
192
49
13.08
53.1
1,842
27.8
438
27.8
424
27.8
512
27.8
420
§Passenger-miles as a percent of available seat-miles in revenue service; reflects proportion
of seating capacity actually sold and utilized.
©Total revenues, expenses, and income
for all groups of carriers also reflect nonscheduled service.
SURVEY
S-24
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
CURRENT BUSINESS
1972
1972
Annual
August 1973
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Motor Carrier! (Intercity)
Carriers of property, class I :
Number of reporting carriers
Operating revenues, total _ _ _ _ __. _ mil. $_.
do....
Expenses, total .
Freight carried (revenue)
„ mil. tons .
Freight carried, volume indexes, class I and II
(ATA):
Common and contract carriers of propertv
(qtrly )cf
average same period, 1967=100 .
Common carriers of general freight, k seas. adj.
1967=100...
Carriers of passengers, class I:
Number of reporting carriers
mil. $
Operating revenues total
do
Expenses total
mil
Passengers carried (revenue)
1
i 1,475
12,693
11,907
596
1,475
14,270
13,434
642
1,529
8 7, 076
8 6,668
«321
119.0
128.0
131.0
124.5
136.4
132.5
172
759.9
665.4
166.7
172
768.1
682.5
156.8
70
8 349. 8
8 327.8
8 75.7
Class I Railroads
Financial operations, qtrly. (AAR):
mil. $ 712,697
Operating revenues, total 9
do.. . 11,793
Freight
..
7 294
do
Passenger ©
do
10, 058
Operating expenses ©
1 939
Tax accrual*? and rents
do
700
Net railway operating income
do
do
Net Income (after taxes) 0
8 351
Traffic:
Ton-miles of freight (net), revenue and nonrev752 2
enue
bii
Revenue ton-miles, qtrly (AAR)
do
739.7
1.594
Revenue per ton-mile
cents
mil
8,901
Passengers (revenue) carried 1 mile. . .
Travel
Hotels and motor-hotels: §
18.74
Average sale per occupied room
dollars.,
c
60
VoOt total..
Rooms occupied
114
Restaurant sales index .same mo. 1951 = 100.
Foreign travel:
7,591
U.S. citizens: Arrivals _ _ _
thous
Departures
. . . . _ do . .
7,059
4 325
do
Aliens: Arrivals
3,567
Departures. . _
do
2,399
do
Passports issued
do
National parks, visits^
48,863
7
13,411
12,571
7 257
7
1,475
8 7,194
8 6,766
8 321
129.0
134.4
129.7
137.6
7
3,437
3,226
7
68
140.0
124.0
144.9
154.8
150.2
7
3,302
3,088
7
66
166.0
160.1
153.1
7
3, 475
3,255
7 60
162.5
163.4
3,523
3,305
7
59
10, 550
2,026
835
«500
2,686
512
239
« 151
2,616
508
178
•88
2,716
509
250
•184
2,761
562
200
6 119
800.8
780.7
1.616
8,560
8 395. 2
198.8
* 1. 612
«4,251
190.4
204.4
204.1
19.21
62
123
19.53
68
136
19.45
63
124
19.83
68
117
19.54
64
125
20.43
71
125
19.38
60
111
18.88
48
122
19.52
57
105
19.85
60
118
20.32
65
143
20.06
67
129
20.53
69
153
749
931
445
382
1,055
1,003
579
450
1,130
856
586
539
844
736
542
416
771
625
434
383
664
542
368
324
543
606
407
382
663
548
452
342
589
583
346
272
713
686
426
343
780
746
451
359
775
787
427
376
2,728
54,087
329
7,258
249
10,819
235
10,393
174
5,651
140
3,896
132
2,055
119
1,716
183
1,656
230
1,848
322
2,252
345
3,356
335
4,826
23, 079
11, 261
8,984
14, 869
4 03°
117.3
3 5,625
3 2,699
3 2,172
3 3,603
3 1 024
3 117.5
9 5,155
2,513
8 2,012
5 3,415
9 842
s 110.3
3 5,854
3 2, 860
s 2, 264
3
3, 754
3 i 033
3
115. 7
<*5,297
«2,593
•2,032
°3,504
°906
fflll. 6
6,033
2,923
2,371
3,867
1 088
117.3
659
'1,353
117
886
209
'661
32, 036
'586
* 9, 068
* 8, 312
< 5 193
* 4, 310
213.0
2 60.8
306
7,435
255
COMMUNICATION (QTRLY.)
Telephone carriers:
Oneratinc revenues Q
mu c
Station revenues
--do....
Tolls, message
• __ _
do....
Operating expenses (excluding taxes).
do
Net operating income (after taxes)
Phones in service, and of period
mil._
Telegraph carriers:
Domestic:
Operating revenues
...
mil. $Operating expenses
do
Net operating revenues (before taxe s) do
International:
do
Operating revenues
Operating expenses
do
Net operating revenues (before taxe s) do
20, 410
9,970
7,945
13, 253
3 487
111.6
9
396.8
337.0
31 7
109.4
88.9
13 9
102.6
89.0
8 0
206 0
150 8
44 3
56 2
39 9
12.9
56 0
40 4
12 5
i
1"
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Acetylene!
mil. cu. ft.
Ammonia, synthetic anhydrous}: .thous. sh. tons.
Carbon dioxide, liquid, gas, and solidj
do
Chlorine gas (100% C13)J
do ._
Hydrochloric acid (100% HC1)J
do
Nitric acid (100% HNOj)t
do...
Oxygen (high and low purity)©
mil. cu. ft_
Phosphoric acid (100% P 3 O 6 )t
thous. sh. tons
Sodium carbonate (soda ash), synthetic (58%
NajO)t
thous. sh. tons.
Sodium bichromate and chromate
do
Sodium hydroxide (100% NaOH)J
do
Sodium silicate, anhydroust
do...
Sodium sulfate, anhydroust
do
Sulfuric acid (100% H3SO4H
do
' 12,349
14, 029
' 1,344
9,352
2,099
6,742
319,171
6,240
' 11, 568
14,302
' 1, 481
9,869
4 2, 201
7,022
353,190
6,263
1,212
'138
810
181
577
29,263
490
'932
1,150
'133
838
180
531
29,014
501
'961
1,223
'140
857
190
524
29,064
507
'912
1,133
'132
809
179
552
29,269
512
'984
1,167
-128
851
194
608
31,796
557
1,151
'119
843
195
587
30,992
510
1,183
'106
851
197
597
32,065
528
965
1,197
102
849
198
582
31, 084
469
855
1,135
98
779
180
608
29,286
524
717
1,319
108
862
211
616
32, 945
567
661
' 102
103
848
202
'644
31,627
567
4,275
138
9,667
628
1,356
29,422
4,301
137
10, 263
663
1,358
31,046
342
11
837
54
118
2,522
353
12
856
45
106
2,487
380
13
892
331
11
840
55
109
2,495
376
12
886
65
117
2,660
376
12
873
70
113
2,628
366
12
885
58
108
2,672
333
12
879
42
103
2,501
328
11
808
53
110
2,518
350
13
895
65
141
2,672
330
12
882
64
138
'2,634
49
109
2,659
' Revised.
v Preliminary.
1 Number of carriers filing complete reports for the year.
2
For month shown.
3 For 63 carriers.
* Annual total reflects revisions not distributed
to
the
monthly
or
quarterly
data.
«Based
on six months ending in month shown.
6
7
Before extraordinary and prior period items.
Reporting roads only; excludes AMTRAK
operations.
8 For six months ending in month shown.
» For 3d qtr. 1971, 63 carriers.
cfIndexes are comparable for the identical quarter of each year (and from year to year).
©Natl. Railroad Passenger Corp. (AMTRAK) 1972 operations (not included in AAR data
337
12
928
72
142
' 2,840
1,337
618
"534'
'
2,567
above), mil. dol.: Passenger revenues, 138.2; expenses, 286.3; net income, —147.5 (ICC). 9 Includes data not shown separately.
tRevised monthly data back to 1969 will be shown later.
©Not comparable with data in 1971 BUSINESS STATISTICS.
§Effective Jan. 1972, data reflect an expanded sample that includes many motor-hotels;
restated data for 1971 are comparable.
«For 4th qtr. 1971, 63 carriers.
IData include visits, effective Jan. and July 1971, to Guadalupe vlts. and Redwood National Parks, and effective Jan. 1972, to Arches and Capitol Reef National Parks.
SUKV EY (JF C UKKJ KJNT
August 1973
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a a shown
in the 1971 edition of BUSINESS STATISTICS
LNJSS
S-25
1972
1972
June
Annual
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Organic chemicals, production:cf ©
Acetic anhydride
Acetylsalicylicacid (aspirin).
Creosote oiL—
1,545.8
31.7
119.2
1, 560.6
»34.6
119.1
119.4
3.0
10.3
121.1
2.7
8.9
124.2
2.5
11.3
3.0
9.8
2.9
11.0
130.1
2.5
8.9
2.3
8.7
3.0
7.8
()
2.8
11.4
3.0
10.7
2.4
8.9
2.4
9.1
3.0
8.5
i 159.8
4,373.1
1
217. 2
6,500.0
20.5
443.4
11.8
384.5
21.3
519.8
19.6
430.8
19.8
458.8
18.4
458.5
20.3
460.0
18.1
479.5
14.7
465.7
23.8
519.2
24.5
527.7
'17.1
' 511.3
18.7
521.2
do
..do
..mil. gal_.
mil. lb_.
339.8
28.2
» 754.7
» 766.4
353.0
25.6
* 897.0
31.4
26.2
70.5
95.0
25.7
26.3
75.1
82.1
32.1
26.1
85.3
74.2
29.1
30.1
81.0
73.6
30.8
24.5
64.7
75.5
25.7
24.3
87.5
71.2
30.9
25.6
84.4
77.7
31.5
24.7
83.5
75.5
28.1
23.8
79.4
71.4
30.8
21.6
93.1
29.5
22.6
88.7
81.9
'29.8
17.1
79.7
"91.6
30.0
15.0
90.6
86.2
552.9
132.8
432.7
88.0
621.4
76.9
453.0
82.5
56.7
100.0
36.8
8.4
54.7
98.1
38.6
6.0
57.7
_
mil. tax gal_.
do
do
do
39.0
6.1
64.0
103.8
36.4
6.1
59.3
105.4
40.7
7.3
51.5
96.2
37.3
7.0
53.4
76.9
35.3
5.8
67.1
95.9
41.3
6.1
62.5
90.7
37.5
4.9
57.1
87.8
41.3
6.2
58.4
97.6
36.7
5.7
58.1
87.7
38.8
6.6
Denatured alcohol:%
Production
Consumption (withdrawals)
Stocks, end of period
...mil. wine gal..
do
_
do
234.1
234.6
2.9
245.9
246.7
2.0
21.0
21.0
2.8
21.1
21.2
3.0
21.2
21.4
2.7
19.4
19.5
2.7
21.9
22.0
2.6
20.1
19.9
2.8
19.1
19.6
2.0
22.2
21.8
2.8
20.2
20.4
2.6
22.2
22.5
2.5
19.8
19.6
2.7
21.6
21.5
2.8
.thous. sh. tons.. 17,106
1,050
do
113,431
do
do
1,033
19,612
1,123
14,953
1,353
2,182
78
1,849
79
1,697
75
1,324
133
1,643
104
1,217
124
1,802
61
1,292
217
1,702
135
1,209
140
1,358
88
1,013
75
1,699
107
1,103
111
1,666
81
1,259
95
1,451
52
1,054
136
1,830
91
1,438
129
1,770
109
1,391
83
1,518
110
1,141
114
1,540
68
1,109
146
374
229
4,549
203
378
264
4,855
111
19
14
283
31
10
13
260
4
15
16
298
23
17
13
410
0
20
23
507
1
17
14
274
5
27
26
442
16
28
23
431
3
39
46
761
1
74
46
713
0
37
22
547
3
25
12
305
9
5,026
4,913
388
174
307
369
494
246
330
384
611
782
706
581
'308
4,966
389
5,482
433
431
324
427
410
415
449
461
347
477
418
469
433
491
455
477
437
491
333
••494
'233
'495
'233
447
304
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
Stocks, end of period
Methanol, synthetic
Phthalic anhydride
-mil. l b . .
___do
mil. gal..
.mil.lb.
do..~
1
ALCOHOL
Ethyl alcohol and spirits:t
Production
Stocks, end of period
Used for denaturation
Taxable withdrawals
FERTILIZERS
Exports, total 9
Nitrogenous materials
Phosphate materials
Potash materials
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate
do
do
do
do
Potash deliveries (KjO)
do...
Superphosphate and other phosphatic fertilizers
(100%PjO6):
Production J.._
.thous. sh. tons.
Stocks, end of period..
1
P231
do
MISCELLANEOUS PRODUCTS
528.5
Explosives (industrial), shipments, quarterly!
mil.lb.
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil. $_
Trade products
do
Industrial
finishes
do
2,120.0
2,108.7
673.0
2,830.9
1,562.8
1,268.2
3,009.2
1,659.3
1,349.8
292.4
171.7
120.7
257.6
160.0
97.7
286.4
167.2
119.1
269.0
152.0
116.9
254.0
135.4
118.6
224.7
113.8
110.8
190.0
95.0
95.0
225.5
114.5
111.0
235.0
124.7
110.3
264.0
140.1
123.9
' 270.0
1
147.4
• 122. 6
294.4
161.9
132.5
Sulfur, native (Frasch) and recovered:
Production
thous. lg. tons.
Stocks (producers'), end of period
do
« 8,620
4,120
* 9,218
3,794
715
4,104
741
4,159
776
4,008
805
4,019
776
4,003
785
3,956
790
3,832
697
3,807
812
4,127
802
3,779
844
3,762
830
3,802
mil. lb.
do
do
do
()
» 637.7
()
11,141.8 11,680.1
i 683.4
(2)
122.9
116.7
124.1
146.5
173.3
156.9
165.4
215.7
162.9
182.6
159.1
• 172.6
154.4
Thermoplastic resins:
Cellulose plastic materials
do...
Coumarone-indene and petroleum polymer
resins
mil. lb.
Styrene-type materials (polystyrene)
do
Vinyl resins (resin content basis)f
do__.
Polyethylene
do
()
3,749.8 14,602.0
i 4,075.8 14,288.9
i 6,395.8 17,629.5
391.2
352.8
603.9
370.7
323.3
604.3
389.9
349.0
658.0
;86.1
357.9
662.2
404.4
384.1
686.2
406.9
377.1
413.0
396.7
689.8
421.6
384.2
679.5
403.1
363.2
638.5
443.6
395.0
721.0
407.3 ' 418.4
385.9 , ' 3 8 8 . 8
693.8 ' 705.8
409.3
358.7
678.9
534.0
476.0
479.1
PLASTICS AND RESIN MATERIALS
Production:
Thennosetting resins:
Alkyd resins
Polyester resins
Phenolic and other tar acid resins
Urea and melamine resins
ELECTRIC POWER AND GAS
ELECTRIC POWER
|
Production (utility and industrial), total X
mil. kw.-hr.J 1,717,520
Electric utilities, total
do.... 1,613,936
By fuels
do
1,347,616
By waterpower
do
266,320
Privately and municipally owned util
Other producers (publicly owned)
Industrial establishments, total
By fuels
By waterpower
do
do
do
do
_do
1,853,390 154,360 166,652 171,861 156,028 152,759 152,625
163,329
1,747,323 145,523 157,846 162,822 147,358 143,742 143,867
1,474,589 122, 254 134,292 140,075 128,291 124,401 122,473
272,734 23,269 23,553 22,747 19,067 19,341 21,394
154,350
129,587
24,763
1,322.540 1,435,599 119,219 129,089 133,735 121,992 118,971 118,425
291,396
301,724 26,304 28,756 29,087 25,366 24,771 26,443
126,636
27,714
103,585
100,325
3,260
106,067
102,678
8,837
8,537
299
8,807
8,522
285
9,040
8,756
284
' Revised.
* Preliminary.
1
Reported annual total reflecting revisions not distributed to the monthly data. » Series
discontinued. 3 Less than 500 short tons. « Annual total reflects sulfur content, whereas
monthly data are gross weight.
1" Beginning Jan. 1972, data exclude polyvinyl acetate,
poly vinyl alchohol, and other vinyl resins.
517-658 O - 73 - S-2
8,670
8,428
242
9,018
8,747
271
8,758
8,460
298
8,979
8,669
310
0Except for glycerin, scattered revisions have been made in the annual data back to 1965;
monthly revisions are not available.
d*Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
9 Includes data not shown separately.
§Data exclude black blasting powder.
| Revised monthly data for 1970 will be shown later.
SUEVEY
S-26
in the 1971 edition of B U S I N E S S S T A T I S T I C S
Annual
August 1973
1972
1972
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
CUKKESTT BUSINESS
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER—Continued
Sales to ultimate customers, total (Edison Electric
Institute)
mil. kw.-hr..
Commercial and industrial:
Small light and power§.
do
Large light and power§_.
do
1,466,441 1,577,714 128,367 134,108 141,473 141, 720 135,133 131,021 134,957 143,115 139,596 136, 747 131,897
333,752
592,699
361,859
639,467
30,514
53,651
32,423
52, 492
345
43, 899
906
3,601
442
33,874
55,020
33,784
55,575
31,384
56,259
341
347
46, 882 41,929
985
1,075
3,715
3,704
435
29,781
55,404
30, 021 31, 665 31,124
54, 111 55, 111 54,619
30, 646 29, 848
55,627 55,753
325
397
45,126 41,142
1,021
1,078
3,447 3,381
426
426
358
326
395
379
4,440
390
335
4,537
Railways and railroads
do
47,232
40, 253 45,137 50, 700 48,428
479,080 511,423 38,827
Residential or domestic
do
1,124 1,165
950
1,187
1,092
901
12,193
11,673
Street and highway lighting
do
3,687 3,705 3,641
3,617
3,534
43,190
3,671
39,819
Other public authorities
do
415
442
424
420
5,142
422
4,880
469
Interdepartmental
do
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $.. 24, 725.2 27,921.1 2, 286.8 2,412.0 2,529.1 2,544. 2 2,417.1 2,333.4 2,402.1 2, 540.6 2, 511. 3 2,472. 6 2,403.4
GASf
Total utility gas, Quarterly
(American Gas Association):
Customers, end of period, total
thous..
Residential
do
Commercial
do
Industrial.
--do
Other
.do... .
Sales to customers, total
tril. Btu._
Residential...
do....
Commercial
do
Industrial
_
do
Other
do
Revenue from sales to customers, total—mil. $..
Residential
—
-do
Commercial
do
Industrial
do
Other
do
42, 728
39,280
3,198
194
56
43,307
39, 716
3,332
209
50
43,826
40,171
3,366
16,680
5,040
2,156
8,643
841
43,307 42, 673
39,716 39,191
3,332 3,230
205
209
47
50
3,977
16,969
1,067
5,176
489
2,334
8,530 2,207
213
928
3,250
464
267
2,262
257
4,266
1,402
638
2,000
225
5,286
2,256
966
1,850
213
11,355
5,635
1,829
3,568
323
12,498
6,138
2,074
3,873
413
2,841
1,328
442
980
91
1,985
699
235
953
3,292
1,671
566
949
106
4,563
2,552
892
1,005
114
42,706
39,189
3,264
206
81
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
mil. bbl
Production
do
Taxable withdrawals
Stocks end of period
_ do_ _
Distilled spirits (total):
Production
mil- tax pal
Consumption, apparent, for beverage purposes
mil winp crnl
Taxable withdrawals
mil- tax pal
. do _
Stocks, end of period
__ _
Imports
mil nroof pn\
Whisky:
Production
mil tax pal
Taxable withdrawals
Stocks, end of period
Imports
do
_ _ _ _ _ _ _ do
mil proof g a l . .
