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AUGUST', 1981. /VOLUME 61 NUMBER
8
CONTENTS
SITUATION ,
I
National Income and Product Accounts Tables
8
Reconcttiatmrt and Other Special Tables
19
. '1J.S* .Direct Investment Abroad in 1980
20
Foreign Direct Investment
in the United States in 1980
40
The International Investment Position
of the United States i Developments in 1980
52
U.S*Biisine!8s Enterprises Acquired or Established
by Foreign Direct Investors in 1980
58
Quarterly and Monthly Constant-Dollar
Manufacturing and Trade Inventories and Sales
72
IT. S*;' ,
'of. "
• 'Malcolm Bid^^
••• • '.'" -v/\'.
Robert CJ*( Dederiek / Assistant -Secretary,
for Economic Affairs
- • , • . ; , ' - . - ,' •;•
/ Director • ;, ' -' , / ' / . - ' • . . ; "
• ' : - -•:
/ Editor-in-Chief, v ; •- ,
Surwp of Current Business • ; - ' -.'
Manuscript Editor: Dannelet A. Grosvenor
Managing E ditor:
Sfnf Contributor* to.'Tkfo^tutifci-JL. Bavidi Belli, Leo
Bf * Bernstein, James C. Byrjles, William IL diung,
Robert IV Clnca% tragory 'G* Foueh, Douglas ft. Fox,
Bruce 'T. €rimm, Thonias If,- -Bolow^ Mary W*
Hook, Jpnn Stem, Russell B, Scfaoll, jo^e^Jb C, Wakefield, Teresa L. Weadtdck, OMe €. WKichard,
' CURRENT BUSINESS STATISTICS
General
SI
Industry
S?2
Footnotes
S37
Subject Index (f itridfo Back Cover)
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the BUSINESS SITUATION
LEVISED (45-day) estimates show
that the real GNP declined 2*/£ percent
at an annual rate in the second quarter
of 1981, 1/2 percentage point more than
in the preliminary (15-day) estimates
(table 1). Revisions in the major components were small: an upward revision
in nonresidential fixed investment was
more than offset by downward revisions
in net exports and government purchases. The increase in GNP prices as
measured by the fixed-weighted price
index was revised up from T1/^ to 8
percent.
Corporate profits
Corporate profits from current production—profits with inventory valuation and capital consumption adjustments—decreased $16 billion to $187
billion in the second quarter of 1981,
according to preliminary estimates.1
This decrease followed an increase of
$19% billion in the first quarter, which
had restored profits to their previous
peak of $203 billion (reached in the
fourth quarter of 1978).
Domestic profits of nonfinancial corporations fell $8% billion to $143% billion, after increasing $24 billion in the
first quarter (chart 1). The secondquarter drop was due to a decrease in
real output of nonfinancial corporations
and a squeeze on margins as unit costs
accelerated and unit prices decelerated.
Decreases in corporate profits occurred for almost all domestic nonfinan1. Quarterly estimates in the national income
and product accounts are expressed at seasonally
adjusted annual rates, and quarterly changes in
them are differences between these rates.
cial industries. The decreases were especially large for most durables manufacturing industries. Auto manufacturers,
however, registered profits in the second
quarter following losses in the previous
seven quarters. Although retail sales of
new cars fell in the second quarter,
manufacturers' sales increased, result-
Table 1.—Revisions in Selected Component Series of the NIPA's, Second Quarter of 1981
Seasonally adjusted at annual Percent change from precedrates
ing quarter at annual rates
15-day
estimate
45-day
estimate
Revision
15-day
45-day Revision
estimate estimate
Billions of current dollars
GNP
Personal consumption expenditures _ - _ Nonresidential fixed investmentResidential investment
Change in business inventories _
Net exports
Government purchases
Federal
-State and local.
.
___
2,881.0
2,881.6
0.6
4.0
4.1
0.1
1,830.3
322.0
111.4
20.4
19.4
577.6
219.5
358.1
1, 831. 0
323. 3
111.3
21.2
17.7
577.1
219.4
357.7
.7
1.3
-.1
.8
-1.7
-.5
-.1
4.5
7.9
-16.9
4.7
9.7
-17.4
.2
1.8
-.5
.7
-3.7
3.6
.4
-3. 9
3.1
-.1
-.2
-.5
.2
6.8
6.9
National income
Personal income
4.5
2,316.5
Compensation of employees.
_
__
Corporate profits with inventory valuation and capital
consumption adjustments
Other
-
1,751.0
1, 751. 2
378.6
187.0
378.3
-.3
15.0
-28.0
14.6
2,367.8
2,368.9
1.1
8.5
8.7
.1
.2
Billions of constant (1972)
dollars
GNP
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Change in business inventories
Net exports
Government purchases
Federal
-.
State and local
1,509.1
1,507.4
955.6
159.5
48.2
9.7
46.0
290.1
109.3
180.8
955.3
160.4
48.1
9.7
44.6
289.3
108.6
180.7
-1.7
-.3
.9
-.1
0
-1.4
-.8
-.7
_ . -i
-1.9
-2.4
-.5
-1.9
-6.1
-20.6
-2.0
-4.0
-21.0
-.1
2.1
-.4
-4.7
-6.4
-3.7
-5.8
-9.0
-3.8
-1.1
-2.6
-.1
6.6
8.0
7.8
.6
.4
.5
Index numbers, 1972=100 1
GNP implicit price deflator
GNPfixed-weighted price index
GNP chain price index
.
1. Not at annual rates.
NOTE.—For the second quarter of 1981, 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; 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
190.91
197. 9
191. 17
198. 1
.26
.2
6.0
7.6
7.3
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 for the quarter; for GNP prices, the Consumer
Price Index for June, and unit value indexes for exports and
imports for June.
SUEVEY OF CUEEENT BUSINESS
ing in large increases in dealer
inventories.
Domestic profits of financial corporations decreased $5 billion to $20y2 billion in the second quarter, following a
decrease of $2 billion in the first. The
decrease resulted from increased losses
for savings and loan associations and
Domestic Nonfinancial Corporate
Business: Profits; Real Product; and
Price, Costs, and Profits per Unit of
Real Product
Billion $ (Ratio scale)
200
BEFORE T&X WITH IV A: AND CCAdj
rate)
V
150|
100
80
60
Billions of 1972 $ (Ratio scale)
1,000 REAL PRODUCT
|Annual rate)
800
f I i i I lit r l t i lit i l l
600
Dollars (Ratio scale)
3.0
PRICE; COSTS, AND PROFITS PER up
OF REAL PRODUCT
5 ;;
,V
2.0-
1.0-
.8
Labor CosY
.6
Nonlabor Cost
V
Profits Before tax
.2
.09
I i''..'i'. 11T, t i 1 t I i I'''
1975
76
77
78
79
Seasonally Adjusted
80
81
NOTE.— Price per unit is current dollar product divided by constant
dollar (real) product. Costs and profits per unit are respective
components of current dollar product divided by constant
dollar product.
U.S. Department of Commerce, Bureau of Economic Analysis
si 8-1
smaller profits for commercial banks.
Earnings of Federal Reserve banks,
which are treated as part of corporate
business in the national income and
product accounts (NIPA's), increased.
Profits from the rest of the world—
measured as the net inflows of dividends
and reinvested earnings of incorporated
foreign affiliates, and of earnings of
unincorporated foreign affiliates—decreased $2% billion to $22% billion in
the second quarter. The decrease was
more than accounted for by lower profits on the overseas petroleum operations
of U.S. corporations.
Other profits measures.-—Profits before tax decreased $32 billion to $225
billion in the second quarter following
an increase of $7% billion in the first.
Profits before tax exclude the two
valuation adjustments, which are designed to value inventories and fixed
capital used up in production at replacement costs, the valuation concept
underlying national income and product accounting, rather than at historical
costs, the concept generally underlying
business accounting.2 If, as in the second
quarter, the historical costs of inventories used up is less than their replacement cost, profits as measured by business exceed profits as measured in the
NIPA's by an amount that is called inventory profits. Inventory profits decreased $16 billion to $23 billion in the
second quarter, following a decrease of
$9 billion in the first. If, as in the second
quarter, fixed capital used up as measured by business is less than that as
measured in the NIPA's, business profits exceed NIPA profits by an amount
that is equal to the underdepreciation
of the capital stock. The profits attributable to underdepreciation were unchanged, at $14% billion, in the second
quarter, following a decrease of $3 billion in the first.
Corporate profits taxes, which are
levied on profits including inventory
profits and profits attributable to underdepreciation, decreased $13 billion to
2. The capital consumption adjustment also places
the using up in production of fixed capital on a
consistent basis with respect to service lives (85
percent of Internal Revenue Service Bulletin F
for equipment and nonresidential structures) and
depreciation formulas (straight-line).
August 1981
Table 2.—-Impact of the Economic Rec overy
Tax Act of 1981 on Corporate Profit s and
Related Measures
[Billions of dollars; seasonally adjusted at annual rates]
1<)81
Item
I
Corporate profits before tax
»
Plus: Inventory valuation adjustment
__
Capital consumption adjustment—
Equals: Corporate profits from current production
Corporate profits tax liability
Federal tax liability
State and local tax liability
_.
II
—2 1
—4 3
2.1
43
—3.4
—3.3
—4.7
—4.5
—.1
—.2
$75 billion in the second quarter following an increase of $2^ billion in the
first.
The profits estimates presented above
have been adjusted to incorporate
changes in tax law that resulted from
the enactment of the Economic Kecovery Tax Act of 1981. The impact of
the Act is summarized in table 2. See
"Federal Budget Developments," which
follows, for a discussion of the changes
in tax law.
The Federal sector
The Federal Government deficit as
measured in the NIPA's increased $3
billion in the second quarter of 1981 to
$50 billion, as receipts increased less
than expenditures.
Receipts increased $2 billion in the
second quarter, compared with $47%
billion in the first, when receipts were
boosted by a large increase in the windfall profits tax and increases in the
social security tax rate and wage base.
Corporate profits tax accruals declined
over $11 billion in the second quarter
reflecting a significant decline in profits
and the impact of tax reductions under
the Economic Recovery Act of 1981.
(See "Federal Budget Developments",
which follows.) Other categories of receipts increased less than in the first;
the windfall profits tax accounted for
the increase in indirect business tax and
nontax accruals.
Expenditures increased $5*4 billion
in the second quarter, compared with
SURVEY OF CUEEENT BUSINESS
August 1981
of Federal unified budget receipts and
outlays for fiscal years 1981 and 1982.
Those estimates reflected the administration's proposed Economic Eecovery
Tax Act of 1981. As signed, in midAugust, the Act did not differ substantially in its effect on receipts, and thus
on the deficit, from what had been proposed in the mid-session review. The
revised estimates of receipts and outlays as presented in the mid-session review are discussed immediately below,
and then the features of the tax act as
signed are described.
$23 billion in the first. Transfer pay- the strategic petroleum reserve; all
ment to persons increased $31/2 billion, other purchases, on balance, declined $1
including about $1% billion for a 4.4 billion.
High-Employment
Budget.—The
percent benefit increase for military
federal
fiscal
position
on a highand Federal civilian retirees. National
employment
budget
basis
moved from
defense purchases of goods and services
a
surplus
of
$0.6
billion
in the first
and net interest paid increased $3 bilquarter
to
a
surplus
of
$5.2
billion in
lion each. Subsidies less the current surthe
second
quarter
(table
3,
page
19).
plus of government enterprises increased $11/2 billion; a large increase in The surplus as a percentage of potential
the Commodity Credit Corporation GNP increased from less than 0.1 per
(CCC) deficit was partly offset by a de- cent in the first quarter to 0.2 percent in
cline in the Postal Service deficit that the second quarter-—the second succesreflects the full impact of the postal rate sive quarterly move toward a more reincrease effective in March. Nondefense strictive fiscal position.
purchases declined $5 billion. Major
Federal Budget Developments
offsetting changes were a $7 billion decline in the agricultural price support
In mid-July, the Office of Manageoperations of the CCC and a $3 billion ment and Budget released, as part of
increase in purchases of crude oil for its mid-session review, revised estimates
Table 3.—Economic Assumptions Underlying the .Mid-Session
Review of the Fiscal Year 1982 Budget
Mid-session review
Eevised estimates of Federal unified
budget receipts and outlays for fiscal
years 1981 and 1982 released as part of
the mid-session review reflect revised
Table 4.—Federal Government Receipts and Expenditures
[Billions of dollars]
Calendar year
Actual
1979
Estimates
1980
1981
1982
Fiscal year
Differences
from March
1981
Estimates
2,414
1,483
2,626
1,481
2,951
1,519
3,296
1,570
31
22
3
10
Incomes:
Personal income
Wages and salaries _
Corporate profits before taxes
1,944
1,236
255
2,160
1,344
246
2,401
1,495
1246
2,677
1,668
1266
2
7
13
2
1
12
March
July
605.6
661.2
-55.6
5.4
6.1
-.7
650.3
695.3
-45.0
662.4
704.8
-42.5
12.0
9.6
2.5
609.5
620.8
11.3
665.0
678.3
13.3
249.7
283.5
291.5
8.0
295.7
309.9
14.2
70.6
68.2
74.0
5.8
73.2
80.6
7.4
35.7
60.2
57.2
-3.0
69.4
61.3
-8.1
July
520.0
579.6
-59. 6
600.3
655.2
-54.9
525.5
GNP in current dollars:
Annual average
Fourth quarter
12.0
9.9
GNP in 1972 dollars:
Annual average
Fourth quarter
3.2
1.7
8.8
9.4
-.2
—.3
12.4
11.8
2.6
2.5
11.7
12.9
3.4
5.2
1.3
.8
1.5
1.1
Unified budget
Receipts _ __ __ __
Outlays
:__
Surplus or deficit ( — )
National income and product
accounts
Receipts
Percent change from preceding year
-1.1
-.4
-.8
0
Personal tax arid nontax
receipts
Corporate profits tax accruals
Indirect business tax and
nontax accruals
Contributions for social insurance
Expenditures
GNP deflator:
Annual average
Fourth quarter
Consumer Price Index :
Annual average _
Fourth quarter _
8.5
8.1
9.0
9.8
9.6
9.1
8.0
7.3
-.3
-.4
-.3
-.4
11.4
12.8
13.5
12.6
9.9
8.6
7.0
6.2
-1.2
-1.9
-1.3
-1.0
_
-
Purchases of goods
services
National defense
Nondefense
Transfer payments
To persons
and
--
Percent •
Unemployment rate: 2
Annual average
Fourth quarter _ _ _ _ _ _
Insured unemployment rate:
Annual average
Interest rate, 91-day Treasury bills
7.2
7.5
5.8
5.9
3
7.5
7.7
7.3
7.0
-.3
0
-.1
0
2.9
3.9
3.7
3.9
-.7
-.1
10.0
11.5
13.6
10.5
2.5
1.6
1. Includes the direct effect of the administration's depreciation proposal.
2. Insured unemployment under the State regular employment insurance program, excluding recipients of extended benefits, as percentage of covered employment under that program.
3. Average rate of new issues within the year. The estimates assume, by convention, that
interest rates vary with the rate of inflation. They do not represent a forecast of interest rates.
Source: "Mid-session Review of the 1982 Budget."
Revision
Revision
March
Billions of dollars
Gross national product:
Current dollars
1972 dollars
1982
1981
Actual
1980
1982
Grants-in-aid to State and
local governments
Net interest paid
Subsidies less current surplus
of government enterprises. _
Surplus or deficit ( — )
169.4
197.6
198.1
.5
226.7
226.5
-.2
578.2
663.1
667.3
4.2
707.1
719.3
12.2
190.2
126.1
64.1
216.6
148.2
68.4
219.3
147.0
72.3
2.7
-1.2
3.9
244.7
172.9
71.8
247.4
171.7
75.7
2.7
-1.2
3.9
239.3
234.7
4.6
280.7
275.5
5.2
278.4
273. 2
5.2
-2.3
-2.3
302.7
297.1
5.6
301.4
295.8
5.6
-1.3
-1.3
86.7
51.2
89.4
64.4
89.7
67.4
.3
3.0
80 4
68.5
82.1
77.0
1.7
8.5
10.8
12.0
12.5
,5
10.8
11.4
.6
7.1
-42.1
-41.0
1.1
-52.8
-53.6
-46.5
Sources: "Mid-session Review of the 1982 Budget," and Bureau of Economic Analysis.
SUKVEY OF CURRENT BUSINESS
economic assumptions, reestimates of
agency spending and tax collections
based on more recent experience, legislation enacted by Congress, and policy
changes announced by the administration since March, including revisions to
proposed tax legislation. The new estimates do not reflect the Omnibus Reconciliation Act or, as noted above, the
Economic Recovery Tax Act of 1981,
both of which were passed by Congress
in early August.
On the basis of the revised economic
assumptions, real GNP is expected to
increase substantially more in calendar
year 1981 than expected earlier this
year (table 3). From the fourth quarter
of 1980 to the fourth quarter of 1981,
real GNP is estimated to increase 2.5
percent, over 1 percentage point more
than forecast in March. According to
the administration, this higher growth
is the result of a stronger than expected
first quarter of 1981. Real GNP is expected to increase very little through
the middle of the year, accelerate somewhat in the fourth quarter, and increase
strongly through 1982. From the fourth
quarter of 1981 to the fourth quarter of
1982, real GNP is estimated to increase
5.2 percent, the same as estimated earlier this year. Consumer prices rise considerably less than assumed in March—8.6 percent in 1981 and 6.2 percent in
1982, compared with 10.5 percent and
7.2 percent, respectively. Declines in the
prices of food and non-food commodities, including oil, contribute to the
slower increase in consumer prices. Interest rates on 91-day Treasury bills are
assumed to be much higher than estimated in March—2.5 percentage points
more in 1981 and 1.6 percentage points
more in 1982.
For fiscal year 1981, a $55.6 billion
deficit is estimated, compared with
$54.9 billion in March (table 4). Receipts are $5.4 billion higher; a $6.4 billion upward revision from changes in
proposed tax legislation is partly offset
by a $1 billion downward revision from
other administrative actions and reestimates. Outlays are $6.1 billion higher;
$5.0 billion of the increase is for interest
on the public debt, and reflects the
higher interest rates mentioned earlier.
August 1981
Table 5.—Impact of Proposed Economic Recovery Tax Act of 1981 on Federal Government
Receipts, NIPA Basis
[Billions of dollars]
1982
1981
1981
1982
I
II
Calendar year
Receipts
III
IV
I
II
III
IV
Seasonally adjusted at annual rates
-7.7
-53.3
-4.4
-20.1
-30.2
-34.1
-4.3
-3.7
-3.7
-44.5
-34.9
-34.5
— 4
-1.0
-16.2
-14.8
-14.8
-22.4
-15.7
-15.6
.1
-25.6
-62.6
-17. 1 -52.4
-16.83 -52.0
-.4
-68.1
-54.4
-53.6
-.8
-.6
-9.1
-4.3
-3.8
-1.0
-1.0
-1.4
-.6
-1.0
-1.4
-6.7
-3.1
-3.2
—.4
-8.5
-3.9
-3.8
-.8
-10.2
-4.7
-4.3
-1.2
-11.8
-5.5
-4.7
-1.6
Corporate profits tax accruals
Accelerated cost recovery system. _.
Other
-3.3
-3.2
-.1
-8.2
-7.6
-.6
-3.4
-3.3
-.1
-3.6
-3.5
-.1
-7.3
-6.7
-.6
-7.9
-7.3
-.6
-8.5
-7.9
-.6
-9.1
-8.5
-.6
Indirect business tax and nontax
accruals:
Windfall profits tax credit
—.1
— 6
-.3
-.5
-.6
-.6
-.7
Personal tax and nontax receipts
Withheld income taxes
Rate reductions
Other
Declarations and net settlements. _.
Rate reductions
Accelerated cost recovery system..
Other
Estate and gift taxes
-3.0
-3.2
-71.7
-77.9
-1.9
—.5
-3.0
-2.9
-.1
Upward revisions for agricultural price
support and related programs ($2.7 billion), medicare ($0.5 billion), food
stamps ($0.5 billion), plus smaller ones
for a variety of other programs are
largely offset by downward revisions in
outlays for unemployment benefits
($4.7 billion) and defense ($2 billion).
For fiscal year 1982, a deficit of $42.5
billion is estimated, compared with $45
billion in March. Receipts are $12 billion higher; a $14.4 billion upward revision due to changes in proposed tax
legislation is partly offset by a $2.3 billion downward revision from the new
economic assumptions. Outlays are $9.6
billion higher. Outlays for interests on
the public debt are revised up $9 billion
and outlays for a variety of other programs are revised up a total of $5.9 billion. The major downward revision—
$3.8 billion—results from proposed
changes in social security; defense outlays are revised down $1 billion and a
variety of other programs are revised
down $0.7 billion. The proposed changes
in social security include shifting the
annual increase in benefits from July
to October in 1982, revising the procedure for calculating the benefit increase,
and eliminating the minimum monthly
benefit—currently about $122—in January 1982.
-3.2
-3.1
-.1
Revised NIPA estimates.—BE A has
prepared estimates of the Federal sector on the national income and product
accounting (NIPA) basis consistent
with the revised unified budget estimates (table 4, and table 6 for quarterly
pattern). On this basis, fiscal year 1981
receipts are $11.3 billion higher, expenditures are $4.2 billion higher, and
the deficit is $7.1 billion lower than estimated in March. (Details of the March
estimates are discussed in the April
SURVEY or CURRENT BUSINESS.)
The upward revision in receipts consists of $7.3 billion due to changes in the
proposed tax legislation and $4 billion
due to the new economic assumptions.
Taible 5 shows the impact on NIPA receipts of the tax proposal. This proposal includes a 25-percent reduction in
individual income tax rates over 33
months and an accelerated depreciation
system for business. Compared with the
March estimates, all categories of receipts except indirect business tax and
nontax accruals are revised up. The upward revision in personal tax and nontax receipts and in corporate profits tax
accruals largely reflect the administration's changes to the tax proposal and
higher incomes, particularly corporate
profits. The downward revision in indirect business taxes is largely the result
of lower windfall profits taxes.
SURVEY OF CUKRENT BUSINESS
August 1981
The Economic Recovery Tax Act of
1981
Table 6.—Federal Government Receipts and Expenditures, NIPA Basis
[Billions of dollars, seasonally adjusted at annual rates]
Calendar year
Actual
1980
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Expenditures _
Purchases of goods and services .
National defense
Nondefense
Transfer payments __
To persons
To foreigners
_
.
_
Grants-in-aid to State and local governments
Net interest paid
Subsidies less current surplus of government enterprises .
Surplus or deficit (— )-
-..
1982
1981
IV
I
n
619.5
666.3
668.2
684.6
698.8
680.3
283.3
74.6
60.6
198.9
293.1
63.3,
62.8
200.4
312.4
77.9
60.1
215.9
309.4
80.2
60.2
218.4
317.3
78.9
61.0
227. 4
326. 6
80.7
61.5
230.0
302.8
82.7
62.2
232.6
641.1
664.0
669.4
693.4
703.9
712.1
725.2
735.2
212.0
141.6
70.4
221.6
145.2
76.4
219.4
148.1
71.3
224. 1
153.1
71.0
235.7
163.4
72.3
243.5
168.9
74.6
251.1
174.3
76.8
258.6
179.9
78.7
269.0
262.6
6.4
271.9
267.3
4.7
275.5
270.7
4.8
297.6
292.6
5.0
298.1
292.8
5.3
298.9
293.4
5.5
302.9
297.2
5.7
305.2
299.3
5.9
91.8
55.2
13.1
90.2
67.7
12.6
89.8
70.7
14.0
86.8
75.8
9.1
83.9
76.3
9.9
82.0
76.8
10.9
82.0
77.3
11.9
80.7
77.8
12.9
-50.0
-27.1
I
II
573.2
617.4
272.9
72.6
49.1
178.6
-67.9
The upward revision in expenditures
for fiscal year 1981 is more than accounted for by nondefense purchases of
goods and services ($3.9 billion) and
net interest paid ($3 billion). In nondefense purchases, the upward revision
is largely due to higher agricultural
purchases by the Commodity Credit
Corporation (CCC) and higher purchases of crude oil for the strategic
petroleum reserve; in net interest, it is
due to the higher interest rates mentioned earlier. Other expenditure categories are revised up slightly. Partly
offsetting these increases are downward
revisions in transfer payments to persons ($2.3 billion) and national defense
purchases ($1.2 billion). The downward revision in transfer payments is
more than accounted for by lower unemployment benefits, and that in defense purchases reflects failure to enact
the military pay raise proposed for
July of this year ($0.4 billion) and
lower prices for fuel.
For fiscal year 1982, receipts are $13.3
billion higher, expenditures are $12.2
billion higher, and the deficit is $1.1 billion lower. The upward revision in receipts consists of $11.8 billion due to
changes in proposed tax legislation and
$1.5 billion due to the new economic
assumptions. Personal taxes and corporate taxes are revised up, largely reflect-
1981
III
IV
Receipts
Estimates
-46.6
-35.7
-27.5
-26.4
III
-54.9
ing the changes in tax legislation. Indirect business taxes and contributions
for social insurance are revised down.
The revision in the former largely reflects lower windfall profits taxes. The
major upward revisions in expenditures
are in net interest, nondefense purchases
(agricultural purchases by CCC and
a variety of other programs), and
grants-in-aid to State and local governments (education, highways, and public
service employment). Downward revisions are in transfer payments (the proposed changes in social security are
partly offset by increases in a host of
programs) and in defense purchases for
the same reasons cited for 1981.
High-employment surplus or deficit.—As measured on a high-employment basis, the Federal sector of the
NIPA's was in deficit in calendar year
1980 and is forecast to be in surplus in
1981 and 1982. The swing to surplus
occurs in early 1981, reflecting the large
increase in social security taxes in January and an increase in the windfall
profits tax resulting from the complete
decontrol of oil prices in January. (For
high-employment receipts and expenditures for recent quarters, see table 3 on
page 19). The surplus swings to deficit
in mid-1982, reflecting the additional
personal tax reduction in July
(table 7).
The Economic Recovery Tax Act of
1981 was passed shortly before Congress adjourned and was signed in midAugust. The act provides about $1 billion more of net tax reductions (on the
NIPA basis) in calendar year 1981 than
the administration's proposal in the
mid-session review; in 1982, the net reductions are about the same. Table 8
shows the impact of the act on Federal
receipts on the NIPA basis for calendar
year 1981 and 1982.
Major features of the act are:
• A 25-percent across-the-board reduction in individual income tax rates
over 33 months—5 percent on October 1, 1981 and 10 percent on July 1,
1982 and 1983. Starting in 1985, income
tax brackets, the zero bracket amount,
and the personal exemption will be adjusted for inflation as measured by the
Consumer Price Index.
• An accelerated cost recovery system that provides substantially faster
depreciation write-offs for business. The
new system assigns depreciable lives of
3 years for most vehicles, 5 years for
most equipment, 10 years for certain
public utility property, and 15 years for
most depreciable real estate and some
long-lived public utility property.
• Incentives for persons who put
savings in specified savings accounts
and repeal of the exclusion from gross
income of interest and dividends.
• A substantial reduction in estate
and gift taxes; and
• An increase in the windfall profits
tax credit for qualified royalty recipients.
Personal tax and nontax receipts are
reduced $3.9 billion in 1981 and $41.2
billion in 1982. Most of the reduction is
in withheld income taxes, as withholding rates are cut in October of this year
and again in July 1982. Smaller reductions in 1982 are from a deduction for
married couples with two incomes and
from increases in exclusions for foreign
earned income of U.S. citizens and in a
deduction for overseas housing expenses. The married couples deduction
SUEVEY OF CUREENT BUSINESS
6
August 1081
Table 7.—-High-Employment Surplus or
Deficit (—), NIPA Basis
Table 8.—-Impact of the Economic Recovery Tax Act of 1981 on Federal Government
Receipts, NIPA Basis
[Billions of dollars]
[Billions of dollars]
High employment
surplus or
deficit (-)
Change
from
preceding
period
1981
1981
-2.2
1979
1980
1981
—18.3
17.2
13.5
—16.1
35.5
Quarters:
1979:
I
II
-4.6
5.1
III _.
IV
II
III
..
IV
1981:
I
-7.4
-4.7
-17.1
—21.6
-21.2
—13.1
-10.1
-4.5
32.9
30.0
IV
..
—
....
5.0
9.7
-2.3
—7.0
.7
5.2
II
HI
1982:
I
II
HI
37.0
34.3
-1.0
.4
8.1
13.7
4.6
27.7
-2.9
7.0
-2.7
-35.3
is phased in over 2 years, beginning
January 1, 1982, when it is 5 percent
(up to a $1,500 maximum) of the lower
earning spouse's income. In 1983 and
subsequent, years, it is 10 percent (up
to a maximum of $3,000).
A number of provisions of the act reduce declarations and net settlements in
1981 and 1982. The largest item—$4.2
billion—is rate reductions on income
not subject to withholding; these include a reduction in the top marginal
tax rate on dividends and interest from
70 percent to 50 percent on January 1,
1982 and a reduction in the tax rate on
long-term capital gains from 28 percent
to 20 percent retroactive to June 10,
1981. Faster depreciation write-offs for
unincorporated businesses under the accelerated cost recovery system reduces
declarations and net settlements a little
in 1981 and $1.7 billion in 1982. The savings incentives, which are not effective
until 1982, have little net impact on receipts in that year. Among these incentives are (1) repeal of the current exclusion from gross income of up to $200
on a single return ($400 on a joint return) of interest and dividends for 1981
and 1982, and allowance after 1982, of
only a dividend exclusion of $100 on a
II
Calendar year
Calendar year:
1980:
I
I
1982
1982
III
IV
I
II
III
IV
Seasonally adjusted at annual rates
-
-8.7
-53.0
-21.6
-30.6
-33.6
-70.8
-77.0
Personal tax and nontax receipts
Withheld income taxes
Rate reductions
Married couples deduction
Foreign earned income _ __ _ _
-3.9
-3.7
—3 7
-41.2
-33.8
—33 3
— 2
— 3
-15.6
-14.8
-14.8
-20.6
-16.0
-15.6
-.1
-.3
-22.6
-16.8
-16.4
-.1
-58.4
-50.5
-50.0
-.2
-.3
-63. 2
-51.9
-51.2
-.4
-.3
—.2
—6 7
—4 2
—.3
-1.7
— 1
.8
-.5
— 4
—.4
— 7
-.8
-4.6
-3.0
-.8
-1.1
-.1
-7.4
-4.6
—.4
-1.9
-.1
1.1
—.7
-.5
-.4
-9.4
-5.4
-.6
-2.3
-.7
-.1
-.4
-5.4
-3.8
-.2
-1.5
.5
2.1
— 1.3
—.3
-.4
-.3
-.5
-9.0
-4.7
-3.3
-1.0
-10.1
-5.8
-3.3
-1.0
-11.5
-7.2
-3.3
-1.0
-13.0
-8.7
-3.3
-1.0
-1.4
-1.4
-1.4
Receipts
Declarations and net settlements
Rate reductions
Married couples deduction
Accelerated cost recovery system .
Savings incentives
Repeal of interest exclusion
Savings certificates
Other
Other
-.2
Estate and gift taxes
-3,3
-4.5
-5.3
Corporate profits tax accruals
Accelerated cost recovery system— Leasing
Other
-4.8
-2.5
-1.9
-.4
-10.9
-6.6
-3.3
-1.0
Indirect business tax and nontax
accruals:
Windfall profits tax credit
—.1
—1 4
-.3
Contributions for social insurance:
Railroad retirement
.i
5
.4
-3.3
-1.0
-1.9
-.4
-4.5
-2.2
-1.9
-.4
-5.3
-3.0
-1.9
-.4
-6.1
-3.8
-1.9
-.4
-1.4
.4
.5
-.7
-.4
-1.9
.5
.6
single return ($200 on a joint return), contributions to self-employed and inwhich applied before 1981; (2) a life- dividual retirement accounts and moditime exclusion from gross income of fications to employee stock ownership
$1,000 ($2,000 on a joint return) of in- plans.
terest earned on qualified tax-exempt
Estate and gift taxes are reduced $0.7
savings certificates; (3) other savings billion in 1982 by several changes: the
provisions, such as the increase in the cumulative amount excluded from taxes
amount of exclusion from gross income is more than tripled after a 5-year
Constant-Dollar Estimates of Plant and Equipment Expenditures
An article presenting quarterly and annual constant-dollar estimates for 1947-80 of
new plant and equipment (P&E) expenditures that are companions to the. currentdollar estimates compiled from the BEA P&E survey will be presented in the September
issue of the SURVEY OF CURRENT BUSINESS. These estimates substantially extend and
improve the information available for analysis of capital expenditures. They, like the
current-dollar estimates, cover nonfarm business P&E expenditures and are on a company basis. The constant-dollar estimates are obtained by dividing the current-dollar
estimates by specially constructed implicit price deflators for industries.
Historical series of constant-dollar expenditure estimates, implicit price deflators, and
fixed-weighted price indexes for establishment-based industries and for company-based
industries (broken down into total, equipment, and plant) are available from BEA in
computer printout form. The data for total P&E expenditures are available quarterly
and annually from 1947 on; those for plant and for equipment are available annually
from 1947 on and quarterly from 1972 on. The cost of the printout is $20. For further
information, write to P&E Survey Statistics, Business Outlook Division, (BE-52),
Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230,
or telephone (202) 523-0701.
August 1981
SUEVEY OF CUEEENT BUSINESS
phase-in, the tax exclusion on gifts is
increased and the tax on transfers between spouses is eliminated, and the top
tax rate on cumulative estate and gift
transfers is reduced in four steps from
70 percent to 50 percent.
Corporate profits tax accruals are reduced $4.8 billion in 1981 and $10.9 billion in 1982; the accelerated cost recovery system and modifications to the
investment tax credit account for most
of the reduction. The act also liberalizes
the rules under which leasing com-
panies can use the investment tax credit
and depreciation. The other major provisions that reduce, on balance, corporate taxes in 1982 are: (1) a 25-percent
tax credit for certain research and experimentation expenditures; and (2) a
1 percentage point reduction in the corporate tax rate, for income below
$25,000, to 16 percent in 1982, (and to
15 percent in 1983) and, for income of
$25,000-$50,000, to 19 percent in 1982
(and to 18 percent in 1983).
Indirect business tax and nontax ac-
cruals are reduced slightly in 1981 and
$1.4 billion in 1982, largely the result of
an increase from $1,000 to $2,500 in the
royalty-recipient windfall profits tax
credit. Contributions for social insurance are increased slightly in 1981 and
$0.5 billion in 1982 as the result of an
increase from 9.5 percent to 11.75 percent in the employer tax rate for railroad retirement contributions and a
new 2-percent tax imposed on employees; both are effective October 1,
1981.
8
SURVEY OF CUEEENT BUSINESS
August 1981
National Income and Product Accounts Tables
The tables that follow are presented in eight groups, and the table numbers reflect these groups. The table numbers will also be used
in future publications presenting national income and product account estimates. The groups are:
1. National product and income
5. Saving and investment
2. Personal income and outlays
6. Product and income by industry
7. Implicit price deflators and price indexes
3. Government receipts and expenditures
8. Supplementary table: Percent change from
4. Foreign transactions
preceding period for selected items
Estimates for the first and second quarters of 1981 shown in these tables incorporate the changes in tax law that resulted from the
enactment of the Ecomomic Recovery Tax Act of 1981. (See the "Business Situation" for an explanation of these changes.) The detailed
series affected by the changes are: capital consumption allowances for corporations and nonfarm proprietors; the capital consumption
adjustment for corporations and nonfarm proprietors; corporate profits before taxes; nonfarm proprietors' income; and Federal and State
and local government corporate taxes. These series and related series that also are affected appear in tables 1.7, 1.11, 1.13, 3.2, 3.3, 5.1,
6.4, 6.20, and 7.7.
The abbreviations used in the tables are: CCAdj Capital consumption adjustment
IVA
Inventory valuation adjustment
NIPA's National income and product accounts
p
Preliminary
r
Revised
1980
1979
1980
I
II
1981
III
IV
I
1980
II'
1979
1980
I
II
Seasonally adjusted at annual rates
1981
IV
III
I
II'
Seasonally adjusted at annual rates
Billions of dollars
Billions of 1972 dollars
Table 1.1-1.2.—Gross National Product in Current and Constant Dollars
Gross national product
2,413.9 2 626 1 2,571.7 2,564 8 2,637.3 2,730 6 2, 853. 0 2, 881. 6 1,483.0 1,480 7 1,501.9 1,463.3 1,471.9 1,485 6 1, 516. 4 1, 507. 4
Personal consumption expenditures
Gross private domestic investment
Fixed investment
__ _
Nonresidential
Structures
Producers' durable equipmentResidential
Nonfarm structures
Farm structures
Producers' durable equipment
Change in business inventories
Nonfarm
Farm
• _»
Net exports of goods and services
Exports
Imports
_
_
212.3
602 2
696 3
211 9
675 7
785 2
220 9
661 1
749 0
194 4
664 0
768 4
208.8
674 2
799 2
415.8
395.3
415.6
390.9
377.1
397.7
437.1
393 2
294 0
107 3
186 8
99.2
94 5
17
415.1
302.1
111. 5
190.7
113. 0
107.6
432.7
315.9
117 2
198.7
116.7
111.4
398.3
279.7
96 3
183.4
118.6
113 9
401 2
296 0
108 8
187 1
105. 3
100 3
413.1
297.8
108 2
189 7
115.2
110 1
17 5
13 4
4.1
—5 9
—4 7
—1.2
30
25
15
10
13.4
23 3
8.2
1.8
2.9
_
_-
,
930 9
935 1
943 4
919 3
930 8
946 8
960 2
955.3
146.6
354 6
429 6
135.8
358 4
440 9
145 4
361 5
436 5
126. 2
356 6
436 5
132.6
354 9
443 3
139.1
360 4
447.3
146.8
364 5
448.9
137.2
366.6
451.4
455.8
232.6
203 6
218.3
200.5
195.3
200.5
211.6
218.2
434.6
323.3
122 7
200.7
111.3
106 0
21
222 5
163.3
48 5
114 8
59.1
56 2
206 6
158 4
48 4
110 0
48.1
45 2
219.2
165. 0
50 5
114.5
54.2
51 2
199 2
156.1
48 7
107.4
43.1
40 3
200.2
155. 5
46 8
108.8
44.7
41 9
207.6
157.0
47.8
109.3
50.6
47.5
213.1
162.0
49.6
112.4
51.0
48 0
208.5
160.4
50.2
110.1
48.1
45 2
—1.4
1 510 9 1 672 8 1 631 0 1 626 8 1 682 2 1 751 0 1 810 11 831 0
Durable goods
Nondurable goods
Services
_
_
Federal
National defense
Nondefense
State and local
22
17.1
2.2
3.1
238.3
726 0
845 8
2.2
3.2
227.0
734 6
869 4
3.2
9
2.0
9
2.0
1.0
2.1
9
.8
2.0
.7
2.0
1.0
2.0
.9
2.1
.9
2.0
9.7
8.7
.9
—17 4
—14.0
—3.4
—2.4
6.8
21 2
19 4
10 2
78
—2 9
—2 4
—1.4
.5
.6
.7
—5 0
—3.1
—1.8
—7 2
—5.6
—1.5
44.5
23.3
29.2
17.7
37.7
52.0
50.1
51.7
57.6
48.5
50.9
44.6
346.1
322.7
159.6
115.0
339. 8
316 5
337.3
329 1
333.3
316 °
342.4
297 9
473.8
534.7
516.8
530.0
533.5
558.6
167 9
111.2
56.7
305.9
198 9
131. 7
67.2
335.8
190 0
125.0
64.9
326 8
198 7
128. 7
70.0
331 3
194 9
131.4
63.5
338 6
212. 0
141.6
70.4
346.6
281.3
267 9
Government purchases of goods and services
2.0
3.0
383 5
289 8
108 4
181 4
93 6
88 9
18
29
3.0
16 0
74
6 1 —I 9 3
1 3 —3.7
223.3
703 5
824.2
45
1.8
2.4
—.5
13
—.3
—1.1
364.5
346 8
146.9
109 2
161.1
109.1
165.9
115.8
160.5
108.9
160.5
102. 8
157.4
108.9
162.5
111.6
576.5
577.1
281.8
290.0
210.1
291.9
288.2
289.8
293.6
289.3
221 6
145.2
76.4
354.9
219 4
148. 1
71.3
357 7
101 7
67.1
34.6
180 1
108 1
70.9
37.2
180 9
107 6
69.9
37.7
182.5
110.7
70.9
39.7
181. 2
106. 9
70.9
35. 9
181.3
107.4
71.9
35.4
182.4
111. 2
72.1
39.0
182.5
108.6
72.5
36.1
180.7
367.4
338.2
Table 1.3-1.4.—Gross National Product by Major Type of Product in Current and Constant Dollars
2,413.9 2,626.1 2 571 7 2 564 8 2 637 3 2 730 6 2,853.0 2,881 6 1 483 0 1 480 7 1,501.9 1,463.3 1,471.9 1,485 6 1,516.4 1,507.4
Gross national product
Final sales
Change in business inventories
Goods...
2, 396. 4 2, 632. 0 2 569. 1 2,557 4 2, 653. 4 2, 748. 0 2, 848. 5 2, 860. 3 1, 472. 9 1,483 6 1, 502. 8 1, 462. 0 1, 476. 9 1, 492. 7 1, 517. 8 1,497.7
9.7
—1.4
4.5
—7.2
21.2
17.5
2.5
10.2
1.3 -5.0
—5.9
—2.9
—.9
7.4 —16.0 -17.4
_
Final sales
Change in business inventories
Durable goods
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories
__
_
1,055.9 1,130 4 1 116.9 1 106 4 1,129.4 1, 169 0 1, 247. 5 1 252.6
674.5
665 2
682.1
658.1
657.5
662.9
688.9
683.8
1 038 5 1 136 3 1 114 4 1 099 0 1 145 4 1,186 3 1 243.1 1 231 4
7 4 —16 0 —17.4
21 2
17.5
25
4.5
—5.9
664 3
10 2
668 1
—2 9
683 0
656 8
662 4
—5.0
670.1
—7.2
69 .3
—1.4
674. 1
296.9
290 2
67
377.5
374.1
35
279.4
281 3
—1 9
385.7
386.8
—1.1
290.6
295 2
—4.6
391.4
387.7
270.8
270 1
281.8
281.5
381.1
388.6
—7.5
.3
289.3
292.5
—3.1
399.6
397.9
287.2
278.7
387.3
386.7
274.6
278 4
—3.8
382.9
384.0
—1.1
690.7
129.1
690.6
114.6
699.9
114.5
701.7
121.0
703.6
123.9
703.9
119.7
451.2
439 7
11.5
604.7
598.8
60
458.6
462 6
—4.0
671.9
673.7
—1 8
456.4
468 2
—11 8
660 5
646.2
14 3
444.6
441 3
33
661.8
657.7
4i
456.5
464 9
—8 4
672 9
680.5
—7 7
476.7
476.0
.7
692.2
710.3
—18.1
501.4
505 5
—4 2
746.1
737.5
86
514.5
497 0
17 5
738 1
734.4
38
—.9
3.7
1.3
.7
.6
1.7
9.7
8.6
396.6
395.5
1.1
Services
Structures
1,097.2 1,229.6 1,178.6 1,205.6 1,249.0 1,285.3 1, 317. 1 1,344.3
288 4
276 4
260.8
266 0
252 8
276.2
284 6
258 9
Addenda:
Gross domestic purchases1
Final sales to domestic purchasers l
2, 400. 5 2,602.8 2, 563. 5 2, 547. 7 2, 592. 8 2, 707. 3 2, 823. 8 2, 863. 9 1, 445. 3 1, 428. 7 1, 451. 8 1,411.6 1, 414. 3 1,437.1 1,465.6 1, 462. 8
2,383 0 2, 608. 7 2 560 9 2 540 3 2 608 8 2, 724. 6 2 819 3 2 842 7 1,435 1 1, 431. 7 1,452 7 1,410 4 1,419 2 1,444.2 1, 466. 9 1, 453. 1
678.0
130 6
695.7
119 8
1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic purchasers equals final sales less exports plus imports.
SURVEY OF CURRENT BUSINESS
August 1981
Table 1.5-1.6.—-Gross National Product by Sector in Current and Constant Dollars
1980
1979
I
1980
II
III
IV
I
II '
1979
1980
II
I
2,413.9 2,626.1 2,571.7 2,564.8 2,637.3 2,730.6 2,853.0 2,881.6 1,483.0 1,480.7 1,501.9 1,463.3
2,370.1
2. 046. 3
1, 974. 1
1, 786. 0
188.1
70.0
2.2
75.7
6.4
69.3
248.1
75.8
172.3
43.8
2,576.5
2,221.2
2,153.7
1,940.9
212.8
68.1
-.7
85.9
6.7
79.2
269.3
81.9
187.4
49.7
2,520.2
2,176.9
2, 106. 4
1, 903. 6
202.8
67. 7
2.8
82.1
6.6
75.5
261.2
79.6
181.6
51.5
2,516.7
2,166.4
2,100.8
1, 891. 7
209.1
67.5
—1.9
84.4
6.7
77.7
265.9
80.5
185. 4
48.1
1980
2, 682. 0
2, 311. 4
2, 248. 6
2, 025. 3
223.3
69.4
-6.6
90.4
6.9
83.5
280.3
87.1
193.3
48.6
2,800.7
2, 420. 8
2, 350. 1
2, 120. 2
229. 9
67.3
3.4
93.9
7.0
86.9
285.9
87.9
198.0
52.3
1,455.9
1, 258. 3
1, 222. 1
t, 094. 8
127.3
34.9
1.4
43.7
3.5
40.2
153.9
49.0
104.9
27.2
1,452.4
1,251.8
1,216.8
1,084.5
132.3
35.3
-.4
45.4
3.5
41.9
155. 2
49.2
106.0
28.3
1,471.5
1, 271. 9
1, 233. 3
1,103.0
130.3
37.0
1.6
44.8
3.5
41.3
154.8
49.0
105.8
30.4
1,435.5
1, 235. 2
1, 198. 5
1, 066. 8
131.7
37.8
-1.1
44.9
3.5
41.5
155.4
49.4
105. 9
27.8
1,471.9 1,485.6 1,516.4 1,507.4
1,443.4
1, 242. 3
1, 207. 6
1, 074. 6
133.0
33. 1
1.7
45.6
3.4
42.1
155.5
49.4
106.1
28.5
1,458.9
1, 257. 5
1,227.9
1,093.7
134.2
33.2
-3.6
46.1
3.4
42.7
155. 3
48.9
106.3
26.7
1,488.4
1, 286. 4
1,250.9
1,115.4
135. 5
33.6
1.8
46.7
3.4
43.2
155. 3
49.0
106.4
28.0
1,481.6
1, 279. 4
1, 246. 6
1, 109. 8
136.8
36.4
-3.6
47.0
3.3
43.6
155.2
49.0
106.2
25.8
I
II
HI
IV
I
1981
1980
1979
II'
1980
I
II
III
IV
I
II'
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of dollars
Billions of dollars
Gross national product
„ 2,413.9 2,626.1 2,571.7 2,564.8 2,637.3 2,730.6 2,853.0 2,881.6
Less: Capital
consumption
allowances
with
CCAdj
,
. 253.6 287.3 274.6 283.7 291.8 298.9 306.5 316.7
Capital consumption
allowances
„__ 199.2 224.1 215.6 220.3 226.9 233.7 243.2 251.9
Less: CCAdj
,. -54.5 -63.1 -59.0 -63.4 -64.9 -65.2 -63.3 -64.9
Equals: Net national product.. 2,160.3 2,338.9 2,297.1 2,281.1 2,345.5 2,431.7 2,546.4 2,564.8
Less: Indirect business tax
and nontax liability... 188.4 212.3 198.9 206.3 215.8 228.0 245.5
:9.5
Business transfer pay11.2
10.5 10.1 10.3 10.6 10.9
11.5
ments
9.4
3.4 -6.9
Statistical discrepancy
-.7
2.2
2.8 -1.9
3.0 -6.6
Plus: Subsidies less current
surplus of government
4.6
enterprises
5.4
4.7
5.8
3.1
3.1
3.7
6.3
Equals: National income
1,963.3 2,121.4 2,088.5 2,070.0 2,122.4 2,204.8 2,291 12,316.5
Less: Corporate profits with
IVA and CCAdj.
183.3 203.0 187.0
196.8 182.7 200.2 169.3
Net interest
143.4 179.8 165.4 175.3 185.3 193.3 200. 8 210.8
Contributions for social
insurance
_ 187.1 203.7 198.8 199.5 204.1 212.3 233.7 236.2
Wage accruals less dis0
0
bursements
0
-.2
.5 -.5
-.2
Plus: Government transfer
payments to persons... 239.9 283.8 261.6 270.3 300.1 303.1 308.4 312.8
Personal interest income. 209.6 256.3
253.6 261.8 269.7 288.7 301.9
Personal dividend income
48.6 54.4 52.4 54.2 55.1 56.1 58.0 60.2
Business transfer payments
9.4
10.5 10.1 10.3 10.6 10.9 11.2 11.5
1,943.82,
Equals: Personal income
2 2,088.2 2,114.5 2,182.1 2,256.2 2,319.8 2,5,368.9
Billions of 1972 dollars
Table 1.8.—Relation of Gross National Product, Net National
Product, and National Income in Constant Dollars
Gross national product
1,483.0 1,480.7 1,501.9 1,463.3 1,471.9 1.485.6 1,516.4 1,507.4
Less: Capital consumption allowances with CCAdj. 141.6 147.5 145.9 146.6 147.9 149.5 151.2 152. 4
Equals: Net national product. .1,341.4 1,333.2 1,356.0 1,316.6 1,'324.0 1,336.1 1,365.2 1,355.0
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
143.5 149.0 147.5 147.2 149.2 151.9 153.2 152.8
enterprises ..
-.4
1.8 -3.6
Statistical discrepancy...
1.4
1.7 -3.6
1.6 -1.1
Equals: National income
1,196.5 1,184.6 1,206.9 1,170.6 1,173.1 1,187.8 1,210.3 1,205.7
2,832.7
2, 446. 7
2, 381. 4
2, 144. 9
236.5
72.2
-6.9
96.4
6.9
89.5
289.7
88.2
201.4
48.8
1981
Table 1.7.—Relation of Gross National Product, Net National
Product, National Income, and Personal Income
352-196 0 - 8 1 - 2
II *
1, 858. 2 2,008.4 1,974.1 1,957.3 2, 014. 0 2,088.0 2, 191. 0 2,210.2 1,131.0 1,119.5 1, 141. 6 1,103.5 1, 109. 4 1,123.3 1,150.8 1,142.6
1980
1979
2,586.9
2, 230. 0
2, 159. 1
1, 943. 1
216.0
67.9
3.0
86.9
6.7
80.2
269.9
80.7
189.3
50.5
I
Billions of 1972 dollars
Billions of dollars
Gross national product
IV
III
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Gross domestic product
_
Business
Nonfarm
Nonfarm less housing. _
.
Housing
Farm
Statistical discrepancy
_
__
Households and institutions
Private households
Nonprofit institutions _
Government
Federal
State and local
__
Rest of the world . -Addendum:
Gross domestic business product less housing. __
1981
1980
1981
Table 1.11.—National Income by Type of Income
National income
1,963.3 2,121.4 2,088.5 2,070.0 2,122.4 2,204.8 2,291.1 2,316.5
Compensation of employees
1,460.9 1,596.5 1,558.0 1,569.0 1,597.4 1,661.8 1,722.4 1,751.2
1,235.9 1,343.6 1,314.5 1,320.4 1,342.3 1,397.3 1, 442. 9 1,466.2
Wages and salaries
Government and govern235.9 253.6 246.7 250.5 253.9 263.3 267.1 270.3
ment enterprises
1,000.0 1, 090. 0 1, 067. 9 1,069.9 1,088.4 1,134.0 1, 175. 7 1, 195. 9
Other
Supplements to wages and
225.0 252.9 243.5 248.6 255.0 264.5 279.5 285.0
salaries
Employer contributions
106.4 115.8 112.6 113.6 116.0 121.0 131.5 133.2
for social insurance.
118.6 137.1 130. 9 135.1 139.1 143.5 148.0 151.8
Other labor income
Proprietors' income with IVA
131.6 130.6 133.7 124.9 129.7 134.0 132.1 134.1
and CCAdj
30.8 23.4 25.7 23.3 22.1 22.5 18.9 21.7
Farm
,..
Proprietors' income with
36.6 30.3 32.3 30.2 29.0 29.6 26.1 29.3
IVA
-6.9 -6.5
-5.8
-6.9 -6.9 -7.2 -7.2 -7.6
CCAdj
Nonfarm
Proprietors' income
IVA
...
-CCAdj
Rental income of persons with
CCAdj
100.7
105.2
-3.4
-1.0
107.2
112.7
-3.7
-1.9
107.9
114.8
-5.3
-1.6
101.6
105.5
-2.0
-1.9
107.6
113.1
-3.5
-2.0
111.6
117.5
-4.0
-2.0
113.2
117.4
-2.5
-1.7
112.6
115.6
-1.2
-2.0
30.5 31.8 31.2 31.5 32.0 32.4 32. 7 33.3
58.9 64.9 62.9 64.5 65.9 66.4 68.2 69.3
Rental income of persons
CCAdj
- -28.3 -33.1 -31.6 -33.0 -33.9 -33.9 -35.5 -35.9
Corporate profits with IVA
196.8 182.7 200.2 169.3 177.9 183.3 203.0 187.0
and CCAdj
Corporate profits with IVA_ 212.7 199.8 215.6 186.9 195.9 201.0 217.7 201.7
255. 4 245.5 277.1 217.9 237.6 249. 5 257.0 224.9
Profits before tax87.6 82.3 94.2 71.5 78.5 85.2 87.7 74.8
Profits tax liability
Profits after tax
167.8 163. 2 182.9 146.5 159.1 164.3 169. 2 150.1
50.2 56.0 53.9 55.7 56.7 57.7 59.6 62.0
Dividends
Undistributed profits. 117.6 107.2 128.9
90.7 102. 4 106.6 109.6 88.1
-42.6 -45.7 -61.4 -31.1 -41.7 -48.4 -39.2 -23.2
IVA
CCAdj-,
-15.9
-17.2 -15.4 -17.6 -17.9
-17.8
-14.7
-14.7
Net interest . .
143.4
179.8
165.4
175.3
185.3
193.3
200.8
210.8
Addenda:
Corporate profits after tax
with IVA and CCAdj—
Dividends
Undistributed profits with
IVA and CCAdj.. . .
109.2
50.2
100.3
56.0
106.0
53.9
97.8
55.7
99.5
56.7
98.1
57.7
115.3
59.6
112.2
62.0
59.1
44.3
52.1
42.1
42.8
40.4
55.7
50.2
SUEVEY OF CURRENT BUSINESS
10
August 1981
Table 1.13.—Gross Domestic Product of Corporate Business in Current Dollars and Gross
Corporate Business in Current and Constant Dollars
1980
I
II
!
Product of Nonfmancial
1981
1980
1979
Domestic
IV
III
I
1981
1980
1979
II'
1980
I
II
II
IV
I
II r
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of dollars
Billions of dollars
Net domestic product.
1, 269. 5 1, 309. 3 1,343.9 1,332.7 1,369.1 1,431.7 1, 513. 1 1, 530. 0
Gross domestic product
Indirect business tax and
of corporate business. . 1,494.9 1,616.5 1,584.0 1,576.7 1,617.5 1,688.0 1,774.8 1,793.8
nontax liability plus business transfer payments
Capital consumption allowless subsidies
133.6 152.5 141.7 147.7 155.4 165.1 179.2 182.2
155.4 175.4 167.1 173.0 178.4 183.2 187.5 194.6
ances with CCAdj—
Domestic income 1, 135. 9 1, 216. 9 1,202.3 1, 185. 0 1,213.6 1, 266. 6 1, 333. 9 1, 347. 8
Compensation of employNet domestic product
1,339.5 1,441.1 1,416.9 1,403.7 1,439.0 1,504.8 1, 587. 3 1, 599. 2
ees
954. 0 1,037.2 1, 017. 3 1,018.0 1,034.8 1,078.5 1,121.3 1, 140. 0
Wages and salaries
798.9 864.2 849.9 847.9 860.9 898.2 930.7 945.9
Indirect business tax and
Supplements to wages
nontax liability plus busiand salaries
... 155.2 172.9 167.4 170.1 173.9 180.4 190.5 194.1
ness transfer payments
Corporate profits with
less subsidies. . _
139.6 159.3 148.1 154.4 162.4 172.5 187.2 190.3
IV A and CCAdj
136.7 123.6 132.6 112.5 121.2 128.2 152.1 143.6
Domestic income
1, 199. 8 1, 281. 8 1,268.9 1,249.3 1,276.6 1,332.4 1,400.1 1, 408. 9
Profits before tax
193.4 183,8 207.2 158.6 177.9 191.3 202.9 178.2
Compensation of employ56.2
Profits tax liability
68.1
69.7 63.1 74.3 52.0 60.3 05.9
ees
1,011.5 1, 103. 1 1,079.9 1,083.0 1,101.7 1,147.8 1, 193. 3 1, 213. 4
Profits
after
tax
G89.1
1,
005.
5
917.9
954.6
123.7 120.6 132.9 106.6 117.6 125.4 134.8 122.0
Wages and salaries
901.1 900.8 915.2
845.9
46.9
49.2
Dividends .__
37.3 40.4 36.9 41.1 40.8 42.7
Supplements to wages
208.0
Undistributed profand salaries..
165. 6 185.2 178.8 182.2 186.4 193.2 204.1
its
87.9
72.9
86.3 80.3 96.0 65.5 76.8 82.7
Corporate profits with
164.3
155.6
IVA
_ _.
177.6
-42.6 -45.7 -61.4 -31.1 -41.7 -48.4 -39.2 -23.2
IV A and CCAdj
166.5 151.5 163.6 140.0 147.0
-14.1 -14.4 -13.1 -14.9 -15.0 -14.7 -11.6 -11.4
CCAdj
202.2
64.2
45.2 56.1 52.3 54.4
59.9
60.5
Net interest
57.6
Profits before tax
225.0 214.4 240.4 188.6 206.7 221.8 231.5
74.8
82.3
94.2 71.5 78.5 85.2 87.7
Profits tax liability
87.6
127.4
Profits after tax
137.4 132.0 146.2 117.1 128.2 136.6 143.8
45.9
37.4
Billions of 1972 dollars
Dividends
34.3 37.9 37.9 39.5 43.7
34.9
81.5
Undistributed profits. 102.5 94.6 112.0 79.3 90.3 97.1 100.1
IVA.
-42.6 -45.7 -61.4 -31.1 -41.7 -48.4 -39.2 -23.2
Gross domestic product
CCAdj
-15.9 -17.2 -15. 4 -17. 6 -17.9 -17.8 -14.7 -14.7
of nonfinancial corpo27.2
31.1
25.3 26.3 27.9 29.0 29.3
Net interest
21.9
rate business
873.3 867.2 878.2 853.2 860.4 876.9 901.0 898.0
Gross domestic product
Capital consumption allowof financial corporate
81.3
90.4
91.2
84.7
80.1
ances with CCAdj
88.1
89.4
84.6
88.5
82.0 80.4 79.7 83.3
87.1
77.9
87.6
business
Net domestic product - Indirect business tax and
nontax liability plus business transfer payments
less subsidies
183.7
Domestic income
Gross domestic product
of non financial corpo1,417.0 1,535.2 1,502.1 1,496.3 1,537.7 1,604.7 1,690.1 1,713.6
rate business
Capital consumption allowances with CCAdj
—
147.5
165.9
158.2
163.6
168.6
173.0
177.1
1980
I
II
779.0
791.2
765.7
771.9
787.5
810.6
806.8
92.7
696.0
95.4
683.6
94.9
696.2
94.1
671.6
95.3
676.5
97.2
690.3
97.5
713.1
96.7
710.2
1981
1980
1979
788.7
III
I
IV
1981
1980
IP
1980
1979
I
II
Seasonally adjusted at annual rates
III
IV
I
II'
Seasonally adjusted at annual rates
Billions of 1972 dollars
Billions of dollars
Table 1.14-1.15.—Auto Output in Current and Constant 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
Change in business inventories
New
Used
_
Addenda:
Domestic output of new autos
*
Sales of imported new autos 2
68.0
60 2
64.4
53.6
54.3
68 8
68.1
73.2
46.8
38.6
42.5
34.6
34.6
42.8
42.8
44.
69.2
65.3
49 4
15.9
13 2
22.2
—9 1
—10.1
4 7
14.8
.8
—1.2
—1.0
—.2
62.2
61.8
46.2
15.6
12 4
21.2
—8 8
—12.9
40
16.8
.8
—1 9
—1.3
—.6
73.8
71.6
54.8
16.9
12 9
22.2
—9.4
— 11.5
48
16.3
.8
—9.5
—8.3
—1.2
51.5
50.7
36.8
13.9
11 0
18.3
—7 3
— 10.9
39
14.8
.8
2.0
34
—1.4
57.8
58.7
44.3
14.4
13 3
21.9
—8.7
—15. 1
3.4
18.4
.8
—3.5
—3.8
.4
65.5
66.1
48.8
17.3
12.5
22.4
—9.9
—13.9
3.9
17.8
.8
3.2
3.5
—.3
77.9
75.6
57.4
18.2
13.7
24.7
—11.0
— 12.2
41
16.3
.8
—9 8
—10 8
1.0
62.4
63.1
44 2
18.9
12 7
22.1
—9 4
-14.2
40
18.2
.7
10 9
12 5
—1.6
47.3
41.3
33 1
8.2
99
14.9
—5 0
—4.4
31
7.6
.6
— 5
— 4
—.1
39 9
36. 5
28 6
7.8
85
13.2
—4 7
—5.5
24
80
.5
—1 3
— 9
—.3
48.3
43.7
35 0
8.7
91
14.2
—5 1
—5.0
31
8.1
.5
—5 8
—5 2
—.6
33.5
30.4
22.9
7.5
7.3
11.4
—4.1
—4.6
2.4
7.1
.5
1.0
1.8
—.8
36.8
34.3
26.9
7.4
8.6
13.4
—4.8
—6.6
1.8
8.4
.5
—2.2
—2.4
.2
40.9
37.5
29.7
7.8
8.9
13.6
—4.7
—6.0
2.4
8.3
.5
1.9
2.1
—.1
48.5
42.8
35.0
7.8
9.9
15.0
—5.0
-4.7
2.5
7.2
.5
—5.7
-6.2
.4
37. (
34.
26. (
8.(
8.'
13. (
57.8
19.4
48 8
21 7
51.6
24.3
43 0
18 2
45.3
21.2
55.4
23.2
52 2
26.3
58 8
23.5
38 7
12 9
30 2
13.5
33 0
15.6
26 8
11.4
27.3
12.9
33.7
14.1
31.8
16.0
34. (
13. *
-4.;
-5.(
2.^
8.(
i
6(
7.:
Table 1.16-1.17.—Truck Output in Current and Constant Dollars
Truck output 1
Final sales
Personal consumption expenditures
Producers' durable equipment .
Net exports...
Exports
Imports
___
Government purchases
Change in business inventories
37.8
25 7
28 0
23 8
23 2
27.7
27 0
28 5
22 3
13 8
15 7
12 8
12 2
14 3
13 6
13.9
37.7
11.4
23 7
—.4
3.3
38
3.0
27.8
7.9
17 6
—1.1
3.1
4i
3.3
30.9
9.1
19 4
— 8
3.0
37
32
26 1
7.3
16 1
—.7
2.9
35
33
27.5
7.9
18 0
—1.9
3.1
50
34
26.8
7.5
16 8
—1.0
3.3
43
3.5
27.6
7.8
16 9
_ 7
3.6
4 3
36
28.0
8.2
17 3
—1 1
3.4
45
37
22 3
7.6
13 3
— 4
1.9
23
17
14.9
4.9
91
— 8
1.6
23
17
17 3
5.8
10 4
— 6
16
22
17
14 1
4.5
84
—.6
1.5
21
17
14.5
4.8
9.1
—1.2
1.6
2.8
1.7
13.7
4.5
82
—.7
1.6
23
1.7
13.9
4.7
8.0
—.6
1.7
2.3
1.7
13.7
4.8
8.0
—.8
1.6
24
1.7
.1
—2 1
—2.9
—2 2
—4.3
9
— 6
4
1
—1 2
—1 6
—1 3
—2.2
.5
— 3
2
Table l.U-1.15:
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.
Table 1.16-1.17:
1. Includes new trucks only.
SURVEY OF CUREENT BUSINESS
August 1981
1981
1980
1979
1980
I
II
11
III
IV
I
1980
II'
1979
1980
Seasonally adjusted at annual rates
I
II
I
II'
Table 2.2-2.3.— Personal Consumption Expenditures by Major Type
of Product in Current and Constant Dollars
1,943.8 2,160.2 2,088.2 2,114.5 2,182.1 2,256.2 2,319.8 2,368.9
Personal income
Wage and salary disbursements
1,236.1 1,343.7 1,314.7 1,320.4 1,341.8 1,397.8 1,442.9 1,466.2
437.9
333.4
303.0
259.2
465.4
350.7
328.9
295.7
461.7
347.9
322.6
283.6
456.0
343.2
323.2
290.8
460.1
346.7
329.2
298. 7
484.0
364.0
340.6
310.0
501.3
377.4
351.9
322.5
507.9
386.6
357.5
330.5
236.1
253.6
246.8
250.5
253.9
263.3
267.1
270.3
Other labor income. . . .
118.6
137.1
130.9
135.1
139.1
143.5
148.0
151.8
Proprietors' income with IVA
and CCAdj
131.6
130.6
133.7
124.9
129.7
134.0
132.1
134.1
.
30.8
100.7
23.4
107.2
25.7
107.9
23.3
101.6
22.1
107.6
22.5
111.6
18.9
113.2
21.7
112.5
Rental income of
with CCAdj..
persons
. _. 30.5
31.8
31.2
31.5
32.0
32.4
32.7
33.3
54.4
52.4
54.2
55.1
56.1
58.0
60.2
Personal dividend income
48.6
Personal interest income _ _ _
209.6
256.3
239.9
253.6
261.8
269.7
288.7
301.9
249.4
294.2
271.7
280.7
310.7
313.9
319.6
324.2
153.8
142.0
144.7
163.2
165.3
169.8
172. 0
16.0
15.0
11.4
14.8
16.0
14.6
19.0
14.9
17.5
15.5
15.6
15.9
15.6
15.9
Old-age, survivors, disability, and health insurance benefits
131.8
Government unemployment insurance benefits9.8
Veterans benefits
14.4
Government
employees
retirement benefits
37.0
Other transfer payments. . . 56.4
Aid to families with dependent children
11.0
Other
45.4
Less: Personal tax and nontax
payments ._
80.6
302.0
42.8
66.7
40.2
63.3
42.3
63.0
43.1
70.5
45.7
69.9
46.7
71.7
48.5
72.3
12.4
54.3
11.7
51.6
12.0
51.0
12.8
57.7
13.1
56.8
13.3
58.3
13.6
58.7
87.9
86.2
85.9
88.1
91.2
102.3
103.1
338.5
323.1
330.3
341.5
359.2
372.0
382.7
1,555.5 1,720.4 1,678.7 1,674.1 1,729.2 1,799.4 1,858.9 1,881.0
Personal consumption expenditures
1,510.9 1,672.8 1,631.0 1,626.8 1, 682. 2 1,751.0 1, 810. 1 1, 831. 0
Interest paid by consumers
46.8
48.9
47.8
46.4
46.3
46.0
43.7
to business
46.7
Personal transfer payments
L1
1.6
1.0
1.0
1.2
1.0
1.0
to foreigners (net)
1.0
Equals: Personal saving
86.2
101.3
86.4
110.0
111.4
97.6
88.9
___
7, 293
4,493
8,002
4,473
7,785
4,503
7,848
4,435
8,074
4,468
8, 299
4,488
8,504
4, 511
8,653
4,515
Population (millions) * _ __
225. 1
227.7
226.7
227.3
228.0
228.6
229.1
229.5
5.2
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
..
Other.
Housing
Household operation
Electricity and gas
Other.... .....
Transportation. _•
Other..
211.9
220.9
194.4
208.8
223.3
238.3
227.0
95.5
89.9
100.6
77.5
87.0
94.6
105.4
93.1
81.1
35.8
84.6
37.3
83.6
36.8
81.3
35.6
84.6
37.2
88.9
39.8
92.3
40.6
92.4
41.5
602.2
675.7
661.1
664.0
674.2
703.5
726.0
734.6
312.1
98.9
68.4
122.9
16.0
106.9
345. 7
104.8
89.0
136.2
19.8
116.4
336.2
102.2
89.4
133. 3
18.8
114.5
338.4
102.3
90.9
132.4
19.2
113. 1
347.7
105.3
85.3
136.0
20.7
115.3
360.4
109. 4
90.5
143.3
20.5
122.7
372.5
113.4
93.5
146.6
20.5
126.1
377.0
115. 8
92.5
149.4
20.8
128.6
696.3
785.2
749.0
768.4
799.2
824.2
845.8
869.4
241.9
98.7
47.3
51.3
57.2
298.5
272.0
111.6
55.7
56.0
64.1
337.5
259.8
104.2
50.0
54.2
61.4
323. 7
267.3
109.3
54.5
54.8
61.6
330.2
275.7
116.1
59.3
56.8
65.8
341.5
285.3
116.9
58.8
58.2
67.5
354.5
293. 6
118.1
58.4
59.7
67.6
366.5
302.3
122.8
61.0
61.8
69.5
374.8
5.6
4.9
6.2
6.1
5.1
4.6
Personal consumption
expenditures.
930.9
935.1
943.4
919.3
930.8
946.8
960.2
955.3
146.6
135.8
145.4
126.2
132.6
139.1
146.8
137.2
61.7
53.8
62.1
47.0
51.5
54.6
60.6
51.5
59.8
25.1
58.9
23.1
59.6
23.8
57.0
22.2
58.4
22.6
60.7
23.8
62.1
24.1
61.2
24.5
354.6
358.4
361.5
356.6
354.9
360.4
364.5
366.6
176.7
76.6
28.1
73.2
4.7
68.5
181.5
78.0
26.2
72.6
4.2
68.4
183.6
76.9
27.0
73.9
4.2
69.7
182.2
76.7
26.4
71.2
4.1
67.2
180,1
78.3
25.2
71.4
4.3
67.0
179.9
80.1
26.3
74.1
4.2
69.8
182.9
82.8
24.9
74.0
3.7
70.3
184.6
84.0
24.4
73.6
3.6
70.1
429.6
440.9
436.5
436.5
443.3
447.3
448.9
451.4
159.3
59.6
23.1
36.5
^ . . . 35.5
175.2
164.2
61.5
23.3
38.3
34.8
180.4
162.1
60.0
22.3
37.7
35.2
179.2
163.5
61.3
23.1
38.2
34.1
177.7
164.8
62.6
24.1
38.4
34.7
181.2
166.5
62.1
23.4
38.7
35.1
183.6
168.0
61.4
22.6
38.8
34.8
184. 6
169.8
62.1
22.9
39.2
34.5
185. 1
Durable goods..
Motor vehicles and parts
Furniture and household
equipment ...
Other
Nondurable goods
.
Food Clothing and shoes
Gasoline and oil.
Other nondurable goods
Fuel oil and coal
Other
Services
Housing _ . . _ _ _
Household operation
Electricity and gas
Other.
_
Transportation. _.
Other
105.2
Addenda:
Disposable personal income:
Total, billions of 1972
1,011.5 1,018.4 1,021.0 1,008.2 1, 018. 5 1,025.8 1,033.3 1,036.2
dollars _
Personal saving as percentage
of
disposable
personal income
Nondurable goods
212.3
Billions of 1972 dollars
Equals: Disposable personal
income
1,641.7 1,821.7 1,765.1 1,784.1 1,840.6 1,897.0 1,947.8 1,986.2
Less: Personal outlays
. .
Motor vehicles and parts.. .
Furniture and household
equipment
Other
Services...
Transfer payments
Less: Personal contributions
for social insurance
Personal consumption
expenditures
1,510.9 1,672.8 1,631.0 1,626.8 1,682.2 1,751.0 1, 810. 11,831.0
Durable goods
Commodity-producing industries
;
_
Manufacturing
Distributive industries
Service industries.. . _
Government and government enterprises
5.3
Table S.14:
NOTE.—In .this table interest and dividends received included in receipts; in tables 3.2 and
3.3 interest received and dividends received are netted against expenditures.
IV
Billions of dollars
Table 2.1.—Personal Income and Its Disposition
Per capita:
Current dollars1
1972 dollars !._
in
Seasonally adjusted at annual rates
Billions of dollars
Farm .
Nonfann
1981
Billions of dollars
Table 3.14.— State and Local Government Social Insurance Funds
Receipts and Expenditures
Receipts
Contributions for social insurancePersonal contribution.
Employer contributions
Government and government enterprises
Other..
Interest and dividends received
40.2
45.1
42.9
43.6
46.0
47.8
49.6
51.2
28.1
31.5
29.6
30.2
32.3
33.7
34.8
35.9
7.5
20.7
7.7
23.8
7.5
22.2
7.0
23.2
8.1
24.3
8.4
25.3
8.6
26.3
8.8
27.1
18.3
2.4
21.0
2.8
19.6
2.6
20.5
2.7
21.4
2.8
22.4
2.9
23.2
3.0
24.0
3.2
12.1
13.6
13.3
13.4
13.7
14.1
14.8
15.3
...
16.4
18.2
17.6
17.9
18.3
18.8
19.2
19.8
Administrative expenses (purchases of goods and services).
Transfer payments to persons.
.5
15.9
.6
17.6
.5
17.0
.5
17.4
.6
17.8
.6
18.2
.6
18.7
.6
19.2
Surplus or deficit (-)
23.9
26.9
25.3
25.7
27.7
29.0
30.4
31.4
Expenditures
-
12
SURVEY OF CURRENT BUSINESS
Table 3.2.—Federal Government Receipts and Expenditures
Estate and gift taxes
Nontaxes
II
III
IV
1980
1979
II'
I
III
IV
I
II'
Billions of dollars
Billions of dollars
528.4
520.9
540.8
573.2
617.4
619 5
231.4
225.7
5.5
.2
257.8
251. 0
6.6
.2
246.9
240.7
6.0
.2
252.0
245.2
6.7
.2
259.4
252.3
6.9
.2
272.9
265.9
6.8
.2
283 3
276.8
6.4
.2
293.1
285. 8
7 o
'2
74.6
70.2
80.5
60.9
66.7
72.6
74.6
62. 8
49 g
g' i
49
Contributions for social in-
29.4
18.6
7.5
3.4
40.6
29.1
7.2
4.4
31.9
20.9
7.2
3.8
38.7
27.9
6.8
4.0
42.9
31.4
7.3
4.2
49.1
36.1
7.3
5.6
60.6
47.8
7.7
5.0
Contributions for social insurance
159.0
172. 2
169.2
169.3
171.8
178.6
198.9
200.4
509.2
602.0
564.7
587.3
615.0
641.1
664.0
669.4
198.7
128.7
70.0
194.9
131.4
63.5
212.0
141.6
70.4
221.6
145.2
76.4
148. 1
71.3
269.0
262. 6
6.4
271.9
267.3
4.7
275. 5
270. 7
4.8
89. 8
Purchases of goods and services
National defense
Nondefense -
167.9
111.2
56.7
198.9
131. 7
67.2
190,0
125.0
64.9
Transfer payments
To persons
..-To foreigners
.. -
209.1
204. 9
4.2
249.8
244.9
4.9
228.9
224.4
4.5
236.0
232.2
3.8
265. 3
260.4
4.9
87.2
87.7
351.2
384.0
372.1
373.9
386.8
403.4
411.7
413.6
Personal tax and nontax receipts
1
Income taxes
Nontaxes
Other
70.6
38.8
24.5
7.4
80.7
44.9
27.9
7.9
76.2
41.8
26.7
7.7
78.3
43.0
27.5
7.8
82.1
45.8
28.3
8.0
86.3
49.1
29.0
8.2
88.6
50.4
29.8
8.4
89.7
50.4
30.6
8.6
Corporate profits tax accruals.
13.0
12.2
13.7
10.6
11.7
12.6
13.1
11.5
Indirect business tax and nontax accruals
Sales taxes
1
Property taxes...
Other
.
159.0
76.9
64.4
17.7
171.6
82.9
67.5
21.2
167.0
80.8
66.3
19.9
167.7
79.7
67.2
20.8
173.0
83.4
67.9
21.7
179.0
87.5
68.9
22.6
184. 9
91.2
70.3
23.3
186.7
90.8
71.9
24.0
28.1
31.5
29.6
30.2
32.3
33.7
34.8
35.9
80.4
88.0
85.5
87.2
87.7
91.8
90.2
89.8
324.4
355.0
345.4
350.0
358.2
366.3
374.8
377.6
Purchases of goods and
services
-305.9
Compensation of employees. 172.3
Other
133.6
335. 8
187.4
148.4
326.8
181.6
145.2
331.3
185.4
145.9
338.6
189.3
149.3
346.6
193.3
153.3
354. 9
198.0
156.9
357.7
201.4
156.2
38.9
37.2
38.1
39.7
40.5
41.2
42.1
-8.8 -10.8 -10.2 -10.6 -11.1 -11.4 -11.8
17.6
18.6
17.4
18.0
17.2
16.3
17.7
30.4
27.4
28.8
29.5
28.0
25.1 28.4
-12.1
19.2
31.3
-
Indirect business tax and nontax accruals
Excise taxes
Customs duties
Nontaxes
Expenditures..
II
Seasonally adjusted at annual rates
540.8
Corporate profits tax accruals-
I
1980
1981
Seasonally adjusted at annual rates
494.4
Receipts
Personal tax and nontax receipts
.-
I
1980
Table 3.3.—-State and Local Government Receipts and Expenditures
1981
1980
1979
August 1981
Receipts
Transfer payments to persons.
Grants-in-aid to State and
local governments
80.4
88.0
85.5
91.8
90.2
Net interest paid..
Interest paid
To persons and business...
To foreigners
Less: Interest received-. ..
42.3
53.6
42.6
11.1
11.3
53.3
67.5
55.0
12.5
14.2
50.3
63.1
50.9
12.2
12.8
54.4
68.0
56.3
11.7
13.6
53.5
68.2
56.3
11.9
14.8
55.2
70.8
56.7
14.1
15.6
67.7
84.4
68.6
15.8
16.7
70. 7
88.0
71.6
16.4
17. 2
11.0
10.3
13.7
10.7
13.1
11.6
12.6
11.9
14.0
12. 3
-.6
-3.1
-1.4
-.7
-1.7
0
0
0
0
Subsidies less current surplus
of government enterprises..
Subsidies
Less: Current surplus of
government enterprises
9.4
9.3
12.0
10.7
-.1
-1.3
10.1
10.0
_ -i
Less: Wage accruals less disbursements
o
0
0
Net interest paid
Interest paid
Less: Interest received
Less: Dividends received
1.5
Subsidies less current surplus
of government enterprises. -6.3
Subsidies
.3
Less: Current surplus of
government enternrises
6.7
P
Less: Wage accruals less disbursements ...
Surplus or deficit (— ),
NIPA's
-14.8 -61.2 -36.3 -66.5 -74.2 -67.9 -46.6 -5D.O
62
Social insurance funds
-4.6
3.2 -14.2
.4 -7.8 -27.1 -22.2
KO a
AO o
Other
42 0
-18.1 47 fl -36.7
-47.1 -45.8
35.0
Surplus or deficit (-),
JriPA>S
Social insurance funds
Other
1.6
1.6
1.6
1.6
1.6
1.6
1.8
-7.4
.4
-7.0
.3
-7.2
.3
-7.5
.4
-7.7
.4
-7.9
.4
-8.2
.4
7.7
7.3
7.6
7.8
8.1
8.3
8.6
0
0
0
0
0
23.9
28.6
37.1
36.9
36.0
29.0
8.1
30.4
6.6
31.4
4.5
2
-.1
0
26.7
29.1
23.9
2.9
26.6
26.9
2.1
25.3
1.3
25.7
-1.7
27.7
.9
Table 3.7B-3.8B.—-Government Purchases of Goods and Services by Type in Current and Constant Dollars
1979
1980
I
II
III
IV
I
II'
1979
1980
I
II
Nondefense..-.
Durable goods
Nondurable goods
Services
__
Compensation of employees.
Other services
Structures
State and local
Durable goods
Nondurable goods
Services.
_
Compensation of employees
Other services
Structures
.
IV
I
II'
Billions of 1972 dollars
Billions of dollars
Federal
National defense
Durable goods
Nondurable goods..
Services
Compensation of employees
Military
__ .
Civilian...
._
_ .
Other services.
Structures
III
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Government purchases of goods and services
1981
1980
1981
1980
473.8
534.7
516.8
530.0
533.5
558.6
576.5
557.1
281.8
290.0
290.1
2S1.9
288.2
289.8
293.6
289'3
167.9
111.2
26.8
7.0
74.9
48.8
27.7
21.0
26.2
2.4
198.9
131.7
32.9
10.9
84.7
52.8
30.4
22.4
31.9
3.1
190.0
125. 0
31.5
9.8
80.8
51.3
29.3
22.0
29.5
2.9
198.7
128.7
32.3
10.4
83.1
51.4
29.4
21.9
31.8
2.9
194.9
131.4
32.9
10.5
84.1
51.8
29.7
22.1
32.3
3.8
212.0
141.6
34.9
13.1
90.7
56.8
33.2
23.6
33.9
2.9
221.6
145.2
36.3
12.9
93.2
57.4
33.5
23.8
35.9
2.8
219.4
148.1
36.9
13.2
94.8
57.8
33.6
24.2
37.0
3.1
101.7
67.1
16.6
2.4
46.7
32.0
18.8
13.2
14.7
1.4
108.1
70.9
18.4
2.5
48.5
32.1
18.9
13.2
16.4
1.6
107.6
69.9
18.2
2.3
47.8
32.0
18.8
13.2
15.8
1.5
110.7
70.9
18.3
2.5
48.7
32.0
18.8
13.2
16.7
1.5
106.9
70.9
18.0
2.3
48.7
32.2
18.9
13.2
16.5
1.9
107.4
71.9
18.9
2.8
48.8
32.1
19.0
13.1
16.7
1.4
111.2
72.1
18.7
2.7
49.4
32.2
19.0
13.1
17.2
1.4
108-6
72-5
18.4
2.8
49.8
32.3
19.1
13.2
17.5
1.5
56.7
.6
2.0
48.1
27.0
21.0
6.0
67.2
1.5
jLl
55. 1
29.1
25.9
6.6
64.9
1.5
4.4
52.3
28.3
24.1
6.7
70.0
1.3
7.8
54.6
29.1
25.4
6.3
63.5
1.5
-1.1
55.3
28.8
27.5
6.8
70.4
1.6
5.3
57.0
30.3
26.7
6.5
76.4
2.0
9.2
57.6
30.6
27.0
7.7
71.3
1.8
5.3
56.9
30.4
26.5
7.2
34.6
.7
1.1
29.6
17.0
12.6
3.2
37.2
.9
2.0
31.1
17.1
14.0
3.2
37.7
1.0
2.9
30.5
17.0
13.5
3.4
39.7
.8
4.5
31.4
17.5
13.9
3.1
35.9
.9
-.1
31.9
17.2
14.6
3.2
35.4
.9
.8
30.7
16.8
13.9
3.0
39.0
1.0
4.0
30.5
16.8
13.6
3.5
36.1
1.0
2.1
29.7
16.7
13.1
3.2
305.9
9.8
23.4
232.4
172. 3
60.1
40.3
335.8
10.6
26.3
253. 7
187.4
66.3
45.3
326.8
10.3
25.0
245.4
181.6
63.8
46.1
331.3
10.5
25.7
250. 7
185. 4
65.3
44.4
338.6
10.7
26.7
256.3
189.3
67.1
44.9
346.6
10.9
27.8
262.2
193. 3
69.0
45.7
354.9
11.1
28.3
268. 5
198.0
70.4
47.1
357.7
11.3
28.9
274.0
201.4
72.6
43.6
180.1
6.2
13.4
140.2
104.9
35.3
20.4
181.9
6.3
13.7
141.4
106.0
35 4
20.5
182.5
6.2
13.5
141.1
105.8
35.3
21.6
181.2
6.3
13.6
141.1
105.9
35.2
20.2
181.3
6.3
13.7
141.4
106.1
35.3
20.0
182.4
6.2
14.0
142.0
106.3
35.6
20.2
182.5
6.2
14.0
141.9
106.4
35.5
20.4
180.7
6.2
14.0
141.8
106.2
35.6
18.7
SURVEY OF CUKKENT BUSINESS
August 1981
1980
1979
1980
I
II
13
1981
III
IV
I
1980
II'
1979
1980
I
II
Seasonally adjusted at annual rates
1981
III
IV
II r
I
Seasonally adjusted at annual rates
Billions of dollars
Billions of 1972 dollars
Table 4.1-4.2.—Foreign Transactions in the National Income and Product Accounts in Current and Constant Dollars
Receipts from foreigners
Exports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income '
Other
.
_ _
340 9
338 5
334.4
343.5
347.2
368.5
365 6
281. 3
176.9
102.9
74.1
339. 8
218.2
127.7
90.5
121.6
79.5
42.1
337. 3
214.8
127. 0
87.8
122.5
83. C
39.5
333.3
342.4
222.9
346.1
221.0
127.5
93.6
125. 0
80.7
44.3
367.4
236.3
364.5
233.8
104.4
66.6
37.8
Capital grants received by the United States (net)
Payments to foreigners
Imports of goods and services _.
Merchandise
Durable goods
Nondurable goods
Services
Factor income '
Other
282 5
_ _
_
Transfer payments (net)
From persons (net)
From government (net)
Interest paid by government to foreigners
Net foreign investment
129.9
93.0
119.5
76.3
43.2
132.5
103.9
131.1
87.1
43.9
139.4
94.4
130.7
86.1
44.7
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.1
282.5
340 9
338 5
334.4
343.5
347.2
368.5
365.6
267.9
208.9
316.5
329.1
257. 5
115.7
141.8
71.6
31.5
40.0
316.2
245. 6
107.9
137.8
70.5
29.9
40.6
297.9
231.5
108.7
122.8
66.4
25.9
40.6
322. 7
248.8
338.2
112. 1
133.8
70.6
29.9
40.7
116.0
132.9
73.9
32.2
41.7
259.1
116-4
142.7
79.1
34.9
44.2
346.8
265.3
52
1.0
4 2
6.0
1.2
4.9
5.5
1.0
4 5
4.8
1.0
38
5.9
1.0
4.9
8.0
1.6
6.4
5.7
1.0
4.7
11.1
12.5
12.2
11.7
11.9
14.1
15.8
16.4
—1 7
5.9
—8.3
1.7
27.8
2.3
8.8
—3.5
99.0
109.9
59.0
22 8
36.2
_
213.9
126. 3
87.6
119.4
78.1
41.3
245.9
123.2
142.0
81.6
37.2
44.3
146. 9
82.8
50.5
32.3
64.1
41.3
22.8
161.1
92.2
5n. 6
36.6
68.9
45.4
23.5
165.9
94.1
58.1
36.0
71.8
49.0
22.8
160. 5
92.1
55.9
36.2
68.4
45.1
23.3
160.5
93.5
55.7
37.8
67.0
43.1
23.9
157.4
89.0
52.5
36.4
68.4
44.4
24.1
162.5
92.4
52.9
39.5
70.1
46.7
23.4
159.6
90.8
54.3
36.5
68.8
45.5
23.3
109.2
76.9
47.2
29.7
32.3
14.1
18.1
109.1
74.0
47.6
26.4
35.1
17.0
18.1
115.8
78.8
50.3
28.5
37.0
18.6
18. 4
108.9
73.4
46.8
26.6
35.5
17.3
18.2
102.8
70.5
45.8
24.6
32.4
14.6
17.8
108. 9
73.4
47.5
25.8
35.5
17.7
17.8
111.6
74.5
47.7
26.8
37.1
18.7
18.4
115.0
77.3
50.7
26.6
37.7
19.7
18.0
5.9
1.1
4.8
Table 4.3—4.4.—Merchandise Exports and Imports by Type of Product and by End-Use Category in Current and Constant Dollars
Merchandise exports
176.9
218 2
214.8
213.9
222.9
221.0
236. 3
233.8
82.8
92.2
94.1
92.1
93.5
89.0
92.4
90.
Foods, feeds, and beverages
29.8
35.9
34.2
32.1
38.4
38.8
44.9
38.6
13.4
15.3
14.9
14.5
16.4
15.2
17.1
15.
Industrial supplies and materials
Durable goods
Nondurable goods
52.6
17.9
34.6
67.1
24 3
42.8
66.5
25 5
41.0
70.7
26.4
44.3
65.9
23.3
42.7
65.2
22.2
43.0
67.6
22.1
45.5
62.5
21.5
41.0
20.9
7.1
13.8
23.7
8.6
15.1
23.3
9.0
14.4
25.0
9.3
15.7
23.5
8.3
15.2
23.0
7.8
15.2
23.1
7.6
15.5
21.
7.
14.
Capital goods, except autos
58.2
73.5
68.0
73.0
77.6
75.5
79.1
83.2
30.8
34.7
34.7
35.2
35.6
33.1
33.3
34.
Autos
17.4
16.9
17.2
15.6
16.5
18.1
18.5
20.8
8.1
6.8
7.4
6.4
6.5
6.8
6.8
7.
12 6
6.2
6.5
16 5
8.8
7.7
18.8
11.1
7.6
15.1
7.7
7.4
16.0
8.3
7.7
16.1
8.0
8.1
16.6
7.9
8.6
16. 4
7.7
8.6
6.7
3.0
3.7
8.3
3.8
4.5
9.3
4.9
4.5
7.8
3.4
4.5
7.9
3.6
4.4
7.9
3.4
4.i)
8.3
3.3
5.0
8.
3.
5.
6.3
3.2
3.2
8.3
4.2
4.2
10.1
5.1
51
7.5
3.7
37
8.4
4.2
4.2
7.3
3.7
3.7
9.7
4.8
4.8
12.2
6.1
6.1
3.0
1.5
1.5
3.5
1.8
1.8
4.4
2.2
2.2
3.2
1.6
1.6
3.5
1.8
1.8
3.0
1.5
1.5
3.8
1.9
1.9
4.
2.
2.
__
Consumer goods
Durable goods. __
Nondurable goods__
Other
Durable goods
Nondurable goods
Merchandise imports
208.9
245 9
257.5
245.6
231.5
248.8
259.1
265.3
76.9
74.0
78.8
73.4
70.5
73.4
74.5
77.
Foods, feeds, and beverages
17.4
18.2
17.8
17.5
18.2
19.5
20.5
18.7
7.6
6.7
6.8
6.5
6.6
7.0
7.4
7.
Industrial supplies and materials, excluding
petroleum
Durable goods .
. _
Nondurable goods
47 4
28.7
18.6
52 1
31.2
20.9
57.1
35.3
21.7
52.1
30.6
21.5
47.5
27.6
19.9
51.6
31.2
20.4
55.4
32.1
23.3
57.0
35.0
22.0
19.4
11.7
7.6
17.3
10.2
7.1
19.2
11.6
7.6
17.4
10. 1
7.3
15.6
8.9
6.7
16.9
10.0
6.9
18.4
10.6
7.8
19.
11.
7.
Petroleum and products
60.0
79.1
86.4
84.0
69.1
76.8
82.8
84.4
8.5
6.9
82
7.2
5.8
6.2
6.3
6.
Capital goods, except autos
24.6
30.1
29.7
29 5
30.0
31.2
32.0
32.4
13.8
14.7
15.2
14.2
14.4
14.8
15.3
16.
Autos
25.6
27.1
26.3
25.0
28.1
28.9
27.0
30.6
11.0
10.9
11.0
10.7
11.2
10.8
9.8
10.
15. 0
9.9
5.1
15.5
10.9
4.7
15.8
11.2
4.6
15.9
11.1
4.8
15.2
10.5
4.7
15.2
10.7
4.5
15.7
11.2
4.4
16.
11.
5.
Consumer goods
Durable goods
Nondurable goods
.
Other. __
Durable goods
Nondurable goods
Addenda:
Expprts:
Agricultural products
Nonagricultural products _ _
Imports of nonpetroleum products
.
30.6
18.4
12.2
34.4
21.2
13.1
34.2
21.4
12.8
34.1
21.0
13.1
34.3
20.8
13.5
34.8
21.7
13.1
37.1
23.2
13.9
36.9
22.6
14.3
3.5
1.8
1.8
4.9
2.5
2.5
6.1
3.0
3.0
3.5
1.7
1.7
4.2
2.1
2.1
6.0
3.0
3.0
4.3
2.1
2.1
5.3
2.7
2.7
1.6
.8
.8
2.0
1.0
1.0
2.5
1.3
1.3
1.4
.7
.7
1.7
.8
.8
2.4
1.2
1.2
1.7
.8
.8
2.
1.
1.
35.4
141.5
148.9
42.3
175.9
166.8
41.5
173.3
171.1
38.9
174.9
161.7
- 43.8
179.1
162.4
44.8
176.2
172.0
51.5
184.8
176.3
43.9
189.8
180.9
15.9
66.9
68.4
18.0
74.1
67.1
18.1
76.0
70.6
17.6
74.5
66.1
18.7
74.8
64.7
17.7
71.3
67.1
19.7
72.7
68.2
17.
73.
71.
Table 4.1-4.8:
1. Equals rest-of-the-world production as shown in tables 1.5-1.6.
SURVEY OF CURRENT BUSINESS
14
Table 5.1.—Gross Saving and Investment
August 1981
Table 5.10-5.11.—Inventories and Final Sales of Business
in Current and Constant Dollars
1981
1980
1981
1980
1979
1980
II
I
III
IV
I
II r
I
II
III
IV
I
II'
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of dollars
Billions of dollars
Gross saving
.
411.9
401.9
404.5
394.5
402.0
406.7
442.6
459.2
Gross private saving
398.9 432.9 413.0 435.9 446.5 436 4 451.1 472.1
Personal saving
88.9 105.2
86.2 101.3 86.4 110.0 111.4
97.6
Undistributed
corporate
profits with IVA and
50.2
55.7
CCAdj
40.4
59.1 44.3 52.1 42.1
42.8
88.1
Undistributed profits
90.7 102.4 106.6 109.6
117.6 107.2 128.9
IVA....
-42.6 -45.7 -61.4 -31.1 -41.7 -48.4 -39.2 -23.2
CCAdj
17 8 —14.7 —14.7
17 9
-15.9 -17.2 -15.4 -17.6
Capital consumption allowances with CCAdj:
Corporate
Noncorporate
Wage accruals less disbursements
155.4
98.2
175.4
111.8
167.1
107. 4
173.0
110.7
0
0
0
0
178.4
113.4
183.2
Ii5. 8
187.5
119.0
194.6
122.1
.5
-.5
0
0
Government surplus or deficit
(-), NIPA's
11.9 -32.1 -9.6 -42.5 -45.6 -30.8
Federal
-14.8 -61.2 -36.3 -66.5 -74.2 -67.9
State and local-.
29.1 26.6
23.9
37.1
26.7
28.6
Capital grants received by the
United States (net)
Gross investment
Gross private domestic investment
Net foreign investment
Statistical discrepancy
-9.7 -14.0
46.6 -50.0
36.9
36.0
Farm
_ _
Nonfarm___
Change
in
book
value
IVA 1
:~
Manufacturing
Durable goods
Nondurable goods ....
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers.
Durable goods
Nondurable goods
Retail trade
Durable goods _
Nondurable goods — -~
Other
Durable goods
Nondurable goods
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.1
401.2
407.3
392.5
405.0
400.1
446.0
452.3
Final sales 2
Final sales of goods and structures
415. 8
-1.7
395.3
5.9
415.6
-8.3
390.9
1.7
377. 1 397.7
2.3
27.8
437.1
8.8
455.8
-3.5
2.2
-.7
2.8
Ratio: Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of
goods and structures
-1.9
3.0
-6.6
3.4
-6.9
17.5
-5.9
2.5
7.4 -16.0
-17.4
4.5
-2.1
13.3
3.4
-.5
-1.6
9.8
1.0
-.4
.8 -3.9
.2
3.5
1.5 -4.9
1.1 -3.7
.4 -1.2
-.5
4.5
-.3
-.2
-.2
4.7
-4.4 -15.3
-4.4 -11.7
0
-3.6
4.0
.8
.4
.1
3.6
.8
-9.7
-1.6
-8.1
.6
2.0
-1.0 -1.4
3.7
.7
-.4
2.5
-4.1 -1.8
—.1
5.6
-.5 -.5
-5.1
.4
2.9 -4.5
-3.0
.5
5.9 -4.9
-.8 -.4
-.2 -.2
-.6 — 2
.4 -12.6
.4 -4.4
.1 -8.2
5.6 -1.9
5.9
-.8
eU
6.0
.4
-.8
0
-.7
-.5
-3.2
2.7
.6
.2
.4
15.0
6.2
8.9
.4
-.9
1.3
-3.8
-1.0
-2.7
4.2
.2
4.0
-9.4
-9.3
-.1
.8
-.1
.9
Farm
__
Nonfarm
Change in book value
IVA * .
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
_
Merchant wholesalers. ___.
Durable goods
Nondurable goods
Nonmerchant wholesalers.
Durable goods.- .
Nondurable goods
Retail tradeDurable goods
Nondurable goods
Other
Durable goods
Nondurable goods
740.4
765.8
785.4
796.9
809.6
77.8
646.6
369.5
277.1
81.8
658.5
374.6
283.9
92.6
673.2
379.9
293.4
92.6
692.8
393.7
299.1
86.9
710.0
397.8
312.2
86.5
723.1
407.9
315.2
325.0
210.0
115.0
138.5
84.4
54.1
108.2
69.7
38.5
30.3
14.7
15.6
122.8
58.3
64.5
60.3
331.2
212.6
118.6
142.0
87.0
55.0
111.6
72.2
39.4
30.4
14.8
15.6
124.0
57.9
66.2
61.3
335.3
215.5
119.8
146.3
89.0
57.3
116.7
74.0
42.7
29.6
15.0
14.6
127.3
58.1
69.3
64.3
344.2
222.5
121. 8
151.7
92.6
59.1
120.7
77.2
43.5
31.0
15.4
15.6
130.3
60.8
69.5
66.5
355.2
226.9
128.2
155.7
94.3
61.4
121.8
78.2
43.5
33.9
16.1
17.8
129.8
58.7
71.1
69.4
359.9
229.7
130.2
158. 5
97.7
60.8
124.9
81.4
43.5
33.6
16.3
17.3
134.6
62.3
72.3
70.1
181.2
115.9
179.9
112.6
187.2
117.0
194.1
121.9
201.4
127.6
202.1
126.3
4.00
3.57
4.12
3.66
4.09
3.60
4.05
3.57
3.96
3.53
4.01
3.58
5.58
5.85
5.75
5.68
5.56
5.72
343.3
343.6
342.3
340. S
340.2
342.6
43.6
299.6
180.6
119.0
43.8
299.8
180.8
118.9
43.4
299.0
179.9
119.1
43.0
297.6
179.9
117.6
42.7
297. 5
179. 2
118.3
42.9
299.7
181.3
118. 4
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers _
Durable goods
Nondurable goods
Nonmerchant wholesalers _ _
Durable goods
Nondurable goods
Retail trade .
Durable goods
Nondurable goods. _
Other
147.3
99.5
47.8
64.1
42.0
22.1
52.5
34.7
17.7
11.6
7.2
4.4
64.9
31.1
33.8
23.4
147.2
99.5
47.7
64.5
42.5
21.9
52.9
35.3
17.6
11.6
7.2
4.4
64.7
30.7
34.1
23.4
145.9
99.0
46.8
64.7
42.5
22.2
53.3
35.3
18.1
11.3
7.2
4.1
65.1
30.2
34.8
23.4
145.0
98.9
46.1
64.7
42.7
22.0
53.4
35.5
17.9
11.2
7.1
4.1
64.6
30.3
34.2
23.4
146.1
99.5
46.6
64.4
42.4
22.0
53.0
35.3
17.7
11.4
7.1
4.3
63.5
29.2
34.4
23.4
146.2
99.4
46.8
64.9
43.2
21.7
53.6
36.1
17.5
11.3
7.1
4.2
65.4
30.6
34.7
23.2
Final sales 2
Final sales of goods and structures
106.1
67.7
102.8
64.3
103.9
64.7
105.4
65.9
107.3
67.9
105.8
66.2
3.24
2.82
3.34
2.92
3.29
2.88
3.23
2.82
3.17
2.77
3.24
2.83
4.43
4.66
4.62
4.51
4.38
4.53
Inventories *
21.2
1.8
-2.4
-3.4
1.0
1.3 -3.7
4.1 -1.2
19.4
6.8
6.1 -12. 3 -14.0
1.5
13.4 -4.7
45.3
75.1
43.4
36.5 42.4 52.7
64.6 '49.3
-51.2 -54.0 -73.5 -37.3 -48.8 -56.4 -45.9 -25.9
12.3
11.3
.9
1.4
.4
1.1
.4
—.3
.7
1.0
.6
.4
-.6
-.5
-.1
.3
.3
—.1
724.5
Billions of 1972 dollars
1.1
-1.5
2.6
5.5
7.1
-1.6
7.7
7.2
.5
-2.2
-.1
-2.1
15.2
11.9
3.3
-2.4
-.1
-2.3
Billions of 1972 dollars
Change in business inventories
_
Manufacturing
Durable goods .
Nondurable goods.- _
Wholesale trade
Durable goods
Nondurable goods .
Merchant wholesalers __ .
Durable goo is
Nondisrable goods
Nonmerch ant wholesalers
Durable goods
Nondurable goods
Eetail trade
Durable goods _
Nondurable goods
Other
.
414.1
Table 5.8-5.9.—Change in Business Inventories by Industry
in Current and Constant Dollars
Change in business inventories
Inventories L_
Farm
Nonfann
Durable goods
Nondurable goo i
Farm
Nonfarm
Durable goods
Nondurable goods
Ratio: Inventories to final sales
Nonfarm inventories to final sales....
Nonfarm inventories to final sales of
goods and structures
_ _ _ _
10.2
-2.9
-0.9
1.3
-5.0
-7.2
-1.4
9.7
Table 5.8-5.9:
2.4
7.8
-2.4
-.5
.5
-1.4
.7
.6
-1.8
-3.1
-1.5
-5.6
-1.1
-.3
.9
8.7
4.6
2.5
2.1
-1.0
-.9
-.1
-1.6
-1.0
-.7
.7
.1
.6
-4.3
-4.7
.5
.4
0
.4
.2
-.5
.7
2.0
3.1
-1.1
2.3
3.2
.9
-.3
0
-.2
7.4
6.0
1.5
-.9
0
-.9
1. The IVA shown in this table differs from that which adjusts business income. The IVA
in this table reflects the mix of methods (first-in-first-out, last-in-first-out, etc.) underlying
book value inventories derived primarily from Census Bureau Statistics. The mix differs
from that underlying business income derived primarily from Internal Revenue Service
statistics.
6.8 -1.0
-.1
6.3
— 9
.6
'.5
1.0
.5
.5
0
.5
.6
.4
.6
0
.4
-.1
.6
-.2
.5
-.1
0
0
-.1 -2.2
-.2 -2.2
.1
.1
.1
.3
.2
0
-.1
.2
5.4
2.1
3.3
-.5
-1.0
.5
-1.3
-.9
-.4
.8
-.1
.9
-7.5
-5.9
-1.6
1.1
.2
.9
-.5 -5.2 -3.6
0
-1.8
-.7
-.5 -3.4
-2.8
1.5
.9
0
2.3 -.2
.7
1.1 — 8
-.8
1.6
1.9
'.3
0
2.3
1.0
-.7
2.0
-.7
-.1 -1.1
-.2
-!3
0
-.1 -.9
-.1
-.6
1.3 -1.9
.4
-1.7
-1.7
3.0 -2.3
1.1
.2 -.1 -.2
.1 -.1 —.1
.1
-.1
0
Table 5.10-5.11:
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories
calculated from current-dollar inventories in this table is not the current-dollar change in
business inventories (CBI) component of GNP. The former is the difference between two
inventory stocks, each valued at their respective 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 quarter rates, whereas CBI is stated at annual rates.
Quarter-to-quarter changes calculated from the constant-dollar inventories shown in this
table are at quarterly rates, whereas the constant-dollar change in business inventories component of GNP is stated at annual rates.
2. Quarterly totals at monthly rates. Business final sales equals final sales less gross product of households and institutions, government, and rest-of-the world and includes a small
amount of final sales by farms.
SURVEY OF CUERENT BUSINESS
August 1981
Table 6.4.—National Income Without Capital Consumption
Adjustment by Industry
1980
I
II
Table 7.1-7.2.—Implicit Price Deflators and Fixed-Weigh ted
Price Indexes, 1972 Weights, for Gross National Product
1981
1980
1979
15
IV
III
I
1980
II '
1979
1980
I
Seasonally adjusted at annual rates
.... 1,970.5 2,130.8 2,092.1 2,081.3 2,132.6 2, 217. 12,297.9 2,327.9
1,692.7 1,829.1 1,799.6 1,783.7 1,830.1 1,903.1 1,977.2
Agriculture, forestry, and
fisheries
Mining
Construction
64.7
30.1
102.6
62.8
37.0
108.4
63.5
34.4
110.2
Manufacturing
Durable goods
Nondurable goods
_.
514. 5
315.4
199.1
527.2
311. 5
215.7
538.9 504.3 517.6
317.5 293.7 305.7
221 A 210.6 211.9
Transportation and public
utilities..——
Tran sportation
Communication
Electric, gas, and sanitary services
158.3
76.3
43.5
174.3
80.0
50.1
167.1
79.4
47.3
170.0
78.2
48.1
179.3
79.9
50.9
180.9
82.5
54.0
187.5
84.7
53.9
38.4
44.3
40.5
43.6
48.5
44.4
48.9
121.9
168.9
133.8
180.0
129.8
171.8
134.5
177.8
131. 4
183.6
139.6
186.6
146.6
197.1
256.3 290.8
275.3 314.8
280.7
303.2
284.1 294.3 304.0
308.9 319.1 327.9
308.1
340.4
277.8
301.7
292.5
297.6
302.5
314.0
320.7
43.8
49.7
51.5
48.1
50.5
48.6
52.3
Wholesale trade
Retail trade
Finance, insurance, and
real estateServices
Government and government enterprises
Rest of the world
62.4
36.4
105. 3
62.1
36.0
106.6
IV
I
II'
Implicit price deflators, 1972=100
National income without CCAd j
2,014.3 2,180.4 2,143.6 2,129.4 2,183.1 2,265.6 2,350.2 2,376.8
Private industries
III
Seasonally adjusted
Billions of dollars
Domestic industries
II
1981
63.4
40.9
111.6
162.77 177.36 171.23 175.28 179.18 183.81 188. 14 191. 17
Gross national product
Personal consumption expenditures
_
_ -.
Durable goods
Nondurable goods
Services
177.0
154.1
186.2
176.0
180.7
157.5
190.0
180.3
184.9
160.5
195.2
184.3
188.5 191.7
162.3 165.4
199.2 200.4
188.4 192.6
179.1 194.2 188.5 192.5
171.3 186.8 180.5 185.7
198.6 224.7 214.3 222.4
196.4
189.1
229.5
199. 9
192.4
233.3
203.1 208.4
195.0 201.6
236.2 244.1
159.7
200.5
202.7
202.0
170.2 165.6
218.6 212.6
221.7 215 2
219.9 213.6
169.0
217.4
220.7
219. 4
171.7
221.9
225.2
223.1
174.5
223.3
226.3
224.2
176.8
228.7
231.8
229.6
182.2
231.2
234.5
233.9
140.3
149.4
145,5
148.5
151.0
152.4
155.2
158.1
Net exports of goods and services
Exports
_
Imports
191.5
245.4
211.0 203.4
290. 1 284.2
207.6
290.4
213.4
289.7
219.9
296.4
226.1 228.4
303.1 301.6
Government purchases of
goods and services
Federal
National defense
Nondefense
State and local _
.
168.1
165.1
165.7
163.8
169.8
184.4
183.9
185.6
180. 6
184.7
181.6
179.5
181.4
176.2
182.8
185.1
182.4
185.2
176.7
186.7
192.8
197.4
196.8
198.7
190.0
196.4
199.4
201.2
195.9
194.5
162.3
144.8
169.8
162.1
178.9 172.9
156.0 151.9
188.6 182.9
178.1 171.6
Gross private domestic invest-
61.4
42.5
116.4
Fixed investment
Nonresidential
Structures
Producers'
durable
equipment
;
Residential
Nonfarm structures
Farm structures
Producers'
durable
equipment
Change in business inventories .
-
548.1 577.2
329.2 346.4
218.9 230.9
48.8
178. 1
176.5
178.9
172.1
179.1
199.5
202.1
204.3
197.7
197. 9
Table 6.20.—Corporate Profits by Industry
Fixed-weighted price indexes, 1972=100
1981
1980
1979
1980
I
II
III
IV
I
II'
Gross national product
Personal consumption
penditures
Durable goods
Nondurable goods
Services
Seasonally adjusted at annual rates
Billions of dollars
ex-
177. 1 181.1
167.3
183.3
166.0
147.7
174.0
164.9
184.3 177.8
160.1 155.2
195.6 189. 1
182.0 175.2
189.7
194.4
198.1
182.1 186.3 190.8
158.3 162.0 164.9
193.1 197. 3 202.9
180.1 184.3 188.5
195.8
166.7
209.5
193.1
199.1
170.4
211.2
197.6
185.1
Gross private domestic investCorporate profits with
IVA and CCAdj
Domestic industries..
