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DECEMBER 1973 /
VOLUME 53 NUMBER
12
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION
Business Capital Spending
Personal Income
2
3
National Income and Product Tables
5
U.S. Department of Commerce
Frederick B. Dent / Secretary
Sidney L. Jones / Assistant Secretary
for Economic Affairs
Edward D. Failor / Administrator, SESA
Bureau of Economic Analysis
ARTICLE
Capital Spending Expected to Rise Through First
Half of 1974
U.S. International Transactions in Royalties and Fees:
Their Relationship to the Transfer of Technology
Property, Plant, and Equipment Expenditures by MajorityOwned Foreign Affiliates of U.S. Companies: Revised
Estimates for 1966-72 and Projections for 1973 and 1974
U.S. Balance of Payments Developments:
Third Quarter and First Nine Months of 1973
George Jaszi / Director
Morris R. Goldman / Deputy Director
Lora S. Collins / Editor
Leo V. Barry, Jr. / Statistics Editor
Billy Jo Hurley / Graphics
9
14
Staff Contributors to This Issue
Smith W. AUnut
Jack J. Banie
R. David Belli
Lora S. Collins
Donald A. King
Thomas W. Kraseman
19
33
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
Max Lechter
Leo C. Maley, Jr.
Howard Murad
Mary F. Teplin
John T. Woodward
Edith W. Willis
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the BUSINESS SITUATION
A HE expansion of aggregate output
in late 1972 and early 1973 was clearlyabove the rate that the economy can
sustain, and the subsequent slowdown
was generally expected. It was characterized initially by a continuation of
rapid expansion in most sectors of the
economy and was due mainly to supply
limitations in farm and automobile
production. A slowdown of auto production would have occurred sometime
this year in any event, as an aftermath
of the abnormally high demand that
had prevailed in late 1972 and early
1973. Practical capacity ceilings were
approached in some other industries
as well, especially key materials producers, and this limited the scope for
continued rapid output growth. Indeed,
the need for additional capacity will
apparently support a further substantial increase in capital spending in 1974.
In the past 2 months, evidence continued to appear confirming the economy's slowdown. Residential construction weakened sharply, and the whole
new set of uncertainties caused quite
unexpectedly by the Arab oil embargo
intensified the weakening of demand for
autos.
Sales of new domestic model cars
averaged an annual rate of less than 8 %
million units in October and November, down from 10 million in the third
quarter and a peak 10 % million in the
first. (However, sales seem to have increased again in early December.) Consumer spending for other goods,
especially other durables, also weakened
appreciably after September. Housing
starts have been declining since early
in the year, but the contraction has
been particularly sharp in recent
months. Starts averaged 1.7 million
units (annual rate) in October and
November, 18 percent below the aver
age for the third quarter and slightly Energy problems and the economy
more than 30 percent below the first
Energy problems stemming from the
quarter peak, and construction out- embargo have thus far had little impact
lays, which lag after starts, have begun in the sense of causing output and
to show appreciable declines. The employment to be different from what
growth of industrial production, as they would have been. The likely immeasured by the Federal Reserve index, pacts on output and resource use are
has been decelerating steadily this year. yet to come, and their dimensions are
The index increased only 0.2 percentage by no means clear.
point in each of the latest 2 months,
The oil embargo has given a sudden,
October and November, as compared unexpected acceleration to a problem
with average monthly increases of 0.4 of energy supply that had been building
point in the third quarter and 0.9 for some time. Well before the embargo,
point in the first.
the United States was experiencing
There has been evidence recently of some shortages of oil and gas that
an acceleration of business investment reflected existing limits on domestic
in inventories. If this is in fact occurring, capacity to produce the raw products
it is open to two contrasting interpreta- and to process them. A rise in the level
tions: it may reflect success, at long of energy prices relative to other prices
last, in businessmen's efforts to boost was therefore already underway—the
stocks from the extremely low levels wholesale price index for fuels and
to which they had fallen, or it may power had risen almost 25 percent from
reflect involuntary accumulation caused December 1972 to October 1973—but
by greater-than-expected weakening of the embargo greatly intensified the
final demand. Probably both factors process. From October to November,
the fuels and power price index inare present.
Survey Price Increase
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public sales prices of all publications sold by the Superintendent of Documents. This
has resulted in a further rise in the price of many publications, including the SURVEY OF
CURRENT BUSINESS. The public sales program of the Government Printing Office is
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Effective January 1, 1974, the price of a SURVEY subscription, including the weekly
statistical supplement, will be $34.45 per year for domestic mailing and $43.10 per year
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rate.
SUEVEY OF CUEKENT BUSINESS
creased 19 percent. A rise in the relative
level of energy prices is necessary for
the shortrun allocation of supply and
demand, as well as for longer run
adjustments. In all probability, the
general price level will rise more in 1974
than it otherwise would have.
The longrun outlook is clearly for a
change in relative prices, making energy
a more expensive resource than it has
been and changing both the Nation's
ways of using it and the amount of
investment in producing it. Even if the
complete embargo is relatively shortlived, it should speed the processes of
adjustmeut.
The question of greatest public interest now is how much impact there
will be on the economy in the short run.
The availability of an important resource has been significantly curtailed,
gJBIIIB^
CHART
Plant and Equipment Expenditures
Billion $ (Ratio scale)
Mining
I 11 I I I i 1 I I l 1 l I I 11 l 1 1 i I I I I i l 1 I 11 11 l i 11 l 11 I I l
1964
66
68
70
72
74
Seasonally Adjusted at Annual Rates
•
Expected
U.S. Department of Commerce, Bureau of Economic Analysis
73-12-1
December 1973
and so suddenly that alternative sup- proach, and analysis using the BEA
plies cannot fill the gap. There is no input-output data is proving very
unique answer to the question of how useful. Although input-output coeffifar this might curtail total production cients are in actuality less rigid than
and employment relative to what they conventional input-output analysis asotherwise would have been. The amount sumes, this approach is nevertheless
of that shortfall depends on the particu- very useful in exploring the industrial
lar configuration of resource use, and of repercussions of alternative distribuoutputs, that is arrived at. Techno- tions of the energy shortfall.
logical capabilities allow many such
Various estimates have appeared from
configurations. The economy's shortfall government and private sources indifrom "what would have been" will cating that the embargo will cause real
depend on how smoothly it can dis- GNP in 1974 to be anywhere from less
tribute resources and shape demands to than 1 percent to as much as 4 or 5 pera configuration that maximizes output cent less than it otherwise would have
under the altered conditions. Analysis of been. These estimates reflect different
the economy in these terms is now the assumptions about the extent of the peprincipal concern of economic fore- troleum shortfall, about how the shortcasters and policymakers. The notion fall will be allocated among users, and
of "insulating" the industrial sector, about how price changes and nonprice
which has been mentioned in various actions will alter the composition of
discussions of the shortrun implications demand. The most optimistic of these
of the embargo, connotes an attempt to
estimates reflect essentially complete
see that the shortfall of the petroleum
"insulation" of the industrial sector
supply from "what would have been"
in the sense already mentioned. In
is largely absorbed in uses such as
general, the more pessimistic estimates
space heating and nonessential travel
that are appearing seem to assume that
where energy, or a petroleum feedstock,
aggregate propensities to spend and
is not required in some fixed proportion
invest will weaken in the short run and
to output.
cause reductions in output and employThe analytical task currently facing ment in addition to those engendered
economic forecasters and policymakers by the initial reduction in supply.
is a somewhat unfamiliar one. All
economic systems and economic analBusiness Capital Spending
ysis are concerned with allocation in
the face of scarcity—not all wants can
This fall, before the oil embargo,
be satisfied. Nevertheless, policy- manufacturers had formulated plans
oriented economic analysis in thefor large increases in capital spending
modern United States has focused in 1974. Some of the effects of the
largely on problems associated with too embargo—uncertainties, quotas, botmuch or too little demand, and on tlenecks—will probably cause some
policy aimed at regulating the growth projects to be postponed and some to be
of aggregate demand. Since the 1930's, canceled. Other effects, however, may
apart from war periods, much of lead to the initiation of investment
economic policy analysis has focused on projects that would not otherwise have
assuring adequate demand growth; the been planned. Regardless of the effects
central questions have been over the of the embargo, the basic need for more
ultimate effect on national output of capacity that is the motive behind
policy-related, or purely autonomous, much of the large spending increases
shifts in demand. The current situation planned for 1974 will persist. The plans
requires a very different analytical were reported in surveys taken in a
framework, one that focuses in the period when the consensus forecast for
short run on the question of how the 1974 already indicated real GNP
economy can maximize output and growth of only 2 to 3 percent, and when
employment in the face of a sharp manufacturers' expectations for their
autonomous shift in the supply of an own sales gains in 1974 were similarly
important input. This calls for a weak. In those circumstances, the
detailed, industry-by-industry, ap- motivating force was not to add capa-
December 1973
SURVEY OF CURRENT BUSINESS
city to meet rapid demand growth next same time, the demand for U.S. output petroleum industries; this is consistent
year, but to eliminate present capacity was stimulated both here and abroad with the current evidence on capacity
shortages and to prepare for longer run by the effects of dollar devaluations and pressures.
requirements. The problem of energy revaluations of leading foreign currensupply and cost, intensified by the cies over the past several years, and by
Personal Income
embargo, is unlikely to reduce the need more rapid inflation abroad than here.
Personal income rose at an annual
for additional capacity in the longer Prior to the exchange rate adjustments
run; if anything the increase in the cost of the past several years, the dollar had rate of 12 percent from June to Novemof energy relative to other costs is been appreciably overvalued. The re- ber, somewhat faster growth than the
likely to augment capital investment— sulting competition from foreign-made already strong 9 percent advance refor energy exploration and production, goods in both U.S. markets and abroad corded over the first 6 months of this
obviously, but also to conserve the probably held back capacity expansion year (table 1). All of the acceleration
use of energy per unit of output.
in some U.S. industries (such as textiles, was in the nonpayroll components, as
The latest BEA capital spending petroleum, and primary metals). Mar- wages and salaries increased at about
survey, covering expectations through ket distortions that have arisen both the same rate as in the first half of the
mid-1974, shows that manufacturers' from sharp price increases and from the year. The increase of wages and salaries
planned spending in the first half of imposition of price controls have prob- in the commodity-producing industiies
1974 is 22 percent above the first half ably also dampened manufacturers' slowed appreciably after midyear, mirof 1973, with large increases in a wide investment in recent years. Finally, in roring the slowdown in output growth,
range of both durables and nondurables the past several years, the demands but this was offset by a faster rate of
industries. Large increases are also first of pollution control, and then of increase in Government and in the
expected by railroads and electric safety requirements, have taken a rising service industries. Transfer payments,
utilities but total spending outside share of capital outlays, posing compe- which by definition are not related to
manufacturing is expected to be up tition to funds for capacity expansion. current production, accounted for the
only 8% percent from the first half of
According to the BEA surveys, largest part of the acceleration of
1973. Details of the BEA survey are on every major manufacturing industry personal income after midyear, although
pages 9-13. These findings are roughly except petroleum will spend more in growth of the other nonwage compoconsistent with those of private sur- 1973 than it had planned early in the nents—proprietors' income, rent, inveys also conducted in the fall. The year. The petroleum industry seems to terest, and dividends—also speeded
McGraw-Hill survey pointed to a 24 have a whole set of problems—in- up.
percent year-over-year rise in manu- cluding environmental obstacles, preTransfer payments increased at an
facturers' outlays from 1973 to 1974, embargo questions of crude supply, annual rate of 12% percent from June
and a 7 percent rise in aggregate non- and the price outlook—that have kept
to November, a little more than double
manufacturing outlays. A survey by spending down in the face of high
Lionel D. Edie Company indicated a utilization. The upward revisions by the rate in the first half of the year.
19 percent rise for manufacturers and a other industries are probably in part a That acceleration mainly reflected the
rise of 7 percent for nonmanufacturing result of rising prices for structures extension of medicare coverage to
industries.
and equipment, but it is unlikely that disabled persons under 65, and the
As of September 30, according to the prices account for all the revision. The increase in Federal pensions that
latest BEA survey, firms holding 51 sharpest upward revisions of planned
Table 1.—Personal Income
percent of manufacturing assets ex- 1973 spending were in the machinery,
pressed a need for more capacity, textile, paper, and rubber industries.
[Percent change, seasonally adjusted at annual rates]
compared to a figure of 31 percent 2 According to the latest survey, spending
Dec. 1972- June-Nov.
June 1973
years earlier (see table on page 11 for increases from 1972 to 1973 of 25 per1973
details). The rise in this percentage cent or more will occur in the rubber,
Personal income
8.9
12.0
over the last 2 years has been steep for nonferrous metal, paper, chemical, and
Personal income including
both durables and nondurables manu- stone-clay-glass industries, with most
social insurance contributions
10.0
11.8
facturing. The petroleum industry's other manufacturing industries showing
Labor income, total
10.4
10.6
"need more" figure doubled in the last increases between 10 and 20 percent.
and salaries, total
10.3
10.7
2 years, to 70 percent; thefigurefor (Aggregate nonmanuf acturing outlays Wages
Commodity-producing indus13.0
9.7
tries
primary metals also doubled, to 39 will be up about 8}i percent.)
9.5
9.7
Distributive industries
12.1
10.8
Service industries-.
percent.
The combined evidence of the BEA
10.3
8.4
Government
12.3
8.6
Other labor income.
Serious pressures on manufacturing and private surveys indicates that
income:
capacity have been unusually wide- large spending increases are planned Proprietors'
53.4
21.7
Farm
6.0
6.2
Business and professional
spread this year. The reasons are throughout manufacturing industry in
7.9
0
Rental income
numerous. For one thing, cyclical ex- 1974. I t appears that the biggest gains Dividends
11.8
6.9
17.5
13.8
pansions in the world's major industrial will occur in the steel, nonferrous Interest
12.6
6.1
Transfer payments
economies more or less coincided; at the metals, motor vehicle, chemical, and
SURVEY OF CURRENT BUSINESS
stemmed from cost-of-living increases
in these pensions that became effective
July 1 and from a big surge in the
number of retirees at the close of
fiscal 1973.
Interest income and
dividends rose faster after midyear,
the latter partly reflecting a late-June
easing by the Committee on Interest
and Dividends of the restrictions on
dividend increases. Rental income of
persons has increased since midyear
after showing no growth from December
to June; rental income was held down
in the first half of this year as a result of
property losses associated with spring
floods. The growth of farm proprietors7
income stepped up sharply after midyear as a result of both increases in the
CHART 2
Change in Consumer Installment
Credit Outstanding
Billion $
16
ii L i . I n i l l. i l i n l m l
,, , I , , , l , , , l
,,,|
12
volume of marketings and sharp increases in agricultural prices.
The acceleration of wage and salary
increases in the service industries after
June was due to gains in both hourly
earnings and employment, with gains in
hourly pay somewhat the stronger of the
two. In Government, the acceleration
was due to pay raises—particularly at
the Federal level, for postal workers
effective in late July and in November,
and for other Federal civilian and
military personnel in October.
In the commodity-producing industries, on the other hand, growth of
wages and salaries slowed from an
annual rate of 13 percent in the first
half of 1973 to a rate of 9% percent
from June to November. This was due
to a slowing of employment growth
after midyear, which more than offset
a faster rise in hourly pay; hours of
work were little changed. Contributing
significantly to the accelerated rise in
pay rates were wage increases called
for by existing contracts, mainly in
primary metals, apparel manufacturing,
and trucking, and new wage increases
provided in major contract settlements
in the auto and farm equipment
industries.
The prospects are for a much slower
rate of income growth in the months
ahead. A slower rate of activity will
mean appreciably slower growth in
wage and salary income, particularly
in the commodity-producing industries.
It is likely that profits will be squeezed
by rising costs and reduced output so
that further sharp gains in dividend
income are not expected, and interest
rates, which are currently at exceptionally high levels, will probably decline. Harvests of fall crops both here
and abroad are considerably larger this
December 1973
year than was the case in 1972 and upward pressures on agricultural prices
should abate somewhat and the growth
of farm income should slow. On the
other hand, transfer incomes are likely
to increase more in the first half of next
year than in the second half of this year.
A 5}i percent increase in Federal
pensions becomes effective on January 1, 1974. Also, under legislation
pending in mid-December, social security benefits would be increased 7
percent ($4 billion at an annual rate)
in April and 4 percent ($2% billion) in
July. Also, adult welfare benefits are
expected to rise in January when
responsibility for these programs shifts
from the States to the Federal Government. To the extent that slowing
economic activity results in higher unemployment, transfer income will reflect the increases in unemployment
compensation.
Consumer credit
Consumers have substantially augmented their purchasing power over the
past 3 years through unprecedented use
of installment credit. The net increase
in installment credit (extensions minus
repayments) accelerated steadily from
a seasonally adjusted annual rate of
$5% billion (5% percent of personal
consumption expenditures for durable
goods) in the first quarter of 1971, when
the step-up in credit use began, to a
peak rate of $24 billion (18 percent of
spending for durables) in the first
quarter of this year. Since that time
installment credit growth has slowed,
but nevertheless remains very rapid by
historical standards; installment credit
increased at an annual rate of $21
billion in the third quarter and $20}£
(Continued on page 13)
Table 2.—Net Extensions of Consumer Installment Credit
PERSONAL LOANS AND OTHER*
[Billions of dollars, seasonally adjusted at annual rates]
. I , . , I , , , I , ,, I •, • t , . , I , . , I , . ,
1964
66
68
70
72
Seasonally Adjusted at Annual Rates
74
"Includes repair and modernization loans.
Installment credit total
Auto paper
Other consumer goods paper
Personal loans.
.. .
Repair and modernization
Data: FRB
U.S. Department of Commerce, Bureau of Economic Analysis
73-12-2
Source: Federal Reserve Board.
w
- -
_.
1973
1972
1971
I
II
III
IV
I
II
III
IV
5.5
7.8
10.8
11.8
13.2
14.8
16.1
19.5
4.5
3.6
3.3
.4
3.8
4.1
4.6
.6
5.0
4.8
4.3
.7
5.9
6.0
3.3
.9
7.4
7.3
4.0
.9
2.1
1.7
1.4
.2
2.9
2.7
2.0
.3
4.2
3.0
3.2
.4
I
II
24.0 20.0
10.0
7.4
5.4
1.1
7.4
7.0
4.7
1.0
III
21.0
7.2
8.2
4.3
1.3
SUKVEY OF CURRENT BUSINESS
December 1973
NATIONAL INCOME AND PRODUCT TABLES
1973
1972
1971
1972
11
III
IV
I
II
1972
III
1971
1972
II
III
1973
I
IV
II
III
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of 1958 dollars
Billions of current dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product
,166.5 1,199.2 1,242.5 1,272.0 1,304.5
745.4
790.7
785.6
796.7
812.3
829.3
834.3
841.3
752.6
779.4
795.6
816.0
496.3
526.8
523.4
531.0
540.5
552.7
553.3
558.1
120.2
302.3
311.6
122.9
310.7
319.0
132.2
322.2
325.0
132.8
330.3
332.6
132.8
341.6
341.6
92.2
211.6
192.4
104.0
220.9
201.8
101.9
220.7
200.8
105.8
222.2
202.9
109.2
225.8
205.4
117.0
228.8
207.0
116.2
228.0
209.1
115.4
230.2
212.5
174.7
181.5
189.4
194.5
198.2
202.0
110.3
122.9
121.0
124.8
129.1
130.2
130.2
130.8
169.2
172.9
181.2
189.9
193.7
197.3
105.0
118.3
116.7
118.2
122.8
126.9
126.9
127.7
118.2
41.7
76.5
116.3
41.5
74.9
118.3
41.3
77.0
124.3
43.0
81.2
130.9
45.3
85.5
134.1
47.2
138.0
49.5
76.1
22.5
53.6
83.7
23.0
60.8
82.5
23.0
59.5
83.4
22.7
60.7
87.5
23.1
64.3
91.2
23.8
67.4
91.5
24.4
67.2
93.2
25.2
68.0
42.7
42.2
54.0
53.5
52.8
52.3
.5
54.5
53.9
56.9
56.4
.5
59.0
58.4
59.6
59.1
.5
59.2
58.6
29.0
28.6
.4
34.6
34.2
.4
34.2
33.9
34.7
34.3
.4
35.3
35.0
.3
35.6
35.3
.4
35.3
35.0
.3
34.5
34.2
.4
6.1
4.5
1.6
6.0
5.6
.4
5.5
4.8
.7
8.7
8.4
.3
8.2
7.9
.3
4.6
4.4
.2
4.5
4.4
.1
4.7
3.2
1.5
5.3
3.8
1.4
4.6
4.5
.1
4.3
4.0
.3
6.6
6.6
.0
6.3
6.2
.1
3.3
3.2
.1
3.4
3.3
.1
3.0
2.3
.7
-4.6
-3.5
.0
2.8
7.6
.4
-2.0
-2.8
2.0
5.6
7.4
54.1
56.8
56.6
57.5
59.6
60.3
65.3
63.3
66.6
61.1
67.4
60.0
,055.5
Personal consumption expenditures..
Durable goods
Nondurable goods.
Services
Gross private domestic investment.
Fixed investment
Nonresidential
Structures
_
Producers' durable equipmentResidential structures.
Nonfarm
Farm
Change in business inventoriesNonfarm
Farm
726.5
719.2
734.1
103.6
278.7
284.9
117.4
299.9
309.2
115.1
297.9
306.2
153.2
178.3
147.1
172.3
104.4
37.9
66.5
Net exports of goods and services
Exports
Imports
Government purchases of goods and services
Federal
National defenseOther
State and local.
,155.2 1,142.4
667.2
-5.7
-3.8
66.3
65.5
73.5
78.1
69.9
75.6
74.0
77.7
79.7
83.2
89.7
89.7
97.2
94.4
104.5
97.0
52.7
52.4
56.4
58.4
234.3
255.0
254.2
254.7
260.7
268.6
275.3
279.0
138.4
143.0
144.0
141.8
143.5
144.4
145.2
145.0
98.1
71.6
26.5
104.4
74.4
30.1
106.7
76.6
30.1
102.3
71.9
30.4
102.7
72.4
30.3
105.5
74.3
31.2
107.3
74.2
33.1
106.8
74.2
32.7
60.9
60.8
62.9
58.8
58.6
58.2
58.2
57.2
136.2
150.5
147.5
152.4
158.0
163.0
168.0
172.2
77.5
82.2
81.1
83.0
85.0
86.2
87.0
87.8
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product.
1,055.5 1,155.2 1,142.4 1,166.5 1,199.2 1,242.5 1,272.0 1,304.5
745.4
790.7
785.6
796.7
812.3
829.3
834.3
841.3
Final sales
Change in business inventories.
Goods output..
1,049.4 1,149.1 1,136.9 1,157.8 1,191.0 1,237.8 1,267.5 1, 299.8
6.1
8.2
6.0
5.5
8.7
4.5
4.6
4.7
740.1
5.3
786.1
4.6
781.3
4.3
790.0
6.6
806.0
6.3
826.0
3.3
831.0
3.4
838.3
3.0
396.1
423.9
421.5
428.4
438.4
452.1
453.9
456.8
390.8
5.3
419.3
4.6
417.2
4.3
421.7
6.6
432.1
6.3
448.7
3.3
450.5
3.4
453.7
3.0
163.0
161.3
1.7
184.1
180.2
3.9
180.4
177.7
2.7
186.2
181.8
4.4
196.3
188.0
8.2
203.4
200.3
3.2
207.1
201.8
5.4
208.1
202.4
5.7
497.1
541.4
536.4
Final sales
Change in business inventories.
Durable goods
Final sales
Change in business inventories.
491.1
6.1
535.4
6.0
531.0
5.5
193.1
191.1
2.0
219.1
214.1
4.9
Nondurable goods
Final sales
Change in business inventories.
304.0
299.9
4.1
447.4
110.9
Services . . .
Structures.
548.6
563.6
589.6
604.2
622.3
555.4
8.2
585.0
4.6
599.6
4.5
214.6
211.4
3.2
539.9
8.7
222.6
216.8
5.8
233.2
222.8
10.4
242.5
238.1
4.4
249.7
242.4
7.3
617.6
4.7
254.3
246.2
8.0
322.3
321.2
1.1
321.9
319.6
2.3
326.0
323.1
2.9
330.3
332.5
—2.2
347.2
346.9
.3
354.5
357.3
-2.8
368.0
371.4
-3.4
233.1
229.5
3.6
239.8
239.1
.7
241.1
239.5
1.6
242.2
240.0
2.2
242.1
244.1
—1.9
248.7
248.5
.2
246.7
248.7
-2.0
248.7
251.3
-2.6
487.3
126.5
481.5
124.4
491.8
126.2
503.9
131.7
514.8
138.1
527.7
140.1
540.8
141.4
280.1
69.1
292.6
74.2
290.3
73.8
294.5
73.8
298.8
75.1
300.6
76.7
304.1
76.3
308.6
76.0
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national productPrivate
Business
Nonfarm.
Farm
Households and institutions.
Rest of the world
General government..
Federal
State and local
1,055.5 1,155.2 1,142.4 1,166.5 1,199.2 1,242.5 1,272.0 1,304.5
745.4
790.7
785.6
796.7
812.3
829.3
834.3
841.3
930.3 1,019.7 1,008.6 1,030.0 1,060.0 1,098.9 1,126.2 1,156.3
684.7
729.5
725.0
735.3
750.3
767.1
772.0
778.8
984.9 1, 013.6 1,050.5 1,076. 8 1,105.2
951.0
976.9 1,008. 9 1,033.5 1,056. 2
43.3
33.9
41.6
49.0
36.7
662.2
636.3
26.0
706.6
682.0
24.6
702.6
677.4
25.2
712.3
688.7
23.6
726.8
702.5
24.2
742.9
718.1
24.8
748.3
725.9
22.4
39.3
9.1
40.5
8.9
41.8
9.3
16.8
5.6
17.4
5.5
17.4
5.0
17.5
5.5
17.4
6.2
18.0
6.3
18.2
5.5
754.7
733.6
21.2
18.5
5.4
143.5
52.5
91.1
145.8
52.2
93.6
148.2
52.3
96.0
60.7
23.0
37.6
61.1
21.8
39.3
60.6
21.7
38.9
61.3
21.7
39.7
62.0
21.7
40.3
62.2
21.6
40.6
62.4
21.4
41.0
62.5
21.2
41.3
889.9
859.4
30.4
975.4
941.0
34.4
965.2
931.3
33.9
33.5
7.0
36.8
7.5
36.6
6.8
37.5
7.6
125.1
47.6
77.6
135.4
50.3
85.1
133.8
50.0
83.8
136.5
50.2
86.4
37.8
8.7
139.2
50.5
88.7
HISTORICAL STATISTICS
THE national income and product data for 1929-63 are in The National Income and Product Accounts of the United States, 1929-1965,
Statistical Tables (available at $1 from Commerce Department District Offices or the Superintendent of Documents; see addresses inside
front cover). Each July SURVEY contains preliminary data for the latest 2 years and fully revised data for the preceding 2. The July 1973
issue has data for 1969-72. Prior July issues have fully revised data as follows: 1968-69, July 1972; 1967-68, July 1971; 1966-67, July 1970;
1965-66, July 1969; 1964-65, July 1968. BE A will provide on request a reprint of the fully revised data for the years 1964-69.
SURVEY OF CUEKENT BUSINESS
6
1972
1971
1972
II
III
December 1973
1973
IV
I
1972
III
II
1971
1972
Seasonally adjusted at annual rates
1,055.5 1,155.2 1,142.4 1,166.5 1,199.2 1,242.5 1,272.0 1,304.5
consumption
Equals: Net national product..
Less: Indirect business tax
and nontax liability...
Business transfer payments
Statistical discrepancy..
Plus: Subsidies less current
surplus government
enterprises
Equals: National income
Less: Corporate profits and
inventory valuation
adjustment
Contributions for social
insurance
Wage accruals less disbursements
Plus: Government
transfer
payments to persons..
Interest paid by government (net) and by
consumers.^
Dividends
Business transfer payments
Equals: Personal income..
93.8
102.4
103.6
102.3
105.1
IV
I
II
III
Billions of dollars
Table 4,—Relation of Gross National Product, National Income,
and Personal Income (1*9)
Less: Capital
allowances
III
Seasonally adjusted at annual rates
Billions of dollars
Gross national product
II
1973
106.9
109.0
110.5
961.6 1,052.8 1,038.8 1,064.2 1,094.1 1,135.5 1,163.0 11,194.0
102.4
109.5
108.4
110.5
112.8
115.6
117.2
118.5
4.3
-3.4
4.6
-1.5
4.6
-1.0
4.7
1.6
4.7
.2
4.8
1.1
4.9
3.2
5.0
3.7
2.2
.9
.4
1.2
1.7
1.5
1.8
859.4
941.8
928.3
949.2
80.1
91.1
88.0
91.5
98.8
104.3
107.9
64.6
73.7
72.9
74.5
75.8
89.3
90.9
.6
-.5
-.4
-.2
.0
.0
-.3
.0
88.9
98.3
95.3
96.4
107.3
108.8
110.8
113.7
31.0
26.1
32.7
26.0
32.6
25.9
32.9
26.2
33.7
26.4
34.7
26.9
36.1
27.3
38.0
28.1
4.3
4.6
4.6
4.7
4.7
4.8
863.5
939.2
926.1
943.7
976.1
978.6 1,015.0 1,038.21L.067.4
4.9
112.0
Table 6.—National Income by Type of Income (1.10)
National income
Compensation of employees.
Wages and salaries
859.4 941.8 928.3 949.2 978. 6 1015.0 1038.2 1067.4
644.1 707.1 699.6 713.1 731.2 757.4 774.9 794.0
573.8 627.3 620.8 632.5 648.7 666.7 682.3 699.3
Private
Military
Government civilian.
449.7 493.3 488.4 497.5 510.9 525.1 538.7 553.2
20.3 20.1 20.0 20.1 20.9 20.5 20.4
19.4 113.8
112.3 115.1 117.7 120.7 123.1 125.7
104.7
Supplements to wages and salaries..
79.7 78.9 80.5 82.5 90.8 92.6 94.7
Employer contributions for social
70.3
insurance
38.7
40.2 47.4 48.3 49.4
33.7
Other labor income..
40.2 41.3 42.3 43.3 44.2 45.3
40.7
36.6
Proprietors' income
73.2 74.1 77.1 80.6 81.5 85.0
74.2
68.7
Business and professional.
53.3
54.0
54.3 55.3 56.3 57.1 57.9
51.9 20.2
Farm
19.9 19.8 21.8 24.3 24.4 27.1
16.8
Rental income of persons
24.5 24.1 22.6 24.9 24.9 24.7 24.6 25.3
Corporate profits and inventory valuation adjustment
Profits before tax..
Profits tax liability
Profits after tax
Dividends
Undistributed profits .
Inventory valuation adjustment
Net interest
98.8 104.3 107.9 112.0
80.1
91.1
88.0
91.5
85.1
98.0
94.8
98.4 106.1 119.6 128.9 129.0
37.4
47.6
25.1
22.5
42.7
55.4
26.0
29.3
41.4
53.4
25.9
27.5
42.9
55.6
26.2
29.4
45.9
60.3
26.4
33.9
52.7
66.9
26.9
40.0
57.4
71.6
27.3
44.2
57.6
71.5
28.1
43.4
- 4 . 9 - 6 . 9 - 6 . 7 - 6 . 9 - 7 . 3 -15.4 -21.1 -17.0
42.0
45.2
44.8
45.7
46.6
47.9
49.4
51.1
5.0
996.6 1,019.0 1
Table 7.—National Income by Industry Division (1.11)
Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
Billions of current dollars
Gross auto product *
Personal consumption expenditures
Producers' durable equipment
Change in dealers' auto Inventories
Net exportsExports...
Imports...
40.9
43.6
42.1
46.5
45.6
51.5
51.2
49.6
35.4
39.4
38.1
41.8
41.2
45.1
44.6
44.5
All industries, total..
859.4 941.8 928.3 949.2 978.6 1015.0 1038.21067.4
Agriculture, forestry, and fisheries
M ining and construction
Manufacturing
Nondurable goods
Durable goods
26.2
30.4 30.0 29.9 32.2 34.7
63.7
59.9 59.3 60.4 61.8 64.0
226.4 252.6 248.7 263.9 266.5 280.8
91.8 99.9 97.7 100.8 104.6 107.3
134.5 152.7 151.0 163.1 161.9 173.5
35.1 38.2
65.5 68.8
290.4 296.0
109.9 112.6
180.5 182.4
Transportation
Communication
Electric, gas, and sanitary services
Wholesale and retail trade.
32.8 36.0 35.3 36.2 37.3 38.2
17.8 20.0 19.5 20.4 20.8 20.9
16.5 18.2 18.3 18.5 18.6 19.1
130.9 139.7 138.3 140.5 143.2 146.9
38.5 39.7
21.0 22.5
19.4 20.6
149.7 163.4
100.1 107.9 105.7 109.2 111.6 114.2
Finance, insurance, and real estate
109.8 120.1 119.0 121.8 123.9 128.4
Services
Government and government enter138.2 149.5 147.6 150.7 153.9 158.6
prises
7.6
8.7
7.0
7.5
9.1
6.8
Rest of the world
117.3 120.8
131.4 135.4
6.3
7.0
6.7
7.4
7.3
8.0
7.9
7.8
1.4
-.5
-.4
-.8
-.4
.9
1.2
-.5
-2.6
2.6
5.1
-2.7
3.0
5.7
-2.8
2.8
5.6
-2.3
3.2
5.4
-2.9
3.3
6.2
-2.8
3.6
6.4
-2.9
3.6
6.5
-2.7
3.8
6.5
35.7
7.8
37.9
8.6
36.9
8.2
40.3
8.8
39.5
9.4
44.0
10.6
44.8
9.8
43.5
9.5
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
45.5
43.6
Financial institutions
160.9 163.7
8.9
9.3
Addenda:
New cars, domestic 2 .
New cars, foreign
Billions of 1968 dollars
All industries, total
Gross auto product
Personal consumption expenditures
Producers' durable equipment
Change in dealers' auto inventories
Net exports.
Exports...
Imports...
36.4
31.4
39.0
35.2
37.7
34.0
41.0
36.7
41.4
37.3
46.4
40.4
39.6
39.1
5.6
6.3
6.1
6.5
6.7
7.2
7.0
7.0
1.2
-.4
-.3
-.7
-.3
.8
1.0
-.4
-2.3
2.3
4.5
-2.4
2.6
5.0
-2.4
2.4
4.8
-1.9
2.7
4.7
-2.6
3.0
5.5
-2.4
3.2
5.6
-2.5
3.1
5.6
-2.4
3.3
5.7
32.4
7.2
34.6
7.9
33.5
7.5
36.2
8.0
36.7
8.8
40.6
9.9
40.7
9.0
8.7
Addenda:
New cars, domestic 3 .
New cars, foreign
1. The gross auto product total includes government purchases.
2. Diners from the gross auto product total by the markup on both used cars and foreign
Federal Reserve banks
Other financial institutions
Nonfi nanciml corporations
Manufacturing
Nondurable goods
Durable goods
Transportation,
communication,
and public utilities
....
All other industries
107.9 112.0
80.1
91.1
88.0
91.5
98.8 104.3
15.2
17.5
17.3
17.6
18.6
19.8
21.4
22.3
3.3
11.9
3.4
14.1
3.4
14.0
3.4
14.2
3.4
15.2
3.9
16.0
4.4
17.0
4.8
17.5
64.9
73.6
70.7
73.9
80.2
84.5
86.5
89.7
49.7
22.8
26.9
52.4
23.9
28.5
51.9
25.3
26.6
9.2
25.6
8.5
25.6
10.3
27.5
32.5
17.8
14.7
40.1
20.0
20.2
38.7
18.5
20.2
39.9
20.4
19.5
44.7
22.4
22.3
8.6
23.9
9.3
24.2
8.9
23.1
9.8
24.1
9.9
25.7
SUEVEY OF CUREENT BUSINESS
December 1973
1972
1971
1972
II
III
1973
IV
II
1972
III
1971
1972
Seasonally adjusted at annual rates
713.0
731.1
60.4
66.9
66.2
66.0
68.0
69.3
70.5
71.7
67.7
60.8
60.2
61.2
62.5
64.3
65.2
66.2
Income originating in corporate busi468.6 517.6 510.7 521.4 539.5 661.9
ness
389.2 428.9 424.6 432.4 444.6 461.6
340.9 373.8 370.0 376.7 387.6 398.3
48.4 55.1 54.6 55.6 56.9 63.3
6.0
Net interest
3.8
3.8
3.8
3.7
3.7
577.3 593.2
473.4 485.2
408.7 419.1
66.1
64.6
3.7
3.8
Corporate profits and inventory
valuation adjustment
74.4 84.9 82.3 85.2 91.2 96.6 100.2 104.2
79.3 91.8 89.1 92.2 98.6 111.9 121.3 121.2
Profits before tax
37.4 42.7 41.4 42.9 45.9 52.7
Profits tax liability
57.4 57.6
41.8 49.1 47.7 49.3 52.7 59.2
Profits after tax
63.9 63.7
22.3 23.3 23.4 23.5 23.0 23.6
Dividends
24.1 24.8
19.6 25.8 24.3 25.9 29.7 35.6
Undistributed profits
39.8 38.9
Inventory valuation adjustment. - 4 . 9 - 6 . 9 - 6 . 7 - 6 . 9 - 7 . 3 - 1 5 . 4 - 2 1 . 1 -17.0
102.2 115.0 113.8 115.4 120.7 128.5 134.4 135.4
80.0 91.7 90.5 91.9 97.7 104.9 110.3 110.6
Cash flow, gross of dividends..
Cash flow, net of dividends...
Gross product originating
financial institutions
in
Gross product originating
non financial corporations
in
32.6
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Income originating in nonflnancial
corporations
Compensation of employees.
Wages and salaries
Supplements
Net interest
35.4
35.1
35.7
36.8
38.7
40.5
41.8
554.1 608.9 601.9 612.9 633.2 656.7 672.5 689.3
58.1 63.2 63.5 63.3 65.
66.3 67.5 68.6
55.1
58.0
57.4
58.4
59.6
61.3
62.2
440.9 487.7 481.0 491.3 508.4 529.1 542.8 557.5
365.3 403.0 398.8 406.1 417.8 434.1 445.4 456.7
320.3 351.5 347.8 354.1 364.6 375.0 384.9 394.«
45.0 51.5 51.0 51.9 53.
59.:
61.8
16.5 17.4 17.2 17.5 17.9 18.: 18.6 19.0
_
Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability.
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment-
67.3
64.1 74.3
29.
35.0
34.4 39.2
20.3 21.
14.1 18.1
-4.9 -6.9
92.5
72.
Cash flow, gross of dividends..
Cash flow, net of dividends
65.0
71.7
33.8
37.9
21.3
16.6
67.
72.7 76.8 78.8
74.6 80.0 92.1 99.9
35.2 37.8 44.3 48.2
39.4 42.
47.8 51.
21.4 20.9 21.4 21.9
26.4 29.8
18.1 21
- 6 . 9 - 7 . 3 -15.4 -21.1
81.8
98.9
47.7
51.2
22.5
28.6
-17.0
102.5 101.5 102. 107.3 114.1 119.2 119.8
81.3 80.
81.4 86.4 92.7 97.3 97.3
in
442.7 475.5 471.9 477.8 489.8 503.4 509.6 517.2
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Compensation of employees
Net interest
Corporate profits and inventory valuation adjustment
Profits tax liability
Profits after tax plus inventory valuation adjustment..
1.252 1.281 *. 276 1.283 1.293 1.305 1.320 1.333
.131
.133
.135
.132
.133
.132
.132
.133
.125
.825
.037
.122
.847
.037
.122
.845
.036
.122
.850
.037
.122
.853
.037
.122
.862
.036
.122
.874
.037
.122
.883
.037
.134
.067
.142
.074
.138
.072
.142
.074
.148
.077
.152
.088
.155
.095
.158
.092
.067
.068
.066
.068
.071
.064
.060
.066
1. Excludes gross product originating in the rest of the world.
2. This is equal to the deflator for gross product of nonfinancial corporations, with the
decimal point shifted two places to the left.
3. Personal saving as a percentage of disposable personal income.
II
III
863.5 939.2 926.1 943.7 976.1 996.6 1,019.0 1,047.1
573.3
206.3
160.5
138.3
104.7
123.9
627.8
226.0
75.9
151.5
116.1
134.2
621.1
223.7
174.0
150.0
114.9
132.6
632.7
227.3
177.0
152.5
117.9
135.0
648.7
234.8
183.7
156.0
120.1
137.8
666.7
241.6
.1
159.5
123.9
141.6
682.6
248.6
194.8
163.3
126.9
143.7
699.3
255.3
199.1
167.0
130.9
146.1
Other labor income..
36.6
40.7
40.2
41.3
42.3
43.3
44.2
45.3
Proprietors' income.
Business and professionalFarm
68.7
51.9
16.8
74.2
64.0
20.2
73.2
53.3
19.9
74.1
54.3
19.8
77.1
55.3
21.8
56.3
24.3
81.5
57.1
24.4
85.0
57.9
27.1
Rental income of persons..
Dividends
Personal interest income..
24.5
25.1
73.0
24.1
26.0
78.0
22.6
25.9
77.4
24.9
26.2
78.6
24.9
26.4
80.3
24.7
26.9
82.7
24.6
27.3
85.6
25.3
28.1
89.1
Transfer payments.
Old-age, survivors, disability, and
health insurance benefits
State unemployment insurance
benefits
Veterans benefits
Other.
93.2 103.0
99.9 101.1 112.0 113.6
44.5
49.6
47.3
48.0
56.4
58.3
60.0
61.8
5.7
11.2
31.8
5.5
12.7
35.1
6.3
12.1
34.1
5.3
12.6
35.2
4.7
14.1
36.8
4.1
13.3
37.8
4.1
13.4
38.2
4.1
13.8
39.0
30.9
34.7
34.3
35.2
35.7
41.9
42*.6
43.6
Wage and salary disbursements..
Commodity-producing industriesManufacturing.
Distributive industries
Service industries
Government
Less: Personal contributions for
social insurance
115.7 118.7
Less: Personal tax and nontax payments
117.5 142.2 140.7 142.8 147.4 145.1
149.3 156.0
Equals: Disposable personal income... 746.0 797.0 785.4 800.9 828.7 851.5
869.7 891.1
Less: Personal outlays
685.8 747.2 739.5 755.1 774.3 801.5
Personal consumption expenditures- 667.2 726.5 719.2 734.1 752.6 779.4
Interest paid by consumers
19.7 19.4 20.0 20.7 21.2
Personal transfer payments to for- 17.7
eigners
1.0
1.0
1.1
.9
1.0
45.9
54.4
50.0
49.7
45.8
Equals: Personal saying.
60.2
818.7 840.1
795.6 816.0
22.0
23.0
1.0
1.1
51.0
51.1
Addenda:
Disposable personal income:
Total, billions of 1958 dollars..
Per capita, current dollars
Per capita, 1958 dollars
604.8 609.5
4,137 4,231
2,877 2,894
Personal saving rate, 8 percent- .
554.9 577.9 571.6 579.3 595.1 603.9
3,603 3,816 3,765 3,831 3,955 4,057
2,680 2,767 2,740 2,771 2,841 2,878
8.1
6.2
5.8
5.9
5.7
5.9
5.7
Table 11.—Personal Consumption Expenditures by Major Type (2.3)
onal consumption expendi667.2 726.5 719.2 734.1 752.6 779.4
tures.
795.6 816.0
103.6 117.4 115.1 120.2 122.9 132.2
132.8 132.8
46.6
Automobiles and parts
3.3
Mobile homes
Furniture and household equipment. 42.1
14.9
Other
Nondurable goods
Dollars
Current dollar cost per unit of
1958 dollar gross product
originating 2in non financial
corporations
_
Personal income.
Durable goods..
Billions of 1958 dollars
Gross product originating
nonflnancial corporations
I
Table 10.—Personal Income and its Disposition (2.1)
586.7 644.3 637.1 648.6 670.1 695.4
Compensation of employees.
Wages and salaries
Supplements
IV
Billions of dollars
Table 9.—Gross Corporate Product * (1.14)
Gross corporate product.
III
Seasonally adjusted at annual rates
Billions of dollars
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
II
1973
Food and beverages .
Clothing and shoes..
Gasoline and oil
Other
Serrices..
Housing
Household operation .
