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DECEMBER 1967 / VOLUME 47 NUMBER
12
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION
L.S. Department of Commerce
Summary
1
Alexander B. Trowbridge / Secretary
National Income and Product Tables
3
William H. Shaw / Assistant Secretary
for Economic Affairs
Plant and Equipment Expenditure Programs:
Rise Expected in First Half of 1968
7
Manufacturers' Inventory and Sales Expectations—
Fourth Quarter 1967 and First Quarter 1968
12
ARTICLES
The U.S. Balance of Payments in the Third Quarter of 1967
14
The Responsiveness of Federal Personal Income Taxes
to Income Change
32
Fixed Business Capital in the United States
46
(Mice of Business Economics
George Jaszi / Director
Morris R. Goldman Louis J. Paradiso
Associate Directors
Murray F. Foss / Editor
Leo V. Barry, Jr. / Statistics Editor
Billy Jo Hurley / Graphics
STAFF CONTRIBUTORS TO THIS ISSUE
Business Review and Features:
Genevieve B. Wimsatt
Marie P. Hertzberg
Articles:
Walther Lederer
Evelyn M. Parrish
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
William H. Waldorf
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the BUSINESS SITUATION
quickening in the pace of economic
A
activity became evident in November as
striking workers returned to their jobs
under new contracts and as the economy
continued to recover from the doldrums
of the first half of the year. Industrial
production, after 2 months of decline,
CHART !
Business Investment
After three quarters of decline, plant and equipment
outlays are expected to increase
Billion $
80
PLANT AND EQUIPMENT EXPENDITURES
20 -
Housing outlays continue to recover
PRIVATE NONFARM RESIDENTIAL OUTLAYS
Turnaround in inventory investment
CHANC E IN NONFm/I BUSINESS INVENTORIES
20
nnn
1966
,n_n
'
1967
'
1968
Quarterly, Seasonally Adjusted at Annual Rates
* Estimated by QBE
U.S. Department of Commerce, Office of Business Economics
Data: OBE-SEC
67-12-1
rose to its best level of the year.
Employment and hours of work in nonfarm establishments showed large
gains over October, and as a result,
personal income rose more in November than in the 2 previous months
combined.
Specific data pertaining to current
demand are still scanty. In spite of
another poor month for automobile
sales, total retail sales in November
increased over the low October rate
according to advance reports. Business
spending for new plant and equipment,
which drifted down through the first
three quarters of 1967, is expected to
rise moderately this quarter and more
rapidly in the first half of 1968 (chart 1).
Businessmen's investment proj ections
have proved to be too high all year, but
now that the economy is advancing at a
faster rate, the likelihood that programs
will materialize has been enhanced.
Housing continued to forge ahead; on
the basis of the upward trend in housing
starts, the current quarter should see a
substantial improvement in residential
outlays over the summer months. Combined Government purchases are moving up, but the rate of advance is still
unclear in view of the uncertainties
regarding the Federal budget. Federal
payrolls will be given a substantial
boost this quarter—about $1/2 billion
at an annual rate—as a result of
recently enacted pay raises for both
military and civilian personnel.
Additions to inventories by manufacturers and trade firms totaled approximately $400 million in October,
or somewhat more than the average
monthly increase of $350 million in the
third quarter. Inventory changes in the
fourth quarter are being greatly influenced by the recovery of the auto
industry from the strike. Automobile
dealers added 80,000 units of new
domestically produced cars to their
stocks during November, seasonally
adjusted, after no increase in October
and a 135,000 decline in the third
quarter.
Spurt in employment
During November, employers added
478,000 workers to their payrolls,
seasonally adjusted, for the largest
monthly increase since the aftermath of
the steel strike in late 1959. Roughly
200,000 of the latest advance represented workers returning to their jobs
after strike settlements. Increases among
the various industry divisions were
widespread, even after allowance for
poststrike effects.
The largest gain was in manufacturing, where employment rose by a quarter of a million. The return of 160,000
Ford workers and another 30,000 in
the machinery industry dominated the
manufacturing advance, but increases
occurred in all of the major durable
and nondurable goods industries. Average weekly hours of work in manufacturing also showed a substantial and
widespread rise.
The advance in employment brought
an improvement in the unemployment
situation. The seasonally adjusted unemployment rate declined from an
average of 4.2 percent in September and
October to 3.9 percent in November,
about the same rate that prevailed in
late spring and summer.
Personal income up
With manhours higher and wage
rates continuing to advance, payrolls
in November rose $5.6 billion at a
seasonally adjusted annual rate. Increases in property income brought
the rise in total personal income to
$5.8 billion. Manufacturing payrolls,
which had changed little in September
and declined in October, rose more
than $3 billion; there were further
increases in all of the other major
SURVEY OF CURRENT BUSINESS
December 1967
industry divisions. Farm income edged
down for the second month in a row
and transfer payments declined because of reductions in unemployment
compensation.
about unchanged from October. This
rate of sales was maintained in the
first 10 days of December.
Industrial production rises
Devaluation of the pound
Industrial production in November
moved up from the strikebound months
of September and October. The Federal
Reserve seasonally adjusted production
index, at 159 (1957-59=100), was about
1% percent above October, mainly as
a result of widespread increases in
manufacturing.
The advance in iron and steel
production, which began in midsummer,
accelerated in November. The increase
from October to November was approximately 3% percent, seasonally
adjusted, or much more than the
average monthly gain in the preceding
4 months.
Part of the increase in steel output
in the past few months has gone into
producing mills7 inventories. In September and October alone, inventory
additions amounted to 1 million tons.
At 20.4 million tons, stocks of finished
steel held by steel producers at the end
of October were at a record level and
nearly 2 million tons above a year ago.
To judge from the experience of the past
several years, steel producers are currently building up stocks to meet advance ordering by steel consumers as a
hedge against a possible steel walkout
in 1968. Consumers' stocks at the end
of October, although up slightly from
September, were still low relative to
steel consumption.
With the Ford strike over, output of
motor vehicles and parts showed a
substantial seasonally adjusted increase
over the depressed levels of September
and October. The November rate was
still below the highs reached in midsummer; sporadic walkouts in plants
of other major producers, particularly
in the first half of the month, limited
the output rise. Production schedules
for December call for a rate above
November after seasonal adjustment.
Dealers7 sales of domestically produced passenger cars continued to be
held down by inadequate supplies of
the new 1968 models. Sales in November, at a seasonally adjusted annual
rate of about 7 million units, were
On November 18, Britain devalued
the pound sterling by 14.3 percent from
$2.80 to $2.40. The Administration
announced that the United States
would continue its policy of buying and
selling gold at $35 per ounce—i.e.,
there would be no dollar devaluation.
On November 19, the Federal Reserve
System raised the Reserve Bank discount rate from 4 to 4% percent. This
action brought the discount rate into
better alignment with other shortterm domestic interest rates, and it
served to deter a potentially large out- Rise in short-term rates
Interest rates and bond yields conflow of interest-sensitive funds to Britain which, along with devaluation, tinued their strong advance with shortraised its bank rate from 6% to 8 term rates receiving an added boost
percent. Furthermore, the Federal Re- from the increase in the Federal
serve System affirmed that borrowing Reserve's discount rate. In the week
by member banks for purposes of mak- after the rise in the discount rate, 3ing adjustments to market pressures month Treasury bill yields rose nearly }{
was an appropriate use of the discount percent, banks raised their prime rate—
mechanism.
the rate charged their most creditIn the days immediately after the worthy borrowers—from 5% to 6
devaluation, uncertainty about ex- percent, and the secondary market
change rates and fears of other cur- rate on 90-day certificates of deposit
rency devaluations culminated in a rose from 5.3 to 5.5 percent.
During November, the Federal Rerun on gold. On November 26, the
seven members of the London gold serve System's open market operations
pool pledged their efforts to ensure continued to supply ample reserves to
orderly conditions in the exchange the banking system. Total member
markets and to support the existing bank reserves continued to increase,
pattern of exchange rates based on the and "free reserves"—the difference
fixed price of $35 per ounce of gold. between excess reserves and borrowings
This declaration of international co- at Federal Reserve Banks—rose to
operation was a decisive factor in $251 million from the temporarily
restoring order and stability to gold contracted $160 million level that
markets. On December 7, the Treasury prevailed a month earlier. The Nation's
announced that it had transferred $475 money stock (currency and demand
million in gold to the Exchange Sta- deposits) and time deposits at combilization Fund. The Treasury de- mercial banks increased in November,
clared that this gold would be used to posting gains similar to those recorded
make settlement for the U.S. participa- in October.
Bank credit rose only moderately
tion in support operations in the London
gold market, to cover sales made to during November. Growth in loans
central banks that requested the Treas- amounted to $1/2 billion, seasonally
ury to convert some of their dollar adjusted, while investments showed a
balances into gold, and to provide the mixed pattern as banks reduced their
Exchange Stabilization Fund with ad- holdings of U.S. Government securities
ditional resources to meet future and added to "other securities"—
contingencies.
mostly municipals.
As a step in the direction of maintaining the existing pattern of exchange rates, the Federal Reserve
System's "swap" arrangements with
other central banks and the Bank for
International Settlements were enlarged
by $1.7 billion by the end of November.
These "swap" arrangements are mutual
agreements among central banks that
establish lines of credit for the purpose
of absorbing temporary excesses of
currency in foreign exchange markets.
By drawing on a swap agreement, a
central bank can redeem its currency
without incurring a loss in reserves.
The Federal Reserve System's network of swap arrangements, which
was established in March 1962 and
which amounted to $1.1 billion in
March 1963, now totals $6.8 billion.
SURVEY OF CURRENT BUSINESS
Decemlier 1967
NATIONAL INCOME AND PRODUCT TABLES
1966
1965
1966
II
III
1967
II
IV
1966
III
1965
1966
II
Seasonally adjusted at annual rates
III
1967
IV
II
III
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1958 dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
683 9
743 3
736 7
748.8
762.1
766.3
775.1
791.2
616.7
652.6
649.3
654.8
661.1
660.7
664.7
672.0
433.1
465.9
461.6
470.1
473.8
480.2
489.7
495.3
398.4
418.0
415.2
420.4
420.4
424.2
430.6
431.5
__ . ___ __
66.0
191.2
175 9
70.3
207.5
188 1
68.2
207.1
186 3
70.9
209.5
189.8
70.6
210.3
192.9
69.4
214.2
196.6
72.5
217.2
200 0
72.7
218.5
204.1
66.4
178.9
153.2
71.3
187.7
159.1
69.3
187.7
158.2
71.9
188.8
159.8
71.1
188.4
160.9
69.7
191.8
162.6
72.9
193.6
164. 1
72.7
192.8
166.0
.__
107.4
118.0
118.5
116.4
122.2
110.4
105.1
112.2
98.0
105.6
106.5
103.6
108.4
96.9
91.3
96.4
98.0
104.6
104.5
104.9
103.7
103.3
104.6
108.4
89.1
93.0
93.1
93.0
91.2
90.2
90.9
92.9
71 1
25.1
46.0
80 2
27.9
52.3
78 7
27 5
51.2
81 2
28.2
53.1
82 8
27.7
55.1
81.9
27.7
54.2
81 5
26 3
55.2
82 8
26 6
56.2
66.0
21.9
44.1
72 8
23 6
49.2
71 7
23.4
48.3
73.6
23.7
49.9
74.2
23.0
51.2
73.0
22.9
50.1
72.6
21.7
51.0
73.2
21.5
51.7
27.0
26.4
5
24.4
23.8
5
25.8
25.3
5
23.7
23.2
5
20.9
20.4
.5
21.4
20.9
.6
23.1
22.5
6
25 6
25.0
6
23.2
22.7
.5
20 2
19.7
5
21.4
21.0
.5
19.4
19.0
.5
17.0
16.5
.5
17.3
16.8
.5
18.3
17.8
.5
19.7
19.2
.4
Change in business inventories
Nonfarm
Farm
_
_-
9.4
8 4
10
13.4
13 7
— 3
14.0
14 4
—.3
11.4
12 0
—.5
18.5
19 0
— .5
7.1
7.3
-.2
.5
6
—.l
3.8
34
.4
8.8
7.9
.9
12.6
12 9
—.3
13.4
13 7
-.3
10.6
11.1
17.2
17.7
-.5
6.7
6.8
2
.4
.5
-.1
3.5
3.2
.4
Net exports of goods and services
6 9
51
54
4 6
4 3
53
5.3
54
6 0
4 4
4 8
41
3.2
41
4.1
4.2
39 1
32 2
43 0
37.9
42 5
37 1
43 7
39 0
44 0
39.7
45 3
39.9
45 1
39 8
45 6
40.2
37 5
31.5
40 8
36 4
40 4
35.6
41 4
37.3
41.2
38.0
42.4
38.3
42.3
38.2
42.8
38.6
136 4
154 3
151 2
157 7
161 7
170 4
175.0
178 2
114 3
124 5
122 7
126 6
129 1
135.5
138.7
139.9
66.8
50.1
16 7
77.0
60.5
16.5
74.9
58.4
16 6
79.5
63.0
16 6
81.5
65.6
15.9
87.1
70.2
16 8
89.5
72.5
17 0
90.9
73.3
17.6
57.8
64.7
63.4
66.4
67.8
72.3
74.4
75.1
69 6
77 2
76 2
78 1
80 2
83 3
85 4
87 4
56 4
59 9
59 4
60.1
61.3
63 2
64.3
64.9
Gross national product.
Personal consumption expenditures
_
Durable goods
Nondurable goods..Services
-_
Gross private domestic investment
_
Fixed investment
Nonresident ial _
Structures .
._
Producers' durable equipment
.
Residential structures
Nonfarm
Farm
Exports
Imports
--
-_
Government purchases of goods and services
Federal
National defense
Other
_-
.
..
State and local .
._
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
683 9
743 3
736 7
748 8
762 1
766 3
775 i
791 2
616 7
652 6
649 3
654 8
661 1
660 7
664.7
672.
674 5
9.4
729 9
13.4
722 6
14 0
737 4
11.4
743 6
18.5
759.2
7.1
774 6
5
787 4
38
607 8
8.8
639 9
12.6
635 9
13.4
644.2
10.6
643.9
17.2
654.0
6.7
664.3
.4
668.
3.
346 6
379 6
375 7
381 8
391 7
388 1
392 1
398 7
330 0
353 7
351 0
354 7
361 1
356 6
359.5
362.
337.2
9.4
366.2
13.4
361 7
14.0
370.3
11.4
373.2
18.5
380.9
7.1
391.6
.5
394.9
3.8
321.2
8.8
341.0
12.6
337.6
13.4
344.1
10.6
343.9
17.2
349.9
6.7
359.1
.4
359.
3.
Durable goods
Final sales
Change in business inventories
139 5
132 8
6.7
154 6
144 7
9.9
151 4
141 6
9 7
155 7
145 8
9.9
161 1
148 3
12.8
153 9
150 5
3.4
155 5
156 0
— 6
161 4
157 9
35
136 3
129 8
6.5
150 0
140 6
93
147 3
138 0
9.3
150 8
141.6
9.2
154 2
142.3
11.9
146 6
143.6
3.0
148 3
148.9
-.6
153.
149.
3.
Nondurable goods
Final sales
Change in business inventories
207.1
204 4
2.7
225.0
221 5
35
224 4
220 1
4 3
226 1 230 6
224 5 224 9
15
57
234.2
230 5
3.7
236 6 237 3
235 5 237 o
11
3
193.7
191 4
2 3
203 7
200 4
33
203 7
199 7
4 1
203.9
202 5
1.4
206.9
201 6
5.3
210.0
206 3
3.6
211.2
210 2
1.0
209.
209.
Services .
262 9
287 2
283 5
291 6
296 9
303 1
307 8
313 5
222 3
235 2
233 5
237 9
239 8
242 7
244 4
246
Structures
74 4
76 5
77 4
75 5
73 5
75 2
75 2
79 0
64 4
63 7
64 7
62 2
60 2
61 3
60.8
62
654 8
661.1
660.7
664.7
672.
612
Gross national product
Final sales
Change in business inventories
Goods output
-
Final sales
C hange in business inventories
. .
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product
Private
._
683 9
_
Business
Nonfarm
Farm
_.
Households and institutions __
_
_
_ -
743 3
736 7
748 8
762 1
766 3
775.1
791 2
616 7
652 6
649 3
616 1
666 7
661 5
670 6
681 9
683 9
690 9
705 2
565 9
597 5
594 8
599 0
604 2
602 7
606.0
593.4
569 8
23.6
642.4
617 6
24.8
637.6
612 8
24 8
646.2
621 6
24 6
656.9
633 0
23 9
658.7
635 1
23 6
665.3
641 9
23 3
679.0
654 6
24 4
547.8
524 2
23 6
578.9
556 4
22 4
576.3
554 4
22 0
580.2
558 0
22 2
585.1
562.7
22.4
583.6
559.9
23.7
586.6
563.0
23.6
592.
568.
24.
18 5
20 1
19 7
20 3
20 6
21 1
21 4
21 2
14 0
14 7
14 4
14 8
14.9
15.1
15.3
15.
Rest of the world
4 2
4 2
4 2
41
4 4
41
4 2
4 9
41
4 0
41
40
43
4 0
4.0
4.
General government.
67 8
76 6
75 1
78 2
80 2
82 5
84 2
86 0
50 8
55 0
54 4
55 8
56 9
57 9
58.7
59.
SURVEY OF CURRENT BUSINESS
1966
1965
1966
II
III
December 1967
1966
1967
IV
I
II
III
1965
1966
Seasonally adjusted at annual rates
II
III
683.9 743.3 736.7 748.8 762.1 766.3 775.1 791.2
Less: Capital consumption allowances- 59.9
63.5
63.1
63.9
64.7
65.5
66.4
67.6
- . 624.0 679.8 673.6 684.9 697.4 700.8 708.7 723.6
Less: Indirect business tax and nontax
liability _. .. 62.2 65.1 64.7 65.9 67.0 67.9 69.1 70.2
2.8
2.8
2.8
2.8
2.7
2.7
2.7
2.6
Business transfer payments
-2.0 -2.6 -2.2 -3.2 -3.8 -4.0 -2.8 -1.2
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises .
Equals: National income
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance
Wage accruals less disbursements
-.- -.
Plus: Government transfer payments
to persons
Interest paid by government
(net) and by consumers
Dividends
Business transfer payments
Equals: Personal income
1.2
2.2
2.0
2.7
2.6
2.3
2.0
1.6
562.4 616.7 610.4 622.1 634.1 636.4 641.6 653.4
74.9
82.2
81.3
81.9
84.6
78.1
78.3
79.2
42.5
43.3
29.7
38.2
37.4
38.9
39.8
42.2
.0
.0
.0
.0
.0
.0
.0
.0
37.2
41.2
39.2
41.3
44.7
48.1
48.6
49.6
20.4
19.8
2.6
22.3
21.5
2.7
22.0
21.6
2.7
22.4
21.6
2.7
23.2
21.2
2.8
23.7
22.2
2.8
23.9
23.1
2.8
24.2
23.4
2.8
537.8 584.0 577.3 589.3 601.6 612.9 619.1 631.0
National income. _
562.4 616 7 610 4 622 1 634 1 636 4 641.6
653 4
393.9 435 7 430 7 441 2 450 2 459 1 463 4
472 6
359 1 394 6 390 2 399 6 407 4 414 7 418 3
426 2
289 8 316 7 313 8 320 1 326 1 331 4 333 2
12.1 14.7 14.2 15.1 15.8 16.1 16.2
57.1 63 2 62 2 64 3 65 6 67 3 68 9
339 4
16.3
70 6
Wages and salaries .
Private
Military
Government civilian _ _
Supplements to wages and salaries. .. 34.9
Employer contributions for social
insurance
16 2
Other labor income
Employer contributions to private pension and welfare funds
Other
Proprietors' income
28.2
29.1
Personal consumption expenditures _ 25.4
4.5
Producers' durable equipment
Change in dealers' auto inventories.- 1.0
24.9
4.4
.4
23.7 24.7
4.2
4.4
1.1 -1.3
Net exports _
Exports
Imports .
..
.3
1.0
.7
.0
1.3
1.2
-.1
1.0
1.1
.3
1.5
1.3
29.6
25.0
27.8
27.9
24.5 22.2 24.6 24.5
4.3
4.3
4.3 3.9
.6 -1.1 -1.2 -1.2
.0
1.5
1.5
-.3
1.3
1.6
-.1
1.6
1.7
.1
1.9
1.7
Addenda:
2
New cars, domestic . . .
New cars, foreign
29.0
1.2
27.6
1.8
27.0
1.6
26.1
1.9
27.4
2.1
22.8
2.2
25.3
2.7
25.4
2.6
28.2
27.9
41.6
42.7
44.4
45.2
46.4
20 0
20 6
21 1
22 2
22 3
22 8
18 6
20 8
20 5
21 1
21 7
22 2
22 9
23 6
15.5
3.1
17.3
3.5
59 3
59 3
59 2
58 6
57 8
57 8
58 8
43 2
43 3
43 3
43 4
43 2
43 4
43 8
43.6
-.4
Farm
14 8
16 1
16 0
15 9
15 1
14 6
14 3
15 0
19 0
19 4
19 3
19 4
19 6
19 8
20 0
20 2
Rental income of persons
Corporate profits and inventory valuation adjustment
.
74 9
82 2
81 3
81 9
84 6
78 1
78 3
79 2
76 6
83 8
83 6
84 0
83 9
79 0
78 9
80 0
31 4
45 2
19.8
25.4
34 5
49 3
21 5
27.8
34
49
21
27
34
49
21
27
34
49
21
28
32
46
22
24
32
46
23
23
32
47
23
23
5
2
6
6
-1.7 -1.6 -2.3
17 9
20 2
19 8
6
4
6
8
6
3
2
2
5
5
2
2
5
5
1
4
9
1
4
6
-2.2
.7
-.8
-.7
-.8
20 4
21 1
21 6
22 1
22 7
Table 7.—National Income by Industry Division (1.11)
AH industries, total
Billions of current dollars
40.5
20 3
56 7
Inventory valuation adjustment
Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
41.1
Business and professional
41.9
Income of unincorporated enterprises
._ _
42.3
Inventory valuation adjustment . -.4
Net interest
29.8
III
Compensation of employees
Profits tax liability
Profits after tax
Dividends
Undistributed profits
31.4
II
Table 6.—National Income by Type of Income (1.10)
Profits before tax ...
Gross auto product l
I
Billions of dollars
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
Equals: Net national product
IV
Seasonally adjusted at annual rates
Billions of dollars
Gross national product
1967
Agriculture, forestry, and fisheries
Mining and construction
.
M anuf actur ing . _ _
Nondurable goods
Durable goods
562.4 616.7 610.4 622.1 634.1 636 4 641.6
653 4
21.0 22.7 22.5 22.6 22.0 21.6 21.3
35.3 38.2 38.0 38.4 38.7 39.8 39 7
171.8 192.1 190.0 193.6 198.8 195 0 194 0
66.3 73.2 72.6 73.8 75.3 75.9 75 1
105.5 118.9 117 4 119.8 123 5 119 2 118 9
22.0
40 3
196 0
75 9
120 0
Transportation
C ommunication
Electric, gas, and sanitary services
Wholesale and retail trade
23.1
11.2
11.4
84.2
24.8
12.4
12.1
90.8
24.7
12.3
11.9
90 1
24.7
12.7
12.4
91.1
25.4
12.7
12.3
92.6
25.5
12.8
12.4
93.5
25 7
13 0
12.6
94 9
26 5
13 2
12.9
96 9
Finance, insurance, and real estate
Services
Government and government enterprises
Rest of the world _ _
61.3
63.7
65.6
69 3
64.9
68.6
66.2
70 2
67.5
71.3
68.4
72 6
69.6
74 1
70.9
75 3
75.2
4.2
84.6
4.2
83.0
4.2
86.3
4.1
88.4
4.4
90 8
4.1
92 5
42
94 5
49
Billions of 1958 dollars
1
Gross auto product .
31.4
30.3
29.7
Personal consumption expenditures . 25.4
Producers' durable equipment
4.5
Change in dealers' auto inventories. . 1.0
25.4
4.4
.4
24.2 25.3
4.2
4.4
1.1 -1.4
Net exports.
Exports. _
Imports
.
28.8
.3
1.0
.7
.1
1.3
1.2
.0
1.1
1.1
.3
1.6
1.3
29.2
1.2
28.2
1.8
27.6
1.6
26.6
1.8
29.9
25.3
24.7 22.6 25.0 24.6
4.3
4.3
4.3
3.9
.7 -1.1 -1.3 -1.3
2
.0
.1 -.2
1.6
1.5
1.9
1.3
1.5
1.7
1.7
1.6
Addenda:
New cars, domestic 2 _
New cars, foreign _
All industries, total
Financial institutions
Mutual
Stock
Nonfinancialcorporations. .
27.8
2.1
23.3
2.2
25.8
2.7
25.6
2.6
* The gross auto product total includes Government purchases, which amount to $0.2 billion
annually
for the periods shown.
2
Differs from the gross auto product total by the markup on both used cars and foreign cars.
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
Manufacturing .
Nondurable goods
Durable goods
Transportation, communication,
and public utilities. .
All other industries
74.9
82.2
81 3
81.9
84.6
78 1
78.3
79.2
8.4
9.3
9.0
9.5
9.6
9.6
9.5'
9.6
2.0
6.4
1.9
7.4
66.5
72.9
72.2
72.4
75.0
68.5
68.8
69 6
38.7
16 5
22.2
43.1
18 7
24.4
42.5
18 5
24 0
42.7
18 8
23 9
44.4
19 2
25 3
39.6
18 4
21 1
38 9
17 8
21 1
00
17 7
20 5
11.2
16.6
11.9
18 0
12.0
17.8
11.8
17 9
12.0
18.6
11.7
17 3
11.9
18 0
12.1
19 3
0
SURVEY OF CURRENT BUSINESS
December 196T
•
1965
1966
II
III
1966
1967
1966
I
IV
II
1965
III
1966
Table 9.— Gross Corporate Product 1 (1.14)
36.5
39.0
38.7
39.2
39.8
40.3
40.9
41.8
37.0
38.2
37.9
38.6
39.2
39.7
40.4
41.1
Income originating in corporate business.
319.1 352.4 348.8 355.2 363.2 361.5 363.1 369.0
Compensation of employees
Wages and salaries.. _ _ _ _
Supplements
249.8 275.9 273.2 279.0 284.5 289.1 290.5 296.2
224.6 246.1 243.9 248.8 253.5 257.1 258.0 262.8
25.2 29.8 29.3 30.2 30.9 32.0 32.5 33.4
Net interest
-2.4
Corporate profits and inventory
valuation adjustment.
Profits before tax
_
Profits tax liability
Profits after tax...
Dividends
Undistributed profits
Inventory valuation adjustment..
71.7 78.9 78.0 78.7
73.3 80.6 80.3 80.8
31.4 34.5 34.5 34.6
42.0 46.0 45.9 46.2
18.3 19.9 20.1 20.1
23.7 26.1 25.8 26.1
-1.7 -1.6 -2.3 -2.2
Cash flow, gross of dividends..
Cash flow, net of dividends
Gross product originating in
financial institutions
-2.4
-2.4 -2.4
81.2
80.5
34.6
45.9
19.6
26.3
.7
-2.5 -2.5 -2.5
74.9
75.7
32.5
43.2
20.7
22.5
-.8
75.1
75.8
32.5
43.3
21.6
21.7
-.7
75.3
76.1
32.9
43.2
21.6
21.6
-.8
Cash flow, gross of dividends
Cash flow, net of dividends
_
59 3
43 3
16 0
59 2
43 3
15 9
58 6
43 4
15 1
57 8
43 2
14 6
57 8
43 4
14 3
58 8
43 8
15 0
Rental income of persons
Dividends
Personal interest income _ _ _ _
19 0
19 8
38 4
19 4
2^ 5
42 4
19 3
21 6
41 9
19 4
21 6
42 8
19 6
21 2
44 3
19 8
22*2
45 2
20 0
23 i
46 0
20 2
23 4
46 9
39 7
43 9
41 9
44 o
47 5
50 8
51 4
52 4
23 2
24 7
OK a
26 2
84.2
62.6
85.0
63.3
16.2
17.5
17.7
18.0
18.4
18.6
19.1
Less: Personal contributions for
social insurance
_ 13.4
17.9
17.3
18 4
18 7
20 0
20.2
20.5
Less: Personal tax and nontax payments
.__ _ 65.6
75 2
74.1
76 9
79 6
80 2
79.1
82.8
17.3
35.5
37.9
37.7
38.1
38.6
39.1
39.8
40.6
35.3
36.5
36.2
36.9
37.5
37.9
38.6
39.3
6.8
7.0
7.1
7.3
7.4
63.3 69.7 69.0 69.2
64.9 71.3 71.3 71.3
27.6 30.3 30.3 30.3
37.3 41.0 41.0 41.0
16.9 18.5 18.6 18.6
20.4 22.5 22.3 22.4
-1.7 -1.6 -2.3 -2.2
71.5
70.8
30.2
40.6
18.2
22.5
.7
65.3
66.1
28.1
38.0
19.2
18.8
-.8
65.6
66.3
28.2
38.1
20.0
18.1
-.7
65.7
66.5
28.5
38.0
20.1
17.9
-.8
79.3
61.1
77.2
57.9
77.9
57.9
78.6
58.5
72.8
55.9
6.7
78.9
60.4
6.6
78.6
60.0
79.1
60.5
Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
corporations
1.057 1.076 1.072 1.080 1.091 1.100 1.105 1.116
.100
.099
.099
.099
.099
.102
.103
.105
.099
.664
.016
.095
.682
.018
.095
.679
.017
.096
.687
.018
.096
.693
.018
.098
.711
.018
.100
.713
.019
.101
.722
.019
Corporate profits and inventory valuation adjustment..
.178
Profits tax liability
.078
Profits after tax plus inventory valuation adjustment- . .100
.182
.079
.181
.080
.180
.079
.184
.078
.170
.073
.170
.073
.169
.073
.103
.101
.101
.106
.097
.097
.096
Excludes gross product originating in the rest of the world.
This is equal to the deflator for gross product of nonfinancial corporations, with the decimal
point shifted two places to the left.
18 1
20 8
19 6
21 o
2 2
5.6
13.8
18
5.7
15.6
16
5.4
15.3
18
54
15.8
18
6 3
16 2
2 l
6 5
17.6
2.1
6.5
17.0
2 2
6.6
17.4
Equals : Disposable personal income. _ . 472.2 508.8 503.3 512.4 522.0 532.7 540.0 548.2
Less* Personal outlays
415 0 479 0 474 6 483 2 487 4 493 9 504.0 509 6
Personal consumption expenditures- 433. 1 465.9 461.6 470.1 473.8 480.2 489.7 495.3
Interest paid by consumers
11.3 12.4 12.3 12.5 12.9 13.1 13.3 13.5
Personal transfer payments to for.7
7
6
.7
eigners
.6
.6
.8
1.0
Equals : Personal saying
27 2
29 8
28 7
29 2
34 6
38 8
36.0
38 5
Addenda :
Disposable personal income :
Total, billions of 1958 dollars
434 4 456 3 452 6 458 4 463 2 470 6 474.9 477 5
Per capita, current dollars..
Per capita, 1958 dollars
. _2,427 2,584 2,560 2,598 2,639 2,686 2,716 2,749
2,232 2,317 2,302 2,324 2,341 2,373 2,388 2,394
Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Personal consumption expenditures
433.1 465 9 461.6 470 1 473 8 480 2 489.7 495.3
Durable goods
Dollars
59 3
43 2
16 1
83.5
62.8
Gross product originating in
nonfinancial corporations
356.1 383.0 380.9 384.6 389.0 384.7 385.3 387.7
1
2
56 7
41 9
14 8
85.6
66.1
Billions of 1958 dollars
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Compensation of employees
_
Net interest
Proprietors' income
Business and professional Farm
85.4
65.3
5.9
Corporate profits and inventory
valuation adjustmentProfits before tax
„
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment...
Wage and salary disbursements
359.1 394.6 390.2 399.6 407.4 414.7 418.3 426.2
C ommodity-producing i n dustries - _ 144.5 159.3 158.0 161.0 164.1 165.7 164.8 167.4
Manufacturing
115.6 128.1 126.9 129.7 132.6 133.1 132.6 134.6
Distributive industries. . 86 9 93 9 93 0 94 9 96 5 98 7 99 6 101 7
Service industries
58.3 63.5 62 9 64 3 65 5 67 0 68 8 70 2
Government
69 3 77 9 76 4 79 4 81 4 83 4 85 0 86 9
Other labor income
18 6 20 8 20 5 21 1 21 7 22 2 22 Q 23 e
85.0 84.6
65.1 64.5
236.4 261.3 258.8 264.3 269.5 273.7 274.6 279.8
212.8 233.4 231.2 236.0 240.5 243.7 244.1 248.5
23.6 27.9 27.5 28.3 29.1 30.0 30.5 31.3
Net interest
537 g 584 0 577 3 589 3 601 6 612 9 619 1 631 0
Personal income
78.4
60.1
Income originating in nonfinancial
corporations
305.5 337.7 334.3 340.3 348.0 346.1 347.5 352.9
Compensation of employees
Wages and salaries
Supplements
III
Transfer payments .
_
Old-age, survivors, disability, and
health insurance benefits
State unemployment insurance
benefits _
Veterans benefits. .
Other
Gross product originating in
nonfinancial corporations
376.3 412.1 408.2 415.3 424.2 423.1 425.9 432.8
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
_
II
Table 10.—Personal Income and Its Disposition (2.1)
392.5 429.6 425.5 433.0 442.2 441.5 444.5 451.9
-2.4
I
IV
Billions of dollars
Billions of dollars
Gross corporate product
III
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies .
II
1967
66 0
70 3
68 2
70 9
70 6
69 4
72.5
72.7
Automobiles and parts
29 9
Furniture and household equipment- 27.0
Other
9.1
29 8
29.9
10.6
28 5
29.1
10.6
29 8
30.6
10.5
29 6
30.6
10.4
27 3
31.4
10.7
29 7
31.9
10.9
29.9
32.1
10.8
191 2 207 5 207 1 209 5 210 3 214 2 217.2 218.5
Nondurable goods
Food and beverages
_
Clothing and shoes
Gasoline and oil. - _
Other
Services
Housing...
Household operation..
Transportation .
Other
.
99.0 106.7 107.0 107.3 107.2 109.3 110.1 110.9
36 1 40 3 39 8 41 0 40 8 41 6 43.2 43.7
15.1 16.2 16.2 16.3 16.6 17.1 17.5 17.5
41.1 44.3 44.1 44.8 45.7 46.3 46.4 46.4
175 9 188 1 186 3 189 8 192 9 196 6 200.0 204.1
63.6
25.7
12.6
74 0
67.1
27.0
13.6
80 4
66.5
26.9
13.5
79 4
67.4
27.4
13.7
81 3
68.5
27.7
14.0
82 7
69.6
27.8
14.4
84.8
70.6
28.1
14.6
86.6
71.9
28.1
14.8
89.2
Table 12.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners
Exports of goods and servicesPayments to foreigners
39.1
43.0
42.5
43.7
44.0
45.3
45.1
45.6
39.1
43.0
42.5
43.7
44.0
45.3
45.1
45.6
39.1
43.0
42.5
43.7
44.0
45.3
45.1
45.6
32.2
37.9
37.1
39.0
39.7
39.9
39.8
40.2
Transfers to foreigners
Personal
Government
2.8
.7
2.2
2.9
.6
2.3
2.9
.7
2.3
2.8
.6
2.2
2.5
.6
1.9
2.9
.7
2.2
3.1
1.0
2.0
3.1
.8
2.3
Net foreign investment
4.1
2.2
2.5
1.8
1.8
2.5
2.3
2.3
Imports of goods and services-
STJKVEY OF CUERENT BUSINESS
6
1966
II
III
1966
1967
1966
1965
December 1967
I
IV
II
1965
III
1966
II
Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals
Contributions for social insurance. _ .
Federal Government expenditures
149.1 148.1
152.7
60.9
32.2
63.1
32.4
65.2
32.3
65.5
30.3
64.0
30.3
67.5
30.6
15.9
33.3
15.9
32.5
16.2
34.0
16.3
34.7
16.2
37.0
16.5
37.2
16.7
38.0
- - --_
123.4 142.9 138.4 146.3 151.9
160.9 162.8
165.9
77.0
60.5
16.5
74.9
58.4
16.6
79.5
63.0
16.6
81.5
65.6
15.9
87.1 89.5
70.2 72.5
16.8 17.0
90.9
73.3
17.6
32.4
30.3
2.2
36.0
33.7
2.3
34.1
31.9
2.3
35.9
33.7
2.2
38.8
36.9
1.9
42.2
40.0
2.2
42.4
40.3
2.0
43.5
41.2
2.3
11.2
14.8
14.6
15.3
15.6
15.6
15.3
16.0
. 8.7
9.5
9.4
9.6
10.0
10.4
10.4
10.5
Grants-in-aid to State and local governments
-N e t interest paid
.
.
Gross national product _
53.8 61.7
29.3, 32.3
Purchases of goods and services ... - 66.8
50.1
National defense
16.7
Other
Transfer payments
To persons
To foreigners (net)
II
III
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
Personal consumption expenditures
16.5
25.2
I
Index numbers, 1958=100
Billions of dollars
124.8 143.2 141.6 145.6 148.6
IV
Seasonally adjusted
Seasonally adjusted at annual rates
Federal Government receipts _
III
1967
Durable goods
Nondurable goods .
Services
110.9 113.9 113.5 114.4 115 3 116 0 116 6 117 7
108.7 111.5 111.2 111.8 112.7 113.2 113.7 114.8
99.5 98.6 98.4 98.7 99 4 99 5 99 5 100 1
106.9 110.6 110.3 111.0 111.6 111.7 112 2 113 3
114.8 118.3 117.8 118 7 119 9 120 9 121 9 123 0
Gross private domestic investment. . . Fixed investment
110.0 112.5 112.2 112.8 113 7 114 4 115 0 116 8
Nonresidential
107.7 110.2 109.7 110 4 111 6 112 2 112 2 113 2
Structures
114.6 118.4 117 7 118 9 120 1 121 0 121 5 123 8
Producers' durable equipment .. 104.2 106.2 105.8 106.3 107.7 108.2 108.3 108.8
Residential structures
Nonfarm
Farm
.
. . __
116.4 120.9 120 4 122 0 123 2 123 8 196 2 129 9
116.5 121.1 120.5 122 2 123 4 124 0 126 4 130 1
110.2 114.1 114.1 114.6 115 9 117 3 118 8 122 4
Change in business inventories
Net exports of goods and services
Subsidies less current surplus of government enterprises
.
--
4.3
5.4
5.3
Surplus or deficit (—), national income and product accounts
1.4
.3
3.2
6.0
5.9
5.6
-3.3 -11.9
5.3
5.0
-14.7 -13.2
104.5 105.4 105.0 105.4 106.7 106 7 106 7 106 7
102.4 104.1 104 0 104 8 104 3 104 3 104 3 104 3
Exports
Imports.
Government purchases of goods and
services
Federal
State and local.
119.4 123.9 123 1 124 6 125 2 125 8 126 1 127 4
115.5 119.1 118 3 119 7 120 2 120 5 120 3 121 0
123.4 129.0 128.3 129.9 130 8 131 9 132 9 134 7
Table 14.—State and Local Government Receipts and Expenditures
(3.3, 3.4)
75.1
84.7
83.6. 86.0
87.9
89.3
90.4
92.6
Personal tax and nontax receipts
11.8
2.1
Corporate profits tax accruals
Indirect business tax and nontax
45.7
accruals
...
Contributions for social insurance. .. 4.5
Federal grants-in-aid.. .. . . ... 11.2
13.5
2.3
13.1
2.3
13.7
2.3
14.3
2.3
14.7
2.1
15.1
2.1
15.4
2.3
49.2
4.9
14.8
48.7
4.8
14.6
49.8
4.9
15.3
50.6
5.0
15.6
51.7
5.2
15.6
52.6
5.3
15.3
53.5
5.4
16.0
73.9
81.8
80.6
82.7
84.9
88.3
90.6
92.7
Purchases of goods and services .. 69.6
6.9
Transfer payments to persons .5
Net interest paid . . .
Less: Current surplus of government
3.1
enterprises
77.2
7.5
.3
76.2
7.3
.3
78.1
7.6
.3
80.2
7.8
.3
83.3 85.4
8.1 8.3
.2
.2
87.4
8.5
.2
3.3
3.3
3.3
3.4
3.4
3.3
3.4
2.9
2.9
3.3
3.0
1.0
-.2
-.1
State and local government receipts
State and local government expenditures
Surplus or deficit ( — ), national
income and product accounts
1.2
Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
Gross national product
Goods output. _ _
105.0 107.3 107 0 107 6 108 5 108 8 109.0 109 9
Durable goods
Nondurable goods - .
102.4 103.1 102 8 103 2 104 5 104 9 lOi 8 105 5
106.9 110.4 110.1 110.9 111.5 111.5 112.0 113.1
Services
Structures
110.9 113.9 113.5 114.4 115 3 116 0 116 6 117 7
118.3 122.1 121.4 122 6 123 8 124 9 125.9 127 0
.
115.5 120.1 119.6 121.2 122 0 122 6 123.8 126 9
Addendum:
Gross auto product
Table 15. — Sources and Uses of Gross Saving (5.1)
Gross private saving. -
...
110.8 119.5 117.0 118.7 128.2
Personal saving
27.2 29.8 28.7 29.2
Undistributed corporate profits
25.4 27.8 27.6 27.8
Corporate inventory valuation adjustment _
-1.7 -1.6 -2.3 -2.2
Corporate capital consumption
allowances
36.5 39.0 38.7 39.2
Noncorporate capital consumption
allowances
.
23.4 24.5 24.4 24.7
Wage accruals less disbursements
.0
.0
.0
.0
Government surplus or deficit (— ),
national income and product
accounts
Federal.
State and local
Gross investment
2.7
3.2
6.1
1.4
1.2
.3
2.9
3.2
2.9
2.6
34.6
28.2
.7
38.8
24.2
36.0
23.4
Q
-.7
-.8
41.8
24.9
.0
25.2
.0
25.8
.0
-.3 -10.8 -15.0
-13.3
-.7 -3.3 -11.9 -14.7 -13.2
3.3 3.0
-.1
1.0 -.2
111.5 120.2 121.0 118.1 124.0
112.9 107.3
110.4 105.1
2.5 2.3
98.2
98.1
98.0
99.0
98.8
98.8
99.8
38.5
23.6
40.3 40.9
25.5
.0
99.9
129.0
39.8
Gross private domestic investment . 107.4 118.0 118.5 116.4 122.2
Net foreign investment
4.1 2.2
2.5
1.8
1.8
127.7 125.1
.
114.5
112.2
2.3
Table 18.—Implicit Price Deflators for Gross National Product by
Sector (8.4)
Gross national product
Private
Business
Nonfarm
Farm
110 9 113 9 113 5 114 4 115 3 116 0 116 6 117 7
108 9 111 6 111 2 112 0 112 9 113 5 114 0 115 1
_
Households and institutions
General government
108 3 111 0 110 6 111 4 112 3 112 9 113 4 114 6
108 7 111 0 110 5 111 4 112 5 113 4 114 0 115 2
100.0 110.7 112.9 110 8 106 7 99 3 98 8 100 6
132.3 137.0
133.5 139 2 138 1 140 0 141 0 142 3 143 4 144 5
Plant and Equipment Expenditure Programs:
Rise Expected in First Half of1968
AFTER three quarters of declining
investment, business has programed
increases in expenditures for new plant
and equipment in the fourth quarter
of 1967 and the first half of next year,
Current expectations, according to reports filed by businessmen with the
Office of Business Economics and the
New Plant and Equipment Expenditures
Billion $
Billion $
40.0
(Ratio scale)
4.0
DURABLE GOODS MANUFACTURING
NONMANUFACTURING
3.0
30.0
Primary Metals
Transportation Equipment
20.0
2.0
Commercial & Other
Nonelectrical Machinery
1.0
10.0
\
.8
Public Utilities
Electrical Machinery
8.0
V
.6
5.0
6.0
...Q.O
5.0
'NONDURABLE GOODS
MANUFACTURING
Communications
4.0
4.0
Petroleum
Transportation
(excl. railroads)
3.0
3.0
\
Chemicals
2.0
2.0
Food & Beverages
Securities and Exchange Commission
in late October and November, place
investment in the second quarter of
1968 at a rate 7 percent above the
corresponding quarter of 1967.
Expenditures declined $600 million
from the second to the third quarter
of this year to reach a seasonally adjusted annual rate of $60.9 billion.
Capital outlays are expected to rise
moderately in the fourth quarter to
$62.0 billion and then more rapidly to
$65.1 billion in the first quarter of next
year. Anticipations for the second
quarter of 1968, which are quite tentative, point to a further advance to
$65.9 billion (table 1).
Public utilities and durable goods
manufacturers account for two-thirds
of the $4 billion rise in spending from
the second half of this year to the first
half of next. Motor vehicles and nonelectrical machinery firms are responsible for most of the advance in durable
goods. Nondurable goods industries as
a group project a moderate increase in
the first 6 months of 1968, reflecting
principally expanding programs by
chemical, petroleum, and rubber companies. In nonmanufacturing other
than public utilities, communications
and nonrail transportation firms also
anticipate increased outlays in the first
half of 1968 over the second half of
this year.
Realisations below expectations
i.o
1.0
Paper
.8
1963
64
65
66
67
68
1963
64
65
66
67
68
Quarterly Totals, Seasonally Adjusted at Annual Rates
o Anticipated
U.S. Department ot Commerce, Office ot Business Economics
Data: OBE-SEC
67-12-2
Actual outlays have fallen short of
anticipations in each successive survey
thus far this year. Actual third quarter
expenditures were about 2% percent
lower than previously anticipated, and
fourth quarter programs were reduced
1 percent. All major industries except
public utilities contributed to the down-
SURVEY OF CURRENT BUSINESS
8
December 1967
terioration of the investment climate as they were still 6 percent below their
compared with 1966, when GNP was 1966 peak. Under these circumstances,
rising rapidly. Total output, as meas- businessmen scaled down their expenured by real GNP, grew very little in ditures. However, the improvement in
the first half of 1967. During this output and profits after midyear and
period, manufacturers' sales not only the expectations that these gains will
fell well below expectations but also, as continue into 19G8 have led businessdid industrial output, declined from the men to step up their programs from
yearend 1966 rate. At the same time, current spending rates.
investment was sufficiently high to
1. The reported figures for anticipations are adjusted for
Manufacturing Investment
result
in appreciable additions to casystematic biases (footnote 2, table 6). Before adjustment,
expenditures for 1967 were anticipated to be $61.33 billion
Capital spending by manufacturers
pacity, and the rate of capacity utilizafor all industries, $26.85 billion for manufacturing, and $34.48
tion
fell
considerably.
Moreover,
profits
declined
in the second and third quarbillion for nonmanufacturing. The adjustments were applied
separately to each major industry; the net effect was to leave
fell sharply in the first quarter, and ters of 1967 and is now expected to adthe manufacturing total the same and to raise the nonalthough they leveled off in the second, vance \y% percent in the final quarter
manufacturing total $0.16 billion.
of this year to a seasonally adjusted
annual rate of $26.5 billion. If realized,
Table 1.—Expenditures for New Plant and Equipment—1967-68
spending by manufacturing firms for the
full year 1967 will total $26.8 billion,
1968 (quarters)
1967 (quarters)
Percent
one-half of 1 percent below the record
change
2d quarter
Isti
2di
1st
2d
• 3d
4th i
1966 aggregate. This decline from 1966
1967 to 2d
quarter 1968
to 1967 occurred in durable goods as
Seasonally adjusted annual rates (billions of dollars)
substantially reduced investment by
61.50
60.90
62.05
65.05
7
61.65
65.85
All industries
the motor vehicle and stone, clay, and
Manufacturing
27.00
26.15
26.55
27.85
27.75
28.40
5
glass industries more than offset rela13.75
13.50
13.75
14.20
14.60
Durable goods
15.00
9
13.70
13.25
12.65
12.80
Nondurable goods
.. _ _ .
13.15
13.40
1
tively small increases by the primary
33.80
34.50
34.70
35.50
Nonmanufacturing
37.35
37.45
9
metal and machinery industries. In
nondurable goods, moderate increaseg
i Anticipated in late October and November.
ward revision of programs for the second half of 1967. The full year 1967 is
now expected to total $61.5 billion/ or
1% percent above 1966. Three months
ago, 1967 capital spending was scheduled at $62 billion.
The shortfall in investment from
expectations this year reflects the de-
Table 2.—Percent Change in Plant and
Equipment Expenditures, 1965-1967
Actual
1965-66
16.7
3.9
2.9
2.3
1.4
20.2
3.5
3.4
1.2
-0.5
Durable goods 1
Primary metals. . .
Machinery.
Transportation
equipment
Stone, clay, and
glass.
22.7
16.4
32.3
4.6
6.3
22.8
3.6
4.3
15.6
.8
4.8
9.9
-1.5
5.3
6.0
-3.8
-6.3
-9.8
Nondurable goods i _
Food and
beverage..
Textile
Paper
Chemical
Petroleum
Rubber
17.6
18.3
-9.0
16.6
-5.1 -15.6
2.3
3.2
-19.9
1.7
-18.8
0.5
12.1
7.3
5.4
4.0
1.9
15.2 -11.6 -14.8 -20.5 -22.0
34.1
2.8
7.0 11.0
3.7
15.3
1.5 -1.1
1.9
2.6
15.8
3.7
7.2
4.8
6.6
24.7 21.7 29.7 20.0 16.5
Mining
12.9
Railroad
14.2 -25.3
8.0
6.2
-22.6
.8
-20.7
-2.7
-21.8
Transportation, other
than rail
22.3
14.7
11.1
14.2
12.8
Public utilities.
21.1
8.8
8.5
11.9
14.1
Co mmunication
13.6
1 3.0
0.5
8.1
-0.1 -0.9
1. Includes industries not shown separately.
Sources: U.S. Department of Commerce, Office of Business
Economics, and the Securities and Exchange Commission.
19 65
IS 66
1967
Dec.
31
Mar.
31
June
30
Sept.
30
Dec.
31
Mar.
31
June
30
Sept.
30
Dec.
31
Mar.
31
June
More plant and equipment
needed:
All manufacturing2
Durable goods
.Primary metals
Metal fabricators2 3 .
Nondurable goods
Food and beverage
Chemical
Petroleum
43
41
44
41
46
39
79
28
42
42
48
39
43
37
79
24
47
49
53
51
45
40
83
24
49
53
53
61
46
44
80
24
48
50
53
51
46
46
83
23
51
52
61
51
49
47
81
31
50
51
56
52
49
45
83
30
50
51
58
52
49
47
87
30
47
49
54
51
44
45
88
22
45
45
48
48
45
42
80
27
s 45
About adequate:
AH manufacturing
Durable goods 2 Primary metals
.
Metal fabricators 3
Nondurable goods 2 _ Food and beverage.
- Chemical
Petroleum
51
51
42
54
51
50
20
72
52
50
38
56
54
54
20
76
47
44
32
46
50
50
16
70
45
40
33
37
50
47
19
71
47
44
33
47
50
44
16
73
45
42
25
47
48
46
18
67
45
42
30
46
48
47
16
68
46
43
28
47
48
46
12
69
48
44
32
46
52
47
11
76
50
48
38
49
51
50
19
71
6
8
14
5
3
11
1
6
8
14
5
3
9
1
6
7
15
3
5
10
1
6
6
7
14
2
4
9
1
5
5
6
14
2
4
10
1
4
4
6
14
2
3
7
1
2
5
7
14
2
3
8
1
2
4
6
14
1
3
7
1
1
5
7
14
3
4
8
1
2
5
7
14
3
4
8
1
2
30
Sept.
30
Aug. Nov.
May
Commercial and other.
1964
Actual year 1966 to anticipated year 1967 as
reported in —
Feb.
All industries i__
Manufacturing 1
Table 3.—Manufacturers' Evaluation of Their Capacity
[Percent distribution of gross capital assets] *
44
42
49
s 46
40
76
537
s 50
49
43
48
5 51
54
22
5 62
46
45
43
49
47
45
75
37
49
48
42
48
51
50
23
62
Existing plant and equipment
exceeds needs:
All manufacturing2
Durable goods - . - - Primary metals
Metal fabricators 3
...
Nondurable goods 2
Food and beverage
Chemical.- ... .
Petroleum.. .. . .
(4)
(4)
5 5
7
15
3
3
6
2
U
5
7
15
3
2
5
2
1
1. According to respondent companies' characterizations of their plant and equipment facilities, taking into account their
current and prospective sales for the next 12 months.
2. Includes industries not shown separately.
3. Includes machinery, transportation equipment, and fabricated metals industries.
4. Less than 0.5 percent.
5. Revised.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.
December 1967
SURVEY OF CURRENT BUSINESS
in outlays for paper, petroleum, and
rubber companies offset declines for
textile and "other nondurable goods"
companies.
Although producers of durable goods
cut their investment during 1967, they
account for most of the increase projected for the first half of 1968. The
largest of the investment increases is
scheduled by nonelectrical machinery
companies. After declining through most
of 1967, their spending is expected to
rise more than one-fifth from the fourth
quarter of this year to early 1968. Nondurable goods producers as a group are
scheduling only slightly higher investment in the first half of 1968. Reductions in programs of food, textile, and
paper companies almost offset the expansion of spending planned by other
nondurable goods industries.
9
Evaluation of capacity
term needs accounted for only 5 percent
In answer to the question "Taking of fixed assets at the end of September—
into account your current and pro- 7 percent for durables and 2 percent
spective sales for the next 12 months for nondurables. These proportions
how would you characterize your Sep- have changed very little from survey
tember 30 plant and equipment facili- to survey since this inquiry was
ties?/' producers owning 46 percent of started in late 1964.
Facilities viewed as "about adequate"
manufacturing fixed assets reported
represented
49 percent of manufacthat they needed more facilities. This
turers'
fixed
assets
as of September 30,
proportion is slightly higher than the
off
1
percentage
point
from June but
45 percent reported in March and June
up
from
the
46
percent
a year earlier.
1967 but lower than those reported
All
major
manufacturing
industries
from mid-1965 to the end of 1966. The
showed
increases
over
the
year,
with
high point for this proportion—51
the
largest
in
the
primary
metals
and
percent—was reached early in 1966.
chemical
industries.
The situation was about the same in
the durable goods industries as in nonNonmanufacturing Indurables. Heavy goods producers investment
dicating a need for more plant and
equipment at the end of September
Capital expenditures by nonmanuaccounted for 45 percent of that facturing firms have shown more
group's fixed assets, while in nondur- strength in 1967 than have those of
Carryover and starts
ables the corresponding proportion was manufacturing firms. Investment by
Manufacturers' carryover of plant 47. Both figures were higher than on the former group declined in the
and equipment projects—i.e., expendi- June 30, with primary metals and food opening quarter of this year but intures still to be made for projects and beverage producers accounting creased thereafter, reaching a seasonalready under construction or on for the increases.
ally adjusted annual rate of $34%
order—totaled $18.4 billion at the end
Companies reporting plant and equip- billion in the third quarter. A record
of September, about the same as in ment in excess of current and near- $35% billion is scheduled for the
September 1966. This stability contrasts with the substantial year-to-year
rises in carryover reported since the
inception of the series in late 1962.
Plant and Equipment Projects— Starts, Expenditures, and Carryover
Carryover declined $1 billion during the
Billion $
Billion $
third quarter, somewhat more than
25
25
could be accounted for on the basis of
MANUFACTURING
PUBLIC UTILITIES
seasonal influences alone (chart 3). The
third quarter dip was sharper in
20
durables than in nondurables—$800 20
Carryover
million versus $300 million—and all
major industries except transportation
equipment and electrical machinery 15
15
contributed to the decline.
Plant and equipment projects started
during the third quarter totaled $5% 10
10
billion as compared with starts of $7%
billion in the second quarter of 1967 and
$7 billion in the third quarter of 1966.
The second-to-third-quarter decline was
Expenditures
larger than could be expected on a
seasonal basis and occurred in both the
J_
durable and the nondurable goods
1963
1964
1965
1966
1967
1963
1964
1965
1966
1967
sectors. The primary metals, chemical,
Seasonally Adjusted
and petroleum industries reported the
Note.-Carryover as of end of period; starts and expenditures,totals for quarter.
Data: OBE-SEC
largest cutbacks in new projects
67-12-3
undertaken.
U.S. Department of Commerce, Office of Business Economics
I
!
I
I
I
I
I
I
I
..
I
I
I
10
SUKVEY OF CURKENT BUSINESS
closing quarter of 1967, and further
increases to a $37K billion rate in
the second quarter of 1968. The projected gains are greatest in the public
utilities; more moderate advances have
been programed by communications
and nonrail transportation firms. Mining, railroad, and commercial companies
expect spending in early 1968 to hold
close to the rates in the second half
of 1967.
Spending programs of the public
utilities are particularly strong. Expenditures rose 14 percent from 1966
to 1967—the largest relative rise of
any major industry group—and are
expected to rise substantially in the
first half of 1968. The buoyancy in
1967 centered in electric utilities, whose
expenditures this year are expected
to be one-fifth more than in 1966.
It is the one area in which 1967 capital
budgets have been increased as the
year has progressed. Although gas
utilities expect to spend about 2 percent less this year than last, they
are also programing substantial increases in expenditures for new facilities
for the first half of 1968.
At the end of September, expenditures yet to be made on uncompleted
projects of the public utilities amounted
to $14.2 billion, $4 billion higher than a
year earlier. There was little change in
the value of carryover during the third
quarter, but when allowance is made
for the usual seasonal decline during this
period, a substantial rise is indicated.
New projects started during the third
quarter totaled $2.6 billion, somewhat
December 1967
more than starts in the corresponding
period of 1966. After seasonal adjustment, starts of public utilities in the
third quarter were just under the record
rate in the second quarter of 1967.
Nonrail transportation firms are also
expanding investment. Capital outlays
for the group are expected to total
almost $4 billion in 1967—up oneeighth from 1966. The strong quarterto-quarter increases during 1967 are
now expected to continue into 1968.
Airline and pipeline companies are the
pacesetters; they have increased investment this year by more than one-third
over 1966 and anticipate further expansion in 1968. Other nonrail transportation companies—notably trucking
firms—reduced their investment expenditures in 1967 and are now contem-
Table 4.—Starts of New Plant and Equipment Projects, Manufacturing and Public Utilities1
[Billions of dollars]
19(54
Annual
Manufacturing
_
Durable goods 2
Primary metals
Electrical machinery
Machinery except electrical
Transportation equipment
Stone, clay, and glass
Nondurable goods 2
Food and beverage
Textile
Paper
Chemical
Petroleum
___ -
1965
1966
22.13
26.73
10.99
2.68
.76
1.76
2.66
.79
14.03
3.38
1.10
2.55
3.44
.87
11.14
1.19
.84
1.11
2.52
4.29
6.41
___ _
_- ,
_- - __.
_
1964
_-
._
Public utilities
19 35
I
I
II
III
28.89
5.10
5.41
5.29
6.33
16.17
3.98
1.50
3.10
3.22
.83
2.48
.50
.16
.55
.49
.19
2.65
.77
.20
.36
.63
.22
2.63
.58
.20
.34
.77
.18
3.24
.84
.20
.52
.78
.20
12.70
1.49
1.23
1.34
2.90
4.30
12.72
1.29
1.11
1.33
3.37
4.01
2.61
.26
.20
.19
.59
1.10
2.76
.24
.19
.40
.60
1.03
2.68
.27
.19
.23
.72
.97
3.10
.42
.26
.29
.61
1.18
9.32
10.68
2.34
1.48
1.27
1.32
1. Starts are estimated by adding changes in carryover to expenditures during the given
period.
2. Includes industries not shown separately.
IV
19€>6
II
III
6.64
6.73
5.96
7.39
3.62
.80
.25
.83
.81
.28
3.68
.89
.29
.43
1.21
.21
2.84
.70
.24
.58
.56
.20
3.90
.99
.31
.72
.86
.18
3.02
.32
.28
.34
.71
.98
3.06
.35
.32
.34
.76
1.03
3.13
.47
.31
.31
.67
1.05
3.49
.36
.33
.35
.76
1.24
3.30
1.75
1.44
2.83
IV
I
II
III
IV
6.89
6.93
6.99
7.99
6.47
7.25
5.3
3.87
.76
.46
1.14
.59
.14
3.78
.91
.32
.49
.96
.25
3.71
.80
.32
.56
.92
.18
4.81
1.51
.41
.90
.76
.26
3.26
.75
.38
.88
.53
.12
3.46
.88
.27
.70
.66
.18
2.5
.3
.2
.7
.4
.1
3.02
.30
.33
.35
.73
.97
3.15
.36
.28
.27
.90
.95
3.28
.27
.24
.45
.94
.92
3.17
.36
.25
.26
.81
1.08
3.21
.32
.18
.41
.66
1.25
3.78
.41
.21
.56
.98
1.32
2.8
.3
.1
.3
.5
1.0
3.38
2.28
2.28
2.74
4.93
3.30
2.6
Durable goods
Primary metals - - _ Electrical machinery
..
Machinery except electrical _ _ . . _
Transportation equipment
Stone, clay, and glass
Nondurable goods 2
Food and beverage. . . . .
Textile
... ..
Paper
Chemical
Petroleum
Public utilities .....
.__
.
..
III
l
1967
Mar.
June
Sept.
Dec.
Mar.
June
Sept.
Dec.
Mar.
June
Sept.
Dec.
10.38
11.26
11.88
12.63
14.73
15.99
16.23
16.90
18.19
18.33
18.48
18.71
3
19. 08
3
19. 52
18.4
5.61
6.21
2.59
.41
.41
1 86
.39
6.62
2.74
.41
.43
2 02
.40
7.98
3.05
.51
.85
2 31
.52
8 89
3.34
.60
.77
2 85
.53
8 82
3.38
.63
.80
2 73
.53
9 25
3.52
.66
.78
2 91
50
10 25
3 68
.89
1.31
2 88
45
10 52
3.82
.92
1.12
3 06
48
10 69
3.86
.94
1.00
3 18
43
11.43
4.48
.97
1.02
3 12
42
3 11 61
3
2.30
.33
.53
1.48
.33
5.95
2.56
.37
.48
1.63
.38
4.55
1.08
1.19
3
3 03
34
11.61
4.62
1.05
1.11
3 2 98
34
10 8^
4. L
1.0(
4.78
.42
.26
.61
1.26
1.90
5.31
.40
.28
78
1.39
2.10
5.68
.40
.28
.77
1.61
2.23
6.01
.54
.29
77
1.59
2 A3
6.75
.60
.37
88
1.74
2.62
7.10
.63
.46
96
1.86
2.72
7.41
.78
.51
97
1 90
2 80
7.66
.79
.54
99
1 89
2 90
7.94
.78
.60
1 04
2 01
2 93
7.81
.77
.56
94
2 15
2 80
7.79
.70
.52
1 00
2 35
2 59
7.28
.69
.52
81
2 27
2 38
7 47
68
.48
82
2 23
2 61
7.91
.70
.46
96
2 44
2 76
7.5
7
.3*
9
22
27
6.62
6.53
6.09
5.65
7.64
7.67
7 24
8 03
9 82
10 01
9 92
10 30
13 40
14 24
14 2
1. Carryover refers to expenditures yet to be incurred on plant and equipment projects
already underway.
2. Includes industries not shown separately.
II
19 66
19 65
19 64
2
I
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities
and Exchange Commission.
Table 5.—Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities
[Billions of dollars]
Manufacturing-
1967
Mar.
June
Sept.
i. r
9 7(
3
3. Revised.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities
and Exchange Commission.
SUEVEY OF CURRENT BUSINESS
December 1967
plating only modest outlays in early
1968.
Expenditures of communications
firms will total about $5.9 billion in
1967, up from $5.6 billion last year.
Although this is 5 percent above outlays
in 1966, it reflects a sharp downward
revision from the increase expected by
these firms early this year. Spending
showed a slight rise in each quarter of
this year, and present plans indicate a
further small advance in the first half
of 1968.
The commercial group, which includes trade, services, finance, and
construction, will probably spend about
$400 million less in 1967 than a year
earlier. Spending was reduced in the
second and third quarters of 1967,
seasonally adjusted, but in this quarter
and the first two quarters of 1968, it
is expected to return to the first quarter
1967 rate.
Mining firms also reduced their
investment from 1966 to 1967. Coal
extraction companies were the only
ones increasing expenditures in 1967,
but all groups are now planning slight
increases for the first 6 months of 1968.
Railroad spending down sharply
Capital expenditures by the railroads this year will total about
11
billion—down one-fifth from 1966. This
decline follows 5 years of very substantial expansion. Present programs
indicate that the third quarter may be
the low for the current period since
increased outlays are now projected
for the fourth quarter and for early
1968.
Outlays for road in 1967 were off a
moderate 7 percent, but expenditures
for equipment declined by about onefourth. This reduction in equipment
demand is reflected in new and unfilled orders for freight cars, which
in September were less than half as
large as they were a 3rear ago.
Table 6.—-Expenditures for New Plant and Equipment by U.S. Business,1 1965-68
[Billions of dollars]
Annual
1965
1966
1966
19672
I
AH industries
Quarterly, seasonally adjusted annual rates
Quarterly, unadjusted
II
III
IV
I
II
III
IV 2
12
I
II
1968
1967
1966
1968
1967
III
IV
I
II
III
IV 2
12
51.96 60.63
61.48
14.32
58.00 60.10 61.25 62.80 61.65 61.50 60.90
62.05
65.05
22.45 26.99
26.84
5.61
6.78
6.84
7.75
6.10
6.81
6.48
7.46
6.07
25.60 26.80 27.55 27.75 27.85 27.00 26.15
26.55
27.75
Durable goods industries
Primary iron and steel
Primary nonferrous metal
Electrical machinery and equipment Machinery, except electrical.
Motor vehicles and parts
Transportation equipment, excluding
motor vehicles.
_.
Stone, clay, and glass3
._
Other durable goods
11.40 13.99
1.93 2.17
.68
.86
.85 1.19
2.21 2.86
1.98 1.93
13.78
2.28
.91
1.29
3.00
1.66
2.87
.42
.18
.23
.61
.43
3.51
.54
.22
.29
.69
.50
3.54
.56
.20
.30
.68
.50
4.07
.65
.25
.38
.88
.50
3.08
.48
.20
.27
.70
.38
3.46
.58
.23
.30
.78
.45
3.33
.56
.23
.30
.71
.41
3.90
.66
.25
.43
.81
.42
3.17
.46
.20
.30
.76
.37
13.15 13.85 14.35 14.50 14.20 13.75 13.50
2.00 2.20 2.20 2.25 2.35 2.35 2.25
.80
.90
.90
.95
.90
.90
.80
1.10 1.15 1.20 1.25 1.25 1.20 1.25
2.70 2.70 2.90 3.10 3.15 3.15 3.00
2.10 1.85 1.90 1.90 1.80 1.70 1.55
13.75
2.20
.90
1.45
2.80
1.60
14.60
2.25
.90
1.40
3.40
1.75
1.09
.91
2.98
1.06
.74
2.84
.18
.19
.62
.28
.22
.77
.30
.24
.76
.32
.26
.83
.24
.20
.61
.26
.18
.68
.27
.16
.69
.29
.19
.86
.22
.15
.71
1.10
.65
2.80
1.05
.70
3.15
1.00
.65
3.15
Nondurable goods industries. _
Food and beverage
Textile
Paper _ _
Chemical
Petroleum
.
Rubber
Other nondurable goods <
11.05 13.00
1.24 1.39
.98 1.13
1.12 1.50
2.59 2.99
3.82 4.42
.34
.42
.96 1.14
13.07
1.41
.88
1.67
2.96
4.64
.49
1.01
2.74
.31
.27
.30
.61
.94
.08
.24
3.27
.37
.32
.37
.75
1.08
.10
.28
3.30
.34
.28
.39
.74
1.12
.11
.31
3.68
.36
.26
.45
.88
1.28
.13
.31
3.02
.33
.21
.40
.70
1.02
.11
.24
3.34
.39
.23
.42
.76
1.17
.13
.25
3.15
.35
22
!42
.69
1.11
.12
.26
3.55
.34
.22
.43
.80
1.34
.14
.27
2.90
.29
.17
.33
.69
1.08
.14
.20
12.45 12.95 13.20 13.25 13.70 13.25 12.65
1.35 1.40 1.35 1.40 1.45 1.45 1.40
.85
.90
.95
.95
1.20 1.25 1.15
1.35 1.50 1.50 1.60 1.90 1.70 1.65
2.75 3.00 3.05 3.15 3.20 3.00 2.85
4.40 4.35 4.40 4.55 4.65 4.70 4.45
.50
.45
.40
.50
.35
.45
.45
1.05 1.05 1.30 1.15 1.05 1.00 1.05
12.80
1.35
.80
1.55
2.80
4.75
.55
1.00
13.15
1.30
.80
1.55
3.10
4.90
.65
.90
Manufacturing industries .
Mining
. __ .
.58
.78
2.41
12.77 15.29 15.57 17.00 13.59 15.61 15.40 16.87
.85
.85
2.75
1.15
.85
3.05
1.25
.95
3.15
1.10
.95
3.00
1.10
.90
2.70
1.05
.70
2.65
1.30
1.47
1.43
.33
.40
.37
.38
.32
.34
.37
.40
.37
1.40
1.55
1.45
1.45
1.40
1.30
1.45
1.50
1.60
Railroad
1.73
1.98
1.55
.40
.55
.48
.55
.41
.41
.35
.37
.34
1.75
2.00
1.85
2.35
1.80
1.55
1.40
1.45
1.50
Transportation, other than rail..
2.81
3.44
3.88
.75
1.00
.82
.86
.70
1.12
.98
1.08
1.10
3.30
3.50
3.40
3.50
3.05
3.90
4.10
4.45
4.75
Public utilities
6.94
8.41
9.59
1.60
2.09
2.36
2.36
1.84
2.46
2.66
2.63
2.22
8.25
8.30
8.55
8.50
9.20
9.70
9.80
9.60
11.15
4.94
5.62
5.50
5.60
5.95
5.75
5.80
6.05
4.22
J 5.35
4.95
1 18. 50
18.35
Co m munication
Commercial and other 5
11.79 12.74
J1.26
1.42
1.36
1.58
1.35
1.49
1.46
J2.83
3.06
3.33
3.52
2.87
2.99
3.09
[l8. 20
1. Data exclude expenditures of agricultural business and outlays charged to current
account.
2. Estimates are based on anticipated capital expenditures reported by business in
late October and November 1967. The estimates for the fourth quarter of 1967 and first
quarter 1968 have been adjusted when necessary for systematic tendencies in anticipatory
data. The adjustment for each industry and time period is based on the median ratio of
actual to anticipated expenditures for the past 5 years. However, no adjustment is made
unless the anticipations have shown a bias in the same direction in at least 4 of the last 5 years
and in at least two-thirds of the last 9 years.
J12. 35 12.45 12.85
13.30 12.55 12.25 11.95
3. Includes fabricated metal, lumber, furniture, instrument, ordnance, and miscellaneous
industries. 4. Includes apparel, tobacco, leather, and printing-publishing.
5. Includes trade, service, finance, and construction.
NOTE: Details may not add to total because of rounding. Data for earlier years were published in the June 1956, March 1958, 1960, 1961, 1962, 1963, 1964, 1965, 1966, and 1967 issues of
the SURVEY.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities
and Exchange Commission.
SUEVEY OF CUEKENT BUSINESS
12
Manufacturers9 Inventory and Sales Expectations:
Fourth Quarter 1967 and First Quarter 1968
MANUFACTURERS expect substantial advances in sales and further inventory accumulation this quarter and
next, according to the survey of expectations conducted by the Office of
Business Economics in November. They
also view their inventory condition as
somewhat improved—for the first time
in a year and a half. The proportion of
stocks classified by manufacturers as
"high" fell from 31 percent in March
and June to 27 percent in September.
Manufacturers expect to add
billion to stocks from September to
December 1967 and an additional $%
billion by March 1968, on a seasonally
adjusted basis. These projections compare with actual increases averaging
$1.1 billion in the first three quarters
of 1967. The third quarter increase was
$% billion as compared with an expected change, anticipated 3 months
ago, of $600 million.
December 1967
These companies also expect a sales
rise of 3 percent in the fourth quarter
of this year and 3% percent in the
first quarter of next year, after seasonal
adjustment. It should be noted that
sales expectations have exceeded realizations thus far this year. Actual sales
fell slightly in the first half of 1967 and
rose \% percent in the third quarter;
in each quarter, expectations were
about 1 to 1% percent higher than
actual.
Manufacturers anticipate that their
inventories will reach $83.6 billion next
March 31 and that first quarter sales
will total $144.7 billion, after seasonal
adjustment. These projections imply a
declining stock-sales ratio—from 1.8 on
September 30, 1967, to 1.7 on March 31,
1968.
Fourth quarter addition large
Manufacturers' Inventory and Sales Expectations
$ Business expects higher sales and inventories this quarter and next
^ Inventory condition improves for both durables and nondurables
DURABLE GOODS MANUFACTURERS
NONDURABLE GOODS MANUFACTURERS
1st Qtr. 1961 = 100
180
160
Sales
Sales
140
120
Inventories
Inventories
100
80
I i i i I i i i I i I I I i I i I I I I I I I i 1 I I I I I I I
1961
62
63
64
65
66
67
68
i i i I i I i I I i i I I I i I i I I I 1I i I I I I I I I I
62
63
64
65
66
67
68
1961
Seasonally Adjusted
Seasonally Adjusted
INVENTORY CONDITION
Durable goods producers expect to
increase their stocks by $1.3 billion this
quarter and $300 million in the first 3
months of 1968, after seasonal adjustment. The fourth quarter addition
would be larger than any experienced
in the first three quarters of 1967, and
the first quarter addition would be
smaller.
Nondurable goods manufacturers
plan to increase stocks $450 million this
quarter and an equal amount the next.
Stocks rose $600 million in the first
quarter of 1967 but changed little in the
periods ending June 30 and September
30.
By March 1968, the book value of
manufacturers' stocks is anticipated at
slightly over $54 billion for durable
goods producers and $29% billion for
nondurable goods producers. The stocksales ratios are expected to decline from
September 1967 to March 1968—from
2.26 to 2.14 for durables and from 1.30
to 1.28 for nondurables.
Percent of Inventories
40
Strong sales expected
1961
1
63
I 64
65
66
67
68
1961
Condition of actual inventories relative to sales and unfilled orders position as viewed by reporting companies.
Percent distribution of inventory book values according to companies' classification of their inventory condition.
U.S. Department of Commerce, Office of Business Economics
65
66
67
68
After declining in the first half of
1967, durable goods producers' sales
rose 2 percent in the third quarter.
Further rises of about 3% percent in the
fourth quarter of this year and 4% percent in the first quarter of next year are
expected. Since October was actually
well below the third quarter, the fourth
December 1967
quarter expectation implies a sizable
rise in sales in November and December.
Primary metal producers anticipate a
substantial rise in shipments this quarter and next. Motor vehicle producers7
shipments continued to be adversely
affected by the strike in the fourth
quarter, but the industry has scheduled
a sizable increase in output in the opening quarter of next year.
Nondurable goods producers anticipate sales gains of 2 percent, after
seasonal adjustment, in the closing
quarter of this year and the opening
quarter of next year. Chemical producers expect a larger than average
advance in early 1968, continuing the
relative strength shown during 1967.
For the last quarter of this year and
the first quarter of next year, sales of
both durable and nondurable goods
producers are estimated at record rates.
For the first quarter of 1968, durable
goods sales would be $75.7 billion—up
10 percent from the same period of the
previous year; nondurable goods sales
would be $69 billion—up 7 percent.
Producers of durable goods have
found their sales disappointing this
year. In the first half, they expected
small sales increases but experienced
small declines. In the third quarter,
sales rose less than expected. Sales
projections by nondurable goods manufacturers proved fairly accurate for the
first half of 1967 but actual sales were
below expectations for the third quarter.
Inventory condition
The proportion of stocks judged "high"
in the first half of 1967 was larger than
at any other time since 1958. However,
in September both durable and nondurable goods producers reported some
improvement.
Producers holding 34 percent of durable goods stocks considered their inventories "high" relative to sales and unfilled orders on September 30. Although
this was a decline from the 36 percent on
June 30 and 37 percent on March 31,
the September ratio exceeded all those
from 1961 to 1966. Almost two-thirds
of hard goods producers' stocks were
judged "about right7' on September 30;
3 percent were "low," as compared with
only 1 percent in June.
SURVEY OF CURRENT BUSINESS
Nondurable goods producers holding
15 percent of this group's stocks classified their September 30 inventories
"high," as compared with 20 percent in
March and in June. This was the first
decrease in their ratio in \% years.
The September "high" proportion,
while about equal to the 1966 average,
13
was well above that of the 1961-65
period, when it averaged 10 percent.
Four-fifths of nondurable goods producers' stocks in September were judged
"about right" as compared with threefourths in June. The percent "low"
continued at 4 percent, unchanged from
June.
Table 1.—Manufacturers' Inventories and Sales: Actual and Anticipated
[Billions of dollars]
19 65
1966
1967
1968
I
II
III
IV
I
II
III
IV
I
II
III
IV i
Ii
. . .. 24.8
64.1
39.3
65.0
40.3
24.7
65.9
41.1
24.8
67.6
41.8
25.8
70.0
43.6
26.5
72.4
45.4
26.9
74 4
47.3
27.1
77.4
49.4
28.0
80 2
51.6
28.6
80.9
52.3
28.6
80.7
52.3
28.4
82.3
53.2
29.1
84.1
54.5
29.6
63.7
39.0
24.7
64.6
40.0
24.7
66.3
41.3
25.0
68.0
42.3
25.7
69.6
43.3
26.4
71.9
45.0
26.9
74.9
47.6
27.3
77.9
50.0
27.9
79.7
51.2
28.5
80.4
51.8
28.6
81.2
52.6
28.6
82.9
53.9
29.0
83.6
54.2
29.4
117.0 123.3 118.5 124.6 128.8 135.4 129.7 134.5 132.5 137.4 132.3 139.9
61.5 65.4 60.2 65.1 67.6 72.1 65.8 70.6 68.4 71.6 66.2 72.4
55.5 57.9 58.3 59.4 61.1 63.4 63.9 64.0 64.1 65.7 66.0 67.5
143.9
75.4
68.5
117.9 119.8 122.1 124.6 129.5 131.7 132.6 134.4 133.3 133.8 135.8 139.9
62.1 62.1 63.9 65.1 68.0 68.5 68.9 70.4 68.8 68.2 69.8 72.4
55.8 57.7 58.2 59.5 61.5 63.2 63.7 64.0 64.4 65.6 66.0 67.5
144.7
75.7
69.0
Inventories, end of quarter
Unadjusted
All manufacturing
Durables .
Nondurables
.
Seasonally adjusted
All manufacturing
Durables . Nondurables
-
Sales, total for quarter
Unadjusted
All manufacturing
Durables
N ondurables
Seasonally adjusted
All manufacturing. . .
Durables
Nondurables
1. Anticipations reported by manufacturers in November 1967. Inventories have been corrected for systematic tendencies
in anticipatory data.
Sources: U.S. Department of Commerce. Anticipations, Office of Business Economics; actuals, Bureau of the Census.
Table 2.—Manufacturers' Evaluation of the Condition of Their Inventories l
[Percentage distribution]
Total
High
About
right
Nondurables
Durables
Low
High
About
right
High
Low
About
right
Low
March 31, 1961
June 30, 1961
September 30, 1961
December 31, 1961
18
14
10
10
81
85
88
88
1
1
2
2
20
15
11
10
79
84
87
88
1
1
2
2
16
13
9
9
83
85
88
89
1
2
3
2
March 31, 1962
June 30, 1962.
....
September 30, 1962
December 31, 1962 _. .. ..
14
14
15
14
84
84
83
84
2
2
2
2
19
17
18
17
80
82
81
82
1
1
1
1
8
9
11
11
89
8986
86
3
2
3
3
March 31, 1963
June 30, 1963. .
..
September 30, 1963
December 31, 1963
,
15
15
17
13
82
83
81
85
3
2
2
2
17
18
19
14
81
80
80
84
2
2
1
2
12
10
14
10
85
88
83
87
3
2
3
3
16
13
14
13
82
84
82
84
2
3
4
3
17
16
15
15
81
81
81
82
2
3
4
3
14
9
11
9
84
88
84
87
2
3
5
4
March 31, 1965
June 30, 1965
September 30, 1965
December 31, 1965
16
16
16
15
81
80
81
82
3
4
3
3
20
20
22
19
77
77
76
78
3
3
2
3
9
10
8
8
87
85
88
88
4
5
4
4
March 31, 1966
June 30, 1966
September 30, 1966
December 31, 1966
15
18
22
28
81
78
75
70
4
4
3
2
18
21
27
33
79
75
70
65
3
4
3
2
10
13
14
18
85
83
83
79
5
4
3
3
March 31, 1967
June 30, 1967
September 30, 1967
31
31
27
68
67
69
1
2
4
37
36
34
62
63
63
1
1
3
20
20
15
78
76
81
2
4
4
March 31, 1964June 30, 1964
September 30, 1964 .
December 31, 1964
..
...
1. Condition of actual inventories relative to sales and unfilled orders position as viewed by reporting companies. Percent distribution of inventory book values according to companies' classifications of their inventory condition.
Source: U.S. Department of Commerce, Office of Business Economics.
By WALTHER LEDERER and EVELYN PARRISH
The U.S. Balance of Payments
in the Third Quarter oi 1967
increase in convertible currency holdings, a $5 million rise in the gold tranche
position in the IMF, and a $92 million
drop in gold holdings. The movement in
gold holdings included sales of $39
million to domestic industrial users.
The third quarter rise in U.S. official
reserve assets, following a $419 million
rise in the second quarter, reversed
much of the $1,027 million decline in
the first. That decline, as well as the
subsequent increase in official reserve
Official reserve assets
assets, reflected mainly changes in conOfficial reserve assets rose by $375 vertible currency holdings.
Gold losses in the first three quarters
million during the third quarter. This
of
1967 were $158 million, but they were
total was composed of a $462 million
partly offset by the $46 million increase
in the U.S. gold tranche position in the
IMF. The net loss of $112 million in
these reserve assets was substantially
U.S. Balance of international Payments—Cumulative Quarterly Data
less than the net loss of $941 million in
the first three quarters of 1966.
LSIDE from the effects of temporary
developments, the international transactions of the United States in the third
quarter did not change significantly.
This relative stability reflected the continuation of the slow rate of expansion
in industrial activity in this country and
in the major industrialized countries
abroad. Transactions that appear to
have been influenced by erratic and
temporary developments resulted in a
major shift from net payments in the
second quarter to net receipts in the
third.
In the balance measured on the
liquidity basis, however, this shift was
offset by a sharp decline in net receipts
from foreign official investments in time
deposits and time deposit certificates
and from other special financial transactions indicated in table B. This decline
did not affect the balance measured on
the official reserve transactions basis,
which was substantially improved by
large shifts of liquid dollar liabilities
from foreign official accounts—mainly
British—to foreign private accounts.
Billion $
1.0
BALANCE ON OFFICIAL RESERVE
TRANSACTIONS BASIS
BALANCE ON LIQUIDITY BASIS
CHANGE IN U.S. OFFICIAL
RESERVE ASSETS (decrease-)
Billion $
1.0
-.5
-.5
-1.0
-1 -0
-1.5
-1.5
-2.0
-2.0
-2.5
-2.5
-3.0
I
I
Mar.
June
I
I
Sept.
Dec.
Seasonally Adjusted
U.S. Department of Commerce, Office of Business Economics
14
Mar.
June
Sept.
Seasonally Adjusted
Dec.
Mar.
I
I
June
Sept.
-3.0
Dec.
Changes in liabilities
Liquid liabilities to all foreigners and
international agencies increased during
the quarter by $1,580 million before
seasonal adjustment. Most of the rise—
$1,300 million (or $1,220 million after
seasonal adjustment)—was in deposits
and other short-term assets held in the
United States by private foreigners,
mostly banks, and by international organizations. The rise in such assets held
by foreign official agencies was $280
million.
The third quarter balance measured
on the liquidity basis—i.e., by changes
in U.S. official reserve assets and in
liquid liabilities to all foreigners and
international organizations — was adverse by $1,210 million, or $635 million
after seasonal adjustment. This compares with seasonally adjusted adverse
balances of $545 million in the second
quarter and $530 million in the first.
December 1967
SURVEY OF CURRENT BUSINESS
However, there were major differences from last year in the developments that led to the rise in interest
rates on dollar deposits in European
banks. Last year, the rise in interest
rates was strongly influenced by the
competition of U.S. banks for deposits,
which they attempted to attract through
their foreign branches since these
branches are not subject to domestic
interest rate limitations and since
neither deposits in foreign branches nor
head-office liabilities to these branches
are subject to reserve requirements.
The desire of U.S. banks to attract
such deposits was stimulated by the
extraordinary tightness in their reserve
position; for example, in the third
quarter of 1966, net free reserves were
a negative $370 million.
Differences between balances
In contrast, in the summer months of
The difference between the two sea- 1967, U.S. banks in the aggregate had
sonally adjusted balances w^as due to net free reserves averaging about $280
the $1,220 million increase in liquid million and therefore had less need to
liabilities to foreign private banks (in- compete for deposits through their
cluding foreign branches of U.S. banks), foreign branches. Thus, there was no
other foreign private residents, and reason for U.S. banks to offer higher
international organizations—-which affected only the liquidity balance—and
a $110 million rise in nonliquid liabilities
A.—Major Changes in U.S. Internato foreign official organizations—which Table
tional Transactions from Second to Third
affected only the official reserve transQuarter 1967
actions balance.
[Millions of dollars (seasonally adjusted)]
The third quarter rise in liquid liabilon goods and services, excluding transfers
ities to foreign private banks alone was Balance
under military grants
.._
+45
$1,180 million, substantially more than
Balance on nonmilitary merchandise trade
-70
Balance on travel
-25
the $340 million increase in the second
Balance on military transactions... . _ ..
-133
Balance on investment income
.
. . +251
quarter and an even larger change from
remittances, net
+91
the first quarter, when these liabilities Private
U.S. Government pensions and other transfers
-60
Private U.S. and foreign capital, net
.
-174
declined about $1 billion. The third
Corporate capital (assets and liabilities)
—52
Security transactions, excluding special transquarter 1967 increase \vas also about
actions (assets and liabilities).
+43
Claims reported by U.S. banks. ... . . .
-165
$100 million larger than the previous
Government grants and capital, net:
record rise in the third quarter of 1966.
Grants (excluding military) and capital out+86
flows
The large rise in liquid liabilities of
Scheduled loan repayments..
. __ . .
-51
Liabilities other than marketable or convertU.S. banks to foreign banks, in the
ible securities
..
--.__.-.i -46
third quarter of both this year and Errors and omissions
.
._ . . .
+707
last, reflected mainly shifts by some Special financial transactions:
Liquidation of U.S. securities other than
foreign residents from sterling to dollar
Treasury issues by United Kingdom (Government and private)
—60
holdings. These shifts were stimulated
Investment by international and regional
organizations
in
long-term
time
deposits
or
in part by rising interest rates on
certificates of deposit and nonguaranteed
U.S. Government agency bonds, less sales
Euro-dollar deposits and in part by a
in the United States of newly issued
securities.. _ . _
. .
-19
decline in confidence in the stability
Investment by foreign official agencies in longterm
time
deposits
or
certificates
of
deposit
of the exchange rate or in free convertin U.S. banks
* -613
Nonscheduled loan repayments by foreign
ibility of the British currency. (Eurogovernment of U.S. Government credits
+5
dollar deposits are dollar-denominated Total, above transactions = change in liquidity
balance,.
-89
deposits in European banks including
European branches of American or
1. Net of a conversion of long-term certificates of deposit
into nonmarketable, nonconvertible, medium-term U.S.
other non-European banks.)
Government securities.
For the first three quarters of the year,
this balance was adverse by $1,710
million.
Measured on the official reserve transactions basis—i.e., by changes in U.S.
official reserve assets and in liquid and
other liabilities to foreign official organizations only-—the third quarter transactions were adverse by $25 million
and, after seasonal adjustment, resulted
in a surplus of $470 million. In the
second quarter, this balance, after
seasonal adjustment, was adverse by
$830 million, and in the first quarter,
by $1,815 million. For the first three
quarters of 1967, the seasonally adjusted balance measured on the official
reserve transactions basis was adverse
by $2,175 million.
15
rates on Euro-dollar deposits than on
certificates of deposit sold in the United
States, and in fact, in the third quarter
these rates were closer together than
at any other time in the last 2 years.
The developments in the United
States and in some of the continental
European countries that contributed to
this year's rise in Euro-dollar rates did
not result in as large a rise as in 1966;
in the third quarter these rates remained
below those paid on comparable investments in the United Kingdom. However, a decline in the forward rate on
sterling shifted the covered yield on
short-term investments in favor of the
Euro-dollar, and even more so in favor
of other major European currencies.
These developments in part reflected
and in part intensified the exchange by
foreign residents of sterling for dollar
assets. The sale of sterling for dollars
resulted in a shift of dollar assets
from official British accounts in U.S.
banks to foreign private accounts and,
to the extent that foreign residents
exchanged the dollars for other currencies, to an increase in dollar holdings
in the official accounts of other countries. Part of the dollars sold by
British official agencies were obtained
from the United States through swap
transactions. The corresponding amounts
are reflected in the rise in U.S. official
holdings of convertible currencies.
Shifts of dollar balances either from
foreign official to foreign private accounts or in the opposite direction do
not change the total amount of liquid
dollar liabilities to foreign residsnts.
Therefore, they do not influence the
movement of the balance msasured on
the liquidity basis, but they result in
large fluctuations in the balance measured on the official reserve transactions
basis.
A major factor in the deterioration
of the liquidity balance in the third
quarter was the decline in net receipts
from foreign purchases of certificates
of deposits and of nonmarketable, nonconvertible Government securities with
an original maturity of 1 year or more.
Nearly all of these purchases are made
by foreign official agencies and international organizations, and exchanges
of these assets for liquid dollar assets
SURVEY OF CUREENT BUSINESS
16
do not affect the official reserve transactions balance.
In the third quarter, net receipts
from these transactions, including those
with foreign official agencies, were $160
million as compared with over $600
million in the second quarter and $370
million in the first. The third quarter
figures included the first of four quarterly receipts of $125 million from the
sale of bonds to Germany under the
recently concluded agreement to partly
offset U.S. military expenditures in that
country. Under the previous agreement,
which expired in mid-1967, a larger
share of U.S. military expenditures in
Germany was offset by German expenditures in the United States for
military equipment. The bonds mature
in 4% years and are redeemable before
maturity only in the event that German
official reserves drop by an extraordinarily large amount.
Goods and Services
The balance on goods and services
improved $45 million in the third quarter to $1,370 million, after seasonal ad-
justment. The major favorable change
from the second quarter was the increase of about $270 million in income
from direct investments, which included a substantial rise in earnings of
petroleum companies. This increase
was partly offset by a decline of nearly
$75 million in exports of nonmilitary
merchandise and by a decrease of $130
million in transfers under military sales
contracts. Travel expenditures, which
had risen sharply in the second quarter,
increased again by a major amount.
Merchandise trade
The balance on nonmilitary merchandise trade, after seasonal adjustment,
declined about $70 million in the third
quarter. The deterioration reflected
mainly a decrease in exports; the value
of merchandise imports was unchanged
from the preceding quarter.
Both exports and imports were affected by Middle Eastern developments. Imports of petroleum fell about
$70 million, and exports of crude oil
increased about $75 million. However,
there was also a decline of about $40
Balances on Goods and Services and on Capital Transactions
Billion $
0
Billion $
3.5
3.0
—
Net Exports of Goods and Services
(left scale)
i.o
1.5
2.0
2.5
3.0
-3.5
1960
1961
1962
1963
1964
Quarterly, Seasonally Adjusted
* Exclude nonscheduled repayments of U.S. Government credits and long-term liabilities of U.S. banks.
U.S. Department of Commerce, Office of Business Economics
1965
1966
1967
December 1907
million in merchandise exports to Middle Eastern countries. These changes
add to a net improvement of about
$100 million in the trade balance. Additional special developments—the strikes
in the copper and automobile industries—had an adverse effect on the trade
balance by reducing exports by approximately $50 million.
Allowing for these special developments, exports were somewhat smaller
than in the first two quarters of the
year, and imports were higher than in
the second quarter but lower than in
the first quarter.
The relatively small changes in U.S.
exports and imports this year represent
an interruption of the rising trends in
earlier years. A shift of this kind has
also taken place in total world trade
and has reflected the slower rate of
business expansion in both the United
States and most of the other industrialized countries.
Investment income
Income on direct investments increased $270 million after seasonal
adjustment from the second quarter
to the third. This quarter-to-quarter
increase was without precedent, and is
likely to be followed by at least a
partial reversal. However, the increase
was the first major rise in investment
income, which had been more or less
steady since 1965, when it reached $4
billion.
It is not yet known how much of the
rise in income received may reflect increased earnings and how much may
represent an increase in the share of
earnings that had been paid out.
To a large extent, the increase in
income was derived from petroleum
investments and was related to the
closing of the Suez Canal. As operating
conditions in the international oil business are readjusted, the extraordinary
incomes of the foreign affiliates of U.S.
corporations can be expected to fall
again.
Other goods and services
Transfers under military sales contracts declined in the third quarter to
$205 million, seasonally adjusted. This
was close to the quarterly average in
1966, but was about $130 million under
December 1967
both the first and second quarter
amounts, which had included deliveries
on several large contracts.
Military expenditures are estimated
to have been about $1,070 million in
the third quarter, approximately the
same as in the preceding quarter. However, the information on which these
estimates are based has been less complete than usual. Expenditures in Asia
and Africa apparently stabilized at
about $580 million, or $2,320 million at
an annual rate. This compares with
about $840 million in 1964, the year
before the military buildup started.
Foreign travel expenditures of U.S.
residents, after seasonal adjustment,
rose about $60 million above an already
high second quarter total. Most of the
increase came from U.S. travel expenditures at the Canadian Exposition
in Montreal. Second and third quarter
expenditures that might be attributed
to Expo 67 were probably somewhat
more than $300 million. Third quarter
expenditures in Europe were about $24
million or 6.5 percent higher than a
year earlier, and for the first three
quarters of 1967, the rise from the same
period of last year was about $45 million
or 6.1 percent.
Travel receipts also increased rapidly
SURVEY OF CURRENT BUSINESS
17
Government Grants and
Capital Transactions
in the third quarter, but not quite as
much as payments. For the first three
quarters of 1967, receipts were about
$50 million higher than a year earlier,
while payments rose by $460 million.
More than $30 million of the rise in
receipts came from travelers from
continental Western Europe, many of
whom may have stopped off in the
United States on their visits to Expo 67.
HoAvever, receipts from Canadian visitors dropped off slightly during that
period, in contrast to the rising trend
in previous years.
Private remittances, although about
$90 million lower than in the second
quarter, remained about $30 million
above normal. The increase in both the
second and third quarters included
transfers of contributions to Israel.
Government pensions and other
transfers rose about $60 million in the
third quarter. This increase included
two special World War II claim settlements: a payment of about $15 million
to the foreign owners of a company
acquired by the U.S. Government
during the war and a $30 million payment to the Philippine Government for
distribution to former U.S. veterans and
guerrillas.
U.S. Government grants and capital
outflows were $1,210 million after seasonal adjustment, approximately $90
million less than in the second quarter.
Before seasonal adjustment, the decline
was nearly $300 million. Most of the
decline was in sales of agricultural
commodities under farm product disposal programs for foreign currencies
and for long-term dollar credit. ExportImport Bank loan disbursements also
decreased in the third quarter, mainly
because of a decline in military credits.
U.S. capital subscriptions to international institutions rose $35 million to
$77 million in the third quarter. These
subscriptions represent transfers of
funds to international agencies—such
as the International Development Association and the Inter-American Development Bank—to meet their loan
commitments.
Repayments on U.S. Government
credits were about $50 million smaller
than in the second quarter. The figure
for the earlier quarter reflects a rescheduling by Vietnam of repayments
of U.S. loans. These repayments were
made in local currency funds, which
Table B.—Changes in Near-Liquid Liabilities, Nonscheduled Repayments by Foreign Governments of U.S. Credits, and Other Special
Financial Transactions by U.S. and Foreign Official and International Agencies
[Millions of dollars]
Effect on balance measured on—
Official reserve transactions basis
Liquidity basis
Lines in tables 1,2, and 8 in which transactions are included
arc indicated in ( )
i
Investment by foreign official agencies in long-term time deposits or
certificates of deposit in U.S. banks (53). - . _ _ _ Investment by international and regional organizations in long-term
time deposits or certificates of deposit and nonguaranteed U.S.
Government agency bonds, less sales in the United States of newly
issued securities (53, 52, 34)
Nonscheduled repayments by foreign governments of U.S. Government credits (45)
III
IV
I
788
43
284
88
373
304
41
319
86
260
-24
-3
15
221
428
3
7
226
192
139
40
69
30
Canadian Government purchases of IBRD bonds from U.S. owners
(36)
23
-61
1966
I
III
A
-46
-19
(*)
5
221
30
-28
IV
192
428
3
7
226
139
40
69
30
I
II r
III
71
11 -522
—138
-101
(*)
5
30
23
23
25
III
-27
150 -150
—138
II
584 1-29
23
1. Net of a conversion into nonmarketable, nonconvertable, medium-term U.S. Government securities.
II r
150 -150 -150
Liquidation of U.S. securities other than Treasury issues by United
Kingdom (Government and private) (52)
-522 -101
Deferral of service on United Kingdom loan (13 and 44)
II
-38
Nonscheduled repayments by Canadian Government, of U.S. private credits (35) .-•-.-
Postponement of new issues of Canadian securities (34)
1965
1966
I
1967
1966
1967
1966
1965
-150
-61
-46
-19
25
-28
71
11
SURVEY OF CURRENT BUSINESS
18
increase was partly offset by a $230
million rise in foreign purchases of
U.S. securities and a $90 million increase in other foreign borrowing by
U.S. corporations.
The increase in the outflow of U.S.
capital was mainly through purchases
of foreign securities and through bank
loans. The increase through direct and
other corporate investments was comparatively small.
were used in the second and third
quarters to meet U.S. military obligations. The acquisition and expenditures
of Vietnamese funds were the major
factors in the large shift in foreign
currency operations indicated on lines
A.23 and A.24 of table 5.
Government liabilities associated with
military transactions decreased $30
million after seasonal adjustment This
is the first major decrease in these
liabilities after a long period of rise.
Receipts of advance payments from
foreign countries dropped from $415
million in the second quarter to $110
million in the third, and financing by
U.S. Government credits also declined
to $80 million, so that together these
receipts and credits fell short of transfers of goods and services under military
sales contracts.
Part of the decline of over $300
million in receipts associated with
military transactions reflected the
termination of the agreement with
Germany whereby German purchases
of military equipment to some extent
offset U.S. military expenditures in
that country. Even including the $125
million from the bond sale to Germany
that partially replaced German payments for military equipment, the
receipts were $180 million less than
in the second quarter.
Direct investments
Capital outflows for direct investments, seasonally adjusted, were nearly
$900 million in the third quarter,
about $250 million more than in the
second. Even with that increase, however, the outflows were no higher than
in the third quarter of 1966.
The third quarter outflows included
$130 million used by a U.S. corporation
to repay on behalf of a foreign subsidiary a medium-term loan that had
been provided by U.S. banks. This
transaction thus did not affect the
balance of payments.
Approximately $80 million of the
third quarter outflow consisted of
funds that had been borrowed abroad
during the same or earlier periods
through the sales to foreigners of
securities issued by U.S. corporations
for the purpose of financing foreign
investments. In the second quarter,
the use of funds originally raised abroad
was about $70 million (table C).
In the first three quarters of this year,
capital outflows for direct investments,
net of the use of funds that had been
borrowed abroad through the issue of
Private Capital Transactions
Outflows of U.S. private capital
increased by about $560 million in
the third quarter after adjustment for
seasonal variations, but this large
Table C.—Sources and Uses of Funds Obtained Abroad by U.S. Corporations Through the
Issue of New Securities to Finance Direct Investment Abroad l
[Millions of dollars]
Tables
1,2,
and 8,
line —
(Credits +, debits — )
1965
19 66
19 65
1967
1966
IV
I
II
19
172
183
291
-1
-51
Til
III
IV
I
II
III
Sources of funds :
52
Transactions in U.S. securities other
than Treasury issues 191
594
35
85
92
2
110
127
Uses of funds:
33
40
54,55
59
Direct investment
Short-term claims reported by U.S.
residents other than banks
Repayments of liabilities to foreigners
Foreign deposits and money market
paper held in the United States
-52 -445
-139
-143
-6
-18 -121
-51 -234
-126
C-7
-34 -126
-1
41
— 77
-71
-77
-15
-15
-24
-50
—6
1. Excludes securities issued by subsidiaries incorporated abroad and also excludes funds obtained abroad by U.S. corporations through bank loans and other credits.