Financial
Nonfinancial - --
196.8
182.7
200.2
169.3
177.9
183.3
203.0
187.0
166.5
~~ 29.8
•
136.7
151.5
27.9
123. 6
163.6
31.0
132.6
140.0
27.4
112.5
147.0
25.8
121.2
155.6
27.4
128.2
177.6
25.5
152.1
164.3
20.7
143.6
30.3
31.1
36.6
29.3
30.9
27.7
25.4
22.7
186.9
195.9
201.0
217.7
201.7
157.5
165.0
173.4
192.3
179.1
30.1
12.7
17.4
28.7
11.3
17.4
30.5
12.0
18.5
28.6
13.5
15.1
24.0
14.3
9.7
138. 1 145.7 127.5 136.2
74. 5 92.1 61.3 68.5
20.9 28.1 10.1 19.4
142.9
76.2
25.8
163.7
90.4
31.5
155.1
Rest of the world
Corporate profits with
IVA
Domestic industries
212.7
199.8
215.6
. — 182.4
168.7
179.0
31.6
9.6
22.0
30.6
11.9
18.7
Financial
Federal Reserve Banks...
Other
.
150.8
Nonfinancial
.
M. anulacttiring
88.9
Durable goods
_. 39.5
Primary metal indus4.2
tries
Fabricated metal
products
5.0
Machinery, except
electrical
8.8
Electric and electronic
equipment
6.3
Motor vehicles and
equipment
4.3
Other..
10.8
Nondurable goods —;.__ 49.4
Food and kindred
products
6.9
Chemicals and allied
8.2
Petroleum and coal
18.3
products
Other
16.0
Transportation and public
utilities
Wholesale and retail tradeOther
Rest of the world.
.
3.1
33.3
11.9
21,4
5.9
2.0
.7
3.8
5.1
4.1
8.7
3.9
5.2
1.7
3.9
4.8
6.3
7.3
5.7
6.2
6.1
5.3
6.6
3.8
5.5
5.3
8.4
-4.3
6.5
53.7
-2.9
6.0
64.0
-8.8
5.6
51.2
-4.8
8.0
49.1
-.8
6.6
50.4
-1.6
6.8
58.9
7.3
8.2
6.7
5.7
8.6
10.4
7.5
8.8
6.0
7.0
8.1
10.1
24.6
14.3
31.0
16.0
25.3
13.2
22.2
14.2
19.9
13.8
21.6
16.8
18.0
23.0
20.8
18.5
20.9
24.1
16.1
14.8
22.7
16.6
25.9
23.7
22.5
20.4
24.8
18.8
22.6
25.2
20.8
27.5
25.1
30.3
31.1
36.6
29.3
30.9
27,7
25.4
Fixed investment
Nonresidential _
Structures
Producers'
durable
equipment
-Residential
Nonfarm structures
Farm structures Producers'
durable
equipment
Change in business inventories
-Net exports of goods and servExports
Imports
Government purchases of
goods and services
Federal
National defense _
Nondefense
State and local
Addenda:
Gross domestic purchases *..
Final sales
Final sales to domestic purchases *
Personal consumption expenditures, food
Personal consumption expenditures energy
Other personal consumption
expenditures
_
Gross domestic product.
Business
Nonfarm
185.0 203.8
176.7 195.5
194.9 217.9
198.7 202.4
188.0 193.9
210.3 216. 7
207.1 209.7
198.6 202.0
221.0 224.1
214.6
206.7
229.0
218.9
211.7
233.5
166.2
200.9
182.6
219.6
175.2
213. 2
180.8
218. 4
185.8 189. 4
223.1 224.3
193.9
229.7
199.2
232.5
196.7
244.2
217. 1 209.9 213.2
302.9 290.3 299.4
219.1 226.6
308.7 315.5
232.9
324.4
236.2
324.8
171.8
169.0
170.8
164.6
173.6
190.8
191.2
195.1
181.1
190.5
184.4
184.5
187.8
176.0
184.3
188.4
187.8
191.6
178.2
188.8
192.1 198.2
190.8 201.2
194.7 205.8
180.4 189.5
193.0 196.2
202.7
205.5
210.0
194.0
200.7
206.8
210.9
215.9
198. 0
204. 1
170.3
167.2
188.8
183.2
182. 3
177.0
186.7
181.0
190.9
185.0
195.4
189.6
200.3 203.8
194.3 198.1
170.3
188.7
182.2
186.6
190.8
195.4
200.2
203.8
178.4
192.7
185.3
187. 9
195. 1 202.6
205.7
206.0
241.1 317.1 304.1
318.7
320.3 325.2
353.3 360. 3
155.5
169.5
164.0
167. 8
171.3
175.0
178.4
182.2
167.3
168.0
166.9
183.3
184.5
177.2
178.2
181.2
182.4
185.1
186. 7
189.8
190.9
194.4
195.7
198.2
199.6
Table 7 1-7 2:
1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic
purchasers equals final sales less exports plus imports.
22.7
SURVEY OF CURRENT BUSINESS
16
1981
1980
1979
1980
I
II
August 1981
III
IV
I
II'
1979
1980
I
II
Seasonally adjusted
Cross national product. - 162.77 177.36 171.23 175.28 179.18 183.81 188. 14 191. 17
Goods
177.4
171.0
174.9
179.7
184.1
187.7
191.0
156.6
169.9
163.8
168.1
171 8
176.3
181 1
183 2
Final sales
"____ _ 156.3
Change in business inventories
170.1
163.2
167.3
172. 9
177.0
180.1
182.7
164 1
164 5
157 0
158 6
164 2
163 4
166 3
167 0
169 2
169 1
173 3
172 9
179 1
178 4
Durable goods
Final sales
Change in business inventories
__
Nondurable goods
Final sales
Change in business inventories
_ _ _
152 0
151 5
160.2
160.1
174.2
174 2
168.7
166 7
170.9
170 1
175.7
177 2
181.8
182 8
186.7
185 4
186.1
185.7
Services .
161.8
176 7
170.6
174 6
178 5
183 2
187 2
191.0
Structures
199 7
222 1
213 9
220 6
226 0
228 5
232 8
237 7
Addenda:
Gross domestic purchases L. 166. 1 182.2
Final sales to domestic purchasers *
166 0 182 2
176.6
180.5
183.3
188.4
192.7
195.8
176 3
180 1
183 8
188 7
192 2
195 6
Table 7.4.—Implicit Price Deflators for Gross National Product by
Sector
Gross national product. . 162.77 177.36 171.23 175.28 179.18 183.81 188.14 191. 17
Gross domestic product
162.8
177 4
171.3
175 3
179 2
183 8
188 2
191 2
162 6
161.5
163.1
147.8
200 8
162.6
177 4
177 0
179.0
160.9
193 1
177.4
171 2
170 8
172.6
155.6
183 0
171.2
175 4
175 3
177.3
158 8
178 6
175.4
179 5
178 8
180.8
162 5
9Q5 3
179. 5
183 8
183 1
185.2
166 4
208 8
183.8
188 2
187 9
190.1
169.6
200 0
188.2
191 2
191 0
193.3
172 8
198 5
191.2
Households and institutions- 173.2
Private households
ISO. 3
Nonprofit institutions
172. 6
189. 5
193.8
189.1
183.2
188.8
182.7
187.7
191.8
187.4
190.7
195.0
190.3
196.0
199.8
195.7
201.2
203.4
201.0
205.2
206 4
205.1
Government
Federal.
State and local
161. 3
154.7
„ 164.4
173 5
166.6
176.7
168 7
162 4
171.7
171 9
162 8
175.1
173 5
163 2
178. 3
180 5
178 0
181.7
184 1
179 5
186.2
186 7
180 2
189 7
Rest of the world...
161.0
175.4
169.4
173.2
177.2
182.0
186 5
189 3
Addendum:
Gross domestic business
product less housing
164.3
179.4
172.9
177.4
181.5
185.9
190.4
193.4
Business
Nonfarm. _
Nonfarm less housing ...
Housing
Farm
Statistical discrepancy
Table 7.5.—Implicit Price Deflators for the Relation of Gross
National Product, Net National Product, and National Income
Gross national product. ._
Less: Capital consumption allowances with C C Adj
162.77 177 .36 171.23 175.28 179.18 183.81 188. 14 191. 17
179.1
194.8
188.2
193.5
197.2
200.0
202.8
207. 8
Equals: Net national product- 161.0
175.4
169.4
173.2
177.2
182.0
186.5
189.3
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies
plus current surplus of
government enterprises _ 135.7
146.4
139.6
144.7
147.5
153.7
164.5
166.9
Statistical discrepancy- - 162.6
Equals: National income
164.1
177.4
171.2
175.4
179.5
183.8
188.2
191.2
179 1
173.1
176 8
180.9
185 6
189 3
192 1
Table 7.8:
1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic
purchasers equals final sales less exports plus imports.
Table 7.7:
1. Equals the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Table 7.8:
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.
Table 7.9:
1. Includes new trucks only.
IV
I
II'
Dollars
Table 7.3.—Implicit Price Deflators for Gross National Product by
Major Type of Product
162.7
III
Seasonally adjusted
Index numbers, 1972==100
Final sales
Change in business inventories
1981
1980
Table 7.7.— Current-Dollar Cost and Profit Per Unit of ConstantDollar Gross Domestic Product of Non financial Corporate Business
Current-dollar cost and
profit per unit of constant-dollar gross
domestic prod uct l
1.623
Capital consumption allowances with CCAdj
.169
1.454
Net domestic product
Indirect business tax and
nontax liability plus business transfer payments
less subsidies
.153
1.301
Domestic income
Compensation of employ1.092
ees
Corporate profits with
IVA and CCAdj. ._... .157
Profits tax liability
.080
Profits after tax with
IV A and CCAdj
.077
.052
Net interest _ _
1.770
1.710
1.754
1.787
1.830
1.876
1.908
.191
1.579
.180
1.530
.192
1.562
.196
1.591
.197
1.633
.197
1.679
.205
1.754
.176
1.403
.161
1.369
.173
1.389
.181
1.411
.188
1.444
.199
1.480
.203
1.501
1.196
1.158
1.193
1.203
1.230
1.244
1.269
.143
.073
.151
.085
.132
.061
.141
.070
.146
.075
.169
.076
.160
.063
.070
.065
.066
.060
.071
.064
.071
.067
.071
.068
.093
.067
.097
.071
Index numbers, 1972=100
Table 7.8.—Implicit Price Deflators for Auto Output
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..-.—
Change in business inventories
Addenda:
Domestic
output of new
autos l
Sales of
imported new
autos 2
_
145.5
155.9
151.3
155.0
156.8
160.5
159.0
165.9
146.4
155.8
152.7
153.8
156.8
160.2
160.5
165.9
158.3
149.4
169.4
161.2
163.8
156.4
166.8
160.4
171.0
164.5
176.5
164.6
176.8
164.3
185.4
169. 7
133.2
149. 4
146.5
161.3
141.2
156.2
150.8
160.2
154.9
164.3
140.5
164.4
137.5
164.9
146.5
170.5
150. 0
195.6
147.6
164. 7
211.4
167.5
156. 7
201.7
160.4
160. 8
209.8
172.1
182.4
219.5
173.0
165.1
214.1
165.6
165.7
228.0
162.5
168.6
229.1
173.3
149.2
161.7
156.7
160.2
165.7
164.4
164.4
170.0
149.5
161.4
156.4
160.5
164.5
164.6
164.4
169.9
Table 7.9.—Implicit Price Deflators for Truck Output
Truck output l
169.1
186.5
178.0
185.8
189.5
194.0
198.8
204.2
169.1
Final sales
Personal consumption expenditures
. 149.4
Producers' durable equip177.2
ment
186.5
178.4
184.8
189.7
195.0
199.0
204.5
161.2
156.4
160.6
164.4
164.7
164.3
169.9
194.5
186.1
191.3
197.4
205.2
210.6
216.5
177.5
163.7
177. 5
195.0
176.4
194.9
186.1
168.7
186.1
191.2
168.7
191.3
197.4
180.0
197.3
205.2
186.4
205.2
210.6
185.3
210.6
216.5
191.2
216.5
Exports _
Imports
Government purchases
Change in business inventories
Table 7.11.—Implicit Price Deflators for Personal Consumption
Expenditures by Major Type of Product
Personal consumption
expenditures . .
162.3
178.9
172.9
177.0
180.7
184.9
188.5
191.7
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
144.8
154.6
156.0
167.1
151.9
161.9
154.1
164.9
157.5
168.8
160.5
173.2
162.3
174.0
165.4
180.7
135.6
142.7
143.6
161.7
140.4
154.7
142.5
160.6
144.8
164.4
146.5
167.3
148.6
168.1
150.9
169. 7
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal --.
Other
169.8
176.6
129.2
243.4
167.8
340.6
155.9
188.6
190.5
134.3
339.4
187.5
471.4
170.1
182.9
183.1
132.9
330.6
180.3
450.9
164. 1
186.2
185.7
133.3
345.1
185.9
473.3
168.5
190.0
193.0
134. 5
338.6
190.6
476.6
172.1
195.2
200.3
136.5
343.7
193.4
484.5
175.8
199.2
203.7
137.0
376.3
198.1
559.4
179.3
200.4
204.2
137.8
379.0
202.8
582.9
183.5
Services
Housing Household operation
Electricity and gas
Other
TransportationOther
162.1
151.9
165.5
205.2
140.5
161.2
170.4
178.1
165.6
181.5
239.4
146.3
184.3
187.0
171.6
160.3
173.7
224.4
143.7
174.3
180.6
176.0
163.5
178. 2
235.6
143.5
180.7
185.9
180.3
167.3
185.6
245. 6
147.9
189.7
188.4
181.3
171.3
188.2
250.9
150.2
192.4
193.1
188.4
174.7
192. 3
258.3
153.8
194.0
198.5
192.6
178.1
197.9
266.4
157.8
201.2
202.5
SURVEY OF CURRENT BUSINESS
August 1981
1981
1980
1979
1980
I
III
II
17
IV
I
1980
II'
1979
1980
I
Seasonally adjusted
Government purchases
of goods and services. . 168.1
184.4
178.1 181.6
185.1
192.8
196.4
165.1
183.9
176.5
179.5
182.4
197.4
199.4
202.1
196.8
184.8
465.1
185.8
201.2
193.7
476.1
188.9
204.3
200.3
476.5
190.4
199.5
National defense
Durable goods
Nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Structures....
165.7 185 6 178.9
162.0 179.1 172.6
292.4 441.5 425.0
160.3 174.6 169.0
181. 4 185. 2
176.2 182.6
420.7 451.6
170.8 172 9
152.3
147.6
159.0
177. 8
174.4
164.7
160.9
170.2
194.0
198.3
160.3
155.9
166.4
186.6
192.3
160.7
156.4
166.8
190.0
198.1
161.1 176.9 178.4
156. 8 174.5 176.0
167.3 180.3 181.8
195.9 203.0 208.5
199.6 203.1 207.1
179.0
176.4
182.6
211.5
212.4
Nondefense
Durable goods
_. _
Nondurable goods.
Services.
Compensation of emplovees. .
Other services
Structures
163.8
93.0
180.6
167.5
172.1
160.6
176.2
165.4
176.7
168.6
198.7
175.2
195.9
186.6
197. 7
190.0
162.4
176.9
171.5
173.7
176.6
185.9
189. 1 191.5
159.1
166.9
186.0
170.0 166. 3 166. 7
185.4 178.1 182.5
207.7 200.1 206.0
167.2
187.7
211.0
180.2
192.8
214.2
181.8
198.1
218.9
182.6
202.9
222.2
169.8
184.7
197.9
..
.
Durable goods
Nondurable goods
Services
Compensation of employees
..
Other services
Structures
186.7
190.0
194.5
157.7 169.7
175.1 191.7
165.8 179 4
165.1 168.1 170.6
184.9 188.6 194.7
174.0 177.7 181. 3
175.0
198.2
184. 7
178.4 180.8
202.3 205. 7
189.2 193.2
164.4
170.2
197. 6
171.7
180.7
213.2
175.1 178.3 181.7
185.5 190.2 193.5
219.6 224.7 226.3
186.2 189.7
198. 1 203.8
231.3 233.4
176.7
187. 5
220.8
179.1 182.8
Table 7.16.—Implicit Price Deflators for Exports and Imports of
Goods and Services
203.4
207.6
213.4
219.9
226.1
228.4
236.7
229.7
247.2
228.3
218.5
244.0
232.2
225.9
241.8
238. 5
233.1
246. 4
248.4
242.6
256.8
255.7
250.2
263.1
257. 3
256.6
258.3
. 162.8
161.3
165.6
176. 5
175.3
179.0
170.7
169.4
173.6
174.6
173.2
177.1
178.4
177. 2
180.6
182.8
182.0
184. 2
187.0
186.5
187.9
190.1
189.3
191.7
Imports of goods and services.. 245.4
290.1
Exports of goods and services.. 191.5
Merchandise
Durable goods
Nondurable goods
Services
.. ..
Factor income
Other
Merchandise
Durable goods
Nondurable goods
Services.
Factor income
Other
.
213.7
203.8
229.1
271.6
209.8
369.9
. _ . .. 182.9
161.5
199.5
211.0
II'
Table 7.17.—Implicit Price Deflators for Merchandise Exports and
Imports by Type of Product and by End-Use Category
Merchandise exports
Foods, feeds, and beverages...
Industrial supplies and materials
____
__.
Durable goods...
Nondurable goods
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other,.._
t
Durable goods
Nondurable goods
Merchandise imports._
Foods, feeds, and beverages _.
Industrial supplies and materials, excluding petroleum.
Durable goods
Non durable goods
Petroleum and products
Capital goods except autos
Autos
Consumer goods.
Durable goods.
Nondurable
Other
Durable goods
Nondurable goods.
Addenda:
Exports:
Agricultural products
Nonagricultural products
Imports of nonpetroleum
products
213.7
236.7
228.3
222.8
235.1
228.7
251.7
251.8
251.7
189.1
215.8
187.5
203.4
174.5
213.0
213.0
213.0
282.9
282.9
212.2
249.7
199. 5
231,1
172.6
235.9
235.9
235.9
285.1
285.1
285.1
196.0
234.5
200.7
227.9
170.8
228. 2
228.2
228.2
271.6
238.5
248.4 255.7
257.3
234.1
255.4 263.1
256.2
282.8
282.8
282.8
207.4
243.1
192.4
226.8
166.3
232.1
232.1
232.1
280.5
280.5
280.5
217.9
255.0
201.7
232.2
176.9
238.5
238.4
238.7
283.1
283.1
283.1
228.1
267.3
202.9
238.9
176.4
248.4
248.5
248.2
292.6
292.5
292.6
237.5
270.6
199.2
237.4
173.5
255.8
255.8
255.8
293.4
293.3
293.4
244.3
282.9
197.5
242.8
169.2
257.2
257.3
257.1
232.2
332.3
327.0
334.8
328.4
348.0
343.1
228.4
270.1
260.4
266.6
276.0
277.3 277.0
268.1
244.5
244.9
244.1
702.0
178.6
231.9
203.7
186.4
236.9
217.5
217.5
217.5
301.1
306.6
293.2
1,153.8
205.4
248,5
221.2
195.0
282.4
246.2
246.2
246.2
296.6
303.3
286. 2
1,059.7
195.3
239.3
216.3
190.7
278.6
239.2
239.3
239.0
299.2
303.8
292. 9
1,163.2
208.1
235.0
214. 2
188.8
273.2
242.2
242.2
242.2
222.4
211.6
234.5
237.2
229.8
227.9
220.7
234.9
234.0
239.6
253.5 261.8
247.1 254.1
254.3
258.0
248.4
242.3
2444
251.1
256.2 258.6
254.5
303.8 305.9 300.3 300.4
309.3 311.0 301.4
301.1
296.5 298.3 298.9
299.3
1,191.6 1,231. 0 1,319.8 1,349.6
199.7
208.1 210.4 209.6
252.3 267.4 277.4
282.7
230.8
226.2 228.5 236.7
206.1
198.1 202.8 206.5
284.7
289.1 289.0 312.9
254.2 258.4
255.1
249.1
249-3 253. 9 258.0 253.8
254.4
248.8 254.4 258.7
Table 7.21.—Implicit Price Deflators for Inventories and Final Sales
of Business
Inventories*
211.0
215.5
223.7
230.6 234.3
236.3
178 4
215.8
204.6
232.9
186 8
219 7
207.2
238.7
213 6
225.2
211.2
246. 3
215.4
232.8
218.8
254.3
203.6
238.6
222.0
263.8
201.6
241.3
225.0
266.2
284.2
290.4
289.7
296.4
303.1
301.6
332.3 327.0
235.4 230.0
507.2 498.4
334.8
230.8
517.6
328.4
237. 0
498.6
339.1
243. 9
514.2
348.0
244.0
533. 2
343.1
243.2
533.2
M anuf acturing
Durable goods
Nondurable goods
220.6
211.1
240.6
225.1
213.7
248.9
229.9
217. 6
255.9
237.5 243.1
225.1 228.0
264.1 275.0
246.2
231.2
278.2
193.2
169.4
217.3
198.6
173.3
222.7
205.2
177.2
228.3
208.1
182.0
234.0
213.0
186.5
239.9
216. 4
189.3
245.9
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
216.1
201.2
244.4
206.3
200.8
217.1
260.3
203.1
354.4
220.3
204.7
250.6
211. 1
204.6
224.2
262.0
204.9
356.6
226.2
209. 5
258. 1
218.7
200.6
236.6
261.2
208.9
351.9
234.7
217 2
268.5
226.0
217. 4
243. 0
275.8
216.1
379.0
241.7
222.2
279.2
229.7
221.7
245.8
297.0
224.8
417.8
244.1
226.1
280.0
233.2
225.7
248.5
295.9
228.0
410.7
Retail trade _
Durable goods
Nondurable goods
Other
189.3
187.6
190.8
258.1
191.6
188.7
194.2
261.5
195.7
192.0
199.0
274.6
201.8
200.4
203.0
284.7
204. 3
201.3
206.8
295.9
205.9
203.4
208.1
301.8
170.8
175.0
180.1
184.1 187.6
191.0
171.2
175.2
180.7
184.9 188.1
191.0
201.1
175.3
225.5
1. Inventories are as of the end of the quarter.
2. Business final sales equals final sales less gross product of households and institutions,
government, and rest of the world.
Final sales 2
.
Final sales of goods and structures
_
.
I
Farm
Nonfarm
Durable goods . .__
Nondurable goods
Table 7.21:
352-196 0 - 8 1 - 3
IV
Index numbers, 1972=100
Table 7.14B.—Implicit Price Deflators for Government Purchases
of Goods and Services by Type
State and local.
III
II
Seasonally adjusted
Index numbers, 1972 =100
Federal
1981
Table 8.1.—-Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes
1979
1980
I
II
III
IV
I
1979
II'
1980
Gross national product:
Current dollars
12.0
1972 dollars
3.2
8.5
Implicit price deflator
8.7
Chain price index
Fixed-weighted price index. . 9.4
Personal consumption
expenditures:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
Durable goods:
Current dollars
1972 dollars
Implicit price deflators..
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
Implicit price deflator
Chain price index
Fixed-weighted price index
Fixed investment:
Current dollars
1972 dollars
Implicit price deflator...
Chain price index
Fixed-weighted
price
index
Nonresident ial:
Current dollars.
1972 dollars
Implicit price deflator
Chain price index. ._
Fixed-weighted price
index
Structures:
Current dollars
1972 dollars
Implicit price deflator
Chain price index. Fixed-weighted
price index
Producers' durable
equipment :
Current dollars
1972 dollars
Implicit price deflator
Chain price index.
Fixed- weighted
price index
Residential:
Current dollars
1972 dollars
Implicit price deflator
Chain price index. ..
Fixed-weighted
price index
Exports:
Current dollars
1972 dollars
Implicit price deflator
Chain price deflator
Fixed-weighted price index.
12.0
2.9
8.9
9.3
9.6
6.5
.2
6.3
6.8
Percent at annual rates
Percent at annual rates
Percent
8.8
-.2
9.0
8.6
9.6
12.6
3.1
9.3
8.7
9.7
-1.1
-9.9
9.8
8.8
9.3
11.8
2.4
9.2
9.3
9.0
14.9
3.8
10.7
10.5
10.4
19.2
8.6
9.8
9.8
10.2
4.1
-2.4
6.6
7.8
8.0
Imports:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed- weighted price index..
21.6
6.0
14.7
17.2
16.2
18.1
—.1
18.2
25.2
24.0
47.4 -14.8 -21. 2
11.9 -21.9 -20.4
31.8
9.0 -1.0
16.2
11.9
38.8
13.1
45.5
13.1
37.8
25.8
9.6
9.6
9.0
20.5
10.3
9.3
12.6
11.8
10.6
12.9
-2.0
.6
•5
10.7
.5
10.2
10.6
11.0
12.9
.8
12.0
12.5
13.2
-1.0
-9.8
9.8
9.7
9.9
14.3
5.1
8.8
9.5
9.5
17.4
7.0
9.7
10.1
10.1
14.2
5.8
8.0
10.3
10.9
4.7
-2.0
6.9
6.8
6.8
Government purchases of
goods and services:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed- weighted price index..
9.5
1.5
7.9
8.4
9.3
12.9
2.9
9.7
9.7
11.1
17.5
6.9
9.9
10.3
11.8
10.6
2.5
7.9
8.3
9.0
2.6
-5.0
8.0
8.5
8.1
20.2
2.2
17.6
12.8
13.3
13.5
5.4
7.7
9.2
9.3
.4
-5.8
6.5
7.9
8.5
— 2
9.2 -40.0
-?! 4 -1.6 -43.3
11.0
5.8
7.7
11.2
8.5
8.4
32.9
21.7
9.2
8.8
30.9
21.2
8.0
7.8
27.7 -17.6
24.1 -23.6
7.9
4.5
8.2
4.7
Federal:
Current dollars
..
1972 dollars
Implicit price deflator—Chain price index
Fixed-weighted
price
index
__
9.5
1.9
7.4
8.3
18.5
6.3
11.4
11.0
29.5
18.9
8.9
9.4
19.8 -7.5
11.9 -13.1
6.4
7.0
7.5
6.7
40.2
2.0
37.4
22.9
19.3
14.8
4.0
9.3
-3.9
-9.0
5.6
9.1
9.2
13.1
12.1
7.3
6.5
23 6
8.8
10.9
National defense:
Current dollars
1972 dollars
- _Implicit price deflator.
Chain price index
Fixed-weighted
price index
11.2
2.6
8.4
8.8
18.4
5.7
12.0
11.8
23.2
9.8
12.2
9.1
12.4
6.2
5.8
7.0
8.4
—.1
8.6
7.2
35.0
5.9
27.5
23.6
10.4
1.1
9.3
8.7
8.4
8.4
2.0
6.3
9.8
11.7
9.8
14.3
13.3
8.1
7.1
24.4
6.1
.6
18.6
7.5
42.9
38.4
35.0 -32.2
23.1 -33.1
51.2
-5.3
38.9
46.8
-24.4
-27.0
5.5
7.4
10.3
9.4
3.3
10.1
9.7
6.1
1.3
8.2
59.7
21.4
-5.4
10.4
3.6
7.7
7.7
10.0
8.8
5.1
5.0
21.6
9.9
8.6
9.6
1.2
8.2
8.5
9.8
1.0
8.7
9.0
11.2
.6
10.5
10.7
56
-2.8
8.6
9.2
9.1
.3
8.8
9.1
9.7
2.3
7.2
7.2
10.0
.2
9.8
9.2
3.1
-3.8
7.1
7.2
9.3
9.7
11.7
10.2
9.1
6.8
9.7
6.9
Gross domestic purchases:
11.3
Current dollars
2.3
1972 dollars
8.8
Implicit price deflator
9.3
Chain price index
Fixed-weighted price index. . 9.7
8.4
-1.1
9.7
10.3
10.8
12.6 -2.4
1.0 -10.6
9.2
11,5
10.0
11.6
12.5
9.9
7.3
.8
6.5
9.3
9.3
18.9
6.6
11.5
9.9
10.0
18.4
8.1
9.4
9.9
10.2
5.8>j
6*. 6
7.3
7.4
8.4
11.1
8.3
9.7
7.4
4.5
9.1
13.7
2.6
10.8
11.3
12.2
1.1
11.0
12.0
14.4
.2
14.2
14.9
1.8
-5.3
7.5
8.3
6.3
-1.8
8.3
9.4
18.5
6.3
11.5
11.8
13.4
4.6
8.4
12.5
4.8
2.4
2.4
3.3
11.6
12.4
16.0
8.6
9.2
11.8
13.6
3.2
12.4
4.1
8,0
8.3
12.8
2.6
9. 9
10.2
12.7
2.1
10.4
10.9
10.8
0
10.7
11.2
17.0
6.4
10.0
9.9
13.1
3.7
9.1
9.3
10.9
1.4
9.3
9.9
11.6
2.3
9.2
9.4
8.5
10.4
11.1
11.7
9.9
9.3
10.1
9.8
5.6 -21.8 -13.3
-5.6 -28.9 -10.0
23.7
11.1
10.8 -4.9
1.3 -12.5
.7
-7.1
8.5
10.0
2.2 -25.8
—5.3 -31.8
7.9
8.9
10.5
12.3
10.5
2. 1
&3
9.7
24.2
15.7
7.4
5.3
45.9
24.2
18.2
12.9
18.0
10.8
6.5
9.4
1.8
-8.3
11.0
8.5
12.0
9.7
5.2
9.7
8.1
11.0 -10. 4
2.2 -19.9
6.0
-1.5
11.5
4.0
19.6
13.3
9.7
-4.0
11.8
13.1
7.6
10.0
7.2
6.3
5.6
9.1
14.2
9.9
13.1
10.2
7.0
9.5
10.0
12.4
.7 -4.0
-1.4 -13.1 -15.3
16.5
9.0
22.3
16.6
19.9
5.1
13.3
8.3
6.9
6.4
4.9
9.7
14.1
8.5
8.1
5.8
9.0
8.1
12. 3
5.3
8.7
1.9
18.0
11.8
4.0
-7.8
10.7
10.1
15.6
6.5
5.8
-3.0
8.6
9.0
9.1
10.3
8.6
10.7
9.7
10.6
11.3
22.4
8.7
13.0
-.1
12.6
12.9
13.1
11.9
14.0
14.8
15.9
12.6
12.9
11.8
14.5
12.6
10.8
10.2 -16.3
3.8 -22.7
12.3
5.5
2.0
-4.2
6.4
7.1
6.5
9.5
6.2
8.3
8.3
13.4
6.6
11.0
6.6
6.3
5.5
8.8
12.7
10.7
7.6
9.8
9.1
13.4
11.6
7.9
9.9
11.4
6.6 -11.3 -16.7 -56.4
-5.2 -18.6 -24.2 -60.2
25.7
16.0
68.5
64.2
9.5 ' 8.4
10.2
8.9
2.6
2.1
10.0
10.1
4.5
5.0
10.2
8.8
2.1
10.1
5.0
47.1 -4.7
32.0 -12.3
11.5
8.6
12.4
6.8
13.5
6.5
11.4
-.2
11.6
11.5
11.5
4.4
-7.4
12.8
14.7
14.5
27.0
13.6
11.8
11.6
11.7
-3.1
-6.9
4.1
5.0
5.6
12.5
12.6
9.0
9.3
9.8
10.1
12.6
9.3
10.1
28.0
15.2
11.1
12.0
12.6
20.8
9.6
10.2
10.1
10.3 j
14.0 -17.4
3.6 -21.0
NOTE.—The implicit price deflator for GNP 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 (1972=
100) 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
18
II r
I
IV
Seasonally adjusted
6.8
12.8
3.1
9.4
10.2
III
II
I
Seasonally adjusted
Percent
1981
1980
1981
1980
Nondefense:
Current dollars
1972 dollars
Implicit price deflator
Chain price index__.
Fixed-weighted
price index
State and local:
Current dollars
1972 dollars..
Implicit price deflator...
Chain price index
Fixed-weighted
price
index
_
Addenda:
Final sales:
Current dollars
...
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
12. 3
3.5
8.5
8.7
9.4
9.8
.7
9.0
8.6
9.6
12.0 -1.8
3.1 -10.4
9.6
8.7
8.6
8.9
9.6
9.5
15.9
4.1
11.3
9.3
9.0
15.0
4.4
10.2
10.6
10.4
15.5
6.9
8.0
10.6
10.3
1.7
-5.2
7.2
7.8
8.0
Final sales to domestic
purchasers:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
11.6
2.6
8.8
9.2
9.7
9.5
-.2
9.7
10.3
10.9
12.0 -3.2
1.0 -11.2
9.0
10.9
11.7
9.8
12.5
10.1
11.2
2.5
8.5
9.3
9.2
19.0
7.2
10.9
9.9
10.0
14.6
6.4
7.7
9.9
10.3
3.4
-3.7
7.3
7.3
7.4
Gross domestic product:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index.
11.5
2.8
8.5
8.7
9.4
8.7
-.2
9.0
8.6
9.6
12.0
2.5
9.3
8.7
9.7
-.6
-9.4
9.8
8.8
9.3
11.6
2.2
9.2
9.3
9.0
15.6
4.4
10.7
10.5
10.4
18.9
8.3
9.8
9.8
10.2
4.6
-1.8
6.6
7.9
8.0
11.9
2.9
8.7
9.0
8.5
-.5
9.1
8.7
12.5 -1.9
2.7 -11.1
10.3
9.5
9.1
8.9
12.3
2.3
9.7
9.9
15.4
5.0
9.9
9.7
20.3
9.5
9.9
10.0
4.3
-2.1
6.6
8.1
9.7
9.8
9.8
9.6
9.3
10.5
8.3
11.8
3.1
9.1
-.4
12.9 -1.1
1.7 -10.8
11.6
3.1
17.6
6.9
19.3
7.7
5.4
-1.4
8.5
8.8
9.6
11.0
10.9
8.3
10.0
10.8
6.9
11.0
.7
13.5
1.3
4.4
-4.9
13.3
4.1
12.8
2.9
11.2
3.0
8.1
1.2
Business:
Current dollars .
1972 dollars
Implicit price deflator...
Chain price index
.
Fixed-weighted
price
index
Nonfarm:
Current dollars
1972 dollars
Implicit
price
flator
_ _ deChain price index
Fixed-weighted
price index
Disposable personal income:
Current dollars
..
1972 dollars
10.1
9.5
12.2
3.1
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, comparisons over any time span reflect only changes in prices.
SUKVEY OF CURRENT BUSINESS
August 1981
19
Reconciliation and Other Special Tables
Table 1.—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
Table 2.—-Reconciliation of Changes in the Implicit Price Deflator
for Personal Consumption Expenditures and the Consumer
Price Index for all Urban Consumers, Seasonally Adjusted
1981
IS 80
IS 81
III
Compensation per hour of all persons in the business
economy other 1than farm and housing (percent change
at annual rate)
Less: Contribution of supplements
9.6
12.0
8.7
.4
-.8
1.5
—.5
.2
-.1
.3
.2
_ o
.2
8.8
10.4
10.7
90
Plus: Contribution of housing and nonprofit institutions.
Less: Contribution of employees of government enterprises and self-employed and unpaid family workers. . .
Less: Contribution of nonproduction workers in manufacturing
r
— .2
Less: Contribution of non-BLS data, detailed weighting,
and seasonal adjustment
_. .
f
Equals: Average hourly earnings, production and nonsupervisory workers in the private nonfarm economy
(percent change at annual rate)
r
I'
••-.4
.3
8.1
0
— 2
.4
1.9
2
9.0
'11.0
HP
II v
9.7
..
Equals: Wages and salaries per hour of employees in the
private nonfarm economy (percent change at annual
rate)
I'
IV
8.4
r
Revised.
•p Preliminary.
1. Bureau of Labor Statistics estimates of changes in hourly compensation in the nonfarm
business sector for the four quarters are 9.0, 9.8,11.6 and 9.6 percent.
Implicit price deflator for personal consumption expenditures (percent
change at annual rate)
Less: Contribution of shifting weights in PCE
New autos
Gasoline and oil
Electricity, gas, fuel oil, and coal
Furniture and household equipment
Food purchased for off-premise c onsumption
Purchased meals and beverages
Clothing and shoes
Housing
Other
.
Equals: PCE chain price in dex (percent change at annual rate)
Less: Contribution of differences in weights of comparable CPI and
PCE 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
Less: Contribution of PCE 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
______
Plus: Contribution of CPI expenditure components not comparable
with PCE components
New autos
_
Used autos
Homeownership..
Other
__.
Less: Contribution of differences in seasonal adjustmentl
Equals: Consumer Price Index, all items (percent change at annual rate)--
8.0
-2.0
1.8
-1.5
-1.5
.1
— 1
.3
.5
—.4
-1.2
10.3
6.9
0
—3.3
— .3
.1
o
1.5
—.3
.5
1.0
1.0
6.8
-1.8
—1.2
—.5
— .3
o
0
.2
—.1
.6
-.3
.1
o
0
.2
— .1
.1
-.3
1.0
-.5
-.3
.1
-.3
,7
.2
0
.2
-.2
.3
—.1
0
.1
.1
-1.1
-.4
.3
-.8
-.2
.7
10.8
1.3
.2
-.2
1.2
0
-.6
7.5
••Revised, p Preliminary.
1. These differences arise because component price indexes that are used in the BE A
measures and in the CPI are seasonally adjusted at different levels of detail.
Table 3.—High-Employment Federal Receipts and Expenditures
[Seasonally adjusted at annual rates!
IV
1980
1981
1980
I
IV
II
Billions of dollars
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Expenditures
Transfer payments
Grants-in-aid-to State and local governments
All other expenditures
-
--
Surplus or deficit (— ), national income and product
accounts
1980
1981
I
II
IV
Billions of dollars: Change
from preceding period
1981
I
1980
II
1981
I
IV
Percentage of potential
GNP
II
Percentage of potential GNP:
Change from preceding period
615.7
652.9
663.1
34.0
37.2
10.2
21.4
22.0
21.9
0.5
0.6
-0.1
294.4
83.1
50.4
187.7
302.3
81.2
61.6
207.9
316.9
71.2
64.1
210. 9
15.5
4.5
6.2
7.8
7.9
-1.9
11.2
20.2
14.6
-10.0
2.5
3.0
10.2
2.9
1.8
6.5
10.2
2.7
2.1
7.0
10.4
2.1
2.3
7.0
.2
.1
.2
0
0
-.2
.3
.5
2
-!4
0
0
628.8
652.3
657.9
25.9
23.5
5.6
21.9
22.0
21.7
.2
.1
-.3
257.4
91.1
280.3
261.0
89.4
301.9
265.0
88.9
304.1
3.7
3.9
18.2
3.6
-1.7
21.6
4.0
-.5
2.2
8.9
3.2
9.7
8.8
3.0
10.2
8.7
2.9
10.0
-.2
.1
.3
-.1
-.2
.5
-.1
-.1
-.2
-13.1
.6
5.2
8.1
13.7
4.6
-.5
0
.2
.3
.5
.2
NOTE.—These estimates are net comparable with those published in the November 1980 Suv: - r EY OF CURRENT BUSINESS due to revisions of potential GNP by the Council of Economic
Advisers and the comprehensive revisions of the national income and product accounts. For comparable annual estimates for 1979 and 1980, and for quarterly estimates of 1980, see p. 3 of the
May 1981 SURVEY.
By OBIE G. WHICHARD
U.S. Direet Investment Abroad in 1080
lAJOB developments related to U.S.
direct investment abroad in 1980 were:
• The U.S. direct investment position abroad increased 14 percent, to
$213.5 billion, following a 15-percent
increase in 1979. It increased 21 percent
in petroleum, 13 percent in manufacturing, and 12 percent in "other"
industries.
• The $26.7 billion addition to the
position consisted of capital outflows of
$18.5 billion and unusually large valuation adjustments of $8.2 billion. Capital
outflows—the sum of equity and intercompany account outflows and reinvested earnings of incorporated affiliates—were concentrated in developed
countries. Valuation adjustments were
concentrated in developing countries.
• Equity and intercompany account
outflows declined $3.4 billion, to $1.5
billion—the second lowest level of outflows since 1959. Large inflows from the
Middle East branch of a U.S.-incorporated petroleum company and from
Netherlands Antillean finance affiliates
substantially offset outflows to other
affiliates.
• Reinvested earnings o*f incorporated foreign affiliates declined 10 percent, to $17.0 billion. Much of the decline was in the United Kingdom,
where reinvested earnings had been
boosted in 1979 by a tax change.
• Direct investment income declined
4 percent, to $36.8 billion. Shifts to
negative income from automobile manNOTE.—Patricia C. Walker supervised the
preparation of the revised estimates published
in this article and wrote part of the technical
note. Patricia E. DiVenuti and Ralph Kozlow
prepared the estimates. Saletha D. Corbin,
Edward L. Simons, and Russell O. Tutt assisted in tabulating the data. Smith W. Allnutt III designed the necessary computer
programs.
20
ufacturing affiliates in developed areas,
and from the previously mentioned
Middle East branch of a U.S. petroleum
company, more than offset increases in
income from all other affiliates
combined.
• Fees and royalties increased 14 percent, to $5.7 billion. The increase was
primarily in royalties, license fees, and
other fees for the sale or use of intangible property.
The preliminary estimates for 1980
and revised estimates for 1977-79 published in the accompanying tables incorporate the results of BEA's 1977
benchmark survey of U.S. direct investment abroad.1 Previously published
estimates were linked to the preceding
benchmark survey, which covered 1966.
A technical note at the end of the article
explains the procedure used to expand
sample data collected in nonbenchmark
years to universe estimates and summarizes the major differences in concepts, definitions, and presentation between the previous and revised series.
book value of U.S. direct investors'
equity in, and net outstanding loans to,
their foreign affiliates.2
By industry, 22 percent of the position was in petroleum, 42 percent in
manufacturing, and 36 percent in
"other" industries (table 2). Within
manufacturing, the position was largest
in "other manufacturing" (mainly
paper, instruments, rubber, and textiles), chemicals, and nonelectrical
machinery. Within "other" industries,
the position was largest in finance (except banking), insurance, and real
estate, and in trade.
By area, 74 percent of the position
was in developed countries, 25 percent
in developing countries, and 2 percent
in "international" (for definition of the
latter area, see technical note). Within
the developed countries, over 60 percent
of the position was in Europe, where
the United Kingdom and Germany had
the largest shares. Within the developing countries, almost three-fourths of
the position was in Latin America; the
largest shares were in Bermuda—
mainly in finance affiliates—and Brazil.
U.S. Direct Investment Position
Incorporated affiliates accounted for
84 percent of the position, and unincorAt yearend 1980, the U.S. direct in- porated affiliates for 16 percent. Most of
vestment position abroad was $213.5 the investment in incorporated affiliates
billion (table 1). The position is the was equity (capital stock and retained
earnings) rather than debt (intercom1. Detailed findings and a methodology of the pany accounts) (table 3).
1977 benchmark survey were published in U.S.
Direct Investment Abroad, 1977, U.S. Department
of Commerce, Bureau of Economic Analysis. Copies
may be obtained from the Superintendent of Documents, U.S. GPO, Washington, D.C. 20402, price
$10.00, stock number 003-010-00079-1. Two types
of data were collected in the 1977 survey: first,
direct investment position and balance of payments data, which are the subject of this article,
and second, U.S. parent and foreign affiliate financial and operating data, which were summarized
in International Investment Division, "1977 Benchmark Survey of U.S. Direct Investment Abroad,"
SURVEY OF CURRENT BUSINESS 61 (April 1981) :
29-37.
2. The position is sometimes confused with, and
should be distinguished from, total assets of the
affiliates themselves, which are the sum of total
owners' equity held by, and total liabilities owed
to, both U.S. direct investors and all other persons.
According to the 1977 benchmark survey, foreign
affiliates had total assets of $829.6 billion, compared with a U.S. direct investment position abroad
of $146.0 billion, at yearend 1977. Banking affiliates
accounted for just over one-half of the difference
between the two figures. For nonbank affiliates, the
comparable figures were $494.6 billion and $141.6
billion, respectively.
SUEVEY OF CUEEENT BUSINESS
August 1981
The intercompany account component of the position in incorporated
affiliates is the net of U.S. parents' accounts receivable from affiliates and
accounts payable to affiliates. At yearend 1980, receivables were about twice
as large as payables. The largest receivables were those due from European
manufacturing affiliates, while the largest payables were those owed to Latin
American affiliates in "other" industries. Most of these payables were owed
to Netherlands Antillean finance affiliates, which were established to borrow
funds abroad and relend them to their
U.S. parents. The payables more than
offset the other, positive, components of
the position, and, consequently, U.S.
parents had a large negative direct investment position in the Netherlands
Antilles. (For discussion of the previous and present treatment of Netherlands Antillean finance affiliates, see
technical note.)
1980 Addition
The addition to the position was $26.7
billion, or 14 percent, in 1980, compared
with $24.0 billion, or 15 percent, in 1979.
The 1980 addition consisted of capital
outflows of $18.5 billion and valuation
adjustments of $8.2 billion. In the absence of the unusually large valuation
adjustments, the position would have
increased about 10 percent in 1980.
Capital outflows consisted of equity
and intercompany account outflows of
$1.5 billion and reinvested earnings of
incorporated affiliates of $17.0 billion.
About 95 percent of capital outflows
were to developed countries, primarily
in Europe. Within Europe, outflows to
the United Kingdom, Germany, Switzerland, and France were largest. The
much smaller capital outflows to developing countries reflected large equity
and intercompany account inflows from
both Netherlands Antillean finance affil-
21
iates and the Middle East branch of a
U.S.-incorporated petroleum company.
Valuation adjustments were concentrated in developing countries, where a
large adjustment was made to reflect a
change in the nature and status of the
operations of the above-mentioned Middle East branch of a U.S. petroleum
company, and to conform to a change
in accounting for the branch as reported to BE A by the U.S. company.
During 1980, the U.S. parent transferred the branch's oil production facilities and most of its refinery facilities
to the host government, which paid the
balance of the consideration for such
assets. However, the branch continued
to exist, principally as a trade and service company.
Before the facilities were transferred,
the branch was primarily engaged in
crude oil production. In producing the
oil, it incurred tax and royalty liabilities
to the host government and, subse-
Table 1.—U.S. Direct Investment Position Abroad, 1978-80
\
[Millions of dollars]
Addition in 1979
Addition in 1980
Capital outflows (inflows (-))
Position,
yearend
1978
Total
Total
Capital outflows (inflows (— ))
Equity
Valuation
and inter- Reinvested adjustcompany
earnings
ments
account of incorpooutflows rated affil(inflows
iates
(-))
Position,
yearend
1979
Total
Total
Valuation
Equity
and inter- Reinvested adjustcompany
earnings
ments
account of incorpooutflows rated affiliates
(inflows
(-))
Position,
yearend
1980
__.
162,727
30, 532
69, 669
62, 526
24,033
8,213
8,970
6,850
23,948
8,535
8,791
6,623
4,984
3,120
1,175
688
18,964
5,414
7,616
5, 934
8.4
-322
179
227
186,760
38, 744
78, 640
69, 376
26,709
8,176
10, 423
8,110
18,546
1,796
9,907
6,843
1,548
-2, 757
3,543
763
16,998
4,553
6,364
6,080
8,163
6,380
516
1, 267
213,468
46, 920
89, 083
77, 485
. . .
121,230
25, 341
56, 292
39, 596
17, 438
4,879
7, 225
5,334
17,402
5,122
7,105
5,175
2,723
918
537
1,268
14,679
4,204
6,568
3,906
37
-244
121
160
138,668
30,220
63, 518
44,931
18,416
3,953
7,881
6,582
17,536
3, 916
7,635
5,985
5,055
(*)
3,145
1,911
12,481
3,917
4, 491
4,074
880
37
246
597
157,084
34, 173
71,399
51,512
.
36, 396
7, 686
15, 736
12, 974
3,848
962
1,657
1, 229
4,038
1,208
1,611
1,219
1,035
156
455
424
3, 003
1, 052
1,156
795
-191
-246
45
10
40,243
8,648
17,392
14, 203
4,397
1,924
1,410
1,063
3, 860
1,907
1,406
548
370
518
365
-513
3,490
1,389
1,040
1,081
537
18
4
515
44,640
10, 573
18, 802
15,266
Europe
Petroleum
Manufacturing
Other
70, 647
14,326
34, 655
21, 666
11,974
3, 430
4,748
3,797
11, 852
3,407
4,690
3, 755
1, 225
523
-183
885
10, 627
2,884
4,873
2, 870
122
22
58
42
82, 622
17, 755
39, 403
25, 463
13, 064
2,168
6,023
4,873
12,783
2, 150
5,811
4,823
4,962
-101
2,754
2,309
7,821
2, 251
3,057
2,513
281
19
212
50
95, 686
19, 924
45, 425
30,337
Other
Petroleum
M anuf acturing
Other
14, 187
3,329
5, 902
4,956
1,616
487
821
309
1,511
507
803
201
462
239
264
-41
1,049
269
539
242
105
-20
18
108
15, 803
3, 816
6,723
5,265
954
-140
449
645
893
-140
419
614
-277
-417
25
114
1,170
277
394
499
61
16, 758
3,676
7, 172
5,910
Developing countries
Petroleum -Manufacturing
Other
37,5£4
2,648
13,377
21,559
6,941
3,445
1,745
1,751
6,895
3,524
1,686
1,685
2,745
2,335
639
-228
4, 149
1,189
1,048
1,913
46
-79
59
66
44,525
6,093
15, 122
23, 309
8,159
4,178
2,542
1, 439
932
(D)
2,272
(D)
-3,454
-2, 812
398
-1,041
4,387
(D)
1,874
(D)
31,770
3,088
11, 153
17, 530
3,285
860
1, 257
1,167
3,194
846
1,241
1, 107
270
58
555
-342
2,924
788
687
1,449
91
14
16
61
35, 056
3,948
12, 410
18, 697
3,219
388
2,079
753
2,655
384
1,971
300
-691
96
462
-1, 250
3,347
288
1,509
1,550
5,814
-440
2,224
4,029
3,655
2,584
488
583
3,701
2,677
445
578
2,475
2, 277
84
114
1,226
400
361
464
-45
-93
42
5
9,469
2, 145
2,712
4,612
4,940
3,790
463
686
-1, 723
(D)
301
(D)
-2,763
-2,908
-64
209
1, 040
(D)
365
(D)
3,913
-346
-348
-484
137
1
3,567
134
77
-52
130
All areas
Petroleum . .
Manufacturing
Other
Developed countries
Petroleum
Manufacturing
Other
Canada
Petroleum
Manufacturing. _
Other
Latin America
Petroleum
Manufacturing
Other
Other
Petroleum
Manufacturing
Other
International
.
... .
*Less than $500,000 (=fc).
Suppressed to avoid disclosure of data of individual companies.
D
(<)
30
32
7,227
(D)
270
(D)
564
3
108
453
6,662
(D)
162
(D)
57
52,684
10, 271
17, 664
24, 749
38, 275
4,336
14, 489
19,450
14,409
5,935
3,175
5,299
3,701
August 1981
SUEVEY OF CUEEENT BUSINESS
22
quently, in selling the oil, acquired accounts receivable due from the U.S.
purchasers. Because the receivables
were transferred to the U.S. parent for
settlement, while the tax and royalty
liabilities remained with the foreign
branch, a negative U.S. direct investment position in the branch resulted.
Since the facilities were transferred,
the foreign branch, as part of its trading operations, purchases oil from the
host government and incurs accounts
payable to the government; when the
oil is resold, the branch acquires accounts receivable due from the purchasers. The accounts payable as well as
the accounts receivable are transferred
to the U.S. parent for settlement. Thus,
no significant direct investment position, either positive or negative, arises
from the branch's trading operations.
The above-mentioned valuation adjustment reflected the removal of the accounts payable from the direct investment account and their transfer to the
account of U.S. nonbanking concerns
as commercial liabilities to unaffiliated
foreigners.
Table
2.—Composition of U.S. Direct
Investment Abroad, 1979-80
Equity and Intercompany account
outflows
[Percent]
1980
1979
Po- Ad- Po- Adsididisition, tion tion, tion
year- to year- to
end posi- end position
tion
Total
-
By component:
Capital outflows Equity and intercompany
account outflows
Reinvested earnings of incorporated affiliates
Valuation adjustments
By type of affiliate and account:
Incorporated
Capital stock and retained
earnings *
Intercompany accounts
U.S. parents' receivables.-U.S. parents' payables
Unincorporated
By area:
Developed countries
Canada
Europe
Other
Developing countries
Latin America
Other
International
By industry:
Petroleum
Manufacturing
Other
_-
100
100
100
100
n.a.
100
n.a.
69
n.a.
21
n.a.
6
na
n a.
79
(*)
n.a.
n.a.
64
31
86
84
84
77
75
10
19
-9
14
84
(*)
18
-17
16
76
9
18
—9
16
81
-4
8
-12
23
74
22
44
8
24
19
5
2
73
16
50
7
29
14
15
—1
74
21
45
8
25
18
7
2
69
16
49
4
31
12
18
1
21
42
37
34
37
29
22
42
36
31
39
30
n.a. Not applicable.
*Less than 0.5 percent (±)
1. Includes valuation adjustments to the position in incorporated affiliates.
Equity and intercompany account
outflows declined $3.4 billion, to $1.5
billion (table 4). They were at the second lowest level since 1959. (Outflows
were smaller in 1974, when sharp increases in crude oil prices resulted in
large inflows from affiliates in petroleum producing areas.)
By type of affiliate and account.—
The $3.4 billion decline in outflows was
more than accounted for by a $3.8 billion shift from outflows to, to small inflows from, unincorporated affiliates.
Flows to or from these affiliates are
shown as a single summary account consisting of the parents' total claims, both
equity and debt, on the affiliates' net
assets.
Partly offsetting was a $0.4 billion increase in outflows to incorporated affiliates. The increase reflected a $1.5 billion
increase in outflows for capital stock,
partly offset by a $1.1 billion shift to inflows on intercompany accounts. The increase in outflows for capital stock—
Table 3.—U.S. Direct Investment Position Abroad, by Type of Affiliate and Account, 1979-80
fMiUions of dollars!
Yearend 1979
Yearend 1980
Incorporated affiliates
Incorporated affiliates
Total
Total
All areas
Petroleum
Manufacturing
Other
Developed countries
Petroleum
Manufacturing
Other
Canada
Petroleum
M anuf acturi n g
Other
Europe
Petroleum
Manufacturing. .
Other
Other
.
Petroleum
M anuf acturin g
Other ..
Developing countries
Petroleum
Manufacturing
Other
Latin America
Petroleum
Manufacturing
Other
Other
Petroleum
_
Manufacturing
International
186,760
-
:
__
38, 744
78, 640
69, 376
138,668
30, 220
63, 518
44, 931
40, 243
8,648
17, 392
14,203
82, 622
17,755
39, 403
25,463
15, 803
3,816
6,723
5,265
44,525
6,093
15, 122
23,309
35, 056
3,948
12, 410
18, 697
9,469
2,145
2,712
4,612
3,567
159,694
30,400
76, 852
52, 443
124,764
24, 231
62,461
38,071
35, 960
7,733
17, 195
11,032
74, 719
12, 938
38,740
23,041
14, 084
3, 561
6,526
3,998
31,692
3,986
14, 390
13, 315
23, 749
1,616
11, 796
10, 337
7,942
2,370
2,594
2,979
3,239
Capital
stock
and retained
earnings!
140, 124
22, 475
67,563
50,086
105,617
17, 116
55, 363
33, 138
31, 482
7,039
15, 128
9,315
63,064
7,789
34,601
20, 674
11, 071
2,289
5,634
3,149
31, 937
3,732
12, 201
16,004
24, 841
1,790
9,806
13, 245
7,096
1,942
2,395
2,759
2,570
Intercompany accounts
Total
19,571
7,925
9,288
2,358
19, 147
7,115
7,099
4,934
4,478
693
2,067
1,717
11,655
5,149
4, 139
2,367
3,014
1,272
892
849
-245
255
2,190
-2,689
-1,092
-174
1,991
-2, 909
847
428
199
220
668
1. Includes valuation adjustments to the position in incorporated affiliates.
U.S.
parents'
receivables
U.S.
parents'
payables
36,007
11, 249
13, 946
10, 812
26,410
7,654
11, 038
7,718
6,960
938
3,673
2,349
16, 159
5,407
6,340
4,411
3,291
1,309
1,025
957
7,879
2,157
2,909
2,813
5, 026
827
2,239
1,961
2,852
1,331
669
853
1,719
-16,437
-3, 324
-4, 658
-8,454
-7,262
-539
-3, 939
-2,784
-2, 482
-245
-1,605
-631
-4, 503
-258
-2, 201
-2,045
-277
-36
-133
-108
-8, 124
-1,903
-719
-5, 502
-6, 118
-1,000
-248
-4, 869
-2,006
-902
-470
-633
-1,051
Unincorporated
affiliates
27, 065
8,345
1,788
16, 932
13,904
5,988
1,056
6,859
4,283
916
197
3,171
7,902
4,818
662
2, 422
1,719
255
197
1,267
12,833
2,107
732
9,994
11, 306
2, 332
614
8,361
1,527
-225
118
1,634
328
Total
Total
213,468
« 46, 920
89, 063
77,485
157,084
34, 173
71, 399
51, 512
44,640
10, 573
18, 802
15, 266
95,686
19, 924
45, 425
30, 337
16, 758
3,676
7,172
5,910
52,684
10, 271
17, 664
24,749
38, 275
4,336
14, 489
19, 450
14, 409
5,935
3,175
5,299
3,701
180, 177
34, 295
86, 994
58,888
141,995
27, 959
70, 177
43, 860
39, 896
9,469
18, 606
11,820
87, 186
15,049
44,615
27, 522
14,914
3, 440
6, 956
4,518
34,835
4,132
16, 817
13,886
25, 796
1,814
13, 769
10, 213
9, 038
2,318
3,048
3,672
3,347
Capital
stock
and retained
earnings^
161, 628
27, 991
75, 456
58, 181
120, 966
21, 846
60, 824
38, 297
35, 161
8,906
16, 234
10, 020
73, 650
10, 428
38, 625
24, 597
12, 155
2, 512
5, 964
3,679
37, 930
4,488
14, 632
18, 810
29, 399
2,173
11, 755
15,471
8, 531
2, 316
2,877
3,339
2,731
Intercompany accounts
Total
18,549
6,304
11, 538
707
21,029
6,113
9,353
5,563
4,735
564
2,372
1,800
13, 535
4,621
5,989
2,925
2,758
928
992
838
-3,095
-357
2,185
-4, 924
-3, 603
-359
2,014
-5, 258
507
2
172
334
616
U.S.
parents'
receivables
U.S.
parents'
payables
38,238
10, 577
15, 699
11, 961
28,163
7,030
12,513
8,620
7,482
889
4,157
2,435
17, 635
5,178
7,226
5,232
3,046
963
1, 130
953
8,624
2, 359
3,187
3,078
5, 420
812
2,442
2,167
3,203
1,547
745
911
1,451
-19,688
—4, 273
-4, 161
-11, 254
-7,134
-917
-3, 160
-3, 057
-2, 746
-326
-1,785
-635
-4, 100
-556
-1,237
-2, 307
-287
-35
-138
-114
-11,719
-2,716
-1, 001
-8,002
-9, 023
-1, 171
-428
-7,425
— 2, 696
-1, 546
-573
-577
-835
Unincorporated
affiliates
33,291
12, 625
2,069
18, 598
15,089
6,214
1,222
7,653
4,744
1,103
196
3,445
8,500
4,875
810
2,815
1,844
236
216
1,392
17,849
6, 139
847
10, 863
12,479
2,522
720
9,237
5,370
3,617
127
1,626
354
SUEVEY OF CUEEENT BUSINESS
August 1981
the net of increases and decreases in
U.S. parents' holdings of stock in affiliates—occurred because increases in
stock were larger, and decreases smaller,
than in 1979. The shift to inflows on intercompany accounts stemmed from
smaller increases in U.S. parents' receivables from, partly offset by smaller
increases in their payables to, affiliates.3
By industry and area.—By industry,
a large shift from equity and intercompany account outflows to inflows occurred in petroleum, while outflows
tripled in manufacturing and increased
slightly in "other" industries. By area,
outflows to developed countries increased $2.3 billion, to $5.1 billion;
3. Increases (decreases) in receivables are intercompany account outflows (inflows), while increases (decreases) in payables are inflows (outflows). The change in intercompany account outflows is thus the second-order change (i.e., the
change in the change) in receivables minus the second-order change in payables.
23
For developed countries, there was a
there was a $6.2 billion shift to inflows
from developing countries, and a $0.4 $0.9 billion shift to small inflows. The
billion decline in inflows from "inter- shift was in Europe and "other" develnational."
oped countries. In Europe, it was enIn petroleum, there was a $5.9 billion tirely in transactions with unincorposhift from a $3.1 billion outflow in 1979 rated British affiliates operating in the
to a $2.8 billion inflow in 1980. Most of North Sea area and in intercompany
the shift was accounted for by a $5.1 account transactions with incorporated
billion shift to inflows from developing affiliates. In "other" developed councountries. The latter was almost en- tries, it was largely in intercompany
tirely in "other" developing countries, account transactions with incorporated
primarily in the Middle East. In 1979,
affiliates, mainly in Japan. In both Eularge outflows to this area weie associrope and "other" developed countries,
ated with a shortening—in compliance
particularly
the latter, the shifts to inwith host government requests—of the
flows
were
primarily
in U.S. parents'
credit terms that affiliates extended to
purchasers of crude oil. In 1980, large receivables; they probably reflected
inflows were associated with the previ- changes in such factors as the prices and
ously mentioned final payment by a volume of oil sold by the parents to
Middle East government for the facili- affiliates in these areas, and the timing
ties of the branch of a U.S. petroleum of both the sales and the affiliates' paycompany.
ments for the oil.
Table 4.—Equity and Intercompany Account Outflows, by Type of Affiliate, 1979-80
[Millions of dollars; inflows (-)]
1979
1980
To incorporated affiliates1
Capital stock
Total
Total
Total
2
InDecreases creases
To incorporated affiliates*
Intercompany accounts TounincorporatU.S.
U.S.
ed afparpar- filiates
Total ents
ents'
receiv- payables
ables
Capital stock2
Total
Total
Total
-38
-2, 008
283
1,688
1,124
2,002
786
721
494
1,882
4,147 -2, 145
1,042
-255 -1,002
2,254
-545
1,267
629
1,839 -1,345
1,753
-624
1,475
902
129
-378
779
-273
1,171
215
169
787
-103
333
359
-794
-360
462
54
-877
4,962
-101
2, 754
2,309
4,394
-151
2,610
1,935
2,514
378
760
1,377
3,224
-277
-417
25
114
-407
-398
7
-17
3,009
2,500
-44
553
780 -2, 032
250
-382
226
26
304 -1,676
550
280
-50
321
434
325
137
-27
-476
-267
-97
-111
2,459
2,220
200
-358
1,128
4,445
1,227
1,564
1,655
-3,317
-1,081
-1, 039
-1, 197
96
124
835
-864
4,262 -4,167
1,116
-992
2,100 -1,264
1,046 -1, 910
3,760
145
525
458
2,851
-186
1,095
1,548
-2, 757
3,543
763
Developed countries .
Petroleum
Manufacturing
Other
2,723
918
537
1,268
1,966
550
678
737
419
282
135
2
2,605 -2, 186
-568
850
1,025
-890
-728
730
1,547
268
543
735
2,848 -1,301
302
-34
1,737 -1, 193
809
-74
757
368
-142
531
5,055
(*)
3,145
1,911
3,884
1,035
156
455
424
776
150
434
191
-38
136
-172
-2
745
584
12
149
-783
-448
-184
-150
-68
-23
21
-66
260
5
21
233
370
518
365
-513
1,225
523
-183
885
783
155
-13
642
388
31
154
203
1,384
131
802
452
-996
-99
-648
-249
395
123
-167
439
1,601 -1,206
129
-6
1,052 -1, 219
420
19
442
369
-170
243
_
462
239
264
-41
407
245
258
-66
68
114
153
-200
476
135
211
130
-408
-20
-58
—329
339
131
105
103
-27
-5
5
-28
55
-7
6
55
Developing countries. . .
Petroleum ....
Manufacturing
Other
2,745
2,335
639
-228
-264
-165
682
-781
1,030
-90
390
729
1,475
18
539
918
-445 -1,294
-75
-108
292
-148
-1,511
-189
1,214 -2,508
575
-650
363
-71
273 -1,787
270
58
555
-342
-280
-222
605
-663
972
-89
353
709
1,330
-1
478
852
-357 -1, 253
-88 -133
253
-126
-143 -1, 372
2,475
2,277
, 84
114
16
57
77
-118
58
(*)
38
20
145
19
60
66
-484
-478
-321
365
Europe
Petroleum
Manufacturing ...
Other..
Other
Petroleum
Manufacturing
Other
Latin America
Petroleum
Manufacturing
Other
Other
Petroleum
Manufacturing
Other
International
...
_.
.
-88
-19
-23
-46
-686
-41
58
40
-138
-158
881
38
585
259
366
136
99
131
* 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 invest-
To unincorporated affiliates
2,231 -3,252
-949
-672
497
1,753
1,149 -2,800
1,224
269
1,361
-406
. .
U.S.
parents'
payables
5,533 -2,925 -1,021
1,201
-330 -1, 620
-755
2,250
1,765
2,567 -1,841 -1, 651
4,984
3,120
1,175
688
813
14
606
193
Total
U.S.
parents'
receivables
2,607
871
1,010
726
All areas
Petroleum
Manufacturing
Other
Canada
Petroleum
Manufacturing
Other
InDecreases creases
Intercompany accounts
1,586
-749
3,260
-925
-216
2,976
801 -1, 161
-108
570
152
-98
-955
79
257
-130
304
83
522
-49
484
87
-264
-81
-180
-4
473
185
7
281
470
1,081
1,674
-710
-92
-321
-297
1,880
-528
1,850
558
1,476
-230
886
820
403
-298
964
-262
568
49
144
375
-152
-54
-93
—6
122
2
34
87
-274
-55
-126
-92
-255
-344
100
-11
-245
-346
105
-5
-10
1
-5
-6
130
-19
18
131
-3,454 -2,220
-2, 812
-565
284
398
-1,041 -1, 939
631
46
289
296
1,331
106
498
726
-700 -2,851
-60 -611
-4
-209
-430 -2,235
745 -3,596
-813
202
-282
278
265 -2,500
-1,235
-2,246
114
898
-691 -1,869
96
-99
462
357
-1, 250 -2, 126
642
86
334
223
1,134
95
422
617
-491 -2, 511
-185
-9
23
-88
-394 -2, 349
394 -2, 905
-15
-170
203
-180
206 -2,555
1,177
196
105
876
-690
—643
-103
55
-2, 412
-2, 442
8
22
215
26
7
232
-2, 763
-2, 908
-64
209
-351
-466
-72
187
-11
-39
-45
73
197
12
76
109
-209
-51
-121
-36
-339
-426
-27
114
-6
-52
-78
-26
54
-80
-52
351
217
76
59
-267
ment position in these affiliates. When the country of the affiliate differs from that of the buyer
or seller of its capital stock, the flows are classified according to the country of the affiliate.
2. Includes additional paid-in capital.
August 19S1
SUKVEY OF CURRENT BUSINESS
24
flows to sizable outflows occurred,
mainly because of changes in flows to
and from British and German automotive affiliates. These affiliates had made
large loans to their U.S. parents in the
second half of 1979 and, on a slightly
reduced scale, in the first three quarters
of 1980. The loans were repaid in the
fourth quarter, causing the large yearto-year shift, and then new loans were
extended in the first quarter of 1981,
Outflows to affiliates in "other" industries increased $0.1 billion, to $0.8 billion. The increase reflected several much
larger, but offsetting, changes. Outflows
to developed countries increased $0.6 billion, to $1.9.billion; inflows from developing countries increased $0.8 billion, to
$1.0 billion; and inflows from "international" declined $0.2 billion, to $0.1 billion.
Within developed countries, outflows
to Europe increased $1.4 billion, mainly
reflecting the acquisition of an. affiliate.
In contrast, there was a $0.9 billion
shift to inflows from Canada, largely
Outflows to Canada increased, primarily because decreases in U.S. parents holdings of capital stock in affiliates were larger in 1979 than in 1980.
Canada's National Energy Program,
which was proposed in October 1980
and was designed to encourage increased domestic ownership of the Canadian petroleum industry, did not
result in significant U.S. disinvestments
until 1981. (However, partly in response to other Canadian policies, several disinvestments did occur in the few
years before the program's announcement, and, as mentioned below in the
section on outflows by status of affiliate,
a disinvestment in an indirectly owned
petroleum affiliate earlier in 1980 resulted in inflows in "other" industries.)
Outflows to manufacturing affiliates
increased $2.4 billion, to $3.5 billion.
Affiliates in developed countries, particularly Europe, more than accounted
for the increase; outflows to affiliates in
developing countries declined slightly.
For Europe, a shift from small in-
as a result of the sale of several affiliates
by U.S. direct investors.
Almost all of the increase in inflows
from developing countries was in Latin
America. Netherlands Antillean finance
affiliates more than accounted for the increase. Inflows from these affiliates
largely represented relending to U.S.
parents of funds borrowed abroad by
the affiliates. The inflows were large in
both 1979 and 1980—$1.2 billion and
$2.4 billion, respectively. Acceleration
of the inflows reflected generally more
favorable conditions in Eurobond markets, where much of the borrowing originated.
By status of affiliate.—Table 5 shows
equity and intercompany account outflows to new affiliates, to affiliates liquidated or sold, and to all other affiliates.
The table shows, for affiliates whose
status changed, both the flows associated
with the change in status—such as outflows that financed an acquisition or inflows that reflected the proceeds of a
liquidation or sale—and all other flows.
Table 5.—Equity and Intercompany Account Outflows, by Status of Affiliate, 1979-80
[ Millions of dollars; inflows
(-)]
1979
New affiliates
1930
J
Affiliates liquidated
or sold 2
Total
Total
Established
Acquired Total
Liquidated
Sold
New affiliates »
Other
affiliates
Affiliates liquidated
or sold 2
Total
Total
Established
Acquired Total
4,984
3,120
1,175
688
467
440
-74
278
97
160
21
556 -1,531
370
-326
-435
280
-95
-769
-204
-100
-55
-49
-1,327
-226
-381
-720
5,681
2,979
1,171
1,531
1,548
-2, 757
3,543
763
176
356
327
-507
-839
354
111
-1,304
1,015 -1,907
2
-308
-257
216
798 -1, 344
Developed countries
Petroleum
M anufacturing
Other
2,723
918
537
1,268
589
153
297
149
147
(D)
49
(D)
452 -1,258
-277
(D)
-356
248
-625
(D)
-118
(D)
(D)
-28
-1,141
(D
)
(D)
-597
3,382
1,042
596
1,745
5,055
(*)
3,145
1,911
1,143
9
208
928
228
8
71
149
915 -1,423
2
-201
134
-95
779 -1, 126
Canada
Petroleum
Manufacturing
Other
1,035
156
455
424
-57
(D)
(D)
2
(D)
(D)
(1>)
(D)
(D
)
(D)
-94
1,398
306
566
525
370
518
365
-513
25
0
18
7
Europe
Petroleum. ._
Manufacturing
Other
__
1,225
523
-183
885
396
(D)
240
(D)
136
(D)
-521
(D)
-235
(D)
1,378
642
-183
918
4,962
-101
2,754
2,309
1,101
9
186
906
Other
Petroleum
Manufacturing .
Other
462
239
264
-41
260
146
(D)
607
93
212
301
-277
-417
25
114
17
0
1
16
Developing countries
Petroleum
Manufacturing
Other
2,745
2,335
639
-228
218
300
143
-224
115
(D)
111
(D)
Latin America
Petroleum
Manufacturing
Other
270
58
555
-342
134
263
119
-248
(D)
Other
Petroleum.
Manufacturing
Other
2,475
2,277
84
114
84
37
23
24
AH areas
Petroleum
Manufacturing
Other
International.
-484
834
0
-1
41
oD
((D))
(D)
D
( )
(D)
8
4
37
90
79
37
20
21
D
( )
3
-305
(D)
-65
(D)
260
3
199
58
—549
(D)
-240
(D)
(D>
o
(DD)
(D )
(D)
( )
-404
(D)
(D)
(D)
97
29
5
0
3
2
2
"Less
than $500,000 (±).
D
Suppressed to avoid disclosure of dat a of individual companies.
-28
-5
-18
(D)
(D)
0
-5
D
( )
0
-46
D
( )
-216
(D
)
(D)
-144
-45
(DD)
( )
-21
-171
(D)
(D)
-187
(D)
(D)
-114
-49
(D
)
(D)
-10
0
-51
-353
102
(D)
32
(DD)
(D)
(D)
( )
-29
(D)
(D)
-29
D
( )
4
15
0
-11
D
( )
(D)
0
(D)
0
,
3,279
-2, 807
3,472
2, 614
-118
—7
-106
-1,304
-196
-88
-1, 020
5,334
191
3,034
2,109
-998
(D)
(D)
-929
-107
(D)
-2
(D)
-891
D
(D
)
(D
)
( )
1,343
539
395
410
-278
(D)
-9
(D)
4,142
69
2,581
1, 492
-136
(*)
(D)
-151
-416
58
208
6
206
8
(D)
(D)
(D)
(D)
-281
-179
-14
-88
-3
(D)
-5
(D)
(D)
(*)
(*)
(D)
-144
D
(D
)
( )
-109
(D)
(*)
(D)
(D)
(D)
-119
(D)
( )
(D)
(*)
(D)
1
895
2
-123
-966
-3,454
347
-2,812
122
398
-1,041 -1, 435
-1,066
347
40
-1, 453
100
0
82
18
-138
(DD)
( )
-105.
323
-196
499
20
-691 -1,380
44
96
92
462
-1, 250 -1,516
-1, 472
44
(D)
(D)
92
0
(D)
(DD)
( )
(D)
-33
(DD)
( )
-18
2,421
2,225
76
119
-2,763
-2,908
-64
209
414
303
29
81
406
303
(D)
D
( )
8
0
-267
(D)
(D)
-61
( )
-444
-52
(*)
(*)
(D)
(D)
(D)
(D)
0
Sold
-1,668
-251
-246
-1, 171
(D)
(*)
D
Other
affiliates
-239
—55
—11
-173
2,743
2,029
575
140
D
Liquidated
-161
(D)
D
( )
-8
(D)
-30
D
(D
)
(D)
( )
-89
(D)
(D)
-38
-2
e>)D
D)
((-157
>
(D)
-2,092
-3,068
438
538
(D
)
D
(D
)
(D
)
( )
817
59
410
349
-178
(D)
(D)
-23
-2, 909
-3, 127
28
189
D
( )
. 1. Excludes affiliates created through reorganization or combination of existing affiliates.
2. Excludes affiliates that were reorganized or combined with other affiliates.
36
25
SUEVEY OF CUEKENT BUSINESS
August 1981
Inflows from affiliates that were
liquidated or sold were $1.9 billion, and
outflows to new affiliates were $0.2 billion. (The comparable figures for 1979
were $1.5 billion and $0.8 billion, respectively.)
Outflows to newly acquired affiliates
were $1.0 billion, and there were inflows
of $0.8 billion from newly established
affiliates. Outflows to newly acquired
affiliates were largest in "other" industries, and included outflows to finance
the acquisition of a large British insurance company. Inflows from Latin
American affiliates in "other" industries
more than accounted for the inflows
from newly established affiliates; they
reflected the transfer to U.S. parents of
the proceeds of foreign borrowing by
new Netherlands Antillean finance affiliates. Outflows to newly established affiliates were largest in petroleum; in
that industry, several affiliates engaged
in oil and gas exploration and extraction in "other" developing countries
largely accounted for the outflows.
Inflows from affiliates that were sold
were $1.7 billion, and inflows from affiliates that were liquidated were $0.2 billion. Seventy percent of the inflows
from affiliates that were sold were in
"other" industries. Within "other" industries, the inflows wrere concentrated
in Canada, where a coal mining affiliate,
a holding company through which a
U.S. parent owned a number of public
utility affiliates, and several other affiliates were sold in 1980. Inflows from the
coal mining affiliate reflected the proceeds of two transactions: first, the U.S.
parent's sale, toward the end of the year,
of its remaining minority interest in the
affiliate, which it had once wholly
owned, and second, the affiliate's sale
earlier in the year of a petroleum affiliate that it owned.
Reinvested earnings
Eeinvested earnings of incorporated
affiliates declined 10 percent, to $17.0
billion (table 6). Eeinvested earnings
consist of earnings (i.e., U.S. parents'
shares in the net income) of incorporated affiliates less gross dividends (i.e.,
dividends before deduction of foreign
withholding taxes) on common and
preferred stock held by U.S. parents.
The decline in reinvested earnings primarily reflected a 15-percent increase in
gross dividends. By area, reinvested
earnings declined 15 percent in developed countries, increased 6 percent in
developing countries, and declined 5
percent in "international." By industry, they declined in petroleum and
manufacturing, and increased slightly
in "other" industries. The reinvestment
ratio—the fraction of earnings reinvested—declined from 0.65, which was a
record high for the years 1950 forward,
to 0.59.
British affiliates accounted for over
70 percent of the decline in reinvested
earnings and for about one-half of the
decline in the reinvestment ratio. These
affiliates' reinvested earnings and reinvestment ratios were affected by
changes in taxation in both 1979 and
1980. In 1979, their earnings were boost-
Table 6.—Reinvested Earnings and Reinvestment Ratios of Incorporated Affiliates, 1979—80
[Millions of dollars, or ratio]
1979
All areas _ _
Petrol eum_ _ _ .
Manufacturing _ _
Other
Developed countries
Petroleum
Manufacturing
Other
Change: 1979-80
1980
Reinvestment ratio
(reinvested
earnings/
earnings)
Earnings
Gross
dividends
Reinvested
earnings
Reinvestment ratio
(reinvested
earnings/
earnings)
Earnings
Gross
dividends
18,964
5,414
7,616
5, 934
0.65
.73
.58
.69
28,780
8,599
11, 361
8,821
11,782
4,046
4,997
2,741
16,998
4,553
6,364
6,080
0.59
.53
.56
.69
-421
1,186
-1, 881
274
1,545
2,048
-629
128
-1,967
-861
-1,252
146
7,645
1, 108
4,631
1,907
14,679
4, 204
6,568
3,S06
.66
.79
.59
.67
21,090
6,380
8,770
5,941
8,609
,2, 463
4,279
1,867
12,481
3,917
4,491
4,074
.59
.61
.51
.69
-1,233
1,068
-2,429
128
964
1,355
-352
-40
-2,197
-288
-2,078
169
Earnings
Gross
dividends
29,201
7,412
13, 242
8, 547
10,237
1, 998
5,626
2,613
22,324
5,312
11, 199
5,813
Reinvested
earnings
Reinvested
earnings
Canada . _.
•
Petroleum
Manufact urin g
Other
_
4,360
1,330
2, 008
1, 022
1,357
278
852
227
3,003
1,052
1,156
795
.69
.79
.58
.78
4, 779
1, 845
1,705
1,230
1, 289
456
665
169
3,490
1,389
1, 040
1,061
.73
.75
.61
.86
419
515
-303
207
-68
178
-187
-58
4.87
337
-116
266
Europe
Petroleum
Manufacturing _ _ ..
Other
._
16, 013
3,561
8,164
4,287
5,386
677
3,291
1,417
10, 627
2, 884
4,873
2, 870
.66
.81
.60
.67
14,088
4,026
6, 159
3,903
6,267
1,775
3,102
1,390
7,821
2,251
3,057
2, 513
.56
.56
.50
.64
-1, 925
465
-2,005
-385
881
1,098
-189
-27
-2, 800
-633
-1,817
-356
_
1,951
421
1,026
504
902
152
487
262
1,049
269
539
242
.54
.64
.52
.48
2,223
509
906
808
1,053
232
512
309
1, 170
277
394
499
.53
.54
.43
.62
273
88
-121
306
151
80
25
47
122
8
-145
259
6,679
2,040
2,043
2, 596
2,530
851
995
683
4,149
1,189
1,018
1,913
.62
.58
.51
.74
7,191
1,923
2,591
2,678
2,804
4,387
(D)
1,874
512
-117
548
82
274
(D)
-278
(D)
4,447
952
1, 506
1,988
1,523
164
819
539
2, 924
788
687
1,449
.66
.83
.46
.73
4,565
487
2,035
2,043
1,218
199
526
493
3,347
288
1,509
1,550
.73
.59
.74
.76
118
-465
529
54
-305
35
-293
-46
423
-501
822
102
2,232
1,088
537
607
1,006
688
176
143
1, 226
400
361
464
.55
.37
.67
.76
2, 626
1, 435
556
635
1,586
(D)
191
(D)
1,040
(D)
D 365
.40
394
347
19
28
580
15
-186
(D)
4
(D)
307
-7
Other.
Petroleum
Manufacturing __
Other
Developing countries
Petroleum
Manufacturing
Other
.. ._
._
_.
Latin America
Petroleum
Manufacturing
Other
Other
Petroleum .
Manufacturing __ .
Other
...
.
.
International
D
199
Suppressed to avoid disclosure of data of individual companies.
352-196 0 - 8 1 - 4
62
137
.69
499
(D)
(D)
717
369
(D).
(;
130
(D)
(D)
(D)
(D)
.61
•
.72
.66
.26
300
(D)
(D)
(D)
(D)
238
826
26
ed as a result of new legislation that
permitted them, along with other
British companies, to eliminate certain
deferred tax liabilities.4 The legislation
had been widely anticipated, and the
elimination of the liabilities generally
did not give rise to increased dividend
payments. Consequently, both reinvested earnings and the reinvestment ratio
were raised above what they otherwise
would have been. In 1980, U.S. parents
received tax refunds, which were included in both the earnings and gross
dividends of their incorporated affiliates. Since earnings and gross dividends were increased by equal amounts,
reinvested earnings were not affected,
and the reinvestment ratio was lowered.
The refunds—of the Advance Corporation Tax—were made as a consequence
of a new tax treaty between the United
States and the United Kingdom. They
permitted U.S. stockholders of British
corporations to benefit retroactively
from a tax credit that previously had
been available only to British stockholders.
Reinvested earnings of petroleum
affiliates declined 16 percent, to $4.6 billion. They declined 7 percent in developed countries and 45 percent in
developing countries. The decline in developed countries was centered in Europe, particularly in the United Kingdom and the Netherlands; in both
countries, the declines were attributable
to increases in dividends. The decline in
developing countries was concentrated
in the Bahamas and Bermuda, and was
due to declines in earnings in both
countries.
Eeinvested earnings of manufacturing affiliates declined 16 percent, to $6.4
billion. They declined 32 percent in developed countries and increased 79 percent, from a much smaller base, in
developing countries.
Over 85 percent of the decline in developed countries was in Europe. Sharp
declines, particularly in transportation
equipment manufacturing, occurred in
the United Kingdom and Germany as
a result of declines in earnings.
4. The legislation and its accounting treatment
are summarized in Obie G. Whichard, "U.S. Direct
Investment Abroad in 1979," SURVEY 60 (August
1980) : 20-21.
SUEVEY OF CURKENT BUSINESS
The increase in developing countries
was almost entirely in Latin America,
where, in turn, nearly all of the increase
was in Brazil, Mexico, and Argentina.
In Brazil and Argentina, increases reflected both increases in earnings and
declines in dividends, while in Mexico,
almost all of the increase was attributable to an increase in earnings.
In "other" industries, reinvested
earnings increased 2 percent, to $6.1 billion. They increased 4 percent in developed countries and declined 3 percent
in developing countries. In developed
countries, increases in Canada and
"other" developed countries more than
offset a decline in Europe; all of these
changes were primarily attributable to
changes in earnings. In developing
countries, a decline in "other" developing countries, where a Middle East
affiliate paid an unusually large dividend, more than accounted for the
decline in reinvested earnings.
Income
Income, the return on the U.S. direct
investment position abroad, declined 4
percent, to $36.8 billion (table 7). Income consists of earnings—i.e., U.S.
parents' equity in the net income (after
foreign income taxes) of their foreign
affiliates—plus net interest received on
intercompany accounts, less withholding taxes on dividends and interest
(table 8). Alternatively, it is the sum of
(1) interest, dividends, and earnings of
unincorporated affiliates and (2) reinvested earnings
of
incorporated
affiliates.
Income declined 1 percent in developed countries and 11 percent in developing countries; it more than doubled,
from a relatively small base, in "international." The decline in developed
countries was in Europe, and that in
developing countries was in "other"
developing countries.
Income from petroleum affiliates declined 3 percent, to $13.0 billion. It increased 23 percent in developed countries and declined 35 percent in
developing countries. It nearly tripled,
from a relatively small 1979 base, in
"international."
August 1981
Within developed countries, European affiliates had the largest increase—
more than 30 percent. The increase was
accounted for by British, Norwegian,
and Netherlands affiliates engaged primarily in oil and gas extraction and, in
several countries, by refining and marketing affiliates having access to relatively low-priced Saudi Arabian crude
oil. Income also increased in both
Canada and "other" developed countries. The increase in Canada would
have been significantly larger had 1979
income not been inflated by capital
gains on oil- and gas-producing properties sold by two unincorporated affiliates in that year.
Within developing countries, the
decline was centered in "other" developing countries. In that area, income
declined 36 percent. The decline was
more than accounted for by the previously mentioned change in the nature
and status of the operations of the
Middle East branch of a U.S. petroleum company. As a result of this
change, the branch experienced a loss,
caused by a reduction in operating income and a nonrecurring capital loss.
Income from other affiliates in this area,
particularly those operating in Indonesia, increased. In Indonesia, the increase apparently reflected higher crude
oil prices.
Income from affiliates in Latin America declined more than 30 percent.
Offshore trading affiliates largely accounted for the decline. These affiliates'
earnings had increased sharply in 1979,
when the prices at which they could resell oil increased faster than the prices
specified in their contracts with the oil
producing countries from which they
purchased it. In 1980, in contrast, increases in contract prices generally
could not be fully passed on, and affiliates' profit margins narrowed.
Income from manufacturing affiliates declined 14 percent, to $11.3 billion. It declined 22 percent in developed
countries and increased 33 percent in
developing countries. The decline in developed countries was concentrated in
Europe, where income declined 27 percent. There were smaller declines in
Canada and "other" developed countries.
27
SURVEY OF CURRENT BUSINESS
August 1981
Table 7.—Income and Rate of Return, 1979-80
[Millions of dollars, or percent]
1979
1980
Income
Income
Interest, dividends, and earnings of
unincorporated affiliates
Total
Total
Interest
Dividends
Reinvested
earnings
of inEarnings
of unin- corporated
corporated affiliates
affiliates
Rate of
return 1
Interest, dividends, and earnings of
unincorporated affiliates
Total
Total
Interest
Dividends
Reinvested
earnings
of inEarnings
of unin- corporated
corporated affiliates
affiliates
Rate of
return *
All areas
Petroleum
Manufacturing
Other
38,380
13, 413
13, 054
11, 863
19,366
7,999
5,438
5,929
783
210
390
183
9,126
1,847
4,904
2, 375
9,457
5,942
144
3, 371
18, 964
5,414
7,616
5, 934
21.9
38.7
17.6
18.0
36,842
13, 022
11, 263
12,5-58
19,845
8, 469
4,899
6,478
482
269
254
-42
10,708
3, 816
4,382
2, 509
8,656
4,383
262
4,010
16,998
4,553
6, 364
6,080
18.4
30.4
13.4
17.1
Developed countries. _
Petroleum. _ _
Manufacturing
Other
24,942
6,962
11,018
6, 962
10,263
2,757
4,450
3, 056
654
147
314
193
6,839
999
4,124
1, 716
2,770
1,611
11
1,147
14,679
4, 204
6,568
3,906
19.2
25.1
18.4
16.5
24,582
8,566
8,557
7,459
12, 101
4,649
4,067
3,385
585
18-2
177
226
7,738
2,260
3,793
1,686
3,777
2,206
97
1,474
12,481
3,917
4,491
4,074
16.6
26.6
12. 7
15.5
Canada
Petroleum
Manufacturing _
Other
5,517
1,890
2,031
1,596
2,514
838
874
802
223
24
105
95
1,196
252
743
200
1,095
563
26
507
3,003
1,052
1,156
795
14.4
23.1
12.3
11.7
5,733
2,003
1,838
1, 892
2,243
615
798
831
302
10
197
95
1,140
413
578
149
801
191
23
586
3,490
1, 389
1,040
1, 061
13.5
20.8
10.2
12.8
Europe
Petroleum
Manufacturing
Other
17, 116
4,483
7,965
4,668
6,489
1,599
3,091
1,799
375
116
190
69
4,852
612
2,954
1,286
1,262
871
-53
444
10, 627
2,884
4,873
2,870
22.3
27.9
21.5
19.8
16, 078
5,856
5,804
4,419
8,257
3,605
2,747
1,605
228
161
-39
106
5,678
1,643
2,767
1,268
2,352
1,801
19
531
7,821
2,251
3,057
2, 513
18.0
31.1
13.7
15.8
Other
Petroleum
Manufacturing
Other .
2,309
588
1,023
698
1,259
320
484
456
55
7
19
29
792
135
427
230
412
178
38
197
1,049
269
539
242
15.4
16.5
16.2
13.7
2, 771
707
916
1,149
1,601
429
522
649
55
12
20
24
921
204
448
269
624
214
54
356
1,170
277
394
499
17.0
18.9
13.2
20.6
13,127
6,333
2,036
4,758
8,978
5,144
988
2,845
72
22
76
-27
2,224
810
779
635
6,682
4,312
133
2,237
4,149
1,189
1,018
1,913
32.0
144.9
14.3
21.2
11,712
4,112
2,706
4, 894
7,326
(D)goo
-152
(D)
77
(D)
2,600
1, 242
589
769
4,877
2,171
166
2,540
4,387
(D)
1,
874
(D)
24.1
50.3
16.5
20.4
!Latin America
Petroleum
Manufacturing.. _
Other
6,546
1,392
1,501
3,652
3,623
604
815
2,204
28
5
72
-49
1,262
133
628
501
2,333
466
115
1,751
2,924
788
687
1,449
19.6
39.6
12.7
20.2
6,850
963
2,161
3,726
3,504
675
652
2,176
-181
23
76
-283
1,066
183
424
459
2,618
466
152
2,000
3,347
288
1,509
1, 550
18.7
23.3
16.1
19,5
Other
Petroleum
Manufacturing
Other
6,581
4,940
535
1,106
5,355
4,540
174
642
44
17
5
22
962
677
151
135
4,349
3,846
18
485
1,226
400
361
464
86.1
579.5
21.7
25.6
4,862
3,149
545
1,168
3, 822
(D)
180
(D)
(D)
29
1,534
1,058
165
311
2,259
1,705
14
540
1,040
(D)
365
(D)
40.7
78.0
18.5
23. 6
262
125
58
62
5
137
7.0
548
419
369
1
130
15.1
Developing countries
Petroleum
Manufacturing
Other
International
_
-.--
. .
__
.
•
OO/
(°)
(D)
l
49
D
Suppressed to avoid disclosure of data of individual companies.
1. Income divided by the average of the beginning- and end-of-year direct investment positions.
The declines in developed countries The largest declines were in the United
reflected a general slowing in economic Kingdom, and perhaps reflected both
activity as well as several factors specif- a more pronounced economic slowdown
ic to the automobile industry. The there than in most other developed
latter included rising fuel prices— countries and the effects of the previouswhich dampened demand for automobiles generally and shifted it toward Table 8.—-Income and Related Items:
Source and Relationship
smaller, less profitable models—and in[Millions of dollars]
creased competition from Japanese
imports. Of the $2.5 billion decline in
1980
Source and
relationship
amount
income from affiliates in developed
countries, $2.2 billion was in transpor- 1. Earnings of incorporated 28,780 Reported
affiliates.
tation equipment, where income shifted 2. Earnings
of unincorporated
8,656 Reported
affiliates.
from positive to negative. The largest 3. Earnings37,436 = 1+2
dividends (on com- 11, 783 = 5+6
change—a shift to negative income— 4. Gross
mon and
preferred
stock).
occurred in Germany. A large decline 5. Foreign withholding tax 1,075 Derived
on dividends.
10, 708 Reported
occurred in the United Kingdom, and 6. Dividends
482 Reported
7. Interest
16, 998 = 1-4 or 10-9
earnings of
smaller declines in several other coun- 8. Reinvested
incorporated affiliates.
9. Interest, dividends, and 19,845 = 2+6+7 or 10-8
tries.
earnings of unincorporated affiliates.
Income from affiliates in developed 10. Income
36, 842 = 3-5+7 or 8+9
countries also declined in food products,
NOTE.—"Reported" refers to universe estimates derived
chemicals, and nonelectrical machinery. from
reported sample data.
ly mentioned tax changes. (Income was
probably boosted significantly more in
1979 by elimination of the deferred tax
liabilities than in 1980 by the Advance
Corporation Tax refunds.)
Almost all of the increase in income
from manufacturing affiliates in developing countries was in Latin America.
Within Latin America, Brazil and
Mexico accounted for over threefourths of the increase; Argentina accounted for a large share of the remainder. Although Brazil had the sharpest
increase, it represented only a partial
recovery from 1979, when income had
declined sharply because of unfavorable economic conditions and a large
devaluation of the cruzeiro; a substantial portion of the increase was in transportation equipment, where, partly as
a result of increased sales by affiliates,
income shifted from negative to posi-
28
tive. In Mexico, the increase was more
evenly dispersed among industries, and
reflected continued economic growth,
spurred by the development of its petroleum resources.
Income from affiliates in "other" industries increased 6 percent, to $12.6
billion. It increased 7 percent in developed countries, 3 percent in developing
countries, and 44 percent—from a very
small base—in "international." The
increase in developed countries was in
Canada and "other" developed countries, particularly the latter. The increase in Canada was largest in mining;
part of it reflected a nonrecurring capital gain on the previously mentioned
coal mining affiliate's sale of its petroleum affiliate. (If the U.S. parent had
owned the petroleum affiliate directly,
the capital gain would have accrued
directly to the parent and would not
have been included in income from foreign affiliates.) The increase in "other"
developed countries was concentrated
in Japan and Australia. In the former,
it was centered in banking and trade,
while in the latter, it was spread over
several industries. Income from European affiliates declined; the decline was
in banking and trade.
In developing countries, income from
affiliates in "other" industries increased
slightly in both Latin America and
"other" developing countries. In Latin
America, increases in trade and banking were largely offset by a decline in
finance (except banking), insurance,
and real estate. The latter partly reflected an increase in interest payments
by U.S. parents to their Netherlands
Antillean finance affiliates, which, as
noted above, had substantially increased
their lending to the parents in 1979 and,
to an even greater extent, in 1980. (The
increase in interest payments did not result in a comparable, offsetting increase
in the earnings component of income
from these affiliates because they, in
turn, had to make increased interest
payments to foreign lenders.)
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. The
rate is an average for existing investments, at historical book value, and can
August 1981
SUEVEY OF CUEEEISTT BUSINESS
thus be of only limited use in predicting the profitability of prospective new
investments.
The rate of return declined from 22
percent—a very high rate by historical
standards—to 18 percent, because of
both a 4-percent decline in income and
a 15-percent increase in the average
position. The rate of return declined in
all three major industries—from 39 to
30 percent in petroleum, from 18 to 13
percent in manufacturing, and from 18
to 17 percent in "other" industries.
The very high rates of return in petroleum in "other" developing countries—579 percent in 1979 and 78 percent in 1980—occurred because a few
large affiliates either had substantial
accounts receivable due from their U.S.
parents or had transferred accounts receivable due from third parties to their
parents for collection. In both cases, the
parents' direct investment position in
the affiliates was reduced, but income
was essentially unaffected. The sharp
decline in the rate of return from 1979
to 1980 largely reflected the reduction in
income from, and the elimination during 1980 of the negative position in, the
previously mentioned Middle East
branch of a U.S. petroleum company.
Fees and royalties from affiliates in
"other" industries increased 21 percent,
to $1.5 billion. The increase was concentrated in developing countries, where
fees and royalties increased 50 percent.
Within the developing countries, most
of the increase was in service charges
and rentals.
Technical Note
For years beginning with 1977, estimates of
the U.S. direct investment position abroad
and of transactions between U.S. parents and
their foreign affiliates have been revised to
incorporate the results of the 1977 benchmark
survey of U.S. direct investment abroad. The
purpose of the survey was to obtain complete
and accurate information on such investment
in 1977. The survey was a census, intended to
cover the investment universe. Reports for
3,540 U.S. parent companies and their 24,666
foreign affiliates were received.5
The 1977 survey was the first benchmark
survey of U.S. direct investment abroad conducted under the International Investment
Survey Act of 1976. The act requires that a
benchmark survey be conducted at least once
every 5 years. Previous benchmark surveys,
conducted under authority of the Bretton
Woods Agreements Act of 1945, were less frequent and less comprehensive in terms of the
types of information collected. The last such
survey covered 1966. Current estimates for
the years 1967-76 and previous estimates for
the years 1977 forward were linked to that
survey.
Fees and Royalties
Table 10 shows five major items for 1977 on
two bases—as reported in the 1977 benchmark
Fees and rovalties increased 14 per- survey and as previously estimated by linking
cent, to $5.7 billion (table 9). Royalties, to the 1966 benchmark survey. Tables 11-18
license fees, and other fees for the sale show four of these items in greater detail for
or use of intangible property—such as 1979 and 1980; data for 1977 are shown in
same detail in U.S. Direct Investment
patents, industrial processes, trade- this
Abroad, 1977, and for 1978 are available upon
marks, and copvrights—increased 20 upon request.6
percent, to $3.6 billion. Service charges
The remainder of this note is divided into
and charges for the rental of tangible two sections. The first explains the procedure
property increased 12 percent, to $1.8 used to expand the sample data collected in
billion. Film and television tape rentals nonbenchmark years to universe estimates,
and the second summarizes the major differdeclined 22 percent, to $0.3 billion.
ences between the previous and revised series.
Fees and royalties from petroleum
affiliates declined 27 percent, to $0.2 billion. The decline was in service charges
and rentals from affiliates in "international" and in "other" developing countries—primarily the Middle East.
Fees and royalties from manufacturing affiliates increased 16 percent, to $4.0
billion. Over two-thirds of the increase
was in Europe, mostly in royalties and
license fees. Within Europe, the increase was concentrated in chemicals.
5. An additional 11,123 very small affiliates—
those with total assets, sales, and net income of
less than $500,000—were exempted from the survey
in order to reduce the reporting burden on companies. Despite their large number, exempt affiliates
accounted for 1 percent or less of the assets, sales,
and net income of all affiliates. Thus, coverage of
the universe in terms of value was virtually
complete.
6. As explained below, the 1977 data on equity
and intercompany account outflows differ from
those published in conjunction with the benchmark
survey. Detailed 1977 data for this item, as well
as the detailed 1978 estimates for other items, may
be obtained by writing the Bureau of Economic
Analysis (BE-50), U.S. Department of Commerce,
Washington, D.C. 20230.
August 1981
Estimation procedure
For 1977, the data are those reported in the
benchmark survey. For all items except equity
and intercompany account outflows, the data
cover the universe of affiliates. For equity
and intercompany account outflows, the data
cover only affiliates that were reported in both
the benchmark survey and the quarterly sample surveys; therefore, data for the benchmark year are consistent with those for the
nonbenchmark years, which, as discussed
below, are the sum of reported sample data.
In principle, this permitted a better estimate
of year-to-year changes in outflows than
would have been possible if the data for the
universe reported in the benchmark survey
and published in U.8. Direct Investment
Abroad, 1977 had been used instead.7
For years beginning with 1978, universe
estimates were obtained by extrapolating forward the 1977 benchmark survey data, based
on quarterly sample data collected in those
years. Universe estimates were generally obtained as the sum of three components: (1)
current-period data for a matched sample of
affiliates—i.e., for affiliates reported in both
the prior and current periods, (2) currentperiod data for affiliates new to the sample,
and (3) an estimate of current-period data
for affiliates that existed in both periods but
were not in the matched sample.8 The third
component was, in turn, obtained as the product of two factors: (1) the prior-period uni7. Because it was measured directly in the benchmark survey, rather than being constructed as a
cumulation of capital outflows and valuation adjustments, the U.S. direct investment position
abroad at yearend 1977, as published in this article, was not affected by the coverage of 1977
equity and intercompany account outflows.
8. For 1978 and 1979, the prior period was the
previous year; for 1980, it was the same quarter
of the previous year. For 1978 and 1979, annual
estimates were obtained first; then quarterly estimates for those items that are included in the U.S.
international transactions accounts were prepared
by (1) allocating among quarters the difference
between the annual estimate for a given year and
the sum of reported quarterly data, and (2) adding
these allocated amounts to the reported sample
data for each quarter. For 1980, quarterly estimates were prepared directly and summed to yield
annual estimates. The method used for 1980 is the
one BEA uses to prepare quarterly estimates on a
current basis. That method could not be used for
1978, partly because quarterly universe data for
1977 were not available to serve as a benchmark
that could be extrapolated to quarterly universe
estimates for subsequent years. (Only annual data
were collected in the benchmark survey; thus, for
all years, the distribution of universe estimates
among quarters reflects only the quarterly distribution of reported sample data.) In addition, the
method used for 1978 and 1979 was more economical to apply than the one used for 1980, and its use
enabled BEA to adhere to its customary publication schedule despite the added task of linking the
sample data to a new benchmark survey. Although
from a conceptual standpoint, producing quarterly
estimates directly has certain advantages over deriving them residually, the choice of method was inconsequential from a practical standpoint, because,
once all reports were received, the reported sample
data accounted for a very large proportion of the
universe estimate based on either method.
SURVEY OF CUEEENT BUSINESS
verse estimate, adjusted to exclude data for
affiliates sold or liquidated since the prior
period, less prior-period data for affiliates in
the matched sample, and (2) the ratio of current- to prior-period data for the matched
sample. The first factor is an estimate of
prior-period data for affiliates existing in
both periods but not in the matched sample.
Its multiplication by the second factor assumed, in effect, that the data for these affiliates grew at the same rate as the data for
affiliates in the matched sample. Adjustments
were made where this assumption seemed
unlikely to hold.
Universe estimates were computed for each
country-industry cell shown in the published
tables. Universe estimates of interest, dividends, earnings of unincorporated affiliates,
earnings of incorporated affiliates, royalties
and license fees, service charges and rentals,
and film and television tape rentals were computed as described above. Universe estimates
of withholding taxes on dividends were obtained by multiplying the universe estimates
of dividends by foreign withholding tax rates
derived from data reported in the benchmark
survey. Equity and intercompany account outflows and valuation adjustments were as reported in the sample surveys; no estimates
were made for unreported data.9 Universe
estimates of reinvested earnings; the sum
of interest, dividends, and earnings of unincorporated affiliates ; earnings; income; capital outflows; and fees and royalties were
derived from the estimates of items mentioned previously. Universe estimates of the
direct investment position were obtained as
the sum of the previous year's position,
current-year capital outflows, and currentyear valuation adjustments.
Changes in concepts, definitions, and
presentation
In preparation for the benchmark survey,
a thorough review was made of direct investment concepts and definitions, and of the
table formats used for data presentation.
Major differences in concepts, definitions, and
presentation between the previous and the
revised series are summarized below. Additional details may be found in U.S. Direct Investment Abroad, 1977.
Less-than-10-percent ownership interests.—
In both the previous and revised series, a
private U.S. investment abroad was con9. Reported sample data on equity and intercompany account outflows tended to be extremely volatile and were characterized by frequent sign reversals ; thus, they could not be used as a basis for
providing reliable estimates of unreported transactions, particularly for individual countries and
industries. Use of the reported sample data alone
assumed, in effect, that unreported transactions
netted to zero—i.e., that outflows to some affiliates
were exactly offset by inflows from others. To the
extent that this assumption did not hold in fact,
published outflows are biased. In revised data, the
bias is probably small, because, once all reports
have been received, the sample has generally been
found to account for a large proportion of the
universe.
29
sidered a direct, rather than a portfolio, investment if a single U.S. person owned at
least 10 percent of the voting securities (or
the equivalent) of a foreign business enterprise. However, in the previous series, an interest of a U.S. person of less than 10 percent
was also included in direct investment in two
cases: (1) when another U.S. person held an
interest of at least 10 percent in the same
foreign business enterprise, and (2) when, in
the case of a publicly held foreign company,
the combined interest of all U.S. persons was
at least 50 percent. In the revised series, direct investment is defined strictly from the
viewpoint of a single owner, and all lessthan-10-percent interests are included in portfolio investment. (In actuality, reclassification of investment in publicly held companies
made little difference because U.S. ownership
in the only such companies of significant size
fell below 50 percent before 1977.)
"International" category.—In the revised
series, the "international" category consists
of affiliates that have operations spanning
more than one country and that are engaged
in petroleum shipping, other water transportation, petroleum trading, and oil and gas
drilling. (Affiliates in these industries that
have operations entirely in one country are
classified in that country.) In the previous
series, the "international" category was defined more broadly; it included, for example,
Netherlands Antillean finance affiliates (see
below) and some affiliates engaged in nonpetroleum trading, other finance and insurance,
and construction.
Petroleum trading companies.—Most U.S1.
petroleum parent companies have trading subsidiaries, mainly incorporated in the United
States, that purchase foreign-produced petroleum and resell it to customers in both the
United States and third countries. In the previous series, these subsidiaries were classified
as foreign or domestic, depending largely
upon the reporting and consolidation practices of the U.S. parent companies. In processing the 1977 benchmark survey, BEA attempted to classify these subsidiaries more
consistently, based on objecitve criteria ; these
criteria were also applied in deriving the
extrapolated series for 1978 forward.
If a petroleum trading subsidiary met any
of the following criteria, it was usually classified as a foreign affiliate: (1) the subsidiary
had employees or property, plant, and equipment located abroad, (2) the buying and selling of petroleum took place from a foreign
location, (3) the subsidiary paid taxes to a
foreign government, or (4) the subsidiary was
incorporated in a foreign country. If none of
these criteria were met, the subsidiary was
usually treated as domestic (United States)
and was included as part of the consolidated
U.S. company. In most cases, the application
of these criteria resulted in the reclassification of the trading subsidiaries from foreign
to domestic.
In the typical case of a subsidiary that was
SUEVEY OF CUBEEISTT BUSINESS
30
August 1981
reclassified from foreign to domestic, capital
Table 9.—Fees and Royalties, 1979-80
and income transactions with U.S. persons
[Millions of dollars]
were considered foreign-to-domestic (United
States) in the previous series and included in
19 79
19*JO
the direct or portfolio investment accounts,
Royalties Service Film and
Royalties Service Film and
the account depending upon whether the
Total
and
charges television Total
charges telivision
and
transactions were with the U.S. parent, as
and
license
tape
and
license
tape
fees
rentals
fees
rentals
rentals
rentals
previously consolidated, or with unaffiliated
U.S. persons; in the revised series, the transAH areas
263
4 980
1 832
3 002
1 643
335
5 695
3 600
actions are considered purely domestic and
o
o
Petroleum
325
21
213
304
237
24
o
0
M
anuf
actur
ing
3
429
1
054
2
921
2
503
926
3
975
are, therefore, not included in either investOther
565
263
1 226
412
335
1 483
655
478
ment account. On the other hand, the subcountries
231
1,201
4,181
2, 803
1 083
3 316
296
4,748
sidiary's transactions with foreign persons Developed
11
Petroleum
0
0
225
214
253
240
13
0
Manufacturing
3
100
3
562
2
719
843
2
353
o
747
were considered purely foreign in the previous
231
Other __ . _
122
857
296
933
585
117
438
series and were, therefore, not included in
28
Canada _
536
886
352
506
367
37
931
either investment account; in the revised
3
0
2
0
Petroleum
64
67
50
47
0
0
Manufacturing
334
379
658
307
351
713
series, they are considered domestic (United
28
Other
94
108
151
30
178
37
33
States)-to-foreign and are included in the di145
473
Europe _ _
202
2,465
2 646
413
3,083
2,031
rect or portfolio investment accounts, the
7
0
Petroleum _ _ _ _
10
141
0
156
147
149
0
Manufacturing
350
0
2,016
1,702
295
2,
366
1,997
account depending upon whether the transac145
—23
439
—23
Other
322
202
561
500K
tions were with foreign affiliates of the U.S.
58
191
734
485
Other.
429
163
650
58
1
1
parent, as newly consolidated, or with unaffil0
0
30
Petroleum
26
30
26
0
0
115
Manufacturing
483
368
345
101
445
iated foreigners.
58
221
116
47
Other. _
84
36
178
58
Netherlands Antillean finance affiliates.—
919
32
284
199
39
Developing countries.
770
1,235
1,008
In the previous series, beginning in 1968,
0
0
12
265
Petroleum
305
276
315
10
0
0
211
202
179
M anuf acturing
413
329
150
intercompany accounts excluded funds that
32
70
443
286
545
Other
39
39
364
Netherlands Antillean finance affiliates (N.V.
25
200
366
422
258
31
591
Latin America
133
0
were borrowed from unaffiliated foreigners,
6
o
41
44
7
48
Petroleum
49
0
o
138
127
99
Manufacturing
265
200
100
and then transferred to U.S. parents, by
25
55
115
198
31
278
Other.
173
27
affiliates). Instead, this borrowing was
7
84
553
513
644
Other
9
66
587
262
5
223
0
0
228
4
P etroleum
266
treated as direct borrowing abroad by the
0
64
84
80
149
Manufacturing
0
129
50
U.S. parents, and was included in the port9
15
7
245
12
171
267
Other
191
folio investment accounts.
0
0
-288
0
-210
-288
0
International
- -_
-210
(Text continued on p. 39)
Table 10.—Comparison of Estimates of Selected Items for 1977 Based on the 1966 and 1977 Benchmark Surveys
[Millions of dollars]
Direct investment position
1966 basis
All areas
_
Petroleum.-. _ _
_
M anuf acturing
Other.
_
Developed countries
Petroleum
Manufacturing.- _ _
Other
_
Canada
Petroleum
Manufacturing
Other.
Europe
Petroleum
M anuf acturing
Other
_
_
Other
_ _
Petroleum
._ _ _ _ _
Manufacturing
Other
Developing countries. .