Transportation
Other
52.8
4.1
48.1
16.5
51.2
4.2
47.3
16.6
55.0
3.7
48.6
16.6
55.7
4.4
50.0
17.3
60.5
5.0
53.7
18.0
59.7
5.0
54.4
18.6
59.2
4.2
55.0
18.6
278.7 299.9 297.9 302.3 310.7 322.2
341.6
136.6 145.3 144.7 146.5 149.1 154.7
57.0 62.3 61.7 62.9 65.1 68.3
23.5 25.5 25.0 25.8 26.6 27.5
61.5 66.8 66.6 67.2 70.0 71.7
158.1 164.3
69.3 70.3
28.8 29.4
74.2 77.5
284.9 309.2 306.2 311.6 319.0 325.0
332.6 341.6
98.5 105.5 104.7 106.3 107.9 110.6
39.7 43.8 43.2 44.5 45.7 46.5
20.4 21.8 21.7 21.8 22.2 22.8
126.3 138.0 136.6 138.9 143.1 145.1
113.3 115.8
47.1 48.7
23.2 23.7
149.0 153.4
Table 12.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners
Exports of goods and servicesCapital grants received by the United
States
Payments to foreigners
Imports of goods and servicesTransfers to foreigners..
Personal
Government
Net foreign investment..
67.0
74.2
70.6
74.7
80.4
89.7
97.2 104.5
66.3
73.5
69.9
74.0
79.7
89.7
97.2 104.5
.7
.7
.7
.7
.7
.0
.0
.0
67.0
74.2
70.6
74.7
80.4
89.7
97.2 104.5
65.5
78.1
75.6
77.7
83.2
89.7
94.4
97.0
3.0
.9
2.1
3.3
1.0
2.3
3.5
1.1
2.5
-2.1 -7.6 -8.7 -6.9 -6.3 -3.0
-.5
4.0
3.6
1.0
2.6
3.7
1.0
2.7
3.8
.9
2.8
3.8
1.0
2.8
3.5
1.1
2.5
SUEVEY OF CUEEENT BUSINESS
8
1972
1971
1972
II
III
December 1973
1973
IV
I
II
1972
III
1971
1972
II
Seasonally adjusted at annual rates
269.5
Gross national product
89.9 107.9 106.6 108.1 111.3 108.5 111.4
33.3 37.8 36.7 38.0 40.7 46.6 50.8
116.9
51.0
Personal consumption expenditures
19.9
63.0
19.7
62.4
19.9
63.6
20.3
64.6
21.-2
79.1
20.8
80.8
Federal Government expenditures
221.0 244.6 244.4 237.0 260.3 258.6 262.4
265.6
Purchases of goods and services
National defense
Other
98.1 104.4 106.7 102.3 102.7 105.5 107.3
71.6 74.4 76.6 71.9 72.4 74.3 74.2
26.5 30.1 30.1 30.4 30.3 31.2 33.1
106.8
74.2
32.7
Transfer payments...
To persons
To foreigners (net).
74.9
72.3
2.6
20.7
77.8
82.9
80.1
2.7
80.1
77.3
2.8
80.8
78.0
2.8
91.0
88.5
2.5
91.8
89.7
2.1
93.8
91.5
2.3
96.6
94.2
2.5
37.7
13.5
38.0
13.6
34.4
13.4
46.1
13.7
41.1
14.7
40.5
15.6
40.5
16.2
6.1
5.5
-.6
5.9
5.1
-.8
6.2
6.1
-.1
6.7
6.1
-.6
5.5
5.1
4.6
3.9
- . 9 -1.2
5.3
3.8
-1.5
.0
-.1
.0
.0
.0
-.1
.0
Surplus or deficit ( - ) , national
income and product accounts.... -22.2 -15.9 -19.0 - 7 . 4 -23.4 - 5 . 0
.0
4.0
Grants-in-aid to State and local governments
29.1
Net interest paid
13.6
Subsidies less current surplus of government enterprises
,. 5.3
Subsidies
3.9
Current surplus
-1.4
Less: Wage accruals less disbursements
.0
Table 14.—State and Local Government Receipts and Expenditures
(3.3, 3.4)
State and local government receipts
152.3 177.2 175.9 175.3 191.2 190.2
Personal tax and nontax receipts
27.7
Corporate profits tax accruals
4.1
Indirect business tax and nontax
accruals
82.0
Contributions for social insurance... 9.4
Federal grants-in-aid
29.1
192.8 196.0
34.3
4.9
34.1
4.7
34.6
4.9
36.1
5.2
6.1
37.9
6.6
39.1
6.6
89.6
10.7
37.7
88.7
10.5
38.0
90.6
10.9
34.4
92.5
11.3
46.1
94.9
11.6
41.1
96.0
11.8
40.5
97.7
12.1
40.5
State and local government expenditures.
148.3 164.0 160.8 165.9 171.6 176.4 181.2
185.7
Purchases of goods and services
136.2 150.5 147.5 152.4 158.0 163.0 168.0
Transfer payments to persons
16.6 18.2 18.0 18.5 18.8 19.1 19.4
Net interest paid...
-.2 -.4 -.4 -.5
-1.2 -1.6
Subsidies less current surplus of
government enterprises
-4.1 - 4 . 4 - 4 . 4 -4.5 - 4 . 6 - 4 . 6 - 4 . 7
Subsidies
.0
.0
.0
.0
.0
.0
.0
Current surplus
4.2
4.5
4.5
4.6
4.4
4.7
4.7
Less: Wage accruals less disbursements
-.1
.0
.0
.0 - . 1
_ _
Surplus or deficit ( - ) , national
income and product accounts
4.0
13.1
•%
15.2
9.5
19.6
13.9
11.5
171.9 174.2 170.0 170.3 186.0 181.5 183.0
172.2
19.5
-1.3
-4.7
.1
4.8
.0
10.4
188.0
Personal saving
60.2 49.7 45.9 45.8 54.4 50.0 51.0
51.1
Undistributed corporate profits
22.5 29.3 27.5 29.4 33.9 40.0 44.2
43.4
Corporate inventory valuation adjustment
- 4 . 9 - 6 . 9 - 6 . 7 - 6 . 9 - 7 . 3 -15.4 -21.1 -17.0
Corporate capital consumption
allowances
60.4 65.9 66.2 66.0 68.0 69.3 70.5
71.7
Noncorporate capital consumption
allowances
33.4 36.5 37.5 36.3 37.1 37.7 38.6
38.8
Wage accruals less disbursements
.4 - . 3 - . 2 - . 2
.0
.0 - . 1
.0
Government surplus or deficit ( - ) ,
national income and product accounts. -18.1 - 2 . 8 - 3 . 9
8.9
11.6
14.3
- 2 2 . 2 -15.9 -19.0 - 7 . 4 -23.4 - 5 . 0
4.0 13.1 15.2
9.5 19.6 13.9
.0
11.5
4.0
10.4
.0
.0
151.1 170.6 165.9 174.7 183.1 191.5 197.7
206.0
Gross private domestic investment. . 153.2 178.3 174.7 181.5 189.4 194.5 198.2
Net foreign investment
-2.1 -7.6 -8.7 -6.9 -6.3 -3.0 - . 5
-3.4 -1.5 -1.0
Statistical discrepancy
1.6
.2
1.1 3.2
202.0
4.0
Federal
State and local
Capital grants received by the United
Gross investment
.7
.7
.7
2.0 - 3 . 8
.7
.7
.0
Durable goods
Nondurable goods.
Services
III
3.7
141.60 146.10 145.42 146.42 147.63 149.81 152.46 155.06
134.4 137.9 137.4 138.2 139.2 141.0 143.8 146.2
112.3 112.8 112.9 113.5 112.5 113.0 114.3 115.1
131.7 135.7 135.0 136.0 137.6 140.8 144.8 148.4
148.0 153.2 152.5 153.5 155.3 157.0 159.0 160.7
Gross private domestic investment..
Fixed investment
140.1 145.7 145.0 146.3 147.6 149.7 152.7 154.4
Nonresidential
137.3 141.3 141.1 141.8 142.1 143.5 146.5 148.1
Structures
168.4 181.7 180.4 182.2 186.0 190.7 193.9 195.9
Producers' durable equipment.. 124.2 126.0 125.9 126.8 126.3 126.8 129.3 130.3
Residential structures.
Nonfarm
Farm
147.5 156.3 154.4 157.0 161.2 165.6 168.6 171.6
147.5 156.4 154.5 157.1 161.3 165.6 168.6 171.7
141.9 150.8 149.0 151.5 156.0 159.2 162.7 165.7
Change in business inventories.
Net exports of goods and services.
Exports..
Imports..
Government purchases of goods and
services
Federal
State and local.
125.7 130.2 129.2 130.7 133.7 137.4 145.9 155.0
125.0 133.6 133.0 135.2 137.8 141.8 154.5 161.7
169.2 178.3 176.6 179.6 181.6 186.0 189.6 192.5
160.9 171.7 169.8 173.9 175.5 181.2 184.4 186.8
175.8 183.2 181.9 183.7 185.9 189.2 193.1 196.1
Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
Gross national product.
Final sales
Goods outputDurable goods
Table 15.—Sources and Uses of Gross Saving (5.1)
Gross private saving.
II
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
198.9 228.7 225.4 229.6 236.9 253.6 262.4
20.4
55.2
I
Index numbers, 1968=100
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...
IV
Seasonally adjusted
Billions of dollars
Federal Government receipts.
III
1973
Nondurable goodsServices
Structures
Addendum:
Gross auto product.
141.60 146.10 145.42 146.42 147.63 149.81 152.46 155.06
141.8 146.2 145.5 146.6 147.8 149.9 152.5 155.1
125.5 127.7 127.3 128.1 128.6 130.4 133.1 136.2
118.5 119.0 118.9 119.5 118.8 119.2 120.5 122. 2
130.4 134.4 133.5 1316 136.4 139.6 143.7 148.0
159.7 166.5 165.9 167.0 168.6 171.3 173.5 175.3
160.4 170.6 168.6 170.9 175.4 180.1 183.6 186.2
112.4 111.7 111.9 113.4 110.1 111.1 112.6 113.7
Table 18.—Implicit Price Deflators for Gross National Product by
Sector (8.4)
Gross national product.
Private
Business . . .
Nonfarm.
Farm
Households and institutions..
Rest of the world
General governmentFederal
State and local.
141.60 146.10 145.42 146.42 147.63 149.81 152.46 155.06
135.88 139.78
134.4 138.0
135.1 138.0
117.1 139.5
139.12 140.07 141.27 143.25
137.4 138.3 139.5 141.4
137.5 138.1 139.1 140.5
134.8 143.6 151.3 167.6
145.88
143.9
142.4
193.0
148.47
146.4
144.0
231.6
198.9 212.1
206.2 221.5 220.8 222.6 224.6 230.8 233.9 237.1
206.6 230.5 229.9 231.4 232.6 243.2 244.3 246.2
206.0 216.5 215.6 217.8 220.2 224.2 228.4 232.4
Table 19.—Gross National Product: Change from Preceding Period
(7.7)
Percent at annual rate
Percent
Gross national product;
Current dollars
Constant dollars
Implicit price deflator
Chain price index
8.0
3.2
4.7
5.1
9.4
6.1
3.2
3.6
11.2
9.5
1.6
2.6
8.7
5.8
2.8
3.2
11.7
8.1
3.3
15.2
8.7
6.1
7.1
2.4
7.3
7.0
10.6
3.4
7.0
7.0
Gross private product;
Current dollars
Constant dollars
Implicit price deflator
Chain price index
7.9
3.5
4.3
4.5
6.5
2.9
3.1
12.1
10.4
1.6
2.2
8.7
5.8
2.7
3.2
12.2
8.4
3.5
3.9
15.5
9.3
5.7
6.5
10.3
2.5
7.6
7.2
11.1
3.6
7.3
7.1
By JOHN T. WOODWARD
H B H H H H B H H H H i CHART 3
Plant and Equipment Expenditures
Capital Spending Expected to Rise
Through First Half of 1974
Billion $ (Ratio scale]
B.BUSINESS expenditures for new
plant and equipment rose 3 percent
60 -
, , ,I , . , i. ,, I, , , I, ,, 1, ,, I,, , I,,
50
30
MANUFACTURING
20
Nondu rabies
V
>b
15
Durables
i . . 1 i . » 1 • « i 1 » «
10
50
111 i ! i
« 11 i . I , i i
COMMUNICATION AND
_ COMMERCIAL
40
-
30
j
20
-
. . . 1 . . . 1 ..
30
PUBLIC
20
-
15
i 1 i . i 1
. i 1 * i . 1 > i > i i . i
UTILITIES
/ *
•
-
-
10
8
i i . 1 i. . 1 . . . 1 . . . 1 . . . 1 . . . 1 . . . 1 . . .
7
-
TRANSPORTATION INCLUDING
RAILROAD
. , , I , . , 1 . . . I , . , I , . , I , , . I , , i I , . , 1
1967
68
69
70
71
72
73
74
Seasonally Adjusted at Annual Rates
•
Expectations
U.S. Department of Commerce, Bureau of Economic Analysis
73-12
their August projections by 1% percent,
with outlays substantially above expectations in the nonferrous metals,
machinery, paper, and chemical industries. Nonmanufacturing outlays as
a whole rose 1% percent in the third
quarter with increases in the railroad,
utility, communication, "other transportation," and mining industries, and
declines in the airline and commercial
industries. Aggregate nonmanufacturing outlays were 2% percent short of
expectations, with all major industries
from the second quarter of 1973 to the
third, to a seasonally adjusted annual
rate of $100.9 billion, according to the
survey conducted in late October and
November by the Bureau of Economic
Analysis. Businessmen project advances
of 4 percent in the fourth quarter, 3
percent in the first quarter of 1974, and
3% percent in the second quarter. For
the full year 1973, spending is expected
to total $100.1 billion,1 13.2 percent
higher than outlays in 1972. The
latest projection for 1973 is almost the Table 1.—-Plant and Equipment Expenditures, Annual Percent Changes 1972-73
same as the May and August projections but about half of 1 percent less
Expected 1973 as
reported in:
than the February projection (table 1).
1972
Actual
The gain expected for 1973 compares
Feb. May Aug. Nov
with increases of 9 percent in 1972 and
2 percent in 1971.
13.2
13.2 13.2
8.9
13.8
All industries.
18.5 19.4 21.2
It should be noted that most of the Manufacturing *
4.5
18.0
24.0
responses to the latest survey were
10.5
19.6 21.7 21.9
Durable goods »
26.6
received by mid-November, and it is
24.0 20.4 25.7
Primary metals ».-. - 1 . 1
Blast furnace,
13.1
15.5 16.9
unlikely that they reflect any signif-9.4
10.8
steel works
10.0 38.6 29.4 36.6 41.7
Nonferrous
icant impact of the Arab oil embargo.
Electrical ma14.4
18.9 18.5 21.3
11.7
chinery
However, supply problems that had
Machinery, except
12.4
13.1 13.5 20.1
3.3
electrical
already arisen, or been forecast, involvTransportation l
21.1
18.4
15.8 18.9
18.5
equipment . . .
19.2
14.7 17.6 22.8
ing various raw materials and sources
20.7
Motor vehicles. 23.2
21.8
20.2
22.0
12.2
Aircraft
of energy—including petroleum prodStone, clay, and
24.9
24.0
14.2
16.3
41.9
glass
12.2 27.5 36.3 29.1 28.4
ucts—are reflected in the survey
Other durables *„—
18.4
16.5
15.4 16.9
Nondurable goods i.
-.7
projections to the extent that businessFood including
men were aware of such problems and
-5.1 18.3 16.6 18.7 19.4
beverage
8.1
18.6 - 6 . 0 - 3 . 2 3.0
Textile
formulated their investment programs
10.5 25.1 24.5 33.3 37.0
Paper
25.4
20.3 20.2 20.0
.3
Chemical
accordingly.
3.0
10.3
4.1 3.8
-10.3
Petroleum
44.7
28.2 37.5 43.1 44.2
Rubber
Manufacturers reported a strong in24.7
25.9
13.8
23.5
11.0
Other nondurables
crease in spending from the second to Nonmanufacturing
a 5 11.4 10.3 9.9 8.7
the third quarter of 1973—6 percent—
14.2
9.2
13.3 17.1
11.6
Mining
7.8
11.9 11.6
7.5 - 6 . 8
with large gains in both durable and
Railroad
1.9
4
.
9
30.8 - 3 . 1 -10.1
Air transportation....
10.2
5.6
4.5
5.5
5.1
nondurable goods industries. Aggregate
Other transportation12.3
15.7 13.9
16.6
11.1
outlays by manufacturers exceeded
12.2
Public utilities
14.9 12.5
16.5
1. The expectations figures have been adjusted for systematic biases (footnote 2, table 6). Before adjustment, 1973
expenditures were expected to be $99.84 billion for all industries, $38.09 billion for manufacturing and $61.76 billion for
nonmanufacturing. The adjustments were applied separately
to each major industry; their net effect was to lower the
manufacturing total by $0.08 billion and to raise the nonmanufacturing total by $0.32 billion.
Electric
Gas and other
Communication
Commercial and
other
12.6
3.2
10.4
17.1
12.8
20.2
10.5
22.3
11.3
12.6
11.2
10.4
7.9
6.7
5.8
1. Includes industries not shown separately.
Source: U.S. Department of Commerce, Bureau of
Economic Analysis.
SURVEY OF CURRENT BUSINESS
10
December 1973
Table 2.—Expenditures for New Plant and Equipment, 1973-74
and 5 percent in the second, with
advances for most major industries in
both the durables and nondurables
1973
1974
categories. Outlays in the first half of
H
IV i
III
Hi
I
II
1974 are expected to be 11 percent
above
the second half of 1973 and 22
104.94
All industries
97.76
100.90
108.16
111.92
96.19
percent
above the first half of this year.
36.58
40.54
35.51
38.81
42.92
Manufacturing .
_.
45.12
20.94
18.64
22.21
19.73
22.69
Durable goods
17.88
If
the
expectations
are realized, manu17.94
19.60
19.08
Nondurable goods
17.63
20.71
22.43
facturers'
spending
in
the second quarNonmanufacturing
61.18
62.09
64.40
65.24
60.68
66.80
ter will be about 55 percent above the
1. As expected in late October and November.
recent low recorded in the third quarter
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
of 1971. Current indications are that
the steepest advances from 1971 will be
except nonrail transportation showing to the third quarter of 1973. The in the nonferrous metals, transportation
shortfalls.
average quarterly lise projected for equipment, stone-clay-glass, paper, rubThe increase in capital expenditures nonmanufacturing outlays through mid- ber, and "other nondurables" indusin the third quarter was the eighth 1974 is 2.5 percent, compared with 2.3 tries; other industries with large indicated increases are iron and steel,
successive quarterly advance. Manu- percent for the past four quarters.
machinery, "other durables/' textiles,
facturers' spending rose faster than
9
and chemicals. The smallest increase
spending by nonmanufacturing indus- Manufacturers expectations
All major durable goods industries currently indicated is in the petroleum
tries in seven of these eight quarters; in
each of the past four quarters, the rise in except nonferrous metals expect sizable industry; investment by this industry
manufacturing outlays has equaled or percentage increases in spending from has been sluggish over the past 2 years,
exceeded 3 percent, a rate that has been the third quarter to the fourth; in generally ranging from about 80 to 90
recorded for nonmanufacturing spend- nondurables manufacturing, only the percent of the industry's most recent
ing in only two of the past eight petroleum, textile, and "other non- peak in the second quarter of 1971.
quarters. Manufacturers project an durables" industries expect increases. According to some industry and trade
average quarterly increase of 5.2 per- Total manufacturers' outlays are ex- sources, the relative weakness in petrocent from the third quarter of 1973 to pected to advance 4% percent from the
the second quarter of 1974, somewhat third quarter to the fourth.
CHART 4
less than their average increase of 5.8
Manufacturers expect an increase of
percent from the third quarter of 1972 6 percent in the first quarter of 1974
(Billions of dollars, seasonally adjusted at annual rates)
Manufacturers' Evaluation of
Existing Capacity *
Table 3.-—Equipment Expenditures From Year-Earlier Quarter, Last Two Quarters of
1972 and First Three Quarters of 1973
Percentage of firms
decreasing expenditures l
Percentage? of firms
increasing expenditures l
1972
III
1973
IV
II
III
III
IV
II
MORE CAPACITY NEEDED
/-
50
/
1973
1972
Percent of Capital Assets Held by Respondents Reporting—
60
V
40
v
III
30 -
Manufacturing...
57
57
37
36
35
?0
Primary metals
Blast furnace, steel works.
Nonferrous
36
36
40
30
26
28
70
Electrical machinery
Machinery, except electrical
Transportation equipment.
Motor vehicles
Aircraft
32
35
31
46
35
45
32
21
37
Stone, clay, and glass.
Other durables
24
37
40
35
Durable goods.
39
38
Food including beverage.
Textile
Paper
Chemical
43
43
35
35
42
25
33
Petroleum
,
Rubber
Other nondurables..
58
29
Nondurable goods.
1. The percentages shown do not add to 100 since the companies reporting no change in expenditures are not shown.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
29
43
1111
11111
i
.1,. .1.
. 1. . , ! . , , 1.. ,1 . . .
CAPACITY ADEQUATE
60
50
. . . . . . . . . . . . . . . . . . I.. ,1 . . .
1965 66
68
69
70
71
72
73
* Relative to prospective operations during the ensuing 12-month period.
U.S. Department of Commerce, Bureau of Economic Analysis
73-12-4
SURVEY OF CURRENT BUSINESS
December 1973
leum investment reflects uncertainties
relating to the availability of crude oil.
Table 3 shows a measure of the
pervasiveness of the expansion in manufacturers' outlays, calculated by
matching outlays reported by each
company in the survey sample for a
given quarter with those reported by
the company in the year-earlier quarter.
In the third quarter of 1973, 57 percent
of the companies reported over-the-year
increases in expenditures, about the
same percentage as in the preceding
three quarters; this is somewhat higher
than the ratio of approximately 50
percent in early- and mid-1972. In the
third quarter, the percentage of overthe-year increases moved up sharply in
the primary metals, transportation
equipment, paper, and petroleum
industries.
Probably the most important factor
behind the strong expansion in manu-
facturers' capital outlays over the past
year has been the increase in utilization
of their capacity. The Federal Reserve
series on overall capacity utilization in
manufacturing rose from 76 percent in
the first quarter of 1972 to 83 percent in
the third quarter of 1973. The Federal
Reserve's new—and separately estimated—series on capacity utilization
in the major materials industries shows
a rate of 96 percent for the third
quarter compared with 88 percent in
the first quarter of 1972. According to
the BE A survey, companies owning 51
percent of fixed assets in manufacturing
reported that facilities were inadequate
as of September 30, taking account of
current and prospective sales over the
next 12 months; this was an increase
from 48 percent at June 30 (table 4).
The "need more" percentage rose for
both durable and nondurable goods
industries. The "about adequate" per-
Table 4.—Manufacturers9 Evaluation of Their Capacity
11
centage declined to 46 percent at
September 30 from 49 percent at
June 30, while the "excess" percentage
held at 3 percent.
Manufacturers9 starts and carryover
Manufacturers' expectations of rising
outlays in the current quarter and the
first half of 1974 are supported by the
recent high rate of new project starts.
Projects started by manufacturers in
the third quarter totaled $12.1 billion,
seasonally adjusted, less than the record
$12.4 billion in the second quarter but
30 percent above the third quarter of
1972. Starts in the petroleum industry
dropped sharply in the third quarter
from the unusually large second quarter
level. Excluding the petroleum indus-
CHART 5
Starts and Carryover of
Investment Projects
Billion $ (Ratio scale)
40
(Percent distribution of gross capital assets)*
MANUFACTURING
_
1972
1971
1973
>
20
June
30
Sept.
30
Dec.
31
Mar.
31
June
30
Sept.
30
Mar.
31
Dec.
31
June
30
Sept,
30
Carryover*
/
._
Durable goods 2
Primary metals
Metal fabricators»
30
. . . _.
.
Nondurable goods 2
Food including beverage
Chemical .
Petroleum
Starts of Projects
10
More plant and equipment needed:
All manufacturing
.
31
30
31
X
/
33
37
40
44
48
51
35
39
41
44
6
25
25
24
25
28
34
19
24
19
24
18
25
21
26
25
28
25
36
24
40
30
43
34
43
39
44
4 - > '
35
36
35
36
37
40
43
47
55
58
3 HIIIIIIIIIIMI
35
42
38
35
46
38
34
43
39
33
40
40
31
45
40
32
46
40
39
48
44
35
46
54
39
48
70
41
53
70
y
.
~
Expenditures
h i
I I I M I
I M I M
i l l
i i
1. i l l
. .
.
- PUBLIC UTILITIES
About adequate:
All manufacturing
_.
Durable goods 2
Primary metals.
Metal fabricators»
Nondurable goods 2
Food including beverage
Chemical
Petroleum.
.
61
58
59
62
60
57
55
53
49
46
63
60
61
64
61
56
56
56
55
52
70
63
60
63
57
64
62
65
56
64
57
57
60
5i
68
50
64
51
59
51
59
57
58
60
59
58
55
51
43
40
53
55
62
56
45
62
57
53
61
57
55
60
58
53
60
65
52
60
58
50
56
62
51
46
58
51
30
56
46
30
Existing plant and equipment exceeds
needs:
All manufacturing. .
Durable goods 2
Primary metals
Metal fabricators 3
Nondurable goods 2
Food including beverage
Chemical
Petroleum
.
9
11
11
7
7
6
5
3
3
3
12
15
15
11
11
10
9
5
4
4
11
13
21
13
25
11
17
9
19
g
16
6
2
7
2
6
2
5
6
7
7
4
4
18
7
2
2
2
2
2
12
3
0
9
9
0
9
4
0
10
5
0
11
2
0
3
2
0
3
2
0
3
3
0
3
1
0
3
1
0
~
Expenditures
1 . . . I . • , I , , , I , , , I • , • I •. , I • , • I . , • I . , • I • ,
1963
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.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
:
67
69
Seasonally Adjusted
"Carryover as of end of period.
U.S. Department of Commerce, Bureau of Economic Analysis
71
73
December 1973
SURVEY OF CURRENT BUSINESS
12
expecting an increase of 30 percent.
Communications firms expect an increase of about 6 percent, and railroads
and the mining inudstry expect very
small increases. Airlines and other nonrail transportation firms expect sizable
declines, and commercial firms expect
a small decline.
In the first half of 1974, total expenditures by nonmanufacturing firms
are expected to be 4 percent above the
second half of 1973 and 8 percent above
the first half. Large increases from the
second half of 1973 to the first half of
1974 are expected by railroads (27
percent)
and electric utility firms (10
Nonmanufacturing industries
Aggregate spending by nonmanu- percent). Mining, communication, comfacturing industries is expected to ad- mercial, and "other transportation"
vance 3 % percent in the fourth quarter firms expect small increases, and small
of 1973, 1 percent in the first quarter declines are expected by airlines and gas
of 1974, and 2 percent in the second utilities.
Railroads project spending at an
quarter. Most of the increase scheduled
annual
rate of about $2% billion in the
for the fourth quarter is attributable
to public utility firms, with electric first half of 1974; if realized, this will be
utilities expecting an increase of 12 the highest rate since the peak set in
percent and gas and other utilities 1966. The industry's earnings also
try, manufacturers' starts rose
percent in the third quarter, with substantial increases in the food-beverage
and chemical industries.
The value of new projects started by
manufacturing
companies
exceed
their capital expenditures in the third
quarter, resulting in an increase in
carryover—the amounts still to be
spent on plant and equipment projects
already underway. Manufacturers1 seasonally adjusted carryover at September 30 totaled $29.6 billion, up $2.4
billion from the end of June and $9
billion above the year-earlier figure.
reached a peak in 1966, and have since
been well below the peak, while capital
outlays fluctuated between 60 and 80
percent of the 1966 figure. Data on new
and unfilled orders for freight cars
confirm the expectations of a rise in
the industry's capital investment in
the near term, and earnings have shown
some improvement during the past
several quarters.
The value of new projects started by
public utilities reached a record $11.2
billion in the third quarter, up $1.2
billion from the second quarter; carryover totaled $59.1 billion at September 30, up from $52.5 billion at June 30.
The rapid advance in utility carryover—more than doubling in the past
2 years—reflects the initiation of many
large electric generating plants requiring long construction periods. At
June 30, 1971, 6 percent of electric
utility firms had carryover equal to or
exceeding 15 times their expenditures
in the preceding quarter; at September 30, 1973, the proportion of firms in
this category had risen to 27 percent.
Table 5.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities, 1970-73
(Billions of dollars)
Starts i
Annual
Manufacturings.
Carryover *
1972
1970
1971
1972
1973
II
III
IV
1972
1973
II
III
Mar.
June
Sept.
Dec.
Mar.
June
Sept.
29.18
28.00
35.35
7.87
8.31
8.88
10.15
11.08
12.11
11.50
18.76
19.44
20.58
21.36
24.63
27.58
29.46
Durable goods *
Primary metals
Electrical machinery
Machinery except electrical
Transportation equipment *
Stone, clay, and glass
14.04
2.55
2.18
3.29
2.04
.82
13.59
2.44
1.82
2.59
2.34
.94
17.07
3.19
2.34
3.11
2.66
1.46
3.71
.88
.42
.63
.56
.34
3.98
.61
.60
.73
.59
.40
4.30
.91
.57
.76
.73
5.08
.79
.76
1.00
.77
5.34
1.16
.71
.87
.88
.37
5.86
1.14
.77
.97
.98
5.83
1.23
.74
.86
1.00
.52
9.52
2.96
1.58
.80
2.43
.62
9.79
2.92
1.62
.84
2.40
.74
10.22
11.95
3.60
1.72
1.14
2.81
.84
13.16
3.94
1.83
1.24
3.04
1.00
14.14
.81
10.54
3.12
1.57
.98
2.55
.80
Nondurable gooda»
Food including beverage..
Textile
Paper
Chemical
Petroleum
15.14
2.50
.49
1.54
3.06
5.64
14.42
2.49
.71
1.00
3.25
5.14
18.28
3.13
.64
1.60
3.92
6.15
4.16
.64
.18
.34
.96
1.39
4.33
.68
.18
.39
.87
1.49
4.58
.86
.15
.33
1.08
1.51
5.07
.80
.12
.54
.1.01
1.76
5.74
.72
.31
.58
1.57
1.74
6.26
.90
.20
.54
1.44
2.41
5.67
1.24
.16
.51
1.86
1.12
9.24
1.08
.31
.79
2.54
3.40
9.66
1.13
.29
.83
2.56
3.55
10.36
1.29
.27
.84
2.83
3.78
10.82
1.43
.21
.94
2.8C
3.99
12.68
1.50
.35
1.16
3.50
4.62
14.43
1.62
.37
1.24
3.88
5.78
15.32
2.04
.33
1.23
4.63
5.51
17.20
22.22
28.60
9.16
5.04
5.20
9.19
11.88
8.46
8.21
35.80
36.61
37.42
41.87
49.80
53.67
57.07
PubUc utilities.
3.14
1.61
.88
2.60
4.26
1.86
1.27
3.24
1.16
Adjusted for Seasonal Variation
Manufacturing'
Durable goods a
Primary metals
Electrical machinery
Machinery except electrical
Transportation equipment *
Stone, clay, and glass
Nondurable goods »
Food including beverage..
Textile
Paper
Chemical
Petroleum
Public utilities..
_
7.81
8.43
9.28
9.73
10.89
12.36
12.09
18.35
19.19
20.72
22.04
24.05
27.26
29.65
3.63
.80
.37
.68
.54
4.09
.68
.67
.73
.55
.42
4.53
.91
.63
.85
.72
.35
4.84
.84
.65
.84
.85
.40
5.19
6.02
1.24
6.18
1.24
.81
.94
.87
.30
9.28
2.88
1.51
.78
2.42
.57
.50
9.67
2.90
1.62
.83
2.36
.74
10.29
3.12
1.64
.93
2.47
.79
10.91
3.26
1.62
.97
2.63
.85
11.64
3.49
1.64
1.10
2.80
.81
13.00
3.90
1.82
1.22
3.00
1.01
14.24
4.23
1.89
1.35
3.20
1.13
4.18
.70
.18
.31
.87
1.40
4.35
.64
.16
.41
.86
1.62
4.74
.84
.15
.35
1.12
1.59
4.89
.80
.14
.53
1.08
1.54
5.70
.79
.31
.54
1.46
1.72
6.34
.85
.17
.58
1.45
2.56
5.91
1.19
.17
.53
1.91
1.26
9.07
1.08
.31
.75
2.49
3.29
9.52
1.12
.28
.82
2.52
3.53
10.43
1.28
.26
.85
2.80
3.87
11.12
1.44
.23
.99
2.93
4.05
12.41
1.51
.35
1.10
3.42
4.47
14.26
1.61
.35
1.22
3.83
5.74
15.40
2.01
.32
1.25
4.58
5.65
6.40
6.16
7.59
8.92
7.94
10.00
11.25
33.75
35.76
39.10
43.64
46.99
52.47
59.08
1. Starts are estimated by adding changes in carryover to expenditures during given period.
2. Carryover refers to expenditures yet to be incurred in plant and equipment projects
alroady under* ay at end of period.
3. Includes data not shown separately.
4. Includes guided missiles and space vehicles.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
December 1973
13
1
Table 6.—Expenditures for New Plant and Equipment by U.S. Business, 1971-74
(In billions of dollars)
Quarterly, unadjusted
Annual
1971
1972
1972
1973 2
II
All industries
Quarterly, seasonally adjusted at annual rates
1973
III
IV
II
1974
III
IV 2
II
81.21 88.44 100.08 19.38 22.01 21.86 25.20 21.50 24.73 25.04 28.81 24.19
Manufacturing industries
1972
1973
III
IV
II
III
1974
IV a
86.79 87.12 87.67 91.94 96.19 97.76 100.90 104.94 108.16
29.99 31.35
38.00
6.61
7.63
7.74
9.38
7.80
9.16
9.62 11.42
9.43
30.09 30.37 30.98 33.64 35.51 36.58
38.81
40.54
42.92
14.15 15.64
2.78 2.75
1.37 1.24
1.08 1.18
2.14 2.39
2.80 2.90
19.39
3.48
1.41
1.68
3.29
.61
.25
.28
3.71
.65
.31
.25
3.86
.69
.31
.30
4.77
.80
.37
3.92
.67
.27
4.65
.80
.34
.37
4.84
.91
.34
.45
4.87
.92
.36
.46
15.06 14.77 15.67 16.86 17.88 18.64
2_82 2.63 2.76 2.78 3.08 3.30
1.24 1.25 1.23 1.26 1.32 1.37
1.27 1.05 1.20 1.22 1.42 1.55
19.73
3.64
1.38
1.83
20.94
3.80
1.52
1.85
2.90
3.48
.45
.58
.56
.69
.58
.72
.80
.90
.56
.71
.66
.87
.72
22.21
4.22
1.75
2.01
3.08
4.09
Durable goods
Primary m e t a l s '
Blast furnace, steel works
Nonferrous
Electrical machinery
Machinery except electrical
5.97
1.10
.46
1.06
.64
.90
2.14
2.60
2.25
2.73
2.41
2.99
2.65
3.20
2.73
3.23
2.69
3.44
2.99
3.43
3.10
3.74
Transportation equipment s
Motor vehicles
Aircraft«
2.13
1.51
.38
2.53
1.83
.43
3.C6
2.24
.53
.55
.39
.09
.63
.46
.10
.63
.45
.11
.72
.53
.12
.62
.43
.12
.74
.54
.12
.80
.60
.13
.90
.67
.15
.83
.60
.15
2.48
1.71
.45
2.48
1.79
.43
2.40
1.72
.42
2.76
2.08
.42
2.81
1.97
.56
2.92
2.09
.50
3.12
2.35
.51
3.36
2.52
.56
3.74
2.77
Stone, clay, and glass
Other durables 8
.85
3.45
1.20
3.87
1.50
4.97
.26
.84
.28
.91
.29
.95
.38
1.17
.33
1.03
.37
1.20
1.23
.44
1.52
.38
1.21
1.12
3.90
1.09
3.59
1.22
3.89
1.36
4.10
1.38
4.65
1.48
4.82
1.53
5.02
1.60
5.34
1.59
5.49
15.84 15.72
2.69 2.55
.61
.73
1.25 1.38
3.44 3.45
5.85 5.25
.84 1.08
1.27
1.51
57.09
51.22
2.42
2.16
1.80
1.67
2.46
1.88
1.46
1.38
17.00
15.30
12.86 14.48
2.44 2.52
18.61
3.05
.79
1.89
4.32
5.41
1.57
1.59
3.32
.56
.18
.27
.75
1.08
.21
.27
3.92
.63
.19
.35
.85
1.34
.24
.31
3.87
.70
.17
.32
.81
1.28
.28
.31
4.61
.66
.18
.44
1.04
1.56
.35
3.88
.65
.18
.36
.87
1.10
.36
.37
4.51
.78
.18
.46
1.06
1.26
.37
.41
4.78
.81
.20
.51
1.11
1.39
.40
.37
5.45
.81
.23
.56
1.28
1.67
.44
.44
4.56
.72
.20
.46
1.11
1.31
.39
.37
16.78 17.63 17.94
2.59 2.85 2.98
.70
.67
.79
1.56 1.70 1.83
3.78 3.86 4.15
5.45 5.19 5.17
1.29 1.57 1.51
1.40 1.66 1.62
19.08
3.17
.80
2.00
4.67
5.40
1.60
1.45
19.60
3.16
.89
2.00
4.55
5.78
1.58
1.62
20.71
3.16
.87
2.17
4.92
6.21
1.71
1.67
58.30 60.68 61.18
19.09
16.25
2.84
10.77 11.89
13.03
Nondurable goods
Food including beverage...
Textile
Paper
Chemical
Petroleum
Rubber
Other nondurables •
Nonmanufacturing industries..
Mining
Railroad
Air transportation
O ther transportation
Public utilities
Electric
Gas and other
Communication
18.05 20.07
62.07 12.77 14.38 14.12 15.83 13.69 15.57 15.42 17.39 14.76
2.76
.58
.61
.63
1.94
.48
.48
.47
.46
.46
2.41
.50
.73
.63
.52
1.60
.32
.39
.35
.40
3.63
3.19
4.24
3.61
4.39
3.67
4.74
4.01
.73
.44
.62
.72
2.72
2.95
21.24
.61
2.84
3.39
5.57
.71
.73
.70
.48
.54
.54
.72
.57
.60
.51
.32
.43
.44
.41
.38
3.95
3.45
4. 59
3.91
4.82
4.04
.77
5.74
4.85
.89
4.65
4.14
.52
.50
.68
2.87
3.27
3.19
5.24
U.37 7.98J
15.02 15.60 15.31
2.46 2.42 2.73
.82
.74
.66
1.27 1.39 1.27
3.29 3.30 3.38
4.99 5.54 4.98
.92
.97 1.11
1.18
1.27 1.24
56.70
56.70 56.75
2.40
2.42 2.38
1.50
2.10 1.88
2.67
1.96 2.89
1.41
1.48 1.53
16.92 16.60 17.01
14.27 14.32 14.62
2.65 2.27 2.38
62.09
64.40
65.24
2.46
2.59
2.77
2.82
2.85
2.90
1.71
2.11
1.75
1.95
1.98
2.43
2.33
2.21
2.72
2.49
2.22
2.16
1.42
1.53
1.62
1.79
1.53
1.74
17.53 18.38 18.08
14.67 15.40 15.55
2.86 2.98 2.52
18.58
16.00
2.58
21.20
17.84
3.35
21.57
18.49
34.63
34.43
11.71 11.59 11.56 12.63 12.34 12.70
13.12
20.10 19.88 20.16 20.21 21.53 21.55
21.36
7
4.94 5.40
Commercial and other
4.55 4.98 4.97
4. Includes guided missiles and space vehicles.
1. Excludes agricultural business; real estate operators; medical, legal, educational, and
5. Includes fabricated metal, lumber, furniture, instrument, ordnance and miscellaneous
cultural service; and nonprofit organizations.
except guided missiles and space vehicles.
2. Estimates are based on expected capital expenditures reported by business in late October
6. Includes apparel, tobacco, leather and printing-publishing.
and November 1973. The estimates for the fourth quarter, and first quarter of 1974 have been
7. Includes trade, service, construction, finance and insurance.
corrected for systematic biases. The adjustment procedures are described in the February
1970 issue of the SURVEY OF CURRENT BUSINESS. Before such adjustments, 1973 expenditures
NOTE.—Details may not add to totals because of rounding.
were expected to be $99.84 billion for all industries, $38.09 billion for manufacturing and
$61.76 billion for nonmanufacturing.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
3. Includes data not shown separately.
(Continued from page 4)
billion in October, the latest month for
which data are available (chart 2).
The surge in installment credit use
over the recent cyclical upswing carried
the net increase to a record share of
disposable personal income. In the past
four quarters, the net increase in credit
outstanding ranged between 2.3 and
2.8 percent of personal disposable income, up from 0.8 percent in the first
quarter of 1971. Previously in the
postwar period, this ratio had only
rarely reached 2 percent of disposable
income and on those occasions held at
that level only briefly—seldom more
than one quarter.
The slowdown in credit growth that
has occurred since the first quarter of
this year has thus far been largely
related to the weakening of auto sales.
Extensions of credit for automobiles
declined slowly after the first quarter,
more or less in line with sales, while
repayments continued to increase
sharply. As a result, the net increase in
auto credit fell sharply from a $10
billion annual rate in the first quarter to
$7.2 billion in the third and $5.8
billion in the month of October. The
growth of personal loans, which include
an element of auto credit as some
people take out personal loans before
they shop for cars (especially used
cars), has also slackened, from $5.4
billion in the first quarter to $4.3
billion in the third and $4.2 billion in
October.
The slower growth of auto credit
and personal loans has been partly
offset by further acceleration of credit
growth for purchases of consumer goods
other than automobiles. After reaching
a record rate of $7% billion in the first
quarter, growth of other consumer
goods paper slowed a little in the second
quarter and then surged to $8}1 billion
in the third and to a rate of nearly
$9tf billion in October. The recent
strength here is suprising because there
has not been any comparable surge in
consumer
purchases of
nonauto
durables.
By MARY FRANCES TEPLIN
U.S. International Transactions in Royalties and Fees:
Their Relationship to the Transfer of Technology
i,N recent years the international flow
of technology has attracted considerable attention, especially from a balance
of payments viewpoint. Technology is
difficult to define. Some would limit the
term to scientific knowledge that has
recognized practical applications, while
others prefer broader concepts, including general know-how and experience,
such as marketing and management
expertise. The international transfer of
technology is correspondingly difficult
to measure. International direct investTable 1.—'International Transactions in
Royalties and Fees by U.S. Firms
[Millions of dollars]
1969
1970
1971
1972
Receipts:
Total —
Direct invostment-related
Unaffiliated
Payments:
Total
Direct investment-related
Unaffiliated . . .
1,894 2,203 2,491
1,393 1,620 1,865
501 683 626
221
101
120
225
111
114
241
118
123
2,760
2,090
670
276
138
138
14
1. Lines 7 and 21 of the table, "U.S. International Transactions" (table 2) in the balance of payments presentation
show unaffiliated receipts and payments, respectively, and
line 24 shows direct investment-related payments; receipts
from foreign affiliates shown in line 10 of that balance of payments table include the affiliated film rental receipts that
are excluded from the data presented in this article.
which are excluded from the data
presented here because they are an
identifiable item clearly not related to
technology transfer.
CHART 6
International Transactions
in Royalties and Fees
Billion $ (Ratio scale)
4.0
_
RECEIPTS
Total
2.0 -
/
/
:
>
1.0
•Y--
Direct Investment
Related
_
—
.60
/
_
Unaffiliated
_
.40
**
/
.20 .
; - '
.10
•
.40
-
/
1 1 1 1 1 1 1Mil
•
•
1 1 1 1 1 1 1
•
•
PAYMENTS
r
>*
Total
.20 -
—
.10
.06
M i l l 1
ment flows are sometimes considered a
proxy for technology transfer defined
in the broad sense. BEA compiles other
statistics that are associated with a
more limited concept. These are the
data on U.S. receipts and payments of
fees and royalties, including both transactions between direct investors and
their foreign affiliates and transactions
between unaffiliated firms.
