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AUGUST 1979/VOLUME 59 NUMBER
8
PART
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION
1
National Income and Product Tables
6
U.S. Direct Investment Abroad in 1978
15
Foreign Direct Investment in the
United States in 1978
38
The International Investment Position of the
United States: Developments in 1978
52
U.S. Department of Commerce
Juanita M. Kreps
/
Secretary
Courtenay M. Slater / Chief Economist
for the Department of Commerce
Bureau of Economic Analysis
George Jaszi / Director
Pollution Abatement Programs: Estimates
of Their Effect Upon Output Per
Unit of Input, 1975-78
58
Quarterly and Monthly Constant-Dollar Manufacturing
and Trade Inventories and Sales: 1975:IV-1979:II
60
Allan H. Young / Deputy.Director
Carol S. Carson / Editor-in-Chief,
Survey of Current Business
Manuscript Editor: Dannelet A. Grosvenor
Managing Editor: Patti A. Trujillo
Staff Contributors to This Issue: Stephen P . Baldwin,
James C. Byrnes, Robert T. Clucas, Edward F. Denison, Gregory G. Fouch, John C. Hinrichs, Mary W.
Hook, L. A. Lupo, Clinton P . McCully, Robert P .
Parker, Kenneth A. Petrick, Russell B. Scholl, Joseph
C. Wakefield, Obie G. Whichard
SURVEY OF CURRENT BUSINESS. Published monthly by
CURRENT BUSINESS STATISTICS
General
S1-S25
Industry
S25-S40
Subject Index (Inside Back Cover)
the Bureau of Economic Analysis of the U.S. Department
of Commerce, Editorial correspondence should be addressed to the Editor-in-Chief, Survey of Current Business, Bureau of Economic Analysis, U.S. Department of
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U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICES
ALA., Birmingham 35205
908 S. 20th St. 254-1331
ALASKA, Anchorage 99501
632 6th Ave. 265-5307
ARIZ., Phoenix 85073
201 N. Central Ave. 261-3285
CALIF., Los Angeles 90049
11777 San Vicente Blvd. 82-1-7591
CALIF., San Francisco 94102
450 Golden Gate Ave. 556-5868
GA., Savannah 31402
222 U.S. Courthouse & P.O. Bldg.
232-4321
HAWAII, Honolulu 96850
300 Ala Moana Bhd. 546-8694
ILL., Chicago 60603
Rm. 1406 Mid Continental Plaza Bldg.
353-4450
IND., Indianapolis 46204
46 East Ohio St. 269-6214
MICH., Detroit 48226
445 Federal Bldg. 226-3650
MINN., Minneapolis 55401
218 Federal Bldg. 725-2133
N.C., Greensboro 27402
203 Federal Bldg. 378-5345
TEX., Dallas 75242
1100 Commerce St. 749-1515
OHIO, Cincinnati 45202
550 Main St. 684-2944
TEX., Houston 77002
515 Rusk St. 226-4231
MO., St. Louis 63105
120 S. Central 425-3302
NEBR., Omaha 68102
1815 Capitol Ave. 221-3665
OHIO, Cleveland 44114
666 Euclid Ave. 522-4750
OREG., Portland 97204
1220 S.W. 3rd Ave. 221-3001
PA., Philadelphia 19106
600 Arch St. 597-2850
PA., Pittsburgh 15222
1000 Liberty Ave. 644-2850
COLO., Denver 80202
19th & Stout St. 837-3246
IOWA, Des Moines 50309
210 Walnut St. 284-4222
NEV., Reno 89503
777 W. 2d St. 784-5203
N.J., Newark 07102
4th Floor Gateway Bldg. 645-6214
CONN., Hartford 06103
450 Main St. 244-3530
LA., New Orleans 70130
432 International Trade Mart 589-6546
N. MEX., Albuquerque 87102
505 Marquette Ave.t N.W. 766-2386
FLA., Miami 33130
25 West Flagler St. 350-5267
CA., Atlanta 30309
1365 Peachtree St., N.E. 881-7000
MD., Baltimore 21202
415 U.S. Customhouse 962-3560
N.Y., Buffalo 14202
111 W. Huron St. 846-4191
P.R., San Juan 00918
659 Federal Bldg. 753-4555
S.C., Columbia 29204
2611 Forest Dr. 765-5345
MASS., Boston 02116
441 Stuart St. 223-2312
N.Y., New York 10007
26 Federal Plaza 264-0634
TENN., Memphis 38103
147 Jefferson Ave. 521-3213
UTAH, Salt Lake City 84138
125 South State St. 524-5116
VA., Richmond 23240
8010 Federal Bldg. 782-2246
WASH., Seattle 98109
Rm. 706 Lake Union Bldg. 442-5615
W. VA., Charleston 25301
500 Quarrier St. 343-6181
WIS., Milwaukee 53202
517 E. Wisconsin Ave. 291-3473
WYO., Cheyenne 82001
2120 Capitol Ave. 778-2220
the BUSINESS SITUATION
LEVISED estimates show that real
GNP decreased at an annual rate of 2}i
percent in the second quarter, about
1 percentage point higher than in the
preliminary (15-day) estimates (table
1). In constant dollars, both final sales
and the change in business inventories
were revised upward. Among final sales,
there were upward revisions in all components except government purchases.
GNP prices as measured by the fixedweighted price index increased 9%
percent, as compared to about 10 percent in the preliminary estimate. Revised prices of imports accounted for
most of the revision.
Corporate profits.—Second-quarter
corporate profits from current production—profits with inventory valuation
and capital consumption adjustments—
decreased at an annual rate of $3%
billion, according to preliminary estimates. In the first quarter they had
decreased $6 billion.
Domestic profits of nonfinancia] corporations accounted for the secondquarter decline. These profits declined
$3% billion (annual rate), following a
decline of $8 billion in the first. In the
second quarter, there was a decline in
both real corporate product and profits
per unit of real product. Unit profits,
which also had declined in the first
quarter, reflected a faster increase in
costs incurred by corporations than in
the prices they charged. Most of the
second-quarter decline in profits occurred in durables manufacturing—
particularly motor vehicles—and in the
transportation, communication, and
utilities group. Nondurables manufacturing was unchanged as large increases
in petroleum and food were offset by
declines in chemicals and other nondurables. Profits in trade and other
nonmanufacturing industries increased.
Before-tax profits decreased $6}£ billion (annual rate) in the second quarter,
following a $6 billion increase in the
first. These profits exclude the two
valuation adjustments, which are designed to value inventories and fixed
capital used up in production at replace-
ment cost, the valuation concept underlying national income and product accounting, rather than at historical cost,
the valuation concept generally underlying business accounting. If, as in the
second quarter, the historical cost of inventories used up is less than their re-
Table 1.—Revisions in Selected Component Series of the NIPA's, Second Quarter of 1979
Percent change from preceding quarter at annual rates
Seasonally adjusted at
annual rates
15;day
estimate
45;day Revision 15-day
45-day
estimate
estimate estimate
Revision
Billions of current dollars
GNP.
Personal consumption expenditures.
Nonresidentialfixedinvestment
Residential investment
Change in business inventories...
Net exports
Government purchases
Federal
State and local
2,327.2
2,329.4
2.2
6.3
6.7
.4
1,474.2
247.1
112.9
31.4
-7.0
468.7
162.9
305.8
1,475.1
247.6
113.5
34.6
-7.6
466.1
161.5
304.6
.9
.5
.6
3.2
-.6
-2.6
-1.4
-1.2
5.6
6.2
6.3
5.9
7.1
8.4
.3
.9
2.1
7.7
-1.8
13.2
5.3
-5.0
11.3
-2.4
-3.2
-1.9
1,439.0
1,439.4
8.1
8.2
282.1
175.5
282.0
4.7
-7.4
4.5
-.2
1,892.6
1,892.8
8.9
9.0
.1
.9
1,897.0
National income.
Compensation of employees
Corporate profits with inventory valuation and capital
consumption adjustments
Other
Personal income.
6.1
Billions of constant (1972)
dollars
GNP.
Personal consumption expenditures.
Nonresidentialfixedinvestment
Residential investment
Change in business inventories
Net exports
Government purchases. _
Federal
State and local
1,418.8
1,422.1
3.3
-3.3
-2.4
913.5
145.4
56.9
16.8
12.9
273.4
98.5
174.9
914.8
145.9
57.2
18.5
13.4
272.3
98.2
174.1
1.3
.5
.3
1.7
.5
-1.1
-3.6
-4.9
-5.6
-3.0
-3.4
-1.9
-9.7
2.9
-3.4
-11.0
1.2
-1.5
-1.3
-1.7
9.9
9.8
9.1
9.2
9.3
8.6
-.7
-.5
-.5
o
1.5
2.0
Index numbers, 1972=100!
GNP implicit price deflator
GNP fixed-weighted price index.
GNP chain price index
164.03
166.7
163.79
166.5
1. Not at annual rates.
NOTE.—For the second quarter of 1979, the following revised or additional major source data became available: For personal
consumption expenditures, revised retail sales for May and June, and sales and inventories of used cars of franchised automobile
dealers for May (revised) and June; for nonresidential fixed investment, manufacturers' shipments of equipment for May (revised) and June, construction put in place for May (revised) and June, and a partial tabulation of business expenditures for
plant and equipment for the quarter; for residential investment, construction put in place for May (revised) and June; for change
in business inventories, book values for manufacturing and trade for May (revised) and June; for net exports of goods and services,
merchandise trade for May (revised) and June, and revised net investment income and other services receipts for the quarter;
for government purchases of goods and services, Federal unified budget outlays for June, and State and local construction put in
place for May (revised) and June; for wages and salaries, revised employment, average hourly earnings, and average weekly
hours for May and June; for net interest, revised net interest received from abroad for the quarter; for corporate profits, domestic
book profits for the quarter, and dividends from abroad and branch profits (net) for the quarter; for GNP prices, the Consumer
Price Index for June and unit value indexes for exports and imports for June, and residential housing and nonresidential buildings prices for the quarter.
SURVEY OF CURRENT BUSINESS
placement cost, profits as measured by
business exceed profits as measured in
the national income and product accounts by an amount that is called inventory profits. Inventory profits decreased $3% billion in the second quarter, following an increase of $11 billion
in the first. The second-quarter decrease resulted from a deceleration in
food price increases.
Corporate profits taxes, which are
levied on profits including inventory
profits, decreased $3 billion (annual
rate), following a decrease of $4 billion
in the first. The second-quarter decrease
resulted from lower before-tax book
profits, while the first-quarter decrease
resulted from the reduction in Federal
corporate income tax rates and other
changes provided by the Revenue Act
of 1978 and the Energy Tax Act of
1978. After-tax profits decreased $3%
billion, following an increase of $9%
billion.
Special reconciliation tables
The reconciliation of changes in compensation per hour and average hourly
earnings and of changes in the implicit
price deflator for personal consumption
expenditures (PCE), the PCE chain
price index, and the consumer price
index (CPI) are shown in tables 2 and 3,
respectively.
Compensation per hour of all persons
in the business economy other than
farm and housing increased 7.9 percent
(annual rate) in the second quarter,
compared with 10.7 percent in the first.
The increase in average hourly earnings
of production and nonsupervisory
workers in the private nonfarm
economy also decelerated sharply, from
9.4 percent in the first quarter, to 5.9
percent in the second.
The implicit price deflator for PCE
increased 9.1 percent (annual rate) in
the second quarter compared to 10.8
percent in the first; the chain price
index increased 9.9 percent in the second
compared to 10.4 percent in the first;
the CPI increased 13.6 percent in the
second compared to 11.1 percent in the
first. The chain price index increased
more than the implicit price deflator
in the second quarter because purchases shifted towards s;oods and serv-
August 1979
ices with smaller than average price
increases and away from goods and
services with larger than average price
increases such as new autos, gasoline and
oil, and purchased meals and beverages.
The CPI increased more rapidly than
the chain price index largely because
of three factors: (1) gasoline and oil
prices increased sharply and have
larger weights in the CPI than in the
chain price index for the second quarter;
(2) homeownership prices in the CPI
increased rapidly and are excluded from
the PCE index; and (3) owner-occupied
dwellings—space rent in the chain
price index increased less rapidly than
the average of all prices and is excluded
in the CPI.
was effective in the first quarter and
largely offset the effect of rising incomes.
A decline in personal taxes in the first
quarter had been widely expected, and
it is not clear why it did not occur. One
hypothesis is that the withholding payments were not reduced in line with the
reduction in liabilities, so that there was
overwithholding of income taxes. Contributions for social insurance increased
$2 billion, indirect business tax and nontax accruals increased one-half billion
dollars, and corporate profits tax accruals declined over $2% billion.
Expenditures at an annual rate increased $6 billion; transfer payments to
persons accounted for almost all of the
increase. All other expenditures increases were largely offset by a decline
The Federal sector
of over $4% billion in nondefense purThe Federal Government deficit, as chases of goods and services. Declines
measured in the NIPA's, declined $4 in agricultural purchases by the Combillion in the second quarter of 1979, modity Credit Corporation ($5 billion)
as receipts increased more than ex- and in strategic petroleum reserve
penditures. The deficit was $7% billion purchases (one-half billion dollars) offat an annual rate, over $17 billion less set increases in all other nondefense
than in the second quarter of 1978.
purchases. The decline in Commodity
Personal tax and nontax receipts at Credit Corporation purchases reflects
an annual rate increased $10% billion in loan repayments by farmers; these loans
the second quarter—compared with had increased in the first quarter.
only $2 billion in the first quarter—and
accounted for the increase in total re- Federal Budget Developments
ceipts. The Revenue Act of 1978, which
cut rates and increased the standard
Revised estimates of Federal unified
deduction and personal exemptions, budget receipts and outlays for fiscal
Table 2.—Reconciliation of Changes in Compensation Per Hour in the Business Economy
Other Than Farm and Housing and Average Hourly Earnings in the Private Nonfarm
Economy, Seasonally Adjusted
1979
I'
Compensation per hour ofl all persons in the business economy other than farm and housing (percent
change at annual rate)
Less: Contribution of supplements
Plus: Contribution of housing and nonprofit institutions
Less: Contribution of employees of government enterprises and self-employed and unpaid family
workers
U P
10.7
7.9
1.4
.6
0
-.4
-.2
0
Equals: Wages and salaries per hour of employees in the private nonfarm economy (percent change
at annual rate)
Less: Contribution of production workers in manufacturing
Less: Contribution of non-BLS data, detailed weighting, and seasonal adjustment.
Commodity producing industries
Manufacturing
Distributive industries
Service industries
Equals: Average hourly earnings, production and nonsupervisory workers in the private nonfarm
economy (percent change at annual rate)
r
9.5
6.9
-.2
.7
.3
.3
-.6
-.5
.4
.5
9.4
.2
.7
0
.1
5.9
Revised.
p Preliminary.
i BLS estimates of changes in hourly compensation in the nonfarm business sector for the two quarters are 10.7 and 7.8
percent.
August 19T9
years 1979 and 1980 were released in
mid-July by the Office of Management
and Budget (OMB) as part of its
mid-session review. In late July, OMB
again revised the budget estimates,
largely to incorporate the administration's energy proposal announced on
July 15; these latest revisions are incorporated in the receipts and outlays
shown in table 4. The new estimates
reflect changes to the January budget
made by the administration in March
and subsequent developments, including the administration's proposed
windfall profits tax and energy security
trust fund, other legislation enacted by
Congress or proposed by the administration, reestimates of agency spending
and of tax collections based on experience since mid-March, and revised
economic assumptions (table 5).* The
economic assumptions used in the midsession review were not revised in the
late July update.
1. See February SURVEY OF CURRENT BUSINESS for a de-
tailed discussion of the January budget and the March SURVEY for a discussion of the March revisions.
SUEVEY OF CURRENT BUSINESS
On the basis of the revised economic
assumptions, consumer prices rise more
rapidly than assumed in January—10.6
percent in calendar year 1979 compared
with 8.2 percent; 8.6 percent in 1980
compared with 6.7 percent. Most of the
revision in 1979 can be attributed to
recent OPEC oil price increases, higher
than anticipated food prices, and the
effect of higher interest rates on home
mortgages. From the fourth quarter of
1978 to the fourth quarter of 1979, real
GNP is estimated to decline 0.5 percent, about 2% percentage points less
than forecast in January. Because of the
expected lower growth, the unemployment rate in the fourth quarter of 1979
is forecast to be 6.6 percent, and in the
fourth of 1980, 6.9 percent. In July, the
unemployment rate was 5.7 percent.
For fiscal year 1979, a $30.3 billion
deficit is estimated, compared with
$37.4 billion in January (table 4). Receipts are $10.5 billion higher, largely
reflecting collection experience to date.
Individual income taxes are revised up
$13 billion, corporation income taxes
Table 3.—Reconciliation of Changes in the Implicit Price Deflator for Personal Consumption Expenditures and the Consumer Price Index for all Urban Consumers, Seasonally
Adjusted
1979
II v
1. Implicit price deflator for personal consumption expenditures (percent change at annual rate).
2. Less: Contribution of shifting weights in PCE
Newautos
__
_
Gasoline and oil
Electricity, gas, fuel oil, and coal
Furniture and household equipment
Food purchased for off-premise consumption
Purchased meals and beverages
Clothing and shoes
Housing
Other
10.8
.4
.8
_.
3. Equals: PCE chain price index (percent change at annual rate)
0
1.4
-.6
-.7
0
-.6
1.1
-1.0
9.1
-2.1
-1.8
-.9
.6
1.0
-.7
.3
1.4
1.1
10.4
9.9
Contribution of differences in weights of comparable CPI and P C E expenditure components.
Gasoline and oil,
Electricity, gas, fuel oil, and coal—
Furniture, appliances, floor coverings, other household furnishings
Food at home
Food away from home
Apparel commodities
Rent
._
Other
-.4
-.4
-.1
.1
-.1
-.3
.1
-.3
.6
-1.3
-1.0
-.2
.1
-.5
-.3
.2
-.3
.8
5. Less: Contributions of P C E expenditure components not comparable with CPI components
New autos
_
_
Net purchases of used autos
Owner-occupied nonfarm and farm dwellings-space rent
Services furnished without payment by financial intermediaries except life insurance carriers
Current expenditures by nonprofit institutions
_
Other....
-.4
0
0
— .6
.1
0
.1
-1.1
0
-.3
-.7
0
0
-.1
4.
6. Plus: Contribution of CPI expenditure components not comparable with PCE components.
Newautos
Used autos..
Homeownership
Other
7. Less: Contribution of differences in seasonal adjustment 1
8. Equals: Consumer Price Index, all items (percent change at annual rate).
.6
0
.2
.0
-.2
.4
0
— .6
1.3
-.4
1.0
-.7
11.1
13.6
r
Revised.
» Preliminary.
1. These differences arise because component price indexes that are used In the BEA measures and in the CPI are seasonally
adjusted at different levels of detail.
are revised down $2.5 billion and all
other receipts are unchanged on balance.
The revision in individual income
taxes includes an upward revision of
about $9 billion in withheld income
taxes reflecting higher wages and salaries and what may be new overwithholding in the tax structure as a result
of changes made under the Revenue
Act of 1978, which was effective on
January 1, 1979. The downward revision in corporation income taxes—in
contrast to the upward revision in corporate profits—reflects lower fiscal year
1979 payments on 1978 liabilities and a
reestimate of payment patterns for 1979
liabilities. Outlays are $3.4 billion
higher, with most of the revision occurring for income security ($2.8 billion).
Other major upward revisions are for
national defense, community and regional development, and agriculture.
Partly offsetting these increases are
downward revisions for energy and for
education, training, employment, and
social services.
The upward revision for income security reflects higher participation in such
programs as social security, food stamps,
and black lung, as well as higher inflation and higher unemployment. The
upward revision for national defense
reflects in part the administration's request that a Department of Defense
supplemental appropriation be revised
to allow the purchase of two destroyers
originally ordered by Iran, as well as
actual spending trends in recent months.
The downward revision in energy reflects a deferral in petroleum purchases
for the strategic petroleum reserve until
1980 and future years as well as delays
in spending for other energy programs.
For fiscal year 1980, a deficit of $29.1
billion is estimated, compared with $29
billion in January. Receipts are $11.3
billion higher, reflecting $5.8 billion
due to policy changes and $5.5 billion
due to revised economic assumptions
and effective tax rates based on actual
experience under current laws. The
policy changes include the energy proposal, which is discussed later ($3.3
billion), removal of the real wage insurance proposal ($2.3 billion), and
other minor proposals ($0.2 billion).
The upward revision in total receipts is
SURVEY OF CURRENT BUSINESS
concentrated in individual income taxes
($6.9 billion) and excise taxes ($2.7
billion—reflecting the windfall profits
tax). The upward revision in individual
income taxes occurs despite a substantial upward revision in refunds, reflecting the overwithholding in 1979. Outlays are $11.5 billion higher, with most
of the revision occurring for income
security ($7.8 billion), and the new
energy program ($2 billion). Other
major upward revisions are for net
interest, the strategic petroleum reserve
program, and transportation. The largest downward revision is for farm price
support programs.
Revised NIPA estimates
BEA has prepared estimates of the
Federal sector on the national income
and product accounting (NIPA) basis
consistent with the revised unified
budget estimates. On this basis, fiscal
year 1979 receipts are $16.3 billion
higher than estimated in January,
expenditures are $0.4 billion higher,
and the deficit is $15.9 billion lower.
Among receipts, personal tax and nontax receipts and corporate profits tax
accruals are revised upward; contributions for social insurance are revised
downward, and indirect business tax
and nontax accruals are unchanged.
Higher wages and salaries account for
part of the upward revision in personal
taxes, but overwithholding may also
be a factor; higher corporate profits
and larger earnings by the Federal
Reserve Board account for the upward
revision in corporate taxes. Among
expenditures, transfer payments to persons and national defense purchases
are revised upward; major downward
revisions are in nondefense purchases
and subsidies less the current surplus
of government enterprises. The upward
revision in transfers to persons reflects
higher benefits under the income
security programs mentioned earlier;
the downward revision in nondefense
purchases reflects mainly the deferral
of petroleum purchases for the strategic
petroleum reserve. The revision in
subsidies less the current surplus of
government enterprises is largely due
to a downward revision in government payments to farmers.
August 1979
For fiscal year 1980, receipts are $10.7 Energy proposal
billion higher, expenditures are $7.2
In mid-July the administration also
billion higher, and the deficit is $3.5 announced a revised energy program
billion lower. All categories of receipts expanding upon the program proposed
are revised upward, largely reflecting in April. The revised energy program
higher incomes. The upward revision in includes the following major elements:
corporate taxes also reflects higher oil
—phased decontrol of crude oil
company profits attributable to the deprices;
control of crude petroleum prices, and
—a windfall profits tax on oil prothe upward revision in indirect business
ducers;
taxes results from the proposed windfall
—various energy tax credits;
profits tax. Among expenditures, trans—changes in foreign tax credits for
fer payments to persons, grants-in-aid
oil and gas exti action ;
to State and local governments, net
—the temporary waiver of existing
interest paid, and national defense
import fees and duties on impurchases are revised upward; subsidies
ported bil;
less the current surplus of government
—the establishment of an energy
enterprises and nondefense purchases
security trust fund;
are revised downward. The revision in
—a limit on oil imports; and
transfer payments to persons includes
—the establishment of an energy
removal of the real wage insurance prosecurity corporation.
posal ($3.5 billion); these payments
Decontrol of crude oil prices (effecwere largely recorded as income tax tive June 1, 1979, and phased in through
refunds in the unified budget and as September 30, 1981), the waiver of
transfer payments in the NIPA's (see import fees and duties (effective April 1,
the February SURVEY OF CURRENT 1979 and extending through June 30,
BUSINESS for a detailed discussion). The
1980), and the limit on oil imports
upward revision in grants-in-aid re- (approximately 8.5 million barrels per
flects, in part, new grants under the day) have been accomplished by adproposed energy security trust fund.
ministrative action; the remainder of
Table 4.—Federal Government Receipts and Expenditures
[Billions of dollars]
Fiscal year 1979
Fiscal
year
1978
Jan.
actual
Mar.
July
Estimates
Fiscal year 1980
Jan. to
July
Revisions
Jan.
Mar.
July
Estimates
Jan.to
July
Revisions
Unified budget:
Receipts
Outlays
402.0
450.8
-48.8
456.0
493.4
-37.4
461.8
495.0
-33.2
466.5
496.8
10.5
3.4
7.1
502.6
531.6
-29.0
503.9
532.3
-28.4
513.9
543.0
-29.1
11.3
11.5
-.1
Surplus or deficit (—)
National income and product accounting basis:
414.7
464.3
470.1
480.6
16.3
514.6
515.9
525.3
10.7
186.3
67.7
27.2
133.5
206.6
76.9
29.0
151.8
211.7
77.2
29.0
152.2
219.3
81.0
29.0
151.3
12.7
4.1
-.5
237.2
78.2
30.4
168.8
238.4
78.4
30.5
168.6
240.7
81.9
32.8
169.9
3.5
3.7
2.4
1.1
450.1
496.3
496.3
496.7
.4
540.0
540.8
547.2
7.2
Purchases of goods and services.
National defense
Nondefense
150.7
97.8
52.9
166.0
105.1
60.9
166.2
105.3
164.5
105.6
58.9
178.2
115.4
62.8
178.8
116.0
62.8
178.7
116.0
62.7
*
.6
-.1
Transfer payments..
To persons
To foreigners
182.0
178.5
3.5
200.2
196.6
3.6
200.6
196.9
3.7
202.8
199.2
3.6
-1.5
.5
-2.0
2.6
2.6
227.2
223.3
3.9
227.6
223.4
4.2
230.3
226.4
3.9
3.1
3.1
74.7
33.1
78.2
41.6
77.9
41.3
78.5
41.3
78.9
45.2
78.8
45.1
81.9
46.8
3.0
1.6
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals..
Contributions for social insurance
Expenditures.
Grants-in-aid to State and local governments _
Net interest paid
Subsidies less current surplus of government enterprises
Surplus or deficit (—).
.3
-.3
9.6
10.3
10.3
9.6
-.7
10.5
10.5
9.5
-1.0
-35.4
-32.0
-26.2
-16.1
15.9
-25.4
-24.9
-21.9
3.5
NOTE.—The July estimates incorporate revisions of July 30 to the mid-session review estimates released by the Office of
Management and Budget on July 12.
SUKVEY OF CURRENT BUSINESS
August 1970
the program requires congressional
action.
Table 6 shows the impact of the
proposal on Federal receipts and ex-
penditures on the NIPA basis for
calendar years 1979 and 1980. Personal
tax and nontax receipts are reduced
slightly in 1980 for various tax credits,
Table 5.—Economic Assumptions Underlying the Mid-Session Review of the Fiscal Year
1980 Budget
Calendar year
Actual
1977
Estimates
1979
1978
1980
Billions of dollars
Gross national product:
Current dollars
1972 dollars
1,887
1,333
2,108
1,386
2,339
1,410
2,572
1,423
Incomes:
Personal income
Wages and salaries
Corporate profits before taxes..
1,529
984
174
1,708
1,101
202
1,902
1,224
235
2,109
1,351
239
Percent change from preceding year
GNP in current dollars:
Annual average
Fourth quarter
GNP in 1972 dollars:
Annual average
Fourth quarter
GNP deflator:
Annual average .
Fourth quarter..
Consumer price index:
Annual average
December
11.0
11.9
11.7
13.1
11.0
9.2
10.0
10.3
4.9
5.5
4.0
4.4
1.7
-0.5
1.0
2.0
5.9
6.1
7.4
8.3
9.1
9.8
8.1
6.5
6.8
7.6
9.0
10.6
10.6
8.6
8.3
Percent
Unemployment rate:
Annual average
Fourth quarter
Insured unemployment rate:i
Annual average
Fourth quarter
Interest rate, 91-day Treasury bills 2
7.0
6.6
6.0
5.8
6.1
6.6
6.8
6.9
3.9
3.4
3.3
2.7
3.2
3.1
3.5
2.9
5.3
7.2
9.0
8.2
1. Insured unemployment under the State regular unemployment insurance program, excluding recipients of extended
benefits as percentage of covered employment under that program.
2. Average rate on new issues within the year.
Source: "The Mid-Session Review of the 1980 Budget." The data do not incorporate the July revisions of the NIPA's.
Table 6.—-Impact of Administration's Energy Proposal on Federal Receipts and Expenditures, NIPA Basis
[Billions of dollars]
1979
1979
1980
I
II
III
Calendar year
Receipts
Personal tax and nontax receipts
Energy conservation credits.
Corporate profits tax accruals
Decontrol of crude oil prices
Foreign tax credit
Windfall profits tax offset.
Energy credits
Indirect business tax and nontax
accruals
Windfall profits tax
Import fees on crude oil
0.1
.6
.1
.5
1.5
2.8
.8
— 1.7
0.3
5
IV
3.0
4.8
7.3
9.3
-.1
-.1
-.1
-.1
-.1
-.1
0.7
.1
.6
0.8
.2
.6
.9
1.5
.7
—1 0
-.3
1.3
2.4
.8
—1 5
-.4
1.6
3.2
.8
—2 0
-.4
2.1
4.1
8
—2 4
-.4
— 7
_ g
36
4.4
_ 8
2.3
58
73
5.8
7.3
2.5
22
3.0
— 8
2.1
2.9
2.9
.1
1
1
1
1
2.3
20
21
26
20
.1
.2
.2
2.5
4.4
6.4
.3
0.5
.3
.5
5
4.7
5.1
—.4
—.5
—.7
Q
.1
.1
III
-.1
i
-.4
-.5
II
Seasonally adjusted at annual rates
—.1
Expenditures..
I
IV
i
Purchases of goods and services
Grants-in-aid to State and local govvernments
Subsidies less current surplus of government enterprises
Surplus or deficit ( - ) . _ .
6.1
1980
3.6
.3
.9
including solar devises for residential
homes. Corporate profits tax accruals
are increased $0.6 billion in 1979 and
$1.5 billion in 1980. Decontrol of crude
oil prices, which results in higher corporate profits, and changes in the treatment of foreign tax credits—credits
applied to U.S. corporate profits taxes
for foreign taxes paid—increase corporate profits tax. Reductions in
corporate taxes result from the windfall
profits tax—which is an excise tax on
production and therefore deductible as
an expense in calculating taxable income—and from energy tax credits,
including a credit to provide for
increased exploration of unconventional
sources of natural gas.
Indirect business tax and nontax
accruals are reduced $0.5 billion in 1979
and increased $4.7 billion in 1980. The
waiver of import fees and duties on
crude oil reduces indirect taxes in both
years. The windfall profits tax, effective
January 1, 1980 under the proposal,
adds $5.1 billion of indirect taxes in
1980. The tax is imposed at a rate of
60 percent on revenue increases per
barrel—net of royalty payments—resulting from decontrol and from future
OPEC price increases adjusted for
inflation.
Expenditures are increased $2.5 billion in 1980, largely as a result of
grants-in-aid to State and local governments for assistance to low income
families to meet higher fuel costs ($2.2
billion). Grants are also increased for
mass transit and for research in the production of synthetic fuels from coal.
Purchases of goods and services are increased slightly for the start of regional
strategic petroleum reserves and a
government-owned synthetic fuel plant.
Subsidies less the current surplus of
government enterprises are also increased slightly in 1980 as a result of
subsidies to homeowners who install
solar device and to utilities that convert from oil to gas or coal. These increased expenditures will be financed by
the windfall profits tax and expended
from the energy security trust fund
which is estimated to have outlays of
over $140 billion in the 1980-1990
decade.
SURVEY OF CURRENT BUSINESS
6
August 1979
NATIONAL INCOME AND PRODUCT TABLES
1978
1977
1978
I
II
1978
1979
III
IV
I
II'
1977
1978
I
II
Seasonally adjusted at annual rates
1979
III
IV
I
II'
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1972 dollars
Table 1.—-Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product
1,899.5 2,127.6 2,011.3 2,104.2 2,159.6 2,235.2 2,292.1 2,329.4 1,340.5 1,399.2 1,367.8 1,395.2 1,407.3 1,426.6 1,430.6 1,422.1
Personal consumption expenditures.
1,210.0 1,350.8 1,287.2 1,331.2 1,369.3 1,415.4 1,454.2 1,475.2
178.8
481.3
549.8
Durable goods
Nondurable goods..
Services
200.3
530.6
619.8
185.3
505.9
596.0
200.3
521.8
609.1
203.5
536.7
629.1
861.7
900.8
882.7
894.8
905.3
920.3
921.8
914.»
212.1
558.1
645.1
213.8
571.1
669.3
208.1
580.8
686.2
138.2
332.7
390.8
146.7
343.3
410.8
139.3
337.3
406.1
147.8
339.4
407.6
147.5
344.7
413.1
152.1
351.9
416.3
150.2
348.1
423.5
144.5
344.0
426.3
303.3
351.5
327.0
352.3
356.2
370.5
373.8
395.7
200.1
214.3
209.0
216.8
214.0
217.4
217.2
221.6
281.3
329.1
304.1
326.5
336.1
349.8
354.6
361.1
186.9
200.2
192.5
201.2
201.8
205.5
204.9
203.1
Nonresidential
Structures
_.
Producers' durable equipment..
189.4
62.6
126.8
221.1
76.5
144.6
203.7
66.9
136.8
218.8
75.2
143.6
225.9
79.7
146.3
236.1
84.4
151.8
243.4
84.9
158.5
247.6
89.9
157.7
129.3
39.1
90.1
140.1
43.9
96.2
133.1
4C.2
93.0
140.3
43.9
96.4
141.6
45.1
96.5
145.5
46.5
98.9
147.2
45.8
101.3
145.9
47.6
98.3
Residential.—
Nonfarm structures
Farm structures
Producers' durable equipment-
91.9
88.8
1.5
1.6
108.0
104.4
1.8
1.9
100.5
96.8
1.9
1.9
107.7
104.3
1.4
2.0
110.2
106.4
1.9
1.9
113.7
110.0
1.9
1.9
111.2
107.8
1.5
1.9
113.5
109.7
1.8
2.0
57.7
55.5
.9
1.3
60.1
57.7
1.0
1.4
59.4
56.8
1.1
1.4
60.9
58.6
.8
1.5
60.2
57.7
1.0
1.4
60.0
57.6
1.0
1.4
57.7
55.6
.8
1.4
57.2
54.9
.9
1.4
21.9
20.7
1.2
22.3
21.3
1.1
22.8
22.0
.8
25.8
25.3
.5
20.0
18.5
1.6
20.6
19.3
1.3
19.1
18.8
.3
34.6
33.8
.8
13.3
-.1
13.1
14.1
13.7
.3
16.5
16.3
.2
15.6
15.5
0
12.2
11.6
.6
12.0
11.5
.5
12.3
12.1
.2
18.5
18.1
.4
Net exports of goods and services
-9.9
-10.3
-22.2
-7.6
-6.8
-4.5
4.0
-7.6
10.3
11.0
5.3
12.3
13.3
12.9
17.0
13.4
Exports
Imports
...
Government purchases of goods and services..
175.9
185.8
207.2
217.5
184.4
206.6
205.7
213.3
213.8
220.6
224.9
229.4
238.5
234.4
244.0
251.6
98.4
88.2
108.9
97.9
100.7
95.4
109.2
96.9
111.9
98.5
113.8
101.0
117.0
100.0
116.2
102.8
396.2
435.6
419.4
428.3
440.9
453.8
460.1
466.1
268.5
273.2
270.7
271.3
274.7
276.0
274.7
272.3
144.4
93.7
50.6
251.8
152.6
99.0
53.6
283.0
150.9
97.6
53.3
268.5
148.2
98.2
50.0
280.1
152.3
99.0
53.3
288.6
159.0
101.2
57.8
294.8
163.6
103.4
60.2
296.5
161.5
106.0
100.6
98.6
99.9
96.6
98.5
99.3
101.1
98.2
167.9
174.6
170.9
174.7
176.2
176.6
173.6
174.1
Gross private domestic investment.
Fixed investment
Change in business inventories..
Nonfarm
Farm
Federal
National defense..
Nondefense
State and local
55 *>
304.6
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product.
1,899.5 2,127.6 2,011.3 2,104.2 2,159.6 2,235.2 2,292.1 2,329.4 1,340.5 1,399.2 1,367.8 1,395.2 1,407.3 1,426.6 1,430.6 1,422.1
Final sales.
Change in business inventories.
Goods..
1,877.6 2,105.2 1,988.5 2,078.4 2,139.5 2,214.5 2,272.9 2,294.7 1,327.4 1,385.1 1,351.3 1,379.6 1,395.1 1,414.6 1,418.4 1, 403. 6
16.5
12.2
12.3
20.6
14.1
18.5
19.1
13.1
15.6
34.6
12.0
22.8
25.8
21.9
22.3
20.0
Final sales
Change in business inventories.
Durable goods...
Final sales
Change in business inventoriesNondurable goods
Final sales
Services...
Change in business inventories.
Structures.
842.2
930.0
873.0
922.5
940.9
983.8 1,011.8 1,017.4
615.6
639.5
621.4
637.2
641.8
657.3
658.6
646.7
820.2
21.9
907.7
22.3
896.7
25.8
920.8
20.0
963.2
20.6
992.7
19.1
982.8
34.6
602.4
13.1
625.4
14.1
604.9
16.5
621.6
15.6
629.6
12.2
645.3
12.0
646.3
12.3
628.2
18.5
345.9
333.9
11.9
380.4
366.5
13.9
850.2
22.8
358.7
340.1
18.6
378.0
364.9
13.1
382.6
372.3
10.3
402.3
388.9
13.4
425.5
407.1
18.4
421.3
396.0
25.3
256.5
248.6
8.0
270.0
261.4
8.6
260.3
248.5
11.8
270.8
262.8
7.9
269.9
263.6
6.3
279.1
270.6
8.5
286.0
275.2
10.8
277.9
263.9
14.0
496.3
486.3
10.0
549.6
541.2
8.4
514.3
510.1
4.2
544.5
531.8
12.7
558.3
548.6
9.7
581.6
574.3
7.2
586.2
585.5
.7
596.1
586.8
9.3
359.1
353.9
5.2
369.4
364.0
5.5
361. 2
356.4
4.7
366.5
358.8
7.6
372.0
366.0
5.9
378.2
374.7
3.5
372.6
371.2
1.4
368.9
364.3
4.5
866.4
190.9
969.3
228.2
934.1
204.2
956.2
225.6
981.7 1,005.3 1,041.4 1,064.5
237.0 246.0 238.9 247.4
604.4
120.5
630.3
129.5
624.2
122.1
627.9
130.1
633.1
132.4
636.0
133.3
645.2
126.8
647.5
127.9
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product
Gross domestic product
Business
Nonfarm
Nonfarm less housing
TToTlsing
Farm
Statistical discrepancy
Residual»
.._
Households and institutions
Government
FederalState and local..
Rest of the world
<• Revised.
1,899.5 2,127.6 2,011.3 2,104.2 2,159.6 2,235.2 2,292.1 2,329.4 1,340.5 1,399.2 1,367.8 1,395.2 1,407.3 1,426.6 1,430.6 1,422.1
1,881.7 2,107.0 1,992.0 2,083.2 2,138.9 2,213.9 2,267.9 2,305.4 1,332.9 1,391.1 1,359.9 1,386.8 1,399.2 1,418.4 1,421.7 1,414.0
1 609 0 1 807 8 1 701 1 1 787 5 1 837 6 1 904.9 1,951.4 1 983.9 1,143.7 1,197.5 1,167.5 1,193.6 1,205.1 1,223.9 1,226.9 1,218. 8
1 552 2 1 745 0 1 641 8 1 725 8 1 774 8 1 837.5 1,880.8 1,913. 8 1,100.7 1,160.0 1,126.6 1,156.2 1,169.1 1,188.0 1,193.1 1,184. 0
1,404.5 1,579.2 1,482.8 1,562.3 1,607.1 1,664.7 1,702.3 1,729. 6 986.0 1,039.6 1,007.9 1,036.5 1,048.2 1,065.8 1,068.6 1,057.5
124.5
122.3
119.8
121.0
126. 5
120.4
118.7
114.7
147.7
165.8
178.6
159.0
163.5
172.9
184.2
167.7
33.2
33.4
34.2
35. \
33.6
34.4
34.2
35.7
49 2
56 3
59 5
70.0
59 4
63.3
70 6
58 9
7.5
3.3
3.0
2.3
3.9
4.1
.6
-.5
8.7
3.4
5.3
3.2
-.3
2.4
2.7
.4
44.4
44.7
62.6
69.6
67.3
68.9
70.3
72.1
74.8
75.8
42.2
43.6
43.0
43.4
43.9
44.1
210 1
66 4
143.7
229 6
71.8
157.8
223 6
70 2
153.4
226 8
70 7
156.1
231 0
71 5
159.4
237 0
74.8
162.2
241 8
75 5
166.3
245 8
75 8
170.0
147.0
48.7
98.4
149.9
49.1
100.8
149.4
48.9
100.5
149.8
49.0
100.8
150.2
49.2
100.9
150.4
49.3
101.1
150.4
49.2
101.2
150.5
49.1
101.4
17.8
20.5
19.3
21.0
20.7
21.2
24.2
23.9
7.6
8.1
7.8
8.4
8.1
8.1
8.9
8.1
See footnotes on p. 7.
HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The
National Income and Product Accounts of the United States, 1929-7'4:
Statistical Tables (available for $4.95, SN 003-010-00052-9, from
Commerce Department District Offices or the Superintendent of
Documents; see addresses inside front cover). Data for 1973, 1974,
1975, and 1975-78 are in the July 1976, 1977, 1978, and 1979
issues of the SURVEY, respectively.
SURVEY OF CURRENT BUSINESS
August 1978
1978
1977
1978
I
II
1978
1979
III
IV
I
II'
1977
1978
Seasonally adjusted at annual rates
Plus: Subsidies less current
surplus of government
enterprises
Equals: National income
Less: Corporate profits with
inventory valuation
and capital consumption adjustments
Net interest
Contributions for social
insurance.
Wage accruals less disbursements.
Plus: Government
transfer
payments to persons..
Personal interest income
Net interest
Interest paid by government to persons
and business
Less: interest received
by government
Interest paid by consumers to business..
Dividends.Business transfer payments
Equals: Personal income.
Net national product.
Net domestic product
195.4
216.9
209.1
214.4
219.6
224.6
229.9
239.0
157.4
172.0
167.5
170.9
173.2
176.5
180.1
186.4
-43.5 -46.4 -48.0 -49.7 -52.5
Equals: Net national product.. ,704.1 1,910.7 1 802.2 1,889.8 1,940.0 2,010.6 2,062.2 2,090.4
Less: Indirect business tax
and nontax liability...
Business transfer payments
Statistical discrepancy..
165.1
178.1
173.6
179.3
177.2
182.1
184.8
186.8
8.7
7.5
9.2
3.3
8.9
3.0
9.0
2.3
9.2
3.9
9.5
4.1
9.6
.6
9.9
-.5
3.1
4.2
4.3
4.6
2.8
5.1
1.8
2.8
142.5
164.1
0
141.2
101.5
158.3
169.4
106.8
162.6
0
0
175.2
111.9
184.8
117.6
178.9
122.6
175.5
126.0
165.7
170.0
184.6
187.6
.5
.4
.1
-.9
199.6
214.9
208.5
209.8
219.1
222.3
227.7
233.8
141.7
94.0
163.3
109.5
152.
101.5
159.4
106.8
167.2
111.9
174.3
117.6
181.0
122.6
188.1
126.0
43.8
49.8
47.1
48.9
51.1
52.1
55.0
58.7
25.3
30.7
28.7
29.3
42.1
34.8
47.2
32.4
45.1
8.7
9.2
8.9
30.3
34.0
46.0
9.0
9.0
31.4
35.6
47.8
9.
9.2
II'
1,704.11,910.7 1,802.2 1,889.8 1,940.0 2,010.6 2,062.2 2,090.4
1,413.511,590.91,492.11, 573.11,1,618.11,680.41,,721. L, 744.9
Nonfarm
1,371.1 1,534." 448.11, ,527.r .01,1,571.1 629.01,667. L, 691.6
Farm
43.8
34.9
41.0
43.1
43.8
47.3
53.8
53.6
3.3
Statistical discrepancy
7.5
3.0
3.9
2.3
4.1
.6
-.5
Households and institutions.
62.6
69.6
67.3
70.3
68.9
72.1
74.8
75.8
Government
210.1 229.6 223.6 226.8 231.0 237.0 241.8
245.8
Rest of the world
20.5
21.0
20.7
17.8
19.3
21.2
24.2
23.9
National income..
,525.8 1,,724. 3 11,621.0 1,703.91,,752.51,,820. 0 1,869.0 1,
,897.0
Domestic income
,508.0 1,,703.8 1,1,601.7 1,682.9 1,,731.81,,798.8 11,844.9 1,
,873.0
Business
,235.2 1, 404.61,1,310.8 1,,387.11, 430.5 1,
81,528.3 1, 551.5
Nonfarm
,201.7 1, 361.31,1,270.4 1,,344.3 1, 388.61, 441. 91,476.7 1, 499.7
Farm
33.5
40.3
41.9
47.9
51.8
42.8
51.6
43.3
Households and institutions.
62.6
67.3
70.3
72.1
75.8
68.9
74.8
69.6
Government
210.1 229.6 223.6 226.8 231.0 237.0 241.8 245.8
Rest of the world.
17.8
20.5
32.4
37.1
49.7
9.5
34.3
37.7
51.5
9.6
35.7
39.0
52.3
9.9
19.3
21.0
20.7
21.2
24.2
23.9
Billions of 1972 dollars
Net national product..
167.7
109.5
I
1,686.3 1,890.1 1,782.9 1,868.8 1,919.3 1,989.4 2,038.1 2,066.5
, 525.8 1,724.3 1,621.0 1,703.9 1,752.5 1,820.01 ,869.0 1,897.0
150.0
94.0
IV
Table 6.—Net National Product and National Income by Sector in
Current and Constant Dollars (1.11, 1.12)
1,899.5 2,127.6 2, Oil. 3 2,104.2 2,159.6 2,235.2 2,292.1 2,329.4
-38.0 -44.9 - 4 1 .
III
Billions of dollars
Table 4.—Relation of Gross National Product, Net National
Product, National Income, and Personal Income (1.9)
Less: Capital
consumption
allowances
with
capital
consumption adjustment
Capital consumption
allowances without
capital
consumption adjustment
Less: Capital consumption
adjustment
II
Seasonally adjusted at annual rates
Billions of dollars
Gross national product
I
1979
Net domestic product
1,211.2 1,, 266.7 1,236.3 1,263.0 1,274.4 1,292.9 1,296.1 1,285.9
1,203.6 1,,258.5 1,228.4 1,254.6 1,266.3 1,284.8 1,287.2 1,277.7
Business
1,014. 4 1,,065.01,036.11, 061.4 1,,072.2 1,090.31 092.4 1,082.5
Nonfarm
980. 5 1, 036.7 1,,004.3 1, 033.3 1,,045.
063.7 li 067.9 1,057.1
Farm
25.2
24.9
26.5
24.9
24.3
24.0
24.1
25.7
Residual i
8.7
3.4
5.3
2.4
3.2
2.7
.4
-.3
42.2
Households and institutions.
43.6
43.0
43.9
43.4
44.1
44.4
44.7
Government
147.0 149.9 149.4 149.8 150.2 150.4 150.4 150.5
Rest of the world
National income..
Domestic income
Business
Nonfarm
Farm
Households and institutions.
Government
Rest of the world.
7.6
8.1
7.8
8.4
8.1
8.1
8.9
8.1
1,070.2 1,124.4 1,095.3 1,121.8
,131. 1,148.5 1,153.2 11,145.1
,121. 1,131.9
1,062.6 1,
1,116.2 1,087.4 1,113.4 1,123.8 1,140.4 1,144.4 1,137.0
873.4
846.6
26.9
42.2
147.0
922.7
895.1
920.2
26.7
43.6
149.9
28.5
43.0
149.4
26.7
43.4
149.8
929.7
903.9
25.8
43.9
150.2
945.9
920.1
25.8
44.1
150.4
949.5
923.6
25.9
44.4
150.4
941.8
914.0
27.8
44.7
150.5
7.6
8.1
7.8
8.4
8.1
8.1
8.9
8.1
1,531. 6 1 717. 4 1 634.8 1,689.3 1,742.5 1,803.1 1,852.6 1,892.8
r
Table 5.—Relation of Gross National Product, Net National
Product, and National Income in Constant Dollars (1.10)
[Billions of 1972 dollars]
Gross national product _ _
Less: Capital
consumption
allowances with capital consumption adjustment
., 340.5 1,399.2 1,367.8 1,395.2 1,407.3 1,426.6 1,430.6 1,422.1
129.3
132.5
131.5
132.2
132.9
133.6 134.5
136.3
Equals: Net national product.. 1,211. 2 1,266.7 1,236.3 1,263.0 1,274.4 ,292.91,296.1 1,285.9
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
enterprises
Residual K
Equals: National income .
Revised.
1. Equals G N P in constant dollars measured as the sum of final products less G N P in constant dollars measured as the sum of gross product by industry. The quarterly estimates are
obtained by interpolating the annual estimates with the statistical discrepancy deflated by
the implicit price deflator for gross domestic business product.
NOTE.—Table 6: The industry classification within the business sector is on an establishment basis and is based on the 1972 Standard Industrial Classification.
132.3
8.7
138.9 135.7 138.0
3.4
5.3
3.2
140.2
141.8
2.4
2.7
142.5 141.0
.4
-.3
1,070.2 1,124.4 1,095.3 1,121.8 1 131.91,148.51, 153.2 1,145.1
Footnotes for tables 2 and 3.
1. Equals G N P in constant dollars measured as the sum of final products less G N P in constant dollars measured as the sum of gross product by industry. The quarterly estimates are
obtained by interpolating the annual estimates with the statistical discrepancy deflated by
the implicit price deflator for gross domestic business product.
NOTE.—Table t: "Final sales" is classified as durable or nondurable by type of product.
"Change in business inventories" is classified as follows: For manufacturing, by the type of
product produced by the establishment holding the inventory; for trade, by the type of product sold by the establishment holding the inventory; for construction, durable; and for other
industries, nondurable.
Table 8: The industry classification within the business sector is on an establishment basis
and is based on the 1972 Standard Industrial Classification.
SUKVEY OF CURRENT BUSINESS
8
1979
1978
1977
1978
I
II
August 1979
III
IV
I
1978
II'
1977
1978
Seasonally adjusted at annual rates
525.8 ,724.3
621.0 ,703.9
752.5 ,820.0 ,869.0 i.897.0
Compensation of employees..
156.9 ,304.5
244.0 ,288.2
321.1 1,364.8 ,411.2 1,439.4
984.0 ,103.5
052.0 ,090.0
117.4 L, 154.7 ,189.4 ., 211.3
218.0
885.5
212.3
839.7
215.3
874.6
219.2
898.1
225.1
929.6
228.1
961.3
231.2
980.1
201.0
192.0
198.3
203.7
210.1
221.8
228.2
Farm
Proprietors' income with
inventory valuation adjustment and without
capital consumption adjustment
Capital consumption adjustment
Nonfarm
Proprietors' income without inventory valuation
and capital consumption adjustments
Inventory valuation adjustment
Capital consumption adjustment
Rental income of persons with
capital consumption adjustment...
Rental income
Capital consumption adjustment
81.2
91.8
94.6
106.5
91.0
101.1
93.6
104.7
95.5
108.2
98.2
111.9
105.8
116.0
107.8
120.3
100.2
116.8
109.1
115.0
117.4
125.7
129.0
129.2
19.6
27.7
25.7
27.7
26.1
31.3
34.2
33.7
24.0
32.6
30.4
32.5
31.1
36.4
19.3
39.0
-4.3
80.5
-4.9
89.1
-4.7
83.4
-4.9
87.3
-5.0
91.3
-5.1
94.4
-5.1
94.8
-5.3
95.5
81.9
92.2
85.6
90.1
94.5
98.5
99.8
100.5
-1.3
-2.1
-1.7
-2.0
-2.0
-2.4
-3.1
-2.5
-.1
-1.0
-.5
-.8
-1.1
-1.6
-1.9
-2.5
24.7
25.9
25.2
24.4
26.8
27.1
27.3
26.8
49.3
46.9
47.3
50.9
52.1
53.0
54.1
44.2
-19.5 -23.4 -21.7 - 2 2 . 9
Corporate profits with inventory valuation and capital
consumption adjustments- 150.0 167.7 141.2
Corporate profits with inventory valuation adjustment and without capital
consumption adjustment.. 162.0 180.8 153.6
177.1 206.0 177.5
Profits before tax
84.5
70.8
72.6
Profits tax liability....
104.5 121.5 106.
Profits after tax
Dividends
47.
45.1
42.1
Undistributed profits
....
74.3
61.6
62.4
Inventory valuation adjustment.
-25.2
-23.9
-15.
Capital consumption adjustment
- 1 2 . 0 -13.1 -12.4
Net interest
94.0 109.5 101.5
Addenda:
Corporate profits with inventory valuation and
capital consumption ad150.0 167.7
justments
84.5
70.8
72.6
Profits tax liability.
Profits after tax with inventory valuation and capital
83.2
70.
consumption adjustments.
77.3
47.2
42.
45.1
Dividends
Undistributed profits
with inventory valuation and capital consumption adjustments.
25.3
35.2
169.4
-24.1 -25.0 - 2 5 . 7 -27.3
175.2
184.8
178.9
182.0
207.
84.
122.4
189.0
212.0
87.5
124.6
198.6
227.4
95.1
132.3
193.3
233.3
91.3
142.0
46.0
47.8
49.
51.5
76.4
76.8
82.6
90.5
175.5
190.3
226.9
88.2
138.6
52.3
86.3
-25.1 -23.0 -28.8 -39.9
-14.7
-12.6 -13.8 -13.8 -14.5
126.0
122.6
106.8 111.9 117.
84.7
184.8
95.1
178.9
91.3
175.5
88.2
84.7
46.0
87.8
47.8
89.8
49.7
87.6
51.5
87.3
52.3
40.0
40.
36.1
35.0
Gross domestic product
of corporate business... 1,164.5 1,311.9 1,230.8 1,300.5 1,333.9 1,382.2 1,414.6 1,438.3
121.3
132.9
128.9
131.7
134.3
136.8
139.9
145.1
1,043.1 1,178.9 1 , 101.9 1,168.9 1,199.6 1,245.4 1, 274. 7 1L, 293. 2
Net domestic product
Indirect business tax and
nontax liability plus business transfer payments
117.2 127.6 123.2 127.7 128.0 131.6 133.8 135.4
less subsidies
Domestic income
925.9 1,051.3 978.7 1,041.2 1,071.6 1,113.8 1,140.9 1,157.8
Compensation of employ776.9 884.9 839.0 873.9 897.4 929.1 964.1 983.7
ees
651.9 739.0 700.3 730.1 749.5 776.
802.7 817.7
Wages and salaries
Supplements to wages
and salaries..
125.0 145.9
8.7 143.8 148.0 152.9 161.4 166.0
I
II'
Corporate profits with inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability. _~
Profits after tax.„_
Dividends
Undistributed profits
......
Inventory valuation adjustment
Capital
consumption
adjustment
Net interest
Gross domestic product
of financial
corporate
business 1
Gross domestic product
of nonfinancial corporate business
Capital consumption allowances with capital consumption adjustment
Net domestic product
Indirect business tax and
nontax liability plus business transfer payments
less subsidies
Domestic income
Compensation of employees
Wages and salaries
Supplements to wages
and salaries
Corporate profits with inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability....
Profits after tax
Dividends
_
Undistributed profits
Inventory valuation adjustment
Capital
consumption
adjustment
Net interest
140.1
167.3
72.6
94.7
37.4
157.5
195.8
84.5
111.3
42.1
131.1
167.4
70.8
96.6
40.4
158.4
196.1
84.7
111.4
40.2
165.1
201.9
87.5
114.4
43.1
175.3
217.8
95.1
122.8
44.8
167.0
221.4
91.3
130.1
46.8
57.2
69.2
56.2
71.2
71.3
78.0
83.3
-15.2 - 2 5 . 2 -23.9 -25.1 - 2 3 . 0 -28.8
164.0
215.3
88.2
127.1
47.7
79.4
-36.6
- 1 2 . 0 -13.1 -12.4 -12.6 - 1 3 . 8 -13.8 -14.5 -14.7
9.0
9.0
8.6
8.8
9.1
10.1
9.4
9.8
58.1
65.0
61.7
64.0
66.0
68.1
68.2
69.6
106.3 1,246.9 1,169.1 1,236.5 1,267.9 1,314.1 1,346.4 1,368.7
116.0 126.9 123.2 125.8 128.2 130.5 133.4 138.4
990.3 1, 120.01,,045.81,,110.8 1,,139. 7 1,,183.5 1.213.0 1,230.4
107.8 117.2
882.5 1,002.7
113.2
932.6
117.4 117.5 120.7 122.8 124.2
993.4 1,022.2 1,062.8 1,090.2 1,106. 2
732.6
615.3
834.7
697.8
791.4
661.1
824.6
689.5
846.5
707.6
876.5
733.0
910.0
758.3
928.1
772.2
117.3
137.0
130.2
135.1
138.9
143.6
151.
155.9
116.5
143.5
59.6
83.8
37.2
128.3
166.1
68.8
97.4
41.8
104.3
140.2
56.5
83.8
40.4
130.0
167.3
69.5
97.8
40.0
135.1
171.3
71.2
100.1
42.8
143.8
185.7
77.9
107.8
44.1
135.9
189.5
74.
114.8
46.2
132.5
182.9
71.3
111.5
47.4
43.3
57.7
57.3
63.7
68.6
64.2
46.6
-15.!
55.5
-25.
-23.9 -25.1 - 2 3 . 0 - 2 8 . 8 -39.9 -36.6
- 1 1 . 8 -12.6 -12.1 -12.1 -13.: -13.1 -13.6 -13.8
33.4
45.5
42.4
44.2
37.0
38.8
40.6
Billions of 1972 dollars
Gross domestic product
of nonfinancial corporate business
Capital consumption allowances with capital consumption adjustment
Net domestic product—
Indirect business tax and
nontax liability plus business transfer payments
less subsidies
Domestic income
770.7
818.7
789.8
817.1
826.3
841.4
846.6
840.1
76.9
693.8
78.4
740.3
77.9
711.9
78.2
738.9
78.6
747.7
78.9
762.6
79.3
767.3
80.2
759.9
86.7
607.1
90.5
649.7
88.7
623.2
89.9
649.0
91.1
G56.6
92.4
670.2
93.7
673.6
91.3
668.6
Dollars
175.2
87.5
Table 8.—-Gross Domestic Product of Corporate Business (1*15, 7.8)
Capital consumption allowances with capital consumption adjustment
IV
Table 8.—Gross Domestic Product of Corporate Business—Con.
National income
Proprietors' income with inventory valuation and capital consumption adjustments
III
Billions of dollars
Table 7.—National Income by Type of Income (1.13)
201.3
782.7
172.9
II
Seasonally adjusted at annual rates
Billions of dollars
Wages and salaries
Government and government enterprises
Other
_...
Supplements to wages and
salaries
_
Employer contributions for
social insurance
Other labor income
I
1979
Current-dollar cost per
unit of constant-dollar
gross2 domestic product
Capital consumption allowances with capital consumption adjustment
Net domestic product
Indirect business tax and
nontax liability plus business transfer payments
less subsidies
Domestic income
Compensation of employees
Corporate profits with inventory valuation and
capital consumption
adjustments
Profits tax liability
Profits after tax with inventory valuation and
capital consumption
adjustments
Net interest
r
1.436
1. 523
.480
1.513
1.534
1. 562
1. 590
1.629
.151
1.2S5
155
1. 368
.156
1.324
.154
1.359
155
1. 379
155
1. 407
158
1. 433
.165
1.464
.140
1.145
143
1. 225
.143
1.181
.144
1.216
142
1. 237
143
1. 263
145
1. 288
.148
1.317
.951
1. 020
1.002
1.009
1. 024
1. 042
1. 075
1.105
.151
.077
157
084
.132
.071
.159
.085
163
086
171
093
161
088
.158
.085
.074
.043
073
048
.061
.047
.074
.047
077
049
078
050
072
052
.073
.054
Revised.
1. Consists of the following industries; Banking; credit agencies other than banks; security,
commodity brokers and services; insurance carriers; regulated investment companies; small
business investment companies; and real estate investment trusts.
2. Equals the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
SUEVEY OF CURRENT BUSINESS
August 1979
1977
1978
I
II
1978
1979
1978
III
IV
I
1977
II r
1978
I
II
71.2
Final sales
Personal consumption ex61.7
penditures
46.2
New autos
Net purchases of used
15.5
autos..
Producers' durable equip12.5
ment__.
19.1
New autosNet purchases of used
6.6
autos
-3.6
Net exports
7.0
Exports
10.7
Imports
Government purchases of
.6
goods and services
Change in business inventories of new and used autos..
New.
Used.
Addenda:
Domestic output of new
autos *
Sales of imported new autos2.
73.9
75.8
80.6
84.3
77.6
76.7
70.5
80.0
78.1
78.3
84.6
75.4
68.0
50.3
62.3
46.4
70.2
53.0
68.9
50.4
70.6
51.3
74.0
55.5
67.7
49.7
17.7
15.8
17.2
18.5
19.3
18.5
17.9
14.2
22.1
13.3
19.9
14.7
22.5
14.8
23.3
13.9
22.5
14.2
23.9
12.1
21.2
-7.9
-6.1
7.6
13.7
-6.6
-5.7
7.0
12.6
-7.8 -8.5
-5.6 -6.3
7.8
7.5
13.1 14.1
-8.6
-6.8
8.0
14.8
-9.8
-4.2
9.4
13.6
-9.2
-4.9
9.9
14.8
.6
.6
.6
.6
.6
.6
1.1
.7
3.5
1.3
-.2
.9
-.1
3.7
-.2
59.5
15.0
79.6
63.6
16.4
59.7
15.4
.6
-2.3
2.2
-.3
2.2
- . 9 -2.4
0
.4
2.9
-.7
-.6
.3
2.4
-.2
-.4
64.8
16.4
62.7
16.8
67.3
17.0
71.8
19.5
66.0
19.4
Billions of 1972 dollars
Auto output.
Final sales
Personal consumption expenditures
New autos
Net purchases of used
autos
Producers' durable equipment
New autos
Net purchases of used
autos
Net exports. _
Exports
Imports
Government purchases of
goods and services
Change in business inventories of new and used autos.
New.
Used.
Addenda:
Domestic output of new
autos *
Sales of imported new autos2
0 - 7 9 - 2
Commodity-producing
industries3
Manufacturing
Distributive industries*...
Service industries 8
Government and government enterprises
Other labor income
Proprietors' income with inventory valuation and capital consumption adjustments
Farm
Nonfarm.
Rental income of persons with
capital consumption adjustment
Dividends
46.0
11.8
44.2
11.4
44.6
11.9
47.7
12.1
49.6
13.4
44.3
13.1
47.3
12.0
33.7
95.5
24.7
25.9
25.2
24.4
26.8
27.1
27.3
26.8
112.4
119.8
121.5
123.8
127.1
9.
13.
9.0
13.
8.2
14.1
8.
14.5
8.8
14.1
29.2
32.9
31.4
32.5
33.1
34.6
35.3
36.7
10.6
37.
10.7
41.1
10.
10.8
40.3
10.
42.0
10.
10.
44.:
10.8
46.2
61.3
69.6
67.3
69.0
70.2
78.7
79.8
280.4
290.7
Equals: Disposable
income
42.6
71.8
239.8
226.
252.1
266.0
278.2
personal
Less: Personal outlays
46.3
11.7
94.4
10.5
14.0
.4
2.1
-.1
129.2
34.2
94.8
111.4
.4
.2
.2
129.0
31.3
9.2
13.9
.4
2.0
-.4
125.7
26.1
91.3
116.3
.5
-1.0 -1.8
.3
0
117.4
27.7
87.3
12.5
13.8
.5
2.3
-.1
115.0
25.7
83.4
104.9
.5
.4
-.1
109.1
27.7
89.1
243.7
.5
1.1
-.1
116.8
19.6
80.5
237.3
Less: Personal tax and nontax
payments
2.0
100.2
231.8
-5.1
.4
120.3
228.3
-5.4
-.9
6.5
7.4
1.6
232.1
116.0
218.8
-5.0
-2.6
5.6
8.2
-1.8
228.0
111.9
217.4
-4.8 -5.0
-2.2 -2.4
5.6
5.5
7.9
7.6
-.7
224.7
108.2
224.1
-4.2
-2.5
5.1
7.6
2.2
218.7
104.7
208.4
-4.7
-2.4
5.5
7.8
.3
215.3
101.1
Transfer payments
-4.0
-1.5
5.4
6.9
6.6
7.5
212.3
106.5
52.3
Less: Personal contributions
for social insurance...
42.2
33.4
217.8
91.8
188.1
9.2
14.2
47.1
38.3
201.3
51.5
11.2
16.5
45.9
36.4
431.8
328.5
295.6
252. 7
181.0
11.0
15.9
45.2
35.9
423.0
324.8
291.1
247.2
49.7
11.5
16.5
47.6
38.7
408.6
312.7
281.6
239.4
174.3
11.6
16.4
42.9
34.4
393.7
300.8
272.5
231.9
47.8
10.6
14.7
45.4
36.3
383.4
294.1
265.9
225.4
167.2
11.2
15.9
44.4
35.9
363.9
285.6
257.6
218.2
46.0
10.8
14.8
50.9
387.4
298.3
269.4
228.7
159.4
8.8
52.9
57.8
343.1
266.0
239.1
200.5
45.1
8.7
58.1
54.8
116.8 ,154.3 , 189.3 ,212.1
152.2
9.5
56.3
54.8
052.0 ,090.0
163.3
9.3
53.0
57.6
984.0 1,103.3
42.1
8.9
56.8
51.4
742.5 [,803.1 [,852.6 ,892.8
141.7
8.5
53.6
54.6
531.6 , 717.4 [,634.8 ,689.3
Personal interest income.
9.1
54.9
54.2
1.0
II'
47.2
8.5
55.2
r
Revised
1. Consists of final sales and change in business inventories of new autos produced in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.
3. Consists of agriculture, forestry, and fisheries; mining; construction; and manufacturing.
4. Consists of transportation; communication; electric, gas, and sanitary services; and trade.
5. Consists of finance, insurance, and real estate; services; and rest of the world.
NOTE.—Table 10: The industry classification of wage and salary disbursements and proprietors' income is on an establishment basis and is based on the 1972 Standard Industrial
Classification.
297-682
Personal income
Wage and salary disbursements
Old-age, survivors, disability, and health insurance
benefits
Government
unemployment insurance benefits...
Veterans benefits
Government employees retirement benefits
Aid to families with dependent children
Other
.5
I
Table 10.—Personal Income and Its Disposition (2.1)
Table 9.—Auto Output in Current and Constant Dollars (1.16, 1.17)
77.5
IV
Billions of dollars
Billions of dollars
72.3
III
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Auto output.
1979
1,305.
1,458.4 1,395.0 1,437.3 1,476.5
1,240.2 1,386.
1,320.
1,524.8
1,572.2 1,602.1
1,493.0 1,515.3
1,366.1 1,405.6
1,453.4
Personal consumption expenditures
1,415.4 1,454.
1,210. C 1,350.8 1,287.2 1,331.2 1,3
Interest paid by consumers
to business
37.1
29.3
34.8
34.0
35.6
37.
32.4
Personal transfer payments
to foreigners (net)
E quals: Personal saving
Addenda:
Disposable personal income:
Total, billions of 1972
dollars
65.
72.0
74.6
1,475. 2
39.0
1.0
71.2
70.9
71.5
79.2
86.8
929. £
972.5
956.
966.1
976.2
991.5
996.6
993.5
Per capita:
Current dollars..
1972 dollars
6,017
4,285
6,672
4,449
6,401
4,389
6,583
4,425
6,748
4,461
6,954
4,522
7,157
4,536
7,277
4,513
Population (millions)
216. S
218.
217.9
218.2
218.8
219.3
219.7
220.2
5.0
5.4
Personal saving as percentage of disposable personal
income
5.C
4.S
5.3
5.0
SUEVEY OF CURRENT BUSINESS
10
1978
1977
I
1978
August 1979
1979
II
III
IV
I
1978
II'
1977
I
1978
II
Seansonally adjusted at annual rates
1979
III
I
IV
II'
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1972 dollars
Table 11.—Personal Consumption Expenditures by Major Type of Product in Current and Constant Dollars (2.3, 2.4)
1,210.0 1,350.8 1,287.2 1,331.2 1,369.3 1,415.4 1,454.2 1,475.2
Durable goods
.
- -
Motor vehicles and parts
Furniture and household equipment
Other
905.3
920.3
921.8
914.8
203.5
212.1
213.8
208.1
138.2
146.7
139.3
147.8
147.5
152.1
150.2
144.5
81.6
70.9
26.3
91.2
77.6
31.5
93.5
76.5
30.4
92.4
78.9
32.2
94.9
82.7
34.5
97.7
82.1
34.0
88.6
84.0
35.5
60.2
57.3
20.8
62.7
60.3
23.7
59.6
57.6
22.2
65.0
59.7
23.1
62 4
60.9
24.2
63 7
62.9
25.5
64 0
61.4
24.8
56 8
62.2
25 5
521.8
536.7
558.1
571.1
580.8
332.7
343.3
337.3
339.4
344.7
351.9
348.1
344.0
267.7
89.9
49.0
14.4
100.8
274.5
92.7
51.5
13.4
104.7
283.9
96.8
55.0
13.6
108.9
292.9
95.5
58.4
15.4
108.9
296.2
96.9
60.4
17.3
110.0
166.5
67.4
26.8
5.5
66.5
167.1
72.7
28.0
5.5
70.0
167.8
68.9
27.0
5.9
67.6
165.5
71.5
27.5
5.7
69.2
166.6
73.8
28.3
5.3
70.7
168.6
76.4
29.1
5 2
72.6
167.2
75 0
29.1
5 5
71.2
166.4
75 1
26.2
5 3
70 9
530.6
271.7
91.2
50.9
14.0
102.9
260.6
85.4
48.1
14.6
97.2
-
894.8
200.3
481.3
Services
Housing
Household operation
Electricity and gas
Other
Transportation
Other
882.7
185.3
246.7
82.4
46.7
13.1
92.5
.
-
900.8
200.3
84.1
72.4
28.8
505.9
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
861.7
178.8
-
549.8
619.8
596.0
609.1
629.1
645.1
669.3
686.2
390.8
410.8
406.1
407.6
413.1
416.3
423.5
426.3
187.3
82.0
38.3
43.7
43.6
236.9
212.2
91.4
42.6
48.8
49.2
267.1
202.5
90.4
43.4
47.0
47.6
255.5
209.0
88.9
40.8
48.1
48.6
262.6
215.0
92.5
42.8
49.7
49.7
271.9
222.1
93.7
43.4
50.3
50.8
278.5
229.5
99.1
47.7
51.4
52.9
287.8
236.3
99.4
47.1
52.3
54.5
296.1
142.5
55.7
22.5
33.1
30.5
162.1
150.8
58.6
23.2
35,4
32.5
168.9
147.9
59.4
24.6
34.8
31.9
166.9
149.9
57.4
22.2
35.2
32.4
167.9
151.7
58.4
22.7
35.7
32.7
170.2
153.7
59.1
23.2
35.9
33 0
170.5
156.4
61 6
25.2
36.4
33 6
171.9
158.5
60 6
23 8
36 8
34 0
173.2
1979
1978
1977
1978
I
II
III
IV
I
1978
1977
II'
1978
Seasonally adjusted at annual rates
II
1979
III
IV
I
Seasonally adjusted at annual rates
Billions of dollars
Billions of dollars
Table 12.—Federal Government Receipts and Expenditures (3.2)
Table 13.—State and Local Government Receipts and
Expenditures (3.4)
375.4 432.1 397.8 424.8 442.1 463.5 475.0 485.4
Receipts
169.6 194.9 178.9 188.8 200.9 211.0 213.0 223.4
162.3 189.4 173.3 183.4 195.6 205.4 207.4 217.8
5.4
5.4
5.2
5.1
5.4
5.3
7.2
5.3
9
.2
.2
.2
.2
.2
.2
.2
74.5
61.8 72.0 60.2 72.2 74.6 81.2 77.2
Personal tax and nontax receipts
Income taxes
Estate and gift taxes
Nontaxes
Corporate profits tax accruals
Indirect business tax and nontax accruals
Excise taxes .
...
Customs duties *
Nontaxes
25.1
17.6
5.4
2.1
28.0
18.5
7.1
2.5
28.4
18.5
7.3
2.6
29.3
18.9
7.6
2.8
29.4
18.9
7.5
3.0
29.9
19.3
7.5
3.2
Receipts..
298.8 331.0 319.0 330.5 331.8 342.6 343.9
345.7
Personal tax and nontax receipts
Income taxes
Nontaxes
Other
.
56.8
30.9
18.5
7.4
64.1
35.5
20.8
7.8
60.9
33.5
19.8
7.6
63.3
35.2
20.4
7.7
65.0
36.0
21.1
7.9
67.2
37.3
21.9
8.0
67.3
36.5
22.7
8.2
67.3
35.6
23.4
8.3
Corporate profits tax accruals
10.9
12.5
10.6
12.5
12.9
13.9
14.1
13.7
140.0 150.0 147.0 151.3 148.8 152.8 155.5
63.9 71.3 67.7 70.5 72.3 74.8 76.1
62.4 63.2 64.5 65.5 60.8 61.9 62.8
13.7 15.5 14.8 15.3 15.7 16.1 16.6
156.9
76.1
63.7
17.1
118.9 137.0 132.2 135.8 138.2 142.0 155.5 157.5
Indirect business tax and nontax accruals
Sales taxes
Property taxes
Other
421.7 459.8 447.3 449.4 462.6 479.7 486.8 492.8
Contributions for social insurance..
23.6
27.1
26.0
26.8
27.5
28.0
29.1
Purchases of goods and services
National defense
Compensation of employees
Military
Civilian
Other .
144.4 152.6 150.9 148.2 152.3 159.0 163.6 161.5
93.7 99.0 97.6 98.2 99.0 101.2 103.4 106.0
42.9 46.1 45.2 45.4 45.9 48.0 48.3 48.4
24.9 26.3 25.9 25.9 26.1 27.2 27.2 27.1
18.0 19.8 19.3 19.5 19.8 20.8 21.1 21.2
50.8 52.9 52.4 52.8 53.1 53.2 55.2 57.6
Federal grants-in-aid
67.5
77.3
74.4
76.7
77.6
80.7
77.8
77.7
271.9 303.6 288.3 301.0 309.1 315.5 316.3
325.8
304.6
170.0
134.6
Nondefense
Compensation of employees
Other
53.3 57.8 60.2 55.5
25.6 26.8 27.2 27.4
27.7 31.0 33.0 28.1
192.1 196.8 202.1
188.8
180.7
172.7 185.4 179.8
169.5 181.6 176.4 176.8 185.3 187.9 192.7 198.1
3.4
3.9
3.5
4.2
4.0
4.0
3.7
3.2
251.8 283.0 268.5 280.1 288.6 294.8 296.5
143.7 157.8 153.4 156.1 159.4 162.2 166.3
108.1 125.2 115.1 124.0 129.1 132.6 130.2
Contributions for social insurance
Expenditures
Transfer payments
To persons
To foreigners
Grants-in-aid
to
50.6
23.5
27.1
State
and
local
18.4
28.1
7.1
2.6
53.6
25.7
27.9
26.6
17.8
6.4
2.4
53.3
25.0
28.3
50.0
25.3
24.7
67.5
77.3
74.4
76.7
77.6
80.7
77.8
77.7
Net interest paid
Interest paid .
To persons and business
To foreigners
Less: Interest received by government
29.0
35.4
29.9
5.5
6.4
34.8
43.4
34.8
8.7
8.6
32.5
40.3
32.4
7.8
7.7
34.0
42.4
34.0
8.4
8.4
35.6
44.6
36.0
8.6
9.0
37.1
46.5
36.7
9.8
9.4
40.0
50.4
39.2
11.0
10.3
42.4
53.1
42.8
10.3
10.8
Subsidies less current surplus of
go v ernment enterprises
Subsidies
Less: Current surplus of government
enterprises
. . .
8.1
7.5
9.7
9.1
9.7
8.9
9.8
8.7
8.4
8.4
10.9
10.5
8.3
8.1
9.1
8.4
-.7
Less: Wage accruals less disbursements.
0
-1.1
Surplus or deficit ( - ) , national
income and product accounts. -46.
Social insurance funds
Other funds.
-9.
-36.
0
0
0
0
0
0
-27.7 -49.4 -24.6 -20.4 -16.3 -11.7 - 7 . 5
-1.
-26.
1. - 3 . 7 - 1 .
—1.8
-47.6 -26. -16.7 -14.
9.
7.0
-20.8 -14.5
Expenditures
Purchases of goods and servicesCompensation of employees. —
Other
34.4
30.1
35.0
35.7
- 5 . 0 - 7 . 1 - 6 . 4 - 7 . 0 - 7 . 3 -7.6 - 8 . 3
Net interest paid
13.9 15.0 14.6 14.9 15.1 15.4 15.7
Interest paid
Less: Interest received by govern18.9 22.1 21.0 21.9 22.5 23.0 24.0
ment
-9.0
15.9
Transfer payments to persons.
30.2
33.3
Subsidies less current surplus of government enterprises
-5.0 - 5 . 5
Subsidies
Less: Current surplus of government
5.3
5.7
enterprises
ss: Wage accruals less disbursements
-5.4
.2
5.0
.2
33.0
-5.2
2
5.4
33.8
-5.6 - 5 . 8 - 6 . 5
.2
.3
27.4
30.2
19.6
7.3
23.2
4.2
22.4
7.9
29.6
23.1
6.5
24.9
-G.3
.3
6.6
6.1
6.8
.4
.3
—.9
22.7
27.1
23.6
23.8
3.3
27.6
25.0
2.0
26.0
-6.1
5.8
0
Surplus or deficit ( - ) , national
income and product accounts.... 26.8
Social insurance fundsOther funds
r
32.1
Revised.
1. Includes fees for licenses to import petroleum and petroleum products.
19.9
SUKVEY OF CURRENT BUSINESS
August 1979
1978
1977
1978
I
II
11
1979
III
IV
I
1978
II'
1977
1978
Billions of dollars
Receipts from foreigners. 175.9
207.2
184.4
205.7
213.8
224.9
239.6
245.2
Exports of goods and services.. 175.9
119.7
Merchandise
56.1
Other
207.2
140.7
66.5
184.4
122.6
61.9
205.7
139.9
65.8
213.8
145.9
67.9
224.9
154.5
70.4
238.5
163.0
75.5
244.0
166.7
77.4
0
0
0
0
175.9
207.2
184.4
205.7
213.8
224.9
239.6
245.2
Imports of goods and services. 185.8
150.6
Merchandise
35.2
Other
217.5
174.9
42.6
206.6
167.3
39.3
213.3
172.0
41.3
220.6
177.2
43.4
229.4
183.1
46.3
234.4
186.0
48.4
251.6
199.9
51.7
4.2
.9
3.2
4.6
.8
3.7
4.2
.8
3.4
4.8
.9
3.9
4.2
.7
3.5
5.1
.9
4.2
5.1
1.1
4.0
5.1
1.0
4.0
5.5
8.7
7.8
8.4
8.6
9.8
11.0
10.3
Transfer payments (net).
From persons (net)
From government (net)
Interest paid by government
to foreigners
Net foreign investment..
0
0
1.1
-19.6 -23.5 -34.2 - 2 0 . 8 -19.6 -19.4 - 1 1 . 0
1.1
-21.9
Inventories»
Gross saving..
276.1
324.6
289.7
329.2
332.7
346.9
362.2
374.3
Gross private saving.
295.6
324.9
308.9
324.2
330.4
336.1
345.2
360.8
65.0
72.0
74.6
71.2
70.9
71.5
79.2
544.7
563.2
586.9
613.4
69.0
71.5
76.7
79.8
81.2
460.3
266.8
193.5
475.7
275.9
199.8
491.7
285.2
206.5
510.2
296.7
213.5
533.5
311.2
222.4
554.0
324.9
229.2
Manufacturing
Durable goods
Nondurable goods-
230.3
149.1
81.2
237.0
153.9
83.1
245.5
159.9
85.6
253.7
165.8
87.9
267.4
175.4
92.0
277.4
182.9
94.5
Wholesale trade
Durable goods
Nondurable goods,.
90.9
59.3
31.5
94.2
61.8
32.4
97.1
63.9
33.2
102.0
66.9
35.1
106.9
69.8
37.1
111.3
73.0
38.4
Retail trade
Durable goods
Nondurable goods..
95.0
44.0
51.1
98.8
45.4
53.4
102.0
46.3
55.8
105.4
48.4
57.1
107.6
49.7
58.0
111.7
52.4
59.3
Other
44.1
45.7
47.0
49.1
51.6
53.6
Nonfarm
Durable goods
Nondurable goods-
Government surplus or deficit ( - ) , national income
and product accounts
-19.5
Federal
State and local.
40.1
82.6
35.0
86.3
-23.9 - 2 5 . 1 - 2 3 . 0 - 2 8 . 8 -39.9
-36.6
-12.4 -12.6 -13.8 - 1 3 . 8 -14.5
-14.7
128.9
131.7
40.0
76.8
134.3
136.8
139.9
145.1
80.2
82.7
85.2
87.7
89.9
93.9
0
0
0
0
0
0
Final sales *..
-46.3 -27.7
27.4
26.8
-19.2
5.0
2.3
10.8
15.8
-49.4 -24.6 - 2 0 . 4 - 1 6 . 3 -11.7
30.2
29.6
27.1
22.7
27.6
Capital grants received by the
United States (net)
0
0
0
0
0
0
Gross investment..
283.6
327.9
292.7
331.5
336.5
351.0
12.4
-7.5
19.9
1.1
1.1
362.8
373.9
Gross private domestic investment
303.3 351.5 327.0 352.3 356.2 370.5 373.8
Net foreign investment
-19.6 -23.5 - 3 4 . 2 - 2 0 . 8 -19.6 -19.4 -11.0
3.0
Statistical discrepancy..
3.3
2.3
7.5
3.9
4.1
.6
395.7
-21 9
-. 5
r
Revised.
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories
calculated from current-dollar inventories shown in this table is not the current-dollar change
in business inventories (CBI) components of G N P . The former is the difference between two
inventory stocks, each valued at end-of-quarter prices. The latter is the change in the physical
volume of inventories valued at average prices of the quarter. In addition, changes calculated
from this table are at quarterly rates, whereas CBI is stated at annual rates.
2. Quarterly totals at annual rates.
3. Equals ratio of nonfarm inventories to final sales of business. These sales include a small
amount of final sales by farms.
NOTE.—Table 16: Inventories are classified as durable or nondurable as follows: For manufacturing, by the type of product produced by the establishment holding the inventory; for
trade, by the type of product sold by the establishment holding the inventory; for construction, durable; and for other nonfarm industries, nondurable. The industry classification is
based on the 1972 Standard Industrial Classification.
Table 17: The industry classification of compensation of employees, proprietors' income,
and rental income is on an establishment basis; the industry classification of corporate profits
and net interest is on a company basis. The industry classification of these items is based on
the 1972 Standard Industrial Classification.
.314
.309
.310
.311
.317
.326
.274
.270
.271
.271
.276
.284
333.6
Billions of 1972 dollars
315.9
319.8
322.9
325.9
328.9
41.0
41.0
41.2
41.3
41.4
41.5
274.9
160.5
114.4
278.8
162.5
116.3
281.7
164.1
117.6
284.6
166.2
118.4
287.6
168.9
118.7
292.1
172.4
119.7
132.6
86.6
46.0
134.3
87.8
46.5
135.6
88.9
46.7
136.3
89.5
46.7
138.4
91.5
47.0
140.9
93.3
47.6
Wholesale trade
Durable goods
Nondurable goods
55.5
37.2
18.3
56.3
38.0
18.4
56.8
38.4
18.4
58.2
39.4
18.9
59.3
39.9
19.3
59.6
40.1
19.5
Retail trade
Durable goods.
Nondurable goods..
62.6
28.6
34.0
63.5
28.6
35.0
64.4
28.5
35.8
64.8
29.0
35.7
64.4
29.2
35.2
65.9
30.5
35.3
24.3
24.7
24.7
24.9
25.3
25.5
25.7
Nonfarm
Durable goods
Nondurable goods.
Manufacturing
Durable goods
Nondurable goods-
Other
Final sales 3 ..
-.3
635.2
,678.3 1, 761. 7 1,,817.6 1,884.31,,932.2 1,949.2
Inventories '..
36.1
90.5
38.7
76.4
II r
66.1
Farm.
25.3
61.6
I
526.4
Farm.
Nonfarm •_.
Undistributed
corporate
profits with inventory
valuation and capital
consumption
adjustments
35.2
36.0
Undistributed profits
62.4
74.3
Inventory valuation adjustment
•15.2 -25.2
Capital consumption adjustment
-12.0 -13.1
Corporate capital consumption allowances with capital consumption adjustment
121.3 132.9
Noncorporate capital consumption allowances with
capital consumption adjustment
84.0
74.1
wage accruals less disbursements
...
0
0
IV
Table 16.—Inventories and Final Sales of Business in Current and
Constant Dollars (5.9, 5.10)
Ratio of inventories to
final s a l e s . -
Table 15.—Gross Saving and Investment (5.1)
Personal saving
III
Billions of dollars
Table 14.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Payment to foreigners.
II
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Capital grants received by the
United States (net)
I
1979
1,151.0 1,178.0 1,192.9 1,212.0 1,214.6 1,200,3
Ratio of inventories to
final sales
.274
Nonfarm»..
.271
.271
.269
.271
.278
.237
.236
.235
.237
.243
Table 17.—National Income Without Capital Consumption
Adjustment by Industry (6.4)
National income without capital consump1,561.7 1,766.8 1,660.3 1,745.0 1,7%. 4 1,865.5 1,916.2 1,946.8
tion adjustment
Domestic income-
1,543.9 1,746.2 1,641.0 1,724.0 1,775.7 1,844.3 1,892.0 1,922.9
Agriculture, forestry, and
fisheries
_
43.3
54.7
Mining and construction
98.7
114.1
409.4
161.6
247.8
459.5
176.0
283.5
Manufacturing..
Nondurable goods
Durable goods
Transportation...
Communication.
51.1
430.0
167.2
262.8
54.2
53.6
60.0
63.9
114.2
119.2
124.3
123.2
456.0
174.8
281.1
465.8
178.2
287.7
486.2
183.8
302.4
506.5
191.6
314.9
58.8
68.2
62.0
68.3
69.2
73.1
75.8
35.2
40.5
38.9
39.5
41.6
42.1
43.0
Electric, gas, and sanitary
services
31.1
34.9
34.0
33.9
34.7
37.1
38.0
Wholesale and retail t r a d e . . .
Wholesale
Retail
234.5
96.0
138.4
261.8
107.0
154.8
244.3
98.9
145.5
257.4
104.8
152.6
268.6
109.9
158.7
276.8
114.2
162.5
277.8
114.7
163.1
Finance, insurance, and real
estate
Services
Government and government enterprises
184.4
213.4
210.7
245.2
199.0
233.2
205.6
241.4
215.6
249.3
222.8
257.1
227.6
265.9
235.0
256.6
249.8
253.4
258.2
264.9
270.2
17.8
20.5
19.3
21.0
20.7
21.2
24.2
Rest of the world.
23.9
August 1979
SUKVEY OF CURRENT BUSINESS
12
1979
1978
1977
1978
I
II
III
IV
I
1978
II'
1977
1978
I
Corporate profits with
inventory
valuation
adjustment and without capital consumption adjustment
Gross national product.. 141.70 152.05 147.05 150.82 153.45 156.68 160.22
167.7
141.2
169.4
175.2
184.8
178.9
175.5
Personal consumption
penditures
140.1 157.5
23. C 29.2
116.5 128.3
131.1
26.8
104.3
158.4
28.4
130.0
165.1
30.0
135.1
175.3
31.5
143.8
167.0
31.0
135.9
164.0
31.4
132. 5
Durable goods
Nondurable goods.
Services.
10.1
11.0
10.2
9.6
11.9
11.6
9.8
10.2
162.0
180.8
153.6
182.0
189.0
198.6
193.3
190.3
152.1
23.8
6.2
17.6
170.6
29.7
7.7
21.9
143.5
27.2
6.9
20.3
171.0
28.9
7.4
21.5
178.8
30.6
8.0
22.6
189.0
32.1
8.6
23.5
181.4
31.9
8.8
23.1
178.7
32.4
9.2
23.2
Nonfinancial
Manufacturing
Nondurable goods
Food and kindred
products
Chemicals and allied
product
Petroleum and coal
products
Other
128.3
73.5
39.3
140.9
81.7
41.4
116.3
67.6
36.7
142.1
83.4
41.0
148.3
85.1
42.7
156.9
90.6
45.1
149.6
94.1
48.2
146.3
5.7
6.5
6.4
5.7
8.9
9.0
Durable goods
Primary metal industries
Fabricated
metal
products
Machinery,
except
electrical
Electric and electronic
equipment
Motor vehicles and
equipment
Other
Domestic industries
Financiali
Federal Reserve banks
Other
Wholesale and retail trade.
4.6
5.5
7.6
7.9
7.4
7.6
12.2
13.4
13.0
14.7
10.0
14.8
13.3
14.7
14.1
14.4
14.8
15.1
16.4
17.1
34.2
40.3
30.9
42.3
42.4
45.5
46.0
1.3
2.5
.7
3.2
3.1
4.3
4.6
3.8
4.8
4.9
7.1
8.3
6.1
9.4
4.2
5.2
4.7
4.9
9.1
8.2
24.1
8.9
10.8
7.0
8.6
17.9
9.6
10.5
23.0
22.7
5.1
5.0
7.8
9.8
8.2
6.1
5.1
5.5
9.5
11.0
9.3
13.3
11.4
12.0
25.5
25.8
16.8
20.3
17.1
20.1
21.2
22.7
21.7
13.9
16.0
13.7
16.0
10.5
17.9
15.1
9.8
10.2
10.1
11.0
10.2
9.6
11.9
11.6
28.9
6.2
22.7
290.4
35.2
7.8
27.4
260.0
32.5
7.0
25.6
290.1
34.3
7.4
26.9
299.4
36.1
8.0
28.1
312.1
37.8
8.6
2tf. 1
306.9
37.5
8.8
28.8
309.1
38.2
9.2
29.0
232.5
119.9
62.1
255.2
132.1
66.3
227.5
117.0
61.0
255.8
133.7
65.9
263.3
135.5
274.4
142.2
70.7
269.4
147.2
74.4
270.9
10.0
9.9
8.6
9.5
10.7
10.1
12.8
13.6
12.8
13.2
15.2
19.9
19.5
21.7
21.2
18.4
21.1
22.0
21.1
13.5
22.7
20.9
14.9
23.5
21.5
25.4
23.8
Durable goods
Primary metal industries
Fabricated
metal
products
Machinery,
except
electrical
__.
Electric and electronic
equipment
Motor vehicles and
equipment
Other
57.9
65.8
56.0
67.9
67.9
71.6
72.7
5.2
6.7
4.9
7.3
7.3
7.2
8.1
6.4
6.9
6.0
7.0
7.2
7.4
7.5
11.6
13.2
10.8
14.2
12.8
14.9
13.3
7.8
9.0
8.4
8.9
9.9
8.9
9.5
13.2
13.7
13.3
16.8
11.6
14.3
14.3
16.2
13.8
16.9
13.5
19.8
16.0
18.4
Wholesale and retail trade.
36.0
36.2
30.6
35.7
38.9
39.5
32.5
Transportation, communication, and electric,
gas, and sanitary services
43.3
49.7
45.7
49.4
51.0
52.7
52.2
Other
_._.
32.2
37.3
34.3
37.0
37.9
39.9
37.5
Rest of the world.
9.8
10.2
10.1
11.0
10.2
9.6
11.9
151.3
153.8
157.8
161.3
137.9
155.7
152.3
139.4
158.6
155.0
142.4
164.1
158.0
144.1
168.8
161.0
150.5
146.6
160.0
164.4
157.8
174.3
158.0
153.0
166.5
162 3
156.0
171.5
166.6
159 6
176.5
170.3
162.3
181.4
173.0
165.4
185.2
177.8
169.7
189.0
140.7
159.3
160.0
159.7
150.3
179.7
180.8
180.3
147.1
169.3
170.2
171.5
149.0
176.7
177.9
176.8
151.7
183.1
184.3
183.8
153.4
189.5
190.8
189.3
156.4
192.6
194.0
192.7
160.3
198.4
199.9
198.9
126.3
132.3
129.2
131.4
133.0
135.6
138.2
139.5
178.7
210.7
190.3
222.1
216.6
188.4
220.2
191.1
223.9
227.2
203.9
234.5
210.0
244.8
147.6
159.4
154.9
157.8
160.5
164.5
167.5
171.2
143.6
150.0
154.8
162.1
151.1
157.1
153.4
160.3
154.6
163.8
160.1
166.9
161.9
170.8
164.5
174.9
154.2
149.1
152.6
155.7
159.0
162.8
166.5
141.6
151.6
147.1
150.5
153.1
155.9
160.0
163.9
130.4
146.2
141.2
137.9
156.9
151.5
134.3
151.6
147.2
136.8
155.9
150.1
139.3
158.3
153.0
140.9
161.6
155.7
144.2
167.1
158.7
146.1
172.6
161.9
152.4
148.7
156.6
167.2
160.6
170.7
160.1
155.2
163.0
165.0
158.7
167.9
169.5
162.4
172.9
173.9
165.5
177.7
177.1
168.8
181.6
182.0
173.2
186.4
159.2
179.6
169.3
176.7
182.9
189.5
192.7
165.6
198.4
181.4
199.4
192.3
215.3
184.9
210.2
189.6
215.3
192.9
217.4
199.2
222.1
205.3
229.6
211.3
240.8
Gross private domestic investment
320.7
10.6
148.8
135.6
153.7
149.4
of
Durable goods
Nondurable goods..
Services
318.8
67.6
145.8
133.0
150.0
146.8
Gross national product... 143.5
321.7
Manufacturing
i
Nondurable goods
Food and kindred
products.Chemicals and allied
product
Petroleum and coal
products
Other
150.0
136.5
154.6
150.9
Change in business inventories
Personal consumption expenditures
309.6
Nonfinancial
140.4
129.4
144.7
140.7
Table 20.—Fixed-Weighted Price Indexes for Gross National
Product, 1972 Weights (7.2)
301.1
Federal Reserve banks
Other
Fixed investment
Nonresidential
Structures
Producers'
durable
equipment
Residential
Nonfarm structures
Farm structures
Producers'
durable
equipment
Federal
State and local.
270.1
261.4
163.79
Gross private domestic investment
Government purchases
goods and services
300.6
Domestic industries
Financial '
ex-
Exports.
Imports-
18.6
Other
Corporate profits before
deduction of capital
consumption
allowances, with inventory
valuation adjustment.. 271.3
II'
Net exports of goods and services
3.8
Transportation, communication, and electric,
gas, and sanitary services
Rest of the world.
I
Table 19.—Implicit Price Deflators for Gross National Product (7.1)
Table 18.—Corporate Profits by Industry (6.18)
Rest of the world.
IV
IndeJ: numbers, 1972=100
Billions of dollars
Domestic industries.
Financial»
Nonflnancial
III
Seasonally adjusted
Seasonally adjusted at annual rates
Corporate profits with
inventory valuation
and capital consump
tion adjustments
150.0
II
1979
Fixed investment
Nonresidential
Structures
Producers'
equipment
Residential
durable
Change in business inventories
Net exports of goods and ser-
Exports.
Imports .
Government purchases
goods and services
Federal.
State and local.
Addenda:
Final sales
Gross domestic product
Business
Non farm
T
of
148.0
159.5
155.0
157.7
160.6
164.5
168.2
171.8
145.7
149.6
155.8
162.0
152.1
157.0
154.1
160.2
156.1
163.7
160.8
167.0
164.0
171.1
166.8
175.2
143.4
142.9
142.8
143.0
154.1
153.7
153.6
153.1
149.1
148.7
148.2
147.8
152.5
152.1
152.0
151.1
155.6
155.2
155.2
154.3
158.9
158.5
158.5
157.2
162.7
162.3
162.3
160.5
166. 3
165.9
166.2
164.7
Revised.
1. Consists of the following industries: Banking; credit agencies other than banks; security, commodity brokers and services; insurance carriers; regulated investment companies;
small business investment companies; and real estate investment trusts.
NOTE.—Table 18: The industry classification is on a company basis and is based on the 1972
Standard Industrial Classification.
11.6
SURVEY OF CURRENT BUSINESS
August 1979
1978
1977
1978
II
I
13
1979
III
IV
I
1978
II '
1977
1978
I
Seasonally adjusted
Gross national product.. 141.70 152.05 147.05 150.82 153.45 156.68 160.22
163.79
Net national product
152.0
136.8
145.4
140.5
144.8
146.6
149.7
153.6
157.3
136.2
145.2
140.5
144.2
146.3
149.3
153.6
156.4
134.8
134.3
140.9
140.2
137.8
136.9
139.6
138.8
141.8
141.2
144.1
143.7
148.8
148.0
151.6
150.1
Rest of the world
Domestic income .
Goods
Final sales
Change in business inventories
Durable goods
Final sales
Change in business inventories
Nondurable goods...
Final sales__
Change in business inventories
Services.
Structures
..
156.6
I
II'
Table 24.—Implicit Price Deflators for Net National Product and
National Income by Sector (7.7)
141.5
Final sales
Change in business inventories
153.4
IV
Index numbers, 1972=100
Table 21.—-Implicit Price Deflators for Gross National Product by
Major Type of Product (7.3)
150.6
III
Seasonally adjusted
Index numbers, 1972=100
147.2
II
1979
160.3
163.5
Net domestic product.
Business
Nonfarm
Farm
Residual.
Households and institutions.
Government
National income
138.2
137.4
148.8
148.7
142.4
143.1
148.6
148.2
150.1
149.9
153.8
153.3
157.3
157.7
161.6
161.0
143.3
158.4
153.8
176.2
149.6
167.3
152.3
173.4
155.1
178.9
158.1
184.6
161.4
188.4
164.4
193.5
Table 22.—Implicit Price Deflators for Gross National Product
by Sector (7.5)
Business
Nonfarm
Farm
Households and institutions .
Government
140.7
150.8
145.8
149.6
152.2
155.5
159.1
162.6
140.1
150.2
145.1
149.0
151.6
154.8
158.3
161.7
139.3
139.8
138.8
149.4
148.9
175.8
144.0
144.2
154.9
148.2
147.8
175.9
150.9
150.3
177.4
154.1
153.1
197.5
157.6
156.1
222.2
161.2
160.0
209.0
148.3
142.9
159.6
153.1
156.5
149.7
158.7
151.5
160.0
153.8
163.3
157.6
168.3
160.7
169.6
163.3
142.6
153.4
148.0
151.9
154.8
158.5
162.1
165.7
141.9
152.6
147.3
151.1
154.1
157.7
161.2
164.7
141.4
142.0
124.8
152.2
151.9
162.2
146.4
146.6
141.8
150.7
150.4
160.5
153.9
153.6
162.6
157.5
156.7
186.2
161.0
169.9
199.0
164.7
164.1
186.2
148.3
142.9
159.6
153.1
156.5
149.7
158.7
151.5
160.0
153.8
163.3
157.6
168.3
160.7
169.6
163.3
Rest of the world
Table 25.—Implicit Price Deflators for .4uto Output (7.9)
Gross national product. _ 141.70 152.05 147.05 150.82 153.45 156.68 160.22
GrosJ domestic product
141.2
151.5
146.5
150.2
152.9
156.1
159.5
163.79
163.0
Business..
Nonfarm
Nonfarm less housing
Housing
Farm
Residual
Households and institutions.
140.7
141.0
142.5
128.8
143.2
151.0
150.4
151.9
137.7
174.2
145.7
145.7
147.1
134.0
157.9
149.8
149.3
150.7
136.5
173.9
152.5
151.8
153.3
138.7
175.5
155.6
154.7
156.2
141.4
190.5
159.1
157.6
159.3
143.4
209.4
162.8
161.6
163.6
145.6
201.2
148.3
159.6
156.5
158.7
160.0
163.3
168.3
169.6
Government _
Federal
_
State and local
142.9
136.5
146.1
153.1
146.2
156.5
149.7
143.5
152.7
151.5
144.4
154.9
153.8
145.3
158.0
157.6
151.7
160.4
160.7
153.4
164.3
163.3
154.3
167.7
Rest of the world..
Table 23.—Implicit Price Deflators for the Relation of Gross National Product, Net National Product, and National Income
(7.6)
Gross national product
Less: Capital consumption
allowances with capital consumption adjustment
141.70 152.05 147.05 150.82 153.45 156.68 160.22
163.79
151.2
163.6
159.0
162.2
165.2
168.0
170.9
175.4
Equals: Net national product._ 140.7
150.8
145.8
149.6
152.2
155.5
159.1
162.6
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current
surplus of government
enterprises
129.1
Residual
Equals: National income
142.6
Auto output
130.9
141.0
137.9
140.0
142.9
143.0
145.0
146.6
131.3
140.4
137.0
139.0
142.6
143.0
146.5
148.0
138.9
128.6
149.8
138.4
145.2
134.9
147.5
137.1
152.6
140.6
153.9
141.0
157.3
144.8
160.2
148.9
Producers' durable equipment
115.8
128.8
New autos
Net purchases of used
autos
126.8
138.6
125.6
135.2
126.8
137.1
128.7
140.6
126.2
141.2
127.1
144.8
131.9
149.1
128.9
153.6
138.8
174.3
135.4
166.0
137.3
172.4
140.8
177.9
141.4
180.2
145.1
184.4
149.2
198.6
129.2
141.3
139.6
138.0
143.4
144.51 144.8
154.0
Domestic
output of new
128.5
autos1- _
Sales of imported new autos 2 128.6
138.5
138.5
135.0
135.0
137.2
137.1
140.7
140.7
140.9
141.1
148.8
148.9
Final sales
Personal consumption expenditures
New autos
Net purchases of used
autos
Net exports
Exports
Imports
Government purchases of
goods and services
Change in business inventories of new and used autos.
Addenda:
Table 26.—Implicit Price Deflators for Personal Consumption
Expenditures by Major Type of Product (7.11)
Personal
consumption
expenditures
131.8
153.4
131.3
148.0
133.1
151.9
131.0
154.8
131.6
158.5
135.1
162.1
137.5
165.7
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
140.4
150.0
145.8
148.8
151.3
153.8
157.8
161.3
129.4
136.5
133.0
135.6
137.9
139.4
142.4
144.1
135.7
145.5
141.1
143.7
148.0
149.0
152.8
155.9
123.7
126.9
128.7
132.7
125.7
130.0
128.0
132.0
129.5
133.1
131.4
135.2
133.5
137.3
135.0
139.6
r
Revised.
1. Consists of final sales and change in business inventories of new autos produced in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.