2. Includes $11 million borrowed from foreign banks in June for which new corporate securities were issued in July.
December 1967
new securities, amounted to $1,940
million. This was $280 million less than
in the first three quarters of 1966.
Investments in Canada declined $465
million, but investments in Europe
continued to rise. There was also an
increase in the area comprising Asia and
Africa, which includes most of the major
oil-producing countries.
Transactions in securities
Purchases and sales of foreign and
domestic securities other than Treasury
issues resulted in a surplus of $110
million after seasonal adjustment, as
compared with a surplus of $150 million
in the second quarter. The increase in
net purchases of foreign securities exceeded the rise in net sales of U.S.
securities by about $35 million.
Purchases of newly issued foreign
securities before seasonal adjustment
rose from about $410 million in the
second quarter to about $480 million in
the third. The increase included about
$50 million (from $90 million to about
$140 million) of bonds issued by the
World Bank and about $30 million
(from $30 million to $60 million) of
bonds sold by the Government of Israel
as a consequence of the recent hostilities.
Adjusted for seasonal variations, the
third quarter purchases of foreign securities newly issued in U.S. markets
were over $515 million as compared with
about $345 million in the second and a
quarterly average of about $300 million
in 1965 and 1966.
Sales of U.S. securities, other than
Treasury issues, to foreigners rose in
the third quarter to about $550 million,
the largest quarterly total on record
(table D). Third quarter sales included
about $65 million of U.S. Government
agency bonds purchased by an international agency as a temporary investment of newly borrowed funds, nearly
$130 million of bonds issued by U.S.
corporations to finance their foreign
investments, and $30 million of stocks
of a U.S. corporation that it exchanged
for stocks of a foreign corporation.
(The acquisition of stocks in the foreign
corporation is classified as a direct
investment.) Other foreign purchases
of U.S. securities—mostly stockswere $325 million, which was con(Continued on page 31}
SUEVEY OF CUKKENT BUSINESS
December 1967
19
Table 1.—U.S. International Transactions
[Millions of dollars]
I
Year
1
2
Exports of goods and services. ___ __
Excluding transfers under military grants. . . _
1967
1966
(Credits +; debits -)
Line
II
III
I* 1
IV
III p
II r
p 44, 036
43, 039
p 10, 514
10, 239
p 11, 228
10,871
p 10, 574
10, 380
p 11, 720
11, 549
p 11, 479
11, 135
p 11,887
11, 639
11, 125
10, 822
J
3
4
5
6
Merchandise, adjusted, excluding military . _
Transfers under military sales contracts
Transfers under military grants, net
Transportation
29 168
847
p 997
2 589
7 073
198
p 275
588
7 361
260
p357
655
6 968
178
p 194
688
7,766
211
p 171
658
7,589
328
p 344
619
7,915
377
p 248
674
7,157
179
303
692
7
8
9
10
Travel
Fees and royalties from direct investments
Other private services
Other U.S. Government services
... _ _
1 573
1 045
1 247
325
317
229
313
73
428
243
310
85
489
272
305
76
339
301
319
91
358
256
335
82
427
273
344
84
500
275
339
83
11
V
13
Income on U.S. investments
abroad:
Direct investments2
_ _.
Other private assets
U.S. Government assets
4,045
1 605
595
964
370
114
980
409
140
893
392
119
1,208
434
222
1,028
418
122
961
435
150
1,065
413
119
14
_
_
—37, 937
-8, 561
-9, 388
-10,148
-9, 840
-9,617
-10,167
-10,440
— 25 510
—3, 694
—2 914
—5 919
—861
— 639
—6 271
—911
—793
—6 528
-953
— 791
-6, 792
-969
—691
-6, 629
-1,045
—671
-6, 608
-1,070
-814
-6, 425
-1,072
— 777
Travel
Private payments for other services
U.S. Government payments for other services
—2, 657
—454
—634
— 424
— 108
— 143
-701
— 110
— 136
-1,037
—119
—195
-495
—117
-160
-455
—116
-152
-870
-121
-141
— 1, 295
-131
-200
Income on foreign investments
in the United States:
Private payments 2
U.S. Government payments
— 1 525
—549
— 334
133
—332
134
—387
—138
—472
—144
—410
-138
-394
-148
-402
-139
p 6, 099
5,102
p 1, 953
1,678
p 1, 840
1,483
P426
232
p 1, 880
1,709
p 1, 862
1,518
p 1, 720
1,473
685
382
p — 3, 922
—2 925
p -1,123
—848
p -1,129
—772
p -850
—656
p -820
—649
p -1,067
-723
p -1,139
-891
-1,116
-813
—647
p -997
— 1 915
—363
— 153
p -275
614
—81
—166
p -357
526
—80
—153
p -194
—385
-118
— 175
p -171
-390
-84
— 162
p -344
-468
-299
p -248
-496
-97
-201
-303
-455
-157
2,177
830
711
-424
1,060
795
581
-431
-4, 213
-880
-1,272
-469
-1,592
-1,151
-976
-1,228
—3, 543
— 1 210
'405
323
-604
—466
118
—9
— 1,074
—305
123
122
-693
—241
75
155
-1,172
— 198
89
55
-892
-352
100
-10
-416
-412
130
44
-684
-479
137
-55
337
—84
127
145
1
-59
102
229
107
-399
153
-21
191
-391
— 77
-75
— 112
—329
— 17
— 174
— 51
—29
—28
—68
-16
-58
-68
-61
-165
43
36
-31
— 1 531
—299
— 595
—305
— 332
-673
-629
-496
—2 500
-265
— 580
91
-691
-90
-585
-131
-644
-135
-1,303
436
-794
-121
-705
25
806
428
187
3
179
7
255
192
194
286
178
5
568
424
68
82
-6
1,027
-419
-375
571
— 540
537
68
222
134
209
— 163
121
99
173
—426
335
46
51
1,007
-31
15
-424
-10
92
-462
-5
3 301
— 78
1 126
951
1,302
52
1,834
2,490
Imports of goods and services. .
___ _
_ _
15
16
17
Merchandise, adjusted, excluding military !
Military expenditures _ _
_ _ _______ _
Transportation
18
19
20
21
22
23
24
Balance on goods and services (lines 1 and 14) . __
Excluding transfers under military grants (lines 2 and 14) _
25
26
Unilateral transfers, net; transfers to foreigners (— ) _ _ _
Excluding military grants
27
28
29
30
Private remittances
Military grants of goods and services
__ _
Other U.S. Government grants
U.S. Government pensions and other transfers _
31
Balance on goods, services, and unilateral transfers (lines 23 and 25, or 24 and 26) 3 _ _
32
Transactions in U.S. private assets, net; increase in assets (— ) _
33
34
35
36
Direct investments 2
- - - Foreign securities newly issued in the United States
Redemptions
Other transactions in foreign securities
37
38
Claims reported by U.S. banks: l
Long-term
.
Short-term
39
40
Claims reported by U.S. residents other than banks: l
Long-term
Short-term
41
^__
.
Transactions in U.S. Government assets, excluding official reserve assets, net;
increase in assets ( — )
1
42
43
Loans and other long-term assets
Foreign currencies and other short-term assets 1
44
45
Repayments on credits:
Scheduled
__ _
Nonscheduled
46
47
48
49
50
Transactions in U.S. official reserve assets, net; increase in assets (— )
Gold
Convertible currencies _
Gold tranche position in IMF
_
Transactions in foreign assets in the United States, net; increase in foreign assets
(U.S. liabilities) (+) _
2
185
226
-173
Q^
(*)
51
52
53
Direct investments
U.S. securities other than Treasury issuesLong-term liabilities reported by U.S. banks. _ -
86
909
976
52
173
55
37
520
441
-113
107
100
110
109
380
60
120
371
63
319
604
15
547
-175
54
55
Other liabilities reported by U.S. private residents other than banks:
Long-term
Short-term
205
269
29
39
16
63
86
112
74
55
125
59
-25
114
10
170
56
57
Liabilities of U.S. Government, excluding marketable or convertible securities: i
Associated with specific transactions
Other nonmarketable, nonconvertible, medium-term securities
116
-49
4
-53
-6
-26
69
-23
49
53
118
5
335
58
59
U.S. Government marketable or convertible bonds and notes 1 l
Deposits and money market paper held in the United States
-1,561
2,350
-548
171
-295
376
-527
1,140
-191
663
-14
-775
104
537
111
1,472
—302
3
—38
165
-432
-51
60
Errors and omissions, net. -
NOTE.—Details may not add to totals because of rounding.
Revised.
p Preliminary.
*Less than $500,000(±).
Details for lines 3 and 15 are given in table 4; for lines 29, 42, 43, 56, and 57, in table 5; for
lines
37
through
40,
in
table
6;
and
for
lines 58 and 59, in table 7.
2
Excludes undistributed profits of subsidiaries.
r
1
107
(*)
(*)
-391
40
3 Numerically equal to net foreign investment in U.S. national income and product
accounts.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
20
December 1967
Table 2.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
19f >6
(Credits -}-; debits -)
Line
I
1 Exports of goods and services
2
Excluding transfers under military grants
3
4
5
G
Merchandise adjusted excluding military *
Transfers under military sales contracts
Transfers under military grants, net
Transportation
7
8
9
10
Travel
Fees and royalties from direct investments
Other private services
Other U S Government services
11
12
13
Income on U.S. investments
abroad:
Direct investments 2
Other private assets
U S Government assets
14
-
- --
Imports of goods and services
l
15
16
17
Merchandise adjusted excluding military
Military expenditures
Transportation
18
19
20
Travel
Private payments for other services
U.S. Government payments for other services, _ .
21
22
Income on foreign investments
in the United States:
Private payments 2
._ U S Government payments
_
_
23
24
Balance on goods and services (lines 1 and 14)
Excluding transfers under military grants (lines 2 and 14) _
25
26
Unilateral transfers, net; transfers to foreigners (— ) _
Excluding military grants
27
28
29
30
Private remittances
Military grants of goods and services
Other U S Government grants 1
U.S. Government pensions and other transfers _
_
_
_ __
Claims reported by U.S. banks: l
Long-term
Short-term
39
40
Claims reported by U.S. residents other than banks: l
Long-term
Short-term
Loans and other long-term assets *
Foreign currencies and other short-term assets l
44
45
Repayment on credits:
Scheduled
Nonscheduled
46
47
48
49
50
-
_-
58
59
60
7 382
206
P194
661
7 402
210
P171
650
7 676
339
P344
669
7 717
336
p248
660
7 644
205
303
665
374
239
308
73
383
261
309
85
408
283
310
76
408
262
320
91
422
266
329
82
381
294
343
84
417
286
345
83
941
375
153
988
394
153
1,034
410
143
1 082
426
146
999
424
155
967
419
161
1 235
433
166
-8, 997
-9,265
-9,762
-9,913
— 10, 004
— 10, 038
— 10,110
-6,025
-861
-722
-6, 225
-911
-709
-6, 580
-953
-727
—6 680
-969
-756
—6 662
— 1,045
—759
—6 558
— 1 070
—729
—6 555
— 1 072
—715
-637
-116
-161
-674
-114
-161
-672
-112
-153
—674
-112
-159
—685
—124
— 172
—842
—125
— 167
—903
—124
—158
pi, 345
1,151
pi, 255
1,084
Pl,701
1,357
P!, 572
1,324
1,672
1,369
P- 1,126
-851
p- 1,090
-733
p-903
-709
p— 803
-632
P— 1,072
—728
P— 1,100
—852
— 1 167
—864
-160
p-275
-610
-81
-165
p— 357
-488
-80
-160
P— 194
-431
-118
-162
p— 171
—386
—84
— 170
P— 344
—464
—94
—298
p— 248
—457
—97
—207
—303
—500
—157
_ _ _ __
_ __
1
[
-
Revised.
p Preliminary.
"Less than $500,000(±).
1. Details for lines 3 and 15 are given in table 4; for lines 29, 42, 43, 56, and 57, in table 5; for
lines 37 through 40, in table 6; and for lines 58 and 59, in table 7.
2. Excludes undistributed profits of subsidiaries.
7,181
222
P357
642
Pl,710
1,353
U S Government marketable or convertible bonds and notes 1l _
Deposits and money market paper held in the United States
Errors and omissions, net
r
7,203
209
P275
636
pi, 789
1,514
Transactions in foreign assets in the United States, net; increase in foreign assets (U.S. liabilities)
(-{-)
___
_
Liabilities of U.S. Government, excluding marketable or convertible securities: l
Associated with specific transactions
Other nonmarketable nonconvertible medium-term securities
11 782
11 479
_____
-__
56
57
pll 610
11,362
—444
—139
_
Other liabilities reported by U.S. private residents other than banks:
Long-term
Short-term
ll 1,705
11,361
—399
—148
._
54
55
Pll, 168
10, 997
—419
— 138
_
Direct investments 2
_ _
U S securities other than Treasury issues
Long-term liabilities reported by U S. banks
pll, 107
10, 913
-419
— 144
_
51
52
53
plO, 975
10, 618
-427
-138
-
...
plO, 786
10,511
III P
-337
-134
Transactions in U S official reserve assets, net; increase in assets ( — )
Gold
Convertible currencies
Gold tranche position in IMF
II'
-342
-133
Transactions in U.S. Government assets, excluding official reserve assets, net; increase in assets (_)
_ _
__ _ _
42
43
I'-
_
Transactions in U.S. private assets, net; increase in assets (— )
37
38
IV
_ _
32
Direct investments 2
Foreign securities newly issued in the United States
Redemptions
~
Other transactions in foreign securities
III
_ _
Balance on goods, services, and unilateral transfers (lines 23 and 25, or 24 and 26) 3 _
33
34
35
36
II
_ _
31
41
-
1967
\
|
663
620
442
452
629
472
505
-981
— 1,135
—932
— 1 165
—957
— 1 137
— 1 695
-634
-467
118
-9
-1,006
-236
123
122
—900
-280
75
155
— 1 003
—227
89
55
—622
—353
100
— 10
—648
—344
130
44
—894
—516
137
—55
123
85
-27
-61
73
16
168
-124
150
—84
163
-389
— 107
—290
-17
-180
-51
1
-28
-43
-16
— 107
-68
— 70
-165
72
36
—6
-365
-500
-328
-338
-737
-556
-473
—575
— 706
— 746
— 738
—955
—840
— 711
207
3
199
7
192
226
208
192
218
*>84
233
5
(*)
424
68
82
—6
1 027
—419
—375
68
222
134
209
-163
22
173
-426
335
121
-173
46
51
1 007
-31
15
—424
-10
92
-462
-5
492
1,145
459
1,205
325
2,193
1,884
52
173
55
37
520
441
-113
107
100
110
109
380
60
120
371
63
319
604
15
547
— 175
29
39
16
63
86
112
74
55
125
59
—25
114
10
170
-30
-53
40
—26
107
— ?3
—1
53
152
-29
335
88
(*)
(*)
227
54
83
425
—498
966
1,011
— 233
— 198
277
— 148
—287
—553
154
3. Numerically equal to net foreign investment in U.S. national income and product
accounts,
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
December 1067
21
Table 3.—U.S. Balance of Payments and Reserve Position
[Millions of dollars]
1967
1966
Line
Total
I
II
III
IV
I
III*
II
Amounts
outstanding
September
30, 1967
Balance on liquidity basis— measured by increase in U.S. official reserve assets and
decrease in liquid liabilities to all foreigners:
1
Seasonally adjusted; decrease in net assets (— )
—651
— 122
— 165
—419
—529
-547
2
Less seasonal adjustment
-604
27
530
47
-291
-325
572
3
Before seasonal adjustment (lines 4 and 8, with sign reversed)
— 1 357
—47
— 149
— 695
—466
-238
-222
-1,208
4
U.S. official reserve assets (table 1, line 46); increase ( — ) . . .
-375
14,649
92
13, 077
1,200
372
5
f>
7
8
9
10
11
12
.
Gold
Convertible currencies..
IMF gold tranche position
-
Liquid liabilities to all foreigners (table 1, lines 58 and 59); decrease (— )
To official agencies
To commercial banks *
.
To other foreign residents and unallocated 2
To international and regional organizations
568
424
68
82
-6
1,027
-419
571
-540
587
68
222
134
209
-163
22
173
-426
335
121
-173
46
51
1,007
-31
15
-424
-10
789
— 1 595
-377
613
212
— 525
404
109
-38
81
54
316
66
-355
1,144
91
-24
472
—199
833
-54
-108
-789
—78
-755
80
-36
641
547
161
11
-78
2,697
—852
—598
-636
-462
-5
1,583
281
31, 216
15, 417
95
-56
736
1,263
10,605
4,458
Balance on official reserve transactions basis— measured by increase in U.S. official
reserve assets and decrease in liquid and certain nonliquid liabilities to foreign
official agencies:
13
Seasonally adjusted; decrease is net assets (— )
—443
-175
861
-18
-1,815
-828
14
Less seasonal adjustment
—846
210
456
180
—533
-138
494
403
-385
405
-198
-1,282
-690
-24
568
424
68
82
-6
1,027
-419
-375
14, 649
-1,595
-852
54
-598
-199
-78
547
281
15, 417
Before seasonal adjustment (lines 16 through 18, with sign reversed)
225
16
U.S. official reserve assets (line 4) ; increase (— )
17
Liquid liabilities to foreign official agencies (line 9); decrease (— )
18
Certain nonliquid liabilities to foreign official agencies; decrease (— )
--
19
Liabilities reported by U.S. private residents (table 1, portion of line 53). .
20
Liabilities reported by U.S. Government (table 1, portions of lines 56
and 57)
v Preliminary.
1. Includes deposits of foreign branches of U.S. banks and of foreign commercial banks,
associated with their U.S.-dollar denominated liabilities to foreign official agencies.
470
802
25
263
111
403
333
562
118
2,470
788
43
284
88
373
304
584
-229
1,571
14
— 18
-21
23
30
29
-22
347
899
2. May include U.S. Government bonds and notes held by foreign commercial banks.
NOTE.—Data for 1966 correspond to those shown in the June 1967 issue.
SURVEY OF CURRENT BUSINESS
22
December 1967
Table 4.—U.S. Merchandise Trade
[Millions of Dollars]
1966
Line
1
Total
6
II
III
IV
I
Seasonally adjusted
7,073
7,361
6,968
7,766
7,589
440
98
129
102
111
156
125
166
182
38
55
54
35
57
65
33
30
50
5
12
Equals: Merchandise exports, Census basis, including reexports,
excluding military grant shipments
Plus military grant shipments recorded in Census data--
29 396
940
7,083
158
7 435
348
7,036
239
7,842
195
7,688
187
7,970
158
7,278
187
Equals: Merchandise exports, Census basis, including reexports
and military grant shipments
- -
__
_
-20
1966
m*
II
29, 168
Merchandise exports, adjusted (table 1, line 3)
Plus merchandise exports, other than military grant
shipments
excluded from line 1 but included in Census data l _ ._ _ _
exports
included
in
line
1
but
excluded
from
3 Less merchandise
Census data 2
_adjustments
to
Census
data
in4 Less miscellaneous and special
corporated in line 1 , net 3
-2
5
I
1967
7,915
7,157
1967
I
II
III
IV
I
II
III*
7,203
7,181
7,382
7,402
7,676
7,717
7,644
7,217
7,259
7,452
7,484
7,790
7,787
7,780
30,336
7,241
7,783
7,275
8,037
7,875
8,128
7,465
Agricultural goods
Nonagricultural goods
Excluding military grant shipments
6,946
23, 390
22, 450
1,671
5,570
5,412
1,671
6,112
5,764
1,650
5,625
5,386
1,954
6,083
5,888
1,617
6,258
6,071
1,606
6,522
6,364
1,449
6,016
5,829
1,673
1,725
1,840
1,741
1,617
1,658
1,631
5,544
5,534
5,612
5,743
6,173
6,129
6,149
11
Merchandise imports, adjusted (table 1, line 15)
25,510
5,919
6,271
6,528
6,792
6,629
6,608
6,425
6,025
6,225
6,580
6,680
6,662
6,558
6,555
12
Plus merchandise
imports excluded from line 11 but included in
Census data 4 _ . _ _
__
______
.
Less merchandise
imports included in line 11 but excluded from
Census data 5
_.
Less miscellaneous and special
adjustments to Census data incorporated in line 11, net 3
-
220
57
60
60
43
54
47
50
245
61
68
57
59
62
64
71
8
9
10
13
14
15
Equals: Merchandise imports, Census basis (general imports)
16
17
18
Foods feeds and beverages
Coffee, cocoa, and sugar
Other
.
19
20
21
22
23
24
Industrial supplies and materials
Fuel and lubricants
Building materials (except metals) -_
___-__.
Iron and steel products
Other metals and metal ores (except uranium)
Other
_ -__
25
26
27
Capital goods (except automotive)
- Machinery and miscellaneous transport equipment
Civilian aircraft, complete
_
- -_
28
29
30
31
32
33
34
35
36
Automotive vehicles and parts (incl. engines)
Passenger cars, n e w a n d used
___ _ _
Trucks, buses, and special vehicles _- _ _ _
_. _ _.
Automotive parts and accessories (incl. engines)
Addenda' Automotive from Canada
37
All other, n.e.c. (uranium, military aircraft, low value shipments U S. goods returned, etc.)
- -
38
-_
_-
-
Consumer goods (nonfood), except autos and parts
Consumer durables manufactured
Consumer nondurables manufactured
Gem stones nursery stock, etc., unmanufactured
_ _
~~
Balance on merchandise trade, adjusted (line 1 less line 11). _ _ _ _
1p
-65
21
-71
-15
25, 550
5,894
6,334
6,546
6,776
6,621
6,591
6,404
6,020
6,307
6,618
6,685
6,684
6,571
6,564
4,499
1,691
2,808
1,073
441
632
1,116
412
704
1,116
437
679
1,194
401
793
1,149
449
700
1,099
409
690
1,105
429
676
1,125
458
667
1,129
423
706
1,132
420
712
1,142
415
727
1,181
449
732
1,116
422
694
1,141
430
711
12. 092
2,247
789
1,312
2,910
4,834
2,838
600
177
250
578
1,233
3,100
530
223
323
731
1,293
3,138
572
215
390
799
1,162
3,016
545
174
349
802
1,146
2,999
621
164
313
676
1,225
2,949
560
191
356
724
1,118
2,749
490
209
358
666
1,026
2,862
560
201
250
660
1,191
3,043
543
211
323
705
1,261
3,142
585
194
390
742
1,231
3,061
567
184
349
800
1,161
3,011
572
184
313
769
1,173
2,898
572
181
356
697
1,092
2,767
505
188
358
623
1,093
2,151
1,939
153
464
418
32
532
480
39
542
482
45
613
559
37
617
581
17
602
575
12
576
544
18
462
416
32
503
451
39
576
516
45
621
567
37
609
573
17
571
544
12
615
583
18
1,896
1,244
174
478
(915)
3,912
2,108
1,349
455
444
316
27
101
(185)
846
450
288
108
421
272
34
115
(182)
919
498
310
111
412
258
42
112
(188)
1,087
565
412
110
619
398
71
150
(360)
1,060
595
339
126
644
428
69
147
(354)
948
495
344
109
650
420
79
151
(418)
987
515
364
108
532
319
68
145
(333)
1,133
567
445
121
400
275
27
98
(170)
941
507
325
109
415
271
34
110
(180)
965
510
335
120
516
343
42
131
(*44)
993
533
349
111
586
371
71
144
(322)
1,008
554
339
115
571
363
69
139
(325)
1,052
557
387
108
640
417
79
144
(410)
1,038
528
393
117
229
246
251
274
264
304
309
230
252
259
267
260
308
324
1.154
1.090
440
974
960
1307
732
1.178
956
802
722
1.014
1.159
1.089
1,000
3.658
Preliminary.
Consists mainly of exports of military equipment under Defense Department sales contracts with foreign governments to the extent that such exports are included in the Census
data. Also includes exports of domestically owned goods into storage abroad (e.g., U.S. grain
stored in Canada); exports to the Panama Canal Zone; and exports of exposed motion picture
film
2 for rental rather than sale.
Includes exports of domestically owned goods out of storage abroad (e.g., U.S. grain sold
from storage in Canada); exports of electrical energy; exports of nonmonetary gold and silver,
and net sales of gold by U.S. private residents to the U.S. monetary gold stock; personal
remittances in kind (gift parcels sent through the mail); and transfers, financed under nonmilitary aid programs, of goods to recipient countries from Defense Department stocks
located abroad.
679
437
68
174
MM)
1,038
536
379
123
3
Includes valuation adjustments for goods considered to be underpriced or overpriced in
Census data; timing adjustments for goods recorded in the Census data in one period but
known to have been shipped in another period; and coverage adjustments for special situations
in which shipments are omitted from the Census data.
4
Consists mainly of Defense Department and other imports which duplicate in whole
or in part purchases (e.g., of nuclear materials) included in table 1, line 16 (Military expenditures). Also includes imports of domestically owned goods returned from storage abroad
(e.g., grain from storage in Canada); imports from the Panama Canal Zone; and foreign
charges
for repair of U.S. vessels.
5
Includes imports of electrical energy; and imports of nonmonetary gold and silver, and
net purchases of gold by U.S. private residents from the U.S. monetary gold stock.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
December 1967
23
Table 5.—Major U.S. Government Transactions
[Millions of dollars]
1966
1967
Line
I
Total
A.
1
la
2
3
4
12
13
14
15
16
17
Capital subscriptions to international and regional organizations, excluding IMF
Credits repayable in U.S. dollars
-- .
. . _
Other long-term assets net
Other short-term assets (including changes in administrative cash holdings), net . .
<)
10
11
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
1
la
2
2a
3
4
5
6
7
7a
8
9
10
11
12
13
13a
14
15
16
C.
By category:
Grants, n e t
- . _ . _
- .
Credits repayable in foreign currencies
Other foreign currency assets (excluding administrative cash holdings), net
Receipts from—
Sales of agricultural commodities
Interest
Repayments of principal
Reverse grants
Other sources
Less disbursements for—
Grants in the reci~ient's currency
Credits in the recipient's currency
Other grants and credits
Other U S Government expenditures
5
6
B.
U.S. Government grants (excluding military) and capital outflows, total (table 1, lines 29, 42, and
43 with sign reversed)
-- - - Seasonally adjusted
1
2
3
-
-
_ - _ . . _ . _
.. .
By program:
Under farm product disposal programs
-Under Foreign Assistance Acts and related programs
Under Export-Import Bank Act
Capital subscriptions to international and regional organizations excluding IMF
Other assistance programs
- -
Other foreicn currency assets acquired (lines A 6 A 7 and A 9)
Less foreign currencies used by U.S. Government other than for grants or credits (line A.13).
Advances under Exchange Stabilization Fund agreements, net
- - - - -Other (including changes in administrative cash holdings), net
- .. . .
By disposition:1
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U S merchandise
Expenditures on U S services
Military sales contracts financed by credits (including short-term, 3net)2 (line B.4)..
U S Government credits to repay prior U S Government credits
U S Government credits to repay prior U S. private credits
Increase in claims on U.S. Government associated with Government grants and
capital outflows (including changes in retained accounts) (line B.7)
Estimated dollar payments to foreign countries and international and regional organizations through U S Government grants and capital outflows
U.S. Government liabilities associated with specific transactions (table 1, line 56); net increase
Seasonally adjusted
Associated with military sales contracts *
Seasonally adjusted
1,103
Associated with U S Government grants and capital outflow (line A 33)
Seasonally adjusted
1,915
361
245
614
106
-83
526
98
104
385
76
111
390
81
113
468
595
-427
496
104
141
455
45
-27
844
186
121
1
15
216
48
26
250
50
38
190
42
27
198
52
28
1
3
235
52
86
2
188
46
30
1
1
137
37
28
1
4
(*)
3
NOTE.—Details
may not add to totals because of rounding.
r
Revised.
p Preliminary.
"Less than $500,000(±).
1. As reported by the operating agencies.
2. Consists of transfers of military goods and services financed by U.S. Government credits
and of advance payments to the Defense Department (on military sales contracts) financed
by credits extended to foreigners by U.S. Government agencies.
3. Includes estimated net accumulations of foreign currency from principal repayments
recorded in line A.7.
4. Transactions under military sales contracts are those in which the Defense Department
sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.
(*)
r
9
(*)
(*)
13
386
232
7
297
214
80
2
80
108
64
2
69
34
43
1
72
30
45
o
76
38
565
3
102
70
79
2
94
143
-100
2,239
474
593
10
499
-110
673
33
675
42
648
77
582
20
-8
-14
22
-9
-20
2
1,401
2, 278
909
-100
155
368
571
143
430
548
268
272
546
36
41
31
331
613
265
-110
47
298
717
269
33
44
401
558
337
42
37
322
297
97
69
-1
20
77
80
-8
-4
71
72
-5
15
77
76
6
16
82
102
-1
-5
151
94
-24
4
69
143
—1
3
3,960
3,012
749
287
111
14
913
714
205
15
38
5
1,146
793
194
130
30
909
687
149
65
20
992
818
201
77
23
9
1,162
874
197
108
18
(*)
1,244
868
166
128
64
31
909
665
146
81
5
1
-213
-64
-1
-12
-36
-14
11
190
161
192
177
174
168
225
4
-6
69
49
107
88
118
114
125
Q
720
116
947
287
46
847
-75
-150
-41
53
(*)
-12
Foreign holdings of nonmarketable, nonconvertible medium-term U.S. Government securities
not associated with specific transactions (table 1 line 57); net increase (+)
Export-Import Bank Portfolio Certificates of Participation
U S Treasury securities not included elsewhere *>
1,135
1,211
-30
-4
-136
9
543
77
49
5
107
-8
45
60
106
219
44
146
103
166
-28
263
15
10
129
130
7
179
65
6
376
77
23
350
108
16
418
128
44
111
81
16
198
260
178
328
377
179
-64
-1
-12
-36
-14
11
//
70
-1
-36
-8
-20
(*)
(*)
-2
-12
211
-136
-136
-36
-11
(*)
-19
-10
-10
-20
-121
-11
-25
10
27
16
1
(*)
(*)
3
-10
-4
-2
3
21
13
-34
-53
-53
-5
-14
(*)
7
(*)
-26
-3
-23
-23
(*)
-23
29
-3
53
(*)
53
(*)
(*)
(*)
16
(*)
-4
-12
io
-3
-4
-2
(*)
25
-2
-14
29
21
-11
-4
-29
-12
(*)
(*)
152
—30
22
-49
-3
-46
"10
63
26
40
-64
Purchase of Columbia River downstream power rights
U S Government nonmilitary sales and miscellaneous operations
Nonmarketable, nonconvertible U.S. Government obligations to be liquidated against
U S claims
1,412
1,297
-
Associated with other specific transactions
Seasonally adjusted
1,335
1,419
-213
Non-interest -bearing securities issued to IDA
Non-interest-bearing securities issued to IDB
Non-interest-bearing securities issued to U N for special programs
Foreign funds retained in U.S. Government accounts for purchases in the United
States
-Other
--
1,169
HIP
II r
1,124
--
- -
1,101
I
1,177
341
- --
1 307
IV
1,194
-30
- -
III
1,185
..
U.S. Government receipts from foreign governments (including principal repayments
on credits financing military sales contracts) , net of refunds
-- -Plus military sales contracts financed by U S Government credits 5 (line A. 30)
Less U S Government receipts from principal repayments
Less transfers of goods and services (including transfers financed by credits) (table 1,
line 4)
--
4,680
II
(*)
(*)
335
10
325
The data for the several categories of transactions related to military sales contracts in this
and the other tables, for the periods beginning with the September 1964 quarter, are partially
estimated.
5. Consists of transfers of military goods and services financed by U.S. Government credits
(included in line B.6) and of increases in Defense Department liabilities (on military sales
contracts) which arise from advance payments to the Defense Department financed by
credits to foreigners by U.S. Government agencies.
6. Includes securities payable in U.S. dollars and in convertible foreign currencies.
Source: U.S. Department of Commerce, Office of Business Economics.
SUEVEY OF CUREENT BUSINESS
24
December 1967
Table 6.—Claims on Foreigners Reported by U.S. Banks and U.S. Private Residents Other Than Banks
[Millions of dollars]
1966
Line
I
II
III
IV
I
II
-107
-153
-191
77
-.708
-150
-163
107
11
-28
HIP
Claims reported by U.S. banks:
A.
1
la
2
3
4
5
6
7
7a
B.
Total
Amounts
outstanding
September
30, 1967
1967
Long-term (table 1, line 37, with sign reversed)
-- - -
-337
Seasonally adjusted
Canada
United Kingdom
Other Western Europe
Japan
Other countries
-32
-16
-368
-119
198
._ _
.
27
-17
(*)
-98
-11
-1
-18
2
-35
-27
77
-119
59
-102
-73
-6
-6
3 913
-49
70
-4
—1
-80
-39
-29
-137
-92
55
31
11
-20
—24
79
2,432
-229
399
21
391
75
8 328
9
-12
-32
52
-116
352
52
906
171
-145
-85
61
-16
124
84
389
290
168
31
-15
80
-34
106
-104
44
-11
-4
49
-5
15
32
-21
16
20
-24
41
196
48
-14
15
15
132
-117
-105
128
—7
4
30
82
19
3,046
-58
-7
8
63
-219
97
37
-208
183
—3
8
37
29
112
(*)
-32
60
47
400
10
8
11
336
35
-98
—7
-7
2 929
2
-7
29
13
-70
-2
-1
17
-59
-25
33
2
-6
(*)
30
7
54
-7
(*)
4
4
-28
13
68
—1
1
3
22
43
73
2
-2
-15
72
16
22
2
1
-14
48
-15
1,452
3
24
30
38
15
-2
5
4
20
-12
-49
-87
12
27
-12
11
-46
-39
-9
-5
3
4
27
23
5
2
-6
3
-64
-87
13
21
-9
-2
34
16
3
9
46
21
-3
6
-20
-16
—4
-6
7
—1
1
-29
31
-12
16
—5
479
170
62
37
147
63
.
8
9
10
11
12
13
U.S. -dollar loans
Canada
United Kingdom
Other Western Europe.
Japan
0 ther countries
14
15
16
17
18
19
U.S.-dollar acceptance credits
Canada. _
United Kingdom
Other Western Europe
Japan...
.. .
Other countries
20
21
22
23
24
25
U.S.-dollar collections outstanding. _
Canada
United Kingdom
Other Western Europe
Japan
Other countries
26
27
28
29
30
31
Other claims in U.S. dollars
Canada
United Kingdom
Other Western Europe.
Japan
Other countries
32
33
34
35
36
37
Foreign currency deposits and other claims
Canada
United Kingdom
Other Western Europe
Japan.
Other countries
-72
14
-14
-13
-31
-28
-47
4
-5
-2
-17
-27
25
-16
45
4
-10
2
-43
23
-47
-11
-3
-5
-7
3
-7
-4
-1
2
2
-9
24
-18
(*)
5
-23
-49
8
15
4
—1
22
11
-13
20
-2
6
422
118
80
132
31
61
Claims reported by U.S. private residents other than banks:
Long-term (table 1, line 39, with sign reversed)
112
17
51
28
16
68
165
—36
1,707
33
-4
83
-3
3
3
-4
12
-1
7
12
16
-3
7
12
-4
2
3
21
-7
-3
10
5
34
13
6
21
-3
24
2
121
5
13
-46
-2
-6
563
40
211
109
784
2,777
1
2
3
4
5
6
7
7a
8
9
10
11
12
13
14
Canada
United Kingdom
Other Western Europe.
Japan
Other countries .
.
. --
-1
-m
84
Short-term (table 1, line 38, with sign reversed)
Seasonally adjusted
-127
.. .
.
95
(*)
..
..
..
.
..._..
...
.
...
. ...
...
Short-term (table 1, line 40, with sign reversed)
Seasonally adjusted
Reported by brokerage concerns
Reported b y others _
Canada
United Kingdom
..- ... .
Other Western Europe
Japan.
Other countries
...
.
.
Of which: Deposits and money market assets U.S.-dollar claims reported by major U.S. corporations
Foreign currency claims
...
Canada
United Kingdom
Other Western Europe. ... . _
.
Japan
Other countries
15
16
17
18
19
20
21
22
.
- .-.
.
.
329
9
320
—115
253
115
3
64
155
._ ...
180
-25
-88
225
35
-30
13
15
-13
-4
-20
-82
(*)
(*)
43
-7
3
-2
-1
16
-218
-3
(*)
(*)
16
8
30
(*)
19
(*)
-86
—50
(*)
-6
44
-41
—101
—1
88
13
(*)
17
11
0
-106
30
174
29
68
58
61
-43
31
180
—1
43
107
70
-72
6
174
-32
118
87
11
-10
34
-5
-16
52
-31
-18
8
68
-41
106
12
-9
(*)
-25
83
-26
-23
47
19
66
61
-7
67
16
-1
-14
-104
162
94
68
-36
29
-65
128
41
-3
-2
-34
33
-16
-21
2
61
81
-20
-23
83
-2
-2
5
-32
-24
-8
-29
-19
12
-4
8
-6
71
-7
-2
-3
48
-1
-67
-12
19
1
-24
-33
-63
-20
-54
-13
5
-18
—1
-9
14
o
53
28
25
61
12
-69
-72
16
9
-60
-108
197
98
442
507
1,802
62
25
242
1,681
919
15
19
150
611
657
189
31
-2
-36
40
17
12
2,588
n.a.
11,024
. 725
-27
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
494
577
575
179
763
299
304
452
100
86
82
Memorandum items:
23
24
U.S.-dollar deposits in Canadian banks:
As reported by major U.S. corporations other than banks (included in
line B.18)
.
As reported in Canadian banking statistics
-
O Preliminary.
*Less than $500,000. (±)
n.a. Not available.
-90
-238
-126
1. Amounts outstanding, lines B15-B22, are as of June 30,1967.
-14
-80
187
560
SUEVEY OF CUEKENT BUSINESS
December 1967
25
Table 7.—U.S. Liquid Liabilities to Foreigners
[Millions of dollars]
K 66
Line
Total
1
2
3
4
5
fi
7
8
9
10
11
12
13
14
15
Liquid liabilities to all foreigners (table 1, lines 58 and 59; table 3, lines 8 through 12) ..
789
To foreign official agencies
— 1 595
Central banks and governments _.
Demand deposits
.
_
Time deposits »
Other private obligations, mainly money market paper *
__ __
Bonds and notes, marketable
.
Bonds and notes, nonmarketable, convertible
Payable in U.S dollars
Payable in foreign currencies...
International Monetary Fund 2
To foreign commercial banks
Seasonally adjusted.
Demand deposits.. _.
Time deposits L___
Other private obligations, mainly money market paper i_ .
U.S. Government short-term securities
To other foreign residents and unallocated
21
22
23
Demand deposits
Time deposits l
Other private obligations, mainly money market paper *
24
25
U.S. Government obligations:
Short-term securities
.
Bonds and notes 3
_. _
To international and regional organizations not included above
27
28
29
Demand deposits
Time deposits l
Other private obligations, mainly money market paper l
30
31
U.S. Government obligations:
Short-term securities
__
Bonds and notes
_
"Preliminary.
*Less than $500,000 (±).
1. With maturity of 1 year or less; negotiable certificates of deposit with a maturity of 1 year
or less are included with money market oaper.
2. Includes liabilities of U.S. monetary authorities for gold deposited by and held for IMF.
-377
—852
—983
40
11
III
Hip
IV
I
II
-789
—78
641
547
1,583
281
31,216
15, 417
281
173
100
118
542
134
51
262
-190
14, 384
1,597
2,631
1,551
81
54
613
—598
472
— 199
36
—626
—103
— 199
-95
—34
-38
191
—105
-227
-389
—188
110
111
-1
287
360
-73
-3
12
-15
204
-125
79
7,195
6,891
304
8
5
72
52
46
-6
125
72
46
911
499
25
474
17
5
•*- 16
—122
—250
-123
-228
370
—353
—870
—434
—751
—58
29
—108
— 122
50
151
—245
-945
—5
6
—367
-176
—254
-226
—820
—367
-176
-226
177
131
18
28
2 697
404
316
1 144
833
—755
161
1,263
154
492
1 062
989
—1,005
S41
1,177
1 854
483
706
232
128
78
498
264
73
-2
-518
-190
-49
278
-82
-40
5
980
79
221
-17
7,375
1,051
2,052
127
91
-54
80
11
95
4,458
1,578
1,937
315
517
15a
26
144
U.S. Government obligations:
Short-term securities
Payable in U.S. dollars
Payable in foreign currencies
16
17
18
19
20
—1 772
II
I
Amounts
outstanding
September
30, 1967
1967
125
817
349
470
24
—164
88
-3
167
17
181
-49
212
109
66
-176
—125
-51
9
125
1,033
(*)
10, 605
—61
225
—3
—44
109
23
—4
54
34
5
46
8
-18
16
-68
43
34
5
59
-8
-37
-37
93
18
—5
56
1
20
—16
-2
35
-3
-25
41
-4
2
-11
8
7
14
76
552
-525
-38
-355
-24
-108
-36
-78
-56
736
15
—62
-93
13
14
2
—3
-65
-61
3
—7
2
-4
-34
-3
(*)
-20
122
-138
15
12
-43
69
127
115
42
129
—427
— 196
-103
—123
-59
-93
82
-2
-18
-22
217
208
(*)
24
—44
Q
—64
o
Excludes dollar holdings of IMF except holdings acquired through gold sales to the United
States with the option to reverse the transactions. These reversible transactions amounted to
$200 million in 1956, $300 million in 1959, and $300 million in 1960.
3. May include U.S. Government bonds and notes held by foreign commercial banks.
SURVEY OF CURRENT BUSINESS
26
December 19G7
Table 8.—U.S.- International Transactions, by Area
[Millions of dollars]
Other Western Europe
United Kingdom
(Credits +; debits -)
Line
1966
Total
1
2
Exports of goods and services
Excluding transfers under military grants.
3
4
5
G
Merchandise, adjusted, excluding military
Transfers under military sales contracts _
Transfers under military grants, net
Transportation
_ __ _
Travel
Fees and royalties from direct investments
Other private services. _ _ _
_..
_ _ Other U.S. Government services
11
12
13
Income on U.S. investments
abroad:
Direct investments 2
Other private assets
U.S. Government assets
_
-- - _
_ . _ _ . _ _ -
j
Merchandise, adjusted, excluding military
Military expenditures... __
_ _
_
Transportation
18
19
20
Travel
__ __ - __
Private payments for other services
U.S. Government payments for other services
21
22
Income on foreign investments
in the United States:
Private payments 2
U.S. Government payments
___
___
_
_ ___
__
23
24
Balance on goods and services (lines 1 and 14)
Excluding transfers under military grants (lines 2 and 14)
25
26
Unilateral transfers, net; transfers to foreigners ( — )
Excluding military grants
II' III* Total
II
2,907
2,907
756
756
668
668
678
678
805
805
744
744
860
860
754 " 11,212 ' 2,819" 2,970 " 2, 600 " 2,823 p 2,936 * 2,951
754 10,927 2,765
2,846 2,548 2,768 2,747 2,865
1,754
78
468
12
417
8
422
30
447
28
443
53
478
138
473
38
258
57
67
70
64
63
72
68
151
131
20
12
32
33
4
20
37
31
6
24
39
34
3
12
43
33
7
10
36
34
6
11
41
33
4
250
92
105
115
20
3
53
24
5
31
22
3
51
26
94
65
25
10
44
27
11
III
IV
37
38
Claims reported by U.S. banks:
Long-term
_ ._ .
Short-term
39
40
Claims reported by U.S. residents other than banks:
Long-term
Short-term
73
2,063
125
54
218
2,006
170
124
245
1,789
78
52
257
1,973
117
55
248
1,934
199
188
228
2,031
150
86
254
1,761
80
87
256
14
37
33
6
142
306
278
71
24
63
72
16
41
74
70
18
46
81
64
17
31
88
72
20
24
71
87
17
47
76
87
19
72
76
83
17
55
24
1
475
254
112
99
60
25
125
65
32
120
62
34
131
67
21
101
63
22
115
61
26
139
56
33
-292
-22
-29
-102
-24
-28
-79
-26
-27
-216
-26
-29
-310
-25
-29
-304 -57 -59 -71 -117 -79 -76 -77
-52 -16 -14 -12 -10 -15 -17 -14
-576
-266
-127
-60
-124
-63
-152
-67
-173
-76
-155
-65
-148
-73
-150
-68
"1,029
744
"522
468
"413 "-109
289 -161
"203
148
"390
202
"245
159
-72
-160
-656
-371
-138
-84
-167
-115
-141
-86
-274
-86
-182
-96
-200
-113
-40
"-52
-5
-70
-42
-44
"-55 p-188
-8
-6
-37
-36
-50
"-86
-9
-37
116
63
-272
-113
-113
-36
__
-18
117 -71 -126 -33
117 -71 -126 -33
—7
-4
-8 -11 -10
A
-5
-
27
27
Loans and other long-term assets _
Foreign currencies and other short-term assets
44
45
Repayments on credits:
Scheduled
_ __ _
Nonscheduled
81 -20
81 -20
-8 -11 -12
-5
-4
-48
14
-6
-141
1
66 -37
373
-4
-96 -106
-6
-119
-78
-235
-607
-300
-277
-270
98
14
35
-72
119
-62
116
-61
80
139
137
30
20
-16
3 -13
63
36
-83
-117
-12
-87
-43
21
—7
-12
-21
-39
-34
-16
-24
43
46
-40
49 -53 -61 -43
187
-68
-76
184
147
-26
-31
-97
-87 -30 -24 -59 -71 -47
-1
1 -1 (*)
3
-419
31
-114
9
-129
-1
-88
8
-88
15
-78
24
-88
16
-134
8
165
410
36
1
53
1
48
216
28
192
28
41
26
3
502
28
223
377
-126
260
-67
111
18
242
10
-77
-18
129
1,057
1,279
-3 -5
23 -67
74
6
13
Direct investments 2
U.S. securities other than Treasury issues
Long-term liabilities reported by U S banks
6
34 -17 -9
23
71
-101 "-61 -46 -19
25 -28
1
62 -1 -30
32
-51
54
55
Other liabilities reported by U.S. private residents other than banks:
Long-term
_ _
._ _
Short-term
115
40
21
3
03
56
57
Liabilities of U.S. Government, excluding marketable or convertible
securities:
Associated with specific transactions
__
Other nonmarketable, nonconvertible, medium-term securities
103
-1
13
46
-1
58
59
U.S. Government marketable or convertible bonds and notes
Deposits and money market paper held in the United States
4
373
757 -313 -514
20
12
34
77
-3
760 -347 -591
739
-237
155
-127
213
10
299
78
72
-198
107 -157
685
1,250
-718
857
573
538
10
11
—^
67
426
14
288
—5
36
40
3
3
87
82
-7
58
67
1
15
301
-1
-23
85
104
127
12
61
22
51
65
15
22
19
-22
42
35
61
OR
36
151
-47
26
-53
-73
-24
12
-23
186
53
115
(*)
116
(*)
-40
125
4
12
16 -166
15
554
-816
1,233
-372
-448
-167
753
-225
703
-52
225
72
-619
49
746
123
660
14 -1,071
517
-793
-749
-46
-1
-944
279
10
36
8
11 — 5 -262
487 -81 489
51
230
482
1
32
61
35
108 -740
-575
-198
368
-181
51
52
53
Errors and omissions, and transfers of funds between foreign areas,
net; receipts by foreign areas (— ).
-109
-430
1 28 -11
6
6 -21 -55 -16
12
19
475
-205
1,125
-414
-186
17
8
-2 -19 -19
1, 131
__ __
-143
-7
14 .-12
Transactions in foreign assets in the United States, net; increase in
foreign assets (U.S. liabilities) (+).
.__
-1,241
-95 -1,421
17
-4
7 -126
19
346 -173 -486
_ _ _.
62
16
-4
365 -166 -612
_
-276
15
22
-80
-301
-
203
7
44
-381
Transactions in U.S. official reserve assets, net; increase in assets (— ) _ _
384
-43
-87
-7
-63
10
65
6
80
-34
-40
"-54 P-124
-12
-16
-34
-34
5
25
2 -82 -29
2
-210
-86
37
156
4
4
3
-252 -118 -51 -106
-60
-4
-158
"-285
-39
-174
-67 -70 -139 -34 -116
-10
—5
16 ~ ~ ~ 2 0 -2
6
-39
__ _
42
43
106 -83 -142
-384 -108
-15
Transactions in U.S. Government assets, excluding official reserve
assets, net; increase in assets (— ).
2,659
2,571
-212
-24
-30
-631 -208 -155 -154 -114 -145
Direct investments Foreign securities newly issued in the United States
Redemptions
Other transactions in foreign securities
--
See footnotes p. 28
III"
II'
-73
-24
-26
Transactions in U.S. private assets, net* increase in assets (— )
33
34
35
30
60
I
-679
-94
-113
32
50
IV
-167 -14 -53 -74 -26 -16 -61 -80
-120 -30 -30 -30 -30 -33 -33 -35
-15 -4 -4 -3 -4 -4 -4 -4
Balance on goods, services, and unilateral transfers (lines 23 and 25, or
24 and 26).
Gold
Convertible currencies
Gold tranche position in IMF
III
II
7,831
490
285
968
-54 -11 -12 -16 -15 -13 -15 -16
-54 -11 -12 -16 -15 -13 -15 -16
Private remittances _ _ _ _ _ _ _ _ _
_ _ _
Military grants of goods and services
Other U S Government grants
U.S. Government pensions and other transfers __ _
47
48
49
I
-1,776 -379 -421 -458 -518 -426 -417 -395 -5,871 -1,379 -1,409 -1,463 -1,620 -1,582 -1,498 -1,469
-145 -45 -33 -32 -35 -46 -40 -45 -1,375 -359
-341
-353
-344
-329
-350
-343
-441 -94 -125 -124 -98 -99 -129 -124 -1,209 -249
-339
-362
-352
-340
-268
-261
-167
4G
1967
I
31
41
1966
-3,020 -639 -739 -804 -838 -717 -778 -774 -10,183 -2,297 -2, 557 -2,709 -2,620 -2,545 -2,705 -2,731
Imports of goods and services
15
16
17
27
28
29
30
_ _
_ _
7
8
9
10
14
_
1967
82
28
17
564 -198 -681
7
561
18
99
(!
-229
-786
SURVEY OF CURRENT BUSINESS
December 1967
27
Table 8.—U.S. International Transactions, by Area—Continued
[Millions of dollars]
Canada
Eastern Europe
I
Total
1966
1967
1966
I
IV
III
II
Total
Hip
II r
I
1967
1
II
III
IV
I
Line
III P
II r
231
231
64
64
52
52
48
48
67
67
80
80
57
57
46
46
8,976
8,976
2,009
2,009
2,362
2,362
2,145
2,145
2,460
2,460
2,279
2,279
2,551
2,551
2,277
2,277
200
57
46
36
61
73
46
38
6,537
39
1,488
12
1,775
13
1,536
8
1,738
6
1, 709
17
1,922
10
1,635
12
6
2
1
1
2
1
2
1
157
34
41
41
41
36
41
43
4
1
586
215
154
7
125
43
38
1
164
44
39
2
194
64
38
2
103
64
39
2
140
54
43
1
160
57
42
177
65
42
766
515
156
112
146
138
141
121
323
144
154
126
168
148
169
132
1
3
3
1
3
1
6
1
4
4
1
9
3
4
5
6
8
9
10
12
1
3
3
9
1
1
1
1
-206
-45
-48
-59
-54
-58
-53
-55
-7,509
-1,564
-1,852
-2,069
-2,024
-1,868
-2,289
-2,466
14
-177
-1
-8
-40
-43
-47
-53
-44
2
-2
-41
(*)
-2
-6,043
-204
-157
-1,319
-44
-33
-1,514
-54
-40
-1, 505
-51
-42
-1,705
-55
-42
-1,596
-60
-35
-1,800
-49
-41
-1,687
-58
-40
15
16
17
-12
-1
-1
-2
g
-47
-1
-2
-8
-2
-2
-2
-10
(*) 2
-678
-101
-21
-60
-26
-5
-146
-24
-5
-365
-25
-7
-107
-26
-4
-65
-28
-4
-290
-28
-5
-570
-28
-7
18
19
20
(*)
-231
-74
-58
-19
-50
-19
-55
-19
-68
-17
-63
-17
-61
-15
-61
-16
21
22
(*)
(*)
(*)
-2
_2
1
5
1
1
_2
(*)
(*)
-2
2
-4
-1
(*)
-3
1
1
9
9
11
12
13
25
25
19
19
4
4
-11
-11
13
13
22
22
4
4
-9
-9
1,467
1,467
445
445
510
510
76
76
436
436
411
411
261
261
-189
-189
23
24
-14
-14
-3
-3
2
-5
-5
-3
-3
-3
-3
-4
-4
-5
-5
-5
-5
-36
-36
-9
-9
-9
-9
-8
-10
-10
-8
-8
-11
-11
-10
-10
25
26
-3
-2
-2
-2
-2
-3
-i
-1
-5
-1
_2
-3
_2
-2
-1
-9
0
-2
-1
-4
-1
-1
-i
-1
-1
•«
-31
-8
fj
-8
-8
-8
-8
27
28
29
30
11
16
-1
-14
10
18
-1
-14
1,431
436
501
68
426
402
250
-199
31
-2
13
-2
-9
-4
3
-1,490
-522
-292
-194
-482
-257
-189
-329
32
-1,087
-922
268
91
-200
-425
85
-50
-184
-235
98
12
-306
-131
50
90
-397
-131
35
39
-57
-256
50
12
-50
-247
77
72
-118
-209
50
-48
33
34
35
36
32
49
17
22
18
4
-9
87
6
-64
4
-6
-11
22
-31
30
37
38
-33
112
-3
32
-12
7
-16
41
-2
32
-10
7
-21
-30
-5
2
39
40
9
-7
15
1
-2
-1
2
-4
14
1
1
-3
3
20
6
1
11
3
2
17
4
12
1
11
9
-6
1
2
-4
-4
-1
-1
-1
-2
2
9
16
4
1
-2
3
-1
1
-1
-33
4
41
1
5
8
1
1
2
3
-1
1
-1
—31
—2
4
42
43
1
4
8
2
-3
1
9
8
-17
-1
(*)
44
45
-202
-97
-50
-68
-200
_2
-100
3
-50
-50
-18
13
5
97
-149
-7
-39
292
-193
174
349
50
2
243
35
32
41
100
-131
48
57
63
-15
33
1
89
200
17
97
-199
51
52
53
5
13
-1
-1
1
(*)
13
-5
1
8
9
-17
-52
-16
2
-19
-19
-1
-13
54
-4
26
-11
4
-13
-1
21
-1
-110
-65
8
163
(*)
(*)
8
-18
(*)
(*)
46
(*)
47
48
49
—50
(*)
-1
-50
20
2
4
8
26
-1
47
-3
-2
54
55
-6
-1
-2
-26
-11
-1
7
200
56
57
7
-266
3
-137
6
20
-126
318
4
-237
21
-183
1
246
58
59
334
-155
234
-250
43
-152
174
60
SUEVEY OF CURRENT BUSINESS
28
December 1967
Table 8.—U.S. International Transactions, by Area—Continued
[Millions of dollars]
Latin American Republics and other Western Hemisphere
Line
(Credits + ; debits -)
1966
Total
1 Exports of goods and services
Excluding transfers under military grants
Merchandise adjusted excluding military
Transfers under military sales contracts
Transfers under military grants, net
Transportation
7
8
9
10
Travel
Fees and royalties from direct investments
Other private services
Other U.S Government services
11
12
13
Income on U.S. investments
abroad:
Direct investments 2
Other private assets
U S Government assets
14
1967
II
III
II r
I
IV
1966
III"
* 7,875 P 1,796 * 1,979 * 1,960 * 2, 140 * 1,939 P 2,016
7,803 1,783 •1,952 1,943 2,125 1,919
1,998
2
3
4
5
6
I
*
...
- -
Imports of goods and services
Japan
Total
1967
I
II
III
2,015
1,986
2,961
2,961
676
676
720
720
730
730
835
835
675
6
Merchandise, adjusted, excluding military.
Military expenditures
Transportation
18
19
20
21
22
837
837
825
825
659
20
665
4
1,148
4
27
102
1,1751
6
17
112
1, 276
7
15
105
1,157
5
20
90
1,172
5
17
103
1,150
9
30
117
2,341
24
525
6
559
11
582
1
153
35
40
40
648
5
(*)
38
39
40
40
662
176
210
69
136
41
50
17
171
42
51
17
187
44
54
16
168
49
55
19
162
42
54
18
181
48
60
19
196
48
62
17
,34
26
98
9
7
6
25
1
9
7
25
3
10
6
24
2
8
7
24
3
9
7
29
2
10
7
30
2
12
6
28
2
1,111
309
118
235
67
24
300
79
38
255
74
20
321
89
36
282
84
26
281
91
38
279
83
25
43
206
27
9
53
9
8
51
7
9
51
5
17
51
6
9
52
9
11
50
8
8
52
8
_ _ ,
_ _ _ _ -4, 679 -1,205 -1,137 -1,150 -1,187 -1,248 -1,147 -1,076 -2,966 -644 -724
-841
-121
-44
-757 -703 -729
-143 -127 -141
-45 -45 -43
-774
-125
-41
-8 -18
-2 -2
-3 -4
-18
-2
-4
-18 -10 -20
-2 -3 -3
4 -4 -4
-20
-3
-4
-45
-4
-123 -28 -30
-29 -8 -7
-32
-7
-33 -31 -28
"7
g
-8
-30
P 414
397
432
403
-889 -158 -218
-889 -158 -218
-339
-339
-174 -121 -138
-174 -121 -138
-178
-178
-121
"-129
-111
-103
-74
-32
-32
-22
-153
-279
-41
-64
-40
-72
-36
-75
-36
-68
-38
-68
-43
-73
-46
-73
Travel
Private payments for other services _ _ _ . . _ _ - _ - _ _ _ _
U S Government payments for other services
-900
-122
-138
-237
-24
-33
-225
-27
-31
-239
-38
-39
-199
-33
-35
-250
-25
-36
-230
-29
-32
-260
-38
-41
Income on foreign investments
in the United States:
Private payments 2
_ _ _ _ _ _ _
U.S. Government payments _
_ _ _ _
-157
-13
-35
-38
-4
-41
-2
-43
-2
-44
-3
-44
-4
P 1,434
1,362
P 152
139
v 405
378
p 340
323
P 537
522
p 227
207
p-127 p-151 p-119
-114
-124 -102
-104
25
26
Unilateral transfers net; transfers to foreigners ( — )
Excluding military grants
-444
27
28
29
30
Private remittances
Military grants of goods and services
Other U.S. Government grants
U.S . Government pensions and other transfers
-120
P-72
-291
—33
-77
-30
P-27
-86
—8
-28
p-17
-66
—8
-34
p-15
-62
—8
-30
p-20
-81
—10
-30
P-17
-73
—8
-28
-30
-39
—7
918
25
254
221
418
86
286
329
-607
71
-171
-156
-351
-84
-130
-221
31
Balance on goods, services, and unilateral transfers (lines 23 and
25, or 24 and 26).
32
Transactions in U.S. private assets, net; increase in assets (— )
-28
-476 -99 -113
-171 -42 -40
-62
-8
-15
— 10
-7
-7
—2
-8
-8
-8
-7
-7
-8
-8
-7
-7
-6
-5
-6
-5
(*)
-6
-5
2
—3
-921 -165 -227
100
254
-8
-4
1
3
1
1
-25
-4
4
4
-276
-69
19
2
-48
-18
9
1
-80
-14
1
-7
-68
-28
2
13
-80
-9
7
-5
-41
-48
5
5
105
-10
5
-9
-45
-33
40
-1
37
38
Claims reported by U.S. banks:
Long-term
Short-term
-50
-197
31
94
-41
-22
-82
-40
-187
32
-56
-36
-37
-152
-35
11
119
266 -15
27
50
39
40
Claims reported by U.S. residents other than banks:
Long-term
Short-term
1
-37
-3
-7
-1
9
_2
2
-39
-122
-26
12
19
1
3
-4 -11
-390
-73
-96
-143
-78
-130
-74
-95
4
-696
30
-156
10
-182
18
-207
-151
2
-207
15
-178
27
-152
1
259
17
71
63
54
10
71
62
78
56
64
24
44
1
4
36
3
-12
—7
56
56
44
1
4
36
56
56
49
32
-133
51
197
333
-138
17
67
190
-14
25
125
15
-9
26
14
31
-9
16
30
6
13
43
233
-14
18
-36
26
1
I
18
8
—6
6
t
-I
42
43
Loans and other long-term assets
Foreign currencies and other short-term assets
44
45
Repayments on credits:
Scheduled
Nonscheduled
_
_
Transactions in U.S. official reserve assets, net; increase in
assets (— ).
Gold
Convertible currencies
Gold tranche position in IMF
Transactions in foreign assets in the United States, net; increase
in foreign assets (U.S. liabilities) (+).
51
52
53
Direct investments 2
U S securities other than Treasury issues
Long-term liabilities reported by U S banks
54
55
Other liabilities reported by U.S. private residents other than
banks:
Long-term
Short-term
-347
365 -18
Direct investments 2
Foreign securities newly issued in the United States
Redemptions
Other transactions in foreign securities
Transactions in U.S. Government assets, excluding official reserve
assets, net; increase in assets (— ).
o
-9
-9
33
34
35
36
50
809
809
1,119
5
13
89
Balance on goods and services (lines 1 and 14)
Excluding transfers under military grants (lines 2 and 14)
47
48
49
III,
4, 718
22
72
408
23
24
46
II *
-6,441 -1,644 -1,574 -1,620 -1,603 -1,712 -1,601 -1,583 -3,850 -834 -938 -1,069 -1,009 -930 -975 -1,003
15
16
17
41
I
IV
—2
-2
-182 -129 -146
-185
29 -41 -257
-33
6 -29
-3
_2
1
-1
1
-1
1
-3
32
246
92
49
39
-15 -39 -328
24
-38
7
18
-12
9
7 -13 -2
1 -17
-20
2
-17
-4
-7
5
22
-112 -18 -15
-2 _2
3
-28
-3
-51 -47 -17
-1
-21
2
-31
-4
6
10
-50
8
24
-149 -62 -26
-101
2
-43 -24
8
25
10
39
3
108
31
(*)
86
157
-13
1
-1
(*)
-12
-24
194
56
57
Liabilities of U.S. Government, excluding marketable or convertible securities:
Associated with specific transactions
Other nonmarketable, nonconvertible, medium-term
securities.
-123
—14
58
59
U S Government marketable or convertible bonds and notes
Deposits and money market paper held in the United States. __
-179
-6
-100
-1
-141
68
-17
191
80
-IS
-88
-323
60
Errors and omissions and transfers of funds between foreign
areas, net; receipts by foreign areas (— ).
36
-73
-23
175
-43
-68
-403
132
699
40 <*)
-8 -10
1
1
48
-8
2
63
2
1
83
-5
—4
4
8
(*)
_
—2
-107
r
Revised.
» Preliminary.
*Less than $500,000(±).
1
Includes
transactions with shipping companies operating under the flags of Honduras,
Liberia,
and Panama.
2
http://fraser.stlouisfed.org/
Excludes undistributed profits of subsidiaries.
Federal Reserve Bank of St. Louis
4
-48 -69
185
157
-158
201
-48 -17
lot
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
194
(*)
1
38
30
165
SURVEY OF CURRENT BUSINESS
December 1967
29
Table 8.—U.S. International Transactions, by Area—Continued
[Millionsof dollars]
Australia, New Zealand, and South Africa
1966
I
Total
1967
II
IV
III
I
II'
International organizations and unallocated
Other Countries in Asia and Africa
1966
HIP
1,651
1,651
369
369
401
401
430
430
451
451
454
454
457
457
424
424
1,149
66
275
4
271
13
301
23
302
26
338
17
316
19
306
10
I
Total
1967
II
P 7,837 P 1, 930
1,722
7,197
IV
III
I
II
Hip
I
Total
1,981 p 1,887 P 2, 039 P 2, 141 P 2, 071
1,938
1,775
1,762
2,005
1,927
2,025
1,838
1,078
34
P208
91
1,139
41
P 206
91
1,127
32
P 125
98
1,294
21
p 101
94
1,287
32
P 136
96
1,291
34
P 144
97
1,129
26
187
97
386
386
II
95
95
Line
1967
1966
r
l
III
95
95
IV
96
96
I
100
100
II
98
98
r
Hip
89
89
100
100
1
2
3
4
5
6
74
17
19
20
18
19
20
21
4,638
128
P 640
374
191
45
49
49
48
47
46
45
33
66
78
1
5
18
20
1
10
14
20
11
16
18
7
18
20
5
16
21
(*)
8
14
22
(*)
11
16
21
1
48
94
179
147
8
24
45
33
13
22
44
39
17
20
44
35
10
28
46
40
8
28
38
38
10
26
40
38
18
25
40
37
11
107
2
27
3
27
2
26
4
27
2
27
2
28
3
28
7
8
9
10
137
47
20
9
41
13
31
10
45
15
26
12
(*)
42
15
2
27
11
(*)
1,235
131
223
326
32
51
300
29
57
302
36
51
307
34
64
388
38
53
296
34
60
379
39
49
28
48
1
4
16
1
7
9
4
15
13
8
5
16
1
4
9
9
16
11
12
13
-992 -217 -266
-270 -239 -238 -242 -241
-806 -172 -216 -228 -190 -194 -199 -205
-4
-59 -13 -18 -14 -14 - 8
-9
-66 -16 -17 -16 -17 -17 -18 -17
-21
-7
-23
-6
-4
-1
-6
-9
-6
-2
-1
659
659
-17
-17
2
-13
-4
-4, 966 -1,145 -1,238 -1,327 -1,256 -1,369 -1,359 -1,370
-747
-260
-39
-765
-310
-40
-807
-355
-44
-733
-356
-42
-795
-416
-39
-743
-435
-42
-739
-453
-43
-138
-7
-197
-24
-2
-47
-42
-2
-51
-37
-2
-48
-35
-1
-51
-26
-2
-53
-44
-2
-55
-40
-2
-54
-104
-17
-140
-34
-418 -100
-42
14
-31
-39
-105
-105
-98
15
16
17
-25
-15
-3
-54
18
19
20
-178
-29
-35
-32
-105 -104
-109
-3
-59
-4
-6
-i
-7
-8
(*)
-7
-2
-2
-3
-1
-2
-2
-3
-2
-3
-2
-3
-2
-94
-32
-20
-6
-21
-7
-25
-9
-28
-10
-28
-11
-27
-11
-30
-10
-31
-77
-7
-18
-8
-18
-8
-21
-8
-20
-8
-18
-8
-18
-8
-19
21
22
152
152
135
135
160
160
212
212
216
216
215
215
183
183
p 2,871
2,231
p 785
577
p 743
537
p 560
435
p 783
682
p 772
636
p 712
568
655
468
-384
-384
-81
-81
-81 -125
-81 -125
-97
-97
-80
-80
-75 -117
-75 -117
23
24
-5
-5
-4
-4
-5
-5
-3
-3
-5
-5
-4
-4
-4 p -2,523 p -803 P -711 p -504 P -505 P -591 p -750
-4
-606
-404
-1,883
-595
-505
-379
-455
-745
-558
-74
-74
-20
-20
-18
-18
-16
-16
-24
-24
-35
-35
-25
-25
25
26
-3
-4
-2
-3
-3
-3
-74
-72
-281
-63
-72
-194
-70
-105
P -640 P -208 P -206 P -125 P —101 P —136 p -144 p —187
-501
-409
-294
-309
-1,513
-377
-355
-383
-22
-89
-22
-22
-23
-30
-35
-70
-3
(*)
(*)
(*)
-24
-35
-25
27
28
29
30
A
-5
-5
-1 (*)
-5
-6
-4
-1
-1
-1
-1
-1
-1
-1
642
147
131
155
209
212
211
179
348
-18
32
56
278
181
-313
-89 -103
-27
-94
-91
-21
-65
-375
9
-282
-51
-51
-413
-170
-45
-71
-54
-67
-49 -159
24
e
3
-8
4
-3
3
2
14
4
4
-6
6
7
4
-3
-245
-120
23
24
1
-23
8
3
-266
-46
4
26
-19
-16
4
39
-35
7
-365
-33
7
(*)
-127
-17
-32
-8
-33
-29
9
-33
-18
-37
7
-1
5
96
-3
-14
-25
1
-20
-2
18
-19
-2
6
-61
4
-22
-1
2
5
-5
-1
-11
1
-8
-4
12
2
9
-8
-10
-3
2
-1
-15
-4
10
-39
2
-2
-23
-16
-35
-44
-28
-1,205
-173
-339
-3
-26
-27
-36
1
-47
—1
-29
-1,076
-329
-292
72
1
3
11
1
4
1
199
1
47
49
49
-56
17
-164 -217
-770 -176 -176 -221 -197
-3, 052
-1,281
-165
2
91
37
18
2
9
4
3
-2
41
-1
9
3
15
-1
14
(*)
-18
29
-2
1
31
j
11
24
8
22
-1
(*)
(*)
65
(*)
5
29
-381
-97
11
-42
7
-50 -113
-121
-18
31
32
2
-14
18
3
-6
-20
-90 -143
18
18
1
10
33
34
35
36
-24
1
(*)
(*)
-1
3
-6
-5
(*)
(*)
(*)
-399
-368
-215
-15
-25
-49
41
-303
-153
-859
394
-336
-165
-271
6
-17
-25
-51
42
43
62
66
133
(*)
3
(*)
44
45
17
34
46
-458 -101
-99 -145 -113
-105 -110
70
20
47
-45
48
8
-7
-65
7
-11
11
-93
7
-3
71
-80
28
51
-10
28
7
23
5
14
-7
-62
5
19
60
-18
11
-5
38
-41
-17
-27
-7
-2
-16
-299
-394
-275
-112
-206
-136
47
1
43
34
11
13
-9
21
34
11
13
-9
21
5
2
3
51
5
3
6
1
500
37
46
6
1
-37
-97
537
134
24
1
35
15
27
39
22
335
46
-31
-10
e
47
48
49
-1 -105
-18
23
49
50
(*)
34
73
8
63
42
51
52
53
176
206
223
235
-85
118
-97
(*)
(*)
1
18
413
15
5
10
103
-1
-3
28
2
-4
277
2
17
152
1
12
122
1
56
18
251
124
74
4
142
94
-13
4
-1
-2
3
-13
-2
-2
5
7
-5
4
-3
20
81
18
22
19
22
27
4
9
10
1
24
61
5
129
404
295
182
136
207
230
-85 -212
-87
228
-30
239
19
-117
(*)
39
40
81
262
-1
456
-16
37
38
(*)
336
339
-19
3
9
178
16
-13
-142
-90
955
4
-20
-113
33
-1
-20
-82 -130
-38
-118
(*)
5
0
(*)
(')
28
-71
-20
-20
28
13
7
13
54
55
(*)
-56
-29
-31
-37
-429 -196 -124
292 -209
85
-44
31
-65
-29
-77
62
103 -147
89
145
-116
-32
-77
-5
56
57
(*)
-58
-4
-47
58
59
177
238
60
SUEVEY OF CURRENT BUSINESS
30
December 1967
Table 9.—Changes in Reported Foreign Gold Reserves and Liquid Dollar Holdings Through Known Transactions With the United States
and Through Other Transactions, by Area l
[Millions of dollars]
1966
Line
1967
Total
II
in*
IV
III
All areas:
1
2
3
Total increase
Through known transactions with the United States
Through other transactions
1,314
1,217
97
104
13
91
156
107
49
634
666
-32
420
431
-11
167
206
-39
84
191
-107
1,057
1,169
-112
849
495
354
-133
-152
19
294
246
302
285
17
386
116
270
477
-193
670
123
-121
244
776
177
294
647
—353
615
123
492
-254
230
-484
-360
179
293
115
178
517
96
421
-470
95
-565
n.a.
69
11 .a.
13
—39
52
-21
16
1
3
-2
-11
19
-10
19
-17
-18
1
-11
19
-282
—214
—68
-321
-22
-299
-196
-339
143
-7
192
-199
242
-45
287
-190
-185
-180
-363
183
280
421
-141
-247
-148
-47
-76
29
-114
-121
7
-131
69
-200
169
105
64
103
-338
441
-121
18
-139
-322
432
—754
-48
193
-241
-158
43
-201
108
-156
-170
23
-156
10
321
-305
203
-165
218
-376
594
124
-68
192
130
-39
169
-15
-155
140
-21
-114
93
-94
-86
-37
-178
141
1
-106
107
379
732
—353
85
140
-55
216
457
-241
230
261
-31
-152
-126
-26
38
425
-387
102
386
-284
130
307
-177
706
—16
722
449
22
427
-107
-226
119
405
147
258
-41
41
-82
-46
83
-129
-51
105
-156
-46
182
-228
Western Europe, including United Kingdom:
4
5
6
Total increase
Through known transactions with the United States
Through other transactions
United Kingdom:
7
9
Total increase
Through known transactions with the United States
Through other transactions
-539
Eastern Europe:
10
11
12
Total increase
J
Through known transactions with the United States
Through other transactions
-1
7
Canada:
13
14
15
Total increase
Through known transactions with the United States
Through other transactions
Latin American Republics and other Western Hemisphere:
16
17
18
Total increase
Through known transactions with the United States
Through other transactions
Japan:
19
20
21
Total increase
Through known transactions with the United States
Through other transactions
Australia, New Zealand, and South Africa:
22
23
24
Total increase
Through known transactions with the United States
Through other transactions
Other countries in Asia and Africa:
25
26
27
Total increase.
Through known transactions with the United States
Through other transactions
International organizations and unalloca ted:
28
29
30
Total increase
Through known transactions with the United States 2
Through other transactions
Changes through other transactions equals "Total increase" less "Changes through known
NOTE.—Details
may not add to totals because of rounding.
r
transactions with the United States." For "All areas" this difference represents known
Revised.
*» Preliminary.
n.a. Not available.
1
Total increase represents changes in reported gold reserves of foreign central banks and acquisitions (+) or sales (-) of gold by foreign central banks and governments outside the
United States. The net acquisitions of gold equal the excess of new gold production abroad
governments (including international organizations but excluding the countries of the Soviet
plus sales by the Soviet bloc less net gold purchases by others. For each of the separate areas
bloc) net of convertible currencies included in U.S. official reserve assets (table 1, line 48) plus
shown the difference reflects net gold and dollar receipts (+) or payments (-) resulting from
foreign liquid claims on the United States (table 1, lines 58 and 59) plus net changes in foreign
their transactions with countries other than the United States, net of changes in their convertiIMF positions through U.S. dollar transactions (table 1, line 49).
ble currencies included in U.S. official reserve assets resulting from U.S. transactions with
Changes through known transactions with the United States represents for each of the separate
areas shown the sum (with sign reversed) of table 1, lines 23, 25, 32, 41, and 51-57. For "All
other
areas, and from unrecorded transactions with the United States.
2
Includes transactions with shipping companies operating under the flag of Honduras,
areas" line 60 is added, and for "All areas" and " International organizations and unallocated"
line 23 is adjusted to exclude net sales or net purchases (—) of gold by U.S. private residents
Liberia, and Panama.
to the U.S. monetary gold stock. These were (in millions of dollars): 1966, year, -140; I, -34;
Source: U.S. Department of Commerce, Office of Business Economics.
II, -42; III, -29; IV, -35; 1967, 1—32; II, -31; III, -39.
December 1967
(Continued from page 18)
SURVEY OF CURRENT BUSINESS
third quarter net outflows followed net
inflows totaling about $200 million in
the three preceding quarters. With a
lag of several months, the shift reflects
the change from the relatively tight
reserve position of banks during most
of 1966 to the more ample reserve
position in 1967.
31
porary developments that obscured
underlying longer run trends.
siderably higher than in previous quarThe Middle Eastern crisis not only
ters and more than is likely to be
improved the trade balance by about
maintained.
$100 million but also was an important
factor in raising incomes on direct
investments.
Moreover, it raised payClaims reported by U.S. banks
ments through private remittances to,
Outstanding loans and other claims
and bond purchases from, Israel. Transon foreigners reported by U.S. banks Unrecorded transactions
actions associated with the crisis may
for themselves and their U.S. customers
have resulted in net receipts of about
A major shift—amounting to about
increased about $150 million in the
$100 million, not quite offsetting net
$700 million—occurred in the balance
third quarter. Seasonal adjustments
payments of about $150 million in the
on unrecorded transactions, after adraised this amount to nearly $400
justment for seasonal variations. This second quarter.
million. This included more than $100
Other temporary developments havmillion in loans with an original ma- balance was adverse by about $550 ing a favorable effect on the balance
million in the second quarter and
turity of 1 year or more and nearly
included the positive balance on "Errors
positive by about $150 million in the
$300 million in shorter term loans and
and Omissions/7 which was approxithird.
other short-term claims. The third
The reasons for this swing are not mately $350 million higher than the
quarter net outflow of capital through
known, but it may be due to delays most recent four-quarter average, and
bank-reported transactions, after seafrom the end of the second quarter to the exceptionally large foreign investsonal adjustment, was the largest since
ments in U.S. stocks, which exceeded
the beginning of the third in the
the first quarter of 1965, before the
recording of the debit entries on some the average in previous quarters by
Federal Reserve Program for voluntary
of the very large transactions that about $250 million.
restraints on bank loans to foreigners
Temporary developments that reoccurred at the end of June. For the
was initiated. It was also more than
sulted
in net payments included the
two quarters together, errors and omisthe $250 million quarterly increase in
bulge in travel expenditures, which may
sions resulted in net debits of $400
the interim ceiling suggested by the
million, roughly the same as the total be estimated at about $180 million.
Federal Reserve Board. However, at
Other temporary developments that
in the two previous quarters.
the end of September, outstanding
had adverse effects on the balance were
foreign bank assets were still $530
the
strikes in the automobile and copper
Temporary Developments
million under the ceiling.
industries, which reduced exports, the
In the second quarter, the seasonally
International transactions in the third more than sustainable increase in U.S.
adjusted outflow of bank-reported capi- quarter continued to be affected to an banking claims, and the unusually
tal was $230 million. The second and exceptional degree by erratic and tern- large U.S. purchases of outstanding
foreign securities.
With receipts that may be attributed
Table D.—Transactions in U.S. Securities Other Than Treasury Issues (Increase in to special developments of about $700
Foreign Assets +)
million, and payments of about $400
[Millions of dollars]
million, the net improvement in the
balance may have been around $300
19 66
1967
Tables 1, 2, and 8, line 52
million. In the preceding quarter similar
II r
I
I
II
III
III
IV
Total
developments resulted in net payments
of about $400 million.
Total
547
909
173
107
120
319
520
109
These transactions thus resulted in a
Issues of new securities sold abroad by U.S. corpora594
tions to finance direct investments abroad
92
i 99
127
291
85
183
35
favorable shift of about $700 million
Investment by international and regional organizabetween the two quarters. However,
tions in nonguaranteed U.S. Government agency
5
244
73
-6
67
71
bonds
.
.
--....
139
27
these gains were offset by the sharp
Liquidation of U.S. securities other than Treasury
reduction
in foreign official investments
issues by United Kingdom (Government and
11
-101
-28
-19
25
71
-61
-46
private)
. . ..
in time deposits with an original
172
62
342
-22
64
78
-6
136
Other transactions
maturity of 1 year or more and in net
2
-1
22
-48
-50
8
28
-19
Bonds
- - -.- . - - -60
70
314
220
42
-5
28
155
Stocks
receipts from official transactions listed
in table B.
1. Excludes $11 million borrowed from foreign banks in June for which new corporate securities were issued in July.
by WILLIAM H. WALDORF
The Responsiveness of Federal Personal Income Taxes to
Income Change
RELIjIABLE estimates of Federal tax
revenues are essential for the evaluation
of the economic impact of the Federal
budget. One of the purposes of this
article is to aid in the preparation of
such estimates through the presentation of tax functions that relate Federal
personal income tax payments (less tax
refunds) to "tax policy variables"—
such as the tax and exemption rates—
and to population and personal income.
The equations are based on annual
data for 1947-65 and are developed
within the framework of the national
income accounts (NIA).1 These equations can be used, for example, to help
estimate tax receipts under the 1965
personal income tax schedule. They
can also be used to provide estimates
under other schedules.
Another purpose of this article is to
present summary measures of the automatic responsiveness of Federal personal income taxes to changes in
personal income under the 1965 tax
schedule and to compare these with
estimates under the 1954 and earlier
postwar tax schedules. The summary
measures are: (1) The marginal tax rate,
which shows the absolute change in
tax payments per dollar change in
income; and (2) the tax elasticity,
which shows the percent change in tax
payments for a 1 percent change in
income. (The two summary measures
are mathematically related; the tax
elasticity is the marginal tax rate
divided by the ratio of tax payments
to personal income.) The marginal tax
rate may be used as an index to compare postwar changes in the automatic
stabilizing effect of Federal personal
1. This article is taken from a larger econometric study of
long-run Federal tax functions done within the NIA framework and undertaken for the Interagency Economic Growth
Project.
32
income taxes on real output and on
price change induced by a change in
demand. In conjunction with the level
of taxes, the tax elasticity may be used
to determine whether the tax is an
automatic fiscal stabilizer of real output and prices during periods of
inflationary changes in demand or costpush inflation. This condensed statement of the significance of the two
summary measures is elaborated in
later sections of this article.
Major findings
The primary objective of the Federal
personal income tax cuts in 1964 and
1965 was to reduce the restrictive effect
of these taxes on the level of demand
and output. It was also considered
Personal and Adjusted Gross Income of
Taxable and Nontaxable Individuals
Billion $ (ratio scale)
600
500
Personal Income
400
300
Adjusted Gross
Income of Taxable
and Nontaxable
individuals
200
150
i i i i i i
1947
49
51
53
i i i i i i i i i i
55
57
59
U.S. Department of Commerce, Office of Business Economics
61
63
desirable, to the extent possible under
the new schedule, to retain their effectiveness as an automatic fiscal stabilizer
on output with respect to changes in
demand.2
One of the major findings of this
article is that this result was essentially
realized. The average rate of taxation
was reduced significantly, but the
marginal tax rate with respect to
personal income in 1965 under the 1965
tax schedule—14.5 percent—was only
slightly lower than under the 1954
schedule—15.0 percent. (These estimates of the aggregate marginal rate
reflect changes in the level and distribution of income as well as changes in the
rate structure.) The study also finds
that the marginal tax rate under the
1965 tax schedule is positively related
to personal income, but the relationship
is very weak.
A second major finding is that the
tax elasticity with respect to personal
income in 1965 under the 1965 schedule, 1.55, was larger than in 1963
under the 1954 tax schedule, 1.41.
When these changes are considered
in conjunction with the level of taxes
in the 2 years, the automatic pricestabilizing effect of Federal personal
income taxes was found to be about
the same in 1965 as in 1963. The
study also finds that the tax elasticity is inversely related to personal
income; i.e., the tax elasticity tends to
decline as income grows over time.
Finally, on the basis of a limited
test it appears that the tax functions
predicted extremely well. For 1966, a
year not included in the regression
analysis, the predicted value of Federal personal income tax payments
(less tax refunds) was $57.0 billion.
65
67-12-7
2. Economic Report of the President, January 1963, pp. 68-69.
December 1967
This was $1.6 billion below the actual
figure of $58.6 billion, but most of
the difference—perhaps as much as
$1.5 billion—can be accounted for by
the introduction of graduated withholding rates in 1966, which the equation could not be expected to predict.
The schedule of graduated withholding
rates should not affect predictions
after 1966 when it becomes a normal
part of the personal income tax system.
A
qualification
A general qualification should be
stated at this point. The estimates of
the marginal tax rate and the tax
elasticity are based on annual data.
For questions of shortrun stability, it
would be more useful if the summary
measures were based on quarterly or
even monthly data. Estimates based
on annual data tend to be somewhat
larger than those based on quarterly
data because on a quarterly basis
nearly all of the automatic response to
changes in current income is limited
to the withheld portion of the taxes.3
However, this does not affect the
general conclusions based on comparisons under the 1965 and earlier postwar
tax schedules. Also, for post-1966
analyses, the quarterly and annual
estimates should be closer because of
the introduction of graduated withholding rates.
3. Albert Ando, E. Gary Brown, Robert M. Solow, and
John Kareken, "Lags in Fiscal and Monetary Policy,"
Stabilization Policies (Commission on Money and Credit
and Prcnticc-Hall, 1962), pp. 97-102.
SURVEY OF CURRENT BUSINESS
The remaining sections in the article
are as follows: The first section briefly
reviews postwar trends in the basic
series used in the article. The second
section provides a discussion of the
summary measures or tax parameters
33
and their interpretation in the article.
The third section presents the estimated tax functions. The fourth and
final section presents the estimated
values of the summary measures and
discusses their implications.
Postwar Trends in Factors Affecting Taxes
There is a considerable difference beTotal AGI exhibited about the same
tween personal income and "adjusted annual movements as personal income
gross income," the gross income concept from 1947 to 1965 (chart 7). However,
used for income tax calculations. Ac- there was a slight downward shift in
cording to OBE estimates, total ad- the level of total AGI relative to
justed gross income (AGI) of taxable personal income beginning in 1958.
and nontaxable individuals was $468.7 The ratio of total AGI to personal
billion in 1965, $69.1 billion less thanincome fluctuated within the narrow
personal income (table I). 4 The portion range of 88 to 90 percent from 1947
of personal income not included in total to 1957 and between 86 and 87 percent
AGI amounted to $100.6 billion; the from 1958 to 1965. This shift was due
major items excluded from AGI were partly to an increase in transfer paytransfer payments, other labor income, ments, which are included in personal
and imputed income. On the other side income but not in total AGI.
of the ledger, $31.5 billion included in
total AGI was not in personal income. Taxable income
The principal items were contributions
Taxable income of individuals (AGI
of employees and self-employed persons
of
taxable individuals minus their
for social insurance and net gains from
personal
exemptions and deductions)
the sale of capital assets.
was $254 billion in 1965 or considerably
less than AGI of taxable and nontaxable
4. The annual series on total AGI and its reconciliation
with personal income for 1947-65 presented in this paper is an
individuals (table 2). Taxable income
extension and revision of previous estimates made by OBE.
"The Tax Base for Individual Incomes," SURVEY OF CUR- as a percent of total AGI increased
RENT BUSINESS, May 1963, p. 3. The method used to confrom 44 percent in 1947 to 54 percent
struct the series on total AGI was originally developed by
Joseph A. Pechman, "Yield of the Individual Income Tax
in 1965 (chart 8). This reflects a rise
During a Recession," Policies to Combat Depression, Conference of Universities—National Bureau Committee for
in the proportion of total AGI reported
Economic Research (Princeton University Press, 1956), p.
by taxable individuals and a rise in
143.
Table 1.—Reconciliation Between Personal Income and Adjusted Gross Income of Taxable and Nontaxable Individuals, 1947-65
[Billions of dollars]
1947
1. Personal income. -_
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
191 3 210 2 207 2 227 6 255 6 272 5 288 2 290 1 310 9 333 0 351 1 361 2 383 5 401.0 416.8 442.6 465.5 497.5
2. Deduct: Portion of personal income not included in adjusted
gross income.
25 2
(a) Transfer payments (except military retirement pay) 11.6
(b) Other labor income (except directors' fees)
2.3
(c) Imputed income
87
(d) Other types of personal income
2.6
3. Add: Portion of adjusted gross income not included in personal income . . .
(a) Employee and self-employed contributions for
social insurance
.
(b) Net gain from sale of capital assets .
(c) Other types of income
-
1948
31 1
11.0
26
93
8.2
29 9
12.1
2.9
95
5.4
33 9
14.9
37
10 7
4.6
36 6
12.2
4 7
12 5
7 2
40 1
12.7
52
14 0
8.2
1965
537.8
41 4
13.6
59
15 3
6.6
46 7
15.6
62
16 2
8.7
49 3
16.9
7 2
16 8
8.4
51 9 58 0
18.0 20.9
8 3 9.3
17 5 18 4
8.1 9.4
65.1
25.1
9.7
19 6
10.7
68.2
26.0
11.1
20 7
10.4
72.7
27.8
11.8
21.9
11.2
78.1
31.6
12.5
22.7
11.3
82.0
32.4
13.6
23.6
12.4
87.6
34.3
14.6
25.6
13.1
92.1
35.5
16.4
27.7
12.5
100.6
38.4
18.3
29.6
14.3
58
6 2
6 0
7 9
89
8 5
84
10 3
12 5
13 4
14 1
15 6
18 4
18.1
21.2
20.4
23.2
27.2
31.5
2.1
2.2
1.5
2.2
2.2
1.8
2.2
1.6
2.2
29
2.9
2. 1
34
30
2.5
38
2 5
2.2
4 0
2. 1
2.3
4 6
34
2.3
52
4.8
2.5
58
4 6
3.0
6 7
3.5
3.9
6.9
4.3
4.4
7.9
6.3
4.2
9.3
5.3
3.5
9.6
7.6
4.0
10.3
5.8
4.3
11.8
6.4
5.0
12.5
7.9
6.8
13.4
10.0
8.1
4. Equals: Total adjustments for conceptual differences (2-3) .. 19.4
24.9
23.9
26.0
27.7
31.6
33.0
36.4
36.8
38.5
43.9
49.5
49.8
54.6
56.9
61.6
64.4
64.9
69.1
5. Estimated adjusted gross income of taxable and nontaxable
individuals
171 9 185 3 183 3 201 6 227 9 240 9 255 2 253 7 274 l 294 5 307 2 311 7 333 7 346 4 359.9 381.0 401.1 432.6
468.7
NOTE.—A more detailed reconciliation is available on request.
Source: U.S. Department of Commerce, Office of Business Economics.
34
SUKVEY OF CUREENT BUSINESS
the proportion of their AGI that was
taxable income.
The postwar rise in taxable income
relative to AGI reported on taxable
returns was the result of a decrease in
the relative importance of personal
exemptions, which was only partially
offset by an increase in the relative
importance of personal deductions. The
drop in 1948 was the result of an
increase in the personal exemption
rate from $500 to $600 under the
Eevenue Act of 1948. The ratio of
personal exemptions to AGI of taxable
individuals declined from 33 percent
in 1948 to 23 percent in 1965. Over this
period, deductions as a fraction of
AGI of taxable individuals increased
from 12 to 16 percent; almost 90
percent of this increase was in itemized
deductions.
The progress!vity in the 1965 tax
schedule can be expected to have a more
noticeable effect on the average effective
tax rate since the initial class in the
earlier schedules was divided into four
classes in the 1965 schedule. To continue the example cited above—-the taxpayer who doubled his AGI and was
still taxed at the same initial-bracket
rate under the 1954 schedule would have
experienced three rate changes under
the 1965 schedule.
Federal personal income tax
payments
NIA Federal personal income tax
payments, the major interest of this
article, and individual income tax liabilities as reported in Statistics of Income
differ in both scope and timing. The
NIA series includes payments under the
fiduciary income tax and collections
from IRS audits, which are not reflected
in Statistics of Income. The NIA series
also measures taxes when they are paid;
Statistics of Income shows liabilities.
For the period 1947-65 as a whole,
personal income tax payments (less
refunds) were on the average about 3
percent above individual income tax
liabilities as reported in Statistics of
Income.5 The two series moved in the
same direction each year, but the magnitude of the changes was often significantly different (chart 10). In 1964, for
example, the NIA series declined $3.2
billion whereas liabilities declined $0.9
billion. This large difference occurred
mainly because taxes were underwithheld.
Summary Measures
Tax liabilities
Under the Revenue Act of 1954,
which was in effect from 1954 to 1963,
individual income tax liabilities (after
credits) increased at the same rate as
taxable income so that the ratio—the
average effective tax rate—remained
virtually constant at 23 percent (chart
9). This is surprising since the individual
income tax is progressive and since
taxable income per taxable return rose
about 50 percent over the period. The
major explanation lies in the wide tax
brackets that were used in the 1954 tax
schedule. For individuals filing joint
returns, which account for the bulk of
taxable income, the upper limit of the
lowest tax bracket was $4,000. A married
taxpayer with two dependent children
using standard deductions could have
doubled his AGI from 1954 to 1963,
reported a figure of $7,100 in 1963, and
still have remained within the initial tax
bracket. Also, increases in the average
rate resulting from the movements of
individuals into higher tax brackets
were apparently offset by the lower tax
rate of previously nontaxable individuals entering the initial tax bracket.
Similar comparisons for 1947-53 indicate that the average effective tax rate
paralleled the statutory rate for the
lowest tax bracket under the earlier
postwar tax schedules.
December 1967
Two aggregate measures, or tax
parameters, are generally employed
to summarize the automatic responsiveness of taxes to income change—•
the marginal rate of taxes with respect
to income and the elasticity of taxes
with respect to income. As defined in
this article, the marginal tax rate
measures the absolute dollar change in
Federal personal income tax payments
(less refunds) per dollar change in personal income; the elasticity measures
the percent change in these tax payments per 1 percent change in personal
income. These summary measures are
built up from component parts that
are discussed in a later section of the
paper. This section is limited to a discussion of the significance of the two
overall measures.
Use of summary measures
In this article, a given income tax
schedule is viewed as a more effective
automatic fiscal stabilizer of real output than an alternative schedule if a
change in autonomous demand such as
defense expenditures induces a smaller
absolute change in real output under
the given schedule.6 Similarly, a given
income tax schedule is viewed as a
more effective automatic fiscal stabilizer of prices than an alternative sched-
ule if the change in prices induced by
a change in autonomous demand or
other factors is smaller under the given
schedule. It should be noted that the
term "stabilizer" is used in the technical sense of causing real output and
prices to converge to finite levels.
The marginal tax rate can be used
as an index of the stabilizing effect of
the income tax on changes in real
output—and on price changes associated with changes in real output—
induced by a change in demand. The
higher the marginal tax rate, the larger
these effects are.
In the case where changes in prices
are not associated with changes in real
output, the marginal tax rate does not
tell us whether the taxes will be
stabilizing as defined above. Consider,
for example, the extreme case of a fullemployment economy where there is
an autonomous increase in demand so
that only prices and money incomes
(but not real incomes) rise. If, in this
5. For example, in 1962 NIA Federal personal income taxes
(less refunds) were about $46.5 billion as compared with $44.9
billion in individual income tax liabilities (after credits).
Total collections from fiduciary income taxes and IRS audits
were $1.3 billion, about 80 percent of the difference between
the two series in that year.
6. The discussion in this section follows E. Gary Brown,
"The Static Theory of Automatic Fiscal Stabilization,"
Journal of Political Economy (October 1955), pp. 427-440.
December 1967
pure inflationary situation, we compare
two proportional income taxes, the one
with the larger marginal rate will moderate prices more than the one with the
smaller marginal rate—i.e., the percentage increases in prices will be
smaller. But, for reasons explained
later, real aggregate demand will not
be reduced under either of these proportional taxes, and in this simplified
case, the inflation will continue indefinitely. In other words, the proportional income tax in this case will not
help to reduce the excess demand, i.e.,
it will not be stabilizing.
Suppose now we have a price change
induced by an increase in autonomous
demand when the economy is operating
at full employment as in the above
example, or suppose the price rise is
the result of a cost-push inflation.
Under these circumstances, the elasticity of the income tax is pertinent for
determining whether the tax helps to
stabilize changes in real output and
prices by reducing excess demand. If
the elasticity of the tax is unity (the
proportional tax), the tax is neutral, in
the sense that it will not affect real
aggregate demand and therefore will
not help to stabilize prices. If the
elasticity is greater than unity, it has
a stabilizing effect in this respect.
And if it is less than unity, its effect
is destabilizing.7
This condensed statement of the
significance of the two summary measures is elaborated below, first with
reference to the marginal tax rate and
then with reference to the tax elasticity.
Marginal tax rate
Assume that a change occurs in
autonomous demand—say an increase
SURVEY OF CURRENT BUSINESS
in defense expenditures. If resources
are not fully employed, this will result
in an increase in production, in consumer incomes paid out in the course
of production, and hence in consumer
demand. This, in turn, will result in
further rounds of increases in demand
and production which will converge
to a finite total—the well-known "multiplier" effect.
7. In order for personal income taxes to affect real disposable income—and thus aggregate demand—changes in money
income have to result in changes in real tax payments. More
technically, let personal income taxes measured in current
prices, T, be a function of current money income, Y— that is,
T= F(Y). Given an index of consumer prices, P, and using T*
for real taxes, and Y* for real income,
™ T
The change in real taxes under the simplifying assumption
that P and Y* are independent can be written:
This equation shows that a change in real tax payments
under the simplifying assumption, can be" linearly approximated by the sum of two products. The first product comprises the marginal tax rate (measured in constant prices),
dT*
•^j. i and the change in real income. The second product includes three terms: the tax level, the elasticity of taxes with
dT P
respect to price, -^ -~ minus one, and the percent change in '
prices. That is, a change in real taxes is separated into a real
income-effect and a price-effect and the respective parameters
are the marginal tax rate (in constant prices) and the elasticity with respect to price. Note that a change in real income
results in a real change in taxes if the marginal tax rate is
greater than zero and that an inflationary rise in prices results
in an increase in real taxes if the elasticity with respect to
price is greater than unity; these are the "critical" values.
In the case of personal income taxes, the tax elasticity with
respect to price is also equal to the elasticity with respect to
current income. That is,
V\dY dPj
T dY
T dY
For purposes of this article, the income elasticity—or tax
elasticity—was preferred for expository reasons. Thus, after
substitution,
dT =
* LdY*] dY*+T* ^— 7p-lJ -p •
The elasticity of tax yields with respect to price and current
income are not necessarily equal in the case of other types of
taxes (for example, excise taxes). For a more general analysis
that compares different types of taxes as automatic fiscal
stabilizers with respect to inflation^ see E. Gary Brown,
op. cit., pp. 435-439.
35
The marginal tax rate can be used
to gage the stabilizing effect of the
income tax because the higher this
rate, the smaller will be the indirect
effects of the initial change in demand
on real output and prices. This is so
because the increase in disposable
consumer income—i.e., consumer aftertax income available for further spending—will be lower at each stage that
consumer before-tax income is paid
out. A higher marginal tax rate will
increase the stability not only of real
output but also of prices, provided
that the price change is positively
related to the change in real demand
and output.
The moderating effect of income
taxes on after-tax income relative to
before-tax income can be seen by a
numerical illustration for an individual taxpayer. Consider, for example, a taxpayer who is married
and has two children. Assume that
he experiences an increase of $3,000
in his before-tax income (AGI), from
$6,000 to $9,000. If he claims standard
deductions (10 percent of his AGI)
and $2,400 in exemptions ($600 per
exemption), his taxable income (AGI
minus deductions and exemptions) will
increase $2,700, from $3,000 to $5,700.
Under the 1965 rate schedule, his
taxes will increase $493, from $450 to
$943. Thus, his income after taxes
will increase $2,507 as compared with
the $3,000 increase in his before-tax
income; the difference is the increase
in taxes.
In the example, the marginal tax
rate that is analogous to the one estimated below for the economy as a
whole is 16.4 percent ($493/$3,000)—
Table 2.—Reconciliation Between Adjusted Gross Income of Taxable and Nontaxable Individuals and Taxable Income, 1947-65
[Billions of dollars]
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1. Estimate adjusted gross income of taxable and nontaxable
individuals
- ______
171.9 185.3 183.3 201.6 227.9 240.9 255.2 253.7 274.1 294.5 307.2 311.7 333.7 346.4 359.6 381.0 401.1 432.6
2. Deduct: Nontaxable and nonreported adjusted gross
income
3. Equals: Adjusted gross income of taxable individuals
4. Deduct: Deductions of taxable individuals
(a) Standard deductions
(b) Itemized deductions
5. Equals: Net income of taxable individuals
43.2
44.3
44.0
56.6
60 0
408.7
36.6
15.6
8.5
7.1
16.4
9.5
6.9
44.7
16.8
9.1
7.7
19.0
10.1
8.9
22.6
11.7
10.9
24.9
12.2
12.7
44.7
27.3
12.8
14.5
27.5
11.6
15.9
44.5
30.5
12.0
18.5
44.9
33.6
12.6
21.0
45 0
36 2
12.3
23.9
49.5
37 2
11.7
25.5
45.9
41 7
12.1
29.6
49 2
44 5
11.7
32.8
119.7 125.7 121.8 139.5 160.6 171.7 183.2 182.2 199.1 216.0 226 0 225 0 246 1 252 7
6. Deduct: Personal exemptions of taxable individuals
44.3
7. Equals: Taxable income of individuals -_
75.4
74.8
n.a. Not available.