Most royalties and fees are payments
for the use of technology. However,
some royalties and fees are not related
to technology, and some technology
transfers do not give rise to payments
of royalties or fees. This article describes the content and coverage of the
BEA data to clarify the extent to which
they can be considered a measure of
technology transfer. The second part of
the article presents a brief summary of
the behavior of U.S. payments and
receipts of royalties and fees during the
postwar period.
Preliminary estimates indicate that
U.S. companies earned $2.8 billion in
royalties and fees from foreign firms in
1972, 75 percent of which came from
foreign affiliates (table 1 and chart 6).
Receipts have expanded rapidly in
recent years, growing at a compound
annual rate of 12.8 percent since 1960.
Royalties and fees from Japan have
grown especially fast and in 1972 accounted for 12.5 percent of total receipts, up from 6.8 percent in 1965.
Payments of royalties and fees to
foreigners are still very small, less than
$0.3 billion in 1972, and are about
equally divided between affiliated and
unaffiliated foreign companies. Their
growth has been somewhat slower than
the growth of receipts (11.5 percent
per year from 1960 to 1972) and more
irregular.
This article presents the BEA series
for royalties and fees, with some geographic breakdown, as far back as the
data are available. Table 3 covers
unaffiliated receipts and payments, and
table 4 covers transactions between
affiliated companies. Table 5 shows
receipts from affiliated companies with
management fees excluded. BEA
publishes current data on fees and royalties quarterly in the balance of payments tables in the SURVEY.1 In those
tables, however, receipts from affiliated
companies include film rental receipts,
/
/
t
?'
,- ^ '. •***
Direct Investment _
Related
.04
.02 I"*"'
.01
^^Unaffiliated
1 1 1 1 1 1 1
1956
1960
-
I I I !
1 1 1 1 1 1 1
1964
1968
U.S. Department of Commerce, Bureau of Economic Analysis
1972
SURVEY OF CURRENT BUSINESS
December 1973
Coverage and Data Limitations
THE BEA statistics on royalties and
fees measure payments for the use of
rights or intangible property (patents,
techniques, processes, formulas, designs, trademarks, copyrights, franchises, manufacturing rights, etc.) and
management fees. The term royalty
generally refers to, payments for the
utilization of copyrights or trademarks,
while licensing fees refer to charges for
the use of a patent or industrial process;
however, the BEA statistics do not distinguish between these two components. Management fees are charged
mainly by parent companies to their
affiliates and include payments for
administrative, professional, and management services. The BEA data on
direct investment-related royalties and
fees are net measures. That is, the
receipts figure represents receipts by
U.S. firms from their foreign affiliates
net of any payments by the parents to
the affiliates. The payments figure
measures payments by U.S.-based subsidiaries to their foreign parents net of
any receipts by the subsidiaries from
their parents.
The technology content of management fees can vary considerably from
case to case: they may cover consulting
and technical advice provided in connection with a process for which the
subsidiary is also paying royalties or
licensing fees, or they may simply
cover home office administrative expenses. The distinction between management fees and royalties or licensing
fees is not clearcut. For example, one
company providing blueprints and technical advice to its affiliate may classify
the associated charges as a licensing
fee for know-how, while another may
classify them as a management fee for
services rendered.
Royalties of fees are ordinarily paid
throughout the term of the contract,
so royalties and fees paid in any given
period relate to technology transferred
in the past as well as in that period.
Moreover, variations in business practice lessen the precision of the relationship between royalties and fees and
technology transfers. The terms of a
contract are often negotiated before the
value of the know-how in the new market can be ascertained. Furthermore,
the terms of contracts can vary widely,
including not only the rate charged
but the base on which the payment is
calculated. For example, payments may
be based on annual profits, gross sales,
or some other measure of performance,
and there may be a minimum annual
charge regardless of the profits or sales.
Some contracts call for an initial payment in addition to or in place of annual
royalties. Joint ventures of U.S. and
foreign companies in which part of one
company's contribution is in the form
of know-how rather than capital involve
a one-time royalty payment. Thus,
year-to-year changes in total royalties
and fees are influenced by the type and
timing of the payments specified in
individual agreements, as well as actual
changes in the number or value of
technology transfers.
Some types of technology transfer do
not generate payments of royalties or
fees and are thus not reflected in these
BEA statistics. One example is technical services. Agreements generating
royalties and licensing fees may provide
for technical consulting and related
services as part of the package, and in
those instances the payments reported
cover these services. However, royalties
and fees generally exclude payments for
a wide range of other services provided
under contract to foreigners that may
involve technology transfer. Examples
are the provision of training; marketing,
management, and economic consulting;
and engineering consulting and services.2 The Balance of Payments Division of BEA collects some information
2. However, management fees received from affiliates,
which are included in the statistics presented here, may
include charges for services similar to these.
15
on these types of services for inclusion
with other private services in the balance of payments statistics, but in their
current form these statistics do not
provide a satisfactory measure of technological content.
Companies do not always establish
formal licensing arrangements with
their foreign affiliates, even for patented
know-how or for processes already
generating royalties or fees from unaffiliated companies. Without a formal
arrangement, there are no payments of
royalties and fees, and the technology
transfer is not reflected in the BEA data.
Moreover, since profits accrue to the
parent in any case, the terms of any
agreement that is established may be
influenced by considerations other than
the value of the technology transferred.
A company may set royalty payments
so as to minimize taxes, for example, if
corporate income tax rates paid by the
foreign affiliates differ from those in
the United States. The pattern and size
of payments may also be affected by
such factors as political considerations
or exchange controls.
Other business practices, not limited
to parent-affiliate relationships, can
also result in the underestimation of
technology transfers as measured by
royalties and fees. For example, agreements often include the rights to future
technological developments by either
party without additional charges.
Another example is cross-licensing, in
which two companies share rights to
each other's processes without monetary
payments by either side.
On the other hand, some payments
included in the data on royalties and
fees are not ordinarily interpreted as
payments for technology. As mentioned
previously, this is true of some management fees. Other examples are
royalties for books and records and for
the use of trademarks. The statistics on
transactions between unaffiliated companies also include franchise fees, and
royalties and fees paid by affiliated
companies include a small amount for
rentals of equipment. These royalties
and licensing fees are relatively small,
but they may affect year-to-year
changes.
SUEVEY OF CUEEENT BUSINESS
16
December 1973
rate of increase for direct investment
capital outflows (6.7 percent per year
since 1948). (Of course, the absolute
level of direct investment capital outflows has been higher than the receipts
of direct investment-related fees and
panies (compound annual rates of 8.4 royalties.) This is not surprising, since
percent and 11.8 percent, respectively). receipts of royalties and licensing fees
U.S. payments of royalties and fees from foreign affiliates can be expected
have gone almost wholly to Canada and to grow with the rising sales of the
Western Europe (including the United affiliates, even if there is no new direct
Kingdom); in 1972 these countries investment. This is because royalties
accounted for 96.4 percent of the and licensing fees are often based on
total.
sales or a related measure, and comparison with the growth of sales may
Receipts
be more relevant than comparison with
Receipts of royalties and fees from direct investment capital outflows.3
U.S. direct investment abroad have Yet, from 1966 to 1970—a period for
grown rapidly since World War II which relevant data are available—
(table 4). They increased at a compound rate of 14.3 percent per year
3. Management fees are excluded here because they are not
from 1946 to 1972, well ahead of the ordinarily
based on sales
Review of BEA Data
U.S. companies earn much more in
royalties and fees through direct investment abroad than from unaffiliated
foreigners. Preliminary estimates for
1972 show direct investment-related
receipts of $2.1 billion, compared to
$0.7 billion in receipts from unaffiliated
foreigners (table 1). Royalties and fees
from affiliates are not only larger but
have expanded more rapidly (14.8
percent per year from 1956 to 1972,
compared to 10.6 percent per year for
receipts from unaffiliated firms), suggesting that U.S. firms prefer to
retain an equity interest in the use of
their intangible property. The leading
industrialized countries outside Ijie
Western Hemisphere account for most
of the growth in total receipts of
royalties and fees, with receipts from
Japan showing an especially rapid
growth in recent years.
Fees and royalties paid by U.S.
companies to their foreign parents have
not differed much from payments to
unaffiliated foreigners, with each
amounting to about $0.1 billion in 1972.
While growth has been sporadic, direct
investment-related payments have increased less rapidly from 1956 to 1972
than payments to unaffiliated cornTable 2.—Growth Rates of Direct Investment-Related Receipts of Royalties and
Licensing Fees and of Sales of Foreign
Affiliates of U.S. Companies
[Percent]
Country of affiliate
Sales 2
Canada
United
Kingdom
Common Market (6)
Other Western Europe
Latin America and other Western
Hemisphere
Japan
Other
12.8
11.3
10.6
14.9
15.3
6.9
16.4
15.5
1. Excluding management fees; data from table 5.
2. Growth rates are based on data from the Bureau of
Economic Analysis, Special Survey of U.S.
Multinational
Companies, 1970, and cover sales by the foreign affiliates of
298 U.S. companies.
[Millions of dollars]
Latin
American
Republics
and other
Western
Hemisphere
Countries
Japan
Australia
New Zealand Other i
South Africa^
United
Kingdom
European
Economic
Community
(6)1
Other
Western
Europe»
133
140
168
166
29
29
33
31
n.s.s.
n.s.s.
n.s.s.
n.s.s.
53
56
66
65
(*)
C)
(*)
17
17
24
19
10
11
13
12
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
24
28
33
38
247
244
256
273
301
40
39
40
43
50
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
100
93
93
101
112
(*)
(*)
(*)
23
22
25
24
21
20
20
22
19
21
48
52
63
58
66
11
12
15
15
17
6
6
7
12
13
335
353
398
454
501
67
55
56
56
58
n.s.s.
102
108
115
135
132
30
28
30
35
3
1
4
2
27
30
33
33
30
24
32
36
44
42
66
70
97
133
157
17
18
25
20
22
13
15
14
18
19
683
626
670
58
65
64
158
162
162
36
4
9
8
35
33
41
47
46
48
202
225
245
24
25
29
20
18
24
1956
1957
1968
1959
23
22
25
28
9
7
8
7
n.s.s.
n.s.s.
n.s.s.
n.s.s.
12
14
15
19
(*)
(*)
(*)
(*)
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
I960
1961
1962
1963
X964
40
46
44
51
60
9
8
9
12
17
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
26
34
29
34
38
(*)
(*)
1965
1966
1967
1968
1969
67
76
104
106
120
18
22
32
35
41
n.s.s.
37
46
47
52
43
9
16
12
14
(*)
(*)
(*)
1970
1971
1972 P
114
123
138
35
37
47
52
55
54
13
18
20
(*)
(*)
Year
Total
Eastern Canada
Europe
1
Receipts:
1966
1957
1958
1959
-
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972 P
- -
. -.
(*•)
(
*
)
(
*
)
43
50
Payments:
Compound annual
growth, 1966-70
Worldwide
Table 3.—'Transactions in Royalties and Fees With Unaffiliated Foreign Residents
. .
(*)
(*)
(*)
1
ft
2
2
2
2
2
3
C)
ft
(*)
1
2
1
1
1
P
2
1
1
3
2
3
4
4
2
3
3
3
4
1
3
4
4
4
4
5
7
5
3
4
4
4
6
8
(*)(*>
(*)(*)
(•)
(*)
1
(*)
(•)
(*)
(*)
(*)
i
i
2
1
(•>
(*>
1
(*)
p Preliminary.
*Less than $500,000.
n.s.s. Not shown separately.
1. When not shown separately, E E C (6) is included with Other Western Europe, while Japan, and Australia, New Zealand,
and South Africa are included with Other.
NOTE.—Details may not add to totals because of rounding.
SUEVEY OF CUEEENT BUSINESS
December 1973
CHART 7
Receipts of Royalties and Fees
From Unaffiliated Foreigners
Billion $ (Ratio scale)
.80
.60
Total
.40
group. Eeceipts of royalties and fees
from affiliates in Japan are still small,
accounting for only 5 percent of the
direct investment-related total in 1972,
but they grew very rapidly during
the 1960's—almost 25 percent per
year from 1960 to 1972.
Eeceipts of royalties and fees from
17
unaffiliated foreigners (table 3) have
grown somewhat less rapidly than
those from foreign affiliates, and in 1972
unaffiliated receipts were $0.7 billion,
about one-third as large as receipts
from foreign affiliates. Throughout the
period since 1956 (the first year for
which data are available), the leading
Table 4.—Foreign Direct Investment-Related Transactions in Royalties and Fees
.20
l
[Millions of dollars]
.10
Year
Total
.08
United
Kingdom
European
Economic
Community
(6)*
Other
Western
Europe <
Canada
Latin
American
Republics
and other
Western
Hemisphere
countries
Japan *
Australia,
New
Zealand,
South
Africa *
UnalOther * located
.06
.04
I
1956
I I I I I 1 I I I I I I I 1 I I I
1960
1964
1968
1972
Receipts 2;
1946
1947
1948
1949
64
77
83
100
n.s.s.
n.s.s.
n.s.s.
n.s.s.
26
28
29
38
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s;
n.s.s.
n.s.s.
1950
1951
1952
1953
1954
126
130
130
128
136
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
45
51
48
55
47
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
27
21
26
25
1955
1956
1957
1958
1959
158
229
238
245
349
18
22
23
24
37
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
34
50
52
53
78
51
75
73
70
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
29
45
49
50
78
1960
1961
1962
1963
1964
403
463
580
660
756
51
66
79
98
109
61
73
108
136
151
46
95
111
127
134
162
96
104
129
136
148
7
11
14
15
17
20
23
28
37
47
41
40
51
59
70
13
8
10
8
6
1965
1966
1967
1968
1969
924
1,030
1,136
1,246
1,393
140
151
164
168
189
182
224
235
269
59
68
74
73
103
185
215
243
261
268
174
176
192
226
245
20
26
33
41
51
72
81
90
96
94
114
110
119
10
11
9
17
20
1970
1971
1972 v
1,620
1,865
2,090
220
245
277
365
460
522
115
123
158
320
350
395
264
281
272
66
80
101
103
122
133
143
174
206
24
29
27
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
U.S. Department of Commerce, Bureau of Economic Analysis
direct investment-related receipts rose
twice as fast as the sales of the foreign
affiliates of a broad sample of U.S.
multinational corporations (table 2).4
This suggests that recent U.S. direct
investment abroad may have been concentrated in more technologically oriented industries. Another possible factor
may have been a shift in business
practice toward more licensing to affiliates on a formal basis.
At the beginning of the postwar
period, almost 80 percent of direct
investment-related royalties and fees
came from Western Hemisphere
countries, about equally divided between Canada and the Latin American
Eepublics; only 10 percent came from
Western Europe. However, U.S. companies have subsequently invested
heavily in Europe, especially since the
late* 1950Js, and the preliminary 1972
data indicate that about 45 percent
of direct investment-related receipts
last year came from Western Europe
and only 32 percent from the Western
Hemisphere. Direct investment in the
original six Common Market countries
accounted for much of the postwar
investment growth, and 25 percent of
the receipts in 1972 came from that
4. The sales by affiliates
or established after 1966
197 data acquired
bu
S e 1 , n . c i u ? ed i n t n e
°
»
t not in the 1966 data; thus,
the 1966-70 sales growth cited here reflects not only growth
in the sales of existing affiliates but also increases in direct
investment.
http://fraser.stlouisfed.org/
528-391 O - 74 - 3
Federal Reserve
Bank of St. Louis
Payments 2
10
11
11
10
n.s.s.
n.s.s.
n.s.s.
n.s.s.
1950
19513
1952
1953
1954
10
3 20
24
22
23
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
1955
1956
1957
1958
1959
31
38
36
34
32
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
1960
1961
1962
1963
1964
35
43
57
61
67
n.s.s.
n.s.s.
n.s.s.
n.s.s.
n.s.s.
17
25
32
40
35
1965
1966
1967
1968
1969
64
62
80
101
n.s.s.
1
38
41
43
47
56
()
O
1970
1971
1972 v
111
118
138
62
64
45
()
C)
(*)
1946
1947
1948
1949
2
2
2
2
2
10
(*)
(*)
3 11
11
11
11
15
17
17
15
15
R
R
R
(*)
(:)
(*)
(*)
1
3
4
4
1
(*)
8
()
(*)
(*)
1
1
4
3
1
1
(*)
R
R
'R
» Preliminary.
*Less than $500,000.
n.s.s. Not shown separately.
1. Receipts measure the net transactions between U.S. firms and their foreign affiliates; payments measure the net transactions between U.S.-based affiliates and their foreign parents.
2. Excludes film rental receipts, which are included with receipts of royalties and fees from foreign affiliates in line 10,
table 2, of the balance of payments tables.
3. Series changed in 1951 to include insurance company head office charges paid to Canada.
4. When not shown separately, EEC(6) is included with Other Western Europe, while Japan, and Australia, New
Zealand, and South Africa are included with Other.
NOTE.—Details may not add to totals because of rounding.
18
industrialized countries have accounted
for almost all receipts of royalties and
fees from unaffiliated foreigners. Asia,
Africa, and Latin America have accounted for less than 15 percent since
1960 (the first year for which sufficient
detail is available).
Much of the growth in unaffiliated
receipts since 1960 has been accounted
for by Japan, with receipts from Canada
and Western Europe declining in relative importance. Receipts from Japan
grew at an average rate of 14.5 percent
from 1960 to 1972 and now account for
over one-third of total unaffiliated
receipts. In fact unaffiliated receipts
excluding those from Japan have grown
at an average rate of only 6.5 percent
per year during the period 1960-1972
(chart 7). The slowness of this expansion
suggests that much of it is accounted
for by increases in receipts from rising
sales under a stable number of
contracts—which commonly base royalties and fees on sales—rather than from
any growth in the number of agreements
in effect.
The much faster increase in receipts
from unaffiilated Japanese companies
than in other unaffiliated receipts may
be partly associated with restrictions on
foreign direct investment in Japan.
Until recently, foreign investment in
new Japanese companies was limited
to no more than 50 percent, with a 25
percent maximum for established companies. In 1967, Japanese authorities
began to allow 100 percent investment
in several industries, and each year
since then have freed additional industries from restrictions. However,
direct investment is still limited in
many important industries, such as
SURVEY OF CURRENT BUSINESS
computers and integrated circuits. Despite these restrictions U.S. investment
in Japan has grown rapidly, with
companies participating in joint ventures as an alternative to 100 percent
ownership. Continuation of the liberalization of foreign ownership should
encourage more direct investment and
investment-related royalty receipts,
with licensing of unaffiliated companies
declining in importance as a vehicle
for transferring U.S. technology to
Japan.
Payments
Payments by U.S. companies to
foreign residents, including both direct
investment-related and unaffiliated
royalties, totaled less than $0.3 billion
in 1972 and have been growing more
slowly and irregularly than U.S. receipts. The average annual increase in
the total since 1956 has been 9.9 percent. Western Europe and Canada now
account for almost all payments of
December 1973
royalties and fees by the United States.
The Common Market countries have
relatively low levels of direct investment in the United States, and most
U.S. payments of royalties and fees to
these countries come from unaffiliated
companies. In contrast, most payments
to Canada are direct investmentrelated.
Payments by U.S. subsidiaries to
their foreign parents have shown some
signs of acceleration since 1968, especially to Western European countries
outside the original six Common Market
countries. Direct investment-related
U.S. payments to these countries in
1972 were $72 million, compared to $9
million in 1968. If the recent growth
of foreign direct investment in the
United States is maintained in coming
years, and if the level of technological
sophistication in Europe and Japan
continues to advance, U.S. payments
of fees and royalties can be expected
to grow commensurately.
Table 5.—Receipts of Foreign Directed Investment-Related Royalties and Licensing Fees 1
[Millions of dollars]
Year
1963
1964
1966
1966
1967
1968
1969
.
1970
1971
1972?
.
_.
Other
Western
Europe
Latin
America
Republics
and other
Western
Hemisphere
Total
United
Kingdom
European
Economic
Community
(6)
217
264
39
48
70
84
U
14
31
41
32
36
10
331
361
441
522
654
57
67
80
93
111
98
116
142
173
222
20
20
22
28
56
60
55
68
77
92
46
50
65
73
76
15
21
31
793
941
1,129
126
135
166
267
332
424
65
79
100
128
147
161
88
105
100
Canada
Japan
Australia,
NewZealand,
South Africa
Other
10
14
16
17
24
16
37
17
20
22
29
36
48
64
86
38
44
52
34
35
40
8
11
20
18
25
p Preliminary.
1. Excludes management fees and film rental receipts; measures the net transactions between U.S. firms and their affiliates.
NOTE.—Details may not add to totals because of rounding.
By R. DAVID BELLI, SMITH W. ALLNUTT, AND HOWARD MURAD
Property, Plant, and Equipment Expenditures by Majority-Owned
Foreign Affiliates of US. Companies:
Revised Estimates lor 1966-72 and Projections for 1973 and 1974
XHIS article presents revised estimates for 1966-72, revised projections
for 1973, and BEA's first published
projections for 1974 on property, plant,
and equipment expenditures by majority-owned foreign affiliates of U.S.
companies.
The revisions in the 1966-72 estimates result primarily from "benchmarking" reported sample data against
the universe data from BEA's most
recent census of U.S. direct investments abroad (covering the year 1966 )x,
and several modifications to the method
for deriving universe estimates from
sample data. These changes also
affected the 1973 and 1974 projections;
in addition, part of the revision of
the 1973 projections (compared to
those published last spring) stemmed
from actual changes in expectations
and also from the use of a revised
method of adjusting for bias in the
reported expectations. The final data
for 1972 and the projections for 1973
and 1974 presented in this article
were gathered in the latest semiannual BEA survey, taken in June
1973.
As part of the revision process, the
definition of the universe has been
changed to include all primary and
NOTE.—The three authors were responsible
for the first, second, and third major sections
of the article, respectively. In addition,
significant contributions were made by Juris E.
Abolins and Ronald E. Reed to the preparation and presentation of these data and
by Arnold A. Gilbert and Alan L. Tyson to
the procedure for deriving universe estimates.
The last named was also responsible for
programing the estimating procedure.
1. Previously, all data for 1957-73 were benchmarked to
the 1957 census of U.S. direct investments abroad.
secondary foreign affiliates 2 in which
U.S. ownership is at least 50 percent
(maj ority-owned affiliates). Formerly,
the universe was defined to include all
primary foreign affiliates in which U.S.
ownership was at least 25 percent. The
2. A primary foreign affiliate is a foreign business organization which is directly owned by a U.S. individual or organization. A secondary foreign affiliate is a foreign business
organization which is indirectly owned by a U.S. individual
or organization through another foreign affiliate.
net effect of the change in definition on
the data series, by itself, was probably
small since it resulted in both additions
to and deletions from the universe;
majority-owned secondary affiliates are
now included in the universe while
primary affiliates in which U.S. ownership is between 25 and 49 percent are
now excluded.
CHART 8
Property, Plant, and Equipment Expenditures by Majority-Owned
Foreign Affiliates of U.S. Companies
Billion $
(Ratio scale)
Billion $
40
40
_ BY AREA
_ BY INDUSTRY
Total
Total
20
20
\
.2 I
1
1966
1
1
68
I
I
70
1
1
72
I
1
74
1966
I
I
68
I
I
70
I
I
72
I
I
74
• Expected
U.S. Department of Commerce, Bureau of Economic Analysis
19
20
The remainder of the article is
divided into three major sections. The
first section presents a brief analysis
of the revised data with particular
emphasis on the projections for 1973
and 1974. (Industry and country detail
is shown in tables 1 and 6A through
61.) The second section describes the
refined general method for deriving
universe estimates from sample data
in BEA's direct investment series.
The last section outlines how that
method was specifically applied to the
property, plant, and equipment expenditures data, indicates the magnitude of the revisions, and describes the
procedure for adjusting for reporting
bias in the projected data.
Foreign Affiliate Expenditures
Property, plant, and equipment expenditures by majority-owned foreign
affiliates of U.S. firms are expected to
SURVEY OF CURRENT BUSINESS
December 1973
rise 11 percent in 1973 and 13 percent
in 1974 to $21.4 billion (see table 1).
The expected increases in 1973 and
1974 are much larger than the gain of
5 percent in 1972, but in line with the
12 percent average annual rate of
growth in the period 1966-72. (These
are the years for which revised estimates of actual spending are available.)
Affiliates in the petroleum industry
expect the strongest rise in capital
spending in 1974—a 25 percent increase to $7.7 billion, following a 16
percent rise expected this year. In
1974, substantial increases are expected
in most major oil producing areas except Latin America, with the largest
gains expected in Indonesia and the
North Sea area. In 1973, on the other
hand, most of the projected increase is
related to the expansion of tanker fleets
by international shipping affiliates;
such spending is expected to fall
slightly next year.
Since the estimates of 1973 and 1974
spending are based on the semiannual
survey taken in June 1973, they do not
reflect any impact of recent events in
the Middle East. New estimates of
1973 and 1974 spending from the semiannual survey now being taken will
be published in the March 1974 SURVEY
OF CURRENT BUSINESS.
In the period 1966-72, expenditures
by petroleum affiliates grew at an
average rate of 14 percent per year,
but the growth rate was quite uneven
with exceptionally strong increases in
1967 and 1971. Of major importance in
the 1966-72 period was the expansion
of tanker fleets by U.S. oil firms through
expenditures by their international shipping affiliates; outlays for that purpose
rose from $0.1 billion in 1966 to
$0.9 billion in 1972.
Expenditures in developing countries,
Table 1 .—Estimates of Property, Plant, and Equipment Expenditures by Majority-Owned Foreign
Affiliates of U.S. Companies, Actual and
Projected, by Percent Change and Amount 1
Billions of dollars
Percent change
Projected *
Actual
1967
1968
1969
1970
1971
1972
Average
Projected *
A-ctual
1974
1973
1974
1966
1967
1968
1969
1970
1971
1972
1973
11
13
8.7
9.6
10.2
11.8
14.3
16.3
17.1
19.0
21.4
1966-72
Total
•__
10
6
16
21
13
5
12
17
22
14
16
7
18
6
20
26
— 15
8
12
1
24
14
16
—13
25
.6
2.4
.7
3.0
.9
3.5
1.0
3.7
1.2
3.9
1.5
5.0
1.2
5.4
1.3
6.2
1.1
7.7
2
7
—34
23
—25
-12
5
19
—7
8
-4
-1
1
6
26
1
-10
1
—23
5
20
18
5
-3
52
24
35
33
25
35
29
-7
43
17
—3
68
43
33
34
16
6
-4
62
6
3
18
12
2
— 15
-7
0
12
12
-4
78
-16
-4
14
—4
-7
g
4
10
7
17
11
12
16
7
-10
-15
5
g
-8
13
3
30
19
4.4
.3
.3
.9
.2
.4
.9
.2
4.5
.3
.2
1.1
.1
.3
.9
.3
4.3
.3
.2
1.2
.2
.3
.8
.3
5.2
.4
.2
1.1
.2
.4
1.1
.4
6.7
.3
.3
1.3
.2
.7
1.6
.5
7.1
.3
.5
1.4
.2
.8
1.8
.5
7.1
.4
.6
1.3
.4
.7
1.7
.6
7.7
.5
.6
1.5
.4
.6
1.9
.8
8.3
.4
.5
1.6
.4
o8
g
32
—4
11
—4
-8
8
45
2
7
.9
.8
.6
.9
.9
.5
.6
.9
.4
.8
1.0
.4
.6
1.1
.7
19
-3
18
9
21
30
42
27
3
16
42
12
23
15
g
17
18
10
.4
.9
.5
.8
.6
.9
.7
1.2
1.0
1.5
1.0
1.8
1.4
2.0
1.5
2.3
2.5
4
—8
13
13
12
20
30
—5
-3
—5
—6
0
-14
17
39
16
15
16
7
28
-7
18
20
28
16
34
35
37
24
35
27
14
11
15
12
18
2
12
7
21
7
1
20
— 10
g
4
7
19
2
15
34
g
12
6
15
24
7
29
26
7
6.7
25
-7
1
10
6
11
9
12
11
24
9
30
32
31
21
27
2
29
35
35
13
4
12
15
g
— 18
35
54
6
3
— 16
26
44
80
—4
14
12
3
22
23
18
33
10
12
—7
10
14
44
21
10
14
19
52
-2
6
12
By industry
Mining and smelting
Petroleum
Manufacturing
Food products.
Paper and allied products
Chemicals and allied products .
Rubber products
Primary and fabricated metals
Machinery (except electrical)
Electrical machinery
Transportation equipment
Other manufacturing
Trade
Other industries .
_
>
._
.4
.6
.6
.6
2.1
.9
1.8
By area
Developed countries
Canada
_
Europe
United Kingdom....
European Economic Community (6)3.._
Other Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
International and unallocated
5
58
23
2
—9
-12
31
43
52
Addendum:
European Economic Community (9) 4 .._
1. The property, plant, and equipment expenditures data series has been revised back to
and including the year 1966 (see text for discussion).
2. Based on results of the survey taken in June, 1973. Spending projections are adjusted in
order to eliminate—or at least reduce—any systematic bias in projected data (see text for
discussion).
o
9
5
— 14
7.0
6.8
7.8
10.0
11.5
11.7
12.6
14.2
3.5
.9
2.1
2.3
3.9
1.0
2.3
2.5
4.3
1.1
2.5
2.9
5.8
1.5
3.5
3.2
6.6
1.7
4.1
3.6
6.6
1.6
4.1
3.7
7.1
1.9
4.2
.5
.2
.6
.2
2.2
3.7
1.0
2.0
.9
.6
.9
.6
.5
.6
.6
.3
.7
.8
.5
.6
.9
1.0
.9
1.0
4.0
8.2
2.3
4.5
1.4
1.0
1.1
18
10
2.3
1.4
.4
.3
.3
.3
3.0
1.8
.6
.3
.3
.4
3.3
2.1
.6
.2
.4
.6
3.5
2.2
.5
.3
.6
3.6
2.0
4.0
2.1
.4
.7
.8
1.4
4.4
2.3
.4
.8
.9
.3
.2
2
.3
.7
.3
.8
.4
.4
.8
1.2
1.1
.8
2.0
5.3
2.6
.4
.9
1.3
2.0
6.2
6.9
3. The "European Economic Community (6)" includes Belgium, France, Germany,
Italy, Luxembourg, and the Netherlands.
4. The "European Economic Community (9)" includes the "European Economic Community (6)", the United Kingdom, Denmark, and Ireland.
December 1973
primarily by affiliates engaged in exploration and production of crude oil,
grew twice as fast from 1966 to 1972
as expenditures in developed areas.
In the Middle East, petroleum outlays
remained comparatively small until
1971 when a major expansion, centered
in Saudi Arabia, began. Spending in
the Far East and the Caribbean area
was negligible in 1966 but grew substantially in subsequent years, while
spending by the more mature petroleum
affiliates in Venezuela and Middle
Eastern countries except Saudi Arabia
grew relatively slowly. Spending by
petroleum affiliates in Europe increased
an average of 9 percent per year,
mainly to expand refinery capacity,
while spending by Canadian affiliates
rose very little.
Manufacturing affiliates expect to
increase expenditures 9 percent this
year and 7 percent in 1974, to $8.3
billion. In 1972 there was no change in
their outlays. The planned increases
in 1973 and 1974 are spread among
both developed and less-developed
countries. Strong increases are expected
in both years in Japan and in several
countries in Western Europe and Latin
America. Canadian affiliates expect a
substantial increase in 1973 but plan
little growth next year.
Within manufacturing, expected
changes in 1973 and 1974 are quite
varied. Affiliates in the transportation
equipment industry will lead growth in
1974 with a 30 percent increase, following little change in 1973 and declines
in the preceding 2 years. Affiliates
which manufacture food products,
chemicals, and electrical machinery expect substantial increases this year to
be followed by smaller gains or reductions in 1974. In both 1973 and 1974,
affiliates in the non-electrical machinery
industry plan large increases while
affiliates which manufacture paper,
concentrated in Canada, and primary
and fabricated metals, expect reductions.
Expenditures by manufacturing affiliates rose at an average annual rate of
only 8 percent from 1966 to 1972, the
lowest rate among major industry
groups. Most of the increase was in the
6-nation European Economic Com
SUEVEY OF CUREENT BUSINESS
munity, as constituted prior to 1973,
where spending grew at an average
annual rate of 12 percent. In Japan,
expenditures grew at twice that rate,
but from a very small base of $0.1 billion in 1966. Outlays by relatively more
mature affiliates in Canada and the
United Kingdom grew at an average
rate of only 4 percent per year.
Following a large drop in 1972,
spending by affiliates in mining and
smelting is expected to remain at the
1972 level this year but to fall substantially in 1974. Eising expenditures in
Australia and Indonesia in 1973 and in
Peru in 1974 are expected to offset
large reductions in both years in
Canada.
Expenditures by Canadian mining
affiliates rose steadily from 1968 to
1970, then nearly doubled in 1971.
The recent reductions of expenditures
in Canada largely reflect completion
of several large projects. Also, a substantial part of the estimated reduction
for 1973 was due to the removal from
both the sample and the universe of a
large Canadian mining company in
which many unrelated U.S. shareholders have an ownership interest.
Such publicly-owned companies are
treated as primary foreign affiliates if
the aggregate U.S. ownership is greater
than 50 percent. In 1973, the total
U.S. equity participation in this Canadian company was below BEA's 50
percent cutoff.
Affiliates in trade expect to increase
expenditures 18 percent in 1974 to
$1.8 billion, following an increase of
8 percent this year. Particularly strong
gains next year are expected in Canada
and the United Kingdom.
The increases by trade affiliates this
year and next are below the average
annual increase of 23 percent from
1966 to 1972. Outlays were quite
small in 1966 but growth through 1972
far outpaced that of all other major
industry groups. With some notable
exceptions, the major function of trade
affiliates is to distribute the products
of foreign manufacturing affiliates of
the same U.S. parent company. Thus,
expenditures by trade affiliates, like
those by manufacturing affiliates, are
concentrated heavily in developed
countries. Their rapid expansion in the
21
1966-72 period to a large extent reflects
previous and continuing overseas
manufacturing investment by U.S.
companies.
Affiliates in all other industries combined—including agriculture, public
utilities, transportation, construction,
finance, and services—expect a 17
percent increase in spending this year
to be followed by a rise of 10 percent
in 1974 to $2.5 billion. In 1973, the
largest increase is expected in the
United Kingdom, while Canadian affiliates will lead the growth next year.
For the period 1966-72, expenditures
by affiliates in this industry group
grew at an average annual rate of 15
percent, slightly faster than the rate
of growth for all industries combined.
A Procedure for Deriving Universe
Estimates
From
Sample Survey Data
BEA's direct investment data series
in non-census years are based on
sample data which, in most of the series,
are used to extrapolate universe data
reported in a census (benchmark)
year to derive universe estimates in
subsequent years. All of the direct
investment series are being revised
because universe data from BEA's
most recent direct investment census
(1966) are now available. Also, for
those series for which universe estimates in subsequent years are developed, as against just using the sample
data as reported, the general procedure
for deriving the universe estimates has
been refined. This section of the article
describes the revised general procedure
and the next section discusses the
specific application of this procedure
to the series on foreign affiliate expenditures for property, plant, and equipment.
Procedure for estimating universe
data
The earlier procedure for estimating
a universe value for a given period
from sample data for that period is
to multiply the universe value in the
prior period by the ratio of the sample's
value in the current period to the
sample's value in the prior period,
22
and then add data reported by companies which are new to the universe
in the current period (births). For the
computation, the universe value in the
prior period is reduced by the amount
reported in that period for companies
known to have since dropped out of the
universe (deaths). The procedure is the
conventional link-relative method, that
is, the 1967 universe estimate is computed by applying the ratio of the
1967-to-1966 sample values to the
1966 benchmark universe value, then
the 1968 universe estimate is computed
by applying the ratio of the 1968-to1967 sample values to the 1967 universe
estimate and so on.
The formula previously used is:
SURVEY OF CURRENT BUSINESS
to take account of cells for which
reported samples are small has been
standardized.
The second and third refinements are
discussed below.
Total deaths and births
In the direct investment data series,
affiliates which existed in the prior
period but do not exist in the current
period (deaths) report only in the prior
period while affiliates which exist in the
current period but did not exist in the
prior period (births) report only in the
current period. Data for such companies
are not considered part of the sample
data used to compute universe estimates, since the sample used is composed only of data of companies which
report in both periods. In the formula
st
previously used (cited above), data for
deaths and births reported in the sample
where:
surveys were included as reported.
This procedure has been modified in
t-\ = prior period
order to obtain an estimate of data for
t—current period, which is to be total births and deaths, including those
estimated
which are not reported. This estimate
TJ—universe data
is based on the assumption that the
S= sample data for companies exist- ratio of reported to total deaths or
ing and reported in both periods births is equal to the ratio of the
Dr=data reported for deaths
sample plus reported deaths to the
JSr=data reported for births
universe in the prior period. The total
value of deaths—companies that were
The following refinements to this in the universe in the prior period but
procedure have been made in con- have since dropped out—is estimated
junction with the benchmarking of the by assuming that the ratio of the total
direct investment series to the 1966 value to the value of reported deaths is
census universe:
equal to the ratio of the universe value
(1) Universe estimates are computed to the value of the sample (including
at four levels of aggregation—country- data for firms that are known to have
industry, country total, industry total, since died) in the prior period. Thus,
and grand total. The sum of all for total deaths (D):
country-industry cells, all country total
cells, and all industry total cells and
the grand total can then be compared
with each other in order to judge the or:
validity of and to adjust, if necessary,
the individual country-industry estimates. The published global universe
estimate is the sum of the individual The total value of births—companies
country-industry estimates after such that have entered the universe since the
prior period—is estimated in the same
adjustments.
way:
(2) A procedure has been added for
estimating data for total deaths and
-Brt
Bttotal births, i.e., including the values
associated with unreported deaths and
The formula previously used, modified
births.
to include unreported births and deaths,
(3) The procedure for adjustment becomes:
December 1973
The reciprocal of the ratio
that is computed for each countryindustry cell in order to blow up reported data for deaths and births is
tested for adequacy of sample coverage.
This test is the same as that described
below in the discussion of small samples.
Small samples
At the country-industry cell level,
the sample value of certain direct
investment data items is quite small
relative to the universe value in period
t-1. In such cases, the change in the
sample from period t-\ to period t does
not necessarily reflect the change in
the nonreported data in the cell. Therefore, the ratio of the sample (including
reported deaths) to the universe for
each country-industry cell is compared
to a predetermined acceptable percentage. Denoting the acceptable percentage
by Y, the criterion is that the computed
ratio for each country-industry cell
must be equal to or greater than Y:
If the ratio in a given country-industry
cell is less than F, then the modified
estimating formula is adjusted as follows (with the subscript i denoting
industry):
(a) The ratio of the sample value in
period t to the sample value in period
£-1 is computed at the industry total
level, rather than at the countryindustry level:
Sit
and
(b) The ratio of the universe to the
sample (including reported deaths) used
to estimate total deaths and births is
calculated with industry total data,
rather than country-industry data:
SURVEY OF CURRENT BUSINESS
December 1973
23
Table 2.—Differences Between Revised and Previously Published Universe Estimates of Property, Plant, and Equipment Expenditures
by Majority-Owned Foreign Affiliates of U.S. Firms by Major Industry and Area, 1966-71
[Millions of dollars or percent]
1966
As percent
of revised
universe
Amount
Total
1968
1967
Amount
As percent
of revised
universe
85
Amount
1969
As percent
of revised
universe
1970
As percent
of revised
universe
Amount
Amount
1971
As percent
of revised
universe
Amount
765
1,030
1,332
1,436
72
221
126
704
163
-149
219
231
895
-270
-194
177
260
566
-128
172
233
793
134
265
118
840
213
As percent
of revised
universe
By industry
Mining and smelting....
Petroleum
Manufacturing
Trade
Other industries
-169
-83
-186
8
515
(*)
-2
1
-2
-2
6
-191
29
-44
38
456
5
-142
149
133
107
518
1
-1
3
-2
59
83
301
-154
1
1
3
-2
55
189
588
-66
154
By area
Canada
Latin America
Europe
Other areas
125
219
-199
(*) =Less than ±0.5 percent.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, International Investment Division.
Since Y is held constant, the addition
of the test for adequacy of sample
coverage to the modified formula provides a standardized procedure for
estimating universe totals where reported samples are small.
Table 4.—Revised Value of Property, Plant,
and Equipment Expenditures by Affiliates
in Sample and in Universe, and Sample as
Percent of Universe, by Industry and
Area, 1966
Sample
Uni-
(Millions of
dollars)
Total
Sample
as percent of
universe
Estimation of Property, Plant,
and Equipment Spending
jected) spending for 1966 to 1971. The
combined effect of the revisions has
been to raise the level of total spending
The property, plant, and equipment by affiliates above the previously pubseries is the first to be benchmarked lished levels in each year. The upward
to the 1966 census of U.S. direct invest- revisions become larger each year,
ment abroad and the first to which the increasing from $85 million in 1966 to
modified procedure for computing uni- $1,436 million in 1971. In percentage
verse estimates has been applied. Table terms, the difference between the old
2 shows the differences between the new and new series ranges between 1 and 9
and old estimates of actual (not pro- percent of the revised estimates.
Table 3.—-Effect of New Method for Estimating Additions to and Liquidations From t h e
Universe, 1967-1971
[Millions of dollars or percent]
6,368
8,726
73
522
2,011
621
2,443
4,397
84
82
75
140
200
693
101
268
741
151
803
190
290
161
383
883
237
870
353
48
62
77
63
70
84
64
92
54
184
364
865
46
42
1,818
682
2,554
2,482
1,035
3,473
73
66
74
725
919
79
1,505
324
2,059
495
73
65
143
159
90
451
720
574
1,004
79
72
Year
By industry
Mining and smelting
Petroleum
Manufacturing
Food products
Paper and allied products
Chemicals
Rubber
Primary and fabricated metals
Machinery (except electrical).
Electrical machinery
Transportation equipment
Other
Trade
Other industries
1967
1968
1969
1970
1971
.
Total difference between
revised and previously
published data
Effect of estimating nonreported net additions
Effect of estimating nonreported net additions as
percent of total difference
289
765
1,030
1,332
1,436
81
165
333
567
807
28
22
32
43
56
Source: U.S. Department of Commerce, Bureau of Economic Analysis, International Investment Division.
Table 5.—Comparison of Projected Data Adjusted and Unadjusted for Bias and Percent
Difference by Major Industry, 1973 and 1974
By area
Canada
Latin America,
Europe..
United Kingdom
European Economic Community (6)i
Other
Japan
Australia, New Zealand, and
South Africa—
Other areas
1. Includes France, Germany, Italy, Netherlands,
Belgium, and Luxembourg only.
Source: U.S. Department of Commerce, Bureau of
Economic Analysis, International Investment Division.
1974
1973
Industry
Unadjusted
Adjusted
(Millions of dollars)
Total
Mining and smelting
Petroleum
M anufacturing
Trade
Other industries
Unadjusted
Percent
difference
Adjusted
Percent
difference
(Millions of dollars)
20,797
18,995
-9
21,994
21,419
-3
1,368
6,688
8,807
1,547
2,386
1,261
6,180
7,743
1,505
2,306
-8
-8
-12
-3
-3
1,021
7,846
8,915
1,688
2,525
1,102
7,707
8,306
1,775
2,528
8
-2
-7
5
(*) =Less than ±0.5 percent.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, International Investment Division.
(*)
SURVEY OF CURRENT BUSINESS
24
The estimating procedure now used
is described in the preceding section of
this article, and the differences between
the current procedure and the one
used previously for plant and equipment
expenditures are discussed below. The
most important modification is the
new treatment of total births and
deaths. Births have always been larger
By industry, the largest revisions
were in the "other" category, mainly
the hotel and construction industries.
By area, the largest revisions were in
Europe. In all other major industry or
area categories shown in table 2, the
difference between the old and new
series never exceeds 2 percent of the
revised estimate.
December 1973
than deaths so that the failure to
"inflate" the reported births and deaths
to take account of nonreported cases
resulted in net underestimation of
property, plant and equipment expenditures abroad. The net amount involved
for the unreported births and deaths
in any one year was quite small—less
than two percent of total expenditures.
Table 6A.—Estimates of Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies for
1966, by Country and Industry 1
[Millions of dollars]
Area or country
All
industries
Manufacturing
Mining
and
Petrosmelt- leum
ing
Food
products
Total
Primary Machin- Electrical Transpor- Other
ChemiPaper
ery
cals and Rubber
and
and
tation
manumachinery
allied
allied
products fabricated (except
equip- facturing
metals electrical)
products products
Trade
8,726
621
2,443
4,397
290
323
161
383
6,687
429
1,613
3,835
219
293
723
137
299
844
202
Canada
2,482
312
662
1,178
72
226
190
49
123
145
64
Europe...