Rectified spirits and wines, production, t otal
mil proof gal
do
Whisky
Wines and distilling materials:
Effervescent wines:
Production
mil wine gal
do
Taxable withdrawals
__ _
do
Stocks end of period
do
Imports
___ _
Still wines:
Production
_
_ _ _ do _
do
Taxable withdrawals
do
Stocks end of period
do
Imports
Distilling materials produced at wineri 3S—_dO
137.36
127. 40
12.23
141. 28
131. 81
12.44
14.21
13.12
14.40
13.18
12.22
14.49
13.09
12.89
13.75
11.41
10.88
13.54
183.27
190. 27
16.50
15.83
8.04
12.79
16.08
16.33
2 382. 35 2 393 37
27.80
29 34
35.18
182. 07
18.19
14.19
16.73
200.43
996. 62
971.70 1,007. 56 1,001.98 991. 93
102.14
6.99
6.13
9.27
100.16
30.68
18.65
984. 85
7.10
33.73
22.14
977.70
11.61
39.52
20.75
972. 30
11.64
119. 38
116. 84
945.80
i 89. 29
11.15
10.61
13.36
9.92
9.92
12.77
9.59
9.27
12.44
10.98
9.67
13.07
10.72
9.43
13.70
13.14
12.01
14.00
12.86
11.65
14.42
13.83
12.87
14.48
15.52
15.25
15.75
18.44
16 14
18.31
48.34
16.46
971.70
12.65
28.20
15.14
970.43
7.77
26.73
13.87
971. 96
6.78
17. 98
972. 74
8.37
16.00
971. 86
7.58
19.36
970. 31
9.30
8.17
6.98
116. 56
130.09
924.41
87.69
9.89
10.83
958.39
8.20
4.72
9.36
952. 97
6.20
3.63
10.94
944.46
5.26
6.62
12.75
937.44
6.19
9.32
15.86
929. 65
10.17
10.52
14.29
924. 70
10.29
9.94
10.22
924. 41
11.33
10.47
9.64
924.02
6.68
11.00
8.90
926. 03
5.70
11.89
11.33
926.32
7.21
11 18
10 23
926. 58
6.55
11.93
11.96
925.34
7.95
120 31
' 62. 64
11.44
6.36
8.97
5.47
9.26
4.43
9.51
4.75
12.59
6.69
12.29
6.35
9.21
4.14
9.24
3.86
7.51
3.53
9.77
4.40
9 11
4 42
10.78
5.27
r 23.83
' 2 1 . 64
8.57
1.88
21.13
20.36
8.09
1.98
1.65
1.78
9.58
.15
.79
1.01
9.31
.12
2.83
1.35
10.65
.12
1.37
1.63
10.36
.10
1.91
2.51
9.64
.20
1.98
2.80
8.71
.24
2.30
2.74
8.09
.31
1.41
1.11
8.19
. 18
1.42
1.10
8.44
.15
1.93
1.24
9.07
.18
1.91
1.06
9.88
.14
1.72
1.54
10.00
.15
.14
357.36
246.97
366.31
»34.28
301.16
269. 89
350 88
45.07
7.51
24.24
262.06
3.80
7.52
17.70
251. 81
3.49
26.39
19.95
255.37
4.02
75.58
22.98
305.25
3.33
84.87
25.04
356.65
3.90
42.62
25.09
366.39
4.94
19.87
25.39
350. 88
4.66
12.26
22.13
331 79
4.38
10.28
20.90
314. 70
3.52
12.19
26.26
294. 31
4.30
10.54
22.87
277 34
4.42
10.01
24.54
257. 93
5.10
4.93
402.38
261.10
.48
.96
50.22
123.59
50.38
6.96
7.84
1.97
3.05
4.25
1.10
3.41
66.4
178.4
.710
75.2
154.7
.708
73.5
132.5
.703
81.6
107.5
.715
96 1
108.7
.687
84.4
109.5
.687
90.6
116.6
93.7
125.8
.624
100 3
140.8
.620
199.7
124.2
197. 3
119.5
184.9
107.9
204.7
119.5
202 9
123.5
193.7
120.1
226.5
142.7
238.8
151.3
261 5
171.7
404.0
335.8
15.6
379.3
314.2
17.8
353.6
291.7
20.3
331.4
269 4
19.9
322.1
260 4
15.2
321.1
260.1
11.4
302.4
244 9
14.9
303.4
247.3
12.2
.709
.718
.736
.744
.745
.746
.765
.783
116.12
63.05
r
DAIRY PRODUCTS
Butter, creamery:
75.0
110.0
1,143.7 1,101.9
87.7
Production (factory) %
mil lb
198.4
195.9
_ do
210.7
96.8
107.5
Stocks, cold storage, end of period _
.704
.688
Price, wholesale, 92-score (N.Y.)
$ per lb__
.693
.688
.696
Cheese:
Production (factory), totalf
mil. lb « 2,380.4 2, 611. 8 257.9 237.8 220.0
do
142.7
1,511.5 1,644.3
174.8
157.6
American, whole milkj
409.7
304.3
376.3
407.6
Stocks, cold storage, end of period
do
331.4
341.9
American, whole milk
do
238.9
341.2
307.8
269 4
Hn
14.1
179.4
10.1
95.5
14.8
Imports
Price, wholesale, American, single daisies (Chicago)
$ per lb__
.702
.671
.714
.709
.707
r
1
Reported annual total; revisions are not distributed to the monthly data.
2 Revised.
Includes Hawaii; no monthly data available.
§Data are not wholly comparable on a year to year basis because of changes from one
' 149. 4
.619
149.7
.639
330.6
271.1
16.1
' 376.3
r
309 6
20.2
392.4
320.0
.792
.802
.801
classification to another.
fData restated to represent the total gas utility industry, 99
percent of which is natural gas; also, sales are expressed in B.t.u. instead of therms.
JRevised data for months prior to May 1971 will be shown later.
SURVEY O F <CURRENT BUSS1JNE
August 1973
Unless otherwise stated in footnotes below, data
through 1970 a n d descriptive notes are a s shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1973
1972
1972
June
Annual
3-27
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk:
"Production case croodsrt1
80.8 * 75.8
73.5
92.4
97.4
114.2
104.1
74.7
60.2
55.2
35.6
56.2
85.4
.1
.2
4.4
.3
3.2
.2
3.8
.1
2.9
3.5
.2
4.8
9,460
4,549
'6.38
8,987
4,156
'6.52
9,401
4,464
'6.54
5.4
69.1
6.8
63.6
6.3
57.2
6.1
72.1
6.7
85.2
5.9
79.9
6.0
86.3
5.4
64.7
4.8
47.9
4.7
34.9
3.4
37.9
4.4
34.5
4.9
17.5
2.2
12.5
4.5
17.0
3.0
10.8
2.4
7.9
2.0
3.7
.320
.321
.322
.330
.342
.359
153.0
137.4
170.9
181.5
168.8
8.9
2.2
453.6
321.7
132.0
1.2
1.18
1.17
1.18
1.18
1.25
1.25
63.9
97.1
31,126
3 751
3 375
108.7
1.22
1.30
1.21
1.36
1.28
1,268.1
1,174.2
130.8
109.4
109.5
85.7
83.8
69.6
88.6
74.7
125.0
145.6
140.2
143.8
138.8
35.1
32.7
14.4
40.5
.1
3.2
.3
3.1
.1
5.0
3.6
118,532
do
8
do
60,363
5.87
$ per 100 lb_.
120,
278
7
61,731
'6.07
10,983
6,673
'5.72
10,450
5,887
'5.80
9,982
5,405
'5.99
9,443
4,646
'6.21
78.9
1,223.5
7.3
155.3
4.3
121.2
4.8
92.4
3.4
37.9
7.5
105.7
7.1
107.4
38.3
164.1
2.8
26.5
.331
7
Exports (barley, corn, oats rye, wheat),..mil. bu._ 1,204.5 U,789.3
mil. lb
Stocks, manufacturers', case goods, end of month
Exports:
Condensed (sweetened) __
EvaDorated (unsweetened)
Fluid milk:
Production on farms
.
TTtili7a.tion in mfd dairv oroducts
Price, wholesale, U.S. average
do
do
Dry milk:
Production:
7
77.8
Dry whole milk
mil. lb
1,417.6
Nonfat drv milk (human food)
do
Stocks, manufacturers', end of period:
4.0
Dry whole milk
do
«77.0
Nonfat drv milk (human food)
do
Exports:
25.0
Dry whole milk
do
7
124.2
Nonfat dry milk (human food)
. do
Price, manufacturers' average selling, nonfat dry
.307
milk (human food)
$ per lb_.
0)
0)
.1
.2
4.0
3.1
3.0
10,488
5,386
6.40
11,078
5,960
6.37
10, 706
6.9
95.1
8.6
97.3
9.3
121.5
4.1
36.9
3.4
38.3
5.2
56.8
5.1
75.4
3.7
3.6
4.3
4.1
1.4
4.6
5.2
.4
1.0
.2
.376
.394
.398
.422
.440
.445
181.2
202.1
211.2
192.2
216.2
217.4
243.0
282.7
3.4
2.1
361.8
246.2
115.6
7.3
2.7
5.4
'263.7
166.4
'97.3
7.7
7.5
10.4
33 164. 2
88. 8
3
75 4
7.6
1.32
1.32
1.32
1.32
1.43
1.42
1.57
1.56
1.54
1.53
1.60
1.59
1.62
1.61
1.64
1.64
1.72
1.69
79.8
91.0
4,815
3,674
1 141
84.2
102.5
1.31
1.28
1.31
1.30
1.53
1.54
1.55
1.57
9,630
9,055 10,321
' 4,713 ' 4,475 ' 5,176
6.52
6.55
6.56
10,105
'6.37
6.2
1.5
GRAIN AND GRAIN PRODUCTS
Barley:
Production (crop estimate)
Stocks (domestic), end of period
On farms
Off farms
Exports, including malt§
_
Prices, wholesale (Minneapolis):
No. 2, malting
No. 3, straight.
.
_
do
do
do
do
__do__
2 463.6
392.4
255.5
136.9
7
53.2
$ per bu
do
1.21
1.20
Corn:
Production (crop estimate, grain only)..mil. bu
Stocks (domestic), end of period, total
do
On farms
do
Off farms
do
Exports, including meal and flour
do
Prices, wholesale:
No. 3, yellow (Chicago)
$ per bu_.
Weighted avg., 5 markets, all grades
_ do
Oats:
Production (cror) estimated
Stocks (domestic), end of period, total
On farms
Off farms
mil bu
do
do
do
Exports, including oatmeal
.
do
Price, wholesale, No. 2, white (Chicago)
$ per bu._
Rice:
Production (crop estimate)
mil bags 9
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. lb
Exports
do
Price, wholesale, Nato, No. 2 (New Orleans)
$ perlb..
2 5,641
4,700
3,551
1,149
7
511.7
2 423. 5 3
174. 8
361.8
246.2 33 107. 0
67. 8
115 6
11.6
60.6
1.23
1.23
2 5, 553
4,815 '2,173
3,674 " 1,589
584
1 141
65.2
886.2
1.39
U.36
a
1.20
1.21
1.30
1.26
881
943
693
2 695
780
559
1.27
1.20
220
33 541
336
3
205
7.1
25.2
3.4
i. 75
«.85
251
3 85.8
2
2,004
1,446
1,774
1 266
92.2
1.57
1.56
1.63
1.65
2.01
2.02
2.43
2.30
249
.4
.80
.79
.82
164
83
297
282
328
259
82
112
174
46
102
71
120
112
186
97
215
182
.6
.7
.7
3
3
3
586
380
'207
780
559
220
.4
.5
.5
.9
10 708
6.9
4.0
7.0
.95
1.03
252
141
272
311
151
123
120
83
1.00
2.59
2.33
414
231
183
85.2
10 99.3
98
86
165
116
104
46
117
114
86
135
120
174
80
62
61
5,567
4,206
7,472
5,133
51
396
208
245
1,128
332
1,814
456
1,728
528
645
503
270
453
252
438
124
384
90
367
57
313
67
234
41
227
1,737
3,252
1,967
4,447
491
532
395
541
858
360
1,643
2,275
2,217
444
1,967
407
1,429
313
1,713
242
329
299
1,138
478
876
423
672
271
499
159
.091
.091
.100
.105
.125
.125
.129
.129
.129
.153
.153
.153
1.00
62.6
1.02
1.15
54.1
1.18
1.20
'48.9
1.12
.087
».O98
.091
3 49.3
54.6
1.06
2 29.5
54.1
1.07
3 45.6
1.02
Wheat:
Production (crop estimate), total
Spring wheat
_
Winter wheat...
.
Distribution
21,618
2 474
2 1,144
1,482
21, 545
2 359
2 1,186
1,697
1.01
1.08
1.17
3
1.18
1.27
.153
10 25.5
33.3
1.35
1.52
10 1,717
10424
ioi,293
348
3
Stocks (domestic), end of period, total
do
1,547
1,396
853
3
On farms
do_._
694
507
355
Offfarms..
.
do
853
889
3 508
'Revised. * Preliminary, i Less than 50 thousand pounds. 2 Crop estimate for the year.
3
Previous years' crop; new crop not reported until beginning of new crop year (July for
barley, oats, rye, and wheat; Oct. for corn).
* Effective May 1971, weighted average, 4
markets, all grades.
« Average for Jan.-April, June-Oct., and Dec.
« Average for JulySept., and Dec.
i Annual total reflects revisions not distributed to the months.
92.0
1,931
1,366
564
136.6
1.57
1.57
1.79
1.80
10 5,661
' 3,330
2,375
' 955
104.6
92.0
2.6
Rye:
Production (crop estimate)
mil bu
Stocks (domestic), end of period
do
Price, wholesale, No. 2 (Minneapolis)..$ per bu._
mil. bu
do
do
do.
932
683
10 430.2
543
470
'470
499
3
428
' 927
1 396
3
125
725
316
507
3
303
1,141
' 611
889
• Monthly revisions for 1970 and 1971 will be shown later.
• Effective May 1972, price is
for No. 2 (Southwest Louisiana).
*° August 1 estimate of 1973 crop.
cf Condensed milk included with evaporated to avoid disclosing operations of individual
firms.
§Excludes pearl barley.
9Bags of 100 lbs.
1 866
1
VEY UK (JUKI
S-28
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1971
1972
1 1972
Annual
August 1973
BUISINE
June
Aug.
July
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS—Con.
Wheat—Continued
Exports, total, including
Whe8tonly
627.1
588.3
817.0
778. 5
72.7
66.9
62.1
58.8
71.2
69.1
71.2
69.0
85.0
82.6
87.4
83.5
109.7
107.3
105.5
101.9
94.3
92.9
101.9
98.1
111.4
108.8
130.6
128.3
128.4
126.1
1.77
1.60
2 1.72
1.86
1.86
2 1.87
1.61
1.53
1.66
1.69
1.61
1.69
1.91
1.86
1.88
2.03
2.10
2.05
2.12
2.18
2.12
2.23
2.29
2.20
2.42
2.60
2.42
2.42
2.67
2.46
2.28
2.48
2.36
2.32
2.50
2.40
2.39
2.55
2.48
2.61
2.64
2.62
2.75
2.79
2.77
..thous. sacks (100 lb.)_. 249,810
4,279
.thous. sh. tons..
thous. bu_. 555,092
250,441
4,303
557, 801
21,133
363
47,174
19.811
343
44,155
21,293
369
47,459
21,347
369
47,713
22,493
384
50,121
21,072
361
46,822
20,799
358
46,380
21,346
375
47,529
20,023
346
44,475
21,051
358
46,777
19,310
327
42,792
20,603
354
45,808
19,771
342
43,765
4,362
16,637
4,746
16,549
4,379
2,494
1,381
930
4 886
'965
1,049
1,665
4,746
1,049
1,553
611
5,581
1,626
1,134
977
5,393
993
6.145
5.446
6.534
5.867
5.950
5.338
6.025
5.463
6.525
6.163
6.888
6.363
6.850
6.413
6,938
6.600
7.625
7.600
7.613
7.375
7.138
6.813
7.263
6.875
7.325
7.163
7.313
7.038
7.875
7.738
2,807
31,419
2,421
32,266
166
2,833
164
2,494
208
2,928
197
2,789
211
2,909
209
2,705
202
2,615
209
2,807
169
2,422
188
2,618
139
2,167
131
2,692
117
2,560
32.03
32.09
38.58
35.49
38.89
46.88
37.48
38.37
47.00
37.65
38.81
47.00
35.18
38.20
48.10
34.69
41.29
49.00
34.68
40.87
49.00
33.38
40.66
49.00
36.58
42.61
49.00
40.25
44.25
49.00
42.76
48 06
54.00
44.98
50.90
56.00
44.61
50.67
57.80
45.83
50.79
57.50
46.66
49.38
61.40
78,759
6,313
5,276
6,512
6,420
7,048
6,988
6,197
6,641
5,712
6,652
5,992
6,637
5,711
' 26. 58
25.71
27.24
27.87
28.41
27.37
26.91
29.33
31.28
35.47
37.62
35.12
35.82
37.66
22.2
22.7
24.1
24.3
23.0
23.0
22.3
20.8
22.3
25.3
28.0
24.7
21.9
18.7
10,256
9,905
807
737
840
866
937
828
751
835
700
710
858
727
27.43
30.13
34.00
32.88
31.25
30.00
26.75
27.00
29.25
33.62
39.26
40.75
34.60
36.25
38.00
35,625
2,996
2,577
3,080
2,966
3,228
3,130
2,893
3,077
2,658
2,911
2,511
2,992
2,747
675
66
143
1,624
'333
8
102
flour
mil. bu.
do—.
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu.
No. 2,hd. and dk. hd. winter (Kans. City).do.—
Weighted avg., 6 markets, all grades
do...
Wheat flour:
Production:
Flour...
Offal
Grindings of wheat
Stocks held by mills, end of period
thous. sacks (1001b.)_.
Exports..
do
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 1001b..
Winter, hard, 95% patent (Kans. City).-do....
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals..
Cattle
do—.
Prices, wholesale:
Beef steers (Omaha)
..$ per 1001b..
Steers, stockerand feeder (Kansas C i t y ) . . d o —
Calves, vealers (Natl. Stockyards, 111.).-do
Hogs:
Slaughter (federally inspected)..-thous. animals.. 86,667
Prices:
Wholesale, average, all grades (Sioux City)
$ per 100 1b.. 18.41
Hog-corn price ratio, (bu. of corn equal in value
14.5
to 100 lb. live hog) —
Sheep and lambs:
Slaughter (federally inspected)., thous. animals..
Price, wholesale, lambs, average (Omaha)
$ per 1001b..
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in), inspected
slaughter-_
mil. lb_. 36,209
Stocks (excluding lard), cold storage, end of
796
period
mil. lb..
1547
Exports (meat and meat preparations)
do
i
1,789
Imports (meat and meat preparations)
do.
670
614
2,012
710
68
152
48
166
599
49
216
594
47
206
642
67
202
702
57
174
670
57
138
680
48
165
661
62
148
687
81
133
706
75
149
700
74
166
19,697
375
44
i 1,265
20,523
380
54
1,461
1,762
265
4
115
1,561
269
4
119
1,847
294
4
168
1,760
308
4
169
1,876
337
4
166
1,761
363
7
131
1,693
380
6
101
1,801
395
5
121
1,652
383
4
108
1,645
369
6
94
1,363
374
5
104
349
7
119
.547
».577
.612
.610
.568
.553
.548
.633
.590
.645
.690
.712
.719
mil. lb.
do...
522
19
514
16
21
42
21
43
19
49
18
44
17
40
16
45
13
38
11
39
11
Inspected
mil. lb.