44.7
50.1
71.7
48 6
47 2
11.6
35.6
50.4
50 5
11.8
38.7
50 7
468.7
135.3 142.1 138.6 158.5 183.2 196.6 210.5 209.7 229.6 249.6 262.2 262.2 287.8 297.2 311.3 330.6 350.4 376.0
50.9
43.1
1965
54 5
11.9
42.6
63.0
58.4
n.a.
14.8
43.6 - n.a.
264 1 280 1 295 9 317.6
345.7
55.2
61.4
88.3
91.9
84.3
99.2 107.2 114.3 115.2 127.9 141.4 149.2 149.2 166.4 171.5 181.6 195.0 208.6 229.3
253.8
64.5
68.9
67.0
71.2
74.6
76.8
75.8
79.7
81.2
82.5
85.1
87.4
Sources: U.S. Department of Commerce, Office of Business Economics and U.S. Treasury
Department.
SURVEY OF CURRENT BUSINESS
36
the ratio of the change in taxes to the
change in before-tax income. It shows
the extent to which the change in before-tax income was offset by the automatic response of taxes. If, in the hypothetical illustration, there were also no
changes in consumer prices, the decrease in after-tax income would represent a decline in the family's real aftertax income. This decline would tend to
reduce the family's consumption; however, the reduction would not be as
large as it would have been if the tax
offset, measured by the marginal tax
rate, were smaller. It can easily be seen
by reversing the above illustration that
the automatic response of personal income taxes also works in the opposite
direction; it tends to moderate decreases in after-tax income during economic recessions.8
8. The earlier postwar interest in personal income taxes as
an automatic fiscal stabilizer centered on its effectiveness during economic recessions. More recent interest has been on its
dampening effect or "fiscal drag" during economic recovery
and expansion. See, for example, the discussion of the concept
of the full-employment budget surplus in the Economic Report of the President, January 1962, pp. 77-84.
Components of Adjusted Gross
Income of Taxable and Nontaxable
Individuals as Percent of Total
Percent
60
Taxable income of Individuals
50
40
Personal Exemptions of
Taxable Individuals
30
20
Nontaxable &
Nonreported Adjusted
Gross Income
10
Deductions of
Taxable Individuals
i i i I i i i
1947
49
51
53
i i I I
55
57
59
U.S. Department of Commerce, Office of Business Economics
i i i i i i
61
63
65
67-12-8
Tax elasticity
The tax elasticity is useful in the
analysis of a rather different kind of
problem. Suppose that we posit a
a price change—induced either by a
change in autonomous demand or by
other factors—and wish to trace the
effects of this price change on real
output and on further changes in
prices. If the elasticity of the income
tax is unity, the tax is neutral with
respect to these further changes. This
can be understood as follows: To isolate
the effects of a pure price change, let
us assume that before-tax incomes and
prices increase in the same proportion.
On this assumption, real disposable
income will be unchanged if the elasticity of the income tax is unity. This
is so because before-tax incomes, taxes,
and disposable income in current prices
will all increase in the same proportion
as the increase in prices. There will
be no change in real disposable income
and no change in real consumer demand,
assuming that real consumer demand is
a function of real income. Thus, aggregate demand will be unaffected and the
pressure on prices will continue.
Now let us compare this situation
with one in which the tax elasticity is
greater than unity; this is the case of
the progressive income tax, the one we
are concerned with in this article. In
this case, taxes will increase more,
and disposable income will increase
less than before-tax income in current
prices. Since the increase in disposable
income in current prices is less than the
increase in prices, real disposable income will decline. So will real consumer
demand, assuming again that it is
a function of real disposable income.
Thus, when an increase in before-tax
income is simply a reflection of higher
prices, an income tax with an elasticity
greater than unity leads to a decline
in real consumer demand. Accordingly,
aggregate demand will be reduced and
prices will move toward stability.
Conversely, if the elasticity of the
income tax is less than unity, we find
that the induced change in prices leads
to an increase in real after-tax income
and hence real demand. In this sense,
an income tax with an elasticity less
than unity may be said to have a
December 1967
destabilizing effect on changes in real
output and prices.
In evaluating the stabilizing or destabilizing effects of tax elasticity, it
is necessary to take into account not
only the magnitude of the elasticity
but also the size of the tax. A small
income tax with a very high tax elasticity may have a lesser stabilizing effect
than a larger tax with a lower elasticity.9
The effect of inflationary increases in
before-tax income on real after-tax
income can be seen by continuing the
previous hypothetical illustration used
for the marginal tax rate. Assume that
the taxpayer's before-tax income in the
first year is $9,000, that his taxes under
the 1965 schedule are $943, and that
this time he experiences a 3 percent
increase in both before-tax income and
consumer prices in the second year.
That is, his money income increases 3
percent, but his real income before
taxes is unchanged. In this case, the
taxpayer's before-tax income measured
in current prices rises $270, his taxable
income rises $243, and his taxes under
the 1965 tax schedule rise $46. Measured in current dollars, the taxpayer's
9. For a discussion of the problem of using the tax elasticity, see Richard Goode, "The Individual Income Tax,"
(The Brookings Institution, 1964), pp, 287-288.
.: - -:*; MV.^-t,
•
Ratio of Tax Liabilities to Taxable Income
and Rate for Lowest Income Bracket
Percent
30
Tax Liabilities to Taxable Income
25
20
Rate for Lowest Tax Bracket
15
10
i i i i i i i i i i i i i i i i i i i
1947
49
51
53
55
57
59
U.S. Department of Commerce, Office of Business Economics
61
63
65
67-12-
SURVEY OF CURRENT BUSINESS
December 1967
after-tax income increases $224, from
$8,057 to $8,281. But in constant prices,
it decreases $17, from $8,057 to $8,040
($8,281/1.03). That is, the taxpayer's
after-tax income measured in constant
consumer prices decreases $17 whereas
his real income before taxes is unchanged. This decrease in real after-tax
income tends to dampen the family's
consumption.
The tax elasticity implied in the
example that is analogous to the aggregate tax elasticity estimated later in the
article is 1.63 (4.9 percent/3 percent)—
the percent change in taxes relative to
the percent change in before-tax income.
In the above illustration, if the individual's taxes had increased by the
same percentage as his before-tax
income (tax elasticity of unity), his real
income after taxes would have been
unchanged.
It is important to note that in order
to compute the absolute change in real
taxes ($17 in the example) resulting
from the 3 percent inflationary rise in
income, it is also necessary to know the
level of real taxes in the first year ($943
in the example).
Econometric Analysis
We now present an econometric
analysis in which the NIA annual series
on Federal personal income taxes is
related to income, policy variables, and
other variables. The relation, based on
the years 1947-65, is estimated in three
stages: The first stage relates taxable
income of individuals (as reported in
Statistics of Income) to personal income;
the second stage relates tax liabilities (as
reported in Statistics of Income) to taxable income; and the third, NIA Federal
personal income tax payments to tax
liabilities. These equations are discussed in turn. The combined results,
including the predictions for 1966, are
given in the final subsection.
sonal deductions. The identity does not
hold for all individuals because there
are nontaxable individuals whose exemptions and deductions exceed their
incomes. Therefore, the relation between taxable income and total AGI
has to be formulated in more general
terms.
Taxable income is viewed as a function of total AGI, total personal exemptions, total personal deductions, and
other factors that describe the distribution of these variables and that are
discussed more fully below. Total exemptions and deductions are defined
similarly in relation to total AGI as
the amount of exemptions and deductions that would be reported if all
Taxable income
individuals filed tax returns.
For questions of fiscal policy and inTotal exemptions and total deduccome determination, we are mainly tions are the relevant series, rather than
interested in relating tax yields to amounts reported in taxable returns, in
personal income rather than to AGI. order to keep the relation between
However, in conceptualizing the rela- changes in exemptions and deductions
tion of taxable income to personal in- and changes in taxable income consistcome, it is initially useful to view the ent. This question of consistency can
relation of taxable income to total be shown by a simple numerical illusAGI. (The relation of total AGI to tration. Consider a taxpayer whose
personal income is given by the recon- taxable income is $500 in the initial
ciliation in table 1.) For this reason, year and who, in the second year,
the conceptual discussion that follows experiences no change in AGI or deducis almost entirely concerned with re- tions but a $600 increase in exemptions
so that his taxable income drops to zero.
lating taxable income to total AGI.
In the case of taxable individuals, the Taxable returns (as reported in Statistics
relation of taxable income to AGI is of Income) would show a $500 decrease
the simple accounting identity used in in taxable income and a $600 decrease
table 2: taxable income equals AGI in exemptions for the taxpayer himself.
minus personal exemptions and per- Thus, if only those exemptions reported
37
on taxable returns were used, the decrease in taxable income would be
associated with a decrease in exemptions. However, if total exemptions of
taxable and nontaxable individuals are
used, the decrease in taxable income is
associated with the increase in exemption—as it should be. The same approach
applies to the use of total deductions of
taxable and nontaxable individuals
rather than those reported on taxable
returns.
Growth in population must also be
taken into account because it is associated with increases in the total number
of taxable and nontaxable individuals
and the number of exemptions. Thus,
given the level of total AGI, an increase
in the total number of individuals
would mean lower AGI per individual,
which could result in a shift of taxable
individuals to the nontaxable category.
Also, an increase in population automatically results in an increase in
exemptions.
Even with no changes in total AGI,
total exemptions, or total deductions,
taxable income could change as a
result of a redistribution of these
factors among individuals. Thus, other
Federal Personal Income Tax Payments
and Tax Liabilities
Billion $
(ratio scale)
60
50
40
Income Tax Payments
(less refunds)
\
30
Tax Liabilities
20
10 I i i i i i i i i i i i i i i i i i i i
1947
49
51
53
55
57
59
U.S. Department of Commerce, Office of Business Economics
61
63
65
67-12-
38
things being equal, a decrease in AGI
of a nontaxable individual coupled
with an equal dollar increase in the
AGI of a taxable individual results in
no change in AGI but in an increase in
taxable income. This means that conceptually the general function for
taxable income should include statistical
measures that describe the joint distribution of individuals with respect to
AGI, exemptions, and deductions.
The equation used for the form of the
function for taxable income does not
assume a constant marginal rate or a
constant elasticity for taxable income
with respect to AGI. There is reason
to believe that they may not be constants. For the taxable individual with
given exemptions and constant deductions or deductions approximately proportional to their AGI, the elasticity is
inversely related to their AGI.10 The
elasticity of taxable income with respect
to AGI tends to decline for the taxable
individual because his marginal rate of
taxable income with respect to AGI is
relatively constant while the ratio of
his taxable income to his AGI tends to
increase because of fixed exemptions.
The elasticity also tends to drop off
sharply in the range of incomes less
than $15,000 for taxpayers who have
four or fewer exemptions and whose
deductions are approximately proportional to their AGI.
The marginal rate of taxable income
with respect to AGI was assumed not
to be constant because it tends to
increase as incomes increase and as
individuals become taxable. Similarly,
the marginal rate for taxable income
will tend to decrease as incomes decrease and as individuals become nontaxable. Thus, in an aggregate equation
that includes both taxable and nontaxable individuals, the marginal rate
for taxable income with respect to
AGI will tend to be positively correlated
with AGI.
The form of the equation used for
taxable income implies that the elasticity of taxable income with respect to
AGI is related inversely to per capita
10. Data from the Statistics of Income for 1963 show that the
ratio of total personal deductions to AGI for taxable individuals varied between about 14 and 16 percent for individuals
whose AGI was between $2,000 and $100,000.
SURVEY OF CURRENT BUSINESS
AGI and that the marginal rate is
related positively to per capita AGI.
The strength of these relations is
determined by the data.
We turn now to the question of
relating taxable income to personal
income rather than total AGI. The
relation of taxable income to personal
income can be obtained by simply
using personal income and the reconciliation items shown in table 1 instead
of total AGI. The approach employed
here is to relate taxable income directly
to personal income and to test reconciliation items in the function in order to
see whether they yield any additional
explanation to movements in taxable
income. For purposes of comparison,
regression results relating taxable income directly to total AGI are also
shown in a later footnote.
The equation used to relate taxable
income to personal income was chosen
on the basis of the above considerations, the manageability of the data,
and experiments with alternative forms.
It is from Brown and Kruizenka.11
The equation is :
where
YTI= taxable income of individuals, billions of dollars,
Ypi= personal income, billions of
dollars,
E= total personal exemptions,
billions of dollars,
JV= total population, billions.
In order to simplify the presentation,
only empirically significant variables
are shown. The dots at the end of the
equation indicate that the other variables conceptually considered above,
such as personal deductions, were also
included. The empirical results relevant to these other variables are
briefly reviewed at the end of the discussion on taxable income.
Equation (1) relates 1 minus taxable
personal income as a proportion of
total personal income to per capita
personal income and to per capita total
11. E. Cary Brown and Richard J. Kruizenka, "Income
Sensitivity of a Personal Income Tax," Review of Economics
and Statistics (August 1959), pp. 260-269.
December 1967
personal exemptions. The dependent
variable, 1 minus the proportion of
taxable income to personal income, is
used in order to fix an upper limit of
unity on the ratio of taxable income to
personal income. If this were not done,
projections might yield ratios showingtaxable income greater than personal
income. Total exemptions measure the
dollar amount of exemptions for all
individuals, taxable and nontaxable.
Average exemptions reflect changes in
the statutory exemption rate and, beginning in 1948, changes in the relative
importance of persons 65 years of age
and older.12
The coefficient with respect to per
capita personal income, a1? measures
the percent change in the proportion of
nontaxable personal income per 1 percent change in average personal income.
It should be negative because an increase in average income decreases the
percentage of nontaxable personal income or, stated in terms of its complement, increases the percentage of taxable income. The coefficient with respect
to per capita total exemptions, a 2?
measures the percent change in nontaxable personal income per 1 percent
change in average exemptions. It should
be positive because an increase in
average exemptions decreases the percentage of taxable income.
It was found that the results could
be improved by including a "dummy"
variable for 1958-65 in order to take
account of the previously noted shift
in total AGI relative to personal income. The estimate of equation (2)
based on annual data for 1947-65 13 is:
12. The series for total exemptions was constructed as
follows: For 1947, total population was multiplied by $500;
beginning in 1948, population under 65 was multiplied by
$600 and population 65 and over was multiplied by $1,200 to
take account of their eligibility for double exemptions. The
series does not take account of double exemptions for blind
persons, or children under 19 years old and students who
earn income but receive more than one-half of their support
from their parents.
13. The statistical results in logarithmic form are:
\
Y
*i/
'
(.0140) \ & /
+.3397 log(-^+.0082
DSS-GS(.0297)_ \N' (.0023)
#2=.987 rf = 2.37
S=.0028
jR2 is the coefficient of determination adjusted for degrees
of freedom; d is the Durbin-Watson test statistic for serial
correlation in the residuals; and S is the standard error of
the equation in logarithms adjusted for degrees of freedom.
The numbers in parentheses under the estimated coefficients
are their respective estimated standard errors.
The regression results are shown in logarithmic form because they were estimated in this form, and some of the
test statistics do not apply in the transformed values.
December 1967
SURVEY OF CURRENT BUSINESS
14
than when personal income is used.
For forecasting purposes, it is ob-. 3360
.3397
viously preferable to have an equation
in which the estimated coefficients are
stable over time. Equation (1) was
#58-65 is the dummy variable equal to fitted for the period 1929-65 in order
1 in 1958-65 and zero in all other to test the long-term stability of the
years. This means that the constant estimated equation. The estimated coterm is equal to 0.8219 for 1947-57, efficients with respect to both average
when the dummy variable is zero and income and average exemptions ex0.8376 (-.8219X1.0191) for 1958-65, hibited slight but statistically signifiwhen the dummy variable is 1.
cant positive trends for the three and
The fit is very close (chart 11) and one-half decades as a whole.15 The
there is no significant serial correlation trends, however, are not significant
in the residuals. Except for 1959, the when the equations are fitted for the
differences between the actual and com- postwar period only. That is, the secuputed values are within about $2 billion. lar increases in the estimated coefficients
However, the equation tends to under- between 1947-65 are slight and can be
state declines in taxable income during ignored for purposes of this article. It
recessions. The results, incidentally, are might be added that the statistical
almost as good if the dummy variable results for 1929-65—including trend
is omitted.
terms in the coefficients—are remarkably good. Indeed, one of the more inOther variables tried
teresting statistical results presented in
Several series measuring per capita this paper is that one comparatively
personal deductions were also tried, simple equation fits the data so well,
but in each case the estimated coeffi- particularly when we consider the
cient was numerically small and had number of statutory and other changes
the wrong sign. Although none of the that have affected taxable income over
variants used was the conceptually the 36-year period.
correct series for total deductions, the
results strongly suggest that the effects Tax liabilities
Given the amount of total taxable
of changes in deductions on taxable
income
reported on tax returns, tax
income cannot be statistically separated
liabilities
as shown in the Statistics oj
even if the ideal series were available.
Income
are
determined by the statuThe problem is that deductions and
tory
rate
schedule
and the distribution
income are too closely correlated to
of
taxable
income
by tax rate class.
estimate their separate effects. A variThe
equation
used
here to estimate
able describing changes in the relative
tax
liabilities
is,
of
necessity, a simdistribution of AGI was also tried, but
plification.
It
relates
total
tax liabilities
its estimated coefficient was small and
statistically nonsignificant.
14. The statistical results based on total AGI, YAGI, in
In order to take account of the effects logarithmic form are:
of major reconciliation terms between
personal income and total AGI, equa(. 0094)
(. 0314)
tion (1) was also estimated using
personal income minus transfer pay15. The estimated equation in logarithmic form for taxable
income for 1929-65 based on personal income with a\ and 02 as
ments (except military retirement pay) linear
functions of time and including a dummy variable,
rather than personal income. The re- D42-45, for the war years, is:
. /F P i
(-2138+.00310 log
sults were slightly poorer than when the TLog ^ dummy variable was excluded from
. (.2103+.00360 .
(.0161)00007)
equation (2). The use of average capital
/22=.9Q6
d = 1.58
S-.0053
gains on the sale of capital assets was
Attempts to explain the trends in the estimated coefficient
also tried and it too was not statistically suggest that they may be due, at least in part, to the omission
of personal deductions as an explanatory variable. As has
significant. As might be expected, the already
been noted, even if the ideal series were available, its
effect
probably not be statistically separated from the
statistical fit of equation (1) for 1947- effect could
of personal income because of multicollinearity. Data
for total exemptions for 1929-46 are from Brown and Krui65 using total AGI is somewhat better zenka,op tit., p. 264, table 1.
(2)
(1
^— )—
39
to the lowest bracket rate in the tax
schedule and to total taxable income.
That is,
(3) L=
CHART U
Taxable Income, Tax Liabilities and
Tax Payments-Actual and Computed
Billion $
300
TAXABLE INCOME
(Based on Equation 2)
250
200
Actual
150
Computed
I I I I I I I I I I I I I I I I I I I
50
1947
49
51
53
55
57
59
61
63
65
60
-
INDIVIDUAL INCOME TAX
LIABILITIES (After Credits)
(Based on Equations 4 & 7)
40
20
o I i i I i i i i I i I i i i i I i i I I
60
_
FEDERAL PERSONAL INCOME TAX
PAYMENTS (Less Refunds)
(Based on Equation 9)
40
20
0 I I
1947
I I I I I I I I I I 1 I I I I I 'I I
49 51 53 55 57 59 61 63 65
U.S. Department of Commerce, Office of Business Economics
40
where
i=tax liabilities (after credits),
billions of dollars,
r=lowest bracket rate in the
tax schedule, percent,
YTI=taxable income, billions of
dollars.
The lowest bracket rate, r (the policy
variable), is used to represent the entire statutory rate schedule. The elasticity of total liabilities with respect
to the rate, 61, is constrained to equal
unity so that a given percentage change
in the rate results in the same percentage change in liabilities. This is equivalent to multiplying each of the scheduled rates by the same percentage.
The coefficient, & 2 , is the elasticity of
tax liabilities with respect to taxable
income and shows the percent change
in liabilities per 1 percent change in
taxable income. It reflects the effect of
the progressivity of the tax schedule on
tax liabilities. However, it also reflects
changes in the number of taxable returns and any other explanatory factors
whose changes are correlated with taxable income. The coefficient b0 represents the effects of all other factors that
remained constant during the period
studied. The reasons for not including
these other determinants in the liabilities equation are explicitly discussed
under the statistical results. In the
general case when changes in rates are
not proportional by tax bracket, new
values of 60 and 62 must be obtained.
One method of obtaining these coefficients is illustrated later by our
estimates under the 1965 tax schedule.
Turning to the statistical analysis—
there is conceptually a different tax
liabilities equation for each of the tax
schedules for individual income taxes
during the period studied. Nevertheless,
it is convenient to combine the 1954 and
earlier postwar schedules into one
equation and to combine the 1964 and
1965 tax schedules into a second equation. These two equations are discussed
in turn.
It was shown earlier (chart 9) that
the statutory tax rates were changed
every year or two between 1947 and
1953 and that the 1954 schedule was
the only one in effect for any number
of years, from 1954 to 1963. This means
that there was not enough experience
SUEVEY OF CUKRENT BUSINESS
under the earlier tax schedules to
estimate both 60 and 62 in equation
(3).16 The approach used here is to
employ "dummy variables," which
separate the effects on liabilities of
changes in the statutory tax rates from
those that occur automatically as a
result of changes in taxable income.
This use of dummy variables can be
explained more clearly in terms of the
actual statistical results.
Equation (3) was fitted to data for
1947-63 employing a dummy variable
for each tax schedule except the one in
effect during 1948-49. The schedule for
1948-49 was used as the "base" because
it yielded the best results. The estimated equation 17 is:
(4)
^.9955
Z 47 _ fl8 = 1.2534 r Y'™ (1.0224)^
(1.0212)D«o (.9741)D5i
D
(.9482)^52-53 (.9432) 54-63.
The dummy variables, Dl, are equal
to 1 for the years shown in the superscript and zero for all other years. They
show how the constant term, b0, was
changed for each of the tax schedules.
Thus, for the period 1954-63, when a
single tax schedule was in effect, the
dummy variable for that period, D5±_Q3,
is set equal to 1 and all of the other
dummy variables are set equal to zero.
Carrying this a step further, the constant term (1.2534) in equation (4) is
then multiplied by the base of the
dummy variable for 1954 (0.9432), and
the product (1.1822) is the estimate of
b0 for the 1954-63 tax schedule. That
is, the liabilities equation for 1954-63
reduces to:
(5) i M _ 68 = 1.1822 r FT?".
The dummy variables for the other
tax schedules are similarly interpreted.
For the rate schedule in effect in 194849, the dummy variables are all equal
to zero so that the estimated value
of 60 under this schedule is 1.2534.
16. It should also be noted that income splitting began
in 1948 so that the relation between the initial bracket rate
and the effective tax rate in 1947 was markedly different than
for other years studied.
17. The statistical results in logarithmic form are:
Log i-log r=.0981+.9955 log YTI
(.0096)
-f .0096 D47+.0091 Z>5o-.0114 D51.
(.0029) (.0029)
(.0031)
-.0231 Z>52-53-.0254 Z>54-63
(.0029)
£2=.999
(.0037)
d=3.03
£=.0024
December 1967
The estimated elasticity of tax liabilities with respect to taxable income
is about unity (0.9955). The progressivity of the 1954 schedule, the only
one for which there are more than
two observations, had no apparent
impact on the aggregate relation. As
was already noted, there are too few
observations under the other schedules
to draw any conclusions.
The tax liabilities equation, equation
(4), is essentially a compact description
of the aggregate relation between tax
liabilities and taxable income under
the different postwar income tax schedules during the period in which they
were in effect. The equation shows the
response of liabilities to taxable income
under the 1954 tax schedule given the
levels and distribution of taxable income that prevailed in 1954-63. It
would be inappropriate to use the equation to estimate what liabilities would
have been in, for example, 1947-53 if
the 1954 tax schedule had been in
effect during those years.
In the 1964 and 1965 tax schedules,
the previously noted division of the
initial tax brackets under the earlier
postwar tax schedules into four brackets
suggests a likely change in the value
of 62- That is, the increased progressivity at the lower end of the tax
schedule may have a significant effect
on the aggregate relation.
There has not been enough experience under the 1965 tax schedule to
estimate the two parameters in equation
(3) from actual data. Currently, data
on liabilities and taxable income are
available only for 1965. Joseph A.
Pechman has simulated a series of
observations under the 1965 tax schedule that can be used together with the
actual observation for 1965 to "estimate" the coefficients.18
The liabilities equation for the 1965
tax rate schedule was estimated in two
steps. It was fitted first to Pechman's
18. Pechman simulated (among other things) yearly projections of tax liabilities and taxable income under the 1965 rate
schedule. The simulations are for 1965-85 and are based on
four assumed growth rates of "ordinary" income (1, 2, 3, and
4 percent) and three assumed exemption rates. Pechman
also assumed no change in the relative distribution of income
and a constant relation between the number of joint returns
and other returns. Pechman's highest assumed rate of
growth (4 percent) is lower than the actual rate of growth
during 1965 and 1966. See Joseph A. Pechman, "A New Tax
Model for Kevenue Estimating" (The Brookings Institution,
1965).
December 1.967
simulations, which show yearly observations for tax liabilities and taxable
income for different assumed rates of
growth. This yielded an estimate of &2,
the elasticity of tax liabilities with respect to taxable income. Given this
estimate of 61 and its constrained value
(unity), the constant term was obtained using the actual 1965 data on
liabilities and taxable income, as reported in the Statistics of Income. The
resulting equation for tax liabilities (after
credits) for the 1965 tax schedule 19 is:
(6)
L65 =. 6930 rYTil "1245.
Although the fit is very close, there is
a good deal of serial correlation in the
residuals. Alternative forms were tried,
but the results were no better. The very
close fit of equation (6) indicates that
the form used is at least a very close
approximation.
Equation (6) was assumed to apply
also to 1964, except for a change in the
constant term. That is, it was assumed
that the implied elasticity, 62, for the
1964 schedule is the same as for the 1965
schedule and that a dummy variable,
J964, can be used to adjust 60 to its
1964 level. The equation pertaining to
1964 is obviously very weak and should
be used cautiously. The estimated liabilities equation for both the 1964 and
the 1965 schedule is:
It should be pointed out that the
seemingly close fits (high R2) obtained
in this section have to be qualified
because of the method used to fit the
liabilities equations. The liabilities equation for 1947-63 includes a number of
dummy variables in order to take account of changes in income tax schedules
19. The following are the statistical results in logarithmic
form for tax liabilities (before credits) using Pechman's
simulated values for 1965-70 to estimate the elasticity of
liabilities with respect to taxable income and actual data for
1965 to estimate the constant term:
Log L-log r=-. 1593+1.1245 log YTi.
_
(.0033)
R2=.999
d=.98
S = .0007
The test statistics pertain to the fit of the equation to
Pechman's simulated observations—that is, before the adjustment of the constant term to actual 1965 values. The
constant term obtained directly from Pechman's simulated
observations was 0.6850, which compares closely to the
constant term (0.6930), based on actual 1965 data. The constant term was adjusted to actual data for tax liabilities after
credits whereas Pechman's simulations are for tax liabilities
before credits. Tax credits in 1965 totaled $0.6 billion, only
about 1 percent of liabilities after credits.
SUEVEY OF CURRENT BUSINESS
during-those years. When a dummy
variable is used for a single year, it
forces the computed value to equal the
actual value for that year. The same is
true where the liabilities equation for
1964-65 is applied to 1964 and 1965
because a dummy variable was used for
1964 and the constant term was estimated by equating actual and computed values in 1965.
41
The equation used to estimate Federal
personal income tax receipts is:
(8)
I — CQ Li i \ ~T
/
Vk«-2/
where
R=Federal personal income tax
payments (less refunds),
billions of dollars,
L=Statistics of Income individual income tax liabilities
Federal personal income taxes
(after credits), billions of
NIA Federal personal income taxes
dollars.
measure taxes when they are paid
The constant term, c0, reflects the
rather than the tax liabilities. The NIA
difference
in scope between NIA Fedseries used here, Federal personal ineral
personal
income tax receipts and
come taxes (less refunds), include withStatistics of Income tax liabilities, which
held and nonwithheld tax payments
on current-year liabilities and net was discussed in the earlier section on
trends. The second term in the equation
yearend settlements, which are the
differences between overpayments and reflects current-year liabilities. Since
refunds on the previous year's liabilities. withheld taxes and quarterly declarations for current-year liabilities together
The difference in timing between the
usually
account for nearly all Federal
NIA payments series and the Statistics
personal
income tax payments, the
of Income liabilities series is reflected
elasticity,
c1} should be close to unity.
in net yearend settlements.
As was discussed above, the final term
The function for Federal personal
in the equation is intended to capture
income taxes relates tax payments to
net yearend settlements. Its coefficient
current-year liabilities and uses a simple
should be positive. The omission of
hypothesis to explain net yearend
terms for liabilities before year t-2
settlements. The hypothesis is that
assumes that net yearend settlements
taxpayers estimate their quarterly decare for liabilities in the immediately
larations for, say, 1960 on the basis of
preceding year; settlements for earlier
their liabilities in 1959 and that this
years are treated as if they occur
essentially determines net yearend
randomly.21
settlements in 1961. This hypothesis is
We now turn to the statistical analyincorporated in the equation as the
sis, where preliminary investigation of
ratio of liabilities in year t-1 to liabilities in year t-2. A ratio was used in the data indicated that the empirical
order to avoid statistical problems results would be improved by including
associated with high intercorrelation dummy variables for both 1948 and
among current and lagged values of 1964. In both years, statutory decreases
the liabilities series. The statutory in the withholding rate affected the
withholding rate can also affect pay- relation of payments to liabilities.
In estimating equation (8), the elasments for current-year liabilities and
ticity
of payments with respect to
net yearend settlements. However, for
current
liabilities, ci, was constrained
empirical reasons discussed below, this
to
equal
unity in order to simplify the
variable is not included in the equation.
later analysis of the marginal tax rate.
There is no conceptual basis for
choosing the form of the equation. The Unconstrained, the estimated value of
approach here was to choose a form the elasticity was 0.99.
that was simple to estimate and that
21- The equation for Federal personal income tax payments
would not introduce longrun trends in (less
refunds) might be developed more formally by using the
20
the overall tax parameters.
definition of the NIA series. That is, individual equations
20. For example, a linear equation for personal income
b
tax payments, R=a+bL, implies an elasticity equal to "^
'
L+b
Since a is negative and b is positive, the elasticity is greater
than unity and approaches unity as L increases.
might be constructed for withheld taxes, for nonwithheld
taxes on current-year liabilities and for net yearend settlements; these could then be reduced to a single equation
relating payments to current and past liabilities. This approach was rejected because it yields either a complicated
nonlinear form or a simple linear form with undesirable
implications for the tax parameters. (See footnote 20.)
SURVEY OF CURRENT BUSINESS
42
The regression equation for Federal
personal income tax receipts fitted to
data for 1947-65 22 is:
(
T \.1246
J^J
(1.1215)S
(.9406)?4.
The fit is very close (chart 11) —
which is not surprising since current
liabilities account for most of NIA payments. The dummy variables are interpreted in the same way as those used
previously in the liabilities equation.
The constant term, 1.0270, indicates
that the scope of the NIA payments
series averaged about 3 percent more
than tax liabilities. This is about the
expected figure. The estimated coefficient with respect to the final term
says that a 10 percent increase in
liabilities in year t-1 relative to year
t-2 yields a 1.2 percent rise in payments because of positive net yearend
settlements.
The current withholding rate and
changes in the withholding rate were
also tried, but they were not statistically significant. Further analysis of the
data suggests that taxpayers tend to
adjust their quarterly declarations to
changes in withholdings within the
period of a year. For this reason, we
expect equation (9) to continue to
22. The statistical results in logarithmic form are:
Log fl-log £=.0116+.1246 (log Lt-i-log Lt-i).
(.0610)
+.0498 As-.0266 D64
_
(.0124)
(.0122) __
7^2=.588
d = 2A8
6'=.0119
CHART 12
Federal Personal Income Tax Payments
Less Refunds —Actual and Computed
Billion $
2, 4, 7 & 9)
60
Computed
40
20
i i i i i i i i
1947
49
51
53
55
i i i i i i i i i i
57
59
U.S. Department of Commerce, Office of Business Economics
61
63
apply even after the introduction of
graduated withholding rates in 1966.
The tax equations were also used to
predict Federal personal income taxes
in 1966 011 the basis of actual data for
Combined results
As the introduction pointed out, one personal income, population, and the
of the major purposes of estimating policy variables. It is an especially
the tax equations is to predict Federal difficult year to predict because of the
personal income tax receipts directly effects of the Revenue Act of 1966. One
from personal income, that is, to relate of the key provisions of the Act was the
taxes and income within the framework introduction, in May 1966, of graduated
of the national income and product withholding of individual income taxes.
accounts. This means employing equa- The estimated equation for NTA tax
tion (2) to estimate taxable income payments, equation (9), does not acfrom personal income equation, (4) or count for this additional contribution to
(7) to estimate tax liabilities using the
tax payments in that year. Thus, the
estimated taxable income, and equation
predicted
value of Federal personal
.(9) to estimate Federal personal income
income
taxes
based on the three estitaxes (less refunds) using the estimated
23
mated equations should be below the
tax liabilities.
Chart 12 shows actual and computed actual reported figure.
Based on our equations, predicted
values for Federal personal income taxes
for 1947-65. The computed values are Federal personal income tax receipts
based on the three component equations (less refunds) in 1966 was $57.0 billion,
using actual data for personal income, as compared with the actual figure of
population, and the policy variables. $58.6 billion. Of the $1.6 billion differThe fit is very close. Except for 1950, ence, perhaps as much as $1.5 billion
the difference is always within $1 billion.
can be accounted for by the introducThe overall goodness of fit is mainly a
tion of graduated withholding rates.
test of combining the estimated equations for taxable income (equation 2) Similar comparisons could not be made
and tax payments (equation 9) because for taxable income and tax liabilities
of the large number of dummy variables because of the actual data for 1966 were
used in fitting the tax liabilities equa- not available at the time this article
was completed.
tions.
Estimated Marginal Tax Rate and Tax Elasticity
Note: R2 and d apply to the residuals for (log R—log L}.
(Based on Equations
December 1967
65
67-12-12
In this section, the estimated equations are employed in order to show
the automatic responsiveness of Federal
personal income tax receipts to changes
in income under the 1965 income tax
schedule and to compare it with the
automatic responsiveness under the
1954 and earlier postwar schedules. As
was pointed put in the above section
on summary measures, the responsiveness is measured by both the marginal
tax rate and the tax elasticity.
The marginal tax rate and the tax
elasticity are discussed in turn. They
are analyzed in terms of their respective components: the marginal rate
23. Alternatively, the three equations might be reduced to
one equation by suitable substitution. However, the "reduced form" is extremely cumbersome because of the form of
the equation for taxable income.
(elasticity) of taxable income with
respect to personal income, the marginal
rate (elasticity) of liabilities with respect to taxable income, and the
marginal rate (elasticity) of tax payments with respect to tax liabilities.
The approach is to discuss the annual
estimates for the postwar years and to
report the underlying equations used
to compute these estimates in the
footnotes.
Marginal tax rate
The marginal rate for Federal personal income tax payments with respect
to personal income, ^^ ; is the product
OI PI
of (1) the marginal rate of taxable income with respect to personal income,
&YT1
^V > (2) the marginal rate of individual
SURVEY OF CURRENT BUSINESS
December 1967
income tax liabilities with respect to
taxable income, v , and (3) the marQj- Tl
ginal rate of tax payments with respect
to tax liabilities, ^ •
That is,
dY
The overall marginal rate of Federal
personal income tax receipts with respect to personal income in 1965 was
14.5 percent; a $1 billion change in
personal income resulted in a $145
million change in Federal personal
income tax receipts (column 4, table
3). This was only slightly lower than
the marginal tax rate between 1954
and 1963 under the tax schedule; it
varied between 14 and 15 percent under
the 1954 schedule. The marginal tax
rate under the earlier postwar schedules
varied between 12 percent (1949) and
16 percent (1952). These schedules and
the 1964 schedule were in effect for
only 1 or 2 years.
We see that the marginal rate of
taxable income with respect to personal
income was about 65 percent in 1965
(column 1, table 3). It exhibited the
most interesting behavior among the
three component marginal rates. The
marginal rate for taxable income is
positively related to per capita personal
income, and as a result, it increased as
the economy expanded. However, the
added countercyclical effect on consumer after-tax income was small. In
the 1948-49 recession, for example, the
decreases in the marginal rate from 0.572
24. The equation for the marginal rate of taxable income
with respect to personal income implied by equation (2) is:
The equation for the marginal rate for tax liabilities with
respect to taxable income differs for each of the tax schedules
in effect during the postwar years. The marginal rates inr
plied by equation (4) for the schedules between 1947 and
1963 are summarized by the following equation:
(^•^47-63=1.2220(1.0224)^7(1.0212)000
to 0.567 resulted in only a $10 million
increase in personal disposable income
above what it would have been if the
marginal rate had remained constant.
It should be added that on an annual
basis we cannot get "pure" recession
effects because the postwar recessions
have been very short.
The positive relation between the
marginal rate of taxable income and
per capita personal income was not
very significant even over the postwar
period as a whole. The marginal rate
of taxable income with respect to
personal income was 8 percentage
points larger in 1965 than in 1948,
the year the $600 exemption rate went
into effect. The larger marginal rate
added less than $1 billion to Federal
personal income tax payments in 1965,
based on the marginal rate of tax
liabilities and the increase in personal
income ($40 billion) in 1965.
The marginal rate of individual income tax liabilities with respect to taxable income was about 22 percent in
1965 under the 1965 tax schedule (column 2, table 3). It was only a little more
than 1 percentage point below the rate
under the 1954 tax schedule: The marginal rate of tax liabilities with respect
to taxable income was constant—about
23 percent—between 1954 and 1963.
The change in the marginal rate for
liabilities between 1963 and 1965 reflects the lower rates in the 1965 schedule and an increase in the absolute
distribution of taxable income.25
The marginal rate of liabilities with
respect to taxable income varied between 20 and 26 percent from 1947 to
1953. But again, it should be underlined
that these schedules were in effect only
for a year or two and that the experience was too brief to draw any firm
conclusions. The same qualification is
equally true for the 1964 figure.
(.9741)J>51(.9482)s52-53(.9432)o54-63.
(To simplify the computations, the estimated coefficient
with respect to taxable income (.9954) in equation (4) was
rounded to unity and the constant term was reduced from
1.2534 to 1.2220 to take account of the difference.) The equa.
tion for the marginal rate for tax liabilities with respect to
taxable income implied by equation (7) for the 1964 and
1965 schedules is:
The equation for the marginal rate for personal income
tax payments with respect to cwrrenf-year liabilities implied
by equation (9) is:
oL
1.0270(1.1215)^43 (.9406)^64
^
25. The difference in the marginal rates for liabilities
computed under the 1954 and 1965 tax schedules also reflects
the method used to estimate liabilities equation (6) for the
1965 schedule. It will be recalled that the elasticity in the
equation was estimated using Pechman's simulated observations under the 1965 schedule and that the constant term
obtained from Pechman's data was adjusted to the actual
1965 data. The adjustment of the constant term was, in fact,
very small (footnote 19) and within the standard error of the
coefficient. The smallness of this adjustment and the extremely good prediction for 1966 using equation (6) indicates
that it is probably a good description of reality. At any rate,
the likely error because of the method used to estimate equation (6) would probably not affect the general conclusions
in the text.
43
1
The marginal rate of Federal persona
income tax payments with respect to
tax liabilities was about the same in
1965 as during 1954-63, except for
small year-to-year variations (column
3, table 3). This component generally
shows the largest annual movements
because it is affected by changes in
net yearend settlements. The drop in
1964, for example, reflects the underwithholding of taxes in that year.26
26. It is perhaps useful to employ this 1964 experience in
order to illustrate the meaning of the dummy variable with
respect to the marginal tax rate and tax elasticity. When the
marginal rate for payments with respect to liabilities, including the contribution of the dummy variable, is calculated,
it says in effect that the marginal rate was lower in 1964 because of an "unusual''factor—namely, the underwithholding
of tax payments. If, on the other hand, we wanted to know
what the marginal rate would have been if payments had not
been underwithheld, the marginal rate would be computed
omitting the contribution of the dummy variable.
When a dummy variable is fitted for only 1 year, the
coefficient reflects the random error in the equation for that
year. The assumption is made that the error is small compared with the contribution of the unusual factor. This
statistical problem does not arise when a dummy variable
is used for a period of years as in the equation for taxable
income.
Table 3.—Marginal Rates of Federal Personal Income Taxes (Less Refunds) With
Respect to Personal Income and Component Marginal Rates, 1947-65
Marginal rates
(Percent)
Year
(2)
(1)
bYxi
dYpi
1947_
1948
1949.
1950
1
5L2
dY-ri
(3)
dR
5L
3
(4)
dR<
dYn
0.598
.572
.567
.578
0.238
.203
.203
.217
1.020
1.169
1.001
1.020
0.145
.136
.115
.128
1951.
1952
1953
1954
1955
.592
.598
.603
.602
.608
.243
.257
.257
.231
.231
1.058
1.063
1.045
1.034
1.015
.152
.164
.162
.143
.142
1956
1957
1958 _
1959
1960
.615
.619
.613
.619
.622
.231
.231
.231
.231
.231
1.041
1.040
1.033
1.027
1.043
.148
.148
.146
.147
.150
.625
.630
.635
.641
.649
.231
.231
.231
.219
.217
1.030
1.036
1.035
.975
1.025
.148
.151
.151
.137
.145
..
1961
1962
1963 .
1964
1965.
..
. 5YTi
2. 5L
3. 5R
dL
4. dR
is the marginal rate of taxable income with respect
to personal income, based on the equation in footnote 24.
is the marginal rate of tax liabilities (after credits)
with respect to taxable income, based ' on the
equation in footnote 24.
is the marginal rate of Federal personal income tax
payments (less refunds) with respect to tax liabilities
(after credits), based on the equation in footnote 24.
~ is the marginal rate of Federal personal income tax
payments (less refunds) with respect to personal
income, based on the product of the three component marginal rates.
44
SUEVEY OF CUEEENT BUSINESS
It was pointed out above that the
automatic growth in the marginal rate
of taxable income in itself has had only
a small impact on the overall marginal
tax rate over the postwar years. Under
the 1954 schedule, the marginal tax
rate was constant despite the substantial growth in taxable income.
Under the 1965 schedule, the marginal
rate of liabilities is positively related
to taxable income (footnote 24) so that
we can expect the automatic growth of
the overall marginal tax rate to be
larger under the 1&65 schedule than it
was under the 1954 schedule—given
the same rate of growth of personal
income. The difference, however, will
probably be very small.27
The major statistical findings for the
marginal tax rate and their implications can now be summarized. The
marginal rate of Federal personal income tax receipts with respect to personal income was not greatly different
in' 1965 under the 1965 tax schedule
than it was during 1954-63 under the
1954 schedule. This reflects a small
automatic increase in the marginal rate
of taxable income with respect to personal income that was offset by an
equally small decline in the marginal
rate of tax liabilities with respect to
taxable income under the 1965 schedule.
The overall marginal tax rate is positively related to per capita personal
income, somewhat more so under the
1965 schedule than it was under the
1954 schedule. However, the difference
between actual tax yields and the
yields that would have existed if the
marginal tax rate were constant has
been and remains small for purposes of
fiscal policy. These statistical findings
imply that Federal personal income taxes
as an automatic fiscal stabilizer are
about the same under the 1965 tax
schedule as they were under the 1954
schedule.28
Tax elasticity
table 4) exhibited the most interestingbehavior
among the components. In
The elasticity of Federal personal
fact,
except
for 1964, all of the postwar
income tax receipts with respect to
movement
in
the overall tax elasticity
personal income, eRjYpIj is the product
resulted from changes in the elasticity
of (1) the elasticity of taxable income
for taxable income. The elasticity for
with respect to personal income,
taxable income rose from 1.52 in 1947
ZYTI,YPV (2) the elasticity of tax liabilito 1.61 in 1948, the year that the
ties with respect to taxable income, personal exemption rate was increased,
tL,YTI, and (3) the elasticity of Federal and then declined to 1.38 in 1965.
personal income tax receipts with re- This decline from 1948 was automatic
spect to liabilities, eRtL.2g That is:
in that it reflected the postwar rise in
per capita personal income.
e
R,YPI~eYTI,
YTIAccording to our estimates, the
The overall elasticity of Federal elasticity of tax liabilities with respect
personal income tax payments with to taxable income was equal to unity
respect to personal income in 1965 was from 1947 to 1963 and, as was already
1.55; that is, a 1 percent change in noted, increased to about 1.13 during
personal income yielded a 1.55 percent 1965 (column 3, table 4). The last
change in personal income taxes (col- component, the elasticity of Federal
umn 4, table 4). In 1963, under the personal income tax payments with
1954 schedule, the overall tax elasticity respect to tax liabilities, was conwas 1.41 — 14 percentage points below strained to equal unity (column 3,
the 1965 figure. This difference reflects table 4) for the reasons given in the
two offsetting changes: a rise in the section on econometric analysis.
The extrapolations discussed above
elasticity of tax liabilities with respect
to taxable income under the 1965 tax for the marginal tax rate were not
schedule —from 1.00 to 1.13 — and an carried out for the tax elasticity beautomatic decline in the elasticity of cause its relation to changes in per
taxable income with respect to personal
income, from 1.41 to 1.38. The partial Table 4.—Elasticities of Federal Personal
Income Taxes (Less Refunds) With Reexplanation suggested in the econospect to Personal Income and Component
Elasticities, 1947-65
metrics section for the rise in the
elasticity for tax liabilities with respect
Elasticities
to taxable income was the division of the
Year
(4)
initial tax bracket in the 1954 schedule
(2)
(3)
(1)
into four brackets in the 1965 schedule.
3
€Y
CR, L
«*,rw«
TI, YPII CL,Y *
At any rate, if the unitary elasticity of
1.000
1.517
1.000
1.517
tax liabilities with respect to taxable 1947
1948
1.000
1.000
1.609
1.609
1.000
1.000
1.629
1.629
income under the 1954 schedule had 1949.
1950
1.585
1.000
1.000
1.585
also prevailed in 1965, the overall tax 1951
1.000
1.000
1.536
1.536
1.515
1.515
1.000
1.000
elasticity would have been 1.38 instead 1952
1.499
1953
1.000
1.000
1.499
1.504
1.504
1.000
1.000
1954--.
of 1.55.
1.483
1955
1.000
1.000
1.483
The elasticity of taxable income with 1956
1.464
.464
1.000
1.000
1.452
.452
1.000
1.000
respect to personal income (column 1, 1957
1.468
1958
1.000
n
1959-
I960—
29. The equation for the elasticity of taxable income with
respect to personal income implied by equation (2) is:
/ Vpr \ -
1-(1.0191)D68.65(.5457)(^)
27. If we assume a 6 percent annual rate of growth in
personal income, which is more than in 1947-65, and a 1.5
percent annual rate of growth in population on the basis of
projections made by the Bureau of the Census, the overall
marginal tax rate will grow about 0.2 percentage points per
year or 1 percentage point after 5 years.
"28. Theoretically, the marginal tax rates used to compare
taxes as automatic fiscal stabilizers of real output should be
measured in constant prices (see footnote 7). Although the
marginal tax rates presented in this article are measured in
current prices, they are within rounding errors of those
measured in constant consumer prices.
December 1967
The elasticity of tax liabilities with respect to taxable
income implied by equation (4) for 1947-63 and by equation
(7) for 1964-65 are, respectively:
(ei, Ytr) 47-63=1.0000
(eL,™)64-65=1.1245.
(The estimated value of the elasticity in equation (4) was
0.9955, which was rounded in the text to unity.)
The elasticity of Federal personal income tax receipts with
respect to current year liabilities implied by equation (9) is:
eR,L=1.0000.
„.
1961.
1962.. .
1963
1964
1965
_
.468
.453
.444
1.000
1.000
1.000
1.000
1.000
1.453
1.444
.437
.422
.411
1.396
1.377
1.000
1.000
1.000
1.125
1.125
1.000
1.000
1.000
1.000
1.000
1.437
1.422
1.411
1.570
1.549
1. CYTI YPI is the elasticity of taxable income with respect
to personal income, based on the equation in
footnote 29.
2. eL, YTI is the elasticity of tax liabilities (after credits)
with respect to taxable income, based on the
equation in footnote 29.
3. CK, L is the elasticity of Federal personal income tax
payments (less refunds) with respect to tax
liabilities (after credits), based on the equation
in footnote 29.
4. CR, Ypl is the elasticity of Federal personal income tax
payments (less refunds) with respect to per
sonal income, based on the product of the three
components elasticities.
December 1967
capita personal income was unchanged
under the 1965 tax schedule. That is,
if the rates of growth in personal income
and population continue in the
neighborhood of those experienced during 1947-65, the decline in the overall
tax elasticity will be about the same as
those experienced in the postwar
years—roughly 1 percentage point per
year.
The major statistical findings for the
tax elasticity and their implications can
now be summarized. The elasticity of
Federal personal income tax receipts
with respect to personal income was
1.55 in 1965 under the 1965 tax schedule, as compared with 1.41 in 1963
under the 1954 tax schedule. The
elasticity is inversely related to per
capita personal income because of the
inverse relation between the component
elasticity for taxable income and average personal income. As a result, it
trended downward between 1948 and
1963 because of the growth in per
capita personal income. The overall
tax elasticity under the 1965 schedule
can be expected to continue to trend
downward from its higher 1965 level as
per capita personal income grows.
SURVEY OF CURRENT BUSINESS
As was pointed out in the section
on summary measures, the tax elasticity cannot be used by itself to compare
different tax schedules as automatic
fiscal stabilizers with respect to price
changes; it is also necessary to take
account of the level of real tax receipts
under the different schedules. These
levels reflect the change in the statutory tax rates and the indirect effect
of the tax schedules on income and
prices. It would require an econometric
model of the U.S. economy to separate
the change in tax yields resulting from
the change in the rate structure at a
given level of income from the change
in tax yields resulting from the change
in income brought about by the new
rate structure.
The approach used here is to simply
compare 1963, the last year the 1954
schedule was in effect, and 1965; this
comparison reflects changes in the level
and distribution of income as well as
changes in the tax rate structure. The
estimate of the tax elasticity for 1963
indicates that a 1 percent inflationary
rise in personal income would increase
tax yields by 1.41 percent in current
prices. Similarly, the estimate of the
45
tax elasticity for 1965 indicates that
a 1 percent inflationary rise in personal
income would increase tax yields by
1.55 percent in current prices. In order
to obtain the absolute effect on real
tax yields, we also need Federal personal income tax payments (less refunds) measured in constant prices for
the 2 years. In 1963, tax payments
deflated by the implicit price deflator
for personal consumption expenditures
totaled about $46 billion; in 1965,
they totaled about $47 billion. From
the product of these tax levels, the
estimated tax elasticities minus unity,
and the percentage increase in prices,
we find that a 1 percent inflationary
rise in personal income would have
resulted in about a $0.19 billion increase in tax payments in 1963 as
compared with $0.26 billion in 1965.
The difference in tax payments and
thus in disposable income measured
in 1958 consumer prices is less than
$0.1 billion. The comparison indicates
that personal income taxes had approximately the same effect in both
years. 30
30. The calculations discussed in this paragraph follow
from the equation shown in footnote 7.
Fixed Business Capital in the United States, 1925-66
The accompanying tables present
updated and corrected measurements
of the fixed business capital in the
United States. The initial report in this
project appeared in the December 1966
SURVEY l and described how the calculations were made. The article also
listed the types of tables prepared and
indicated how they could be obtained
from the Office of Business Economics.
In the February 1967 SURVEY, selected
tables on the gross and net stocks of
structures and equipment in constant
(1958) dollars were published.
The calculations were updated to
take account of recent estimates of
investment in producers7 durable equipment and nonresidential structures for
1963, 1964, 1965, and 1966 as published
1. Lawrence Grose, Irving Rottenberg, and Robert C.
Wasson, "New Estimates of Fixed Business Capital in the
United States, 1925-65," SURVEY OF CURRENT BUSINESS,
December 1966,
in the July 1967 SURVEY. In the course
of this updating, a programing error
was discovered in the earlier work.
The service lives for machinery and
equipment by the Winfrey S-3 and
flat distributions 2 were about 15 percent shorter than they should have
been. The tabulations of structures
were not affected by the error nor were
the basic service life tabulations for
machinery and equipment.
In the current updating of the capital
stock calculations, some changes were
made from the earlier project. The basic
service lives and the flat distribution
were omitted, largely because of limited
interest in these types of tabulations.
The sum of the years' digits was
dropped as one of the depreciation
variants since the results were virtually
identical to those obtained from the
2. See December 1966 article for an explanation of terms.
double declining balance method of
depreciation. The age composition of
the stock was omitted in the new calculations, and the mean age of the
stock, which had been compiled at 5year intervals, was calculated for each
year.
The tables that appeared in the
February 1967 SURVEY (pages 20-24)
are shown below, with the additional
data on mean age of the capital stock.
Because of the error in the earlier
calculations, we shall send the updated
and corrected version of the study to
purchasers of tables as soon as possible.
As with the earlier study, copies of
tables may be obtained at a nominal
cost by requesting the table of contents
of the 1967 Capital Stock Study from
the Office of Business Economics, U.S.
Department of Commerce, Washington
D.C., Zip Code 20230.
Table 1.—Gross and Net Stocks of Structures and Equipment by Broad Industry Group, Bulletin F-15 Percent Service Life, Winfrey
Distribution, 1925-66 1
[Value in billions of constant (1958) dollars]
Grass Stocks
Year
Constant Cost 1
All
industries
Nonfarm
Constant Cost 2
Manufacturing
All
industries
Net stocks using double declining balance depreciation
Net stocks using straight line depreciation
Nonfarm
Constant Cost 2
Constant Cost 1
Manufacturing
All
industries
Nonfarm
Manufacturing
All
industries
Nonfarm
Constant Cost 1
Manufacturing
All
industries
Nonfarm
Constant Cost 2
Manufacturing
All
industries
Nonfarm
Manufacturing
1925
1926
1927.
1928
1929
386.8
398.5
408.5
418.0
429.3
357.1
368.3
377.8
386.8
397.6
86.3
88.9
91.1
93.7
97.3
352.5
363.5
372.7
381.8
393.0
322.8
333.3
342.0
350.6
361.3
73.7
76.4
78.7
81.5
85.2
206.5
213.5
218.9
224.1
231.3
191.2
198.0
203.2
208.2
215.1
45.7
47.4
48.6
50.4
53.0
188.4
195.0
199.8
205.0
212.2
173.0
179.4
184.1
189.0
196.0
39.9
41.7
43.0
44.9
47.6
165.0
171.2
175.8
180.4
186.6
152.8
158.9
163.4
167.7
173.8
36.4
38.0
39.0
40.6
42.9
150.3
156.2
160.4
164.8
171.3
138.2
143.9
147.9
152.2
158.4
31.9
33.5
34.6
36.3
38.7
1930
1931.
1932
1933
1934. .
435.5
433.7
425.6
416.8
409.6
403.7
402.4
395.1
387.2
380.5
98.3
97.2
94.6
92.6
90.8
399.3
398.0
390.5
382.3
375.9
367.5
366.6
360.0
352.8
346.8
86.5
85.8
83.6
82.1
80.7
233.4
228.0
217.5
207.1
198.9
217.3
212.6
203.1
193.7
185.9
53.0
51.1
47.9
45.6
43.5
214.7
209.9
200.1
190.5
183.0
198.6
194.5
185.7
177.1
170.1
47.8
46.2
43.3
41.2
39.5
187.9
182.2
171.9
162.2
154.9
175.2
170.2
160.8
152.0
145.0
42.7
40.7
37.5
35.3
33.6
172.9
167.7
158.2
149.2
142.5
160.2
155.7
147.1
139.0
132.7
38.7
36.8
33.9
32.0
30.4
1935
1936
1937. ... .
1938
1939
404.7
404.0
405.6
401.5
398.5
375.9
374.9
376.2
372.2
369.1
89.2
88.7
89.0
87.5
86.4
371.8
371.6
373.9
370.7
368.5
342.9
342.5
344.4
341.4
339.1
79.5
79.4
80.1
79.1
78.5
193.2
191.6
192.7
188.5
186.0
180.4
178.5
179.1
174.9
172.4
41.8
41.3
41.8
40.4
39.7
178.1
176.9
178.6
175.0
173.2
165.2
163.8
165.0
161.5
159.6
38.0
37.7
38.4
37.3
36.8
150.1
149.1
150.6
147.0
145.2
140.2
138.9
140.0
136.3
134.5
32.1
31.9
32.6
31.4
30.9
138.3
137.8
139.7
136.6
135.3
128.5
127.5
129.1
126.0
124.6
29.2
29.1
30.0
29.1
.28.7
1940
1941
1942
1943
1944
398.8
402.8
396.6
387.7
382.0
369.4
372.6
366.6
358.1
352.1
86.7
88.2
86.8
84.6
83.3
369.7
374.3
369.0
361.0
356.1
340.2
344.2
339.0
331.4
326.2
79.1
81.0
80.0
78.3
77.3
187.1
191.0
185.1
177.6
174.0
173.3
176.6
170.9
163.7
159.9
40.3
42.1
41.1
39.4
38.5
174.9
179.2
173.8
166.8
163.7
161.1
164.8
159.6
153.0
149.6
37.6
39.5
38.7
37.2
36.5
146.5
150.5
145.0
138.3
135.7
135.7
139.0
133.7
127.5
124.5
31.6
33.5
32.5
31.0
30.2
137.2
141.4
136.2
130.1
127.8
126.4
130.0
125.0
119.3
116.6
29.6
31.5
30.7
29.3
28.7
1945
1947
1948
1949
383.1
395.4
413.5
433.4
448.9
352.8
363.9
379.8
396.7
409.2
84.4
90.8
97.5
103.3
106.8
357.8
370.2
388.4
408.9
425.2
327.6
338.8
354.8
372.3
385.5
78.7
85.3
92.2
98.4
102.4
177.1
189.8
206.9
223.6
234.9
162.5
174.1
189.0
203.1
211.8
40.2
46.8
53.2
58.0
60.2
167.0
179.5
196.4
213.3
224.8
152.5
163.9
178.5
192.8
201.7
38.2
44.7
51.1
56.3
58.7
139.2
151.4
166.8
181.1
189.7
127.6
138.8
152.1
164.0
170.5
31.9
38.2
44.0
48.0
49.3
131.5
143.4
158.4
172.8
181.7
119.9
130.7
143.7
155.8
162.5
30.4
36.6
42.4
46.6
48.2
1950
1951 .
1952 _ _
1953
1954
466.6
485.6
502.1
519.9
536.1
423.9
440.1
454.5
469.8
484.1
110.0
115.3
120.3
125.3
130.2
443.4
462.7
479.5
497.7
514.3
400.7
417.2
431.9
447.6
462.3
105.8
111.4
116.6'
121.8
126.9
247.3
260.2
270.5
282.2
291.8
222.0
233.0
242.2
252.6
261.6
61.8
65.4
68.5
71.3
74.0
237.5
250.3
260.6
272.2
281.9
212.1
223.1
232.3
242.6
251.7
60.4
64.1
67.3
70.1
72.8
199.6
210.0
218.2
227.8
235.3
178.5
187.6
195.1
203.8
211.0
50.1
53.0
55.4
57.6
59.6
191.7
202.1
210.2
219.8
227.4
170.7
179.7
187.1
195.8
203.0
49.1
52.0
54.5
56.6
58.7
1955
1956
1957 ..
1958
1959 .
556.1
578.6
600.0
614.2
629.8
502.4
523.8
544.2
557.2
571.9
135.1
141.8
148.6
151.9
154.0
534.9
557.9
580.0
595.0
611.8
481.2
503.1
524.2
538.0
554.0
131.9
138.8
145.7
149.3
151.6
304.5
319.1
332.3
339.0
347.4
273.8
288.4
301.7
308.0
316.3
76.4
80.6
84.5
85.4
85.1
294.9
309.6
323.2
330.5
339.9
264.2
278.9
292.6
299.5
308.8
75.2
79.4
83.4
84.4
84.2
245.7
257.9
268.8
273.3
279.8
221.1
233.4
244.4
248.7
255.1
61.4
64.9
68.2
68.4
67.7
238.1
250.4
261.6
266.7
274.1
213.5
225.9
237.3
242.1
249.3
60.5
64.0
67.3
67.6
67.0
1960
1961 _ _
1962
1963
1964
647.7
664.3
683.2
703.3
728.4
589.7
606.0
624.6
644.0
668.4
157.1
160.1
162.9
166.1
170.7
631.2
649.3
669.8
691.6
718.4
573.1
591.1
611.3
632.3
658.4
155.0
158.2
161. 2
164.6
169.4
357.8
365.6
376.4
388.1
404.1
327.1
334. 9
345.6
356.8
372.2
85.9
86.1
86.8
88.0
90.5
351.4
360.5
372.6
385.6
402.9
320.6
329.8
341.8
354.2
371.1
85.2
85.6
86.3
87.6
90.3
288. 1
293.8
302.6
312.1
325.4
263.7
269.5
278.2
287.1
300.1
68.1
68.1
68.5
69.5
71.8
283.4
290.3
300.2
310.8
325.3
259.0
266.0
275.8
285.9
300.0
67.6
67.7
68.2
69.3
71.7
1965
1966 ..
760.7
799.0
699.6
736.5
177.6
188.2
752.8
793.2
691.7
730.7
176.6
187.5
426.0
452.8
393.3
419.1
95.1
103.0
426.5
454.9
393.8
421.2
95.1
103.1
344.0
366.7
318.0
339.8
75.9
82.9
345.4
369.5
319.4
342.6
76.0
83.1
1946..
Footnotes at end of table.
46
SURVEY OF CURRENT BUSINESS
December 1967
47
Table 1.—Gross and Net Stocks of Structures and Equipment by Broad Industry Group, Bulletin F-15 Percent Service Life, Winfrey
Distribution, 1925-66 l—Continued
[Value in billions of constant (1958) dollars]
Gross Stocks
Constant Cost 1
Year
All
industries
Nonfarm
Constant Cost 2
Manufacturing
Net stocks using double declining balance depreciation
Net stocks using straight line depreciation
All
industries
Constant Cost 1
Manufacturing
Nonfarm
All
industries
Nonfarm
Constant Cost 1
Constant Cost 2
Manufacturing
All
industries
Manufacturing
Nonfarm
All
industries
Constant Cost 2
Manufacturing
Nonfarm
All
industries
Nonfarm
Manufacturing
Mean age of gross and net stocks
1925
1926
1928
1929
14.4
14.4
14.3
14.3
14.2
14.5
14.4
14.3
14.3
14.2
11.1
11.0
11.0
10.9
10.7
14.4
14.3
14.3
14.2
14.1
14 4
14.3
14.3
14.2
14.1
10 5
10.4
10.4
10 3
10.1
10 2
10 0
9.9
98
9.6
10 2
10.0
9.9
98
9.6
76
7.5
7.4
73
7.1
10 2
10 0
9.8
97
9.5
10 2
10 0
9. 9
98
96
72
7. 1
7. 0
6.9
6.7
95
9.3
9.2
91
8.9
95
9.3
9.2
91
8.9
71
6.9
6.8
6.7
6.5
9.5
9.3
9.1
9.0
8.8
95
9.3
9.2
9.0
8.8
67
65
6.5
63
6.1
1930
1931
1932
1933
1934
14.3
14.6
15.1
15.6
16.0
14.3
14.6
15.1
15.6
16.1
10.9
11.2
11.7
12.0
12.4
14.2
14.5
15.0
15.5
15.9
14.2
14.5
15.0
15 5
16.0
10 2
10.6
11.1
11 5
11.8
97
10 0
10.6
11 1
11.5
97
10.0
10.6
11 1
11.6
72
7.6
8.2
86
9.0
96
99
10.5
11 0
11.5
96
99
10.5
11 0
11.5
6.9
7.3
7.9
83
8.7
90
9.4
10.0
10 6
11.0
90
94
10.0
10 6
11.0
67
7.1
7.8
82
8.5
8.9
9.3
9.9
10.5
10.9
8.9
9.3
9.9
10 5
10.9
63
68
7.5
79
8.3
1935-.1936
1937
1938
1939
16.4
16.5
16.5
16.7
16.8
16.4
16.6
16.6
16.8
16.9
12.7
12.8
12.7
12.9
13.0
16.2
16.4
16.3
16.5
16.6
16.3
16.4
16.4
16.6
16.7
12.1
12.2
12.2
12.4
12 5
11.8
11 8
11.6
11.8
11 8
11.8
11.9
11.7
11.9
11 9
9.2
9.2
8.9
9.1
91
11.7
11 7
11.5
11.6
11 6
11.7
11 8
11.6
11.7
11 8
8.9
8.9
8.6
8.8
88
11.3
11.2
11.0
11.1
11 1
11.3
11 3
11.1
11.3
11 3
8.8
8.7
8.4
8.5
85
11.2
11.1
10.8
11.0
11.0
11.2
11.2
11.0
11.1
11 1
8.5
8.4
8.1
8.2
82
1940- - .
1941
1942
1943.
1944
16.7
16.6
16.8
17.1
17.2
16.9
16.7
17.0
17.3
17.5
12.9
12.6
12.7
12.9
13.0
16.5
16.3
16.5
16.8
16.9
16.7
16.5
16.7
17.0
17 2
12.4
12.1
129
12.4
12 5
11.6
11 2
11 5
11.8
11 8
11.7
11 4
11 7
12.0
12 1
8.8
83
8.4
8.6
86
11.4
11 0
11 2
11.6
11 6
11.5
11 2
11 4
11.8
11 9
8.5
80
8.1
8.3
84
10.9
10 5
10 8
11.1
11 2
11.1
10 7
11 0
11.4
11 4
8.2
7.6
7.8
8.0
81
10.7
10.3
10.6
10.9
11.0
10.8
10.5
10.8
11.1
11 2
7.9
73
7.5
7.8
78
1945
1946
1947
1948
1949. .
17.0
16.4
15.6
14.9
14.4
17.3
16.7
15.9
15.2
14.7
12.6
11.7
10.8
10.3
10.1
16 8
16.1
15.3
14.5
14.0
17 0
16 4
15.6
14.9
14.4
12 2
11 2
10.4
9.9
9.7
11 4
10 6
97
9.0
8.6
11 7
10 8
99
9.2
8.9
82
70
6.3
5.9
5.9
11 2
10 3
94
8.7
8.4
11 5
10 6
7 9~~ ~
68
97
90
8.7
6.1
5.7
5.7
10 7
98
88
8.2
7.9
11 0
10 0
91
8.5
8.2
76
63
5.6
5.4
5.4
10.5
9.5
8.6
8.0
7.7
10 8
9.8
8.9
8.3
8.0
73
61
5.4
5.2
5.3
1950
1951
1952
19531954
13.9
13.4
13.0
12.7
12.4
14.3
13.8
13.4
13.1
12.8
9.9
9.6
9.4
9.2
91
13.5
13.1
12.7
12.4
12 1
13.9
13 4
13.1
12.7
12 5-
9.5
93
91
9.0
89
8.3
80
78
7.6
7G
8.6
83
81
7.9
78
6.0
59
5.9
5.9
59
81
78
76
7.5
74
84
81
79
77
76
5.8
57
5.7
5.8
58
7.6
74
7.2
7.1
7o
7.9
76
7.5
7.3
72
5.6
5.5
5.4
5.4
55
7.4
7.2
7.0
6.9
6.8
7. 7
7.4
7.3
7.1
7.0
5.4
5.3
5.3
5.3
5.4
1955
1956
1957
1958
1959
12.1
11.8
11.6
11.5
11.4
12.5
12.1
11.8
11.7
11 6
9.1
89
8.8
8.9
90
11.8
11 5
11.3
11.2
11 1
12.1
11 8
11.5
11.4
11 3
8.8
87
86
8.7
89
7.4
72
71
7.2
72
7.6
74
72
7.3
73
6.0
59
58
6.0
62
7.2
71
70
7.0
70
74
72
70
71
71
5.9
58
5.8
6.0
62
6.9
67
66
6.7
67
7.0
68
67
6.7
67
5.5
5.4
5.4
5.6
58
6.7
6.5
6.5
6.5
6.5
6.8
6.6
6.5
6.6
6.6
5.4
5.4
5.3
5.5
58
I960.. .
1961
1962
1963
1964
11.3
11.2
11.1
11.0
10.8
11.4
11.3
11.2
11.1
10 9
9.1
9.2
9.4
9.4
94
11.0
10.9
10.8
10.7
10 5
11.1
11 0
10.9
10.8
10 6
9.0
91
9.2
9.3
93
7.2
72
72
7.2
71
7.2
72
72
7.2
71
6.4
65
6.6
6.6
65
7.0
70
70
7.0
69
7.0
70
70
70
69
6.3
64
6.5
6.6
65
6.7
67
6.7
6.7
66
6.7
67
6.7
6.7
66
5.9
6.1
6.2
6.2
61
6.5
6.5
6.5
6.5
6.4
6.5
6.5
6.5
6.5
6.4
5.9
6.0
6.1
6.1
6.0
1965
1966
10.6
10.3
10.7
10 4
9.3
9.0
10.3
10 0
10.3
10 1
9.2
89
6.9
67
6.9
67
6.3
60
6.7
65
67
65
6.3
60
6.4
62
6.4
62
5.9
5.5
6.2
6.0
6.2
6.0
5.8
5.5
1927.:..
1. The service life of structures is not Bulletin F-15 percent but is so designated for convenience because they are grouped with that service life alternative for equipment. See pages 35-36
of the December 1966 SURVEY.
NOTE.—Capital stock estimates for farm may be obtained by subtracting nonfarm from the
all industries column. Nonmanufacturing (excluding farm) may be obtained by subtracting
the estimates for manufacturing from the nonfarm column.
Source: U.S. Department of.Commerce, Office of Business Economics.
Table 2.—Gross and Net Stocks of Structures by Broad Industry Group and Selected Types, Bulletin F-15 Percent Service Life, Winfrey
Distribution, 1925-66!
[Value in billions of constant (1958) dollars]
Constant cost 1
Industry
All
Non- Manu- Indusfarm factur- trial
ing
Selected types of structures
Industry
Selected types of structures
Year
industries 2 Farm
Constant cost 2
Com- InstituRailmer- tional Social road, TeleAll
excl.
cial
and
local phone ~ Other indusand
social recrea- transit, and public tries 2
miscel- and
tele- utilities
tional
and
laneous recreapipe- graph
tional
line
Manu- Indusfactur- trial
Nonfarm
ing
RailInstitutional Social road, Teleand
local phone Other
excl.
social recrea- transit, and public
and
tele- utilities
and
tional
miscel- and
pipe- graph
laneous recrealine
tional
Commercial
Gross stocks
1
1925
1926
1927
1928
1929
260.8
268.2
275.6
282.5
1930
1931
1932
1933
1934
295.5
296.3
290.1
293. 7
289.8
285.9
j
1
18.2
18.1
18.0
17.9
17.8
242.5
17.5
17.1
16.6
16.2
15.7
278.0
279.3
250. 1
257.6
264.6
272.3
277.1
273.6
270.2
56.1
57.7
59.1
61.0
63.5
36.1
37.2
38.2
39.5
41.3
51.3
,53.8
56.4
58.8
61.2
11.5
12.5
13.7
14.8
15.8
7.8
8.5
9.1
9.6
9.9
86.3
86.3
86.3
86.2
86.2
3.8
4.1
4.3
4.6
5.1
23.1
24.8
26.4
27.8
29.0
226.5
233.2
239.8
246.4
253.8
64.3
63.6
62.0
61.1
60.0
42.0
41.7
40.7
40.2
39.6
62.9
63.4
63.2
62.6
62.0
17.0
17.9
18.3
18.4
18.5
10.2
10.5
10.6
10.6
10.5
86.2
85.8
84.5
83.0
81.5
5.7
5.9
5.9
5.9
5.8
30.4
31.0
31.2
31.0
30.7
259.3
260.6
258.6
255. 4
252. 2
208.3
|
43.5
45.2
46.8
48.8
236.0 '
51.5
31.0
32.1
33.1
34.4
36.1
241.8
52.5
52 2
5l!l
50.5
49.9
36.8
36.5
35.8
35.4
34.9
215.1
221.8
228. 5
243.5
242.0
239.2
236. 5
41.0
43.4
45.9
48.4
51.0
9.3
10.2
11.2
12.2
13.1
6.3
6.9
7.4
7.9
8.2
85.7
85.7
85.6
85.5
85.5
3.8
4.1
4.3
4.6
5.1
14.9
16.0
17.0
18.0
18.9
53. 1
53.9
53.9
53. 5
53.2
14.2
15.0
15.4
15.5
15.5
8.5
8.8
8.9
8.8
8.8
85.5
85.0
83.8
82.2
80.8
5.7
5.9
5.9
5.9
5.8
19.9
20.4
20.6
20.5
20.4
SURVEY OF CURRENT BUSINESS
48
December 1967
Table 2.—Gross and Net Stocks of Structures by Broad Industry Group and Selected Types, Bulletin F-15 Percent Service Life, Winfrey
Distribution, 1925-66l —Continued
Constant cost 2
Constant cost 1
Industry
Year
All
industries 2 Farm
Selected types of structures
CommerNon- Manu- Indus- cial
farm factur- trial
and
ing
miscellaneous
Selected types of structures
Industry
InstituRailA.11
tional Social road, Teleexcl.
and
local phone Other indussocial recrea- transit, and public tries 2
and
and
tional
tele- utilities
recreapipe- graph
tional
line
Nonfarm
CommerInduscial
Manuand
factur- trial
ing
miscellaneous
InstituRailtional Social road, Teleexcl.
and
local phone Other
social recrea- transit, and public
and
and
tional
tele- utilitie
recreapipe- graph
tional
line
Gross stocks—Continued
1935
1936
1937
1938
1939
282.4
280.1
279.2
276.5
273.9
15.4
15.1
14.9
14.6
14.4
267.0
265.0
264.3
261.9
259.6
58.8
58.1
58.0
56.9
55.9
38.8
38.4
38.5
37.8
37.1
61.6
61.4
61.3
60.9
60.5
18.6
18.8
19.1
19.4
19.6
10.4
10.4
10.5
10.6
10.7
80.0
78.8
77.5
75.9
74.4
5.8
5.7
5.8
5.8
5.7
30.6
30.6
30.7
31.0
31.3
249.4
247.7
247.4
245.6
243.9
234.0
232.6
232.5
231.1
229.6
49.1
48.8
49.1
48.5
48.0
34.3
34.0
34.2
33.7
33.2
52.9
52.8
52.9
52.7
52.5
15.6
15.8
16.0
16.3
16.5
8.7
8.7
8.8
8.9
9.0
79.3
78.0
76.8
75.2
73.7
5.8
5.7
5. 8
5.8
5.7
20.4
20.5
20.8
21.2
21.7
1940
1941
1942
1943
1944
272.1
271.6
267.2
261.0
255.8
14.0
13.8
13.5
13.3
13.1
258. 1
257.8
253.6
247.7
242.7
55.7
56.3
54.9
52.9
51.1
36.9
37.6
36.8
35.5
34.5
60.1
59.8
58.6
57.1
55.6
19.9
20.3
20.3
20.2
20.1
10.6
10.6
10.4
10.2
9.9
72.9
71.5
70.0
68.4
66.9
5.8
5.9
5.9
5.7
5.5
31.6
31.9
31.8
31.4
31.2
243.0
243.1
239.5
234.4
229.9
229.0
229.3
226.0
221.1
216.8
48.1
49.1
48.2
46.6
45.2
33.2
34.0
33.4
32.4
31.4
52.4
52.3
51.4
50.1
48.9
16.8
17.1
17.1
17.0
17.0
9.0
9.0
8.8
8.6
8.4
72.2
70.8
69.2
67.6
66.0
5.8
5.9
5.9
5.7
5.5
22.2
22.6
22.7
22.5
22.4
1945
1946
1947
1948
1949
252.2
. . .255.5
257. 8
260.9
263.4
12.8
13.4
13.9
14.4
14.8
239.4
242.1
243.9
246.5
248.6
50.6
53.7
55.2
56.0
56.2
34.4
36.9
38.1
38.7
38.5
54.4
55.2
55.0
55.2
55.2
20.2
20.6
21.0
21.7
22.5
9.7
9.6
9.5
9.4
9.4
65.3
63.8
62.5
61.1
59.7
5.4
5.5
5.8
6.4
6.7
31.1
31.4
32.5
34.0
35.9
227. 0
230.4
232.8
236.5
239.6
214.2
217.0
218.9
222.1
224.8
45.0
48.2
49.8
51.2
51.7
31.5
34.1
35.4
36.2
36.3
48.0
48.7
48.7
49.3
49.7
17.0
17.3
17.8
18.5
19.5
8.2
8.2
8.0
8.1
8.1
64.5
62.9
61.6
60.2
58.7
5.4
5.5
5.8
6.4
6.7
22.5
22.8
23.6
24.8
26.4
1950.
1951
1952
1953
1954
..
266.7
271.4
275. 5
281.1
286.9
15.2
15.6
16.0
16.4
16.7
251.4
255.7
259.5
264.7
270.2
55.9
56.7
57.3
58.0
58.7
38.4
39.3
40.4
41.5
42.4
55.3
55.7
55.5
56.0
56.9
23.7
25.0
26.1
27.2
28.6
0.4
9.3
9.0
8.9
8.8
58.2
56.8
55.6
54.5
53.2
7.0
7.2
7.5
7.9
8.4
37.9
40.0
41.7
43.8
45.6
243.4
248.5
253.0
258. 8
265.1
228.2
232.9
237.0
242.5
248. 3
51.8
52.8
53.6
54. 6
55.4
36.3
37.4
38.6
39.8
40.8
50.1
50.5
50.5
51.1
52.3
20.7
21.9
22.9
24.1
25.5
8.2
8.0
7.9
7.7
7.5
57.2
55.9
54.6
53.5
52.2
7.0
7.2
7.5
7.9
8.4
28.4
30.4
32.2
34.3
36. 2
293.7
303. 0
312.2
319.6
326.6
17.0
17.4
17.7
18.0
18.3
276.7
285.6
294.5
301.5
308.3
59.6
61.2
63.1
64.2
64.6
43.8
45.8
48.1
49.1
49.7
58.5
60.9
62.8
64.6
66.6
29.9
31.4
33.0
34.6
36.2
8.7
8.6
8.6
8.7
8.9
51.6
50.3
49.0
47.5
46.0
8.9
9.8
10.6
11.2
11.8
47.2
49.1
51.3
53.4
55.3
272.5
282.3
292. 1
300.4
308.6
255.5
264.9
274.4
282.4
290.3
56.4
58.1
60.2
61.6
62.2
42.2
44.3
46.6
47.7
48.5
54.1
56.4
58.4
60.5
62.8
26.9
28.4
30.0
31.7
33.4
7.5
7.5
7.5
7.6
7.9
50.7
49.4
48.1
46.6
45.2
8.9
9.8
10.6
11.2
11.8
38.0
40.2
42.7
45.2
47.5
335.0
343.7
. . 352.7
361.5
371.4
18.6
18.9
19.2
19.5
19.8
316.3
324. 8
333.5
342.0
351. 5
65.3
66.3
67.1
67.9
69.0
51.2
52.7
54.3
55.8
57.7
68.9
71.6
74.5
77.3
80.3
37.9
39.6
41.5
43.4
45.5
9.2
9.5
9.9
10.2
10.4
44.6
43.2
41.9
40.7
39.5
12.6
13.2
13.8
14.4
15.2
57.2
59.0
60.7
62.4
64.4
318.4
328.7
339.3
349.7
361.4
299.8
309.8
320.1
330.2
341.6
63.2
64.4
65.4
66.5
67.7
50.1
51.9
53.6
55.2
57.3
65.6
68.9
72.4
75.8
79.6
35.2
37.3
39.4
41.6
44.0
8.3
8.7
9.2
9.6
9.9
43.8
42 .4
41.2
40.0
38.9
12.6
13.2
13.8
14.4
15.2
49.8
52.0
54.0
56.0
58.3
384.0
398.2
20.1
20.4
363.9
377.8
70.8
73.3
60.9
65.4
84.6
88.7
47.8
50.1
10.8
11.3
38.2
37.1
16.1
17.0
66.4
68.9
376.1
392.4
356.0
372.0
69.8
72.5
60.7
65.3
84.7
89.7
46.7
49.4
10.4
11.0
37.7
36.6
16.1
17.0
60.6
63.5
1955
1956
1957
1958
1959
I960,
1961
1962
1963
1964
1965
1966
Net stocks using straight line depreciation
1925
1926
1927
1928
1929
139.8
144.4
149.2
153.5
158.4
9.0
8.8
8.8
8.7
8.5
130.8
135.6
140.4
144.8
149.9
29.6
30.7
31.6
33.0
35.0
19.6
20.3
20.9
21.8
23.2
29.1
30.9
32.8
34.5
36.1
7.8
8.7
9.6
10.4
11.3
4.6
6.1
5.6
6.0
6.2
42.0
41.5
41.1
40.6
40.4
2.1
2.4
2.6
2.8
3.2
14.4
15.5
16.6
17.4
18.0
121.6
125.9
130.2
134.4
139.4
112.6
117.1
121.4
125.7
130.8
23.8
25.0
26.0
27.5
29.6
17.1
17.8
18.4
19.3
20.6
23.8
25.7
27.5
29.3
31. 2
6.4
7.1
8.0
8.7
9.5
3.8
4.2
4.7
5.0
5.2
41.7
41.1
40.7
40.2
40.0
2.1
2.4
2.6
2.8
3.2
9.2
10.0
10.7
11.2
11.8
1930
1931
1932
1933
1934
161.0
159.2
154.3
148.4
143.1
8.2
7.9
7.4
7.1
6.7
152.7
151.3
146.9
141.4
136.4
35.2
33.9
32.0
30.7
29.5
23. 4
22.6
21.3
20.5
19.6
37.0
36.8
35.8
34.5
33.3
12.1
12.7
12.9
12.7
12.. 4
6.4
6.5
6.4
6.2
6.0
40.1
39.4
38.2
36.7
35.3
3.6
3.7
3.6
3.4
3.2
18.8
18.9
18.4
17.7
17.0
142. 3
141.0
136.9
131.9
127. 2
134.1
133.2
129.5
124.8
120.5
30.0
29.0
27.4
26.4
25.4
20.8
20.1
19.0
18.2
17.5
32.6
32.6
31.8
30.8
29.7
10.3
10.8
11.0
10.8
10.6
5.4
5.5
5.5
5.3
5.1
39.7
39.0
37.7
36.3
34.9
3.6
3.7
3.6
3.4
3.2
12.4
12.6
12.4
11.9
11.5
1935
1936
1937
1938
1939
138.2
134.9
133.3
130. 2
127.5
6.5
6.3
6.2
6.0
5.9
131.7
128.6
127.1
124.1
121.6
28.0
27.2
27.1
26.0
25.3
18.6
18.1
18.1
17.3
16.7
32.3
31.6
31.1
30.2
29.4
12.2
12.2
12.2
12.2
12.1
5.8
5.7
5.6
5.6
5.6
34.1
33.0
32.1
30.9
29.9
3.0
2.9
2.8
2.7
2.7
16.4
16.0
15.8
15.7
15.7
123.1
120. 2
119.1
116.7
114.7
116.6
113.9
112.9
110.7
108.7
24.2
23.6
23.7
22.- 9
22 . 3
16.7
16.2
16.3
15.7
15.1
28.9
28.2
27.8
27.1
26.4
10.4
10.3
10.3
10.3
10.3
5.0
4.8
4.8
4.8
4.8
33.7
32.6
31.7
30.6
29.6
3.0
2.9
2.8
2.7
2.7
11.1
10.9
11.0
11.1
11.4
1940
1941
1942
1943
1944
... 125.7
125.2
121.4
116.0
111.7
5.7
5.6
5.5
5.5
5.4
119.9
119.6
115.8
110.5
106.3
25.1
25.9
24.9
23.2
21.9
16.6
17.3
16.7
15.7
14.8
28.8
28.3
27.0
25.4
23.9
12.1
12.2
12.0
11.6
11.3
5.5
5.4
5.1
4.8
4.5
29. 0
28.1
27.2
26.4
25.6
2.6
2.7
2.7
2.6
2.4
15.8
15.9
15.6
15.0
14.7
113.5
113.4
110.0
105.3
101.4
107.7
107.8
104.5
99.8
96.0
22.4
23.3
22.5
21.0
19.8
15.2
16.0
15.5
14.6
13.8
25.9
25.5
24.3
22.8
21.5
10.3
10.4
10.2
9.9
9.6
4.7
4.6
4.3
4.1
3.8
28. 6
27.8
26.9
26.0
25. 2
2.6
2.7
2.7
2.6
2.4
11.7
11.9
11.8
11.4
11.2
1945
1946
1947
1948
1949
109.5
114.0
117.5
121.6
125.1
5.3
6.1
6.7
7.3
7.8
104.1
107.9
110.8
114 3
117.3
21.8
25.4
27.3
28.4
28.8
15.1
17.8
19.4
20.0
20.0
22.9
23.9
23.8
24.3
24.4
11.1
11.2
11.4
11.8
12.5
4.3
4.2
4.1
4.1
4.2
24.8
24.1
23.7
23.2
22.6
2.4
2.6
3.0
3.6
3.9
14.6
14.8
15.9
17.2
19.1
99.4
103.7
107.0
111.3
115.1
94.1
97.6
100.3
104.0
107.3
19.9
23.3
25.2
26.7
27.3
14.1
16.9
18.3
19.2
19.4
20.6
21.3
21.4
22. 1
22.5
9.4
9.5
9.8
10.3
11.0
3.6
3.6
3.5
3.5
3.7
24.4
23.6
23.2
22. 6
22. 0
2.4
2.6
3.0
3.6
3.9
11. 1
11.3
12.0
13.0
14.5
1950
1951
1952
1953
1954
129.3
134.7
139.4
145.1
150.9
8.3
8.8
9.2
9.6
9.9
121.0
125.9
130.2
135.6
141.0
28.8
29.8
30.7
31.4
32.1
20.1
21.1
22.3
23.3
24.1
24.8
25.5
25.6
26.4
27.6
13.4
14.4
15.2
16.0
17.1
4.2
4.1
4.0
3.9
-3.9
22.0
21.5
21.1
20.8
20.3
4.1
4.3
4.6
4.8
5.1
21.0
22.8
24.4
26.2
27.7
119.4
124.8
129.5
135.2
141.0
111.1
116.0
120.3
125.6
131.1
27.4
28.5
29.4
30.2
30.9
19.5
20.6
21.8
22.8
23.5
23.0
23.6
23.7
24.5
25.9
12. 0
12.9
13.7
14.6
15.7
3.7
3.7
3.6
3.5
3.4
21.5
20.9
20.6
20.3
19.8
4.1
4.3
4.6
4.8
5.1
16.3
18.1
19.5
21.3
22.8
1955
1956
1957
1958
1959
157.4
165.8
173.5
179.3
184.3
10.2
10.5
10.7
10.9
11.1
147.3
155.3
162.8
168.4
173.3
33.0
34.3
35.8
36.6
36.5
25.4
27.1
28.8
29.3
29.4
29.5
32.1
34.2
36.1
38.1
18.1
19.3
20.5
21.8
23.0
3.9
4.0
4.0
4.2
4.5
19.7
19.2
18.6
18.0
17.3
5.5
6.1
6.6
6.9
7.2
28.9
30.3
31.9
33.4
34.6
147.8
156.3
164.4
170.8
176.8
137.6
145.9
153.8
159.9
165.7
31.8
33.1
34.7
35.6
35.6
24.7
26.4
28.2
28.7
28.9
27.9
30.4
32.4
34.4
36.7
16.8
17.9
19.2
20.5
21.8
3.4
3.5
3.6
3.8
4.1
19.2
18.7
18.2
17.6
16.9
5.5
6.1
6.6
6.9
7. 2
24. 2
25.8
27.7
29. 5
31.0
1960
1961
1962
1963
1964
190.3
195.9
201.7
207.1
213.3
11.2
11.3
11.4
11.5
11.6
179,1
184.6
190.2
195.5
201.7
36.7
36.8
36.8
37.0
37.3
30.2
30.9
31.6
32.2
33.3
40.3
42.8
45.2
47.6
50.1
24.2
25.5
26.9
28.4
29.9
4.8
5.1
5.5
5.8
6.0
16.7
16.0
15.5
15.0
14.5
7.6
7.8
8.1
8.4
8.8
35.7
36.6
37.3
38.0
38.8
183.9
190.8
197.8
204.5
212.1
172. 6
179.5
186.4
193.0
200.5
36.0
36.3
36.4
36.7
37.1
29.8
30.6
31.4
32.2
33.3
39.2
42.2
45.2
48.1
51.2
23.3
24.8
26.5
28.2
30.0
4.5
4.9
5.3
5.7
6.0
16.4
15.7
15.2
14.8
14.4
7.6
7.8
8.1
8.4
8.8
32.4
33.6
34.6
35.4
36.5
1965
1966
221.9
231.8
11.7
11.7
210.3
220.1
38.3
39.8
35.4
38.7
53.6
56.8
31.6
33.3
6.3
6.7
14.1
13.7
9 3
9! 8
39.6
40.9
222.4
234.0
210.8
222.3
38.2
40.0
35.6
39.1
55.4
59.3
32.0
34.0
6.4
6.8
14.0
13.6
9.3
9.8
37.6
39.2
Footnotes at end of table.
SURVEY OF CURRENT BUSINESS
December 1967
49
Table 2.—Gross and Net Stocks of Structures by Broad Industry Group and Selected Types, Bulletin F-15 Percent Service Life, Winfrey
Distribution, 1925-66 1—Continued
Constant cost 2
Constant cost 1
Industry
Year
All
industries 2 Farm
Industry
Selected types of structures
CommerNon- Manu- Indus- cial
farm factur- trial
and
ing
miscellaneous
RailInstituc
tional Social road,
All
Teleexcl.
and
local phone Other indussocial recrea- transit, and public tries 2
and
and
tional
tele- utilities
pipe- graph
recrealine
tional
Nonfarm
Selected types of structures
CommerManu- Indus- cial
factur- trial
and
ing
miscellaneous
InstituRailtional Social road, Teleexcl.
and
local phone Other
social recrea- transit, and public
tele- utilities
and
tional and
recreapipe- graph
line
tional
Net stocks using double declining balance depreciation
1925. 1926
1927
1928
1929
112.5
116.9
121.2
125.0
129.3
7.1
7.0
6.9
6.9
6.7
105.4
109.9
114.3
118.1
122.5
23.7
24.7
25.6
26.8
28.6
15.8
16.4
16.9
17.7
19:0
23.8
25.5
27.2
28.7
30.1
6.7
7.5
8.3
9.1
9.8
3.8
4.3
4.8
5.1
5.2
32.8
32.4
32.1
31.8
31.8
1.8
2.0
2.1
2.3
2.7
12.0
13.0
13.9
14.5
15.0
97. 9
101.9
105.7
109.5
113. 9
90.7
94. 9
98.8
102.6
107.2
19.2
20.3
21.2
22.5
24.4
13.8
14.4
14.9
15.7
16.9
19.7
21.3
23.0
24.6
26.2
5.5
6.2
6.9
7. 6
8.3
3.1
3.6
4.0
4.3
4.4
32.5
32.1
31.8
31.5
31.4
1.8
2.0
21
2.' 3
2. 7
7.7
8.3
9.0
9.4
9.8
1930
1931
1932
1933
1934
131.2
128. 9
123.7
117. 9
112.7
6.5
6.1
5.8
5.4
5.1
124.8
122.8
118.0
112.4
107.5
28.7
27.3
25.3
24.1
22.9
19.0
18.2
16.8
16.0
15.2
30.7
30.2"
29.1
27.7
26.5
10.5
11.0
11.0
10.7
10.4
5.3
5.4
5.3
5.0
4.8
31.6
31.1
29.9
28.6
27.5
3.0
3.0
2.9
2.7
2.5
15.6
15.5
15.0
14.1
13.4
116.2
114.4
110.0
104.8
100.3
109.7
108.3
104.3
99.4
95.2
24.6
23.5
21.7
20.7
19.8
17.0
16.2
15.0
14.3
13.6
27.3
27.0
26.1
24.8
23.8
9.0
9.4
9.5
9.2
8.9
4.5
4.6
4.5
4.3
4.1
31.3
30.7
29.6
28.3
27.2
3.0
3.0
2.9
2.7
2.5
10.3
10.4
10.1
9.5
9.1
1935
1936
1937
1938
1939
108.2
105.3
104.2
101.7
99. 5
5.0
4.9
4.8
4.7
4.6
103.2
100.5
99.4
97.0
94. 9
21.6
21.0
21.1
20.2
19.6
14.4
13.9
14.0
13.4
12.9
25.5
24.8
24.3
23.6
22. 9
10.1
10.0
9.9
9.9
9.8
4.6
4.5
4.4
4.4
4.4
26.4
25.5
24.9
23.9
23.1
2.3
2.2
2.1
2.1
2.0
12.8
12.5
12.3
12.3
12.3
96.5
94.0
93.3
91.3
89.7
91.5
89.1
88.5
86.7
85.1
18.7
18.2
18.5
17.8
17.3
12.8
12 A
12.7
12.2
11.7
22.8
22.2
21.8
21.1
20.6
8.6
8.5
8.4
8.4
8.3
3.9
3.8
3.7
3.7
3.8
26.1
25.3
24.6
23.6
22.8
2.3
2.2
2.1
2.1
2.0
8.7
8.6
8.6
8.8
9. 1
98.3
98.3
94.9
90.2
86.6
4.5
4.4
4.3
4.3
4.3
93.8
93.9
90.6
85.8
82.3
19.6
20.5
19.6
18.1
16.9
12.9
13.8
13.2
12.3
11.5
22.4
22.0
20.9
19.4
18.2
9.8
9.8
9.6
9.2
8.9
4.3
4.2
4.0
3.7
3.5
22.3
21.7
21.0
20.4
19.8
2.1
2.2
2.2
2.0
1.9
12.5
12.5
12.4
11.8
11.6
88.9
89.2
86.2
81.9
78.7
84.5
84.8
81.9
77.6
74.4
17.6
18.6
17.8
16.5
15.4
11.9
12.8
12.3
11.4
10.8
20.1
19.8
18.8
17.5
16.3
8.3
8.4
8.2
7.8
7.5
3.7
3.6
3.4
3.1
2.9
22.1
21 .4
20.7
20.0
19.5
2.1
22
2! 2
2.'o
1.9
9.4
9.6
9.5
9.1
8.9
1945., ... 85.0
77.3
82.0
85.5
89.8
93. 4
73.0
77.0
79.8
83.6
86.7
15.6
19.1
20.9
22.2
22.6
11.1
13.9
15.3
16.0
16.0
15.6
16.5
16.7
17.5
18.0
7.4
7.5
7.7
8.2
9.0
2.8
2.8
2.7
2.8
2.9
18.9
18.3
18.0
17.6
17.2
1.8
2.1
2.5
3.0
3.3
8.8
9.0
9. 7
10.7
12.1
1940
1941
1942. . _ .
1943
1944
1946
1947
1948
1949
90.0
93. 9
98.0
101.4
4.2
5.0
5.6
6.2
6.6
80.8
85.1
88.2
91.8
94.7
17.1
20.7
22.5
23.5
23.7
11.9
14.7
16.1
16.6
16.5
17.4
18.5
18.6
19.2
19.4
8.7
8.8
9.1
9.5
10.1
3.3
3.2
3.1
3.2
3.3
19.2
18.6
18.4
18.0
17.6
1.8
2.1
2.5
3.0
3.3
11.5
11.8
12.8
14.2
16.0
1950. .
1951
1952
1953
1954
105.2
110.1
114.3
119.3
124.2
7.1
7.4
7.8
8.1
8.3
98.2
102.7
106.5
111.2
115.9
23.6
24.4
25.1
25.7
26.2
16.4
17.4
18.4
19.2
19.8
19.9
20.6
20.7
21.5
22.7
11.0
11.9
12.7
13.5
14.5
3.3
3.3
3.2
3.1
3.1
17.2
16.8
16.5
16.3
16.0
3.4
3.5
3.7
4.0
4.2
17.7
19.3
20.6
22.2
23.3
97.4
102.2
106.3
111.3
116.2
90.3
94.8
98.5
103.2
107.9
22.5
23.5
24.2
24.8
25.2
16.0
17.0
18.0
18.8
19.4
18.5
19.2
19.3
20.0
21.3
9.9
10.8
11.6
12.3
13.4
3.0
3.0
2.9
2.8
2.7
16.7
16.3
16.1
15.9
15.5
3.4
3.5
3.7
4.0
4.2
13.8
15.4
16.6
18.1
19.4
1955
1956
1957
1958
1959
129.7
137.0
143.6
148.0
151. 9
8.5
8.7
8.9
9.0
9.1
121.2
128.3
134.7
139.0
142.7
26.8
28.0
29.2
29.8
29.5
20.9
22.3
23.8
24.0
23.9
24.5
27.0
28.8
30.5
32.2
15.4
16.4
17.5
18.6
19.6
3.1
3.2
3.2
3.4
3.7
15.4
15.0
14.6
14.1
13.5
4.5
5.0
5.4
5.6
5.8
24.2
25.4
26.6
27.8
28.7
122.1
129.5
136.4
141.4
146.1
113.5
120.8
127.5
132.4
137.0
25.9
27.1
28.4
29.0
28.9
20.4
21.8
23.3
23.6
23.5
23.2
25.6
27.4
29.2
31.1
14.3
15.3
16.5
17.6
18.8
2.7
2.8
2.9
3.1
3.4
15.0
14.6
14.3
13.8
13.2
4.5
5.0
5.4
5.6
5.8
20.4
21.8
23.3
24.7
25.9
1960
1961
1962
1963
1964
156.6
161.0
165.6
169. !)
175.0
9.2
9.3
9.3
9.3
9.4
147.4
151.8
156.3
160.5
165.6
29.6
29.5
29.4
29.6
29.8
24.5
25.0
25.6
26.1
26.9
34.1
36.2
38.2
40.2
42.2
20.7
21.8
23.0
24.2
25.5
4.0
4.3
4.6
4.9
5.0
13.0
12.4
12.0
11.6
11.3
6.2
6.3
6.5
6.7
7.1
29.4
30.0
30.5
30.9
31.5
151.9
157.5
163.3
168.6
174.9
142.7
148.3
154.0
159.3
165.5
29.1
29.2
29.2
29.4
29.7
24.3
24.9
25.5
26.1
27.0
33.3
35.9
38.5
40.9
43.4
20.0
21 A
22. 8
24.2
25.8
3.8
4.1
4.5
4.8
5.0
12.7
12.2
11.8
11.5
11.2
6.2
6.3
6.5
6.7
7.1
26.9
27.8
28.5
29.1
29.9
1965
1966
182.4
191.0
9.4
9.4
173.0
181.6
30.7
32.1
28. 9
31.9
45.3
48.0
27.0
28.4
5.3
5.6
10.9
10.6
7.5
7.9
32.1
33.2
183.8
193.8
174.4
184.4
30.7
32.3
29.1
32.3
47.1
50.4
27.5
29. 2
5.4
5.7
10.9
10.6
7.5
7.9
30.7
32.0
Mean age of gross stocks
1925
1926
1927
1928
1929
17.2
17.1
17.0
16.9
16. 8.