NOTE.—Table tl: "Final sales" is classified as durable or nondurable by type of product.
"Change in business inventories" is classified as follows: For manufacturing, by the type of
product produced by the establishment holding the inventory; for trade, by the type of product sold by the establishment holding the inventory; for construction, durable; and for other
industries, nondurable.
Tables BS and 24: The industry classification within the business sector is on an establishment basis and is based on the 1972 Standard Industrial Classification.
144.7
144.9
154.6
150.0
153.7
155.7
158.6
164.1
168.8
148.2
122.3
174.3
238.9
139.0
162.5
125.5
182.1
253.3
146.9
155.3
124.0
178.0
246.9
143.7
161.8
125.7
178.6
250.8
145.6
164.7
125.5
182.3
253.8
148.1
168.3
126.7
189.1
262.7
150.0
175.1
127.2
200.9
279.2
153.0
178.0
129.0
230.4
323.9
155.1
140.7
150.9
146.8
149.4
152.3
155.0
158.0
161.0
131.4 140.7
Housing
147.3 156.0
Household operation
170.0 183.8
Electricity and gas .
Other .
. .. 131.9 137.8
143.2 151.3
Transportation
146.1 158.2
Other
136.9
152.3
176.5
135.2
149.0
153.1
139.4
155.0
183.8
136.8
150.2
156.3
141.7
158.2
188.4
139.0
152.0
159.8
144.5
158.4
187.0
140.0
154.0
163.3
146.8
161.0
189.8
141.1
157.2
167.4
149.0
164.1
198.2
142.1
164.0
170.9
Nondurable goods
- _ _ 144.7
Food
Clothing and shoes.. .
Gasoline and oil
.
Fuel oil and coal
Other
Services
SUEVEY OF CURRENT BUSINESS
14
1979
1978
ii
I
1977
August 1979
in
iv
1978
II'
I
ii
I
1977
1978
1978
Seasonally adjusted
iv
I
II'
Seasonally adjusted
Percent at annual rate
Percent
in
1979
Percent
Percent at annual rate
Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes (8.9)
Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes (8.9)—Continued
Gross national product:
Current dollars
- 1972 dollars
ImDlicit Diice deflator
Chain Drice index
Fixed-weighted price index...
Exports:
Current dollars
1972 dollars..
Implicit price deflator
Chain price index..
Fixed-weighted price index...
7.7
2.4
5.2
5.2
5.3
17.8
10.6
6.5
6.1
6.0
25.7
14.9
9.4
8.5
7.7
54.7
38.2
12.0
11.0
10.6
16.8
10.2
6.0
7.1
6.9
22.3
7.1
14.2
13.3
13.8
26.4
11.5
13.4
12.8
12.9
9.7.
-2.6
12.6
11.8
12.3
Imports:
Current dollars
1972 dollars
----Implicit price deflator
Chain price index._
Fixed-weighted price index...
19.6
9.7
9.0
7.7
8.1
17.1
11.1
5.4
7.7
8.0
33.4
18.4
12.6
13.6
12.6
13.6
6.5
6.7
10.3
10.0
14.3
7.0
6.8
4.1
4.0
16.9
10.2
6.1
8.6
9.1
9.2
-3.8
13.5
13.7
14.1
32.7
11.8
18.7
24.3
21.1
Government purchases of goods
and services:
Current dollars
1972 dollars
Implicit price deflator...
Chain price index
Fixed-weighted price index...
9.7
2.0
7.5
7.6
7.5
9.9
1.8
8.0
7.7
7.8
6.5
-1.2
7.8
7.1
6.6
8.8
.9
7.8
7.1
7.1
12.3
5.0
69
7.6
7.6
12.2
1.8
10.2
9.5
10.0
5.6
-1.8
7.6
9.4
9.4
5.3
-3.4
9.1
8.6
8.7
11.3
4.4
6.6
6.8
5.7
-2.0
7.8
7.1
-.9
-7.4
6.9
5.1
-7.0
-12.3
6.1
5.6
11.7
8.2
3.2
5.5
18.7
3.2
15.0
13.0
12.1
7.2
4.6
7.6
-5.0
-11.0
6.7
6.5
7.0
6.9
3.8
5.2
5.3
12.8
8.2
7.0
8.7
8.1
8.0
12.4
4.0
8.1
8.0
11.1
2.7
8.2
8.3
18.5
9.3
8.4
8.0
12.6
3.3
9.0
8.7
8.9
1.0
7.8
7.7
2.3
-6.6
9.5
10.3
11.3
1.2
10.0
9.8
7.9
8.3
8.5
8.4
9.1
8.2
10.1
9.9
Final sales:
Current dollars..1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
11.0
4.8
5.9
6.3
6.4
12.1
4.4
7.4
7.4
7.5
7.5
.4
7.1
6.7
6.8
19.3
8.7
9.8
9.4
9.6
12.3
4.6
7.4
8.2
8.3
14.8
5.7
8.6
8.6
8.8
11.0
1.1
9.8
9.7
9.9
3.9
-4.1
8.3
8.7
9.3
Gross domestic product:
Current dollars
1972 dollars
Implicit price deflator
Chain price index..
Fixed-weighted price index..
11.5
5.3
5.9
6.2
6.4
12.0
4.4
7,3
7.4
7.5
8.1
1.8
6.2
6.7
6.8
19.6
8.1
10.6
9.4
9.7
11.1
3.6
7.2
8.2
8.3
14.8
5.6
8.7
8.7
8.9
10.1
.9
9.1
9.6
9.9
6.8
-2.2
9.1
8.5
9.1
Business:
Current dollars.
1972 dollars
Implicit price deflator.
Chain price index
Fixed-weighted price
index
11.9
5.9
5.6
6.0
12.4
4.7
7.3
7.4
7.7
1.8
5.9
6.5
21.9
9.2
11.6
10.2
11.7
3.9
7.5
8.6
15.5
6.4
8.5
8.5
10.1
1.0
9.1
9.7
6.8
-2.6
9.7
8.9
6.2
7.6
6.6
10.5
8.8
8.7
10.0
9.8
12.1
5.8
5.9
6.0
12.4
5.4
6.7
6.9
7.6
2.8
4.6
5.5
22.1
11.0
10.0
9.0
11.9
4.5
7.0
8.7
14.9
6.6
7.8
7.6
9.8
1.7
7.9
8.5
7.2
-3.0
10.5
9.9
6.5
7.0
5.5
8.9
7.7
8.5
11.0
10.2
4.2
11.7
4.6
10.3
2.0
11.4
4.2
13.8
6.4
13.0
2.1
7.8
-1.2
Personal consumption expenditures:
1972 dollars
ImDlicit Drice deflator . . -Chain Drice index . _
Fixed-weighted price index...
Durable goods:
Current dollars .
1972 dollars
Implicit price deflator
Chain price index.
Fixed-weighted price index
Nondurable goods:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
.
Services:
Current dollars. .
1972 dollars
Implicit price deflator
Chain price index.
Fixed-weighted price index
Gross private domestic investment:
Current dollars
1972 dollars
19.8
10.9
14.8
10.6
6.7
8.3
10.6
9.4
3.5
7.2
8.2
5.6
8.7
8.6
1.1
9.3
9.7
-2.4
7.3
7.4
8.4
1.9
6.3
6.8
6.4
7.5
6.8
9.6
8.3
8.9
9.9
9.3
11.0
5.0
5.7
11.6
9.0
14.4
11.9
.8
8.1
5.9
4.5
6.8
7.0
5.9
7.1
13.6
12.0
9.2
11.6
5.3
6.0
6.3
12.0
4.4
7.4
7.6
9.2
8.6
14.2
11.4
4.8
6.8
7.1
6.8
6.9
7.2
.6
5.9
-3.0
9.6
7.2
7.4
10.8
10.4
11.0
10.2
36.6
26.6
7.9
7.4
6.4
5.6
8.3
9.4
6.1
4.1
4.3
5.5
5.6
-2.3
-8.3
6.5
6.7
4.4
5.8
6.9
7.6
7.5
18.1
13.0
4.5
4.8
4.7
8.4
3.5
10.2
4.8
4.9
4.9
-.7
7.1
7.3
9.1
9.9
3.3 -10.2
-5.0 -14.4
4.9
8.7
5.7
9.2
9.4
5.6
5.5
13.2
11.9
16.9
9.6
7.0
2.6
6.3
8.6
6.8
7.2
-3.2
9.0
8.0
10.3
11.5
5.3
6.2
7.7
8.1
-4.2
14.5
13.8
-4.6
12.1
13.6
7.3
8.2
11.8
6.4
8.4
14.5
13.8
3.2
9.1
1.4
13.8
10.6
15.8
10.5
3.2
7.6
7.2
7.9
7.8
7.2
7.1
2.7
7.5
8.3
5.5
7.2
8.2
7.8
7.3
12.5
12.7
16.1
4.9
5.1
7.9
7.3
7.3
7.3
7.3
7.4
7.3
7.2
8.2
8.0
7.6
8.1
8.1
8.1
Nonresidential:
Current dollars
1972 dollars
Implicit price deflator..
Chain price index
Fixed-weighted price
index
4.5
17.1
-5.0
6.6
12.3
17.4
5.6
7.5
1.2
7.5
6.1
6.7
32.8
19.3
11.3
12.0
11.0
11.2
9.2
10.0
-1.0
6.7
7.6
-3.5
11.4
11.4
9.7
6.8
12.6
11.5
10.6
7.7
11.4
14.9
16.7
10.6
13.7
7.1
8.4
4.6
4.8
5.8
6.1
7.7
7.9
5.8
6.3
9.4
9.3
19.3
11.3
7.2
7.6
12.9
8.6
33.3
23.2
8.2
8.8
7.7
7.8
-3.4
10.9
11.0
6.4
9.3
9.5
8.0
8.2
10.8
24.8
15.4
15.9
20.8
12.1
7.8
7.8
17.0
9.2
9.5
8.2
7.1
13.3
12.3
34.8
15.7
7.8
1.6
3.6
-.5
25.7
8.4
6.3
7.1
8.0
3.9
Structures:
Current dollars
1972 dollars
Implicit price deflatorChain price index
Fixed-weighted price
indexi
9.3
2.1
7.1
6.8
22.2
12.2
8.9
9.2
4.0
.1
3.9
5.0
60.1
42.2
12.6
12.5
25.9
12.3
12.1
12.7
25.9
12.7
11.8
12.2
- 52.4
.6
8.5
9.1
26.0
16.0
8.6
10.8
6.5
9.0
5.5
12.4
12.5
11.6
9.1
10.9
Producers'
durable
equipment:
Current dollars
1972 dollars
Implicit price deflatorChain price index
Fixed-weighted price
index
.
17.9
11.7
5.5
5.8
14.1
14.1
7.7
15.8
6.7
6.6
.2
6.8
7.3
7.0
7.0
21.4
15.6
5.0
7.1
10.7
6.1
7.4
7.0
7.4
7.7
Residential:
Current dollars . . .
1972 dollars
Implicit price deflatorChain price index
Fixed-weighted price
index.
35.0
20.7
11.8
11.8
17.5
2.4
4.2
12.8
12.9
-4.7
7.4
7.5
32.0
11.0
18.9
18.7
-4.9
15.2
15.2
11.8
12.8
7.6
18.6
15.0
State and local:
Current dollars
1972 dollars
Implicit price deflator
Chain price index.
Fixed-weighted
price
index..
Addenda:
Fixed-weighted price index.
Fixed investment:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
.
Federal:
Current dollars
1972 dollars.
Implicit price deflator
Chain price index
Fixed-weighted price
index..
7.4
7.6
9.5
4.6
5.1
19.0 -2.1
10.1 -11.3
8.2
10.4
11.1
7.1
7.6
10.8
13.5 - 8 . 5
- 1 . 1 -14.3
14.8
6.7
15.1
7.0
-3.6
12.4
12.4
5.7
15.1
7.0
8.4
12.5
Nonfarm:
Current dollars
1972 dollars
Implicit price index...
Chain price index
Fixed-weighted price
index
Disposable personal income:
Current dollars—
1972 dollars
..-.
r
12.7
4.0
Revised.
NOTE.—Table 27; The implicit price deflator for ONP is a weighted average of the detailed
price indexes used in the deflation of GNP. In each period, the weights are based on the
composition of constant-dollar output in that period. In other words, the price index for each
item is weighted by the ratio of the quantity of the item valued in 1972 prices to the total
output in 1972 prices. Changes in the implicit price deflator reflect both changes in prices and
changes in the composition of output. The chain price index uses as weights the composition
of output in the prior period, and, therefore, reflects only the change in prices between the
two periods. However, comparisons of percent changes in the chain index also reflect changes
in the composition of output. The fixed-weighted price index uses as weights the composition
of output in 1972. Accordingly, comparison over any timespan reflect only changes in prices.
By OBIE G. WHICHARD
U.S. Direct Investment Abroad in 1978
developments related to
U.S. direct investment abroad in 1978
were:
• The U.S. direct investment position abroad increased 12 percent,
to $168.1 billion, following a 10percent increase in 1977. The position increased 6 percent in petroleum, 12 percent in manufacturing,
and 16 percent in "other" industries.
IVXAJOR
• Equity and intercompany account
outflows declined 18 percent, to
$4.6 billion. Inflows from the sale
of several affiliates in Canada and
Europe contributed to the decline.
reinvestment ratio—the fraction of
earnings reinvested.
investors' equity in, and outstanding
loans to, foreign affiliates. By industry,
• Direct investment income in- 20 percent of the position was in petrocreased 28 percent, to $25.7 billion. leum, 44 percent in manufacturing, and
The increase was partly attribut- 36 percent in "other" industries (table
able to depreciation of the U.S. 2). By area, 72 percent was in developed
dollar against several major foreign countries, 24 percent in developing
currencies.
countries, and 4 percent in "international and unallocated."
• Fees and royalties increased 27
Investment in incorporated affiliates
percent, to $4.8 billion. Almost onehalf of the increase was in royalties, was 87 percent of the position; most
license fees, and other fees for the of this investment was equity (capital
sale or use of intangible property. stock and retained earnings), rather
than debt (intercompany accounts)
Direct Investment Position
(table 3). Investment in unincorpora-
• Reinvested earnings of incorpoAt yearend 1978, the U.S. direct inrated affiliates increased 66 per- vestment position abroad was $168.1
cent, to $12.1 billion, as a result of billion (table 1 and chart 1). The posiincreases in both earnings and the tion is the net book value of U.S. direct
NOTE.—The estimates in this article were
prepared by Ralph Kozlow, Robert Lane, and
John W. Rutter under the supervision of
Patricia C. Walker.
CHART 1
U.S. Direct Investment Abroad, 1978
Additon to Direct Investment Position:
$18.2 Billion
Direct Investment Position:
$168.1 Billion
Billion
70
60
1
50
I
40
•
$
30
1
20
1
10
I
0
| Developed
-1
Countries
Canada
Europe
Other
Developing Countries
Latin America
Other
International and
Unallocated
U.S. Department of Commerce, Bureau of Economic Analysis
15
SUEVEY OF CUKRENT BUSINESS
16
August 1979
Table 1.—U.S. Direct Investment Position Abroad, 1976-78
[Millions of dollars]
Addition in 1977
Position,
yearend
1976
Total
Equity
and
intercompany
account
outflows
(inflows
Addition in 1978
Reinvested
earnings
of incorporated
affiliates
Valuation
adjustments
Position,
yearend
1977
Total
Equity
and
intercompany
account
outflows
(inflows
Reinvested
earnings
of incorporated
affiliates
Valuation
adjustments
Position,
yearend
1978
136,809
28,775
61,161
46,872
13,039
2,645
4,872
5,522
5,612
1,792
1,282
2,537
7,286
1,012
3,545
2,729
141
-160
45
256
149,848
31,420
66,033
52,395
18,233
1,882
8,174
8,178
4,606
-317
1,533
3,390
12,063
1,473
6,398
4,193
1,564
726
243
595
168,081
33,302
74,207
60,572
100,304
22,912
49,766
27,625
7,921
1,938
3,943
2,040
2,901
1,357
1,218
327
5,008
653
2,711
1,644
12
-71
14
68
108,225
24,851
53,709
29,665
12,516
1,564
6,426
4,526
2,316
-110
1,077
1,349
8,989
1,034
5,178
2,777
1,211
639
171
401
120,741
26,415
60,135
34,191
33,838
7,119
15,965
10,754
1,362
541
731
90
-248
-5
38
-281
1,707
611
655
441
-96
-65
38
-69
35,200
7,660
16,696
10,844
2,081
587
930
564
-549
-431
87
-205
1,881
557
776
548
748
461
66
221
37,280
8,247
17,625
11,408
Europe
Petroleum
Manufacturing
Other
55,139
12,726
28,788
13,625
5,791
1,221
2,884
1,686
2,920
1,325
1,039
556
2,845
-98
1,865
1,078
26
-6
-20
52
60,930
13,947
31,672
15,311
8,739
772
4,754
3,213
2,445
397
875
1,173
6,000
276
3,809
1,914
295
99
70
126
14,719
36,426
18,524
Other
Petroleum
Manufacturing
Other
11,327
3,068
5,013
3,246
768
176
328
264
230
36
141
52
457
140
191
126
81
0
-4
86
12,095
3,244
5,342
3,510
1,697
205
742
749
420
-75
115
380
1,108
201
592
315
168
79
34
54
13,792
3,449
6,084
4,259
Developing countries
Petroleum
Manufacturing
Other
29,313
2,690
11,395
15,227
5,150
830
929
3,391
2,766
428
64
2,274
2,269
485
834
950
115
-83
31
167
34,462
3,520
12,324
18,618
6,003
1,005
1,747
3,251
2,706
446
456
1,805
2,909
426
1,219
1,264
388
133
72
183
40,466
4,525
14,071
21,869
Latin America
Petroleum
Manufacturing
Other
23,934
2,932
9,275
11,727
4,176
557
788
2,831
2,422
292
80
2,050
1,582
271
678
632
172
-6
29
149
28,110
3,489
10,063
14,557
4,399
172
1,581
2,646
2,109
42
472
1,595
2,097
190
1,012
895
193
-60
97
156
32,509
3,661
11,644
17,204
Other
Petroleum
Manufacturing
Other
5,379
-242
2,120
3,501
974
273
141
560
344
136
-16
225
688
215
156
317
-58
-77
1
18
6,353
31
2,261
4,061
1,604
833
166
605
597
404
-16
209
812
236
207
369
195
194
-25
27
7,957
864
2,427
4,666
7,192
-32
-55
9
15
7,160
-286
-417
165
-35
6,874
All
Petroleum
Manufacturing
Other
Developed countries
Petroleum
Manufacturing
Other
Canada
Petroleum
Manufacturing
Other
__.
International and unallocated
Table 2.—Composition of U.S. Direct Investment Abroad, 1977-78
[Percent]
1978
1977
AdAdPosi- di- Posi- dition, tion tion, tion
year- to year- to
end posi- end position
tion
Total
100
By component:
Equity and intercompany account outflows
Reinvested earnings of incorporated affiliates
Valuation adjustments
100
By industry:
Petroleum
Manufacturing .
other
::
:;.
100
n.a.
n.a.
66
9
25
43
n.a.
n.a.
By type of affiliate and account:
Incorporated
Capital stock and retained
earnings *
Intercompany accounts
Unincorporated
By area:
Developed countries
Developing countries
International and unallocated.
100
87
77
9
13
61
39
(*)
33
-2
10
45
45
n.a. Not applicable.
"Less than 0.5 percent ( ± ) .
1. Includes valuation adjustments to the position in incorporated affiliates.
the amounts previously recorded. Second, the Bureau of Economic Analysis (BEA) 1977 benchmark survey of
U.S. direct investment abroad, which
is currently being processed, provided
information that led to the inclusion in
the 1978 data of several existing
1978 Addition
affiliates that had previously been unThe addition to the position was $18.2 reported. Because capital-flow data
billion in 1978, compared with $13 needed to revise the position in previous
billion in 1977. The addition consisted years to include pre-1978 investment in
of equity and intercompany account these affiliates were not available,
outflows of $4.6 billion, reinvested valuation adjustments to the 1978
earnings of incorporated affiliates of position were made to account for that
$12.1 billion, and valuation adjust- investment.
ments of $1.6 billion.
The composition of the addition
The unusually large valuation ad- changed significantly in 1978; it rejustments were made primarily for two flected a decline in equity and interreasons. First, proceeds from the sale of company account outflows and inaffiliates—and the resulting equity and creases in reinvested earnings and
intercompany account inflows—ex- valuation adjustments. The proportion
ceeded the previously recorded position of the addition accounted for by equity
in these affiliates. Positive valuation and intercompany account outflows deadjustments were made so that the clined from 43 percent to 25 percent;
sales would reduce the position only by the proportion accounted for by rein-
ted affiliates was 13 percent of the
position; this investment is shown as a
single summary account representing
the U.S. parents' claims on the net
assests of these affiliates.
SUEVEY OF CURRENT BUSINESS
August 1979
vested earnings increased from 56
percent to 66 percent; and that accounted for by valuation adjustments
increased from 1 percent to 9 percent.
The sharp increase in reinvested earnings, which was concentrated in manufacturing in developed countries, accounted for much of the increase in the
proportion of the addition accounted
for by incorporated affiliates (87 percent in 1978, compared with 76 percent
in 1977), by affiliates in developed
countries (69 percent compared with 61
percent), and by manufacturing affiliates (45 percent compared with 37
percent).
Equity and intercompany account
outflows
Equity and intercompany account
outflows were $4.6 billion, down $1
billion (table 4).1 Outflows to incorporated affiliates were $2.4 billion, of
which $0.7 billion was for capital stock
and $1.7 billion for intercompany ac-
count transactions. Outflows to unincorporated affiliates were $2.3 billion.
Unincorporated affiliates accounted
for almost the entire $1 billion decline
in outflows. Outflows to incorporated
affiliates declined slightly; a decline in
outflows for capital stock was nearly
offset by an increase in outflows for
intercompany account transactions.
The decline in outflows for capital stock
resulted from increased sales of affiliates
by U.S. direct investors.
By industry and area.—In petroleum,
equity and intercompany account flows
shifted $2.1 billion, to net inflows of
$0.3 billion. Most of this shift—$1.5
billion—was in developed countries;
there was a small increase in outflows
1. As a result of the correction of reporting errors and the
receipt of late reports, equity and intercompany account outflows for 1977, at $5.6 billion, were revised upward $0.7 billion
from the $4.9 billion figure published in the August 1978
SURVEY OF CURRENT BUSINESS. Outflows were revised up-
ward $0.2 billion in petroleum, $0.4 billion in manufacturing,
and $0.1 billion in "other" industries. Revisions in petroleum
and "other" industries were concentrated in Latin America;
revisions in manufacturing were concentrated in Canada
and Europe.
17
to developing countries and a $0.7
billion shift to inflows from "international and unallocated."
The shift in developed countries was
centered in Canada and Europe. In
Canada, inflows increased due to the
sale of two large affiliates; 1978 was the
fifth consecutive year in which net inflows from Canada were registered. In
Europe, outflows—primarily those to
unincorporated affiliates engaged in
North Sea crude oil operations—
declined. The decline in the North Sea
area was from a high level of 1977 outflows, which had been boosted by an
outflow to repay one affiliate's foreign
borrowing; capital expenditures by affiliates in the area continued to increase
in 1978, according to the most recent
BEA survey.2
In "international and unallocated/' a
significant portion of the shift to inflows
2. "Capital Expenditures by Majority-Owned Foreign
Affiliates of U.S. Companies, 1979," SURVEY, March 1979,
pp. 34 and 35.
Table 3.—U.S. Direct Investment Position Abroad, by Type of Affiliate and Account, 1977-78
[Millions of dollars]
Yearend 1978
Yearend 1977
Incorporated affiliates
Incorporated affiliates
Total
All areas
Petroleum
Manufacturing
Other__
Total
149,848
31,420
Capital
stock and
retained
earnings i
Intercompany
accounts
Unincorporated
affiliates
Total
Total
Capital
stock and
retained
earnings *
Intercompany
accounts
Unincorporated
affiliates
21,825
7,756
8,693
5,375
19,344
4,715
1,330
13,300
168,081
33,302
74,207
60,572
146,315
28,212
72,646
45,458
122,797
20,109
63,633
39,056
23,518
8,103
9,013
6,402
21,765
5,090
1,561
15,115
16,200
6,083
6,652
3,465
11,183
5,575
753
4,856
120,741
26,415
60,135
34,191
108,687
20,509
59,241
28,937
90,853
13,828
52,388
24,637
17,836
6,681
6,855
4,301
12,054
5,906
894
5,254
52,395
130,503
26, 705
64,704
39,095
108,225
24,851
53,709
29,665
97,041
19,276
52,956
24,809
108,678
18,949
56.010
33,720
80,844
13,193
46,306
21,345
Canada
Petroleum
_
Manufacturing
Other
35,200
7r660
16,696
10,844
31,306
6,577
16,548
8,181
27,716
6,178
14,750
6,787
3,590
398
1,798
1,394
3,894
1,083
148
2,663
37,280
8,247
17,625
11,408
33,246
7,032
17,441
8,772
29,483
6,183
15,758
7,543
3,762
849
1,684
1,230
4,035
1,215
184
2,636
Europe
Petroleum
Manufacturing
Other
60, 930
13, 947
31,672
15,311
55,162
9,761
31,196
14,206
45.011
5,215
27,082
12,714
10,151
4,545
4,114
1,492
5,768
4,186
476
1,105
14, 719
36,426
18,524
63,266
10,298
35,852
17,115
51,969
5,653
31,549
14,767
11,297
4,646
4,303
2,348
6,403
4,420
573
1,409
Other
Petroleum.Manufacturing
Other....
12,095
3,244
5,342
3,510
10,573
2,938
5,212
2,423
8,117
1,799
4,474
1,844
2,458
1,140
740
579
1,522
305
129
1,087
13,792
3,449
6,084
4,259
12,175
3,178
5,947
3,050
9,400
1,992
5,081
2,327
2,777
1,186
868
723
1,616
271
137
1,209
Developing countries
Petroleum
Manufacturing
Other
34,462
3,520
12,324
18,618
26,776
4,636
11, 747
10, 392
22,343
4,075
9,704
8,563
4,431
561
2,042
1,829
7,687
-1,116
577
8,226
40,466
4,525
14,071
21,869
30,741
5,114
13,405
12,223
26,106
4,582
11,244
10,280
4,633
532
2,159
1,943
9,724
-589
667
9,646
Latin America
Petroleum
Manufacturing
Other
28,110
3,489
10,063
14,557
18,398
1,514
9,576
7,307
15,557
1,547
7,964
6,046
2,840
-33
1,612
1,261
9,712
1,975
487
7,250
32,509
3,661
11,644
17,204
21,460
1,594
11,069
8,796
18,425
1,757
9,287
7,381
3,035
-163
1,782
1,416
11,049
2,067
575
8,408
Other
Petroleum
Manufacturing
Other
6,353
31
2,261
4,061
8,378
3,122
2,171
3,085
6,785
2,528
1,740
2,518
1,591
594
430
567
-2,025
-3,091
90
976
7,957
864
2,427
4,666
9,282
3,520
2,335
3,427
7,682
2,826
1,957
2,899
1,598
694
377
527
-1,325
-2,656
7,160
6,686
5,492
1,194
474
6,874
6,887
1,049
-13
Developed countries
Petroleum
M anufactur ing
Other
"
I!
International and unallocated
1. Includes valuation adjustments to the position in incorporated affiliates.
297-682
0 - 7 9 - 3
92
1,239
SUEVEY OF CUEKENT BUSINESS
18
flows to "international and unallocated. " The increase in developed
countries was centered in Europe and
"other" developed countries. In Europe,
the increase was largely attributable
to Swiss and United Kingdom trade and
service affiliates of U.S. manufacturers.
The increase in "other" developed
countries partly reflected the nonrecurrence of inflows resulting from the
1977 sale of a group of Australian coalmining affiliates.
The decline in developing countries
resulted from two partly offsetting
developments involving Caribbean finance affiliates: Outflows to a Bermudan
finance affiliate of a U.S. petroleum
company declined somewhat from an
extraordinarily high 1977 level, while
outflows to banking affiliates in the
Bahamas increased.
By status of affiliate.—Table 5 shows
equity and intercompany accounts out-
was attributable to a newly established
petroleum-trading affiliate.
Outflows to manufacturing affiliates
increased $0.3 billion, to $1.5 billion.
Outflows to developed countries declined $0.1 billion; those to developing
countries increased $0.4 billion. Inflows
from the sale of several European incorporated affiliates and a decline in
outflows on intercompany accounts
more than accounted for the decline in
developed countries. An increase in outflows to purchase capital stock was
partly offsetting. In developing countries, Brazilian chemical affiliates accounted for a large share of the increase
in outflows.
Outflows to affiliates in "other" industries increased $0.9 billion, to $3.4
billion. Outflows to developed countries
increased $1 billion, those to developing
countries declined $0.5 billion, and
there was a $0.3 billion shift to net out-
August 1979
flows to new affiliates, to affiliates
liquidated or sold, and to all other
affiliates. For affiliates whose status
changed, both the flows associated
with the change in status—such as
outflows that financed an acquisition or
inflows reflecting the proceeds of a sale
or liquidation—and all other flows are
shown.
Inflows from affiliates that were sold
or liquidated were $2.5 billion, while
outflows to new affiliates were $1
billion. (In 1977, outflows to new
affiliates and inflows from affiliates that
were sold or liquidated were each about
$0.7 billion.)
Inflows from affiliates that were sold
were $2.3 billion, and inflows from
liquidated affiliates were $0.2 billion.
Inflows from the affiliates sold were
largely in petroleum and manufacturing. In petroleum, the inflows were
primarily from the sale of two large
Table 4.—-Equity and Intercompany Account Outflows, by Type of Affiliate, 1977—78
[ Millions of dollars; inflows (-)]
1978
1977
To incorporated affiliates
To incorporated affiliates »
Capital stock 2
Total
To unincorporated
affiliates
Intercompany
accounts
Total
Capital stock 2
Total
,612 2,376 1,509
,792
102
465
,282 1,302
673
,537
734
609
2,644
203
1,219
1,222
Petroleum
Manufacturing
Other
,901 1,654 1,119
,357
310
83
,218 1,208 566
327
136
2,012
184
1,015
814
Canada
Petroleum
Manufacturing.
Other..
-248 - 3 2 5
- 5 -55
38
32
281 - 3 0 2
144
16
114
14
491
50
293
148
Europe
Petroleum
Manufacturing.
Other
Other
Petroleum
Manufacturing.
Other
2,920 1,826
1,325
335
1,039 1,058
556
433
914
1,313
129
638
546
-400
-66
-252
-82
912
271
673
-31
551
50
475
26
361
221
198
-58
1,094
991
-19
123
153
30
118
5
61
4
66
208
6
84
119
-147
-2
-17
-128
92
26
51
15
90
53
62
-25
2
77
6
24
47
Developing countries.
Petroleum.
Manufacturing
Other
2,766 1,014
428
383
64
94
2,274
537
343
15
107
221
573
15
205
354
-231
C)
-97
-133
671
369
-13
316
707
339
85
283
Latin America
Petroleum
Manufacturing.
Other.
2,422
292
80
2,050
546
70
95
381
279
1
79
200
453
1
151
301
-174
(*)
-72
-102
267
69
17
181
Other
Petroleum
Manufacturing.
Other
344
136
-16
225
468
313
o
63
14
29
21
120
14
54
53
-57
0
-25
-31
404
300
-30
135
47
58
Petroleum
Manufacturing .
Other...
Developed countries-
International and unallocated.
230
36
141
52
156
- 5 5 -292
465
658
-936
970
624
3,689
203
2,215
1,271
-3,031 1,693 1,087
122
-1,139
346
-1,246
320 - 1 7 3
-647 1,027 1,137
606
224
493
-110
2,255
273
244
1,738
-2,760 1,636
744
597
134
-1,127
-1,161
203 - 2 3 6
-472
836
845
893
463
439
760
246
143
372
-1,124
-1,030
18
231
181
142
143
34
-35
828
534
143
97
294
4,606
-317
1,533
3,390
484
-893
535
-101
226
93
-448
642
602
-344 - 3 3 3 - 2 1 2
51
133
40
1,247
1,047
10
191
2,316
-110 -356
1,077
935
1,349
977
-953
732
141
2,679
174
1,892
613
-347 -469 - 1 5 7 - 3 1 2
-34 -71
-61
-179 - 8 2
-148
-134 -316 - 2 1 3 - 1 0 3
76
50
5
21
-690
- 4 3 1 -574
87
53
- 2 0 5 -170
-1,025
167
-5
262
5
206
51
2,445 1,910
397
253
875
778
1,173 879
(D)
589
(D)
-125
-549
765
18
2,205
169
1,642
213
0
44
-39
-56
-1,440
(D)
172
154
220
451
-114 - 2 9 4
-164
229
1,146
(D)
-1,053
189
(D)
(D)
-196
202
-29
117
114
523 - 3 2 1
213 - 2 4 2
54
63
248 - 1 3 3
(D)
-24
(D)
-36
30
-99
1,752 2,706
44
446
-30
456
1,737 1,805
778
-11
355
435
576
18
238
320
29
323
487
-263
-12
-85
-167
363
112
93
157
-95
-43
-76
24
1,875 2,109
716
222
42 -118
-15
382
472
1,669 1,595 452
521
11
212
298
707
15
258
434
-186
195
- 4 -129
170
-46
154
-136
345
227
-7
125
60
73
-23
9
-124
-178
-15
- 1 1 -339 - 2 8 4
-55
237
39
(D)
-68
(D)
62
107
-27
-18
54
7
25
22
132
14
64
53
-78
404
-16
209
-417
17
163
171
-8
-31
(D)
245
(D)
(D)
336
-35
104
268
-27
-10
317
-129
-56
502
273
44
115
114
420
-75
115
380
*Less than $500,000 (±).
1. Includes outflows to purchase capital stock in affiliates from unaffiliated foreigners and
inflows from the sale of such stock to unaffiliated foreigners. Although such flows are not
actually "to" foreign affiliates, they are so classified because they change the U.S. direct
2,351
-589
1,289
1,651
3,236
1,327
-20
1,929
629
Decreases Total Short- Longterm term
Increases
-40
188
867
363
To unincorporated
affiliates
Total
907
176
688
44
-1,135
-101
-546
Intercompany
accounts
Total
Total Increases Decreases Total Short- Longterm term
All areas
l
319
(D)
128
100
-53
-40
46
(D)
13
(D)
1,929
457
101
1,370
1,393
160
90
1,143
277
-47
81
244
-44
535
297
12
227
35
-434
246 - 2 3 8
260 - 1 6 0
-18 -35
-145 -180
84
-40
12
112
investment position in these affiliates. When the country of the affiliate differs from that of
the buyer or seller of its capital stock, theflowsare classified according to the country of the
affiliate.
2. Includes additional paid-in capital.
SURVEY OF CURRENT BUSINESS
August 1979
Canadian affiliates, one of which was
purchased by a State-owned corporation that had acquired another large
petroleum affiliate in 1976. The inflows
in manufacturing were primarily from
the sale of European affiliates of a
diversified U.S. chemical manufacturer
and of a U.S. automotive company.
The chemical manufacturer sold its
petrochemical-manufacturing affiliates
because it felt they could not compete
effectively in the European market with
firms that relied less heavily on outside
suppliers for certain feedstocks; it retained its European affiliates in other
segments of the industry. The U.S.
automotive company sold its affiliates
(including some finance affiliates in
"other" industries) as part of a program
to dispose of unprofitable overseas
operations and to raise cash to finance a
major redesign of vehicles manufactured
in North America. Payment for the
affiliates was in two forms—cash and an
equity interest in the purchaser, a
French automotive company. Because
the equity interest was large enough to
change the status of the French company to a new affiliate of the U.S.
company, it is included in the "acquired" column of table 5.3
Of the $1 billion outflow to new affiliates, $0.2 billion was to newly established affiliates, and $0.8 billion to existing companies acquired during 1978.
Nearly all of the latter was to European
manufacturing affiliates, including the
previously mentioned French automotive company and a Dutch coffee, tea,
and tobacco producer in which a U.S.
direct investor made a sizable equity
investment.
Table 5 shows net outflows to new affiliates, which largely represent amounts
needed for the initial capitalization
3. In acquiring this equity interest, the U.S. company
simultaneously acquired an indirect equity interest in the
affiliates that it previously held directly but that were sold to
the French company. Thus, even though these affiliates are
included in the "sold" column of table 5, they remain in the
direct investment universe. The inflows in the "sold"
column (the sales price of the affiliates plus net outflows to
the affiliates before the sale), less the outflows in the "acquired" column (the equity interest in French company),
equal the U.S. company's net equity and intercompany
account inflows for the year from all the affiliates involved in
the transaction.
19
of newly established affiliates or the
purchase of existing companies. For
1978, the table shows an unusual net
inflow of $0.2 billion from new petroleum affiliates. Much of the inflow was
attributable to an unincorporated petroleum-trading affiliate in "international" that was newly established in
1978. The affiliate's major activity is
buying petroleum for resale on credit to
its U.S. parent. The resale results in a
liability of the parent to the affiliate;
this gives rise to an equity and intercompany account inflow, which reduces
the parent's position in the affiliate. Because the liability exceeded the initial
capitalization of the affiliate, the
parent's position was negative at
yearend.
Transactions of incorporated affiliates,
by transactor.—Outflows to incorporated
affiliates include those that reflect U.S.
parents' acquisition or sale of capital
stock in affiliates from or to foreigners
other than the affiliate in which the investment was made. These transactions resulted in inflows of $1.6 billion in
Table 5.—Equity and Intercompany Account Outflows, by Status of Affiliate, 1977-78
[ Millions of dollars; inflows ( - ) ]
1977
New affiliates l
1978
es liquidated
liqi
Affiliates
or
sold
Total
Total Established Acquired
AH a r e a s . . .
711
206
202
303
557
203
152
202
155
3
50
101
-661
-30
-261
-370
Petroleum
Manufacturing
Other
2,901
1,357
1,218
327
160
176
133
160
130
140
0
46
94
-486
-21
-172
-293
Canada
Petroleum
Manufacturing.
Other
-248
-5
38
-281
26
0
0
26
Europe
Petroleum
Manufacturing ..
Other
Other
Petroleum
Manufacturing _
Other
2,920
1,325
1,039
556
50
(*)
17
33
381
160
139
82
230
36
141
52
37
(*)
20
17
Developing countries...
,766
428
64
,274
Developed countries.
Petroleum
Manufacturing
Other
Latin America
Petroleum
Manufacturing.,
Other....
Other
Petroleum
Manufacturing..
Other
International and unallocated..
sold 2
Total Established Acquired
Total
Other
affiliates
Liquidated Sold
1,617
1,341
2,604
992
-317 - 2 2 7
1,533
908
3,390
312
155
244
209
-2,515
16 -1,086
699 - 1 , 1 1 3
122
-315
-238
-88
-42
-107
-2,277
-998
-1,071
-208
6,128
996
1,739
3,393
-138 - 3 4 7
(D)
-28 -144
2,919
1,218
1,214
487
2,316
-110
1,077
1,349
27
753
203
192
25
75
92
793 -2,369
-1,060
-1,072
112
-198
-82
-41
-75
-2,170
-978
-1,031
-162
3,701
923
1,396
1,382
-155
0
-45
-110
- 5 4 -102
0
0
-1
-44
-52
-58
-143
-5
66
-204
-549
-431
87
-205
47
4
37
6
95
0
42
54
-189
-21
-112
-56
-50
-139
2,728
1,186
1,013
529
2,445
397
875
1,173
844
22
709
113
16
2
19
0
4
15
-142
-1
-14
-126
-35 - 1 0 7
-1
0
-3 - 1 1
-31 - 9 5
334
37
135
162
420
-75
115
93
1
7
84
224
46
27
152
210
43
23
145
14
3
4
7
-174
-37 - 1 3 8
0
-8
-2 - 8 7
-27 - 5 1
2,716 2,706
389
446
456
127
2,200 1,805
()
48
155
,422
292
80
2,050
153
6
22
125
148
5
18
125
5
1
4
0
1
0
-10
0
-63
-25
2,366
284
122
1,959
2,109
42
472
1,595
215
4
142
344
136
-16
225
71
40
5
26
62
38
5
20
-42
-28
-9
-2
-16
-49
0
-23
-26
350
105
5
240
597
403
-16
209
-55
19
19
-1
-73
-417
23
(*)
17
7
286
160
97
29
18
(*)
*Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
D
Affiliates liquidated or
New affiliates *
Total
Total Liquidated Sold
5,612
1,792
1,282
2,537
Petroleum
Manufacturing.
Other....
Other
affiliates
-176 - 4 8 5
)
-30 - 2 3 1
D
-24
i
-89
5,562 4,606
-999
149
22
54
73
(*)
()
(*)
(D)
134
)
183
)
(*)
(D)
404
)
-159
)
)
-35
-1,060
()
-84
2,819
466
1,174
1,179
478
-151
()
-32
(D)
()
(*)
(D)
-141
(D)
-41
(D)
-35
-5
-1
-28
-106
(D)
-40
(D)
-76
-35
-5
-1
-29
-41
-1
-7
-34
-8
-63
64
44
695 -1,219
-91
655 -1,009
-119
41
(D)
()
(*)
(D)
-65
(D)
-33
(D)
-5
-I
(*)
-4
-64
(D)
-33
(D)
()
343
1,777
1,970
43
5
188
-1
1. Excludes affiliates created through reorganization or combination of existing affiliates.
2. Excludes affiliates that were reorganized or combined with other affiliates.
SURVEY OF CURRENT BUSINESS
20
ment ratio—the fraction of earnings
reinvested—rose from 0.50 to 0.61. The
latter figure has been exceeded only
twice since 1960—in 1975, when a
petroleum affiliate postponed a large
dividend payment, and in 1973, when
earnings were boosted by inflationgenerated inventory profits. Dividends
are not usually paid out of inventory
profits, which tend to be used within the
firm to replenish inventories at prices
higher than those used under historical
cost accounting to compute the cost of
inventories.
The high 1978 ratio was related to
Reinvested earnings
another aspect of historical cost acReinvested earnings—the difference counting. As discussed below in the
between U.S. parents' shares in the section on income, part of the 1978
earnings and gross dividends of in- earnings increase was attributable to
corporated affiliates—increased 66 per- the depreciation of the U.S. dollar
cent, to $12.1 billion (table 7). The against several major foreign currencies,
increase reflected a 36-percent increase combined with the use of historical,
in earnings, but only a 6-percent in- rather than current or average, excrease in gross dividends. The reinvest- change rates to translate certain cost
August 1979
items—specifically, amortization, depreciation, and inventories—from foreign currencies to dollars. Increases in
dollar earnings due solely to translation
of these cost items at historical exchange rates do not reflect increases in
the foreign currency earnings of affiliates, or in their ability to pay dividends. In fact, foreign currency earnings
would be unchanged; thus, the dollar
reinvestment ratio shown in table 7
would increase even if foreign currency
dividends (and, hence, the foreign
currency reinvestment ratio) were held
constant.
Reinvested earnings increased 79
percent in developed countries and 28
percent in developing countries. The
increase in developed countries occurred
partly because, in 1977, German affiliates' dividends had been unusually
high, and their reinvested earnings
unusually low, in relation to their
earnings. These affiliates' 1977 divi-
1978 (table 6). In contrast, U.S. parents' transactions directly with their
incorporated affiliates resulted in outflows of $4 billion, of which $2.3 billion
was for capital stock.
The $1.6 billion of transactions with
other foreigners consisted of inflows of
$2.3 billion from sales of capital stock,
partly offset by outflows of $0.7 billion
for purchases of capital stock. Over 90
percent of the former was from sales of
U.S. parents' entire ownership interests;
about 40 percent of the latter was for
stock in new affiliates.
Table 6.—Equity and Intercompany Account Outflows
[Millions of dollars;
1977
Transactions with foreigners other than affiliate in which investment was made l
Line
For purchase of
Total
Total
1
2
3
4
All areas.
5
6
7
8
Developed countries.
For sale of
Additional
capital
stock 2 in
existing
affiliates
Capital
stock 2
in new
affiliates
Total
Transactions with affiliate in which
investment was made
All of U.S. PartofU.S
parent's
parent's
capital
capital
stock2 in
stock 2 in
affiliates
affiliates
Total
Intercompany
accounts
Capital
Total
stock 2
2,376
465
1,302
609
-156
1
-112
-45
491
12
247
232
159
1
47
111
11
201
121
-647
-11
-359
-277
-444
-10
-201
-233
-203
—1
-158
-44
2,532
464
1,414
653
1,665
101
785
778
867
363
629
-125
Petroleum
Manufacturing
Other
1,654
310
1,208
136
-32
')
-42
10
459
11
229
219
147
0
43
104
311
11
186
115
-490
-11
-271
-209
-318
-10
-122
-187
-172
-1
-149
-22
1,686
310
1,250
126
1,151
83
608
535
226
642
-333
9
10
11
12
Canada
Petroleum
M anufacturing _
Other...
-325
—55
32
-302
-28
0
-10
-18
71
0
26
44
43
0
0
43
27
0
26
1
0
-37
-62
-94
0
-37
-57
-5
0
-297
-55
43
-285
173
16
125
13
14
15
16
Europe
Petroleum
Manufacturing.
Other
1,826
335
1,058
433
(*)
-59
51
274
11
162
101
87
0
41
46
187
11
121
55
-283
-11
-222
-50
-116
-10
-73
1,835
335
1,118
382
922
64
445
414
912
271
673
-31
17
18
19
20
Other.,.,
Petroleum
Manufacturing.
Other
153
30
118
5
5
0
28
-23
114
0
40
74
17
0
2
15
97
0
38
59
-109
0
-12
-97
-108
0
-12
-97
147
89
28
56
4
38
14
92
26
51
15
21
22
23
24
Developing countries..
Petroleum
Manufacturing
Other
1,014
383
94
537
-126
1
-71
-56
31
1
18
11
12
1
4
7
20
0
15
5
-157
0
-126
0
-80
-46
-31
0
-9
-22
1,140
382
164
593
468
13
178
277
671
369
-13
316
25
26
27
28
Latin America
Petroleum
Manufacturing.
Other
546
70
95
381
-82
(*)
-46
-37
16
0
15
1
-102
0
-64
-38
-78
0
-58
-21
-24
0
-6
-18
629
70
141
418
362
1
124
236
267
69
17
181
29
30
31
32
Other
Petroleum
Manufacturing.
Other
468
313
-2
156
1
-25
-20
4
0
-55
0
-25
-30
-47
0
-22
-25
-7
0
-3
-4
511
312
23
175
107
12
53
41
404
300
-30
135
-294
46
-339
33
Petroleum
Manufacturing.
Other
International and unallocated.
-292
20
C)
18
1
(*)
11
1
(*)
(*)
0
(*)
-5
-167
-1
-148
-17
C)
0
(*)
0
do
-71
-82
-316
Less than $500,000 (±).
D Suppressed to avoid disclosure of data of individual companies.
.
«n-o*o
1. Transactions are classified by country of the foreign affiliate in which investment was made. Includes transactions in which a U.S. parent acquired or sold capital stock in one amuaie
from or to another affiliate. However, most of these transactions are with unaffiliated foreigners.
2. Includes additional paid-in capital.
SUEVEY OF CUEEENT BUSINESS
August 1979
dends were paid out of the earnings of
previous years in order to reduce the
impact of a change, effective at the
beginning of that year, in German
taxation of affiliate earnings and
dividends.4
Eeinvested earnings of petroleum affiliates increased 46 percent, to $1.5
billion. They increased 58 percent in
developed countries, but declined 12
percent in developing countries. The
increase in developed countries was
centered in Germany, where a shift to
positive earnings from small 1977 losses
was accompanied by a sharp decline
in dividends. Partly offsetting was a
shift to negative reinvested earnings
4. German affiliates' 1977 dividends were about $0.4
billion larger than would have been expected, based on
estimated relationships between dividends and earnings
during 1967-78. The $0.4 billion figure is the 1977 residual—
the difference between actual and estimated dividends—
from a logarithmic regression of German affiliates' dividends
on their current and prior-year earnings. The regression equation explained—mainly on the basis of prior-year earnings—
about 95 Dereent of the variation in dividends.
in the United Kingdom, as earnings
shifted to losses and dividend payments
remained essentially unchanged. The
decline in developing countries was
centered in Bermuda and Argentina;
an increase in Nigeria was partly
offsetting.
Eeinvested earnings of manufacturing
affiliates increased 80 percent, to $6.4
billion. About one-third of the increase
was in machinery. For total manufacturing, there was a 91-percent increase
in developed countries and a 46-percent
increase in developing countries. The
increase in developed countries was
widespread: Eein vested earnings more
than doubled in France, Germany,
Italy, Japan, Australia, and New Zealand; they increased more than 30
percent in several other countries. In
dollar terms, the increase was largest
in Germany, partly reflecting affiliates'
need for funds to finance sharp increases
in capital expenditures in 1978 and
21
1979, particularly in the transportation
equipment industry.
The increase in developing countries
was concentrated in Mexico and Brazil;
these two countries also accounted for
a large share of the earnings increase in
developing countries.
Eeinvested earnings of affiliates in
"other" industries increased 54 percent,
to $4.2 billion, as earnings rose 38 percent, but dividends only 12 percent.
The increase was mainly in trade and
in finance and insurance. Eeinvested
earnings increased 69 percent in developed countries and 33 percent in
developing countries. In developed
countries, earnings increased by a much
larger percentage than dividends (41
percent compared with 2 percent),
while in developing countries, earnings
and dividends increased at about the
same rates (34 percent compared with
35 percent). The increase in developed
countries was concentrated in Europe,
to Incorporated Affiliates, by Transactor, 1977-78
inflows ( - ) ]
1978
Transactions with foreigners other than affiliate in which investment was made l
For acquisition o f
For sale of
]
Total
Total
Capital
stock 2
in new
affiliates
Total
Transactions with affiliate in which investment
was made
Additional
capital
stock 2 in
existing
affiliates
All of U.S.
parent's
capital
stock 2 in
affiliates
Total
Part of U.S.
parent's
capital
stock 2 in
affiliates
Total
Intercompany
accounts
Capital
stock 2
Line
2,351
-589
1,289
1,651
-1,610
-988
-465
-157
721
1
663
57
300
0
278
22
421
1
385
35
-2,331
-989
-1,128
-214
-2,196
-979
-1,061
-157
-134
-10
-68
-56
3,961
399
1,754
1,808
2,265
53
1,434
781
1,693
346
320
1,027
1
2
3
4
1,556
-350
935
977
-1,513
-977
-423
-113
681
1
637
44
279
0
262
17
402
1
375
27
-2,194
-978
-1,060
-157
-2,115
-978
-1,026
-111
-79
0
-34
-45
3,069
621
1,358
1,090
1,433
23
1,155
254
1,636
597
203
836
5
(\
7
8
76
-166
51
-137
190
-2
-114
-164
9
10
11
12
-690
-574
53
-170
1,910
253
778
879
336
-35
104
268
(D)
(D)
-23
-3
(D)
(D)
(D)
(•)
-440
(D)
(D)
-351
D
( )
(D)
(D)
(D)
(D)
(D)
616
-50
(D)
716
-118
382
452
-61
-4
-23
-34
61
106
-27
-18
-35
-8
-19
-9
(DD)
(D)
( )
18
-1
(*)
0
( )
(D)
-96
-11
-42
-43
253
385
(*)
D
D
777
-12
355
435
265
(D)
(D)
D
( )
C)
C)
651
(D)
3
1
2
(*)
21
0
16
5
18
(D)
13
( )
(*)
(D)
(D)
40
0
27
13
iP)
22
12
10
(*)
0
4
5
(•)
6
3
-3
D
( )
(*)
-1,046
(D)
-961
(D)
i
-35
-45
-39
(*)
(P)
-57
C)
-1
(*)
-81
-79
( D> >
(D
>
-44
(*)
-3
-41
-29
( )
(D
D
)
(D)
-136
-11
-68
-56
(D)
(D)
-3
D
( )
(D)
(D)
(D)
(DD)
( D)
-6
(*)
D
9
(*)
(D)
(D)
(D)
9
5
(D)
-1,091
(D)
-967
(D)
19
0
11
8
9
(D)
(D)
(D)
(P)
364
22
(D)
(D)
(D)
-5
-34
-42
-1
-29
-11
-1
-27
-1
2,350
(D)
1,129
(D)
D
( )
(D)
153
(D)
1,205
161
940
104
176
-1
25
152
(D)
(D)
1,146
(D)
(D)
189
(D)
(D)
(D)
128
13
14
15
16
17
18
19
20
-55
-10
-34
-11
873
0
396
478
672
29
279
363
202
-30
117
114
21
22
23
24
-40
777
-115
405
486
582
15
235
332
195
-129
170
154
25
26
27
28
-15
97
114
-9
-9
90
14
44
31
7
100
-53
-40
29
30
31
32
0
19
163
-145
33
( DD )
(D)
(D)
(D)
(D)
SUEVEY OF CURRENT BUSINESS
22
August 1979
Table 8.—Income and Rate of Return, 1977-78
while that in developing countries was
concentrated in Latin America.
[Millions of dollars, or percent]
1977
Income
1978
Rate of
return l
Income
Rate of
return i
Income
20,081
5,658
7,462
6,960
14.0
18.8
11.7
14.0
25,656
5,846
10,810
9,000
16.1
18.1
15.4
15.9
11,885
2,107
6,089
3,689
11.4
8.8
11.8
12.9
16,382
2,541
8,874
4,967
14.3
9.9
15.6
15.6
3,161
966
1,251
944
9.2
13.1
7.7
8.7
3,435
976
1,457
1,003
9.5
12.3
8.5
9.0
7,301
829
4,308
2,165
12.6
6.2
14.2
15.0
10,647
1,130
6,376
3,141
16.3
7.9
18.7
18.6
Other
Petroleum
Manufacturing
Other
1,422
313
530
579
12.1
9.9
10.2
17.1
2,300
435
1,041
823
17.8
13.0
18.2
21.2
Developing countries
Petroleum
Manufacturing
Other
7,942
3,497
1,373
3,072
24.9
112.6
11.6
18.2
3,230
1,936
3,764
23.8
80.3
14.7
18.6
Latin America
Petroleum
Manufacturing
Other
623
1,102
2,263
15.3
19.4
11.4
17.2
4,866
527
1,571
2, 769-
16.1
14.7
14.5
17.4
Other
Petroleum
Manufacturing
Other
3,954
2,874
271
67.4
4,063
2,703
365
995
56.8
604.2
15.6
22.8
345
4.9
All areas
Petroleum __._
Manufacturing
Other
Developed countries
Petroleum. __
Manufacturing
Other
Canada
Petroleum
Manufacturing
Other
Europe
Petroleum. _
Manufacturing
Other...
_
_
International and unallocated
2
)
12.4
21.4
3.5
254
Income, the return on the direct investment position, increased 28 percent,
to $25.7 billion (table 8). Income consists of the U.S. parents' shares in
earnings (net of foreign income taxes)
of their foreign affiliates, plus net interest on intercompany accounts, less
withholding taxes on dividends and
interest (table 9). Income also can be
defined as interest, dividends, and
earnings of unincorporated affiliates
(table 10), plus reinvested earnings of
incorporated affiliates. Earnings, at
$25.6 billion, was by far the largest component of income.5
Income increased 38 percent in developed countries, 12 percent in
developing countries, and 36 percent
in "international and unallocated."
Depreciation of the U.S. dollar against
5. Tables showing earnings are available on request from
the Bureau of Economic Analysis (BE-50), U.S. Department
of Commerce, Washington, D.C. 20230.
1. Income divided by the average of the beginning- and end-of-year direct investment positions.
2. Rate of return not denned because of negative direct investment position.
Table 7.—Reinvested Earnings and Reinvestment Ratios of Incorporated Affiliates, 1977-78
[Millions of dollars, or ratio]
1977
Earnings
AH areas
Petroleum
Manufacturing.
Other....
Gross
dividends
Change: 1977-78
1978
Reinvested
eranings
Reinvestment ratio
(reinvested
earnings/
earnings)
Earnings
Gross
dividends
Reinvested
earnings
Reinvestment ratio
(reinvested
earnings/
earnings)
Earnings
Gross
dividends
Reinvested
earnings
14,611
2,816
7,432
4,363
7,325
1,804
3,887
1,634
7,286
1,012
3,545
2,729
0.50
.36
.48
.63
19,864
3,034
10,803
6,027
7,800
1,561
4,405
1,834
12,063
1,473
4,193
0.61
.49
.59
.70
5,254
218
3,371
1,664
475
-243
518
200
4,777
461
2,852
1,464
Developed countriesPetroleum
Manufacturing
Other
10,432
1,464
6,118
2,850
5,425
811
3,407
1,207
5,008
653
2,711
1,644
.48
.45
.44
.58
14,767
1,808
8,946
4,013
5,777
774
3,767
1,236
8,989
1,034
5,178
2,777
.61
.57
.58
4,334
344
2,828
1,162
352
-37
360
29
3,981
382
2,467
1,132
Canada
Petroleum
ManufacturingOther....
2,664
795
1,234
634
957
184
579
194
1,707
611
655
441
.64
.77
.53
2,996
828
1,437
731
1,114
271
660
183
1,881
557
776
548
.63
.67
.54
.75
157
87
81
-11
175
-54
121
107
Europe
_
Petroleum
Manufacturing.
Other
6,673
411
4,361
1,900
3,827
510
2,496
821
2,845
-98
1,865
1,078
9,919
657
6,470
2,792
3,920
381
2,661
878
6,000
276
3,809
1,914
.60
.42
.59
332
33
203
97
3,247
246
2,109
892
-129
165
57
Other
Petroleum
ManufacturingOther
..
1,096
257
523
316
640
118
332
190
457
140
191
126
1,852
323
1,039
743
122
447
174
1,108
201
592
315
755
66
516
173
103
4
115
-16
652
61
401
189
Developing countries.
Petroleum
Manufacturing
Other
3,937
1,305
1,314
1,318
1,667
820
479
2,269
485
834
950
4,804
1,186
1,858
1,760
1,895
760
638
497
2,909
426
1,219
1,264
867
-119
544
442
228
-60
159
129
640
-59
385
314
Latin America
Petroleum.
Manufacturing..
Other
_.-.'..
2,349
420
1,035
893
766
149
357
260
1,582
271
678
632
3,066
323
1,497
1,246
969
133
484
352
2,097
190
1,012
717
-97
462
353
203
-16
127
92
515
-81
334
262
Other
Petroleum
Manufacturing..
Other
1,588
885
279
425
901
671
122
108
688
215
156
317
1,738
863
361
514
927
626
153
148
812
236
207
150
-21
26
-45
31
40
125
22
51
52
241
233
294
128
165
52
-105
156
International and unallocated.
3,155
374
1,945
SUKVEY OF CUREENT BUSINESS
August 1979
Table
9.—Income and Related
Source and Relationship
Items:
23
Table 10.—Interest, Dividends, and Earnings of Unincorporated Affiliates, 1977-78
[Millions of dollars]
[Millions of dollars]
1977
1978
amount
1. Earnings of incorporated..
affiliates.
2. Earnings of unincorpora-..
ted affiliated.
3. Earnings
4. Gross dividends (on com-..
mon and preferred
stock).
5. Foreign witholding tax on.
dividends.
6. Dividends (on common
preferred stock).
7. Interest
8. Reinvested earnings of in-.
corporated affiliates.
9. Interest, dividends, and..
earnings of unincorporated affiliated.
10. Income
19,864
Reported
5,769
Reported
= 1+2
=5+6
25,634
7,800
849
6,951
872
12,063
13,593
25,656
Derived
Reported
Reported
= 1-4 or 10-9
=2+6+7 or 10-8
=3-5+7
or 8+9
NOTE.—"Reported" refers to universe estimates derived
from reported sample data.
several major foreign currencies, foreign
inflation, continued growth in the direct
investment position, and improvement
in economic conditions abroad contributed to the increases. Increases
were particularly strong in countries
against whose currencies the dollar
depreciated significantly in 1978—notably Japan and several European
countries.
Because of the method used to derive
dollar income of foreign affiliates, such
income may increase more than in proportion to a dollar depreciation. U.S.
parents are instructed to follow generally accepted accounting principles
(GAAP) in reporting to BE A; under
these principles, dollar income from a
foreign affiliate is, with one qualification, a residual after various revenue
and cost items—usually denominated
in foreign currencies—have been separately translated at specified exchange
rates into U.S. dollars.6 Generally, a
weighted average exchange rate for the
period is used to translate revenues and
(Continued on page 26)
Total
All areas
Petroleum—
M anufacturing
Other...
Dividends
Interest
Earnings
of
unincorporated
affiliates
Earnings
of
unincorporated
affiliates
Dividends
Interest
Total
12,795
4,646
3,917
4,231
792
205
243
344
6,519
1,612
3,420
1,487
5,484
2,829
254
2,401
13,593
4,373
4,412
4,807
872
228
320
323
6,951
1,394
3,876
1,681
5,769
2,751
216
2,803
Developed countries
Petroleum
_
Manufacturing
Other...
6,876
1,455
3,378
2,044
511
167
184
160
4,833
729
3,012
1,091
1,533
559
182
792
7,393
1,507
5,158
702
3,334
1,122
1,640
631
116
2,190
594
174
246
174
Canada
_
Petroleum
Manufacturing.
Other
1,455
355
596
504
14
64
92
832
160
503
168
453
181
29
243
1,554
419
680
455
174
18
81
75
969
236
574
159
411
166
25
220
Europe
Petroleum
Manufacturing
Other..
4,457
927
2,443
1,087
286
137
107
42
3,444
467
2,220
757
726
322
116
288
4,647
854
2,567
1,227
353
137
152
64
3,543
360
2,372
811
752
357
43
351
Other
Petroleum
Manufacturing
Other
965
173
339
453
55
15
13
27
556
102
289
165
354
56
37
261
1,191
233
449
508
67
19
14
34
646
106
389
152
478
108
47
323
Developing countries
Petroleum
Manufacturing
Other
5,673
3,011
539
2,122
246
24
60
163
1,454
711
407
3,972
2,277
72
1,623
6,020
2,804
716
2,500
216
22
74
120
1,665
665
542
457
4,139
2,116
100
1,923
Latin America
Petroleum
Manufacturing
Other
2,406
352
424
1,631
192
2
49
141
670
135
302
233
1,544
215
73
1,256
2,769
337
559
1,874
154
2
67
84
847
123
406
318
1,769
211
86
1,472
Other
Petroleum...
Manufacturing
Other.
3,267
2,660
115
492
54
22
10
22
784
575
106
103
2,428
2,062
-1
367
3,251
2,467
158
626
62
20
7
35
818
542
136
140
2,371
1,905
14
451
245
35
232
-22
180
62
128
-10
Royalties and
license
fees
Service
charges
and
rentals
Film
and television
tape
rentals
_.
International and unallocated
Table 11.—Fees and Royalties, 1977-78
[Millions of dollars|
1978
1977
Royalties and
license
fees
Service
charges
and
rentals
Film
and television
tape
rentals
3,793
420
2,346
1,027
2,212
25
1,809
377
1,343
396
536
411
239
0
0
239
4,806
482
2,814
1,510
2,692
24
2,218
450
1,670
458
596
615
445
0
0
445
3,045
180
2,185
680
2,022
12
1,696
314
826
168
490
168
198
0
0
198
3,854
235
2,610
1,009
2,504
14
2,093
397
962
221
517
224
388
0
0
388
672
36
488
149
251
(*)
225
26
401
36
263
102
20
0
0
20
727
38
538
151
261
2
239
19
437
36
299
102
29
0
0
29
1,860
121
1,336
403
1,402
10
1,166
225
319
111
170
38
140
0
0
140
2,431
174
1,628
628
1,792
12
1,481
300
369
163
147
59
270
0
0
270
512
23
361
128
369
2
305
62
106
21
57
28
38
0
0
38
696
23
443
230
451
(*)
373
78
156
22
71
63
89
0
0
89
704
226
160
318
179
12
114
53
484
213
47
224
41
0
0
41
881
216
204
461
173
9
125
39
652
208
79
365
56
0
0
56
337
89
123
125
104
4
73
27
208
85
50
73
26
0
0
26
361
37
132
192
116
6
84
25
207
30
47
130
37
0
0
37
367
137
37
193
75
9
41
26
276
128
-3
152
15
0
520
179
73
268
57
2
41
14
445
177
32
236
19
0
0
19
44
11
33
71
15
56
Total
All areas
Petroleum
Manufacturing
Other
__
_. _
Developed countries - . __
Petroleum Manufacturing
Other .
Canada Petroleum
Manufacturing
Other
_ _ _
__ __
Europe..
.
Petroleum
Manufacturing ___
Other
Other
Petroleum
Manufacturing .
Other
6. This statement describes the end result of translation,
rather than the detailed method of translation recommended
by GAAP. For the latter, see Financial Accounting Standards Board, Statement of Financial Accounting Standards No.
Developing countries
8: Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial Statements (Stamford,Petroleum
Manufacturing _ . _
Conn., 1975).
Other
___
The qualification to which the text refers is that a gain or
Latin America
loss due to balance-sheet translation is included in income,
Petroleum. _.
so that income is the sum of this gain or loss and the residual
Manufacturing
__
Other
mentioned in the text. Although this gain or loss may be
significant, it cannot be predicted on the basis of exchangeOther
rate movements alone; knowledge of the structure of the
Petroleum.-.
Manufacturing ._.
_
affiliate's balance sheet is also necessary. Scattered evidence
Other
suggests that in 1978 balance sheet translation had a more
significant effect on petroleum affiliates than on nonpetroInternational and unallocated
kum affiliates; such translation apparently resulted in significant losses in petroleum.
* Less than $500,000 (±).
1978
Source and
relationship
...
_
Q
15
(*)
Total
(*)
SUEVEY OF CURRENT BUSINESS
24
August 1979
Table 12.—U.S. Direct Investment
[Millions of
1966
1970
1967 1968
1971
Line
1972
1973
1974
1975
1976
1977 1978
136,809
28,775
61,161
46,872
149,848
31,420
66,033
52,395
1966
1967
Direct investment position
All i
Petroleum
ManufacturingOther
Developed countries.
Petroleum—
Manufacturing
Other
89,878
23,385
38,325
28,168
101,313
24,951
44,370
31,992
110,078
21,418
51,172
37,488
124,050
25,972
55,886
42,192
51,819 56,950 62,060
11,205 12,544 13,542
25,572 28,320 31,558
15,042 16,086 16,959
72,214
15,911
36,550
19, 753
82,895
18,204
41, 973
22,719
90,695
20,129
45,427
25,139
19,578 21,015 21,818 22,985
3,881 4,337 4,643 4,764
9,504 10,491
8,404 8,971
7,730
7,293 7,708 7,671
25,541
5,320
11,755
8,467
28,404
5,731
13,450
9,223
31,038
6,220
14,691
10,126
19,851 22,246 25,255 28,654 31,696
6,247 6,872
4,434 4,756 5,481
10,940 12,372 13, 819 15,628 17, 529
4,478 5,118 5,955 6,779 7,295
38,255
8,524
20,777
8,954
44,652
9,830
23, 990
10,832
1,792
56,560 61,907 68,033
15,166 16,574 17, 612
22,803
25,160 28,332
!0, 740
.7,160 18,591 20,174 22,149
35,290
7,661
17,214
10,415
38,708 42,088 46,658
9,859
8,493 9,159
18,912 20,721 23,285
11,303 12,208 13,513
Canada
Petroleum
Manufacturing.
Other.
L5, 713 16,703
3,171 3,372
6,697 7,059
6,272
5,845
Europe
Petroleum
Manufacturing .
Other...
16,390
3,627
8,906
3,858
18,231
4,158
9,867
4,206
Other...
_..
Petroleum
Manufacturing.
Other..
3,187
863
1,611
712
3,774
963
1,986
824
4,284
1,100
2,247
938
4,834
1,223
2,509
1,102
Developing countries.
Petroleum
Manufacturing
Other
13,866
5,051
3,525
5,290
14,905
5,289
3,891
5,725
16,497
5,852
4,439
6,206
Latin America
Petroleum
Manufacturing.
Other
9,752
2,456
2,973
4,323
10,290
2,391
3,238
4,661
Other
Petroleum
ManufacturingOther
4,114
2,595
552
967
2,635
International and unallocated _
17,952
3,625
7,535
6,792
75,480
19, 754
31,049
24, 677
5,549
1,387
2,783
1,379
82,760
21, 794
34,359
26,607
168,081
33,302
74,207
60,572
5,259
1,496
1,868
1,895
5,605
1,765
1,863
1,977
100,304 108,225 120,741
22, 912 24,851 26,415
49,766 53, 709 60,135
27,625 29,665 34,191
2,660
133
1,537
990
2,845
206
1,579
1,060
33,838
7,119
15,965
10,754
35,200
7,660
16,696
10,844
37,280
8,247
17,625
11,408
1,294
183
565
546
1,341
199
565
576
49,305
11,165
26, 013
12,127
55,139
12,726
28,788
13,625
60,930
13,947
31,672
15,311
69,669
14,719
36,426
18,524
1,050
-81
791
341
1,153
-37
811
379
6,478
1,654
3,188
1,636
7,378
1,906
3,538
1,934
8,417
2,066
4,019
2,332
9,839
2,642
4,533
2,664
10,352
2,744
4,722
2,886
11,327
3,068
5,013
3,246
12,095
3,244
5,342
3,510
13,792
3,449
6,084
4,259
316
31
181
104
351
43
203
105
17,627
6,032
5,047
6,548
19,192 20,719
6,644 7,027
6,038
5,477
7,654
7,072
22,274
7,376
6,767
8,130
22,904
6,074
7,820
9,010
19,848
-390
9,200
11,038
26,288
2,519
10,459
13,310
29,313
2,690
11,395
15,227
34,462
3,520
12,324
18,618
40,466
4,525
14,071
21,869
2,373
1,297
331
744
2,469
1,415
284
11,342
2,551
3,723
5,068
12,039
2,533
4,202
5,304
12,961
2,703
4,541
5,717
14,013
2,939
4,995
6,080
14,897
2,979
5,620
6,297
16,484
3,043
6,456
6,984
19, 527
3,564
7,541
8,422
22,167
3,324
8,562
10,281
23,934
2,932
9,275
11,727
28,110
3,489
10,063
14,557
32,509
3,661
11,644
17,204
1,326
460
282
584
1,322
470
224
628
4,615
2,898
653
1,064
5,154
3,300
716
1,138
5,587
3,499
845
1,244
6,231
3,941
936
1,354
6,706
4,088
1,044
1,574
7,377
4,397
1,147
1,833
6,420
3,030
1,363
2,027
321
-3,954
1,658
2,616
4,121
-805
1,896
3,029
5,379
-242
2,120
3,501
6,353
31
2,261
4,061
7,957
864
2,427
4,666
1,047
838
49
160
1,147
946
60
141
2,947
3,323
3,809
4,469
5,091
5,545
6,196
7,335
7,067
7,192
7,160
6,874
226
291
Equity and intercompany account outflows (inflows (—))
37
All areas
Petroleum
Manufacturing..
Other....
3,625
787
1,611
1,227
3,050
1,079
1,224
746
2,855
1,149
946
760
3,130
864
1,210
1,056
1,413
,624
,263
,527
4,441
1,643
1,564
1,234
3,214
1,297
1,163
754
3,195
-331
1,863
1,663
1,275
-5,215
2,861
3,628
6,196
2,820
1,301
2,075
4,253
1,683
1,041
1,529
5,612
1,792
1,282
2,537
4,606
-317
1,533
3,390
3,467
1,339
950
1,177
3,847
1,559
1,018
1,270
40
41
Developed countries.
Petroleum
Manufacturing
Other
3,064
743
1,374
948
2,198
736
960
502
1,627
595
638
393
2,044
487
924
633
{,071
:,083
,106
883
2,895
1,097
1,280
518
1,989
648
840
501
3,810
1,109
1,420
1,280
5,143
1,208
2,191
1,744
2,799
1,113
921
765
2,786
1,418
777
591
2,901
1,357
1,218
327
2,316
-110
1,077
1,349
1,452
88
818
546
1,579
116
850
613
42
43
44
45
Canada
Petroleum
Manufacturing..
Other
985
113
439
433
372
106
11
255
384
147
-4
241
582
152
260
170
763
301
234
228
64
73
-39
29
376
-96
227
245
581
106
148
327
643
-110
410
344
419
-57
130
346
20
-88
67
42
-248
-5
38
-281
-549
-431
87
-205
665
98
280
288
691
108
231
352
46
47
48
49
Europe
Petroleum
Manufacturing..
Other..
1,835
593
851
392
1,435
574
684
177
984
358
543
83
1,197
261
587
349
1,894
676
787
430
2,209
822
1,091
296
1,139
588
528
23
3,070
1,057
1,225
788
3,664
893
1,602
1,169
2,239
1,194
769
276
2,408
1,347
686
376
2,920
1,325
1,039
556
2,445
397
875
1,173
637
-16
543
200
730
5
526
200
50
51
52
53
Other.
Petroleum
Manufacturing..
Other....
244
37
84
124
391
56
265
70
258
90
99
70
265
75
76
114
415
105
85
225
623
202
228
193
474
156
85
233
159
-53
47
165
836
425
179
231
141
-24
22
143
357
160
24
174
230
36
141
52
420
-75
115
380
151
6
85
59
157
3
93
62
54
55
56
57
Developing countries.
Petroleum.
Manufacturing
Other..
499
-4
237
265
734
222
264
247
1,126
506
308
313
738
249
286
202
1,116
590
157
368
1,005
293
284
428
816
329
323
164
-852
-1,749
443
454
-4,573
-6,881
670
1,638
3,732
1,988
379
1,365
1,827
603
265
959
2,766
428
64
2,274
2,706
446
456
1,805
1,946
1,229
132
584
2,171
1,382
168
621
58
59
60
61
Latin America
Petroleum
Manufacturing.
Other
303
-107
187
223
311
-76
197
191
708
141
275
292
385
32
215
138
579
136
132
311
696
210
228
258
272
21
288
-37
654
-54
360
348
2,244
418
565
1,261
1,245
-214
246
1,213
439
-599
189
849
2,422
292
80
2,050
2,109
42
472
1,595
1,017
437
108
472
1,120
459
141
521
62
63
64
65
Other
Petroleum
Manufacturing..
Other
196
104
50
42
423
298
68
57
419
365
33
21
352
217
71
64
537
455
25
57
309
82
56
170
544
308
35
201
-1,507
-1,695
83
106
-6,817
-7,299
105
377
2,487
2,202
133
152
1,388
1,202
76
110
344
136
-16
225
597
404
-16
209
929
793
24
113
1,051
923
27
100
62
117
102
348
226
541
409
238
704
-335
-360
-55
-417
69
97
66
International and unallocated.
1. For 1966, the data are as reported in the 1966 benchmark survey of U.S. direct investment abroad, except for equity and intercompany account outflows, which include only the data
of companies that filed in both the 1966 sample survey and the 1966 benchmark survey.
SURVEY OF CURRENT BUSINESS
August 1979
25
Abroad, Selected Items, 1966-78 ]
dollars]
1969
1968
1970
1971
1972
1973
1974
1975
1976
1977
1978
1966
1967
1968
1969
1970
1971
Income
6,592 7,649
1,983 2,026
2,411 3,113
2,198 2,510
8,169
2,456
3,133
2,580
9,159 10,949
2,878 3,095
3,492 4,740
2,790 3,113
1972
1973
1974
1975
1976
1977
1978
Line
Fees and royalties
16,542 19,156
5,717 6,963
6,579 6,684
4,246 5,509
16,595 18,999 20,081 25,656
4,795 5,123 5,658 5,846
5,998 7,223 7,462 10,810
5,802 6,653 6,960 9,000
3,357 4,190 4,577 5,313 6,603 10,052 10,418 9,509 11,461 11,885
192
224
485
541
594 1,739 1,891 1,642 1,931 2,107
1,968 2,585 2,563 2,937 4,017 5,607 5,502 4,634 5,967 6,089
1,198 1,381 1,528 1,835 1,992 2,707 3,025 3,232 3,563 3,689
,163 1,354 1,431 1,533 1,758 1,927 2,115 2,513 3,070 3,543 3,530 3,793 4,806
112 137 141
162
185
229
247
251
291
343
371
420
482
623 706 781
840
944 1,036 1,208 1,552 1,886 2,098 2,110 2,346 2,814
428 511 508
531
628
663
660
710
892 1,102 1,050 1,027 1,510
1
2
3
4
5
6
7
8
16,382
2,541
8,874
4,967
854
54
529
272
982 1,027 1,101 1,289 1,429 1,609 1,949 2,388 2,770 2,793 3,045 3,854
62
61
68
81
111
104
111
130
167
159
180
235
585 650
718
803
893 1,062 1,366 1,688 1,887 1,923 2,185 2,610
336 316
314
405
425
443
472
571
716
712
680 1,009
1,567 1,643 1,518 1,871 2,174 2,844 3,394 3,412 3,837 3,161 3,435
237
234
309
355
411
648
782
852 1,006
966
976
665
788
617
885 1,121 1,450 1,804 1,628 1,835 1,251 1,457
664
621
592
630
642
746
808
932
996
944 1,003
246
17
161
68
266
16
177
73
285
14
186
85
287
19
186
82
336
17
196
124
355
19
211
125
377
20
256
100
727
38
538
151
9
10
11
12
1,352 2,008 2,401 2,721 3,577 5,751 5,713 4,989 6,169 7,301
-93
-74
85
75
28
771
794
523
580
829
1,033 1,473 1,581 1,670 2,451 3,429 3,120 2,590 3,596 4,308
412
610
735
976 1,098 1,551 1,799 1,876 1,993 2,165
10,647
1,130
6,376
3,141
496
27
315
154
579
33
345
201
594
33
388
172
651
33
445
173
755
45
507
204
848
74
551
223
971 1,180 1,428 1,765 1,702 1,860 2,431
75
70
85
109
115
121
174
643
848 1,009 1,199 1,149 1,336 1,628
254
262
334
457
438
403
628
13
14
15
16
852 1,458 1,311 1,108 1,455 1,422 2,300
155
320
316
268
345
313
435
445
728
578
416
536
530 1,041
252
410
418
424
574
579
823
112
9
54
49
137
13
63
62
148
13
76
59
163
16
88
59
198
20
101
77
226
18
131
77
261
9
163
89
353
16
220
118
420
18
283
120
439
20
288
131
460
17
322
122
512
23
361
128
696
23
443
230
17
18
19
20
8,929
3,230
1,936
3,764
279
51
95
133
352
68
121
162
377
73
131
173
398
79
122
198
428
88
141
199
452
98
143
212
453
113
146
194
519
123
186
210
630
140
199
292
722
157
211
355
686
197
187
303
704
226
160
318
881
216
204
461
21
22
23
24
1,546 1,568 1,421 1,434 1,560 2,511 3,145 3,201 3,479 3,988 4,866
492
389
357
447
247
805
762
427
449
623
527
373
434
464
455
600
751
912 1,160 1,006 1,102 1,571
682
744
600
532
713
955 1,471 1,614 2,024 2,263 2,769
175
20
80
75
211
26
95
90
247
31
112
104
267
35
105
127
274
31
116
127
269
33
116
120
259
34
124
101
269
25
135
110
341
30
153
157
376
44
151
182
299
44
127
128
337
89
123
125
361
37
132
192
25
26
27
28
1,363 1,504 1,521 1,834 2,314 3,328 4,782 3,481 3,568 3,954 4,063
1,140 1,232 1,210 1,550 2,008 2,827 3,892 2,643 2,521 2,874 2,703
70
93
106
100
124
221
271
204
250
271
365
152
179
205
184
182
280
619
634
797
809
995
104
31
15
58
141
42
27
73
130
42
19
70
132
44
17
70
154
58
25
71
183
65
27
92
194
79
21
93
250
98
51
101
290
110
45
135
345
113
60
173
387
153
60
174
367
137
37
193
520
179
73
268
29
30
31
32
29
20
27
34
40
46
53
46
51
51
51
44
71
33
7,286 12,063
1,012 1,473
3,545 6,398
2,729 4,193
34
35
36
37
438
47
269
122
539
64
325
150
658
91
366
201
722
111
381
229
2,909 3,072 2,941 3,269 3,874 5,840 7,927 6,683 7,047
1,632 1,622 1,567 1,997 2,255 3,632 4,653 3,071 2,970
444
528
570
555
724
972 1,183 1,364 1,256
834
923
805
717
895 1,235 2,091 2,248 2,821
326
387
650
577
472
650
811
404
7,942
3,497
1,373
3,072
492
254
345
Interest, dividends and earnings of unincorporated affiliates
4,152
1,735
1,055
1,362
4,819
1,997
1,126
1,696
4,992
1,881
1,605
1,507
5,983
2,457
1,696
1,830
6,416
2,739
1,910
1,767
8,384 1,379 8,547 1,303
3,792 5,244 2,738 4,385
2,472 2,748 2,547 3,106
2,120 3,387 3,262 3,812
1,657 1,846 2,436 2,775 2,911 3,875 4,892 4,609 5,327
127
288
216
162
499
776
826 1,011
204
851
920 1,357 1,437 1,621 2,119 2,328 2,094 2,498
679
863 1,050 1,086 1,257 1,789 1,690 1,818
765
2,795
4,646
3,917
4,231
3,593 1,791 ,757 ,440 2,830 3,176 3,176 4,532 8,158
4,373
156 206 248
29
575
421
356 1,925
4,412
918 845 ,357 1,987 1,528 1,796 2,830 4,107
4,807
717 707 836
814 1,073
959 1,346 2,126
735
-7
520
222
955 1,266 1,505 1,686 2,244 2,945 2,643 3,085 4,457 4,647
36
127
29
196
360
381
10
547
927
854
901
922 1,084 1,358 1,534 1,330 1,585 2,443 2,567
602
328
456
323
690 1,051
933
591
954 1,087 1,227
190
4
108
78
251
10
140
101
351
29
178
144
422
40
204
178
795
135
351
309
430
59
186
185
977 1,180 1,239 1,385 1,455 1,554
196
252
303
282
355
419
442
506
522
633
596
680
339
423
414
471
504
455
654
107
319
228
767
165
288
315
727
142
242
343
566
39
400
127
631
27
452
152
672
36
488
149
627
85
285
257
650
91
334
224
834 1,002
108
111
442
610
285
280
7,777 8,048 7,696
1,719 2,057
738
3,336 3,451 4,117
2,122 2,540 2,841
8,989
1,034
5,178
2,777
38
39
40
41
699 1,023 1,379 1,867 2,214 2,173 2,451 1,707 1,881
557
611
159
276
452
530
234
548
724
776
655
339
770 1,008 1,298 1,106 1,202
574
548
441
201
333
406
385
214
518
525
42
43
44
45
6,000
276
3,809
1,914
46
47
48
49
457 1,108
140
201
191
592
126
315
50
51
52
53
54
55
56
57
6,876 7,393 1,206 ,266 ,699 2,344 2,141 2,538 3,692
1,455 1,507
45
90
64
62
270
390
254
3,378 3,696
719 729 ,116 1,665 1,206 1,499 2,396
2,044 2,190
442 447 519
616
665
906
785
641
123
178
341
848
121
311
416
541
27
396
117
Reinvested earnings of incorporated affiliates
733
130
224
379
819
150
278
S91
416
25
298
92
6,177
1,240
3,488
1,449
5,526
1,116
3,174
1,236
4,900 6,133 5,008
653
816
920
2,540 3,469 2,711
1,543 1,744 1,644
414 423 617 1,054 1,136 1,215 1,891 3,507 2,768 2,345 3,084 2,845
-65 -42 -86 -103
49 -52
18
575
434
33 -98
142
870
338 285 514
679
747 1,366 2,071 1,586 1,261 2,011 1,865
141 180 189
286
407
507
861
748
520
943 1,040 1,078
544
151
290
103
381
126
174
82
599
163
256
180
965 1,191
173
233
339
449
453
508
165
25
96
44
193
41
110
43
248
42
161
44
288
54
185
50
306
62
187
57
300
71
178
51
422
96
259
67
2,430 2,652 2,340 2,712 3,079 4,272 6,086 3,599 5,824 5,673 6,020
1,580 1,684 1,496 1,895 2,213 3,138 4,230 1,829 3,340 3,011 2,804
203
258
248
206
421
453
289
353
608
539
716
646
559
596
762
576
781 1,436 1,317 1,877 2,122 2.500
427
68
199
160
297
33
116
148
480
51
240
188
420
-62
321
161
601
71
322
208
557
102
297
158
795 1,568 1,841 3,083 1,223 2,269 2,909
485
426
42
494
423 1,241 -370
834 1,219
435
619
648
762
910
950 1,264
319
454
945
655
932
1,186 1,237
472
440
164
171
550
626
915 1,520 2,036 1,580 2,157 2,406 2,769
667
254
227
650
222
352
337
343
359
236
275
491
424
559
967 1,444 1,631 1,874
452
595 1,026
309
23
174
113
202
11
83
108
361
19
209
132
331
-51
263
118
453
41
259
153
373
26
246
101
645
20
364
262
991 1,109 1,621 1,323 1,582 2,097
271
190
155
227
95
173
678 1,012
476
515
568
801
632
895
360
580
446
647
1,244 1,415 1,372 1,651 2,164 2,752 4,050 2,020 3,667 3,267 3,251
1,108 1,244 1,180 1,473 1,987 2,488 3,563 1,575 3,117 2,660 2,467
40
50
35
43
53
78
77
95
117
115
158
96
128
136
149
124
186
410
350
433
442
626
118
45
25
47
96
22
33
41
119
32
31
56
89
-12
58
43
148
30
63
55
183
77
50
56
150
21
71
58
576
339
143
94
732 1,462 -100
329 1,068 -597
194
110
132
209
284
364
688
215
156
317
812
236
207
369
157
194
261
67
434
81
45
413
410
340
9
165
65
320
297-682
967 1.061
422
316
208
205
431
447
217
495
0 - 7 9 - 4
427
237
401
338
856
182
281
3J4
152
245
180
804
213
409
182
66
58
59
60
61
62
63
64
65
66
SUEVEY OF CUEEENT BUSINESS
26
most costs. However, some costs—
specifically, amortization, depreciation,
and inventories—are translated at historical exchange rates and thus do not
change, in dollar terms, solely because
of a change in exchange rates. This
implies that for given foreign currency
revenues and costs, dollar depreciation
will tend to increase revenues proportionately more than costs, thereby in-
August 1979
creasing dollar income from a foreign
affiliate more than in proportion to the
depreciation.
Income from petroleum affiliates increased 3 percent, to $5.8 billion. It
increased 21 percent in developed countries, but declined 8 percent in developing countries. The increase in developed
countries was concentrated in the fourth
quarter, when translation losses appar-
ently declined, and income from refining
and marketing affiliates was boosted by
higher prices of refined products. Prices
of refined products rose, as a disruption
in supplies from Iran coincided with
stockpiling and with a seasonal increase
in demand for heating oil; the stockpiling was motivated by expectations
that crude oil prices, which had remained essentially unchanged during
Table 13.—U.S. Direct Investment Position Abroad, Yearend 1977
[Millions of dollars]
Manufacturing
All
industries
Mining
and
Petrosmelt- leum
ing
Total
Food
products
Chemicals and
allied
products
Primary
and
fabricated
metals
Machinery
Transportation
equipment
Other
manufacturing
Transportation,
communicaTrade
tion, and
public
utilities
Finance
and
insurance
Other
industries
All countries...
149,848
7,073
31,420
66,033
5,606
13,466
3,973
18,655
10,271
14,163
3,425
14,744
20,327
6,827
Developed countries _
108,225
4,761
24,851
53,709
4,436
10,192
3,012
15,715
8,951
11,402
1,095
10,490
9,772
3,547
Canada. .
35,200
3,203
7,660
1,502
2,373
1,099
3,470
3,^53
5,099
919
2,125
3,683
915
Europe..
60,930
40
13,947
31,672
2,413
6,672
1,697
10,489
5,095
5,306
139
7,221
5,622
2,289
European Communities (9)__
Belgium and Luxembourg.
France
Germany
Italy
Netherlands
Denmark.
Ireland
United Kingdom
47,933
4,322
6,090
11,071
3,016
4,048
730
1,222
17,434
11,277
450
912
2,225
617
1,235
370
146
5,321
27,747
2,607
4,139
7,031
1,983
2,046
137
955
8,849
2,051
(D)
277
358
175
177
(D)
85
6,017
896
699
1,005
479
762
30
568
1,578
1,265
85
117
344
9,540
972
1,511
2,664
926
523
45
69
2,832
4,403
4,470
373
892
578
253
300
9
212
1,853
3,745
692
709
632
232
383
99
96
901
3,603
502
206
1,048
103
199
)
()
1,510
Other Europe.
Norway.-...
Spain
Sweden
Switzerland.
Other..
12,997
1,639
2,177
1,144
6,101
1,936
18
1
-9
-1
9
1
1
D
( )
D
( )
21
(D)
(D)
0
0
2
2,670
1,193
226
456
58
738
3,925
355
1,381
564
1,030
594
361
(*)
205
27
77
51
655
432
184
268
948
(D)
278
284
193
692
(*)
836
61
128
135
301
211
71
-1
12
11
2
46
3,477
26
230
98
2,955
167
2,019
2
77
11
1,735
193
1,475
64
(D)
122
72
181
(D)
10
(D)
814
(D)
)
3
321
195
4,143
0
1,589
1,903
125
160
205
35
421
151
45
7,952
1,519
1,655
3,438
208
758
543
792
3
723
316
5,739
421
1,227
(D)
(D)
2,312
951
2,597
127
714
252
29
115
154
1
53
562
11
186
460
29
103
561
)
2
-2
2
458
64
201
319
7
12,324
1,070
3,274
960
2,939
1,320
2,761
557
3,718
191
23
431
34
114
643
2,083
94
-7
-1
1,319
31
(*)
(*)
(D)
164
Japan
_
_
Australia, New Zealand, and South AfricaAustralia
New Zealand.
South Africa..
Developing countries. _
Latin America..
Latin American Republics..
Argentina
Brazil
.
Chile
Colombia
Mexico
Panama
Peru...
Venezuela __
Other Central America. _.
Other
Other Western Hemisphere..
Bahamas
Bermuda
Jamaica
Other
Other Africa.
Liberia.
Libya...
Nigeria.
Other...
406
741
1,792
34,462
28,110
9,409
921
3,937
56
432
2,391
158
159
932
253
170
847
51
236
2
37
207
11
42
117
87
60
2,386
220
822
28
134
699
115
22
236
80
29
1,616
73
391
654
65
299
221
42
(D)
5
(D)
10
25
273
)
2,802
431
(D)
0
(D)
120
545
364
374
321
1,743
(D)
0
(*)
D
( )
18,882
1,490
5,930
193
696
3,230
2,249
1,397
1,896
740
1,062
9,227
1,229
(D)
556
Iran...
Other..
-196
-2,471
International and unallocated _
6,217
1,122
913
3,845
1,546
274
()
231
C)
133
C)
101
7,160
-407
-3,562
77
102
2,454
1,808
58
846
244
1,306
247
105
354
1,102
3,049
179
13
16
219
1
20
55
27
2,265
2,217
1,243
()
152
1,227
(*)
70
451
13
9
127
(D)
13
)
-2
1,243
228
541
933
298
517
132
2
265
40
(*)
(*)
287
2,743
24
-1
25
64
33
2,411
132
495
39
66
502
654
62
325
72
64
332
117
145
8
62
0
3
76
4
44
32
152
500
()
118
105
26
112
256
(*)
-2
38
(*)
-1
50
50
117
2,299
86
556
1
88
92
920
8
156
56
336
5,891
811
)
386
46
))
196
)
)
54
23
49
161
32
1
13
31
23
75
161
858
11
12
15
60
174
775
462
412
2
101
663
10
16
101
335
535
1,664
()
(*)
364
1,709
8,191
76
(*)
(DD)
( )
51
3,141
5
4
38
78
23
42
-11
8,890
125
109
1
25
11
C)
791
0
0
0
2
23
180
•Less than $500,006 ( ± ) .
Suppressed to avoid disclosure of data of individual companies.
D
2,659
1,873
223
364
(D)
72
26
106
316
325
71
-2,667
India
Indonesia...
Philippines.
Other
10,063
1,628
1,197
55
(DD)
( )
9
98
1
807
(D)
28
31
Middle East..
Other Asia and Pacific.
3,520
185
44
69
(DD)
( )
27
(D)
1,773
139
SURVEY OF CURRENT BUSINESS
August 1979
1978, would rise at the beginning of
1979. About 80 percent of the increase
was attributable to German affiliates,
which had registered near-zero income
in 1977. Income from unincorporated
affiliates operating in the North Sea
area increased significantly, reflecting
substantial increases in crude oil production (42 percent in the United
Kingdom sector and 27 percent in the
Norwegian sector).
The decline in developing countries
mainly reflected declines in crude oil
production; as noted above, crude oil
prices—which are generally denominated in U.S. dollars—did not change
significantly in 1978. Production declined 8 percent in Iran, 10 percent in
Saudi Arabia, and 4 percent in all Organization of Petroleum Exporting Countries (OPEC) combined.
27
The OPEC production decline and
the stability of crude oil prices probably
were influenced by increased non-OPEC
production in the North Sea and the
Alaskan North Slope, continued conservation efforts in the major oilconsuming countries, and the tendency
of OPEC members to reduce production, rather than price, in a slack
market. (Of course, petroleum markets
Table 14.—U.S. Direct Investment Position Abroad, Yearend 1978
[Millions of dollars]
Manufacturing
All
industries
All countries
Developed countries _
Canada
Mining
and
smelting
Petroleum
Total
Food
products
Chemicals and
allied
products
Primary
and
fabricated
metals
33,302
74,207
6,303
16,097
4,218
21,137
10,509
15,943
3,693
17,585
24,065
8,210
26,415
60,135
5,043
12,176
3,166
17.785
9,069
12,8%
1,216
12,666
11,108
4,532
37,280
3,030
8,247
17,625
1,599
2,896
1,148
3,580
3,026
5,377
1,061
2,448
3,882
987
41
14,719
36,426
2,864
7,953
1,774
12,104
5,349
6,382
113
6,576
3,103
2,433
(D)
325
388
200
334
7,219
817
772
1,370
543
847
D
( )
D
( )
2,060
734
(D)
307
(D)
146
167
1,321
104
110
11,016
1,064
1,782
3,098
1,181
637
49
84
3,121
4,741
258
)
5,452
(D)
(D)
832
296
415
(D)
261
2,132
45
3
4,148
549
303
1,148
154
7
2,044
12,202
355
895
2,361
664
1,381
426
190
5,932
32,182
2,812
4,629
8,324
2,389
2,523
159
1,276
10,070
Other E u r o p e Norway
Spain
Sweden
Switzerland..
Other...
14,386
1,595
2,097
1,195
7,373
2,126
23
(D)
0
2
2,516
1,118
(D)
(D)
58
778
4,244
387
1,407
606
1,140
704
Japan
4,963
0
1,646
2,317
134
490
Australia, New Zealand, and South Africa..
8,829
1,599
1,803
3,766
446
836
2,881
143
743
299
466
1,994
1,289
(D)
(D)
677
36
123
240
183
2
54
40,466
2,349
14,071
1,260
3,921
1,052
32,509
21,336
1,658
7,170
230
769
3,712
2,385
1,429
2,015
797
1,170
Other Western HemisphereBahamas
_.
Bermuda..
Jamaica
Other...
11,173
1,792
7,191
(D)
(D)
o
C)D
()
908
431
2
234
29
203
11
31
377
453
197
34
1,088
(D)
(D)
311
255
150
87
-4
(*)
1,472
608
(*)
338
930
69
(D)
142
334
22
4,525
1,664
3,661
11, 644
1,037
3,229
1,267
53
268
D
( )
9
97
1
2,005
259
424
10,855
983
4,684
85
41
68
490
2,752
180
159
1,059
285
192
991
59
285
5
50
229
14
40
152
90
66
2,895
235
1,143
32
143
785
128
25
278
93
33
290
49
397
()
0
264
1,656
789
66
46
210
878
613
233
114
912
417
329
607
76
410
194
48
87
11,085
3,546
10,243
1,960
638
18
176
3,352
)
74
237
)
19
244
1
21
62
17
29
174
1,392
-3
78
512
7
12
142
14
451
(D)
D
( )
633
(D)
D
( )
2
-2
2
1,439
3,046
646
1,343
2,594
1,343
241
558
(D)
200
1,068
29
(D)
612
27
(D)
291
(D)
49
()
370
4
(D)
135
-1
C)
334
57
190
15
72
Middle East..
-2,105
-3,519
200
68
29
-2,494
157
-3,675
83
117
37
31
5
24
6,651
2,290
1,954
56
961
230
1,043
241
103
405
1,205
International and unallocated.
* Less than $500,000 (db).
6,874
D
2,362
Suppressed to avoid disclosure of data of individual companies.
92
112
522
26
406
47
186
75
405
200
109
7,588
1,264
6,105
(D)
23
75
186
47
(*)
151
6
8
49
51
337
191
142
50
26
-1
26
70
2,677
163
580
52
69
563
707
57
321
93
2,655
106
168
2
1
29
23
(X
)
(*)
56
116
26
127
299
3,029
72
110
457
262
1,262
()
D
230
4,243
352
2,092
274
308
)
-2
545
98
1,059
(D)
(D)
(D)
530
(D)
2
(D)
0
(*)
D
( )
1,245
1,003
4,076
2,428
3
76
13
2,111
226
40
340
473
383
2,215
C)
1,939
4,049
7
232
96
3,532
182
832
2,564
D
(D)
73
200
(D)
13
1,301
5
3,411
India
Indonesia.-.
Philippines..
Other
-1
803
807
275
538
107
1,269
Liberia...
Libya
Nigeria. _
Other. _ .
Other Asia and Pacific-
7
6
1
4,643
72
Other Africa-
Iran...
Other-
Other
industries
7,020
18
1
-9
-1
9
1
1
Latin American Republics..
Argentina
_.
Brazil...
Chile_.
Colombia
Mexico
Panama...
Peru
Venezuela.
_..
Other Central America...
Other
Finance
and
insurance
4,670
55,283
4,739
6,772
12,746
3,571
4,656
857
1,593
20,348
Latin America..
Trade
168,081
European Communities (9)_.
Belgium and Luxembourg,
France
Germany...
Italy
Netherlands
Denmark
Ireland
United Kingdom
Developing countries..
Other
manufacturing
120,741
Europe
Australia
New Zealand.
South Africa..
Machinery
Transportation
equipment
Transportation,
communication, and
public
utilities
207
( D
\
16
)
D
85
200
978
569
1
102
()
115
432
677
1,872
19
-2
(V
C)
D
)
120
1,831
12
53
132
SUEVEY OF CUEEENT BUSINESS
28
August 1979
The increase in income from machinery
affiliates ($1.2 billion) was particularly
large; it partly reflected strong foreign
demand for computers. Sizable increases
also occurred in transportation equipment, chemicals, and "other manufacturing" ($0.6 billion each). The
increase in transportation equipment
reflected strong automobile sales
abroad. In chemicals, the increase was
tightened markedly in late 1978 and
in 1979.) Disruption of Iranian supplies,
beginning in late October with a
strike by oilfield workers, also contributed to the production decline, but
apparently did not affect crude oil
contract prices significantly until early
1979.
Income from manufacturing affiliates
increased 45 percent, to $10.8 billion.
particularly large in the fourth quarter,
when prices of petrochemical feedstocks increased sharply along with the
prices of other refined petroleum products. The increase in chemicals probably resulted from both inventory
profits and accelerated purchases of
petrochemicals as a hedge against
future price increases.
Income from manufacturing affiliates
Table 15.-— Equity and Intercompany Account Outflows, 1977
[Millions of dollars; inflows (-)]
TransportaFition,
nance Other
communicaTrade and indusinsur- tries
tion, and
ance
public
utilities
Manufacturing
All
industries
Mining
and Petrosmelt- leum
ing
Total
Food
products
Chemicals and
allied
products
Primary
and
Machinfabriery
cated
metals
All countries.—
5,612
-279
1,792
1,282
77
366
27
Developed countries.
2,901
-177
1,357
1,218
107
261
42
Canada
-248
-55
-5
38
-29
-254
Europe
European Communities (9)__
Belgium and Luxembourg.
France
Germany
Italy
Netherlands
Denmark
Ireland
United Kingdom
2,920
1,325
1,039
112
467
Other Europe..
Norway
Spain
Sweden
Switzerland.
Other
Japan
Australia, New Zealand, and South AfricaAustralia
New Zealand.
South Africa. _
Developing countries..
Latin America
Latin American Republics..
Argentina
Brazil
Chile
Columbia
Mexico
Panama
Peru
Venezuela
Other Central America...
Other
Other Western Hemisphere..
Bahamas
Bermuda
Jamaica
Other
2,674
633
72
532
-54
100
1,334
1,017
255
-67
148
32
-14
-15
33
644
220
59
156
-53
75
-3
27
506
246
362
94
21
-200
-30
308
350
9
29
-69
-50
51
14
74
-7
-55
24
0
-102
428
2,422
-84
292
Middle East.
Iran...
Other..
478
-2
392
168
310
(*)
-2
135
257
Other Asia and Pacific
India
Indonesia. _.
Philippines.
Other
International and unallocated.
47
-16
-46
-29
(D)
0
-90
22
(D)
-52
(D)
119
16
-37
5
8
49
12
-4
66
-9
D
( )
-340
(D)
111
-55
8
188
51
5
5
40
-2
7
141
26
63
-28
-89
-17
1
(•)
184
(*)
3
-7
-2
-2
7
1
(*)
-24
1
(*)
5
-27
-180
-48
77
5
77
464
4
94
4
1
-2
2
1
3
0
424
31
4
185
13
11
85
15
13
34
-14
1
14
123
151
109
34
45
-55
-12
134
2
-2
-2
50
-16
8
10
1
0
-4
2
8
2
-73
-2
10
(*)
-73
-9
)
-8
35
3
4
52
37
2
1
42
46
-4
7
19
1
-1
1
38
5
-2
42
4
C)
7
-2
-9
2
-8
174
2,122
88
-9
-16
134
1,989
27
141
11
-14
3
2
29
83
1
18
7
2
136
13
50
1
-10
9
69
-1
-7
-5
96
56
-5
-94
92
92
11
-35
0
-1
() - 4 8
(*)
-29
(•)
-10
3
51
20
48
-4
-11
-27
-7
7
)
(*)
2
()
(*)
()
(*)
C)
()
(D)
-14
(*)
-4
(*)_
-3
0
0
()
(*)
(D)
-2
-1
8
(*)
)
3
-3
-1
4
1
31
3
1
-1
-12
)
D
3
-3
()
(*)
145
(D)
-2
9
7
0
1
0
(*)
6
(*)
D
)
(*)
4
1,853
-4
(D)
6
(D)
1
(*)
-14
-19
-4
15
-1
8
C)
18
-7
7
-13
)_
(D)
(D)
6
0
)
24
-7
16
-1
1
(*)
()
(*)
(*)
40
2
-81
(*)
5
-4
-84
1
13
-15
(*)
40
C)
-1
5
105
71
18
11
171
4
2
C)
(D)
-12
17
2
(*)
-1
10
4
:•)
20
-5
1
-46
D
38
2
10
13
4
46
368
197
14
3
14
-12
(D)
2
(*)
2,512
-15
-194
-31
-370
65
246
* Less than $500,000 (±).