Petroleum
_ __
Manufacturing
Other
Latin America
Petroleum
M anuf actur ing
Other _
Other _
Petroleum _
Manufacturing __
Other
International
_ _
_
_ _
_ __
„
_ _
1977 basis
Equity and intercompany
account outflows
1966 basis
1977 basis
Reinvested earnings of incorporated affiliates
1966 basis
1977 basis
Fees and royalties
Income
1966 basis
1977 basis
1966 basis
1977 basis
149,848
31, 420
66, 033
52, 395
145, 990
28, 030
62, 019
55, 941
5,612
1,792
1,282
2,537
5,497
910
1,543
3,044
7,286
1,012
3, 545
2,729
6,396
786
2,604
3,006
20,081
5,658
7,462
6,960
19, 673
5,331
6,655
7,687
3,793
420
2,346
1,027
3,883
40
2,738
1,105
108,225
24, 851
53, 709
29, 665
110, 120
23, 737
50, 474
35, 909
2,901
1,357
1,218
327
3,360
1,336
1,417
607
5,008
653
2,711
1,644
4,506
580
1,974
1,952
11,885
2,107
6,089
3,689
11,888
2,073
5,428
4,387
3,045
180
2,185
680
3,497
150
2,532
815
35, 200
7,660
16, 696
10,844
35, 052
7,015
14, 795
13,242
-248
-5
38
-281
-49
-6
-229
186
1, 707
611
655
441
1, 630
646
543
441
3, 161
966
1,251
944
3,253
1, 014
1,226
1,013
672
36
488
149
791
48
546
197
60, 930
13, 947
31,672
15, 311
62, 552
13, 629
30,;470
18,453
2,920
1,325
1,039
556
2,908
1,258
1,464
186
2,845
-98
1, 865
1,078
2, 381
-201
1,244
1,338
7,301
829
4, 308
2,165
7,211
747
3, 692
2,772
1,860
121
1,336
403
2,231
79
1,666
486
12, 095
3,244
5,342
3, 510
12, 516
3, 093
5,209
4,214
230
36
141
52
501
84
182
235
456
140
191
126
495
135
187
173
1,422
313
530
579
1,424
312
510
602
512
23
361
128
475
23
320
132
34,462
3, 520
12, 324
18, 618
31,800
1,518
11,545
18,737
2,766
428
64
2,274
2,264
-236
126
2,374
2,269
485
834
950
1,928
236
631
1, 061
7,942
3,497
1,373
3,072
7,685
3,173
1,227
3,285
704
226
160
318
661
167
206
288
28,110
3,489
10, 063
14, 557
27,514
2,786
9,614
15, 114
2,422
292
80
2,050
2,526
-27
299
2, 254
1,582
271
678
632
1,423
91
471
861
3, 988
623
1, 102
2, 263
3,712
380
931
2,401
337
89
123
125
299
40
119
140
6, 353
31
2,261
4,061
4,286
-1, 268
1,931
3,623
344
136
-16
225
-262
-209
-173
120
688
215
156
317
505
145
160
200
3,954
2,874
271
809
3,973
2, 793
296
884
367
137
37
193
362
127
87
148
7,160
4,070
-55
-127
9
-38
254
100
44
-274
SUEVEY OF CURRENT BUSINESS
August 1981
31
Table 11.—U.S. Direct Investment Position Abroad, Yearend 1979
[Millions of dollars]
Manufacturing
AllinPetrodustries Mining leum
Chemi- Primary Machin- Electric TransporFood
Trade
cals and and fabOther
and
ery,
and elec- tation
equip- manufacricated
except
tronic
Total kindrecI allied
prod- products metals electrical equipment
turing
ucts
ment
Finance
(except
Other
Bank- banking) , indusing insurance, tries
and real
estate
186,760
5,941
38,744
78,640
7,347
16,878
5,506
14,382
6,542
10,427
17,558
22,677
6,501
25,022
9,233
138,668
4,195
30,220
63,518
5,693
13,031
4,102
12,945
4,966
8,847
13,934
18,103
3,484
13,918
5,231
Canada
40,243
2,854
8,648
17,392
1,778
2,966
1,516
1,736
1,160
3,310
4,926
3,597
(D)
5, 834
(D)
Europe
82, 622
34
17, 755
39, 4Q3
3, 273
8,646
2,188
9,570
3,364
4,589
7,773
12, 126
3,034
7,276
2,994
European Communities (9)
Belgium _
_
Denmark.
France
Germany _
Ireland
Italy
Luxembourg .
__ _ _
Netherlands
United Kingdom
65, 681
5,851
1,117
8,024
13,521
1,798
4,381
539
6,910
23, 539
14
(D)
14, 919
531
575
(D)
2,917
(D)
893
(D)
1,917
6,764
35,739
3,172
182
5,128
8,575
1,281
2,818
203
2,955
11,425
2,894
112
50
287
583
99
110
1
412
1, 239
8,006
1,248
(D)
919
1,394
590
614
(D)
1,171
2,010
2,056
132
17
226
550
43
142
-1
255
692
9,051
288
-(*)
1,964
2,434
119
858
27
628
2,732
2,837
577
(D)
243
771
28
492
(D)
113
546
4,159
(DD)
( )
558
1,640
5
106
4
(D)
1, 502
6, 737
(D)
40
931
1,203
397
496
118
(D)
2,704
6,328
1,296
302
1,107
961
11
353
-10
670
1,639
2,367
286
33
208
691
(D)
190
(D)
197
598
4,197
496
(D)
214
322
D
( )
37
(D)
590
2,142
2,117
(D)
(DD)
( )
56
6
90
1
582
D
( )
Other Europe.
Austria
Greece
Norway .
Portugal
Spain
Sweden .
Switzerland
Turkey
Other
16, 941
404
381
1,349
219
2,669
1, 395
9,699
222
603
3,663
98
139
119
79
1,613
548
894
46
128
379
6
( )
519
(D)
(*)
0
—1
(DD)
( )
113
3
-1
527
(DD)
( )
(D)
3
223
D
( )
166
(DD)
( )
429
1, 036
5
(D)
(D)
21
(DD)
(D)
(D)
( )
(D)
5,798
142
58
68
D
( )
499
196
4,567
(D)
203
667
-2
41
0
0
(D)
0
526
(*)
(D)
3,079
(D)
12
(D)
(*)
45
(D)
2,730
(*)
(»)
877
4
4
50
(DD)
( )
(D)
708
o
641
9
49
14
26
368
74
81
(D)
(D)
132
(DD)
( )
6
( )0
2,837
(D)
126
1,078
65
343
D
( )
275
155
72
Japan
6,208
0
1,906
2,775
171
670
67
1,061
184
251
370
1,040
(D)
160
Australia, New Zealand, and South
Africa
Australia
New Zealand
South Africa
9.595
7,165
524
1,906
1,307
1,166
4
137
1,910
1,158
3,948
2,902
180
866
471
309
27
134
748
499
43
205
330
245
5
80
578
437
9
131
258
178
15
65
698
639
(DD)
( )
865
594
(DD)
( )
1,339
976
(DD)
( )
183
166
(D)
(°)
647
592
16
39
260
205
4
50
44,525
1,746
6,093
15,122
1,654
3,847
1,405
1,437
1,576
1,580
3,624
4,575
3,017
11,105
2,867
35, 056
1,191
3,948
12, 410
1,410
3,081
1,178
1,281
907
1,425
3,127
3,192
2,198
10,490
1,625
14, 341
1,850
7,188
250
842
303
1,537
1,797
577
858
( )
110
5
W
8,023
1,184
4,902
(D)
492
91
D
( )
940
248
791
81
419
(D)
56
25
7
187
(D)
1,838
299
992
17
176
6
28
309
11
765
64
410
10
15
(D)
(D)
55
(D)
1,012
165
834
1
5
0
1
5
1
544
40
391
3
40
18
10
36
5
912
289
548
(D)
(D)
2
(D)
22
(D)
2,161
247
1,308
(DD)
( )
(D)
23
325
(D)
1,214
136
506
49
95
38
52
319
18
542
96
285
15
11
(D)
1,049
17
829
2
20
(*)
2
2,010
305
361
70
198
154
(D)
57
(D)
(D)
44
150
27
646
(D)
194
D
(D)
(D)
( )
24
(D)
(D)
8,212
4,490
2,874
848
121
76
5
39
647
145
389
113
4,025
3,451
214
360
(DD)
482
305
1,095
870
109
116
(D)
393
0
D
( )
269
267
(*)
349
320
1
29
513
503
0
4
(D)
787
(DD)
( )
1,171
537
542
92
118
(D)
41
(D)
1,573
119
1,441
13
557
(D)
242
(D)
12,503
2,254
9,906
-1, 951
928
1,366
212
4
0
(D)
0
(D)
1, 292
(D)
-292
(D)
(D)
104
362
37
2
(DD)
( )
(D)
137
(D)
(*)
149
(D)
(D)
(*)
(D)
808
183
( )
13
11
(D)
1,539
1,178
-7
(DD)
(D )
( )
7,868
360
9,578
-2,525
3
452
422
(D)
3,028
1, 470
1,034
274
163
1,558
232
-67
1,394
443
0
0
0
0
443
1,730
1,305
944
256
105
425
4
-225
647
349
60
(D)
12
(D)
288
(*)
53
235
3
8
0
0
8
-5
0
(DD)
( )
106
18
(D)
2
D
( )
88
D
( )
39
(D)
86
37
36
0
1
49
D
( )
23
(D)
109
4
2
0
2
105
(D)
5
(D)
2 066
(D)
( ) -2.D470
0
( )
212
142
68
3
19
8
10
1
227
(D)
108
(D)
152
18
96
38
2,481
159
10
898
2,151
297
267
103
109
495
294
218
252
65
51
222
(D)
142
7
21
14
10
(D)
649
73
145
16
24
127
14
106
81
19
43
1,268
232
390
All countries
Developed countries _
_
__ .
..
_. _
Developing countries ..
Latin America
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela _
Other
_ _ _ _ _ _
_
..
Central America
Mexico
Panama
Other
_
_.
_.
__ .
.-
O ther Western Hemisphere
Bahamas
B ermuda
Netherlands Antilles
Trinidad and Tobago
Other
Other Africa
Saharan
Egypt
Libya
Other
Sub-Saharan
Liberia
Nigeria
.
Other
_
-
. ._
-
Middle East
Israel
OPEC
Other
Other Asia and Pacific
Hong Kong
India
Indonesia
Malaysia
Philippines.
Singapore
.
South Korea
Taiwan
Thailand
Other
-999
316
-1, 791
476
_
_
_ _
7,440
1,770
341
1,191
561
1,254
860
689
393
200
181
o
8
(*)
0
0
D 0
()
20
0
m
l2
0
D 0
D
o
8
(D)
Do
()
(D) 0
(D)
(D)
D
(D)
o
D 0
( )3
(*)
(D)
0
0
0
8
(D)
378
269
(D)
35
(D)
42
International
3,567
2,432
Memorandum — OPEC
1,880
152 -1,242
'Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
D
D
8245
30
(D)
W
( )
4
D
( )
(D)
6
(DD)
()
(D)
55
5
0
(*)
0
0
0
o
(*)
(D)
78
6
4
0
2
72
.(*)
(D)
(D)
35
37
3
0
0
3
108
(*)
(DD)
( )
39
20
19
0
10
5
2
3
106
24
(D)
" o0
2
16
23
2
<*)
(D)
o
(D)
0
(D)
(DD)
()
(*)
(D)
(*)
(;
135
(D)
(D)
(D)
C)
0
18
(D)
D 15
3
3
29
5
0
(*)
(D)
(DD)
( )
(D)
(*)
9
(*)
38
2
(D)
(D)
36
(D)
!
o
0
0
0
o
(D)
0
0
"2
(°)
(°)
(D)
2
36
0
76
(D)
(D)
(*)
554
61
32,
(D)
59
56
177
20
111
0
0
0
0
0
(*)
(*)
0
111
(D>
14
1
0
"o
o
(°)
(°)
(°)
8
(D)
0
15
2
35
( )
(D)
(D)
(D)
D
D
(DD)
( )
(*)
6
(*)
(D)
29
(D)
14
(*)
o
12
(D)
( )
(D)
(D)
(D)
15
(D)
0
(D)
29
(D)
H
14
26
21
D
1,049
576
10
16
(D)
95
139
(D)
37
(D)
18
580
177
8
11
10
138
76
42
59
31
28
528
218
D
(D
)
( )
68
( )
(D)
31
46
(D)
205
46
(D)
(D) 5
159
79
38
42
(D)
a
3
28
24
1
15
9
14
438
304
(D)
i
D
(D)
(D)
(D)
m
D
( )
257
(D
)
(D)
29
118
58
20
5
10
(D)
1,135
77
24
(D)
184
771
SUEVEY OF CUBEENT BUSINESS
32
August 1981
Table 12.—U.S. Direct Investment Position Abroad, Yearend 1980
[Millions of dollars]
Manufacturing
All countries
Developed countries
Canada
Europe
_
European Communities (9)
Belgium.
Denmark _
France
Germany
IrelandItaly
Luxembourg
Netherlands
United Kingdom
___
Developing countries.
-
South America
Argentina
Brazil .
Chile
Colombia
Ecuador
Peru
Venezuela . __
Other
-
- -
_.
_- -.
_-
Other Western Hemisphere
B ahairiQs
Bermuda
Netherlands Antilles
Trinidad and Tobago
Other
Sub-Saharan
Liberia
Nigeria
Other
_
.
89,063
8,283
19,044
6,298
15,997
7,302
12,343
19,796
25,752
7,193
27,212
157, 084
4,487
34, 173
71,399
6,351
14,582
4,646
14,413
5,453
10,341
15,613
20,548
3,726
16,712
6,039
44,640
2,997
10,573
18, 802.
1,876
3,382
1,639
1,864
1,293
3,483
5,266
3,899
(D)
6,136
37
19,924
45,425
3,790
9,695
2,532
10,687
3,697
6,063
8,961
14, 040
3,146
9,668
(D)
3,446
16,904
743
696
1,269
3,479
(D)
1,237
(D)
2,893
6,292
41,476
3,307
221
5,931
9,677
1,619
3,335
242
3,099
14,047
3,396
122
64
308
789
107
139
1
459
1,407
8,928
1,305
(D)
1,049
1,484
820
711
(D)
1,161
2,317
2,416
149
(D)
247
588
51
166
(D)
295
898
10, 130
339
1
2,386
2,511
179
999
33
650
3,032
3,245
602
(D)
249
857
51
600
(D)
129
673
5,493
(DD)
( )
627
2,025
(*)
111
3
(DD)
( )
7,868
D
(D
)
( )
1, 066
1,422
411
608
115
D
(D
)
( )
6,957
1,362
285
1,289
1,059
29
435
-11
560
1,950
2,442
271
32
240
707
(D)
238
(D)
91
664
6,370
522
(D)
240
351
D
( )
39
(D)
691
4,020
3,949
124
146
141
99
1,724
578
948
38
150
394
9
557
55
7
0
570
(*)
0
0
(DD)
( )
(D)
0
D 0
7,083
153
62
77
(D)
512
202
5,782
(D)
230
704
-3
53
0
0
(D)
0
516
(*)
(D)
3,297
(D)
13
(D)
(D)
308
124
3
D
( )
452
(DD)
( )
(D)
4
134
(D)
157
(DD)
( )
1,094
7
268
38
D
(D)
( )
0
767
14
77
15
31
430
78
(D
)
(DD)
( )
116
(D)
0
-17
0
0
(D)
0
3,020
(D)
70
1,370
73
183
(D)
288
162
76
6,274
0
1,566
2,990
166
696
82
1, 144
208
269
425
1,130
(D)
191
10,484
7,584
579
2,321
1,453
1,292
3
158
2,110
1,224
(DD)
( )
4,182
2,909
198
1,075
520
327
31
162
809
518
49
242
393
298
5
90
718
522
11
185
254
167
16
72
960
630
(DD)
( )
718
662
16
40
354
290
3
61
2,006
17,664
1,932
4,462
1,652
1,584
1,849
4,183
3,466
10,500
38, 275
1,408
(D)
4,336
1,478
1,041
(DD)
( )
5,204
189
166
(D
)
(D)
52, 684
527
447
(DD)
( )
2,002
14, 489
1,675
3,586
1,376
1,368
1,023
1,862
3,599
3,830
2,505
9,709
(D)
1,998
15, 801
2,446
7,546
306
961
321
1,668
1,897
655
959
(D)
142
8,887
1,548
5, 133
(D)
547
114
(D)
1,035
307
968
170
430
D
( )
76
27
7
220
(D)
2,069
415
1,039
23
184
17
33
344
15
839
71
442
13
17
D
( D)
( )
53
.(D)
986
124
836
1
8
0
1
(DD)
( )
2,371
315
1,367
(DD)
(D)
( )
27
369
(D)
1,420
213
558
64
97
32
66
366
23
640
129
339
29
12
D
( )
5
(D)
59
1,046
16
813
4
23
-1
4
156
31
684
(D)
208
(DD)
( D)
( )
20
(DD)
( )
138
98
(*)
39
5,157
4,501
240
417
544
370
(DD)
( )
1,335
1,055
151
128
(D)
510
0
(D)
381
381
(*)
(*)
538
44
368
D
( )
46
19
13
38
(D)
461
426
1
34
1, 116
409
651
D
( )
(D>
2
10, 163
5,940
3,190
1,033
2,165
399
353
70
217
158
(D)
39
D
( )
868
148
566
154
746
742
0
4
(D)
1,016
(D
)
(D)
1,386
719
581
85
210
(D
)
(D
)
(D)
1,548
157
1,375
17
163
(D)
(*)
(D)
(*)
(D)
155
182
(D)
12
(DD)
(D )
( )
(
292
7,115
622
10, 313
-4, 534
3
711
465
0
0
0
0
2, 210
1,594
913
553
128
(*)
11
1
0
10
95
5
2
0
3
140
2
0
0
2
130
56
56
0
(*)
117
4
2
0
2
1, 933
278
27
1,628
465
(D)
0
(D)
616
(D)
-182
(D)
-11
0
90
(*)
50
40
137
(*)
(DD)
( )
1,024
259
(D)
16
7
(D)
106
23
(D)
2
D
( )
83
(D)
43
(D)
1,655
1,338
(D
)
(D)
(D
)
D
( )
3,730
1,797
1,029
577
191
444
40
15
(DD)
(D)
( )
425
67
(D)
15
(D)
358
(*)
71
288
(D)
o
(D)
o
1,304
284
-203
(DD)
( )
138
856
(DD)
(D)
( )
458
(DD)
( )
34
47
(D)
277
54
(D)
39
23
17
10
5
2
3
238
(D)
115
(D)
175
13
117
45
109
(D
)
(D)
17
741
95
157
23
27
149
18
92
100
30
49
126
( )
23
(D)
5
(D)
30
3
(*)
(D)
0
1,030
524
10
20
D
( )
87
158
(D)
45
(D)
19
656
210
13
9
7
117
90
60
83
39
27
565
377
(DD)
( )
(D)
(*)
(*)
0
0
0
D 0
(D)
( )0
2
D
( )
(D)
I
n\
(
312
(D)
Middle East
Israel
OPEC.
Other
2,281
339
1,891
51
(D)
o
(D) 0
(DD)
( D)
(D)
Other Asia and Pacific
ITong Kong
India
_
Indonesia
__ _
Malaysia
Philippines
Singapore __ _
_ _
South Korea
Taiwan
Thailand
Other
8,397
1,969
396
1,334
618
1,244
1,196
587
510
360
182
(D)
2,771
198
(D)
982
(D)
334
458
(D)
38
(D)
30
International
Memorandum — OPEC
_
. ,.
_
_
_.
_
__ _
o
0
(D) 3
(*)
0
0
0
10
D
()
( )
3,701
(D)
6,268
D
187
( )
*Lessthan$500,000(±).
Suppressed to avoid disclosure of data of individual companies.
D
Finance
(except Other
Bank- banking), indusnsurance, tries
ing
and real
estate
46,920
12, 311
2, 701
10, 874
-4,072
962
1,847
__
Trade
Primary Machin- Electric TransporOther
and fabery,
and elec- tation
manufacricated
except
tronic
equipturing
ment
metals electrical equipment
6,493
19, 098
471
347
1,686
255
2,665
1,499
11, 276
207
691
Australia, New Zealand, and South
Africa
Australia
New Zealand
_ _
South Africa
Other Africa
Saharan ._
Egypt
Libya ._
Other
213,468
95, 686
Japan.
Central America
Mexico
Panama
Other
ChemiFood
cals and
and
Total kindred allied
prod- products
ucts
76,588
6,267
1,260
9,348
15, 393
2,229
5,396
648
7,948
28,099
Other Europe
Austria
Greece.
Norway
Portugal
Spain. .
Sweden
_
Switzerland
Turkey
Other..
Latin America
All in- Mining Petrodustries
leum
8
( )
D
(DD)
()
237
164
70
3
2,513
330
289
140
164
531
391
190
333
87
58
21
10
10
1
235
(DD)
( )
4
137
8
31
15
13
(D)
(D)
6
'ft
(*)
(*)
(D)
(*)
o
0
0
D
"_,
*>o
(*) 0
(D)
%
8
(D)
(D)
D
2
3
16
7
50
2
0
(t)
(D)
(D)
(D)
m
o
0
0
0
(*)
o
(*)
21
17
188
( )
5
4
38
0
(D)
(D)
o
48
0
(D)
48
()
•%
696
39
33
(D)
99
91
228
29
130
20
(D)
o
0
0
0
o
D 0
80
(DD)
15
2
( )
(D)
(*)
(*)
(D)
(*)
(DD)
( )
(D
)
D
(D
)
( )
23
3
D
(D
)
( D)
( )
2
(DD)
(*)
(*)
0
0
( )
(DD)
( )
23
2
()
(D
)
(D)
2
8
49
38
0
D
(D
)
(D )
( D>
( )
(D)
<D)
(D)
(D)
(DD)
( )
(D)
(D
)
D
(D
)
( )
D
o
12
51
22
( )
, 20
(D)
(DD)
( D)
( )
.
74
(D)
36
(D)
46
D
( )
2,918
(*)
(D)
113
(D)
(D)
(D)
(D)
(D)
(D)
6
3
29
30
1
10,836
D
((D)
)
(DD)
( )
120
(D)
m
1
614
(D)
(D)
5
2
53
(DD)
(D)
( )
824
(D)
23
(D)
(D)
224
110
(DD)
( )
(D)
(D)
(D)
(D)
330
(DD)
( )
29
146
69
9
7
5
(D)
(D)
1,448
D
( )
456
83
D
( )
D
( )
D
( )
D
( )
578
232
D
( )
14
(D)
SURVEY OF CURRENT BUSINESS
August 1981
33
Table 13.—Equity and Intercompany Account Outflows, 1979
[Millions of dollars]
Manufacturing
All in- Mining Petrodustries
leum
AH countries
Developed countries .
Canada
Europe
European Communities (9) _ . .
Belgium
Denmark
France
Germany
Ireland
Italy
Luxembourg
Netherlands
United Kingdom
.
-156
3,120
1,175
131
790
313
72
10
-162
20
-142
918
537
139
711
284
-154
-51
-336
-56
456
1,035
14
156
455
-1
113
184
-95
8
431
-185
140
1,225
18
523
-183
118
542
93
-48
-79
713
15
1
0
(D)
0
219
( )
77
(D)
-246
33
-27
-3
215
83
-325
205
32
97
-548
58
52
-65
110
-266
73
6
(*)
-14
99
10
-40
0
5
8
504
129
(D)
45
41
13
18
(D)
123
141
96
2
16
13
6
14
-2
(*)
46
-66
24
0
-7
-91
5
(*)
-1
5
(*)
-135
-3
9
39
-8
1
44
0
-9
-207
142
-43
(*)
4
6
140
5
22
(DD)
( )
38
-3
0
3
0
0
0
0
304
-1
52
170
12
-5
D
( )
57
(D)
9
423
0
262
169
4
42
39
143
59
-163
-174
-155
(DD)
( )
-23
95
(DD)
( )
96
61
13
21
18
11
1
7
14
3
6
5
2,745
-14
2,335
639
-8
270
-45
58
555
965
180
326
38
43
9
318
15
37
65
(*)'
298
54
-72
7
5
-8
357
82
260
7
37
11
3
-2
-41
W
203
193
5
5
15
18
(DD)
( )
-5
(*)
-8
-1
0
-1
1
-7
512
-41
62
191
24
209
29
10
-14
42
Japan. .
Australia, New Zealand, and South
Africa
Australia
New Zealand
South Africa
Developing countries .
Latin America
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru -_
Venezuela.
Other
_
Central America
Mexico. .
Panama
Other
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
Trinidad and Tobago
Other
370
226
70
74
_
_.
Other Africa
Saharan. ...
EgVDt
Libya
Other
Sub-Saharan
Liberia
Nigeria
Other....
Middle East.
Israel
OPEC___
Other
4,984
2,723
436
126
247
-735
94
60
-80
497
69
Other Europe
Austria
Greece
Norway
Portugal _
Spain
Sweden
Switzerland
Turkey...
Other
.
Other Asia and Pacific
Hong Kong
India
Indonesia
Malaysia
Philippines
Singapore
South Korea
Taiwan. ...
Thailand
Other
(*) 0
0
D 0
()
2
0
(*) 0
(V
0
(D)
o
0
-7
-6
(*)
(D)
D
( )
4
69
22
D
(D
)
( )
-103
(D)
0
-1
0
(D)
-309
(D)
-252
2
(D)
21
362
374
174
163
37
-12
11
-134
111
24
0
0
0
0
24
294
357
164
157
37
-63
(*)
-159
96
500
-45
-9
-121
171
244
-57
226
27
32
31
(D)
Do
()
(D)
Do
( )0
(D)
o
D 0
( -2
)
0
0
0
0
1
(*)
1,611
1,735
(D)
1,782
(D)
248
-19
-5
-130
(D)
129
(D)
(D>
7
(°)
23
11
1,660
•Less
than $500,000 (=fc).
D
Suppressed to avoid disclosure of data of individual companies.
352-196 0 - 8 1 - 5
8
(D)
6
44
(
\
"»
(*)
(D)
-7
11
10
(D)
2
-1
1
-5
0
7
-12
(*)
(*)
c»r
60
-28
3
8
8
1
(D)
0
0
0
(*)
6
(D)
(D)
30
239
338
83
219
(D)
(*)•
-71
-18
-1
(D)
-12
109
186
62
(*)
-15
(D)
3
3
5
(*)
-370
156
40
(*)
9
25
(*)
(D)
(*)
(D)
34
(D)
(*)
(DD)
( )
-159
5
1
12
5
15
8
-205
-2
2
83
-2
8
0
0
(D)
0
(D)
119
(*)
(*)
W
(D)
-1
(DD)
( )
78
30
226
61
71
30
231
29
19
-29
4
26
(*)
(*)
21
10
11
199
28
172
(*)
-2
0
(*)
2
(DD)
( )
D
(D
)
( D)
6
1
0
r0
5
2
i
8
2
6
0
1
D
9
( )
(*)
9
8
0
1
'(*)
(*)
-7
-16
-1
-8
-1
1
6
(*)
5
5
2
(D)
10
1
c*)"0
0
(*)
n
0
((*)D)
(D)
(D)
m
8
(*)
(*)
(D)
(*)
-i
(*)
-i
X
-6
(D)
0
(*)
23
35
(*)
-11
-933
81
55
247
291
-945
110
1
-16
20
1
1
2
(*)
72
10
(DD)
( )
(D)
41
20
31
3
23
4
1
ff
(*)
(*).
(DD)
( )
36
18
-13
12
-1
3
2
(*)
14
135
(*)
128
(D)
44
23
-1
2
6
4
5
2
2
53
43
13
-3
(*)
(D)
-8
(D)
151
-20
(D)
'(*).
256
246
(D)
-3
3
D
( )
28
32
67
64
0
3
0
0
0
0
0
0
-1
(*)
0
if
2
1
1
0
(*)
28
-6
-2
(D)
(D)
14
-13
-2
(D)
C)
(D)
(D)
(D)
-3
0
0
0
0
-3
0
0
-3
1
0
3
4
(*)
-1
(*)
. o
( D)
(D)
139
2
-17
D
( )
(*)
0
0
0
9
9
-1
(*)
(D)
(D)
28
(*)
-» 8
1
5
(*)
D
(D
)
(D)
( )
319
0
o
20
21
(*)
319
o
(D)
16
17
<*)
-2
W
o
8
()
D
()
(D)
(D)
(D)
(D)
40
(D)
(D)
o
o
-21
0
0
(D)
(DD)
(*)
rt
((*)D)
(D)
(D)
(D)
o
(<)
(*)
W
i
(D)
.(*)
(D)
11
76
*'-4
0
0
0
0
0
0
12
1
1
0
(*)
(*)
(D)
(D)
175
(
0
0
0
(D)
o
o
(*)
(D)123
17
1
108
97
1
10
33
33
(*)
(*)
0
0
-1
(*).
13
-1
-2
(D)
(*)
(*)
18
19
(*)"
(*)
(*)
6
-1
-1
0
0
8
36
22
( )
o
(*)
(*)
( f
0
0
(*)
(D)
(*)
23
26
2
-4
D 4
162
(D)
208
2
-6
2
6
(*)
0
189
367
141
17
129
52
3
8
(*)
34
-15
8
9
(*)
(*)
(D)
-109
114
(DD)
( )
33
(D)
20
13
D
( )
-13
116
-3
n
1
(*)
(D
)
(D)
56
(*)'
<*)
238
555
-912
-13
0
0
-1
-1
2
17
-378
(D)
-1
1
(*)
(*)
(*)
(*)
(D-2
)
8-2
(D)
(*)
557
(D)
(D)
(D)
8
(*)
(D)
3
6
25
4
2
( )
(*)
(*)
(D)
(*)
70
6
-10
D
"o
1
6
14
6
7
1
(D)
(D)
(*)
774
Finance
Other
(except
Bank- banking) indusing insurance tries
and real
estate
0
0
2
80
-8
(*)
-3
(D)
(D)
2
3
2
-1
(
\
(D)
-6
-1
(*)
•<*)
(*)
9
-9
3
( )
D
2
(D)
(D)
15
-1,078
(°)
-1, 211
8
(D)
(DD)
( )
55
23
(*)
(DD)
(D)
( )
1
2
31
°0
0
(*)
2
(*)
(DD)
( )
-1
1
-3
35
(DD)
( )
-22
D
(D
)
(D)
( )
(D)
(D)
(D)
38
-28
3
2
4
19
10
10
8
2
8
(D)
(D)
(D)
(°)
-3
6
4
(*)
2
-9
(*)
-2
-6
12
8
8
0
(*)
32
(D)
20
(D)
41
-26
3
3
2
5
29
(D)
5
(D)
(*)
1
0
3
(
2
1
*U
8
m
-i
(*)
(D)
—133
-484
Memorandum— OPEC
D
-1,065
18
-95
-1,212
27
196
1,613
(D)
1,671
(D)
- _ __
Chemi- Primary Machin- Electric TransporFood
Trade
and
cals and and faband elec- tation
ery,
Other
ricated
except
tronic
equip- manufacTotal kindred allied
prod- products metals electrical equipment
turing
ucts
ment
%i
21
(*)
(D)
(•)
(*)
(*)
(D)
31
-352
(D)
(D)
(D)
29
(D)
(D)
-94
SUEVEY OF CUREENT BUSINESS
34
August 1981
Table 14.—Equity and Intercompany Account Outflows, 1980
[Millions of dollars]
Manufacturing
All in- Mining Petrodustries
leum
All countries
Developed countries
Canada
Europe —
Other Europe _
Austria
Greece.
Norway
Portugal
Spain _.
Sweden
._
Switzerland
Turkey
Other
:
_
.
Japan
Australia, New Zealand, and
Africa
Australia
New Zealand
South Africa
._
1,548
-195
-2, 757
3,543
279
69
317
355
-5
2,016
512
423
424
-294
-395
(*)
3,145
196
64
220
284
-22
1,959
444
351
123
1,696
370
-381
365
-30
112
11
-18
-8
273
25
17
Latin America.
__
Central America
Mexico
Panama
—
Other
._ .
'. __
__ _
Other Western Hemisphere .
Bahamas
Bermuda
Netherlands Antilles. _
Trinidad and Tobago
Other
Other Africa
Saharan...
Egypt
Libya
Other
Sub-Saharan
Liberia. ._
Nigeria
Other
_
1
"""
Middle East
Israel
OPEC .
Other
Other Asia and Pacific
Hong Kong
India.—
Indonesia
Malaysia. _.
_
Philippines
_
Singapore
South Korea
Taiwan
Thailand
Other
International
Memorandum— OPEC
__
518
_
__
-181
-101
2,754
201
3
211
228
-7
1,713
405
321
31
1,851
2,679
23
(D)
274
944
38
117
(D)
-74
1,349
187
9
7
-6
111
2
26
0
-2
40
-19
-43
(°)
50
-65
6
29
3
-81
(D)
207
5
(D)
12
4
-1
-2
(D)
17
168
222
(D)
(*)
102
30
(D)
18
(*)
-16
-1
28
20
1,655
(D)
(*)
48
(D)
-3
2
(*)
D
( )
821
399
28
(°)
61
83
(D)
38
-16
30
1
32
5
12
-5
(*)
-75
-16
-26
-8
-2
37
10
(*)
(D)
8
(D)
-29
1,901
(°)
(*)
11
14
D
(D)
(D)
( )
-17
1,850
75
11
-20
1
11
75
15
-14
-3
-1
14
4
(D)
22
4
5
6
2
0
"o
-1
-3
8
(*)
(*)
0
(*)
_ 7i
( )
6
(D)
10
-4
-4
-2
-1
337
9
( )
10
(D)
(*)
9
314
(D)
57
(*)
17
0
0
33
0
7
0
0
-50
0
(*)
(*)
0
0
0
0
16
(DD)
( )
289
3
-148
-57
-32
(D)
-3
-221
0
-370
37
8
-41
-3
34
37
-56
-34
-6
-16
-18
-10
-12
-38
3
22
16
10
(*)
6
-9
-14
2
2
-21
-20
-24
-22
D
(D
)
( )
-20
-19
-1
0
398
83
4
97
447
27
-56
300
16
-48
-25
247
-11
-3
4
(D)
D
( )
(
2
0
0
\0
0
(DD)
( )0
(*)
(*) 0
D
( )0
-1
-6
-3,454
200
-691
-47
-4
D
(D
)
( )
D
( )
o
(D)
(D)23
4
D
( )
4
1
3
D
( )
(*)
(*)
(*)
0
(D)
(D)
2
(*)
<*)
(D)
(D)
13
6
(*)
-2
41
-35
2
1
-5
1
-10
(DD)
( )
(*)
57
(*)
(D
)
(D
)
(D)
24
15
(*)
(*)
50
32
-22
-21
(*)
(DD)
0
0
0
0
(D)
• (D)
(D)
D
(*)
1
(*)
(*)
18
71
-27
-26
( )
( )
17
(DD)
D
(D)
D
( -60
)
(*)
(*)
(D)
23
405
136
(D)
101
(D)
-14
855
(D)
(*)
(D)
(D)
D
(D
)
(D)
( )
(D)
4
57
68
72
301
-1,987
31
(D)
-2
(D)
62
55
3
(*)
3
(D)
(*)
(D)
157
96
462
111
94
65
54
15
69
54
206
256
-2,068
199
370
115
-56
27
63
2
116
13
89
48
(D)
3
(DD)
( )
0
(D)
0
0
127
57
-6
3
17
3
(D)
-42
(D)
88
1
-87
13
22
10
(*)
88
41
93
(D)
10
(D)
9
-1
(*)
-10
13
30
49
-40
3
8
5
3
2
1
32
8
-2
-28
14
(*)
-13
4
-20
(D)
2
-65
13
22
-48
7
1
5
1
27
(*)
58
27
8
2
-3
-6
12
16
2
76
32
44
13
2
(°)
-20
(D)
(D)
16
-8
(*)'
-18
1
3
-1
(*)
5
2
685
520
34
130
12
(D)
-5
(D)
81
-24
D
( )
324
319
-15
20
(DD)
36
33
23
68
-36
-8
89
(DD)
( )
-2
-77
18
-97
2
233
D
(D
)
( )
90
-1,746
198
247
-2, 544
-20
372
97
(D)
0
—2
0
(D)
-112
(D)
38
126
18
(D)
92
151
(DD)
( )
-3
38
-1,984
(D)
112
-2, 411
1
(D)
-14
-3
(D)
3
(*)
(D)
444
274
-24
302
-5
170
-36
52
154
22
0
0
0
0
22
5
0
17
340
249
-37
296
-10
91
(D)
20
(D)
8.
36
3
1
2
-3, 203
-10
-2, 659
-535
0
0
0
0
-3
-120
28
10
-1
-71
103
-148
60
137
(*)
21
0
0
(D)
((*)D)
0
0
0
0
(D)
(D)
28
D
50
(*)
(DD)
( )
37
40
11
3
4
5
29
(*)
8
22
(DD)
( )
-5
-2
-3
(*)
76
12
( )
-23
8
(D)
105
(D)
2
115
-5
-99
-34
-2
17
2
2
-27
-96
27
11
(*)
( )
(D)
D
-9
14
(DD)
27
°0
D
(D)
(D)
()
-4
3
1
0
2
-7
0
D
(D
)
( )
-1
0
(*)
(*)
-23
-1
(*)
(*)
(*)
-26
(*)
(*)
if
3
1
(*)
(D)
®-i2
(DD)
( )
(*)
0
52
29
34
29
0
5
55
56
0
-1
->
134
134
0
(*)•
12
—1
0
0
0
(*)
0
0
0
0
0
0
6
0
0
2
—1
5
0
0
0
0
0
0
(°)
(*)
4
4
0
3
5
2
2
0
0
3
0
0
3
(*)
(D)
(*)
-4
(D)
5
(*)
( }
* o
(*)
0
4
(*)
-5
(*)
-6
0
-89
-6
-2
(D)
(*)
2
3
(D)
(D)
0
(*)
(DD)
( )
(DD)
( )
( )
( )
(*)
(D)
5
p,D
0
0
(*)
(*)
8
<)
$(*)
(*)
(D)
2
D
( )
0
0
W
o
w
0
0
8(*)(*)
(*)
(D)
(*)
(*)
23
24
-3
-4
1
0
13
2
0
(*)
(*)
-11
(DD)
( )
0
0
(*)
-32
-1
-3
-3
31
D
( )
-4
(D)
8
(D)
(D).
1
(D)
1
D
( )
1
(D)
(D)
0
0
0
0
0
0
5
0
0
0
2
0
1
2
0
4
2
2
0
(*)• 0
-13
(*)
-9
3
2
(*)
-12
(*)
-11
°0
(*)
(*)
(*)D
(D)
(D)
(D)
()
(D)
10
D
(D
)
( )
0
(Df
0
0
(*)
(DD)
(D)
( )
(D)
-1
-2
-1
2
-124
-130
(*)
2
4
-9
-9
9
3
6
2
(*)
(°)
8
8
0
(*)
(D)
(D)
8
(D
)
D
(D
)
( )
D
6
25
-5
4
-2
-3
(D)
10
18
24
(D)
29
D
( )
(D)
<SL
(°)
( )
(D)
(*)
(*)
(*)
(D)
(*)
(*)
(*)
2
(*)
(D)
D
(D
)
( )
123
( )
10
-2
D
()
-1
D
()
50
13
-29
D
( )
-2
38
26
61
11
(*)
(D)
(*)
2
34
1
(DD)
( )
(D)
(*)
(°)
(D)
(D)
D
4
(°)
0
(((*)DD))
0
(DD)
( ) 12
(D)
-52
-2,261
(D)
*Less than $500,000 (db).
Suppressed to avoid disclosure of data of individual companies.
D
(D)
-117
(DD)
( )
(D)
43
(D)
91
(D)
727
-1,068
4,515
60
94
344
1,072
68
234
18
495
2,129
South
Developing countries .
South America
Argentina
Brazil
Chile .
Colombia
Ecuador
Peru
Venezuela
Other
Trade
Primary Machin- Electric TransporOther
and elec- tation
and fabery,
equip- manufactronic
ricated
except
turing
metals electrical equipment
ment
5,055
4,962
European Communities (9)
Belgium
Denmark
France
Germany
Ireland
Italy
Luxembourg .
Netherlands
_ .
United Kingdom
ChemiFood
and
cals and
Total kindred allied
prod- products
ucts
Finance
(except Other
Bank- banking), indusing insurance, tries
and real
estate
(D)
21
3
SUEVEY OF CURRENT BUSINESS
August 1981
35
Table 15.—Reinvested Earnings of Incorporated Affiliates, 1979
[Millions of dollars]
Manufacturing
All in- Mining Petrodustries
leum
Trade
Chemi- Primary Machin- Electric TransporFood
Other
cals and and fabery,
and elec- tation
and
equip- manufacexcept
tronic
ricated
Total kindred allied
turing
ment
prod- products metals electrical equipucts
ment
Finance,
Other
(except
Bank- banking), indusing
nsurance, tries
and real
estate
18,964
232
5,414
7,616
777
2,083
352
1,296
443
898
1,766
2,383
315
1,985
14,679
204
4,204
6,568
633
1,770
255
1,300
357
836
1,418
1,984
287
830
3,003
115
1,052
1, 156
147
90
88
72
46
10,627
1
2,884
4,873
428
1,338
135
1,170
250
8,831
676
98
563
1,453
351
636
66
1,144
3,842
-X
0
0
-1
0
0
0
0
0
0
2, 764
(D)
80
30
622
(D)
153
(*)
599
990
4,497
214
9
343
744
330
372
34
277
2, 174
390
-1
-4
41
-2
-1
27
(*)
42
287
1,255
96
(D)
122
179
247
71
(D)
114
411
159
5
(*)
1,099
18
(*)
135
197
23
125
2
63
537
239
41
6
-47
82
9
60
-1
9
80
1,796
39
-1
-34
5
287
164
1,270
-8
74
1
0
1
2
0
-2
0
0
1
0
120
(D)
-19
-55
-1
7
D
( )
96
(D)
38
-2
(*)
(*)
1
27
4
(D)
82
-24
3
(*)
Japan
377
0
123
376
20
12
8
5
191
65
60
(DD)
( )
242
33
73
5
-3
-28
(D)
(D)
2
(D)
27
Australia, New Zealand, and South
AfricaAustralia _
New Zealand ._
South Africa - -
672
424
7
241
89
78
(DD)
( )
27
146
59
(DD)
( )
297
197
12
88
25
(*)
2
22
70
36
2
32
26
20
1
5
45
35
1
9
8
6
1
2
1,189
1,048
145
313
97
-4
86
25
788
687
108
224
77
-44
53
-21
> 44
9
3
1
1
15
1
124
229
-177
9
44
8
6
-10
15
58
14
3
(D)
12
_i3
81
57
-17
1
12
1
4
19
3
21
3
16
2
1
-75
13
-90
(*)
0
116
19
(DD)
( )
619
(D)
283
538
480
31
27
48
38
(DD)
( )
2
All countries
Developed countries
Canada
Europe .
European Communities (9)
Belgium
Denmark
France
Germany
Ireland
Italy
_ _
___
Luxembourg
Netherlands
United Kingdom _ _
Other Europe
Austria
Greece
NorwayPortugal.- _
Spain
_
Sweden
Switzerland
Turkey
Other
__ __
_
__ _ __
_
__
Developing countries.
4,149
Latin America
South America
Argentina
Brazil.____
Chile
Colombia
Ecuador
Peru
Venezuela
Other
2,924
__
____
Central America
Mexico _
Panama. .
Other
_
Other Western Hemisphere..
Bahamas
Bermuda
Netherlands Antilles
Trinidad and Tobago
Other
Other Africa
Saharan
Egypt
.
Libya
Other
Sub -Saharan
Liberia
Nigeria
Other. __
Middle East..
Israel
OPEC
Other
_—
_ __
879
611
243
25
_—
1,795
709
897
91
17
82
__
__ _
—
__
.
Other Asia and Pacific
Hong Kong
India
Indonesia .
Malaysia
Philippines
Singapore
South Korea..
Taiwan
Thailand
_ ._
Other.
_
_______
_
250
243
-89
27
39
15
9
-13
20
_ __
162
18
11
-2
9
144
26
48
70
333
(D)
8
D 9
( )
731
305
24
55
32
46
179
40
55
-4
-1
International
137
Memorandum— OPEC.
219
11
(D)
3
(D)
o
0
1
0
-1
5
6
0
-1
9
0
0
1
0
8
•
3
0
0
0
0
3
-1
0
4
(*)
0
(*) 0
(*) 0
(D) 0
1
0
0
0
0
(D)
1
1
\ (8)
(
66
7
3
-1
5
60
1
33
26
43
,1
(
\
(
*2
41
(*)
8
33
11
16
-9
4
112
25
1
28
(D)
-9
308
48
23
(DD)
( )
31
77
36
49
9
1
-17
-1
°-i64
4
9
(*)
(D)
42
3
17
1
14
77
1
-29
3
-2
0
(*)
(D)
°-2
(D)
133
103
(DD)
( )
10
2
0
(D)
D 2
( )
55
54
0
1
8
20
1
0
0
0
0
1
\1 • -
(D)
( 7
221
(D)
19
(D)
«',
.
(DD)
( )
27
(D)
D
1
0
0
%
8
8
2
2>
(*)
O
(
(<)
0
1
8
*>6
2
(
*C
0
(*)
85
15
13
2
3
17
1
13
14
4
2
(D)
27
(D)
!
(*) 2
(
*\6
(D>
?
o
0
°»
ffi
( )
D
<£
(*)
2
«,
°,
70
(*)
0
0
0
(DD)
( )
13
(*)
rt
i
(*)
32
32
0
—1
C)
(*)
o
0
0
0
B.
8
(D)
((*)D)
o
2
1
-2
3
38
(D)
6
w
i1
10
(D)
W
562
(DD)
( )
23
(D)
-3
3
-1
D
( )
425
(D)
0
0
0
3
D
( )
0
0
0
(D)
792
«.
69
(D)
53
70
(DD)
( )
358
(D)
11
C°)
3
1
37
-3
16
(D)
(D)
(D)
(D)
214
1,617
283
581
758
124
7
131
25
1
81
3
78
307
244
15
1
10
88
1
(D)
15
(D)
76
291
859
23
5
1
-1
73
7
737
(*)
15
39
1
1
0
0
-7
82
50
41
49
293
m
(D)o
(*)
(D)
89
-18
(DD)
( )
15
107
133
291
(D)
w
-!
(D)276
0
D
( )
-1
-5
-6
63
349
-14
45
290
252
-20
1,062
-79
-2
-86
(*)
5
1
2
1
1
-15
113
D
( )
133
32
D
( )
(*)
11
96
21
51
6
6
5
-43
-2
-30
(*).
-15
-21
62
56
60
60
0
°5
2
(>)
8
$
(D>
2
(*)
(DDf
( )
(*)
n
10
41
1
28
1
1
9
o
0
0
0
(*)
1
4
0
0
0
0
(•*)
0
1
4
0
7
(D)
8
89
6
°4
(D)
(D)
8.
(*)
(D)
(*)
(D)
(D)
(D)
17
2
37
3
25
\2
115
76
38
2
0
(*)
8
(
148
137
3
8
o
"i
.'m .
1
0
0
!l!
17
(*)
o- 1
1
8
"-.
<D)
3
(°DD> i
(>
(WD)
o
8o
(D)
1
(D)
5
(D)
(D)
o
ft
8.
°6
(<)
11
2
8
1
4
3
1
-1
29
25
(D
>3
D
( )
W
98
279
6
(D)
40
-8
(')
9
(*)
D
( )
161
109
-2
-1
10
3
$
(D)
1
D
( )
(D)
30
17
(*)
(*)
28
1,155
304
130
8.
<*)
-1
(
5
24
12
7
-2
°7
8
3
3
0
C)
4
-1
3
2
388
• i
6
130
92
(*)
(')•
6
8
12
2
3
5
2
3
w
601
(D)
35
33
81
46
(DD)
( )
399
-5
(*)
2
0
(D)
(D)
4
(*)
424
5
(*)
(°T
((DD))
8<•>»'
(D)
(D)
62
56
(D)
1,021
(D)
552
77
8
8r
i
0
i
i
i
(D)
30
15
2
1
(*)
2
(D)
(D)
44
(D)
(D)
D
56
26
( )
(D
\
14
6
5
°» " i8
85
a,
(D)
(D)
(D
(D)
'l
41
31
0
13
23
1
1
0
(D)
58
(D)
i
C)
2
8
C)
-3
(°)
(D)
(D)
51
(D)
(D)
J
7
1
1
-2
115
21
12
* Less than $500,000(±).
Suppressed to avoid disclosure of data of individual companies.
D
25
3
m
289'
1,020
(D)
(D)
(D)
(°)
89
SUEVEY OF CUEEENT BUSINESS
36
August 1981
Table 16.—Reinvested Earnings of Incorporated Affiliates, 1980
[Millions of dollars]
Manufacturing
All industries
All countries
Developed countries
16,998
__
12,481
Mining Petroleum
449
390
4,553
3,917
ChemiFood
cals and
and
Total kindred allied
prod- products
ucts
6,364
4,491
553
371
1,856
1,414
Primary Machin- Electric TransporTrade
Other
and faband elec- tation
ery,
ricated
tronic
equip- manufacexcept
turing
ment
metals electrical equipment
435
301
1,241
1,170
-93
719
492
1,654
1.199
-456
Finance
Other
(except
Bank- banking), indusing insurance, tries
and real
estate
2,474
234
2,020
1,946
95
1,036
D
307
904
607
(D)
Canada
3,490
235
1,389
.1,040
149
305
107
146
125
-100
308
277
Europe
7,821
5
2,251
3, 057
202
1,002
117
876
343
-238
756
1,464
62
659
323
European Communities (9) ..
_Belgium
__
Denmark
France
Germany
Ireland
Italy
Luxembourg
Netherlands
__
United Kingdom
______
6,094
329
50
970
571
373
781
64
505
2,452
3
0
0
3
0
0
0
0
0
0
2,069
(D)
(DD)
( )
519
2,802
89
(D)
538
-18
307
402
D
( )
207
1,225
202
(*)
138
4
846
(D)
(
687
9
78
-7
(*)
44
(D)
559
36
-16
134
47
2
87
-1
-36
307
(*)
(D)
14
(D)
83
397
(D)
(*)
15
14
(DD)
( D)
( )
104
168
186
2
(D)
Other Europe
Austria
Greece
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
Other
1,727
39
25
33
20
92
149
1,286
-4
87
2
0
1
182
(D
)
(D)
905
1
( )
(
0
5
8
119
44
(D)
..
(D)
(D)
o
D 0
( )0
(D)
253
(D)
241
563
26
-19
6
5
(*)
48
129
914
86
(*)
75
152
230
69
(D)
66
(D)
w
.
29
10
26
5
19
37
-22
-1
-1
1
1
-23
-1
2
0
(*)
\o
D
( )
123
5
36
298
337
4
21
13
103
(*)
18
79
30
4
0
0
0
(*)
30
9
(D)
(D)
(*)
40
15
58
6
1
8
8\
44
W
4
-3
-1
0
l
(D)
D
( )
D
( )
P)
6
(*)
-33
0
30
144
-13
Australia, New Zealand, and South
Africa. _ _
Australia. ._
_
New Zealand
South Africa
_
925
438
57
430
150
123
(*)
27
247
70
(DD)
( )
250
51
12
187
33
7
3
22
67
32
2
34
63
52
1
10
90
53
2
36
18
10
1
8
4,387
59
655
1,874
183
442
134
70
226
- -
Latin America
South America
Argentina
Brazil.
Chile
Colombia
Ecuador
Peru..
Venezuela
_
Other
_ _
__
_ •
Central America _ _
Mexico
__:
Panama
Other___
_
Other Western Hemisphere
Bahamas .
Bermuda
Netherlands Antilles
Trinidad and Tobago
Other
Other Africa
Saharan
Egypt ... .
Libya
Other _
Sub-Saharan
Liberia .'.
Nigeria
Other.
_
Middle East
Israel
OPEC _
Other. __
Other Asian and Pacific .
Hong Kong
India . .
Indonesia
Malaysia . .
Philippines
Singapore
__
South Korea
Taiwan .
Thailand
Other
_
_
8o
(*)
66
133
(D)
73
(D
)
(D)
350
69
3
D
( )
10
D
6
263
14
1
(D)
-15
\0
49
114
55
156
83
D
(D
)
( )
20
15
1
5
64
61
1
2
455
529
138
984
149
140
-135
-157
(DD)
( )
(D
)
(D)
363
6
(D)
D
( )
145
370
118
32
92
366
385
412
43
895
691
359
254
11
32
8
10
(*)
17
75
(D)
41
(D)
11
2
(*)
38
3
158
65
52
3
(*)
2
2
32
3
-24
-13
-13
(*)
5
-1
-4
(*)
137
45
37
13
2
5
3
29
3
5
-1
3
(*)
(*)
168
46
81
-2
15
3
3
17
5
14
1
14
(*)
0
(*)
-1
(*)
269
(DD)
(D)
( )
-2
(*)
(*)
(D)
3
(*7
(*)
(*)
(*)
(*)
(*)
5
134
27
(DD)
( )
784
709
40
35
71
51
8
12
190
158
(DD)
( )
98
98
0
208
194
(DD)
( )
188
111
75
2
(*)
(*)
123
(D)
52
3
(D)
5
33
2
(DD)
( )
5
12
-1
—3
0
(DD)
( )
22
5
9
86
58
( )
D
(D
)
60
7
3
-2
6
53
-1
19
35
37
-2
-4
(*)
1
39
(*)
9
30
1, 205
900
259
46
1,177
251
610
160
49
107
148
22
17
-2
7
126
12
37
77
(D)
(D)
0
2
0
0
2
0
(*)
(
\0
0
0
8.
-1
111
29
-25
107
0
0
0
0
781
297
22
133
39
59
233
-68
50
23
-7
(*) 0
130
Memorandum— OPEC
219
(*)
0
0
0
0
0
1
-2
101
(DD)
( )
104
206
26
(D)
107
3
(D)
88
(D)
(*)
12
-9
21
21
1
(*)•
307
48
22
21
33
33
123
-37
47
10
7
1
(*)
(*)
0
0
0
(DD)
()
2
2
(*)
(*)
(D)
D
( )
13
-1
-2
0
1
14
(*)
10
4
2
-1
3
(*)
35
2
(
\
(*)
21
1
8
2
(*)
(*)
3
1
(D)
56
12
13
3
19
2
(D)
9
(D)
6
(D)
!
78
75
0
3
(*)
(*)
(D)
0
0
0
0
56
57
0
(*)
( }
* o
(*) 0
0
0
(*)
0
0
D 1
((*))~
(D)
6
0
-1
(*)
(*)
0
( }
* o
(*)
*
*
*:
*
2
o
(*)
D
)
D
( )
—1
3
(*)
(D)
3
1
(*)
(*)
0
84
77
(*)
(D)
39
4
(*)
(*)
(D)
20
(D)
(*)
o
(*)
(*)
3
1
0
0
(
2
(*)•
*}o
8
6
7
-1
0
120
8
2
4
23
4
(D)
8
23
3
D
( )
0
0
0
2
0
0
0
0
2
0
0
2
7
-1
-2
0
1
8
0
(>)
()
D
(D)
<D)
(°)
D
( )
D
(D
)
8
2
0
1
1
0
( )
(*)
-5
8(*)
(*)
12
11
(*)
(*)
(*)
(*).
(DD)
(D)
(D)
i
0
0
(D)
(D)
0
9
3
5
7
4
1
8
1
(*)
(D)
10
7
1
1
0
(
\
(
\1
7
3
4
1
148
*Less
than $500,000 (±).
D
Suppressed to avoid disclosure of data of individual companies.
(D)
24
38
35
-1
3
35
(D)
(D)
3
3
33
20
12
1
27
12
857
(D)
512
141
(*)
(D)
(D)
11
12
0
D
( T2
i
o
( )
()
(DD)
(D
)
(D)
102
77
1
(*)
4
<*)
9
3
1
6
2
48
38
0
(*)
(*)'
(D)
3
0
(*)
(D)
(*)
36
31
( )
(D)
(D)
(*)
1
1
1
-5
5
-52
1
-53
1
54
47
65
61
1
1
8_*
1
1
(*)
5
2
57
7
6
5
D 10
(D)
3
48
26
D
(*)
(D)
D
( )
(DD)
( )
(D)
(*)
n
12
6
1
2
( )
(*)
84
(*)
(*)
4
-1
7
7
D
( )
1
(D)
-5
6
-48
148
-18
6
4
2
9
21
1,509
-1
(D)
17
30
38
-2
-3
6
1
1
22
-33
3
1
1
137
(D)
(D)
288
4
8108
( )
243
0
12
52
(D)
29
m
o
0
1
0
4
2
2
3
!7
0
0
2
0
-16
(*)
(*)
60
(D)
l
(D)
7
-7
38
-1
(D)
(DD)
965
470
347
27
43
16
16
58
-12
(*)
m
4
13
-4
863
(D)
23
<D)
3,347
International
83
0
0
0
<*)
246
- -
(D)
-3
3
—1
D
(D
)
( )
(D)
Japan
Developing countries
3
22
6
10
255
16
27
18
8
62
36
69
-4
24
88
-322
(D)
( )
40
D
( )
51
7
-4
4
D
()
30
SUEVEY OF CURRENT BUSINESS
August 1981
37
Table 17.—Income, 1979
[Millions of dollars!
Manufacturing
All in- MiningI Petrodustries
leum
AH countries
__ _ _
Developed countries
Canada ._
.___
Europe
European Communities (9)
Belgium.—
Denmark ...
France
Germany
Ireland
Italy
.
Luxembourg
Netherlands
United Kingdom
Other Europe
Austria
Greece
Norway
Portugal
_
Spain
Sweden
Switzerland
Turkey
.
Other.
_ ._
__
_
__
_ _ _ __
-
Australia, New Zealand, and South
Africa
_
Australia
New Zealand
South Africa
Developing countries
_ _ _
Latin America
_
South America
Argentina _ _
Brazil
Chile
Columbia _
Ecuador
Peru
Venezuela
Other.
8
_
___;
Central America. . _
Mexico
_
Panama
Other.
_ _.
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
Trinidad and Tobago
Other..
Other Africa
Saharan .
Egypt
;__
Libya
Other
_
Sub-Saharan
Liberia. .
Nigeria
_
Other
:
" "
"
_
38,330
1,148
13,413
13,054
1,319
3,020
658
2,542
768
2,221
2,525
3,907
1,800
3,634
1,374
765
6,962
11,018
1,039
2,496
454
2,435
559
2,013
2,022
3,093
574
1,767
763
5,517
429
1,890
2,031
194
409
128
234
98
312
656
378
21
554
215
17, 116
-4
4,483
7,965
707
1,861
259
1, 987
400
1,571
1,180
2,484
580
1,116
492
14,054
948
170
972
2,898
410
925
32
1,934
5,765
-5
(*)
0
-1
0
0
0
0
0
4,079
7,393
389
25
637
1,861
423
610
-11
471
2,989
632
7
8
46
89
41
41
(*)
59
339
1,753
166
278
15
1
9
96
4
21
2
24
105
1,890
28
<*)309
414
23
244
9
124
740
370
75
10
-41
100
10
84
1
39
93
1,446
42
2
31
633
-3
s
5
1,025
54
1,123
194
487
100
219
61
99
166
102
3
112
646
26
1
33
16
24
6
21
206
313
331
11
2
57
17
15
17
(*)
76
151
3,062
90
39
253
23
382
214
1, 988
-15
87
1
0
1
2
0
-2
0
0
1
0
572
27
14
17
12
242
97
147
-5
20
75
108
1
8
<*)
97
30
126
0
0
0
-1
0
81
7
13
1
-1
-19
3
(*)
1
1
-27
4
-1
0
(*)
45
805
-45
141
1
1,048
1,701
404
22
-11
201
3
8
96
(*)
36
6
(*)
0
0
1
12
71
13
(*)
(D)
(*)
9
(*)
-20
155
11
6
8
(D)
1
0
0
0
8,
70
-8
381
235
1,362
42
10
10
6
108
1,146
-1
93
(*)
25
0
0
11
0
55
(*)
44
188
124
160
1
47C
(*)
(D)
(*)
-1
1
435
3
1
3
109
-24
21
15
-2
-5
(*)
2
76
71
1
4
42
27
253
518
70
123
9
146
30
1,482
1,099
17
366
339
312
1
26
335
243
505
326
22
156
68
21
4
43
103
56
4
43
58
44
1
14
68
49
1
17
31
26
1
4
52
5
13,127
383
6,333
2,036
280
525
204
108
209
208
503
814
1,226
1,867
468
6,546
330
1,392
1,501
225
373
166
63
78
188
409
465
896
1,748
212
1,614
520
247
37
22
66
508
142
71
196
371
81
-30
10
-45
734
374
141
16
87
12
9
40
55
130
37
31
2
18
3
-1
34
6
176
71
20
5
31
2
4
40
3
95
22
37
20
26
-10
(*)
-1
95
173
-21
219
43
100
1
27
5
3
169
28
72
8
17
8
3
29
5
16
9
-7
1
-10
(D
2
(D
8
29
2
48
100
-2
0
(*)
1
1
0
(*)
1
1,347
843
445
59
26
13
(*)
12
143
22
126
-5
722
642
38
43
83
61
5
16
183
147
28
7
70
67
0
2
3,585
1,425
1,627
123
123
287
109
-2
0
1
0
109
879
313
285
45
4
1
13
(*)
0
(*)
2
11
14
2
0
1
0
0
0
0
1
(*)
20
8
1,303
853
364
519
-30
450
44
227
179
2,558
537
46
1,170
265
136
237
63
94
12
-2
262
4,515
0
0
0
0
—1
0
(*)
0
(*) 0
0
0
0
0
0
0
1
»
114
29
1,122
825
342
516
-33
297
1
211
85
56
5
-1
1
5
51
(*)
9
42
2,445
13
20
-12
5
3
2
465
67
39
21
30
78
101
41
66
13
9
49
1
-1
2
1
31
1
72
40
$
1,373
46
2
1,087
-6
*7°
-18
2
2
0
0
2
(*)
0
1
4
10
(*)
(*)
0
1
10
3
(*)
2
1
-9
(*)
-9
0
150
29
24
4
5
31
2
17
25
5
8
(*)
0
0
(*)
0
0
0
0
20
(*)
(*)
9
1
(*)
8
92
92
0
3
1
0
0
<*)
2
(*)
0
176
161
4
11
208
115
89
3
78
14
1
1
90
43
31
2
3
11
8C3
650
0
0
0
0
11
1
0
0
0
0
0
1
8
0
1
0
0
1
•8
?
1
20
(*) °
8
8
(*)•
1
2
115
9
2
.4
14
8
44
4
30
1
(*)
0
(*)
8
42
17
6
c*)"2
(*)
0
2
1
-2
3
(*)
3
(*)
8
(*)
1
76
69
44
44
0
20
8.
.(*)
-16
1
6
2
2
3
1
(*)
*'
(>)
4
(*)
0
(*)
(*)
-30
3
1
52
121
16
104
1
20
1,599
391
1,274
-80
(*)
13
61
27
29
1
2
3
77
5
22
51
12
1
8
3
278
186
1
5
17
15
26
3
8
14
2
225
110
4
7
4
34
26
17
14
2
7
67
62
4
1
(*)
(*)~3
(*)
49
-20
13
1
4
9
o
4
4
17
3
53
7
8
17
4
3
14
6
39
1
1
0
0
38
32
8-
9
(*)
28
13
13
0
(*)
15
1
5
9
14
2
0
1
1
12
0
2
11
73
18
?7
(*)
5
5
2
-2
10
(D)
(*)
120
3
115
1
(*}
12
11
2
3
142
119
4,080
* Less than $500,000(db).
Suppressed to avoid disclosure of data of individual companies.
174
500
0
Other Asia and Pacific
Hong Kong
._
India
Indonesia .
Malaysia
Philippines
Sineapore
__
South Korea
Taiwan. .
Thailand
Other. ...
D
183
311
287
115
...2
35
97
4
40
18
826
2,720
91
2,358
271
Memorandum— OPEC
Finance
(except Other
Bank- banking), indusing insurance tries
and real
estate
24,942
Middle East..
Israel
OPEC
Other.
Internationa]
Chemi- Primary Machin- Electric Transpor
Trade
Food
Other
cals and and faband
and elec- tation
ery,
tronic
equip- manufacricated
except
Total kindrec1 allied
turing
prod- products metals electrical equipment
ment
ucts
45
(°)
-2
6
-71
m
(D)
215
SUEVEY OF CUEEENT BUSINESS
38
August 1981
Table 18.—Income, 1980
[Millions of dollars]
Manufacturing
All in- Mining Petrodustries
leum
Chemi- Primary Machin- Electric TransporTrade
Food
Other
and
cals and and fabery,
and elec- tation
except
ricated
equip- manufacTotal kindred allied
tronic
turing
ment
prod- products metals electrical equipucts
ment
Finance
(except
Other
Bank- banking), indusnsurance, tries
ing
and real
estate
36,842
1,376
13,022
11,263
1, 164
2,948
806
2,453
1,006
250
2,637
4,019
1,973
3,506
1,684
24,582
1,022
8,566
8,557
815
2,296
554
2,299
703
-142
2,033
3,117
505
1,875
941
Canada
5,733
604
2,003
1,838
205
425
195
257
148
-19
627
355
26
581
326
Europe
16, 078
12
5,856
5,804
486
1,658
255
1,729
502
-20
1,194
2,367
350
1,158
531
12,920
- 578
96
1,328
1,853
399
1, 297
78
1,797
5,495
10
1
0
(D)
0
0
0
0
0
D
5, 112
(D)
50
(D)
781
-24
384
2
1,179
2, 256
5,344
252
25
773
937
347
721
41
413
1,836
427
4
11
35
58
36
23
(*)
65
194
1,531
137
2
188
303
231
139
(DD)
( )
391
267
8
1
20
98
11
34
5
25
67
1,668
481
38
9
33
97
13
144
2
61
85
-109
28
3
29
-248
-2
6
(DD)
( )
66
1,080
31
(*)
110
210
37
105
16
23
546
1,004
94
20
173
101
4
131
-1
10
471
321
6
-1
9
-24
3
28
17
-12
296
758
15
.<*)
36
28
67
8
20
169
414
3,159
95
60
565
34
208
227
1,851
-3
122
2
0
1
2
0
-2
0
0
1
0
743
(D)
3
505
8
5
121
63
-5
(D)
460
24
34
24
15
126
76
136
-1
25
59
3
2
90
0
0
0
0
0
0
114
3
5
11
(°)
(D)
-3
64
-1
13
1,363
20
2
12
9
62
13
1,211
-1
35
28
-2
21
0
0
6
0
3
(*)
400
(D)
D
(D
)
( )
-1
0
870
0
175
423
24
93
-12
(*)
-1
1
1
-18
2
3
0
(*)
17
20
12
' 821
127
2
28
1
1
65
(D)
14
1
(D)
1,901
1, 174
69
658
405
362
2
41
532
302
493
167
18
308
100
28
5
66
120
54
3
63
11,712
354
4,112
2,706
349
6,850
293
963
2,161
1, 949
696
514
52
69
(D
)
(D)
105
115
174
21
33
4
(D)
0
(D)
271
121
-88
6
6
(D)
%13
1,104
464
400
22
73
11
13
51
70
1,790
1,173
472
144
23
8
( )
161
31
139
-9
982
887
44
51
3,111
915
1,531
-35
260
441
95
(*)
0
2
0
93
All countries
Developed countries ._
European Communities (9)
_
Belgium _„
_ „ _ „ _ „,,_
Denmark.
France
Germany.
Ireland
_ _
Italy
_
_
Luxembourg
Netherlands
United Kingdom
Other Europe
Austria
Greece
Norway
Portugal
Spain
Sweden .
Switzerland
Turkey
Other
_
- -
_ _ _ _
_ _
_
_
Japan.. __ _
Australia, New Zealand, and South
Africa
Australia
New Zealand
South Africa
Developing countries
Latin America. ,
_ _
South America
Argentina
Brazil
Chile
Colombia
Ecuador
, Peru.
Venezuela _
Other
_
__
Central America
Mexico
Panama
Other
'
Other Western Hemisphere..
Bahamas
Bermuda
Netherlands Antilles
Trinidad and Tobago ..
Other.
Other Africa
Saharan
Egypt
Libya
Other
Sub-Saharan
Liberia
Nigeria
Other
-
1,399
951
%-12
_
-
Middle East
Israel
OPEC
Other
Other Asia and Pacific.
Hong Kong
India
Indonesia
Malaysia
Philippines
Singapore
South Korea . _
Taiwan
Thailand
Other
International
Memorandum— OPEC
-
_ -
()
-1
D
>)
0
0
0
D 0
448
-9
207
250
()
(*) 0
-21
46
-214
147
0
0
0
0
3,484
539
45
2,045
299
166
329
-27
99
14
-24
(D)
(D)
o
D0
()
0
0
0
0
1
-2
548
2,543
(D)
8
(
531
(D)
99
(D)
244
17
4
<D)
7
46
(D)
2
-13
-44
(D) l
(*)
-3
-1
339
(*)
(D)
92
30
22
87
68
1
18
119
70
2
48
32
19
1
12
-132
-155
-1
23
168
82
8
78
267
160
37
31
1
5
105
100
1
5
61
52
652
251
154
303
392
604
903
1,468
1,630
539
295
521
202
118
129
389
507
629
1,031
1,528
246
150
56
10
3
17
2
26
4
7
1
6
1
3
2
1
277
244
54
116
202
54
63
17
8
8
9
38
7
116
41
47
54
R
27
-5
14
3
-16
1
3
17
44
-1
7
(*)
(
*>-3
6
116
85
11
20
240
204
29
7
105
(D)
38
4
2
2
3
4
D
( )
97
94
0
3
50
7
40
\12
252
94
82
6
19
3
3
42
4
249
232
4
14
274
166
104
4
82
(D)
69
(D)
99
34
62
3
14
1
1
153
87
41
2
5
18
832
622
(D)
1,375
139
1,355
—194
1
75
(
29 .
5
3
28
.(D)o
(>)
2
<D)
4
(D)
(D)
15
-1
-1
0
1
15
(*)
13
3
2
2
-1
(*)
455
59
37
32
41
70
147
-27
71
14
13
50
2
(*)
3
1
30
1
8
4
1
1
(*)
117
22
23
5
5
32
2
^12
22
7
11
103
55
62
(*)
(*)
%
89
(D)
128
23
25
-2
(*)
2,243
48
3
1.939
8
(°)
(D)
44
-338
4
-434
92
-9
(D)
11
(*)
-32
11
18
-1
(*)
29
2
2
0
0
2
1
0
1
67
\56
(*)
(*)
22
68
1
-3
(*)
(
61
4
0
370
(D)
2
(D)
30
1
24
(*)
37
(D)
161
(D)
-2
(D)
2
13
18
99
3
24
193
1,244
912
(DD)
( )
-15
332
-1
185
149
(*)
(*)
0
0
0
0
(*)
24
(*)
0
0
(*)
(*)
(*)
24
24
•8
8
(<)
2
0
(*)
(+)
68
68
0
(*)
0
0
w
-l-1
0
(*)
(
*>o
°0
(
O
i
1
23
1
1
0
2
15
1
(*)
106
(D)
(*)
(*)
-81
5
112
112
0
(*)
(*)
*>2
(*)
10
-2
0
1
12
0
( )
'n
9
9
n
.
155
13
4
5
26
11
54
9
29
3
(*)
0
0
0
0
3.
0
0
0
0
3
0
0
3
-1
*>2
36
5
4
(D)
3
1
0
0
o
* o
(*)
0
<*> 7
( }
-1
r)
100
92
n
(
26
6
-1
3
(*)
(*)
2
'
(*)
R
(*)'
(D)
273
4
34
D
( )
(*)
11
(D)
8192
(*)
'll8
3
7
-2
43
25
26
0
-1
18
4
8
6
-10
2
2
0
(*)
-11
-18
1
6
12
12
(>)
o
43
12
23
8
94
1
53
40
14
3
7
4
70
10
6
15
6
220
136
1
5
(D)
8
16
4
301
140
5
D
(D
)
( )
41
56
18
15
3
8
73
83
14
2
0
1
1
13
0
-2
15
1
(*)
(*)
(*)
(DD)
( )
(D
)
D
(D
)
( )
8.
11
3
(
23
(D)
0
0
9
2
1
-82
53
(D)
98
78
(*)
(D)
(D)
(*)
l
3
7
R
344
2,052
*Less than $500,000(db).
Suppressed to avoid disclosure of data of individual companies.
D
74
(D>
(*) 7
357
419
20
270
(DD)
( )
486
(*)
9
(*)
1
27
3
169
30
54
85
(D)
(D)
51
21
_s
D
()
8
7
(*)
(D)
-4
(D)
144
1
140
3
(D)
(*)
(DD)
( )
78
28
7
(*)
3
-6
-3
204
10
-3
7
4
(D)
SURVEY OF CURRENT BUSINESS
August 1981
(Continued from p. 30)
Most N.V. affiliates were established by U.S.
companies in response to the U.S. mandatory
controls on direct investment, which were in
effect from 1968 to 1974. The controls encouraged U.S. companies to finance their direct investments with foreign- rather than
U.S.-source funds. N.V. affiliates' borrowing
abroad provided certain advantages—such as
tax benefits and lower costs of incorporation—over direct borrowing by U.S. parents.
Except for these advantages, the U.S. parents
themselves would probably have borrowed
abroad, either directly or through their domestic (United States) finance subsidiaries.
Almost all of the proceeds of the N.V. affiliates' borrowing was in fact transferred to
their U.S. parents for further disposition,
often to other foreign affiliates. At the time,
it was thought that, instead of recording
transfers of the proceeds to U.S. parents as
direct investment intercompany account inflows from Latin America, such transfers
should be recorded in the portfolio investment
account as increases in the U.S. parents' liabilities to unaffiliated foreigners in Europe—
the ultimate source of nearly all of the borrowed funds. Subsequent reductions in U.S.
parents' liabilities to the N.V. affiliates were
recorded as payments of principal by the U.S.
parents to unaffiliated foreigners in Europe,
and interest payments on the borrowing by
the N.V. affiliates were recorded as interest
payments by U.S. parents to unaffiliated
foreigners in Europe. Other capital transactions between U.S. parents and their N.V.
affiliates, such as increases or decreases in
equity, and dividends or other income flows to
U.S. parents, were included in the direct investment accounts but were classified in "in-
39
Industry classification.—In the previous
ternational and unallocated" rather than in
series, the industry classification of any given
the Netherlands Antilles.
In the years immediately following the dis- affiliate was as reported in the 1966 benchmantling of the direct investment controls in mark survey. In the revised series for 1977
1974, new borowing by N.V. affiliates de- forward, each affiliate is classified in the inclined and a smaller proportion of the pro- dustry in which its sales (or gross operating
ceeds were transfered to U.S. parents. revenues) were largest in 1977, as reported
Recently, borrowing by N.V. affiliates again in the 1977 benchmark survey.
Format of published tables.—In tables 11accelerated because of favorable conditions
18, the detail by industry has changed slightly
in the Eurobond markets.
The distinction between N.V. affiliates and from previous publications. Nonelectrical
other finance affiliates has been dropped in the machinery, electrical machinery, and bankrevised series. All transactions of U.S. parents ing, which previously were combined or inwith N.V. affiliates are included in the direct cluded in another category, are now shown
investment accounts, where they are classi- separately. Transportation, communication,
fied in the Netherlands Antilles. One advan- and public utilities, which was previously
tage of this treatment is that it facilitates the shown separately, is now included in "other
integration of the two major types of data— industries."
The detail by country has been expanded
balance of payments data and financial and
operating data—for such affiliates collected from that previously published. In addition,
the method of grouping countries within
in BEA's benchmark surveys.
Airline and ship operators.—In the previous Latin America has changed. Latin American
series, foreign stations, ticket offices, and countries are now grouped strictly along
terminal port facilities of a U.S. airline or geographical lines, according to whether they
ship operator that provided services only to are located in South America, Central Amerthe airline's or ship operator's own operations ica, or "Other Western Hemisphere."10 In
were considered foreign affiliates and were in- previous publications, they were grouped accluded in U.S. direct investment abroad. cording to whether or not they were one of
They are excluded from the revised series in the 20 countries designated as ''Latin Amercases where most of the revenues—such as ican Republics." A complete listing of counpassenger fares and freight charges—collected
tries, which shows the individual countries
by these facilities were generated by the
contained in the subtotals and residual
travel and transportation services rendered by
the airlines and ship operators of which they ("other") categories in table 11-18, may be
are a part, and not by the activities of these found in table B, pages 6 and 7, of U.S. Direct
facilities per se. However, if the facilities pro- Investment Abroad,
vided services primarily to unaffiliated
10. Although the differences are relatively minor,
persons rather than to the 'airlines or ship
operators that own them, they are considered it should be noted that "Other Western Hemisphere' in tables 11-18 does not refer to exactly
affiliates and are included in direct invest- the same set of countries as the category by the
ment.
same name in previous publications.
By WILLIAM K. CHUNG and GREGORY G. FOUCH
Foreign Direct Investment
in the United States in 1980
.IGHLIGHTS of foreign direct
investment in the United States in.1980
were:
• The foreign direct investment position increased 20 percent, to $65.5
billion, following a 28-percent increase
in 1979. The position increased 24 percent in petroleum, 16 percent in manufacturing, and 23 percent in other
industries.
• Capital inflows declined moderately, to $10.9 billion, following a 50percent increase in 1979. The decline was
entirely in equity and intercompany
account inflows; reinvested earnings of
incorporated ai&liates increased substantially.
• Equity and intercompany account
inflows declined 41 percent, to $4.7 billion, after a 49-percent increase. The
decline was entirely attributable to a
large shift to net outflows for intercompany account transactions; inflows
for capital stock and other equity remained at about the same high level as
in 1979—an indication that foreign direct investors' interest in the United
States remains strong.
• Reinvested earnings of incorporated affiliates increased 57 percent, to
$6.2 billion, following a similar increase
in 1979. The increase reflected larger
earnings and, to a lesser extent, higher
reinvestment ratios.
NOTE.—The quarterly survey from which
these annual estimates were derived was conducted under the supervision of James L.
Bomkamp, Chief, Direct Investment in the
United States Branch, International Investment Division. Project leader Gregory G.
Fouch was responsible for preparing estimates. Marie Colosimo edited and processed
the forms. Ronald Reed designed the computer programs for data retrieval and
analysis.
40
• Direct investment income increased
47 percent, to $9.3 billion, following a
51-percent increase.
for by parents in Latin America, particularly in the Netherlands Antilles.
As in 1979, ownership was highly
concentrated by country. Almost 90 percent of the total was accounted for by
Foreign Direct Investment
the eight countries with the largest
Position
positions. The Netherlands accounted
for 25 percent, the United Kingdom for
At yearend 1980, the foreign direct 17 percent, and Canada for 15 percent.
investment position in the United Germany, the Netherlands Antilles,
States was $65.5 billion (table 1). The Japan, and Switzerland each accounted
position is the book value of foreign for from 6 to 8 percent, and France for
direct investors' equity in, and net out- 4 percent. The members of the Organistanding loans to, their U.S. affiliates. zation of Petroleum Exporting Coun(A U.S. affiliate is a U.S. business enter- tries (OPEC) together accounted for
prise in which one foreign person owns, less than 1 percent of the total, undirectly or indirectly, 10 percent or changed from 1979. Their position was
more of the voting securities, or the largely in real estate and trade.
equivalent.)
By industry of affiliate, 37 percent of
By area of foreign parent, the com- the position was in manufacturing,
po^ition of the position did not change about 20 percent each in trade and pesignificantly from yearend 1979.1 About troleum, 8 percent in insurance, and 16
66 percent of the position continued to percent in "other" industries. In manube accounted for by parents in Europe, facturing, about 33 percent was in
15 percent by those in Canada, and 6 chemicals, 17 percent each kin food and
percent by those in Japan (table 2). machinery, and 15 percent in metals.
The remainder was mostly accounted
Real estate, which is included in
"other" industries, accounted for about
1. The foreign parent is the first foreign person
4 percent of the total position; the posiin the chain of ownership of a U.S. affiliate. However, the data in this article cover positions and
tions of parents in Canada, the Nethertransactions of U.S. affiliates, not only with their
lands, and "other Western Hemisphere"
foreign parents, so defined, but also with foreign
affiliates of their foreign parents. Thus, to simplify
were particularly large. However, this
terminology in this articlef the term "foreign parestimate does not represent the total
ent" is used more broadly to include foreign affiliates of foreign parents as well.
asset value of U.S. real estate owned by
In classifying data by country of foreign parent
foreign parents. It includes only direct
in this article, the country used is that of either
the foreign parent, as strictly denned, or of the investment in U.S. affiliates that are
foreign affiliate of the foreign parent with whom
classified in the real estate industry.
the transaction occurred. It should be noted that
the country of the foreign parent may differ from
that of the ultimate beneficial owner (UBO). The Direct investment in affiliates in other
UBO is that person, beginning with the foreign
industries, which may also hold real
parent, that is not owned more than 50 percent
estate,
is classified in the industries
by another person. Affiliates whose foreign parents
are in the Netherlands Antilles, Panama, Bermuda,
of those affiliates. Furthermore, the poand, to a lesser degree, the Netherlands, are espesition in real estate affiliates reflects
cially likey to have UBO's in other countries.
41
SUEVEY OF CURKENT BUSINESS
August 1981
only the portion of total real estate held
by such affiliates that is financed with
funds from foreign parents. That portion may be small relative to the total
because real estate investments usually
are highly leveraged—the ratio of loans
(largely from unaffiliated sources) to
investors' funds used for equity purchases normally is high.
Investment in incorporated affiliates
accounted for 94 percent of the position;
it was mostly equity (capital stock and
retained earnings) rather than debt
(intercompany accounts) (table 3). Investment in unincorporated affiliates—
shown as a single summary account representing the parents' total claims, both
equity and debt, on affiliates' net assets—accounted for the remainder.
1980 Addition
The addition to the position was $11.0
billion, compared with $12.0 billion in
1979. The addition consisted of capital
inflows of $10.9 billion and valuation
adjustments of $0.2 billion. Capital inflows, in turn, consisted of equity and
intercompany account inflows of $4.7
billion and reinvested earnings of incorporated affiliates of $6.2 billion.
By country of foreign parent, the
eight countries with the largest additions accounted for 93 percent of the
total. The Netherlands accounted for
32 percent, Canada for 24 percent, and
the United Kingdom for 14 percent.
The Netherlands Antilles and Japan
accounted for 8 and 7 percent, respec-
tively, and France, Belgium and Luxembourg, and Switzerland for about 2
to 3 percent each.
Compared with 1979, the composition
of. the addition changed significantly
by area. The share accounted for by affiliates with parents in Canada increased from 8 percent to 24 percent,
and the shares accounted for by affiliates
with parents in Europe and "other"
countries declined—from 69 percent to
55 percent and from 17 percent to 14
percent, respectively. The share accounted for by Japanese-owned affiliates, at 7 percent, was about the same
as in 1979.
The composition of the addition
changed less significantly by industry
than by area. Manufacturing continued
Table 1.—Foreign Direct Investment Position in the United States, 1979-80
[Millions of dollars]
Addition in 1979
Addition in 1980
Capital inflows
Position,
yearend
1978
Total
Total
AH areas
Petr oleum .
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
Kingdom
_
Petroleum___ __
Manuf acturin g
Trade
Insurance.
Other
Japan.. .
Petroleum
Manufacturing
Trade
Insurance
Other
Other
Petroleum
Manufacturing
Trade .
Insurance
Other
_
_
_
*Less than $500,000 (±).
Capital inflows
Equity
Valuation
and inter- Reinvested adjustcompany earnings of
ments
incoraccount
porated
inflows
(outflows
affiliates
(-))
Position,
yearend
1979
Total
Total
Equity
Valuation
and inter- Reinvested adjustcompany earnings of
ments
incoraccount
porated
inflows
(outflows
affiliates
(-))
Position,
yearend
1980
42,471
7,762
17, 202
9,161
2,773
5, 573
11,991
2,144
3,674
2,401
1,374
2,398
11,877
2, 144
3,672
2,394
1,408
2,258
7,921
499
2,667
1,766
1,168
1, 821
3,955
1,645
1, 006
628
240
438
114
0
1
7
-34
140
54,462
9,906
20, 876
11, 562
4,148
7,971
11,021
2,347
3,258
2,211
912
2, 293
10,854
2,347
3,260
2,203
912
2,132
4,664
-324
1,683
1,243
488
1, 573
6,190
2,671
1,576
959
424
559
167
0
-2
8
0
161
65,483
12, 253
24, 134
13, 772
5,060
10,264
6,180
734
3,213
907
209
1,116
975
209
402
4
69
290
931
209
402
4
69
246
532
130
239
-37
68
131
399
79
163
41
1
115
44
0
0
0
0
44
7,154
943
3, 615
911
278
1,406
2,655
194
1,533
237
166
526
2,600
194
1, 533
178
166
529
1,032
92
213
118
168
441
1,567
101
1, 320
60
-2
89
56
0
0
59
0
-3
9,810
1,137
5,148
1,148
444
1,932
29, 180
6,569
11, 717
6,023
2,261
2,611
8,223
1,441
2,236
1,816
1,188
1,543
8,159
1,441
2, 240
1,810
1,221
1,447
5,438
65
1,572
1,520
1,041
1,240
2,721
1,376
668
290
180
208
64
0
-4
6
-34
96
37,403
8, 010
13, 952
7,838
3,449
4,154
6,065
1,874
1,084
1,070
703
1,333
5,999
1,889
1,085
1, 123
703
1,198
2,599
-323
951
741
348
882
3,400
2,212
135
382
355
316
66
-15
-2
-53
0
135
43,467
9,884
15, 036
8,908
4, 152
5,488
7, 638
492
3, 014
2, 217
1,492
423
2,158
-293
533
824
289
804
2,143
-293
530
824
278
804
1,777
(D)
309
686
176
P)
366
221
138
102
15
0
4
0
11
0
9,796
199
3,547
3,041
1, 782
1, 227
1,546
-346
730
592
355
216
1,551
-331
730
592
355
206
850
-338
542
382
159
104
701
7
188
209
196
102
-5
-15
0
0
0
10
11,342
-147
4, 277
3,633
2,136
1,443
21,542
6,077
8,702
3,806
769
2, 188
6,065
1,734
1,702
991
898
739
6,016
1,734
1,710
985
943
643
3,662
(D)
1,263
834
865
(D)
2,355
(°)
447
152
78
49
0
-8
6
-45
96
27,607
7,811
10, 405
4,797
1,667
2,927
4,518
2,221
354
478
349
1,117
4,448
2,221
356
531
349
992
1,749
15
409
358
189
778
2, 699
2,206
-54
172
159
214
71
0
-2
-53
0
125
32, 126
10, 031
10, 759
5,275
2,016
4,045
2,749
(D)
474
1,522
D
( )
627
744
(D)
222
245
(D)
182
744
(D)
222
245
D
( )
182
282
462
38
53
291
1
79
0
0
0
0
0
0
3,493
160
696
1,767
61
808
726
-108
138
484
24
188
726
-108
138
484
24
188
636
169
-47
D
( )
103
0
0
0
0
0
0
4,219
52
834
2, 251
85
996
4,362*
(D)
1, 798
709
(D)
1,219
2.050
(D)
814
336
(D)
384
2,043
(D)
809
335
(D)
383
1,670
(D)
687
330
(D)
347
373
152
122
5
58
36
7
0
6
1
0
6,412
793
2, 612
1,045
359
1,603
1,575
387
503
420
19
246
1,529
372
503
418
19
217
46
15
0
2
0
29
7,987
1,180
3,115
1,465
378
1,849
(D)
(D)
(D)
(D)
(*)
D Suppressed to avoid disclosure of data of individual companies.
(D)
90
126
-61
D
( )
112
(D)
(D)
942
393
446
138
(D)
(D)
(D)
12
545
76
587
109
-27
(D)
79
SUKVEY OF CUEEENT BUSINESS
42
August 1961
to account for about 30 percent of the porated affiliates were $4.1 billion; they
addition, and trade and "other" for consisted of $4.2 billion of inflows for
about 20 percent each. The share of capital stock, partly offset by $0.1 bilpetroleum increased moderately to 21 lion of outflows for intercompany acpercent, and that of insurance declined count transactions. Inflows to unincorporated affiliates were $0.6 billion.
to 8 percent.
Compared with 1979, inflows to inBy component, the shares of capital
inflows and valuation adjustments re- corporated affiliates were down $3.2 bilmained about the same as in 1979—98 lion, and those to unincorporated affiliand 2 percent, respectively. The com- ates were down $0.1 billion. The decline
position of capital inflows changed sig- in inflows to incorporated affiliates was
nificantly; the share of equity and inter- more than accounted for by a shift from
company account inflows declined from net inflows to very small net outflows on
66 percent to 42 percent, and that of intercompany accounts. Inflows for
reinvested earnings increased from 33 capital stock increased slightly, to $4.2
percent to 56 percent. These changes re- billion, from a high 1979 level. In both
flected both a sharp increase in rein- years, these inflows financed a number
vested earnings, which was concentrated of large acquisitions of new affiliates, as
in petroleum, and a decline in equity well as expansions of existing affiliates.4
and intercompany account inflows. In
dollar amounts, reinvested earnings ex- estimate that was published in the August 1980
ceeded equity and intercompany ac- issue of the SURVEY OF CURRENT BUSINESS. The
upward revision mainly reflected the inclusion of
count inflows for the first time since late reports.
2
4. BEA recently initiated a survey on new acquisi1974.
Table 2.—'Composition of Foreign Direct
Investment in the United States, 1979-80
Equity and intercompany account
inflows
Equity and intercompany account inflows were $4.7 billion, down $3.3 billion
from 1979 (table 4). 3 Inflows to incor-
By industry:
Petroleum. _
Manufacturing
Trade
Insurance
Other
„ _
2. Comparisons to years prior to 1974 are not
made here because of a break in series between pre1974 estimates and estimates for 1974 forward.
Estimates for years since 1974 are linked to the
1974 benchmark survey, while estimates for years
prior to 1974 are linked to the 1959 benchmark
survey, of foreign direct investment in the United
States.
3. Equity and intercompany account inflows for
1979 were revised upward by $1.9 billion from the
tions and establishments of U.S. business enterprises by foreign direct investors. It covers the
full cost of such acquisitions and establishments,
regardless of how or by whom they were financed,
presents selected operating and financial data of
the acquired or established enterprises, and provides information on ultimate beneficial ownership.
In contrast, this article covers existing U.S. affiliates as well as U.S. business enterprises acquired or
newly established. Thus, while the capital flow data
in this article include inflows from foreign parents
to acquire or establish U.S. business enterprises,
these inflows cannot be entirely separated from
other capital flows between foreign parents and
their U.S. affiliates. Also, they represent only the
portion of the total cost of acquisitions and establishments that is financed by foreign parents. For
findings of the new survey for 1980, see "U.S.
Business Enterprises Acquired or Established by
Foreign Direct Investors in 1980" on page 57.
[Percent]
19 79
19 30
Posi- Addi- Posi- Addition, tion tion, tion
year- to year- to
end posi- end position
tion
Total
By component:
Capital inflows .
Equity and intercompany
account inflows,
Reinvested earnings of incor' porated affiliates
Valuation adjustments .
By type of affiliate and account:
Incorporate d
Capital stock
and retained
earnings l
__ _
Intercompany accounts
Unincorporated
By area:
Canada .
_
Europe..
United Kingdom
Europe excluding United
Kingdom... __ __ _
Of which:
France
Germany
Netherlands
_
Switzerland
Japan
Other
Of which,
Netherlands Antilles 2
_
__ _
_
Memorandum
:
OPEC 3 ..
100
100
100
100
98
n.a.
99
n.a.
n.a.
66
n.a.
42
n.a.
n.a.
33 n.a.
1 n.a.
56
2
94
94
94
95
74
20
6
68
26
6
78
17
6
95
(*)
"5
13
69
18
8
69
18
15
66
17
24
55
14
51
51
49
41
4
1C
23
6
6
12
3
17
22
5
6
17
4
g
25
6
6
12
3
-3
32
2
7
14
7
11
7
8
18
38
21
g
15
18
31
20
11
20
19
37
21
8
16
21
30
20
8
21
1
2
1
(*)
*Less than 0.5 percent (±).
n.a. Not applicable.
1. Capital stock includes additional paid-in capital.
2. Part of "Other Western Hemisphere."
3. Members of 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.
Table 3.—Foreign Direct Investment Position in the United States, by Type of Affiliate and Account, 1979-80
[ Millions of dollars]
Yearend 1980
Yearend 1979
Incorporated affiliates
Incorporated affiliates
Total
Total..
Total
Capital
stock and
retained
earnings *
Intercompany
accounts
Unincorporated
affiliates
Total
Total
Capital
stock and
retained1
earnings
Intercompany
accounts
Unincorporated
affiliates
__
54,462
51, 283
40,382
10,901
3,179
65,483
61,750
50,900
10,850
3,733
By area:
Canada
Europe
United Kingdom
Europe excluding United" Kingdom- __
Japan
Other
7,154
37, 403
9, 796
27, 607
3,493
6,412
6, 768
35, 523
8,895
26, 628
3, 396
5, 597
5, 181
28, 335
7,043
21, 292
3,145
3,720
1,586
7, 188
1,852
5,336
251
1,876
386
1,880
901
979
97
816
9,810
43, 467
11, 342
32, 126
4,219
7,987
9,177
41, 389
10, 349
31, 040
4,090
7,094
7,400
34, 963
8, 848
26, 116
4,000
4, 537
1,777
6,426
1,501
4, 924
90
2,557
633
2,079
993
1,086
128
893
By industry:
Petroleum..
Manufacturing
Trade
Insurance
Other
9,906
20, 876
11, 562
4,148
7,971
9,834
20, 772
11, 353
2, 634
6,689
8,952
15,844
7,004
2,321
6,262
883
4,928
4,349
313
428
72
104
208
1,513
1,281
12, 253
24, 134
13, 772
5,060
10, 264
12, 156
24,063
13, 622
3, 128
8,781
11, 821
19, 575
8,693
2,886
7,926
335
4,488
4,929
242
856
97
70
151
1,932
1,483
1. Includes additional paid-in capital.
SURVEY OF CUEEENT BUSINESS
August 1981
43
Table 4.—Equity and Intercompany Account Inflows, by Type of Affiliate, 1979-80
[ Millions of dollars; outflow (-)]
1980
1979
Inflows to incorporated affiliates
Total
Total
_
By area:
Canada _
_
« __
Europe
United Kingdom
Europe
excluding United
Kingdom
Japan
___
Other
By industry:
Petroleum
Manufacturing
Trade. „
Insurance
Other
Intercompany accounts
Capital stock 2
Total
Total
Increases
1
Capital stock 2
Total
l
Intercompany accounts
Total
Decreases
Total
Increases
Decreases
Inflows to
unincorporated
affiliates
7,921
7,261
4,090
4,413
-324
3,172
660
4,664
4,110
4,161
4,594
-433
-51
554
532
5,438
1,777
465
5,151
1,670
393
3,475
1,039
420
3,674
1,064
-27
-199
-24
72
1,676
630
66
287
107
1,032
2, 599
850
786
2,400
758
595
3,163
1,108
703
3,417
1,273
-108
-254
-165
191
-762
-350
247
199
92
3,662
282
1,670
3,481
281
1,364
2,436
166
55
2, 610
172
148
-174
-6
-92
1,046
llo
1,309
180
1
306
1,749
90
942
1,643
59
865
2,054
220
184
2,144
(D
)
(D)
-90
(D)
(D)
-412
-161
681
107
31
77
499
2,667
1, 766
1,168
1,821
462
2,687
1,694
911
1,508
167
1,246
672
744
1,261
177
1,458
713
(D)
(D)
-9
-212
-41
(DD)
( )
295
1,441
1,021
168
247
37
-20
72
257
313
-324
1,683
1,243
488
1,573
-349
1,717
1,301
70
1,371
198
2, 157
722
141
943
(D)
2,245
784
D
( )
1,166
(D)
-88
-63
D
( )
-223
-548
-439
579
-72
428
26
-34
-58
418
202
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
The continued high level of equity inflows reflected continued strong foreign
direct investors' interest in the United
States.
The shift to outflows on intercompany
accounts consisted of a $2.1 billion decline in affiliate paya'bles due to their
foreign parents and a $1.2 billion increase in affiliate receivables due from
their parents (table 5). The decline in
payables was mostly in manufacturing;
the increase in receivables was primarily
in manufacturing and petroleum. These
changes were probably a response by
affiliates to foreign parents' need for
funds to finance their own domestic
operations, particularly in Europe.
The decline in inflows to unincorporated affiliates was more than accounted
for by a sizable shift to net outflows by
trade affiliates and a decline in inflows
to affiliates in "other" industries, particularly real estate; partly offsetting
was a large increase in inflows to insurance affiliates.
By area of foreign parent, the decline
in equity and intercompany account inflows was centered in inflows from
Europe, particularly Germany and the
United Kingdom; partly offsetting was
a sizable increase in inflows from
Canada.
Inflows declined in all major indus-
Inflows to incorporated affiliates
Inflows to
unincorporated
affiliates
are 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.
Table 5.—Composition of
Inter company
Account Inflows: U.S. Affiliates' Payables
and Receivables, 1979-80
[Millions of dollars; outflows (—)]
1979
Total
Payables
Receivables
3 172
—51
3 822
1 772
-651 —1,823
By area:
Canada
Payables
Receivables .
Europe ..
Payables
Receivables
1980
72
172
—3 223
—2 051
— 1 172
119
225
191
397
—208
—108
1,676
-762
2,120
458
—444 — 1,221
-2, 439
— 1 661
-777
—100
__ _ _
1979-80
change
United Kingdom
Payables
Receivables
630
999
—369
—350
285
—635
—981
—715
—266
Europe excluding United
Kingdom
Payables
Receivables
1 046
1 120
—412
—75
174
—586
—1 458
—947
—511
115
406
—161
166
—326
—275
-241
—35
1 309
1,124
184
681
751
—70
—628
—373
—254
By industry:
Petroleum
Payables
Receivables.. .
295
209
86
—548
—75
-472
—843
—284
—559
Manufacturing. _
Payables
Receivables
1,441
1,645
-204
-439
—810
—1,880
—1 275
—608
Trade
Payables .
Receivables
1 021
1,378
-357
1 148
—569
—442
—230
—212
Insurance
Payables..
Receivables
168
168
(*)
—72
—76
4
—239
—244
5
Other .
Payables
Receivables
247
422
—176
428
404
23
181
—18
199
Japan. .
Payables
Receivables
__
Other
Payables
Receivables
*Less than $500,000 (db).
_ _
—291
370
579
tries. In manufacturing, they declined
$1.0 billion, to $1.7 billion. About onehalf of the decline was accounted for
by affiliates in "other" manufacturing.
The remainder was largely concentrated
in chemicals, machinery, and primary
and fabricated metals.
In "other" manufacturing, the decline in inflows was more than accounted for by a shift to net outflows
by German-owned affiliates. This shift
was mainly due to large increases in
outflows from affiliates manufacturing
automobiles, primarily in the form of
receivables due from parents. In contrast, inflows for capital stock in
"other" manufacturing increased substantially. The increase, which was
largely accounted for by affiliates of
parents in the United Kingdom and the
Netherlands, was primarily for acquisitions of U.S. companies in various industries, including plastic products,
nonelectrical machinery, building material supplies, and publishing and related businesses.
As in "other" manufacturing, the declines in inflows to affiliates in chemicals, machinery, and metals were also
largely on intercompany accounts. Inflows for capital stock in these industries increased. The increase in chemicals was largely accounted for by affili-
44
SURVEY OF CURRENT BUSINESS
ates of parents in the Netherlands and
in Belgium and Luxembourg; it was
associated with the acquisition of a
number of chemical companies. In
machinery, the increase was primarily
in inflows to Canadian-owned affiliates
for the construction of a plant and the
purchase of companies manufacturing
communications equipment. The increase in metals mainly reflected the
acquisition of companies by Britishowned affiliates and a joint venture by a
Swedish-owned affiliate for production
of nonf errous metals.
In petroleum, there was a shift of
$0.8 billion, to net outflows of $0.3 billion. The shift was entirely in intercompany account transactions. It was
partly accounted for by British-owned
affiliates, which registered a sizable increase in receivables due from, and a
decline in payables due to, their parents.
Also contributing to the shift was the
fact that a large reduction in a Bermudan-owned affiliate's receivables from
its British parent in 1979 was not
repeated in 1980.
Inflows to insurance affiliates declined $0.7 billion, to $0.5 billion. A
large share of the decline was in inflows
for capital stock, mostly to affiliates of
parents in Germany and the Netherlands. It reflected the acquisition of several major insurance companies in 1979,
but not in 1980.
Inflows to trade affiliates declined
$0.5 billion, to $1.2 billion. Affiliates of
parents in Europe, particularly Germany and the United Kingdom, more
than accounted for the decline- partly
offsetting was an increase in inflows
from "other Middle East." Flows to
August 1981
German-owned affiliates shifted to net
outflows, reflecting declines in inflows
for capital stock and increases in outflows on intercompany accounts. The
decline in inflows to British-owned affiliates was mostly in intercompany account transactions. It was more than
accounted for by several affiliates that
trade in precious metals; they had substantial declines in payables, perhaps
because of sharp declines in the value
of, and demand for, such metals in 1980.
Partly offsetting was an increase in inflows for capital stock to British-owned
affiliates for the acquisition of a nationwide restaurant and hotel chain. The
increase in inflows from "other Middle
East" was primarily accounted for by
intercompany account transactions of a
new affiliates that had an increase in
orders from its foreign parent (the host
Table 6.—Reinvested Earnings and Reinvestment Ratios of Incorporated Affiliates, 1979-80
[Millions of dollars, or ratio]
Earnings
All areas. _
Petroleum
Manufacturing
Trade.
Insurance
Other
United Kingdom.
Petroleum.
Manufacturing
Trade. - _
Insurance
Other
Other
Petroleum
Manufacturing
Trade. _ __
Insurance
Other
7 609
3 231
2,017
1 167
501
693
1,420
560
441
208
77
134
463
115
174
44
1
130
64
36
11
2
86
69
94
95
66
89
1 628
*136
1 327
60
—2
106
60
35
7
1
15
399
79
163
41
1
115
3 648
1 680
945
512
245
267
927
304
277
222
64
59
2 721
1 376
668
290
180
208
.75
82
.71
57
74
78
4 634
577
211
1
72
366
.63
292
(*)
(D)
(D)
3 070
(D)
(D)
P
652
(D)
504
39
61
311
1
92
_ _ __
430
160
135
14
61
60
(D)
P
13
716
303
205
47
42
1
8
20
(*)
(D)
(D)
221
138
102
2 355
(D/""
(D)
447
152
78
(D)
(D)
D
.75
( )
P)
(D)
(D)
.77
.69
(D)
(D)
13
462
38
53
291
1
79
.92
98
• .87
.94
.85
.86
57
8
13
9
3
24
373
152
122
5
58
36
.87
95
90
.38
.95
60
(D)
(D)
(D)
(D)
D)
549
540
(*)
1 234
(D)
(D)
926
225
256
111
3 708
2,703
292
(D)
(D)
(D)
P
(D)
(D)
(D)
698
6, 190
2,671
1,576
959
424
559
0,81
.83
.78
.82
.85
.81
1 567
101
1 320
60
-2
89
.96
.75
.99
.99
3,400
2,212
135
382
355
316
701
7
188
209
196
102
68
1 010
497
346
P)
285
Reinvestment ratio
(reinvested
earnings/
earnings)
10
(D)
(D)
414
158
80
(D)
Reinvested
earnings
18
396
(D)
70
62
9
27
2,699
2,206
-54
172
159
214
(D)
(i)
(D)
(D)
(D)
(D)
(D)
(i)
987
P
.73
(D)
.91
P)
.73
.82
(D)
.75
(D)
.90
101
(D)
79
(i)
194
20
-39
261
-2
220
-16
— 19
.91
(D)
638
294
194
141
-71
7
24
(D)
(D)
-3
-360
—51
88
(D)
J
(D)
.78
(D)
41
(D)
679
837
-533
92
175
109
137
-64
14
12
-3
7
587
(D)
3
308
21
63
3
10
22
4
23
109
—27
1,168
22
1,157
18
-3
-27
349
227
-36
79
650
(D)
(D)
-3
-1
-4
-2
.76
.91
P)
(D)
2,234
1,026
571
332
184
122
129
76
120
—5
(D)
(*)
Reinvested
earnings
330
212
132
-45
9
22
.80
14
(D)
(D)
-396
28
(D)
636
12
545
.73
.25
.71
Gross
dividends
2,565
1, 238
703
287
193
144
.83
89
(D)
Earnings
1 165
' 21
1,153
17
—3
—24
.58
.95
.98
.85
21
572
*Less than $500,000 (±).
D Suppressed to avoid disclosure of data of individual companie:
1. Reinvestment ratio not denned because reinvested earnings are negative.
Gross
dividends
0.78
.83
.77
71
.78
80
(D
)
(D)
_
Earnings
3 955
1 645
1,006
628
240
438
(D)
Japan
Petroleum
M anuf acturing
Trade
Insurance. _
Other
Reinvestment ratio
(reinvested
earnings/
earnings)
1,089
348
309
253
68
112
(D)
Europe excluding United
Kingdom
Petroleum.
M anuf acturing
Trade
Insurance
Other .
Reinvested
earnings
5,045
1, 993
1,314
881
308
549
Canada
Petroleum
M anuf acturing
Trade
Insurance
Other. _
Europe. _
Petroleum.
Manufacturing. _
Trade
Insurance
Other .
Gross
dividends
1979-80 change
1980
19 79
(D)
(D)
(D)
(D)
1
(D)
(*)
7
6
-5
—3
14
1
-2
(D)
(D)
(D)
335
215
-33
71
94
344
-501
21
81
174
-40
254
-3
214
-13
-33
43
45
SURVEY OF CUEEENT BUSINESS
August 1981
government) for procurement of supplies needed in the parent's petroleum
operations. The affiliate was previously
owned by a U.S. petroleum company
operating in the Middle East; it purchased U.S. parts, equipment, and engineering services and sold them to the
Middle East company. In 1980, the U.S.
company transferred the assets of its
Middle East operations to the host government. As part of that transfer, this
trade affiliate was acquired by the
government.
Among "other" industries, inflows declined slightly in real estate from a high
1979 level and increased $0.2 billion in
finance. The decline in real estate was
the result of large declines in inflows
from the United Kingdom and "other 6). The increase reflected a faster inWestern Hemisphere," which were al- crease in earnings than in gross divimost offset by increases in inflows from dends—51 percent compared with 30
the. Netherlands and Canada. In fi- percent. (See the following section for
nance, inflows to affiliates of parents in a discussion of changes in income, of
Europe and Canada increased sub- which earnings is the major compostantially, as a result of several major nent.) The reinvestment ratio—the
acquisitions. Particularly large was an fraction of earnings reinvested—rose
increase in inflows to Netherlands- from 0.78 to 0.81, continuing its
uptrend.
owned affiliates.
Eeinvested earnings increased substantially
in all major industries. In
Reinvested earnings
petroleum, they increased 62 percent, to
Eeinvested earnings—the difference $2.7 billion. The increase was primarily
between earnings (i.e., foreign parents' attributable to an increase in earnings ;
shares in net income), and gross divi- the reinvestment ratio, at 0.83, remained
dends, of incorporated affiliates—in- about the same as in 1979.
creased 57 percent, to $6.2 billion (table
Eeinvested earnings of manufactur-
Table 7.—Income and Rate of Return, 1979-80
[Millions of dollars, or percent]
1979
1980
Income
Income
Interest, dividends, and earnings of
unincorporated affiliates
Rein-
Total
Total
All 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 Kingdom...
Petroleum
_ _
Manufacturing
Trade
Insurance
_
Other
Japan
Petroleum
Manufacturing.
Trade
Insurance
Other
_ _
___
_ _
Other
Petroleum
Manufacturing
Trade .
Insurance
Other
_—
_
__
Dividends
Total
Total
Interest
Dividends
ReinEarnings vested
of unin- earnings
corporated
affiliates
Rate of
return 1
2,402
392
693
439
359
519
594
30
416
103
10
36
996
328
282
225
59
102
812
34
-5
111
290
381
3, 955
1,645
1,008
628
240
438
13.1
23.1
8.9
10.3
17.3
14.1
9,336
3,281
2,478
1,389
805
1,383
3,147
610
901
430
382
824
842
14
519
157
15
138
1,311
529
409
- 185
68
121
993
67
-26
88
299
565
6,190
2,671
1,576
959
424
559
15.6
29.6
11.0
11.0
17.5
15.2
599
112
198
52
75
162
200
33
35
11
74
46
46
2
24
8
55
30
9
2
399
79
163
41
1
115
9.0
13.4
5.8
5.8
30.7
12.8
1,795
137
1,345
68
26
219
228
36
25
8
28
131
66
5
18
7
52
30
6
109
1
13
99
1
2
1
74
21
1,567
101
1,320
60
-2
89
21.2
13.2
30.7
6.6
7.1
13.1
4,379
1,708
1,144
713
448
366
1,658
332
476
424
268
158
435
22
249
166
7
-9
849
289
253
198
57
53
374
22
-26
60
204
114
2,721
1,376
668
290
180
208
13.2
23.4
8.9
10.3
15.7
10. 8
5,622
2, 708
776
819
687
631
2,223
496
642
437
332
315
588
2
282
245
10
49
%4
53
(D)
195
3,400
2,212
135
382
355
316
13.9
30.3
5.4
9.8
18.1
13.1
844
315
308
279
(D)
478
13
94
170
177
25
103
12
33
(D
)
(D)
-41
182
1
62
D
(D)
( )
. 12
193
(*)
13
128
54
366
(D)
221
138
102
(D)
9.7
( )
9.6
11.7
17.0
D
( )
1,291
12
264
431
412
171
590
5
76
222
217
69
147
-6
23
142
2
-14
9
248
(D)
-6
D
(D)
( )
74
701
7
188
209
196
102
12.2
45.9
6.8
12.9
21.0
12.8
3,534
(D)
829
4C5
170
(D)
1,180
319
382
253
91
134
332
10
216
(D)
667
288
191
180
22
-25
48
77
60
2,355
(D)
447
152
78
(D)
4,331
2,697
512
388
275
460
1,633
491
566
215
116
245
441
8
259
103
8
62
949
472
326
(DD)
( )
62
244
10
-18
(DD)
( )
121
2,699
2, 206
-54
172
159
214
14.5
30. 2
4.8
7.7
14.9
13.2
569
38
74
238
11
209
107
(*)
21
-53
9
130
-54
-1
12
-72
0
6
462
38
53
291
1
79
725
(D)
43
468
(D)
192
89
9
31
-77
11
116
-75
-2
15
-100
0
11
108
12
123
0
1
1
9
112
14.4
( )
8.7
9.4
13.9
(D)
18.2
(D)
12.6
14.5
13
7
-2
(D)
92
636
(D)
12
545
' (D)
76
809
178
283
63
65
220
436
27
161
58
8
184
168
7
130
1
3
26
54
8
13
8
2
23
215
12
18
49
2
134
373
152
122
5
58
• 36
1,194
(D)
313
34
607
69
204
62
10
262
264
10
204
5
5
41
59
3
10
21
3
21
284
56
-10
36
2
200
587
(D)
109
-27
D
( )
79
(*)
(D)
12
33
(*)
(D)
(
%
38
1
8
18
(*)
D
*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 positions.