18.8
19.0
19.1
19.2
19.3
17.0
16.9
16.8
16.7
16.6
12.8
12.7
12.6
12.4
12.2
12.3
12.2
12.2
12.1
11.8
15.3
15.0
14.8
14.6
14.5
14.6
14.1
13.7
13.4
13.3
13.6
13.0
12.6
12.4
12.4
24.1
24.4
24.7
25.0
25.2
8.8
8.3
8.1
7.9
7.4
10.9
10.9
10.8
10.9
11.1
17.5
17.4
17.3
17.2
17.0
17.4
17.3
17.1
17.0
16.8
12.2
12.0
11.9
11.7
11.4
12.0
12.0
11.9
11.8
11.5
14.7
14.4
14.1
13.9
13.7
14.3
13.7
13.3
12.9
12.7
13.2
12.6
12.2
11.9
11.9
24.2
24.5
24.8
25.1
25.3
8.8
8.3
8.1
7.9
7.4
10.9
10.9
10.8
10.9
11.0
1930
1931
1932
1933
1934
16.8
17.1
17.5
18.0
18.4
19.7
20.1
20.5
21.0
21.4
16.6
16.9
17.3
17.8
18.3
12.3
12.6
13.1
13.5
13.8
11.9
12.3
12.9
13.2
13.6
14.6
14.9
15.4
15.9
16.4
13.2
13.3
13.7
14.4
15.1
12.5
12.7
13.1
13.6
14.1
25.4
25.7
26.2
26.8
27.3
7.1
7.3
7.6
S.7
11.2
11.5
12.0
12.6
13.2
17.0
17.3
17.7
18.2
18.6
16.8
17.1
17.5
18.0
18.4
11.5
11.9
12.5
12.9
13.2
11.7
12.1
12.6
13.0
13.4
13.7
13.9
14.4
15.0
15.5
12.6
12.7
13.1
13.8
14.6
12.0
12.2
12.6
13.1
13.7
25.5
25.9
26.4
26.9
27.4
7.1
7.3
7.6
8.2
8.7
11.0
11.3
11.8
12.4
12.9
1935
1936
1937
1938
1939
18.9
19.2
19.4
19.6
19.9
21.7
21.9
21.9
22.1
22.2
18.7
19.0
19.2
19.5
19.7
14.2
14.5
14.5
14.8
15.0
14.1
14.3
14.4
14.7
15.0
16.9
17.2
17.5
17.9
18.3
15.7
16.2
16.7
17.2
17.6
14.7
15.1
15.5
15.7
15.9
27.7
28.2
28.5
28.9
29.3
9.2
9.6
9.9
10.2
10.5
13.7
14.1
14.4
14.7
14.8
19.0
19.3
19.5
19.7
20.0
18.9
19.2
19.3
19.6
19.8
13.7
13.9
14.0
14.3
14.5
13.9
14.2
14.2
14.5
14.8
16.0
16.4
16.7
17.1
17.5
15.2
15.8
16.3
16.7
17.2
14.3
14.7
15.1
15.4
15.6
27.9
28.3
28.7
29.1
29.5
9.2
9.6
9.9
10.2
10.5
13.5
13.8
14.0
14.1
14.1
1940
20.0
1941. _ _ . 20.1
1942
20.4
1943
20.8
1944
21.1
22.3
22.4
22.4
22.4
22.3
19.9
20.0
20.3
20.7
21.0
15.1
14.8
15.1
15.6
15.9
15.1
14.8
15.0
15.4
15.8
18.6
18.8
19.3
19.9
20.4
18.0
18.3
18.9
19.7
20.4
16.3
16.7
17.3
18.0
18.6
29.6
30.0
30.3
30.6
30.8
10.7
10.7
10.8
11.2
11.4
14.9
15.0
15.3
15.7
16.0
20.1
20.1
20.4
20.8
21.2
20.0
20.0
20.3
20.7
21.1
14.6
14.3
14.6
15.1
15.5
14.8
14.5
14.7
15.1
15.5
17.8
18.0
18.6
19.2
19.8
17.6
18.0
18.6
19.3
20.0
16.0
16.4
17.0
17.7
18.4
29.8
30.2
30.5
30.8
31.0
10.7
10.7
10.8
11.2
11.4
14.1
14.1
14.3
14.8
15.1
1945
1946
1947
1948
1949
21.3
20.9
20.5
20.1
19.8
22.3
20.9
19.8
18.9
18.1
21.2
20.9
20.6
20.2
19.9
15.8
14.7
14.2
13.8
13.7
15.6
14.4
13.8
13.5
13.5
20.8
20.5
20.5
20.3
20.3
20.9
21.0
21.2
21.1
20.8
19.3
19.5
19.9
20.0
19.9
31.0
31.3
31.3
31.5
31.6
11.6
11.0
10.2
9.2
8.7
16.1
16.1
15.6
15.1
14.4
21.3
20.9
20.6
20.1
19.7
21.3
20.9
20.6
20.2
19.9
15.4
14.3
13.7
13.4
13.2
15.4
14.1
13.5
13.1
13.0
20.3
20.0
20.0
19.8
19.6
20.6
20.8
20.8
20.6
20.1
19.0
19.3
19.7
19.6
19.4
31.3
31.6
31.7
31.8
31.9
11.6
11.0
10.2
9.2
8.7
15.3
15.2
14.9
14.4
13.7
1950
1951
1952
1953
1954
19.4
19.0
18.6
18.1
17.7
17.4
16.8
16.3
15.9
15.5
19.5
19.1
18.7
18.3
17.8
13.6
13.3
13.0
12.8
12.6
13.4
13.0
12.5
12.2
12.0
20.0
19.8
19.7
19.4
18.9
20.3
19.8
19.5
19.2
18.8
19.9
20.1
20.4
20.6
20.6
31.7
31.8
31.7
31.7
31.7
8.4
8.2
8.0
7.8
7.7
13.7
13.2
12.8
12.4
12.1
19.3
18.9
18.4
18.0
17.5
19.5
19.0
18.6
18.1
17.7
13.1
12.8
12.6
12.4
12.2
13.0
12.5
12.1
11.9
11.7
19.4
19.2
19.2
18.8
18.4
19.5
19.0
18.7
18.4
17.9
19.3
19.5
19.8
20.0
20.4
32.0
32.2
32.1
32.1
32.1
8.4
8.2
8.0
7.8
7.7
13.0
12.4
12.0
11.5
11.2
Footnotes at end of table.
SUEVEY OF CURRENT BUSINESS
50
December 1907
Table 2.—Gross and Net Stocks of Structures by Broad Industry Group and Selected Types, Bulletin F-15 Percent Service Life, Winfrey
Distribution, 1925-661—Continued
[Value in billions of constant (1958) dollars]
Constant cost 2
Constant cost 1
Industry
Year
All
industries 2
Farm
Industry
Selected types of structures
CommerNon- Manu- Induscial
farm factur- trial
and
misceling
laneous
RailInstitutional Social road, Teleexcl.
and
local phone Other
social recrea- transit, and public
and
tional
and
Tele- utilities
recreapipe- graph
tional
line
All
indus-2
tries
Nonfarm
Selected types of structures
CommerManu- Indus- cial
factur- trial
and
ing
miscellaneous
InstituRailtional Social road , Teleexcl.
and
local phone Other
social recrea- transit, and public
and
tele- utilities
and
tional
recreapipe- graph
line
tional
Mean age of gross stocks—Continued
1955
1956
1957
1958
1959
17 2
16.7
16 2
15.9
15.6
15 3
15.0
14 8
14.7
14.6
17.3
16.8
16 3
16.0
15.7
12 4
12.1
11 9
11 7
11.8
11 6
11.2
10 9
10 9
11.0
18 2
17.4
16 8
16 3
15.7
18 5
18.2
17 8
17 5
17.3
20 6
20.5
20 3
19 8
19.1
31 8
31.9
31 9
32 0
32.2
76
7.3
73
74
7.5
11 9
11.7
11 5
11 3
11.3
17 0
16.5
16 0
15 6
15.3
17 1
16.6
16 0
15 7
15.4
12 1
11.8
11 6
11 5
11 5
11 4
11.0
10 7
10 7
10.8
17 7
16.9
16 3
15 7
15.2
17 6
17.2
16 9
16 6
16.3
20 3
20.1
19 8
19 2
18.4
32 2
32.3
32 3
32.4
32.5
76
7.3
73
7.4
7.5
11 0
10.8
10 6
10.4
10.4
1960
1961
1962
1963
1964
15.3
15 1
14.9
14.8
14.6
14.6
14 6
14.7
14.8
14.9
15.4
15 2
14.9
14.8
14.6
11.8
11 9
12 1
12.2
12 2
11.0
11 0
11 1
11.2
11 2
15.2
14 7
14 3
13.9
13 6
17.1
16 8
16 6
16.4
16 3
18.3
17 7
17.0
16.5
16 2
32.3
32 4
32 5
32.5
32 5
7.6
78
80
8.1
82
11.3
11 3
11 4
11.6
11 7
15.0
14 7
14 5
14.3
14 1
15.0
14 7
14 5
14.3
14 1
11.6
11 7
11 8
11.9
12 0
10.8
10 9
10.9
11.0
11 0
14.6
14 1
13.6
13.2
12 8
16.0
15 7
15.5
15.3
15 0
17.4
16 7
15.9
15.3
15 0
32.6
32 7
32.8
32.8
32.8
7.6
78
8.0
8.1
8.2
10.4
10 4
10.6
10.7
10.9
1965
1966
14.4
14.1
15 0
15.2
14 3
14. 1
12 3
12.2
11 1
10 8
13 2
12.9
16 0
15 9
15 7
15 3
32 5
32 5
82
82
11 8
11 9
13 8
13 6
13 8
13.5
12 0
12 0
10 9
10.6
12 4
12.0
14 8
14.6
14 5
14. 1
32.7
32.7
8.2
8.2
11.0
11.1
1. See footnote 1, page 47.
2. The sum of the "Selected types of structures" is less than the nonfarm total because in
addition to the detail shown, "Petroleum and natural gas well drilling and exploration" and
"All other private," are included in the nonfarm total. Farm is shown only once as there is
no constant cost 2 alternative.
Source: U.S. Department of Commerce, Office of Business Economics.
Table 3.—Gross and Net Stocks of Equipment, by Broad Industry Group and by Type, Bulletin F-15 Percent Service Life, Winfrey
Distribution, 1925-66
[Value in billions of constant (1958) dollars]
Industry
All
industries l Nonfarm
Year
Manufacturing
Types of equipments
Fur- Fabriniture cated
and metal
fix- prodtures ucts
Agricultural
ConEnma- strucgines Trac- chin- tion
and
ery
tors
matur(ex- chinery
bines
cept
tractors)
Office,
Mincoming Metal- Spec- Gen- put- Serv- Elec- Trucks
tri- buses, Pasing
ice
and work- ial in- eral
cal
and senginoiling
dus- indus- and
er
field
try
trial
acdusma- truck
machin- trail- cars
ma- chin- mama- count- try
ery
chin- ery chin- chin- ing
ers
maery
ery
ery
ma- chines
chinery
Air
craft
MiscelRailInlaneShips road
ous
and equip- struboats ment ments equipment
Gross stocks
1925
1926
1927
1928
1929
126.0
130.3
132.9
135.5
139.2
114.6
118.2
120 2
122. 2
125.2
30.2
31.2
31 9
32.8
33.8
4.8
5.1
55
5.9
6.3
4.2
4.3
44
4.5
4.7
3.6
3.6
35
3.4
3.3
18
2.0
22
2.5
2.7
63
6.5
67
6.9
7.2
1.6
1.7
18
1.9
2.1
2.6
2.8
29
3.0
3.2
50
5.2
54
5.8
6.1
16.3
16.6
16 8
17.0
17.2
10.3
10.7
11 1
11.5
12.0
1.6
1.7
1 7
1.8
1.9
3.0
3.1
32
3.2
3.3
5.9
6.2
65
6.9
7.3
4.4
4.9
5.2
5.5
6.4
7.6
8.6
8.7
8.9
9.0
0.1
.1
2
.3
.4
6.9
6.9
6.9
6.8
6.8
34.9
35.1
35.0
34.6
34.4
0.9
1.0
1.1
1.1
1.2
4.4
4.2
4.0
3.9
3.7
1930
1931
1932
1933
1934
140.0
137.4
131.9
.. 127.0
123.6
125.7
123.1
118.0
113.6
110.3
34 0
33.6
32 6
31.6
30 8
66
6.8
68
6.7
67
47
4.8
47
4.6
46
32
3.1
30
2.8
26
?8
29
29
28
27
75
7.4
72
7.0
67
21
2.1
19
1.7
15
32
3.1
29
2.7
26
62
6.1
60
5.8
57
17 1
16.8
16 2
15.7
15 2
12 3
12.3
12 0
11.7
11 4
19
1.9
1.8
1.7
1.6
32
3.2
30
2.9
28
76
7.8
77
7.5
74
6.8
6.9
6.7
6.6
6.9
8.4
7.3
5.7
4.8
4.6
.4
.4
.4
.7
6.9
6.9
6.7
6.4
6.2
34.2
33.1
32.0
30.8
29.6
1.2
1.3
1.2
1.2
1.2
3.6
3.4
3.2
3.0
2.8
1935
1936 _ . ..
1937
1938
.
1939
122.4
123.9
126.4
125.0
124 6
108.9
109.9
111 9
110.3
109 6
30 4
30.6
31 0
30.6
30 5
68
6.8
69
7.0
70
46
4.5
45
4.5
44
25
2.5
24
2.4
24
28
29
32
34
35
66
6.6
67
6.7
66
14
1.3
13
1.2
12
26
2.6
27
2.6
26
57
5.8
60
60
69
14 8
14.6
14 5
14 1
13 7
11 4
11.6
11 8
11.7
11 7
1.5
1.5
1.5
1.5
15
27
2.7
28
2.7
27
7.4
7.5
7.9
8.0
82
7.4
8.4
9.2
9.5
10 3
5.4
6.8
8.0
8.0
80
.6
.6
.6
.6
.5
5.9
5.8
5.7
5.7
5.6
28.4
27.5
27.0
25.9
24.8
1.2
1.2
1.3
1.3
1.4
2.7
1940
.
1941
1942
1943 - 1944
126.7
131 2
129.5
126.6
126.2
111.3
114 8
113.0
110.4
109.4
31.0
31 9
31.9
31 7
32.1
71
73
7.2
71
70
4.4
45
4.5
4.6
4.7
2.4
23
2.3
2.2
2.3
38
42
4.3
42
45
6.6
67
6.8
6.7
6.9
1.3
14
1.4
14
1.4
2.7
30
3.1
3.2
3.3
67
76
8.4
92
97
13 5
13 2
12.8
12 2
12 0
11.7
11 7
11.4
11.2
11.5
1.6
17
1.7
1.7
1.7
28
28
2.8
29
3.0
8.7
92
9.4
9.5
10.2
11.3
12 6
12.4
12 2
12.3
8.5
94
8.0
6.3
4.2
.6
6
.5
.5
4
5.6
5.8
5.9
6.2
6.2
24.0
23.5
22.9
22.0
21.2
1.4
1.4
1.3
1.3
1.4
2.3
2.3
2.3
2.3
2.3
1945 1946 .. .
1947
1948
1949 , .
130.8
139.8
155 6
172 5
185.5
113.4
121.8
135 8
150 2
160.7
33 8
37.1
42 3
47 3
50 6
71
75
80
85
89
49
5.3
59
64
67
2.6
2.6
27
30
33
48
49
53
60
66
7.3
7.6
83
93
10 2
18
2.5
32
41
46
3.8
4.0
42
45
46
10 4
11 4
12 6
13 6
14 0
12 2
12 8
14 1
15 3
16 2
12.4
13.2
14 3
15 4
15 9
1.9
2.2
27
33
3.7
33
3.7
45
57
64
11.0
12.1
13 8
15 5
16 9
13.2
14.7
16 8
19.1
20.7
2.9
3.8
61
85
11.0
.4
.7
9
.9
1.0
6.4
6.6
7.3
7.5
7.5
20.5
19.9
19.7
20.1
20.6
1.6
1.9
2.4
2.9
3.4
2.4
2.6
2.9
3.3
3.6
1950
1951 - 1952 __ .
1953
1954
200 0
214.2
172 5
184.4
54 0
58 6
63.0
67.2
71 5
93
10 0
10 5
11.0
11 7
71
77
8.3
9.0
98
37
39
4.3
4.7
53
73
80
86
90
93
11 2
12 1
13.0
13.8
14 5
51
56
6.2
6.6
67
M
50
5.2
5.4
54
14 8
15 8
16 9
18 3
19 8
17 3
18 5
19 5
20 5
21 4
16 5
17 1
17.7
18.4
19 1
42
4.7
5.2
5.7
60
72
78
84
91
97
18 7
20 8
23.3
26.0
28 6
22.8
24.9
25.9
26.6
26 8
13.2
13.8
13.2
12.9
12 8
1.1
1.1
1.3
1.4
15
7.5
7.7
8.0
8.2
8.2
20.7
21.3
21.7
22. 0
21.9
3.9
4.5
5.1
5.8
6.3
3.9
4.2
4.4
4.8
5.0
1955
1956
1957
1958
1959. .
262.4 225.8
275.6 238.2
75.5
80.7
85 5
87 7
89.5
12.4
13.3
14 0
14 6
15.4
10.5
11.2
12 0
12 7
13.3
5.8
6.2
68
7.3
7.7
97
10.1
10 2
10 4
10.5
15.1
15.6
16 0
16 7
17.3
6.9
7.1
72
7.1
7.3
5.6
5.7
58
57
5.6
21 0
22.4
23 6
24 0
24.4
22 5
23.7
24 7
25 5
26.2
20.0
20.9
21 7
22 0
22.4
6.4
6.8
74
80
8.6
10 3
10.9
11 5
11 8
31.2
34.3
37 4
39 9
42.2
27.6
28.1
28 1
27 5
27.6
13.9
14.3
14 4
13.5
13.0
1.6
1.8
22
2.4
3.1
8.3
8.5
8.8
9.0
9.1
21.9
22.2
22.7
22.6
22.5
6.9
7.4
8.0
8.3
8.6
5.4
5.8
6.1
6.5
7.0
226.5 194.9
238.8 205.2
249 2
287 9
214 0
249 8
294.6 255.7
303.2 263.6
19 9
2*. 6
2.5
2.4
2.3
Table 3.—Gross and Net Stocks of Equipment, by Broad Industry Group and by Type, Bulletin F-15 Percent Service Life,Winfrey
Distribution, 1925-66—Continued
[Value in billions of constant (1958) dollars]
Industry
Year
All
industries l Nonfarm
Manufacturing
Types of equipments
Fur-
niture
and
fixtures
Fab-
ricated
metal
products
Engines
and
turbines
AgriculturConal
ma- strucTrac- chin- tion
ery
tors
ma(ex- chincept
ery
tractors)
Office,
comGen- put- Serv- Elec- Trucks
Metal- Spetri- buses, Paswork- cial in- eral
ing
ice
ing
incal
and
senoildus- indus- and
ger
field
matrial
acdus- ma- truck
try
ma- count- try
chin- trail- cars
ma- chin- maery
chin- chining
ery
chinmaers
ery
ery
ery
ma- chines
chinery
Min-
ing
and
MisRailcelInShips road
laneand equip- struous
boats ment ments equipment
Aircraft
Gross stocks— Continued
1960--1961
1962
1963-
312.8
320.6
330.5
341.8
357.0
273.3
281.2
291.1
302.0
316.9
91.8
93.8
95.8
98.1
101.7
16.2
17.0
17.8
18.8
19.9
13.9
14.4
14.8
15.3
15.9
8.2
8.6
8.9
9.3
9.7
10.3
10 0
9.8
9.7
9.8
17.7
17 9
18.1
18.5
18.8
7.3
73
7.4
7.7
8.1
5.5
54
52
5.2
5.2
25.0
25 3
25.6
26.0
26.8
27.1
27 9
28.7
29.2
30.0
22.8
23.1
23.4
23.8
24.7
9.3
10.0
10.9
12.1
13.6
12.6
13 0
13.5
14.1
14.8
44.7
47.5
49.8
52.0
54.5
28.1
28.3
29.6
31.3
33.2
13.1
13 1
13.7
14.3
15.2
3.7
4.3
5.0
5.3
5.8
9.2
9.2
9.2
9.0
9.0
22.5
22.2
22.1
22.0
22.3
9.0
9.4
9.8
10.5
11.5
7.4
7.7
8.1
8.6
9.2
1965--_
1966
376.7 335.8
400.8 358.7
106.9
114.9
21.1
2? 5
16.5
17.3
10.1
10 4
10.0
11 3
19.1
19 6
8.6
91
5.2
54
27.9
29 1
31.0
32 2
25.7
27.0
15.3
17 6
15.7
16 7
57.6
61.4
36.2
39.6
16.6
17.7
6.7
7.9
9.0
9.2
22.6
23.1
12.6
14.0
9.9
10.7
Net stocks using straight line depreciation
1925
1926
1927
1928
1929--. ...
66.8
69 1
69.7
70.6
72.9
60.4
62.4
62.7
63.3
65.2
16.1
16 7
17.0
17.4
18.0
97
30
33
3.6
3.9
2.3
24
2.5
2.5
2.6
1.6
16
16
1.5
1.5
1.2
13
1 5
1.6
1.7
3.3
34
35
3.7
3.8
09
10
10
11
1.1
1
1
1
1
1
4
5
5
6
7
2.7
29
30
3.2
3.4
87
88
88
89
8.9
5.4
58
60
6.2
6.6
0.8
9
9
1.0
1.0
1.5
16
16
1.7
1.7
3.3
35
3.7
4.0
4.2
2.6
28
2.9
3.0
3.7
4.1
46
4.4
4.4
4.6
0.1
.1
.1
2
.3
3.5
3.5
3.4
3.3
3.3
18.1
17.9
17.4
16.8
16.4
0.5
.6
.6
.6
.7
2.0
1.9
1.8
1.8
1.8
1930 1931
1932
1933
1934
72.4
68.9
63.2
58.7
55.8
64.5
61.3
56.2
52.3
49.6
17.9
17 1
15.9
14.8
14.1
4.0
40
38
3.5
3.4
2.6
26
2.5
2.3
2.3
1.5
14
13
1.2
1. 1
1.8
17
16
15
14
39
38
35
32
2.9
11
10
8
7
5
1
1
1
1
1
7
5
3
2
l
34
33
30
28
2.6
86
82
76
71
6.7
67
65
61
57
5.4
1.0
9
8
.7
.6
1.7
16
1.4
1.3
1.2
4.4
44
4.2
3.9
3.7
3.9
39
3.6
3.4
3.7
4.0
33
2.4
22
2.4
.3
.2
3.3
3.3
3.1
2.9
2.7
16.1
15.1
13.9
12.8
11.9
.7
.7
.6
.6
.6
1.7
1.6
1.4
1.3
1.2
1935
1936
1937
1938
1939
55.0
56.7
59.5
58.3
58.6
48.6
49.9
52.1
50.8
50.9
13.8
14.1
14 6
14.4
14.5
33
2.2
2.1
21
20
2.0
10
1.0
11
11
1.1
1
1
1
1
1
29
2.9
30
30
30
5
5
1
1
1
1
1
i
3
4
3
4
26
2.8
30
30
31
64
6.4
64
62
61
53
5.5
57
56
57
.6
.7
7
8
8
1.2
1.2
13
13
1.4
3.7
3.7
39
4.0
4.1
4.2
5.1
5.8
5.9
6.4
3.1
4.0
4.5
4.0
4.0
.3
.3
.3
2.5
2.4
2.3
2.4
2.4
11.1
10.6
10.4
9.8
9.3
.6
.6
.6
.7
.7
1.2
1.2
1.1
1.1
1.0
15
1.8
18
18
18
37
4.5
52
58
61
61
6.0
59
56
56
57
5.8
56
55
59
8
.9
9
9
9
1.4
1.5
15
1.5
16
4.5
5.0
5.1
5.1
57
6.9
7.7
6.8
6.0
56
4.6
5.2
3.5
2.3
15
.3
.3
.3
2.5
2.8
3.0
3.3
3.3
9.1
9.1
9.1
8.8
8.6
.7
.7
.6
.6
.7
1.1
1.2
1.2
1.2
1.2
0 0
33
33
3.3
4
5
7
8
9
Q
6
6
.4
.4
9
9
1940' _ - -.
1941
1942
1943 _ .
1944
61.4
65.8
63.8
61.6
62 3
53.4
57.0
55.1
53.2
53 6
15.2
16.2
16 2
16.2
16 7
34
3.6
36
35
35
20
2.0
20
21
23
12
1.2
1i
1 i
12
21
2.3
23
21
93
31
3.3
35
35
37
7
.8
8
8
7
1945 1946
1947
1948--- ..
1949
67.6
75 8
89.4
102.0
109.7
58.4
66 2
78.3
88.8
94.5
18.3
21 4
25 9
29.6
31 4
35
39
44
48
50
25
29
34
39
41
16
15
17
19
41
43
49
58
65
1l
17
22
2*8
30
22
23
93
25
95
66
73
82
86
86
60
66
80
92
98
68
75
85
92
94
10
13
17
21
93
1.8
21
28
3.8
41
6.4
72
8.7
9.9
10 8
6.3
74
9.2
11.0
11 9
1.1
22
3.8
5.0
6.2
5
.6
.6
.6
3.5
3.7
4.4
4.5
4.4
8.5
8.4
8.7
9. 5
10.4
.9
1.2
1.6
2.0
2.3
1.2
1.4
1.7
2.0
9 1
24
25
28
33
38
1950__. --- 118.0
1951
125.6
1952 _ _
131.1
1953
137 0
1954
140.9
101.0
107.1
112.0
117 0
1?0 6
33.0
35.6
37 9
39 9
41 9
53
5.7
61
64
67
44
4.8
53
57
6°
24
2.6
29
31
35
43
4.7
50
52
51
72
7.7
82
85
87
31
3.2
34
35
33
25
2.6
97
28
97
88
9.3
99
10 7
11 7
10 6
11.4
11 9
12 4
12 7
95
9.7
98
10 0
10 3
25
2.7
29
31
32
4.5
4.7
48
51
52
12.0
13.3
14.8
16 4
17 7
13.1
14.1
14.1
13 9
13.5
7.5
7.4
6.6
67
6.8
.6
.6
.7
.8
.8
4.2
4.3
4.4
4.4
4.3
10.8
11.5
2.1
2.4
22
2.6
2.9
3.2
3.5
3.7
2.4
2. 5
2.6
2. 7
2.8
1955
1956
1957 _ - 1958
1959
147 1
153.3
158.8
159.7
163.1
126 6
133.1
138.8
139.7
143.1
43 5
46 3
48.7
48.8
48 6
72
77
81
8.4
88
66
69
73
7.7
78
3g
41
44
4.7
49
53
53
52
5.1
52
89
90
89
9.2
93
34
36
36
3.6
38
98
99
30
2.8
97
12 1
12 9
13 5
13.4
13 3
13 1
13 6
14 0
14.0
14 2
10 7
11 1
11 6
11.6
11 7
34
36
41
4.4
48
55
58
62
6.3
64
19 0
20.5
22.2
22.9
23 8
13 9
14.1
14.0
13.4
13.7
77
7.5
7.2
6.4
6.3
.8
1.0
1.3
1.4
1.9
4.2
4.2
4.4
4.5
4.6
2.2
2.3
2.6
12.2
11.9
3.9
4.2
4.4
4.5
4.6
3.0
3.2
3.4
3.6
3.8
1960
1961 - 1962 .
1963
1964
167.5
169.7
174.7
181.1
190.8
148 0
150.4
155.4
161 2
170 6
49 2
49 3
49.9
50 9
53 2
92
96
10 1
10 7
11 3
80
80
891
8
86
51
53
54
55
57
49
47
46
46
48
93
93
92
q4
95
38
37
37
39
43
27
25
24
25
95
13 4
13 3
13 3
13 5
13 9
14 5
14 7
15 0
15 °
15 6
11 9
12 0
12 1
12 4
13 0
52
55
60
67
78
66
68
71
74
79
25 1
26.2
27.5
28 6
30 1
14 2
14.4
15.5
16 8
18 2
66
6.5
6.8
74
80
2.3
2.7
3.1
3.1
3.3
4. G
4.5
4.5
4.4
4.5
11.6
11.1
10.9
10.5
10.6
4.9
5.1
5.3
5.8
6.6
4.1
4.3
4.5
4.8
1965 _
1966
204.1
220 9
183.1
198 9
56 9
63 1
12 1
13 0
90
9 g
58
60
51
64
97
10 1
46
50
9 (5
98
14 6
15 4
16 4
17 2
13 8
14 7
8~9
10 3
896
9
32 0
34 8
20 3
22 5
8.9
93
3.8
47
4.6
4.8
10.8
11.3
7.3
8.3
5. 6
6.1
9
9
2
5.2
Net stocks using double declining balance depreciation
1925
1926
1927
1928
1929
52.5
54 4
54.6
55 4
57.4
47.5
49 0
49.1
49 6
51.2
12.7
13.3
13.5
13.8
14.3
22
2^5
2.8
3.0
3.2
1.9
2.0
2.0
2.0
2.1
1.3
1.3
1.2
1.2
1.2
1.0
1.1
1.2
1.3
1.4
2.6
2.7
2.8
2.9
3.1
0.7
.8
.8
.8
.9
1.1
1.2
1.2
1.2
1.4
2.2
2.3
2.4
2.6
2.7
6.9
7.0
7.0
7.0
7.0
4.3
4.6
4.8
5.0
5.3
0.7
.7
.7
.8
.8
1.2
1.2
1.3
1.3
1.3
2.6
2.8
3.0
3.2
3.5
2.0
2. 2
2^2
2.3
2.9
2.9
3.2
3.0
3.0
3. 2
0.
0.1
.1
.1
,2
.2
2.7
2.7
2.7
2.6
2.6
14.3
14.1
13.7
13.1
12.8
0.4
.5
.5
.5
.5
1.5
1.5
1.4
1.4
1.3
1930
1931
1932
1933
1934
56.7
53 3
48.2
44.4
42.2
50.4
47 4
42 8
39.5
37.5
14.1
13.4
12.2
11.3
10.7
3.2
3.1
2.9
2.7
2.6
21
2. 0
1.9
1.8
1.7
1.2
1.1
1.0
.9
.8
1.4
1.4
1.2 '
1.1
1.0
3.1
3.0
2.7
2.4
2.2
.9
.8
.6
.5
.4
1.3
1.1
1.0
.9
2.7
2.6
2.3
2.1
2.0
6.7
6.4
5.8
5.4
5.1
5.3
5.1
4.7
4.3
4.1
.8
.7
.6
.5
.5
1.3
1.2
1.1
1.0
.9
3.6
3.5
3.3
3.0
2 9
3.1
3.0
2.7
2.6
2. 9
2.7
2.2
1.6
1.5
1.7
2.6
2.6
2.4
12.6
11.6
10.6
2.1
9.7
9.0
.5
.5
.5
.5
.4
1.3
1.2
1.1
1.0
.9
1935
1936
1937
19381939..--
41 9
43.8
46.4
45.3
45.7
37 0
38.4
40.5
39.4
39.6
10.5
10.9
11.5
11.3
11.4
2.5
2.5
2.6
2.6
2.6
1.7
1.6
1.6
1.6
1.5
.8
.8
.9
.9
.9
1.1
1.2
1.4
1.5
1.5
2.2
2.2
2.3
2.4
2.4
.3
.4
.5
.5
.5
.8
1.0
1.1
1.1 |
1. 1
2.0
2.2
2.4
2.4
2. 5
4.9
4.9
5.0
4.9
4.8
4.0
4.2
4.5
4.4
4.5
.5
.5
.6
.6
.6
.9
1.0
1.0
1.0
1.1
2.8
2.8
3.1
3.1
3.3
3.4
4.2
4.8
4.7
5.1
2.3
2.9
3.2
2.7
2.8
_ 2
2
.'l
.3
.3
2
'.2
'.2
1.9
1.8
1.8
1.9
1.9
8.3
8.0
8.0
7.5
7.1
.4
.5
.5
.5
.5
.9
.9
.8
.8
.8
1940
1941..
1942
1943
1944
48.3
52.1
50 0
48 1
49.1
41.9
45. 1
43 1
41 6
42 3
12.0
12.9
12.9
12.8
13.3
2.7
2.9
2.9
2.8
2.7
1.5
1.6
1.6
1.7
1.8
.9
1.0
.9
.9
1.0
1.6
1.9
1.8
1.6
1.8
2.5
2.7
2.8
2.8
3.0
.6
.6
.6
.6
.5
1.1
1.4
1.4
1.4
1.4
3.1
3.8
4.4
4.9
5.1
4.8
4.7
4.6
4.4
4.4
4.5
4.6
4.4
4.3
4.7
.6
.7
.7
.6
.7
1.1
1.2
1.1
1.1
1.2
3.7
4.1
4.1
4.1
4.6
5.5
6.1
5.1
4.4
4.2
3.3
3.7
2.3
1.5
1.0
2
.2
.2
.1
.1
2.0
2.3
2.5
2.8
2.8
7.0
7.2
7.2
6.9
6.9
.6
.5
.5
.5
.5
.8
.9
.9
.9
.9
1945
1946
1947
1948
1949
54.2
61.4
73.0
83.1
88.3
46.9
53.7
63.9
72.2
75.8
14.8
17.5
21.5
24.5
25.6
2.8
3.1
3.6
3.9
4.1
2.0
2.4
2.9
3.3
3.4
1.3
1.3
1.4
1.6
1.8
1.9
1.9
2.2
2.7
3.1
3.4
3.5
4.0
4.8
5.4
.9
1.4
1.8
2.3
2.3
1.8
1.8
1.8
1.9
1.9
5.4
6.0
6.7
7.0
6.9
4.7
5. 4
6.6
7.7
8.1
5.5
6. 1
6.9
7.5
7.5
.7
1.0
1.4
1.7
1.8
1.4
1.7
2.3
3.1
3.3
5.2
6.0
7.3
8.3
8.9
4.8
5.9
7.4
8.9
9.3
.8
1.7
2.9
3.6
4.5
2
4
'.5
.4
.5
2.9
3.1
3.7
3.7
3.5
6.8
6.7
7.0
7.8
8.6
.7
1.0
1.3
1.6
1.8
.9
1.1
1.3
1.6
1.7
2
2
2. 2
51
SUEVEY OF CUERENT BUSINESS
52
December 1967
Table 3.—Gross and Net Stocks of Equipment, by Broad Industry Group and by Type, Bulletin F-15 Percent Service Life, Winfrey
Distribution, 1925-66—Continued
[Value in billions of constant (1958) dollars]
Industry
All
industries i Nonfarm
Year
Manufacturing
Types of equipments
Fur- FabniriEnture cated gines Tracand metal and
tors
fixprod- turtures ucts bines
Agricultural
Conma- strucchin- tion
ery
ma(ex- chinery
cept
tractors)
Mining Metal- Speand work- cial ining
oildusfield
try
mama- chin- machin- ery chinery
ery
Office,
comGen- put- Serv- Elec- Trucks
eral
ing
ice
tri- buses, Pasinand
senindus- and
cal
trial
ma- truck
ger
dusacma- count- try
chin- trail- cars
chin- ing
maery
ers
ery
ma- chines
chinery
Aircraft
MisRaileelInShips road
laneand equip- struous
boats ment ments equipment
Net stocks using double declining balance depreciation—Continued
1950
1951
1952
1953
1954
94.4
99.9
103.9
108.5
111.1
80 4
84.9
88.6
92.6
95 1
26 6
28.6
30.3
31.9
33.5
43
4.6
4.9
5.1
54
36
39
4.3
4.7
51
20
2.2
2.4
2.6
29
35
3.8
4.0
4. 1
40
59
64
67
6.9
70
24
25
26
2.6
25
19
20
21
21
21
70
75
79
86
95
87
93
97
10.0
10 1
75
76
•7 6
7.9
81
19
21
22
24
24
36
36
37
39
41
98
10 8
12 1
13.3
14 3
10 2
11 0
10.7
10.5
10 2
54
52
4.6
4.8
49
5
.4
.5
.6
7
33
3.4
3.5
3.5
33
89
9.6
10.0
10.2
99
21
2.3
2.6
2.8
^9
1.
2
2.
2.
1955
1956
1957
1958
1959
116.0
120.9
125.2
125.3
127.9
99.9
105.1
109.8
109.7
112.3
34.6
36.9
38.9
38.6
38.2
5.8
6.2
6.5
6.7
7.0
5.3
5.6
59
6.2
6.3
3.2
3.4
36
3.9
4.1
4. 1
4.1
40
39
4.0
. 7. 1
7.1
70
72
74
26
2.8
27
27
29
2.2
2.3
23
21
2. 1
98
10.5
10 9
10 7
10 5
10.4
10.8
11 1
11 1
11 2
8.4
8.8
92
92
9.2
2.6
2.8
32
34
37
4.3
4.5
48
48
50
15.2
16.4
17 8
18 2
18.9
10.6
10.8
10 7
10 1
10.5
5.6
5.2
50
44
4.5
.6
.8
1 i
1l
1.6
3.3
3.3
35
3.6
3.7
9.7
9.8
10 1
9.7
9.3
3.1
3.3
3.5
3.5
3.6
2.
2
2
2.
3.
1960
1961
1962
1963
1964
131.4
132.8
137.0
142.2
150.4
116.2
117.7
121.9
126.6
134.5
38.5
38.5
39.1
39.9
42.0
7.4
7.7
8.1
8.6
91
6.4
6.4
6.4
6.5
68
4.2
4.3
4.4
4.5
45
3.7
3.6
3.5
3.6
38
7.3
73
7.3
7.4
75
2.9
28
2.8
30
33
2.0
19
1.8
1.9
20
10.6
10 4
10.4
10.6
11 0
11.5
11 6
11.9
12.0
12 4
9.4
94
9.5
9.8
10 3
4.0
42
4.7
5.2
61
5.1
53
5.5
5.8
62
19.9
20 9
22.0
22.8
24 0
10.9
11 0
12.0
13.1
14 2
4.7
46
4.9
5.4
58
1.9
21
2. 4
2.3
25
3.7
3.6
3.6
3.5
36
9.1
8.7
8.4
8.2
83
3.8
4.0
4.2
4.6
53
3.
3.
3.
3.
4
1965
1966
161.6
175.7
145.0
158.2
45.3
50.8
9.7
10.5
7.2
7.7
4.6
4.8
4.1
5.2
7.8
8.1
36
3.8
21
2.2
11.6
12.4
13. 1
13.9
11.0
11.8
69
8.1
68
25 6
28.0
15 9
17.6
64
6.6
30
3.7
3.7
3.9
8.6
9.0
5.9
6.7
4.
4.
9
Mean age of gross stocks
8.8
8.8
89
89
8.8
90
8.9
90
91
9.0
81
8.0
81
8.1
8. 1
72
6.8
65
63
62
97
9.6
96
97
9.6
10 9
10.9
11 0
11 0
10.9
46
4.9
50
53
56
94
94
94
94
92
4o
40
41
4i
41
50
49
50
50 ,
49
81
80
81
7*9
79
82
83
84
85
s'e
71
70
69
69
68
45
43
42
41
41
60
59
58
58
58
81
80
79
78
77
31
32
34
36
34
19
19
20
21
21
27
27
29
25
26
13 1
13 1
13 3
13 5
13 6
12 7
13 0
13 4
13 7
14.0
62
63
64
66
65
57
57
57
57
56
9.0
93
9.8
10.2
10.5
9.1
95
10 0
10.4
10.7
8.2
85
89
9.3
9.5
6.3
66
70
7.5
7.8
9.7
99
10 2
10 5
10.8
10.9
11 1
11 4
11. 7
11.9
61
66
73
81
8.7
92
95
10 0
10 4
10.8
43
47
52
58
6.2
50
5- 4
58
61
6.3
81
85
90
95
9.8
88
91
94
97
10.0
69
71
74
77
8.0
43
46
49
52
5.3
59
61
64
67
6.9
77
79
83
8*7
9.1
35
38
41
44
4.4
22
24
27
27
2.5
31
44
32
3.7
13 5
13 5
13 9
14 4
14.8
14 2
14 7
15 3
15 9
16.3
66
68
71
74
7.7
56
56
57
59
5.9
10.6
10.4
10.1
10 1
10 0
10.8
10 6
10 3
10 3
10 2
9.6
95
93
93
93
8.2
84
85
86
87
11.1
11 2
11 3
11 5
11 6
12.0
11 9
11.4
11 2
10 9
90
89
86
85
85
10 9
10 8
10 6
10 3
10 2
63
59
53
47
43
62
58
55
54
52
9.8
96
92
93
91
10 2
10 1
10 0
10 1
10 0
81
80
78
79
78
5.3
50
46
43
41
69
67
64
63
60
93
93
91
92
91
43
41
40
42
43
22
21
21
24
25
42
47
49
51
51
15 3
15 4
15 4
15 0
15 1
16 8
17 0
17.0
17 3
17 5
78
77
74
74
72
59
57
56
56
54
1940
1941
1942
1943
1944
9' 7
9.3
9.3
9.4
93
99
95
95
9.6
95
90
86
86
8.5
83
86
84
8.3
8.4
84
11 6
11 5
11 4
11.1
10 7
10 5
10 3
10 4
10 3
98
83
79
8.0
8.5
83
10 0
95
91
90
85
39
37
37
3.9
43
50
45
4.6
4.8
49
84
75
70
6.7
67
10 0
99
98
9.8
96
78
77
77
7.7
74
39
37
3.8
4.0
40
57
55
55
5.5
53
87
83
8.4
8.4
80
45
45
5.2
5.9
63
24
23
29
3.5
43
47
44
4.7
5.2
53
14 6
13.8
13.1
12.3
12 0
17 5
17 3
17.2
17.1
16.9
7i
71
7.4
7.3
72
50
47
4.5
4.4
44
1945 ...
1946 .
1947
1948
1949
8.8
83
75
6.9
66
9.1
84
76
70
68
7.9
72
65
61
61
8.2
77
72
6.9
68
10 2
93
84
78
75
86
87
83
77
74
8.0
80
75
69
65
8.0
78
73
67
64
35
29
27
27
30
4.6
48
49
49
51
6.6
64
62
64
67
92
85
76
70
68
6.8
65
61
60
61
39
34
30
29
30
5.0
47
41
37
37
7.5
71
65
62
61
6.2
58
52
47
46
4.9
35
25
22
22
4.7
3.0
29
32
33
11.5
11.1
10 1
10 0
10 1
16.7
16.6
16 0
15 0
14 0
6.2
5.3
45
41
40
4.4
4.1
39
3. 7
37
1950
1951
1952
1953 . .
1954
64
6.3
6.3
6.3
64
66
6.4
64
6.4
65
61
60
61
6.2
63
67
6.6
65
6.4
64
73
71
68
6.6
65
70
70
69
7.0
69
61
5.8
57
5.6
58
63
63
63
6.5
68
33
36
41
44
52
5.2
52
5.3
54
69
70
71
71
71
66
65
65
66
68
62
63
65
6.6
68
31
33
35
3.6
38
39
41
43
4.5
47
60
5.9
59
5.8
59
44
4.3
44
4.6
47
21
2.2
24
2.5
26
37
41
40
4.0
40
10 3
10.3
10 3
10.4
10. 7
13 5
12.8
12.2
11.8
11.8
41
4.1
42
4.4
4. 7
38
3.9
41
4.3
4.4
1955 .
1956
1957
1958 ._ 1959
6.5
6.5
6.6
6.7
6.8
6.5
6.5
6.5
6.7
6.8
64
6.5
6.5
6.8
7.0
6.4
6.3
6.4
6.5
6.5
66
67
6.8
7.0
7.3
69
7. 1
7.2
7.3
7.5
57
5.8
6.0
6.2
6.2
70
7.3
7.6
7.8
8.0
45
4.5
4.5
44
43
5.4
5.3
5.2
54
5.4
73
7.3
7.4
77
7.9
(') 9
7.0
7.2
75
77
68
6.8
6.9
7.0
7.0
3.8
3.8
3.6
3.6
3.6
48
4.9
4.8
4.9
4.9
60
6.1
6.1
63
6.5
47
4.7
4.8
4.9
49
2.6
2.8
3.0
3.3
3.4
41
3.7
3.4
35
3.1
11 0
11.1
11.0
11.0
11.1
11.8
11.6
11.4
11.6
11.9
4.8
5.0
5.1
5.3
5.4
46
4.7
4.8
4.8
4.9
6.9
7.0
7.0
7.0
6.9
6.8
6.9
6.9
6.9
6.8
7.2
7.4
7.5
7.5
7.5
6.6
6.6
6.7
6. 7
6.7
76
7.8
8.1
83
8.3
78
80
8.3
8.6
8.8
65
6.6
6.7
6.6
6.5
8.2
8.5
8.6
8.7
8.8
43
4.4
4.4
43
41
5.4
5.5
5.5
55
5.4
81
8.3
8.4
85
8.4
78
80
8.1
82
82
71
71
7.1
71
70
3.6
3.6
3. 6
36
3.5
49
4.9
4.9
49
4.8
65
6.6
6.7
67
67
4.8
4.7
4.5
4.4
42
33
3.3
3.3
31
30
31
3.2
3.3
36
3.8
11.2
11.3
11.4
11 5
11.5
12.1
12.4
12.7
13.0
13.1
5.3
5.3
5.3
5.2
5.0
4.9
4.9
4.9
4.9
4.9
6.8
6.6
6.7
6.5
7.3
7.0
6.7
6.6
8.3
8.2
9.0
9.2
6.2
5.4
8.8
8.7
4.0
39
5.2
50
8.4
8.2
8.1
80
6.8
67
3.4
3.3
4.7
4.6
6.4
4,
fifi4.0
2.8
2.8
3.7
3.6
11.3
11.0
13.0
12.8
4.9
4.7
4.9
4.9
1925
19261927
1928
1929
1930
1931
1932
1933- 1934
1935
1936
1937.
1938
1939
..
1960 .
1961...
1962
1963 .
1964
1965
1966
..
1. The sum of the detailed types of equipment may exceed the all industries total because the latter includes an allowance for receipts from the sale of scrap.
Source: U.S. Department of Commerce, Office of Business Economics.
U . S . G O V E R N M E N T P R I N T I N G O F F I C E : 1967 O —282-738
CURRENT BUSINESS STATISTICS
A HE STATISTICS here update series published in the 1965 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $2.00) provides a description of eacli series, references to sources of earlier figures, and historical data
as follows: For all series, monthly or quarterly, 1961 through 1964 (1954-64 for major quarterly series), annually, 1939-64; for selected series,
monthly or quarterly, 1947-64 (where available). Series added or significantly revised after the 1965 BUSINESS STATISTICS went to press are indicated
by an asterisk (*) and a dagger (f), respectively; certain revisions for 1964 issued too late for inclusion in the 1965 volume appear in the monthly
SURVEY beginning with the September 1965 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein corresponding
to revised annual data are available upon request.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sources are provided through
the courtesy of the compilers, and are subject to their copyrights.
1961
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1966
1 1965
III
I
II
1967
1966
1965
IV
III
IV
I
II
IV
| III
I
II
III
Annual total
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
I
NATIONAL INCOME AND PRODUCTf
bil. $
632.4
683.9
743.3
638.9
645.1
662.7
675.4
690.0
708.4
725.9
736.7
748.8
762.1
766.3
775.1
791.2
Personal consumption expenditures, total
do
401.2
433.1
465.9
406.6
408.9
420.2
428.1
436.4
447.8
458.2
461.6
470.1
473.8
480.2
489.7
495.3
Durable goods, total 9
Automobiles and parts
_
___ _
Furniture and household equipment
do
do
do
59.2
25.8
25.0
66.0
29.9
27.0
70 3
29.8
29.9
60.7
26.9
25.1
58. 7
24.6
25.6
65.2
30.4
25.8
64.2
29.2
26.1
66.1
29.8
27.3
68.6
30.3
28.9
71.6
31.4
29.4
68.2
28.5
29.1
70.9
29.8
30.6
70.6
29.6
30.6
69.4
27.3
31.4
72.5
29.7
31.9
72.7
29.9
32.1
Nondurable goods, total 9
Clothing and shoes
Food and beverages
Gasoline a n d o i l
_-__-_____
do
do
do
do _
178. 7
33 5
92 9
14.0
191.2
36 1
99 0
15. 1
207.5
40 3
106 7
16.2
181.3
34.2
94 0
14.1
182.9
34.5
95 1
14.3
184.6
34.6
95 6
14.3
189.8
35.6
98 3
15.1
192.4
36.2
99 4
15.3
198.0
37.8
102 5
15.7
203.2
39.5
105 2
15.8
207. 1
39.8
107 0
16.2
209.5
41.0
107.3
16.3
210.3
40.8
107.2
16.6
214.2
41.5
109.3
17.1
217.2
43.2
110.1
17.5
218.5
43.7
110.9
17.5
163.3
24.3
59 3
11.6
175.9
25.7
63 6
12.6
188. 1
27.0
67 1
13.6
164. 6
24.5
59.8
11.7
167.3
24.5
60.8
11.8
170.4
24.7
61.9
12.0
174.2
25.5
63.2
12.5
177.8
26.1
64.2
12.8
181.2
26.5
65.3
13.1
183.5
26.1
66.2
13.2
186.3
26.9
66.5
13.5
189.8
27.4
67.4
13.7
192.9
27.7
68.5
14.0
196.6
27.8
69.6
14.4
200.0
28.1
70.6
14.6
204.1
28.1
71.9
14.8
Iross national product, totalf
Services, total 9 _ _ _ _ _ _
Household operation
Housing
Transportation.
—
-
_
_ _
do
.do
do
_ do
_
_ _ _ _
Gross private domestic investment, total
do
94.0
107 4
118 0
94.2
97.9
105. 1
105. 1
108.2
112.3
115.2
118.5
116.4
122.2
110.4
105.1
112.2
Fixed investment
NonresidentiaL
_
_ _ _
Structures
Producers' durable equipment
Residential structures
_ _
Nonfarm
Change in business inventories _
Nonfarm
do
do
do
do
do
do
do
do
88 2
61. 1
21.2
39 9
27. 1
26 6
5.8
6.4
98 0
71 1
25.1
46 0
27 0
26 4
9 4
8 4
104 6
80 2
27.9
52 3
24 4
23 8
13 4
13.7
89 4
62.4
21.4
41 0
27.0
26 5
4 8
5.6
90 2
63.4
21.8
41 6
26.8
26 3
7.7
8. 1
94 4
67.3
23.1
44 1
27.2
26 6
10 6
10.1
96 3
69.3
24.7
44 6
27.0
°6 5
8.8
7.9
98.8
71.9
25.1
46.8
26.9
26 4
9.4
7.9
102.4
75.7
27.3
48.3
26.8
26.2
9.9
8.7
105.3
78.3
28.3
50.0
27.0
26.5
9.9
9.6
104.5
78.7
27.5
51.2
25.8
25.3
14.0
14.4
104.9
81.2
28.2
53.1
23.7
23.2
11.4
12.0
103.7
82.8
27.7
55.1
20.9
20.4
18.5
19.0
103.3
81.9
27.7
54.2
21.4
20.9
7.1
7.3
104.6
81.5
26.3
55.2
23.1
22.5
.5
.6
108.4
82.8
26.6
56.2
25.6
25.0
3.8
3.4
do
do
do
8.5
37.1
28 6
6.9
39. 1
32 2
5.1
43.0
37 9
8.7
37. 5
28 8
8.5
38.3
98
6.1
35.1
28 9
8.2
40.7
32 6
7.4
40.3
32.9
6.1
40.5
34 4
6.1
42.0
36.0
5.4
42.5
37.1
4.6
43.7
39.0
4.3
44.0
39.7
5.3
45.3
39.9
5.3
45.1
39.8
5.4
45.6
40.2
Govt. purchases of goods and services, total. _do
Federal
_
do
National defense
.
do
State and local
do
128.7
65 2
50.0
63 5
136.4
66 8
50. 1
69 6
154.3
77 0
60.5
77 2
129.4
65.2
49.8
64.3
129.8
64.5
48.9
65 3
131.3
64 3
48.4
66 9
133.9
65 4
49.2
68 6
138.1
67.6
50.3
70.4
142.3
69 8
52.4
72 5
146.5
72.1
55.1
74.3
151.2
74.9
58.4
76.2
157.7
79.5
63.0
78.1
161.7
81.5
65.6
80.2
170.4
87.1
70.2
83.3
175.0
89.5
72.5
85.4
178.2
90.9
73.3
87.4
By major type of product:f
Final sales, total
Goods, total .__
Durable goods
Nondurable goods
Services
Structures _ _ _ _ _ . _ . _ _ _
__.do
do
do
do
do
do
626. 6
313.6
122. 8
190.7
9
44 2
68 8
674.5
337 2
132. 8
204.4
962 9
74 4
729.9
366.2
144.7
221. 5
287 2
76 5
634.1
318.5
124.9
193. 5
946 5
69 2
637. 4
317.9
123.3
194.7
0
50 1
69.3
652.0
325.9
129.6
196.3
°54 6
71.6
666.5
332.8
130.0
202. 9
260 1 {
73.6
680.6
340.2
133. 9
206.3
9
66 0
74.4
698.5
349 9
137.9
212. 0
971 o
77 6
716.0
359.6
143. 2
216.4
276 6
79 9
722.6
361.7
141.6
220.1
283.5
77.4
737.4
370.3
145.8
224.5
291.6
75.5
743.6
373.2
148.3
224.9
296.9
73.5
759. 2
380.9
150. 5
230.5
303.1
75.2
774.6
391.6
156.0
235.5
307.8
75.2
787.4
394. 9
157. 9
237. 0
313. 5
79.0
do
do
do
5.8
4 2
16
9 4
6 7
2 7
13.4
9 9
35
4.8
4 2
6
7.7
4 5
32
10.6
8 7
9 0
8.8
7 0
18
2 3
9.9
5 0
4 9
9.9
7 4
2 5
14.0
9.7
4 3
11.4
9.9
1.5
18.5
12.8
5.7
7.1
3.4
3.7
.5
-.6
1.1
3.8
3.5
.3
bil $
581 1
616 7
659 6
585 8
588 5
601 5
609 7
620 7
634 4
645 4
649 3
654.8
661.1
660.7
664.7
672.0
do
373.7
398.4
418.0
378.6
379.3
389.1
394.1
400.7
409.9
416.2
415.2
420.4
420.4
424.2
430.6
431.5
59 0
170.3
144 4
66 4
178.9
153 9
71 3
187.7
159 1
60 4
172.8
145 3
58 7
173. 5
147 1
65 0
174. 7
149 4
64 1
178. 0
15° 0
66 8
179.3
154 6
69 5
183.6
156 8
73 0
185.8
157 3
69 3
187.7
158 2
71.9
188.8
159 8
71.1
188.4
160 9
69.7
191.8
162 6
72.9
193.6
164.1
72.7
192.8
166. 0
do
87.8
98.0
105.6
87.6
90.8
95.9
95.9
98.3
101.6
104.0
106.5
103.6
108.4
96.9
91.3
96.4
do
do
do
do. _
81 9
57 8
24.2
5.8
89 1
66 0
23.2
8.8
93 0
72 8
20.2
12.6
89 8
58 9
23.9
4.8
83 2
59 7
23.5
7.6
86 6
6° 9
23.7
9.3
87 9
64 5
23.4
8.0
89 6
66 7
23.0
8. 7
99 4
69 7
22.6
9.2
94 5
71 8
22.8
9.5
93 1
71 7
21.4
13.4
93.0
73.6
19.4
10.6
91.2
74.2
17.0
17.2
90.2
73.0
17.3
6.7
90.9
72.6
18.3
.4
92.9
73.2
19.7
3.5
Net exports of goods and services
Exports
Imports
__.
_
_
Change in business inventories..,
Durable goods
_____
Nondurable goods
__
9
GNP in constant (1958) dollars
Jross national product, totalf
_
Persona] consumption expenditures, total
Durable goods_ - _ _ _
Nondurable goods
Services
do
do
do
Gross private domestic investment, total
Fixed investment. _ _ _
Nonresidential
.
Residential structures
Change in business inventories
. .
!
do
8.3
6 0
4 4
8 4
7 9
5 2
6 8
6 4
56
5 4
4 8
4.1
3.2
4.1
4.1
4.2
Govt. purchases of goods and services, total .do
Federal. _ _ __„ .
do
State and local
do
111.2
58 1
53^2
114.3
57 8
56.4
124.5
64 7
59! 9
111.2
57 8
53! 5
110.5
56 7
53! 8
111.3
56 3
55.0
112.9
57 1
55.8
115. 3
58 5
56.' 7
117.4
59 3
58.' 0
119.9
61 2
58.' 7
122.7
63 4
59.4
126.6
66 4
60.1
129.1
67 8
61.3
135.5
72 3
63.2
138.7
74.4
64.3
139.9
75.1
64.9
Net exports of goods and services
r
Revised.
p Preliminary.
| Revised series. Estimates of national income and
product and personal income have been revised (see p. 13 IT. of the July 1967 SURVEY for
data beginning 1964; for data prior to 1963, see p. 11 ff. of the July 1966 SURVEY); revisions
prior to May 1966 for personal income appear on p. 21 of the July 1967 SURVEY and those
for periods prior to 1963 on p. 18 it. of the July 1966 SURVEY.
9 Includes data not shown
separately.
S-l
SURVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
|
1965
| 1966
Annual total
IV
III
II
I
IV
III
II
I
1968
1967
1966
1965
I
December 1967
II
III
IV
I
i
GENERAL BUSINESS INDICATORS— Quarterly Series— Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income totilf
bil $
Compensation of employees total
do
Wages and salaries total
do
Private
do
Military
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' income, total 9
do
Business and professional 9
do
Farm
do
Rental income of persons
do
Corporate profits and inventory valuation adjustment, total
_
bil. $
By broad industry groups:
Financial institutions
do
Nonfinancial corporations total
do
Manufacturing total
do
N endurable goods industries
do
Durable goods industries
do
Transportation, communication, and public
utilities
bil $
All other industries
do
Corporate profits before tax total
do
Corporate profits tax liability
- do _
Corporate profits after tax
do
Dividends
do
Undistributed profits
do
Inventory valuation adjustment
do
Net interest
do
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
bil $
Less: Personal tax and nontax payments
do
Equals' Disposable personal income
do
Less' Personal outlays©
do
Equals' Personal saving§
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries _
bil. $
Manufacturing __
do
Durable goods industries. _ _ _ _ _ _ d o
Nondurable goods industries
do_
Mining.
_
do
Railroad
do
Transportation, other than rail
do_
Public utilities _ _
do
Communication
do
Commercial and other
do
Seas. adj. qtrly. totals at annual rates:
All industries
_
_ _ do
Manufacturing
do
Durable goods industries
do_
Nondurable goods industries
do
Mining
__
do
Railroad
do
Transportation, other than rail _ _
do
Public utilities..
.,
do
Commercial and other
do-_.
U.S. BALANCE OF INTERNATIONAL
PAYMENTSc?
Quarterly Data Are Seasonally Adjusted
(Credits -f ; debits — )
Exports of goods and services (excl. transfers under
militarv grants)
mil $
Merchandise, adjusted, excl. military
do
Military sales. _ _
do
Income on U.S. investments abroad
do
Imports of goods and services
Merchandise, adjusted, excl. military
do
do
Income on foreign investments in the U.S. .do
Other services
do
Unilateral transfers, net (excl. military grants);
transfers to foreigners ( — )
mil $
Transactions in U.S. private assets, net; increase
(— )
mil $
Transactions in U.S. Govt. assets, excl. official
Transactions in U.S. official reserve assets, net;
increase ( )
mil %
Transactions in foreign assets in the U.S., net (U.S.
liabilities); increase (-f)
__
mil. $
Liquid assets
_
_. do
Other assets
do,_
Unrecorded transactions
do
Balance on liquidity basis— increase in U.S. official
reserve assets and decrease in liquid liabilities to
Balance on official reserve transactions basis— increase in U.S. official reserve assets and decrease in
liquid and certain nonliquid liabilities to foreign
518.1
365.7
333.7
269.4
11.7
52.6
32.0
52.3
40.2
12.1
18.0
562.4
393.9
359.1
289.8
12.1
57.1
34.9
56.7
41.9
14.8
19.0
616.7
435.7
394.6
316.7
14.7
63.2
41.1
59.3
43.2
16.1
19.4
544.9
381.5
347.7
280.8
11.8
55.1
33.8
55.0
41.4
13.6
18.6
555.3
388.6
354. 2
286.2
11.7
56.3
34.5
56.7
41.7
15.0
18.9
582.8
408.4
372.4
300.0
13.1
59.4
36.0
57.8
42.5
15.3
19.2
600.3
420.8
381.3
306.9
13.6
60.7
39.5
60.0
42.8
17.1
19.2
610.4
430.7
390.2
313.8
14.2
62.2
40.5
59.3
43.3
16.0
19.3
622.1
441.2
399.6
320.1
15.1
64.3
41.6
59.2
43.3
15.9
19.4
634.1
450. 2
407.4
326.1
15.8
65.6
42.7
58.6
43,4
15.1
19.6
636.4
459.1
414.7
331.4
16.1
67.3
44.4
57.8
43.2,
14.6
19.8
641.6
463.4
418.3
333.2
16.2
68,9
45.2
57.8
43.4
14.3
20.0
r
653. 4
472.6
426 °
339.4
16.3
70.6
46.4
58.8
43.8
15.0
90 2
66.3
74.9
82.2
72.6
73.4
74.9
78.7
81.1
81.3
81.9
84.6
78.1
78.3
r 79 9
7.9
58.4
32.7
14.9
17.8
8.4
66.5
38.7
16.5
22.2
9.3
72.9
43.1
18.7
24 .4
8.2
64.4
37.5
15.9
21.6
8.4
65.0
37.7
16.0
21.6
8.4
66.5
38.6
16.5
22.1
8.6
70.0
41.0
17.4
23.7
8.9
72.2
42.7
18.3
24.3
9.0
72.2
42.5
18.5
24.0
9.5
72.4
42.7
18.8
23.9
9.6
75.0
44.4
19.2
25.3
9.6
68.5
39.6
18.4
21.1
9.5
68.8
38.9
17.8
21.1
'9.6
'69.6
38 °
17.7
20.5
10.1
15.5
66.8
28.3
38.4
17.8
20.6
-.5
15.8
11.2
16.6
76.6
31.4
45.2
19.8
25.4
-1.7
17.9
11.9
18.0
83.8
34.5
49.3
21.5
27.8
-1.6
20.2
10.6
16.3
74.0
30,3
43.7
18.7
25.0
-1.4
17.1
10.9
16.5
75.6
30.9
44.6
19.4
25.2
-2.1
17.6
11.2
16.7
75.8
31.1
44.8
20.2
24.6
-.9
18.2
12.0
17.0
80.8
33.1
47.7
20.9
26.8
-2.2
18.8
11.7
17.8
83.7
34.5
49.2
21.4
27.8
-2.6
19.3
12.0
17.8
83.6
34.5
49.2
21.6
27.6
-2.3
19.8
11.8
17.9
84.0
34.6
49.4
21.6
27.8
-2.2
20.4
12.0
18.6
83.9
34.6
49.3
21.2
28.2
.7
21.1
11.7
17.3
79.0
32.5
46.5
22.2
24.2
-.8
21.6
11.9
18.0
78.9
32.5
46.5
23.1
23.4
-.7
22.1
12.1
19.3
'80.0
'32.9
'47.1
23.4
'23.6
-.8
22.7
497. 5
59.4
438.1
411.9
26.2
537.8
65.6
472.2
445.0
27.2
584.0
75.2
508.8
479.0
29.8
520.3
64.3
456.0
431.6
24.5
530.1
66.1
464.0
439.9
24.0
544.6
65.2
479.4
448.5
30.9
556.1
66.7
489.4
460.1
29.3
567.8
70.4
497. 5
470.9
26.6
577.3
74.1
503.3
474.6
28.7
589.3
76.9
512.4
483.2
29.2
601.6
79.6
522.0
487.4
34.6
612.9
80.2
532.7
493.9
38.8
619.1
79.1
540.0
504.0
36.0
631. 0
82.8
548, ?
509.6
38.5
44.90
18.58
9.43
9.16
1.19
1.41
2.38
6.22
4.30
10.83
51.96
22.45
11.40
11.05
1.30
1.73
2 81
6.94
4.94
11.79
60.63
26.99
13.99
13.00
1.47
1.98
3.44
8.41
5.62
12.74
10.79
4.54
2.25
2.28
.29
.39
.58
1.32
1.08
2.59
12.81
5.47
2.76
2.70
.33
.44
.77
1.71
1.24
2.85
13.41
5.73
2.91
2.82
.32
.44
.72
1.88
1.22
3.10
14.95
6.72
3.48
3.24
.35
.46
.73
2.04
1.41
3.25
12.77
5.61
2.87
2.74
.33
.40
.75
1.60
1.26
2.83
15.29
6.78
3.51
3.27
.40
.55
1.00
2.09
1.42
3.06
15.57
6.84
3.54
3.30
.37
.48
.82
2.36
1.36
3.33
17.00
7.75
4.07
3.68
.38
.55
.86
2.36
1.58
3.52
13.59
6.10
3.08
3.02
.32
.41
.70
1.84
1.35
2.87
15. 61
6.81
3.46
3.34
.34
.41
1.12
2.46
1.49
2.99
' 15. 40 'i 16. 87 2 14.32
'7.46
6.07
'6.48
3.17
'3.33 '3.90
2.90
'3.15 '3.55
' .40
.37
'.37
.37
.34
' . 35
'1.08
1.10
'.C8
2. 22
' 2. 66 '2.63
1.46
34.22
'3.09 '3 4. 95
49.00
20.75
10.40
10.40
1 95
1.75
2.55
6.80
4.55
11.30
50.35
21.55
10.80
10.70
1.30
1.55
2.70
6.85
4.80
11.60
52.75
23.00
11.75
11.25
1.25
1.70
3.00
6.75
5.05
11.95
55.35
24.15
12.45
11.70
1.35
1.95
3.00
7.30
5.30
12.25
58.00
25.60
13.15
12.45
1.40
1.75
3.30
8.25
5.35
12.35
60.10
26. 80
13. 85
12.95
1.55
2.00
3.50
8.30
5.50
12.45
61.25
27.55
14.35
13.20
1.45
1.85
3.40
8.55
5.60
12.85
62.80
27 75
14.50
13.25
1.45
2.35
3.50
8.50
5.95
13.30
61.65
27.85
14.20
13.70
1.40
1.80
3.05
9.20
5.75
12.55
61.50
27.00
13. 75
13.25
1.30
1.55
3.90
9.70
5.80
12.25
'
'
'
'
43, 039
29, 168
847
6, 245
6,779
-37, 937
-25, 510
-3, 694
-2,074
-6,659
8,768
5,628
210
1,499
1,431
-7, 232
-4, 669
-671
-401
-1,491
10, 180
6,880
192
1,562
1,546
-8, 139
-5, 475
-711
-424
-1,529
10, 080
6,811
230
1,474
1,565
-8, 233
-5, 556
-754
-435
-1,488
10,119
6,925
212
1,353
1,629
-8, 599
-5, 772
-785
-469
-1,573
10,511
7,203
209
1,469
1,630
-8,997
-6, 025
-861
-475
-1, 636
10,618
7,181
222
1. 535
1,680
-9, 265
-6, 225
-911
-471
-1, 658
10,913
7,382
206
1,587
1, 738
-9, 762
-6, 580
-953
-565
-1, 664
10, 997
7,402
210
1,654
1,731
-9,913
-6, 680
-969
-563
-1, 701
— 2,925
-664
-775
-725
-660
-851
-733
-709
-632
37, 099 39, 147
25, 297 26,244
844
747
5,888
5,389
5,666
6, 171
-28, 637 -32, 203
-18,621 -21,472
-2,861 -2, 921
-1,455 -1, 729
-5,700 -6, 081
2 789
2 824
-3, 743
-4,213
-1,657
-389
-885
-812
-981
-1, 135
-1,674 -1,575
-1,531
-396
-490
-244
-445
-365
-500
-6, 542
171
1 222
568
3,314
2,629
685
-949
391
113
278
-415
3,301
789
2,512
-302
-2, 800
-1,335
-1,357
842
286
-24
310
53
-818
68
-342
-267
-75
-113
199
239
-834
225
-1,548 -1,304
Revised.
p Preliminary.
Estimates for Oct.- Dec. 1967 based on anticipated capital expendit ures of bu siness.
Estimates for Jan.-Mar. 1968 based on antici pated cap ital exp enditures of bushicss.
Anticipated expenditures for the year 1967 are as foil DWS (in bi .$) : All i ndustries, 61.48; rn anufacturing, total, 26.84; durable goods industries, 13.78; nondiarable goods indiistries, 1 3.07;
mining, 1.43; railroad, 1.55; transportation, 3.88; pu blic utilit es, 9.59; commerci al and o ther
(incl. communication), 18.20.
3 includes commurlication.
r
1
2
566.5
397.2
362.0
292.1
12.1
57.8
35.2
57.2
42.0
15.2
19.1
41
271
424
68
211
416
-205
-245
236
-12
248
-110
492
227
265
-233
1,145
54
1,091
-198
-457
-259
-651
-122
-932 -1,165
-328
82
-338
'11,361 ' 11, 362pll, 479
' 7, 676 ' 7, 717 p7, 644
J>205
'336
339
r
l, 578 ' 1, 547 pi, 834
1,768 ' 1, 762 Pl, 796
^-10,00 -10,038 p-10,llC
r -6, 662 ' -6, 558 p-6, 555
-1,045 ^-1,070 p— 1,072
' -547 p-583
-557
-1, 740 ' -1,863 p-1,900
-728
1,205
425
780
-148
-165
-419
r
-852
:::::::
p-864
' -957 ••-1, 137 p-1,695
-737
' -556
p-473
1,027
-419
p-375
'325
pi, 884
-287
' 2, 193
'966
' 1, 227
' -553
r -529
' -547
p-636
r
-6
459
83
376
277
60. 90 'i 62. 05 265.05
26. 15 ' 26. 55 27. 75
14.60
13. 50 ' 13. 75
13.15
12. 65 ' 12. 80
'1.50
1.60
'1.45
1.45
1.50
' 1.40
4.75
'4.45
'4.10
11.15
'9.60
'9.80
6.05
'11.95 '3 18. 50 s 18. 35
r
-498
'823
r
pi,on
P873
P154
p470 i
-18 '-1,82 ' -828
861
-443
-175
-916
207
tSe e corresponding n ote on p. S-l.
91acludes inventorj' valuaticn adjust ment.
er ersonal outlays (join prise personal consum ption expenditur es, inter est paid by consume rs, and p ersonal t ransfer p ayments to foreigilers.
§Pc;rsonal sa ving is e xcess of d isposabl 3 income over per sonal oin lays,
e, Sept., and Dec.
cfA lore com alete det ails are gi ven in th e quarter y review s in the 1tfar., Jun
issues of the SiJRVEY; q uarterly revisions back to I960 are o n p. 22 ff of the Se pt. 1967 SURVEY.
SURVEY OF CURRENT BUSINESS
December 1967
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
|
1967
1966
1966
Annual
S-3
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. P
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL1NCOME, BY SOURCEf
Seasonally adjusted, at annual rates: f
Total personal income,-
_bil. $
537.8
584.
597.5
602.1
605.
610.4
612.6
615.6
616.5
618.2
622.6
627.0
631.6
634.4 ' 635. 9
641.7
Wage and salary disbursements, total
do_ _
Commodity-producing industries, total-do. _
Manufacturing
do
Distributive industries
do
359.1
144.5
115. 6
86.9
394.6
159.3
128. 1
93.9
404.8
163.2
132.1
95.9
407.6
164.1
132.8
96.5
410;
164.9
132.8
97.2
413.8
166.2
133.7
98.4
414.2
165.2
132.7
98.6
416.2
165.6
132.9
99.1
416.7
165.0
132.5
99.
417.2
164.3
132. 2
99.3
420.9
165.2
133.0
100,4
423.4
166. 1
133.2
101.3
426.7
168.0
135. 3
.10.1.8
428.5
429.4
168.2 ' 167. 9
135.4 ' 134. 9
102.1 '102.6
435.0
171.5
138.0
103.6
58.3
69.3
18.6
63.5
77 9
20.8
64.9
80.8
21.4
65.6
81 4
21.7
65.9
82.0
21.9
66.4
82. 7
22.1
66.9
83.4
22.2
67.6
84.0
22.4
68.2
84.5
22.6
68.6
85.0
22.8
69. 5
85.7
23.1
69.6
86.4
23.3
70.1
86.9
23.6
70.8
87.4
23. 8
'71.1
'87.8
24.0
71.7
88.2
24.3
do___
do
41.9
14.8
43.2
16 1
43.3
15.0
43.5
15.1
43.5
15.3
43.3
15. 0
43.2
14.6
43.1
14 3
43.3
14.4
43.4
14.4
43.6
14.3
43. 7
14.7
43.8
15.0
43.9
15.3
44.0
15.1
44.1
15.0
Rental income of persons
___do___
Dividends
_
do
Personal interest income.
do
Transfer payments. „_ •
_ do
Less personal contributions for social insurance
bil. $.
19.0
19.8
38.4
39.7
19.4
21.5
42.4
43.9
19.5
21.6
43.8
46.6
19.6
21.6
44.3
47.4
19.7
20.2
44.8
48.5
19.7
21.8
45.0
49.7
19.8
22.3
45.2
51.1
19.9
22.6
45.5
51.7
20.0
22.8
45.8
51.0
20.0
23.1
46.0
51.5
20.1
23.3
46.1
51.6
20.2
23.5
46.4
52.2
20.2
23.5
46.9
52.4
20.3
23.4
47.3
52.5
20.3
23.2
'47.6
52.8
20.4
23.1
48.0
52.6
20.6
20.6
Service industries . _
Government
Other labor income _ _ _
_
Proprietors' income:
Business and professional.....
Farm
do
do
do
Total nonagricultural income
do___
13.4
17.9
18.6
518.4
563.1
577.5
18.7
581.9
18.8
20.0
20.0
20.1
20.1
20.1
20.3
20.4
20.6
584.8
590.2
593.0
596.2
596.9
598.8
603.2
607.2
611.4
614.0 ' 615. 7
20.8
621.5
FARM INCOME AND MARKETINGS*
Cash receipts from farming, including Government
payments (48 States), total {-mil. $
Farm marketings and CCC loans, total
do
Crops
do
Livestock and products, total 9 do___
Dairy products
do
Meat animals..
do
Poultry and eggs
_ _
do
Indexes of cash receipts from marketings and CCC
loans, unad justed :J
All commodities
1957-59—100
Crops
_
do
Livestock and products
do_ _
Indexes of volume of farm marketings, unadjusted: J
All commodities
_
1957-59—100
Crops
do
Livestock and products
_do
41, 547
46,485
5,553
4,911
3,940
3, 865
2,969
3,086
2,776
2,858
3,259
3,441
4,477
4,842
5,388
39, 095
17,250
21, 845
5,022
12,951
3,571
43, 219
18, 384
24, 835
5,502
14, 890
4, 134
5,067
2,705
2,362
478
1,479
395
4,818
2,659
2,159
459
1,302
388
3,889
1,865
2,024
480
1,157
361
3,802
1,728
2, 074
489
1,227
321
2,757
916
1,841
452
1,088
263
2,682
2,848
842
828
1, 854
2,006
502 €493
,052
1,166
270
306
2,825
743
2,082
529
1, 226
291
3,236
1,245
1,991
497
1,178
295
3,335
1,405
1,930
474
1,127
316
3,654
1, 515
2,139
466
1,323
338
3,953
1,778
2,175
459
1,358
346
4,915
2,581
2,333
470
1,523
330
121
125
118
134
134
134
189
236
153
179
232
140
145
163
131
141
151
132
103
80
120
106
73
130
100
72
120
105
65
135
120
109
129
124
122
125
136
132
139
147
155
141
183
225
152
118
119
118
121
121
120
170
213
138
168
219
130
138
160
122
135
153
122
94
73
110
97
62
123
91
55
117
95
52
127
113
100
122
118
121
116
129
129
129
139
148
131
176
218
144
INDUSTRIAL PRODUCTION d"
Federal Reserve Index of Quantity Output
Unadj., total index (incl. utilities) rf1- 1957-59 =100__
By industry groupings:
Manufacturing, total
do
Durable manufactures
do
Nondurable manufactures
__do
Mining
do
Utilities
do_ _
By market groupings:
Final products, total
Consumer goods
Automotive and home goods. _ _•
Apparel and staples
Equipment, including defense
Materials.
i
Durable goods materials
Nondurable materials
Seas, adj., total index (incl. utilities) cf-By industry groupings:
Manufacturing, total
do
do
do. _ _ .
. _do
do
do
do
do
143.4
156.3
163.7
160. 1
156.9
156.4
156. 6
157.0
157.9
156.0
159.0
150.5 '157.9 '161.1 ' 160. 9
145.0
148.4
140.8
114.8
160.9
158.6
164.8
150.8
120.5
173.9
166.9
172.9
159.4
124.5
163. 1
169.7
154.7
122.0
158.8
167.8
147.6
122.6
157.8
164.5
149.4
121. 4
158.4
163.4
152.1
121.9
158.9
164.4
152.1
120. 1
160.3
164. 9
154.4
122.1
158.1
164.1
150.6
121.8
161.0
165.6
155.3
123. 9
150.5
154. 7
145. 1
124.8
' 158 3 '162.6 ' 163. 3 162.6
163.7
' 158. 9
163. 8
165.9
' 157. 4 '161.1 ' 162. 7 158.5
r 129 o
126. 5 ' 123. 6
123.3
142.5
140. 3
159.9
134. 1
147.0
155.5
147.5
166.5
141.4
172.6
164.7
157.9
184. 9
149.2
179.5
160.1
151.4
176.9
143.3
178.8
157.2
145.4
168.7
138.0
182.4
157.0
145.9
160.6
141.3
180. 7
156.8
145.8
157,2
142.1
180.4
157.2
146.2
160.1
141.8
180.8
157.7
147. 1
161.8
142.5
180,3
155.2
144.2
157.8
139.8
179. 0
159.8
150.5
162. 0
146.8
180. 0
151.2
139.9
132.9
142.2
175.3
' 156. 9
147.7
137.4
151.1
176. 4
144. 2
144.3
144.1
157.0
156.9
157. 2
162. 8
162.8
162.8
160. 0
158.8
161.3
156.6
154. 5
158.7
155.9
152.2
159.7
156.5
151.5
161.7
156.7
151.9
161.7
158. 1
152.5
163.9
156.6
152. 5
160.9
158.3
154.3
162.4
150.0
145.0
155.2
158.9
152. 5
165.4
160. 1
163. 4 '162.3
155.8
162.2 '167. 8
153.8
179.5
177.2
160. 7
151.3
168
159.1
151.9
166.4
159.8
154
167
159.6
152.4
167.0
181.0
_do
143.4
156.3
159.4
159.1
159.5
158.2
156.6
156.4
156.5
155.6
155.6
156. 6
158. 1
156.8
156.4
159.0
do
145.0
158.6
161.8.
161.5
161.7
160. 1
158.5
158.2
158.2
157.2
157.0
157.6
159.4
158.0
157.9
160.8
Durable manufactures 9 _
do
Primary metals
do
Iron and steel
do
Nonferrous metals and products... .do
Fabricated metal products
do
Structural metal parts
do
148.4
137.6
133.6
152. 2
147. 8
145.4
164.8
142.7
136.2
166.2
163.0
158.8
168.9
145.0
137.6
168. 1
164. 2
159.0
167.7
140.5
132.4
161. 7
164.7
160.2
167.7
137.6
130.1
163.5
168.7
161. 4
165.5
132.6
124.9
163.5
166.7
160.7
162.9
131.9
124.8
167.2
165.0
160.9
129! 2
123.7
162.1
162.9
160.1
162.5
129,1
122.7
161. 4
161.0
158. 1
162. 2
128.9
122.9
154. 4
160.8
156.4
161.5
129.0
121.2
156.4
160.8
156.9
162. 5
129.6
122.3
155.3
159.8
156.1
163.6
129.3
124.3
144.2
159.1
156. 8
161.1
129.2
125.7
141.0
158.0
156.0
160.2
132.6
128.6
143.7
156.3
155.4
163.9
136
133
do
_ _ . do
do
do....
do
do
160.5
160. 4
160.6
149.2
175.2
125.3
183.8
181.9
186.4
166.9
168.7
165. 0
191.1
189.9
192. 6
172.6
171.2
173.7
189.8
188.2
191.8
170.6
165.8
174. 6
190.3
190.4
190.2
169.1
163.7
173.7
190.3
190.7
189.7
162.6
147.2
176.0
186.8
187.3
186. 2
157. 5
136. 5
175.6
184.5
185.2
183.6
162.6
143.8
178.8
182.1
183.5
180.3
165.7
149.5
179.8
180.5
181.7
178.9
167.5
152.0
181.4
177.5
181.3
172.4
169.3
154.5
181.8
180.0
182.2
177.1
170.8
156.7
182.6
182.8
182. 6
183.2
171.9
158.0
183.6
182.2
182.1
182. 4
159.2
129.4
184.3
179.1
176.9
181.9
159.0
128.7
184. 7
183
181
186
167
144
186
Instruments and related products
do
Clay, glass, and stone products
__do_ .
Lumber and products....
do____
Furniture and
fixtures
_
_ do
Miscellaneous manufactures
_do
151.4
133.5
117.4
157. 4
146.0
176.5
140.7
119.4
171.9
157.9
181.8
139.5
112.3
173.2
158.7
183.2
139.2
111.8
175.6
158. 5
184.6
138.1
112.8
175.2
160.9
186.2
137.2
113.7
172.1
160.3
183.4
136.9
115.2
170.6
157. 1
185.8
134.9
117.3
166.5
158.2
185.2
136.0
119.1
166.5
159.2
185.3
134.8
115.6
166. 5
158.1
184. 1
133.5
114. 9
166.3
156.7
182.9
134.1
115.5
162.7
155.4
183.2
136.9
109. 2
164.8
154. 9
183.1
138.4
113.3
166. 3
156. 4
183.3
137.3
113. 6
166.5
154. 6
187
139
Machinery
„
Nonelectrical machinery. . _ _ _
Electrical machinery
Transportation equipment 9
Motor vehicles arid parts...
Aircraft and other equipment
Nondurable manufactures...... _
do
140. 8
150. 8
152. 8
153.6
154.1
Textile mill products
do_
134.9
142. 5
141.7
141.8
141. 7
Apparel products
do.
145. 1
150.1
151.6
152.3
152.2
Leather and products.
.
do
108.2
111.7
113.9
110. 8
111.1
Paper and products..
do
142.3
152.1
153.3
153. 7
152. 6
r Revised. * Preliminary. fSee corresponding not eon p. S -1. tRev Lsed series. Doll ar
figures and indexes of cash receipts and volume of miirketings revised b jginning 1963; da ta
for 1963 and Jan. 1964-May 1966 appear in the Dept.of Agriciilture put lications , Farm 1n-
153.4
152.9
152. 6
152.8
151.1
151. 4
151.5
140.7
138.9
137.8
137.8
138.8
136.6
136.8
150.2
147. 1
142. 5
142.6
143.6
142.4
144.2
107.7
103.7
107.1
101.0
105.0
105.4
103.0
152. 5
152.4
152.4
152.1
151.4
151.6
149. 0
come S ituation, July 19C>6 and Jiily 1967. 9 Inclu(les data
cfRevis ions for 1964 and 1965 will be show n later; ;hose for
1967 Su EVEY.
158
158
~168~~~
154
154.0
154.2
155.0
138. 7
141. 3
143. 8
146. 4
147,4
106.5
108. 4
152. 8
152.9
153.9
for item 3 not she>wn separately.
1966 app ear on p . 20 of the Nov.
S-4
December 1967
SURVEY OF CURRENT BUSINESS
1965
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
Annual
1967
1966
1966
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.?
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION^— Continued
Federal Reserve Index of Quantity Output— Con.
Seasonally adjusted indexescf— Continued
By industry groupings— Continued
Nondurable manufactures— Continued
Printing and publishing _ _ 1957-59 =100
Newspapers
do
Chemicals and products
do
Industrial chemicals
do
Petroleum products
do
' 145. 4 ' 144. 6
135.7 134.0
'202.3 205.2
234.0
' 138. 6 136.8
130.3
124. 2
173.4
196.3
123.5
142.1
134.2
193.2
221.0
128.3
144.1
135. 7
197.1
223.6
131.2
144.7
135.2
200.6
229.7
129.1
143.7
133.2
201.0
231.7
129.0
145.5
133.7
200.3
231.6
128.7
146.1
134.8
200.6
230.9
127.4
147. 4
132.8
201. 1
231.3
130.1
148.3
133. 8
200.1
228.3
133.1
147.4
133.1
199.6
228.8
132.1
147.8
134.3
199.9
227.5
134.4
148.3 148.6
136.1 137.0
201.0 200.7
227.6 ' 231. 4
132.8 ' 133. 2
171.8
123.7
122.3
130.6
120.3
191.9
128.7
126.6
139.9
120. 0
199.9
129.5
127. 1
142.4
116.9
201.6
129.9
127.5
142.5
117.2
200.7
132.1
130.2
142.4
119.3
195.1
132.0
130.4
140.8
118.5
191.6
132.4
130.3
143.9
120.2
188.4
132.3
129.7
146. 1
116.2
186.9
133.1
130.6
146.3
116,0
165.7
132.0
130.3
141.2
117.4
166.9
131.9
129. 9
142. 9
123.9
170. 1
131.5
129.4
142.8
123.6
' 203. 1 199.2
' 131. 7 ' 131. 3 131.9
' 129. 0 ' 129. 0 129.4
146.3 143.8
' 121. 4 120.2
114.8
113.3
112.3
111.9
124.2
126.5
120. 5
117.0
118.0
119.3
133.4
133.5
121.9
122.7
119.6
121.1
129.8
130.3
121.6
117.0
119.6
120.8
133.7
133.4
123.8
127.6
119.4
120.8
136.1
139.3
123.2
120.7
119.7
121.0
140.3
138.7
122.4
115.7
119.6
120.0
142.1
136.6
121.5
115. 1
118.1
120. 1
143.7
137.2
122.0
125.5
117.1
119.6
149.5
130.6
120.2
120.1
117.5
119. 6
132.9
129.2
123. 8
122. 5
121.6
123.6
133.9
133.3
128.0
122.6
129.1
133.9
119.7
133.7
' 127. 8
117.2
' 131. 2
' 138. 0
' 105. 7
136.6
do
do
do
160.9
165.6
146.2
173.9
179.6
156. 1
178.9
185.1
159. 2
178.5
184.6
159.6
179.4
185.6
160.0
180.6
187.2
180.5
186.9
181.9
188.8
182.7
189.9
182.7
189.7
183.2
190.3
184.1 ' 184. 8 ' 184. 8 ' 186. 0
191.4 ' 192. 1 192.1
185. 5
do
do
do
142.5
140.3
159.9
155. 5
147.5
166.5
158.7
149.3
169.4
159.0
149. 2
166.7
159.6
149.8
165.8
158.1
148.0
159.3
157.0
146.1
152.4
157.1
146.6
155.2
157.3
147.1
155.8
156.3
146.0
153.3
156.8
146.9
154.3
157.1 158.2 ' 157. 1 ' 157. 0
147. 1 148.6 ' 147. 1 ' 147. 9
156.4 ' 162. 5 ' 155. 0 ' 156. 0
159. 5
149.7
161
Automotive products
do
Autos
__ _
do
Auto parts and allied products___do
Home goods 9
do
Appliances, TV, and radios
do
Furniture and rugs
do
167.2
182.6
146.8
154.8
152.3
154.3
163. 0
169. 5
154.4
168.9
166.6
165. 7
168.5
177.8
156.2
170.0
170.2
164.4
162.8
166.7
157.8
169.4
166.3
164.7
162.6
167.3
156.4
168.1
160.2
163.5
147.0
141.3
154.4
168.0
160.5
163.4
135.7
120.5
155.7
164.1
156.9
158.5
144.6
136.5
155.3
162.7
152.9
157.4
151.3
149.6
153.6
158.9
144.2
157.9
145. 8
149.9
140. 5
158.5
143.8
157.2
151.2
156.0
144.8
156.6
138.6
157.3
155.2
160.7
148.0
157.3
143. 3
156.3
Apparel and staples
do
Apparel, incl. knit goods and shoes. . do
Consumer staples
do
Processed foods
do
134.1
134.5
134.0
122.2
141.4
139. 5
142.0
126.4
142.9
139.0
144.0
125.9
143.7 c 144. 7
139.8 140.7
144.8 145.8
127.9 130.0
144.4
139.9
145.7
130.4
144.1
137. 1
146.1
130.2
143.9
135.5
146.3
129.6
144.4
135.0
147.1
129.6
143.7
131.9
147.0
130. 3
144.6
133.2
147.8
130.2
144.1 144.2 144. 6
132. 8 ' 134. 8 136.2
147.3 146.9 r 146. 9 ' 147. 7
129. 0 ' 129. 8 ' 129. 8 129.5
Beverages and tobacco
do
Drugs, soap, and toiletries
do
Newspapers, magazines, books___do
Consumer fuel and lighting
do
127.2
157.0
127.0
149.4
133.2
173.5
136.5
159.9
133.8
179.3
137.9
165.4
134.0
180.7
138.8
163.5
134.6
180.1
139.1
164.5
133.3
179.2
141.5
162.9
135.9
180. 5
142.3
162. 7
136.0
181.2
142.3
164.2
136.1
182.4
143.6
166.6
133.2
182.3
142.5
166.9
136.5
182.7
141.4
169.3
136.3 137.9 135.8
184.0 178.0 ' 179. 9
142.1 140.9 ' 136. 2
168.3 ' 168. 8 170.5
E quipment , including defense 9
do
Business equipment.
. do
Industrial equipment
do
Commercial equipment
do
Freight and passenger eouiDment do
Farm equipment
do
147.0
156.7
153.1
164.4
162.4
148.8
172." 6
181.2
172.3
190.1
208.3
167.5
179.0
187.2
178.4
195.5
212.7
180.3
180.0
187.8
178.1
198.4
216.9
170.7
180.7
188.9
179.1
196.0
220.3
179.5
179.9
186.- 9
177.3
196.7
214.5
176.1
180.3
186.6
176.8
199.8
215.0
162.6
179.6
184.4
174.1
199.1
211.7
162.8
179.2
183.5
172.1
201.7
210.4
161.5
178.5
182.1
169. 1
200.8
211. 7
167.6
178.1
181.3
169.0
200.5
208.9
162.8
178.4
180.8
169.0
201.1
210.2
148.6
144.2
144.3
166.8
151.9
133.8
157.0
156.9
166.5
180.7
141.7
159.7
159.1
170.0
189.7
138.7
159.0
157.8
166.9
191.0
138.7
159.2
156.8
158.3
190.3
139.9
157.9
154.2
148.6
190.6
138.9
155.8
151.3
142.8
186.5
139.2
155.5
151.5
139.5
185.6
139.7
156.0
151.0
137.5
183.2
139.2
154.9
148.9
143.3
179.6
137. .2
do
144.1
136.4
136.6
136.4
157. 2
149.0
145.6
150.6
160.3
151.9
146.9
154.4
160.2
150.8
147.2
152.6
161.6
152.8
151.1
153.7
161.6
152.6
146.6
155.6
160.4
151.0
147.1
153.0
159.7
150.0
144.6
152. 7
161.1
153.4
148.5
155. 8
154.6
149.7
143.7
180. 9
137.1
159.6
150.1
146.2
152.0
161. 1
151.3
145.1
154.4
156. 1 ' 157. 9
149.7 ' 151. 8
141.8
142.7
181.2 186.3
139.0
138.1
162.6 ' 164. 2
150.9 * 151. 7
143.0
141.7
155.5 ' 156. 0
do __
do
do
127.9
115.5
159.4
136.6
122.5
172.9
139.8
125.2
177.3
139.0
123.9
177.3
140.3
125.9
177.5
140.4
125.0
180.0
139.6
123.6
180. 2
139.8
123.2
181.9
141.3
125.3
182.1
140.3
124.3
181.0
143.0
128.2
181.1
87, 458
Rubber and plastics products
Foods and beverages
Food manufactures
Beverages
Tobacco products ~
Mining
„
!__
Coal
Crude oil and natural gas
Crude oil
Metal mining
Stone and earth minerals
Utilities .
Electric
Gas
do
do
do_._.
do
do
_.do
.__ __
By market groupings:
Final products, totaled
- Consumer goods
Automotive and home goods
Materialsc?
Durable goods materials 9
Consumer durable
do
do
do
do
do
_
Construction
Nondurable materials 9
Business supplies
General business supplies
Business fuel and power 9 _
Mineralfuels
Nonresidential utilities
do
do
..do ,__
do ,.
do
do .__
161.1
163.7
157.8
163.4
155.0
156.9
125.2
' 115. 5
128.9
135.0
'94.8
' 136. 5
' 142. 2
133. 4
' 153. 8
' 164. 0
* 155. 7
'157.8
121.4
' 112. 3
'124.3
' 128. 0
95.7
133.1
' 145. 3
135.3
158.6
163. 4
156. 1
159.6
145
122.8
115
125
128
153
145
148
183.2
134.9
176.5
177.2
162.7
' 200. 3 199.4
' 210. 4 209.6
158.5
180.5
182
157.0 '156.3
149.0 ' 148. 8
134. 9 133.3
184.7 184.0
139.7 138.0
158. 4
152
165.3 ' 164. 0
152.5 150.5
150.3 149.7
153.6 150.9
165
149.1 148.0 r 144. 5
147.7
135.1 ' 137. 1 134.8 ' 129. 3
182.1 ' 182. 5 183.8
145
130
178.9
180.6
166.8
201.9
214.1
' 154. 3
* 178. 6
' 179. 8
r 166. 6
BUSINESS SALES AND INVENTORIES §
Mfg. and trade sales (seas, adj.), totalft
Manufacturing , total
Durable goods industries
Nondurable goods industries...
Retail trade, totalt
Durable goods stores
Nondurable goods stores
Merchant wholesalers, totalt
Durable goods establishments
Nondurable goods establishments. _ _
1
88, 991 89,295 '88,785 87,921
87, 875 87, 386
86, 299
1483,343 1528,448
252, 242 276, 069
231, 101 252, 379
44, 487 44, 393
23,451 23,237
21, 036 21, 156
45, 511 44, 460
23, 715 23, 060
21, 796 21, 400
43, 932 44, 866
22,622 23, 137
21, 310 21, 729
43,943
22,269
21, 674
44, 945
22,900
22,045
44,888
23,052
21, 836
45, 402
23, 192
22, 210
45, 675 '44, 723
23, 633 '22,949
22, 042 '21,774
_..do..__ 1283,852 1303,672
93, 718 97, 812
do
190, 134 205, 860
__.do
25, 550 25, 610
8,276 8,143
17, 274 17, 467
25, 368
8,156
17, 212
25, 687
8,200
17, 487
25,470
7,955
17, 515
25, 739
8,150
17, 589
25,918
8,104
17,814
25, 897
8, 187
17, 710
26, 544
8,546
17, 998
26, 444
8,592
17, 852
U87,141 1203,751
82, 691 91, 026
104, 450 112, 724
17, 029 16, 696
7,574
7,372
9,455 9,324
16, 996
7,539
9,457
17, 239
7,501
9,738
16, 897
7,488
9,409
16, 853
7,350
9,503
16,972
7,292
9,680
16, 769
7,246
9, 523
17,117
7,495
9,622
17, 145
7,503
9,642
26, 422 '26,732 26, 122
8,508 ' 8, 743 8,236
17, 914 '17,989 17, 886
17, 198 '17,330 17,372
7,747
7,562 '7,684
9,636 ' 9, 646 9,625
do
do
do
—do
do
do
Mfg. and trade inventories, book value, end of year
or month (seas adj.), totalt
mil $
120,896
135, 549 132,392 133,856 135,549
68, 015 77, 897 75, 788 76, 896 77, 897
Manufacturing, total
do
50,037 48, 352 49, 310 50, 037
Durable goods industries
do
42,324
25,
691 27, 860 27, 436 27, 586 27, 860
Nondurable goods industries
do
34, 607 36, 961 36, 680 36, 734 36, 961
Retail trade, totalf
do
15,194
Durable goods stores
do_ _
16, 536 16,496 16, 581 16, 536
20, 425 20, 184 20, 153 20, 425
19,413
Nondurable goods stores
do
18, 274 20, 691 19, 924 20, 226 20, 691
Merchant wholesalers, totalt
do
Durable goods establishments
do
10, 575 12, 112 11,722 11, 835 12, 112
8,203 8,390 8,579
8,579
Nondurable goods establishments
do. ..
7.699
' Revised.
p Preliminary.
1 Based on unadjusted data.
cf See corresponding note
on p. S-3.
9 Includes data for items not shown separately.
§ The term "business" here includes only manufacturing and trade; business inventories
as shown on p. S-l cover data for all types of producers, both farm and nonfarm. Unad-
86, 833 87, 611 88,549
954,336 11,035,871 87, 066 86, 699
mil. $__
44, 427
22, 317
22, 110
137,076 137, 405 138, 187 138, 129 138,548
78, 886 79,394 79, 708 80, 330 80, 578 80, 390 80, 897 81, 370 '81,176 81, 543
50, 620 51, 079 51, 216 51,593 51, 784 51,809 52, 346 52, 784 '52,572 52, 939
28, 266 28,315 28, 492 28,737 28,794 28, 581 28, 551 28, 586 '28,604 28, 604
36, 924 36,644 36, 526 36, 236 36, 263 36, 087 35, 997 36, 028 36, 143 36, 171
16, 491 16, 315 16, 142 16, 033 15,904 15,661 15, 549 15, 503 15, 711 15, 620
20, 433 20, 329 20, 384 20,203 20, 359 20, 426 20,448 20, 525 20, 432 20, 551
20, 780 20, 742 20, 859 20, 785 20, 587 20, 599 20, 511 20, 789 '20,810 20, 834
12, 140 12, 096 12, 105 12, 162 11, 989 11, 981 12,038 12, 099 '12,069 12, 136
8,618 8,473 8,690 ' 8, 741 8,698
8,754 8,623 8,598
8,640 8,646
justed data for manufacturing are shown on p. S-5; those for retail trade on p. S-ll.
tSee corresponding note on p. S-ll.
,
tRevised series. The panel of reporters in the Census Bureau wholesale sample has been
updated to reflect information from the 1963 Census of Wholesale Trade; comparable data
prior to Sept. 1965 appear on pp. 26 ft of the Nov. 1966 SUKVEY.
« Corrected.
136,590 136,780 137,093 137,351 137, 428
SUEVEY OF CURRENT BUSINESS
December 1967
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1967
1966
1966
Annual
S-5
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS SALES AND INVENTORIES— Con.
Inventory-sales ratios:
Manufacturing and trade, totalft
ratio
Manufacturing, total
Durable goods industries
Materials and supplies
Work in process .
Finished goods
Nondurable goods industries
Materials and supplies
Work in process..
Finished goods
Ketail trade, total!
Durable goods stores...
Nondurable goods stores
.
1 46
1 48
1 52
1 54
1 54
1 56
1 58
1 57
1 58
1 57
1 55
1.54
1.55
1.56
1.58
do
do
do
do
do
1 61
1 91
59
80
52
1 64
1 98
59
87
52
1 70
2 06
62
91
53
1 73
2 12
63
94
55
1 71
2 11
62
94
55
1 77
2 20
65
98
57
1 81
2 26
66
1 02
59
1.78
2.21
64
1.00
.58
1 83
2 32
66
1 05
60
1.79
2 26
64
1 03
.59
1.79
2.25
63
1.03
.59
1.78
2.26
.63
1.04
.59
1.78
2.23
.62
1.02
.59
' 1. 82
'2.29
'.64
••rl.05
'.60
1.84
2.37
.66
1.09
.62
do
do
do
do
1 29
50
19
60
1 28
49
19
59
1 30
50
20
60
1 30
49
20
60
1 28
48
20
60
1 32
50
20
62
1 33
50
20
.63
1 31
49
.20
.62
1 33
49
20
63
1 31
49
20
.62
1 31
.49
.20
.61
1.29
.48
.20
.61
1.30
.49
.20
.61
'1.31
.49
.20
.62
1.29
.48
.21
.61
do
do
do
1 40
1 86
1 17
1 42
1 97
1 16
1 44
1 99
1 17
1 43
2 04
1 15
I 46
2 03
1 19
1 44
2 01
1 17
1 44
2.05
1 16
1.42
1.98
1.16
1 40
1 98
1 13
1.40
1.94
1.15
1.36
1.83
1.13
1.36
1.81
1.15
1.36
1.82
1.15
1.35
1.80
rl.14
1.38
1.90
1.15
1 14
1 49
87
1 14
1 49
85
1 17
1 55
1 21
1 61
90
1 22
1 61
91
1 21
1 62
89
1 23
1 62
92
1.24
1 65
.92
1 22
1 67
89
1 23
1 65
90
1.20
1 60
.90
1.20
1.60
.88
1.21
1.60
.90
1.20
1.57
'.91
1.20
1.57
.90
Merchant wholesalers, totalt
do
Durable goods establishments
do
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales :
Durable goods industries (unadj ) total mil $
87
9 941
11 437
1 003
1 016
] 114
983
1 016
1, 201
1 053
1 123
1,098
935
982 ' 1, 035
999
do
483 343
528 448
46 396
44 711
43 501
41 696
44 808
46 033
45 256
45, 136
46, 980
41, 188
44, 413 '46,657
46, 277
Durable goods industries, tota!9
Stone, clay, and glass products. .