D
Suppressed to avoid disclosure of data of individual companies.
o
155
3
80
15
-63
40
-29
2,766
-44
28
64
6
Other Africa.
Liberia..
Libya
Nigeria...
Other... .
72
11
6
15
-10
62
223
-15
59
(D)
137
11
3
3
-134
-6
(*)
0
3
16
m
116
-4
88
11
-25
58
7
34
2,020
123
(D)
-24
)
182
38
6
75
)
-2
3
0
)
D
16
76
166
17
67
-4
-7
-3
15
7
-27
(D)
92
11
42
168
319
16
-128
-78
2
31
(•)
8
4
414
1
-31
401
33
-13
-42
6
73
121
33
210
16
-36
425
151
47
-3
12
95
1
-3
124
Other
manufacturing
323
32
0
130
81
(D)
9
(*)
-10
6
(D)
15
32
Transportation
equipment
25
(D)
(D)
1
7
-7
5
31
100
C)
(-19
*)
50
1
8
10
80
-136
23
)
-3
)
-8
SUEVEY OF CURRENT BUSINESS
August 1979
increased 46 percent in developed countries and 41 percent in developing
countries. The increase in developed
countries was widely dispersed. The
largest increases were in Germany (in
transportation equipment and machinery), the United Kingdom (in machinery and "other manufacturing"), Japan (in machinery and chemicals),
29
Brazil, the increase was centered in
transportation equipment, where income shifted from negative to positive,
partly as a result of the introduction
of a popular new automobile model by
an affiliate.
In "other" industries, income increased 29 percent, to $9 billion. It increased 35 percent in developed countries and 23 percent in developing
and France (in machinery and
chemicals).
The increase in developing countries
was concentrated in Mexico and Brazil.
In Mexico, the increase was widespread;
it reflected continued recovery, bolstered by petroleum development, from
the economic downturn and foreignexchange-market crisis of 1976. In
Table 16.—Equity and Intercompany Account Outflows, 1978
[Millions of dollars; inflows (-)]
Transportation,
communicaTrade
tion, and
public
utilities
Manufacturing
All
industries
AH countries..
Mining
and Petrosmelt- leum
ing
Total
Food
products
Chemi- Primary
and
cals and
fabri- Machinallied
ery
cated
products
metals
Transportation
equipment
Other
manufacturing
Finance Other
and indusinsur- tries
ance
4,606
-160
-317
1,533
301
1,144
-82
173
-487
484
74
1,104
1,955
417
2,316
-191
-110
1,077
275
832
-54
184
-589
429
15
1,016
159
350
Canada
-549
-210
-431
87
-20
410
4
-74
-17
18
135
-79
Europe
European Communities (9)__
Belgium and LuxembourgFrance
Germany
Italy
Netherlands
Denmark
Ireland
United Kingdom
Other Europe.
Norway
2,445
1
397
875
293
358
-63
228
456
-7
674
90
415
939
-81
111
259
50
179
10
39
372
-76
2
6
(D)
-2
(*)
(D)
2
-113
189
-36
91
121
17
-4
7
4
-12
458
-2
-2
440
113
26
41
7
3
61
94
21
13
-2
-10
-89
10
-39
20
-158
262
0
0
0
0
0
556
-3
-18
-171
79
15
49
51
555
-159
-74
(D)
(D)
19
17
-64
6
-4
19
-116
31
14
4
5
5
40
-2
Developed countries-
Sweden
Switzerland.
Other
Japan
Australia, New Zealand, and South Africa.
Australia
New Zealand.
South Africa..
Developing countries..
Latin America
Latin American Republics
Argentina
Brazil
Chile
Colombia
Mexico
Panama
Peru
Venezuela
Other Central America
Other
.
Other Western Hemisphere..
Bahamas
Bermuda
Jamaica
Other
2,184
23
170
118
182
-13
62
76
1,566
260
-68
-152
49
368
63
1
(*)
0
0
<*)
355
269
2
(*)
(*)
31
(*)
33
5
14
-27
(D)
(D)
116
-7
-16
26
1
7
7
456
312
42
()
0
-13
0
()
-2
C)
-22
-2
0
63
33
10
4
7
8
-83
D
( )
18
-26
D
( )
-21
-4
160
289
14
13
1
11
2
11
-6
3
-26
-6
()
-2
424
272
289
17
221
4
C)
-1
-1
-5
1
-1
C)
(*)
(*)
(*)
0
0
)
194
(*)
-18
(D)
( D )_
-58
-214
-35
-25
118
45
-196
-3
118
-17
-311
-19
-9
27
-34
-417
-653
10
(*)_
(*))
38
18
131
° o3 (°)
-2
(•)
-4
0
8
-26
1
-1
°89
158
120
82
3
0
0
102
3
15
69
(D)
102
38
51
1,617
69
1
-38
1,542
60
-22
-1
33
3
-3
130
8
29
1
-2
18
38
1
7
17
13
4
(•)
14
15
-1
(*)
-17
-15
36
77
77
()
(*))
-6
(*)
32
10
50
-2
1
-12
-2
(*)
-14
(*)
1
(D)
(D)
( )_
-4
-3
0
0
0
0
0
0
(*)
£
o
D
3
0
3
1
()
(*)
()
(*)
2
Q
1
(*)
-2
-1
3
8
28
C)
-46
-2
-19
14
1
12
5
« •
2
1
C)
1
11
3
(*)
(•)
1
11
-4
7
(D)
-1
2
-1
(P)
-2
-3
-5
(
D}
1
-3
1,413
418
-1
1
1
-14
(*)
-6
-5
15
-4
()
(•)
1
87
1
14
38
234
2
-4
8
219
10
-16
()
(*)
(D)
0
-3
3
()
239
153
-1
22
C)
)
5
-65
101
(*)
(•)
-197
0
-11
(*)
4
-2
(*)
-201
4
11
-7
(*)
-398
8
()
(*)
16
15
(*)
(D)
11
7
3
22
15
-1
-3
402
-5
472
-52
•Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
D
46
3
38
2
-5
7
93
60
452
-244
286
23
-80
209
36
1
18
(*)
()
40
2,109
Middle East..
Iran. _.
Other.
42
-116
446
1,356
470
24
20
6
+153
312
-145
-2
183
3
-12
0
88
753
200
550
21
6
9
-84
47
5
(*)_
257
18
2,706
447
International and unallocated.
(*)
(*)
65
Other Africa..
Liberia.
Libya...
Nigeria.
Other...
Other Asia and Pacific.
India
Indonesia...
Philippines .
Other
(*)
(*)
-216
(*)
C)
-47
(*)
13
81
0
(*)
-2
-1
84
22
36
(*)
2
23
-17
(D)
o
0
0
()
(D)
19
72
180
-2
SUEVEY OF CUERENT BUSINESS
30
August 1979
The rate of return on the direct investment position is defined as the
ratio of income to the average of the
beginning- and end-of-year positions. It
should be noted that the rate of return
is an average pertaining to existing
investment and thus has only limited
usefulness as a predictor of the profitability of new investment. This was
particularly true in 1978, when dollar
depreciation increased income, but did
countries. The increase in developed
countries was widely dispersed geographically, but was centered in trade
and in finance and insurance. Much of
the increase in developing countries
was attributable to a finance affiliate of
a U.S. petroleum company in Bermuda.
The U.S. parent's investment position
in the affiliate increased substantially
in 1977-78, and the increase in income
largely reflected the return on this increase in investment.
not materially affect the average position, so that the latter does not fully
reflect the increased dollar cost of comparable new investments.7
The rate of return increased from
14 percent to 16 percent (table 8), as
7. Dollar depreciation can affect the current-year addition
to the position—and thus the position itself—through its
effect on intercompany account balances, which are generally
translated at current exchange rates, and on reinvested
earnings, which reflect the effects of the depreciation on
income. However, the effects on the position will normally be
small, in percentage terms, in comparison with the effects
on income.
Table 17.—Reinvested Earnings of Incorporated Affiliates, 1977
[Millions of dollars]
Manufacturing
All
industries
All countries
7,286
Developed countries
5,008
Canada.
Europe
Mining
and
smelting
Petroleum
140
1,012
120
1,707
. .
_. _
European Communities (9)
Belgium and Luxembourg
France
Germany
Italy..
Netherlands.
Denmark
Ireland
United Kingdom
Other Europe.
Norway
Spain.
Sweden
Switzerland- .
Other
_
Australia...
New Zealand..
South Africa
Developing countries...
Latin America
Latin American Republics
Argentina
_.
Brazil....
Chile
Colombia
Mexico. . .
Panama. __
Peru
Venezuela
Other Central America
Other..
Other Western Hemisphere..
Bahamas..
Bermuda..
Jamaica
Other
India
Indonesia..
Philippines
Other... . .
International and unallocated
639
97
110
1,028
93
52
164
128
50
100
958
957
574
535
100
545
549
330
81
101
77
231
195
5
-7
6
200
119
140
452
51
773
167
283
-20
416
423
-16
14
94
17
50
8
132
124
4
5
-10
-51
9
12
1
1
38
747
125
44
232
116
69
—4
8
158
99
195
-19
140
—13
—1
94
117
-6
3
7
9
10
5
23
67
150
26
-3
37
10
33
(D)
67
4
12
20
—25
56
279
43
84
-30
120
62
23
(*)
12
28
3
24
-3
5
-1
47
25
14
-3
10
26
11
2
-20
21
12
52
144
-6
119
0
_1
0
1
(*)
(*)
o
-1
0
-1
0
(*)
o
0
-216
12
(D)
(*)
1
7
0
(P)19
287
83
-2
48
8
62
1
1
87
-1
266
1
6
-7
264
1
165
(*)
—3
(*)
143
24
D
( )
-122
3
11
(*)
(*)
177
67
0
27
(*)
(E>)
Other
industries
700
1,865
5
3
39
(*)
26
59
87
5
4
(D)
(D)
30
(•)
(*)
(*)
C)
-1
(*)
(*)
C)
1
18
6
(P)43
(P)
(D)
iP)
36
6
3
—2
20
8
2
9
6
17
243
59
88
47
27
22
14
44
-94
35
(*)
46
-13
131
17
96
50
(*)
9
37
11
39
14
2
31
13
1
13
10
2
10
12
-1
3
29
1
14
-70
21
(•)
(*)
0
34
4
7
-15
1
1
9
—1
9
2,269
20
485
834
121
226
50
292
-20
165
24
295
366
244
1 582
25
271
678
109
193
41
213
-23
145
12
199
309
88
1,167
90
409
9
36
171
163
1
161
48
78
25
—1
19
—3
155
(D)
35
6
(*)
2
36
(*)
4
1
599
12
250
2
36
125
7
—5
123
33
15
101
3
44
(*)
9
7
-1
(*)
28
8
3
154
—5
80
41
5
18
1
1
6
181
14
121
1
6
9
2
1
21
6
-23
-3
-59
(*)
145
-2
45
5
157
16
25
2
1
25
54
(*)
18
6
9
170
1
51
(*)
-3
4
65
(*)
11
K)
( )
116
-15
114
(*)
17
80
5
70
2
3
9
5
-1
2
3
41
22
8
139
54
-3
46
29
3
12
7
2
-7
0
9
27
0
0
1
3
44
-14
1
-12
1
1
-13
1
0
1
o6
(*)
2
1
1
C)
(*)
0
0
0
1
0
0
-1
o
401
5
37
31
328
(D)
(D)
(D)
-1
<•)
(D)
(*)
(*)
9
•Less than $500,000 ( ± ) .
Suppressed to avoid disclosure of data of individual companies.
D
655
271
108
1,586
166
86
165
157
190
10
190
622
7
"
2,711
1,320
-98
174
Other Asia and Pacific
160
-165
-123
181
Iran...
Other-
865
Finance
and
insurance
(*)
7
28
20
51
Middle East.
392
Other
manufacturing
(*)
105
Liberia
Libya..
Nigeria
Other
3,545
Machinery
Transportation
equipment
2,035
157
58
40
139
467
14
224
935
415
76
301
3
35
Other Africa.
Primary
and
fabricated
metals
2,845
214
Australia, New Zealand, and South Africa
611
Chemicals and
allied
products
452
810
54
101
-19
522
152
Japan
62
653
Total
Food
products
Transportation,
communicaTrade
tion, and
public
utilities
—14
(*)
(*)
(*)
4
31
4
-1
28
12
1
39
4
37
(*)
0
7
5
(*)
1
3
2
3
(P)
(P)
16
43
2
27
-4
16
(•)
(*)
(*)
27
6
8
0
1
(*)
(*)
10
(P)
(*)
1
2
(P)
7
1
-1
-4
1
1
0
0
0
0
0
7
4
1
2
3
0
0
0
0
1
3
0
0
0
1
-7
0
2
0
1
0
0
(*)
(•)
(•)
C)
32
(*)
33
1
78
—3
42
8
6
8
119
(*)
-1
3
6
3
1
9
21
1
1
5
2
1
70
(*)
(•)
2
(*)
9
-1
2
(*)
(•)
(DD)
()
o
D
-1
3
( )
(P)
56
( )
28
2
2
\ )
32
9
(•)
(*)
12
15
6
1
-1
(D)
3
Q
(D)
Q
9
C)
3
133
2
3
14
1
-2
5
4
10
\ )
7
79
38
(D)
(*)
18
3
C)
(P)
C)
-1
-3
8
-1
-1
-3
141
—126
(*)
33
(*)
(*)
C)
(*)
125
(D)
(P)
(D)
C)
(*)
3
1
3
—1
—2
82
-24
118
(*)
\ /
42
-1
SURVEY OF CURRENT BUSINESS
August 1979
31
For incorporated petroleum affiliates,
the 1978 rate of return was 11 percent—
about 9 percent in developed countries
and about 23 percent in developing
countries.8 The relatively low rate in
income increased substantially faster tries occurred because a few large uninthan the average position—28 percent corporated affiliates either held substancompared with 11 percent. The rate of tial accounts receivable against their
return was 18 percent in petroleum, 15 U.S. parents or had transferred their acpercent in manufacturing, and 16 per- counts receivable to their parents for
cent in "other" industries. In manu- collection; in both cases, the parents'
facturing and "other" industries, the position in the affiliates was reduced,
rate of return increased significantly; but income was essentially unaffected.
in petroleum, it declined slightly.
(In 1977, the average position in these
The extremely high rate of return in affiliates was negative, and the rate of
petroleum in "other" developing coun- return undefined.)
8. Because no breakdown of interest receipts by type of
affiliate is available, it is impossible to estimate precisely
either income or the rate of return for incorporated and uncorporated affiliates separately. BEA's estimates were derived
by allocating to incorporated petroleum affiliates in each area
the same proportion of interest receipts that these affiliates
had of earnings in each area. Because interest is a relatively
small component of income, only an extreme misallocation of
interest would cause a significant error in the rate of return
estimate.
Table 18.—Reinvested Earnings of Incorporated Affiliates, 1978
[Millions of dollars]
Transportation,
communicaTrade
tion, and
public
utilities
Manufacturing
All
industries
All countries.. _
Mining
and Petrosmelt- leum
ing
Total
Food
products
Chemi- Primary
cals and
and
allied
fabri- Machinprodery
cated
ucts
metals
Transportation
equipment
Other
manufacturing
673
Finance Other
and indusinsur- tries
ance
12,063
118
1,473
595
1,394
258
2,263
1,215
172
1,591
1,459
853
8,989
113
1,034
5,178
438
1,080
188
1,851
954
106
1,043
976
539
Canada
1,881
72
557
776
117
106
45
143
297
123
155
89
109
Europe.
6,000
270
865
120
1,405
634
515
-19
737
852
346
137
18
-6
54
2
12
1
6
1,302
123
177
338
236
115
-1
12
304
528
30
422
36
74
67
16
66
(*)
30
133
-20
(*)
397
(D)
30
65
20
91
(D)
14
97
605
138
71
142
28
50
1
2
174
257
340
-20
13
-9
353
4
246
(*)_
<•)
226
21
91
16
19
25
40
21
1
12
Developed countries.
European Communities (9)._
Belgium and Luxembourg.
France
_
Germany
Italy
Netherlands
._
Denmark
Ireland
United Kingdom.
4,979
342
503
Other EuropeNorway
Spain
Sweden
Switzerland..
Other
1,021
16
90
-1
829
87
Japan
Australia, New Zealand, and South AfricaAustralia
New Zealand.
South Africa..
Developing countries..
Latin America..
Latin American RepublicsArgentina
Brazil
Chile
Colombia
Mexico
Panama
P eru
Venezuela
Other Central America. _.
Other
Other Western Hemisphere..
Bahamas
Bermuda
Jamaica
Other
278
-92
1
313
-32
123
6
-8
-33
3,462
218
391
992
349
344
12
277
879
236
1
24
10
20
61
5
24
92
85
180
61
97
6
204
193
0
-1
0
0
(•)
-2
-10
13
-11
-17
23
347
26
43
20
218
41
34
(*)
10
2
18
4
29
2
4
-3
29
-4
-16
9
-27
-4
3
2
102
6
5
26
50
15
651
0
102
53
-3
253
1
62
457
42
99
212
37
56
25
50
-36
80
320
40
97
39
(*)
3
53
155
15
42
28
3
7
40
3
13
23
-1
36
7
7
-26
-2
-9
53
5
22
2,909
5
426
1,219
158
314
412
5
261
306
11
227
307
234
12
117
-1
7
66
-3
4
29
4
11
221
273
29
45
10
6
59
99
-2
14
7
7
1,506
362
669
62
287
1,249
(*)
0
-1
0
1
(*)
0
-1
1
-1
2,097
7
190
1,012
130
283
1,590
-54
638
11
58
440
197
C)
148
52
101
507
86
366
3
52
7
-4
-5
-1
0
10
(*)
1
(•)
6
131
3
49
-1
2
7
43
-1
6
3
20
851
-100
414
(*)
43
335
7
-1
104
34
15
161
7
133
4
18
125
3
46
1
12
16
204
3
88
1
5
74
6
(*)
18
10
Other Africa..
Liberia..
Libya...
NigeriaOther...
164
Middle East..
Iran...
Other..
146
Other Asia and PacificIndia
Indonesia...
Philippines .
Other
502
International and unallocated.
276
15
(*)
0
C
(*)
10
0
2
(*)
0
0
2
34
-5
(*)
-5
(*)
(*)
165
56
55
(*)
19
-1
2
29
(*)
(*)
(*)
(*)
5
4
-1
3
-1
7
10
(*)
1
109
106
0
46
(*)
()
C)
93
9
6
-2
()
(*)
-4
1
C)
(*)
C)
3
-11
2
-1
24
27
-2
13
11
11
-3
11
9
(*)
(*)
C)
(*)
(*)
(*)(•)
443
34
27
7
1
(*)
6
(*)
0
-1
-3
454
403
192
2
82
211
35
160
-1
18
(*)
()C)
18
23
-1
50
-1
319
156
125
15
54
3
2
23
20
1
8
31
13
5
0
-6
-1
C)
10
9
11
74
-1
4
7
31
1
5
10
-2
-4
61
D
)
2
147
-1
4
-1
1
(*)
177
(*)
(*)
-4
1
18
5
25
129
0
0
0
(*)
()
8
8
-1
10
0
7
18
o
-16
-1
1
C)
(*)
(*)
(*)
(*)
(*)
8
(*)
(*)
74
C)
105
-10
14
*Less than $500,000(±).
Suppressed to avoid disclosure of data of individual companies.
D
*i
48
8
138
21
31
43
407
59
5
44
(
3
70
342
15
18
(*)
28
111
1
1
2
107
105
1
-1
82
30
-5
August 1979
SUKVEY OF CURRENT BUSINESS
32
Fees and Royalties
developed countries may partly reflect
low utilization of refining capacity,
particularly during the first half of the
year; the relatively high rate in developing countries probably reflects a premium necessary to draw resources into
risky exploration and development
activities in these countries.
percent, to $2.7 billion. Service charges
and charges for the rental of tangible
property increased 24 percent, to $1.7
billion. Film and television tape rentals
increased 88 percent, to $0.4 billion.
Fees and royalties from petroleum
affiliates increased 15 percent, to $0.5
billion, largely because of an increase in
Fees and royalties increased 27 percent, to $4.8 billion (table 11). Royalties, license fees, and other fees for the
sale or use of intangible property—such
as patents, industrial processes, trademarks, and copyrights—increased 22
Table 19.—Interest, Dividends, and Earnings of Unincorporated Affiliates, 1977
[Millions of dollars]
Manufacturing
All
industries
All countries
_
Developed countries
.
Canada
Europe
_
_
European Communities (9)
Belgium and Luxembourg
France, -.
Germany..
Italy
Netherlands
. . .
Denmark
Ireland
United Kingdom
Other Europe
Norway.
Spain
SwedenSwitzerland
Other
Japan.
Australia
New Zealand
South Africa
Developing countries
Latin America
Latin American Republics
Argentina
Brazil . . . .
Chile..
Colombia
Mexico
Panama.
Peru
Venezuela
Other Central America
Other
Other Western Hemisphere.
Bahamas
Bermuda
_.
Jamaica. .
Other
.
. .
._
Iran
Other
Other Asia and Pacific
India
Indonesia
Philippines .
Other
International and unallocated
3,917
325
745
184
1,229
899
535
36
967
2,153
464
1,455
3,378
252
568
152
1,113
884
409
11
624
747
292
1,455
159
355
596
41
102
30
99
174
149
22
61
211
52
4,457
-2
927
2,443
155
402
112
891
686
198
3
459
420
207
3,686
184
307
1,576
199
482
12
-2
(*)
(*)
0
(*)
0
741
2
2,289
124
218
1,243
139
372
51
37
106
2
7
680
178
6
24
122
132
5
86
9
15
1
97
32
29
2
60
83
-2
3
814
37
132
324
68
2
1
-2
1
1
360
20
227
36
44
35
35
18
7
1
51
330
18
18
73
37
(*)
3
4
177
154
16
9
27
53
53
1
7
o
-2
(*)
0
(*)
0
0
317
(D)
-13
225
185
193
-8
(*)
(D)
12
213
110
168
497
7
103
209
1
3
93
109
5,673
242
2,406
194
1,123
166
90
250
10
55
152
122
75
158
(D)
^ 6
-1
—1
3
0
(D)
50
86
19
1,283
631
105
—1
0
w
5
3,011
352
247
26
85
3
12
3
1
31
59
7
20
105
(D)
41
o0
171
123
1,775
(D)
o
991
5
607
53
326
245
o
432
29
(*)
9
2
13
(D)
28
16
1
12
180
6
77
4
5
3
1
2
1
(DD)
( )
C)
16
17
14
1
13
116
424
54
136
24
106
367
49
53
2
5
130
6
29
77
9
3
45
15
1
2
14
20
3
10
29
12
8
57
(*)
1
1
0
(*)
11
(*)
V
2
10
C)
207
1,411
6
4
(*)
611
97
-2
10
38
51
8
64
1
7
0
6
11
2
1
0
0
0
0
0
(*)
D
( )
8
8
1
0
0
0
1
5
1
4
1
0
1
17
35
7
-2
0
14
4
11
3
0
Q
3
8
13
(*)
(*)
1
6
3
2
(P)
5
o
0
0
3
1
0
0
0
0
-1
2
0
0
0
-1
(•)
0
(•)
7
2
2
27
59
31
13
11
53
2
4
301
1,388
200
184
9
1,139
158
20
45
(*)
8
C)
0
0
15
0
0
(•)
(*)
2
17
6
3
1
0
( < )
2
3
C)
(•)
(*)
1
(*)
(D)
C)
(*)
3
29
1
6
62
54
1
14
6
3
2
1
0
(•)
5
17
(P)
(*)
2
1
67
19
3
40
(*)
6
8
29
0
4
0
0
3
-2
11
79
1
1
-2
C)
11
3
76
83
162
<•)
( )
10
73
4
8
18
132
27
0
(P)
-2
42
(D)
79
62
(D)
( )
19
14
1
4
(P)
\ )
(P)
9
7
18
5
8
5
7
2
1
19
(P)
(D)
( )
( )
<P)
0
0
(P)
(P)
(D)
981
608
(P)
2
8
C)
90
C)
2
0
1
2
4
13
1
34
109
4
6
1
57
89
9
1
18
14
78
91
(D)
(D)
-14
12
0
2
0
1
1
11
(P)
1
12
15
31
1
10
15
98
4
(P)
231
2
2
14
200
14
2
(*)
(*)
(*)
(*)
126
(*)
0
0
-1
0
2
14
8
(D)
C)
2
(*)
C)
28
2
-6
1
2
-1
0
o0
2
o3
(*)
24
3
2
5
5
20
30
33
(*)
6
0
1
0
4
8
(*)
4
73
9
(*)
(*)
11
9
177
1
7
0
93
74
(*)
(*)
27
1
53
9
8
5
2
539
1,618
181
2
1
(P)
36
8
2
563
-16
D
( )
(*)
5
1
178
167
85
(D)
(*)
64
53
66
27
242
1,533
(D)
1
171
608
* Less than $500,000 ( ± ) .
Suppressed to avoid disclosure cf data of individual companies.
D
213
(D)
64
179
.
(D)
0
501
.
Other
industries
4,646
84
238
Liberia
Libya
Nigeria
Other
Other
manufacturing
Finance
and
insurance
371
331
Other Africa
Middle East
.
Machinery
Transportation
equipment
612
358
Australia, New Zealand, and South Africa
Primary
and
fabricated
metals
6,876
771
208
28
69
392
75
.
Food
products
Total
Chemicals and
allied
products
12,795
78
848
.
Mining
and
Petrosmelt- leum
ing
Transportation,
commuTrade
nication, and
public
utilities
D
( )
( )
( )
(D)
1
29
( )
(D)
1Q
19
D
( )
33
SUEVEY OF CUERENT BUSINESS
August 1979
and license fees from machinery surance affiliates and in film and teleaffiliates (primarily computer manu- vision tape rentals.
facturers) .
Fees and royalties from affiliates in
"other" industries increased 47 percent,
to $1.5 billion. The increase was largely
in service charges of finance and in-
service charges and rentals from the
United Kingdom.
Fees and royalties from manufacturing affiliates increased 20 percent,
to $2.8 billion. The increase was
centered in Europe, where about twothirds of the increase was in royalties
Table 20.—Interest, Dividends, and Earnings of Unincorporated Affiliates, 1978
[Millions of dollars]
Manufacturing
All
industries
All countries
Developed countries...
Canada
Europe.
European Communities (9)-.
Belgium and Luxembourg.
France
Germany
Italy
Netherlands
Denmark
Ireland.
United Kingdom
Other EuropeNorway
Spain
Sweden
Switzerland..
Other
Japan
Australia, New Zealand, and South AfricaAustralia
New Zealand.
South Africa.Developing countries..
Latin America
Latin American RepublicsArgentina
Brazil
Chile
Colombia
Mexico
Panama
Peru
Venezuela
Other Central America. —
Other
Other Western Hemisphere..
Bahamas
Bermuda
Jamaica
Other
Other Africa .
Liberia..
LibyaNigeria.
Other.. .
13,593
7,393
1,554
Mining
and Petrosmelt- leum
ing
513
293
111
3,696
680
306
36
818
128
1,475
973
620
1,034
2,719
461
1,268
934
490
692
810
90
608
366
202
146
42
217
68
524
437
261
285
32
70
52
41
20
9
1
60
301
26
30
71
23
15
6
3
126
240
(D)
26
3
180
137
(*)
41
128
127
-3
854
2,567
198
400
37
949
696
288
-3
0
(*)
0
(*)
0
0
(*)
-3
543
2
(D)
32
-12
299
(D)
-45
264
2,361
174
232
1,052
157
144
11
38
554
162
(D)
-2
74
11
14
2
(D)
35
355
63
41
114
31
30
5
1
70
32
6
12
-13
7
3
(•)
3
14
879
67
111
344
92
86
3
1
174
677
257
8
56
69
11
7
(*)
D
( )
311
312
-25
0
0
206
9
41
38
83
35
36
1
10
45
1
17
4
242
356
1,229
220
493
22
-1
1,050
1,037
345
61
42
451
138
499
(*)
(*)
(*)
0
0
(*)
25
0
66
(*)
(D)
)
44
264
185
550
9
133
175
1
9
150
114
7
64
6,020
221
2,804
716
2,769
188
337
559
159
1,104
63
(D)
7
-2
0
4
0
(D)
4
4
21
203
100
-13
535
79
207
142
19
42
2
16
28
207
294
17
40
157
74
125
139
-33
85
685
597
94
289
125
-1
0
(DD)
()
424
(D)
1,665
1,597
0
Other Asia and PacificIndia
Indonesia
Philippines.
Other
1,230
170
1,427
18
673
67
472
0
0
(D)
168
—15
2
-2
99
37
(
134
)
95
350
3
162
77
108
158
1,228
C)
652
*Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
63
C)
(*)
2
C)
150
10
(*)
(<)
2
8
C)
(*)
12
145
12
5
35
92
C)
C)
C)
(*)
(*)
(•)
(*)
D
122
8
)
22
11
15
1
45
139
19
o110
78
26
1
10
15
2
4
20
(*)
1
12
3
2
1
21
5
24
2
14
(*) 29
13
210
130
268
96
123
207
173
()
(*)
111
1
7
26
0
(*)
()
(*)
(*)
(*)
(*)
(*)
C)
(D)
C)
18
-1
C)
(*)
(*)
(*)
1
C)
(*)
-2
35
19
(*)
C)
37
(*)
(*)
7
1,875
1,553
214
33
42
(*)
14
7
65
1
5
7
39
-31
18
D
: )
, ~~ 35
17
1,339
672
(D)
8
23
19
4
(*)
19
116
76
(*)
-1
21
1
115
15
61
121
186
37
1
7
112
3
6
25
152
74
34
C)
(*)
(*)
(*)
-3
53
C)
C)
14
5
(*)
17
1
4
0
1
14
C)
(*)
-2
C)
(*)
C)
C)
(*)
2
-2
(*)
18
1
( DD )
( )
-1
0
0
104
-11
32
2
2
18
35
1
15
5
5
(*)
()
(*)
(D)
1
2
1
-1
42
24
2
(*)
(D)
180
24
-1
2
730
0
1
113
7
2
62
10
7
(*)
71
4
6
26
32
(*)
185
()
13
464
4
5
79
40
692
Middle East..
Iran...
Other-
419
399
Other
manufacturing
3,611
0
0
0
(D)
D
1,507
4,412
Finance Other
and indusinsur- tries
ance
Transportation
equipment
Chemi- Primary
cals and
and
allied
fabri- Machinprodcated
ery
ucts
metals
4,647
12
163
82
167
International and unallocated.
4,373
Total
Food
products
Transportation,
communicaTrade
tion, and
public
utilities
O
C)
(*)
C)
(D)
1
SURVEY OF CURRENT BUSINESS
34
August 1979
Table 21.—Income, 1977
[Millions of dollars]
Manufacturing
Mining
All
and
industries
smelting
Petroleum
Total
Chemi- Primary
and
cals and
allied
fabri- Machinery
prodcated
ucts
metals
Food
products
Transportation
equipment
Other
manufacturing
TransportaFition,
communance Other
nicaTrade and industion, and
insur- tries
public
ance
utilities
All countries.-.
20,081
752
5,658
7,462
718
1,609
344
2,549
1,007
1,235
136
1,925
3,109
Developed countries..
11,885
491
2,107
6,089
522
1,206
262
2,141
1,013
944
111
1,169
1,295
3,161
221
966
1,251
138
266
82
192
224
349
141
142
312
128
7,301
-2
829
4,308
295
853
163
1,664
852
480
-17
875
872
437
5,720
341
365
1,616
338
948
25
302
1,783
-1
(*)_
576
-121
-7
2
(D)
457
(D)
-14
320
3,875
290
304
1,408
279
321
15
276
256
(D)
4
(D)
19
24
6
(D)
87
796
35
51
191
49
79
10
192
188
110
7
-3
32
7
15
1
1
50
1,561
162
176
555
184
(D)
2
779
373
-18
(*)
(D)
378
62
41
72
45
51
(DD)
()
69
617
101
16
121
45
62
3
5
264
293
9
252
197
4
20
432
52
110
23
173
74
39
1
19
58
3
33
102
15
7
18
4
53
25
17
-2
2
11
Canada
Europe.
European Communities (9)__
Belgium and Luxembourg.
France
Germany
Italy
Netherlands
Denmark
Ireland
United Kingdom
Other Europe.
Norway
Spain
Sweden
Switzerland..
Other
Japan
Australia, New Zealand, and South AfricaAustralia
New Zealand.
South Africa. _
Developing countries..
Latin America
1,581
262
128
50
914
227
0
1
(•)
0
-1
-1
0
-1
0
0
(•)
(*))
13
0
116
315
29
-6
212
15
197
215
58
23
74
-79
628
24
199
259
1
12
130
124
7
84
38
3
17
20
-1
46
1
27
-57
7,942
262
3,497
1,373
3,988
219
31
132
107
8
6
48
-1
0
(*) 2
497
3
8
7
465
16
-13
79
()_
623
1,102
164
408
403
329
1,698
706
632
87
273
105
-1
0
t
9
(*)
(D)
)
20
402
61
9
13
4
37
31
62
8
221
966
60
380
8
65
201
16
-2
168
45
23
154
6
59
1
11
21
-1
1
35
14
136
5
9
5
(*)
1
82
606
()
(*)
100
3
14
-1
38
14
2
65
:D)
26
2
2
13
1
5
2
C)
()
C)
(*)
(*)
)
184
1
12
20
2
1
27
6
-11
12
-65
C)
29
-4
17
(
*>o
210
43
46
49
(*)
37
3
5
29
597
1,754
291
-11
145
10
9
-1
48
7
18
82
320
((DD)f
73
4
195
255
C)
(*)
16
(D)e
(*)
236
1,448
168
234
7
76
1
26
58
D
)
341
25
54
3
6
87
108
1
32
12
12
329
21
96
(*)
5
6
105
(*)
17
118
58
1,120
663
50
14
65
Other Western Hemisphere.
Bahamas
Bermuda
Jamaica
Other
C)
(*)
(•)10
45
9
()
(*)
(D)
(D
()
(*)
(P)
37
(*)
13
42
3
2
4
1
23
13
1
3
0
3
6
478
34
207
191
174
(D)
o
0
31
Middle EastIran...
Other..
1,956
249
1,707
0
:D)
Other Asia and Pacific
India
Indonesia...
Philippines.
Other
1,392
-2
9
169
-5
0
11
30
0
0
1
5
735
606
254
54
C)
1
1
-2
238
25
85
6
15
47
170
-1
-1
17
11
4
10
645
83
654
0
1
11
10
(*)
1
1,661
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
)
188
73
0
28
(*D)
(D )
( )
272
114
(D)
25
-4
D
(*)
()
572
2,290
257
659
19
91
322
285
77
319
98
164
International and unallocated.
C)
850
Latin American Republics..
Argentina
Brazil
Chile
Colombia
Mexico
Panama
Peru
Venezuela
Other Central America...
Other
Other Africa.
Liberia..
Libya...
Nigeria.
Other...
(*)
622
C)
(*)
(*)
-1
1
(*)
(D)
-1
13
93
-2
16
7
86
162
200
1
-1
8
154
4
8
24
163
159
60
-2
SUEVEY OF CUERENT BUSINESS
August 1979
35
Table 22.—Income, 1978
[Millions of dollars]
Transportation,
Ficommunance Other
nicaTrade and industion, and
insur- tries
public
ance
utilities
Manufacturing
All
industries
All countries
Developed countries-
Canada
Europe.
European Communities (9)..
Belgium and Luxembourg.
France
Germany
Italy
Netherlands
Denmark
Ireland.
United Kingdom
Other Europe.
Norway
Spain
Sweden
Switzerland.
Other
Mining
and Petrosmelt- leum
ing
Total
Food
products
Chemi- Primary
cals and
and
allied
fabri- Machinprodery
cated
ucts
metals
632
5,846
10,810
994
2,212
385
3,738
1,645
1,835
251
2,625
4,178
1,314
16,382
406
2,541
8,874
744
1,688
278
3,119
1,602
1,444
136
1,735
1,786
905
3,435
182
976
1,457
153
234
86
270
271
443
141
197
306
177
10,647
-4
1,130
6,376
467
1,265
157
2,354
1,330
-12
1,261
1,289
607
8,590
584
859
2,734
582
1,162
83
286
2,298
-3
0
821
-90
D
()
346
-44
421
(D)
-52
231
5,823
391
623
2,044
507
488
23
315
1,433
1,191
72
125
295
92
127
12
205
263
169
24
6
41
9
16
1
9
63
2,181
190
288
682
328
201
2
13
477
1,205
681
906
164
101
213
51
65
7
5
300
379
)
22
84
31
74
8
(D)
127
309
302
-13
-11
-17
48
553
36
84
58
301
75
74
3
21
2
-12
10
-25
125
0
47
4
3
173
10
11
52
83
17
39
-7
533
383
(•)
-1
1
336
47
228
D
)
42
-1
127
20
177
94
61
-19
100
97
60
-11
-1
-7
64
10
25
90
2
5
29
"s
(
\
-1
-2
-1
(*)
Japan
1,150
0
167
644
97
-2
403
Australia, New Zealand, and South Africa-
1,149
227
267
397
92
37
92
871
49
229
214
1
12
Developing countries_
Other
manufacturing
25,656
2.057
361
151
41
1,280
225
Australia
New Zealand.
South Africa..
Transportation
equipment
0
0
(*)
269
22
107
A
64
4
24
33
-1
5
65
7
20
806
19
-3
(*)
679
44
130
136
27
73
-17
C)
(*)
-4
(*)
124
12
10
5
(D)
99
117
61
112
16
157
-13
C)
(*)
(*)
(*)
580
20
7
77
192
D
)
8,929
226
3,230
1,936
251
524
107
619
43
391
711
2,328
Latin America
Latin American Republics.
Argentina
Brazil
Chile
Colombia
Mexico...
Panama
Peru
Venezuela
Other Central America...
Other
4,866
196
527
1,571
200
442
87
478
41
323
430
1,956
148
2,694
J52
932
28
98
597
271
125
287
19
186
71
(D)
2
-3
0
14
(•)
1,386
-21
621
8
82
448
14
1
166
45
23
194
13
62
3
16
36
1
(*)
46
11
346
22
130
3
21
101
87
378
18
77
11
8
77
135
-1
29
12
12
406
35
125
(•)
20
94
27
334
103
36
D
()
-13
9
41
99
43
(D)
23
Other Western Hemisphere.
Bahamas
Bermuda
Jamaica
Other
2,172
772
963
97
125
-1
0
192
(D)
(D)
185
6
53
27
1,550
707
Other AfricaLiberia .
Libya...
Nigeria.
Other __
\
4
105
341
455
588
10
27
(D)
(D)
()
214
Middle East.
Iran...
Other .
1,743
Other Asia and Pacific.
India
Indonesia- _.
Philippines .
Other
International and unallocated.
(D
(*)
9
26
1,732
813
322
704
111
879
2
677
-5
139
345
(*)
75
30
11
61
221
96
3
C)
(D)
(*)
(D)
(*)
(*)
(D)
(*)
(*)
(*)
-10
1
-13
3
(*)
17
-1
19
C)
10
(*)
35
12
10
(*)
0
0
0
0
0
)_
1
1
0
0
0
-2
-1
<*)
(*)
4
5
108
* Less than $500,000 (db).
Suppressed to avoid disclosure of data of individual companies.
1
-44
54
25
(*)
11
25
1
(*)
11
13
5
0
4
22
10
(*)
-5
-1
25
127
150
-2
1
o
2
125
(*)
(*)
(D)
27
31
231
214
126
2
3
7
28
176
14
1
219
179
D
72
-15
(D)
126
80
27
29
101
)
(*)
(*)
(*)
(*)
(D)
-2
(•)
1
(*)
(*)
3
14
9
3
(*)
)
82
10
0
0
(*)
(*)
-10
17
(*)
-5
(*)
(D)
4
-1
3
(*)
228
(*)
(*)
(*)
7
118
(*)
25
1
3
35
36
1,434
178
1,565
(D)
41
64
2
SURVEY OF CURRENT BUSINESS
36
August 1979
Table 23.—Fees and Royalties, 1977
[Millions of dollars]
Manufacturing
All
industries
Mining
and
Petrosmelt- leum
ing
Chemicals and
allied
products
Food
products
Total
Primary
and
fabricated
metals
Machinery
Transportation
equipment
Other
manufacturing
All countries—
3,793
69
420
2,346
152
479
965
247
435
Developed countries _
3,045
29
180
2,185
126
445
945
229
382
672
16
36
488
63
137
159
81
1,336
318
636
50
1,229
120
206
268
142
100
6
25
363
297
40
45
42
31
30
3
15
92
587
73
91
164
94
27
1
49
1
6
12
1
1
0
0
29
208
2
52
26
12
36
243
30
57
50
55
51
107
11
33
36
16
12
21
2
4
7
5
5
1
0
1
0
25
2
5
5
7
6
Japan
302
246
20
Australia, New Zealand, and South Africa-.
210
116
12
37
146
14
50
3
83
8
25
3
2
28
2
7
Canada
Europe _
European Communities (9)__
Belgium and Luxembourg.
France
Germany
Italy
NetherlandsDenmark
Ireland
_
United Kingdom
Other EuropeNorway
Spain
Sweden
Switzerland.
Other
Australia
New Zealand.
South Africa..
Developing countries..
Latin America
1,860
(*)
121
1,617
130
257
334
181
158
29
25
501
(*)
101
(D)
12
Other Asia and Pacific.
India
Indonesia.._
Philippines _
Other
International and unallocated _
33
41
54
-5
87
29
292
-6
()
(*)
65
6
1
14
10
5
2
1
25
28
-2
1
1
3
6
(•)
200
22
1
D
( )
5
11
1
-1
C)
(*)
(*)
C)
(*)
35
4
23
32
2
•°
(*)
3
13
337
22
89
123
19
25
22
36
14
7
80
116
9
15
1
(•)
63
1
2
10
9
4
18
(*)
(*)
(*)
(*)
13
24
1
-2
19
2
6
34
3
12
4
1
(*)
(*)
2
3
2
3
1
1
12
3
6
2
()
C)
1
(*)
9
(*)
(*)
(D)
2
1
-2
22
1
1
1
2
(*)
1
<•)
2
(*)
(*)
6
()
C)
(*)
(*)
C)
C)
(*)
(*)
(*)
C)
(*)
(*)
0
0
7
172
4
2
54
118
112
37
7
42
24
39
44
C)
(*)
C)
(*)
(*)
15
2
2
8
18
)
3
9
(*)
C)
(*)
(*)
78
(*)
C)
(*)
(*)
(*)
(*)
C)
(•)
C)
(*)
2
13
(*)
103
46
57
(*)
24
5
5
16
-2
15
C)
(*)
(*)
(*)
()
C)
(*)
0
0
0
13
(*)
(*)
(*)
(*)
C)
(*)
()
(*)
C)
M
(*)
82
3
12
11
57
(*)
28
230
53
o
(V
2
20
(*)
(*)
(•)
92
(•)
(*)
35
(D)
42
20
-3
26
1
149
20
2
10
36
18
26
•Less than $500,000 ( ± ) .
Suppressed to avoid disclosure of data of individual companies.
D
417
5
3
76
2
()
656
76
160
46
4
10
5
27
Iran _ _.
Other-
(*)
89
157
226
Other Western Hemisphere.
Bahamas
Bermuda
Jamaica
Other...
Middle East.
(*)
48
Other
industries
200
13
(*)
40
291
57
34
4
6
75
34
12
18
23
27
Liberia.
LibyaNigeria .
Other...
(*)
137
Finance
and
insurance
704
Latin American RepublicsArgentina
Brazil
Chile
Colombia
Mexico.-.
Panama
Peru
Venezuela
Other Central America...
Other
Other Africa..
(*)
C)
(*)
Transportation,
communicaTrade
tion, and
public
utilities
()
(*)
(•)
C)
(•)
3
22
(*)
(*)
(•)
SUEVEY OF CUEEENT BUSINESS
August 1979
37
Table 24.—Fees and Royalties, 1978
[Millions of dollars]
Manufacturing
Mining
All
and
industries
smelting
Petroleum
Chemi- Primary
and
cals and
allied
fabri- Machinery
prodcated
ucts
metals
Food
products
Total
Transportation
equipment
TransportaFition,
communance Other
nicaTrade and industion, and
insur- tries
public
ance
utilities
Other
manufacturing
All countries..-
4,806
66
482
2,814
183
600
1,188
265
501
203
296
Developed countries _
3,854
34
235
2,610
150
548
1,146
253
446
130
201
727
22
38
538
30
75
140
187
85
33
37
55
174
1,628
397
777
46
288
46
131
444
144
2
10
13
5
3
1
2
108
1,506
137
244
322
168
137
8
30
461
374
49
56
59
29
39
4
12
125
723
75
106
187
117
45
1
6
14
1
1
0
1
21
256
6
61
32
13
42
76
7
3
15
14
121
7
328
1
37
42
16
30
23
1
3
(*)
2
122
11
29
41
24
17
24
1
5
5
7
5
54
Canada
Europe _
European Communities (9)..
Belgium and Luxembourg.
France
Germany
Italy
Netherlands
Denmark
Ireland
United Kingdom
Other Europe..
Norway
Sweden
Switzerland..
Other
Japan
Australia, New Zealand, and South Africa..
Australia
New Zealand .
South Africa.Developing countries..
Latin America
Latin American Republics..
Argentina
Brazil
Chile
Colombia
Mexico
Panama
Peru
Venezuela
Other Central America...
Other
2,431
C)
2,179
155
303
411
210
338
39
33
690
251
46
63
60
16
67
(*)
(*)
0
0
0
)
453
0
243
12
172
15
56
12
0
C)
3
3
0
1
1
0
1
(*)
(*)
(*)
C)
( * ) •
(
-43
(D)
1
1
72
10
-1
(•)
(*)
5
5
27
-30
2
()
32
207
28
44
22
23
31
3
10
18
3
14
2
8
42
39
(*)
C)
(*)
204
33
52
361
27
37
33
5
2
1
3
1
7
2
3
1
7
132
24
29
29
24
124
20
24
2
25
4
6
(*)
78
1
3
5
6
3
17
(*)
1
1
2
1
28
6
-8
1
-1
25
23
10
3
(*)
(*)
275
44
28
8
7
84
39
10
17
18
19
(*)
C)
(*)
0
3
0
(*)
(D)
4
(*)
(*)
(*)
(*)
(*)
(*)
0
C)
4
38
2
9
16
47
Other Asia and Pacific.
India
Indonesia.. .
Philippines.
Other
213
0
0
0
3
59
175
52
32
122
71
(*)
8
12
17
90
C)
*Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
(*)
(•)
(*)
0
0
-2
216
234
D
124
()
12
28
5
(*)
31
Middle EastIran...
Other..
International and unallocated
319
1
185
C)
(*)
881
Other Western HemisphereBahamas
Bermuda
Jamaica
Other
Other Africa.
Liberia .
Libya...
Nigeria .
Other...
C)
49
3
(*)
2
1
0
(*)
7
11
12
(*)
(*)
6
0
0
-3
0
0
(*)
0
0
0
0
0
(*)
(*)
(*)
(*)
(*)
()
(*)
(*)
C)
(*)
2
1
(*)
(*)
1
!
0
I
(*)
(*)
45
4
17
(*)
257
76
60
4
18
3
2
(*)
10
15
1
10
7
C)
1
1
43
37
-5
(*)
10
(D)
()
I
4
17
-1
122
—1
43
78
14
37
(*)
()
(*)
(*)
15
(*)
5
3
58
22
C)
(*)
(*)
9
29
66
(*)
(*)
(*)
(*)
5
(*)
-2
2
1
-2
29
116
11
5
1
(*)
0
0
0
(*)
()
(*)
(*)
(*)
(*)
(*)
(*)
37
2
13
i
(*)
(*)
(*)
3
0
1
w
(*)
(*)
623
C)
(*)
(*)
(*)
2
12
34
7
4
24
By GREGORY G. FOUCH and L. A. LUPO
Foreign Direct Investment in the United States in 1978
CHART
LAJOR developments related to of the total. The Netherlands, which
foreign direct investment in the United had the largest position, accounted for
nearly 25 percent of the total; the Foreign Direct Investment in the
States in 1978 were:
United States in 1978
• The foreign direct investment posi- United Kingdom and Canada each acForeign Direct Investment Position:
tion rose 18 percent, or $6.2 billion, counted for more than 15 percent; and
$40.8 Billion
to $40.8 billion, following a 12- each of the remaining countries—in
Billion $
percent rise in 1977. The addition order of size of position, Germany,
0
2
4
6
8
largest
to the position, a record, helped Switzerland, the Netherlands Antilles, • Eight
positions:
finance several major foreign ac- Japan, and France—accounted for 5 to 8
Netherlands
quisitions of U.S. companies, as percent (table 2 and chart 2). The 13
well as expansion of existing U.S. members of the Organization of Petroleum Exporting Countries (OPEC) toaffiliates.
• Equity and intercompany account gether accounted for less than 1 percent
inflows rose 85 percent, to $4 of the total; their positions were pribillion, and reinvested earnings marily in real estate and manufacturing
rose 47 percent, to $2.3 billion. The (table 3).
It should be noted that in determinincreases, following declines in
1977, reflected continued U.S. eco- ing the geographical distribution of the
nomic expansion, rising borrowing position, the Bureau of Economic
costs in the United States, and Analysis (BEA) classifies the data by
depreciation of the U.S. dollar the country of an affiliate's "first"
against several major foreign foreign parent—the first foreign parent
outside the United States in a foreign
currencies.
Addition to Foreign Direct Investment
• Income—the return on the posi- chain of ownership. In some important
Positon: $6.2 Billion
Billion
tion—increased 40 percent, to $4 instances, the country of the "first"
foreign
parent
differs
from
that
of
the
billion, and the rate of return on
• Eight largest
additions:
the position increased to 10.5 ultimate (beneficial) owner. In particNetherlands
ular,
a
large
portion
of
the
positions
of
percent, from 8.7 percent in 1977, as
United Kingdom
income rose faster than the position. the Netherlands Antilles, Panama, and
Bermuda, and a smaller portion of the
Japan
Foreign Direct
Investment positions of the Netherlands and Switzerland, represent investments owned
Germany
Position
beneficially by residents of other counCanada
The foreign direct investment posi- tries. The advantages to beneficial
tion was $40.8 billion at yearend (table owners of holding investments indiNetherlands Antilles
1). By country of foreign parent, owner- rectly through other countries include
Switzerland
ship of direct investment was highly minimization of taxes, the lack of
concentrated: * Eight countries had po- regulatory constraints, and protection
France
sitions exceeding $1.8 billion, and to- of privacy.
gether accounted for nearly 90 percent
By industry of affiliate, 40 percent of •Other Countries
the position was in manufacturing, 22
1. I n this article, "foreign parent" means all members of
U.S. Department of Commerce, Bureau of Economic Analysis
percent
in trade, 19 percent in petrothe affiliated foreign group that consists of the foreign parent
leum, 7 percent in insurance, and 12
and foreign affiliates of the foreign parent.
NOTE.—Woodley Timberlake assisted in percent in "other" industries. More
preparing the estimates, and Ronald Reed than one-third of the position in manufacturing was in chemicals, and about
programmed the tables.
38
2
SURVEY OF CURRENT BUSINESS
August 1979
one-half of the position in "other" industries was in finance.
About $0.9 billion, or 2 percent, of
the position was in real estate (table
15). However, this estimate covers only
a small part of the total asset value of
U.S. real estate owned by foreign parents. Only direct investment in a U.S.
affiliate classified in the real estate
industry (i.e., a real estate operator,
lessor, or developer) is included in the
estimate. Direct investment in an affiliate in another industry, which may
hold real estate, is classified in the
industry of that affiliate—for example,
direct investment in a manufacturing
affiliate that represents ownership of a
plant site would be classified in manufacturing. Furthermore, the direct investment position in U.S. real estate
affiliates only reflects a portion of the
asset value of the real estate held by
such affiliates. This is because real
estate investments usually are highly
leveraged—the ratio of loans (to a
large extent, from unaffiliated sources)
to investors' funds used for equity
purchases normally is high—and direct
investment accounts only include funds
from foreign parents.
By type of affiliate and account, 94
percent of the position was in incorporated affiliates, and 6 percent in unincorporated affiliates (table 4). For incorporated affiliates, 76 percent was capital
stock and retained earnings (the equity
of foreign parents) and 18 percent intercompany account balances, primarily
short-term trade-related debt to foreign
parents. For unincorporated affiliates,
the position is a single account representing the parent's claims on the
affiliate's net assets; nearly half of the
position was held by United Kingdom,
39
Swiss, and Canadian parents of U.S.
insurance affiliates, and largely represented security portfolios required
to be held as policy reserves.
1978 Addition
The 1978 addition to the position was
$6.2 billion. It consisted of equity and
intercompany account inflows of $4
billion, reinvested earnings of $2.3
billion, and a small negative valuation
adjustment.
There were several factors contributing to the record size of the addition.
First, U.S. interest rates rose, reflecting
continued economic expansion, worsening inflation, and measures taken by
U.S. monetary authorities to stem the
further depreciation of the U.S. dollar
against several major foreign currencies.
As borrowing costs rose, U.S. affiliates
Table 1.—Foreign Direct Investment Position in the United States, 1977-78
[ Millions of dollars]
Addition in 1978
Addition in 1977
Position,
yearend
Equity and Reinvested
intercompany
earnings
account inof incorflows [outporated
flows ( - ) ]
affiliates
1976
Total
AH areas
Petroleum
Manufacturing.
Trade
Insurance
Other
Canada
Petroleum
Manufacturing
Trade
Insurance
Other
Europe
Petroleum
Manufacturing
Trade
Insurance
Other....
United Kingdom
Petroleum
Manufacturing
Trade.
Insurance
Other
Europe excluding United King
dom
Petroleum.
Manufacturing
Trade
Insurance
Other
Japan
Petroleum
Manufacturing
Trade
Insurance
Other
..
Other
Petroleum
Manufacturing
Trade
Insurance
Other
* Less than $500,000 (±).
_
Position,
Valuation
adjustments
yearend
1977
Total
Equity and Reinvested
intercompany
earnings
account inof incorflows [outported
flows ( - ) ]
affiliates
Position,
yearend
1978
Valuation
adjustments
30,770
5,921
12,620
6,123
2,114
3,993
3,825
652
1,410
1,114
204
444
2,142
52
984
681
120
305
1,586
601
430
431
84
41
96
0
-4
2
0
98
34,595
6,573
14,030
7,237
2,318
4,437
6,236
1,312
2,259
1,648
441
576
3,964
308
1,762
1,251
252
392
2,329
1,004
495
397
253
181
-58
0
3
-1
-64
4
40,831
5,907
676
3,386
710
246
890
-257
34
-309
48
247
17
169
23
8
47
17
75
23
-38
-30
38
-552
0
-553
2
0
0
5,650
710
3,077
758
207
898
516
72
246
144
62
-7
318
26
182
87
59
-36
195
46
61
57
2
29
3
0
3
0
0
0
6,166
782
3,323
902
269
891
20,162
4,999
7,426
4,339
1,595
1,803
3,592
524
1,841
781
193
253
1,822
21
1,011
399
153
238
1,036
503
280
206
40
7
734
0
549
177
0
8
23,754
5,523
9,267
5,120
1,787
2,056
4,141
1.107
i;638
741
378
277
2,463
260
1,313
514
179
197
1,682
847
332
228
199
76
-3
0
-7
-1
0
4
27,895
6,630
10,905
5,862
2,165
2,333
5,802
602
1,963
1,817
1,094
326
595
-116
342
162
78
129
330
-114
184
68
65
127
266
-2
166
93
14
-4
_1
0
1
0
7
6,397
486
2,305
1,979
1,172
455
972
-2
625
182
276
-110
602
7
495
112
127
-137
442
-8
198
73
150
29
-72
0
-67
-3
0
-2
7,370
484
2,930
2,161
1,449
345
14,360
4,397
5,464
2,522
501
1,477
2,997
641
1,498
619
114
124
1,492
135
827
330
88
111
770
506
114
113
26
11
735
0
558
175
0
2
17,356
5,038
6,962
3,141
615
1,600
3,169
1,108
1,013
559
101
387
1,861
253
819
403
52
334
1,240
855
134
155
49
47
69
0
60
2
0
20,525
6,146
7,975
3,701
716
1,987
1,178
45
304
329
(D)
(D)
577
2
28
482
424
1
55
299
163
1
-27
183
753
(D)
(D)
6
1,755
48
332
811
38
527
933
(D)
(D)
-10
0
0
0
0
-10
174
3
32
93
1
45
6
0
6
0
0
0
3,523
201
1,503
745
(D)
(D)
-87
91
-149
-197
(D)
(D)
-151
12
-157
-40
(D)
(D)
140
79
8
19
44
-11
-76
0
0
-176
0
100
3,436
292
1,354
548
285
956
279
108
70
20
50
-64
0
0
0
-64
0
(*)
(*)
Q
Suppressed to avoid disclosure of data of individual companies.
(D)
(D)
69
637
189
(D)
(D)
645
(D)
306
125
144
430
(D)
236
105
D
D
( )
30
544
117
( )
87
30
7,885
16,289
8,884
2,759
5,013
6
2,688
400
1,448
D
)
716
4,081
D
1,660
673
)
1,074
SUEVEY OF CURRENT BUSINESS
40
Table 3.—Foreign Direct Investment Position in t h e United States of Members of
tlie Organization of Petroleum Exporting
Countries (OPEC), 1977-78 1
Table 2.—Composition of Foreign Direct Investment in the United States, 1977-78
[Percent]
1977
Position,
yearend
Total
By component:
Equity and intercompany account inflows. _.
Reinvested earnings of incorporated affiliatesValuation adjustments
B y t y p e of affiliate a n d a c c o u n t :
IncorporatedCapital stock and retained earnings *_
Intercompany accounts _
_
Unincorporated
Position,
yearend
100
n.a.
n.a.
n.a.
[Millions of dollars]
Addition to
position
100
100
n.a.
n.a.
n.a.
64
37
-1
--
96
27
4
B y area:
Canada
Europe
-United Kingdom
Europe excluding United Kingdom.
Of
1978
Addition to
position
100
66
16
51
which:
France.
Germany
Netherlands
Switzerland
Japan
_
Other
Of which, Netherlands AntiUes 2
2
11
31
3
15
10
7
11
41
9
15
- 2
- 2
By industry:
Petroleum. _
Manufacturing
Trade
Insurance
Other
21
36
26
7
9
M e m o r a n d u m :
O P E C 3
n.a. Not applicable.
1. Capital stock includes additional paid-in capital.
2. Part of "Other Western Hemisphere".
3. Countries in the Organization of Petroleum Exporting Countries (OPEC) are: Algeria, Ecuador, Gabon, Indonesia,
Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela, and United Arab Emirates.
probably relied more on funds from
their foreign parents (equity and intercompany account inflows) and on reinvested earnings, and less on funds borrowed in U.S. financial markets. (Borrowing in U.S. financial markets is a
domestic (U.S.) transaction and, therefore, is excluded from the addition.)
Evidence of this shift infinancingcan
August 1979
be found in the sharp increase in equity
and intercompany account inflows, and
in the increase in affiliates' reinvestment ratios—the proportion of earnings
reinvested. The latter, coupled with
strong earnings growth, resulted in a
sharp increase in reinvested earnings.
The large size of the addition also
reflects the cumulative effects of several
Yearend Yearend
1977
1978
Total
256
325
Petroleum
Manufacturing..
Trade
Finance.
Insurance
Real Estate
Other
4
24
—8
4
56
g
49
4
182
1
45
3
199
10
1. See footnote 2, table 2.
developments which have combined to
make the United States an attractive
location for foreign investments, such
as the strong rise in U.S. output since
the 1974-75 recession, the depreciation
of the U.S. dollar against a number of
leading foreign currencies since 1971,
the decline in U.S. costs of production
relative for foreign costs, and the political stability of the United States,
compared with several other major
areas.
By country of foreign parent, the
eight countries with the largest positions together accounted for 93 percent
of the addition: The Netherlands accounted for more than 30 percent; the
United Kingdom and Japan each for
about 15 percent, Germany for 11
percent, Canada and the Netherlands
Antilles each for more than 6 percent,
and Switzerland and France each for
more than 2 percent of the total.
For the eight countries combined,
Table 4.—Foreign Direct Investment Position in the United States, by Type of Affiliate and Account, 1977-78
[Millions of dollars]
Yearend
Y e a r e n d 1977
Incorporated affiliates
I n c o r p o r a t e d affiliates
Total
Total
Total
1978
Capital
stock and
retained
earnings '
Intercompany
accounts
Unincorporated
affiliates
Total
Total
Capital
stock and
retainedl
earnings
Intercompany
accounts
34,595
32,494
26,811
5,683
2,100
40,831
38,461
31,096
7,364
2,370
5,650
23, 754
6,397
5,336
22,457
5,657
4,180
17,538
4, 450
1,155
4,918
1,207
314
1,297
740
6,166
27,895
7,370
5,801
26,412
6,541
4,435
20,934
5,416
1,365
5,478
1,125
365
1,483
828
17,357
1,755
3,436
16,800
1,679
3,023
13,088
2,087
3,005
3,711
-408
18
557
76
413
20,525
2,688
4,081
19,871
2,584
3,663
15, 518
2,435
3,292
4,353
149
372
654
6,573
14,030
7,237
2,318
4,437
6,540
13, 928
7,085
1,186
3,755
5,950
11,219
4,872
1,057
3,713
590
2,710
2,213
129
41
33
102
151
1,131
682
7,885
16,289
8,884
2,759
5,013
7,853
16,190
8,758
1,466
4,195
7,258
12,890
5,574
1,309
4,065
595
3,300
3,183
156
130
32
100
127
By area:
Canada
Europe
United Kingdom
Europe excluding United Kingdom.
Japan
Other
B y industry:
Petroleum
Manufacturing
Trade
Insurance. _ _
Other
1. Includes additional paid-in capital.
Unincorporated
affiliates
104
418
1,293
818
SURVEY OF CURRENT BUSINESS
August 1979
41
Table 5.—Equity and Intercompany Account Inflows, by Type of Affiliate, 1977-78
[Millions of dollars; outflow (—)]
L977
1978
Inflows to incorporated affiliates *
Total
Capital stock 2
Total
Total
Total
.
By area:
Canada
Europe
-United Kingdom
Europe
excluding
United Kingdom
Japan
- Other
By industry:
Petroleum
M anufacturing
Trade
Insurance
Other
-
Increases
Decreases
Inflows to incorporated affiliates *
Intercompany accounts
Total
Capital stock 2
Total
Total
Increases
Decreases
Intercompany accounts
Inflows to
unincorporated
affiliates
2,142
2,155
1,325
1,398
-73
830
-13
3,964
3,695
2,014
2,219
-205
1,681
270
47
1,822
330
101
1,828
382
149
1,003
341
1-56
1,047
-7
-44
-48
825
40
-53
-7
-52
318
2,463
602
267
2,277
513
57
1,717
596
78
1,892
673
-21
-175
-78
211
560
-82
51
186
88
1,492
424
-151
1,447
412
-187
662
88
86
785
324
-272
45
11
36
1,861
753
430
1,763
725
425
1,211
168
72
1,218
173
76
-97
-5
-4
642
557
354
97
28
5
52
984
681
120
305
56
970
726
132
271
115
653
221
88
249
-60
317
505
44
23
-4
14
-45
-13
34
308
1,762
1,251
252
392
309
1,764
1,276
90
255
304
1,174
306
63
166
1,282
343
-108
-37
220
-54
5
590
970
27
89
-1
-2
-25
162
136
88
107
(D)
239
89
262
(*)
-22
(D)
-19
-1
-13
*Less than $500,000 (±).
D
Suppressed to avoid disclosure of data of individual companies.
1. Includes inflows to purchase capital stock in affiliates from unaffiliated U.S. persons and
outflows from the sale of such stock to unaffiliated U.S. persons. Although such flows are
the addition was more than double that
in 1977, with only France and Switzerland showing smaller additions. The
increases for the United Kingdom,
Japan, and Germany each were roughly
60 percent, and the increase for the
Netherlands was 19 percent. Canada
and the Netherlands Antilles each
shifted from negative to large positive
additions.
The large shifts for Canada and the
Netherlands Antilles, and the belowaverage increase for the Netherlands,
mainly reflected changes in the yearend1977 positions of these countries resulting from reclassification of several U.S.
manufacturing affiliates from Canadian
to Netherlands ownership, and of
several U.S. trade affiliates from
Netherlands Antilles to Netherlands
ownership. The reclassifications, which
reflected changes in the foreign chain of
ownership in the U.S. affiliates, appear
as negative valuation adjustments to
the positions of Canada and the Netherlands Antilles, and as positive valuation
adjustments to the position of the
Netherlands.
By industry, increases in the addition
were widespread. The addition more
than doubled in petroleum and insurance; it rose 60 percent in manufacturing, 48 percent in trade, and 30
percent in "other" industries. The
additions in petroleum and insurance
were mainly accounted for by existing
U.S. affiliates. The addition in manu-
Inflows to
unincorporated
affiliates
not actually "to" U.S. affiliates they are so classified because they change the foreign direct
investment position in these affiliates.
2. Includes the net change in additional paid-in capital.
facturing largely reflected acquisitions
of U.S. companies; the addition in
trade was accounted for by expanded
activities of existing U.S. affiliates, and
acquisitions of other U.S. companies.
Equity and intercompany
inflows
account
Equity and intercompany account
inflows were $4 billion, up 85 percent
(table 5). By type of affiliate and account, inflows to incorporated affiliates
were $3.7 billion, 93 percent of the
total. Of the $3.7 billion, inflows for net
purchases of capital stock (including
the net increase in additional paid-in
capital) were $2 billion, up 52 percent,
and inflows on intercompany accounts
doubled to $1.7 billion. The increases
in both accounts were widespread by
Table 6.—Composition of Intercompany Account Inflows, 1977-78
[Millions of dollars; outflow (-)]
1977
Total
Short-term
Long-term
1977-78
change
1978
830
925
-96
1,681
445
1,236
851
-^480
1,332
-48
-39
—9
825
894
-68
40
94
-53
785
800
-15
324
349
-25
-272
-279
7
211
193
18
560
-77
637
-82
-19
-64
642
-58
700
557
230
326
354
98
255
258
232
27
-265
-971
705
-123
-112
-10
-143
-858
715
232
-119
351
626
378
249
-60
-80
21
317
256
61
505
709
-204
44
7
38
23
34
-11
5
121
-116
590
-45
635
970
397
573
27
21
6
89
-48
138
65
201
-137
273
-301
574
465
-312
777
-17
14
-32
66
-82
149
By area:
Canada.
Short-term
Long-term
Europe
Short-term
Long-term
United Kingdom
Short-term
Long-term
Europe excluding United Kingdom
Short-term . . .
Long-term.
Japan
Short-term
Long-term
Other
Short-term
Long-term
_
By industry:
Petroleum
Short-term .
Long-term
Manufacturing
Short-term
Long-term
Trade
Short-term
Long-term
Insurance
Short-term
Long-term
Other
Short-term
Long-term
. _.
_
_
__
___
-
-
__
_.
_.
-
_
_-.
SURVEY OF CURRENT BUSINESS
42
area and by industry, and financed a
number of large acquisitions of U.S.
companies, as well as expansion of
existing U.S. affiliates.
The increase in net purchases of
capital stock was facilitated by the
depreciation of the dollar, which reduced U.S. equity prices in terms of a
number of foreign currencies. In a few
cases, foreign parents acquired U.S.
companies directly. In many other
cases, acquisitions of U.S. companies
were made by existing U.S. affiliates.
Although such indirect acquisitions were
domestic (U.S.) transactions (and were
not included in direct investment inflows), the existing affiliates received
substantial inflows from their foreign
parents, in the form of net purchases
of capital stock, to finance the
acquisitions.
By industry, the increase in petro-
leum mainly went to existing U.S.
affiliates of Netherlands parents; in
manufacturing, it was largely for acquisitions of U.S. companies in the food,
metals, and transportation equipment
(part of "other manufacturing") industries by Netherlands, United Kingdom, and German parents; in trade, it
went largely to existing U.S. affiliates
of Japanese parents. There were small
decreases in insurance and in other
industries.
The increase in intercompany account
inflows to incorporated affiliates was
more than accounted for by a shift in
long-term accounts, from small outflows
in 1977 to inflows of $1.2 billion (table
6). The shift partly reflected increased
foreign parent financing of their U.S.
affiliates' acquisitions of U.S. companies,
and was centered in manufacturing and
trade. The inflows in manufacturing
August 1979
reflected an acquisition of a major U.S.
food company. The inflows in trade
reflected Japanese parents' repayments
of long-term borrowing from their U.S.
trade affiliates, the acquisition of a U.S.
food company by a U.S. trade affiliate
of a United Kingdom parent, and the
financing of a U.S. trade affiliate by a
Netherlands affiliate of a German
parent.2 In the latter case, although the
U.S. affiliate was classified in trade, it
also manufactured automobiles; part
of the long-term financing was for the
manufacturing operation.
In contrast to the positive shift in
long-term intercompany
accounts,
short-term inflows to incorporated affiliates declined to $0.4 billion, less than
2. Direct transactions between a U.S. affiliate and a foreign
affiliate of a foreign parent are treated in these accounts as
direct investment; the resulting flows are classified in the
country of the foreign affiliate, rather than in the country
of the foreign parent.
Table 7.—Reinvested Earnings and Reinvestment Ratios of Incorporated Affiliates, 1977—78
[Millions of dollars, or ratio]
1977
Earnings
All areas
Petroleum
Manufacturing
Trade
Insurance
Other
2,436
834
810
552
110
130
Canada
Petroleum
M anufacturing
Trade
Insurance
Other
Europe
Petroleum
M anufacturing
Trade
Insurance
Other
317
179
25
(*)
48
Japan
Petroleum
Manufacturing
Trade
Insurance
Other
Other
Petroleum
M anufacturing
Trade
Insurance
Other
Reinvestment ratio
(reinvested
earnings/
earnings)
0.65
.72
.53
.78
.76
.31
70
49
10
2
247
17
169
23
.78
.26
.95
.92
46
17
.65
2,349
667
.54
.72
.61
568
354
236
126
123
47
.63
612
-8
274
130
172
44
10
64
.75
-59
-7
76
58
15
1
195
46
61
57
2
.81
.98
-103
33
5
-1
-52
29
-108
34
3
-9
645
344
52
22
159
69
193
-6
52
-22
135
34
17
0
20
-3
-1
0
176
-6
32
-19
136
34
553
406
-5
90
84
57
-25
49
469
349
20
41
23
36
18
2
62
-94
1
47
7
1
3
-4
0
11
1
59
-90
1
40
-99
-32
-3
-94
-4
3
139
29
62
1
6
41
79
32
.84
.95
212
3
38
112
1
58
38
0
6
19
0
13
174
3
32
93
1
45
.82
360
120
103
31
54
51
81
12
33
11
4
21
279
108
70
20
50
30
.77
.90
.68
.64
.93
.60
.79
.56
.44
.06
.56
•Less than $500,000 (=fc). D Suppressed to avoid disclosure of data of individual companies.
1. Reinvestment ratio not denned because reinvested earnings are negative.
101
56
-5
46
160
69
163
1
-27
183
140
79
8
19
44
-11
746
400
47
294
224
185
21
2
(*)
-2
.72
.38
.85
299
134
28
195
1
-25
207
.63
.71
.65
180
258
)
1,240
855
134
155
49
47
770
506
114
113
26
11
127
15
1
743
403
65
-34
169
140
497
414
135
34
45
1
42
-91
37
5
1,737
1,184
320
744
445
-26
3
174
148
.72
.75
.61
.38
Reinvested
earnings
0.73
.78
.63
.72
.89
.65
442
266
-2
166
93
14
-4
Gross
dividends
2,329
1,004
495
397
253
181
170
0
76
57
22
15
153
0
57
59
23
13
Earnings
851
275
290
158
31
97
.58
.64
419
-2
223
152
37
9
0)
Reinvestment ratio
(reinvested
earnings/
earnings)
1,682
847
332
228
199
76
241
80
25
C)
D
Reinvested
earnings
3,180
1,279
785
555
284
278
(*)
521
286
65
11
Gross
dividends
1,586
601
430
431
84
41
1,036
503
280
206
40
7
C)
Earnings
850
233
380
121
26
568
Petroleum
M anufacturing
Trade
Insurance
Other
Petroleum
Manufacturing
Trade
Insurance
Other
C)
Reinvested
earnings
1,604
United Kingdom
Europe excluding United
Kingdom
Gross
dividends
1977-78 change
1978
.62
l
73
150
29
.72
.56
.87
.67
.46
.69
.59
.83
.97
.78
SUEVEY OF CUEEENT BUSINESS
August 1979
half the 1977 level. The decline,
centered in affiliates of European and
Japanese parents, was largely due to
affiliates' repayments of trade-related
debt to their foreign parents. The repayments may have reflected expectations of continuing dollar depreciation,
which would have reduced the future
value of the repayments expressed in
terms of an appreciating foreign
^currency.
For unincorporated affiliates, there
was a shift from small outflows to inflows of $0.3 billion. Insurance affiliates
of Canadian and Swiss parents accounted for most of the shift. Insurance
affiliates, which typically hold sizable
portfolios of market securities, had
small unrealized capital losses in 1977,
when the U.S. stock market weakened,
but large unrealized gains in 1978, when
the market improved. For unincorporated affiliates, unrealized capital
gains and losses are included in equity
and intercompany account inflows, as
well as in earnings. Affiliates in banking
also had a large percentage increase in
inflows, which were mainly used to
establish new branches.
ings were $0.5 billion, up 15 percent,
but remained below pre-1977 levels
(table 13). Sharp increases for most
affiliates were partly offset by declines
in reinvested earnings of a few affiliates
in the food and machinery manufacturing industries.
Reinvested earnings
In both insurance and "other" inEeinvested earnings of incorporated dustries—mainly banking—reinvested
affiliates were $2.3 billion, up 47 per- earnings more than doubled. Both incent, as both earnings and the rein- creases were widespread by area and
vestment ratio rose substantially (table reflected increased earnings and rein7). Eeinvested earnings equal foreign vestment ratios.
parents' shares in the earnings of incorIn contrast, reinvested earnings of
porated affiliates, less gross dividends. trade affiliates declined 8 percent, to
By industry, reinvested earnings of $0.4 billion. The decline was centered
petroleum affiliates were $1 billion, in affiliates of Japanese parents, and
up 67 percent, as both earnings and the primarily reflected a decline in earnings
reinvestment ratio rose. Petroleum affil- from the unusually high 1977 level.
iates accounted for nearly half of the
total increase shown for all industries
Income
combined.
In manufacturing, reinvested earnIncome increased 40 percent, to $4
Table 8.—Income and Rate of Return, 1977-78
[Millions of dollars, or percent]
1977
Income
All areas
Petroleum
Manufacturing..
Trade
Insurance
Other
1978
Rate of
return 1
Income
Rate of
return 1
2,834
836
900
655
96
347
8.7
13.4
6.8
9.8
4.3
8.2
3,958
1,297
972
697
470
521
10.5
17.9
6.4
8.6
18.5
11.0
Canada
Petroleum
Manufacturing.
Trade...
Insurance
Other
314
61
188
32
-55
5.4
8.7
5.8
4.4
-24.3
10.0
351
74
87
64
54
73
5.9
9.9
2.7
7.8
22.7
8.1
Europe
Petroleum
Manufacturing..
Trade
Insurance
Other
1,906
686
579
417
105
119
8.7
13.0
6.9
8.8
6.2
6.2
2,848
1,098
703
525
355
167
11.0
18.1
7.0
9.6
18.0
7.6
505
8.3
229
186
40
10.7
9.8
3.5
722
11
277
175
238
20
10.5
2.4
10.6
8.5
18.2
4.9
1,401
8.8
350
231
65
5.6
8.2
11.7
2,126
1,086
426
349
117
148
11.2
19.4
5.7
10.2
17.6
8.2
207
1
-19
147
14.1
1.4
-6.0
25.9
256
3
51
50
6
147
11.5
11.7
35.6
10.6
9.2
502
123
130
59
55
134
13.4
United Kingdom .
Petroleum
Manufacturing..
Trade
Insurance
Other
Europe excluding United Kingdom.
Petroleum
M anufacturing
Trade
Insurance
Other
Japan
Petroleum
.
M anufacturing..
Trade
Insurance
Other...
Other
Petroleum
Manufacturing..
Trade..
Insurance..
Other
(*)
79
406
88
152
59
46
60
* Less than $500,000(±).
Suppressed to avoid disclosure of data of individual companies.
1. Income divided by the average of the beginning- and end-of-year direct investment position.
D
43
14.0
4.4
23.6
8.7
9.6
i
billion, following a 9-percent decline in
1977 (table 8). Income, the return on
the investment position, consists of
foreign parents' shares in the earnings
(net of U.S. income taxes) of their U.S.
affiliates,3 plus net interest payments
on intercompany accounts, less withholding taxes on dividends and interest. Alternatively, it is equal to
interest, dividends, and earnings of
unincorporated affiliates plus reinvested
earnings of incorporated affiliates (table
9). As in the previous 5 years, interest,
dividends, and earnings of unincorporated affiliates amounted to less than
half of income (table 10).
Income of petroleum affiliates was
$1.3 billion, up 55 percent. Most of the
increase was attributable to affiliates
of Netherlands, Belgian, and Netherlands Antilles parents, and was largely
reinvested in the affiliates. The unusually large inciease partly reflected increases in a foreign parent's ownership
share of a major U.S. company, and the
coming onstream of a major petroleum
pipeline, which had its full effect on
earnings for the first time in 1978; it
also reflected widening profit margins,
as product markets tightened during
the latter part of the year.
13.2
3. Tables showing such earnings are available on request
from the Bureau of Economic Analysis (BE-50), U.S. Department Commerce, Washington, D.C. 20230.
SUEVEY OF CUKRENT BUSINESS
44
August 1979
Table 9.—Interest, Dividends, and Earnings of Unincorporated Affiliates, 1977-78
[Millions of dollars]
1977
Total
Interest
1978
Earnings
of unincorporated
affiliates
Dividends
Total
Interest
1,248
235
470
224
12
306
148
15
93
40
1
-1
780
217
355
105
22
82
319
2
23
80
-12
226
1,628
294
477
300
217
340
Canada
Petroleum
Manufacturing.
Trade
Insurance
Other
67
43
19
9
-55
51
23
1
9
7
60
42
8
-16
1
1
-55
37
157
28
26
8
52
43
Europe
Petroleum
Manufacturing.
Trade
Insurance
Other
870
183
299
211
65
112
522
223
69
22
191
1
4
60
42
85
1.166
251
372
297
156
91
133
1
49
51
20
13
66
1
3
8
6
47
280
20
79
102
88
-10
126
887
231
292
195
68
101
All areas
Petroleum
Manufacturing..
Trade
Insurance
Other
United Kingdom..
Petroleum
Manufacturing..
Trade
Insurance
Other
63
93
26
(D)
C)
117
631
(D)
236
117
39
(D)
61
47
1
-49
-1
7
-58
0
3
73
266
9
144
40
2
71
389
(D)
174
18
(*)
(D)
(D)
-35
(•)
(D)
40
i
D
(D)
(D)
(D)
(*)
72
81
1
(D)
44
Other
Petroleum
Manufacturing..
Trade
Insurance
Other..
Less t h a n $500,000 ( ± ) .
(D)
2
8
(D)
D)
Japan
Petroleum
Manufacturing.
Trade
Insurance
Other
5
(*)
157
239
Europe excluding United Kingdom.
Petroleum
Manufacturing
Trade
Insurance
Other
k
(*)
3
170
120
12
1
(D)
4
9
(*)
(D)
21
5
17
(D)
64
0
-1
1
(*)
(*)
(D)
1
52
36
37
C)
261
32
183
59
7
-20
778
259
264
140
26
88
24
(D)
11
7
264
147
119
(D)
(D)
26
17
14
47
1
-53
238
(D)
(D)
133
72
17
65
(*)
19
-44
5
102
-1
9
-62
0
5
80
1
19
19
1
39
223
15
61
39
5
104
22
3
16
A
1
6
12
1
78
C)
(*)
15
611
(D)
(D)
589
2
31
100
184
271
55
(D)
5
(D)
Earnings
of unincorporated
affiliates
42
291
2
10
66
127
85
147
1
65
48
19
14
107
2
7
69
30
214
111
464
(D)
(D)
149
63
184
(*)
28
35
(*)
(*)
3
51
23
95
0
4
1
5
84
5
17
12
77
12
32
11
3
20
10
59
58
56
125
(*)
13
33
1
78
Suppressed to avoid disclosure of data of individual companies.
losses by a U.S. food affiliate of a
European parent, and by a U.S.
machinery affiliate of a Canadian par[Millions of dollarsj
ent. The machinery affiliate wrote
Source and
1978
down its assets to recognize a capital
amount
relationship
loss; in these accounts, such losses
reduce income. Another reason for the
Reported.
1. Earnings of incorporated
3,180
affiliates.
below-average manufacturing increase
2. Earnings of unincorpo589 Reported.
rated affiliates.
was the relatively small increase for
3. Earnings
3,769 = 1 + 2 .
4. Gross dividends (on com851 = 5 + 6 .
U.S. chemical affiliates.
mon
and
preferred
stock).
Income of trade affiliates was $0.7
5. U.S. withholding tax on
73 Derived.
dividends.
billion, up 6 percent. Increases for af6. Dividends (on common
778 Reported.
a n d preferred stock).
filiates of Canadian and continental
7. I n t e r e s t .
261 Reported.
8. Reinvested earnings of in2,329 =1-4 or 10-9.
European parents were partly offset by
corporated affiliates.
9. Interest, dividends, and
=2+6+7 or 10-8.
declines for affiliates of United Kingearnings of unincorporated affiliates.
dom and Japanese parents (table 11).
10. Income
3,958
=3-5+7 or 8+9.
The decline for Japanese-owned afNOTE.—"Reported" refers to universe estimates derived
filiates was from an unusually high 1977
from reported sample data.
level, but income remained well above
that for any year prior to 1977, reIncome of manufacturing affiliates flecting the growing volume of Japawas $1 billion, up 8 percent. The nese trade with the United States—
increase was small, relative to that of both imports and exports—handled by
other industries, in part because of these affiliates.
Table 10.—Income and Related Items:
Source and Relationship
82
Dividends
Income of both insurance and finance
affiliates increased sharply to $0.5
billion each (tables 20 and 21). In
insurance, fluctuations in income were
associated largely with fluctuations in
market prices of security portfolios,
which had been depressed in 1977, but
improved in 1978. The increase in
finance reflected the return on new investments by foreign parents in U.S.
banking and rising rates of return for
existing U.S. banking affiliates.
The rate of return on the position—
income divided by the average of the
beginning- and end-of-year positions—
increased from 8.7 to 10.5 percent,
after a decline in 1977. By industry,
rates of return in petroleum, insurance,
and "other" industries (mainly banking) increased, while those in manufacturing and trade declined. The decline
in manufacturing reflected the previ-
SURVEY OF CURRENT BUSINESS
August 1979
Table 11.—Japan's Direct Investment Position in the United States and Income, in All
Industries and in Trade, 1977-78
45
Table 12.—Fees and Royalties, 1977-78
[Millions of dollars]
[Millions of dollars]
1977
All industries
1977
Position at yearend..
Incorporated affiliates
Capital stock and reinvested earnings 1
Intercompany accounts
Unincorporated affiliates
Income .
Interest
Dividends
Earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates..
1978
1977
All
Manufacturing.
Other
1978
1,755
2,688
811
1,448
1,679
2,086
-408
76
2,584
2,434
149
104
807
1,437
-631
4
1,443
1,615
-172
4
207
256
147
50
35
95
174
-58
21
1
183
-62
17
1
-49
29
64
163
1. Includes additional paid-in capital.
ously mentioned losses by machinery
and food affiliates. In trade, the decline,
mainly by Japanese-owned affiliates,
reflected both a decline in income and an
increase in the average position, which
is used to calculate the rate of return.
Technical Note
With the exception of equity and
intercompany account inflows, all the
annual series presented in this article
are universe estimates extrapolated
from BEA's 1974 benchmark survey of
Fees and Royalties
Foreign Direct Investment in the
Fees and royalties consist of net pay- United States, using data reported
ments by U.S. affiliates to their foreign quarterly by a sample of U.S. affiliates.
parents for the sale or use of intan- Equity and intercompany account ingible property, such as patents, proc- flows are as reported by the sample.
esses, trademarks, and copyrights; Since 1975, the number of affiliates rerentals for the use of tangible property; porting in the sample has increased
management fees and service charges; substantially. In addition to newly
and film and television tape rentals. Net established or acquired affiliates, the
payments of fees and royalties were $0.4
increase reflects (1) inclusion of existbillion, up 63 percent. Most of the increase was to European parents (table ing, but previously unreported, affiliates
12). In contrast, there was an increase identified during processing of the 1974
in net receipts of fees and royalties benchmark survey, (2) passage of new
from Japanese parents, reflecting re- legislation in 1976, for which rules were
ceipts for warranty work by the U.S. implemented in 1977, strengtheningaffiliates and for U.S. training received penalties for failure to file mandatory
by executives of Japanese parents.
reports, and (3) intensified efforts by
1978
Trade
243
187
56
396
264
132
Canada
M anufacturing
Other
118
25
93
127
31
96
Europe
Manufacturing.
Other
155
158
-3
311
218
93
United Kingdom
Manufacturing
Other
19
13
6
75
23
52
Switzerland
Manufacturing.. __.
Other
99
94
5
119
106
13
37
51
-14
117
89
28
-33
3
-36
-66
9
-75
3
1
2
25
6
19
Other Europe
M anufacturing
Other
Japan
Manufacturing
Other
Other
ManufacturingOther
BEA to secure better response to the
sample surveys. As a result, the number
of affiliates reporting to BEA has increased from approximately 450 in
1975 to 1,650 in 1978, with nearly half
of the increase occurring in 1978.
When existing, but previously unreported, affiliates were reported to BEA
for the first time, data for prior years'
income and capital flows generally
were not obtained. In such cases, a
positive valuation adjustment was made
to the end-of-year position for the year
preceding the one in which the affiliate first reported. Beginning with the
year of the first report, income and capital flows of the newly reported affiliates
were included, as reported, in the
sample.
SUEVEY OF CUREENT BUSINESS
46
August 1979
Table 13.—Foreign Direct Investment in
[Millions of
Equity and intercompany account inflows [outflows (—)]
Position, yearend
Line
1974
1973
1975
1977
1976
1978
1974
1975
1976
1977
1978
20,556
4,792
8,231
3,117
1,905
2,511
25,144
5,614
10,387
4,387
1,298
3,458
27,662
6,213
11,386
4,844
1,635
3,584
30,770
5,921
12,620
6,123
2,114
3,993
34,595
6,573
14,030
7,237
2,318
4,437
40,831
7,885
16,289
8,884
2,759
5,013
3,695
431
1,646
1,144
-449
924
1,414
79
593
413
233
2,687
410
625
1,064
319
271
2,142
52
984
681
120
305
3,964
308
1,762
1,251
252
392
4,203
426
2,319
617
176
664
5,136
547
2,905
723
180
780
5,352
596
3,061
696
191
5,907
676
3,386
710
246
890
5,650
710
3,077
758
207
6,166
782
3,323
902
269
891
646
396
92
5
-31
12
-2
-59
12
7
313
80
120
43
52
18
47
17
75
23
-38
-30
318
26
182
87
59
-36
13,937
4,079
4,790
2,511
1,535
1,022
16,756
4,714
6,109
3,468
955
1,510
18,584
5,478
6,673
3,648
1,235
1,551
20,162
4,999
7,426
4,339
1,595
1,803
23,754
5,523
9,267
5,120
1,787
2,056
27,895
6,630
10,905
5,862
2,165
2,333
2,405
287
1,081
996
-450
492
996
342
373
58
218
5
1,659
268
414
520
1,822
21
1,011
399
153
238
2,463
260
1,313
514
179
197
United Kingdom
5,403
1,212
1,551
1,257
1,225
157
5,744
1,502
1,792
1,400
702
349
6,331
(D)
1,833
1,577
862
5,802
602
1,963
1,817
1,094
326
6,397
486
2,305
1,979
1,172
455
7,370
484
2,930
2,161
1,449
345
198
(D)
214
68
-393
(
360
148
66
84
118
-56
402
43
33
138
144
44
330
-114
184
68
65
127
602
7
495
112
127
-137
Europe excluding United Kingdom
8,535
2,867
3,238
1,255
309
11,013
3,212
4,317
2,068
253
1,162
12,253
(D)
4,840
2,071
372
14,360
4,397
5,464
2,522
501
1,477
17,356
5,038
6,962
3,141
615
1,600
20,525
6,146
7,975
3,701
716
1,987
2,208
(D)
867
928
-57
636
193
308
-27
101
62
1,256
225
381
382
1,492
135
827
330
88
111
1,861
253
819
403
52
334
152
55
141
-350
19
287
345
44
330
-442
17
296
591
)
1,178
45
304
329
1,755
48
332
811
38
527
2,688
(D)
400
1,448
(D)
716
231
-12
203
-84
-2
126
350
424
1
55
299
753
2,264
231
982
338
175
539
2,907
308
1,042
637
147
772
3,436
292
1,354
548
285
956
4,081
(D)
1,660
673
(D)
1,074
412
100
-34
140
207
117
All areas
Petroleum
Manufacturing
Trade
Insurance
Other
Canada
Petroleum
Manufacturing
Trade
Insurance
Other
Europe
Petroleum
Manufacturing
Trade
Insurance
Other
Petroleum
Manufacturing
Trade
Insurance
Other
Petroleum
Manufacturing
Trade
Insurance
Other
Japan
Petroleum
Manufacturing
Trade
Insurance
Other
Other
Petroleum
Manufacturing
Trade
Insurance
Other
D
* Less than $500,000 (±).
325
-211
3,135
115
1,327
711
()
3,523
201
1,503
745
)
()
()
544
6
479
544
()
144
171
-151
12
430
-157
-40
)
236
105
87
Suppressed to avoid disclosure of data of individual companies.
Table 14.—Foreign Direct Investment Position in the United States at Yearend 1977
[Millions of dollars]
Manufacturing
All
Industries Petroleum
All countries
Total
Chemicals Primary
Other
Food
and allied
Machinery manufacand
turing
products products fabricated
metals
34,595
6,573
14,030
Canada
5,650
710
3,077
Europe
23,754
20,113
1,163
1,800
2,529
280
7,830
113
6,397
5,523
5,428
(D)
(D)
-6
992
538
34
486
9,267
7,048
204
912
1,301
58
2,237
32
2,305
3,641
715
2, 651
275
96
48
3
44
2,219
408
1, 769
42
454
1
448
5
1,755
48
European Communities (9)
Belgium and Luxembourg
France
_'
Germany...
Italy
Netherlands..
Denmark and Ireland
United Kingdom
Other Europe
Sweden
Switzerland
_
Other
Japan
Australia, New Zealand, and South Africa
Latin America
2,986
569
439
130
2,417
Latin American Republics „ .
Panama
Other
Other Western Hemisphere
Middle East
Israel
Other
~
266
58
209
Other Africa, Asia, and Paci fie
135
Memorandum:
OPECi...
256
*Less than $500,000 (±).
276
4
(*)
4
273
5,092
3,965
2,981
53
232
1,040
39
)
Real
estate
2,770
7,237
2,226
2,318
853
1,359
976
672
758
160
207
98
641
747
691
1,710
1,197
D
( )
53
75
12
687
D
( )
290
1,853
1,640
1,289
1,144
88
178
126
69
430
0
253
1,787
1,428
6
29
61
196
179
(D)
-1
30
572
505
12
543
7
664
5,120
4,384
254
484
1,011
129
457
71
1,979
513
371
132
10
213
8
187
17
736
298
329
110
146
(D)
185
99
811
514
(*)
(D)
0
211
56
C)
282
120
42
(*)
125
6
970
(*)
479
6
6
(*)
472
11
6
119
(*)
(*)
13
(*)
24
D Suppressed to avoid disclosure of data of individual companies.
-2
-1
-2
1. See footnote 2, table 2.
25
(D)
0
1,172
360
(P)
301
(D)
38
-5
C)
1
0
1
Other
2,667
851
68
Insurance
599
20
963
1,265
177
161
17
1,087
Finance
1,675
81
63
49
1,826
Trade
38
38
0
81
17
1
7
8
67
-5
56
16
30
-18
7
(D)
341
91
60
31
250
65
114
5
88
93
56
37
(*)
(•)
166
(*)
166
54
(D)
16
49
0
4
m
(D)
308
(D)
122
(D)
(P)
(P)
)
(D)
182
147
15
6
9
133
()
-9
SURVEY OF CURRENT BUSINESS
August 1979
47
the United States, Selected Items, 1973-78
dollars]
Income
Reinvested earnings of incorporated affiliates
1974
1975
1976
1977
1978
1974
Interest, dividends and earnings of unincorporated affiliates
1 1976
1975
1977
1978
1974
1976
1975
1977
Line
1978
i
1,065
431
578
124
-125
56
1,189
520
491
44
103
30
1,659
538
609
215
161
137
1,586
601
430
431
84
41
2,329
1,004
495
397
253
181
1,330
579
875
118
-578
337
2,234
714
743
186
343
248
3,110
803
949
393
490
474
2,834
836
900
655
96
347
3,958
1,297
972
697
470
521
266
148
297
-6
-454
281
1,046
194
252
142
240
218
1,451
265
340
178
330
338
1,248
235
470
224
12
306
1,628
294
477
300
217
340
1
2
3
4
5
6
269
(D)
192
15
-2
D
()
249
37
158
32
-1
23
247
5
205
-29
3
63
247
17
169
23
38
195
46
61
57
2
29
354
(D)
231
29
-78
D
()
430
57
199
39
58
76
479
(D)
248
-23
76
D
()
314
61
188
32
-55
89
351
74
87
64
54
73
85
15
39
14
-77
94
181
20
41
7
59
53
232
(D)
42
5
73
D
()
67
43
19
9
-55
51
157
28
26
8
52
43
7
8
9
10
11
12
590
361
280
54
-122
17
915
422
275
122
62
33
1,156
488
340
171
(DD)
()
1,036
503
280
206
40
7
1,682
847
332
228
199
76
759
491
474
169
-497
122
1,670
596
432
263
237
142
2,102
673
562
340
(DD)
()
1,906
686
579
417
105
119
2,848
1,098
703
525
355
167
170
131
194
115
-376
105
756
174
157
140
176
109
946
185
222
170
251
117
870
183
299
211
65
112
1,166
251
372
297
156
91
13
14
15
16
17
18
228
(D)
74
83
-122
(D)
309
(D)
58
93
43
(D)
331
(D)
124
102
88
(D)
266
-2
166
93
14
-4
442
-8
198
73
150
29
147
(D)
147
156
-432
(D)
694
(D)
126
158
198
(D)
731
(D)
198
184
273
(D)
505
(D)
229
186
40
(D)
722
11
277
175
238
20
-81
(D)
73
73
-310
(D)
385
(D)
68
65
155
(D)
401
(D)
73
82
185
(D)
239
(D)
63
93
26
(D)
280
20
79
102
88
-10
19
20
21
22
23
24
361
(D)
206
-29
1
D
()
606
(D)
217
30
19
D
()
826
(D)
215
69
(DD)
()
770
506
114
113
26
11
1,240
855
134
155
49
47
613
(D)
327
13
-65
D
()
977
(D)
306
105
39
D
()
1,371
(D)
365
157
(DD)
()
1,401
(D)
350
231
65
(D)
2,126
1,086
426
349
117
148
251
(D)
121
42
-66
D
()
371
(D)
89
76
20
D
()
545
(D)
149
88
66
D
()
631
(D)
236
117
39
D
()
887
231
292
195
68
101
25
26
27
28
29
30
-22
1
9
-16
-104
2
-20
-67
43
2
-27
61
(*)
163
1
-27
183
(*)
6
174
3
32
93
1
45
-121
2
24
-173
-4
30
-142
1
-7
-116
3
-22
94
1
-20
26
2
84
207
1
-19
147
(*)
79
256
3
51
50
6
147
-99
2
15
-157
-4
45
-38
-1
13
-50
3
-2
51
-1
7
-35
2
77
44
-1
8
-35
(*)
73
82
19
-44
5
102
31
32
33
34
35
36
213
44
91
12
(DD)
()
140
79
8
19
44
-11
279
108
70
20
50
30
338
(D)
146
92
1
(D)
276
60
120
1
45
51
435
(D)
159
50
D
(D)
()
406
88
152
59
46
60
502
123
130
59
55
134
110
1
49
21
2
36
146
1
41
44
3
58
223
(D)
68
38
3
(D)
266
9
144
40
2
71
223
15
61
39
5
104
37
38
39
40
41
42
C)
-16
C)
228
(D)
97
71
-1
(D)
-19
130
59
79
-43
42
•j
(*)
(*)
Table 15.—Foreign Direct Investment Position in the United States at Yearend 1978
[Millions of dollars]
Manufacturing
All
industries Petroleum
Total
Chemicals Primary
Other
and allied
Food
and
Machinery manufacturing
products products fabricated
metals
Trade
Finance
[nsurance
Real
estate
Other
40,831
7,885
16,289
2,246
5,620
2,565
2,759
3,099
8,884
2,420
2,759
909
1,686
Canada
6,166
782
3,323
811
66
703
1,036
707
902
188
269
94
609
Europe
27,895
23,887
1,264
1,939
3,191
247
9,767
110
7,370
6,630
6,515
765
172
19
(*)
5,073
1
10,905
8,495
1.01
978
1,529
76
2,842
39
2,930
1,370
1,052
26
-2
(*)
(D)
709
(*)
(D)
4,428
3,313
(D)
246
1,143
D
( )
798
13
1,038
1,300
1,179
D
( )
384
72
4
44
0
1,648
1,091
(D)
51
78
D
( )
661
16
300
2,160
1,860
28
299
236
1
631
9
656
5,862
5,068
222
519
1,355
70
681
60
2,161
2,165
1,754
7
28
77
15
178
(*)
1,449
222
205
30
-1
35
12
40
0
90
786
686
(D)
39
11
2
442
(D)
136
4,008
842
2,844
322
115
2,410
448
1,917
46
318
1
311
6
1,115
25
1,091
-1
121
10
94
17
556
405
145
7
301
8
276
16
794
355
308
131
411
54
343
13
17
2
7
8
100
-3
65
38
2,688
400
29
78
175
37
82
1,448
1,327
1,167
(D)
205
166
71
512
(D)
119
161
(D)
195
(D)
591
114
84
5
1,034
(D)
73
All countries
European Communities (9)
Belgium and Luxembourg
France
Germany
Italy
Netherlands
Denmark and Ireland
United Kingdom
Other Europe
Sweden
Switzerland
Other
Japan
Australia, New Zealand, and South Africa
Latin America
Latin American Republics
Panama
Other
Other Western Hemisphere
Middle East
Israel
Other
Other Africa, Asia, and Pacific
3,408
579
482
97
2,829
367
3
1
2
363
1,504
183
163
20
1,321
338
79
259
3
0
3
38
3
36
221
29
34
7
56
i
11
56
27
123
53
70
19
(*)
(*)
(*)
(*)
524
-25
19
-44
549
254
104
13
105
67
15
(*)
78
50
147
4
(D)
(D)
143
47
255
0
183
(*)
183
2
16
20
3
199
10
(*)
80
(D)
64
81
150
(*)
(*)
47
(D)
-5
Memorandum:
OPECi
•Less than $500,000 ( ± ) .
325
D Suppressed to avoid disclosure of data of individual companies.
35
-2
1. See footnote 2, table 2.
45
SUEVEY OF CUEEENT BUSINESS
48
August 1979
Table 16.—Equity and Intercompany Account Inflows, 1977
[Millions of dollars]
Manufacturing
2,142
Canada..
Europe
European Communities (9)~.
Belgium and Luxembourg..
France
Germany
Italy
Netherlands
Denmark and Ireland
United Kingdom
75
1,822
21
28
2
1,011
639
(D)
77
110
(D)
218
(D)
184
(D)
0
122
(D)
-114
645
(*)
-27
220
681
319
120
23
34
99
23
-21
-38
-14
29
30
-1
210
200
399
411
65
34
217
222
153
126
0
20
20
0
0
-2
0
0
1
-1
25
()
O
137
-1
424
Australia, New Zealand, and South AfricaLatin America
Latin American Republics. _
Panama
Other
Other Western Hemisphere-
Middle East.
Israel
Other
-4
-35
-84
-64
-60
-4
-21
22
7
3
3
15
-30
-26
-4
Other Africa, Asia, and PacificMemorandum:
OPEC i
(D)
-12
78
-74
-16
6
(D)
(D)
SI
P)
<%>
(*)
(D)
-158
23
3
()
(*)
(*)
(*)
-49
-39
-10
(*)
(*)
(D)
0
0
0
0
(E>)
(D)
PD)
( )
P)
(*)
P)
(P)
0
-5
(D)
(*)
f)
(*)
6
-1
-1
0
7
3
0
3
0
2
P)
28
(D)
-1
0
C)
D Suppressed to avoid disclosure of data of individual companies.
P)
P)
\rl
C)
(*)
(*)
4
0
(D)
27
54
299
(*)
0
65
0
128
68
()
(*)
(D)
55
Other
-62
-3
1
Real
estate
Finance Insurance
65
()
372
4
364
5
389
78
314
Japan
*Less than $500,000 (±).
984
17
1,433
(D)
141
360
(D)
468
25
330
Other Europe.
Sweden
Switzerland.
Other
52
47
Trade
oooo
All countries..
Chemicals Primary
Other
and allied
Food
and
Machinery manufacTotal
turing
products products fabricated
metals
ooo
All
industries Petroleum
1. See footnote 2, table 2.
Table 17.—Equity and Intercompany Account Inflows, 1978
[Millions of dollars]
Manufacturing
All
industries Petroleum
AH countries..
3,964
Canada.
Europe
European Communities (9)...
Belgium and Luxembourg..
France
Germany
Italy
Netherlands
Denmark and Ireland
United Kingdom
Other Europe.
Sweden
Switzerland.
Other
Japan
Australia, New Zealand, and South Africa.
Latin America
Latin American Republics. _
Panama
Other
Other Western Hemisphere..
Middle East.
Israel
Other
318
26
182
260
240
1,313
1,131
-73
22
237
17
426
8
495
303
87
190
27
183
28
151
4
753
30
360
385
338
204
386
()
(*)
(*)
(*)
63
763
225
-26
3
-29
251
60
[nsurance
Real
estate
1,251
12
252
88
291
59
1
-52
179
138
0
25
25
226
208
40
129
5
87
-103
-135
172
514
481
-44
19
293
-58
175
-16
112
-55
-64
( )
19
34
3
16
34
34
-18
17
8
0
5
3
2
7
144
106
)
-78
)
-1
3
24
134
4
131
-1
32
24
10
-2
100
1
91
)
-1
-2
(*)
-13
(*)
2
-2
-13
2
0
2
168
3
(*)
3
166
()
(*)
(D)
()
(*)
(*)
(D)
(*)
(*)
(*)
18
(*)
21
*> Suppressed to avoid disclosure of data of individual companies.