15,989
14, 588
1,193
1,192
1,163
1,304
1,325
1,160
1,232
1,068
1,227
1,110
1,250
1,086
12,546
214
105
395
1,012
320
14
25
839
'256
1,023
204
5
29
1,011
192
8
24
1,132
209
17
35
1,144
242
7
35
1,015
214
7
31
1,077
207
6
34
938
204
12
30
1,074
242
33
29
976
248
31
37
1,079
259
29
37
940
'253
14
35
.626
.645
.604
.694
.605
.581
.654
.694
.668
.641
.682
.703
.644
.752
.720
.730
.768
.705
.799
.798
.756
.764
.737
.722
.737
.745
.730
100
282
.147
1,465
51
164
.148
131
83
13
.144
102
64
13
.144
121
52
5
.147
108
44
14
.149
123
44
12
.153
130
58
32
.164
103
51
4
.157
111
52
19
.156
92
44
5
.178
109
50
7
.205
122
50
5
.215
105
39
17
.238
10,357
10,883
961
918
1,113
981
1,091
977
833
855
721
781
725
378
223
324
208
249
143
320
213
422
314
521
408
690
473
413
297
324
208
294
187
251
153
204
116
179
90
174
'229
'138
.128
.133
.140
.145
.135
.145
.135
.130
.130
.155
.190
.235
.255
.220
.240
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 lbs.) (New York)
. „ $ per lb._
Lamb and mutton:
Production, inspected slaughter
Stocks, cold storage, end of period
Pork (Including lard),
slaughter
production,
Pork (excluding lard) :
U3.452
Production, inspected slaughter
do
330
Stocks, cold storage, end of period
do—
72
Exports
do
357
Imports
do
Prices, wholesale:
.534
Hams, smoked composite
$ per lb_.
Fresh loins, 8-14 lb. average (New York)—do—.
Lard:
Production, inspected slaughter
mil. lb..
Stocks, dry and cold storage, end of period..do
Exports..
do-_.
Price, wholesale, refined (Chicago)
.$ per lb.
POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. lb.
Stocks, cold storage (frozen), end of period, total
mil. lb.
Turkeys
do...
Price, in Georgia producing area, live broilers
$ per lb.
r Revised.
i Annual total reflects revisions not distributed to the months.
32
.728
38
'16
949
a Effective May 1971, data are for S markets; beginning April 1972, for 4 markets.
• Beginning Jan. 1972, price for East Coast (New York and Philadelphia average).
July
August 1973
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
S-29
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS—Continued
Eggs:
Production on farms
Stocks, cold storage, end of period:
Shell
thous. cases©..
Frozen
mil. lb._
Price, wholesale, large (delivered; Chicago)
$per doz_.
194.9
193.1
15.8
16.1
16.0
15.3
15.8
229
85
234
88
200
88
247
84
173
80
15.3
16.9
15.8
14.4
16.1
15.7
16.0
15.1
116
58
49
48
.332
.338
294
.330
.327
.373
.344
.402
.498
.526
.431
.499
.500
.486
562
.650
315.8
282.2
.322
25.6
.315
17.5
.320
13.4
.341
6.8
.360
13.1
.385
10.0
.376
36.1
38.1
34.2
3
27.7
.414
29.0
.525
29.3
.614
17.0
.674
.870
4,000
19,607
3,663
20,075
3,506
4,972
21,669
5,991
2.461
1,974
20, 757
6,152
3.544
1,976
1,452
443
.485
134
1,434
333
302
415
4,585
6,601
1,230
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl. shells)
...thous. lg. tons..
Price, wholesale, Accra (New York)
$ per lb..
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagscf1-Roastings (green weight)
___do
Imports, total
do
From Brazil
do
Price, wholesale, Santos, No. 4 (N.Y.)..$ per lb._
Confectionery, manufacturers' sales
..mil. $._
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
Tea, imports
3,871
5,230
110
1,947
383
.625
177
2,149
969
.590
221
2,057
454
.580
195
1,643
430
.560
199
1,288
319
.670
172
1,996
696
.570
184
1,844
250
.620
172
2,101
266
.655
182
2,040
321
.650
'154
2,494
475
.650
'143
1,710
424
.670
135
251
290
352
398
419
416
416
382
344
298
263
269
P274
4,938
6,700
1,262
90
574
187
121
488
122
130
617
90
188
542
160
783
481
179
1,028
391
30
096
396
43
650
547
55
397
379
49
305
536
90
281
617
120
211
592
137
648
140
11,439
11,288
2,687
11, 531
11,420
2,757
1,096
1,088
2,343
1,001
992
2,032
1,167
1,155
1,532
1,106
1,099
1,204
865
853
855
849
2,217
1,043
1,035
2,757
787
780
2,941
743
738
3,038
1,058
1,049
2,777
892
886
2,831
•2,604
P2,280
481
778
46
38
55
100
67
61
104
35
1,454
64
134
137
313
5,262
1,544
48
5,154
1,246
76
627
160
2
411
54
4
579
217
1
401
187
3
352
45
35
317
117
2
381
143
5
435
104
1
288
47
5
441
127
3
475
139
2
506
168
1
418
153
$ per lb_.
.085
.091
.088
.091
.094
.094
.094
.090
.092
.094
.092
.094
.097
.100
.103
.102
$ per 5 lb_.
_.$perlb._
.695
.117
.704
.123
.692
.124
.692
.124
.695
.124
.699
.124
.704
.124
.711
.122
.713
.122
.713
.122
.725
.132
.734
.132
.736
.133
.751
.127
.767
.127
.132
thous. lb_. 175,432
151,495
16,563
10,835
11,581
12,830
14,348
11,460
10,731
15,481
14,295
15,399
14,107
17,423
12,425
295.6
120.8
329.2
118.7
316.1
127.8
288.5
127.3
295.5
140.5
275.5
128.8
317.6
125.1
275.3
136.8
• 291.6
•120.6
260.5
138.5
307.8
78.2
320.2
84.5
• 307. 5
92.0
317.0
85.6
320.6
92.9
314.1
88.8
367.9
88.8
306.2
92.6
' 354.3
' 90.9
362.5
113.3
197.1
68.9
203.5
69.8
215.8
67.7
228.4
69.3
232.5
80.6
191.5
80.2
198.4
70.1
184.3
66.6
200.1
'68.2
170.3
70.3
.313
.313
.313
.313
.313
.313
.313
.317
.324
.327
46.2
53.9
35.7
52.9
59.1
37.2
61.6
63.9
38.3
48.1
47.3
45.3
44.4
54.1
50.8
34.2
54.3
43.9
40.5
61.8
31.8
32.4
44.9
28.3
'39.5
'44.3
'26.9
39.3
40.9
22.7
394.0
236.7
346.1
423.6
240.3
330.7
424.9
222.5
323.5
404.2
204.5
346.1
408.1
232.6
343.0
341.1
205.7
392.0
365.5
234.7
363.7
312.3
205.3
336.3
•• 375.9
' 231.1
" 313.4
349.1
204.4
334.8
3.3
3.5
3.3
3.2
3.7
2.0
1.8
1.8
50.6
71.4
126. 6
31.7
(*)
54.2
69.7
182.1
67.0
48.0
70.9
186.1
37.3
44.9
66.5
229.1
50.4
58.7
80.5
232.5
69.8
(*)
50.1
69.4
240.4
112.5
56.5
79.4
218.8
70.9
54.2
71.0
181.0
36.7
43.2
40.4
38.0
69.8
44.1
43.0
39.6
73.3
40.3
42.8
41.6
72.7
40.1
38.1
41.1
'76.8
42.6
45.3
41.6
69.7
41.7
34.7
39.7
65.9
46.3
51.2
45.5
66.7
40.6
40.4
40.2
79.5
do
do
do
sh. tons..
thous. sh. tons..
do
...do
Prices (New York):
Raw, wholesale
Refined*.
Retail (incl. N.E. New Jersey)
Wholesale (excl. excise tax)
3,663
5,127
3,852
4,660
1
.700
988
984
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
258.5
290.5
314.9
Production
mil. lb,_ 3,515.0 3, 532. 5
120.8
137.7
127.3
114.2
127.6
Stocks, end of period©
do
Salad or cooking oils:
3,500.0 '3,904. 8 • 355.1 ' 307.2 344.7
Production
do
89.9
'85.6
76.1
99.7
88.2
Stocks, end of period©
_
do
Margarine:
164.2
2,361.
2
186.1
2,290.0
194.5
Production
_
_
do
68.4
69.3
67.1
57.1
71.0
Stocks, end of period©
do
Price, wholesale (colored; mfr. to wholesaler or
.313
.313
.313
.313
large retailer; delivered)
$ per lb._
Animal and fish fats:A
Tallow, edible:
40.2
'544.8
44.7
641.6
47.6
Production (quantities rendered)
mil. lb_.
46.0
633.6
50.7
57.8
598.6
Consumption in end products
do..
45.3
43.1
44.1
36.7
Stocks, end of period 1
do.
41.3
Tallow and grease (except wool), inedible:
360.4
414.2
4,967.7 4,834.3
408.2
Production (quantities rendered)
do.
201.0
251.6
2, 622.7 2, 761. 6
241.8
Consumption in end products
do.
348.1
346.1
365.3
379.7
326.5
Stocks, end of period if
do
Fish and marine mammal oils:
41.9
4.3
57.1
2.9
4.6
Consumption in end products
_
do
Vegetable oils and related products:
Coconut oil:
Production: Crude..
_
mil. lb_.
(*)
53.9
41.1
593.0
553.3
Refined
do
48.3
824.9
65.3
76.5
Consumption in end products
do
75.1
740.4
229.1 •179.4 ' 169.5
Stocks, crude and ref., end of period 1f
do
127.8
191.1
677.0
53.1
58.2
47.0
Imports
_
do
628.6
Corn oil:
507.2
45.7
43.3
43.5
485.1
Production: Crudedo.
464.5
440.3
43.6
34.0
38.2
Refined
do
446.3
463.7
41.2
36.6
Consumption in end products
do
41.3
57.0
81.1
Stocks, crude and ref., end of period^
do.
'76.8
'74.5
'67.3
d
' Revised.
» Preliminary.
Data withheld to avoid disclosure
of operations of in2
dividual firms. » Reflects revisions not available by months.
Average for Jan.-Nov.
3 Average for Apr.-June and Aug.-Dec.
* Less than 500 sh. tons.
C)
2.1
00
.327
2.1
'62.5
82.1
' 183.4
61.3
56.2
77.1
171.7
43.7
'46.2
'41.0
39.5
'88.4
47.5
42.9
42.0
91.4
OCasesof30dozen.
cfBags of 132.2761b.
§Monthly data reflect cumulative revisions
for prior periods.
9 Includes data not shown separately: see also note " §".
AFor data
on lard, see p. S-28.
©Producers' and warehouse stocks.
^Factory and warehouse
stocks.
I
S-30
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971 |
Vt
UUJ
US1JN
August 197;
1972
1972
June
Annual
< L 15
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATED
P R O D U C T S - Continued
Vegetable oils and related products—Continued
Cottonseed cake and meal:
1, 720. 6 1,923. 8
Production
thous. sh. tons
93.1
50.0
do
Stocks fat oil mills) end of Deriod
Cottonseed oil:
_ mil. lb._ 1, 209.4 1,355.2
Production* Crude
985.7 ' 1,133.5
do
Refined
728.5 '* 712.0
do
Consumption in end products
Stocks, crude and refined (factory and ware188.3
187.4
_
mil.
lb_
house), end of period
2 400. 7
476.4
Exports (crude and refined)
do
.159
.190
Price, wholesale (N.Y.)
..._$perlb..
Linseed oil:
Production, crude (raw)
mil. lb
Consumption in end products
do
Stocks, crude and refined (factory and ware_ mil. lb.
house), end of period
Price, wholesale (Minneapolis)
.__$ per lb_.
Soybean cake and meal:
Production
thous. sh. tons
do
Stocks (at oil mills) end of period
Soybean oil:
mil. lb
Production: Crude
do
Refined
Consumption in end products
do
Stocks, crude and refined (factory and waremil lb
house) end of period
do
Exports (crude and refined)
Price, wholesale (refined; N.Y.)
..Iperlb..
101.8
137.5
76.6
102.6
87.2
67.7
78.4
32.9
200.4
37.5
242.4
44.5
228.4
50.0
238.7
48.7
218.0
51.7
236.8
73.2
208.9
100.6
195.7
'114.8
159.1
122.3
75.8
88.8
"61.6
54.4
61.3
'51.6
61.2
74.6
'70.6
53.4
41.8
'50.9
139.3
95.4
'65.7
165.5
121.9
'68.7
157.3
140.1
'63.5
163.3
124.9
61.2
152.0
135.0
55.4
163.4
140.7
88.4
172.0
128.9
'73.7
' 136.3
' 126.0
'88.1
108.5
100.7
81.2
239.7
49.7
.168
203.8
33.5
.168
1/7.9
58.3
.150
114.2
13.0
.147
142.5
18.9
.150
161.5
70.6
.139
187.4
32.2
.141
215.4
57.9
.141
239.1
56.6
.166
212.7
78.7
.185
220.6
40.7
.190
' 232.5
63.7
.210
219.2
55.3
.223
412.2
213.6
439.7
243.7
39.0
24.3
33.2
21.9
40.4
23.2
41.1
20.9
34.0
21.7
35.0
18.5
28.2
17.1
31.3
15.8
25.1
14.5
26.5
18.7
28.5
17.3
30.2
'20.2
39.9
21.1
224.8
.089
253.7
.092
276.6
.095
263.8
.095
253. 3
.095
259.1
.095
258.4
.095
246.3
.095
253.7
.095
225.3
.095
224.1
.095
177.3
.095
153.4
.095
' 127.1
.095
115.9
.140
17,104.2 16, 993.1
180.5
119.8
1,308.8
158.1
1,338.9
205.9
1,335 4
174.6
1,198 5
150.6
1,519.2
148.3
1,612.0 1,571.5
180.5
133.7
1,611.9
162.3
1,479.7
177.8
1,461.6
167.1
8,083.7
6,464.0
6,748. 7
635.4
534.4
565.8
648.6
479.1
497.1
645.7
550.4
571.6
581.0
528.1
560.6
713.3
561.1
595.1
742.4
558.0
584.7
716.6
553.9
588.1
723.5
570.1
589.2
676.8
519.4
538.9
680.8
575.2
589.0
655.8
618.3
511 8 ' 538. 9
521.2 ' 581.8
555.9
519.6
546.2
802.2
U,611.7
.151
896.5
1,148. 7
.131
829.6
263.3
.136
854.1
94.1
.126
841.6
57.5
.128
785.2
68.3
.125
806.2
58.4
.120
839.1
109.7
.117
896.5
50.7
.124
948.6
52.7
.117
966.5
120.9
.150
920.5
132.3
.166
1,004.8 ' 900.1
111.8
49.3
.189
.174
838.1
90.3
.226
54,114
20,924
63,105
17,123
4 700
56,151
19,637
43,050
21, 516
45, 276
24,416
4 460
45,597
20,052
43,573
20,904
46,140
25,603
4,039
45,321
19,045
2,907
51,321
561
3,544
4,136
46,937
520
3,476
4,079
36, 762
344
3,089
4 070
48, 230
464
2,343
4,917
45,576
402
3,546
5,219
49,346
463
3,834
4,821
44, 693
485
4,226
3,988
52,042
507
2,642
2,917
39,164
16,112
40,455
23,934
4,405
48, 264
21,040
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt _
__
Taxable
Cigars (large), taxable
Exports cigarettes
3,170
38, 468
442
2,886
4,676
53, 566
563
2,923
4,172
45,038
485
2,921
_ _ millions
do
do
do
1,324.3 ' 1,406.2 1,118.2
156.8
169 4 ' 156.5
8,081.5
6,298.0
6,322.9
TOBACCO
Leaf:
1
1,705 r 1 1, 749
mil lh
Production (crop estimate)
Stocks, dealers' and manufacturers' end of period
mil lh
4,828
4,186
4,700
thous. lb_. 2 474,209 606,176 33,348
Exports, incl. scrap and stems.
do
Imports, incl. scrap and stems
. 2 248,529 240, 509 18,281
49,206
528, 858
6,506
31,802
47,171
551,016
5,889
34,602
4,608
49,127
473
2,770
«1,777
LEATHER AND PRODUCTS
H I D E S AND S K I N S
Exports:
Value, total 9
thous. $..
Calf and kip skins
thous. skins_.
Cattle hides
thous. hides,.
155,821
2,222
15,962
292,023
2,064
17, 589
19,256
126
1,317
32,641
117
2,152
23,993
180
1,324
24,376
153
1,290
36,113
164
1,893
40, 816
156
1,733
37,255
172
1,524
35,887
223
1,461
45,483
177
1,837
44,199
200
1,802
30,863
131
1,340
33,474
209
1,411
25,441
113
1,266
52,100
19,283
1,956
65, 200
16,852
3,355
5,900
1,245
415
5,800
1,627
198
5,700
1,393
268
4,400
1,075
206
5,700
704
425
4,200
326
159
3,800
405
165
7,000
910
256
7,500
1,437
253
9,700
1,883
152
9,400
1,547
237
8,700
1,219
272
7,900
804
52
.294
.145
.563
.296
.560
.293
.560
.293
.650
.340
.650
.335
.650
.405
.650
.430
.660
.320
.660
.340
.660
.335
.660
.283
.610
.383
.610
.363
.610
.338
LEATHER
Production:
Calf and whole kip
thous. skins..
Cattle hide and side kip
thous. hides and k i p s .
Goat and kid
thous. skins..
Sheep and lamb
do
1,621
20,477
3,148
21,385
1,603
20,084
3,522
20,191
153
1,818
419
1,867
97
1,220
219
1,389
148
1,804
334
1,869
118
1,693
292
1,645
133
1,712
309
1,663
143
1,546
291
1,727
106
1,387
330
1,614
114
1,504
278
1,312
88
1,446
215
1,268
99
1,637
246
1,422
77
1,551
251
1,374
117
1,627
257
1,418
124
1,582
248
1,343
Exports:
Upper and lining leather
82,944 »117,556
10,360
8,406
10, 935
11, 781
11.413
10,323
8,223
8,746
7,872
9,254
11,311
12,618
10,873
194.2
194 2
194 2
194 2
194.2
194 2
194 2
194.2
166.8
111.7
115.3
117.9
117.9
117.9
117.9
117.9
117 9
124 2
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/15 lb
Hides, steer, heavy, native, over 53 lb
$ per lb_.
do
thous. sq. ft.
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100.
Upper, chrome calf, B and C grades
index, 1967=100.
LEATHER MANUFACTURES
Shoes and slippers:
Production, total
thous. p a i r s .
Shoes, sandals, a n d play shoes, except athletic
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
u p p e r , Goodyear welt
index, 1967=100.
Women's oxfords, elk side upper, Goodyear
welt
index, 1967=100.
Women's p u m p s , low-medium quality_._do
r
114.4
» 157.5
152.5
152 5
81.8
106.7
106.4
109.0
535,777
525,665
46,224
36,089
46, 246
44, 243
46,398
41,056
38,547
42,574
41,555
46,495
41,678
41,669
41,513
425,875
98,147
8,440
3,315
417,604
98, 272
8,726
2,053
36,823
8,463
736
202
30,117
5,450
409
113
36,546
9,760
729
211
33,749
9,526
772
196
34,615
10,818
810
155
30,663
9,305
861
227
31,298
6,364
705
180
34,301
7,249
861
163
33, 265
7,343
802
145
36,761
8,701
884
149
32, 584
8,059
860
175
31,395
9,094
943
237
32,301
8,169
842
201
2,106
3 2,253
195
161
222
206
218
231
220
190
226
254
264
284
335
117.5
128.6
130.1
131.4
131.4
131.4
131.4
135.0
135.0
135.0
138.9
138.9
140.1
140.1
140.1
125.3
130.4
127.9
130.4
127.9
130.4
127.9
127.9
129.2
129.2
129.2
131.2
131.2
135.5
130.4
135.5
121. 1
135.5
121.1
120.1
121.2
125.7
< 127.0
Revised.
« Corrected.
» Crop estimate for the year.
3 Annual total reflects revisions not distributed to the monthly data.
> Average for Jan.-July and Oct.-Dec.
.150
* Jan.-Aug. average.
* August 1 estimate of 1973 crop.
9 Includes data for items not shown separately.
SUKVEY OF CURRENT BUSINESS
August 1973
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1972
Annual
S-31
1972
June
July
Aug.
Sept.