Primary metals
Blastfurnaces, steel mills
Fabricated metal products
do
do
do
do
do
252, 242
11 753
41 910
22 916
24 292
276, 069
11 929
45 651
23 707
2Q 024
24, 158
1 075
3 851
1 981
9 939
23,425
959
3 731
1 901
2 14°
22, 982
877
3 575
1 772
2 094
21, 395
835
3 632
1 889
1 918
23,062
864
3 748
1 876
2 121
23, 946
928
3 732
1,923
2 187
23,342 23,528
998
959
3,613
3 681
1,877
1 892
2,168
2 116
24, 778
1,051
3,717
1,885
2,276
20,580
943
3,105
1,621
1,939
22,089
1,083
3,401
1,814
2,222
Machinery, except electrical
Electrical machinery.
Transportation equipment
Motor vehicles and parts
Instruments and related products
do
do
do
do
do
36 490
33 593
68 039
45 412
8 347
40 204
39* 85?
73 460
46 470
9 806
3 465
3 641
6 537
4 250
874
•2 270
u' 540
6 9585
4 50
880
3 449
3 449
6 477
4 017
917
3 169
3 1499
5 82
3 713
740
3 626
3*419
6 086
3 653
806
3 752
3 500
6,505
3 888
851
3 733
3 177
6 401
3 915
829
3,647
3,196
6,609
4,085
865
3,869
3,531
6,891
4, 178
929
3,272
3, 028
5,168
2,782
832
3,436
3,357
5,023
2, 463
926
Nondurable goods industries, total 9 .
Food and kindred products
Tobacco products. _ _ _
Textile mill products d*____
.
Paper and allied products
Chemicals and allied products
Petroleum and coal products.-.
Rubber and plastics products
do
do
do
do
do
do
do
do
231 101
80, 678
4 864
252 379
87 761
5 1Q4
29 168
7 546
418
21 286
7 354
433
20 519
7 348
417
20 231
7 085
384
21 746
7 490
398
22 087
7,571
408
21 914
7 466
425
21, 608
7, 629
411
22, 202
7,811
471
20, 608
7, 352
447
1 908
3 313
1 794
1 109
1 860
3 077
1 733
1 008
1 782
2 933
1 753
1 039
1,846
1,891
3 503 3 564
1,746
1,822
1 136 1 164
1,703
3 283
1,811
1 010
do
44 487
44 393
45 511
44 460
43 932
43 943
44, 945
44 888
45, 402
45, 675 '44,723
do
do
do
do
do
23, 451
971
3 839
1,996
2 098
23,237 23, 715
1 068
979
3 812 3' 893
1 983 1 982
2 180 2 267
23, 060
1 061
3 758
1,920
2 135
22,622 23, 137 22, 269
1 013 1 020
927
3,517
3,618
3 439
1,802
1,787
1 742
2 214
2 272
2 080
22,900
914
3,434
1,791
2,092
23, 052
923
3,462
1,755
2 093
23, 192
897
3,581
1,905
2, 068
23, 633
959
3,519
1,839
2,092
22,949
'1,010
' 3, 419
'1,780
' 2, 094
do
do
_ do
do
do
3 559
3 445
6,389
4 033
847
3 468
3 386
6 226
3 853
856
3 583
3 389
6 268
3 899
845
3 492
3 463
5,881
3 568
834
3 485
3 336
5,686
3 385
805
3 489
3 435
6 061
3 529
845
3 453
3 222
5 912
3 557
836
3,455
3,323
6,380
3 875
876
3 517
3 358
6,465
3 896
878
3 587
3, 468
6,172
3 561
933
3,672
3,423
6,577
3, 900
965
' 3, 690
' 3, 412
' 5, 909
' 3, 252
'932
do
do
do
do
do
do
do
do
21 036
7 220
418
21 156
7 334
416
21 796
7 672
426
21,400
7,381
424
21 310
7, 370
420
21 729
7 562
428
21 674
7 549
438
22, 045
7,728
400
21 836
7,634
441
22, 210
7, 611
431
1 841
3 219
1 781
1 029
1 878
3 191
1 739
1 036
1 903
3 286
1 719
1 111
1 880
3 297
1 688
1 079
1 856
3 325
1 722
1 075
1 878
3 378
1 789
1 106
1 808
3 388
1 792
1 087
1 851
3 331
1 797
1 124
1 803
3 432
1 811
1 085
1 879
3 616
1 838
1 126
Shipments (not seas, adj.), total
Shipments (seas, adj.), total
By industry group:
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals.. _ _ _ _ _ _
__
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical.
Electrical machinery. _. ._ _
Transportation equipment
Motor vehicles and parts _
Instruments and related products
_
Nondurable goods industries, total 9
Food and kindred products
Tobacco products. .
Textile mill products^1
Paper and allied products
Chemicals and allied products
Petroleum and coal products..
Rubber and plastics products .
By market category:
Home goods and apparel
Consumer staples _
Equipment and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary market categories:
Consumer durables
Defense products....
Machinery and equipment
Inventories, end of year or month:
Book value (unadjusted), total. _.
Durable goods industries total
Nondurable goods industries, total
19 385
36 030
19, 178
11 653
21
38
20
12
770
676
517
75^
1 787
3 148
1 704
1 009
1 891
3 342
1,745
1 086
1 928
3 457
1,739
1 138
44 866
1 839
3 648
1 759
1 133
'23,565 23, 028 124,200
' 1, 106 1,088
' 3, 449 3, 470 1 3, 500
'1,805 1,864
'2,230 2,240
'3,671
' 3, 668
' 5, 746
' 3, 080
'998
22, 324 '23, 092
7,634 ' 8, 144
'431
454
3,520
3,620
5,501
2,964
960
1
6, 500
23, 249
8,219
414
1,918 ' 1, 922 1, 904
3, 581 ' 3, 795 3,785
1,789 ' 1, 796 1,782
1,192
1 112 1,126
44,427
22, 317 i 24, 000
985
3,460 13,600
1,879
2,106
3,614
3,423
5,357
2,742
932
i 6, 200
22,042 21, 774 22, 110
7,864
7,695 '7,690
'421
414
432
' 1, 839
' 3, 578
' 1, 780
1 088
1,835
3,687
1,768
1 107
' 4, Oil
'9 630
' 6, 258
'3 709
'3 187
17, 928
3,981
9,846
6,185
3, 205
3 154
18, 056
1 826 '1,833
3 284 ' 3, 312
4 775 '4 768
1,848
3,269
4 670
1 870
3,638
1 762
1 136
do
do
do
do
do
do
2 44
101
2 60
2 50
2 37
188
909 2 49 609
305 2110 451
300
67 889
403 2 52 045
543 2 38 977
883 209 477
4 162
9 138
5 943
4 494
3 086
17 664
4 196
9 °63
5 797
4 355
3 146
17 ^36
4 226
9 597
5 946
4 399
3 911
18 132
4 185
9 344
5 718
4 052
3 264
17 897
4 128
9 346
5 703
3 844
3 253
17 658
4 247
9 532
6 000
4 004
3 297
17 786
4 078
9 555
5 816
4 005
3 039
17 450
4 222
9 684
5 925
4 324
3 023
17 767
4 174
q 608
6* 026
4 360
3 006
17 714
4 161
9 659
6 163
3 999
2 979
18 441
do
do
do
2 19, 283 2 21 212
2 27 965 2 33 240
2 47 115 2 53 220
1 788
2 888
4 648
1 803
2 864
4 546
1 822
2 909
4 589
1 810
2 876
4 615
1 777
2 897
4 562
1 863
3 135
4 630
1 719
2 988
4 524
1 763
3 162
4 538
1 796
3 145
4 644
1 855
3 218
4 776
76 383
48 764
27 619
77 392
49 439
27 960
78, 881
50 433
28 448
79817
51 274
28 543
80 162
51 580
28 582
80 817
52 107
28 710
81 267
52 558
28 709
80 913
52 346
28 567
80 628
52 194
28 434
81, 013
52 631
28 382
80, 657
52 287
28, 370
81,009
52 561
28,448
80 897
81 370
81 176
81, 543
52 784
1 813
7 482
4 265
5 179
52 572
'1 769
' 7 440
' 4, 248
'5 230
52 939
1,790
7 469
4,269
5,279
4 021
9 708
6 223
4 381
3 150
18 192
do
do
do
67,620
41 831
25 789
77 39?
49 432
27 960
75 297
47 993
27 304
do
68 015
77 897
75 788
76 896
77 897
78 886
79 394
79 708
80 330
80 578
80 390
do
do
do
do
do
42 324
1 626
6 349
3, 678
4 856
50 037
1 746
7 109
4 043
5 314
48 359
1 703
6 971
4 048
5 109
49 310 50 037
1 722 1 746
7 057 7 109
4 077 4 043
5 214 5 314
50 620
1 772
7 140
4,088
5 272
51 079
1*787
7 174
4 137
5 295
51 216
1 794
7 213
4 128
5 273
51 593
1 819
7 338
4,204
5 269
51 784
1 842
7 451
4,243
5 229
51 809 52 346
1 847 1 835
7 495
7 478
4 257
4 242
5 162 5 142
Machinery, except electrical
do
8 508
9 665
9 942
Electrical machinery
do
6 093
7 653
7 383
Transportation equipment
do
8, 930
11 369 10 780
3 518
Motor vehicles and parts
do
3 318
3 538
1.788
Instruments and related oroducts-.do
2.150
2.214
r
2
Revised.
1 Advance estimate.
Based on data not seasonally adjusted.
tSee corresponding note on p. S-ll.
9 Includes data for items not shown separately.
q g52 q 942
7 580 7 653
11 091 11 369
3 553 3 538
2.174 2.214
10 029 10 117 10 152 10 173 10 234 10 275 10 313 10 362 10 451 10 453
7 799
7 783
7 857
7 755
7 730
7 825
7 765 '7 749 7,835
7 689
11 717 11 991 12 004 12, 164 12 184 12 236 12 706 13 082 12 824 12, 934
9
3 608 3 640 3 533 3 454
3 398 3 30
3 568 3 781 ' 3 528 3 565
2.211 2.222
2.290
2.251
2.303
2. 301
2.313
2.316 r 2! 328 J 2.355
^Beginning 4th qtr. 1966, data for the textile mill products series are withheld pending
investigation and revision.
JSee corresponding note on p. S-4.
Book value (seasonally adjusted), total
By industry group:
Durable goods industries total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products
December 196T
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
Annual
1967
1966
1 1966
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
'14,597
' 2, 579
' 4, 708
' 2, 512
'•24, 143
'2,68'0
' 8, 117
' 8, 894
'13,832
' 2, 181
' 5, 375
'1,418
14, 722
2,540
4,738
2,553
24,341
2,715
8, 162
8,959
13,876
2,214
5,388
1,422
Nov.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
Inventories, end of year or month— Continued
Book value (seasonally adjusted)— Continued
By industry group— Continued
Durable goods industries— Continued
By stage of fabrication:
Materials and supplies 9
_mil. $__
Primary metals
do
Machinery (elec and nonelec ) do
Transportation equipment
do
Work in process 9 ___do
Primary metals
do
Machinery (elec. and nonelec.) __ -do
Transportation equipment
do
Finished goods 9
do
Primary metals
do
Machinery (elec. and nonelec.) _._do
Food and kindred products
Tobacco products
Textile mill products rf
Paper and allied products
Chemicals and allied products.
Petroleum and coal products
Rubber and plastics products
By stage of fabrication:
[Materials and supplies
V^ork in process
Finished goods
By market category:
Home goods and apparel
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary market categories:
Consumer durables
Defense products
Machinery and equipment
New orders net (not seas adi ) total
Durable goods industries, total
Nondurable goods industries, total
New orders net (seas adi ) total
By industry group:
Durable goods industries, total 9 _
Primary metals
Blast furnaces steel mills
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Aircraft and parts
Nondurable goods industries total
Industries with unfilled orders©
Industries without unfilled orders!
By market category:
Home goods and apparel
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary market categories:
Consumer durables
Defense products
Machinery and equipment
12, 943
2,388
3,816
2,278
18, 109
2,130
6,699
5,465
11, 272
1,831
4,086
1,187
14, 802
2,603
4, 877
2,477
22, 263
2,477
7,853
7, 512
12, 972
2,029
4,865
1,380
14, 465
2,505
4,785
2,449
21,446
2,504
7,628
7,030
12, 441
1,962
4,635
1,301
14, 599
2,548
4,846
2,468
21,934
2,503
7,791
7,284
12, 777
2,006
4,795
1,339
14, 802
2,603
4,877
2,477
22, 263
2,477
7,853
7,512
12, 972
2, 029
4,865
1,380
14. 880
2, 640
4,937
2,499
22, 643
2,455
7,911
7,852
13, 097
2,045
4,980
1,366
14, 856
2,638
4,910
2,519
22, 967
2,489
7,949
8,028
13, 256
2,047
5,115
1,374
14, 748
2,642
4,859
2,425
23, 140
2,470
7, 981
8,220
13, 328
2,101
5,137
1,359
14,721
2,705
4,781
2,363
23,423
2,510
7,987
8,439
13,449
2, 123
5,188
1,362
14, 576
2,706
4,719
2,343
23, 592
2,607
8,014
8,442
13, 616
2,138
5,256
1,399
14, 485
2,693
4,664
2,331
23, 704
2,646
8,065
8, 488
13, 620
2,139
5,228
1,417
14, 536
2,668
4,728
2,382
24, 139
2,704
8,056
8,922
13, 671
2,123
5,259
1, 402
14, 668
2,626
4,725
2,591
24, 215
2,713
8,083
8,997
13,901
2,143
5,319
1,494
do
do
do
do_ _
do
do
do
25, 691
6,034
2,371
3,130
1,965
4,335
1,756
1,279
27, 860
6, 394
2, 343
27. 436
6,284
2,340
27, 586
6,383
2,307
27, 860
6,394
2,343
28, 266
6,593
2,336
28,315
6,594
2,376
28, 492
6,669
2,389
28,737
6,756
2, 383
28, 794
6,737
2,377
28, 581
6,634
2,380
28,551
6,662
2,373
28, 586 '28,604 28,604
6,512 ' 6, 391 6,383
2,366 ' 2, 348 2,338
2,271
5,039
1,869
1,402
2,214
4,637
1,819
1,386
2,230
5,000
1,835
1,422
2,271
5,039
1,869
1,402
2,265
5,145
1,930
1,444
2,272
5,175
1,925
1,427
2,286
5,203
1,915
1,446
2,300
5,290
1,950
1,453
2,305
5,412
1,960
1,428
2,310
5,381
1,918
1,415
2, 310
5,383
1,935
1, 402
2,307 '2,300
5,400 '5,433
1,923
1,920
1,398 '1,389
2,284
5,406
1,925
1,398
do
do
do
9,964
3,862
11,865
10, 501
4,333
13, 026
10, 542
4,251
12, 643
10, 571
4, 253
12, 762
10, 501
4,333
13, 026
10, 609
4,349
13, 308
10, 553
4, 349
13, 413
10, 637
4,355
13, 500
10,712
4,346
13,679
10, 767
4,366
13, 661
10, 778
4,421
13, 382
10, 661
4,362
13, 528
10,729 '10,719
4,412 ' 4, 429
13, 445 '13,456
10,602
4, 541
13, 461
do
do
do
do
do
do
7, 021
9,844
14, 835
4,032
6,054
26, 229
8, 190
10, 476
18, 166
4, 358
6,537
30,170
8,002
10, 313
17,457
4,298
6,380
29, 338
8,083
10, 415
17,877
4,354
6,442
29,725
8,190
10, 476
18, 166
4,358
6,537
30, 170
8,335
10, 698
18, 495
4,424
6,493
30, 441
8,356
10, 730
18, 750
4,450
6,512
30, 596
8,327 . 8,306
10, 861 10,977
19, 009 19,303
4,263
4,343
6,541
6,491
30, 677 30,940
8,263
10, 994
19, 481
4, 171
6,504
31, 165
8,085
10, 922
19, 646
4,060
6,491
31, 186
8,033
10,946
19, 892
4,297
6,433
31, 296
8, 188
10,755
20, 041
4, 523
6,368
31, 495
8,404
10,642
20,385
4,297
6,365
31,450
do
do
do
3,287
6,388
10, 701
4,189
8,732
12, 592
4,035
8,189
12, 228
4,148
8,465
12, 471
4,189
8,732
12, 592
4,311
8,990
12, 719
4,328
9,193
12, 801
4,286
9,405
12, 830
4,253
9,615
12,873
4,276
9,744
12, 903
4,232
9,839
13, 016
4,228
10, 094
13,037
4,269 ' 4, 251 4,350
10, 218 '10,213 10, 301
13, 103 '13,197 13,225
do
492, 272
do __ 260, 732
do
231, 540
542,179
289, 836
252, 343
46, 649
24, 518
22, 131
43, 927
22, 738
21, 189
43, 377
22, 949
20, 428
41, 779
21, 562
20, 217
44, 802
23, 117
21, 685
45, 214
23, 204
22, 010
45,091
23,157
21,934
45, 199
23, 600
21, 599
47, 976
25, 830
22, 146
42, 417
21, 754
20,663
44,630 '47,005
22,268 '23,888
22, 362 '23,117
46, 908
23, 636 123,700
23, 272
2492, 272 2542,179
45,490
45, 243
44,052
45, 845
43,408
43, 527
43,700
43,849
45,738
46, 087
45, 977
45,900 '45,274
-do
do
do
do
do
do
do
do
260, 732
41, 017
21,378
24, 914
38,434
35, 292
72, 973
22, 044
289, 836
46, 879
24, 285
26, 743
42, 677
42, 269
79, 861
27, 503
24, 244
3,817
1,881
2,231
3,647
3,579
6,860
2,237
23, 027
3,588
1,834
2,275
3,675
3,507
5,714
1,679
23, 960
3,677
1,737
2,403
3,582
3,358
6,540
2,410
22, 072
3,315
1,495
2,049
3,391
3,552
5,577
1,833
22, 329
3,427
1,805
2,224
3,266
3,362
5,799
2,291
22, 065
3,013
1,434
2,247
3,351
3,273
5,911
2,207
22,226
3,236
1,701
2,136
3,429
3,196
6,140
2,228
23,857
3,606
2,020
2,106
3,497
3, 250
7,209
2,763
24, 263
3,591
1,886
2,108
3,590
3,455
7,327
3, 067
23, 715
3,646
1, 994
1,979
3,564
3,579
6,697
2, 469
23, 726
3,470
1,794
2,254
3, 945
3, 640
5,950
1, 705
do
do
do
231, 540
63,458
168, 082
252, 343
69, 463
182, 880
20, 999
5,822
15, 177
21, 025
5, 799
15, 226
21, 885
6,091
15, 794
21, 336
5,934
15, 402
21, 198
5, 750
15,448
21, 635
5,824
15, 811
21,623
5, 840
15,783
21, 881
5,948
15,933
21,824
5, 873
15, 951
22, 262
6,198
16, 064
22, 174 '21,858
6,152 '5,966
16, 022 '15,892
do
do
do
do
do
do
45, 057
101,315
65, 081
51, 053
38, 058
191,708
49, 710
110, 454
75, 275
52, 058
39, 413
215, 269
4,178
9,131
6,584
4,594
3,173
17, 583
4,124
9,260
5, 543
4,184
3,200
17, 741
4,207
9,597
6,607
4,200
3,373
17, 861
4,175
9,344
5,192
3,851
3,177
17, 669
4,059
9,348
5,756
3,610
3,307
17, 447
4,148
9,529
5,760
3,830
3,293
17, 140
4, 053
9,555
5, 685
3,962
3,099
17,495
4, 151
9,685
6,560
4,503
2,991
17,848
4,183
9,614
7,047
4,333
2,976
17, 934
4, 139
9,663
6,230
4,077
2,951
18,917
4,077
9,713
6,230
4,288
3,305
18,287
do
do
do
19, 449
32, 534
49, 679
21,318
40, 469
56, 770
1,824
3,308
4,816
1,764
2,727
4,647
1,786
3, 359
4,603
1,826
2,846
4,545
1,698
3,330
4,242
1,748
3,235
4,315
1,712
3,273
4, 443
1,728
3, 865
4,607
1,829
' 4, 201
4,794
1,814
3,641
4, 853
64, 896
61, 543
3,353
78, 630
75,315
3,315
79, 537
76, 033
3,504
78, 753
75, 346
3,407
78, 630
75, 315
3,315
78, 787
75, 485
3,302
78, 777
75, 536
3,241
77, 959
74, 795
3,164
77,794
74,609
3,185
77, 856
74,679
3,177
78, 854
75, 732
3,122
80, 085
76, 908
3,177
80, 400 '80,749 81, 379
77, 187 '77,510 78, 119 i 77, 700
3,213 ' 3, 239 3,260
66, 068
79, 917
79, 923
79, 581
79,917
78,863
78,455
77, 290
77,194
77,988
79, 188
79, 764
79,985 '80,537
62, 534
5,646
2,730
5,467
10, 304
9,830
25, 993
19, 781
76,415
6, 909
3,305
6,221
12,816
12, 279
32,350
26, 056
76, 382
7,350
3,698
5,989
12,611
12,189
32, 590
25, 673
76, 170
7,125
3,550
6,084
12, 818
12, 310
32, 078
25, 513
76, 415
6,909
3,305
6,221
12, 816
12, 279
32, 350
26, 056
75, 427
6,466
2,880
6,135
12, 716
12, 368
32, 046
26, 061
75, 131
6,274
2, 882
6,144
12, 497
12, 394
32, 158
26, 505
74, 060
5,771
2, 529
6,119
12, 359
12, 232
32, 009
26, 649
74,016
5,569
2,487
6,176
12,335
12,206
32,237
26,971
74,973
5,741
2,716
6,189
12, 376
12, 133
33,066
27, 667
76, 185
5,870
2,847
6,205
12, 449
12, 230
33, 929
28, 646
76, 710
5,935
2, 936
6,116
12, 426
12, 341
34, 453
29, 024
76, 801
5,886
2,890
6,277
12, 699
12, 558
33, 826
28, 520
3,534
3,502
3,541
3,411
3,502
3,436
3,324
3,230
3, 178
3,015
3,003
3,054
3, 184 '3,269
3,294
2,124
34, 732
6,041
23, 171
2,230
42, 205
6,493
28, 989
2,324
42, 165
6, 274
29, 160
2,247
41,740
6,330
29, 264
2,230
42, 205
6,493
28, 989
2,219
41, 479
6,405
28, 760
2,154
41, 297
6,457
28, 547
2,050
40, 886
6,454
27, 900
2,027
40,709
6,. 513
27,945
1,957
41, 522
6,482
28, 027
1,971
42, 517
6,450
28, 250
1,954
42, 662
6,424
28,724
2,016 ' 2, 028
42, 574 '42,692
6,579 ' 6, 501
28, 816 '29,316
2,075
43, 769
6,625
29,132
do
Unfilled orders, end of year or month (unadjusted),
total
mil $
Durable goods industries, total
do
Nondur. goods indus. with unfilled orders© -do
Unfilled orders, end of year or month (seasonally
adjusted), total
mil $
By industry group:
Durable goods indus tries, total 9
do __
Primary metals
do
Blast furnaces steel mills
do
Fabricated metal products
do
Machinery except electrical
do
Electrical machinery
do
Transportation equipment
_do
Aircraft and parts
do
Nondur. goods indust.with unfilled orders©.do
By market category:
Home goods, appajel, consumer staples do
Equip and defense prod incl auto
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary market categories:
Consumer durables
do
Defense products—
do
Machinery and equipment——
- d o __
1,704
1,740
1,704
1,780
31, 765 31,453 31, 316 31, 765
19,614 19, 499 19, 602 19, 614
2
' Revised.
i Advance estimate.
Data for total and components (incl. market
categories) are based on new orders not seasonally adjusted.
9 Includes data for items not shown separately.
d" See corresponding note on p. S-5.
©Includes textile mill products, leather and products, paper and allied products, and printing
' 8, 281
'10,647
'20,218
' 4, 251
' 6, 315
'31,464
1, 601
24, 587
16, 000
'23,416
' 3, 612
' 1, 971
' 2, 009
' 3, 679
' 3, 554
' 6, 019
' 2, 362
23,357 124,100
3, 470 13,700
1,902
2,262
3,571
3,525
8,160 i 5, 700
2,952
22,133
5, 904
16, 229
' 4, 023 4,035
' 9, 630 9,840
7, 247
'6,374
' 3, 712 3, 221
' 3, 111 3,277
'18,424 17, 870
1,859 ' 1, 810
2,841 ' 3, 712
5, 058 ' 4, 665
'77,268
' 6, 078
' 3, 082
6,193
'12,688
'12,700
'33,935
'28,661
1,913
4 ,..016 13,300
4,638 i 4, 900
81,601
78,307 178,400
6, 088 i 6, 200
3,105
6,348
12, 646
12,802
34, 738 134,200
29, 450
1,552
1,511 ' 1, 488
1,479
1,720
1, 485
1,644
1, 520
1,519
1, 526
31, 735 32, 167 32, 268 32,552 33,253 34, 309 34, 732 34, 288 '34,687 35,433
19, 545 19, 224 18. 909 18,830 18, 898 19, 047 19, 124 19, 407 '19,307 19,274
and publishing industries; unfilled orders for other nondurable goods industries are zero.
HFor these industries (food and kindred products, tobacco products, apparel and related
products, petroleum and coal products, chemicals and allied products, and rubber and plastics
products) sales are considered equal to new orders.
S-7
SURVEY OF CURRENT BUSINESS
December 1967
Unless otherwi.se stated, statistics through 1964
and descriotive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
Oct.
Annual
1967
1966
1966
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INCORPORATIONS c?
New incorporations (50 States and Dist. Col.):
Unadjusted
number
Seasonally adjusted© ._
do
INDUSTRIAL AND COMMERCIAL
FAILURESd*
number
Failures, total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
Liabilities (current) total
do
do
do
do
do
thous $
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
_
do
do
do
do
do
Failure annual rate (seasonally adjusted)
No per 10 000 concerns
203 897
200 010
15 241
16,233
13 982
16206
16 467
16 583
18, 714
16, 703
15 225
15, 987
19, 036
16,244
16, 511
16, 760
18, 700
17, 627
18,591
17,799
15, 415
16, 072
17,332
17,388
16, 222
18, 409
17,233
17, 908
13 514
13 061
1 150
1 112
1 055
1,191
1 216
1,216
1,160
1,100
1,047
843
1,017
913
949
138
213
154
542
103
127
214
145
526
100
111
219
157
454
114
113
223
171
558
126
152
236
160
555
113
128
227
190
557
114
125
238
149
519
129
119
193
157
515
116
105
180
163
500
99
82
132
129
405
95
98
159
172
490
98
93
152
145
431
92
108
197
130
426
88
1 299
2 513
2 097
6, 250
1 355
1 368
2,510
1 852
6, 076
1,255
93, 370 104, 643
72, 551 108, 901
93,943
81, 633
161
523
768
343
937
11 654
67 110
29 338
38 631
14, 748
8, 044
19, 361
32 818
27, 301
20, 648
12 746
25, 050
32 325
32 887
10, 442
10, 086
38, 928
29,321
32, 652
8,335
9,767
29, 058
27, 489
25, 367
12, 136
10, 280
16, 046
26, 912
26,307
13, 825
6,896
26,912
26, 062
27,931
16,842
4,690
16, 191
27, 100
17, 062
7,508
12, 310
12, 758
33, 294
37, 861
12, 678
6,344
11, 536
29, 177
37, 769
9,117
11,052
14, 192
14,705
33,652
8,032
55 6
52 4
54 9
57 1
49 7
52 1
48.6
48.6
43.2
49.3
'49. 1
47.4
1 321 666 1 385 659 108 046 106 732 161 481 108 172 113 450 119 322 103 817
523
980
324
478
361
185, 202
326, 376
352 861
344 346
176, 874
8 230
24, 399
34 992
26 043
14, 382
i 53 3
i 51 Q
57 2
248
290
350
287
144
6
24
33
27
14
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products J
1910-14 =100—
Crops?
do
Commercial vegetables
do
Cotton
do
Feed grains and hay
___ do
Food grains
_
do
Fruit
_
do
Tobacco
_ . do
Livestock and products 9
_
do
Dairy products
„_
do
Meat animals.-.
do
Poultry and eggs
do
Prices paid:
All commodities and services
do
Family living items_
_
do
Production items
do
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100—
Parity ratio §
___.
do
248
234
262
245
174
164
247
513
261
261
319
145
266
235
288
215
181
185
243
553
292
293
356
161
266
233
268
190
184
188
273
560
293
326
343
160
259
230
293
185
183
189
226
557
284
324
324
163
257
229
291
186
187
191
205
562
281
320
323
158
255
225
288
168
186
187
206
556
281
311
330
152
252
223
280
175
184
179
199
561
276
306
328
142
250
224
276
173
186
189
199
561
272
300
323
144
245
223
305
173
183
185
193
558
264
291
319
130
252
221
276
167
183
188
197
558
279
288
351
126
255
227
322
169
184
179
217
558
279
288
353
123
257
225
326
178
178
167
203
558
285
292
358
133
256
224
277
.86
166
169
256
560
283
302
352
128
252
217
242
180
167
167
266
537
283
312
344
133
251
224
252
230
160
173
263
537
275
320
330
122
250
227
275
257
154
168
250
544
269
321
316
122
288
306
276
298
315
285
300
319
287
300
'318
286
300
318
287
301
318
289
301
318
288
301
318
289
301
318
288
302
320
289
303
321
290
304
323
291
303
323
289
303
323
289
304
324
289
303
325
287
321
77
334
80
337
79
337
77
337
76
340
75
339
74
340
74
341
72
342
74
343
74
345
74
343
75
344
73
345
73
344
73
114.8
115.0
115.3
115.6
116.0
116.5
116.9
117.1
117.5
115.1
116.3
110.5
113.2
103.9
96.9
121.4
108. 7
127. 0
130.4
113.9
108.5
115.9
116.4
113.9
117.5
112.1
119.7
108.7
110.8
108.3
107.9
•113.8
115.5
113.6
130. 9
122.8
135.7
115.0
119.6
115.6
116.5
111.0
113.8
104.1
96.8
122.4
108. 9
127.4
130,8
115.1
111.6
116.3
119.9
114.1
117.7
112.2
119.9
108.6
110.5
108.2
108. 1
113.9
115. 7
113. 7
132.2
123.2
136.3
115.3
119.7
116.1
116.8
111. 5
114.3
104.4
97.0
124.8
109.1
127.7
131.2
11R.O
112.3
116. 4
124.4
114.3
117.9
112.4
120.2
108. 9
111.4
108.3
108.2
113.7
116.2
114.1
132.7
123.6
136.9
115.5
119.8
116.7
116.5
117.1 , 117.7
112. 0
111.9
114.9
114.8
104. 7 104.8
96.1
96.9
126.2
125. 2
110.
0
109. 4
128. 7
128. 2
132.3
131.7
115.9
116. 6
113.4
113. 1
117. 3
116.6
122.7 115.6
115.0
114.7
118.7
118.4
112.8
112.6
121.1
120.8
109. 4
109. 1
112.3
111.7
108.9
108.5
108. 8
108.3
115. 1
113.8
116.8
116.4
114.8
114.4
133. 0
132.8
124. 9
124.2
138.5
137. 5
116. 1 116. 4
120.5
120.0
117. 1
118. 2
112. 4
115. 1
105.7
101.1
126.0
110.6
129. 1
132.7
115.7
112. 3
117. 9
115. 3
115.3
119.0
113.0
121. 5
109. 4
112.5
108. 9
109.1
116. 0
117.7
115.7
133. 0
125. 5
139. 0
116.5
121.4
V
CONSUMER PRICES
(17. S. Department of Labor Indexes)
Unadjusted indexes:
All items
1957-59—100
114.6
109. 9 2 113. 1 2 114. 5
114.7
Special group indexes:
All items less shelter
do
114.4
109.6
114.3
114.3
112.9
All items less food
do
110. 4
114.8
114.4
114.9
113.0
Commodities
do
110.2
106.4
110. 3
110. 1
109.2
Nondurables
do
113.1 112.9
107.9
113.0
111.8
Durables 9
do
103. 5
102. 6
103.1
102.7
103.5
New cars
do
99.0
98.4
99.3
97.2
98. 6
Used cars
do
114. 2
119.3
120.8
120.8
117.8
Commodities less food
do
105.1
106. 5
107.8
107. 7
107.6
Services
do
124.1
124.7
125.2
117.8
122.3
Services less rent
do
127.7
120. 0
128.3
125. 0
127.1
Food 9
do
114.8
114.2
108.8
115.6
114.8
Meats, poultry, and
fish
do
114.1
111.8
110.9
113.8
105. 1
Dairy products
do
116. 7
105.0
117.1
111.8
116.5
Fruits and vegetables
do
114. 3
115.2
115.3
114.9
117.6
Housing
do
112.6
108.5
113.0
111.1 112.2
Shelter 9 ___ _
do
115.8
116.4
114.1
110. 6
115.5
Rent _
do
111.2
110.4
111.0
111.3
108. 9
Homeownership
do
111.4
115.7
117. 4
117.8
118.6
Fuel and utilities 9
do
107. 7
108.3
108. 4
107.2
108.1
Fuel oil and coal
do
110.2
108. 9
105.6
108. 3
108. 3
Gas and electricity
do
108.0
108.1 107.9
107.8
108.1
Household furnishings and operation.- _ do
106.5
106.7
105.0
106.1
103.1
Apparel and upkeep
do
112.3
111.5
112.0
109.6
106. 8
Transportation
do
114. 3
114.5
113.8
112.7
111.1
Private.—
do
111.7
112.3
111.0
112.6
109.7
Public
do
129.8
121.4
125.8
129.6
129. 6
Health and recreation 9
do
121.0
120. 4
120.8
115.6
119.0
Medical care
do
130. 4
122. 3
127.7
131.3
131. 9
Personal care
.___
do
113.3
113.7
109.9
113. 4
112.2
Reading and recreation
do
118.4
118. 0
115.2
117.1
118.3
Seasonally adjusted indexes:*
Food
do
115.8
115.3
115. 3
Apparel and upkeep
do
110.8
111.3
111.7
Transportation
_._ ..
do
114.1
113.3
114. 0
••Revised.
'i Based on unadjusted data.
2 Beginning with indexes for Jan. 1966, data for six additional areas (Cincinnati, Houston,
Kansas City, Milwaukee, Minneapolis-St. Paul, and San Diego) have been incorporated
into the national CPI. These areas were "linked" into the CPI as of Dec. 1965 and were
first used in calculating the Dec. 1965-Jan. 1966 price change.
cfCompiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col/).
©Revised seasonally adjusted data for Jan. 1964-Nov. 1965 will be shown later.
114.7
114.2
114.8
109.9
112.7
102.7
97.6
113.0
107.3
125.5
128.8
114.7
110.3
116.4
115.3
113.1
116.5
111.4
118.7
108.6
110.5
108.3
106.7
111.3
113.4
111.4
129. 8
12L4
132.9
113.8
118.5
114.3
115.2
109.9
112. 7
102. 8
97.3
114.0
107.6
125.9
129.2
114.2
110.7
116.1
114.2
113.3
116.8
111. 7
118.9
108.7
111.1
108.3
107.0
111.9
113.8
111.8
130. 0
121.8
133.6
114.1
118,6
114.6
115.4
110.0
112.9
102.9
97.2
115.9
107.8
126.3
129.5
114.2
110.0
115. 7
115.2
113.3
116.6
111.8
118.6
108.7
111.1
108.3
107.3
112.6
114. 2
112.2
130.5
122.2
134.6
114.4
118.9
114.8
115. 9
110.2
113.0
103.4
97.0
118.8
108.4
126. 6
130. 0
113. 7
109.0
115.7
114.2
113.6
116.9
111.9
119.0
108. 8
111.0
108.4
107.7
113. 0
115. 1
113.2
130.6
122. 6
135. 1
114.9
119.4
115.8
115. 8 115.6
115.3
115. 0
114.9
114.0
114. 3
114.5
113.9
115.4
114.9
114.3
113.9
114. 2
111.9
112.3
112.9
113.7
113.1
117.3
117. 0
116.3
116.0
115.9
114.3
114. 5
115.6
113. 2
115.3
{Revisions for Jan. 1963-Mar. 1966 (back to Jan. 1959 for all farm products, crops, and feed
grains and hay) are available upon request.
§ Ratio of prices received to prices paid (parity index).
9 Includes data for items not
shown separately.
*New series. Beginning with indexes for Jan. 1966, seasonally adjusted
indexes for selected groups and subgroups of the CPI were published by the Dept. of Labor.
Additional information and a description of the BLS Seasonal Factor Method are available
from the Bureau of Labor Statistics, U.S. Dept. of Labor, Washington, D.C. 20212.
December 1967
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1967
1966
1966
Annual
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.*
COMMODITY PRICES—Continued
WHOLESALE PRICES^ t
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities:
22 Commodities,
1957-59=100__
9 Foodstuffs
_
do
13 Raw industrials
do
1
1 104. 7
191.9
1 114. 6
i 109. 5
i 101. 9
1 115. 2
103.7
100.1
106.3
102.6
98.1
105.9
102.8
98.6
105.8
102.9
97.5
106.8
102.0
97.5
105.2
100.0
96.3
102.5
98.1
95.3
100,1
99.0
98.1
99.6
98.8
97.3
99.8
97.1
95.4
98.3
96.7
94.6
98.1
95.9
93.4
97.8
95.0
91.2
97.7
95.1
89.5
99.1
do
102.5
105.9
106.2
105.9
105.9
106.2
106.0
105.7
105.3
105.8
106.3
106.5
106. 1
106.2
106.1
106.1
Intermediate materials supplies etc
Finished goodsO
By durability of product:
Durable goods
Nondurable goods
Total manuf9ctures
Durable manufactures
Nondurable manufactures
do
do
98.9
102.2
103.6
105.3
104.8
106.9
103.6
105.3
107.8
101.1
105.3
107.8
100.8
105.4
107.6
101.9
105.6
107.7
100.8
105.5
107.6
99.7
105.5
107.2
98.0
105. 5
107.0
100.6
105.3
107.6
101.4
105.4
108.4
101.7
105. 4
108.7
99.5
105.4
108.3
98.5
105.7
108. 7
97.9
105.7
108.6
do
do
do
do
do
103.7
101.5
102.8
103. 7
101.9
106.0
105.6
105.7
106.0
105.3
106.6
105.8
106.3
106.7
105.8
106.9
105.1
106.2
107.0
105.3
107.1
104.9
106.2
107.2
105.2
107.4
105.2
106.4
107.5
105.3
107.6
104.7
106.4
107.7
105. 1
107.6
104.2
106.3
107.7
104. 8
107. 6
103.7
106.2
107.8
104.6
107.5
104.6
106.3
107.7
105. 0
107.5
105.4
106.6
107.7
105.6
107.6
105.6
106.8
107.9
105.8
107.9
104.8
106.8
108.1
105.6
108.2
104.8
107.1
108.4
105.8
108.7
104.2
107.1
109.0
105.3
Farm prod., processed foods and feedsH
do
102.1
108. 9
108.8
107.1
106. 7
107.0
105.7
104.6
103.4
105.0
106.8
107.3
105.2
105.3
104.1
100.7
104.4
98.0
85.6
102. 6
102.4
114.3
96.1
85.7
104.9
102.8
107.9
92.6
91.9
107.4
99.2
96.6
86.1
77.3
106.3
98.4
92.2
85.6
72.9
103.5
97.1
91.6
86.6
73.8
101.8
96.5
All commodities t
By stage of processing:
Farm products 9
do
Fruits and vegetables, fresh and dried-do
Grains
do _
Live poultry*
do
Livestock*
do
98.4
101.8
89.6
87.2
100.5
105.6
102.5
97.3
91.4
110.0
104.4
97.9
98.9
83.1
106.5
102. 5
104.2
98.0
85.1
98.4
101.8
101.3
101.5
77.2
97.9
102.6
101.8
100.7
88.1
101.4
101.0
104.5
95.8
97.1
99.5
99.6
98.4
99.9
90.8
97.4
97.6
99.6
98.3
89.0
94.0
Foods and feeds, processed 9*
Beverages and beverage materials*
Cereal and bakery products
Dairy products
Fruits and vegetables, processed®
[Meats poultry and
fish
do
do
do
do
do
do
106.7
105.7
109.0
108.5
102.1
101.0
113.0
105. 8
115.4
118.5
104.8
110.2
113. 9
105. 6
118.7
124. 5
105.7
108.1
112.6
105.6
118.7
122.6
105.9
104.2
112.8
105.8
118.0
122.3
105.8
104.4
112.8
105.8
117.6
121.8
105.9
105.4
111. 7
105.9
117.3
121.2
104.3
104.7
110.6
105.6
117.5
120.7
104.2
101.7
110.0
105.9
117.2
120.1
104.3
100.6
110.7
106.0
117.4
120.8
105.1
103.8
112.6
106.3
117.2
122.2
106.5
108.3
113. 1
106.4
116.9
122.0
107.0
109.9
112.1
106.6
116.8
122.1
107.1
107. 4
112.7
106.7
116.6
122.8
107. 9
108.6
111.7
107.3
116.8
123.0
109.3
104.7
111.0
107.0
do
102.5
104. 7
105.3 . 105.5
105.5
105.8
106.0
106.0
106.0
106.0
106.0
106.0
106.3
106.5 '106.8
Chemicals and allied products 9
do
Chemicals, industrial
Drugs and Pharmaceuticals
Fats and oils inedible
Prepared paint
do
do
do
do
97.4
101.8
95.0
94.4
112.7
105.4
97.8
102.8
95.7
94.5
102.8
106.8
97.9
102.8
95.9
95.0
94.5
107.3
98.0
103.3
96.0
95.0
91.6
107.8
98.2
103.1
96.4
94.7
95.1
108.5
98.4
104.2
96.6
94.7
92.3
108.7
98.5
105.4
96.9
94.2
89.1
108.7
98.5
105.9
97.0
94.4
81.5
108.8
98.8
105.2
97.6
94.0
85.3
108.8
98.8
105. 2
97.5
94.1
82.9
108.8
98.5
105.1
97.2
94.1
79.5
108.8
98.3
103.5
97.2
94.1
77.1
108.8
98.0
101. 8
97.1
93.6
77.2
108.8
97.9
101.2
97.1
93.5
77.1
109. 9
98.2
101.6
98.3
93.6
78.5
109.9
Fuels and related prod and oower 9
do
Coal
_'
_~_I"do~~"
Electric power
Jan. 1958=100
Gas fuels
do
Petroleum products, refined
1957-59 = 100_ _
98.9
96.5
100.8
124.1
95.9
101.3
98.6
100.3
129.3
99.5
102.6
100.6
100.2
130.7
101.3
102.7
101.9
100.3
130.6
101.3
102.4
102.4
100.8
132.0
100.2
102.6
102.3
100.6
134.6
100.3
103.4
102.3
100.6
134.5
101.9
103.7
102.2
100.6
134. 6
102.4
103.3
102.7
100.6
134.8
101.7
104.4
102.6
100.6
135.0
103.7
104.0
102.4
100.5
134.3
103.1
103.9
103.0
100.6
131. 8
103.3
104.7
103.0
100.5
132.0
104.6
104. 5
104.1
100.7
132.6
103.9
103.0
103.8
100.8
132.7
101. 0
Furniture and household durables 9
Appliances household
Furniture, household
Home electronic equipment* A
98.0
89.2
106.2
85.2
99.1
89.1
109.1
83.6
99.7
88.9
110.3
83.8
100.3
89.2
111.5
83.8.
100.4
89.2
111.8
83.8
100.4
89.6
111.9
83.6
100.4
89.7
112.0
83.5
100.6
89.8
112.4
83.3
100.6
89.8
112.4
83.3
100.8
89.7
112.4
82.9
100. 8
90.0
112.4
82.0
100.9
90.1
112.6
81.8
101.0
90.1
112.8
81.8
101.2
90.3
113.0
81.3
101.7
90.5
113.4
82.1
109.2
110.7
111.2
108.1
101.1
101.9
119.7
118.2
140. 8
121.1
105.6
108.5
118.7
120.1
120.8
117.5
104.8
108.0
117.5
120.1
114.3
114.1
103.0
105.6
117.3
120.3
109.2
116.2
102.5
104. 5
117.9
120.9
110.1
116.9
102.6
104.5
118.0
121.6
107.8
116.3
103.6
105.4
116.9
121.7
98.9
114.6
103.6
106.0
115.7
121.5
88.3
112.9
104.1
106.6
115.2
121.4
87.2
110.9
104.2
107.0
115.6
121.5
95.8
110.2
104.7
108.0
115. 2
121.4
93.4
109.5
105.3
108.3
114. 4
121.2
86.8
109.21
106. 1
109.0
114.4
121.8
93.2
105.3
108.7
112.0
114.8
123.6
86.8
104.7
107.3
111.2
105.0
115.1
115.3
96.8
113.6
108.2
118. 5
118.9
99.0
118.8
109.4
118.5
119.8
99.5
121.1
110.2
120.4
120.6
100.7
121.5
110.7
120. 8
121.0
101.5
121. 8
111.1
121.5
121.3
101.9
121.9
111.2
121.7
121.4
101.8
122.2
111.5
121.9
121.5
102.2
122.6
111.6
121.8
121.8
102.3
122.9
111.6
121.8
121.9
101.9
123.6
111.6
121.8
121.9
101.8
123.6
111. 6
121.9
122.1
101.7
123.9
111.8
122.0
122.4
101.6
124.4
111.9
122.2
122.4
101.5
124.4
112.2
122.3
124.3
101.5
124.6
105.7
91.7
101.4
115.2
108.3
92.5
102.3
120.9
108.6
93.3
102.5
120.3
109.0
93.4
102.8
121.0
109.0
93.4
102.9
120.5
109.4
92.6
103.0
121.8
109.6
92.3
103.2
122.3
109.4
92.2
103. 3
121.1
109.1
92.0
103. 2
120.0
108.9
92.0
103.2
118.9
108.9
92.5
103.3
118.7
109. 0
92.6
103.4
118.6
109.2
92.5
103. 5
118.9
109.6
92.7
104.0
119.4
109.8
92.9
103.9
120.7
101.7
102.6
103.2
103.3
103.3
103.6
103.7
103.8
103.9
103.8
103.9
104.2
104.5
104.7
104.9
109. 1
103.9
103.5
103. 0
108.5
95.0
93.9
109.3
103.9
103.5
103.1
108.5
95.6
94.9
109.3
104.4
103.5
103.3
108.5
95.8
94.9
109.3
104.5
102.3
103.6
108.5
95.9
94.9
109.4
104.6
102.3
103.9
109.3
95.9
94.0
109.7
105.2
102.3
103.9
109.5
95.8
94.0
109.7
105.7
100. 9
103.9
109.6
95.8
94.0
109.9
105.8
100.7
104.1
110.9
95.8
94.0
110.4
105.8
100.7
104.0
110.9
97.8
98.7
110.7
105.9
100.7
104.1
110.9
98.2
98.7
110.7
105.9
103.9
104.3
111.2
98.8
98.7
Industrial commodities §
_do
do
do
_-do
Hides, skins, and leather products 9 __.__do
Footwear
do _
Hides and skins
__ __do__ _
Lumber and wood products
Lumber
do _
do
Machinery and equipment 9 *
__ do
Agricultural machinery and equip
do
Construction machinery and equipdo__
Metalworking machinery and equip .*__do
Metals and metal products 9—
Heating equipment
Iron and steel.
Nonferrous metals
- _
do __
_ _do__ _
_ do __
do _ _
Nonmetallic mineral products 9
do _ _ _
Clay prod., structural, excl. refractories*
do
Concrete products
do
Gypsum products— . _,.
do _ _
Pulp, paper, and allied products
__ do
Paper
do
Tires and tubes
do___
Textile products and apparel 9
Apparel
Cotton products
Manmade fiber textile products
Silk yarns
Wool products
Transportation equipment 9 *
Motor vehicles and equipment
Miscellaneous products 9 *
Tobacco products*
_do
do
do
do _ _
do _ _ _
do
do
do _
__do__
do
106.6
101.5
104.0
99.9
104.1
92.9
90.0
108.4
103.0
102.4
102.6
107.3
94.8
93.3
108.8
103.5
102.7
103.1
108.4
94.6
93.4
109.3
103.5
103.5
103.0
108.5
95.0
93.9
101.8
103.7
100.2
95.0
134.3
104.3
102.1
105.0
102.5
89.5
153. 6
106.0
102.2
105. 3
103.3
88.1
161.1
105.6
102.1
105.5
103.0
87.7
161.1
105.1
101.8
105. 4
102.7
86.9
163. 2
104.8
102.0
105.7
102.5
87.1
166.1
104.7
102.0
105.9
101.8
87.1
164.1
104.7
101.8.
106.0
101.3
86.9
164.1
104.0
101.8
106.2
100.8
86.8
164.5
102.9
101.6
106.3
100.3
86.3
167.0
103.1
101.6
106.7
99.7
85.8
167.0
103.2
101.5
107.1
98.9
85.5
168.4
103.3
101.7
107.3
98.8
85.9
172.6
102.9
102.0
107.4
99.2
86.3
175.7
102.7
102.2
107.5
99.1
86.9
179.5
102.8
100.7
104.8
102.7
106.2
100. 8
106.8
104.1
109.6
101.7
107.2
105. 0
110.3
101.7
107.4
104.8
110.2
101.7
107.5
104.8
110.3
101.6
107.9
105.2
110.3
101.6
108.0
105.3
110.3
101.6
107.7
104.0
110.3
101.6
108.0
105.2
110.3
101.6
108.0
105.3
110.3
101.4
109.6
105.3
114.8
101.3
109.7
105.6
114.8
101.3
110.0
105.8
114.8
101.5
110.2
106.1
114.8
103.7
110.5
106.3
114.8
$0. 976
.910
$0. 945
.884
$0. 942
.873
$0. 944
.873
$0. 944
.872
$0. 942
.872
$0.943
.871
$0.946
.870
$0. 950
.867
$0.945
.865
$0. 941
.862
$0.939
.858
$0. 943
.855
$0.942
.854
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
Consumer prices
_1957-59=$1. 00
do
' Revised.
* Preliminary.
i Computed by OBE.
d*For actual wholesale prices
of individual commodities, see respective commodities.
{Beginning Jan. 1967, indexes
incorporate revised weighting structure reflecting 1963 values of shipments; details regarding
weight revision as well as changes in classification structure are available from the Bureau
of Labor Statistics, U.S. Dept. of Labor, Wash., D.C. 20212.
©Goods to users, incl. raw
$0.943 $0.943
.851
foods and fuels.
HFormerly "farm prod, and processed foods."
9 Includes items not
shown separately.
*New series; data prior to Feb. 1966 (where available) may be obtained,
from BLS.
©Formerly "canned and frozen fruits and vegetables.
formerly
"commod. other than farm prod, and foods."
AFormerly "television, radio receivers,
and phonographs."
SURVEY OF CURRENT BUSINESS
December 1967
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1967
1966
1966
Annual
S-9
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE f
New construction (unadjusted), total
mil. $
71,912
74, 371
6 656
6 281
5 685
4 991
4 591
5,175
5,740
6,306
6,852
7,247
7,398
T
7, 392
7,236
r
Private, total 9
do
Residential (nonfarm)
_ _ _„
do
New housing units
do
Nonresidential buildings, except farm and public utilities, total 9
. . __
mil. $
Industrial
do
Commercial
do
Farm construction __
do
Public utilities 9
do
Telephone and telegraph
do
49, 840
26, 266
20 351
50, 446
23,815
17 964
4 378
1 948
1 443
4 178
1 770
1 298
3 871
1 605
1 164
3 329
1 381
980
3 108
1 963
891
3 356
1,422
1 022
3,673
1,642
1 188
4,023
1,868
1,380
4,316
2,110
1,599
4,532
2,280
1,732
4, 778
4,680
4,696
2,384 ' 2, 377
2,343
1,810 ' 1, 835 1,846
16, 584
5 128
6,745
1,189
5 385
1,461
18, 607
6 703
6,890
1,225
1 670
587
635
1 672
609
624
1 579
575
600
1 404
492
529
1 327
482
490
1 357
473
512
1,419
464
557
1,501
499
597
1,509
515
577
1,554
541
593
1,589
530
597
1,600
139
144
151
102
115
139
127
138
151
134
142
Public, total 9
do
22, 072
23, 925
2 278
2 103
1 814
1 662
1 483
1 819
2 067
2,283
2,536
2,715
2,702
do
do
do
do
do
7 881
602
365
852
7,554
8 921
653
369
713
8,359
810
64
30
61
822
766
63
27
60
723
727
59
28
57
543
69A
55
31
49
460
646
53
25
45
376
738
58
28
45
546
818
68
27
44
668
890
73
42
46
784
45
57
34
64
30
70
72 3
47 9
21 6
72 o
47 1
20 3
72 2
46 4
19 8
74 8
48 3
19 9
75 0
48 0
°0 3
73 1
46 9
20 8
72 0
46 0
21 1
73 9
47 8
22 1
74 2
48.1
22.9
75 9
49.2
23 7
77.0
50.2
24 6
r
78.9
'51. 7
'25.3
78.7
51.4
25.9
18 3
67
67
18 7
69
6 7
18 5
65
70
20 5
7 1
7 9
19 8
7 1
7 7
18 2
61
72
17 3
56
69
17.8
60
71
17.3
59
6.7
17.6
6.2
6.7
17.6
60
6.4
'18.4
'6.6
'6.7
17.5
5.8
6.4
Buildings (excluding military) 9
Residential
._
Industrial
Military facilities
Highways and streets
New construction (seasonally adjusted at annual
rates) total
bil $
Private total 9
do
Residential (nonfarm)
do
Nonresidential buildings, except farm and public utilities, total 9
bil. $
Industrial
do
Commercial
do
Farm construction
do
Public utilities 9
- do
Telephone and telegraph
do
Public, total 9
do
Buildings (excluding military) 9
do
Residential
do
Industrial
do
Military facilities
do
Highways and streets
do
CONSTRUCTION CONTRACTS
Construction contracts in 48 States (F. W. Dodge
Co.):
Valuation, total
mil. $
Index (mo data seas adj )
1957 59—100
Public ownership
mil $
Private ownership
do
By type of building:
Nonresidential
do
Residential
do
Non-building construction
do
New construction planning
(Engineering News-Record) §
...do.Concrete pavement awards:
Total
thous sq yds
Airports
do
Roads
do
Streets and alleys
do
Miscellaneous
do
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:,
Total, incl. farm (private and public) t - - thous..
One-family structures
do
Privately owned t- -do
Total nonfarm (private and public) t_
In metropolitan areas
Privately owned}:
_
Seasonally adjusted at annual rates: t
Total, including farm (private only)
Total nonfarm (private only)
do
do
do
1
37
16
16
17
16
16
17
15
17
1.7
1.6
1.6
1.7
24.4
24.9
25.8
26 5
27.0
26 2
25.9
26.1
26.1
26.8
26.9
'27.2
9 3
6
3
6
80
9 4
7
3
6
8 2
9 4
7
4
g
91
9 7
7
4
7
95
95
g
3
g
10 2
98
g
3
g
91
99
g
3
g
9 0
10 1
9
4
5
89
.5
6
.5
g
.4
7
.5
27.3
50, 150
4 106
3 461
3 189
2 838
3 300
4 424
4 389
5 095
5 414
4 879
5,104
4,695
2 145
139
130
133
126
143
149
138
154
164
149
165
168
171
16, 209
33, 064
18, 152
31,998
1 607
2 499
1 357
2 104
1 287
1 903
1 113
1 725
1 188
2 112
1 509
2 916
1 498
9 ggi
3 275
1 820
2 169
3 245
1 989
2 890
1 824
3,280
1,169
3,526
1,292
3,761
17 219
21, 248
10 805
19, 393
17, 827
12 930
1 796
1, 225
1 086
1 424
1 076
961
1 358
903
928
1 175
937
726
1 430
1,056
814
1 714
1 584
1 127
1 830
1 627
931
1 808
2,002
1 285
2 070
2 000
1 344
1 749
1 8?99
1 30
1,847
1,912
1 345
1,786
1,741
1,169
1,874
1,887
1,292
45, 625
52,112
4,533
4,434
6,940
4,940
5, 401
4,781
3 359
4,293
5,809
6,829
5,506
4,053
4,932
4,295
' 125. 8 ' 136. 1
'76.9
82.0
'121.9 ' 134. 5
117.4
r 83 8
115.8
5,053
3
59 306
3
2, 255
3
42 723
3
12
455
3
580
410
779
016
376
119 108
4,1*7
87,834
23, 643
3,443
1, 509. 6
965 0
1, 472. 9
1,196.2
779 5
1, 165. 0
79.1
53 6
76.6
75.1
50 2
72.8
62.3
38 0
60.2
61.7
40 6
59.1
63.2
40 4
61.4
92.9
66 6
91.5
115.9
79 9
113. 7
134.2
87 4
132. 0
131.6
87 7
125 4
126.1
82 4
125 3
1, 487. 5 1, 172. 8
1 034 5
807 3
1, 450. 6 1,141.5
77.0
50 6
74.4
73.7
47.9
71.4
Cl.l
43.6
58.9
60.4
43 0
57.7
62.0
43 9
60.2
90.7
62 6
89.2
114.2
77 4
112.0
131.9
91 7
129.7
129.6
87 9
123.4
124 9
87 7
124! o
123.6
' 123. 4 ' 133. 8
'86.9
98.7
'119.5 ' 132. 2
845
824
975
956
931
910
1,111
1,079
1,149
1,132
1,094
1,067
1,116
1,099
1,274
1,254
1 233
1 214
1,369
1 356
1,407
1,381
'1,445 ' 1, 486
'1,415 '1,468
1,556
1,533
718
433
719
440
761
476
942
549
894
551
928
558
1,028
578
1,033
601
1 109
630
1,093
626
1,127
639
1,159 '1,212
'673
638
1, 162
627
193
123
123
123
1?4
126
127
127
128
128
891
970
997
890
883
891
972
997
890
882
915
995
1 013
923
912
917
998
1,015
924
912
919
1,001
1,016
928
912
922
1,019
1,019
928
912
125
4
86
29
5
1 873
1,240
710
972
563
116
121
122
122
122
867
941
963
867
852
884
969
980
890
864
885
970
979
886
878
887
970
979
884
879
824
904
925
814
808
Associated General Contractors (building only)
129
128
129
1957-59 =100_ _
123
127
!
' Revised.
Annual total includes
revisions not distributed to months.
- Computed
3
from cumulative valuation total.
Data cover 6 months.
tRevised series. Monthly data for 1962-66 appear in Bu. of the Census Construction
Report C30-66S.
140
' 2, 614 2,556
2 143
i 49, 272
. do
do
New private housing units authorized by bldg. permits (12,000 permit-issuing places) :
Seasonally adjusted at annual rates:
Total.
.
thous
One-family structures _._ _
do
CONSTRUCTION COST INDEXES
Dept of Commerce composite
1957 59 — 100
American Appraisal Co., The:
Average, 30 cities
1913=100
Atlanta do
New York..
do
San Francisco
do
St. Louis
do
' 1, 678 1,590
'592
508
'626
610
889
970
992
890
883
891
970
997
890
883
899
982
997
890
912
909
982
997
891
912
130.2
127.4
126.5
r gg g
115.6
113.9
930
1,024
1,025
933
916
134
134
133
133
129
129
129
133
129
130
131
9 Includes data not shown separately.
§ Date for Dec. 1966 and Mar., June, Aug., and Nov. 1967 arc for 5 weeks; other months,
4 weeks.
4 Revised data for Jan.-May 1966 will be shown later.
December 1967
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated, statistics through 1964
and descrintive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
Annual
1967
1966
1966
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
130.1
144.3
130.6
144.9
i 130. 9
i 144. 9
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES— Con.
E. H. Boeckh and Associates, Inc.: 1
Average, 20 cities:
All t vpes combined
1957-59 - 100
Commercial and factory buildings
Residences
do
do
Engineering News-Record:
Building
do
Construction
do
Bu. of Public Roads— Highway construction:
Composite (avg for year or qtr )
1957 59 — 100
CONSTRUCTION
117 2
118 5
117 2
115 2
122 1
123 2
122
2
190 1
124
0
1995 91
14
1°1 8
124 7
125
6
195 0
122 2
125
125
125
122
1
9
5
6
118.9
127.8
123 8
134 3
125. 0
136. 3
125 0
136 4
124 9
136.5
105 7
113 0
156 3
157 6
161 1
169 0
3
2
7
9
125.4
126 3
125 8
123 0
125.5
126 3
125 8
123 1
125.8
126 6
126 1
123 3
127.0
127 9
127 3
124 8
130.1
131 2
130.2
127.9
131.9
133 0
132 2
129.4
132.3
133 4
132 6
130.0
125 2
137.3
125.5
137.5
125.9
137.8
125.9
137.8
127.2
139.9
128.1
141.1
128.6
142. 5
129.4
143.8
125
126
125
122
123. 0
112.3
112 8
113 2
124 5
144 9
157.2
163.4
148 9
146. 1
164.5
153. 1
166.7
155.5
149.6
154.6
164 2
145 3
167 1
r 182. 4
156 3
208.0
177.0
152 6
226.9
156.4
131 7
225.4
14 8
16 0
16 3
12 7
17 1
14,6
15.3
178
181
12.2
145
11.6
124
10.8
129
r 12.5
'155
9.5
136
MATERIALS
Output index:
Composite unadjusted 9
Seasonally adjusted
1947—49 — 100
do
Iron and steel products unadjusted
Portland cement unadjusted
do
do
156 8
139 0
139 5
146 4
162 8
152 1
i en -I
i «?K q
143 3
132 4
159
110 4
102 5
171.3
164 8
148 5
138 0
1 9Q 1
9
1 09 7
1 Q7 1
* 187. 6
165 7
' 266. 6
160.1
155 5
234.2
186 °
189 8
234 2
188 9
1 CO f\
99
122
9.1
119
8 7
135
7.0
103
I9 5
203
6.6
104
10 1
157
7.1
107
10 7
16 6
162
160
7.7
104
10.3
103
11.0
125
10.9
108
12.8
135
415.68
9
70 88
368. 53
247 50
327. 27
225 53
379. 30
213 88
301. 12
168 52
388. 16
195 36
358. 989
184 I
406. 92
31 28
508.
04
9
65 88
501.11
295 92
653. 83
340 29
643. 11
352 10
665. 33
434. 29
620. 86
174 7
REAL ESTATE
Mortgage applications for new home construction:
Applications for FHA commitments
Seasonally adjusted annual ratesj
Requests for VA appraisals
Seasonally adjusted annual rates!
do
do
do _ _
102.1
99.2
Home mortgages insured or guaranteed byFed. Hous. Adm.: Face amount
mil. $__ 7, 464. 59 6, 095. 32
9 fi^9 9*3
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
New mortgage loans of all savings and loan associations, estimated total
mil $
By purpose of loan:
Home construction... _ _ __
do
Home purchase
do
All other purposes..
do
135
152
9
166
150
176
5,997
6,935
7,249
7,084
6,935
6,340
5,800
5,175
4,782
4,421
4.302
4,221
4,153
4,122
r 4, 114
4,188
23, 847
16 729
947
866
935
788
950
1,347
1,339
1,738
2, 162
1, 860
2,228
r I, 97.1
1,950
1,802
'381
"•1,017
'573
'413
388
857
557
184
423
259
208
473
266
5,922
10, 697
7,228
3,604
7 748
5 377
116 664
117 473
9 676
1 d.^ R3 1 4Qfi 7fi
121 75
306
571
470
312
586
441
400
779
559
189
422
324
165
365
258
205
420
325
9 713
9 208
10 211
8 701
10 584
9 774
9 914
115 63
142 21
159 74 ' 155 08
149 66
142 86
143 15
382
951
527
1,186
10, 035
9,484
10, 274
9,407
164 04
144 17
173 25
116 95
435
1,046
681
424
618
r
949
588
114. 79
DOMESTIC TRADE
ADVERTISING
Printers' Ink advertising index, seas. adi.:d"
Combined index
1957-59=100-.
Business papers
do
Magazines
do
Newspapers
do
Out door
do
Radio (network)
do
Television (network)
do
136
121
147
108
92
109
175
Television advertising:
Network (major national networks) :
Net time costs, total
mil. $._ 1, 260. 3
Automotive, incl. accessories
do
99.1
Drugs and toiletries
do
409.2
Foods,
soft
drinks,
confectionery
do
234.8
Soap*3 cleansers etc
do
112 0
Smoking materials
d o _ _ _ 145.4
Allother
do. __
259.8
Spot (natl. and regional, cooperating stations):
Gros^ time costs total
mil $
1, 075. 5
Automotive incl accessories
do
38.9
Drugs and toiletries
do
207.4
Foods soft drinks confectionery
do
377.7
Soaps cleansers etc
do
100.4
Smoking materials
do
48.7
All other
do
302.4
Magazine advertising (general and natl. farm magazines) :
Cost, total
. . mil. $
148
128
159
119
91
118
194
151
136
157
119
80
125
206
155
128
167
124
95
114
210
150
128
168
110
116
93
201
1,411.3
106.7
429.8
274.0
131.5
161.4
308.0
446.5
39.9
128 0
80 0
35 3
52.5
110.8
402.9
29.5
122.8
86 9
37.5
48.3
77.8
1,189.3
54.1
219.4
414.2
103.3
51.0
347.3
314 8
13 7
58 1
108 4
23 2
13 5
97 8
274 3
15.8
55 5
109.9
22 6
13.0
57 3
125.9
7.6
16.3
3.7
13.9
12.1
126.1
6.0
13.5
2.7
15.2
12.8
101.5
4.0
7.8
1.4
13.8
10.3
8.4
69.3
79.2
11. 1
71.5
80.1
5.9
50.5
53.3
1.7
21.7
17.6
3.9
41.6
39.6
41.3
365.6
411.0
'Revised.
1 Index as of Dec. 1, 1967: Building, 131. 0; construction, 145.1.
^Copyrighted data; see last paragraph of headnote, p. S-l.
9 Includes data for items not shown separately.
11.0
8.5
5.6
2.5
4.5
43.9
14.1
5.0
4.5
1.4
4.5
34.7
Automotive, incl. accessories
Building materials. _
do
do
Foods, soft drinks, confectionery
do
Beer, wine liquors
do
Household equip. , supplies, furnishings. . do
Industrial materials
do
Soaps, cleansers, etc
_ do _
Smokiner materials
do
Allother
_
do
1,076.9
64.8
111.7
30.4
115.9
133.9
1, 166. 7
68.1
123.5
34.5
134.4
125.4
306.8
22.6
93.3
64.6
31.8
36.8
57.7
317.6
21.0
85.4
66.0
30.8
37.6
76.7
108.0
9.8
8.2
3.1
13.3
9.8
118.4
7.0
13.3
2.7
14.8
10.8
6.5
8.1
5.6
3.4
8.1
6.6
3.0
6.8
5.1
6.2
3.7
8.6
5.6
9.3
2.9
6.5
2.8
3.5
7.1
4.4
6.4
5.9
6.3
3.6
4.0
4.1
5.5
2.0
2.4
2.5
1.6
2. 5
1.4
1.1
2.3
1.7
3.2
3.5
3.5
2.9
3.1
2.5
2.5
3.4
3.1
38.8
39.1
32.6
24.4
29.7
38.2
39.9
23.6
33.9
JRevised seasonally adjusted data for 1958-64 will be shown later.
§Data include guaranteed direct loans sold.
cf Revisions for Jan. 1964-Feb. 1966 will be shown later.
9.5
9.0
5.6
2.2
3.8
39.8
68.4
1.7
7.0
1.4
8.0
7.1
89.9
4.1
10.1
2.0
11.6
10.4
106.4
6.8
10.9
3.8
11.5
11.0
110.9
8.3
10.2
4.2
13.0
8.6
112.1
5.7
10.6
3.9
13.4
9.6
97.8
2.4
8.4
3.1
14.9
10.4
69,3
.9
4.0
1.7
10.8
9.4
64.4
5.3
3.1
1.5
10.2
6.9
SUKVEY OF CURRENT BUSINESS
December 1967
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
S-ll
1966
1966
Annual
Oct.
Nov.
1967
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
269. 8
76.3
193.6
11.2
4.2
19.0
159.2
269. 8
73.1
196 7
13.7
4 8
26.2
152.0
296.2
76.9
219 3
12.7
6.2
29.9
170.5
Nov.
DOMESTIC TRADE—Continued
ADVERTISING— Continued
Newspaper advertising linage (52 cities):
Total
mil.
Classified
Display total
Automotive
_
Financial
General
Retail
_ .
lines
do
do
do
do
do
do
3, 164. 6
865.6
2 298 9
170.4
63 4
288.5
1,776.7
3, 354. 3
924.3
2, 430 0
182.9
73 2
310.3
1, 863. 6
308.7
81.4
227. 2
16.7
7. 1
31.5
171.9
305 4
70.4
235 0
14. 2
58
32 6
182.4
289.7
61.1
228.6
9.2
5.7
23.1
190.6
241.1
71.1
170.0
11.6
7.9
20.5
129.9
233.6
66.4
167.2
12.3
4.7
22 7
127.5
278.3
74.1
204 3
14.3
5 6
25.5
158.9
294.3
80.2
214.1
15.6
5.8
28.9
163.8
300.1
80.6
219.5
16.5
5.6
29.3
168.1
279.1
76.4
202.7
15.7
5.4
26.3
155.3
246.4
74.9
171. 5
11.9
58
17.8
136.0
mil $
283 852
303 672
25 923
26 158
31 804
22 567
21, 648
25 679
25, 081
26, 557
27, 616
26 005
do
__do_
do
do
93 718
_ 56, 266
53, 217
3 049
97, 812
57, 414
53, 875
3, 539
8,625
5, 096
4,789
307
8,410
4,899
4, 587
312
8 916
4,638
4, 236
402
7,018
4,197
3,963
234
6,801
4,010
3,787
223
8,234
4,989
4,711
278
8,205
4,955
4,644
311
8, 92S
5, 413
5,084
329
9,398
5,644
5,273
371
8, 547
5, 014
4,670
344
8,298 ' 8, 200
4,669 r 4, 515
4,338 ' 4, 192
331
'323
' 8, 576
'4,873
4,533
340
1
8, 570
i 4, 734
do
-do _
,do
13 737
8 538
4,223
14 978
9 089
4,905
1,332
815
426
1 391
836
453
1,712
943
622
1,136
676
380
1,101
654
375
1 192
715
401
1,160
725
370
1,245
781
391
1,313
804
439
1,239
770
399
1,325
818
424
f 1,367
'805
'464
' 1,365
813
444
1
12 115
9,302
2 813
12 307
9,340
2 967
1,077
827
250
1 012
759
253
1, 014
645
369
111
574
203
741
557
184
905
684
221
999
738
261
1,115
844
271
1,167
884
283
1,143
881
262
1,167
911
256
'1,121
'867
'254
1,143
898
245
do
190 134
d o _ _ - _ 15,752
,do
3 258
do
6,243
do
3,680
do
2 571
205 860
17, 276
3 537
6,913
4,015
17,298
1,478
297
596
362
9
23
17 748
1, 553
325
614
383
231
22, 888
2,540
586
979
638
337
15, 549
1,224
9
72
480
273
199
14, 847
1,042
213
422
239
168
17 445
1,512
277
590
354
291
16, 876
1,375
282
550
307
236
17, 629
1,439
297
575
319
248
18, 218
1,473
337
552
337
247
17, 458
1,301
286
492
314
9
09
148
431
125
105
0^2
841
2 006
5, 922
5 430
1 959
840
1 884
5 755
5 279
1 9"
1 195
2,039
6, 679
6 134
1.972
837
1 845
5,548
5 092
1 827
818
1,726
5,407
4,961
1,722
893
1 940
6,096
5 596
1 901
851
1,991
5,810
5,348
1,940
894
2, 093
5, 888
5 391
2,034
910
2,197
6,259
5,742
2,136
879
9 9
93
6 1459
5 63
9
159
888
2,316
6,059
5,544
2,113
39 811
9fi' nod
2,691
5 727
3 375
9 21?!
232
467
551
3 95S
2 575
341
524
587
6 111
4 025
350
989
896
2 511
1 658
156
330
514
2,400
1 534
172
347
500
3 197
2 077
221
466
551
3,049
2 016
199
414
541
39 322
194
208
470
57°
3,483
2 322
r>«
492
586
3 085
9 008
179
455
577
3,502 ' 93 516 ' 3 522 4,268
2 280 ' 319 ' 2 311 2 790
233
264
223
477
501
'496
r 589
580
579
RETAIL TRADE
All retail stores: f
Estimated sales (unaclj ) total f
Durable goods stores 9 _ . .
Automotive group _ _ .
_ _
Passenger car, other auto, dealers
Tire, battery, accessory dealers
Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance, TV, radio
Lumber, building, hardware group
Lumber, bldg. materials dealerscf
Hardware stores .
__.
do
do
do __
Nondurable goods stores 9
Apparel group
Men's and boys' wear stores
Women's apparel, accessory stores
Family and other apparel stores
Shoo stores
Drug and proprietary stores
Eating and drinking places
Food group
_
_
Grocery stores
Gasoline service stations
do
do ._
_do _
do
do
_ _
General merchandise group 9
do _
Department stores
do
Mail order houses (dept. store mdse.) _ d o _ _ _ Variety stores
do.__Liquor stores
do Estimated sales (seas, adj.), total f
9
21
66
60
21
335
423
822
970
765
35 840
23 421
2,581
5,320
6 305
9 g^
10
23
71
65
93
C
7CQ
do__-_
26, 201 '26 239 '26 196 127 285
1,536
17,903 '18,039 ' 17, 620 U8,715
1,451
' 1, 574 '1,488 i 1,648
293
'304
305
546
579
'595
372
371
'394
240
233
'281
' 882
' 887
' 2 178 ' 2,141
' 6, 236 ' 5, 828
' 5 729 ' 5 328
' 2 030 ' 2 029
i 910
2, 065
5,974
5, 474
2, 005
25,550
25,610
25,368
25,687
25, 470
25, 739
25, 918
25, 897
26, 544
26, 444
26, 422 '26,732 '26,122 126,525
_ do do
do
do
8 276
4 921
4 618
303
8 143
4 761
4 445
316
8,156
4 745
4 445
300
8 200
4 604
4 298
306
7,955
4 394
4 085
309
8,150
4 602
4 291
311
8,104
4 660
4 348
312
8, 187
4 75'?
4 448
304
8,546
5,069
4 750
319
8 592
5 130
4 814
316
8,508 '8 743
' 8, 236 i 8, 300
5 053 r 5 294
4 710
4 731 ' 4 891 4 363
'322
347
' 333
Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance TV radio
do
do
do
1 266
766
409
1 283
775
416
1 270
741
425
1 312
792
499
1 308
780
449
1 278
755
441
1 286
791
423
1 306
795
490
1 295
775
450
1 967
784
397
1 299 ' 1 347 1 300
r 812
764
781
r 450
427
424
Lumber, building, hardware group
Lumber bldg materials dealerscf
Hardware stores
do _
do
do
971
724
947
986
737
249
997
747
250
1 062
' 803
959
1 058
801
257
1,049
794
255
1 048
779
269
1 001
750
9
51
1,014
754
260
1 031
771
9
60
1 025 r 1 041
r 789
767
' 252
258
do
do
do
do
do
do
17 274
1 466
294
589
351
232
17 467
1 463
303
573
345
242
17 212
1, 386
282
536
335
233
17 487 17 515
l' 514 1 476
304
317
576
587
357
360
9
39
250
17 589
1,443
315
557
343
228
17 814
1 585
333
614
384
254
17 710
1 490
317
585
342
9
46
17 998
1 524
326
596
358
244
17 859
1 538
339
594
371
9
41
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores
Gasoline service stations
do
do
do__-_
do
do
859
1 974
5,949
5 452
1 996
876
1 979
5, 921
5 437
1 939
892
2 019
5, 861
5,376
1 915
883
2 026
5,942
5 452
1 968
889
2 046
6,041
5 535
1 964
906
2 034
5,985
5 513
l'992
903
9 038
5] 996
5 507
1 996
923
2 059
6,050
5 548
2 040
903
2 071
6,002
5 500
General merchandise group 9
Department stores
Mail order houses (dept. store mdse.)
Variety stores
Liquor stores
do
do
do _ _
do
do -_
3 354
2 195
229
484
561
3 476
9 273
238
503
570
3 311
2 162
216
475
564
3 419
2 244
220
486
591
3 361
2 191
230
472
595
3 327
2 200
'223
448
584
3 479
2 278
230
520
609
3 468
215
504
598
Durable goods stores 9 - Automotive group
Passenger car other auto dealers
Tire battery, accessory dealers
Nondurable goods stores 9
Apparel group
,
Men's and boys' wear stores
Women's apparel, accessory stores
Family and other apparel stores
Shoe stores
Estimated inventories, end of year or month: f
Book value (unadjusted), total f
_mil. $__
Durable goods stores 9
do__-_
Automoti ve group
do_
Furniture and appliance group
do___Lumber, building, hardware group. _ d o _ _ - Nondurable goods stores 9
Apparel group _ _
Food group.. . _ _
General merchandise group
Department stores
do
do
. do __
do
do
Book value (seas, adj.), total f
do
Durable goods stores 9 do
Automotive group. ._
_ __
_ do _
Furniture and appliance group
do
Lumber, building, hardware group do
9 9g3
17 914 '17 989 '17 886 U8 225
1 562 r \ 559 1 501
r 322
312
340
577
605
' 607
359
r 373
367
r 257
950
253
9 Q9Q
913
2 094
6,019
5 516
2 003
913
' 901
r 2 110
2 124
6,' 040
' 6, 042
' 5 535 5 533
9 009
r 2 Q98
3 604
2 377
228
516
599
3 529
2 305
9
36
506
580
3 565
2 341
222
516
597
' 3 587 3 546
' 2 354 2 320
239
250
506
' 516
r 599
606
33, 435
14, 737
7,070
2,390
2,386
35, 846
16, 144
7,938
2,512
2,401
37, 193
15,760
7,035
2,759
2,489
38, 171
16, 384
7,615
2,775
2,492
35, 846
16, 144
7, 938
2,512
2,401
35, 856
16, 574
8,160
2,515
2,444
36, 349
16, 681
8,255
2,518
2,410
37, 108
16, 855
8,221
2,548
2,471
37, 199
16, 826
8,105
2,599
2,514
36, 935
16, 695
7,966
2,606
2,527
36, 337
16, 295
7, 683
2,594
2, 477
35, 894
15, 972
7,363
2,556
2,432
35, 106
14, 691
5, 972
2, 564
2,419
35, 705
14, 786
6,066
2,603
2,440
36, 724
14, 908
6, 149
2, 630
2,442
18, 698
3,811
4,066
5,882
3,519
19, 702
4,102
4,201
6,425
3,919
21 433
4 575
4 310
7,523
4 608
21, 787
4,649
4,258
7, 671
4 760
19, 702
4,102
4,201
6,425
3,919
19 282
3 977
4,164
6,309
3 793
19 668
4 222
4 129
6,460
3 891
20 253
4,308
4,189
6, 767
4,108
20 373
4 314
4 167
6,833
4 193
20
4
4
6
4
240
270
149
816
120
20 042
4 131
4 176
6, 693
4 025
19
4
4
6
4
9
9
0 919
4 545
4 156
7,320
4 449
21 816
4,623
4,321
7,851
4 841
34, 607
15, 194
7,244
2,449
2,467
36, 961
16, 536
8,108
2,574
2.483
36 680
16 496
7,949
2, 666
2. 522
36 734
16 581
8, 171
2, 648
2.525
36, 961
16,536
8,108
2,574
2.483
36 924
16 491
7,867
2,598
2. 530
36 644
16 315
7,672
2,612
2.447
36 526
16,142
7,515
2,561
2. 418
36 236
16 033
7,409
2,568
2.448
36 263
15 904
7 315
2,585
2.451
36 087
15 6(51
7 154
2, 586
2.419
35 997
15 549
6 966
2,571
2.4^7
36 028
15 503
6,867
2, 569
2. 429
36 143
15 711
7 041
2,567
2.452
36 171
15 620
6, 980
2,544
2.467
' Revised.
i Advance estimate.
j Re vised series. Data reflect use of new sample
(effective with data for Oct. 1965) based on definitions and classifications of the 1963 Census
of Business; the 1965-66 retail inventories also reflect incorporation of new data from 1965
Retail Trade (Census annual) and updating of seasonal factors. Latest revised data back
to 1959 appear in the November, April, and February 1966 issues of the SURVEY (refer in
877
2 036
5,911
5 417
1 931
1 035
791
244
922
125
122
760
076
0 415
4 407
4 108
6,970
4 912
that order to pp. 28, 18, and 20, respectively); revised accounts receivable data prior to Oct.
1965 are not available. Complete details for retail sales appear in the Monthly Retail Trade
Report, Jan. 1966 and subsequent issues, available from the Bureau of the Census, Wash.
D.C. 20233. 9 Includes data not shown separately, o* Comprises lumber yards, building
materials dealers, and paint, plumbing, and electrical stores.
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
December 1967
1966
1966
Annual
Oct.
Nov.
1967
Dec.
Jan.
Feb.
Mar.
Apr.
May
1
June
July
Aug.
Sept.
Oct.
Nov.
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail storest— Continued
Estimated inventories, end of yr. or mo. f-— Con.
Book value (seas, adj.) — Continued
Nondurable goods stores 9
mil $
Apparel group
__
do
Food group
do
General merchandise group
do
Department stores
do
19,413
4,033
4,086
6,340
3,772
20, 425
4,318
4,209
6,909
4,200
20, 184
4,186
4,230
6,753
4,074
20, 153
4,230
4,150
6,745
4,111
20, 425
4,318
4,209
6,909
4,200
20,433
4, 343
4,248
6,951
4,240
20, 329
4,389
4,162
6,832
4,162
20, 384
4,369
4,156
6,895
4,179
20,203
4,288
4,114
6,817
4,115
20, 359
4,335
4,149
6,900
4,174
20, 426
4,321
4,184
6,904
4,201
20, 448
4,328
4,189
6,961
4,233
20, 525
4,333
4,205
6,997
4,250
20, 432
4,264
4,181
7,019
4,261
20,551
4,241
4,232
7,067
4,295
Firms with 11 or more stores:!
Estimated sales (unadj.), total 9 f
do
73, 356
80, 323
6,804
7,190
9,940
5,695
5,550
6,855
6,500
6,839
7,252
6, 683
7,063
7,292
7,033
Apparel group 9
-- Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores -
do
do
do
do
4,445
557
1,656
1,168
4,770
573
1,779
1,269
409
51
155
100
444
57
166
108
722
99
266
169
306
43
106
85
271
31
102
76
430
45
152
133
371
43
140
101
404
47
152
111
415
53
151
114
339
39
126
92
411
43
148
112
444
47
160
135
426
52
157
111
Drug and proprietary stores
Eating and drinking places
Furniture and appliance group
do
do
do
2,300
1,891
1,193
2,663
2 222
1,276
219
189
115
229
184
117
380
203
136
217
193
90
221
185
89
250
206
103
229
202
104
243
214
115
256
223
116
247
223
113
251
226
118
253
222
119
254
223
124
do
do
do
26,112
17, 593
4 096
28, 988
19, 653
4, 593
2,468
1,687
377
2,886
1,947
429
4,440
2,987
809
1,822
1,256
266
1,720
1,146
278
2,324
1,561
383
2,237
1,533
341
2,432
1,667
388
2 559
1,767
407
2, 276
1,547
371
2,590
1,750
414
2,575
1,757
412
2,586
1,753
395
Grocery stores
do
Lumber yards bldg materials dealerscf do
Tire battery accessory dealers
do
27, 627
29, 906
2,513
2,437
2,949
2,330
2,334
2,686
2, 516
2,498
2,692
2, 582
2,549
2,753
2,472
1,312
1,472
12o
126
175
97
93
116
127
133
150
129
126
122
127
do
6,871
6,856
6,700
6,885
6,907
6,852
6,993
6,948
7,171
7,162
7 013
7,215
7,187
\pparel group 9
Men's and bovs' wear stores
Women's apparel, accessory stores
Shoe stores
do
do
do
do
406
49
155
106
406
49
151
112
397
48
141
109
421
52
154
112
418
46
160
109
372
47
138
98
438
50
165
121
407
47
151
109
424
52
155
112
415
49
150
111
436
54
156
119
436
52
157
122
434
50
160
121
Drug and proprietary stores
Eating and drinking places
Furniture and appliance group
do
do
do
227
185
237
191
242
206
240
213
254
214
253
209
245
205
252
209
261
209
256
208
265
209
261
216
267
221
General merchandise group 9
Dept. stores, excl. mail order sales
Variety stores
do____
do ._
do
2,495
1,664
390
2,552
1,725
411
2,403
1,638
388
2, 513
1,730
402
2,471
1,685
387
2,449
1,671
369
2,528
1,683
420
2,482
1,710
417
2,627
1,774
422
2, 643
1,738
416
2,486
1,780
427
2,646
1,759
4^8
2,607
'1,783
418
2,549
2 518
2,489
2,492
2,548
2,556
2,583
2,575
2,591
2,613
2 628
2,640
2,602
135
127
123
130
118
125
127
130
_ __
General merchandise group 9
Dept. stores, excl. mail order sales
Variety stores
Estimated sales (seas, adj.), total 9 1
Grocery stores
do
Lumber yards bldg materials dealers c^1 do
Tire battery accessory dealers
do
A 11 retail stores, accounts receivable, end of yr. or mo.:
Total (unadjusted) f
mil $
Durable goods stores
do
Nondurable goods stores
do
Charge accounts
do _.
Installment accounts
do
Total (seasonally adjusted) f
Durable goods stores
Nondurable goods stores
Charge accounts
Installment accounts
-
do
do_ _
__ __do__do_
_.
do
123
128
124
127
131
18, 193
7,120
11,073
8,269
9,924
18, 986
7,212
11,774
8,164
10, 822
17, 546
6,991
10,555
7,855
9,691
17,816
6. 981
10, 835
7.970
9, 846
18, 986
7,212
11, 774
8,164
10, 822
18,167
6,954
11,213
7,630
10,537
17, 538
6, 751
10, 787
7,338
10, 200
17, 656
6,766
10, 890
7,518
10, 138
17,814
6,875
10, 939
7,789
10,025
18,005
6,943
11,062
8,013
9,992
18, 359
7,225
11,134
8,194
10, 165
18, 034
7,128
10, 906
8,010
10, 024
18 082 '18,205
7 146 ' 7, 194
10, 936 '11,011
7,950 r 7, 941
10, 132 ' 10, 264
18, 294
7,184
11,110
7,991
10, 303
17, 034
6,916
10,118
7,833
9,201
17, 767
6,987
10, 780
7,730
10, 037
17, 578
6,775
10, 803
7,807
9,771
17, 744
(\, 905
10. 839
7, 884
9,910
17, 767
6,987
10, 780
7,730
10, 037
17,849
7,124
10,725
7,690
10,159
18, 007
7,144
10, 863
7, 721
10, 286
18, 159
7,129
11,030
7,804
10. 355
18,211
7,181
11,030
7,920
10, 291
17,926
6, 973
10,953
7, 827
10, 099
18. 225
7,049
11,176
7,992
10, 233
18, 169
6,985
11,184
8,016
10, 153
18, 251 ' 18, 399
6,974 '7,064
11,277 '11,335
7,993 ' 8, 035
10, 258 '10,364
18,378
7,008
11,370
7,950
10, 428
LABOR FORCE, EMPLOYMENT, AND EARNINGS (see box, bottom of p. S-15)
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas
mil
LABOR FORCE
Labor force, total, 16 years of age and over©__thous__
Civilian labor force
_
do
Employed, total
do
Nonagricultural employment-- do
Agricultural emplovment
do
Unemployed (all civilian workers)
do
Seasonally Adjusted
Civilian labor force©
do
Employed, total
do
Nonagricultural employment
do
Agricultural emplovment
do
Unemployed (all civilian workers).
do
Long-term, 15 weeks and over
do
Rates (unemployed in each group as percent
of total in that group):©
All civilian workers
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years
Married men*
Non white workers*. _
White workers*
_ ._
i 194. 59 1 196. 92
197. 54
197. 74
197. 93
198. 11
198. 28
198. 43
198. 61
198. 76
198. 94
199. 12
199. 32
199. 53
199. 73
199. 92
78, 893
75, 770
72, 895
68, 915
3,979
2,875
79, 487
76, 208
73, 743
69, 630
4,113
2,465
79, 895
76, 573
73, 995
70,180
3,815
2,578
79, 644
76 254
73, 599
70,239
3, 360
2,655
78, 706
75, 320
72, 160
68, 826
3,335
3,160
79, 107
75, 689
72, 506
69, 225
3,281
3,183
78, 949
75, 513
72,560
69, 149
3,410
2,954
79, 560
76,111
73, 445
69, 724
3,721
2,666
79, 551
76, 095
73, 637
69,812
3,825
2,457
82, 464
79, 020
75, 391
70, 996
4,395
3,628
82, 920
79, 471
76, 221
71,705
4,516
3,250
82, 571
79,112
76, 170
71,792
4,378
2,942
80, 982
77, 526
74,631
70, 700
3,931
2,895
81, 595
78, 132
75, 181
71, 148
4,033
2,951
81,582
78, 113
75, 218
71,460
3,759
2, 894
755
536
76, 081
73, 199
69, 420
3, 779
2,882
517
76, 612
73, 897
70, 005
3,892
2,715
484
76, 764
73, 893
69, 882
4,011
2,871
496
77, 087
74, 255
70, 240
4,015
2,832
485
77, 025
74, 137
70, 247
3, 890
2,888
439
76, 523
73, 747
69, 892
3,855
2,776
436
76, 740
73,910
70, 020
3,890
2,830
436
76, 189
73, 289
69, 637
3, 652
2,900
414
77, 237
74, 147
70, 420
3,727
3,090
444
77, 505
74, 489
70, 633
3, 856
3,016
435
77, 701
74,718
70, 726
3, 992
2, 983
441
77, 803
74, 625
70, 949
3,676
3,178
437
77, 997
74, 630
70, 923
3,707
3,367
489
78, 106
75, 083
71,254
3,829
3,023
487
4.5
3 2
4.5
14.8
3.8
2.5
3.8
12.7
3.8
2.4
4.0
12.7
3.5
2.4
3.4
11.4
3.7
2.4
3.9
12.2
3.7
13
11.0
3.7
2.2
4.0
13.2
3.6
2.3
4.1
10.7
3.7
2.3
4.1
11.6
3.8
2.4
3.9
13.1
4.0
2.6
4.3
12.6
3.9
2.4
4.3
12.6
3.8
2.4
3.9
13.7
4.1
2.3
4.9
13.8
4.3
2.5
4.8
15.1
3.9
2.4
4.0
14.0
2 4
8.1
4.1
1.9
7.3
3.3
1.9
7.4
3.4
1.7
6.9
3.1
1.7
7.6
3.3
1.7
6.6
3.3
1.6
7.1
3.3
1.7
7.4
3.1
1.9
7.3
3.3
1.9
7.8
3.3
2.0
7.8
3.5
1.8
7.2
3.5
2.0
6.9
3.5
1.8
7.9
3.6
1.9
8.8
3.8
1.7
7.3
3.4
77, 178
74, 455
71,088
66, 726
4,361
3,366
1.9
2.1
2.0
Occupation* White-collar workers*
2 3
4.2
4.0
4.2
Blue-collar workers* 5.3
3.6
3.8
3.8
Industry: Private wage and salary workers*.
4.6
9.2
Construction*
8.8
8.1
10.1
2.8
3.2
3.0
Manufacturing* 4.0
2.3
2.5
Durable goods*
_
3.5
2.8
r
' Revised.
1 As of July 1.
fSee corresponding note on p. S-ll.
9 Includes data not shown separately,
cf Comprises lumber yards, building materials dea ers, and \
>aint, plurnbing, a]id electr cal
stores.
©Effective Feb. 1967 SURVEY, data reflect revise d seasona factors a nd chan£ es in co^rerage, sample, and definitions as follows; For all period s— data c 3ver perso ns!6 yea rs of age i md
1.9
4.2
3.7
8.9
3.0
2.7
2.2
2.2
2.5
2.1
2.1
2.0
1.7
2.2
2.2
2.5
1.9
4.4
4.4
4.9
4.1
4.2
4.2
4.6
4.6
4.7
4.7
4.6
3.9
3.9
4.4
3.7
3.7
3.8
3.7
4.1
4.2
4.0
3.9
7.6
7.1
7.
2
7.5
7.3
7.1
8.1
5.4
7.8
8.6
7.6
3.5
3.8
4'.1
3.3
3.3
3.6
3.7
4.1
4.0
3.9
3.9
3.2
3.0
3. 6
3.0
2.8
3.4
3.4
4.1
3.8
3.7
3.6
over ( eliminate ng about a million person s previoi isly cove red); beg inning J an. 1967--sample
expan led (to f 2,500 ho iseholds) and ch{mges ma de in de fnitions for emp oyment and unemplo yment (clata are r easonabl y compa rable wit i earlier estimate s) ; see Fe b. and ]V [ar. 1967
BLSI^MPLOYM ENT AND EARNIN GtS AND IV ONTHLY REPORT ON THE I/ABORFC R C E . U . S s. GPO,
Washi ngton, D .C. 2040r
*Ne w series Month ly data a re availa ble back to 1948 f or some
series; 1957 for Dthers.
SUEVEY OF CURRENT BUSINESS
December 1967
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1966
1966
Oct.
Annual
S-13
Nov.
1967
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.?
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued (see box, bottom of p. S-15)
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:f
Total, not adjusted for seasonal variation ._ thous . _
Seasonally Adjusted
Total
thous
Mining
. .
.
do
Contract construction
do
Manufacturing
do
Durable goods
.
_
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and fixtures - . - ...do
Stone clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
do
Klectrical equip and supplies
do
Transportation equipment
do
Instruments and related products
do. . .
Miscellaneous manufacturing ind
do
Nondurable goods
do
Food and kindred products
. . do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products. .. do
Paper and allied products, .
do
Printing and publishing
do
Chemicals and allied products
do.. _
Petroleum and coal products
do
Rubber and plastics products, nee
do
Leather and leather products- . ... _do
Transportation, communication, electric, gas,
and sanitary services
thous
Wholesale and retail trade
do
Wholesale trade
- _
- - do.
Retail trade
do
Finance, insurance, and real estate
do
Services
do.- .
Government
do
Federal
do
State and local
..
.do. ..
Production workers on manufacturing payrolls:
Total, not seasonally adjusted t-thous _ .
60,832
63, 982
65, 351
65, 559
66, 087
64, 531
64, 491
64, 843
60, 832
632
3, 186
18, 062
10, 406
226
607
431
628
,301
,269
,735
659
,741
389
420
7, 656
1,757
87
926
1,354
639
979
908
183
471
353
63, 982
625
3, 292
19, 186
11,256
256
613
462
645
1,345
1,349
1,911
1 896
1,912
433
434
7,930
1,779
84
962
1,399
668
1 092
958
186
510
364
64 694
623
3 239
19 422
11,457
267
599
466
640
1 370
1 364
1,959
1 956
1 955
445
436
7 965
1 769
79
963
1,404
673
1 037
973
186
519
362
65 014
621
3 241
19 498
11,485
270
598
469
640
1 369
1 372
1,968
1 956
1 959
446
438
8 013
1 793
84
962
1,408
678
1 041
976
187
523
361
65 251
623
3 291
19 526
11,496
272
596
469
640
1 364
1 374
1,978
1 955
1 959
451
438
8 030
1 795
86
962
1,411
679
1 044
978
187
527
361
65 564
625
3 311
19 558
11 507
277
607
4669
64
1 362
1 374
1,988
1 958
1 938
453
442
8 051
1 795
89
963
1,414
680
1 053
983
187
527
360
65 692
624
3 359
19 507
11 482
9g3
603
465
640
1 348
1 372
1,984
1 959
1 938
454
436
8 025
1 798
85
954
1,401
681
1 056
984
187
523
356
65 749 65 653
624
620
3 313 3 976
19 445 19 331
11 434 11 322
286
288
602
592
459
455
638
698
1 332 1 305
1 364
1 354
1,984
1,979
1 947
1 916
1 932 1 916
456
456
434
433
8 Oil
8 009
1 803 1 800
84
86
952
945
1,384
1,390
684
680
1 065 1 063
'981
984
187
186
521
520
351
354
4 036
12 716
3 312
9 404
3 023
9,087
10 091
2 378
7 714
4 151
4 190
13 911 13 354
3 438
3 469
9 773
9 885
3 102 3 120
9,675
9 545
109 871 11 071
564 2 617
?
8 307
8 454
4 212
13 406
3 484
9 922
3 132
9 744
11 1 0
2 616
8 544
4 218
13 416
3,496
9 990
3 144
9,781
11 252
2 653
8,599
4 242
13 515
3 512
10 003
3 152
9 840
11 321
2 667
8 654
4 247
13 541
3,521
10 020
3 165
9,883
11 373
2 673
8 700
4 246
13 557
3 535
10 029
3 179
9,946
11 439
2 685
8,754
4 212
13 572
3,545
10 027
3 194
9,973
11 475
2 688
8,787
13 434
14 273
14 653
14 619
14,513
14, 304
14, 252
14, 200
13 434
7* 715
96
530
357
505
1 062
983
1 915
1 140
1 941
248
336
5 719
1 159
75
897
1,206
498
691
546
113
366
310
14 273
8 349
'l22
5*45
3ft3
518
1 096
1 050
1 345
1 317
1 361
277
347
5 925
1 181
79
857
1,243
519
650
579
116
397
318
14 434 14 490
8 488 8 505
130
133
521
522
389
386
512
512
1 117 1 116
1 062 1 069
1 380 1 384
1 356 1 352
1 393 1 396
284
283
347
349
5
985
5 946
1 174 1 195
67
72
858
856
1,248
1,252
522
526
660
658
581
584
117
116
408
406
315
316
14 495
8 501
136
519
389
513
1 109
1,069
1 390
1 347
1,394
286
349
5 994
1 195
856
1,252
527
663
584
118
411
314
14 506
8 502
140
530
385
512
1 106
1,068
1 398
1 348
1,373
289
353
6 004
1 196
77
856
1,254
527
668
585
117
411
313
14 436
8 459
143
524
384
509
1,091
1,065
1 392
1 345
1,371
288
347
5,977
1 197
73
848
1,243
529
670
585
117
406
309
42 3
37 4
41.2
42 7
37 g
41.3
36
42.0
39
41 9
40.9
41 6
42.0
42.1
42.1
43.1
41.0
42 9
41.4
39.9
39
42.1
4 3
42 3
40 8
41.5
42.0
42.1
42.4
43.8
41.2
42 6
42. 1
40.0
42.5
38.1
41.3
41.0
3.5
41.7
39
42.0
40.3
40.6
41.7
41.7
42.1
43.6
40.6
41.6
41.9
39.7
42.6
38.2
40.8
41.0
3.6
41.7
3.9
42.0
40.4
40.7
41.9
41.8
42 2
43.5
40.7
41.6
41.8
40.0
42.2
37.6
40.1
40.3
3.4
41.0
3.7
41.7
40.3
40.2
41.5
40.9
41.4
43.0
39.7
40.7
40.9
38.7
66, 514
66, 129
66, 408 ' 66, 672 ' 66, 903 67, 269
65 639 65 903
617
619
3 192
3 187
19 238 19 285
11 283 11 285
286
290
584
590
453
452
624
696
1 299 1 295
1 348 1 357
1,972
1,972
1 901 1 872
1 927 1 947
454
454
430
432
8 000
7 955
1 797 1 806
87
86
948
941
1,396
1,395
688
679
1 064 1 066
'939
990
189
187
479
472
359
351
65, 939
623
3 231
19, 169
11, 218
292
585
447
625
1,280
1,350
1,969
1 889
1 896
455
430
7 951
1,790
89
940
1,376
689
1 066
989
191
479
342
66, 190
606
3 223
19, 318
11,351
297
585
451
626
1,281
1,356
1,976
1,916
1,980
456
427
7,967
1,751
85
946
1,381
687
1 067
992
190
521
347
4 267
13 609
3* 549
10' 9060
3 05
9 987
11 594
2 698
8 826
4 266
13 648
3 555
10 093
3 227
10 035
11 636
2 747
8 889
4 292
13, 647
3, 555
10 092
3,234
10, 074
11 669
2 759
8,910
4 283
13, 664
3,569
10 095
3,253
10, 130
11 713
2,746
8,967
14, 104
14 059
14, 249
13, 996
14, 261 r!4 290
14 358
8 407
146
525
379
509
1,073
1,059
1 388
1 332
1,363
289
344
5,951
1 200
72
845
1,226
531
674
580
116
403
304
14 233
8 286
147
514
374
499
1,049
1,046
1 380
1,298
1,347
289
343
5,947
1 195
73
838
1,232
526
673
583
118
402
307
14 9147
8 54
147
507
375
495
1 042
1 041
1 373
1 284
1 361
287
342
5 893
1 196
74
835
1,235
525
672
580
117
354
305
14 170
8*240
149
512
371
498
1,037
1,048
1 372
1,251
1,377
285
340
5,930
1 201
75
841
1,239
535
673
583
119
362
302
14 056 14 191 '14 003 '14 025 14, 266
8 170
8 299 r g 091 '8 077 8,275
153
151
155
154
' 155
r
516
508
' 513
509
508
375
366
'374
369
370
508
498
497
'499
494
1,024 r 1 003 ' 1, 009 1,026
,023
1,036
,041
'
1,021
1,048
1,023
368
1 375 ' 1 365' 1 330 1,371
265
1 290 rr 1 260 ' 1 272 1,286
1,381
,326
1,410
1 297 ' 1, 286
286
'283
285
285
'281
337
'335
339
337
'336
5 892
5 886
5 912 ' 5 948 5,991
1 185 1 148 ' 1 175' 1 186 1,199
78
72
' 70
76
69
849
842
'846
834
839
1,230
1,223
1,223
1,220
1,218
532
534
' 527
' 529
536
672
'669
674
673
669
r
595
585
' 593
585
585
122
' 121
119
' 120
118
409
408
362
401
' 407
9
305
299
'303
95
'300
42.4
37.4
40.3
40.4
3.3
41.1
3.5
41.9
40.7
40.2
41.5
40.8
41.5
42.9
40.0
40.7
41.5
39.2
42.7
37.4
40.2
40.5
3.2
41.0
3.3
41.6
40.6
40.3
41.3
40.2
41.5
42.8
39.6
40.9
41.5
39.7
42.0
36.4
40.4
40.3
3.2
41.0
3.3
42.0
40.1
40.1
41.1
40.6
41.3
42.3
39.9
41.7
41.1
39.5
42.2
37.4
40.6
40.3
3.2
40.9
3.3
41.2
40.1
40.3
41.3
40.6
41.2
42.0
40.0
41.2
41.0
39.4
65, 215
65, 594
Seasonally Adjusted
Total t
thous
Durable goods
do
Ordnance and accessories
- - - -.-do..