3,473
3
793
2,265
114
53
401
71
148
632
126
919
0
174
29
4
101
25
50
188
37
62
4
17
22
11
8
35
6
8
5
13
4
247
39
28
71
19
29
12
7
6
2
2
64
8
9
27
14
5
408
(D)
121
162
61
(D)
354
(D)
(D)
(D)
106
19
(D)
(D)
10
(D)
161
11
67
53
15
15
20
49
(D)
All countries
Developed countries..
United Kingdom
European Economic Community
(6)
Belgium and Luxembourg
France
Germany
Italy
Netherlands
Other Europe..
Denmark
Ireland
Norway
Spain
Sweden
Switzerland-.
Other
2,069
279
452
867
266
204
(D)
495
44
17
32
130
92
64
116
(D)
Japan
159
Australia, New Zealand, and South
Africa
Australia
New Zealand
South Africa
574
464
27
(D)
(D)
(D)
(D)
0
0
0
0
0
0
0
0
481
(D)
(D)
228
89
41
1,375
223
286
567
164
145
138
25
5
10
26
27
7
38
224
8
11
14
67
53
23
47
(*)
(D)
114
(*)
(D)
(D)
8
293
234
14
45
35
(D)
(D)
(D)
90
1
5
(D)
(D)
C)
(D)
2
(D)
(D)
108
82
(D)
(D)
(D)
(D)
(D)
0
50
109
(D)
(D)
14
24
(D)
()
(D)
(D)
(D)
(D)
C)
237
(D)
(*)
16
24
21
2
(D)
(D)
(D)
(D)
(D)
(D)
(D)
20
353
399
288
348
463
CD)
71
258
(D)
(D)
250
161
(D)
(D)
40
870
(D)
1
(D)
C)
(D)
38
CD)
(D)
(D)
CD)
(D)
(D)
20
2
(D)
3
7
C)
2
16
13
1
3
21
(D)
(D)
12
3
6
27
5
7
(D)
(D)
(D)
Other
industries
(D)
1,786
193
744
563
175
65
50
237
1,035
178
253
392
120
51
43
169
Latin American Republics.
Argentina
Brazil
Chile
Colombia
Mexico
Panama
Peru..
Venezuela
Other Central America...
Other and unallocated...
864
90
128
196
15
6
2
32
1
(D)
19
365
60
91
8
20
100
1
28
37
13
7
49
6
13
41
(D)
123
10
13
Other Western Hemisphere.
Bahamas
Bermuda
Jamaica...
Other and unallocated
181
40
Developing countries..
Latin America
119
84
55
131
16
116
164
43
36
44
95
Other Africa
Liberia
Libya
Nigeria
Other and unallocated.
316
Middle East
Iran
Other and unallocated.
215
35
181
11
111
78
116
Other Asia and Pacific
India
Indonesia
Korea
Philippines
Other and unallocated..
220
28
(D)
(D)
65
90
International and unallocated..
253
CD) 1
9
0
54
(D)
(D)
(D)
50
0
0
(D)
(D)
(•)
(D)
(D)
0
(D)
(D)
(D)
(D)
(D)
5
0
0
0
57
1
54
(D)
(*)
(D)
188
31
158
(D)
65
(D)
(D)
0
20
35
(D)
(D)
(D)
(D)
(D)
(D)
27
(D)
0
(D)
(D)
237
(D)
110
68
(D)
•Less than $500,000.
D Suppressed to avoid disclosure of data for individual reporters.
(D)
(D)
(*)
(D)
(D)
106
25
17
2
7
35
(D))
(D)
(D)
(D)
1
O
(D)
()
(*)
(D)
(*)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
C)
(*)
(D)
C)
(D)
(D)
(*)
(D)
1
1
10
1
3
(D)
3
1
(D)
(D)
3
108
(D)
0
(D)
32
22
(*)
()
C)
(*)
(D)
(D)
(D)
(D)
C)
(D)
(D)
(D)
C)
(D)
(D)
(D)
(D)
(D)
(D)
46
33
2
(D)
(D)
(D)
(D)
17
18
10
C)
(D)
4
10
1
C)
C)
5
11
(D)
1
10
1
1
(D)
(D)
(D)
(D)
(D)
(D)
(*)
(*)
C)
(D)
(D)
(D)
CD)
1
(D)
C)
(D)
(*)
(D)
(D)
14
5
(
18
(D)
\
(*)
(D)
8
28
165
1. The property, plant, and equipment expenditures data have been revised back to and
including the year 1966 (see text for discussion).
December 1973
SURVEY OF CURRENT BUSINESS
However, the effect is cumulative
and table 3 shows that by 1971,
this procedural change accounted for
56 percent of the total difference
between the revised and previously
published series. The balance of the
difference is the result of the benchmarking of the spending series to the
1966 census, including a change in the
definition of the universe; the introduction of an adjustment for small
samples; and the elimination of adjustments formerly made for extreme data
movements. The specific contribution
of each of these items to the total
difference cannot be readily measured.
25
vised spending estimates presented in
this article, the definition of the universe was changed to conform to that
used for the spending data in the 1966
BEA census.3 That census asked for
data on expenditures for all primary
Benchmarking to the 1966 census
3. For a description of the census, see Bureau of Economic
Analysis, U.S. Direct Investments Abroad 1966. Parti: Balance
of Payments Data.
For purposes of computing the re-
Table 6B.—Estimates of Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies for
1967, by Country and Industry 1
[Millions of dollars]
Area or country
All
industries
Manufacturing
Mining
and
Petrosmelt- leum
ing
Food
products
Total
All countries...
9,557
729
3,030
4,482
Developed countries..
6,978
444
1,896
3,795
Canada
2,292
316
609
1,060
Europe
3,932
1,093
2,359
United Kingdom—
European Economic Community
(6)
Belgium and Luxembourg.
France
Germany
Italy
Netherlands.
Other Europe.
Denmark
Ireland
Norway
Spain
Sweden
Switzerland.
Other
1,039
2,300
331
451
885
336
296
594
50
38
35
189
112
59
110
Japan..
207
Australia, New Zealand, and South
Africa
Australia
New Zealand
South Africa
547
446
19
82
Developing countries.
Latin America
Latin American Republics.
Argentina
Brazil
Chile
Colombia
Mexico
Panama
Peru
Venezuela.
Other Central A m e r i c a Other and unallocated
Other Western Hemisphere.
Bahamas
Bermuda
Jamaica
Other and unallocated
Other Africa
Liberia
Libya
Nigeria
Other and unallocated.
4
0
(D)
0
0
0
(D)
(D)
(*)
o
0
0
4
125
123
(D)
(D)
258
108
84
94
102
100
80
273
217
7
(D)
(D)
285
1,029
1,365
264
367
1,177
184
158
140
72
148
18
134
188
101
34
197
317
41
188
37
2
39
110
414
16
201
94
104
(D)
(D)
107
1
18
0
48
6
(D)
67
0
0
(D)
Middle East
Iran
Other and unallocated.
260
105
155
Other Asia and Pacific
India
Indonesia
Korea
Philippines
Other and unallocated.
(D)
(D)
43
1
2
31
119
52
(D)
50
2
(*)
2
46
12
(D)
o
3
()
(*)
9
0
0
0
61
147
(D)
(D)
(D)
200
84
(D)
354
73
23
106
23
129
71
7
15
28
13
8
14
(*)
(D)
(D)
(D)
8
(D)
110
(D)
C)
(*)
(D)
o
(D)
28
54
112
84
223
63
160
647
152
379
178
303
173
183
41
127
57
32
70
3
11
23
24
9
431
(D)
132
144
67
(D)
80
248
(D)
(D)
(D)
100
(D)
(D)
38
17
11
228
8
72
114
18
16
(D)
(D)
(D)
42
0
34
44
2
(D)
(D)
10
14
14
3
(D)
(D)
(D)
(D)
(D)
(D)
(D)
62
55
1
(D)
(D)
(D)
143
132
36
34
2
14
31
(*)
(D)
12
(D)
(D)
48
26
(D)
C)
(*)
C)
(*)
274
C)
14
(D)0
2
32
™2
Si
(•)
3
<D)
(D)
(D)
(D)
9
4
7
(*) 5
1
(D)
i
i
(*)
(*)
(D)
(D)
(D)
(*)
(D)
C)
30
30
3
11
1
1
10
35
2
19
0
12
0
(D)
(D)
(D)
(D)
(D)
8
56
34
(D)
(D)
C)
64
255
52
196
50
(D)
8
1
CD)
15
1
148
26
(D)
13
13
15
25
2
2
48
30
2
10
(D)
i
(D)
(*)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(*)
(D)
(*)
(D)
(D)
(D)
(D)
C)
C)
C)
(D)
6
20
2
19
21
(D)
(D)
C)
1
10
31
18
(D)
(D)
(D)
(D)
(D)
(D)
33
(D)
(D)
(D)
(D)
(D)
(D)
(D)
19
9
3
7
(D)
C)
(D)
(D)
(D)
(D)
(D)
(D)
49
(*)
39
35
(D)
(D)
(D)
(D)
45
(D)
(D)
(D)
(D)
17
23
(D)
(D)
(D)
(D)
(D)
i
(D)
47
6
79
1
5
26
5
33
166
32
(D)
(D)
(D)
432
83
(D)
(D)
(*)
411
(D)
0
(D)
(D)
103
327
92
(*)
(*)
21
841
736
38
(D)
(D)
(D)
475
243
(D)
(D)
(D)
282
879
1
(D)
466
99
127
(D)
25
102
2
38
39
16
924
274
135
486
121
(D)
•Less than $500,000.
D Suppressed to avoid disclosure of data for individual reporters.
34
(D)
(D)
(•)
337
599
6
105
105
119
Other
industries
Trade
121
144
262
53
18
55
97
842
687
197
56
141
(D)
(D)
(D)
166
1,104
49
(D)
280
35
259
(D)
212
72
1,417
217
302
503
203
193
42
7
35
(D)
32
224
662
280
8
13
10
127
55
19
47
23
2,319
(D)
International and unallocated..
607
(D)
(D)
(D)
0
(D)
297
310
Primary Machin- Electrical Transpor- Other
Paper
Chemimanumachintation
ery
and
cals and Rubber
and
equip- facturing
ery
products fabricated (except
allied
allied
ment
metals electrical)
products products
(D)
(D)
(*)
(D)
(*)
(D)
(D)
14
(D)
(D;
(D)
0
(D)
(D)
(D)
37
12
24
154
1. The property, plant, and equipment expenditures data have been revised back to and
including the year 1966 (see text for discussion).
SURVEY OF CURRENT BUSINESS
26
December 1973
used for the previously published esti- subsequent years.4 The industry classimates, only the data reported in those fication of an affiliate was changed more
surveys for majority-owned foreign often than the country classification.
affiliates (MOFA's), both primary and Most affected affiliates were reclassified
secondary, are actually used in the new from manufacturing to trade or other
estimates.
services.
In addition, each affiliate's industry
and country classification from the 1966
4. These classifications will remain in effect until the next
census is now applied to that affiliate in census
is taken.
and secondary foreign affiliates in
which U.S. ownership was at least 50
percent. In contrast, the universe covered by the unrevised spending series
included all primary foreign affiliates in
which U.S. ownership was at least 25
percent. Thus, while the new universe
estimates for 1966 onward are based on
data from the same sample surveys as
Table 6C—'Estimates of Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies for
1968, by Country and Industry 1
[Millions of dollars]
Area or country
Manufacturing
Mining
All
and Petroindus- smelt- leum
ing
tries
Total
All countries...
10,152
Developed countries..
6,757
Canada
Europe..
United Kingdom
European Economic Community
(6)
Belgium and Luxembourg
France
Germany
Italy
Netherlands
Other Europe.
Denmark
Ireland
Norway
Spain
Sweden
Switzerland.
Other
Japan
Australia, New Zealand, and South
Africa
Australia
New Zealand
South Africa
Developing countries.
Latin America
Latin American Republics.
Argentina
Brazil
Chile
Colombia
Mexico..
Panama
Peru
Venezuela
Other Central America..
Other and unallocated
Other Western Hemisphere.
Bahamas
Bermuda
Jamaica
Other and unallocated
3,460
4,323
1,931
3,467
622
7
1,015
0
346
610
33
8
103
21
459
(D)
(D)
109
143
85
1,249
163
256
470
210
150
92
5
9
48
23
61
2
263
49
22
68
27
27
210
29
37
20
36
47
6
35
341
3
14
6
210
55
21
33
149
125
146
124
(D)
(D)
286
217
4
3,712
1,036
691
43
53
32
270
118
79
574
466
11
97
2,986
1,843
(D)
(D)
(D)
(D)
(D)
0
0
0
0
o
0
0
101
(D)
o
(D)
425
71
413
266
(D)
(D)
183
I
20
0
36
(D)
5
(D)
281
40
2
121
118
147
0
0
(D)
(D)
Other Africa
Liberia
Libya
Nigeria
Other and unallocated.
558
27
283
83
164
10
(D)
0
(D)
Middle East
Iran.
Other and unallocated.
295
154
141
1,562
159
280
236
78
223
28
105
288
94
Other Asia and Pacific
India
Indonesia
Korea
Philippines
Other and unallocated-.
290
(D)
57
(D)
46
127
International and unallocated..
409
1,300
472
403
42
(D)
53
2
3
18
209
43
(D)
(D)
2
0
0
0
1,167
152
342
827
284
624
404
560
135
828
112
267
777
243
543
321
491
857
78
47
130
47
80
110
76
198
2,200
133
80
550
59
166
609
150
255
197
331
69
191
37
78
70
49
63
7
14
24
17
1
387
50
122
130
65
20
82
167
(D)
(D)
115
(D)
106
10
26
37
17
17
224
(D)
(D)
84
22
19
141
(D)
48
(D)
17
229
184
(D)
4
(D)
(D)
(D)
(D)
(D)
C)
172
3
3
(D)
60
(D)
87
82
1
(D)
(D)
856
340
180
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
( D )
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
()
8
2
24
2
0
6
(D)
(*)
(D)
(D)
(D)
(D)
11
()
C)
(•)
92
18
C)
(D)
(D)
16
54
C)
(D)
(D)
(D)
(D)
2
11
(D)
20
(*)
(D)
D)
(D)
:D
(D)
(D)
(D)
(D)
C)
(D)
(D)
90
21
53
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(*)
(D)
(D)
C)
(*)
(*)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(*)
(D)
(D)
(D)
(D)
(D)
(*)
23
I*)
C*)
C)
(D)
(D)
(D)
(*)
(D)
(D)
(D)
(D)
(*)
(D)
(D)
(D)
(*)
(D)
(D)
(*)
(*)
51
17
12
1
(D)
11
1
1
C)
(*)
(D)
(D)
(D)
3
9
(*)
(D)
(D)
(D)
(*)
31
135
40
()
5
(D)
114
(D)
(D)
(D)
33
23
2
6
(*)
13
(D)
(D)
(*)
()
172
17
101
1
(*)
(D)
(D)
32
(D)
(D)
4
640
626
72
235
13
23
179
2
31
43
21
(D)
520
15
283
72
150
(D)
65
(D)
167
44
123
(D)
215
240
C)
•Less than $800,000.
D Suppressed to avoid disclosure of data for individual reporters.
Primary Machin- Electrical Transpor- Other Trade
Paper
Chemimachin- tation
manuery
and
and
cals and Rubber
ery
equip- facturing
allied
allied products fabricated (except
ment
metals electrical)
products products
467
2,183
1,985
252
417
677
380
259
Food
products
(D)
2
(D)
(*)
(*)
(D)
(D)
(*)
1. The property, plant, and equipment expenditures data have been revised back to and
including the year 1968 (see text for discussion).
SUEVEY OF CURKENT BUSINESS
December 1973
accepted as "correct." If they differed
by more than 10 percent and if total
expenditures by the affiliate were at
least $50,000, the discrepancy was
investigated further. Consultation with
reporters resulted in some changes to
the census data; however, more often
the 1966 census data were accepted.
The final match showed that in 1966
The first step in the benchmarking
process was to identify the MOFA's
that were in both the sample in 1966
and the benchmark survey universe in
1966. For each such matched affiliate,
if the plant and equipment expenditure
data from the two surveys were within
10 percent of the data reported in the
1966 census, the census data were
27
the sample accounted for 73 percent of
total property, plant, and equipment
expenditures of all MOFA's (table 4).
In terms of number of affiliates, the
sample contained 5,800 MOFA's, 28
percent of all MOFA's.
Deriving universe estimates
Revised universe estimates have been
Table 6D.—Estimates of Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies for
1969, by Country and Industry l
[Millions of dollarsl
Area or country
All
industries
Manufacturing
Mining
and
Petrosmelt- leum
ing
Total
All countries.
Developed countries.
Canada
..
Europe.
United Kingdom
European Economic Community
(6).
Belgium and Luxembourg
France..
Germany
Italy
Netherlands
Other Europe.
Denmark...
Ireland
Norway
Spain
Sweden
Switzerland.
Other
3,712
5,197
362
226
1,129
231
425
1,120
377
780
547
675
547
1,919
4,275
278
176
847
165
343
1,054
307
685
422
584
512
2,508
421
564
1,111
80
81
155
49
106
218
86
229
107
155
257
4,304
5
992
2,707
164
81
551
105
206
746
195
376
281
380
220
1,111
0
277
740
39
13
109
74
167
51
171
77
50
44
549
29
1,652
179
320
677
249
227
113
8
8
61
20
16
62
4
9
6
40
34
26
91
22
140
108
10
10
64
20
3
536
44
159
239
98
26
100
195
170
27
32
61
18
32
266
11
105
92
37
22
35
(*)
64
CD)
CD)
(D)
2,547
224
522
953
409
439
(D)
645
42
31
38
227
88
90
128
(D)
686
567
14
Other Western Hemisphere..
Bahamas
Bermuda
Jamaica
Other and unallocated
106
3,349
2,116
1,840
202
344
292
72
249
28
73
402
95
83
277
70
2
111
Other Africa
Liberia
Libya
Nigeria
Other and unallocated..
600
18
354
85
143
Middle East
Iran
Other and unallocated.
0
0
0
(D)
(D)
159
(D)
182
0
(D)
(D)
0
0
0
3
6
41
316
8
24
12
157
41
31
42
135
188
228
189
166
21
(D)
19
41
(D)
(D)
0
(D)
(D)
(D)
270
220
5
45
492
1,424
922
122
451
335
(D)
(D)
225
1
12
0
33
(D)
12
(D)
116
0
0
95
22
22
(D)
(D)
23
280
29
(D)
71
10
(D)
(D)
8
154
34
120
Other Asia and Pacific
India
Indonesia.
Korea
Philippines
Other and unallocated..
391
56
81
17
40
197
19
0
1
0
(D)
(D)
185
International and unallocated.
631
(D)
17
370
•Less than $500,000.
D Suppressed to avoid disclosure of data for individual reporters.
(D)
(D)
129
1
11
(D)
(*)
108
5
2
(D)
(D)
64
59
1
4
(D)
CD)
(D)
(D)
CD)
CD)
CD)
CD)
CD)
CD)
CD)
44
(*)
C)
(D)
(D)
CD)
(D)
(D)
CD)
37
20
4
13
73
CD)
()
(*)
(D)
93
75
352
CD)
91
11
11
72
277
34
50
47
(*)
(•*)
6
43
(*)
C)
C)
CD)
CD)
(D)
CD)
(D)
(D)
19
2
2
25
CD)
<•>
CD)
(*)
(D)
(D)
CD)
(D)
C)
5
0
0
(D)
(*)
(D)
CD)
CD)
(X)
C)
74
57
2
CD)
CD)
(D)
(D)
14
3
11
C)
CD)
(*)
3
15
(*)
C)
(*)
39
CD)
CD)
(*)
(D)
26
44
(*)
CD)
(D)
(8
CD)
421
(*)
CD)
(D)
(D)
(D)
8
CD)
(*)
(D)
30
91
1
CD)
CD)
(D)
CD)
126
4
(D)
5
23
22
28
(D)
CD)
(D)
CD)
(D)
(D)
(D)
12
96
CD)
25
2
(D)
(*)
CD)
23
CD)
CD)
CD)
]
(D)
(D)
(D)
77
CD)
CD)
(D)
10
1
(D)
1,194
CD)
196
189
13
120
(D)
5
33
(D)
(*)
(D)
CD)
123
12
(D)
66
CD)
(D)
C)
(D)
5
CD))
CD)
CD)
CD)
(*)
16
21
2
(D)
CD)
(D)
281
10
8
25
0
2
7
4
4
(D)
30
CD)
CD)
(D)
(D)
137
40
(D)
(D)
CD)
(D)
(D)
(8
77
(*)
(D)
CD)
(D)
CD)
(D)
50
12
(D)
242
101
140
0
(D)
11
1
(D)
105
263
17
25
178
4
13
46
28
14
58
(D)
o
(D)
(*)
705
462
47
(D)
(*)
43
2
552
2
354
73
123
Other
industries
1,039
340
Latin American Republics..
Argentina
Brazil
Chile
Colombia
Mexico
Panama
Peru
Venezuela
Other Central America...
Other and unallocated
Trade
7,839
Japan
Latin America
I
Primary Machin- Electrical Transpor- Other
ChemiPaper
ery
manutation
machincals and Rubber
and
and
ery
products fabricated (except
equip- facturing
allied
allied
ment
products products
metals electrical)
11,818
Australia, N e w Ze iland, and South
Africa
Australia
New Zealand..
South Africa..
Developing Countries..
Food
products
(*)
CD)
CD)
(D)
(D)
(D)
(D)
CD)
29
(*)
261
1. The property, plant, and equipment expenditures data have been revised back to and
including the year 1966 (see text for discussion).
SURVEY OF CURRENT BUSINESS
28
computed separately for 616 country- from the universe. Previously, additions
industry data cells (14 industries in and deletions were added or subtracted
each of 44 countries). Previously, esti- simply as reported, with no estimates
mates were made for 624 country- for those unreported.
A standardized test for cells with
industry cells (16 industries in each
of 39 countries). As outlined in the small samples has now been applied,
previous section of this article, esti- as described in the previous section
mates have now been made of un- of the article. Formerly, adjustment
reported additions to and deletions for inadequate coverage in cells where
December 1973
the reported data were small relative
to the universe was done manually
without standard guidelines. For the
plant and equipment series, the minimum acceptable
sample-to-universe
percentage coverage has been set at
25 percent, after comparing the results using this percentage with those
using other percentages.
Table 6E.—Estimates of Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies for
1970, by Country and Industry x
[Millions of dollars]
Manufacturing
Area or country
All
industries
Mining
and
Petrosmelt
leum
ing
Primary Machin- Electrical Transpor- Other
ChemiPaper
ery
cals and Rubber
and
machinFood
and
tation
manuallied
ery
products
products fabricated (except
equip- facturing
allied
metals electrical
ment
products products
Total
Trade
Other
indutries
All countries...
14,346
1,224
3,941
6,701
337
1,319
226
712
1,603
501
1,043
635
959
Developed countries..
10,017
683
2,081
5,703
251
291
1,070
156
542
1,504
425
945
519
826
Canada
2,903
464
663
1,258
90
145
171
31
201
109
302
127
Europe
5,782
4
1,093
3,794
129
124
726
112
411
1,134
281
543
336
535
1,502
0
328
1,021
37
20
157
19
174
257
56
189
113
82
3,480
387
(D)
0
0
0
(D)
0
599
2,379
299
498
963
373
246
97
12
12
5
59
419
77
35
136
41
130
87
21
35
204
19
6
120
36
23
816
(D)
241
(D)
142
39
165
17
34
71
32
10
337
(D)
(D)
214
(D)
(D)
173
46
49
49
14
16
366
16
145
140
31
34
(D)
(D)
(D)
61
60
17
50
88
5
(D)
(D)
(D)
United Kingdom
European Economic Community
(6)
Belgium and Luxembourg
France
Germany
Italy
NetherlandsOther Europe..
Denmark
Ireland
Norway
Spain.
Sweden
Switzerland..
Other
601
423
799
47
43
59
245
125
124
155
Japan
459
Australia, New 7ealand, and South
Africa
Australia
New Zealand
South Africa
873
700
24
149
Developing countries.
Latin America
Latin American Republics Argentina
Brazil
Chile
Colombia.
Mexico
Panama
_
Peru
Venezuela
Other Central America..
Other and u n a l l o c a t e d Other Western Hemisphere.
Bahamas
Bermuda
Jamaica
Other and unallocated
3,549
2,176
1,828
297
290
282
71
228
33
75
365
104
83
347
84
3
131
129
(D)
0
0
(D)
(D)
0
0
2
215
204
(D)
(D)
541
454
320
(D)
(D)
222
(*)
(D)
0
37
(D)
(D)
(D)
135
0
0
Other Africa
Liberia
Libya
._
Nigeria
Other and unallocated.
507
25
209
135
139
(D)
(D)
15
(D)
0
0
(D)
Middle East.
Iran
Other and unallocated-
305
85
220
Other Asia and Pacific
India
Indonesia
Korea...
Philippines
Other and unallocated-.
562
47
144
International and unallocated _
(D)
(D)
277
779
(D)
(D)
130
180
131
27
42
26
4
45
394
11
38
24
157
66
41
57
157
279
168
138
371
292
6
74
167
(D)
(D)
(D)
(D)
583
473
688
675
74
134
226
(D)
34
177
(D)
C4
(D)
3
22
244
32
(D)
110
12
(•)
7
91
(D)
(*)
(D)
(D)
(D)
(D)
13
0
6
145
30
114
(D)
(D)
(D)
72
0
262
167
42
(D)
(D)
(D)
106
(D)
28
109
429
A
3
81
(D)
(D)
(D)
(D)
14
13
25
(D)
(*)
(D)
(D)
C)
(D)
C)
(*)
(D)
(D)
157
148
16
73
1
33
(D)
(D)
(*)
(D)
(D)
(D)
(*)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
35
79
79
(D)
(D)
3
22
17
0
10
C) 12
5
(D)
76
47
65
35
7
23
98
116
134
76
74
94
90
(D)
20
2
2
25
2
2
(D)
(D)
(D)
I
24
(D)
(D)
(D)
(*)
(D)
(*)
(D)
0
0
0
0
0
i
(D)
(*)
(D)
(
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
34
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(*)
i
13
(D)
(*)
(D)
(*)
15
0
0
0
0
0
0
(*)
(*)
3
3
0
0
(D)
(D)
(D)
11
10
56
(D)
(D)
(D)
71
36
(D)•)
12
5
37
22
37
32
48
19
1
28
i
(D) '
355
2
20
100
90
(*)
(D)
?
(D)
14
(D)
(D)
(D)
(D)
(D)
(D)
(D)
o
725
310
19
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(*)
(D)
(D)
45
1
170
(D)
12
42
(D)
70
(D)
(D) '
(D)
23
5
(D)
(D)
(D)
51
28
0
0
0
* Less than $500,000.
D Suppressed to avoid disclosure of data for individual reporters.
150
(D)
22
1
110
(D)
0
<*>
(D)
249
(D)
C)
(D)
(D)
(D)
42
3
1,431
441
2
209
122
108
(D)
0
(D)
(D)
(D)
1,521
0
0
0
( D )
(*)
C)
20
(D)
(D)
li
(D)
(D)
(D)
(•)
2
(D)
(D)
(D)
19
446
355
62
27
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
30
86
67
31
(D)
20
4
17
(*)
(*)
1
18
7
22
(D)
(D)
(D)
(D)
(*)
C)
(D)
6
30
54
32
4
(D)
22
C)
(D)
(D)
16
(*)
(D)
(D)
(D)
39
28
350
1. The property, plant, and equipment expenditures data have been revised back to and
including the year 1966 (see text for discussion).
SUEVEY OF CUEKENT BUSINESS
December 1973
There is no longer any adjustment Bias adjustment of spending proto eliminate the effect of extreme jections
As in the past, the data on projected
year-to-year change in the sample
data used to calculate universe esti- spending presented in this article are
mates. Formerly, an attempt was adjusted so as to eliminate—or at
made to adjust for this type of move- least reduce—any system tic bias in
ment, but the method was highly the four projections obtained for each
subjective and tests indicated that year (in June and December of the
no adjustment yielded better results. preceding year and June and December
29
of the year in question, i.e., A, B, C,
and D projections).
For the C and D projections, the
bias adjustment procedure involves
calculating ratios of actual spending
(the final, or E, estimate) to the
comparable reported expectation for
each of the previous 5 years. No bias
adjustment is made unless there is
Table 6F.—Estimates of Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies for
1971, by Country and Industry l
[Millions of dollars]
Area or country
Mining
All
and Petroindus- smelt- leum
tries
ing
Manufacturing
Total
Other
Primary Machin- Electrical Transpor- Other Trade indusPaper
Chemiery
manuFood
and
machin- tation
tries
cals and Rubber
and
products allied
ery
equip- facturing
allied products fabricated (except
ment
products products
metals electrical)
All countries...
16,280
1,465
4,959
7,106
324
524
1,397
232
840
1,794
513
889
593
Developed countries..
11,464
1,138
2,450
6,216
246
460
1,237
160
661
1,679
443
820
510
802
858
3,215
827
698
1,153
87
283
154
19
44
222
108
164
70
174
363
6,646
5
1,406
4,260
132
156
910
124
489
1,209
291
548
402
562
414
1,685
0
427
1,066
33
189
311
60
162
99
103
4,102
531
789
1,675
673
434
(D)
0
0
0
(D)
0
2,826
367
505
1,272
412
271
21
14
189
15
29
828
58
(D)
(D)
155
42
161
28
34
69
25
4
(D)
(D)
252
17
10
250
52
53
119
13
14
391
18
150
155
32
35
859
54
53
114
204
131
118
184
(D)
0
0
757
(D)
(D)
203
210
101
222
23
4
76
52
25
5
36
197
335
149
123
(D)
(D)
394
9
65
Canada
Europe..
United Kingdom
European Economic Community
(6)
Belgium and Luxembourg
France
Germany
Italy
Netherlands
Other EuropeDenmark
Ireland
Norway
Spain
Sweden
Switzerland.
Other
Japan
Australia, New Zealand, and South
Africa
Australia
New Zealand
South Africa
Developing countries.
Latin America
Latin American Republics.
Argentina..
Brazil
Chile
Colombia
Mexico. _
Panama
Peru.
Venezuela
Other Central America..
Other and unallocated
Other Western Hemisphere.
Bahamas
...
Bermuda
Jamaica
Other and unallocated
Other Africa
Liberia
....
Libya......
Nigeria
Other and unallocated.
Middle East
Iran..
Other and unallocated .
Other Asia and Pacific
India
Indonesia
..
Korea
Philippines
Other and unallocated,
International and unallocated...
0
0
(D)
557
1,046
889
34
123
307
297
(D)
(D)
5
46
27
101
83
41
65
(D)
139
15
8
7
93
17
7
16
36
15
12
(D)
(D)
13
2
176
(D)
(D)
(D)
(D)
10
8
(D)
(D)
(*)
(D)
(D)
(D)
327
1,740
890
161
1,987
209
667
648
134
1,588
243
353
18
84
206
35
95
324
85
144
81
3
1
3
527
57
25
(*)
(D)
(*)
10
29
233
23
C)
10
0
(D)
(D)
14
1
(D)
112
3
128
155
128
0
0
(D)
(D)
140
15
(*)
6
119
444
14
65
201
164
14
(D)
0
0
(D)
366
401
48
353
0
0
0
251
42
208
802
46
307
19
57
373
104
0
64
0
(D)
(D)
457
1,183
(D)
(D)
14
4
0
8
2
(*)
(D)
(*)
(D)
220
(D)
(D)
196
769
(D)
(D)
(D)
(D)
(D)
(D)
i
(D)
(D)
(D) '
(D)
(D)
149
41
(D)
(D)
18
65
(*)
(*)
(*)
(D)
(D)
(D)
(•)
i
(D)
13
1
31
0
5
(D)
(D)
(D)
(D)
3
4
30
14
13
13
178
115
70
90
109
46
2
20
0
4
4
0
(D)
(D)
(D)
(D)
(D)
(D)
20
109
15
72
0
(D)
18
(D)
(D)
(*)
(D)
(D)
(*)
(D)
(D)
(D)
52
(D)
(D)
C)
(D)
(D)
C)
35
72
H
(D) '
11
107
87
49
23
12
13
69
(D)
(D)
(D)
126
32
31
219
58
25
10
(D)
227
(D)
(D)
26
19
(D)
(D)
(D)
(D)
C) '
(D)
(D)
(D)
(D)
(D)
C)
(*)
(D)
(D)
(D)
(D)
3
113
92
(D)
27
5
0
9
13
<)
(D)
(D)
(D)
71
4
i
(*)
(*)
(D)
(D)
(*)
(*)
6
33
(D)
(D)
(D)
2
2
(D)
(*)
(D)
(D)
C)
(*)
(D)
(D) '
19
73
52
4
16
493
(D)
(D)
13
50
332
(D)
(D)
(D)
(D)
(D)
(D)
130
(*)
(*)
46
183
(D)
(D)
(D)
(D)
(D)
(*)
(D)
89
(D)
(D)
17
(D)
(D)
(D)
(D)
1
(D)
(D)
(D)
12
10
21
(D)
C)
(D)
(D)
(D)
(D)
14
46
5
3
(D>
128
127
(D)
(D)
(*)
(D)
C)
(*)
(D)
i
(D)
(D)
10
17
1
10
2
70
70
( D )
(D)
124
16
56
1
(D)
186
112
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
10
2
3,633
93
271
4
37
136
3
8
48
27
6
(D)
(D)
(*)
(D)
o
3
2
(D)
(D)
93
115
(D)
30
(*)
63
(D)
5
2
(D)
(D)
(D)
620
122
67
222
66
143
(D)
1,766
17
(D)
(D)
(D)
(D)
(D)
(*)
(D)
(D)
2
(D)
63
(D)
11
47
414
C)
•Less than $500,000.
D Suppressed to avoid disclosure of data for individual reporters.
1. The property, plant, and equipment expenditures data have been revised back to and
including the year 1966 (see text for discussion).
SUKVEY OF CURRENT BUSINESS
30
December 1973
The decision as to whether the A and
B projections for a given year need
adjustment must be made without
ratios of actual to expected spending for
the preceding year since there are no
actual figures yet available for that
year. In deriving the bias-adjusted 1974
data (A projections) presented here,
the years 1968-1972 were used since
a deviation of projection from estimate
in the same direction in at least 4
of the 5 years. Also, no adjustment
is made to items below $10 million.
When an adjustment is necessary
under these criteria, the median ratio
of actual to expected spending in the
5-year period is applied as an adjustment factor.
actual data for 1973 are not available.
This bias adjustment procedure is the
same as that used in the past with two
exceptions. First, the adjustment is
calculated for all 616 country-industry
cells. Previously, the adjustment was
made in the same way but for only 138
consolidated data cells. Comparison of
the data adjusted at these two levels of
Table 6G.—Estimates of Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies for
1972, by Country and Industry l
[Millions of dollars]
Area or country
All countries
Mining
and PetroAll
indus- smelt- leum
tries
ing
Manufacturing
Total
Food
products
Other
Primary Machin- Electrical Transpor- Other Trade indusPaper
Chemimachin- tation
tries
cals and Rubber
and
ery
manuand
ery
allied products fabricated (except
equip- facturing
allied
products products
metals electrical)
ment
17,088
1,249
5,350
7,123
364
586
1,349
413
702
1,716
1.1,728
965
2,507
6,023
279
526
1,159
224
578
1,599
Canada
3,5%
719
804
1,452
90
281
325
65
61
209
121
Europe..
6,628
5
1,365
3,830
156
219
648
148
472
1,130
328
1,561
0
413
853
43
54
(D)
224
(D)
2,693
380
507
1,114
481
212
101
6
23
23
34
15
Developed countries...
United Kingdom
European Economic Community
(6)
Belgium and LuxembourgFrance
Germany.
Italy
Netherlands
Other Europe.
Denmark
Ireland
Norway
Spain
Sweden
Switzerland..
Other
4,148
468
1,035
1,549
712
385
(D)
919
65
28
119
216
114
146
231
(D)
Japan
566
Australia, New Zealand, and South
Africa.
Australia
New Zealand
South Africa
937
756
39
142
Developing countries.
Latin America
Latin American Republics.
Argentina
Brazil
Chile
Colombia
Mexico
Panama
Peru
Venezuela
Other Central America...
Other and unallocated...
Other Western Hemisphere.
Bahamas
Bermuda
Jamaica
Other and unallocated
0
0
0
(D)
0
0
0
(D)
270
23
2
97
55
27
283
7
25
12
84
54
42
59
(D)
378
242
237
(D)
(D)
(D)
155
(D)
24
364
290
17
57
3,966
284
1,910
1,099
2,090
174
624
1,619
150
598
17
85
197
28
110
273
58
103
97
2
1
3
(*)
362
25
22
(D)
(D)
C)
31
(•)
11
CD)
1
163
22
(D)
471
213
2
68
188
77
0
0
(D)
(D)
Other Africa
Liberia....
Libya
Nigeria
Other and unallocated.
384
14
15
Middle East
Iran
Other and unallocated.
722
96
626
0
0
0
590
(D)
(D)
Other Asia and Pacific
India
Indonesia
Korea
Philippines
Other and unallocated..
769
45
317
94
0
62
0
0
32
382
(D)
231
(D)
19
123
International and unallocated..
1,394
99
130
141
9
50
349
(D)
o
(D)
0
262
114
C)
5
143
313
3
98
115
97
933
•Less than $500,000.
D Suppressed to avoid disclosure of data for individual reporters.
862
66
498
3
48
152
5
8
49
25
8
18
6
0
9
3
(D)
(D)
(D)
(D)
(D)
12
3
(D)
(*)
(D)
(D)
2
26
20
26
144
41
22
4
18
59
523
204
86
(D)
5
97
(D)
447
93
61
139
74
80
121
(D)
37
(D)
27
7
300
7
14
234
15
29
820
56
226
(D)
188
(D)
213
50
51
274
(D)
(D)
192
13
10
213
24
54
115
7
13
660
23
338
177
73
49
(D)
23
44
2
1
47
123
(D)
(D)
(D)
30
27
28
28
(D)
(D)
(D)
24
(D)
76
40
14
22
(D)
(D)
(D)
(D)
(D)
(D)
0
(D)
(D)
(•)
C)
(*)
(D)
(D)
16
(D)
(D)
(D)
(D)
(D)
2
5
1
(D)
11
13
(D)
i
5
(D)
(D)
(D)
(D)
(D)
(D)
(*)
(•)
(D)
(D)
(D)
(D)
(*)
(D)
(D)
I
C)
(*)
( D )
(D)
(D)
(D)
4
(D)
C)
26
(D)
2
18
17
22
(*)
10
( D )
22
19
(D)
(D)
61
(D)
(D)
48
(D)
33
4
94
157
83
167
507
65
155
42
116
296
71
5
42
0
106
3
74
0
(D)
26
2
(D)
(*)
155
15
(D)
40
5
113
16
40
1
5
25
7
3
13
2
3
184
41
38
10
(D)
14
0
(D )
1
0
0
(•)
(*)
(D)
8
(*)
28
1
(*)
(D)
20
o
C)
(
(D)
(D)
(•)
(D)
(*)
C)
20
19
0
(D)
(D)
(D)
(D)
(*)
(D)
o
(*)
(D)
(D)
(*)
(D)
0
(D)
(D)
C)
(D)
(D)
(•)
107
(D)
(D)
(D)
6
(D)
12
25
117
3
3
(D)
(D)
(*)
(D)
(D)
(D)
28
3
10
(D)
72
(D)
3
137
0
44
43
61
172
125
157
(D)
(D)
(D)
189
(D)
5
79
27
7
(D)
(D)
(D)
(D)
(D)
(D)
(D)
78
(D)
(*)
0
(D)
(*)
(D)
(D)
(D)
(D)
(D)
CD)
400
906
123
13
0
(D)
222
77
146
21
61
(D)
10
38
(D)
3
8
1
1
8
86
337
108
160
45
213
391
54
51
(*)
1,005
266
72
31
1,972
1,228
150
189
(*)
(•)
1,395
469
(D)
61
(*)
552
127
85
71
5
16
855
697
(D)
6
(D)
(D)
492
0
5
2
1
(*)
(D)
(D)
(*)
(D)
(D)
(D)
(D)
(D)
*\x
6
(D)
(D)
(*)
(D)
20
4
0
10
65
4
61
22
23
(•)
(D)
(D)
19
8
112
93
(D)
23
C)
19
(
()
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(•)
(*)
15
(D)
(D)
(D)
115
461
1. The property, plant, and equipment expenditures data have been revised back to and
including the year 1966 (see text for discussion).
SUEVEY OF CURKENT BUSINESS
December 1973
31
using the sample data, however, because some reporters provide actual
data but no projections. Since only data
from reporters who give both actual and
projected figures can be used to calculate the bias adjustment, the actual
period. Previously, the ratios were
calculated from universe estimates. Use
of the sample data was made necessary
because revised universe estimates were
not calculated for the projections, only
for actual spending. A problem arises in
consolidation showed only slight differences because data for most major
country-industry cells were adjusted
separately at both levels.
Second, sample data are used to
calculate the ratios over the 5-year
Table 6H.—Estimates of Projected Property, Plant and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies
for 1973, by Country and Industry l
[Millions of dollars]
Manufacturing
All
industries
Area or country
AH countries
Developed countries..
Canada
Europe .
United Kingdom .
European Economic Community
(6)
Belgium and Luxembourg
France.
Germany
Italy.
Netherlands
Other Europe
Denmark..
Ireland
Norway
Spain
Sweden
Switzerland
Other
.
Australia, New
South Africa
Australia
New Zealand
South Africa
.
Primary Machin- Electrical Transpor- Other
Paper
Chemimanumachintation
ery
and
and
cals and Rubber
ery
equip- facturing
products fabricated (except
allied
allied
ment
metals electrical)
products products
Trade
1,261
6,180
7,743
479
564
1,493
395
649
1,851
849
873
589
1,505
2,306
881
2,762
6,515
336
523
1,257
253
508
1,701
714
729
494
1,250
1,221
3,741
7,123
534
3
878
1,506
1,659
4,071
131
167
240
263
448
614
83
155
58
411
204
1,223
175
483
218
424
103
332
253
846
417
697
1,852
0
574
830
49
(D)
127
(D)
96
261
53
124
72
104
343
4,216
(D)
2,830
391
73
45
126
16
52
290
8
10
909
107
216
318
53
65
611
(D)
415
526
226
76
35
217
0
0
104
4
16
247
533
682
73
(D)
211
(D)
(D)
(D)
34
305
29
66
9
102
166
36
138
33
19
5
72
11
33
15
230
11
257
(D)
176
(D)
163
(D)
9
(D)
1,185
447
134
83
85
CD)
CD)
(D)
250
19
3
111
412
8
27
16
14
(D)
(D)
96
CD)
(D)
(*)
25
53
1
1
111
53
(D)
(D)
42
130
1,032
1,563
672
0
(D)
415
0
1,056
(D)
53
33
137
0
o
CD)
219
(D)
49
77
(D)
(*)
2
1
(D)
2
755
0
CD)
461
4
1,008
344
335
CD)
132
324
CD)
CD)
CD)
246
14
65
(D)
(D)
(D)
C*)
oo
41
18
g
138
63
84
o
(D)
(D)
0
(D)
CD)
0
47
(*)
1
(D)
CD)
2
(D)
CD)
(D)
40
25
(D)
(D)
(D)
(D)
6
CD)
3
7
3
CD)
39
CD)
13
(D)
65
5
88
73
4
136
CD)
3
(D)
35
(*)
24
(D)
14
34
17
CD)
21
36
(D)
16
CD)
CD)
(D)
CD)
CD)
19
1
CD)
59
49
2
8
CD)
29
91
32
5
54
(*)
2
(D)
g
1
6
8
CD)
3
25
38
9
8
2
9
380
1,981
1,228
143
41
236
142
142
150
135
144
95
255
522
2,333
187
610
1,007
128
36
204
124
90
132
97
132
65
199
330
127
3
1
3
(*)
9
348
20
35
187
19
107
CD)
(D)
3
97
89
527
CD)o
97
5
(D)
1
2
30
132
32
80
CD)
CD)
12
195
29
69
1
5
42
0
o
62
77
CD)
2
26
(D)
0
13
194
27
CD)o
132
6
101
0
CD)
20
(D)
4
^4
0
CD)
CD)
104
CD)
Other western hemisphere
Bahamas
Bermuda
Jamaica.