1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
LUMBER AND PRODUCTS
LUMBER—ALL TYPES 9
National Forest Products Association:
Production, total
mil. bd. ft.. 136,693 ' 138, 815
6,949
Hardwoods
do
i 7,244
29, 744 '131,570
Softwoods
do
3,301
550
2,752
3,102
542
2,561
3,417
600
2,817
3,303
595
2,708
3,528
627
2,901
3,193
615
2,578
2,664
430
2,234
3,012
535
2,477
3,074
545
2,529
3,456
567
2,890
3,272
510
2,763
3,290
491
2,799
3,207
549
2,658
Shipments, total
Hardwoods
Softwoods
do
do
do
1 37,769
7,455
30,314
r 40,010
r 7, 731
32, 279
3,429
567
2,862
3,236
588
2,648
3,468
609
2,859
3,387
630
2,757
3,520
627
2,893
3,203
615
2,588
2,776
479
2,297
3,153
678
2,475
3,102
606
2,496
3,474
642
2,832
3,386
620
2,766
3,351
563
2,788
3,264
544
2,720
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
do
do
do
5,288
999
4,289
r 4,094
512
r3,582
4,368
635
3,834
4,236
489
3,747
4,184
479
3,705
4,097
441
3,656
4,149
441
3,708
4,094
438
3,656
4,095
512
3,583
3,954
369
3,586
3,926
307
3,619
3,802
224
3,677
3,896
222
3,674
3,835
150
3,686
3,765
152
3,613
1,081
7,599
1,390
9,428
127
761
170
132
690
129
820
139
815
104
103
125
935
130
760
176
194
837
201
931
174
899
8,507
666
9,210
639
844
645
735
622
718
597
939
700
773
704
634
639
759
597
720
717
774
783
753
692
665
813
658
8,398
943
9,137
722
762
785
738
758
765
707
743
729
852
836
745
776
769
752
735
743
744
546
592
698
743
710
731
736
691
776
814
804
856
769
780
845
792
820
817
329
88
240
405
111
294
40
9
31
30
6
24
35
12
24
37
34
17
18
35
4
31
25
4
21
46
16
31
45
14
31
76
27
49
79
39
40
53
13
40
Prices, wholesale:
Dimension, construction, dried, 2 " x 4", R. L.
$ p e r M bd. ft._ 2 117.68
144. 27
143. 55
149.32
149. 72
150.30
150.70
151.28
151. 28
152.46
168.46
193.96
197.22
209.91
192.13
i 7,942
421
i 8, 539
435
821
499
788
510
824
508
510
794
504
706
494
634
435
677
472
703
536
763
561
644
525
726
556
656
546
1
18,337
i 8,525
803
816
744
777
802
826
770
796
815
800
710
716
697
693
640
640
639
731
738
643
680
705
695
649
666
1,048
1,041
1,004
1,014
997
8,803
9,580
Exports, total sawmill products
do
Imports, total sawmill products
do
SOFTWOODS
Douglas flr:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
Exports, total sawmill products
Sawed timber
Boards, planks, scantlings, etc
Southern pine:
Orders, new
Orders, unfilled, end of period
mil. bd. ft._
do
do
do
do
do
do
do
...mil. bd. ft..
do
Production
.do
Shipments
do
Stocks (gross), mill and concentration yards, end
of period
mil. bd. ft_.
1
7, 734
7,894
877
807
1,216
1,028
1,098
1,065
1,041
1,015
1,030
1,024
1,028
1,047
M bd. ft_.
64, 923
64,456
3,912
4,760
5,044
4,852
7,728
4,429
6,618
4,877
4,715
6,508
10,020
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, B and better, F . Q . 1 " x 4", S. L.
1967=100..
133.7
156.2
158.5
159.6
159.9
159.9
159.9
160.4
168.6
176.5
188.4
195.0
204.9
143.4
143.4
143.4
150.3
162.7
169.9
178.6
200.1
Exports, total sawmill products
Western pine:
Orders, new
Orders, unfilled, end of period
mil. bd. ft._
do
Production
Shipments
do
do
Stocks (gross), mill, end of period
do
Price, wholesale, Ponderosa, boards, No. 3, 1" x
12", R. L. (6' and over)
$ per M bd. ft_.
154.7
155.5
132.8
140.8
140.7
140.7
140.7
141.5
141.8
10,299
362
10,634
436
964
426
874
465
933
460
1,025
500
918
453
723
384
794
436
820
450
877
497
950
510
877
483
901
433
10,019
10, 271
10,436
10,560
910
950
818
835
933
938
974
985
960
965
815
792
726
742
745
806
818
830
933
937
934
904
971
951
1,382
1,258
1,289
1,272
1,267
1,256
1,251
1,274
1,258
1,197
1,185
1,181
1,211
1,231
134. 59
135.18
139. 34
138. 78
138.44
138.05
136. 37
139.85
154. 21
183.12
212.59
243.95
228.13
96.44
130.91
323.3
8.1
268.2
11.6
24.5
15.8
18.5
15.8
26.1
14.6
21.6
14.0
20.2
13.4
17.3
12.2
14.6
11.6
18.4
9.2
14.8
7.9
16.3
7.3
13.3
5.0
15.1
4.0
306.6
320.9
22.0
244.8
261.1
6.6
22.3
25.4
11.1
17.1
18.5
9.7
25.1
25.7
20.5
22.1
7.2
20.4
20.8
19.3
20.0
6.8
15.4
14.8
16.8
18.6
5.7
14.9
15.8
5.1
16.3
17.1
4.6
15.1
15.9
3.8
15.8
16.6
3.7
288
900
221
836
1
323
1,090
1
340
771
2
372
1,217
1
323
1,057
1,170
31
11
1,051
33
59
1,604
46
71
1,229
51
53
5,071
3,899
8,915
7,973
5,013
3,693
8,846
7,843
5,080
3,833
HABDWOOD FLOORING
Oak:
Orders, new
Orders, unfilled, end of period
mil. bd. ft_.
do
Production
Shipments
Stocks (gross), mill, end of period
do
do
do
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons.
Scrap
do_._
Pig iron
do___
2,827
6,256
34
2,873
7,383
15
211
653
00
220
760
2
18,304
325
320
17, 681
373
653
1,599
27
71
1,531
34
78
1,787
24
43
thous. sh. tons.. 49,169 »51,399
do
i 33,987 1-138,562
do
i 82, 567 v90,404
8,494
do
v 8,134
4,342
3,301
7,509
8,373
3,905
2,659
6,374
8,642
4,334
3,087
7,279
8,792
Imports:
Steel mill products
Scrap
Pig iron
do_.
do_.
do..
301
595
304
611
252
653
2
207
695
2
245
895
3
1,570
31
68
1,910
26
1,824
32
49
1,609
35
116
1,381
36
27
4,336
3,142
7,591
8,644
4,542
3,480
8,149
8,593
4,342
3,351
7,877
8,390
4,408
3,187
7,848
8,134
4,731
3,459
8,381
7,878
00
()
Iron and Steel Scrap
Production
Receipts, net
Consumption
Stocks, end of period
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per lg. ton..
33.19
33.36 34.24 35.68
34.65
Pittsburgh district
do
36.00 38.50 I 40.50
38.00
36.80
f
!
Revised.
*> Preliminary.
Annual data; monthly revisions are not available.
1
Beginning Jan. 1971, data reflect changes in size specifications, and are not comparable with
4,465
3,328
7,866
7,918
7,783
36.62 37.09 39.08
35.76
44. 57
48.27
49.65
43.53
46.37
40.50 38.50 40.50 43.00
48.50
48.00
48.00
44.50
52.50
3
those for earlier periods.
Less than 500 tons.
9 Totals include data for types of lumber not shown separately.
52.92
55.50
S-32
<JU1
su
Unless otherwise stated in footnotes below, data
through 1970 a n d descriptive notes a r e a s shown
In the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
June
July
Aug.
Sept.
1973
1973
1972
1972
Annual
AugUS t
T B\JSJLN E S S
Oct.
Jan.
Feb.
Mar.
Apr.
6,651
2,035
1,783
5,260
2,492
1,585
5,931
2,367
1,529
4,018
9,037
10, 729 11,156
84
213
4,561
10,423
46
69,063 66,962 63,232
14,893 14, 289 17,973
51, 751 50,061 42,923
2,336
2,419
2,612
Nov.
Dec.
May
June
5,987
6,635
2,863
9,046
10,414
3,977
8,940
10,404
4,577
4,334
11,542
65
9,058
11,404
215
14,419
11,771
164
14,363
11,408
331
59,565
20,626
37,061
1,878
55,267
24,174
29,853
1,240
52,347
23,537
27,582
1,228
53,499
22,096
30,230
1,173
55,301
20, 642
33,204
1,455
July
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous. lg. tons. 11 80,762
77,692
Shipments from mines
do
Imports
do— 40,124
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
114,051
Consumption at iron and steel plants
do._. 108,966
Exports
do...
3,061
Stocks, total, end of period
At mines
At furnace yards
At U.S. docks
Manganese (mn. content), general imports
do
do
do
do-_.
do
78,815
17,653
57,738
3,424
• 75, 285
' 78, 201
35,761
7,448
9,240
4,191
112,305
119,937
2,095
66,962
14, 289
50,061
2,612
6,536
9,062
3,695
5,569
7,677
4,501
12,676
9,901
239
12, 205 13, 581 12, 541 13,176
9,632 10,294
9,785
9,933
275
325
289
329
11,094
10,205
91
66,298
25,952
39,022
1,324
66,697
23,645
41,424
1,628
72
78
97
88,952
88,191
1,656
7,427
7,374
1,688
7,321
7,153
1,827
7,385
7,362
1,841
80.33
3 71.38
81.70
72.21
74.33
81.70
72.21
995
1,363
764
1,019
1,027
629
1,019
Pig Iron and Iron Products
Pig Iron:
Production (excluding production of ferroalloys)
thous. sh. tons.. 81, 299
Consumption
do
1 81,178
Stocks, end of period
do— 1 1, 779
Prices:
Composite
$ perlg. ton
76.03
Basic (furnace)IT
$ per sh. ton.. 67.70
Foundry, No. 2, Northern H
do
68.75
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons_.
Shipments, total
do
13,839
For sale
do
7,606
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total
do
882
For sale
do...
606
1,140
15,320
8,293
96
960
578
Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons. 120,443 133,241
Index
daily average 1967 = 100.
94.7
104.5
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons.
281
318
Shipments, total
do...
1,589
1,609
For sale, total
do...
1,295
1,321
Steel Mill Products
8teel products, net shipments:
Total (all grades)
-thous. sh. tons.. 87,038
By product:
Semifinished products
do_
4,962
Structural shapes (heavy), steel piling do_
5,666
Plates
do.
7,939
Rails and accessories
_do_
1,564
Bars and tool steel, total
do
14,166
Bars: Hot rolled (incl. light shapes)
do
8,179
Reinforcing
_ _ do
4,621
Cold
finished
__.do_
1,378
Pipe and tubing
do
7,574
Wire and wire products
do
2,791
Tin mill products
do ___ 6,811
Sheets and strip (incl. electrical), total...do _
35,674
Sheets: Hot rolled
do
11,760
Cold rolled
do
14,898
By market (quarterly shipments):
Service centers and distributors
do
1 16,184
Construction, incl. maintenance
do
1 9,541
Contractors' products
do""" 14,946
Automotive
do.
117,483
Rail transportation
do.
3,004
Machinery, Industrial equip., tools
do
4,903
Containers, packaging, ship, materials.. _do._.
7,212
Other
do.
1 23,765
Steel mill products, inventories, end of period:
10.0
Consumers' (manufacturers only)..mil. sh. tons
67.6
Receipts during period
do....
67.0
Consumption during period
do
7,101
9,442
3,336
»91,805
7,886
10,535
4,141
7,985
9,277
3,257
67,669 69, 656 70,159
21,022 19,731 17,019
45, 071 47, 980 50,862
2,278
1,945
1,576
5,553
5,883
2,757
90
74
60
106
72
52
101
7,116
7,175
1,787
7,606
7,684
1,745
7,475
7,438
1,711
7,960
7,682
1,656
8,199
8,242
1,655
7,756
7,778
1,542
8,627
8,762
1,450
8,490
8,526
1,415
8,809
8,930
1,357
81.70
72.21
74.33
81.70
72.21
81.70
81.70
72.21
81.70
72.21
74.33
71.99
74.33
71.99
75.89
77.90
76.89
77.90
75.89
77.90
1,030
1,242
715
1,070
1,292
707
1,102
1,319
692
1,140
1,206
641
1,245
1,425
709
1,237
1,362
690
1,297
1,542
781
1,339
• 1,437
'746
1,394
1,549
814
62
110
87
52
115
95
57
116
-88
'51
118
94
55
74.3
1,093
1,415
771
0)
78
75.89
77.90
10,341
95.7
10,842
100.4
10,913
104.4
11,657
107.9
11,398
109.0
11,878
109.9
12,373
114.5
11,626
119.1
13,088
121.1
12,789
122.3
13,174
121.9
291
151
124
271
102
85
295
119
97
310
134
108
322
153
128
311
135
111
318
144
120
338
148
123
364
150
124
407
168
140
444
157
131
466
163
137
7,971
6,875
7,805
7,929
8,243
8,044
8,127
9,111
8,665
9,861
9,163
10,023
9,657
519
671
124
466
589
816
148
463
500
702
146
460
452
679
138
529
562
821
167
460
604
785
146
540
672
847
156
477
619
806
143
1,347
825
367
147
621
243
445
3,606
1,318
1,423
1,362
873
338
143
732
235
436
3,342
1,250
1,312
1,412
880
350
173
653
275
772
4,188
1,458
1,761
1,374
845
359
161
646
251
845
3,820
1,332
1,605
1,667
1,033
434
190
776
318
486
4,535
1,568
1,883
1,522
937
396
179
737
293
483
4,134
1,388
1,744
1,660
977
481
192
818
292
586
4,453
1,449
1,908
1,578
952
434
184
785
286
629
4,334
1,439
1,801
4,917
5,656
7,553
1,601
430
456
615
137
357
451
541
106
395
488
609
108
455
481
646
115
483
609
664
129
1 15,518
9,299
4,454
1,675
7,609
2,952
6,135
1 39,862
14,036
16,123
1,345
791
399
147
671
289
642
3,387
1,166
1,361
1,132
654
352
120
582
210
526
2,971
1,095
1,142
1,339
775
419
139
664
258
577
3,367
1,209
1,306
1,335
791
395
142
649
263
491
3,493
1,277
1,365
1,381
819
400
153
645
264
494
3,674
1,311
1,474
118,598
9,299
5,055
18,217
4,807
2,443
1,298
4,641
4,619
2,388
1,310
4,302
5,140
2,396
1,346
4,819
5,322
2,556
1,459
6,129
2,730
5,396
6,616
125,893
682
1,377
1,876
6,589
592
1,314
1,696
728
1,514
1,511
6,960
771
1,607
2,186
7,613
8.8
68.0
69.2
8.9
5.8
5.8
9.0
5.9
6.0
8.9
6.5
6.6
8.9
6.0
6.0
8.8
5.4
5.5
8.9
7.0
9.0
6.7
8.6
Service centers (warehouses)
do...
7.4
7.0
7.4
7.8
Producing mills:
10.6
11.3
11.7
11.8
In process (ingots, semifinished, etc.)
do...
11.8
10.2
8.8
10.0
9.8
Finished (sheets, plates, bars, pipe, etc.)-do....
Steel (carbon),finished,composite price.__$ per lb..
.1089
.1189 .1191 .1191 .1191
r
Revised.
v Preliminary.
i Annual data; monthly or quarterly revisions are not
available.
2 For month shown.
3 Average for 11 months. * Series discontinued.
7.5
7.2
7.8
8.6
8.1
11.5
9.8
11.3
10.0
11.2
10.1
11.3
10.2
11.0
10.0
.1191
.1191
.1191
9.2
4.9
4.6
21,850 2 2,041 21,992
2 924 2 1,047 21,015
2 605
2 593
2 544
2 2,017 2 2,125 2 2,021
2
1
2 292
268
2 550
2 547
2 649
2 545
2,467 2 2,715 2
7.1
7.2
9.0
6.7
6.6
7.6
8.0
'8.5
10.8
9.7
10.5
9.2
10.2
9.0
'9.5
'7.5
7.0
75. J
12,488 P12,287
' 119.4 P113.7
10,980
105.0
9.1
5.6
5.7
58
2 282
2 542
2 683
2,531
»7.0
10.0
9.0
.^Effective May 1973 SURVEY, prices are in terms of dollars per short ton.
SURVEY OF CUKRENT BUSINESS
August 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
S-33
1973
1972
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons..
Recovery from scrap (aluminum content)..do
3,925
1943
4,122
1,041
340
91
78
87
do
do
560.4
71.0
646.4
80.9
66.3
7.7
44.8
5.9
do
do—
112.3
149.0
108.3
154.0
8.4
13.7
Price, primary ingot, 99.5% minimum—$ per lb._
. 2900
.2645
Imports (general):
Metal and alloys, crude
Plates, sheets, etc
Exports:
Metal and alloys, crude
Plates, sheets, bars, etc.*
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)
Mill products, total
Sheet and plate
Castings
mil. lb._
do
do—
do —
363
90
357
83
364
372
87
351
389
99
371
90
380
99
39.2
7.5
52.2
5.0
47.0
5.4
53.3
5.9
54.5
6.0
68.2
6.5
38.8
6.2
50.9
6.4
43.1
4.6
44.7
5.6
7.7
11.6
7.3
9.7
9.1
11.9
14.2
14.4
10.0
14.8
14.0
13.7
12.4
18.5
11.5
13.1
10.6
18.5
12.4
19.4
11.1
17.0
50.7
4.8
10.3
17.3
.2500
.2500
.2500
.2500
.2500
.2500
.2500
.2500
.2500
.2500
.2500
.2500
.2500
1,047. 5
840.8
440.0
160.3
881.6
726.0
388.1
117.8
998.8
797.1
407. 3
147.7
983.1
778.6
403.6
150.7
1,015.4
794.2
397.3
165.8
1,038.8 1,024.0 1,157.0 1.101.8 1,257.1 1,179. 7
818.8 r 951.3 906.0
776.9
826.3
765.8
393.0
424.2 430.5 *r 502. 0 479.9
404.4
191.9 172.7
178.6
171.6
186.3
154.3
180.5
4,804
4,871
4,919
4,877
4,840
4,828
1, 642. 8
1, 809.1
1,616.2
192.8
383.0
137.7
159.4
143.5
15.9
*96
115.1
128.2
114.1
14.1
136.7
142.0
129. 4
12.6
138.2
149.9
128. 7
21.2
*93
140.6
149.2
131. 2
18.0
423.6
189.8
267.7
182.7
35.9
25.1
44.7
14.1
36.3
14.0
19.2
12.9
17.9
11.0
35.6
18.5
19.6
12.3
20.8
12.8
10, 258.2 111,821.8
7.846. 2 19,209.2
3,976.4 4,760.4
1, 577. 2 1,855.7
Inventories, total (ingot, mill prod., and scrap),
5,029
end of period
mil. lb..
Copper:
Production:
Mine, recoverable copper. ______thous. sh. tons. - 1,522.2
1,591.8
Refinery, primary
do
From domestic ores
d o — 1,410.5
181.3
From foreign ores
do
Secondary, recovered as refined
do
371.0
Imports (general):
Refined, unrefined, scrap (copper cont.) _.do
Refined
do
Exports:
Refined and scrap
do
Refined
do
347
365.8
162.1
283.0
1S7.7
2, 014
277
174
2,230
271
114
2. 5201
.5124
2,711
2,354
751
2,985
2,647
767
794
678
212
Lead:
Production:
Mine, recoverable lead
.thous. sh. tons..
Recovered from scrap (lead cont.)..
do
578.6
i 596.8
' 618.9
595.1
51.2
50.4
Imports (general), ore (lead cont.), metal—do.
Consumption, total
do.
261.7
1,431.5
344.6
1,485.3
154.7
52.1
125.6
76.2
.1380
Consumption, refined (by mills, etc.)
do
Stocks, refined, end of period
do
Fabricators'
do...