D
(P)
-151
544
11
1
59
19
39
Memorandum:
OPEC i
Finance
520
420
>
()
(*)
(D)
192
Trade
14
76
71
1,762
2,463
2,159
-54
75
612
-39
972
-9
602
Other Africa, Asia, and Pacific.
*Less than $500,000 (±).
308
Other
Chemicals Primary
and allied
and
Food
Machinery manufacTotal
turing
products products fabricated
metals
39
46
(D)
-1
4
-40
82
(D)
17
8
10
9
7
(E>)
D
(*)
( )
(*)
(*)
1. See footnote 2, table 2.
P)
(*)
(*)
12
4
127
-1
0
12
41
-2
43
0
0
0
0
(*)
24
<P)
31
(V136
1
2
18
3
)
81
(D)
-4
(*)
(D)
(D)
(E>)
Other
42
-18
16
-2
-3
-1
—1
-1
-1
1
-15
-10
14
)
-5
(»)
(D)
(D)
0
0
0
17
0
17
-1
17
SUEVEY OF CURRENT BUSINESS
August 1979
49
Table 18.—Reinvested Earnings of Incorporated Affiliates, 1977
[Millions of dollars]
Manufacturing
All
industries Petroleum
Total
Other
Chemicals Primary
Food
and allied
and
Machinery manufacturing
products products fabricated
metals
Trade
Finance
1,586
601
430
51
109
132
431
61
Canada
247
17
169
29
43
45
23
4
Europe
1,036
976
105
89
50
11
452
3
266
503
498
9
-9
280
244
-21
57
-2
5
40
-1
166
25
45
-5
(*)
(*)
69
48
-17
1
-2
106
26
25
-29
54
-2
51
206
209
-3
22
70
2
22
3
93
17
9
-1
5
3
(*)
(*)
0
2
61
33
15
12
5
36
22
-20
(*)
-20
1
21
20
3
1
8
-3
5
-10
3
(*)
-2
-1
-7
-14
All countries..
European Communities (9) _.
Belgium and Luxembourg..
France
Germany
Italy
Netherlands
Denmark and Ireland
United Kingdom
Other Europe.
Sweden
Switzerland .
Other
Japan
-2
(*)
(*)
5
163
Australia, New Zealand, and South Africa..
Latin America
146
41
48
-8
105
Latin American Republics. _
Panama
Other._
Other Western Hemisphere..
Middle East.
-6
2
Israel
Other
Other Africa, Asia, and Pacific.
Memorandum:
OPEC*
*Less than $500,000 (±).
-10
(*)
(*'
(*
16
i
1
-27
0
-1
79
16
7
7
(*)
79
(*)
-5
1
-5
(*)
-3
(*)
-5
(*)
28
5
-56
1
40
23
0
27
(*)
-20
0
22
-3
39
(*)
-4
1
-5
30
-1
31
(*)
(*)
(*)
12
-14
C)
(*)
(*)
(*)
(*)
(*)
(*)
-5
0
-5
(*)
(*)
0
-1
4
2
2
-2
-1
(*) - 1
16
-2
3
-5
19
(*)
(*)
(*)
(*)
C)
(*)
-2
(*)
D Suppressed to avoid disclosure of data of individual companies.
84
-48
42
(*)
-1
(*)
7
3
-1
0
-3
(*)
-8
-18
(D)
-5
-15
(*)
(D)
(*)
9
(*)
(*)
-1
5
6
24
C)
-8
-10
2
(*)
(*)
15
-2
(*)
-2
17
45
40
40
0
5
-1
1
-3
0
0
0
2
-1
-4
(*)
Other
7
-1
-5
(•)
4
Real
estate
6
C)
183
Insurance
-29
(*)
C)
(*)
-29
4
-1
-1
(*)
5
<*)
(*)
8
-2
-2
(*)
1. See footnote 2. table 2.
Table 19.—Reinvested Earnings of Incorporated Affiliates, 1978
[Millions of dollars]
Manufacturing
All countries..
Canada.
Europe
Australia, New Zealand, and South Africa-
Middle EastIsrael
Other
2,329
1,004
195
46
61
847
848
186
332
390
-30
51
-10
2
179
C)
198
-5
41
-66
20
Japan
Latin American Republics. _.
Panama
Other
Other Western Hemisphere-
Petroleum
1,682
1,687
166
66
47
6
955
5
442
European Communities (9)__.
Belgium and Luxembourg..
France
Germany
Italy
Netherlands
Denmark and Ireland
United Kingdom
Other Europe.
Sweden
Switzerland.
Other
Latin America
All
industries
24
()
(*)
3
0
270
35
40
-4
235
103
23
36
123
125
1
13
19
2
-8
()
C)
(*)
(*)
1
-3
0
0
0
-2
5
10
(*)
(*)
C)
19
4
-25
(*)
89
—1
C)
(D)
1
Trade
Finance
Insurance
Real
estate
397
175
253
-32
57
14
2
-5
20
87
82
3
2
6
199
188
(•)
(•)
-2
5
C)1
0
150
1
3
0
-2
-11
-25
-2
-14
-27
4
228
204
11
16
47
—X
51
5
73
24
23
-3
5
(•)
55
0
17
(*)
C)
10
5
C) 2
2
8
i
-16
7
C)
-2
-2
-2
(*)
9
4
8
-4
5
(•)
(*)
C)
(*)
(*)
(•)
(*)
(*)
C)
C)
3
C)
C)
(*)
Suppressed to avoid disclosure of data of individual companies.
143
()
1
-37
C)
(•)
C)
0
33
C)
-13
()
(*)
C)
C)
(•)
104
148
40
29
-31
-5
—4
80
(*)
(D)
(*)
Other
manufacturing
-74
C)
(*))
(*))
C)
C)
D
32
174
-11
Other Africa, Asia, and PacificMemorandum :
•Less than $500,000 ( ± ) .
1
>
162
33
495
-58
12
-71
1
-1
_2
13
2
11
OPECi
Chemicals Primary
and allied
Food
and
Machinery
Total
products products fabricated
metals
1. See footnote 2, table 2.
(•)
0
(•)
3
2
1
0
0
0
C)
C)
(P)
0
14
15
15
—7
-7
2
2
(*)
-9
-1
-1
(D)
51
27
27
0
24
(•)
38
a
29
1
3
-2
28
5
Other
(*)
2
15
-1
-3
2
16
(*)
(!)
-2
SUEVEY OF CUERENT BUSINESS
50
August 1979
Table 20.—Income, 1977
[Millions of dollars]
Manufacturing
All
industries Petroleum
2,834
All countries..
136
228
655
250
96
61
188
33
49
52
32
43
-55
686
680
(D)
10
-9
60
67
-5
183
73
75
2
89
62
-17
1
-1
175
417
353
-2
26
103
1
36
4
186
68
40
2
105
66
1
5
579
507
-17
104
15
5
172
-1
229
72
27
47
-1
207
1
-19
21
0
360
52
52
1
88
126
21
781
5
505
219
40
164
15
Latin American Republics.
Panama
Other
Other Western Hemisphere...
2
4
-1
Middle East.
Israel
Other
Other Africa, Asia, and Pacific.
(D)
C)
12
C)
6
(*)
(*)
C)
158
7
7
(*)
151
C)
C)
-3
11
41
5
21
1
62
(D)
(*>
(D)
(D)
(*)
(D)
38
(*)
(*)
43
o
28
-2
1
-4
(*)
1
-14
-3
132
4
4
(*)
157
(*)
32
-27
C)
127
1
1
0
-5
0
-5
39
7
31
(•)
C)
17
2
16i
63
52
3
28
-1
29
1
-1
-10
147
92
-6
1
3
0
12
53
-3
2
-5
56
-1
13
1
1
(*)
(*)
(•)
-2
-5
D Suppressed to avoid disclosure of data of individual companies.
1
7
1
18
0
40
27
25
4
8
(*)
2
(•)
(*)
24
10
3
0
1
-2
66
0
C)
(*)
35
4
2
2
-5
-3
•Less than $500,000 (±).
145
4
(*)
-5
1
-5
(*)
Memorandum:
OPEC L.
-14
123
24
136
Latin America
Real
estate
326
1,906
1,687
114
Australia, New Zealand, and South Africa.
Insurance
30
Europe
Japan
Finance
87
Canada
Other Europe.
Sweden
Switzerland .
Other
Trade
900
314
European Communities (9)...
Belgium and Luxembourg-.
France
_
Germany
-.
Italy
Netherlands
Denmark and Ireland
United Kingdom
Other
Chemicals Primary
and allied
and
Food
Machinery manufacTotal
turing
products products fabricated
metals
C)
28
7
2
5
21
Other
111
46
(•)
12
13
-1
1
2
4
1
0
7
39
28
(D)
-4
-15
(*)
-1
(*)
11
-1
6
6
o»
-5
-8
(D)
(*)
(D)
(D)
(D)
(D)
(*)
(D)
-22
1
2
-1
-23
(D)
(D)
(D)
0
0
0
(•)
2
-2
6
(*)
6
19
C)
-1
-4
C)
6
31
8
8
1. See footnote 2, table 2.
Table 21.—Income, 1978
[Millions of dollars]
Manufacturing
All
industries Petroleum
All countries..
Canada..
Europe
European Communities (9)...
Belgium and Luxembourg..
France
Germany
Italy
Netherlands
Denmark and Ireland
United Kingdom
Other Europe .
Sweden
Switzerland.
Other.
Japan
_
3,958
1,297
972
351
74
87
2,848
2,604
174
152
144
18
1,386
8
722
1,098
1,096
186
703
702
-28
119
37
2
294
244
77
144
23
1
-1
3
24
(•)
277
(*)
_
256
3
Australia, New Zealand, and South Africa-
10
0
403
68
43
25
335
119
Latin America
Latin American Republics. _
Panama
Other.
Other Western Hemisphere-
Middle East.
36
6
Israel
Other
Other
Chemicals Primary
Food
and allied
and
Machinery manufacTotal
turing
products products fabricated
metals
)
119
(*)
1
20
-19
1
75
348
()
(*)
(*)
C)
51
249
>)
122
129
3
3
(•)
126
10
0
10
-36
(*)
(*)
39
23
20
()
8
8o
C)
(*)
-2
-2
0
20
C)
0
0
0
-2
10
D
>)
-10
-1
50
C)
C)
(*)
-1
(D)
0
C)
Memorandum:
*Less than $500,000 ( ± ) .
4
Finance
Insurance
Real
estate
697
456
470
16
48
64
84
54
6
-18
525
404
13
23
78
1
107
7
175
144
102
7
12
15
9
64
0
-5
355
293
15
15
-2
1
1
1
9
-8
-3
-14
-23
4
120
51
64
5
42
-1
39
4
63
50
128
6
8
1
27
2
7
-5
25
59
31
3
27
28
(*)
Other Africa, Asia, and Pacific.
OPEC*
284
>)
-1
0
46
19
1
18
(()C)D)
-67
-5
-3
50
2
42
8
63
69
86
119
263
244
33
-7
203
Trade
C)
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 2, table 2.
(*)
(•)
(•)
24
C)
8
6
2
8
(D)
12
1
6
0
238
51
C)
16
8
17
25
-7
26
-3
4
5
-1
-7
0
0
0
18
(*)
18
32
1
11
0
8
(D)
55
29
29
(*)
Other
18
19
C)
-3
3
19
()
C)
SUEVEY OF CURRENT BUSINESS
August 1979
51
Table 22.—Interest, Dividends, and Earnings of Unincorporated Affiliates, 1977
[Millions of dollars]
Manufacturing
All
industries Petroleum
All countries.
Canada.
Europe
...
European Communities (9)..
Belgium and Luxembourg.
France
G ermany
Italy
Netherlands
Denmark and Ireland
United Kingdom
Other Europe.
Sweden
Switzerland.
Other
235
470
67
43
19
4
870
711
9
47
76
9
329
2
239
183
182
0
1
299
263
4
47
17
0
132
0
63
132
(*)
)
(*)
(D)
1
(*)
1
44
Australia, New Zealand, and South Africa.
16
11
3
8
202
()
(*)
(*)
(*)
28
C)
(*)
(*)
-1
•Less than $500,000 (±).
12
35
39
-55
8
51
30
3
-5
21
9
3
0
-1
21
-2
22
1
-35
Other
83
13
13
48
46
(*)
()
(*)
(•)
(*)
(*)
(*)
(D)
(*)
2
0
10
C)
(*)
(*)
(*)
(*)
141
(*)
(*)
()
141
(*)
(*)
C)
C)
C)
(*)
37
-1
-1
(•)
37
(*)
(*)
(*)
0
0
0
(*)
(*)
(*)
(•)
()
(*)
(*)
(*)
(*)
(*)
16
(•*)
OPEC »
C)
D
189
224
4
62
(*)
(•)
(*)
Real
estate
Finance
144
1
4
33
-1
13
1
(*)
Insurance
Trade
211
124
4
8
13
0
77
0
22
37
5
31
8
1
Other Africa, Asia, and Pacific.
Memorandum:
96
C)
214
Middle East..
Israel
Other
36
I
Japan
Latin American Republics..
Panama
Other
Other Western Hemisphere.
262
1,248
159
8
149
3
Latin America
Other
Chemicals Primary
and
Food
and allied
Machinery manufacturing
products products fabricated
metals
Total
Suppressed to avoid disclosure of data of individual companies.
(*)
(*)
(*)
1. See footnote 2, table 2.
Table 23.—Interest, Dividends, and Earnings of Unincorporated Affiliates, 1978
[Millions of dollars]
Manufacturing
All
industries Petroleum
All countries..
Canada.
Europe
European Communities (9)—.
Belgium and LuxembourgFrance
Germany... .. .
Italy
Netherlands
Denmark and Ireland
United Kingdom
Other EuropeSweden
Switzerland
Other
1,628
294
477
157
28
26
1,166
917
251
249
1
372
312
2
68
47
97
12
432
3
280
Latin America
Latin American Republics
.
Panama...
Other
Other Western Hemisphere
Middle East
Israel
Other
"___."_"""""
Other Africa, Asia, and Pacific.
Memorandum:
OPECi
•Less than $500,000 (±).
42
136
186
107
140
119
41
()
(*)
(*)
C)
)
()
(*)
79
3
-1
3
82
Other
Chemicals Primary
Food
and allied
and
Machinery manufacturing
products products fabricated
metals
C)
115
1
()
C)
249
37
210
Japan
Australia, New Zealand, and South Africa-
Total
(*)
60
8
51
(*)
C)
15
15
0
(D)
(•)
15
(*)
(*)
(*)
19
Trade Finance Insurance
20
(*)
48
C)
(*)
(•)
(*)
58
281
217
49
10
8
70
52
11
-38
297
201
2
156
104
0
15
15
(*)
19
17
-1
30
1
56
2
102
57
20
4
10
9
10
9
0
-21
8
1
()
(*)
96
29
67
(*)
37
-2
37
2
-44
91
7
C)
(D)
0
0
0
(*)
(*)
-1
(*)
17
-2
-2
-1
20
(*)
()
C)
(*)
()
(*)
0
0
0
(*)
-1
(*)
D Suppressed to avoid disclosure of data of individual companies.
C)
(*)
(*)
21
(*)
1. See footnote 2, table 2.
Other
300
1
(•)
133
32
3
29
100
23
4
19
Real
estate
]
12
2
C)
(*)
2
(
C)
(*)
C)
10
(*)
30
29
29
(*)
1
1
C)
5
4
1
28
(*)
2
C)
(*)
(*)
18
0
18
()
(*)
18
(*)
By RUSSELL B. SCHOLL
The International Investment Position oi the United States:
Developments in 1978
_L HE net international investment
position of the United States increased
$4.3 billion in 1978, following a large
decline in 1977 (table 1). Net capital
inflows recorded in the U.S. international transactions accounts declined
to $2.8 billion, as foreign assets in the
United States increased $63.7 billion
and U.S. assets abroad increased $61
billion. Net valuation and other adjustments were a positive $7.1 billion,
largely reflecting broader coverage and
revised reporting of U.S. bank assets
abroad, and more than offset net capital
inflows.
At yearend 1978, the net international investment position of the United
States was $76.7 billion. U.S. assets
abroad increased 18 percent to $450.1
billion, due to a record increase in U.S.
bank lending abroad, and stepped-up
direct investment outflows (chart 3).
Foreign assets in the United States
increased 20 percent to $373.3 billion,
reflecting a continued large accumulation of foreign official assets in the
United States by industrial countries,
and a large increase in U.S. bankreported liabilities to foreigners.
Relationship of capital flows to the
current account
In terms of accounting entries, the
net capital flow component of the U.S.
international investment position is the
mirror image of the balance on current
account in U.S. international transactions, plus the allocation of special
drawing rights (SDK's) by the International Monetary Fund (IMF), and
NOTE.—Statistical material for this article
was prepared under the supervision of Nancy
R. Keith, with contributions from E. S. Kerber
and Gregory M. G. Thomas.
CHART 3
International Investment Position of the United States
U.S. Assets Abroad
Foreign Assets in the United States
Net International Investment Position
Billion $
Billion $
460
450
400
— 400
/
350
— 350
300
— 300
x<3L
250
-
200
150
100
—
taunt
Assets
Otter ttaa Reserves
50
~~ 50
1
1
75
76
0
1974
U.S. Department of Commerce, Bureau of Economic Analysis
52
1
77
78
1974
75
76
77
78
1974
August 1979
SURVEY OF CURRENT BUSINESS
53
an entry for the statistical discrepancy in exchange market intervention pur- in purchases of foreign bonds. The
in the accounts. However, because chases of dollars in cooperation with increase in claims of nonbanking concapital flows and current account trans- foreign monetary authorities. Although cerns doubled. U.S. reserve assets
actions are simultaneously determined the program helped the dollar recover declined slightly, compared with an
and interact through exchange rate somewhat from its October lows, the increase in the previous year. There
changes and other factors, there is no dollar declined 10 percent on a trade- was a marked change in reserve comsimple cause and effect relationship weighted basis against the currencies ponents as a result of the dollar support
between them.
of 10 leading industrial countries in program; an increase in holdings of
The current-account deficit, at $13.9 1978. The most significant declines foreign currencies was mostly offset by
billion, virtually equalled the 1977were against the Japanese yen, Swiss a reduction in the U.S. reserve position
in the IMF.
deficit, but declined throughout the franc, and German mark.
year, as merchandise exports increased
The statistical discrepancy shifted to
Bank claims
at a faster pace than imports; the net unrecorded inflows of $11.1 billion
Claims reported by U.S. banks insurplus on net service transactions con- in 1978. These inflows—outside regular
tinued to rise, particularly net receipts reporting channels and probably both creased $37 billion, compared with an
of income on direct investments abroad. commercial- and financial-related—oc- $11.4 billion increase in 1977, and
Net capital inflows declined sub- curred primarily in the first half of the accounted for 55 percent of the 1978
stantially to $2.8 billion, although there year when there was a temporary re- increase in U.S. assets abroad. Nearly
were large increases in both U.S. assests covery of the dollar in exchange $4 billion of the increase in bank claims
was attributable to broader coverage
abroad and in foreign assets in the markets.
and revised reporting of bank-related
United States. A rise in U.S. interest
rates relative to foreign rates was more Changes in U.S. Assets Abroad transactions implemented in April.
than offset by widespread expectations
The record $33 billion in outflows for
U.S. assets abroad increased $67.1 bank claims was due both to a step-up
that the dollar would depreciate against
several leading foreign currencies and billion to $450.1 billion in 1978 (table 2), in international demands for dollar
that U.S. inflation would accelerate. These compared with a $35.8 billion increase credits throughout the year, and, espeexpectations contributed to the record in 1977. Most of the increase was ac- pecially in the fourth quarter, to the
fourth-quarter bank-reported capital counted for by the increase in U.S.borrowing of dollars to purchase curoutflows (claims on foreigners), which bank claims on foreigners, who bor- rencies expected to appreciate against
were partly offset by large bank- rowed dollars both to meet their credit the dollar. A significant widening of
reported
inflows
(liabilities to needs and, particularly in the fourth interest differentials toward yearend in
quarter, in anticipation of dollar de- favor of Eurodollar certificates of defore:gners).
U.S. monetary authorities bolstered preciation. Also, direct investment out- posit over U.S. certificates also conthe dollar with a new support program flows increased, especially reinvested tributed to placement of funds abroad.
on November 1, involving higher inter- earnings of foreign affiliates. There was
Most of the outflows reported by
est rates, increased reciprocal currency a slowdown in net U.S. purchases of banks were to industrialized countries
arrangements, and a marked increase foreign securities, reflecting reductions in Western Europe and to Japan,
largely to banks. Outflows to Canada
were also large; the Canadian Government
began to draw heavily on its U.S.
Table 1.—Summary of Changes in the Net International Investment Position of the
United States *
dollar standby credit facility with
[Millions of dollars]
Canadian charter banks in order to
replenish
its foreign currency reserves.
1978
1975
1976
1977
1974
Outflows to Caribbean financial centers
declined, but those to nonpetroleum
15,794
7,974
-10,220
4,320
1. Change in net international investment position.
10,944
developing countries, especially in Latin
52,061
67,065
U.S. assets abroad
33,283
39,369
35,811
2.
U.S. official reserves
2,522
3.
343
566
-664
1,505
America, increased. At $129.6 billion at
U.S. Government assets, other than reserves..
4,192
4,648
4.
3,461
3,558
-482
U.S. private assets
5.
63,080
35,565
45,348
31,687
32,260
yearend (table 3), claims on foreigners
6.
62,745
Foreign assets in the United States
23,575
44,087
46,031
22,339
7.
33,202
Foreign official assets
7,073
18,658
36,39fi
10,492
accounted for about 13 percent of total
8.
29,543
Other foreign assets
16,502
9,635
25,429
11,847
loans
and investments of U.S. commer9.
International transactions capital flows, net..
-2,756
-15,030
24,283
14,870
504
cial
banks,
compared with 10 percent
10.
U.S. assets abroad
60,957
35,793
39,703
51,269
34,745
11.
63,713
Foreign assets in the United States
50,823
15,420
36,399
34,241
at yearend 1977. U.S. bank assets
12.
Valuation and other adjustments, net.
7,074
4,812
-8,491
10,440
-6,895
abroad comprised about 30 percent of
13.
U.S. assets abroad
6,107
-335
18
-1,462
total
U.S. assets abroad at yearend, up
14.
Foreign assets in the United States.
-967
8,156
-4,794
-11,902
7,688
from
24
percent.
15. Net international investment position ofthe United States at end ofperiod.
76,705
74,631
82,605
72,385
58,837
Memoranda:
International transactions capital flows, net (line 9 above) equals:
16.
Balance on current account (deficit (—)).
17.
Allocations of SDR
18.
Statistical discrepancy (unrecorded outflows ( - ) )
1. Data for 1974-77 are revised; data for 1978 are preliminary.
2,113
~-i,~609
18,339
"h, 944"
4,605
-14,092
~i6~265
"-937"
-13,895
Foreign securities
Foreign securities held by U.S.
residents increased $4 billion in 1978,
54
SUEVEY OF CUERENT BUSINESS
to $53.4 billion at yearend, compared
with a $5.3 billion increase in 1977. U.S.
residents' holdings of bonds increased
$2.9 billion, compared with a $4.6 billion increase, and holdings of stocks
increased $1.1 billion, almost double
the 1977 increase.
New bond issues were $6 billion, less
than in 1977, due to higher U.S. longterm interest rates and a declining
dollar. Although Canadian new issues,
at $3.5 billion, were higher than in
1977, $1.4 billion of these issues were
accounted for by central government
borrowing to support the Canadian
dollar in exchange markets. Borrowing
by Canadian provincial and hydroelectric authorities decreased to $1
billion. Other borrowing by Canadian
municipalities and corporate issuers
was unchanged at $1.1 billion.
New issues by Western European
countries were $1.7 billion, compared
with $1.6 billion in 1977. Scandinavian
countries placed $0.8 billion, the European Investment Bank $0.4 billion,
and the United Kingdom $0.3 billion—
its first placement in the U.S. market.
Japanese issues dropped to $0.1 billion,
from $0.3 billion. Developing countries,
primarily in Latin America, halved
their placements to $0.6 billion, as
they apparently shifted a large amount
of financing to the Eurodollar market.
International financial institutions did
not enter the U.S. market in 1978, after
placing $1.5 billion in 1977. At yearend 1978, the value of foreign bond
holdings of U.S. residents was $42.2
billion.
Holdings of foreign stocks of U.S.
residents increased $1.1 billion. Adjustments, particularly those reflecting
rising market prices, added $1.6 billion
in value to holdings. However, investors sold $0.5 billion—primarily
Western European and Japanese
stocks—so that the value of total
holdings was $11.2 billion at yearend.
U.S. direct investments abroad 1 and
other private assets
U.S. direct investments abroad increased $18.2 billion in 1978, compared
with a $13 billion increase in 1977, and
accounted for almost 30 percent of the
1. For details see article "U.S. Direct Investment Abroad
in 1978," in this issue.
August 1979
increase in U.S. assets abroad in 1978. ments to the stock of U.S. official
Net equity and intercompany account reserve assets. At yearend 1978,
outflows declined, in part reflecting the total U.S. reserve assets were $18.7
sale of several affiliates in Canada and billion, or 4 percent of total U.S. assets
Europe. Reinvested earnings increased abroad.
a record $12.1 billion; the increase was Other U.S. Government assets
concentrated in manufacturing in deU.S. Government assets other than
veloped countries. There was an unusuofficial
reserve assets increased $4.6
ally large valuation adjustment of $1.6
billion,
compared with a $3.6 billion
billion, primarily reflecting sales of
increase
in 1977, reflecting stepped-up
affiliates in Canada for amounts exceedfunding
under
U.S. foreign assistance
ing the previously recorded position in
programs.
Most
of the $54.2 billion
these affiliates. At yearend, the book
outstanding
at
yearend
1978 was with
value of U.S. direct investments abroad
developing
countries
in
Latin
America,
was $168.1 billion, about 38 percent of
Africa,
and
Asia.
total U.S. assets abroad.
Claims on unaffiliated foreigners reChanges in Foreign Assets in
ported by nonbanking concerns inthe United States
creased $3.9 billion, almost twice the
1977 increase. The increase was partly
Foreign assets in the United States
associated with financing U.S. exports; increased $62.7 billion, to $373.3 bilU.S. concerns also increased their off- lion, in 1978. In 1977, the increase was
shore bank deposits, especially in Carib- $46 billion. In both years, large inbean banking centers, suggesting that creases in foreign official holdings of
they may have partly utilized the U.S. assets ($33.2 billion and $36.4
proceeds of overseas borrowings to billion, respectively) were the result of
invest in Eurodollar deposits. These substantial intervention purchases of
claims accounted for about 6 percent of dollars in exchange markets. Placements
total U.S. assets abroad, or $26.1 of funds in U.S. money market inbillion, at yearend.
struments by private foreigners and
i
n terna tional organizations increased
U.S. official reserve assets
$20.6 billion, compared with $6.9 bilU.S. official reserve assets decreased lion 1977. Foreign direct investments
$0.7 billion in 1978, compared with a in the United States increased a record
$0.6 billion increase in 1977. There $6.2 billion, and the value of U.S.
were substantial changes in the com- securities held by foreigners increased,
ponents, largely reflecting the Novem- despite a large reduction in the market
ber dollar support program. The United value of bonds due to rising interest
States drew the equivalent of $3 billion rates.
on its IMF reserve position, $2 billion
in German marks and $1 billion in Foreign official assets in the United
States
Japanese yen. Also, the United States
sold $1.4 billion in SDR/s to Germany
The $33.2 billion increase in foreign
and Japan, and acquired $1.6 billion in official assets in the United States
marks through the sale of mark-de- reflected large intervention purchases
nominated notes to private German of dollars, particularly in the first and
residents. Other transactions affecting fourth quarters, by the monetary
reserve assets were the IMF repayment authorities in several leading developed
to the United States of funds lent under countries, especially West Germany,
the General Arrangements to Borrow, Japan, and Switzerland. In contrast,
and the U.S. acquisition of gold as part the United Kingdom reduced its dollar
of the IMF restitution program to re- holdings, to repay in advance significant
turn gold to its members. There were amounts of external indebtedness.
other changes in gold holding, reflecting Much of the increase in foreign official
U.S. Treasury auction sales. These assets was channeled into U.S. Treasury
changes in Treasury gold stocks are not bills and bank certificates of deposit
entered as flows in the international because interest rates on these shortaccounts, but are entered as adjust- term money market instruments rose
SURVEY OF CURRENT BUSINESS
August 1979
55
Table 2.—Changes in the Net International Investment Position of the United States Reconciled with International Transactions Capital
Flows
[Millions of dollars]
Lines
in
table 3
Changes in net international investment position of the
United States and U.S. assets abroad
Item (decrease (—))
1977 r
1978 p
Lines
in
table 3
Foreign assets in the United States
Item (decrease (—))
1977 r
1978 P
Changes in net international investment position of the United
-10,220
States
International transactions capital flows.
Other changes
15,030
4,812
-2,756
7,074
35,811
67,065
35,793
18
566
60,957
6,107
375
191
-732
Gold
Capital flows
Public sales1
Valuation adjustments..
121
118
-48
65
-108
-5
Special drawing rights _
Capital flows
Exchange rate adjustments 2
234
121
113
-1,071
-1,249
178
28
Reserve position in the International Monetary Fund.. _
Capital flows
Exchange rate adjustments 2
512
294
218
-3,899
-4,231
332
29
-301
-158
-143
4,354
4,683
-329
30
3,558
4,648
U.S. liabilities reported by U.S. banks, not included
elsewhere
Capital flows
Changes in coverage and statistical discrepancies
31
Other foreign official assets
Capital flows
Price changes
U.S. assets abroad.
Capitalflows._
Other changes _
U.S. official reserve assets_
Capital flows..
Other changes.
Foreign currencies
Capital flows
Exchange rate adjustments2
U.S. Government assets, other than official reserve assets..
9-11
12
Capital flow
Other changes
U.S. loans and other long-term assets, less repayments. _.
Capital flows
Exchange rate adjustments 2
Valuation adjustments
Statistical discrepancies
U.S. foreign currency holdings and U.S. short-term assets.
Capital flows
Exchange rate adjustments 2
Statistical discrepancies
-664
4,506
4,532
-18
-9
(*)
-74
-33
-41
(*)
142
124
26
-9
Capital flows
Other changes
31,687
31,725
-38
63,080
57,033
6,048
Direct investments abroad
Capital flows
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates.
Valuation adjustments
13,039
12,898
5,612
7,286
141
18,233
16,670
4,606
12,063
1,564
5,282
3,983
4,625
5,051
-409
-17
2,855
4,013
-1,265
107
Foreign securities.
Foreign bonds
Capital flows
Price changes
Exchange rate adjustments 2
Foreign corporate stocks
Capital flows
Price changes
Exchange rate adjustments 2
U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns
Long-term
Capital flows
Short-term
Capital flows
Statistical discrepancies..
657
409
316
-68
1,128
-526
1,563
91
1,939
3,853
99
53
53
1,840
1,841
-1
3,800
3,800
U.S. claims reported by U.S. banks, not included elsewhere
11,427
37,011
Long-term
Capital flows
Short-term
Capital flows
Changes in coverage and statistical discrepancies. _
751
751
10,676
10,676
Foreign assets in the United State
Capital flows...
Other changes.
Foreign official assets in the United States..
Capital flows..
Other changes .
U.S. Government securities..
U.S. Treasury securities
Capital flows
Exchange rate adjustments 2
Changes in coverage and statistical discrepancies
Other
Capital flows
Price changes
Other U.S. Government liabilities 4
Capital flows
Statistical discrepancies
46,031
62,745
50,823
- 4 , 794
63,713
-967
36,396
33,202
36,656
-261
33,758
-555
32,794
24,063
30,537
30,230
384
-77
23,982
23,542
352
2,257
2,308
-51
81
656
-575
1,240
1,240
2,754
2,754
(*)
5,082
5,411
-329
1,588
2,105
-517
1,304
1,395
-91
9,635
29,543
Capital flows
Other changes
Direct investments in the United States
Capital flows
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates..
Valuation adjustments
14,167
-4,532
29,956
-412
3,825
3,728
2,142
1,586
96
6,236
6,294
3,964
2,329
U.S. securities other than U.S. Treasury securities.Corporate and other bonds
Capital flows
Price changes
-1,917
Corporate stocks
Capital flows
Price changes
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns
-3,162
1,325
-4,487
Long-term
Capital flows
Short-term
Capital flows
Statistical discrepancies
U.S. long-term liabilities reported by U.S. banks..
Capital flows
U.S. Treasury securities and other short-term liabilities
reported by U.S. banks
-520
-520
-194
-194
994
993
1
1,835
1,834
1
Other foreign assets in the United States.
U.S. Treasury securities
Capital flows
Exchange rate adjustments 2
Changes in coverage and statistical discrepancies..
U.S. short-term liabilities reported by U.S. banks, not
included elsewhere
Capital flows
Changes in coverage and statistical discrepancies.
1,245
1,388
-143
-58
2,518
215
1,558
-1,343
2,303
1,309
994
1,641
373
373
6,879
s 20,634
534
534
2,353
2,180
75
0,346
6,346
s 16,796
s16,975
5-179
3 37,011
3 33,023
3 3,988
» Preliminary.
r Revised.
*Less than $500,000 (±).
1. Reflects sales to the public from U.S. Treasury gold stocks; these demonetizations are
not included in the international transactions presentation.
2. Represents gains or losses on foreign currency denominated assets and liabilities due to
their revaluation at current exchange rates.
25
4,656
-135
3,632
3,720
-72
-22
(*)
U.S. private assets
24
3. Due to the introduction of new reporting forms for bank-related transactions, the
maturity breakdown for bank claims in 1978 is not available
4. See table 3, footnote 11.
5. The distinction between long- and short-term liabilities is discontinued in 19/8.
SUEVEY OF CUEKENT BUSINESS
56
August 1979
Table 3.—International Investment Position of the United States at Yearend 1
[Millions of dollars]
Western
Europe
Total
Line
Type of investment
Net international investment position of the United States
U.S. assets abroad.
U.S. official reserve assets
Gold
Special drawing rights 2
Reserve position in the International Monetary Fund 2
Foreign currencies 3
U.S. Government assets, other
than official reserve assets
U.S. loans4 and other long-term
assets
Repayable in dollars
Others
U.S. foreign currency holdings
and U.S. short-term assets
U.S. private assets
Direct investments abroad
Foreign securities
Bonds
Corporate stocks
U.S. claims on unaffiliated foreigners reported by U.S.
non-banking concerns
Long-term
Short-term
U.S. claims reported by U.S.
banks, not included elsewhere
Long-term
Short-term
24
Japan
Canada
Foreign assets in the United States..
the
Foreign official assets
United States
U.S. Government securities3
U.S. Treasury securities
Other
Other U.S. Government liabilities »
U.S. liabilities reported by U.S.
banks not included elsewhereOther foreign official assets
Other foreign assets in the United
States
Direct investments in the
United States
U.S. securities other than U.S.
Treasury securities
Corporate and other bonds
Corporate stocks
U.S. liabilities to unaffiliated
foreigners reported by U.S.
nonbanking concerns.!
Long-term
Short-term
U.S. long-term liabilities reported by U.S. banks
U.S. Treasury securities and
other short-term liabilities
re-reported by U.S. banks...
U.S. Treasury securities 3
U.S. short-term liabilities reported by U.S. banks, not
included elsewhere
1977
1977
1975
1976
1977
1978
1977
58,837
74,631
82,605
72,385
76,705 -65,429 -74,972 52,208 58,419 -8,778 -17,256
255,744 295,113 347,174 382,985 450,050 103,250 130,253 71,146 80,366
15,883
11,652
2,374
1,852
5
16, 226 18, 748
11,599 11,598
2,395
2,335
2,212
80
4,434
321
19
2,807
(*)
C)
1,047
4,374
19
2,807
(*)
C)
19, 314 18,650
11, 719 11,671
2,629
1,558
4,946
20
1978
17,255
23,130
1
1,567
Other foreign
countries
1977
1978
1977
60,388
70,016
93,217 112,168
International
orgnanizations and
unallocated t
1978
1977
6,742
17,981
27,252 22,519
63,022
74,342
35,094 29,793
1978
19,294 14, %6
11, 719 l l , 6 T f
2,629 1,558
4, 946
1,047
1,567
49, 566 54, 215
9, 305
9,973
26'
259
644
672 10,145
10,575
25,600
28,648
3,605
4,089
36,293
33,052
3,240
39,822
36,833
2,989
44,138
41.320
2,818
47,770
45,179
2,592
9,159
8,528
630
9,771
9,192
579
261
266
258
258
625
625
671
671
10,125
9,547
578
10,550
9,993
557
23,995
22, 612
1,383
26,944
25,641
1,302
3,600
3,600
4,084
4,084
2,063
1,995
1,870
1,796
146
202
1
1
19
1
20
25
1,605
1,704
93,926 117,473 70,879 80,107
60,930 69,669 35,200 37,280
7,923
9,260 26,941 29,881
4,469 21,970 23,7
3,438
4,791 4,971 6,112
4,485
16,610
4,143
1,243
893
350
20,891
4,963
620
620
83,072 101,593
28,110 32,509
2,852
2,966
2,656
2,762
196
204
37,422
14,304
5,509
5,401
108
45,694
16,786
6,216
6,085
131
3,481
1,050
2,431
3,670
1,004
2,666
38, 356 41, 817 46,008
201,505 237,070 282,418 314,105
149,848
110,078 124,050
28,203 34,913 44,157 49, 439
19,192 25,328 34,704 39,329
9,453 10,110
9,011
9,585
52,277
49,839
2,438
1,938
377,185
168,081
53,422
42,184
11,238
7,124
1,550
5,574
8,617
1,769
6,848
5,202
1,943
3,259
1,137
7
n
1,309
69
1,240
5,939
1,472
4,467
16,989
5,528
11,461
18,340
5,894
12,446
20,317
5,936
14,381
22, 256 26,109
6,035
6,088
16,221 20,021
40,235
7,179
39,056
59,767
9,536
50,231
81,135
11,898
6Q,237
92,562 129,573 17,949 29,927 4,163 7,744 10,087 13,999 46,171 58,806 14,128 19,022
2,776
(
317
12,649
( 5,781
434
( 3,278
8 29,927
[8129,573
i 7,747 \ 9,770 | 8 13,999
79,913
\ 15,173
\ 40,390 •8 5 8 , 8 0 6 \ 10,850 819,022
\ 3,729 }
4,575
1,
2,681
196,907 220,482 264,569 310,600 373,345 168,679 205,225 18,938 21,947
79,784
58,072
56,504
1,568
86,857 105,515 141,911 175,113
63,553 73,966 106,760 130,823
61,107 70,555 101,092 125,074
3,411
5,749
5,668
2,446
2,645
4,162
8,669
9,910
12,663
18,420
647
16,262
2,880
17,231
5,649
18,004
7,237
23,086
8,541
117,123 133,625 159,054 168,689 198,232
95,873
73,41'
2,395
26,033
2,625
1,95;
159
40,386
2,661
(10)
173
691
(10)
7,31:
1,304
6,008
32,829
42,152
4,846
5,274
(10)
1,780
56,280
(10)
197
222
(10)
95,262 109,352 16,543 19,286
27,983
36,878
56,361
12,195 11,428
6 7,160 6 6,874
4,971 4,479
4,971 4,479
75
8 75
7,842
7,274
7,842
7,274
445
58
700
350
350
(10)
6,906
7,863
(10)
(10)
25,144
27,662
30,770
34,595
40,831
13,578
27,895
5,650
6,166
1,755
2,688
3,162
3,408
450
673
34,892
10,671
24,221
45,338
10,025
35,313
54,830
11,964
42,866
52,913
13,209
39,704
55,431
13,424
42,007
39,635
11,163
28,472
40,955
10,854
30,101
6,808
1,137
5,671
7,000
1,126
5,874
304
594
1,078
397
681
2,893
487
2,406
3,247
631
2,616
2,234
60
2,174
2,452
67
2,385
13,586
6,431
7,155
13,905
6,837
7,068
12,961
5,837
7,124
13,435
5,317
8,118
15,076
5,123
9,953
6,740
3,863
2,877
7,382
3,783
3,599
699
195
504
851
193
658
1,000
305
695
1,159
261
898
1,713
513
1,200
1,978
456
1,522
3,283
441
2,842
3,706
430
3,276
1,161
881
1,112
1,485
42,340
1,655
45,839
4,245
59,381
7,028
66,261 "86,894
7,562 » 9,91£
(10)
(10)
(10)
(10)
40,685
41,594
52,353
58,699 12 76,979
tlncludes U.S. gold stock.
*Less than $500,000 (±).
1. Data for 1974-77 are revised; data for 1978 are preliminary.
2. Beginning in July 1974, U.S. holdings of special drawing rights and the reserve position in
the International Monetary Fund include changes in the SDR based on changes in a
weighted average of exchange rates for currencies of 16 member countries of the International
Monetary Fund.
3. The foreign currency denominated assets and liabilities in these lines are valued at current exchange rates for thefirsttime.
4. Also includes paid-in capital subscriptions to internationalfinancialinstitutions and outstanding amounts of miscellaneous claims that 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.
5. Includes indebtedness that 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.
6. For the most part, represents the estimated investment in shipping companies registered
primarily in Panama and Liberia.
1978
1978
1974
Latin
American
Republics
and Other
Western
Hemisphere
7. U.S. holdings of Japanese shares may be underestimated in 1978. This is due in part to the
recording of security transactions by the country of transactor rather than the country of
issuer.
8. Due to the introduction of new reporting forms for bank-related transactions, the maturity breakdown for bank claims in 1978 is not available.
9. Details not shown separately are included in totals in lines 25 and 32.
10. Details not shown separately are included in line 24.
11. Includes, primarily, U.S. Government liabilities associated with military sales contracts
and other transactions arranged with or through foreign official agencies.
12. The distinction between long- and short-term liabilities is discontinued in 1978.
13. Includes U.S. Treasury notes denominated in foreign currencies, sold through foreign
central banks to domestic residents in country of issue; these notes are subject to restricted
transferability.
August 1979
more rapidly than those of Treasury
marketable bonds. At yearend, official
assets of industrial countries in the
United States were $129.9 billion.
Official assets of OPEC members
declined $0.7 billion, the first decline
since the sharp oil price increase of
late 1973. The decline reflected both a
reduction in the OPEC investible surplus, and a decline in the percentage
invested in the United States. The
decline in OPEC assets in the United
States was in U.S. Treasury obligagations and, to a lesser extent, in U.S.
agency issues, corporate bonds, and
stocks. U.S. Government liabilities to
OPEC, associated with military sales
contracts, increased slightly. Official
OPEC holdings in the United States,
excluding these liabilities, totaled about
$30 billion at the end of 1978.
Other foreign official assets in the
United States, primarily those of nonpetroleum developing countries, were
$0.1 billion higher and totaled approximately $15.2 billion at yearend.
Other foreign assets
There was a marked increase in otherforeign assets in the United States in
1978, largely reflecting increased inflows
to U.S. banks, particularly in the last
SURVEY OF CURRENT BUSINESS
half of the year when U.S. short-term
interest rates rose significantly relative
to foreign rates. The $20.6 billion increase in liabilities to private foreigners
and international organizations reported by U.S. banks was widespread
geographically, with substantial increases from Western European countries, Canada, and Japan. (The increase
in liabilities includes $1.6 billion in
mark-denominated U.S. Treasury securities sold to German residents as
part of the dollar support program).
At yearend, U.S. bank liabilities to
foreigners were $86.9 billion, or about
one-fourth of total foreign assets in the
United States.
Foreign direct investments in the
United States increased 18 percent, or
$6.2 billion, compared with a 12 percent
increase in 1977.2 Both equity and intercompany account inflows and reinvested earnings increased, probably
reflecting less reliance on funds borrowed in U.S. financial markets. Dollar
depreciation against several major foreign currencies may have been an additional incentive to foreigners to
increase investments in U.S. affiliates
2. For details see article "Foreign Direct Investment in
the United States, in 1978", in this issue.
57
and to acquire other U.S. companies.
By yearend 1978, foreign direct investments in the United States were $40.8
billion, or 11 percent of total foreign
assets in the United States.
Foreign holdings of U.S. securities
other than Treasury securities increased
$2.5 billion, after declining in 1977.
Foreign purchases of stocks were unchanged at $1.3 billion; price appreciation added $1 billion to their value.
Inflows were especially strong in the
second quarter when U.S. stock prices
increased and the dollar appreciated
in exchange markets. There were large
inflows from the United Kingdom
throughout the year, in part due to
sterling's strength in exchange markets
and changes in U.K. regulations affecting foreign financial investments. Foreign purchases of U.S. bonds, at $1.6
billion, were almost completely offset
by a decline in bond prices. Foreign
purchases of U.S. corporate issues in the
Eurobond market were $0.8 billion, and
included the first convertible debentures
since elimination of U.S. capital controls
in 1974. Foreign holdings of U.S. securities other than Treasury securities
were $55.4 billion at yearend, or 15 percent of total foreign assets in the United
States.
By EDWARD F. DENISON
Pollution Abatement Programs: Estimates oi Their Effect Upon
Output Per Unit of Input, 1975-78
V^ONTROLS imposed to protect
the physical environment against pollution have reduced the growth rate
of measured output per unit of output
in nonresidential business. Estimates of
the effect of these controls for 1967-75 .
were contained in "Effects of Selected
Changes in the Institutional and Human
Environment Upon Output Per Unit
of Input," by Edward F. Denison, in
the January 1978 SURVEY OF CURRENT
BUSINESS. The estimates are extended
here to 1978.x The January 1978 article
describes the concepts underlying the
estimates, including the distinction between costs of pollution abatement that
curtail output per unit of input and
those that do not. It also explains that
the purpose of the estimates "is to aid
analysis of growth and productivity;
it is not to judge the wisdom of Government programs, which have benefits as
well as costs."
The 1975-78 estimates show that
increasing costs of environmental protection continued to cut into the growth
rate of output per unit of input. But
the most interesting finding is that the
size of the deduction from the annual
growth rate, which had climbed to 0.22
percentage points in 1973-75, fell back
to 0.08 percentage points in 1975-78.
Table 1 shows the dollar value of
incremental pollution abatement costs
of types that reduce output per unit
of input in nonresidential business.
Incremental costs refer to the excess of
total costs over the costs that would
have been incurred if the 1967 level of
abatement costs had continued unchanged except as a result of output
growth and price level changes. The
estimates incorporate changes made in
underlying data since the original
1967-75 series were prepared. The
resulting revisions were trivial for the
total incremental cost of pollution
abatement and its effect on output per
unit of input. Some individual cost
components changed considerably, but
changes were offsetting.
Incremental costs of pollution abatement had risen from nothing (by definition) in 1967 to $9.3 billion in 1975.
They reached $16.3 billion in 1978.
Nearly one-half of the total consists of
current costs. The rest is depreciation
on capital required for pollution abatement and the net opportunity cost of
devoting capital to this purpose. By
1975, changes in environmental controls
introduced since 1967 had diverted
nearly 1 percent of the labor, capital,
and land used in nonresidential business from production of measured output to pollution abatement activities
that do not result in measured output
(table 2, column 1). By 1978 this percentage had risen to almost 1.2, leaving
98.8 percent of total input available for
1. Estimates in the January 1978 article for effects of in- other uses (table 2, column 2). This imcreased requirements to protect safety and health and for
effects of a rise in dishonesty and crime have not been ex- plies that in 1978 output per unit of
tended.
input was 98.8 percent as large as it
NOTE.—The estimates were prepared under would have been if environmental prothe author's supervision by James Embersit tection had been as it was in 1967. These
and Bruce Baker of BEA's Environmental
percentages are converted to index form
and Nonmarket Economics Division.
58
in table 2, column 3. The index traces
the course that measured output per
unit of input in nonresidential business
would have followed if nothing had
changed except pollution abatement.
The growth rate of this index in any
period measures the contribution to—
in this case, amount that was deducted
from—the growth rate of output per
unit of input by diversion of resources
to pollution abatement. Index growth
rates for selected periods follow:
Contribution
to growth
rate
Before 1967
1967-69
1969-73
1973-75
1975-78
_
0
-.05
-.10
-.22
-.08
The deduction was smaller in 197578 than in 1973-75 simply because the
percentage of labor and capital devoted
to pollution abatement was not rising
as fast.
The growth rate of output per unit
of input from 1948 to 1973 was slightly
under 2.0 percent, according to one
calculation.2 The rising cost of pollution
abatement would have cut 0.22 percentage points from that rate in 1973-75, an
amount equal to one-ninth of that rate.
After 1975 the adverse effect was much
smaller, 0.08 percentage points. Pollution abatement was, of course, only one
cause of the large drop in the growth
rate of output per unit of input after
1973.
2. Edward F. Denison, "Explanations of Declining Productivity
Growth,"
SURVEY OF CURRENT BUSINESS,
August 1979, Part II, table 1.
SUEVEY OF CUEEENT BUSINESS
August 1979
59
Table 1."—Incremental Pollution Abatement Costs That Reduce National Income Per Unit of Input in Nonresidential Business
[Millions of dollars]
1967
1968
1970
1969
1972
1971
1974
1973
1975
I
1976
1977
1978 1
Current costs:
1. Motor vehicle emission abatement 2
2. Air and water pollution abatement except motor vehicle
emissions
a) Direct labor cost
b) Equipment leasing, materials, supplies, services and
other
147
210
325
457
641
1,064
152
52
370
126
621
211
914
311
1,239
421
1,939
599
2,528
733
3,074
855
3,670
951
2,719
1,591
100
244
410
603
818
1,340
1,795
2,219
3. Payments to use public sewer systems..
43
65
108
151
194
210
233
293
372
4. Solid waste disposal
49
75
110
145
197
257
321
423
542
10
17
29
44
67
104
163
239
329
140
272
401
583
913
1,347
1,639
1,971
5
9
15
24
53
67
84
55
126
177
234
Depreciation:
5. Motor vehicle emission abatement 2
6. Air and water pollution abatement except motor vehicle
emissions
7. Solid waste disposal
Net opportunity costs of invested capital:
8. Motor vehicle emission a b a t e m e n t 2
16
9. Air and water pollution abatement except motor vehicle
emissions
189
454
754
1,109
1,572
2,337
3,374
3,969
4,733
3
7
13
21
34
51
70
83
99
136
267
407
421
2,218
3,220
4,513
6,860
9,328
11,146
13,421
10. Solid waste disposal
Less:
17
27
657
1,332
11. Value of energy and materials reclaimed.
261
Total incremental cost
74
16,308
I
1. Based on preliminary estimates. Detail not available.
2. Business vehicles only.
NOTE.—The estimates for 1968-71 were prepared by the same methods used for the 1968-71
estimates in the January 1978 SURVEY article referred to in the text; for 1972-77, by the same
methods used for the 1972-74 estimates in that article; and the preliminary estimates for 1978,
by the same methods used for the 1975 estimates in that article. BEA's series on total expenditures for, and capital expenditures for, pollution abatement and control, the main data
underlying these estimates, appeared in the February and June 1979 issues of the SURVEY,
respectively.
Table 2.—Pollution Abatement Costs: Effect Upon Output Per Unit of Input in Nonresidential Business
Percentage of
total input
diverted to
pollution
abatement
(2)
(1)
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
_
__
_
_ .
_
_
Percentage of
total input
not diverted
to pollution
abatement
Effect of pollution abatement
costs upon output per unit of
input
1972 = 100
Percent
change in
index
(3)
(4)
Index
0
.044
.103
100,000
99.956
99.897
100,42
100.37
100.31
-0.04
-.06
.204
.318
.416
99.796
99.682
99.584
100.21
100.10
100.00
-.10
-.11
-.10
.518
.742
.984
99.482
99.258
99.052
99.90
99.67
99.47
-.10
-.23
-.21
1.006
1.083
1.182
98.994
98.917
98.818
99.41
99.33
99.23
-.06
-.08
-.10
NOTE.—Columns 1 to 3 are equivalent to columns 8 to 10 of table 4, p. 31, in the January 1978 SURVEY, except that columns 1 and 2 are expressed as percentages instead of ratios. See also note to table 1.
Quarterly and Monthly Constant-Dollar Manufacturing and Trade Inventories and Sales: 1975:IV-1979:II
The quarterly estimates of inventories, sales, and inventory-sales ratios for manufacturing and trade, in constant dollars, for 1975 :IV1979:11 and monthly estimates for January-June 1979 are shown below. The quarterly estimates for 1976:1-1979:1 incorporate the revised
national income and product account estimates that appeared in the July 1979 SURVEY OF CURRENT BUSINESS. In addition, pre-1976
estimates of constant-dollar retail sales have been revised to incorporate the latest retail trade sales series published by the Census Bureau
{Current Business Reports, BR-13-79S). The monthly estimates, which are consistent with the quarterly ones, are available for the first
time. Hereafter these estimates will be available approximately 45 days after the end of the month. Monthly estimates beginning with January 1967 and revised quarterly estimates for 1967-75 are available on request from the National Income and Wealth Division (BE-54),
Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230.
Table 1.—Manufacturing and Trade Inventories in Constant Dollars, Seasonally Adjusted, End of Quarter
1975
1976
III
IV
Manufacturing and trade
1977
II
IV
III
IV
216.9
219.3
222.4
224.5
225.2
227.9
230.8
234.5
236.8
124.2
124.5
125.4
126.3
126.8
127.6
129.3
130.4
131.0
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles and parts
Other transportation equipment
Other durable goods i
81.9
13.5
10.5
18.2
10.8
4.9
10.7
13.5
81.6
13.6
10.4
18.0
10.8
5.2
10.4
13.4
81.9
13.8
10.3
17.8
10.9
5.4
10.2
13.6
82.2
13.9
10.4
17.8
11.0
5.4
9.9
13.7
82.8
14.1
10.6
17.9
11.2
5.7
9.6
13.9
83.1
14.1
10.5
17.8
11.4
5.7
9.5
14.0
84.1
14.3
10.7
17.9
11.7
5.9
9.5
14.2
84.7
14.3
10.8
18.1
11.9
6.0
9.4
14.3
85.2
14.3
10.8
18.5
12.0
6.0
9.3
14.4
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products..
Rubber and plastic products..
Other nondurable goods 2
42.3
12.1
30.1
3.4
7.3
3.1
2.7
13.6
42.8
12.5
30.4
3.4
7.4
3.1
2.7
13.8
43.5
12.9
30.6
3.5
7.5
3.2
2.6
13.9
44.1
13.4
30.7
3.5
7.7
3.1
2.6
13.8
44.0
13.4
30.6
3.5
7.7
3.2
2.7
13.5
44.5
13.7
30.8
3.6
7.7
3.1
2.8
13.6
45.2
13.9
31.3
3.6
7.8
3.2
2.9
13.8
45.7
13.9
31.8
3.7
8.0
3.2
3.0
13.9
45.8
13.5
32.3
3.7
8.2
3.2
3.0
14.2
Manufacturing
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Auto dealers.
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
38.7
39.4
40.6
41.3
41.5
42.4
42.5
43.5
44.3
25.2
13.5
4.4
9.1
25.4
13.9
4.7
9.3
26.2
14.5
5.2
9.2
26.7
14.6
5.2
9.5
26.5
15.0
5.4
9.7
27.1
15.3
5.4
9.9
27.7
14.8
5.1
9.7
28.6
14.9
5.1
9.8
29.2
15.0
5.3
9.7
54.0
55.5
56.3
56.9
56.8
57.9
59.0
60.6
61.6
24.2
12.8
11.4
29.8
5.9
23.9
24.7
13.0
11.6
30.8
6.1
24.7
25.1
13.1
12.0
31.2
6.2
25.0
25.9
13.5
12.3
31.1
6.3
24.8
25.8
13.3
12.5
31.1
6.4
24.6
26.3
13.6
12.7
31.5
6.4
25.1
26.8
13.9
12.9
32.1
6.5
25.7
27.7
14.5
13.2
32.9
6.6
26.3
28.2
15.0
13.2
33.4
6.6
26.7
See footnotes to table 4.
Table 1.—Manufacturing and Trade Invenstories in Constant Dollars, Seasonally Adjusted, End of Quarter—Continued
1978
I I
Manufacturing and trade
1979
III
IV
Jan.
241.2
244.6
247.1
249.6
252.2
132.6
134.3
135.6
136.3
138.4
140.9
Durable goods
Primary metals
Fabricated metals. _
Machinery, except electrical
Electrical machinery
Motor vehicles and parts
Other transportation equipment
Other durable goods *
86.6
13.9
11.1
19 0
12.3
6.0
9.5
14.7
87.8
13.9
11.3
19.5
12.6
5.9
9.8
14.7
88.9
13.9
11.4
19.9
12.9
6.1
9.8
14.9
89.5
13.8
11.5
20.4
12.8
5.7
10.4
15.0
91.5
13.4
11.7
21.0
13.2
6.2
10.5
15.4
93.3
13.6
12.0
21.5
13.3
6.1
11.1
15.7
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products..
Rubber and plastic products..
Other nondurable goods 2
46.0
13.4
32.7
3.7
8.4
3.1
3.0
14.4
46.5
13.4
33.1
3.8
8.6
3.0
3.1
14.6
46.7
13.5
33.2
3.8
8.7
2.9
3.1
14.6
46.7
13.5
33.3
3.8
8.9
2.9
3.1
14.7
47.0
13.7
33.3
3.8
8.9
2.7
3.1
14.8
46.1
46.8
47.2
48.5
30.3
15.8
5.5
10.2
31.0
15.9
5.4
10.4
31.3
15.8
5.3
10.5
32.3
16.3
5.4
10.9
62.6
63.5
64.4
64.8
64.4
Manufacturing
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail Trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
_.
28.6
15.2
13.4
34.0
6.7
27.3
28.6
15.1
13.4
35.0
6.8
28.2
28.5
15.2
13.3
35.8
6.9
29.0
29.0
16.0
13.0
35.7
6.8
28.9
Feb.
60
Apr.
May
Jun.
251.4
252.2
253.8
254.7
256.3
137.4
138.1
138.4
139.5
139.9
140.9
90.6
13.7
11.6
20.6
13.1
6.0
10.5
15.1
91.3
13.6
11.6
20.8
13.1
6.3
10.6
15.3
91.5
13.4
11.7
21.0
13.2
6.2
10.5
15.4
92.3
13.7
11.8
21.1
13.2
6.4
10.7
15.5
92.7
13.5
11.8
21.3
13.3
6.3
10.9
15.5
93.3
13.6
12.0
21.5
13.3
6.1
11.1
15.7
47.6
14.2
33.4
3.9
8.8
2.8
3.2
14.7
46.8
13.5
33.3
3.7
8.9
2.9
3.1
14.7
46.8
13.6
33.2
3.7
8.9
2.8
3.1
14.7
47.0
13.7
33.3
3.8
8.9
2.7
3.1
14.8
47.2
13.7
33.5
3.9
9.0
2.8
3.2
14.7
47.2
13.8
33.4
3.9
8.9
2.7
3.2
14.7
47.6
14.2
33.4
3.9
8.8
2.8
3.2
14.7
49.4
49.6
48.7
49.1
49.4
49.6
49.4
49.6
32.6
16.8
5.3
11.5
32.7
16.9
5.5
11.4
32.2
16.5
5.3
11.2
32.7
16.4
5.2
11.2
32.6
16.8
5.3
11.5
32.7
16.9
5.4
11.6
32.7
16.7
5.4
11.3
32.7
16.9
5.5
11.4
65.9
64.9
64.2
64.4
64.7
65.4
65.9
29.6
16.5
13.1
35.1
6.8
28.3
30.2
17.0
13.2
35.2
6.7
28.5
30.5
17.2
13.4
35.3
6.7
28.6
29.2
16.1
13.1
35.2
6.8
28.4
256.3
30.5
17.2
13.4
35.3
6.7
28.6
251.0
29.5
16.3
13.2
35.4
6.8
28.6
29.3
16.1
13.2
34.9
6.7
28.2
I
See footnotes to table 4.
Mar.
29.2
16.1
13.1
35.2
6.8
28.4
August 1979
SURVEY OF CURRENT BUSINESS
61
Table 2.—Manufacturing and Trade Sales in Constant Dollars, Seasonally Adjusted Total at Monthly Rate
1976
1975
1977
III
IV
IV
II
III
IV
133.4
138.3
140.6
141.4
143.1
147.2
148.4
149.6
152.5
63.1
65.8
67.2
67.6
68.2
70.7
70.7
71.5
72.8
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles and parts
Other transportation equipment
Other durable goods *
33.3
4.4
4.2
6.0
4.3
4.9
2.8
6.8
35.1
4.6
4.3
6.1
4.5
5.7
2.8
7.0
36.1
5.0
4.3
6.3
4.7
6.0
2.7
7.1
36.4
5.1
4.2
6.4
4.8
6.1
2.6
36.7
4.8
4.3
6.5
5.1
6.2
2.8
7.2
38.5
4.9
4.6
6.7
5.3
6.8
2.8
7.5
38.7
5.0
4.6
6.7
5.3
6.7
2.8
7.6
39.0
4.9
4.6
6.9
5.4
6.7
39.9
5.0
4.7
7.0
5.6
6.7
2.8
7.9
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products.
Petroleum and coal products..
Rubber and plastic products..
Other nondurable goods 2
29.8
99
19! 9
2.4
5.0
2.6
1.7
8.2
30.7
10.2
20.5
2.5
5.2
2.7
1.7
8.3
31.1
10.4
20.7
2.5
5.3
2.9
1.8
31.1
10.4
20.7
2.6
5.4
2.9
1.7
8.1
31.4
10.5
20.9
2.6
5.5
2.9
1.8
8.1
32.2
10.5
21.7
2.7
5.7
3.0
2.0
8.4
32.0
10.2
21.8
2.7
5.7
2.9
2.0
8.5
32.5
10.4
22.0
2.6
5.8
3.0
2.1
8.6
32.9
10.6
22.4
2.7
5.9
3.0
2.2
8.6
29.8
30.9
31.3
31.5
31.9
32.7
33.7
33.6
34.2
13.5
16.3
8.4
7.9
14.1
16.8
8.7
8.2
14.2
17.1
8.7
8.4
14.2
17.3
9.1
14.4
17.4
9.2
14.9
17.8
9.3
8.5
15.3
18.4
9.9
8.5
15.5
18.1
9.8
8.3
16.3
17.9
9.6
8.3
40.5
41.7
42.1
42.3
43.0
43.8
44.0
44.5
45.4
13.8
8.0
5.8
26.7
8.3
18.4
14.4
8.4
6.0
27.3
8.6
18.7
14.6
8.5
6.1
27.5
8.8
18.8
14.5
8.4
6.1
27.8
8.9
19.0
14.8
8.6
6.2
28.3
9.1
19.2
15.4
9.1
6.3
28.4
9.0
19.4
15.5
9.0
6.5
28.5
9.1
19.5
15.7
9.2
6.5
28.8
9.1
19.7
16.1
9.4
6.6
29.4
9.2
20.2
Manufacturing and trade
Manufacturing
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
.
Food stores
Other nondurable goods
See footnotes to table 4.
Table 2.—Manufacturing and Trade Sales in Constant Dollars, Seasonally Adjusted Total at Monthly Rate—Continued
1979
1978
ITT
Manufacturing and trade..
Manufacturing
162.4
162.9
161.0
161.9
160.9
165.9
159.0
163.4
160.6
75.8
77.4
79.2
77.4
78.4
78.0
81.1
75.7
79.3
77.2
42.3
5.3
5.1
8.0
6.4
6.2
3.2
8.2
43.3
5.8
5.1
7.8
6.1
7.3
3.0
8.2
44.5
5.8
5.3
8.0
6.3
7.4
3.5
8.1
42.7
5.4
5.1
8.0
6.2
6.5
3.3
8.1
43.9
5.5
5.1
7.6
6.3
7.6
3.7
8.0
43.9
5.8
5.2
8.1
6.3
7.4
3.2
8.0
45.6
6.0
5.6
8.2
6.4
7.4
3.7
8.4
41.9
5.0
5.0
8.0
6.1
6.3
3.5
8.1
44.0
5.8
5.3
8.1
6.2
7.1
3.3
8.2
34.1
34.1
10.7
23.4
2.8
6.1
3.2
2.3
9.0
10.7
23.4
2.8
6.4
3.2
2.2
8.8
34.7
10.8
23.9
2.8
6.7
3.1
2.4
8.8
34.7
10.9
23.8
2.9
6.6
3.0
2.3
9.0
34.5
10.6
23.9
2.7
6.7
3.1
2.3
9.1
34.0
10.7
23.3
2.8
6.5
3.1
2.4
8.5
35.5
11.1
24.4
2.9
6.9
3.3
2.4
8.9
33.8
10.6
23.2
2.8
6.4
3.0
2.3
8.7
35.3
11.0
24.3
2.9
6.8
3.1
2.3
9.2
34.9
11.0
23.9
2.8
6.7
2.9
2.3
9.1
36.6
37.0
37.7
37.0
37.8
36.7
36.4
38.0
37.3
38.1
38.0
17.4
19.2
10 2
9.0
17.7
19.3
10.2
9.2
18.0
19.7
10.4
9.3
17.9
19.1
9.9
9.2
18.0
19.8
10.1
9.7
17.4
19.2
9.9
9.3
17.6
18.7
9.8
8.9
18.5
19.5
10.1
9.4
17.9
19.5
9.9
9.5
18.2
19.9
10.1
9.8
18.1
20.0
10.3
9.7
44.8
45.8
46.1
47.3
46.7
45.8
46.8
46.5
46.8
45.9
46.0
45.4
15.7
9.2
6.5
29.2
9.2
20.0
16.5
9.5
6.9
29.3
9.0
20.3
16.7
9.5
7.2
29.5
9.1
20.4
17.3
9.8
7.6
30.0
9.1
20.8
17.2
9.9
7.4
29.5
9.0
20.5
16.5
9.0
7.5
29.3
9.2
20.1
17.3
10.0
7.3
29.5
9.2
20.3
17.1
9.8
7.3
29.5
9.0
20.5
17.3
9.8
7.5
29.5
9.0
20.6
16.6
9.2
7.4
29.3
9.1
20.2
16.6
9.1
7.5
29.4
9.1
20.3
16.3
8.6
7.7
29.1
9.3
19.8
33.2
10.5
22.7
2.7
6.1
3.0
2.1
8.7
34.4
10.7
23.6
2.8
6.2
3.1
2.1
9.4
34.6
16.5
18.2
9.7
8.4
Jun.
158.9
Nondurable goods...
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products..
Petroleum and coal products...
Rubber and plastic products...
Other nondurable goods 2
See footnotes to table 4.
May
75.7
41.7
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods..
Apr.
158.1
41.3
5.2
4.9
7.3
5.9
6.9
3.0
8.1
Retail trade.
Mar.
73.2
40.0
5.1
4.7
7.0
5.8
6.6
2.9
7.9
Durable goods
Nondurable goods
Groceries and farm products.
Other nondurable goods
Feb.
152.7
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles and parts
Other transportation equipment.
Other durable goods *
Merchant wholesalers..
Jan.
IV
5.4
4.8
7.5
6.0
6.8
3.0
8.0
SUEVEY OF CUERENT BUSINESS
62
August 1979
Table 3.—Constant-Dollar Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted
1975
1976
IV
1977
III
IV
II
III
IV
1.63
1.59
1.58
1.59
1.57
1.55
1.56
1.57
1.97
1.89
1.87
1.87
1.86
1.81
1.83
1.83
1.80
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles and parts
Other transportation equipmentOther durable goods i
2.46
3.09
2.51
3.02
2.50
.99
3.86
1.99
2.32
2.95
2.42
2.93
2.37
.90
3.75
1.90
2.27
2.77
2.38
2.81
2.34
.90
3.72
1.92
2.26
2.74
2.46
2.79
2.28
.89
3.79
1.90
2.25
2.93
2.48
2.76
2.21
.92
3.47
1.93
2.16
2.87
2.31
2.67
2.18
.84
3.35
1.87
2.17
2.85
2.31
2.67
2.21
.89
3.34
1.87
2.17
2.91
2.37
2 63
2.18
.89
3.32
1.87
2.14
2.84
2.28
2.63
2.14
.89
3.26
1.83
Nondurable goods
_.
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products..
Petroleum and coal products. _.
Rubber and plastic products...
Other nondurable goods 2
1.42
1.23
1.51
1.40
1.46
1.18
1.60
1.67
1.40
1.22
1.49
1.37
1.42
1.15
1.54
1.66
1.40
.24
1.42
1.28
1.49
1.35
1.42
1.10
1.51
1.71
1.40
1.27
1.46
1.36
1.39
1.10
1.51
1.67
1.38
1.31
1.42
1.34
1.35
1.05
1.42
1.62
1.41
1.37
1.44
1.35
1.37
1.10
1.43
1.63
1.41
1.34
1.44
1.40
1.39
1.08
1.43
1.62
1.39
1.28
1.44
1.40
1.39
1.04
1.38
1.65
1.30
1.27
1.30
1.31
1.30
1.30
1.26
1.29
1.29
.52
1.16
1.81
.83
.54
1.14
1.84
.85
.60
1.10
1.88
.84
.57
1.14
1.17
1.82
.86
.58
1.16
1.82
.81
.52
1.14
1.84
.82
.52
1.18
1.80
.84
.55
1.17
1.33
1.33
1.34
1.35
1.32
1.32
1.34
1.36
1.36
1.76
1.60
1.97
1.12
.71
1.30
1.72
1.55
1.95
1.13
.71
1.32
1.73
1.54
1.98
1.13
.70
1.33
1.79
1.62
2.02
1.12
.71
1.31
1.75
1.54
2.03
1.10
71
1.28
1.71
1.49
2.03
1.11
72
1.29
1.73
1.55
1.99
1.13
72
1.32
1.76
1.58
2.02
1.15
73
1.34
1.75
1.59
1.98
1.14
.72
1.33
Manufacturing and trade
Manufacturing
,
Durable goods
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Auto dealers
Other durable goods
_
Nondurable goods
Food stores
Other nondurable goods
_.
_.
L.48
.37
.42
.10
.49
1.55
See footnotes to table 4.
Table 3.—Constant Dollar Inventory-Sales Ratios for Manufacturing and Trade, Seasonally
1978
I
Manufacturing and trade
II
Adjusted—-Continued
1979
IV
III
I
II
Jan.
Feb.
Mar.
Apr.
May
Jun.
1.58
1.55
1.56
1.54
1.55
1.59
1.55
1.56
1.52
1.60
1.56
1.60
1.81
1.77
1.79
1.76
1.75
1.82
1.75
1.77
1.71
1.84
1.76
1.83
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles and parts
Other transportation equipment
Other durable goods *
2.16
2.74
2.36
2.72
2.14
90
3.28
1.86
2.12
2.67
2.30
2.66
2.15
.85
3.31
1.82
2.13
2.56
2.34
2.64
2.14
.90
3.24
1.86
2.07
2.39
2.25
2.61
2.10
78
3.48
1.82
2.06
2.33
2.21
2.62
2.09
83
2.98
1.90
2.18
2.53
2.35
2.68
2.13
.94
3.33
1.93
2.06
2.47
2.27
2.70
2.09
.79
2.80
1.88
2.08
2.36
2.26
2.56
2.09
.84
3.31
1.91
2.00
2.25
2.08
2.55
2.06
.84
2.87
1.85
2.21
2.76
2.38
2.65
2.17
1.00
3.08
1.92
2.11
2.33
2.24
2.63
2.13
.90
3.28
1.90
2.21
2.55
2.36
2.71
2.09
1.00
3.45
1.92
Nondurable goods..
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products.
Petroleum and coal products..
Rubber and plastic products..
Other nondurable goods 2
1.39
1.27
1.44
1.37
1 38
1.03
1.43
1.65
1.35
1.25
1.40
1.36
1 38
1.37
1.26
1.42
1.35
1 42
1.37
1.26
1.42
1.35
1 38
1.36
1.27
1.39
1.33
1 32
1.37
1.30
1.40
1.36
1.33
L.36
L.27
L. 40
L.37
L. 33
1.38
1.27
1.43
1.31
1.37
1.32
1.24
1.36
1.29
1.29
1.39
1.29
1.44
1.36
1.39
1.34
1.26
1.38
1.32
1.32
1.36
1.29
1.40
1.37
1.32
97
92
91
.87
.92
<H
.89
.84
.92
.89
.94
1.44
1.56
1.35
1.63
1.40
1.66
1.31
1.68
1.39
1.63
34
63
1.32
1.73
1.28
1.67
1.42
1.69
1.37
1.59
1.40
1.61
1.33
1.28
1.27
1.29
1.34
1.31
1.33
1.35
1.30
1.33
1.30
1.30
1.83
1.80
1.81
Manufacturing
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores..
Other nondurable goods
See footnotes to table 4.
1 84
1 78
1 77
1 79
1 83
1 82
1.85
1.86
1.76
87
.57
83
53
82
.52
83
.52
88
.53
.85
.54
.86
.54
.88
.53
.86
.52
.87
.54
.84
.53
.85
.53
1.22
1.16
1.15
1.18
1.25
1.18
1.20
1.26
1.23
1.21
1.16
1.18
1.40
1.39
1.40
1.37
1.38
1.44
1.39
1.38
1.38
1.41
1.42
1.45
1
1
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1.85
1.91
1.78
1.21
1.71
1.63
1.81
1.20
1.72
1.65
1.81
1.18
1.69
1.64
1.75
1.19
1.78
1.78
1.78
1.20
1.82
1.87
1.75
1.20
1.88
2.00
1.74
1.21
83
66
07
16
74
59
94
19
71
61
85
22
72
75
76
1.37
1.39
1.42
68
65
71
19
74
1.39
70
64
78
19
75
.73
.74
.74
.76
.75
.74
.72
1.39
1.42
L.40
1.38
1.38
1.40
1.41
1.44
SUEVEY OF CURKENT BUSINESS
August 1979
63
Table 4.—Fixed-Weigh ted Constant-Dollar Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted
[Ratio, based on 1972 dollars]
1975
1976
IV
Manufacturing and trade
Manufacturing
Durable goods
II
Retail trade
IV
II
III
IV
1979
II
III
IV
II
1.57
1.57
1.58
1.57
1.54
1.55
1.56
1.54
1.57
1.54
1.53
1.51
1.51
1.95
1.89
1.87
1.88
1.87
1.82
1.85
1.84
1.81
1.82
1.79
1.79
1.75
1.73
1.81
2.43
1.40
2.32
1.39
2.27
1.40
2.26
1.43
2.27
1.42
2.18
1.39
2.19
1.44
2.19
1.42
2.15
1.40
2.17
1.41
2.14
1.39
2.13
1.39
2.08
1.37
2.05
1.36
2.16
1.40
1.30
1.27
1.29
1.32
1.31
1.30
1.28
1.29
1.34
1.28
1.27
1.28
1.32
1.29
1.86
.83
1.81
.83
1.84
.84
1.88
.85
1.84
.87
1.83
.86
1.82
.82
1.82
.85
1.87
.90
1.80
.84
1.81
.83
1.81
.83
1.85
.88
1.83
.84
1.29
1.28
1.28
1.29
1.27
1.27
1.28
1.85
.85
1.30
1.28
1.33
1.31
1.31
1.28
1.29
1.35
1.74
1.06
1.67
1.08
1.69
1.08
1.74
1.07
1.71
1.05
1.68
1.06
1.70
1.08
1.73
1.09
1.71
1.07
1.79
1.10
1.69
1.12
1.67
1.14
1.64
1.11
1.65
1.12
1.82
1.12
Nondurable goods...
Durable goods
III
1978
1.61
Merchant wholesalers.
Nondurable, goods....
1977
Durable goods
Nondurable goods....
1. Includes stone, clay and glass products; instruments and related products; and other
durable goods.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and
publishing; and leather and leather products.
NOTE.—Tables 1, 2, and 8: Manufacturing inventories are classified according to the type
of product produced by the establishment holding inventories; constant dollar inventories
1.56
in table 16 of the national income and product tables include, in addition to the industries
shown here, nonmerchant wholesalers, other nonfarm industries, and farms.
Table 4: The weighted I-S ratios shown in this table were obtained by weighting detailed
industry I-S ratios with 1972 sales. Additional industrial detail was used than is shown in
table 2. For manufacturing, I - S ratios for 21 industries were weighted by sales: for merchant
wholesalers, 20 categories of business, and for retail trade, 8.
Materials on the 1972 Input-Output Study
Since issuance in February and April 1979 of the two articles on
"The Input-Output Structure of the U.S. Economy, 1972," a
number of materials related to the 1972 study have become available. First, the two articles have been combined in a reprint with
the above title. Single copies are available from the Interindustry
Economics Division (BE-51), U.S. Department of Commerce,
Washington, D.C. 20230, Additional copies may be secured from
the Superintendent of Documents, U.S. Government Printing
Office, Washington, D.C. 20402, Stock Number 003-010-000-63-5,
at $3.25 per copy.
Second, the input-output tables for 1972, at three levels of detail,
are available on computer tape, as follows:
Accession number
BEA-IED 79-002
BEA-IED 79-003
Level of detail
85: all data
Price
$200
365: transactions and direct
requirements
200
BEA-IED 79-004
365: total requirements
200
BEA-IED 79-003 & 004
365: all data
350
BEA-IED 79-005
496: transactions and direct
requirements
200
BEA-IED 79-006
496: total requirements
200
BEA-IED 79-005 & 006
496: all data
350
All tapes are generated on a Honeywell 2050A and are 9-track, odd
parity, EBCDIC. Purchaser must specify either 800 or 1600 bits
per inch (BPI) and with or without header and trailer labels.
Checks must be made payable to Department of Commerce/BEA
and sent with the order to U.S. Department of Commerce, BEA
Budget Office (BE-15), Room 718, Tower Building, Washington,
D.C. 20230.
Also available on computer tape are the "Work File for the 1972
Input-Output Study, Without Source Notes" (BEA I E D 79-007)
and "Work File Source Notes" (BEA IED 79-008); the first costs
$200 and the second $150. In addition, a computer tape on "Detailed Item Purchases by the Construction Industry, 1972" (BEA
IED 79-009) is available for $200; a printout of the data is available
for $125. Also, a computer tape on "Personal Consumption Expenditures and Producers' Durable Equipment Item Detail in the
1972 Input-Output Study" (BEA IED 79-010) is available for $200;
a printout of the data is available for $75.
Four tables at the 496-order level of detail, similar to tables
A, B, C, and D (at the 85-order level) in the April 1979 SURVEY
article are available upon request from the Interindustry Economics
Division. They are: Table A.—Sales of Specified Commodities to
Each Category of Final Demand, in Producers' and Purchasers'
Prices, 1972; Table B.—Detailed Input-Output Commodity Composition of Personal Consumption Expenditures, 1972; Table C.—
Detailed Input-Output Commodity Composition of Producers'
Durable Equipment Expenditures, 1972; and Table D.—Comparable Imports in Foreign Port Value and Domestic Port Value,
1972.
In addition, single copies of the BEA staff paper, "Updated
Input-Output Table of the U.S. Economy: 1972," are again available from the Interindustry Economics Division. Additional copies
may be purchased from the National Technical Information Service, 5285 Port Royal Road, Springfield, VA 22161. The price is $5.25
for paper copy and $3.00 for microfiche. Ask for BEA-SP 79-032.
SURVEY OF CURRENT BUSINESS
64
August 1979
GNP estimates within 24 hours of official release—in the detail shown in the
"National Income and Product Tables" in the SURVEY OF CURRENT BUSINESS—
are available by Mailgram. This fast service is called NIPAGRAM (national
income and product accounts by Mailgram), and it delivers estimates on the 650
series shown in the 27 "National Income and Product Tables" in the SURVEY OF
CURRENT BUSINESS.
Annual subscription to NIPAGRAM costs $120 for the contiguous United
States and Hawaii, and $145 for Alaska and Canada,
Orders for NIPAGRAM should be addressed to the U.S. Department of
Commerce, National Technical Information Service, 5285 Port Royal Road,
Springfield, Va, 22161. Those who have a deposit account with NTIS or wish to
use American Express can place orders by telephone. The number is (703)
557-4630.
U. S. GOVERNMENT PRINTING OFFICE : 1.979 0 - 297-682
CURRENT BUSINESS STATISTICS
± HE STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
That volume (available from the Superintendent of Documents for $6.80) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterly
series), annually, 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively. Unless otherwise noted, revised monthly data
for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 187-88. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data
from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
OF CURRENT BUSINESS.
1976
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown In
the 1975 edition of BUSINESS STATISTICS
1977
1978
1976
II
III
IV
I
II
1979
1978
1977
III
IV
I
II
III
IV
I
II r
Annual total
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
bil.$.
1,702.2
1, 899.5 2,127.6 1,683.1 1,715. 8 1, 756.1 1, 820. 2 1, 876. 0 1, 930. 5 1,971.3 2, 011. 3 2,104.2 2,159.6 2, 235. 2 2,292.1 2,329.4
Personal consumption expenditures, total _.do__.
1,089.9
1,210.0 1,350.8 1,073.7 1,100. 5 1,132.0 1,169.1 1,190. 5 1,220. 6 1,259. 7 1,287. 2 1,331.2 1,369.3 1,415.4 1,454. 2 1,475.2
Durable goods, total 9
do__.
Motor vehicles and parts
do__.
Furniture and household equipment. __do__.
Nondurable goods, total 9
do__.
Clothing and shoes
do__.
Food
do__.
Gasoline and oil
do__.
157.4
70.0
64.0
178.8
81.6
70.9
200.3
91.2
77.6
155.6
69.3
63.3
158.3
70.3
64.5
162.9
72.9
66.0
174.3
81.7
68.1
175.7
80.6
69.8
178.9
80.5
71.6
186.4
83.7
74.0
185.3
84.1
72.4
200.3
93.5
76.5
203.5
92.4
78.9
212.1
94.9
82.7
443.9
75.9
227.1
42.9
481.2
82.4
246.7
46.7
530.6
91.2
271.7
50.9
438.2
74.7
224.6
41.9
448.2
76.8
229.4
43.4
458.1
78.3
233.2
45.1
467.7
79.2
238.8
46.5
475.5
79.7
245.8
46.6
483.0
82.8
248.0
46.4
499.2
87.9
254.4
47.3
505.9
85.4
260.6
48.1
521.8
89.9
267.7
49.0
536.7
92.7
274.5
51.5
Services, total9
Household operation
Housing
Transportation
do__.
do__.
do__.
do__.
488.5
72.8
166.2
37.9
549.8
82.0
187.3
43.6
619.8
91.4
212.2
49.2
479.9
70.4
163.7
37.1
494.0
73.6
168.1
38.6
511.0
78.2
172.8
40.1
527.1
80.6
178.7
40.6
539.3
78.7
184.3
42.9
558.7
84.0
190.0
44.4
574.1
84.8
196.1
46.6
596.0
90.4
202.5
47.6
609.1
88.9
209.0
48.6
Gross private domestic investment, total...do__.
243.0
303.3
351.5
241.9
246.0
250.7
280.4
300.0
315.7
316.9
327.0
235.1
168.0
57.9
110.1
249.0
172.2
58.3
114.0
261.1
179.8
58.1
121.7
277.5
186.1
62.1
124.1
288.2
193.2
64.2
129.0
298.5
198.6
66.2
132.4
304.1
203.7
66.9
136.8
Gross national product, totalf
208.1
88.6
84.0
558.1
96.8
283.9
55.0
213.8
97.7
82.1
571.1
95.5
292.9
58.4
629.1
92.5
215.0
49.7
645.1
93.7
222.1
50.8
669.3
99.1
229.5
52.9
686.2
99.4
236.3
52.3
352.3
256.2
370.5
373.8
395.7
326.5
218.8
75.2
143.6
336.1
225.9
79.7
146.3
349.8
236.1
84.4
151.8
354.6
243.4
84.9
158.5
361.1
247.6
89.9
157.7
580.8
96.9
296.2
60.4
Fixed investment
Nonresidential
Structures
Producers' durable equipment
do__.
do__.
do__.
do...
233.0
164.9
57.3
107.6
281.3
189.4
62.6
126.8
329.1
221.1
76.5
144.6
227.4
161.8
57.0
104.8
Residential
Change in business inventories
Nonfarm
-
do...
do__.
do__.
68.1
10.0
12.1
91.9
21.9
20.7
108.0
22.3
21.3
65.6
14.5
17.9
67.1
10.8
12.3
76.8
1.7
3.6
81.3
19.3
20.1
91.4
22.5
21.5
95.0
27.5
25.6
99.9
18.5
15.7
100.5
22.8
22.0
107.7
25.8
25.3
110.2
20.0
18.5
113.7
20.6
19.3
111.2
19.1
18.8
113.5
34.6
33.8
Net exports of goods and services
Exports
-_
Imports
___do__.
___do_..
___do__.
8.0
163.3
155.4
-9.9
175.9
185.8
-10.3
207.2
217.5
10.0
160.9
150.9
7.0
166.9
159.9
3.2
169.6
166.4
-9.2
170.5
179.8
-6.0
178.6
184.7
-6.3
180.1
186.4
-18.1
174.2
192.3
-22.2
184.4
206.6
-7.6
205.7
213.3
-6.8
213.8
220.6
-4.5
224.9
229.4
4.0
238.5
234.4
-7.6
244.0
251.6
Govt. purchases of goods and services, total _do__.
Federal
do...
National defense
___do__.
State and local
.do...
361.3
129.7
86.4
231.6
396.2
144.4
93.7
251.8
435.6
152.6
99.0
283.0
357.5
127.5
85.3
230.0
362.4
129.8
86.2
232.6
370.3
134.6
88.6
235.7
380.0
138.2
91.6
241.8
391.6
142.6
93.1
249.0
400.5
145.6
93.9
254.9
412.8
151.2
96.4
261.6
419.4
150.9
97.6
268.5
428.3
148.2
98.2
280.1
440.9
152.3
99.0
288.6
453.8
159.0
101.2
294.8
460.1
163.6
103.4
296.5
466.1
161.5
106.0
304.6
By major type of product:!
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
Structures
1, 877. 6 2,105. 2 1, 668. 6 1, 704. 9 1 754.5 1, 800. 9 1,853.6 1, 902.9 1, 952. 9 1, 988. 5 2, 078. 4 2,139.5 2,214. 5 2,272.9 2,329.4
983.8 1,011.8 1,017.4
940.9
922.5
855.5
873.0
930.0
768.8
834.2
866.6
777.2
758.7
812.2
842.2
402.3
425.5
382.6
378.0
351.3
358.7
421.3
380.4
311.1
342.9
315.5
350.6
304.0
338.7
345.9
581.6
558.3
6.2
544.5
504.2
514.3
596.1
549.6
457.7
491.4
461.7
454.6
473.6
516.0
496.3
981.7 1,005. 3 1,041. 4 1,064.5
956.2
934.1
969.3
785.7
851.7
809.1
878.7
763.8
833.5
901.9
866.4
246.0
237.0
225.6
238.9
204.2
228.2
161.3
190.1
169.9
196.3
247.4
160.6
174.4
202.8
190.9
do...
do__.
do__.
do__.
do__.
do__.
1, 692.1
762.7
305.9
456.8
776.7
162.7
do__.
do...
do__.
10.0
5.3
4.7
bil.$.
1,273. 0
Personal consumption expenditures, total ..do—.
820.6
861.7
900.8
814.5
824.0
836.4
849.2
853.1
863.7
880.9
882.7
894.8
905.3
920.3
921.8
914.8
126.6
321.5
372.5
138.2
332.7
390.8
146.7
343.3
410.8
126.0
319.4
369.1
126.5
323.3
374.2
128.5
327.6
380.4
135.8
328.9
384.5
136.6
329.6
386.9
138.2
332.1
393.3
142.4
340.0
398.5
139.3
337.3
406.1
147.8
339.4
407.6
145.5
344.7
413.1
152.1
351.9
416.3
150.2
348.1
423.5
144.5
344.0
426.3
173.4
200.1
214.3
173.8
174.2
175.7
191.0
199.6
206.7
203.0
209.0
216.8
214.0
217.4
217.2
221.6
166.8
119.0
47.8
6.6
186.9
129.3
57.7
13.1
200.2
140.1
60.1
14.1
164.1
117.6
46.5
9.7
167.5
120.7
46.8
6.7
174.6
122.5
52.1
1.1
179.7
126.3
53.5
11.3
186.2
128.3
57.9
13.4
190.1
130.8
59.3
16.6
191.7
131.7
60.1
11.3
192.5
133.1
59.4
16.5
201.2
140.3
60.9
15.6
201.8
141.6
60.2
12.2
205.5
145.5
60.0
12.0
204.9
147.2
57.7
12.3
203.1
145.9
57.2
18.5
Change in business inventories
Durable goods
Nondurable goods
_
21.9
11.9
10.0
22.3
13.9
8.4
14.5
8.0
6.5
10.8
7.8
3.0
1.7
3.8
-2.1
19.3
8.8
10.4
22.5
13.0
9.5
27.5
14.6
12.9
18.5
11.3
7.1
22.8
18.6
4.2
25.8
13.1
12.7
20.0
10.3
9.7
20.6
13.4
7.2
19.1
18.4
.7
34.6
25.3
9.3
GNP in constant (1972) dollarsf
Gross national product, totalf
Durable goods
Nondurable goods
do...
___do__.
Services...
do...
Gross private domestic investment, total...do...
Fixed investment
do__.
Nonresidential
do__.
Residential
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...
1, 340. 5 1,399. 2 1, 267. 4 1, 277.1 1,288.1 1,315.7 1,331. 2 1,353. 9 1, 361. 3 1, 367. 8 1. 395.2 1, 407. 3 1,426. 6 1,430. 6 1,422.1
15.8
10.3
11.0
16.2
16.1
13.3
11.1
10.9
13.2
5.8
5.3
12.3
13.3
12.9
17.0
13.4
263.3
96.4
166.9
268.5
100.6
167.9
273.2
98.6
174.6
262.9
95.9
167.1
262.7
96.4
166.3
262.6
97.1
165.5
264.5
98.4
166.0
267.6
100.3
167.3
270.3
101.8
168.5
271.5
101.8
169.8
270.7
99.9
170.9
271.3
96.6
174.7
274.7
98.5
176.2
276.0
99.3
176.6
274.7
101.1
173.6
272.3
98.2
174.1
' Revised.
» Preliminary.
tRevised series. Estimates of national income and product
and personal income have been revised back to 1973; these revisions appear in the national
income and product accounts in the July 1979,1978, and 1977 issues of the SURVEY.
9 Includes data for items not shown separately.
2 9 7 - 6 8 2 0 - 79 -
SI
S-l
S-2
August: 1979
SUEVEY OF CUERENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as s h o w n in
the 1975 edition of B U S I N E S S S T A T I S T I C S
1976
1977
1978
Annual total
1976
III
1977
IV
I
II
1979
1978
III
IV
I
III
II
IV
I
II '
ill
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCTf—Con.
Quarterly Data Seasonally Adjusted
Implicit price deflatorsif
Gross national product...
.Index, 1972=100..
Personal consumption expenditures
do
Durable goods
_.do
Nondurable goods. _
do
Services
_
do
Gross private domestic investment:
Fixed investment
do
N on residential
do
Residential
___
do
Govt. purchases of goods and services
do
Federal
do
State and local
do
133.71
132.8
124.3
138.1
131.2
141. 70
140.4
129.4
144.7
140.7
152.05
150.0
136.5
154.6
150.9
134.35
133.6
125.1
138.6
132.0
136.34
135.3
126.8
139.9
134.4
138.34
137.7
128.4
142.2
137.1
140.93
139.6
128.7
144.3
139.4
142.59
141.3
129.5
145.4
142.0
144.82
143.0
130.9
146.8
144.1
147.05
145.8
133.0
150.0
146.8
150.82
148.8
135.6
153.7
149.4
153.45
151.3
137.9
155.7
152.3
156.68
153.8
139.4
158.6
155.0
160.22
157.8
142.4
164.1
158.0
163.79
161.3
144.1
168.8
161.0
139.7
138.5
142.5
150.5
146.6
159.3
164.4
157.8
179.7
140.4
139.2
143.5
142.6
140.5
147.5
145.3
142.4
152.2
149.0
145.0
157.8
151.6
147.7
160.1
155.7
150.8
166.2
158.0
153.0
169.3
162.3
156.0
176.7
166.6
159.6
183.1
170.3
162.3
189.5
173.0
165.4
192.6
177.8
169.7
198.9
137.2
134.6
138.8
147.6
143.6
150.0
159.4
154.8
162.1
137.9
134.7
139.8
141.0
138.6
142.4
143.7
140.4
145.6
146.3
142.1
148.9
148.1
143.0
151.3
152.0
148.6
154.1
154.9
151.1
157.1
157.8
153.4
160.3
160.5
154.6
163.8
164.5
160.1
166.9
167.5
161.9
170.8
171.2
164.5
174.9
1,589.8 1,621.0
1,703.9
Quarterly Data Seasonally Adjusted at Annual Rates
bil. $.. 1,359.8 1,525.8 1,724.3 1,369.6 1,401.6 1,456.9 1,505.3 1,551.1
1,037.8 1,156.9 1,304.5 L, 048.0 1,075.9 1,110.1 1,141.5 1,170. 7
Compensation of employees, total
do
984.0 , 103. 5
920.7
890.0
898.0
945.8
971.8
995.0
Wages and salaries, total
do
201.3
193.2
188.0
218.0
188.6
195.7
198.5
202.2
Govt. and govt. enterprises. _
do
782.7
121.5
702.0
885.5
709.4
750.1
773.3
792.7
Other
do....
172.9
155.2
147.8
201.0
150.1
164.3
169.7
175.7
Supplements to wages and salaries
do
Proprietors' income with inventory valuation
and capital consumption adjustments,
100.2
116.8
87.6
97.6
98.6
89.3
91.1
96.9
total.
bil. $_.
19.6
16.5
18.3
27.7
17.9
16.8
16.3
19.2
Farm
do
80.5
71.0
71.0
89.1
74.8
79.8
81.7
77.7
Nonfarm
do
Rental income of persons with capital consump24.7
25.9
25.2
21.9
22.8
24.6
22.1
23.6
tion adjustment
bil. $..
Corp. profits with inventory valuation and capi150.0
124.6
126.8
137.1
167.7
126.9
148.9
160.8
tal consumption adjustments, total
bil. $..
Corp. profits with invent, val. adj.:
152.1
170.6
133.1
129.2
133.1
«
139.9 ' 150.5 ' 161. 2
Domestic, total
do
23.8
29.7
18.3
19.5
17.8
c 21. 3 <22.9
c24.8
Financial...
..do
109.7 c 118. 7 « 127. 6 c 136. 4
128.3
140.9
114.8
115.3
Nonfinancial, total 9
...do
62.9
73.5
81.7
65.6
65.7
68.3
75.1
72.5
Manufacturing, total 9
do
27.7
34.2
40.3
28.5
28.2
31.0
35.5
33.1
Durable goods
do
Transportation, communication, and
16.8
13.5
20.3
14.9
15.3
13.8
16.3
18.1
electric, gas, and sanitary serv bil. $..
8.2
10.2
10.7
Rest of the world
.do
8.2
9.8
9.8
8.2
National income, totalf
Profits before tax, total
Profits tax liability
Profits after tax
Dividends
Undistributed profits.
Inventory valuation adjustment...
Capital consumption adjustment
Net interest
_
1,752.5 1,820.0
1,869.0 1,897. 0
1,205. 5 1,244.0 1,288. 2 1,321.1 1,364.8 1,411.2 1,439.4
1,023. 4 1,052. 0 1,090.0 1,117.4 1,154. 7 1,189. 4 1,211.3
225.1
228.1
208.8
212.3
215.3
219.3
231.2
929.6
961.3
814.6
874.6
898.1
980.1
839.7
210.1
182.1
221.8
192.0
203.7
228.2
107.6
24.7
82.9
109.1
25.7
83.4
115.0
27.7
87.3
117.4
26.1
91.3
125.7
31.3
94.4
129.0
34.2
94.8
129.2
33.7
95.5
25.5
25.2
24.4
26.8
27.1
27.3
26.8
153.0
141.2
169.4
175.2
184.8
178.9
175.5
178.8 ' 189. 0 c C181. 4
31. 9
= 30. 6 '32.1
:
148.3 ' 156. 9 " 149. 6
94.1
90.6
85.1
46.0
45.5
42.4
178.7
32.4
146.3
c 156. 9 « 143.5 "171.0
*26.4 c 27. 2
^28.9
c 130. 5 ' 116'. 3 « 142.1
78.1
67.6
83.4
37.2
30.9
42.3
;
17.5
9.1
17.1
10.1
20.1
11.0
21.2
10.2
22.7
9.6
21.7
11.9
11.6
do..
do.
do.
do.
do.
156.0
63.8
92.2
37.5
54.7
177.1
72.6
104.5
42.1
62.4
206.0
84.5
121.5
47.2
74.3
156.7
63.8
92.9
38.4
54.5
156.1
62.9
93.2
40.0
53.2
168.4
69.2
99.2
40.8
58.3
176.2
72.5
103.7
41.5
62.2
180.9
73.7
107.2
42.7
64.6
183.0
75.1
107.9
43.4
64.5
177.5
70.8
106.7
45.1
61.6
207.2
84.7
122.4
46.0
76.4
212.0
87.5
124.6
47.8
227.4
95.1
132.3
49.7
82.6
233.3
91.3
142.0
51.5
90.5
226.9
88.2
138.6
52.3
86.3
do..
do..
...do..
-14.6
-14.5
83.8
-15.2
-12.0
94.0
-25.2
-13.1
109.5
-15.4
-14.4
85.2
-18.6
-12.8
87.2
-18.7
-12.6
89.3
-15.9
-11.4
92.7
-8.9
-11.2
95.8
-17.0
-13.0
98.2
-23.9
-12.4
101.5
-25.1
-12.6
106.8
-23.0
-13.8
111.9
-28.8
-13.8
117.6
-39.9
-14.5
122.6
-36.6
-14.7
126.0
DISPOSITION OF PERSONAL INCOMEf
Personal income, total
bil. $.
Less: Personal tax and nontax payments
do...
Equals: Disposable personal income
do...
Less: Personal outlays©
do...
Equals: Personal saving§
do...
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
bil. $.
Manufacturing
do...
Durable goods industries^
do...
Nondurable gcods industries'!!
do...
Nonmanufacturing
...do.
Mining
_
_
do.
Railroad
do..
Air transportation
do..
Other transportation
do..
1,381.6 1,531.6 1,717.4 1,393.9 1,432.0 1,472.5 1,509.0 1,548.5 1,596.4 1,634.8 1,689.3 1,742.5 1,803.1 1,852.6 1,892.8
278.2
280.4
266.0
209.4
235.2
252.1
239.8
259.0
200.8
222.4
223. 0
225. 3
290.7
226.4
197.1
1,184. 5 1,305.1 1,458.3 1,193.1 1,222. 6 1,250.1 1,286.0 1,323.2 1,361.2 1,395.0 1,437. 3 1,476. 5 1,524. 8 1,572.2 1,602.1
1,115. 9 1,240. 2 1,386. 4 1,126.8 1,159. 2 1,197. 6 1,220.2 1,251.3 1,291.7 1,320. 4 1,366.1 1,405. 6 1,453.4 1,493.0 1,515.3
71.5
79.2
63.4
69.5
70.9
74.6
72.0
52.5
71.2
66.3
65. 9
71. 9
86.8
65.0
120.49
52.48
23.68
28.81
135.80
60.16
27.77
32.39
153.82
67.62
31.66
35.96
30.41
13.48
6.02
7.46
34.52
15.38
7.27
8.12
29.20
12.52
5.80
6.72
33.73
14.84
6.79
8.06
34.82
15.60
7.17
8.43
38.06
17.19
8.00
9.18
32.35
13.67
6.36
7.31
37.89
16.76
7.79
8.97
38.67
16.89
7.97
8.92
44.91
20.30
9. 53
10.77
37.41
15.88
7.53
8.35
142.79
19.04
9.09
9.95
68.01
4.00
2.52
1.30
3.63
75.64
4.50
2.80
1.62
2.51
86.19
4.78
3.32
2.30
2.43
16.93
1.04
.64
.26
.95
19.14
1.05
.70
.35
.94
16.68
1.02
.59
.33
.61
18.88
1.16
.67
.43
.76
19.21
1.17
.78
.39
.50
20.87
1.15
.76
.46
.63
18.68
1.07
.71
.52
.51
21.13
1.22
.83
.60
21.78
1.24
.84
.54
.62
24.61
1.26
.94
.64
.71
21.53
1.31
.85
.65
.57
22.28
18.80
3.47
13.30
20.99
25.80
21.59
4.21
15.45
29.48
24.79
4.70
18.16
25.71
5.52
4.54
.98
3. 33
5.19
6.46
5.34
1.12
3.84
5.78
5.55
4.78
.77
3.30
5.27
6.37
5.34
1.03
3.86
5.64
6.61
5.41
1.20
4.03
5.73
7.28
6.06
1.21
4.26
6.33
6.15
5.27
.88
3.97
5.76
7.14
6.01
1.13
4.56
6.18
7.43
6.11
1.32
4.68
6.43
8.78
7.40
1.37
4.96
7.34
7.16
6.30
.86
4.36
6.64
23.75
1.36
.73
.85
.78
8.13
6.96
1.17
do.
_do_
do.
do.
122.55
54.78
24.59
30.20
125.22
54.44
25.50
28.93
130.16
56.43
26.30
30.13
134.24
59.46
27.26
32.19
140.38
63.02
29.23
33.79
138.11
61.41
28.19
33.22
144.25
61.57
28.72
32.86
150.76
67.20
31.40
35.80
155.41
67. 75
32.25
35.50
do.
do..
do.
do.
do.
67. 76
4.21
2.69
1.12
3.44
70.78
4.13
2.63
1.41
3.49
73.74
4.24
2.71
1.62
2.96
74.78
4.49
2.57
1.43
2.96
77.36
4.74
3.20
1.69
1.96
76.70
4.50
2.80
1.76
2.32
82.68
4.45
3.35
2.67
2.44
83.56
4.81
3.09
2.08
2.23
87.66
4.99
3.38
2.20
2.47
21.67
23.40
Public utilities
do..
19.49
18.22
Electric
_.
_.
...do..
3.96
3.45
Gas and other
do.
14.30
13.64
Communication
do.
21.36
20.99
Commercial and other
do.
r
Revised.
P Preliminary.
i Estimates (corrected for systematic biases) for Apr.June 1979 and July-Sept. 1979 based on expected capital expenditures of business.
Expected
expenditures for the year 1979 appear on p. 19 of the June 1979 SURVEY. 2 Includes communication,
t See corresponding note on p. S-l.
9 Includes data for items not shown
separately.