Lumber and wood products
do
Furniture and fixtures
do
Stone, clay, and glass products
-do
Primary metal industries
... -do
Fabricated metal products ...
do. Machinery, except electrical
do
Electrical equipment and supplies
do
Transportation equipment
do . - .
Instruments and related products
-do
Miscellaneous manufacturing ind do
Nondurable goods
.
do. Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products
do
Paper and allied products
do
Printing and publishing
. . do..
Chemicals and allied products.
.-do
Petroleum and coal products
do
Rubber and plastics products, nee
do
Leather and leather products
do
r
66, 055 '66,231 66, 709
598
'596
* 601
'3
238 '3 235 3 248
T
19,413
19,
142
'
19,
162
r
11,T 149 '11,137 11,340
300
299
' 299
593
' 585
591
456
451
455
634
622
627
T
1 262 ' 1 268 ,286
r
,338
1,328
1,331
1,980
*T 1,966 ' 1, 934
1 882 ' 1 895 ,909
,959
' 1 873' 1,861
457
'454
'452
428
425
'426
' 7 993 ' 8 025 8,073
r
l T777 ' 1 785 1,799
90
'82
81
'950
' 954
959
1,390
' 1,377 ' 1, 383
687
' 684
' 682
r
1 064 ' 1 065 1,069
1,003
'993 ' 1 000
193
' 192
191
531
'529
'529
352
349
' 351
4,289
'4 262 ' 4 255
13' 719 '13 769 13, 833
T
3 565 ' 3 573 3, 603
r 10 154 ' 10 196 10, 230
T
3 264 ' 3 268 3, 286
'lo'l61
'10 198 10,260
r
lT l 668 '11 7489 11, 782
2, 696
2 71
2 715
9,086
'8 953 r 9 036
r
14 242
14, 394
HOURS AND MAN-HOURS
Seasonally Adjusted
Average weekly gross hours per production worker
on payrolls of nonagricultural estab.:f
Mining.
.hours .
Contract construction
do
Manufacturing: Not seasonally adjusted
do
Seasonally adjusted
...do.. .
Overtime hours .
do
Durable goods
do
Overtime hours
do
Ordnance and accessories
do
Lumber and wood products . . . . do
Furniture and fixtures
do . Stone, clay, and glass products
do
Primary metal industries
.
do
Fabricated metal products
do
Machinery, except electrical ...
do
Electrical equipment and supplies
do . _
Transportation equipment
do
Instruments and related products.
do
Miscellaneous manufacturing ind
do . .
r
Revised.
v Preliminary.
fSee box, bottom of p. S-15.
42.7
37 5
41.4
41.3
3.9
42.1
4 3
42.1
40.4
41.2
41.9
42.5
42.4
43.8
41.0
42.2
42.0
40.0
42.7
37.4
41.3
41.3
3.8
42.1
4 1
42.4
40.5
41.0
41.7
42.3
42.3
43.8
40.9
41.9
41.9
39.9
43.2
37 5
40.3
40.4
3.3
41.0
3.5
41.8
39.9
40.2
41.3
40.9
41.3
42.1
40.3
41.4
41.0
39.2
42.8
37 5
40.7
40.7
41.3
35
41.9
39.7
40.2
41.6
41.0
41.5
42.2
40.4
42.5
41.2
39.4
r 42. 8
38 3
40.9
40.8
3.4
'41.6
'3 7
'42.4
'40.5
40.7
42.0
41.0
41.8
42.7
40.2
42 7
'41.2
'39.5
' 42. 3
37 1
'40.7
'40.6
3.4
'41.3
3.5
'41.7
'40.6
'40.4
'41.8
'41.2
'41.4
' 42. 3
'40.5
'41.5
'41.1
'39.3
43.1
39.4
40.9
40.9
3.4
41.6
3.6
42.5
41.2
40.3
42.0
41.3
41.6
42. 2
40.7
42. 2
41.2
39. 6
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1967
1966
1966
Annual
December 1967
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. p
LABOR FORCE, EMPLOYMENT, AND EARNINGS— Continued (see box, bottom of p. S-15)
1
HOURS AND MAN-HOURS— Continued
Average weekly gross hours per production worker
on payrolls of nonagric. estab.f — Continued
Manufacturing— Continued
Nondurable goods
._,
__ -.hours.Overtime hours
_
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill productsdo
Apparel and other textile products - -do -
40.1
3.2
41.1
37.9
41.8
36.4
40.2
3.4
41.2
38.8
41.9
36.4
40.1
3.4
41.1
38.0
41.4
36.6
40.2
3.3
41.1
38.5
41.2
36.5
39.9
3.3
41.0
39.0
40.9
36.4
40.0
3.3
41.1
38.7
40.9
36.6
39.5
3.1
41.0
38.2
40.2
35.6
39.5
3.2
41.1
38.2
40.2
35.5
39.8
3.0
40.8
39.4
40.8
36.2
39.5
3.0
40.6
38.3
40.5
35.9
39.5
3.0
41.0
39.0
40.4
35.7
39.6
3.0
40.6
38.4
40.6
35.9
39.7
3.1
40.8
38.9
41.0
35.8
39.9
3.3
41.0
38.0
41.4
36.3
'39.7
'3.2
'40.7
'38.9
'41.3
35.8
40.0
3.1
40.5
39.0
41.4
36.4
do
. -do.
do
do
do
do
43.1
38.6
41.9
42.2
42.0
38.2
43.4
38.8
42.0
42.4
42.0
38.6
43.2
39.0
42.1
42.4
42.0
38.5
43.3
39.0
42.1
42.5
41.9
38.6
43.1
38.6
41.9
42.4
41.4
38.0
43.2
38.8
41.8
42.0
41.5
38.3
42.8
38.6
41.4
42.6
40.9
37.1
42.8
38.5
41.6
43.0
41.0
37.0
42.5
38.6
41.5
42.6
41.1
37.7
42.5
38.3
41.2
42.6
40.9
37.7
42.6
38 3
4L3
42.6
41.2
37.9
42.7
38.3
41.5
42.8
40.6
38.4
42.6
38.3
41.5
43.1
42.0
38.3
'42.8
38.3
^41.5
'42.4
41.9
38.9
'42.8
'38.0
'41.5
'43.2
'41.9
'38.7
42.9
38.3
41.8
42.8
42. 0
39.3
do
do
...do
37.7
40.8
36.6
37.1
40.8
35.9
36.9
40.7
35.7
36.9
40.6
35.6
36.7
40.6
35.6
36.8
40.7
35.5
36.6
40.5
35.3
36.6
40.5
35.3
36.4
40.4
35.1
36.3
40.3
35.2
36.7
40.5
35.4
36.7
40.5
35.4
36.7
40.5
35.5
'36.7
'40.3
35.4
36.3
'40.3
'35.1
36.6
40.4
35.2
Seasonally Adjusted
Man-hours in nonfarm estab., all employees,
seasonally adjusted, annual ratef
bil. man-hours ..
125. 39
131.31
132. 63
133.28
133. 32
134. 24
133. 68
133. 77
133. 13
132. 97
133. 91
133. 68
134. 87
134. 59
134. 25
Man-hour indexes (aggregate weekly), industrial
and construction industries, totalt
1957-59 =100. .
Mining.- _
___
- - .do.
Contract construction
do
Manufacturing _
_ .do
Durable goods--_ - _._
_--do--_
Ordnance and accessories
do
Lumber and wood products
do
Furniture a n d fixtures,- _ _ _ _ _ _ .. do_.
Stone, clay, and glass products
do
109.3
83.0
110.5
110.4
114.3
113.3
97.0
119.5
108.3
115.9
82.2
114.7
117.8
124.2
144.9
97.4
127.7
111.2
116.4
81.9
112.0
119.0
126.0
154.0
94.1
127.9
109.7
116.5
81.4
111.7
119.2
125.9
158.7
94.1
128.3
109.2
116.5
81.3
115.7
118.5
125.0
160.7
93 3
127^0
109.4
116.9
81.7
116.6
118.8
125.2
165.4
95.5
126.1
109.7
114.9
80.6
116.7
116.3
122.3
167.8
94.2
124.2
108.0
114.3
80.8
114.6
115.9
121.9
172.1
95.3
122.6
108.0
113.2
80.9
112.6
114.9
119.8
172.1
93.1
121.2
105.4
111.5
79.4
106.7
114.0
119.5
173.7
90.7
121.0
104.1
111.9
79.7
109.1
114.1
118.9
172. 7
91.6
120.3
105.2
111.8
82.2
111.2
113.4
118.3
177.6
90.4
118.4
105. 2
113.0
78.5
111.0
115.2
121.0
182.8
90.1
119.3
105.7
' 112. 7
'77.7
' 113. 9
' 114. 2
' 118. 6
' 183. 7
'91.8
121.1
106.1
111.7
'76.2
' 110. 5
' 113.7
'117.6
' 181.9
'92.9
' 121. 6
' 106. 7
115.0
77.7
117.9
116.3
121. 2
183.0
94.8
121.6
109.1
Paper and allied products
Printing and publishing. _ .
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
Wholesale and retail trade
Wholesale trade. .
_ _ _ _ _ _
Retail trade-
Primary metal industries, _ _
Fabricated metal products
Machinery, except electrical
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
_ . _ d o ...
do
_ _do
do
do
- -do do
113.3
117.2
123.6
125.7
107.1
112.7
109.4
116.9
126.1
139.0
145.8
116.7
127.7
113.4
120.3
127.5
142.6
149.5
118.3
130.3
113.4
119.6
128.1
143.0
148.7
117.7
130.4
113.7
117.2
127.5
143.0
147.1
116.7
131.3
113.2
117.1
127.7
143.5
147.6
114.9
132.4
115.3
113.1
124.9
141.2
143.6
112.3
129.1
109.7
110.9
124.5
140.5
143.3
111.6
131.4
110.1
106.8
123.0
139.3
138.2
110.9
131.4
111.2
107.2
121.8
137.0
137.8
114.2
129.3
110.3
106.7
122.3
136.0
134.6
114.2
128.1
109.4
106.0
121.8
135.9
137.1
110.5
128.1
108.5
106.4
123.2
136.9
140.2
120.6
128.7
108.4
' 104. 2
121.1
137.5
136.2
111.4
126.9
108.4
105.3
'119.7
' 132. 7
' 138. 6
' 107. 4
' 127. 5
' 107. 5
107.4
122.1
136.5
140.8
117.3
129.1
109.0
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products
- Apparel and other textile products
___do __.
do
do
-do
do
105.3
94.4
86.4
102.0
115.1
109.5
96.2
84.6
106.0
118.7
109.8
95.5
77.6
104.9
119.8
110.4
97.3
84.5
104.2
119.8
110.0
97.0
88.0
103.4
119.5
110.4
97.3
90.9
103.4
120.4
108.5
97.2
85.0
100.7
116.0
108.1
97.7
83.8
100.3
114.1
108.5
96.5
87.7
101.0
117.0
106.9
96.2
86.4
99.9
116.3
107.8
97.5
89.2
100.4
116.0
107.0
95.3
89.0
100.0
114.9
107.6
92.7
85.4
101.6
114.8
' 108. 6 ' 108. 7
'95.4
' 95. 6
79.9
'83.0
103.0 ' 103. 2
114.8
115.9
110.0
96.2
92.7
103.8
117.4
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 . _
109.6
110.0
110.2
78.7
135.2
96.9
115.0
115.8
115.9
81.0
146.8
100.6
115.1
117.9
117.8
81.2
150.0
99.5
116.2
118.3
118.4
82.1
150.3
99.5
115.9
117.6
117.9
82.6
149.6
97.6
116.2
119.1
117.8
81.2
150.0
98.1
115.6
118.9
116.7
82.3
146.0
93.8
116.0
119.3
116.2
82.4
145.3
92.0
114.1
119.4
116.5
83.0
145.3
94.7
113.9
118.3
115 1
82.3
127.3
94.1
116.3
118.5
116.0
83.7
131.2
93.7
116.8
118.6
116.9
84.1
129.2
92.7
116.1
118.5
116.9
84.0
148.1
93.7
115.1
117.8
'116.9
'84.0
' 150. 0
95.5
' 115. 6
' 116.8
' 118. 5
'86.3
' 150. 3
'95.9
116.5
118.3
119.8
86.2
151.1
98.1
123. 52
138. 38
107. 53
117.18
131.15
88.75
88.19
110.04
130. 66
145. 89
112. 34
122. 09
134. 94
91.80
91.72
114.24
135.10
152. 46
113.85
124. 07
136. 21
94.02
94.28
116.89
131.66
144. 14
113.99
123. 77
136. 75
91.43
93.15
116. 20
133. 45
148. 83
114.40
124. 62
138. 02
90.80
93.79
115.23
134.09
149. 14
113.42
122.84
136. 63
90.80
90.63
113.71
131.14
143. 60
111.88
120. 77
133. 22
91.08
90.12
112.19
132.09
146.83
112.44
121.36
133. 54
93.09
90.74
113.70
134. 51
147. 23
112.56
121.18
132. 48
94.77
90.46
115. 23
134.09
149. 54
113.52
122. 89
134. 08
95.18
91. 25
116. 62
136. 53
153. 56
114.49
123. 19
132. 25
97.27
93.09
117.46
139.43
157.90
113.65
122. 40
134.05
96.64
92.40
118.01
138. 24 139. 32 ' 139. 00
159. 08 162. 60 160. 40
114.77 116. 57 '116.00
123. 30 ' 126. 05 ' 125. 44
135. 11 ' 138. 65 ' 137. 43
96.88 ' 99. 72 ' 100. 21
97.41 '97.41
95.06
119. 99 121.11 ' 120. 83
137. 60
160. 86
118.20
127. 71
141.34
99.55
97.27
122. 09
133. 88
116.20
127. 58
105. 78
137.71
108.47
85.39
138.09
121. 69
134. 90
109.18
141.86
114.93
88.80
139. 02
124. 26
136. 34
109. 74
146. 29
116. 05
90.09
139. 02
123. 81
136. 78
110.56
145. 18
116.20
90.45
137. 61
124. 53
138. 60
111.24
144. 93
116.89
91.20
138. 69
122.89
137. 03
109.35
141.02
115.65
91.87
134. 97
120. 83
135. 88
107.98
136. 21
114.11
90.17
135. 38
120. 72
136. 20
108. 93
136. 49
115.51
92.20
133.57
121.54
134. 82
108. 35
137.30
115.77
91.57
134. 64
123. 26
134. 30
110. 12
141.78
115.90
91.57
136. 12
122. 84
134.09
111.88
141.17
117.01
92.20
136.27
121.66
133.24
111.32
140.29
116.28
90.79
137. 50 138. 58 '137.16
123. 55 126. 00 ' 124. 38
132. 82 '136.10 ' 135. 88
111.76 112.31 '114.49
143. 52 147.48 r 146. 43
117.14 '118.53 '118.53
92.04 ' 92. 66 ' 93. 69
138. 58
125. 93
136.31
116.16
153. 08
119. 23
94.96
WEEKLY AND HOURLY EARNINGS
Not Seasonally Adjusted
Average weekly gross earnings per production
worker on payrolls of nonagricultural estab. :f
Mining- _ _ _ _ .
_ _
dollars Contract construction
do
Manufacturing establishments
_ _ _ _ - do .
Durable goods
do
Ordnance and accessories
do
Lumber and wood products
- - _ do
Furniture and fixtures
do
Stone, clay, and glass products . .. -do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical-, __ _ ... do _
Electrical equip, and supplies
do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing ind
do
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products. _.. - _
Apparel and other textile products
do
do
do
-..do.do
94.64
99.87
79. 21
78.17
66.61
98.49
103.82
84.97
82. 12
68.80
99.94
104. 08
82.14
83.40
70.64
100. 10
104.90
81.24
83. 42
70.25
100. 25
106. 14
88.10
82. 40
69.87
99.65
106. 08
83.16
81.61
70.40
99.18
105.18
82.08
80.60
71.04
100.08 i 100.22
106. 52 105.86
87.52
91.33
81.20
81.20
71.80
72. 16
100.73
107. 18
90.30
82.22
71.80
101. 63
108. 50
94.41
82.82
72.52
102. 03
108. 62
91.44
81.41
72. 16
102. 80 104. 66 '104.14 105. 20
107. 94 ' 109. 67 ' 107. 98 108. 67
87.75 ' 86. 33 ' 85. 44 83. 46
88.62
83.84 ' 86. 73 ' 88. 19
75. 50
74.73
73. 75
74.05
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products Rubber and plastics products, nee
Leather and leather products
do
do
do
__-do-_
do
do
114.22
118.12
121.09
138. 42
109. 62
71.82
119.35
122. 61
125. 16
144. 58
112.14
74.88
121.37
125.51
127. 56
145. 01
113.94
74.68
121.80
124. 87
127. 98
146. 70
113.67
76.03
120. 81
125. 90
127. 68
145. 67
113.13
76. 63
119.84
123. 97
126. 16
144. 90
112.19
77. 20
119.14
123. 33
125. 25
147.97
109.35
76.13
119.71
125. 06
126.88
150.94
110.16
75.65
119.00
124. 03
127.49
153.15
110.30
75.19
120. 28
124.86
127. 10
153. 58
107.57
77.04
122. 41
124. 86
128. 65
152. 72
109. 03
79. 28
123. 69
124.91
129.48
156.67
105.73
79.75
124. 41
126. 28
129. 17
153. 79
116. 89
80.11
' 125. 85 '125.85
'128. 21 ' 127. 25
' 130. 31 ' 130. 73
' 155. 52 ' 155. 95
'119.71 '119.99
80.26 ' 80. 43
126. 28
127. 59
132. 09
155. 43
120. 69
82.11
76.53
106.49
66.61
88. 91
79.02
111.38
68.57
92. 50
79.86
112.74
68.87
93.25
79.57
113.27
68.64
93.00
79. 92
114. 52
69. 65
93. 62
80.30
114.09
69. 15
94. 61
80.22
114.05
69.10
94.98
80.59
114.74
69. 30
95.35
80.73
115.26
69.80
95.83
81.09
115.66
69.80
96.20
82. 80
116.64
71.56
96.20
84.15
117.62
72.96
97.20
84. 15 ' 83. 45 82. 90
116.64 '118.08 '118.08
71.66 ' 71.55 1
72. 96
97.31 ' 98. 32
96.83
83.26
118.78
71.34
98.69
Wholesale and retail trade
Wholesale trade-- - - Retail trade
Finance, insurance, and real estate
r
Revised.
v Preliminary.
tBee box, bottom of p. S-15.
do
do
do
do
1
SURVEY OF CURRENT BUSINESS
December 1967
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1966
19G6
Annual
S-15
Oct.
Nov.
1967
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
3.24
4.18
2.85
2.73
3.03
2. 89
'3.27
T 2. 45
2.37
2.87
3.38
3.00
'3.21
2.78
3.47
2.87
2.34
2.61
2.50
2.63
'2.18
'2.10
2.07
2.92
'3.33
3.14
' 3. 60
'2.83
2.09
' 2. 28
' 2. 93
2.03
2.63
'3.24
4.21
2.85
'2.74
3.03
2.90
'3.28
' 2. 45
2.37
2.87
'3.37
2 99
' 3. 22
' 2 82
'3.47
2.87
'2.36
2.61
' 2. 50
2.64
' 2. 12
2.12
2.06
2.92
'3.34
3.15
' 3. 61
' 2. 85
2.10
2.29
2.93
' 2. 05
2.65
102. 61
87. 63
102. 15
86.94
Nov.?
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued (see box below)
WEEKLY AND HOURLY EARNINGS— Con.
Not Seasonally Adjusted
Vverage hourly gross earnings per production
worker on payrolls of nonagri cultural estab.:f
Mining
dollars
Contract construction .
.
do
Manufacturing
do
Excluding overtime
do
Durable goods --....
do
Excluding overtime- .
_do . .
Ordnance and accessories
do
Lumber and wood products . _ __ . do
Furniture and fixtures
v
do
Stone, clay, and glass products. _
do
Primary metal industries
do
Fabricated metal products
_ do Machinery, except electrical
do
Electrical equip, and supplies-.., .
do .
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing ind
do
Nondurable goods
. .. 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
Wholesale and retail trade
..
do
Wholesale trade _
do
Retail trade
- _
do
Finance, insurance, and real estate ..
-do .._
Spendable Weekly Earnings
Spendable average weekly earnings per worker (with
three dependents) in manufacturing industries:
Current dollars
. . _. .
Constant dollars
1957-59 dollars
2.92
3.70
2.61
2.51
2.79
2.67
3.13
2.17
2.12
2.62
3.18
2.76
2.96
2.58
3.21
2.62
2.14
2.36
2 27
2 43
2.09
1.87
1.83
2.65
3.06
2.89
3.28
2.61
1.88
2.03
2.61
1.82
2.39
3.06
3.88
2.72
2.59
2.90
2.76
3.19
2.25
2.21
2.72
3.28
2.87
3.08
2. 65
3.33
2.73
2.22
2.45
2.35
2.52
2.19
1.96
1.89
2.75
3.16
2.98
3.41
2.67
1.94
2.13
2.73
1.91
2.48
3.12
3.96
2.75
2.62
2.94
2.79
3.22
2.31
2.25
2.77
3.31
2.91
3.12
2.67
3.41
2.75
2.23
2.48
2.37
2.52
2.09
2.00
1.93
2.79
3.21
3.03
3.42
2.70
1.96
2.17
2.77
1.94
2.50
3.12
3.96
2.76
2.64
2.94
2.80
3.21
2.28
2.25
2.78
3.31
2.92
3.13
2.69
3.40
2.76
2.25
2.49
2.39
2.54
2.11
2.01
1.93
2.80
3.21
3.04
3.46
2.70
1.98
2.18
2.79
1.95
2.50
96. 78
88.06
99.45
87.93
100. 65
87.90
MISCELLANEOUS EMPLOYMENT AND
EARNINGSf
Not Seasonally Adjusted
Private sector (excludes government) :
Employees, total, nonagricultural estab
thous Production or nonsupervisory workers
do
Hours (gross), average weekly
hours _ .
Weekly earnings (gross), average
dollars..
Hourly earnings (gross), average
do
50, 741
42, 309
38.8
95.06
2.45
53, 111
44, 234
38.7
98.69
2.55
Employees on payrolls of nonagric. estab. :f
General building contractors
thous
Heavy construction contractors
do
Special trade contractors
do
Railroad transportation
do
Local and interurban passenger transit
do
Trucking and warehousing
do
Transportation by air
do
Telephone communication
do
Electric, gas, and sanitary services
do
Laundries and dry cleaning plants
do
Blast furnaces and steel mills
do
Motor vehicles arid equipment
do
994
648
1,543
735
269
964
229
735
623
548
580
843
[lours (gross, average weekly) per worker:
General building contractors
hours
Heavy construction contractors
do
Special trade contractors
do
Trucking and warehousing
do
Laundries and dry cleaning plants
do
Blast furnaces and steel mills
do
Motor vehicles and equipment
do
Hourly earnings (gross, average) per worker:
General building contractors
dollars. .
Heavy construction contractors
do
Special trade contractors
do
Trucking and warehousing.
do
Laundries and dry cleaning plants
. do _ _
Blast furnaces and steel mills
do
Motor vehicles and equipment
.
do
2^28
2.50
2.40
2.57
2.17
2.00
1.93
2.79
3.22
3.04
3.46
2.70
1.98
2.16
2.80
1.94
2.51
3.17
4.02
2.78
2.67
2.96
2.84
3.23
2.27
2.26
2.76
3.31
2.94
3.15
2.70
3.39
2.78
2.32
2.51
2.42
2.60
2.20
2.01
1.95
2.80
3.22
3.04
3.50
2.71
2.00
2.20
2.81
1.97
2.55
3.16
4.00
2.79
2.68
2.96
2.84
3.21
2.30
2.27
2.77
3.30
2.94
3.16
2.72
3.38
2.79
2.33
2.53
2.44
2.61
2.28
2.01
1.99
2.81
3.22
3.04
3.54
2.70
2.03
2.21
2.83
1.98
2.56
3.16
3.99
2.79
2.69
2.96
2.85
3.21
2.31
2 28
2.78
3.31
2.93
3.16
2.73
3.37
2.79
2.34
2.54
2.45
2.63
2.34
2 02
2.00
2.81
3.24
3.05
3.56
2.70
2.05
100. 76
87.92
101. 09
88.13
100. 08
87.25
54, 158
45, 157
38.7
100. 62
2.60
54, 220
45, 167
38.4
99.84
2.60
54, 590
45, 517
38.6
99.97
2.59
1,047
674
1,571
718
269
1,008
247
773
628
559
571
859
1,096
763
1,607
716
272
1,045
263
785
626
563
573
888
1,067
696
1,565
713
273
1,045
265
790
625
560
568
894
36.1
40.8
36.9
42.5
38.8
41.0
44.2
36.3
41.0
37.1
42.5
38.2
40.7
42.8
36.9
42.5
37.7
42.9
38.2
40.5
43.5
3.55
3.38
3.94
3.07
1.52
3.46
3.34
3.76
3.54
4.13
3.18
1.60
3.58
3.44
3.85
3.66
4.20
3.22
1.64
3.59
3.56
3.14
3.99
2.77
2.65
2.96
2.82
3.24
2.27
2.26
2.77
3.30
2.93
3.15
2.70
3.41
3.23
4.20
2.89
2.77
3.07
2.94
3.31
2.44
2.39
2.90
3.38
3.02
3.23
2.84
3. 56
2.88
2.38
2.63
2.52
2. 67
2.14
2.13
2.08
2. 93
3.34
3.16
3.64
2.86
2.10
2.30
2.94
2. 05
2.66
3.17
4.02
2.81
2.70
2.99
2.87
3.20
2.35
2.31
2.81
3.30
2.97
3.16
2.76
3.40
2.82
2.33
2.55
2.46
2.64
2.37
2.03
2.00
2.83
3.26
3.07
3.58
2.63
2.06
2.24
2.87
2.00
2.60
3.19
4.02
2.82
2.71
2.99
2.88
3.21
2.39
2.31
2.81
3.32
2.96
3.17
2.79
3.41
2.84
2.34
2. 56
2.46
2.64
2.39
2.03
2.02
2.86
3.26
3.10
3.56
2.64
2.07
2. 25
2.88
2.01
2.60
3.22
4. 08
2.82
2. 71
3. 00
2. 8X
3. 23
2.41
2.31
'2. 83
3.34
2. 96
3. 18
2. 79
3. 43
2. So
2. 34
2.57
2.47
2. 63
1>. 40
2. 02
2. 01
2. 89
3.27
3. 12
3. 61
2. 63
2. 05
2. 25
2.89
2.01
2. 62
3.20
4.10
2.82
2! 84
1.98
2.57
3.18
3.99
2.80
2.70
2.97
2.86
3.20
2.34
2.29
2.79
3.29
2.95
3.15
2.75
3.39
2.81
2.33
2.55
2.46
2.64
2.36
2.02
2.01
2.82
3.23
3.05
3.57
2.71
2.06
2.23
2.86
2.00
2.59
98.86
86.11
99.30
86.35
99.40
86.21
100. 16
86.64
100. 93
87.01
100. 27
86. 07
101. 16
86.54
53, 165
44, 079
38.2
99.70
2.61
53, 017
43, 895
37.9
99.30
2.62
53, 289
44, 136
38.0
99.56
2.62
53, 631
44, 440
37.8
99.41
2.63
53, 990
44, 782
37.9
100. 06
2.64
54, 850
45, 545
38.3
101.88
2.66
54, 858
45, 493
38. 5
103. 18
2. 68
55,168 ' 55, 057 '55,024 55, 298
45, 785 '45,696 ' 45, 640 45,913
38.2
38.6
'38.4
'38.1
103. 45 104. 06 103. 63 103. 90
2 72
2. 72
2.68
2.71
1,028
593
1, 525
715
276
1,030
268
791
626
556
562
888
963
531
1,453
699
277
999
273
794
626
550
562
855
931
519
1,413
696
276
994
276
797
626
549
556
845
942
538
1,441
693
277
1,000
281
801
627
553
558
837
979
615
1,512
695
275
960
285
802
628
556
552
813
1,006
678
1,544
697
277
1,023
289
803
629
556
550
827
1,057
745
1,605
707
269
1,042
293
812
644
564
556
830
1.096
783
1,669
706
256
1,062
297
822
656
564
557
750
1,119
794
1,682
702
256
1,055
301
821
656
557
555
717
35.3
38.7
36.0
42.5
37.8
40.2
43.1
36.3
39.9
36.9
42.8
38.1
39.5
42.6
36.3
39.6
36.8
41.5
37.6
40. 6
41.0
35.1
38.9
35.3
41.8
36.7
39.7
39.2
35.8
39.8
36.3
41.7
37.2
40.0
38.8
36.0
39.4
36.5
38.2
37.5
39.6
38.9
36.0
40.2
36.7
41.8
37.3
39.9
41.3
36.7
42.0
37.3
42.7
37.8
39.9
41.0
37.1
42.9
37.7
42.5
37.6
40. 1
40.4
37.3
43.2
37.6
42.8
37.5
39.9
41.5
' 37. 2
'43.1
' 37. 9
42.7
37.5
40.2
'43.3
36.6
42.3
37.2
42.3
37.4
39.7
42.4
3.88
3.58
4.21
3.22
1.64
3.58
3.52
3.89
3.56
4.23
3.89
3.60
4.27
3.20
1.67
3.58
3.50
3.87
3.58
4.27
3.22
1.69
3.56
3.46
3.89
3.49
4.26
3.24
1.70
3.59
3.45
3.87
3.54
4.27
3.19
1.71
3.56
3.49
3.92
3.59
4.30
3.26
1.73
3.58
3.51
3.87
3.67
4.30
3.31
1.74
3.58
3.54
3.94
3. 76
4.35
3. 33
1.74
3. 61
3.57
3.97
3.80
4.36
3.33
1.74
3. 65
3.57
'4.06
'3.87
4.44
'3.39
' 1. 75
4.09
3.84
4.48
3.38
1.77
3.63
3.57
3.748
5.355
1 33
3.198
3.752
5.364
3.757
5.371
3.832
5.464
3, 876
5. 533
3. 962
5. 6<>0
1 36
3.978
5.620
3. 978
5. 627
3.266
3. 179
3. 757
5. 374
1 34
3. 235
Construction wages, 20 cities (ENR):§
Common labor
_ _
$perhr_.
3.623
3.710
3.415
3.700
Skilled labor. . .
do
5. 207
4.951
5.301
5. 330
Farm, without board or rm., 1st of mo
do
1.14
1.23
1.18
Railroad wages (average, class I)
do
i 3. 008
* 3. 106
3.106
3.130
T
Revised.
v Preliminary.
1 Includes adj ustmonts not distri )Uted by months
L65
3.56
3.54
3.720
5.335
3.144
fSe B box, th ia page.
s! oo
2.88
3.24
2.41
2.33
2.85
3.37
2.97
3.17
2.78
3.45
2.85
2.33
2.57
2.47
2.62
2.25
2.04
2.04
2.90
3.28
3.12
3.56
2.77
2.07
2.25
2, 88
2.01
2.61
' 1, 091 1,081
748
'774
' 1, 648 1,632
681
690
276
'276
' 1, 059 1,053
303
301
803
808
639
'648
554
'555
542
'547
r
759
759
r 3. 67
'3.60
3.997
5. 660
1.29
4. 001
5.687
3. 269
3. 212
§Wage s as of Dec. 1, 19C 7; Comnion laboi , $4. 009 ; skilled labor, $5.693.
Changes in Labor Force, Employment, and Earnings Tables
Effective with the Sept. 1967 SURVEY, we have broadened the tables to provide more
series from the Bureau of Labor Statistics, as follows: Additional unemployment rates; seasonally adjusted production workers and weekly hours (for these items, unadjusted data are
shown for totals only); man-hours (aggregate nonfarm man-hours, and man-hour indexes
for construction, mining and, for manufacturing, by industry groups); employment, hours,
and earnings for private sector industries combined (not seasonally adjusted); and factory
workers' spendable earnings in current and constant dollars (gross earnings excluding social
security and income taxes; earnings in constant 1957-59 dollars reflect adjustment for changes
in purchasing power since the base period),
Also, the establishment (or payroll) employment, hours, man-hours, earnings, and turnover
data reflect adjustment to March 1960 benchmarks and revised seasonal factors; the figures
are not strictly comparable with figures previously published in the SURVEY. Comparable
earlier data (except seas. adj. man-hour indexes and unemployment rates, available upon
request) appear in I3LS Bulletin 1312-5, Employment and Earnings Statistics for the United
States, 1009-67, available from the Government Printing Office, Wash., J).C. 20402.
SURVEY OF CUREENT BUSINESS
S-16
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1966
1966
Annual
December 1967
Oct.
Nov.
1967
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued (see box, bottom of p. S-15)
HELP-WANTED ADVERTISING
Seasonally adjusted index
_ 1957-59 = 100.
LABOR TURNOVER
Manufacturing establishments: f
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employ ees._
New hires
do
Separation rate, total
_do
Quit
- - _-do_
Layoff
do
Seasonally adjusted:
Accession rate total
do
New hires
do
Separation rate, total
do
Quit
do
Layoff
do
INDUSTRIAL DISPUTES
Strikes and lockouts:
Beginning in period:
Work stoppages
number
Workers involved
thous.
In effect during month:
Work stoppages
. _ ... _ _ . _ _ number
Workers involved
thous.
Man-days idle during period
do.
EMPLOYMENT SERVICE AND UNEMPLOYMENT INSURANCE
Nonfarm placements
__thousUnemployment insurance programs:
Insured unemployment, all programs©
do_ _ _
State programs:
Initial claims
do_ .
Insured unemployment, weekly avg do
Percent of covered employment:^
Unadjusted
Seasonally adjusted
Beneficiaries, weekly average
thous_
Benefits paid
mil. $
Federal employees, insured unemployment,
weekly average
thous__
Veterans' program (UC.X):
Initial claims
do__
Insured unemployment, weekly avg do
Beneficiaries, weekly average
_ do
Benefits paid
..mil. $__
Railroad program:
Applications
_ _ _ _ _ _ _ _ _ thous
Insured unemployment, weekly avg do ___
Benefits paid
mil. $
155
190
193
194
193
189
190
184
181
174
171
169
180
185
P187
4.3
3.1
5.0
3.8
4.6
2.6
1.2
5.1
4. 1
4.8
2.8
11
3.9
31
4.3
2. 1
13
2.9
2.1
4.2
1.7
18
4.3
3 0
4.5
2.1
15
3. 6
2 7
4.0
1.9
13
3.9
2 8
4 6
2 1
1 5
3.9
2 8
4 3
2.2
13
4.6
33
4.2
2 2
11
5.9
4 5
4 3
2.3
11
4.6
33
4.8
2. 1
19
5.4
4 0
5.3
3.2
11
'5.3
r
41
6 2
4.0
r
12
p4.6
p3 5
p4 6
v2 4
p13
51
3 9
4.6
2 6
1 l
4 8
3 7
4.6
2 6
12
4 6
3.6
4.4
2 7
13
4 6
3 6
4.6
2 5
14
4 3
3 4
4.9
2 5
15
4 1
3 2
5.2
2 4
17
4 2
31
4.7
2 3
15
4 6
3 2
4.6
2 2
1 4
4 6
3 2
4.8
2 4
14
4 2
3.0
14
2 1
1.6
4 3
3. 1
4.3
2 3
11
r
4
r
3
32
4.7
2 3
13
p4 6
p3 3
p4 4
p2 2
p 13
430
177
375
804
385
86
405
375
405
158
670
350
630
1,010
4,710
2,840
670
484
645
440
6,510
4.1
1.9
14
T
3,963
4,405
1,550
1,960
410
191
288
126
173
49
275
98
325
106
430
141
440
409
535
255
23, 300
25, 400
651
255
2,190
533
234
2, 150
389
158
1,670
440
190
1,270
465
151
1,280
575
202
1,490
600
443
2,170
3,900
6,473
6,493
592
513
421
440
407
460
476
507
537
487
552
558
540
1,419
1,123
799
955
1,313
1,631
1,654
1,603
1,423
1,197
1,070
1,246
1,122
955
952
12, 047
1,328
10, 575
1,061
709
753
915
903
1,280
1,254
1,346
1,558
1,087
1,582
1,061
1,532
1,005
1,360
848
1,142
803
1,019
1,218
1, 184
872
1,059
663
894
798
889
2.9
2 7
1,244
2 4
2 7
1,014
183 6
2 1
9
6
925
156 1
2 4
2 8
907
147 3
2 2
2 6
946
172 8
18
2 4
759
122 6
18
2 4
713
129 1
695
402
4,360
655
231
6,320
30
2.3
1.6
1,131
2 166
895
1 771
589
93.7
1.9
2 2
673
114.8
2.7
2 4
902
157.6
3.3
2 4
1,276
224.8
3.4
2 5
1,349
219.5
3.3
9
6
1, 374
257. 5
200.6
25
21
16
17
20
23
24
22
19
18
18
20
19
18
20
266
36
34
67.5
182
21
19
39.5
13
14
12
2.1
15
16
13
2.4
17
21
16
3.0
19
25
22
4.0
15
25
23
3.9
16
24
22
4 2
14
21
21
3.6
14
19
18
3.4
17
19
19
3.5
22
24
18
3.1
21
25
23
4.4
18
29
21
3 7
20
22
19
35
138
30
60 3
145
20
39 3
6
16
2.1
6
18
2.6
7
19
2.9
11
25
3.5
6
24
3.8
5
23
4.2
4
20
30
3
17
2.8
15
14
2 5
21
17
2 1
12
18
32
15
21
?9
21
3 575
4 131
16, 150
4, 934
11 216
4 116
17, 044
4 103
4,976
16,816
4,979
12 068
11 837
4 146
16, 220
5, 124
11 096
4 136
16, 777
5 186
11 591
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $
Commercial and finance co. paper, total
do
Placed through dealers _
_ do_ .
Placed directly (finance paper)
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
_. .
mil. $
Farm mortgage loans:
Federal land banks
_ - __do _ _
Loans to cooperatives _
do
Other loans and discounts
do. _
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted: A
Total (233 SMS A 's)O
. bil. $
New York SMSA
do
Total 232 SMSA's (except N.Y.)
do....
6 other leading SMSA's^
do
226 other SMSA's .
do
3 392
9,058
1,903
7, 155
3 603
13, 279
3, 089
10, 190
13,045
2,977
10, 068
11,016
8 080
9,452
9,381
4,281
1 055
4,958
4,926
2,745
3,205
3,236
5,151.8
5, 923. 1
2 502 2
3, 420. 9
1, 328. 1
2 092 7
6, 065. 4
2, 551. 8
3, 513. 6
1, 364. 9
2, 148. 7
2 138.5
3, 013. 3
1, 140. 9
1, 872. 4
1 290
3 359
1,219
3 457
14, 169
3,153
3 601
lo,199
3 704
16, 034
3 830
16, 249
10 190
14,718
3,449
11,269
3,781
11 418
11 674
11 893
3 964
17, 067
4,713
12 354
9,357
9,452
9,560
9,721
9 937
10, 103
10, 280
10 435
10, 605
10 661
10 624
10 061
4,938
4,958
4,986
5,036
5,111
1,363
5,175
1 337
5,248
5, 303
1 296
3, s,36
5,358
5,404
5,449
5 502
1 438
3, 721
1,276
3,143
3 603
13,279
3,089
1,290
3,205
6, 078. 5 6, 406. 5
2, 566. 6 2, 844. 6
3,511.9 3, 561. 9
1, 373. 8 1, 405. 1
2, 138. 1 2 156.8
1,323
3,251
1,342
4,360
3,343
3,463
6, 409. 1 6, 294. 9
2, 847. 3 2 724. 7
3,561.8 3, 570. 2
1, 362. 2 1, 389. 5
2, 199. 6 2 180. 7
6, 315. 9
2 756 6
3, 559. 3
1, 386. 8
2 172.5
4,356
3,590
1,316
3,716
1 , 335
3,911
1 368
3,889
6, 553. 5 6, 348. 2 6, 637. 2 6, 688. 7 7, 067. 8
2 864 0 2 734 5 9 904 1 9 857 13 185 7
3, 689. 5 3,613.7 3, 733. 1 3,831.6 3, 882. 1
1,451.4 1,409.2 1 . 476. 4 1,560.5 1, 575. 0
2 238 1 2 204 5 9 256 7 2 271 1 2 307 1
1 384
3,790
6, 799.
4 6,993.0
2 959 4 3 109 4
3,847.0 3, 890. 6
1,513.6 1, 537. 7
9
333 4 9 359 9
Federal Reserve banks, condition, end of period:
Assets, total? ... .
mil. $
65 371
70 332
67, 257
68, 376
70, 332
67, 493
67 490
67,385
69, 015
68, 862
70 135
70, 516
70 126
71 193
71 383
73 398
Reserve bank credit outstanding, total 9 ..do
Discounts and advances
do
U.S. Government securities
do
Gold certificate reserves
.
do _
43, 340
137
40, 768
13, 436
47, 192
173
44, 282
12, 674
45, 501
410
42, 975
12, 776
46, 281
458
47, 192
173
44, 282
45, 799
165
46,507
12,674
42
44, 908
12,611
47, 799
415
46, 066
12, 608
47, 603
41
46, 804
12, 626
47, 267
54
45, 460
12, 604
48, 268
68
12, 667
45, 602
71
43, 464
12, 678
12,604
48, 363
36
46 555
12 499
48, 860
74
469 916
I 510
48, 873
120
47 390
12 410
50,847
76
48 931
12 392
do
65, 371
70, 332
67, 257
68, 376
70, 332
67, 493
67, 490
67, 385
69, 015
68, 862
70, 135
70, 516
70 196
71 193
71 383
73 398
Deposits, total
do
Member-bank reserve balances .
do
Federal Reserve notes in circulation. . do
19 620
18, 447
37, 950
20 972
19, 794
40, 196
20, 767
19, 338
38, 759
19, 987
19, 093
39, 581
20, 972
19, 794
40, 196
20, 171
19 879
20 844
19, 634
39, 499
39, 934
20 813
18, 877
40, 199
21 433
19 789
40 363
99 079
39, 115
21, 353
19, 410
39, 070
21,474
19,505
39, 216
20 561
19, 148
39, 013
20 686
40 413
21 877
20 604
40 628
22
817
9
0 628
41 488
35.4
31.5
33.0
32.0
31.5
32.3
32.3
32.3
32.3
31.9
31.6
31.4
31.0
31.0
30.5
29.9
Liabilities, total 9
__.
Ratio of gold certificate reserves to FR note
liabilities
percent..
r
43,912
Revised.
»Preliminary.
tSee box note, bottom of p. S-15.
©Excludes persons under extended duration provisions.
d"Insured unemployment as % of average covered employment in a 12-month period.
ARevised series.
18,773
43,971
18,916
46,718
12,610
OTotal SMSA's include some cities and counties not designated as SMSA's.
"[Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
December 1967
1965
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1 1966
End of year
S-17
1966
Oct.
Nov.
1967
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
23, 405
22, 970
23,362
23,053
309
134
175
23, 284
22, 914
370
101
269
23,518
23,098
420
123
297
23, 907
23, 548
359
87
272
23,791
23,404
387
89
298
24,200 '24,608
23, 842 '24,322
358
'286
90
126
268
'160
Oct.
Nov.
FINANCE—Continued
BANKING— Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil. $
Required
- - - . -- _ do
Excess
..
do_ .
Borrowings from Federal Reserve banks
do
Free reserves. _
do
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:©
Deposits:
Demand, adjustedd"1 .. . . _ ...
mil. $
Demand, total 9
.
_
do..
Individuals, partnerships, and corp
do
State and local Governments
do
U.S. Government.. __ . . _ .
do
Domestic commercial banks _ _ . . _ do
Time, total?.
do...
Individuals, partnerships, and corp.:
Savings
_. _._
do
Other time
do
Loans (adjusted) , totaled
do
Commercial and industrial..
.
do
For purchasing or carrying securities
do
To nonbank financial institutions
do
Real estate loans
_
. d o
Other loans
do
Investments, total
do
U.S. Government securities, total
do
Notes and bonds
do
Other securities. _ . _
do
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas, adj . :J
Total loans and investments©
bil $
LoansO
.. _ . .. - do
U.S. Government securities
do
Other securities..
. _.
do
Money and interest rates: § t
Bank rates on short-term business loans:
In 19 cities
percent per annum
New York City.do
7 other northern and eastern cities
do
11 southern and western cities
do
22, 719
i 22,1 267
452
1
454
1
-2
1
1
75, 901
110,201
81, 070
5,854
4,059
12, 399
85, 298
75, 120 72,609 73, 134 75, 120 73, 703 72, 600 72, 841 71, 484
114,765 107, 531 108, 956 114, 765 111, 768 109, 635 106, 592 110,455
83, 108 77, 640 79, 482 83, 108 79, 215 79, 254 77, 469 77, 831
6,229
6,137
6,771
6,310
5,937
6,624
6,310
6,137
2, 944
6,150
2,782
3, 882
3,752
3,882
3,463
3,355
13, 838 12, 692 13, 077 13, 838 13, 481 13, 236 12, 462 12, 927
89, 639 88, 879 88, 527 89, 639 92, 985 94, 240 96, 133 96, 569
50, 694
22,111
125, 789
53, 113
6,633
11,187
25, 577
34 917
52 811
26, 638
21 591
26 173
47, 213 47, 076 47, 038 47, 213 46, 459 46, 609 47, 098 46, 970 47, 285
29, 002 29, 220 28, 967 29, 002 32, 425 33, 024 34, 039 33, 769 34, 707
134 761 13? 176 131, 741 134 761 133 268 132 359 133 027 134, 237 133,108
60, 779 59 723 60, 042 60, 779 60 385 60, 730 61, 962 62,648 61,836
6,901
6,302
6, 642
6, 691
6, 799
6, 691
5,339
5 708
7 419
9,723
9,634
9 942
9 612
11 2?8 10 645 10 349 11 228 10 280
27 492 27* 517 27, 561 27 492 27 290 27 168 27 131 27, 087 27, 296
34 729 34 042 34 657 34 729 34 °35 33 808 33 852 34, 068 34 510
51 502 49 670 49 915 51 502 53 163 54 147 56 038 56, 033 56 269
24, 803 22, 863 23, 491 24, 803 25, 9758 25, 629 26, 770 25, 326 25,398
19 816 18 991 19 637 19 816 20 46 21 058 91 248 21, 446 21 544
26 699 26 807 26 424 26 699 27 405 28 518 29 268 30, 707 30 871
1
294 4
192 4
57.3
44 8
33 5 06
4 83
3 5.09
3 5 34
Discount rate (N.Y.F.R. Bank), end of year or
month.
percent
4 50
Federal intermediate credit bank loans
do
34.94
Federal land bank loans
do
3 5 43
Home mortgage rates (conventional 1st mortgages) :
New home purchase (U.S. avg.)
percent. . 35.76
Existing home purchase (U.S. avg.). __ do
35.89
Open market rates, New York City:
5
Bankers' acceptances (prime, 90 days) .do
4. 22
Commercial paper (prime, 4-6 months)__do
54.38
Finance Co. paper placed directly, 3-6 mo.do
54.27
Stock Exchange call loans, going rate
do
M.69
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent.. 53.954
5
3-5 year issues.
do
4 22
23, 830
23, 438
!392
!557
1
-165
2 310 2
2 207 8
53 7
2 43 7
23, 333
23, 031
23, 251
22, 862
733
-431
611
-222
302
308
207
53
48
9
9
4
4
389
309
3
9
07 5
53.4
48 4
3
3
3
6 00
5 84
6 06
3 (5 14
23,830
23,438
392
557
-165
310
207
53
48
6
6
6
6
?
8
7
7
24,075
23,702
373
389
-16
314
210
54
49
4
4
2
9
23,709
23,351
358
362
-4
318 0
211 0
55.9
51 1
6
6
31
16
38
46
435
199
236
321 4
211 3
57.8
52 3
72, 891 73, 173 74, 348 73, 321 74, 395 77, 183 76, 649
111,495 109, 403 112,459 107, 686 113,043 118,625 113, 421
79, 782 79, 244 81, 030 79, 157 81,444 84,808 83, 521
6,249
5, 503
5,920
5,665
6, 683
5,607
6 089
2,322
2,705
3,103
5,353
4,031
3,368
3,458
13, 490 12, 701 13, 445 12, 643 12, 846 13,960 12, 774
97, 829 98, 848 100, 731 101,827 101, 659 102, 189 102,969
47, 739
35,117
136,043
63, 784
6,050
10, 270
27, 547
35, 231
55, 783
24, 126
21 335
31, 657
47, 836 47, 957 48, 349 48,438 48, 533
36, 604 37, 449 37, 174 37, 949 38, 788
137, 270 135, 488 138,009 139.217 138, 213
63,445 62, 189 63,372 63,401 63, 733
7,455
7,024
7,247
7,791
6, 817
9,907
9,495 10, 185 10, 428
9,773
27, 797 28,094 28, 337 28, 531 28, 754
34, 992 35, 273 35 466 35, 730 35 597
58,268 59, 321 59 717 61,677 61, 485
26, 004 26, 903 27, 043 28,915 28,400
21, 041 22, 274 21 978 21 842 22 436
32, 264 32,418 32, 674 32,762 33, 085
' 323. 2 ' 324. 6 ' 325. 6 * 332. 4 ' 337. 3 r 339. 5
' 213. 5
56.1
53.6
' 213. 5 ' 213. 9 ' 217. 1 ' 218. 2 ' 220. 2
58.8 '61.8 '61.6
'56.1 '55.4
T
55.0 '56. 3 '56.5 '57.3 r 57 7
342.6
221.8
62.3
58.6
344 3
222. 3
61.8
60 2
5.94
5.67
5 95
5. b/
6 13
5.86
24, 732
24, 334
398
133
265
4 50
6 38
6 00
4.50
6.38
6 00
4 50
6.17
6 00
4.00
6.03
6.00
4.00
5.78
6.00
4.00
5.72
6.00
4.00
5.63
6.00
4.00
5.62
6.00
4.00
5.64
6 00
4.00
5.66
6.00
4.50
6. 47
6. 54
6.44
6.50
6.41
6.44
6.37
6.36
6.28
6.31
6.29
6.30
6.34
6.33
6.34
6.38
6.37
6.37
'6.37
'6.42
6.37
6. 42
5.60
6. 00
5.88
6. 25
5 23
5.73
5.50
6.20
4.88
5.38
5.19
5.75
4.68
5.24
5.01
5.75
4.29
4.83
4.57
5.50
4.27
4.67
4.41
5.50
4.40
4.65
4.40
5.50
4.58
4.92
4.70
5.50
4. 77
5.00
4.75
5.50
4.76
5.00
4.77
5.50
4.88
5.07
4.96
5.50
4.98
5.28
5.17
5.68
5.344
5.43
5.007
5 07
4.759
4 71
4.554
4.73
4.288
4.52
3.852
4.46
3.640
4.68
3.480
4.96
4.308
5.17
4.275
5.28
4.451
5.40
4.588
5.52
4.762
5.73
31 590
32 025
32 341
32 564
33 079
92
33,171
83
72
33,904
53
34, 090
34, 301
34, 696
102
Total outstanding, end of year or month
mil $
87 884
94 786 91 899 92 498 94 786
Installment credit, total
. _
do
68, 565
74 656 73 073 73, 491 74 656
Automobile paper
do
28 843
30 961 30 852 30 937 30 961
Other consumer goods paper
do
17, 693
19' 834 18 714 18, 945 19 834
Repair and modernization loans
do
3,772
3,675
3, 751
3,751
3, 770
Personal loans _
_.
do
18, 354
20 110 19 737 19, 837 20 110
By type of holder:
Financial institutions, total.. _
do
60, 273
65 565 64, 792 65,046 65 565
Commercial banks
do
29 173
32 155 31 878 31 978 32 155
Sales finance companies.
.. _. do
16, 138
16, 936 16,771 16,790 16, 936
Credit unions..
do
7,512
8 549
8 391
8,480
8 549
Consumer finance companies
do
6, 014
5,606
6,014
5,863
5,881
Other .
.
do
1 844
1 889
1 911
1 917
1 911
Retail outlets, total
do
8 292
9 091
8 445
9 091
'
Department stores
do
4,488
Furniture stores
.. . .
do
1,235
490
Automobile dealers
do
447
489
490
490
Other...
.
do
2,122
Noninstallment credit , total
do
19, 319
20, 130 18, 826 19, 007 20, 130
7,844
7,807
Single-payment loans, total
do
7,844
7, 768
7,682
6,714
Commercial banks.
do
6, 656
6,678
6,714
6,587
1,129
Otherf i n a n c i a linstitutions, _ _ _ _ _ _ _ d o 1.130
1,112
1,130
1.095
' Revisc-d.
1
2
Average for Dec.
Effective with the June 9 change in Federal Reserve regulations,
data exclude loan balances accumulated for payment of personal loans (about $1.1 bil.); beginning
June
30,
about
$1
bil.
of certificates, formerly in "other loans," are in "other securities."
J
4
Average for year.
Beginning Jan. 1967,
data are on a new basis; they are not comparable
6
with earlier figures. 5 Daily average.
,''Revised series.
©All data shown reflect changes in coverage and format; comparable data for July-Dec.
1965 appear in the Mar. 1967 issue of Federal Reserve Bulletin. Revisions for 1966 reflect adjustments for mergers (Jan. and Feb. data will be shown later).
d"For demand deposits, the term "adjusted" denotes demand deposits other than domestic
93, 479
74, 015
30 689
19, 649
3,703
19, 974
92 517
73, 598
30 530
19, 426
3,666
19, 976
92, 519
73, 591
30, 527
19, 369
3,648
20, 047
93, 089
73, 840
30, 635
19, 376
3,636
20, 193
93, 917
74, 290
30, 852
19, 442
3,670
20, 326
94, 813
75, 051
31, 208
19, 580
3,696
20, 567
95, 115 95, 684
75, 348 75, 889
31, 364 31, 455
19,607 19, 755
3,711 3,743
20, 666 20, 936
95, 886
76. 039
31,296
19, 914
3, 742
21, 087
96, 094
76. 223
31,237
20, 042
3,746
21, 198
65, 162
32, 033
16, 814
8,443
5,969
1,903
8,853
64,966
31 967
16, 696
8,429
5,965
1,909
8,632
65, 006
32, 068
16, 593
8,485
5,951
1,909
8,585
65, 298
32, 299
16, 590
8, 561
5,951
1,897
8,542
65, 733
32, 560
16, 615
8,665
5,947
1,946
8,557
66, 452
32, 966
16, 721
8,826
5,995
1,944
8,599
66, 781
33, 235
16, 747
8,864
6,009
1,926
8,567
67, 273
33, 536
16, 755
8,991
6,036
1,955
8,616
67, 376
33, 637
16, 701
9,026
6, 067
1,945
8,663
67, 513
33, 723
16, 698
9,054
6, 086
1,952
8,710
488
485
486
490
494
502
506
508
507
506
Savings deposits, balance to credit of depositors:
N.Y. State savings banks, end of period
mil $
U S. postal savings *|
do
30 312
309
4 50
82
5 74
4 50
6 29
6 00
4 50
6.33
6 00
4 50
6 38
6 00
36.11
6.24
6.32
6 49
6.40
6.50
6.44
6 52
5 5.36
5 5. 55
5 5.42
55.78
5.72
6.00
5. 82
6.25
5.67
6.00
5.88
6.25
5 54. 881
5 16
5.387
5 38
32 025
'l22
31 398
3
5
3
3
147
140
133
4
4
109
CONSUMER CREDIT*
(Short- and Intermediate-term)
19, 464 18, 919 18, 928 19, 249 19, 627 19, 762 19, 767 19, 795 19, 847 19, 871
8,077
8, 100 8,136
7,769
7, 890
8,017
7,754
8,179
8,189
7,779
6,902
6,950
6,647
6,758
6,848
6,927
6,994
6,634
7,001
6,659
1,175
1,122
1,132
1,169
1,185
1,173 1,186
1,188
1.120
1,120
commercial interbank and U.S. Government, less cash items in process of collection; for
loans, exclusive of loans to domestic commercial banks and after deduction of valuation
reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
9Includes data not shown separately.
tRevised monthly data for commercial bank credit
prior to Aug. 1966 appear in the Sept. 1967 Fed. Reserve Bulletin; those for consumer credit
prior to Mar. 1965 appear in the May 1966 Fed. Reserve Bulletin.
©Adjusted to exclude
interbank loans. §For bond yields, see p. S-20. trephining Feb. 1967, series revised to cover
35 centers and exclude rates for certain loans formerly included (see May 1967 Federal Reserve
Bulletin).
'Monthly data are as of the following dates: 1966—Oct. 7; Nov. 4; Dec. 2; 1967—
Jan. 27; Feb. 24; Mar. 24; Apr. 21; May 19; June 30.
SURVEY OF CURRENT BUSINESS
S-18
1966
1966
1965
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
Annual
December 1967
Oct.
Nov.
1967
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FINANCE—Continued
CONSUMER CREDIT§— Continued
Total outstanding, end of year or month— Con.
Noninstallment credit— Continued
Charge accounts total
mil $
Department stores
do
Other retail outlets
do
Credit cards
__
do
Service credit
do
Installment credit extended and repaid:
Unadjusted:
Extended, total
_ .
do
Automobile paper.
_
do _
Other consumer goods paper
do
All other
do
Automobile paper
Other consumer goods paper
All other
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
Repaid, total
Automobile paper
Other consumer goods paper
All other
do
do
do
i 61 746
968
i 5 055
i 723
i 4 891
i 7 144
6 107
6 199
7 144
6,472
5,824
5,809
5,923
6,231
6,334
6,346
6,368
6,387
6,471
1874
i 5 142
898
4 951
878
5 001
87^
5, 14"
908
5,213
895
5,341
898
5,350
922
5, 436
939
5,379
965
5,351
1,024
5,321
1,057
5,291
1,083
5,281
1,056
5,211
75, 508
27, 914
21. 454
26, 140
67 495
24. 267
19, 355
23, 873
78, 896
28, 491
23, 502
26 903
79 g05
26, 373
21,361
25, 071
6, 403
2, 369
1,949
2 085
6 1 59
2,310
1,799
2, 050
6,611
2, 346
2,044
6 193
2, 261
1,813
2,119
7, 442
2, 178
o 700
'2, 544
6 ')77
2, 154
1,831
2, 292
5,674
1,923
1,808
1,943
6 315
2,195
1,993
2,127
5,488
1,916
1, 655
1,917
5 905
2,075
1,878
1,952
6,641
2,350
1, 985
2, 306
6 648
2.353
2 042
2, 253
6, 495
2,294
1,927
2, 274
6 l>46
2,186
1,920
2,140
7,062
2,559
2,074
2,429
6 612
2,342
2,008
2, 262
7,458
2,678
2, 155
2, 625
6 697
2, 322
2, 017
2, 358
6, 859
2,396
2,071
2,392
6 562
2,240
2,044
2,278
7 223
2,392
2, 229
2, 602
6 682
2,301
2,081
2,300
6,590
2,042
2, 205
2, 343
6 440
2,201
2, 046
2,193
6,912
2,355
2,215
2, 342
6 728
2,414
2,087
2, 227
6 592
2, 378
1,941
2, 203
6, 142
2, 244
1 820.
2, 078
6 657
2 461
1 947
2, 249
6 213
2, 255
1, 836
2 l'>2
6, 433
'2, 297
1,928
2, 208
6, 112
2, L'25
1.796
'2, 091
6 501
2 240
2,031
2,230
6 221
2,202
1,882
2 137
6 497
2,177
2,099
2 221
6 281
2,217
1,915
2 149
6 510
2 199
2,049
2, 262
6 246
2, 193
1,899
2 154
6 606
2,217
2, 095
2,294
6 393
2, 235
1 , 968
2 190
6 554
2, 238
2,032
2,284
6,361
2,219
1,948
2, 194
6,823
2, 338
2, 081
2, 404
6, 531
2, 281
1,995
2, 255
6,776
2,266
2,147
2,363
6, 551
2,228
2,074
2 249
6,929
2, 285
2, 212
2,432
6, 585
2,240
2, 079
2, 266
6, 973
2, 322
2, 234
2, 417
6,689
2, 280
2, 106
2, 303
6,942
2,321
2,165
2,456
6,631
2,301
2, 093
2, 237
7,523 10,698 12, 845
145, 136
150, 868 12, 604 13, 654 I'J, 545
299
-5,731 -5,080 - 2, 955
11,251
11,641
-390
12, 308
11,852
456
14, 490
13, 167
1,323
do
do
do
do
do
do
do
do
FEDERAL GOVERNMENT FINANCE
Net cash transactions with the public: d"
Receipts from
mil. $__
Payments to
_._ .
do
Excess of receipts, or payments (— )
_do.
Seasonally adjusted, quarterly totals: t
Receipts from
bil $
Payments to
do
Excess of receipts or payments ( )
do
Receipts and expenditures (national income and
product accounts basis), qtrly. totals, seas,
adj. at annual rates: *
Receipts
bil $
Expenditures
do
Surplus or deficit ( — )
do
Budget receipts and expenditures:
Receipts, total..
mil $
Receipts, netf
do
Customs.-. -.
do
Individual income taxes
do
Corporation income taxes
do
Employment taxes
do
Other internal revenue and receipts
do__
Expenditures, total^
do
Interest on public debt
do
Veterans' benefits and services
do
National defense
do
All other expenditures. .
do
Public debt and guaranteed obligations:
Gross debt (direct), end of yr. ormo., total-bil. $..
Interest bearing, total
.do
Public issues
__ _
do
Special issues
_
do
Noninterest bearing and matured..
do
Guaranteed obligations not owned by U.S. Treasury, end of year or month—
bil. $
U.S. savings bonds:
Amount outstanding, end of yr. or mo.-.do
Sales, series E and H ...
.
do
Redemptions
do
123,376
127 920
—4, 544
124 8
123 4
14
143 2
142 9
3
124 354
96 679
1 646
56, 102
27, 035
17 268
22 303
101 378
11 615
5,151
52 773
32 582
146 863
110 802
1 930
66, 151
31, 986
24 059
22, 736
118,078
12 752
5, 838
64 271
35 872
i 320. 90
i 316. 52
i 270 26
1
46 26
4 39
1
i 46
i 50. 46
4 49
5.44
8,938 11,766
17, 070 11, 295 P21,438
11,189 14, 445 Pl2,916 14, 538 16, 325
5,881 -3, 150 p 8, 522 -5, 600 -4, 559
8,739
15, 176
14, 201 14, 815
975 -6,076
38.4
38.6
39 2
38 8
4
p 38. 5
P38.1
P.4
38.5
43.4
-4.9
148.6
151.9
149 1
160 9
11 9
148.1
162.8
—14.7
' 152. 7
165.9
'-13.2
—3 3
9 819
7 394
179
5, 303
580
1 868
1,888
10 386
1 100
555
5 500
3 233
12.815
10, 606
161
4, 217
4, 636
1,655
2. 146
9, 512
1, 160
610
5,911
1.861
11,324
9 386
160
6,749
823
1 673
1,918
9, 987
1,173
467
6,201
2,238
12, 046
7 757
134
6,212
635
3 352
1,713
9,459
1 108
562
5 758
2 048
16 527
11 395
170
5, 016
6,
728
0
353
2, 261
11 699
1 154
548
6 893
3 112
19 225
13 534
150
9,807
4,295
3 157
1,817
9, 464
1 127
480
6 303
1 567
12, 072
6 289
166
5,687
1, 065
3 03,5
2,120
10, 915
1 103
565
6,125
3,130
P22, 007
Pl8, 249
P176
P 7, 229
p 9, 324
P 2, 564
^2,714
"10, 145
P 1, 128
P452
p 6, 119
P 2, 481
9,018
6 371
160
4,107
946
1 970
1,835
11,502
1 142
543
6 425
3,440
8, 979
10,768 15,090
6, 823
7,301 12, 404
17!)
163
178
4, 468
7,100
5,375
913
4,032
642
1,3!)0
2, 106
2,646
2,02'.)
1,689
1,927
12, 730 12, 468 11.530
1,154
1,145
1,128
5()<)
543
550
6, 630
6,792 »• 6, 586
3,
381)
'
4,
257
4,364
i 329. 32 326. 89
i 325. 02 322. 30
273. 03 270. 41
1 1fifiQ
16 06
51.89
i 51. 99
4.59
14.30
329.41
324. 86
•>79 31
328. 87
324.94
273. 69
16 90
51.25
3.93
329. 62
325. 69
27<* 9Q
330. 95
327. 01
274 95
327. 80
323. 88
272 23
5'-* 55
4.55
329. 32
325. 02
273. 03
1 (i 69
51.99
4.30
51 49
3 93
52 06
3.94
51 65
3.93
330. 89
326. 99
271. 82
19 33
55.17
3.89
326. 22
322. 29
266. 13
19 55
56.16
3.94
330. 64
327. 13
270. 92
19 16
56.21
3.50
335. 85
332. 41
274. 10
18 83
58.31
3.44
335. 90
332. 45
274.71
18 61
57. 74
3.45
.50
. 49
.49
.50
51
.51
. 51
.51
.51
.52
.52
.52
. 52
.54
51. 50
.35
.46
51.59
.40
.44
51.67
.37
.43
7,910
5 811
170
3,711
797
1, 220
2,011
10,977
1, 098
546
5,536
4,122
1
1.49
i 50. 92
4 86
6.00
50.77
.41
.47
50. 84
.37
. 41
50.92
.37
.45
50.93
.49
.63
51.01
43
.47
51.09
46
.52
51.16
39
.45
51.24
44
.48
51.30
.41
.50
51.41
.41
.47
51.46
.39
.48
340. 50
337. 04
279. 87
18 68
57.17
3.46
345. 09
341.57
284. 20
57.37
3.52
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance companies {
bil. $
i 158. 88 i 167. 02 165. 43 166. 22 166. 94 168. 21 168.93 169. 86 170. 57 171.24 171.88 173. 13 173.84 174. 66 175. 39
75.37
72.34
74.96
73.48
Bonds (book value), total
_do___
71.78
74.37
74.76
i 70. 15
71.87
71. 69
72.98
171.90
72.59
72.81
73. 26
8.72
8.62
7.50
8.12
Stocks (book value), total
.do
7.44
8.34
8.46
19.13
7.36
i 8. 76
7.34
7.91
7.58
7.81
8.00
66. 88
66.41
65.19
Mortgage loans, total
do
66.70
66. 32
66. 51
64.80
64. 35
i 60. 01
i 64 61
64. 01
65 50
66 02
65 80
66 25
61.40
i 59 37
Nonfarm
do
61.24
61.04
59.96
59.56
60.92
61.07
i 55 19
59 12
58 78
60 26
60 72
60 52
60 92
5.10
5.08
Real estate
do
4.88
4.99
4.88
5.03
5 05
4 84
i 4 68
i 4 88
4 94
4 84
4 89
4 95
4 99
9.93
9.88
Policy loans and premium notes
do
9.14
9.25
9.70
9.74
9.81
9.00
i 7.68
i 9. 12
8.87
9.34
9.54
9 44
9 62
1.43
Cash...
do
1.34
1.30
1.40
1.49
1.46
1.34
1.33
i 1,50
i
1.
53
1
26
1.33
1
26
1
18
1
35
1
7.95
Other assets
do
8.09
7.89
7.43
7.64
7.87
7 92
7 47
5 73
i 6 93
7 43
7 70
8 00
7 82
7 80
Payments to policyholders and beneficiaries in
U.S., total
mil. $._ 11,416.6 12, 342. 2
969.0 1,166.8 1,118.8 1, 078. 1
956. 0 1, 309. 8 1, 048. 2
993.5
968.1 1,236.8 1, 034. 1 1,103.2 1, 137. 5
465.4
453.9
Death benefits
_ do
477.4
494.2
456.0
429.6
509.7
407.0
421.1
454.5
4, 831. 4 5,218.2
416.6
492.1
542.3
87.1
78.8
93.2
87.9
82.8
71.6
Matured endowments
"do
79.
2
77.5
981.6
80. 1
82 7
85 6
931. 1
80.0
95 9
13.0
17.5
16.6
Disability payments .
do
16.1
14.8
13. 1
13.5
13.3
169 3
12 4
163 0
13 •»
16 5
13 7
15 1
109.8 !
Annuity payments
.
do
102.2
121.0
95.6
116.5
102. 5
102.8
98 °
94 2
108 1
1 038 9 1 152 6
98 8
99 3
101 1
184.2 i
Surrender values
.__ do
180.6
193.3
177.7
199.2
198.0
169. 2
174.1
166.9
1, 932. 3 2, 120. 6
167.1
189.6
206. 0
195. 7
218.6 ;
Policy dividends .
"
do
190.0
267. 9
253.3
191. 6
427.8
182. 6
211.6
265. 5
2, 519. 9 2, 699. 9
192.2
268. 0
194.3
213.6
r
Revised.
p Preliminary.
'New series. Data through 1962 are in the Aug. 1965 SURVEY; those for 1963-lst qtr. 1966
1
End of year; assets of life insurance companies are annual statement values.
appear on p. 25 of the July 19fi7 issue of the SURVEY.
«[Data for net receipts and totii ex§See note "t" on p. S-17.
Bother than borrowing.
tRevisions prior to Sept. 1966 for
penditures reflect exclusion of certain intcrfimd transactions.
cash transactions with the public (seas, adj.) and for Feb. 1964-Aug. 1966 for assets of all life
insurance companies will be shown later.
SUKVEY OF CURRENT BUSINESS
December 1967
1966
1965
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
Annual
S-19
1967
1966
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
i
FINANCE—Continued
LIFE INSURANCE— Continued
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance) :t
Value estimated total
mil $
Ordinary
do
Group and mass-marketed ordinary
do
Industrial
do
i 142,166
82, 521
1
52,349
7,296
122, 479
88, 399
27, 270
6,810
9,880
7,412
1,878
590
10,095
7,698
1,835
562
14,614
8,230
5,850
534
8,661
6,640
1,481
540
9,707
7,019
2,140
548
12,310
8,606
3,084
620
10, 820
7,836
2,407
577
11,974
8,478
2,876
620
11,547
8,333
2,649
565
9,930
7,411
1,960
559
10, 825
8,042
2,241
542
10,351
7,484
2,325
542
11,815
8,659
2,572
584
15,176
11,357
2, 436
1,383
16,090
12, 063
2, 660
1,367
1,354
1,024
222
108
1,303
982
222
99
1, 667
1,145
281
241
1,346
1,038
201
107
1,283
964
226
93
1,460
1,115
244
101
1,331
1,014
218
99
1,476
1, 104
267
105
1,361
1,041
225
95
1,399
1, 054
241
104
1,405
1,050
257
98
1,315
990
231
93
1,444
1,107
232
105
Gold and silver:
Gold:
Monetary stock, U.S. (end of period) ._ .mil. $.. 13,733
-198
Net release from earmark§
do
"Exports
thous $ 1,285,097
Imports
do
101,669
13, 159
-50
457, 333
42, 004
13, 257
28
33,943
2, 265
13, 159
-36
42
7, 922
13,159
-34
58
2,054
13, 157
-15
170
1,612
13, 107
-23
56
3,348
13, 107
12
285
1,494
13, 109
-3
162
2,326
13, 109
3
63
2,239
13,110
490
2,530
13, 108
1
77
2,041
13,008
-17
104
3,331
13,006
1
226
8,219
12, 905
-8
73
1.771
1,445.0
1, 080. 8
114.6
63.1
89.7
9.1
10. 8
8.7
87.7
9.6
89.5
8.7
87.8
8.9
89.5
9.1
89.1
8.9
91.2
8.9
89.1
9.1
88.9
8.4
90.5
8.3
89.9
8.0
84.1
114,325
78, 378
1.293
2,471
6, 214
1.293
7, 105
5,878
1. 293
4,915
5, 785
1 . 293
14, 755
7,494
1.293
9,018
6,399
1.293
10, 693
6,136
1.293
11,072
8,451
1.293
15,149
8,159
1,296
19, 786
10, 120
1.301
2,912
4,021
1. 593
1,722
8,520
1.750
4, 094
5,839
1. 680
2,480
3,296
1.786
32,820
41, 984
45, 047
2,662
3,767
3, 049
3,019
3,105
3,444
3. 224
3,114
4,151
4,020
2, 304
3,280
3,403
2,729
2, 691
4,194
2,461
892
1, 366
1,235
45.1
45.0
45.4
Premiums collected:!
Total life insurance premiums
Ordinary
Group and mass-marketed ordinary
Industrial
do
do
do
do
MONETARY STATISTICS
Production , world total
South Africa
Canada
United States
Silver:
"Exports
Imports
Price at New York
Production:
Canadat
M^exico
United States
mil $
do
do
do
thous $
do
dol. per fine oz_.
thous fine oz
do
do
Currency in circulation (end of period)
bil. $..
Money supply and related data (avg. of daily fig.): J
Unadjusted for seas, variation:
Total money supply
bil. $
Currency outside banks... .
do
Demand deposits
do
Time deposits adjusted^.,
do
U.S. Government demand deposits _. _ _ d o _ _
Adjusted for seas, variation:
Total money supply
Currency outside banks.
Demand deposits _, .
_ _ ...
Time deposits adjusted^
.
2
1,440.0
1,069.4
125.6
,R8.6
54,061
64, 769
1.293
31,917
40, 333
44, 423
2
2,966
2.913
3,956
2,504
3, 245
3,927
3,353
3, 469
3,598
1.953
42.1
44.7
43.1
44.2
44.7
43.4
43.6
43.6
43.7
44.4
44.7
44.9
162. 6
35.3
127.3
137.6
6.3
169.8
37.5
132. 3
3 154. 0
4.9
170.5
38.1
132.4
157.1
4.8
171.5
38.5
133.0
156.1
3.7
175.8
39.1
136.7
156. 9
3.4
175.3
38.5
136.8
160. 7
4.1
170.6
38.3
132.3
164.0
5.0
171.9
38.5
133. 4
166.7
4.9
173.6
38.7
134.9
168.8
4.8
171.1
38.9
132.2
170.8
6.5
174.3
39.3
135. 1
173. 0
3.9
175.8
39.6
136.2
175.1
5.6
175.9
39.6
136.2
177.7
4.3
178.4
39.8
138.6
178.9
5.0
180.6
40.0
140.6
180.3
6.2
182. 6
40.5
142. 1
181.1
5.2
170.1
38.0
132.1
157.6
170.1
38.1
132.0
157.4
170.4
38.3
132.1
158.6
170.3
38.5
131.8
160.8
171.5
38.7
132.8
163.5
173.1
38.9
134.2
166.1
172.7
39.1
133. 6
168.1
174.5
39.2
135.3
170.0
176.2
39.3
136.8
172.4
177.9
39.5
138.4
174.6
179.1
39.6
139.6
177. 2
179.2
39.8
139.5
178.9
180. 2
39.9
140.3
180.8
181.3
40.0
141.3
182. 5
54.0
111.2
39.6
52.2
34.3
54.6
111.3
39.6
52.5
33.9
56.9
121.8
40.0
53.2
34.2
57.2
124.7
39.4
50.9
34.8
55.6
119.4
39.4
52.6
34.2
54.8
117.2
39.1
51.2
33.9
57.7
123.0
40.8
54.2
35.1
54.8
115.2
39.2
52.0
33.9
56.5
120.0
40.1
53.4
34.4
56.8
119.8
40.7
55.5
34.5
59. 0
128. 5
41. 1
56.6
316
57.4
120.6
40.8
55.4
35.1
58.3
125.5
40.8
54.6
35.1
do
do
do_
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted: t
Total (233 SMSA's) 9 .ratio of debits to deposits
New York SMSA
do
Total 232 SMSA's (except N Y )
do
6 other leading SMSA'sd"
do
226 other SMSA's
do
2,968
2,832
4,513
12, 908
48.3
99.6
35.3
44.9
31.3
52.8
109.4
38.3
50.1
33.3
27,521
1,896
694
30, 937
2,102
702
7,933
528
166
338
«753
3,188
4,442
761
970
1,401
345
911
3,474
5,055
799
1,298
1,487
1,151
2,499
1,926
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade and SEC):
Net profit after taxes, all industries
mil. $._
Food and kindred products
do
Textile mill products
do
Lumber and wood products (except furniture)
mil. $..
Paper and allied products
do
Chemicals and allied products
do
Petroleum refining
do
Stone, clay, and glass products
do
Primary nonferrous metal
do
Primary iron and steel
do
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil. $_.
Machinery (except electrical)
do
Elec. machinery, equip., and supplies
do
Transportation equipment (except motor
vehicles etc )
mil $
IVtotor vehicles and equipment
do
All other manufacturing industries
do
Dividends paid (cash) , all industries
do
Electric utilities, profits after taxes (Federal Reserve) t
mil. $..
Transportation and communications (see pp. S-23
and S-24).
6,748
451
105
7,596
506
124
6,718
584
140
54
240
823
1 373
173
350
370
*51
191
786
1,341
67
325
296
82
205
849
1,344
194
311
°96
102
190
767
1,335
216
192
227
1,395
3,058
2,379
318
748
617
321
674
527
368
840
564
305
687
540
721
3,496
< 3, 285
821
3,053
4,058
197
870
1,107
162
620
831
199
831
883
199
193
1,041
11,979
12, 958
3,745
3,185
3,266
3,079
2,586
2,764
673
799
666
i
4
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes, total
Corporate
Common stock
Preferred stock
.. .
5,373
4,376
10, 625
4, 218
4,618
40, 108
45,015
2,518
6,686
3,277
5,091
do
do
do
do
37, 836
13, 720
1,547
725
42,501
15, 561
1,939
574
2,381
755
106
31
6, 574
1,004
61
50
3, 151
1,535
106
20
4,148
4,004
4, 162 10, 376
3,844
5,043
5,000
7,367
5,110
3,991
1,948
1,549
2,231
2,376
2,343
1,262
2,219
1,361
1,593
1,778
239
173
130
144
94
111
313
40
139
119
231
41
84
105
47
17
51
17
24
144
collected, Jan.-Aug. 1964, Jan.-July 1965, and Jan.-July 1966; silver production (Canada),
1964; electric utilities, 1965. Revisions for money supply and related data for 1959-June 1966,
appear in the Aug. 1967 Federal Reserve Bulletin. § Or increase in earmarked gold (-).
^ Time deposits at all commercial banks other than those due to domestic commercial banks
and the U.S. Govt. t Revised series. 9 Total SMSA's include some cities and counties
not designated as SMSA's. rf Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
r
a
Revised.
1 Includes $27.8 bil. coverage on U.S. Armed Forces.
Estimated; excludes
3
U.S.S.R., other Eastern European countries, China Mainland, and North Korea.
Beginning June 1966, data exclude balances accumulated for4 payment of personal loans
(amounting to $1,140 million for week ending June 15).
Beginning with the period
noted, data reflect reclassification of companies between industries and are not strictly
comparable with those for earlier periods.
t Revisions will be shown later as follows: Insurance written, 1964-Jan. 1966; premiums
4,002
mil. $. _
7,523
5,253
4,229
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1
1966
1966
Annual
December 1967
Nov.
Oct.
1967
Feb.
Dec.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov
FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commission—Continued
Estimated gross proceeds— Continued
By type of issuer:
Corporate, total 9
_ _ _ _ _ mil. $
Manufacturing
do
Extractive (mining)..
do
Public utility
do
Railroad
do
Communication
- _ do
Financial and re^il estate
do
Noncorporate, total 9
U.S. Government
State and municipal
do
do
do
_.
New corporate security issues:
Estimated net proceeds, total.. Proposed uses of proceeds:
New money, total
._.
Plant and equipment
Working capital
Retirement of securities. _ _
_
Other purposes
15, 992
5 417
342
18, 074
7 070
375
2 936
3 665
284
947
892
385
6
?58
12
98
73
1,115
233
25
335
10
170
108
1,661
1,684
682
17
414
15
154
42
649
27
222
51
296
267
3,407
494
1,450
4. 270
339
2,003
1,941
24,116
9,348
11.148
26, 941
8,231
11,089
1,626
408
736
5, 570
3,738
950
1,616
373
923
1,418
570
15
279
20
106
248
6,105
4,154
1 159
2,362
1 283
35
510
42
147
92
2,015
1 153
2,891
2,213
459
1,437
29
40J
12
109
143
393
1 129
1,518
598
30
4%
27
92
102
2,483
438
1,209
2 674
1 334
40
477
33
354
149
2,700
410
1 461
2,590
963
27
476
35
40
417
2, 481
1 263
16
536
24
359
122
654
16
269
20
202
187
134
387
1,786
8,145
6,458
2,455
362
1 273
2,200
422
991
415
925
840
1 763
2, 417
942
61
647
do_ _ .
15. 801
17, 841
876
1,098
1,643
1,669
1,400
2,334
1,985
1,493
2,631
2,546
2,440
1,733
2, 375
do
do
do
do
do
13,063
1,363
1,128
1,522
1,135
1,375
2,178
1,755
1,891
1 352
1,418
1,082
2,181
1,539
2,184
1,717
1,581
1,080
2, 128
1 436
1,741
1,795
783
630
153
46
46
1 , 033
5 352
15, 806
12, 430
3,376
do
do.
11.084
6, 537
11, 089
6,524
736
266
950
989
925
286
mil. $
do
do
do
1
534
i 5, 543
i 1, 666
i 3, 706
1
1
1
Prices:
Standard & Poor's Corporation:
Industrial, utility,
and railroad (AAA issues):
Composited1
dol per $100 bond
Domestic municipal (15 bonds) . _ _ . do
State and municipal issues (Bond Buyer):
Long-term
Short-term.. _.
.
996
241
839
194
12
52
235
8
273
923
458
539
12
82
336
19
56
2,363
1,832
531
20
248
1 129
1,197
1,209
1,461
388
21
125
918
457
1
">4
1,450
1 159
1,437
756
634
673
685
5,445
1,936
732
5, 896
2, 078
5, 966
2. 220
6,195
2,231
698
5,803
2,135
6,636
2,341
6,677
2,281
6,943
2, 401
7 109
2,513
454
423
17
139
951
531
642
89
275
467
34
099
840
752
501
10
142
1,273
603
692
79
168
r
991
' 764
1,280
674
SECURITY MARKETS
Brokers' Balances
(N.Y.S.E. Members Carrying Margin Accounts)
1
609
5, 387
1, 637
3, 712
661
607
609
5,216
1, 520
3,349
5, 275
1,532
3,262
5, 387
1,637
3,712
5, 375
1,914
3,187
93.9
110.6
86.1
102.6
83.4
100.5
83.5
101.0
83.0
102.4
85.9
106.0
86 4
106.4
85 6
105. 8
85 4
104 9
83.4
101.1
81.7
100.2
81.1
99.3
80 3
99 6
80.0
98.0
78 5
95 8
83.76
78.63
78.07
77.68
78.73
81.54
80.73
80.96
80.24
77.48
76.37
76.39
75.38
75.04
73.01
3, 794. 22 4,261.12
3 288 68 3,740.48
341. 50
248 44
312. 46
313. 01
366. 38
356 22
446. 77
417 53
409 22
350 65
478 39
394 94
381 00
333 15
534. 32
451 69
539. 46
464 38
541. 91
455 80
529 22
471 09
494. 25
439 68
634. 15
559 18
3.643.11 4,100.86
3 150. 16 3,589.62
332. 34
338 21
293. 69
293. 70
348. 01
335 45
428. 29
400. 29
385. 34
330 33
451.87
374 71
349 76
309 72
484. 92
413 73
463. 58
406 43
468.83
402 31
466 98
422 84
438. 28
385. 75
553. 63
494 43
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil $ 2,975.21 3, 092. 79
286. 55
260. 68
285. 40
328. 21
258 78
281. 42
279 94
329 41
326 62
358 94
326 09
319.92
403 06
Cash on hand and in banks
Customers' debit balances (net) __ _
Customers' free credit balances (net)
Money borrowed
_
713
701
673
686
720
776
Bonds
U.S. Treasury bonds, taxablel
do
Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil. $
Face value
do
New York Stock Exchange:
Market value
do
Face value
do
Yields:
Domestic corporate (Moody's)
By rating:
Aaa._
_ _
Aa
A.
Baa
By group:
Industrials
Public utilities. _
Railroads
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
U.S. Treasury bonds, taxable©
70. 53
382. 38
percent
4.64
5.34
5.67
5.65
5.69
5.50
5 35
5.43
5 42
5.56
5.75
5 86
5 91
6.00
6 14
6.36
do
do
do
do
4.49
4.57
4.63
4.87
5.13
5.23
5.35
5.67
5.41
5.50
5 67
6. 10
5.35
5.46
5.65
6.13
5.39
5.48
5.69
6.18
5.20
5.30
5 53
5.97
5 03
5.18
5 38
5.82
5.13
5.23
5.49
5.85
5.11
5 26
5 46
5 83
5.24
5.42
5.60
5.96
5.44
5.63
5 77
6.15
5.58
5 72
5 88
6 26
5
5
5
6
62
76
94
33
5.65
5.87
6.06
6.40
5
6
6
6
82
01
19
52
6.07
6.23
6.43
6.72
do
do
do
4.61
4.60
4.72
5.30
5.36
5.37
5 63
5.72
5 67
5.59
5.64
5.72
5.63
5. 65
5.78
5 45
5.42
5 63
5 33
5.25
5 48
5.39
5.37
5.51
5 37
5 37
5 51
5 46
5.59
5 62
5 64
5.80
5 80
5 79
5 91
5 88
5 84
5 96
5 94
5.93
6.02
6.03
6 05
6 12
6 24
6 28
6.39
6 42
do
do
3.28
3.27
3.83
3.82
3.74
3.97
4.02
3.93
3.77
3.83
3.40
3.58
3.60
3.56
3.54
3.60
3.69
3 66
3.96
3.92
4.06
3.99
3.91
4.05
4.06
4 03
4.19
4.15
4.27
4.31
4.42
do
4.21
4.66
4.70
4.74
4.65
4.40
4.47
4.45
4.51
4.76
4.86
4.86
4 95
4.99
5 18
5.44
7.65
8.48
3.86
4 09
4.90
6.33
8.25
9.17
4.11
4 45
5.06
6.85
8.33
9.25
4.14
4 55
5.14
6.97
8.22
9.07
4.15
4.61
5.14
7.42
8.23
9.08
4.18
4.61
5. 14
7.53
8.29
9.15
4.18
4 63
5.22
7.53
8.30
9.16
4.20
4 63
5.28
7.81
8.32
9.17
4.27
4.63
5.28
7.81
8.33
9 18
4.27
4 63
5 28
7.81
8.19
8 95
4.32
4 63
5 28
7.81
8.20
8 95
4 38
4 63
5 29
7.81
8. 21
8 96
4 39
4 (-,5
5 °9
7.81
8.21
8 96
4 39
4 65
5 30
7.81
8.22
8.96
4.39
4 65
5 48
7.81
8.23
9 00
4 40
4 58
5 48
7.81
8.28
8 92
4.41
4 55
5 48
8.09
250. 31
284. 32
117.08
95.06
230. 88
266. 77
102 90
92.65
220. 60
250. 49
104. 92
83.37
218. 34
248. 93
103.47
83.25
217. 56
246. 38
105.99
82. 91
233. 54
266. 77
108 12
93.13
233. 23
267. 35
105. 18
92. 56
242. 02
278. 90
106. 81
93.52
251. 52
293. 28
108 90
93 60
238. 37
277. 83
102 58
94.89
242. 22
282 15
100 73
97 92
252. 69
298 94
103 04
105 56
249. 02
^95 09
99 63
104 99
257. 40
307. 35
99 76
101.22
251.
90
309 88
93 63
91 88
250. 32
300. 84
95 92
90 80
3.55
3.43
3.87
4 97
3 79
2.93
3.56
3.43
3.99
5.00
3.94
3.17
3.44
3.29
4.00
4.95
3.84
3.28
3.31
3.13
3.92
4 95
3.83
3.31
3.44
3.22
4.21
4 88
3.96
3.51
3.39
3 17
4.35
4 73
3 98
3.43
3. 25
3 l00
4 >6
4 41
3 (58
3.53
3.30
3 04
4 41
4 43
3 69
3*54
3.19
2.92
4.40
4 59
3 77
3.57
3.27
l)
97
4 70
4 98
3 89
3.85
3.31
2 97
4 60
5 01
4 06
4.02
Stocks
Dividend rates, prices, and yields, common stocks
(Moody's):
Dividends per share, annual rate, composite
dollars _.
Industrials. _
do
Public utilities. . .
do
Railroads
do
N.Y. banks _
do
Fire insurance companies
do
Price per share, tend of mo., composite
Industrials...
Public utilities
Railroads
do
do
do
do
3.06
3.76
3.78
Yields, composite.- . _. .
. percent
3.57
3.64
Industrials
do
2.98
3.44
3.69
Public utilities.. .
do
4.01
3.95
3.30
3.99
Railroads
do
5.54
4.30
5.46
4.80
N.Y. banks
do
3.90
3.33
3.96
4.04
2.92
Fire insurance companies
do
2. 74
2.92
2.70
r
Revised.
1 End of year.
9 Includes data not shown separately.
cfNumber of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
3.78
3.69
3.94
5 56
3.80
2.92
1 Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.
OFor bonds due or callable in 10 years or more.
SURVEY OF CURRENT BUSINESS
December 1967
1965
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1967
1966
1966
Annual
S-21
Nov.
Oct.
Dec.
Feb.
Jan.
Mar.
May
Apr.
June
July
Sept.
Aug.
Nov.
Oct.
FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Earnings, common stocks (Moody 's):
Earnings per share (indust., qtrly. at ann. rate;
pub. util. and RR., for 12 mo. ending each qtr.) :
Industrials t
dollars
Public utilities
do
Railroads
do
16.42
5.92
8.16
16.78
6.30
9.34
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
percent. .
4.33
4.97
5.28
5.21
5.24
5.07
4.98
5.04
318. 50
910. 88
157. 88
216. 41
308. 70
873. 60
136. 56
227. 35
273. 35
778. 10
129. 70
192. 07
285.23
806.55
136. 43
201. 94
285. 52
800.86
135. 68
205. 78
298. 28
830. 56
138. 64
220. 11
305. 65
851. 12
138. 03
228. 69
307. 70
858. 11
135. 96
231. 98
88.17
85.26
77.13
80.99
81.33
84.45
87.36
89.42
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Railroad (20 stocks)
__.
___
.
_ .
Standard & Poor's Corporation:^
Industrial, public utility , and railroad:
Combined index (500 stocks)
1941-43=10..
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
mil $
Shares sold
millions
On New York Stock Exchange:
Market value
mil $
Shares sold (cleared or settled)
millions..
Exclusive of odd-lot and stopped stock sales
(N.Y.S.E.; sales effected)
millions..
Shares listed, N.Y. Stock Exch., end of period:
Market value, all listed shares .
bil. $
Number of shares listed
millions..
6.42
8.30
5.35
5.41
5.59
5.17
5.30
5.34
309. 45
868. 66
139. 29
228. 77
315. 57
883. 74
137. 15
238. 27
318. 12
872. 66
131. 92
253. 90
327. 23
888.51
132. 72
267. 65
90.96
92.59
91.43
93.01
94 49
95.81
95.66
100. 38
98.35
81.27
67.77
49.91
102. 11
101.01
83.88
68.03
50.43
103. 84
104. 17
84.62
67.45
49.27
104. 16
106. 64
83.60
64.93
46.28
5.03
329.
912.
132.
262.
62
46
43
85
330. 87
923. 45
131. 33
261. 79
321.
907.
126.
250.
30
54
08
55
303. S8
865. 43
123. 05
230. 74
91.08
84.86
74.10
68.21
46.34
82.01
72.67
66.67
65.41
39.44
86.10
77.89
68.25
68.82
41.57
86.50
79.83
67.76
68.86
41.44
89.88
82.70
69.97
70.63
44.48
93.35
86.72
73.78
70. 45
46.13
95.88
90.08
75.10
70.03
46.78
97.54
92.37
77.53
71.70
45.80
99.59
95.10
79.13
70.70
47.00
98.61
96.34
78.94
67.39
48.19
33.32
63.80
64.55
32.30
61.04
63.68
34.34
65.05
68.62
35. 93
67.03
70.50
37.08
69.90
70.03
35.62
67.09
68.99
35.32
66.00
65.86
36.01
66.56
64.86
35.43
65.81
62.60
35.35
63.97
61.34
36.76
65.95
62.56
37.89
67.34
58.95
38.39
67.99
60.84
37.83
67.43
58.66
47.39
46.15
46.18
50.26
45.41
44. 45
41.50
41.03
42,24
43.33
40.23
43.73
43.28
45.82
45.16
43.16
44.16
43.79
48.23
44.77
44.43
46.02
45.61
51.38
46.43
47.53
47.80
47. 72
52. 56
47.03
48.71
49.02
49.02
55.19
47.88
48.17
49.92
50.19
54.60
48.07
48.37
51.00
51.78
55.76
47.20
48.17
50.54
51.55
54.97
45.95
47.51
51.67
53.13
57.30
44.87
49.85
52. 46
54.20
56.80
44.69
51.24
53.23
55.28
54.89
44.57
52. 98
53.13
55. 62
51.56
43.33
52.69
89, 225
2, 587
123, 034
3,188
8,658
223
8,102
219
9,538
266
11, 653
320
11,181
316
14, 515
418
11.777
323
14,411
397
13, 891
374
13, 319
393
14, 023
392
13,092
369
14, 499
409
73,200
1,809
98, 565
2,205
7,209
166
6,638
162
7,662
189
9,320
224
8,792
216
11,465
268
9,232
206
11,335
257
10,801
243
10, 114
241
10, 920
251
9,964
228
11,006
249
1,556
1,899
146
146
166
208
183
225
188
219
213
217
208
205
225
212
537. 48
10, 058
482. 54
10, 939
475. 25
10, 842
480. 88
10, 886
482.54
10, 939
522. 75
10,989
527.04
11,046
549. 49
11, 073
572. 64
11,114
546. 65
11, 199
559. 50
11, 277
586. 41
11,326
581.99
11,374
600.94
11, 433
583.13
11,484
586. 17
11, 568
Industrial total (425 stocks) 9
do
93.48
Capital goods (122 stocks)
do
85.26
81.94
Consumers' goods (181 stocks)
do
Public utility (55 stocks)
do
76.08
Railroad (20 stocks)
do
46.78
Banks:
38.92
New York City (10 stocks)
do
Outside New York City (16 stocks) .... do. ... 71.35
64.17
Fire and casualty insurance (20 stocks)___do
New York Stock Exchange common stock indexes:*
Composite
12/31/65=50
Industrial
. _ _ ___ -do._.
Transportation
do
Utility
_
.do _
Finance
do
13.50
6.53
r 16. 07
14 70
6.37
8.85
18.08
6.30
9 34
51.40
53.79
48.43
42.39
50.19
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value
n.xpon ^ use.;, iiici. reexporiis, loiaii^j
Seasonally adjusted
By geographic regions:A
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
By leading countries: A
Africa:
United Arab Republic (Egypt)
Republic of South Africa
Asia; Australia and Oceania:
Australia including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
Europe:
France
East Germany
West Germany
T
1
27 478 9 30 319 6
26 699*5 29 379 2
do
2 716 5 9 ^4Q fi 2 489 6
2*645 6 2 471 3 2 419f 2
2 835 9
2 797 3
2 716 9
9 666 5
2 73Q g
2 686 1
2 680 5 2 431 o 2 487 8 2, 549. 7 2, 485. 2
2 617 1 2 379 9 2, 396. 9 2, 504. 6 2, 440. 0
2,600.9
2,569.0
2,659.3 2,544.7
2,583.4 2, 590. 6 2, 560. 7 2, 631. 6 2, 383. 0
2 693 2
2 624 0
2 627 0
2*571 9
2,58U.7
2,486.1 2,415.8 2, 620. 2
do
do
do
do
1, 228. 9
6 012 1
956 2
9 363 9
1, 348. 5
6, 733. 3
805.3
10 003 1
126.1
614 6
72 6
824 8
119.6
570 8
72 6
864 2
122.1
639 4
75 8
842 2
119.3
611 5
75 4
812 6
87.5
601 6
78 4
820 0
113.9
652.7
82.8
936 5
115.3
608.6
76.7
892.8
118.9
582.2
78.4
877.8
114.0
602.9
72.5
854.4
86.0
561.7
77.9
792.0
89.8
584.1
73.3
811.5
90.3
594.1
74.5
811.6
70.3
570.4
82.9
789.8
do
do
5 643 3
2 099 0
2 174 9
6, 661. 2
621 2
2 268.3 r 213 7
2 499 9 r 29Q 2
597 8
198 4
203 6
583.7
205 6
247 5
539 1
191 9
199 8
537.7
177 6
186 9
638.6
205 1
207 9
625.9
193.8
203 7
684.6
200.8
188 2
641.5
203.5
191 8
531.2
190.1
192 1
533.0
191.7
204.3
590.9
198.3
190.0
600.3
201.9
169.6
do
do
157 7
438 1
189 1
401.0
15 3
41 2
13 0
33 4
12 3
34 9
7 2
50 5
78
34.4
75
43.2
11.3
40.7
10.8
32.0
36.0
35.4
38.2
29.2
25.7
do
do
do
do
799 3
928 0
335 9
91 1
654.2
929.3
238.7
i 45.6
57
71
27
4
63 7
53. 0
25 3
50 3
78.3
27 1
66 2
100.4
32 8
70 1
84.4
30.7
68.0
82.8
44.7
68.2
80.7
25.2
65.5
84.5
14.3
64.1
83.7
25.0
66.5
69.4
23.3
63.6
94.5
14.4
66.9
65.7
47.6
3.1
3.2
4.0
3.2
3.3
73.9
74.7
29.7
5.3
4.6
2.3
3.7
3.2
3.4
36.8
225.9
35.7
221.5
40.3
210.6
32.6
217.2
34.1
229.5
2
9
1
1
3.4
7 9
28. 1
231.5
3.9
10.8
38.8
234.0
do
do
do
41 6
348 5
2 080 2
67.6
347.8
2,363.6
55
32 8
218.2
do
do
do
970 7
12 4
1 649 6
1, 007. 0
25.2
1,673.6
84.3
80.9
1.1
87.2
1.5
138 2
141. £
124.1
1.6
77.9
76.7
74.0
908.8
taly
do
891 1
6.6
2.2
1.3
45 2
41.7
Union of Soviet Socialist Republics
do
143.7
165.1
141.2
United Kingdom
do
1,615.1 1, 737. 1
r
Revised.
p Preliminary.
1 Beginning Jan. 1966, excludes data for Singapore.
^Revisions prior to Sept. 1965 will be shown later.
cfNumber of stocks represents
number currently used; the change in number does not affect continuity of the series.