Price, electrolytic (wirebars), dom., delivered
$ per lb..
Copper-base mill and foundry products, shipments
(quarterly total):
Brass mill products
mil. lb..
Copper wire mill products (copper cont.)-..do
Brass and bronze foundry products
__.do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. tons_.
Refiners' (primary), refined and antimonial
(lead content)
thous. sh. tons-.
Consumers' (lead content)6"
do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous. sh. tons..
Price, common grade A
$ perlb..
Tin:
Imports (for consumption):
Ore (tin content)
Metal, unwrought, unalloyed
Recovery from scrap, total (tin cont.)
As metal
Consumption, total
Primary
Exports, incl. reexports (metal)
Stocks, pig (industrial), end of period
Price, pig, Straits (N.Y.), prompt
Zinc:
Mine prod., recoverable zinc
Imports (general) :
Ores (zinc content)
Metal (slab, blocks)
lg. tons..
do
do
do
do
do
. 5257 .5063
.5061
4,764
135.3
157.6
134.9
22.7
137.4
143.8
132.7
11.1
*94
137.3
157.4
141.1
16.4
135.7
143.8
128.8
15.0
151.9
166.7
145.6
21.0
150.4
158.1
143.1
15.0
153.5
168.7
153.7
15.0
43.0
21.7
47.6
23.3
22.8
11.6
40.8
21.3
39.9
18.2
44.6
21.5
27.9
12.7
20.3
13.7
15.8
10.7
19.9
14.7
22.1
15.9
24.4
15.6
23.6
12.8
28.8
17.7
31.5
16.2
23.4
13.5
31.1
IS. 3
.5061
.5239
.5457
.5978
.6008
.6008
.6008
55.7
59.1
22.1
123.7
.5061
.5061
.5061
50.6
51.4
51.7
49.5
46.1
51.6
45.0
45.4
53.5
55.3
49.5
56.2
44.8
56.4
51.8
122.9
22 9
123. 4
38.4
122.2
22.6
127.6
27.2
125.8
23.6
116.0
45.1
128.8
27.6
124.1
17.7
134.4
'39.3
56.8
16.5
121.7
168.0
158.6
159.1
161.4
165.3
169.4
173.0
168.0
165.9
151.9
141.7
127.4
126. 3
64.5
113.2
40.3
135.3
55.3
142.6
67.5 I 69.1
128.6 I 125.8
63.7
119.4
64.2
117.2
64.5
113.2
57.3
115.1
51.6
109.8
39.7
115.6
32.9
117.1
60.2
.1503
.1550
62.8
. 1550
65.2
.1541
62.9
.1500
63.3
.1467
53.7
.1450
60.2
.1450
59.3
.1482
59.9
.1526
63.0
.1600
64.9
.1602
34.7
118.7
68.8
.1648
4,216
3,060
52, 451
i 46,940
i20, 096 i 20,180
i 2,324 i 2,199
i69,950 i 69,033
151,980 i 53,506
0
4,701
1,770
245
5,985
4,660
1,072
2,842
1,410
220
5,260
4,130
0
3,406 I
1,690 !
220 j
5,660 i
4,335 |
529
2,105
1,815
195
5,405
4,210
599
6,532
1,685
215
5,700
4,345
91
4,723
1,820
180
5,365
4,115
496
4,135
1,470
135
5,525
4,180
504
5,103
1,670
175
5,870
4,735
709
2,967
1,710
145
5,945
4,625
452
5,221
1,955
150
6,370
5,025
16
3,547
1,755
155
6,310
5,040
564
5,474
1,725
190
6,465
5,185
12,195 ! 10,080
1.7912 S 1.8199
95 j
145
34
11,370
1. 8040
81
12,180
1.7721
226
126
311
11,766 10, 270 8,880
1. 7625 1.7904 1.9197
130
9,610
2. 0509
95
9,270
2. 0244
51
8,155
2.0911
42
162
11,240 11,235
1. 7503 1. 7661
502.5
1 478.3
41.9
37.4
41.4
38.9
40.7
38.9
33.9
40.8
36.5
19.3
'36.9
39.5
do
do
342.6
319.6
254.9
522.6
24.9
59.8
14.7
44.9
8.9
40.6
16.2
56.5
21.8
46.9
14.4
60.4
11.8
37.8
22.0
69.8
19.8
46.2
20.4
52.1
18.0
38.8
20.6
40.7
do
do
i 119.3
i 277.3
l 118.3
i 292.1
12.2
22.3
11.2
21.3
8.5
22.2
9.3
21.7
12.1
22.0
13.2
22.8
13.3
21.9
13.7
22.0
12.7
22.1
13.9
22.8
15.1
22.3
14.9
25.6
53.1
5.4
121.8
57.1
7.0
129.0
0
56.6
6.4
123.6
)
51.8
5.3
112.8
.2
56.0
5.8
129.6
()
50.7
5.3
123.7
.1
56.8
6.4
134.7
.3
54.1
6.4
128.3
.4
53.2
6.4
134.0
.4
thous. sh. tons..
.6008
786
699
187
56.9
49.6
I
21.5
10.4
* 601
271
114
700
628
172
Slab zinc:
Production (primary smelter), from domestic
and foreign ores
thous. sh. tons - i 766. 4 ' i 639.4
64.3
59.5
56.3
67.5
i 80.9
Secondary (redistilled) production
..do.
4.9
3.8
5.8
11,254.1 1,418.3 121.7
Consumption, fabricators.
do
97.9
125.4
4.3
Exports
do
13.3
0
Stocks, end of period:
121.2
Producers', at smelter (ZI)O
do
141.3
21.3
23.5
26.7
i 126.1
Consumers'
do
111.4
138.4
U04.3
125.0
.1775
Price, Prime Western
$perlb..1800
.1800
.1613
.1800
r
Revised.
*> Preliminary.3 i Annual data; monthly revisions are not available.
1
Average for 11 months.
Less than 50 tons.
* For quarter ending in month shown.
• New series.
4,840
*504
294
136
272
143
.2500
' 4,696 4,621
4,804
52.5
48.9
17.1
91.0
2,306
1,466
.do
do
j 9,804 '11,766
1.7747
$ perlb.-j 1. 6734
Consumption (recoverable zinc content):
Ores
Scrap, all types
349
21.3
. 1650
.1150
489
4,033
6,230
4,850
153
9,030
2.1227
2.3755
19.0
50.3
.6
25.1
24.6 * 22.2
32.7
30.4
28.1
31.2
32.3
31.8
31.3
28.0
114.0
120.9
127.4
123.9
143.9
138.8
140.4
121.1
144.3
.2034
.2032
.2039
.2031
.1985
.1800
.1866
.1811
.1928
.1800
.1800
AEflective Dec. 1971, nationwide delivered price substituted for N.Y.-basis price.
^Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
G Producers' stocks elsewhere, end of July 1973, 9,700 short tons.
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
Augus t 1972
OF CUKKENT^ BUSINESS
S-34
1971
1972
June
Annual
1973
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Feb.
Jan.
Mar.
Apr.
May
113.6
108.7
84.6
June
July
METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Foundry equipment (new), new orders, net
mo. avg. shipments 1967 = 100..
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly
mil. $..
Electric processing heating equip.
..do
Fuel-fired processing heating equip
do
Material handling equipment (industrial):
Orders (new), index, seas, adit
1967 ==100..
Industrial trucks (electric), shipments:
Hand (motorized)
number-.
Rider-type
do
Industrial trucks and tractors (internal combustion
engines), shipments^
numberIndustrial supplies, machinery and equipment:
New orders index, seas, adjusted*f. 1967-69=100..
Industrial suppliers distribution:
Sales index, seas, adjusted*
1967=100..
Machine tools:
Metal cutting type tools:
Orders, new (net), total
mil. $..
D omestic
do
Shipments, total
do
Domestic
do
Order backlog, end of period
do
Metal forming type tools:
Orders, new (net), total
do_.
Domestic
do _
Shipments, total
do D omesti c
do
Order backlog, end of period
do_
83.9
166.5
84.2
75.4
67.0
63.7
7.5
79.3
12.8
41.3
23.8
4.0
12.8
99.6
128.4
123.9
130.6
153.7
136.5
132.9
155.0
149.4
157.4
164.1
180.6
186.7
174.0
12, 644
14, 621
1,283
1,685
1,102
1,282
1,312
1,385
1,619
1,544
1,377
1,457
1,416
1,518
1,476
1,701
1,544
1,525
1,696
1,626
1,841
1, 97!
1,740
1,860
2,001
2,055
2,155
1,947
36,645
15, 482
16, 902
40, 698
3,940
2,940
3,832
3,589
3,995
4,000
3,828
3,797
4,654
4,865
99.1
116.3
116.4
117.0
118.4
121.4
123.7
127.8
129.5
130.4
134.6
139.1
144.2
147.7
148.0
104.7
120.3
119.0
116.0
120.7
120.4
118.9
123.5
121.5
130.5
129.4
129.9
135.4
140.0
143.4
144.:
608. 75 1, 008. 95
524.10
877. 25
672. 30
714. 45
554. 20
627.15
407.5
702.0
75.00
66.70
70.05
63.00
517.8
64.65
47.80
42.25
548.6
77.60
69.45
48.45
44.05
577.8
97.50
76.80
76.25
65.00
599.0
94.45
84.35
63.85
56.05
629.6
112.70
103.45
66.20
58.80
676.1
133.20
110.00
102. 90
90.40
1, 056. 7
*135. 50
ill. 35
p 75. 60
p 65. 85
252. 40
223. 20
325.60
285. 60
161.8
403.05
368. 20
304. 25
267. 20
260.5
40.10
38.45
33.85
30. 45
170.8
25.80
22.90
24.60
22. 65
172.0
31.35
29.70
19.30
17.25
184.0
42.25
38.05
19.95
18.10
206.3
47.35
42.10
27.40
25.95
226.2
53.20
48.90
30.65
26.05
248.8
78.20
74.15
42.05
39.85
494.6
p 52. 60
M8. 95
^30.65
p 28. 00
P516. 6
21,225
546. 0
4,904
185.8
5,682
153.2
1,713
69.2
5,157
135.7
1,230
12,040
46,052
1
801.7 214.1
10, 276
184.3
11,798
205.8
196,988
1,141.0
52, 571
310.5
40,845
254.8
50, 466 3 18.906 3 16,917 319, 264 319, 701 319,858
321.5
111.4 3109.3 3 124. 9 3 122. 9 3 201.4
43,220
2,794
3,178
67.5
60.3
79.6
35.8
22.5
21.3
37.7
32.3
Tractors used in construction:
Tracklaying, total.
units.. 118,520
mil. $.. i 479. 6
Wheel (contractors' off-highway)
units.. i 4,334
mil. $-. i 166.9
Tractor shovel loaders (integral units only), wheel
and tracklaying types
units_. i 27,145
mil. $_. i 640. 9
Tractors, wheel (excl. garden and contractors' offhighway types)
units.. 16.5,343
mil. $.. i 891.9
ELECTRICAL EQUIPMENT
1
54.6
58.4
90.0
101.1
58.2
101.1
74.6
27.0
5.7
13.0
21.1
3.4
11.4
18.3
2.9
9.7
118.30 124.80 130.40 170. 80
104. 20 103. 25 117. 80 149.10
98.80
92.40
74.40
66.15
83.95
83.45
67.40
58.60
888.6
702. 0 760.6
816.6
37.65
34.10
25. 95
21. 45
260.5
4,591 3 2,085
120.1
3 63.7
2
940
2 35.1
76.70
72.05
35.35
33.55
375.4
72.45
66.40
28.70
25.85
334.0
56.85
49.55
27.15
25.70
290.2
3
1,960
3
59.2
5
32.
5.2
18.9
159. 95 154.85
145. 90 139.55
76.30 100.60
68.80 ' 84.55
972.2 1,026.4
80.95
74.45
30.60
28.60
425.8
70. 95
66. 50
38. 25
35. 30
458.5
2,360 3 2, 086 3 2,109
3 67.9 3 61.6 3 61.9
2,837
2,782
50.8
50.3
Batteries (auto, replacement), shipments
thous..
Electronic components, factory sales:
Semiconductors:
Discrete devices
mil. $..
Integrated circuits
do
Tubes, selected power and spec, purpose...do
Microwave
do
Electro-optical
.do
High vacuum, gas, and vapor
do
Capacit ors
do
Motors and generators:
New orders, index, qtrly. _
1967=100..
39,144
87.1
103. £
Radio sets, total, production^
thous.
Television sets (incl. combination), prodcf-.-do...
Household electrical appliances, factory sales:
Air conditioners (room)
thous.
Dishwashers*
do...
Disposers (food waste)*
do...
Ranges
do...
Refrigerators.
.do...
Washers
do...
Dryers (incl. gas)
do...
Vacuum cleaners
do.
18,579
11,197
1,954
1,312
1,314
793
102.5
1,543 * 2,194
4
963
1, 451
1,786
1,184
1,658 * 2,132 5 4,025
1,200 * 1,353 s 1,252
5, 209
1,425
4 5,211
* 1, 681
2,916
1,189
3,860 4 3,990
1,341 i 1,778
3,067
1,018
5,438
2,477
2,292
2,714
5,691
4,608
3,377
7,973
407.5
262.6
241.0
242. 9
563.0
408.7
255.1
583.5
280.6
236.1
210.5
261). 3
637.4
406.8
272. 2
498.1
129.7
293.8
250.3
297.4
629.2
505.1
375.1
689. 5
82.1
288.8
267.2
278.5
521.5
466.7
392. 2
727.7
137. 4
333.1
243.7
312.7
606.5
496.5
442.4
838.1
157.2
308.9
236.4
297.0
502.2
439.0
384.0
764.0
293.1
267.7
232.8
258.9
409.5
381.9
335.7
625.4
486.8
284.9
215.4
285.2
472.3
457.2
379.3
727.9
448.9
252.3
224. 5
240.0
452.8
417.2
318.2
775.3
782.4
322.7
254. 0
293.8
579.8
464.8
331.9
795. 9
686.4
296.9
245.6
286.4
554. 1
428.5
305.4
710.5
722.4
325.2
260.6
311.9
623.8
476.0
309.3
677.6
306.2
272.4
236.0
304.0
703.2
432.5
319.2
1,795
2,549
3,088
165.5
238.5
244. 1
156.3
169.4
240.8
184.1
238.7
248.5
193.6
253.1
239.7
216.0
232.3
291.4
178.2
224.1
249.8
157.2
218.2
254.1
163.9
174.8
278.2
133.0
205.9
278.9
161.8
260.9
280.3
516
40
560
5
633
93
1621
534
i 300
124
180
176
435
34.7
4,538
4,553
4,507
4,473
4,226
39.2
40.3
37.9
39.7
43.2
3,108
' 2,914
122. 0
105.0
771.6
304.1
268.2
292.6
618.5
463.4
330.3
671.7
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments* thous.
Ranges, total, sales*
do...
Water heaters (storage), automatic, sales*
do...
• 148. 8 • 145.5
206.3 • 230.6
275.0
265.5
135.9
245.0
263.5
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
445
493
659
Production
thous. sh. tons
« 8 727 i 6,637
31
49
87
Exports
671
d0.._.
780
Price, wholesale, chestnut, f.o.b. car at mine
17. 738 17. 738 18.130
$persh. t o n . ' 17.673
18. 228
Bituminous:
I
49,660 >40,810 51,675
Production
thous. sh. tons..! « 552,192 590,600
" Revised
v Preliminary.
1 Annual data; revisions are not available.
2 Excludes
figures for rubber-tired dozers. 6 3 p o r m O n t h shown.
< Data cover 5 weeks; other periods,
4 weeks.
« See note "cf".
Monthly revisions are available upon request.
^Revisions for 1969-71 are on p . S-34 of the Apr. 1972 SURVEY.
<|See " T \ p. S-35.
cf Effective Jan. 1973, data reflect total market: Sets produced in the United States, imports by L . S . manufacturers for sale under their brand name and, beginning 1973, also sets
imported directly for resale.
fEffective Mar. 1973 SURVEY, index revised back to 1968.
585
141
653
623
531
121
41
19.110 I 19.110
574
58
633
91
19. 600
P650
72
19.845
19.110 19.110
19.600
51, 020 •46,010 43, 030
48,905 : 51,180 i 49,805 i 44,460 48,740 44,960 I 49,640
40,620
*New series. Industrial hardware supplies and machinery (marketed through distributors) —
orders index (Amer. Supply & Mach. Mfrs. Assn.) and sales index (Natl. & Southern Ind.
Distributors Assns.) are based on 2-month moving average of selected members' operations
and are adjusted for no. of working days. Effective June 1973 SURVEY, sales index revissi
back to 1970.
Dishwashers and disposers (Assn. of Home Appliance Mfrs.) and gas equipment (Gas Appliance Mfrs. Assn.) reflect total industry sales. Monthly data prior to 1971
are available upon request.
19.110
19.110
19.110
19. 600
August 1973
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1972
Annual
S-35
1973
1972
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
11.616
11.551
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous—Continued
Industrial consumption and retail deliveries,
total9
thous. sh. tons_
Electric power utilities
do...
Mfg. and mining industries, total
do
Coke plants (oven and beehive)
do
Retail deliveries to other consumers
do_.
Stocks, industrial and retail dealers', end of period,
total
thous. sh. tons.
Electric power utilities
do
Mfg. and mining industries, total
do
Oven-coke plants
do
Retail dealers
do_.
494,862 519, 689 40,599
326, 280 348, f 25 27,600
157,024 159,253 12,620
87,272
82,809
7,210
11,351
11,748
356
43,191
30,088
12,615
7,355
44,891
31,470
12,627
7,360
42,286
28,800
12,342
7,040
43,362
28,967
13,164
7,345
44,409
29,691
13,394
7,165
48,077
32, 286
14,328
7,630
51,208
34,175
15,486
7,804
45,993
30,425
14,322
7,182
45,905
30, 533
14,450
7,950
43,673
28, 868
14,262
7,727
470
770
1,124
1,214
1,305
1,455
1,563
1,246
920
530
89,985 P115, 313 114,493 109, 733 112,855 114,346 P117.668 P119,211 *>115,313 P108, 590
76, 987 P98,450 95,330 92, 574 95, 397 97,209 *100,653iJ>l01,953 *98,
' \ 450 P92, 279
12,778 *16, 573 18,873 16, 839 17,128 16, 787 16, 687 *16,958 *16,573 P15,996
7,199
*8, 973 10,138
8,259
8,777 »9,052 »9,418 *8, 973 *8,498
8,558
v106,422 *109, 065*110,861
92,971
p 89,516 P92,246
* 16,601 16,499 P 17,550
8,439 p 8,500
* 8,381
220
*>290
290
320
340
350
*>315
*>305
56, 633
55,960
4,882
3,627
6,337
4,923
5,173
5,380
3,392
2,954
2,669
3,377
5,063
5,140
9.696
11.209
10.378
11.367
10.146
11.120
10.146
11.120
10,146
11.120
10.426
11.120
10. 443
11.120
10.933
11. 990
11. 209
12. 240
11. 209
12.240
11.311
12.240
11.160
11. 267
11.541
11. 267
11.570
11. 283
thous. sh. tons.
do___
do...
772
56,664
21, 823
654
59, 853
23,953
53
4,976
1,821
49
5,024
1,884
54
5,088
2,239
54
4,822
2,112
5,026
2,219
62
4,914
2,148
70
5,183
2,254
53
5,364
2,282
62
4,891
2,012
()
5,356
2,227
64
5,262
2,175
5,454
do._.
do
do.__
do_._
do...