0 th er and unallocated
486
196
60
37
185
287
72
(*)
45
245
o
CD)
(D)
2
o0
CD)
(*)
21
1
6
69
133
21
42
262
75
(*)
5
(D)
182
14
287
Other Africa
Liberia
Libya
Nigeria
Other and unallocated
359
0
4
91
96
150
0
CD)
78
113
Middle East
Iran
0 ther and unallocated
796
o
o
0
CD)
Other Asia and Pacific
India....
Indonesia
Korea.
Philippines
Other and unallocated
878
180
61
466
8
57
0
150
0
22
91
79
718
285
CD)
o
29
2 001
Addendum:
European Economic Community (9)2.
10
C)
4,367
CD)
1,847
168
662
19
65
247
.
CD)
(D)
CD)
(D)
CD)
3
55
11
33
6
18
(D)
13
Latin American Republics
Argentina
Brazil
Chile
Colombia
Mexico
. .
Panama
. .
Peru.
Venezuela.
.
Other Central America
Other and unallocated
..
(D)
28
61
87
57
(D)
CD)
181
Latin America
31
25
36
35
(D)
CD)
792
35
Developing countries
6,154
983
90
525
5
38
173
g
9
88
32
16
126
7
22
(*)
6
27
2
1
38
19
5
o
CD)
4
2
C)
31
(D)
16
CD)
CD)
5
3
(*)
3
4
0
(*)
6
0
0
4
C)
2
0
CD)
0
1
0
0
0
0
4
2
CD)
0
0
CD)
4
10
1
CD)
1
17
CD)
8
1
CD)
1
1
2
(*)
CD)
0
13
2
(*)
0
0
8
4
CD)
CD)
(D)
0
(*)
24
5
C*)
5
CD)
CD)
0
CD)
CD)
1
0
(*)
0
0
0
0
0
0
0
0
0
0
o
(•)
CD)
CD)
19
o
o
o
(*)
CD)
CD)
401
164
282
(D)
17
92
55
32
4
25
48
33
o
0
0
^0
5
1
(*)
CD)
(D)
(*)
(D)
5
25
1
24
7
CD)
683
(D)
(*)
CD)
3
CD)
4
o
CD)
8
6
0
23
0
CD)
(*)
(*)
CD)
CD)
CD)
(•)
CD)
CD)
2
CD)
9
2
9
0
0
(D)
CD)
CD)
CD)
0
CD)
0
CD)
CD)
24
CD)
(D)
23
0
0
3
CD)
CD)
0
0
0
C*)
CD)
CD)
0
(*)
(*)
0
0
0
0
CD)
0
CD)
CD)
0
0
CD)
0
0
0
18
9
0
0
(*)
8
37
(D)
CD)
(D)
C)
1
21
(*)
48
5
15
21
5
2
7
C*)
CD)
(D)
1,278
32
10
1
22
19
CD)
(D)
12
CD)
137
114
(D)
7
(D)
27
(D)
0
CD)
CD)
CD)
CD)
12
CD)
0
25
(*)
25
55
(D)
(D)
110
(*)
(D)
(D)
29
2
0
0
0
CD)
CD)
CD)
CD)
1
4
24
CD)
CD)
(*)
6
17
9
98
563
1 438
3,695
159
* Less than $500,000.
D Suppressed to avoid disclosure of data for individual reporters.
1. The property, plant, and equipment expenditures data have been revised back to and
including the year 1966 (see text for discussion).
(D)
CD)
1
55
(D)
and
. . .
Other
industries
12,628
219
Zealand,
Foci
products
Total
18,995
284
111
Japan
Mining
and
Petrosmelt- leum
ing
259
535
142
387
1,172
375
372
290
722
457
2. The "European Economic Community (9)" includes the "European Economic Community (6)", the United Kingdom, Denmark, and Ireland.
SUEVEY OF CURRENT BUSINESS
32
December 1973
data which are usable are sometimes percent of the total actual data reonly a small portion of the total actual data ported, then no bias adjustment is made
of the sample. Thus, a test for adequacy to the projection for that cell.
of coverage was adopted. If in any year
As a result of bias adjustment,
the actual data used are less than 25 projected total plant and equipment
spending was reduced by 9 percent for
1973 and 3 percent for 1974 relative to
the estimates before adjustment. The
differences by major industry are shown
in table 5.
Table 61 .—Estimates of Projected Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies
for 1974, by Country and Industry l
[Millions of dollars]
Manufacturing
Area or country
All countries.
Developed countries..
Mining
All
and
Petroindus- smelt- leum
ing
tries
Paper
ChemiPrimary Machin- Electrical Transpor- Other
and
cals and Rubber
and
ery
machintation
manuallied
allied
products fabricated (except
ery
equip- facturing
products products
metals electrical
ment
Trade
1,102
7,707
8,306
431
481
1,572
425
600
2,090
875
1,135
698
1,775
14,195
662
3,684
6,987
295
428
1,301
273
521
1,899
776
922
571
1,454
3,979
Europe..
8,181
304
(D)
United Kingdom
European Economic Community
(6)..
Belgium and Luxembourg
France
Germany
Italy...
Netherlands
4,524
585
1,062
1,736
672
470
(*)
Other Europe.
Denmark
Ireland
Norway
Spain
Sweden
Switzerland.
Other
1,360
67
29
268
356
125
213
303
(D)
Australia, New Zealand, and South
Africa
Australia
New Zealand
South Africa
Food
products
21,419
Canada
Japan
Total
2,296
0
1,670
105
190
435
127
45
210
165
267
126
367
4,395
171
215
679
125
395
1,311
549
557
394
929
769
1,017
46
57
117
23
166
232
61
201
114
156
889
150
2,910
392
583
1,251
425
259
106
4
20
38
23
20
151
39
27
4
78
4
462
81
65
213
40
63
92
206
25
11
121
6
45
1,024
91
328
34
71
184
27
13
302
239
51
69
92
7
20
613
31
271
161
90
60
20
7
100
0
0
0
(D)
0
(D)
(*)
291
153
0
0
1
237
71
15
10
59
469
12
20
15
154
73
101
94
0
280
575
347
223
180
346
277
12
58
426
0
0
(D)
(*)
955
1,081
881
35
165
1,097
2,083
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
(D)
0
(D)
(*)
2
(D)
(D)
(D)
2
3
(D)
(D)
(*)
(D)
(D)
2
2
1
57
18
(D)
(D)
10
(D)
(D)
0
(D)
401
(D)
(D)
23
(D)
(D)
7
3
7
5
5
1
56
2
1
(D)
(D)
(D)
12
(D)
CD)
(D)
15
69
68
1
1
151
15
19
18
37
27
1
9
(D)
CD)
(D)
(D)
4
(D)
5
9
4
3
CD)
CD)
(D)
(D)
(D)
4
(D)
17
194
(D)
(D)
(D)
(D)
(D)
(D)
CD)
6
9
5
55
49
(D)
41
C)
(D)
(D)
1
42
(*)
0
47
1
160
8
(*)
14
2
50
32
31
37
11
85
98
82
40
32
2
7
73
43
14
17
(*)
2
22
20
16
27
54
159
(D)
(D)
2
(D)
(D)
(D)
5,263
440
2,643
1,319
136
54
270
152
78
191
99
212
127
321
2,571
288
622
1,066
120
44
232
129
43
176
69
182
72
232
Latin American Republics.
Argentina
Brazil....
Chile
Colombia
Mexico
Panama
Peru
Venezuela
Other Central America. _
Other and unallocated
2,039
184
734
20
62
308
22
260
291
59
98
204
2
1
3
(*)
8
0
334
24
36
(*)
18
1
6
78
134
17
18
1,046
90
567
5
37
215
4
10
80
26
11
119
6
20
0
5
34
2
2
34
13
4
1
217
16
118
42
7
20
0
2
5
0
176
7
135
0
69
8
35
1
70
10
229
30
85
1
6
57
6
4
34
3
2
Other Western Hemisphere.
Bahamas
Bermuda
_
Jamaica
Other and unallocated
532
211
(*)
31
289
84
0
C
(D)
289
88
(*)
6
194
20
7
0
11
2
Other Africa
Liberia
Libya
Nigeria
Other and unallocated.
411
22
106
148
135
9
349
5
10*
130
108
19
Middle East
Iran
Other and unallocated.
946
92
854
0
0
0
1,336
64
919
9
76
268
144
0
120
0
0
23
Developing countries..
Latin America
Other Asia and Pacific
India
Indonesia
Korea
Philippines.
Other and unallocated. .
International and unallocated..
1,960
Addendum:
European Economic Community (9)2.
6,916
(D)
16
2
CD)
(D)
(D)
0
0
(D)
(*)
(D)
(D)
(D)
(D)
830
9
751
(D)
(D)
50
13
24
842
(D)
(D)
(*)
(D)
C)
5
0
0
5
(*)
(*)
C)
57
(D)
(D)
(*)
(D)
16
(D)
0
0
0
0
8
(D)
C)
(D)
C)
(*)
0
0
0
(*)
(D)
0
(D)
(D)
0
(D)
(D)
10
0
4
(D)
(D)
(D)
(D)
(*)
3
(D)
(D)
12
(D)
(D)
9
3
4
5
4
0
(D)
3
(D)
1
1
0
0
0
0
CD)
(D)
(D)
(D)
0
(*)
(*)
(D)
(D)
(*)
C)
C)
1
1
0
CD)
20
(D)
0
(*)
CD)
(*)
(D)
0
0
0
0
0
15
5
0
0
(*)
9
3
4
(D)
2
0»
33
0
C)
(*)
C)
C)
0
0
(D)
CD)
2
1
0
1
(*)
21
(D)
(D)
0
0
0
1,692
(D)
(D)
7
(D)
(D)
(D)
(D)
28
(*)
0
(D)
(*)
27
(*)
53
2
55
(*)
0
1
3
C) 5
(D)
1 380
C)
3
(*)
1
1
0
0
1
(D)
2
0
20
2
5
(*)
0
0
0
0
29
(D)
4
0
0
0
0
0
(*)
(D)
3
22
(D)
(D)
(D)
(D)
(D)
CD)
0
0
0
0
0
0
0
(*)
(*)
24
0
0
3
1
(D)
0
0
0
0
0
0
0
CD)
16
1
(*)
(*)
0
(D)
29
182
26
(D)
50
(*)
3,959
164
(D)
•Less than $500,000.
D Suppressed to avoid disclosure of data for individual reporters.
1. The property plant, and equipment expenditures data have been revised back to and
including the year 1966 (see text for discussion).
10
99
0
6
6
0
(D)
3
1
(*)
9
2
(D)
4
9
1
1
0
0
(*)
59
9
12
0
CD)
11
210
55
(D)
(D)
(D)
(D)
(*)
0
(D)
(*)
(D)
586
115
373
1,259
393
506
354
777
2. The "European Economic Community (9)" includes the "European Economic Community (6)," the United Kingdom, Denmark, and Ireland.
By JACK J. BAME
U.S. Balance of Payments Developments:
Third Quarter and First Nine Months oi 1973
measures of the U.S. balance of small inflow in the second quarter to a third quarter, following a $0.3 billion
payments showed substantial improve- large outflow in the third; however, surplus in the second. This $1.8 billion
ment in the third quarter. The balance that shift was virtually offset by a improvement was less pronounced than
on current account and long-term favorable swing in net nonliquid short- the shifts in the two other broad
capital, which is widely considered to be term private capital flows, from a sub- balance of payments measures, because
an indicator of underlying balance of stantial outflow in the second quarter net liquid private capital inflows, which
payments developments, registered a to a small inflow in the third. The affect the official balance but not the
$2.5 billion surplus, compared with a official reserve transactions balance other two, were much smaller in the
$0.6 billion deficit in the second quarter. showed a surplus of $2.1 billion in the third quarter than in the second.
This was the first surplus in this balance
in almost 4 years and the largest ever
CHART 9
recorded. The balance on current account was in surplus by $1.2 billion in
Balances on Major U.S. International Transactions
the third quarter, following a deficit of
$0.4 billion in the second; the improve- Billion $
Billion $
ment mainly reflected a marked shift 16
4
in the merchandise trade balance from
Official Reserve
- 2
8 —
deficit to surplus, although a net imTransactions
provement in the military and services
accounts and some reduction in Government grants also contributed. There was
Y\
A
- -2
a net long-term capital inflow of $1.3 -8
Net Liquidity
\
billion in the third quarter, compared
\
\\ ':• >^ ffW 1\ / i i
- -4
Current Account and
;
with a net outflow of $0.2 billion in the -16 —
Long-Term Capital
\
*7
'
\ • -7
second, as substantial favorable shifts
- -6
in direct investment flows, net securities -24
transactions, and long-term bank-re- -8
V
ported flows more than offset a small -32
VI
adverse shift in Government capital -40 -10
flows.
The net liquidity balance was in -48 -12
f
surplus by $1.4 billion in the third
i
i
i i i i i
. 11 11 11 i
-14
1
1
1
quarter compared with a $1.6 billion
deficit in the second, an improvement of 16
about the same size as that in the
balance on current account and longMerchandise Trade*
term capital. In addition to the developments already mentioned in connection with the current and long-term
capital accounts, the change in the net
liquidity balance was unfavorably afJ
I
I
I
fected by a shift in unrecorded trans- -16
1969
70
71
72
73
1967
68
69
70
71
72
actions (errors and omissions) from a
V-
Annually
NOTE.—In Highlights and Perspectives,
Max Lechter wrote the section on Merchandise Trade and Leo Maley, the section on
U.S. Corporate Capital.
¥v
-
f'
A
Hi
\i
y -
w
—
Quarterly, Seasonally Adjusted
* Excludes exports under military grants and U.S. military agency sales contracts and
imports of U.S. military agencies.
U.S. Department of Commerce, Bureau of Economic Analysis
33
SUEVEY OF CURRENT BUSINESS
34
The First Nine Months of 1973 borrowers who desired to switch out of
dollars into currencies expected to
The balance of payments for Jan- appreciate against the dollar.) Exuary-September 1973 showed dramatic pectations of dollar devaluation also
improvement from the same period of affected the timing of some long-term
1972 in both current account flows and capital outflows, especially through
long-term capital movements. However, the direct investment accounts. All
there was an increase in short-term these factors affected the net liquidity
capital outflows—both liquid and non- deficit in the first quarter: it was
liquid—and in outflows associated with further swelled by a large increase in
transactions not covered by the statis- bank-reported short-term nonliquid
tical reporting system (errors and outflows and in unreported outflows.
omissions). A sorting out of transitory The official reserve transactions defrom more fundamental influences helps ficit was, in addition, enlarged by
to explain these contrasting flows.
substantial liquid private capital outWidespread exchange market un- flows. The official reserve deficit was
certainties in the first quarter (which $10K billion in the first quarter, more
culminated in a new 10 percent dollar than the deficit for the entire year 1972.
The adoption of a system of floating
devaluation in mid-February, and the
exchange
rates for the dollar and a
floating of several leading currencies
number
of
other leading currencies
against the dollar, including the Japanearly
this
year
also required a reinterese yen) led to heavy reported and
pretation
of
the
official reserve transunreported capital outflows, mostly
actions
balance.
Under a system of
short term. These outflows were infloating rates, exchange market prestensified by a widening differential
sures on the dollar should be mainly
between short term interest rates in reflected in changes in exchange rates
the United States and in the Euro- rather than in changes in U.S. liabilities
dollar market, which favored borrowing to foreign official agencies and a
here and lending in Europe. (Part of deficit in the official balance. In the
the increase in the differential was absence of intervention through purcaused by expectations of exchange chases and sales of dollars by foreign
rate changes, which prompted an in- official agencies, the official reserve
creased demand for dollar loans by transactions balance should approach
December 1973
zero. Under the fixed exchange rate
system, exchange market pressures on
the dollar were reflected mainly in
increases in U.S. liabilities to foreign
official agencies, which were obliged
to intervene via purchases (or sales) of
dollars to maintain the exchange rates
for their currencies within perscribed
limits. During the second quarter of
1973, there was limited official intervention (mostly by the Japanese authorities who sold dollars to limit the
decline in the yen rate), and in the
third quarter there were indications of
some increase in intervention by a
number of countries, including a return
to limited intervention by U.S. monetary authorities in early July.
Net long-term private capital flows,
although shifting adversely in the first
and second quarters, showed marked
improvement for the first 9 months of
1973 compared with the 1972 period;
foreign direct investment in the United
States increased substantially, and net
foreign purchases of U.S. securities rose
markedly, despite a sharp decline in the
second quarter. These inflows more than
offset a rise in direct investment outflows (a rise concentrated in the first
half of 1973, part of which was probably
associated with expectations of exchange rate changes).
Nonliquid short-term capital outflows
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Line
Lines in table 2, 3, and 9 in which transactions are included are indicated in ( )
Merchandise trade balance (2,16).
Services, net (3-13,17-27)
Balance on goods a n d services
______
Remittances, pensions and other transfers (31, 32)..
Balance on goods, services, and remittances
U.S. Government grants (excluding military) (30).
Balance on current account
U.S. Government capital flows, net, and nonliquid liabilities to other
than foreign official reserve agencies (33, 48)
Long-term private capital flows, net (39-41, 44, 49-51, 53) _ _ _
Balance on current account and long-term capital.
Nonliquid short-term private capital flows, net (42, 45, 52).
Allocations of S D R (63)
Errors and omissions, net (64)
1972
1972
-4,610
-1,374
-1,426
-939
-870
-1,570
-391
-375
-373
-429
-6,180
-1,765
-1,801
-1,312 -1,299
-2,174
-578
-563
-8,353
-2,343
-1,339
-152
-289
-1,143
-9,843 -3,775
-1,637
710
-3,112
-10,340
Revised.
» Preliminary.
NOTE.—Details may not add to totals because of rounding.
-1,573 -1,745
634
875
-1,774
348
Official
IV
-1,820
446
-13,882
3,542
r
III
-6,912
2,301
Net liquidity balance
Liquid private capital flows, net (43, 46, 54).
e transactions balance.
1973
-535
178
944
II-III
IP
-5,167
1,428
-490
3,462
4,677
2,034
150
674
2,148
1,474
-3,739
2,972
6,711
-397
-389
-422
-33
285
1,726
1,441
-652
-509
143
-2,364
-1,893 -1,751
-592
-367
1,217
1,584
-95
604
-586
781
-336
-16
75
-317
-363
1,685
-438
-1,855 -2,652 -1,556
-851
1973 P Change:
1972-73
516
-345
310
178
-940
1972
714
1,434
-247
-581
January-September
-244
918
1,110
-452
-3,188 -2,307
1,456
-288
-3,476
Change:
1973
-1,139 -1,208
-4,878
1,764
6,642
-1,722 -1,506
216
-6,600
258
6,858
2,002
-750
-932
-624
1,352
126
2,284
9,268
-944
-609
2,539
3,148
-8,282
-982
-430
-1,822
177
177
-1,626 -1,490 -3,891
-1,404
234
1,638
-2,337
-533
425 -1,355
-1,780
-655 - 2 , 9 9 2
533
-1,622 - 4 , 8 2 1
-4,531 -3,851
7
2,367
-6,657
-3,842
-1,588
1,923
1,418
690
3,006
-1,233
-10,026
1,175
-6,827
-1,229
3,199
-2,404
-4,524 -1,484 -10,499
335
2,108
1,773
-8,851 -8,056
795
December 1973
were substantial in January-September
1973, much larger than in the same
period of the previous year. However,
there was a sharp improvement in the
third quarter, when bank loans to
foreigners and acceptance financing
were reduced in contrast to the large
increase earlier in the year. Nonetheless,
the outflow in the first 9 months of 1973
was much larger than in the same
period of 1972. The very large outflow
through unrecorded transactions (errors
and omissions) in the first quarter was
followed by a small inflow in the second,
perhaps related to a narrowing of the
short-term interest rate differential
between the United States and the
Eurodollar market, and the adoption of
generally floating exchange rates by a
number of leading foreign countries.
However, unfavorable exchange market
pressures on the dollar began to develop
again late in the second quarter and
intensified in July; part of the third
quarter outflow through unrecorded
transactions probably occurred in that
period.
There was a net liquid private capital
outflow in the first 9 months of 1973,
compared with an inflow of the same
amount in 1972. A heavy outflow in the
first quarter, dominated by expectations
of exchange rate changes and high interest rates in the Eurodollar market,
more than offset inflows in the following
two quarters, when there was a narrowing of the spread between Eurodollar
and U.S. interest rates and generally
calmer exchange markets.
In contrast to the complex factors
that influenced financial flows, the
balance on goods and services—especially the merchandise trade component—has been improving all year,
reflecting the more fundamental contributions of the cumulative price effects
of two dollar devaluations (in December
1971 and in February 1973), the
revaluation of a number of leading foreign currencies against the dollar, and a
sharp rise in foreign demand for U.S.
agricultural goods.
Current account transactions
The merchandise trade balance
moved into a surplus of $0.7 billion in
the third quarter, an improvement of
SURVEY OF CURRENT BUSINESS
$1.0 billion from the second. Exports
rose sharply by $1.4 billion, while
imports increased only $0.4 billion.
The large gain in exports was mainly
in foodstuffs, in industrial supplies and
materials and in capital equipment,
while the import rise was concentrated
in industrial materials, capital equipment, and nonfood consumer goods,
other than autos; imports of autos
declined slightly. For the first 9 months
of 1973, the trade deficit was $0.5
billion, down $4.7 billion from the same
period of 1972. The reduction reflected not only the effects of two dollar
devaluations but also a sharp rise in
agricultural exports. (See Highlights
and Perspectives for a more detailed
analysis.)
The deficit on military transactions
(excluding transfers under military
grants) was $0.6 billion in the third
quarter, down $0.2 billion from the
second. A dip in direct defense expenditures and an increase in receipts
from military sales contracts contributed about equally to the improvement. (The reported decline in expenditures took place despite the
increase in costs associated with the
decline in the value of the dollar vis-avis many foreign currencies). The
deficit on military transactions for
January-September was $2.1 billion,
down $0.6 billion from the 1972 period;
most of the improvement was accounted for by increased military aircraft sales.
The travel and transportation deficit narrowed by $0.2 billion in the
third quarter to $0.5 billion. The main
factors were a decline in travel payments, perhaps associated with the
lower value of the dollar abroad, and
continued growth in the number of
foreign visitors to the United States,
especially from Japan. The travel and
transportation deficit for the first 9
months of the year was down $0.3
billion from the 1972 period, the first
decline in 4 years.
Net investment income rose $0.2
billion in the third quarter to $2.3
billion, and rose $1.1 billion in the
January-September period, compared
with 1972, to $6.7 billion. Income from
U.S. direct investment abroad was the
main contributing factor; it rose $0.2
35
CHART 10
U.S.-Foreign Short-Term Interest Rate
Differential and Changes in Selected
Foreign Exchange Rates
INTEREST RATE DIFFERENTIAL
Percent
4
90-Day Eurodollar Rate Less
3 - U.S. Rate on 90-Day
Bankers' Acceptances
2
CHANGES IN SELECTED FOREIGN EXCHANGE RATES1
Percent change from parity with
U.S. dollar on March 3 1 , 1970
20
CANADA
10
0
40
JAPAN
30
Dec. 18, 1971
20
10
0
-10
-10
60
WEST GERMANY
50
40
30
20
10
0
40
FRANCE
30
20
10
0
10
ITALY
0
-10
1970
1971
1972
1973
1. Spot rates at end of quarter.
2. Represents the percent change between parity on March 31, 1970 and
the central rates established in the Smithsonian agreement on
December 1971.
U.S. Department of Commerce, Bureau of Economic Analysis
36
billion in the third quarter, to $3.4
billion and $2.4 billion, to $9.8 billion,
for the first 9 months of the year. The
increase was especially large in income
from branch operations of the petroleum and mining industries, reflecting
sharply higher prices for their products.
The rise in income receipts more than
offset a rise in payments on U.S.
liabilities to private and official holders
abroad, largely due to higher interest
rates and the large accumulation of
dollar obligations by foreign official
agencies in the first quarter of 1973.
The balance on goods and services
improved by $1.5 billion in the third
quarter to a surplus of $2.1 billion. For
the first 9 months of 1973, the balance
showed a surplus of $3 billion, a $6.7
billion improvement from the same
period of 1972. There was little change
in remittances, pensions, and other
transfers in the third quarter or in
January-September; thus, the balance
on goods, services, and remittances
showed just about the same change as
the balance on goods and services.
Government grants (excluding military)
were $1.5 billion in the first 9 months of
1973, down $0.2 billion from the 1972
period; thus, the balance on current
account improved by $6.9 billion, from
a deficit of $6.6 billion in the 1972
period to a surplus of $0.3 billion in
January-September 1973. In the third
quarter, the current account surplus
was $1.2 billion, compared with a deficit
of $0.4 billion in the second quarter.
Long-term capital flows
There was a $1.6 billion favorable
swing in net long-term capital transactions (private and Government) in
the third quarter to an inflow of $1.3
billion, and a $2.4 billion improvement
in these flows for the first 9 months of
1973 to an inflow of $0.7 billion, compared with an outflow of $1.7 billion
for the same period in 1972. During the
third quarter, Government capital flows
moved to a net outflow of $0.4 billion
after an inflow of $0.1 billion in the
second quarter, which had been bolstered by a special advance payment
and increased repayments of other
credits. For the first 9 months of the
year, there was a $0.1 billion reduction
in Government capital outflows, to
SUEVEY OF CURRENT BUSINESS
$0.6 billion. Net long-term private
capital flows showed a marked $2.0
billion improvement in the third quarter, to an inflow of $1.7 billion; in
January-September 1973, there was a
net inflow of $1.4 billion, compared
with a $0.9 billion outflow for the same
period a year earlier.
Among the long-term private capital
accounts, U.S. direct investment outflows showed a marked reduction in
the third quarter but were an exception
to the general pattern of improvement
for long-term private capital transactions from 1972 to 1973; they totaled
$3.2 billion in the first 9 months of
this year, compared with $2.6 billion
for the same period in 1972. In the
third quarter, direct investment outflows dropped to only $0.2 billion,
compared with $0.9 billion in the
second, as net inflows from petroleum
affiliates in producing areas largely
offset net outflows to manufacturing
affiliates abroad (see Highlights and
Perspectives—U.S. Corporate Capital).
However, outflows were very large in
the first half of 1973, probably stimulated by exchange market considerations as well as by plans for increased
plant and equipment expenditures by
affiliates in 1973.
Foreign direct investment in the
United States was record $0.7 billion in
the third quarter, up from $0.5 billion
in the second. About two-thirds of the
third quarter inflow was accounted for
by a petroleum participation agreement receipt. Foreign direct investment in the United States for the first 9
months of 1973 was $1.5 billion, larger
than any previous annual direct investment inflow; in January-September
1972, the net flow was approximately
zero.
Net U.S. purchases of foreign securities totaled $0.2 billion in the third
quarter, compared with $0.1 billion in
the second. The rise was wholly accounted for by net U.S. purchases of
outstanding foreign bonds, which more
than offset some decline in new Canadian issues in the United States.
During January-September 1973, net
U.S. purchases of foreign securities
were less than $0.3 billion, compared
with $0.6 billion for the same period in
1972. A major factor in the shift was
December 1973
that no World Bank bond issues were
floated in the United States in 1973,
whereas almost $0.3 billion had been
floated here in 1972. Net U.S. sales of
foreign stocks continued in the first 9
months of 1973, amounting to about
$0.2 billion, the same as in that period
in 1972. Net sales of Japanese and
Canadian stocks more than offset small
purchases of West European shares.
Net foreign purchases of U.S. securities rose to $1.2 billion in the third
quarter, compared with $0.5 billion in
the second. Virtually all the increase
was accounted for by net purchases of
U.S. stocks, which rose from $0.1
billion in the second quarter to $0.9
billion in the third There was little
change in net foreign purchases of U.S.
bonds, as net investment in federal
agency bonds by the World Bank
mostly offset a decline in new issues sold
abroad by U.S. corporations. For the
first 9 months of 1973, net foreign purchases of U.S. securities reached $3.4
billion, compared with $2.6 billion in
the same period of 1972. Net foreign
purchases of U.S. stocks rose from $1.2
billion in January-September 1972 to
$2.3 billion this year, while net foreign
purchases of U.S. bonds declined from
$1.4 billion in the 1972 period to $1.1
billion this year. New issues of Eurobonds by U.S. corporations declined
from more than $1.4 billion in JanuarySeptember 1972 to less than $0.9 billion
in 1973, more than offsetting a $0.3
billion increase in foreign purchases of
other U.S. bonds. Activity in the Eurobond market has been curtailed this
year by exchange market uncertainties;
after the February dollar devaluation, there was a decline in dollardenominated issues in particular, with
some signs of revival toward the end
of the third quarter.
Other net long-term outflows declined
to $0.1 billion for the first 9 months of
1973, compared with $0.3 billion for the
same period in 1972.
In total, net long-term capital transactions in the third quarter registered
a $1.3 billion inflow; combined with
the current account surplus of $1.2
billion, this resulted in the $2.5 billion
surplus in the balance on current account and long-term capital. For the
December 1973
first 9 months of 1973, a net long-term
capital inflow of $0.7 billion, together
with the $0.3 billion current account
surplus, resulted in a $1.0 billion surplus
in the balance on current account and
long-term capital, compared with an
$8.3 billion deficit for the same period
in 1972.
SUEVEY OF CUEEENT BUSINESS
Short-term capital flows
Net nonliquid short-term capital
flows showed a sharp improvement in
the third quarter, registering a small
inflow of $0.2 billion following a $1.4
billion outflow in the second quarter.
Virtually all the shift was accounted
for by bank-reported nonliquid claims,
37
reflecting a reduction in bank loans to
foreigners and in outstanding acceptance financing with Asiatic countries.
For the first three quarters of 1973,
however, the outflow through shortterm nonliquid bank claims was a net
$3.0 billion, compared with only $0.6
billion in January-September 1972.
Table Bl.—U.S. Merchandise Trade, by Principal End-Use Categories—Reconciled to Balance of Payments Basis
[Millions of dollars]
Seasonally adjusted
Line
(Numbers in parentheses ( ) refer to line numbers in table 4)
1973
1972
1972
II
III
IV
II'
January-Septe mber
Change:
1973
II-III
1972
1973
1,384
36,182
51,073
Change:
1972-73
EXPORTS
Total, adjusted to balance of payments basis, including "military" 1 (6)
Less: Exports under U.S. military sales contracts identified in Census documents (7)
49,628
11,871
11,747
12,564
13,446
15,529
17,080
18,464
14,891
859
216
208
202
233
209
302
311
9
626
822
196
Equals: Total, adjusted to balance of payments basis, excluding "military" (8). 48,769
11,655
11,539
12,362
13,213
15,320
16,778
18,153
1,375
35,556
50,251
14,695
Agricultural goods
Nonagricultural
_
Foods, feeds, and beverages (19) adjusted*
Foods, feeds, and beverages—agricultural, adjusted*
Industrial supplies and materials (23) adjusted*
Agricultural*
Nonagricultural*
9,486
39,283
2,215
9,440
2,188
9,351
2,395
9,967
2,687
10,526
3,798
11,522
4,162
12,616
4,704
13,449
542
833
6,798
28,758
12,664
37,587
5,866
8,829
7,470
7,304
1,626
1,585
1,798
1,760
1,924
1,882
2,120
2,077
3,098
3,044
3,505
3,436
3,997
3,910
492
474
5,348
5,227
10,600
10,390
5,252
5,163
14,020
2,084
11,936
3,523
607
2,916
3,220
406
2,814
3,488
486
3,002
3,806
583
3,223
4,311
744
3,567
4,681
691
3,990
5,176
738
4,438
495
47
448
10,231
1,499
8,732
14,168
2,173
11,995
3,937
674
3,263
Capital goods, except automotive (34).
Machinery, except consumer-type (35)
Civilian aircraft, complete—all types (44a)
16,690
13,135
1,707
4,064
3,202
435
4,012
3,178
401
4,207
3,294
407
4,432
3,474
463
4,732
3,798
460
5,175
4,056
884
5,585
4,406
644
410
350
60
12,283
9,674
1,243
15.492
12,260
1,688
3,209
2,586
445
5,119
3,901
1,218
1,191
888
303
1,206
927
279
1,336
1,041
295
1,407
1,068
339
1,551
1,182
369
1,506
1,131
375
1,535
1,111
424
29
-20
49
3,733
2,856
877
4,592
3,424
1,168
859
568
291
3,492
1,978
831
420
835
468
891
516
939
509
1,032
596
1,173
738
1,209
651
36
-87
2,557
1,404
3,414
1,985
857
581
421 40,836
Automotive vehicles, parts, and engines (46)
To Canada (47)2
To all other areas (48)
Consumer goods (nonfood), except automotive (52)._
All other, including balance of payments adjustments* not included a b o v e . .
IMPORTS
Total, adjusted to balance of payments basis, including "military" » (13)
50,920
10,084
113
179
66
417 40,723
50,741
10,018
6,581
19,641
5,383
1,214
4,357
1,986
4,053
3,757
296
5,498
5,053
445
1,445
1,296
149
-35
-35
6,354
3,384
2,970
7,640
3,967
3,673
1,286
583
703
117
-71
8,387
1,278
9,778
1,603
1,391
325
963
-4,654
153
4,807
-5,167
-490
4,677
55,849
13,506
13,349
13,981
15,013
16,335
17,082
17,503
Less: Imports of U.S. military agencies identified in Census documents (14).
168
31
36
46
55
55
60
64
Equals: Total, adjusted to balance of payments basis, excluding "military"
(15)
55,681
13,475
13,313
13,935
14,958
16,280
17,022
17,439
Foods, feeds, and beverages (61)..
Industrial supplies and materials (66) adjusted*
Petroleum and products (67a) adjusted*
7,265
20,985
4,626
1,818
4,975
1,055
1,726
4,998
1,101
1,823
5,311
1,241
1,897
5,700
1,230
2,108
6,339
1,492
2,281
6,487
1,808
2,192
6,815
2,083
-89
328
275
5,367
15,284
3,397
5,572
5,135
437
1,331
1,243
88
1,338
1,228
110
1,384
1,286
98
1,525
1,385
140
1,661
1,513
148
1,835
1,697
138
2,002
1,843
159
167
146
21
8,694
4,626
4,068
2,084
1,108
976
2,147
1,157
990
2,123
1,119
1,004
2,339
1,235
1,104
2,471
1,344
1,127
2,602
1,329
1,273
2,567
1,294
1,273
Consumer goods (nonfood), except automotive (97)._
11,355
All other, including balance of payments adjustments* not included above.. 1,810
2,804
463
2,704
400
2,879
415
2,966
531
3,199
502
3,231
586
3,348
515
Capital goods, except automotive (80)..
Machinery, except consumer-type (81)
Civilian aircraft, engines, parts (89)
Automotive vehicles, parts, and engines (90) adjusted*
From Canada (adjusted to transactions value) (92)*...
From all other areas (93)
_
4
BALANCE (EXPORT SURPLUS + )
33
Balance on merchandise trade, adjusted to balance of payments basis, including "military" (16)
-6,221
-1,635
-1,602
-1,417 -1,567
-806
-2
961
34
Balance on merchandise trade, adjusted to balance of payments basis, excluding "military" (17)
-6,912
-1,820
-1,774
-1,573 -1,745
-960
-244
714
r
Revised.
p Preliminary.
•"Adjusted" items reflect balance of payments corrections to Census trade figures for
coverage, valuation, and timing. For example: Line 6 is adjusted for changes in stocks of U.S.
grain stored in Canada; lines 8 and 23 include exports and imports of nonmonetary gold,
electric power, and petroleum trade of the Virgin Islands with foreign countries; line 18 excludes reexports and line 23 excludes imports of natural gas in transit through the United
States from western to eastern Canada; lines 28 and 29 reflect adjustments for the overvaluation in Census import data of autos and trucks from Canada.
1. Includes goods physically exported from the United States under U.S. military agency
sales contracts and recorded in Census trade statistics; includes goods physically imported
into the United States directly by U.S. military agencies (and by the Atomic Energy Commission and the Coast Guard) and recorded in Census trade statistics.
2. The statistical identification of automotive products exports to Canada (line 15) is not
as complete and comprehensive as the identification of automotive products imports from
Canada, which are more definitively classified for duty-free status under the U.S.-Canada
Automotive Products Trade Act. The less comprehensive identification in U.S. trade statistics of automotive parts exports to Canada results in an undercounting of such exports (line 15)
which—estimated from examination of Canada's import statistics—amounted to about $450
million in 1972.
NOTE.—Seasonally adjusted quarterly details may not add to unadjusted annual totals.
SUEVEY OF CURRENT BUSINESS
38
Part of the 1973 rise was related to anti- (errors and omissions) were $1.4 billion
cipations of exchange rate changes, in the third quarter, compared with
especially in the first quarter. Another a $0.4 billion inflow in the second. For
factor was the spread between interest the first 9 months of 1973, unrecorded
rates in the United States and abroad, outflows totaled $4.8 billion, compared
especially in the Eurodollar market, with $1.6 billion for the same period
which generally favored borrowing in in 1972. The total was strongly affected
the United States and lending abroad by the large first quarter outflow,
during the first half of 1973. As a which was probably related to exresult, foreigners drew heavily on their pectations of a dollar devaluation and
assets and lines of credit with U.S. (later in the quarter) to expectations of
banks and with U.S. agencies and further revaluations of a number of
branches of foreign banks. Short-term leading currencies.
nonliquid capital flows reported by nonThe $0.2 billion inflow of recorded
banking concerns showed virtually no short-term nonliquid capital in the
net change from the first 9 months of third quarter and the unrecorded out1972 to the same period in 1973.
flow of almost $1.4 billion, combined
Outflows associated with transactions with the $2.5 billion surplus on current
not covered by the reporting system account and long-term capital, resulted
December 1973
in a $1.4 billion surplus in the net
liquidity balance, compared with a
$1.6 billion deficit in the second quarter.
For the first 9 months of 1973, recorded outflows of short-term nonliquid capital were up $2.3 billion from
the 1972 period, unrecorded outflows
were up $3.2 billion, and there was no
new SDR allocation in 1973, while $0.5
billion had been allocated for the first 9
months of 1972; thus, with the balance
on current account and long-term
capital showing a $9.3 billion improvement from the 1972 period to 1973, the
net liquidity balance showed a $3.2
billion improvement from a deficit of
$10 billion to a deficit of $6.8 billion.
Net liquid private capital inflows
were $0.7 billion in the third quarter,
Table B2.—U.S. Merchandise Exports and Imports, by Major World Areas 1—Balance of Payments Basis, "Excluding Military'
[Millions o f dollars]
Seasonally adjusted
1972
1972
Line
January-September
1973
III
II r
IV
Hi v
Change:
1973
II-III
1972
1973 * Change:
1972-73
EXPORTS
Total, all countries..
7
8
9
10
11
48,769
11,655
11,539
12,362
15,320
16,778
18,153
1,375
35,556
50,251
14,695
Western Europe
United Kingdom
EEC (6)
Other Western Europe
14,989
2,729
8,657
3,603
3,685
692
2,135
858
3,480
611
2,010
859
3,752
692
2,132
928
4,068 4,859
764
t 735
2,372 2,948
1,147
961
5,043
882
2,985
1,176
5,381
927
3,268
1,186
338
45
283
10
10,917
1,995
6,277
2,645
15,283
2,573
9,201
3,509
4,366
578
2,924
864
Eastern Europe
Canada
Latin American Republics and other Western Hemisphere.
Japan...
_
Australia, New Zealand, and South Africa
Other countries in Asia and Africa
857
12, 506
7,241
141
2,864
1,747
142
3,062
1,732
272
3,267
1,854
311
3,313
1,903
419
3,579
2,013
608
3,853
2,257
508
3,789
2,660
-100
-64
403
555
9,193
5,333
1,535
11,221
6,930
980
2,028
1,597
4,978
1,546
6,652
1,187
395
1,636
1,170
356
1,597
1,236
380
1,601
1,389
413
1,816
1,849
488
2,113
2,121
541
2,355
2,194
545
3,076
73
4
721
3,593
1,131
4,834
6,164
1,574
7,544
2,571
443
2,710
13,213
IMPORTS
55,681
13,475
13,313
13,935
14,958
16,280
17,022
17,439
417 40,723
50,741
10,018
13
14
15
16
Western Europe
United Kingdom
EEC (6)
Other Western Europe
15,648
2,945
9,116
3,587
3,917
766
2,250
901
3,736
722
2,157
857
3,846
658
2,290
4,151
798
2,422
4,515
861
2,641
1,013
4,858
868
2,865
1,125
4,879
907
2,842
1,130
11,499
2,146
6,697
2,656
14,252
2,636
8,348
3,268
2,753
490
1,651
612
17
18
19
Eastern Europe
Canada
Latin American Republics and other Western Hemisphere.
363
14,403
7,068
66
3,409
1,793
73
3,564
1,647
107
3,523
1,780
118
3,906
1,848
117
4,214
2,145
144
4,318
2,212
144
4,233
2,337
-85
125
246
10,496
5,220
405
12, 765
159
2,269
1,474
20
21
22
Japan
Australia, New Zealand, and South Africa
Other countries in Asia and Africa
9,079
1,406
7,714
2,193
305
1,792
2,169
342
1,782
2,324
371
1,984
2,395
387
2,153
2,441
398
2,450
2,406
436
2,648
2,429
437
2,980
1
332
6,686
1,018
5,558
7,276
1,271
8,078
590
253
2,520
Total, all countries..
BALANCE (EXPORT SURPLUS + )
23
24
25
26
27
29
30
31
32
33
r
Total, all countries...
Western Europe
United Kingdom
EEC (6)..
Other Western Europe.
Eastern Europe
Canada
Latin American Republics and other Western Hemisphere.
Japan
Australia, New Zealand, and South Africa
Other countries in Asia and Africa
Revised.
* Preliminary.
-244
714
958 - 5 , 1 6 7
-490
4,677
-50
30
344
-97
307
134
185
14
120
51
502
20
426
56
317
6
306
5
-582
-151
-420
-11
1,031
-63
853
241
1,613
88
1,273
252
193
-593
55
302
-635
-132
464
-465
45
364
-444
323
-100
21
278
309
-1,303
113
1,130
-1,544
236
821
-241
123
-1,088 -1,006
9
26
-337
-592
90
-337
-285
105
-293
-235
108
96
50
-3,093
113
-724
-1,112
303
-534
1,981
190
190
-6,912
-1,820
-1,774
-1,573
-659
-216
-459
16
-232
-74
-115
-43
-256
-111
-147
2
-94
34
-158
30
494
-1,897
173
75
-545
-46
-502
85
165
-256
74
-4,101
140
-1,062
-1,006
90
-156
14
-185
1. Annual data shown in this table match corresponding country and area data in table 9,
-1,745
lines 2 and 16: seasonally adjusted quarterly data shown in this table are computed from
corresponding unadjusted quarterly data represented in table 9, lines 2 and 16.
SUEVEY OF CUEKENT BUSINESS
December 1973
39
Table C—*Net Change in U.S. Corporate Foreign Assets and Liabilities 1
[Millions of dollars seasonally adjusted]
1972
Line
Credits ( + ) ; debits ( - ) (lines in table 2 in which transactions are included
are indicated in ( ))
Direct investment (39)
Corporate foreign borrowing, total
New issues of securities sold abroad by U.S. corporations (50f) 2 Other long-term liabilities (51)
Short-term liabilities (52t) 3
1972
-3,404
-1,302
2,836
2,023
694
119
289
296
-38
31
Direct investment net of corporate foreign borrowing *
Other corporate claims, total
Long-term (44)
Short-term, nonliquid (45f) 3—
Short-term, liquid (46)
Addendum;
Uses of funds obtained through new issues of securities sold abroad by U.S. corporations
Additions to, and refinancing of direct investment (5#f)
Short-term claims reported by U.S. residents other than ban
Reduction in corporate liabilities to foreigners (511 52})
Transfers of funds to U.S. residents (54\) « . . .