©Personal outlays comprise personal consumption expenditures, interest paid
25. 35
21.19
4.16
14.19
22.67
25.29
21.14
4.16
15.32
22.73
26.22
21.90
4.32
16.40
23.14
26.23
22.05
4.18
15.82
23.27
27.92
23.15
4.78
17.07
24.76
28.46
23.83
4.62
18.18
24.71
29.62
24.92
4.70
18.90
26.09
Public utilities
Electric
Gas and other
Communication
Commercial and other.
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries^
Nondurable goods industries^
Nonmanufacturing
Mining
_
Railroad.._
Air transportation
Other transportation
do..
do..
do..
do..
do..
22.97
2
1
43.48
19.92
9.43
10.50
23.56
1.27
.97
.64
.75
8.21
6.86
1.35
11.8
2 11.72
163. 96 165.94
71.56
73.24
34.00
33.99
37.56
39.26
170.30
76.35
36.60
39.75
174.74
79.89
38.09
41.80
90.71
4.98
3.49
2-. 39
2.55
94.38
5.46
4.02
3.35
2.71
93.95
5.40
2.76
2.92
2.93
94.85
5.11
3.89
2.60
3.01
31.73
26.95
4.78
18.46
27.12
32.35
27.70
4.66
18.75
27.73
32.42
27.63
4.79
32.79
27.96
4.83
247.51
2
47.45
by consumers to business, and personal transfer payments to foreigners (net).
§Personal saving is excess of disposable income over personal outlays.
_
HData for individual durable and nondurable goodsC industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.
Corrected.
SURVEY OF CURRENT BUSINESS
August 1979
1976
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1976
1978
Annual total
II
III
S-3
1977
IV
I
II
1978
III
IV
I
1979 v
II
III
IV
I
II
42,760
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. INTERNATIONAL TRANSACTIONS
Quarterly Data Are Seasonally Adjusted
(Credits -f; debits - )
Exports of goods and services (excl. transfers under
military grants)
mil. $.. 171,761
114,745
Merchandise, adjusted, excl. military
do
Transfers under U.S. military agency sales con5,574
tracts
mil. $..
29,286
Receipts of income on U.S. assets abroad...do
22,156
Other services
do
Imports of goods and services
do
Merchandise, adjusted, excl. military
do
Direct defense expenditures
do
Payments of income on foreign assets in the
U.S
mil. $..
Other services
do
184,592 220,849
120,816 141,884
42,500
28,409
44,292
29,607
44,500
29,718
44,850
29,518
46,914
31,075
46,897
30,558
45,935
29,665
49,085
30,811
54,225
35,267
56,222
36,491
61,317
39,315
64,399
41,350
7,744
43,465
27,758
1,216
7,371
5,504
1,551
7,429
5,705
1,609
7,455
5,718
1,854
7,775
5,703
1,851
8,080
5,908
1,877
8,420
6,042
1,860
8,312
6,098
1,924
9,776
6,574
1,990
10,256
6,712
2,120
10,526
7,085
1,709
12,907
7,386
1,847
13,S77
7,325
7,441
32,587
23,750
-162,159 -194,015 -229,658 -39,330 -41,990 -43,137 -47,170 -48,087 -48,556 - 5 0 , 207 -54,792 -56,338 -58,216 -60,316 -62,913
-124,051 -151,689 -176,071 -29,964 -32,420 -33,315 -37,185 -37,639 -37,996 -38, m - 4 2 , 710 -43,174 -44,503 - 4 5 , 684 -47,448 -50,399
-4,900
- 5 , 762 -7,252 -1,219 -1,237 -1,288 -1,345 -1,444 -1,470 -1,503 -1,680 - 1 , 753 -1,873 -1,948 -1,972
-21,820 -3,332 -3,293 -3,281 -3,192 -3,519 -3,686 -4,201
-24,517 -4,815 -5,040 -5,253 -5,448 -5,485 -5,404 -5,634
- 4 , 537 -5,402 -5,574
-5,866 -6,009 -6,266
-13,311
-19,896
-14,598
-21,967
Unilateral transfers (excl. military grants), net
mil. $.. - 4 , 9 9 8
-3,146
U.S. Government grants (excl. military)
do
Other
d o . . . . -1,851
-4,670
-2,775
-1,895
-5,086
-3,152
-1,934
-1,000
-556
-444
-1,934 -1,039 -1,116 -1,283 -1,249 -1,023 - 1 , 228
-1,475
-567
-626
-811
-765
-564
-774
-472
-490
-472
-459
-463
-459
-475
1,313
-827
-10,618 -16,588 -1,683 -12,272 -6,625 -15,213 -15,188
-408
207
112
-420
-24
187
-43
-1,428 -1,124 -1,062
-885 -1,001
-746 -1,009
-8, 782 -15, 671 -201 -11,363 -5,736 -14,424 -14,366
-3,327 -2,682 -2,365 -3,873 -3,090 -3,570 -4,856
-5,466
248
-1,263
-4,451
-4,386
-10,049 -30,254 -6,158
115
182 -3,589
-1,390
-994 - 1 , C96
- 8 , 774 -29,442 -1,473
- 2 , 782 - 4 , 646 - 6 , 2 5 3
941
-5,265
6,206
1,877
15,358
4,641
10, 717
2,280
U.S. assets abroad, net
do.
U.S. official reserve, net
do.
U.S. Gov't, other than official reserve, net-.-do.
U.S. private, net
do.
Direct investment abroad...
do.
-51,269
-2,558
-4,214
-44,498
-11,949
-35,793
-375
-3,693
-31,725
-12,898
-60,957
732
-4,656
-57,033
-16,670
-11,701
-1,580
-914
-9, 207
-2,017
Foreign assets in the U.S., net
Foreign official, net
Other foreign, net
Direct investment in the U.S
do.
do.
do.
do.
-36,399
17,573
18,826
4,347
50,823
36,656
14,167
3,728
63, 713
33,758
29,956
6,294
7,886
3,972
3,914
1,086
8,767
2,905
5,862
999
do.
do.
10,265
-937
11,139
1,645
1,483
3,986
2,523
-34,187 -1,555 -2,813
-8,809
3,170 2,302
- 1 0 , 743 2,726
1,843
-13,895 2,170
368
-3,597
1,363
891
324
-7, 667
-2,320
-2,810
-3,436
Allocaiions of special drawing
SI at ist ical discrepancy
Memoranda:
Balance
Balance
Balance
Balance
rights
on merchandise trade._
do.
on goods and services
do.
on goods, services, and remittances..do.
on current account
do.
-9,306 -30,873
9,603 - 9 , 4 2 3
7,752 -11,317
4,605 -14,092
12,278 2,596
6,998 5,491
5,280 -2,895
790
980
14,002
7,720
6,282
.965
14,236
8,266
5,970
1,023
19,991
15,179
4,812
761
18,175
15, 618
2,557
1,130
726 -4,703
517
3,947
-6,564
-1,173
- 1 , 645
-2,456
-7,438
-1, 659
-2,134
-2,908
-9,204
-4,272
-4, 731
-5,295
-11, 899
-5, 707
-6,170
-6,935
-1,233
-770
-463
-6,308
-6,376
-7,101
-6,392
-1,314
-790
-524
-1,329
-804
-525
29,239
4,343
18,764 -8,490
10,475 12,832
1,008
1,332
7,950 -2,082
-7,907
-2,113
-2,599
-3,426
-8,012
-1,994
-2,457
-3,227
1,328
1,139
519
-6,369 - 6 , 0 9 8 - 7 ,
1,001
1,486
961
477
-313
157
I
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
June
Annual
July
Aug.
Sept.
1979
Oct.
Nov.
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME BY SOURCEt
Seasonally adjusted, at annual rates:f
Total personal income
1,717.4
1,704.2 1,730.0 1,741.3 1,756.1 1,781.0 1,801.4 1,826.8 1,834.3 1,851.4 1,872.1 1,881.2 1,893.6 1,903. 0
bil. $ . .
1,531. 6
Wage and salary disbursements, total
do
Commodity-producing industries, total-do..__
Manufacturing
do
Dist ributive industries
do
984.0
343.1
266.0
239.1
Service industries
Covt. and govt. enterprises
Other labor income
Proprietors' income:A
Farm
Nonfarm
do
do
do
200.5
201.3
91.8
228.7
217.8
106.5
227.5
216.5
105.9
230.0
217.6
107.1
231.2
218.7
108.2
234.5
219.8
109.3
do
do
19.6
80.5
27.7
89.1
28.4
87.8
27.5
90.1
25.7
91.7
25.1
92.0
25.9
47.2
163.3
224.1
24.4
46.5
161.7
219.5
26.7
47.0
164.4
227.2
26.9
48.0
167.1
228.9
26.9
48.5
170.0
228.9
69.9
69.6
69.3
1,674. 2 1,660. 6 1,687. 0
70.1
Rental income of persons with capital con24.7
sumption adjustment
bil. $ . .
42.1
Dividends
do
141.7
Personal interest income
do
208.4
Transfer payments
do
Less: Personal contributions for social insur61.3
ance
bil. $__
1,498.1
Total nonfarm income
do
1,103.3 1,099.4 1,109.7 1,115. 0 1,125. 9 1,141. 7 1,154.4 1,166. 8 1,177.1 1,188. 5 1,202. 3 1,205. 9 1,211.7 1,217.5
433.1
429.4 428.6 431.7
416.7 422.9
402.3
408.8 414.7
392.6
396.9
387.2 391.5
387.4
327.4 328.2 328.3
328.1
317.6
321.4 324.9
307.6
312.9
303.3
295.9
298.3
299.3 299.7
298.9
294.0 293.3 296.3
278.3
281.2 285.3 288.4 290.9
274.6
268.2 270.5 272.4
269.4
237.7
223.4
110.6
27.1
49.1
172.3
230.1
239.6
224.8
111.9
240.9
226.0
113.2
244.5
227.4
114.5
247.0
227.7
116.0
249.9
229.0
117.4
251.9
232.1
118.9
252.0
231.6
120.3
252.9
232.7
121.8
30.0
94.3
36.5
95.0
33.0
94.8
34.2
94.8
35.3
94.9
34.8
95.2
33.9
95.5
32.5
95.6
27.1
49.6
174.3
231.5
27.1
50.4
176.4
233.7
27.2
51.1
178.7
236.0
27.3
51.7
181.0
236.7
27.4
51.7
183.3
239.2
26.0
51.9
185.8
242.3
27.1
52.5
188.3
244.0
27.2
52.6
190.9
244.9
80.0
79.5
79.7
78.7
79.4
72.3
78.1
71.2
70.6
71.8
1,715. 0 1,737.3 1,754. 9 1,773. 6 1, 784. 3 1,800.1 1,819. 5 1,828. 8 1,841.8 1,852.3
FARM INCOME AND M A R K E T I N G S !
Cash receipts from farming, including Government
payments, t o t a l !
. . . m i l . $ . . i 96,889
112,719
8,403
7,417
8,048
10,457
i 96,068
i 48,415
1
47,653
Ul,782
127,909
i 7,207
110,296
50,591
56,661
12,557
35,607
7,823
8,339
3,571
4,768
1,046
2,973
697
7,342
3,680
3,662
1,058
1,764
791
7,991
3,257
4,734
1,051
2,910
728
10, 229 12,949
5,414
7,299
4,815
5,650
1,011
1,016
3,160
3,924
556
666
Indexes of cash receipts from marketings and C C C
loans, unadjusted:!
All commodities
1967=100.
Crops
.do
Livestock and products
.do
222
258
195
251
275
232
235
232
235
206
240
180
254
282
233
Indexes of volume of farm marketings, unadjusted:!
All commodities
1967=100..
Crops
do.
Livestock and products
...do.
125
140
114
Farm marketings and CCC loans, total
Crops
Livestock and products, total 9
Dairy products
Meat animals
Poultry and eggs...
do
do
do
do
do
do
113
127
110
123
113
124
150
139
109
104
110
111
r
Revised.
P Preliminary.
i Reported annual total; revisions are not reflected in the
monthly data.
t$ee corresponding note on p. S-l.
ATncludes inventory valuation
and capital consumption adjustments.
^Series revised beginning 1973; revisions for periods
262
293
2S8
14,338
10,596
8,913
10,123
' 9,438
12,326
6,992
5,333
1,043
3,527
709
13,450
5,184
5,223
1,117
3,310
732
10,471
4,827
5,644
1,190
3,626
791
8,822
3,747
5,075
1,086
3,240
701
10,019
4,285
5,734
1,225
3,662
805
• 9,126
345
455
262
292
338
257
293
314
278
247
244
250
281
279
282
13, 224 12,497
360
468
278
• 3,451
• 5,675
•1,215
• 3, 666
749
256
225
279
103
111
165
129
101
172
129
134
103
122
232
156
109
239
149
167
103
104
117
95
124
110
114
110
prior to May 1976 are available from the U.S. Dept. of Agr., Economic Research Service.
9 Includes data for items not shown separately.
IKVJii X
S-4
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977 r
August 197S
1978 r
1978 r
June
Annual
NT ±5 USJLJN
U ± uu.
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan. r
Feb.'
Mar. r
Apr. r
May-
June p
July i
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTIO
Federal Reserve Board Index of Quanti ty Output
Not Seasonally Adjusted
Total index
1967=100..
138.2
146.1
149.8
142.9
148.2
153.0
153.4
150.5
147.1
146.6
152.3
154.0
151.1
152.5
156.2
148.0
do
do
137.9
135.9
145.3
154.0
141.9
123.0
145.1
138.6
144.8
142.2
149.1
159.2
145.1
132.8
154.1
148.3
148 6
145 9
153 8
168.0
148.2
135 1
158 7
151 5
142 3
139 1
144 1
144.4
143.9
132 3
154 3
143 8
148.0
144.8
152.5
147.6
154.4
134.2
159.9
148.6
153.8
151.6
160.5
166.3
158.2
139.4
162.1
151.7
152.6
150.2
158.4
173.8
152.2
139.1
161.4
154.8
148.0
145.2
150.3
164.3
144.8
138.2
158.1
154.5
142.9
140.0
142.3
150.5
139.0
136.8
153.5
153.5
143.3
141.3
144.8
155.0
140.7
136.6
150.8
1M.6
149.4
147.1
151.7
166.5
145.8
140.8
157.8
156.9
150.8
148.7
153.4
169.5
147.0
142.2
158.8
158.8
147.5
144.3
148.3
157.2
144.8
138.8
159.3
156.8
149.4
146.4
150.4
164.9
144.6
141.0
160.2
157.3
153.9
151.2
155.7
165.6
151.7
145.1
164.0
159.7
146.3
142 9
144 5
138.1
147.0
140.8
159 0
150 5
do
136.3
141.7
142 6
145 5
147.4
144.8
141.9
140.9
145.1
149.0
148.2
142.6
139.5
137.1
142.9
146.0
do
138.4
150.5
130.0
146.8
156.9
139.7
150 7
161 5
143 3
142 6
152 5
135 7
148.3
162.8
138.3
154.1
166.4
145.6
155.0
165.4
147.9
151.9
160.8
145.6
147.3
153.8
142.8
146.2
152.3
142.0
152.9
159.7
148.2
155.6
162.8
150.6
152.7
161.9
146.3
154.6
162.5
149.1
158.3
167.1
152.2
148 1
157.9
141.3
138.2
146.1
146.1
147.1
148.0
148.6
149.7
150.6
151.8
151.5
152.0
153.0
150.8
152.4
152.3
152.1
do
do
do
137.9
135.9
145.3
144.8
142.2
149.1
144 6
142 1
149 3
145 6
143 2
149 8
146.6
144.2
150.6
146.9
144.5
150.8
147.5
145.1
151.2
148.0
145.3
151.3
149.0
146.1
151.5
149.2
146.1
150.6
149.9
146.8
151.5
150.8
148.2
152.9
148.4
145.4
149.1
150.4
148.0
152.3
149.8
147.3
151.0
149 3
146.6
149.5
do
Idol...
do
154.0
175.6
169.3
148.4
191.8
159.2
179.9
172.5
148.6
198.5
161.1
181.6
174.5
150 1
199.4
162.1
183.8
176.7
152.7
201.9
161.5
183.5
174.9
150.2
205.5
160.5
179.5
170.0
144.2
203.7
162.6
187.6
181.0
154.7
204.3
162.9
190.2
185.0
159.7
203.2
161.8
186.9
179.2
151.9
206.5
160.4
181.4
173.2
145.8
202.2
161.1
179.3
170.3
144.9
202.2
163.6
186.8
178.8
153.8
207.2
151.6
163.0
147.4
128.6
202.7
160.6
182.9
176.3
153.1
199.6
158.0
176.2
167.4
148.0
198.5
153.9
168.0
155.1
141.8
201.0
141.9
127.8
155.3
147.7
133.3
164.2
149 6
140.1
166.8
150.0
138.8
168.2
149.2
132.4
167.1
149.9
136.2
167.9
148.6
132.3
165.3
147.6
129.1
164.2
147.7
129.8
164.3
148.6
124.0
170.7
150.9
129.8
171.8
150.6
128.4
173.5
145.2
115.6
170.7
148.1
128.7
170.2
147.8
129.2
168.4
146.0
125.4
141.9
131.8
144.7
136.5
154.1
145.1
131.1
148.9
140.6
158.5
144.5
131 1
148.3
140 0
157.9
144.9
130.4
148.9
141.1
158.0
146.3
133.3
149.9
141.9
159.2
147.0
135.0
150.3
141.4
160.6
146.6
132.6
150.5
141.4
161.1
146.7
132.4
150.6
141.7
161.0
147.3
132.2
151.5
143.2
161.2
146.7
130.1
151.3
141.8
162.4
147.7
130.7
152.4
142.4
164.0
148.6
130.9
153.6
145.1
163.4
148.0
127.7
153.7
145.2
163.5
149.0
127. 6
154.9
146.8
164.2
148.2
147.8
153.6
145.3
163.3
163.6
123.0
147.8
135.0
188.9
113.4
132.8
160.3
145.8
207.3
121.2
132 3
160.1
146.1
210.5
121.6
134.0
161.7
147.0
210.3
121.4
135.3
163.4
148.0
209.0
123.2
135.9
163.8
147.6
208.4
122.8
136.6
164.8
148.1
208.8
123.4
137.1
165.0
147.6
207.8
123.3
138.6
166.8
148.4
206.3
124.5
139.9
168.1
151.4
208.8
127.4
140.4
169.0
152.5
207.9
129.1
141.7
170.8
152.8
205.2
130.3
140.4
168.7
150.4
204.2
128.0
142.0
171.4
151.9
203.7
130.1
142.3
171.8
152.0
204.5
129.8
142.6
172.5
152.2
206.0
129.8
162.5
197.8
113.5
177.2
212.0
133.8
176.2
211.6
131.9
178.8
214.4
134.7
181.2
215.3
139.2
182.5
217.6
139.5
184.1
218.2
143.3
185.0
217.8
145.7
188.0
218.7
151.0
187.4
220.8
146.8
188.1
221.2
146.6
191.6
224.4
150.5
189.9
223.0
148.8
194.0
225.0
156.7
194.7
227.1
156.2
195.9
229.0
156.0
85.6
87.5
87.9
89.0
89.3
90.3
91.4
92.4
92.4
92.9
92.9
92.5
92.6
92.4
155.6
153.5
157.7
156.4
154.5
158.4
157.8
156.1
159.6
159.9
158.3
161.5
160.8
159.1
162.5
161.4
159.3
163.6
160.4
157.1
163.8
159.7
156.0
163.2
159.6
156.3
162.8
159.2
155.5
162.9
159.3
155.4
By market groupings:
Products, total
Final products
Consumer goods
Durable consumer goods
Nondurable consumer goods. _
do
do
do
do
Equipment
do
Intermediate products
do
Matei'ials
By industry groupings:
Mining and utilities
Manufact uring
Nondurable manufactures
Durable manufactures
do
do
Seasonally Adjusted
Total index
.1967=100..
By market groupings:
Products, total
Final products
Consumer goods
Durable consumer goods
Automotive products
Autos and utility vehicles
_
Autos
Auto paris and allied goods.
do
do
do
Home goods
Appliances, air cond., and TV_..do
Carpeting and furniture.—
do
Nondurable consumer goods
do
do
Clothing
Consumer staples
Consumer foods and tobaccc
Nonfood staples
Equipment
do
do
Business equipment
Industrial equipment 9
...do
Building and mining eauipment-do
JV1 anufacturing equipment
do
do
do
do....
Commercial, transit, farm eq. 9-_.do
Commercial equipment
do
Transit equipment
do
Defense and space equipment
Intermediate products
Construction supplies
Business supplies
Materials
Durable goods materials 9
Durable consumer parts
Equipment parts
Nondurable goods materials 9
Textile, paper, and chemical
Energy materials
By industry groupings.
Mining and utilities
Mining
Metal mining
Coal
Oil and gas extraction 9
Crude oil
Natural gas
Stone and earth minerals
Utilities
Electric
Manufacturing
Nondurable manufactures
Foods 9
Meat products
Dairy products
Beverases
do
81.3
86.5
do
do
do
145.1
140.6
149.5
154.1
151.7
156.5
154 0
151 5
156 5
154.7
152.4
156 9
155.6
153.8
157.4
do
do
. do
do
. . . do
do....
do
138.6
136.1
133.3
147.3
155.6
160.8
123.5
148.3
149.0
140.8
166.5
165.6
171.8
125.3
148 3
147.7
140.3
165 7
166.3
172.3
127 6
149.3
150.5
142.3
169.4
]64.5
171.3
127.7
150.2
151.9
142.1
168.8
165.3
170.7
127.5
151.2
153.4
145.1
170.7
167.8
174.6
125.6
153.2
155.5
147.0
172.9
168.8
175. 3
128.6
154.5
157.0
147.2
176.7
170.2
177.1
129.3
156.2
159.5
148.6
179.2
171.9
178.9
128.8
155.0
158.1
148.5
182.2
171.0
177.5
127.8
155.2
158.0
146. 0
184.4
172.4
179.6
127.1
156. 3
159.2
145.8
186.8
173.1
180.1
128.7
154.5
155.7
136.9
187.0
173.0
189.7
128.4
155.4
157.6
142.2
187.5
173.8
181.5
127.4
156.2
159.4
141.6
190.9
173.0
181.3
127.6
156.3
159.2
138.6
191.6
174.2
182.7
127.4
do
do
do
do
136.3
118.2
105.5
121.9
141.7
124.0
121.0
114.7
143.1
127 4
121 0
136 0
143.6
127.1
117.0
133.1
143.2
126.2
118.0
125.9
142. 6
124.4
115.6
114.0
144.6
127.9
122.1
141.9
144.8
128.0
124.3
144.6
145.0
127.4
123.8
144.7
143.9
123.8
124.2
115.9
143.0
120.9
125.3
104.5
143.5
122.3
126.9
124.0
143.8
122.7
128.9
130.1
143.0
122.7
123.4
133.4
143.5
123.5
123.6
137.5
144.0
124.1
do....
do
do
124.6
96.9
108.6
131.2
126.2
97 6
107 9
130 8
126.6
97.5
109.6
131.4
126.2
98.0
108.7
132.1
125.4
98.1
107.2
133.7
125.5
98.0
107.9
133.6
124.8
96.8
107.0
133.8
123.8
96.4
107.1
134.8
123.0
94.7
109.8
135.9
120.4
94.2
110.8
135.7
119.3
95.3
108.3
135.6
118.6
95.3
108.4
135.3
118.4
93.8
119.0
93.0
120.1
do
118.0
92.3
110.9
124.9
137.8
137.1
do
do
156.5
176.8
161.4
182.2
160.6
181 1
162.0
183 2
162.2
183. 3
163.0
184.5
163.2
184.7
163.7
185.2
164.7
186.7
166.2
188.4
167.7
189.9
167.1
188.8
167.4
189.0
165.7
165.8
166.1
do
. do
do
do
138.4
150.5
138.8
113.9
117.4
168.2
146.8
156.9
142.7
113.8
120.6
180.1
146.4
157.0
142 8
113 2
120 3
176 6
147.7
157.2
143 1
116.5
120.1
178 8
148.6
158.4
143 9
113.4
120.7
182.6
149.6
159.3
143.7
111.8
121.1
184.5
150.7
159.5
143.2
113.6
122.7
184.1
151.6
160.4
143.7
113.1
122.4
186.4
152.9
161.7
144.7
114.9
122.3
187.7
152.5
160.7
143.9
112.9
121.9
181.9
153.3
162.0
145.5
109.0
122.3
193.5
154.5
163.0
147.6
111.6
123.0
193.9
151.6
161.7
147.0
116.2
122.9
190.9
153.8
162.8
149.3
122.8
122.9
186.7
153.6
162.3
148.8
120.0
123.2
183.1
153.2
162.6
do
do....
do
112.8
134.4
134.2
137.5
118 3
137.5
134 2
144.8
118 5
136.6
133 7
148.0
118 2
137.0
132 7
142.1
118 5
137.1
137 7
142.2
120.3
138.6
139 6
144.2
119.0
139. 6
136.8
145.8
118.8
140.4
135.8
146.7
119.1
141.7
136.5
148.5
120.6
141.6
130.3
144.6
116.2
139.9
133.5
146.6
123.3
142.3
136.5
149.0
120.0
141.2
130.8
148.7
122.2
141.5
128.2
147.9
148.5
150.0
. do
do....
do
127.6
185.7
171.8
131.5
197.4
181 9
131.1
196.4
185 7
131.4
198.6
186 5
131.9
199.3
183.9
132.6
201.3
186.5
132.6
202.7
185.2
133.7
204.6
188.4
134.4
207.2
190.3
135.6
206.5
190.7
138.2
208.6
189.9
137.3
207.4
187.1
135.7
207.7
189.5
136.8
209.7
190.8
135.8
208.2
190.3
136.9
do....
do....
do....
142.6
232.3
73.6
145.2
253.6
73.8
143.3
257.3
74.2
144.1
260.3
73.2
146.0
263.4
73.3
147.6
260.9
72.9
147.6
262.3
72.4
150.2
263.0
73.4
151.3
263.3
73.8
147.0
267.4
74.8
146.0
267.5
73.4
143.8
270.4
72.9
145.4
265.5
69.6
143.1
268.7
72.3
143.6
266.9
71.6
145.1
do
do
Tobacco nrodnrts
Textile mill products
Paper and products
. . . do
Printing and publishing
Chemicals and products
Basic chemicals
.
Petroleum products
Rubber and plastics p r o d u c t s —
Leather and products
. .
r
Revised.
» Preliminary.
i Estimated.
& Monthly revisions back to 1967 will be
shown later; effective Aug. 1979 SURVEY, indexes revised to reflect more up-to-date information.
9 Includes data for items not shown separately.
153.2
136.6
143.1
NOTE FOR P. S-5:
O Revised back to Jan. 1975 to reflect corrections in reporting errors in the machinery industry, and corrections in classifications in the aircraft and machinery industries; revisions
prior to Apr. 1976 are available from the Bur. of the Census. Wash., D.C. 20233.
SURVEY OF CURRENT BUSINESS
August 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1979
1978
1978
June
Annual
S-5
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June p
July 1
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION?—Continued
Federal Reserve Board Index of Quantity
Output—Continued
Seasonally Adjusted—Continued
By industry groupings—Continued
Manufacturing—Continued
Durable manufactures
Ordnance, pvt. and govt
Tyiimber and Droducts
Lumber
1967=100
_ _.do „
do
do
Furniture and fixtures
Clay, glass, and stone products
Primary metals
Iron and steel
Basic iron and steel
Steel mill products
Nonferrous metals
' 130.0
'73.5
' 131.2
' 110. 6
' 145. 0
do
' 145. 8
do_
'111.1
do
' 103. 8
- do
_ _ __do__ _ ' 9 7 . 5
' 105. 3
do
' 124.1
do
' 131.0
do
' 143. 6
do
_ _ - do__ _ ' 145. 4
' 122. 2
Transportation equipment
do
' 161.1
Motor vehicles and parts
do
Aerospace and misc. trans, eq
do_ __ ' 8 5 . 6
Fabricated metal products
Nonelectrical machinery
Electrical machinery _ _
Instruments
do_ „
' 156. 2
' 139. 7 ' 139.0 ' 141.1 ' 141.8 ' 142.9 ' 144.6 ' 145.5 ' 146. 8 ' 146.8 ' 147. 2 ' 148.6 ' 144.6 ' 147. 7
'73.7
'74.1 '74.1
'74.0
'73.8
'74.2
'74.2
'74.6
'74.9
'75.8
' 75.4 ' 7 5 . 1 ' 7 5 . 3
' 136. 3 ' 136.3 ' 136. .2 ' 136. 0 ' 136. 2 ' 138.1 ' 140.1 ' 144.0 ' 137.3 ' 137.2 ' 137.7 ' 137.2 ' 136.1
' 110. 8 ' 113.9 '112.2 ' 107.8 ' 113.5 '109.0 '113.8 ' 124.3 ' 103.1 '106.7 ' 114. 0 ' 105. 6 '106.4
' 159.5
' 157. 6
' 124.9
'118.3
' 107.5
' 118.0
' 138.3
'
'
'
'
'
'
'
158.6
162.1
130.8
124.4
116.6
133.6
141.3
' 157.6
' 164.0
' 132.1
' 125.3
'118.3
' 141.1
' 144.8
'161.7
' 167.4
' 123. 4
'113.3
'106.9
' 117.8
' 140.9
' 163.1
' 166.9
' 120.4
'110.8
'105.9
' 115. 6
' 138.8
147.6
74.9
137.3
146.7
75.4
' 159.6
' 163.4
'121.0
' 114. 3
' 108.3
' 115.3
' 132.6
160.6
161.6
123.9
118.3
109.0
125.8
134.3
' 141. 6 ' 141.1 ' 142.8 ' 143.7 ' 144.2 ' 144.9 ' 145.6 ' 147.1 ' 149.1 ' 150.8 ' 150.2 ' 148.8 ' 150.3
' 153. 6 ' 152.9 ' 154. 7 ' 155.5 ' 156.4 ' 157. 5 ' 157.8 ' 158.1 ' 161.2 ' 162.9 ' 164.0 ' 161.8 ' 164.4
' 159. 4 ' 158.8 ' 162.5 ' 161.5 ' 163.3 ' 164.2 ' 165.2 ' 167.7 '170.9 ' 173.2 ' 174.2 ' 170.6 ' 174.7
149.5
164.9
175.1
150.0
166.0
172.1
' 134.2 ' 134.9 ' 139. 7 ' 142.1 ' 142.9 ' 141. 2 ' 139.9 ' 143. 7 '131.6 '141.9
' 171.6 '171.0 ' 178.9 '181.9 ' 182.1 ' 177.9 ' 173.1 ' 179. 7 ' 156.0 ' 176.3
'98.9 ' 100.9 ' 102.8 ' 104. 7 '106.0 '106.6 ' 108. 6 '109.7 ' 108. 6 '109.6
139.3
169.6
110.9
135.8
159.9
113.1
' 173.1 ' 175.2 ' 176. 0 ' 177.3 ' 176.3 ' 175.7
176.1
176.7
' 155. 8
' 157. 2
'119.9
' 113. 2
'104.8
' 119.4
'131.9
' 156.9
' 156. 7
'118.3
' 113.1
' 104.6
'117.3
' 127. 7
'
'
'
'
'
'
'
159.3
157.0
122.5
116. 5
105.7
123.0
132. 7
' 132. 5 ' 131.4 '133.4
' 169. 9 ' 168.9 '171.5
'97.2
'96.1
'97.5
'
'
'
'
'
'
'
160.7
159.8
127.4
121.3
110.4
130.2
138. 0
' 159.9
'161.3
' 129.4
' 123.8
' 113.8
' 129.6
' 138.9
' 167.1 ' 166.2 ' 167.7 ' 170.3 ' 170.4 ' 170.3 '171.3
' 163.5
' 164.9
' 123.7
' 116.2
'108.9
' 125. 7
' 137. 7
' 159.4
' 161.2
'121.7
'115.8
' 105.9
' 125.5
'131.4
124.0
BUSINESS SALES §
Mfg. and trade sales (unadj.), total t©A
mil. $__
Mfg. and trade sales (seas, adj.), total t© A - -do
Manufacturing, total t©
Durable goods industries-_
Nondurable goods industries.- _ _
Retail trade, totalA
Durable goods stores. .
Nondurable goods stores
_
_
21,330,104 21,496,573 123,760 123,079 127,029 127,483 130,415 132,082 133,796 135,301 135,962 142,503 134,126 142,288 138,892
do
696,120 798,057 65,593 65,106 67,972 68,476 70,096 71, 392 72, 637 72,897 73, 646 76,855 70,996 75, 698 72, 629
do
do __ 633, 985 698,515 58,167 57,972 59, 057 59, 007 60, 319 60,689 61,159 62,404 62,316 65,648 63,130 66,590 66,263
2 724,020 2 798,818 65, 964
— do
_ _ _ do_ . 247,832 277,916 22, 947
476,188 520,902 43, 017
do
66, 224
23, 049
43,175
67, 303
23, 617
43, 686
68, 085
23, 872
44,213
68, 971
24, 422
44, 549
70,158
24, 954
45,204
70, 918 70,855
25,163 25,250
45, 755 45,605
71,122
25,035
46,087
72,045
25,450
46,595
71,366 '71,914
24,614 '24,731
46,752 '47,183
71,479
24,189
47, 290
2 642,104 2 754,105 62,656
285,605 349,916 28,741
356,498 404,189 33,915
63,425
29,859
33,566
64,894
30,043
34,851
64,531
29,863
34,668
67,338
30,953
36,385
67,552
31,498
36,054
67,823
31,939
35,884
67,495
31,769
35, 726
70,824 70,444 '72,937
33, 570 ' 32, 770 ' 33,354
37,254 '37,674 '39,583
73,337
33,430
39,907
Merchant wholesalers, totalA—
Durable goods establishments.. __
Nondurable goods establishments
do
do
do
67,148
31,012
36,136
BUSINESS INVENTORIES §
Mfg. and trade inventories, book value, end of year
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total tA©
mil. $ Manufacturing, totalt©
Durable goods industries
Nondurable goods industries
_
do
do
do
'179,981 '198,041 189,267 190,783 192,412 193,764 194,500 196,803 198,041 '200,908 '203,642 '205,589 '209,178 '211,085 '214,339
115,552 129,226 122,529 123,624 124,952 126,108 126, 715 128, 422 129,226 131, 699 133,994 135,278 137,903 139,502 141, 700
64,430
68,816 66,739 67,158 67,460 67, 657 67,785 68,381 68,816 69, 209 69, 648 70,311 71, 275 71,583 72, 639
_
do
do
_ _ __do
90,120
43,414
46, 706
100,818
48,161
52, 657
95, 607
45, 502
50,105
96, 521
45, 704
50, 817
97,824
46,116
51, 708
98, 350
46, 444
51, 906
99, 279 100, 483 100, 818 101,739 101,175 102,226 103,379 105,162 106,398
47, 006 47, 555 48,161 49,302 49,367 49,583 50,526 '51,805 52,512
52, 273 52, 928 52, 657 52,437 51, 808 52,643 52,853 '53,357 53,886
Merchant wholesalers, totalA Durable goods establishments..
Nondurable goods establishments
do
do
do
67,998
44,368
23,630
80, 771
52,460
28,311
75,191
48, 756
26,435
75,744
49,414
26,330
76,338
49,972
26,366
77,113
50,160
26,953
78,625
50,948
27,677
79, 526
51,625
27,901
80, 771
52,460
28,311
81,543
52,490
29,053
83,005
53,773
29,232
84,078
53,937
30,141
84,973 '85,257
54, 408 '54,886
30,565 '30,371
85,932
55,253
30,679
1.51
'1.83
1.49
1.80
' 1 49
1.79
' 1.48
' 1.77
1.48
' 1.81
' 1 50
' 1.82
' 1 44
' 1 76
' 1 56
' 1 94
1.48
' 1.84
1.54
1.95
'1.12
' 1.13
'1.13
1.11
'1.12
'1.07
'1.13
'1.07
1.10
Retail trade, totalA
Durable goods stores
Nondurable goods stores
_
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, totalt© A
ratio
do
do
do
do
do
' 1.53
' 1.86
1 55
' 1.89
_
Nondurable goods industriest©
Materials and supplies
Work in process
Finished goods
do
do
do
do
'1.15
1.16
1.14
1.15
Manufacturing, totalt©
Durable goods industriestMaterials and supplies.__
Work in process
Finished goods
Retail trade, totalADurable goods stores . __
Nondurable goods stores
do
do
do
Merchant wholesalers, totalA
do
Durable goods establishments
..do
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales: 0
Durable goods industries:
Unadjusted, total
mil. $
Seasonally a dj., total
do
Shipments (not seas, adj.), totalt©
do
1 52
1.83
1 40
1.97
1.11
1.44
1.97
1.15
1.45
1.98
1.16
1 46
1.98
1.18
1.45
1.95
1.18
1 44
1.95
1.17
1.44
1.92
1.17
1 43
1.91
1.17
1.42
1.91
1.15
1.44
1.95
1.15
1 42
1.97
1.12
1 42
1 95
1.13
1 45
2 05
1.13
' 1.46
'2.09
'1.13
1.49
2.17
1.14
1.21
1.73
.80
1.19
1.67
.78
1.20
1.70
.78
1.19
1.65
.78
1.18
1.66
.76
1.19
1.68
.78
1.17
1.65
.76
1.18
1.64
.77
1.19
1.64
.79
1.21
1.69
.80
1.23
1.69
.82
1.19
1.61
.81
1.21
1 65
.82
'1.17
'1.65
'.77
1.17
1.65
.77
66,765
76,257
6,673
6,092
5,716
6,406
6,033
6,666
6,813
6,932
6,867
6,643
6,940
6,847
6,919
6,640
6,151
7,030
6,588
6,462
7,601
7,148
6,999
6,834
7,011
6,409
6,806
6,650
1,330,104 1,496,573 131,063 113,813 125,565 132,627 135,514 131,499 126,980 124,147 136,570 148,034 137,558 144,304 146, 985
Durable goods industries, total 9t
do
'696,120 '798,057 '71,380 '58,902 '65,653 '71,345 '73,238 '70,662 '68,389 '65,767 '73,464 '80,920 '73,560 '77,997 '78,976 3 66,090
4,039
3,855
3,389
3,147
3,386
3,989
3,924 ' 4,263 4,471
3,581
4,081
4,039
4,176
35,274
43,888
Stone, clay, and glass products
do
103,340 120, 390 10,609
9,131 10,110 10,643 10, 918 10,467 10, 397 '10,350 11,653 13,122 11,024 13,055 '12,599 311,176
Primary metals
do
6,208
5,186
5,445
5,068
£,283
Blast furnaces, steel mills
.
do
5,039
60, 533 5,366
51,519
4,678
5,277
5,747
6, 725 5,001 ' 6,656
4,123
3,540
4,321
4,290
4,763
5,143
4,841 ' 5,173 5,192
4,083
4,279
4,103 ' 4,138
40,877
47,455
Nonferrous and other primary met _ _ do
2
corresponding note on p. S-6.
©Mfrs. shipments, inventories and new orders were revised
'3 Revised.
v Preliminary.
i Estimated.
Based on data not seasonally adjusted.
back to 1958: revisions prior to June 1978 are available from Bureau of the Census, Wash., D.C.
Advance estimate.
JSee note marked " tf" on p. S-4.
§The term "business" here
20233.
ASee note " H" on p. S-12 for retail trade and notes " O" and " J" on p. S-ll for wholeincludes only manufacturing and trade; business inventories as shown on p. S-l cover data for
sale trade.
9 Includes data for items not shown separately.
OSee corresponding note
all types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown
on p. S-4.
below on pp. S-6 and S-7; those for wholesale and retail trade on pp. S-ll and S-12.
tSee
S-6
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S
1977
1978
1978
Annual
Augusi , 1979
CU1iKKN T B l
r OF
June
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt—Continued
Shipments (not seas, adj.)t—Continued
Durable goods industriest—Continued
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
mil. $.
do__.
do__.
do__.
do__.
do__.
85,255
118,541
85,759
168,133
117,758
28,570
" 96,212
137,119
98,661
188,883
132,207
31,560
8,510
12, 369
8,627
17,170
12,035
2,826
7,158
10,370
7,271
12,873
8,645
2,390
8,393
10,992
8,273
13, 606
9,141
2,716
8,637 '8,599
12, 224 12, 312
8,967
9,026
16,544 17, 858
11,290 12,987
2,890
2,857
" 8,489
11, 686
8,699
17,568
12,532
2,841
" 8,399
12,495
8,695
15, 677
10,566
2,741
" 7, 933 " 8, 721 " 9, 939 " 8,895
11,120 13, 078 14,144 13,176
8,128
9,101
9,562
8,873
16,522 17, 729 19, 273 17, 090
11, 748 12,658 13,424 11,568
2,509
3,058
2,769
2,837
" 9, 620
9,787
13, 251 14,043
8,990
9,851
18,190 •17,086
12,883 11,567
3,211
2,943
Nondurable goods industries, total 9 ©
Food and kindred products
Tobacco products
Textile mill products
do__.
do__.
do—.
do__.
633,985
189,993
9,589
40,821
698,515
211,921
10, 941
43,951
59,683
17,819
1,003
3,818
54,911
16,770
821
3,100
59,912
17,94'
968
3,744
61,282
18,373
939
3,901
62,276
18,981
1,043
3,990
60,837
18, 54'
1,014
3,783
58,591
18,473
941
3,491
58,380
17,507
991
3,519
63,106
19,03^
882
3,637
67,114
19,87;
98J
4,077
63,998
18, 754
952
3,838
66,307
19, 268
1,040
3,973
68,009
19, 536
885
4,207
do.
do.
do_.
do..
52,368
113,891
95, 656
' 36,995
57,654
126,445
103, 567
39,930
5,066
11,161
8,721
3,491
4,592
5,007
9,605 10,241
" 8, 719 " 8,925
3,001
3,544
4,966
5,157
5,061
4,573
4,737
10,914 10,704 10,435 ' 10,4!
10,782
" 9,110 " 8, 899 " 9, 074 " 9, 464 " 9,252
3,522
3,021
3,461
3,33'
3,642
5,379
11,704
"9,704
3,829
5,639
13,121
10,015
4,145
5,464
12,476
"9,800
3,812
5,637
12,898
10,388
" 3,;
5,770
13,175
10, 909
3,923
Paper and allied products
Chemical and allied products
Petroleum and coal products
Rubber and plastics products
"123,760 123,079 127,029 ••127,483 130,415 "132,082 133,796 135,301 135,962 "142,503 134,126 142,288 138,892
Shipments (seas, adj.), totalf©
do.
By industry group:
Durable goods industries, total 9 ©
do..
Stone, clay, and glass products
do_.
Primary metals
do..
Blast furnaces, steel mills
do.
Nonferrous and other primary met.—do..
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
do..
do..
do..
do..
do_.
do..
Nondurable goods industries, total 9 ©.—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 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 industries
do.
Nondefense
do.
Defense
do.
Inventories, end of year or month:f
Book value (unadjusted), totalf
Durable goods industries, total
Nondurable goods industries, total
do
do.
do.
•65,593
3,684
9,691
4,881
3,797
•65,106
3,662
9,908
5,009
3,860
•67,972
3,776
10,370
5,098
4,25;
•68,476
3,746
10,332
5,196
4,083
•70,096
3,891
10, 918
5,567
4,274
71,392
3,903
11,034
5,456
4,455
72,637
3,918
11, 471
5,872
4,431
•72,897
3,731
10,980
5,260
4, 59;
73,646
3,678
11,659
5,730
4,796
76,855
3,903
12,323
6,244
4,879
70,996
3,850
10,405
4, r •"
4,491
•75,698
4,124
12,372
6,351
4,862
•72,629
4,072
11,494
5,628
4,781
7,865
11,353
8,147
15,490
10,772
2,666
7,621
11,376
8,102
15, 261
10,701
2,598
8,209
11,717
8,427
15,840
11, 031
2,705
8,214
11,973
8,532
16, 248
11,024
2,710
8,252
12,318
8,554
16,352
11,680
2,720
8,670
12,213
8,558
17, 072
12,004
2,754
9,051
12,487
8,735
16,851
11,936
2,739
8,762
12,106
8,924
18,411
12,642
2,768
8,877
12,776
8,962
17,523
12,458
2,: "
9,781
13,065
9,275
17,817
12,216
3,009
8,695
12, 719
8,835
16,065
10, 748
2,873
9,338
13,058
9,157
17,239
12,123
2,963
9,040
12,902
9,308
15,429
10,345
3,028
58,167
17,549
955
3,615
4,811
10, 649
8,588
3T
57,972
17,540
831
3,673
4,868
10,441
8,635
3,279
59,057
17,909
941
3,707
4,863
10,351
8,852
3,515
59,007
17,767
950
3,665
4,852
10,489
9,046
3,430
60, 319
18, 290
1,006
3,744
5,073
10, 783
8,972
3,483
60,689
18, 329
993
3,693
5,099
10, 962
9,090
3,546
61,159
18,813
919
3,608
4,882
11,403
9,328
3,312
62,404
18,460
1,051
3.877
4,994
11, 742
9,333
3,680
62,316
18,903
936
3, 654
5,272
11,416
9,512
3,773
65, 648
19, 651
1,008
3,856
5,527
12, 225
10, 231
3,913
63,130
18,772
964
3,859
5,412
11,577
9,867
3,635
66,590
19,418
1,027
3,914
5,613
12, 419
10, 622
3,f
66,263
19, 228
843
3,984
5,479
12,552
10,757
3,704
10,275
24,763
19,710
14,086
12,591
61,078
10,551
24,412
19,075
11,972
12,319
60, 563
" 9,486
22,281
16,869
12,553
10, 769
51,803
r
9,347 " 9,780 " 9,787
22, 240 22,646 •22,566
16,795 17,421 ' 18,050
12,395 12,797 •12,877
10,674 11,176 11,034
51,628 53, 209 53,169
" 9, 976 " 9,937
22,991 23,177
17,851 18,158
13,540 13,873
11,410 11,786
54, 647 55,150
" 9, 705
23,541
18,394
13,752
11,937
56,467
" 9, 916
23,524
18,825
14, 694
11,442
56,899
9,793
23,805
"18,848
"14,388
"11,601
'57,527
9,912
23,840
19,022
12,490
11,913
56,949
"10,381
"24,686
" 19,331
"13,798
12,429
"61,663
45,015 " 51,453 " 4, 312
202,190 233,405 •19,238
'172,014 '200,895 r 16,510
r 30,176 " 32, 512 " 2, 728
r
" 4,494
20,404
17, 724
"2,680
" 4,442
21, 059
18,246
r
2,813
" 4,392
21,582
18,641
" 2,941
" 4,498 " 4,691 " 4,563
21,363 22,525 21,536
18,612 19,497 18,587
" 2,751 "3,028 " 2,949
" 4,577
21,840
19, 036
" 2,804
102,713
242,134
177,268
137, 605
109,361
561,024
180,116
114,860
65,256
114,547
268,237
203,025
153,752
130, 079
626, 934
4,192 " 4,430 " 4,348
19, 229 19, 925 •20,677
16, 649 r17,235
17,912
'2,581 " 2,690 " 2, 765
" 4,425
20, 710
17, 972
'2,738
188,847 189,434 191,265 191,945 "193,459 195,872 197,979 "202,336 "205,426 •207,096 "210,291
L22,892 L23,155 124, 414 124,973 125,548 L27,196 128,405 132,053 135, 093 36, 660 139, 064
65,955 66, 279 66,851 66,972 67,911 68, 676 69,574 70, 283 70,333 70,436 71.227
189,267
179,981
198,041
115,552
4,256
17,674
9,692
6,812
129,226 122,529
4,575
4,826
17,962 17,274
9,828
9,041
6,911
7,002
123,624
4,614
17,333
9,108
6,999
124,952 126,108 126,715 128,422 129,226
4,684
4,787
4,826
4,741
4,704
17,496 17,573 17,651 17, 995 17, 962
9,299
9,828
9,379
9,832
9,479
6,987
6,911
6,942
6,967
Fabricated metal products
do
Machinery, except electrical
do.
Electrical machinery
do.
Transportation equipment
do
Motor vehicles and parts
do
Instruments and related products-do
14,793
26, 300
15,465
21,458
7,934
5,742
16,834
30, 925
17,066
24,131
7,767
6,468
16,100
28, 700
16,580
22, 751
7,995
6,159
16,279
29, 034
16, 714
22,936
7,844
6,157
16,380
29, 378
16,839
23,286
8,166
6,220
16,378
29, 705
17,012
23,714
8,500
6,292
16,657
30, 081
17, 003
23,458
7,825
6,366
16, 677
30, 410
17,098
24,054
8,179
6,412
do
do.
do_
do
do
38,745
7,083
7,289
4,515
6,809
41,468
6,573
8,680
4,945
6,967
39, 677
6,469
8,014
4,802
6,805
39,751
6,403
8,147
4,845
6,623
40,205
6,547
8,197
4,857
6,740
41,093
6,505
8,397
4,948
7,242
40,869
6,475
8,657
4,940
6,661
Work in process 9
Primary metals
Machinery, except electrical
Electrical machinery
Transportation equipment
do
do
do
do
do
46, 990
5,752
11,763
6,879
11,750
55,449
6,368
14,271
7,872
14,129
51,558
5,860
13,000
7,440
13, 021
52,525
5,984
13,129
7,458
13,497
53,137
6,012
13,384
7,565
13,589
53,324
6,127
13,559
7,666
13,463
Finished goods 9
Primary metals
Machinery, except electrical
Electrical machinery
Transportation equipment
do
do
do
do
do
29,816
4,839
7,248
4,071
2,899
32,309
5,021
7,974
4,249
3,035
31, 294
4,945
7,686
4,338
2,925
31,347
4,946
7,758
4,411
2,816
31,611
4,937
7,797
4,417
2,957
Nondurable goods industries, total 9 . - d o
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^
Materials and supplies
do
Work in process
do
Finished goods
do
64,430
15,706
3,508
5,332
5,628
14,134
5,955
4,303
68,816
17, 262
3,619
5,666
5,875
15,429
5,423
4,602
66,739
16,530
3,497
5,456
5,834
4,875
5,435
4,510
67,158
16,502
3,389
5,519
5,897
15, 023
5,519
4,524
25,227
10,142
29,061
26,610
10,717
31,489
J6,184
10, 278
30,277
26,037
10, 366
30, 755
190,783 192,412
194,500
12,132
15,118
" 4, 661 • 4,539
21, 791 121,783
18,762 ' 19,151
" 3,029 i 2,632
212,123 213,818
140, 697 142,041
71,426 71, 777
131,699 133,994
5,099
4,934
17,844 17,907
9,852
9,969
6,750
135,278 137,903 139,502 141,700
5,372
5,322
5,144
5,252
17,761 18,608 18,191 18,578
9,964 10, 260
9,823 10,478
6,908
6,854
6,638
6,781
16,834
30, 925
17,066
24,131
7,767
6,468
17,129
31, 444
17,654
24,952
8,381
6,636
17,484
31,856
17,755
25,891
8,868
6,790
17, 796
32,509
18, 066
25,717
8,761
7,036
18, 068
32, 903
18.228
26,401
9,070
7,109
18,195
33, 573
18,479
27,125
9,177
7,212
18,584
34,120
18,714
27,390
8,857
7,336
41, 276
6,550
8,596
4,923
6,946
41,468
6,573
8,680
4,945
6,967
42,030
6,483
8,796
5,117
7,387
42, 615
6,505
8,846
5,049
7,711
43,570
6,602
9,081
5,227
7,719
6,635
9,069
5,244
7,931
44,504
6,644
9,374
5,363
7,979
44,885
6,751
9,531
5,483
7,657
54,114
6,227
13, 613
7,737
13,836
54,889
6,311
13, 997
7,881
14,049
55,449
6,368
14,271
7,872
14,129
56, 275
\ 351
14,512
8,064
14, 229
57, 262
6,342
14,661
8,330
14,512
57, 656
6,244
14,985
8,491
14,362
58,995
6,659
15,143
8,622
14, 694
59,975 61,461
6,669
6,485
15,434 15,620
" 753 8,908
15,205 15,829
31,691
4,941
7,749
4,398
3,009
31,732
4,949
7,811
4,326
2,961
32,256
5,134
7,817
4,294
3,059
32,309
5,021
7,974
4,249
3,035
33, 394
5,010
8,136
4,473
3, 336
34,117
5,060
8,349
4,376
3,668
34,052
4,915
8,443
4,348
3,636
35, 060
5,314
8,691
4,362
3,776
35,023
5,052
8,765
4,363
3,941
35,354
5,158
8,969
4,323
3,904
67,460
16, 619
3,362
5,538
5,802
15,107
5,508
4,580
67,657
16,784
3,449
5,606
5,839
15,235
5,408
4,563
67,785
16,973
3,519
5,604
5,801
15,165
5,480
4,551
68,381
17,031
3,628
5,663
5,777
15, 255
5,616
4,515
68,816
17,262
3,619
5,666
5,875
15,429
5,423
4,602
69,209
17,335
3,651
5,731
5,867
15,495
5,380
4,629
69, 648
17,850
3,528
5,728
5,901
15,521
5,139
4,632
'0,311
18,119
3,586
5,718
6,045
15,548
5,063
4,707
71,275
18, 249
3,575
5,725
6,206
15,919
5,181
4,880
71,583
18,524
3,581
5,666
6,294
15,964
5,063
4,868
72, 639
19,106
3,716
5,645
6,344
15, 901
5,347
4,870
25, 956
10,370
31,134
26,059
10,469
31,129
26,165
10, 6«3
30,957
26, 427
10, 695
31,259
26, 610
10,717
31,489
27,098
10,839
31,272
27, 292
10, 990
31,366
27, 712
0,982
31,617
28,089
11,149
32,037
28, 079
11,248
32,256
28,400
11,335
32,904
Revised.
i Advance estimate.
t Revised series. Data revised back to Jan. 1958 to
reflect (1) benchmarking of shipments and inventories data to the 1974,1975, and 1976 Annual
Surveys of Manufactures, (2) recalculation of new orders estimates, and (3) updating of the seasonal factors. A detailed description of this revision and historical data appear in reports
193,764
72,595
196,803 198,041 "200,908 '203,642 "205,589 "209,178 "211,085 214,339
do
By stage of fabrication:f
Materials and supplies 9
Primary metals
Machinery, except electrical
Electrical machinery
Transportation equipment
r
197,979
128,405
69,574
do.
do_
do.
do
do
Book value (seasonally adjusted), totalf
By industry group:
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Nonferrous and other primary met.
13,096
"Manufacturers' Shipments, Inventories, and Orders:" M3-1.7 (1958-1977) andM3-1.8 (19671978), available from the Bureau of the Census, Washington, D.C. 20233.
©See corresponding note on p. S-5.
9 Includes data for items not shown separately.
SURVEY
August 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
CURRENT BUSINESS
1978
1978
1977
S-7
June
Annual
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
17,408
26,954
51,941
11,215
17,801
78,323
• 17,573
• 27,394
• 52,542
•11,111
• 17,944
• 79,025
• 17,415
• 27,675
• 53,318
• 11,496
• 18,351
June
May
July
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt—Continued
Inventories, end of year or monthf—Continued
Book value (seasonally adjusted)—Continued
By market category:f
Home goods and apparel
mil. $__ ' 15,397
' 24,005
Consumer staples
do
' 42,807
Equip, and defense prod., excl. auto do
' 10,182
Automotive equipment
do
' 14, 963
Construction materials and supplies do
Other materials and supplies
d o — '72,626
Supplementary series:
' 7,838
Household durables
do
Capital goods industries
d o — ' 46,738
' 40, 350
Nondefense
do
' 6, 389
Defense
do
New orders, net (not seas, adj.), total fA
Durable goods industries, total
Nondurable goods industries, total A
do
do
do
New orders, net (seas, adj.), total tA
do
By industry group:
Durable goods industries, totalf
do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous and other primary met.__do
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
do.
do.
do.
do_
do.
Nondurable goods industries, totalA
do
Industries with unfilled orders©
do
Industries without unfilled ordersHA- -do—
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do
Aircraft, missiles, and parts
do
Nondur. goods ind. with unfilled orders©.do.__.
By market category:!
Home goods, apparel, consumer staples, .do
Equip, and defense prod., incl. auto
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Capital goods industries
do
Nondefense
do
Defense
do
BUSINESS INCORPORATIONS©
New incorporations (50 States and Dist. Col.):
Unadjusted.
Seasonally adjusted
INDUSTRIAL AND COMMERCIAL
FAILURES©
Failures, total
number..
Commercial service
do
Construction..
do
Manufacturing and mining
do
Eetail trade
do
Wholesale trade
do
Liabilities (current), total.
thous. $..
Commercial service
do
Construction
do
Manufacturing and mining
do .
Eetail trade
.do
Wholesale trade
do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns..
16,966
26,517
50,285
10,071
16, 993
77,211
'
'
'
'
'
'
16,287 16,616 • 16,755
25,306 25,336 • 25,464
46,676 47,258 • 47,769
10,259 ' 10,134 ' 10,452
16,270 ' 16,351 • 16,455
74,470 '75,089 • 75,517
8,530
8,306
'8,692
' 55,370 '51,259 ' 51,988
' 48,203 ' 44,436 ' 45,087
6,823 ' 6,902
' 7,167
1,349,416 1,541,861 '133,433
714,748 841, 739 73,704
634,668 700,121 59,729
' 8,587 '8,657
8,590
8,630
1
52,575 53,120 ' 53,929 ' 54,542
•45,684 ' 46,229 ' 46,944 47,555
' 6,892 ' 6,890
6,985
116,544 128,293
61, 397 68, 396
55,148 59,897
135,326 '142,776
80,552
73,973
62,224
61,352
• 16,966
• 26,517
1
50,285
' 10,071
• 16,993
• 77,211
17,332
26,610
51,289
10,689
17,296
77,692
'
'
'
'
'
'
1
• 17,284
• 28,166
• 54,447
' 11,567
" 18,589
80,923 • 81,032
'8,692 '8,842
8,793 ' 8,831 ' 8,777
r
57,308 • 58,139 ' 59,016
• 55,370 56,520
• 48,203 49,109 ' 49,796 • 50,540 • 51,442
7,512 ' 7,599 ' 7,574
' 7,167 '7,411
'
'
'
'
'
'
17,398
28,780
55,632
11,219
18,982
82,328
• 8,756
8,828
' 60,440 ' 61,710
' 52,608 ' 53,730
' 7,832 ' 7,980
'136,066 130,517 '132,056 '145,491 153,972 142,739 144,733
75,125 71,899 73,762 81,842 86,971 78,341 78,568
60,941 58,617 58,294 63,649 67.001 64,398 66,165
149,476
81,471
68,005
67,346
141,748 144,036 148,586 139,332 143,594, 142,269
714,748
105,968
53,394
41,360
841,739
128,002
65,307
49,500
68,313
10,478
5,502
3,946
65,935
10, 263
5,247
3,936
70,593
11,089
5,447
4,453
72,399
11,305
5,815
4,385
76,463
11,926
6,110
4,636
76,912
11,435
5,783
4,415
76,831
11,955
5,870
4,823
79,647
13,607
7,331
5,078
81, 312
13,042
6,873
4,941
93,088
13,037
6,833
4,921
76,099
11,782
6,040
4,658
77,027 75,888
11,270 '11,658
5,219
5,476
4,756
5,050
85,609
121,849
88,241
176,468
40,270
99,016
142,863
103, 216
210,419
53,503
7,806
11,445
8,230
17,213
4,859
7,696
11,644
7,988
15,466
3,340
8,351
11,859
8,759
17,176
4,233
8,265
12,661
8,933
18,150
5,021
8,543
13,118
8,951
20,033
4,450
8,808
13,010
9,005
20,819
6,995
9,571
13,068
9,225
18,607
4,518
9,276
13,085
9,611
20,102
5,124
9,193
13,401
10,017
21,869
7,340
10,509
14,988
9,676
20.002
5,547
9,036
12,772
9,362
18, 375
5,712
9,477
13,140
9,587
18,966
5,343
8,878
13,380
9,690
17,776
6,236
634,668
139,673
494,995
700,121
153,795
546,326
58, 338
12,899
45,439
58,141
13,055
45,086
59,277
13,175
46,103
59,208
12,920
46,288
60,250
13,084
47,166
60,882
13,294
47,589
61, 238
13,068
48,171
62,101
14,074
48,027
62.724
13.725
48,999
65,498
17,380
48,118
63,233
13,885
49,348
66,567
15,262
51,305
66,381
15,216
51,165
2
114,547
268 264
2 226,205
2 155,910
2 131,384
2
645,552
9,495
22, 263
17,982
12,636
10,718
53,557
9,258
22,246
16,706
12,306
10,572
52,988
9,918
22,645
18,639
12,842
11,047
54,778
9,922
22,550
20,126
13,180
10,830
55,000
9,712
22,973
21,494
13, 928
11,537
57,069
9,804
23,179
21,342
14,227
11,615
57,627
9,608
23,544
19,862
14.312
12,430
58.313
10,122
23,523
20,136
14, 964
11, 560
61,443
10,074
23,805
23,273
14, 580
11, 762
60,542
10,448
24, 765
24,011
13,755
13,071
62,536
10,105
23,856
20, 359
12,502
12,326
60,184
10,094
24,696
21,392
13,442
12,449
61,521
10,818
24,442
19, 998
12,128
12,046
62,837
2
51,456
2 261,400
2
219,693
2 41,706
4,345
20,867
17,608
3,259
4,103
19,584
17,450
2,133
4,555
21,574
18,358
3,216
4,469
23,107
19,835
3,272
4,216
24,873
21,032
3,841
4,325
25,126
20, 754
4,371
4,371
23, 215
19,132
4,083
4,596
24,191
21,410
2,781
4,724
26,726
22,868
3,858
4,828
27,079
23,978
3,101
4,744
23,980
20,767
3,213
4,308
24,583
20,965
3,618
' 4,855 1 4,397
24,318 1 21,769
21,821 " 19,626
'2,497
2,143
193,150
238,652 214,406 215,403 218,244 222,368 228,667 234,381 238,652 245,113 253,187 259,267 264,479 265,782 261,155
184,319
18,856
12,192
5,347
228,181 204,729 205,557 208,178 212,101 218,468
26,738 22,797 23,153 23,871 24,844 25, 852
17,179 15,104 15,342 15.691 16,311 16, 855
6,227
6,427
6,729
7,090
6,152
7,443
26,253
17,181
7,050
228,181, 234,943, 242,608 248,839 253,948 255,273 258,526
26,738 29, 366 30,749 31,463 32,840 31, 738 '31,902
17,179 19,250 20,393 20,982 22,214 21, 082 20,930
7,928
7,443
8,115
8,282
8,073
8,176
8,445
23,317
47,218
25,832
59,565
40,351
26,094
53,037
30,427
80,910
56,098
24,877
49,761
28,475
68,285
47,118
24,952
50,029
28,361
68,490
47,440
25,094
50,171
28.692
69,826
48,424
25,144
50,860
29,094
71,727
49,847
25,435
51.659
29,491
75,408
51,270
25,574
52,456
29,938
79,156
54,907
26,094
53,037
30,427
80,910
56,098
26,609
54,019
31,115
82,605
57,313
26,923
54,644
32,172
86,952
61,491
27,652
56,565
32,569
89,138
63,199
27,996
56,617
33,096
91,449
65,360
28,132
56,698
33,527
93,177
67,142
27,970
57,174
33,906
95,524
69,954
8,831
10,471
9,677
9,845
10,066
10,267
10,199
10,392
10,471
10,170
10,579
10,428
10,531
10,509
10,629
4,092
109,529
18,890
60,639
4,613
4,108
4,981
4,705
4,494
4,331
4,316
4,201
4,771
4,356
4,596
5,001
4,438
4,108
134,669 121,611 121,433 122,695 125,074 129,107 132,644 134, 669 136,260 140,877 144,844 146,194 147,898 148,974
20,195 20,181 20,078 19,950 19,746 19,873 19,702 20,195 20, 314 20,475 20,955 21,369 21, 388 21,114
79,680 68,175 69,535 71,104 72,935 75,356 77,834 79,680 84,223 87,239 88,697 91,935 91,791 94,066
3,359
119,947
85,517
34,430
3,828
3,552
3,915
4,097
3,796
3,551
3,675
3,519
3,418
3,347
3,777
3,639
3,347
147,787 132,314 132, 668 134,317 136,747 141,216 145,633 147,787 150,408 155,769 160,318 162,764 165,506
104,225 93,401 94,202 95,325 97,248 100,557 103,339 104,225 106, 999 111, 254 115,730 117,910 119, 836
39,499 40.660 42,293 43,563 43,409
4,515 44,588 44,854 45,670
43,563 38,914 38,467
432,172
477,827
43,059
39,796
7,919
1,041
1,463
1,122
3,406
887
6,619
773
1,204
1,013
2,889
740
519
62
99
70
228
60
3,095,317
358,686
420,220
1,221,122
482,560
612,729
2 28.4
71,918
11,359
1
14,876
• 237,134 213,607 '216,339 •219,067 '221,770 '229,031 '233,600 '237,134 '245,032 •253,954 •259,896 •265,078 •265,506 '268,001
226,975 203,819 206,315 209,057 211, 688 219,003 223,466 226, 975 234,957 243,337 249.393 254,172 254,745 '257,239 '258,499
9,788 10,024 10,010 10,082 10, 028 10,134 10,159 10,075 10,617 10,503 10,906 10,761 10,762
10,159
2,356,007
325,681
328,378
878,727
477,450
345,770
23.9
178,839
42,981
21,733
55,154
33,947
25,024
21.9
39,245
39,403
42,392
42,605
38,732
41,827
41,022
41,945
37,661
41,568
39,701
42,461
44,745
42,777
37,759
42,048
46,674
42,087
43,486
42,302
' 4,020
168,032
122,894
45,138
!
1
257,849
31,129
95,281
1
3,877
168,019
123,370
44,649
46,938
43,623
642
458
535
545
675
511
459
556
81
38
60
59
46
60
73
63
92
127
80
94
111
104
131
102
61
99
78
76
94
91
70
104
215
269
217
265
181
308
233
235
52
66
48
60
62
57
60
59
231,821 206,395 127,022 175,342 178,933 196,535 182,220 177,087
8,732 10,714 12,465 13,448 23,471
54,753 32,569
6,373
32,405 39,278 15,263 15,223 25,101 86,734 24,653 19,382
59,220 81,522 46,935 45,234 46,192 30,531 71,647 53,497
25,832 40,005 28,943 86,550 39,424 45,841 36,212 72,573
59,611 13,021 27,149 17,621 55,751 19,981 26,237 25,262
22.0
' Revised.
v Preliminary.
i Advance estimate. 2 Based on unadjusted data,
t See corresponding note on p. S-6.
9 Includes data for items not shown separately.
ASee note marked " ©" on p. S-5. ©Includes textile mill prod., leather and prod., paper
and allied prod., and print, and pub. ind.; unfilled orders for other nondurable goods are
zero.
16,862 ' 16,695 ' 16,815
25,714 ' 25,851 ' 26,238
' 48,959 ' 49,439
' 10,083 ' 10,466
' 16,733 ' 16,888
' 76,179 ' 76,954
48,326
10,758
16,566
75,541
21,349,416 1,541,861 126,651 124,076 129,870 131,608 136,714 137,794
By market category:!
2103,442
Home goods and apparelA
do
2 242,157
Consumer staples
do
2 186,569
Equip, and defense prod., excl. auto
do
2138,805
Automotive equipment
do
2 110,261
Construction materials and supplies
do
2 568,182
Other materials and supplies
do
Supplementary series:
2
45,733
Household durables
do.
Capital goods industries
do. 2 214,060
2
181,010
Nondefense
do.
2 33,050
Defense
do.
Unfilled orders, end of year or month (unadjusted),
totalf
mil. $.. 191,843
183,296
Durable goods industries, total
do
8,547
Nondur. goods ind. with unfilled orders©__do
Unfilled orders, end of year or month (seasonally
adjusted) totalf
mil. $_.
By industry group:
Durable goods industries, total 9
do
Primary metals
do
Blastfurnaces, steel mills
do
Nonferrous and other primary met.__do
'
'
'
'
'
'
29.8
25.2
27.4
24.4
22.5
26.4
22.6
U For these industries (food and kindred prod., tobacco mfs., apparel and other textile
prod., petroleum and coal prod., chem. and allied prod., rubber and plastics prod.) sales are
considered equal to new orders.
O Compiled by D u n & Bradstreet, Inc. (failures d a t a
for 48 States and Dist. of Col.; Hawaii included beginning July 1975; Alaska, beginning
Sept. 1976).
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
UKKJUJNT
SUKV
S-8
1977
1978
1978
June
Annual
August 1979
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS!
Prices received, all farm products
1910-14=100—
Crops 9
do
Commercial vegetables
do
Cotton
do
Feed grains and hay
do
Food grains—_
___
do
Fruit
do___.
Tobacco
_
___do
Livestock and products 9
do
Dairy products
do
Meat animals
_
do
Poultry and eggs
-do
Prices paid:
All commodities and services
do
Family living items
___
___do
Production items
do
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100..
Parity ratio §
_>_
_
-do
CONSUMER PRICES1
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
ALL ITEMS, WAGE EARNERS AND CLERICAL WORKERS, REVISED (CPI-W)I
1967=100..
457
432
498
511
316
275
370
972
481
594
564
228
525
458
535
465
320
336
516
1,061
595
647
757
242
543
487
592
463
342
336
593
1,017
602
612
786
239
539
480
537
477
324
336
595
1,038
599
618
767
256
528
459
466
485
307
337
564
1,079
600
642
769
243
542
461
480
475
302
336
634
1,147
625
667
805
247
544
454
468
503
302
343
560
1,110
639
691
828
238
541
454
482
516
309
349
483
1,116
632
709
800
250
556
461
542
490
319
347
471
1,143
656
722
835
261
579
470
638
473
322
346
482
1,134
693
728
904
264
485
700
458
330
344
519
1,124
726
728
964
269
615
482
621
443
334
344
521
1,120
754
722
1,018
276
609
476
541
451
339
350
500
1,135
749
709
1,019
265
591
573
579
616
626
640
613
631
642
620
631
643
624
629
650
628
655
632
643
658
638
645
664
641
652
676
644
668
688
650
683
706
657
704
714
664
713
744
71
747
73
749
72
750
70
757
'72
761
71
764
71
770
72
796
73
826
74
837
75
195.3
195.3
196.7
197.7
199.1
200.7
201.8
202.9
204.7
207.1
199.3
200.9
202.0
202.9
204.7
207.1
194.5
195.1
197.9
195.8
196.7
199.4
196.7
197.8
200.5
197.8
198.6
201.5
199.5
199.8
203.2
201.6
201.8
205.5
198.3
204.0
182.2
183.6
183.7
223.3
232.9
687
181.5
ALL ITEMS, ALL URBAN CONSUMERS
197.8
196.7
195.3
181.5
195.4
(CPI-U)1
1967=100..
Special group indexes:
193.5
192.7
191.8
191.3
179.1
All items less shelter
do
193.3
192.0
190.6
191.2
178.4
All items less food
do
196.3
195.3
193.9
194.0
180.3
All items less medical care
do
189.3
188.6
187.5
174.7
Commodities
do
187.1
194.4
193.6
192.7
178.9
Nondurable^
do
192.0
175.4
174.1
173.7
Nondurables less food
do
166.5
174.3
175.9
175.3
173.9
Durables..
do
163.2
173.9
176.3
175.4
174.4
Commodities less food
do
165.1
174.7
213.4
211.7
209.9
Services
do....
194.3
210.9
222.2
220.4
218.3
Services less rent
do
201.6
219.4
215.4
215.0
213.8
192.2
Food 9
do.
211.4
214.5
214.7
213.9
190.2
210.2
Food at home
do.
205.2
203.8
202.0
Housing
do..
186.5 ' 202.8
213.3
211.3
208.9
191.1
Shelter 9
....do..
210.4
165.1
2
164.2
153.5 * 164.0 2163.6
Rent
do..
228.3
230.6
225.
204.9
Homeownership
do..
227.2
3
218.1
3
218.0
202.2 3 216.0 3 217.5
Fuel and utilities9
do..
283.4 * 298.3 < 295.1 * 294.5 * 294.2
Fuel oil and coal
do..
236.9
237.2
236.5
213.4
Gas (piped) and electricity
do..
232.6
178.9
167.5 1 177.7 1 177. 6 178.1
Household furnishings and operation
do..
158.0
159.6
159.9
154.2
Apparel and upkeep
do..
159.6
187.2
188.1
185.5
177.2
Transportation
do.
185.5
186.8
187.
185.0
176.6
Private
...do.
185.0
153.9
153.8
153.5
142.9
New cars
_
do.
153.8
195.9
196.
191.5
182.8
Used cars
_
do.
186.5
187.
187.6
187.2
182.4
187.8
Public
do.
219.4
221.4
217.9
202.4
219.4
Medical care
do_
Seasonally Adjusted A®
0.6
0.6
0.9
All items, percent change from previous month
187.
188.7
186.9
Commodities
1967=100.
174.
175.
173.
Commodities less food
do...
214.6
213.
213.5
Food
do.
213.2
212.
213.1
Food at home
_
_
do__.
3 217.6 3 218.2 3 218.9
Fuels and utilities
do__
*
297.0
* 297.9
<296.8
Fuel oil and coal
do~
159.2
160.0
160.0
Apparel and upkeep
do__
185.6
186.9
184.2
Transportation
do__
185.2
186.5
183.8
155.5
156.2
154.2
Private
do..
212.2
Newcars
_do__
213.8
210.5
Services
do_.
PRODUCER PRICES^
(U.S. Department of Labor Indexes)
Not SeasonallyAdjusted
Spot market prices, basic commodities:
236.
229.6
228.
22 Commodities
1967=100.. «209.6 '«234.
241.
240.8
234.
9 Foodstuffs
do..
«208 2 '6 239.2 221.1
232.
224.
13 Raw industrials
do
5 210.4 5 230.6
210.
210.
209.6
All commodities
do___
194.2
209.3
By stage of processing:
240.
245.
245.
Crude materials for further processing
do
214.3
240.2
217.
216.
215.1
Intermediate materials, supplies, etc
do
201.7
377.5
195.
196.
194.5
Finished goods O
do____
180.6
194.6
193.
194.
193.0
Finished consumer goods
do _
178.9
192.6
200.
199.
198.1
Capital equipment_
do
184.5
199.1
By durability of product:
207.
205.
204.1
Durable goods
do...
188.1
204.9
212.
213.
213.2
Nondurable goods
do
198.4
211.9
205.
205.
203.
Total manufactures
do
190.1
204.2
207.
205.
203.
Durable manufactures
do
188.1
204.7
203.
203.
203.2
Nondurable manufactures
do._
191.8
203.0
p
. r ?£ v i ? e d >
Preliminary,
i Includes TV and sound equipment and repairs formerly
m health and recreation."
2 Residential.
3 includes additional items not previously
priced.
* Includes bottled gas.
« Computed by BEA.
JData revised back to 1965
to reflect new base weights; comparable data for earlier periods will be shown later.
9 Includes data for items not shown separately.
§ Ratio of prices received to prices paid
(parity index).
If Data through December 1977 are for urban wage earners and clerical
workers; beginning January 1978, there are two indexes, all urban wage earners and clerioal
191.8
194.2
190.5
192.9
196.6
198.8
195.4
197.5
178.1
180.0
177.1
179.1
178.8
181.2
177.2
180.0
179.1
181.3
177.8
180.3
217.6
219.2
215.6
218.6
226.7
228.2
224.6
227.8
219.4
215.6
217.8
216.8
214.1
217.9
216.1
215.4
207.5
209.5 » 210.6 211.5
221.0
216.2
220.1
218.6
166.4
167.4 2 168.5 2 169.
239.5
234.2
238.8
237.0
3 218.8 3 220.1 3 218.5 219.9
311.8
295.7 * 300.1 «306.1
236.2
237.9
234.9
240.0
184.0
181.9 1 183.0
i 180.5
163.
164.1
161.9
163.3
192.6
188.7
191.4
189.7
188.3
192.5
191.1
189.4
153.5
158.5
159.8
155.5
195.9
194.
194.0
195.4
188.2
189.
189.1
189.3
222.6
224.
227.0
227.8
602
195.8
201.0
180.3
182.0
181.9
221.1
230.4
228.2
223.9
223.1
228.0
215.6
213.1
225.9
222.8
170.3 2 171.0
245.6
241.6
221.5 3 223.3
316.4 4 326.1
239.
241.2
184.8
186.0
160.7
161.4
193.9
195.6
193.8
195.5
161.2
162.3
193.6
193.4
190.0
190.
230.
232.6
'610
'524
'526
'497
'380
'423
'579
1,141
261
700
704
937
246
615
546
513
505
407
446
620
1,105
687
709
916
237
719
671
717
842
722
679
718
845
732
687
728
854
73
73
72
72
209.3
211.8
214.3
216.9
219.4
209.1
211.5
214.1
216.6
218.9
208.4
208.9
212.7
205.8
212.8
193.2
189.2
191.6
229.5
239.8
234.3
233.4
1 222. 4
233.5
2 173.8
254.9
3 232.2
4 364.3
251.6
1 189. 2
166.1
207.7
208.1
165.8
205.4
193.3
236.3
210.7
211.8
215.2
208.4
215.7
197.6
191.1
194.7
232.1
242.6
235.4
234.2
1 225.5
236.7
2 174. 7
258.8
3 239.0
4 391.2
259.9
1
190.1
165.7
212.6
213.3
166.3
208.9
194.0
237.7
212.7
214.2
217.6
210.5
218.3
201.1
192.6
197.0
234.7
245.6
236.9
235.5
1
228.4
240.1
2 175.9
263.0
3 243.5
4 412.9
264.5
1 190.4
164.3
216.6
217.4
166.7
209.2
197.1
206.0
203.7
206.3
203.8
210.1
207.6
203.3
200.5
209.9
206.9
189.6
185.7
187.2
184.9
188.9
185.9
227.0
225.1
237.1
235.0
232.3
230.4
231.7
229.9
219.8
1217.6
230.7
228.0
»171.3 2 172.0
251.7
248.2
3 225.9 3 227.5
4 339. 5 4 349.8
245.3
244.0
i 187.4 1188.6
165.4
164.3
202.9
198.1
203.
198.1
164.
162.
200.0
195.4
192.6
191.5
235.1
233.9
615
496
526
469
362
370
545
1,141
740
704
1,007
1.0
1.1
1.0
1.1
0.9
1.
1.0
0.9
0.6
0.6
0.8
209.5
203.8
205.7
207.7
196.7
199.1
201.3
190.2
194.6
193.0
191.7
196.3
189.4
191.4
193.9
182.9
186.9
184.8
177.2
181.3
179.8
178.5
235.0
232.7
234.3
234.7
224.5
230.5
228.1
216.0
221.3
219.2
217.9
233.0
232.4
233.5
233.2
223.7
230.0
227.
214.5
220.1
217.8
216.5
3 219.6 3 221.0 3 218.9 3 220.0 3 220.9 3 222.6 3 225.1 3 227.2 3 232.1 3 239.1 3 243.7
306.8 * 310.3 312.3 4 320.3 4 335. 5 4 348.1 4 364.7 4 393. 6 4 416.2
4 300.3 303.2
166.0
165.8
165.6
162.2
166.0
162.7
165.2
161.8
161.9
161.7
160.9
207.5
214.8
211.1
203.8
195.
199.9
197.5
193.2
188.2
191.2
189.0
215.4
207.9
211.8
204.0
200.0
195.4
197.5
193.2
187.9
191.1
188.8
168.4
162.
164.3
166.1
167.0
159.1
161.0
157.3
156.9
157.0
155.3
230.
235.0
232.5
227.2
225.
220.
223.1
218.7
219.1
215.7
217.6
220.
268.0
260.2
273.5
224.1
260.
225.
205.
203.
209.
270.4
228.5
207.7
206.3
210.8
243.
248.
239.
212.4
251.0
253.1
249.4
214.9
252.
248.
254.
215.
250.
249.
251.
217.
255.2
250. S
258.
244. t
218.
197.
195.
201.
249.2
220.8
199.6
197.5
204.4
248.
222.
200.
197.
206.
252.
223.
202.
200.
207.
••226.
276.3
251.8
294.
229.7
277.
254.
293.
231.
278.1
256.5
293.9
233.1
281.2
259.3
297.3
236.6
'276.
••231.
••209.
'207.
••211.
279.
235.3
211.
210.
213.6
282.
237.
212.
211.
214.
283.0
239.8
213.4
212.4
215.5
287.3
244.2
215.8
215.2
216.9
277.
261.
288.
227.2
225.2
224.
216.
223.4
218.6 '221.
213.
208.
212.
210.7
243.5
233.9
223.
227.2 '234.
236.
238.7
219.
214.
217.
217.3
229.4
••219.
222.8
215.
217.2
224.
226.1
212.
207.
210.
209.7
226.2
222.2
215.
223.
224.0
217.7 ••219.
212.
208.
211.
210.5
232.2
222.6
213.
215.9 '219.
210.
205.
225.
227.7
208.
208.0
workers, revised (CPI-W), and all urban consumers (CPI-U). These indexes reflect improved
pricing methods, updated expenditure patterns, etc.; complete details are available from
Bureau of Labor Statistics, Washington, D.C. 20212.
ABeginning Jan. 1978, CPI-U.
d*For actual producer prices of individual commodities see respective commodities. All
data subject to revision four months after original publication.
O Goods to users, incl. raw foods and fuels.
0 Beginning March 1979 SURVEY, data
have been revised (back to 1967) to reflect new seasonal factors.
August 1979
SUK\
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
Jt
<J UKK tiJNT BUS JUNES IS
1978
1978
June
Annual
S-9
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
COMMODITY PRICES—Continued
PRODUCER PRICEScf—Continued
(U.S. Department of Labor Indexes)—Continued
All commodities—Continued
Farm prod., processed foods and feeds.1967 = 100Farm products?
do...
Fruits and vegetables, fresh and dried- do...
G rains.
do...
Live poultry
do_..
Livestock
do...
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products
Dairy products
Fruits and vegetables, processed
Meats, poultry, and fish
188.8
192.5
192.2
165.0
175.4
173.0
206.7
212.7
218.2
182.5
199.8
220.1
210.4
219.5
230.3
188.1
221.6
236.2
210.3
219.9
252.4
183.8
246.5
226.8
205.3
210.3
215.3
178.9
204.8
216.6
209.4
215.1
208.0
176.9
211.1
226.8
213.2
219.4
214.2
182.0
184.9
235.1
212.3
218.2
207.0
189.0
192.4
222.4
216.2
222.7
221.6
184.7
198.5
230.1
221.0
230.4
233.7
184.4
206.0
247.3
227.2
240.9
263.0
189.3
217.8
do.
do.
do.
.do.
do..
-do.
186.1
201.0
173.4
173.4
187.4
182.0
202.6
200.1
190.2
188.4
202.6
217.1
204.6
200.0
190.0
185.4
198.8
226.2
204.2
198.4
191.0
186.1
200.4
224.4
201.8
196.9
192.5
190.8
203.3
215.9
205.5
197.8
191.0
192.9
205.1
224.4
209.0
201.1
193.3
197.0
210.1
228.2
208.2
201.4
196. 2
199.6
216.3
220.9
211.8
201.0
196.8
202.8
218.4
229.2
215.2
200.9
197.2
203.5
218.5
240.3
266.5
229.0
242.8
232.2
192.0
217.6
275.8
231.2
245.9
237.2
198.3
209.4
284.0
230.8
245.2
226.5
210.3
216.3
280.7
229.0
242.8
226.2
218.7
182.9
264.0
232.0
246.8
226.6
247.4
183.8
256.0
218.9
201.1
199.1
203.2
219.5
248.5
220.5
201.2
200.1
204.8
219.5
250.6
222.3
201.6
203.0
207.0
220.4
252.9
222.1
205.3
205.0
207.9
221.3
250.4
220.7
208.3
206.4
208.3
221.4
241.6
223.0
213.7
210.5
209.0
223.1
237.7
do.
195.1
209.4
208.7
210.1
211.4
212.5
214.7
216.0
217.2
220.0
222.5
225.4
228.6
231.1
233.5
237.2
-do.
do.
do.
do.
-do.
..do.
192.8
187.8
223.9
140.5
279.0
182.4
198.8
198.2
225.5
148.1
315.8
192.4
198.9
202.6
224.0
147.8
313.2
192.6
199.8
202.1
225.1
148.5
335.6
192.6
199.5
202.1
226.4
148.9
312.9
192.6
200.3
202.7
226.4
149.6
338.5
192.6
201.6
203.4
228.1
150.3
340.0
192.6
202.3
202.3
227.4
152.1
361.2
196.5
202.3
201.9
229.1
153.2
332.9
198.7
205.0
201.7
234.0
155.4
336.1
198.9
207.3
203.1
237.4
156.2
367.9
202.3
209.9
206.3
239.5
156.6
398.5
202.3
214.7
209.4
247.5
157.5
448.7
203.3
217.7
209.6
255.4
157.7
418.3
201.3
218.9
209.1
258.9
159.0
374.1
201.3
224.3
210.4
269.8
159.2
381.6
205.3
Fuels and related prod., and power 9
Coal
Electric power
Gas fuels
Petroleum products, refined
Furniture and household durables 9
Appliances, household
Furniture, household
Home electronic equipment
do.
do.
do.
do.
do.
do.
do.
do.
do.
302.2
389.4
232.9
387.8
308.2
322.5
430.0
250.7
429.1
321.0
323.2
434.5
256.9
428.8
318.4
324.5
437.1
254.8
430.6
321.1
324.9
441.7
253.6
425.3
323.3
326.7
442.7
252.5
431.4
325.7
328.5
443. 9
252.7
429.2
329.4
329.7
442.2
250.3
433.9
331.9
334.3
443.8
250.7
444. 6
338.2
338.1
443.6
251.0
449.9
343.9
342.5
444.0
251.1
458.1
350.0
350.9
445.3
257.4
471.0
360.3
361.9
447.5
260.8
478.1
379.2
377.3
451.0
266.2
505.4
399.5
393.2
451.6
270.1
519.4
423.4
411.7
452.8
275.0
549.9
449.2
151.5
145.1
162.2
87.7
160.1
152.8
173.4
89.3
159.5
152.7
172.3
88.5
161.4
153.5
174.6
90.8
161.8
154.0
175.6
90.8
162.0
154.2
176.1
91.6
162.9
154.5
177.9
91.3
163.5
155.6
178.8
91.5
164.6
155.7
179.3
92.3
166.6
157.0
181.0
92.2
167.9
158.3
181.3
"92.3
168.3
158.4
181.5
89.6
167.8
158. 6
182.6
89.7
168.9
159.1
184.5
169.3
159.9
185.3
89.5
170.1
161.0
185.8
87.7
Hides, skins, and leather products 9
Footwear
Hides and skins..
Leather
Lumber and wood products
Lumber
do..
do..
.do..
do.
do..
do..
179.3
168.7
286.7
201.0
236.3
276.5
200.1
183.2
360.5
238.6
275.9
322.1
195.3
181.1
346.5
217.4
278. 5
320.8
197.3
181.7
360.4
224.5
277.5
319.1
205.1
184.0
400.8
251.9
281.6
326.7
210.7
186.0
435.3
269.4
282.8
332.2
213.0
190.7
427.9
269.4
284.2
334.5
215.8
192.2
417.0
278.7
290.0
342.0
216.2
194.3
401.3
279.6
288.6
339.1
223.4
196.4
452.8
292.8
290.2
336.6
232.2
•203.0
497.8
309.2
293.9
339.9
253.3
210.5
647.5
371.9
300.5
350.1
259.3
212.6
642.2
393.6
304.5
355.1
269.3
215.8
666.9
429.4
302.8
354.8
267.2
219.7
611.0
414.6
299.7
355.1
262.2
222.3
566.5
385.2
300.2
355.2
Machinery and equipment 9
do..
Agricultural machinery and equip
do..
Construction machinery and equip
do..
Electrical machinery and equip
do..
Metalworking machinery and equip..-do..
181.7
197.9
213.5
154.1
198.5
196.0
212.8
232.8
164.9
216.9
195.3
210.8
231.1
164.6
215.6
196.5
212.2
232.8
165.4
216.7
197.5
214.1
234.6
165.8
218.2
198.8
217.8
237.0
166.4
220.3
200.5
218.6
240.4
167.5
223.8
202.7
220.6
242.3
169.6
226.3
203.8
221.9
243.8
170.5
228.2
205.1
222.8
245.5
171.2
230.4
206.5
• 223.9
• 247.9
172.8
232.0
207.9
223.6
247.7
173.8
•233.0
209.2
225.1
250.6
174.6
234.9
210.8
227.0
252.7
176.1
237.2
211.7
228.3
253.1
176.7
238.9
214.2
230.0
256.5
179.3
241.1
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
do..
do.
do..
do.
209.0
165.5
230.4
195.4
227.1
174.4
253.5
207.7
225.9
173.9
252.5
205.4
227.3
174.4
253.9
205.9
231.0
176.2
258.6
211.1
231.4
176.0
258.5
211.4
234.1
176.9
259.9
217.1
235.5
177.2
261.7
218.2
236.6
179.1
263. 2
219.0
241.9
180.1
272.4
223.5
247.3 • 251. 7
• 180.9 1 183.6
279.9
274.9
239.2 • 246. 6
255.5
183. 9
279.8
257.9
255.7
185.3
279.0
256.5
257.6
185.7
282.9
256.9
260.6
186.1
286.2
261.5
do...
do...
.do...
do...
-do..do...
do...
do...
200.5
179.8
191.8
183.5
186.4
194.3
167.6
169.9
222.8
197.1
214.0
229.1
195.5
206.1
174.7
179.1
222.0
195.5
211.8
230.2
193.5
205.1
174.5
179.5
224.7
196.6
214.4
234.0
195.5
206.8
174.9
179.9
227.2
197.7
219.7
235.9
195.8
208.0
175.7
180.0
228.2
202.3
221.4
236.0
199.0
210.2
176.7
180.4
229.1
202.4
222.2
236.8
202.4
213.0
178.1
184.5
230.0
204.4
222.9
242.1
203.9
214.0
179.4
187.7
231.1
206.5
224.2
242.7
205.2
214.6
179.7
188.8
238.3
209.7
235.6
247.6
207.0
217.9
180.8
191.5
240.5
210.7
• 236.4
250.6
• 240.8
212.8
237.8
251.0
• 212.3
222.9
• 185.9
194.7
242.9
214.8
239.9
252.2
214.5
225.9
188.2
194.8
245.2
215.7
241.2
248.8
215.8
227.5
190.2
195.7
246.8
216.5
243.8
251.3
216.6
227.8
192.8
198.2
249.2
220.3
245.2
251.8
218.1
228.4
195.5
205.4
Textile products and apparel §
do—
Synthetic fibers
....Dec. 1975=100.
Processed yarns and threads
do
Gray fabrics
do
Finished fabrics....
do...
Apparel
1967=100
Textile house furnishings..
do...
154.0
107.3
100.9
104.7
103.7
147.3
171.3
159.7
109.7
102.3
118.6
103.8
152.4
178.6
159.2
108.9
101.6
117.8
103.1
152.1
178.7
160.0
108.9
101.9
119.2
103.2
153.0
179.4
160.5
109.1
102.4
120.9
103.4
153.5
179.2
161.3
109.1
103.3
124.2
104.1
153.3
180.3
162.3
109.4
104.0
126.5
104.5
154.1
181.0
163.2
110.6
105.3
126.7
104.8
155.3
180.5
163.6
110.6
104.7
125.9
106.0
155.5
183.4
164.1
113.0
105.3
125.6
103.5
157.4
181.8
164.2 '165.2
113.5
113.8
105.3 106.7
123.2
123.2
104.1 105.1
157.6
158.1
186.0
187.4
166.0
115.4
106.0
124.4
105.6
159.3
187.6
166.8
117.6
107.0
124.6
106.6
159.3
188.0
168.1
118.8
103.6
124.7
107.1
160.0
189.3
169.2
119.8
109.5
128.1
107.9
160.1
189.9
Transportation equipment 9 Dec. 1968=100.
Motor vehicles and equip
1967 = 100.
Seasonally Adjusted}
161.3
163.7
173.4
175.9
172.4
175.0
172.8
175.5
173.1
175.8
173.6
175.9
179.2
181.8
180.1
182.5
180.5
182.8
182.7
185.0
183.5 "r 183.8
185.9
186.1
186.5
189.2
186.8
189.5
187.1
189.7
188.0
190.4
Industrial commodities
Chemicals and allied products 9
Agric. chemicals and chem. prod
Chemicals, industrial
Drugs and Pharmaceuticals
Fats and oils, inedible
Prepared paint.
Nonmetallic mineral products 9
Clay prod., structural, excl. refrac
Concrete products
Gypsum products
Pulp, paper, and allied products..
Paper
Rubber and plastics products
Tires and tubes
221.2
183.2
194.1
All commodities, percent change from previous
month
_
By stage of processing;
Crude materials for further processing. .1967=100.
Intermediate materials, supplies, etc
..do..Finished goods O
do
Finished consumer goods
do...
Food
do...
Finished goods, exc. foods
do...
Durable.
do...
Nondurable
do...
Capital equipment
do...
0.8
0.4
0.3
0.8
1.1
0.8
1.3
1.3
1.2
0.7
"0.7
1.5
240.9
214.4
194.2
192.3
207.2
183.0
165.6
194.4
198.7
241.5
215.4
195.6
193.7
207.4
184.
168.5
195.5
200.1
241.5
216.8
196.1
194.0
206.6
185.
169.8
196.3
201.0
245.7
218.2
197.7
195.8
209.7
186.9
171.0
197.2
202.1
252.7
220.8
199.2
197.4
213.1
187.6
169.7
199.3
203.4
255.6
222.6
200.6
198.6
214.7
188.7
169.9
201.1
205.1
257.5
224.
202.
201.0
217.3
190.9
172.3
203.1
206.4
263.4
226.7
205.3
203.8
221.3
193.1
174.2
205.6
208.5
272.2
229.2
207.6
206.3
225.3
194.8
175.7
207.4
210.3
275.0
231.7
•209.6
208.6
• 227.9
197. 0
• 176. 6
• 210.4
•211.5
273.9
234.7
211.2
210.0
226.9
199.5
177.9
213.7
213.7
276.0
237.0
212.0
210.7
224.0
202.0
179.2
217.1
215.1
277.9
239.1
213.1
211.7
221.3
2018
180.0
221.4
216.2
282.8
243.6
215.4
214.2
221.3
208.6
181.8
226.4
217.9
By durability of product:
Total manufactures
Durable manufactures
Nondurable manufactures
203.5
203.9
202.0
204.4
205.5
202.5
205.5
207.3
203.2
207.3
208.4
205.3
209.7
209.
208.2
211.1
211.8
209.4
212.7
213.2
211.4
215.4
217.9
218.0
217.0
1
216.0
214.0
220.1
• 219.8
• 219.7
222.6
222.0
222.4
224.2
223.0
225.2
225.6
224.0
226.3
228.7
226.4
230.6
217.8
203.0
216.0
201.7
210.8
201.9
215.4
204.9
220.3
209.6
223.1
210.5
225.5
212.3
231.8
215.0
239.4
219.1
• 244.3
• 222.2
245.1
222.7
241.5
221.5
241.1
218.9
242.9
220.3
$0,514
.512
$0,510
.508
$0,511
.506
$0,507
.502
$0,501
.498
$0,499 $0.494
.493
.495
$0.487
.489
$0,481
.483
$0,478
.478
$0,473 $0,471
.467
.473
$0.469
.462
$0.463
.457
do..
do..
do..
Farm products..
do.
Processed foods and feeds
do.
PURCHASING POWER OF THE DOLLAR
As measured by—
Producer prices A
1967=$1.00.
Consumer prices ©
do
$0,554
.551
$0,514
.512
" Revised.
©Beginning Jan. 1978, based on CPI-U; see note " 1 " for p. S-8.
cTSee
corresponding note on p. S-8.
9 Includes data for items not shown separately.
§Effective with Jan. 1976 reporting, the textile products group has been extensively reclassified; no comparable data for earlier periods are available for the newly introduced indexes.
2 9 7 - 6 8 2 0 - 79 - S2
1.2
{Beginning in the March 1979 SURVEY, data have been revised (back to 1967) to reflect
new seasonal factors.
O See corresponding note on p. S-8.
ABeginning Jan. 1979 SURVEY,
monthly and annual data have been restated to reflect the purchasing power of the dollar as
measured by finished goods; comparable data prior to Nov. 1977 will be shown later.
U F (JUK KUJNJL
SUJK
S-10
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
June
Annual
August 1979
13U S1JNJ!
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
17,183
July
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE X
New construction (unadjusted), total
Private, total 9
_
Residential (including farm)
New housing units
mil. $.. 174,000
206,224
19,084
19,608
20,540
20,320
20,208
19,191
17,153
14,003
13,436
15,839
19, 286
20,393
135,826
80,956
65,749
160,403
93,425
75,808
14,790
8,939
7,052
15,023
9,153
7,384
15,651
9,321
7,560
15,370
9,110
7,467
15,453
8,841
7,361
14,910
8,470
7,096
13,648
7,315
5,978
11,183
6,097
4,857
10,914
5,865
4,675
12,870 -13,782 -15,128
6,875 - 7,698 - 8,515
5,435 -5,862 -6,451
16,079
9,144
7,057
28,695
7,712
14,783
36,293
10,994
18,565
3,143
902
1,658
3,299
1,006
1,691
3,458
1,079
1,752
3,511
1,125
1,769
3,658
1,158
1,884
3,552
1,111
1,824
3,368
1,152
1,654
2,811
933
1,397
2,793
958
1,361
3,328
1,192
1,586
3,423 - 3, 715
1,209
1,145
1,699 - 1,918
3,945
1,251
2,086
4,345
5,418
520
446
530
488
548
502
504
375
352
483
do
38,174
45,821
4,294
4,585
4,979
4,950
4,755
4,281
3,506
2,820
2,522
do
do....
do
do
do
12,799
908
1,070
1,429
9,380
15,235
1,053
1,183
1,498
10,709
1,357
85
112
1,458
82
108
1,488
98
111
1,457
113
97
1,407
111
95
1,366
129
96
1,164
78
96
1,011
85
91
123
84
368
307
do
do....
do
Nonresidential buildings, except farm and public utilities, total 9
.mil. $
Industrial
do
do
Commercial
Public utilities:
Telephone and telegraph
do—.
Public total 9
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets
New construction (seasonally adjusted at annual
bil $
rates) total
Private total 9
do
Residential (including farm)
do
An
New housing units
Nonresidential buildings, except farm and public utilities total 9
hll. $
do
Industrial
do
Commercial
Public utilities:
Telephone and telegraph
do
529
2,968
4,314
1,155
92
108
1,204 - 1,333
89
-103
116
-130
120
- 136
622
-996
1,309
95
115
132
184
102
132
1,126
1,252
1,484
1,323
1,379
1,055
1,219
104
98
135
690
206.2
212.8
213.7
215.3
217.8
220.0
223.2
212.2
210.8
216.8 - 216.8 - 223.2
221.5
161.5
164.6
165.1
166.5
168.5
170.7
173.8
165.8
169.3
172.8 - 172.0 - 174.8
177.0
94.9
76.7
95.6
77.6
95.8
77.7
96.0
77.7
95.9
77.6
97.5
78.9
99.7
80.6
93.7
73.6
97.7
77.2
96.6
75.9
-96.0
76.0
-95.5
-75.6
97.0
76.8
36.9
10.6
19.4
37.9
11.6
19.2
38.1
12.0
19.2
38.6
12.5
19.2
39.7
13.0
19.9
40.2
12.9
20.4
40.8
13.5
20.5
39.2
12.7
19.8
38.9
13.4
19.0
43.3
15.2
21.0
42.6
14.0
21.5
-45.2
14.5
23.6
46.3
14.7
24.4
107
176
160
396
137
1,110
5.6
5.5
5.7
5.6
5.9
5.6
6.1
5.9
5.4
5.7
5.6
6.1
do
44.7
48.2
48.6
48.8
49.3
49.3
49.4
46.4
41.6
44.0
44.8
-48.4
44.4
do
do
do
do
15.6
16.1
16.1
15.9
16.0
15.9
15.9
15.5
14.2
15.3
-15.4
14.8
.9
1.2
1.2
.9
1.4
1.6
1.0
1.4
1.6
1.2
1.2
1.8
1.2
1.1
1.3
1.4
1.2
1.6
1.5
1.1
1.6
1.2
1.2
1.6
10.4
10.7
11.6
11.3
11.8
11.6
12.1
10.1
1.3
1.2
1.1
8.9
1.2
1.5
2.0
8.9
1.2
1.4
1.6
9.9
-15.6
- 1.2
-1.5
139,723
U54
158 438 -14,572
153
U74
14,711
173
15,597
177
13,816
182
14,863
193
11,557
173
10,185
184
10,716
181
14,166
231
13,947
186
mil $
do
36,917
102,805
38 827 -3,663
119 610 -10,909
3,569
11,141
3,857
11,740
3,499
10,317
3,099
11,764
2,867
8,690
2,978
7,207
2,984
7,732
6,595
7,571
do
do
rln
35,086
62,017
42,620
44 373 -3,883
74 531 '7,917
2,772
39,534
4,534
6,710
3,466
3,945
6,910
4,742
4,572
6,317
2,926
4,141
6,821
3,901
3,532
5,921
2,104
3,096
4,781
2,308
3,952
4,468
2,296
do
91,702
112,069
8,771
9,071
9,756
5,882
9,837
13,209
14,269
..thous.. 1,989.8 2,023.3
1 377 9
1,987.1 2,020.3
do
do.— 1,450.9 1,433.3
216.1
149 7
216.0
154.3
192.3
131 2
192.2
139.3
190.9
181.1
192.1
158.6
190.9
140.0
180.5
124.6
192.1
131.1
158.6
110.4
2,093
1,439
2,104
1,455
2,004
1,431
2,024
1,432
2,054
1,436
2,107
1,502
Public, total 9
Buildings (excluding military) 9--Housing and redevelopment
Industrial
Military facilities
Highways and streets
CONSTRUCTION
453
3,401 - 4,158
rln
1.5
1.0
1.3
1.6
-11.7
10.2
15,396
202
16,425
178
15, 645
181
3,878
10,069
3,508
11,888
4,947
11,478
4,448
11,197
3,412
4,632
6,122
4,227
6,870
2,850
4,260
5,969
5,167
4,553
8,076
3,796
5,056
7,277
3,313
9,936
11,752
13,750
11,070
14,357
9,258
121.4
88.4
84.7
153.3
161.3
- 189.1 - 192.9
165.4
119.5
81.4
88.2
57.5
84.5
59.3
152.9
109.8
161.0 - 189.1 -192. 7
121.2 - 131. 2 - 135. 3
164.6
117.8
2,074
1,539
1,679
1,139
1,381
953
1,786
1,266
1,745
1,278
1,935
- 1,835
1,226 -1,298
1,799
1,223
CONTRACTS
Construction contracts in 50 States (F. W. Dodge
Division, McGraw-Hill):
Valuation, total
mil *
Index (mo. data seas, adj.)©
1972=100-.