3,510
3,376
134
1,489
1,509
2,941
2,590
351
1,563
1,232
2,907
2,643
263
1,589
107
3,089
2,748
340
1,661
76
3,185
2,831
355
1,613
74
3,202
2,818
384
1,548
130
3,089
2,729
360
1,570
132
3,011
2,662
349
1,485
80
2,941
2,590
351
1,563
179
2,824
2,497
326
1,720
76
2,560
2,269
291
1,795
34
2,291
2,039
252
1,948
114
2,035
1,829
206
1,895
61
1,796
1,638
159
1,922
227
1,712
1,572
139
1,042
3.41
355.3
89
833
3.41
368.5
89
946
3.51
369.4
89
1,065
3.51
363.4
91
792
3.51
368.1
860
3.51
355. 6
89
985
3.51
375. 5
91
758
3.51
377.9
91
777
3.51
341.2
90
953
3.56
378.2
90
699
3.77
366.2
90
749
3.77
380.8
767
4.13
912
4.11
.145
.145
Exports
do
Prices, wholesale:
Screenings, indust. use, f.o.b. mine
$ per sh. tonDomestic, large sizes, f.o.b. mine
do...
*300
*>340
COKE
Production:
Beehive
Oven (byproduct)
Petroleum coke§
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
Exports
60
5,325
108
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price at wells (Oklahoma)
Runs to stills
Refinery operating ratio
number
2 11,858 11,348
$ per bbl
3.41
3.45
mil. bbl._ 4,087. 8 4, 281. 6
% of capacity..
All oils, supply, demand, and stocks:
New supply, totaled
Production:
Crude petroleum
Natural-gas plant liquids
Imports:
Crude and unfinished oils
Refined products
mil. bbl_. 5,510. 7 5.837.3
474.0
484.5
487.5
478.3
508.5
485.1
520.7
517.6
490.7
543.0
498.2
523.6
do
__do
3,453. 9 3,459.1
623.9
643.0
287.6
52.4
294.1
54.1
294.9
54.5
284.3
52.8
294.3
55.3
283.3
53.4
54.0
284.6
52.9
262.5
49.8
284.4
54.8
277.0
53.2
288.4
54.9
do
do
774.3
856.8
878.4
65.6
68.4
71.0
65.4
69.1
69.1
74.9
66.3
82.2
76.6
72.8
75.6
87.4
89.6
88.0
92.2
82.9
95.5
102.2
101.6
96.2
71.7
103.7
76.7
26.1
-85.0
-38.8
Change in stocks, all oils (decrease,—)
do..
7.2
31.8
1.9
20.9
4.4
-36.7
-54.9
-53.3
20.5
25.9
20.4
Demand, total
Exports:
Crude petroleum
Refined products
Domestic demand, total 9
Gasoline
Kerosene
do..
5,499. 4 5,929. 6
464.6
454.8
487.6
459.3
503.5
523.5
574.6
571.4
526, 5.
527.9
475.5
505.9
do..
do..
do..
do..
do..
.2
.5
81.3
81.3
5,417. 6
2,213.2 5, 848.1
90.9 2.350.4
85.9
971.3 1,066. 0
925.6
838.0
382.5
368.7
0
6.3
458.3
206.1
3.5
0
6.4
448.4
208.3
2.9
0
7.2
480.4
216.6
5.3
0
6.9
452.4
194.9
5.9
0
7.3
496.2
198.5
7.4
0
7.4
516.1
195.5
8.6
0
7.5
567.1
198.8
11.4
0
6.5
564.9
190.9
12.6
0
7.3
519.2
181.5
10.8
0
6.9
520.9
203.2
6.2
0
8.3
467.2
197.5
4.9
.1
7.2
498.6
215.7
4.1
65.8
65.9
34.9
54.8
65.4
31.0
64.0
70.1
29.3
66.2
67.1
31.0
85.5
73.2
36.3
101.5
85.3
31.5
131.2
97.6
31.9
128.2
101.1
34.4
118.8
92.5
30.5
102.7
95.2
30.8
79.0
74.2
30.8
82.0
78.1
34.5
4.3
19.2
33.1
4.8
20.0
34.4
4.7
24.2
38.2
4.3
19.7
37.0
4.6
17.6
46.9
4.6
11.1
52.6
3.9
6.8
60.0
4.6
5.6
61.8
4.6
5.4
52.0
4.9
8.1
43.6
4.4
11.3
38.9
5.1
16.1
39.3
991.6 1,023.4 1,025.3 1, 046. 2 1, 050.6 1,013.9
258.0
271.4
250.8
265.8
253.7
251. 3
111.9
120.4
113.1
116.0
110.2
107.5
655.4
599.8
641.6
682.3
686.6
655.1
959.0
246.4
100.8
611.7
905.7
237.5
94.0
574.3
866.9
235.4
93.7
537.8
887.4
244.1
103.6
539.7
913.3
248.8
111.6
552.9
933.7
258.2
112.4
563.1
173.0
.2
220.0
192.2
.1
211.1
192.9
.1
208.2
.2
205.3
.133
Distillate fuel oil
Residual fuel oil
Jet fuel
do..
do..
do..
Lubricants
Asphalt
Liquefied gases
do..
do..
do..
Stocks, end of period, total
Crude petroleum
Unfinished oils, natural gasoline, etc
Refined products
Refined petroleum products:
Gasoline (incl. aviation):
Production
Exports
Stocks, end of period
do
do
do
do
do
""""" do
do
49.3
158.5
456.8
52.8
163.8
515.3
1,043.9
259.6
106.8
677.5
959.0
246.4
100.8
611.7
2, 202.6 2,320. 0
1.6
1.0
223.8
217.1
189.1
.1
204.3
206.7
.1
204.7
206.2
0)
196.8
Prices (excl. aviation):
Wholesale, ref. (Okla., group 3)
$ per gal._
.120
.120
.119
.120
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal..
.252
.261
.245
.240
.235
Aviation gasoline:
Production
mil. bbl..
18.5
17.0
1.4
1.6
1.3
Exports
do
1.2
.5
.1
0)
.1
Stocks, end of period
do
4.3
4.4
3.8
3.9
3.7
Kerosene:
Production
do..
87.5
80.1
5 0
5.9
5.7
Stocks, end of period
do
24.4
19.1
22.1
18.6
21.5
Price, wholesale, bulk lots (N.Y. Harbor)
.126
.127
$ per gal..
.127
.127
.127
r
1
Revised.
v Preliminary.
Less than 50 thousand barrels.
2 Reflects revisions
not available by months.
3
Withheld to avoid disclosing individual company data.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.
204.6
.2
211.7
194.9
200.7
197.9
213.2
217.1
226,0
.120
.120
.120
.120
.120
.125
.130
.130
.254
.250
.252
.253
.248
.259
.263
.265
1.0
.8
4.0
3.6
1.2
.1
3.3
8.0
16.4
199.8
.1
203.7
1.4
0)
1.7
0)
3.8
0)
1.5
0)
1.2
0)
4.1
4.3
0)
0)
6.7
22.9
6.4
22.0
7.8
21.4
9.0
19.1
9.5
16.0
9.4
14.6
.127
.127
.127
.127
.127
.138
.268
1.2
0)
3.3
6.6
18.1
0)
3.1
19.1
.138
.138
.138
.138
.138
cf Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
NOTE FOR P. S-34—Industrial trucks and tractors:
HRevisions for 1971 appear in July 1973 SURVEY, p. S-35.
August 1973
SURVEY OF CURRENT BUSINESS
S-36
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS STATISTICS
1972
Annual
1973
1972
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
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 galResidual fuel oil:
Production
...mil. bbl..
Imports
do
Exports
do
Stocks, end of period
do
Price, wholesale (Okla., No. 6)
..$ per bbl..
912.1
55.8
2.8
190.6
963.6
66.4
1.2
154.3
.116
.117
274.7
577.7
13.2
69.7
2.37
292.5
637.4
12.1
55.2
2.35
19.8
49.5
.6
56.1
2.35
20.9
49.4
1.1
60.2
2.35
20.9
51.2
1.2
61.4
2.35
304.7
27.7
310.0
25.5
25.8
28.4
27.1
29.4
65.5
15.8
15.0
65.3
15.0
13.3
5.6
1.1
13.9
.270
*.270
.270
mil. bbl.
do
157.0
21.2
155.3
21.6
Liquefied gases (inch ethane and ethylene):
Production, total
mil. bbl..
At gas processing plants (L.P.O.)
do...
At refineries (L.R.G.)
do...
Stocks (at plants and refineries)
...do
547.9
417.6
130.2
94.7
575.1
444.7
130.4
85.7
Jet fuel:
Production
Stocks, end of period
.mil. bbl.
do
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
Asphalt and tar products, shipments:
Asphalt roofing, total
thous. squares
Roll roofing and cap sheet
do_.
Shingles, all types
do..
Asphalt siding
Insulated siding
Saturated felts
.1
128.8
.117
78.5
3.1
.1
155.6
80.2
2.9
(2)
174.7
78.8
3.0
.1
190.3
.117
.117
.117
84.5
6..;
(J)
81.7
6.8
(J)
182.6
91.2
11.8
.2
154.3
.117
.117
94.0
11.2
.3
131.0
82.3
18.8
.1
113.3
82.8
18.0
.1
111.3
75.4
7.2
.2
114.7
7.7
.1
119.1
.117
.128
.128
.128
.128
.138
138
29.1
58.0
.9
43.1
2.35
29.6
67.7
.8
44.7
2.35
26.3
51.1
1.2
47.0
2.60
51.7
1.2
49.2
2.60
2.60
2.60
195.6
21.3
48.7
.9
63.7
2.35
.117
23.1
51. 3
1.5
63.8
2.35
26.7
53.1
.9
57.7
2.35
34.9
61.0
1.0
55.2
2.35
34.5
61.3
1.0
49.2
2.35
26.0
31.6
24.3
30.6
25.5
28.6
24.0
26.6
25.1
25.5
26.8
24.8
25.2
25.4
28.4
27.6
26.6
27.9
25.8
5.4
1.1
13.4
5.8
1.2
13.3
5.3
1.1
13.3
5.6
1.2
13.2
5.4
1.4
12.9
5.5
1.4
13.3
5.7
1.2
13.4
5.4
1.1
13.3
5.9
1.2
13.3
6.5
1.2
13.4
1.2
12.9
16.0
28.6
17.1
26.4
17.5
20.7
16.6
18.8
15.1
17.2
11.4
18.4
9.1
21.6
7.9
24.3
8.3
27.6
10.1
30.0
12.1
31.0
30.2
46.4
35.6
10.8
101.2
48.4
36.8
11.5
109.8
48.4
37.0
11.4
114.9
46.8
36.0
10.8
119.4
49.1
38.4
10.7
115.5
47.7
37.6
10.1
103.2
49.0
38.2
10.8
85.7
48.6
37.4
11.2
69.2
45.5
35.4
10.1
59.9
50.4
38.7
11.7
63.8
48.9
37.7
11.2
70.4
•~8~6.~6"
38.4
' 93,246 3 97,696
• 35,307 3 35,466
• 57,939 3 62,230
do...
do-_.
__thous. sh. tons.
r 186
-•375
'916
3 136
3 367
3 895
PULP, PAPER, AND PAPER PRODUCTS
P U L P W O O D AND W A S T E P A P E R
Pulpwood:
Receipts
Consumption
Stocks, end of period
Waste paper:
Consumption
Stocks, end of period
thous. cords (128 cu. ft.)
do..
do_.
67,220
67,501
5,371
67,680
69,170
5,165
6,042
6,079
5,504
5,706
5,742
5,481
6,031
5, 927
5,651
5,795
5,615
5,779
5,944
6,084
5,697
5,597
5,852
5,453
5,294
5,609
5,165
6,458
5,905
4,701
5,693
6,707
4,734
thous. sh. tons
do._
10,997
558
11.269
626
967
538
840
547
1,000
566
564
1,010
585
971
604
626
1,008
608
950
575
thous. sh. tons
.do
do..
do..
43,933
1,671
29,551
2,101
46,341
1,676
31,255
2,129
3,942
142
2, f)G5
182
3,766
126
2,569
152
3,991
138
2,685
183
133
2,468
185
4,123
144
2,788
200
3,876
143
2,600
178
3,662
129
2,468
165
4,054
145
2,748
186
do..
do..
_do_.
4,462
2,405
3,743
4,617
2,720
3,943
241
332
359
236
325
390
256
337
346
216
320
380
266
345
376
255
325
355
229
317
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills
do
do..
do..
do_.
1,093
623
398
71
943
477
392
74
907
432
402
73
914
430
411
73
866
392
402
73
862
323
393
75
839
371
390
78
Exports, all grades, total.._
Dissolvlng and special alpha
Allother
do..
do
do..
1
2,175
790
U.385
12,253
793
i 1,460
176
62
114
186
69
116
175
67
108
196
72
125
195
72
123
Imports, all grades, total
Dissolving and special alpha
All other
do
do...
do._.
»3,615
313
1
i 3,202
3,728
224
!3,504
309
16
293
271
6
265
310
21
331
319
22
342
55,032
23,817
26,103
137
4,975
59,310
25,320
28,637
136
5,217
5,023
2,127
2,436
12
448
4,613
1,926
2,255
11
421
5,232
2,205
2,532
12
483
110.6
102.4
103.0
109.0
105.5
106.4
108.5
106.0
106.6
108.8
106.0
106.8
108.8
106.0
107.2
WOODPULP
Production:
Total, all grades
Dissolving and special alpha
Sulfate
Sulflte
Groundwood
Defibrated or exploded
Soda, semichem., screenings, etc
5,994 5,603
6,044 5,897
4,636 ' 4,343
6,027
6,133
4,291
1,078
546
' 1,012
r509
1,058
495
3,743
129
2,536
173
4,217
155
2,845
'206
3,983
125
2,715
186
4,150
141
2,838
193
375
255
343
351
249
305
390
271
351
365
257
335
375
264
339
803
323
393
797
357
370
69
791
350
376
65
788
341
381
66
••777
330
-•377
'70
783
324
381
78
229
73
155
150
51
99
174
70
104
187
61
126
198
74
124
214
65
149
184
68
116
210
60
150
334
16
319
346
17
363
278
8
271
18
376
338
11
327
359
6
353
329
13
316
365
22
343
333
17
315
4,734
2,003
2,285
12
434
5,258
2,227
2,552
11
467
5,065
2,178
2,449
11
428
4,612
2,039
2,171
10
392
5,149
2,226
2,485
12
425
4,856
2,076
2,338
11
432
5,416
2,312
2,605
11
5,171
2,191
2,487
'11
5,512
2,364
2,629
12
108.8
106.5
107.3
109.6
106.8
107.3
109.6
106.8
107.2
109.6
107.1
107.2
109.6
108.2
107.1
109.6
109.7
108.1
111.0
110.7
108.5
111.7
113.0
109.3
P A P E R AND P A P E R P R O D U C T S
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted...thous. sh. tons
Paper
do...
Paperboard
do...
Wet-machine board
do...
Construction paper and board
. do...
Wholesale price indexes:
Book paper, A grade
1967 = 100.
Paperboard
do_.
Building paper and board
do...
'Revised.
'Reported annual total; revisions not allocated to the months.
1
1
Less than 50 thousand barrels.
Monthly data no longer furnished.
'482
111.7
114.6
110.8
* Average for May and June.
112.4
116.7
111.7
112.4
116.7
112.2
SURVEY OF CURRENT BUSINESS
August 1973
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
|
1972
1973
1972
June
Annual
S-37
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS—Con.
Selected types of paper (APT):
Groundwood paper, uncoated:
Orders, ne w
thous. sh. tons.
Orders, unfilled, end of period
do...
Shipments.
do
Coated paper:
Orders, new
do...
Orders, unfilled, end of period
do...
Shipments
--do...
Uncoated book and writing and related papers-. $
Orders, new
do...
Shipments
.do...
Unbleached kraft packaging and industrial converting papers:
Orders, new. _
do._.
Orders, unfilled, end of period
do...
Shipments.
do...
Tissue paper, production..
do...
1,216
80
1,229
1,405
164
1,317
108
96
113
108
99
107
125
108
118
121
117
113
133
131
120
134
154
115
118
164
107
126
174
115
102
188
134
181
121
132
205
105
112
192
120
3,255
287
3,251
3,630
393
3,522
306
284
275
287
322
272
316
345
315
325
365
299
335
374
321
310
372
314
298
393
291
332
379
317
348
445
305
354
448
343
329
457
316
344
462
339
6,023
505
509
446
460
501
518
519
507
554
640
536
528
508
503
565
557
546
508
622
560
569
526
584
562
342
218
324
241
326
303
213
318
341
316
212
'317
313
366
219
'347
346
331
219
328
329
355
214
352
345
3,868
156
3,755
3,750
4,039
241
3,916
3,897
339
326
321
301
164
309
292
346
176
333
330
318
189
303
314
204
337
345
do.
do..
do_
8,297
8,210
323
8,661
8,740
244
733
753
488
699
711
475
7?4
721
489
694
775
407
784
832
359
750
796
313
735
804
244
767
729
283
722
730
274
811
788
297
773
801
270
813
825
258
803
799
267
do_.
3,296
3,288
41
3,422
3,437
27
283
287
70
275
273
72
294
298
68
260
277
61
293
293
300
35
278
286
27
297
293
31
275
271
35
312
310
292
290
309
313
34
282
281
35
Consumption by publishersc?
do..
Stocks at and in transit to publishers, end of
period
thous. sh. tons_
7,057
7,569
613
683
605
625
698
661
610
585
671
682
702
642
705
544
610
618
627
617
639
544
573
601
637
637
642
671
Imports
do-.
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh. ton
6,881
7,101
611
625
553
562
640
650
710
578
679
634
656
678
157.00
163.20
163.70
163. 70
163.70
163.70
163.70
163.70
163.70
166. 70
167.75
168.68
168.58
1C8. IS
169.42
611
1,664
576
629
1,792
592
611
1,905
584
594
1,899
688
596
1,860
683
541
1,874
518
Newsprint:
Canada:
Production
Shipments from mills
Stocks at mills, end of period
United States:
Production
Shipments from mills
Stocks at mills, end of period
do_...
do-..
Paperboard (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons
Orders, unfilled §
do-..
Production, total (weekly avg.)
do-_.
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf. area-
Folding paper boxes
thous. sh. tons.
mil$.
sot
41
701
583
615
330
163. 70
474
917
501
578
1,446
549
690
1,332
562
519
1,309
520
556
1,397
563
543
1,420
533
589
1,505
575
568
1,481
573
741
1,446
537
526
1,599
495
191,832 1211,926
18,939
15,427
15,858
21,482
19,721
18,643
17,158
17,990
17,530
20.434
18,192
19,758
19,591
214.9
112.6
183.0
95.9
221.5
117.4
216.2
115.2
230.7
123.6
208.7
111.5
207.2
112.0
' 197.0
' 117.1
221.8
121.0
207.1
112.8
213.4
116.0
••211.9
r
116. 2
52.88 58.08
116. 72 2122.84
56.04 57.67
56.83
116.77
48.09
63.15
120.47
59.44
59.43 57.34
117. 54 116.17
55.48
43.26
54.46
111. 08
53.44
.228
.255
.286
.308
201.65 199.14 2217.35 209.17
193.96 193. 45 2 206.51 199.80
495. 66 495.68 2 471.86 473.14
218.54
220.64
454.83
223.63
199.03
461.63
2, 445. 0
1,250. 0
2,525. 0
1,330.0
219.1
118.2
209.3
116.3
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
Stocks, end of period.I m p o r t s , incl. latex and guayule
thous. lg. t o n s . .
do_...
do
677.81
133.32
612. 72
*640.40
*116. 72
602.16
53.23
109.09
36.43
40.86
102.86
38.67
55. 25
112. 25
50.65
64.08
109.47
39.30
58.47
109.59
54.73
52.57
112.30
55.32
Price, wholesale, smoked sheets (N.Y.)__$ per lb_.