Interest, dividends, and earnings of
unincorporated affiliates
6,357
2,037
1,699
1,086
599
956
(D)
_-
Interest
Earnings vested
of unin- earnings
corporated
affiliates
Rate of
return 1
D
D
(D)
29.2
15.0
(D)
12.8
7.2
(D)
15.6
(D)
341
(*)
37
) 1
28
78
R16
1,144
(D)
384
140
(D)
n
195
(D)
59
(D)
(D)
(D)
(D)
57
9
24
491
(
(D)
18.8
(D)
,7
23.3
(DD)
( )
16.6
(D)
10.9
2.7
(D)
(D)
SUKVEY OF CURBENT BUSINESS
46
Table 8.—Income and Related Items:
Source and Relationship
[Millions of dollars!
1980
amount
Source and
relationship
1. Earnings of incorporated
affiliates.
7,609
Reported
2. Earnings of unincorporated affiliates.
993
Reported
3. Earnings
8,602
= 1+2
4. Gross dividends (on common
and
preferred
stock).
1,420
=5+6
5. U.S. withholding tax on
dividends.
109
6. Dividends (on common
and preferred stock).
7. Interest
1,311
842
Derived
Reported
Reported
8. Reinvested earnings of
incorporated affiliates.
6,190
=1-4 or 10-9
9. Interest, dividends, and
earnings of unicorporated affiliates.
3,147
=2+6+7 or 10-8
10. Income..
9,336
=3-5+7 or 8+9
NOTE.—" Reported" refers to universe estimates derived
from reported sample data.
ing affiliates increased 57 percent, to
$1.6 billion. The increase was more than
accounted for by affiliates manufacturing food products. The increase in food,
in turn, was primarily accounted for by
a Canadian-owned affiliate that realized
an unusually large profit from the sale
of its petroleum subsidiary in 1980. Excluding this affiliate, reinvested earnings of manufacturing affiliates would
have declined. There were shifts to
negative reinvested earnings in "other"
manufacturing and machinery, and
large declines in reinvested earnings in
chemicals and metals. These changes
were due to declines in earnings and in
reinvestment ratios.
Reinvested earnings of trade affiliates
increased 53 percent, to $1.0 billion. The
increase, which was largely accounted
for by Japanese-owned affiliates, was
attributable to increases in both earnings and the reinvestment ratio. In
insurance, reinvested earnings increased 77 percent, to $0.4 billion. Affiliates of parents in the United Kingdom
and Germany accounted for most of the
increase.
Income
Income, the return on the direct investment position, increased 47 percent,
to $9.3 billion (table 7). Income consists
of foreign parents' equity in the net income (after deduction of U.S. income
taxes) of their U.S. affiliates, plus interest on intercompany accounts, less
withholding taxes on dividends and interest (table 8). Alternatively, it is the
sum of (1) interest, dividends, and
earnings of unincorporated affiliates,
and (2) reinvested earnings of incorporated affiliates.
The increase in income was widespread among major industries. Income
of petroleum affiliates increased substantially—61 percent, to $3.3 billion—
following a 64-percent increase in 1979.
The increase primarily reflected higher
petroleum prices, both because of price
increases by OPEC countries and the
gradual decontrol of crude oil prices in
the United States beginning in the
third quarter of 1979. Netherlandsowned affiliates accounted for much of
the increase. Income of affiliates with
parents in the Netherlands Antilles also
increased substantially, partly reflecting the operations of a new affiliate.
In manufacturing, income increased
46 percent, to $2.5 billion. There was an
unusually large increase in income in
food products, which was more than
accounted for by the Canadian-owned
affiliate mentioned above. Excluding
this affiliate, income in manufacturing
would have declined 62 percent. Declines were sizable in chemicals and
machinery. In the latter, Canadianowned affiliates manufacturing heavy
construction vehicles and agricultural
equipment incurred large losses. Income
declined moderately in "other" manufacturing. The decline was more than
accounted for by German-owned affiliates producing automobiles and related
products; these affiliates suffered large
losses in operations as a result of sluggish sales, high interest rates, and work
stoppages due to labor disputes.
Income of trade affiliates increased 30
percent, to $1.4 billion. The increase was
largely accounted for by Japaneseowned affiliates and reflected a rise in
the volume of these affiliates' trade with
Japan, particularly their imports of
August 1981
Table 9.—Fees and Royalties, 1979-80
[ Millions of dollars]
1979
All areas..
Manufacturing
Other.
Canada
Manufacturing
Other
.
Europe
Manufacturing
Other.
United Kingdom
Manufacturing
Other
_
Switzerland..
Manufacturing
Other
Other Europe.
Manufacturing.
Other
_
Japan . _
Manufacturing
Other
Other. _
Manufacturing
Other.
_
__ _
1980
523
515
328
194
416
100
163
224
31
132
86
139
407
599
280
127
309
290
102
104
44
58
40
64
118
143
104
14
128
14
187
352
132
55
141
211
—75
-155
9
—84
—169
27
-153
7
20
-160
14
7
Japanese automobiles and parts. British-owned affiliates also had a sizable
increase.
Insurance affiliates' income increased
34 percent, to $0.8 billion. Affiliates with
parents in the United Kingdom and
Germany had large increases. The increase in income of affiliates in "other"
industries was mostly in finance, largely
accounted for by affiliates of parents in
the Netherlands and Canada.
The rate of return on the direct investment position—income divided by
the average of the beginning- and endof-year positions—rose from 13 percent
to 16 percent, as income increased faster
than the average position—47 compared with 24 percent. The rate of return rose in all major industries and on
investment in all areas. The rise in petroleum was particularly large—from
23 percent to 30 percent—as was the rise
on Canadian investment—from 9 percent to 21 percent, reflecting the transaction of the previously mentioned affiliate in the food industry.
(Text continued on page 51)
SUEVEY OF CURRENT BUSINESS
August 1981
47
Table 10.—Foreign Direct Investment Position in the United States at Yearend 1979
[Millions of dollars]
Manufacturing
All industries
All countries
54,462
Canada
7,154
Europe _ _ _
European Communities (9) _ _ __ _
Belgium and Luxembourg
France
_
Geimany
Italy
Netherlands..
_
__ _
Denmark and Ireland
United Kingdom
37,403
32, 349
1, 564
2, 289
5,665
214
12, 672
150
9,796
Machinery
Other
manufacturing
Trade
Finance
Insurance
Real
estate
3,600
4,434
11,562
3,427
4,148
1,820
227
278
334
846
2,080
1,911
108
245
197
77
628
5
650
3,449
2,938
(*)
1,782
552
536
24
-1
103
12
208
0
188
1,523
1,362
75
47
306
-1
526
20
388
169
-90
179
80
511
78
419
14
16
2
6
8
161
-5
71
95
1,767
638
61
68
102
114
-84
10
40
59
488.
50
33
18
438
712
74
48
26
638
336
166
33
133
170
347
270
268
2
77
561
95
65
30
466
221
6
2
4
215
0
17
18
-1
201
133
69
"o
252
(*)
251
-41
-11
-31
Total
Food
products
Chemicals
and allied
products
Primary
and
fabricated
metals
9,906
20,876
2,611
7,212
3,020
943
3,615
827
109
822
1,158
701
911
8,010 13,952
7,835 11, 077
905
228
205
1,087
46
2,665
16
(*)
6,478
3,492
42
1
199
3,547
1,647
1, 258
25
-15
23
10
821
-2
397
5,321
4,134
72
246
1,721
-14
880
14
1,216
1,577
1,356
78
418
135
3
58
0
666
2,325
1,646
-25
60
405
9
723
19
456
3,083
2,683
78
379
381
9
1,011
11
814
7,838
6,692
216
664
1,748
94
848
81
3,041
389
1
381
7
1,186
35
1, 153
-1
221
11
190
19
679
440
222
18
400
47
336
17
1,146
503
473
170
29
202
223
125
117
4
42
-6
34
1,573
59
66
-7
1,513
319
5
1
4
313
-1
1
15
-14
-2
3
3
38
0
38
1
0
1
Petroleum
42
599
15
492
Other
2,724
5,053
1,134
3, 449
471
175
113
19
42
2,875
534
2,281
60
3,493
160
696
211
-2
74
5,43l"
802
594
207
4, 629
772
24
22
2
748
2,482
168
157
11
2,314
Middle East
Israel
Other.
470
143
327
1
0
1
41
3
39
Other Africa, Asia, and Pacific
301
23
15
4
2
-1
-2
12
203
29
2
15
15
Memorandum:
OPEC i _
385
11
52
6
-1
37
-8
18
-5
81
1
267
-22
Other Europe
Sweden
_
Switzerland
Other.
' .
„ _
__
__
Japan
Australia, New Zealand, and South Africa..
Latin America. _
Latin American Republics
Panama
Other
Other Western Hemisphere
(*)
104
52
42
11
52
(*)
(*)
0
(*)
(*)
(*)
(*)
*Less than $500,000 (db).
1. See footnote 3, table 2.
Table 11.-—Foreign Direct Investment Position in the United States at Yearend 1980
[Millions of dollars]
Manufacturing
All industries
AH countries
Total
Food
products
Chemicals
and allied
products
Primary
and
fabricated
metals
Petroleum
Machinery
Other
manufacturing
Trade
Finance
Insurance
Real
estate
Other
3,006
65,483
12,253
24, 134
4,092
7,859
3,572
4,007
4,603
13,772
4,829
5,060
2,429
9,810
1,137
5,148
2,186
139
839
1,288
696
1,148
354
444
542
1,036
43,467
37, 850
1, 873
2,672
5,290
334
16, 159
180
11, 342
9,884
9,687
1,224
240
48
(*)
8,319
3
-147
15,036
12, 022
221
1,393
2,137
7
3,931
56
4, 277
1,747
1,430
24
38
27
10
879
-1
453
5,798
4,550
122
312
1,789
-14
910
13
1,419
2,068
1,720
61
522
165
3
91
(*)
878
2,461
1,781
-48
91
382
-3
881
14
464
2,962
2,541
62
430
-226
11
1, 170
29
1,064
8,908
7,542
158
583
1,759
200
1,113
96
3,633
3,031
2,815
160
333
162
95
1,099
5
961
4,152
3,533
7
44
696
17
632
(*)
2,136
871
855
28
-1
120
13
504
191
1,586
1,396
75
80
368
1
562
19
290
5,618
1,345
3,682
591
197
128
25
44
3,013
620
2, 308
86
317
1
299
17
1,247
51
1,198
-1
348
71
255
22
680
461
202
17
421
37
354
31
1,366
577
559
231
216
-85
203
98
619
103
498
19
16
2
2
11
190
1
88
102
4,219
52
834
25
227
238
176
169
2,251
754
85
109
134
257
~3
86
1
6
50
-10
39
134
-69
16
41
52
6, 702
931
695
236
5, 771
1,140
21
13
8
1,119
2,994
121
136
-15
2,873
143
45
42
3
98
1, 686
50
58
-7
1,635
334
6
-6
334
93
-5
16
-21
98
737
30
15
16
707
948
120
81
39
828
440
229
59
170
211
361
331
329
2
30
587
98
68
30
489
233
11
8
3
221
Middle East
Israel
Other.. .
740
213
527
4
0
4
48
3
45
44
0
44
1
0
1
0
174
16
159
290
215
75
*> o
(*)
265
(*)
265
-42
-20
-22
Other Africa, Asia, and Pacific
288
38
-12
-10
1
-1
-1
-1
208
30
2
14
8
Memorandum :
OPEC i . .
576
20
57
3
-1
44
-7
18
84
1
280
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 Africax
^atin America
__
^ Latin American Republics.
Panama
__
Other
Other Western Hemisphere
._
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 3, table 2.
D
8
3
3
0
(*)
(*)
(*)
(*)
(D)
(
*o
(°)
SUEVEY OF CUEEENT BUSINESS
48
August 1961
Table 12.—Equity and Intercompany Account Inflows, 1979
[ Millions of dollars; outflows(-)]
Manufacturing
All industries
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
- _
-
-
__
_
-
_
Petroleum
Total
Food
products
Chemicals
and allied
products
Primary
and
fabricated
metals
Machinery
Other
manufacturing
Trade
Finance
Insurance
Real
estate
7, 921
499
2,667
253
730
193
685
806
1,766
748
1,168
549
524
532
130
239
21
4
42
102
70
-37
13
68
138
-20
65
74
1,572
197
123
-4
-2
D
( )
358
317
638
632
( )
30
24
2
D
(D)
( )
475
1,041
963
(*)
194
195
82
1
80
1,520
1, 207
-7
110
334
23
49
13
686
408
397
( )
19
140
(*)
95
(D)
118
40
7
32
1
313
128
162
24
5,438
4,682
99
190
1,877
-35
755
19
1,777
756
129
564
63
282
D
( )
(D)
21
0
76
(*)
(D)
-9
(D)
(D)
(D)
1,214
78
10711
-60
164
1
309
359
34
312
12
(D)
(D)
-3
(D)
(D)
(D)
74
0
( )
22
( )
( )
-3
D
32
1
D
338
D
185
114
7
107
71
55
-3
3
-50
(DD)
( )
(DD)
( )
0
0
0
3
0
3
0
0
0
0
0
0
-1
0
-2
-6
0
3
-6
Other Africa, Asia and Pacific
83
-3
-6
2
Memorandum:
OPEC i
12
9
-4
.
(D)
( )
D
( )
(D)
(D)
8
(°)
(DD)
( )
(DD)
( )
(*)
( )
(*)
(D)
( )
(DD)
(D)
( )
(D)
353
(D)
(DD)
( )
( )
0
0
0
_.
6
(D)
(D)
-8
D
-1
3
0
3
_
132
15
108
10
90
D
-3
0
-3
- -
(*)
( )
-47
42
34
8
Middle East
Israel
Other
- - --
( )
-43
2
112
63
59
D
D
D
243
Latin America
Latin American Republics
Panama
Other
Other Western Hemisphere
263
21
21
9
371
D
D
( )
( )
(D)
( )
(*)
-11
0
(D)
(D)
(D)
587
455
D
50
680
7
8
-1
672
( )
22
138
48
D
10
1,476
194
40
154
1,282
(D)
(DD)
(D)
97
D
( )
292
270
( )
-42
209
(DD)
( )
1
33
3
169
69
D
(D)
D
Australia, New Zealand, and South Africa..
Other
(DD)
( )
(D)
47
0
176
78
1
((D))
(D)
11
(D
)
(D)
(D)
(D)
D
(D)
( )
( )
2
o
(D)
160
0
0
0
27
0
27
1
37
29
9
112
-19
-7
12
0
Other
manufacturing
Trade
Finance
311
1,243
118
36
-3
-22
67
-488
(D)
242
(D)
183
38
(D)
(D)
o
41
0
64
0
(D)
-1
0
-1
(*)
(DD)
D
(D)
(D)
D
(*)
81
2
D
( )
(D>
79
-25
(D)
(D)
-1
(*)
(D)
(D)
Insurance
Real
estate
Other
971
488
517
84
101
168
193
147
741
507
-62
-97
-16
108
181
13
382
662
644
(D)
70
-37
15
348
276
-44
-63
-5
41
55
1
-24
-2
-130
30
234
60
112
61
18
3
7
8
264
263
(DD)
( )
16
0
242
0
(*)
1
0
-2
4
64
-61
68
(°)
36
-1
(*)
*Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 3, table 2.
D
Table 13.—Equity and Intercompany Account Inflows, 1980
[ Millions of dollars; outflows (-)]
Manufacturing
All industries
Petroleum
Total
Food
products
Chemicals
and allied
products
Primary
and
fabricated
metals
Machinery
4,664
-324
1,683
33
464
346
Canada
1,032
92
213
-21
9
-42
(D)
Europe
_
European Communities (9)
Belgium and Luxembourg
France
Germany
Italy
Netherlands .
Denmark and Ireland
United Kingdom
2,599
2,054
22
254
-393
113
1,180
28
850
-323
-331
(DD)
( )
951
758
40
209
-433
-10
395
15
542
37
102
1
395
341
365
228
-18
(D)
23
(D)
All countries..
_
Other Europe
.
Sweden
Switzerland
Other.
...
__ _
__
_ __
Japan
545
154
287
104
90
Australia, New Zealand, and South AfricaLatin America
Latin American Republics
Panama _
Other
_
Other Western Hemisphere .
_
38
662
67
23
44
595
%-23
1
-338
(D)
(D)
D
8
.1
<)
o
<D)
(D)
193
84
85
24
126
12
-3
-9
6
(DD)
( )
(*)
(D)
(D)
(D)
,
23
-65
0
(D)
(D)
(D)
(D)
(D)
D
54
33
1
57
121
54
38
25
( )
D
2
( )
407
-24
-7
-18
431
32
—1
0
-1
32
(D)
(D)
32
-9
40
246
57
190
4
0
4
2
0
2
0
0
0
0
0
0
Other Africa, Asia, and Pacific. .
-4
15
-27
-16
1
Memorandum:
OPEC i
185
8
-3
0
Middle East
Israel
_ _
Other
_
...
* Less than $500,000 (i).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 3, table 2.
D
(*)
(D)
529
(D)
(*)
(DD)
( )
202
(D)
118
90
38
-11
56
(*)
2
D
(D)
(D)
35
( )
D
-5
( )
(D)
13
28
15
15
—1
136
12
(D)
-6
(*)
(DD)
( )
2
0
2
(*)
(*)
2
1
(*)
(D)
234
(D)
(D>
17
14
(°)
56
(°)
-2
260
0
0
0
154
-4
158
72
69
3
-13
13
-1
(D)
(D)
(D)
(D)
2
o
159
262
43
25
18
218
(D)
0
0
0
o
6
(D
)
(D)
(D)
(D)
°- 2
(D)
72
4
10
3
2
(°)
36
-2
(D)
(D)
0
0
0
0
(*)
(*)
(DD)
( )
8
14
1
0
14
19
7
11
1
(DD)
( )
-14
7
7
1
-21
(DD)
( )
1
-4
(D)
49
SURVEY OF CUEKENT BUSINESS
August 1981
Table 14.—Reinvested Earnings of Incorporated Affiliates, 1979
[ MiUions of dollars]
Manufacturing
All industries
All countries...
Canada..
Europe
European Communities (9)
Belgium and Luxembourg
France
.__
Germany
Italy
Netherlands
Denmark and Ireland
United Kingdom
Middle East... ..
Israel
Other
Other Africa, Asia, and Pacific
Machinery
Other
manufacturing
Trade
Finance
Insurance
Real
estate
Other
1,006
98
380
212
117
198
628
237
240
39
162
79
163
19
13
74
14
42
41
26
1
9
80
2,721
2,566
161
123
138
5
1,767
6
366
1,376
1,312
668
631
6
83
90
1
229
1
221
63
56
-1
-7
(D)
278
237
80
105
-7
164
153
(D)
(*)
28
143
123
-8
19
2
3
D
(D
)
( )
72
15
16
D
( )
(*)
(*)
(D)
290
280
4
27
47
(*)
58
6
138
180
158
( )
84
80
9
11
-1
14
-2
9
13
-12
8
20
2
12
6
291
41
(D)
„
81,361
(*)
(D)
0
15
462
38
37
15
22
(*)
53
3
0
-2
152
115
-16
-12
-4
131
18
-2
(*)
-2
20
7
0
0
0
362
49
60
-11
313
_
Chemicals Primary
and allied
and
products fabricated
metals
1,645
Australia, New Zealand, and South Africa..
Latin America
_
Latin American Republics
Panama
__
Other
Other Western Hemisphere
Food
products
399
116
19
20
._
Total
3,955
154
Other Europe
Sweden
Switzerland
Other. .
Japan
Petroleum
64
•8
(*)
(*)
(*)
(*)
152
13
4
9
(*)
-5
(*)
2
8
(*)
7
Memorandum:
OPEC i
(*>
0
§'
D
(D)
30
76
-1
8
(*)
151
41
(°)
6
2
(D)
(*)
0
D
(*)
4
-1
<*)
^
I
(DD)
( )
16
-2
2
o
7
0
7
2
0
1
0
7
0
(*)
(*)
(D)
11
23
84
(*)
(D)
4
( )
93
(D)
( )
D
(*)
( )
85
-9
(*)
(<)
1
24
-25
15
-40
1
(*)
ft
(D)
-9
(D)
(*)
(D)
41
16
0
2
(D)
D
0
(D)
(D)
(D)
(D)
-5
0
0
0
0
(*)
(*)
7
7
14
-8
(*)
(*)
(D)
(D)
(D)
(D) *
1
1
12
6
6
-6
3
(*)
(*)
(D)
22
8
(*)
£f5
1
(D)
(D)
0
D
o
(°)
(D)
(*)
(*)
12
102
( )
-21
-4
(*)
23
(D)
47
3
(D)
(*)
19
0
(D)
( )
14
4
58
(DD)
( )
50
48
D
(*)
(*)
(*)
(>)
0
C) 1
0
0
0
-1
(*)
-6
-2
-3
-1
-2
(°)
(*)
6
0
3
15
(°)
(D)
Other
*Less
than $500,000 (±).
D
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 3, table 2.
Table 15.—Reinvested Earnings of Incorporated Affiliates, 1980
[ Millions of dollars]
Manufacturing
All industries
All countries
_
Petroleum
Total
Food
products
Chemicals
and allied
products
Primary
and
fabricated
metals
6,190
2,671
1,576
1,451
183
206
Canada..
1,567
101
1,320
1,380
21
60
Europe..
_
European Communities (9)
E elgium and Luxembourg
France
Germany
Italy
Netherlands
Denmark and Ireland. _ _ _
United Kingdom
3,400
3,373
287
129
9
7
2,238
2
701
2,212
2,198
135
182
-46
97
-95
1
38
-1
188
66
73
82
75
126
136
2
Other Europe _
Sweden . _
Switzerland
Other
_
27
57
-47
17
_ _
Japan ..
636
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
Memorandum:
OPEC i
24
14
10
._.
8
9,864
(*)'
(D)
(D)
-9
12
15
i
(°)
8
564
55
63
-8
509
_
(D)
0
D
()
(*)
w8
c*)
.(*)
(*)
(*)
0
"Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 3, table 2.
D
-47
2
-50
1
c(D0))"1
(*)D
()
0
33
-8
<")
(D)
(D)
12
( )
-1
D
(D)
( )
-27
(D)
82
•(*)
(D)
(D)
(D)
(*)
(D)
0
5
5
0
0
0
1
2
(*)
(D)
82
Other
manufacturing
Trade
Finance
Insurance
Real
estate
-142
959
344
424
31
184
60
27
-2
13
43
382
396
5
15
27
(*)
137
2
209
217
189
(D)
19
2
3
355
319
0
3
7
9
91
82
60
-14
14
-27
-1
29
3
16
10
545
47
(D)
17
45
-6
102
—4
-5
-28
6
-34
(*)
16
-156
-147
6
-16
-118
(D)
-91
(D)
(D)
3
D
( )
4
8
0
5
0
5
-2
0
0
5
(D)
(*)
(*)
(*)
0
0
0
-9
-12
(D)
0
77
-1
4
*> o
-27
2
8
-6
-30
0
0
0
4
1
2
18
14
4
(*)
-8
2
(*)
3
5
(DD)
(D)
( )
(
0
0
67
( D )~
1
( )
(D)
(*)
(*)
-9
D
82
8
(D)
0
11
( )
( )
-122
(D)
(D)
(*)
D
(*)
7
-6
1
-7
14
5
12
36
D
(D)
D
105
-23
-14
-9
127
(*)
(D)
Machinery
(*)
8
(D)
(D)
(*)
(D)
o
(D)
$.i
196
-1
36
-1
(D)
(D)
i
-2
1
59
1
25
10
0
10
-1
6
5
(*).
-1
(D)
5
(D)
(D)
3
(D)
34
( )
(D)
i
(D)
D
(D)
27
5
-1
6
22
(*)
1
o
c*) -
0
0
0
((°)D)
(*)•
0
-1
-2
(DD)
( )
-1
-3
-1
(*)
SUEVEY OF CUERENT BUSINESS
50
August 1981
Table 16.—Income, 1979
[Millions of dollars]
Manufacturing
All industries
All countries
Canada
_
_ _
_ _
Europe
European Communities (9)
Belgium and Luxembourg
France
Germany
Italy
Netherlands
Denmark and Ireland
United Kingdom
Other Europe
Sweden
Switzerland
Other
_ _
Petroleum
Japan
Australia, New Zealand, and South AfricaLatin America
Latin American Republics
Panama
Other
_
Other Western Hemisphere
Other Africa, Asia, and Pacific
Memorandum:
OPEC i
_
_
Chemicals Primary
and allied
and
products fabricated
metals
Machinery
2,037
1,699
183
591
327
599
112
198
22
16
75
4,379
3,907
161
247
232
27
2,387
9
844
1,708
1,621
(D)
12
-7
(*)
(D)
1,144
1,044
1
195
154
1
377
1
315
141
115
-1
-7
-1
1
87
0
37
402
347
-1
51
113
-1
16
-1
170
165
157
100
28
71
1
26
55
8
87
(DD)
( )
(*)
(DD)
( )
(D)
55
(D)
569
38
74
(*)
7
35
0
3
(*)
2
644
114
63
50
530
178
270
-17
-12
-5
287
59
17
42
Middle East
Israel
Other
Food
products
6,357
471
169
272
30
j.
Total
(*)
(*)
(*)
178
(*)
0
(*)
(
20
-2
*U22
7
0
0
0
(*)
70
<*)
3
49
(*)
7
163
-9
(DD)
( )
172
(D)
(D)
(*)
4
21
0
4
(*)
'(*)
0
(D)
8
(D)
109
1
33
Insurance
Real
estate
410
1,066
643
599
129
184
52
96
75
26
39
235
154
-4
17
3
18
(DD)
( )
73
448
352
52
52
(D)
1
1
1
35
0
(D)
79
75
(D)
-21
4
(*)
36
70
713
610
6
38
55
5
190
8
308
28
4
26
-2
103
47
49
7
81
5
62
13
8
(*)
(D)
(D)
307
280
(D)
26
31
145
(*)
-16
21
-37
1
4
10
(*)
»-2,
(DD)
( )
(DD)
( )
(D)
o
2
128
144
-7
(D)
(*)
W
Finance
(D)
53
(D)
Trade
188
(D)
7
(DD)
( )
Other
manufacturing
(DD)
( )
%
7
0
7
.? 0
0
1
7
7
0
0
0
(*)
(*)
(*)
5
21
1
46
0
279
96
(DD)
( )
(D)
*
4
(D>
(*)
D
6
238
160
11
( )
5
9
2
22
3
11
-8
19
75
67
4
63
8
64
56
55
8
(D)
13
3
4
-1
9
1
*1
(*)
32
19
14
0
0
0
25
(*)
25
-5
35
36
-1
-2
24
-5
(D)
44
(*)
Other
22
(*)
(>)
(*)
(*)
(°)
(°)
22
(*) 1
21
T-2
-3
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 3, table 2.
D
Table 17.—Income, 1980
[ Millions of dollars]
Manufacturing
All industries
All countries
Canada _
-
Europe
European Communities (9)
B elgium 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 Republic^
Panama
._ .
Other
Other Western Hemisphere
Middle East
Israel ..
Other
..
_
Petroleum
Chemicals Primary
and allied
and
products fabricated
metals
3,281
2,478
1,534
336
254
1,795
137
1,345
1,383
24
62
5,622
5,249
288
220
147
39
3, 257
7
1,291
2,708
(D)
(D)
52
Mem orandum :
OPEC*
60
43
(D)
D
725
73
30
42
(?)
(*)
2
11
13
-5
3
8
%
()
(D)
(D)
1,003
178
63
114
826
12
776
765
-54
177
-11
1
387
(*)
264
(D)
373
114
228
32
65
0
I
(D)
°0
(*)
(*)
(*)
*Less than $500,000 (-*).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 3, table 2.
Food
products
9,336
Other Africa, Asia, and Paci fie
D
Total
1
139
(D)
(D)
?S
(D)
174
149
D
( )
o
54
D
(D)
2
(D)
D
23
2
( )
125
13
-6
1
-7
19
(*)
(DD)
( )
5
•°,
0
0
0
8
1
2
<*)
-6
12
D
306
-23
-14
-9
329
5
74
25
( )
( )
152
158
-2
.
«.
40
67
D
( )
m
126
Machinery
Trade
Finance
Insurance
Real
estate
351
1,389
981
805
187
215
68
170
26
62
-13
6
16
-105
(D)
144
(D)
117
819
737
6
28
38
2
226
5
431
395
275
(D)
12
1
32
(D)
(*)
92
(D)
(DD)
(D)
( )
82
51
35
-4
119
4
93
22
(DD)
( )
468
149
(D)
8
(D)
24
D
( )
3
(D)
(DD)
(D)
3
4
3
(D)
(D)
126
140
(D>
V
13
(D)
(D)
Other
manufacturing
-6
146
-3
6
-14
13
-27
1
2
(D)
(D)
-8
24
-1
1
D
( )
D
D
( )
(*)
( )
(D)
0
8.
(D)
(D)
0
5
0
5
-2
0
(*)
(*)
(*)
0
5
(*)
0
185
7
(DD)
(D)
3
-4
2
-5
7
157
(D)
(D)
121
(D)
(*)
(*)
4
2
2
38
30
8
(*)
19
48
(*)
3
25
( )
'(*)
(D)
0
0
412
84
84
D
(D
)
( )
10
1
41
0
34
152
(D)
6
-6
13
1
(D)
118
<*)
(D)
687
569
(*)
5
(D)
2
(D)
8
2
8(*> -
( )
<*)
(*)
Other
45
(D>
8
7
31
7
(*)
0
0
0
^l
24
27
(DD)
( )
-1
-2
(DD)
( )
-3
27
-1
August
1981
(Continued from page ^6)
Fees and Royalties
Fees and royalties consist of net payments by U.S. affiliates to their foreign
parents for the sale or use of intangible
property, such as patents, industrial
processes, trademarks, and copyrights;
rentals for the use of tangible property;
service charges; and film and television
SURVEY OF CUEEENT BUSINESS
tape rentals. Net payments of fees and
royalties, at $0.5 billion, remained about
the same as in 1979 (table 9). There
were offsetting changes by industry; increases in petroleum and manufacturing, largely machinery and chemicals,
were virtually offset by a decline in
trade. The increase in petroleum reflected per-barrel royalty charges
against production above certain levels
from the North Slope. The increase in
51
manufacturing was largely attributable
to a rise in the use of patents held by
foreign parents. The decline in trade
was mostly due to increases in receipts
of service fees by an affiliate from its
parent in the Middle East and of
management and service fees by Japanese-owned affiliates for warranty
work performed for, and training given
by the affiliates to executives from, their
parent companies.
By RUSSELL B. SCHOLL
The International Investment Position of the
United States: Developments in 1980
ternational 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
an entry for the statistical discrepancy
in the accounts. However, because capital flows and current account transactions are simultaneously determined
and interact through exchange rates
and other factors, there is no simple
cause and effect relationship between
them.
The U.S. current-account surplus was
$3.7 billion in 1980, compared with $1.4
billion in 1979. Despite the slowdown in
economic activity abroad, exports remained relatively strong, spurred by
earlier depreciation of the dollar against
most major currencies and continued
strength in agricultural exports. Sluggishness in the U.S. economy in the first
half of the year limited increases in both
petroleum and nonpetroleum imports.
In the services accounts, net receipts of
income on direct and portfolio investment combined were about unchanged,
after being a source of substantial
growth for the past few years.
Reflecting the difference between recorded capital outflows of $84.8 billion
and inflows of $50.3 billion, net recorded capital outflows were $34.5 billion
compared with $23.7 billion in 1979. Alternatively, net capital outflows equaled
the sum of the $3.7 billion current-account surplus, the $1.2 billion SDR allocation, and the $29.6 billion statistical
discrepancy (table 1).
For the second consecutive year, the
statistical discrepancy indicated large
unrecorded inflows—$29.6 billion in
Relationship of capital flows to the 1980 following $21.1 billion in 1979. To
current account
the extent that these unrecorded inflows
In terms of accounting entries, the net were in the capital accounts, the incapital flow component of the U.S. in- crease in the net investment position in
52
JL HE net international investment
position of the United States increased
a record $27.7 billion in 1980, compared
with an increase of $17.6 billion in 1979
(table 1). U.S. assets abroad increased
an extraordinary $94.7 billion, compared with a $61.1 billion increase;
foreign assets in the United States increased $67.0 billion, compared with a
$43.5 billion increase.
The major factors contributing to the
increase in U.S. assets abroad were an
$84.8 billion capital outflow, largely reflecting a step-up in U.S. bank lending,
and an increase in U.S. official foreign
currency holdings. These outflows were
augmented by $9.9 billion in valuation
and other adjustments, mainly due to a
change in treatment of certain trade
payables of a U.S. direct investor's
overseas operations. The increase in
foreign assets in the United States was
largely accounted for by recorded capital inflows of $50.3 billion, reflecting a
shift to inflows for foreign official assets
(mainly from Organization of Petroleum Exporting Country (OPEC) members) and a slowdown in the increase of
U.S. bank liabilities to foreigners. These
inflows were augmented by $16.8 billion
in valuation and other adjustments,
mainly reflecting a 24-percent rise in
U.S. stock prices and the previously
mentioned change in treatment of certain trade payables, that increased liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns.
The net U.S. international investment position was $122.7 billion at yearend 1980. U.S. assets abroad were $603.6
billion, up 19 percent, and foreign assets
in the United States were $480.9 billion,
up 16 percent.
both years would have been less. The
large unrecorded inflows in 1979 and
1980 were probably boosted by recurrent international political and military
tensions. (In addition, it should be noted
that the Interagency Committee on
Balance of Payments Statistics established a work group in September 1980
to investigate possible sources of the
large statistical discrepancy in the past
two years. The initial focus of the group
was on financial market developments,
where some evidence suggested that
U.S. nonfinancial firms' borrowings
from banks abroad were underreported
or unreported by the firms or the banks.
As a result of the investigation, modification and clarification of reporting
instructions will be implemented. The
group will next review reporting by
nonbank financial institutions.)
Changes in U.S. Assets Abroad
Bank claims
Claims on foreigners reported by
U.S. banks reached $204.0 billion at the
end of 1980, 30 percent higher than in
1979. The record $47.0 billion increase
accounted for almost half the increase
in the value of total U.S. assets abroad
(table 2). Much of the rise was in
banks' own claims on their own foreign
offices. U.S.-owned banks, in particular,
became large net lenders to their foreign offices in 1980, a marked shift from
their small net borrowed position in
1979 (table 2a).
Interest rate developments and official monetary measures were important
factors influencing transactions between
U.S.-owned banks and their foreign
offices. When an 8-percent marginal reserve requirement was imposed in October 1979 on increases in managed liabilities, including Eurodollar borrowings,
August 1981
U.S. banks shifted some loans to their
foreign offices to. reduce the net deposit
position to which the requirements were
applied. This lending accelerated when
additional marginal reserve requirements and domestic credit controls were
imposed in March 1980 before being
removed in July.
Another factor encouraging U.S.
bank lending to foreigners was the more
rapid decline of Eurodollar interest
rates than the U.S. prime (and related
borrowing) rates from their peaks in
early April. U.S. banks increasingly
quoted and booked their loans at London
interbank offer (LIBOR) rates with
their foreign offices and supplied funds
to these same offices to make the loans.
Some of the funds were, in turn, lent to
U.S. nonbank residents, especially in
the second quarter, because it was
cheaper for U.S. corporations to borrow
from foreign rather than domestic
banking offices.
In response to these economic developments, claims of U.S.-owned banks
on their foreign offices increased $12.8
billion, compared with a $3.5 billion decrease in 1979. By contrast, claims of
foreign-owned banks in the United
States on their offices abroad increased
only $4.9 billion, compared with a $9.3
billion increase in 1979. Claims on foreigners, other than those on bank's foreign offices, rose strongly.
The geographic distribution of outstanding bank claims at the end of 1980
reflected the growth in lending by U.S.owned banks to Eurodollar centers in
the Caribbean, raising the latter's share
of total U.S. lending to foreigners to
23 percent, compared with 19 percent in
1979. The share of claims on Western
Europe declined to 23 percent from 26
percent. The Canadian and Japanese
shares were unchanged at 5 and 11 percent, respectively. Claims on Latin
America remained at 27 percent of the
total.
Worldwide, banks in the United
States and U.S. bank branches overseas
accounted for a large share of international bank credit in 1980. Either directly, or indirectly through interbank
lending, they supplied an estimated 25
percent of gross external lending, compared with 17 percent in 1979.
SURVEY OF CURRENT BUSINESS
53
Table 1.—-Summary of Changes in the Net International Investment Position of the United
States1
[Millions of dollars]
1976
1 Change in net international investment position
1977
1978
1979
1980
9,489
— 12,478
6,157
17 565
27 657
52 060
2, 521
4,191
45 348
42, 571
17, 384
25 187
31 951
61 062
3,557
27 829
44 429
36, 555
7 874
68 728
—662
4,640
64 750
62 571
32, 059
30 512
4,2*2
56 514
43 497
— 13,338
56 835
94
7
5
81
67
16
50
14, 751
-16,433
-2, 678
23, 693
34, 515
51, 269
36, 518
34, 785
51, 218
61, 070
63, 748
62,639
38,946
84, 776
50, 261
-5,262
3,955
8, 835
-6, 128
—6, 857
791
6,053
—2 834
—6, 789
7 658
-1,177
—1 579
4,549
9 929
16 786
15. Net international investment position of the United States at end of
period
__ _ _
83, 798
71, 320
77, 477
95, 043
122, 697
Memoranda :
International transactions capital flows, net (line 9 above) equals:
16.
Balance on current account (deficit (—))...
17.
Allocations of special drawing rights ..
18.
Statistical discrepancy (unrecorded outflows (— ))
-14,110 -14,075
10 367
1,414
1,139
21, 140
3,723
1,152
29 640
2
3
4.
5
6
7.
8
U S assets abroad
U.S. official reserves
U.S. Government assets, other than reserves
U S . private assets _
Foreign assets in the United States
Foreign official assets. _ __
Other foreign assets
9. International transactions capitalflows,net.
10.
11.
U.S. assets abroad.... _
Foreign assets in the United States
_
12. Valuation and other adjustments, net .
13.
14.
U.S. assets abroad
_ ._ _
Foreign assets in the United States
4,384
565
—2 323
11 398
306
702
800
101
801
045
203
842
1. Data for 1976-79 are revised; data for 1980 are preliminary.
At yearend, U.S. bank assets abroad
accounted for 34 percent of total U.S.
assets abroad, up from 31 percent in
1979 and 29 percent in 1978 (table 3).
Foreign securities
Holdings of foreign securities by
U.S. residents increased $5.5 billion in
1980 to $62.1 billion at yearend, compared with an increase of $3.2 billion
in 1979. Holdings of foreign stocks increased substantially; bond holdings
increased moderately.
U.S. residents' holdings of foreign
stocks increased $4.1 billion. Eecord net
purchases of $2.3 billion and price appreciation in most major foreign markets accounted for the increase. U.S.held Japanese stocks increased $1.8
billion, $1.0 billion of which reflected
a 15-percent appreciation of the Japanese yen against the dollar and a 9-percent rise of the Tokyo stock exchange
index. The Japanese Government also
removed some restrictions on capital
inflows. U.S.-held Canadian stocks increased $2.3 billion, due both to an 18percent rise in share prices and a $0.8
billion increase in purchases, primarily
in the first half of the year. The rise in
share prices reflected Canada's position
in energy and raw materials. Purchases
of Canadian equities dropped sharply
after October when U.S. investors re-
acted adversely to the Canadian Government's National Energy Program.
The rise in stock values was partly offset by a 2-percent depreciation of the
Canadian dollar against the U.S. dollar.
Purchases of Western European stocks,
primarity of French and Dutch equities, increased $0.5 billion after no net
purchases in 1979. Price appreciation
added another $0.4 billion, but was
partly offset by exchange rate losses. At
yearend, the value of foreign stocks held
was $18.9 billion, up 28 percent from
1979.
U.S. residents' holdings of foreign
bonds increased $1.4 billion. New issues
were $3.3 billion, the lowest level since
1974, when the Interest Equalization
Tax w^as removed from purchases of
certain foreign securities by U.S. residents. High interest rates and rapid inflation in the United States limited all
but the highest rated foreign borrowers
from tapping the U.S. market. New
issues of Canadian bonds were $1.8 billion, unchanged from 1979. New issues
from Western Europe, at $1.0 billion,
were down $1.0 billion. Placements by
developing countries, especially Israel,
increased $0.4 billion. Eedemptions of
foreign bonds, principally of World
Bank issues, were stepped-up to $2.5
billion, while net trading in outstanding
bonds remained small.
SURVEY OF CUEEENT BUSINESS
54
At yearend 1980, U.S. holdings of
foreign securities accounted for 10 percent of total U.S. assets abroad, down
from 11 percent in 1979.
U.S. direct investment abroad and
other private assets
U.S. direct investment abroad increased 14 percent, or $26.7 billion, to
$213.5 billion, following a similar percentage increase in 1979.1 The rise consisted of $18.5 billion in capital outflows, down $5.4 billion from the previous year, and an unusual $8.2 billion
valuation adjustment. The latter reflected a change in the nature and status
1. For details, see the article "U.S. Direct Investment Abroad in 1980," in this issue.
August 1981
of the operations of a Middle East
branch of a U.S.-incorporated petroleum company that resulted in a change
in accounting for the branch as reported
to BEA by the company. As a result,
the accounts payable of the branch were
removed from tihe direct investment account and transferred to the account
of U.S. nonbanking concerns as corn-
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
1
2
3
4
5
6
7
8
9-11
12
13
14
15
Changes in net international investment position of the
United States and U.S. assets abroad
Item (decrease (— ) )
17,565
27,657
23,693
-6, 128
34, 515
-6, 857
U S. assets abroad
Capital flows
Other changes
61,062
62, 639
-1, 579
94,702
84, 776
9,929
306
1,133
-827
7,800
8,155
-354
-499
65
-559
—5
-12
1,166
1,136
30
-114
16
-130
206
189
17
U.S. offical reserve assets
Capital flows
Other changes
Gold
Capital flows
Public sales J
Valuation adjustment
-
- -
Special drawing rights
Capital flows _
.._•_
Exchange rate adjustments 2
Lines
in
table 3
24
25
26
27
-12
28
Foreign assets in the United States
197911
Item (decrease (— ) )
Foreign assets in the United States
Capital flows _ _ _ _. Other changes
-
43,497
38, 946
4,549
67, 045
50, 261
16. 786
-13,338
-13, 757
417
16,203
15, 492
713
-21, 871,
11, 524
-22, 243
-22, 435
-43
226
9
--
9,563
9,683
372
463
-91
1,961
2,187
-225
-133
-133
636
636
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
Price changes
Statistical discrepancies
Other
Capital
flows
Price changes
--- -
__ -
_
4
1980 P
Other U.S. Government liabilities
Capital flows _
1,599
1,667
-68
30
U.S. liabilities reported by U.S. banks, not included
elsewhere _ _
Capital flows
7,213
7,213
-159
-159
-567
-257
-310
6,327
6,472
-144
31
U.S. Government assets, other than official reserve assets _
Capital flows
Other changes
Other foreign official assets
Capital flows
Price changes
1,453
1,135
316
4,202
3,145
1,058
4,242
3,767
475
5,101
5,165
-64
32
U.S. loans and other long-term assets, less repayments _ _
Capital flows
Exchange rate adjustments 2
Changes in coverage
Valuation adjustments
56,835
52,703
4,132
50,842
34, 769
16,073
4,255
3,783
-17
501
-12
5,359
5,445
-67
8
-27
11, 991
11, 877
7,921
3,955
114
11, 021
10, 854
4,664
6,190
167
-13
-16
7
-4
-258
-280
-17
39
56,514
57, 739
-1, 227
81,801
71, 456
10, 347
24, 033
23, 949
4,984
18,965
84
26, 709
18, 546
1,548
16, 998
8,163
3,242
5,492
-325
3,702
-3,929
-98
1,389
1,045
326
18
3,567
850
2,362
354
4,103
2,265
2,168
-328
U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns, long-and short-term s
Capital flows
3,026
3,026
2,653
2,653
U.S. claims reported by U.S. banks, not included elsewhere, longiand short-term 3
Capital flows
26, 213
26,213
46,947
46,947
Reserve position in the International Monetary Fund _ .
Capital flows
Exchange rate adjustments 2 _._ _
Foreign currencies
Capital
f l o w s
Exchange rate adjustments 2
_ _ _ _ _
U.S. foreign currency holdings and U.S. short-term
assets
Capital
flows
_
Exchange rate adjustments 2
Statistical discrepancies and other adjustments
U.S. private assets
Capital
flows.
_
Other changes
Direct investments abroad
Capital flows
Equity and intercompany accounts _ _
Reinvested earnings of incorporated affiliates
Valuation and other adjustments
Foreign securities
_ _
_ _
Foreign bonds
_ Capital flows
Price changes
Exchange rate adjustments 2
Foreign corporate stocks..
Capital flows.
Price changes
._ _ _ _
E xchange rate ad j ustments 2
p Preliminary.
»• Revised.
.._
_ __
* Less thap $500,000 (±).
__.
1. Reflects sales to the public from U.S. Treasury gold stocks: these demonetizations are
not included in the international transactions presentation.
___ .
-120
1
29
17
21-23
1980 P
Changes in net international investment position of the United
States
International transactions capital flows
Other changes
16
18-20
1979 r
_
_
Other foreign assets in the United States
Capital flows
Other changes
33
Direct investments in the United States
Capital flows
E quity and intercom pany accounts
Reinvested earnings of incorporated affiliates
Valuation adjustments
34
U.S. securities other than U.S. Treasury securities
5,012
15, 440
-1, 188
304
-1,492
-737
1,212
-1,949
6,200
1,030
5,170
16, 177
4,172
12,005
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns, long- and short-term
Capital f l o w s _ _ • _ _ _
Changes in coverage and other adjustments
2,065
2,065
11, 698
5,109
6,589
40
U S long-term liabilities reported by U S banks
(3)
(3)
41
U.S. Treasury securities and other short-term liabilities reported by U S banks
35
36
37-39
Corporate and other bonds
Capital flows
Price changes
--
-
Corporate stocks
Capital flows
Price changes
-_
42
U.S Treasury securities
Capital flows
Exchange rate adjustments 2
Price changes
43
U.S. short-term liabilities
reported by U.S. banks, not included elsewhere 3 -___,.
_
._
Capital flows
37, 767
12, 683
5,160
4,820
292
48
1,940
2,679
-829
90
32, 607
32,607
10, 743
10, 743
2. Represents gains or losses on foreign currency denominated assets and liabilities due to
their revaluation at current exchange rates.
3. Maturity breakdown has been discontinued Lines 40 and 43 are combined.
4. See table 3, footnote 9.
August 1981
mercial liabilities to unaffiliated foreigners (line 39, table 3); this transfer
largely accounts for the adjustment in
that line.
The lower level of direct investment
capital outflows in 1980 was in part due
to the final payment by a Middle East
government to the U.S. petroleum company referred to above for purchase of
the company facilities in the host country, and in part to increased payables
in the form of U.S. parent firms' borrowings from finance affiliates in the
Netherlands Antilles. Due to their need
for funds, U.S. parents drew over $2.4
billion from these foreign affiliates who,
in turn, acquired funds primarily from
new issues in the Eurobond market. Reinvested earnings were also lower, especially in industrial countries. At yearend, the book value of U.S. direct investment abroad accounted for about 35
percent of total U.S. assets abroad,
down from 37 percent in 1979.
Claims on unaffiliated foreigners reported by U.S. nonbanking concerns
increased $2.7 billion. The rise consisted
of a $0.9 billion increase in financial
claims, largely on Caribbean banking
centers, and a $1.8 billion increase in
trade receivables. Combined, these
claims accounted for 6 percent of total
U.S. assets abroad at yearend.
SURVEY OF CUREENT BUSINESS
55
1
Table 2a.—U.S. Bank-Reported Claims and Liabilities
[Billions of dollars outstanding at yearend]
1978
1979
1980
Claims Liabilities Claims Liabilities Claims Liabilities
Total bank reported (table 3, lines 22, 23 and 43)
U S bank own accounts payable in dollars
U.S. -owned banks with foreigners:
with own foreign offices
with unaflfiliated banks
with others _
130.8
115.5
101.0
78.7
157.0
133.9
140.9
117.2
204.0
172.7
151.5
124.8
28.2
23.0
19.2
12.4
10.7
10.9
24.7
24.1
22.1
24.9
13.3
12.4
37.5
28.9
26.9
22.1
14 2
12.5
13.4
17.5
14.3
24.9
4.6
3.0
22.7
16.8
23.5
38.9
6.2
3.2
27.6
21.3
30.5
46.5
7.6
40
U.S. bank customer accounts payable in dollars
11.2
8.8
20.1
9.5
26.1
10.4
U S. bank reported, payable in foreign currency
4.0
2.4
3.0
1.9
5.2
3.7
Foreign-owned banks with foreigners :
with own foreign offices..
_
with unaffiliated banks
with others
_
_
1. Liabilities exclude those to foreign official agencies, and exclude foreign holdings of short-term U.S. Treasury obligations.
been an allocation of SDK's by the
IMF. At yearend, U.S. official reserve
assets were $26.8 billion, accounting for
4 percent of U.S. assets abroad, slightly
changed from 1979.
U.S. Government outflows for other
than reserve assets were $5.1 billion and
reflected increased
Export-Import
Bank lending and stepped-up longterm credits to finance military sales
contracts, especially to the Middle East.
At $63.5 billion, they comprised 11 percent of total U.S. assets abroad, unchanged from 1979.
Official dollar assets of industrial
countries increased $0.9 billion; this net
figure reflected mostly offsetting transactions among several countries. There
were large decreases in dollar holdings
of Germany, Italy, and Switzerland.
Decreases for the first two countries
were related to increased currentaccount deficits; the decrease in Swiss
holdings mainly reflected swap dealings
with domestic (Swiss) banks. Official
dollar holdings of the Netherlands,
France, and Belgium in the United
States increased. Japan's dollar holdings
increased sharply on an improved
Changes in Foreign Assets in the
current-account
balance, removal of
United States
some restrictions on capital inflows, and
Foreign official assets in the United an appreciating yen. U.K. dollar holdU.S. official reserve assets and other
States
ings also increased substantially, reU.S. Government assets
Foreign official assets in the United flecting its increased petroleum revU.S. official reserve assets increased a States increased $16.2 billion in 1980, enues and current-account surplus.
record $7.8 billion, largely due to ex- primarily reflecting an increase in
Official dollar assets of nonchange market intervention purchases OPEC holdings. Foreign official assets petroleum developing countries inof German marks and, to a much lesser had decreased $13.3 billion in 1979, due creased $1.8 billion.
extent, of Japanese yen. The negative to large intervention sales of dollars in
valuation (exchange rate) adjustment exchange markets by several major in- Other foreign assets
reflected the 13 percent appreciation of dustrial countries.
Other foreign assets in the United
the dollar against the mark. Included
Official dollar assets of OPEC mem- States increased $50.8 billion in 1980,
in the net $6.3 billion increase in foreign bers increased $12.7 billion, more than
currency holdings were the $1.2 billion double the 1979 increase, reflecting the to $305.2 billion, compared with a
in proceeds from the January sale of a 1979-80 surge in petroleum prices. Kev- $56.8 billion increase in 1979. Capital
Treasury mark-denominated note is- enues from the sale of higher priced inflows were lower, due to a reduction
in U.S. bank borrowing from foreignsued to German residents.
petroleum resulted in an OPEC
An exchange of special drawing current-account surplus of nearly $110 ers. Inflows and valuation adjustments
rights (SDR's) for an increase in the billion, about 11 percent of which was were significantly larger for both forU.S. reserve position with the Interna- placed in the United States, up from eign holdings of U.S. corporate stocks
tional Monetary Fund (IMF) was as- last year's 8 percent. The increase was and nonbank liabilities.
sociated with an increase in IMF in U.S. Treasury and agency bonds, and
The pronounced slowdown in the
quotas, 25 percent of which was to be corporate stocks and bonds. There was growth of U.S. bank liabilities to forsubscribed in SDR holdings of member a slight reduction in OPEC deposits in eigners was attributable to a shift in
relative costs of funds. The increase in
countries. Earlier in the year, there had U.S. banks.
SUKVEY OF CUEEENT BUSINESS
56
August 1981
Table 3.—International Investment Position of the United States at Yearend1
[Millions of dollars]
Total
Line
Type of investment
1976
1 Net international investment position of the United States
£
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
U.S. assets abroad. . .
U.S. official reserve assets
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other
than official reserve assets
U.S. loans2 and other long-term
assets
__
Repayable
in dollars
Other 3
U.S. foreign currency holdings
and U.S. short-term assets
42
43
1980
1979
1980
1979
1979
1980
83,79
71,32
77,47
95,043 122,697 -67,228 -55,243 60,435
347, 17
379, 12
447,85
508, 915 603, 614 157,663 185,813 86,765
18,74
11,59
2,39
19,31
11,71
2,62
18,65
11,67
1,55
18, 956
11, 172
2,724
26, 756
11, 160
2,610
4,43
32
4,94
1
1,04
4,37
1,253
3,807
1979
1980
1979
65,498
89,418
16,430
4,754
19,790 21,556
35,378 128,889 161,843
80,673
96,484
26,912 27,911
1980
118
61,369
96, 185 28, 013
843
2,329
7,992
(*)
(*)
1,478
2,142
2,852
10, 134
2,329
7,992
(*)
(*)
1,478
2,142
1980
International
organizations
and
unallocated \
1979
1980
15, 149 16,622
11, 172 11, 160
2,724 2,610
1,253
2,852
54,20
58,447
63,548
10, 079
10, 759
252
343
605
555
11,312
11, 813
31,833 35, 203
4,366
4,875
47,770
45, 179
2,59
52,27
49,83
2,43
56,528
54, 237
2,291
61, 887
59, 798
2,089
9,894
9,370
524
10, 491
10 051
440
248
248
344
344
603
603
554
554
11, 280
10,752
528
11, 780
11,297
483
30, 141
28, 902
1,239
33,847
32, 681
1,166
4,362
4,362
4,871
4,871
1,870
1,795
1,932
1,919
1,661
185
268
i
]
i
1
32
33
1,692
1,356
U.S. private assets..
282,418 310, 247 374, 99 431,512 513,310 145,255 167, 062
Direct investments abroad.
136, 8C9 145, 990 162, 72 186, 760 213, 468 82, 622 95, 686
F oreign securities
44, 157 49, 439 53,384 56, 626 62, 118 11, 909 13, 418
6,956
Bonds
34, 704 39, 329 42, 148 41,823 43,212
7,776
5,642
Corporate stocks
14,803 18, 906
4,953
9,453 10, 110 11,23
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
20,317 22, 256 28,070 31,097 33,749 10,804 11,281
Long-term
5,936
6,035
10,804 11,281
Short-term
14,381 16, 221 •28,070 « 31, 097 « 33, 749
U.S. claims reported by U.S.
banks, not included elsewhere81, 135 92,562 130,816 157, 029 203, 975 39,920 46, 677
Long-term
11, 898 12, 649
Short-term
69,237 79,913 J«130,816 «157,029 « 203, 975 39, 920 46,677
86, 513
40, 243
32,458
22, 949
9,509
95, 842 25,930
44, 640 6,208
36, 158
225
24,370
225
11,788 »(*)
32, 681 117,577 150,030
6,274 35,056 38, 275
3,322
2,874
1,028
2,982
76
2,646
5952
340
228
4,244
4,244
4,342
4,342
70, 572
70, 572
97, 269
97,269
20, 149
20, 149
26, 528
26,528
53
53
40
40
63,391
72,425
64,243
91,730
7,122
6,355
6,368
5,740
5,815
5,815
1,317
1,317
1, 147
1, 147
9,075
9,075
8,155
8,155
9,229 18, 180
9,229 18, 180
24, 232
24,232
Foreign assets in the United States. . 263,375 307,804 370,375 413,872 480,917 224,891 241,056 26,330
34,816 27, 895
34,535
Foreign official assets in the United
States
104, 238 140, 793 172,852
72,572 105, 386 128,511
U.S. Government securities
U.S. Treasury securities
70, 555 101, 092 123, 991
Other ,.
4 294
2,017
4,520
Other U.S.
Government liabilities p
8,786 10, 186 12,544
U.S. liabilities reported by U.S.
banks not included elsewhere. 17, 231 18,004 23,327
Other foreign official assets.. __
5,649
7,217
8,470
159, 514 175,717
106, 640 118, 164
101,748 111,311
4,892
6,853
87,373
7
!• ( >
13,047
30,381 • (7)
14, 125
()
2,891
(7)
2,044
1,747
7
7
()
()
162
(7)
159, 137 167, Oil 197,523 254,358 305,200 137,518 157, 926 24, 286
200
(7)
I™
1,995
u
(«)
}»
2,220
(8)
(7)
188
}
(7)
57,023
33, 069
11,164
H
169
(7)
1"
(8)
7,145
7,567
(8)
(8)
66,685
30,770
34,595
42,471
54,462
65,483
37,403
43,467
7,154
9,810
3,493
4,219
5,431
6,702
981
1,285
54, 913
11,964
42, 949
51, 235
11, 456
39, 779
53, 554
11, 457
42,097
58,566
10, 269
48, 297
74, 006
9,532
64, 474
40,827
7,532
33, 295
51,612
6,906
44, 706
9,741
1,205
8,536
12,506
1,100
11,406
1,328
471
857
1,280
392
888
3,719
245
3,474
4,824
370
4,454
2, 248
518
1,730
3,016
514
2,502
12, 961 13,435
5,837 5,317)«
7,124 8, 118)
14,869 16, 934 28,632
14, 869 « 16, 934 « 28, 632
8,171
8,171
10,433
10,433
1,307
1,307
1,540
1,540
1,211
1,211
1,288
1,288
2,806
2,806
4,312
4,312
3,439
3,439
11, 059
11,059
1, 112
(10)
(7)
(7)
CO
(8)
(7)
(7)
(8)
1,485
(10)
K
(7)
r
(7)
7,122
6,355
703
298
405
768
250
518
(10)
59,381
7,028
66,261 86, 629 1124, 396 137,079
7,562 » 8, 910 14,070 U6,010
52,353
58, 699
(7)
(7)
(8)
O
(7)
77,719 "110,326 °121,069
I Includes U.S. gold stock.
* Less than $500,000(-i-).
1. Data for 1976-79 are revised; data for 1980 are preliminary.
2. Also includes paid-in capital subscription to international financial institutions 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.
3. 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.
4. For the most part, represents the estimated investment in shipping companies registered primarily in Honduras, Panama, and Liberia, and in U.S. affiliated multinational
trading companies, finance and insurance companies, not designated by country.
7
2,921
12,411
30,540
9,923
83,130
4
4
48,840 61,281 7,397 6,414
19,084 24,892 4 3, 567 * 3, 701
5,383 5,519 3,777 2,673
5,270 5,335 3,777 2,673
184
113
1fi4
5,657
5,657
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
reported by U.S. banks
U.S. Treasurv securities
U.S. short-term liabilities reported by U.S. banks, not included elsewhere..
41
1979
Other foreign
countries
49, 565
33
38
39
40
1978
Latin
American
Republics
and other
Western
Hemisphere
Japan
46,00
Other foreign assets in the United
States-
35
36
37
1977
Canada
44,13
41, 320
2,81
32
34
Western
Europe
5. U.S. holdings of Japanese shares may be underestimated. This is due in part to the recording of security transactions by the country of transactor rather than the country of issuer.
6. Maturity breakdown is not available.
7. Details not shown separately are included in totals in lines 25 and 32.
8. Details not shown separately are included in line 24.
9. Primarily includes U.S. Government liabilities associated with military sales contracts
and other transactions arranged with or through foreign official agencies.
10. Maturity breakdown is not available: see line 43.
11. 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 1981
liabilities was $10.7 billion, compared
with $32.6 billion in 1979. Following
the imposition of the previously mentioned marginal reserve requirements
on Eurodollar borrowings and a drop
in domestic demand for funds, U.S.
banks relied less on foreign source
funds. U.S.-owned banks repaid $2.8
billion to their foreign offices in 1980,
utilizing lower cost domestic source
funds to finance U.S. loan demand in
the last half of the year. Foreign-owned
banks in the United States also reduced
their utilization of funds from foreign
offices—such borrowing increased $7.6
billion, compared with a $14.0 billion
increase in 1979. Foreign-owned banks
accounted for $46.5 billion, or about
one-third, of total liabilities to private
foreigners reported by U.S. banks. By
area, the largest slowdown occurred
with the United Kingdom and the Caribbean, chiefly with foreign offices of
U.S.-owned banks. These centers accounted for only 14 percent of the 1980
increase in bank-reported liabilities,
compared with more than 75 percent in
1979. In contrast, there was a large increase in interoffice liabilities of U.S.based Canadian banks, which utilized
lower cost funds from Canada. Bankreported assets, at $121.1 billion, accounted for 25 percent of total foreign
assets at yearend, down from 27 percent
in 1979.
Foreign holdings of U.S. Treasury
securities, excluding official holdings,
rose $1.9 billion in 1980. The rise was
largely accounted for by the $1.2 billion
placement of U.S. Treasury markdenominated notes with German residents in January. Among other foreign
holdings of U.S. Treasury issues, there
were increased purchases from Western
Europe, partly offset by a reduction in
holdings of the World Bank.
Record net foreign purchases of U.S.
stocks, combined with rising stock
prices, raised the value of equity holdings by $16.2 billion. Private foreigners
purchased $4.2 billion in corporate
stocks during the year. Combined with
SURVEY OF CURRENT BUSINESS
57
a $12.0 billion adjustment for price ap- at last year's record pace. However,
preciation, the value of foreign hold- there was a shift to small net outflows
ings of U.S. corporate stocks .jumped 34 on intercompany accounts from net inpercent to $64.5 billion at yearend.
flows of $3.2 billion in 1979. Eeinvested
Combined holdings of the two most earnings increased 57 percent, largely
significant investors, the United King- reflecting higher earnings.2
dom and Switzerland, which comprised
Liabilities to foreigners reported by
two-thirds of all Western European U.S. nonbanking concerns increased
holdings, increased 35 percent to $44.7 $11.7 billion to $28.6 billion at yearend.
billion by yearend. United Kingdom About $3.5 billion was in the form of
accounts increased 57 percent to $13.5 Eurodollar borrowings, particularly in
billion at yearend. Appreciation of the the fourth quarter. In addition, compound against the dollar and the lifting mercial liabilities increased $1.6 billion.
of U.K. foreign exchange controls on There was a $6.2 billion positive adjustportfolio investment in October 1979 ment, primarily due to the previously
allowed British residents and institu- mentioned change in the reporting of
tions to expand their foreign portfolios. certain trade payables.
Swiss holdings increased 26 percent to
Technical Note
$16.7 billion, almost entirely due to
price appreciation. Also, there were
Estimates for U.S. direct investment abroad
larger net purchases by Germany and and foreign portfolio holdings of U.S. securFrance. Canadian holdings increased ities have been revised to incorporate recently
substantially, and Japanese holdings completed benchmark surveys by the Bureau
of Economic Analysis and the Department of
moderately.
the
Changes affecting these accounts
Net private foreign purchases of U.S. are Treasury.
discussed in detail in "U.S. International
corporate and agency bonds were $1.2 Transactions, First Quarter 1981," in the June
billion; an increase in purchases was 1981 SURVEY and "U.S. Direct Investment
more than offset by a $1.9 billion nega- Abroad in 1980" in this issue.
For the investment position, there was
tive adjustment for a decline in bond
difference in the total value of foreign
prices. U.S. corporations issued $0.4 bil- little
holdings based on the 1978 Treasury survey
lion in Eurobonds directly, in addition results for private and official U.S. corporate
to the $2.2 billion issued through their stocks, compared with the previous estimates
finance affiliates incorporated in the of foreign stock holdings in the international
Netherlands Antilles. (The latter issues investment position that had been based on a
are now included in the direct invest- similar 1974 Treasury Survey. There was some
reallocation of the geographic distribution of
ment accounts. See Technical Note.) holdings.
The increase in foreign purchases was
The value of foreign bond holdings required
faciliated by the use of convertible significant adjustment to account for items
issues, particularly in energy related in- not included in the Treasury survey. Eurobonds issued by U.S. corporations in bearer
dustries, and floating rate notes.
form were not included, but have been estiCombined foreign bonds and stock mated by BEA and included in the internaholdings, at $74.0 billion, accounted for tional investment position. Eurobonds issued
15 percent of total foreign assets in the by Netherlands Antilles finance subsidiaries
are no longer part of the portfolio capital
United States, up slightly from 1979.
estimates but are included in the U.S. direct
Foreign direct investment in the investment abroad estimates (see Technical
United States increased 20 percent to Note in June 1981 SURVEY. )
Foreign holdings of marketable U.S. Treas$65.5 billion at yearend, following a
record 28-percent increase in 1979. By ury bonds have been revalued at market
prices beginning with the 1978 Treasury
area, there was a 37-percent increase in survey results.
inflows from Canada and a 16-percent
2. For details, see the article "Foreign Direct
increase from Western Europe. Equity Investment
in the United States in 1980," in this
capital inflows, at $4.2 billion, continued issue.
By R. DAVID BELLI
U.S. Business Enterprises Acquired or Established
by Foreign Direct Investors in 1980
B
ASED on preliminary results of a
BEA survey, foreign direct investors,
either directly or through their U.S.
affiliates, acquired or established 1,373
U.S. business enterprises in 1980, at a
cost of $9.9 billion. Details from that
survey, and revised data for 1979, are
presented below. Other highlights of
the survey:
• Acquisitions of existing U.S. business enterprises accounted for $8.1 billion of total investment outlays in 1980.
Most of the outlays were by U.S.
affiliates.
NOTE.—This survey was conducted under
the supervision of James L. Bomkamp, Chief,
Direct Investment in the United States
Branch, International Investment Division.
Joseph F. Cherry was project leader for editing and processing the forms. Richard Mauery
designed the computer programs for data
retrieval and analysis.
The scope of this article is different
from that of "Foreign Direct Investment
in the United States in 1980," (page 40
of this issue). This article covers the
full cost to foreign direct investors of
acquiring or establishing U.S. business
enterprises, regardless of how or by
whom financed, presents selected operating and financial data of the acquired
or established enterprises, and provides
information on ultimate beneficial ownership. "Foreign Direct Investment in
the United States in 1980" covers existing U.S. affiliates as well as U.S. business enterprises acquired or newly established in 1980. Capital flow data in
that article include inflows from foreign
parents to acquire or establish U.S. business enterprises. Those inflows, however,
cannot be entirely separated from other
capital flows between foreign parents
and their U.S. affiliates, and, in any
event, represent only the portion of the
total cost of acquisitions and establishments that is financed by foreign parents.
58
• Outlays were well below the revised 1979 level of $15.3 billion. Most of
the year-to-year decrease was explained
by the fact that there was no counterpart in 1980 to an unusually large (almost $4 billion) 1979 acquisition in the
petroleum industry.
• More than one-half of the number
of 1980 investments were in real estate.
Outlays were largest in manufacturing
($3.4 billion), real estate ($2.7 billion),
retail trade ($0.9 billion), and petroleum ($0.7 billion).
• When classified by the country of
the foreign parent—i.e., the country of
the first foreign person in the ownership chain of the acquired or established
U.S. business enterprise—more than 80
percent of total outlays were accounted
for by parents in developed countries.
The largest outlays were accounted for
by parents in the United Kingdom ($2.6
billion), the Netherlands ($1.6 billion),
Germany ($1.3 billion), and Canada
($1.2 billion). Among developing countries, the largest outlays ($1.2 billion)
were accounted for by parents in the
Netherlands Antilles.
• When classified by the country of
the ultimate beneficial owner, outlays
accounted for by investors in the Netherlands and the Netherlands Antilles
were much lower, and those accounted
for by investors in Canada, the Middle
East, and the Far East much higher,
than when classified by country of foreign parent.
• Foreign-source funds financed
nearly two-thirds of total investment
outlays.
• Total assets of all U.S. business
enterprises acquired or established in
1980 were $40.5 billion. Nearly one-half
of the total was in banking.
• Acquired enterprises had total assets of $37.0 billion and sales of $21.0
billion; they employed 261,000 workers
and owned 1.7 million acres of U.S.
land.
• Newly established enterprises had
total assets of $3.5 billion and sales of
$0.7 billion; they employed 6,000 workers and owned 0.3 million acres of U.S.
land.
These findings are from a BEA survey that covers two types of foreign direct investment in the United States:
(1) acquisitions of existing U.S. business enterprises, including business segments or operating units of existing
U.S. business enterprises, and (2) establishments of new U.S. business enterprises.1 Investments of either type may
be made directly, by the foreign direct
investor itself, or indirectly, by an existing U.S. affiliate of the foreign direct
investor. The data cover investments in
U.S. business enterprises that had total
assets of over $500,000, or that owned at
least 200 acres of U.S. land at the time
of acquisition or establishment,2
Data for 1979 have been revised upward substantially from those previ1. Foreign direct investment in the United States
is the ownership or control, directly or indirectly
by one foreign person, of 10 percent or more of the
voting securities of an incorporated U.S. business
enterprise or an equivalent interest in an unincorporated U.S. business enterprise. A foreign person is any individual, branch, partnership, association, trust, corporation, government, or government enterprise resident outside the United States.
A business enterprise is denned to include the
ownership of real estate. However, residential real
estate held exclusively for personal use is excluded
from coverage.
2. Investments not meeting either of these criteria had to be reported, but only limited information was required, primarily for identification
purposes. There were 1,116 such "partially exempt"
investments reported for 1980; total assets of the
U S. enterprises acquired or established were less
than $0.5 billion. For 1979, there were 742 such
investments reported; assets were less than $0.3
billion.
August 1981
ously published.3 (A technical note at
the end of this article discusses the revisions.) Data for 1980 are preliminary-—they are expected to be revised
upward when late reports are included.4
Because of improvements in the timeliness and quality of reported data, revisions for 1980 should be much smaller
than those for 1979. The 1980 revisions
are likely to raise the number of investments and investors proportionately
more than dollar values, because emphasis was placed on ensuring that large
investments were included in the preliminary data.
Dollar values for new investments in
a given year may be dominated by a
relatively small number of large transactions, mainly acquisitions. Changes in
the number or size of such large investments, or in their industry or country
classification, from one year to the next
may obscure any year-to-year changes
in the underlying pattern of investment.
Because of this, and because of the expected upward revisions for 1980, comparisons of preliminary 1980 data with
revised 1979 data should be made with
caution, especially for individual industries or countries. In this article, the primary focus is on 1980 data; limited comparisons with 1979 data are included.
The article is divided into two major
sections. The first discusses investment
transactions, including their number
and type, their cost to investors, and the
means by which they were financed. The
second presents data on the operations
of the U.S. business enterprises acquired
or established.
Investment Transactions 5
Foreign direct investors, either directly or indirectly through their U.S.
affiliates, acquired or established 1,373
U.S. business enterprises in 1980 (table
3. See International Investment Division, "U.S.
Business Enterprises Acquired or Established by
Foreign Direct Investors in 1979," SURVEY OF
CURRENT BUSINESS 61 (January 1981) : 28-39.
4. Revised data for 1980, and preliminary data
for 1981, will be published in spring 1982.
5. The number of investments and investors, their
distributions by type of investment and by type of
investor, and the distributions of investment outlays by type of investment and by type of investor,
shown in tables 1 through 9, are affected by the
structure of investment transactions. For example,
a foreign direct investor may establish a U.S. holding company to acquire a U.S. business enterprise.
SUKVEY OF CUKEENT BUSINESS
59
Table 1.—Investments, Investors, and Investment Outlays
1979 r
Number
Investments) total
Acquisitions
Establishments
Investors, total
Acquisitions -Establishments
-
- --
__._
-
-
Foreign direct investors, total
Acquisitions
Establishments
U.S. affiliates, total
Acquisitions
Establishments
Addendum: Number of investments and amount of investment outlays,
by quarter—
I
II
III. .
IV
.
Investment
outlays
(millions
of dollars)
Number
Investment
outlays
(millions
of dollars)
1 568
15 317
13 159
2 158
1 373
C66
902
9 865
8 126
1 739
1 770
707
1 063
15 317
13 159
2 158
1 498
667
831
9 865
8 126
1 739
940
269
671
3 154
1 839
1 315
1 072
280
792
.
198O P
3 440
1 683
1 757
631
742
698
427
271
11 876
11 475
401
558
398
160
6 711
6 287
' 424
330
375
346
517
2 235
3 799
2 494
6 788
405
346
338
284
2 507
3 338
1 920
2 099
r
Revised.
P Preliminary.
1). Investment outlays—the cost to investors of the equity interests acquired
or established—were $9.9 billion.
Most of the outlays—$8.1 billion—
financed the 631 acquisitions of existing
U.S. enterprises made during the year.
The remainder financed the establishment of 742 new U.S. enterprises,
mainly purchases of U.S. real estate.
The 1,373 investments were made by
1,498 investors—940 foreign direct investors and 558 existing U.S. affiliates
of foreign direct investors.6 Most of the
If the establishment and acquisition were made
simultaneously, or if it was made clear to BEA that
they were both part of a single investment transaction, only one report, reflecting the acquisition
of a U.S. business enterprise by a foreign direct
investor, would be required. In this case, the effect
on the data would be the same as if the foreign
direct investor acquired the enterprise directly,
without first establishing the holding company. If
either of the above conditions was not met, however,
two investments—the establishment of a U.S. holding company by a foreign direct investor and the
acquisition of a U.S. enterprise by a U.S. affiliate
(i.e., the holding company)—would be reflected in
the data (if the holding company met BE A's reporting requirements for a full—rather than partial—report). The distribution of investment outlays by source of financing, shown in table 8, is also
affected by the structure of investment transactions, because it reflects the reporting entity's immediate, rather than original, source of funds.
6. The number of investors was larger than the
number of investments because groups of two or
more investors participated in some investments.
For example, if two foreign direct investors—or a
foreign direct investor and one of its U.S. affiliates—jointly acquired direct investment equity interests in the same U.S. business enterprise, each
investor was counted separately.
An investor making more than one investment
during the year was counted once for each separate
investment.
investments by foreign direct investors
were to establish new enterprises, while
most of those by U.S. affiliates were to
acquire existing enterprises. Outlays by
foreign direct envestors were $3.2 billion, less than one-half of those by U.S.
affiliates.
Investment outlays in 1980 were well
below the 1979 level of $15.3 billion,
largely because of a decline—from $13.2
billion to $8.1 billion—in outlays for
acquisitions. A major factor in the decline was an unusually large petroleum
acquisition in 1979 that had no counterpart in 1980. Outlays for that acquisition—at the time, the most expensive in
U.S. history—were nearly $4 billion; in
contrast, outlays for the largest acquisition in 1980 were less than $0.7 billion.
Excluding the 1979 petroleum acquisition, outlays for acquisitions in 1980
were roughly $1.5 billion below the adjusted 1979 total. The year-to-year
decrease probably was not substantial
if account is taken of expected upward
revisions to the 1980 data because of
late reports.
Again excluding the 1979 petroleum
acquisition, the number (16) and cost
($3.3 billion) of large acquisitions—
those involving outlays of $0.1 billion
or more—were identical in 1979 and
(
1980.
The underlying strength of foreign
direct investment in the United States
persisted in 1980 despite a combination
SUEVEY OF CUKBENT BUSINESS
60
August 1981
Table 2.—Investments and Investors, by Industry of U.S. Business Enterprise
[Number]
198(l p
197 9'
Investments
Total
All industries
Agriculture and forestry
Mining
.
Petroleum ._
Manufacturing
Wholesale trade _ _.
Retail trade
Banking
Finance, except banking _
Insurance
Real estate..
_—
Other
-
Acquisitions
Investors
Establishments
Total
Foreign
direct
investors
Investments>
U.S.
affiliates
Acquisitions
Total
Investors
Establishments
Total
Foreign
direct
investors
U.S.
affiliates
1,568
666
902
1,770
1,072
698
1,373
631
742
1 493
940
558
81
22
45
270
69
29
16
16
13
920
87
27
54
8
13
62
19
7
8
9
5
685
32
93
22
53
291
74
30
16
21
14
1,064
92
72
9
25
118
27
14
13
15
7
722
50
21
13
28
173
47
16
3
6
7
342
42
127
15
41
203
40
31
32
23
11
772
78
25
10
22
Ib7
31
22
23
6
6
262
57
102
5
19
36
9
9
9
17
5
510
21
136
15
44
227
42
32
32
26
12
847
85
114
5
19
84
23
9
12
16
6
607
45
22
10
25
143
19
23
20
10
6
240
40
14
32
208
50
22
8
7
8
235
55
* Revised,
p Preliminary.
of economic factors that worked to
weaken such investment. The U.S. economy was slack through much of the
year and economic activity slowed substantially in Europe. The resulting
downward pressure on the earnings of
foreign multinational companies reduced the amount of internally generated funds available for new investments, while soaring interest rates in
this country made acquisitions more expensive for investors who required
financing in U.S. capital markets.
The failure of these adverse short-run
developments to produce a substantial
slowing in the pace of foreign acquisitions underlines the importance of favorable long-run considerations, especially the size of the U.S. market and
the relative stability of economic and
political conditions in the United
States. Also, the decline in the foreign
currency value of the dollar during the
past decade lowered the cost to foreigners of acquisitions in the United States.
Industry
More than one-half of all 1980 investments were in real estate (table 2). Most
of the remainder were in manufacturing and in agriculture and forestry. In
both real estate and agriculture and
forestry, the investments were largely
purchases of unimproved land (classified as "establishments").
Investment outlays were highest in
manufacturing ($3.4 billion), real
estate ($2.7 billion), retail trade ($0.9
billion), and petroleum ($0.7 billion)
(table 3). Within manufacturing, $1.5
billion of the outlays were in "other"
and about $0.4 billion each in food and
nonelectrical machinery.
Eoughly one-third of the outlays in
"other" manufacturing were to acquire
a controlling interest in a U.S. tobacco
company that also produced and dis-
tributed other consumer products, including beverages. The company was
acquired by the U.S. affiliate of a British conglomerate. The British firm had
previously held a small (less than 10
percent) equity interest in the U.S.
company and had a marketing agreement with it for U.S. distribution of
Table 3.—Investment Outlays, by Industry of U.S. Business Enterprise
[ Millions of dollars]
1979
r
By type of
investment
Total
All industries
1980 P
U.S.
Acqui- Estab- Foreign
direct affilisitions lish- invesates
ments
tors
By type of
investor
By type of
investment
By type of
investor
Total
U.S.
Acqui- Estab- Foreign
direct affilisitions lish- invesments
ates
tors
15,317
13,159
3,440
11,876
9,865
8,126
1,739
3,154
6,711
Agriculture and forestry
Mining - .
__ _
Petroleum
151
218
4,010
67
133
3,974
84
85
36
115
49
49
36
169
3,961
284
170
709
105
(D)
674
179
35
192
(D)
34
92
(D)
675
Manufacturing _
Food and kindred products
Paper and allied products...
4,170
331
(D)
3,895
289
(D)
275
42
1
905
100
(*)
3, 265
231
(D)
3,381
424
(D)
3,232
424
(D)
149
0
3
•mo'
679
234
259
186
(D)
234
259
(D)
(*)
(D)
20
1
4
16
659
234
255
170
253
176
20
57
242
(D)
18
(D)
10
(D)
2
(D)
3
0
2
1
250
176
18
56
141
(D)
476
693
1,318
118
430
456
685
1, 235
23
(D)
21
8
83
(D)
318
369
674
969
(D)
102
434
339
1,500
184
(D)
386
332
1,432
(D)
(D)
48
7
68
(D
)
(D)
137
34
275
130
(D)
296
305
1,225
440
51
97
(*)
292
380
51
94
0
235
60
0
3
(*)
57
259
61
(D)
52
(D)
8?( )
361
51
( )
(*)
(D)
207
(D
)
D
( )
450
943
288
431
918
247
D
( )
1,776
(D)
19
25
41
16
1,483
34
138
(D)
(D)
33
1,741
D
( )
Chemicals and allied products
Industrial
Drugs .
Other
Primary metal industries
Fabricated metal products
Machinery except electrical .
Electric and electronic equipment. _
Other
__
Wholesale trade
Motor vehicles and equipment
Metals and minerals
Farm product raw materials Other
Retail trade
Banking
_
Finance except banking
Insurance
Real estate and combined offices
Other
(D)
3,259
(D)
2,158
(*>)
r
Revised.
D Preliminary.
*D Less than $500,000.
Suppressed to avoid disclosure of data of individual companies.
(D)
(D)
107
19
348
79
0
D
D
311
ft
(D)
1, 518
(D)
(D)
(D)
(D)
(D)
8
185
( )
184
o
0
1
923
. 419
265
367
2,728
359
909
397
(D)
349
1,592
313
14
22
(D)
18
1,136
46
(D)
D
673
o
a
17
313
(D)
49
1,609
136
2,708
(D)
(D)
•8 •
906
107
( )
318
1,119
223
D
August 1981
spirits imported from the United Kingdom. The British firm sought control,
initially contested by the U.S. company,
to establish a direct marketing presence
in the United States. (Outlays for this
acquisition were the second largest for
any single investment in 1980.)
Three other large acquisitions accounted for another one-third of the
outlays in "other" manufacturing. The
largest was the acquisition of a substantial minority interest in a U.S. auto
manufacturer by a government-owned
French auto manufacturer. (The
French firm has an option to obtain a
majority interest in the future.) The
investment followed a series of production, marketing, and financing agreements between the two firms over the
preceding 2 years, including loans to,
and a less-than-10-percent equity investment in, the U.S. firm by the
French firm. The French firm was primarily interested in expanding its U.S.
sales through the U.S. firm's dealer network. The substantial increase in its
equity position in the U.S. firm followed deterioration of the U.S. auto
market in 1980 and the U.S. firm's resulting need for capital. The two other
large acquisitions in "other" were a U.S.
cement manufacturer acquired by a
German-owned U.S. affiliate and a U.S.
textile manufacturer acquired by a
British-owned U.S. affiliate. Most of
the remaining outlays in "other" were
for acquisitions in printing and publishing and in plastics.
In food, four acquisitions accounted
for almost all 1980 outlays. The two
largest were in beverages. One was the
acquisition of a large independent soft
drink bottler by the U.S. affiliate of a
Japanese company, the other the acquisition of a distiller by the U.S. affiliate
of a French company. (The latter was
related to the acquisition of the U.S.
tobacco company mentioned above; the
distiller was sold by the U.S. tobacco
company in an unsuccessful attempt to
fend off its own acquisition by the
British firm.) The other two major acquisitions in food were of a grain milling firm by a Canadian company and of
61
SURVEY OF CURRENT BUSINESS
a meat packer by the U.S. affiliate of a
British company.
In nonelectrical machinery, most of
the outlays were for small- and
medium-sized investments, including
several acquisitions of U.S. manufacturers of office computing and accounting machines. Only one investment—
the acquisition of a construction and
mining machinery manufacturer by the
U.S. affiliate of a Canadian conglomerate—involved outlays of as much as
$0.1 billion.
Other major investments in manufacturing included acquisitions of: a
minority interest in a large pulp and
paper manufacturer by a Britishowned U.S. affiliate; an industrial
chemicals manufacturer by a Germanowned U.S. affiliate; and an electric motor manufacturer by a British-owned
U.S. affiliate.
Investment outlays in real estate
were $2.7 billion. Most were for small
investments in U.S. land. Of the 772
real estate investments, only 51 involved
outlays larger than $10 million; together, they accounted for $1.2 billion
of total outlays in real estate. The largest were acquisitions of a major office
building in New York City; an industrial complex, including plants, offices,
and warehouses, in New Jersey; and a
shopping center in California, all by
Netherlands investors or their U.S.
affiliates.
Roughly two-thirds of the $0.9 billion of outlays in retail trade were for
a single acquisition, the largest in 1980.
The U.S. affiliate of a diversified British manufacturing company acquired a
nationwide restaurant and hotel chain.
The U.S. chain, which relied to a large
extent on automobile travel for business, had been weakened by rising oil
prices and the subsequent reduction in
such travel in the United States. The
British conglomerate had accumulated
large cash reserves from several divestitures in 1979, and had been seeking a
major U.S. acquisition.
In petroleum, nearly one-half of total
outlays were for the acquisition of an
integrated U.S. petroleum company by
a Canadian petroleum company's U.S.
affiliate. The acquired company had
been a subsidiary of a U.S. conglomerate whose investments were mainly
outside petroleum; the conglomerate's
decision to sell its petroleum operations
was part of a program to restructure
its holdings and improve its cash position. Other outlays in petroleum were
primarily to acquire U.S. firms engaged
in oil and gas extraction.
Most of the remaining 1980 outlays
were in financial industries—$0.4 billion each in banking and insurance, and
$0.3 billion in finance, except banking.
Two major investments resulted in acquisitions of minority interests in a
U.S. bank, which was among the 15
largest in the Nation, and in a U.S.
securities brokerage firm; two U.S. insurance companies and a U.S. commercial credit company were also
acquired.
Country of foreign parent
Tables 4 and 5 show, respectively, investors and investment outlays by country of foreign parent; table 6 shows investments and investment outlays by
country of foreign parent.7 (The
foreign parent is the first foreign person
in the ownership chain of the acquired
or established U.S. business enterprise.)
In 1980, almost 60 percent of all investors were classified in developed
countries; they accounted for more than
80 percent of investment outlays. Most
of their outlays were to acquire existing
enterprises, mainly by U.S. affiliates.
Most of the outlays of investors classified in developing countries were to
establish new enterprises—mainly real
estate purchases—and were by foreign
direct investors themselves.
Of the $8.0 billion in outlays classified in developed countries, parents in
four countries—the United Kingdom,
7. Where more than one investor participated in
a given investment: (1) each investor—and its
outlays—were classified by the country of each individual foreign parent, and (2) the investment—
and total outlays associated with the investment—
were classified by the country of the foreign parent
with the largest equity interest in the U.S. business
enterprise. In 1980, as in 1979, there were only a
few investments with foreign parents in more than
one country, and, in all these cases, outlays were
small. The following discussion focuses on investors and outlays classified by the country of each
foreign parent.
62
SUEVEY OF CUREENT BUSINESS
the Netherlands, Germany, and Canada—had by far the largest totals.
Parents in the United Kingdom accounted for $2.6 billion of outlays,
almost all for acquisitions by their U.S.
affiliates. The two largest 1980 transactions—the acquisitions of the U.S. tobacco company and the nationwide restaurant and hotel chain discussed
above—were both by U.S. affiliates of
British parents; together, they accounted for nearly one-half of all outlays associated with British parents.
Most other outlays were in manufacturing and in finance, except banking.
Within manufacturing, they were
mainly in nonelectrical machinery, electric and electronic equipment, textiles
and apparel, and paper.
Parents in the Netherlands accounted
for $1.6 billion of outlays. About $1.0
billion of the total was in real estate,
including $0.3 billion for the three largest 1980 real estate investments mentioned above, and roughly $0.5 billion
for the nearly 100 investments by the
U.S. affiliates of two Netherlands holding companies. Outside real estate, outlays accounted for by Netherlands
parents were concentrated in manufacturing and banking.
Outlays accounted for by German
parents were $1.3 billion. About onehalf of the total was in manufacturing ;
the largest outlays were in chemicals
and cement. Outlays were over $0.1 billion each in petroleum, mining (all in
coal), and real estate.
Outlays accounted for by Canadian
parents were $1.2 billion. More than
one-third of the total was in petroleum,
almost all for a single acquisition. Another one-third was in manufacturing,
mainly in food and nonelectrical machinery. Canadian parents were also
active in real estate investments, which
accounted for outlays of more than $0.2
billion.
Foreign parents in the Netherlands
Antilles accounted for outlays of $1.2
billion—two-thirds of the total for all
developing countries. Most of the outlays financed the nearly 400 investments
in U.S. real estate by Netherlands Antillean parents.
August 1981
Table 4.—Investors, by Country of Each Foreign Parent1
[Number]
1979 r
Foreign
direct
investors
Total
All countries
Developed countries
Canada
Europe
European Communities (9)
Other Europe
_ . _ ___
___
Japan
Australia, New Zealand, and South Africa
Foreign
direct
investors
Total
U.S.
affiliates
1 072
698
1 498
940
KKO
1 153
520
103
378
329
49
35
633
172
426
371
55
26
867
138
680
585
95
40
399
63
313
257
56
21
A CO
9
2
631
541
13
4
617
Addendum:
OPEC
U.S.
affiliates
1 770
275
804
700
104
61
Developing countries
Latin America
Other developing
1980 *
9
65
552
575
42
520
32
55
10
567
64
19
15
4
25
75
367
qoQ
39
19
7
90
511
30
56
34
16
9
'Revised.
p Preliminary.
1. The foreign parent is the first foreign person in the ownership chain of the acquired or established U.S. business enterprise. Where more than one investor participated in a given investment, each investor is classified by the country of each
individual foreign parent.
Table 5.—Investment Outlays, by Country of Each Foreign Parent1
[Millions of dollars]
1979'
By type of
investor
By type of
investment
All countries
Developed countries
Canada
- -
Europe
European Communities (9). Belgium and Luxembourg
France .
Germany
_ _
ItalyNetherlands
Denmark and Ireland _ _
United Kingdom
Other Europe
Sweden
Switzerland
Other.
Japan
-
Australia, New Zealand, and South
Africa
Developing countries
Latin America - Panama
Bahamas
Bermuda and British Islands,
Caribbean ..
Netherlands Antilles
Other
Other developing
Israel
Other Middle East
Other Africa, Asia, and Pacific
Addendum:
OPEC
1980"
Total
Estab- Foreign
direct
Acqui- lishsitions ments investors
By type of
investor
By type of
investment
U.S.
affiliates
Total
Estab- Foreign
Acqui- lishdirect
sitions ments investors
U.S.
affiliates
15,317
13,159
2,158
3,440
11,876
9,865
8,128
1,739
3,154
6,711
15,175
12,052
1,123
1,976
11, 199
8,028
7,325
701
1,882
6,144
859
589
270
243
616
1,223
1,122
101
361
861
11, 986
11, 207
779
1,628
10,358
6,548
6,003
545
1,457
5,090
11,048
350
259
2,386
(°)
5,566
(D)
2,450
10, 318
(°)
230
2, 180
D
( )
5,363
(D)
2,211
730
(D)
29
206
(D)
204
(*)
240
1,389
(D)
103
561
(D)
339
D
( )
299
9,659
(D)
156
1,825
0
5,227
(D)
2,152
6,090
(°)
554
1, 170
(D)
1,601
0
2,573
5, 623
(D)
486
1,119
(D)
1,489
0
2,446
467
9
68
151
0
111
0
128
1,272
(D)
363
188
(D)
549
0
137
4, 818
55
191
1,082
3
1,051
0
2, 436
938
125
740
73
889
124
710
55
49
2
30
18
239
(D)
160
(D)
699
(D)
580
(D)
458
86
326
46
380
(D)
279
(D)
78
%
(D)
186
65
86
34
272
21
240
12
(D)
(D)
223
169
55
(D)
255
75
2,142
(D)
(°)
(D)
(D)
(D)
(D)
(D)
32
32
1,035
1,465
677
1,839
801
1,038
1,271
644
1
0
1, 653
68
46
735
13
43
918
55
3
1,214
59
(D)
175
493
12
75
755
29
121
981
( )
130
267
(D)
66
21
(D)
120
2
88
31
57
(D)
22
(D)
129
(D)
86
(D)
22
91
26
87
2,038
47
4
1,049
1
2
990
46
2
110
1,735
142
49
882
114
60
853
28
(D)
1,166
(D)
(D)
569
(D)
250
1,248
41
58
0
45
(*)
D
(D
)
( )
71
(*)
34
37
33
0
30
3
186
(D)
108
(D)
30
35
27
113
61
(D)
1,106
1, 394
46
4
103
(*)
63
40
(D)
D
(D
)
( )
31
(D)
(*)
D
568
439
9
(D)
"Revised.
v Preliminary.
* Less than $500,000.
D
Suppressed to avoid disclosure of data of individual companies.
.
. „ •_1. The foreign parent is the first foreign person in the ownership chain of the acquired or established U.S. business enterprise.
Where more than one investor participated in a given investment, each investor's outlays are classified by the country ot
each individual foreign parent.
SURVEY OF CURRENT BUSINESS
August 1981
Country of ultimate beneficial owner
In the previous section, each investor
and its outlays were classified by country of foreign parent—the first foreign
person in the ownership chain of the
acquired or established U.S. business
enterprise. Each foreign parent may be
owned by other persons. The ultimate
beneficial owner (UBO) is the person
in the ownership chain, beginning with
the foreign parent, that is not owned
more than 50 percent by another person.
The country of the UBO may be the
same as that of the foreign parent, a
different foreign country, or the United
States. If the foreign parent is not
owned more than 50 percent by another
person, the foreign parent and the UBO
are the same.
As shown in the table below, a UBO
and its country were identified for the
in vestments, of most investors and for
more than 90 percent of investment outlays in both 1979 and 1980. Over 16 percent of total outlays in 1980, and 10 percent in 1979, were for investments for
which the UBO and foreign parent
countries differed.
Investors
Total
1979
1980
Investment
outlays
(millions of
dollars)
1979
1980
1,770
1,498
15,317
9,865
Investments with UBO
identified
1,516
1, 182
14,323
8,949
Investments for which
UBO and
foreign
parent countries differed
447
372
1,569
1,622
In table 7, distributions of investors
and investment outlays by country of
foreign parent are compared with those
by country of UBO. Where the UBO
could not be identified, countries of the
foreign parent and of the UBO were
assumed to be the same.
When data were classified by country
of UBO, rather than by country of
foreign parent, only the Netherlands;
Bermuda and British Islands, Caribbean; and the Netherlands Antilles had
lower outlays in 1980. (This was true in
1979 as well.) The largest differences
were in the Netherlands ($0.7 billion)
and the Netherlands Antilles ($0.5 bil-
63
Table 6.—Investments and Investment Outlays, by Country of Foreign Parent with Largest
Investment1
1980*
197 9 r
All countries
Developed countries
.
Canada
Europe . _ - _
European Communities (9)
Other Europe
Japan
__ ___
__
Australia, New Zealand, and South Africa
Developing countries
Latin America
Other developing
__
..
_
__ _
_
__________
Addendum:
OPEC
Investment
outlays
(millions
of dollars)
Investments
(number)
Investment
outlays
(millions
of dollars)
1, 568
15 317
1 373
9,865
1,003
13, 193
778
8,024
189
749
652
97
52
13
374
11,989
11 050
938
255
75
116
616
527
89
37
9
1 228
6,541
6 073
468
223
32
569
2,124
595
1,841
529
36
2 020
104
532
63
1,654
187
19
61
22
112
Investments
(number)
' Revised.
v Preliminary.
1. The foreign parent is the first foreign person in the ownership chain of the acquired or established U.S. business enterprise.
Where more than one investor participated in a given investment, the investment and investment outlays are classified by
the country of the foreign parent with the largest investment, i.e., the largest percent equity interest.
are shown in table 8. All funds are classified by the investor's immediate, rather
than original, source. Thus, for example, "other funds from foreign direct
investors" (which are funds supplied
by foreign direct investors to U.S. affiliates making investments) may include
funds that foreign direct investors
originally generated internally or borrowed from unaffiliated foreign sources.
Foreign-source funds financed $6.2
billion—nearly two-thirds—of total investment outlays. Foreign direct investors accounted for $5.2 billion of the
total—$3.3 billion of funds supplied to
U.S. affiliates making investments, and
$1.9 billion of internally generated
funds of foreign direct investors making investments. Most of the remainder
was borrowed from unaffiliated foreign
sources.
U.S.-source funds financed $3.7 billion of total investment outlays. Funds
borrowed from unaffiliated U.S. persons were $2.3 billion, of which $0.4
billion were from U.S. sellers of shares
and $1.9 billion from other unaffiliated
persons, primarily financial institutions. Outlays financed by internally
generated funds of U.S. affiliates making investments were $0.7 billion.
Funds from affiliated U.S. persons
Sources of financing
(which, for a U.S. affiliate making an
investment,
are funds from other U.S.
Investment outlays, disaggregated by
affiliates
of
its foreign parent), and
U.S. and foreign sources of financing,
lion). Advantages to UBO's of holding
their U.S. investments indirectly
through these countries may include
minimization of taxes, avoidance of
regulatory constraint, and protection of
privacy.
When classified by country of UBO,
outlays were significantly higher for
Canada, the United Kingdom, Switzerland, "other Middle East," and "other
Africa, Asia, and Pacific." The largest
differences were for Canada (mainly
reflecting roughly 100 real estate investments made through Netherlands holding companies by two large Canadian
real estate development companies) and
for "other Africa, Asia, and Pacific"
(reflecting a bank acquisition by Hong
Kong interests, also through a Netherlands holding company).
The difference for "other Middle
East" was accounted for by UBO's in
member States of the Organization
of Petroleum Exporting Countries
(OPEC). Outlays by UBO's in all
OPEC countries were $239 million in
1980, down from $324 million in 1979.
In each year, they were 2 percent of outlays by all investors. Almost all OPEC
outlays were to purchase real estate, including agricultural land.
SURVEY OF CUEEENT BUSINESS
64
funds from "other U.S. sources" were
each $0.3 billion.
The percentage of total outlays financed by U.S.-source funds was much
lower in 1980 than in 1979. However,
the distribution of 1979 outlays by
source of financing was greatly affected
by the financing of the large 1979 petroleum acquisition previously mentioned.
A sizable share of the outlays for that
acquisition was financed with loans
from unaffiliated U.S. sources. Excluding that acquisition, the shares of total
outlays financed by U.S.- and foreignsource funds, and by each of the sources
within U.S.- and foreign-source funds,
were almost identical in the 2 years.
Thus, significantly different economic
conditions in 1980, including sharply
higher U.S. interest rates and slower
economic growth in the United States
and abroad, did not alter the pattern of
financing of new foreign direct investments.
Table 9 shows investment outlays for
acquisitions of incorporated U.S. business enterprises, disaggregated by the
method used to acquire the ownership
interests. Such outlays were $5.4 billion,
two-thirds of those for all acquisitions.
(The remaining one-third involved acquisitions of unincorporated enterprises, including business segments and
operating units of incorporated enterprises.)
Of the $5.4 billion total, $1.5 billion
were outlays to acquire ownership interests in U.S. business enterprises di-
August 1981
rectly from the enterprises. Almost all
of the remainder were outlays to acquire ownership interests in enterprises
from unaffiliated U.S. sources: $1.4 billion by tender offer, less than $0.1 billion through open market purchases,
and $2.2 billion from other U.S. sources,
mainly private purchases of large
blocks of stock.
Operations of Acquired or Established U.S. Business Enterprises
Two types of data on the operations
of acquired or established U.S. business
enterprises are presented in this section: (1) selected operating and financial data, such as assets, sales, and employment, disaggregated by industry of
Table 7.—Investors and Investment Outlays, by Country of Each Foreign Parent and by Country of Each Ultimate Beneficial Owner1
1979 r
1980 9
Investment outlays
Investors
Investment outlays
Investors
By country
By country
By country
By country
By country of ultimate
By country of ultimate
By country of ultimate
By country of ultimate
of foreign beneficial Difference of foreign beneficial Difference of foreign beneficial Difference of foreign beneficial Difference
parent
owner
owner
owner
parent
owner
parent
parent
Number
All countries
Developed countries 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 Developing countries
-
..
Latin America
Panama
Bahamas
Bermuda and British Islands,
Caribbean
_
Netherlands Antilles
Other
Other developing
Israel
Other Middle East
Other Africa, Asia, and Pacific..
United States
Addendum:
OPEC
Millions of dollars
Millions of dollars
Number
1,770
1,770
0
15,317
15,317
0
1,153
1,249
96
13,175
13,515
340
867
943
275
413
138
859
1,414
555
138
222
1,498
1,498
9,865
9,865
0
76
8,026
8,145
119
84
1,223
1,732
509
0
804
758
-46
11,986
11,706
-280
680
670
-10
6,548
6,157
-391
700
33
42
203
4
263
6
149
597
39
45
211
5
124
7
166
-103
6
3
8
1
-139
1
17
11,048
350
259
2,386
(D)
5,566
(°)
2,450
10,599
394
262
2,436
(D)
4,955
(D)
2,511
-449
44
3
50
0
-611
5
61
585
19
49
171
2
201
0
143
537
21
53
173
8
114
1
167
-48
2
4
2
6
-87
1
24
6,090
(D)
554
1,270
(D)
1,601
0
2,573
5,542
(D)
565
1,287
m
w5
2,685
-548
2
11
17
32
-728
5
112
104
16
57
31
161
16
96
49
57
0
39
18
938
125
740
73
1,107
125
843
138
169
0
103
65
95
12
54
29
133
14
73
46
38
2
19
17
458
86
326
46
615
88
409
118
157
2
83
72
61
64
3
255
257
2
40
42
2
223
224
1
13
14
75
138
9
9
0
32
32
0
617
517
-100
2,142
1,775
-367
631
552
-79
1,839
1,716
-123
575
28
4
400
44
19
-175
16
15
2,03|
1,406
86
39
-632
39
35
567
33
7
422
42
12
-145
9
5
1,653
68
46
1,128
110
65
-525
42
19
49
470
24
29
242
66
-20
-228
42
110
1,735
142
64
1,014
203
-46
-721
61
56
435
36
40
253
75
-16
-182
39
250
1,248
41
125
713
115
-125
-535
74
42
2
18
22
117
2
60
55
75
0
42
33
266
88
217
48
64
16
18
30
130
19
51
60
66
3
33
30
0
4
4
0
26
26
0
3
3
0
5
5
19
82
63
61
324
263
25
73
48
113
239
126
1
w
103
«40
63
369
(t)
280
(*)
(D)
(D)
186
108
(D)
(D)
587
210
(D)
(D)
40?
102
'Revised.
.
v Preliminary.
*
Less
than
$500,000.
D
Suppressed to avoid disclosure of data of individual companies.
1. The foreign parent is the first foreign person in the ownership chain of the acquired or established U.S. business enterprise. The ultimate beneficial owner is that person in the ownership
chain of the acquired or established U.S. business enterprise, beginning with the foreign parent, that is not cwned more than 50 percent by another person. Where more than one investor participated in a given investment, each investor, and each investor's outlays, are classified by the country of each individual foreign parent or by the country of each individual ultimate beneficial owner.
SURVEY OF CURRENT BUSINESS
August 1981
65
Table 8.—Investment Outlays, by Sow****..of Financing
[Millions of dollars]
1979'
Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
All sources of funds
r.
U.S. sources, total . . .
Internally generated funds of U.S. affiliates making investments
Funds from affiliated U.S. persons
- Funds borrowed from unaffiliated U.S. persons, total
Funds from U.S. sellers of shares
Other
Other U.S. sources .
.. _
Foreign sources, total
_
Internally generated funds of foreign direct investors
making investments
__
O ther funds from foreign direct investors 1
Funds borrowed from unaffiTated foreigners, total
Funds from foreign sellers of shares
Other. „
Other foreign sources— _
Addenda:
Funds from affiliated U.S. persons that were originally borrowed from unaffiliated U.S. persons (part of line 4)
Funds from foreign direct investors that were originally
borrowed from unaffiliated U.S. persons (part of line 11).. .
1980*
By type of investment
By type of investor
Acquisitions
Foreign
direct
investors
Establishments
U.S.
affiliates
By type of investment
Total
Acquisitions
By type of investor
Establishments
Foreign
direct
investors
U.S.
affiliates
15,317
13, 159
2,158
3,440
11,876
9,865
8,126
1,739
3,154
6,711
7,253
6,381
873
957
6,298
3,673
2,964
709
880
2,793
1,265
812
4,693
317
4,376
483
1»207
761
4,017
317
3,700
396
59
51
676
n.a.
676
87
n.a.
3
832
26
* 806
122
1, 265
809
3,862
292
3,570
362
696
327
2,315
372
1,943
335
629
273
1,848
372
1,476
214
67
54
467
n.a.
467
121
n.a.
27
737
30
707
116
696
300
1,579
342
1,237
218
8,064
6,779
1,284
2,484
5,579
6,193
5,163
1,031
2,274
3,919
1,837
4,037
1,983
14
1,969
207
914
3,915
1,830
14
1,816
120
923
122
153
n.a.
153
86
1,837
n.a.
449
12
437
198
n.a.
4,037
1,533
1
1,532
9
1, 915
3,319
821
0
821
138
1,202
3,123
757
0
757
81
713
197
64
n.a.
64
57
1,915
n.a.
243
0
243
116
n.a.
3,319
578
0
578
22
n.a.
202
212
210
2
n.a.
212
0
n.a.
213
69
69
0
n.a.
69
202
201
213
213
(*)
r
Revised.
» Preliminary.
n.a. Not applicable.
* Less than $500,000.
1. Funds supplied by foreign direct investors to U.S. affiliates making investments.
U.S. business enterprise and by country
of foreign parent; and (2) data on land
and mineral rights owned and leased,
and the gross book value of land and
plant and equipment, disaggregated by
primary use. Unlike the data on investment outlays, which relate only to the
equity interests obtained as a result of
the investment transactions, these data
cover the total operations of the acquired or established enterprise.
For acquired enterprises, data are
for (or as of the end of) the full year
preceding the year of acquisition; for
newly established enterprises, they are
projections for (or as of the end of) the
first full year of operation. To show the
size of all U.S. business enterprises acquired or established in the year, data
on total assets of both are aggregated
and discussed first, without regard to
this difference in coverage. Data for
acquisitions and establishments are
then presented and discussed separately.
Total assets of all U.S. business enterprises acquired or established in 1980
were $40.5 billion (table 10). Nearly
one-half—$19.4 billion—was in banking. (Four-fifths of the banking total
were assets of the large U.S. bank
acquired by a Netherlands parent whose
UBO is in Hong Kong.) Most of the
remaining assets were in manufacturing
($6.6 billion), finance, except banking
($4.9 billion), and real estate ($4.1
billion).
By country of foreign parent, assets,
like investment outlays, were concentrated in developed countries. Assets of
enterprises with parents in the Netherlands were the largest, at $17.8 billion.
They were concentrated in banking and
real estate; most were assets of enter-
prises with UBO's in other countries.
Assets of enterprises with Canadian
parents were $5.7 billion. More than
one-half were in finance, except banking, mainly the assets of an acquired
securities brokerage firm.
Enterprises with British parents had
assets of $5.2 billion. Of the total, $2.2
billion was in manufacturing—by far
the largest amount in manufacturing of
all the countries or country groups
shown in the table. Remaining assets
Table 9.—Investment Outlays for Acquisitions of Incorporated U.S. Business Enterprises,
by Method of Acquiring Ownership Interests
[ Millions of dollars]
1979 r
1980 *
By type of investor
By type of investor
Total
All methods
Directly from acquired U.S. business enterprises
From affiiliated U.S. persons
From other U.S. persons, total
_ _ _ _
On open market
By tender offer
Other
From foreign persons
Other
Foreign
direct
investors
10,457
470
(D)
9,478
106
2,240
7,132
224
(D)
' Revised.
p Preliminary.
* Less than $500,000.
D Suppressed to avoid disclosure of data of individual companies.
Total
U.S.
affiiliates
Foreign
direct
investors
U.S.
affiiliates
1,134
9,323
5,442
1,133
4,309
250
221
(D)
8,786
43
2, 107
1,494
0
3,581
35
1,350
2,196
111
256
618
0
433
13
235
185
876
0
3,148
22
1,115
2,011
(*)
693
64
133
496
161
30
(D^
)
8
8
66
were concentrated in banking; finance,
except banking; and retail trade.
About one-half of the $2.9 billion of
assets of enterprises with French parents were in manufacturing, mainly in
autos; assets in banking and finance,
except banking were also large. Assets
of enterprises with German parents, at
$1.6 billion, were also concentrated in
manufacturing, while those of enterprises with Swiss parents, at $2.0 billion, were concentrated in banking and
insurance.
Of the $4.3 billion of assets for all
developing countries combined, more
than one-half were assets of enterprises
with parents in the Netherlands Antilles. Enterprises with parents in
OPEC countries had assets of $0.5 billion. More than one-half were assets of
a U.S. wholesale trade company that
was previously owned by a U.S. petroleum company with operations in the
Middle East. The wholesale trade company purchased and shipped U.S. parts,
equipment, and engineering services to
the Middle East operations. In 1980, the
U.S. petroleum company transferred its
oil production facilities and most of its
refinery facilities in the Middle East to
the host government. In conjunction
with this transfer, the host government
acquired the U.S. wholesale trade company. Most of the other assets of U.S.
enterprises with OPEC parents were in
real estate and in agriculture and forestry, largely reflecting purchases of
U.S. land.
Total assets of all acquired or newly
established enterprises were $3.8 billion
higher in 1980 than in 1979. By industry, they were concentrated more in
banking and in finance, except banking,
and less in petroleum, manufacturing,
retail trade, and insurance.