Financing the official reserve
transactions balance
The $2.1 billion official reserve transactions surplus in the third quarter was
reflected in a $1.7 billion reduction in
-522
II'
- 7 7 1 -2,025
-946
III*
January-September
1972
1973 v Change:
1972-73
718 -2,633 -3,199
-566
414
175
97
282
274
37
-29
69 -1,339
-664
401
1,065
-637 -1,602
-965
-315
-147
-220
52
-33
-92
-80
139
-586
-105
-43
-438
-1,433
-334
-449
-650
-847
-229
-406
-212
840
589
203
629
193
142
294
347
-81
105
323
1,996
1,434
491
71
1,597
881
354
362
-399
-553
-137
291
-118
-3
22
-137
-289
-28
-125
-136
-341
-97
-190
-54
-132
-89
-615
-282
-55
-140
-87
-1,495 -1,192
780
-811
-272
-2,175
-946
86
1,032
-1,223
-3,035
-1,812
766
-16
S72
-54
-192
-60
-66
589
-120
-201
-62
-206
414
-125
274
-20
-217
193
-77
-40
-24
-52
-81
-57
177
-24
-15
-139
-724
-206
-365
881
-222
-387
-50
-222
-553
-83
337
156
143
2,023
-259
-925
-268
-571
Revised.
P Preliminary.
fPortion of line.
1. Excludes claims and liabilities of U.S. banking and brokerage institutions.
2. Includes proceeds from new issues of stocks as well as bonds sold abroad by U.S. corporations. Excludes funds obtained abroad by U.S. corporations through bank loans and
other credits and also excludes securities issued by subsidiaries incorporated abroad. However, securities issued by finance subsidiaries incorporated in the Netherlands Antilles are
treated as if they had been issued by U.S. corporations to the extent that the proceeds of such
down $1.2 billion from the second. The
major factor in the decline was a $1.1
billion adverse shift in liquid claims,
which rose $0.3 billion following a drop
of $0.8 billion in the second quarter.
Liquid liabilities to foreigners increased
$1.0 billion, $0.1 billion less than in the
second quarter. Because of the large
first quarter outflows, there was a net
liquid private capital outflow of $1.2
billion for the first 9 months of 1973, in
contrast to an inflow of the same size in
January-September 1972. (The second
and third quarters of 1973 showed a
combined inflow of $2.6 billion, almost
double that for the same period in 1972.)
The $0.7 billion net inflow of liquid
private capital in the third quarter,
combined with the $1.4 billion surplus
in the net liquidity balance, adds to
the $2.1 billion surplus in the official
reserve transactions balance. For the
first 9 months of 1973, the official
reserve transactions deficit was $8.1
billion, compared with $8.9 billion for
the same period in 1972. Here again, the
1973 figure is dominated by unfavorable
first quarter developments.
626
372
269
-15
IV
Change:
II-III
-179
-74
60
-165
-927
-202
-233
-492
Total net corporate capital flow
III
- 1 8 3 -1,148
1,081
766
260
55
-1,013
_
T
II
1973
296
-69
-148
-79
-S84
-146
-220
-ISO
-26
-1SS
-37
issues are transferred to U.S. parent companies.
3. Excludes brokerage transactions.
4. Corporate foreign borrowing and changes in "other corporate claims" may include funds
to finance trade or other activities not entirely related to direct investment. The amounts
cannot be disaggregated.
5. A (—) reflects a decline in foreign deposits and money market paper held in the United
States.
Highlights and Perspectives
liquid liabilities to foreign official agencies, and in a $0.5 billion reduction in
Merchandise trade in the third
nonliquid liabilities, mainly special nonquarter
marketable issues, to these agencies.
For January-September 1973, liquid
The merchandise trade balance imliabilities to foreign official agencies proved $1.0 billion in the third quarter,
rose $6.7 billion, compared with an shifting to a surplus of $0.7 billion from
increase of $8.1 billion for the first 9 a deficit of $0.2 billion in the second
months of 1972. The 1973 increase was quarter. (The last previous quarterly
smaller in proportion to the official
merchandise trade surplus was $0.1
reserve deficit than was the 1972 inbillion in the first quarter of 1971.)
crease. The difference was accounted
for by a 1973 iise of $1.5 billion (of The swing in the third quarter was
which $1.2 billion was in the first strongly influenced by an unusually
quarter) in other leadily marketable large surplus in September, when there
liabilities to foreign official agencies, was a sharp export rise and a sharp
compared with a rise of only $0.3 import decline. Exports in the third
billion in the first three quarters of quarter increased $1.4 billion, to $18.2
1972. (See Technical Note in the De- billion; imports advanced $0.4 billion,
cember 1972 SURVEY article, p. 40.) to $17.4 billion. (All trade figures are on
There was a net decline of $0.3 billion the usual balance of payments basis,
in nonliquid liabilities to foreign official excluding "military," as shown in
agencies reported by the U.S. Govern- tables 1, 2, 3, and B2. Trade totals
ment during January-September 1973,
including "military" can be found in
compared with a $0.4 billion inciease
tables 4 and Bl.)
in the 1972 period.
Exports of nonagricultural goods
U.S. official reserve assets showed
little change in the first 9 months of rose $0.8 billion in the third quarter, or
either 1972 or 1973. The decline of $0.2 7 percent (including an average price
billion this year was largely accounted rise of 3 percent). The increase was
for by the use of convertible currencies
concentrated in the two largest export
in exchange market support for the
dollar before the mid-February de- categories—industrial supplies and
materials (led by gains in metals and
valuation.
SUEVEY OF CUKEENT BUSINESS
40
chemicals), and capital equipment (with Merchandise trade in the first 9
months of 1973
aircraft exports boosted by a sharp
The trade deficit for the first three
rise in civilian plane deliveries in
quarters
of 1973 was less than $0.5
September). Most other major nonfood
billion
compared
with the deficit of
product
groupings showed
only
$5.2
billion
for
the
same period in 1972.
moderate changes from the second
Exports
this
year
were $50.2 billion,
quarter. (See tables B l and 4.) The
41 percent above the 1972 total, while
value of agricultural exports increased
imports were $50.7 billion, 25 percent
$0.5 billion, or 13 percent—mainly in
above the 1972 total. From 1971 to
foodstuffs—but there was a decline in 1972, exports rose only 14 percent but
volume, as farm export prices (unit imports rose 22 percent.
values) rose 20 percent. A sharp reEising prices for both exports and
duction in exports of soybeans, subject imports have boosted the increases in
to Government export controls during trade values in 1973, as they did in
the quarter, was the main factor in the 1972. Import prices (unit values) rose
volume decline, more than offsetting somewhat faster than export prices
increased quantities of grain shipments. this year, reflecting the second devaluaThe $0.4 billion increase in imports in tion of the dollar in mid-February and
the third quarter was largely in indus- the further appreciation of foreign
trial materials, with lesser gains in currencies against the dollar in subsecapital equipment and in nonfood con- quent months, combined with strong
sumer goods (other than autos). Among inflationary pressures abroad. The rise
industrial materials, substantial in- in export prices has been most concreases in imports of petroleum and spicuous for agricultural goods, generated by worldwide shortages of farm
precious metals (silver and platinum)
products; however, inflation in the
moie than offset a decline in building
United States has also affected the
materials. Automotive imports from prices of nonagricultural exports. OverCanada declined because of parts all import prices in January-September
shortages there, while auto imports from 1973 were 16 percent higher than in the
overseas held at their high second same period in 1972, while overall exquarter level. There was a sharp drop in port prices were 10 percent higher. After
coffee and cocoa arrivals, more than adjustment for price changes, exports
offsetting gains in other foodstuffs.
in the first 9 months of 1973 showed an
CHART 11
U.S. Merchandise Trade in Current and Constant (1967) Dollars"
Billion $
25
Billion $
(Ratio scale)
125
IMPORTS
EXPORTS
20
20
18
18
•
16
—
In Current
16
14
14
12
12
/ * - ^
10
10
N/
n 1967 Dollars
9
In 1967 Dollars
9
8
8
7
7
1971
1972
1973
1971
Seasonally Adjusted
*Deflated by unit value indexes (1967=100) for merchandise exports
and imports prepared by the Bureau of the Census (Foreign Trade Division).
U.S. Department of Commerce, Bureau of Economic Analysis
1972
1973
December 1973
increase of 28 percent over 1972 in
volume terms, while imports were up
only 8 percent, with import volume
actually declining in the second and
third quarters this year (see chart 11).
Table Bl shows the commodity pattern of the rise in the value of trade
this year. Agricultural exports normally comprise less than one-fifth of
total exports but this year they have
accounted for one-fourth of total exports
and for two-fifths of the increase in
exports; they have risen to $12.7 billion in January-September 1973, 85
percent above the total in 1972. Included in this rise was a 43-percent
increase in farm export prices. Exports
of nonagricultural goods have risen to
$37.6 billion, 31 percent above the comparable 1972 total, with prices up 7
percent.
Agricultural shipments to the Soviet
Union and to mainland China rose $0.6
billion and $0.3 billion, respectively,
this year but the combined $0.9 billion
increase represented little more than
one-seventh of the total rise in the
value of farm exports in the first 9
months of 1973. The bulk of the gain
was to our more traditional markets
abroad as higher consumption rates,
poor harvests, and inadequate supplies
spurred worldwide demand for U.S.
farm products.
Nonagricultural exports in the first
9 months of 1973 were $8.8 billion
higher than in 1972. Nonfarm industrial
supplies and materials accounted for
nearly 37 percent of that rise. Strongly
rising economic activity abroad increased demand for a number of commodities; in addition, price controls on
U.S. products sold domestically may
have diverted some sales to export
markets, where products were exempt
from such controls. The rise was mainly
in metals (nonferrous, steel products,
and steel scrap), chemicals, logs and
lumber (principally to Japan). Exports
of capital goods also rose strongly, as
machinery exports were up $2.6 billion,
and deliveries of civilian planes were up
$0.4 billion in contrast to a $0.2 billion
decline in 1972. Automotive exports
were $0.9 billion above the JanuarySeptember 1972 total; exports of other
nonfood consumer goods also rose $0.9
billion.
( Text continued on page 56)
SURVEY OF CURRENT BUSINESS
December 1973
41
Table 1.—U.S. Balance of Payments Summary
[Millions of dollars, seasonally adjusted]
Reference
lines
(table 2)
(Credits +; debits - )
1972
1972
II
Merchandise trade balancex _
Exports
Imports
III
IV
II'
III
3, 17....
4, 5, 6,
18,19,
20.
Investment income, net 2
,
U.S. direct investments abroad
Other U.S. investments abroad
Foreign investments in the United States
__
10, 1 1 . . .
12, 13...
24, 25,
26,27
7, 8, 9,
21, 22,
23.
Other services, net..
Balance on goods and services3
-3,558
-2,853
-894
-755
-954
-846
-679
U.S. Government grants (excluding military)
30.
Balance on current account *
U.S. Government capital flows excluding nonscheduled repayments, net 5.
Nonscheduled repayments of U.S. Government assets
U.S. Government nonliquid liabilities to other than foreign
official reserve agencies.
Long-term private capital flows, net
_.
U.S. direct investments abroad.
Foreign direct investments in the United States
Foreign securities
U.S. securities other than Treasury issues—
Other, reported b y U.S. b a n k s . . .
Other, reported b y U.S. nonbanking concerns
34, 35,
36.
37
48
49
40
50
41, 53..
44, 51.
Balance on current account and long-term capital 5
563
288
1,1
1,950
2,232
2,111
7,863
1,791
2,309
2,311
2,392
2,600
10,433
2,450
2,991
3,152
3,223
3,449
3,492
922
820
875
876
1,088
1,006
1,187
-6,062 -1,423 -1,479 -1,526 -1,634 -1,849 -2,200 -2,325
5,632
200
6,731
7,442
9,824
226
99
2,618
3,281
- 1 2 5 -4,428 -6,374
1,099
2,382
663
-1,946
851
204
202
209
-864
-730
237
42..
Liquid private capital flows, net
_
Liquid claims
_
__
Reported by U.S. banks.
Reported b y U.S. nonbanking concerns
Liquid liabilities...
To foreign commercial banks
To international and regional organizations. _
To other foreigners.
Official reserve transactions balance
Financed by changes in:
55.
Liquid liabilities to foreign official agencies
Other readily marketable liabilities to foreign official agencies 6 -.
Nonliquid liabilities to foreign official reserve agencies reported
by U.S. Government
U.S. official reserve assets, net
Memoranda:
Transfers under military grant programs (excluded from lines 2,
4, and 14).
Reinvested earnings of foreign incorporated affiliates of U.S.
firms (excluded from lines 7 and 20).
Reinvested earnings of U.S. incorporated affiliates of foreign
firms (excluded from lines 9 and 21).
Gross liquidity balance, excluding allocations of SDR
58
14, 28..
54, 55,
56,57
58,63.
615
84
674
2,148
1,474 -3,739
2,972
-389
-422
- 3 3 -1,139
-1,208
-69
-6,180 -1,765 -1,801 -1,312 -1,299
-247
285
1,726
1,441 -4,878
1,764
6,642
-2,174
-452
-345
-652
-509
143 -1,722
-1,506
216
-8,353 -2,343 -2,364 - 1 ,
-1,751
-1,714
-245
-627
-298
-542
-592
-367
1,217
1,584 -6,600
258
6,858
-671
-583
-554
29 -1,085
-1,808
-723
111
224
174
484
4
187
781
-16
-771 -2,025
160
273
-40
51
1,768
1,745
-442
-103
106
43
-317
-946
534
-126
496
-257
-18
-228
720
-204
1,159
243
-5
-944
-609
-982 -1,822
-859
-250
-48
35
127
-1,404
-1,362
-18
-24
137
238
-578
88
-79
-152 -1,143
-3,404 -1,302
160
-361
-614
-437
4,335
1,058
-1,120
11
492
-112
-1,637
-1,495
-315
-13,882
54.
-15
150
-3,112
Net liquidity balance
225
-397
710
Errors and omissions, net
240
-429
173
_
234
-730
-703
-870
-391
-375
-563
17
133
-373
-581
7
169
604
-393
-183 -1,148
183
178
-346
209
956
553
-263
-426
241
257
26
15
-9,843 -3,775 -1,855 -2,652 -1,556
Nonliquid short-term private capital flows, net
Claims reported b y U.S. b a n k s . . .
Claims reported b y U.S. nonbanking concerns
Liabilities reported b y U.S. nonbanking concerns
-5,167
-490
4,677
1,375 35,556 50,251
14,695
-417 -40,723 -50,741 -10,018
154 -2,694 -2,131
177 -2,125 -1,837
-4,610 -1,374 -1,426
Balance on goods, services and remittances
Change:
1972-73
-576
-526
31, 3 2 . . . . -1,570
Remittances, pensions and other transfers
-825
January-September
1972
-6,912 -1,820 -1,774 -1,573 -1,745
-960
-244
714
48,769 11,655 11,539 12,362 13,213 15,320 16,778 18,153
-55,681 -13,475 -13,313 -13,935 -14,958 -16,280 -17,022 -17,439
Military transactions, net
Travel and transportation, net..
Allocations of special drawing rights (SDR) 4
Change:
1973
II-III
1973
-535
-575
-5
45
310
206
62
42
178
178
944
-940
-3,188 -2,307
-288
-802
-637
-165
514
436
25
53
3,542
-1,234
-742
-492
4,776
3,862
104
810
-10,340 -3,476
1,456
109
246
-137
1,347
1,136
-70
281
-851
-430
-267
-122
-41
177
-170
-297
-4,531 -3,851
2,367
7
-131
-410
-77
-274
-54
-136
2,498
417
1,995
295
181
-32
322
154
-4,524 -1,484
177
672
2,539
2,002
1,352
-932
718 -2,633 -3,199
186 (*)
1,527
-78
-279
-574
663
3,400
2,567
500
-117
-678
20
13
386
986
3,148 -8,282
9,268
234
199
-233
268
1,638
1,561
-215
292
-2,992
-2,972
-299
279
-2,337
-2,336
-234
233
-4,821
-3,199
-655
-636
-65
46
-3,891
425 -1,355 -1,780
-6,657 - 1 , 5
1,418
-3,842
-1,966
-1,351
-615
-1,876
-1,896
12
8
1,923
818
905
-87
1,105
710
31
364
-10,499
335
9,720
399
2,546
221
1,057
27
4,467
34
1,645
9,120
1,202
189
280
-2
78
-167
-43
167
-231
-55
-111
220
17
-290
-342
52
-52
166
2,108
-1,622
2,284
-566
1,527
295
833
561
-366
-533
533
177
-1,626 -1,490
112
223
6,711
-6,827
3,199
-1,229
-1,233
1,175 -1,438
-1,108
-788
-1,247 -1,103
-665
-650
139
-438
209
-125
2,278
-320
156
1,867
-9
-83
-77
538
-198
488
1,773 -8,851 -8,056
-2,404
-335
-123
-212
-2,069
-2,187
68
50
3,006
-10,026
795
-876
-248
8,070
282
6,688
1,472
-1,382
1,190
-619
356
-328
-684
-13
-30
143
224
81
-1,182
-778 -1,654
11
259
-452
32
429
4,200
1,143
920
1,189
949
833
521
-312
3,252
2,070
4,521
n.a
n.a.
n.a
n.a,
n.a
n.a,
n.a.
n.a.
n.a.
n.a.
n.a.
548
n.a.
n.a.
n.a
n.a.
n.a
n.a,
n.a.
n.a.
n.a.
n.a.
n.a.
-770
1,128
-11,662 -8,265
3,397
1,856
-4,778
652
-5,917
- 7 , 657
-869
-10,186
-934
-10,685 -7.726
-8,837 -8,290
6,634
6,569
6,788
9,252
2,959
547
-15,826 -4,168 -2,376 -5,118 -4,159
716
-8,623
NOT SEASONALLY ADJUSTED
Balance on goods and services
Balance on goods, services and remittances
Balance on current account
Balance on current account and long-term capital«..
Net liquidity balance.
Officialreserve transactions balance
-880
-1,248
-1,853
-3,824
-2,352
-2,506
-1,489
-1,873
-2,471
-2,310
-3,034
-741
-2,409
-2,796
-3,333
-4,052
-5,299
-5,590
819
-263
448
-698
74
343
-862
-3,197 -6,282
-1,503 -9,995
787
390
-295
-784
.,981
772
251
-185
-649
712
537
933
-536
-575
-354
1,496
2,518
161
5. Includes some short-term U.S. Government assets.
••Revised.
* Preliminary.
* Less than $500,000 (=t).
n.a. Not available.
6. Includes changes in nonliquid liabilities reported by U.S. banks and in investments by
1. Adjusted to balance of payments basis; excludes exports under U.S. military agency sales
foreign official agencies in debt securities of U.S. Government corporations and agencies, pricontracts and imports of U.S. military agencies.
vate corporations, and State and local governments.
2. Includes fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States.
NOTE.—Details may not add to totals because of rounding.
3. Equal to net exports of goods and services in national income and product accounts of
the United States.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
4. The sum of lines 15 and 31 is equ a 1 to " net foreign investment'' in the n a tional income and
accounts of the United States.
Digitizedproduct
for FRASER
SURVEY OF CURRENT BUSINESS
42
December 1973
Table 2.—U.S. International Transactions
[Millions of dollars]
1972
(Credits -f; debits - ) *
Line
II
Exports of goods and services 2 ..
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contractsTravel
Passenger fares
Other transportation
_
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Keceipts of income on U.S. investments abroad:
Direct investment fees and royalties. Direct investment interest, dividends and branch earnings *
Other private assets
.
.
U.S. Government assets
.
Transfers of goods and services under U.S. military grant programs, netImports of goods and services
Loans and other long-term assets.
Foreign currencies and other short-term assets, net.
Repayments on credits:
Scheduled
Nonscheduled s
U.S. private capital flows, net..
Direct investments abroad *..
Foreign securities
Claims reported by U.S. banks:
Long-term.
Short-term, nonliquid..
Short-term, liquid
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid.
Short-term, liquid.
Foreign capital flows, net
U.S. Government nonliquid liabilities to other than foreign official reserve agencies..
Other foreign private capital:
Direct investments in the United States*
U.S. securities other than Treasury issues
Other long-term, reported by U.S. nonbanking concerns
Short-term, reported by U.S. nonbanking concerns..
Long-term, reported by U.S. banks
U.S. liquid liabilities to private foreigners
U.S. liquid liabilities to foreign official agencies
Other readily marketable liabilities to foreign official agencies «.
Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government.
Allocations of special drawing rights (SDR)
Errors and omissions, net
' Revised.
» Preliminary.
* Less than $500,000 ( ± ) .
1. Credits, -f: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital outflows (decrease in U.S. liabilities or increase in U.S. assets); increase in
U.S. official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, and imports of goods included under direct defense expenditures identified
Census import documents, and reflects various other balance-of-payments adjustments
Digitized for in
FRASER
(for valuation, coverage, and timing) to Census statistics; see table 4.
20,646
22,343
25,040
24,818
48, 769
1,166
2,706
694
3,627
670
1,488
416
11,778
311
575
135
792
163
362
92
11,914
327
716
180
934
166
372
105
11,491
228
813
216
951
168
373
109
13,586
299
602
162
950
173
382
111
15,430
325
723
195
978
176
392
107
17,358
514
839
241
1,179
179
407
118
466
945
290
1,205
181
419
119
2,429
8,004
2,697
546
1,759
679
616
1,743
633
674
2,440
878
194
191
2,718
703
266
645
2,415
784
795
573
1,784
682
145
172
213
732
2,440
965
169
4,200
1,143
920
1,189
949
716
833
-19,942
-20,477
-13,617
-1,108
- 1 , 827
-481
-907
-35
-199
-248
- 1 5 , 060
-1,151
-899
-300
-908
-36
-199
-209
-40
-152
-641
-687
-4,200
U.S. Government capital flows, net
Transactions in U.S. official reserve assets, net
Gold
SDR
Convertible currencies
Gold tranche position in IMF..
17,532
- 2 , 684
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers.
III*
II'
17,897
-138
-719
-2,522
Unilateral transfers (excluding military grants), net...
IV
17,387
-55,681
-4,724
-4,856
-1,580
- 3 , 444
-138
-788
-798
U.S. military grants of goods and services, net
III
73,462
-78,071
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
_
Passenger fares
_
Other transportation...
Fees and royalties to unamliated foreigners.
—
Private payments for other services.
U.S. Government payments for miscellaneous services.
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings <_
Other private liabilities..
U.S. Government liabilities
37
1973
1972
-18,267
-13,344
-1,222
-812
-278
-816
-33
-191
-166
-19,386
-28
-181
-582
-614
-36
-162
-594
-631
- 1 3 , 660
- 1 , 242
-1,318
-521
-814
-34
-199
-175
-1,143
-21,524
-15,987
-1,168
-891
-312
-930
-37
-203
-177
-24,253
-34
-223
-705
-752
-54
-186
-749
-46
-216
-895
-960
-1,189
-949
-716
- 1 7 , 427
-1,185
-1,515
-555
- 1 , 023
-38
-215
-177
521
-24,568
- 1 7 , 066
-1,110
-1,914
-507
-1,102
-39
-211
-292
-40
-200
-1,073
- 1 , 014
-521
-3,744
-2,174
-572
-998
-973
-982
-923
-866
-744
-1,081
-605
-142
-225
-598
-142
-242
-536
-121
-265
-435
-166
-265
-373
-172
-200
-684
-171
-226
-900
-464
-177
-259
-1,576
-301
-321
-464
-491
-650
-504
-476
- 3 , 801
166
-901
108
-934
14
-825
14
-1,141
31
-1,267
-26
-1,341
-26
30
1,921
137
405
88
583
17
341
7
593
532
111
174
459
4
-8,534
-3,408
-726
-1,769
-2,632
-6,236
-2,123
-376
- 3 , 404
-614
- 1 , 692
-437
-346
-1,058
209
-256
-40
- 2 , 460
51
-1,041
-126
-173
-204
- 1 , 269
- 1 , 495
-742
-324
-453
183
301
-353
51
-422
-381
-1,405
-168
-256
-1,547
-1,163
-335
-1,382
961
213
520
-495
-202
-315
-492
-74
52
-290
-3
80
-197
-28
-36
-131
-97
-411
126
-132
10
-740
-55
2
-147
-147
-147
57
20,833
3,965
4,599
6,664
5,605
10,510
2,697
2,330
238
-92
102
151
77
212
160
4,335
694
173
149
4,776
-361
1,058
-83
45
200
589
183
956
250
42
83
2,189
178
553
166
-41
-73
262
160
1,768
361
127
-61
1,736
273
1,745
127
35
153
-1,810
534
496
30
-24
78
1,939
720
1,159
37
268
30
834
9,720
399
189
2,108
221
280
771
27
-4
5,356
34
78
1,485
117
-165
8,616
1,202
- 1 , 213
259
165
-479
11
-452
-53
122
66
220
7
-245
185
134
-15
82
-16
233
-13
-1,029
-1,221
-1,851
-3,918
32
547
-703
35
544
-710
64
153
-1
710
710
-3,112
989
203
-13
(*)
207
-13
-816
4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.
5. Includes sales of foreign obligations to foreigners.
6. Includes changes in nonliquid liabilities reported by U.S. banks and in investments by
foreign official agencies in debt securities of U.S. Government corporations and agencies,
private corporations, and State and local governments.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUKVEY OF CURRENT BUSINESS
December 1973
43
Table 3.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
1972
(Credits +; debits - ) i
II
Exports of goods and services 2
Merchandise, adjusted, excluding military3
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
Other transportation
Fees and royalties from unamliated foreigners
Other private services
U.S. Government miscellaneous services
_
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings *
Other private assets
U.S. Government assets...
18,491
19,921
22,611
24,376
26,199
11,539
288
672
170
884
166
372
102
J°,d62
262
168
373
108
13,213
287
702
187
999
173
382
112
15,320
343
820
241
1,051
176
392
110
16,778
455
787
227
1,117
179
407
115
18,153
534
797
228
1,133
181
419
118
587
1,805
680
600
1,850
633
187
1,994
690
186
2,355
694
181
2,460
785
221
654
2,569
879
775
2,674
975
209
212
920
1,189
949
716
-18,889
-19,430
-20,791
-22,461
-13,313
- 1 , 242
- 1 , 214
-406
-797
-34
-199
-205
-13,935
-1,108
-1,181
-387
-853
-35
-199
-206
-14,958
-1,151
-1,295
-422
-901
-36
-199
-195
-16,280
-1,168
-1,289
-408
-1,023
-37
-203
-204
-36
-172
-623
-648
-40
-170
-34
-217
-671
-712
-1,189
-13,475
-1,222
-1,166
-365
-894
-33
-191
-192
-28
-159
-595
-641
U.S. military grants of goods and services, net
II'
17,463
—18,961
Merchandise, adjusted, excluding military3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to unamliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services.
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings *
Other private liabilities
U.S. Government liabilities
IV
17,587
1,143
Imports of goods and services
III
11,655
328
652
167
851
163
362
95
242
Transfers of goods and services under U.S. military grant programs, net
1973
-1,143
833
521
-23,702
-24,051
-17,022
-1,185
-1,399
-433
-1,002
-38
-215
-208
-17,439
-1,110
-1,241
-407
-1,036
-39
-211
-243
-54
-163
-766
-866
-46
-229
-939
-40
-225
-1,056
-949
-716
-833
-1,004
-521
Unilateral transfers (excluding military grants), net
-969
-938
-954
-881
-742
-1,041
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
-578
-142
-249
-563
-142
-233
-581
-121
-252
-452
-166
-345
-172
-225
-652
-171
-218
-931
-509
-177
-245
-210
-228
-535
-601
-560
-779
18
-852
49
-990
37
-1,180
63
-1,149
-112
-1,253
-1,135
52
463
88
-3,384
558
17
411
7
-2,119
490
26
590
111
664
174
529
4
-2,529
-6,185
-2,024
-2,025
51
-126
-228
-204
—
U.S. Government capital flows, net
Loans and other long-term assets
Foreign currencies and other short-term assets, net
Repayment on credits:
Scheduled
Nonscheduled 5
...
U.S. private capital flows, net
Direct investments abroad 4 ...
Foreign securities
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
Short-term, liquid
Foreigncapitalflows.net
-U.S. Government nonliquid liabilities to other than foreign official reserve agencies. _
Other foreign private capital:
Direct investments in the United States 4
U.S. securities other than Treasury issues
Other long-term, reported by U.S. nonbanking concerns
Short-term, reported by U.S. nonbanking concerns
_
Long-term, reported by U.S. banks
_.
U.S. liquid liabilities to private foreigners..
U.S. liquid liabilities to foreign official agencies
Other readily marketable liabilities to foreign official agencies •__
Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government
Transactions in U.S. official reserve assets, net
Gold
SDR.
Convertible currencies...
Gold tranche position in IMF
Allocations of special drawing rights (SDR)
Errors and omissions, net
' Revised.
* Preliminary.
*Less than $500,000 (±).
1. Credits, +: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital
outflows (decrease in U.S. liabilities or increase in U.S. assets); increase in
U.S. official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, and imports of goods included under direct defense expenditures identified
-501
-550
-1,302
-437
-183
-346
-1,148
209
-771
-40
-575
-637
-346
206
246
-353
-267
-274
-381
-859
-77
-256
-1,809
-1,351
-335
-1,362
905
213
199
-342
-74
-5
-165
62
-137
-28
-122
-136
-97
-250
-54
-132
-48
-615
-55
-13
-87
-147
-233
52
4,386
4,086
6,051
6,305
11,008
2,358
1,391
-79
133
15
224
484
187
-361
1,058
-38
45
200
514
956
260
42
83
1,347
178
553
269
-41
-73
417
160
1,768
203
127
-61
2,498
273
1,745
175
35
153
-1,876
534
496
37
-24
78
1,105
720
1,159
142
268
30
980
2,546
221
280
1,057
27
-2
4,467
34
78
1,645
117
-167
9,120
l,2Cri
-43
-778
259
167
-1,654
11
-452
429
-231
-55
-111
220
17
-13
544
-178
64
-171
-245
-177
82
-1
-177
134
-15
185
178
178
944
-940
177
-1,626
233
-13
o
-13
-16
177
-3,891
425
-1,355
-1,490
in Census import documents, and reflects various other balance-of-payments adjustment8
(for valuation, coverage, and timing) to Census statistics; see table 4.
4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.
5. Includes sales of foreign obligations to foreigners.
6. Includes changes in nonliquid liabilities reported by U.S. banks and in investments by
foreign official agencies in debt securities of U.S. Government corporations and agencies,
private corporations, and State and local governments.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
44
SURVEY OF CURRENT BUSINESS
December 1973
Table 4.—U.S. Merchandise Trade
[Millions of dollars]
Not seasonally adjusted
Line
EXPORTS
Merchandise exports. Census basis, including reexports and military grant shipments
Merchandise exports, Census basis, including reexports, excluding military grant shipments
Regular additions to Census exports
Private gift parcel remittances
Virgin Islands exports to foreign countries
3b
Gold exports, nonmonetary
3c
Inland freight (to Canada) valuation adjust3d
ment
Other regular additions l
Regular deductions from Census exports *
Special adjustments, n e t 3
Of which: quarterly allocation 4of annual seasonal adjustment discrepancy
Equals: Merchandise exports adjusted to balance
of payments basis, including "military"
Less: Merchandise exports transferred under U.S.
military agency sales
contracts identified in
Census documents 5_
Equals: Merchandise exports, adjusted to balance
of payments basis, excluding "military" (table 2,
line 2)
IMPORTS
Merchandise imports, Census basis (general imports)
Regular additions to Census imports
10
10a
Virgin Islands imports from foreign countries
10b
Gold imports, nonmonetary
10c
Other regular additions 6 _...
11
Regular deductions from Census imports
lla
Automotive valuation adjustment
Other regular deductions 7
lib
12
Special adjustments, net *
12a
Of which: quarterly allocation of annual seasonal adjustment discrepancy *
Equals: Merchandise imports, adjusted to balance
of payments basis, including "military"
14
Less: Merchandise imports of U.S. military
agencies identified in Census documents '
15
Equals: Merchandise imports, adjusted to balance
of payments basis excluding "military" (table 2.
line 16)
BALANCE
16
Balance on merchandise trade, adjusted to balance
of payments basis, including "military" (line 6
less line 13) (export surplus + )
17
Balance on merchandise trade, adjusted to balance
of payments basis, excluding "military" (line 8
less line 15) (export surplus+)
TRADE BY END-USE
Merchandise exports, Census basis, including
18
military grant shipments (line 1 ) . .
Agricultural products
18a
Nonagricultural products
18b
Excluding military grant shipments
18c
Foods,
feeds, and beverages
19
Grains and preparations
20
Soybeans
21
O ther foods, feeds, and beverages
22
Industrial supplies and materials
23
24
Fuels and lubricants 9
Paper and paper base stocks
25
Textile supplies and materials.
26
Raw cotton, including linters
27
Tobacco, unmanufactured
28
29
Chemicals, excluding medicinals
30
Other nonmetals (hides, tallow, minerals,
wood, rubber, tires, etc.)
Steelmaking materials
31
Iron and steel products
32
Other metals, primary and advanced, includ33
ing advanced steel
Capital goods, except automotive
34
M achinery, except consumer-type
35
Electrical and electronic, and parts and
attachments
37
Nonelectrical, and parts and attachments...
Construction machinery and nonfarm
tractors and parts
Textile and other specialized-industry
machinery and parts
Other industrial machinery and parts,
n.e.c
Agricultural machinery and farm tractors
and parts
42
Business and office machines, computers,
etc., and parts
43
Scientific, professional, and serviceindustry equipment...
44
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
44a
Other transportation equipment
L.
45
See footnotes at end of table.
1972
1972
Seasonally adjusted
1973
II
III
IV
1972
II'
III*
1973
II
III
IV
II'
49,778
12,026
12,178
11,729
13,845
15,665
17,557
17,214
11,903
11,812
12,602
13,477
15,552
16,983
19,218
469
87
25
28
11,890
117
22
12,039
117
22
4
4
11,574
121
20
7
10
13,715
114
23
6
15,534
137
20
12
17,442
175
23
18
13
17,059
118
22
16
14
11,767
121
22
11,673
112
22
4
4
12,447
124
20
7
10
13,347
112
23
15,421
140
20
12
8
16,868
169
23
18
13
75
7
8
-5
88
-1
8
-26
82
2
7
5
90
7
7
-25
107
14
96
-30
11
33
83
-1
8
-30
85
2
93
7
7
-25
101
14
-4
-5
11,747
12,564
13,446
15,529
17,080
202
233
209
302
-7
30
-29
49,628
11,994
12,122
11,693
13,819
859
216
208
202
233
48,769
11,778
11,914
11,491
13,586
55,583
850
424
358
68
635
633
2
51
13,302
191
117
62
12
149
149
(*)
31
13,743
187
89
79
19
188
187
1
-46
13,532
259
139
101
19
114
113
1
-4
15,006
213
79
116
18
184
184
(*)
52
52
17,660
17,199
11,871
302
311
216
15,430
17,358
16,888
11,655
11,539
12,362
13,213
15,320
16,778
15,963
256
161
79
16
191
190
1
17,280
279
151
109
19
212
211
1
140
16,936
252
146
83
23
118
116
2
60
13,423
191
117
62
12
140
140
(*)
32
13,370
187
89
79
19
162
161
1
-46
13,903
259
139
101
19
167
166
1
-14
14,888
213
79
116
18
166
166
(•)
78
16,254
256
161
79
16
189
188
1
14
16,845
279
151
109
19
182
181
1
140
15,639
-2
55,849
13,375
13,696
13,663
15,115
16,042
17,487
17,130
13,506
13,349
13,981
15,013
16,335
17,082
168
31
36
46
55
55
60
64
31
36
46
55
55
60
55,681
13,344
13,660
13,617
15,060
15,987
17,427
17,066
13,475
13,313
13,935
14,958
16,280
17,022
-6,221 -1,381 -1,574 -1,970
1,296
-403
173
69
-1,635 -1,602 -1,417 -1,567
-806
-2
-6,912 -1,566 -1,746 -2,126
1,474
-557
-69
-178
-1,820 -1,774 -1,573 -1,745
-960
-244
12,602 13,477
2,384 2,693
10, 218 10,784
10,063 10,653
1,917
2,130
1,088
1,236
424
357
470
472
3,470
3,790
413
434
285
300
301
434
75
180
147
125
804
885
15,552
3,794
11,758
11,627
3,094
1,779
777
4,295
427
315
473
217
203
947
16,983
4,151
12V 832
12,717
3,494
2,126
716
653
4,653
444
347
541
228
167
1,031
11,903
2,199
9,704
9,568
1,615
781
364
470
3,510
458
274
334
129
289
801
11,812
2,178
9,634
9,496
1,793
935
341
517
3,209
408
292
296
91
111
740
1,130
215
378
736
251
772
57
232
871
70
254
902
94
255
1,075
163
313
1,183
152
358
585
5,156
4,209
864
3,345
308
4,064
3,202
301
4,012
3,178
325
4,207
3,294
361
4,432
3,474
379
4,732
3,798
627
2,575
594
2,584
641
2,653
684
2,790
3,018
430
5,175
4,056
829
3,227
722
521
534
527
553
639
681
324
253
222
237
251
297
312
1,057
1,046
1,077
1,138
1,172
1,241
108
119
126
133
157
167
474
514
570
241
877
463
81
239
843
460
91
256
1,007
584
112
11,729 13,845 15,665 17,557
4,042
3,759
2,096 3,124
9,633 10,721 11,906 13,515
9,478 10,590 11, 775 13,400
2,479
2,986 3,385
1,728
1,350
2,031
1,742
1,049
587
726
231
745
542
629
499
448
3,352 3,863
4,274 4,787
468
450
425
379
302
358
284
309
571
419
560
251
247
293
174
42
140
145
194
135
1,067
959
866
793
17,214
4,186
13,028
12,873
3,650
2,770
256
624
4,979
487
1,200
166
374
442
5,459
4,244
49,778 12,026
9,505 2,178
40,273 9,848
39,713 9,712
7,489
1,555
4,054
769
1,508
348
1,926
438
13,980 3,486
1,706
403
1,152
267
1,386
405
508
192
639
217
3,227
808
12,178
2,107
10,071
9,933
1,726
886
342
498
3,279
426
299
310
99
93
761
281
990
773
47
247
780
61
240
816
81
250
1,295
16,690
13,135
318
4,257
3,235
317
3,878
3,136
4,357
2,543
10, 592
629
2,606
307
4,197
3,300
621
2,679
605
2,531
687
2,776
4,969
3,856
787
3,069
2,133
517
561
514
541
637
244
229
261
287
4,316
1,081
1,076
1,035
1,124
1,205
1,284
1,314
485
113
137
115
120
163
193
152
934
91
253
1,094
127
309
872
3,372
50.)
160
151
1,159
1,838
452
453
434
500
529
572
585
441
456
85:
3,216
1,707
339
201
956
584
66
222
82!
452
76
204
631
269
111
230
807
402
87
248
1,031
624
83
276
1,094
666
122
270
871
425
76
195
789
435
73
207
764
401
70
217
796
407
117
SURVEY OF CURRENT BUSINESS
December 1973
45
Table 4.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
Line
Seasonally adjusted
1972
1972
1972
1973
I
II
III
IV
I
II'
1,208
900
308
287
157
1,332
1,049
283
344
174
1,147
875
272
274
156
1,432
1,077
355
418
199
1,569
1,195
374
429
214
1,681
1,299
382
479
217
IIIP
1973
I
II
III
1,191
888
303
278
156
1,206
927
279
311
159
1,336
1,041
295
358
166
1,407
1,068
339
381
208
IV
I
II r
III*
TRADE BY END-USE-Continued
46
47
48
49
50
51
Automotive vehicles,
parts* and engines . . .
To Canada 10
To all other areas
Passenger cars, new and used
Trucks, buses, and special vehicles
Parts, bodies, and accessories, including engines and parts, n.e.c
5,119
3,901
1,218
1,322
686
3,112
765
814
718
815
926
985
791
757
736
812
818
917
882
898
52
53
54
55
Consumer goods (nonfood), except automotive...
3,492
1,448
1,859
832
340
452
863
363
863
349
470
935
397
1,032
429
528
1,224
522
601
1,173
495
831
339
454
835
353
437
891
369
472
939
387
500
1,032
430
530
1,173
502
574
1,209
520
582
185
40
75
101
330
392
Consumer durables ,manufactured .
Consumer nondurables, manufactured
...
Unmanufactured consumer goods (gem stones,
precious and nonprecious) .
454
46
484
44
1,314
925
389
333
190
582
45
50
52
72
97
107
315
309
291
330
392
368
408
236
442
245
197
472
263
209
488
269
219
519
269
250
590
313
598
318
13,370
13,903
14,888
16,254
1,818
299
585
250
1,233
1,726
514
255
214
1,212
1,823
527
308
193
1,296
1,897
542
314
188
1,355
6,529
2,052
1,891
478
4,830
1,106
965
428
4,873
1,196
1,038
438
5,095
1,268
1,123
444
1,053
408
46
345
970
382
37
312
922
384
32
275
880
359
35
268
256
606
254
698
239
576
231
449
2,146
148
738
2,307
247
789
2,454
286
813
1,925
188
681
Special category (military-type goods)
1,199
284
57
58
59
Exports, n.e.c, and reexports
Domestic (low-value, miscellaneous).
Foreign (reexports)
1,808
1,008
800
402
237
165
466
252
214
452
253
198
266
487
221
506
270
236
628
325
304
309
574
265
60
Merchandise imports, Census basis (line 9)
55,583
13,302
13,743
13,532
15,006
15,963
17,280
16,936
7,265
2,165
1,182
832
5,101
1,764
565
309
205
1,199
1,738
504
235
228
1,234
1,802
564
321
221
1,239
1,961
532
316
177
1,429
2,030
658
396
193
1,372
2,292
748
451
235
1,544
2,170
633
347
256
1,537
20,322
4,882
4,295
1,756
4,790
1,220
1,071
421
4,980
1,125
976
443
5,030
1,208
1,073
427
5,522
1,330
1,175
465
5,993
1,655
1,493
526
6,359
1,755
1,593
546
3,703
1,538
157
1,130
984
403
53
290
932
373
45
292
859
379
19
266
928
382
40
282
1,060
426
57
321
878
1,959
237
419
222
481
195
509
223
550
8,023
759
3,071
1, 747
117
586
2,000
187
717
2,026
227
838
2,250
228
929
61
62
63
64
65
Foods, feeds, and beverages
Coffee, cocoa, and sugar
Green coffee
Cane sugar
Other foods, feeds, and beverages
66
67
67a
68
69
Industrial supplies and 9materials
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
89a
90
91
92
93
94
95
96
...
Fuels and lubricants
Petroleum and products
Paper and paper base stocks
Materials associated with nondurable goods
and farm output, n.e.s
Textile supplies and materials
Tobacco, unmanufactured
Chemicals, excluding medicinals
Other (hides, copra, materials for making
photos, drugs, dyes)
Building materials, except metals
Materials associated with durable goods output, n.e.s.
Steelmaking materials
Iron and steel products
„
Other metals, primary and advanced, including advanced steel
Nonmetals (gums, oils, resins, minerals, rubber tires etc)
Capital goods, except automotive
Machinery, except consumer-type .
Electrical and electronic, and parts and
attachments
Nonelectrical, and parts and attachments...
Construction, textile and other specialized-industry machinery and nonfarm
tractors and parts
Other industrial machinery and parts,
n.e.s
Agricultural machinery and farm tractors
and parts
Business and office machines, computers,
etc., and parts
Scientific, professional and service-industry equipment and parts; and miscellaneous transportation equipment
Civilian aircraft, engines, parts.
Civilian aircraft, complete, all types
Automotive vehicles, parts, and engines
From Canada
From Canada, transactions value
From all other areas
Passenger cars, new and used
Trucks, buses, and special vehicles
Parts, bodies, and accessories, including engines and parts, n.e.s
97
98
99
100
Consumer goods (nonfood), except automotive..