.180
.181
.173
.175
.175
.180
.194
.205
thous. lg. t o n s . . 2,241.00 *2,424. 7
do
2,104.87 2,291. 5
do
x>495. 7
488.17
191. 01
197.67
485. 05
195. 61 202. 74
152.09 191.90
619. 24 512. 64
200.44
195.26
515.46
211.64
210.19
504.39
Synthetlc rubber:
Production
Consumption
Stocks, end of period
_
Exports (Bu. of Census)
Reclaimed rubber:
Production
Consumption
Stocks, end of period
.210
.310
.413
222. 59 199. 86
197. 72 196.06
469.41 469.93
do
269.82
257.10
18.14
20.06
22.10
16.47
24.04
21.92
23.99
23.65
22.20
22.99
22.36
24.18
23.58
do
do
do
199.19
200.47
22.67
»194.45
»187.58
*19.91
16.99
16.87
23.13
11.28
11.81
21.72
15.87
15.12
20.74
15.48
15.35
19.87
16.41
16.44
19.17
14.87
14.45
19.29
15.20 219.08
14.71 215.92
19.91 219.33
20.52
16.30
19.49
22.29
17.40
19.42
19.39
14.35
20.55
19.02
13.42
22.40
18.46
13.81
23.16
T I R E S AND T U B E S
Pneumatic casings, automotive:
Production
thous..
216,361
229,611
20,270
14,765
18,608
19,352
20,999
18,721
19,387
21,001
19,993
22,229
19,193
18,693
214,539
58,941
153,646
1,953
227,965
63,870
161,766
2,328
21,277
5,349
15,685
243
16,209
2,946
13,073
191
19,628
4,685
14,781
162
21,339
5,793
15,308
238
21,840
6,201
15,415
224
17,647
5,922
11,564
161
16,677
5,178
10,263
236
17,769
6,613
11,005
251
17,780
6,054
11,521
204
22,352
7,114
14,907
330
23,429
6,211
16,950
268
21,646
6,360
14,969
317
do. .
do
54,982
1,589
60,255
2,127
215
57,836
180
56, 894 54,965
161
225
55,769
211
56,319
180
60, 255
214
63,646
66,419
131
66,708
310
62,872
295
60,485
'404
440
_.do
do
do._
do .
35,562
40,476
8,271
979
38,705
41,774
9,391
766
3,323
3,878
9,144
63
3,166
3,392
9,168
40
2,950
2,977
9,391
3,425
3,804
9,605
61
3,664
3,616
9,896
3,836
4,085
10,153
71
3,364
3,912
10,175
149
3,438
3,568
10,366
121
149
Shipments, total
Original equipment
Replacement equipment
Exports
do
do
do
do
Stocks, end of period
Exports (Bu. of Census)
Inner t u b e s , automotive:
Production
Shipments
_
Stocks, end of period ._
Exports (Bu. of Census)....
3,367
3, 697
9,813
68
2,441
2,986
9,481
3,282
3,615
9,482
65
' Revised.
*> Preliminary.
i Reported annual total; revisions not allocated to months.
2 Publication of monthly rubber statistics was discontinued by the Census Bureau effective
with the Dec. 1972 report (Series M30A). Data beginning Jan. 1973 are from the Rubber
Manufacturers Association and are not strictly comparable with earlier data
3,227
3,498
9,363
28
tRepresents the sum of book paper, uncoated and writing and related papers formerly
shown separately; data for new orders no longer available for the individual items.
& 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.
« Corrected.
SURVEY OF CURRENT BUSINESS
S-38
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1972
Annual
August 1973
1973
1972
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Feb.
Mar.
Apr.
May
June
24,112
23,915
24,824
33,606
36,106
46,452
47,181
' 569.8
610.2
5.8
782.4
7.3
136.3
783.6
6.4
138.5
858.6
7.1
Dec.
July
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
_.thous. bbl_. 420,238
440,064
45,043
42,335
50,447
44,436
46,048
785.1
11.0
162.4
727.8
8.4
836.2
8.1
725.1
7.0
752.0
7.2
152.3
177.6
162.0
158.2
11.0
13.1
12.2
12.4
24.4
29.0
25.9
27.5
122.1
122.1
122.1
123.7
33,197
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick_. 7,569.7
Structural tile, except facing
thous. sh. tons..
157.0
Sewer pipe and fittings, vitrified
do....
Facing tile (hollow), glazed and unglazed
1, 720. 6
mil. brick equivalent..
Floor and wall tile and accessories, glazed and un155.4
glazed
mil. sq. ft..
Price index, brick (common), f.o.b. plant or
276.1
N.Y. dock
1967 = 100..
117.4
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous. $.. 464,674
F
8,402.2
100.5
1,718.0
133.3
307.9
122.1
13.2
28.4
122.1
11.6
8.4
8.2
24.3
124.1
21.3
124.5
24.4
127.4
96.1
«8.4
22.2
147.2
5 10.1
26.8
'26.4
130.1
130.8
148,539
142,235
'37,704
-•110,835
37,519
104,716
11.2
27.3
131.3
21,014
18, 622 22,253
22,320
25,089
23,076
24,772
24,456
20,754
20,058
21,281
19,537
23,567
21,881
26,458
23,816
1,645
5,201
3,903
2,052
1,475
5,558
4,013
1,837
1,876
5,236
4,217
1,865
1,983
4,756
3,902
1,652
2,290
5,880
5,289
2,104
1,987
5,506
5,104
1,861
r 2, 296
' 7,030
' 5,836
r 2, 218
1,857
7,094
5,359
1,886
5,426
26
4,892
21
4,359
21
5,006
20
4,378
14
4,749
16
4,483
16
' 5,692
25
4,655
13
2,683
393
2,692
348
2,492
303
2,694
367
2,496
356
2,856
383
2,582
370
36,604 35, 470 37,474
37,424
35, 842 36,705
39,208
40,282
2,536 r 2,925
'436
388
41,006 38,727
24,589
24,351
22,145
22,119
2,638
6,859
5,266
1,870
2,510
5,557
4,540
1,806
1,766
5,257
4,436
2,132
4,569
11
5,505
23
4,877
22
2,492
362
1,961
301
2,680
392
2,485
348
35,842
36,377
37,406
110,418
i 9,526
112,328
112,005
3,149
2,996
3,229
3,115
3,270
3,020
2,924
3,081
i 6,094
7,718
1,905
2,179
1,995
1,572
i 4,305
4,719
1,301
1,353
1,202
309
86
73
80
330
513
14,372
451
357
343
10,738
91
126
3,584
114
90
93
2,668
571
82
140
3,782
118
96
91
2,824
596
57
71
124
3,657
102
92
82
2,733
587
60
264,869
24,420
21,518
25,233
do
do
do
do
24,310
67,552
63,189
21,146
24,333
71,053
54,404
22,425
2,021
6,904
5,731
2,021
1,850
6,294
5,070
1,460
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
and fruit jars)
thous. gross.
Dairy products
do...
57,208
305
58, 241
4,870
19
Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do.
Household and industrial
do.
27,645
3,906
29,892
4,283
35,652
131.3
130.9
129.1
21,155
22,651
255,261
do-._
616.8
5.1
99.5
38,427
99,672
do
Stocks, end of period
101'. 3
550,292 131,685
Sheet (window) glass, shipments
do
150,344 ' 157,189 40,235
314,330 ' 393,105 91,450
Plate and other flat glass, shipments
do
Glass containers:
Production
thous. gross.. 263,780 267,347 24,518
Shipments, domestic, total
Narrow-neck containers:
Food
Beverage..
Beer
_
Liquor and wine
6.1
136.9
39,200
GYPSUM AND PRODUCTS (QTRLY)
Production:
Crude gypsum
Calcined
Imports, crude gypsum
thous. sh. tons.
do...
do...
Sales of gypsum products:
Uncalcined
Calcined:
Industrial plasters
Building plasters:
Regular basecoat
All other (incl. Keene's cement)
Board products, total©
Lath
Veneer base
Gypsum sheathing
Regular gypsum board
Type X gypsum board..
Predecorated wallboard
do...
do...
..do...
do...
mil. sq. ft
do...
do...
do...
do...
do...
do...
382
534
11,939
477
292
272
9,014
1,766
117
2,279
204
-I.
76
123
3,661
110
97
80
2,719
603
52
TEXTILE PRODUCTS
WOVEN FABRICS t
Woven fabrics (gray goods), weaving mills:
Production, total9
mil. linear yd
Cotton
_
_ do
Manmade
fiber
do
10,911
6,156
4,647
11,151
5,740
5,315
21,098
2 578
2 511
697
340
350
_ do
do
do
1,089
472
608
983
408
567
1,054
456
588
1,055
464
581
1,051
453
590
Orders, unfilled, total, end of period9 H___do
Cotton
do
Manmade
fiber._.
do
2,657
1,494
1,138
4,164
2,111
2,010
3,396
1,902
1,467
3,380
1,848
1,504
40
Stocks, total, end of period 9 cf
Cotton
Manmade fiber ___
867 2 1, 171
431
2 581
429
3 581
867 31.170
2 561
421
2 596
436
1,021
424
590
980
418
555
973
416
550
983
408
567
951
407
539
3,371
1,837
1,497
3,460
1,844
1,580
3,653
1,944
1,680
3,986
2,100
1,854
4,164
2,111
2,010
4,227
2,140
2,037
521
1,826
6,860
9,310
11,610
12, 276 «13,267
3
«12,740
544
* 13,702
2 747
597
845* a 1,040
424
2 528
414
2 504
COTTON
Cotton (excluding Unters):
Production:
GinnlngsA
thous. running bales
Crop estimate, 480-pound bales, net weight
thous. bales.
Consumption
do
Stocks in the United States, total, end of period
thous. bales..
Domestic cotton, total _
do
On farms and in transit
do
Public storage and compresses.
do
Consuming establishments
do
Foreign cotton, total
do.
310,229 • 13,267
U0,477 * 13,702
8,128
2772
587
493
7,777
10,054
3,304 16,050
3,808
12,333
10,035
3,785
3,280 16,030
12,319
2,389
119
3,346
150 13,338
6,416
1,997
7,947
1,472
1,607
1,669
1,230
1,026
1,220
1,523
23
14
19
20
24
' Revised.
i Reported annual total; revisions3 not allocated to the months or quarter.
2
Data cover 5 weeks; other months, 4 weeks.
Crop for the year 1971.
« Crop for the
year 1972.
s Excludes unglazed and salt glazed facing tile.
0Data for total board products are available back to 1947.
{Monthly revisions (1968-71), reflecting recent benchmark
adjustments, appear in "Woven Fabrics: Production, Stocks, and Unfilled Orders," M22A—
9 Includes data not shown separately.
Digitized forSupplement
FRASER (Dec. 1972), Bureau of the Census.
3 715
593
2 739
601
2 719
579
575
7,351 '6,203
9,883
15,364 14,997 13,696 12,333 10,890
8,781
7,336 ' 6,191
9,866
8,766
15,345 14,979 13,680 12,319 10,874
1,065
1,376
8,490
2,420
3,346
1,895
2,041
12,333
5,739
2,733
4,397 ' 3,476
7,321
5,601
5,463
7,947
6,527
2,018
6,992
'
1,650
1,596
1,133
1,563
1,408
888
1,026
1,298
994
949
12
13
16
15
15
18
14
17
19
16
c?Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweline, and blanketing, and hilled and held stocks of denims.
^Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks excludefiguresfor such finished fabrics. Orders also exclude bedsheeting, toweling,
and blanking.
° Aug. 1 estimate of 1973 crop.
ATotal ginnings to end of month indicated, except as noted.
August 1973
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971 | 1972
Annual
S-39
1973
1972
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (excluding llnters)—Continued
E xports
thous. bales.
Imports
_
do...
«4,128
38
75
128.1
133.0
18.4
11.4
113.8
.438
70.3
191
352
2
534
654
4
528
677
607
2
437
4
500
2
26.7
27.9
26.7
25.7
27.4
27.2
25.2
29.3
22.4
32.3
22.8
33.2
26.2
35.0
27.1
40.2
30.2
45.2
29.5
46.0
18.2
10.7
8.9
.444
5.1
18.2
10.5
2 11.0
18.2
10.5
9.1
.455
5.2
18.4
10.5
*11. 5
.460
2 6.4
18.3
10.4
8.3
.416
4.7
18.4
10.4
3 11.6
.463
2 6.4
18.1
10.2
5.2
18.1
10.0
9.3
.464
5.1
18.1
10.0
2 11.6
.462
2 6.3
18.1
9.9
9.2
.458
5.0
18.2
10.0
9.1
.456
4.9
1.121
1.117
« 1.107
1.103
1.105
1.107
1.127
1.147
1.174
1.225
* 1.235
110
5
»26.6
135.6
147
8
31.3
36.8
30.9
35.2
30.7
33.1
18.3
10.4
115.9
.445
67.7
18.4
10.9
ail.5
.460
3 6.8
18.3
10.8
7.4
.371
4.3
1.105
1.123
1.123
6,149
5,666
1,475
16.9
22.7
18.0
24.8
18.6
18.8
4.5
4.1
3.9
5.6
4.0
3.8
.27
.18
.22
.23
.22
.20
Exports, raw cotton equiv
thous. bales..
312.6
669.5
Imports, raw cotton equiv..
do
Mill margins:
Carded yarn cloth average
cents per lb.. «45.10
Prices, wholesale:
Print cloth, 38^-inch, 64 x 54cTcents per yard..
15.8
22.2
Sheeting, class B, 40-inch, 48 x 44-48d"-do
409.2
735.5
35.8
71.4
29.7
53.1
34.2
67.9
31.3
51.7
39.0
64.6
52.12
50.10
52.12
63.81
58.64
18.1
8 25.0
18.3
18.3
18.3
7, 293. 6
653.1
713.2
,831.9
170.9
185.1
1,826.6
148.1
174.8
1,920.5
155.0
174.3
2,019.9
158.0
168.6
2,773.3
2, 582.4
571.6
679.6
655.5
140.8
716.0
644.0
143.7
765.4
673.3
152.5
812.1
717.8
163.4
130,511
181,612
117,405
205,485
8,501
17,312
8,194
17,351
10,533
15,713
8,429
14,625
10,034
18,979
10,054
17,810
13,463
22, 212
14,122
23,831
14, 205
27,654
18,196
25,082
20,794 19,451
27,438 28,661
21,773
24,730
249,819
175,306
249,948
157,857
18,358
13,577
21,484
13,114
26,279
16,771
23,089
13,307
24,938
14,622
28,804
13,527
20,452
13, 575
26,738
12,604
22,097
14,929
22,692
14,504
19,277 16,876
10,329 16, 759
14,695
16,276
65.2
40.7
61.6
61.5
64.7
36.4
63.7
51.9
61.6
61.5
60.3
50.9
297.6
252.9
89.7
293.7
298.1
84.0
270.8
280.3
78.7
297.4
304.1
81.7
293.7
278.9
258.4
75.4
.61
1.03
1.30
.61
1.05
1.31
1.05
1.31
Price (farm), American upland©..cents per lb_.
Price, SLM (41) staple34,12 markets*©....do...
COTTON MANUFACTURES
Spin d If activity (cotton system spindles):
Active spindles, last working day, total
Consuming 100 percent cotton
Splndle hours operated, all fibers, total
Average per working day
Consuming 100 percent cotton
mildo...
bil_
do__.
do__.
Cotton yarn, price, 36/2, combed, knit
$ per lb_.
Cotton cloth:
Cotton broadwoven goods over 12" In width:
Production (qtrly.)
mil. lin. yd-.
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prqd_.
Inventories, end of period, as compared with
avg. weekly production-.No. weeks' prod-Ratio of stocks to unfilled orders (at cotton
mills), end of period t
1.061
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil. lb- 6,125.4
Filament yarn (rayon and acetate)
do
752.7
Staple, Incl. tow (rayon)
do
611.7
Noncellulosic, except textile glass:
Yarn and monofilaments
_.
...do
2,187. 9
Staple, Incl. tow
do
2,104.9
Textile glass
fiber
do
468.2
Exports: Yarns and monofllaments
thous. lb.
Staple, tow, and tops
do___
Imports: Yarns and monofilaments
do__.
Staple, tow, and tops
do._Stocks,producers', end of period:
Filament yarn (rayon and acetate)
mil. lb.
Staple, incl. tow (rayon)
do._.
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do...
Staple, incl. tow
do._.
Textlle glass
fiber.
do...
Prices,manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 denier
$perlb_
.61
Yarn: Rayon (viscose), 150 denier
do
Acrylic (spun), knitting, 2/20, 3-6D..do...
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total 9
mil. lin. yd 4, 885.6
Filament yarn (100%) fabrics?
do.__ 1,433.1
Chiefly rayon and/or acetate fabrics
do...
521.1
Chiefly nylon fabrics
do.
296.1
Spunyarn (100%) fab., exc. blanketing9-.do
2, 773. 9
Rayon and/or acetate fabrics and blends
do...
381.8
Polyester blends with cotton
do
1, 998.5
Filament and spun yarn fabrics (combinations
and mixtures)..
mil. lin. y d . .
450.5
7
18.3
.62
.62
.62
.62
.62
1.03
1.24
1.03
1.24
1.03
1.24
1.04
1.24
5,530.9 1, 384. 2
438.4
1, 723.0
126.2
506.2
97.2
377.0
758.4
3,052.6
22.6
23.2
24.0
22.5
3.6
3.2
3.2
3.0
.16
.14
.14
.13
30.7
46.4
38.3
59.4
38.0
56.0
38.8
59.2
37.9
56.2
56.91
57.27
59.28
59.78
58.39
62.51
18.3
25.5
19.5
28.0
19.5
28.5
33.0
20.5
22.7
3.8
4.1
.18
.18
.17
34.0
63.6
36.0
46.0
32.3
68.0
61.65
60.52
59.10
18.3
'18.3
«25.0
18.3
25.0
19.3
3.8
.20
22.0
84.0
.62
1.04
1.24
.62
1.05
1.22
.62
1.05
1.25
1.05
1.25
.61
.61
1.02
1.26
1.02
1.28
1,540.6
478.8
126.1
99.i
741.2
1,468.1
452.9
124.5
98.2
839.4
1,335.6
410.4
115.6
94.8
105.7
535.5
112.5
602.6
115.4
629.1
515.4
127.6
130.7
120.0
127.5
142.2
76.4
96.6
71.8
3 15.5
2 7.3
6.3
4.3
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
Graded fleece, H blood
Australian, 64s, warp and half-warp
$ per lb
do...
do._.
.664
1.157
.925
1.321
1.200
.962
1.270
62.63
33.0
.61
.61
1.05
1.31
878.5
106.7
544.0
116.2
74.8
126.6
1.225
1,400
428.2
2,190.1
mil. lb.
do
do...
do..-
9.6
3.5
9.0
4.2
9.9
8.0
12.6
5.8
10.7
7.8
3 13.6
3 7.3
6.2
4.6
10.9
6.0
5.8
4.4
3 12.5
3 6.5
6.7
4.2
9.2
4.5
5.7
4.2
2 12.6
2 5.9
7.7
4.3
5.1
7.2
4.7
9.6
4.2
5.7
3.1
U0.9
2 5.0
5.6
3.6
'10.1
'3.7
6.4
4.3
1.270
1.025
1.230
1.275
1.025
1.289
1.350
1.043
1.500
1.455
1.165
1.672
1.635
1.310
1.771
1.650
1.325
1.975
1.880
1.545
2.523
2.325
1.819
3.118
3.025
2.075
3.968
2.338
1.462
2.955
2.335
1.375
3.093
2.575
1.600
<= 3.242
2.600
1.650
3.215
113.4
122.7
119.9
126.4
135.7
143.1
176.6
157.1
147.8
149.7
154.3
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
system, wholesale price
1967=100.
94.4
106.3
107.8
108.2
111.5
, Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. lin. yd.
101.8
27.7
113.3
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. mill...
1967=100.
r
2
3
Revised.
* Season average.
r o r 5 weeks; other months, 4 weeks.
Less than 500
bales.
* Price not directly comparable with earlier data.
* Revised total; revisions not
distributed
by
months.
e
Beginning
Aug.
1971,
net
weight
basis;
1971
average
is for Aug.7
s
9
Dec.
Avg. for Oct.-Dec.
Avg. for Nov.-Dec.
Season average based on sales
through May.
*New series. Effective with Aug. 1973 SURVEY, market price refers to Strict low middling
(grade 41) staple cotton, lMe"; monthly prices back to 1947 are available.