9 Includes data not shown separately.
*New series; index is based on the closing prices
of the more than 1,250 common stocks listed on the Exchange.
(^Beginning Jan. 1965, data
3.5
6.7
33.8
207.1
5.0
4.4
10.3
35.9
228.1
108.6
92.5
95.5
101.2
3.5
2.1
179.0
163.1
151.3
121.1
130.1
77.7
82.4
81.1
76.7
86.4
87.6
128.5
76.7
78.8
4.4
3.5
1.8
31.0
218.2
130.6
2.0
4.2
4.9
1.6
8.7
4.7
88.7
7.1
5.9
3.4
5.2
6.0
41.9
220.1
73.5
1.5
2.7
3.4
67.9
.6
152.2
69.1
2.3
5.9
1.5
4.4
5.8
37.6
216.7
71.6
78.3
121.4
129.4
73.2
72.2
.6
5.8
.3
6.1
147.7
192.7
167.0
141.0
162.2
163.5
145.4
146.9
165.1
173.6
reflect adoption of revised export schedule; in some instances, because of regrouping of commodities and release of some "special category" items from the restricted list, data for commodities and countries are not comparable with those for earlier periods.
ABegmnmg
with the Jan. 1967 SURVEY, data for regions and countries (except India and Pakistan) are
restated to include "special category" shipments formerly excluded.
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1966
December 1967
1967
1966
Annual
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
May
Apr.
June
Aug.
July
Sept.
Oct.
Nov.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value— Continued
Exports (mdse.), incl. reexports— Continued
By leading countries— Continued
North and South America:
Canada
mil $
Latin American Republics total 9
Argentina .
Brazil
Chile
- .
Colombia
Cuba
Mexico
Venezuela
.
_
_
Exports of U.S. merchandise, total Of
Excluding military grant-aid
Agricultural products, total
..
Nonagricultural products, total
5 642 8
«5, 660. 8
621 I
597 8
583 7
539.0
537.6
638.5
625.8
684.5
641.4
531. 1
532.9
590.8
600.2
do
3 787 7
4, 230. 9
383 3
350 0
399.8
347 6
319.4
360.7
351.3
336.5
346.4
339.2
348.2
335.6
320.4
do
do
do
267.5
347 9
237.4
244.1
575.0
256.0
21 7
51 9
17 8
26 7
49 i
19 2
37.5
63 6
24 8
19.0
42 8
21.7
25.9
39.5
16.0
19.8
53.5
23.6
17.3
40.9
21.2
18.3
38.3
20.9
22.6
35.4
19.0
16.1
50.6
19.9
20.9
54.3
20.6
15.7
44.0
18.8
16.1
33.5
19.6
do
do
do
do
198 5
287.1
23 6
0
113 6
59 4
23.4
0
103 4
49 9
23.1
16.7
0
103.6
48.6
22.3
0
105.5
45.7
15.2
0
99 2
51.0
19.2
90.8
43.0
13.4
0
101.2
55.6
17.1
102 8
49 0
16.8
0
105 4
44.4
14.6
0
98 4
46 6
19 2
1 105 9
625 6
99.1
49.1
101.2
52.5
106.3
47.7
do
27, 135. 3
do
26, 356. 5
_do . 6, 228. 6
do
20, 906. 7
By commodity groups and principal commodities:*
Food and live animals 9
. . doMeats and preparations (incl. poultry) -do
Grains and cereal preparations
* do
Beverages and tobacco
0)
do
4, 003. 1
161.8
2, 636 6
0
1 180 0
598.0
4, 566. 7
158.9
3, 189. 3
••393 7
18. 6
260 8
r
352.1
11.6
241.2
334.4
11.0
228 0
73 9
74 7
78.5
39.6
337.9
59.7
124.7
35.1
312.2
72.4
85.5
31.2
276.7
56.6
67.2
29.8
82.5
42 1
37.2
75.9
34.2
38.5
68.9
29 3
31.2
623.7
3, 072. 2
432.2
759.9
421.8
946.5
494 3
417.6
977.5
493.3
435.6
r
356.0
T
394.4
17.0
269.0
285 6
34.9
92.0
r
41 9
517 0
do.
do
do
0
0
0
0
29,883.9 2,653.5 2,593.4 2,690.2 2,516.6 2,459.5 2,801.1 2, 680. 9 2,697.8 2,648.7 2,401.9 2, 449. 9 2, 518. 2 2, 456. 0
28,943 5 2 584 3 2 5383 2,619.3 2, 438. 4 2,389.2 2,762.5 2,630.4 2,653.1 2, 585. 4 2, 350. 8 2, 358. 9 2, 473. 1 2, 418. 0
531.7
490.9
524. 2
543.9
469.6
632.0
552.2
519.6
6, 884. 5 r 621 9
513.6
472.3
697.7
531.6
23, 014. 6 r2,031.5 1,895.8 2, 057. 1 1,985.1 1, 946. 1 2, 248. 9 2, 156. 7 2, 154. 0 2, 129. 2 1,929.6 1,980.3 2, 027. 3 1,924.2
Crude materials, inedible, exc. fuels 9 - .do.- - 2, 855. 5
Cotton, raw, excl. linters and waste
do
486.2
Soybeans, exc. canned or prepared
do
650.1
Metal ores, concentrates, and scrap., .do
434. 2
Mineral fuels, lubricants, etc. 9 - -- Coal and related products
Petroleum and products
0
91 7
48 6
r 40 7
333.3
13.3
208.9
332.9
14.9
299.7
308.2
12.8
196.9
358.3
12.9
242.5
41.3
47.6
59.2
54.2
46.4
40 4
50.2
69.5
56.8
280.7
288. 2
47.9
53.8
62.9 | 54.2
34.7 | 47.3
263.0
34.2
65.3
41.7
291.7
48.7
61.1
47.3
275.3
35.7
58. 1
44.6
236. 1
27 2
49.6
46.2
240.6
27.3
47.4
41.4
228.4
30.6
29.3
50.8
290.2
30.9
83.4
52.6
84.4
42.0
38.6
93.3
48.3
40.1
94.5
48 6
40.4
113.7
38 5
70 9
120.7
46.0
69.6
109.1
40.1
61.9
92.8
46.8
41.7
81.4
39.1
36.9
76.4
33.3
38.0
327.8
11.6
212.1
335.9
12.4
214.0
316.2
12.6
210.8
322.4
10.8
214.8
334.9
12.4
222.4
Animal and vegetable oils, fats, waxes
do
471. 6
r 21.8
27.7
32.6
21.4
32.2
33.4
29.2
32.1
38.9
29.9
22.7
26.2
24.7
Chemicals
do
2,401 7
2, 675. 9 r 216 6
218 1
235 9
227 1
215.2
242.5
234.2
249.0
240.2
290 7
232.7
235.3
218. 6
do
do
do
do-
3, 256. 9
527.8
629.0
539.3
3, 434. 2
554.2
557.5
582.4
276,1
47 3
47.8
35.1
294.8
50.6
54.8
40.0
289,9
48 0
57 1
47.1
285.6
42.1
52.8
49.5
325.5
47.4
54.5
61.5
309.3
44.9
50.2
55.9
293.7
45.6
48.1
45.7
298.6
4'? 0
45 6
61. 0
256. 8
37 2
42 1
46.2
285.5
41.1
40.6
30.6
267.7
43.8
41.3
32.2
256.4
44.8
40.0
27.7
937.7 1, 050. 0 1, 005. 9
959.6 1,157.2 1,116.9 1,115.5 1, 088. 1
954.6
908.8 1,017.7
959.9
740.0
71.9
28.9
97.3
182.1
682.7
54.0
31 5
82.9
183.9
637.0
50.3
31 3
84.7
164.8
597.8
44.6
19.6
80.3
161.0
630.9
37.4
22.8
85.4
168.1
618.4
35.8
29.6
78.0
169.9
375.4
243.5
405 95
235.
317 5
179. 1
311.0
186.2
386.8
222 3
341.6
221.3
Manufactured goods 9
Textiles..
Iron and steel.
Nonferrous base metals
.
Machinery and transport equipment,
294.6
48 5
48 5
45 2
total
mil. $-- 10, 147. 1 11,164.3 '1,039.4
r
Machinery, total 9
Agricultural
_
Metalworking
Construction, excav. and mining
Electrical.
__ _
do
do
do
do
do
6, 702. 1
634.1
331.7
932.9
1, 659. 7
7, 445. 9
628.5
337.9
970.6
1,898.8
655. 2
49.1
31 0
85.6
T 179 9
619.6
44.9
26 8
87.3
164.8
669.0
46.2
34.3
82.1
169.9
653.7
53.9
28 2
82.4
165.6
643.0
57.7
25.9
86.5
166.0
741.9
69.6
30.0
96.4
188. 6
726.3
64.1
32.9
95.8
185.6
Transport equipment, total
Motor vehicles and parts. . . .
do
do
3, 445. 0
1, 975. 5
3, 714. 6
2, 386. 5
r
318.1
241.5
381.0
247.5
352 2
226.2
316.6
201.3
415.3
254.1
390.6
241.0
do
do
21,365.6
25,542.2
2,276.
9 2,252.4
2 961 0 2,1863
do
do
do
do
877. 6
4, 528. 1
453.1
6, 292. 2
978.8
5, 276. 3
593.6
7, 857. 1
4, 837. 1
1,741.7
2, 623. 8
6, 131. 4
1, 912. 2
2 785 2
16.1
225.9
17.6
249.0
15. 0
313.7
348.1
44.8
211.8
165.2
369.1
2 413.9
398.8
327.0
67.8
2
176 7
179.0
397.6
2,962 6
43.0
29 6
6 3
13 4
13 6
22. 1
9
54 4
28
25
5
19
13
33
972
56.5
.4
163.5
66 2
4.1
165.5
58.3
49 5
172.2
57.7
142 8
61 9
147.4
General imports, total!
Seasonally adjusted J
By geographic regions:
Africa
Asia
Australia and Oceania
Europe ._
_
_.
_
Northern North America
do
Southern North America
.
do
South America
do
By leading countries:
Africa:
United Arab Republic (Egypt)
. do _
Republic of South Africa _. .
do
Asia; Australia and Oceania:
Australia, including New Guinea
do
India
_
do
Pakistan
_
do
Malaysia.. . .
do
Indonesia
.
do
Philippines.
do
Japan
do
Europe:
France
do
East Germany
do
West Germany.
do
Italy
.
do
Union of Soviet Socialist Republics _ _ _ _ do
United Kingdom
do
North and South America:
Canada
do
Latin American Republics, tota!9
Argentina
Brazil . _
Chile
Colombia..
Cuba
Mexico.. _
Venezuela ..
_
._
384 2
249 5
544.4
176.4
214 9
629.0
169.7
209 8
643 8
176.3
?01 5
563 5
136.1
9
18 9
.6
.9
21 9
.2
19.2
4.9
20.2
38
15 9
11 5
2
4
4
8
5
3
5
35.1
23 4
4.1
16 1
13.7
34.3
228 7
20.3
23 9
3.6
17 0
14 3
20 7
248 7
43
99
3
I9
12
36
°51
6
4
4
0
7
1
6
32
8
9
10
2 8
10 0
16 0
36
0
9
51 2
34
29
4
16
18
41
269
52 8
60 2
3
166 1
70 4
2.5
139.3
60 7
4
166 1
71 0
1.7
131.3
46 1
58 2
131.7
66 1
2.4
123.5
54 5
'3
142 9
69 4
4^5
154.9
62 5
142 0
77 3
'3.8
136.4
156 0
59 2
182 5
79 2
133.7
57 9
3
160 3
77 7
6.0
147.1
130.5
137.4
27.7
99 q
97 4
36.6
28 5
30.2
21 1
4 8
10 8
15 3
22 9
193 2
697.9
65.0
1, 795. 6
743 0
49.4
1, 786. 1
163.3
71.1
174.6
66.6
.8
175.9
73.6
4.0
'178.7
1.0
4.4
84
460
47
709
.7
9
997
7
8
9
3
Q
7.6
17
12
29
257
7
2
0
4
2.1
6.4
4
1.9
27
29
6
18
17
36
251
57
436
51
661
5
8
6
1
4
9
9
7
r
.1
.6
9
14.4
8
0
2
4
5
2
8
3
23.9
31
20
4
18
14
29
951
0
5
5
8
5
3
g
3
3.2
.7
21.2
32.4
26 1
2 9
17 5
15 2
28 6
280 2
5
2.9
4, 831. 9
6, 124 9
560.2
536.4
697 4
526 3
497 6
597 5
544 3
628 5
643 4
569 5
578 2
572 0
637 0
do
3, 674. 8
3, 969- 9
354.8
324.9
317.8
365.9
319.8
344.6
331.7
317.8
304.9
304.4
296.8
298.6
317.1
do
do
do
122.1
512.4
209 4
148. 8
599.7
099 i
11.5
79.3
19 6
13.1
46 7
21 3 !
12.3
42 4
14 8
14.8
52 1
14 7
10.4
36 0
25 8
13.5
43 2
11 4
9.6
38 4
15 5
11.2
37 9
18 6
10.6
41 0
10.0
M A
11.2
12.3
13.6
60 3
9 r
do
do
do
do
276 7
9
13 4
15 6
o
19 0
o
25 3
o
18 8
ion
n
19 7
66 8
81.2
69 3
80.1
70 3
100.7
65 2
82^0
70 5
85! 9
71 7
90^2
(i)
638.4
1,018.0
44 8
o
750.2
1, 002. 4
o
59 4 i:
78.4 >
••Revised.
"Preliminary.
i Less than $50,000.
2 Beginning Jan. 1966, excludes data
inL x gapore; such sm'Pments amounted to $1.0 mil. in that month.
{Revisions for Jan.
1964-Nov. 1965 will be shown later.
9 Includes data not shown separately.
QSee
597.8
200.9
222 8
15.0
615. 3
8.2
497.7
163.5
217 9
99 q
4
13
14
23
637.2
150.1
237 0
526 8
18LO
257 7
1.2
19 4
9 i
5
4
1
1
3
9
573.3
134.1
223 5
68
439
57
69°
627 6
168.8
214 3
.3
578.9
146.8
207 8
76.9
441 5
33.4
661.5
536 9
154.0
994 i
167 2
74.1
472.9
46.6
723.4
78.4
421.4
46.7
608.5
r 561 0
r 9515 Q
78.3
438 7
45.3
617 6
95.6
463.5
44.9
729 8
79
405
42
702
r 793' 7
54.5
488 9
56.5
630. 9
94.7
359.9
41.2
628.0
69 8
471 9
43.2
752 2
8
2
1
1
2,165.5 2,111.5 2, 342. 2
2,114.1 2, 214. 9 2, 216. 4
6
2
4
7
73 0
437 4
54 0
1,341.4
619.7
42.6
1,405.2
6.5
2,240.1 2,261.8 2, 003. 5 2,355.9 2,091.1 2, 222. 4 2, 277. 4 2, 127. 2
2,231 2 2 295. 6 2, 204. 1 2, 184. 7 2, 224. 0 2, 118. 6 2 228 2 9 235 4
Q
O
KA
9
A
4
CO
-I
JQ
9
1Q 1
i
Q
64 3
78.6
00
0
re o
,
C7 C
86.0
similar note on p. S-21.
*New Series. Comparable data prior to 1965 for the groups are
not available; data for individual commodities may be obtained from Bureau of Census
reports
66.1
79.7
70.1
73.2
SURVEY OF CURRENT BUSINESS
December 1967
1965
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
S-23
1966
1966
Annual
Oct.
Nov.
1967
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value— Continued
General imports— Continued
By commodity groups and principal commodities:*
Agricultural products, total
_mil. $_ 4, 083. 6 4, 530. 5 r 381 3 356 9
362 0
415 3 364 6
Nonagricultural products, total
d o _ _ _ 17, 282. 0 '21,011.7 l 895.6 rl 895 5 1 878 1 1 846 5 1 638 8 1
355 4
Food and live animals 9
do
3, 459. 6 3, 947. 5 ••358 1
326 3 330 8
314 1
Cocoa or cacao beans
do
120 5
122 2
67
79
12 8
25 9
24 5
Coffee
- .- do
1 058.5 1, 067. 3
99 9
72 7
75 8
92 6
74 5
Meats and preparations
do
426.5
599.5
58 4
48 8
50 1
47 5
54 3
Sugar
do
442 5
501 2
48 1
40 9
35 4
33 6
37 0
375 7
329 9
357 8
431 5
336 1 358 4
344 5
369 1
924 4 1 715 4 1 886 3 1 919 0 1 782 8 1 807 7 1 781 6 1 973 1
369 0
20 8
93 8
51 4
46 2
322 6
11 7
76 9
44 3
54 4
296
5
77
43
37
2
5
4
1
4
337 2
99
75 4
51 5
59 7
327
8
80
59
63
6
8
5
g
8
331
4
83
61
56
7
8
0
1
3
310 3
4 7
71 8
57 7
56 0
347
6
90
61
42
0
7
6
4
3
Beverages and tobacco
do
553.2
641.7
64 7
66 5
53 6
60 0
49 9
63 6
62 4
55 5
51 4
38 3
39 9
51 8
69 8
Crude materials, inedible, exc. fuels 9
Metal ores
Paper base stocks
Textile fibers
Rubber
do
do
do
do_
do
3, 046. 6
915 4
421.9
435.4
188 1
3, 265. 6
1 019 8
449.3
436.3
180 9
265.0
105 2
38 0
26 0
14 8
270.1
102 9
37 5
25.6
15 3
251.0
79 4
38 9
26 9
12 9
254.0
75 3
37 6
29 6
17 3
210.8
61 2
33 3
24 9
14 1
254.5
62 8
39 g
32 o
21 2
226.3
62 7
32 4
25 2
13 6
250.7
92 6
35 o
23 5
14 3
282.2
117 0
35 8
24 9
96
224.0
79 7
30 7
23 0
90
276.5
98 1
35 5
23 6
15 8
234.3
71 2
32 5
23 7
12 7
248 .9
88 8
34 8
20 8
13 2
Mineral fuels, lubricants, etc. _ . _
Petroleum and products
do
do
2, 221. 5
2 092 5
2, 262. 0
2 127 1
182 6
173 7
181 5
170 1
182 5
173 0
226 7
212 7
186 7
172 3
211 8
197 2
193.8
179 1
194.7
181 1
176 9
163 7
165 3
153 5
158 3
147 4
169 9
154 3
185 4
174 4
Animal and vegetable oils and fats..
Chemicals
do
do
116.5
768.8
146.2
964.0
11 9
79.4
12.8
80.5
13 1
74.7
14 2
82.4
14 8
80.0
11 3
90.2
8.0
83.7
8.2
85.1
6 2
76.1
7 2
70.7
9. 1
82.9
89
69.6
10.2
73.1
562 8
116 6
78 8
136 0
75 5
581.9
140 2
77 9
147.4
67 2
513 5
99 2
75 4
133 5
69 3
522 1
101 6
72 8
128.9
80 9
471.7
98 2
64.6
122.6
60 4
531.9
114 4
71.4
129.7
76 7
490.8
105.6
68.9
122.3
69.8
551.7
122 4
79.3
127.1
69 8
527 5
114 2
77.8
124.8
61 3
493 2
110 8
69 9
105 0
60 4
513.2
116 9
70.8
100.9
69 3
536.1
106 7
68 5
139.8
60 5
549.8
115 4
76.7
137.1
65.7
Manufactured goods 9
Iron and steel
Newsprint
Nonferrous metals
Textiles
_ _ _ _ _ _ _do_
do
do
- do
do
. 5, 555. 4 6, 353. 9
1 234 7 1 305 0
789.6
889.5
1,266.8 1,551.7
800 4
908 5
r
r
do
2, 947. 8
4, 827. 6
434.7
454.5
547.8
484 4
434.7
537.2
430.4
497.1
515.8
473.6
418.5
413. 1
505.3
do
do
do
1 746.2
63 5
639 6
2 618.4
135 3
1 015 9
243 6
12 9
103 5
267.7
17 2
117 8
261 9
16 8
107 3
242 0
16 3
85 9
232 5
14 3
87 5
286 1
19 8
103 7
234.1
17.5
80.7
254 4
16 2
86 0
249.8
17 7
87 5
251 6
15 9
89 1
258.9
18.0
104.2
224 .0
16 0
94 1
253.8
17.1
107.3
1,201.5 2, 209. 3
Transport equipment
do
Automobiles and part?
do
810 1 1 617.7
Indexes
Exports (U.S. mdse., excl. military grant-aid):
144
158
Quantity
1957-59=100
168
Value
do. _.
152
106
106
Unit value
do
General imports: d"
180
153
Quantity
do
152
182
Value
do.
99
101
Unit value
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports) :§
171 730 4 4185 978
Shipping weight
thous sh tons
16/927
18,520
Value
mil. $
General imports:
Shipping weight
thous. sh. tons.. 255,754 * 4266,074
17 319
14, 942
Value
mil $
191.1
147 0
186.8
147 8
285.8
239 3
242, 4
195 9
202.1
164 1
251.1
196 4
196.2
151.1
242.8
192 8
266.1
218.2
222.0
179 6
159.6
115.2
189.1
157.7
251.5
219.8
Machinery and transport equipment
Machinery total 9
Metalworking
Electrical
167
180
107
179
192
108
191
203
106
191
193
101
100
99
16 979
1,648
16 Ol9
1 652
14 120
1 637
24, 603
1 519
23, 292
1 536
20, 210 22, 877
1 383 1 511
1° 452
1,533
13 705
l'653
14 948
1,601
16 058
1,607
16 570
1,572
17 216
1,500
16 892
1,450
16 368
1,507
18, 994 20, 764
1 315 1 540
20, 132
1 348
22, 646
1 426
22, 810
1 484
19, 429
1 396
21,092
1,450
18, 996
1,352
110.5
100 3
27.8
88
6.8
113.1
113 8
31.8
97
7.4
109.4
113 4
33.5
8.3
6.0
12 971
1,'463
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Scheduled domestic trunk carriers:
Financial operations (qtrly. total):
Operating revenues, total 9
mil. $
Transport total 9
do
Passenger
do
Property
do
U.S. mail (excl. subsidy)
do
Operating expenses (incl depreciation) do
Net income (after taxes)
do
Operating results:
Miles flown (revenue)
mil
Express and freight ton -miles flown do
Mail ton-miles
flown
do
Passengers originated (revenue)
do
Passenger-miles flown (revenue)
bil
Express Operations (qtrly.)
Transportation revenues
mil. $__
Express privilege payments
do
Local Transit Lines
Fares, average cash rate
Passengers carried (revenue)
cents
mil
3 306
3 278
2 933
218
74
2 886
223
3,707
3 672
3,261
242
91
3 250
240
941.0
921 6
219 6
71 4
49 2
1,010.9
1 081 7
ogo 4
81 1
57 1
431.4
119.3
430.8
111.7
21 6
6 798
°1 9
6 671
96.1
105 9
°4 6
7 3
50
91.7
101 2
26 3
71
4 7
97
104
36
7
5
3
4
5
5
5
96.6
87 1
24 9
7 4
53
88.9
85 5
24 5
67
4 6
115.2
29 2
21 9
583
21 9
570
92 0
582
Motor Carriers (Intercity)
Carriers of property, class I (qtrly. total):
Number of reporting carriers
2 1, 148 2 1, 148
1,148
Operating re venues, total .
mil $
7,120
2,054
7,849
Expenses, total
_
do
6,741
1,984
7,457
Freight carried (revenue)
mil. tons
433
119
462
1
' Revised.
r> Preliminary.
As compiled by Air Transport Assn. of America.
- Number of carriers filing complete reports
the year. -' For'the
— -for For the 11st wiarter 1967, pay
ments of £2.6 mil. were deferred until 2d
1907; for the 3d
3(~ quarter 1967, payments of
_ _ Cquarter
jU
$1.4 mil have been deferred until the 4th qtr. 196'
< Revisions for Jan.-July 1966 will be shown later.
9 Includes data not shown separately.
1,030
1 020
904
62
24
951
39
1 002
992
870
69
28
890
60
102.6
105 8
29 9
84
59
i 1, 122
^987
i 72
126
*990
176
100.1
108 8
28.2
80
5.5
105 2
114 4
29 4
7 9
54
21
553
22 2
5'">0
22 2
595
104.3
23. 7
108.8
29 0
101.2
24.0
s
9
105.4
117 4
28 9
9 2
6 7
22 2
561
22 3
593
22 4
553
3
92 8
494
23 0
525
23 1
546
23 1
581
1,233
1,899
1,851
116
•New series, replacing imports for consumption data formerly shown. Comparable
monthly data, beginning Jan. 1965, will be shown later.
cf Beginning Jan. 1965, indexes are based on general imports, instead of imports for consumption as formerly.
§Excludes "special category" shipments and all commodities exported under foreign-aid
programs as Department of Defense controlled cargo.
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1966
1966
Annual
December 1967
Oct.
1967
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION— Continued
Motor Carriers (Intercity) — Continued
Freight carried, volume Indexes, class I and II
(ATA):
Common and contract carriers of property
(qtrly.) . average same period, 1957-59=100
Common carriers of general freight, seas, adj.*
1957-59=100-Carriers of passengers, class I (qtrly.) :§
Number of reporting carriers
Operating revenues, total
mil. $- Expenses, total
- d o
Passengers carried (revenue)
mil
Class I Railroads
Freight carloadings (AAR):
Total cars
.
thous
Coal
do
Coke...
do
Forest products
.. do
Grain and grain products
do
150.9
161.2
144.3
156.0
154 9
156.7
155.5
155.7
154.0
155 8
153.6
155.7
150.2
134.3
141.6
147.3
143.7
148.6
145.5
146.4
162
162.8
145.3
55.8
162
137.8
133.3
52 5
U56
610.3
516.7
218. 3
1156
641.0
545.8
223 2
29, 248
5,555
428
1,978
2, 662
29,618
5,590
432
1,996
2,877
2,526
485
32
154
234
2,333 2 2, 624
443
2553
32
238
2
146
175
2
233
252
2,049
438
29
148
201
2,054 2 2, 660
434
2528
234
29
2205
158
2249
193
2,221
458
28
155
170
2,282 22,728
2511
459
234
29
2192
158
2216
161
1,968
357
24
144
196
2,221 2 2, 777
2540
448
234
26
2201
164
2218
212
2,345
438
28
161
206
2,206
428
30
152
207
125
Livestock
do
1,956
Ore. ._
do
459
Merchandise, l,c.l
do
16,084
Miscellaneous
__
do-_
Freight carloadings, seas. adj. indexes (Fed. R.):
97
Total. ..
1957-59=100
Coal
do
97
100
Coke .
do
Forest products
do
103
97
Grain and grain products
do
Livestock
do
40
Ore
do
95
20
Merchandise, l.c.l
do
100
Miscellaneous
do
Financial operations (qtrly.):
Operating revenues total 9
mil $
10,208
8,836
Freight
do
553
Passenger
do
7,850
Operating expenses
do
1,396
Tax accruals and rents
do
962
Net railway operating income
do
Net income (after taxes)
do
815
Operating results:
Ton-miles of freight (net), revenue and nonrevenue (Qtrly )
bil
709.3
697.7
Revenue ton-miles*
do
1.266
Revenue per ton-mile (qtrly. avg.)
cents _.
Passengers (revenue) carried 1 mile (qtrly. ). .mil.. 17,389
110
2,131
322
16, 159
19
203
26
1,372
14
155
24
1,285
6
67
20
1,139
4
27
291
68
20
225
1,149 2 1, 520
5
121
21
1,263
5
25
2268
197
225
20
1,253 2 1, 476
4
198
17
1,029
5
194
17
1,155
2 1, 532
14
161
19
1,319
11
132
18
1,228
96
95
98
102
105
35
102
14
99
94
96
91
97
100
37
92
13
96
97
95
88
98
104
40
130
13
100
89
97
85
99
80
25
83
11
92
85
97
84
99
74
26
78
10
87
90
95
86
100
94
24
75
9
92
90
89
82
104
87
27
74
9
94
89
87
80
102
88
27
73
9
93
93
357.2
Waterway Traffic
Panama Canal:
Total
thous. Ig. tons,_ 78, 927
9.080
In United States vessels
do
Travel
Hotels:
9.71
Average sale per occupied room
dollars..
62
Rooms occupied
% of total
112
Restaurant sales index. -.same mo. 1951 — 100 ..
Foreign travel:
U.S. citizens: Arrivals
thous. . 3,351
3,341
Departures
do
2,093
Aliens' Arrivals
do
1,819
Departures
do
Passports issued and renewed
do
1.330
National parks, visits
do
36. 509
Pullman Co. (qtrly.):
2,014
Passenger-miles (revenue)
mil
Passenger revenues
mil $
34.55
COMMUNICATION (QTRLY.)
Telephone carriers:
Operating revenues 9
mil. $_ _ 11,750
Station revenues
do
6,272
Tolls, message
do
4,188
Operating expenses (before taxes)
do
7,076
Net operating income
do
2,091
Phones in service end of period
mil
81.5
Telegraph carriers:
Domestic:
305.6
Operating revenues
mil $
Operating expenses incl depreciation
do
267.4
Net operating revenues
do
23 8
International:^
Operating revenues
do
IP 2
Operating expenses incl depreciation
do
87.0
Net operating revenues
do
°1 0
156
155.0
136.5
56.1
210
2 108
228
2 1,460
99
95
87
103
109
38
129
13
101
96
96
78
107
94
29
104
11
98
96
97
74
109
100
30
96
11
98
96
104
80
103
88
24
116
11
98
221
10, 655
9,281
544
8,117
1,492
1,046
902
2 718
2,368
125
2,098
356
263
244
2 536
2,226
117
2 027
364
145
121
2, 628
2,312
121
2,069
146
179
143
750.5
738.3
1.257
17, 095
189 7
186.1
1 272
3,880
180 0
177.2
1 256
3,567
186.8
184.0
1.257
3,793
3 50.2
356.6
2 a 70. 8
360.8
2,529
2,217
131
128
83, 019
9,630
6, 962
863
6,549
692
6,744
750
7,013
815
6,929
670
7,909
819
7,136
702
7,778
943
7,841
767
8,378
810
7,843
638
7,179
763
7,874
791
10.03
62
115
10.86
69
113
10.41
60
108
9.35
49
118
10.03
59
106
10.22
62
114
9.79
64
122
10.98
67
123
10.41
64
128
11.06
63
123
9.93
55
109
11.12
63
112
10.97
64
120
11.40
68
112
3,881
3,759
2, 413
2,040
1,548
38, 490
311
250
217
187
73
2, 664
251
217
181
157
71
1,329
236
248
177
183
67
851
273
258
185
133
100
932
254
275
149
123
111
941
322
325
191
154
188
1,380
308
328
206
157
197
1,711
356
365
223
190
224
2,417
402
537
236
217
219
5,674
165
8,814
144
8,595
100
3,892
83
2,725
1,969
33.80
!
12, 904
6,699
4,761
7,713
2,317
86.0
319.3
275.5
24 9
121 4
90.4
27 1
1
1
397
6 91
403
6.97
358
6.11
385
6.47
3,330
1,717
1 237
2,038
580
86.0
3,356
1,732
1,245
2, 040
584
87.0
3,445
1,764
1,291
I 2, 067
!
618
87.8
3,477
1,773
1,303
2,059
643
89.0
81 7
69 7
7.5
81.5
71.8
4.3
85.3
73.4
7.0
83.5
74.0
4.6
31.4
23.8
6.6
31.2
23 9
6.3
33.1
24 8
7.1
33.3
25.4
6.8
r
Revised.
p Preliminary.
' Number of carriers
filing complete reports for the year.
3
Data cover 5 weeks; other periods, 4 weeks.
Preliminary estimate by Association of
American Railroads.
*New series. The monthly motor carrier index (ATA) is based on a sample of carriers
that represents approximately one-third of the class I and II common carriers of general
freight; monthly data back to 1955 are shown on p. 40 of the July 1966 SURVEY. Railroad
revenue ton-miles are compiled by Interstate Commerce Commission.
2
97
95
82
105
99
32
116
12
100
93
102
87
102
85
23
92
11
95
211
2221
79
§Ef!ective 1st qtr. 1965, carriers reporting both intercity and local and suburban schedules
are classified as intercity if intercity revenues equal or exceed 50 percent of revenues from
both operations.
9 Includes data not shown separately.
d" Comparability of data between periods shown has been affected by organizational
changes: certain operations reported prior to 1965, and others reported through mid-1965,
are no longer covered.
SURVEY OF CURRENT BUSINESS
December 1967
1966
1966
1965
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
Annual
S-25
Oct.
Nov.
1967
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
1,029
1,162
1,146
Oct.
Nov.
CHEMICALS AND ALLIED PRODUCTS
1
CHEMICALS
Inorganic chemicals, production:
Acetylene
_
- mil. cu. ft_
Ammonia, synthetic anhydrous (commercial)
thous. sh. tons.
Carbon dioxide, liquid, gas, and solid
do-_
Chlorine gas (100% CM
do
Hydrochloric acid (100% IIC1)
do__
Nitric acid (100% HNOs)
do
Oxygen (high purity)
mil. cu. ft
Phosphoric acid (100% I^Os)
thous. sh. tons_
Sodium carbonate (soda ash), synthetic (58%
NajO)
thous. sh. tons.
Sodium bichromate and chromate
do
Sodium hydroxide (100% NaOH)
do
Sodium silicate (soluble silicate glass), anhydrous
thous. sh. tons
Sodium sulfates (anhydrous, refined; Glauber's
salt; crude saltcake)
_ . . thous. sh. tons..
Sulfuric acid (100% HjSO^
do
1, 407. 9
24,850.7
Organic chemicals, production:^
Acetic anhydride
Acetylsalicylic acid (aspirin)
Creosote oil
1,531 7 » 1 600.9
34.1
29.0
12123.6 i 112,7
mil Ib
do
mil. gal
DDT
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
Stocks end of period
\Tethanol synthetic and natural
Phthalic anhydride _ _ .
16,839
1.426
8, 710. 9 10,661.1
1, 077. 7 1,298.2
6, 478. 7 6, 946. 0
1,368.1 1 1, 504. 8
4, 889. 7 5, 333. 0
182, 031 214, 853
3, 904. 6 14,531.2
822.2
113.9
605. 2
135.5
469.2
19.178
388. 0
16, 745
4, 928. 0
141.0
6, 796. 4
5, 073. 2
138.9
7, 342. 0
587 8
609.1
1, 427. 4
28,477.3
1
1,399
1,409
1,467
911.4 1,049.6
106.9
96.2
599.6
615.2
129.5
135.4
497.5
512 5
18,584 18 343
374.3 391.6
994.9
91.6
633.1
133.6
531.8
18, 333
406.7
1,234
1,225
928.7 1,032.2
84.7
93.9
648.1
589.0
138.8
126.7
544.3
521 3
17072 18,899
424.8
404.9
445. 2
12.9
649.0
408.2
9.3
634.1
424.4
91
657.2
391.2
11.5
656.9
359. 6
11 8
596 0
429.4
11.6
660.0
55.1
52.8
51.1
47.9
48 3
115.0
112.8
2,430.3 2,462.5
1,280
1,220
1,069
991.4 1,072.8
92.9
103.6
613 0
646 7
133.2
134.2
531 9
515 4
17,617 18 557
410.6
408.4
1,002.0
112.9
624.1
125.9
446. 3
17, 397
353.6
408.7
11.2
642.9
404.0
10 1
673 0
421. 7
10.7
643.5
43 6
55.3
950.7
967.6
927.9
109.8 r 115.3
104.1
647.2 r 619. 3 622 8
132.2
127. 6
120.8
457.5 ' 493. 4 504 8
17, 656 18, 932 18 753
362. 3
345.0 357.9
398.1
97
662 3
r
402.4
11.1
643. 1
378.0
10 3
640 9
50.6
51 8
53.6
45.1
121.7
114.0
117.0
106.1
2,568.4 2 3561 9 330 3 2,480.8
115.2
2,460.1
114 7
2 2
7 2
108.4
2.9
10.6
129.7
2.9
11.4
135 0
25
91
135 8
17
95
140 1
22
9.2
131 8
2.2
9.9
127 0
28
99
131 5
3.3
9.0
10.7
321.8
12.4
308.9
12.8
319.5
14.2
295.4
96
10.1
281.2
10 5
11.2
299.0
57
9 4
289.8
4 4
8.7
309.8
30.9
27.0
44.5
57.6
31.0
27.2
39 6
59.8
33 3
27.7
45 9
60.4
28 1
29.4
45 7
55.0
26 8
27.9
41 9
52.8
24 8
22.3
44 9
61.0
25 7
21 4
39 5
65.1
32 7
24.8
41.9
63.0
55.2
221.8
49.7
6.5
57 4
218.6
43 3
7.1
26.8
26.8
4.1
23.3
23.1
4 4
126.8
3.2
8.8
137.0
2.7
9.6
137 3
3.4
10.0
129 8
29
9.9
141 5
i 121.6
3, 627. 1
11.5
9.7
318.8
10.3
12.8
309.6
10 9
12.1
308. 3
9g
10.9
300.9
122.4
109.6
24260 2 196.2
50 7
102.2 r 113.7
121. 0
2 115 3 2, 259.6 2 171 8
mil Ib
do
do
140 8
i 114.0
13,106.6
do
do
mil gal
mil.lb__
353 2
24 7
1433 3
1608.3
365. 6
26.0
i 485. 6
i 674. 8
32.4
22.4
43.1
58.4
35.2
24.3
42.8
59.9
30 8
26 0
48 1
58.7
30 6
27 5
42 2
58.3
83
289.8
96 5
27 3
41 0
53.6
mil tax gal
do
do
...
do -
710.1
200. 5
589. 5
70.0
659.6
204.0
570.0
74.7
65.2
196.9
50.9
8.9
59.6
199.0
47.7
6.8
59.4
204.0
48.0
5.2
57.0
203.1
56 6
5.1
49.1
205.1
41 9
5.0
56.3
204.1
51.6
6.7
52.6
209.5
39.8
6.5
63.4
214.4
49.2
7.0
57.2
216.0
45.6
6.8
54. 1
221.9
48 5
5.3
mil. wine gal
do
do
315.9
315. 2
5.4
307.3
310.0
3.5
27.8
26.7
4.0
25.8
26. 5
3.2
25.9
26.2
3.5
30.4
30.7
32
22.6
22.8
28
27.9
26.8
3.8
21.5
21.8
3.6
26.5
26.1
4.0
24.5
25.0
3.6
26.1
25.7
4.0
10,810
3 1.196
3 8,104
3 1,053
14,219
2,303
10,018
1,000
1,131
193
805
88
1,497
443
864
58
1,432
216
1,019
94
1,273
116
979
136
1 128
118
854
108
1,166
137
922
83
1,171
40
943
77
1,311
153
947
87
1,360
95
959
76
1,111
68
855
53
1,354
111
940
98
1,194
218
773
109
1,501
334
963
115
177
181
1,780
398
154
.160
2,382
321
13
10
260
13
14
20
228
13
12
12
175
35
11
20
221
9
9
29
213
30
19
32
244
22
28
19
308
22
21
5
207
21
12
3
154
39
10
2
121
24
10
15
264
16
12
8
293
5
16
13
170
3,342
3, 991
372
282
286
351
296
504
611
319
217
145
298
380
3,834
469
4,431
624
367
552
370
612
395
624
403
602
406
637
439
623
415
529
385
567
346
627
287
700
325
713
339
657
.8
1, 459, 4
.5
1,753.1
2, 169. 3
1, 246. 7
922.6
2, 364. 4
1,312.4
1 052 0
195.6
105. 2
90 4
178.5
91.2
87.3
149.9
73.0
76.9
162.0
81 3
80 7
187.3
88 9
78 4
208.3
114.8
93.5
208.6
121.1
87 5
231.7
134 4
97 3
250.4
146.7
103 7
214.8
134.2
80 7
248.2
146 8
101 5
210.4
120 1
90 3
i 7, 336
3,425
18 242
2,704
705
2 871
699
2, 926
722
2,704
694
2 722
611
2,618
708
2,492
696
2 405
719
2,349
668
2,215
716
2, 278
695
2,244
673
2,263
1
ALCOHOL
Ethyl alcohol and spirits:
Production
Stocks end of period
Use for denaturation
Taxable withdrawals
.._
Denatured alcohol:
Production
Consumption (withdrawals)
Stocks end of period
_
r
FERTILIZERS
Exports total 9
Nitrogenous materials
Phosphate materials
Potash materials _
thous. sh. tons
do
do
do. _
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate — _ _ _
do
do
do
.do -
Potash deliveries (KjO)
do
Superphosphate and other phosphatic fertilizers
(100%P205):
Production
thous sh. tons
Stocks, end of period _
do
3
9
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly:
Black blasting powder
mil Ib
High explosives
do
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil $
Trade products
do
Industrial finishes
do
Sulfur, native (Frasch) and recovered:
Production
thous Ig tons
Stocks (producers'), end of period
do
.1
406.4
—1.0
427. 8
.1
456 2
.i
442 0
PLASTICS AND RESIN MATERIALS
Production:
1 169. 5 i 190. 6
Cellulose plastic materials
mil Ib
Thermosetting resins:
1639.6 i 614. 0
Alkyd resins
do
Coumarone-indene and petroleum polymer
i 324. 3 i 333. 5
resins
mil Ib
i 398. 9
Polyester resins
do
453.3
i 921. 8 1 982. 6
Phenolic and other tar acid resins
do
i 621. 2 i 632 8
Urea and melamine resins
do
Thermoplastic resins:
Styrene-type plastic materials (polystyrene)
mil. Ib- 12,033. 1 12,397.2
Vinyl resins (resin content basis)
do
12,312 3 12 670 2
Polvethylene _ __ _
do
3, 047. 4 13,558.7
r
2
16 3
15.3
16.1
14.1
14.5
15.7
13 8
15.1
14 2
11.6
12.5
12.7
48 6
47.3
45.0
46.7
43.3
51.1
47.6
52.3
52.8
46.1
53.1
50.1
23 9
37 9
90.6
58 3
27.1
38.0
80.4
51.8
22.0
37.1
73.9
47.1
23.4
35.9
77.7
50.8
25.5
35.4
73.2
46.8
28.1
41.6
88.2
57.4
24.9
40.1
80.6
51.2
19.0
46.4
80.8
51.3
25.4
41.8
80.0
56 6
20.5
35.7
67.3
42.8
20.8
44.0
80.7
57.9
29.0
39.4
79.2
60 8
210.3
239 2
304.6
210.2
227.5
312.7
192.7
227.0
326.3
190.8
223.4
306.8
188.6
204.4
296.9
201.2
225.5
330.5
207.9
215.9
320.5
208. 5
211.8
316.1
192.3
212.2
309.8
169.8
167.7
299.7
190.2
203. 1
291.8
189.8
221.5
296.6
Revised.
'Revised annual total; revisions are not distributed to the monthly data.
Beginning Jan. 1965, data exclude creosote in coal-tar solutions (formerly included); these
average 930,000 gallons per month in 1964.
s See note "O" for P- S-21.
cf Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
9Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
S-26
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1966
December 1967
1966
Oct.
Annual
Nov.
1967
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
•Sept.
Oct.
Nov.
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total t
mil. kw.-hr
Electric utilities, total
By fuels
By waterpower
do
- - do
do
Privately and municipally owned util
Other producers (publicly owned)
Industrial establishments, total
By fuels
By waterpower
Sales to ultimate customers, total (EEI)
Commercial and industrial:
Small light and power§
Large light and power §
1,157,583 1,248,232 103, 070 102, 729 109,717 109, 951 101,061 107, 699 102, 172 106, 582 111,704 114,428 118, 321 107, 159
1,055,252 1,143,737 94,210
861, 401 949, 254 79, 786
193 851 194, 482 14 424
93, 949 100,860 101, 256
78, 745 83, 053 83, 566
15 204 17, 807 17, 690
92, 960
76, 369
16, 591
98, 942
80,419
18, 523
93, 654
76, 199
17, 455
97, 727 103, 007 106,019 109, 753
78, 524 84,505 87, 106 91, 088
19, 203 18, 502 18,914 18, 666
77 140
16 809
82, 365
18,495
82,618
18,638
75, 468
17, 492
80, 627
18,315
75, 546
18, 108
78, 747
18, 980
83, 772
19, 235
85, 836
20, 184
89, 231
20, 522
80, 731
18, 208
8,568
8,320
248
8,220
8,001
219
do
do
859 414
195 838
933, 407 77 789
210, 329 16, 422
do
do
do
102 331
99 198
3 134
104, 496
101,346
3,149
8 859
8,626
233
8 780
8 521
259
8,857
8,575
282
8 695
8 393
302
8,101
7,821
280
8,757
8,454
304
8,518
8,220
298
8,854
8,524
330
8,697
8,408
289
8,409
8,183
226
do
953, 414 1,038,982
86, 718
86 350
89, 262
93, 362
89, 654
90, 421
88, 105
87, 585
90, 587
94, 197
97, 963
22, 196
40,130
23, 056
41,913
336
28, 166
713
2,341
315
351
29 130
754
2 437
321
do
_ do
202 112
433, 365
225, 878
465, 077
19,166
40, 001
18 457
39 851
18, 840
39,560
19 253
39, 652
18 613
38, 367
18, 859
39, 559
18, 705
39, 530
18, 679
40, 304
20, 343
40, 991
do
do
do
do
do
4,652
280 970
8 782
21 675
1 858
4,514
306 572
9 240
25 922
1 779
370
23 981
811
2 238
151
376
24 371
866
2 291
139
421
27 087
914
2 306
134
438
30 594
925
2 351
149
423
28 895
834
2 370
152
426
28, 174
817
2,407
179
376
26, 142
772
2,376
204
370
24, 885
726
2,316
306
337
25,510
702
2,405
301
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
98, 939
81, 658
17, 281
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $ 15 158 4 16 196 1 1,351 6 1 330 5 1,375.0 1 431 2 1 398 1 1, 393. 8 1, 370. 4 1,362.4 1,416.3 1, 481. 4 1,523 6
GAS
Manufactured and mixed gas:
Customers, end of period, total 9
Residential
Industrial and commercial
thous
do
do
702
659
42
670
628
41
670
628
41
677
634
43
672
629
42
mil therms
do
do
1 357
809
534
1 386
807
562
383
218
160
561
363
198
311
176
131
Revenue from sales to consumers total 9 mil $
Residential
do
Industrial and commercial
do
130 4
87 2
42 1
127 9
83 5
43 1
34 7
22 3
12.0
49 0
33 6
15.3
29.0
18.5
10.2
thous
do
do
37 265
34* 227
2 997
37 183
34 057
3 082
37 183
34, 057
3,082
38 201
35, 062
3,139
38, 073
34,991
3,037
mil therms
do
do
118 748
39 190
74 657
127 524
40 959
80 890
32, 060
10, 169
20 521
42, 927
18, 843
24 084
31, 225
9,194
20, 931
Revenue from sales to consumers total 9 mil $
Residential
do
Industrial and commercial
do
7 278 5
3' 937 8
3 166 0
7 745 °
4 108 2
3 433 8
1 957 3
1 028 8
877. 5
2 882 5
1 731 9
1, 150. 5
1 868.3
962.6
865.8
Sales to consumers total 9
Residential
Industrial and commercial
Natural gas:
Customers end of period total 9
Residential
Industrial and commercial
Sales to consumers total 9
Residential
Industrial and commercial
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
mil bbl
Taxable withdrawals
do
Stocks, end of period
do
Distilled spirits (total) :
Production
mil tax gal
Consumption, apparent, for beverage purposes
mil wine gal
Taxable withdrawals
mil tax gal
Stocks, end of period
do
Imports
mil proof gal
Whisky:
Production
mil. tax gal-Taxable withdrawals
do
Stocks, end of period
do
Imports
mil proof gal
Rectified spirits and wines, production, total
Whisky
Wines and distilling materials:
Effervescent wines!
Production
Taxable withdrawals
Stocks, end of period
Imports
Still wines:
Production
Taxable withdrawals
Stocks, end of periodImports
___ _ .
do
mil wine gal
do
do
do
do
do
do
do
108 22
100 42
10 34
113 04
104.26
10 57
8 37
7. 79
11 54
8 10
7.93
11 08
8.33
8.14
10.57
8 38
7.00
11.31
8.15
7.07
11.77
185 06
191 14
16 98
17 06
15 20
17 20
17 20
10.64
9.63
13. 03
10 74
10.48
12.48
8.89
8.67
11.94
20 27
16.46
11 14
13.83
16.80
27 99
13 46
899. 46
5.19
27.52
12.95
900. 42
5.56
22.55
9 40
900. 14
4.04
26.46
13 27
897. 62
4.89
25.80
12 77
898. 03
5.76
7.80
6 94
11.26
10.20
13.04
19 36
18.17
23.66
11 70
895. 69
4.90
294 24
137 59
872 90
58 04
309 00
144 73
880. 42
60 30
26 45
15 57
879. 81
7. 41
14 32
878. 48
7 15
37 56
10 05
880. 42
5.46
21 18
9 91
885. 49
4.90
21 54
9 76
888*. 40
3.94
27 24
12 64
892. 90
5.21
126. 88
90 05
835 85
51 10
128. 51
94 57
835 46
59 9Q
9.26
11 13
839 28
6 60
9.92
10 06
835. 18
6 39
9.85
6.55
835. 46
4 gg
12. 73
6 49
839. 32
4 10
13.81
6 81
843. 33
3 42
14. 82
8.25
846. 85
4 49
14.09
7.54
850. 06
4 32
15.47
8.21
854. 57
4 49
10.98
7.60
855. 37
4 88
7.68
5.44
855. 62
3 50
9.91
8.29
854. 32
4 27
12.10
8.73
854. 33
5 04
94 11
64 81
101 31
67 14
j9 70
9 34
9 92
6 46
6 92
3.99
6 49
3.60
6 87
4 26
8 94
5.53
8 69
5.32
9 67
5.93
9 37
5.82
6 47
3.87
9 13
5! 56
9 84
6.45
8
7
3
1
75
40
75
64
72
91
4 20
. 23
73
1 01
3 88
.25
96
1 00
3.75
.18
86
51
4.01
.14
86
43
4 38
13
83
65
4. 50
.17
.71
.52
4.64
.13
74
.62
4.66
,15
.94
68
4.87
.14
49
.48
4.86
.10
1 01
.63
5.14
.10
.80
.76
5.09
.10
.24
933 4] f 218 70
167. 14
165 78
262 30
°65 10
14 91
16.34
88 44
15 90
290. 38
1.57
17 88
16 09
282. 86
2.07
8.28
14.47
265. 10
1.43
3.49
13. 43
253. 50
1.22
3.14
13.14
239. 90
LOS
3. 22
17.87
225. 49
1,47
2.88
13. 59
212. 49
1. 35
2. 63
13.59
201. 88
1.51
3.11
14.94
187. 26
1.41
1.84
10.12
177.28
1.17
3.59
15.44
165. 28
1.27
31.43
14.69
177. 92
1.51
1.69
7
0
3
1
29
25
10
45
18.65
Distilling materials produced at wineries.. .do
35.20
470. 56 r 391. 16 129. 56
r
Revised.
tMonthly revisions for 1964 appear on p. 43 of the June 1966 SURVEY; production data for
all periods shown here include Alaska and Hawaii.
11.21
10.51
12.83
10.77
9.18
12.88
10.68
9.50
12.14
T
10.74
62.10
2.29
8.C8
7.44
10.56
3.28
6.59
8.90
§Data are not wholly comparable on a year to year basis because of changes from one
classification to another.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
December 1967
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1966
1965
Annual
S-27
1966
Oct.
1967
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS
Butter, creamery:
Production (factory)
Stocks, cold storage, end of period
Price, wholesale, 92-score (N.Y.)
Cheese:
Production (factory), total
American, whole milk _
mil Ib
1 324 6
do
52 1
$ perlb__
.610
mil. Ib
.do
Stocks, cold storage, end of period
do
American, whole milk _ . _ .
do. _
Imports
do
Price, wholesale, American, single daisies (Chicago)
$ per lb_
Condensed and evaporated milk:
Production, case goods:
Condensed (sweetened)
mil. Ib
Evaporated (unsweetened)
do
Stocks, manufacturers', case goods, end of period:
Condensed (sweetened)
mil. Ib
Evaporated (unsweetened)
_
do
Exports:
Condensed (sweetened)
do
Evaporated (unsweetened)
___do___
Price, manufacturers' average selling:
Evaporated (unsweetened)$ per case.
Fluid milk:
Production on farms
mil. Ib
Utilization in mfd dairy products
do
Price, wholesale, U.S. average
$ per 100 lb_.
Dry milk:
Production:
Dry whole milk
mil. Ib
Nonfat dry milk (human food)
do
Stocks, manufacturers', end of period:
Dry whole milk
do
Nonfat dry milk (human food)
do
Exports:
Dry whole milk
do
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
milk (human food)
$ per Ib
1 755 5
1,158 4
78 0
58 1
.699
80 9
39.0
.680
97 2
32 3
.674
112 3
35.1
.669
105 0
54. 7
.672
111 8
76.2
.672
120 0
102.9
.672
129 1
151.2
.673
129.5
191.6
.672
104 9
228.5
.672
86 2
233.2
.681
75 3
212.4
.677
1 860 0 T 140 8
r
1 221 6
90 7
139 4
85 8
155 3
98 6
152 3
101.1
143 7
95.4
160 7
106.7
170 5
119.1
187 3
131.1
192.0
137.4
172.4
120.6
159.4
108.6
140.8
90.8
1 112 0
32.3
.672
r
r
r
84 6
200.5
.676
138.1
87.2
r
r
308 6
271 0
79 3
372.7
322.2
135 5
388 8
335 5
15 3
378 3
325 4
17 8
372 7
322.2
17 8
367.8
317.4
14 7
361.2
308.6
13.2
367.4
317.9
18 8
387 4
335.1
15 7
408 0
355.4
11 7
442.7
388.9
18.4
457. 1
403.6
12.0
450.8
397.1
7.2
439.5
386.1
7.6
.450
.527
.554
.530
.530
.530
.520
.518
.518
.518
.522
.524
.518
.518
128.6
1, 696. 1
12 3
123.6
11 1
104.9
9.5
4 6
105. 2
2.9
6 6
146.5
3.2
103.6
4 0
119.8
3.4
108.2
165.2
173.3
152.0
141.9
115.5
97.0
59
134.8
11.6
192.9
7.0
253. 4
7.2
230.8
11.6
192.9
14.3
150.0
15.5
119.6
13 8
81.9
124.0
10.9
174.2
12.1
228.6
14.6
266.8
13.6
281.8
10.4
292.2
8.7
265.3
i 65.3
i 24.7
92.9
38.4
10.3
3.4
7.0
2.1
5.6
3.0
6.09
6.73
7.06
7.07
124, 173
60, 202
4.23
120, 230
56, 398
4.81
9,333
3,950
5.39
88.6
1, 988. 5
94.4
1 595 1
6.3
94.0
95.9
1,693.0
9.8
6.9
6.2
7.9
.518
4.3
1.8
3.7
7.3
2.2
7.0
2.3
5.2
3.6
.1
3.2
(2)
1.4
(2)
2.3
(2)
5.9
7.06
7.05
7.05
7.05
7.05
7.05
7.05
7.05
7.05
7.06
7.06
9,012
3,837
5.39
9,511
4,286
5.28
9,855
4 760
5.15
9,217
4,596
5.06
10, 510
5, 185
4.95
10, 732
5,558
4.77
11,508
6 134
4.74
11,146
6,379
4.68
10,311
5,599
4.80
9,757
4,984
4.98
9,173
4.173
5.20
9,209
4,137
^5.32
5.6
94.3
5.6
125.1
6.7
135.2
6.7
129.6
8.0
145.7
8.8
173.0
10.2
195.1
7.2
202.4
8.2
157.5
5.1
130.1
4.7
100.3
5.4
100.8
9.4
157.6
10.2
162.3
152.6
136.0
116.1
.7
(2)
7.4
2.5
5.0
58.2
6.9
8.4
7.0
7.2
8.8
116.8
112.2
118. 5
6.8
118. 5
118.7
111.7
99.6
115.7
10.9
137.9
i 20.0
438. 8
16.4
170.3
.9
9.8
.8
8.8
.8
4.1
1.2
9.4
1.6
1.6
16.2
.7
10.7
.8
7.2
.9
14.4
32.1
13.4
.8
7.4
19.3
1.2
4.7
.147
.182
.200
.204
.201
.200
.199
.201
.199
.199
.199
.199
.198
.199
.200
U.385.6
1, 590. 3
126.8
125.5
101.3
90.5
82.7
100.9
87.6
86.5
91.7
98.7
106.1
121.8
105.5
2.9
1
8.3
6.9
1.2
8.6
399.3
351.0
419. 7
370. 0
8 5
1.5
(2)
187.3
.675
8,861
5.34
7.2
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats rye, wheat)
mil. bu
Barley:
Production (crop estimate)
do
Stocks (domestic) end of period
do
On farms
do
Oft farms
do
Exports, including malt§
do
Prices, wholesale (Minneapolis):
No. 2, malting
.__ . - - $ p e r b u . _
No 3 straight
do
3
392. 3
300 8
184.5
116 3
i 65.9
3
4
373. 4
389 6
292 3
177.2
115 1
63.6
4.6
4.3
1.4
2.7
3.1
205.4
113.1
92 2
.8
3.0
4.9
5.2
7.9
2.3
377.9
228.4
149.5
3.1
1.33
1 27
1.35
1.33
1.41
1.39
1.37
1.36
1.36
1.34
1.35
1 34
1.32
1.31
1.33
1.32
1.32
1.31
1.35
1.33
1.33
1.31
1.32
1.29
1.31
1.30
1.26
1.26
1.26
1.26
1.25
1 24
3 4 084
204.9
3 4 103
203.6
18.3
16.9
15.1
16.2
15.1
17.6
16.7
18.1
18.2
16.1
18.6
18.4
19.2
4 4 696
17.1
4 041
3,085
956
i 598. 9
3 663
2J885
616.6
35.6
56.4
44.6
35.4
38.1
2 705
2,034
671
49.0
35.4
31.7
34.0
28.0
36.8
5817
5
563
5
254
46.4
42.5
1.28
1.25
1.34
1.31
1.37
1.35
1.31
1.33
1.42
1.37
1.40
1.36
1.38
1.33
1.38
1.34
1.36
1.32
1.37
1.33
1.35
1.33
1.28
1.26
1.22
1.19
1.19
1.19
1.15
1.14
mil bu
do
do
do
3 927
3 798
762
660
103
660
555
105
Exports, including oatmeal _ _ . _ . . . _ _ d o
Price, wholesale, No. 2, white (Chicago)
$ per bu
i 24. 3
30.2
4.2
2.3
660
555
105
2
.74
6.77
.78
.78
Corn:
Production (crop estimate grain only)
Grindings, wet process
mil bu
do
On farms
do
Off farms
do
Exports, including meal and
flour
do
Prices, wholesale:
No. 3, yellow (Chicago)
$ per bu._
Weighted avg., 5 markets, all grades
..do
Oats:
Production (crop estimate)
Stocks (domestic) end of period total
On farms
Off farms
Rice:
Production (crop estimate)
mil bags 9
California mills:
Receipts, domestic, rough
mil Ib
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of period
mil Ib
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. l b _ _
Shipments from mills, milled rice
_ do
Stocks, domestic, rough and cleaned (cleaned
basis\ end of period
mil Ib
Exports
do
Price, wholesale, Nato, No. 2 (N.O.)
$ per Ib
3
76. 3
778
3
292 3
177.2
115 1
3 663
2,885
778
1 735
1,330
405
1.06
1.07
4 goo
441
354
88
.5
.79
(8)
.77
(8)
.77
793
659
134
5270
5 198
571
.2
.8
1.7
2.8
1.4
.9
.4
.75
.74
.78
.74
.73
.74
.74
85.1
163
122
138
134
180
206
104
58
144
122
248
239
202
120
135
341
403
294
414
232
441
150
385
104
385
26
276
2,766
390
.085
1,163
1,612
1,055
1,536
'920
321
'83
33
54
154
58
179
197
147
119
207
317
r 293
262
317
260
405
399
5,711
•4,020
5,880
3,962
1, 640
404
664
416
1 641
i 3,411
.083
1,758
2,978
.083
1,826
1,867
246
1,758
1,611
226
.083
.085
.085
.085
322
Rye:
3
3
33. 2
27 9
Production (crop estimate)
mil bu
28 3
Stocks (domestic) end of period
do
28 8
28 3
1.25
1.21
1.15
1.20
Price, wholesale, No. 2 ( Minneapolis).. $ per bu._
1.18
r
3
Revised.
1 See note "O" for p. S-21.
-' Less
than 50,000 Ibs.
Crop estimate for
5
the year.
* December 1 estimate of 1967 crop.
Old crop only; new crop not reported
6
until beginning of new crop year (July for barley, oats, rye, and wheat; Oct. for corn).
Av-
* 120. 8
5 56.0
564.8
472
1.20
1.19
461
.085
24 3
1.23
900
319
.085
616
324
379
510
.085
.085
5
1.21
1.22
18 7
1.17
202
153
165
145
113
118
70
269
405
206
1,133
289
1,527
358
1,487
504
2, 064
450
223
.085
1,23
912
194
1,571
.085
.085
1.17
32 9
1.18
227
.74
4
89 4
4
24 0
352
41
288
1.16
1.14
7
erage
for 11 months.
Beginning June 1965, data include shipments to Gov't. agencies.
8
Less than 50,000 bushels.
§ Excludes pearl barley.
9 Bags of 100 Ib.
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1966
1966
1965
Annual
December 1967
Oct.
Nov.
1967
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS-Con.
Wheat:
Production (crop estimate) , total
Spring wheat
Winter wheat
Distribution
_. _
2
mil. bu._
do
do
do_ _ _
il,316
1299
il,017
1,430
U,311
1254
1 1, 057
1,559
392
347
276
415
Stocks (domestic), end of period, total
On farms
Off farms
- ___ _
do. _.
do
do
1,336
405
931
1,049
409
640
1,049
409
640
702
241
461
3426
3 147
3 279
1,565
609
956
Exports, total, including flour _
Wheat only
do
do
<694.2
* 646. 5
875.7
820.8
81.8
75.8
62.1
56.1
55.1
50.5
51.8
48.1
40.7
38.0
50.8
46.5
48.3
44.6
48.0
44.2
50.5
45.9
59.6
57.4
65.4
63.1
71.0
68.4
59.0
56.8
1.83
1.58
1.70
1.97
1.81
1.88
2.02
1.80
2.00
2.00
1.88
1.98
1,97
1.86
1.95
1.92
1.79
1.91
1.91
1.73
1.87
1.97
1.84
1.93
1.96
1.78
1.91
1.99
1.77
1.94
1.94
1.66
1.86
1.93
1.61
1.75
1.86
1.58
1.81
1.90
1.57
1.90
1.91
1.63
1.93
253,000
4,619
567, 936
22, 553
412
50,600
21, 134
485
47, 198
4,180
23, 540
2,601
2, 595
4,180
1,956
1,564
1,172
4,226
1,844
1,560
1,642
4,303
1,976
911
1,001
4,689
1,118
6.365
5.994
6 638
6 167
6.550
6.100
6.325
5.883
6.250
5.700
6.175
5.633
6.263
5.850
6.263
5.790
6.275
5. 767
6.213
5.700
6.275
5.800
6.013
5.583
5.975
5.450
4,432
27,319
s 13, 133
8,056
389
2 335
1,355
1,424
384
2,285
1,244
1,325
366
2,257
1,042
705
372
2,365
1,142
514
313
2,105
840
355
400
2,338
943
459
316
2,185
891
388
300
2,425
1,013
406
285
2,423
958
326
271
2,238
955
397
332
2,461
1,108
612
348
2,330
1,078
972
383
2,433
1,393
1,468
1, 196
26.17
25.42
32. 38
25.48
24.79
31 50
24.93
24. 18
32.50
24.49
24.28
32.50
25.21
24.32
33.00
24.92
24.04
35.00
24.65
24.58
35.00
24.59
24.81
31 00
25.37
25.14
34 50
25.83
25.49
32.00
26.37
25.61
30.00
27.18
25.53
31.00
27.59
24.79
31 00
26.95
24.91
26.46
23. 90
63, 729
15, 175
6,047
1,439
6,200
1,469
6, 215
1,460
6,280
1, 497
5,652
1,233
6,725
1,442
5,870
1,372
5,306
1,328
5,178
1,249
4,743
1,118
5,808
1,257
6,114
1,286
6,684
1,545
1,531
22.88
21.34
19.78
19.10
18.77
18.81
18.05
17.23
21.31
21.05
21.12
19.94
19.09
18.06
17.22
18.6
16.4
' 15.3
14.6
14.8
14.9
14.0
13.5
17.4
16.7
17.7
18.4
17.1
17.2
17.5
11, 553
53,901
1,988
1, 022
405
337
896
344
126
905
269
111
1,053
298
88
989
221
70
1,072
250
71
872
215
76
890
300
95
904
272
96
902
277
76
1,001
'359
113
1,037
405
198
1,007
451
300
323
25.00
23.25
22.25
22.00
22.50
21.25
21.25
22.75
29.25
26.75
24.75
24.00
22.50
22.25
22.50
28, 336
29,290
2,600
2,636
2,647
2,732
2,419
2, 748
2,513
2,569
2,552
2,327
2,624
2,599
2,787
484
<535
1,012
621
480
1,318
509
59
128
565
52
104
621
36
106
668
36
115
697
42
99
727
41
110
783
39
96
725
43
91
664
39
112
601
34
130
528
40
131
530
40
134
15,995
269
< 46
718
16,709
317
32
895
1,432
261
3
92
1,414
282
3
72
1, 418
317
3
73
1,488
334
3
82
1,324
325
3
63
1,466
313
3
67
1,378
303
3
61
1,524
300
3
56
1,514
288
3
77
1,381
276
3
97
1,495
255
3
99
1,422
252
2
101
1,490
r
258
3
101
275
.433
.441
.433
.427
.431
.437
.434
.419
.427
.442
.454
.460
.469
.486
.466
.460
576
12
581
17
51
20
45
18
46
17
55
15
52
15
56
15
44
16
43
17
43
15
43
13
48
11
50
11
49
••13
13
12, 000
1,117
1,177
1,183
1,189
1,042
1,226
1,090
1,002
995
902
1,082
1,128
1,248
9,670
234
55
298
901
171
955
234
6
25
959
256
5
23
845
290
7
27
996
331
6
32
890
386
5
24
798
336
4
799
293
3
32
724
239
2
26
878
199
3
24
918
203
4
21
1,009
r
250
7
23
283
26
961
206
7
24
.587
.569
.557
.550
.568
.509
,625
.497
.578
.512
.540
.506
.549
.467
.483
.458
.523
.556
.557
.554
.523
.594
.563
.553
.545
.545
.502
.465
1,696
100
158
.152
157
70
15
.148
163
78
19
.143
165
100
14
.133
167
116
18
.138
143
125
14
.136
166
132
9
.133
145
142
19
.135
148
128
13
.129
141
128
14
.124
129
118
20
.119
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu__
No. 2, hd. and dk. hd. winter (Kans. City). do
Weighted avg., 6 markets, all grades
do
Wheat flour:
Production:
Flour
thous. sacks (100 Ib.) 250, 384
4,645
Offal
thous. sh tons
564, 724
Grindings of wheat
thous. bu
Stocks held by mills, end of period
4,314
thous. sacks (100 lb.)_Exports
.
do - * 20, 464
Prices, wholesale:
Spring, standard patent (Minneapolis)
$per!001b_.
5. 784
Winter, hard, 95% patent (Kans. City) _ do
5. 464
2
20, 463 20, 332 19, 074 21,340 19, 443 19,951 20, 062 18,945
372
372
373
346
365
335
345
365
45, 716 45, 528 42, 662 47, 842 43,632 44, 463 44, 724 41,851
1, 554
2320
1 233
1.91
1.59
1.86
21,994 '20,729 21, 649
398
394
382
48, 842 ' 47, 094 48, 933
921
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected) :
Calves _ _ _ _ _ _ ._
thous. animals..
5,076
26,614
Cattle
do
Receipts at 26 public markets
_ _
do _ _ 14. 257
Shipments, feeder, to 8 corn-belt States
do
7,230
Prices, wholesale:
Beef steers (Chicago)
$ per 100 l b . _
25. 81
Steers, stocker and feeder (Kansas City)._do
22. 50
Calves, vealers (Xatl. Stockyards, I l l . ) _ _ d o
27.17
Hogs:
Slaughter (federally inspected) __ thous. animals,. 63, 708
Receipts at 26 public markets
do
15,386
Prices:
Wholesale, average, all grades (Chicago)
$per lOOlb..
20.78
Hog- corn price ratio (bu. of corn equal in value
to 100 Ib. live hog)
18.2
Sheep and lambs:
Slaughter (federally inspected) __ thous. animals__ 11,710
Receipts at 26 public markets
.
_do
3,450
Shipments, feeder, to 8 corn-belt States
do
2,157
Price, wholesale, lambs, average (Chicago)
$per 100 lb_. 24.29
5
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in) , inspected
slaughter
mil. lb_.
Stocks (excluding lard), cold storage, end of
period
mil. Ib
Exports (meat and meat preparations)
do
Imports (meat and meat preparations)
do. __
Beef and veal:
Production, inspected slaughter
_ _ do _ _
Stocks, cold storage, end of period
do
Exports
do
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 Ibs.) (New York)
$perlb._
Lamb and mutton:
Production, inspected slaughter
mil. lb_.
Stocks, cold storage, end of period
do
Pork (including lard), production, inspected
slaughter
mil. Ib
11,766
Pork (excluding lard):
Production, inspected slaughter
- do _
9, 330
Stocks, cold storage, end of period
do
152
Exports
do
*53
Imports
do
262
Prices, wholesale:
Hams, smoked, composite
$ per l b _ .542
Fresh loins, 8-12 Ib. average (New York). .do
.532
Lard:
Production, inspected slaughter
mil. l b _ _
1,772
Stocks, dry and cold storage, end of period._do
62
Exports
_
do
*251
Price, wholesale, refined (Chicago)
$ per lb_.
.153
r
Revised.
1
Crop estimate for the year.
2 December 1 estir late of 19()7
crop.
9C
r
584
47
138
637
149
172
152
106
106
16
13
18
.125
.124
3
Old crop only; new grain not sreported until beginning of new crop year (July for wheat).
4
See note "O" for p. S-21.
Beginning 1966, data are for receipts at 28 markets.
SURVEY OF CURRENT BUSINESS
December 1967
Unless otherwise stated, statistics through 1954
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
| 1966
Annual
S-29
1966
Oct.
Nov.
1967
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. lb__
Stocks, cold storage (frozen), end of period, total
mil. Ib..
Turkeys
._ do
Price, in Georgia producing area, live broilers
$ perlb-.
7 998
8 786
958
888
790
682
551
624
622
733
791
771
992
942
1,007
315
200
436
267
539
395
468
312
436
267
437
275
409
254
351
207
321
176
296
149
308
160
368
221
486
332
603
441
'725
r
554
608
430
.145
.145
.120
.125
.110
.125
.140
.130
.125
.120
.125
.140
.120
.120
.110
.105
182 5
184 6
15 5
15 4
16 2
16 4
15 0
17 0
16 7
17.0
16.2
16.4
16. 1
15 6
16 2
15.8
85
51
27
36
48
46
23
39
07
36
64
37
55
41
41
44
120
55
265
71
427
85
391
93
315
99
283
100
.328
.401
.430
.456
.399
.343
.311
.322
.265
.258
.251
.324
.288
.320
.283
Cocoa (cacao) beans:
Imports (incl shells'*
thous Ig tons
Price, wholesale, Accra (New York)
$ per lb._
354 4
.172
319 3
.246
13 4
.240
15 9
.233
26 8
.249
49.8
.266
50 9
.305
39.8
.290
21.6
.274
10.8
.276
18.9
.278
16.5
.269
9.2
.279
8.9
.303
12,4
.294
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagscf
Roast ings (green weight)
do
3,143
21,680
3,141
21,300
21,290
5 742
22, 056
6 726
2 168
947
455
.451
1 428
.414
1 539
.403
171
230
271
472
40
4,152
5, 796
1 966
do
Eggs:
Production on farms
mil. cases O
Stocks , cold storage, end of period:
Shell
thous. cases O
Frozen.
_ _
_
mil. lb_
Price, wholesale, extras, large (delivered; Chicago)
$ per doz.-
r
239
98
154
95
MISCELLANEOUS FOOD PRODUCTS
Imports, total
do
From Brazil
do
Price, wholesale, Santos, No. 4 (New York)
$perlb__
Confectionery manufacturers' sales
mil $
1,618
2,092
1,722
1,647
359
412
362
183
468
.395
146
.388
143
.388
136
.385
106
.388
115
.395
111
.388
86
271
253
224
204
190
183
184
242
40
685
1,640
2,890
3,390
3,190
1,073
357
82
899
250
7
561
2, 074
170
216
246
143
110
233
184
10
158
156
1 573
1 664
1,979
1,717
2,126
1,818
1, 599
2,103
476
778
r 122
.380
191
.375
165
226
240
247
238
2,730
2,369
2,151
1,666
1,191
144
214
198
123
481
146
48
479
102
60
760
286
02
538
205
542
152
880
842
1,053
1 022
2,130
1,869
627
620
560
.403
169
.398
138
262
272
'864
4 045
6,250
1 911
676
387
136
10,151
10 020
2,648
10, 444
10 299
2,598
1,460
sh tons
i 2, 359
3,006
84
184
88
40
89
91
57
68
197
58
117
587
32
thous. sh. tons
do
do
3,783
1 , 055
4,198
1,039
38
390
33
5
338
56
9
289
16
5
225
64
5
295
45
10
406
100
4
421
154
3
281
54
4
466
132
5
500
143
3
449
70
1
444
103
3
324
49
7
.068
.070
.072
.071
.071
.071
.072
.072
.072
.073
.074
.073
.073
.073
.074
.595
095
.620
096
.630
097
.632
.097
.636
099
.633
.099
.630
.099
.629
099
.629
.099
.627
.099
.631
.099
'623
099
.620
.099
.620
.099
130 358
132 996
11 018
9,281
10 545
12, 461
11,633
14,419
14, £18
12, 663
12, 378
10, 476
11,907
9, 931
8,196
260 5
265.9
264 3
259.8
260.1
270. 5
249,9
283.6
275. 9
°21 5
281.3
r 276. 0
284.7
118.5
109.7
118.6
119.3
118.8
119.2
125.9
125.6
149. 0
135.8
123.8
127.6
126.1
219.9
237.6
259.8
238.0
240.8
254.1
244.5
251.0
255. 6
230. 3
255.8
251. 8
238.2
Deliveries, total 9
do
Stocks, raw and ref., end of period-
Prices (New York):
Raw, wholesale
$ per lb. .
Refined'.
Retail (incl. N.E. New Jersey) -..$ per 5 lb..
^Vholesale (excl excise tax)
$ per lb
Tea Imports
2,702
4,816
471
Fish:
Stocks cold storage end of period
mil Ib
Sugar:
Cuban stocks, raw, end of period
thous. Spanish tons__
United States:
Deliveries and supply (raw basis) :§
Production and receipts:
Production
thous sh tons
Entries from off-shore, total 9
do
Hawaii and Puerto Rico
do
Exports raw and refined
Imports:
Raw sugar, total 9
From the Philippines
Refined sugar, total
2,457
5,226
2,874
5,657
3 141
5 425
thous lb
82
Baking or frying fats (incl. shortening):
2 792 5 3 181 2
Production
mil lb
Stocks (producers' and warehouse), end of period
116.6
118.6
mil. lb.Salad or cooking oils:
2, 773. 1 2,946.8
Production
do
Stocks (producers' and warehouse) . end of period
85 9
83 4
mil lb
Margarine:
1,904.4 2, 109. 7
Production
.-.do
Stocks (producers' and warehouse), end of period
41.6
53.2
mil. lb._
Price, wholesale (colored; mfr. to wholesaler or
261
266
776
763
776
759
2,142
889
873
2,598
674
658
683
673
2,832
2,734
873
859
2,614
824
788
2,501
2,379
891
875
.380
.375
1,048
1,052
1 027
1 017
1,428 '1,149 p 1,404
67 6
82.2
83.4
76.0
89.4
81 9
97.9
87.8
84 7
84 5
93 0
'81.3
68.0
190.0
193.3
192.9
202.3
174.7
194.9
160.5
171.0
173. 6
139.4
176. 8
168. 2
185.3
59.9
62.1
54.8
53.2
49.5
55.3
65.3
68.2
57.9
59.7
61.9
61.4
' 57. 9
73
.273
.273
.273
.256
256
.256
.256
256
256
.256
.256
47.9
42. 7
55. 0
47.7
51.0
40.0
51.0
35.3
53.4
44.4
51.3
43.9
50.3
44.9
57.2
46.3
49.8
45.0
41.5
40.4
44.9
55. 4
'43.8
'45.1
9
.316
.074
FATS, OILS, AND RELATED PRODUCTS
Animal and fish fats:A
Tallow, edible:
530. 1
566.7
Production (quantities rendered)
mil. lb_.
416.8
510.8
Consumption in end products
do
Stocks (factory and warehouse) , end of period
31.1
50.9
mil. lbTallow and grease (except wool), inedible:
4,302.5
4,
466.
9
Production (quantities rendered)
do
Consumption in end products
_ do. _ 2,210.5 2, 439. 6
Stocks (factory and warehouse) , end of period
413.8
447.4
mil. lb_.
Fish and marine mammal oils:
164.1
190.2
Production
.. _ _
- ._ do _ _ .
79.3
76. 8
Consumption in end products _
do
Stocks (factory and warehouse) , end of period
i
158.5
185.3
mil. lb..
r
Revised. » Preliminary. 1 See note "O" for p. S-21.
GCases of 30 dozen. cTBags of 132.276 lb.
42.7
40.4
43.3
43.0
50.9
63.0
75.1
78.4
83.6
80.8
83.5
80.5
72.8
'70.2
72.8
380.0
210.8
398.8
203.3
410. 7
207. 9
408.5
210. 5
387.9
191.3
419.8
205.6
393.7
202.1
403.8
211.1
419.1
220. 4
364.1
173.6
405.8
210.8
' 373. 5
' 200. 7
386. 2
194.8
422.8
430. 9
447.4
507. 7
471.9
501.2
497.2
481.8
432.4
397.4
394.2
' 408. 8
425.3
8.7
16. 5
9.1
6.9
6.2
20. 1
6. 6
21.4
21.9
5.6
5.7
3.2
'13.0
5.8
.8
5.2
6.1
-5
6.5
7.1
6.0
6.6
172.1
183.9
158.5
153.0
154.4
135.5
145.5
165.9
165. 6 I
167. 7
165.0
1.9 1
r
7.8
5.7
5.5
160. 4
155.8
§Monthly data reflect cumulative revisions for prior periods.
9 Includes data not
shown separately; see also note "§".
AFor data on lard, see p. S-28.
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
December 1967
1967
1966
| 1966
Oct.
Annual
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS. AND RELATED
PRODUCTS— Continued
Vegetable oils and related products:
Coconut oil:
Production:
Crude
mil. lb._
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) end of period
mil. Ib
Imports
do
Cora oil:
Production:
Crude
do
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) end of period
mil. Ib
Soybean cake and meal:
Production
thous sh tons
Stocks (at oil mills) end of period
do
Soybean oil:
Production:
Crude
mil. lb_.
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) end of period
mil. Ib
Exports (crude and refined)
do
Price wholesale (refined' N Y )
$ per Ib
(d)
44.9
56.4
223 g
188.3
31.3 1j
9.3
194.5
196.8
34.1
33 6
34 0
55. 2
237.7
89. 6
1, 674. 6
1,511.1
1,263.1
(d)
49.0
52.0
(<0
53.4
63.5
(d)
49.6
69.5
(d)
44.5
'62.9
35.8
54.3
69.0
184.3
24.3
145.9
25.8
114.0
24.1
107.8
18.5
r 107. 7
34.2
94.0
31.4
37.7
33.7
31.0
38.5
34.8
35.1
40.2
36.8
40.0
33.9
33.2
30.0
38.2
33.2
35.7
39.1
35.8
34.9
39.4
39.7
40.0
44.9
49.5
50.0
49.2
48.7
45.6
"46.8
42.1
179.1
126.1
184.0
148.1
106.8
166.9
63.3
160.9
67.5
157.8
44.2
148.4
65.9
133.2
r 104. 9
168.0
128.7
82. 5
126. 6
117.1
86.3
128.7
122. 8
86.9
73.9
108.5
90.5
43.5
87.5
91.9
49.6
72.6
78.3
30.2
42.6
73.4
45.4
47.7
80.6
381.8
5.2
165
434.9
3.7
.151
476.9
4.6
.158
514.0
8.7
.158
476.9
25.4
.158
416. 7
11.6
.158
364.7
2.0
.160
298.3
6.2
.150
246.0
2.6
152
39.0
15.0
30.1
14. 7
33.3
19.1
29.7
19.3
31.3
19.1
30.2
20.2
32.5
22.5
35.4
19.6
7.2
16.9
207. 8
126
218. 0
.128
208.4
. 128
205.9
.128
204.9
.128
206. 5
.128
204.7
.128
211.8
.128
199.2
.128
184.1
.128
11 179 1 12, 614. 4 1,039.6
120.0
75.4
130.0
1,147.1
129.0
1,133.1
120.0
1,157.6
134. 1
1,022.3
111.0
1,107.6 1, 103. 6
122.1
111.7
1,061.7
141.3
(<0
(d)
206.8
79.6
187.7
18.4
191.6
20.2
34.3
34.0
34.2
33.7
30.3
32.5
40.4
38.8
38.2
53.5
47.0
45.8
259.9
91.7
°49 2
94.2
237.6
111.6
165.6
101.0
86.6
183. 1
137.6
92.7
175.1
162. 4
95. 1
381.8
184.0
.178
246. 2
6.4
.165
309. 4
5.7
169
410.1
227.2
454.2
226.9
45.4
16.0
213. 5
134
208.4
,128
154 4
383 6
223. 9
498.2
191.9
24.2
445.9
412
8
492 9
446.6
397.6
388. 0
39.5
34.9
35.8
36.1
36.0
33.4
26.1
53.5
54.6
2, 382. 4
94.2
50.2
67.4
43.3
60.2
41.3
62.7
45.0
65.0
1,083.7 1, 080. 9
86.3
146.1
(d)
52.4
68.3
r
r
r
49. 1
134.0
120.3
33. 5
32.9
74.7
96.5
55.1
79. 6
207. 0
3.0
.154
192.1
5.6
32.9
18.1
37.8
16.9
40.1
15.3
185.4
128
187.4
.127
197.3
r
T
l 029 5 972. 9 1, 148. 6
152.6
102.3 * 109. 6
r
5, 235. 5
4, 547. 3
4,437.6
5, 820. 2
5, 152. 0
5, 200. 5
482.1
411.5
419.0
521.9
427. 0
434.8
512. 3
465.3
465.7
529. 0
460.4
452. 2
468.8
410.4
418.7
496.8
446.0
455.6
502.8
387.4
404.4
514.7
424.8
436.8
513.5
450.3
450.6
494.1
377.0
373.2
480.1
432.7
443 7
459. 5
398.2
450.1
521.9
428.2
447.8
374.8
1,026.7
134
510.9
684.8
.140
457.7
30.4
132
488.0
48.6
133
510.9
97.8
. 131
566. 1
24.3
.127
581.6
45.7
.127
535. 8
120.2
.128
600.4
41.0
.127
633. 7
66.5
.127
591.0
131.0
.''22
632.2
86.2
. 114
687.5 ' 595. 0
118.0
43.1
. 115
122
572.6
79.1
TOBACCO
Leaf:
21,855
Production (crop estimate)
roil
Ib
Stocks, dealers' and manufacturers' end of period!
5 582
mil Ib
468 075
exports, . c • c P
•
182', 558
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large) taxable
Exports cigarettes
(«0
52.4
65.9
569.6
784.0
Cottonseed cake and meal:
2,756 3
Production
thous sh tons
80 9
Stocks (at oil mills) end of period
do
Cottonseed oil:
Production:
Crude
mil. Ib _ 1 , 974. 2
1,668.8
Refined
do
1 471 7
Consumption in end products
do
Stocks, crude and refined (factory and ware300.1
house) end of period
mil Ib
501 3
Exports (crude and refined)
do
i 149
Price wholesale (drums* N Y )
$ per Ib
Linseed oil:
Production crude (raw)
mil Ib
Consumption in f>nd products
do
Stocks, crude and refined (factory end warehouse) end of period
mil Ib
Price wholesale (Minneapolis)
$ per Ib
(«*)
41.9
60.0
(d)
00
365. 4
488 1
723 5
3
21,890
5,353
551 162
179 336
67 577
16 427
70 182
14,812
5,353
72 308
13,129
36, 930
14,907
3,819
43, 225
664
1,941
3,549
38, 079
424
1,573
3,406
41,319
537
1,769
48, 091
14, 828
>• 4, 880
39 444
19, 089
31 425
14, 899
3,972
44, 084
572
2,059
4,321
48, 101
639
1,943
5, 262
48, 123
529
2,396
34, 791
16, 680
5,339
39,111
13, 488
53, 273
15,305
3,967
39,936
477
1,731
4,593
43, 591
592
2,202
43, 458
19,985
4,995
59 439
16,876
50, 656
20, 487
4, 141
41,376
485
2,270
3,495
51,658
c 648
1,917
3,893
43, 835
605
1,811
1,680
2, 019
1
millions.. 44, 236
511,463
do
7,578
do
...millions-. | 23, 052
I
46, 112
522, 532
7,076
23, 453
3,827
43, 484
645
2,021
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
106, 253
Value, total 9
thous. $
2 458
Calf and kip skins
thous skins
13 311
Cattle hides
thous hides
Imports:
Value, total 9
thous. $ _ _ 80, 263
31 850
Sheep and lamb skins
thous pieces
14,411
Goat and kid skins
do
Prices, wholesale, f.o.b. shipping point:
541
Calfskins packer heavy 9H/15 Ib
$ per Ib
143
LEATHER
Production:^
6,263
Calf and whole kip
thous skins
°3 436
Cattle hide and side kip
thous hides and kips
14,
557
Goat and kid
thous skins
30, 316
Sheep and lamb
. .. .
do
Exports:
Glove and garment leather
thous. sq.ft.. \ * 69 953
Upper and lining leather
do
Prices, wholesale, f.o.b. tannery:
101.9
Sole, bends, light
index, 1957-59 = 100Upper, chrome calf, B and C grades
index. 1957-59 = 100
99.5
155, 623
2,582
14 307
10,412
145
1,108
15,636
174
1 698
10,787
180
I 210
12, 608
175
1,171
15, 404
230
1,324
13, 169
265
1,103
11,300
198
1,154
12, 546
264
1,090
8,801
351
757
8,593
174
735
8,640
138
842
8,700
160
912
8,873
221
931
88, 995
36 998
10, 331
5,028
1 840
767
4,794
1 703
'eo4
4,647
1 656
364
5,500
1 859
865
5,600
2 510
793
6, 200
3 857
'576
6,300
4 079
457
5,200
3 846
721
5,400
3 194
531
5,300
2 925
740
4,100
2,503
558
4,500
2 833
510
4, 200
3,460
479
601
177
475
144
475
149
550
129
500
134
575
129
500
129
450
125
450
119
450
130
400
125
.400
.110
.410
125
350
341
1 9°1
909
1,960
299
1 912
907
2,012
332
1 924
742
2, 153
349
o 085
841
2,251
320
1 895
752
2,201
379
o 050
905
2,089
397
o oi6
948
2,350
111
2,459
340
1 983
769
2,402
226
1 461
485
1,808
370
2, 059
'624
2, 778
294
1 892
663
2,557
4 597
4 461
4 796
5 511
4 869
6 192
3 691
5 565
8 933
4 415
5,631
7 260
91.2
83.5
4 720
93 830
13* 372
29, 302
65 704
o 039
r
103.2
103.2
107.4
106.0
104.6
101.1
98.2
95.4
95.4
96.3
103.2
r
Revised.
J Data withheld to avoid disclosure of operations of3 individual firms.
1
Average for 11 months.
2 Crop estimate for the year.
December 1 estimate of
1967 crop.
* Effective Jan. 1965, data are for all leather, except sole and rough; see note "O" for p. S-21.
103.2
101.6
99.2
98.3
98.3
95.3
88.1
88.1
U14.5
105. 5
106.7
108.0
105.3
6,301
J Re visions for 2d qtr. 1963-4th qtr. 1964 (mil. Ib.): 4,695; 4,793; 5,288; 5,355; 4,964; 5,071; 5,666.
9 Includes data for items not shown separately.
(^Revisions for Jan.-Mar. 1966 will be shown later.
<•• Corrected.
December 1067
SURVEY OF CURRENT BUSINESS
1965
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1966
Annual
S-31
1967
1966
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers:}:
Production , total
thous. pairs. . 629, 095
Shoes, sandals, and play shoes, except athletic
thous. pairs- - 531, 914
Slippers
_ _ _ _ _ _ _ _ _ _
do
87, 359
Athletic
do
6,828
Other footwear _ _
do
2,994
Exports
do
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt... index, 1957-59 = 100-W omen's oxfords, elk side upper, Goodvear
welt
- index, 1957-59=100..
W omen's pumps, low-medium quality do
1
646, 897
54, 898
50, 802
49, 034
52, 534
49, 890
53, 812
46, 302
48, 744
49, 024
40, 932 '58,249
50, 600
536, 583
100, 633
6 576
2,838
43, 251
10 786
530
331
40, 220
9,494
548
273
41, 930
6,311
543
250
45, 571
6,158
577
228
42, 463
6,723
532
172
44, 665
8 351
6349
16
38, 466
7,088
585
163
39, 552
8,364
613
215
39, 777
8,504
583
160
34, 027 rr 47, 314
6,444 10,r 121
342
611
118
'203
40, 384
9 472
555
189
2 533
2 737
246
230
182
157
174
237
164
162
191
162
111.0
120.9
123. 5
123.5
123.5
123.5
123.5
123. 5
121. 5
121.5
121.5
121.5
121.5
122.0
107. 3
113.0
111.0
121. 2
111.4
122 3
111.4
122.7
111.4
122 4
111.4
122.9
111.4
124 5
111.4
124 7
113.7
124.7
113.7
124.4
113.7
125 2
113.7
124.9
113. 7
123 9
113.7
125 5
3, 039
628
9
07
212
179
LUMBER AND PRODUCTS
LUMBER— ALL TYPES
National Forest Products Association:^
Production, total
mil. bd. f t _ _
ITardwoods
do
Softwoods
do
36, 626
7,467
29 159
36, 433
7,563
28 870
2,966
648
9 318
2,699
617
2 084
2, 526
529
1 998
2,356
554
1 989
2,671
560
9 in
3,161
610
9 551
2,900
648
9 959
9 411
2,976
621
2 355
2,654
578
9 076
3,124
594
9 530
2,970
605
9 3(55
3,066
613
2 4^3
do
_ _ do
do
37, 663
8, 232
29, 431
36 662
8,075
9
8 587
2 806
2 651
654
1 9^8
2 591
598
1 993
9 577
650
1 997
9 73g
615
2 191
9 954
3 043
6°3
2 434
2 961
563
2 398
3 137
9 331
9 987
571
9 4iQ
2 773
859
3 112
9 147
2 244
9
556
2 430
3 095
605
9 495
Stocks (gross) , mill, end of period, total. _do
Hardwoods
do
Softwoods..
-_
_
do
5,704
1 156
4 548
5 775
1 127
4 648
5 790
1 118
4 602
5 787
1 132
4 655
5 775
1 127
4 648
5 810
1 106
4 704
5 ggo
1 125
4* 755
5 931
1 197
4 804
5 935
1 186
4 749
5 9968
1 15
4*753
6 013
1 300
4 713
5 909
1 374
4 535
5, 902
1 399
4 503
5 857
1 414
4 443
5 872
1 441
4 431
1
962
5 163
1 009
5 120
93
339
75
318
70
307
76
300
67
339
87
5Q9
95
419
98
432
131
496
89
418
100
598
90
431
103
415
8 950
621
8 480
597
394
638
422
700
486
678
568
6039
60
668
600
657
589
677
562
704
567
644
606
708
597
595
598
6949
50
8 913
8 936
1 054
8 601
8 615
1 026
640
611
551
617
1 026
613
596
] 057
612
568
739
670
670
668
656
699
1 167
634
865
1 170
1 185
716
716
1 101
799
704
1,210
539
605
1 117
592
593
1 103
1 084
1 084
1 053
683
649
1 045
37
9
28
48
18
30
27
7
30
4
r li
21
26
21
82. 82
86.09
90.71
170. 86
169. 30
637
Shipments, total
Hardwoods
Softwoods
.
_
___
Exports, total sawmill products
Imports, total sawmill products . . .
SOFTWOODS
Douglas fir:
Orders, new
Orders, unfilled, end of period . Production.
Shipments. _ _
_
Stocks (gross), mill, end of period..
do
do
mil. bd. ft
do
. _
do
do
do -
Exports, total sawmill products _
do
Sawed timber
do
Boards, planks, scantlings, etc
do
Prices, wholesale:
Dimension, construction, dried, 1" x 4", R. L.
$per M bd. ft..
Flooring, C and better, F. G., 1" x 4", R. L.
$ p e r M bd. ft..
Southern pine:
Orders, new
Orders, unfilled, end of period
mil bd ft
do
1
445
i in
i 334
401
110
36
10
26
10
16
22
4
17
34
10
24
27
8
31
9
35
10
26
19
22
25
82.56
79.69
79.96
83 94
80.91
84.06
82.96
82.40
83.24
171.47
172. 63
172. 05
170. 86
82.16
85. 62
165.87
6 988
6 419
366
169. 20
169. 69
169. 69
169. 11
170. 31
171,47
469
524
582
433
274
487
9
88
310
294
291
540
*)66
292
575
294
283
316
589
315
6 654
6 511
544
488
527
485
507
436
514
473
510
502
605
598
526
543
588
565
583
573
517
530
586
604
584
590
1 269
6,425
1 292
8, 502
1 302
7,026
1 289
5, 989
101.6
101.4
102.2
103.1
105.8
105.8
105. 1
105. 1
904
503
871
511
884
507
947
902
820
863
1 609
1 566
69 55
2.2
16.7
18
18
2.0
48 3
31.7
42 4
43.0
56.4
1 271
6^566
1 279
7,' 042
1,286
8,329
105.1
107.6
104.2
102.4
101.0
101.0
106.2
107.9
107.7
107. 2
106 2
105.8
10,295
427
792
384
743
402
773
427
732
476
865
501
10 296
10 373
1 739
10 337
10 403
1 666
875
893
739
726
1 667
746
747
1 666
659
683
1 635
770
841
1 653
1 564
67 42
69 39
66 28
64 87
64 01
65 88
66 40
mil. bd. f t _ .
do
do
do
do
31.2
11.1
29 0
30 2
3.1
31.2
16.3
25 1
26 7
1.8
1.3
16.2
2 5
1.7
2.6
16.7
2 2
2 0
1.7
1.8
16.3
21
20
1.8
1.7
16.2
19
19
1.9
do
do. _
do
do
. _ do_ _.
818 4
64.3
778 7
783. 3
35.4
818 1
26.0
685 6
654.4
58.3
35 9
°6 4
50 6
40.9
52,6
38 5
25.4
44 3
40.3
55. 6
40 2
26 0
41 5
38.4
58 3
45 9
26 7
44 0
45.2
57. 1
Production
_ _
_ ...
do
Shipments
do
Stocks (gross) , mill, end of period ..
do
Price, wholesale, Ponderosa, boards, No. 3, I" x
12", R. L. (6' and over)
.$ per M bd. ft
1 230
99, 202
519
32
9
23
32
468
277
1 230
7, 855
535
613
994
1 159
5, 688
10, 445
581
274
1 117
7,264
mil. bd. f t _ do
529
290
156. 85
Production.. _
do
6 628
Shipments
do
6 903
Stocks (gross), mill and concentration yards, end
of period
_ , mil. bd. ft
1 087
Exports, total sawmill products
M bd. f t _ _ 1 100, 581
Prices, wholesale, (indexes):
Boards, No. 2 and better, \" x 6", R. L.
1957-59=100..
94.3
Flooring, B and better, F. G., 1" x 4", S. L.
1957-59 = 100-.
97.1
Western pine:
Orders, new
Orders, unfilled, end of period
486
678
599
294
592
620
9
1 271
6,496
1 265
6,220
103.6
103.7
105.0
105.2
105. 6
106.4
845
495
920
525
955
510
898
479
904
484
847
888
1 596
862
857
1 531
824
890
973
970
1 465
1 468
qil
929
1 450
923
899
1 474
73 32
74 16
73 87
73 83
73 12
73 18
3.0
17.5
2 2
2 1
2.2
3.1
18.0
2 1
2 2
2.2
2.3
17.2
9 5
9 4
2.3
2.6
17.4
2 4
2 4
2.3
2 2
1?! 4
2 4
2.5
2.2
17.0
2 9
2 9
2.9
1.2
16.4
9 5
2 1
3.3
61 1
39 4
51 6
53.4
53 9
39 4
34.8
46 4
44.0
55.9
43 1
31 8
49 9
46.5
60 3
45 3
42 2
28*7
38 6
41.9
58 0
61 1
33.8
59 o
56.1
54.0
43 2
28.0
47 4
49. 0
52 3
1 37
•8, 795
HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
Oak:
Orders, new.
_.
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
r
1
9 9
Revised.
» Preliminary.
See note "O" for p. S-21.
^Revisions for 1964-65 are shown in Bu. of the Census report M31A(65)-13; those for Jan.June 1966 will be shown later.
cfFormerly National Lumber Manufacturers Association.
28*. 4
47 2
47.9
61.4
9 0
1
41 i
23.9
49 3
45.8
54.7
FOOTNOTE FOR RAW STEEL, P. S-32.
AFffective Jan. 1967, the term raw steel has been substituted for ingots and steel for castings;
raw steel is defined as steel in the first solid state after melting, suitable for further processing
or sale, including ingots, steel castings, arid continuous- or pressure-cast blooms, billets,
slabs, or other product forms. Current data for raw steel are comparable with the ingots
series.
SURVP:Y OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1966
Annual
December 1967
1967
1966
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous sh tons
Scrap
do
P i g iron.. _ _ .
______
do
i 2, 496
i 6, 170
128
1,724
5,857
12
139
647
1
151
501
(2)
184
472
3
205
491
(2)
190
544
(2)
162
776
(2)
160
641
1
137
805
1
122
811
(2)
103
716
(2)
118
657
5
106
779
(2)
129
610
(2)
Imports:
Steel mill products.
Scrap
Pig iron,. , .
__
10, 383
235
916
10, 753
464
1,252
940
36
104
1,151
28
166
770
21
43
782
31
44
744
12
46
882
24
37
828
16
41
1,030
26
63
963
27
41
965
22
49
985
22
62
956
29
22
999
21
57
Scrap for consumption, total
thous sli tons
Home scrap produced ..
do
Purchased scrap received (net)..
do
Consumption, total
do
Stocks, consumers', end of period
do
90, 534
55, 213
35, 320
90, 359
7,638
92, 070
55, 463
36, 606
91, 584
8,193
7,838
4,752
3,086
7,810
8,035
7,508
4,545
2>963
7, 507
8,034
7,272
4,480
2,792
7,112
8, 193
7,168
4,466
2, 702
7,254
8, 102
6,604
4,142
2,462
6,904
7,798
7,519
4,610
2,909
7,492
7,826
7,473
4,323
3, 150
7,062
7,835
7,710
4,451
3,259
7,290
7,770
7,317
4,198
3,119
6,784
7,854
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per Ig ton
Pittsburgh district
_
do
33.36
35.00
29. 95
31.00
29. 18
27.00
28.64
27.00
27.88
27.00 "27." 50 ~
27.38
27.00
28. 53
27. 00
26.98
26.50
26.79
26.00
27.23
26.00
27.18
26.00
27. 59
T. 00
28.28
27.00
Iron ore (operations in all U.S. districts):
Mine production _ _ __ _
thous. Ig. tons
Shipments from mines
do
Imports
_ .
do
87, 420
385,331
45, 105
90, 704
90, 583
46, 259
8,229
9,883
5, 532
5,176
6,769
5,158
5,085
2, 845
2,811
4,773
1,869
2,864
4,576
1,772
2,049
5,049
1,778
1,712
6, 277
5,494
2,629
9,039
11,119
4,582
9,419
10, 998
5,273
9,526
11, 373
4,204
9,697
10, 631
5,377
8,875
9,816
3,500
4,946
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports
_
do
121,964
125, 143
i 7, 085
128, 225
127, 694
7,779
14,613
11,184
848
11,490
10, 257
501
6,691
10, 275
367
3,400
10, 203
252
3,391
9, 370
366
3,753
10, 479
346
6,988
9,816
736
14, 349
10,015
626
15, 240
8,853
585
15, 037
9,222
739
14, 373
9,456
337
12,627
9,562
524
12, 631
10, 307
674
69, 158
12,667
53, 997
2,494
70, 038
12, 673
54, 658
2,707
71,755
12, 026
57, 010
2, 719
71, 494
10. 434
58, 242
2, 818
70, 038
12, 673
54, 658
2,707
66, 280
15, 793
47, 843
2,644
63,055
18,637
41, 864
2,554
59, 349
21, 908
35, 138
2,303
57,141
22,515
32, 311
2,315
59, 242
20, 435
36, 645
2, 162
64, 069
18, 856
43, 032
2,181
68,203
17, 042
48,847
2,314
72,375
16, 103
53. 764
2,508
74, 727
15, 162
56, 829
2,736
59, 153
2,935
1,272
1, 293
138
82
97
124
134
112
60
61
85
60
69
121
66
88, 173
88, 945
91, 509
91, 770
8,044
7,943
7,470
7,384
7,350
7,293
7,374
7,355
6,804
6,853
7,587
7,555
7,215
7,117
7, 321
7,288
6,639
6,605
6,696
6,951
7,055
7,530
2,329
62.70
_
_
do
do
do
Iron and Steel Scrap
Ore
Stocks, total, end of period
A t mines
__ _ _ __ _
At furnace yards
At U.S. docks
Mangonese (inn. content), general imports
do
do
do
do__ _
do
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons_.