The year-to-year increase in total
assets occurred despite a decrease in investment outlays. For acquisitions, the
relationship between total assets and investment outlays depends on several
factors. For an acquisition of 100 percent of an enterprise, the cost of acquisition (i.e., investment outlays) is
usually substantially less than the enterprise's total assets, because the purchaser is acquiring, and paying for,
equity. Equity is equivalent to net assets
SUEVEY OF CURKENT BUSINESS
August 1981
(assets less liabilities), not total assets.
Where less than 100 percent ownership
is acquired, cost will be even smaller
relative to total assets because it reflects
only the portion of net assets acquired.
In addition, for both acquired and
newly established enterprises, differences may exist between the market
value of the enterprise and the value
carried on its books.
The increase in total assets from 1979
to 1980, despite the decrease in investment outlays, was mainly due to acquisitions in banking. In 1979, outlays to acquire banks were $0.9 billion, and the
banks had total assets of $13.1 billion;
in 1980, the comparable figures were
$0.4 billion and $19.4 billion, respectively. (For banks, assets and liabilities
reflect substantial loans and deposits
that arise in the normal course of their
business; thus, the difference between
their total assets and net assets can be
very large.) Contributing to the wider
difference between outlays and assets in
1980 was the fact that, in 1979, almost
all of the outlays and assets in banking
were associated with acquisitions of
equity interests of 75 percent or more;
in 1980, on the other hand, the largest
bank acquisition, which accounted for
about one-half of outlays and 80 percent of assets in banking, was for a lessthan 50-percent equity interest.8
Outside banking as well, acquisitions
of majority equity interests (interests
of larger than 50 percent) accounted for
much larger shares of outlays for, and
assets of, all acquisitions in 1979 than in
1980, as shown in the table below. In
particular, acquisitions of 100-percent
equity interests accounted for much
larger shares of both outlays and assets
in 1979.
[Shares of investment outlays for, and total assets of, acquisitions outside banking, by percentage of equity acquired]
Percentage of total
Investment
outlays
All nonbank acquisiti 3ns
Acquisitions
of
minority
equity interests..
Acquisitions
of
majority
equity interests
Of which: Acquisitions of
100-percent equity interests .. ..
Total
assets
1979
1980
1979
100
100
100
1980
100
6
11
27
53
94
89
73
47
82
73
68
35
8. Before the end of 1980, the foreign parent
acquired sufficient additional equity in the U.S.
bank to give it a controlling interest. Outlays associated with that transaction are not included
in these data because they were to acquire an addi-
Acquisitions
U.S. business enterprises acquired in
1980 had assets of $37.0 billion, more
than 90 percent of the total for all
acquired or established enterprises
(table 11). Because assets of acquired
enterprises accounted for such a large
share of the total, their distributions by
industry and by country of foreign parent are similar to those discussed above.
By industry, assets were concentrated
in banking ($19.1 billion), manufacturing ($6.3 billion), and finance, except
banking (lessthan$5.0billion).Within
manufacturing, total assets were largest
in "other" manufacturing—mainly in
autos and tobacco—and in nonelectrical
machinery. By country of foreign parent, total assets were heavily concentrated in enterprises with parents in
developed countries, mainly in the
Netherlands, Canada, and the United
Kingdom.
Enterprises acquired in 1980 had
plant and equipment (P&E), net of accumulated depreciation, of $3.9 billion.
Net P&E accounted for only 11 percent
of total assets because a large share of
the latter was accounted for by financial
assets of acquired banking, other finance, and insurance companies. By
industry, net P&E was concentrated in
manufacturing, real estate, and retail
trade. By country of foreign parent, it
was concentrated in the United Kingdom, Canada, France, Germany, the
Netherlands, and the Netherlands
Antilles.
Net sales (or gross operating revenues) of acquired U.S. business enterprises were $21.0 billion; about one-half
of the total was in manufacturing.
Acquired enterprises in wholesale trade,
retail trade, banking, and "other" industries had sales of about $2.0 billion
each. Net income was $0.7 billion, just
over 3 percent of sales. As in 1979, many
of the acquired enterprises had losses.
This reflected the fact that firms in
tional equity interest, rather than an initial interest of 10 percent or more, in the U.S. business
enterprise.
SURVEY OF CURKENT BUSINESS
August 1981
67
Table 10.—Total Assets of U.S. Business Enterprises Acquired or Established in 1979 and 1980, Country of Foreign Parent With Largest
Investment by Industry of U.S. Business Enterprise 1
[Millions of dollars]
All
Agriculindustries ture and
forestry
Mining
Petroleum
Manufac- Wholeturing
sale
trade
Retail
trade
Insurance
Real
estate
Banking
Finance,
except
banking
13,141
1,414
2,096
4,250
873
12,835
1,407
2,096
2,812
753
Other
1979 '
All countries
Developed countries
_
_
_
Canada...
Europe.
__
_
—_
_
_
36,627
176
33,765
87
1,545
—
European Communities (9)
Belgium and Luxembourg
France
_
____
Germany
Italy___
Netherlands
Denmark and Ireland
United Kingdom
_
___
__
___
_
28,089
492
1,585
5,258
(D)
7,391
(D)
12,841
Other Europe
Sweden
Switzerland
Other
7,231
756
4,204
6,531
735
290
21
5,851
644
574
1,917
0
(D)
8
o
13
1
89
0
255
(D)
3,893
0
119
4,925
375
1,064
1,854
0
(D
)
(D)
1,160
11
Q
2
9
0
0
0
0
926
(D)
729
(D)
70
(*>)
31,354
D
(D)
60
„
716
Australia, New Zealand, and South Africa
___
Developing countries
Latin America
Panama
Bahamas
Bermuda and British Islands, Caribbean
Netherlands Antilles
Other.—
_
__
_„
___
Other developing
Israel
_
Other Middle East
Other Africa, Asia, and Pacific
Addendum:
OPEC
4,126
(D)
3
29
o
3,266
(D)
1,010
(D)
Japan
( )
4,126
70
(D)
2,064
4,239
387
2
(D)
41
0
0
68
2,861
90
700
2,649
68
4
140
2,070
366
90
0
0
6
83
1
212
1
77
133
0
o
o
0
76
1
(D)
134
2,029
584
1,995
19
11
311
0
1, 183
0
471
530
1
194
34
0
16
18
<D)
(D)
)
)
0
22
91
54
10
42
2
34
323
151
746
2
(D)
0
0
15
541
(D)
306
1,438
201
0
0
0
0
201
1,370
55
2
76
1,223
14
105
0
0
105
68
1
42
24
120
13
0
73
0
43
1980 *
All countries...
__
_„
Developed countries
Canada
Europe
._.„
European Communities (9)
Belgium and Luxembourg
France
_„
Germany...
Italy_____
Netherlands
Denmark and Ireland
United Kingdom
Other Europe
Sweden
_
Switzerland
Other.-
^
_
_
_._
_„__
___
_
6,643
560
6,034
5,689
0
30,060
124
22
0
15
7
_____
Developing countries
_
_
_„
_
___
_
880
1,032
19,431
937
18,642
284
153
1
0
)
0
9
0
5,169
489
4,851
1
(D)
893
(D)
278
0
2,232
351
2
11
D
)
0
0
0
318
138
)
88
D
( )
(D)
15
712
17,098
0
<D)
(D)
o
72
(*)
10
0
0
609
95
789
(D)
(D)
955
(D)
485
(D)
(D)
(D)
487
(D)
(D)
2
8
96
6
4,130
1,317
2,548
1,193
405
124
2,031
1,060
1,934
16
6
135
0
1,684
0
94
1,048
0
97
2
80
16
12
1,582
125
0
80
0
96
0
(D)
o
0
61
a
445
0
0
(D)
(D)
(D)
(D)
(D)
345
0
i
(D)
0
15,728
0
172
3,303
103
(D)
443
2,295
(D)
962
510
(*)
194
4,853
683
390
4,257
Latin America
Panama.,
Bahamas
Bermuda and Britishi Islands, Caribbean
Netherlands Antilles
Other
OPEC
601
300
2,438
275
1,965
198
Australia, New Zealand, and South Africa
Addendum:
300
125
102
(D)
21
37
o
(»)
0
10
__
Other developing
Israel
_„
_
Other Middle East
_
Other Africa, Asia, andTacific
318
27,622
(D)
___
2,889
___
1,592
_ _ _ _ (D)
17,847
___
0
5,162
„
Japan.....
40,468
36,210
8
(*)
1,444
(D)
23
121
1,196
138
1
93
44
94
••Revised.
v Preliminary.
*Less than $500,000.
D
Suppressed to avoid disclosure of data of individual companies.
,.
.
1. The foreign parent is the first foreign person in the ownership chain of the acquired or established U.S. business enterprise. Where more than one investor participated ma given
investment, total assets of the acquired or established U.S. business enterprise are classified by the country of the foreign parent with the largest investment, i.e., the largest percent equity
interest.
68
SURVEY OF CURRENT BUSINESS
August 1981
Table 11. — Selected Operating Data of U.S. Business Enterprises Acquired in 1979 and 1980, by 1Industry of U.S. Business Enterprise and by
Country of Foreign Parent with Largest Investment
1980 »
1979 r
Plant
and
equipment,
net
Total
assets
Employee
compensation
Net
income
Sales 2
Employment
Plant
and
equipment,
net
Number
Millions of dollars
EmNet
ployee
income compensation
Sales 2
Employment
Number
Millions of dollars
4,20,4
4,472
23,772
518
67
18
25
i
3
414
81
6
7
1
1
54
( )
4,134
46
61
3
31
1,831
56
102
-3
14
915
280
464
59
57
3,162
(°)
545
240
4,604
1,739
9,296
304
2,410
142,982
6,329
1,585
(D)
297
59
6,212
(D)
10,862
2, 593
136, 895
437
(D)
437
199
112
126
144
(D)
123
63
27
33
1,051
(D)
16
1
J13
(D)
918
(D)
(D)
46
22
11
12
124
61
27
36
416
(D)
140
80
18
42
82
680
348
124
208
7,625
(D)
7,722
3,500
2,150
2,072
47
20
268
163
30
75
5
6
-3
3
136
(D)
48
27
5
16
8,008
(D)
2,349
1,130
266
953
189
648
674
784
(D)
524
91
122
0
311
88
192
108
208
(D)
271
866
997
1,109
(D)
6
13
31
7
184
64
219
290
349
(D)
110
22
16
0
72
2,000
40
15
5
6
0
5
68
40
175
70
(D)
102
7
(*)
<*)
94
23
9
-20
30
D
( )
1,091
164
252
0
675
855
1,714
30
1
(*)
-2
30
111
62
363
154
(D)
220
9
1
1
209
5,927
3,830
16,938
10, 290
(D)
13, 369
461
(DD)
( )
12,834
2,009
702
9,041
-59
1,363
313
131
1,035
322
(D)
822
93
(D)
10
(°)
1,003
627
227
1,051
488
(D)
72
3,209
13, 765
17, 549
22,223
(D)
7,600
(D)
825
0
D
( )
101, 242
492
2,245
73
420
57, 258
D
( )
952
64
181
12,233
19,096
169
1,696
61
208
13,647
D
36
32,351
Total
Total
assets
314,548
4,917
36,951
3,936
21,035
697
260,808
By industry
Agriculture and forestry
D
Mining .. .
Petroleum
-
- _
--
- _
-
Manufacturing
Food and kindred products
Paper and allied products
- -
Chemicals and allied products
Industrial
Drugs
Other
- - -
- -
Primary metal industries
Fabricated metal products
Machinery except electrical
Electric and electronic equipment.
Other
Wholesale trade
-_ Motor vehicles and equipment
Metals and minerals
Farm product raw materials
Other
-
__
_
_ _ _
Retail trade
-
Banking
12,792
_
(D)
ro
o
1,304
D
( )
219
23
Insurance
2,072
D
( )
530
61
Real estate and combined offices
2,237
1,140
580
27
333
1,513
31,000
3,990
983
300
Finance, except banking
_
D
Other
( )
D
D
D
( )
( )
( )
46
D
(D)
(DD)
( )
D
( )
20
784
( )
21
506
(D
28, 733
22,509
488
4,627
296,167
34,413
3,433
1,040
26
293
16,856
5,490
463
(D)
451
2,498
(D)
D
( )
306
( )
(D)
43
33
489
1, 674
36
19
48
D
D
( )
(D)
2,985
1,773
(D)
( )
By country
Developed countries
Canada..
_
_~
_ __ _•
Europe
European Com-murtities (9)
B efgium and Luxembourg _.
France
Germany
Italy
Netherlands
Denmark and Ireland
United Kingdom
—
_ _
-
Other Europe
Sweden
Switzerland
Other
- _
_
Japan
Australia, New Zealand, and South Africa..-
_
Developing countries
Latin America.
Panama
Bahamas
Bermuda and British Islands, Caribbean
Netherlands Antilles
Other
Other developing
Israel
Other Middle East
Other Africa, Asia, and Pacific
Addendum:
OPEC
_
_ __ __
_
637
2,816
147
587
34,888
190,735
3,785
29,347
3,570
20,796
445
4,190
269,631
28, 704
2,898
15,632
471
3, 154
26,D 180
( )
1,471
4,765
0
7,028
(D)
12, 198
3,283
(D)
404
1,234
0
766
(D)
612
18, 948
(D)
2,676
11,178
G
1,354
(D)
3,137
396
10
52
77
0
114
-7
150
3,706
(D)
592
2,121
0
200
(D)
629
237,528
(D)
33,508
134,933
0
15,787
(D)
43,189
26,741
(D)
2,790
1,231
(D)
17,660
0
4,942
2,759
21
368
421
14,618
(D)
4,886
P>>
(D)
2,382
0
5,241
430
4
121
<*>-702
0
237
2,945
(D)
948
423
4
D
( )
0
1,185
175,608
(D)
43, 181
(DD)
( )
20, 190
0
84,047
3, 168
190
287
(D)
193
(D)
1,848
371
1,252
224
49
485
77
354
54
1,963
265
1,535
162
1,014
424
431
160
41
20
24
-4
210
111
81
18
15, 127
7,934
6,248
945
79
40
474
199
9
7
56
88
32,D 103
( )
22,139
(D)
3,107
6,573
147
71
48
25
192
32
18
2
37
6
2,754
367
8'
_—
228,744
18,672
8-
8
1
751
0
1,196
139
(D)
53
D
( )
1,351
482
1,263
30
290
18,381
2,538
503
2,363
60
419
32,064
1,243
1
(*)
61
1,056
123
461
1,239
(*)
30
0
0
284
0
0
(D)
239
(D)
18, 123
0
0
(D)
14,919
(D)
1,808
13
(DD)
( )
1,293
(D)
731
(D)
437
(DD)
( )
115
294
2
1,262
52
325
0
2
46
267
9
26,214
0
(D)
4,095
21,414
(D)
108
0
8
43
8'
403
( )
D
(D)
(D)
(D)
22
0
1,111
^
89
(D)
(D)
24
0
15
(*)
(D
)
(D)
(*)
R
(*)
0
6
0
5
1
5
258
0
(Db)
( )
155
s
341
m
66
»
( )
D
24
B233
946
(D)
1,101
(D)
(D)
(
*>2
4
45
1
(D)
8
3
3
2
(D)
3
94
5,850
()
8. 8
D
(D)
(D)
' Revised.
p Preliminary.
* Less than $500,000.
Suppressed to avoid disclosure of data of individual companies.
1. The foreign parent is the first foreign person in the ownership chain of the acquired U.S. business enterprise. Where more than one investor participated in a given investment, data for
the acquired U.S. business enterprise are classified by the country of the foreign parent with the largest investment, i.e., the largest percent equity interest.
2. Sales or gross operating revenue, excluding sales taxes.
D
SUEVEY OF CURKENT BUSINESS
August 1981
69
Table 12.—Acres of Land and Mineral Rights, and the Gross Book Value of Land and Plant and Equipment, of U.S. Business Enterprises
Acquired in 1979 and 1980, by Primary Use
1979 '
Acres of
land
owned
Acres of
mineral
rights
owned
1980 v
Acres of
land and
mineral
rights
leased
Number
Total
Agricultural
Timberland
-
-
Crude petroleum and natural gas
Coal
—- Uranium and other energy resources
Other natural resources
Petroleum refining and related products
Other industrial
-
—
-
-
__
Transient lodging and recreational facilities. ,
Other residential _ _ _ _
Other commercial and business
_ _ _ _ _ _
Unimproved land held for investment
Other
Gross book
Gross book value of
value of
plant and
equipment
land
Acres of
mineral
rights
owned
Acres of
land
owned
Millions of dollars
Acres of
land and
mineral
rights
leased
Number
Millions of dollars
260,289
7,059
(D)
4,697
6,032
1,678,793
116,664
(D)
0
0
P)
o
188
3
206
0
61, 057
(D)
0
0
485
0
9,944
3,940
0
18, 451
60
673
2,730
0
3,656
0
3,479
4
0
32
1
0
m
o
5,291
(D)
4,978
0
0
0
315, 783
(D)
0
(D)
18,752
0
858
2,328
7,100
7,970
0
0
0
67
67
3,150
20, 025
(D)
0
0
(D)
(D)
o
185
(D)
(D)
Gross book
Gross book value of
value of
plant and
land
equipment
390,051
1,304
5,716
11
0
88
31
0
(D)
69
o
D 111
m
151
2,706
(D)
0
648
121
2,878
12
205
338
73
577
2,064
1,411
11,026
16, 119
0
0
0
22
38
575
20
312
357
144
314
1,964
247
35
3
69
(D)
0
0
15
10
315
6
4
62
()
o
6,829
659
225
o
m
(D)
o
9
(D)
0
45
r
Revised.
r> Preliminary.
Suppressed to avoid disclosure of data of individual companies.
D
weak financial condition, with presumably depressed market values, are attractive to potential buyers who believe
that profitability can be substantially
improved after the takeover.
Acquired enterprises employed 261,000 workers in 1980, and paid employee
compensation of $4.2 billion. More than
one-half of both the employment and
compensation were in manufacturing—
mainly in nonelectrical machinery, electric and electronic equipment, and
"other." Outside manufacturing, the
largest employment was in retail trade.
Acquired enterprises owned 1,679,000
acres of land; nearly 90 percent of the
total was timberland, almost all of
which was held by the major paper
manufacturer acquired in 1980 (table
12). Land used for agriculture totaled
61,000 acres. Most of the remaining land
was used for coal mining, or "other industrial" purposes, mainly manufacturing, or was unimproved land held for
investment. Acquired enterprises also
owned about 20,000 acres of mineral
rights, and leased 390,000 acres of land
and mineral rights; both the mineral
rights owned and the land and mineral
rights leased were primarily used for
extraction of crude petroleum and nat- veloped and developing countries,
ural gas.
largely reflecting the country distribuThe gross book value of property tion of real estate investments.
was $1.3 billion. Unimproved land held
Net P&E was $0.6 billion and was
for resale, residential property other heavily concentrated in real estate.
than for transient lodging, and prop- Sales or net revenues were $0.7 billion,
erty for "other commercial and busi- and were mainly in manufacturing,
ness" uses (mainly office buildings, wholesale trade, and real estate. Small
warehouses, and shopping centers) each net losses were concentrated in manuaccounted for about $0.3 billion. The facturing. Employment of established
gross book value of P&E, at $5.7 billion, enterprises was 6,000, and employee
was primarily for "other industrial" compensation was $0.1 billion; both
and "other commercial and business" were concentrated in manufacturing
and "other" industries.
uses.
Newly established U.S. business enterprises owned 322,000 acres of U.S.
Establishments
land (table 14). About one-half of the
Assets of U.S. business enterprises land was used for agricultural purestablished by foreign direct investors poses; most of the remainder was
timberland. Establishments leased
or their U.S. affiliates in 1980 were $3.5
121,000 acres of land and mineral
billion (table 13). About one-half of
rights, almost all of which was used for
the total was in real estate. Assets were extraction of crude petroleum and natlarge in manufacturing, banking, and ural gas. The gross book value of propfinance, except banking. Within manu- erty was $1.1 billion; the property was
facturing, they were largest in nonelec- largely unimproved land held for intrical machinery and in "other," mainly vestment or was for agricultural and
in instruments.
"other commercial and business" uses.
By country of foreign parent, assets The gross book value of P&E, which
of established enterprises were split was mainly for "other commercial and
almost evenly between parents in de- business" uses, was $0.7 billion.
SUEVEY OF CUEEENT BUSINESS
70
August 1981
Table 13.—Selected Operating Data of U.S. Business Enterprises Established in 1979 and 1980, by Industry of U.S. Business Enterprise and
by Country of Foreign Parent with Largest Investment1
1979 r
Plant
and
equipment,
net
Total
assets
1980 P
Employee
compensation
Net
income
Sales 2
Number
Millions of dollars
Total
4,276
1,218
Plant
and
equipment,
net
Total
assets
Employment
1,595
14
275
1
2
15,467
Employee
compensation
Net
income
Sales 2
Number
Millions of dollars
3,517
597
6%
Employment
108
-23
5,728
By industry
Agriculture and forestry. .
(D)
(D)
Petroleum .^_ . ^ ^ ,
39
105
Manufacturing _
1,019
Food and kindred products
Paper and allied products
-
Chemicals and allied products
Industrial
Drugs
Other
--
Primary metal industries
Fabricated metal products
Machinery, except electrical- _ _
Electric and electronic equipment
Other
57
2
..
197
(D)
(D)
(D)
54
355
44
101
209
__ _ _
Wholesale trade _ _ _
_____
Motor vehicles and equipment
Metals and minerals
Farm product raw materials
Other...
.
___
_
(D
)
D
_
Banking
_ _
.
'.
Insurance
-
Real estate and combined offices
275
__
(D)
828
(*)
5
266
56
227
11, 146
314
o
33
(D)
o
(DD)
( )
(D)
(D)
16
27
96
10
8
27
335
41
(D)
116
302
0
25
0
349
1
(*) 1
-1
0
3
-4
-6
(D>
3
(D)
-8
8
(D)
(D)
(D)
(D)
8
(*)
(D)
1
(D)
3
11
29
13
110
0
( )
23
0
(D)
2
1
199
2
6
19
-2
1,203
20
2,012
767
(D)
(D)
(°)
(D)
374
(D)
624
(D)
1,740
989
0
(D
)
D
( )
945
2
1
D
(D)
(
(D)
83
(D)
49
0
101
(*)
0
60
0
0
0
-2
0
-1
-1
2
0
1
1
0
0
3
0
(DD)
(D)
( )
133
(*)
D
( )
m
~l
(D)
158
(D)
(D)
o
0
0
(*)
(D>
5
(°)
-3
-4
0
0
1
5
4
0
0
2
6
34
2
4
335
3
19
1
3
1
D
(*)
( )
1
0
(D)
(D)
8
(D)
o
0
(D)
297
1,324
(D)
248
0
0
(D)
(D)
117
(D)
(*)
178
0
1
0
0
638
1,632
462
98
-3
4
226
785
(D)
45
75
1
25
1,746
1,797
195
590
-19
92
4,581
199
26
33
2
7
691
315
-9
59
2,813
225
(*)
(D)
109
0
30
0
D
( )
-11
-2
-2
-8
0
2
0
(*)
55
0
2,635
0
333
1,384
0
397
0
521
(D)
(D)
-17
0
0
29
( )
( )
243
(D)
2,673
0
1
1
0
0
o
D
D
1
(D)
6
2
22
57
( )
11
3
0
3
1
(D)
179
D
(D)
(D)
(D)
(D)
5
(D)
*>3
1
(D)
2
18
2
14
0
1
-21
0
4
0
1
(*)
-6
8
(D)
11
(D>
8-21
D
18
29
rl
( )
(
8
(D)
(D)
5
(*)
17
237
209
(D)
(*)
(D)
54
— .
Other
17
(D)
<D)i
232
0
-
( )
215
Retail trade
Finance, except banking
12
109
Mining...
(D)
By country
Developed countries
2,766
Canada
562
750
214
9
166
247
D
13,213
2,176
( )
_ _ _ _
2,007
485
995
28
189
10,466
1,356
163
European Communities (9)
Belgium and Luxembourg
France
Germany
_ *.
Italy
_
Netherlands
Denmark and Ireland
United Kingdom
. _
1,909
(D)
114
493
(D)
363
3
644
465
38
44
104
(*)
146
0
132
929
82
(D)
125
(D)
63
0
581
26
3
-5
-4
(*)
2
-1
31
182
(DD)
( )
10
(*)
3
0
135
9,832
(D)
1,107
1,513
(D)
217
0
6, 120
881
13
99
361
0
187
0
220
140
1
8
34
0
43
0
55
98
20
3
13
3
66
3
2
1
7
4
2
1
634
(D)
103
(D)
475
10
429
36
(D)
242
Europe
Other Europe
Sweden
Switzerland
Other __
_
Japan.
- -
(D)
_.
(D)
(D)
_ _
Australia New Zealand and South Africa
Latin America
- _
.
Panama.. _ _ _
Bahamas
Bermuda and British Islands, Caribbean
Netherlands Antilles
Other
_„
Other developing
Israel.
Other Middle East
Other Africa, Asia, and Pacific
Addendum:
OPEC
-
8
_._
--
...
...
(°)
(D>
49
6
38
4
2
(*)
-18
(D)
1
(*)
-5
1,510
468
1,407
67
4
79
1,014
243
457
15
0
10
407
26
104
1
11
1
5
5
a,
"•1
(*)
33
5
5
2
(*)
8
392
1
-8
(D)
0
34
175
(D)
(D)
(•r
28
2,254
1,719
2, 151
236
2
337
653
923
1,495
90
(D)
(D)
1.002
(D)
(*)
103
0
224
(D
)
D
( )
(D)
(D>
8
(°)
3
1
0
(D
)
D
( )
43
146
14
8
D
(D
)
( )
90
5
( )
(D)
29
0
5
0
2
(*)
(
1
*}1
2
27
(D)
178
59
(D)
1,077
6
242
-11
0
0
0
0
0
401
106
-4
16
1,147
353
5
91
2
1
2
69
18
11
914
33
0
(*)
( )
27
(*)
-8
D
22
(*)
D
(DD)
( )
317
(D)
48
81
(D)
-i
-5
14
1
-i
1
(*)
2
Ai
15
(*)
-4
8
0
1
7
2
5
0
(*)
5
(D)
(D)
(D)
(D)
764
233
0
(*)
* Revised.
p Preliminary.
*Less
than $500,000.
D
Suppressed to avoid disclosure of data of individual companies.
. . . .
1. The foreign parent is the first foreign person in the ownership chain of the established U.S. business enterprise. Where more than one investor participated in a given investment,
data for the established U.S. business enterprise are classified by the country of the foreign parent with the largest investment, i.e., the largest percent equity interest.
2. Sales or gross operating revenue, excluding sales taxes.
37
SURVEY OF CURRENT BUSINESS
August 1981
71
Table 14.—Acres of Land and Mineral Rights, and the Gross Book Value of Land and Plant and Equipment, of U.S. Business Enterprises
Established in 1979 and 1980, by Primary Use
1979 '
Acres of
land
owned
1980 P
Acres of
land and
mineral
rights
leased
Acres of
mineral
rights
owned
Number
Total
_-
_
•Kgri cultural
'/imberland
- -
Crude petroleum and natural gas
Uranium and other energy resources
Other natural resources
Petroleum refining and related products
—
432,313
(D)
-
- -
15
14,580
0
3,075
0
__
Other industrial
- ~
.
Transient lodging and recreational facilities
Other residential
__ _
Other commercial and business
-
Unimproved land held for investment
Other
-•Revised.
p Preliminary.
3,500
n
o
0
0
Acres of
land
owned
1,135
D
( )
0
690, 242
(D)
m
1,314
163
23
(*)
9
0
o
o
•m o
13
1
(D)
(D)
D
()
Acres of
land and
mineral
rights
leased
Acres of
mineral
rights
owned
Number
Millions of dollars
752,796
0
0
217, 594
39,656
Gross book
Gross book value of
plant and
value of
equipment
land
o
Gross book
Gross book value of
value of
plant and
land
equipment
Millions of dollars
322,399
0
120,555
1,109
672
150, 064
121, 124
0
0
1,440
0
218
68
19
0
0
.
0
0
0
0
0
118,323
0
0
161
0
0
5
0
4
2
5
0
0
m
(D)
4, 024
1,149
0
0
28
10
46
17
352
40
1,020
51
0
0
101
0
15
3
7,657
5,587
0
0
0
11
164
269
102
740
2, 211
1,868
0
0
1
527
113
219
134, 132
4,844
0
0
0
0
328
1
4
29,956
517
0
0
2
0
452
11
(D)
«->
(D)
4
61
70
490
1
(*)
*Less than $500,000.
Suppressed to avoid disclosure of data of individual companies.
D
Technical Note
As shown in the table below, data for 1979
have been revised upward substantially:
1979
Preliminary
Number of investments
Investment outlays (millions of dollars)
Total assets of U.S. business enterprises acquired or established (millions of dollars)
Kevised
792
1 568
11,532
15, 317
29, 588
36 627
By industry, revisions were concentrated
in real estate and manufacturing; by country
of foreign parent, they were concentrated in
developed countries, particularly the European Communities (9).
The revisions reflected the fact that 1979
was the first year for which BEA collected
these data, and, consequently, many reporters
were unfamiliar with reporting requirements.
Reports for many investments were filed too
late for inclusion in the preliminary data;
others were not included because the uneven
quality of initially reported data required
extra time for review and editing.
The timeliness and quality of reports on
1980 investments improved substantially,
compared with 1979, as reporters gained
awareness of reporting requirements and experience in completing the forms. (Many 1979
reporters were also required to report in 1980.
Moreover, many reports are completed by
agents of investors—e.g., legal or accounting
firms—rather than by the investors themselves. Such agents may have been responsible for reporting the investments of several
investors, and their experience with 1979 reports may have resulted in improved reporting of 1980 investments.) In addition, BEA
increased its emphasis on the timely filing
and processing of reports on large investments. As a result, revisions for 1980 are expected to be much smaller than those for 1979.
72
SUEVEY OF CURRENT BUSINESS
August 1981
Quarterly and Monthly Constant-Dollar Manufacturing and Trade Inventories and Sales
Quarterly estimates of conetant-dollar inventories, sales, and inventory-sales ratios for manufacturing and trade, for 1981: 1-1981:
II and monthly estimates for February 1981-June 1981 are shown below. Manufacturing and wholesale trade sales and inventory-sales
ratios have been revised beginning with 1972 to incorporate revised Census Bureau shipments and sales series. Estimates for earlier periods
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 Period
Table 2.—Manufacturing and Trade Sales in Constant
Dollars Seasonally Adjusted Total at Monthly Rate
[Billions of 1972 dollars]
[Billions of 1972 dollars J
1981
HP
I
Feb.
1981
Mar.
Apr.
May
June *
I
Mar.
Feb.
II »
Apr.
June*
May
262.6
265.1
262.9
262.6
263.1
263.5
265.1
160.8
159.3
161.4
160.4
159.8
158/5
159.5
146.1
146.2
145.8
146.1
146.3
146.1
146.2
74.2
74.8
74.3
74.3
74.8
74.2
75.4
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery.
Transportation equipment
Other durable goods 1
99.5
13.6
11.7
24.2
15.1
18.4
16.5
99.4
13.4
11.6
24.2
15.1
\ 18.3
16.8
99.3
13.4
11. 8
24.3
15.1
18.3
16.4
99.5
13.6
11.7
24.2
15.1
18.4
16.5
99.7
13.5
11.6
24.2
15.3
18.3
16.7
99 2
13.4
11.6
24.0
15.2
18.3
16.8
99.4
13.4
11.6
24.2
15.1
18.3
1(5.8
41.2
4.8
4.7
8.8
6.4
8.5
7.9
41.8
4.7
4.7
8.7
6.6
9.2
7.9
41.2
4.8
4.8
8.8
6.4
8.4
8.0
41.5
41.7
41.5
42.1
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
46.6
11.9
34.7
46.8
11.9
34.9
46.5
12.0
34.5
33.0
10.8
22.2
2.9
6.0
2.3
1.8
9.3
33.0
11.1
21.9
2.8
5.7
2.1
1.8
9.5
33.1
10.8
22.2
2.9
5.9
2.3
1.8
9.3
33.3
11.2
22.1
8.8
3.3
3.1
15.0
46.8
11.9
34.9
4.3
9.0
3.4
3.1
15.1
32.6
10.9
21.7
4.3
46.9
11.9
35.0
4.3
9.0
3.4
3.1
15.2
33.1
11.3
21.8
9.0
3.4
3.1
15.1
46.6
11.9
34.7
4.3
8.8
3.4
3.1
15.1
32.8
10.8
22.0
8.8
3.4
3.1
15.1
46.6
11.9
34.7
4.3
8.8
3.4
3.1
15.1
6.0
2.1
1.8
9.3
5.7
2.0
1.8
9.4
5.7
2.1
1.7
9.4
5.8
2.1
1.8
9.6
53.0
53.6
53.1
53.0
53.0
53.1
53.6
39.7
38.5
40.1
39.2
39.1
38.5
37.8
35.3
17.7
36.1
17.5
35.2
17.9
7.0
35.5
17.5
6.8
10.7
35.8
17.3
6.6
10.7
36.1
17.5
6.5
11.0
18.2
21.5
11.7
9.8
17.9
20.6
11.0
9.6
18.6
21.5
11.6
9.9
17.9
21.3
11.7
17.8
21.2
11.5
17.8
20.8
11.2
18.0
19.9
10.4
Manufacturing and trade *
Manufacturing r
4.3
Merchant wholesalers r _
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Durable goods
,.-.
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
__
__
2.8
4.7
4.7
8.7
6.6
9.0
8.0
2.8
4.7
4.7
8.6
6.6
9.0
7.9
2.8
4.7
4.7
8.7
6.6
9.5
7.9
2.7
10.8
11.0
10.9
35.3
17.7
6.9
10.8
63.5
65.4
63.9
63.5
63.8
64.3
65.4
46.9
46.0
47.1
46.8
46.0
45.7
46.3
29.2
13.9
15.3
34.4
30.6
15.4
15.3
34.7
29.7
14.5
15.2
34.3
30.6
15.4
15.3
34.7
7.0
27.8
16.5
9.2
7.3
30.4
9.5
20.9
15.3
8.3
7.1
30.7
9.7
20.9
16.6
9.3
7.3
30.5
9.5
21.0
15.2
15.6
30.3
30.7
30.5
30.7
27.2
29.9
14.6
15.3
34.4
7.0
27.4
15.3
27.8
29.4
14.2
15.2
34.4
7.0
27.4
16.5
27.4
29.2
13.9
15.3
34.4
7.0
27.4
20.6
21.0
20.8
20.9
6.9
Retail trade
4.3
4.5
4.7
8.9
6.6
8.9
7.9
7.0
6.5
7.0
7.0
9.6
9.2
7.3
9.7
9.7
8.2
7.1
9.7
9.6
8.2
7.0
9.7
9.4
8.5
7.1
9.8
See footnotes to table 4.
Table 3.—Constant-Dollar Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted
Table 4.—Fixed-Weight Constant-Dollar Inventory-Sales Ratios
for Manufacturing and Trade, Seasonally Adjusted
[Ratio, based on 1972 dollars]
[Ratio, based on 1972 dollars]
1980
1981
Manufacturing and trade r
1
Manufacturing '
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical .
Electrical machinery
Transportation equipment
Other durable goods l- . __ _ .
_
I
II *
Feb. Mar. Apr. May June*
1.63
1.67
1.63
1.64
1.65
1.66
1.66
1.97
1.95
1.96
1.97
1.96
1.97
1.94
2.42
2 85
2 47
2.74
2.36
2 16
2.10
2.38
2 85
2 48
2 78
2.29
1 99
2 12
2.41
2 81
2 47
2.76
2.35
2 18
2 05
2.40 2.39
2 99 2 88
2 47 2 50
2 72 2 77
2.30 2 32
2 07 2 04
2 11 2 08
2.39
2 84
2 48
2 77
2.29
2 03
2 14
2.36
2 85
2 47
2 78
2.30
1 92
2 13
1 42
1 10
1.58
1.52
1 48
1 61
1.75
1 62
1 41
1 05
1 59
1.51
1 55
1 67
1.73
1 60
1 44
1 09
1.61
1.53
1 58
1.65
1.75
1 62
1 41
1 07
1.58
1.57
1 54
1.61
1.68
1 58
Nondurable goods
1 41 1 42 1 41
Food and kindred products
1 10 1 07 1.10
Nonfood
1.56 1 60 1.55
Paper and allied products
__ 1.52
.55 1.48
Chemicals and allied products
1.48
56 1 48
Petroleum and coal products
1.47
.64 1.40
Rubber and plastic products
_
_
_
_
_
_
1.72
.71
1.77
Other nondurable good5' 2
1 62
60 1 61
Merchant wholesalers r
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.
1.39
1.33
1.35
1.36
1.38
1.42
1 93 2 02
.82
.85
60
59
1.10 1.14
1 89
.84
61
1.10
1 97 1 99
.83
83
59
59
1 12 1 10
2 01
.84
59
1.12
2 01
.88
63
1 16
1 36
1 42
1 36 1 36
1 39 1 41
1 41
1 77
1 51
2 09
1 13
.74
._ 1.31
2 00
1 85
2 17
1 13
72
1.33
1 79
1 56
2 08
1 12
74
1.30
1 92
1 74
2 14
1 12
72
1 30
1 97
1 81
2 16
1 13
71
1 33
1.33
1 77
1 50
2 10
1 13
72
1 33
1 96
1 78
2 18
1 13
72
1 32
III
Manufacturing and trade r
Manufacturing *
Durable goods
Nondurable goods
Merchant wholesalers *
Durable goods
Nondurable goods .
.
.
-
Retail trade
Durable goods
Nondurable goods
_ _
_
1981
IV
I
HP
1.71
1.65
1.63
2.03
1.93
1.96
1.96
2 51
1.45
2.37
1.41
2.40
1.45
2.37
1.47
1.43
1.39
1.34
1.39
2.08
.90
2.00
.88
1.93
.86
2.02
.87
1.40
1.38
1.31
1.38
1.95
1.12
1.95
1.09
1.74
1.09
1.9&
1.09
1.66
r
Revised—See note above tables.
P Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and
publishing; and leather and leather products.
NOTE.—Manufacturing inventories are classified by the type of product produced by the
establishment holding the inventory. Trade inventories are classified by the type of product
sold by the establishment holding the inventory.
Table 4: The I-S ratios shown in this table were obtained by weighting detailed industry
I-S ratios by 1972 sales. For manufacturing, 20 industries were used; for merchant wholesalers, 20 kinds of business; and for retail trade, 8 kinds of business.
CURRENT BUSINESS STATISTICS
THE STATISTICS here update series published in the 1977 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY OF CURRENT
BUSINESS. That volume (available from the Superintendent of Documents for $6.25) provides a description of each series, references to sources of earlier figures,
and historical data as follows: For all series, monthly or quarterly, 1973 through 1976 (1966-76 for major quarterly series), annually, 1947-76; for selected
series, monthly or quarterly, 1947-76 (where available).
The sources of the data are given in the 1977 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and are also listed
alphabetically on pages 181-182. 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.
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
1980
III
Annual total
1979
1978
IV
I
II
1980
III
IV
I
II
1981
III
IV
I
II
III
82.31
3387
1709
16.78
4844
4 01
1 20
091
0.94
962
753
2 10
22.09
967
69.75
2690
1324
13.66
'7840
3051
15 12
1539
'80.39
3225
1602
16.22
4285
369
096
088
0.74
4789
406
1 05
094
107
7.95
636
159
19.41
923
936
729
207
21.12
10 28
48.14
440
1 10
071
1.06
9.65
742
223
20.92
1030
GENERAL BUSINESS INDICATORS—Quarterly Series
NEW PLANT AND EQUIPMENT
EXPENDITURES!
Unadjusted quarterly or annual totals:
Total nonfarm business
bil. $..
Manufacturing
do
Durable goods industries 11
do. ..
Nondurable goods industries
fi
do....
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
.
Gas and other
Trade and services
Communication and other
Seas. adj. quarterly totals at annual rates:
Total nonfarm business
Manufacturing .. .«.
Durable goods industries H
Nondurable goods industries U .
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Trade and services
Communication and other
.
68.39
2493
1299
11.94
77.99
3042
15.73
14.69
3761
259
086
080
082
7 19
6 15
105
17.63
772
66.81
2368
1231
11.37
43.13
281
100
1 19
1.08
858
705
1 53
19.76
870
4347
287
1 04
091
1.18
47.57
3 11
1 12
1 10
1.23
880
703
177
19.87
879
25555
9075
46.38
4437
26524
9471
49.25
4547
15328
1048
354
308
405
24736
86 15
4388
4227
161 21
1103
368
341
436
16480
1123
390
349
404
17052
11 01
383
403
4 16
30 16
2466
5 49
6873
3324
32 13
2665
5 48
7332
3328
3240
2685
5 55
7603
3371
56 429
36*8 11
61 041
38904
65 424
42036
231.24
7972
4043
39.29
270.46
9868
51 07
47.61
295.63
11581
5891
56.90
58.47
1993
10.24
9.69
67.57
2445
1246
12.00
57.26
1965
1004
9.61
do....
do
do
do. .
do....
151.52
1021
348
309
4.10
2995
2463
532
68.66
3202
17981
1351
425
401
382
3544
28 12
732
81.79
36 99
38.55
264
089
072
1.05
757
604
154
17.34
8 35
43 12
do....
do
do
do....
do
171 77
1138
403
401
431
3396
2765
631
79.26
3483
do
do.
do....
do
23324
7996
4109
3887
do
do
do....
do
do
do
do
do
do
do
290
098
083
122
883
728
1 55
19.47
8 90
74.02
2886
1479
14.06
74.12
2898
1449
14.50
9.38
742
196
22.01
962
65.18
24 10
1254
11.56
4108
274
099
090
0.84
801
664
137
19.08
852
45 16
327
106
127
0.98
884
707
1 77
20.23
952
45 13
350
100
093
1.07
897
689
208
20.38
928
28430
10657
55.03
5155
29189
111 77
58.28
5349
29436
11569
5938
5632
29623
11640
58.19
5821
17773
1186
424
455
441
17866
1281
4.06
427
376
17983
1386
3.98
406
4 18
3408
27 16
692
8269
3590
180 13
1189
446
390
4 11
3626
2898
728
82 17
3734
29958
11863
5977
5886
180 95
1528
4.54
377
339
3402
2788
6 14
7903
3444
273 15
100 11
5213
47 97
173 04
11 40
413
395
460
3505
2871
6 35
7886
3505
3503
2791
7 12
8107
3766
3558
28 14
744
81 19
3697
3496
2754
741
8291
36 11
68890
43*834
74718
47236
79894
51 367
85 764
54898
83617
55667
86655
56252
88636
57 149
31224 '311 87
12450 12199
6028
6124
6327
61 71
18774 18988
1620
1593
4 10
4.23
3 17
385
421
366
3739
3605
2898
2769
840
836
8455
8443
4054
4032
1
322 88
13046
6490
6556
19242
1751
4.41
309
407
3823
3026
798
84 12
4097
U.S. INTERNATIONAL TRANSACTIONS
Quarterly Data Are Seasonally Adjusted
(Credits + ; debits —)
Exports of goods and services (excl. transfers under
military grants)
mil $
Merchandise adjusted, excl. military .. . .. .. do .
Transfers under U.S. military agency sales
contracts . .
mil $
Receipts of income on U.S assets abroad . .. do ..
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 ..
221 021
142 054
94 159
61 117
21 865
-25 000
33 236
-28 307
43 174
-30 660
5686
-6437
-5,067
-3 183
-1884
do . -61 070
do....
732
-5,593
-3536
-2058
-62639
-1,133
-7,056
-4659
2397
-84776
-8,155
-1,233 -1,318
-772
-800
-461
518
-9651 -30 593
115
182
-1,311 -1,381 -1,401
-*&54
-911
-881
457
470
520
-8057 -15 639 -24 942
-3,585
2,779
322
-1,501 -1,878 -1,332 -1,503 -2,344 -1,512
-787
-890 -1 336
-912 -1624
-950
591
720
611
542
545
562
14 003 -12 639 -24 837 -19 302 -27 995 -18 520
-649 -3y268
502 -1,109 -4,279 -4,529
-4644
-57 159
-16 056
do
63748
do.... 33,561
do
30 187
7897
do .
do....
do ..
11 398
3767
-57 739
-23 949
38 946
-13,757
52703
11877
1,139
21 140
5 165
-71 456
-18 546
50261
15,492
34769
10854
1,152
29640
1386
991
-8380 -29 784
-2,753 -4812
16,827 27964
4,845 18,434
11983
9530
2,620
1608
1093
778
971
3*379 -14 990 -26 943
-5496 -7097 -6214
7509
-7,462
14971
2221
^4,039
1,152
6,073
-33 759
-9008
-10 892
14075
-27 346
7008
4950
1414
-25 342
10779
8,382
3723
-7525
-1,904
-2,365
-3 137
U.S. assets abroad, net
U.S: official reserve assets, net
U.S. Gov't assets, other than official reserve
assets net
mil $
U S private assets net.
do
Direct Investments abroad
do .
Allocation of special drawing rights
Statistical discrepancy
344 667
223 966
8090
1 738 2085
6609
8231
1953
2056
1894
1 705
1599
1411
2272
2 136
1969
43265
66700
75936 10681 12795 14 111 15582 18055 18952 20465 16860 18850 19764 21 420
27614
9587
31 145
7769
7828
8 164
9005
9281
9653
36 536
6984
7286
7383
8663
-230,030 -281,917 -333,888 -58,333 -60,606 -62,885 -68,188 -72,265 -78,582 -85,981 -82,830 -80,177 -84,902 -89,560
-175,813 -211,819 -249,308 -44,336 -45,715 -46,766 -51,117 -54,210 -59,726 -65,024 -62,411 -59,154 -62,719 -65,719
-7352
-8556 -10 746 -1874 -2045 -2028 -2029 -2 164 -2334 -2656 -2 512 -2727 -2851 -2670
Unilateral transfers (excl. military grants), net
mil. $..
U.S. Government grants (excl. military)
do....
Other
do
Foreign assets in the U.S. net
Foreign official assets, net.......
Other foreign assets net
Direct investments in the U S
228 925
184 473
6315
-6*531
7352
-6739
7949
-7*093
8734
-7 157
9 203
-7*319
2259
-8,688
10948
1553
7007
-9,785
16792
3,353
24 345
6,011
18334
3382
925
12429
-5 142
5335
-1,295
6630
3588
3513
1,139
3430
9,309
-455
8,857
-6811
435
-83
-883
-4730
2539
2,082
1228
-7283
702
232
-679
-6974
2,453
1,933
1052
10629
-7672
1456
7915
-4863
10342
-7565
10697
-7*600
1 187 1427
24 152 -16 766
-2710 -3851
7232 11651
7,557
7,686
-326
3965
3884
2690
11 507
-7825
1094
22622
-7 122
23870
7,711
16 158
2060
12 551
-8620
1358
12633
-982
7541
5,384
2 157
1965
is 151
2676
2 736
1,093
6799
-6744
787
242
-545
-2902
6478
5,887
4975
-5570
3734
3,014
1390
-4 602
4599
4,037
3087
Memoranda:
Balance
Balance
Balance
Balance
on merchandise trade
do
on goods and services .
. .
do
on goods, services, and remittances ... do ..
on current account
do
See footnotes at end of tables.
-8359 -10 126
1,312
-217
701
-759
-189 -2095
S-l
S-2
SURVEY OF CURRENT BUSINESS
1979
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
August 1981
1980
1980
Annual
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME BY SOURCE f
Seasonally adjusted, at annual rates: t
Total personal income
bil. $..
Wage and salary disbursements, total
do....
Commodity-producing industries, total.... do....
Manufacturing
do
Distributive industries ..
.
do. ..
Service industries . .
do....
Govt. and govt. enterprises
do....
Other labor income
do
Proprietors' income: $
Farm
do
Nonfarm
... . do ..
Rental income of persons with capital
consumption adjustment
bil. $..
Dividends
•
.. . do....
Transfer payments
do
Less: Personal contrib. for social insur
do....
Total nonfarm income
do
DISPOSITION OF PERSONAL INCOME *
Seasonally adjusted, at annual rates:
Total personal income
.. bil. $..
Less: Personal tax and nontax payments
do....
Equals: Disposable personal income
do....
Less* Personal outlays
do....
Personal consumption expenditures
do....
Durable goods
. . do ..
Nondurable goods
.
do....
Services
do....
Interest paid by consumers to
business
.. . .
do....
Personal transfer payments to
foreigners (net)
do....
Equals' personal saving
. ...... do....
Personal saving as percentage of disposable
personal income §
percentDisposable personal income in constant (1972)
dollars
bil. $..
Personal consumption expenditures in
constant (1972) dollars
do
Durable goods
do
Nondurable goods
.... do....
Services
do....
Implicit price deflator for personal consumption
expenditures
index 1972 — 100
INDUSTRIAL PRODUCTION H
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index
1967—100..
By market groupings:
Products, total
do....
Final products
do
Consumer goods
do....
Durable consumer goods
do....
Nondurable consumer goods
do....
Equipment
.
do....
Intermediate products
do....
Materials
do....
By industry groupings:
Mining and utilities
.
do....
Nondurable manufactures
do....
Durable manufactures
do
Seasonally Adjusted
Total index
do....
By market groupings:
Products total
do....
Final products
... do .
Consumer goods
do....
Durable consumer goods
do....
Automotive products
.,
do....
Autos and utility vehicles
do....
Autos
do....
• Auto parts and allied goods . ... do .
Home goods
. do .
Appliances, air cond., and TV
do....
Carpeting and furniture
do....
Nondurable consumer goods
do....
Clothing
do.
Consumer staples
do....
Consumer foods and tobacco
do....
Nonfood staples
.
.
do...
Equipment
.
do....
Business equipment
do
Industrial equipment #
do....
Building and mining equip
do....
Manufacturing equipment
do....
Commercial, transit, farm eq. #
do....
Commercial equipment
do
Transit equipment
^ --» do--r
Defense and space equipment
do....
See footnotes at end of tables.
1,943.8
1,236.1
437.9
333.4
303.0
259.2
236.1
118.6
30.8
100.7
2,160.2 2,127.1 2,161.2 2,179.4 2,205.7 2,234.3 2,257.6 2,276.6
1,343.7 1,323.2 1,326.3 1,342.4 1,356.8 1,381.7 1,400.4 1,411.2
467.7
485.2
491.1
452.5
460.0
475.8
465.4
453.7
366.2
369.9
346.7
352.5
350.7
340.9
341.0
358.8
341.7
332.6
325.5
329.4
338.6
328.9
323.3
341.4
313.7
301.7
310.5
295.3
298.9
305.6
295.7
294.4
254.7
264.8
253.0
263.3
254.1
261.7
253.6
251.8
145.0
137.7
140.4
143.5
137.1
139.1
141.9
136.3
23.4
107.2
22.8
101.0
22.4
105.1
22.0
106.3
21.9
111.4
22.2
111.5
22.6
111.5
22.6
111.6
2,300.7 2,318.2 2,340.4 2,353.7 '2,368.1 '2,384.7 2,421.7
1,433.1 1,442.8 1,452.8 1,459.5 1,467.1 1,472.0 1,482.0
516.1
500.3
503.2
504.8 '508.1 '510.8
500.5
390.5
379.4
377.2
383.7 '387.8 '388.3
375.6
358.8
354.8
357.0 '357.7 '357.6
348.4
352.6
334.4
326.5
328.4 '330.9
332.3
318.3
322.6
272.6
271.4
268.4
269.3
270.3
267.2
265.9
154.8
153.0
149.5
150.9
151.6
148.0
146.6
19.9
112.8
18.7
112.6
18.2
114.2
20.2
113.0
'21.7
112.2
'23.2
112.2
24.9
112.0
30.5
48.6
209.6
249.4
80.6
1,892.9
33.7
33.5
32.9
33.1
33.3
32.7
32.5
32.5
32.4
31.8
32.0
32.2
32.3
31.8
31.6
62.4
58.3
60.2
61.1
59.4
57.4
58.2
55.9
56.7
55.2
55.4
54.7
55.5
54.7
54.4
311.6
295.2
297.9 '301.6 '306.3
289.1
281.8
269.4
274.1
260.4
261.7
263.2
265.6
256.3
258.9
344.3
323.5 '326.6
321.9
322.5
318.4
318.4
314.7
313.4
313.2
309.7
309.0
313.8
284.6
294.2
104.0
103.2
102.6
102.9
103.1
101.9
102.3
91.9
89.1
91.4
87.0
88.3
90.4
87.9
86.2
2,112.6 2,080.3 2,114.5 2,132.7 2,158.7 2,186.8 2,209.7 2,228.5 2,254.8 2,273.2 2,295.4 2,306.2 '2,318.8 '2,333.6 2,368.2
1,943.8
302.0
1,641.7
1,555.5
1,510.9
212.3
602.2
696.3
2,160.2
338.5
1,821.7
1,720.4
1,672.8
211.9
675.7
785.2
2,127.1
334.2
1,793.0
1,683.9
1,637.1
195.5
665.7
776.0
43.7
46.4
45.8
45.9
45.9
46.2
46.5
46.7
1.0
107.4
1.0
116.8
1.6
102.1
1.6
97.4
2,161.2 2,179.4 2,205.7
341.7
346.5
336.3
1,824.9 1,837.7 1,859.2
1,714.9 1,730.3 1,742.4
1,667.9 1,683.4 1,695.2
210.6
210.5
205.2
674.4
667.4
680.9
789.9
798.4
809.1
2,234.3
354.1
1,880.2
1,778.1
1,729.9
222.3
690.5
817.1
2,257.6 2,276.6 2,300.7
369.3
359.9
363.5
1,897.7 1,913.1 1,931.4
1,800.3 1,819.7 1,847.8
1,752.0 1,771.0 1,799.3
224.2
236.6
223.4
721.5
706.8
713.1
833.7
841.2
821.9
2,318.2
371.6
1,946.6
1,855.6
1,806.9
237.7
726.9
842.4
2,340.4
375.1
1,965.4
1,873.2
1,824.1
240.5
729.6
853.9
47.1
47.4
4,7.7
48.2
1.6
93.3
1.1
83.6
1.0
91.0
1.0
92.2
4.6
4.9
'2,368.1
'382.5
1,985.7
1,877.6
1,827.7
'226.4
'731.5
'869.9
'2,384.7
'387.5
1,997.3
1,893.9
1,843.6
'225.3
'738.3
'880.0
2,421.7
392.9
2,028.8
1,915.8
1,865.0
233.2
743.1
888.7
48.6
'48.8
'49.3
49.8
1.1
104.1
1.1
108.1
1.1
103.4
1.1
113.0
'5.1
5.3
5.4
2,353.7
378.2
1,975.5
1,871.4
1,821.7
r
229.4
'733.9
r
858.4
r
1.0
86.2
1.2
101.3
1.0
109.1
1.0
110.0
5.2
5.6
6.2
6.0
6.1
5.8
5.6
5.1
4.9
4.6
1,011.5
1,018.4
1,007.0
1,018.6
1,018.2
1,018.6
1,023.6
1,026.4
1,027.4
1,030.4
930.9
146.6
354.6
429.6
935.1
135.8
358.4
440.9
919.5
126.1
356.3
437.1
931.1
134.8
355.4
440.8
932.7
133.6
356.2
442.8
928.8
129.3
353.2
446.3
941.8
139.1
356.0
446.7
947.6
139.0
362.4
446.2
951.1
139.2
362.8
449.1
959.9
146.0
364.8
449.1
959.8
146.8
365.5
447.6
960.9
147.7
363.1
450.1
'955.8
139.6
r
366.5
'449.7
953.8
136.6
'365.5
'451.7
956.3
135.5
367.9
452.9
162.3
178.9
178.0
179.1
180.5
182.5
183.7
184.9
186.2
187.4
188.3
189.8
190.6
191.6
192.8
152.5
147.1
145.0
137.2
142.9
148.6
150.2
149.5
146.3
146.9
151.7
153.0
152.0
152.8
"156.7
"150.1
150.0
147.2
150.8
155.8
148.8
142.2
160.5
156.4
146.8
145.4
145.5
136.5
149.1
145.1
151.9
147.7
146.2
145.6
145.9
132.9
151.1
145.2
148.4
143.0
140.8
139.7
138.3
115.4
147.5
141.6
144.8
131.7
146.3
144.7
146.5
121.4
156.6
142.1
152.2
137.8
152.5
151.2
154.2
139.0
160.3
147.1
157.0
142.7
151.8
150.4
152.7
148.4
154.3
147.2
157.3
147.6
148.7
147.3
147.0
144.5
148.0
147.7
153.8
150.7
144.2
142.7
139.3
132.2
142.2
147.3
149.6
149.7
144.3
143.3
141.3
133.6
144.3
146.1
148.2
150.9
149.1
147.9
146.5
142.1
148.2
149.9
153.4
155.7
150.4
149.2
148.3
148.3
148.3
150.5
154.6
157.1
149.9
148.5
147.6
148.6
147.1
149.8
155.0
155.2
151.1
149.8
148.6
150.6
147.8
151.4
155.8
155.6
"155.9
"155.1
"154.5
"153.6
"154.8
"155.9
"159.1
"157.9
150.2
149.2
146.7
134.2
151.7
"152.7
e
!53.9
149.9
144.7
153.6
164.0
146.4
150.4
146.6
161.1
136.6
149.1
144.4
160.1
133.5
151.9
135.1
151.0
124.1
157.1
141.3
161.2
127.6
152.3
148.0
167.5
134.6
146.1
150.6
167.8
138.7
149.4
149.5
163.9
139.5
154.1
145.1
156.8
137.1
159.7
145.2
157.3
136.7
159.0
150.7
164.0
141.5
155.4
153.0
165.3
144.5
146.2
152.8
165.7
143.8
146.4
153.8
166.0
145.3
"155.5
"156.7
"170.4
"147.3
e
152.5
147.1
141.5
140.4
141.8
144.1
146.9
149.4
151.0
151.7
151.5
152.2
152.2
153.0
"152.9
"153.4
150.0
147.2
150.8
155.8
167.7
154.3
136.7
201.5
149.2
127.4
173.0
148.8
131.9
153.5
145.0
163.4
142.2
171.3
152.2
206.3
130.3
193.4
228.1
151.6
93.4
146.8
145.4
145.5
136.5
132.7
109.9
103.4
190.4
138.7
117.1
155.0
149.1
126.8
155.3
147.0
165.0
145.1
173.3
157.0
241.3
128.5
192.1
237.5
139.4
97.8
142.5
142.3
142.1
128.2
121.6
97.1
95.7
183.7
132.0
105.6
146.7
147.6
126.7
153.4
146.2
161.7
142.6
169.8
155.2
241.0
126.1
186.7
228.8
138.0
96.8
142.8
142.4
142.0
128.3
129.2
106.4
105.2
186.9
127.7
102.3
136.1
147.4
122.5
154.3
146.4
163.6
142.9
170.1
154.8
244.4
126.0
187.8
229.0
140.9
97.2
143.8
142.8
142.7
128.6
121.5
94.1
91.3
191.1
132.6
114.2
141.1
148.3
123.6
155.1
146.0
165.7
142.9
170.3
154.5
243.6
124.4
188.4
233.6
138.4
96.9
145.3
143.9
144.3
132.7
130.6
105.5
98.0
194.2
134.0
116.3
146.1
148.9
122.1
156.3
147.0
167.1
143.2
170.5
154.2
243.4
123.9
189.4
237.2
133.8
97.4
147.2
145.8
146.6
139.6
141.8
120.2
110.7
196.8
138.3
123.5
150.2
149.4
125.1
156.1
147.7
165.9
144.8
172.3
154.4
244.3
123.9
192.8
242.0
135.0
98.5
148.7
147.5
148.0
142.9
145.3
124.3
114.3
198.6
141.5
128.4
154.9
150.1
127.3
156.4
148.0
166.2
146.7
174.5
157.1
250.1
126.4
194.7
244.0
136.6
99.8
149.9
148.3
147.7
141.3
139.1
115.9
105.3
198.0
142.6
126.8
156.3
150.2
123.7
157.5
148.9
167.6
149.1
177.8
160.7
255.7
130.6
197.6
248.3
137.9
100.7
150.3
148.3
147.2
138.8
127.1
99.8
90.0
196.6
145.4
131.2
156.8
150.5
122.3
158.3
148.7
169.5
149.8
178.9
163.8
265.9
131.1
196.3
249.6
131.7
101.0
149.8
147.9
146.9
138.9
129.0
103.7
96.0
193.4
144.4
124.2
159.9
150.1
119.9
158.5
149.3
169.1
149.1
178.3
165.2
272.2
131.0
193.4
250.9
122.9
100.2
150.7
149.2
148.2
143.3
139.4
116.7
108.3
196.9
145.5
127.7
159.3
150.1
120.0
158.5
149.6
168.8
150.7
180.5
167.3
279.6
132.0
195.9
253.4
126.6
100.5
151.5
150.3
149.2
144.4
143.8
120.1
113.2
'203.9
144.7
120.8
164.1
151.1
120.3
159.6
150.6
170.1
151.7
182.0
168.5
'285.2
131.9
197.6
254.4
129.4
100.8
152.4
151.5
150.8
147.6
152.1
129.9
120.8
'208.5
145.1
122.1
164.6
152.0
122.2
160.3
150.9
171.2
152.6
183.4
169.6
'287.3
132.9
199.3
'257.9
129.7
100.8
"152.0
"151.4
"150.2
"147.6
"153.0
"131.4
"122.2
"208.0
"144.5
"118.2
"166.9
"151.2
152.1
151.7
150.2
146.6
147.0
"122.9
117.4
"208.5
e
!46.4
e
!23.2
"159.5
"149.3
"171.4
"153.1
"184.2
"170.6
"289.4
"133.8
"199.9
"259.3
"129.2
"100.9
"159.5
1,034.1 1,035.3 1,036.5 1,036.2 1,036.0
!60.1
148.4
162.6
138.7
"151.6
•171.1
"153.8
"185.0
171.7
'290.8
134.7
«200.4
"260.9
"128.0
•101.4
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
1980
Annual
S-3
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION U—Continued
Seasonally Adjusted— Continued
By market groupings—Continued
Intermediate products
1967—100
1605
151 9 1435
1445
147 6
1506
1524
156
1577
1535
1569
156 3 '1560 '155 7 PP154 1
Construction supplies
do .
1580
1407
1285
1286
133 1 1374
1405
1446
1474
1428
1473
1476
1469 '1459
1433
Business supplies
do..
163.1
158.4
160.4
162.9
1619
1643
1680
1636
1642
1675
1665
1648 '1650 '1655 P1648
Materials . .... .
.
.
do
1564
1477
1400
1365
1386
1464
1526
1424
1505
1538
1542
1544
1532 '1540 PP154 4
Durable goods materials 4£
do
1578
143 1 1338
1290
131 3
1404
1342
1466
148 4
1502
150 7
1524 '152 1 '153 2 P152 5
Durable consumer parts
.
do..
137.1
109.0
96.0
93.9
98.1
104.2
110.8
115.5
116.3
116.2
115.9
119.9 '121.6
123.0
124.1
Equipment parts
do .
1899
1873
1776
1825
1763
1760
1785
1840
1858
189 2
1889
191 5 '1923 '193 8 PP1930
Nondurable goods materials #
do..
175.9
170.7
159.6
156.2
159.8
169.7
173.7
174.1
178.8
180.2
177.7
'179.6 '179.7 P178.8
179.6
Textile, paper, and chemical
do..
183.7
158.5
177.0
163.4
163.2
175.1
180.5
181.0
186.5
187.7
187.4
185.4 '187.8 '188.4 P187.1
Energy materials
do
1289
1300
1304
1304
1300
1284
1272
1309
1305
130 2
131 3 1307
1233 '124
128 9
By industry groupings:
P
Mining and utilities
do
1447
1504
1501
1501
1505
1505
1502
1540
1528
1552
1558
151 7 '153 3 P156 7
1552
Mining
do
1255
1329
1329
1306
1296
132 1 1360
1305
1393
141 1 1433
143 5 '135 9
135 9 141 7
73 i
Metal mining
do
1270
109 1
1200
831
71 2
908
107 2
1222
126 3
1337
131 1 '1235 '122 7 PP120 9
Coal. .
do
1356
1467
149 8
1500
1549
1489
145 7
151 6
1553
150 3
158 9
75 8
151 '
76 9
122 8
Oil and gas extraction #
do
1217
1338
1332
1343
1336
134 7
135 4
1374
139 1 141 5 1427
144 8 '147 0
147 2 P148
4
P
937
Crude oil
do..
95 2
94.6
947
955
953
933
929
925
922
934
950
957
96 3
96 2
Natural gas
do..
109.2
111.0
107.1
106.0
1051
1095
1104
1119
1144
1169
1087
111 8 1127
P
Stone and earth minerals
do..
137.6
131.7
123.7
123.9
123.5
128.2
129.0
133.0
137.8
140.0
138.9
137.4
134.8 '132.8
133.7
Utilities
do
1660
1699
1693
171 8 1738
1727
170 4
171 5 170 3
171 0 168 5 169 4 '169 3 r179 ft p17q A
Electric
do
1858
1897
1887
1924
1954
1939
1903
191 5 1903
191 1 187 4
188 7
188 5 '193 4 Pi CM A
Manufacturing
do
1536
1466
1403
139 1
1406
146 4
143 4
149 1
150 6
151 1 151 0 151 7
152 3 ricq n Pico A
Nondurable manufactures
do...
164.0
161.1
155.3
154.7
156.9
160.3
161.8
163.3
165.0
165.2
166.1
165.5 '166.1 '166.3 P165.8
Foods
do
1475
1492
1490
148 9
1483
1486
1494
150 5
150 7
150 0
151 5 152 1 '152 7 ri cq r» PI co n
Tobacco products
do...
117.8
119.8
113.9
119.6
1174
1191
1231
1251
1188
1229
123 1 1158 '122 2
122 3
Textile mill products
do..
145.0
1368
1336
1325
1326
1330
1338
1350
133 9
1338
1355
134 0 '136 0 '136 4 P136 0
Apparel products
do...
134.4
128.6
127.2
121.5
1238
1267
1275
1280
1251
125 9
1240
1236 '122 1
122 2
M K7 q
ri KK A
1*»fi 7
Paper and products
do
1 %f\ Q
P1 *\q A
1510
151 0 1462
1436
147 1
1523
153 0
154 4
156 8
157 2
Printing and publishing
do...
136.9
139.6
135.4
138.6
140.3
140.3
141.5
142.7
144.9
145.5
145.8
143.6 '141.6 '141.9 PP142.4
Chemicals and products
do...
211.8
206.7
191 1 1903
1978
2068
2091
2120
2188
2192
2209
2195 '2209 '221 6
220 3
107 q
fqi A
1 Of) A
Petroleum products
do
1 ^4 ^
1439
1349
131 3 1305
126 7
130 5 130 1
131 2
137 5
Rubber and plastics products
do....
272.2
255.8
242.9
242.5
245.9
253.1
259.2
259.6
259.2
258.2
264.0
267.9 '272.9 '276.5 P280.2
r
ICQ Q
pC7 K
Leather and products
do. .
71 i
701
685
67 £
67 7
67 2
70 2
71 2
678
689
69 4
69 1
68 8
Durable manufactures
do....
146.4
1366
1299
9
1283
1294
131 7 1358
139 3
1406
141 4
140 7
142 2 '142 7 T1AO Q P143
P
Ordnance, pvt. and govt
do....
75.2
77.9
77.5
77.1
77.2
77.1
79.1
79.6
78.9
79.5
78.6
78.3
78.4
'78.8
79.0
Lumber and products
do....
136.9
119.3
109.7
112.8
1217
1226
1222
1249
1220
1263
126 3
1254
1262 '126 8 P123 2
Furniture and fixtures
do....
161.5
1500
1431
1386
141 1 1448
147 2
1472
149 0
1505
153 0 153 0
157 1 r1 fi£ 4 P1 CQ Q
Clay, glass, and stone products
do....
163.9
146.5
134.5
134.2
135.7
141.4
145.2
1478
1514
1549
1548o
1524
1524 '150 4 "1470
i1q Q
rl 11 13
Primary metals
do
1191
1 1A Q
121 3
101 6
90 4
81 7
86 0
90 1
100 6
113 4
m
P
Iron and steel
do....
113.2
91.7
754
681
753
798
933
107 4
1035
1080
1078
107 3 '105 1 T'105 7
99 3
P199 {•
Nonferrous metals
do....
135.8
1192
118 1 1073
191 9
1045
107 1
113 1 1232
127 2
1249
126 2
128 0 r'122 2
ri
Af\
Q
Fabricated metal products
do
1485
1350
126 1
123 8 1258
1290
1328
134 1
137 4
137 6
139 1 141 3 1 41 9
Nonelectrical machinery
;
do....
163.7
162.8
158.3
158.5
158.8
159.1
161.1
163.4
167.5
168.9
169.1
170.7 '172.0 '174.2 P175.0
17Q A
Electrical machinery
do
1750
177 1
P17Q Q
rlfln *»
1727
1666
1650
1667
167 5
1700
173 0 174 9
177 9
174 6
117 3 114 9
Transportation equipment
do
1354
11Q 4
1 9n 9 ri oq 1 P1 nq q
116 8
1100
1107
1083
1129
118 8 121 7 120 6
P
Motor vehicles and parts
do....
159.9
118.8
106.7
107.9
104.4
113.4
124.2
129.0
126.3
119.2
117.5
127.4
129.7
137.49
'136.0 P171
171 q
Instruments
do
1fiQ Q
1 70 fl
rl7ft A
1749
171 0
1692
1675
1676
167 4
1696
169 9
172 1
174 0
BUSINESS SALES
Mfg. and trade sales (unadj.), total $
mil. $.. r3,536,797 '3,846,477 '311,903 '303,543 '315,874 '332,106 '350 330 '336 636 '356011 '323 300 *331 124 '361 175 '354873 '353 099 364 890
Mfg. and trade sales (seas, adj.), total $
do.... rl3,536,797 "3,846,477 '305,326 '315,633 '317,906 '327,758 '335,873 '339,049 '343,752 '349,018 '350,334 '349,898 '350,923 '349 245 352 975
Manufacturing, total t
do.... rlr1,727,291 rl 1,845 936 '145 768 '150 332 '151 188 '156 915 '161 038 '162 384 '163 719 '164 588 '165508 '165 804 '167 491 '167 527 170 958
Durable goods industries
do.... 909,631 '936,030 '71,908 '75,554 '75 485 '79 735 '82 518 '83 229 '83 482 '83 329 '84 215 '85 058 '86 327 '86 664 88470
Nondurable goods industries
do.... '817,660 '909,906 '73,861 '74,778 '75,703 '77,180 '78,521 '79,155 '80,236 '81,259 '81,293 '80,746 '81,164 '80,863 82,488
Retail trade, total §.....
do.... rlr894,343 "956,655 77843 79491 79829 80620 81552 82 764 83443 85 463 86810 87608 85855 '85 501 86 942
Durable goods stores
do.... 304,809 297,926 23,589 25,071 24,593 25094 25293 26007 25983 27075 28328 28 429 26356 '26 536 27 407
Nondurable goods stores
do.... r589,534 658,729 54254 54420 55236 55526 56259 56757 57460 58388 58*482 59 179 59 499 '58 965 59 535
Merchant wholesalers, total @
do.... '915,163 1,043,886 81,714 85,810 86,889 90,223 m,282 93,901 96,591 98,967 98,016 96,486 97,577 '96,217 95,075
Durable goods establishments
do.... 410,079 438,439 34,793 35,196 35,353 36,937 ^110 38,799 39,403 40,370 41,511 39,907 40,299 '40,584 41 152
Nondurable goods establishments
do.... 505,084 605,447 46,921 50,614 51,536 53,286 55,172 55,102 57,188 58,597 56,505 56,579 57,278 '55,633 53,923
Mfg. and trade sales in constant (1972) dollars
r
(seas, adj.), total *
bil. $..
!51 5 '1541 '1529 '156 8 '1586 '1588 '159 4 '160 5 '161 4 '160
1 *»Q ^
4 '159
8 M KQ K
r
r
rjc A
Manufacturing *
do
74 ^
74 %
'7/1 9
'700
'71 6
'708
'736
'74 6
'74 4
'74 4
'73 9
'74 3
454
Retail trade *
do....
444
452
4ft ^
454
454
459
'457
'467
'47 1
'46 8
'46 0
'45 7
q7 Q
rqo
K
Merchant wholesalers *
do ...
'371
'374
'367
'377
'386
'38 4
'39 2
'39 9
'40 1
'39 2
'39 1
BUSINESS INVENTORIES
Mfg. and trade inventories, book value, end of year
or month (unadj.), total $
mil. $.. '440,354 '470,769 '464,149 '463,875 '464,625 '467,343 '475,798 '480,304 '470,769 '476,328 '483,898 '489,556 '490,985 '492,671 493,813
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total $
mil. $.. '444,224 '475,202 464,187 466,828 468,943 '471,500 '473,617 '474,884 '475,202 '478,451 '484,069 '485,467 '487,060 '490,254 493,507
Manufacturing, total t
do.... '241,572 '257,979 256,421 257,207 256 740 '256 837 '256 218 '257 042 '257 979 '261 752 '264 496 '266 524 '267 506 '269 260 269 275
Durable goods industries
do.... '161,390 '171,603 169,769 170,391 170,540 '170,163 '169,781 '170,275 '171,603 '174,223 '175,620 '176,229 '177,123 '177,635 178,099
Nondurable goods industries
do.... '80,182 '86,376 '86,652 '86,816 '86,200 '86,674 '86,437 '86,767 '86,376 '87,529 '88,876 '90,295 '90,383 '91,625 91,176
Retail trade, total §
do.... '108,835 111 694 109 438 110 003 110 283 111711 113 106 112 639 111 694 111 790 113 507 113 404 113 963 '115 426 117 492
Durable goods stores
do.... '53,274
51,853 51,543 51,249 51675 51738 52006 52209 51 853 52234 52374 51 791 52306 '53 529 54 845
Nondurable goods stores
do.... '55,561
59,841 57,985 58,754 58,608 59,972 61,040 60,430 59,841 59,556 61,133 61,613 61,657 '61,897 62,647
Merchant wholesalers, total @
do....
93,817 105,529 98,328 99,618 101,920 102,953 104,293 105,203 105,529 104,909 106,066 105,539 105,591 '105,568 106,740
Durable goods establishments
do....
60,291
67,938 64,025 63,938 65,387 65,461 65,951 66,955 67,938 67,319 68,482 68,571 69,174 '69,876 70,781
Nondurable goods establishments
do....
33,526
37,591 34,303 35,680 36,533 37,492 38,342 38,248 37,591 37,590 37,584 36,968 36,417 '35,692 35,959
Mfg. and trade inventories in constant(1972)dollars,
end of year or month(seas.adj.),total*
bil. $..
264.7
264.8
264.4
264.2
264.3
264.1
263.0
262.8
262.9
262.6 '263.1 '263.5
265.1
Manufacturing *
do....
1472
1472
1464
1459
1452
1450
145 1
1455
1458
146 1 '1463 '146 1
146 2
as A
re A q
Retail trade *
do....
647
648
647
651
65 7
65 4
646
64 3
63 9
63 5
'63 8
Merchant wholesalers *
do....
rKQ 1
52.9
52.8
53.3
53.3
53.5
59.9
Kan
S3 4.
K««
B3.fi
Kai
Kan
See footnotes at end of tables.
e
!538
e
!420
e
!554
e
!52 9
e
!23.5
e
!938
e
!79.7
e
!88.0
e
!31 6
e
!58 4
e
!45 6
e
!61
6
8
147 9
6179 Q
eiqq q
ei co 7
'166.5
•••• •••"
e
!42.9
elAq 9
"79.5
VAio'V
VVV'c
e
!76.0
el Oft 7
d 9A 7
e
!31.8
el 79 9
/
S-4
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
1980
Annual
August 1981
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total $
ratioManufacturing total 1°
do
Durable goods industries
. . do
Materials and supplies
do....
AVork in process
do
Finished goods
do....
Nondurable goods industries
do....
Materials and supplies
do....
Work in process
do
Finished goods .
do....
Retail trade total § . .
do....
Durable goods stores
do
Nondurable goods stores
.. . do ...
Merchant wholesalers, total"®
do....
Durable goods establishments
do
Nondurable goods establishments
do....
Manufacturing and trade in constant (1972) dollars,
total * . . . , . .
do....
Manufacturing *
do
Retail trade *
.
do....
Merchant wholesalers *
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted total
mil $
Seasonally adj., total
do....
Shipments (not seas, adj.), total t
do....
Durable goods industries, total
do....
Stone, clay, and glass products
do....
Primary metals
do....
Blast furnaces steel mills
do
Fabricated metal products
do. ..
Machinery except electrical
do
Glectrical machinery
. . do. .
Motor vehicles and parts
Instruments and related products
Nondurable goods industries, total
Food and kindred products
Tobacco products
Textile mill products
Chemical and allied products
Petroleum and coal products
Rubber and plastics products
.
do....
do....
do....
do....
do....
do
, do....
do....
do....
By industry group:
Durable goods industries total $
do....
Stone clay and glass products
do
Primary metals
.. . do. .
Blast furnaces steel mills
do....
Fabricated metal products
do....
Machinery except electrical
do
Electrical machinery
do....
Transportation equipment
do
Motor vehicles and parts
do
Instruments and related products
do
Nondurable goods industries total $
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: t
Home goods and apparel
do....
Consumer staples
do ..
Equipment and defense prod., exc. 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: t
Book value (unadjusted), total
do....
Durable goods industries, total
do....
Nondurable goods industries, total
do....
Book value (seasonally adjusted) total °f"
do
By industry group:
Durable goods industries total $
do....
Stone, clay, and glass products
do....
Primary metals
do....
Blast furnaces, steel mills
do....
Fabricated metal products
do....
Machinery except electrical
do
Electrical machinery
.. . do
Transportation equipment
do....
Motor vehicles and parts
do....
Tnsfvmimfints anH rplatpH nrnrlnrts
do
See footnotes at end of tables.
1.52
'1.76
'2.36
'0.76
'1.05
'0.55
'1.17
'0.48
'0.19
'0.51
1.41
2.18
1.07
1.20
1.84
0.73
1.48
'1.71
'2.26
'0.72
'1.01
0.53
'1.16
'0.47
'0.19
'0.50
1.38
2.04
1.08
1.16
1.82
0.70
'1.48
'1.70
'2.26
'0.71
'1.02
'0.53
'1.14
'0.46
'0.18
'0.50
1.38
2.10
1.06
1.17
1.85
0.71
'1.44
'1.64
'2.13
'0.67
0.96
0.50
'1.12
'0.45
'0.18
'0.49
1.39
2.06
1.08
1.14
.1.77
0.70
'1.41
'1.59
'2.06
'0.65
'0.93
'0.48
'1.10
'0.45
'0.18
'0.48
1.39
2.06
1.09
1.12
1.73
0.69
'1.40
'1.58
'2.05
'0.64
'0.93
0.48
'1.10
'0.45
'0.17
'0.48
1.36
2.00
1.07
1.12
1.73
0.69
'1.38
'1.58
'2.06
'0.64
0.93
0.48
'1.08
'0.44
'0.18
'0.46
1.34
2.00
1.04
1.09
1.72 .
0.66
'1.37
'1.59
'2.09
'0.66
'0.96
0.47
'1.08
'0.44
'0.18
0.46
1.31
1.93
1.02
1.06
1.67
0.64
'1.38
'1.60
'2.09
'0.66
'0.95
0.47
'1.09
'0.45
'0.18
'0.47
1.31
1.85
1.05
1.08
1.65
0.67
'1.39
'1.61
'2.07
'0.65
'0.95
0.47
'1.12
'0.45
'0.18
'0.48
1.29
1.82
1.04
1.09
1.72
0.65
'1.39
'1.60
'2.05
'0.65
'0.94
0.47
'1.11
'0.45
'0.18
'0.48
1.33
1.98
1.04
1.08
1.72
0.64
'1.40
'1.61
'2.05
'0.64
'0.95
0.47
'1.13
'0.45
'0.19
'0.49
1.35
2.02
1.05
'1.10
'1.72
'0.64
1.40
1.58
2.01
0.63
0.92
0.46
1.11
0.44
0.18
0.49
1.35
2.00
1.05
1.12
1.72
0.67
'1.75
'2.10
1.46
'1.42
'1.72
'2.06
1.44
'1.41
'1.73
'2.07
1.43
'1.45
1.69
'1.98
1.43
'1.41
1.67
'1.95
1.45
'1.39
'1.66
'1.95
1.43
'1.40
'1.65
'1.95
1.41
'1.36
'1.64
1.97
1.38
'1.33
'1.63
'1.96
1.36
'1.33
'1.64
1.97
1.36
'1.35
'1.65
'1.96
1.39
'1.36
'1.66
'1.97
1.41
'1.38
1.66
1.94
1.41
1.42
8,278
7,543
'152,930
'77,051
'3,871
'10,369
'4,593
'9,522
'16,175
'10,714
'14,807
'8,271
'3,912
'75,879
'21,260
'963
'4,045
'6,120
'13,763
'14,890
'3,930
'145,768
7,555
8,521
'137,631
'67,470
'3,636
'9,137
'3,990
'8,450
'13,673
'9,150
'13,142
'7,243
'3,379
'70,161
'19,822
'1,073
'3,163
'5,560
'12,196
'14,167
'3,573
'150,332
7,276
7,983
'147,823
'71,609
'3,907
'9,953
'4,390
'9,414
'13,860
'10,263
'12,452
'6,824
'3,872
'76,214
'22,021
'1,100
'3,735
'6,015
'13,185
'14,466
'4,106
'151,188
9,025
9,270
'163,812
'83,673
'4,221
'11,088
'5,055
'10,286
'16,316
'11,169
'17,736
'10,796
'4,166
'80,139
'23,002
'1,028
'4,075
'6,347
'14,697
'14,493
'4,160
'156,915
9,216
8,941
'167,307
'86,823
'4,259
'11,446
'5,430
'10,829
'16,243
'11,459
'19,643
'12,908
'4,124
'80,484
'22,677
'1,167
'4,006
'6,269
'14,331
'14,977
'4,344
'161,038
8,772
8,635
'161,492
'82,459
'3,977
'11,190
'5,556
'10,232
'15,349
'11,201
'18,256
'11,594
'4,104
'79,033
'22,574
'1,091
'3,902
'5,980
'13,619
'15,653
'4,027.
'162,384
9,578
9,181
'157,597
'79,978
'3,665
'10,981
'5,639
'10,010
'16,545
'10,596
'16,653
'9,860
'4,059
'77,619
'22,383
'1,159
'3,689
'5,855
'14,609
'15,880
'3,530
'163,719
7,540
8,571
'152,094
'75,385
'3,476
'11,353
'5,765
'9,263
'15,160
'9,986
'15,535
'9,980
'3,641
'76,709
'20,901
'1,037
'3,684
'6,036
'14,074
'16,866
'3,617
'164,588
9,900
9,703
'167,163
'84,746
'3,903
'12,253
'6,108
'10,405
'16,982
'11,293
'17,706
'11,236
'4,027
'82,416
'22,348
'1,058
'4,130
'6,679
'15,250
'17,091
'3,869
'165,508
10,253
9,598
'175,250
'91,521
'4,277
'12,559
'6,392
'11,078
'18,412
'11,812
'20,522
'12,912
'4,327
'83,729
'22,860
'1,060
'4,558
'6,799
'16,472
'16,109
'4,017
'165,804
9,885
9,615
'170,022
'88,627
'4,364
'12,431
'6,437
'10,724
'17,194
'11,301
'19,872
'12,664
'3,979
'81,395
'22,312
'1,101
'4,225
'6,587
'15,607
'15,723
*4,133
'167,491
9,647 10,572
9,395
9,613
'169,040 179,418
'88,289 94,722
'4,279
4,525
'12,267 12,619
'6,364
6,614
'10,800 11,369
'16,869 18,445
'11,338 12,331
'20,067 21,922
'13,045 14,427
'4,148
4,600
'80,751 84,696
'21,749 23,084
'1,046
1,126
'4,409
4,740
6,711
'6,553
'15,413 16,051
'16,236 16,455
'3,915
4,187
'167,527 170,958
'71,908
'3,545
'9,693
'4,281
'8,903
'14,928
'10,153
'13,770
'7,643
'3,661
'73,861
'20,765
'964
'3,798
'5,820
'13,007
'14,755
'3,787
'75,554
'3,721
'10,151
'4,332
'9,145
'15,070
'10,337
'15,870
'9,538
'3,734
'74,778
r
2«|38
'75,485
'3,647
'10,322
'4,526
'9,305
'14,726
'10,511
'15,733
r
9,658
'3,874
'75,703
'22,086
'1,072
'3,719
'5,825
'13,636
'14,405
'4,022
'79,735
'3,917
'10,970
'5,020
'9,900
'15,880
'10,573
'16,684
'9,968
'3,901
'77,180
'22,047
'1,045
'3,825
'6,186
'14,217
'14,437
'4,044
'82,518
'3,929
'11,323
'5,452
'10,325
'16,047
'10,899
'17,854
'11,129
'3,974
'78,521
'21,996
'1,103
'3,765
'6,179
'14,680
'15,157
'4,132
'83,229
'4,009
'11,762
'5,949
'10,472
'16,081
'11,049
'17,605
'10,922
'3,996
'79,155
'22,165
'1,069
'3,835
'6,151
'14,538
'15,706
'4,154
'83,482
'4,124
'11,849
'6,077
'10,693
'16,196
'10,756
'17,560
'11,034
'4,065
'80,236
'22,274
'1,133
'3,857
'6,397
'15,610
'15,573
'3,920
'83,329
'4,170
'12,304
'6,286
'10,211
'16,636
'10,777
'16,941
'10,543
'4,039
'81,259
'22,476
'1,079
'4,078
'6,279
'14,865
'16,883
'3,924
'84,215
'4,216
'11,896
'5,896
'10,518
'16,573
'11,041
'17,338
'10,909
'4,129
'81,293
'22,121
'1,122
'4,167
'6,575
'14,911
'16,747
'3,730
'85,058
'4,211
'11,321
'5,622
'10,550
'16,919
'11,284
'18,453
'11,285
'4,136
'80,746
'21,930
'1,086
'4,235
'6,525
'15,166
'16,153
'3,766
'86,327
'4,293
'11,691
'6,101
'10,459
'16,836
'11,373
'18,961
'11,987
'4,030
'81,164
'22,700
'1,095
'4,195
'6,536
'14,704
'15,969
'3,962
'86,664
'4,180
'11,824
'6,209
'10,594
'16,775
'11,597
'19,130
'12,257
'4,208
'80,863
'21,931
'1,034
'4,350
'6,426
'14,875
'16,404
'3,850
88,470
4,147
11,802
6,170
10,653
17,039
11,680
20,434
13,406
4,302
82,488
22,576
1,131
4,451
6,384
15,199
16,321
4,036
'10,782 '11,142 '10,936 '11,370
'27,075 '27,675 '28,380 '28,572
'22,680 '22,942 '22,511 '24,178
246,683
'9,141 '11,175 '11,353 '11,731
'453,819
rl
'10,944 '11,543 '11,476 '12,075
146,246
rl
747,777 825,553 '65,146 '65,855 '66,533 '68,989
'11,812
'28,372
'23,895
'12,892
'12,642
'71,426
'11,617
'28,178
'24,210
'12,698
'12,805
'72,876
'11,554
'29,024
'24,217
'12,764
'12,854
'73,306
'11,869
'28,882
'24,233
'12,225
'13,062
'74,316
'12,173
'28,759
'24,315
'12,738
'13,040
'74,484
'12,054
'28,366
'25,641
'13,017
'13,100
'73,626
'12,282
'29,003
'25,185
'13,827
'13,056
'74,137
'12,235
'28,207
'25,241
'14,134
'12,812
'74,898
12,489
29,156
25,667
15,216
12,819
75,611
rl
55,039 rl57,950 '4,436 '4,748 '4,652 '4,898 '5,108 '4,944 '4,910 '5,124 '5,322 '5,292 '5,547 '5,291
'rl1277,017 rl308,369 '25,175 '25,506 '24,870 '26,619 '26,610 '26,910 '26,838 '26,721 '26,923 '28,159 '27,773 '27,982
''267,211 '21,812 '22,057 '21,478 '22,966 '22,958 '23,153 '23,156 '23,156 '23,062 '23,999 '23,810 '24,041
242,591
rl
34,426 rl41,158 '3,363 '3,450 '3,391 '3,653 '3,653 '3,757 '3,683 '3,564 '3,861 '4,161 '3,964 '3,941
5,373
28,349
24,325
4,024
1.41
'1.57
'1.98
'0.65
r
0.85
'0.48
1.12
'0.46
'0.18
'0.47
1.45
2.08
1.11
1.17
1.64
0.77
'1.45
'1.65
'2.16
'0.70
'0.96
'0.50
'1.13
'0.46
'0.18
'0.48
1.41
2.09
1.10
1.16
1.71
0.74
82,988
97,078
'1,727,291
'909,631
'44,239
'136,201
'66,902
'115,159
'166,680
'112,482
'200,538
'133,099
'39,343
'817,660
'240,821
'11,009
'44,558
'66,040
'153,849
'134,297
'48,944
'1,845,936
'936,030
'45,519
'134,052
'62,481
'116,869
'182,838
125,908
'191,388
'114,909
'45,994
'909,906
'254,745
'12,467
'46,167
'71,660
'167,101
'176,599
'48,061
rl
125,499
rl
307,267
rl
'3^775
'5,910
'13,365
'14,217
'3,953
rl
135,305
rl
329,448
rl
277,290
rl
134,880
rl
143,461
rl
'240,407 '256,583 '256,910 '256,220 '255,938
'159,631 '169,616 '170,744 '170,144 '170,295
'80,776 '86,966 '86,166 '86,076 '85,643
'241,572 '257,979 '256,421 '257,207 '256,740
'161,390
'5,726
'21,446
'11,792
'19,888
'37,468
'22,749
'32,166
'10,887
r
«209
'171,603
'6,145
'21,976
'11,844
'19,773
'39,189
'24,373
'36,810
'9,694
r
9.281
'169,769
'6,189
'22,555
'12,722
'20,020
'39,514
'24,145
'34,429
'9,865
r
ft.994
'170,391
'6,138
'22,599
'12,582
'19,697
'39,920
'24,345
'34,689
'9,587
r
9.04fi
'170,540
'6,071
'22,261
'12,393
'19,570
'39,837
'24,310
'35,132
'9,394
*Q 07fi
'254,207
'168,308
'85,899
'256,837
'254,257
'167,617
'86,640
'256,218
'255,399
'168,354
'87,045
'257,042
'256,583
'169,616
'86,966
'257,979
'262,735
'174,255
'88,480
'261,752
'266,053
'176,849
'89,205
'264,496
'267,908
'177,879
'90,029
'266,524
'269,614
'179,091
'90,523
'267,506
'270,809 269,802
'179,159 179,134
'91,650 90,668
'269,260 269,275
'170,163
'6,016
'22,022
'12,152
'19,395
'39,726
'24,350
'35,442
'9,409
r
9.037
'169,781
'6,058
'21,900
'11,949
'19,117
'39,265
'24,425
'35,851
'9,324
'9.137
'170,275
'6,062
'21,919
'11,881
'19,522
'39,313
'24,396
'35,786
'9,147
r
9.239
'171,603
'6,145
'21,976
'11,844
'19,773
'39,189
'24,383
'36,810
'9,694
'9.281
'174,223
'6,223
'22,771
'12,190
'20,129
'39,317
'24,756
'37,623
'9,612
'9.330
'175,620
'6,369
'23,240
'12,454
'20,034
'39,582
'25,083
'37,810
'9,568
'9.372
'176,229
'6,398
'23,640
'12,722
'19,812
'39,618
'25,057
'38,111
'9,605
'9.380
'177,123
'6,390
'23,402
'12,362
'19,799
'39,705
'25,589
'38,305
'9,489
'9.581
'177,635 178,099
'6,509
6,620
'23,163 23,172
'12,112 12,147
'19,796 19,962
'40,070 40,079
'25,457 25,577
'38,427 38,547
'9,376
9,251
'9.645
9.665
July
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
1980
Annual
S-5
June
July
Sept.
Aug.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
'55 870
'9522
40 942
'7,488
'9 258
'80 090
'8 648
47,884
'12 866
'24,622
'39 660
'5070
40,756
'4 729
'3,930
'88,876
'22,074
'3604
'6,525
'8,233
49,201
'9,117
'5,539
'55 495
'9401
40,843
'7,340
'9594
'80 584
'8951
47,844
'12 893
'24,600
'40 149
'5288
40,93
'4824
'3,917
'90,295
'22,237
'3689
'6,518
'8,286
49,488
'9,885
'5,538
Apr.
May
June
July
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS t—Continued
Inventories, end of year or month t—Continued
Book value (seasonally adjusted) t—Continued
By industry group—Continued
Durable goods industries—Continued
By stage of fabrication: t
Materials and supplies
mil. $
Primary metals
do
Machinery, except electrical
do..
Electrical machinery
doTransportation equipment
do..
Work in process #
do..
Primary metals
do..
Machinery, except electrical
do..
Electrical machinery
do..
Transportation equipment
do..
Finished goods #
do..
Primary metals
do..
Machinery, except electrical
do..
Electrical machinery
do .
Transportation equipment
do..
Nondurable goods industries, total #
do..
Food and kindred products
do...
Tobacco products
do...
Textile mill products
do...
Paper and allied products
do...
Chemicals and allied products..
do...
Petroleum and coal products
do...
Rubber and plastics products
do...
By stage of fabrication:
Materials and supplies
do...
Work in process
do ..
Finished goods
doBy market category: t
Home goods and apparel
mil. $.
Equip, and defense prod., exc. 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
New orders, net (not seas, adj.), total t
do....
Durable goods industries, total
do....
Nondurable goods industries, total
do....
New orders, net (seas, adj.), total t
do....
By industry group:
Durable goods industries total
do
Primary metals
do .
Blast furnaces steel mills
do
Nonferrous and other primary met
do....
Fabricated metal products
do....
Machinery, except electrical
do....
Electrical machinery
do....
Transportation equipment
do....
Aircraft, missiles, and parts
do....
Nondurable goods industries, total
do....
Industries with unfilled orders $
do....
Industries without unfilled orders fl do....
By market category: t
Home goods and apparel
do....
Consumer staples
do....
Equip, 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
doUnfilled orders, end of year or month (unadjusted),
total t
mil. $
Durable goods industries, total
do....
Nondur. goods ind. with unfilled orders $
do....
Unfilled orders, end of year or month (seasonally
adjusted) total t
mil. $..
By industry group:
Durable goods industries, total #
do....
Primary metals
do....
Blast furnaces, steel mills
do....
Nonferrous and other primary met
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: t
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.:..
See footnotes at end of tables.
r
53
496
r
8225
10,905
r
7,103
r
9,042
r
70,462
r
8045
17,120
11,058
r
!9,277
r
37,434
r
5176
'9,443
'4588
'3,847
r
80,182
r
21,308
r
3487
r
6,047
r
7,079
r
!7,001
'6,594
r
5,568
'53 808
'8924
10,993
'7,229
'8,836
'77,935
'7960
17,556
12,452
'23,902
'39,860
'5092
10,640
'4702
'4,072
'86,376
'22,325
'3507
'6,386
'7,798
18,489
'8,240
'5,279
r
'35,572 '35 339 '35 393 '34 683 '35 114 '35 222 '35 294 '35 572 '36 113 '36 381 '36 412 '36 656 '36 673
'14 108 '13 848 '13 835 '13892 '13 957 '13 825 '13 832 '14 108 44 401 '14 682 '14*782 44 799 44 979
'36,696 '37 465 '37 588 '34 625 '37 603 '37 390 '37 641 '36 696 '37 014 '37 813 '39*103 '38 927 '39 973
33,362
12
871
r
33,949
'54 624
'9 046
11,252
'7,336
'8,876
'75,512
'8436
17,757
11,828
'21,622
'39,634
'5073
10,505
'4981
'3,931
'86,652
'21,263
'3507
'6,250
'7,866
19,211
'8,711
'5,603
'54 427
'9184
41,282
'7,356
'8,903
'75,952
'8306
47,920
42,000
'21,754
'40,013
'5109
40,718
'4989
'4,032
'86,816
'21,867
'3578
'6,147
'7,795
48,828
'8,806
'5,539
'53 734
'9 041
41,250
'7,381
'8,367
'76,705
'8165
47,944
42,067
'22,626
'40 101
'5055
40,643
'4862
'4,139
'86,200
'21,950
'3 574
'6,053
'7,848
48,503
'8,746
'5,261
'53 587
'9000
41,176
'7,379
'8,274
'76,691
'7999
47,791
'12,116
'23,156
'39 885
'5023
40,759
'4855
'4,012
'86,674
'22,368
'3628
'6,102
'7,818
48,478
'8,805
'5,232
'53 338
rg 974
41,066
'7,391
'8281
'76 588
'7817
47,476
42 247
'23,473
'39 855
'5 109
40,693
'4787
'4,097
'86,437
'22,460
'3668
'6,178
'7,775
48,385
'8,339
'5,272
'53 181
'8868
41,050
'7,321
'8262
'77,298
'7979
47,578
'12,315
'23,577
'39 797
'5 072
40,685
'4 760
'3,947
'86,767
'22,648
'3 697
'6,263
'7,822
48,591
'8,122
'5,238
'53 808
'8 924
40 993
'7,229
'8836
'77 935
'7960
47,556
'12 452
'23,902
'39 860
'5092
'10,640
'4 702
'4,072
'86,376
'22,325
'3 507
'6,386
'7,798
48,489
'8,240
'5,279
'55 293
'9429
41,003
'7,491
'9 123
'79743
'8 463
47,759
42^582
'24,625
'39188
'4879
40*555
'4683
'3,875
'87,529
'22,133
'3699
'6,439
'8,090
48,879
'8,422
'5,321
'55 857
'9 135
'11 123
'7,577
'9 627
'81 000
'8958
47,671
'13 136
'24 807
'40 265
'5309
40 91
'4 876
'3,871
'90,383
'22,055
'3 643
'6,545
'8,246
49,490
'9932
'5,652
'55 282
'8695
41,069
'7,556
'9549
'81 934
'9 157
48,001
'13 098
'25,107
'40 419
'5 311
'11 000
'4803
'3,771
'91,625
'22,114
'3 699
'6,562
'8,224
'20,029
'10,278
'5,616
55653
8786
11 171
7,590
9794
81462
9111
17,687
13181
24910
40984
5275
11 221
4806
3,843
91,176
21,730
3617 """
6,589
8390
20,210
10108
5,633
36 236
14 784
40 156
19,814
'20,663
r
30,685 '32,201
r
61,876 '69,908
13,488 11,872
'20,694 '21,266
'95,015 102,070
'20,706
'31,283
'67,787
12,267
'20,999
103,380
'20,495
'31,874
'68,801
41,923
'20,989
'103,124
'20,498
'31,994
'69,293
41,621
'20,970
'102 365
'20,395
'31,988
'69,288
41,589
'20,809
'102 767
'20,487
'32,254
'69,516
41,471
'20,686
'101 804
'20,539
'32,602
'69,616
41,287
'20,989
'102 010
'20,663
'32,201
'69,908
41,872
'21,266
'102 070
'20,873
'32,522
'70,784
41,819
'21,372
404 382
'21,022
'32,553
'71,469
41,717
'21,532
'106 203
'21,201
'32,880
'71,400
41,775
'21,602
'107 666
'21,420
'32,693
'72,284
'11,666
'21,660
'107783
'21,761 21,367
'32,891 32,641
'72,697 73,091
'11,592 11479
'22,055 22,406
'108 264 108 291
r
9,978
r
69,027
r
60
421
r
'10 198
'75,420
'65 672
'9749
449,872
'74,435
'75,437
143,837
'10,064
'76,588
'66 555
'10 034
440,637
'70,674
'69,963
454,815
'10 080
'77 072
'66 735
'10 337
447,422
'71,133
'76,289
452,657
'9980
'77 469
'67 021
'10 447
465,215
'84,947
'80,268
459,496
'9 956
'77 707
'67 009
'10 698
470,629
'90,114
'80,515
461,924
'9941
'77 933
'67 118
'10 815
460,864
'82,107
'78,757
463,020
'9992
'78 245
'67 224
41 021
461,700
'83,964
'77,736
466,900
40 065
'79 571
'68 154
41 418
457,134
'80,159
'76,974
465,423
40 139
'80 243
'68 616
41 628
469,653
'86,993
'82,659
466,987
40 236
'80 456
'68 473
'11 984
'177,003
'93,232
'83,771
467,361
'10360
'81 266
'69 100
'12 165
'171 926
'90,242
'81,684
468,584
40 323 10 171
'81 608 82 142
rcq OOK
fiQ 4ft ^
42 273
'168 602
'87,680
'80,922
469,340
12 657
177 967
93442
84,525
170,888
rl
952 236 rl951
rl
139* 164 '134
rl
67 296 rlrl 63
169
057
213
58,694
'115,993
'182,782
'130,744
rl
202,676
rl
63,658
rl
909,539
'184,074
rl
725,465
'70 331
'8847
'3*913
'4*139
'8,614
14,199
'10 130
14,425
'5,527
'73,506
14,723
'58,784
'80209
'10 576
'4 681
'5,104
'9,079
45,738
'10,334
49,682
'7,794
'74,605
45,117
'59,488
'76 785
'11 176
'5*612
'4,678
'8948
44,359
'11 050
46,437
'4569
'75,872
45,213
'60,659
'82 162
'12 214
'6068
'5,068
'9,375
46,316
'10 513
48,141
'4989
'77,334
45,958
'61,376
'83 364
'12 908
'6 666
'5,124
'10 466
45,707
'11 366
46,780
'3615
'78,560
45,717
'62,843
'83 971
'12 629
'6*720
'4,783
'10 502
46,333
'11 693
46,592
'3 693
'79,049
45,691
'63,358
'86 577
'11 634
'5 788
'4,718
'10 912
48,030
'11 051
48,177
'4465
'80,323
46,072
'64,251
'81 336
'10 617
'5 317
'4,223
40 063
17,718
'11 416
17,825
'5111
'81,216
16,123
'65,093
'85 446
'11 872
'5 951
'4,943
'10 604
45,876
'11 290
48,633
'5 118
'81,541
46,936
'64,606
'86 729
'11 739
'6 024
'4,580
'10 556
46^740
41 666
49,428
'6324
'80,632
46,666
'63,966
'87 180
'11 831
'6 337
'4,475
'10 291
47,504
'11 960
48*698
'3777
'81,404
47,083
'64,321
'88 164
'11 809
'6 076
'4,612
'10 607
47*082
41 721
'20*093
'5 803
'81,176
47,052
'64,124
88 486
11 267
4,223
11 057
17*210
12593
19331
4 233
82402
16,962
65,440
'125 037 '134 892
"329,506
272,908 "291,959
'152,456 '133,322
'146,659 rl'142,793
rl
766,557 828,236
'10 675
'27 076
'23,007
'8 767
10,770
'63,542
'10 986
'27 660
'25,373
'11 190
41,423
'68,184
'10 960
28 389
'23,770
'11 179
41,336
'67 024
'11 384
28 568
'25,902
'11 854
41,985
'69 804
'11 755
'28 361
'23,535
'13 105
42,812
'72 356
41 516
'28 169
'24,406
'12 874
42,821
'73 235
'11 623
'29 035
'27,534
'12 828
42,857
'73 023
'12 009
'28*908
'26,746
'12 281
12)869
'72611
'12 494
'28 746
'24,742
'12 922
43,001
'75 082
'12 245
'28 376
'26,834
43 089
43,154
'73 662
'12 328
'29 075
'25,606
'13 822
42,843
'74 909
42 083
'28 188
'25,365
'14 258
42,755
'76 691
12 732
29 178
25,183
15 106
13,309
75380
8606
1,770,917
r
952,236
'818,681
'4,770,917
"57,112
'118,122
'174,481
'118,430
rl
222,639
rl
65,198
rl
818,681
'170,301
rl
648,380
'9,992
'78,245
'67 224
11*021
1,860,708
'951,169
'909,539
'4,860,708
rl
307 300
rl
r
r
•"
fi'nfli
rl
55 000 rl58 183
rl
310 832 rlrl326 752
rl
270
115 270,571
rl
rl
40 717
'4382 '4592 '4719 '4945 '5 100 '4861 '5 040 '5264 '5675 '5 473 '5 603 '5 119 5 621
'25 653 '30 339 '26 198 '28 187 '25 611 '26 707 '29 656 '29 353 '27 436 '29 307 '28 699 '29 248 28 375
'21 105 '23 524 '21 283 '22 518 '21 625 '23 350 '24 664 '24823 '21 185 '24 460 '24 723 '23 865 23 237
56 181 '4546 '6815 '4915 '5669 '3986 '3357 '4991 '4530 '6251 TA QAO '3 976 '5 383 5 138
'302 889 '317 661 '306 856 '309 862 '309 461 '310 864 '314 186 '313 558 '317 661 '322 700 '325 192 '326 943 '328 847 '328 411 326 960
'291,856 '306,995 '296,068 '299,272 '298,796 '300,070 '303,361 '303,009 '306,995 '311,769 '314,017 '315,727 '317,342 '316,736 315,455
11,033 10,666 40,788 40,590 40,665 40,794 40,825 40,549 40,666 10,931 41,175 '11,216 41,505 '11,675 11505
'304,963 '319,729 '306,494 '310,977 '312,446 '315,027 '315,912 '316,547 '319,729 '320,566 '322,045 '323,602 '324,694 '326,508 326,439
'293,668 '308,815 '295,750 '300,405 '301,705 '304,133 '304,978 '305,720
'30 220 '30 248 '25 487 '25912 '26 766 '28 010 '29 596 '30 463
16,684 17,439 43 258 43 607 '14 694 '15 742 '16 956 '17 728
'9,008 '8,219 '8,458 '8,323 '8,476 '8,846 '8,936
'8,795
'31 062 '30 189 '30 749 '30 684 '30 326 '29 800 '29 941 '29 971
'74,318 '74,396 '71,914 '72,581 '72,215 '72,650 '72,310 '72,562
'42,335 '47,225 '45,341 '45,339 '45,879 '45,819 '46,286 '46,930
'101 898 '113 043 '108 540 '112 352 '113 057 '114 513 '113 439 '112 426
'75,867 '88,371 '85,924 '89,540 '90,121 '90,466 '89,376 '88,440
11,295 10,913 40,744 40,572 40,740 40,895 40,933 40,827
'308,815
'30 248
'17 439
'9,008
'30 189
'74,396
'47,225
'113 043
'88,371
40,913
'309,695
'28 561
46 469
'8,391
'30 041
'75,478
'47,863
'113 928
'89,122
10,870
'310,926
'28 536
'16 524
'8,499
'30 127
'74,781
'48,112
'115 223
'89,993
41,119
'312,598
'28 955
'16 926
'8,557
'30 134
'74 602
'48,494
'116 198
'91,299
41,005
'313,450
'29 095
'17 161
'8,572
'29 964
'75 270
'49,082
'115 934
'90,249
41,244
'314,954 314,970
'29 080 28547
'17 028 16860
'8,712
8,418
'29 975 30380
'75 580 75752
'49,207 50120
116 900 115 795
'91,319 90,691
41,554 11,469
'
'4,393
'3,988 '4,215 '4,043 '4,075 '4,085 '4,017 '3,907 '3,988 '4,153 '4,462 '4,664 '4,782 '4,609
4,876
173,693 186,876 477,896 480,341 481,426 483,272 183,124 183,496 486,876 189,446 190,058 191,324 191,739 191,990 191,394
18,276 17,587 47,749 47,629 47,489 47,399 47,569 47,585 47,587 47,394 47,355 47,409 47,195 47,137 17,627
108,600 111,277 406,635 108,964 409,456 110,270 111,201 111,560 411,277 409,572 110,170 110,206 110,978 112,772 112,542 ""••'••••"
'3,302
'2,954 '3,220 '3,046 '3,076 '3,084 '3,026 '2,886 '2,954 '3,094 '3,447 '3,628 '3,684 '3,511
3,760
197,598 '216,028 206,684 211,517 212,846 214,413 213,413 213,211 216,028 218,661 219,174 220,323 221,248 222,518 222,543
'144 066 '147 673 146 477 147 944 147 749 147 300 145968 146 165 147 673 149 340 147 463 147 924 148 838 148 666 147 577
'53.532 '68.355 '60.207 '63.573 '65.097 '67.113 '67.445 '67.046 '68.355 '69.321 '71.711 '72.398 '72.410 '73.852 74.966
S-ft
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
August 1981
1980
Annual
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INCORPORATIONS $
New incorporations (50 States and Dist. Col.):
Unadjusted
number..
Seasonally adjusted
do
524,565
533 520
41420
39746
46,151
44058
41,865
43266
44,923
46488
49,023
47225
39,691
43 834
48,940
51807
46,960
45864
42,935
47662
1094
1 141
1009
926
121
190
134
363
118
1,323
860
130
168
104
373
85
1,015
1,109
1,133
INDUSTRIAL AND COMMERCIAL
FAILURES *
Failures total.
Commercial service
Construction
.
. number
do
do
Retail trade
Wholesale trade
do
do
7564
930
1378
1 165
3' 183
908
11742
1594
2355
1 599
4*910
1 284
143
210
139
483
119
154
215
164
492
116
126
221
160
400
102
211
282
147
532
151
150
190
150
421
104
155
229
150
468
107
153
228
156
494
102
thous $ 2 667 362 4635080 436 680 445 693 345 408 1 002 944 359 242 239 344 288 298 421 360 789 205
347 749 413 502 32913 43610 46133 26842 50*288 54564 27466 124 915 34,309
291 323 752 109 130 691 49079 60678 41318 59971 29822 46,720 69,030 54,401
do
970 178 1 885 017 80461 178 373 108 231 804 390 106 539 59565 65828 98765 522 110
636859 993 539 123 589 84811 81870 56491 86849 62195 124,397 99,301 88,002
do
421 253 590 913 69026 89 820 48496 73903 55595 33198 23887 29349 90383
do
Liabilities (current) total
Construction
Retail trade
Wholesale trade
Failure annual rate (seasonally adjusted)
No oer 10 000 concerns
*27 8
142 i
487
520
45 4
450
56 8
392
468
486
478
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
1910-14=100..