© Beginning
1,384
1,277
1.03
1.22
WOOL
Wool consumption, mill (clean basis):
Apparel class.._
_
Carpet class
Wool imports, clean yield
Duty-free (carpet class)
_
.656
.802
.438
2 6.3
9.3
.464
30.4
52.1
22.2
26.6
5.3
28.5
Aug. 1971, prices are on 480-lb. net-weight bale basis (for earlier months, on 500-lb. grossweight bale basis); to compute comparable prices for earlier months, multiply farm price by
1.04167 and market price by 1.0438.
f Effective with the Oct. 1972 SURVEY, series restated
on an unadjusted basis.
e
9 Includes data not shown separately.
Corrected.
0* Effective Nov. 1972, specifications were changed: Print cloth, to 64x56; sheeting, to 47x44.
SURVEY OF iCURRENT1 BUSINESS
S-40
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
August 1973
1973
1972
June
July
Aug.
Sept.
Oct.
Feb.
Mar.
Apr.
May
June
14,420 '15,747
16,237
20,354
17,805
17,875
22,267
1,392
17,089
1,485
756
1,332
18,744
1,589
1,492
20,864
1,722
858
1,571
20,648
1,677
740
1,751
16,614
1,753
737
364.6 '435.8
5,462 ' 7,121
205.0
325.2
599.6
7,698
314.2
Dec.
Nov.
Jan.
July
TEXTILE PRODUCTS—Continued
APPAREL
Hosiery, shipments
__thous. doz. pairs-.
Men's apparel, cuttings :J
Tailored garments:
Suits
thous. units..
Coats (separate), dress and sport
do
Trousers (separate), dress and sport
.do
Shirrs (wovene), dress and sport
thous. doz...
Women's, misses', juniors' apparel, cuttings:}:
Coats
_
___
thous. units..
Dresses
_._
do
Blouses and shirts
thous. doz..
Sklrts
do_...
210,872
21,497
19,726
23,058
20,613
22,044
20,223
16,477
13,972
183,738
20,795
858
1,833
16,084
2,020
1,732
921
13,044
1,250
1,663
1,585
15, 861
1,738
1,661
15, 703
1,756
1,631
1,335
13,945
1,556
1,660
1,313
14, 297
1,673
20,690 I 20,109
234,153 231,423
12,639
16,386
6,985 I 7,470
1,850
21,374
1,419
575
1,647
14,830
1,334
623
2,072
21, 661
1,630
1,896
18, 671
1,493
658
2,170
19,124
1,628
659
1,947
18, 272
1,329
491
228,723
1,418
14, 723
1,244
402
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly. total
mil. $__
U.S. Government
_
do
Prime contract
do
Sales (net), receipts, or billings, qtrly. total.-do
U.S. Government
do
21,553
15,229
19,028
21,679
14,114
6,167
3,899
5,385
5,435
3,298
7,006
4,288
6,413
5,442
3,713
5,965
3,554
5,254
5,674
3,445
7,043
3,592
6,320
5,641
3,431
24,579
Backlog of orders, end of period 9
do
26,922 25,067
13,997
U.S. Government
do
15,322 14,638
Aircraft (complete) and parts
do
11,999
13,060 12,404
Engines (aircraft) and parts
do
2,281
2,572 2,417
Missiles, space vehicle systems, engines, propulsion units, and parts.__
mil. $.
4,780
5,272
4,867
Other related operations (conversions, modifications), products, services
mil. $.. 3,274
2,990
2,787
Aircraft (complete):
Shipments
2,973.9 3,231.8
289.7
.do.
A irframe weight
..thous. lb. 48, 818 47,694 4,316
Exports, commercial
mil. $. 1,906.8 1,608.7 128.2
26,631
15,213
12,733
2,591
26,922
15,322
13,060
2,572
28,324
15,483
13,726
2,663
5,228
5,272
5,557
3,019
2,990
2,909
223.7
3,175
85.6
226.9
3,485
105.3
MOTOR VEHICLES
Factory sales (from plants in U.S.), total
Domestic
.
__
Passenger cars, total
_._
Domestic
Trucks and buses, total
Domestic
532.3
505.1
411.9
393.6
120.3
111.4
552.4
516.5
398.5
371.0
153.9
145.5
23, 842
14,817
21,274
21,499
13,492
thous. 10,637.7 11,270.7 1,025.4
do
L0,036.0 10,646.8
968.8
do
8,584.6 8,823.9
804.2
do
8,121.7 8,352.5
761.6
do
2,053.1 2,446.8
221.2
do
1,914.3 2,294.4
207.3
Retail sales, new passenger cars :
Total, not seasonally adjusted
thous..
DomesticsA
do
Imports A
do
Total, seasonally adjusted at annual rates...mil..
DomesticsA
do
ImportsA
do....
Retail inventories, new cars (domestics), end of
period :A
Not seasonally adjusted-Ji
thous..
Seasonally adjusted
do
192.9
2,815
76.3
270.0
3,785
102.5
297.1
4,076
120.5
1,050.2 1,135.6 1,111.0
987.1 1,066.0 1,048.9
859.3
895.7
873.4
808.8
841.7
827.4
190.9
237.5
239.9
221.5
178.3
224.3
334.8
4,555
85.7
277.1
3,912
114.7
390.6
5,435
182.5
436.9
5,379
145.2
907.6 1,164.3 1,108.2 1,220.0 1,096.5 1,219.8 1,186.3
852.6 1, 107.3 1,053.1 1,143.1 1,021.5 1,140.4 1,122.5
855.1
940.9
921.3
844.0
706.0
941.2
900.5
815.5
880.1
873.3
786.6
666.2
882.8
859.8
253.2
278.9
265.0
252.5
201.6
278.7
263.8
237.7
260.3
249.2
234.8
186.3
260.3
247.5
10,250
8,681
1,568
10,949
9,327
1,622
1,026
877
149
10.4
8.9
1.6
904
769
135
11.4
9.8
1.6
813
656
157
11.1
9.3
1.7
879
741
138
11.9
10.2
1.6
1,069
932
137
11.2
9.6
1.6
1,032
891
141
11.6
9.8
1.8
848
719
128
11.1
9.2
1.9
876
736
140
12.1
10.2
1.9
920
775
146
12.3
10.3
2.0
1,143
964
179
13.0
11.0
2.0
1,024
863
162
12.4
10.5
1.9
1,145
173
12.5
10.7
1.8
1,086
909
177
11.6
9.7
1.9
1,447
1,590
1,311
1,454
1,751
1,540
1,393
1,373
1,263
1,488
1,300
1,485
1,288
1,492
1,313
1,473
1,311
1,454
1,528
1,535
1,649
1,563
1,652
1,493
1,654
1,480
1,648
1,452
1,708
1,523
2.1
1.7
1.9
1.7
1.9
1.8
1.9
1.8
1.8
1.6
1.7
1.6
1.9
19.51
18.39
8.68
19. 50
18.04
8.24
45.89
43.40
8.93
46.36
42.49
11.58
38.06
34.04
12.70
39.10
34.40
11.91
36.76
31.47
13.13
34.93
31.18
12.76
53.32
48.59
15.50
51.06
46.94
14.80
49.52
45.81
13.49
41.74
38.24
12.96
209. 70 153.95
89.72 47.36
26.34 13.06
11,745 10,132
7,362 6,746
170. 35
35.23
22.09
11,580
8,175
142.98
58.41
14.64
11,635
7,934
198.80
74.99
14.72
204.92
67.92
15.14
12,220
8,228
235.42
87.36
18.93
11,633
7,524
219.15
74.65
12.17
13,622
8,612
246.53 203.09
89.82
64.37
13.37
10.21
14,672 14,205
9,599 '8,950
251.29
98.25
19.59
14,541
9,222
232.73
91.01
15.40
8,900
229.71
86.87
22.84
11,140
7,476
2,895
3,442
3,444
3,208
3,550
3,385
3,748
-2,655
2,061
Inventory-sales ratio, new cars (domestics) A
2.1
2.0
ratio..
Exports (Bureau of the Census):
Passenger cars (new), assembled
thous.. 386.64 410. 25
348.40 376.23
To Canada
do
100.04
Trucks and buses (new), assembled
do
120.62
Imports (Bureau of the Census):
Passenger cars (new), complete units
do
2,587.48 2,485.90
From Canada, total
do
802.28 842.30
Trucks and buses, complete units
do
160.87 ^ 238.70
Truck trailers (complete), shipments
number.. 103,784 141,143
65,785 95,281
Vans
do
Trailer bodies and chassis (detachable), sold
separately
number.. 18,509 33,664
Registrations (new vehicles):©
Passenger cars
thous.. «9,830.6 1610,409.0
Imports, incl. domestically sponsored
do
* I,487.6|i6i,516.2
Trucks
do
< 1,993.2 162,502.1
35.85
34.11
10.26
2,069
2,322
3,353
« 964.0 * 877. 2 * 947.8 6 823. 6 « 894.6 «926.3 6 970.5 «806.4 6 823.8 6 971.5 «942.8
* 133.0 * 124.8 * 156.9 6 140. 2 « 125.5 6 131.9 6 133.9 8 106.9 « 117.1 «145.1 5 133.8
* 238.2 « 213.0 « 215.5 6 184.7 6190. 2 6 235.0 8 251.0 5 193.8 «202.8 s 245.2 «246.5
972
1,035.9 61,040.8
«155.4 6159.3
«247.5 «274. 6
RAILROAD EQUIPMENT
Freight cars (all railroads and private car lines):
Shipments
number.. 155,331 47,460 4,351 2,846 3,389 3,199 4,131
4,782 4,475 5,157
4,069
4,647
4,677
4,001
3,705 2,297
2,822
2,619
3,487 3,557
Equipment manufacturers
do
4,536 4,191
3,830
4,414
41,971
4,912
3,766
4,390
148,014
5,923 2,932
5,112
5,357
5,095
3,316
New orders
do
5,425
4,725
9,811
47,922
5,484 13,994
6,551 11,664
152,482
4,543 2,711
4,975
4,957 4,708
4,516
3,116
Equipment manufacturers
do
5,084
8,661
42,323
5.433 13,894
6,121 10,964
i 46,913
Unfilled orders, end of period
_
do... 22,221 21,244 16,936 17,027 18, 750 20,642 19,822 21,114 21,244 22,283 26,134 26,535 36,527 38,027 44,469
Equipment manufacturers
do... 18,753 17,666 11,921 12,340 14,493 16,386 16,010 17,314 17,666 18,610 23,545 24,140 34,267 35,624 41,600
Freight cars (revenue), class 1 railroads (AAR):§
1,426
1,413
1,426
1,424
1,424
1,412
1,402
Number owned, end of period
_
-thous.. 1,422
1,411
1,409
1,408
1,411
1,409
1,403
1,407
6.2
5.9
5.9
6.0
6.0
5.9
Held for repairs, % of total owned
5.8
5.8
5.9
5.9
5.7
5.8
5.7
5.8
5.6
Capacity (carrying), aggregate, end of period
98.38 98.49
98.56
98.64
98.10
97.95
98.07
98.09
98.41
98.12
98.15
98.20
mil. tons— 97.14
98.08
68-97 69.09
69.19
69.44
Average per car
ton:
69.27
69.35
69.61
69.97
69.64
69.74
68.29
69.53
69.53
69.83
r
Revised.
i Annual total includes revisions not distributed by months. 3 Estimate
9 Total includes backlog for nonrelated products and services and basic research.
of production, not factory sales.
3 7Excludes 3 States. * Excludes 1 State. * Excludes
ADomestics include U.S.-type cars produced in the United States and Canada; imports
4 States.
« Excludes 2 States.
Effective Feb. 1972, imports include trucks valued
cover foreign-type cars and captive imports, and exclude domestics produced in Canada.
less than $1,000 each.
JRevisions appear in Census report, Men's and Women's Selected
OCourtesy of R. L. Polk & Co.; republicaticn prohibited.
Monthly Apparel Cuttings, 1970-72, Revised (MA-23A Supplement), Feb. 1973. Beginning
(Excludes railroad-owned private refrigerator cars and private line cars.
1973, a new panel of items is planned for men's apparel- data are not presently available.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
1-7
7-9
9,10
11,12
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communications
13-16
16-21
21-23
23,24
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
24,25
25,26
26-30
30
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
31
31-34
34-36
36,37
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
37
38
38-40
40
INDIVIDUAL SERIES
Advertising
11,16
Aerospace vehicles
4,40
Agricultural loans
16
Air carrier operations
23
Air conditioners (room)
34
Aircraft and parts
6,7,40
Alcohol, denatured and ethyl
25
Alcoholic beverages
11,26
Aluminum
33
Apparel
1,3,4,8,9,11-15,40
Asphalt andtarproducts
35,36
Automobiles, etc
1,3-6,8,9,11,12,19,22,23,40
Balance of international payments
2,3
Banking
16,17
Barley
27
Battery shipments
34
Beef and veal
28
Beverages
8,11,22,23.26
Blast furnaces, steel works, etc
5-7
Bonds, outstanding, issued, prices, sales, yields
19,20
Brass and bronxe
33
Brick
38
Building and construction materials
4-7,
9,10,31,36,38
Building costs
10
Building permits
10
Business incorporations (new), failures
7
Business sales and inventories
5
Butter
26
Cattle and calves
28
Cement and concrete products
9,10,38
Cereal and bakery products
8
Chain-store sales, firms with 11 or more stores...
12
Cheese
26
Chemicals
4-6,8,13-15,19,22-25
Cigarettes and cigars
30
d a y products
9,38
Coal
4,8,22,34,35
Cocoa
23.29
Coffee
23,29
Coke
35
Combustion, atmosphere, heating equipment
34
Communication
2,20,24
Confectionery, sales
29
Construction:
Contracts
10
Costs
10
Employment, unemployment, hours, earnings.. 13-15
Fixed investment, structures
1
Highways and roads
9,10
Housing starts
10
Materials output indexes
10
New construction put in place
9
Consumer credit
17,18
Consumer expenditures
1
Consumer goods output, index
3,4
Consumer price index
8
Copper
33
Cora
27
Cost of living (see Consumer price index)
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
3,7,27,30,38
Crude oil
4,35
Currency in circulation
19
Dairy products
Debits, bank
Debt, U.S. Government
Department stores
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drug stores, sales
3,7,8,26,27
16
18
11,12
16,17,19
34
16
26
2,3,19-21
11,12
Earnings, weekly and hourly
Eating and drinking places
Eggs and poultry
Electric power
EUctricJ m.chta«y .nd ^ ^ X , ^
15
11,12
3,7,8,28,29
4,8,25,26
„ . „ ^ 4-7.
Electronic components
34
Employment estimates
13,14
Expenditures, U.S. Government
18
Explosives
25
Exports (see also individual commodities).... 1,2,21-23
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,7,8
Farm wages
15
Fata and oils
8,22,23,29,30
Federal Government
finance
18
Federal Reserve banks, condition of
16
Federal Reserve member banks
17
Fertilisers
8,25
Fire losses
10
Fish oils and
fish
29
Flooring, hardwood
31
Flour, wheat
28
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)
40
Fruits and vegetables
7,8
Fuel oil
35,36
Fuels
4,8,22.23,34-36
Furnaces
34
Furniture
4,8,11-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product.
Gross private domestic investment
Gypsum and products
4,8,26
1,35
38
25
19
7,8,22,27,28
11,12
1
1
9,38
Hardware stores
11
Heating equipment
9,34
Hides and skins
9,30
Highways and roads
9,10
Hogs
28
Home electronic equipment
8
Home Loan banks, outstanding advances
10
Home mortgages
10
Hosiery
40
Hotels, and motor-hotels
24
Hours, average weekly
14
Housefurnisbings
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)... 1,2,22,23
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
5,6,11,12
Inventory-sales ratios
5
Iron and steel
4-7,9,10,19,22,23,31,32
Labor Advertising index, stoppages, turnover
IS
Labor force
13
Lamb and mutton
28
Lard
28
Lead
33
Leather and products
4,9,13-15,30
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.
4,9,10-15,19,31
Machine tools
34
Machinery
4-7,9,13-15,19,22,23,34
Mail order houses, sales
11
Man-hours, aggregate, and indexes
14,15
Mamnade fibers and manufactures
9,39
Manufacturers* sales (or shipments), inventories,
orders
5-7
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
8
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
1,4-6,8,9,11,19,22,23,40
Motors and generators
34
National defense expenditures
1,18
National income and product
1,2
National parks, visits
24
Newsprint
23,37
New York Stock Exchange, selected data
20,21
Nonferrous metals
4,9,19,22,23,33
Noninstalhnent credit
18
Oats
Oils and fats
Orders, new and unfilled, manufactures*
Ordnance
27
8,22,23,29.30
6,7
13-15
Paint and paint materials
Paper and products and pulp
8,25
4-6,
9,13-15,19,23,36,37
Parity ratio
7
Passenger cars
1,3-6,8,9,11,12,19,22,23,40
Passports issued
24
Personal consumption expenditures
1
Personal income
2,3
Personal outlays
2
Petroleum and products
4-6,
8,11-15,19,22,23,35,36
Pig iron
31,32
Plant and equipment expenditures
2
Plastics and resin materials
25
Population
13
Pork
28
Poultry and eggs
3,7,8,28,29
Prices (see also individual commodities)
7-9
Printing and publishing
4,13-15
Private sector employment, hours, earnings
13-15
Profits, corporate
2,19
Public utilities
2-4,9,19-21,25,26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radio and television
4,11,34
Railroads
2,15,16,20,21,24,40
Ranges
34
Rayon and acetate
39
Real estate
10,17,18
Receipts, U.S. Government
18
Recreation
8
Refrigerators
34
Registration (new vehicles)
40
Rent (housing)
8
Retail trade
5,7,11-15,17
Rice
27
Roofing and siding, asphalt
36
Rubber and products (incl. plastics)
4-6,
9,13-15,23,37
Saving, personal
2
Savings deposits
17
Securities issued
19,20
Security markets
20,21
Services
1,8,13-15
Sheep and lambs
28
Shoes and other footwear
9,11,12,30
SUver
19
Soybean cake and meal and oil
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures
22,23,31,32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
20,21
Stone, clay, glass products
4-6,9,13-15,19,38
Sugar
23,29
Sulfur
25
Sulfuric acid
24
Superphosphate
25
Tea imports
29
Telephone and telegraph carriers
24
Television and radio
4,11,34
Textiles and products.... 4-6,9,13-15,19,22,23,38-40
Tin
33
Tires and inner tubes
9,11,12,37
Tobacco and manufactures
4-7,9,11,13-15,30
TrIIa^(!eteii'and'whoiesalej.'.!..'.'!.'.!.'.!!!! 1 5,11,12
Transit lines, local
Transportation
Transportation equipment
Travel
Truck trailers
Trucks (industrial and other)
23
1,2,8,13,23,24
4-7,13-15,19,40
23,24
A f£
34,40
Unemployment and insurance
U.S. Government bonds
U.S. Government
Utilities
IJ, J§
16-18,20
finance
1§
2-4,9,19-21,25,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans* benefits.
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat
Wholesale price indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
^4
• • !*• JJ
23,29,30
?,?
16
flour
* * 1?
JJ
JJ
••••••
oo
*\1
5,7,11,13-15
o ;g
v dy
»
33
UNITED
STATES
;TON. D.C. 20402
Recent Staff Papers from the
Bureau of Economic Analysis
Input-Output Analysis as a Predictive Tool. A comparison of projections of industry
outputs obtained by 1-0 and various other methods. Price $3.00 in paper, $1.45 in
microfiche. Accession No. COM 73-10146.
Size Distribution of Family Personal Income: Methodology and Estimates for 1964.
Prepares the foundation for a new BEA series. Price $3.00 in paper, $1.45 in
microfiche. Accession No. COM 73-10976.
The BEA Quarterly Econometric Model. Describes the model, consisting of 63
stochastic equations, designed to analyze the impact of alternative macroeconomic
policies and to serve as a forecasting instrument. Price $3.00 in paper, $1.45 in
microfiche. Accession No. COM 73-11114.
Order by title and accession number from:
National Technical Information Service
Springfield, Virginia 22151
@FedFRASER