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning
(Engineering News-Record) G
7,507
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Privately owned
One-family structures
Seasonally adjusted at annual rates:
Total privatelv owned A
One-family structures A
do
rln
New private housing units authorized by building
permits (16,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total
thons
do .
One-family structuresManufacturers' shipments of mobile homes:
Unadjusted 1f
thous..
Seasonally adjusted at annual rates 1
do
31,690
3 1,126
(2\
-1,800 -1,983 -1,765 -1,716
-1,183 - 1,245 - 1,140 -1,129
- 1,838 - 1,835 - 1,789 -1,827 - 1,442 - 1,425 - 1,621 -1,517 -1,618
- 1,184 -1,209 - 1,172 - 1,268
-920
-881 - 1,056 - 1,036 -1,047
-1,639
- 1,012
277.0
275.6
26.4
270
20.2
255
28.0
267
24.1
275
25.8
286
22.2
280
17.0
303
19.1
311
18.6
272
23.4
270
24.6
273
27.6
271
156 5
175 7
174 4
176.2
178 8
180.0
183.1
185.0
186.6
188.0
189.9
191.0
-191.1
- 194.8
196.1
2,254
2,379
2,324
2,332
2,154
2,264
2,431
2,331
2,337
2,161
2,268
2,430
2, 353
2, 372
2,157
2,287
2,446
2,359
2,427
2,173
2,291
2,446
2,360
2,428
2,173
2,325
2,467
2,375
2,449
2,235
2,355
2,477
2,386
2,460
2,251
1,521
987
26.1
279
CONSTRUCTION COST INDEXES
American Appraisal Co., The:
Average, 30 cities.
Atlanta
New York .
San Francisco. _
St. Louis
1913=100
do
do
do
do
Boeckh indexes:
Average, 20 cities: §
Apartment, hotels, office buildings ..1972=100..
Commercial and factory buildings.
do.—
Residences
do....
1,998
2,141
2.065
2,063
1,905
2,173
2,322
2,222
2,263
2,071
2,169
2,309
2,211
2,230
2,078
2,180
2,348
2,211
2,295
2,087
2,207
2,366
2,223
2,312
2,102
158.2
158.8
148.6
165.2
164.3
152.8
162.0
148.5
161.8
2
- Revised.
» Preliminary.
i Computed from cumulative
valuation total.
Data
3
no longer available: 1978 annual total represents Jan.-July.
Based on a samnle of 14,000
permit-issuing places.
JData for new construction have been revised back to Jan. 1973 and
are available from the Bureau of the Census, Washinerton, D.C. 20233.
OData for June,
Auer., Nov. 1978 and Mar. and May 1979 are for 5 weeks: other months 4 weeks.
9 Includes
data for items not shown separately.
d"This index has been revised to a new comparison
2,218
2,374
2,229
2,321
2,111
2,244
2,389
2,298
2,338
2,122
2,249
2,388
2,297
2,336
2,121
2,377
2,483
2,446
2,500
2,255
165.8
169.3
163.8
164.9
160.7
178.3
173. 2
172.2
167.5
170.9
173.9
172.0
171.6
166.4
170.8
base (1972=100); monthly data back to Jan. 1964 are available upon request.
§ These in
are restated on the 1972=100 base; monthly data back to 1972 will be shown later.
®
index has been revised to a new comparison base (1972=100); monthly data back to Jan.
are available unon request.
AMonthly revisions back to Jan. 1976 will be shown later.
ifRevised unadjusted data for Jan.-Dec. 1976 and seasonally adjusted data for Jan. 1974-Dec.
1976 will be shown later.
SURVEY OF CURRENT BUSINESS
August 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
June
Annual
S-ll
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
257.6
267.9
259.0
268.7
259.3
268.8
259.9
269.2
June
July
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES—Con.
Engineering News-Record:
Building
Construction
1967=100..
do
Federal Highway Adm.—Highway construction:
Composite (avg. for year or qtr.)
1967=100
228.6
240.0
247.7
258.4
246.2
256.3
216.4
264.9
258.1
158.6
196.6
225.2
180 9
205.0
297 8
153.2
177.6
261 6
173.8
207.2
301.2
159.4
198.7
266 4
173.2
204.8
289.9
158.8
193.4
226.4
113.3
118.8
211.8
192.7
9.7
104
16.7
177
10.9
132
15.4
188
11.1
122
17.7
187
8.6
101
14.9
188
11.6
133
17.0
190
11.1
148
15.5
207
251.0
262.6
252.3
263.3
254.5
265.4
254.8
265.4
256.3
266.4
256.7
267.0
257.5
267.4
277.2
302.7
296.1
267.5 * 270.4
277.6 1 283. 9
294.9
CONSTRUCTION MATERIALS
Output index:
Composite, unadjusted 9 cf
Seasonally adjustedcf
1947-49=100
.
...do . . .
Iron and steel products unadjusted
do
Lumber and wood products, unadjusted do
Portland cement unadjusted
do
180.4
147.3
199.8
208.7
152.6
181.8
173.2
148.4
185.7
99.5
' 141. 3
179.9
'111.5
180.6
205.2
193.9
162.8
197.8
9.4
145
15.7
217
8.3
113
14.fi
194
12.7
143
21.4
238
12.2
140
18.8
199
REAL ESTATE 1
Mortgage applications for new home construction:
FHA net applications
thous units
Seasonally adjusted annual rates
do
Requests for VA appraisals
do
Seasonally adjusted annual rates
do
8.0
120
13.2
222
15.2
143
19.5
205
11.6
129
'19.5
'217
11.5
133
19.9
231
Home mortgages insured or guaranteed b y Fed. Hous. Adm.: Face amount
mil. $.. 8,840.84 11,139.97 805.68 886.60 1,049.48 867.76 1,916.27 905.02 565.36 1,420.67 1,422.09 1,467.69 1,045.24 1,453.98 1,530.82 1,521. 04
Vet. Adm.: Face amount§
do
13 753 02 14 470 40 1,108.57 1,178.68 1 319 00 1,536.24 1,178 75 1,115 62 1,176.51 1,418.91 1,367.36 1,415. 68 1,071.90 1,082.49 1,096.35 1,423.50
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
20,173
New mortgage loans of all savings and loan associations, estimated total
mil. $ . 107,368
By purpose of loan:
Home construction
..
do
20,717
Home purchase
.
do_.
66,060
All other purposes
do
20,591
Foreclosures
33,802
35,071
7,707
8,650 '10,401
10,844
1,702
4,620
1,385
1,877 ' 2,153
5,280 r 6,547
1,493 ' 1, 701
2,110
6,997
1,737
32,670
25,274
26,605
27,869
29,158
30,104
30,975
32,670
32,489
31,738
31,881
110,294
11,472
9,031
10,398
9,305
9,674
9,165
8,426
6,679
5,691
22 495
68,380
19 419
2,266
7,358
1,848
1,811
5,756
1,464
1,981
6,830
1 587
1,807
6,049
1,449
2,017
6,077
1 580
1,794
5,775
1 596
1,692
5,117
1,617
1,420
3,961
1,298
1,272
3,322
1,097
2 3,689
355
351
320
295
302
311
33,149
36,188
number
Fire losses (on bldgs., contents, etc.)
mil. $..
3,764
(2)
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonall y ad j usted:
Combined index
Network T V . . .
Spot TV
Magazines
Newspapers
advertising
index,
1967=100..
...do....
do...
do
do
211
237
229
174
198
241
269
263
209
214
243
269
274
211
210
242
267
264
218
209
252
282
254
226
236
247
289
252
221
205
250
284
284
206
218
254
277
283
220
228
256
293
273
223
219
254
279
262
226
241
259
295
268
224
240
252
280
284
216
217
Magazine advertising (general and natl. farm magazines) :
Cost, total
mil. $.
Apparel and accessories
do...
Automotive, incl. accessories
do...
B uildi ng m at eri als
do...
Drugs and toiletries
do...
Foods, soft drinks, confectionery
do...
1,976.8
68.6
177.1
37.1
201.0
150.3
2,374.2
86.1
227.7
46.3
219.4
186.9
189.7
5.1
19.5
3.9
19.7
14.9
162.9
3.5
17.8
2.1
13.7
14.3
146.9
6.0
13.8
2.4
13.9
13.4
215.9
11.8
12.4
5.1
19.8
16.3
259.5
10.8
29.2
5.6
23.1
18.5
263.5
9.5
26.1
4.4
21.6
24.6
207.8
6.4
16.1
2.7
19.8
16.4
153.6
5.4
12.9
1.9
13.6
9.9
188.2
3.6
17.2
2.3
19.1
17.8
213.5
7.9
21.5
3.3
22.3
16.2
250.6
11.2
25.0
4.8
25.4
15.2
244.6
7.5
22.3
4.6
27.3
15.5
216.6
5.1
18.0
3.8
26.0
17.9
133.3
110.0
55.0
33.7
194.3
813.0
193.3
152.2
58.4
37.4
204.7
965.2
17.5
11.3
4.5
2.5
18.1
72.7
18.6
9.5
3.3
2.5
18.0
59.5
11.3
9.8
3.9
2.8
16.3
53.3
13.8
13.9
5.5
3.3
16.0
99.9
20.0
15.7
6.3
2.9
19.0
108.4
22.8
18.1
5.8
4.0
18.2
108.5
29.3
9.0
4.8
3.0
16.?
83.4
10.7
7.2
3.9
2.7
15.7
69.7
12.2
5.7
5.0
2.8
19.9
82.6
16.2
9.4
5.8
4.1
19.5
87.2
19.8
13.5
6.0
3.6
22.8
103.3
19.0
15.0
6.3
21.5
102.1
3.4
22.2
10.4
5.5
3.8
22.4
81.2
5,696.1
144.5
1,522.5
147.4
752.3
3,129.5
6,643.7
151.0
1,884.5
201.7
826.6
3,579.9
578.2
12.9
165.8
23.3
73.9
302.3
523.2
10.9
172.9
17.1
50.9
271.3
488.7
10.8
162.7
8.6
47.4
259.2
497.9
11.4
158.0
11.8
59.8
257.0
578.1
12.8
174.0
16.2
72.9
302.2
14.5
155.0
19.9
91.2
382.9
590.0
9.1
128.6
19.9
63.7
368.7
532.0
15.4
166.0
21.3
72.9
256.5
549.4
15.4
165.1
14.6
76.0
278.4
639.6
18.2
193.2
20.7
83.4
324.2
684.4
19.7
203.4
23.4
86.9
351.1
682.2
18.2
194.4
18.6
88.7
362.4
641.1
18.0
191.0
21.5
83.3
327.3
Merchant wholesalers sales (unadj.), total O mil. $.. 642,104 754,105 65,834
Durable goods establishments
.do
285,605 349,916 30,991
Nondurable goods establishments
.do
356,498 404,189 34,843
60,651
28,701
31,950
67,702
32,279
35,423
63,931
30,404
33,527
69,086
32,242
36,844
67,700
31,038
36,662
64,527
29,340
35,187
63,739
28,284
35,455
61,721
28,141
33,580
74,319
34,689
37,254
70,768
33,429
37,339
76,814
35,723
41,091
75,085
34,937
40,148
Beer, wine, liquors
do
Household equip., supplies, furnishings..do
Industrial materials
do
Soaps, cleansers, etc
do
Smoking materials.
...do
All other
.do
Newspaper advertising expenditures (64 cities): ©
Total..
mil. $.
Automotive
do...
Classified
do...
Financial
do...
General
do...
Retail.
do...
WHOLESALE TRADE O t
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total O mil. $.. 68,555 80,922 74,882 74,874 74,943
Durable goods establishments
do
43,676
51,646 49,627 49,900 49,841
Nondurable goods establishments
do
24,879
29,276 25,255 24,974 25,102
' Revised.
P Preliminary.
»Index as of Aug. 1, 1979: building, 273.9; construction,
2
286.0.
Effective Dec. 1978, data are no longer available; annual total represents Jan.Nov. 1978.
9 Includes data for items not shown separately.
§ Data include guaranteed
direct loans sold.
If Home mortgage rates (conventional 1st mortgages) are under money and interest rates
on p. S-18.
eSource: Media Records, Inc. 64-City Newspaper Advertising Trend Chart.
cTMonthly
revisions back to Jan. 1974 will be shown later.
78,715 80,100 80,922 81,896 83,917 85,436 85,345 85,199 85,649
50,462 50, 971 51,646 51,860 53,807 54,381 54,731 55, £66 56,242
28,253 29,129 29,276 30,036 30,110 31,055 30,614 29,633 29,407
©Beginning Nov. 1977 SURVEY, data revised to reflect new sample design, benchmarking
to the 1967 and 1972 Censuses, conversion of the classifications to the 1972 SIC, addition of
farm assemblers and bulk petroleum establishments, and revision and updating of seasonal
factors. Revisions back to Jan. 1967, as well as a summary of the changes, appear in the report,
Monthly Wholesale Trade: January 1967-August 1977 (Revised) available from the Census
Bureau, Washington, D.C. 20233. The revisions back to 1967 also appear on p. 34ft of the
May 1978 SURVEY.
iEffective March 1979 SURVEY, seasonally adjusted data for wholesale
trade have been revised back to Jan. 1978.
76,074
49,944
26,130
CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
August 1979
1978
1978
June
Annual
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores: H
Estimated sales (unadj.), totalU
mil. $.. 724,020
798,818
69,056
66,557
69,102
66,219
68,615
71,297 84,597
61,878
60,653
71,998
70,540
•74,781
247,832
Durable goods stores 9 do
Building materials, hardware, garden
supply, and mobile home dealers 9 .mil. $. 38,641
Building materials and supply stores..do
26,509
Hardware stores
do
6,516
277,916
25,685
23,932
24,898
22, 563 24,596
24,463 25,872
21,100
21,131
26,071
25,649
•27,236 '26,483 125,290
44,125
29, 991
6,881
4,260
2,897
631
4,074
2,841
585
4,308
3,079
582
4,034 4,219
2,861
2,985
600
624
12,733 14,401
11,512 13,118
1,221 1,283
3,918
2,699
632
13,610
12,322
1,288
3, £60
2,263
749
12,452
11,169
1,283
2,873
1,925
496
2,708
1,790
452
3,733
2,427
645
12,805
11,703
1,102
13,100
12,084
1,016
16,207
14,920
1,287
' 4,707 ' 4,781 i 4, 612
' 2,947 3,166
••809
768
15,552 16,015 '14,996 14,183
14,208 14,625 13,572
1,344 ' 1,390 1,424
3,231
1,973
943
3,566
2,197
1,034
4,216
2,290
1,359
2,959
1,833
851
2,882
1,796
842
3,318
2,105
941
3,149 ' 3,374 ' 3,547 13,471
2,015 ' 2,144
2,210
883
1,075
••978
40,778
5,946
4,747
476
39,522
5,925
4,700
483
46,127
7,881
6,304
614
44,891 •47,545 ' 47,985 46,219
8,137 '8,685 ' 8,501 i 7,808
6,511
'6,806 i 6,235
662
674
675
14,417 14,834 16, 690 14,944
13, 295 13, 695 15, 243 13,769
5,059
5,264 5,197
5,318
14,215
13,024
4,898
16,238
14,937
5,483
15,132 •16,330 '17,028 16,398
13,811 •15,022 '15,715 15,137
5,606 ' 6,070 ' 6,179 1 6,105
'74,468 71,509
4,083
2,580
711
Automotive dealers 9
Motor vehicle dealers
Auto and home supply stores
do
do
do
148,444
135,777
12,667
163. 668
149,664
13,993
15,718
14,464
1,254
14,294
13,090
1,204
14,642
13,835
1,257
Furniture, home furn., and equip
Furniture, home furnishing stores
Household appliance, radio, TV
do
do
do
34,761
20,792
10,801
37,430
22,719
10,991
3,107
1,943
892
3,021
1,853
883
3,224
1,999
930
do
do
do
do
476,188
90,133
72,333
7,602
520,902
99,505
79, 732
7,809
43,371
8,106
6,522
627
42, 625
7,497
5,905
605
44,204
8,165
6,520
649
43, 656 44,019 46,834 58, 725
8,024 8,262 9,883 15, 784
6,468 6,610 7,908 12,635
631
605
712 1,273
do
...do
do
158,519
147,142
58,231
174,458
161, 527
60,884
14.936
13,848
5,256
15,006
13, 941
5,283
14,858
13. 781
5,387
14,942
13,892
5,191
do
do
34,341
7,052
37,828
7,353
2,892
563
2,754
508
3,194
554
3,236
552
3,273
3,675
763
5,698
1,293
2,689
561
2,416
462
3,154
564
3,267 '3,204 ' 3,191 i-3,028
582
615
••586
Women's clothing, spec, stores, furriers.do
Shoe stores
_
do
Eating and drinking places
-do
Drug and proprietary stores
do
Liquor stores
do
Mail-order houses (dept. store mdse.)§..do
13,106
5,852
14,660
6,593
1,104
518
1,095
467
1,249
571
1,320
578
1,396
617
2,144
823
478
948
402
1,236
560
1,252 ' 1,250
582
'587
63,556
22,918
12,832
6,705
70,083
25,337
13,616
7,073
6,220
2,069
1,138
6,395
2,016
1,181
6,527
2,109
1,161
1,310
594
6,134
2,041
1,147
6,006
2,106
1,123
5,775
2,164
1,196
5,389
2,139
1,061
5,339
2,058
1,034
776
6,373
2,223
1,146
459
902
6,141
3,040
1,675
722
Nondurable goods stores
General merch. group stores
Department stores
Variety stores
Food stores
Grocery stores
Gasoline service stations
Apparel and accessory stores
Men's and boys' clothing
Estimated sales (seas, adj.), totalU
do—
Durable goods stores 9
...do
Building materials, hardware, garden supply,
and mobile home dealers 9-.
mil. $..
Building materials and supply stores.do
Hardware stores
...do
3,138
1,897
930
14,932
13,654
1,278
14,972
13,688
1,284
3,337
2,067
966
3,333
2,062
996
3,359
2,107
965
44, 213 44,549 45,204 45, 755
8.379 8,394 8,549 8,716
6,696 6,684 6,806 6,897
649
658
663
45,605
8,402
6,791
685
46,087
8,378
6,734
660
46,595
8,626
6,943
660
6,232 ' 6,472
2,222 ' 2,308 ' 2,286
1,110 ' 1,197 1,266
404
348
71,914
71,366
71,479
24,731
24,614
'24,189
' 4,087
3,946 '2,699 ' 4,148
2,580
2,785
'711
711 14,107
674
14,253 12,784 13,315
12,975 '1,323 12,000
1,278
1,315
3,321 ' 3,391 ' 3,532
2,065 ' 2,110 2,167
979 ' 1,005 1,072
46,752 47,183 47, 290
8,627 ' 8,902 '8,653
6,905 7,131 ' 6,917
704
702
14,775 14, 947 15,125 15, 284
13, 687 13,835 13, 960 13,984
5,222 5,276 5,292
5,191
15,659
14,358
5,353
15,639
14,357
5,566
15,635
14,349
5,561
15,881 15,948 16,251 16,404
14,553 14,699 14,995 15,167
5,715 ' 5,905 ' 5,930 i 5,658
3,214
626
1, 234
533
3,440
646
1,316
628
3,292 '3,373 '3,358 i 3,480
594
'627
628
1,326 ' 1,305 1,274
605
'605
573
6,041
2,278
1,225
604
6,274
2,257
1,235
482
6,563
2,234
1,197
443
6,372 ' 6,071 ' 6,122
2,288 ' 2,315 ' 2,300
1,216
1,221 '1,213
441
424
424
497
499
588
552
65,964
66,224
67,303
68,085
68, 971 70,158
22, 947
23,049
23, 617
23,872 24,422 24,954
do.
do.
do.
3,651
2,502
552
13,638
12,501
1,137
3,707
2,546
558
13,490
12,337
1,153
3,809
2,625
580
13,895
12,699
1,196
Furniture, home furn., and equip. 9-..do.
Furniture, home furnishings stores...do.
Household appliance, radio, TV
do.
3,071
1,872
895
3,091
1,883
3,170
1,922
3,798 3,911
3,971
2,675 2,667
2,613
609
599
621
14,033 14, 352 14,431
12,791 13,105 13,179
1,242 1,247 1,252
3,228 3,248 3,303
1,978 1,967 2,003
962
975
938
do.
do.
do.
do_
43,017
8,294
6,662
656
43,175
8,287
6,650
660
do.
do.
do.
14,420
13,393
5,030
Apparel and accessory stores
do.
Men's and boys' clothing.
do.
Women's clothing,spec. stores,furriers.do.
Shoe stores
do.
Eating and drinking places
do
Drug and proprietary stores.
do
Liquor stores
_
do
Mail-order houses (dept. store mdse.)§_.do
Automotive dealers
Motor vehicle dealers
Auto and home supply stores
Nondurable goods stores
General merch. group stores
Department stores
Variety stores
Food stores
Grocery stores..
Gasoline service stations
Estimated inventories, end of year or month: If
Book value (unadjusted), totalU
...mil. $..
Durable goods stores 9
do
Building materials and supply stores.do
Automotive dealers
_
_..do
Furniture, home furn., and equip
do
70,918
25,163
4,009
2,727
631
439
374
70,855
71,122
25,250
14,558
13, 296
1,262
3,956
2,577
667
15.011
13,736
1,275
3,307
2,014
956
43, 686
8,361
6,701
660
14,609
13,574
4,887
14,629
13,577
5,082
3,074
573
1,182
552
3,126
588
1,237
532
3,221
614
1,272
543
3,261
629
1,274
547
3,271
636
1,262
568
3,388
685
1,287
590
3,376
675
1,313
586
3,273
635
1,228
580
5,770
2,075
1,109
597
5,867
2,102
1,122
598
5,923
2,135
1,151
5,996
2,158
1,167
593
6,018
2,180
1,158
595
6,003
2,240
1,181
6,184
2,232
1,194
604
584
72,045
25,035
3,676
2,380
25,450
4,045
2,599
701
88,148
43,170
7,187
21,875
98,527
47,888
7,792
25,011
7,133
95, 694
8,100
23, 201
7,105
95,571
45, 652
8,016
22,564
7,121
95,548 97, 799 102,344 105,330 98,527
43,855 44,411 46,357 47, 798 47,888
7,911 7,922 7,891 7,910 7,792
20,542 20, 778 22, 201 23, 396 25,011
7,241 7,313 7,538 7,441 7,133
98,759
49,125
8,115
25,736
7,141
99,595
49,755
8,225
26,141
7,190
103,197
51,100
8,415
27,024
7,402
104,690 105,926
52,078 53,206
8,490 8,511
27,803 28,933
7,473 7,419
_ .do.
do.
do.
do.
do.
44,978
15,895
11, 932
9,558
7,149
50, 639
17, 926
13, 638
10, 734
7,957
49, 386
18, 560
14,137
10,083
7,661
49, 919
18,770
14, 086
10,082
7,922
51,693
19, 631
14, 686
10,186
8,324
57,532 50,639
22,452 17,926
17,113 13, 638
11,008 10, 734
9,271
7,957
49,634
17,660
13,376
10,655
7,536
49,840
18,094
13,654
10,588
7,771
52,097
19,334
14,626
10,948
8,221
52,612 52,720
19,599 19,818
14,831 15,002
11,008 10,834
8,307
Book value (seas, adj.), totalif
do.
Durable goods stores 9
do.
Building materials and supply stores.do.
Automotive dealers
do.
Furniture, home furn., and equip
do.
90,120
43,414
7,494
21,594
100,818
48,161
8,125
24, 690
7,140
95, 607
45, 502
7,988
22,438
7,134
96,521
45,704
8,024
22,474
7,215
97,824 98, 350 99,279 100,483 100.818
46,116 46,444 47,006 47, 555 48,161
7,991 7,986 7,987 8,047 8,125
22,673 22,985 23,493 23, 849 24,690
7,299 7,248 7,262 7,176 7,140
101,739
49,302
8,332
25,281
7,287
101,175
49,367
8,217
25,330
7,367
102,226
49,583
8,154
25,518
7,492
103,379 105,135
50,526 51,766
8,203 8,247
26,379 27,634
7,488 7,449
Nondurable goods stores 9
General merch. group stores
Department stores
Food stores
Apparel and accessory stores.._
1,199
592
53, 388
20,574
15,459
10,312
8,767
55,987
21,894
16,602
10, 734
9,127
16,578
i 2,255
71,735
24,365
i 4,174
13,330
3,538
^47,370
i 8,673
16,982
6,136
2,351
51,808 52,643 52,853 53,369
46, 706
52,437
Nondurable goods stores 9
do
52,657 50,105 50,817 51,708 51,906 52, 273 52, 928 52,657
19,448
19,773 19,622 19,881
17, 376
19, 622 18,768 19,053 19,401 19, 607 19,661 19,877 19, 622 19,629
General merch. group stores
...do
14,745 14,924 14,772 14,972
13,026
14,895
14, 905 14,323 14,447 14,642 14,836 14,850 14, 933 14, 905
Department stores
do
10,981 11,041 10,856
9,426
10,795 10,738
10,596 10,093 10, 215 10,373 10,406 10,503 10,595 10,596
Food stores
do
8,154
8,451 8,630
8,332
8,389
7,478
7,922
8,067
8,147
8,332
Apparel and accessory stores.._
do
8,217 8,240 8,305 8,413
r
1
Revisions for retail sales (Jan. 1967-Dec. 1977) and for retail inventories (Jan. 1973-Dec. 1977),
Revised.
Advance estimate.
^Effective April 1979 SURVEY, estimai es have been
as well as a summary of the changes, are available from the Census Bureau, Washington,
revised to reflect a new sample design, benchmarking to the 1967 and 1972 Censuses, redefiniD.C. 20233.
9 Includes data not shown separately.
§Includes sale of mail-order catalog
tion of sales to exclude sales taxes and finance charges, classifications based on the 1972 Standdesks within department stores of mail-order firms.
ard Industrial Classification (SIC), and revision and updating of seasonal adjustment factors.
August 1979
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
S-13
1978
June
Annual
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
220.42
DOMESTIC TRADE—Continued
RETAIL TRADE!—Continued
Firms with 11 or more stores:
Estimated sales (unadjusted), totalJ
Durable goods stores...
Auto and home supply stores
Nondurable goods stores 9
General merchandise group stores
Department stores
Variety stores
Miscellaneous general stores
mil. $..
270,279
22,380
21,611
22,570
22,548
22,848
25,261
33,515
19,863
19,144
23,372
22,795
24,157
do
do....
do
do
do
do....
do
20,546
3,146
1,788
287
1,724
267
1,782
275
1,733
272
1,793
284
2,562
286
1,350
228
1,299
221
1,679
1,722
1,922
292
249,733
88,176
75,308
6,332
6,536
20,592
7,184
6,176
500
508
19,887
6,604
5,649
481
474
20,788
7,224
6,176
521
527
20,815
7,111
6,111
497
503
21,055
7,307
6,232
513
562
1,950
287
23,311
18,513
5,219
4,438
388
366
17,845
5,230
4,454
396
21,693
596
747
30,953
14,095
11,884
1,088
1,123
5,971
510
474
21,073
7,190
6,164
540
486
22,235
7,666
6,571
550
545
92,737
91,700
7,878
7,798
7,873
7,790
7,683
7,602
7,985
7,907
7,574
7,494
7,929
7,846
8,985
8,864
8,026
7,945
7,579
7,485
8,706
8,609
7,929
7,820
8,532
8,438
13,091
1,007
931
1,162
1,166
1,149
1,284
2,004
1,167
1,085
5,520
3,029
3,129
422
233
242
406
222
212
493
249
278
539
294
298
846
492
408
325
179
211
323
166
185
463
231
286
489
244
315
470
245
262
13,758
11,971
1,198
970
1,236
936
273
280
1,238
978
494
254
296
1,171
940
1,212
974
1,184
1,038
1,054
1,007
1,034
967
1,303
1,063
1,247
1,079
1,302
1,122
22,386
248
6,302
527
7,63&
22,629
255
6,291
534
7,759
22,698
261
6,315
535
7,671
22,833
281
6,320
540
7,699
22,975
276
6,327
537
7,686
23,566
276
6,443
548
7,846
1,211
1,630
24,028
278
6,526
541
8,058
23,474
276
6,309
576
8,233
23,283
275
6,381
548
8,162
23,607
274
6,576
540
8,145
23,774
266
6,523
579
8,310
24,291
278
6,788
575
8,396
1,062
450
259
974
1,103
466
266
990
1,140
470
268
991
1,129
470
270
1,002
1,135
475
278
1,018
1,164
486
279
1,105
1,151
487
268
1,055
1,097
453
272
1,118
1,098
474
261
1,104
1,200
516
305
1,077
1,122
498
263
1,130
1,136
488
280
1,139
Food stores
do
Grocery stores
do....
Apparel and accessory stores 9
do
Women's clothing, specialty stores, furriers
mil. $..
Family clothing stores
do
Shoe stores
do
Eating places
Drug stores and proprietary stores
Estimated sales (seas, adj.), totalt9-.
Auto and home supply stores
Department stores
Variety stores
Grocery stores
do....
do....
do
do
do
do
do
Apparel and accessory stores
do
Women's clothing, spec, stores, furriers.do...
Shoe stores
do
Drug stores and proprietary stores
do
All retail stores, accts. receivable, end of yr. or mo.:
Total (unadjusied)...
mil. $.
Durable goods stores
do...
Nondurable goods stores
do...
Charge accounts
Installment accounts
Total (seasonally adjusted)
Durable goods stores
Nondurable goods stores.
Charge accounts
Installment accounts
8,798
7,455
6,955
751
34,149
10,089
24,060
37,316
10,903
26,413
32,212
10,203
22,009
32,147
10,375
21,772
32,534 32,879
10,490 10,501
22,044 22,378
33,680
10,884
22,796
34,621
10,818
23,803
37,316
10,903
26,413
35,941
10,538
25,403
34,985
10,146
24,839
34,708
10,276
24,432
34,894
10, 612
24, 282
35,328
11,027
24,301
do...
..do...
do...
do..I
do...
10,659
23,490
11,599
25,717
10,399
21,813
10,513
22,021
10,589
22,290
10,973
22,707
11,138
23,483
11,599
25,717
11,017
24,924
10,781
24,204
10, 955
23,753
11,124
23,770
11.338
23,900
32,018
10,019
21,999
34,843
10,823
24,020
32,362
9,933
22,429
10,319
21,828
32,807
10,195
22, 612
33,101
10,312
22,789
33,262
10,204
23,058
33,906
10,608
23,298
34,423
10,761
23,662
34,843
10,823
24,020
35,294
10,991
24,303
35,289
10,672
24,617
35,220
10,675
24,545
35,347
10,747
24,600
35,417
10, 934
24,483
do...
do.."
10,490
21,528
11,331
23,512
10,097
22,265
10,381
22,426
10,749
22,352
10,685
22,577
10,891
23,015
11,129
23,294
11,331
23,512
11,315
23,979
11,170
24,119
11,050
24,170
10,989
24, 358
10,901
24,516
219.67
219.78
219.93
220.09
220.25
102,537 J04,276 104,755 104,169 102,961 103,677 103,776 103,740 102, 961 103,343 03, 755
100,420 102,178 102,639 102,047 100,838 101,555 101,659 101,632 ,00,867 101,249 01,665
94,373 95,852 96,202 96,116 95,041 96,095 96,029 95,906 94,436 94,765 95,501
3,856 3,549 3,553
2,762
2,796 2,925
2,990
3,083 3,997
3,100
3,342
91,031 91,869 92,204 92,261 91,492 92,541 92,929 92,916 91,673 91,969 92,576
5,931 5,797 5,460
6,484 6,165
6,431
5,725
5,629
6,326
6,047
6,438
03,318
01,236
95,675
3,074
92,601
5,561
03,551
01,473
96,220
3,309
92,911
5,253
06,229 107,077
04,153 104,995
97,917 98,891
3,857
3,785
94,132 95,034
6,104
6,235
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas!A
mil.. 2 216.86 2 218.55
LABOR FORCEH
Not Seasonally Adjusted
Labor force, total (including armed forces), persons
16 years of age and over
thous
Civilian labor force
do
Employed, total
" I~do
Agriculture
do
Nonagricultural industries.IIIZIIIIIIZ~do
Unemployed
do
Seasonally AflustedH O
Civilian labor force..
do
Employed, total
."_
do
Agriculture
do
Nonagricultural industries."I
do
99,534
97,401
90,546
3,244
87,302
6,855
218.40
218.55
218.72
218.91
219.08
219.24
219.38
100,504 100,622 100,663 100,974 101,077 101,628 101,867
94,640 94,446 94,723 95,010 95,241 95,751 95, 855
3,377
3,406
3,275
3,374
3,424
3,351
3,387
91,216 91,069 91,372 91,604 91,867 92,476 92,468
219.53
02,183 102,527 102,714 102, 111 102,247 102,528 103,059
S6,300 96,647 96,842 96,174 96,318 96,754 97,210
3,262
3,311
3,343 3,186
3,184
3,260
3,232
92,987 93,134 93,494 93,949
93,068 93, 335
1,911
1,379
5,864
1,266
6,176
1,314
5,940
1,234
5,964
1,268
5,836
1,317
5,877
1,196
6,012
1,208
5,883
1,251
5,881
1,260
5,871
1,305
5,937
1,235
5,929
1,213
5,774
1,086
5,848
1,052
7.0
5.2
7.0
17.7
6.0
4.2
6.0
16.3
5.8
4.0
6.1
15.1
6.1
4.1
6.4
16.3
5.9
4.1
5.9
15.7
5.9
4.1
5.9
16.3
5.8
4.0
5.6
16.2
5.8
3.9
5.8
16.2
5.9
4.1
5.8
16.5
5.8
4.0
5.7
15.7
5.7
4.0
5.7
16.1
5.7
4.0
5.7
15.5
5.8
4.0
5.7
16.5
5.8
3.9
5.8
16.8
5.6
3.9
5.8
15.3
5.7
4.1
5.5
15.3
White
Black and other
111111111111"
Married men, wife present
IIIII
6.2
13.1
3.6
5.2
11.9
2.8
5.0
12.0
2.7
5.2
12.3
2.7
5.2
11.5
2.8
5.2
11.3
2.6
5.1
11.3
2.6
5.0
11.7
2.4
5.2
11.5
2.5
5.1
11.2
2.6
4.9
11.9
2.6
5.0
11.2
2.6
4.9
11.8
2.7
5.0
11.6
2.5
4.9
11.3
2.6
4.9
10.8
2.9
Occupation: White-collar workers
Blue-collar workers .
Industry of last job (nonagricultural):"
Private wage and salary workers
Construction.
Manufacturing
IIIIIIIIIIII""
Durable goods
IIIIIIIIIII"
4.3
8.1
3.5
6.9
3.6
3.7
6.7
7.0
12.7
6.7
6.2
5.9
10.6
5.5
4.9
5.7
9.5
5.6
4.9
3.5
6.9
5.8
9.4
5.6
5.4
Unemployed
do.
Long-term, 15 weeks and overl.IIIIIIdoIII"
Rates (unemployed in each group as percent
of total in the group):
All civilian workers
Men, 20 years ard over
I
Women, 20 years and over
I
Both sexes, 16-19 years
III"!
6.0
9.6
5.5
5.0
periods prior to May 1977 are not
^f %
%?°}}e jj1 1 " o n p> S " 12: r e v i s e d
available^ 2 ^
+pe«jMte * T ?? P\5; 12> T ^ Includes data for items not shown separately.
t», n ? ?e dSSta
° f esOct.
1973—June 1976 appear in "Populations: Estimates of the Population of
*% A
«S a n d Com
Ponents of Change—1930-75," P-25, No. 632 (July 1976), Bureau
?r, »?>™ iS1!?#
#1° n 0 t e " A " f o r t h i s p a g e '
ARevisions for July 1976-Mar. 1978 appear
m Populations: Estimates of the Population of the United States and Components of
3.2
3.4
3.3
3.2
3.4
3.4
3.3
6.8
6.6
6.7
6.4
6.5
6.9
6.4
5.7
5.5
5.7
5.6
5.7
5.6
5.7
5.8
5.6
5.6
5.8
9.5
10.2
10.3
9.6
9.6
10.6
11.5
12.1
10.8
11.2
10.6
5.8
5.2
5.4
5.4
5.3
5.0
4.8
5.0
5.1
5.1
5.3
5.5
4.4
4.3
4.6
4.8
4.4
4.1
4.4
4.6
4.6
4.8
Change—1940-79," P-25, No. 802 (June 1979), Bureau of the Census.
H Effective with the Feb. 1977 SURVEY, the labor force series reflect new seasonal factors.
Data have been revised back to 1972; comparable monthly figures for 1972-75 appear in E M PLOYMENT AND EARNINGS CFeb. 1977). U.S. Department of Labor. Bureau of Labor Statistics.
O Effective March 1979 SURVEY, the civilian labor force series, seasonally adjusted, reflect
revisions back to Jan. 1978; comparable data for earlier periods will be shown later.
3.5
3.3
3.2
6.4
3.5
SURVEY OF CURRENT
S-14
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
June
Annual
August 1979
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June*
July
89,549
73,817
88,645
73,629
•89,549
•73,817
•52,749
•26,451
'931
922
923
4,507 ' 4,594 ' 4,622
88,645
73,629
52,890
26,445
939
4,670
May
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT!©
Employees on payrolls of nonagricultural estab.rO
Total, not adjusted for seasonal variation. _thous_.
Private sector (excl. government)
do
82,256
67,177
85,760
70,282
86,800
71,109
85,923
70,994
86,134
71,375
86,688
71,556
87,303
71,745
87,800
72,097
88,054
72,367
86,295
70,795
86,487
70,769
87,323
71,531
87, 942 '88,777
72,117 ••72,919
82,256
67,177
47,530
24,289
85,760
70,282
49,951
25,381
837
4,213
85,996
70,399
50,083
25,473
86,033
70,476
50,174
25,501
86,149
70,613
50,335
25,463
86,163
70,718
50,432
25,471
86,573
71,130
50,694
25,670
87,036
71,564
50,963
25,872
87,281
71,810
51,081
26,030
87,524
72,063
51,238
26, 111
87,818
72,350
51,455
26,199
88,263
72, 756
51, 792
26,412
88,248
72, 673
51, 751
26, 351
879
882
887
887
893
903
904
905
919
922
4,278
4,317
4,298
4,298
4,341
4,368
4,397
4,381
4,385
4,526
20,331
12,159
751
486
696
1,206
1,653
2,337
1,966
1,956
654
454
20,316
12,109
20,302
12,138
20,278
12,146
20,286
12,166
20,436
12,305
20,601
12,410
20,729
12,491
20,825
12,562
20,895
12,647
20,964
12, 699
747
486
701
743
485
698
743
481
692
744
480
692
748
484
696
759
487
701
765
491
707
770
494
706
773
493
709
768
491
714
1,197
1,645
2,332
1,962
1,937
1,199
1,643
2,345
1,977
1,937
1,205
1,646
2,351
1,975
1,941
1,214
1,650
2,358
1,972
1,943
1,220
1,667
2,391
1,987
1,991
1,235
1,684
2,404
2,001
2,010
1,240
1,697
2,425
2,011
2,021
1,241
1,706
2,447
2,027
2,031
1,251
1,715
2,465
2,042
2,055
1,254
1,712
2,481
2,064
2,067
654
456
660
451
661
451
662
451
665
456
671
458
676
458
681
459
686
458
690
458
8,207
1,702
8,164
1,688
8,132
1,670
8,191
1,693
8,238
1,711
8,263
1,716
8,248
1,708
8,265
1,716
73
909
69
903
71
907
71
910
72
910
72
912
71
911
73
909
1,325
1,307
1,309
1,307
1,307
1,312
1,318
1,304
1,301
209
749
252
207
749
243
209
746
251
8,120
1,665
70
907
1,309
697
1,178
1,088
209
744
253
8,131
1,667
76
908
202
712
253
8,172
1,694
73
911
1,316
702
1,181
1,088
209
748
251
do
do
do
_..do
do
57,968
4,696
18,492
4,677
13,795
60,380
4,858
19,392
4,897
14,496
60,523
4,881
19,412
4,905
14,507
60,532
4,827
19,469
4,901
14,568
60,686
4,846
19,523
4,905
14,618
do
do
do
do
do
4,452
15,249
15,079
2,727
12,352
4,676
15,976
15,478
2,754
12,723
4,670
15,963
15,597
2,772
12,825
4,690
15,989
15,557
2,765
12,792
55,040
14,110
57,536
14,611
58,289
14,737
55,040
17,729
3,004
57,536
18,576
628
3,337
do
do
do
do
do
do
do
do
-do
do
do
do
14,110
8,291
1,194
1,425
1,227
1,284
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
Seasonally Adjusted!
Total employees, nonagricultural payrollsfOdo
Private sector (excl. government)
do
Nonmanufacturing industries
do
Goods-producing
do
Mining
do
Contract construction
do
809
3,833
do
do
do
do
do
do
do
do
do
do
do
do
19,647
11,573
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, n e c d o
Leather and leather products
do
8,074
1,703
Manufacturing
Durable goods
Lumber and wood products
Furniture and
fixtures
Stone, clay and glass products
Primary metal industries
Fabricated metal products©
Machinery, except electrical
Electric and electronic equip. A
Transportation equipment®.
Instruments and related prod
Miscellaneous manufacturing
Service-producing_
Trans., comm., electric, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Federal
State and local
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, ad justed O.thous...
Manufacturing
do
722
463
668
1,179
1,577
2,179
1,868
1,862
615
439
74
914
1,312
709
710
698
1,186
1,091
1,187
1,091
1,188
1,089
'88,777
'72,919
'52,100
'26,423
20, 922 '20,906 •20,898 20,836
12, 665 '12,645 12,653 12,637
'756
751
755
'758
'480
480
488
483
'712
711
708
'712
1,253
1,247 ' 1,250 1,239
1,693
1,712 ' 1,711 '1,709
2,516
2,496 ' 2,499 '2,514
2,062
2,064 ' 2,080 2,089
'2,005
2,019
2,038 ' 2 , 0 3 1
'697
708
693
692
454
'450
436
448
8,257 '8,261 ' 8,245
1,709 ' 1,702 ' 1,701
73
74
'74
903
904
'901
1,305 ' 1,303 ' 1,295
719
'718
'718
1,219 ' 1, 222 ' 1,227
1,101
1,106 '1,109
214
'212
213
776
'769
'779
238
'239
240
8,199
1,667
72
898
1,303
717
1,231
1,108
212
774
219
692
700
705
708
712
717
1,185
1,089
1,198
1,093
1,209
1,099
1,214
1,098
1,219
1,098
210
752
251
210
761
248
1,203
1,097
60,692
4,855
19,546
4,917
14,629
60,903
4,922
19,632
4,945
14,687
61,164
4,947
19,701
4,968
14,733
61,251
4,967
19,697
4,995
14,702
61,413
4,974
19,817
5,020
14,797
61,851
5,025
19, 945
5,055
14,890
61, 897
4,935
19,959
5,062
14, 897
4,707
16,074
15,536
2,765
12,771
4,719
16,127
15,445
2,752
12,693
4,737
16,169
15,443
2,760
12,683
4,774
16,270
15,472
2,757
12,715
4,789
16,327
15,471
2,734
12,737
4,809
16,352
15,461
2,755
12,706
61,619
5,001
19,883
5,035
14,848
4,829
16,438
15,468
2,755
12,713
4,839
16, 535
15,507
2,754
12,753
4,853
16, 575
15,575
2,756
12, 819
58,120
14,476
58,437
14,532
58,637
14,877
58,771
14,878
59,063
14,803
59,323
14,927
57,746
14,793
57,693
14,793
58, 392
14,872
58,905 '59,625
14,880 '14,937
60,371
15,124
60,028
14,819
57,653
18,660
57,704
18,675
57,771
18,619
58,151
18,795
58,576
18.974
58,780
19,114
58, 914
19,151
59,157
19,214
59, 514
19, 395
3,439
3,419
3,465
3,488
3,513
3,468
3,473
3,613
59,391 '59,611 •59,708
19, 322 ' 19,373 19,376
693
'694
3,594 ' 3,673
59,721
19,363
3,401
57,861
18,629
671
3,422
14,611
8,727
14,596
8,683
14,569
8,694
14,532
8,693
14,536
8,706
14,655
8,816
14,803
8,909
14,919
8,985
14, 996
9,034
15,047
9,100
15,088
9,131
1,255
1,537
1,290
1,351
1,245
1,547
1,293
1,328
1,245
1,544
1,293
1,336
1,248
1,550
1,290
1,337
1,264
1,576
1,301
1,370
1,280
1,581
1,312
1,393
1,291
1,603
1,320
1,407
1,295
1,615
1,334
1,415
1,305
1,630
1,345
1,429
1,301
1,638
1,362
1,437
375
335
401
347
1,250
1,533
1,284
1,327
14,982
' 9,050
646
392
399
395
563
'564
'563
'986
990
983
1,298 ' 1,296 ' 1,295
1,649 '1,648 ' 1,654
1,359 ' 1,357 '1,366
1,412 '1,405 ' 1,377
426
'427
'424
'343
346
'342
19,929
9,024
643
393
558
978
1,280
1,650
1,383
1,388
435
330
5,819
1,154
5,884
1,147
5,913
1,152
5,875
1,142
5,839
1,124
5,830
1,122
5,839
1,122
5,894
1,148
5,934
1,166
5,962
1,174
5,947
1,165
5,957
1,175
1,126
1,130
1,137
1,121
1,127
1,124
1,123
1,123
1,124
1,131
1,119
1,114
519
644
615
131
557
217
528
666
624
137
587
215
535
668
628
136
587
217
535
669
628
135
587
209
5,945 '5,947 '5,932
1,170 ' 1,163 ' 1,163
'60
58
60
'784
787
785
'
1,106
1,116
1,114
'545
544
'545
'691
688
'691
'636
632
632
'139
140
'139
'604
610
'612
'204
204
202
5,905
1,135
57
784
1,114
546
700
636
140
693
1,338
1,071
211
771
246
211
773
245
212
111
241
214
778
240
'62,116
5,031
'19,985
' 5,080
'14,905
'4,867
'16,622
'15,611
2,770
'12,841
•62,258 62,308
' 5,075 5,085
•19,969 19,950
'5,097 5,094
•14,872 14,856
' 4,889 4,904
•16,688 16,722
•15,637 15,647
' 2, 793 2,792
•12,844 12,855
Seasonally Adjusted!
Production or nonsupervisory workers on private
nonagricultural payrolls!
thous..
Goods-producing
do
Mining
.do
Contract construction
do
Manufacturing
Durable goods
Lumber and wood products..
Furniture and
fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products©
Machinery, except electrical
Electric and electronic equip. A
Transportation equipment©
Instruments and related prod
Miscellaneous manufacturing
615
616
381
533
920
60
795
644
400
554
948
58
793
663
641
400
558
939
402
349
61
792
667
637
398
554
942
407
343
58
791
668
636
394
549
947
405
344
54
785
523
667
623
136
584
216
38,961 38,993 39,035 39,152
Service-producing
_
do
37,311
Transportation, comm., elec, gas, etc
do
3,993
4,088
4,109
4,051
4,066
Wholesale and retail trade
...do
16,297
17,092 17,106 17,165 17,214
Wholesale trade
do.
3,869
4,036
4,043
4,040
4,042
13,056 13,063 13,125 13,172
Retail trade
. . . d o . . . . 12,427
Finance, insurance, and real estate
do
3,385
3,556
3,546
3,565
3,579
Services
do
13,636
14,225 14,232 14,254 14,293
r
Revised.
v Preliminary.
OSee end of note! for this page.
!Effective October 1978 SURVEY, data have been revised to conform to the 1972 Standard
Industrial Classification and adjusted to March 1977 benchmark levels; consequently they are
not comparable with previously published data. For a discussion of the effect of these revisions, see "BLS Establishment Estimate Revised to Reflect New Benchmark Levels
636
395
548
953
406
343
56
790
522
657
624
137
581
217
675
641
398
551
960
408
347
57
790
519
663
624
137
589
215
683
649
400
556
976
412
350
56
795
525
672
627
138
598
212
682
654
403
561
981
416
349
58
793
531
676
630
139
607
210
687
658
405
560
981
420
351
58
795
534
681
632
139
609
209
694
660
404
562
991
424
350
57
793
538
685
632
140
613
205
694
658
402
566
992
425
350
58
790
543
689
630
141
613
204
15, 035 '15,006
9,090
9,059
648
'646
698
3,738
609
184
39,232 39,356 39,602 39,666 39,763 39,943 40,119 40,069 '40,238 40,332 40,358
4,246
4,064
4,129
4,150
4,155
4,168
4,186
4,204
4,120 '4,211 ' 4, 243
17,228 17,288 17,372 17,355 17,430 17,502 17,554 17,553 '17,576 17,555 17,529
'
4,191
4,185
4,053
4,075
4,093
4,109
4,127
4,144
4,163
4,167 '4,177
13,175 13,213 13,279 13,246 13, 303 13,358 13,391 13,386 '13,399 13,364 13,344
3,729
3,591
3,603
3,635
3,644
3,663
3,672
3,681
3,694 ' 3,701 ' 3,719
14,349 14,336 14,445 14,512 14,502 14,583 14,680 14,702 '14,750 14,815 14,854
and 1972 SIC," in the October 1978 issue of Employment and Earnings, available from the
U.S. Government Printing Office, Washington, D.C. 20402.
©Effective October 1978 SURVEY, includes data formerly shown separately under ordnance and accessories.
AFormerly shown as Electrical equipment and supplies; see note
" ! " for this page.
SUEVEY OF CURRENT BUSINESS
August 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
June
Annual
S-15
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June *
July p
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE H O U R S P E R WEEKf
Seasonally Adjustedf
Avg. weekly hours per worker on private nonagric.
payrolls:H Seasonally adjusted!
hours..
Not seasonally adjusted
do. -.
Mining
do...
Contract construction
do...
Manufacturing: Not seasonally adjusted
do...
Seasonally adjusted
.do...
Overtime hours
do...
35.9
36.3
43.0
37.3
40.3
40.5
3.6
35.8
36.2
43.6
37.1
40.4
40.3
3.4
35.8
36.0
43.0
37.0
40.7
40.4
3.6
35.9
35.9
43.0
36.9
40.6
40.5
3.6
35.8
35.8
43.3
36.8
40.9
40.7
3.7
35.9
36.1
43.7
37.2
41.4
40.7
3.8
35.7
35.2
43.4
35.9
40.1
40.7
3.8
35.7
35.4
43.0
36.4
40.2
40.7
3.8
35.9
35.7
43.2
37.6
40.6
40.8
3.8
35.4
35.1
43.0
35.8
38.9
39.2
2.8
35.7
••35.5
'42.7
'37.2
40.1
40.2
3.4
'35.7
'36.0
'43.1
'37.4
'40.4
40.1
'3.3
35.7
36.0
42.1
37.0
40.0
40.2
3.3
3.4
3.6
35.9
36.2
43.4
37.3
40.8
40.5
3.6
do...
do - . .
do...
do...
do...
do...
do.. .
41.0
3.7
39.8
39.0
41.3
41.3
41.0
41.1
3.8
39.7
39.3
41.6
41.8
41.0
41.2
3.7
40.0
39.5
41.9
41.8
41.0
41.2
3.8
39.8
39.3
41.7
41.8
41.0
41.0
3.6
39.3
39.0
41.6
42.0
40.9
41.1
3.8
39.6
38.8
41.8
41.8
40.9
41.2
3.9
40.1
39.0
41.8
42.1
40.8
41.4
4.0
40.1
39.2
41.9
42.3
41.1
41.5
4.1
40.0
39.2
42.0
42.2
41.4
41.5
4.2
40.0
39.2
41.4
42.4
41.2
41.5
4.2
39.5
38.8
41.5
42.3
41.4
41.6
4.1
40.1
39.4
42.3
41.9
41.5
2.8
39.2
38.1
41.3
41.7
39.1
40.8
3.6
'39.2
'38.4
'41.6
'41.3
'40.7
40.7
'3.5
'39.2
'38.3
41.5
'41.4
'40.7
40.8
3.5
39.2
38.7
41.2
40.7
41.0
do...
do___
do
do...
do...
41.5
40.4
42.5
40.6
38.8
42.0
40.3
42.1
40.9
42.3
40.2
42.0
40.8
38.8
42.2
40.7
42.1
40.7
38.8
41.8
40.4
41.8
41.0
39.0
41.9
40.1
42.5
40.9
39.0
42.0
40.3
42.6
40.9
38.8
42.2
40.4
42.9
40.9
38.8
42.5
40.5
42.9
40.9
38.8
42.2
40.7
43.0
41.1
39.1
42.6
40.9
42.7
41.1
39.0
42.6
40.9
42.4
41.4
39.2
40.5
39.0
38.0
40.2
37.7
'42.0
40.3
41.2
'40.8
38.5
'42.0
'40.1
'40.9
'40.7
'38.7
42.2
39.8
41.1
41.0
Nondurable goods
0vertim e hours
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
do..
do..
do.
do.
do.
do.
39.4
3.2
40.0
37.9
40.4
35.6
39.4
3.2
39.8
38.2
40.4
35.6
39.4
3.1
39.6
39.6
40.3
35.8
39.4
3.2
39.8
38.6
40.2
35.8
39.3
3.2
39.5
37.7
40.4
35.6
39.4
3.2
39.5
37.9
40.4
35.7
39.3
3.2
39.9
36.7
40.3
35.2
3.2
40.0
37.4
40.4
35.7
39.5
3.3
40.0
38.1
40.4
35.6
39.6
3.2
40.1
36.7
40.9
35.3
39.4
3.2
39.7
36.7
40.0
35.5
39.6
3.3
40.1
38.5
40.6
35.5
38.7
2.7
39.7
37.9
38.9
34.3
39.2
3.0
'39.8
38.9
'40.0
35.2
'39.2
3.0
'39.8
'37.8
'40.0
35.2
3.1
39.9
37.9
40.1
35.4
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
do.
do.
do.
do.
do.
do.
42.9
37.7
41.7
42.7
41.0
36.9
42.9
37.6
41.8
43.5
40.9
37.1
42.9
37.5
41.9
43.4
41.1
37.4
42.9
37.6
41.8
43.9
40.9
37.2
42.7
37.4
41.9
44.3
40.9
37.1
42.7
37.8
41.8
43.8
41.0
37.2
42.6
37.7
41.9
43.9
41.0
37.1
43.1
37.9
42.1
44.2
41.1
36.8
42.7
37.6
41.8
43.7
41.2
36.7
42.9
37.7
42.0
43.4
41.5
37.0
42.9
37.7
41.9
43.4
41.5
36.3
42.9
37.8
42.0
44.2
41.4
36.2
42.3
37.2
41.8
44.1
39.8
35.8
'42.5
37.3
41.9
'43.7
40.8
36.2
'42.5
'37.4
'41.7
'43.2
40.7
'36.3
42.8
37.4
41.7
44.7
40.1
36.5
do
do
do
do
do
.do
39.9
33.3
38.8
31.6
36.4
33.0
40.0
32.8
38.8
31.0
36.5
32.8
40.1
32.8
38.8
31.0
36.5
32.8
39.6
32.9
38.7
31.1
36.6
32.8
39.9
32.8
38.8
30.9
36.5
32.7
40.1
32.8
39.0
30.9
36.5
32.8
40.1
32.9
38.9
31.0
36.6
32.8
40.0
32.8
38.8
30.9
36.3
32.7
40.0
32.9
38.9
31.0
36.3
32.5
40.2
32.4
38.7
30.5
36.3
32.6
40.0
32.5
38.7
30.6
36.3
32.6
40.2
32.7
39.1
30.7
36.3
32.8
39.3
32.8
38.8
30.9
36.5
32.7
'39.9
'32.6
38.9
'30.6
'36.1
32.7
'39.8
32.6
'38.8
30.7
'36.1
'32.7
39.5
32.6
38.8
30.7
36.4
32.8
Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the month, seasonally adjusted at annual ratef
bil. hours..
Total private sector
do
Mining.
..do
Contract construction
do
M anufacturing
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Finance, insurance, and real estate
do
Services
do
Government
...do
156.31
126.67
1.83
7.28
40.96
9.74
32.14
8.44
26.28
29.64
162.49
132.02
1.89
8.03
42.47
10.11
33.27
8.87
27.38
30.55
163.31
132. 60
1.98
8.36
42.49
10.18
33.36
8.88
27.34
30.91
163.47
132. 56
1.99
8.39
42.54
9.93
33.42
8.94
27.35
30.92
162.91
132. 29
2.03
8.29
42.22
10.05
33.38
8.93
27.39
30.62
162.91 163.68
132.58 133.51
1.99
2.01
'8.23
8.32
42.30
42.60
r 10. 12 10.21
" 33.44 33.66
9.01
8.96
r 27.53 27.70
'30.34 30.18
165.19
134.22
2.06
8.33
43.14
10.27
33.63
9.03
27.76
30.97
164.72
134.85
••2.06
••8.54
••43.52
' 10.32
' 33.67
'9.04
' 27.72
' 30.62
165.73 165.96
135.00 135.49
2.03
2.04
8.27
8.27
43.76
43.93
10.37
10.45
33. 60 33.75
9.12
9.14
27.86 27.92
30.45
30.73
167.89
137.14
2.06
8.79
44.18
10.48
34.17
9.17
28.39
30.75
164.80 ' 166.84
135.72 ' 136.16
2.05
2.06
8.30
'8.87
43.57
43.34
10.18
10.43
34.11
33.96
9.20
'9.17
28.25
28.32
29.08
30.68
167.48
136. 56
'2.09
'8.97
' 43. 31
' 10. 48
' 34.05
'9.20
' 28. 45
'30.92
167.68
136. 65
2.08
8.92
43.26
10.50
33.97
9.31
28.61
31.04
Indexes of employee-hours (aggregate weekly) :ff
Private nonagric. payrolls, total
1967=100.
Goods-producing
do...
M ining
do...
Contract construction
do...
Manufacturing
do...
Durable goods
do...
Nondurable goods
do...
115.4
100.2
133.4
105.8
98.0
98.7
97.1
120.2
105.1
135.9
118.2
101.8
104.2
98.2
120.6
106.0
144.0
122.8
101.7
103.8
98.7
120. G
106.1
143.5
124.2
101.6
104.0
98.1
120.4
105.4
145.7
122.8
101.0
103.5
97.2
120.8
105.5
144.4
122.6
101.2
103.9
97.2
121.6
106.5
145.2
123.8
102.1
105.5
97.2
122.4
108.0
148.0
124.3
103.7
107.1
98.8
122.9
109.1
149.1
126.5
104.6
108.3
99.1
122.6
108.7
149.2
120.6
105.2
108.8
123.2
109.1
149.3
122.4
105.4
109.6
99.2
124.7
111.0
150.0
131.5
106.0
110.2
99.8
122.4
106.3
149.1
124.6
101.6
104.4
97.5
' 123.9
'109.3
' 148. 3
' 132. 3
' 103.8
' 107.3
'98.7
124.1
109.3
150.1
133.9
103.5
107. 0
'98.4
124.1
109.0
146.6
133.9
103.3
106.8
98.2
126.0
105.9
123.0
120.6
123.1
131.3
138.8
130.6
108. 6
126.8
126.0
127.1
138.0
144.0
130.7
109.4
126.8
126.1
127.0
137.9
143.9
130.7
106.5
127.4
125.7
128.0
139.0
144.1
130.8
107.7
127.2
126.1
127.7
139.2
144.1
131.4
108.2
127.5
127.1
127.7
139.6
145.1
132.0
109.9
128.2
127.4
128.5
140.5
145.0
132.3
110.2
128.4
127.6
128.7
140.6
145.6
132.5
110.3
128.7
128.5
128.8
140.9
145.4
132.3
111.2
127.6
128.4
127.3
141.7
145.8
132.9
111.2
128.4
128.9
128.2
142.0
146.6
134.2
112.2
129.5
130.8
129.0
142.4
148.4
133.7
107.5
129.8
130.0
129.8
143.6
148.2
' 134.0
'111.5
' 129.2
' 130.6
' 128.6
' 142.3
148.7
134.4
112.1
'129.3
130.7
128.7
143.0
149.4
134.6
111.3
129.1
130.5
128.5
144.6
150.2
5.24
6.94
8.09
5.67
5.68
7.61
8.62
6.16
6.06
6.57
5.09
4.34
5.80
7.40
5.90
6.25
5.39
7.28
5.29
4.36
5.59
4.67
6.31
8.19
6.33
6.75
5.82
7.89
5.70
4.69
5.65
7.69
8.56
6.11
5.85
6.52
6.23
5.66
4.66
6.33
8.10
6.29
6.70
5.75
7.81
5.65
4.66
5.69
7.82
8.63
6.17
5.92
6.57
6.29
5.71
4.68
6.37
8.19
6.32
6.73
5.83
7.84
5.70
4.70
5.71
7.79
8.72
6.16
5.90
6.57
6.28
5.68
4.72
6.40
8.31
6.35
6.74
5.87
7.78
5.73
4.70
5.82
7.94
8.87
6.28
5.99
'6.71
6.39
5.75
4.76
6.46
8.42
6.45
6.88
5.94
8.04
5.76
4.74
5.86
7.97
8.88
6.32
6.04
6.76
6.44
5.77
4.78
6.48
8.42
6.49
6.94
5.96
8.21
5.79
4.77
5.88
8.05
8.88
6.38
6.10
6.81
6.49
5.76
4.80
6.53
8.52
6.54
7.00
5.98
8.27
5.83
4.80
5.91
8.05
8.91
6.47
6.18
6.92
6.59
5.79
4.86
6.57
8.56
6.62
7.13
6.10
8.40
5.95
4.86
5.96
8.20
8.96
6.49
6.22
6.91
6.61
5.79
4.87
6.56
8.62
6.61
7.09
6.12
8.34
5.98
4.93
6.00
8.20
9.01
6.52
6.25
6.95
6.64
5.82
4.93
6.57
8.75
6.65
7.14
6.14
8.34
6.01
4.95
6.02
8.26
8.96
6.55
6.28
6.99
6.67
5.84
4.95
6.63
8.74
6.72
7.18
6.17
8.41
6.04
4.95
6.02
8.52
9.02
6.54
6.33
6.95
6.73
5.89
4.94
6.72
8.92
6.62
7.09
6.12
8.26
6.02
4.96
'8.43
'9.13
6.62
6.36
'7.07
'6.77
'5.97
4.97
'6.77
8.83
6.77
'7.24
'6.23
'8.55
'6.10
'5.00
6.11
'8.47
'9.12
'6.66
'6.39
'7.11
'6.81
'6.15
5.05
'6.83
'8.91
'6.81
'7.33
6.26
'8.51
'6.11
'4.99
6.15
8.51
9.25
6.71
6.44
7.14
6.85
6.18
5.04
6.86
9.01
6.82
7.35
6.13
8.52
6.15
5.03
D urable goods
O vertim e hours
Lumber and wood products
Furniture and
fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products©
Machinery, except electrical
Electric and electronic equip.A
Transportation equipment©
Instruments and related products
Miscellaneous manufacturing ind.
Trans., comm., elec, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
36.0
43.4
36.5
40.3
35.8
43.4
36.7
40.4
AGGREGATE EMPLOYEE-HOURS
Seasonally Adjusted
Service-producing
Transportation, comm., elec, gas
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
.
do...
do...
do...
do .
do...
do...
do.. -
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker:^
Not seasonally adjusted:
Private nonagric payrolls
dollars..
M ining
do
Contract construction
do
M anufacturing
do.
Excluding overtime
do.
Durable goods
do.
Excluding overtime
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
Electric and electronic equip. A
do
Transportation equipment©
do
Instruments and related prod
do
Miscellaneous manufacturing ind-.do
' Revised.
v Preliminary. fl Production and nonsupervisory workers,
t See corresponding note, p. S-14.
© See corresponding note, p. S-14.
A See corresponding note, p. S-14.
August 1979
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
1977
1978
1978
June
Annual
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June » J u l y
LABOR FORCE, EMPLOYMENT , AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS—Con.
Avg. hourly earnings per worker, private nonagric.
payrolls. Not seas. adj. If—Continued
Manufacturing—Continued
Nondurable goods
dollars..
Excluding overtime . . .
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products...do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products - do
Petroleum and coal products
do
Rubber and plastics products, nee do
Leather and leather products
.do
Transportation, 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
fndexes of avg. hourly earnings, seas, adj.: H t
Privato nonfarm economy:
Current dollars... ' . ...
1967=100
1967 dollars A
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 (ENR) :d"
Common labor
$ per hr.
Skilled labor
..
...
. . do
Farm (U.S.) wage rates, hired workers, by
method of pay:
All workers, including piece-rate .
$ per hr
All workers other than piece-rate
do
Workers receiving cash wages only
do
Workers paid per hour, cash wages only..do _.
Railroad wages (average, class I)
do
A vg. weekly earnings per worker, ^private nonfarm :f
Current dollars, seasonally adjusted.
1967 dollars, seasonally adjusted A- -Spendable earnings (worker with 3 dependents)
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Current dollars, not seasonally adjusted:
Private nonfarm, total.
...
dollars.
Mining
..
do
Contract construction
do
Manufacturing...
do
Durable goods
do
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
HELP-WANTED ADVERTISING
Seasonally adjusted index
1967=100
5.62
5.38
5.87
6.10
4.42
3.99
6.68
6.58
7.13
8.67
5.58
3.92
7.71
4.74
6.02
4.25
4.97
5.00
5.64
5.41
5.89
5.99
4.42
4.01
6.68
6.58
7.19
8.67
5.66
3.94
7.72
4.78
6.06
4.28
5.02
5.12
5.70
5.47
5.97
6.18
4.45
4.04
6.75
6.64
7.22
8.75
5.69
3.98
7.72
4.80
6.08
4.30
5.03
5.13
5.75
5.52
6.02
6.32
4.48
4.07
6.79
6.68
7.28
8.86
5.75
4.01
7.82
4.80
6.15
4.31
5.07
5 16
5.81
5.59
6.09
6.47
4.52
4.17
6.80
6.69
7.32
8.99
5.80
4.13
7.83
4.96
6.19
4.47
5.13
5.24
5.81
5 60
6.10
6.63
4.51
4.10
6.83
6.71
7.32
9.08
5.82
4.15
7.91
4.97
6.21
4.46
5.19
5.27
5.85
5.63
6.12
6.74
4.52
4.19
6.88
6.74
7.36
9.28
5.83
4.17
7.89
4.98
6.24
4.47
5.16
5.27
5.89
5.71
6.19
6.89
4.48
4.18
6.92
6.70
7.50
9.42
5.80
4.18
7.87
5.00
6.31
4.49
5.23
5.30
5.91
5.70
'6.22
'6.93
4.52
'4.19
'6.97
'6.81
7.46
'9.36
5.88
'4.19
'7.93
5.00
6.30
'4.48
'5.22
5.28
5.94
'5.72
'6.22
'7.11
'4.55
'4.20
'7.05
'6.86
'7.51
'9.30
'5.89
'4.19
'7.98
'5.02
'6.34
4.50
'5.22
5.27
6.03
5.81
6.30
7.20
4.66
4.21
7.13
6.91
7.59
9.34
5.94
4.25
8.06
5.04
6.39
4.51
5.30
5.30
5.77
8.75
'6.25
'7.65
'4.73
'4.98
'5.05
5.82
7.99
8.77
6.32
7.66
4.77
5.03
5.10
5.87
8.03
8.82
6.38
7.68
4.81
5.06
5.11
5.91
'8.03
'8.86
6.43
'7.81
'4.84
'5.08
'5.14
5.97
8.12
8.92
6.45
7.89
4.93
5.09
5.21
5.99
8.18
9.05
6.52
7.92
4.93
5.13
5.22
6.04
8.25
9.03
6.56
7.95
4.97
5.14
5.25
6.04
8.53
9.11
6.56
7.91
5.00
5.23
5.29
6.09
'8.45
'9.20
6.63
'7.99
5.00
'5.21
5.27
'6.13
'8.50
'9.21
'6.67
'8.04
'5.03
'5.24
5.30
6.17
8.54
9.29
6.72
8.06
5.06
5.32
5.36
214 6
108.7
244.5
209.2
217.5
231. 2
208.3
196.0
212 9
216 2
108.7
247.1
209.9
218.9
233.3
209.9
198.2
214 8
218 0
108.7
249.7
210.6
220.8
234.0
211.6
199.8
217 5
219 0
108.5
249.8
211.4
222.4
234.7
213.0
200.8
217 8
220.7
108.6
249.1
212.5
224.1
238.3
214.6
202.0
218.9
222 8
108.5
251.7
213.4
225.4
240.7
217.8
202.3
221.7
223 0
107.8
253.3
216.3
227.1
241. 0
218.1
203.9
222 2
225 3
107.3
256.0
216.5
228.8
242.7
219.8
204.3
223 5
227.0
107.0
264.2
208.0
231.1
241. 9
221.0
207.6
225.3
' 227. 4
106.1
'262.6
' 220. 7
' 232.3
' 243.9
' 220.9
' 207. 0
' 224.0
228.6
105.6
264. 6
220.7
233.6
245.3
222.3
207.7
225.3
230.3
105.3
266.5
222.3
235.5
245.5
223.7
211.5
226.8
10.27
13 61
10.31
13 66
10.33
13 68
10.34
13.72
10.37
13.73
10.37
13.76
10.40
13 79
10.40
13 80
10.40
13.81
10.43
13.90
10.70
14.11
11.03
14.37
213.82
100.76
217.14 '218.84
101.40 101.03
220.27
100.72
192.43
91.68
190.08
89.58
192.88 '193.99
89.96 ' 89.56
195.10
89.21
212. 40
350.14
318. 95
262.10
285.65
226.01
315. 01
159.54
238. 46
134.25
188.92
170.75
214. 91
355. 54
331.89
205. 93
289.39
229.91
310.40
101.03
242.11
135.58
187.31
171.28
211.30
362.95
320.21
254.41
273.83
225.59
307. 72
162.50
243.57
137.39
190.37
172.25
'215.84
'359.96
'340.55
265. 46
'288.46
231 08
'314.82
102. 00
245. 07
'136.19
'188.44
171.60
'219.96
' 367. 60
'346.56
'269.06
'291.51
234. 04
'319.20
' 165. 00
'247.20
'139.95
'188.44
' 173. 38
221. 40
359. 97
349. 65
268. 40
288. 46
236. 98
321. 59
168. 34
249. 85
142. 52
193. 45
176. 49
161
158
150
155
154
153
155
2.3
1.7
4.0
2.8
3.4
2.5
3.8
2.8
3.8
2.9
4.7
3.6
4.8
3.8
3.5
1.7
1.0
3.4
1.3
1.3
3.8
1.8
1.1
3.2
1.6
.8
3.6
1.9
.8
3.6
1.9
.8
3.7
2.1
.7
4.0
2.1
.9
4.4
3.4
3.9
2.3
4.5
3.5
3.9
2.2
4.4
3.5
4.1
2.2
4.4
3.4
4.0
2.3
4.3
3.4
4.0
2.3
4.1
3.2
4.0
2.2
3.9
3.0
4.0
2.1
4.1
3.1
3.9
2.0
3.9
2.9
4.3
2.0
.8
.9
.8
.9
.8
.8
.9
1.0
1.0
1.3
453
389
290
157
301
326
447
553
598
854
740
591
408
405
528
664
822
919
543
873
448
551
106
205
63
135
49
139
101
177
105
251
109
280
411
520
157
370
162
277
4,446
2,277
1,776
1,440
1,810
1,465
1,501
«5,193
3,768
3,335
5.10
5.53
5.37
5.62
3.98
3.62
5.96
6.11
6.43
7.82
5.17
3.41
6.99
4.27
5.39
3.85
4.54
4.65
5.80
6.27
4.29
3.94
6.52
6.47
7.01
8.60
5.50
3.90
7.54
4.66
5.88
4.19
4.90
4.99
5.48
5.26
5.75
6.61
4.20
3.92
6.51
6.42
6.96
8.52
5.47
3.89
7.47
4.62
5.81
4.16
4.89
4.93
5.57
5.35
5.80
6.58
4.32
3.92
6.63
6.47
7.05
8.58
5.51
3.89
7.53
4.66
5.91
4.19
4.93
4.95
5.56
5.33
5.80
6.30
4.37
3.93
6.59
6.51
7.06
8.59
5.54
3.87
7.63
4.67
5.92
4.19
4.91
4.94
5.24
6.94
8.09
5.67
6.99
4.27
4.54
4.65
5.68
7.61
8.62
6.16
7.54
4.66
4.90
4.99
5.66
7.71
8.65
6.12
7.52
4.63
4.89
4.96
5.71
7.85
8.66
6.18
7.53
4.67
4.95
5.01
5.73
7.88
8.72
6.20
7.58
4.70
4.92
5.02
196 8
108.4
214.8
194.3
199.4
213. 2
189.5
180.7
197.9
212.6
108.9
238.5
206.8
215.7
230.1
206.5
194.6
212.5
21° 3
108.8
239.8
207.6
214.7
229.6
205.2
194.6
211.5
214 1
109.1
244.3
207.9
216.7
230.4
207.6
196.9
213 2
9.46
12.56
10.08
13.36
9.96
13.19
10.26
13.55
2.87
2 82
3.06
2.90
7.481
3.07
3.02
3.22
3.10
8.128
7.716
188. 64
103. 93
203.72
104.25
203.19
104.20
204.99
104.48
205.13
103.97
200. 57
103.86
208.94
104.16
210.15
104.14
212.17
104. 41
213.13
103.80
213.84
102.96
216.84
103. 31
169.66
93.48
180.73
92.50
180.33
92.48
181. f>8
92.60
181. 78
92.13
182. 86
91.94
184. 64
92.04
185.55
91.95
187. 06
92.06
189.54
92.37
190.10
91.53
188. 64
301.20
295. 29
228.50
248. 46
200. 94
278. 90
142.19
209.13
121.66
165.26
153.45
203.34
330.27
316.35
248.86
270.03
217.88
301.60
152.85
228.14
129.89
178.85
163.67
204. 53
336. 05
324.42
249. 29
270. 58
217.56
301.04
153. 38
226. 59
127.40
178.49
162.69
206. 55
337. 82
329. 67
248. 65
268.71
220. 02
301. 20
157.04
230. 49
134. 08
180. 93
164.84
206. 70
338.09
330.49
248. 86
268.71
220.18
307.49
150.45
230.88
133.24
179.71
104.01
209. 52
345.39
332. 03
255.00
277. 79
223.08
309.94
155.47
234. 78
131.33
180.91
105.46
210.37
348. 29
336.55
256.59
279.19
222.78
309.57
156.31
236. 34
131.82
183.73
167.42
210.15
351.35
323. 60
260.53
283.30
226.46
309.20
156.48
236.51
131.58
182.59
167.24
212. 99
351.85
330.04
267.86
292.72
299.43
313.50
158.55
240.47
134. 90
182.95
168.22
209.79
347. 68
310.02
260.25
282.62
226.59
310.07
158.22
237.70
133. 65
186.73
169.78
118
149
147
150
151
152
161
161
165
4.0
2.8
4.1
3.0
4.8
3.8
4.4
3.2
5.3
4.1
4.8
3.9
4.3
3.5
3.8
1.9
1.2
3.8
2.1
.9
3.8
2.2
.7
4.1
2.1
1.1
5.2
3.4
.7
4.8
3.0
.8
4.0
2.3
.9
3.3
2.6
3.9
3.0
4.0
2.1
3.8
2.9
3.9
2.0
4.1
3.1
3.7
2.0
1.0
.9
3.8
2.8
3.7
1.9
r'7.88
2 93
2 90
3 06
3.00
3.39
3.33
3.64
3.42
3.37
3 33
3 60
3.34
3 18
3 11
3 34
3 20
'
'
'
'
'
'
'
'
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
SeDaration rate total
do
Quit
do
Lavoff
do
.9
WORK STOPPAGES O
Industrial disputes:
Number of stoppages:
475
439
4,300
467
5,506
Beginning in month or year
number.
850
847
871
In effect during month
do
Workers involved in stoppages:
114
1,600
177
198
Beginning in month or year
thous - 2,040
222
305
332
In effect during month
do
35,822
Days idle during month or year
do
39,666 2,579 3,071 3,714
' Revised.
* Preliminary.
1 Production and nonsupervisory workers.
AEarnings
in 1967 dollars reflect changes in purchasing power since 1967 by dividing by Consumer Price
Index; effective Feb. 1977 SURVEY, data reflect new seas, factors for the CPI. fSee cor-
responding note on p. S-14. cfWages as of Aug. 1, 1979: Common, $11.05 skilled, $14.45.
©Revisions for 1975 are in the July 1976 SURVEY.
SURVEY OF CURRENT BUSINESS
August 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
June
Annual
S-17
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
3,304
weekly § 9
thous..
State programs (excl. extended duration prov.):
Initial claims
thous.. 19,488
2,655
Insured unemployment, avg. weekly._.do
Percent o* covered employment: A
3.9
Unadjusted
Seasonally adjusted
2,178
Beneficiaries, average weekly
thous..
Benefits paid §
..mil. $.. 8,357.2
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:
A pplications
thous..
Insured unemployment, avg. weekly...do
Benefits paid
mil. $..
3,311
2,297
2,581
2,394
2,064
1,999
2,148
2,567
3,198
3,209
2,921
2,610
2,230
2,119
18,002
2,358
1,349
1,962
1,680
2,265
1,372
2,168
1,059
1,860
1,288
1,816
1,526
2,009
1,882
2,421
2,386
3.037
1,579
3,053
1,396
2,750
1,599
2,440
1,302
2,708
1,991
4.0
1,944
8,22G. 6
2.8
3.1
1,653
579.0
3.2
3.4
1,680
557.8
3.0
3.6
1,811
677.4
2.6
3.3
1,552
521.0
2.4
3.2
3.9
2.7
3.1
3.1
3.1
3.1
1,456 P 1,536 * 1,883 "2,474
519.7
550.7 v 646.1
970.8
4.0
3.1
2,717
920.7
3.6
3.0
2,524
975.6
3.1
3.0
2,162
787.3
2.6
2.8
1,843
725.2
27
24
46
34
28
31
32
31
34
32
34
35
354
81
78
470.7
273
53
54
248.3
23
45
46
18.2
24
49
46
17.8
25
50
51
21.5
23
48
53
18.3
23
49
46
"18.9
*22
48
P51
P20.6
J>24
50
*>54
21
53
55
21.2
'21
52
55
22.6
••20
48
50
19.8
20
45
48
20.8
104
21
99.8
130
25
89.0
8
11
5.9
16
16
3.9
28
33
1.5
8
31
1.4
15
23
1.0
10
17
5.4
8
17
5.7
24
9.6
25
9.9
5
23
10.5
3
17
7.3
3
12
5.7
54
P21.0
13
3.3
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $._
Commercial and financial co. paper, total..do
Financial companies
do
Dealer placed
do
Directly placed
do
Nonfinancial companies
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
mil. $..
Farm mortgage loans:
Federal land banks.
...do
Loans to cooperatives
do
Other loans and discounts
do
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233SlVSA's)O
bil. $..
New York SMSA
do....
Total 232 SMSA's (except N.Y.)
do.
6 other leading SMSA's?
do.
226 other SMSA's
do.
25,450
63,977
49,322
8,926
40,396
14,655
33,700
82,236
63,857
12,350
51,507
18,379
28,289
72,884
56,277
9,830
46,447
16,607
27,579
73,809
56,633
10,258
46,375
17,176
28,319
73,273
56,236
10,511
45,725
17,037
27,952
74,994
57,373
10,966
46,407
17,621
30,579
78,518
59,917
11,219
48,698
18,601
32,145
81,890
62,584
11,842
50,742
19,306
33,700
82,236
63,857
12,350
51,507
18, 379
33,749
86,232
66,451
13,408
53,043
19,781
34,337
88,971
68,515
13,929
54,586
20,456
34,617
90,229
69,458
14,278
55,180
20,771
34,391
93,998
70,806
15,025
55,781
23,192
35,286
96,993 100,201
74,596 76,431
15,494 15,775
59,102 60,656
22,397 23, 770
41,713
47,344
44,919
45,201
45,614
46,051
46,729
47,053
47,344
48,374
49,351
50,362
51,470
52,171
53,203
22,139
5,600
13,974
25,596
6,102
15,646
23,866
r 6, 107
14,945
24,152
5,747
15,302
24,467
5,634
15,513
24,760 25,070 25,355
5,642 6,214 6,382
15,649 15,445 15,316
25,596
6,102
15,646
26,020
6,732
15,622
26,355
7,255
15,740
7,413
16,053
27,387
7,457
16,626
27,927
7,188
17,056
28,463
7,156
17,584
139,889
153,151
148,127
146,137 148,947 153,075 156,320 153,098 153,151 147,138 147,749 151,782 153,422 151,844 158,096 154,716
116,303
265
102,819
11,718
123,488
1,174
110,562
11,671
124,439
1,428
10,146
11,706
123,607 126,311 129,675 129,266 129,255 123,488 119,730 121,207 124,276 125, 070 123,456 ••125,206 125,893
1,127
1,159
954 1,365
4,366 1,603
963
1,330
1,207
813
1,174
1,256
1,558
108,885 111,739 115,279 115,322 113,305 110,562 101,279 103,486 110,940 108, £83 106,1«5 109,737 111,445
11,693 11,679 11,668 11,655 11,642 11,671 11,592 11,544 11,479 11,416 11,354 11,323 11,290
139,889
153,151
148,127
146,137 148,947 153,075 156,320 153,098 153,151 147,138 147,749 151,782 153,422 151,844 '158,096 154,716
35, 550 36,972
26,870 31,152
93,153 103,325
40,595
27,920
95,345
39,910
28,461
95,571
40,773 44,430
27,705 26,830
96,534 96,572
42,563 39,452 36,972
26,260 31,919 31,152
98,154 100,825 103,325
34,666
29,931
99,354
All member banks of Federal Reserve System,
averages of daily figures:
37,262
Reserves held, total
mil. $.. i 36,471 '41,572
1
Required
do
• 36, 297 41,447 37,125
137
Excess
do
i
125
i 174
1
1,111
*874
Borrowings from Federal Reserve banks...do
558
-854
i
-615
Free reserves
do
« -330
38,189
38,049
140
1,286
-1,003
37,666
37,404
262
1,147
-697
38,434
38,222
212
1,261
43,167 40,703 40,316
42,865 40, 494 40,059
302
209
257
994
973
999
-650
-580
-621
Federal Reserve banks, condition, end of period:
Assets, total 9
mil. $.
Reserve bank credit outstanding, total 9 . d o . . .
Time loans...
do...
U.S. Government securities
do...
Gold certificate account
do._.
Liabilities, total 9
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation
do...
do.
do.
do.
37,689
37,614
75
1,068
-802
39,728
39,423
305
722
-232
41,572
41,447
125
874
-615
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:©
Demand, adjustedd"
mil. $.. 120,472
Demand, total 9 .
Individuals, partnerships, and corp
State and local governments
U.S. Government
Domestic commercial banks
Time, total 9
Individuals, partnerships, and corp.:
Savings
Other time
Loans (adjusted), total ©c?
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
Other loans
In vestments, total©
U.S. Government securities, total
Investment account *
Other securities
do...
113,248 113,522 116,955 114,813 113,870 118,184 114,248 113,248
200, 280 203,092 187, 760 192,013 186,539 191,858 201,237 191,695 203,092
143, 553 144,438 133,823 138,220 135,136 135,128 142,470 138,612 144,438
6,182
6,632
5,592 5,802
5,309
6,709 5,672 5,309
6,346
2,909
1,444
1,031 5,970
981
954
981
1,303
3,744
31,091 29,773
29,275 34,086 27,540 28,213 27,563
252,424 258,061 266,884 267,169 270,102 272,480 276,533 280,971 258,061
do
do
92,461
121,400
do...
do...
do
do...
do...
do.
324, 557 347,246 341,669 345,594
125,534 134,038 135,528 135,467
10,655 12,335 12,172
13,638
23,904 24,166 22,991 23,520
74,600 80,655 80,530 82,621
111, 547 119,560 113,196 114,293
.do
do
do
do
..do
do
do.
do.
..do.
113,934
46, 111
67,823
98,781
40,546 40,382 40,105
40,548 40,095 39,884
287
-2
'221
897
1,777 " 1,396
-765 -1,317
97,101 101,766
96,446
40,900
40,716
184
1,179
-827
99,351 103,728
176,356 180,383 169,110 181,180 181,172 178,718 187,361
124,481 126,009 120,176 128,370 129,356 124, 620 130,490
5,364 5,224 4,355
5,420
5,679
4,550 4,632
862
1,411
1,837
826
763
1,450
728
29,036 31,681 26,546 28,839 30,094 30,529 32,234
258,293 257,738 256,756 250,710 248,871 247,812 249,153
77,865 92,883 91,857 91,590 91,633 90,783 90, 044 77,865 76,480 76,023 76,831 76,564 76,583 77,123 77,635
141,940 134,330 135,919 137,422 139,485 143,895 148,290 141, 940 142,539 142,730 141,430 138,139 137,462 137,975 139,860
348,636
134,981
12,490
23,576
84,410
113,853
353,784
136,710
12,865
24,022
85,882
114,813
365,297 366,087 347,246 341,886
139,878 140,573 134, 038 131,604
13,048 10,971 10,655 10,979
24,692 24,119 24,166 23,297
87,588 88,929 80, 655 81, 849
120,965 125,474 119,560 124,743
97,953 110,263 110,097 110,888 112,020 111, 176 111,498
35,549 42,742 42,847 42,777 42,917 41,484 41,317
32,437
62,404 67,521 67,250 68, 111 69,103 69,692 70,181
'Revised.
p Preliminary.
* Average for Dec.
2 Data no longer available.
*New
series. See note " } " on page S-18.
©See corresponding note on p. S-18.
§ Insured unemployment (all programs) data include claims filed under extended duration provisions of regular State laws: amounts paid under these programs are excluded from state benefits paid data.
ATnsured unemployment as % of average covered employment in a 12-month period.
9Includes data not shown separately.
cfFor demand deposits, the term "adjusted"
2 9 7 - 6 8 2 0 - 79 - S3
101,765
34,288 38,451 38,888 34,835 r 39,637 33,713
29,723 31,714 34,587 31,602 r 30,407 29,939
99,999 100,654 101,767 103,748 104,794 105,957
97,953
35,549
32,437
62,404
343,926
133,899
10,287
22, 980
82, 387
115,230
345,057
135,918
9,731
22,695
83, 274
113,982
355,972 356,725 364,478 372,906
140,100 141,323 143,728 147,415
11,307 10,229 11,573 12,035
23,875 23,541 24,040 25,506
84,552 86,217 88,235 90,444
117,341 117,286 117,715 118, 715
98,848 100,582 102,134 102,759 104,201 103,616 103,616
34,984 36,140 36,939 36,048 37,016 35,531 35,228
31,051 31,732 32,809 31,644 31,670 30,832 30,422
63,864 64,442 65,195 66,711 67,185 68,085
denotes demand deposits other than domestic commercial bank and U.S. Government, less
cash items in process of collection; for loans, exclusive of loans to and Federal funds transactions with domestic commercial banks and include valuation reserves (individual loan items
are shown gross: i.e., before deduction of valuation reserves).
©Total 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.
August 1979
SURVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
Annual
1978
July
June
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
977.6
715.1
91.4
171.1
977.7
715.4
173.5
998.6
732.4
89.4
176.8
,007.7
738.3
92.1
177.3
012.6
743.4
90.5
178.7
1,024.3 1,035.2
753.0 760.2
91.9
94.6
179.4
180.4
May
June
July
FINANCE—Continued
BANKING—Continued
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates), seas adj.if
Total loans and investmentsO
bil. $..
LoansO
do
U.S. Government securities
do
Other securities
do
870.6
617.0
95.6
158.0
977.7
715.4
88.8
173.5
6.00
9.50
932.2
667.8
100.2
164.2
940.0
674.0
100.8
165.2
945.9
958.1
98.3
167.0
97.8
168.7
967.3
700.9
96.0
170.4
1,048.7 ,059.8
771.7
779.9
95.7
97.6
182.3
181.3
Money and interest rates:§
Bank rates on short-term business loans:
Tn 35 centers
percent per annum..
New York City
do....
7 other northeast centers
do
8 north central centers
do
7 southeast centers
do
8 southwest centers
do
4 west coast centers
do
Discount rate (N.Y.F.R. Bank), end of year or
month
percent..
9.50
9.50
9.69
10.04
10.12
10.18
10.06
10.29
10.20
10.35
10.39
10.46
10.48
10.67
9.94
9.96
9.73
9.90
9.87
9.64
9.98
9.75
9.79
9.71
9.44
9.82
9.265
9.16
9.457
9.25
9.493
9.32
9.579 ••9.045
8.89
9.30
9.262
8.88
25,946
22,079
27, 478 22,608 21,797
21,283 22,902 21,325
26,615
24,086
26,890
22,842
25,758
26,214
26,500
25,544
26,202
12,182
4,605
3,401
3,518
12,476
4,512
3,530
3,571
12, 521 12,153
4,679 4,547
3,526 3,241
3,612 3,565
12,430
4,822
3,238
3,460
12,412
5,123
3,250
3,611
12,958
5,271
2,753
3,742
7,542
9,006
494
7,501
8,846
604
7,787
9,176
486
7,833
9,424
502
7,545
9,417
369
7,756
9,357
454
7,797
9,714
516
22,037
21,857
22,384
22,115
22,100
22,483
22,894
22,967
22,851
24,295
23,763
10,087
3,590
2,758
10,470
3,612
2,766
3,383
10,409
3.525
2,721
3,390
10,565
3,742
2,757
3,403
10,551
3,494
2,751
3,385
10,441
3,581
2,753
3,416
10,823
3,206
2,881
3,655
10,800
3,617
2,836
3,681
10,947
3,789
2,722
3,468
10,908
3,894
2,614
3,436
11,837
3,891
3,000
3,438
11,289
3,915
2,842
3,565
5,941
8,100
426
6,140
8,291
452
6,010
8,384
422
6,126
8,500
579
6.032
8,511
411
6.053
8,555
431
6,191
9,040
398
6,311
8,972
408
6,526
8,804
418
7,002
9,424
424
6,316
9,340
445
7.00
7.23
7.43
7.83
8.26
9.50
9.50
9.50
9.50
9.50
7.94
8.05
8.18
8.27
8.38
8.50
8.70
9.16
9.48
9.69
19.36
9.23
9.27
9.34
9.41
9.45
9.55
9.50
9.62
9.68
9.63
9.74
9.76
9.85
9.92
10.08
9.94
10.14
10.02
10.22
5.59
2 5.60
2 5.49
2 8.11
2
7.99
2 7.78
7.75
7.63
7.41
8.02
7.91
7.66
7.98
7.90
7.65
8.54
8.44
8.18
9.32
9.03
8.78
10.53
10.23
9.82
10.55
10.43
10.06
10.29
10.32
10.10
10.01
10.01
9.85
2 5.265
2 6.85
22 7.221
8.30
6.707
8.31
7.074
8.54
7.036
8.31
7.836
8.132
8.61
8.787
8.97
9.122
9.23
9.351
9.36
254,071 298,574
218,793 =253,508
28,244
21,750
25,266
21,234
28,313
22,596
24,859
21,086
25,290
22,845
____do..
25,565
25,022
25,669
25,537
do..
do_.
do_.
do..
12,382
4,223
3,445
3,552
12,187
4,261
3,271
3,477
12,255
4.348
3,379
3,725
12,123
4,372
3,360
3,718
do.
do.
__.do_
7,595
9,062
510
7,652
8,700
509
7,744
9,028
531
do...
21,358
21,556
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
do...
do__ .
do.__
do...
9,995
3,599
2,648
3,318
By major credit type:
Automobile
___
Revolving
Mobile home
do_
do_
do_
5,953
8,107
440
Federal intermediate credit bank loans
do
'6.93
9.50
Home mortgage rates (conventional 1st mortNew home purchase (U.S. avg.)
percent..
Existing home purchase (U.S. avg.)
do
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)
do
Commercial paper (prime, 4-6months)..do
Finance co. paper placed directly, 3-6 mo.do
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent.
3-5 year issues
do
'8.80
'8.83
3
CONSUMER INSTALLMENT CREDIT X
Total extended and liquidated:
Unadjusted:
Extended
Liquidated
Seasonally adjusted:
Extended, total 9
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
By major credit type:
Automobile
Revolving
Mobile home
Liquidated, total 9
.__mil.$.
do...
Total outstanding, end of year or month 9 ...do
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
_do_.
do..
do_.
do..
249,865
28,566
23,680
28,027
26,644
13,499
5,213
3,124
3,721
12,785
4,639
2,986
3,853
7,845 8,227
9,722 10,170
502
659
7,471
10,136
552
259,614 263,387 265,821 269,445 275,640 275,346 275,818 278,347 282,395 287,595 292,481
230,829
275,640
112,373
44,868
37,605
23,490
136,189 124,080 126,619 129,622 131,403 132,702 133.908 136,189 136,452 136,671 137,445 139,772 142,050 144,545
54,309 48,637 49,502 50,558 51,280 51,984 53,099 54,309 55,004 55,728 56,885 58,225 59,967 61,111
45,939 41,936 42,355 43,499 44,325 44,635 45,305 45,939 45,526 45,661 46,301 46,322 46,832 47,478
24,876 21,813 21,828 22,093 22,302 22,464 23,006 24,876 23,962 23,246 22,929 23,097 23,421 23,672
By major credit type:
82,911 102,468 -98,261 95,289 97,687
Automobile_
do.
47,051 40,001 40,553 41,629
39,274
Revolving
do_
16,042 15,532 15,663 15,799
15,141
Mobile home
do.
r
Revised, v Preliminary, i Average for year. 2 Daily average. 3 Data no longer available.
©Adjusted to exclude domestic commercial interbank loans and Federal funds sold to
domestic commercial banks. § For bond yields, see p. S-21. t Beginning Jan. 1959, monthly
data have been revised to reflect new seasonal factors and adjustment to benchmarks for
the latest call date (Dec. 31, 1975). Revisions are available from the Federal Reserve Board,
Washington, D.C. 20551. ^Beginning Jan. 1979 SURVEY, the consumer credit group has been
completely restructured. Comparable data prior to Nov. 1977 are available from the Federal
Reserve Board, Washington, D.C. 20551. If Beginning Jan. 1973, data have been revised;
revisions for Jan. 1973-April 1975 will be shown later. 9 Includes data for items not shown
separately.
• Corrected.
5,865
" 984
329
29,904
24,704
99,062 100,159 101,565 102,468 102,890 103,780 105,426 107,115 109,161 111, 373
42,420 42,579 43,523 47,051 46,516 45,586 45,240 45,781 46,487 47,456
15,910 15,925 16,017 16,042 16,004 16,008 16,092 16,198 16,453 16,612
NOTES FOR P. S-17:
©Data beginning Dec. 1978 reflect a reduction in number of banks reporting (from 317
to 171) and changes in consolidation basis as well as content of several asset and liability
items. Unless otherwise stated, comparable data for earlier periods will be available later.
X Beginning Dec. 1978, data are for all investment account securities; comparable data for
earlier periods are not available.
August 1979
UJf
SUK
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
(UUKi
S-19
1978
1978
June
Annual
5±JNU 3$
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FINANCE—Continued
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. $.. 357,762 401,997
- - d o — 402,725 450,836
-44,963 -48,839
do
47,657 29,194 35,040
38,602 36,426 39,572
9,055 -7,232 -4,532
d o — i 44,963 i 48,839 - 9 , 055
5,401
i 53, 516 « 59,106
do
14,456
' -8,553 '-10,267
do
Gross amount of debt outstanding
do
Held by the public.
do
Budget receipts by source and outlays by agency:
Receipts (net), total
mil. $_.
Individual income tnxes (net)
do
Corporation income taxes (net)
do
Social insurance taxes and contributions (net)
mil.$_.
Other....
do....
Outlays, total 9
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
1
1
42,591 28,745 33,227 37,477 38,364 32,639 31,144 52,230 38,287
38,935 42,691 39,134 41,392 41,095 37, 739 43,725 40,752 41,618
3,655 -13,946 -5,907 -3,915 - 2 , 731 - 5 , 1 0 0 -12,581 11,478 -3,331
4,532 -3,655
7,232
2,821
9,039
3,195
4,037 - 4 , 507 -6,476
13,946
6,484
7,462
5,907
5,236
671
3,915
3,533
382
709,138 '780,425 758,804 760, 203 773,340 780,425 785,267 791,563 797,694
551,843 1610,948 595, 894 599, 089 608,128 610,948 .17,433 622,669 626,202
'98, 733 BOO, 470 304,624 804,046
129,513 528,845 336,857 631,893
112,220
31,144 52,230 38,287
8,255 25,029 14,575
9,767 1,403
9,301
35,040
14,784
1,122
42,591
20,883
9,753
28,745
15,922
1,684
33,227
16,609
1,048
37,477
16,066
10,386
9,287
3,414
9,518
3,300
15, 587
3,547
8,515
3,439
7,805
3,335
11,923
3,647
7,716
3,309
9,429
3,121
13,614
3,235
10,373
3,216
14,165
3,269
18,652
3,657
450,836
' 20,368
103,042
38, 602
819
8,854
36,426
1,336
8,285
39, 572
1,200
9,552
38,935
1,865
8,811
42,691
1,696
9,164
39,134
2,654
9,224
41,392
2,859
9,383
41,095
3,352
9,218
37, 739
1,712
8,920
43,725
1,724
9,979
40,752
1,999
9,329
41, 618
1,178
9,830
162,856
56,355
' 3,980
1
18,962
14,142
6,837
320
2,432
13,122
5,180
324
14,417
3,727
320
1,528
14,402
3,585
344
1,440
14,103
5,714
300
1,645
14,512
3,990
350
1,665
15,017
7,479
333
2,648
14.416
5,068
354
754
14,584
4,470
365
1,620
15,762
4,399
389
2,715
14,728
6,363
198
837
15,384
4,718
366
1,691
401,997 47, 657
180,988 20,301
' 59,952 14, 655
108,688
i 36,556
123,410
' 37,647
402,725
i 16,738
i 95,650
147.455
i 50,384
1
3,944
1
18,019
3,331
1,806
1,525
5,100
-668
5,768
29,194
14,590
1,785
357,762
157,620
•54,892
[
12,581 -11,478
8,012 -4,965
4,569 -6,513
2,731
3,312
-581
1
38,364 32,639
23,667 14,509
2,146 1,281
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual ratesrf
Federal Government receipts, totalt
bil. $..
375.4
432.1
424.8
442.1
463.5
475.0
485.4
Personal tax and nontax receipts
do
Corporate profit tax accruals.
do
Indirect business tax and nontax accruals.do
Contributions for social insurance
do
169.6
61.8
25.1
118.9
194.9
72.0
28.1
137.0
188.8
72.2
28.0
135.8
200.9
74.6
28.4
138.2
211.0
81.2
29.3
142.0
213.0
77.2
29.4
155.5
223.4
74.5
'29.9
157.5
Federal Government expenditures, totalt--do
421.7
459.8
449.4
462.6
479.7
486.8
' 492.8
159.0
101.2
163.6
103.4
161.5
106.0
196.8
77.8
40.0
202.1
77.7
'42.4
8.3
'9.1
144.4
93.7
152.6
99.0
148.2
98.2
152.3
99.0
172.7
67.5
29.0
185.4
77.3
34.8
180.7
76.7
34.0
188.8
77.6
35.6
192.1
80.7
37.1
8.1
9.7
9.8
8.4
10.9
.0
.0
.2
-.2
.0
-46.3
-27.7
-24.6
-20.4
-16.3
-11.7
-7.5
bil. $.. 351.72
23.56
do.
171.65
do.
96.85
do.
88.01
do.
• 389.92
' 26.55
• 191.56
• 106.17
'95.67
370.15 '374.76 378.65 381. 91
' 24. 26
24.51 ' 24.94 ' 25. 66
184.29 '187.64 '189.84 ' 190.88
' 99. 86 '100.36 '101.37 '102.17
' 90. 15 • 90.53 ' 91.41 ' 92.05
383.36 •386.38 '389.92
' 26.23 ' 26.63 26.55
190.30 •191.56 '191.56
102.97 103.94 '106.17
' 92. 70 ' 93.58 •95.67
11.06
27.56
2.13
18.92
' 11.76
' 30.15
••2.37
' 21.37
'11.53
' 28. 62
'1.47
' 20.13
11.56
' 28.80
'1.43
'20.45
'11.53
' 29.03
'1.46
'20.48
367,335
242,842
117,960
6,533
407,042
279,044
121, 729
6,269
37,472
24,494
12,458
520
28,660
21,028
7,138
494
32,685
23,912
8,255
518
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)...mil. $ . . 11,719
11,671 11, 706
Net release from earmark!..
do
525
47
426
Exports
thous. $ . . 1,042,625 1,113,795 23,118
Imports
do.
674,026 903,023 82,745
11,693
26
40,906
32,994
11,679 11, 668 11,655 11,642
23
5
22
19
29,538 269,917 45,804 207,133
71,754 58,454 121,231 74,477
Purchases of goods and services
do.
National defense
do.
Transfer payments
do.
Grants-in-aid to State and local govts
do
Net interest paid
do
Subsidies less current surplus of government
enterprises..
bil. $.
Less: Wage accruals less disbursements..do
Surplus or deficit (—)
do.
.0
LIFE INSURANCE
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
do.
do.
do.
do.
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance):
Value, estimated total
mil. $.
Ordinary (incl. mass-marketed o r d . ) . . - d o . . .
Group
_
do...
Industrial
do...
Production :1f
South Africa.
Canada
mil. $.
do...
2 951.6
2 73.7
955.4
70.4
78.5
6.0
81.1
5.9
82.8
5.8
•11.57 ' 11. 67
• 29. 25 ' 29.48
'1.51
'1.44
• 20.94 ' 21.20
' 11. 67
' 29. 78
'1.58
' 21.22
34,172
25,007
8,509
656
34,801
24,321
9,946
534
34,616
22,486
11,644
83.6
5.5
79.8
6.0
79.4
58.8
394.18 '396.19
r 27.09
27.22
195.01 '196.34
106.55 '107.38
'96.04
96. 71
400.08 '402.96 405.63
' 27.56 27.84 28.00
197.80 '198.83 200.16
108.42 '10X20 110.02
'97.50 • 98.12 98.77
• 11. 76 ' 11.86
• 30.15 ' 30.47
'1.57
'2.37
• 21.37 ' 21.53
11.94
30. 78
'1.42
21.60
'11.99 • 12.09
' 31.16 ' 31.51
'1.25 '1.57
'21.91 ' 21.92
32, 111
21,480
10,200
432
31,459
22, 204
8,842
413
38,278 33,739
26,819 26,097
10,913 7,118
523
546
49,497
28,484
20,573
440
12.10
31.83
1.35
22.16
37,131 41,499
27, 798 27,336
8,821 13,692
471
512
11,671 11,592 11,544 11,479 11,418 11,354 11,323
25
6
20
16
15
62
18,078 247,736 292,397 349, 738 332, 623 441,315 309,958
Dl5 40,511 123,863 114,203
75,253 53,828 37,323
74.3
6.1
77.3
78.1
80.6
79.8
82.3
Silver:
6,443 12,462 13,940
8,873 15,264 11,213
8,444 5,539
Exports
thous. $
84,645 119,125 6,194 6,079 12,468 21,038 12,472
61,630 50,062
Imports..
d o . . . 3.54,818 389,015 33,206 32,209 33,105 30,572 35,716 29,985 30,556 32,158 38, 667 95,502 29,122
8.373 8.538 9.135
7.492
7.445
7.417
6.255
5.866
5.928
5.918
Price at New York
dol. per fine oz__ 4.623
5.401 5.316 5.331 5.495 5.575
Product ion:
1,759 2,346
1,679
2,473
1,690
1,467
3,870
2,045
1,645
2,456
United States
thous. fine oz.. 27,519
23,972
1,802 1,526 1,434
tData have been revised back to 1946 (see table 3.2 in the Jan. 1976, July, 1978, and July 1979
' Revised.