602
615
581
617
643
'651
'651
660
'661
659
657
655
653
650
'649
643
do
do....
do
do....
do....
do ...
do....
501
548
490
360
403
534
1,145
'541
'562
602
417
452
'469
1,219
512
561
530
'389
428
508
1,209
'542
'525
632
'422
443
'468
1,126
568
'549
676
'446
455
'448
1,204
'582
'573
687
'458
458
'472
1,291
'582
'552
636
'465
482
'500
1,243
'607
'615
655
'479
499
'483
1,226
'612
640
683
'490
498
'428
1,300
622
695
649
491
497
432
1,296
621
796
603
492
492
415
1,296
632
833
610
491
486
458
1,297
619
662
618
492
486
445
1,300
619
648
610
494
471
511
1,304
'594
'594
'600
'478
'439
'470
1,304
588
638
609
469
422
402
1,369
r
708
736
937
252
691
798
878
'255
653
764
837
222
'695
771
'895
'258
721
783
'930
'274
'721
807
'914
'285
'724
838
'909
'280
'715
856
'879
'290
'711
863
'864
'298
697
863
848
279
693
856
845
275
677
844
822
270
687
832
851
264
680
826
845
254
'704
820
'890
261
699
820
874
270
725
'720
810
'802
801
789
809
'796
819
'810
828
'822
835
'828
847
'836
851
'838
862
851
(*)
854
858
868
868
871
865
850
'955
946
'965
'974
'981
'989
'993
1,016
1,020
1,026
1,033
1,035
1,039
1,038
do....
71
64
61
'955
65
'67
67
66
67
67
65
65
64
63
63
62
62
ALL ITEMS, WAGE EARNERS AND
CLERICAL WORKERS, REVISED
(CPI-W) U
1967-100..
217.7
247.0
247.8
248.0
249.6
251.9
254.1
256.4
258.7
260.7
263.5
265.2
266.8
269.1
271.4
217.4
246.8
247.6
247.8
249.4
251.7
253.9
256.2
258.4
260.5
263.2
265.1
266.8
269.0
271.3
210.8
213.0
216.1
208.4
215.9
198.7
191.1
195.1
234.2
244.9
235.5
244.0
245.5
233.9
245.0
235.2
210.4
222.0
270.3
285.1
234.9
245.5
246.4
232.8
244.5
236.3
208.6
221.4
274.2
290.0
236.4
245.1
246.5
234.1
245.9
236.6
209.8
222.2
272.4
287.6
238.5
246.3
248.1
236.7
248.3
237.8
212.4
224.2
272.5
287.4
241.0
248.6
250.4
239.0
250.2
239.3
215.3
226.6
274.8
289.8
242.1
250.9
252.6
240.7
251.0
239.6
218.1
228.3
277.9
293.2
243.6
253.2
254.9
242.5
252.4
240.5
220.6
230.0
280.9
296.4
245.2
255.5
257.1
243.8
254.1
242.0
221.1
231.0
284.7
300.7
247.6
257.6
259.2
251.2
260.4
261.9
253.3
262.3
263.7
254.9
264.2
265.4
256.2
267.0
267.6
257.8
269.5
269.9
245.4
256.9
245.3
221.0
232.4
287.7
304.2
248.3
262.3
253.2
220.3
235.4
290.1
306.9
249.8
265.2
257.5
219.8
237.0
292.5
309.5
250.8
265.9
258.1
221.1
238.0
295.4
312.8
251.9
265.8
258.2
223.9
239.6
299.6
317.4
253.2
266.2
258.0
226.6
241.1
303.5
321.9
Prices received, all farm products
Crops #
Commercial vegetables
Cotton
Feed grains and hay
Food grains
Fruit
Tobacco
Livestock and products #
Dairy products
Meat animals
Poultry and eggs
»
do....
do
do .
do....
Prices paid:
Production items
do....
All commodities and service's, interest, taxes, and
wage rates (parity index)
1910-14—100
Parity ratio §
CONSUMER PRICES U
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
ALL ITEMS, ALL URBAN CONSUMERS
(CPI-U)H
1967=100..
Special group indexes:
All items less shelter
do
All items less food
do....
All items less medical care
do....
Commodities
do....
Nondurables
.
.... do....
Nondurables less food
do....
Durables
do....
Commodities less food
. do ..
Services
do
Services less rent .
do....
Food #
Food at home *
do
do....
234.5
232.9
254.6
251.5
252.0
248.0
254.8
251.5
258.7
256.3
261.1
258.9
262.4
260.0
264.5
262.1
266.4
263.9
268.6
265.6
270.8
267.3
272.2
268.6
272.9
268.7
272.5
267.7
273.6
268.7
Housing
Shelter #
Rent, residential
Homeownership
Fuel and utilities $
Fuel oil, coal, and bottled gas
Gas (piped) and electricity
Household furnishings and operation
do
do....
do....
do
do
do....
do....
do....
227.6
239.7
176.0
262.4
239.3
403.1
257.8
190.3
263.3
281.7
191.6
314.0
278.6
556.0
301.8
205.4
266.7
286.3
191.1
320.4
282.2
558.7
308.8
205.5
265.1
282.9
192.1
315.4
285.5
560.4
314.3
206.2
265.8
283.3
193.2
315.4
286.8
561.5
316.1
207.2
267.7
285.3
195.1
317.6
288.2
561.5
318.4
209.2
271.1
290.4
197.1
323.8
287.6
558.7
317.1
210.1
273.8
294.7
198.3
329.4
285.7
567.0
310.5
211.0
276.9
298.5
199.6
334.2
289.9
585.3
313.9
211.6
279.1
300.1
200.9
335.8
296.7
625.9
318.5
212.6
280.9
300.5
201.9
335.8
304.5
675.6
322.9
214.9
282.6
301.6
203.0
336.8
308.4
693.4
326.7
216.9
284.8
303.8
204.2
339.3
310.5
690.6
330.6
219.2
288.5
308.4
205.9
345.0
314.9
685.8
339.6
220.1
292.2
312.6
206.8
350.4
320.2
682.0
350.2
221.1
Apparel and upkeep
Transportation
Private
New cars
Used cars
Public
Medical care . ..
Seasonally Adjusted f
do....
do....
do
do .
do....
do
do ..
166.6
212.0
212.3
166.0
201.0
200.3
239.7
178.4
249.7
249.2
179.3
208.1
251.6
265.9
177.2
249.7
249.7
178.5
200.7
242.2
264.7
176.2
251.0
250.5
179.2
203.4
250.5
266.6
178.6
252.7
251.6
181.1
206.4
261.5
268.4
182.2
254.7
253.2
181.7
214.6
271.0
270.6
183.9
256.1
254.5
181.9
222.7
273.6
272.8
184.8
259.0
257.4
184.3
230.8
277.0
274.5
183.9
261.1
259.4
184.5
234.4
280.1
275.8
181.1
264.7
262.9
185.3
234.0
286.4
279.5
182.0
270.9
269.4
184.8
234.3
288.1
282.6
185.1
273.5
271.7
182.9
235.4
293.9
284.7
186.4
275.3
273.4
186.1
239.1
297,2
287.0
186.4
277.8
276.0
190.9
245.2
297.7
289.0
185.8
279.9
277.9
192.2
252.9
303.9
291.5
1.0
231.6
220.3
250.5
245.8
0.1
233.0
221.3
252.9
248.7
0.8
235.9
223.4
257.6
254.6
1.0
238.9
225.9
262.0
259.8
1.0
241.1
228.0
264.4
262.2
1.1
243.5
230.0
267.6
265.6
1.0
245.2
231.3
270.2
268.0
0.7
246.6
233.6
269.8
266.9
1.0
249.2
236.8
270.6
266.8
0.6
250.5
238.1
271.6
267.9
0.4
250.5
238.1
271.6
267.3
0.7
250.9
239.0
271.0
266.0
0.7
251.8
239.9
271.5
266.2
All items percent change from previous month
Commodities
1967—100..
Commodities less food
do
Food
do....
Food at home
do
Apparel and upkeep
Transportation
Private
New cars
. . .
Services
See footnotes at end of tables.
do
.
177.1
178.1
179.4
180.9
182.1
182.8
182.8
182.5
184.0
185.8
186.1
185.7
185.8
do....
do
do....
247.3
247.3
178.4
248.2
247.7
179.9
250.4
249.4
182.6
254.0
252.6
184.9
256.6
255.1
183.3
259.9
258.4
183.5
262.4
260.9
183.3
267.0
265.3
183.5
273.4
272.0
183.3
275.9
274.2
182.5
275.7
273.8
185.7
276.5
274.7
190.1
277.2
275.0
192.2
do....
274.1
272.4
272.7
274.6
277.9
281.5
285.5
288.0
290.3
292.6
295.4
299.6
303.1
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
S-7
SURVEY OF CURRENT BUSINESS
August 1981
1979
1980
1980
Annual
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jem.
Feb.
Mar.
Apr.
May
June
July
COMMODITY PRICES—Continued
PRODUCER PRICES §
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
Spot market prices, basic commodities:
22 Commodities
1967—100
9 Foodstuffs
do
13 Raw industrials
do
All commodities
do.
By stage of processing: t
Crude materials for further processing
do..
Intermediate materials, supplies, etc
do..
Finished goods #
do
Finished consumer goods
do..
Capital equipment
do
By durability of product:
Durable goods
do
Nondurable goods
do
Total manufactures
do
Durable manufactures
do
Nondurable manufactures
doFarm prod., processed foods and feeds.
do..
Farm products #
do..
Fruits and vegetables, fresh and dried.... doGrains...
do
Live poultry
do
Livestock
do
Foods and feeds, processed # . .
do
Beverages and beverage materials
do..
Cereal and bakery products
doDairy products
do .
Fruits and vegetables processed
do
Meats, poultry, and fish
do..
Industrial commodities
do .
Chemicals and allied products #
do
Agric. chemicals and chem. prod
do
Chemicals, industrial
do .
Drugs and Pharmaceuticals
do...
Fats and oils, inedible
do .
Prepared paint
do
Fuels and related prod., and power #
do...
Coal
do
Electric power.
do....
Gas fuels
do
Petroleum products, refined
do .
Furniture and household durables #
do....
Appliances, household
do
Furniture, household
do....
Home electronic equipment
do....
Hides, skins, and leather products #
do....
Footwear
do
Hides and skins
do....
Leather
do
Lumber and wood products
do....
Lumber
. . do
Machinery and equipment #
do....
Agricultural machinery and equip
do....
Construction machinery and equip
do....
Electrical machinery and equip
do....
Metalworking machinery and equip
do....
Metals and metal products #
do
Heating equipment
do
Iron and steel
do
Nonferrous metals
do....
Nonmetalh'c mineral products #
do....
Clay prod., structural, excl. refrac
do....
Concrete products
do.
Gypsum products
do
Pulp, paper, and allied products
do....
Paper
do
Rubber and plastics products
do....
Tires and tubes
do
Textile products and apparel
doSynthetic fibers
Dec. 1975=100..
Processed yarns and threads
doGray fabrics ...
. .
do
Finished fabrics
do....
Apparel.
1967=100..
Textile house furnishings
do....
Transportation equipment # ....Dec. 1968=100..
Motor vehicles and equip
1967=100..
Seasonally Adjusted t
Finished goods, percent change from previous
month *
By stage of processing: t
Crude materials for further processing 1967—100
Intermediate materials, supplies, etc
do....
Finished goods # ..
....
do
Finished consumer goods
do.
Food
doFinished goods, exc. foods
do
Durable....
do. ..
Nondurable
do....
Capital equipment
do....
See footnotes at end of tables.
*2771
2556
*2930
2356
X
2835
12643
*2979
2688
2603
2500
2675
2656
2746
2700
277 6
2704
2887
2837
2921
2738
2928
2848
2983
2746
2966
2903
3008
2778
2984
2894
3047
2791
2877
2726
2984
2808
2817
2677
2916
C
2848
2734
2585
2842
2876
275 1
2550
2898
'2903
2760
2530
2930
2928
2697
2440
2889
2937
2945
2960
274.3
243.2
2177
217.9
2165
304.2
280.1
2468
248.8
2395
288.4
278.8
2449
246.8
2378
304.3
281.6
2493
251.7
2406
317.0
284.3
2514
254.1
2419
319.3
285.3
2514
254.1
2418
322.8
287.7
2554
257.0
2492
324.6
289.1
2562
257.9
2502
323.5
291.9
2572
258.9
2509
328.0
C
296.1
C
2609
C
262.5
C
2546
336.5
298.3
2633
265.0
2567
'334.2
'302.0
'2660
'268.2
'258
335.2
305.4
2677
269.6
2605
333.2
306.6
2689
270.6
2626
334.3
307.1
2699
271.5
2640
336.2
308.6
271 3
272.8
265 7
2269
2417
2288
226 1
231.1
229.8
241.4
229.0
2148
194 3
2603
2225
210.7
210.3
2112
2219
242.0
2365
2223
214 4
2640
159.4
3767
2044
408.1
4509
2702
544 1
4448
171.3
1609
1863
91.3
252.4
2180
535.4
3567
300.4
3543
213.9
232.1
256.2
178.9
241.3
2593
187 1
2835
261.7
248.6
217.9
2441
2523
219.0
2296
194.3
2059
168.7
119.0
109.2
127 1
107.4
160.4
190.4
188.1
190.5
2515
2824
2615
2508
273.0
244.7
249.4
238.6
2390
202 1
2527
2412
233.0
236.0
2306
228 7
243.1
2745
2603
257 1
3240
174.5
2980
2353
574.0
4673
3216
7607
6747
187.7
1742
2048
91.4
248.9
2331
370.9
3106
288.9
3258
239.8
259.2
289.4
201.7
274.4
286 4
2065
3052
3050
283.0
2315
2739
256 3
249.2
2568
217.4
2369
183.5
134.7
122.5
138 1
1157
172.4
206.9
207.0
208.8
2487
2788
2598
2485
271.7
234.3
233.4
233.5
2153
1666
2400
2339
234.3
233.2
2295
2272
226.6
2735
2628
257 6
3295
174.4
2558
2388
576.5
4666
3260
7492
6817
186.5
1755
2040
91.8
240.9
2319
315.7
2844
279.8
3130
239.2
257.1
287.6
201.6
275.4
281 9
2050
303 4
2888
283.4
230 1
2758
257 1
251.1
2579
217.3
235 6
183.0
134.5
122.8
1348
1158
172.7
202.7
203.1
205.2
2512
2856
2630
251 0
275.9
246.6
254.3
252.0
2448
2272
2605
241 5
234.6
234.7
2301
2298
248.5
2762
2633
258 7
3287
175.7
2600
2388
585.5
467 5
331 1
762 1
6939
188.0
175 8
2065
91.7
245.1
2327
356.6
2922
289.2
3272
241.5
258.6
291.5
203.7
278.0
2825
206 2
3006
2926
284.8
230 1
2759
253 1
251.7
2582
218.8
2380
184.7
136.0
122.4
1357
1166
174.4
210.7
206.2
208.6
2531
2903
2657
2527
279.5
255.1
263.8
254.0
2565
2245
2757
2494
237.1
235.8
2326
2307
259.9
2782
2644
2600
3300
176.1
307 6
2388
590.6
4687
3336
7726
6976
188.9
1763
2080
91.3
251.3
233 7
398.4
314 2
296.1
333 7
242.6
259.9
293.4
205.0
278.8
285 1
2080
3026
2984
286.0
229 7
2760
251 8
252.4
2586
220.5
238 0
185.6
137.5
123.2
1375
1168
175.1
211.0
208.8
211.7
2537
291 2
2658
253 1
279.5
256.5
267.0
266.2
2606
241 0
2668
2498
236.1
238.3
2337
231 3
257.8
2788
2634
2606
327 5
176.8
3045
2393
593.5
471 3
3383
7862
6964
189.5
177 2
208 5
91.6
247.8
235 5
356.1
298 1
292.2
3280
244.7
263.9
295.7
206.0
280.2
2873
208 8
3045
3022
286.8
230 1
277 3
251 8
252.8
2587
222.0
242 1
18.6.6
139.5
124.3
141 0
1170
175.0
212.9
204.4
205.6
2584
2930
2696
2578
282.1
259.4
263.6
240.9
2692
2229
2630
256 1
239.5
241.5
2380
2338
256.0
2820
264 8
2606
3300
178.4
3020
239 3
592.9
4707
337 4
802 2
690 4
190.9
177 5
2098
91.5
251.2
2366
381.5
301 9
289.0
320 6
246.8
265.4
299.1
207.0
282.5
291 9
210 6
310 5
309 4
288.6
2333
2775
249 5
254.3
262 1
222.8
245 2
188.1
140.2
125.1
143 5
1183
176.2
213.8
217.4
218.2
2586
261 0
2952
2963
2705
2720
2579
2604
284.0
284.3
260.5
257.0
264.9
265.3
246.6
245.1
2709
2652
221 0
2189
2548
251 4
257 2
251 5
240.6
240.5
245.3
248.7
2402
2423
2347
236 6
250.9
248.1
283 4
2866
2667
268 1
261 1 263 3
3327
3346
181.1
182.6
3082
317 1
241 4
241 4
600.2
615.7
475 4
475 3
333 8
337 6
825 5
844 3
6976
717 0
191:5
193.1
178 5 179 5
2109
212 1
91.2
91.0
255.4
256.9
2375
2369
4091
3928
3173
332 4
293.4
299.4
3249
333 0
248.3
249.8
271.6
272.9
300.1
301.4
207.5
208.9
283.9
285.7
291 1 290 6
212 0
214 0
312 7
316 4
302 1
293 4
288.7
291.2
233 5
233 6
277 7
277 6
253 3
252 7
256.7
255.0
264 1
269 4
223.4
223.3
9/lc 9
245 2
189.6
190.4
140.7
140.8
125.8
128.2
145 0
144 0
119 1 120 1
176.8
177.5
213.8
214.3
217.8
224.3
218.6
226.2
C
2627
C
3026
C
277
3
C
2623
C
2638
3068
2793
2634
293.5
296.4
C
257.9
255.1
264.5
262.4
258.7
275.1
2777
267 5
213 1 2208
2443
2446
C
2533
2502
243.0
244.8
C
252.1
251.5
2447
2450
238 4
243 7
C
248.1
243.6
C
291 5
2957
2743
2776
C
267 6
271 6
C
344 5
352 1
184.7
187.3
310 7
289 7
246 6
242 9
634.6
667.5
477 8
480 8
341 4
346 2
857 1
881 6
7369
769 6
C
194.0
195.2
183 5
182 2
2129
2138
C
91.1
91.3
258.2
257.7
2384
2407
C
3775
3674
3326
310
0
C
296.5
294.7
C
331 3
326 9
C
253.3
255.3
276.4
278.4
C
310.0
305.9
211.9
213.7
C
289.7
291.6
C
294 0
294 0
C
217 6
216 6
C
323 0
323 2
C
2874
292 1
296.6
297.9
239 8
239 5
C
286 2
286 6
259
6
257 3
C
264.4
267.2
272 9
271 7
224.8
226.4
'264 9
'310 9
'2823
'2644
'301.7
'253.5
'260.7
291.6
261 8
2135
2393
'248 5
'245.4
'252.2
245 5
251 8
242.0
'2996
'280 4
'275 8
352 5
'189.3
295 7
f)AR q
2674
3133
2848
266 9
304.3
253.6
263.2
285.2
2647
195 4
2466
2474
243.4
253.5
245 8
258 7
239,2
302 8
285 8
2684
314 1
2860
268 0
305.4
252.6
259.5
273.9
2577
207 2
251 8
248 0
245.0
255.1
245 0
260 1
244.8
304 1
2882
268 9
315 1
2867
268 7
306.2
254.1
260.3
258.6
257 1
210 0
2630
249 7
245.5
256.0
245 6
263 3
248.3
304 7
290 3
2707
316 3
2880
270 6
306.8
256.6
263.1
265.0
2574
215 3
266 5
252 1
246.3
257.2
245 5
360 8
190.9
312 7
366 6
192.3
X
()A n q
C
193.1
146.5
129.8
C
143 6
122 2
179.9
C
219.8
227.4
C
229.0
'696.5
481 3
350 4
'889 9
'825 5
'195.8
183 0
214 4
91.3
'261.2
240 5
977 q
9x0 c
703.8
486 4
355 8
970 c
q-|9 -1
ncn A
706.0
(2)
(2)
(2)
9OQ Q
q/>q A
193.2
qnq •>
9fifi ^
257.1
qn£ n
9Q1 A
9ftft Q
Q7f> A
195.4
t)K{\ A
9Qfl Q
9C1 n
704.9
703.4
QQ4 K
360 7
QD£ fl
AQ1 ft
q££ q
qqi c
Kf\K 7
V7A Q
CtAR £
839 1
196.4
183 8
216 9
91.3
264.9
241 1
835 4
197.5
827 7
197.1
01 o A
1P.4 ft
1ft7 *»
217 6
91.0
265.9
241 1
218 9
86.9
262.8
241 0
220 4
87.1
262.1
241 9
337 0
321 0
297.9
317 4
295.5
261.9
285.9
320.0
219.0
300.9
264.5
287.3
324.0
221.0
303.0
9QP. c
999 Q
q9q q
qrj9 t
99K 7
qqo 7
284 9
312.8
283 3
313.9
AK7 7
IRA 9
198.9
(2)
322 5
'294.4
'326 2
'257.5
278.7
311.3
'216.0
'294.9
'296 4
917 fi
'328 2
'286 5
'300.9
245 2
286 9
257 6
'269.0
274 0
'228.4
O/£O C
940 9
193.9
147.1
130.3
144 0
122 9
180.7
221.3
229.1
230.9
'195.2
149.6
133.9
144 0
122 5
180.1
225.4
'228.1
'229.5
337 8
298.1
331 3
259.2
281.2
314.7
217.8
298.1
298 7
9-100
330 9
288 0
310.2
245 6
289 5
297.8
qq/« q
260.6
284.4
318.3
218.0
299.5
oqq 9
991 7
330 6
287 8
311.7
249 6
9QH 7
qqc n
qqn -j
94.Q K.
9*\fl *\
9qq r\
9cq 7
272.7
273.8
9ftn n
223.5
9qq 9
9fifl 7
9EC Q
OC-l
270.6
275 5
230.9
271.6
232.0
233.7
196.5
151.6
134.6
198.0
156.7
137.1
199.5
158.2
138.9
200.5
158.6
139.0
1 AH A
124 1
182.1
226.3
231.5
233.2
124 7
182.4
231.1
233.2
235.3
185.0
228.1
234.1
236.4
186.2
231.6
235.3
237.5
9EA q
•tAti 7
-I
97fi 1
OCA Q
1 Afi 1
97Q Q
9KA Q
1 Afi fi
1 94. ft
1 9^ 9
08
17
12
03
09
07
04
12
08
'1 2
'05
04
06
04
2883
2784
2448
2466
232.1
2482
2047
285.6
238.2
3036
2810
2490
2512
2406
2508
2077
2878
241.1
3175
2837
2520
2543
2470
2523
2094
289 1
243.6
321 8
2852
252 7
255 1
2483
2528
2091
2903
243.9
3272
2876
255 1
257 1
2500
2548
2123
2914
248.1
330 7
2902
2569
2589
2508
260 1
2133
2948
249.7
328 1
293 5
2578
2597
2509
261 2
2129
2974
250.8
3288
297 4
C
260 8
C
2627
C
251 1
C
265
3
C
213 6
C
303
9
C
253.7
332 4
2985
262 8
264 6
2495
268 7
214 7
3090
25fi.1
'328 1
'301 6
'266 0
'268 1
'251 9
'272 6
'2140
'3163
r
25«.n
331 8
3043
267 3
2693
251 1
274 8
2153
3188
2fim
330 1
305 9
268 3
269 9
251 0
275 6
217 5
3190
9.R9.A
334 1
306 7
335 9
307 9
971 n
272 2
255 9
9fiQ ft
271 3
252 2
277 0
218 6
3207
218 1
320 6
9fi43
9««9
97fi ft
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
August 1981
1980
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
COMMODITY PRICES—Continued
PRODUCER PRICES—Continued
(U.S. Department of Labor Indexes) — Continued
Seasonally Adjusted
By durability of product:
Total manufactures
1967 — 100
Durable manufactures
. .. do .
Nondurable manufactures
do
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices
fl
1967=$1.00..
Consumer prices $
do....
0.459
0.460
0.405
0.405
2593
248 5
2701
2625
2513
2745
2660
2530
2795
2657
2528
2794
2685
2557
2824
2705
2574
2853
2733
2612
2859
0.408
0.404
0.401
0.404
0.398
0.401
0.398
0.397
0.392
0.394
0.390
0.390
0.389
0.387
(22)
(2)
()
C
0.383
0.384
0.380
0.380
0.372
0.372
0.371
0.369
18,020 19,484 '20,400
14,182 15,333 16,016
6,924 '7,871 '8,366
5,242 '5,524 '5,617
21,573
16,712
8,533
5,764
'0.376
0.377
0.374
0.375
0.369
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE @
Private total #
Residential
..
do
do ..
230,781
181,691
99,030
78,587
Nonresidential buildings, except farm and
public utilities, total #
mil. $.. 47,298
14,950
Industrial
.
.... do ..
24,924
Commercial
do....
Public utilities:
6,343
Telephone and telegraph
do....
49,090
Public total #
do .
15,857
Buildings (excluding military) #
do....
1,211
Housing and redevelopment
do....
1,411
Industrial
. • do .
1,647
Military facilities
.
do.. .
11,996
Highways and streets
do....
New construction (seasonally adjusted at annual
rates) total
. bil $ .
Private total #
. . do. .
Residential
do....
New housing units
do
Nonresidential buildings, except farm and
public utilities, total #
bil. $..
Industrial
. . do .
Commercial
.
do....
Public utilities:
Telephone and telegraph
do
Public total #
do....
Buildings (excluding military) 4£
do
Housing and redevelopment
do
Industrial
do....
Military facilities
do....
Highways and streets
do
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F.W. Dodge
Division, McGraw-Hill):
Valuation, total
mil. $.. 168,446
186
Index (mo. data seas, adj.) $$
1972=100..
46,646
Public ownership
mil $
121,800
By type of building:
50,206
Nonresidential
.
do
74,557
Residential
do
43,683
Non-building construction
do....
New construction planning
(Engineering News-Record) §
do.... 135,005
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
thous.. 1,760.0
1,745.1
Privately owned
.. .. do ..
One-family structures
do.... 1,194.1
Seasonally adjusted at annual rates:
Total privately owned @ @
. d o
One-family structures @ @
do...
New private housing units authorized by building
permits (16,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
1,552
Total
thous..
982
One-family structures
doManufacturers' shipments of mobile homes
277.4
Unadjusted
. . . . .
... .thous.
Seasonallv adiusted at annual rates
do...
See footnotes at end of tables.
230,273
174,897
87,261
63,139
19,766
14,577
6,985
4,791
20,048
14,613
7,131
4,998
20,500
14,978
7,560
5,415
21,309
15,527
7,938
5,850
21,477
16,132
8,248
6,165
20,319
15,702
8,292
6,199
19,696
15,413
7,480
5,424
16,882
13,190
6,623
4,920
16,184
12,689
6,178
4,668
52,434
13,837
29,945
4,535
1,250
2,574
4,479
1,154
2,599
4,522
1,138
2,645
4,547
1,165
2,610
4,664
1,129
2,729
4,570
1,132
2,636
4,536
1,228
2,548
4,110
1,093
2,324
4,042
1,063
2,283
4,450
1,252
2,457
4,614
1,239
2,609
'4,716
1,283
'2,698
4,889
1,329
2,720
6,733
55,376
18,864
1,648
1,788
1,880
13,785
606
5,188
1,702
135
164
151
1,539
583
5,434
1,686
146
150
176
1,595
564
5,522
1,804
133
145
199
1,543
595
5,782
1,828
144
201
175
1,666
617
5,345
1,665
162
107
157
1,627
528
4,617
1,612
149
111
152
1,145
545
4,283
1,620
152
174
149
824
456
3,693
1,499
150
180
140
664
455
3,496
1,361
140
135
170
594
588
3,839
1,508
147
178
135
653
557
4,151
1,493
161
170
152
880
566
'4,384
1,504
160
191
154
1,061
4,861
1,517
157
187
149
1,455
218.5
163.1
75.0
53.3
216.4
161.5
75.6
53.1
217.9
163.5
79.3
56.3
224.6
169.1
84.5
60.7
228.9
174.9
89.8
64.2
234.3
180.9
95.6
68.1
245.4
187.9
98.9
70.4
259.0
193.9
100.7
74.2
254.5
193.2
99.7
75.1
250.3
189.6
96.3
73.0
248.9
192.5
98.3
72.9
'239.7
188.3
'94.3
'67.7
236.2
184.9
91.1
63.8
52.5
14.8
29.4
50.6
13.3
29.1
50.1
12.8
29.0
50.2
12.9
28.7
50.3
12.4
29.1
51.4
12.9
29.6
54.3
14.3
30.8
58.2
15.3
33.0
58.4
15.1
33.4
58.3
15.4
33.3
58.1
15.5
33.4
'56.8
15.5
'32.4
56.3
15.8
30.8
6.8
55.4
19.3
1.5
1.8
1.9
14.5
6.7
54.8
18.2
1.5
1.7
2.0
13.3
6.3
54.4
19.4
1.6
1.6
2.2
12.7
6.6
55.5
19.4
1.5
2.1
1.9
13.6
6.2
54.0
18.8
1.7
1.5
2.0
13.0
6.3
53.4
19.2
1.8
1.5
1.8
12.8
6.2
57.6
20.4
1.8
2.2
1.7
13.1
7.1
65.2
20.7
2.3
2.3
1.8
19.4
7.3
61.3
19.7
1.9
1.9
2.2
17.8
7.1
60.6
20.4
1.9
2.0
1.7
16.2
6.9
56.4
18.7
2.0
2.0
1.9
15.1
7.0
'51.5
17.9
1.9
2.2
1.8
12.4
51.3
17.1
1.9
2.0
1.8
13.2
147,164 12,884
150
162
41,351 r4,005
105,813 '8,879
13,466
148
3,783
9,684
15,146
192
3,488
11,657
13,077
163
3,559
9,518
13,886
167
3,459
10,428
13,296
205
3,367
9,929
12,513
193
3,238
9,275
10,467
185
3,242
7,225
10,405
177
3,007
7,399
13,904
183
3,649
10,255
14,378
172
3,703
10,675
13,350
160
3,236
10,113
14,919
170
3,407
11,512
52,345
63,206
31,613
r
4,992
r
5,067
r
2,825
4,819
6,105
2,542
4,313
5,897
4,936
4,419
6,069
2,589
5,025
6,785
2,076
5,008
5,847
2,441
4,709
5,570
2,235
4,122
4,207
2,139
4,085
4,206
2,114
5,345
5,929
2,630
5,272
6,569
2,537
5,050
5,887
2,413
5,560
5,904
3,454
149,143
8,900
9,642
8,997
9,821
13,580
17,200
13,071
14,991
12,449
11,212
15,545
14,093
11,684
12,897
1,312.6
1,292.2
852.2
117.8
116.4
76.9
121.5
120.1
85.6
131.7
129.9
92.0
147.0
138.3
95.0
153.7
152.7
97.5
113.5
112.9
71.2
96.3
95.9
56.6
85.2
84.5
48.0
72.4
71.9
48.0
108.9
107.8
70.5
124.0
123.0
83.6
110.6
109.9
'73.8
105.0
103.9
'71.5
101.4
100.4
68.2
1,184
760
1,277
867
1,411
971
1,482
1,032
1,519
1,009
1,550
1,019
1,535
974
,1,660
993
1,215
791
1,297
838
1,332
897
1,158
'764
1,021
'679
1,055
691
1,191
710
1,094
641
1,232
763
1,355
840
1,518
884
1,351
820
1,366
809
1,249
753
1,214
715
1,165
677
1,153
678
1,186
689
1,167
654
'963
'567
924
522
221.5
15.4
166
17.0
207
20.0
208
21.5
239
23.6
236
17.8
239
16.0
261
15.8
233
17.3
256
21.5
255
24.0
265
22.9
255
23.0
246
S-9
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
June
Annual
1981
1980
1980
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES
. .. 1977—100.
1287
1433
144.4
145.0
144.8
145.0
1456
146.7
147.8
149.2
149.7
152.1
152.9
153.5
153.7
1913—100
do .
do....
do
do....
2357
2506
2,431
2498
2424
2495
2660
2,553
2671
2343
2502
2672
2,528
2626
2367
2531
2726
2,580
2722
2383
2551
2735
2,589
2732
2398
2545
2717
2,577
2717
2384
2547
2711
2575
2730
2395
2556
2715
2,579
2738
2399
2566
2723
2,587
2744
2,406
2578
2,773
2,621
2820
2,396
2581
2781
2,639
2821
2,357
2576
2788
2,629
2834
2,346
2600
2,807
2,644
2,855
2,361
2635
2,805
2,640
2855
2,485
2655
2,784
2,631
2821
2,476
Boeckh indexes:
Average, 20 cities: @
Apartments hotels office buildings 1972—100.
Commercial and factory buildings
do....
Residences ... . ..
do
1705
179.0
1766
1860
195.2
1860
Engineering News-Record:
Building
Construction .
.
1967 = 100..
do
269.3
2795
287.7
3014
284.1
2977
Federal Highway Adm. —Highway construction:
Composite (avg. for year or qtr.)
1977—100..
142.6
1630
1683
CONSTRUCTION MATERIALS
Output indexes:
Iron and steel products
1947-49=100..
Lumber and wood products
do....
Portland cement........
do....
REAL ESTATE H
165.6
191.2
225.2
Mortgage applications for new home construction:
FHA net applications
thous. units..
Seasonally adjusted annual rates
do
133.8
141.4
216.1
202.2
10.9
123
17.4
209
Dept of Commerce composite
American Appraisal Co., The:
Average 30 cities
Atlanta ..
.
.
.
New York
San Francisco
St. Louis
Requests for VA appraisals
Seasonally adjusted annual rates
do....
do....
Home mortgages insured or guaranteed by:
Fed. Hous. Adm.: Face amount
mil $ 18 166 74 16 458 53
Vet. Adm.: Face amount §
do.... 16,505.50 13,855.54
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
41,838
48,963
New mortgage loans of all savings and loan
associations, estimated total
mil $
100 546
72537
By purpose of loan:
Home construction
do
20583
14 946
Home purchase
do..
62740
42957
All other purposes
do
17223
14634
1926
201.8
1888
1878
197.3
1857
289.0
3035
292.1
3076
292.4
3090
1940
203.2
191 4
292.5
3097
296.0
3125
1631
15.4
163
22.3
246
15.6
186
21.0
243
16.5
185
20.3
242
1971
206.8
1949
1948
204.7
1926
298.6
3143
298.2
3139
298.4
3140
1618
7.4
129
12.5
177
83
119
14.9
191
91870 1 324 06 1 506 58 1 461 37 1 584 55 1 242 93 1 351 14
740.56 817.14 944.00 l'623!90 1,133.39 1,135.18 954.90
955 33
917.26
42,364
48,581
41,473
42,605
44,161
46,115
9.6
133
12.9
188
47,322
48,963
305.5
3214
307.3
3233
1600
11.3
176
11.3
169
12.9
137
19.8
211
298.0
3150
2012
211.1
1995
130
148
17.3
190
207.6
217.0
2054
308.3
3268
11.3
125
18.2
194
88
87
15.5
183
74
80
14.2
154
84936
745.20
983 70 1 121 55 983 42
706.41 769.70 583.44
48,206
49,175
978 02
875.83
I
56,095
51,530
53,148
r
4130
5711
8339
9500
9336
6574
6942
4 285
3676
4923
5533
915
2374
841
1 238
3498
975
1 556
5208
1 575
1803
5708
1 989
1 886
5552
1 898
1 391
3821
1 362
1 454
3748
1 740
1 029
2315
941
888
1 966
822
1 224
2538
1 161
1 366 rl 247
2826 rr3 129
1 341 l 354
1 149
3 245
1 366
5 730
5 760
ADVERTISING
274
312
293
235
246
Magazine advertising (Publishers Information
Bureau):
Cost total
mil $
Apparel and accessories
. .
.do
Automotive, incl. accessories
do....
Building materials
do
Drugs and toiletries
do....
Foods, soft drinks, confectionery
do....
26340
919
212.6
464
2621
200.5
311
360
329
263
276
305
341
335
243
294
326
370
349
280
291
314
363
360
253
265
294
330
354
227
259
2846 1
1117
229.5
483
283.2
211.6
2344
59
20;1
50
24.9
17.3
175 3
78
8.4
29
236
13.4
119
7.9
40
23
23 1
699
25i o
159
12.0
52
278
14.4
167
12.3
311 5
11 9
27.3
39
274
29.4
276
18.4
76
27
242
131 2
254 3
97
22.1
24
226
18.4
369
10.8
45
14
234
1022
184 3
67
14.8
23
181
9.0
11 5
8.9
43
19
207
86 0
225 7
62
24.0
32
249
17.9
14 4
7.8
38
19
248
96 8
268 0
12 1
257
32
274
18.4
178
11.6
58
2i
300
113 9
288 3
14 4
272
48
31 6
19.4
196
14.8
60
30
298
117 8
297 9
11 1
310
74
31 3
17.5
190
18.4
72
34
24 8
126 8
267 1
74
290
53
274
19.5
25 7
33
256
1105
275 2
130
24.3
46
259
19.6
220
14.6
72
31
249
116 0
680.5
11 3
136 2
279
766
4285
671.2
162
197 7
339
1006
3227
703.8
194
199 2
246
1133
3474
840.3
225
235 0
31 2
136 2
4154
816.6
184
215 6
309
1265
4252
884.5
21 3
240 2
26 0
134 9
462 1
772.2
15 7
217 1
28 0
114 0
3974
99,081 rr96,676
41,934 40,679
57,147 '55,997
98,135
43,259
54,876
Beer, wine, liquors
.
. . do
Houshold equip., supplies, furnishings
do....
Industrial materials
do....
Soaps, cleansers, etc
do....
Smoking materials..
.
do
All other
do
Newspaper advertising expenditures (Media
Records Inc.):
Total
mil. $..
Automotive
do
Classified
do
Financial
do .
General. . . . . .
do
Retail
do....
2340
132.5
69.9
350
2782
1 0708
2389
138.8
70.8
298
2897
1 1980
229
11.8
5.8
22
243
942
1708
53
12.7
30
210
15.2
137
7.9
34
09
21 3
663
7,641.3
1960
2 1793
2438
9821
40401
8,192.3
1836
2 191 8
2980
1 122 7
43963
695.2
147
1883
249
965
3708
586.3
129
1720
243
721
3050
675.0
136
1968
160
78 1
3705
650.2
15 2
1808
21 9
932
3392
738.4
156
183 8
277
1059
4054
810.0
167
185 3
24 4
1137
4699
WHOLESALE TRADE f
Merchant wholesalers sales (unadj.), total
Durable goods establishments
Nondurable goods establishments
915,163 1,043,886
410,079 438,439
505,084 605,447
81,607
35,508
46,099
86,052
35,757
50,295
86,311
36,010
50,301
90,715
38,112
52,603
99,023
41,298
57,725
91,328
36,679
54,649
97,785
65,133
32,652
98,387 100,205 101,310 104,277 105,866 105,449 105,446 107,209 107,907 106,420 105,985
106,488
64,730 65,894 65,273 65,137 65,857 66,716 66,230 68,251 69208 69673 rr71 113 72017
33,657 34,311 36,037 39,140 40,009 38,733 39,216 38,958 38,699 36,747 34,872 34,471
mil. $..
do....
do....
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $..
Durable goods establishments
do....
Nondurable goods establishments
do....
See footnotes at end of tables.
352-196 0 - 81 - S2
93,778
59,198
34,580
105,449
66,716
38,733
74
97,659
38,598
59,061
93,845
35,927
57,918
89,641 101,273
37,054 41,991
52,587 59,282
'312.1
13316
1524
DOMESTIC TRADE
McCann-Erickson national advertising index,
seasonally adjusted:
Combined index
1967=100..
Network TV
do....
Spot TV
do
Magazines
do....
Newspapers
do....
2678
2,894
2,653
2915
2,467
12^3
54
2o
28 5
104 5
59,475
S-10
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
August 1981
1980
Annual
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
77,361
74,321
84,652
85,770
r
87,383
r
27,688
r
r
July
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores: t
Estimated sales (unadj.), total t
mil. $..
Durable goods stores #
do....
Building materials, hardware, garden supply,
and mobile home dealers #
mil. $..
Building materials and supply stores do
Hardware stores
do
Automotive dealers $t
Motor vehicle dealers
Auto and home supply stores
do
do .
do
Furniture, home furn., and equip #
do....
TT
i
ij
i-
j-
rprr
j
Nondurable goods stores
General merch. group stores
Department stores
Variety stores
.
do ..
do....
do .
do
Food stores
Grocery stores
Gasoline service stations
do....
do
do....
Apparel and accessory stores #
Men's and boys' clothing
do....
do
Shoe stores
do
Eating and drinking places
Drug and proprietary stores
Liquor stores
do....
do....
do
Estimated sales (seas adj ) total t
894,343
956,655
Food stores
Grocery stores
Gasoline service stations
do
do...
do
Apparel and accessory stores $
Men's and boys' clothing
do
do....
Shoe stores
do...
Eating and Drinking places
do
Drug and proprietary stores
do
Liquor stores
do....
Estimated inventories, end of year or month: t
T)
hi
H
t
£
Ho
p^'iir
® materials
a. . -I anaj supply
i stores
\ .. ao...
j '".
tfiuioing
p,
.. ure, h ome f
., '
H
'
H
9-,
1
h gruup atuies
f
\jeneraimeruii.
H
""
uu....
Food stores
do
7
PP
T)
hi
jf
^ •*"'' ..
, ""
R 'Id' 0
t ' I s and aunnlv stores Ho
Automotive dealers
do
Furniture home furn and equip
do
p
l
h
•n «*
f 'f
Food stores
f
'
Firms with 11 or more stores:
Estimated sales (unadjusted) total
Ai t
mil $
nH homp sunniv'atores
Ho'"
Nondurable goods stores $
Department stores
Variety stores
.
Miscellaneous general stores
See footnotes at end of tables.
H ""
A
do
do
...
do
do...
do
77,579
84,000
83,816 100,755
24,747
26,032
25,256
24,506
26,698
25,121
28,093
23,239
23,857
28,295
50,272
35255
7838
48,210
33682
7743
4,259
2942
666
4,247
3028
671
4,289
3071
641
4,434
3215
642
4,672
3398
692
4,152
2936
3,971
2616
3,351
2360
565
3,359
2360
538
4,043
2785
655
177 251
161,110
16141
41,868
25692
12428
589,534
109,740
2
88,520
8385
195,826
182 365
73,202
42,375
7830
15802
7127
79,576
28,107
15294
167 017
148 799
18 218
43,198
26228
13 190
658 729
116,287
94 185
8856
217,511
202 065
94,470
44,487
8025
16 991
8040
86,612
31,557
16556
14211
12,600
1 611
3,712
2 244
1 119
56,484
9,640
7,834
741
19,115
17,812
8,470
3,913
683
1 468
724
7,920
2,563
1,420
79,829
24,593
13489
11965
1524
3,626
2 170
1083
53,073
8,923
7,299
635
15027
13,330
1697
3,822
2 309
1 126
13264
11,699
1548
13,016
11,365
1651
13351
11,926
1425
14370
13,011
1359
17,336
15,745
1,591
4,905
2566
1634
3,616
2152
1074
3,351
2020
3,716
2260
1,088
57,302
10,105
8,198
735
72,662
18,365
14,859
1,397
17,712
16,474
7,982
18,853
17,561
8,244
4,048
2 421
1*207
58,695
11,821
9,642
787
18,485
17,195
7,951
4,179
801
1582
750
20,212
18,506
8,350
54,122
7,279
5,873
566
19,195
17,830
8,047
6,335
1,283
2339
942
3,844
2,670
633
4,039
2,820
639
14,173
12,661
1,512
15176
13,527
1649
3,636
2 172
1 139
53,828
8,630
6,974
679
18,640
17,343
8,504
3,295
3,263
633
563
1 223 1 272
577
604
7,635
7,475
2,499
2,518
1348
1398
77843 79491
23,589 25,071
14098
12542
1556
3,389
2053
1*044
52,619
8,713
7,066
679
17,638
16356
8,254
3792
2634
622
13,174
11689
1,485
3808
2,633
634
14,451
12871
1,580
13,940
12,389
1,551
3,931
702
1 409 1546
693
724
7,276
7,518
2,507
2,693
1,277
1,347
80,620 81,552
25,094 25,293
3,586
608
3,702
3,626
3,628
2233
2144
2168
1,097
1,099
1130
54254 54420 55236 55,526
9,649
9417
9,506
9,722
7,840
7,715
7,905
7,622
722
736
731
740
17953 18088 18405 18,577
16,690 16,805 17,078 17,250
7990
7998
7983
7918
3724
3785
3687
3675
699
679
674
736
1 399 1 404 1 435 1416
670
677
*667
663
7276
7085
7096
7 135
2,667
2587
2604
2,623
1,348
1,371
1,346
1,367
3,484
2059
1084
do...,
do
do
do
do.. ,
do....
do
81,740
297,926
do
Nondurable goods stores
General merch group stores
Department stores
Variety stores
79,860
304,809
Durable goods stores #
do....
Building materials, hardware, garden supply,
and mobile home dealers •/£
mil $
Building materials and supply stores .. do .
Hardware stores
do....
Automotive dealers
do....
Motor vehicle dealers
do
Auto and home supply stores
do....
Furniture home furn., and equip. #
Furniture home furnishings stores
Household appliance radio TV
77,366
(*)
659
825
976
50,464
58,082 r59,714
9,961 10,241
8,093 r8,359
r
787
738
19,383 r20,387
17,839 18,941
8,492 r8,734
3,279
565
2,911
494
3,448
552
3,972
621
'3,735
'615
1258
1 141
1355
1532
1470
'728
1,412
r
8,344
r
r
8,175
r
557
665
614
7,065
2,722
530
6,742
2,530
1,275
1,195
7,710
2,701
1,247
831
7,897
2,769
82,764
83,443
85,463
86,810
87,608
85,855
r
26,007
25,983
27,075
28,328
28,429
26,356
r
4,261
2,963
689
4,596
3,233
738
16,315
14,603
1,712
731
16,330
14,688
4,427
3,087
732
14,413
12,827
1,586
4,596
3,246
731
14,965
13,355
1,610
4,481
3,126
14,258
12,695
1,563
4,251
2,963
662
14,593
13,042
1,551
3,682
2,210
1,093
3,802
2,267
1,137
3,817
2,241
1,151
4,016
2,404
1,201
3,888
2,319
1,163
3,897
2,313
1,185
56,259
9,940
8,045
739
56,757
10,025
8,171
732
57,460
10,093
8,146
738
58,388
9,994
8,078
775
58,482
10,306
8,381
770
59,179
10,306
8,443
762
18,592
17,267
8,090
3,771
702
1431
'672
7,371
2,742
1,369
18,808
17,457
8,130
3,777
683
1438
687
7,416
2,760
1,371
19,098
17,709
8,284
3,789
666
1450
677
19,072
17,601
8,497
3,945
642
1549
728
7,885
2,815
1,390
19,112
17,632
8,596
4,022
681
1557
755
19,522
18,098
8,613
3,947
660
1502
*745
8,006
2,770
1,386
7,876
2,768
1,404
27 678
1935
306
25743
8477
7*438
555
484
25927
1904
293
28491
2057
*321
24023
7842
6914
482
446
26,434
8837
7,757
551
529
30205
39694
25080
23689
27,291
2175
3101
1606
1565
1,863
303
28030
10448
9127
610
711
320
36,593
16193
14054
1,085
1054
260
23 474
6314
5*564
414
336
250
22,124
6268
5491
416
361
288
25,428
7955
6,977
511
467
r
3,629
614
'3,640
695
J8,477
2,812
1,351
85,501 '86,942 '88,032
26,536 '27,407 '28,426
r
4,399
'3,127
r
718
59,499 r58,965
10,563 10,350
r
8,610
8,452
'748
792
19,672 19,506
18,185 18,091
8,595 r8,513
r
3,923
3,931
r
666
646
1547 1534
r
739
734
7,842 rr7,902
2,830
2,831
1,396
1,401
324 279
23390
3501
300 889
101 963
89229
6627
6107
1910
313
23931
7546
6616
500
430
19,678 '20,996
18,231
'19,537
r
8,857 '9,073
r
4,417
3,092
727
'4,464
14,572 14,786 15,483 16,471
12,945 13,167 13,877
1,627
1,606
1,619
3,822 rr3,794 '3,887 '3,895
2,359
2,286
2,323
1,155
1,166
1,103
1,642
296 593
22568
3338
274 025
95 933
83857
6,258
5818
25841
2,810
1,381
1,285
108 717 109 454 109 268 108 482 111 826 117 264 119 039 108 717 108147 110 635 113 741 114 951
51 159 52418 51306 49619 49678 51,457 52,807 51,159 51,904 52,409 53,018 '53,868
8816
8695
9 151
9590 r r9642
8975
8909
8927
8902
8878
8 695
9 059
24457 24983 24*081 22 159 21*821 22,913 24,031 24,457 24,931 24,783 24,624 25,539
7975
8008
8146
8374 r8358
8671
8525
8 420
8380
8463
8269
8 008
r
57 558 57036 57962 58863 62 148 65807 66232 57558 56243 58226 60723 r61 083
19 894 21*066 21 363 21 898 23439 25328 25*460 19894 19 397 20 593 22054 22 499
14819 15 376 15508 15 933 17031 18 461 18824 14819 14366 15,190 16,289 16,783
12471 11*710 11745 11791 12*003 12,673 12,957 12,471 12,167 12,527 12,892 12,891
9,436 r9,453
9,060
9120
8,624
9388 10088 10493 10556
8736
9015
9 120
963
111 694 109 438 110 003 110 283 111 711 113 106 112 639 111 694 111 790 113 507 113 404 113
r
51*853 51 453 51 249 51675 51738 52066 52*209 51853 52,234 52,374 51,791 52,306
9302 r r9298
9096
9008
9102
9076
9061
9082
8*916
8869
8965
9*076
24263 24 045 23866 24,191 24*138 24,298 24*,447 24*.263 24,491 24,273 23,385 24,184
8,450 r8,316
8 163
8,196
8,346
8328
8346
8285
8372
8163
8438
8344
657
59841 57985 58 754 58608 59972 61 040 60430 59841 59556 61 133 61613 '61
21 861 21 365 21603 21549 21991 22581 22310 21 861 21614 22 386 22646 r22 644
16*178 15 594 15841 15*791 16 128 16439 16326 16178 15980 16,583 16,690 16,817
12372 ' 11722 11876 11983 12112 12,292 12,411 12,372 12,315 12,795 12,840 12,930
9638 r9646
9487
9470
9394
9679
9481
9518
9025
9162
9 195
9470
1887
305
23328
7642
6700
501
441
'58,332 '59811
10,016
'9,649
r
8,216 '7,896
721
17,477
16,133
7,616
7,510
3,775
1,926
7,563
2,755
1,386
29,005
56,357
8,972
7,337
663
18,837
17,410
8,380
7,160
5,783
7,142
2,655
1,407
4,084
2,863
646
87,337 '89,615
4,524 rr4,798 r5,036 '5,03:
3221
3522
3038
r
795
809
'771
16,279 15,791 16,665 17,425
14,563 14,154 14,945
1637
1,720
1,716
3,608 rr3,662 r3,832 '3,950
2373
2229
2300
1,139
1047
1,043
106 169
52691
8 609
26763
8 146
53478
18 628
13*734
11517
8547
108 835
53274
8*986
26524
8287
55561
20456
14 993
11414
8875
25215
27,669
r
28,755
r
2,039
r
324
r
26,716
r
8776
r
7,677
r
593
r
506
115 917
55,031
9831
26,494
8423
60886
22613
16,907
12,826
9,273
115 467
53,527
9573
25,089
8,415
61940
22884
17,026
12,929
9521
29,619
2,150
315
27,469
9048
7,936
563
549
'59,535 '59,606
10,679 '10,535
'8,750 '8,648
768 •
19,736 '19,899
18,323 '18,449
'8,500 '8,448
'3,997 '4,049
661
1,581
755
'7,808 '7,756
'2,881 '2,890
1,352
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
S-ll
SURVEY OF CURRENT BUSINESS
August 1981
1979
1981
1980
1980
Annual
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Firms with 11 or more stores—Continued
Estimated sales (unadjusted)— Continued
Nondurable goods stores—Continued
Food stores .
mil $ .
Grocery stores
do
Apparel and accessory stores #
do....
Women's clothing, specialty stores,
furriers
mil. $..
Family clothing stores
do .
Shoe stores
do....
Eating places.....
do....
Drug stores and proprietary stores
do....
Estimated sales (sea adj ) total #
do
Auto and home supply stores
do ...
Department stores
. . . .
. . . . do
Variety stores
do....
Grocery stores
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 (unadjusted)
mil. $..
Durable goods stores
do....
Nondurable goods stores
do....
Charge accounts
do....
Installment accounts
do....
Total (seasonally adjusted)
do....
Durable goods stores
do....
Nondurable goods stores
do....
Charge accounts
do....
Installment accounts
do....
r
102 496
101 270
14,285
113 214
111 857
15,204
9003
8897
1,107
9608
9497
1,068
9,898
9788
1,404
9209
9 105
1,227
9940
9832
1,354
9764
9653
1,468
10652
10486
2,312
10281
10153
979
9207
9058
926
9883
9743
1,206
5,876
3455
3,420
15,165
13,720
6,191
3664
3,707
17,011
15,665
450
270
269
1,409
1,237
26570
284
7235
549
9239
1 244
509
301
1295
467
259
242
1,493
1,260
26849
298
7294
546
9366
1255
520
301
1318
554
347
345
1,567
1,292
27344
'298
7475
556
9512
1278
513
311
1328
496
282
325
1,427
1,233
27368
296
7418
550
9 604
1257
513
307
1340
555
325
332
1502
1,297
27752
293
7620
565
9630
1291
518
313
1360
595
359
343
1,447
1,330
28074
295
7768
558
9672
1297
526
314
1361
912
630
460
1505
2,055
28359
298
7735
557
9883
1 324
528
317
1361
384
240
251
1,413
1,317
28474
308
7696
572
9810
1328
538
317
1395
384
216
235
1,336
1,226
29091
329
7958
585
9899
1387
573
342
1390
501
276
311
1,548
1,344
29252
304
8010
575
10 128
1 402
574
342
1 393
550
325
310
^407
347
1547
1,648
1,392
1,419
r
29T618 29 398
303
307
rg 150
8008
r
614
575
10 132 10090
1r 407 1 394
593
'564
r
345
361
1 444 1 430
36 157
10,973
25184
11371
24,786
36,526
10,790
25,736
11,256
25,270
36,046
11,138
24,908
11,426
24,620
36,972
10,938
26,034
11,716
25,256
22898
22912
22928
40,387
11,391
28,996
12,268
28,119
37,437
11,194
26,243
11,743
25,694
!0
128 10634
r
9960 10483
r
l,459
1,330
r
594
r
(2)
(2)
(2)
(*)
(2)
(2)
M
(2)
(2)
(2)
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas $
mil.
LABOR FORCE
Not Seasonally Adjusted
Labor force, total, persons 16 years of age
and over
thous
Armed forces
do
Civilian labor force, total
do....
Employed
.
do
Unemployed
do
Seasonally Adjusted U
Civilian labor force total
do ..
Participation rate *
percent
Employed, total . ...
thous
Employment-population ratio *
percentAgriculture .
thous
Nonagriculture
do
Unemployed, total
do . .
Long term, 15 weeks and over
do....
Rates (unemployed in each group as percent
of civilian labor force in the group):
All civilian workers
Men 20 years and over
Women 20 years and over
Both sexes 16-19 years
White
Black and other .
. .
Married men, spouse present
Married women, spouse present
Women who maintain families
Occupation:
White-collar workers . . .
. .
Blue-collar workers
Industry of last job (nonagricultural):
Private wage and salary workers
Construction
Manufacturing
Durable goods
EMPLOYMENT t
Employees on payrolls of nonagricultural estab.:
Total, not adjusted for seasonal variation ....thous..
Private sector (excl. government)
do....
Seasonally Adjusted t
Total employees, nonagricultural payrolls
do....
Private sector (excl. government)
do....
Nonmanufacturing industries
do....
Goods-producing
. do
Mining
do. ..
Construction
do....
See footnotes at end of tables.
X
*227.66
104 996
2084
102,908
96945
5963
106 821 108 159 109095 108 240 106841 107 536 107 406 106 902 106 796 106 929 107 533 107 807 108 474 109 752 110 547
2121
2*124
2 102
2092
2099
2114
2 128
2 121
2119
2 121
2 125
2 129
2 127
2 131
2 139
104,719 106 067 106 997 106 126 104 720 105 415 105 287 104 778 104 671 104 808 105 405 105 678 106 347 107 621 108 408
97270 97776 98587 98115 97 256 97933 97801 97545 96 128 96 383 97*318 98 282 98803 99 34 1 100 474
7448
8410
8011
8291
7464
7482
7486
8*543
7233
8*425
8087
7396
7545
8 279
7934
220.58
227.46
227.66
227.86
22809
22830
22850
22867
22883
22944
22962
104 591 105 020 104 945 104 980 105 167 105 285 105 067 105 543 105 681 106 177 106 722 107 406 106 176 106 464
63 8
63 9
638
638
638
638
638
636
638
643
64 0
646
63 8
63 9
96780 96999 97003 97180 97206 97339 97282 97696 97927 98412 98976 99235 98 392 98962
58.3
58.3
58.2
58.2
58.3
58.3
58.2
58.4
58.1
58.6
59.0
58.9
58.4
58.7
3232
3 267
3 210
3399
3 340
3403
3 319
3394
3 281
3276
3463
3353
3 265 3 258
93548 93732 93793 93781 93887 93999 93888 94 294 94646 95 136 95513 95882 95 127 95704
7811
8021
7942
7800
7961
7946
7 785
7847
7754
8 171
7 764
7 746
7 784
7 502
1,935
1J77
2,150
2,329
2,295
2,292
2,358
2,250
2,378
2,192
2,168
2,105
2,315
2,100
637
638
59.3
3297
93648
58.5
3310
93960
1,202
1,829
58
41
57
16 1
51
113
2.7
51
83
71
59
63
17 7
63
132
4.2
58
91
75
64
64
183
67
13 5
4.6
60
85
76
66
66
187
68
139
49
61
88
76
65
65
18 8
67
137
4.8
60
90
74
66
62
17 8
65
14 1
47
57
90
76
64
67
185
66
14 2
46
60
102
75
64
67
18 6
66
140
44
59
99
74
62
68
178
65
140
43
58
104
74
60
67
190
67
129
42
62
105
73
60
65
193
66
13 1
41
58
96
73
59
66
19 1
65
137
41
60
94
73
58
66
19 1
65
132
38
59
98
76
63
68
195
68
136
41
59
10 3
73
61
65
19 o
64
14 2
42
56
10 6
70
56
67
18 1
62
13 6
39
56
11 5
33
6.9
37
10.0
37
11 1
37
113
37
11.1
38
108
39
108
39
107
40
105
39
102
37
101
39
98
40
96
41
10 0
38
98
41
94
57
10.2
55
5.0
74
142
85
8.9
80
156
97
10.9
80
158
98
10.7
80
173
93
10.1
78
159
92
100
78
146
92
95
78
148
89
90
77
138
88
90
75
133
84
83
75
132
84
85
73
14 7
80
79
72
144
74
73
78
16 3
79
73
74
166
76
74
72
150
73
73
89,823
73,876
90,564
74,316
90,955
74,478
89,711
74,100
89,969
74,539
90,638
74,797
91,244
74,913
91,599
75,126
91,750
75,315
89,988
73,772
90,138
73,680
90,720
74,227
91,337
74,880
r
91,848
r
r
92,446
r
89,823
73,876
52,836
26461
958
4.463
90,564
74,316
54,016
25718
1,020
4.399
90,087
73,769
53,736
25402
1024
4.345
89,960
73,738
53,861
25151
1004
4.270
90,219
74,030
54,040
25322
1,008
4.324
90,461
74,268
54,208
25445
1023
4.362
90,668
74,419
54,309
25521
1032
4.379
90,844
74,602
54,414
25 629
1052
4.389
90,949
74,713
54,538
25631
1069
4.387
91,091
74,868
54,694
25647
1083
4.390
91,258
75,018
54,841
25657
1091
4.389
91,347
75,143
54,952
25 705
1098
4.416
91,458 r91,564
75,288 r'75,433
54,956 55,019
25700 r25r705
950
957
4.418 r4.334
r
91,583
r
75,552
r
55,132
r
75,434
"91,680
76,252 "76,192
"91,966
"75,868
"55,340
25 806 P25
922
1
112 pl 141
r
4.274 '4253
S-12
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
August 1981
1980
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
r
'20,420 PP20 528
12,277 12,339
699
"700
P
487
'487
656 p "654
l,145
1,143
p
l,616
1,603
'2,522 PP2,534
'2,149 p2,166
l,887
1,885
P
724
'718
'415
P426
P
'8,143 p8,189
l,684
1,676
72
"72
'844 p "852
1,262
l,281
P
697
695
1,283 ppl,286
l,110
1,110
P
'212
211
P
757
761
P
'232
235
'65,777 P66,044
P
'5,145
5,151
'20,703 P20,798
'5,341 P P5,352
15,362 15,446
'5,330 P5,344
18,568 PP18,653
16,031 16,098
'2,781 P2,775
13,250 P13,323
July
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT f— Continued
Seasonally Adjusted t
Employees on nonag. payrolls—Continued
Goods-producing—Continued
Manufacturing
thous
Durable goods
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 equipment @.... do....
Transportation equipment §
do....
Instruments and related products
do....
Miscellaneous manufacturing
do....
Nondurable goods
.. .. do ...
Food and kindred products
do....
Tobacco manufactures
do
Textile mill products
do....
Apparel and other textile products
do....
Paper and allied products
. .. do ..
Printing and publishing
do....
Chemicals and allied products
do
Petroleum and coal products
do....
Rubber and plastics products, nee
do....
Leather and leather products
do
Service-producing
do
Transportation and public utilities
do....
Wholesale and retail trade
do....
Wholesale trade
. do
Retail trade
do....
Finance, insurance, and real estate
do....
Services
do....
Federal
... do
State and local
do....
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted
thous..
Manufacturing
do....
Seasonally Adjusted t
Production or nonsupervisory workers on private
nonagricultural payrolls "f
thous
Goods-producing
.
;
do....
Construction
.. . do ..
Manufacturing
do....
Durable goods
.
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 equipment @.... do....
Transportation equipment §
do....
Instruments and related products
do....
Miscellaneous manufacturing
do....
Nondurable goods
do....
Food and kindred products
do....
Tobacco manufactures
do....
Textile mill products
do....
Apparel and other textile products
do....
Paper and allied products
do....
Printing and publishing
do....
Chemicals and allied products
do
Petroleum and coal products
do....
Rubber and plastics products, nee
do....
Leather and leather products
do
Service-producing
..
do. .
Transportation and public utilities
do
Wholesale and retail trade
do....
Wholesale trade
.... do .
Retail trade
do
Finance, insurance, and real estate
do....
AVERAGE HOURS PER WEEK f
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.
payrolls: U Not seasonally adjusted
hours.
Seasonally adjusted
.. do
Mining $
1
do...
Construction
do
Manufacturing:
Not seasonally adjusted
do...
Seasonally adjusted
do
Overtime hours
do...
Durable goods
do...
Overtime hours
do...
Lumber and wood products
. .. do
Furniture and fixtures
do...
Stone, clay, and glass products
do...
Primary metal industries
do...
See footnotes at end of tables.
21040
12,760
767
498
709
1,254
1,718
2,485
2,117
2,077
691
445
8,280
1,733
70
885
1,304
707
1,235
1 109
210
782
246
63363
5,136
20,193
5204
14,989
4,975
17,112
15,947
2,773
13,174
20300
12181
690
469
666
1,144
1609
2,497
2,103
1,875
708
419
8118
1,711
69
853
1,266
694
1,258
1 107
197
731
233
64 847
5,143
20,386
5281
15,104
5,168
17,901
16,249
2866
13,383
20033
11973
659
460
650
1,113
1575
2,488
2,074
1,836
705
413
8,060
1,696
70
837
1,261
689
1,255
1 107
205
709
231
64685
5,129
20,266
5,253
15,013
5,156
17,816
16,318
2,951
13,367
19877
11859
662
447
645
1,070
1545
2,462
2,064
1,841
708
415
8,018
1,708
70
828
1,254
682
1,255
1099
208
692
222
64809
5,119
20,355
5,261
15,094
5,173
17,940
16,222
2,893
13,329
19990
11,907
671
456
651
1,077
1,567
2,454
2,074
1,839
707
411
8,083
1,720
68
844
1,263
687
1,256
1,097
208
708
232
64,897
5,126
20,413
5,274
15,139
5,188
17,981
16,189
2,808
13,381
20060
11,968
680
462
656
1,092
1,575
2,463
2,078
1,843
709
410
8,092
1,712
68
843
1,261
689
1,261
1,101
208
717
232
65,016
5,124
20,450
5,290
15,160
5,206
18,043
16,193
2,784
13,409
20 110
12,013
679
462
655
1,108
1,578
2,481
2,087
1,848
709
406
8,097
1,711
69
845
1,256
691
1,262
1,102
208
722
231
65,147
5,129
20,461
5,296
15,165
5,221
18,087
16,249
2,795
13,454
20188
12,090
683
463
658
1,126
1,582
2,489
2,096
1,874
712
407
8,098
1,705
71
844
1,253
692
1,265
1,103
209
725
231
65,215
5,114
20,464
5,296
15,168
5,235
18,160
16,242
2,796
13,446
20175
12,077
687
464
655
1,137
1,581
2,490
2,103
1,839
712
409
8,098
1,701
71
842
1,250
692
1,269
1,105
209
729
230
65,318
5,118
20,470
5,300
15,170
5,254
18,240
16,236
2,800
13,436
20,174
12,084
689
464
654
1,137
1,579
2,487
2,110
1,840
713
411
8,090
1,696
71
841
1,244
691
1,269
1,106
211
730
231
65,444
5,124
20,529
5,305
15,224
5,268
18,300
16,223
2,799
13,424
20,177
12,074
691
466
654
1,140
1,577
2,481
2,110
1,833
711
411
8,103
1,705
72
839
1,243
691
1,272
1,109
210
731
231
65,601
5,135
20,600
5,313
15,287
5,283
18,343
16,240
2,795
13,445
20,191
12,099
692
467
651
1,141
1,581
2,480
2,117
1,849
712
409
8,092
1,691
72
838
1,243
689
1,276
1,108
210
734
231
65,642
5,139
20,635
5,316
15,319
5,293
18,371
16,204
2,781
13,423
20,332
12,207
702
478
656
1,145
1,595
2,491
2,134
1,878
714
414
8,125
1,697
72
842
1,250
691
1,280
1,107
211
744
231
65,758
5,161
20,636
5,333
15,303
5,316
18,475
16,170
2,767
13,403
60,367
15,068
60,457
14,223
60,589
14,047
60,215
13,614
60,617
13,907
60,855
14,131
60,948
14,141
61,124
14,190
61,279
14,126
59,760
13,975
59,633
13,971
60,115
14,049
60,736 '61,204 '61,879
14,127 14,195 14,327
60,367
19,351
719
3,565
15,068
9,110
654
406
559
986
1,299
1,634
1,388
1,423
422
339
5,958
1,191
56
771
1,117
536
697
633
137
612
209
41,016
4299
17,748
4274
13474
3,776
15,193
60457
18,442
757
3,461
14,223
8,438
577
378
516
879
1,193
1,605
1,336
1,215
424
314
5,786
1,175
54
741
1,082
524
703
626
124
562
196
42,015
4291
17,881
4319
13562
3,913
15,930
59,945
18,134
763
3,414
13,957
8,232
548
369
500
846
1,160
1,595
1,308
1,179
420
307
5,725
1,159
55
725
1,077
518
701
624
132
539
195
41,811
4272
17,769
4,293
13476
3,905
15,865
59,945
17,906
747
3,345
13,814
8,131
552
359
495
810
1,135
1,572
1,297
1,181
421
309
5,683
1,172
54
717
1,072
511
698
616
133
524
186
42,039
4268
17,858
4,304
13554
3,920
15,993
60182
18,064
748
3,386
13,930
8,176
560
367
502
818
1,153
1,567
1,304
1,178
422
305
5,754
1,184
53
733
1,078
516
701
616
134
543
196
42,118
4,270
17,901
4,309
13592
3,929
16,018
60,368
18,167
759
3,416
13,992
8,229
568
372
506
833
1,161
1,573
1,306
1,185
421
304
5,763
1,177
54
732
1,077
518
704
620
134
551
196
42,201
4,272
17,929
4,317
13,612
3,939
16,061
60,464
18,213
763
3,426
14,024
8,259
567
373
506
847
1,165
1,579
1,310
1,189
422
301
5,765
1,177
54
734
1,073
520
703
619
134
556
195
42,251
4,275
17,933
4,320
13,613
3,950
16,093
60,598
18,291
779
3,431
14,081
8,320
569
373
508
864
1,169
1,581
1,316
1,215
422
303
5,761
1,170
55
732
1,071
521
704
621
134
558
195
42,307
4,260
17,932
4,318
13,614
3,960
16,155
60,667
18,278
791
3,428
14,059
8,301
573
374
505
874
1,168
1,577
1,322
1,182
423
303
5,758
1,166
55
731
1,068
521
707
622
133
561
194
42,389
4,265
17,932
4,324
13,608
3,972
16,220
60,807
18,305
800
3,452
14,053
8,306
575
374
504
876
1,166
1,577
1,324
1,183
422
305
5,747
1,162
55
729
1,062
521
705
623
134
562
194
42,502
4,264
17,982
4,324
13,658
3,986
16,270
60,870
18,298
806
3,439
14,053
8,297
576
376
503
879
1,164
1,573
1,326
1,176
419
305
5,756
1,168
55
727
1,061
520
707
625
134
564
195
42,572
4,270
18,013
4,329
13,684
3,992
16,297
60,961
18,346
813
3,459
14,074
8,325
577
376
501
879
1,169
1,575
1,334
1,190
420
304
5,749
1,158
56
727
1,061
519
708
626
134
566
194
42,615
4,268
18,031
4,330
13,701
3,996
16,320
61,114
18,338
689
3,462
14,187
8,412
586
386
506
884
1,178
1,580
1,345
1,218
422
307
5,775
1,164
56
729
1,065
521
709
627
134
575
195
42,776
4,291
18,027
4,342
13,685
4,017
16,441
'61,179
18,317
'694
'3,376
14,247
'8,442
593
392
507
880
1,184
1,594
1,353
1,210
'423
306
'5,805
1,170
55
731
1,071
523
710
'629
135
'584
197
'42,862
'4,272
18,084
'4,352
13,732
'4,024
16,482
35.6
35.3
43.0
370
43.2
370
35.3
35.2
43.2
379
35.3
35.1
42.0
377
35.5
35.2
43.2
373
35.3
35.3
43.5
38.0
35.3
35.3
43.6
37.9
35.3
35.3
43.6
36.8
35.6
35.3
44.1
372
35.1
35.3
43.6
36.4
35.0
35.2
42.8
35.0
35.2
35.3
42.3
37.2
35.2
35.4
43.6
36.9
35.2
'35.3
'43.8
'36.9
35.4
35.3
'42.0
'37.4
"35.5
P
35.3
P
43.9
P
37.7
40.2
39.7
3.4
40.8
3.5
39.4
38.7
41.5
41.4
2.8
40.1
2.8
38.6
38.0
40.8
40.1
39.3
39.3
2.5
39.7
2.4
37.9
37.2
40.5
39.0
38.8
39.2
2.5
39.5
2.4
38.2
36.8
40.4
38.9
39.4
39.5
2.7
40.0
2.7
38.8
37.6
40.5
39.4
39.8
39.6
2.7
40.1
2.7
38.7
38.1
40.8
39.7
39.8
39.7
2.8
40.1
2.8
38.6
38.0
40.8
40.1
40.2
39.8
3.0
40.4
3.0
39.1
38.0
40.9
40.8
40.8
39.9
3.0
40.4
3.1
39.3
38.4
41.0
41.2
39.9
40.1
3.0
40.6
3.0
39.8
38.5
41.3
41.1
39.5
39.8
2.8
40.1
2.8
39.1
38.6
40.6
40.7
39.9
39.9
2.8
40.4
2.8
39.1
38.6
40.7
41.0
39.7
40.2
2.9
40.8
3.0
39.6
38.8
41.2
41.2
40.1
40.3
'3.2
40.8
3.2
39.8
39.0
41.0
41.0
'40.2
40.1
3.0
'40.6
3.0
'39.0
'38.8
'40.7
'40.8
P
39.6
P
40.0
P
20,414
12,254
710
484
'658
1,142
1,604
2,511
2,143
1,872
716
r
414
'8,160
1,703
71
843
1,258
694
1,283
1,109
213
753
233
'65,859
'5,148
20,714
'5,346
15,368
'5,326
18,540
16,131
'2,779
13,352
P
61,839
P
14,130
'61,276 PP61,611
18,387 18,508
P
'822
844
'3,320 P P3,313
14,245 14,351
'8,458 P8,511
P
585
584
P
396
'394
P
'505
503
'881 p P882
1,187
l,200
p
l,606
1,602
p
1,356
l,372
p
l,223
1,221
P
428
'422
P
316
'306
P
'5,787 p5,840
l,156
1,146
P
57
56
732 p P740
l,096
1,077
P
525
'524
P
'708
709
P
'628
632
P
133
133
'587
"592
P
200
196
P
'42,889 43,103
P
4,271
'4,263
18,077 "18,202
'4,343 P P4,362
13,734 13,840
'4,028 P4,036
16,521 P16,594
2.9
40.5
P
3.0
P
38.6
P
38.4
P
40.7
P
40.7
P
S-13
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
hi the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
1981
1980
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEK f— Cont.
Seasonally Adjusted— Continued
Average weekly hours per worker—Cont.
Manufacturing—Continued
Durable goods—Continued
Fabricated metal products §
hours.
Machinery, except electrical
do...
Electric and electronic equipment @
do...
Transportation equipment §
do...
Instruments and related products
doMiscellaneous manufacturing
do...
do...
do...
do...
do
do...
do...
do...
do
do..
do
do...
do
40.7
41.8
40.3
41.2
40.8
38.8
392
31
39.8
380
373
35.2
42.6
37.5
41.9
438
40.5
365
399
326
388
306
36.2
327
40.4
41.0
39.8
40.6
40.5
387
390
28
39.7
38 1
400
35.4
42.3
37.1
41.5
41 8
40.1
367
396
322
385
30 2
36.2
32 6
40.0
40.7
39.4
40.0
40.5
383
38 7
26
39.6
384
394
35.3
41.7
36.9
41.3
422
39.4
367
395
320
381
30 1
36.4
326
39.8
40.6
39.1
40.0
40.2
384
386
27
39.7
366
391
352
41.7
37.0
41.0
42 i
39.1
362
399
320
381
300
36.2
326
40.2
40.8
39.6
40.8
40.3
386
389
28
39.8
36 9
395
352
42.0
37.0
41.2
42 1
40.2
366
397
32 i
383
30 1
36.3
326
404
40.9
39.6
40.7
40.2
388
389
28
39.7
382
398
352
42.2
36.9
41.4
424
40.2
364
39 7
32 i
385
30 1
36.1
32 6
Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the month,
seas adj. at annual rate
bil hours
Total private sector
do..
Mining
„
do
Construction
do..
Manufacturing
do..
Transportation and public utilities
do
Wholesale and retail trade
do....
Finance, insurance, and real estate
do....
Services
do
Government
do
16953
13826
2 15
859
43.92
1065
34.35
9.39
2921
31 26
16970
13784
231
846
4196
1060
34.29
9.75
3047
31 86
16798
135
77r
225
832
4084
1050
33.81
9.78
30 28
3221
167 04
135
19
r
2 18
8 14
4039
1053
33.77
9.74
3045
31 86
168 13
13629
r
223
8 16
4092
1049
34.11
9.78
3061
31 83
16907
13739
r
2 26
846
41 22
10 57
34.35
9.81
3072
31 68
169 66
137
98
r
2 30
8 42
41 52
10 63
34.47
9.87
30 77
31 68
170 06
13881
2 39
8 50
41 94
10 58
34.53
9.92
30 96
31 25
171 12
139 22
2 50
8 56
42 15
10 62
34.39
9.94
31 06
Indexes of employee-hours (aggregate weekly): tl
Private nonagric. payrolls, total....
1977=100..
Goods-producing
do..
Mining
do
Construction
do
Manufacturing
do.. .
Durable goods
do
Nondurable goods
do..
Service-producing
.
do
Transportation and public utilities
do....
Wholesale and retail trade
do....
Wholesale trade .
do
Retail trade
do
Finance, insurance, and real estate
do....
Services
do
108.4
1086
1153
1197
1062
1091
1019
1082
107.1
106.6
1103
1051
110.6
1099
107.3
1025
122 1
116 1 "
990
995
983
1100
106.3
105.9
1104
104 2
114.6
1150
106.1
1005
1229
1173
962
959
966
109 2
105.4
104.8
1087
1033
114.9
1144
105.9
987
1170
1143
949
944
95 6
1098
106.4
105.0
1090
103 5
114.7
1133
106.6
1002
1205
1145
965
960
974
110 1
105.9
105.7
109 7
104 2
115.3
1155
107.1
101 3
123 1
1176
97 2
96 8
97 7
110 3
106.0
106.0
110 5
104 3
114.9
1158
107.4
101 7
124 0
1177
97 6
97 3
980
110 6
106.3
106.1
110 6
1043
115.9
116 0
107.7
1020
126 6
114 4
98 4
98 6
980
110 9
105.7
106.3
110 5
104 7
116.2
116 9
107.9
102 3
130 1
115 6
98 5
98 5
HOURLY AND WEEKLY EARNINGS t
Average hourly earnings per worker: fl
Not seasonally adjusted:
Private nonagric. payrolls
dollars
Mining
.
do
Construction . .
do
Manufacturing
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 equipment @ do....
Transportation equipment §
do....
Instruments and related products .... do....
Miscellaneous manufacturing
do....
Nondurable goods
do....
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 and public utilities
do....
Wholesale and retail trade
do....
Wholesale trade
do
Retail trade
do
Finance, insurance, and real estate
do....
Services
do....
616
849
927
670
6.43
713
6.83
6.07
5.06
6.85
8.98
6.85
7.32
6.32
8.53
6.17
5.03
6.01
5.78
6.27
6.67
466
4.23
7.13
6.94
7.60
9.36
5.97
4.22
8.16
5.06
639
453
5.27
5.36
666
9 17
992
727
7.02
775
'7.48
6.53
5.49
7.50
9.77
7.45
8.00
6.95
9.32
6.80
5.47
6.56
6.33
6.86
7.73
508
4.57
7.84
7.53
8.30
10.09
6.56
4.58
8.87
5.48
696
488
5.78
5.85
661
9 15
979
7 20
6.99
768
7.45
6.52
5.50
7.53
9.65
7.43
7.93
6.86
9.22
6.79
5.44
6.50
6.30
6.84
8.01
494
4.51
7.78
7.46
8.25
10.21
6.47
4.55
8.74
5.44
694
484
5.77
5.81
664
907
990
7 29
7.07
776
7.54
6.68
5.53
7.59
9.83
7.44
8.00
6.95
9.32
6.85
5.47
6.62
6.40
6.90
8.10
507
4.50
7.96
7.53
8.36
10.25
6.55
4.56
8.89
5.48
698
489
5.77
5.78
667
9 16
1004
7 30
7.06
777
7.52
6.72
5.55
7.63
9.85
7.49
8.02
7.01
9.33
6.86
5.48
6.65
6.41
6.90
7.82
520
4.60
7.99
7.62
8.40
10.21
6.65
4.60
8.94
5.49
699
489
5.83
5.81
679
9 31
10 18
7 42
7.06
792
7.64
6.76
5.59
7.69
9.96
7.63
8.21
7.12
9.54
6.91
5.53
6.71
6.46
6.94
7.53
5 25
4.69
8.06
7.73
8.47
10.33
6.72
4.62
9.02
5.56
707
495
5.87
5.93
6 85
9 36
10 24
7 49
7.23
801
7.73
6.73
5.60
7.74
10.10
7.69
8.30
7.18
9.75
6.94
5.56
6.74
6.50
6.95
7.69
5 27
4.73
8.09
7.74
8.53
10.38
6.79
4.65
9.19
5.59
7 09
498
5.91
6.00
6 92
9 49
10 24
7 60
7.32
8 11
7.82
6.76
5.63
7.81
10.29
7.77
8.38
7.27
9.87
7.01
5.62
6.82
6.57
7.09
7.86
5 31
4.75
8.18
7.79
8.60
10.52
6.88
4.69
9.27
5.64
7 19
502
6.02
fi.09
Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufactures
..
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
Transportation and public utilities $
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate $
Services
do
do
do...
do
do.
do...
404
40.8
39.8
40.7
40.3
386
390
28
39.6
400
398
354
42.2
37.1
41.5
42 8
40.5
36 7
398
32 \
38 5
30 1
36.3
32 6
405
41.0
39.9
41.2
40.4
386
39 1
29
39.8
40 1
39 9
352
42.4
36.8
41.6
429
40.8
363
397
322
385
30 2
36.3
32 7
405
40.9
40.0
41.0
40.4
389
392
29
39.7
38 1
40 1
355
42.8
37.4
41.6
43 2
40.8
366
400
32 \
386
30 0
36.3
32 7
P
407
P
405
402
402
409
409
41.1
40.1
41.3
40.6
388
40.8
39.6
40.5
40.5
386
40.9
40.0
40.9
40.5
387
41.3
40.2
42.0
40.1
389
41.4
40.4
41.8
40.4
»392
39 5
39 2
39 3
400
361
39.9
385
40 0
35 6
39 2
28
39.7
37 2
40.1
37 2
35 7
35 5
39 6
31
40.0
386
'40 5
'360
42.6
37.5
41.6
43 8
40.9
368
42.4
37.3
41.6
43 8
40.3
37 0
42.4
37.1
41.5
43 5
40.5
37 1
42.6
37.3
41.5
44 ^
40.7
366
'42.8
'37.6
r
41.7
4°, ft
r
41.3
'37 1
394
395
394
393
393
386
32 3
38 6
rqo i
30 2
36.4
on o.
rqn i
rqn n
36.3
'36.1
36.1
170 ^R
1 71 4°.
'17ft 7K.
139 85
139 87 ri qo OK pi qn CQ
30
40.3
386
32 2
388
30 1
36.4
32 7
29
32 2
38 6
30 2
36.4
32 8
399
32 2
00 Q
29
r
398
38 5
09 7
OO Q
'407
'41.2
'40.2
'41.5
'40.4
392
41.2
M0.3
P
41.2
P
40.9
D
39 2
P
39 4
39 2
P
29
P
39.5
P
39
2
P
40 3
P
30
'39.8
'38 3
402
360
358
P
42.7
P
37.3
P
'42.7
'37.5
41.8
41.9
rxq 9
'41.0
P4Q q
P
40.3
P
'37 1
36 3
P
'39 6
39 7
pq9 n
pqo K
pqn n.
rq9 n
'38 5
P
36.3
q9 K
pqo C
AGGREGATE EMPLOYEE-HOURS f
Seasonally Adjusted
See footnotes at end of tables.
352-196 0 - 81 -, SI
0,1 an
984
172 87
140 86
2 57
9 07
4254
r
!0 63
34.79
9.99
31 28
09 f)-t
108.2
102 4
130 1
113 9
989
99 0
989
111 0
106.6
105.9
110 9
103 9
116.5
117 3
111 3
105.0
106.6
111 5
104 7
117.3
117 7
6 94
9*57
10 33
7 03
7.40
8 23
7.90
6.74
5.70
7.83
10.36
7.88
8.50
7.38
10.09
7.13
5.73
6.89
6.63
7.13
8.10
5 34
4.81
8.27
7.88
8.69
10.38
6.97
4.74
9.30
5.62
7 23
4 99
6.00
7 7fl
fi19
Q 77
171 65
140 02
9 t\9
8 36
42 24
I f ) CO
34.79
10.03
31 46
01 CO
172 14
140 20
0 JQ
8 60
42 21
in fin
34.75
10.04
31 51
108.9
102 8
119 n
115 8
99 9
100 7
98 7
108.4
102 4
19ft 9
109 1
98 0
97 8
98 3
111 7
105.4
106.8
111 1
105 2
117.4
118 2
116 6
98 4
98 6
98 1
111 8
105.1
106.9
111 1
105 4
117.5
118 4
7 10
10 42
in 44,
7 7°.
Q ftfi
10 41
7 7*\
7.46
8 23
7.95
6.79
5.71
7.87
10.36
7.89
8.53
7.41
9.96
7.19
5.82
7.48
8 26
7.98
6.81
5.74
7.89
10.56
7.91
8.56
7.43
9.93
7.20
5.83
7.53
8 32
8.04
6.79
5.76
7.94
10.52
8.01
8.62
7.47
10.08
7.23
5.85
6.97
6.72
7.21
8.50
5 35
4.89
8.27
7.92
8.74
11.06
7.06
4.86
9.33
5.80
7 32
5 18
6.10
6.98
6.74
7.24
8.56
5 35
4.87
8.28
7.96
8.80
11.33
7.04
4.88
9.45
5.84
7 °.R
5 20
6,21
7.01
6.77
7.29
8.61
5 36
4.94
8.30
8.02
8.84
11.23
7.07
4.98
9.42
5.85
7 49
5 20
6.19
R9.1
P.9.7
01 KC
on 71
107.9
100 9
Q ft***
7 ftft
fi9.9
in *\R
r9 AC\
rQ nc
r/<9 1Q
rin KA
'34.70
10.05
'34.55
10.03
ro i n
Q AO
42 19
in R9
34.84
10.04
01 QA
•100 0
7 06
917
rQ OC
r
42 50
rq-j Ro
r qi K7
108.9
'103 1
ri i q q
r
11 9 Q
100 7
rqi 40
108.8
r
1ft°. 9
ri no 7
ri 1 9 K
rini -1
100 2
inn 7
11 9 Q
'100 1
r
1 1 9 ft
99 4
111 ft
105.4
107.2
'104.9
'106.9
'105.5
r'106.6
i 1 11
105 6
117.8
119 3
'105 2
'117.4
rinx Q
1114.
71°.
Q 7ft
in 40
7 fifi
1114
1 1Q 9
ftQ
P9 K.O.
po nn
P
42 28
P
34.59
"10.07
pq-i CE
"109.5
pm4 n
pi qo 9
pi i q 9
P
100 7
Plftl 9
pQQ Q
p-i i 9 jr
"106.0
P
107.4
P1 1 1 R
pine 7
"118.4
r'117.5
i 1ft ft P1 1Q q
rQ RO
7 9ft
rQ QO
rin eq
r i n en
717
P171
P7 9q
P l f t 7K.
7 QO
P
7.62
7;64
Q AK.
'7.68
rQ ci
po cq
8.12
6.83
5.78
8.11
10.76
8.05
8.67
7.51
10.14
7.25
5.91
8.15
6.92
'5.83
'8.20
'10.68
8.17
8.75
7.55
10.25
7.31
5.93
7.11
6.86
'7.43
'9.03
'8.21
'7.08
'5.88
'8.30
'10.76
8.23
8.81
'7.57
'10.35
'7.34
'5.93
P
8.24
P
7.10
P
5.89
P
Q A(\
7.08
6.86
7.37
8.90
K qc
4.96
8.37
8.04
8.94
11.40
7.15
4.93
9.54
5.87
7 47
C 00
6.20
Ap.n
7.73
'7.13
'6.88
'7.41
'9,33
8.36
10.76
P
8.24
"8.83
P
7.63
P
10.34
P
7.43
"5.93
"7.22
P
6.97
"7.44
P
9.47
4.98
'8.42
8.10
'8.99
'11.28
'7.22
4.95
'9.59
5.89
r
'5.00
'8.53
'8.14
'9.03
'11.28
'7.26
'4.96
'9.61
'5.88
"4.94
P
8.68
P
8.22
"9.16
P
11.42
P
7.29
P
4.95 v
P
9.70
P
5.90
c 9q
'6.26
pC QA
'6.24
K 4ft
7 ^1
c oq
R 9.9.
K
At)
r7 en
tR 90
P
pK en
P7 f\R
"6.30
p« QQ
S-14
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
August 1981
1981
1980
June
Annual
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
June
May
July
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS f— Cont.
Average hourly earnings per worker—Cont.
Private nonagricultural payrolls
dollars
Mining
do.
Construction
do....
Manufacturing
do
Transportation and public utilities
do....
Wholesale and retail trade
do....
Finance, insurance, and real estate
do....
Services
..
. do.
Indexes of avg. hourly earnings, seas, adj.: U
Private nonfarm economy:
Current dollars
1977=100..
1977 dollars $
do
Mining
do..
Construction
do....
Manufacturing
do
Transportation and public utilities
do....
Wholesale and retail trade
do....
Finance insurance
and real estate
do
Services (
.
do....
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): §
Common labor
$ per hr..
Skilled labor
do
Farm (U.S.) wage rates, hired workers, by
method of pay:
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....
Avg. weekly earnings per worker,
private nonfarm: fl
Current dollars seasonally adjusted
1977 dollars seasonally adjusted i
Spendable earnings (worker with 3 dependents):
Current dollars seasonally adjusted
1977 dollars seasonally adjusted i
Current dollars, not seasonally adjusted:
Private nonfarm, total
dollars..
Mining
.
do.
Construction
do....
Manufacturing
do
Durable goods
do....
Nondurable goods
do
Transportation and public utilities
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
LABOR TURNOVER
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employees..
q
. . . total
do
Quit
do....
Layoff
do....
Seasonally adjusted:
New hires
.
do....
Separation rate total
. do.
Quit
do
Layoff
do....
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
weekly $ @
thous
State programs (excl. extended duration prov.):
Insured unemployment, avg. weekly
do....
Percent of covered employment: @ @
Unadjusted
Seasonally adjusted . .
Benefits paid @
mil $
Federal employees, insured unemployment,
average weekly
thous..
Veterans' program (UCX):
Initial claims
do....
Insured unemployment, avg. weekly
do....
Benefits paid
Railroad program:
Applications
Insured unemployment, avg. weekly
Benefits oaid
See footnotes at end of tables.
6.16
8.49
9.27
6.70
8.16
5.06
5.27
5.36
6.66
9.17
9.92
7.27
8.87
5.48
5.78
5.85
6.64
9.15
9.87
7.22
8.83
5.46
5.77
5.86
6.66
9.07
9.93
7.29
8.90
5.50
5.77
5.86
6.72
9.16
10.02
7.36
8.93
5.54
5.83
5.91
6.76
9.31
10.05
7.41
8.94
5.57
5.87
5.94
6.83
9.36
10.15
7.49
9.12
5.61
5.91
6.00
6.90
9.49
10.21
7.59
9.20
5.66
6.02
6.07
6.94
9.57
10.30
7.63
9.26
5.69
6.00
6.11
6.99
9.77
10.39
7.69
9.33
5.72
6.10
6.15
7.04
9.86
10.44
7.74
9.44
5.78
6.21
6.20
7.09
9.85
10.49
7.80
9.48
5.81
6.19
6.24
7.14
9.70
10.52
7.90
9.57
5.84
6.20
6.27
7.18
r
9.68
10.57
7.95
r
9.67
5.89
r
6.24
6.32
7.23
'9.92
10.69
7.98
'9.72
'5.90
'6.26
'6.37
"7.26
"10.08
'10.78
"8.00
"9.72
"5.92
"6.30
"6.41
l!6.7
r
97.3
122.9
114.1
117.6
116.8
118.0
116.0
115.1
127.3
r
93.5
134.1
121.8
129.4
127.2
127.8
127.0
125.5
127.0
93.4
134.0
121.0
129.1
126.7
127.4
127.0
125.6
127.6
93.8
134.3
121.8
130.4
127.7
128.2
126.7
125.0
128.7
93.9
135.0
122.8
131.3
128.0
129.3
128.6
126.6
129.4
93.3
136.7
123.1
132.3
128.1
129.9
129.1
127.3
130.6
93.2
137.5
124.4
133.5
130.9
130.8
129.9
128.5
132.1
93.2
139.2
125.2
134.6
132.6
132.3
132.4
130.5
132.6
92.7
139.8
126.2
135.4
132.8
132.4
131.9
131.1
133.8
92.8
142.0
127.6
136.5
133.7
133.7
133.2
132.0
135.0
92.7
143.2
128.0
137.5
135.4
135.0
135.0
133.2
135.8
92.8
144.0
128.6
138.5
136.1
135.8
136.0
134.0
136.7
93.0
145.7
129.0
139.9
137.3
136.4
135.4
134.8
137.7
r
93.1
145.6
129.4
140.7
138.9
137.5
136.8
136.0
138.3
'93.0
147.0
130.5
141.5
139.6
137.7
137.4
136.6
"138.9
10.78
14.22
11.73
18.42
11.59
15.20
11.83
15.49
12.02
15.70
12.17
15.79
12.25
15.91
12.28
15.95
12.29
16.04
12.28
16.07
12.28
16.07
12.36
16.11
12.45
16.13
12.56
16.30
13.03
16.85
3.39
3.34
3.58
3.41
8.93
3.66
3.59
3.82
3.67
9.92
9.52
3.54
349
3.74
362
10.11
10.28
10.31
3.85
373
3.92
3.83
10.25
10.49
10.39
4.12
404
4.36
409
10.51
10.71
10.49
3.92
3.88
4.09
3.91
10.58
10.62
r
r
219.91
183.41
r
235.10
172.74
233.73
171.99
233.77
171.89
236.54
172.53
238.63
172.05
241.10
172.09
243.57
171.89
244.98
171.19
246.75
171.12
247.81
170.20
250.28
170.96
252.76 254.17
172.06 171.37
178.00
148.46
188.82
138.74
205.36
151.11
205.39
151.02
207.49
151.34
209.08
150.74
210.95
150.57
212.83
150.20
213.90
149.48
213.96
148.38
214.75
147.49
216.62
147.96
218.48 '218.48 '219.55
148.73 148.07 148.08
219.91
365.07
342.99
269.34
290.90
236.19
325.58
164.96
247.93
138.62
190.77
175.27
235.10
396.14
367.04
288.62
310.78
255.84
351.25
176.46
267.96
147.38
209.24
190.71
233.33
395.28
371.04
282.96
304.90
252.20
345.23
175.71
265.11
147.14
210.03
190.57
234.39
380.94
373.23
282.85
302.64
254.87
354.71
178.65
266.64
150.61
208.87
191.32
236.79
395.71
374.49
287.62
308.47
259.35
354.92
179.52
268.42
151.10
211.63
192.31
239.69
404.99
386.84
295.32
318.38
262.36
358.09
179.03
272.20
149.49
211.91
193.32
241.81
408.10
388.10
298.10
322.80
263.53
365.76
179.44
274.38
149.40
214.53
195.60
244.28
413.76
376.83
305.52
330.08
268.71
368.02
181.04
276.82
150.60
218.53
198.53
247.06
422.04
384.28
314.16
341.55
274.91
372.00
182.65
281.25
152.20
217.80
199.51
246.75
425.97
379.29
308.43
332.49
273.22
367.60
183.86
281.82
152.81
222.04
201.83
247.10
422.01
364.35
306.13
329.57
271.52
373.28
185.13
282.65
153.92
226.04
204.40
249.92
416.66
388.37
311.22
336.96
274.09
371.15
186.62
285.67
154.96
225.32
205.05
250.98
422.92
384.87
312.84
338.52
275.41
374.92
188.43
287.60
156.60
225.06
205.38
252.38
423.98
'388.56
317.59
343.07
280.13
'376.89
188.48
'289.14
156.38
'225.26
205.73
254.88
'416.64
'396.44
'319.99
'345.51
'281.64
'380.56
189.92
'289.50
158.47
'225.99
'206.66
158
129
115
118
117
122
127
134
130
128
129
125
118
118
121
4.0
2.9
4.0
2.0
1.1
3.5
2.1
4.0
1.5
1.7
3.9
2.4
4.4
1.4
2.2
3.8
2.1
4.2
1.4
2.0
4.5
2.5
4.8
2.2
1.7
4.3
2.6
4.1
1.9
1.4
3.6
2.2
3.7
1.4
1.5
2.7
1.6
3.0
1.1
1.3
2.2
1.2
3.1
0.9
1.6
3.4
1.8
3.6
1.2
1.6
3.0
1.8
3.1
1.1
1.2
3.4
2.0
3.2
1.2
1.2
3.3
2.0
3.1
1.3
1.0
'3.5
'2.3
'3.1
1.3
1.0
4.0
2.7
3.2
1.4
1.1
3.3
1.8
5.1
1.4
2.9
3.4
1.9
3.8
1.3
1.7
3.6
1.9
3.9
1.3
1.9
3.8
2.1
3.5
1.3
1.5
3.8
2.1
3.4
1.3
1.4
3.6
2.1
3.3
1.4
1.2
3.6
2.2
3.3
1.5
1.1
3.5
2.2
3.6
1.5
1.3
3.6
2.3
3.8
1.5
1.4
3.5
2.2
3.6
1.4
1.4
3.2
2.0
3.3
1.3
1.2
'3.1
'2.0
3.4
1.3
1.3
3.4
2.1
3.4
1.4
1.3
r
2,592
3,808
3,790
4,140
3,911
3,961
3,660
3,726
4,085
4,621
4,264
3,948
3,453
3,111
2,954
25,412
3,350
2,319
3,455
2,737
3,692
1,828
3,408
1,702
3,087
1,808
2,903
1,673
2,983
2,544
3,321
2,653
3,844
1,806
3,669
1,684
3,382
1,647
2,988
1,421
2,691
2,599
3.0
2.9
2,033
8,612.9
2,844
14,584.9
148.2
"131.8
139.7
"138.1
P
138.0
P
136.8
P
13.03
"16.85
255.22 "256.28
171.52
20,160
2,433
3.3
3.4
3.8
4.3
3.9
3.6
4.0
3.8
3.5
4.4
4.4
4.1
4.5
4.7
2,488
2,381
2,738
3,130
3,026
2,656
2,962
1,213.6 1,397.5 1,244.4 1,144.9 1,125.4 1,055.1 1,243.0
P
P
142.2
P
3.1
4.2
3.9
3.4
4.4
3.4
3.2
3.3
3.4
3.4
2,331
3,220
3,069
2,698
3,234
1,416.5 1,313.5 1,393.6 1,226.8 1,006.3
3.0
3.4
28
29
20
26
25
29
32
35
37
41
40
36
31
27
25
267
55
56
294.8
23
45
29
11.8
27
58
72
33.3
23
55
58
24.6
25
56
56
24.8
23
56
55
25.9
17
54
54
21.0
21
55
58
27.0
19
57
59
26.6
17
54
55
22.5
18
51
53
24.7
16
46
49
23.0
15
43
43
20.0
42
mil $
282
52
52
287.5
thous
do....
mil. $..
107
18
82.5
162
34
176.1
24
25
10.1
44
35
13.3
13
37
17.3
10
40
18.8
9
35
17.8
7
36
14.3
11
41
18.0
13
51
23.3
5
48
22.0
5
45
23.2
6
41
19.2
38
30
P
220.34
P
256.67
"442.51
403.28
"316.80
"341.20
"282.30
"385.09
P
192.93
"291.82
"161.39
"228.69
"208.89
P
S-15
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1981
1980
1980
Annual
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
WORK STOPPAGES
Industrial disputes:
Number of stoppages:
Beginning in month or year
Workers involved in stoppages:
Beginning in month or year
Davs idle during month or year
number.
4800
4500
435
491
409
438
360
284
66
253
347
314
371
473
421
thous.
do....
1700
3.500
1500
32.000
164
2.553
270
4.030
64
3.363
163
3.169
94
2.638
54
1.244
18
617
50
614
90
647
271
1,419
101
5,117
152
5,857
186
3,891
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..
Federal Reserve banks, condition, end of period:
Assets total $ . .
mil $
Reserve bank credit outstanding, total # .. do...
Time loans
do..
U.S. Government securities
do...
Gold certificate account
do.
Liabilities, total #
. . do
Deposits, total
do...
Member-bank reserve balances
doFederal Reserve notes in circulation
do....
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held total
mil $
Required
do.
Excess
do
Borrowings from Federal Reserve banks
do....
Free reserves
do.. ,
45321
111,094
82279
17663
64616
28815
58496
68648
64632
65654
66239
66975
67 966
68324
68 648
70 105
70 886
72 123
73382
74 452
75207
31284
8091
19*122
38 138
9506
21 005
35579
7584
21469
36107
8033
21514
36470
8388
21381
36843
8902
21230
37260
9988
20 718
37 612
10261
20451
38138
9506
21005
38 740
10324
21 042
39375
10056
21455
40264
9802
22057
41 111
9648
22*624
41 913
9361
23 178
42693
8807
23707
162 947
162 947
171 495 165 627 160 556 162 860 167 788 164 067 169 041
137,644 138,182 132,648 134,462 134,437 135,029 139,576
1809
215
562
1515
982
1 567 2284
121,328 124,515 119,563 119,848 120,711 121,482 120,812
11 161 11 172 11 172 11 172 11 168 11 163 11 162
171 495 165 627 160 556 162 860 167 788 164 067 169041
35708
29,520
113,355
31546 38834 32810 33141 33071 33088 34809 31546 30 747 29777 29 983 31 310 27 213 C27 423 29690
27,456 33,187 27,548 29,338 28,146 30,518 31,528 27,456 26*621 26;734 26,164 26,063 24,304 23,626 26,011
124,241 114,502 115,654 116,925 117,144 118,248 121,191 124,241 118,147 118,854 120,874 121,852 123,251 124,783 124,765
135,092
1454
117,458
11 112
143 972
*43 578
1394
1
1,473
x
-997
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits: t
Demand, adjusted §
mil. $.. 123,332
r
Demand total #
do
220 048
Individuals, partnerships, and corp
do.... 156,462
r
State and local governments
do....
5,992
r
U.S. Government
.
do
868
Domestic commercial banks
do.... '36,052
r
Time total #
do
269 049
Individuals, partnerships, and corp.:
Savings
do.... r75 202
Other time ...
do
160 840
r
Loans (adjusted), total §$.
..
.
do
404 117
Commercial and industrial
do.... 160,317
r
For purchasing or carrying securities
do....
9,904
To nonbank financial institutions
do.... '26,610
Real estate loans
do
100 542
Other loans
do .. 138 475
Investments total $. . .
do .. 108 868
U.S. Government securities, total
do.... rr36,406
Investment account *
do
31 533
Other securities
do.... '72,462
Commercial bank credit, seas, adj.: t
Total loans and securities |f
bil. $.. 1,134.6
U.S. Treasury securities
do....
93.8
Other securities
do....
191.8
Total loans and leases
fl
do....
848.9
Money and interest rates:
Discount rate (N.Y.F.R. Bank), end of year or
month
percent
1200
2
10.09
Federal intermediate credit bank loans
do....
Home mortgage rates (conventional 1st
mortgages):
New home purchase (U S avg )
Existing home purchase (U.S. avg.)
percent
do....
See footnotes at end of tables.
140 097
40 067
1
43479
43268
211
1
380
1,617
l
-157
-l 471
40373
40071
302
659
347
168 067 164 447 171 311 167 377
132,896 130,939 132,227 134,957
2 333
1 366 1 010 1 027
119,687 118,311 120,017 123,172
11 154 11 154 11 154 11 154
168 067 164 447 171 311 167 377
41 514
41 025
119,584 111,231 107 900 108 966 112 467 108 156 111 706 119 584
228 967 209 206 188 299 204 290 208 621 191 810 207 817 228 967
158,722 142,443 131,854 142,783 145,288 135,213 143,831 158,722
5,933
5028 '4982
4887
5135
4658
5933
4804
r
1088
1065
821
1015
1031
2964
1 088
787
41,710 39,667 '30,443 36*559 37,552 34,457 36*804 41,710
313 750 277 825 '274 744 281 420 285 113 289 376 300 970 313 750
100 185
185 566 183 252 206 616 188 663 195 134 209 662 173 405
127,940 123,777 139,810 128^835 130,752 140,425 122,049
4846
4714
4938
4456
4262
5176
4163
1676
1 579 1 005
2881
3 312
1 082
1 784
34,044 35,230 38,664 32,839 36,735 41,213 27*901
320 947 320 996 321 801 322 992 334 602 337 291 341 228
72313 73712 r74 908 75905 76664 76042
205 805 173 481 169 224 174 167 177 063 181 124
433 583 397 516 r393 836 403 128 410 632 412 556
174,751 159,852 158,408
161,390 166,261 166,168
9,979
7,878 r6,466
6,924
7,644
7,084
25,988 22,950 '23,140 23,462 24,281 24,024
111 665 105 756 106 437 106 894 108 246 109 464
135 983 127 721 '120 497 128 526 128 393 126 159
425 949
171,414
7,746
25,253
112 866
131 059
30
41 164
40908
256
1,311
1029
41 815
41 498
317
1,335
951
41 678
40723
955
2,156
1 102
74946
193269
424 173
172,266
8,960
24,842
110 728
133 629
489
1,405
796
39650
39448
202
1,278
-928
39752
39372
*380
1,004
-427
40097
40071
26
1,343
1 156
40 344
40213
1 197
41 053
40675
378
1,751
1 125
95658 106 246
97595
97121 101 467
97063
131
2,154
1 764
40 648
40 098
550
2,038
72313 74382 75072 79344 77897 77 797 78236 76373
205 805 210 718 209 948 208*372 211*052 221 968 226 009 232 390
433 583
174,751
9,979
25,988
111 665
135 983
423 216
169,482
8,182
24,875
113 681
131 875
430 070
172,782
10,151
24,598
114 468
134 392
430 525
174,525
8,708
25,338
115 337
129 376
437332
176,623
10,396
25,836
116 622
132 871
450 145
182,502
12,100
26,774
117 723
137 441
442 601
180,479
9,160
25,929
118 697
133 067
118 036 113 049 '114 154 115 851 114 866 114 236 116 520 118036 117 337 118 190 120 108 117 234 121 042 119 513 118 132
39,539 37,196 '38,383
40,283 38,706 37,674 39,409 39,539 39,777 40,816 41,754 39,720 42,128 40,599 40,657
35 242 33099 r33 474 34833 34 382 33 897 34 422 35 242 33 438 33 726 33 897 34 280 34 444 33 807 33 410
78,497 75853 r75 771 75568 76160 76562 77 111 78497 77*560 77374 78354 77 514 78914 78914 77 475
1,237.2
110.7
213.9
912.7
1,156.0 1,163.6
98.1
102.0
201.7
204.1
856.3
857.5
1,180.9 1,193.4 1,206.5 1,224.3 1,237.2 1,253.3 Ij262.9
105.7
107.7
109.1
110.5
110.7
113.5
115.2
2069
2075
2099
2121
2139
'2162
2172
'868.4 '878.1 '887.6
912.7
901.7
9236 '9304
1,262.3
114.8
'2183
'929.2
1,267 0
115.1
'2177
9342
12793 12854
117.5
119.3
2187
2190
9431
9472
1287
12.22
11 40
1087
1000
10 17
11 00
11 47
1287
1300
1300
1300
13 00
13 87
14 00
14 00
13.12
12.59
12.03
11.82
11.50
11.53
11.90
12.29
12.93
13.35
13.65
13.95
14.29
14.59
2
1048
2
2
1225
2
1224
12.88
1208
12.23
1184
11.89
1195
12.00
1220
12.31
1262
12.85
1286
13.15
1280
13.24
1302
13.73
1348
13.91
1362
13.99
13 56
14.19
'14 12
14.40
1405
14.75
3
11.04
3
10.91
3
3
12.78
3
12.29
3
11.28
8.31
8.03
7.42
8.58
8.29
8.03
9.85
9.61
9.08
11.13
11.04
10.29
12.69
12.32
11.15
15.34
14.73
13.07
17.96
16.49
14.78
16.62
15.10
14.09
15.54
14.87
14.05
13.88
13.59
12.89
14.65
14.17
12.94
17.56
16.66
14.97
16.27
15.22
14.13
17.10
16.09
14.47
11.506
6.995
8.126
9.259
10.321
11.580
13.888
15.661
14.724
14.905
13.478
13.635
16.295
14.557
14.699
2
12.58
10.25
3
42859
42575
284
395
104
171 495 161 467 161 824 167 040
137,644 129,492 129,152 131,037
1809
656
1 304 1 249
121,328 117*169 117,621 118,043
11 161 11 159 11156 11 154
171 495 161 467 161 824 167 040
40097
40067
30
1,617
1471
J
10.66
Open market rates, New York City:
Bankers' acceptances, 90 days
do....
Commercial paper, 6-month $$
do....
Finance co. paper placed directly, 6-mo @ do....
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent..
54744 54356 54334 54486 55774 56610 55226 54 744 54465 58084 60089 62320 60551
123,063 124,170 121,365 120,299 120,932 123 095 126,048 123 063 130,168 132,077 132,294 136,879 142 280
87708 81787 81533 82191 82408 85707 87832 87708 90513 90675 91858 94409 97940
19945 18257 17667 18 445 18654 19443 20169 19945 20908 21 646 22828 24265 24899
67763 63530 63866 63746 63754 66264 67663 67763 69605 69029 69030 70144 73041
35355 42383 39832 38 108 38524 37 388 38216 35355 39655 41 402 40436 42470 44340
10.041
3
4
S-16
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
hi the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
August 1981
1980
July
June
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FINANCE—Continued
CONSUMER INSTALLMENT CREDIT f
Total extended and liquidated:
Unadjusted:
Extended
Liquidated
mil $
do....
Seasonally adjusted:
Extended total #
By major holder:
Commercial banks
Finance companies .