101
Imports, n.e.s. (low value, goods returned, military aircraft, movies, exhibits).
r
Consumer durables, manufactured
Consumer nondurables, manufactured
Unmanufactured consumer goods (gems,
nursery stock)
1,535
1,111
424
434
203
38
96
56
315
1,506
1,13,1
375
428
196
284
54
309
1,551
1,182
369
420
214
291
368
172
13,423
277
280
16,845
17,358
2,108
687
397
237
1,421
2,281
477
763
218
1,518
2,192
330
588
222
1,604
5,523
1,312
1,171
443
6,111
1,517
1,359
539
6,236
1,857
1,685
538
6,589
2,136
1,963
490
920
390
35
286
990
407
62
304
1,002
409
35
306
991
391
36
315
1,041
388
67
332
218
452
209
488
217
572
252
657
249
653
254
546
1,907
174
694
1,975
186
791
2,206
213
900
2,396
241
866
2,197
228
762
2,376
230
759
917
2,910
705
777
657
770
880
832
892
716
730
684
773
902
782
1,284
338
318
305
323
381
439
462
340
309
314
320
387
425
470
5,572
5,135
1,371
1,282
1,397
1,287
1,322
1,224
1,483
1,342
1,696
1,548
1,914
1,776
1,916
1,757
1,331
1,243
1,338
1,228
1,384
1,286
1,525
1,385
1,661
1,513
1,835
1,697
2,002
1,843
1,588
3,548
360
923
384
903
400
824
444
898
512
1,036
594
1,182
617
1,140
360
883
371
857
411
875
448
937
516
997
573
1,124
633
1,210
908
240
229
215
223
240
275
257
232
225
217
233
233
271
260
1,144
282
283
275
303
349
383
391
273
269
289
316
338
365
410
497
133
139
109
117
153
188
149
113
121
127
142
131
164
173
662
189
171
139
163
195
219
222
185
163
155
157
193
209
246
337
437
58
78
88
16
80
110
13
85
98
14
92
140
15
99
148
21
116
138
17
119
159
22
80
88
16
79
110
13
87
98
14
89
140
15
102
148
21
115
138
17
121
159
22
9,327
5,259
4,626
4,068
5,730
1,129
2,339
1,286
1,137
1,053
1,510
225
2,508
1,467
1,280
1,041
1,582
302
1,907
993
880
914
1,083
269
2,573
1,514
1,330
1,060
1,556
334
2,765
1,561
1,371
1,204
1,721
291
3,017
1,680
1,469
1,337
1,851
359
2,287
1,128
1,012
1,159
1,291
300
2,224
1,248
1,108
976
1,399
244
2,308
1,318
1,157
990
1,393
314
2,289
1,285
1,119
1,004
1,369
294
2,505
1,401
1,235
1,104
1,566
279
2,659
1,532
1,344
1,127
1,607
319
2,782
1,509
1,329
1,273
1,631
373
2,732
1,459
1,294
1,273
1,625
326
2,468
604
624
555
684
754
807
696
581
601
626
660
733
778
781
11,355
6,469
4,123
2,636
1,471
989
2,700
1,571
945
3,036
1,693
1,154
2,982
1,735
1,035
2,984
1,623
1,126
3,219
1,824
1,133
3,534
1,968
1,299
2,804
1,582
1,041
2,704
1,564
958
2,879
1,641
1,041
2,966
1,679
1,086
3,199
1,760
1,195
3,231
1,821
1,152
3,348
1,903
1,167
762
176
185
189
212
235
262
267
181
182
197
201
244
258
278
1,742
402
421
435
484
495
479
499
416
421
433
472
516
480
495
Revised
* Preliminary
*Less than $500,000.
1. Mainly net additions to or liquidations of U.S.-owned grains stored in Canada, and exports of electrical energy.
2. Mainly exports of exposed motion picture film for rental rather than sale.
3. Irregular and occasional adjustments; valuation adjustments for goods considered to be
underpriced or overpriced in Census data; timing adjustments for goods recorded in Census
data in one period but found to have been shipped in another; and coverage adjustments for
special situations in which shipments were omitted from Census data.
4. Correction for discrepancy between sum of four quarters, seasonally adjusted, and the
unadjusted recorded annual totals.
5. Exports of military equipment under U.S. military agency sales contracts with foreign
governments to the extent such exports are identifiable from Census export documents. These
are included in table 2, line 3: "Transfers under U.S. military agency sales contracts."
Digitizedexports
for FRASER
6. Mainly imports of electrical energy.
http://fraser.stlouisfed.org/
7. Mainly foreign, charges for repair of U.S. vessels abroad, which are included in tables 2,
and 9, line
20 (other
transportation).
Federal 3,Reserve
Bank
of St.
Louis
8. Merchandise imported directly by the Department of Defense, as well as "defense"
imports of the Coast Guard and Atomic Energy Commission, to the extent such imports are
identifiable from Census import documents and verifiable from separate reports of the importing agencies. These imports are included in tables 2, 3, and 9, line 17: "Direct defense
expenditures."
9. Includes nuclear fuel materials and fuels, formerly in exports of "other metals"—(1.33)
and in imports of "steelmaking materials"—(1.76).
10. The statistical identification of automotive products exports to Canada (line 47) is not as
complete and comprehensive as the identification of automotive products imports from Canada, which are more definitively classified for duty-free status under the United States-Canada Automotive Products Trade Act. The less comprehensive identification in U.S. trade
statistics of automotive parts exports to Canada results in an undercounting of such exports
(line 47) which—estimated from examination of Canada's import statistics—amounted to
about $450 million in 1972.
NOTE.—Details may not add to totals because of rounding.
SURVEY OF CURRENT BUSINESS
46
December 1973
Table 5.—Major U.S. Government Transactions
[Millions of dollars]
1972
1973
1972
Line
III
A. 1
la
U.S. Government grants (excluding military) and capital flows increasing Government assets, total (table 2,
lines 30, 34, and 35, with sign reversed)
5,808
Seasonally adjusted.
IV
1,398
1,518
1,348
1,545
1,665
2,051
1,339
1,366
1,634
1,669
1,606
1,899
605
20
598
14
20
536
11
-68
435
35
-57
373
10
27
684
13
-16
By category
Grants, net
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 recipient's currency
Credits in the recipient's currency
Other grants and credits
Other U.S. Government expenditures
Capital subscriptions and contributions to international and regional organizations, excluding I M F .
Credits repayable in U.S. dollars
Other assets (including changes in administrative cash holdings), net
By program
Under farm product disposal programs
_
Under Foreign Assistance Acts and related programs
Under Export-Import Bank Act
Capital subscriptions and contributions to international and regional organizations, excluding I M F .
Other assistance programs
Other foreign 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
2,174
80
-141
75
185
252
1
13
32
41
47
(>)
1
55
114
3
107
2
1
2
44
99
(•)•
264
53
9
340
271
3,436
-11
79
15
5
78
44
836
-72
9
11
2
82
69
850
-32
57
6
1
94
48
754
120
21
2
86
110
996
27
4
3
75
90
1,162
4
79
6
1
76
76
1,251
42
1,206
2,233
1,299
271
722
450
340
264
612
396
44
134
97
78
437
623
311
69
110
92
82
208
564
265
48
215
89
94
297
434
327
110
263
171
290
445
456
90
317
146
75
703
467
76
401
144
76
-72
-40
52
28
1,186
832
233
75
49
140
1,280
842
220
164
48
1,035
544
217
124
51
197
1,217
688
209
139
141
154
1,505
866
199
108
107
331
1,718
918
208
223
99
370
7
94
9
86
-2
75
-11
76
37
29
14
314
328
161
334
-88
-162
169
'181
78
78
-165
-167
r-48
598
661
165
167
80
-2
-165
-2
By disposition *
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. merchandise
.
Expenditures on U.S. services 2
Military sales contracts financed by U.S. Government credits 3 - 4 (line
B.14).
U.S. Government credits 3to repay prior U.S. Government credtis 2
U.S. Government credits to repay prior U.S. private credits
Increase in claims on U.S. Government associated with Government grants and capital flows increasing
Government assets (including changes in retained accounts) (line B. 17)
Less foreign currencies used by U.S. Government other than for grants or credits (line A. 13)
Less dollar recoveries on short-term claims financing military sales contracts and U.S. Government credits
to repay private credits 3
Estimated dollar payments to foreign countries and international and regional organizations through U.S.
Government grants and capital flows increasing Government assets
B. 1
la
Nonliquid liabilities reported by U.S. Government, including medium-term securities and long-term obligations
payable prior to maturity only under special conditions, net increase (+)
Seasonally adjusted
2
2a
3
4
5
6
7
8
9
To foreign official reserve agencies (table 2, line 57)
Seasonally adjusted.
U.S. Treasury securities issued in connection with Columbia River downstream rights
U.S. Treasury securities issued in connection with prepayments for military purchases in the United
States (line B.13)..
U.S. Treasury obligations to be liquidated against U.S. claims
U.S. Treasury securities not included elsewhere*
Export-Import Bank obligations to be liquidated against U.S. claims
Export-Import Bank securities not included elsewhere
Other
-.
10
10a
11
lla
12
To other official and private foreigners (table 2, line 48)
_
Seasonally adjusted...
Associated with military sales contracts 8
Seasonally adjusted
_
U.S. Government receipts from foreign governments (including principal repayments on credits financing military sales contracts), net of refunds.
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United
States (line B.4)
Plus military sales contracts financed by U.S. Government3 credits 3 - 7 (line A.29)
Less U.S. Government receipts from principal repayments
Less transfers of goods and services (including transfers financed by credits) (table 2, line 3)
Associated with U.S. Government grants and capital flows increasing Government assets 8 (line A.32)
Seasonally adjusted
Non-interest-bearing securities issued to IDA, to I D B , or to U.N. for special programs
Foreign funds retained in U.S. Government accounts for purchases in the United States
Other.
Other
Seasonally adjusted
German Government 10-year loan to U.S. Government
Associated with sales of nuclear materials by Atomic Energy Commission
Associated with other U.S. Government nonmilitary
sales and miscellaneous operations.
U.S. Treasury securities not included elsewhere 5
Export-Import Bank securities included elsewhere..
14
15
16
17
17a
18
19
20
21
21a
22
23
24
25
26
' Revised.
v Preliminary.
*Less than $500,000 (db).
1. The identification of transactions involving direct dollar outflow from the United States
is made in reports by each operating agency. However, such data for fourth quarter 1972 and
third quarter 1973 are only extrapolated estimates by BE A, because of incomplete reports
from one operating agency, and are to be revised in future issues of the SURVEY.
2. Line A.28 includes foreign currency collected as interest and line A.30 includes foreign
currency collected as principal, as recorded in lines A.6 and A.7.
3. Lines A.29 and A.31 include some short-term U.S. Government claims, collections of
which are recorded in line A.34. Collections of these short-term claims recorded in lines A.29
and B.14 are included in line B.15.
4. 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.
4,717
2,907
878
502
287
580
37
340
134
1,091
427
189
-4
197
-4
9
78
73
212
13
237
188
201
98
131
280
280
-4
-2
282
-2
w
-43
-41
-2
-4
169
-92
-79
-103
-90
102
133
92
123
151
169
146
164
77
16
216
164
212
224
204
216
433
484
136
187
1,390
237
374
325
455
517
553
502
375
1,166
37
75
103
311
9
164
118
327
13
13
124
75
228
7
7
139
79
299
9
9
108
96
325
-2
-2
223
125
514
-11
-11
10
3
-3
-5
-2
(*)
-11
()
307
507
320
-13
352
37
1
-151
-9
9
-151
-2
4
-3
1
C)
-6
4
-148
-148
-1
5
-151
5. Includes securities payable in U.S. dollars and in convertible foreign currencies.
6. 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.
The entries for the several categories of transactions related to military sales contracts in this
and the other tables are partially estimated from incomplete data.
7. Consists of transfers of military goods and services financed by U.S. Government credits
(included in line B.16) 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.
8. Excludes liabilities associated with military sales contracts financed by U.S. Government
credits and included in line B.ll.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
December 1973
47
Table 6.—«Direct Investments and Securities Transactions
[Millions of dollars]
1972
Line
(Credits + ; debits - )
I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
-1,692
-398
-1,058
-256
-2,460
-1,041
-1,437
-900
-232
-273
-361
88
-33
109
648
-210
-334
-432
98
4
-780
-550
214
-423
-525
102
-20
-54
586
209
-843
-1,030
187
-7
-1,892
-1,481
11
-418
-521
103
-5
-385
-54
80
-411
-750
339
-1
-173
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Branch accounts
-1,242
-255
-507
-279
-202
-568
-656
n.a.
-411
—1 636
-1,028
-381
-168
-599
-581
-850
-114
—168
-158
S3
-92
—381
-511
-74
-108
-968
-608
-787
7
217
60
-434
-541
-78
n.a.
n.a.
n.a.
n.a.
183
178
160
273
534
720
539
435
104
104
687
73
By industry of foreign affiliate: *
Mining and smelting
Petroleum
Manufacturing
Other
Foreign direct investments in the United States (table 2, line 49)
Branch accounts
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
III*
II'
-3,404
20
23
24
25
26
27
28
29
30
31
32
33
34
I
IV
III
-2,162
-216
-18
-1,873
-2,348
475
-55
Transactions with U.S. incorporated affiliates
Intercompany accounts
Capital stock
and other equity, net
Increase 12.
. ..
.
Decrease
22
II
Transactions with foreign incorporated affiliates
Intercompany accounts: short-term _
long-term.
Capital stock and other equity, net
Increase *2 _
Decrease
Miscellaneous3
U.S. direct investments abroad (table 2, line 39)
15
16
17
18
19
21
1973
1972
.
Of which: manufacturing affiliates: *
Foreign securities, net U.S. purchases (—) balance of payments basis (table 2, line 40 or lines
27+38 below)
.
stocks, net, Treasury basis 5
less: recorded in line 1 above as U.S. direct investment abroad
plus: exchange of stock associated with direct investment in United States
plus: other adjustments.
Stocks, net, balance of payments basis
Newly issued in the United States.
of which' Canada
Other foreign stocks
Canada
Western Europe
Japan
Other
. . .
.
...
. .
,..
bonds, net, Treasury basis 5
less' recorded in line 1 above as U S direct investment abroad
plus: other adjustments .
Bonds, net, balance of payments basis..
Newly issued in the United States
Canada
Latin America
Other countries
International
Redemptions of U.S. held foreign bonds 8
Other transactions in outstanding bonds 6
Canada
Western Europe
Japan
Other
.
..
U.S. securities, excluding Treasury issues, net foreign puchases ( + ) , balance of payments basis
(table 2, line 50, or lines 54-f 61 below)
stocks, net, Treasury basis 5
plus: exchange of stock associated with U.S. direct investment abroad
160
-361
66
-139
206
302
—97
-391
-438
47
54
—7
161
130
31
33
—2
140
96
44
132
—88
156
72
84
84
(*)
267
132
135
165
-30
94
30
22
37
4
6
-5
33
ISO
21
20
45
u
280
146
148
-614
-437
-346
209
-40
51
-126
-204
410
-16
-18
48
-8
77
84
-10
—13
206
-8
149
-15
88
-6
-2
412
-48
—27
460
155
331
-49
23
46
-9
—8
55
—15
99
-20
76
-11
81
-23
—18
104
72
86
-63
9
209
-5
—1
214
66
34
102
12
164
-4
-3
39
5
-1
168
88
-15
87
8
42
4
14
33
-9
6
24
-21
-7
8
Q
(*)
87
32
112
-68
11
-476
-270
-1,020
85
29
-1,026
-1,615
—897
-102
-342
—274
557
32
—121
168
g
—24
-483
-604
—199
-22
-116
—267
142
-21
—22
—4
—2
7
-422
-489
-380
-32
-77
4,335
1,058
956
553
1,768
2 140
186
597
96
165
880
7
998
181
8
105
-38
—45
48
—7
-34
rq
128
-69
—25
-37
7
160
37
—5
31
7
4
fro
8
29
-249
-453
-293
-48
-113
150
54
—49
93
11
—1
-118
-166
-113
-271
-138
-61
-69
-3
124
34
4
48
12
-30
-165
-308
-240
614
614
2
-196
113
30
-13
-9
18
34
-IS
-209
-251
-174
-13
-63
-1
90
-48
-29
-25
27
-21
1,745
496
1,158
1,801
162
-27
869
84
-68
Stocks, net, balance of payments basis
2,268
—77
2,037
308
693
—57
646
104
165
—41
130
76
323
1
318
4
1,087
20
943
124
1,301
87
1,064
150
125
37
34
54
869
29
622
218
bonds, net, Treasury basis 8
plus: proceeds7 obtained by U.S. parents from securties issued by Netherlands Antilles finance
subsidiaries
plus: other adjustments 8
Bonds, net, balance of payments basis..
New issues sold abroad by U.S. corporations 7
of which, denominated in: Dollars
..
Convertibles
Straight debt
...
Investments by International and Regional organizations in nonguaranteed bonds of U.S.
federally sponsored agencies
Other transactions in U.S. bonds
/ 825
508
570
211
541
1,289
610
242
656
-413
2,067
2,003
1,598
961
637
100
-288
365
296
255
35
220
259
-38
791
766
670
449
221
96
-77
230
372
268
222
46
200
-60
681
569
405
255
150
-968
445
384
300
156
144
87
-276
371
274
172
95
77
25
22
289
193
80
35
45
145
-81
18
51
155
-130
-35
-107
7
105
-8
69
64
33
135
-39
Canada
Western Europe
Other
' Revised.
* Preliminary.
• Less than $500,000 ( ± ) .
n.a. Not available.
1. Acquisition of capital stock of existing and newly established companies, capitalization
of intercompany accounts, and other equity contributions.
2. Sales and liquidations of capital stock and other equity holdings, total, and partial.
3. Includes security issues placed with outside interests in the United States, the amortization of these security issues, and verified transactions of nonreporters not classified by type of
transaction.
4. Mining and smelting includes the exploration and development of mining properties, the
extraction of raw ores and the processing necessary for basic refined metals. Petroleum includes the exploration, development and production of crude oil and gas, and the transportation, refining and marketing of petroleum products exclusive of petrochemicals. Manufacturing excludes petroleum refining and the smelting operations of mining companies. "Other"
industries include all industries except those previously listed, the major ones being agriculture, public utilities, transportation, trade, insurance, finance and services.
124
5. As published in Treasury Bulletin. Treasury data are based on transactions by foreignerreported by banks and brokers in the United States: net purchases by foreigners ( + ) cor
respond to net U.S. sales ( + ) .
6. Redemptions measure scheduled retirements and identifiable premature retirements of
U.S. held foreign debt securities. Unidentifiable nonscheduled retirements appear in line 45.
7. Securities newly issued by finance subsidiaries incorporated in the Netherlands Antilles
are included to the extent that the proceeds are transferred to U.S. parent companies.
8. Mainly reflects exclusion of investments by foreign official reserve agencies in debt
securities of U.S. Government corporations and agencies, private corporations, and State
and local governments. These investments are included in table 2, line 56.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
48
December 1973
Table 7.—Claims on Foreigners and Nonliquid Liabilities to Private Foreigners Reported by U.S. Banks and Nonbanking Concerns
[Millions of dollars]
1972
Line
(Credits ( + ) ; increase in U.S. liabilities or decrease in U.S. assets. Debits ( - ) ;
decrease in U.S. liabilities or increase in U.S. assets.)
1973
1972
I
II
IV
III
P
IP
Amounts
outstanding
Sept. 30,
1973
III*
Claims reported by U.S. banks:
A.
1
Long-term (table 2 line 41)
-1,269
-189
-346
-353
-381
-256
-335
213
5,39J
2
Short-term, nonliquid (table 2, line 42)
-1,495
-324
183
51
-1,405
-1,547
-1,382
520
14,77
3
7
8
9
10
Payable in dollars.
.
B y type:
Loans
Acceptance credits .
Collections outstanding
By area:
Canada
Western Europe
Japan
Other
11
12
Payable in foreign currencies
Of which Canada
4
5
6
13
. ..
.. . .
-
.
_ ..
.
.
.
.
--
Payable in dollars
Of which Canada
16
Payable in foreign currencies
-- -- - .
By type:
Deposits
Foreign government obligations and commercial and finance paper
By area:
Canada
Other
.
-
19
20
B.
-359
170
53
-1,350
-1,565
-1,400
549
14,60
-202
-156
—1
-584
927
-173
-231
516
-232
-725
-237
-388
-852
-260
-453
-750
-500
-150
470
266
-187
6,81,
3,69"
4,08?
-276
-509
366
-1,067
-151
-276
276
-208
-138
82
486
-260
18
-73
206
-98
-5
-242
-602
-501
-11
-208
-1,047
-299
-105
-414
-427
-454
139
297
76
37
70!
2,15
5,08<
6,64
-9
17
35
13
-2
-55
19
16
1
-19
18
-13
18
28
-29
15
17
5,
-453
301
-422
-168
-1,163
961
-495
3,94
-265
10
-1,041
-523
866
437
-585
-45
3,34,
89
-742
Short-term, liquid (table 2 line 43)
14
15
17
18
-1,486
-1,742
1,050
-794
-
. . . .
-799
-19
-312
-145
147
193
-369
-77
57
-141
154
-53
97
-122
95
90
60
107
-50
-31
-110
93
61
55
-108
-10
107
-83
-39
-27
122
97
-7
45
14
-15
72
-183
42
161
-7
-113
60
120
-23
-20
-102
86
9
18
72
25(
35
Claims reported by U.S. nonbanking concerns:
1
Long-term (table 2, line 44)
-202
-74
-3
-28
-97
-132
-55
-147
4,061
2
Short-term, nonliquid (table 2, line 45)
-315
52
80
-36
-411
10
2
-147
4,33.
-82
-233
-15
-218
-64
44
-39
11
-170
-65
117
(*)
117
-34
53
40
40
1
39
6
40
-9
24
-22
3
-39
-6
-33
-20
-27
54
-4
-36
-60
-351
-10
-341
-16
-22
-84
11
-230
41
-31
3
-34
15
-7
-77
-21
56
122
-120
-11
-109
-20
-16
10
-6
-77
-13
-134
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
25,
4,08(
n.a
n.a
n.a
n.a
n.a
n.a
n.a
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Reported by brokerage concerns
Reported by others
Payable in foreign currencies
Pavable in dollars
Canada
United Kingdom
EuroDean Economic Community (6)
Japan
Other
-
-
..
..
-290
-197
-131
126
-740
-147
57
3,104
-208
-170
-122
90
-516
-195
54
2,471
-369
-41
-159
-49
-148
-22
-151
29
89
1
-433
-83
-267
72
54
2,402
67
-97
-101
-212
-183
-60
35
61
-69
-162
-68
44
-98
93
-16
13
-227
-235
-54
-43
50
-202
60
16
-22
628
977
866
-
-82
-82
-27
-9
36
-223
47
3
632
. . .
-108
26
—28
-54
-58
31
-56
47
34
2
-66
-157
-44
91
38
-35
464
169
63
-145
—41
—41
43
-70
36
-45
25
11
-176
-47
121
-74
-55
58
211
422
82
103
-59
65
-48
678
1,994
Payable in dollars
Payable in foreign currencies
By type:
Deposits
Other claims (of major U.S. corporations only)
....
..
. . . . . .
-
-20
118
-410
-492
Short-term, liquid (table 2, line 46)
Deposits (of major U.S. corporations only) . _.
Other claims (of major U.S. corporations only) _
By area:
Canada
.
United Kingdom
Other
C)
By area:
Canada
Other
(•)
Memorandum:
24
25
C.
U.S. dollar deposits in Canadian banks:
As reported by major U.S. corporations other than banks (included in line B. 14)
As reported in Canadian banking statistics
.
-121
-445
-176
-114
82
-180
-%
-104
-16
Nonliquid liabilities to private foreigners reported by U.S. banks:
1
2
D.
Long-term (table 2, line 53)
Of which international and regional organizations
149
116
200
183
83
64
-73
-80
-61
-51
153
117
78
72
30
-9
1,186
760
694
192
-83
-38
250
19
166
-7
361
218
127
-1
30
55
37
-11
4,944
932
173
54
-196
315
30
285
27
146
112
45
14
-50
81
-25
106
9
60
37
42
-13
-25
80
35
45
-8
49
4
-41
-26
-27
12
27
-15
4
-27
8
127
79
-94
142
-7
149
22
64
63
35
-62
164
-67
21
-88
58
-174
28
-24
5
13
-43
48
-91
-23
-163
95
268
-26
11
283
n.a.
n.a.
n.a.
n.a.
n.a.
4,640
290
854
3,496
n.a.
n.a.
n.a.
n.a.
n.a.
Nonliquid liabilities to private foreigners reported by U.S. nonbanking concerns:
1
2
3
4
5
6
7
8
9
10
11
Long-term (table 2, line 51)
Of which reported by Netherlands Antilles finance subsidiaries * .
Short-term (table 2, line 52)
.
Reported by brokerage concerns
Reported by Netherlands Antilles finance subsidiaries *
Reported by others
Payable in foreign currencies
Payable in dollars
Canada
Western Europe
Other
r
. . . .
-
Revised.
* Preliminary.
*Less than $500,000 ( ± ) .
n.a. Not available.
1. Funds obtained by finance subsidiaries incorporated in the Netherlands Antilles from
sources other than sales of newly issued securities are included to the extent that they are
transferred to U.S. parent companies.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CUKRENT BUSINESS
December 1973
49
Table 8.—U.S. Liquid Liabilities to All Foreigners, Other U.S. Liabilities to Foreign Official Agencies, and U.S. Official Reserve Assets, Net
[Millions of dollars]
1972
Line
(Credits ( + ) ; increase in U.S. liabilities or decrease in U.S. assets. Debits ( - ) ;
decrease in U.S. liabilities or increase in U.S. assets.)
U.S. liquid liabilities t o private foreigners (table 2, line 64).
1972
II
4,776
3,862
To foreign commercial banks
Seasonally adjusted
1973
III
IV
Amounts
Outstanding
Sept. 30,
19731
IIIP
II'
2,189
262
1,736
-1,810
1,939
834
22,326
140
295
1,233
1,995
-1,830
-1,896
1,544
710
720
15,219
436
1,978
1,136
106
U
-62
1,285
-579
-1,251
958
93
627
1,554
18,666
42
40
-5*5
-7
-1
909
-114
3
746
43
199
(*)
478
5,096
603
9
9,511
31
-52
1,617
40
-75
-36
80
97
-90
-112
193
-107
-34
200
63
66
1,311
511
To foreign branches of U.S. banks..
Toothers.
178
8,684
-200
711
S96
1,582
Demand deposits
Time deposits 2
U.S. Treasury bills and certificates.
Other obligations **
1,261
213
-2
2,390
-310
39
-4
786
702
-51
1
1,326
58
827
185
1
220
104
25
-70
-32
181
13
10
15
-3
-3
49
-6
-14
7
-22
116
57
-92
64
1
-52
-63
4
-57
-67
52
3
810
53
281
154
322
364
166
5.490
294
359
22
117
79
-24
94
179
117
-149
102
160
46
7
38
1,972
2,213
-31
-22
210
6
-71
27
-21
-4
110
-13
17
-3
36
-7
-2
-49
106
7
7
144
7
-36
150
77
347
881
To international and regional organizations..
Demand deposits
Time deposits 2
U.S. Treasury obligations:
Bills and certificates
Bonds and notes
Other obligations 23
To other private foreign residents and unallocated.
Demand deposits
Time deposits 2
U.S. Treasury obligations:
Bills and certificates
Bonds and notes
Other obligations 23
-
U.S. liquid liabilities to foreign official agencies (table 2, line 55)..
T o central banks and governments
Demand deposits
Time deposits 2
*.
U.S. Treasury obligations:
Bills and certificates...
Payable in U.S. dollars
Payable in foreign currencies
Bonds and notes, marketable
Bonds and notes, nonmarketable, convertible..
Payablein U.S. dollars
Payable in foreign currencies
Other obligations * 3_
To International Monetary Fund *
182
n
-1,307
12
28
-66
-1
119
(*)
9,720
2,108
771
5,356
1,485
8,616
-1,213
-479
64,405
10,264
2,652
771
5,356
1,485
8,616
- 1 , 213
-479
64,405
261
830
-200
109
408
322
-297
-10
350
409
-46
397
285
-309
109
1,631
3,226
-852
-858
2,239
2,287
2
-2,975
-2,975
927
923
-1,043
-1,048
-2,936
-2,986
-1,189
-1,129
1,119
13
6,168
6,167
1
1,681
5
17
-60
-20
74
18
637
852
856
33,681
83,554
127
6,914
12,319
11,000
1,819
6,634
117
1,202
259
11
2,015
-165
-43
165
-452
3,377
-350
2,490
843
6
3,281
6,015
6,000
16
729
1
-186
-544
-544
Other readily marketable liabilities to foreign official agencies i (table 2, line 56)...
Nonliquid liabilities to foreign official reserve agencies, reported by U.S. Government
(table 2, line 57)
(*)
221
648
2,500
2,500
(*)
-132
82*
3,501
8,600
1
410
27
189
280
200
10
-12
200
82
81
-2
-2
U
Nonconvertible U.S. Treasury securities issued:
To Italy in connection with military purchases in the U.S
37
38
39
To Canada
To Germany.
To other countries
22
40
Export-Import Bank obligations
-4
41
U.S. Treasury obligations to Germany to be liquidated against U.S. claims..
-4
42
43
44
45
46
U.S. official
ets. net (table 2, line 58).
Gold (table 2, line 59)
SDR (table 2, line 60)
Convertible currencies (table 2, line 61)
Gold tranche position in I M F (table 2, line 62).
' Revised.
* Preliminary.
*Less than $500,000. (=t)
1. Position figures reflect increase of $15 million in U.S. Treasury bills and certificates (line
27), $128 million in U.S. Treasury bonds and notes (line 31), $19 million in nonmarketable,
nonliquid U.S. Treasury obligations (line 38) and a negligible amount in convertible currencies (line 45), as a result of revaluations in foreign currencies due to the dollar devaluation
in the first quarter, 1973.
2. With maturity of 1 year or less; negotiable certificates of deposit with a maturity of 1
year or less are included in "other obligations."
3. Includes debt securities of U.S. Government corporations and agencies with a maturity
of 1 year or less.
-153
-12
-16
-25
199
-30
-2
-2
-4
32
-103
547
-703
35
153
544
-710
64
-1
-53
7
-245
185
-ioo"
122
66
220
17
-13
12,927
-13
10,487
1,949
8
483
3
134
-15
233
-13
(*)
2
20
-4
4. Includes liabilities of U.S. monetary authorities for gold deposited by and held for the
IMF and includes U.S. Treasury obligations obtained from proceeds of gold sales by the
IMF to the United States to acquire income-earning assets. Investment was terminated in
February 1972, and gold was reacquired by the IMF.
5. Includes nonliquid liabilities reported by U.S. banks and investment iii debt securities
of U.S. Government corporations and agencies, private corporations, and State and local
governments.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CURRENT BUSINESS
50
December 1973
Table 9.—U.S. International
[Millions of
EEC (9)«
(Credits + ; debits - ) i
Line
United Kingdom
1973
1972
1973
1972
II'
Exports ofgoods and services 2
Merchandise, adjusted, excluding military 3 _
Transfers under U.S. military agency sales contracts..
Travel
Passenger fares
Other transportation
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4 .
Other private assets
_
U.S. Government assets.
Transfers of goods and services under U.S. military grant programs, net..
Imports of goods and services
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4
Other private liabilities.
U.S. Government liabilities
1,074
612
12
23
21
76
16
26
5
1,049
640
15
35
26
78
16
25
6
385
135
323
572
180
97
75
116
44
4
83
132
44
26
75
107
44
-17
6,618 - 6 , 7 2 8
-5,574
-1,326 - 1 , 4 8 3
254
585
104
266
432
125
20
-3,942
-520
-433
-315
-2^0
-28
-81
-25
-11
-109
-278
-41
-8
-111
-321
-544
U.S. Government capital flows, net
Loans and other long-term assets
-13
()
-54
-3,858 - 2 , 9 4 5
-331
-565
-342
-482
-339
-287
-376
-313
-27
-47
-82
-214
-27
-14
-7
-121
-366
-593
1
C)
Unilateral transfers (excluding military grants), net.
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers..Private remittances and other transfers
IIr
-33
4:
-54
21
-74
-92
66
-62
Ill*
1 417
795
13
19
18
78
17
26
5
1,456
890
24
25
24
96
17
28
4
218
49
84
82
307
54
4
81
194
64
10
-1,304
-1,462
-1,462
-1,707
-1,692
-752
-111
-122
-114
-85
-11
-55
-3
-624
-62
-129
-94
-105
-12
-51
-4
-833
-70
-65
-67
-102
-13
-48
-96
-37
-67
-106
-13
-52
-4
-904
-85
-130
-120
-106
-13
-58
-4
-81
-135
-100
-115
-13
-59
-4
-1
-105
-64
-10
-55
-114
-44
-44
-4
-73
-153
-57
-72
-188
-61
1,375
755
17
22
16
77
16
25
(*)
(*)
-3,602
-508
-113
-169
-291
-27
-75
-23
U.S. military grants of goods and services, net
IV
1,111
722
11
16
13
63
16
26
5
5,750
4,136
136
114
64
305
59
79
14
-1
5,609
3,973
125
137
81
311
60
82
III
4,610
2,729
55
96
77
294
64
101
20
5,398
3,858
73
81
45
242
59
76
14
-5,620
Merchandise, adjusted, excluding military»
Direct defense expenditures
Travel
Passenger fares
.
Other transportation
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
II
1,358
855
15
44
34
97
18
30
4
(*)
-736
-88
-26
-64
-84
-10
-15
-274
-455
-225
-1
-82
-100
-74
(*)
(*)
-77
-137
-43
-5
-80
-23
(*)
-58
-55
-16
-12
-14
-15
-19
-19
-29
-26
—7
-9
-7
-5
-8
-6
-9
-6
-9
-10
-9
-10
-36
-51
204
-36
-4
36
-19
10
55
-8
4
-13
-5
-11
-5
-15
6
41
-22
-6
-10
1
201
43
3
43
59
20
-211
-190
-23
147
161
1'
-122
-40
26
-178
88
24
-485
-216
-53
-24:
-256
-24
-381
-20
-38
-8
-20
14
-95
—7'
-138
23
-26
-40
-9
-85
119
-1
-121
-184
127
Foreign currencies and other short-term assets, n e t Repayments on credits:
Scheduled
8
U.S.Nonscheduled
private capital flows, net..
Direct investments abroad *.
Foreign securities
124
„
-1,795
-1,202
15
-434
-421
22
-531
-318
-28
—47
-9
-227
218
58
-96
-178
-108
-188
-1
-16
31
-30
22
-15
-26
72
-10
33
-147
-1
60
-71
-20
-19
12
—10
-38
-20
35
18
-226
-14
40
876 - 1 , 0 9 5
-27
1,006
179 - 2 , 0 1 9
-262
-42
30
1,661
-10
-387
8]
345
-96
148
-25
12
-129
162
153
-403
1,666
-758
593
-1,190
1,127
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid
-225
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
Short-term, liquid
-5:
-29:
Foreign capital flows, net
U.S. Government nonliquid liabilities to other than foreign official reserve agencies.
Other foreign private capital:
Direct investments in the United States*
U.S. securities other than Treasury issues
Other long-term, reported by U.S. nonbanking concerns
Short-term, reported by U.S. nonbanking concerns
Long-term, reported by U.S. banks
U.S. liquid liabilities to private foreigners
U.S. liquid liabilities to foreign official agencies
Other readily marketable liabilities to foreign official agencies
Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government.
Transactions in U.S. official reserve assets, net
Gold
SDR
Convertible currencies.
Gold tranche position in I M F
137
9,648
123
1,665
-38
69
820
-49
-66
298
46
48
-103
8,769
1,288
-li
2H
494
1
118
l,05C
257
-5:
33
-4
36
-23
192
140
56
58
15]
8
-48
-2,353
670
-182
-2,189
C)
-24'
245
C)
-24
241
15C
-65!
-10
-5
17J
63
(*)
Allocations of special drawing rights (SDR)
Errors and omissions, and transfers of funds between foreign areas, net..
See footnotes on page 54.
-7,60!
-396
83:
2,27:
-600
2,177
41'
SUKVEY OF CURRENT BUSINESS
December 1973
51
Transactions, by Areas
dollars]
European Economic Community (6) i
1972
1972
I
II
11,819
8,667
276
231
107
540
162
174
35
2,850
2,133
84
32
19
109
41
40
8
2,840
2,080
585
861
161
31
136
185
42
23
150
157
o
(*)
71
31
144
41
42
9
39
11
(*)
1973
1972
1972
IV
I'
II'
III*
2,786
1,965
66
68
35
146
40
45
10
3,343
2,479
69
60
23
141
41
48
9
3,809
2,929
58
58
25
145
41
48
7
4,106
3,112
108
84
38
186
41
49
9
4,089
3,006
106
86
45
189
41
50
23
5,524
3,603
130
125
64
614
50
107
92
1,356
912
35
130
253
38
170
267
42
-4
167
280
48
4
180
233
60
8
182
303
62
-2
-1
-1
(*)
(*)
1973
I
in.
II
III
IV
I'
II'
20
9
129
12
24
21
1,352
883
30
37
16
157
12
26
22
1,308
826
42
33
17
165
13
27
24
1,508
982
24
35
12
163
13
30
25
1,543
1,079
30
19
12
146
13
28
21
1,664
1,081
49
40
17
173
13
29
29
1,485
942
29
32
20
177
13
30
18
186
387
124
52
42
101
31
21
44
89
30
6
41
74
29
18
59
124
34
7
33
107
36
19
47
119
44
22
46
98
44
35
246
83
60
30
74
90
95
58
I
-14,497 -3,391 - 3 , 5 6 2 -3,813 -3,731 -3,967 -4,664 -4,765 -6,660 - 1 , 5 6 4 - 1 , 7 2 5 -1,740 - 1 , 6 3 2 -1,575 - 1 , 9 9 2 - 1 , 9 7 2
-9,116 -2,263 - 2 , 1 7 2 -2,282 -2,399 -2,636 -2,879 -2,832 -3,587
- 1 , 6 2 2 -407 - 4 1 9 -382 -415 -401 - 4 2 2 -470 -299
- 7 1 -277 -305 -637
- 6 0 - 2 1 9 -291
-96
-666
- 8 9 -171 -167 -369
- 7 9 - 1 6 0 -160
-94
-493
-586 -130 - 1 2 8 -163 -165 -174 -168 -182 -640
-14
—14
-14
-14
-20
-13
-13
-14
-54
-23
-17
-19
-22
-68
-22
-24
-22
-81
-18
-18
-17
-21
-70
-18
-17
-23
-70
—6
-160
-554
-1,089
(*)
-1
-5
—4
-50
-29
-141
-366
-166
-482
-2
-42
-140
-221
—2
-31
-135
-247
-142
-301
-138
-321
(*)
(*)
(•;
(*)
35
—2
-38
1
-37
(*)
—2
-72
-917
-77
-78
-60
-167
-5
-14
-16
-862
-80
-203
-141
-161
-5
-16
-16
-859
-75
-258
-110
-157
-5
-18
-19
-949
-67
-98
-58
-156
-5
-20
-19
-16
-879 -78
-59
-150
-5
-19
-20
971
70
-230
-124
-193
-5
-19
-18
-916
79
-228
-94
-208
-5
-19
-27
7ft
345
324
502
474
612
575
492
447
21
8
23
3
4
2
5
1
4
2
5
1
5
2
6
1
8
2
6
1
13
2
6
1
21
2
6
1
20
2
6
1
1
2
3
4
5
6
7
8
9
9
7
2
2
2
4
3
1
3
1
3
3
6
2
9
7
10
11
12
13
-432
-80
-93
-131
-128
-136 - 1 7 3 -176
15
-363
-75
A
-71
i
-39
-2
-10
-103
i
-22
-114
i
-5
-123 -146 -139
1
i
i
- 2 -15 -25
-11
-1
-1
-13
-3
(*)
-3
16
17
18
19
20
21
22
23
14
-22
-22
-142
-53
-148
-62
-19
-18
-160
-64
-28
-24
-179
-66
-21
-49
-212
-79
-19
-38
-257
-91
1
-246
-83
-60
-30
-74
-90
-95
-58
32
45
i in
-28
-37
-88
ift
-27
-44
-87
-26
-29
-42
-12
-13
-3
-215
-78
-27
-37
-27
-43
in
-30
-38
-34
-39
33
-29
2
-231
-482
10
-11
-79
1
-10
-73
3
-59
-101
8
-151
-229
-2
-69
-125
-34
-89
-1
-85
-151
3
-68
-157
27
13
60
16
52
15
50
10
34
77
3
55
56
63
21 -1,295
194 -967
61
83
-180
-153
43
-161
-294
9
213
28
-230
-24
156
-394
-306
54
168
78
42
-129
-37
42
126
240
18
-551
-364
29
-254
-85
-6
-1
-131
97
61
8
6
-48
-163
-5
-9
-63
-30
-3
19
11
-23
-107
-12
-13
-12
26
-26
-189
-6
-42
-72
-16
30
-4
-24
10
-133
—65
—49
—22
-8
-28
—4
13
7
77
20
-17
5
-15
-95
—23
-15
19
1
-29
-111
-27
806
18
103
9,567
90
-10
475
42
-68
-75
-34
2,551
93
66
1,177
31
50
15
4
117
5
1,782
19
638
67
147
96
41
16
1,324
-26
52
339
12
49
17
244
1
-44
17
203
11
28
-2
343
-36
22
4,665
-652
9,056
-516
899
1,138
-204
-147
1,438
80
-165
-16
175
-4
-2
-3
-21
63
C)
57
64
-5
-105
103
170
-3
-21
63
(•)
57
64
-5
-105
103
170
42
(*)
-40
33
-40
49
-41
37
-18
-163
28
-7
-60
29
38
-25
6
-27
-30
-8
-23
-47
1
-70
-75
-8
110
7
24
50
7
11
24
-1,147
-1,068
333
-741
-635
72
-243
-310
108
-184
-317
69
-37
-274
-40
3
-202
10
-10
84
-92
-28
30
47
-2
-186
-5
-61
33
-182
-12
-68
19
3
-17
25
-8
8
—24
-3
54
-4
-113
—36
54
8,324
-193
1,890
-79
1,819
3
-65
1,564
-141
86
63
404
-42
13
-82
290
2
-18
4,644
-6
-20
65
-119
-12
1,449
1,628
82
-4
-7
-4
-87
ii
-82
-6
-6
-1
-i
26
27
-7
29
on
-3
-4
-3
31
32
-165 -180
-191 - 2 2 2
6
5
-9
-51
3
33
34
35
37
39
36
37
-5
-2
(*)
O
C)
?4
-1
(*)
-118
-157
25
-6
31
III*
255
239
4
7
^33
40
II'
150
132
—14
-22
-138
-57
-13
I'
IV
178
162
-588
-236
—75
III
928
857
-44
48
-29
-40
-5
8
10
-110
145
II
-175
-526
-49
1973
1972
1972
III
C)
(*)
Eastern Europe
Other Western Europe
(*)
(*)
(*)
C)
<*>
C)
C)
-7
-7
-7
-6
-3
-4
-3
-3
-4
-2
-2
-21
5
-3
-4
30
-5
11
-69
-84
7
-27
-48
4
62
14
24
8
16
322
31
-32
-70
-43
-11
-23
7
-69
-168
-70
38
39
40
-36
-188
-1
2
342
-23
-26
-30
4
-7
-36
2
-12
-2
-1
-5
6
2
-2
2
1
-54
-16
(*)
C)
-94
-23
-56
-12
-2
41
42
43
7
63
-8
-14
25
-3
-15
-4
2
1
3
-1
-25
1
5
1
-51
—8
1,867
9
1,957
4
942
55
24
9
13
2
-1
14
35
386
55
44
166
597
37
27
46
222
-31
-35
-3
258
-28
56
51
1,033
1,752
605
•JfkC
-6
21
-7
/ *\
K )
44
46
46
(*)
(*)
24
C)
1
-2
6
-5
5
15
-1
11
7
7
-6
-1
46
C)
49
50
51
52
53
54
46
55
56
57
7,080
-23
-23
(*)
(•)
1
-2
-2
47
48
o
58
/W
60
61
62
63
-4,492
-610
-901 -3,428
447 -8,117
782
-461
-796
612
190
-975
-623 -1,429 -1,253
-605
-356
-47
-79
-38
-191
-125
-98
-277
64
SUEVEY OF CUKRENT BUSINESS
52
December 1973
Table 9.—U.S. International
[Millions
Latin American Republics and other Western Hemisphere
Canada
Line
(Credits-H debits - ) i
1972
1972
II
Exports of goods and services 3
Merchandise, adjusted, excluding military
Transfers under U.S. military agency sales contracts.—
Travel
Other transportation
Fees and royalties from unamliated foreignersOther private services
U.S. Government miscellaneous services
16,398
12,606
37
922
9
284
41
194
12
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment
interest, dividends and branch
earnings 4
Other private assets
.