* Preliminary.
i Data are for fiscal year ending Sept. 30 of respective
year and include revisions not distributed to the months.
Data for 1976 and earlier years
2
^^S^SS
(-). Walued at $38 perfineounce from Jan. 1972-Sept.
are for fiscal year ending June 30 of respective year.
Reported annual total; revisions
1973; at $42.22 thereafter.
not distributed to the months.
9 Includes data for items not shown separately.
August 1979
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
June
Annual
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FINANCE—Continued
MONETARY STATISTICS—Continued
bil. $..
103.8
114.6
106.3
106.6
107.6
107.7
109.3
112.1
114.6
110.7
111.3
112.0
113.2
115.4
116.6
Money supply and related data (avg. of dally fig.): (B
Unadjusted for seasonal variation:
Total money supply
bil. $..
Currency outside banks
do
Demand deposits.
do
Time deposits adjusted^
do
U.S. Government demand depositsif
do
327.4
84.8
242.6
517.1
4.2
352.8
93.2
259.6
580.2
5.4
351.8
92.8
259.0
578.5
6.2
356.2
93.9
262.3
582.4
4.4
354.1
94.2
259.9
587.4
3.5
358.5
94.9
263.6
592.9
6.2
361.0
95.6
265.3
597.4
4.2
362.6
97.3
265.3
604.8
8.0
371.3
99.1
272.2
609.7
10.2
365.4
97.4
268.0
615.3
11.9
351.9
97.6
254.2
618.7
8.3
353.7
98.6
255.1
622.0
6.5
367.4
99.9
267.5
622.1
5.3
359.1
100.6
258.5
622.0
8.4
368.2
" 101.8
266.4
622.2
10.8
374.0
103.2
270.8
627.0
13.2
352.5
92.5
260.0
576.8
354.4
93.2
261.2
582.1
356.7
93.9
262.8
587.4
360.7
95.2
265.5
593.5
361.2
95.8
265.3
597.7
360.6
96.6
264.0
608.5
361.2
97.5
263.7
611.2
359.7
98.2
261.5
615.8
358.6
98.9
259.7
620.2
359.0
99.4
259.5
619.5
364.3
100.2
264.1
620.6
364.5
100.7
263.8
619.9
'369.0
" 101.5
267.5
620.3
372.1
102.3
269.8
626.6
• 2,917
' 4,499
'1,660
2,982
1,547
Currency in circulation (end of period)
Adjusted for seasonal variation:
Total money supply
Currency outside banks
Demand deposits
Time deposits adjustedH
do
do
do
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMS A's) 9 . . ratio of debits to deposits.
New York SMSA
do.
Total 232 SMSA's (except N.Y.)
6 other leading SMSA's c?
226 other SMSA's
(0
do.
do.
do.
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade Comm.):
Net profit after taxes, all industries
mil. $..
Food and kindred products
do
Textile mill products
do....
Paper and allied products
.do....
Chemicals and allied products
do
70,366
5,575
828
2,367
8,060
81,185
6,213
1,170
2,598
9,117
22,154
1,663
338
700
2,392
20,368
1,522
306
614
2,242
22,617
1,797
307
734
2,473
22,650
1,457
246
867
2,729
Petroleum and coal products
do....
Stone, clay, and glass products
do
Primary nonferrous metal
do
Primary iron and steel
do
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil. $..
12,179
1,686
873
864
12,842
2,353
1,362
2,124
3,162
666
387
801
3,430
765
308
618
3,681
660
469
591
3,952
3,458
3,815
1,134
1,000
Machinery (except electrical)
Elec. machinery, equip., and supplies
do
do....
9,131
5,383
10,746
6,500
3,099
1,635
2,501
1,742
3,042
1,759
2,710
1,807
Transportation equipment (except motor
vehicles, etc.)
mil. $..
Motor vehicles and equipment
do
All other manufacturing industries
do....
1,989
6,133
11,840
2,374
6,211
13,760
498
2,027
3,652
712
1,015
3,636
3,726
658
2,164
3,523
do....
26,585
28,932
6,953
7,047
8,560
7,130
mil. $..
56,438
51,093
5,607
4,247
3,329
do
39,879
35,975
3,919
3,516
2,421
do.
do.
8,047
3,916
7,956
2,832
819
588
456
172
625
157
807
127
51,836
13,754
2,682
13,705
46,764
11,065
3,114
12,336
5,326
1,584
343
1,272
4,144
843
500
3,203
740
278
877
1,802
4,442
11,690
1,763
3,638
10,958
212
349
1,133
261
376
1,147
45,060
21,349
46,215
21,642
4,122
1,870
3,683
1,598
Dividends paid (cash), all industries
291
601
617
1,028
SECURITIES ISSUED
Securities and Exchange Commission:!
Estimated gross proceeds, total
By type of security:
Bonds and notes, corporate
Common stock
Preferred stock
By type of issuer:
Corporate, total 9
Manufacturing
mil. $..
do.
Extractive (mining)
Public utility
Transportation
Communication
Financial and real estate
do
do.
do
_..do
do
State and municipal issues (Bond Buyer):
Long-term
Short-term
do.
do.
4,916
3,413
4,660
4,749
3,552
4,403
5,227
2,649
2,436
3,393
3,242
2,025
3,681
4,406
1,422
577
149
826
424
763
171
712
201
441
231
425
197
4,203
1,116
184
1,379
4,133
498
430
1,626
3,162
840
53
761
4,643
1,323
465
664
4,176
907
2,938
471
142
1,086
4,353
757
101
1,047
5,028
1,329
158
901
95
552
385
133
215
67
302
750
457
814
221
460
978
429
1,158
175
558
304
209
582
1,293
183
224
2,025
6,020
1,760
2,289
1,937
3,272
1,273
978
3,854
2,077
2,695
1,596
2,502
1,546
4,525
1,354
3,138
4,406
12,626
12,307
11,209
11,035
10,955
10,989
11,056
11,416
4,542
762
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers and banks, end of month
or year, total
mil. $. 10,866
At brokers
do
11,035 11,332 11,438 11,984
9,993
At banks
do...
873
Free credit balances at brokers:
640
835
700
710
795
Margin accounts
do...
Cash accounts
*
do....
2,060
2,510
2,300
2,295
2,555
r
Bevised.
p Preliminary.
» Data no longer available. 0 Effective February 1976
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 barking institutions. Monthly revisions
back to 1970 are in the Feb. 1976 Federal Reserve Bulletin.
830
810
775
835
790
835
825
885
2,490 2,550
2,655 2,465 2,305 2,510 2,565 2,430
HAt all commercial banks.
OTotal SMSA's include some cities and counties not designated as SMSA's.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach.
§ Data revised back to 1973; no monthly revisions for 1973-75 are
available.
9 Includes data not shown separately.
August 1979
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1979
1978
June
Annual
S-21
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
54.3
76.6
53.3
73.8
52.8
74.6
52.6
75.1
52.2
75.4
52.3
75.6
51.9
76.0
53.5
77.0
53.4
76.4
48.38
47.97
47.97
47.84
47.89
47.24
48.61
48.39
329.73
235.52
275.46
279.00
289.25
305.01
280.72
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Composited71
dol. per $100 bond.
Domestic municipal (15 bonds)
do
U.S. Treasury bonds, taxableil
do
Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil. $..
Face value
do
New York Stock Exchange:
Market value
Face value
59.6
81.3
55.6
77.9
56.89
51.26
56.1
77.0
56.1
77.6
54.7
77.4
50.91
49.97
51.32
51.67
50.11
410.47
348.52
459.78
393.73
392.14
334.59
320.23
9.20
9.40
9.49
9.65
9.63
9.76
9.81
9.96
9.81
9.25
9.48
9.72
10.13
9.26
9.50
9.68
10.08
9.37
9.61
9.81
10.26
9 38
9.65
9.88
10.33
9.50
9.86
10.00
10.47
9.29
9.66
9.89
10.38
9.20
9.49
9.75
10.29
49.54
0)
do..
do..
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $.. 4,646.35 4,554.01
Yields:
Domestic corporate (Moody's)l
By rating:
Aaa
-.
Aa
A
Baa
54.5
75.2
55.2
75.7
percent..
8.43
9.07
9.13
9.22
9.08
9.04
do
do
do....
do
8.02
8.24
8.49
8.97
8.73
8.92
9.12
9.49
8.76
8.95
9.18
9.60
8.88
9.07
9.33
9.60
8.69
8.96
9.18
9.48
8.69
8.92
9.11
9.42
9.07
9.26
9.59
9.24
9.48
9.83
9.16
9.33
9.53
9.94
do.
do.
do.
8.28
8.58
8.13
8.90
9.22
8.64
8.92
9.33
9.05
9.38
8.70
8.95
9.21
8.72
8.90
9.17
8.68
9.03
9.37
8.74
9.21
9.58
9.01
9.31
9.67
9.15
9.44
9.85
9.21
9.42
9.84
9.22
9.50
10.02
9.30
9.57
10.05
9.38
9.69
10.23
9.48
9.57
10.04
9.44
9.47
9.90
9.45
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
do..
do..
5.67
5.56
6.07
5.90
6.29
6.13
6.12
6.18
6.16
5.98
6.09
5.93
6.22
5.95
6.29
6.03
6.61
6.33
6.22
6.25
6.42
6.19
6.16
6.27
6.14
6.16
6.10
6.12
5.99
6.14
6.05
U.S. Treasury bonds, taxable O__
do...
7.06
7.94
8.09
7.87
7.82
8.07
8.16
8.43
8.43
8.45
8.44
8.55
8.32
8.35
8.43
8.79
8.77
8.77
8.75
8.82
8.87
286.50 294.69
847.84 864.96
103.85 103.23
216.44 231.81
286.65
837.41
100.26
227.92
293.01
838.65
104.59
239.68
By group:
Industrials
Public utilities
Kallroads
Stocks
Dividend rates, prices, yields, and earnings, com
mon 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 mo., composite
Industrials
Public utilities
Railroads
do
—_do.
do.
do.
0)
Yields, composite
Industrials
Public utilities
Railroads
N.Y. banks
Property and casualty insurance cos
percent..
do
do.
do.
do.
do.
(0
Earnings per share (indust., qrtly. at ann. rate;
pub. util. and RR.,for 12mo. ending each qtr.):
Industrials
_
dollarsPublic utilities
_
doRailroads. _
do..
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
percent..
(0
7.61
8.24
8.31
8.42
8.26
8.24
8.29
301.70
894.62
110.96
225.16
282.59
817.17
104.24
221.80
288.53
840.26
105.48
224.33
287.85
831.71
105.54
227.06
306.73
887.93
108.51
248.96
305.26
878.64
106.67
250.25
294.58
857.69
103.88
234.64
274.07 274.87 283.85 280.06
804.29 807.94 837.39 825.18
98.40 99.38 102.24 103.75
211.93 211.12 216.85 210.41
98.20
108.44
106.79
85.27
96.02
106.16
104.38
84.80
97.66
107.96
106.36
87.51
97.19
107.39
105.16
103.92
114.99
115.19
92.45
103.86
115.11
113.94
91.30
100.58
111.56
111.37
88.00
94.71
105.23
103.38
81.71
53.35
Utilities (40 Stocks)
__do.-51.64
52.25
52.32
54.23
15.41
Transportation (20 Stocks)*.._
1970=1014.00
13.81
13.88
14.06
47.26
43.97
Railroads (10 Stocks)
1941-43=1045.35
44.92
49.94
12.85
11.75
Financial (40 Stocks)*
1970=10..
11.53
11.87
11.63
43.62
48.02
43.70
44.85
NewYorkCitybanks(6Stocks).1941-43=1047.34
100.76
113.19
100.99 101.70
Banks outside N.Y.C. (10 Stocks)
do.98.23
106.96 103.43 106.90 117.48
Property-Casualty Insurance (6 Stocks).do. 112.42
'Revised.
» No longer available.
§ Revised yields by rating for Jan. 1974-Nov. 1975
will be shown later,
cf Number of issues represents number currently used; the change in number does not
52.54
15.46
48.19
12.76
48.01
114.25
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation: d"
Combined index (500 Stocks)
.1941-43=10. .
Industrial, total (400 Stocks) 9
do . .
Capital goods (111 Stocks).
do
Consumer goods (189 Stocks)
do
8.84
96.11
106.92
105.82
82.53
99.71
111.15
112.08
84.42
98.23
109.49
110.66
81.80
100.11
111.66
114.50
82.70
102.07
113.95
116.32
84.03
297.04
836. 95
107.43
248.42
99.73 101.73 102. 71
111. 24 112.98 113.63
113. 76 114. 76 114.08
83.30 82.40
81.79
50.62
50.09 48.65 50.57 51.73
50.74
50.33
49.32
49.04
51.28
15.20
14.65
13.48
14.07
14.18
13.08
13.46
13.10
13.17
14.62
46.64
49.75 49.88 52.60 54.73
44.92
44.45
43.37
47.63 43.56
13.01
12.51
11.85
11.97
11.63
11.68
11.28
11.36
11.21
12.23
46.61
44.93
44.24 44.18
42.54
44.12
43.19
41.91
43.61
48.13
99.28 101.93 100.47 104.76 109.29
111. 80 99.93 100.78 102.32 97.54
122.13
117.03
120.67
115. 64 110. 98 101.35 105.07 108.73 108.22 116.11 118.88
H Prices are derived from average yields on basis of an asaffect continuity of the series,
O For bonds due or callable in 10 years or more.
sumed 3 percent 20-year bond.
9 Includes data not shown separately.
• New series.
August 1979
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
Annual
1979
1978
July
June
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—Continued
New York Stock Exchange common stock indexes:
Composite
12/31/65=50..
Industrial
do
Transportation
do
Utility
do....
Finance
do
53.69
57.86
41.08
40.92
55.25
Sales:
Total on all registered exchanges (SEC):
Market value
mil. $_. 187,203
7,023
Shares sold
millions..
On New York Stock Exchange:
157,250
Market value
mil. $..
5,613
Shares sold (cleared or settled)
.millions..
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
5,274
(sales effected)
millions..
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all lifted shares
..bil. $..
Number of shares listed.
millions..
796. 64
26,093
53.70
58.23
43.50
39.22
56.65
54.83
59.63
44.19
39.41
58.31
54.61
59.35
44.74
39.28
57.97
58.53
64.07
49.45
40.20
63.28
58.58
64.23
50.19
39.82
63.22
56.40
61.60
46.70
39.44
60.42
52.74
57.50
41.80
37.88
54.95
53.69
58.72
42.49
38.09
55.68
55.77
61.31
43.69
38.79
57.59
55.08
60.37
42.27
39.21
56.09
56.19
61.89
43.22
38.94
57.65
57.50
63.63
45.92
3*. 63
59.50
56.21
62.21
45.60
37.48
58.80
249,257
'9,483
24,391
923
18,318
30,452
1,099
27,342
••1,016
22,016
801
16,820
654
20,752
754
17,595
629
23,356
851
22,769
'839
22,006
811
210,426
7,618
20,557
744
15,229
534
26,123
895
22,302
790
18,476
639
20,091
788
17,248
637
14,078
522
17,868
615
14,953
514
19, 613 19,191
18,252
635
7,205
671
541
865
672
682
515
493
616
476
650
621
624
728
822.74
27,573
818.95
26,736
890.57
27,012
883.85
27,152
792.03
27,243
811.60
27,401
822.74
27,573
858.65
27,626
828.79
27,726
877.86
27,837
882.00
27,970
863.40
28,216
901.56
29,285
864.13
26,94 0
671
57.61
63.57
47.53
38.44
61.87
58.38
64.24
48.85
38.88
64.43
912.84
29,371
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports, totalcT
Excl. Dept. of Defense shipments
Seasonally adjusted ©
_
y geographic regions:
Africa
_.
_
Asia...
_
A l
Australia
and Oceania...
Europe
Northern North America
Southern North America...
South America
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea.
India
_
Pakistan
Malaysia
Indonesia
Philippines
Japan
_
_
I
mil. $._ 121,212.3 •143,659.9 12,487.3 10,944.7 11,621.8 12,714.4 13,157.4 13,672.3 13,532.9 12,561.3 12,932.5 15,586.7 14,267.3 14,818.9 15,365.9 14,731.8
121,150.4 143,574.(i 12,477.3 10,934.0 11,613. 9 12,:, 713.1 13,153.6 13,655.4 13,531.0 12,558.1 12,928.5 15,584.4 14,257.0 14,812.9 15,344.5 14,725.7
do
12,268.2 11,661.5 12, 293.7 13,274.2 12, 901. 1 13,450.6 13,282.5 13,131.8 13,506.8 11,452.0 13,882.6 13,862.115,037.6 15,668.9
do.
do.
..do.
do
do.
do..
do..
..do..
524.2
497.3
504.3
506.0
458.4
529.5
425.6
510.2
486.6
427.3
435.2
5,545.6 5,885.5
544.4
567.1
4,197.9 3,827.6 3.737.0 4,052.6
31,435.8 39,628.2 3,390.2 3,209.4 3.346.8 3,589.0 3,583.3 3,720.0 3,910.3 3 358.8
334.9
361.5
303.9
274.1
336.4
352.6
'
395.
9
354. 7
355.8
260.6
433.2
289.7
2,876.5 3,462.1
256.8
L2 3,076.2 3,467.7 3,829.2 3,786.4 4,308.4 4,154.0 4, 048.3 4,222.2 5,302.9 4,595.4 4,998.8 4,885.5
37,304.2 43,614.9
25,791.4 28,373.1 2, 612. 6 1,995.5 2,143.8 2,397.0 2,806.0 2,583.7 2,512.3 2 424.8 2,378.9 3,052.8 2,804.8 2,919.6 2,941.0
956.6 1,033.1 1,109.6 1,051.6 1' 028.0 1,041.9 1,152.7 ,178.4 1.179.1 1,330.3
969.9
922.7
8,676.5 11,026.5
868.9
1,021.2
879.9
971.3 1,007.3 1,176.9
901.6 1,047.4
981.2 1,023.5 1,072.6
932.2
9,283.5 10,989.5
927.9
do.
do
982.4
1,054.4
1,134.1
1,079.6
118.9
89.5
110.7
76.1
80.8
90.7
86.7
92.2
86.6
118.0
80.6
90.6
115.6
112.3
76.7
85.9
130.3
103.5
173.3
103.6
113.5
108.2
140.7
108.9
122.5
122.3
do
do.
__do_
do.
2,375. 6
778.6
292.7
560.7
2,941.9
947.9
495.7
728.4
243.2
128.8
30.2
58.4
219.4
84.7
16.3
72.6
216.4
70.1
40.0
59.4
312.5
86.7
54.8
70.9
296.6
49.0
48.9
69.5
382.7
63.6
21.1
58.0
254.7
84.7
64.9
66.4
340.7
61.2
42.0
58.0
232.2
110.4
73.6
61.3
285.5
98.3
53.9
77.8
286.5
74.0
60.1
66.7
312.2
57.7
24.6
76.4
294.9
73.6
38.1
89.4
_.do.
do.
do.
751.4
763.2
875.9 1,040.0
10,528.9 12,885.1
Europe:
France...
do
3,503.2
German Democratic Eepublic (formerly E.
Germany)
mil. $..
36.1
Federal Republic of Germany (formerly W.
Germany)
_
_
.mil. $_. 5,988.8
Italy
_
..do
2,789. 6
Union of Soviet Socialist Republics
do
1,627.5
United Kingdom..
..do
5,950.9
North and South America:
Canada
Latin American Republics, total?
Argentina
Brazil
Chile
Colombia
Mexico
Venezuela
Exports of U.S. merchandise, totald"
Excluding military grant-aid
Agricultural products, total.__
Nonagricultural products, total
60.0
53.1
56.2
48.1
53.8
59.2
89.3
87.1
88.8
109.3
99.6
87.3
88.2
91.8
,046.1 1,046.7 1,092.3 1,193.5 1,248.9 1,369.1 1,280.8
4.166.3
338.6
280.1
415.2
395.6
373.9
431.4
375.2
443.5
368.7
546.6
470.7
410.4
170.4
21.5
.3
11.5
15.4
17.2
30.6
23.7
9.9
6.6
32.9
26.2
33.1
31.1
647.6
679.5
650.9
363.5
273.7
864.5
378.5
234.6
866.6
364.9
352.4
766.5
6,956.9
518.3
472.7
542.2
802.6
668.4
694.7
685.4
626.5
606.5
811.2
3.360.4
2,252.3
7,118. 7
342.5
265.4
574.2
258.0
170.9
460.6
222.6
163.0
534.0
275.1
97.0
575.9
302.0
96.5
593.1
286.5
79.4
761.5
373.0
121.2
620.6
314.0
152.1
772.4
315.6
174.5
812.3
406.3
271.0
962.1
5,424.7
do
25,788.1 28,371.6 2, 612.5 1,995.4 2,143.8
f, 396.9 5,805.9 2,583.6 2,512.1
do
do
do
...do....
do
do
do
16,371.1 20,182.7 1,708.2 1,662.7 1,720.5
731.1
841.8
67.5
55.1
73.3
2,489.8 2,978.3
262.4
251.8
275.7
724.6
520.2
69.5
64.4
76.3
782.0 1,046.0
78.4
81.0
73.3
4,806.1 6,680. 5 547.9
597.9
543.3
3,170.5 3,726.9
292.3
338.6
289.6
,843.7
76.2
278.6
77.2
96.1
598.8
375.9
,853.9
83.1
239.1
70.7
122.7
663.2
316.3
, 952. 3 1,950.5
79.3
121.3
253.8
289.2
90.3
71.1
116.1
111.1
663.9
705.3
320.4
327.6
12,505.7
2,504.4
2,268.0
10,237.7
2,926.4
2,922.6
5,665.8
.0,260.6
3,433.5
.3,416.5
!, 806.7
.0,626.8
18,333.2 1,737.1 1,540.6 1,716.2 1,645.7
93.2
957.8
74.1
90.7
64.8
11,634.0 1,193.0 1,008.5 1,107.2 1,049.2
597.9
94.4
937.8
do . . .
..do
do
do
119,005.5
118,943.7
23,671.0
94,291.8
By commodity groups and principal commodities:
Food and live animals 9
mil. $.. 14,115.7
Meats and preparations (incl. poultry).do
796.9
Grains and cereal preparations
.do
8, 754.8
Beverages and tobacco
do
Crude materials, inedible, exc. fuels 9
Cotton, raw, excl. linters and waste
Soybeans, exc. canned or prepared
Metal ores, concentrates, and scrap
do
do.-.~
do
do
1,846.8
141,1.54.2
141,068.9
29,406.9
111,747.2
12,271.7
12,261.7
2.639.8
9.631.9
10,780.0
10.769.4
2,133.8
8,646.2
11,429.3
11,421.4
2,391.1
9,038.2
213.3
176.9
13,086.3 15,552.8 , 353.9
992.5 1,083.4
1,529.5 1,739.6
153.7
154.2
132.2
4,393.2 5,210.4
271.9
468.2
238.6
1,197.0 1,838.9
162.1
162.3
152.0
'Revised.
J Beginning Jan. 1978, data are based on a new classification system and include nonmonetary gold; the overall total and the commodity groups (but not the items within the groups) have been revised back to Jan. 1977 to reflect these changes.
& Data may
not equal the sum of the geographic regions, or commodity groups and principal commodities,
,111.9
114.4
262.6
179.8
79.4
74.8
107.3
44.4
71.2
51.7
112.1
115.1
130.2
112.6
100.4
130.9
225.2 1,365.4 1,609.7 1,317.2 1,257.7 1,505.2
12,292.8
141.5
161.6
251.3
,378.7 3,052.8 2,804.6 2,919.6 2,940.9
, 753.5 1,720.2 1,974.0 1.969.1 2,001.2 2,320.9
124.9
147. 9
143.0
84.3
99.2
112.1
254.6
228.9
186.6
207,9
272.9
232.9
86.6
56.9
53.4
56.9
53.1
50.3
181.6
108.9
80.0
91.2
99.2
102.3
905.3
755.3
659.4
711.1
763.2
678.3
343.6
312.9
330.1
353.4
265.9
281.1
3,303.9 2,352.5
13,302.1 2,349.4
2,738.3 !, 431. 9
10,565.6 1,920. 6
,513.7 1,555.2
95.0
88.6
885.2
945.4
313.3
78.8
766.9
281.1
135.4
259.7
438.6
12,708.7
12,704.7
2,356.4
10,352.3
15,300.1 14,020.8 14,534.9 15,102. 6 14,496.0
15,297.8 14,010. 5 14,529.0 15.081.1 14,489.9
2,877.3 2,651.5ij 2,509.1! 2,760.6
12,422.8 11,369. 4 12,025. 8 12,342.0
, 314. 3 1,581.0 1,528.1 1,584.8 1,905.2
106.9
90.0
94.7
77.2
1,039.4 1,225.3
929.9
788.6
2,053.3
175.8
176.4
171.2
223.2
202.3
183.1
550.4 , 513.5 1,837.5 1,668.0 1.626.7 1,605.2 1,434.6
197.2
174.7
198.1
188.7
192.4
175.0
319.0
349.4
517.1
644.4
393.5
557.3
248.1
296.3
211.9
226.6
201.9
182.5
because of revisions to the totals not reflected in the component items.
9 Includes data not shown separately.
0 Effective Feb. 1979 SURVEY, seasonally adjusted data have been revised to reflect sums of commodity components; comparable data
prior to Dec. 1977 will be shown later.
, 470.4
84.7
593.2
176.6
,678.4 1,556.5
112.5
154.3
696.7
493.7
201.4
202.1
August 1979
S-23
SUKVEY OF CURRENT BUSINESS
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1978
Annual
1979
1978
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
435. 7
258.8
152.3
467.0
279.6
169.1
471.2
325.9
139.3
499.8
316.7
157.4
534.0
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS—Continued
Exports of U.S. merchandise—Continued
By commodity groups and principal commodities—Continued
Mineral fuels, lubricants, etc. 9
mil. $_
Coal and related products
do
Petroleum and products.
do
Oils and fats, animal and vegetable
do
Chemicals.
do
Manufactured goods 91
Textiles
_
Iron and steel
Nonferrous base metals
do
..do...
do
do
Machinery and transport equipment, total
mil. $..
Machinery, total 9
do.
Agricultural
do
Metalworking...
_
do
Construction, excav. and mining
do
Electrical
do.
Transport equipment, total
do
Motor vehicles and parts...
do
Miscellaneous manufactured articles
do
Commodities not classified
VALUE OF IMPORTS
do
General imports, total
Seasonally adjusted ©
By geographic regions:
Africa
Asia
Australia and Oceania
Europe.
_
_
._
Northern North America,.
Southern North America...
South America.
By leading countries:
Africa:
Egypt
Republic of South Africa
_
Asia; Australia and Oceania:
Australia, including New Guinea
India
_
Pakistan
Malaysia
_
Indonesia
_
Philippines-_.
Japan
do.
do.
do.
do.
..do.
do.
do.
..do.
do.
do
do
do
do.
do.
...do.
do.
do.
do.
Europe:
France
do
German Democratic Republic (formerly E.
Germany)
.mil. $._
Federal Republic of Germany (formerly W.
Germany)...
mil. S.Italy
do
Union of Soviet Socialist Republics
do
United Kingdom
do
North and South America:
Canada
do..
Latin American Republics, total 9
do
Argentina..
do
Brazil
do
Chile
do....
Colombia
_
_
do
Mexico
do
Venezuela.
_
do
By commodity groups and principal commodities:
Agricultural products, total
mil. $..
Nonagricultural products, total
do
Food and live animals 9
do
Cocoa beans
_
do
Coffee. _.
do
Meats and preparations
do
Sugar
_
do
Beverages and tobacco
do..
Crude materials, inedible, exc. fuels 9__.do
Metal ores
do
Paper base stocks
do
Textile
fibers....
do
Rubber
do
Minerals fuels, lubricants, etc
Petroleum and products
Oils and fats, animal and vegetable
Chemicals
Manufactured goods 9 f
Iron and steel.
Newsprint
Nonferrous metals.
Textiles
r
Revised,
arately.
1
do
do
do
do
do
do
do
do
...do
4,183.6 13,878.3
2,730.4 2,122.6
1,275.6 1,561. 3
321.7
180.2
118.9
335.4
181.7
139.1
348.0
176.7
156.8
422.1
256.1
152.7
465.9
317.8
137.3
417.9
236.3
163.3
350.2
202.4
138.2
292.0
154.0
119.7
104.4
187.6
132.1
171.3
157.6
173.2
1,308.7 1.521.3
145.8
120.9
130.7
156.3 113.9
129.6
147.0
121.0
10,812.3 [112,618.3 1,063.4 1,077.2 1,149.1 1,197.9 L, 085.0 |l,174.4 1,137.0 1,235.6 1,155.6 [, 522.3 1,289.8 1,320.8 1,513.2 1,433.2
10,857.0 112.430.? 1,057.2
939.4 1,024.7 1,132.5 1,120.8 1,134.3 1,186.6 1,121.5 1,135.3 1,384.1 1,228.5 1,355.0 1,468.1 1,230.3
286.9
266.8
222.6
263.8
219.0
180.9 202.5 212. 6 230.9 224.0
1,958.9 2.225.4
189.7
164.2
238.8
208.4
183.8
157.2
149.3
153.7
198.8
1,660.5 1, 713. 9 152.8
129.4
164.3
184.5
149.7
149.0
174.7
153.2
141.4
113.5
86.1 119.1
128.0
129.3
1.058.4 1, 047.8
88.6
80.7
88.2
126.3
104.4
104.7
50,247.6 159,257.9 5,103.3 4,478.9 4,592.7 5,141.5 5,584.4 5,497.3 5,713.5 [5,040.1 5,394.3 6,325.1 5,843.9 '6,047.2
32,516.6 37,022.3 £,088.0 2,912.3 |2,933.3 |3,211.4 (3,358.1 S.296.7 3,553.8 3,160. 7 |3,324.3 |3,971.7 3,580.2 3,806.1
267.5
275.3
166.3
146.0
183.1
184.2
1,871.1 2,151.5
196.3
158.4
259.9
148.4
167.3
193.0
139.3
119.6
92.5
102.8
102.4
89.3
111.6
730.3 1,188.4
100.0
106.7
89.0
100.4
121.5
105.4
117.6
51.2
47.5
79.6
74.9
4.405.5
681.8 '92.9
50.7
107.9
49.0
52.3
66.0
738.7
748.3
549.1
581.8
591.1
609.8
642.3
10,285.3 6,966.9
628.4
703.6
624.4
603.5
636.3
18,520.0 22,248.0 1,987.1 1,574.5 1,666.4 1,930.7 2,228.3 2,200.6 2,160.3 [2,879.7 [2,072.0 2,354.4 2,264.8 [2,243.0
878.5
11,796.5 13,234.9
1,201.9
873.2
[1,124.4 [1,330.3 1,207.2 1,135.4 1,108.6 1,250.5 |1,395.4 1,259.0 1,451.5
855.8
8,233.9 110,177.1
925.1
921.6
856.9
777.5
873.2
916.8 1,133.2
891.1 953.1
965.3 1,071.7
329.9
4,313. 6 15,006.8
625.3
407.2
764.1
684.5
392.4
349.2
584.0
638.6
702.5 323.9
688.1
5,984.1 5,651.0
3,875.1
235.0
129.0
114.4
750.2
2,125.9
1,399.9
1,074.8
667.4
997.6
821.8
147,685.0 '172,025.5 14,514.5 14,703,9 14,024.0 14,416.9 15,118.3 15,054.9 14,956.3 15,846.3 13,776.3 15,764.8 16.172.0 16,511.5 17,435.6 17,115.0
13,970.3 14,544.7 14,132.6 14,819.7 14,851.6 14,824.7 15,031.8 16,231.1 14,806.3 15,273.3 16,035.8 16,341.9 16,937.4 16,776.6
17,120.9
49,312. 0
1, 727. 7
28,801.5
16,898. 3 1,261.2 1,355.6 1,430.7 , 465.4 1,425.0 1,637.7 1,481.6 1, 738.6
58,300.3 5,01S. 7 5,148.7 i5,153.2 [5,089. fi 5,092.3 4,863.0 4,872.8 5,364.6
198.4
176.8 234.2 209.9
230.5
201.7
2,351.0
252:9
200.6
|37, 987.4 |3,155.7 3.421.2 3,140.0 2,904.6 3,321.3 3, 293. 9 3,298.8 3, 263.8
29,617.8 33, 550.6 2,991.2 2.665.3 [2,376.2 2,759.4 k 116.9 3,030.4 3,051.5 2,914.4
11,689.4 12,622.6 1,074.1 1,049.9 1,005.2 1,056.8 :1,024.0 1,075.7 1,117.6 1,226. 7
9,389.8 10,307.5
741.1 906.6 928.0
864.2
816.3
900.9
932.4 1,106.8
170.0
1,261.1
105.0
2,258.9
3.4
146.3
1.7
69.1
8.9
148.6
15.3
228.1
4.8
208.0
14.1
349.8
27.2
210.7
16.9
197.4
1,341.2 1,651.1 1,835.0 1.795.7 1,808.4
J4,559.1 [4,803.7 5,233.8 4,946.8 5,772.2
263.7
285.2
253.0
277.7
219.9
2,710.5 3,458.9 3,574.2 3.569.8 3,986.1
2,885.5 3,373.6 2,968.5 3,508.1 3,096.4
1,151.4 1,285.8 1,239.4 1,418.2 1,395.7
38.1 1,042.9 1,008.7 1,091.4
908.1
7.5
161.7
35.1
196.8
14.9
214.1
21.4
256.9
55.1
203.0
187.8
201.6
208.1
189.4
137.9
155.1
166.5
170.2
1,266.2 1,728.3
139.2
143.8
178.8
190.2
142.2
93.6
92.8
96.8
85.4
76.9
91.7
83.6
85.6
776.0
81.6
78.3
91.8
75.8
979.5
56.9
11.4
12.0
11.3
11.6
10.2
11.0
6.5
6.6
56.0
7.4
9.2
9.6
7.9
83.7
6.4
166.1
196.5
149.4
201.2
120.3
143.5
1,318.2 1,519.1
119.4
149.8
126.7
154.9
184.3
125.9
138.8
226.4
332.0
339.0
249.5
305.9
3,475.1 3,606.9
291.5
222.9
358.5
314.9
346.4
293.7
277.3 335.6
118.3
128.2
95.8
120.9
1,109.5 1, 206. 9
110.9
93.3
118.1
97.6
103.9
101.8
122.0
109.9
114.2
18,549. 7 !24,457.8 2,048.9 12,217.2 2,065.5 2,064.8 2,120.4 12,024. 6 [1,993.9 2,247.3 1,865.4 1,985.1 2,300.6 (2,092.0 i2,319.9
3,032.4
16.7
4,053.7
35.2
7.238.3 9.960.8
3, 036. 7 4,102.5
452.9
540.3
5,141.0 6,513.3
316.3
1.2
780.8
357.7
46.1
597.6
396.1
321.6
2.5
940.3
376.2
21.6
553.0
4.1
839.4
391.0
54.6
537.7
278.7
2.6
704.8
326.6
23.1
529.8
337.6
2.7
836.4
343.2
110.5
576.8
349.3
2.2
910.3
375.5
37.5
533.8
362.6
2.2
896.0
374.2
31.9
532.8
360.3
2.3
372.9
25.0
555.6
345.8
2.7
682.0
308.7
19.1
405.4
356.4
2.6
858.0
425.0
23.2
671.0
362.3
409.6
416.7
4.2
3.3
4.1
981.9
403.3
28.7
653.4
1,002.6
367.1
492.9
71.9
75.4
656.0
697.4
j 29,598.6 33,529.4 2,988.4 i2,664.7 2,372.8 2,757.9 3,115.5 3,028.7 |3,051.1 2,914.2 |2,882.8 3,370.6 2,968.3 3,507.3 3,094.2
16,450.3 18,560.1 1,507.8 1,538.7 1,378.2 1,571.9 , 639.0 1,643.9 , 749.1 1,887.2 1,753.5 1,830.4 1,939.1 2,011.1 2,089.1
59.8
67.1
47.5
45.9
52.7
47.3
43.1
56. 6
49.8
392.3
52.6
51.6
47.5
563.3
49.0
219.7
258.6
240.6
206.9
215.2
220.1
2,240.5 2,831. 3
176.7
207.8 283.9
265.2
339.5
264.8 287.3
46.9
35.2
33.0
35.4
25.7
18.7
35.7
18.9
32.7
272.7
32.1
25.0
22.8
385.3
17.0
104.4
79.1
115.0
118.4
81.4
111.5
100.2
85.6
124.1
819.4 1.043.9
70.4
104.6
92.3
80.9
725.6
710.0
666.1
656.6
480.5
521.6
4,694.2 6,092.8
495.4
531.2
656.8
471.5
583.0
590.0
641.1
393.6
392.9
475.9
347.0
286.2
4.084.4 3,545.1
248.3 329.6
271.4
332.4
272.5
260.6
412.0
308.2
13,538.3 14.960.8 .168.3 1,192.9 1,021.2 1,107.9 1,231.0 1,302.2 1,409.3 1,514. 0 1,255.7 1,435.9 1,490.9 1,382.3 1,509.0
133,278.4 157,064.7 13,346.1 13,511.0 13,002-8 13,309.1 |13,887.3 13,752.7 3,547.0 14,332.3 12,520.6 14,329.0 14,681.1 15,129.2 15,926.71
924.0 ,048.9 1,152.2 1,168.7 ., 254.1 I, 278.3 1,102.5 1,242.6 1,325.7 1,245.1 1,357.3 1,172.9
12,557.8 '13,520.6 1,045.9 1,126.1
44.0
27.7
45.0
38.8
40.4
51.4
23.0
46.8
43.5
91.6
103.0
63.7
485.5
74.5
667.0
279.5
274.6
339.6
256.5
329.5
282.4
238.6
259.9
210.1
242.2
309.1
317.0
3,860.9 3.727.8
306.5
269.9
231.3
242.3
155.0
175.3
242.3
158.5
153.2
125.7
200.1
208.8
199.2
1,273.2 1,856.0
182.1
120.5
122.5
57.6
69.2
65.4
62.2
97.1
110.4
59.8
41.1
59.4
64.0
1,079.1
59.4
723.0
217.1
210.9
204.2
205.3
211.5
221.9
212.7
168.2
156.2
177.4
170.2
204.8
209.6
205.9
1,669.4 '2,221.4
960.9
919.1
870.1 1,006.0
859.3
738.0
813.6 827.0 827.6
785.3
837.4
812.7
805.2
8,486.2 i 9,296.6 1766.7
298.8
302.6
251.6
211.1
227.7 236.8
272.7
279.9
187.8
266.9
307.3 242.4
231.1
2, 234.4 2,850. 2
122.9
156.8
111.7
129.4
104.0
'
8
6
.
1
91.0
88.9
115.4
111.3
91.7
108.8
113.0
1,252.4 1,154. 2
20.8
19.4
18.8
19.8
23.7
17.2
17.1
16.8
21.9
21.0
28.6
22.7
225.1
14.8
247.8
95.3
61.7
100.5
82.3
64.3
52.7
46.5
72.5
47.2
72.8
43.0
81.1
74.4
650.3
684.7
4,528.2
i, 075.0
4,165.9
[4,240.6
3,947.9
3,471.5
3,491.
6
3,524.9
3,380.1
3,677.1
3,536.2 3,746.3 4,228. 0
44.537.2 '42,105.2
41,526.1 39.108.9 3,235.3 3,140.7 3,448.8 |3,471.8 3,260.2 3,301.6 |3,465.2 3, 935.2 3,248.6 3,673.8 4,015.0 3,802.1 4,236.3
35.0
61.6
40.6
44.2
55.7
46.7
30.2
40.9
43.0
49.4
50.6
51.7
89.5
33.0
530.7
1511.1
570.9
663.6
648.7
541.4
547.2
537.9
514.9
440.5
546.9
512.5
532.2
535.3
655.1
4,970.4 6,427.4
,481.2
2,596.4
21,367.0 '27,237.3 2,301.0 2,418.3 ,218.6 , 215.4 2,344.5 (2,373.4 ,111.5 , 255.8 [2,120.7 2,424.0 2,251.0
644.1
678.0
479.8
479.9
534.5
543.8
738.5 555.5
5,804.4 7,259.3
619.2
593.9
516.4
637.9
636.8
189.5
186.7
183.0
209.3
189.0
170.6
158.8
178.0
1,871.8 2,100.7
180.1
164.7
172.5
194.1
195.7
562.1
522.8
444.4
562.6
403.8
424.4
384.1 383.1
3,938.4 5.121.9
356.5
344.3 422.0
494.9
433.2
200.6
189.3
182.9
185.9
154.1
193.9
175.7
170.0
1,772.4 2,200.1
184.2
176.2
175.3
186.1
192.2
See corresponding note for p. S-22.
424.0
289.8
121.1
9 Includes data not shown sep-
f Manufactured goods—classified chiefly by material.
© See corresponding note on p. S-22.
SURVEY OF CUKEENT BUSINESS
S-24
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
Annual
August 1979
1978
June
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF IMPORTS—Continued
General imports—Continued
By commodity groups and principal commodities—Continued
Machinery and transport equipment mil. $..
Machinery, total 9
do
Metalworking
do
Electrical
do
Transport equipment
do
Automobiles and parts
do
Miscellaneous manufactured articles
Commodities not classified
do
do
36,406.8 M7.625.6 4,132. 9 4,108.2 3,578.5 3.832.0 4,294. 6 4,238.3 4,318.7 4,515. 9 3, 932. 6 4,438.3 4,750.0 4,509.3 4,712.5
17,663.8 24,404.0 2,073.3 2,217.6 2,046.5 2.077.1 2,277.2 2.162.8 2,183.3 2,206.2 1, 971.0 2,289.6 2,313.7 2, 291.1 2,536.0
433.5
105.5
113.4
119.7
82.0
80.8
93.5
135.4
946.7
105.8
69.5
91.0
86.4
82.1
76.8
8,432.0 5,170.8 446.4 465.2 453.3
547.1
523.9
399.5
482.5
607.1
451.1
474.1
467.7
494.0
4,328.6
17,829.9 23,221.6 2,059.6 1,890.6 1,532.0 1,754.9 2,017.4 2,075.5 2,135. 4 2,309.8 1, 961. 6 2,148.8 2,436.2 2, 218. 3 2,176.5
15,842.0 20,631.2 1,840.3 1,676.3 1,361.0 1,547.1 1,817.8 1,880.9 1,891.2 1,996.8 1, 639. 4 1,871.7 2,162. 9 1, 943.1 1,920.8
13,809.4
h
3,335.7
6
19,062.1 , 651.5 1,782.5 1,756.5 1,751.9
1,827.1
1.799.9 1,560.3 1,619. 7 1,426. 4 1,569.2 1,549.5 1,584.5 1,864.4
1,967.9
448.3
406.4
360.2
250.5 P250.8 P 254.9
239.1 P 218.7 p 223.2
599.0 p 548.5 P568.9
p 255.0
p 231.6
P 590.5
'305.9 '309.5 ' 319.4 ' 320.5 r 328.1
" 232. 4 r 199.9 r 221.6 '226.4 r 225.8
' 711.0 ' 618.7
707.6 ' 725.6 ' 740.9
335.3
232.9
781.0
4,018.1
338.3
329.7
327.5
306.5
386.8
327.2
386.1
309.4
283.9
210.2
183.1
384.7
r
231.5
198.8
460.3
225.6
206.8
408.1
228.7
182.3
421.7
225.5
190.9
447.2
232.4
205.0
489.6
232.0
213.3
506.1
235.2
211.7
525.3
241.3
207.8
520.9
*250.2
*193. 2
*483.5
*>497.4
269.9
200.8
541.9
r
291.3
*• 221. 2
644.4
293.6
222.3
652.7
293.3
225.1
660.4
295.0
213.4
629.6
294.3
220.5
649.0
296.3
228.7
677.7
303.9
222.8
677.0
300.9
222.9
670.6
350.8
287.0
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967=100..
Quantity
do
Value
do
General imports:
Unit value
do
Quantity
do
Value
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous. sh. tons..
Value
mil.$__
General imports:
Shipping weight
thous. sh. tons..
Value
mil.$..
*248.8
P199.9
274,413
65,376
300,037
77,289
29,487
6,842
24, 969
5,989
26,001
6,385
26,260
6,646
26,536
6,958
28,372
7,356
27,428
7,402
22,948
6,508
21,980
6,637
28,239
8,176
612,798
103,037
592,240
115,484
47,840
9,657
50, 703
10,143
53, 652
56,196
9,780
49,811
9,850
51,404
9,759
49,982
9,685
53,870
10,928
43,642
8,904
45,937
10,028
19.12
57.4
2,445
17.58
58.0
2,275
22.13
64.2
2,857
20.27
70.2
2,601
20.07
65.8
2,593
15.22
265
67
14.54
253
62
18.37
318
75
16.28
280
67
5.75
3.90
173
28
3.05
175
27
3.76
219
32
3.99
196
30
4.32
199
30
645
617
724
667
713
196.9
199.5
205.4
142.8
185.1
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
bil
Passenger-load factor §
percent..
Ton-miles (revenue), totaH..
mil..
Operating revenues (quarterly) 9 O
mil. $__
Passenger revenues
do
Cargo revenues.
do
Mail revenues
do
Operating expenses (quarterly)©
do
Net income after taxes (quarterly)©
do
Domestic operations:
Passenger-miles (revenue)
Cargo ton-miles.
...mil..
Mail ton-miles
..do....
Operating revenues (quarterly)©
mil. $..
Operating expenses (quarterly)©
do
Net income after taxes (quarterly)©
do
International operations:
Passenger-mile (revenue)
bil..
Cargo ton-miles
mil..
Mail ton-miles
do
Operating revenues (quarterly)©
Operating expenses (quarterly)©
Net income after taxes (quarterly)©
mil. $..
do
do
194.75
56.2
26,100
226.78
61.5
29,679
20.51
67.6
2,630
19,925
16,274
1,719
22,887
18,812
1,985
383
21,512
1,184
5,708
4,660
492
90
5,258
405
156.61
3,125
751
182.67
3,506
16.53
300
64
15,821
15,165
497
18,184
17,151
858
4,556
4,205
311
36.61
2,302
397
44.11
2,314
374
3.98
187
28
4,104
3,852
234
4,703
4,361
326
1,152
1,053
94
390
19, 017
731
22.48
68.9
2,811
23.70
71.1
2,972
18.81
58.2
2,536
17.75
57.3
2,414
629
17.74
281
59
18.93
316
65
14.78
308
65
15.03
323
66
14.44
309
67
4,902
4,406
433
4.73
197
27
4.78
193
28
4.25
211
29
15.66
287
4,486
47
3.78
234
32
3.31
226
37
3.73
187
43
1,181
1,153
40
684
652
609
100
4,166
100
4,701
154
143
58
64
166
150
160
184.3
*16. 20 «"17.52
4,575
1,406
1,197
195
646
19.39
58.4
2,545
5,756
4,697
541
118
5,639
87
6,308
5,230
520
86
5,603
Urban Transit Systems
Passengers carried
641
5,979 3 7,636
571
619
..mil.
Motor Carriers
Carriers of property, large, class I, qtrly.:*
Number of reporting carriers
100
100
100
Operating revenues, total
mil. $..
Net income, after extraordinary and prior period '• 13,853 16,618 4,139
charges and credits
mil. $..
495
153
Tonnage hauled (revenue), common and contract
M52
carrier service
mil. tons..
236
61
217
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common and contract carriers of property
(qtrly.) cf.
average same period, 1967=100..
167
157
148
Common carriers of general freight, seas, adj.f
177.6
1967=100.. 166.2
178.5
177.6
181.7
Class I RailroadsA
Financial operations, qtrly. (AAR), excl. Amtrak:
5,740
Operating revenues, total© 9
mil. $
19,947
21,829
Freight
do
5,368
20,333
18,658
Passenger, excl. Amtrak
do
89
356
337
Operating expenses©
do
5,375
21,124
19,299
Tax accruals and rents
do
3,377
Net railway operating income
do
255
443
433
Net income (after taxes) ©
do
1223
1359
1260
'Revised.
p Preliminary.
i Before extraordinary and prior period items. 2 Annual
total; quarterly revisions not available. s Beginning Jan. 1978, data are for total unlinked
passenger trips; revenue passenger data no longer available.
9 Includes data not shown
separately.
1[Applies to passengers, baggage, cargo, and mail carried.
§ Passengermiles 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. *New Series. Source: ICC (no comparable
data prior to 1972).
19.03
60.2
2,515
188.5
186.2
197.1
5,414
5,902
5,711
91
5,268
91
5,577
5,590
187.9
246
73
i 236
148
d"Indexes are comparable for the identical quarter of each year (and from year to year)
AEffective 1976, defined as those with annual revenues of $50 million or m o r e , r ? s t r e j l } *'
data reflect changes.
e N a t l . Railroad Pass. Corp. (Amtrak) operations Cnot inchided in
A A R data above), 1975 and 1976 (mil. $): Oper. revenues, 235; 287; n , e ^ s s ' f 3 ^ ' ^ ^ s t i '
• Domestic t r u n k operations only (domestic t r u n k s average about 90% of total domestic
operations).
» See note 1 for p . S-22.
t Effective Mar. 1977 SURVEY, revised back to
c
1957 to new trading day and seas. adj. factors.
Corrected.
August 1979
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1979
1978
June
Annual
S-25
July
Aug.
Oct.
Sept.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION-Continued
Class I RailroadsA—Continued
Traffic:
Ton-miles of freight (net), total, qtrly
bil..
Revenue ton-miles, qtrly. (AAR)
do
Revenue per ton-mile
cents..
Price index for railroad freight
1969«= 100..
Passengers (revenue) carried 1 mile
mil..
P62.6
826.3
2.289
199.1
10,295
858.1
2.376
213.1
10,223
139
34.96
65
24.65
70
157
38.83
68
28.45
72
8,201
8,198
6,492
5,364
3,107
69,980
mil. $.
do...
do...
.do...
do...
mil.
2*5.8
203.4
2.344
208.2
4,921
207.6
227.1
2.407
231.1
5,302
H232.0
232.1
232.9
154
39.30
66
29.90
68
155
38.02
50
29.71
54
129
44.19
61
29.69
66
152
43.36
70
31.31
179
42.14
74
31.42
75
740
624
640
539
178
5,264
612
593
581
517
168
2,732
584
714
664
548
156
1,921
683
678
672
555
221
1,574
607
599
532
378
234
1,695
747
752
671
488
338
2,541
3,942
1,765
1,573
2,527
718
148.9
3,959
1,739
1,634
2,574
708
149.5
3,967
1,765
1,588
3,413
662
149.6
3,953
1,744
1,607
8,687
654
150.4
4,046
1, 772
1,682
2,608
-•752
150.1
• 3,956
1,767
• 3, 235
•2,538
••732
• 150. 6
4,153
1,802
1,738
2,390
725
151.2
50.4
39.1
8.8
47.9
37.9
7.5
51.1
53.9
5.9
49.7
41.0
6.1
49.5
41.8
3.9
49.9
42.8
4.5
49.9
40.0
39.3
26.0
11.6
38.0
25.3
11.0
39.9
31.7
12.1
39.6
26.8
11.0
39.3
41.4
27.2
12.5
210.5
215.2
215.7
215.8"
215.8
216.3
169
39.14
72
28.91
174
36.77
66
29.28
78
163
38.39
69
29.67
82
160
38.20
70
29.00
75
167
42.06
77
28.99
76
8,903
8,883
7,861
6,325
3,234
62,910
785
917
686
522
380
8,232
1,024
858
925
545
308
12,047
1,077
901
948
844
290
11,037
742
910
741
698
196
6,375
40,754
18,667
16,313
26,120
7,298
149.9
45,905
20,462
18,630
36,314
8,191
150.4
3,828
1,694
1,560
2,424
702
147.2
3,783
1,680
1,526
2,356
712
147.5
3,924
1,725
1,636
2,532
703
146.6
mil. $
do..
do..
554.8
439.6
86.9
576.4
470.0
85.6
48.1
37.5
8.5
46.8
37.0
7.2
do_.
do._
do..
396.9
279.4
108.4
454.8
313.5
123.3
39.2
25.4
11.0
36.7
24.8
9.6
233.2
233.3
760
785
798
607
356
3,523
772
851
773
622
386
4,806
236.8
2 66.1
235.9
239.4
347
P302
Travel
Hotels and motor-hotels:
Restaurant sales index
same month 1967=100..
Hotels: Average room saleif
...dollars..
Rooms occupied
% of total..
Motor-hotels: Average room saleU
dollars..
Rooms occupied...
% of totalForeign travel:
U.S. citizens: Arrivals©
thous.
DeparturesO
do
Aliens: Arrivals©
do
Departures©
do
Passports issued
do
National parks, visits§
do...
COMMUNICATION
Telephone carriers:
Operating revenuesQ
Station revenues
Tolls, message..
Operating expenses (excluding taxes)
Net operating income (after taxes)
Phones in service, end of period
Telegraph carriers:
Domestic:
Operating revenues
Operating expenses
Net operating revenues (before taxes)
Overseas, total :cf
Operating revenues
Operating expenses
Net operating revenues (before taxes)
31.5
6.3
7.1
53.1
42.1
8.2
52.5
42.2
7.4
37.2
24.7
10.8
42.5
26.7
13.9
39.1
24.8
11.8
92
865
218
33
91
899
231
37
101
965
235
40
'102
1,019
'243
41
110
1,032
236
39
)
889
63
926
59
978
57
95
1,046
71
••93
1,046
69
98
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AI2O3H
thous. sh. tons..
Chlorine gas (100% CbU
do.._.
Hydrochlorie acid (100% I1C1)J
do
Phosphorus, elemental X
.do
Sodium carbonate (soda ash), synthetic (58%
NajO)t
thous. sh. tons_.
Sodium hydroxide (100^ NaOH)l
do
Sodium silicate, anhydroust
do
Sodium snlfate, anhydrouft
do
Sodium try poly phosphate (100% NaBP30io)I
do
Titanium dioxide (composite and pure)! do
Sulfur, native (Frasch) and recovered:
Production..
thous. Ig. tons..
Stocks (producers') end of period
...do
1,255
10,573
' 2,721
431
1,184
10,959
2,751
441
1,812
10,933
760
1,199
10,746
803
1,235
717
687
735
720
59
58
63
9,389
5,409
1 9,557
5,261
811
5,437
810
5,519
()
921
228
()
951
237
39
<)
941
62
97
115
925
210
33
()
92
919
226
101
950
232
()
()
96
971
233
()
91
986
240
38
()
885
63
97
918
73
107
937
73
103
1,001
70
91
63
60
60
63
66
60
66
65
58
60
57
59
52
64
61
62
65
61
61
795
5,498
776
5,472
786
5,386
790
5,245
838
5,260
785
5,127
716
5,009
806
4,783
782
4,616
'856
4,439
16,951
1,329
thous. sh. tons.. 17,576
1,424
1,374
7,177
7,216
537
563
Ammonium nitrate, original solution!
do.
512
182
2,182
164
Ammonium sulfotet
do.
8 1,797
172
627
025
7,951
Nitricacid noo%FNOs)t
do
8,058
604
210
2,468
"176
Nitrogen solutions (lQCf, N)J
do. .
8 2,323
191
708
803
8,958
Phosphoric acid O00<£ P8O6)J . .
do
9,563
732
3,350
3,250
Sulfuricaoid (100^ F 2 SO 4 )t
. . . d o . . . . 35,821
3,107
Superphosphate and other phosphatic fertilizers
(100% P 8 O 8 ):
614
7,341
Production
thous. sh. tons..
569
6,699
573
395
500
Stocks, end of period...
do
494
573
461
7
598
6,833
557
Potash, deliveries (KjO)e
do
417
6,309
2,293
Exports, total 9
do.
2,651
23,108 « 20,247
2,596
148
Nitrogenous materials
do.
< 2,622
406
1,109
364
Phosphate materials
do.
10,741 «10,741
1,496
1,368
1,431
Potash materials
do.
M.827
205
1,650
210
237
Imports:
Ammonium nitrate
do.
361
22
404
13
37
Ammonium sulfate
do.
3
11
327
37
326
Potassium chloride
do.
735
682
849
8,229
8,390
Sodium nitrate
do.
0
15
157
5
142
r
Revised.
v Preliminary.
'Annual total: monthly revisions are not available.
3
4
For month shown.
3 Effective Jan. 1979, data are no longer reported separately.
Because of an overall revision to the export commodity classification system effective
Jan. 1,
5
1978, data may not be strictly comparable with those for earlier periods.
Less than 500
short tons.
• Data are being withheld to avoid disclosing figures from individual companies.
7 g e e «®» n o t e > this page.
«Annual
total for monthly data where available;
9
not comparable with earlier periods.
Represents solutions containing ammonia and
ammonium nitrate/urea solutions; not comparable with data for other periods.
»o Beginning Jan. 1979, data include chemically-treated fertilizer and sodium nitrate containing over
16.3% nitrogen by weight; not strictly comparable with data shown for earlier periods.
11
Beginning Jan. 1979, data are based on a new sample of freight shipments for 1976. The
new indexes have been linked to the old indexes to maintain comparability.
1,296
523
153
603
»168
796
3,337
1,425
649
155
733
»200
853
3,476
1,422
610
(•)
681
U68
825
3,459
1,530
650
154
725
»109
893
3,503
1,349
638
(•)
683
171
758
3,311
1,249
573
(•)
647
9 144
780
3,289
1,550
702
189
772
212
895
3,610
1,571
713
174
781
208
864
3,604
1,572
675
181
739
242
859
3,530
619
379
487
2,690
354
1,571
651
359
620
1,985
290
1,347
122
599
425
549
1,781
170
1,241
599
659
488
500
554
532
2,493 '01,975
'0 212
176
1,048
1,599
195
242
594
435
407
2,008
216
1,179
107
673
360
715
3,864
466
1,940
106
668
359
813
2,429
291
1,162
73
647
415
591
1,618
212
874
67
r 555
4,437
280
1,655
186
14
11
619
16
21
18
654
15
23
34
648
11
18
24
643
16
17
17
428
18
31
30
779
7
48
70
757
10
37
14
992
11
12
6
774
12
899
67
104
906
64
102
4,351
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous}
18
21
716
0
A See corresponding note, p. S-24.
If Average daily rent per occupied room, not scheduled rates.
9 Includes data not shown separately.
0 Beginning Jan. 1977, data exclude
potassium magnesium sulfate, not strictly comparable with those shown for earlier-periods.
©Effective 1976, data are compiled by U.S. Dept. of Transportation from I N S records
and refer to air travel; travel by sea is omitted (for 1973-75, average annual arrivals and departures by sea are as follows—units and order as above: 814; 784; 159; 129).
.
§ Effective Jan. 1976. data include visits to Voyageurs National Park (no count of visits for
earlier periods is available); data for Mar.-Julv 1976 are restated to delete visits to Pjatt National Park which was reclassified as a national recreation area, and beginning Jan. 1979, data
include visits to Bad Land and Theo. Roosevelt National Parks (formerly classified as recreational areas).
<? Includes data for Western Union Int. Cable & Wireless.
t Monthly revisions back to 1971 are available upon request.
August 1979
Y OF CUKRENT BUSINESS
S-26
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1978
1978
June
Annual
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Industrial Gases*
Production:
5,262
Acetylene
mil. cu. ft.. 5,972
Carbon dioxide, liquid, gas, and solid
2,286
thous. sh. tons.. 2,256
Hydrogen (high and low purity)
mil. cu. ft.. 84,459 90,248
331,545 389,322
Nitrogen (high and low purity)
.do
392,984 428,014
Oxygen (high and low purity)
do
475
449
402
448
415
204
7,186
32,273
36,298
205
7,394
31,879
36,295
210
7,510
34,001
37,554
205
7,762
32,653
36,904
206
7,906
34,627
38,016
3.0
13.9
22.5
549.1
21.8
77.3
93.4
2.5
10.1
19.8
535.8
20.0
83.3
87.2
2.5
11.6
20.4
522.8
29.4
79.8
80.1
2.5
12.9
17.9
546.6
26.4
87.9
79.6
2.5
11.8
20.8
585.0
28.3
73.2
73.9
2.9
12.8
21.7
531.3
24.7
60.9
76.5
42.5
25.4
5.9
85.8
45.4
36.6
7.7
88.4
50.5
30.3
7.4
40.3
40.3
8.2
76.8
455
428
364
400
180
193
7/929 8,509
33,165 31,521
37,605 37,421
167
7,395
35,509
34,291
157
7,176
31,562
225
8,279
35,318
38,432
215
8,675
32,898
37,594
2.8
12.5
20.8
548.1
21.9
90.0
94.6
2.8
10.9
15.4
496.2
21.4
71.0
80.0
2.5
10.8
24.4
484.0
24.2
87.0
76.5
3.0
13.9
24.0
582.9
29.2
72.2
100.6
2.7
12.7
22.3
580.8
26.8
100.2
94.9
38.0
38.6
7.4
64.6
40.7
37.1
11.6
71.2
42.8
36.6
6.7
66.7
41.3
35.0
5.8
62.2
49.3
39.5
7.5
59.2
47.3
36.2
6.2
63.6
20.1
20.5
2.7
21.3
21.6
2.3
19.0
18.7
2.7
19.1
21.1
2.7
20.1
19.8
3.1
138.8
961.2
244.3
481.5
493.5
149.9
896.4
282.2
504.6
470.9
143.4
148.4
156.6
157.6
166.9
922.6 1,042.4 1,089.4 1,109.7 1,077.6
267.5
319.6
307.5
307.7
311.7
467.6
533.5
575.7 538.8
537.6
473.5
548.2
568.6
531.2
589.6
476.1
484.0
Organic Chemicals c*
Production:
Acetylsalicylic acid (aspirin)
Creosote oil
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades
Methanol, synthetic
Phthalic anhydride
mil. lb._
mil. gal..
mil. lb__
do....
-do
mil. gal..
mil. lb._
32.2
i161.2 i 143.2
1217.8 1226.7
6,046.5 '6,433.2
286.0
290.5
1971.8 i 957.8
1926.0 1993.4
2.9
13.8
25.1
564.6
25.8
99.0
102.3
2.4
14.3
21.6
561.6
20.7
99.0
102.0
ALCOHOL*
Ethyl alcohol and spirits:
Production
mil. tax gal..
Used for denaturation
do
Taxable withdrawals.
do
Stocks, end of period
do
Denatured alcohol:
Production
mil. wine gal..
Consumption (withdrawals)
do—
Stocks, end of period.
do
PLASTICS AND RESIN MATERIALS
498.3
405.4
81.0
71.4
506.9
420.5
71.2
48.7
37.5
7.5
76.2
223.8
224.6
2.6
227.7
228.8
2.7
20.3
20.2
3.0
17.0
17.0
3.1
19.9
19.9
3.0
16.9
17,4
2.6
21.7
2.9
16.6
17.2
.2.9
Production:
Phenolic resins.mil. lb.. ' 1,797.1
U0,100.1
Polyethylene and copolymers
do
i 2,705.8
Polypropylene
do
i 5,203.0
Polystyrene and copolymers
do
i 5,267.3
Poly vinyl chloride and copolymers
do
MISCELLANEOUS PRODUCTS
1,764.2
Ul,083.4
i 2,960.1
' 5,579. 8
5,653.8
143.5
900.8
232.2
483.4
480.6
128.8
937.1
232.0
450. 5
458.1
142.7
960.4
260.5
427.5
151.8
962.2
257.3
473.4
459.1
169.5
967.0
246.8
477.8
500.3
151.7
937.5
268.2
434.8
479.7
2.675.1
2,821.1
809.5
5,307.5
2,763.3
2.544.2
6,008.1
3,183.1
2,825.0
586.2
324.7
261.5
518.4
296.1
222.2
589.0
336.9
252.1
516.6
268.4
248.2
470.2
238.6
231.6
Explosives (industrial), shipments, quarterly
mil. lb..
Paints, varnish, and lacquer, factory shipments:
Total shipments©
mil. $..
Trade products©
.do
Industrial
finishes©
do
90.2
96.8
21.4
786.7
536.0
292.7
243.3
790.4
404.3
200.5
203.8
795.2
628.1
622.0
574.1
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr.
Electric utilities, total
do... P2,124,078 *2,203,891 187,408 202,595 205,637 185,597 175,621 176,295 191,703 209,525 186,324 182,971 169,514 178,151
162;
By fuels
.do... 1,903,643 1,922,953 '62,166
178,037 183,505 164,338 155,957 156,292 169,600 184,430 164,982 156,958 144,127 149,108
By waterpower
do... 220,435 280,938 25,242 24,558 22,132 21,259 19,664 20,003 22,103 25,094 21,342 26,013 25,388 29,043
Industrial establishments, total
do.
By fuels
do.
By waterpower
do.
Sales to ultimate customers, total (Edison Electric
Institute)
mil. kw.-hr.. 1,950,791 2,017,818 165,403 176,403 181,386 108,454 167,770 160,614 170,554 182,796 181,251 174,298 164,615
Commercial and industrial:
Small light and power§
_.
do
469,227 480,748 40,365 44,071 44,918 44,206 40,144 37,700 39,207 41,615 41,478 40,065 37,970
Large light and powerf..
_
do
757,168 782,141 67,449 65,894 67,819 68,998 68,723 67,247 66,025 66,261 65,810 67,475 67,849
Railways and railroads.
Residential or domestic
Street and highway lighting.
Other public authorities
Interdepartmental
...do
do
do
do
do
344
62,366
342
60,883
343
52,656
370
49,440
397
57,458
403
68,345
364
67,625
1,168
4,173
1,218
4,201
605
1,285
4,009
609
1,330
3,913
614
1,401
5,456
610
1,359
4,177
637
1,262
4,153
559
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $.. 62,610.0 69,852.9 5,802.3 6,318. 6 6,510.8
GAS
6,420. 2
Total utility gas, quarterly
(American Gas Association):
Customers, end of period, total
Residential
Commercial
Industrial
Otherr
Sales to customers, total
Residential
Commercial
Industrial
Other
_
4,212
652,345
4,336
679,156
353
51,533
14,418
46,242
7,179
14,803
49,509
1,101
4,005
thous.. 45,725
do
42,108
do
3,400
do
3 175
do
2 42
tril. B t u . .
do.
do.
do.
do.
14,341
4,946
2,409
3 6,711
2 274
7,125
597
335
60, 266
1,129
4,103
606
345
52,745
1,192
3,778
735
5,918. 6 5,552.0 5,828.2 6,339.5 6,335.9 6,179. 8 5,907.1
46,269
45,580
45,355
46,269
46,668
42,623
3,430
174
42
41,984
3,373
172
51
41,816
3,332
169
38
42,623
3,430
174
42
42,911
521
181
55
14,726
3,180
2,551
3,683
5,524
5,083
2,476
6.858
309
960
492
1,662
66
429
306
1,758
59
1,254
612
1,747
70
1,897
119
5,503
8,416
13,023
1,332
713
3,374
85
3,323
1,456
3,525
111
6,366
2,619
3,865
172
Revenue from sales to customers, total mil. $.. 28,303 31,945 6,861
Residential...
do.... 11,541 12,857 2,517
Commercial
.do
1,118
4,980
5,617
Industrial
do
3,128
a 11,385
13,046
Other
do
97
3 397
425
r
Revised.
p Preliminary.
1 Reported annual total; revisions are not distributed to
the monthly data. 2 Beginning 1976, Industrial includes electric generation, prior to 1976,
electric generation was included with other.
O Monthly revisions for Oct. 1976-Feb. 1978
will be shown later.
§ Data are not wholly comparable on a year to year basis because of
376
60,498
1,245
3,916
723
changes from one classification to another.
d" Data are reported on the basis of 100 percent
content of the specified material unless otherwise indicated.
t Monthly revisions back to
1973 are available upon request.
August 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS S T A T I S T I C S
JSUJ
: OF (JUJK KEN r BL
1978
1978
1977
June
Annual
S-27
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES 9
Beer:
Production
mil. bbl. 170.51 179.09 16.88
156.92 ' 162.15
Taxable withdrawals.
do
15.82
12.42
13.76
Stocks, end of period
do
14.57
Distilled spirits (total):
Production..mil. tax gal. 159.31 166.51 14.95
Consumption, apparent, for beverage purposes
mil. wine gal. ' 432.56 7 445.02 38.75
Taxable withdrawals
—mil. tax gal. 221.12 237.70 20.61
Stocks, end of period...
do._. 706.68 662.51 683.36
Imports.
mil. proof gal. 112.94 128.60 10.94
Whisky:
79.12
6.80
80.60
Production
mil. tax gal.
Taxable withdrawalsdo... 128.63 133.95 11.37
Stocks, end of period.
do... 649.00 600.62 624.89
101.89
Imports.
mil. proof gal.
8.70
91.15
Rectified spirits and wines, production, total
mil. proof gal.
Whisky.
do...
Wines and distilling materials:
Effervescent wines:
Production
mil. wine gal.
Taxable withdrawals
do...
Stocks, end of period.
...do...
Imports
do...
Still wines:
Production
.do...
Taxable withdrawals..
do...
Stocks, end of period
do...
Imports
do...
Distilling materials produced at wineries...do...
16.74
15.29
19.81
17.61
16.28
14.33
14.62
13.72
14.01
14.01
12.99
13.71
12.71
12.04
13.50
12.87
11.57
13.76
13.83
12.32
14.00
13.57
12.01
14.06
16.89
15.01
14.44
16.34
14.96
14.98
16.97
15.00
14.74
7.63
13.20
14.61
18.78
18.09
15.40
15.08
14.31
18.04
17.11
32.06
15.63
678.12
34.23
20.18
669.16
10.94
37.35
25.42
665.18
14.83
44.52
22.42
663.28
14.13
52.92
17.61
662.51
11.28
32.02
18.26
661.03
9.08
35.77
21.30
672.34
9.90
30.30
13.69
661. 64
8.12
37.41
19.66
662. 41
9.02
34.44
17.72
665.06
9.70
9.70
8.46
3.09
8.68
619.70
6.99
6.06
11.39
614.91
8.08
7.36
12.00
610.95
8.46
8.39
15.12
605.23
12.14
9.21
12.99
601.20
11.55
7.94
8.77
600.62
8.83
8.44
10.09
598.69
6.36
8.85
7.52
599.88
5.07
11.06
10.66
600.72
6.91
10.98
9.18
603.01
7.51
7.61
6.28
110.52
41.48
111.39
39.71
9.79
7.46
3.03
10.25
3.48
9.77
3.40
10.49
4.49
9.60
3.42
8.06
2.60
8.34
2.58
7.12
2.20
8.91
2.84
7.74
2.43
22.86
21.35
8.56
2.93
23.04
20.60
8.25
4.31
1.24
.83
10.22
.40
1.92
1.13
10.97
.28
2.55
1.76
11.58
.30
2.06
1.90
11.43
.40
2.73
3.27
8.51
.44
2.59
3.25
12.56
.64
1.52
2.50
8.25
.47
1.93
1.12
8.19
1.66
.85
9.95
.18
1.80
1.52
10.33
.34
1.91
1.30
11.65
.35
2.49
1.55
11.56
.32
.32
409.75
310.41
505.49
65.79
420.13
2.53
23.32
320.44
8.18
32.67
25.43
332.30
8.06
140.20
431.50
7.68
151.16
29.10
553.44
8.05
41.16
31.17
555.80
8.38
22.29
27.77
527.07
7.90
6.40
26.44
484.25
7.11
7.01
'318.97
527.07
89.77
4.51
26.34
355.00
8.64
458.12
4.50
6.13
32.84
465.05
7.44
4.09
27.42
438. 76
6.95
6.08
26.70
397.16
6.66
8.16
276.55
244.23
3.56
1.46
32.17
97.78
67.42
16.13
9.47
6.70
4.74
4.20
6.66
7.99
1,085.6
184.9
1.015
994.3
206.9
1.141
85.1
282.0
1.093
71.4
297.7
1.117
63.2
284.6
1.207
64.0
266.7
1.220
70.6
251.8
1.219
66.5
228.9
1.260
77.7
206.9
1.258
97.4
208.6
1.150
86.6
214.7
1.150
209.5
1.195
92.4
216.5
1.239
98.6
239.1
1.245
84.7
260. 1
1.246
3,358.5
2,043.1
3,519.3
2,074.2
331.9
208.0
293.6
179.6
286.5
165.6
265.0
146.4
279.3
156.7
279.7
151.4
301.4
170.3
288.9
173.8
276.0
166.0
323.0
185.3
317.7
192.0
339.7
210.6
344.7
210.9
468.6
404.7
209.4
436.4
357.9
242.2
500.2
423.4
13.0
498.5
423.0
16.4
489.7
416.8
22.7
476.6
397.2
19.3
455.2
379. 6
22.0
431.0
357.0
30.7
436.4
357.9
45.6
436.8
361.6
12.8
446.2
367.8
6.5
439.9
363.0
10.8
452.9
377.2
15.0
495.3
519. 9
416.6 r 431. 9
15.5
21.7
550.0
459.1
1.187
1.301
1.259
1.260
1.321
1.340
1.394
1.400
1.410
1.410
1.350
1.356
1.374
1.376
1.409
80.2
26.29
23. 94
DAIRY PRODUCTS
Butter, creamery:
Production (factory)l
mil. 1b.
Stocks, cold storage, end of period
do...
Price, wholesale, 92-score (N.Y.)
$ per lb.
Cheese:
Production (factory), total!
mil. lb.
American, whole milk!
.-.do...
Stocks, cold storage, end of period
.do
American, whole milk
do
Imports.do
Price, wholesale, American, single daisies (Chicago)
$ per lb..
Condensed and evaporated milk:
Production, case goods!
.—mil. lb..
Stocks, manufacturers', case goods, end of month
or year
.mil. lb..
Exports:
Condensed (sweetened)
do
Evaporated (unsweetened)
do
Fluid milk:
Production on farms!
do
Utilization in mfd. dairy products!--do
Price, wholesale, U.S. average!$ per 100 lb..
Dry milk:
Production:
Dry whole milk!-.mil. lb_.
Nonfat dry milk (human food)!
do
Stocks, manufacturers', end of period:
Dry whole milk
do
Nonfat dry milk (human food)!
do
Exports:
Dry whole milk
do
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
milk (human food)!
$ per lb..
818.9
787.9
81.3
74.3
69.0
59.0
60.7
53.5
60.6
58.0
56.8
63.0
72.0
80.6
75.2
70.3
101.4
120.2
134.4
136.0
113.8
84.4
70.3
66.0
56.4
49.6
68.3
90.3
117.1
4.1
28.8
«e 37.0
3.2
2.3
2.1
2.4
4.2
2.7
2.4
3.1
3.1
5.0
4.4
4.3
2.8
10,534 10,213
5,586 '5,314
10.10
10.50
9,733
4,769
10.90
9,832
•4,807
11.30
9,364
•4,512
11.60
9,788
• 4,838
11.80
10,035
5,285
11.90
9,379
5,016
11.90
10, 555
5,748
11.80
10,609
5,837
11.60
11,175
6,373
11.50
10,982
6,290
11.50
5.9
55.8
4.4
40.1
7.2
55.1
5.8
54.9
8.0
76.1
9.3
87.8
8.3
104.8
7.6
112.2
4.9
37.0
4.6
40.8
4.3
51.2
5.8
84.4
7.1
• 110.1
8.6
127.7
122,698
' 66,062
9.72
121,928 10,851
64,748 '6,306
10.60
10.00
r
r
69.4
1,106.6
74.6
920.4
7.2
114.9
6.1
97.2
5.7
75.7
4.7
57.5
5.0
48.1
5.1
42.7
6.0
60.7
4.4
40.1
9.5
95.0
9.4
94.9
9.3
73.9
7.4
63.6
5.3
52.2
3.7
12.9
31.5
15.1
11.4
8.7
10.0
4.0
3.1
1.4
3.0
12.9
13.0
5.3
.710
.713
.715
.724
.732
.747
.765
.764
.766
.772
.788
.794
.795
23.8
38.8
> 6122.8
.714
252.4
1.271
10,705
11.60
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat)...mil. bu.. 2,586.1 «3,311.2 334.4 288.3 327.6 303.8 260.8 248.7 252.1 202.4 194.7 248.3 266.8 283.5 338.8
Barley:
9
356.5
3 420.2 3 447.0
Production (crop estimate)A
do
2
< 228.0
-294.5
468.3
329.2
388.0
388.0
Stocks (domestic), end of period
do
"148.8
196.7
338.7
218.9
273.8
273.8
On farms
...do
2 * 79.1
97.8
129.6
110.3
114.2
114.2
Off farms
...do
1.1
2.3
.3
.1
.7
4.3
5.0
3.2
1.0
5.2
31.3
.5
72.8
Exports, including malt §
do
4.4
Prices, wholesale (Minneapolis):
2.62
2.65
2.52
2.43
2.29
2.23
2.67
2.26
2.32
2.35
2.12
2.48
2.45
2.14
2.18
2.30
No. 2, malting
$ per bu
2.63
2.65
2.44
2.50
2.28
2.28
2.29
2.69
2.34
2.10
2.11
2.27
2.44
2.37
2.29
2.64
No. 3, straight
do
Corn:
Production (crop estimate, grain only)Amil. bu.. 3 6,425.5 3 7,081.8
7,108.9
23,230.5
4,420.7
Stocks (domestic), end of period, total
do
* 1,104.0
5,503.0 6,198. 9
6,198.9
22,262.0
3,098.2
On farms...
do
«659.3
3,824.3 4,517.5
4,517.5
2 968.5
1,322.5
Off farms
do
<444.7
1,678.7 1,681.5
1,681.5
198.5
229.9
169.6
Exports, including meal and
flour
do
176.4
124.6
187.5
1,596.2 1,975. 2 214.3
159.1
130.1
171.3
180.3
139.5
153.9
Price, wholesale:
Weighted avg., selected markets, all grades
= 2.72
2.74
2.46
2.58
2.24
2.23
$perbu_.
2.52
2.47
2.27
2.34
2.48
2.22
2.39
2.31
2.15
2.90
Oats:
Production (crop estimate)A
mil. bu.. 3 750.9 3 601.5
9 531.0
2*288.8
393.5
Stocks (domestic), end of period, total
do
665.7
563.7
565.0
563.7
2 4 238. 0
329.2
On farms
do
550.7
483.2
482.3
483.2
2 * 50. 8
64.3
Off farms
........
Ao....
115.0
80.6
82.7
80.6
.5
.3
Exports, including oatmeal
.do .
.6
1.4
.2
.3
1.7
.3
.6
1.8
5.4
11.2
15.2
Price, wholesale, No. 2, white (Minneapolis)
1.60
1.63
1.59
1.48
1.47
1.54
1.37
1.38
1.47
1.44
1.56
$ per bu..
1.36
1.27
1.25
1.34
1.37
6
"total dry milk, whole and nonfat."
See corresponding note for p. S-29. 7 Reported
' Revised.
p Preliminary.
i Includes Hawaii, not available on a monthly basis;
annual total, including Hawaii; monthly data are preliminary and subject to revision.
monthly revisions for 1976 will be shown later.
2 stocks as of June 1. s Crop estimate for
8
the year.
* Previous year's crop; new crop not reported until Oct. for corn and June for
Less than 50 thousand bushels. e Aug. 1 estimate for 1979 crop.
barley and oats (beginning of new crop year). * Beginning Jan. 1978, data for condensed
§ Excludes pearl barley.
,
,. , . , ,
and evaporated milk are reported under the single heading "total milk and cream, con• Corrected.
9 Scattered monthly revisions back to 1973 are available.
! Revised monthly
data back
densed and evaporated"; data for dry whole milk and nonfat dry milk are under the heading
to 1973 are available.
A Revised crop estimates for 1970-74 are available.
SURVEY OF iCURRENT1 BUSINESS
S-28
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1979
1978
1978
June
Annual
August 1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
i
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS—Con.
Rice:
Production (crop estimate)A
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, No. 2, medium grain (Southwest Louisiana)..
$perlb..
Rye:
Production (crop estimate)A--mil. bu..
Stocks (domestic), end of period
do
Price, wholesale, No. 2 (Minneapolis)..$ per bu..
Wheat:
Production (crop estimate), totalA
Spring wheat A
Winter wheat A
_
_
Distribution, quarterly cf
Stocks (domestic), end of period, total
On farms...
Off farms.
_
1
136.7
»99.2
'U33.8
2,215
1,460
1,675
989
179
140
214
304
9,557
6,217
330
151
213
191
193
123
141
104
106
131
222
171
79
122
187
139
144
141
80
822
562
607
509
482
511
563
553
539
599
351
617
198
473
2,488
3,365
1,624
1,977
1,740
1,340
1,001
361
416
484
.140
.140
.140
2.49
12.6
2.32
55
103
61
72
109
240
58
79
72
275
126
124
162
239
229
237
185
277
253
304
8,824
6,130
109
434
110
385
1,005
500
3,062
599
1,708
654
884
620
2,629
2,488
952
4,995
4,972
694
.152
7.177
U7.3
9.3
2.39
i 26.2
16.3
2.64
842
2,184
2,604
2,496
347
325
545
467
371
.185
.175
.145
.145
.145
.148
2.19
24.0
2.37
2.48
16.3
2.52
531
334
.165
.165
.165
2.39
3*9.6
2.44
2.59
.165
8 23.7
2.96
2.39
2.32
2.38
2.86
mil. bu..
...do
do
do
i 1,537
1,827
U,799
1550
11,248
2,162
do.
do.
do.
1,993.8
831.3
1,162.5
1,631.8
815.4
816.4
905.8
863.9
«1,289.4
1,243.5
115.1
108.8
110.0
106.1
136.9
131.9
122.8
118.3
116.5
113.0
93.1
92.3
91.2
90.0
71.3
70.4
67.1
78.3
75.5
78.7
77.0
83.1
76.8
106.2
102.2
2.80
2.62
3.24
3.24
3.27
3.20
3.18
3.20
3.18
3.12
3.30
3.27
3.39
3.44
3.52
3.50
3.16
3.46
3.32
3.41
3.47
3.52
3.50
3.56
3.54
3.58
3.85
3.62
4.46
4.12
4.55
4.46
2.88
3.33
3.34
3.22
3.31
3.34
3.51
3.55
3.40
3.30
3.55
3.59
3.54
3.76
4.24
4.52
275,784
4,878
618,125
277,844
4,855
621,276
23,051
402
51,544
22,335
384
49,749
25,053
438
56,062
22,395
400
50,506
24,843
436
55,348
23,738
416
52,934
21,942
381
48,893
22,817
404
50,886
21,542
374
48,163
23,454
401
52,454
22,291
382
50,205
24,565
422
54,886
4,160
17,994
3,214
«19,711
3,459
2,694
1,674
2,145
3,342
1,963
1,505
357
3,214
486
382
1,165
3,477
1,163
752
2,689
1,727
7.160
6.246
8.012
7.467
8.100
7.225
8.250
7.600
7.938
7.575
7.825
7.550
7.900
7.600
8.400
7.925
8.138
7.788
7.813
7.550
8.038
7.775
8.313
8.175
8.300
8.125
9.013
8.800
9.288
9.075
4,696
38,717
3,620
36,948
271
3,052
261
2,869
304
3,247
275
3,027
287
3,180
274
3,029
267
2,834
265
3,090
245
2,670
200
2,366
188
2,622
162
2,554
40.38
38.74
48.19
52.34
56.16
69.24
55.38
57.42
73.28
54.59
58.67
75.72
52.40
58.22
81.66
54.26
60.23
83.25
54.93
62.06
81.82
53.82
60.75
78.60
55.54
64.19
78.00
60.35
69.95
80.73
212
2,559
64.88
75.61
91.48
71.04
82.55
97.50
75.00
86.83
104.56
73.99
82.20
110.35
68.53
75.00
94.25
74,018
74,139
5,778
5,402
6,227
6,203
6,576
6,737
6,101
6,393
5,693
7,113
6,962
7,284
6,678
41.12
48.67
48.19
46.94
48.83
50.34
52.58
48.68
49.73
52.11
54.93
49.66
45.29
43.77
39.98
38.58
19.8
22.4
20.9
21.0
23.9
24.2
25.8
23.4
23.0
24.0
24.2
22.3
19.5
18.6
'15.9
13.9
Exports, total, including
flour..
do..
Wheat only.
do.
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$per bu..
No. 2, hd. and dk. hd. winter (Kans. City).do...
Weighted avg., selected markets, all grades
$ per bu..
Wheat flour:
Production:
Flour*.
thous. sacks (100 lb.)..
Offalt
..thoift. sh. tons..
Grindings of wheatt
thous. bu..
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_-_.
2,036
1499
3
2 351
2,133
"530
1,603
839
2,137.0
1,032.9
1,104.2
506
••407
1,631.8
815.4
816.4
1,224.9
628.7
596.2
2 304
3 < 921.6
* 484.2
* 437.3
10.638
10.388
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals
Cattle—.
do...
Prices, wholesale:
Beef steers (Omaha)
$ per 100 lb.
Steers, stocker and feeder (Kansas City).-do
Calves, vealers (So. St. Paul)f
..do...
Hogs:
Slaughter (federally inspected)..-thous. animals..
Prices:
Wholesale, average, all weights (Sioux City)0
$ per 1001b..
Hog- corn price ratio (bu. of corn equal in value
to 100 lb. live hog)
Sheep and lambs:
Slaughter (federally inspected)..-thous. animals..
Price, wholesale, lambs, average (Omaha)
$ per 1001b..
MEATS
Total meats (excluding lard):
Production, totalt
mil. lb..
Stocks, cold storage, end of period O
do
Exports (meat and meat preparations)
do
Imports (meat and meat preparations)
do
Beef and veal:
Production, totalt
do
Stocks, cold storage, end of period O
do....
Exports..
do....
Imports
.do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 lbs.) (East Coast) If
$perlb.
Lamb and mutton:
Production, totalt
Stocks, cold storage, end of period
..mil. lb.
do...
6,133
5,169
441
406
438
435
457
413
391
354
431
425
421
371
53.38
"63.49
59.50
60.00
59.25
62.50
60.00
59.50
64.00
73.75
71.25
61.25
70.50
70.75
65.00
39,172
5 567
1,315
1,741
38,119
724
U,338
2,072
3,081
721
99
167
2,883
645
93
161
3,274
581
119
137
3,139
598
131
182
:,355
639
124
184
3,345
715
119
201
3,094
724
111
181
3,281
736
102
201
2,758
711
95
184
3,093
763
117
214
2,882
785
99
201
3,133
791
100
190
2,990
'747
124
214
25,780
«327
93
1,377
24,610
414
6 388
1,635
2,009
382
32
133
1,896
346
28
123
2,147
324
35
107
2,019
342
42
151
2,151
356
31
141
2,083
396
32
165
1,941
414
33
145
2,110
440
28
160
1,735
413
31
151
1,816
436
36
171
1,619
422
31
157
1,798
413
22
153
1,756
••396
35
166
.662
••.839
.897
.878
•-.835
.854
.859
.845
.884
.974
8.975
1.046
1.086
1.086
1.036
341
10
300
12
r
J
3
Revised.
' Crop estimate for the year.
See "cf" note, this page.
stocks as of
June 1.
« Previous year's crop; new 6crop not reported until June (beginning7 of new crop
year). « See " O " note, this page.
See corresponding
note on p. S-29.
Ten-month
8
9
average; Feb. and June prices not available.
See note ' T ' for this pa?e.
Aug. 1 estimate for 1979 crop.
9 Bags of 100 lbs.
cf Data are quarterly except for June (covering
Apr. and May) and Sept. (covering June-Sept.).
O Effective April 1977 SURVEY, data
beginning Feb. 1976 are restated to exclude cooler meats; comparable earlier data will be
67.06
72.07
92.39
61.52
678
372
1.008
12
shown later.
t See corresponding note, p. S-29.
0 Effective July 1977 SURVEY, monthly
prices are restated through May 1977 to coincide with published annual averages which are
for "all weights, excluding sows"; comparable monthly data prior to May 1976 will be shown
later.
A Revised crop estimates for 1971-1974 are available.
{Monthly revisions back
to Jan. 1975 will be shown later.
1f Effective Feb. 1979, prices are for Central U.S. (including East Coast); comparability is not aflected.
1
SURVEY OF (JUKIttEJN'l
August 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
j3-29
1979
1978
1978
June
Annual
BUJ!SINE $ $
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
MEATS—Continued
Pork (excluding lard):
Production, totalt
mil. lb
Stocks, cold storage, end of period A
do
Exports
. . . .
do
Imports
do
Prices, wholesale:
Hams, smoked composite
$ perlb..
Fresh loins, 8-14 lb. average (New York)...do..
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
$ perlb..
Eggs:
Production on farms}
mil. cases©
Stocks, cold storage, end of period:
Shell
thous. casesO
Frozen
_.
..
mil. lb.
Price, wholesale, large (delivered; Chicago)
$perdoz__
1,176
207
35
1,236
245
36
1,129
242
26
1,147
225
23
1,001
220
18
1,251
247
23
1,237
278
26
1,309
292
33
1,213
'270
32
23
1,095
178
32
23
36
29
29
31
27
33
33
28
35
.808
1.129
.887
.803
1.102 '1.070
.905
1.147
1.038
' 1.211
1.086
1.124
1.078
1.097
.885
1.254
.880
1.251
".939
1.119
.788
1.114
.752
1.071
.707
1.106
1,127
1,052
1,234
1,119
1,229
1,081
978
1,057
878
1,063
1,066
1,232
1,195
326
416
301
489
373
538
425
346
236
280
175
280
171
259
156
239
136
235
129
263
153
'327
'201
410
271
.255
13,051
8
186
289
13,209
242
6 346
1,047
260
25
964
220
23
1,101
179
31
298
347
26
29
.865
.952
.900
'1.092
11,916
12,553
1
226
.686
1.064
310
168
.237
.260
.310
.305
.260
.265
.245
.245
.250
.265
.280
.290
.285
.285
.260
179.5
186.2
15.2
15.4
15.4
15.2
15.9
15.8
16.5
16.3
14.6
16.3
15.8
16.1
15.5
39
30
38
25
26
27
26
28
48
29
43
29
23
28
35
26
38
25
22
26
18
24
24
21
19
22
27
22
23
23
34
27
.624
.603
.493
.612
.618
.632
.608
.672
.716
.713
.677
.735
.687
.619
.648
.619
Cocoa (cacao) beans:
172.1
Imports (incl. shells)
thous. Ig. tons
Price, wholesale, Accra (New York)
$ per l b . . '0 2.144
209.7
'0 2.500
12.4
2.500
16.1
2.500
14.7
2.500
7.3
2.500
15.9
2.500
18.6
2.500
20.2
2.500
27.3
2.500
14.6
26.7
2.500 '02.500
12.8
1.570
8.8
1.650
13.7
1.720
1.580
1,684
14,233
2,331
16,299
2,202
3,554
do
do. .
per l b . .
mil $
14,808
2,453
18,133
2,679
2 1.484
3,337
1,249
206
1,316
337
1,353
101
1.270
288
1,631
82
1.360
279
2,037
252
1.380
1,619
75
1.480
1,617
173
1.800
207
1,747
333
1.460
258
2.090
mil. l b . .
420
342
'322
'381
280
175
257
153
214
MISCELLANEOUS FOOD PRODUCTS
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagsd*..
Roastincs (irreen weight}
do
Imports, total
From Brazil
Price, wholesale, Santos, No. 4 (N.Y.)..$
Confectionery, manufacturers' sales
Fish:
Stocks, cold storage, end of period}
Sugar (United States):
Deliveries and supply (raw basis) :§
Production and receipts:
Production
thous sh tons
1,901
334
1.540
335
1,689
308
1.530
310
364
408
425
427
426
422
379
343
292
295
'298
2,361
4,301
5,054
4,575
135
48
35
115
658
1,046
963
710
494
317
205
204
11,242
11,207
4,349
10,892
10,841
3,734
1,033
1.029
3,059
905
901
1,020
1,014
2,054
894
888
842
835
111
111
965
960
813
808
894
890
2,324
853
849
3,084
840
840
2,729
1,122
1,109
2,264
3,734
3,927
4,034
3,662
3,644 ' 3, 559 p 3,099
sh. tons..
20,335
6 14,138
613
841
747
1,019
1,020
1,077
1,174
865
464
1,177
1,422
764
1,241
thous. sh. tons..
.
.do .
do
5,130
1,136
7 4,177
7 882
(8)
330
56
607
16
335
54
550
131
400
114
327
66
348
134
343
0
214
0
276
8
339
56
657
47
637
77
M43
.114
.114
».135
.144
.150
.142
.145
.138
.150
.153
.139
.141
.146
.157
.226
Exports, raw and refined
.
422
187
1,337
57
1.540
328
'2,300
'4,681
do
do
do
Deliveries, total
For domestic consumption
Stocks, raw and ref., end of period
Imports:
Raw sugar, total
From the Philippines
Rpflned sucar total
3,059
1,124
56
1.350
337
2,331
4,497
1,651
280
1.460
312
2,131
3,781
Prices (New York):
Raw, wholesale.
Retail (incl N E New Tprsev')
Wholesale (excl. excise tax)
Tea, imports
656
$ perlb..
.109
$ npr 5 lb
$ perlb..
1.118
.169
9
1.211
.204
1.189
.198
.191
.205
.213
.223
.214
.220
.223
.219
.220
.222
.220
.225
thous. l b . . * 203,012 151,751
8,286
13,141
13,788
9,390
12,502
8,877
12,332
14,797
10,568
15,584
13,822
13,556
14,352
(9)
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production}
Stocks, end of period©
mil.lb
do
3,841.1
113.0
4,044.6
106.7
302.2
126.1
293.0
124.2
360.4
107.2
356.0
106.9
381.5
107.9
370.1
110.0
332.2
106.7
334.0
121.3
314.1
128.5
378.7
105.9
335.9 ' 377. 2
122.4
133.2
335.5
138.2
do..
do
4,352.9
105.4
4,849.2
123.0
406.8
123.7
368.8
130.8
410.6
132. 9
389.2
121.6
407.1
106.8
401.3
120.4
389.1
123.0
397.3
117.1
365.6
109.8
428.3
115.3
399.5 ' 484.1
122.0 '138.0
421.9
131.4
Margarine:
2,535.0
Production
do
Stocks, end of period©
do
79.9
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
$ per l b . .
.507
2,519.5
69.5
194.6
68.8
166.0
67.8
200.6
60.3
207.6
66.0
222.2
68.9
220.6
58.9
250.0
69.5
233.1
66.8
214.8
82.1
242.9
67.5
186.8 ' 197.5
77.3 '75.2
198.9
78.3
.529
.552
.552
.525
.522
.521
.533
.528
.523
.523
.535
.551
.546
.542
835.0
847.8
55.1
65.5
63.7
45.4
61.7
62.0
45.1
70.3
70.6
46.3
68.8
74.8
41.8
79.3
77.3
44.4
78.8
72.1
45.0
80.9
64.7
55.1
77.8
67.5
63.4
68.6
68.6
57.6
81.3
73.0
46.2
74.2
64.6
45.3
'82.9
68.6
'44.4
77.5
58.6
47.3
Salad or cooking oils:
Production}..
.
Stocks, end of period©-.
.554
Animal and fish fats:
Production (quantities rendered)
Consumption in end products
Stocks, end of periodH..
mil. l b . .
do
do
769.4
787.9
42 A
Tallow and grease (except wool), inedible:
6,106.4 5,815.9
491.8
442. 5
464.9
Production (quantities rendered)}
do
273.6
263.1
242. 5
Consumption in end products}..
d o . . . 3,180.5 3,219.5
Stocks, end of period^}
do
347.2
346.6
289.3
309.6
346.1
' Revised. *> Preliminary, i Average for July-Dec: beginning July 1977, prices represent
Midwest and Los Angeles and are not comparable with those 4 for earlier periods. » Average for 5 mos. (Aug.-Dec).5
3 See " A " note, this page.
Reflects revisions not distributed to the months.
Beginning Aug. 1978, prices are estimated; not strictly compar6
able with those for earlier periods. Annual average for 1978 represents Aug.-Dec.
Because of an overall revision to the export commodity classification system 7effective Jan. 1,
1978, data may not be strictly comparable with those for earlier periods.
Beginning Jan.
1978, data are for both raw and refined sugar and are not comparable with those for earlier
g
periods.
« Beginning Jan. 1978, data are no longer available; see note 7, this page.
Beginning July 1978, data no longer available. Annual average for 1978 represents Jan.-June.
473.7
486.7
488.5
474.-1 505.9
501.8
449.1 '488.1
503. 6
432.8
253.3
270.1
250.3
286.0
244.8
268.8
259.9 ' 286. 7
255.1
267.7
394.0
304.2
348.8
346.6
398.7
374.8
369.4
358.2 * 393.8 375.8
i° Prices for Sept. 1977-Mar. 1979 are estimated; actual data not available. Annual averages
for 1977 and 1978 are based on these estimates and are not comparable with other periods,
n Effective Mar. 1979, prices are for Central U.S. and Los Angeles; comparability not affected.
©Cases of 30 dozen.
cf Bags of 132.276 lb.
§Monthly data reflect cumulative revisions
for prior periods.
©Producers' and warehouse stocks.
f Factory and warehouse
stocks.
} Monthly revisions back to 1974 are available.
AEffective April 1977 SURVEY
data beginning Feb. 1976 are restated to exclude cooler pork; comparable earlier data will
be shown later.
t Revised series. Beginning May 1977 SURVEY, data represent total commercial slaughter (excluding rendered pork fat and lard), whereas the price for calves
(p. S-28), represents a different market. Comparable data prior to Mar. 1976 will be shown
later.
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
Annual
August 197S
t OF cut tKEJN T BLJS1JSIJ
SUJ
S-30
June
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATED
PRODUCTS—Continued
Vegetable oils and related products:
Coconut oil:
mil. lb
Production, refined
do
Consumption in end products
Stocks relined, end of period H
. do
Imports
_
...do. .
Corn oil:
do
Production* Crude
do
Refined
do
Consumption in end products
Stocks, crude and ref., end of period If. do
729.4
878.7
39.9
994.3
768.3
914.2
44.4
1,022.5
69.0
76.1
40.7
79.9
65.3
73.6
38.7
104.5
70.3
79.0
39.0
83.7
61 3
72.4
43.0
47.0
69.6
84.0
40.6
80.4
59.7
75.4
40.3
100.7
46.7
55.4
44.4
60.1
60.0
72.7
45.0
167.2
55.9
66.3
41.3
83.7
68.0
83.3
43.7
87.7
49.8
69.1
41.6
55.6
'48.5
'69.8
'42.0
52.6
39.4
63.4
33.0
70.3
671.9
577.0
537.6
33.4
720.0
581.1
537.9
70.4
64.7
48.1
44.9
62.9
60.5
41.4
37.7
69.3
59.7
55.1
47.3
71.0
63.8
52.7
50.9
72.6
65.4
54.4
50.8
70.1
59.8
46.3
43.7
74.6
55.8
43.5
47.3
70.4
47.6
44.2
49.1
61.0
54.9
41.7
41.6
71.5
69.4
54.2
50.5
69.9
67.4
45.7
36.1
84.5
'69.7
52.2
'48.4
'85.6
60.6
49.2
45.7
89.0
113.9
114.1
65.9
107.8
110.0
62.3
103.5
117.5
60.0
82.0
84.7
57.3
108.8
83.7
55.6
134.0
116.0
64.6
123.5
100.4
54.6
134.4
118.8
55.9
128.0
113.1
57.0
135.3
126.4
60.9
115.0 ' 103.7
108.2 '97.9
48.9 '64.8
87.4
79.3
45.8
139.7
63.5
.333
114.3
70.2
.340
102.3
50.0
.355
84.8
82.3
.405
101.4
25.9
.340
123.0
29.2
.328
127.1
82.5
.330
152.2
56.7
.335
152.9
71.2
.380
141.0
89.9
.385
143.1 ' 141.0
52.5
51.3
.395
.380
137.5
63.1
.380
8,836.5 10,621.4
7,789.5 8, 713. 7
7,451.1 8,175.2
795.1
662.5
640.5
777.9
649.2
596.2
815.8
725.3
699.8
783.3
679.9
672.5
984.3
782.8
715.9
974.8 1,050.4
747.7
765.7
709.3
707.5
989.1
753.3
695.1
902.3
681.7
636.2
982.2
768.9
7.5.5.3
939.6 '964.7
760.1 '835.4
682.4 ' 775.0
931.6
754.5
705.4
864.0 6 970.6
Stocks, crude and ref., end of period Ut-..do
1,606.9 1,944. 5
Exports (crude and refined)
do
.309
.289
Price, wholesale (refined; N.Y.)
$perlb_.
839.3
147.2
.315
825. 6
165.5
.320
777.5
108.8
.316
728.6
193.4
.330
813.4
96.8
.329
837.1
154.8
.293
970.6
175.4
.305
932.2
219.1
.309
942.8
249.8
.325
1.004.2
199.0
.321
987.3 '1,043.0
107.3
185.6
.319
.311
922.7
299.0
.321
Leaf:
l i 912 ' 1 2 025
Stocks, dealers' and manufacturers', end of period
5,071
5,071
4,728
5 070
4 451
mil IK
Exnoris inol scran and stems
tlIOUS lb 2628,564 687,772 29,178 42,661 52,266 41,319 85,785 95,786 86,258 35,559 50,142
Hn
316,236 335,981 29,661 35,184 28,032 26, 755 32,049 21,474 21,548 42,866 31,267
Imoorts inol scraD and stems
4,905
57, 079
28, 917
51,797
30,072
42,244
35,464
25,3l2
26,058
8,448
42,381
Cottonseed oil:
1,254.6 1,417.7
do
Production* Crude
1,188.8 1,344.8
do
Refined t do
697.3
625.3
Consumption in end products
127.1
142.3
Stocks, crude and ref., end of period Ht__.do
731.2
Exports (crude and refined)
do
728.8
.332
.299
Price, wholesalo (N.Y.)
$ per lb..
Soybean oil:
Production* Crude
RefinedJ
Consumption in end products
mil. lb
do
do
.405
.346
TOBACCO
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt.