Credit unions
Retailers
324,777
286,396
305,887
304,477
do
By major credit type:
Automobile
Revolving
Mobile home
22,988
24,378
24,984
25,530
27,391
25,481
26,907
25,744
28,136
27,840
24,918
24,088
31,052
25,669
23,145
26,027
23,672
25,037
29,519
27,940
29,117
26,464
28,321
26,275
30,477
27,485
22,349
23,997
26,176
27,064
27,365
25,991
27,149
27,059
28,706
29,822
28,878
28,149
29,005
12,483
5,251
3,137
5,018
do
do...
do
do
9,892
4,439
1,318
4,186
10,098
4,809
2,305
4,148
11,107
5,155
3,085
4,263
11,671
5,355
2,752
4,596
11,977
5,323
2,872
4,291
11,432
4,852
2,795
4,250
11,484
5,185
3,035
4,497
10,397
5,904
2,994
4,673
11,648
6,193
3,167
4,500
12,676
5,911
3,153
4,685
11,986
5,218
3,181
5,002
12,055
4,937
3,212
4,486
do....
do
do....
5,550
10,341
424
6,068
10,679
377
7,400
10,700
415
7,544
11,124
513
26,663
7,117
10,953
424
7,234
11,614
479
8,333
11,867
409
26,710
8,700
12,071
641
7,320
11,904
609
7,442
12,668
488
do ...
24,394
25,196
25,687
7,518
11,143
442
26,009
25,152
25,530
7,237
11,483
383
26,190
26,714
7,205
12,352
551
26,547
26,803
27,075
do
do....
do
do ...
11,675
3,695
2,616
4,118
11,847
4,370
2,575
4,059
11,789
4,768
2,620
4,103
11,936
4,742
2,716
4,140
12,313
4,869
2,809
4,157
11,552
4,258
2,577
4,198
11,760
4,325
2,657
4,181
11,754
4,791
2,706
4,264
12,192
4,663
2,723
4,397
12,064
4,372
2,866
4,432
12,331
3,965
2,909
4,471
12,069
4,528
2,821
4,489
11,869
4,681
2,918
4,602
do
do .
do
do....
6,576
10,436
366
6,785
10,641
363
7,045
10,419
382
7,434
10,665
399
7,343
10,851
372
6,872
10,688
400
6,932
10,998
413
7,300
10,926
407
7,354
11,426
456
7,018
11,484
553
6,777
11,514
406
7,515
11,554
366
7,385
11,650
399
312,024
313,435 304,399 303,853 305,763 306,926 307,222 308,051 313,435 310,554 309,188 310,766 313,419 315,465 318,459
do....
do
do....
do....
154,177
68,318
46,517
28,119
145,765 147,883 146,555 146,548 146,362 145,895 145,147 145,765 143,749 142,030 141,897 142,070 142,143 143,310
76,756 73,118 73,909 74,433 74,823 74,985 75,690 76,756 77,131 78,090 79,490 81,033 81,794 82,723
44,041 42,995 42,644 43,347 43,562 43,518 43,606 44,041 43,601 43,776 44,212 44,390 45,055 45,686
29,410 24,786 24,620 24,918 25,301 25,703 26,469 29,410 28,300 27,329 26,965 27,227 27,319 27,412
By major credit type:
Automobile
do. ..
Revolving
do....
Mobile home
do
FEDERAL GOVERNMENT FINANCE
116,362
56,937
16,838
116,327 116,456 116,125 116,868 116,781 116,657 116,517 116,327 115,262 115,677 117,517 118,479 118,932 119,685
59,862 53,042 53,036 53,771 54,406 54,598 55,304 59,862 58,985 57,566 56,831 57,322 57,524 58,470
17,327 16,988 17,004 17,068 17,113 17,276 17,293 17,327 17,244 17,189 17,273 17,422 17,626 17,724
Liquidated total #
By major holder:
Commercial banks
Finance companies
.
Credit unions
Retailers
.
By major credit type:
Automobile
Revolving
Mobile home
Total outstanding, end of year or month #
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
Budget receipts and outlays:
Receipts (net)
.
Outlays (net)
Budget surplus or deficit (—)
Budget financing total
Borrowing from the public
Reduction in cash balances
mil $.. '465,955 '520,050 59,055 37,348 44,259 53,544 38,923 39,175 48,903 52,214
'493,607 '579,011 46,702 52,409 50,755 47,289 56,304 48,049 56,202 59,099
do
6,255 -17,382 -8,874 -7,299 -6,884
do . '-27,652 '-58,961 12,353 -15,062 -6,496
7,299
6,884
6,496 -6,255 17,382
8,874
'58,961 -12,353 15,062
do. .. '27,652
1
4,758
9,231 13,668
6,772
9,737 11,111
6,260
33,641 1 '70,515 -4,615
do
-6,369
-4,615
12,624
-357
112
-12,515
-11,554
'-5,989
-7,738
5,325
do
Gross amount of debt outstanding
do.... '833,751 '914,317 884,381 888,367 900,075 914,317 914,782 920,316 936,686 940,528
'644,589 '715,105 687,997 697,734 708,844 715,105 719,862 729,094 742,761 749,533
Held by the public
do
Budget receipts by source and outlays by agency:
Receipts (net) total
mil $.. '465,955 '520,050 59,055 37,348 44,259 53,544 38,923 39,175 48,903 52,214
Individual income taxes (net)
do.... '217,841 '244,069 27,791 19,773 19,527 26,936 21,150 20,851 23,725 30,964
9,387
1,367
1,284
2,158
8,884
1,003
'64,600 15,804
2,136
Corporation income taxes (net)
do.... '65,677
Social insurance taxes and contributions
1
11,078
14,363
141,591 '160,747 10,793 10,253 18,546 12,860 11,283 13,242
(net)
mil $
4,714
4,816
5,205
4,728
4,864
4,078
'50,634
4,667
5,188
Other
do.... '40,847
Outlays, total #
do.... '493,607 '579,011 46,702 52,409 50,755 47,289 56,305 48,049 56,202 59,099
3,415
1,374
1,785
5,212
1,340
1,829
2,632
1,195
Agriculture Department
do.... '20,636 '24,555
Defense Department military ... . .
do.... '115,013 '132,840 11,582 11,439 11,402 11,345 12,705 11,601 12,281 12,424
Health and Human Services
1
170,297 '194,691 15,368 17,455 17,992 17,153 19,017 16,919 19,133 19,083
rl
5,222
5,016
7,286
5,625 10,944
60,988 '76,642
6,815
Treasurv Deoartment
do
5,164
9,900
499
456
356
479
425
381
'4,850
452
423
National Aeronautics and Space Adm
do.... 1'4,187
2,857
3,028
1,921
2,655
744
717
19,887 '21,135
1,713
630
Veterans Administration
do
.
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance cos
38,394
53,969
-15,575
44,623
54,217
-9,593
15,575
9,593
13,916 15,138
1,659 -5,545
956,898 970,901
763,449 778,587
74,464 38,514
57,198 54,608
17,266 -16,094
-17,266 16,094
539
-3,725
-13,541 15,555
970,326 974,758
774,863 775,402
38,394
15,348
564
44,623
13,693
8,586
74,464
38,659
9,371
38,514
10,496
1,011
17,211
5,272
15,784
6,560
54,217
1,802
13,263
20,201
6,232
57,198
1,546
13,000
20,694
6,312
54,608
1,456
13,500
18,702 18,783 19,308
6,878
6,936
8,376
459
559
483
1,953
1,025
2,164
18,897
7,415
461
1,668
53,969
2,390
12,544
do
do....
do
do....
432.28
29.72
208.75
118.42
106.24
13.01
34.82
2.67
24.89
476.19
32.53
226.97
131.14
118.30
15.25
41.46
2.79
26.04
450.86
30.13
215.14
125.46
112.77
14.08
39.35
1.61
25.08
455.76
30.66
218.72
126.46
113.78
14.16
39.65
1.79
24.31
459.36
30.86
220.45
127.36
114.65
14.18
39.92
1.65
24.94
464.48
31.10
223.40
128.09
115.36
14.46
40.26
1.66
25.51
468.06
31.34
225.73
128.98
116.21
14.70
40.55
1.46
25.30
473.53
31.72
228.63
129.88
117.08
15.18
40.88
1.50
25.73
r
476.19 r482.01
485.03 '490.15 r493.18
r
32.53
33.56 r34.34 '34.66 '34.75
226.97 '229.64 r230.00 '232.11 '233.70
131.14 131.71 132.57 133.23 133.90
118.30 118.78 119.60 120.26 120.92
15.25
15.87
16.24
15.66
16.46
r
41.46
41.99 r42.57 r43.23 '43.77
2.79
1.59
1.82
1.72
1.70
r
26.04
27.63 '28.09 r28.95 '28.91
497.28
35.38
235.00
134.49
121.47
16.74
44.29
1.80
29.57
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance):
Value estimated total
mil $
Ordinary (incl. mass-marketed ord.)
do....
Group
do
Industrial
. .
. .
do...
492,812
329,571
157,906
5,335
544,572
371,113
170,184
3,275
46,425
31,217
14,932
276
42,802
30,373
12,172
257
44,644
29,348
15,023
273
45,055
30,635
14,146
274
46,589
34,215
12,156
218
43,212
30,751
12,265
196
70,651
39,837
30,641
173
47,321
34,282
12,837
202
Corporate securities
Mortgage loans total
Nonfarm
• Real estate
Policy loans and premium notes
Cash
Other assets
See footnotes at end of tables.
bil. $..
do.. .
do
do....
41,221
27,468
13,596
157
42,967
30,352
12,462
154
52,345
36,537
15,589
219
48,254
37,055
11,010
189
::::::::..
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
S-17
SURVEY OF CURRENT BUSINESS
August 1981
1979
1980
Annual
1981
1980
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FINANCE—Continued
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock U.S (end of period) . mil $.
11 172
11 160 11 172 11 172 11172 11 168 11 163
g
9
o
Net release from earmark §
do...
294
204
38
Exports . . .... .. ..
. thous $ 4 907 865 3 647 932 252 317 102 151 225 620 177 515 421 774
Imports.
do... 1 480 203 2 750 120 95483 202 081 162 535 540 145 330 988
Production:
South Africa .
mil $
9551
9161
768
768
806
760
773
2
1
Canada
do...
459
605
55
58
60
56
Silver:
Exports ..
thous $
471 162 1 909 733 140 458 57527 65526 29012 33453
Imports
do... 961 761 1 602 295 108 250 99031 85967 135 031 129 450
Price at New York
dol per fine oz
11 094
20632 15748 16059 15897 20 144 20 181
Production:
United States
thous fine oz
2577
2986
27397
33602
1 311 1 607 3277
Currency in circulation (end of period)
bil. $.
125.6
137.2
127.1
128.3
129.7
1299
131 1
Money stock measures and components (averages
of daily figures): t
Measures (not seasonally adjusted): t
Ml-A
bil $
3634
3797
3727
3787
381 1
3866
391 7
Ml-B
.
do
3790
4027
394 3
401 8 4054
4123
418 4
M2
do
1 473 0 16038 15913 1 6194 1 6307 1 6433 1 6575
M3
do ..
17088 18703 18495 18749 18919 19087 1 9305
L (M3 plus other liquid assets)
do...
2,061.9 2,266.5 22453 2264 1 22848 2'3039 23265
Components (not seasonally adjusted):
Currency
do ..
1023
1118
111 1 1127
113 7 1137
114 9
Demand deposits
do
2575
264 1
2576
261 7
2630
2686
2728
Other checkable deposits $$
.. do....
15.6
23.1
21.7
232
244
259
268
Overnight RP's and Eurodollars *
do....
28.7
27.2
25.2
29.6
31.7
33.0
32.7
Money market mutual funds
do....
26.9
69.8
74.2
80.6
80.7
782
774
Savings deposits
do
446 1
3979
3863
4003
4080
411 4
411 9
Small time deposits @
do
5972
7086
7151
711 1 7090
7125
721 2
Large time deposits @
do...
2053
2346
2289
2248
2274
2318
2374
Measures (seasonally adjusted): $
Ml-A
do....
373.6
3766
3828
3864
3901
Ml-B
do.. .
3949
3993
4069
4118
416 3
M2
do....
1 589.3 16140 1 633 4 1 644 9 1 654 0
M3
do..
18519 18729 18967 1 911 9 1 9275
L (M3 plus other liquid assets)
, do....
2 246.0 22637 22905 23081 23256
Components (seasonally adjusted):
Currency
do
111 1 112 1 1134
1138
114 9
Demand deposits
do....
2587
2607
2654
2686
2712
Savings deposits
do
3846
3959
4046
4079
4078
Small time deposits @
do....
7141
7126
7136
7181
7240
Large time deposits @
'
do
2333
228 2
2296
2334
2377
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade Comm.):
Net profit after taxes, all industries
mil. $..
98,698
92,443 22,423
20,982
Food and kindred products
do....
7,340
8,223
1,844
2,120
Textile mill products
do....
1,340
986
230
196
Paper and allied products
do....
3,723
2,781
740
621
Chemicals and allied products
do....
10,896
11,219
2,774
2,774
Petroleum and c6al products
;
do....
21,936
25,491
6,675
5,807
Stone, clay, and glass products
do....
2,373
1,812
480
602
Primary nonferrous metal
do....
2,691
2,771
769
402
Primary iron and steel
do....
2,185
2,336
529
218
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil. $..
4,431
3,936
928
870
Machinery (except electrical)
do....
11,447
11,530
2,890
2,637
Elec. machinery, equip., and supplies
do....
7,137
7,386
1,694
1,681
Transportation equipment (except motor
vehicles, etc.)
mil. $..
3,077
3,189
804
742
Motor vehicles and equipment
do....
4,382
-3,438 -1,333
-1,626
All other manufacturing industries
do....
15,314
14,665
3,399
3,938
Dividends paid (cash), all industries
do....
32,491
36,390
8,919
8,920
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
mil. $..
57,671
80,564 10,806
8244
5,559
5,341
6 143
By type of security:
Bonds and notes, corporate
do....
40,850
55,719
8,945
6,866
4,205
3,217
3,074
Common stock
do....
8,709
981
1018
1 123 1717
2158
Preferred stock
do....
3,525
3,634
382
360
131
406
491
By type of issuer:
Corporate, total #
mil. $..
53,084
78,349 10,308
5,459
8,244
5,340
5,723
Manufacturing
do....
24,398
11,563
2,499
1,856
3232
1069
1509
Extractive (mining)
do....
3,192
4,818
453
207
238
533
244
Public utility
do....
15940
13736
1,822
1085
1444
1487
1 169
Transportation
do....
3297
3745
413
334
378
463
357
Communication.
do....
4,694
6,845
295
787
626
598
830
Financial and real estate
do....
12,867
3,411
15,638
1,416
712
764
1,138
State and municipal issues (Bond Buyer):
4 226
Long-term '
do
42261
47 133
6004
4725
3918
4 391
26485
2098
Short-term
do
20897
2621
2375
2379
1 775
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers, end of year
or month
mil. $..
11619
14721 11370 11522 12007 12731 13293
Free credit balances at brokers:
1,345
Margin accounts
do....
1,105
2,105
1,695
1,665
1,850
1,950
Cash accounts
do....
4,060
4,790
6,070
4,905
4,925
5,680
5,500
See footnotes at end of tables.
352-196 0 - .81 - S3
11 162 11 160 11 159 11 156 11 154 11 154 11 154 11 154
9
11
72
18
312 27'4 287 932 343 344 383 071 310 606 210 307 282 140 473 202
157 53] 131231 200,324 160 263 90,584 165,227 213 447 200 958
747
55
730
48
730
48
752
59
743
51
735
760
40 921 74637 56582 45602
138 053 122 312 132 996 127 500
18648 16393 14 752 13 024
41 195
85900
12338
26571
90319
11 437
11744
89757
10848
31922
85 399
10001
1 524
1339
2520
1350
2032
1365
2649
3034
1341
714
47
3 607
1372
2820
131 1
2611
131 9
394 i
3977
3789
3589
3695
358 7
359 4 r361 1
421 9
4259
4235
4367 r 424 4 r r428 4 ""
411 5 r 417 8
1
685
i
1 6669 1 6752 1 6836
l 713 4 1 745 7 l 737 5 l 751 7
1 951 7 1 974 0 1 9939 1 999 g r2 023 6 r2 051 1 r2 052 1 r2 071 8
23541 2 384 0 24110 r2 425 5 '2 444 5 r2 465 3 24719
1167
2735
280
32.8
770
405 0
7346
2480
1184
275 4
283
32.4
758
390 2
755 2
2614
1157
2592
448
32.7
807
374 2
776 9
2708
1158
238 9
530
31.9
924
365 6
7877
2763
1168
237 9
592
33.3
1056
365 7
7948
2738
T
118 4
246 8
675
r
34.3
1171
366 4
7952
2683
1193
235 9
653
r
38.3
118
1
r
359 7
r
801 0
'2763
1199
236
9
r
67 5
r
39.8
1228
r
355 2
r
809
1
r
280 6
r
3877
3913
3751
3672
3658
3666
3649 rr361 9
4192
421 2
419 1
4156
4258
4337
431 5 4288
16685 16694 1 680 8 1 6957 rr l 718 6 rr l 738 1rrl 743 4 rr l 749 5
1 9507 1 9635 1 9883 r 2*007 9 r2 026 1 r2 044 6 2?059 0 20753
23562 23774 24081 2 432 3 2 443 7 2 455 6 2 4760
115 7
2716
406 1
7380
245 4
116 1
2674
3930
7568
256 8
1166
2544
3769
7757
2680
1172
2458
3708
7833
2739
117 9
2435
3683
7894
27i o
24262
2,539
247
689
2,514
5,751
493
639
775
23586
1861
255
758
3164
5586
228
633
836
977
3,329
1,963
1,035
2,813
2129
754
-269
3,861
9,763
1 010
-386
3664
9649
118 9
243 l
3670
7900
2695
119 8
240 7
'361
1
r
7984
277 2
4124
6763
5417
4402
6577
7912
5794
2,262
1516
256
3,647
2648
241
3,209
1831
364
2,830
1 174
149
4,159
2003
298
4,369
2443
' 85
3,095
2435
164
4034
550
263
892
200
260
1,182
6536
2422
830
1058
260
278
1,100
5404
2244
542
692
477
76
587
4153
1 344
521
853
126
303
585
6460
1820
619
1 161
189
958
1,305
6897
1 886
542
1338
251
709
1,729
5694
2 172
753
1458
2943
2 197
3738
1 363
2574
1 825
2890
2 155
3695
1 718
5082
1 881
3 358
4763
119 9
r
237 9
r
353 8
r
8079
r
286 3
56
57
858
14363
14721
14242
14 171
14243
14869
14951
2,120
5,590
2,105
6,070
2,065
5,655
2225
5,700
2340
6,530
2270
6,530
2340
6.150
4 707
3639
••••«.
S-18
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
August 1981
1980
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FINANCE—Continued
SECURITY MARKETS-Continued
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Composite §
dol. per $100 bond..
Domestic municipal (15 bonds)
do....
Sales:
New York Stock Exchange, exclusive of some
stopped sales face value total
mil $
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa
.
A
Baa
By group:
Industrials
Public utilities
Railroads
51.1
73.4
4 087 89
47.4
63.3
455
59.9
42.1
56.3
41.1
54.3
39.7
53.4
37.8
50.9
37.2
48.1
38.0
50.4
36.1
48.4
36.5
47.9
34.5
45.9
32.9
45.0
35.1
45.8
33.0
43.7
5 190 30 4H84
40089
36758
37304
41473
42757
70963
35306
32418
39895
430 18
418.49
45782
444.69
41.4
57.4
percent..
10.12
12.75
11.64
11.77
12.33
12.80
13.07
13.63
14.04
13.80
14.22
14.26
14.66
15.15
14.76
15.18
do
do
do....
do
963
994
10.20
1069
1194
1250
12.89
1367
1058
11.39
11.89
1271
1107
1143
11.95
1265
1164
12.09
12.44
1315
1202
12.52
12.97
1370
1231
12.68
13.05
14.23
1297
13.34
13.59
14.64
1321
13.78
14.03
1514
1281
13.52
13.83
15.03
1335
13.89
14.27
15.37
13.33
13.90
14.47
15.34
13.88
14.39
14.82
15.56
14.32
14.88
15.43
15.95
13.75
14.41
15.08
15.80
14.38
14.79
15.36
16.17
do ...
do....
do
9.85
10.39
960
12.35
13.15
1148
11.41
11.87
11.26
1143
12.12
1128
11.84
12.82
11.36
12.31
13.29
11.56
12.60
13.53
11.72
13.20
14.07
12.02
13.60
14.48
12.22
13.37
14.22
12.42
13.60
14.84
12.61
13.66
14.86
12.72
14.00
15.32
12.85
14.45
15.84
12.90
14.25
15.27
13.09
14.48
15.87
13.22
Domestic municipal:
Bond Buyer (20 bonds) . .
Standard & Poor's Corp. (15 bonds)
do....
do....
7.88
7.60
9.40
8.59
8.08
9.83
8.85
8.62
10.53
9.22
8.95
10.94
9.45
9.11
11.20
9.61
9.55
11.83
9.76
10.09
11.89
9.91
9.65
11.65
10.27
10.03
12.23
10.94
10.55
10.64
10.73
10.85
10.56
11.03
do....
8.73
8.51
10.81
10.21
10.12
U.S. Treasury bonds, taxable $
6.53
6.39
8.74
12.15
12.62
12.96
12.39
13.05
293.46
84440
104.56
237.83
328.23
89141
110.43
307.23
314.78
86986
112.81
274.76
331.17
90979
113.91
299.78
342.77
947.33
110.38
317.91
348.16
946.67
111.44
333.91
356.44
949.17
112.34
357.32
373.14
971.08
114.43
393.29
368.40
945.96
114.23
394.05
371.59
962.13
113.51
394.64
365.26
945.50
108.86
392.60
381.05 390.66
987.18 1,004.86
108.42 107.32
417.42 439.23
380.45
979.52
106.84
423.24
384.92
996.27
108.79
422.72
368.97
947.94
107.59
404.26
103.01
114.83
115.27
83.82
118.78
134.52
131.37
86.88
114.55
128.80
122.14
85.76
128.40
145.70
143.14
94.45
133.19
151.03
149.76
100.84
134.43
152.29
150.80
105.96
131.73
149.06
146.78
104.67
132.28
148.70
144.84
108.55
51.49
21.77
90.82
135.65
155.08
153.68
92.28
52.08
24.65
106.28
132.97
151.06
147.23
94.61
50.96
25.88
103.25
50.37
24.48
94.77
52.15
24.12
90.91
13.04
45.81
105.24
133.87
13.38
45.86
107.15
140.97
13.04
43.27
103.65
134.80
12.68
43.19
103.58
128.25
52.01
24.25
102.31
13.57
48.70
117.50
129.13
50.36
25.02
101.32
13.05
46.06
107.86
130.35
51.66
24.55
106.74
12.89
46.63
109.74
126.00
49.81
23.6<"
97.69
12.50
44.00
102.90
127.06
52.48
16.27
65.44
12.87
46.30
106.05
127.07
126.51
143.73
142.10
95.41
51.10
19.85
80.64
133.48
152.19
149.78
90.30
50.54
18.52
75.57
123.50
140.18
136.55
93.62
51.18
18.83
73.90
130.22
148.36
145.07
92.76
50.40
14.53
51.74
12.33
44.48
104.86
119.06
119.83
135.23
129.26
88.98
52.82
17.97
70.79
13.41
48.18
116.43
126.73
14.30
49.83
119.52
136.70
14.44
49.65
119.30
142.81
14.55
52.57
118.09
142.21
15.80
58.23
127.68
155.50
129.13
145.30
140.10
101.63
52.28
23.55
92.55
14.67
53.94
120.62
146.16
58.32
64.75
47.34
3820
61.42
68.10
7870
60.61
3735
64.25
65.43
74.47
54.04
3853
65.16
68.56
7867
59.14
3877
66.76
70.87
82.15
62.48
3818
67.22
73.12
84.92
65.89
3877
69.33
75.17
88.00
70.76
38.44
68.29
78.15
92.32
77.23
38.35
67.21
76.69
90.37
75.74
37.84
67.46
76.24
89.23
74.43
38.53
70.04
73.52
85.74
72.76
37.59
68.48
76.46
89.39
77.09
37.82
72.82
77.60
90.57
80.63
38.34
74.59
76.28
88.78
76.78
38.27
74.65
76.80
88.63
76.71
39.23
79.79
74.98
86.64
74.42
38.90
74.97
545
5.18
919
4 68
547
9.11
526
4.94
977
404
575
10.60
539
5.10
943
443
557
9.78
520
4.90
946
402
551
9.81
5.06
4.75
971
384
554
10.04
4.90
4.59
967
360
538
10.14
4.80
4.47
977
332
558
10.64
4.63
4.31
965
287
574
11.35
4.74
4.42
979
299
571
11.94
4.80
4.49
9.78
308
5.52
11.55
5.00
4.68
10.33
4.88
4.57
10.23
4.86
4.55
1046
4.98
4.67
10.33
5.03
4.76
10.03
11.83
11.81
11.81
12.30
12.23
12.43
299 973
10,863
475 934
15,500
33490
1,141
38611
1,258
43795
1,433
41216
1,336
50641
1,501
43,157
1,280
49,347
1,515
42443
1,286
33153
1,039
49,120
1,526
48,253
1,459
41,252
1,464
251,098
8675
397,670
12390
27,996
934
31,949 35,606
1 004 1 122
35,308
1090
42,873
1216
36,015
1016
41,373
1205
35,453
1020
27,987
834
41,888
1239
41,575
1204
34,253
1019
8156
11352
830
966
1058
1032
989
1025
956
816
1,175
1,123
906
1,101
954
. . .
...
Stocks
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation: §
Combined index (500 Stocks)
1941-43=10..
Industrial, total (400 Stocks) #
do....
Capital goods (111 Stocks)
do....
Consumer goods (189 Stocks)
do....
Utilities (40 Stocks)
Transportation (20 Stocks)
Railroads (10 Stocks)
do....
1970=10..
1941-43=10..
Financial (40 Stocks)
1970=10..
NewYorkCity banks(6 Stocks) 1941-43=10..
Banks outside N.Y.C. (10 Stocks)
do....
Property-Casualty Insurance (6 Stocks) do....
New York Stock Exchange common stock indexes:
Composite
12/31/65-50..
Industrial
.
do
Transportation
do....
Utility
do
Finance
do. ..
Yields (Standard & Poor's Corp.):
Composite (500 stocks)
percent
Industrials (400 stocks)..
do....
Utilities (40 stocks)
do
Transportation (20 stocks)
do
Financial (40 stocks)
do
Preferred stocks, 10 high-grade
do....
Sales:
Total on all registered exchanges (SEC):
Market value
mil $
Shares sold
millions .
On New York Stock Exchange:
Market value
mil. $..
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
millions
Shares listed, N. Y. Stock Exchange, end of period:
Market value, all listed shares...
bil. $..
Number of shares listed
millions..
960.61
30,033
1022
322
562
306
538
298
541
r
317
538
322
495
1,242.80 1,027.13 1,101.19 1,115.48 1,147.60 1,168.11 1,289.71 1,242.80 1,189.19 1,203.16 1,248.95 1,229.56 1,238.19 1,224.74 1,224.89
33,709 31,893 32,327 32,602 32,804 33,041 33,427 33,709 33,993 34,211 34,670 34,967 35,545 36,859 37,404
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports, total @
Excl Dept of Defense shipments
Seasonally adjusted @ @
....
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
See footnotes at end of tables.
. . .
mil. $.. 181,815.6 220,704.9 18,674.8 17,213.7 17,946.1 17,829.0 19,948.9 18,614.0 19,545.1
do 181 650 8 220 548 7 18 674 8 17 177 7 17 938 4 17 800 9 19 936 9 18 609 9 19 537 5
18 641.8 18 075 0 19 103.4 18 701.0 19 088.5 18,634.3 19 117 7
do
do.. .
do....
do
do....
do....
do....
do....
6,298.8
48,771.3
43188
60,025.9
9,060.4
60,168.3
48757
71,371.4
755.7
895.9
731.4
765.6
798.7
5,224.8 4,925.6 5,273.6 4,956.2 5,467.7
424.3
3914
431.6
416.8
589.4
5,862.9 5,240.4 5,303.2 5,107.6 5,965.6
33,096.7
14,886.5
13,571.7
35,399.0
21,337.7
17,376.8
3,070.0 2,499.0
1,766.4 1,864.4
1,485.0 1,453.2
1
17,964.0 18,845.4 22,928.5 20,511.9 19,988.7 20,261.5
17 962 2 18 838 0 22 917 7 20 509 3 19 986 1 20 254 7
18,824 8 19,764 1 21 434 2 19 818 0 18 869.4 19 870 1
1
1
880.0
746.3 *803.5
729.4
5,078.6 5,538.0 '5,010.9 4,897.4
393.6
3889 1 *4259
4138
5,589.1 5,949.0 5,686.6 6,069.1
2,648.2 3,040.7 3,078.2 3,113.2 3,000.5 ^ISl.Q
3 239.5
1,790.7 1,796.1 2,123.6 1,910.5 2,121.5 111,815.1 1,832.7
1.557.8 1,578.4 1.646.5 1.529.2 1,714.6 1.480.3 1.649.9
1,097.7
9286
998.1
6,450.2 5,466.1 5,104.0
498.6
5557
5141
7,141.1 6,068.4 5,795.4
3,747.1 3 639.0 3,691 1
2,213.0 2,157.5 2,271.1
1.759.0 1.509.5 1.522.6
S-19
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
Annual
1981
1980
1980
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS—Continued
Exports (mdse.), incl. reexports—Continued
By leading countries:
Africa:
Egypt
mil $
Republic of South Africa
do...
Asia; Australia and Oceania:
Australia, including New Guinea.
do...
India
do...
Pakistan
do
Malaysia
do
Indonesia
Philippines
Japan.....
do
do
do
Europe:
France
do...
German Democratic Republic (formerly
E.Germany)
mil. $.
Federal Republic of Germany (formerly
W. Germany)
mil. $.
Italy . . .
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
14329
1,413.0
18736
2,463.5
1278
199.0
1578
217.0
1322
239.7
3,649.5
11670
5291
9321
4,130.7
16894
6421
1 336 9
356.6
1322
714
1131
320.2
1542
626
1289
9815
15451
1280
15701 1 999 1 1572
17 581 0 20 790 0 17877
Crude materials, inedible, exc. fuels #
Cotton, raw, excl. linters and waste
Soybeans, exc. canned or prepared
Metal ores, concentrates, and scrap
Oils and fats, animal and vegetable
Chemicals
Manufactured goods #
Textiles
Iron and steel
Nonferrous base metals
Machinery and transport equipment,
total
Machinery/total #
Agricultural
Metalworking
Construction, excav. and mining
Electrical
Transport equipment, total
Motor vehicles and parts
Miscellaneous manufactured articles
Commodities not classified
See footnotes at end of tables.
354.6
1240
638
864
526.4
1452
549
1468
3365
1221
41 0
1175
3326
1306
334
116
1
1
1647
214.3
1938
271.1
1980
260.4
1933
265.3
355.9
370.7
4269
417.0
4242
*1477
1081
1399
1229
1146
141 9
289
399
289
41 6
iH52
946
1371
1978
1043
966
3029
1399
867
1685
1157
886 11107
1180
1080
1047
143 6
1870
1643
132 3
1485
2437 11403
1244
1487
142 1
1687
1 718 2 17515 1 682 2 1 800 1 1 7930 1 8289 x l 741 8 1 746 0 2 161 1 1 756 1 1 5952
74854
586.1
631.2
5370
5462
6781
5840
5726
617 5
6307
8473
7058
6521
478.6
29.2
210
54
250
186
336
687
1495
501
339
400
252
8692
8070
8636
10259
4443
35.4
9070
8968
4239
264.7
9354
13397
4075
43.4
8707
8718
8152
3533
3788
49.9
151.2
9273 1 1396
8283
4,361.8
3,607.3
10,634 9
10 959 8
964.1
5511 1 5377
1,512.8
51.0
12 693 6 10492
do
33,095.8
35,395.3
dodo...
do
do.
do....
do...
do....
26,258.9
18898
3,441.7
8855
1,409.3
9,847.3
39335
36,030.4
26253
4,343.5
13535
1,735.6
15,144.6
45728
8,477 8
do.... 20,756.0
do.... 2,198.4
do.... 5,708.0
do.... 3,324.5
mil. $.. 5,620.5
do.... 3,496.0
do ... 1,918 2
do.... 1,845.0
do.... 17,307.9
Mineral fuels, lubricants, etc. #
Coal and related products
Petroleum and products
By leading countries:
Africa:
Egypt
Republic of South Africa
357.2
1890
848
1107
1348
218.3
356.0
By commodity groups and principal
commodities:
Food and live animals #
mil. $.. 22,250.9
Meats and preparations (incl. poultry) .... do....
1,126.9
Grains and cereal preparations
do.... 14,453.8
Beverages and tobacco
do . 23365
Northern North America....
Southern North America
South America
1529
352.5
3,069.9
2,499.0 26481
3,032.9 3,087.1 3 108.7
2099
1909
2115
368.3
368.3
4145
1044
1366
1223
1537
146.4
1547
1,243.3 1,339.4 1,271.0
4069
3857
4102
do.... 178,590.9 216,592.2 18,300.0 16,903.4 17,630.7
do.... 178,426.0 216,436.0 18,300.0 16,867.3 17,623.0
do.... 34,755.4 41,255.9 3,017.5 3,019.7 3,243.6
do.... 143,832.6 175,336.3 15,282.5 13,883.7 14,387.0
Exports of U.S. merchandise, total §
Excluding military grant-aid
Agricultural products, total
Nonagricultural products, total
VALUE OF IMPORTS
General imports total
Seasonally adjusted @
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
145
241.4
5,587.0
do
do...
do-
Latin American republics, total #
Argentina
Brazil
Chile
Colombia
Mexico
Venezuela
11527
1
2UA
1639
184.6
27,743.7 2,071.9 2,203.5 2,340.0
1,292.6
115.8
109.0
96.2
18,079.0 1,289.8 1,442.6 1,613.1
1963
2 663 0
1751
1798
23,790.7 2,032.7 1,723.1 1,865.0
244.5
190.4
2,864.2
155.9
5,882.9
395.8
350.8
434.1
448.2
4,517.6
350.9
389.6
7 982.3
7301
7070
7029
4,771.7
462.1
415.6
480.9
28334
2501
2683
2046
1,946.3
134.9
140.5
161.7
20 740 2 18615 17923 17601
do....
do
do....
do....
16,234.2
3,189.4
2,342 0
1,609.4
22 254 6
3,632.0
31228
2,963.9
mil. $..
do ...
do....
do....
do....
do....
do....
do....
do....
do
70,407.3
84,552.9
44,744.5
2,635.5
13914
1,233.8
8,635.0
25,750.4
15,076.5
12,637.4
90303
19770 17243 19469
320.0
272.6
3020
2981
2731
2944
280.9
241.2
3417
30406 30781 31132
31414 35106 32239
2598 '2717
2590
3598
3614
3828
1170
141 4
1363
1385
1582
1289
1,262.2 15424 14075
4179
4631
3976
17,527.9 19,520.6 18,247.6
17,499.8 19,508.6 18,243.5
3,236.2 36729 37964
14,291.7 15,847.7 14,451.2
864 1
9400
14182
4606
5743
3945
473 7
J
258.4
343.9
141.6
199.1
43.1
X
961 3 1 1218 1 2403 1 1564 1 111 2
5563
272.8
9946
29977 i2 736 7 32395 37470 36390 3691 0
35805 13 071 0 32512 36903 33951 35332
2004
2389 12767
2993
2122
1724
4533
4648 13610
3483
3308
3321
1444 11358
102 1 1586
1153
1195
1743 11161
1346
1503
1443
1457
1581 1 ll 297 4 13299 16200 1 603 9 16734
4099 13477 '4748
4878
4368
4824
19,217.2 1W&S.O 18,522.0 22,494.1 20,102.3 19,618.1
19,209.6 17,596.2 18,514.6 22,483.3 20,099.7 19 615.5
42794 *4 067 2 38258 46669 37514 35668
14,937.8 1 13,530.9 14,696.2 17 827.2 16 350 9 16 051.3
2,689.4 2,652.9 2 919 4 12,752.0
130.6
118.6
125.2 1 119.3
1,710.0 1,765.1 1,929.0 1 1,853.6
2494
2627
2753 1221 7
1,535.1 1,776.2 1,761.3 2,001.3 12,044.0
95.0
150.4
181.3
225.2 X*299.5
493.6
313.4
626.6
635.4
614.0
325.1
298.1
226.3
266.5 *275.8
7097
7553
7853
7409 16195
502.8
430.0
417.8 1302.6
458.8
2277
2381
2694
2797 12781
145.3
160.5
151.0 1 123.5
131.0
16657 17659 1 4880 17690 il 681 4
1836 1 19355 17177 18064 il 705 2
307.5
3282
3141
3215 *2856
2384
2755
250 1
2653 12405
2899
2532
2199
2141 *2345
2,501.0
103.4
1,657.7
2074
7,302.9 6,698.7 6,730.9 7,018.7
55,789.7 4 965.8 4,646.6 47619 46027
290.2
3,103.6
282.5
237.1
242.6
17563
1629
1605
155 1 1580
1,627.7
166.5
155.5
137.1
146.3
896.7
10,484.5
865.0
891.6
829.0
28,838.8 2,337.0 2,080.8 1,972.1 2,426.9
14,589.6 1,235.0
992.5
975.8 1,186.7
16,343.1 1,289.9 1,246.1 1,295.7 1,303.5
7029
84195
4568
640 1
562 1
7,934.7 7,372.8
47237
2363
1639
130.3
8707
2,650.1
1,312.0
1,324.0
7479
51306
251.4
1736
141.9
997.3
2,812.5
1,445.9
1,400.6
8564
2 709.2 30041 2 640 5
123.3
127.5
149.4
1,830.9 1,942.3 1,722.8
1983
2190
2623
1,843.5 2,325.9 1,823.9
296.4
208.6
315.0
465.6
847.8
487.2
274.1
234.1
2832
7053
8262
7455
339.2
499.3
420.8
3235
2965
2858
124.7
206.8
145.4
1 684 5 20446 1 763 9
24121 23307
150.4
1,561.8
2375
217 7
1,865.0
190.0
567.2
246.2
1,594.4
6377
302J
307 1
613 8
2205
151.8
164.5
1 8592 1 819 4
16648 2 024 6 1 9409 1 8933 1 8022
2882
3662
3434
3297
2289
2434
2550
257 9
1682
2246
2206
1963
7,531.1 16,472.0 7,522.2
47912 14X592 2 48506
2689
2316
2648
1681 11785
1754
122.5 1 122.7 135.4
8693 ^301
8955
2,742.5 11 1,880.5 2,673.3
1,202.0 1,060.4 1,334,5
1,311.5 1 1,253.9 1,311.1
7038 J7230
7509
9,395.1 8,651.4
5456 1
3175
1882
162.6
9854
31961
1,531.5
1,489.2
680 0
6047 1
3626
2225
171.6
1 103 5
33518
1,592.5
1,630.9
7627
8,459.8
8,840.2
5 371 4
3425
2185
179.5
30891
1,603.8
1,383.3 1,492.0
970 1
7159
do 206 255 8 240 834 3 20 520 0 19 324 3 18 858 8 19 078 7 20 267 8 19 532 7 21 312 0 122 577 1 21 124 3 21 362 6 22 775 2 21 454 2 22 522 2
do ..
19 893 1 18 995 4 19 235 6 19 465 0 20 060 5 19 422 4 21 173 9 123 194 3 21 921 7 20 949 3 22 289 2 21 309 9 21 974 7
.
24 381 6
do
do.... 66,739.3
do.... 3,072.0
do... 43,546.7
32 250 9 27994 23737
78,848.0 7 131.1 6 636.2
290.7
3,391.9
281.6
47 849.7 38859 40113
do.... 38,069.1 41,470.9 3,255.9 3,124.4
do.... 17,268.0 22,656.9 2,002.6 1,820.2
do
13,172.3 14,361.6 1,154.0 1,076.6
do....
do....
381.0
2,616.2
458.4
3,320.5
44.5
208.5
3.8
270.2
27445
63141
268.0
37734
2,828.1
1,819.4
1,110.9
416
291.9
21489 25564 22731 2890 1
67215 65315 62205 68373
3523
215.0
299.3
3238
38086 39643 37305 40742
3,341.7 3,929.9 3,747.7 3,807.3
1,686.4 1,913.9 1,800.9 1,845.9
1,156.2 1,072.1 14075 15332
264
203.8
295
297.5
126
291.8
99
275.4
13 033 3 3044 5 23020 3 2195 22046
8 008 2 65551 7*1610 74684 7*3557
2550
1875
2593
*361 6
3158
14 160 7 4 033 4 4 5065 4 588 1 44108
1
'3,623:4
3,678.1 39900 3 922.2 41423
1
1,761.7 2,012.4 1,921.3 2,128.6 1,994.4
*1 627 4 1 545 6 1 294 0 1 132 3 10868
1
59 7
234.0
1
515
181.5
501
219.8
214
197.4
310
224.9
-
S-20
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, date
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
1981
1980
June
Annual
August 1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF IMPORTS—Continued
General imports—Continued
By leading countries—Continued
Asia; Australia and Oceania:
Australia including New Guinea
mil $
India
. . . . do..
Pakistan
do....
Malaysia
do
Indonesia
do ...
Philippines
•.
do....
Japan
do
Europe:
France
do....
German Democratic Republic (formerly
E Germany)
mil. $..
Federal Republic of Germany (formerly
W. Germany)
mil. $..
Italy
do....
Union of Soviet Socialist Republics
do....
United Kingdom
do
North and South America:
Canada
do
Latin American republics, total #
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 #
do....
Cocoa beans
.
do .
Coffee
do....
Sugar
do....
Beverages and tobacco
do....
Crude materials, inedible, exc. fuels #
do....
Metal ores
do
Paper base stocks
do. ..
Textile fibers
do
Rubber
do .
Mineral fuels, lubricants, etc
do....
Petroleum and products
do....
Oils and fats, animal and vegetable
do....
Chemicals
do. ..
Manufactured goods $
do ..
Iron and steel
do....
Newsprint
.
do
Nonferrous metals
do....
Textiles
do
Machinery and transport equipment
do....
Machinery total $
do....
Metalworking
do
Electrical
do....
Transport equipment
do
Automobiles and parts
do
Miscellaneous manufactured articles
do....
Commodities not classified
do....
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1977—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 $
See footnotes at end of tables.
187.8
143.9
194.3
195.3
2,236.1 2,562.3
220.0
204.9
200.1
172.1
221.5
280.9
255.1 '306.3
110.8
103.8
97.0
'99.5
121.0
1,037.7
72.9
1,097.6
93.6
77.9
103.3
78.8
96.8
74.9
14.4
15.1
14.7
17.4
'13.9
120.0
10.3
13.0
127.6
12.8
9.8
10.4
9.5
8.9
164.2
182.7
191.1
206.9
2,145.6
2,577.0
187.6
152.8
195.5
234.8
192.6
231.4 '198.6
214.6
602.9
446.9
499.5
486.2
3,620.6
255.7
429.7
415.6
574.8 '552.6
5,182.5
440.3
440.8
346.8
162.3
175.1
142.6
1,490.1
1,730.3
146.1
138.9
135.4
154.1
150.5
130.9
207.9 1 197.1 180.5
26,248.2 30,701.3 2,677.4 2,613.4 2,541.3 2,642.0 2,568.9 2,591.8 2,713.7 '3,196.1 2,341.2 3,053.1 3,223.0 3,030.5
4,767.8
5,247.0
441.8
429.6
428.2
345.8
457.8
378.1
494.9
'499.6
455.8
465.3
456.7
36.4
43.9
3.6
3.0
3.9
2.8
3.9
2.6
4.2
'4.9
2.9
3.8
4.1
3.8
10,955.4
4,917.5
873.6
8,027.7
11,681.2
4,313.1
453.2
9,755.1
992.4 1,053.5
360.8
382.8
35.1
32.9
788.0
741.0
933.1
386.5
22.9
734.3
844.8
297.0
95.3
996.8
861.8
284.9
53.3
907.0
876.3
332.6
28.8
743.1
896.4
414.4
55.9
885.6
'995.8
'391.7
1
82.9
1
854.6
758.0
396.7
32.4
869.1
970.0 1,011.0
395.6
397.6
44.5
19.7
1,119.1 1,103.9
971.9
431.6
18.4
989.5
501.9
1
38,046.1 41,455.4 3,255.9 3,120.8 2,825.1 3,339.7 3,929.7 3,747.7 3,804.8 3,622.0 3,676.4 3,987.7 3,921.6 4,140.9
2,933.5 2,636.6 2,659.0 2,435.3
24,767.0 29,851.2 2,617.3 2,282.6 2,141.0 2,261.8 2,419.1 2,669.2 2,824.2 '2,801.8
94.2
136.5
56.0
76.5
86.2 1 119.6
58.2
71.0
105.3
740.8
54.1
61.1
63.5
587.1
297.1
413.6
337.6
382.4
304.1
333.6 '390.2
323.2
300.0
293.3
433.3
3,118.2
3,714.6
317.3
70.6
54.3
39.6
50.0
'56.5
30.9
34.3
50.7
40.2
46.9
439.8
515.0
31.4
42.4
1
63.3
98.3
69.4
74.2
97.2
119.8
93.7
69.1
88.8
86.1
92.2
1,209.4
1,240.5
134.8
1,245.4
1,072.2
1,167.2
1,104.9
904.8 1,045.8
915.0 1,106.6 1,031.4 1,069.8 '918.1
8,800.1 12,519.5 1,184.7
496.5
324.2
612.3
407.0
696.4 1717.7
5,297.1
422.7
339.3
407.0
420.5
372.3
449.0
5,165.9
1
1,613.0 1,714.8 1,506.3
'21,007.0 19,471.8 19,826.6
'1,471.0 1,340.9 1,372.9
'29.4
56.3
37.8
'332.5
290.1
243.6
'206.9 189.7 153.6
177.7
'225.8
182.3
'253.3
236.0
244.9
'885.9 1,029.4
989.3
'320.9
311.5
278.0
159.0
'167.9
163.4
'26.7
33.4
34.0
'40.5
71.4
111.1
'8,014.2 7,943.4 6,475.9
'7,388.5 7,344.7 5,992.5
I
60.0
46.6
50.l
'735.8
767.4
818.1
'2,910.5 2,795.1 2,807.7
'658.6 677.5 622.8
'231.2
233.4
248.6
1
623.6
650.9
576.5
'258.0
252.0
226.2
'5,615.7 4,694.2 5,984.2
'2,886.4 2,611.4 3,174.3
'186.6
144.0
152.5
757.1
'702.5
606.2
'2,729.3 2,082.8 2,810.0
'2,311.7 1,689.4 2,324.6
'2,012.5 1,779.3 2,054.8
568.1
'628.1
478.6
1,417.6
21,326.7
1,225.0
62.0
205.5
168.9
143.9
261.5
1,038.3
354.1
132.4
32.4
79.6
7,835.5
7,368.9
24.9
825.4
3,125.0
933.0
236.3
606.6
249.2
5,954.3
3,125.4
159.0
711.9
2,828.9
2,329.9
1,911.0
574.5
1,552.3
19,891.4
1,371.2
51.3
232.0
148.0
197.2
311.7
1,129.7
352.3
181.6
33.0
66.6
6,078.2
5,651.8
40.5
794.1
3,221.0
968.4
253.7
595.1
242.6
5,853.8
3,112.3
167.7
763.4
2,741.5
2,298.7
2,047.8
606.3
148.4
154.2
228.8
150.4
136.0
204.6
151.1
132.1
199.6
174.3
99.7
173.8
176.1
99.8
175.8
175.9
106.5
187.3
172.5
102.3
176.5
35,590 '30,586
10,661 '10,145
30,016
9,860
36,416
12,046
40,858 '42,630
14,374 '15,920
40,302
14,657
34,240
14,073
16,879.5
189,376.3
15,169.5
554.9
3,819.7
2,539.3
974.3
2,565.0
10,652.7
3,249.1
1,546.7
231.2
897.1
59,997.9
56,035.6
739.8
7,478.6
30,064.1
7,466.5
2,322.1
6,320.1
2,216.3
53,677.3
28,043.5
1,442.4
6,588.0
25,633.9
22,074.8
21,006.3
4,904.6
17,425.0
223,409.2
15,762.7
395.2
3,872.3
2,346.3
1,987.5
2,771.5
10,495.9
3,696.1
1,773.4
242.1
816.1
79,057.7
73,770.9
533.4
8,582.7
32,190.4
7,363.6
2,685.2
7,622.7
2,493.3
60,545.7
31,903.6
1,813.7
8,064.1
28,642.0
24,133.9
23,711.0
7,183.3
1,488.5
19,031.5
1,372.8
32.0
373.0
164.0
177.6
223.3
913.7
369.1
147.9
21.5
63.8
6,937.6
6,531.4
41.2
762.4
2,662.1
600.1
236.5
595.9
220.8
5,052.3
2,685.5
148.5
686.1
2,366.8
1,993.6
2,030.6
524.0
1,439.8
17,884.5
1,335.5
40.8
347.9
213.5
195.0
253.1
857.8
326.1
130.3
19.5
57.6
5,792.3
5,421.2
30.8
705.0
2,447.3
543.5
208.5
559.5
192.2
5,166.7
2,782.0
161.9
712.0
2,384.6
2,008.1
2,182.5
553.4
1,310.9
17,548.0
1,207.2
23.3
302.3
180.1
187.5
227.6
812.4
275.0
150.4
20.9
44.8
6,235.9
5,867.7
30.8
616.9
2,486.1
629.2
201.7
508.2
191.5
4,565.7
2,578.0
183.7
647.1
1,987.6
1,663.9
2,143.2
533.2
1,219.3
17,859.3
1,121.9
20.0
217.1
152.9
172.2
261.3
837.2
279.8
136.2
11.0
75.6
5,830.5
5,460.4
33.0
641.3
2,412.9
520.0
216.0
567.4
194.7
4,952.2
2,621.5
136.8
674.6
2,330.8
2,000.3
2,077.3
911.1
1,410.6
18,857.2
1,304.8
19.2
250.7
246.8
172.4
286.3
830.6
302.4
134.3
16.5
42.7
6,231.0
5,846.1
64.6
745.9
2,629.7
544.8
224.9
688.3
196.1
5,333.3
2,754.5
150.3
729.6
2,578.8
2,210.6
2,104.2
737.4
1,529.9
18,002.8
1,441.3
21.0
273.3
199.1
334.1
243.6
856.4
303.0
144.2
17.5
64.7
5,879.6
5,446.1
51.3
650.3
2,641.9
617.4
216.5
601.7
204.4
5,236.2
2,733.8
156.7
668.1
2,502.5
2,191.4
1,983.4
548.7
1,536.0
19,776.0
1,385.9
43.1
310.8
226.0
169.0
217.4
871.2
293.2
150.8
19.5
59.2
7,218.4
6,766.8
69.0
718.1
2,854.7
737.1
232.5
656.6
209.4
5,335.7
2,874.5
155.1
747.7
2,461.3
2,014.9
2,017.2
624.4
121.6
124.5
151.3
138.1
133.0
183.6
135.8
137.2
186.3
138.1
124.3
171.7
139.7
128.5
179.4
140.2
127.0
178.1
142.7
139.2
198.6
146.8
126.5
185.7
147.7
132.4
195.5
'149.5
'119.8
'179.1
149.0
126.4
188.4
128.7
110.4
142.1
161.4
102.6
165.5
163.2
103.9
169.6
163.8
97.4
159.6
164.7
94.1
155.1
165.1
95.0
156.9
166.4
100.1
166.7
167.2
96.1
160.8
169.7
99.9
175.4
'173.1
'107.3
'185.8
357,793
97,579
401,173
118,840
35,716
10,282
33,978
9,619
36,373
10,225
33,668
9,662
36,364
10,642
33,354
9,723
597,495
140,091
487,935
164,924
43,584
14,594
36,982
13,483
38,122
13,328
35,812
12,753
38,068
13,185
35,684
12,784
1,306.7
1,240.9
231.3
1,061.4
7,255.5
32.0
815.9
3,179.9
5,922.7
2,142.0
640.6
July
S-21
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
1981
1980
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
bil
Passenger-load factor
percent.
Ton-miles (revenue) total .
. . . . .mil
Operating revenues (quarterly) # §
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
Mail ton-miles .
'
.
bil
mil.
do
Operating revenues (quarterly) §
Operating expenses (quarterly) §
Net income after taxes (quarterly) §
International operations:
Passenger-miles (revenue)
Cargo ton-miles
Mail ton-miles
.
mil. $.
do...
do...
Operating revenues (quarterly) §
Operating expenses (quarterly) §
Net income after taxes (quarterly) §
mil. $.
do...
do...
bil.
...mil
do...
r
262.02
r
63.0
'33,390
r
27,227
r
22,792
2,211
'464
2
27,018
'331
254.18
59.0
32,487
2
33,267
2
22,791
2
2,427
2
621
2
33,462
2
-90
8,152
6,844
591
153
8,289
116
208.89
3,466
r
853
200.09
3,274
944
18.19
273
71
r
21,652
'21,523
'222
26,376
^383
6,559
6,612
-22
rl
r2
23.27
63.0
2914
2
53.13
'2,498
'372
5,575
5,505
'109
54.09
2,458
392
2
6,891
2
7,079
2
-246
1,592
1,676
-94
8,130
8,228
695
100
15,051
100
15,538
312
284
215
183
5.08
210
32
24.49
62.9
3,050
26.39
66.3
3,236
19.61
55.9
2,540
20.69
57.7
2,629
17.86
55.2
2,379
20.25
282
75
14.84
273
73
15.80
293
81
14.24
265
76
6,853
6,700
105
5.85
214
30
6.76
210
31
4.77
203
29
19.35
54.8
2,437
17.00
54.2
2,214
8,388
6,997
637
172
8,372
122
8,926
7,555
590
143
8,657
203
18.64
281
75
20.22
57.8
2,590
16.34
248
108
3.62
215
37
2073
1,958
94
3.88
170
43
20.26
58.4
2,603
8367
7,108
577
157
8,536
-217
15.75
245
84
14.08
246
78
6,740
6,625
263
4.25
216
33
19.84
56.8
2591
'16.49
286
86
'16.42
278
85
1
15.29
1
15.57
6964
6,993
-65
3.60
145
28
2.92
162
28
1,648
1746
-140
3.36
204
31
384
184
31
1,403
1,543
-152
Urban Transit Systems
Passengers carried, total
Motor Carriers
mil..
Carriers of property, large, class I, qtrly.:
Number of reporting carriers
Operating revenues, total
mil. $.,
Net income, after extraordinary and prior period
charges and credits
mil. $..
Tonnage hauled (revenue), common and contract
carrier service
mil. tons-
6
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common and contract carriers of property
(qtrly.)
average same period, 1967—100..
Common carriers of general freight,
seas, adj
1967—100..
641
656
8
100
7,489
681
748
663
681
647
644
690
679
'153.2
'152.1
"150.8
236.1
'236.6
321.4 ""321.0 ""321.4
215.3
324.3
726
100
3776
100
4,273
8
83
105
77
8
42
49
48
8
96
92
100
4,989
155
180.3
147.9
140.4
25,352
23,576
382
28,254
26,350
439
6,959
6,492
107
6,995
6,521
117
7,514
7022
118
7,660
24,093
858
3
840
26,352
1,337
3
1,131
6,662
175
184
6,623
222
156
6807
540
544
6,960
469
636
928.7
913.7
243.4
933.1
'918.6
285.5
230.8
227.2
282.3 ""291.7 ""292.4
226.8
222.4
298.5 ""299.0 ""299.6
239.4
235.9
300.5
'""s'isls
'170
45.69
72
32.36
71
'182
49.48
65
35.30
66
'199
49.56
75
35.48
74
198
48.19
58
36.70
64
'184
49.40
48
36.92
55
'181
52.17
69
34.37
66
'203
53.05
77
35.46
70
'178
52.65
67
34.80
62
'186
52.56
44
34.94
51
158
56.71
62
35.95
56
'176
56.17
68
37.61
64
'198
58.11
74
37.42
72
191
57.28
73
38.14
71
200
56.29
73
38.00
70
2
9,010
2
9,971
11,252
2
9,285
3,020
59,081
820
1,056
995
768
329
946
1,035
1,272
883
303
1,042
954
1,313
1,175
222
704
796
1,000
858
200
726
710
883
773
179
610
655
787
718
150
564
758
910
707
158
681
700
871
752
233
587
670
692
552
237
735
735
819
618
338
692
792
975
755
335
760
863
993
785
317
7,451
10,482
10,661
6,195
5,250
2,875
2,167
2,017
2,092
2,622
3,556
5,237
136.0
141.4
146.6
147.4
150.9
153.0
152.7
151.9
150.8
Class I Railroads $
Financial operations, qtrly. (AAR), excl. Amtrak:
Operating revenues, total #
mil. $..
Freight
do....
Passenger, excl. Amtrak
do....
Operating expenses
do....
Net railway operating income
do....
Net income (after taxes)
do....
Traffic:
Ton-miles of freight (net), total, qtrly
bil..
Revenue ton-miles, qtrly. (AAR)
do....
Price index for railroad freight
1969= 100..
Travel
Hotels and motor-hotels:
Restaurant sales index.... same month 1967=100..
Hotels: Average room sale
fl
dollars..
Rooms occupied
% of total..
Motor-hotels: Average room sale
fl
dollars..
Rooms occupied
% of total..
Foreign travel:
U.S. citizens: Arrivals
thous..
Departures
do....
Aliens: Arrivals
do....
Departures
do....
Passports issued
do....
National parks, visits @
do
COMMUNICATION
Telephone carriers:
Operating revenues #
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:
Operating revenues
Operating expenses
Net operating revenues (before taxes)
See footnotes at end of tables.
5
9,259
9,681
9,886
7,814
3,170
56,922
2
..............
mil. $..
do
do....
do....
do....
mil-
50,604
21,967
22,389
33,110
9,084
155.1
56,738
24,333
22,983
37,983
10,194
159.9
4,659
1,995
1,888
3,119
834
157.8
4,820
2,022
1,996
3,167
889
158.0
4,831
2,030
1,987
3,228
860
158.3
4,825
2,059
1,959
3,305
827
158.8
5,014
2,113
2,059
3,270
950
159.4
4,848
2,097
1,905
3,257
891
159.6
4,970
2,130
2,006
3,397
887
159.9
5,135
2,201
2,071
3,346
975
164.2
5,048
2,236
1,931
3,352
913
164.5
5,307
2,244
2,144
3,498
985
164.7
5,275
2,272
2,102
3,577
888
165.0
5,303
2,288
2,076
3,574
923
164.8
mil. $..
do....
do....
636.0
519.2
80.2
697.1
561.5
95.9
57.6
46.8
7.7
59.1
48.3
7.8
57.1
47.8
6.4
59.9
48.8
7.7
61.7
48.2
9.7
56.1
46.5
6.2
60.5
49.0
7.8
57.9
48.8
5.9
58.5
48.2
7.1
63.0
49.3
10.3
64.0
50.0
10.8
61.9
48.6
7.3
do....
do
,. do....
491.1
326.2
142.7
7
534.2
7
374.4
T
44.8
30.9
12.1
45.4
31.2
12.3
42.1
30.1
10.1
44.7
30.1
12.8
47.3
32.3
12.8
42.4
31.1
9.2
46.2
39.6
5.1
45.2
33.2
9.8
45.1
32.2
10.8
50.0
34.0
13.7
48.0
35.2
10.7
46.6
36.0
8.5
137.4
4
69.1
324.3
363
7,892
"
'
•
•
S-22
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
August 1981
1981
1980
June
July
Aug.
Sept.
Nov.
Oct.
Jan.
Dec.
Mar.
Feb.
May
Apr.
June
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% A12O9) $
thous. sh tons
Chlorine gas (100% C12) $
do....
Hydrochloric acid (100% HC1) $
do
Phosphorus elemental $ . .
.
do.
11 324
*740
1258
91
872
221
32
874
65
114
108
813
197
32
843
46
104
105
824
219
33
840
66
106
97
903
240
28
907
66
101
102
938
233
43
972
56
109
85
949
222
39
966
53
100
103
1,011
250
40
1031
55
103
92
886
241
36
924
51
92
91
904
209
34
910
58
115
94
932
217
38
952
69
98
758
741
719
713
61
61
56
53
58
57
58
53
61
48
60
56
53
59
55
58
57
60
60
63
10 263
4,172
10201
3,042
821
3,594
863
3,570
834
3,503
802
3,405
842
3,306
843
3,269
888
3,042
890
3,018
818
2,989
18 523
7543
2363
8465
2245
10317
r
43 204
19 028
8590
4
1469
8931
3031
10808
r
44 272
1 498
653
1 634
*624
161
647
254
914
r
3571
1 475
632
168
672
232
909
'3605
1 474 1 550
750
698
(2)
191
780
726
242
208
901
916
r
3641 '3826
1 730
821
1 663
837
(2)
(2)
653
270
858
r
3 502
1 528
568
172
592
250
801
r
3 501
861
269
983
r
4029
832
257
869
3704
7662
366
5
7640
624
509
535
3,123
398
1,654
282
648
460
563
3,013
402
1,471
221
693
483
657
3,125
534
1,657
156
669
515
456
2,580
319
1,560
178
666
431
674
2,487
343
1,595
83
676
481
663
1,853
224
1,130
133
728
372
810
2,486
337
1,408
101
7
1673
7
28,043
3
3176
17,919
1,576
8 086
372
6950
42,389
5,752
27,661
2,496
277
245
9275
116
247
289
8,907
158
10
26
563
21
10
11
762
0
27
14
638
11
12
12
751
0
19
16
836
13
13
26
901
6
5741
Carbon dioxide, liquid, gas, and solid
3 124
__.
_.,
,.
. . inous. sn. ions..
nyurogen vnign ana low puniyy
iru . t . i.. 99*271
JN irotoenvmg ana w p
y;
.... 427 151
456 636
5633
439
382
429
483
506
326
7857
40552
32 186
298
7740
43459
35529
Sodium hydroxide (100% NaOH) $
do
Sodium silicate anhydrous i
do
Sodium sulfate anhydrous i
do
Sodium tripolyphosphate (100% Na5P3Oi0) i
do
Titanium dioxide (composite and pure) $
do
Sulfur, native (Frasch) and recovered:
Production
.
thous. Ig tons.
Stocks (producers') end of period
do....
1314
12,228
3090
460
1 182
11,198
2812
440
12772
770
1 115
X
965
r
70
98
98
949
209
39
962
55
100
61
68
59
70
869
2,918
838
2,876
'878
'2,859
1530
*736
(2)
764
235
873
3480
1733
839
217
875
284
941
3829
1698
r
778
r
219
'804
'279
961
'3808
1634
742
188
764
8
262
928
3662
1736
1,424
651
1,864
226
1,225
94
'1,705
'1,383
687
2,261
309
1,362
109
1568
1,348
556
1,803
258
1,125
75
1,859
245
1,184
114
1,634
1,358
441
2,015
259
1,175
97
514
1,949
227
1,076
110
17
18
952
10
20
42
681
0
18
13
681
13
31
46
876
25
45
28
806
35
19
46
598
16
16
10,
651
12
405
504
509
438
451
'419
403
298
8632
43*483
35966
292
9 119
41900
37095
304
7879
40 146
35675
278
8623
38322
32983
316
'334
7805 '7824
41248 '40 052
37 153 '36 281
316
7967
41761
35949
102
960
210
38
r
r
r
876
2,827
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous $
•
*f die, 'g ' ai
l io t '0 ^r
Ammonium
mi
4
tons..
....
Nitric acid (100% HNO8) $
do
Nitrogen solutions (100% N) $
PhosDhoric acid (100% P O ) i
do
do
CJnlfiiTiV afif\
f1flfl<& W SJD I
t
'
'
Hr>
(2\
Superphosphate and other phosphatic fertilizers
Stocks end of period
Potash deliveries (K2O) jf
Exports total #
Nitrogenous materials
Phosphate materials
Potash materials
Imports:
Ammonium nitrate .
do
do
do....
do
do....
do....
. . .
Potassium chloride
Sodium nitrate
Industrial Gases
3
do....
. .. do ..
do....
Production:
1,113
371
3 544
95883
473 322
414 615
324
7524
35665
29 298
325
6845
37418
28 163
334
6678
35649
31*637
1
337
152 5
242 5
15 §92 8
1*012 *9
1*8569
34
12 0
16 8
4229
24.7
87 4
498
27
11 7
15 7
3558
31.3
92 7
432
25
11 3
170
4160
20.6
80 5
51 o
28
148
198
4832
26.4
81 3
67 5
32
123
20 1
5242
25.3
695
735
27
11 7
222
4986
24.3
84 1
737
28
140
220
5190
22.3
106 1
792
30
104
21 8
4528
25.9
1097
686
26
102
208
5068
20.7
99 7
530
5703
536
641 4
720
457
650
528
727
464
704
572
67.1
643
57.5
477
62.3
53.7
72.0
49.2
78.3
44.3
64.8
2607
2609
41
2862
2796
107
282
238
66
227
226
166
21 3
231
199
226
232
102
215
214
48
164
164
78
219
17.9
107
23 1
25.6
70
18.7
18.2
8.2
114273
11 459 3
13 383 3
15 448 o
X
5*4970
983
724 2
2316
3554
3515
955
761 1
2139
4337
3494
1098
8050
2416
397 9
3933
1209
9068
2533
4543
4589
131.9
9673
259.3
4958
5156
126.4
9724
282.2
4642
5130
112.5
156.5
1021 1 1 0707
286.1
350.2
4982
4496
4988
4446
173.8
9422
318.6
4485
476.5
'3,000.4
751.4
706.1
3148
233.5
1579
546.4
2229
202.3
1212
Organic Chemicals §
Production:
TTfV»vl anotnto (V^O/f^
rml 1V»
Formaldehyde (37% HCHO)
Glycerin, refined, all grades
do
do....
*31 9
*161
6
1
262 4
15 971 i
Sf
lr
ri
f
do
g .
' f\
314.8
297.8
1 1 Qgg g
11 1Q9 5
1
ALCOHOL
Ethyl alcohol and spirits:
Stocks end of period
Denatured alcohol:
p oaucuon ............
1
Ho
34
105
23 1
5319
25.3
97 1
960
32
104
272
5765
27.1
1145
847
19
110
222
5370
'25.7
1005
87.1
26.8
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
vp py
o ysiy ***u*
onolvmpra
Vj " Jr
,
117786
1 12 408 4
13*8239
1
do
326 9
, "" ig6 211
4
mil Ib
'
1
225.6
238.5
237.0
1 1166 10633 10584
357.4
335.6
332.4
5010
490.2
5839
554.3
552.5
551.0
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly
Paints, varnish, and lacquer, shipments:
Total shipments @
Product finishes (OEM)
p
purp
gs
See footnotes at end of tables.
mil. Ib..
. . mil $
do
2,987.1
6
7
6
024 8
3 418 7
«2 284 0
«1 322 0
7,635.9
3641 2
2*4185
15762
721.6
381 7
1931
1468
704.0
682.9
3673
1695
1460
689.3
341 0
199.7
I486
698.2
3295
221.7
1470
741.2
788.6
520.3
2174
193.3
1097
555.1
2352
208.8
111 1
593.2
2592
213.8
120.2
728.1
3395
249.5
139.1
599.7
'774.5
'3746
248.3
'151 6
772.7
3873
240.6
144.7
July
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
S-23
SURVEY OF CURRENT BUSINESS
August 1981
1979
June
Annual
1981
1980
1980
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production:
Electric utilities total
mil kw -hr
B y fuels
. d o
By waterpower
do....
Sales to ultimate customers, total (Edison Electric
Institute)
.
. .
mil kw -hr
Commercial and industrial:
Small light and power §
do
Large light and power §
do....
Railways and railroads
do....
Residential or domestic
do
Street and highway lighting
do
Other public authorities
do....
Interdepartmental
do
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $..
GAS
Total utility gas, quarterly
(American Gas Association):
Customers, end of period, total
thous..
Residential
do ...
Commercial
do....
Industrial
do .
Other
do
Sales to customers, total
tril. Btu..
Residential
.
do
Commercial
do ...
Industrial
do
Other
do....
Revenue from sales to customers, total
mil. $..
Residential
do....
Commercial
do....
Industrial
. do .
Other
do....
2 246 934 2 285 537 189 430 216 051 215 435 191 483 178 541 178 552 195 589 205 192 179 624 185 435 172 369
1 966 802 2 009 636 161 774 191 750 194 959 172 991 160 675 159 335 173 298 182 836 158,490 164,863 151,646
280,131 275,900 27,656 24,302 20,476 18,491 17,866 19,217 22,290 22,355 21,134 20,572 20,723
2 079 221 2 095 333 165 924 182 194 192 936 188 204 171 198 165 276 174 903 187 047 180 663 172 296 164 971
41871
66,324
381
60270
1353
4147
557
493 494
815,586
4,245
694 266
14755
49,481
7394
509547
791,241
4,292
720 784
14566
48426
6477
77,691.5
91 618.7 74004 83920 9,0298 87454 78312 74488 79102
46,708
43027
3,446
189
45
15,440
5,083
2486
7,555
316
38,947
14,833
6,624
16,961
530
47,424
43697
3,493
189
45
15,331
4,870
2398
7,782
280
47,231
17,188
7,914
21,551
578
41822
64,946
342
53300
1 124
3,857
533
46461 48872 47405
63715 65,597 67583
348
356
349
65866 72 190 66866
1 121 1 163 1203
4138
4185
4249
573
545
550
47,206
43504
3,464
195
43
3,169
899
447
1,768
55
9,960
3,388
1,534
4,934
104
42476
66,978
356
55528
1266
4031
564
40363
65657
351
53 194
1307
3835
568
46,886
42238
3414
189
44
2610
401
271
1894
44
8,289
1748
970
5,482
90
43944
65189
379
71063
1418
4466
589
42 615
65,632
365
65 789
1345
4,340
578
41 114
66,251
367
58402
1317
4,242
602
39710
66,000
339
53 024
1152
4,175
571
85866 83243 80610 76538
47,424
43697
3493
189
45
3980
1 298
658
1941
83
13,101
4874
2308
5,730
190
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production.....
mil. bbl..
Taxable withdrawals. .
....
do
Stocks, end of period
do...
Distilled spirits (total):
Production
mil. tax galConsumption, apparent, for beverage purposes
mil. wine gal..
Stocks, end of period
mil. tax gal..
Imports
mil proof gal
Whisky:
Production
mil. tax galStocks, end of period...
do....
Imports
mil proof gal
Wines and distilling materials:
Effervescent wines:
Production
mil. wine gal..
Taxable withdrawals
do....
Stocks, end of period
do....
Imports....
do....
Still wines:
Production
do .
Taxable withdrawals.
. .
do
Stocks, end of period
do....
Imports
.
do....
Distilling materials produced at wineries
do....
DAIRY PRODUCTS
Butter, creamery:
Production (factory) @
mil Ib
Stocks, cold storage, end of period
do....
Price, wholesale, 92 score (N.Y.)
$ per Ib..
Cheese:
Production (factory), total @
mil. Ib..
American, whole milk @
do....
Stocks, cold storage, end of period
do....
American, whole milk
do....
Imports....
do....
Price, wholesale, American, single daisies
(Chicago)
$ per Ib..
See footnotes at end of tables.
184.19
16812
13.29
191.87
17096
1396
186.68
M47.52
645.67
12365
17.93
1581
1543
1872
1708
1472
17.02
1535
1445
1629
1451
1501
1495
1353
1418
1302
1251
1394
1332
1238
1396
1331
1208
1398
1458
1241
1495
1672
1501
1512
1768
1547
1526
35.68
37.03
10 04
903
1021
767
1887
1700
1578
140.53
10.96
4.72
7.14
8.97
14.17
12.70
14.96
14.42
14.30
449.93
578.02
11371
37.28
649.27
788
36.35
639.72
982
34.48
633.44
783
34.68
625.89
11 35
38.25
617.26
1466
42.53
626.84
11 57
54.40
578.02
955
32.97
615.58
8 84
30.88
625.77
872
4.45
57226
580
5.10
56561
904
6.75
55961
11 35
6.15
55603
909
7.58
51202
7 06
7.38
55351
651
8.13
55347
506
7 64
688
7 56
5 30
2
101.26
581.16
9540
84.31
51202
8600
7.85
585.50
600
2.72
57677
743
23.48
22.40
10.03
4.53
26.19
25.22
9.26
4.83
1.62
1.85
10.03
0.29
1.98
1.51
10.57
032
2.65
2.07
9.83
0.35
1.92
175
12.25
044
3.61
407
11.68
050
2.42
352
10.55
066
3.11
294
9.26
066
1.87
127
10.90
085
2.42
103
11.86
035
285
163
1320
038
055
064
045
43401
328.48
558.43
87.63
254.36
50404
346.95
610.29
9768
204.38
293
27.18
384.80
738
3.44
617
26.92
364.05
899
1.82
202327.26
341.12
8.06
10.22
16444
23.16
48538
914
37.10
201 68
38.27
64349
876
90.62
5756
29 14
62703
923
31.48
2347
3048
61029
903
10.29
7 86
3034
55662
891
5.51
504
2514
54825
752
352
587
3231
52679
744
770
934
797
9846
177.8
1.272
1 1453
304.6
1.448
939
295.9
1.424
837
308.0
1.433
753
306.4
1.515
770
302.9
1.517
914
301.5
1.526
847
302.7
1.536
1036
304.6
1.539
121 3
332.1
1.534
110 1
372.3
1.537
116 7
407.4
1535
1169
450.4
r
1162
473.6
966
506.7
3 717.2
2,189.9
512.1
406.5
248.3
39831
2,374.6
578.8
479.6
231.2
3599
227.1
582.7
472.1
15.1
332.7
208.3
620.0
507.7
17.6
3176
192.9
613.8
501.2
17.5
3170
179.8
610.6
498.2
24.9
3321
186.6
590.9
484.4
29.3
3172
176.7
565.4
462.3
30.9
3544
204.8
578.8
479.6
44.4
3428
212.2
601.7
504.7
103
3165
198.1
596.3
508.6
116
3654
224.5
591.1
501.4
153
371 2
237.5
631.9
539.4
195
3869
253.5
r
649.8
r
555.6
137
3859
243.6
686.2
5854
168
1.414
1.562
1.548
1.555
1.570
1.615
1.653
1.641
1.641
1.640
1.640
1.669
1.670
1.678
1.679
2.81
1.678
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
August 1981
1981
1980
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk:
Production case goods @ .
...mil. lb..
Stocks, manufacturers', case goods, end of month
or year
. mil. lb
Exports
. .. 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, whole and nonfat (human food)
do....
Price, manufacturers' average selling, nonfat dry
milk (human food) @
$ per lb
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat)
mil. bu..
Barley:
Production (crop estimate) U
.'
do....
Stocks (domestic), end of period
do....
Off farms
. do .
Exports including malt §
.... do .
Prices, wholesale (Minneapolis):
No. 2, malting
$ per bu..
No 3 straight
do
Corn:
Production (crop estimate, grain only) fl .. mil. bu..
O f
'
do
Off farms
.
do....
Exports, including meal and flour
do....
Price, wholesale:
Weighted avg., selected markets, all grades
$ per bu
Oats:
Production (crop estimate) 11
mil bu
Stocks (domestic), end of period, total
do....
On farms
do
Off farms
do
Exports including oatmeal
do
Price, wholesale, No. 2, white (Minneapolis)
$ per bu..
Rice:
Production (crop estimate)
fl
mil. bags #..
California mills:
Receipts domestic, rough ....
. ...mil. lb..
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of period
.,»
mil. lb..
Southern States mills (Ark., La., Term., Tex.):
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) . . .
$ per lb..
Rye:
Stocks (domestic), end of period
do....
Price, wholesale. No. 2 (Minneapolis)
$ per bu..
Wheat:
Production (crop estimate) total 11
mil bu
Spring wheat If
do
Winter wheat U
do....
Distribution Quarterly @ @
do
Stocks (domestic) end of period total
do
On farms
do
Off farms
.
do....
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..
See footnotes at end of tables.
796.1
724.7
68.9
65.4
57.3
55.9
51.5
50.3
60.7
55.7
54.7
60.4
65.0
65.2
69.2
76.7
42.3
51.8
43.4
115.8
2.8
127.8
2.1
131.7
3.1
119.6
4.2
93.4
4.0
75.6
3.6
51.8
5.0
41.7
2.8
36.9
3.4
39.5
2.9
53.0
2.1
66.3
2.8
77.0
3.2
123,411
66,041
12.00
128,425
71,689
13.00
11,321
6,525
12.50
11,036
6,196
12.60
10,782
5,752
12.80
10,364
5,522
13.20
10,455
5,731
13.70
10,076
5,235
14.00
10,491
5,997
14.10
10,739
6,212
14.10
10,093
5,903
14.00
11,426
6,718
13.80
11,544
r
6,863
13.60
12,064
r
7,052
13.50
11,628
6,830
13.40
85.3
908.7
82.7
1,160.7
7.9
132.5
7.2
122.1
6.3
104.0
6.4
77.3
8.0
72.8
7.4
69.1
6.9
89.6
6.8
92.0
6.0
95.3
6.8
110.0
8.0
122.9
8.5
135.3
6.4
132.6
4.3
92.6
73.3
5.3
85.0
176.2
6.3
137.4
15.3
6.5
118.7
5.3
4.5
109.5
10.6
3.0
76.2
28.1
3.4
75.3
26.5
5.0
69.5
14.7
5.3
85.0
17.5
6.6
80.6
16.9
4.8
92.8
7.2
3.9
96.9
11.4
4.0
102.0
14.6
r
4.0
116.5
24.2
.3.6
115.3
31.4
0.800
0.887
0.888
0.889
0.892
0.897
0.922
0.936
0.939
0.938
0.936
0.937
0.939
0.939
0.939
3,640.3
3,914.4
298.7
327.6
363.2
350.5
368.1
366.4
382.9
348.0
341.8
361.9
326.1
289.8
289.9
9.3
3908
2480
142.7
6.7
6.8
3019
184.1
117.8
9.1
11.5
202.1
112.2
90.0
4.8
2
358.5
301.9
184.1
117.8
68.9
2.67
261
7,938.8
6,886.2
5,041.7
1,844.5
2,333.5
526.6
476.8
400.8
76.0
4.8
131.9
5.1
3.7
5.6
6.4
483.3
4
3.5
136.7
4
73.6
4
63.0
0.1
1.5
(6)
(6)
7
2
6,647.5
5,857.4
4,140.1
1,717.3
2,485.3
5
192.0
2.75
197.1
i,617.5
5
920.9
5
696.6
202.6
206.2
240.9
5,857.4
4,140.1
1,717.3
238.6
245.0
1.7
3905
328.9
61.7
0.9
208.3
3,997.4
2,651.7
1,345.6
222.2
199.8
0.7
255.8
211.4
44.4
0.8
7,734.9
3
2,774.0
3
1,818.3
3
185.3
955.7
207.6
157.7
(8)
7
2
457.6
390.5
328.9
61.7
9.1
1.57
2
7
2.90
2.95
2.42
2
1.0
1.2
1.65
1.3
484 1
3948
893
1.0
0.5
1.5
522.4
4
176.5
4
148.7
4
2.5
27.8
1.9
0.6
(6)
7
2
145.1
2,721
1,800
3,582
2,711
320
256
288
285
237
113
195
258
476
132
368
238
342
339
354
216
253
271
333
268
351
303
317
346
218
186
249
231
166
100
162
49
255
301
231
283
224
226
203
120
107
9,247
6,019
10,831
6,795
155
611
218
412
829
498
2,439
568
2,170
687
1,077
583
1,358
761
436
590
830
635
749
852
274
660
142
492
85
499
2,503
4,978
2,969
6,620
1,082
540
866
644
912
419
1,938
577
2,664
409
2,813
474
2,969
730
2,686
533
2,604
613
2,342
809
1,853
688
1,456
794
1,008
497
0.173
0.225
0.220
0.210
0.205
0.205
0.210
0.245
0.265
0.270
0.270
0.275
0.275
0.280
0.280
2
2
22.4
17.7
2.51
2
2,134
2
533
1,601
2,051
1,716.2
773.9
942.2
1,265.1
1,222.5
2
"13.40
2
382.8
365.6
246.4
119.2
34.5
2
11,320
16.3
9.3
177.4
7
2.73
(6)
17.1
4
6.8
9.3
184
41
2
7
2
7
2,370
2
478
1,891
2,185
1,903.8
754.1
1,149.7
1,344.5
1,309.5
*324
99.9
96.2
125.7
123.6
4.08
4.03
4.54
4.12
(66)
()
3.73
4.68
(6)
'800
2,471.9
975.3
1,496.6
144.6
139.3
139.6
136.0
118.6
116.2
113.4
112.2
569
1,903.8
754.1
1,149.7
133.4
131.9
132.2
129.9
128.8
124.4
r
575
1,329.2
539.4
789.8
134.0
128.8
*339
4
990.8
4
413.8
4
134.5
127.7
577.1
80.0
76.0
130.0
124.5
2,747
7
683
2,065
S-25
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1981
1980
1980
Annual
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
May
June
Mar.
Apr.
23,967 r23,421
420
424
53,402 '52,184
23,499
415
52,523
July
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Continued
Wheat flour:
Production:
Flour $
thous. sacks (100 lb.).
Millfeed $
thous sh tons
Grindings of wheat $
thous. bu.
Stocks held by mills, end of period
thous sacks (100 lb.).
Exports
do
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 100 lb
Winter, hard, 95% patent (Kans. City)
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 cases § .
Frozen
mil lb
Price, wholesale, large (delivered; Chicago)
$ per doz..
284 051
4945
636 375
282 655
4866
628 599
21,356
377
47786
23,137
410
51,760
24,025
424
52980
24,813
430
54762
26285
453
58392
24,420
392
54582
25,232
415
56,920
25,860
421
57,513
22,787
399
51,084
24,959
435
55,310
3975
18291
3842
15014
4268
1606
894
2137
3 716
1396
1034
522
3,842
609
980
1896
3,897
2241
2932
1724
3,895
2350
9508
9.268
uo.ne
'10 566
10338
9.838
11025
10.000
10963
10.113
10975
10.475
11 113
10.600
11 138
10.675
11.050
10.663
11 113
10.400
10.975
10.275
11 100
10.525
11.075
10.313
11.125
10.525
13820
14048
1206
1211
1 170
1215
1319
1070
1 150
1 171
1027
1203
1236
1,258
1320
387
240
339
198
461
287
495
326
548
384
556
399
579
420
403
258
339
198
359
208
354
208
373
221
394
229
r
420
r
256
502
326
0.260
0.270
0.245
0.310
0.320
0.325
0.305
0.285
0.295
0.285
0.290
0.285
0.255
0.260
0.265
1923
1936
f 155
159
160
159
165
16 1
168
166
150
166
159
162
155
38
23
31
24
51
29
39
29
28
31
39
30
15
29
19
25
31
24
22
25
19
24
32
22
32
22
0.662
0.628
0.546
0.632
0.659
0.688
0.643
0.757
0.773
0.714
0.672
0.629
2,499
31504
2294
31642
154
2533
186
2667
182
2684
198
2739
228
3002
185
2507
214
2725
215
2803
190
2483
r
25
23
41
25
0.697
0.622
0.629
213
2726
190
2625
158
2593
175
2 769
0.290
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
Cattle . . "
thous. animalsdo
Prices, wholesale:
Beef steers (Omaha)
$ per 100 lb.
Steers, stacker and feeder (Kansas City) .... do....
Calves, vealers (So. St. Paul)
do....
Hogs:
Slaughter (federally inspected)
thous. animals..
Prices:
Wholesale, average, all weights (Sioux City)
$ per 100 lb..
Hog-corn price ratio (bu. of corn equal in value
to 100 lb. live hog)
67.75
77.60
91.41
6696
71.30
75.53
6629
68.83
72.00
7047
69.48
73.00
7231
71.92
79.12
6968
71.53
85.00
6718
71.64
83.40
6505
70.23
76.47
6429
70.04
77.17
6308
68.56
77.38
6150
68.41
78.00
6140
65.47
80.88
6492
66.28
83.90
6686
63.10
84.25
6826
63.51
82.38
85,425
91882
7279
6,910
6745
7601
8404
7362
7788
7 768
6873
7988
7993
7004
6 682
42.13
39.48
34.97
41.78
48.49
47.42
48.36
46.44
45.07
41.67
42.78
39.88
40.15
41.96
48.78
51.01
183
144
133
151
158
153
15 8
14 7
138
128
128
11 9
120
126
150
156
Sheep and lambs:
Slaughter (federally inspected)
thous. animalsPrice, wholesale, lambs, average (Omaha)
$ per 100 lb..
4,833
5,363
400
420
427
466
510
415
468
488
426
488
512
425
440
66.58
62.46
64.00
67.50
68.25
65.75
62.00
55.67
53.75
46.50
54.50
55.25
59.25
65.00
66.25
37,225
706
1,378
2,178
38,590
750
1663
2,052
3089
642
164
154
3,070
578
145
208
3016
514
129
170
3221
510
136
133
3577
584
165
209
3097
679
144
167
3349
750
154
191
3416
792
143
171
3011
783
141
167
3383
776
169
131
3296
817
248
155
3069
r
795
189
140
3 113
721
180
153
21671
361
366
1712
21849
338
425
1531
1755
264
36
111
1815
250
38
158
1804
235
40
125
1860
226
35
95
2064
250
39
163
1733
286
27
122
1892
338
33
143
1971
371
34
128
1751
356
38
128
1931
351
54
87
1843
349
140
110
1791
338
34
95
1888
306
46
108
1.011
1.044
1.052
1.101
1.120
1.080
1.055
1.014
1.006
0.998
0.961
0.943
0.997
1.033
1,065
284
11
310
9
22
10
23
10
23
9
26
8
29
8
24
10
28
9
30
9
26
8
29
8
29
10
24
10
24
12
15,270
281
330
361
16,431
349
314
433
1,312
314
32
35
1,232
264
28
44
1,189
217
19
39
1335
222
18
31
1485
269
28
40
1339
321
29
37
1,428
349
28
39
1416
351
27
37
1234
356
32
33
1423
361
37
37
1424
404
31
36
1254
r
394
39
37
1201
349
34
39
.
2548
1.011
0.970
234.1
1.032
266.9
1.116
2748
1.114
2861
1.136
2942
1.100
2888
1.094
249 4
1.156
2469
1.146
2459
1.105
2524
1.035
2430
1.124
2534
1.191
1.261
165.2
1.604
148.5
1.354
12.0
1.253
16.9
1.345
9.6
1.200
8.2
1.220
9.6
1.190
94
1.200
19.9
1.080
135
1.095
278
1.100
192
1.120
304
1.150
271
1.040
241
0.890
Coffee (green):
Inventories (roasters', importers', dealers'),
end of period
thous bags jl
Roastings (green weight)
. . do
2521
17005
2834
17047
2907
4023
Imports total
From Brazil
Price, wholesale, Santos, No. 4 (N.Y.)
Confectionery manufacturers' sales
do
do....
$ per lb..
mil $
19396
1,890
1.763
4347
18153
3505
2.066
4908
1663
287
2.110
318
1533
'419
1.950
293
1386
336
2.060
396
1062
208
2.060
526
1292
346
2.100
533
1486
352
2.100
454
1715
341
2.080
425
1858
'473
2.180
421
1738
259
2.180
461
1395
364
2.180
463
1299
138
2.180
r
398
mil. lb..
471
393
334
359
380
379
391
408
393
388
344
330
295
MEATS
Total meats (excluding lard):
Production, total
mil. lb..
Stocks, cold storage, end of period
do....
Exports (meat and meat preparations)
do....
Imports (meat and meat preparations)
do....
Beef and veal:
Production, total
do....
Stocks cold storage end of period
do
Exports
do....
Imports
do
Price, wholesale, beef, fresh, steer carcasses,
choice (600-700 Ibs.) (Central U.S.)
$ per lb..
Lamb and mutton:
Production, total
mil. lb..
Stocks, cold storage, end of period
do....
Pork (excluding lard):
Production, total
mil. lb..
Stocks, cold storage, end of period
do....
Exports
do
Imports
do
Prices, wholesale:
Hams, smoked #
..Index, 1967—100..
Fresh loins, 8-14 lb. average (N.Y.)
$ per lb..
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl. shells)
thous. Ig. tonsPrice, wholesale, Accra (New York)
$ per lb..
Fish:
Stocks, cold storage end of period
See footnotes at end of tables.
252.6
1.076
2
3
C
r
2849
'4742
2834
4868
2956
3859
2590
3962
1356
283
1.290
321
r
294
1026
166
1.155
335
P
326
6786
61.51
76.00
59.00
1.072
S-26
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
August 1981
1981
1980
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Apr.
May
487
232
743
1004
675
836
3472
3195
55,765 134 737
289
313
153
878
785
2807
80,412
255
201
943
815
r
2,755 P2,278
83,266 115,336
312
398
0.231
0.344
14,696
0.200
0.315
19,220
0.163
0.266
18,990
0.191
0.295
17,736
Feb.
June
July
FOOD AND KINDRED PRODUCTS; TOBACCO—Cont.
MISCELLANEOUS FOOD PRODUCTS—Cont.
Sugar (United States):
Deliveries and supply (raw basis): §
Production and receipts:
Production
thous sh tons
Deliveries total
Stocks raw and ref end of period
i,
j f
• J «j
Corn oil:
Production* Crude
Production* Refined
See footnotes at end of tables.
347.3
126.8
r
345.9
r
357.0
117.4
452.8
137.5
414.5
131.8
394.4
142.7
411.2
122.5
404.1
137.9
409.5
131.6
474.5
127.6
438.2
129.2
r
459.3
137.9
470.5
120.2
186.9
607
213.2
661
221.9
80.0
218.4
71.4
264.6
74.2
235.5
62.2
214.4
68.3
231.6
76.8
196.3
66.1
r
182.1
74.2
215.5
87.3
0637
0637
0624
0624
0624
0637
0637
0.637
0.637
0.637
0.637
91.9
61 7
460
99.6
65 4
470
87.8
573
50 8
96.0
629
55 9
97.1
624
68 1
87.4
640
538
100.4
699
51 1
91.2
669
475
r
90.5
r
r
94.6
65.7
406
431 9
235.3
402.8
455 6
245.7
430.5
5122
268.6
439.5
4493
236.1
412.1
4959
239.6
413.0
4885
258.8
436.0
4407
245^8
436.9
4746
257.4
443.6
4710
260.1
449.2
r
4370
r
265.2
r
4550
248.8
435.4
46.4
56.2
327
58.7
52.4
51.0
476
67.7
57.2
62.5
35.0
56.5
71.6
66.9
36.5
126.7
63.0
63.1
36.6
90.9
62.5
58.3
49.6
116.0
65.5
67.7
47.4
110.1
66.0
65.0
50.6
139.2
61.8
71.1
44.7
79.1
53.5
68.3
33.9
39.8
r
63.7
r
39.4
90.5
58.1
70.6
37.5
81.2
74.3
64.4
503
71.4
72.3
63.0
526
74.2
88.7
82.9
76.5
79.1
48.0
1227
85.7
0.365
184,786
16,460
14,099
11,870
0.427
0.560
14,271
42064
131.9
4 1778
130.7
3145
125.6
329.8
111.7
348 1
114.5
3470
125.5
5,075.6
1412
5,167.2
1225
433.7
1483
409.6
135.6
481.1
1579
2,553.2
805
2,592.8
742
214.6
747
192.1
783
0549
0603
0599
0599
A ""
904.8
765 7
566
1,042.7
7149
559
89.8
545
61 7
88.3
590
53 8
do
do....
58363
3417.6
390.4
5 782 1
2^979!4
413.0
4597
240.6
427.5
470 5
233.0
455.7
644.7
693.5
87.9
51 1
522
0.409
0.550
40.1
979.8
496
889.3
47.6
56.3
419
62.8
do
do ..
7435
589.4
do
5550
652
8106
638.2
5953
763
651
52.9
496
599
662
45.2
445
716
699
51.2
447
623
762
56.3
528
658
80.6
63.9
528
721
68.0
64.3
523
793
59.0
59.7
615
76.3
65.8
61.9
569
724
63.6
65.6
521
80.3
76.2
61.2
566
77.0
69.6
59.7
433
82.0
1,260.5
1,140.8
6182
1443
1,447.1
1,370.2
6330
0369
785.4
0261
116.8
110.0
651
167 1
31.4
0223
104.2
115.1
579
1446
70.3
0263
104.9
107.5
655
1398
776
0273
93.1
94.8
556
1219
893
0.263
116.4
94.1
575
1226
53.7
0.248
130.5
119.8
518
1529
66.6
0.330
122.3
125.1
49.5
1701
47.1
0.338
131.7
131.3
380
1836
77.0
0.334
118.9
99.6
445
2001
29.3
0.320
115.4
102.1
47.1
2024
66.7
0.335
100.8
113.0
44.2
1659
82.1
0.354
do. ..
do....
do
$ per Ib
.
354.5
118.9
0372
0.413
174,690
0.351
0.442
11,883
do
..
325.2
122.0
0277
0.393
1
mil Ib 11 504 1
do.... 9,110.1
86564
9,t k
d
d rpf end of npriod fl do
1030 1
23706
'
drefm d)
do
0.327
Price, wholesale (refined; N.Y.j"!!!!!'.""""$ per Ib".
TOBACCO
Leaf:
2
1527
Production (crop estimate)
. .
mil Ib
Stocks, dealers' and manufacturers',
4974
end of period
.
mil Ib
Exports, incl. scrap and stems
thous. Ib. 561,756
377 203
Imports incl scrap and stems
do
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt .
...
Taxable
Cigars (large) taxable
Exports cigarettes
331.4
125.2
0324
0.452
14924
4810
595.6
748.4
Stocks crude and ref end of period If
Cottonseed oil:
Production* Crude
. .
.
...
Production: Refined
Exports (crude and refined)
Price wholesale (N Y )
Soybean oil:
Production* Crude
Production: Refined
367.6
130.7
0306
0.405
10788
10714
3503
3
mil Ib..
do....
do
do .
. .
Consumption in end products
348.9
111.9
0.164
0.228
Tallow and grease (except wool), inedible:
Consumption in end products
.
Stocks, end of period
fl
Vegetable oils and related products:
Coconut oil:
Production refined ..
Consumption in end products
Stocks refined end of period
fi
Imoorts
379.6
102.8
592
899
831
1679
81229
310
mil Ib..
'"
12,891
0.266
0.383
18,354
96
955
906
1548
40495
314
$ per Ib
do. ..
Tea imports
thous Ib..
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production
mil Ib
Stocks end of period @ .
. do .
Salad or cooking oils:
Production
do....
Stocks end of period @
do
Margarine:
Production
do....
Stocks end of period @
do
Price, wholesale (colored; mfr. to wholesaler or
Of
0.303
0.432
12,126
0.291
0.403
15,936
60
975
900
1866
87919
349
thous sh tons
Animal and fish fats:
Tallow, edible:
Production (Quantities rendered)
758
754
697
3330
26370
387
70
968
907
2204
45 114
397
sh tons
Imports raw and refined
Prices, wholesale (New York):
Raw
Refined (excl excise tax)
928
1 127
998
744
704
815
2345
2970
20650 123 950
272
510
158
933
879
r
2490
64641
398
do
Exports raw and refined
3
4713
10 838
10 149
2970
608 029
4127
do
4733
millions
do...
do
do
93150
613,830
3356
79.717
6983
170 1
!29.0
631
398
437.5
64.0
r
r
50.6
1602
72.2
0.350
830.8
991.3
954.2 '914.9
927.8
913.8
890.1 1,080.2 1,077.6 1,024.3 1,010.6
887.8
901.6
808.3
754.9
760.7
741.6
833.9
741.2
764.5
784.1
760.5
763.1
706.3
699.0
720.3
r
7287
7707
7223 r
7191
6826
7388
6987
6808
7751
6837
671 2
7545
7371
85852
1 7378 1 2259 1305 1 1 2630 1 210 1 1 3739 1 6773 1 737 8 1900 1 19763 20167 21185 2 166 3 21237
1088
1096
23146
847
1160
76 1
1946
1097
1757
1712
1125
1205
1138
2028
0.268
0.265
0.285
0.309
0.286
0.281
0.262
0.319
0.318
0.320
0.302
0.282
0.265
0.289
12 097.2
8,982.2
r2
4
1,965
1,783
4,850
C
591,518
365 622
4,284
42,998
40909
40,877
25681
94,256
620,565
3290
C
81.998
6,644
53,689
325
6.690
6193
49,612
228
4.860
28,328
25073
4,548
32,323
27144
47,610
32,793
6,809
52,145
275
C
6,290
8,554
54,839
335
7.770
9,630
62,133
335
8.171
C
64,420
26,059
4850
66,563
22342
44,809
33973
6,833
49,248
251
6.116
8204
43,762
238
6.781
9868
53,048
258
6,958
32,831
44274
4,624
53,728
31 753
49,414
24274
44,571
28796
40,142
22347
9,248
51,474
211
8.289
7,592
54,224
291
8,534
6,891
53,670
257
6.046
6,341
50,678
273
6.621
6.214
S-27
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
1981
1980
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value total #
Calf and kid skins
Cattle hides
thous.$
tlious skins
thous. hides
Imports:
Value total #
thous $
Sheep and lamb skins
thous. pieces
Goat and kid skins
do
Price, producer:
Calfskins packer heavy 9 1/2-15 Ib
$ per Ib
Hides, native steer heavy
index, 1967—100..
LEATHER
Exports:
Upper and lining leather
Price, producer:
Sole, bends, light
thous sq ft
991 707
2321
23731
693 678
2495
19568
49921
122
1650
138 800
15529
2444
88200
9027
519
7500
1027
1
6200
640
30
1687
6144
1098
3859
0860
3210
187 665
192 597
329.6
45904 52,134
281
260
1 509 1703
48820
325
1510
53048
138
1608
50461
137
1542
58,493
202
1711
57,458
242
1,536
64390
264
1749
64187
263
1737
56,901
227
1565
58,209
278
1545
55,976
264
1560
6400
666
o
5100
286
29
6500
492
g
5400
330
6
6800
248
10
7600
546
67
8200
1289
34
7300
926
68
8700
1341
132
8400
1,484
59
1381
' 79
1 100
369.0
1 100
4480
1 100
3614
1 100
4129
1 100
4559
1 100
420.6
'3751
3441
356.1
401.5
385.8
367.4
15483
15 481
15215
15818
19051
20880
13641
19 633
14418
19717
17678
18016
18692
283.8
263.9
282.6
312.8
284.0
249.5
268.9
283.2
317.1
302.7
308.5
3171
318.5
298.4
398 480
394 596
33137
27932
31 474
33335
36976
30285
29454
31 253
30517
34 173
32896
32059
305,172
72 779
20,529
3651
301,069
68658
24869
4 125
24,661
6183
2293
337
21,378
4733
1821
309
25,188
5862
2285
375
28,239
6421
2316
381
23,030
5 105
2150
375
23,314
4050
2090
351
23,052
5829
2372
342
9781
730
704
875
952
908
877
710
22,995
5281
2241
348
804
25,808
5926
2?439
328
1 180
24,935
5355
2606
277
913
24,454
5247
2358
277
7581
23,858
5 363
2,253
309
893
729
976
1929
2117
2112
2127
2127
2135
2157
2167
100.0
2157
100.0
100.6
2163
100.5
102.0
2179
101.8
102.5
2144
102.8
103.0
2145
102.8
1027
2145
103.0
1027
2140
102.9
2523
520
2003
2424
501
1923
2542
579
1 963
2818
2 780
2651
2379
557
1 822
614
2204
2752
592
2 160
5,883
1819
4064
6065
1843
4222
index, 1967=100..
LEATHER MANUFACTURES
Footwear:
Production total
thous pairs
Shoes, sandals, and play shoes, except athletic
thous. pairs..
Slippers
,. . do
Athletic
do....
Other footwear
do
Exports
do
Prices, producer: *
Men's leather upper, dress and casual
index, 12/80=100..
Women's leather upper
Women's plastic upper
index 1967 — 100
index, 12/80= 100..
LUMBER AND PRODUCTS
LUMBER—ALL TYPES #
National Forest Products Association:
Production total
mil bd ft
Hardwoods
do....
Softwoods
.
do
Shipments total
Hardwoods
Softwoods
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
Exports, total sawmill products
Imports, total sawmill products
do
do..
do
do....
do..
do
do....
do....
X
37 061
7317
29744
136 514
6942
29 572
*31 885
*7220
24665
131 422
*6584
24838
5,342
1 171
4 171
5,805
1807
3998
1,655
9,859
1,447
11,513
2486
543
1943
2479
494
1985
2530
469
2061
5,534
1527
4007
2454
419
2035
5,570
1613
3957
2783
570
2818
2213
2291
2716
2212
2708
'494
2214
5,659
1 701
3958
5,776
1741
4035
504
527
2903
'549
2354
2480
550
1930
2851
511
2340
5,832
1783
4049
2494
542
1952
2329
500
1829
2350
492
1858
5,826
1799
4027
5,805
1807
3998
598
2755
579
2 176
592
2059
2633
626
2007
6,098
1872
4 226
6123
1891
4 232
6213
1871
4*342
2 182
153
119
876
134
118
123
117
127
830
804
863
867
892
799
756
848
966
980
991
581
529
601
486
698
598
538
934
SOFTWOODS
Douglas fir:
Orders, new
mil. bd. ft .
Orders, unfilled, end of period
do....
Production
do..
Shipments
do....
Stocks (gross), mill, end of period
do....
Exports, total sawmill products
do....
Sawed timber
do
Boards, planks, scantlings, etc
do....
Price, wholesale:
Dimension, construction, dried, 2" x 4", R.L.
$ per M bd. ft..
Southern pine:
Orders, new
mil. bd. ft.
Orders, unfilled, end of period
do....
Production
do....
Shipments
do
Stocks (gross), mill and concentration yards, end
of period
mil bd ft
Exports, total sawmill products
thous. bd. ft..
Prices, wholesale (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=100..
See footnotes at end of tables.
8388
529
8427
8,412
918
520
156
363
6791
560
514
484
929
550
521
584
589
924
646
634
563
607
626
944
541
565
531
539
936
453
499
495
519
912
549
576
551
937
514
562
521
978
594
622
618
982
601
601
591
992
540
576
599
969
505
533
601
901
51
9
49
9
43
9
39
35
51
13
47
g
42
38
39
43
13
617
456
569
580
463
447
492
472
587
493
552
541
602
486
604
609
508
474
546
520
6815
6,821
912
515
563
574
899
540
117
422
49
10
39
42
6
36
42
13
29
35
7
28
40
11
30
40
5
35
37
8
29
277.24
223.42
237.01
238.97
248.37
232.98
224.31
214.86
217.12
^950
523
*7938
*7932
6559
419
6758
6663
552
503
553
561
580
512
566
571
558
470
614
600
510
434
575
546
678
492
626
620
509
473
519
528
439
419
515
493
1 175
209,793
1270
280,243
1213
29,384
1208
22228
366.2
337.2
329.6
333.0
331.6
324.3
316.1
316.1
320.0
301.4
324.7
319.3
323.6
325.8
328.0
330.2
330.2
330.2
499
555
651
612
963
1 222 1251
24,274 19,376
30
1 257 1 248 1 270 1 259 1 279 1 290 1 285 1 311
20,072 16,731 20,878 14,763 11,781 26,059 19,198 19,919 21,226
July
S-28
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
SURVEY OF CURRENT BUSINESS
1979
1980
Annual
August 1981
1981
1980
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
LUMBER AND PRODUCTS—Continued
SOFTWOODS— Continued
Western pine:
Orders, new
mil. bd. ft..
Orders, unfilled, end of period
do....
Production
do
Shipments
do....
Stocks (gross) mill end of period
do....
Price, wholesale, Ponderosa, boards, No. 3,
1" x 12" R L (6' and over)
$ per M bd ft
HARDWOOD FLOORING
Oak:
Orders new
mil. bd. ft..
Orders unfilled end of period
do
Production
•
. . . . do. .
Shipments
do....
^°^ ''
'
"
9,630
403
9780
9696
1379
7,730
326
7613
7807
1 185
624
376
567
628
1244
667
420
572
623
1,193
628
392
648
656
1 185
806
445
748
753
1 180
735
444
732
736
1 176
636
415
644
665
1 155
516
326
635
605
1 185
31726
28755
25206
31005
32735
30406
29325
30622
34083
37
37
40
29
20
15
6.6
11 1
7.3
96
7.0
94
6.4
98
7.2
94
6.1
100
(3)
934
70
998
96.7
54
19
(3)
78.0
124
688
418
659
596
1,248
605
414
631
609
1,270
747
442
736
719
1,287
637
426
681
653
1,315
19
1.5
19
2.5
3.7
5.8
124
6.4
109
6.7
93
8.0
97
9.0
93
573
355
684
644
1,355
761
369
679
747
1,287
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons..
Scrap
do
Pig iron
,
do....
Imports:
Steel mill products
do
Scrap
do....
Pig iron
do
Iron and Steel Scrap
Production
thous sh tons
Receipts net
do....
Consumption
do
Stocks end of period
do....
Prices, steel scrap, No. 1 heavy melting:
Composite
$ per Ig ton
Pittsburgh district
do....
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous Ig tons
Shipments from mines
do....
Imports
do....
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do....
Consumption at iron and steel plants
do....
Exports
do
Stocks total end of period
do
At mines .
do....
At furnace yards
do
At U S docks
do....
Manganese (mn content), general imports
do....
Pig Iron and Iron Products
Pig iron:
Production (including production of ferroalloys)
thous. sh. tons..
Consumption
do .
Stocks end of period
do
Price basic furnace
$ per sh ton
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. tonsShipments total
do
For sale
do....
Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons..
Rate of capability utilization . . . . . percent .
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments total
do....
For sale, total
do....
See footnotes at end of tables.
2,818
11094
105
4,101
11 168
73
418
1070
36
398
870
1
449
821
4
401
822
1
366
967
2
316
525
3
324
763
(2)
256
578
2
213
683
1
260
442
2
291
694
2
259
677
1
279
628
2
17518
760
476
15495
'557
400
1203
38
23
1079
26
42
1374
26
26
1064
54
12
1 142
40
32
1 181
35
43
1536
58
72
1281
38
18
1234
41
10
1,142
53
5
1,761
52
36
1,772
62
61
1,665
52
59
8,018
2 868
2,820
5803
7,839
2583
2,324
5009
7,684
2,856
2,574
5520
7,653
3247
3,066
6328
7,691
3691
3,770
7402
7,771
3584
3,609
7410
7,607
3,820
3,961
7386
8,037
3,774
3,769
7486
7,939
3750
3,604
7435
7,856
r
4,240
r
4,261
r
8,379
r
8,004
4,078
4,018
8,137
8,015
4,010
4,148
8 192
8,159
9217
9617
7121
69.50
7377
73.50
8361
88.50
9238
9900
9665
104.50
9821
105.50
10186
106.00
9634
103.50
9428
10100
9874
109.00
10144
112.00
96 13
105.50
8863
99.00
69 000
68639
25058
6 415
7 999
2,638
5326
7021
2,712
4736
6052
2,029
4368
6211
2,062
5024
6638
2,499
4686
6587
2,348
5913
6009
1,809
5964
2800
1,292
6052
1545
1,075
6751
2035
1,165
6280
3938
1,794
7265
8,906
2,901
3,879
r
87,188
r
89 397
5073
56 066
14265
35706
6095
795
9,956
5,768
551
53 522
22,771
27 242
3,509
68
9,467
5,456
284
56 784
21,073
31 176
4,535
54
7,671
5,644
650
57545
19,757
32953
4,835
67
8,054
5,953
484
57999
17,914
35009
5,076
60
8,498
7,203
552
57653
16,289
36131
5,233
38
8,323
7,895
309
56621
14,374
36499
5,748
57
7,625
8326
563
56066
14,265
35706
6,095
69
4,162
8,667
33
54536
17,477
31088
5,971
22
2,686
8 126
2
53154
21,990
25554
5,610
76
3,794
9293
63
50786
26,736
19972
4,078
55
6,233
8,793
625
49781
29,336
17286
3,159
70
11,520
8,841
2967
51411
27,700
19885
3,826
111
'68,721
69 053
925
20300
4,664
4,697
900
20300
4,222
4,270
870
20300
4,360
4,392
888
203.00
4,596
4,671
877
203.00
5,621
5,688
863
203.00
6,132
6,186
859
203.00
6,489
6,507
925
203.00
6,603
6,647
891
203.00
6,108
6,209
894
203.00
7,193
7316
881
203.00
6,755
6,927
r
846
203.00
6,938
7,116
P
831
203.00
974
15434
7981
938
11587
6321
787
862
491
793
742
445
817
833
491
851
940
534
891
1,102
605
932
946
529
938
873
491
942
1,034
562
952
1,011
548
968
1,140
634
r
882
l,170
r
657
852
1,101
616
54
715
376
41
461
217
31
37
19
28
28
12
30
30
15
35
34
15
39
41
18
44
36
16
41
37
17
46
37
17
45
40
18
43
43
20
42
42
20
40
38
19
136,341 Ull^SS
728
878
7,501
58.4
6,796
531
7,019
54.8
7,767
627
9,442
722
10,057
795
10,180
778
10,590
799
10,028
837
11,744
886
11243
877
11,423
862
606
1851
1,681
735
158
145
688
117
107
660
122
112
621
145
132
603
141
128
609
133
121
606
148
135
668
158
144
586
163
147
558
173
155
*52 219
"47,048
98901
8,724
rl
42 207
rl
40,954
rl
83
710
r
9807
10150
1
85 716
"86 218
33,776
115,892
115 014
4455
55 753
11368
38969
5416
850
r
1
87003
87458
881
20300
1,039
2039
1,848
rl
rl
r
r
r
540
154
137
P
526
151
131
11,924
8,162
634
23480
4,663
78
6,408
203.00
10,451
815
8708
9900
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
S-29
SURVEY OF CURRENT BUSINESS
August 1981
1979
1980
1980
Annual
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
METALS AND MANUFACTURES—Continued
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
do
Bars: Hot rolled (incl. light shapes)
do...
Bars' Reinforcing
do
Bars: Cold
finished
do
Pipe and tubing
do.