Consumption
___ _ . do
Stocks (consumers' and suppliers'), end of period
thous. sh. tons__
Prices:
Composite
$ per Ig ton
Basic (furnace)
.
do
Foundry, No. 2, Northern
_ _
do
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total
_.
do
For sale. _ _
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons_
Shipments, total
do
F o r sale.- _ _ _ _ _ _
do
2,962
2,652
2,788
2,962
3,036
2, 995
3,066
3,161
3,224
3,299
62. 75
63.00
63. 50
62.74
63.00
63.50
62. 75
63.00
63.50
62. 70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63. 50
62.70
63.00
63.50
62.70
63. 00
63.50
62.70
63.00
63. 50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
G3.00
63.50
882
15,713
9,171
962
15, 716
8,927
1,012
1 , 346
964
1,268
711
962
1,214
669
940
1,220
636
945
1,113
606
927
1,246
675
896
1,180
653
919
1,262
698
896
1,256
709
882
934
581
896
1,240
747
891
1,171
703
174
1,136
648
182
1,133
688
210
96
58
193
92
59
182
89
56
161
90
54
147
85
54
140
95
60
134
81
48
133
93
55
131
88
53
132
64
41
137
85
51
132
89
51
3131,462 3134,101
135.3
138.1
11,509
139.5
10,887
136.4
10, 435
126. 5
10,632
128.9
10, 041
134.8
10, 963
132.9
10, 349
129.6
10, 577
128.2
9,576
119.9
9,620
116.6
10, 300
124.8
590
2, 155
1,792
626
179
149
619
176
147
590
179
148
557
171
145
510
165
139
454
189
159
404
162
136
373
165
139
342
168
142
328
124
105
317
138
113
319
138
115
3 92, 666 3 89, 995
4, 528
3,806
6,798
6,764
9,764
9,103
1,523
1,776
7,495
321
572
752
141
7,239
346
539
708
141
6,846
364
543
667
144
7,292
348
534
701
137
6,531
360
508
668
144
7,562
403
591
784
169
6,763
326
536
665
154
7,247
316
538
667
147
7,029
291
481
660
125
6,221
264
448
574
95
7,169
327
492
645
98
6,700
329
494
597
78
7,181
363
511
640
94
62.70
Steel, Raw, Semifinished, and Finished
Steel (raw): A
Production
thous sli tons
Index
daily average 1957-59 — 100
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons
Shipments, total. ..
do
For sale, total
do
Steel products, net shipments:
Total (all grades)
Semifinished products
Structural shapes (heavy), steel piling
Plates
Rails and accessories
do
do
do
do
do
Bars and tool steel, total
do
Bars: Hot rolled (incl. light shapes)
do
Reinforcing _
do
Cold
finished
do
Pipe and tubing _.
do
Wire and wire products
do
Tin mill products
do
Sheets and strip (incl. electrical), total. _ _ do. .
Sheets: Hot rolled..
do
Cold rolled
do
Steel mill products, inventories, end of period:
Consumers' (manufacturers only). .mil. sh. tons..
Receipts during period
do
Consumption during period
do
Service centers (warehouses)
_ do
Producing mills:
In process (ingots, semifinished, etc.)... do
Finished (sheets, plates, bars, pipe, etc.) _ do
436
1,961
1,570
14,488
9. 344
3,150
1,877
8,689
3,484
6, 659
36, 733
10, 630
16, 571
14, 523
9,126
3,276
1,999
9,233
3,495
5,828
35, 468
10, 137
15,972
1,261
798
275
177
665
289
432
3, 064
896
1,396
1,239
780
276
172
640
256
402
2, 968
848
1,356
1,148
746
235
157
587
241
427
2,724
781
1 S 240
1,142
741
219
170
801
247
555
2,827
799
1, 299
1,059
673
215
160
557
249
510
2,476
710
1,089
1,212
755
268
177
705
288
638
2 772
"' 794
1,208
1,069
650
267
143
722
270
589
2,432
686
1,085
1,106
662
279
156
897
275
564
2,737
796
1,238
1,093
637
297
149
908
280
601
2,590
773
1,111
958
560
278
113
736
229
541
2,377
695
1,067
1,124
663
312
142
820
276
596
2,790
793
1,267
1,024
617
288
112
718
267
685
2,508
726
1,121
1,108
650
311
137
710
270
560
2,924
841
1,301
12.9
68.7
67.0
4.5
10.1
65.1
67.9
5.4
10.6
5.6
6.0
5.0
10.4
5.3
5.5
5.0
10.1
5.0
5.3
5.4
10.1
5.3
5.3
5.5
10.0
4.8
4.9
5.3
9.9
5.5
5.3
9.4
4.9
5.4
5.7
9.0
5.3
5.7
5.6
8.7
5.1
5.4
5.3
9.1
4.5
4.1
5.2
9.1
5.3
5.3
"5.4
'8.8
"5.1
'5.4
P 5A
p9. 1
? 5. 5
p5.2
8.5
7.9
9.8
9.2
9.9
8.6
9.8
8.8
9.8
9.2
9.9
9.1
10.1
9.3
10. 0
9.3
10.5
9.1
10.7
9.0
10.4
8.7
10.8
8.7
10.7
8.7
11.1
8.8
pll.6
P8.8
Steel (carbon), finished, composite pricel. .$ per lb_.
.0837
.0842
.0848
.0848
.0848
r
Revised.
v Preliminary.
1 See note "O" for p. S-21.
2
Less than 500 tons.
3 Revised total; monthly revisions are not available.
ASee similar note at bottom of p. S-31.
IBeginning Jan. 1964, the composite reflects substantial changes in products and weights
10,438 '11,171
130.7 "135.4
.0848
.0848
.0848
.0848
.0848
.0852
.0854
.0855
.0848
.0848
.0848
used and is not comparable with earlier data. The new composite price is based on AISI
net shipments of carbon steel and is the average price of all finished carbon steel products
(except rails and wire products) weighted by tonnage. Prices used are base prices at Pittsburgh; the average includes an additional 25% for "extra" charges but does not include freight.
SURVEY OF CURRENT BUSINESS
December 1967
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
S-33
1967
1966
1966
I
Annual
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
411
399
3,279
Nov.
METALS AND MANUFACTURES— Continued
IRON AND STEEL— Continued
Steel, Manufactured Products
Fabricated structural steel:
Orders, new (net)
Shipments
Backlog, end of period
4,868
4,321
3,151
5,059
4,664
3,141
390
414
3,219
404
382
3,234
345
374
3,141
307
341
3,251
325
331
3,078
489
445
3,391
472
390
3,276
401
401
3,196
363
367
3,154
328
329
3,135
621
449
3,277
336
368
3,230
4,858
5,077
399
353
397
334
335
412
417
446
475
450
543
517
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons-_ 2, 754. 5
3 769. 0
Recovery from scrap (aluminum content).. do
2,968.4
808.0
258.4
76.0
251.0
72.0
262.1
65.0
265.2
67.0
243. 6
62. 0
274.4
72. 0
268.4
67.0
278.9
65.0
270.1
63.0
277.0
58.0
277.6
527.3
65.4
i 203. 6
521.8
119.1
188.2
36.6
8.1
18.7
33.6
10.0
16.5
40.7
6.8
21.8
36.6
7.7
20.5
32.7
6.5
24.9
41.1
6.8
24.0
44.5
5.3
21.9
39.0
4.5
19.6
37.9
4.7
18.3
26.4
3.6
20.3
30.7
3.4
12.3
43.0
3.1
12.8
35.3
3.1
11.0
64.8
.2451
74.8
. 2450
65.8
.2450
66.8
. 2450
74.8
.2450
76.6
.2474
69.1
.2500
69.8
. 2500
83. 1
.2500
93.3
.2500
109.8
. 2500
142.0
. 2500
170. 6
.2500
. 2500
.2500
8,016. 7
5,679. 4
2,609. 8
1, 409. 0
8,799. 2
6,459. 1
2,942. 3
1,633.7
717.0
523.4
231.7
147,3
699.2
495. 2
216.7
142. 1
713.5
482.8
218.1
134. 4
727.6
492.0
224.9
145.4
739.8
520.0
239.2
128.4
767.7
560.7
241.8
136.4
730.4
525.5
243. 3
128.4
752. 1
546.9
242. 5
135.8
751.0
551.9
254.2
133.3
658. 3
487.0
216. 9
98.6
r 743. 3
' 527. 4
227.5
133.6
746.9
532. 5
243.3
115.2
Copper:
Production:
Mine, recoverable copper
thous. sh. tons _ . 1,351.7
Refinery, primary
do
1,711.8
From domestic ores
do
1.335.7
376. 1
From foreign ores
do
429 4
Secondary recovered as refined
do
1,429.2
1,711.0
1.353. 1
357. 9
472 0
124.4
139.6
106. 3
33.3
34.9
120.2
149.2
117.6
31.6
37.2
120.4
161.1
129.0
32.1
35.7
122.4
148.9
122. 3
26.6
40.9
117.8
138.6
111.5
27.1
33.1
132.9
151.8
124.9
26.9
41.0
131.8
138.3
114.9
23.4
42.3
130.4
160.0
129.8
30.2
42.7
127.0
161.9
130. 0
31.9
43.2
66.4
88.8
70.3
18.6
27.9
29.7
42.9
27.3
15.6
20.5
20.2
30.0
8.3
21.7
22.8
523. 8
137. 4
596.7
162. 7
55.5
18.5
28.6
57.5
23.6
43.1
20.3
58.4
19.8
42.6
13.3
45.4
21.3
55.2
18.2
59.3
22.5
39.9
18.2
36.6
17.9
57.8
26.9
61.4
45.0
i 422. 1
i 325. 0
334. 7
273.1
21.9
18.3
14.0
10.3
14.9
10.3
21.7
15.7
22.4
16.0
32.7
24.9
27.7
21.5
20.6
16.0
32.9
28.7
24 2
11.3
4.3
12.5
4.9
12.1
4.2
32,035.0
174. 0
113.0
. 3502
2, 382. 0
240.0
174.0
.3617
212.2
210.2
.3633
.3699
194.1
240.0
174.0
.3624
204.5
233.9
169.4
.3787
197.8
227.1
160.6
.3810
217.9
242.3
177.5
.3808
187.0
240.8
193.6
.3817
191.7
270.7
205.6
.3812
192.2
289.6
223.6
.3808
v 102. 2 p 142. 5 P 133. 5
P318.4 p 279. 2 * 239. 1
p 247. 8 f 210. 3 p 173. 5
.3909
. 3830
649
608
249
605
529
232
Cans (tinplate), shipments
total for sale and own useO
thous. sh. tons
do
do
(metal consumed),
thous. sh. tons__
NONFERROUS METALS AND PRODUCTS
Imports (general):
Metal and alloys crude
Plates sheets etc
Exports, metal and alloys, crude
do
do
do
Stocks, primary (at reduction plants), end of
period
thous sh tons
Price, primary ingot, 99.5% min
$ per lb_
Aluminum shipments:
Ingot and mill products (net)
Mill products total
Plate and sheet (excl foil)
Castings'
mil Ib
do
do
do
Imports (general) :
Refined, unrefined, scrap (copper cont.) __do
Refined
do
Exports:
Refined and scrap
do
Refined
do
Consumption, refined (by mills, etc.)
Stocks, refined, end of period©
Fabricators'
Price bars electrolytic (N Y )
-do
do
do
$ per Ib
Copper-base mill and foundry products, shipments
(quarterly total) : f
Copper mill (brass mill) products
mil. lb-_
Copper wire mill products (copper cont.) _ , _ d o
Brass and bronze foundry products f - - -do
2,977
2,177
3889
Lead: A
Production:
Mine, recoverable lead
thous. sh. tons...
Recovered from scrap (lead cont.)
do
301.1
575.8
Imports (general), ore (lead cont.), metal
Consumption, total
do
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. tons__
RefineYs' (primary), refined and antimonial
(lead content)
thous sh tons
71
Consumers' d
do
Scrap (lead-base, purchased), all smelters
thous. sh. tons-Price, common grade (N.Y.)
$ perlb^
3
745
644
241
809
646
248
3,326
2,494
1,007
is! 3
3 327. 4
550.4
27.9
47.4
26.8
49.5
26.8
44.2
25.3
45:4
25.3
42.2
29.4
48.0
29.0
43.3
31.5
45.5
27.4
40.9
24 2
39 2
25.4
48.7
344.4
431.3
1 241.5 31,323. 9
38.9
116.7
33.3
117.0
47.0
113.1
45.3
106.6
42.2
97.3
46.6
110.9
36.2
104.9
34.6
108.8
54.0
103.8
38.2
85.4
43.6
102.6
30.3
41.2
169.8
173.4
.1400
.1400
964
4,305
1,013
4,416
106.8
142.2
144.0
140.3
142. 2
157.9
154.8
154.8
154.7
159.1
158.8
165.0
171. 2
25.2
109.2
23.4
85.4
21.8
91.9
25.3
88.5
23.4
85.4
24.9
92.6
29.7
90.2
29.5
98.6
32.2
97.3
33.7
93.5
31.6
105.3
31.5
114.2
28.2
112 8
54.8
.1600
48.3
.1512
47.4
.1424
46.8
.1400
48.3
.1400
45.9
.1400
46.8
.1400
46.3
.1400
49.3
.1400
50.4
.1400
50.8
.1400
51.3
.1400
49.9
.1400
4,326
40, 814
» 25, 076
« 3, 401
84, 01 1
58, 550
2 4, 372
41,624
25, 318
3,315
85, 486
60, 209
336
2,889
2,115
275
6,970
4, 970
312
3,967
2,040
255
6,840
4,715
208
3,418
1,910
275
6,595
4,535
17
3,662
1,910
265
7,000
5,040
393
2,883
1,945
265
6,720
4,875
122
4,268
1,940
260
7,260
5,275
32
5,350
1,885
270
6,685
4,740
179
3,933
1,955
270
7, 570
5, 350
0
3,328
2,010
280
7,065
5,125
0
4,359
1,620
320
5, 995
4,370
0
3,302
1,775
275
6,220
4,690
6, 025
4,530
Exports, incl. reexports (metal)
do
Stocks, pig (industrial), end of period § _ .do .
Price, pig, Straits (N.Y.), prompt
$ perlb.
i 3, 064
27, 661
1.7817
3,069
22, 687
1.G402
93
24, 075
1.5451
116
23,105
1.5422
249
22, 687
1.5399
737
22, 400
1. 5388
422
20. 665
1. 5438
235
20, 500
1.5371
209
20, 825
1. 5333
257
20, 265
1.5311
165
20, 560
1. 5494
65
20, 975
1.5439
240
19, 855
1. 5250
39
18, 607
1.5101
Zinc:A
Mine production, recoverable zinc
thous. sh. tons..
Imports (general):
Ores (zinc content)
do
Metal (slab, blocks)
do
611.2
572. 6
44.1
42.9
42.5
43.6
43.7
50.1
48.7
49.9
47.6
44.3
'48.7
43.0
429.4
153.0
521.3
277. 4
39.2
27. 4
48.0
26.7
56.0
21.3
47.9
51.2
11.1
48.6
26.9
46.8
14.9
56.9
15.4
64.0
17.0
45.2
18.3
37.6
20.6
28.3
16.1
9.4
10.3
10 3
9.4
1Q fi
9.1
8.7
10.2
9.3
1« Q
1Q 9
1S 8
8.8
IQ n
7.6
1Q 1
18 R
8.6
IK 4
8.3
18.9
Tin:
Imports (for consumption) :
Ore (tin content)
Bars, pigs, etc
Recovery from scrap, total (tin cont.)
As metal
Consumption, pig, total
Primary
Ig tons
do
do
do
do
do
Consumption (recoverable zinc content):
Ores
Scran, all tvnp.s
do
dn
3 122. 9
3 9fi5 1
3
126. 7
3 9fiQ «
1Q 7
2
'Revised.
p Preliminary.
1 See note "O" for p. S-21.
Total for 11 months.
3
Revised total; monthly revisions are not available.
OData reflect changes in conversion factor effective Jan. 1965 and Jan. 1966; revisions for
1965-July 1966 are available.
^Effective 1966, estimates are derived from a new sample
and are not directly comparable with earlier data; see note in Feb. 1967 SURVEY.
$ Beginning 1966, total includes copper not previously covered; see note in Feb. 1967 SURVEY.
8.0
17 7
. 2500
.1400
30
1.5199
1. 5501
29.8
11.9
cf Consumers' and secondary smelters' lead stocks in refinery shapes and in copper-base
scrap.
§Stocks reflect surplus tin made available to industry by GSA.
ABeginninp Aug. 1964, data reflect sales from the Government stockpile.
t He vised series. Annual data back to 1959, adjusted to recent benchmarks, will be shown
later.
December 196'
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1967
1966
| 1966
Annual
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
1
1 May
Apr.
1
June
July
Ati g.
Sept.
Oct.
Nov.
METALS AND MANUFACTURES— Continued
NONFERROUS METALS AND PROD.— Con.
Zinc— Continued
Slab zincrA
Production (primary smelter), from domestic
Secondary (redistilled) production
Consumption fabricators'
Exports
Stocks, end of period:
Producers', at smelter (AZI)cf 1
do
do
do
do
Price, Prime Western (East St. Louis). $ per lb_ .
1
994. 4
*83. 6
H 354 1
5 9
1,038. 1
72.4
1 410 9
1.4
628.6
64.8
87. 6
6.7
192 1
3
91. 1
6.8
119 8
1
52.9
47.5
93.4
5.7
110 1
9
'64.8
m
7
95. 1
5. 7
107 8
.1
78.1
86 0
7
87 6
5 4
97.3
.1
100.4
(4)
5
104 8
(4)
105 8
.3
83 0
4 9
99.8
10.6
73 8
4 8
83.7
4.3
70 2
51
102. 9
1.1
68.3
58
99.5
.1
105.6
96 0
.1355
117.9
101.2
.1350
116.7
'93.0
.1350
109.3
88.5
.1350
.4
5 6
.5
88
.8
9 6
83.8
105 2
.1450
87.9
108 5
.1450
103.7
103 7
.1450
113.4
97 3
.1356
.6
.6
5 n
.3
.5
40.5
40. 4
46.6
30.3
46.2
40.4
55.6
35.7
49 A
'69.2
r 44 0
71.0
35 6
.1450
. 1450
.1450
.1450
.9
8.7
.6
7.3
.4
.5
6. 5
70.4
46.4
«.v.
61.4
46.9
40.4
177 7
16.0
181 9
16.4
164 3
15.6
138 7
12.3
163.2
13.5
206.9
16.1
161.3
13.6
182. 4
15.9
194. 5
18.6
133. 5
13.8
185.4
18.4
197.0
21.2
1,422.3
997 7
204. 4
139 2
148.8
104 1
75. 1
51 6
44.6
74 3
49.4
69 6
44.7
08 ^
33 2
101 9
81.8
115 7
85.' 2
157 1
113. 4
188 0
134.7
1,334. 3
1 1 , 228. 7 1 027 4
2, 616. 4 2 488 9
160. 5
119 0
222 5
115. 2
80 0
178 5
86.4
64 5
176.4
88. 1
68 3
206.4
94 0
73.6
229.0
OQ ]
QQ 7
66.6
203.7
72! 8
224.6
78.7
199.2
107 0
81.3
203.3
113 1
89.2
176.1
r 144 7
' 108. 5
225.5
172 9
126.6
214.7
R9'J
ocr n
323 9
9
.1450
.1450
.1
94.5
89.0
.1350
.1350
HEATING EQUIPMENT, EXC. ELECTRIC
Radiators and con vectors, shipments:
Cast-iron
mil. sq. ft. radiation _ .
i 11.6
7.5
7
Nonferrous
_
do
90.4
115.3
Oil burners:
Shipments
thous - _ i 564. 4
615. 6
Stocks, end of period.
_ .
do
H2.0
40.4
Ranges, gas, domestic cooking (incl. free-standing,
set-in, high-oven ranges, and built-in oven
2,115 9 9 153 7
broilers), shipments
thous
Top burner sections (4-burner equiv), ship... do
304.8
234.1
Stoves, domestic heating, shipments, total §-_ do
Gas
do
Warm-air furnaces (forced-air and gravity air-flow),
Gas
Water heaters, gas, shipments
do
do
994 0
46.8 j
43.4
68.2
6
Q
MACHINERY AND APPARATUS
Fans, blowers, and unit heaters, qtrly.:
Fans and blowers, new orders
mil. $ _ _
Unit-heater group, new orders .
_. _ . do
Foundry equipment (new), new orders, net
mo. avg. shipments 1957-59=100.Furnaces (industrial) and ovens, etc., new orders
(domestic) , net
mil . $_ .
208.6
66.9
232.4
67.9
322. 5
279. 9
3*9. 8
179.3
17.6
152.8
90
Fuel-fired (exc. for hot rolling steel)
do. _
75.2
Q
95.9
54.2
17.2
-1
219. 5
9.0
K.
7. 1
4.1
317. 1
216. 6
10.7
1 ^
2.9
8.9
Machine tools:
Metal cutting tools:
Orders, new (net), total
Domestic
Shipments, total
Domestic.. . .
Estimated backlog, end of period
Metal forming
tools:
Order55 new (net) total
Domestic
Shipments, total
Domestic
204, 2
ni 9
176 6
13 1
207 0
319 8
536.0
10.6
10
5.8
9.7
18
4.0
14.1
1.2
8.4
10.9
1.0
7.1
14.3
.5
9.8
10.7
.5
3.6
5.5
1.1
1.8
9
31 6
165 3
995 8
173 4
219 3
10 390
1° 404
861
1 149
1 031
1 147
1 029
1 402
826
886
903
976
1,024
1,374
997
1,032
1,079
1,014
1,136
995
844
885
789
780
875
1,021
41 746
47 043
3 829
4 285
4 202
3 465
3 417
3,985
3,552
3,748
3,938
3,283
3,284
3,665
mil $ 1,176.00 1 531.30
do
1,054.40 1 392 90
do
958. 60 1 145.35
do
830. 55 1, 028. 95
7.6
months ._
10.9
128.10
121.10
101. 80
91.65
11.0
103 50
93 20
96 60
85. 20
11.1
113.10
100. 80
127. 05
113.40
10.9
88. 50
81.10
86.45
77.80
10.5
95.35
83.65
94.20
84.75
10.5
99.10
87.70
124.45
108. 95
10.2
85.40
77.65
97.10
86.80
9.9
94.90
85-35
110. 90
100. 65
9.7
104. 10
93.95
121. 70
108. 30
9.3
88.25
77.90
96. 15
88. 80
9.2
30
75
85
80
9 9
391 60
291. 34
331.
30
319 70
8 A
23 75
20.90
27.05
25 60
9 0
16 45
13.90
28.75
27 70
8 4
13 80
13.70
25. 75
24 10
7 8
17 50
15.65
29.15
26 00
7 6
14.40
13.65
30.60
28.40
7 1
18.05
14.65
28.85
27.70
6 8
15. 60
13.20
28. 85
26 50
6 5
20.45
17.15
33. 25
27. 00
5 9
18 JO
13.60
21.20
18.70
5 9
13.95 '15.65
13.30 ' 13. 95
?0. 55 ' 22. 80
17.65 ' 21. 05
5.7
'5.6
j i 729 4
428. 3
1 913 5
488.9
169 3
416 3
114.5
30 5
230.4
229.2
235.8
241.2
241 7
238.8
234.5
2 24.2
2
33.8
2
2
2 103. 8
293.8
296.4
250.0
2 58. 6
2
76.5
mil $
do
do
do
Tractor shovel loaders (integral units only),
wheel and tracklaying types
mil $
Tractors, wheel (excl. garden and contractors'
off-highway tvpes)
mil $
Farm machines and equipment (selected types),
excl tractors
mil $
ELECTRICAL EQUIPMENT
Batteries (auto, replacement), shipments^.- thous..
Household electrical appliances:
Ranges, incl. built-ins, shipments (manufac-
319
297.
287.
259
QA
22. 75
28. 00
°6 4C>
8G
419 0
92 8
830 0
1 005 9
253 5
1 053 6
1 219 6
268 8
30, 528
32, 124
Hn 0
15,106 9
'4,347.1
Vacuum cleaners, sales billed . .
thous
Washers, sales (dom. and export) . . _ _ _ do
Driers (gas and electric), sales (domestic and
export)
thous i 2 098 4
Radio sets, production©do
Television sets (incl. combination), prod.O . .do
Electron tubes and semiconductors (excl. receiving,
power, and spec, purpose tubes), sales---.mil, $_.
Motors and generators:
New orders index ntrlv
1947 49 100
New orders (gross) :
Poly phase induction motors, 1-200 hp .mil. $
D.C. motors and generators, 1-200 hp ... do.
94
i 399 i
O Ofi^ O
Kefrigerators and home freezers, output
2
098 0
5, 582. 7
4, 406. 3
84 3
86 5
138 0
154 0
164 9
458, 8
245.3
145 1
454. 9
317.0
143 3
444.3
325.4
140 1
506^6
397.2
155 6
397^7
272. 5
297.9
201 6
201 9
220.4
202.2
2,075
1,165
32,338
31,333
1,727
853
1,479
1,049
757.0
1868.3
72.5
69.2
69.8
63.7
60.1
186.2 !
119,3
117. 5
146.6
169.1
285.7
316.2
325.8
1,771
31,171
1,483
680
1, £84
729
2 1, 621
3728
1,027
474
1,767 3 2, 574
858 3 1,219
'2,164
'1,031
64.9
56.1
58.2
59.2
47.4
62. 2
60.2
62.2
«9.1
4.3
«8.3
5.0
58.4
3.6
57.6
3.9
57.3
3.0
57.5
3.1
58.4
4.0
1
995
220
239
* 10.5
4.5
« 8. 3
4.9
'7.7
2.8
59.1
4.5
*8.2
5.0
171.1
574.9
424.3
140 8
415.2
357.7
151 0
1 1 Q fi
2,091
1,124
162.8
151 4
514.6
461.4
131 7
156 1
444.6
383.6
134 0
14S 9
509. 5
304.6
23, 595
12, 402
153.0
106 6
489.0
440.7
163 7
139 0
394.9
346.4
140 0
196 5
506.9
407.6
r
105. 1
158 9
1,897
...
i::::::::
3,606
3,133
1,872
17.10
15.45
29.25
26.55
5.0
3, 246
2,396
2, 302
72.55
67.00
98.55
88.75
8.8
268.3
2,070
2,179
188 0
I
1
108. 60 '74.00
99.15 ' 69. 85
87.25 '114.80
78.45 ' 102. 10
'9.0
9.5
' 348. 7
2,747
3,596
2 360 8
21 5
103.1
375. 8
24 118
11,028
s 113.3
210. 1
51.3
44.6 I
2
3,312
3,642
1
2
' Revised.
Revised total; monthly revisions are not available.
For month
shown.
5
Data cover 5 weeks: other months. 4 weeks.
* Less than 50 tons.
Excludes orders
for motors 1-20 hp.; domestic sales of this class in 1966, $127.6
mil; Oct. 1967, $8.9 mil.
f
7
Reported ye^rend stocks. See BUSINESS STATISTICS note.
Total for 11 months.
ASee similar note, p. S-33. rf1 Producers' stocks elsewhere, end of Nov. 1967, 21,800 tons.
§For revised 1965 annual data and for monthly shipments beginning Jan. 1966, certain types
13.4
1 4
8.3
K
8 202
9 994
Other machinery and equip., qtrly. shipments:
Construction machinery (selected types), total?
mil $
Tractors, tracklaying, total
do
3
18.2
1 2
5.0
4.1
Material handling equipment (industrial):
Industrial trucks (electric), shipments:
Hand (motorized)
number
Ridcr-typp
do
Industrial trucks and tractors (internal combustion
engines) shipments
number
320 6
5
9.2
4.1
2, 226
1,026
218
previously classified as heating stoves are included in warm air furnaces.
©Effective
Apr. 1967 SURVEY, data revised back to 1961 to incorporate new seasonal factors.
tRevised scries.
Beginning in the Aug. 1967 SURVEY, the series (compiled by the Association of Home Appliance Manufacturers) refers to manufacturers' shipments, including
exports.
ISee note marked "f " bottom of p. S-35. OSee note marked "O" bottom of p. S-35.
SURVEY OF CURRENT BUSINESS
December 1967
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1966
1966
Annual
S-35
Oct.
Nov.
1967
Dec.
Jan,
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
1,230
45
1,015
35
1,235
49
1,024
76
Oct.
Nov.
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production „
_ _ _
_ . thous. sh. tons
14,866
Exports
do
1851
Price, wholesale, chestnut, f.o.b. car at mine
$ per sh. ton.. 12.979
Bituminous:
Production.
_.
thous. sh. tons
512, 088
Industrial consumption and retail deliveries,
total 9 .__ _ _ .
.
thous. sh. tons
459, 164
Electric power utilities
do
242, 729
Mfg. and mining industries, total . . . . do ___ 196, 732
Coke plants (oven and beehive)
do
94, 779
Retail deliveries to other consumers. _
_ do 1
Stocks, industrial and retail dealers', end of period,
total . .
. -.
thous. sh. tons
Electric power utilities. .
do _ _
Mfg. and mining industries, total
do
Oven-coke plants
do
Retail dealers
.
do
1,103
37
829
60
13.475
13.475
13.475
46, 942
48, 461
47, 000
41,259
22, 009
17, 151
8,206
42, 032
22, 433
17,359
7,940
45,376
24, 602
18, 126
7,991
45, 023
24, 723
17,689
7,946
19, 965
2,023
2,163
2,628
74, 466
52, 895
21, 332
9,206
75. 336
54, 520
20, 525
8,180
75, 534
54, 409
20, 845
8,568
74,466
52, 895
21,332
9,206
12, 941
766
1,221
91
1,145
44
12. 824
12. 985
533,881
49, 163
486, 266
264, 202
201, 490
95, 892
19, 048
77, 393
53, 437
23, 603
10, 506
859
41
1, 032
37
1,189
46
13.475
13.475
12. 005
12. 005
12. 005
12. 495
12. 495
12. 985
42, 390
47, 670
44, 730
49,410
44, 860
36, 560 50, 470
45,100
41,517
22, 758
16, 209
7, 258
41,711
22,910
17,117
7,979
37, 370
20, 955
15, 639
7,611
38, 150
21,543
15,845
7,836
37, 590
22, 318
14, 770
7,327
36, 724
21, 999
14, 199
7,367
38, 820
22, 922
14, 942
7, 513
37,133
21, 133
14, 628
7,433
2,610
2,550
1,680
729
693
433
473
895
1,311
72, 951
51, 307
21, 425
9,244
70, 196
49, 583
20, 439
9,364
71,231
50, 702
20, 380
9,491
74, 696
53, 702
20, 846
9,829
80,209
58, 156
21, 855
10, 596
85, 234
61, 831
23, 175
11,019
80, 621
60, 150
20, 240
8,774
86,726
65, 089
21,392
9,465
90, 060
68,006
21, 825
9,726
669
35
••962
63
1,013
47, 560
46, 475
353
239
291
280
239
219
174
149
148
198
228
?31
245
229
Exports
do
i 50, 181
Prices, wholesale:
Screenings, indust. use, f.o.b. mine
4.794
$ per sh. ton..
Domestic, large sizes, f.o.b. mine _
do.
6.926
49, 302
4,877
4,240
3,175
2, 622
3,610
3,102
4,193
4,912
4,987
4,032
4,641
3,966
4.952
6.971
5.031
7.011
5.113
7.056
5.129
7.143
5.122
7.162
5.122
7.162
5.116
7.197
5.238
6.463
5.231
6.426
5.224
6.417
5.237
6.561
5. 233
6.596
5.272
6.681
1,657
65,198
17,208
1,442
65, 959
17,611
141
5, 626
1,478
135
5,447
1,518
126
5,504
1,573
119
5,453
1,537
93
4,996
1,341
62
5.552
1,523
62
5,312
1,420
59
5,394
1,545
55
5,098
1,535
47
5,105
1,605
50
5,208
1, 540
'53
' 5, 174
63
5,412
2,701
2,445
256
1,478
1834
3,030
2,822
208
1,459
1,102
2,635
2, 428
207
1,484
96
2,821
2,621
200
1,459
95
3,030
2,822
208
1,459
95
3,249
3,018
231
1,489
76
3,388
3,156
232
1,474
68
3, 527
3,273
254
1,453
67
3,732
3,465
267
1,420
58
3,963
3,687
277
1, 37:'
50
4,350
4,051
299
1,387
48
4,766
4,371
396
1,451
36
5,016
4,595
421
1,408
84
5,277
4,824
453
5,439
4,972
467
61
51
Crude petroleum:
Oil wells completed
number. _ 18,761
2.92
Price at wells (Okla. -Kansas) . _ . _ $ per bbl
Runs to stills t
mil. bbL. 3, 300. 8
Refinery operating ratio
% of capacity-87
16, 780
2.93
3, 447. 2
91
1,478
2.98
295.4
91
1,274
2.98
280.9
90
1,780
2.98
298.3
93
950
2.98
293.8
91
1,303
2.98
268.4
92
1,168
3.00
296.1
92
1,054
3.00
282.9
91
1,243
3.00
297.1
90
1,234
3.00
294.6
92
1,466
3.00
310.0
94
1,056
3.054
309.7
94
COKE
Production:
Beehive
.
thous. sh. tons
Oven (byproduct) _
. ... .
do
Petroleum coke §
do
Stocks, end of period:
Oven-coke plants, total _ _ .. _. . _ _ do._ .
At furnace plants
do
At merchant plants . . .
do
Petroleum coke.
do. __
Exports..
...
do
4,722
PETROLEUM AND PRODUCTS
All oils, supply, demand, and stocks: J
New supply, total
Productions
Crude petroleum
Natural-gas liquids, benzol, etc
Imports:
Crude petroleum
Refined products
__
mil. bbl._ 4, 190. 9
4, 446. 8
373.5
366.5
383.3
405.4
356. 5
397.5
381. 2
383.4
368.2
388.4
402.4
do
do
2, 848. 5
441.6
3,027. 8
468.7
258.0
40.4
252.8
40.0
263.8
41.6
265.6
43.5
241.5
39.3
264.9
43.2
254.3
42.6
260.0
43.3
256.3
41.5
283.9
42.7
292 5
43.3
do
do
452.0
448.7
447.1
492.0
36.0
37.7
34.4
39.2
32.0
45.9
41.1
55.2
29.2
46.4
37.6
51.9
38.2
46.2
39.9
40.2
33.6
36.9
30.1
31.8
31.5
35.2
-18.4
-12.8
33.4
12.5
5.0
21.0
18.7
383.7
Change in stocks, all oils (decrease,—)
do
-2.9
49.4
12.9
-10.7
-31.7
1.4
Demand, total
Exports:
Crude petroleum _
Refined products
...
Domestic demand, total 9
Gasoline
_ _
Kerosene.
.
do
4, 193. 7
4, 397. 5
360.6
377.2
415.0
403.9
374.9
410.4
347.8
370.9
363.2
367.4
do
do
do
do
do
1.1
67.2
4,
125.
5
2
1,720.2
297.6
1.5
70.9
4, 325. 1
1, 793. 5
101.1
.1
6.0
354.5
150.9
7.9
.1
5.7
371.4
148.0
10.7
.1
6.0
408.9
150.3
13.0
(3)
5.7
398.2
137.3
13.6
0
6.6
368.3
128.9
12.4
.1
6.3
403.9
152.2
9.6
.3
6.8
340.7
145.7
5.7
0
6.9
363.9
161.1
6.2
1.8
7.0
354.4
165.5
4.3
8.5
7.7
351.2
162.7
5.5
8.2
8.1
367.4
171.0
6.1
Distillate fuel oil
Residual fuel oil
Jet fuel
do
do
do
775.8
587.0
2219.6
797.2
626.4
244.4
58.6
47.3
22.9
74.7
53.0
21.5
92.9
62.9
23.0
92.5
70.5
21.2
89.1
62.8
20.1
90.2
67.7
23.7
58.3
52 7
24.1
60.4
49.8
24.4
49.2
45.5
25.4
48.6
41.5
27.0
47.3
44.4
26.1
Lubricants _ .
Asphalt
Liquefied gases
do
do
do.
47.1
127.6
* 307. 1
48.9
134.1
323.9
4.3
15.8
27.1
3.0
9.2
31.2
4.0
4.8
35.3
3.8
4.7
35.5
3.0
3.1
30.9
3.9
5.9
30.0
3.6
7.8
24.1
3.8
11.9
24.3
4.1
15.5
23.6
34
16.3
24.2
4 0
20.3
25.0
do
do
do
do
836.3
220.3
35.9
580.2
874.5
238.4
40.4
595.7
916.9
236.1
52.2
628.7
906.2
241.7
47.9
616.6
874.5
238.4
40.4
595.7
875.9
250.6
35.6
589.6
857. 5
252. 4
33.3
571.8
844.6
258.1
35.8
550.8
878.1
266.8
44.3
567.0
890.5
268. 8
52.7
569.0
895.6
261.6
59.3
574.6
916.5
256.2
66.0
594.3
935.3
261.6
71.7
002. 0
do
do
do
21,704.4
24.8
2
183. 1
1, 792. 6
3.6
194.2
155.5
.3
185.2
149.3
.4
187.2
156.1
.2
194^2
154.3
.3
212.4
136.4
.4
221.2
146.2
.3
216.2
142.7
.3
214.7
151. 8
.3
206.9
155.5
.2
197.8
159.2
194.' 3
160.3
.6
183.7
.113
.115
.120
.120
.120
.120
.120
.120
Stocks, end of period, total . . .
Crude petroleum _
Natural-gas liquids
Refined products
Refined petroleum products: t
Gasoline (incl. aviation):
Production.
_
Exports
.
Stocks, end of period
Prices (excl. aviation):
Wholesale, ref. (Okla., group 3)
$ per gal-.113
.115
.113
.114
.115
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal
.221
.208
.220
.216
.219
2
Revised.
1 See note "O" for p. S-21.
"ieginninp Jan. 19f 5, gasoli le exclu Jes
special naphthas; aviation gasoline represents finish c d grades 3iily (alkjT late excl idcd); co m3
mcrcial jet fuel (formerly included with kerosene) i 3 included with jet fuel,
Less tl an
50,000 bbls.
< Beginning Jan. 1965, data include de mand for liquid rel merv ga^;es forme rly
shown under petrochemical feedstocks; comparable 1964 total, 295.1 mil bbls.
9 Inclu ies
data not shown separately.
§Includes nonmarketable catalyst coke.
JRevi sions for Jan. -Oct. 1964 wil I be sho wn
later.
.220
3.054
.120
.227
.227
. 225
.224
.226
.230
.226
.228
.226
FC>OTNO' PES FO R ELE(^TR1C^\ L EQU IPMEN T, P. S 34.
IDa ta reflect adjustn lent to t he 1963 CCensus of Manufa ctures; n.visions back to 1963 are
availa ble.
OR adio proc1 action comprises table, p ortable I )attery, a uto, and clock in odels; te levision
sets cc ver mon ochrome and colo r units.
SURVEY OF CURRENT BUSINESS
S-36
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1966
Annual
December 1967
1966
Oct.
Nov.
1967
Dec.
Feb.
Jan.
Mar .
Apr.
May
June
July
Aug.
Sept.
Oct.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Aviation gasoline:
Production
mil. bbl
Exports
-_. __
do
Stocks, end of period
._. .. _.
do
Kerosene:
Production
do
Stocks, end of period
_. __
do
Price, wholesale, bulk lots (N.Y. Harbor)
$ per gaL.
Distillate fuel oil:
Production
mil. bbl
Imports
_
do
Exports
do
Stocks, end of period
do__
Price, wholesale (N.Y. Harbor, No. 2 fuel)
$ per gaLResidual fuel oil:
Production
mil. bbl
Imports
doExports
_ _
do
Stocks, end of period... .. . .
do
Price, wholesale (Okla., No. 6)
- $ per bbl
Jet fuel (military grade only) :
Production
mil. bbl
Stocks, end of period.do
Lubricants:
Production
.
do
Exports
do
Stocks, end of period
do
Price, wholesale, bright stock (midcontinent,
f.o.b., Tuisa).-- _ _ _
$ per gal
Asphalt:
Production
..mil. bbl
Stocks, end of period.
do
Liquefied petroleum gases:
Production. .
do
Transfer from gasoline plants
do. _
Stocks (at plants, terminals, underground, and
at refineries), end of period
mil. bbl
Asphalt and tar products, shipments:
Asphalt roofing, total
thous, squares _ .
Roll roofing and cap sheet _
do
Shingles, all types
do
Asphalt siding
Insulated siding
Saturated felts
148.6
M. 2
18.3
41.2
32
7 8
3.6
.3
7.4
3.5
4
71
*94.5
1
24 1
102
1
9
50
7.8
30 4
82
27 9
3.1
4
78
3.3
.3
8.2
10 1
95 o
10.1
21 5
9 2
18 3
3.7
9
3.0
3
7 9
3.5
3
79
85
17 9
18 7
69
19 4
2.9
3
2.8
2
7 5
3.1
7 3
3.3
3
73
9
6 5
16
7 6
93 7
75
25 1
6
.098
.104
.105
.105
.107
.107
109
. 109
.109
.109
.109
.112
.112
765.4
13 0
3.8
155.1
785 8
13 8
4 5
154 1
66 6
1 4
2
186. 6
63 2
9
3
175 8
69 9
16
4
154 1
68 6
i i
61 9
g
3
104 7
70 1
2 7
3
87 0
63 0
1 4
4
9~> g
62 7
13
I
96 4
64 9
13
3
113 0
67 6
9
4
9
13 6
68 3
11
2
154 5
131 3^
.090
.094
.095
.095
097
097
099
099
099
.099
.099
. 102
102
268.6
345. 2
14 9
56.2
1.83
264.0
3769 8
I 9
61 2
1 62
21.2
28.9
8
64 0
1 55
21.7
31 2
25.4
44 3
16
59 1
1 65
23.2
38 3
14
56 6
1 50
24.2
41 1
16
59 9
1 45
22.8
36 5
13
58 6
1 45
21.6
30 8
1 7
59 8
1 45
9
i6
°6 6
1 i\
61 2
1 45
21.5
°3 1
21.1
96 5
63 5
1 65
25 3
36 1
1 ^
61 °
1 65
69 7
1 45
63 7
1 45
i 191.2
i 18.7
215. 5
19 4
19.5
21 1
19.6
°0 8
19 6
19 4
1Q 4
20 0
90 7
21.5
90 4
21.9
9
22.7
04
23.4
9
13
23.7
9
10
23.8
21 6
62.9
16.6
13.3
65.4
17 1
12 7
58
17
12 2
5 2
15
13 0
52
1 5
1° 7
50
14
13 7
55
19
13 4
5 4
17
13 5
5 7
18
13 6
54
14
13 4
5.4
16
13 9
55
15
13 8
.270
270
270
270
270
2 7f)
970
123.6
16 2
129.6
17 3
12.9
13 3
10.0
14 4
7 5
17 3
69
56 1
200.2
60 1
215.1
4 8
18 8
4 8
22 2
9
51
58
32.0
37.7
49 6
45 2
72,338
28, 293
44 044
69,363
28, 917
40 446
6,783
3 099
3 684
628
590
980
554
504
880
68
55
76
do
do
_ _. thous. sh. tons
-10
1
9
9Q 2
9
70
9
9 Q
9
270
70
°70
57
93 o
8.1
95 4
9.0
9
68
11.9
97 i
12.8
95 o
14.3
93 7
14.9
19 0
25 4
51
92 0
58
20' 1
5 5
14 9
6 2
15 2
57
14 5
56
15.2
56
16 6
37 7
3° 5
99 9
32 6
40 7
49 6
56 6
63.1
69 0
5, 142
2 441
2 702
3,555
1 7739
i 73
3,4229
1 65
3, 680
1 506
9 174
5,337
6,089
9 349
3 740
6,430
9 939
9 416
4 014
8,032
3 001
5 031
7,960
2 965
4 996
9,257
3 621
5 636
53
41
66
37
99
53
31
16
49
31
34
34
70
33
40
66
39
56
82
39
46
81
4,361
4,759
5,994
4,507
4,797
5,708
4,686
4,550
4,857
9f| A
5
C
1 770
3 106
41
Of)
9C
59
73
.102
9 6
70
70
. 112
1 45
•°70
' 8, 174
3 309
r 4 864
7,952
3,400
4 552
48
57
93
44
50
82
54
51
83
4,326
4,279
5,939
4,775
4,626
5,966
4,548
4,299
6,194
P 4, 827
P 4, 900
P 6, 233
'839
601
P896
P582
T
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks, end of period
Waste paper:
Consumption..
Stocks, end of period
thous cords (128 cu ft )
do
do
22 53,736
52,828
2 6, 410
58, 881
55. 382
6,059
4,827
4,978
5,829
4,497
4,646
5,703
4,716
4,366
6,059
4,759
4,844
5,835
thous. sh tons
do
2 10,297
2620
10, 159
682
877
622
814
648
752
682
808
650
770
616
829
640
788
630
815
642
811
720
695
629
899
614
2 33,921
1, 482
21,473
2 2, 692
35, 736
1,557
22, 353
2,804
3,133
131
1,970
245
3,047
132
1,923
243
2, 801
116
1,753
209
3,076
134
1,944
230
2,897
110
1,849
221
3, 129
139
1,981
238
3,065
106
1,967
233
3,133
128
1,969
239
2,966
102
1,858
228
2,726
104
1,729
189
3,004
122
1,927
221
2,834
112
1,773
211
3,098
142
1,954
226
do
do
do
23,532
2 1, 647
23,094
3,962
1,530
3,421
353
136
299
334
113
300
322
119
281
348
132
288
124
271
345
132
294
337
131
290
350
134
314
343
137
298
310
120
273
335
130
269
328
121
288
345
123
308
do
do
do
do
759
241
436
82
729
258
387
84
773
296
386
91
760
292
382
86
729
258
387
84
751
289
379
83
778
323
379
76
805
322
407
76
786
324
386
76
809
356
375
78
860
363
425
72
827
382
378
67
814
377
370
67
''SOS
381
'360
68
P831
p408
p354
p70
Exports, all grades, total
Dissolving and special alpha
All other. .
do
do
do
s 1,402
3535
897
1,572
563
1,009
109
42
67
136
47
88
133
42
90
103
39
64
113
38
75
172
83
89
128
36
92
133
31
101
185
77
108
111
38
73
165
58
106
135
45
89
pl50
47
103
Imports, all grades, total
Dissolving and special alpha
All other
do
do
do
3,12?
280
2 847
3,355
293
3,065
290
17
274
282
21
261
293
35
258
287
20
267
261
19
242
297
25
273
245
20
226
269
25
245
273
21
251
236
16
221
256
27
229
249
21
228
246
22
224
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted, thous. sh. tons
44, 049
4,090
3,859
3,612
46. 558
Paper
do
19, 113
1,783
1,692
23, 228
1, 626
Paper board
do
1,992
20, 866
22, 483
1,881
1,742
Wet-machine board
do
12
145
11
138
12
C onstruction paper and board
do
304
3,925
275
239
3,709
r
Revised.
v Preliminary.
i See note 2 for p. S-35.
2 Repc rted amlual tott il;
revisions not allocated to the months.
3 See note ' O" for p. S-21.
3,914
1,774
1,868
12
260
3,684
1, 654
1,753
11
266
4,015
1,794
1,895
13
313
3,812
1,730
1,856
11
215
3,934
1,735
1,876
12
311
3,885
1,684
1,865
12
324
3,417
1,492
1,634
9
290
3,938
1,727
1,865
11
334
WOODPULP
Production:
Total, all grades ..
thous sh tons
Dissolving and special alpha .
do
Sulfate.^
_ .
do
Sulfite
.
do
Groundwood ..
Defibrated or exploded.
Soda, semichem., screenings, etc..
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills..
.
2
2
5, 105
4,526
4,454
4,801
6,020 | 6, 286
r
PAPER AND PAPER PRODUCTS
' 3, 720 p 4, 087
r 1,653 p 1,763
'1,723 p 1,966
11
pll
P348
332
Nov.
SURVEY OF CURHENT BUSINESS
December 1967
1965
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1966
Annual
S-37
1967
1966
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS— Con.
Paper and board— Continued
New orders (American Paper Institute):!
All grades, paper and board
tlious sh tons
Wholesale price indexes:
Printing paper
1957-59-100
Book paper, A grade
do
Paperboard
do
Building paper and board
do
Selected types of paper (API);§
Fine paper:
Orders, new
thous sh tons
Orders unfilled end of period
do
r
3, 544
r
3,886 v 3, 790
4 077
3 742
3 582
4 001
3 628
3 972
3 857
3,871
3,877
101
116
97
93
9
7
2
0
101 9
116 7
97 2
93 1
101 9
116 7
97 2
92 7
101 9
116.7
97 3
92 4
101 9
116.7
97 3
92 4
101 9
116 7
97 3
92 3
101 9
111 8
97 3
92 2
101 9
117.8
97 3
91 7
101.9
117.8
97 3
91 5
101.9
117.8
97 3
91.5
101.9
117.8
97.3
91.3
101.9
117.8
97.3
91.4
2 637
159
223
169
208
160
202
159
230
164
215
158
238
157
237
174
231
174
222
177
••201
* 178
'231
r
167
P216
P155
44 296
46 886
101 4
110.6
96 4
93.0
101 7
115 1
97 1
92 8
2,429
150
Production
Shipments
Printing paper:
Orders new
Orders, unfilled, end of period
do
do
2 410
2,413
2 641
2 623
235
227
224
223
214
205
237
231
222
223
237
236
230
230
229
231
216
211
194
'196
r
236
242
p223
p223
do
do
6 198
510
6 711
553
562
583
515
543
556
553
581
572
494
496
561
496
554
513
532
467
569
526
r
r
500
509
r
508
r
v 500
P455
Production
Shipments
Coarse paper:
Orders, new
Orders, unfilled, end of period
do
do
5 993
5,993
6 511
6 514
571
571
543
543
539
542
558
558
518
518
565
565
536
536
546
546
544
544
r
488
M88
r
520
r
P497
P497
do
do
4 590
210
4 723
200
392
214
392
205
382
200
392
212
393
225
422
223
392
213
367
190
387
199
330
195
r 414
216
P376
P231
do
do
4,591
4,564
4 696
4 704
399
395
392
394
372
381
400
397
392
376
4°9
436
400
389
398
385
383
387
315
316
r
408
M04
p380
P392
do
do
do
7 720
7,747
150
8 419
8 385
184
726
717
281
714
738
9
58
667
740
184
698
612
270
659
602
327
695
653
369
670
692
348
704
741
311
652
713
250
668
599
396
705
665
365
641
660
346
681
704
323
do
do
do
2,180
2,183
19
2 408
2 405
21
211
210
28
214
9
15
28
198
205
21
'ill
209
39
212
199
51
225
225
51
223
221
54
227
249
32
222
228
27
197
191
33
995
•'12
46
209
211
44
228
226
47
Consumption by publishersd"1
do
Stocks at and in transit to publishers, end of
period
thous sh tons
6 387
6 898
641
626
593
542
511
585
609
616
568
590
544
568
634
573
681
700
705
681
682
672
676
654
676
711
727
726
707
698
Imports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh ton
6,323
6 991
605
601
577
563
500
549
528
614
601
527
542
528
575
132. 40
136 23
138 40
138 40
138 40
138 40
138 40
138 40
138 40
138 40
139 00
141 40
141 40
141.40
i 417
1796
410
90
449
724
445
92
461
943
463
95
442
883
463
94
412
731
423
84
456
748
404
91
451
720
455
92
450
705
453
91
459
695
452
90
448
690
452
88
446
614
460
89
393
654
377
73
454
645
454
90
448
702
419
84
476
759
468
91
466
767
468
90
148, 471
160 152
14,353
13, 798
12 982
12 298
12 098
14 056
12 747
13 999
13 923
11,630
14, 336
14,227
15, 045
13, 940
124 6
loo 4
128 6
136 5
141.6
118 5
142 0
Production
Shipments
Newsprint:
Canada:
Production
Shipments from mills
Stocks at mills, end of period
United States:
Production
Shipments from mills
Stocks at mills, end of period
Paperboard (American Paper Institute): A
Orders, new (weekly avg.)
thous. sh. tons _
Orders, unfilled , end of period
do. _
Production, total (weekly avg.)
do
Percent of activity (based on 6.5-day week)
Paper products:
Shipping containers, corrugated and solid fiber,
shipments! _ _
mil. sq ft surf area
Folding paper boxes, shipments, index of physical
volume
1947-49—100
128 2
134 1
140 6
132 8
140 1
141 7
458
520
r
r
137. 4 p 143. 7
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. Ig tons
Stocks, end of period
do
Imports , incl. latex and guayule
do
Price, wholesale, smoked sheets (N.Y.)__$ per lb- .
Synthetic rubber:
Production . Consumption.. . .
Stocks, end of period
Exports
Reclaimed rubber:
Production.
_
Consumption
Stocks, end of period
thous Ig tons
do
do
do
-
514.71
100 01
445 32
.257
554 13
82 87
431 66
.236
48 89
87 59
34 22
.219
46 57
86 69
34 50
.223
1 813 23 1 969 97 168 11
1 540 11 1 666 06 151 70
311 95
348 69 334 99
94 39
a 281 78
308 44
170
149
340
9
4
9
1
9
91
75
40
10
42 43
82 87
29 54
.220
166
140
348
93
83
16
69
37
45 25
95 03
39 37
.219
164
146
352
26
54
33
28
26
do
do
do
280 29
269 54
30 16
277 36
264 51
32 29
24 O9
93 33
30 62
94
0 88
30 36
22 72
20 71
39 99
thous
14 483
15 058
22 21
21 66
31 00
42 68
98 07
33 06
.208
150
133
347
25
I9
78
55
24
48 11
104 98
51 75
.206
38 56
107 68
33 58
.208
30 I9
116 76
36 61
.208
9
9 43
116 84
24 13
. 220
50. 02 '47.47
24.08
>• 125. 83 r 118. 43
12695
9
43.57
33. 55
3 27
.179
.193
. 206
51.17
109.91
35.46
.188
164
146
345
25
154
127
3539
2
138
108
355
07
139
105
355
9
6
r
187 <)'•> 155 68 !67 69
85 58 155 96 ' 152. 92
60
383 04 '355. 30 '349
9
94 57
G 11
23 73
178 74
168. 21
335. 94
24 08
22. 48
22
25. 20
25.41
25.06
25.11
60
32
57
07
20 73
0 33
30 82
23 32
21 58
32 38
14 147
98
30
99
81
41
25
O9
40
17 98
19 55
30 12
14 06
15 57
28 07
15 070
12 424
8 734
11 353
3 234
7 898
222
14 434
4 455
9 782
198
16 299
4 330
11 788
181
9
09
15
75
56
14 45
15 13
6 39
9
11 92 f 23. 51
11 77 r 23 97
24. 88
25 21
r
21
r
.179
TIRES AND TUBES
Pneumatic casings, automotive:
Production
167 854
177 169
15 869
15 000
Shipments, total
Original equipment
Replacement equipment
Export
do
do
do
do
169
58
107
2
060
280
905
875
173 464
54* 680
116 348
2 436
16 558
5*269
11 090
269
13 858
5 171
8 511
176
12 388
4 629
7 564
196
13 166
4 143
8 845
178
Stocks, end of period.Exports (Bu. of Census)
do
do
37 016
2 2 381
42 569
2 051
3Q 093
161
40 393 42 569
' 181
165
44 678
123
47 594
115
48 273
156
Inner tubes, automotive:
Production
Shipments.- .
Stocks, end of period
Exports (Bu. of Census)
do
do
do
do
41 342
41 936
11 839
2
1 189
42 765
44 222
11 996
1 100
3 773 3 <*90
3 228
3 834
ll' 276 11 704
104
86
3 496
4 630
10 846
68
3 385
3 312
10 947
55
3 809
3 762
10 922
101
3 434
3 219
11 996
85
' Revised.
p Preliminary.
1 Beginning Jan. 1965, monthly data are 4-week averages
for period ending Saturday nearest the end of the month. Annual data for new orders are
52-week averages; those for unfilled orders are as of Dec, 31. * See note "O" for p. S-21.
8 748
6 919
15, 744
16, 162
18, 278
16 65
4 835
11 293
137
16 201
4 §95
11*401
105
13, 818
2 673
10 971
174
15, 670
3 693
11,757
219
16,595
3,998
12, 368
230
44 410
147
37 088
107
9
9 883
101
l l > 469
9 195
10 939
105
94 sgi
80
26 466
106
27,114
122
28, 920
106
3 103
3 531
10 631
108
2 696
3 546
9 888
65
2 871
3 412
9 337
71
2 145
3 053
8* 599
56
3,516
3 361
8 937
45
3,634
3, 202
9, 574
76
4,067
3 741
10, 033
72
9
T
r
d*As reported by publishers accounting for about 75 percent of total newsprint consumption,
tRevisions for Jan. 1964-Feb. 1965 will be shown later.
§Formerly American Paper and
Pulp Association.
AFormerly National Paperboard Association.
S-38
SURVEY OF CURRENT BUSINESS
1966
Unless otherwise stated, statistics through 1964 1965
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
Annual
December 1967
1967
1966
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
44, 632
39, 148
Oct.
Nov.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
_..
thous bbl
1
374,086
380 694
38 400
29 195
21 044
18 457
17 066
24 758
27 940
34, 765
37 909
37, 527
8 089. 1
313 3
1, 732. 2
7 606 °
267 4
1,610.3
615 9
25 2
139 2
544 0
21 6
115 4
408 8
90 7
410 6
18 1
82 9
369 8
21 0
72 1
555 5
24 4
124.0
605 9
21.8
119 3
651 9
19 7
140 2
689 0
21 1
156 0
641.9
19.5
156.1
99 9
22 0
15 3
19 2
19 9
92 4
21 8
19.5
r
20. 7
18.9
20.8
22 9
94 7
20.1
'24.2
22.7
112 9
113 1
113 1
113 5
113 5
113. 7
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick
Structuraltile, except facing
thous. sh. tons
Sewer pipe and fittings, vitrified
do
Facing tile (hollow), glazed and unglazed
mil. brick equivalentFloor and wall tile and accessories, glazed and unglazed
mil. sq. ft
Price index, brick (common), f.o.b. plant or
N.Y. dock
1957-59=100
9Q 4
r
664.6
17.6
161.9
720 8
21.0
177. 3
r
326 9
308 1
25 2
23 7
283 4
272 7
20 8
20 3
18 9
18 9
19 1
99 9
108 4
111 5
112 1
112 9
119 9
112 4
112 9
112 9
thous $
354, 308
343 138
87 930
76, 791
r
76 644
85, 20G
do
do
140 559
213, 749
136 785
206, 353
34 755
53, 175
28 388
48, 403
29 862
r
46 789
35, 622
49, 409
202, 050
211 764
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
Sheet (window) glass, shipments
Plate and other Hat glass, shipments.
Glass containers:
Production
_.
thous gross
Beverage
Beer bottles___
Liquor and wine.--
.
_
Medicinal and toilet
Chemical, household and industrial
Dairy products
Stocks, end of period
_
18, 392
16 064
15 609
17 119
16 852
18, 040
19 185
19, 170
19,254
18 873
9Q 199
17 540
19, 147
r
17, 938
20, 213
20 410 !9 074
19 753
20, 089
r
195 924
204 093
15 981
15 971
16 197
15 271
15 010
18 485
17 458
21 548
21 605
1 760
1 478
1 403
1 448
1 651
2 056
1 804
1 818
1 909
1 609
2,275
r
2, 906
53 742
5° 168
4 450
4 395
4 040
4 399
4 079
4 432
4 093
4 229
4 400
4 072
5 361
r
4 893
5 521
do
do
do
20 283
36 134
17 273
27 098
38 895
17 608
1 533
2 759
1 757
2 016
1 852
1 918
2 631
I 991
2 763
3 885
1 682
9 796
3 890
1 495
3 304
4 3299
1 GO
4 301
4 596
1 588
3 384
4* 068
1 136
3 440 *• 2 628
3 511
4 048
1 479 r i 598
2 963
3 209
1 915
do
do
do
38, 797
6,882
1 265
39 766
5 812
I 141
3 910
426
86
3 136
448
94
2 677
3 234
1 368
9 943
424
108
3 093
442
77
3 069
505
93
9 959
"*425
66
3 074
453
71
9
2 809
399
63
3 255 '2 993
459
481
r
86
71
3 369
445
80
do
26 945
30 084
31 735
31 980
30 084
31 500
2 865
497
78
39 9(54
31 943
33 580
33 223
5,911
10 035
5 479
9 647
1 253
o igo
737
9 033
1,171
2,236
1,442
2 742
do
9, 320
8 434
1 806
1 793
1,824
2 320
do
do
4,580
319
4 693
392
1 087
80
757
78
1,277
74
1,331
72
do
do
828
976
680
899
136
°05
135
183
148
202
161
240
1,368
8,083
1 079
7,084
228
213
1,516
43
219
1,596
49
220
1,576
64
315
2,284
74
Shipments, domestic, total
do
General-use food:
Narrow-neck food
do
Wide-mouth food (incl. packers' tumblers,
jelly glasses, and fruit jars)
thous gross
1 617
9 ($9
1*338
883
448
74
31 679
33 675
39 736
r
31 201
2,251
31 515
GYPSUM AND PRODUCTS (QTRLY)
Crude gypsum, total:
Imports
Production
_. _
thous. sh. tons
do
Calcined, production, total
Gypsum products sold or used, total:
Uncalcined uses.,
Industrial uses
.
Building uses:
Plasters:
Base-coat
..
All other (incl. Keene's cement)...
Lath
Wallboard. .
mil. sq ft
do
" - d °---~
TEXTILE PRODUCTS
WOVEN FABRICS
Woven fabrics (gray goods), weaving mills: f
Cloth woven, total 9
mil. linear yd-.
Cotton
_ do
Manmade
fiber
.
""""do
13,037
9.262
3,517
12,689
8,866
3,571
1 001
705
280
1 001 2 i 081
722
2 778
2 285
265
Stocks, total, end of period 9 d"
do_
Cotton
do
Manmade
fiber
!"""""do
1,139
676
442
1,306
766
521
1 219
702
500
1 257
730
509
1 306
766
521
1 333
785
528
Orders, unfilled, total, end of period9 ]f...do
Cotton
do_.
Manmade
fiber
"~"dol"
4,140
3,023
999
3,222
2,408
746
3 727
2 839
821
3 382
2 533
783
3 222
2 408
746
3 209
2 423
718
940
667
254
956
674
262
959
670
269
21 167
2 809
2 334
715
477
1 311
786
505
1 307 * 1 323
782
806
504
497
1 364
835
512
1 396
852
527
1 404
860
528
3 059
2' 951
737
3 046
9 290
686
2 693
1 866
749
2 569
1 753
735
2 622
1 748
799
953 2 i2 158
823
673
2 319
26°
2 801
2 020
708
631
270
2 12 154
781
2
353
r
1 390
865
r
511
1 359
845
500
r
2 864
1 928
r 865
2 837
1 882
883
257
632
1,013
569
721
r
9°2
918
COTTON
Cotton (exclusive of linters):
Production:
QinningsA
thous. running bales
14,933
9562
5,007 8,757 »9y211
Crop estimate, equivalent 500-lb. bales
thous. bales._ 14,973
9,575
Consumption
___ _
do
9 296
9 647
2 852
781
759
Stocks in the United States, total,"end"of period"
thous. bales.. 23,787
20,265 92 990 21 719 20 965
Domestic cotton, total
do
23,682
20,186 22^ 910 21^ 637 20, 186
On farms and in transit
do
2,535 1,121 5 920 2 070 1 191
Public storage and compresses
do... 19619
17*639 15 873 18 229 17 639
Consuming establishments
do
1*528
l'426
1 117
1 338 l' 426
Foreign cotton, total
„
do."".
'i05
' 79
80
82
79
T
Revised, i Beginning Jan. 1965, excludes finished cement used in the manufacture of prepared masonry cement (2,734 thous. bbls. in 1964); annual totals include revisions not distributed to the months.
2 Data cover 5 weeks; other months, 4 weeks.
3 Ginnings to Dec 13
Ginnings to Jan. 15.
J Crop for the year 1966. « Dec. 1 estimate of 1967 crop.
t Data
shown here are not strictly comparable with those for earlier periods for the following reasonsBeginning Jan. 1964, fabric classifications were revised and manmade fiber drapery fabrics
were added; beginning Jan. 1966, data reflect further changes in reporting classifications,
4
59,562
9, 533
749
2 906
748
733
19 047 17 848
18, 968 17, 770
1 076
954
16 262 14 942
1 630 1 874
79
78
16 548
16, 479
713
13 779
1 987
69
15 516
15, 455
801
12 664
1 990
61
14 378
14,326
671
11 690
1 965
770
59,
2 g89
13 196 1° 433
13, 140 12,375
472
300
10 818 10 318
1 850 1 757
56
58
2
3,289
6,327
e 7, 618
850
744
19 400 18 235 17 088
19, 342 18, 171 17,004
7 926 7 459
5 808
9 802 9 157 9 790
1 406
1 555
l'614
58
64
84
9 Includes data not shown separately.
cfStocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims. Effective Aug. 1965, stocks
cover additional manmade fiber fabrics not previously included.
1} Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting,
toweling, and blanketing.
ATotal ginnings to end of month indicated, except as noted.
SURVEY OF CURRENT BUSINESS
December 1967
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
S-39
1967
1966
j 1966
Annual
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Oct.
Nov.
1
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (exclusive of linters) — Continued
Exports
i
thous. bales>.
Imports
do
Prices (farm), American upland
cents per lb-_
Prices, middling 1", avg. 15 markets t__
do
Cotton linters:
Consumption
thous. bales
Production
do
Stocks end of period
do
COTTON MANUFACTURES
Spindle activity (cotton system spindles) :
Active spindles, last working day, total
Consuming 100 percent cotton
Spindle hours operated, all fibers, total
Average per working day
Consuming 100 percent cotton
mil.do
bil_do
do
Cotton yarn, price, 36/2, combed, knitting, natural
stock §
$ per Ib
Cotton cloth:
Cotton broad woven goods over VI" in width:
Production (qtrly.)
mil. lin. ycU.
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod...
Inventories, end of period, as compared with
avg. weekly production --No. weeks' prod-Ratio of stocks to unfilled orders (at cotton
mills) end of period, seasonally adjustedA
Mill margins:*
Carded yarn cloth average
cents per Ib
Combed yam cloth average. ._ .
do
Blends (65% polyester~35% cotton)... -do
Prices, wholesale:
Denim mill finished 5
cents per yd
Print cloth, 39 inch, 68 x 72
do
Sheeting class B 40-inch 48 x 44 48
do
277
52
21.3
23.2
275
25
27.3
23.4
104
40
693
70
26
637
79
40
595
397
33
546
84
88
536
19.7
15.0
9.9
.496
7.5
19.6
14.8
3 12. 3
.491
39.3
19.8
14.9
8.1
.403
6.0
20.0
14.9
9.8
.491
7.2
20.0
14.7
3 12.0
.481
3
8. 8
20.1
14.7
10.3
.513
7.4
.932
.927
.920
.920
.925
17.2
13.7
13.5
13.3
5.1
5.1
5.0
3, 597
100
i 20. 5
221.9
306
11
22.4
21.8
518
3
21.9
21.8
22.0
21.9
458
7
19.8
22.0
458
5
20.7
22.0
401
5
20.5
22.1
288
3
20.4
22.2
416
19
19.7
22.2
1,406
1,635
734
1,366
1,419
725
105
153
567
93
168
636
393
158
725
91
152
778
89
111
810
3105
113
828
94
65
831
87
37
765
18.9
14.7
128.0
.493
102.9
19.5
15.1
132. 1
.509
102.4
19.5
15.1
10.5
.527
8.3
19.5
15.1
10.2
.508
7.9
19.5
15.1
19.8
15.3
10.0
.499
7.8
19.8
15.3
311.9
.453
38.8
19.8
15.3
10.1
.503
7.8
.477
9.3
20.0
15.3
10.0
.501
7.7
.891
.949
.960
.953
.953
.951
.945
.940
.934
9,238
8,841
20.3
18.4
4.5
.23
4.5
.25
607
311.3
9 175
18.6
3.9
17.6
18.4
4.5
4.1
3
2 223
16.1
.4.3
14.9
4.2
14.5
4.4
299
3
19.9
22.4
3
13.7
4.5
12 7
12.3
4.7
5.1
7.1
.21
.23
.25
.26
.29
.32
.33
.37
.40
.41
.36
.37
42.35
98,64
65.76
42.23
96.40
65. 15
41.27
86.05
57.22
40. 69
79.75
55.64
40.54
78.97
52.69
40.42
78. 52
51.28
40.09
77. 62
51.18
39.59
76,06
49.47
38.33
75.43
43.03
37.90
71.79
43.15
37.23
73.46
49.20
36.64
73. 66
55.72
36.2
18.8
18.3
36.2
18. 3
18.3
36.2
18.3
18.3
17.8
17.3
18.4
""is." 4
18.4
16.0
18.3
16.3
18.3
3, 532. 2
825 0
648. 0
3, 860. 1
799.8
659.2
943 1
197.6
150 9
997.7
779.2
282.3
« 99, 923
* 50, 763
15, 690
130, 108
1, 164. 7
904.0
332.4
98, 722
55, 522
16, 571
177, 570
7,889
5,779
923
13, 349
7,533
4,162
1,600
11,910
298.5
210.8
85 3
8,609
7,608
1,587
14, 246
8,069
6,514
2, 237
9,563
8,101
7, 034
3,357
13, 600
59.8
55.8
67.3
70.1
65.6
70.7
64.4
'84.4
67.3
70.1
70.2
74.5
68.6
80.1
109.3
96.7
32.2
150,2
129.8
42.5
.28
.85
.80
.28
.80
.80
3, 926. 2
1,640.6
855.8
303.9
4, 198. 0
1, 576. 6
735.0
334. 6
1,003.3
369.4
171 1
80 5
1,020.4
407.7
194.3
81 3
'1,040.9
r 402 0
' 187 9
' 80 6
1 534 6
1 907 8
466.5
457 5
486. 1
471.7
643.3
713. 5
519.4
624.6
1, 051. 2
479.4
152 1
257 0
111.0
151.8
959 5
102.3
154.4
934 9
'99.3
135.3
278.6
99.5
mil Ib
do
do
do
274.7
112.3
271.6
108. 9
266.6
103.6
277.2
114.6
17.7
8.6
14.7
5.0
16.1
7. 7
15.9
7.0
$ per lb._
do
do
1.249
1.192
1.156
1.349
1.171
1.259
1.360
1.098
1.275
106.5
107.8
108.2
267.3
265.2
100. 2
102.7
18 4
150.2
129.8
42. 5
.28
.72
.81
961.0
175.3
129.4
' 300. 2
224. 5
76.2
7, 453
7,492
6,314
6,290
1,574
1,908
14, 488 10, 674
298.8
6, 685
7,599
1,666
9,465
' 283. 2
264.3
T 74 i
5,806
6,147
6,062
7,735
1,532
1,894
10, 776 13,846
6,442
7,426
2,178
13, 395
73.4
6,693
5,974
2,305
11,982
9,368
5,071
2,535
14,314
60.9
80.8
61.7
78.4
64.4
75.5
59.7
62.4
'58.4
55.5
58.6
49.4
.72
.81
.72
.81
60.1
77.1
r 164. 0
122.0
46.9
.72
.81
120.9
46.0
r
.72
.81
.68 " ""."65
.81
.81
' 169. 2 ' 163. 1 ' 155. 8
128.4 r 132. 1
129.7
42 9
.82
.81
.62
.81
146.7
129. 9
.62
.81
1, 000. 8
377.6
172.0
77.0
18.5
7.1
16.5
7.0
18.4
6.1
13.1
4.2
3
22.1
3
6.9
17.6
5.7
18.6
8,6
13.9
3.2
19.0
7.1
13.9
5.6
323.3
3
6.9
15.8
6.3
15.4
4.6
13.9
6.9
' 18.1
7.0
15.0
7.3
320.8
38.5
17.7
7.2
16.8
7.3
13.9
6.6
1.325
1.097
1.275
1.325
1.075
1. 225
1.288
1.050
1.188
1. 225
.975
1.175
1.213
.945
1. 175
1.175
.918
1.125
1.175
.895
1.125
1.235
.975
1.175
1.245
.938
1.175
1.237
.895
1.165
1.225
.838
1.125
1.225
. 825
1.125
103.4
102.8
100.7
100.1
98.2
91.0
91.6
91.9
92.5
90.0
90.0
3
102.7
103.2
r
J
3
Revised.
Season average.
- Season average
to Apr. 1.
For 5 weeks, other
6
months, 4 weeks.
< Less than 500 bales.
For""month shown.
« See "O," P- S-21.
^Comparable margins for Sept. 1967, 78.50 cents; see note "*."
If Beginning Sept. 1967, average of 14 markets.
§ Data beginning Aug. 1965 for knitting
yarn and Aug. 1966 for denim are not strictly comparable with earlier prices.
A Revised data (1963-66) appear in U.S. Dept. Agriculture Sept. 1967 COTTON SITUATION.
9 Includes data not shown separately.
61 8
'65.9
33.43
68.50
90.55
5 67. 5
553.6
18. 9
7. 8
19.3
8.6
3
54 7
102.7
r 930 8
172 2
137 0
r 164. 4
.28
.28
.72
.81
35.75
72. 52
7 84. 03
' 937. 5
181,3
155.3
63.3
82.8
30.5
25.0
9 136
35.8
18.7
18.0
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
system, wholesale price
1957-59= 100. .
Wool broadwoven goods, exc. felts:
Production (qtrly )
mil lin yd
Suiting, price (wholesale), flannel, men's and
boys', f.o.b. mill
1957-59=100
244
20
22.0
22.8
3,795
99
28. 0
'29.6
34.9
18.6
17.5
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil. l b _ _
Filament varn (rayon and acetate)
do
Staple incl tow (rayon)
do
Noncellulosic, except textile glass:
Yarn and monofilaments*
do
Staple, incl. tow* _
do_
Textile glass
fiber
do
Exports: Yarns and monofilaments
thous. lb_.
Staple tow and tops
do
Imports' Yarns and monofilaments
do
Staple tow and tops
do
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
mil. lb._
Staple, incl. tow (rayon)
do
Noncellulosic fiber, except textile glass:
Yarn and monofilaments*
do
Staple, incl. tow*.
do
Textile glass
fiber
do
Prices, manmade fibers, f.o.b. producing plant:
Staple: Rayon (viscose), 1.5 denier... _"_..$ per lb-_
Polyester 1 5 denier*
do
Yarn: Rayon (viscose), 150 denier
do
Manmade fiber and silk broad woven fabrics:
Production (qtrly.), total 9
mil. lin. vd--.
Filament yarn (100%) fabrics?
do
Chiefly rayon and/or acetate fabrics
do
Chiefly nylon fabrics
do
Spun yarn (100%) fabrics (except blanketing) 9
mil lin yd
Rayon and/or acetate fabrics and blends
do-._.
Polyester blends with cotton
do
Filament and spun yarn fabrics _
do
WOOL
Wool consumption, mill (clean basis) :
Apparel class
Carpet class
Wool imports, clean yield*
Duty-free (carpet class)*
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
Graded fleece, % blood
Australian, 64s, 70s, good topmaking
228
4
21.0
22.6
1
1.177
.825
1. 125
53.5
101.8
101.5
101.5
101.5
101. 5
102.7
102. 7
101.5
102.7
* New series. Sources: Polyester staple price, U.S. Dept. Labor; wool imports, U.S. Dcpt.
Agriculture from Bureau of the Census' records. Data are available as follows: Price, back to
1955; noncellulosic yarn and staple—production, to 1951; stocks, to 1953; wool imports, to
1948. Mill margins, beginning Aug. 1966, refer to weighted averages of 71 types of unfinished
carded yarn cloths and to simple averages of 8 combed yarn cloths and 4 nolyester-cotton
blends (beginning Oct. 1967, 5 blends); no comparable data prior to Aug. 1966 are available.
December 1967
SURVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
| 1966
1967
1966
Annual
Nov.
Oct.
Dec.
Mar.
Feb.
Jan.
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
TEXTILE PRODUCTS—Continued
APPAREL
ITosierv shipments
Men's apparel, cuttings :J
Tailored garments:
Suits
Overcoats and topcoats
thous. doz pairs
194 753
210 425
19 938
thous units
do
21 855
3 980
20 715
3* 799
1 826
*330
Coats (separate) dress and sport
do
Trousers (separate) dress and sport
do
Shirts (woven fabrics), dress and sport
thous doz
Work clothing:
Dungarees and waistband overalls
do
Shirts
do
12 291
142 348
13 148
145 673
1 079
11 846
28 211
27 827
o 392
4 862
3 906
5 909
4 096
533
332
25 274
282 071
11 859
24 595
271 107
10 510
2 401
23' 144
18 072
8*876
17 047
10 225
Women's, misses', juniors' outerwear, cuttings:!
Dresses
Suits
do
do
Blouses, waists, and shirts
Skirts
thous doz
do
*918
1 196
' 992
15 873
18 323
19 296
19 234
17 856
18 990
19, 879
16, 020
19, 959
18,924
1 436
1 462
1 537
1 724
226
227
331
1,532
365
1 538
390
1,726
395
880
278
1,639
'361
1,652
238
1 055
1 080
1 1 649 10' 491
1 103
Il'o38
1 055
10 994
1 176
12 322
1 090
10 571
1 115
11 °09
1 084
12 019
2 446
o 207
2 382
2 477
2 469
2 129
9 97 Q
2 061
1 504
520
331
591
288
531
325
552
348
648
372
596
314
636
341
669
331
441
232
9 Jgg
1 680
18 311
9 075
2? 292
1 918
24 592
1 9^g
984
881
30 453
831
923
27 523
563
1 419
°5 359
601
1 776
23, 693
834
777
523
1 151
1 205
1 350
792
1 267
786
1 9()fi
' 7 %> 1
1,173
802
20 096
1 736
' 283
20 784
'932
1 055
764
76°
756
710
20, 199
284
623 ' 1, 039 1,104
8,923 f 12, 219 11, 175
T
2, 255
r
606
'324
2,160
719
299
1 759 r ' 2 215 2 100
19, 256 25,311 21, 972
847
^967
760
954
794
»• 1, 207
'773
1,113
672
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
22, 181
14, 571
20, 099
17, 016
12, 535
27, 223
16, 351
24,219
20,227
14,530
5 908
3 819
5,449
5, 455
3 921
5,193
3 613
4,586
5,171
3,717
6,996
4,279
6,463
5,887
4,058
Backlog of orders, end of period 9
do
U.S. Government
do
Aircraft (complete) and parts
___do
Engines (aircraft) and parts
do
Missiles, space vehicle systems, engines, propulsion units, and parts
-_
mil. $
Other related operations (conversions, modifications), products services
mil $
20, 383
13, 695
8,885
2,502
27,547
15,711
14,655
3,824
27 547
15,711
14,655
3 824
30, 754
15,975
17, 446
3,861
28, 463
15, 668
15, 479
3 677
5,481
4,510
4 510
4 740
4,701
1,855
2,492
2,492
2 668
Aircraft (civilian): Shipments©
Airframe weight©
Exports
do
1, 592. 0 2, 087. 0
thous. lb__ 32, 200
43, 983
mil $
473.0
553.7
2 537
135.0
3,593
42.9
141.2
3,016
53.3
261.8
5,134
78.7
224.9
4,329
62.3
262.0
4,984
55.2
259.8
4,803
71.9
220.9
4,133
52.4
281.5
«• 4, 920
46.3
243.2
4,531
85.6
272.6
5,189
923.6
878.1
775.1
740.5
148.5
137.6
797.3
758.1
651.2
625.0
146.1
133.1
660.2
628.1
525.6
501.9
134.6
126.2
833.4
785.1
684.1
647.4
149.3
137.7
792.2
749.4
659.8
628.3
132.4
121.1
898.3
848.7
750. 3
713.4
148.0
135. 3
911.7
865.2
765.3
732.3
146.4
133.0
530.8
506.3
425.5
410.6
105.3
95.6
324.2
300.8
231.6
218.3
92.6
82.5
710.5
670.3
601.0
570.6
109.5
99.7
751.9 2 825. 9
706.9
645.4 2 685. 7
608.8
106.5 2 140. 1
98.1
28.31
.81
5.98
.55
1.01
30.31
.91
7.23
.42
.70
21.96
.89
7.08
.46
.88
14.19
.84
6.57
.51
1.09
31.41
.96
7.54
.53
1.14
26.69
.81
7.75
.57
1.19
25.85
1.33
9.09
.57
1.19
15.81
1.13
8.24
.58
1. 18
13.32
.92
8.87
.37
.76
10.69
.93
5.80
.56
.88
21.56
.74
5.27
.62
.96
25.76
1.02
5.09
.47
.45
73. 38
.58
3.26
78.69
.30
3.91
108. 55
22
10. 43
102. 30
.21
6.70
79.52
.33
5.49
88.46
.31
7.28
66.97
.21
6.06
80.66
.45
7.42
94. 46
.25
9.43
85.06
.32
7.44
44.98
.28
2.59
68.97
.43
5.58
98.07
.48
5.07
9,603
6, 468
975
8,794
5, 961
1,454
8,376
5,602
1,222
8,084
5,274
1,827
8,322
5,253
1,658
10,111
6,309
2,377
7,990
4,829
3,431
8, 820
5, 376
2,898
7,483
3, 999
6,492
3,684
2,866
766.7
64.7
128.0
732.1
51.7
120.1
808.2
56.3
136.8
616.1
46.4
113.2
538.9
45.2
108.9
670.8
57.5
132. 2
786.1
63.3
144.6
<* 807. 4
«70.0
139. 0
& 793. 5
&66. 7
& 139. 5
& 742. 8
&6S.4
& 130. 7
&716.2
&83.9
6 141. 1
b 543. 5
<> 67.6
& 119.2
& 696. 4
»72.3
& 115.7
6,262
4,344
1,918
6,039
4,291
1,748
148.4
3,040
66.6
159.3
3,384
23.5
198.2
4,019
53.7
985. 3
936.9
835.3
797.7
150.0
139.3
980.7
928.5
832.6
791.2
148.1
137.2
27. 64
.90
6.35
.49
1.00
MOTOR VEHICLES
Factory sales, total
Domestic
Passenger cars, total
Domestic
Trucks and buses, total
Domestic
thous. _
do
do
do
do
do
11,057.4
10, 716. 6
9, 305. 6
9, 100. 7
1.751.8
1.615.9
10, 329. 5
9, 943. 5
8, 598. 3
8, 336. 9
1,731.1
1, 606. 6
Exports:
Passenger cars (new) assembled
do
1 3105. 03
177. 58
Passenger cars (used)
do
i 10. 42
12.72
Trucks and buses (new), assembled
do
1 3 59. 67
78.64
Trucks and buses (used)
do
i 5.77
6.79
Truck and bus bodies for assembly*
do
17.29
10.70
Imports:
Passenger cars (new) complete units
do
858. 15
559. 43
Passenger cars (used)
do
5.75
8.00
Trucks and buses, complete units
do
42.96
7.60
Shipments, truck trailers:
Complete trailers and chassis _ _
. number
103, 756 113,493
75, 527
Vans
do
65, 909
18, 402
Trailer bodies, chassis, sold separately
do
14, 653
Registrations:©
New passenger cars
thous . _ 9.313.9 5 9,008. 5
Foreign cars
do
» 658. 1
569.4
New commercial cars (trucks)
do
1 598 9 61,610.4
0
' 7, 485 7,799
4,663
4,336
1,869
2,784
RAILROAD EQUIPMENT
Freight cars (ARC I):
Shipments .
Equipment manufacturers total
Railroad shops, domestic
number
do
do
77, 896
53, 392
24, 504
90, 349
67,944
22, 405
7,797
6,513
1,284
7,368
5,757
1,611
8,244
6,287
1,957
7,217
5,929
1,288
8.101
6,048
2,053
9, 156
7,054
2,102
8,311
6,466
1,845
6,344
5,094
1,250
8,458
7,049
1,409
5, 686
4,776
910
6,916
5,779
1,137
2,398
6,683 r 4, 609
2, 338 ' 3, 949 2, 352
46
660
4,345
New orders
Equipment manufacturers, total
Railroad shops, domestic
do
do
do
88, 288
65,617
22, 671
* 99, 890
73, 190
f 26, 700
5,962
5,214
748
6,209
4,466
1,743
8,401
2,889
5,512
2,055
1,743
312
3,358
2,908
450
5,028
3,824
1,204
1,728
1,444
284
4,169
3,244
925
7,314
6,777
537
2,365
2,140
225
Unfilled orders, end of period
Equipment manufacturers, total
Railroad shops, domestic
do
do
do
45. 266
32, 873
12 393
56, 618
40, 426
16, 192
57, 883
45, 328
12, 555
58, 437
43, 781
12,656
56,618
40, 426
lf>, 192
51,450
38, 943
12, 507
46, 197
35, 293
10, 904
42, 055
32, 049
10, 006
34, 960
26, 515
8,445
32,493
C4.373
8, 120
30, 730
23, 007
7,723
27, 063
20, 361
6, 702
26, 483
16,712
9,771
24, 819
16, 306
8,513
21,082
14,311
6,771
Passenger cars: Shipments
do
Unfilled orders, end of p e r _ _ _ d o
201
14
15
83
0
56
0
83
0
83
0
83
0
83
0
83
0
83
0
83
0
83
0
83
0
83
0
83
1
82
* 1,481
5,3
1,497
4.8
1 , 491
5.0
1,491
4.7
1,497
4.8
1,498
5.0
1,499
5.1
1,496
1,498
5.2
1,497
5.5
1,496
5.5
1,496
5.4
1,493
5.3
* 88. 20
< 59. 58
91.58
61.19
90.50
90.71
60.71 1 GO. 82
91.58
61.19
1,496 ! 1, 498
5.1
5.0
I
91.72
91. 99
61.42
61.31
92.25
61.60
92.51
61. 72
92.60
61.87
92. 90
62.04
93.01
62.14
93.30
62.36
93.50
62.46
93. 54
62.64
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous_Held for repairs, % of total owned
Capacity (carrying), aggregate, end of period*
mil. tons.A verage per car
tons
r
3
2
Revised.
» See note "O" for p. S-21.
Preliminary estimate of production.
Beginning Jan. 1965, data exclude exports of incomplete'(unassembled) vehicles.
• bee note ' §."
s Annual total includes revisions not distributed by months
JMonthly revisions for 1963-65 are available upon request.
9 Total Includes backlog for nonrelated products and services and basic research.
6 Data include military-type planes shipped to foreign governments.
*New series. Monthly data prior to 1965 are available upon request.
« Omits two States.
OCourtesy of R. L/Polk & Co.; republication prohibited.
& Omits data for one State.
§Excludes railroad-owned private refrigerator cars and private line cars. Effective Apr.
1966, data include cars owned by three class II roads (over 2,600 cars end of Apr. 1966). Also,
change in definition of class 1 railroads, as stated in 1965 BUSINESS STATISTICS note, is reflected
in figures beginning Dec. 1965, instead of Jan. 1965.
l i N D E X TO 0 K R L V r B L S I N K S S STATISTICS, Pages S1-S40
Earnings, weekly and hourly
Eating and drinking places
Eggs and poultry
Electric power
Electrical machinery and equipment
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
1-7
7,8
9,10
10-12
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communications
12-16
16-21
21-23
23,24
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
25
26
26-30
30,31
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
31
32-34
35,36
36,37
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
37
38
38-40
40
INDIVIDUAL SERIES
Advertising
10,11,16
Aerospace vehicles
40
Agricultural loans
16
Air carrier operations
23
Aircraft and parts
3,6, 40
Alcohol, denatured and ethyl
25
Alcoholic beverages
8,10,26
Aluminum
23, 33
Apparel
1,3,4,7,8,10-15,40
Asphalt and tar products
35,36
Automobiles, etc
1,3-8,10,11,15,19,22,40
Balance of international payments
2
Banking
16,17
Barley
27
Battery shipments
34
Beef and veal
28
Beverages
4,8,10,22,23,26
Blast furnaces, steel works, etc
5,6,15
Bonds, outstanding, issued, prices, sales, yields
18-20
Brass and bronze
33
Brick
38
Broker's balances
20
Building and construction materials
5,
6,8,10,31,36,38
Building costs
Building permits
Business incorporations (new), failures
Business sales and inventories
Butter
9,10
9
7
4,5
27
Cans (tinplate)
33
Carloadings
24
Cattle and calves
28
Cement and concrete products
8-10, 38
Cereal and bakery products
8
Chain-store sales, firms with 11 or more stores. . .
12
Cheese
27
Chemicals
4-6,8,13-15,19,22, 23, 25
Cigarettes and cigars
8, 30
Clay products
8,38
Coal
4,8,22,24,35
Cocoa
23,29
Coffee
23,29
Coke
24,35
Communication
2,15,20,24
Confectionery, sales
29
Construction:
Contracts
9
Costs
9,10
Employment unemployment hours, earnings. . . 12-15
Fixed investment, structures
1
Highways and roads
9,10
Housing starts
9
New construction put in place
9
Consumer credit
17,18
Consumer expenditures
1
Consumer goods output, index
3,4
Consumer price index
7
Copper
23,33
Corn
27
Cost of living (see Consumer price index)
7
Cotton, raw and manufactures
7,8,22,38,39
Cottonseed cake and meal and oil
30
Credit, short- and intermediate-term
17,18
Crops
3,7,27,28,30,38
Crude oil and natural gas
4,35
Currency in circulation
19
Dairy products
Debits, bank
Debt, U.S Government
Department stores
Deposits, bank
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drug
sales
Digitized
forstores,
FRASER
3,7,8,27
16
18
11,12,17
16,17,19
16
26
2, 3,18-21
11,12
14,15
11,12
3,7,29
4,8,26
3,
5,6,8,13-15,19,22,34
Employment estimates
12,13,15
Employment Service activities
16
Expenditures, U.S. Government
18
Explosives
25
Exports (see also individual commodities).. . . 1,2,21—23
Express operations
23
Failures, industrial and commercial.
7
Fans and blowers
34
Farm income, marketings, and prices
2,3,7
Farm wages
15
Fats and oils
8,22,29,30
Federal Government
finance
18
Federal Reserve banks, condition of
16
Federal Reserve member banks
17
Fertilizers
8,25
Fire losses
10
Fish oils and
fish
29
Flooring, hardwood
31
Flour, wheat
28
Food products
1,4-8,10,11,13-15,19,22,23,27-30
Foreclosures, real estate
10
Foreign trade (see also individual commod.)
21-23
Foundry equipment
34
Freight carloadings
24
Freight cars (equipment)
4,40
Fruits and vegetables
7,8,22
Fuel oil
35,36
Fuels
4,7, 8, 22,23, 35,36
Furnaces
34
Furniture
3,4,8,11-15,17
Furs
23
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product
Gross private domestic investment
Gypsum and products
4,8,26
1,35,36
38
25
19
7,8,22,24,27,28
11,12
1
1
8,38
Hardware stores
11
Heating equipment
8, 34
Hides and skins
8, 30
Highways and roads
9,10
Hogs
28
Home electronic equipment
8
Home Loan banks, outstanding advances
10
Home mortgages
10
Hosiery
40
Hotels
24
Hours of work per week
13-15
Housefurnishings
1,4,7,8,10-12
Household appliances and radios
4,8,11, 34
Housing starts and permits
9
imports (see also individual commodities)
1,' 22,23
Income, personal
2,3
Income and employment tax receipts....
18
Industrial production indexes:
3,4
By industry
3,4
By market grouping
Installment credit
12 17,18
Installment sales, department stores....
12
Instruments and related products
3, 5, 13-15
Insurance, life
18,19
Interest and money rates
17
Inventories, manufacturers' and trade.. .
4-6, 11,12
5
Inventory-sales ratios
Iron and steel
3,5,6,8,10,15,19,22, 23, 32,33
Labor advertising index, strikes, turnover. .
16
12
Labor force
28
Lamb and mutton
28
Lard.
33
Lead.
Leather and products
3,8,13-15,30, 31
Life insurance
18,19
Linseed oil
30
Livestock
3, 7,8,24, 28
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
10,16,17,20
Lubricants
35,36
Lumber and products
3,8,10-15,19,31
Machine tools
34
Machinery
3,5,6,8,13-15,19, 22,34
Mail order houses, sales
11
Man-hours, aggregate, and indexes
14
Manmade fibers and manufactures
8, 39
Manufacturers' sales (or shipments), inventories,
orders
4-6
Manufacturing employment, unemployment production workers, hours, man-hours, earnings. . . 12-15
Manufacturing production indexes
3,4
Margarine
29
Meat animals and meats
3, 7,8,22, 23,28
Medical and personal care
7
Metals
Milk
3-6,8,19,22,23,32-34
27
Mining and minerals
2-4,8,13-15,19,20
Monetary statistics
19
Money supply
19
Mortgage applications, loans, rates
10,16,17
Motor carriers
23,24
Motor vehicles
1,3-8,10,11,15,19,22,40
Motors and generators
34
National defense expenditures
1,18
National income and product
1,2
National parks, visits
24
Newsprint
23,37
New York Stock Exchange, selected data
20,21
Nonferrous metals
3,8,19, 22,23,33,34
Noninstallment credit
17f 18
Oats
Oil burners
Oils and fats
Orders, new and unfilled, manufactures'
Ordnance
27
34
g, 22,29,30
6
13-15
Paint and paint materials
Panama Canal traffic
Paper and products and pulp
8,25
24
3,
5,6,8,13-15,19,23,36,37
Parity ratio
7
Passports issued
24
Personal consumption expenditures
1
Personal income
2, 3
Personal outlays
2
Petroleum and products
4-6,
8,11,13-15,19,22,23,35,36
Pig iron
32
Plant and equipment expenditures
2,20
Plastics and resin materials
25
Population
12
Pork
28
Postal savings
17
Poultry and eggs
.'! ! ! 3,7,29
Prices (see also individual commodities)
7,8
Printing and publishing
4,13-15
Profits, corporate
2,19
Public utilities
2-4,7-9,13,15,19-21
Pullman Company
24
Pulp and pulp wood
36
Purchasing power of the dollar
8
Radiators and convectors
34
Radio and television
4,10,11, 34
Railroads
2,13,14,15,20,21,24,40
Railways (local) and bus lines
15,23
Rayon and acetate
39
Real estate
10,17,18
Receipts, U.S. Government
18
Recreation
7
Refrigerators and home freezers
34
Rent (housing)
7
Retail trade
4,5,7,11-15,17,18
Rice
27
Roofing and siding, asphalt
36
Rubber and products (incl. plastics)
4-6,
8,13-15,23,37
Saving, personal
Savings deposits
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
Soybean cake and meal and oil
Spindle activity, cotton
Steel (raw) and steel manufactures
Steel scrap
Stock prices, earnings, sales, etc
Stone, clay, glass products
Stoves and ranges
Sugar
Sulfur.
Sulfuric acid
Superphosphate
2
17
19,20
20,21
1, 7,13,15
28
8,11,12,31
19
30
39
32,33
32
20,21
3-5,8,13-15,19,38
34
23,29
25
25
25
Tea imports
29
Telephone and telegraph carriers
15,24
Television and radio
4,10,11, 34
Textiles and products. . 3, 5,6,8,13-15,19,22, 23,38-40
Tin
23,33
Tires and inner tubep
8,11,12,37
Tobacco and manufactures
4-8,10,13-15, 30
Tractors
22, 34
Trade (retail and wholesale)
4, 5,11,12
Transit lines, local
15,23
Transportation.. . .
1,2,7,13,15,23,24
Transportation equipment
3—6,13—15,19,40
Travel
23,24
Truck trailers
40
Trucks (industrial and other)
34, 40
Unemployment and insurance. .
U.S. Government bonds
U.S. Government finance
Utilities
12,16
. 16-18,20
18
2-4,9,13,15,19-21,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans' benefits
Wages and salaries
Washers and driers
Water heaters
Waterway traffic
Wheat and wheat
Wholesale price indexes
Wholesale trade
\^ood pulp...
Wool and wool manufactures
Zinc
34
11,12
30
7,8,22
16,18
flour
2,3,14,15
34
34
24
28
•
8
4,5,7,13-15
7,8,23,39
33 34
'
UNITED STATES
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OFFICIAL BUSINESS
Volume 47
Survey of Current Business
Number 12
1967 Index of Special Articles and Features
SPECIAL ARTICLES
No.
The Economy in 1966
National Income and Product in 1966
Prices—Finance—Employment
The Balance of Payments
Sources and Uses of Funds of Foreign Affiliates of U.S. Firms, 1965
Federal Programs in Fiscal Year 1968
Business Investment Sales Expectations for
1967
The Balance of Payments, Fourth Quarter
1966
State Personal Income in 1966
Revised Estimates of GNP by Major Industries
Personal Income in Metropolitan Areas: A
New Series
U.S. Residents Spent $4 Billion on Foreign
Travel Last Year
U.S.
Balance of Payments in the First
Quarter of 1967
Page
1
1
1
1
1
3
17
24
1
2
27
11
3
8
3
4
14
9
4
18
5
18
6
13
6
17
No.
U.S. National Income and Product Accounts,
1963-66
The Impact of Monetary Stringency on Business Investment
Personal Income Advance Slows in Nearly
All Regions in Early 1967
The U.S. Balance of Payments in the Second
Quarter 1967
OBE's End-Use Commodity Classification of
Foreign Trade
The International Investment Position of
the United States in 1966
The Finances of State and Local Governments
Financial Developments in 1967
The U.S. Balance of Payments in the Third
Quarter of 1967
The Responsiveness of Federal Personal Income Taxes to Income Change
Page
10
8
28
9
15
34
39
10
11
20
11
12
14
12
32
No.
Page
FEATURES
No.
Suspension of Tax Credit and Accelerated
Depreciation: Estimated Impact on Investment
Distribution of Personal Consumption Expenditures
Manufacturers' Inventory and Sales Expectations, First Half of 1967
First Quarter 1967 GNP
Price Developments
The Copper Situation
Plant and Equipment Expenditures by
Foreign Affiliates of U.S. Firms—Revised
Estimates for 1966 and 1967
Corporate Output, Prices, Costs, and Profits.
Plant and Equipment Expenditure Anticipations
Manufacturers' Inventory and Sales Expectations, Second and Third Quarters of
1967
Second Quarter GNP
June Business Activity
Recovery in Housing Activity
Page
2
5
2
6
3
4
4
5
6
1
6
7
5
5
9
13
6
7
6
7
7
8
11
1
3
3
Plant and Equipment Expenditure Programs—Moderate Rise Projected for
Second Half 1967
Manufacturers' Inventory and Sales Expectations—Second Half 1967
Revised Estimates of the Federal Budget,
Fiscal Year 1968
Personal Income by States, Second Quarter
1967
The 1967 Model Year—Auto Output and
Sales Decline
GNP by Major Industries, 1966
Plant and Equipment Expenditures of
Foreign Affiliates of U.S. Corporations,
1966-68
Corporate Output, Prices, Costs, and Profits.
Plant and Equipment Programs: Rise Expected in First Half of 1968
Manufacturers' Inventory and Sales Expectations—Fourth Quarter 1967 and First
Quarter 1968
Fixed Business Capital in the United States..
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