_
Taxable
Cicars dartre} taxable
Exoorts cigarettes
81,76$
millions. . 78,133 85,135 7,971
592, 006 614,208 58,267
An
5,925
44,397
9,141
54,308
8,002
50,321
7,634
53,387
7,522
53, 689
5,456
42,125
6,842
55,455
6,778
48,628
8,896
58,873
7,713
48,354
9,082
53,199
345
235
298
322
346
323
271
246
243
331
249
291
322
6,616
5,523
7,205
7,823
6,328
6,846
6,160
4,398
5,639
7,758
6,417
6,687
7,972
do
do
3,621
74,359
3,776
66,835
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total?
thous. $.. 582,906
Calf and kip skins
thous. skins.. 2,508
Cattle hides
thous. hides.. 24,488
5
694,617
2,665
24,792
Imports:
96,600 105,600
Value total 9
thous. $
Sheep and lamb skins
thous. pieces.. 15,468 17,807
1,762
1,137
Goat and kid skins
do
Prices, wholesale, f.o.b. shipping point:
1.346
Calfskins, packer, heavy. 9^/15 lb
$ per lb.. 3 .914
.472
.370
Hides, steor, heavy, native, over 53 lb
do
LEATHER
Production:
Cattle hide and side kip_.thous. hides and kips..
(•)
Sheeti and lamb
do
Exports:
Upper and lining leather
54,396
339
1,779
60,090
181
1,922
58,503
177
1,754
91,186
241
2,676
61,605
207
1,635
77,390
264
2,056
98,309
233
2,405
91,698 101,425
267
126
2,130
2,358
88,829
204
2,034
7,800
8,300
8,800
1,577 <•• 1,664 1,323
75
190
45
7,600
1,093
117
7,700
920
112
7,100
935
175
7,000
739
158
9,200
1,321
352
8,400
1,581
145
10,000
1,835
191
10,500
1,449
121
24,800
2,967
264
16,500
1,425
231
47,511
222
1,725
1.100
.458
1.200
.478
1.850
.530
1.850
.590
1.850
.573
1.650
.548
1.650
.518
1.800
.603
2.000
.653
2.200
.913
2.200
.893
2.200
.905
1.770
.829
thous. sq. ft_. 2 206,276 5208, 799 21,427
14,160
19,726
16,224
17,438
17,947
17,176
13,854
16,014
18,833
16,480
15,664
18,526
227.2
241.6
270.4
261.7
270.4
267.5
284.7
284.7
338.0
366.7
417.1
394.0
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100..
Upper, chrome calf, B and C grades
index, 1967=100..
206.1
LEATHER MANUFACTURES
Footwear:
Production, total
thous. pairs.. 413,726
Shoes, sandals, and play shoes, except athletic
thous. pairs.. 316,041
77,602
Athlol \o
do
15,978
Othor footwear
do
2,805
Exports .
58,797
189
2,176
55,846
199
2,078
do
Prices, wholesale f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
index, 1967=100..
Women's oxfords, elk side upper, Goodyear
welt
index, 1967=100..
Women's pumps, low-medium quality..-do
< 235.2
418,948
36,768
26,114
37,090
34,181
36,348
33,826
30,175
33,981
31,795
35,130
30,634
314,695
79,353
20,852
2,669
27,024
7,434
1,968
221
20,425
4,141
1,271
190
27,429
7,468
1,818
253
24,655
7,393
1,780
241
25,667
8,289
2,003
270
24,771
6,987
1,743
214
23,472
4,667
1,757
181
27,325
4.700
1,595
361
25,243
4,679
1,484
389
28,184
5,302
1,357
287
24,065
4,863
1,397
309
5,411
6,179
514
454
605
467
546
612
679
549
526
657
452
512
554
193.3
7 211.3
211.4
211.4
213.8
218.6
221.0
171.8
144.9
185.3
7 157.5
182.9
161.3
182.9
161.3
182.9
161.3
187.7
161.3
197.3
170.9
197.3
197.3
197.3
197.3
204.6
207.0
211.8
219.0
r
Revised. * Crop estimate
for the year. 2 Annual total reflects revisions
not distrib3
uted to the monthly data.
Average
for Jan.-Sept., Nov. and Dec. 4 Average for Jan.May, and July-Dec. 5 Because of an overall revision to the export commodity classification system effective Jan. 1,1978, data may not be strictly comparable with those for earlier
1.550
353.8
219.0
183.0
periods. « Data no longer available. 7 Average for Jan.-Oct. 8 Aug. 1 estimate of
1979 crop.
9 Includes data for items not shown separately.
1 Factory and warehouse
stocks.
{Monthly revisions back to Jan. 1977 are available. c Corrected.
August 1979
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
S-31
1978
June
Annual
July
Aug.
Sept.
1979
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.. i 37,520 137,985
Hardwoods
do
6,597
7,402
30,923
30 583
Softwoods
do
1
Shipments, total
do
37,755 i 38,090
6,712
Hardwoods
do
7,372
31,043
30 718
Softwoods
do
4,851
Stocks (gross), mill, end of period, total
do
4,746
772
Hardwoods
do
802
4,079
Softwoods
do
3 944
1,670
Exports, total sawmill products
do
1,300
10,698
Imports, total sawmill products
do
12 199
SOFTWOODS
Douglas fir:
Orders, new
Orders, unfilled, end of period
mil. bd. ft..
do
Production
Shipments
Stocks (gross), mill, end of period
Exports total sawmill products
Sawed timber
Boards Blanks scantlings
tttc
do
do
do
do
do
do
2,988
597
2,391
3,263
591
2,672
3,285
580
2,705
3,333
629
2 704
3,102
618
2 484
2,931
595
2 336
2,877
619
2 258
2,877
607
2 270
3,306
640
2 666
3,119
618
2,501
3,219
647
2,572
3,548
600
2,948
3,156
574
2,582
3,357
567
2,790
3,250
577
2,673
3,262
601
2 661
3,116
600
2 516
2,907
572
2,335
2,813
604
2 209
2,756
589
2,167
3,279
620
2 659
3,107
604
2,503
3,329
644
2,685
4,877
687
4,190
4,705
706
3,999
4,632
732
3,900
4,669
737
3,932
4,740
765
3,975
4,731 ' 4,746
802
783
3 948 ' 3,944
4,811
817
3,994
4,932
835
4,097
4,964
856
4 108
4,975
870
4,105
4,868
875
3,993
118
1,117
93
1,194
88
1,119
94
1,014
96
1,091
96
979
100
954
97
925
121
761
129
998
126
925
127
1,237
8,712
565
'8,894
553
833
614
'719
'631
'637
'548
'776
'610
'739
'612
'629
'526
'716
'553
'745
'622
'646
'639
'800
'685
'752
'690
'596
'546
793
617
8,796
8,781
' 8,845
'8,906
'903
'809
'990
'614
'702
'902
'678
'720
'860
'731
'714
'877
'783
'737
'923
'701
'715
'909
'683
'689
'903
'663
'676
'890
'668
'639
'929
' 768
'754
'943
'733
'747
'929
'706
'740
'895
687
722
860
478
119
359
50
19
47
4
39
8
46
13
31
31
8
46
13
24
35
7
54
22
23
34
7
46
11
44
30
7
35
11
31
23
35
33
33
32
253.39
245.28
245.00
272.06
274.74
266.66
271.51
262.40
258.77
260.53
261.46
267.69
271.17
i 8,319
505
696
552
668
544
769
561
671
541
738
542
626
510
618
505
669
538
691
607
792
618
622
586
686
566
18.287
i 8,284
728
732
669
676
733
752
688
691
737
737
663
658
646
623
654
636
642
622
742
781
665
654
669
706
1,141
1,141
1,146
1,178
1,142
964
488
129
359
Price, producer:
Dimension, construction, dried, 2" x 4", R. L.
$perM bd. ft_. 230.38
Southern pine:
18,291
Orders new
mil bd ft
470
Orders unfilled end of period
do
Production
do
Shinments
do
Stocks (gross), mill and concentration yards, end
of Deriod
mil bd ft
3,333
574
2,759
i 8,198
i 8,264
1,166
925
1,169
1,170
1,163
1,144
M bd. ft.. 157 806
152 121
15 495
8 991
10 324
271.0
Exports, total sawmill products
Prices, producer (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, C and better, F. G., 1" x 4", S. L.
1967=100Western pine:
Orders, new
mil. bd. ft..
Orders, unfilled, end of period
do
Production
do
Shipments
,. do
Stocks (gross), mill, end of period
do
Price, producer, Ponderosa, boards, No. 3,1" x 12",
R. It. (6' and over)
$ per M bd. ft..
12 161 10 467
27
28
1,169
1,187
1,207
1,168
15 751 12,518
15 273
25,522
15 300
355.6
270.53
274.89
362.8
364.9
370.1
304.0
13 321 14 995
329.7
331.5
333.6
337.7
344.5
346.4
347.1
347.8
348.6
349.4
250.2
276.9
274.4
276.6
280.6
282.1
283.8
284.3
285.4
285.4
286.5
288.6
290.4
291.9
293.0
10,331
590
'9,946
469
'877
526
'857
544
'893
506
'984
545
'911
545
'717
462
'777
469
'796
596
'715
612
'821
606
'808
603
'833
503
831
524
10,309
10,295
'10,033
'10,067
'853
'879
'796
'839
'912
'931
'939
'945
'908
'911
'786
'800
'760
'770
'710
'669
'731
'699
'863
'827
'814
'811
'898
'933
835
810
1,329
'1,295
'1,390
'1,347
'1,328 '1,322
'1,319
' 1,305 '1,295
'1,336
'1,368
'1,404
'1,047
'1,372
1,397
231.53
•237.07
236.92
254.23
267.17
317.01
304.49
332.11
366.87
371.17
342.59
338.16
112.8
7.9
108.6
10.2
11.4
10.5
11.4
10.6
11.0
8.3
9.6
6.3
9.2
9.4
9.2
7.3
9.2
8.4
9.1
7.3
8.3
10.3
9.2
9.4
7.6
9.9
109.8
110.0
104.7
106.3
9.1
10.1
6.2
2.7
7.2
7.4
3.7
8.7
8.7
3.2
8.9
9.4
2.7
9.4
8.7
3.4
8.0
7.2
2.7
8.3
9.4
1.6
7.8
7.2
2.1
8.3
8.6
1.9
8.2
8.0
2.1
9.1
9.2
2.0
8.5
8.7
2.7
251. 25 232.33
359.8
306.16
HARDWOOD FLOORING
Oak:
Orders new
Orders, unfilled, end of period. _
Production
Shipments
Stocks (gross), mill, end of period
mil bd. ft
do
do
do.
do
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons..
Scrap
do
Pig iron
do
Imports:
Steel mill products
do.
Scrapt
do.
Piglront
do.
Iron and Steel ScrapH
Production
thous. sh. tons..
Recelpts, net
..do
Consumption
_
do
Stocks, end of period
do
9.3
4.0
8.5
9.9
10.4
3.1
9.8
METALS AND MANUFACTURES
I
2,003
6,175
51
2,508
9,278
51
271
786
1
174
756
5
208
777
7
174
834
1
218
977
11
194
973
8
248
944
11
193
853
165
1,145
5
217
871
2
226
847
20
237
870
1
255
893
6
19,307
625
373
21,135
794
655
1,360
55
i,87a
71
78
1,584
70
1,715
51
41
2,016
67
75
1,372
60
48
1,264
46
49
1,329
1,096
99
1.785
77
42
1,072
73
47
1,655
59
22
72
113
i 49,523 '51,960
»47,873 i 51,804
i 92,090 i 99,133
18,313
19,360
4,605
4,509
8,579
8,747
4,070
4,144
7,659
8,865
4,565
4,426
8,279
9,018
4,426
4,186
8,338
4,699
4,443
8,918
8,536
4,442
4,342
8,397
8,458
4,323
4,239
8,300
8,313
4,222
4,147
8,200
8,008
4,110
4,019
7,928
7,780
'4,900
' 5,122
'9,428
'8,000
'4,658
'4,884
'8,967
'8,138
"4,819
"4,848
"9,123
"8,270
72.81
75.60
71.67
75.50
79.05
83.50
85.95
88.50
94.48
93.50
104.74
108.50
122.59
133.00
108.20
111. 50
93.16
96.00
Prices, steel scrap, No. 1 heavy melting:
75.40
71.38
76.00
73.84
Composite (5 markets)
$perlg. ton.. 2 55.99
78.50
75.00
82.50
78.29
Pittsburgh district
do.... 80.35
'a Revised.
" Preliminary.
i Annual data; monthly revisions are not available.
Effective with Feb. 1977, composite reflects substitution of Los Angeles for San Francisco;
effective
July 1977, it reflects addition of Detroit and Houston. Avg. for 1977 is for July-Dec.
3
Less than 500 short tons. * Average for 11 months; price not available for Nov.
9 Totals include data for types of lumber not shown separately.
t Effective Aug. 1976
7.9
105.33
114.00
96.99
102.50
SURVEY, scrap excludes imports of rerolling rails and pig iron excludes sponge iron imports
previously included.
If Effective with 1974 annual and Jan. 1975figures,data reflect expanded sample and exclusion of direct-reduced (prereduced) iron, previously included in scrap
series.
S-32
Y Ob1 CUJ
su
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S
1977
1978
1978
June
Annual
August 1979
IT BUSINESS
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous. Ig. tons..
Shipments from mines
do
Imports—
--do
55,750
54,053
37,905
80,718
82,539
29,924
7,988
8,754
2,182
7,559
9,757
7,593
9,779
4,488
7,314
8.707
4,534
7,032
8,088
1,610
6,546
7,667
4,015
6,552
7,095
3,057
6,144
3,296
2,108
5,634
2,486
1,479
6,681
2,792
854
7,069
5,043
2,242
7,571
9,080
3,567
3,993
94,944
108,462
2,143
114,227
116,305
3,762
11,448
10,216
11,787
9,940
143
14,658
10,137
348
12,291
9,797
520
12,285
10,323
317
11,524
9,954
733
9,732
10,341
435
4,711
9,457
183
3,633
8,988
31
4,436
10,540
20
7,443
10,251
343
12,276
10,932
517
13,294
10,349
411
59,390
14,140
42,271
2,979
55,339
12,469
39,301
3,569
51,887 51,561
20, 968 18,772
28,127 29,939
2,792 2,850
53,791
16,461
34,349
2,981
54,681
15,165
36,738
2,778
55,500
14,104
38,585
2,811
56,432
12,982
40,049
3,401
55,339
12,469
39,301
3,569
53,028
14,852
34,473
3,703
50,685
18,000
29,059
3,626
47,801
21,886
22,862
3,053
46,745
23,912
19,943
2,890
46,563
22,406
21,202
2,955
24,173
3,045
834
842
55
42
97
62
64
63
62
50
60
57
85
122
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons.
81,328
82,017
Consumption
do
1,309
Stocks, end of period
do
3183.11
Price, basic furnace
$ per sh. ton..
87,687
88,384
7,754
7,770
1,014
7,637
7,611
1,068
7,518
7,527
1,080
7,391
7,463
1,047
7,809
7,887
983
7,533
7,594
965
7,658
7,721
7,064
7,098
852
6,636
6,678
835
7,953
8,277
7,726
8,043 ' 7,729 *8,317
'737
*>739
8,026
196.00
191.00
191.00
203.00
203.00
203.00
203.00
203.00
203.00
203.00
203.00
203.00
203.00
935
15,318
7,496
912
15,294
7,840
1,406
734
946
1,148
587
1,000
1,330
711
963
1,279
673
917
1,444
729
907
1,312
912
1,136
561
929
1,239
600
997
1,210
574
1,302
662
1,044
1,406
710
65
829
458
66
816
446
U.S. and foreign ores and ore agglomerates:
Beceipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports.
do
Stocks, total, end of period
At mines
_
At furnace yards
-
At U.S. docks
do
do
do
do.....
Manganese (mn. content), general imports...do—
Castings, gray and ductile iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total
do
For sale
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total-do
For sale
do
82
203.00
' 1,039
' 1,478
'740
35
'67
'78
'41
70
203.00
Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons.- 125,333
78.4
Rate of capability utilization*
percent..
Steel castings:
Orders, unfilled, for sale, end of period
451
thous. sh. tons..
1,718
Shipments, total
do
1,488
For sale, total
do
12,230
93.7
137,031
86.8
11,861
91.1
11,388
85.1
11,550
86.3
11,467
88.6
12,105
89.8
11,654
89.4
11,812
87.7
11,105
83.5
10,562
87.9
12,576
94.5
12,196
93.4
12,789
94.8
797
1,863
1,627
501
162
140
592
124
108
634
156
134
668
159
139
711
173
153
734
161
141
797
155
136
171
153
170
150
'974
'195
'171
1,004
160
140
1,062
182
159
'197,935
8,787
8,293
8,252
8,599
7,813
8,196
8,206
10,293
7,438
10,187
8,977
1 3,991 '15,070
4,382 '14,667
7,529 ' 1 8,601
1,863 ' 11,703
467
444
772
141
c93
393
694
111
457
426
697
123
491
419
688
140
463
422
701
156
423
424
690
145
461
424
746
154
411
400
662
155
410
391
648
155
545
542
850
183
462
477
739
167
505
535
905
188
505
461
r
116,915
15,420
9,362 '110,045
4,179 ' 14,704
' 2,084
1,794
1,524
904
430
182
1,272
661
359
149
1,463
845
436
174
1,465
877
407
173
1,531
916
422
185
1,370
796
411
155
1,430
856
408
159
1,401
805
396
191
1,440
858
380
193
1,851
1,109
499
232
1,369
781
427
154
1,786
1,030
513
234
1,556
893
459
196
7,490
2,400
6,382
41,687
14,558
17,684
' 8,399
••2,510
'6,100
' 43,609
' 15,447
'17,821
737
235
549
3,918
1,349
1,629
643
175
472
3,455
1,176
1,430
211
498
3,720
1,316
1,512
683
204
536
3,630
1,288
1,473
699
219
487
3,921
1,391
1,588
652
199
410
3,499
1,292
1,398
619
184
524
3,653
1,384
1,420
641
199
526
3,812
1,315
1,607
601
195
461
3; 695
1,322
1,499
781
245
753
4,543
1,674
1,800
637
207
426
2,952
1,084
1,165
754
237
578
4,699
1,672
1,888
213
531
4,006
1,536
1,525
15,346
7,553
4,500
21,490
3,238
5,566
6,714
26,740
' 17,333
•19,612
'3,480
• 21,253
' 3,549
' 5,992
' 6,595
30,121
4,709
2,497
926
5,257
856
1,577
1,652
7,977
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons.
By product:
Semifinished products
.do...
Structural shapes (heavy), steel piling.._do...
Plates
do...
Rails and accessories
do...
Bars and tool steel, total
Bars: Hot rolled (incl. light shapes)
Reinforcing
Cold
finished
do.
do.
.do.
do.
Pipe and tubing
do.
Wire and wire products.
do.
Tin mill products
-do.
Sheets and strip (incl. electrical), total...do.
Sheets: Hot rolled
...do.
Cold rolled
do.
By market (quarterly shipments):
Service centers and distributors©
do
Construction, incl. maintenance©
do
Cont ractors' products.
do
Automotive
...do
Rail transportation
do
Machinery, industrial equip., tools
do
Containers, packaging, ship, materials...do
Other©
...do
91,147
Steel mill shapes and forms, inventories, end of
period—total for the specified sectors:
mil. sh. tons..
34.1
37.2
33.6
34.9
35.1
Producing mills, inventory, end of period:
Steel in process._
mil. sh. tons..
10.1
11.7
9.7
10.6
10.6
Finished steel.
do....
7.6
8.0
7.0
7.1
7.2
Service centers (warehouses), inventory, end of
period
mil. sh. tons..
6.6
7.1
7.1
7.1
7.1
Consumers (manufacturers only):
Inventory, end cf period
do
9.8
10.4
9.8
10.1
10.2
Receipts during period
do....
63.5
67.5
6.1
5.0
5.8
Consumption during period
do....
63.9
66.9
6.1
4.7
5.7
' Revised
v Preliminary.
i Annual data; monthly or quarterly revisions are not
available.
2 YOT month shown.
3 Avg. for 11 months; Feb. price not available.
New series. Source: American Irqn and Steel Institute. The production rate of capability utilization is based on tonnage capability to produce raw steel for a full order book
based on the current availability of raw materials, fuels and supplies, and of the industry's
4,159
2,432
934
5,365
4,320
2,463
922
5,526
1,497
1,615
7,287
1,015
1,486
1,544
7,330
35.0
10.7
7.3
4,847
2,666
1,026
5,303
1,055
1,602
1,677
8,426
4,761
2,345
1,017
5,850
985
1,579
1,847
8,112
34.9
35.6
37.2
36.2
'35.9
10.9
7.4
11.0
8.0
11.7
8.0
11.2
8.2
10.8
8.2
'34.8
10.4
7.4
'36.2
35.8
11.1
8.5
'6.8
11.2
7.7
6.9
11.5
7.6
6.8
7.1
'7.1
'7.0
7.0
6.6
10.0
10.0
10.0
9.8
10.0
10.4
9.8
9.7
10.0
10.0
5.7
6.3
5.4
5.4
6.4
5.2
5.7
5.3
5.4
6.1
5.7
6.1
5.4
5.8
5.6
6.2
5.0
5.6
5.6
6.1
coke, iron, steelmaking, rolling and finishing facilities. Data prior to 1975 are not available.
©Beginning Jan. 1976, data are not comparable with those for earlier periods since oil &
gas supply houses and pipelines, which were formerly shown in "Service centers and distributors" and "Construction, incl. maintenance," respectively, are now included in Other.
VEY O F <JUKI iEJNl ' BUt
August 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
June
Annual
3-33
July
Aug.
Sept.
1979
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
4,539
1,591
4,804
1,407
395
118
408
107
410
125
399
122
416
127
403
132
418
117
418
120
379
119
419
132
402
128
423
131
do—
do—
673.3
73.8
756.9
34.2
83.5
2.1
66.9
4.8
50.7
5.2
51.3
2.2
86.9
2.4
43.1
2.8
35.0
2.5
3.1
41.0
2.4
53.9
3.2
44.3
4.3
57.8
6.0
36.0
6.4
do—
do—
97.8
207.9
126.6
197.0
9.3
17.3
8.5
15.1
11.0
14.5
15.9
19.5
17.7
13.8
23.1
15.4
14.3
15.7
32.4
18.5
15.4
18.4
14.8
17.2
19.4
19.1
12.0
26.3
7.7
27.7
Price, primary ingot, 99.5% minimum..$ per lb..
.5134
.5308
5300
5300
5300
5300
.5300
5300
5390
.5500
5500
.5534
5800
5800
5800
12,808
10,419
6,040
2,009
13,982
11,332
6,409
1,986
1,256
998
559
171
1,113
511
126
1,185
1,007
562
165
1,174
936
535
165
1,340
1,009
575
184
1,179
935
519
174
1,204
928
523
154
1,270
1,007
573
194
1,147
911
515
183
1,374
1,096
••633
203
1,129
936
524
173
1,260
1,012
575
183
5,706
5,496
5,666
5,705
5,588
5,612
5,577
5,550
5,496
5,395
5,242
5,009
5,025
4,950
,504.0
,496.2
,411.0
85.2
,490.3
,533.1
,408.9
124.2
128.0
128.4
121.4
7.0
97.8
104.8
95.9
8.9
125.1
133.6
126.9
6.7
123.2
123.4
117.4
6.0
130.4
136.4
128.5
7.9
127.6
147.4
136.1
11.3
113.9 4 106.4
142.8 4 123.6
116.8 4 110.2
26.0 U 3 . 4
106.1
127.3
119.2
8.0
121.5
133.4
124.7
8.6
122.9
134.3
127.3
7.1
129.1
134.1
127.5
Imports (general):
Metal and alloys, crude
Plates, sheets, bars, 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....
Inventories, total (ingct, mill products, and
scrap), end of period
.mil. lb.
Copper:
Production:
Mine, recoverable copper...
thous. tons 0 .
Refinery, primary.-.
do...
From domestic ores
do...
From foreign ores..
do...
Secondary, recovered as refined
thous. sh. tons.
Imports (general):
Refined, unrefined, scrap (copper cont.)
thous.
Refined
Exports:
Refined and scrap
Refined
376.0
453.0
44.0
30.0
36.0
37.0
41.0
39.0
43.0
41.2
37.6
49.1
tons..
do.
528.1
394.0
607.5
463.4
63.8
53.4
46.5
39.2
28.4
17.6
34.5
27.7
24.8
12.3
24.2
6.6
*19.2
U1.2
17.2
7.0
30.5
15.7
20.5
14.9
28.0
14.7
29.9
23.1
do.
do.
220.3
52.7
321.6
109.3
26.5
10.1
23.3
7.2
38.6
28.7
31.6
10.2
41.2
22.2
20.8
5.3
34.4
5.3
34.8
8.8
4 29.8
49.8
26.3
9.4
33.1
11.6
25.5
10.0
33.0
89.3
22.9
87.5
2,202
640
178
2,417
491
124
635
642
156
595
144
578
189
621
560
154
550
133
534
126
595
491
124
420
101
388
100
664
372
110
35:
116
304
106
.6677
.6651
.6657
.6408
.6723
.6763
.7050
.7119
.7190
.7657
.8970
.9672
2,670
2,691
579
2,769
2,775
566
741
708
148
» 589.2
734.4
582.9
753.1
40.1
62.1
35.5
54.1
47.6
62.6
49.5
55.5
71.2
50.0
70.1
204.3
1,582.3
1,468.6
4.8
121.6
11.0
99.5
11.0
125.2
4.5
124.
7.4
140.
184.6
6 170.
182.2
180.6
186.
174.2
15.4
109.3
19.
110.
32.1
115.
30.
113.8
24.2
109.6
91.3
.3070
86.
.3365
64.4
.3100
61.
.310C
6,724
48,338
18,503
1,668
68,000
55.50C
3,873
46,773
17,855
1,865
63, IOC
47,00C
4C
5,413
1,630
155
5,40C
4,00C
5,462
8,44:
3 5.346C
5,04(
6.295?
384
7,846
6.0092
62
3,141,21,
18C
4.60C
3.50C
277,81
6.070C
449.
337.
22.
19.
Lead:
Production:
Mine, recoverable lead
-thous. tons 0 .
Recovered from scrap (lead cont.).
.do.
Imports (general), ore (lead cont.), metal-.-do...
Consumption, total
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. tons 0 .
Refiners' (primary), refined and anlimonial
(lead content)
thous. tons 0 .
Consumers' (lead content) cf
do
Scrap (lead-base, purchased), all smellers
(gross weight)
thous. tons 0_.
Price, common grade, delivered.
$ per lb
Tin:
Imports (for consumption):
Ore (tin content)!..
metric tons
Metal, unwrought, unalloyedt
do..
Recovery from scrap, total (tin cont.)f
do..
Asmetalf
do..
Consumption, totalf
do..
Primaryf
do..
Exports, incl. reexports (metal)f
Stocks, pig (industrial), end of periodf
Price, Straits quality (delivered)*
ZincMine prod., recoverable zinc
Imports (general):
Ores (zinc content)...
Metal (slab, blocks)
do...
do...
$ p«r lb
thous. tons 0
Consumption (recoverable zinc content):
Ores
Scrap, all types
6.5
49.0
Consumption, refined (by mills, etc.)
thous. sh. tonsStocks, refined, end of period
do...
Fabricators'
do...
Price, electrolytic (wirebars), dom., delivered
$ per lb.
Copper-base mill and foundry products, shipnjeffts
(quarterly total):
Brass mill products
.....mil. lb.
Copper wire mill products (copper cont.)..-do...
Brass and bronze foundry products
.do...
.do.
_do_
122.
576.
207.
do.
do.
100.
238.
99.
237.
450.
50.
1,103.
406.
38.
1,127.
Slab zinc: §
Production (primary smelter), from domestl
and foreign ores
thous. tons 0
Secondary (redistilled) production
do..
Consumption, fabricators..
do..
Exports
_
do.
Stocks, end of period:
Producers', at smelter (ABMS)O
do.
Consumers'
do._
Price, Prime Western
$ per lb
65.
86.
.343!
44.0
60.5
42.5
65.1
37.0
64.1
41.8
62.0
5.2
130.9
4.9
4 4.0
123.4 4 114.6
5.4
111.0
5.3
124.3
8.3
109.5
5.2
116.7
2.5
175.0
172.8
170.4 4 149. 4
155.6
147.8
136.5
133.6
116.7
19.
115.
17.5
113.4
18.2
110.5
19.4
110.8
4 14.0
4 90.2
11.7
13.2
91.0
63.8
.321'
63.
.3406
68.
75.4
.3800
.3800
4 75.C
.4071
74.7
.4363
.4575
13.1
95.0
66.8
.4800
67.
.488C
.5651
355
3,382
1,410
155
5.20C
3.70C
273
3,861
1,265
15C
5.20C
3.70C
5:
3,411
l,S5f
17
5,30C
4.00C
19;
4,511
1,47,
155
5,40C
4,00C
718
2,530
1,380
155
4,900
3,700
115
4,58
1,545
15
5,400
4,00
1,477
4,115
1,355
135
5,500
3,900
171
4,957
1,425
17C
6,40C
4,70C
154
5,033
70C
4,298
736
4,882
5.40C
4,00C
5,80C
4,30C
26<
508
298
7,260
5,774 4,97,
6. 3925 6. 7484 7.3911
28C
5,666
7.4502
286
375
4,594
5,040
6. 9562 6.8423
332
4,254
7.2008
344
5,891
7.418<
31:
6,097
7.359C
22C
5,938
7.407*
25.
24.
9.
49.
26.
49.1
67.6
23.
23.9
4 23.
21.5
29.
53.
33.6
83.8
4 30.
4 43.
14.9
42.1
23.
31.
93.
.298C
10.
52.
27.
92.;
.3111
r
Revised.
' A n n u a l data; m o n t h l y revisions are not available.
2 Less t h a n 50 tons.
3
S e e " * " note for this page.
4 S e e " 0 " note, this page.
s Effective July 1979 S U R V E Y ,
data beginning May 1978 exclude stocks of lead base bullion in transit a n d at refineries. Comparable data for J a n . 1978-Apr. 1978 are: 164.3; 160.1; 170.1.
d" Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
§ All d a t a (except annual production figures) reflect GSA remelted zinc and zinc purchased
for direct shipment.
O Revised Dec. 31 stocks for 1970-73 (thous. sh. tons); 124.2; 48.6;
30.1, 25.9. Producers' stocks elsewhere, end of July 1979, 46,966 metric tons.
7.5392
22.
34.
3.
100.
32.
88.
.290
.8824
4 47.6
4 54.6
25.
47.
19.
56.
.9123
.8677
826
747
150
708
706
139
666
682
13:
.5800
loAg tons to m^ric ionsfmultiply by factor 1.01605).
0 Beginning £™
units are expressed in metric tons; earlier data are shown in short tons
tons to metric tons, multiply by factor 0.907185).
20.9
58.6
.5807
7.5952
,VL,1
S-34
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
t h e 1975 edition of B U S I N E S S S T A T I S T I C S
1977
L 15U S1JNH
UUJK.
1978
1978
June
Annual
August 1979
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
357.4
444.0
375.9
May
June
July
METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly. 9 O
mil. $.. i 240.8
Electric processing heating equip..
do.... 168.0
Fuel-fired processing heating equip
d o — 192.5
78.9
24.4
29.6
65.5
16.8
23.3
286.8
71.4
118.2
75.0
15.3
36.5
232.3
336.1
351.0
318.2
433. 5
308.0
353.0
346.2
392.5
18,000
21,409
20,994
25,119
1,815
2,128
1,297
1,609
1,699
2,190
1,882
2,214
1,986
2,275
1,842
2,191
1,856
2,131
1,847
2,472
1,774
2,326
2,163
2,605
1,994
2,475
1,955
2,406
2,710
3,102
43,289
51,986
5,200
3,106
4,645
4,972
5,054
4,486
4,100
4,729
4,837
5,142
4,267
4,954
5,948
199.2
231.1
228.3
227.5
225.4
232.7
251.3
258.0
253.4
266.0
267.6
261.7
263.5
261.9
257.2
207.4
236.5
242.2
238.6
243.3
253.7
250.6
253.3
247.2
255.5
256.4
263.0
269.1
270.8
279.4
191.4
205.3
203.7
205.6
206.9
207.8
210.1
212.5
213.8
215.7
217.0
218.5
220.2
221.5
222.8
2,202.05
1,980.70
1,650.80
1,469.85
1,793.6
3,373.45
3,043.15
2,188.50
1,960.10
2,980.6
352.90 301.15 420.75 360.95 376.55
335.95 238.70 377.25 310.35 343.95
188.85 218.50 177.30 208.05 248.10
164.60 196. 95 158.60 184.70 221.15
2,897.9 2,980.6 3,224.1 3,377.0 3,505.4
357.70
329.95
227.15
195.60
3,636.0
' 389.90
794.85
730.70
629.95
560.35
384.1
968.55
896.85
824.95
728.50
517.7
75.80
69.60
76.90
68.95
453.5
103.95
84.95
77.90
70.55
609.1
' 86.35
• 76.85
' 75.05
• 69.25
620.5
19.968
1,136.3
5,271
b30.1
22,058
1,376. 9
r 6, 013
5,926
361.0
1,546
119.1
42,763
1,331.8
' 48,854
' 2,005.4
r
12,699
469.9
r
206,355
2,752.5
173,106
2,662.7
47, 931
706.6
54,601
56,389
3,695
3,703
5,247
Badio sets, production, total market
thous.. 52,926
2 5,585
Television sets (inch combination models), production, total market
thous__ 15,432 17,406 21,678
Household major appliances (electrical), factory
shipments (domestic and export) 9
thous. 30,957 33,216 3,242
Air conditioners (room)
do...
3,270
591
4,037
Dishwashers
do...
3,356
320
3,556
2,941
Disposers (food waste)
do...
279
3,313
3,011
Banges
do
294
3,127
5,707
Befrigerators
..do...
604
5,890
1,598
Freezers
do
191
1,522
4,933
Washers
_
..do
435
5,038
3,553
Dryers (incl. gas)
do...
271
3,621
9,392
Vacuum cleaners (qtrly.)
do
9,136
3,084
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments.thous.
1,636
1,508
127
Banges, total, sales
do
1,746
1,794
If8
Water heaters (storage), automatic, sales
do
v * 3,158 v 2, 921
217
4,328
4,313
Material handling equipment (industrial):
Orders (new), index, seas, adj
1967=100..
Industrial trucks (electric), shipments:
Hand (motorized)
number..
Bider-type...
-do—
Industrial trucks and tractors (internal combustion
engines), shipments
number..
Industrial supplies, machinery and equipment:
New orders index, seas, adjusted
1967-69=100..
Industrial suppliers distribution:
Sales index, seas, adjusted
1967=100..
Price index, not seas. adj. (tools, material handling
equip., valves, fittings, abrasives, fasteners,
metal products, etc.)
1967=100..
Machine tools:
Metal cutting type tools:
Orders, new (net), total...
Domestic
Shipments, total.
Domestic
Order backlog, end of period.
mil. $..
do
do....
do
do
Metal forming type tools:
Orders, new (net), total
do
Domestic
_
do
Shipments, total
do
Domestic
do
Order backlog, end of period
do
Tractors used in construction, shipments, qtrly:
Tracklaying, total
units..
mil.$_.
Wheel (contractors' off-highway)
units..
mil.$_.
Tractor shovel loaders (integral units only), wheel
and tracklaying types.
units..
mil.$_.
Tractors, wheel, farm, nonfarm (ex. garden and
construction types), ship., qtrly
units.
mil. $..
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement), ship
thous..
316.95 249.30 274.65 253.00 334. 05
280.55 231.20 255.10 234.40 312. 00
216. 05 137.75 161.70 193. 60 195. 05
193. 05 123.55 142.90 172.40 173,10
2,315.9 2,427.5 2,540.5 2,594.9 2,733.8
440.0
72.25
66.95
70.65
64.40
455.1
81.70
75.35
65.15
57.55
518.0
100.15
93.95
53.70
49.00
501.5
79.95
74.55
71.75
• 5.45
526.3
88.15
81.45
85.55
70.85
528.9
80.25
73.75
91.40
74.40
517.7
97.60
92.85
67.25
58.60
548.0
86.95
77.85
72.30
67.00
562.7
105.40
99.00
85.05
79.10
583.1
*335.50
• 340.35 P292.55
• 247.55 *>260.75
' 218.10 P234. 25
•3,778.3 3,853.0
304.
1,464
105.7
5,560
361.5
r 1,466
107.5
5,486 3 2,216 3 2,000
377.1 3147.0 3 32.9
1,564
118.1
11,805
407. 7
12,904
450.3
37,911
552.8
41.352
709.8
13,332
486.1
3 20,156
56,310 319,377
3
324.1 3 338.0
907.7
4,752
5,972
8
4,831
5,818
6,442
5,692
3,937
3,246 2 3,610
276.3
v 86.60
v 67.05
v 89.45
v 81.10
v 617.6
5,364
4,254
4,068
3,332
3,359
3,830
3,552
2,872
2 3,951
2,114
3,220
2 4,534
3,208
1,225
1,378
2 1,642
1,151
1,232
2 1,698
1,185
2,757
164
260
285
262
584
235
390
275
1,225
1,279 »2,044
1,538
1,345 2 1,666
2,603
298
210
256
246
548
163
376
246
2,789
111
301
278
294
586
168
469
327
2,720
101
288
287
274
528
115
468
340
2,162
2,855
130
342
335
298
518
103
463
347
2,554
162
342
293
259
431
81
372
324
2,225
240
276
231
221
346
67
325
256
2,143
2,479
259
300
271
236
375
97
416
306
2,506
333
260
256
224
382
116
397
291
3,286
624
334
310
276
514
160
476
328
1,188
2,851
638
275
278
252
412
154
354
233
308
297
277
581
187
455
298
2,888
389
268
263
264
562
199
436
273
3,413
126
124
217
137
146
230
153
165
217
173
154
247
142
148
228
154
169
263
145
139
214
128
••145
227
158
166
139
144
••258
••133
153
'259
153
181
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
460
425
455
'6,445
535
'555
680
575
575
••625
Production J
thous. sh. tons.. 5,861
50
179
79
116
100
35
31
142
43
Exports
do
625
Price, wholesale, chestnut, f.o.b. car at mine
«47.135 47.192 47.192 47.498 47.542 47.537 47.530 47.675 47.677 47.677 47.677 47.677
$ per sh. ton.. I 46.579
653,800 65,565 I 53,640 64,395 57,775 69,860 69,245 59,630 56,486 53,628 65,492 63,325
Bituminous:
'
r
Revised. J * Preliminary.
ithous.
Annual
monthly
9 Includes data not shown separately.
sh.data;
tons..I
691,344or quarterly revisions not avail.
1Production
Data cover 5 weeks; other periods, 4 weeks. 3 For month shown.' * Beginning July
J Monthly revisions back to 1973 are available upon request.
1977, data include shipments to mobile home and travel trailer manufacturers (formerly
©Effective 1976, data reflect additional reporting firms.
excluded); they are not directly comparable with those for earlier periods. * Average for
Jan.-Apr. and June-Dec.
70,720
465
80
445
47.677
47.677
65,835
54,495
CURRENT BUSINESS
SURVEY
August 1979
Unless otherwise stated in' ootnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
June
Annual
S-35
July
Aug.
Sept.
1979
Oct.
Nov.
Jan.
Dec
Feb.
Mar.
Apr.
May
53,374
41,814
10,879
5,816
53,835
41,712
11,602
6,685
50,333
38,839
11,028
6,429
52,839
41,419
11,025
6,556
520
465
394
June
July
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous—Continued X
Industrial consumption and retail deliveries,
total 9
.-thous. sh. tons..
Electric power utilities
do—
Mfg. and mining industries, total
do
Coke plants (oven and beehive)
do
2620,476
2475,671
2137,776
2 77,387
618,048
480,149
129, 976
71,093
51,827
40,593
10,758
6,382
55,428
44,035
10,942
6,530
57,215
45,952
10,820
53,921
42,556
10,839
6,391
52,270
39, 770
11,723
6,680
52,186
39,659
11,676
6,496
56,634
43,579
12,129
6,729
60,048
47,016
11,857
6,426
7,020
Retail deliveries to other consumers
do—
Stocks, industrial and retail dealers' end of
period, total
...thous. sh. tons.. 152,264
130,898
Electric power utilities
do
21,146
Mfg. and mining industries, total
do
Oven-coke plants
do— 12,721
7,914
475
450
442
525
776
850
925
1,175
Retail dealers._
do.
Exports
Price, wholesale t
do
.Index, 1967=100..
COKE
Production:
Beehive t
- thous. sh. tons..
Oven (byproduct) tdo
Petroleum coke §t
-do
Stocks, end of period:
Oven-coke plants, total t
--do
At furnace plants t
do
At merchant plants
do
Petroleum coke t
do
Exports
do...
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
...number.
Price, wholesale
Tndex, 1967=100.
Gross input to crude oil distillation units, .mil. bbl__
Refinery operating ratio
% of capacityAll oils, supply, demand, and stocks:
New supply, total eft
...mil. bbl_.
Production:
Crude petroleum t
-do
Natural-gas plant liquids
do
Imports:
Crude and unfinished oils \
do
Refinedin products
do
Change
stocks, allt oils (decrease,—) J_..do
Demand, total t
Exports:
Crude petroleum
Refined products
_
Domestic product demand, total 9t
Gasoline
Kerosene 1
Distillate fuel oil t
Residual fuel oil t
Jetfuelt
Lubricants t
Asphalt
Liquefied gases t
-
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
310
290
355
357
380
360
53,687
388.6
39,825
429.8
5,398
434.5
3,531
437.2
3,568
441.9
3,338
442.9
4,911
444.1
5,930
442.4
4,394
442.0
449
53,060
26,949
355
48,238
26,908
29
4,362
2,220
29
4,455
2,252
25
4,379
2,388
29
4,346
2,188
4,512
2,244
31
4,383
2,314
6,444
6,308
136
2,050
3,461
3,323
139
2,214
2,938
2,848
90
2,376
2,846
2,731
114
2,489
2,954
2,827
127
2,397
3,008
2,896
112
2,287
3,128
3,029
99
2,191
74
53
46
125
220
1,241
275
315
365
318
275
3,526
443.8
2,691
445.0
4,592
445.5
32
4,645
2,367
35
4,413
2,298
35
3,980
2,024
48
4,605
41
40
4,551
3,277
3,178
100
2,185
3,461
3,323
139
2,214
3,479
3,322
157
2,223
3,440
3,270
170
2,246
3,259
3,094
165
3,405
3,219
186
3,341
3,143
198
103
78
30
90
88
105
93
206
1,372
1,544
324.4
1,138
325.8
1.307
335.6
1,681
356.3
1,526
370.5
r
18,886
274.2
5,468.3
90
17,758
300.1
5,498.0
1,812
298.9
451.2
88
1,503
301.9
470.3
88
1,516
302.7
483.2
91
1,619
305.7
461.9
90
1,406
307.5
475.9
89
1,294
310.5
470.6
91
1,861
312.4
487.6
90
316.4
467.4
86
1,463
322.2
409.1
84
6,832.8
6,770.9
553.6
573.5
575.1
579.5
577.9
570.4
603.3
595.5
524.5
263.6
48.0
273.8
49.4
261.9
49.6
268.2
50.3
262.2
55.3
238.0
48.6
202.1
52.6
199.0
60.0
216.3
68.5
211.0
67.0
180.4
57.5
3,009.3
608.8
3,175.9
591.6
264.7
49.0
271.2
50.1
272.4
50.0
2,425.6
789.1
2,283. 7
719. 6
192.1
47.8
192.8
59.5
197.0
55.7
209.1
58.8
200.1
-34.0
7.6
37.1
-1.1
41.9
18.3
10.4
-13.9
«-54.9
-77.1
587.5
631.6
651.9
605.9
8.1
5.6
5,227 <6,091
451.4
447.8
5,895
452.0
453.2
...do..
do.
do.
6,816.1
7,001.8
560.1
556.8
589.4
552.3
18.3
70.3
57.5
74.3
5.9
6.1
4.3
5.9
5.4
7.1
7.5
6.8
8.4
6.1
6.5
5.7
7.8
6.3
5.5
do..
do.
do..
6,727.5
2,633.5
64.0
548.1
238.8
2.7
546.5
236.3
3.0
576.9
245.6
3.4
538.0
223.5
5.2
570.7
232.6
5.3
575.3
226.4
5.3
617. 5
232.0
7.1
214.4
10.3
...-do.
do.
.do.
1,223.3
1,120.9
379.3
2,721.0
63.4
1,245.9
1,101.7
386.8
85.1
78.5
31.6
77.9
86.2
31.4
86.2
91.1
35.0
79.6
81.4
32.3
95.1
81.6
33.2
107.0
85.5
33.4
128.2
96.0
32.7
140.8
109.5
34.1
134.2
100.7
31.8
do.
.do.
do.
58.3
156.0
518.9
62.4
170.1
515.0
5.8
20.8
33.6
5.1
21.1
34.7
5.8
24.1
33.7
5.1
19.8
40.1
5.6
21.2
45.7
5.6
13.2
47.5
5.2
7.5
56.6
5.2
6.0
67.6
4.6
5.4
55.2
do.
1,311.9
347. 7
121.7
842.5
1,277.9 1,185.2 1,222.3 1,221.2 1,263.1
367.9
357.7
368.3
363.4
376. 8
121.5
119.1
115.0
116.7
121.0
732.8
744.5
779.8
700.8
784. 5
2,581.2
2,630.5
.5
240.7
217.8
0)
222.2
226.6
.1
219.1
232.7
223.4
.1
219.3
223.6
.1
216.1
228.7
243.9
211.8
223.2
240.7
226.8
.1
6 258.9
265.0
260.5
266.4
271.3
275.1
278.1
277.5
282.7
• 287.0
292.5
300.2
314.0
330.9
349.3
370.9
.531
.524
.533
.542
.545
.547
.554
.564
3.684
.700
.732
.772
.814
.878
.931
13.9
1.4
1.4
1.6
1.4
1.1
1.2
1.1
2.8
2.5
2.6
2.5
2.6
2.4
2.7
2.8
55.7
14.3
3.9
14.8
3.8
15.9
4.1
16.7
3.8
16.1
4.7
15.8
4.7
15.5
5.7
14.3
7.0
11.5
7.4
9.8
392.7
391.4
3.1
394.4
395.8
397.6
398.4
403.0
'407.5
413.8
421.0
433.9
464.8
503.5
532.2
do.
do
do.
do
do
do
253.6
.507
14.2
.1
3.0
62.6
18.1
358.5
0)
(0
Revised. i Less than 50 thousand barrels. 2 Reflects revisions not available by
months. 3 Beginning Jan. 1979, price includes taxes formerly excluded; comparable prices
for earlier periods are not available. * Effective
Jan. 1978, data for exports of aviation
gasoline are no longer reported separately. 5 Beginning Jan. 1979, data reflect coverage of
additional
processing
facilities;
not
strictly
comparable
with data shown for earlier periods.
6
July 1979 mid-month price: $0,931.
9 Includes data not shown separately.
§ In-
125,091 130,013 .37,668 147,100
112,029 116,364 .22,811 131,446
12,744 13,374 14,582 15,239
8,854
8,317
6,553
7,352
585.2
Prices (excl. aviation):
Wholesale, regular t
Index, 2/73=100Retail (regular grade, excl. taxes), 55 cities
(mid-month)
_$ per gal.
Aviation gasoline:
Production
mil. b b l .
Exports
...do...
Stocks, end of period
...do...
Kerosene:
Production t
.do...
Stocks, end of period
.do...
Price, wholesale (light distillate) t
Index, 1967=100..
r
141,608 .21,588 119,791 122,607 125,568 .43, 564 142,643 L41,608 .31,891
126,036 07,498 07,443 110,006 12,797 29,359 27,118 26,036 .17,469
15,212 13, 780 12, 058 12,246 12,407 13,848 15,145 15,212 14,057
6,276
6,202
7,272 8,520 8,162
7,437
8,162
6,604
8.237
592.3
204.3
, 281.4 1,291.8 1,277.9 1,227.2 1,150.1
377.9
381.6
381.1
376.8
375.9
122.0
120.8
116.0
116. 7 «117.8
781.6
789.4
653.0
784.5 «733.5
0)
0)
195.3
0)
254.4
2.9
cludes nonmarketable catalyst coke, d*Includes small amounts of "other hydrocarbons and
hydrogen refinery input," not shown separately.
, , A ,„_,,
t Monthly revisions back to 1973 for bituminous coal, back to 1977 for coke, back to 1974 for
petroleum and products and for 1977 for wholesale price indexes will be shown later. c Oorrected.
VJUY OF (JUKJKKN'J
S-36
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978 v
June
Annual
August 1979
SS
July
Aug.
Sept.
1979
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:
Productiont mil. bbl
Imports!
do
Exports
do
Stocks, end of period
do
Price, wholesale (middle distillate) t
Index, 1967=100..
Residual fuel oil:
Production!
. . . . mil. bbl.
Tm ports X
do
Exports
do
Stocks end of period
do
Price, wholesale X - - Index, 1967=100.
Jet fuel:
ProductionX'
Stocks end of neriodl
Lubricants:
Production
157.5
96.4
4.6
.1
180.5
101.6
4.4
.1
200.4
95.2
4.9
.1
220.8
101.9
5.5
.1
233.1
100.6
6.7
.1
233.2
216.4
«175.7
80.2
5.5
.2
127.1
393.3
393.2
393.6
394.0
400.1
407.6
418.0
' 425.7
432.3
452.1
479.4
504.5
543.5
592.8
611.0
491.0
4.6
90.2
498.0
47.5
30.4
.1
71.9
509.3
49.4
40.2
.3
75.3
494.5
50.7
39.2
.8
73.7
480.8
49.4
39.4
.4
81.2
481.5
48.8
34.7
.2
83.4
485.4
50.2
40.5
.2
88.8
501.7
54.4
43.2
.6
90.2
512.8
59.1
42.0
.2
82.0
' 519.2
50.2
36.6
.3
68.2
520.5
541.9
607.6
642.5
661.9
680.9
355.0
34.5
355.2
33.7
28.8
37.4
28.8
38.0
30.1
35.7
29.7
35.3
29.1
33.1
30.5
32.8
30.8
33.7
29.5
32.0
27.9
30.4
1,196.3
91.3
.5
250.3
1,149.9
62.8
1.2
216.4
384.1
398.0
640.1
496.1
2.3
90.0
522.5
mil bbl
do
do
93.2
4.4
(2)
103.5
7.9
93.2
7.0
(2)
Exports
do
64.5
9.6
12.1
69.5
9.7
12.2
5.8
.8
11.3
6.3
.7
11.9
6.1
.9
11.6
6.0
1.0
11.8
6.3
.6
12.1
6.1
.7
12.3
5.7
.9
12.2
5.8
.5
12.5
5.4
.5
13.0
Asphalt:
Production
do
do
154.1
18.7
171.7
20.8
16.4
25.0
17.7
21.8
18.9
16.8
19.1
16.2
18.6
13.7
15.4
16.1
12.3
20.8
9.0
23.8
8.5
26.9
Liquefied gases (incl. ethane and ethylene).{
T^roduption total
do
571.6
561.0
431.5
129.5
132.0
46.0
34.9
11.0
138.5
46.4
35.6
10.8
147.3
46.3
35.4
10.9
155.1
46.1
34.7
11.4
156.7
46.8
35.8
10.9
152.4
46.8
36.1
10.7
144.2
48.0
36.8
11.3
132.0
50.5
40.0
10.5
5113.5
42.8
33.7
9.1
99.1
Stopks end of neriod
443 o
128 6
136.3
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
thous. cords (128cu. ft.).
Consum ption._
do...
Stocks, end of period
do...
72,875
73,971
5,761
77,025
77,290
6,244
6,949
6,884
5,020
6, 203
6,090
5,141
6,349
6,231
5,323
6,251
6,275
5,363
6,894
6,508
5,895
6,429
6,358
5,976
6,288
5,980
6,244
5,949
6,404
5,820
5,766
6,287
5,375
6,722
6,987
5,116
6,335
6,869
4,803
Waste paper:
Consumption..
Stocks, end of period.
12,192
728
13,178
740
1,119
753
1,136
732
1,020
744
1,144
721
1,071
709
1,004
740
1,078
673
1,027
618
1,139
641
1,083
732
' 49,033 1 47,075
1,401
1,415
3 34,005 3 35, 739
2,000
1,758
4,753
4,216
3 3,568
3 3, 948
4,109
130
3, 085
178
389
325
3,672
114
2,823
129
304
301
3,848
117
2,983
116
302
329
3,878
84
2,960
127
362
345
4,051
118
3,088
120
375
351
3,954
105
3,007
131
370
341
3,62«
90
2,745
114
364
316
3,905
98
3,000
104
352
351
3,815
92
2,926
122
347
328
4,307
128
3,250
162
396
370
4,C96
121
3,070
160
378
* 1,356
<684
609
62
< 760
* 254
435
70
898
426
407
66
1,014
516
432
1,048
545
436
67
993
473
454
486
442
70
788
300
423
65
7fO
254
435
70
845
410
371
64
802
389
349
64
834
374
387
72
907
409
431
12,640
796
i 1,844
• 2,599
757
' 1,841
266
80
186
230
69
161
174
54
120
269
73
196
207
60
147
204
52
152
210
47
163
165
41
124
198
58
139
213
60
150
214
46
168
224
47
177
13,864
179
« 3,686
i 4,025
176
'3,849
303
7
296
327
20
307
325
5
320
316
20
297
351
8
343
367
33
333
362
7
355
331
16
315
347
5
341
384
27
357
323
10
312
456
8
448
4,963
2,134
2,374
9
446
5, 321
2,332
2,543
9
436
5,198
2,287
2,440
9
463
4,745
2,144
2,172
9
421
5,175
2,316
2,411
9
440
4,989
2,267
2,298
11
413
5,681
2,541
2,643
13
484
5,409
2,424
2,505
11
185.1
187.0
186.1
189.5
186.3
188.7
190.2
183.6
192.3
182.6
197.2
183.4
..thous. sh. tons.
...do
WOODPULP
Production:
Total, all grades 9
thous. sh. tons.
Dissolving and special alpha
do...
Sulfate.
_
do..
Sulfite
do..
Groundwood..
do..
Semichemical
do...
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills
Exports, all grades, total
Dissolving and special alpha
All other
Imports, all grades, total
Dissolving and special alpha
All other
do...
do..
do..
.do..
do..
do..
do..
do
do
do.
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted...thous. sh. tons.. 61,869 62,066 5,463 4,793 5,233
2,075 2,201
2,444
27,491
27,729
Paper
do.
2,513
2,278
28,727 28,723 2,541
Paperboard
do.
10
6
11
128
109
Wet-machine board
do.
509
435
467
5,523
5,505
Construction paper and board
do
Producer price indexes:
Book paper, A grade
1967=100..
179.4
179.5
178.6
176.4
179.4
Paperboard
do
193.1
189.8
187.4 192.3
157.0
Building paper and board
do
T
*» Preliminary.
1 Revised.
Reported annual total; revisions not allocated to the monihs. J Less than 50 thousand
barrels. a Beginning with January 1975, data for soda (formerly combined with semichemical) is now combined with sulphate; not comparable with data for earlier periods.
• 187. 4 188.5
187.6 • 184.1
198.5
183.3
199.8
181.2
201.5
179.7
* Data exclude small amounts of pulp because reporting would disclose the operations of
individual firms. 5 See corresponding note for p. S-35.
t Monthly revisions back to 1974 for imports and back to 1977 for other refined petroleum
products are available upon request.
9 Includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
August 1979
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1978
1978
June
Annual
S-37
July
Aug.
Sept.
1979
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 (API):
Ground wood paper, uncoated:
Orders new
thous. sh. tons
...do....
Orders unfilled, end of period
do .
Shitvments
Coated paper:
....do....
Orders new
- . do. .
Orders unfilled, end of period
....do....
Shipments
Uncoated free sheet papers:
do.
Orders new
Shipments
Unbleached kraft packaging and industrial converting papers:
Orders, new
thous. sh. tons..
Orders, unfilled, end of period
do
do
Shirvrnents
do
Tissue paper production
' 1,349
'177
1,292
132
144
106
72
138
83
84
143
81
124
173
95
100
160
110
88
140
110
104
133
105
134
179
112
112
192
109
143
'208
124
'114
'201
121
'119
'191
'125
122
205
111
4,261
' 4,427
'404
4,447
376
397
370
333
405
326
382
408
381
342
405
353
360
367
S90
365
356
379
363
391
333
396
405
364
345
420
353
408
413
412
391
'440
371
'376
'440
'375
325
408
353
6,878
7,170
' 7,495
7,534
666
648
572
575
636
659
592
597
£98
648
574
630
568
602
660
649
598
619
'689
'721
'623
'664
700
'712
634
670
3, 815
4,286
3,894
4,215
320
369
301
317
293
338
301
327
319
360
305
344
292
328
321
358
320
349
341
403
340
379
'352
'396
335
380
1,312
134
1,307
4,279
398
Newsprint:
Canada:
Production
Shipments from mills
Stocks at mills, end of period
....do....
do
....do....
8,988
9,005
9,713
9,792
282
203
807
853
287
838
833
293
823
813
303
759
770
292
855
868
279
782
792
269
768
834
203
828
779
252
750
725
276
823
837
262
794
790
266
793
822
237
788
804
221
United States:
Production
Shipments from mills
Stocks at mills end of period
....do....
do
..do...
3,870
3,866
34
3,768
3,779
22
335
338
248
246
272
277
319
316
318
318
311
309
33
28
30
321
322
24
309
311
30
327
332
25
22
22
24
351
353
22
'321
324
20
342
339
22
340
338
24
Consumption by publisherscf
Stocks nt and in transit to publishers, end of
period
thous. sh. tons..
6,772
7,106
586
560
558
566
624
657
636
555
547
629
634
647
614
796
728
876
898
868
829
840
761
728
705
712
717
708
671
689
Im ports
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
Index, 1967=100
6,559
7,484
747
649
680
580
672
648
532
623
613
651
568
575
215.4
226.2
228.2
228.2
230.5
230.5
230.5
230.5
230.5
230.5
238.9
241.7
244.7
247.7
247.7
247.7
Paperboard (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons..
..do...
Orders, unfilled^
do
Production total (weekly avg.)
558
1,037
557
600
1 370
582
622
1,556
611
560
1,560
542
598
1,600
587
584
1,470
576
605
1,479
597
566
1,412
600
546
1,370
531
618
1,451
593
621
1,482
612
657
1,583
628
630
1,638
619
605
1,674
619
621
1,554
624
599
1,554
560
243,898
22,060
17,601
22,301
20,531
22,608
20,354
18,599
20,844
19,409
22,863
20,574
21,769
20,986
19,615
2,734.0
2,278.1
230.1
193.1
200.3
167.4
244.7
207.6
232.4
195.5
247.4
210.6
231.0
193.3
238.3
202.3
218.1
187.4
208.1
180.5
254.1
218.6
205.7
180.1
' 233.0 ' 228.7
' 204.2 ' 201.1
206.5
181.2
66.62
Paper products:
Shipping containers, corrugated and solid fiber
shipments
mil. sq. ft. snrf. area
227,197
Folding [taper boxes, shipments..thous. sh. tons., 2,639. 0
mil. $.. 2,105.0
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. metric tons..
Stocks, end of period
do
Imports, incl. latex and guayule..thous. lg. tons..
61.88
123.39
54.36
51.68
125.41
47.79
69.13
126.06
71.02
65.55
127. f>5
77.07
69.47
133.48
54.90
70.89
123. 95
46.05
62.81
125.58
71.51
68.25
121.36
72.84
115.59
64.22
74.53
116.13
72.80
.496
.490
.494
.520
.544
.543
.581
.558
.544
.570
.615
.674
.754
thous. metric tons.. 2,417.53 2,473.41
do
2,464.09 2,436.40
do
426.83 424.07
194.36
194.69
433.09
195.95
170.59
456.46
205.67
213. 94
445.08
207.37 212.33
211.70 220. 29
437. 67 425.32
212.10
212.14
419. 91
219.09
209.84
424.07
207.94 200.81
226.00 201.36
407.09 399.97
232.08
224.39
393.57
216. 68
201. 51
398. 92
223.32
211.99
391.53
22.29
27.74
29.43
28.74
Price, wholesale, smoked sheets (N.Y.)_.$ per lb-_
Synthetic rubber:
Production
Consumption
Stocks, end of period.
Exports (Bu. of Census)
Reclaimed rubber:
Production
Consumption
Stocks, ond of period
60.30
61.77
136. 63 130.17
54.96
764.65
125.58
746. 23
1
780.13
127.65
792.41
.416
81.96
thous. lg. tons..
239.98
254.96
22.28
19.35
20.04
20.77
22.22
23.81
23.77
23.62
thous. metric tons..
do
do
85.37
111.34
16.26
119. 22
118. 73
14.12
10.26
13.56
9.53
8.75
13.67
10.79
9.60
15.14
5.00
10.01
15.51
10.40
11.28
14.84
10.15
9.58
15.25
9.91
10.58
14.12
(*)
(*)
(4)
.thous.. 231,638
223,406
18,946
15,108
19, 245
19,155
20,497
18,299
18,869
20,352
19,592
21,807
18,609
18,544
15,603
226,583 •• 236. 640 22,5ft9
2 65,998 66,884
6,121
165,193 16,008
2155,195
3
4,563
440
5,390
17,584
4,077
13,265
242
20, 516
4,680
15, 464
372
22,214
5,933
15,888
392
22,727
6,408
15,£71
447
18,872
5,911
12,597
365
16,946
5,065
11,486
396
17,227
5,644
11,148
436
16,422
5,451
10,530
442
21,952
6,765
14,771
416
19,002
5,185
13,499
319
19,629
5,987
13,274
368
19,845
5,774
13,745
326
44, 057
462
41,796
414
40,135
520
40,394
483
43,472
541
47,212
560
51,284
437
52,223
53,540
457
53,033
510
49,362
223
342
274
343
312
218
350
160
186
210
34.61
TIRES AND TUBES
Pneumatic casings, automotive:
Production
Shipments, total
Original equipment
Replacement equipment
Exports
Stocks, end of period.
Exports (Bu. of Census)
Inner tubes, automotive:
Production...
Shipments
Stocks, end of period...
Exports (Bu. of Census)
r
do
...do
do
do
_
do do
_~
do
doIIII
do
do
M7.181
6,023
43,472
5,328
46,293
483
44,280
314
()
2,298
3,015
188
143
Revised,
nsed.
i Beginning Jan. 1977, producers' stocks are included; comparable data for
earlier periods will be shown later.
2 Beginning Jan. 1977, data cover passenger
car and
3
truck aind bus tires; motorcycle
. _ tires
. _ and tires for mobile homes are excluded.
Beginning
4
Jan. 1977, data no longer available.
Beginning Jan. 1979, data no longer available.
cTAs 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
c
month; annual data are as of Dec. 31.
Corrected.
SUBVEY OF CURKENT BUSINESS
S-38
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1978
1977
Annual
August 1979
1978
July
June
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments,finishedcement
thous.bbl..
CLAY CONSTRUCTION PRODUCTS
Shipments: t
Brick, unglazed (common and face)
mil. standard brick..
Structural tile, except facing
thous. sh. tons..
Sewer pipe and fittings, vitrified.
do
Facing tile (hollow), glazed and unglazed
mil. brick equivalent..
Floor and wall tile and accessories, glazed and
unglazed
mil. sq. ft..
Price index, brick (common), f.o.b. plant or N.Y.
dock ©
1967=100..
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
Sheet (window) glass, shipments
Plate and other flat glass, shipments
418,862
451,739
49,782
43,755
50,340
44,617
48,468
37,851
28,952
16,628
18,713
32,420
35,846
44,622
8,300.5
45.0
9,053.1
76.2
941.9
914.6
6.3
807.1
5.4
94.8
911.6
5.1
784.9
6.9
875.4
5.7
94.5
769.2
6.0
72.5
656.4
4.9
50.4
501.5
3.6
37.2
379.7
4.6
37.1
688.8
5.6
68.6
711.2
4.9
63.3
815.6
5.8
92.2
106.4
91.3
5.6
4.6
5.0
3.5
3.2
4.4
4.4
4.5
5.6
5.4
25.7
27.5
261.4
263.1
264.5
28,426
1,106.8
101.0
58.3
5.7
61.8
297.6
26.2
266.2
234.4
230.7
204.0
4.9
21.0
27.0
24.3
234.1
243.2
231.9
27.6
25.7
23.7
25.2
23.9
28.5
243.3
244.6
247.9
253.2
255.3
257.3
thous. $..
do....
do
739,919
(')
(')
829,010
210, 640
thous. gross..
303,452
326,634
28,759
26,930
29,428
26,175
30,031
25,710
21,443
26,132
26,090
29,264
27,640
28,841
304,785
315,639
27,233
24,514
29,484
27,674
27,359
25,547
22,823
24,592
23,008
30,986
25,174
•28,088 27,288
25,069
67,466
92,757
24,352
26,637
60,528
106,489
25,084
2,184
6.010
9,755
1,897
1,758
5,317
9,501
1,573
2,432
5,683
10,519
2,134
3,357
4,914
9,304
2,060
2,242
4,761
9,253
2,390
1,967
4,473
8,512
2,214
1,651
4,071
8,311
1,900
1,987
3,703
8,744
1,805
1,995
3,356
8,532
1,359
2,671
5,187
10,361
2,803
1,905
4,574
9,766
1,816
'2,505
4,994
10,642
1,996
2,421
5,119
10,108
1,924
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
and fruit Jars) X O
thous. gross.
61,330
65,062
4,717
4,187
6,018
5,567
5,967
5,640
4,996
5,681
5,141
6,947
4,754
'5,398
5,302
Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do...
Chemical, household and industrial do...
30,091
3,720
27,998
3,841
2,375
295
1,906
272
2,371
327
2,147
325
2,415
331
2,440
301
1,667
227
2,357
315
2,306
319
2,676
341
2,089
270
'2,217
'336
2,097
317
Stocks, end of period!
do...
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc. byproduct).-thous. sh. tons.
Calcined
do...
36,912
44,250
45,902
43,947
43,233
46,515
46,371
44,250
45,168
48,643
45,142
48,503 '47,575
48,746
13,410
12,090
14,402
13,494
1,208
1,121
1,195
1,164
1,302
1,184
1,251
1,129
1,212
1,206
1,136
1,091
1,129
1,087
1,121
1,092
1,017
972
1,155
1,148
1,239
1,140
Imports, crude gypsum
Sales of gypsum products:
Uncalcined
do
17,074
7,954
684
825
788
811
700
658
688
506
453
557
505
do.
i 5,759
5,434
565
505
568
552
494
462
441
300
467
...do...
'326
396
37
29
24
34
31
do...
do...
136
312
140
306
14
29
9
25
10
29
26
11
31
9
25
31
23
19
8
18
11
27
23
15,369
165
418
289
11,840
2,425
232
16,412
137
458
234
12,566
2,780
231
1,388
11
40
22
1,058
236
20
1,351
12
40
21
1.037
221
20
1,502
13
43
21
1,147
257
21
1,326
10
36
17
1,014
228
20
1,479
11
43
17
1,136
250
22
1,317
8
35
17
1,001
237
18
1,440
8
36
15
1,097
265
18
1,375
10
36
14
l,0"6
260
19
1,297
14
34
14
968
248
19
1,421
14
39
17
1,068
263
19
1,377
10
38
21
1.039
251
20
21,021
2 380
2 630
865
255
604
2,938
1,259
1,679
800
307
483
886
254
626
2,899
1,262
1,637
835
323
502
857
241
611
1,279
1,619
21,033
'2394
'2627
'885
'238
'642
'2,821
'1,257
'1,564
Glass containers:
Production*
Shipments, domestic, total*
Narrow-neck containers:
Food
Beverage
Beer.
Liquor and wine
Calcined:
Industrial plasters
Building plasters:
Regular basecoat
All other (incl. Keene's cement)
Board products, t o t a l .
Lath....
Veneer base
Gypsum sheathing
Regular gypsum board
T y p e X gypsum board
Predecorated wallboard
do
do....
do
do
do
mil. sq. f t . .
do..
_.do_.
do._
...do..
do..
do..
202,475
118,300
' 213,343
28
265.8
29
TEXTILE PRODUCTS
FABRIC (GRAY)
Knit fabric production off knitting machines (own
use, for sale, on commission), qtrly*
mil. lb.. «1,688.6 1,644.5 439.7
Knitting machines active last working day *. _thous_. 8 34.3
32.6
34.3
Woven fabric (gray goods), weaving mills:
Production, total9
mil. linear yd.. 10,237 10,147
621
774
2 970
Cotton
do
234
3,962
4,237
298
2 368
Manmade
fiber
......do.... 5,915
6,070
380
2 589
468
Stocks, total, end of period 9 d"
do
871
986
884
871
835
Cotton
do
294
340
298
300
244
Manmade
fiber
do . . .
570
640
579
565
585
Orders, unfilled, total, end of period 9 If...do
2,004
2,580 2,811
2,772
3,029
Cotton
do
1,082
858
821
1,008
1,230
Manmade
fiber
do
1,146
1,759 1,728
1,765
1,799
COTTON
Cotton (excluding linters):
Production:
144
GinningsA
thous. running bales.. 3 14,018 * 10,549
672
Crop estimate
thous. net weight bales (D__ 314,389 U0,856
2
Consumption
thous. running bales.. 6,393
459
6,079
575
383
Stocks in the United States, total, end of period 9
thous. running bales.. 12,890 11,229 6,285 5,326 15,130
Domestic cotton, total
...do
12,883
11,226 6,281 5,321 15,126
1,606
765
700
On farms and in transit
do
1,665
2,316
4,411 3,803
3,457
Public storage and compresses
do
10,268
7,860
1,105 1,118
1,063
950
1,050
Consuming establishments
do
v Preliminary.
' Annual total; revisions not allocated to the months.
2' Revised.
Data cover 5 weeks; other months, 4 weeks. 3 Crop for the year 1977.
/ Crop for the year 1978. « Beginning 1st Qtr 1977, data no longer available. « Beginning 1st Qtr 1977, data exclude garment lengths, trimming, and collars; not comparable
with earlier data.
QBales of 480 lbs.
©Includes data for "dairy products." *New
series. Source: BuCensus. Data cover warp and weft knit yard goods and knit garment
lengths, trimmings, and collars; no quarterly data prior to 1974 available.
JMonthly re-
389.2
32.6
403.5
33.9
2 1,015
851
294
551
2,752
1,043
1,709
863
349
505
858
295
558
2,923
1,166
1,758
2 613
876
297
574
2,908
1,127
1,781
752
292
452
835
244
585
3,029
1,230
1,799
1,492
4,667
6,678
9,321
2 569
482
13,976
13,971
950
3,431
1,030
12,932
12,929
6,603
5,312
1,014
2 964
2 375
2 579
2 392
827
323
495
883
249
628
2,871
1,307
1,564
72
595
435
2 603
468
< 10,549
* 10,856
506
2 584
484
12,127
12,124
4,893
6,230
1,001
11,229
11,226
2,316
7,860
1,050
10,066
10,0fi2
1,326
7,687
1,049
9,019
9,016
1,066
6,881
1,069
7,940
7,936
806
6,033
1,097
6,756
6,751
600
5,058
1,093
'5,732
'5,727
'492
' 4,171
'1,064
2
487
P4,575
"4,570
P325
*3,278
*967
visions back to 1975 for shipments of clay construction products and for Jan.-Mar. 1975 for
glass containers will be shown later.
9 Includes data not shown separately.
cfbtocKs
(owned by weaving mills and billed and held for others) exclude bedsheeting, toweling, and
blanketing, and billed and held stocks of denims.
HUnfilled orders cover wool apparel
(including poly ester-wool) finished fabrics; production and stocks exclude figures for such
finished fabrics. Orders also exclude bedsheeting, toweling, and blanketing.
ACumulative
ginnings to end of month indicated.
0Monthly revisions for 1977 will be shown later.
SURVEY
August 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
CURRENT BUSINESS
1978
1977
S-39
1978
June
Annual
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
'58.8
»59.8
63.4
61.9
July
TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES—Con.
Cotton (excluding linters)—Continued
Exports
thous. running bales..
Imports
thous. net-weightQbales..
Price (farm), American uplandU
cents per l b . .
Price, Strict Low Middling, Grade 41, staple 34
(1M«"), average 10 markets
cents per l b . .
Spindle activity (cotton system spindles):
Active spindles, last working day, total
mil..
Consuming 100 percent cotton
do
Spindle hours operated, all fibers, total
bil..
Average per working day
- do
Consuming 100 percent cotton
.
do
Cotton cloth:
Cotton broad woven goods over 12" in width:
Production (ntrlv )
mil. lin. vd
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod..
Inventories, end of period, as compared with
ave. weekly production
No. weeks' prod..
Ratio of stocks to unfilled orders (at cotton
mills), end of period..
Exports, raw cotton equiv. thous. net-weight©bales.
Imports, raw cotton equivalent..
do
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Filament varn (acetate)
mil. lb
Staple, incl. tow (ravon)
do
Noncellulosic, except textile glass:
Yarn and monofilaments
do
Staple, incl tow
do
Textile glass
fiber
do
Fiber stocks, producers', end of period:
Filament varn (acetate)
do
Staple incl tow (ravon)
do
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do
Staple incl tow
do
Textile gla^s
fiber
do
Manmade fiber and silk broadwoven fabrics:
Production (otrlv ) total Q
mil lin vd
Filament yarn (100%) fabrics 9
do
Chipflv ravon and/or acetate fabrics
do
Chieflv nvlon fabrics
do
Snun varn (100%) fab exc blanketine Q do
Rayon and/or acetate fabric blends do
Polvester blends with cotton
do
Filament and spun yarn fabrics
do
Manmade fiber gray goods, owned by weaving
mills:
Ratio, stocks to unfilled orders, end of period...
Prices, manufacturer to mfr.. f.o.b. mill:*
50/50 polyester/carded cotton printcloth, gray,
48", 3.90 yds./lb., 78x54-56
$ per yd..
65% poly./35% comb. cot. broadcl.. 3.0 oz/sp yd,
45", 128x72, gray-basis, wh. permpresfin.
$ per yd
Manmade fiber knit fabric prices, f.o.b. mill:*
65% ncetate/35% nylon tricot, gray, 32 gauge, 54",
3.2 oz./linear vd
$ per yd
100%, textured polyester DK" jaequard, 11 oz."/
linear yd., 60", yarn dyed, finished._.$ per yd..
Manmade fiber manufactures:
Exports, nann^ade fiber equivalent
mil. lbs..
Yarn, tops, thread, cloth . . .
do
Cloth, woven
do
Manufactured prods., apparel, furnishings do
Imports, manmade fiber equivalent
. do. .
Yarn, tops, thread, cloth
do
Cloth, woven
. .
do
Manufactured prods., apparel, furnishings.do
Apparel, total
__
do
Knit apparel
do
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
_
mil. lb
Carpet class
do
Wool imports, clean vield
do
Duty-free (carpet class)
_ . . do, _
Wool prices, raw, shorn, clean basis, delivered to
U.S. mills:<?
Domestic—Graded territory, 64's, staple 2M"
and up
$ per Ib..
Australian, 64's, Type62, duty-paid
do
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil lin yd
4,448
25
52.1
•5,875
3
'58.5
k
•52.7
16.6
6.7
103.6
.398
43.4
528
1
54.8
524
0
57.4
(10)
(.0)
56.2
59.6
61.1
464
0
58.1
(.0)
56.5
56.0
54.2
574
7
52.5
602
20
53.4
542
(.0)
'55.5
456
(10)
388
283
355
0
517
577
8
50.8
57.4
57.0
59.8
P60.0
64.1
65.6
64.4
61.5
60.6
58.7
58.0
60.9
16.4
6.4
102.4
.394
41.5
16.3
6.3
UO.O
.402
M.1
16.3
6.4
6.5
.327
2.7
16.3
6.3
7.9
.395
3.2
16.3
6.3
»9.6
.385
»3.9
16.4
6.3
8.1
.406
3.3
16.4
6.3
2 10.0
.399
»4.0
16.4
6.4
7.3
.367
2.9
16.4
6.3
M0.1
.406
a 4.2
16.4
6.3
79
.394
16.4
6.4
8.3
.416
3.4
16.4
6.4
J
9.9
.398
a 4.0
16.4
6.4
8.2
.409
3.3
3.2
614
(10)
6.4
3.2
4,356
3,986
1,010
•11.7
•16.1
13.9
22.7
17.7
17.2
16.6
17.0
21.1
19.4
19.1
18.9
18.7
19.2
18.2
»4.7
•4.9
4.8
5.9
5.2
4.7
5.7
4.3
4.6
4.1
4.0
3.6
3.6
3.6
3.3
».40
460.1
525.2
».3O
457.9
676.2
.35
33.0
60.6
.26
31.4
60.8
.29
35.9
51.3
.28
37.9
52.1
.25
44.8
62.2
.25
50.1
51.1
.22
50.4
44.1
.21
45.6
54.0
.21
45.4
48.8
.19
56.7
47.5
.19
44,1
38.3
.19
50.5
50.0
18
57.0
40.3
282.0
527.0
300.9
534.6
76.3
131.7
76.9
133.8
76.2
139.8
78.2
143.0
3,658.6
3,653.8
786.7
3,814.3
3,952.8
923.3
951.5
996.8
229.1
955.5
952.1
233.7
997.4
1,001.8
235.3
1,056.2
1,056.3
229.9
16.7
49.8
15.4
28.7
11.7
46.1
12.6
37.4
15.4
28.7
12.4
27.8
•353.0
299.7
67.9
343.4
335.6
98.6
336.5
347.6
89.4
334.3
328.1
89.3
343.4
335.6
98.6
366.3
314.8
91.3
6,223.6
2,014.1
371.5
356.9
«3,583.2
286.2
2.677.1
6,602.9
2,247.4
406.4
384.4
3,703.1
331.2
2,593.1
370.2
1,528.5
511.3
99.9
97.6
863.1
79.1
596.3
89.2
1,754.1
634.6
102 1
107 6
959 1
83 7
671.4
93.7
1.721.2
607.0
102.4
112.1
948.2
85.5
646.4
98.4
.22
».42
».22
.405
.901
1
1,691.4
566.8
104.6
100.6
946.2
83.3
662.3
07 1
.19
.18
.21
.22
.20
•-.22
.516
.514
.496
.495
.491
.470
.469
.475
'.475
.470
.776
.794
.824
38.12
23.29
15.12
14.82
58.31
11.79
7.85
46.52
40.24
22.92
43.68
27.52
16.95
16.16
50.47
10.24
6.86
40.23
34.38
18.53
44.41
27.15
17.93
17.26
41.08
8.68
6.00
32.40
27.49
13.53
42.88
26.82
17.72
16.06
37.54
8.06
4.93
29.49
24.58
12.02
42.86
27.30
17.69
15.56
47.07
10.02
6.88
37.05
31.64
15.64
43.91
27.70
16.39
16.20
36.31
7.23
4.58
29.08
24.71
11.72
53.20
33.37
19.37
19.83
39.06
10.92
6.72
28.13
22.87
11.16
45.03
27.30
16.76
17.72
38.47
9.96
6.51
28.51
23 72
11.90
49.28
30 64
18 84
18.64
45 19
9.79
5 61
35.43
30 45
16.38
52.81
32 27
21 23
20.54
53 03
9 68
6 29
43.35
37 26
19.99
7.5
» 10.1
.21
.20
.492
.493
.496
.496
• . 765
.780
.778
.458
.472
1.657
1.655
367.08
206.34
131.35
160.74
531.13
110.11
67.70
421.02
365.24
218. 68
441.70
267.28
165.71
174.42
642.59
147.55
87.76
495.04
425.18
242.40
36.63
20.85
13.82
15.79
67.70
12.36
7.94
55.34
48.88
30.40
32.06
18.62
11.11
13.43
70.41
14.13
8.61
56.28
49.66
29.34
35.38
20.99
12.48
14.39
64.90
12.29
8.51
52.61
47.10
26.89
95.5
12.5
53.0
18.8
103.3
13.0
50.4
23.4
2 10.3
7.0
.8
4.7
2.3
8.4
1.0
5.4
2.5
1.83
2.27
1.90
2.34
1.92
2.36
1.92
2.36
1.92
2.36
116.4
31.2
• 1.708
101.6
1.5
3.8
2.0
1,037
.17
.21
7
.501
1,020
913
.19
2
9.4
8.1
8.1
8.2
8.9
1.1
1.3
.8
4.2
2.2
39
18
2.02
2.49
2.06
2.65
2.20
2.73
1.4
3.4
1.9
1.2
4.0
1.8
1.2
4.8
1.5
.8
4.0
2.0
1.4
4.5
1.9
34
1.95
2.36
1.97
2.36
2.02
2.37
2.02
2.37
2.02
2.37
27.3
30.0
269 8
282.2
.9
8 5
.8
4 3
2.0
2.20
2.78
.474
3.1
2.3
2.18
2.82
2.18
2.83
33.6
FLOOR COVERINGS
Carpet, rups, carpeting (woven, tufted, other), shipments, quarterly
mil. sq. yds.. 1,024.6 1,075.9
281.3
APPAREL
Women's, misses', juniors' apparel cuttings:* ©
Coats._
thous. units.. 18,083
18,727
2,011
1,565
2,242
Dresses
do
183 702 179,078 15 675 12,430 15 664
Suits (incl. pant suits, jumpsuits)
do
27,856
2 IPv4
36 904
1,881
2,418
Blouses
thous. dozen.. 23,507
27,803
1,862. 2,662
2, 335
Skirts
do....
6,414
475
580
5.260
551
r
Revised.
*> Preliminary.
1 Season average.
> For 5 weeks, other months, 4 weeks.
3 Monthly average.
* Effective Sept. 1976 SURVEY, data omit production and stocks of
saran and spandex yarn.
* Effective 1976, production of blanketins is included6 in 100%
spun yarn fabric
(prior
to
1976, in "all8 other group," not shown separately).
Avg. for
7
Jan.-Oct.
Avg. for Feb.-Jun.
Avg.
for Jan-Jun.
» Effective Jan. 1. 1978, in10
cludes reexports formerly excluded.
Less than 500 bales.
U Based on 480-lb. bales,
» price reflects sales as of the loth: restated' price reflects total quantity purchased and dollars
paid for entire month ('price includes discounts and premiums).
9 Includes data not
shown separately.
(D Net-weight (480-lb.) bales.
c? Effective Jan. 1976, specifications for the price formerly designated fine good French
1,882
1,857
1,167
2,126
1,434
1,001
1,286
1,429 '1,612
15,493 14,730 14,883 12 501 11 293 12,167 13 715 ' 11,656 11,539
1,953
2,518
2,175
2,247
2,244
2,726 ' 2,271 2,296
1 877
2,712
2,452 2,867
2,710
2,621
2,433
2,971 '2,601
1,883
'756
567
839
561
643
532
604
719
433
combing and staple have been changed as shown above. Effective with the May 1976 SURVEY
the foreign wool price is quoted including duty.
*New series. Apparel (BuCensus)—
Annual totals derived from firms accounting for 99% of total output of these items; current
monthly estimates, from smaller sample. Monthly data for 1975, adjusted to annual totals,
are available. Coats exclude all fur, leather, and raincoats. Suits omit garments purchased
separately as coordinates. Except for the year 1974, earlier monthly data are available, except
for suits. Prices (USDL, BLS)—Data not available prior to 1976.
SEffective Apr. 1979
SURVEY, data include 600 additional firms; comparable data back to Jan. 1977 (except for
slacks,
jean
cut,
casual,
shown
on
p.
S-40)
will
appear
later.
»Avg.
for
Jan-Apr.; June-Dec.
6
Avg. for sales prior to Apr. 1,1978.
UF UUKJiiUJNJ
SLLK
S-40
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
August 1979
1978
1978
June
Annual
S1JNE
July
Aug.
Sept.
1979
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
TEXTILE PRODUCTS—Continued
APPAREL-Con.
Men's apparel cuttings:
Suitst
thous. u n i t s . .
Coats (separate), dress and sportt
do
Trousers (separate), dress and sportt
do
Slacks (jean cut), casual t
thous. doz__
Shirts, dress, sport, inc. knit outerwear J__.do
Hosiery, shipments
thous. doz. pairs..
•17,311
•15,627
124,674
14,627
43,445
248,144
1,550
23,050
1,478
16,029
112,750 8,807
13,500 1,197
42,807 3,853
267,683 24,987
908
900
5,658
739
2,684
22,044
1,437
1,501
3,777
24,569
1,403
1,698
1,621
1,345
1,516
1,283
4,018 3,720
23,664 24,589
3,421
24,062
1,416
1,267
1,023
1,347
9,156
1,050
357
2,510 2,979
20,383 20,584
1,267
1,600
1,379
1,295
1,366
1,556
1,370
1,298
461
'541
641
595
3,223 T 3,515 '•2,948
3,100
22,075 23,928 23,407 22,091
26,153
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
mil. $_
do...
do
do....
do
38,922
22,682
35,478
33,315
20,704
49,937
26,769
46,602
37,471
21,961
11,632
7,566
10,774
9,331
5,622
10,491
5,024
9,330
9,298
5,364
17,007
8,612
16,414
10,331
5,882
Backlog of orders, end of period 9
do.
U.S. Government
do.
Aircraft (complete) and parts
do.
Engines (aircraft) and parts
do.
Missiles, space vehicle systems, engines, propulsion units, and parts
mil. $_.
Other related operations (conversions, modifications), products, services
mil. $..
45,309
26,119
19,709
57,775
30,937
27,929
5,857
51,099
28,207
23,600
4,901
57,775
30,937
27,929
5,857
5,354
49,906
28,537
23,193
5,425
7,604
6,917
7,233
7,604
6,743
6,561
7,419
7,913
Orders, new (net), qtrly, total
U.S. Government
Prime contract
Sales (net), receipts, or billings, qtrly, total
U.S. Government
Aircraft (complete):
Shipments
Airframe weight
Exports, commercial
do...
thous. l b .
mil. $.
5,635
7,913
4,700.9
47,647
2,605
6451.8
60,170
•3,589
9,201
8,512
11,185
9,109
2,075
9,165
8,494
11,311
9,312
2,000
662.2
6,293
275
469.1
4,959
248
564.1
5,844
379
679.1
6,071
356
573.6
821
1,138
950
188
11.6
9.6
2.0
589
553
930
762
168
11.1
9.2
2.0
528
492
958
753
205
11.8
9.8
2.0
738
676
828
662
166
11.1
9.1
2.0
894
1,911
1,767
2.2
1,729
1,761
2.3
1,510
1,662
2.0
70.63
45.83
36.11
58.20
33.75
25.95
281.4
236.8
198.3
86.8
47.6
41.1
3 1,053 < 1,062 •1.061
»166
*183
•198
752.0
5,652
504
744.7
6,331
550
691.0
5,633
424
828
1,034
884
150
11.2
9.3
1.9
842
784
909
770
139
11.1
9.1
2.0
660
604
769
646
124
11.2
9.4
1.8
1,606
1,652
2.2
1,629
1,665
2.2
1,728
1,735
2.3
61.60
46.61
212.3
78.3
<887
<185
66.74
50.06
232.8
77.2
<866
5,490
423
576.7
1
895. 8
6,435
560
7,016
867
790
1,116
865
251
12.4
9.7
2.7
750
695
987
764
224
11.1
8.5
2.6
903
824
1,053
798
256
11.1
8.4
2.6
1,957
1,815
2.4
1,974
1.800
2.2
1,914
1,753
2.5
••2,034
1,810
2.6
49.77
27.62
269.1
71.7
7 754
U32
64.49
42.92
216.2
62.1
«763
*150
73.17
57.07
223.2
71.5
?913
7 202
73.33
61.37
311.3
60.0
«956
«229
85.73
69.10
228.4
63.7
3 987
»237
73.47
61.38
227.2
59.9
«878
5 212
298
273
354
326
271
251
298
290
262
283.3
15.3
20.7
268.3
14.7
19.7
236.5
15.9
19.2
221.7
13.6
19.3
199.9
12.0
18.6
5,104
484
1,107.9
8,726
551
727
675
784
645
138
11.1
9.1
2.0
644
841
676
165
11.4
9.2
2.2
1,729
1,740
2.2
1,885
1,773
2.3
58.73
43.19
230.5
80.2
<826
*140
52.03
38.36
244.3
74.3
<949
*158
384
M O T O R VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants), total
thous.
Domestic
_
do...
Retail sales, total, not seasonally adj
do...
DomesticsA
do...
ImportsA
do...
Total, seas, adjusted at annual rate t
mil.
DomesticsA t
do...
ImportsA t
do...
Retail inventories, end of mo., domesticsrA
Not seasonally adjusted
thous.
Seasonally adjustedt
do...
Inventory-retail sales ratio, domesticsA t
Exports (BuCensus), assembled cars
To Canada
Imports (BuCensus), complete units.
From Canada, total
Registrations©, total new vehicles
Imports, incl. domestically sponsored
1,731
1,784
2.3
1,729
1,780
2.3
11
t h o u s . . 697.20 695.12
do
591.51 «540.90
do
2,791.3 2,881.8
do
849.2 «832.7
10,946
do
»10,826
4
1,946
do
1,977
Trucks and buses:
3,706
Factory sales (from U.S. plants), total
thous..
3,442
3,415
Domestic
do
3,179
Retail sales, seasonally adjusted:*
Light-duty, up to 14,000 lbs. GVW____ do
3,145.0 3,547.2
164.5
Medium-duty, 14,001-26,000 lbs. GVW___do_._.
171.5
202.3
Heavy-duty, 26,001 lbs. and over GVW_.do
169.1
Retail inventories, end of period, seasonally ad763.9
lusted*
thous..
716.1
Exports (BuCensus), assembled units.
do
202.55 • 248.42
Imports (BuCensus), including separate chassis
and bodies
thous.. 822.43 1,035.68
Registrations©, new vehicles, excluding buses not
3,963
3,509
produced on truck chassis
thous..
807
739
905
701
204
9.4
7.2
2.3
272
254
281
266
305
281
366
337
330
305
290
266
315.5
14.3
17.3
297.7
14.1
18.0
261.5
12.6
17.2
308.5
13.5
17.3
309.0
13.8
16.8
301.0
14.9
17.9
679. 9
24.24
661.0
18.05
314.8
11.3
16.8
641.0
16.58
312
288
299.5
14.5
19.5
664.7
22.18
694.2
24.90
732.2
21.73
773.9
21.24
816.1
17.53
847.0
25.13
921.7
25.80
926.8 1,022.3 1,071.7
21.90
28.11
26.00
97.00
85.88
63.80
76.23
83.21
90.77
75.85
93.20
70.09
70.42
91.20
90.98
70.86
»357
<386
«396
<335
<305
<314
7 282
«275
317
<310
>313
5 277
194,976
128,566
6,468
29,775
16,884
11,047
576
2,706
13,896
17,245
11,665
714
3,170
15,813
10,404
341
1,718
17,953
12,031
1,795
17,733
12,424
624
1,993
17,914
12,505
622
1,674
16, 694 20,529
10,907 13,833
800
1,444
1,141
1,428
18,308
12,326
1,105
874
20,435
13,221
936
943
Freight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt cars and
cars for export):
Shipments
number.. 51,729 67,440
Equipment manufacturers
do
46,664 62,400
1
New orders
do
66,750 125,307
Equipment manufacturers
do
» 59,5f7 124,862
Unfilled orders, end of period
do
35,910 96,255
Equipment manufacturers
do
29,490 89,944
6,113
14,815
14,815
69,298
64,195
4,753
6,697
4,351
6,198
11,599 13,586
11,265 13, 086
75,461 82,733
70,426 78,197
5,942
5,533
10,561
8,911
87,200
81, 423
6,465
6,174
9,010
9,010
87,605
82,119
6,733
6,461
8,802
8,302
91,773
86,059
7,030 8,296
7,316 •"7,704
6,827 6,048
8,039
6,619
6,884
6,524 5,667
7,281
7,547
7,787
12,727 15,236 14,506 14,801
7,799 13,701
6,639
11,827 14,736 14,506 14,801
7,799 13,288
6,639
96,255 104, 818 113,049 119,312 119,967 125,311 123,911
89,944
107,030 113,802 114,889 120,243 119,335
1,232
8.8
1,231
8.4
94.18
76.50
1,228
8.1
8,923
493
2,304
494
15,808
10,321
706
1,633
'197
PIO.5
8.3
' 2,153 *2,066
1,938
'1,914
2.8
••3.2
355
324
Truck trailers and chassis, complete (excludes detachables), shipments
number.. 159,297
Vans
_
d o . . . . 98,687
7,193
Trailer bodies (detachable), sold separately...do....
Trailer chassis (detachable), sold separately., d o . . . . 20,662
3 584
2 211
RAILROAD E Q U I P M E N T
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous.
Held for repairs, % of total owned
Capacity (carrying), total, end of m o . .mil. tons.
Average per car
tons.
r
1,267
8.9
96.64
75.50
1,225
7.9
93.96
76.68
1,242
9.3
94.30
75.94
1,239
9.0
94.20
76.04
1,239
8.9
94.38
76.20
Revised.
v Preliminary.
' Annual total
includes revisions not distributed by
8
months.
* Production, not factory sales.
Excludes 2 States.
* Excludes 1 State.
1
Excludes 3 States.
« Beginning 1978, data may not7 be strictly comparable with those for
earlier years because of the revised export schedule.
Excludes 4 States.
JAnnual figures, "Apparel 1975," MA-23A(75)-1. Survey expanded and classification
changed; not comparable with data prior to 1974. See also note " 0 " , p. S-39.
9 Total includes backlog for nonrelated products and services and basic research.
tSeas. adj. data (1971-74) in the Mar. 1976 SURVEY, p . 5, do not reflect end-digit revisions to
imports and total sales introduced in the Feb. 1977 SURVEY.
ADomestics include U.S.-type cars produced in the United States and Canada and foreign-
94.05
76.31
94.04
76.61
1,225
7.9
93.96
76.68
1,222
7.9
93.80
76.76
1,219
8.0
93.58
76.76
1,219
8.0
76.88
1,222
7.9
94.04
76.97
1,221
7.8
94.12
77.01
1,224
7.8
94.40
77.13
type cars produced in the U.S.; imports cover all other foreign-type cars and captive imports,
and exclude domestics produced in Canada.
©Courtesy of R. L. Polk & Co.; republication prohibited.
§Excludes railroad-owned private refrigerator cars and private line cars.
•New series. Source: Motor Vehicle Manufacturers Assn. of the U.S. (seas, adjustment
by B E A). Reporting firms do not represent the entire industry. Motor coaches are not
covered. Sales include imports of U.S. manufacturers only (all other imports are not covered).
Units refer to complete vehicles and to chassis sold separately. Gross vehicle weight refers
to the weight of the vehicle with full load. Seasonally adjusted monthly data back to 1971
are available.
• Excludes leisure-type; not strictly comparable with 1974.
INDEX TO (XUUK1VT Bi'SI^ESS STATISTICS, Pages S1--S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
J-J
»»9
10,11
11-13
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
13-17
17-22
22-24
24,25
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
25, 26
26
27-30
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
40
Agricultural loans
17
Air carrier operations
24
Air conditioners (room)
34
Aircraft and parts
7,40
Alcohol, denatured and ethyl
26
Alcoholic beverages
11,27
Aluminum
33
Apparel
1,4,8,9,11-16,40
Asphalt
35,36
Automobiles, etc
1,4-6,8,9,11,12,20,23,24,40
Banking
Barley
Battery shipments
Beef and veal
Beverages
Blast furnaces, steel mills
Bonds, issued, prices, sales, yields
Brass and bronze
Brick
Building and construction materials
Building costs
Building permits
Business incorporations (new), failures
Business sales and inventories
Butter
17,18
27
34
28
9,11,22,23,27
5-7
20, 21
33
38
4,6,
7,11,31,38
10,11
10
7
5
27
Cattle and calves
28
Cement and concrete products
9,11,38
Cereal and bakery products
9
Chain-store sales, firms with 11 or more stores...
13
Cheese
27
Chemicals
4,6,9,14-16,20,23,25,26
Cigarettes and cigars
30
Clay products
9,38
Coal
4,9,23, 34,35
Cocoa
23,29
Coffee
23,29
Coke
35
Combustion, atmosphere, heating equipment
34
Communication
2,20,25
Confectionery, sales
29
Construction:
Contracts
10
Costs
10,11
Employment, unemployment, hours, earnings.. 13-16
Fixed investment, structures
1
Highways and roads
10,11
Housing starts
10
Materials output indexes
11
New construction put in place
10
Consumer credit
18
Consumer expenditures
1
Consumer goods output, index
4
Consumer Price Index
8
Copper
33
Corn
27
Cost of living (see Consumer Price Index)
8
Cotton, raw and manufactures
8,9,22,38,39
Cottonseed oil
30
Credit, short- and intermediate-term
18
Crops
3,8,27,28,30,38
Crude oil..
4,35
Currency in circulation
20
Dairy products
Debits, bank
Debt, U.S. Government
Deflators, GNP
Department stores, sales, inventories
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drugstores, sales
3,8,9,27
17
19
2
12,13
17,20
34
16
27
2,3,20,21
12,13
Earnings, weekly and hourly
15,16
Eating and drinking places
12,13
Eggs and poultry
3,8,9,29
Electric power.
4,9,26
Electrical machinery and equipment
5-7,
9,14,15,20,23,24,34
Employee-hours, aggregate, and indexes
15
Employment
13,14
Expenditures, U.S. Government
19
Explosives
26
Exports (see also individual commodities)
1,3,22-24
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,8,9
Farm wages
16
Fats and oils
9,23,29,30
Federal Government
finance
19
Federal Reserve banks, condition of
17
Federal Reserve member banks
17
Fertilizers
9,25
Fire losses
11
Fish
29
Flooring, hardwood
,.
31
Flour, wheat
28
Food products
1,4,6,8,9,14-16,20,22,23,27-30
Foreclosures, real estate
11
Foreign trade (see also individual commod.)
22-24
Freight cars (equipment)
40
Fruits and vegetables
8,9
Fuel oil
35,36
Fuels
4,8,9,23,34-36
Furnaces
34
Furniture
5,9,12-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product
Gross national product, price deflators
Gross private domestic investment
Gypsum and products
4,9,26
1,35
38
26
19
8,9,22,27,28
12,13
1
2
1
9,38
12
Hardware stores....
Heating equipment.
9,34
Hides and skins....
9,30
Highways and roads.
10,11
Hoogs.
28
Home electronic equipment
9
Home Loan banks, outstanding advances
11
Home mortgages
11
Hosiery
40
Hotels and motor-hotels
25
Hours, average weekly
15
Housefurnishings
1,4, 5,8, ,11,12
Household appliances, radios, and television sets.
4,
8,9. ,12,34
Housing starts and permits
10
Imports (see also individual commodities)... 1,3,23,24
Income, personal
2, 3
Income and employment tax receipts
19
Industrial production indexes:
By industry
4,5
By market grouping
4
Installment credit
13,18
Instruments and related products
5,6,14,15
Insurance, life
19
Interest and money rates
18
International transactions of the United States . . .
3
Inventories, manufacturers' and trade
5-7,11,12
Inventory-sales ratios
5
Iron and steel.
5,9,11,20, 23,31,32
Labor advertising index, stoppages, turnover
16
Labor force
13
Lamb and mutton
28
Lead
33
Leather and products
4,9,14-16,30
Life insurance
19
Livestock
3,8,9, 28
Loans, real estate, agricultural, bank (see also
Consumer credit)
11,17,18
Lubricants
35,36
Lumber and products
5,9,11,12,14,15,20,31
Machine tools
34
Machinery
5-7,9,14,15,20,23,24,34
Mail order houses, sales
12
Manmade fibers and manufactures
9,39
Manufacturers' sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, earnings
14-16
Manufacturing production indexes
4,5
Margarine
29
Meat animals and meats
3,8,9,22, 23,28,29
Medical and personal care
8
Metals
4-7,9,14,15,20,22,23,31-33
Milk
27
Mining and minerals
2,4,9,14-16,20
Monetary statistics
19, 20
Money supply
20
Mortgage applications, loans, rates
11,17-19
Motor carriers
24
Motor vehicles
1,4-6,8,9,11,20,23,40
National defense expenditures
1,19
National income and product
1,2
National parks, visits
25
Newsprint
23,37
New York Stock Exchange, selected data
21,22
Nonferrous metals
5-7,9,20,23,33
Noninstallment credit
18
Oats
Oils and fats
Orders, new and unfilled, manufacturers'
Ordnance
27
9,23,29,30
7
14,15
Paint and paint materials
Paper and products and pulp
9,26
4,6,
9,14-16,20,23,36,37
Parity ratio
8
Passenger cars
1,4-6,8,9,11,12,20,23, 24,40
Passports issued
25
Personal consumption expenditures
1
Personal income
2,3
Personal outlays
2
Petroleum and products
4, 6,
8,9,14,15,20,23,35,36
Pig iron
31, 32
Plant and equipment expenditures
2
Plastics and resin materials
26
Population
13
Pork
28,29
Poultry and eggs
3,8,9,29
Price deflators, implicit, GNP
2
Prices (see also individual commodities)
8,9
Printing and publishing
4,14-16
Private sector employment, hours, earnings
13-16
Profits, corporate
2,20
Public utilities
2,4,10,20,21, 26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radio and television
4,11,34
Railroads
2,16,17,21,24,25,40
Ranges
34
Rayon and acetate
39
Real estate
11,17,19
Receipts, U.S. Government
19
Refrigerators
34
Registrations (new vehicles)
40
Rent (housing)
8
Retail trade
5,7,12-16,18
Rice
28
Rubber and products (incl. plastics)
4,6,
9,14-16,23,37
Saving, personal
2
Savings deposits
17
Securities issued
20
Security markets
20-22
Services
1,8,14-16
Sheep and lambs
28
Shoes and other footwear
9,12, 30
Silver
19
Soybean cake and meal and oil
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures
23,31, 32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
21,22
Stone, clay, glass products
5,6,9,14,15,20,38
Sugar
23,29
Sulfur
25
Sulfuric acid
25
Superphosphate
25
Tea imports
29
Telephone and telegraph carriers
25
Television and radio
4,11,34
Textiles and products
4,6,9,14-16,20,23,38-40
Tin
33
Tires'and inner tubes
9,12,13,37
Tobacco and manufactures
4,6,8,14,15,30
Tractors
34
Trade (retail and wholesale)
5,11,12,14-16
Transit lines, urban
24
Transportation
1,2,8,14r-16,20-22,24, 25
Transportation equipment
5-7,14,15,20,40
Travel
24, 25
Truck trailers
40
Trucks (industrial and other)
34, 40
Unemployment and insurance
13,17
U.S. Government bonds
?1
U.S. Government
finance
19
U.S. International transactions
3
Utilities
2,4,8,10,21,22,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans' unemployment insurance
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat
Wholesale Price Indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
flour
34
!•• *•»
23,29,30
8
» JJ
1«
2,3,15, 16
«J*
*J4
*g
• • • • ,„**•;?
5,7,11,14-16
o Jg
"t °*
33
UNITED
STATES
RNMENT PRINTING OFFICE
WASHINGTON,
OFFICIAL
D.C.
BUSINE
204C
@FedFRASER