Wire and wire products
do
Tin mill products
do
Sheets and strip (incl. electrical), total
do...
Sheets: Hot rolled
do
Sheets: Cold rolled
do—
By market (quarterly):
Service centers and distributors
do....
Construction, incl. maintenance
doContractors' products
do—
Automotive
do—
Rail transportation
;
do....
Machinery, industrial equip., tools
do—
Containers, packaging', ship, materials
doOther
do—
Steel mill shapes and forms, inventories, end of
period—total for the specified sectors:
mil. sh. tonsProducing mills, inventory, end of period:
Steel in process
mil. sh. tonsFinished steel
do. .
Service centers (warehouses), inventory, end of
period
mil. sh. tonsConsumers (manufacturers only):
Inventory, end of period
do....
Receipts during period
do....
Consumption during period
do—
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tonsRecovery from scrap (aluminum content)
do—
Imports (general):
Metal and alloys, crude
do....
Plates sheets bars etc .
do
Exports:
Metal and alloys crude
do
Plates, sheets, bars, etc
.. do
Price, primary ingot, 99.5% minimum — $ per lbAluminum products:
Shipments:
Ingot and mill prod, (net ship.)
mil lbMill products, total
do—
Sheet and plate
do....
Castings
do ..
Inventories, total (ingot, mill products, and
scrap), end of period
mil. lbCopper:
Production:
Mine, recoverable copper
thous. met. tonsRefinery, primary
do—
From domestic ores
;
do—
From foreign ores
do—
Secondary, recovered
as refined
do—
Imports (general):
Refined, unrefined,
scrap (copper cont.)
do—
Refined
do
Exports:
Refined and scrap .
do
Refined
do—
Consumption, refined
(by mills, etc.)
thous. sh. tonsStocks, refined, end of period
.. do—
Price, electrolytic (wirebars), dom., delivered
$perlbCopper-base mill and foundry products, shipments
(quarterly total):
Brass mill products
mil. lbCopper wire mill products (copper cont.)
.doBrass and bronze foundry products
do—
Lead:
Production:
Mine, recoverable lead
thous. met. tonsRecovered from scrap (lead cont.)
do—
Imports (general), ore (lead cont.), metal
do—
Consumption, total
do—
See footnotes at end of tables.
100,262
83,853
5,848
5,354
5,745
6,682
7,458
7,038
7,591
7,616
7,375
8,422
8,108
7,932
8,148
5,496
X
5,596
9,035
2,026
17,601
9,958
5,303
2,245
8,242
2,449
6,310
43,507
15,995
17,284
5,342
5,207
8,080
1,797
13,258
6,911
4,683
1,585
9,097
1,768
5,709
33,595
12,116
13,313
343
355
592
151
982
500
359
117
755
129
411
2,139
775
827
351
355
595
98
832
386
347
94
672
118
416
1,915
681
740
386
942
587
112
889
433
350
101
689
124
435
2,168
754
848
379
447
652
138
1,011
517
371
117
739
136
426
2,756
988
1,104
496
489
702
124
1,132
583
415
126
789
146
432
3,149
1,083
1,282
488
432
627
125
1,036
571
340
120
767
129
425
3,010
1,111
1,179
543
426
661
140
1,037
564
348
119
782
148
464
3,390
1,281
1,325
441
457
667
145
1,079
610
320
144
793
150
474
3,410
1,209
1,368
477
426
720
158
1,146
659
342
140
776
153
473
3,046
1,077
1,202
606
548
731
170
1,334
764
407
156
945
185
431
3,470
1,267
1,344
531
472
678
161
1,292
740
395
150
949
161
431
3,434
1,252
1,354
535
414
667
140
1,258
722
385
145
925
150
388
3,456
1,233
1,402
529
408
627
116
1,263
706
399
152
890
155
419
3,739
1,346
1,487
18,263
10,058
4,021
18,624
4,127
6,027
6,770
1
32,372
16,174
8,787
3,362
12,156
3,178
4,566
5,549
30,082
3,592
2,075
752
2,580
855
1,170
1,279
7,281
37.1
30.9
35.2
33.9
33.3
31.5
30.0
30.6
30.9
30.7
30.8
31.1
30.9
31.8
11.5
7.6
9.6
6.9
12.1
7.2
11.9
6.9
11.4
6.8
10.3
6.6
9.6
6.7
9.6
6.9
9.6
6.9
9.5
7.0
9.5
7.1
9.8
7.1
9.9
'7.3
10.4
7.5
3,432
2,006
727
2,440
582
882
1,192
6,518
4693
2,237
945
3,473
702
1003
1,325
7709
4,696
2,356
958
3,591
753
1,261
1,470
8,326
4,997
2442
892
3,811
548
1,292
1,399
8,806
7.1
7.3
7.0
6.7
7.2
7.1
6.6
7.0
7.3
6.9
7.2
7.2
6.9
7.2
10.2
80.1
80.3
6.6
63.0
66.6
8.2
4.5
5.2
7.7
4.1
4.6
7.3
4.4
4.8
6.9
5.1
5.5
6.5
5.9
6.3
6.4
5.2
5.3
6.6
5.4
5.2
6.7
6.2
6.1
7.0
6.4
6.1
7.0
6.7
6.7
'6.8
6.3
'6.5
6.7
6.3
6.4
5,023
1,399
5,130
1,377
425
106
427
102
426
113
419
124
437
128
427
122
439
118
445
124
404
127
448
146
431
139
441
139
570.6
^Ol.O
567.7
71.3
51.7
6.8
40.3
4.4
40.7
4.4
43.0
3.7
41.4
7.2
29.9
4.8
78.3
5.2
55.8
5.8
55.7
8.9
75.6
7.5
50.2
10.7
67.8
13.9
55.9
11.6
200.6
265.7
0.5940
715.0
315.3
0.6957
61.3
27.5
0.6800
51.3
24.6
0.6800
97.6
42.5
0.6800
98.9
24.5
0.6933
70.1
34.1
0.7546
55.0
24.2
0.7600
46.1
24.6
0.7600
59.4
30.1
0.7600
23.2
27.1
0.7600
32.9
32.6
0.7600
48.6
26.5
0.7600
29.3
30.6
0.7600
23.5
21.4
0.7600
14,517
11,230
'6,296
2,080
14,057
10,485
'5,862
1,538
1,070
'792
'437
103
1,110
'806
'464
'88
1,172
'819
'464
108
1,184
858
'481
119
1,232
'913
494
135
1,022
'790
435
124
1,203
868
492
122
1,090
883
511
141
1,072
859
486
131
1,294
963
562
154
1,199
'952
'550
148
1^260
1,005
624
139
5,125
'5,076
'5,032
'5,084
'5,037
'4,966
'4,966
'5,082
'5,076
5,221
5,323
5,408
5,495
5,564
1,443.6
1,515.4
1,411.5
103.9
1,175.3
1,210.9
1,121.9
49.5
44.8
34.1
22.7
48.3
25.8
mo
120.1
155.1
147.6
7.5
76.0
64.2
58.7
5.5
102.0
90.2
82.7
7.5
116.8
121.1
109.6
11.5
119.4
126.0
113.5
12.5
114.0
125.0
110.3
14.6
121.4
139.6
131.7
7.9
124.6
140.1
131.0
9.2
127.5
131.7
123.6
8.1
575.6
573.0
52.7
26.6
33.6
33.4
60.8
45.1
36.9
38.9
52.8
45.5
63.1
341.3
217.9
520.3
431.8
31.7
27.5
26.8
24.7
38.6
34.8
42.8
39.1
64.2
59.2
55.8
46.0
44.3
36.8
41.7
24.7
39.0
29.4
29.0
21.8
40.2
28.1
28.6
21.7
51.1
34.5
308.8
80.5
330.1
17.4
30.4
2.0
39.2
1.9
39.2
0.9
20.8
0.4
25.3
0.5
25.2
1.0
22.9
3.4
36.2
2.9
32.1
2.5
38.7
5.8
20.2
1.2
33.7
0.9
40.0
3.5
2,470
288
2,083
365
530
480
0.9333
1.0242
0.9271
0.8803
0.8580
0.8523
2,981
3,048
593
2,405
2,834
483
587
681
120
525.6
801.4
59.6
1,358.3
551.0
659.1
52.1
1,048.2
46.3
57.1
7.8
77.2
3.3
11.5
2.4
(3)
(3)
(3)
375
392
1.0356
1.0071
0.9886
500
365
0.9947
0.9698
532
694
108
43.5
'45.9
2.0
68.2
41.7
52.2
4.2
79.5
39.3
56.0
6.5
95.6
0.8913
527
331
0.8857
0.8607
642
622
116
48.5
50.2
4.6
103.0
39.6
58.1
3.7
92.5
41.2
54.9
2.6
92.0
0.7600
0.8738
867
670
119
42.3
46.5
3.5
98.9
40.5
43.9
6.0
90.7
'43.0
43.8
11.1
95.9
0.8441
S-30
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
August 1981
1981
1980
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS—Continued
Lead—Continued
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content) ABMS
thous met. tons.
Refiners' (primary), refined and antimonial
(lead content)
. . thous met. tons
Consumers' (lead content) 11
do
Scrap (lead-base, purchased), all smelters
(gross weight)
. . thous met. tons
Price, common grade, delivered
$ per lb..
Tin:
Imports (for consumption):
Ore (tin content) .
metric tons..
Metal unwrought unalloyed
do
1052
135 3
1429
1409
138.3
138.9
142.4
136.9
135.3
126.5
132.0
122.7
461
123 2
548
958
770
962
610
873
491
845
315
868
261
907
416
944
54.8
958
77.9
918
81.3
879
77.4
871
741
0.5264
412
0.4246
392
0.3419
385
0.3560
35.5
0.4096
38.2
0.4226
38.9
0.4500
398
0.4381
42.1
0.3897
43.5
0.3379
37.1
0.3042
842
45983
0
4202
1055
160
4100
3,250
566
6592
8.5346
0
0
2736
3 131
1 015 1230
125
175
3700
3900
3,050
3,000
498
426
6051
6544
8.4316 8.3922
0
3095
1220
155
4150
3,350
227
5 180
8.6898
147
3688
1370
155
4,300
3,400
180
5208
8.4000
0
26
3,805
3738
1 175 1265
120
150
4,050
3,750
3,000
3,250
547
151
5,504
5086
7.9779 7.5956
0
0
3,327
4,790
1330
1 195
120
145
4,400
4,300
3,600
3,500
233
415
5,745
5,968
7.4876 7.1349
4529
48354
21
493
5
1767
do
. do . r5
62
465
do.... r549,496
53 418
do
4238
do
7.5389
$ per lb..
As metal
Consumption total
.
Primary
Exports incl reexports (metal)
Stocks pig (industrial) end of period
Price, Straits quality (delivered)
Zinc:
Mine prod recoverable zinc
thous met tons
Imports (general):
Ores (zinc content). .
do....
Metal (slab blocks)
do
Consumption (recoverable zinc content):
Ores .
do ..
Scrap all types
do
Slab zinc: @
Production, total $
thous. met. tonsConsumption fabricators
do
Exports
do
Stocks, end of period:
Producers', at smelter (ABMS)
do....
Consumers'
. do
Price Prime Western
$ per lb..
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
Electric processing heating equipment
do
Fuel-fired processing heating equip
do
Material handling equipment (industrial):
Orders (new) index seas adj
1967—100
Industrial trucks (electric), shipments:
Rider-type
do....
Industrial trucks and tractors (internal combustion
Industrial supplies, machinery and equipment:
New orders index seas adjusted
1977—100
Industrial suppliers distribution: t
Sales index seas adjusted
1977—100
Price index, not seas. adj. (tools, material
handling equip., valves, fittings, abrasives,
fasteners metal products etc )
1977 — 100
Fluid power products shipments indexes: *
Hydraulic products, seas, adj
1972=100..
Pneumatic products, seas, adj
do....
Machine tools:
Metal cutting type tools:
Orders new (net) total
mil. $..
Domestic
do
Shipments total
do....
Domestic
. do .
5
r5
18 638
r5
l 703
r5
56 362
r5
41,342
4293
5504
8.4600
108.3
111.1
37.1
0.3506
0.3752
0.3641
0.3797
0
3985
1220
130
4,100
3,300
919
5,229
7.0026
0
0
3,856
4,831
1 185
135
4,600
4,200
3,700
3,300
287
343
5,725
5,978
6.8358 6.5806
0
4,359
r
2673
3131
27 1
246
252
24 1
282
240
24.5
246
24.8
27.6
25.5
24.3
225.0
527 1
113.8
3290
9.4
212
16.3
208
15.6
301
8.6
323
2.1
383
8.5
451
13.6
52.0
19.4
36.4
6.0
51.7
10.8
48.4
3.9
52.5
10.2
52.3
797
3140
676
2361
5.8
185
4.5
180
5.3
183
4.6
184
3.8
194
6.3
193
6.4
191
6.4
19.1
5.7
19.2
4.8
198
5.7
19.9
325.3
8170
03
25.8
555
01
18.8
468
24.2
582
0.1
26.0
667
()
30.2
705
30.3
745
0.0
31.3
773
30.9
74.6
0.1
55.8
59 1
0.3730
18.7
588
0.3743
38.9
60.9
0.3644
32.1
56.3
0.3573
27.3
57.9
0.3663
19.0
r
57.4
0.4130
16.0
61.8
0.4256
3726
1055
1604
348 3
828
1568
849
189
373
4194
3755
3363
3554
3315
4534
371 1
3406
3848
3837
3620
4410
365.5
24 183
28,654
20495
24^110
1 502
2251
1 511
1,577
1396
1^647
1913
1,947
1624
1,839
1512
1,658
1521
1,712
1 129
1,490
1443
1,527
1893
1,693
55782
39448
3875
2 073
1972
2590
2878
2636
2562
2687
2667
5
525.7
10006
03
5
(2)
38.2
57.5
0.3550
2
28.1
746
(2)
21.3
58.6
0.3726
27.1
723
(2)
18.7
57.8
0.3858
(2)
18.7
58.8
0.4059
16.7
57.1
0.4119
28.5
736
r
(2)
17.0
57.9
0.4125
(2)
6.8981
13.3
71.7
28.0
29.2
(2)
30.0
(2)
15.6
16.2
18.9
6.4520
0.4612
0.4625
1505
1,727
1559
1,551
1735
1,722
2920
2817
2563
2,962
877
21.1
42.4
395
194
20.0
0.4098
411
6.5839
918
36.7
19.3
1321
1098
1026
1026
1005
1002
1033
1092
1120
1116
1138
1178
1180
115.7
118.2
1296
1345
1322
1322
1342
1314
1357
1327
128 1
1389
1356
1389
1456
1402
1409
1174
1312
1320
1329
1332
1339
1346
1353
1363
1378
1394
1408
1426
1436
144.2
272
235
272
234
259
218
284
236
244
218
246
225
253
251
240
233
255
259
245
248
262
245
260
253
278
255
267
244
r
294
r
4 495.10
3 865 80
2,930.05
2 605 50
4545 7
3,884.75
3 495 50
3,680.80
3,206 00
47497
8
245
313
266
414.20 267.60 165.05 295.65 286.55 275.00 245.00 206.55 212.80 287.25 228.55 179.00 P251.85
"206.35
379 15 25065 148.95 259.45 263.05 253.95 207.25 186.30 179.90 249.05 191.55 162.35
382.85 248.05 244.65 337.75 352.15 318.65 372.80 308.70 335.30 373.85 358.50 rr331.95 P"415.25
353.50
291.40
274.10
223.50
314.50
270.70
279.75
311.80
33775 211.50
292.80 295.10 271.45
P
r
50890 5 1086 50290 4986 9 4921 3 48776 47497 46476 45250 44384 43085 4 155 6 3 992 2
Metal forming type tools:
4300
1 047 60 77695
Orders new (net) total
do
664.95
33.20
919.90
Domestic
do.. .
94650 1 010 95 9275
Shipments total
do
878.55
7905
859.80
Domestic
do. .
6188
5359
3848
Order backlog end of period
do
Tractors used in construction, shipments, qtrly:
4518
Tracklaying total
units
19812
16460
mil $
12729
13222
3404
r
4781
1441
'4962
Wlieel (contractors' off-highway)
units
T
387.5
mil $
4191
114.5
Tractor shovel loaders (integral units only),
r
54 414 r45 495 11102
wheel and tracklaying types
units
mil $ . 17581
1 696.2
465.1
Tractors, wheel, farm, nonfarm (ex. garden and
construction types) ship qtrly
units
201 453 147 385 38475
3,113.7
785.5
mil. $ . 3,424 2
ELECTRICAL EQUIPMENT
53 746
50,063
3049
Batteries (auto -type replacement) ship
.thous .
Radio sets, production, total market
thous..
40,029
28,104 32,463
Television sets (incl. combination models),
production, total market
thous..
16.616
17.508 31.785
See footnotes at end of tables.
110.5
3695
30.45
7890
67.70
4939
59.40
51.30
66.25
53.60
4870
3525
2,607
4564
2,365
1.174
1.301
7915
72.45
73.45
66.10
4927
4345
37.40
87.65
72.40
4485
54.05
44.15
81.50
69.45
421 1
54.15
44.05
90.50
77.95
3848
74.45
68.45
80.25
67.30
3790
64.45
56.90
86.85
72.65
356.6
57.45
52.90
103.25
75.20
310.8
76.45
59.10
88.90
70.65
298.4
48.95
42.90
79.35
67.10
268.0
4
1,350
4
4
1,687
4
3824
2930
1265
101.1
3288
2830
947
73.6
4,398
3919
1227
102.9
9340
358.2
9004
337.6
9381
439.8
27750
580.5
32 306
879.7
39213
938.0
5,741
3,792
3
3
1.980
6,249
2,540
5,361
2,931
1.668
1.684
5,520
2,149
3
3
1.765
4820
2,243
3,548
1,986
1.560
1.518
3,331
2,030
3
3
1.895
1516
1242
4
15,384
4
353.6
"55.35
"48.90
P
95.95
'75.55
"227:4
4
12
306
4
277.6
3,460
1,905
3488
2,519
1.376
1.390
3
"3,438
3
1.216
2,683
1.777
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
1981
1980
June
Annual
S-31
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
METALS AND MANUFACTURES—Continued
ELECTRICAL EQUIPMENT—Continued
Household major appliances (electrical), factory
shipments (domestic and export) #
thous..
Air conditioners (room)
do
Dishwashers
do....
Disposers (food waste)
do
Ranges
do....
Refrigerators
do
Freezers
do...
Washers
do
Dryers (incl. gas)
. . . . . . . do. .
Vacuum cleaners (qtrly.)
do....
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments.... thous..
Ranges, total sales
.;
. . . do
Water heaters (storage), automatic, sales @
do....
r
2,613
r
477
r
!92
'252
r
!93
r
428
r
!42
r
346
r
221
3,136
653
220
230
219
542
206
402
247
111
125
287
105
123
226
111
138
235
620
167
543.9
259
170
553.0
565
283
565.1
'71,723 '68,130 '71,647 '65,296 '70,026 '76,928 38,024 36,758
55,459 56,464 62,978 67,347 59,732 60,278
'45,019 45,642 51,068 54,276 47,855 48,323 43,604 44,908
10,005 10,389 11,318 12,382 11,478 11,650
5,099
5,142
5,335
5,975
5,666
6,058
435
433
592
689
399
305
197,291 199,572 199,077 193,090 191,933 200,397
177,564 179,472 178,269 172,151 170,856 179,032 163,859 147,095
19,727 20,100 20,808 20,939 21,077 21,365
8,445
9,017
9,105
8,563
9,200
9,445
9,204
8,169
5,727
6,762
8,905
9,593
5,911
8,099
469.6
474.0
476.0
477.9
478.7
473.8
483.8
484.8
62,210
33,162
3749
3488
3317
3000
5701
1858
4965
3551
8,674
30,259
3204
2738
2 960
2530
5 124
1681
4550
3*177
7,439
2,425
316
189
194
192
453
192
340
196
1,939
2,711
566
184
199
189
477
182
345
227
2,391
94
212
229
191
464
180
397
257
2,478
66
261
234
206
476
146
401
285
1,948
2,877
90
297
343
257
519
123
468
333
2,234
125
204
256
208
371
74
331
284
2,131
203
198
223
185
295
89
302
238
1370
2,566
226
242
280
218
408
91
408
297
2,531
370
205
274
198
364
122
365
244
2,975
623
228
317
197
424
142
408
260
2,119
2,982
603
240
309
220
440
141
368
245
1,863
1799
2,887
1,446
1538
2,818
83
132
215
94
93
199
123
119
208
147
138
237
174
143
271
144
121
218
132
141
246
136
114
260
123
118
242
128
143
286
'292
65
508.7
538
8
542.9
565
114
536.6
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production
thous sh tons
Exports
do
Price wholesale*
Index 1967—100
Bituminous:
Production
thous sh tons
Consumption, total
do...
Electric power utilities
do
Industrial, total
do...
Coke plants (oven and beehive)
do...
Residential and commercial
do....
Stocks, end of period, total
do...,
Electric power utilities
do....
Industrial, total
do....
Oven-coke plants
do....
Exports
....
do
Price, wholesale
Index, 1967-100..
COKE
Production:
Beehive and oven (byproduct)
thous. sh. tons..
Petroleum coke §
do....
Stocks, end of period:
Oven-coke plants, total
do....
At furnace plants
do....
At merchant plants
do....
Petroleum coke
do....
Exports .
do
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
number..
Price, wholesale
Index, 1967-100..
Gross input to crude oil distillation
units
mil. bbl..
Refinery operating ratio
% of capacityAll oils, supply, demand, and stocks:
New supply, total
fl
mil. bbl..
Production:
Crude petroleum
do....
Natural gas plant liquids
do....
Imports:
Crude and unfinished oils
do....
Refined products
do....
Change in stocks, all oils (decrease,—)
do....
Demand, total
do....
Exports:
Crude petroleum ..'
do....
Refined products
do....
Domestic product demand, total #
do....
Gasoline
do....
Kerosene
do....
Distillate fuel oil
do....
Residual fuel oil
do....
Jet fuel
do....
Lubricants
do....
Asphalt
do....
Liquefied gases
r
i
do....
Stocks, end of period, total
do....
Crude petroleum
do....
Strategic petroleum reserve
do....
Unfinished oils, natural gasoline, etc
do....
Refined products
do....
See footnotes at end of tables.
r
4,835
1,233
411.0
6,056
1,795
463.7
'508
184
459.7
'629
273
462.1
'509
286
469.8
'478
96
478.2
776,299 r823,644 r70,830 '60,656 '67,890
677,286 669,061 '55,856 '62,858 '62,493
526,005 '568,322 45,731 '53,561 53,134
144,150 125,815 '9,892 '9,053 '9,138
77,009
66,493
5,317
4,893
4,867
7,131
4,924
'233
'243
'221
178,440 2 199,077 195,242 183,745 186,387
156,440 178,269 175,121 164,851 167,792
21,660
20,808 '20,121 18,894 18,595
10,028
9,017
9,872
8,386
7,829
64,783
8,711
89,882
7,972
8,944
451.1
466.5
465.9
466.7
467.8
'68,344
'57,008
47,829
'8,884
4,785
'295
189,978
170,776
19,202
8,175
8,266
470.2
'567
248
479.6
'525
80
491.1
'470
57
497.9
5,872
488.6
'52,943
27,455
46,132
27,094
3,686
2,246
3,370
2,402
3,387
2,318
3,295
2,244
3,470
2,186
3,565
2,203
3,683
2,329
5,185
4,590
595
1,042
1,545
8,627
7,521
1,106
857
2,162
7,426
6,488
938
1,137
226
8,133
7,095
1,038
1,167
199
8,676
7,612
1,063
1,151
246
9,018
7,907
1,112
1,042
207
9,011
7,889
1,123
974
260
9,040
7,833
1,207
1,001
156
8,627
7,521
1,106
857
67
101
54
132
118
89
206
r
26,967
556.4
2,228
549.0
'2,079
551.4
2,340
566.8
2,636
571.3
2,409
579.6
2,239
600.6
3,675
632.8
1,789
704.4
2,462
842.7
3,102
843.0
2,905
842.6
2,604
840.0
3,497
816.0
5,458.7
85
5,048.4
76
421.7
77
421.9
74
412.3
73
407.9
74
403.0
71
403.4
73
432.7
75
6,802.0
6,236.5
511.4
500.9
498.4
490.8
507.8
495.2
529.0
3,121.3
594.2
3,146.5
589.7
256.4
48.2
265.2
48.2
261.1
48.2
258.6
46.8
264.6
47.8
255.0
48.4
266.9
49.5
2,400.9
685.6
4
55.7
6,928.9
1,930.4
569.9
53.2
6,422.5
166.5
40.3
23.3
506.0
145.1
42.4
14.8
511.3
147.0
42.1
23.7
497.4
142.3
43.2
-2.4
513.1
146.8
48.6
-16.8
542.8
141.4
50.4
4.2
517.3
157.1
55.5
-38.6
588.3
19,346
376.5
85.7
86.1
6,757.1
2,581.5
68.6
1,208.5
1,031.6
392.7
65.5
172.0
581.0
4
1,340.9
430.3
3
91.2
4
132.0
4
778.6
103.9
11.0
7.4
2.4
9.6
9.6
8.7
10.6
94.3
9.1
8.6
7.1
7.5
8.9
7.8
8.7
6,224.3
494.8
486.4
487.5
496.4
524.2
500.8
569.0
2,420.7
201.0
210.0
207.3
196.5
207.8
188.1
206.2
58.2
3.6
3.6
4.3
3.9
4.5
3.7
7.3
1,048.6
69.0
69.9
66.2
77.7
90.5
87.5
113.0
912.4
69.7
70.9
70.8
70.9
68.9
72.9
85.1
34.4
391.1
31.7
32.3
31.7
32.1
30.9
33.6
58.3
4.3
4.6
4.9
4.3
4.7
5.5
4.8
142.6
18.2
16.2
17.3
17.8
15.8
10.2
7.3
35.7
532.8
36.5
39.6
35.5
49.0
46.0
54.2
1,395.3 1,410.4 1,425.2 1,448.9 1,446.5 1,429.7 1,433.9 1,395.3
465.5
473.2
470.5
478.8
468.8
475.1
475.1
465.5
107.8
91.2
91.2
91.2
92.8
96.6
102.3
107.8
141.0
149.4
149.5
149.7
148.2
149.0
143.3
141.0
788.8
787.8
805.2
821.9
828.0
805.6
815.4
788.8
2,790
S-32
SURVEY OF CURRENT BUSINESS
1980
1979
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
Annual
August 1981
1980
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products:
Gasoline (incl. aviation):
Production
Exports
Stocks end of period
mil. bbl..
. do
do....
Prices (excl. aviation):
Wholesale, regular
Index, 2/73—100..
Retail, regular grade (Lundberg/Platt's): fl
Leaded
$ per gal..
Unleaded *
do
Aviation gasoline:
Production
mil bbl
Stocks end of period
do
Kerosene:
Production
do
Stocks end of period
.
. do .
Price, wholesale (light distillate)
Index 1967—100
Distillate fuel oil:
Production
mil bbl
q, "i
j
r-
• j
198.1
(i)
267.5
201.7
01
2638
201.4
(*)
262.2
192.4
02
2610
191.2
(i)
2491
194.9
(i)
2597
206.9
(*)
264.2
367.6
576.7
598.6
601.1
602.9
599.6
591.5
590.8
596.1
4
0.878
0919
1.217
1261
1237
1279
1.235
1278
1233
1278
1.221
1268
137
2
27
128
28
10
28
13
29
14
30
09
27
668
158
503
116
35
139
38
143
33
133
36
129
1.217
1265
1.220
1268
1.233
1281
09
26
10
28
38
124
39
127
52
11.6
11
26
607.5
632.9
682.3
694.6
690.2
685.6
1.398
1.448
1.398
1.449
1.278
1326
1.372
1.421
1.384
1435
5
1.400
5
9321
9720
10393
10796
1 083 1 1 077 6
1.449
5396
8634
8784
8927
903 1
903 2
8963
8968
9114
9749
508
12
205 1
794
32
1958
834
36
01
2138
763
24
(*)
2263
806
30
(i)
2323
803
36
(i)
2257
810
40
(»)
2233
89.7
52
(l)
2051
573.9
850.6
860.9
870.2
875.6
873.7
868.4
873.4
891.1
935.4
1,000.3
1,081.2
1,105.2
1,091.5 1,091.7
Index 1967—100
6156
420 1
32
95 6
6845
577 1
3366
122
903
9612
472
225
04
877
8537
459
244
19
856
9445
448
271
01
869
9537
449
272
06
879
9562
469
473
515
318
270
307
19
22
26
903
910
938
9438 1 017.3 1 166.9 1,207.9
1,248.0
1,305.1
1,315.2
1,316.3 1,255.8
mil bbl
do
3692
385
3656
420
301
423
302
409
297
403
312
422
303
432
297
439
298
42.0
j
do
71 0
86
125
65 1
86
135
53
09
123
58
08
133
50
06
136
54
06
137
53
06
13.2
50
05
13.2
54
06
13.5
do
1688
189
141 2
188
134
302
14 1
262
139
225
138
191
126
161
109
170
91
18.8
do
do
do
do
5680
4439
124 1
21107
5645
4436
1209
1250
458
358
100
1168
46 1
359
10 2
1255
467
367
100
1347
447
352
94
1371
475
382
93
1345
465
367
97
1321
487
38.0
107
1250
6,528
6,882
5,528
6,465
6,716
5,123
1,195
r
910
1,188
864
4,501
108
3,479
r
!48
r
421
345
4,578
121
3,514
165
425
353
l,077
581
r
438
58
1,079
603
426
51
363
61
302
414
26
388
'
*
2,394.0
05
264.2
1 150 8
705
11
2287
Exports
do
Stocks end of period
do
Price, wholesale (middle distillate)
Index, 1967=100..
Residual fuel oil:
j
.
,
F Tiorta
do
Price wholesale
2,514.6
02
2
239.9
J
Jet fuel:
Production
Stocks end of period
Lubricants:
-p
.
Stocks end of period
Asphalt:
Stocks end of period
Liquefied gases (incl. ethane and ethylene):
Production total
At gas processing plants (L P G )
At refineries (L R G )
Stocks (at plants and refineries)
•
0)
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
thous cords (128 cu ft )
Consumption
.. do. .
Stocks end of period
do
Waste paper:
Consumption
thous sh tons
Stocks end of period
do
WOODPULP
Production:
Total all grades •/£
thous sh tons
Dissolving and special alpha
do
Sulfate
.
.
do....
Sulfite
"
do
Groundwood
do
Stocks, end of period:
Total all mills
Pulp mills
Paper and board mills
Nonpaper mills
...
. . .
Exports all grades total
do
do .
do
... do.. .
do
All other
do....
Imports, all grades, total
Dissolving and special alpha
All other
do....
do
do .
3
76 887
3
81802
80522
6285
7365
6969
5715
6782
6,356
6 114
6893
6719
6310
6722
6,601
6349
6878
6,779
6396
6,408
6,710
6123
6,480
6,234
6,285
6,832
6,700
6336
6,378
6,477
6210
6,847
6,889
6,009
3
12 762
831
1050
672
957
743
1051
727
1,051
747
1,153
790
1,068
763
1,070
831
1,109
825
1,148
922
1,229
854
3
50 612
1447
35,553
1829
4667
3854
50 914
1510
38,931
1,844
4596
4036
4 307
126
3,297
156
386
342
3 965
111
3,049
130
369
306
4334
'129
3,324
150
397
335
4 186
94
3,216
160
388
328
4319
124
3,292
164
411
328
4224
123
3,236
157
366
341
3851
126
2,867
155
393
311
4355
'116
3,305
167
420
348
4 128
115
3,138
155
396
325
4621
110
3,556
157
438
360
930
364
507
59
32935
764
3
2170
3
4,318
155
3
4163
944
439
449
57
3806
769
3,037
4,051
194
3,858
971
435
462
74
362
79
283
336
29
307
982
461
453
68
356
73
283
285
10
276
1034
493
479
62
385
70
315
344
21
323
960
454
452
54
313
60
252
300
10
290
960
467
440
54
341
52
289
298
12
286
1,042
542
446
54
247
52
195
323
24
299
944
439
449
57
322
52
270
334
10
324
1031
542
433
57
291
67
224
380
23
356
1,107
568
475
64
279
61
218
355
9
346
1,035
531
447
61
356
83
272
368
22
346
r
66608
30012
30936
144
5516
65030
29,874
30,902
135
4 119
5289
2394
2,592
9
296
4945
2,228
2,395
' 8
314
5299
2,382
2,561
10
346
5314
2,382
2,560
13
359
5720
2,614
2,702
13
391
5,342
2,413
2,570
13
346
5,221
2,474
2,406
13
328
5646
2,617
2,675
12
342
5,331
2,448
2,523
17
343
6,005
2,762
2,849
16
379
r
5,891
r
77 362
5430
12 915
636
r
290
48
243
295
8
287
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades total unadjusted
Paper
Paperboard
Wet-machine board
See footnotes at end of tables.
thous sh tons
do
do....
do
2,679
'2,811
r
!8
383
5787
2,629
2,780
16
363
359
70
289
349
8
341
1.398
1.450
S-33
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
1981
1980
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS-Cont.
Paper and board—Cont.
Producer price indexes:
Paperboard .. ..
1967—100
Building paper and board
do
Selected types of paper (API):
Groundwood paper, uncoated:
Orders, new
thous. sh. tons..
Orders unfilled end of period
do
Shipments
do
Coated paper:
Orders new . .
. . . .
do
Orders, unfilled, end of period
do....
Shipments
. .
do
Uncoated free sheet papers:
Orders new
Shipments
do
do
Unbleached kraft packaging and industrial
converting papers:
Shipments
thous sh tons
Tissue paper production
do
Newsprint:
Canada:
Production
thous metric tons
Shipments from mills
.. ..
do
Stocks at mills end of period
do
United States:
Production . .
.
do
Shipments from mills
do....
Stocks at mills, end of period
do....
Consumption by publishers 1J
do
Stocks at and in transit to publishers, end of
period
thous metric tons
Imports
thous sh tons
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
Index 1967—100
Paperboard (American Paper Institute):
Orders, new (weekly avg )§
thous sh tons
Orders, unfilled
do....
Production total $
do
Paper products:
Shipping containers, corrugated and solid fiber
shipments
...mil. sq. ft. surf. area..
Folding paper boxes shipments
thous sh tons
mil. $..
2021
1824
2352
2061
2389
2089
237.1
2118
238.4
2103
239.5
2102
239.9
2127
241.7
2156
241.1
2191
C
250.2
C
2197
253.2
2252
255.9
2273
257.8
2319
262.3
2369
262.7
2368
121
112
122
139
121
130
123
125
121
115
116
124
129
122
129
113
124
114
126
132
122
103
111
127
128
117
121
111
109
122
395
r
409
343
405
r
404
r
338
r
r
700
r
581
652
327
386
315
380
1,519
149
1 509
1
1,501
116
^1506
115
103
127
121
109
118
136
118
127
4 547
385
4527
^763
389
4671
358
401
386
390
435
380
394
377
336
364
398
340
411
378
402
389
421
421
398
394
389
405
365
426
352
391
427
345
438
7 826
8189
17708
1 >
8 344
584
683
581
612
598
676
601
664
735
728
616
662
618
671
693
690
603
656
710
744
r
668
r
r
r
410
728
731
412
345
401
3934
'3788
4506
*4 353
299
343
282
321
306
349
311
353
328
370
302
367
293
345
322
372
309
352
345
395
334
372
8756
8780
162
8625
8622
165
717
732
192
601
640
154
692
662
183
651
642
192
735
735
192
708
691
208
691
735
165
751
695
221
702
684
238
766
769
235
772
782
225
770
744
251
748
776
223
3685
3689
16
356
346
341
350
374
371
353
350
358
346
338
357
27
30
32
377
381
36
28
40
21
379
374
26
356
357
25
399
395
29
391
392
29
402
400
30
404
394
39
6673
4239
4234
21
6586
538
498
533
534
583
592
576
628
7223
732
7279
806
641
793
550
793
546
782
584
763
588
696
568
732
596
768
584
807
587
827
620
846
584
847
893
568
2793
2837
2837
2838
2838
2838
2983
3019
3019
3019
3019
2494
3
r
r
622
3019
2
613
1,393
31429
()
(•)
130 952
2597
2407
2567
2529
2683
2603
2313
2709
2539
2842
2747
250,643
27160
2.416.7
243,228
19,115
18,456
19,345
21,054
23,229
18849
19,313
21,161
20,044
21,383
48.69
12667
48.76
12796
4506
3006
0713
52.34
125 39
8664
0690
55.21
12276
5338
169.68
166 29
r
2854
2 690
21,583
19,808
20,933
6636
0580
5047
0650
54.72
12531
6762
0590
200.05
19568
345.04
180.94
14800
363.56
38 73
31 77
3200
2855
(2)
«
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. metric tons..
739.00
Stocks, end of period
do..
13212
Imports, incl. latex and guayule ....thous. Ig. tons74768
Price, wholesale, smoked sheets (N.Y.).... $ per lb..
0651
Synthetic rubber:
Production
thous. metric tons.. 2,534.50
Consumption
do
234062
402.86
Stocks, end of period
".. do....
Exports (Bu. of Census)
thous. Ig. tons
385 10
TIRES AND TUBES
Pneumatic casings, automotive:
Production
thous.. 206 687
Shipments, total ..
.....
do
213 929
58,072
Original equipment
do....
Replacement equipment
do.... 150,781
Exports .
.
do
5077
44873
Stocks, end of period
do.
Exports (Bu. of Census)
do....
6,572
Inner tubes, automotive:
Exports (Bu. of Census)
do....
3576
See footnotes at end of tables.
586.15
126.67
598.31
0.730
41.25
14739
4446
0.685
38.84
14989
3849
0673
43.16
13850
3137
49.38
13290
49.48
12952
0.680
5592
0728
0790
123.67
13373
372.33
3046
149.76
16597
339.73
2551
174.59
167 86
325.35
3345
178.45
15770
32887
3072
193.69
155 13
341.77
3231
193.52
162 34
36400
3121
354 11
31 65
3177
50.26
12314
5031
0730
0570
2,009.04
1 854 00
341.77
422.78
429.22
3733
110.29
13103
391.19
3654
159,263
177 063
40,227
131,271
5565
33298
9,058
10716
15301
3,073
11,786
442
42817
618
10206
13457
2*217
10,817
423
40079
572
12,057
15537
2,521
12,566
450
37057
657
13911
17564
3,615
13,497
452
33 730
885
15790
18034
4304
13,133
597
32112
638
12861
13305
3376
9,499
431
32363
691
13346
12926
2707
9,767
452
33298
946
15463
15 622
3228
11,916
478
40188
797
15 641
14323
3206
10,537
580
43 258
1,081
16834
18617
4301
13,607
709
43686
1,055
15466
18835
4154
14,160
521
42393
1,224
15183
18619
4292
13,851
476
40615
1,072
1,040
4,557
441
458
265
464
226
314
317
206
358
335
374
252
250
129.64
120 14
July
S-34
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
hi the 1977 edition of BUSINESS STATISTICS
1979
1980
1980
Annual
August 1981
June
July
Aug.
Sept.
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
20,782
30,229
35,165
34181
515.0
97
50.4
'528.8
'7 1
45.0
518.8
86
38.9
June
July
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
thous. bbl.. 1461,383
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick.. 7,708.1
Structural tile except facing
thous sh tons
590
855.3
Sewer pipe and fittings, vitrified
do....
Facing tile (hollow), glazed and unglazed
mil brick equivalent..
540
Floor and wall tile and accessories, glazed and
unglazed
mi so ft
3128
Price index, brick (common), f.o.b. plant or N.Y.
dock
1967—100
2631
GLASS AND GLASS PRODUCTS
Flat glass mfrs ' shipments
thous $
858 130
Glass containers:
Production
thous. gross.. 321,999
Shipments domestic total
do ... '316,024
Narrow-neck containers:
r
24 531
Food
do
Beverage...
do.... r57,150
113 875
Beer
do
Liquor and wine
do ... '24,306
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
66517
and fruit jars)
thous gross
Narrow-neck and wide-mouth containers:
25,856
Medicinal and toilet
do....
3789
Chemical household and industrial
do
45935
Stocks end of period
do
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc byproduct) .. thous sh tons.. 11 14,630
14 543
Calcined
do
7773
Imports crude gypsum
do
Sales of gypsum products:
5,603
Uncalcined
.
do .
Calcined:
379
Industrial plasters
do
Building plasters:
121
Regular basecoat
do....
283
16865
Board r d cts total
mil s ft
Lath
do
125
444
Veneer base
do
218
Gypsum sheathing
.
do....
12556
Regular gypsum board
do
3272
Type X gypsum board
do
249
Predecorated wallboard
do
5/16 mobile home board
do
(5)
rl
404 569
39314
39840
39644
40489
43,303
31824
28 181
20,665
6,335.2
1016
721.8
558.4
76
53.3
5880
91
715
574.0
89
76.7
625.5
94
78.7
6810
97
965
527.9
103
73.5
463.4
97
45.5
385.6
64
36.8
361.4
11 1
34.3
454
46
42
30
38
42
32
36
27
2.4
3.2
32
30
2976
246
24 1
244
261
259
21 1
23 1
206
217
271
'256
242
280 8
2817
2817
2807
2816
2859
2863
2902
2896
3003
301 1
3022
869 352 191 757
2863
246 421
210 895
233 439
r
327 022 '27 485 '27 739 '29 162 '27 040 '29 763 '25 427 '21 122 '25 961 '25 456 '28 201 '27 851
323 816 '28 595 '28 997 '29 437 '30 781 '27 162 '23 459 '23 561 '23 332 '23 160 '29 327 '27 312
r
r
24 808 '2137 '1964 '2339 '2468
'61032 '5875 '6385 '6039 '6005
122 678 '11 892 '11 876 '11 388 '10 925
'24574
1873 '2031
2278
2149
'6401
'1 845
'5,088
'9928
2478
'1560
'4082
'9058
'2035
'1770
'4343
'8563
'2080
'1742
'4,265
'7768
2013
'1764
'4,201
'8040
1879
'2292 '1862
'5,568 '5,826
'9892 '10 695
2598 '2123
'5247
'4621
'4909
'5045
'4874
'6 301
28241
26830
1906
5,721
10625
1840
'4 450
4627
'26 250 '2026 '1882 '2108 '2379 '2,316 '1906 '1715 '2,213 '2,157 '2,359 '2138
317
325
245
'3 262
243
304
'299
260
197
'181
286
'218
'46 676 '51 371 '50 034 '48 838 '45 098 '47 351 '48 708 '46 676 '50 069 '51 651 '49 755 '49 836
1,889
222
51095
'61 212
'4273
'4713
'5233
12479
11485
7365
980
869
597
1019
964
617
1050
984
625
1 106
1032
595
1,248
1064
493
1028
968
719
1081
924
590
987
1026
721
892
885
487
939
1005
456
1003
1080
593
*5 544
575
413
428
607
529
493
531
309
306
308
419
409
30
33
36
34
40
31
31
30
33
36
34
217
161
14 131
78
339
190
9923
3266
105
229
19
13
1 090
7
25
15
753
266
3
15
18
13
1 166
6
27
17
807
281
9
18
20
15
1 365
5
31
20
961
310
11
27
14
11
15
13
1 149
5
29
16
809
265
g
16
16
13
1260
7
31
17
884
293
10
19
17
12
1068
6
24
14
734
260
9
21
19
16
1239
6
29
18
857
296
9
24
18
17
1353
6
34
22
928
322
11
30
3
736
3
286
3
629
244
385
785
341
444
790
428
362
684
265
420
801
343
458
827
451
376
3
891
3
341
3
'683
'268
'415
'778
'343
'435
832
'444
'388
19
13
1 203
29
17
840
278
10
25
18
13
1258
6
31
18
879
289
10
24
1 108
5
27
17
784
246
g
20
3022
TEXTILE PRODUCTS
FABRIC
Woven fabric, finishing plants: *
Production (finished fabric)
mil linear yd
Cotton.
do....
.
Manmade and silk
fiber
do
Cotton
Manmade and silk
Backlog of finished orders
Cotton
fiber
.
do .
do
do
do
COTTON
Cotton (excluding linters):
Production:
Ginnings If
.. thous running bales..
Crop estimate
thous. net weight bales §..
Consumption
thous. running bales..
Stocks in the United States, total, end of period #
thous. running balesDomestic cotton, total.....
do....
On farms and in transit
do
Public storage and compresses
do....
Consuming establishments
do....
See footnotes at end of tables.
8065
3,107
4957
828
351
477
9408
4838
4569
8420
3 531
4990
769
339
430
8495
4 577
4219
-2214 262
14,629
6,140
r2
10 826
2
11,122
6,135
478
12,933
12,929
3937
8,160
832
9,261
9,260
2502
5927
831
4,014
4,012
671
2341
1,000
650
277
374
780
340
440
691
354
337
3
588
3
252
3
336
788
346
442
679
346
333
4
200
3
602
248
354
795
353
442
694
363
331
641
268
373
111
332
445
660
343
317
3
825
3
340
3
485
800
346
454
681
347
334
'4582 '41 312 '44,599
487
443
456
3,027
3,026
250
1,822
954
13,290
13,288
10890
1,509
889
12,443
12,441
10080
1,578
783
639
251
388
867
356
451
696
365
331
3
4
7840
597
458
10,948
10,946
7,024
3,180
742
10,271
10,270
4451
5,070
749
450
769
339
430
660
342
318
4
9873
550
786
338
448
809
441
368
475
435
446
11,122
3
539
9,261
9,260
2502
5927
831
8,328
8,326
1534
5846
946
7,201
7,200
1054
1509
1,037
'5,938
'5,937
606
4227
1,104
3
686
267
419
775
341
434
839
444
395
44
435
441
5,007
5,006
460
3469
1,770
'4,109
'4,108
'278
'2808
'1,022
3
524
3,217
3,216
81
2202
933
:::::::::::
S-35
SURVEY OF CURRENT BUSINESS
August 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
Annual
1981
1980
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES—Cont.
Cotton (excluding linters) —Continued
Exports
thous. running bales.
Imports
thous net-weight bales §
Price (farm), American upland | cents per lb.
Price, Strict Low Middling, Grade 41, staple 34
(1-1/16") average 10 markets
cents per lb.
*6,649
6,127
r
63.1
3
3
71.5
72.4
79.0
85.6
87.5
85.8
87.0
87.2
85.1
83.3
81.5
81.2
78.5
Spindle activity (cotton system spindles):
Active spindles last working day total
Consuming 100 percent cotton
Spindle hours operated all fibers total
Average per working day
Consuming 100 percent cotton
16.2
6.4
102.0
0.393
41.7
15.9
6.0
102.4
0.388
42.0
16.1
6.3
7.9
0.393
3.2
16.0
6.2
4
8.2
0.329
4
3.4
16.1
6.2
7.6
0.378
3.2
15.7
6.2
7.3
0.367
3.2
16.1
6.1
10.0
0.398
4
4.1
16.0
6.0
8.0
0.399
3.4
15.9
6.0
4
8.3
0.333
4
3.3
15.9
5.9
7.3
0.397
3.4
15.9
5.9
7.4
0.371
2.7
15.7
5.8
4
9.2
0.366
4
3.3
15.8
5.9
7.3
'0.365
2.7
15.7
5.8
7.4
0.372
2.7
3,858
3,729
968
5
5
15.4
18.0
13.2
12.8
12.2
11.3
14.0
12.8
13.3
14.7
4.2
4.0
5.4
4.2
3.8
4.3
3.9
5.7
5.2
5.4
4.8
4.9
61.6
mil
do....
bil
do....
do...
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly )
mil. lin yd.
Orders, unfilled, end of period, compared with
avg. weekly production
no. weeks' prod..
Inventories, end of period, compared with
avg. 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 yarn (acetate)
mil lb
Staple, incl tow (rayon)
do..
Noncellulosic, except textile glass:
Yarn and monofilaments .
. do
Staple incl tow
do
Textile glass
fiber
.
. do
Fiber stocks, producers', end of period:
Filament yarn (acetate)
mil. lb..
Staple incl tow (rayon)
do
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do....
Staple incl tow
do
Textile glass
fiber
do
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total #
mil. lin. yd..
Filament yard (100%) fabrics #
do
Chiefly rayon and/or acetate fabrics
do....
Chiefly nylon fabrics
do
Spun yard (100%) fab., exc. blanketing # .. do....
Rayon and/or acetate fabrics, blends
do....
Polyester 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..
Manmade fiber manufactures:
Exports manmade fiber equivalent
mil Ibs.
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 yield
do
Duty-free (carpet class)
do
Wool prices, raw, shorn, clean basis, delivered to
U.S. mills:
Domestic—Graded territory, 64's, staple 2^3/4"
and up
cents per lb..
Australian, 64's, Type 62, duty-paid
do....
Wool broadwoven goods, exc. felts:
Production (qtrly )
mil lin yd
18.9
7,975
15,816
'76.1
15.8
5
5
3.7
( 686
'48
540
2
74.9
402
0
80.1
237
1
75.3
393
2
81.4
4
436
5
77.6
r
996
541
5
80.9
669
1
76.9
2,352
6
71.4
733
8
72.3
498
o73.2
458
(7)
72.3
78.1
72.1
r
75.1
5.7
3.3
5
5
0.29
0.29
0.30
0.32
0.30
0.35
0.34
0.40
0.40
0.40
0.33
0.35
627.7
505.5
540.2
567.0
47.2
60.5
34.6
49.2
44.3
41.3
48.0
49.4
42.0
44.7
38.4
43.2
40.9
38.7
34.8
74.9
28.2
68.4
35.8
66.9
35.7
57.4
30.9
56.8
316.6
549.4
308.5
443.3
82.1
113.4
775
101.0
689
102.0
61.4
116.3
4,136.3
4,282.3
1,014.4
3,725.3
4,148.2
867.3
889.8
939.5
224.0
8166
9594
183.3
1 001.5
1 1439
2177
979.2
10830
236.9
11.8
35.6
18.4
27.2
12.6
37.3
17.7
34.8
18.4
27.2
15.8
29.3
379.8
311.1
152.5
289.3
287.0
104.1
383.3
324.3
158.9
312.7
285.4
1497
289.3
287.0
1041
2926
3181
1088
6,589.8
2,414.3
396.4
425.2
3,531.9
338.4
2,426.6
398.9
6,709.8
2,479.6
400.8
401.2
3,663.7
313.1
2,603.8
442.9
1,646.3
609.1
100.8
105.0
912.4
77.6
658.2
99.1
1,551.6
5756
92.7
870
8587
725
6068
953
1,772.5
674.3
99.4
962
945.6
82.3
665.7
126.7
0.472
0.510
0.476
0.490
0.494
0.513
0.551
0.593
0.575
0.569
0.564
0.568
0.581
0.576
0.574
596.58
371.44
228.63
225.13
524.97
102.18
64.58
422.79
359.61
184.50
771.54
418.64
249.77
352.91
540.64
97.48
67.28
2
443.15
378.52
187.74
70.85
37.84
23.74
33.01
55.92
9.40
6.41
46.52
40.70
21.81
58.44
30.80
17.39
27.63
63.79
35.77
22.00
28.02
75.94
43.66
27.14
32.28
64.97
35.64
20.92
29.33
53.23
27.84
18.23
25.38
66.88
33.72
21.67
33.16
50.18
7.55
5.69
42.64
37.62
19.38
49.19
7.45
5.57
41.73
36.10
18.89
40.10
7.27
5.12
32.83
27.71
12.08
64.27
37.00
21.97
27.26
35.46
7.36
5.06
29.10
22.74
8.77
52.84
28.16
17.44
24.67
57.69
7.90
5.84
49.79
44.03
23.30
63.29
33.15
20.95
30.14
52.11
7.96
5.72
44.15
38.26
19.20
46.72
10.17
7.00
36.55
31.03
12.23
38.55
8.04
5.50
30.50
25.64
10.09
43.81
11.86
8.91
31.94
26.70
10.51
64.58
35.76
24.59
28.82
45.53
10.87
7.73
34.67
29.30
12.51
106.5
10.5
42.3
22.0
113.5
9.1
56.5
26.0
8.3
0.6
4.5
3.0
4
7.5
4
0.7
5.3
3.0
8.4
0.9
4.8
2.0
7.7
0.7
4.1
1.2
10.0
4
0.6
4.0
1.6
10.2
0.7
6.9
2.7
11.0
0.8
7.7
2.5
12.9
4
0.9
6.6
1.8
10.8
0.7
7.5
1.9
10.2
0.8
8.6
2.4
12.6
0.9
4.9
2.1
5
2.18
5
5
2.45
5
3.09
2.33
3.21
2.45
3.11
2.51
3.06
2.53
3.11
2.53
3.21
2.53
3.19
2.68
3.12
2.74
3.07
2.78
3.14
2.78
3.16
2.83
3.19
117.4
114.8
33.9
221
252
1,206.0
1,082.2
258.5
2530
2769
17,394
169,697
25,275
63,648
24,932
19,199
168,383
21,140
73,608
25,781
1,803
15,553
1,469
5,544
1,987
1,280
10,580
1,371
7,824
2,225
1,136
12,246
1,404
r
9,096
2,413
1,143 1,457
14,094 12,734
1,411
1,306
r
9,540 rr8,628
2,489
2,275
1,611
11,185
1,328
8,340
2,237
0.20
P
13.8
5
0.22
6
2.77
4
10.8
4
0.8
3.9
1.2
8.8
0.6
3.6
1.5
2.53
3.06
2.53
3.20
4
APPAREL
Women's, misses', juniors' apparel cuttings: @
Coats >
thous units
Dresses
do.
Suits (incl. pant suits, jumpsuits)
do....
Skirts
do
Blouses
thous. dozen..
See footnotes at end of tables.
r
993
1,072
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments quarterly
mil sq yds
320
(7)
*71.1
1,628
12,903
1,533
4,896
1,803
2,213
13,177
1,957
6,576
2,216
1,962
11,953
2,357
6,876
2,246
1,926
11,993
1,954
6,972
2,349
1,589
9,785
1,391
6,432
2,117
1,163
9,267
1,229
5,904
1,912
2.83
3.23
S-36
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
SURVEY OF CURRENT BUSINESS
1979
1980
1981
1980
June
Annual
August 1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
May
June
1445
1565
11,478
12223
2556
25.192
26.405
1,067.8 1,355.3 1,501.8 1,330.5
8,037
9,240
9,216 10,204
746
1,049
751
963
916
Feb.
Mar.
Apr.
July
TEXTILE PRODUCTS—Continued
APPAREL—Continued
Men's apparel cuttings: @
Suits
'
thous units
Coats (separate), dress and sport
do.
Trousers (separate), dress
do....
Slacks (jean cut) casual
do
Shirts dress and sport
thous doz
Hosiery, shipments
thous. doz. pairs..
15935
14329
124,688
208 368
38895
290,453
14471
17 985
122,399
211 112
36662
286,379
1 116
1752
10,072
19370
3370
25,691
817
1219
6,356
14094
2459
26.811
1203
1428
11,419
18249
2972
23.770
1262
1739
11,403
22061
3060
22,754
1467
1810
12,567
18745
3082
26.371
1236
1506
10696
15982
2672
23.193
1 105
1299
7917
13005
2147
21.689
1 211 1044
1484
1637
9,025
9,348
15909 12977
2535
2527
23,721 24,531
1294 1320
1571 1689
10,685 11,204
15990 13
324
2,634 r2550
24,265 26,119
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly, total
mil. $..
U S Government
do
Prime contract
do....
Sales (net), receipts, or billings, qtrly, total
do....
U S. Government
do....
Backlog of orders, end of period #
do....
U S Government
do
Aircraft (complete) and parts
do....
Engines (aircraft) and parts
do
Missiles, space vehicle systems, engines, propulsion units, and parts
mil. $..
Other related operations (conversions, modifications) products, services
mil $
Aircraft (complete);
Shipments
do
Airframe weight
thous Ib
Exports commercial
mil $
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants), total
thous..
Domestic
do
Retail sales, total, not seasonally adj
do....
Domestics §
do....
Imports §
do
Total seas, adjusted at annual rate
milDomestics §
do
Imports §
do..
Retail inventories, end of mo., domestics:
Not seasonally adjusted
thous..
Seasonally adjusted §
•
do
Inventory-retail sales ratio, domestics §
Exports (BuCensus) assembled cars
thous
To Canada
do....
Imports (BuCensus), complete units
do....
From Canada total
do
Registrations fl, total new vehicles
do....
Imports, incl. domestically sponsored
do....
Trucks and buses:
Factory sales (from U S plants) total
thous
Domestic
do.
Retail sales, seasonally adjusted:!
Light-duty, up to 14,000 Ibs. GVW
do....
Medium-duty, 14,001-26,000 Ibs. GVW
do....
Heavy-duty, 26,001 Ibs. and over GVW
do....
Retail inventories, end of period, seasonally
adjustedf
•
thous
Exports (BuCensus), assembled units
do....
Imports (BuCensus), including separate chassis
and bodies
thous
Registrations,^ new vehicles, excluding buses not
produced on truck chassis
thous
Truck trailers and chassis, complete (excludes
detachables) shipments
number
Vans
do....
Trailer bodies (detachable), sold separately
do....
Trailer chassis (detachable), sold separately
do....
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt cars and
cars for export):
Shipments
number
Equipment manufacturers.
. ~~ .
do. .
New orders
do....
Equipment manufacturers
do....
Unfilled orders, end of period
:
do....
Equipment manufacturers
do....
Freight cars (revenue), class 1 railroads (AAR): $
Number owned, end of period
thous..
Held for repairs % of total owned
Capacity (carrying), total, end of mo
mil. tons..
Average per car
tons
See footnotes at end of tables.
65,208
28,107
59,611
46,173
23,229
78,259
36,136
41,286
9,198
70,847
33,222
68,162
57,605
26,141
95,371
41,513
47,857
11,655
19,342
7,478
18,616
14,799
6,519
89,339
36,926
46,953
10,878
20,241
10,047
19,493
16,248
7,509
99,366
44051
50,283
11,953
19,355
10,197
18,638
16,433
7,201
95,371
41 513
47,857
11655
17,301
8,168
16,764
14405
6,588
92,224
38,507
48,039
12,190
7,387
8,855
7,954
7,854
8,855
9,148
10,725
10,871
9,687
9,877
10,871
11,759
11,186.1
77,327
6,149
13,120.4
97,327
8,250
717.1 1,305.0
5,571 10,343
522
792
1,191.1 1,232.1 1,195.5
8,613
8,433
8,752
705
1,020
726
4
8,419
4
3
1,041.3 1,041.3
7,397
7,851
607
640
744.7
5,007
337
2
560
517
698
530
169
'9.2
'6.7
2.5
490
452
'649
472
178
'8.8
'6.3
2.5
439
407
648
470
178
'9.6
7.0
'2.5
475
432
764
544
220
10.4
7.5
'2.9
620
565
963
719
244
10.3
7.7
'2.6
645
589
751
534
218
8.0
5.8
2.3
670
608
734
524
210
7.9
5.7
2.2
'712
652
724
518
206
7.5
5.2
2.2
1,456
1,392
'2.5
58.39
51.09
276.9
66.1
747
196
1,513
1,413
'2.5
46.95
39.78
271.5
63.3
730
187
1,520
1,438
'2.7
40.46
32.45
253.0
49.9
711
188
1,421
1,335
'2.3
31.02
23.71
276.5
35.6
636
174
1,335
1,210
1.9
52.82
46.31
209.0
29.5
675
200
1,216
1,090
1.7
60.36
53.12
306.6
53.9
849
226
1,344
1,198
'2.5
58.52
52.65
282.3
55.6
752
228
1,472
1,313
'2.7
63.81
58.32
254.1
56.0
731
224
1,665
1,472
3.4
57.84
51.87
282.4
59.8
747
223
134
120
186
168
155
140
149
132
140
126
135
118
167
146
162
142
159
139
180
161
156.5
8.1
16.9
147.9
9.0
15.3
143.1
7.1
14.3
151.7
6.3
12.9
145.7
6.6
13.6
153.0
8.6
13.5
156.5
6.4
12.4
149.0
6.2
13.8
150.8
8.7
14.5
157.3
6.3
11.6
152.1
5.2
11.5
141.9
6.3
12.0
578.0
15.42
522.7
13.33
524.1
13.21
554.2
14.94
570.5
14.08
590.5
14.08
575.2
12.96
548.5
19.65
547.7
20.01
541.5
16.21
546.4
17.81
559.0
17.44
576.5
92.82
108.95
90.89
89.86
110.44
77.93
62.17
88.30
46.10
70.72
63.66
72.87
68.24
2,477
211
222
196
190
185
190
191
162
163
176
186
198
201
209,522
138,484
9,154
14,700
125,278
75,172
11,849
14,202
10,227
6,211
906
883
7,354
3,882
665
820
8,493
5,209
638
1,070
9,429
5,832
1,244
1,053
10,268
6,139
1,227
1,443
9,116
5,656
1,161
1,179
9,996
6,230
1,175
1,083
9,186
5,936
614
1,074
8,311
4,696
835
1,332
9,490
5,211
545
2,662
'9,980
'5,751
1,009
885
10,076
5,810
1,072
1,105
11,327
6,710
829
1,145
X
90,021
X
1
7,902
85,920
7,521
'80,357
3,144
'45,390
3,144
'40,140
51,640 '78,051
47,136 71,701
5,890
5,455
3,393
3,393
75,284
67,934
6,994
6,158
2,797
2,531
69,432
62,652
6,947
6,596
4,406
4,406
66,007
59,806
7,368
6,956
2,047
1,847
59,378
53,389
4,945
4,574
3,930
3,230
57,655
51,337
5,530
5,151
4,722
4,722
51,640
47,136
5,336
5,064
2,147
2,147
48,451
44,219
4,709
4,401
2,069
2,069
45,121
41,197
5,162
4,718
1,559
1,559
41,539
38,059
4,245
3,792
1,762
1,737
38,972
35,920
4,143
3,779
1,791
1,791
35,588
32,900
3,781
3,442
1,155
927
32,321
29;744
1,192
8.3
93.51
'78.48
1,186
8.7
93.31
78.67
1,184
8.8
93.27
78.75
1,180
8.9
93.06
78.83
1,177
8.8
93.61
79.09
1,172
8.7
93.06
79.38
1,168
8.8
92.56
79.24
1,166
8.1
92.47
79.32
1,163
8.0
92.35
79.42
1,162
8.0
92.37
79.49
1,146
8.0
91.07
79.49
1,143
8.1
91.18
79.75
1,137
7.7
90.67
79.78
7,678
10,559
8,232
2,329
6,400
5,840
'8,979
r
6,581
'2,398
544
496
702
511
191
7.4
'5.2
2.2
432
400
'773
542
230
'8.9
'6.4
2.5
299
280
686
487
199
r
8.8
'6.6
'2.2
529
487
672
486
186
'8.4
'6.2
2.2
1,691
1,667
2.6
779.16
590.95
3,005.5
677.0
10,357
2,351
1,520
1,438
'2.7
607.80
509.13
3,310.7
594.8
8,761
2,469
1,628
1,468
'3.4
51.92
42.94
307.6
52.6
676
199
1,507
1,434
'2.7
31.04
27.09
277.4
38.8
716
216
1,337
1,380
'2.5
22.61
18.78
230.0
21.8
704
215
1,373
1,393
'2.7
41.64
35.48
252.8
41.9
702
212
1,667
1,464
104
83
107
88
84
73
1,963.5
92.3
175.7
166.7
7.4
14.1
177.1
7.4
15.2
574.0
190.32
612.0
16.40
974.13
1,133.28
3,472
3
3,037
2,741
2,861.0
151.6
223.2
803.4
259.44
83,931
119,091
113,060
119,001
112,749
1,217
8.0
94.47
77.62
5
1,168
8.8
92.56
79.24
675
623
'848 .
664
183
9.2
6.8
2.4
518
706
497
209
8.2
5.9
2.3
1,675
1,609
3.3
2
123
August 1981
SURVEY OF CURRENT BUSINESS
S-37
FOOTNOTES FOR PAGES S-l THROUGH S-36
General Notes for all Pages:
r
p
e
c
Revised,
Preliminary,
Estimated,
Corrected.
Page S-l
PageS-7
1. Estimates (corrected for systematic biases) for Apr.-June and July-Sept. 1981 based on
planned capital expenditures of business. Planned capital expenditures for the year 1981
appear on p:30 of the June 1981 SURVEY.
f The estimates for plant and equipment expenditures have been revised. An article describing
that revision and containing revised estimates for 1947-77 begins on p. 24 of the Oct. 1980
SURVEY.
II Data for the individual durable and nondurable goods industries appear in the Mar.,
June, Sept., and Dec. issues of the SURVEY.
1. Annual average computed by BEA.
2. Indexes are no longer available.
§ For actual producer prices of individual commodities see respective commodities in the
Industry section beginning p. S-22. All data subject to revision four months after original
publication.
f Revised series. Stage-of-processing producer price indexes have been revised back to
1976 to reflect updated industry input-output relationships and improved classification of
some products.
# Includes data for items not shown separately.
$ Effective Mar. 1980 SURVEY, data have been revised back to 1967 to reflect new seasonal
factors. Effective Feb. 1981, data have been revised back to 1976 to reflect new seasonal
factors.
* New series. Data back to 1975 will be shown in the 1979 BUSINESS STATISTICS.
PageS-2
f Revised series. Estimates of personal income have been revised as part of the 1980
benchmark revision of the national income and product accounts. An article describing that
revision appears in the Dec. 1980 SURVEY. Data for 1976-79 are available in a special
supplement to the SURVEY. Pre-1976 data will be published in The National Income and
Product Accounts of the United States, 1929-76: Statistical Tables.
$ Includes inventory valuation and capital consumption adjustments.
# New series. Detailed descriptions begin on p. 18 of the Nov. 1979 SURVEY. See note "t"
for this page for information on historical data.
§ Monthly estimates equal the centered three-month average of personal saving as a percentage of the centered three-month moving average of disposable personal income.
# Includes data for items not shown separately.
1] Revised data for 1976-78 will be shown in the 1979 BUSINESS STATISTICS.
PageS-3
1. Based on data not seasonally adjusted.
H See note "T' for p. S-2.
# Includes data not shown separately.
$ Revised series. Data for both the manufacturing and retail sectors have been revised.
For manufacturing see note "f" for p. S-4. For retail see note "t" for p. S-10.
f See note "f" for p. S-4.
§ See note "t" for P- S-10.
@ See note "t" for p. S-9.
# New series. Data back to 1967 are available from the National Income and Wealth
Division, Bureau of Economic Analysis.
Page S-4
1. Based on data not seasonally adjusted.
$ Revised series. Data for both the manufacturing and retail sectors have been revised.
For manufacturing see note "f" for this page. For retail see note "f" for p. S-10.
f Revised series. Data revised back to 1958 to reflect (1) benchmarking of shipments and
inventories to the 1974, 1975, and 1976 Annual Surveys of Manufacturers, (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 "Manufacturers' Shipments, Inventories,
and Orders" M3-1.7 (1958-1977), M3-1.8 (1967-1978), M3-1.9 (1977-1979),and M3-1.10
(1972-1980), available from the Bureau of the Census, Washington, D.C. 20233.
§ See note "f" for p. S-10,
@ See note "f" for p. S-9.
# New series. Data back to 1967 are available from the National Income and Wealth
Division, Bureau of Economic Analysis.
# Includes data for items not shown separately.
PageS-5
1. Based on data not seasonally adjusted.
f See note "f" for p. S-4.
# Includes data for items not shown separately.
$ Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries; unfilled orders for other nondurable goods industries are
zero.
II For these industries (food and kindred products, tobacco, apparel and other textile products,
petroleum and coal, chemicals and allied products, and rubber and plastics products) sales
are considered equal to new orders.
PageS-6
1. Based on unadjusted data.
2. This series has been discontinued.
$ Compiled by Dun & Bradstreet, Inc.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
U Data through 1977 are for urban wage earners and clerical workers; beginning Jan. 1978,
there are two indexes, all wage earners and clerical 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 the Bureau of Labor Statistics, Washington, D.C. 20212.
# New series. Earlier data are available from The Bureau of Labor Statistics, Washington,
D.C. 20212.
f Beginning Jan. 1978, CPI-U.
PageS-8
1. Computed from cumulative valuation total.
2. Data shown here are based on 1980 seasonal factors. Effective Jan. 1981, data are no
longer seasonally adjusted.
H Beginning Jan. 1979 SURVEY, monthly and annual data hi e been restated to reflect the
purchasing power of the dollar as measured by finished goods; comparable data for periods
prior to November 1977 will be shown in the 1979 BUSINESS STATISTICS.
$ Beginning Jan. 1978, based on CPI-U; see note "K" for p. S-6.
# Includes data for items not shown separately.
§ Data for July and Oct. 1980, and Jan., Apr., and July 1981 are for five weeks; other months
four weeks.
@ Data for new construction have been revised back to Jan. 1975 and are available from
the Bureau of the Census, Washington, D.C. 20233.
@@ Monthly revisions back to Jan. 1975 will be shown in the 1979 BUSINESS STATISTICS.
$$ Monthly data back to Jan. 1970 on the 1972=100 base will be shown in the 1979
BUSINESS STATISTICS.
Page S-9
1. Index as of Aug. 1,1981-.building, 313.5; construction, 332.8.
H Home mortgage rates (conventional first mortgages) are under money and interest rates
on p. S-15.
§ Data include guaranteed direct loa.ns sold.
@ Monthly data back to 1972 on the 1972=100 base are available upon request.
f Effective April 1981 SURVEY, wholesale trade data have been revised for Jan. 1973-Jan.
1981. Revised data are available upon request.
Page S-10
1. Advance estimate.
2. Effective Jan. 1979 data, sales of mail-order houses are included with department store
sales.
f Effective April 1981 SURVEY, retail trade data have been revised for the years 1971-1980.
Effective April 1979 SURVEY, data have been revised from 1967-1970. Revised data and a
summary of the changes are available from the Census Bureau, Washington, D.C. 20233.
# Includes data for items not shown separately.
Page S-l 1
1. As of July 1.
2. The accounts receivable series have been discontinued.
# Includes data for items not shown separately.
$ Revisions for Jan. 1977-Oct. 1979 appear in "Current Population Reports," Series P-25,
No. 870. Revisions for July-Dec. 1976 appear in "Populations: Estimates of the Population
of the United States and Components of Change—1940-79," P-25 No. 802 (June 1979),
Bureau of the Census.
t Effective July 1981 SURVEY, data have been revised to reflect new benchmarks and new
seasonal adjustment factors. Effective July 1980 SURVEY, data have been revised based on
March 1979 benchmark levels and updated seasonal adjustment factors; they are not comparable with previously published data. Effective Oct. 1979 SURVEY, data have been revised
based on March 1978 benchmark levels and updated seasonal adjustment factors; effective
Oct. 1978 SURVEY, data have been revised to conform to the 1972 SIC and adjusted to March
1977 benchmark levels, therefore, data are not strictly comparable with earlier periods. See
"BLS Establishment Estimates Revised to March 1979 Benchmarks," in the July 1980 issue
of Employment and Earnings. See also Oct. 1979 and Oct. 1978 issues of Employment and
Earnings for similar articles.
H Effective with the Feb. 1981 SURVEY, the labor force series reflect new seasonal factors.
Data have been revised back to 1976; comparable monthly data for 1976-80 appear in the
Feb. 1981 issue of Employment and Earnings, U.S. Department of Labor, Bureau of Labor
Statistics.
* New series. The participation rate is the percent of the civilian noninstitutidnal population in the civilian labor force. The employment-population ratio is employment as a percent
of the total noninstitutional population, 16 years and over.
SURVEY OF CURRENT BUSINESS
S-38
Page S-12
t See corresponding note on p. S-ll.
§ Effective October 1978 SURVEY, includes data formerly shown separately under ordnance and accessories.
@ Formerly shown as Electrical equipment and supplies.
II Production and nonsupervisory workers.
$ This series is not seasonally adjusted because the seasonal component is small relative to
the trend-cycle and/or irregular components and consequently cannot be separated with
sufficient precision.
PageS-13
t See note "t" on p. S-ll.
§ See note "§" on p. S-12.
•® See note "@" on p. S-12.
$ See note "$" on p. S-12.
11 Production and nonsupervisory workers.
PageS-14
t See corresponding note on p. S-ll.
II Production and nonsupervisory workers.
$ Earnings in 1967 dollars reflect changes in purchasing power since 1967 by dividing by
Consumer Price Index; effective Mar. 1979 SURVEY, data reflect new seasonal factors for the
CPI.
§ Wages as of Aug. 1, 1981: Common, $13.09; Skilled, $16.98.
$ Includes data for items not shown separately.
@ 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.
@@ Insured unemployment as a percent of average covered employment in a 12-month
period.
PageS-15
1. Average for Dec.
2. Average for the year.
3. Daily average.
4. Beginning Jan. 1981, data are for top-rated only. Prior data cover a range of top-rated
and regional dealer closing rates.
# Includes data for items not shown separately.
§ For demand deposits, the term "adjusted" denotes demand deposits other than domestic commercial bank and U.S. Government, less cash items in process of collection; for
loans, 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).
H Adjusted to exclude domestic commercial interbank loans and Federal funds sold to
domestic commercial banks.
$ Data beginning Dec. 1978 reflect a reduction in the 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.
* New series. Beginning Dec. 1978, data are for all investment account securities; comparable data for earlier periods are not available.
t Revised series. Data are now monthly averages and the coverage has been expanded.
Comparable data back to Dec. 1972 are available from the Federal Reserve Board, Washington, D.C. 20551.
$$ Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent. Data through Oct. 1979 show a maturity for 120-179 days. Beginning Nov. 1979, maturity is for 180 days.
@ Data through Oct. 1979 show a maturity for 150-179 days. Beginning Nov. 1979, maturity is for 180 days.
August 1981
data from 1959 to date are available from the Banking Section of the Division of Research
and Statistics at the Federal Reserve Board, Washington, D.C. 20551.
$ Composition of the money stock measures is as follows:
Ml-A.—This measure is currency plus demand deposits at commercial banks. It is essentially the same as the old M1 except that it excludes demand deposits held by foreign commercial banks and official institutions.
Ml-B.—This equals Ml-A plus interest-earning checkable deposits at all depositary
institutions—namely NOW accounts, automatic transfer from savings (ATS) accounts, and
credit union share draft balances—as well as a small amount of demand deposits at thrift
institutions that cannot, using present data sources, be separated from interest-earning checkable
deposits.
M2.—This measure adds to Ml-B overnight repurchase agreements (RP's) issued by commercial banks and certain overnight Eurodollars (those issued by Caribbean branches of
member banks) held by U.S. nonbank residents, money market mutual fund shares, and
savings and small-denomination time deposits (those issued in denominations of less than
$100,000) at all depositary institutions. Depositary institutions are commercial banks (including
U.S. agencies and branches of foreign banks, Edge Act corporations, and foreign investment
companies), mutual savings banks, savings and loan associations, and credit unions.
M3.—This measure equals M2 plus large-denomination time deposits (those issued in denominations of $100,000 or more) at all depositary institutions (including negotiable CD's) plus
term RP's issued by commercial banks and savings and loan associations.
L.—This broad measure of liquid assets equals M3 plus other liquid assets consisting of
other Eurodollar holdings of U.S. nonbank residents, bankers acceptances, commercial paper,
savings bonds, and marketable liquid Treasury obligations.
$$ Includes ATS and NOW balances at all institutions, credit union share draft balances,
and demand deposits at mutual savings banks.
# Overnight (and continuing contract) RP's are those issued by commercial banks to the
nonbank public, and overnight Eurodollars are those issued by Caribbean branches of member
banks to U.S. nonbank customers.
@ Small time deposits are those issued in amounts of less than $100,000. Large time
deposits are those issued in amounts of $100,000 or more and are net of the holdings of
domestic banks, thrift institutions, the U.S. Government, money market mutual funds, and
foreign banks and official institutions.
# Includes data for items not shown separately.
PageS-18
1. Beginning Jan. 1981 data, U.S. Virgin Islands trade with foreign countries is included.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.
$ For bonds due or callable in 10 years or more.
# Includes data for items not shown separately.
@ Data may not equal the sum of the geographic regions, or commodity groups and
principal commodities, because of revisions to the totals not reflected in the component
items.
@@ Effective Feb. 1979 SURVEY, seasonally adjusted data have been revised to reflect
sums of commodity components; comparable data for periods prior to 1977 will be shown in
the 1979 BUSINESS STATISTICS.
PageS-19
1. See note 1 for p. S-18.
# Includes data not shown separately.
§ Data may not equal the sum of geographic regions, or commodity groups and principal
commodities, because of revisions to the totals not reflected in the components.
@ See note "@@" for p. S-18.
PageS-20
1. See note 1 forp. S-18.
# Includes data not shown separately.
PageS-16
PageS-21
1. Data are for fiscal years ending Sept. 30 and include revisions not distributed to the
months.
f Beginning Jan. 1979 SURVEY, the consumer credit group has been completely restructured;
comparable data for periods prior to Nov. 1977 are available from the Federal Reserve
Board, Washington, D.C. 20551.
'# Includes data for items not shown separately.
§ The Department of Health, Education, and Welfare was redesignated as the Department of Health and Human Services by the Department of Education Organization Act.
1. Domestic trunk operations only (averaging about 90 percent of domestic total).
2. Annual total; quarterly or monthly revisions are not available.
3. Before extraordinary and prior period items.
4. For month shown.
5. 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.
6. Beginning Jan. 1977, data are for unlinked passenger trips.
7. Beginning Jan. 1980 data, another company is included:
8. Data are for six months, Jan.-June 1980.
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled
service.
$ Beginning Jan. 1977, defined as those having operating revenues of $50 million or more.
II Average daily rent per room occupied, not scheduled rates.
@ Beginning Jan. 1979, data include visits to Badlands and Theo. Roosevelt National
Parks (formerly classified as recreational areas). Beginning Jan. 1980, data include visits to
Channel Islands (formerly classified as a monument). Beginning June 1980, data include
visits to Biscayne (formerly classified as a monument). Beginning Dec. 1980, data include
visits to Katmai (formerly classified as a monument).
PageS-17
1. Total for Jan.-May and Oct.-Dec.
2. Total for 11 months; production not available for Aug.
§ Or increase in earmarked gold (—).
f The Federal Reserve has redefined the monetary aggregates. The redefinition was prompted
by the emergence in recent years of new monetary assets—for example, negotiable order of
withdrawal (NOW) accounts and money market mutual fund shares—and alterations in the
basic character of established monetary assets—for example, the growing similarity of and
substitution between the deposits of thrift institutions and those of commercial banks. Monthly
SURVEY OF CURRENT BUSINESS
August 1981
PageS-22
1. Reported annual total; monthly revisions are not available.
2. Data withheld to avoid disclosing operations of individual companies.
3. 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.
4. Annual total for monthly data where available; not comparable with earlier periods.
5. See note "T' for this page.
6. Data beginning Jan. 1979 are for value of shipments and comprise three new product
categories. Comparable data for these new categories are not available prior to Jan. 1979.
However, the difference between total value of shipments and total factory sales (formerly
shown) is considered statistically insignificant.
7. Beginning Jan. 1981, data represent gross weight (formerly phosphoric acid content
weight) and are not comparable with data shown for earlier periods.
8. Represents solutions containing ammonia and ammonia nitrate/urea solutions; not
comparable with other published data.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
$ Monthly revisions, back to 1975 for some commodities, willbe shown in the 1979 BUSINESS STATISTICS.
@ Monthly revisions for Oct. 1976-Feb. 1978 will be shown in the 1979 BUSINESS STATISTICS.
II Data for Jan. 1977-June 1979 exclude potassium magnesium sulfate; not strictly comparable with data shown for other periods.
PageS-23
1. Includes Hawaii; not distributed to the months.
2. Reported annual total, including Hawaii; monthly data are preliminary and subject to
change.
§ Data are not wholly comparable from year to year because of changes from one classification to another.
@ Monthly revisions, for some series back to 1976, will be shown in the 1979 BUSINESS
STATISTICS.
PageS-24
1. See note "@@" for this page.
2. Crop estimate for the year.
3. Stocks as of June 1.
4. Stocks as of June 1 and represents previous year's crop; new crop not reported until
June (beginning of new crop year).
5. Previous year's crop; new crop not reported until Oct. (beginning of new crop year).
6. Data are no longer available.
7. Aug. 1 estimate of the 1981 crop.
§ Excludes pearl barley.
# Bags of 100 Ibs.
If Revised crop estimates for 1970-75 will be shown in the 1979 BUSINESS STATISTICS.
@ Monthly revisions, for some series back to 1976, will be shown in the 1979 BUSINESS
STATISTICS.
@@ Data are quarterly except for June (covering Apr. and May) and Sept. (covering
June-Sept.).
PageS-25
1. Average for 11 months; price not available for Dec.
2. Prices for Jan.-Mar. 1979 are estimated; actual price not available. Annual average for
1979 is based on actual price (Apr.-Dec.).
3. Average for nine months; index not available for Apr.-June.
§ Cases of 30 dozen.
H Bags of 132.276 Ibs.
$ Monthly revisions back to Jan. 1975 will be shown in the 1979 BUSINESS STATISTICS.
@ Monthly revisions back to 1976 will be shown in the 1979 BUSINESS STATISTICS.
# Effective Apr. 1981 SURVEY, the wholesale price of smoked hams has been discontinued
and has been replaced with the comparable price index. Annual indexes prior to 1979 and
monthly indexes prior to Feb. 1980 are available upon request.
S-39
PageS-27
1. Annual total; monthly revisions are not available.
* New series. Source: Bureau of Labor Statistics.
# Totals include data for types of lumber not shown separately.
PageS-28
1. Annual data; monthly revisions not available.
2. Less than 500 short tons.
3. Effective Jan. 1980, data are no longer available.
PageS-29
1. Annual data; monthly revisions are not available.
2. For month shown.
3. Copper refinery production from domestic and foreign ores are not shown to avoid
disclosing information for individual firms. The source reports 79,039 metric tons of domestic ores and 14,623 metric tons of foreign ores for the period July-Sept. 1980.
PageS-30
1. Data beginning Jan. 1978 exclude stocks of lead base bullion in transit and at refineries.
2. Less than 50 tons.
3. Data are for five weeks; other months 4 weeks.
4. For month shown.
5. Annual data; monthly revisions are not available.
6. Effective July 1980 SURVEY, data are revised and shown on a new base. Revised data
are not comparable to previously published data.
If Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
@ All data (except annual production figures) reflect GSA remelted zinc and zinc purchased for direct shipment.
$• Source for monthly data: American Bureau of Metal Statistics. Source for annual data:
Bureau of Mines.
# Includes data not shown separately.
t Revised series. The sample size has been restored to 100 firms and the base has been
changed to 1977=100.
* New series. These indexes are based on shipments of hydraulic and pneumatic products
reported by participating members of the National Fluid Power Association. Data back to
1959 are available upon request.
PageS-31
1. Reflects revisions not available by months.
2. Effective Jan. 1980, total stocks for bituminous coal and lignite exclude residential and
commercial stocks and are not comparable with data shown for earlier periods.
3. Data are available back to Oct. 1977.
4. Beginning Jan. 1979, data reflect coverage of additional processing facilities; not strictly
comparable with data shown for earlier periods.
# Includes data for items not shown separately.
@ Beginning July 1977, data include shipments to mobile home and travel trailer manufacturers (formerly excluded); they are not directly comparable with data for earlier periods.
* New series. Annual data prior to 1978 and monthly data prior to April 1979 are available upon request.
§ Includes nonmarketable catalyst coke.
1J Includes small amounts of "other hydrocarbons and hydrogen refinery input," not shown
separately.
PageS-32
1. Less than 50 thousand barrels.
2. See note 4 for p. S-31.
3. Reported annual totals; revisions not allocated to the months.
4. See note "U" for this page.
5. Effective April 1981, price represents simple average of Platt's/Lundberg special retail
gasoline prices for 48 cities; not strictly comparable with prices shown for earlier periods
which represent weighted average price.
H Prices are mid-month, include taxes, and represent full service; comparable prices prior
to Jan. 1979 are not available.
# Includes data for items not shown separately.
* New series. See note "II" for this page.
PageS-26
PageS-33
1. Beginning Sept. 1979, estimated prices are derived from a different source and are not
comparable with prices shown for earlier periods. Annual average for 1979 represents Sept.-Dec.
2. Crop estimate for the year.
3. Reported annual total; not distributed to the months.
4. Aug. 1 estimate of the 1981 crop.
§ Monthly data reflect cumulative revisions for prior periods.
@ Producers' and warehouse stocks.
H Factory and warehouse stocks.
1. Reported annual total; not distributed to the months.
2. Effective Jan. 1980, data are no longer available.
3. Average for 11 months; no price for Aug.
1f Consumption by 525 daily newspapers reporting to the American Newspaper Publishers
Association.
§ Monthly data are averages of the 4-week periods ending on the Saturday nearest the end
of the month; annual data are as of Dec. 31.
$ Data are monthly or annual totals. Formerly weekly averages were shown.
August 1981
SURVEY OF CURRENT BUSINESS
S-40
PageS-34
1. Reported annual total; revisions not allocated to the months.
2. Crop for the year.
3. Data cover five weeks; other months, four weeks.
4. Cumulative total for the 1980 crop.
5. Data are not available prior to Jan. 1980.
* New series. Data for finishing mills have replaced data for weaving mills, which are no
longer available.
# Includes data for items not shown separately.
II Cumulative ginnings to the end of month indicated.
§ Bales of 480 Ibs.
PageS-35
1. Effective Jan. 1,1978, includes reexports, formerly excluded.
2. Annual total includes revisions not distributed to the months.
3. Average for crop year; Aug. 1-Jul. 31.
4. For five weeks; other months four weeks.
5. Monthly average.
6. Average for 11 months; no price for Oct.
7. Less than 500 bales.
§ Bales of 480 Ibs.
If Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price reflects
total quantity purchased and dollars paid for the entire month (revised price includes discounts and premiums).
# Includes data not shown separately.
@ Effective Apr. 1979 SURVEY, data include 600 additional firms; comparable data back
to Jan. 1977 (except for slacks, jean cut, casual, shown on p. S-36) will appear in the 1979
BUSINESS STATISTICS.
Page S-36
1. Annual total includes revisions not distributed to the months.
2. Estimates of production, not factory sales.
3. Effective Jan. 1980, passenger vans previously reported as passenger cars are now included
with trucks.
4. Effective Jan. 1979, data are not directly comparable with data shown for earlier periods
because of the inclusion of Volkswagens produced in the U.S.
5. Monthly data for 1980 exclude exports for off-highway trucks; not strictly comparable
with data shown for other periods.
@ See note "@" p. S-35.
# Total includes backlog for nonrelated products and services and basic research.
§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and
imported to the U.S. under the provisions of the Automotive Products Trade Act of 1965.
Imports comprise all other cars.
If Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some states
are not available, month-to-month comparisons are not strictly valid.
$ Excludes railroad-owned private refrigerator cars and private line cars.
t Effective Feb. 1981 SURVEY, data have been restated to reflect new seasonal factors.
Annual and monthly data back to 1967 are available upon request.
BUSINESS STATISTICS 1979
BUSINESS STATISTICS 1979 is the 22nd biennial supplement to the monthly SURVEY OF CURRENT BUSINESS.
Annual data for most of the approximately 2,600 series are shown from 1947 to 1978. Quarterly series are shown
from 1968 to 1978, and monthly series from 1975 to 1978. For about 400 key series, a longer historical period of
monthly or quarterly data is shown in an appendix.
The 1979 edition, like its predecessors, contains detailed explanatory notes describing sources, definitions, methods
of compilation, revisions, and the time span for which the data are available. The explanatory notes reflect information available in October 1980. The footnotes in current issues of the SURVEY OF CURRENT BusiNESSprovide
information that has become available since that time.
BUSINESS STATISTICS 1979 can be ordered from the Superintendent of Documents, U.S. Government Printing
Office (GPO), Washington,D.C. 20402 at a price of $8.50. Order by stock number 003-010-00089-9; enclose check
or money order payable to Superintendent of Documents. BUSINESS STATISTICS 1979 may be ordered by
telephone (202) 783-3238 and charged to Master Charge, VISA, or deposit account at the Superintendent of Documents.
TO
Generals s - .
.
-,,--,'
,
Business indicators. . . . . » , , , , % . ; ,,,,,....,'...»,' . 1-6 , Commodity prices, . / „ „ » . . , ' , , . „
,»,,.,,.,
6-8
Construction andi real estate.'...;,*<..,;.,.;'.;',,
8,9
Domestic trade,', , ; , , , „ . , , , » ; . - . „ . , , - , , . . , , - , , , ' 9-11
Labor force, employment, and earnings,,,...». '11-15
" -; Fiance
-,.'..,..;-; V*..-</.;...*.;.../.'.., 15-18
Foreign trade of the United States,......„....< 18-20
Transportation and communication.,.../..,..
21
22
Chemicals and allied products, , - . * « ; ,
Blectrie power and gas, . „ „ „ . ; . ' , . . , .
Food and kindred prodttcts; tobacco,
Leather and products .,..-, 1 . . • , , . „ »
.... 23-26
. . w ~ 27
Lumber and products. .•.-„,.;, i .,..,.". 1 .; ..... 27, 28
Metals and manufactures. , . . , , . , .......... , , 28-31
Petjpolenm, coal, and products, . ... v * . . / . . . ; . . 31, 32
Pulp, paper, and paper products. , % . , . , , , . . . , ; 32, 33
Rubber and rubber products, . . . „ . - . ....... ...
33
Stone, clay, and glass products. . . . . . , . , . . . , . . - 34
Textile products, . . . . . . , . . , . . . . ; , , , , .';-..'. . .34-36
Transportation equipment, . , . . £ » . ; , .
........
36
SIKIES
.
A d v e r t i s i n g , . . , . » » » . . . , . » , » » , , , 4 , » , , ^ . , ,\ ,, ^ 9,14
Aerospace vehicles,.'
'...,.«.-..;........;..,..
36
Agricultural l o a n s , . . > » . . , . » , , » V , , . . . . , , . . . . * . . ' " 15
Air carrier operations* . . . * , , , , , . . , , » » , . » ' . » » , . .
21
Air conditioners (room) . . • . , , , , , « . , , , , ,
,,.
31
Aircraft and parts., „,;,.....,.'...,;...»,.'.,... 5,36
Alcohol, denatured and etbyt,,.....'...,;......
22
Alcoholic beverages. , , * , , . . . » . - . *
, , . . . » ' . . , 9,23
Aluminum, » „ , . . . ,
,,,.,,% ,
*
29
Apparel. ..„ „ , . , . .;..,....,.. .,..;. 2-7,<H.3,3&,36
Asphalt. , ...'„. 1 « . . . . , « . . . . . , , . . , , . . .
. 3132
Automobiles, etc,. -,. tt
2-7,9,10,17,19,20,36
Banking ...... « . , . *
Barley,,,/..,,,
Battery shipments,
Beef and veal. . ; » . .
. .. ....,......,........
Blast furnaces, steel mills
......
Bonds, leaned, prices, sales, yields.
Brass and bronze, . . . . , . , . . . - . , . « .
Brick.
Building and construction materials..».
Building costs. . . , . , . . „ . . . . , . „ „ . . , , . , .
Building permits. . . . . . , ' . „ „
Business incorporations (new), failures,
Business sales and inventories,. .. „'
Butter,.,.,.,
..
„,. ;
,,
,v,
: . . . . . . .
..,.,..
• 15
24
30
25
7,9,19,20,23
.
-. 4,5
....... 17,18
34
....
9
8
6
.'!!,'
23
Cattle and calves. , , , . , . . . . , . . ; ; > . , . . . . . . i , . ,
25
Cement and concrete products.
7,9,34
Cereal and bakery products.,...... 1
«*,,,
7
Chain-store sales, firms with 11 or more stores...' 10, II
Cheese, . . . . . , . . . . . > . . ; . ' , ; . . . . . _ ; . . , • , . . . ; ' .
23
Chemicals,.,.,,,.......,,. 3-5,7,12,13* 17,19, 20,22
Cigarettes and cigars,.,^......,.'.',;./....., . .
26
Clay products,..
..,, 3*4,7,34
Coal..;.......;•.....;...,,;>........„
3,7,19,31
Coeoa,.«„;.,.*........-....,....,
. ,. , ,20,25
Coffee,.„...........;;.,..,.....,_;...,...,., 20,25
Coke....,.,.;» t ........<,,.,
*-».....'....„..
31
Combustion, atmosphere, heating equipment.....
30
Communication,, J . . • . . . , ; . . . . , . . , , . . „ . . . k ; f 1,17,21
Confectionery, sales,,. . v . . ; . . . „ . . ] . . . . , ! ! . ' . ! . «
25
Construction:
Contracts,,,,.,.....
,./,,'..•
8
costs,..........».,.......,..,.,...;;';;;;/
9
Employment, unemployment, hours, earnings., 11-14
Highways and streets,».....,,..:...........,
8
Housing starts,..,..'»...„*...,
,,,..,
8
Materials output indexes. ..../............I.
9
Hew construction put in p l a c e . , , . » * , , ' . , , . , , , ,
8
Consumer credit.«,,.,. * . f , , . , , , , , , , . ^ , , . . , , , .
16
Consumer goods output, Index,.,....,..',.,.,;.
2
Consumer Price Index;...
.. ,.,
•»•«_^
Copper,,
;,......... ..„,..•,.,....,'...
29 v
Corn..-..,,. i \,,,,, 4 A « , , . , . » ' . . * 1 ' " » » ,
»
24 Cost of living (see Consumer*PricV Index) *. * * \ ",! .
6
Cotton* raw and manufactures.',..,;,.'.,.. 6,19,34,35
Cottonseed oil.,,,,. ; . , , . . , . , . . . _ . . _ . , . , , _ ,
26
Credit, short* and int«rmediate»term,.. ,
16
Crops,.:,,./.
,,.;. ; ..,. /634,26,34
Crude oil,................... ^ . . . . . . . . . . . , . . * . 3,31
Currency in circulation.»/,,.;,
,,,!.-.!•»..
17
garnings, weekly and honrly,;
....../...,. 13,14
Eating and drinking pkces...,..,......, .
10,11
Eggs and poultry..,....-.:...-....,.,,, t .;....$, 7, $S
Bleettte power..... ;//..,,.,,,,,..._
. _ 3,7,23
Electrical machinery and equipment.,
.
3-5
,, .
,
7,12,13,17,19*20,30,31
>.mployee-hour8, aggregate, and indexes/..,'....
13
Employment,,,,.,.,,..._
11,12
•Explosives-, .,.,,•,...;,..'.,
,.,../..,',....,.. - 2 2
Exports (se^ also individual commodities)..,., 1,18,19
Failures, industrial and commercial.......,..../
6
Farm prices..,,,.,., 1'.«',,',,.'.,'.,,,.. t\ ...,.,
67
Farm wages, * , « , . , . , , , , , , , , . „ . » , . [ * [ [ [ ' *
14
Fat* and oils,, ,\ .\ ..-...„„„.. .\\ .\\\\\ "7,*i9s20,26
* eoeral trovernment finance, , , , « , . , , . . . . . . . . .
16
Federal Reserve hanks, condition of.,....,,' \\\ \
15
Federal Reserve member banks
»»...«...»..
15
Fertilizers.» f , t-t".,,
'.....
, . . , . . . . 7 22
Fish, *,.,,.,;.,,-,.,;
;
'....I,*!!.**'"**"
*25
Flooring, hardwood,...,..,
, *!*!!]..!',].*,*
28
Flour, wheat..,,,,. 'f ' . . „ , „ « , „ , . . , , . . , • t
25
Food products -,.,,,...;. 2-7,9,* ii,* 13^17,19,* 20,23-26
foreign trade (see also individual eommod.),,,,» 18-20
Freight cars (equipment)..,,,,,.......
36
Fruits and vegetables.,»,,..»..,,»;
*
67
Fuel oil,..... ;;v,
X;!;! *6,31,32
Fuels .....-...,
3,6,7,19,20,31,32
Furnaces, , . / . . . , * . , . . ' ;
,
4
Furmtnre,,,,..'........... /, l\ .'.'; V. | ] ].' '3'i
0ass output, prices, sales, revenues........... 3,6,7,23
Gasoline... ....,,/,...,.,;,
.'.,,•.;....,.*
32
Glass and products.,.
»,.,....,,,
^^
Olyeerin..
...;,../; \[ l[] I \\ " ^ [
22
Goi4
,..,
17
Grains and products,,...,.
,
6,7 19 24 25
Grocery stores.._.-..,,..,..
,, [
,. 10,* 11
irypsum and products.,,..,.,.
„
; 7f 34
Hardware s t o r e s , , . , » , , . , , , , , » ,
j0
k,t
Heating equipment, . , , , . , , , , . , , « . . . . . 1 ], 1 ] ^ * 7 30
Help-wanted advertising index ,....*..,].!!.!!"!!
* 14
Hides and skins. . , . * » „ , , , . . , » , , . , , » , » . . . , . ] , , 7,27
Highways and streets,.«»»
......... , /
8
Hogs,«v : „ . . . . . ; , . . . . ,
..........;;
25
Home electronic equipment...,...'..............
7
Home Loan banks, outstanding advances.....!!;
9
Home m o r t g a g e s . » , , , , , , , . . . . . . , , , , , » , , ^
9
Hosiery. /....,
,,,,,
„ \\ t \\ * * \ ] ' *
35
Hotels and motor-hotels, . , . . . . . ! ] ] . ! » . ] , ! * !
21
Hours, average weekly
,..'..
..,';[ 12,13
Housefurmshings.....,,,,.,
,,, 2,4-6,9,10
Household appliances, radios, and television sets.
2,
„ >
,
7,10,30
Housing starts and permits...,...;
,...
0
Imports (see also individual commodities),,.., 1,19,20
Income, personal,-,»
,. ?
•..,....,..«.
2
Income and employment tax receipts,,.,!!.!.!!
16
Industrial production indexes:
By i n d u s t r y . . . , , . , » . , . » . , , . . » . , . . , , 4 . t . , , . ,
3
By market grouping,.,
,. * 2,3
Installment credit, . . . » , , , . , , , , . . , , . , , , . . . ] , [ * 11,16
Instruments and related products,,,.,
., 3,4*12,13
Insurance, life, , , , ; , . , , » > ,
.„,........,..„.,.
16
Interest and money rates
\\\
15
¥
International transactions of the United States,,.
I
Inventories, manufacturers* and trade...,,,.. 3-5,9,10
Inventory-sales ratios . . , , , , « , , , , . , , . , , „ » . , „ . , .
4
Iron and steel.,...,,......,.., 3,7,9,17,19,20,28,29
Labor advertising index, stoppages, turnover
14, IS
Labor force,,, > » . , . , * , , . / . , . , , . ,
...,'.,
11
Lamb and mutton. „ , . * . ' , , , + . . , * , . . . . ' , , , , , \"
25
{•ead,,..,
\
1 /.! 29,30
Leather and products......'..,.,,....-.. 3,7,12,13^ 27
Life i n s u r a n c e , , . , , , , » , . . , . . . . , . , , t « .
16
+
'Livestock.,,,.......;'.,.:.;..........,.....; 6,7,25
jLoans, real estate, agricultural, bank (see also
Consumer credit), ' , „ , , » ; , « „ « , ; . ' , , „
9,15
Lubricants, .,....'„.....,...'.....
,. [. * 31,32
Lumber and products,
3,7,9,12,13,27,28
Machine t o o l s . » . , . . . . , , . . , . ; , , , , , , » . . » .
,
30
Machinery...,..,
3-5,7,12,13,17,19,20,30
.Mad order houses, sales. . * , , ; « . .
;...»..,
10
Manufacturers* sales (or shipments), inventories,
. orders.,,.,'.;,.._.;,...;..;,,-,.,.,_»_;.._,
4,$
Manufacturing employment, unemployment, production workers, hours, earnings.«....,,.,,,., 11-14
Manufacturing production indexes,»...,,.'...... ,\ 2r3
Margarine. * , » » . , « . ' . , » , , » , , , . , . , ; , . , , . , „ . » . . . . " ' . 26
^ Meat animals and meats.,; . ^ . - , . . . . ' . , . . V. 7* 19,20,25
Medical care,.,,,
*., v - . „ « , , , . , . «. „
6
Dairy products,v.
. . . ; , , ; . , « , , . . . , . . 6,7,23,24
' Metals,.;\,. i - . ; . ; . ; . , „ • • . 3^ 7,12,13,17,19,20,28-31
DebVU.S. Government, v . . . . . . i;.-...'.C .-.
16^
Milk.,;.,....,,.'.,. .C. . . . . » . . . . . * . . . » ' . . . . . . » . .
24Deflator, PCE.-» t ... .V
,, l t ..../.........
2~
Mining and minerals..,,
1-3,7, ii-14,17
Department stores, tales, inventories.;,'. ] I [', *'. \ ]' 10,11
Monetary
..statistics,
i
.
*
.
.
,
.
,
.v
.'..........*.....
17
Deposits, b a n k , , , . . , , , , ; . . . , . ,
, . . . , , . 1,./ 15 17
Money and interest rates. , . , . , „ . . „
...,;!
15
Dishwashers. . » , , . , , , , , ^.'....;..'..." ^!!!!!! 11- *31
Money
»uprfy.
.*./..,...*,-...»............,....
17
Disposition of personal income , . . , , , / , , , * ,\. * ^ »
2
Mortgage applications, loans, rates, ,. *
9,15,16
Disputes, industrial. . . , , , » . , <
15
Motor carriers^ „ . * . , . , . » . , , , , . . . , . . ; • , . . , . . . , , . „
--_21
Distilled-spirits'..
-.'...>.'.,'1i!!'^\!M'J!'!*-;,]r
23
Motor vehicles
,.;;, /..,. 2-4,6^ 10,17,19* 20,36
- Dividend payments,, >/.'.,,'. ,*,',,,' ^,,/.-. I ,,";{!* 1"" * - 2,17parks,"visits. .•'.,,
....-..-. ^ , , „ « \ . . . ' 21
"*
' , sales.; „....'. X,. < ; v , ; L* * [ ;„*' ] [j ^ io*t|i, ,, -- r<»tional
Newsprint, .•/..;.,.-. . » , , , . ' . * ; , . . . . . „,,.,....;'.., 20*33
New York Stock Exchange, selected data,. . , V.
18
JNonferrous metals. , . , » , , 1 , , . . , 3, S, 7, 17, 19, 20,29, 30
. , , . . .,.....,...,,„;_
Oils and fats, ..,,..; /. . . ,
Orders, n«w and unfiHed, ra
Outlays, U.$. Goyeriiment,
Faint and paint materials. -; . . . »
Paper and products and pulp^ >. '
Parity «tio. . , , .
......
.
^ 20
* *
t
*• * * * * f * •' *
7 22
JLg
'
.
Personal consumption expenditures , , , , * r
2
Personal income. ...,.'.;........; .
'*> * "
2
Personal outlays____... ..-...!!!!!!!
I
I
*
*^
.....
2
Petroleum and products , , . . 3-7,* ii,% U9 iij 19^20* 31, $2
Jnig iron, « » * . , . , , , , . . , . , , . . , , . . . , , . . « ;
jg
<
Plant and equipment expenditures. I ! , * * * ] * * '? "- " "*
i
Plastics and resin materials . , . . ,____, . * , ' * * • "
Population. . . . . . . . . . . . ...'..
":*•«•*"*— • » *
Pork. ; . . ; , ..... ............"I C ! T ;•"*'• ..... * "
Is
Poultry and eggs, , , , . . . , , ,T
6 7 2S
Price deflator, implicit (PCE) , '. ,' * * *. ; .', .* ', * ; .' \ ', V * *' |
Prices (see also individual commodities) * , , I ! 1 i * ! 6-8
Printing and publishing, ',.-,... .v .'^ ..'./.-...!'!•' $, 12, 13
private sector employment, hours, earnings, ..... 11-14
Producer Price Indexes, , , » , , . . , , , , . . , , , „
78
Profits, corporate. , . . » » ..... .
,...,,
»^
Public utilities. „ . , . . . . ; . : ; . , . . ; ; ; ; . '
Pulp and pulpwood ..... , , . , , , , . . . , ,
32
Purchasing power of the dollar . , . . , . ,
Radio and television, , . , . , . , . , / . . » ; . .
2 10 30
Railroads. ,...,.,,.,,./, /;, ;....-,,... l^ 1 8 2 l 6
Kanges. . , , , * * . * . . . . , . . . , . t „ , » < , , , - . , . . .___. ; , ,
31 •
Rayon and acetate, . . , . , , . / . . * . 1 . ] , * ] [ * » ,
35
Real estate, ............................ " , / ' '9 IS 16
Receipts, U.S. Government ,,.,.,.,., .\ , I .***/...
* 16
Refrigerators. , , . , , , » . » . , „ , ^ -...., t
31
Registrations (new vehicles).: , , , ^ . ! , ] 1 * ] * * \ 36
Rent (housing), , . , „ . , . . . . . . . , . ,
Retail trade., ... .,.,,.,.,., ,.^., . ;,* * 3,' 4,* 6,* 16 14, 16
^
Rice, .....,,.,...,,,'. .-^ ... t ...,,, . > . » . . ; v\ ;-.'.
24
Rubber and products (inel. plastics). 3-5* 7, 12, 14 20, 33
Saving, personal, , . . , . ; . . . ; » . . * . . , < • . t\lf ,..-..., .",
2
Savings and loan assoc., new mortgage ioans* '.][]
9
savings deposits. . . . . , . * . , ,____.;.;.........•..
IS
Securities issued. . . » , ; , * , , . , „ , ,,.....,,'.... '/,'•
17
Security markets. . . . . , . . . . , , , . . . . . / . 4 ] 1 * 1 * [ ] ] ' 17, 18
Services. ... , , . , , . . . . . , . ...... ;. * . . , . * ,\ ,' ,\* !.* *6» li*-14
Sheep and lambs, , . , » . . « . . . » . . , . . » ... v » , , . . . ; ,
25
Shoes and other footwear, . . „ , „ , . . M !.! * - ] 7,10, H.,27
Silver. .............'.......,...»...,,. 4 V, ,.-.,./
17
Soybean oil, . , . , , „ . . , , . , , . ; . ; , , . , . .t , , ] , * * „ [ ] : 26
Spindle activity* cottt»n, .,,.».,'.;"!!!.!! i ! M I ! 1
$5
Steel (raw) and steel manufactures. , . . , . . . . •„ 20,28,29
Steel scrap. . . . . . « * , « „ . , . . 1 ....,.'....;.....•'...
2§
Stock market customer financing. . , , „ . * , . . , , . . ,
17
Stock prices, yields, sales, etc, ....,.,;.. 1 * I I ! . ; 18
Stone, clay, glass products, ........ 3, 4 7, 12, 13, 17, 34
Sugar, , ;; . ---- .-.. .^'. ..,.....;...•,...... ^ .;.. 20,26
Sulfur, . . , . ......... . , . . . . . . , , . . . ;____.'.,..;;,
22
Sulfiiric acid f ..... »......'.,./....____^ , . * ' . , . ,
22
Superphosphate, . , . ; . , , , . . » , . . , , , , , „ ; . . . , , . , , ,
22
Tea imports, , , , , . . . v ,, ^ , , , , , . , . , , , : . , . . . . 4 ..
26
Telephone and telegraph carriers . , , , ........ .-.•;,
21
Television and radio. . . .____,\ ./........ i
2, 10. 30
Textiles and products . . , , 3-S, 7, 12, 13, 17, 19, 20, 34-36
Tin... , . , ; . . ,.... v ../..',,-... /....:.,.;..;..;...," - 30 '
Tires and inner tubes. , . . , , , . . , , , . « , . . , . , . . . , , 7^ 33
Tobacco and manufacturef . « . . . , . . , , . , , 3r-6, 12, 13, 26
Tractors,,....,,.,, , . , . , , , . . , . . . , , ..... ;. ____ 30
Trade (retail and wholesale) . . ..... , 1 , , , . * 3,4, 6,9-14
Transit lines, urban. .... ..... •.„....'...,;.'. , . ,
21
Transportation, ,, ... , . . . . , , , , t ,. 1, 6, 12-14, 17, 18, 21
Transportation equipment, . V 2-5, 7, 12, 13, 17, 19, 20, 36
Travel, . . . * . „ . , . . . , . , . - . , , . « „ " . . . . . , ! . ; , . . , . . ; - - 21
Truck trailers. . . . . . ..... , . . . . , . > , . ; , ..... ....
36
Trucks (indnstrial and other) ....,•..".....:...., 30, 36
Unemployment and insurance
; . . . , , . . . . . . , . 11,14
U.S. Government bonds,... ^
, * . « , . , » . . , , 15-18
U.S. Government
finance;.».;'.,.
.,,,.,,;.
14
U.S. International transactions...»..,,.:,,,,,..
1
Utilities,.,.........,,,.;..,.,.,.;-1,3,6,8,17,18,23
Tacuum c l e a n e r s . . « . . , . . ; , , , « » , » ^ . * ; ; . , . , ,
31
• Tariety stores,;
, , . . , , , . . , . . . f » . . . , » , . . . . . 10, II
Vegetable oife.,......,,,,,,,...,,,..,..,.. 19,20,26
Tegetables and Iruits.,,,...,.,..;.,...,;..,,,.
6,7
Veterans* unemployment i n s u r a n c e , , « , . , . , , , , , »
14
- Wages and salaries; ....-„....',,.,,';,,.,,;,-,;.,..' 2,^13,14;'.
Washers and dryers,,,.,,,,,.,,..., 1 * , , ^ , , . ; , „
31
Water heaters,-, .".'......*;;..;,..,...,/..';.:..
31
Wheat and wheat flour. , , . , , , » . , ; . > , , . . . , . , , , , 24,25
Wholesale t r a d e , » , , . / , ; , , , . ; , ....,,/*. 3,4, 6,9,12-14
Wood-pulp. ,'*..,,.,;...,>,.*.,,..',',,;,..,;;.,',,. ' • •'!&'
Wool and wool manufactures,....,, '„..; > . . , , , . »
,35
UNITED STATES
WASHINGTON, D.C.
2O4O2
OFFICIAL B U S I N E S S
@FedFRASER