U.S. Government assets
14
3,734
2,866
10
226
4,306
3,337
14
238
61
9
43
1
73
10
4:
1973
III
IV
3,948
2,960
6
306
3
76
11
60
4,410
3,343
8
164
2
75
11
65
1972
1972
III*
4,609
3,664
r
277
3
70
11
64
5,329
4,227
20
278
3
79
11
64
II
4,557 11,200
7,241
64
960
313
166
3
416
86
48
11
289
64
3
34
1!
2,644
1,713
15
208
35
90
12
77
16
434
99
103
104
128
108
109
127
326
72
80
972
4
187
232
(*)
236
238
188
243
373
259
269
266
242
298
233
294
1
962
632
141
263
123
30
242
127
40
Transfers of goods and services under U.S. military grant
programs, net
Imports of goods and services
2,752
1,743
16
260
45
105
12
74
17
1973
III
IV
2,798
1,803
7
267
60
112
12
70
16
3,007
1,982
15
109
12
68
16
2,996
1,965
12
220
44
103
12
72
17
83
84
107
219
129
27
249
163
44
277
168
34
371
191
43
302
207
29
6
7
6
-16,696 -3,789 -4,368 -4,034 -4,506 -4,602 -5,235 -4,770
II'
236
37
3,558
2,286
22
289
41
126
13
77
17
3,848
2,584
14
305
61
129
13
81
17
-2,590 -2,359 -2,426 -2,484 -3,002 -3,029 -3,048
-1,857 -1,675 -1,711 -1,825 -2,202 -2,248 -2,244
Merchandise, adjusted, excluding military •
-14,403 -3,406 -3,814 -3,167 -4,016 -4,173 -4,615 -3,823 -7,'
-39
- 3 9 -156
-44
-48
-37
-36
-40
-35
-36
Direct defense expenditures
-47
-46
-39
-37
-269 -592 -1,567 -443 -376 -395
-483 -428 -400
Travel
-1,
-243 -653 -164
2
4
-34
-31
-31
-19
-24
Passenger fares
-104
-30
-73
-69
-74
-82
-89
-72
-83
-70
-79
-71
-54
-307
-60
Other transportation
_.
-257
-80
—1
7
-1
-1
-2
-2
-2
-1
-2
-2
-1
-1
-4
-2
-2
Fees and royalties to unamliated foreigners
-1
-43
-52
-52
-45
-43
-43
-40
-44
-188
-42
-49
-46
-40
Private payments for other services
-51
-42
-42
-58
-47
-4
-3
-3
-181
-3
-43
-45
-3
U.S. Government payments for miscellaneous services.
-11
-49
Payments of income on foreign investments in the
United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch
earnings *
Other private liabilities
U.S. Government liabilities
-16
-16
-13
-35
-66
-63
-32
-79
-64
-26
-97
-63
-15
-36
-21
7
-26
-27
-2
-21
-15
-45
-11
-11
-11
-115
-243
-244
-25
-57
-28
-59
-60
-25
-62
-63
Unilateral transfers (excluding military grants,) n e t . .
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
-120
-22
-26
-40
-32
-72
-48
-17
-18
-22
-20
-12
-21
13
U.S. Government capital flows, net
Loans and other long-term assets
Foreign currencies and other short-term assets, net.
-29
-32
-12
-12
-1
-2
-1
-1
-9
-12
-4
-5
1
-11
U.S. military grants of goods and services, net
U.S. private capital flows, net...
Direct investments abroad *..
Foreign securities
Claims reported by U.S. bank?:.
Long-term.
Short-term, nonliquid.
Short-term, liquid
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
Short-term, liquid
C)
•1,697
-380
-679
-175
-259
-34
Transactions in U.S. official reserve assets, net
Gold
SDR
Convertible currencies
Gold tranche position in I M F . . .
-6
-6
-7
-7
-8
-5
-520
-234
-64
-223
-131
-66
-16
-68
-139
-72
-15
-52
-136
-64
-16
-57
-114
-41
-17
-65
-149
-58
-20
-71
-165
-78
-19
-69
-147
-59
-19
-69
-458
-748
-9
-70
-137
-1
-122
-124
-188
1
-142
-230
-2
-110
-195
-7
-195
1
-211
1
C)
-148
-220
(*)
299
(*)
79
62
90
79
101
C)
-1,118
108
-188
150
-173 - 3 4 3
-531
-331
60
-15
-132
-14
19
-190
-51
-122
354
-156 -1,026
-11
-41
-222
7
-95
-24
130
-48
-24
-543
123
-108
-200
-77
523
- 7 3 -2,038
- 6 8 -279
-137
-45
104
154
—27
-533
-805
-142
-62
-2
-7
-70
-3
-8
-124
-646
16
-43
-520
-49
13
-790
-204
-2
-403
-82
-72
-814
-295
25
-306
-27
-25
-41
-67
-20
-146
-267
-37
-217
-120
-129
-361
-26
28
-153
-64
-25
-331
52
80
-61
-189
-10
27
104
-12
-30
-24
-28
118
-13
40
-404
-9
-16
79
-22
-212
-16
117
-5
-164
8
-96
756
13
238
-1
689
-3
-125
14
-46
4
51
-5
-9
947
-12
-10
692
1
-159
1
123
44
-39
-1
106
-7
-1
25
-9
56
124
2
23
65
2
-22
30
-1
-24
-9
64
-11
13
-26
-25
12
-39
37
-11
-19
37
40
-21
17
51
70
-9
-62
52
419
46
614
-124
-166
27
400
876
-504
-108
200
200
728
673
567
(*)
-115
-7
-96
-5
-82
-42
-13
-19
-39
-224
-117
-7
-75
-4
C)
-65
-70
-35
Other foreign private capital:
Direct investments in the United States *
U.S. securities other than Treasury issues
Other long-term, reported b y U.S. nonbanking
concerns.
Short-term, reported by U.S. nonbanking concerns..
Long-term, reported by U.S. banks
U.S. liquid liabilities to private foreigners
59
-5
-5
C)
Foreign capital flows, net
U.S. Government nonliquid liabilities to other than
foreign official reserve agencies.
U.S. liquid liabilities to foreign official agencies
Other readily marketable liabilities to foreign official
agencies.
Nonliquid liabilities to foreign official reserve agencies
reported by U.S. Government.
-7
-56
-2
-25
Repayments on credits:
Scheduled
Nonscheduled *
40
-7
-59
-2
-246
-23
-62
-60
-10
1
-242
-350
4
1,218
12
10
-13
37
-45
5
-25
•)
102
825
-343
1,124
-6
-335
1,023
-658
-295
—4
13
-350
C)
C)
C)
(*)
Allocations of special drawing rights (SDR)
Errors and omissions, and transfers of funds between
foreign areas, net.
See footnotes on page 54.
1,388
963
785
339
-264
-178
SUKVEY OF CUEEENT BUSINESS
December 1973
53
Transactions, by Areas—Continued
of dollars]
Australia, New Zealand, and South Africa
Japan •
1972
1972
1972
1973
1972
I
6,700
4,978
41
205
138
424
245
66
42
1972
1973
Other countries in Asia ancI Africa»
1,632
1,212
20
45
32
86
59
14
5
II
III
IV
I'
II'
1,548
1,127
8
50
31
118
61
16
8
1,607
1,170
6
51
38
116
62
17
12
1,912
1,469
8
59
37
105
63
19
17
2,445
1,881
7
86
61
113
65
19
18
2,652
2,068
23
67
60
147
66
19
9
2,664
2,085
9
88
63
146
66
20
15
II
I
IIIP
Line
1973
1972 -
2,468
1,546
60
53
58
85
29
39
1
610
393
15
9
9
18
7
11
III
545
328
17
11
17
23
7
10
O
I
IV
617
403
9
19
18
23
8
9
1
696
422
19
14
14
21
8
9
II'
791
482
16
11
8
22
8
9
C)
I
IIIP
811
500
49
20
24
29
8
10
1
922 12,774
579 6,652
513
79
114
25
85
22
668
29
24
8
278
11
144
C)
II
3,077 3,182
1,665 1,672
163
122
36
20
18
16
168
166
6
5
72
73
35
34
III
IV
i'
2,964
1,485
88
35
30
160
6
68
38
3,550
1,830
140
23
21
175
7
66
36
3,834 4,491 5,014
2,137 2,486 2,859
198
217
172
45
31
29
40
31
23
217
211
187
7
7
6
77
74
71
36
40
35
1
2
3
4
5
6
7
8
9
61
10
947 1,122 1,280
107
94
85
87
115
85
11
12
13
II'
IIIP
123
29
29
30
35
40
42
41
187
49
42
41
56
63
51
49
238
40
79
61
58
163
244
30
50
72
9
33
60
7
46
55
6
35
59
8
74
71
9
57
87
7
30
96
5
324
66
20
82
15
2
62
17
12
70
15
2
110
19
5
144
18
10
87
22
12
99
20
2
3,356
282
419
763
71
103
780
65
90
814
71
107
1,000
75
120
3,930
1 054
854
1,153
868
459
14
-11,441 -2,617 -2,756 - 3 , 0 1 2 -3,057 - 2 , 9 5 7 -3,100 -3,172 - 1 , 7 2 4
-344
-417
-507
-457
-459
-556
-638 -10,235 -2,369 -2,418 -2,681 - 2 , 7 6 8 -2,944 -5,304 -3,703
15
-9,079 -2,090 -2,173 - 2 , 4 1 0 -2,406 - 2 , 3 1 3 -2,403 -2,513 - 1 , 4 0 6
- 8 3 9 -204 -216 - 2 0 5 -215 - 2 1 9 -230 -183
-24
-17
-35
-44
-121
-25
-16
-37
-58
-48
-15
-23
-76
-26
-12
-26
-68
-28
-18
-84
-83
-343
-90
-87
9
9
-40
-103
-89
—2
—1
—2
—2
—2
-271
-7
-18
-13
-10
(*)
-343
-6
-13
-19
-10
( )
-421
-6
-16
-19
-10
(*)
-371
-5
-11
-17
-10
( )
-351
-6
-17
-16
-10
(*)
-439
-4
-13
-20
-12
(*)
-499 -7,714 -1,733 -1,794 -2,040 - 2 , 1 4 7 -2,344 -2,663 -3,074
- 4 -1,281 -354 -316 -301 - 3 1 0 - 2 8 8 -281 - 2 1 1
-92
-17 -390
- 9 7 -119
- 8 6 - 9 0 -122
-82
-30
-23
-22
-86
-21
-13 -23 -31
-12
7
2
7
3
- 1 3 -305
-81
- 8 3 - 1 0 3 -110
-78
(*)
( )
(*)
(
)
(
)
( )
( )
( }
* 30
16
17
18
19
20
(*)
(*)
(*)
56
620
63
731
22
oq
(*)
-1
(*)
(*)
-3
-42
-152
-15
-48
-153
-13
-61
-155
-33
-77
-186
-10
-76
-203
(*)
(*)
-41
1
14
-29
-11
-1
4
-7
-7
2
3
-6
-13
-11
-8
2
40
-223
-17
2
-89
3
63
-56
-4
14
-19
(*)
-38
-59
-16
227
53
58
30
123
25
7
21
16
-247
-200
-29
-12
-85
-23
433
-3
-72
-69
376
-258
-32
288
-125
-31
486
60
-64
-227
-646
-16
9
-60
-1
-20
-15
5,140
-8
1,011
—7
58
208
457
-20
4,445
-6
-10
-1
-17
-31
-1
-21
-34
-5
-6
-6
-6
-6
-8
- 8 -2,501
-1,723
-659
-479
-574
-379
-586
-394
-682
-471
-18
-4
-5
-5
-4
-4
-6
-6
-630
-144
-158
-156
-29
-94
-1
-28
-31
1
25
-23
-2
-17
-22
1
-10
-19
-1
12
-31
-1
4
-44
4 -918
- 1 8 -1,790
-1
131
-201
-440
57
-375
-526
4
-168
-375
17
6
66
2
49
5
10
44
49
735
6
181
148
190
216
6
247
-129
-14
51
104
107
21
-409
-244
23
-78
-73
12
-155
-99
6
-87
-86
4
-90
15
2
16
-7
1
8
12
20
49 -1,820
- 3 6 -837
3 -296
-415
96
-106
-539
-383
-82
-205
-72
-32
-662
-287
-76
25
-426
238
60
75
-120
-25
-104
-15
-11
-5
7
-8
-14
-10
(*)
-8
-4
-6
-77
7
29
5
-1
2
-26
-76
-91
(*)
-77
20
2
-97
22
-15
-98
-79
-51
-1
-28
-59
-6
-7
-10
-14
-23
-6
-6
-10
115
-53
-6
212
-47
9
-32
-34
-4
63
111
76
174
30
-49
-54
-698 - 1 , 4 3 0
-64 -101
119
99
20
206
-96
12
-26
-604 -1,046
-97 -364
-9
(*)
— 1 (*)
- 2 9 -115
-64
-40
(*)
-26
-14
(*)
-26
-14
(*)
(*)
-29
-16
4
-4
2
-20
8
-14
10
-15
-25
-13
-3
13
-1
20
-57
-26
-18
-2
-5
66
1,402
3
2,662
-4
-926
-3,084
310
-627
2
2,182
g
349
-1
-478
27
4
192
99
1
163
21
279
182
61
173
-29
178
83
160
98
4
12
143
18
(*)
—1
28
17
2
40
-79
30
42
1,448
-228
896
2,329 -1,189 -3,698
t
-806
C)
7
-12
-3
-20
-17
466
4
661
-4
706
-9
-131
6
-12
1
23
52
25
23
-348
-128
-64
-8
8
—4
-14
-58
-89
-26
25
26
27
-620 —731 -459
28
-173
-554 -673 -561
- 3 8 2 -507 - 3 7 3
- 1 3 3 -126 -148
29
30
31
32
-174
-450
53
-309 -399 -135
-530 -601 -405
-26 -42
34
33
34
35
36
37
-673
-336
-51
237
(*)
-645 223
-302 229
-57 -12
-128
-157
24
-126 - 8 7
93
-112
21
-43
41
42
43
233
17
74
-62
2,106
355
o
-4
-15
-24
13
-67
187
443
99
582
122
894
137
36
31
-20
-1
-50
-22
-1
-62
-18
(*)
-34
-19
- 3 930 — 1054 —854 —1 153 - 8 6 8
1
25
-33
*
24
(*)
-1
-8
-26
-5
-102
-175
(*)
—1
-1
-8
-16
(*)
-16
-91
-185
—4
(*)
-39
-20
244
-31
—2
- 1 8 (I
46
441
137
770
215
47
48
2
510
44
1
49
50
51
52
53
54
55
56
—2
i
226
74
20
6
22
110
6
1
1
37
5
-3
6
1
-18
4
15
-29
-8
5
18
24
72
-41
-11
46
78
39
-42
36
2,182
345
440
688
709
-165
185
92
1,565
199
323
406
637
115
347
64
-25
-10
-100
(*)
1
(*)
(*)
o
15
(*)
(*)
(*)
38
39
40
44
45
57
58
59
60
61
62
63
-150
653
—2'
-77
2,76
3,460
1,07 -2,463
-505
-458
-661
-83
-223
-493
-403
594
380
279
94
-158
420
90 -1,609
64
SURVEY OF CURRENT BUSINESS
54
December 1973
Table 9.—U.S. International Transactions, by Area—Continued
[Millions of dollars]
International Organizations and Unallocated 10
(Credits+; debits-)*
Line
1972
I
1
2
3
4
5
6
7
8
9
10
11
12
13
1973
1972
Exports of goods and services 2
II
Transfers of go*»dfl andflppryiceflunder TT.S. military grant programs, net
15
Imports of goods and services
225
282
66
67
72
78
83
88
90
216
2
51
53
55
1
57
1
58
58
58
1
27
395
126
-6
5
24
47
1
5
13
55
-7
10
343
12
9
21
54
1
12
10
12
-8
-952
-198
-207
-294
-253
-229
-247
-
14
500
147
-
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
.,
Direct investment interest, dividends and branch earnings *
Other private assets
.
U S Government assets
m.
II'
194
1,042
Merchandise, adjusted, excluding military3
Transfers under U.S. military agency sales contracts
Travel
>
Other transportation
Passenger
fares
Fees and royalties from unaffiliated foreigners
Otherprivate services
U.S. Government miscellaneous services.
I
IV
III
201
C)
6
15
12
173
C)
(*)
228
14
13
53
-361
16
17
18
19
20
21
22
23
Merchandise, adjusted, excluding military8
Direct defense expenditures
Travel
Passenger
fares.
.
. .
Other transportation
Fees arid royalties to unaffiliated foreigners
U.S. Government payments for miscellaneous services
-45
-579
-11
-133
-12
-134
-12
-160
-10
-152
-13
-160
-171
-14
-184
-150
-10
-17
-77
-45
-7
-10
-97
24
25
26
27
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings *_
Otherprivate liabilities
U.S. Government liabilities
-65
-113
-16
-28
-16
-28
-17
-29
-17
-28
-19
-30
-25
-28
-37
-30
-277
-277
-55
-55
-132
-132
-64
-64
-27
-27
-45
-45
-83
-83
-16
-16
-69
-74
-14
-17
-13
-13
-44
-44
-41
-44
-38
-38
-33
-36
5
3
-511
—391
-121
-314
-78
-237
28
U.S. military orants of soods and services, net
29
30
31
32
Unilateral transfers (excluding military orants). net
33
34
35
U.S. Government capital flows, net
36
37
38
39
40
U S Government grants (excluding military)
U.S. Government pensions and other transfers .
- - - -
Loans and other lonsr-term assets
Foreign currencies and other short-term assets, net
. .
Repayments on credits:
Scheduled
-
U.S. private capital flows, net
Direct investments abroad *
.. .
-
1
—1
3
3
2
-80
81
11
—8
20
lljjj-
-211
-226
15
3
-306
-327
22
192
172
19
-94
-101
7
Claims reported by U.S. banks:
41
42
43
44
45
46
47
48
49
60
51
52
53
54
56
56
57
Short-term, nonliquid
Short-term liouid
(*)
.. -
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
Short-term, liquid
W
H
.
. .
U.S. Government nonliquid liabilities to other than foreign official reserve
Other foreign private capital;
Direct investments in the United States *
U S securities other than Treasury issues
Other long-term, reported by U.S. nonbanking concerns
Short-term, reported by U S nonbanking concerns
Long-term, reported by U S banks
U.S. liquid liabilities to private foreigners
.
U.S. liquid liabilities to foreign official agencies
O ther readily marketable liabilities to foreign official agencies
Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government
-
166
75
12
78
135
147
113
88
-60
-16
-13
17
-13
120
-116
231
43
172
-19
35
-332
-330
-52
-97
-6
544
-703
-167
544
-710
192
-15
185
153
-1
Allocations of snecial drawing riffhts (SDR)
710
710
64
Errors and omissions, and transfers of funds between foreign areas, net
164
130
(*)
7
-118
1
125
182
-287
63
Federal Reserve Bank of St. Louis
-1
-101
Transactions in U.S. official reserve assets, net
Gold
SDR
Convertible currencies
Gold tranche position in IMF
(*)
(*)
(*)
1
58
59
60
61
62
' Revised.
» Preliminary.
• Less than $500,000 ( ± ) .
1. Credits, +: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital
outflows (decrease in U.S. liabilities or increase in U.S. assets); increase in
U.S. official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, and imports of goods included under direct defense expenditures identified
in Census import documents, and reflects various other balance-of-payments adjustments
(for valuation, coverage, and timing) to Census statistics; see table 4.
4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
http://fraser.stlouisfed.org/
incorporated affiliates of foreign firms.
(*)
C)
(*)
1
Foreign capital flows, net
1
-1
(*)
9
-15
286
-16
-13
-133
283
8
-180
-13
214
6. The "European Economic Community (9)" includes the "European Economic Community (6)", the United Kingdom, Denmark, and Ireland.
7. The "European Economic Community (6)" includes Belgium, France, Germany, Italy,
Luxembourg, and the Netherlands.
8. "Other Western Europe" excludes the United Kingdom and the "EEC. (6)" through the
fourth quarter of 1972. Beginning in thefirstquarter of 1973 "Other Western Europe" excludes
the "EEC. (9)".
9. Transactions with the Ryukyu Islands that were under U.S. military administration
from the end of World War II until May 15, 1972, are included with Japan beginning in the
first quarter of 1972; in previous periods they are included with "other countries in Asia and
Africa."
10. Includes transactions with shipping companies operating under theflagsof Honduras,
Liberia, and Panama.
NOTE.—Details may not add to totals because of rounding.
SURVEY OF CUEKENT BUSINESS
December 1973
55
Table 10.—Summary of Known Current and Long-term Capital Transactions, by Area
1
[Millions of dollars]
1972
Line
Receipts by foreign areas (—)
II
I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
1973
1972
III
IV
III*
II-
I'
All areas, balances on:
Merchandise t r a d e a
. . .
Goods and services
Goods, services and remittances
Current account
Current account and long-term c a p i t a l 3 .
-6,912
-4,610
-6,180
-8,353
-9,843
. . .
_
-1,566
-880
-1,248
-1,853
-3,824
-1,746
-1,489
-1,873
-2,471
-2,310
-2,126
-2,409
-2,797
-3,333
-4,052
-1,474
168
-263
-698
343
European Economic Community
(9) balances on: «
2
Merchandise trade
Goods and services...
Goods, services and remittances
Current account
Current account and long-term capital3
United Kingdom, balances on:
Merchandise trade*
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital3
...
*
.
-
.
.
....
-178
250
-186
256
-222
-235
-235
-583
194
-868
-901
-901
-919
115
-1,119
-1,142
—1,142
-783
-140
-409
-421
-421
129
16
-255
-269
-269
-86
-78
-87
—101
-101
603
—28
-45
—60
—60
83
-14
-251
-270
-270
-407
-4
-334
-353
-353
-108
-459
-2,678
-2,643
-2,643
-2,280
-130
-541
-531
-531
-749
-92
-722
-715
-715
-684
-317
-1,027
-1,002
-1,002
-1,388
80
-388
-395
-395
539
293
—158
-150
-150
-631
233
-558
-562
-562
-404
174
-676
-672
-672
-554
16
-1,136
-1,411
-1,351
-121
—5
-208
-272
-286
-300
21
-373
-443
-460
-104
33
432
-500
514
-247
33
-124
-197
—92
530
200
-32
-97
13
376
110
-328
-399
-416
-330
26
-487
-558
-574
-384
494
496
471
471
373
91
98
92
92
79
57
57
50
50
69
136
124
117
117
42
210
217
211
211
182
351
366
360
360
141
429
439
432
432
159
308
316
309
309
245
-1,897
-298
-418
-418
-1,612
-540
-55
-78
-78
-475
—477
—62
-88
—88
-259
—207
—86
-126
— 126
-428
-673
-96
-128
-128
-448
-619
7
-1
-1
77
-387
94
80
80
-251
-404
-213
-249
-249
-428
173
1,341
1,054
821
-502
-144
54
-20
-77
-284
68
393
326
254
-6
92
372
299
236
-122
157
523
451
409
-89
-237
-7
-97
-155
-409
37
529
441
364
-52
340
800
712
653
628
-4,101
- 4 , 741
-4,784
-4,782
-4,340
-878
-985
-996
-996
-1,589
-1,046
— 1 208
-1,217
-1,215
-965
-1,240
1 405
-1,418
-1,418
-1,017
-937
-1,145
-1,156
-1,156
-773
-432
—512
-522
-520
-152
-335
-448
-458
-458
374
-428
-508
-522
-522
-193
140
744
720
720
438
122
266
261
261
159
-15
128
122
122
45
-18
110
103
103
6
51
239
233
233
226
131
332
326
326
349
61
255
247
247
306
80
284
276
276
253
-1,062
2,539
1,761
38
-1,957
-68
708
528
49
-430
-122
764
569
190
-597
-555
283
90
—303
-572
-317
782
571
100
-359
-207
890
718
336
-400
-177
1,187
1,021
514
-182
-215
1,311
1,122
750
1,515
90
90
-187
-409
-4
-4
—59
-145
—60
—60
—192
39
—93
-93
—157
-248
247
247
220
-58
-4
-4
-49
-298
-74
-74
-157
105
-133
-133
-149
-181
Eastern Europe, balances on:
Merchandise
trade 2
Goods and services
Goods/services and remittances
Current account
Current account and lone-term capital3
Canada, balances on:
Merchandise trade2
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3 .
.
.
Latin American Republics
and Other Western Hemisphere, balances on:
2
Merchandise trade
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital3
-
Japan, balances o n : 7
Merchandise
trade 2
Goods
and services
Goods, services and remittances
Current account
Current account and long-term capital3
-
..
-
.-
Australia, New Zealand, and South Africa, balances on:
Merchandise
trade 2
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital *
-
.
-
Other countries in Asia and Africa, balances on: 7
Merchandise
trade 2
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital'
-
—650
712
-14
-215
-231
-231
-109
Other Western Europe, balances o n : 8
Merchandise
trade 2
Goods and services
Goods, services and remittances .
Current account
Current account and long-term capital3
-69
787
390
—295
-784
-216
-964
-1,019
-1,019
541
European Economic Community (6), balances o n : 5
Merchandise
trade2
Goods and services
Goods services and remittances
Current account
.. . ...
Current account and long-term capital3
-557
819
448
74
-862
International organizations and unallocated, balances on:
Merchandise
trade 2
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital'
--
•• Revised.
* Preliminary.
1. Balance of payments by area on the net liquidity basis and the official reserve transactions basis lack validity because liquid dollar holdings of private and official foreigners
may be affected not only by their transactions with the United States but also by transactions
among themselves. The balances shown by area here have some shortcomings due to statistical discrepancies including errors, omissions, and incorrect area attributions.
Balances are derived from lines in table 2 (all areas) and table 9 (individual areas) as follows:
Merchandise trade
2,16.
Goods and services
1, 15.
Goods, services and remittances
1,15, 31, 32.
Current account
1,15, 29.
Current account and long-term capital
1,15, 29, 33, 39-41,
44, 48, 49-51, 53
(by area only part
of line 53 is included).
The balance on current account and long-term capital with "all areas" includes changes in
long-term liabilities to all private foreigners reported by U.S. banks; with "international
organizations" includes only liabilities to IBRD and affiliated organizations; and with other
includes only liabilities to regional organizations. Increases in the long-term liabilities
Digitized areas
for FRASER
to other private foreigners included in the total, but not in the areas, amounted to (millions
of dollars): 1972 year, 33; 1972-1, 17; 1972-11, 19; 1972-III, 7; 1972-IV, -10; 1973-1, 36; 1973-11,
6; 1973-III, 39;
2. Adjusted to balance of payments basis; excludes exports under U.S. military agency sales
contracts and imports under direct defense expenditures.
3. Includes some short-term U.S. Government assets; area data exclude long-term liabilities
reported by U.S. banks other than to international organizations (see footnote 1).
4. The "European Economic Community (9) " includes the "European Economic Community (6)," the United Kingdom, Denmark, and Ireland.
5. The "European Economic Community (6) " includes Belgium, France, Germany,
Italy, Luxembourg, and the Netherlands.
6. "Other Western Europe" excludes the United Kingdom and the "EEC (6) through the
fourth quarter of 1972. Beginning in the first quarter of 1973 "Other Western Europe" excludes
the "E E.C. (9) ".
7. Transactions with the Ryukyu Islands that were under U.S. military administration
from the end of World War II until May 15, 1972 are included with Japan beginning in the
first quarter 1972; in previous periods they are included with "other countries in Asia and
Africa".
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
56
Imports in the first 9 months of 1973
were $10.0 billion above the 1972 total.
Industrial supplies and materials (as
in the case of exports) accounted for
much of the rise; their value in the
first three quarters was $4.4 billion or
29 percent above the 1972 total, as oil
imports jumped $2.0 billion or 58
percent. The value of metal imports
increased because of strong industrial
activity in the United States and
higher world prices but the increase
was moderated by an acceleration of
sales from the Government stockpile—
notably of aluminum. In the first 9
months of this year, sales from Government stocks increased 400,000 tons and
aluminum imports declined by more
than 100,000 tons. Imports in other
major commodity categories—capital
goods, automotive, other nonfood consumer goods, and foodstuffs—each rose
by roughly $1.2 to $1.4 billion; in
percentage terms, the largest rise was
in capital goods imports.
The merchandise trade deficit declined to $0.5 billion, seasonally adjusted, in January-September 1973
from $5.2 billion in the comparable
period of 1972. The $4.7 billion improvement in the trade balance was
mainly with Japan, Western Europe,
and the Soviet Union (see table B2).
The trade deficit with Japan declined
$2.0 billion to $1.1 billion. In addition
to the combined price effects of dollar
devaluation and yen revaluation, trade
with Japan was influenced by the
rapid pace of business activity there—
which helped U.S. exports, while U.S.
imports were moderated by Japanese
Government restrictions on "excessive"
exports to the United States of 20
major commodities. (These restrictions
were lifted as of September 1, 1973.)
The trade balance with Western Europe
showed a favorable shift of $1.6 billion,
from a deficit of $0.6 billion in JanuarySeptember 1972 to a surplus of $1.0
billion (table B2). The trade surplus
with Eastern Europe, reflecting rising
agricultural exports to the U.S.S.R. and
other countries, increased $0.8 billion
to $1.1 billion. Canada was the only
major trading market with which the
U.S. trade balance worsened: the deficit
with that country increased by more
SURVEY OF CURRENT BUSINESS
than $0.2 billion, as exports rose $2.0
billion, and imports rose $2.2 billion.
There was a small improvement in the
trade balance with the less-developed
countries of the world, as higher U.S.
imports of petroleum partly offset
other gains in net trade with the Near
East, Africa, and the Western Hemisphere.
U.S. Corporate Capital
Net corporate capital flows showed
virtual balance in the third quarter
following an outflow of $0.9 billion in
the second (see table C). The improvement resulted primarily from a $0.7
billion decline in direct investment
outflows; there was also a small increase in corporate foreign borrowing,
partially offset by an unfavorable shift
in other corporate claims. Despite the
third quarter improvement, total net
corporate capital outflows for the first
three quarters of 1973 were $3.0 billion,
compared with only $1.2 billion for the
same period in 1972. Direct investment,
corporate foreign borrowing, and corporate claims other than for direct
investment all contributed to the unfavorable shift from 1972 to 1973.
Direct investment ouflows were $0.2
billion in the third quarter compared
with $0.9 billion in the second. Preliminary data indicated that the decline
was the result mainly of large net
inflows from petroleum affiliates in
oil producing countries, including
payments associated with the nationalization of U.S.-owned petroleum
production facilities in Libya.
Direct investment ouflows in the
first quarter of 1973 were very large—$2
billion—and for the first three quarters
totaled $3.2 billion, $0.6 billion more
than in the same period of 1972 and
almost equal to the $3.4 billion for that
entire year. The increase this year may
partly reflect the expected 11 percent
increase in affiliates' plant and equipment spending this year, compared to
an increase of only 5 percent in 1972, as
indicated by the latest BEA survey of
affiliates' spending plans (see article
beginning on page 19 of this issue of the
SURVEY). However, part of the large
direct investment outflow in the first
half of 1973 was probably stimulated
by expectations of exchange rate
December 1973
changes, particularly in the first quarter
when outflows on short-term intercompany accounts were unusually large.
Corporate foreign borrowing was $0.6
billion in the third quarter, up from $0.3
billion in the second. New issues of
Eurobonds by U.S. corporations continued to decline, reaching the lowest
volume since the third quarter of 1970,
and the Eurobond market remained in
the doldrums (although there were
some signs of renewed activity late in
the quarter). The decline in new issues
was largely offset by an increase in
other corporate long-term liabilities,
reflecting a shift by U.S. corporations
from bond financing to term borrowing
from banks. Short-term liabilities also
moved favorably, increasing $0.3 billion in the third quarter, following a
small decline in the second. This may
have been encouraged by the narrowing
of the differential between U.S. shortterm interest rates and those abroad.
In the first three quarters of 1973,
corporate foreign borrowing was $1.6
billion, $0.4 billion less than in the same
period of 1972. This unfavorable shift,
largely concentrated in new issues, was
probably associated with uncertainties
in foreign exchange markets.
Other corporate claims remained virtually unchanged in the third quarter.
Long-term claims and short-term nonliquid claims each shifted unfavorably
by less than $0.1 billion; short-term
liquid claims, which include deposits
held abroad, moved favorably by $0.1
billion in the third quarter.
In the first 9 months of 1973, outflows of corporate capital through
claims other than direct investment
rose $1.4 billion compared to $0.6
billion for the same period in 1972.
Short-term liquid claims rose $0.7 billion, compared with $0.4 billion in
1972, as increases in such claims in the
first half of 1973 were only partially
offset by the decline in the third quarter. Long-term and short-term nonliquid claims increased $0.8 billion in
the first three quarters of 1973, $0.6
billion more than in the comparable
period of 1972, perhaps partly associated with a growing volume of
trade financing.
U.S. GOVERNMENT PRINTING OFFICE: 1974
O—528-391
CURRENT BUSINESS STATISTICS
XHE STATISTICS here update series published in the 1971 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
That volume (available from the Superintendent of Documents for $3.00) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1967 through 1970 (1960-70 for major quarterly
series), annually, 1947-70; for selected series, monthly or quarterly, 1947-70 (where available). Series added or significantly revised after the 1971
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively; certain revisions for 1970 issued too late for
inclusion in the 1971 volume appear in the monthly SURVEY beginning with the September 1971 issue. Also, unless otherwise noted, revised monthly
data for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1971 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 189-90. Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
OF CURRENT BUSINESS.
1970
Unless otherwise stated in footnotes below, data
through 1970and descriptive notes a r e a s shown in
the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1970
1972
III
Annual total
1971
IV
I
II
1972
III
|
IV
I
II
1973
III
|
IV
I
II
III
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
bil.$_
977.1
1,055.5
1,155.2
987.4
991.8
Personal consumption expenditures, total.. do.._
617.6
667.2
726.5
623.7
628.3
650.0
662.2
673.0
683.4
700.2
719.2
734.1
752.6
779.4
795.6
816.0
Durable goods, total9
do...
Automobiles and parts..
do...
Furniture and household equipment...do...
Nondurable goods, total9
do...
Clothing and shoes
do
Food and beverages
do
Gasoline and oil
do
Services, total9
do.
Household operation
do.
Housing
_
do.
Transportation
do.
Gross private domestic investment, total...do..
Fixed investment
do.
Nonresidential
do.
Structures
do.
Producers' durable equipment
do.
Residential structures
do..
Nonfarm
do.
Change in business inventories
do.
Nonfarm
do.
Net exports of goods and services
do..
Exports
do..
Imports
do..
Govt. purchases of goods and services, total-do..
Federal
do..
National defense
do..
State and local
do..
By major type of product: t
Final sales, total
do
Goods, total
do
Durable goods
do
Nondurable goods
do
Services
do
Structures
do
Change in business inventories
do
Durable goods
do
Nondurable goods
do
91.3
37.3
39.6
103.6
46.6
42.1
117.4
52.8
48.1
93.4
39.1
39.6
88.1
33.1
40.3
100.3
44.7
41.3
101.9
45.5
41.6
105.4
48.3
41.9
106.7
47.8
43.6
111.5
49.4
46.6
115.1
51.2
47.3
120.2
55.0
48.6
122.9
55.7
50.0
132.2
60.5
53.7
132.8
59.7
54.4
132.8
59.2
55.0
263.8
52.8
130.0
22.2
278.7
57.0
136.6
23.5
299.9
62.3
145.3
25.5
265.7
52.7
131.5
22.3
271.1
54.5
133.3
22.7
273.5
55.7
134.1
22.9
278.0
57.0
136.2
23.1
279.8
57.4
137.6
23.6
283.5
58.1
138.4
24.5
288.8
59.4
141.0
24.7
297.9
61.7
144.7
25.0
302.3
62.9
146.5
25.8
310.7
65.1
149.1
26.6
322.2
68.3
154.7
27.5
330.3
69.3
158.1
28.8
341.6
70.3
164.3
29.4
262.6
36.4
90.9
18.3
284.9
39.7
98.5
20.4
309.2
43.8
105.5
21.8
264.6
36.9
91.4
18.5
269.1
37.3
93.3
18.9
276.1
38.4
95.4
19.4
282.3
39.3
97.6
20.1
287.8
40.3
99.5
20.6
293.2
40.7
101.4
21.2
300.0
41.8
103.1
21.6
306.2
43.2
104.7
21.7
311.6
44.5
106.3
21.8
319.0
45.7
107.9
22.2
325.0
46.5
110.6
22.8
332.6
47.1
113.3
23.2
341.6
48.7
115.8
23.7
136.3
153.2
178.3
139.2
137.4
145.5
152.7
153.8
160.8
167.5
174.7
181.5
189.4
194.5
198.2
202.0
131.7
100.6
36.1
64.4
31.2
30.7
4.5
4.3
147.1
104.4
37.9
66.5
42.7
42.2
6.1
4.5
172.3
118.2
41.7
76.5
54.0
53.5
6.0
5.6
133.2
102.8
36.4
66.5
30.4
29.9
6.0
5.8
132.3
98.5
36.5
62.0
33.8
33.1
5.1
4.9
138.5
101.4
37.0
64.4
37.1
36.6
7.0
5.8
145.0
103.6
37.6
66.0
41.5
41.0
7.6
6.3
149.5
104.7
38.4
66.3
44.8
44.1
4.3
2.4
155.6
108.0
38.5
69.5
47.5
46.9
5.3
3.5
165.8
114.0
41.0
73.1
51.8
51.2
1.7
1.4
169.2
116.3
41.5
74.9
52.8
52.3
5.5
4.8
172.9
118.3
41.3
77.0
54.5
53.9
8.7
8.4
181.2
124.3
43.0
81.2
56.9
56.4
8.2
7.9
189.9
130.9
45.3
85.5
59.0
58.4
4.6
4.4
193.7
134.1
47.2
86.9
59.6
59.1
4.5
4.4
197.3
138.0
49.5
88.6
59.2
58.6
4.7
3.2
3.6
62.9
59.3
.8
66.3
65.5
-4.6
73.5
78.1
4.2
63.9
59.7
2.8
63.2
60.4
3.8
65.9
62.1
.5
67.1
66.6
1.1
69.1
68.0
-2.2
63.0
65.2
-5.5
70.3
75.8
-5.7
69.9
75.6
-3.8
74.0
77.7
-3.5
79.7
83.2
.0
89.7
89.7
2.8
97.2
94.4
7.6
104.5
97.0
219.5
96.2
74.6
123.3
234.3
98.1
71.6
136.2
255.0
104.4
74.4
150.5
220.3
94.7
73.2
125.6
223.3
94.8
72.6
128.5
227.9
96.1
72.3
131.8
231.5
96.7
71.3
134.8
235.5
98.2
70.3
137.3
242.2
101.2
72.4
141.0
250.3
106.0
76.5
144.3
254.2
106.7
76.6
147.5
254.7
102.3
71.9
152.4
260.7
102.7
72.4
158.0
268.6
105.5
74.3
163.0
275.3
107.3
74.2
168.0
279.0
106.8
74.2
172.2
972.6
466.7
182.5
284.1
410.3
95.6
1,049.4
491.1
191.1
299.9
447.4
110.9
1,149.1
535.4
214.1
321.2
487.3
126.5
981.3
472.1
186.2
285.9
413.5
95.7
986.7
465.9
175.0
290.9
421.0
99.8
4.5
1.2
3.3
6.1
2.0
4.1
6.0
4.9
1.1
6.0
5.2
.8
5.1
-1.1
6.2
Gross national product, totalf
1,027.2 1,046.9 1,063.5 1,084.2 1,112.5 1,142.4 1,166.5 1,199.2 1,242.5 1,272.0 1,304.5
1,020.2 1,039.2 1,059.2 1,078.9 1,110.8 1,136.9 1,157.8 1,191.0
555.4
539.9
482.1
485.9
501.1
531.0
515.2
495.2
222.8
216.8
187.4
188.1
196.2
211.4
205.5
192.8
332.5
323.1
294.7
297.8
304.9
319.6
309.7
302.4
491.8
503.9
433.9
444.0
460.9
481.5
471.8
450.8
126.2
131.7
104.1
109.3
117.0
124.4
123.8
113.2
7.0
4.1
2.9
7.6
4.2
3.4
4.3
.7
3.7
5.3
-.9
6.2
1.7
.4
1.3
5.5
3.2
2.3
8.7
5.8
2.9
8.2
10.4
-2.2
1,237.8 1,267.5 1,299.8
617.6
599.6
585.0
246.2
242.4
238.1
371.4
357.3
346.9
540.8
527.7
514.8
141.4
140.1
138.1
4.6
4.4
.3
4.5
7.3
-2.8
4.7
8.0
-3.4
GNP in constant (1958) dollarsf
722.5
745.4
790.7
727.2
719.3
735.1
740.4
746.9
759.0
768.0
785.6
796.7
812.3
829.3
834.3
841.3
Personal consumption expenditures, total.-do
Durable goods
do.
Nondurable goods
do..
Services
do..
477.5
496.3
526.8
480.9
477.5
489.5
493.6
498.0
504.1
512.5
523.4
531.0
540.5
552.7
553.3
558.1
83.8
206.5
187.2
92.2
211.6
192.4
104.0
220.9
201.8
85.6
207.2
188.1
79.3
209.8
188.4
89.3
210.2
189.9
90.2
211.8
191.7
93.6
211.5
192.9
95.8
213.0
195.3
99.2
215.0
198.2
101.9
220.7
200.8
105.8
222.2
202.9
109.2
225.8
205.4
117.0
228.8
207.0
116.2
228.0
209.1
115.4
230.2
212.5
Gross private domestic investment, total...do
Fixed investment
do.
Nonresidential
do.
Residential structures
do^___
Change in business inventories
do
103.4
110.3
122.9
105.4
102.1
106.6
110.3
109.5
114.8
116.5
121.0
124.8
129.1
130.2
130.2
130.8
116.7
82.5
34.2
4.3
118.2
83.4
34.7
6.6
122.8
87.5
35.3
6.3
126.9
91.2
35.6
3.3
126.9
91.5
35.3
3.4
127.7
93.2
Gross national product, totalf
bil.$..
99.5
77.2
22.2
3.9
105.0
76.1
29.0
5.3
118.3
83.7
34.6
4.6
100.5
78.6
21.8
4.9
97.6
73.5
24.1
4.5
2.3
.4
-2.0
3.0
2.0
2.4
Govt. purchases of goods and services, total, do
143.0
139.3
138.4
138.0
137.8
Federal
do.
60.8
64.3
60.9
62.4
61.8
State and local
do.
82.2
75.0
77.5
75.5
76.0
r
Revised.
* Preliminary.
f Revised series. Estimates of national income and product and personal income have been revised back to 1969 (see p. 14 ff. of the July 1973 SURVEY);
prior to May 1972 for personal income appear on pp. 27-28 of the July 1973 SURVEY.
Digitized revisions
for FRASER
136.7
60.1
76.6
Net exports of goods and services
do
100.7
74.8
25.9
5.8
103.8
75.5
28.3
6.5
-.2
136.7
59.9
76.8
105.5
75.6
29.9
4.0
110.1
78.4
31.7
4.7
115.4
81.5
34.0
1.1
.8
-1.6
-3.7
-2.8
-.9
-.8
138.6
61.1
77.5
141.6
62.5
79.1
142.7
63.0
79.7
144.0
62.9
81.1
141.8
58.8
83.0
143.5
58.6
85.0
34.5
3.0
2.0
5.6
7.4
144.4
58.2
86.2
145.2
58.2
87.0
145.0
57.2
87.8
9 Includes data not shown separately.
S-l
V BV SJLJNii
SU1 iVEY O F (JUKJ
S-2
Unless otherwise stated i n footnotes below, data
through 1970 a n d descriptive notes a r e as shown in
the 1971 edition of B U S I N E S S S T A T I S T I C S
1970
1971
1971
1972
Annual total
December 1973
II
I
1972
in
IV
I
II
1973
III
1974
in
I
II
978.6
,015.0
1,038.2
731.2
757.4
774.9
794.0
666.7
525.1
20.9
120.7
90.8
80.6
56.3
24.3
24.7
682.3
538.7
20.5
123.1
92.6
81.5
57.1
24.4
24.6
699.3
553.2
20.4
125.7
94.7
85.0
57.9
27.1
25.3
IV
IV
I
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT—Con.
Quarterly Data Seasonally Adjusted at Annual
Rates
National income, totalf
bil. $..
Compensation of employees, totalf
do.
Wages and salaries, total
_.do
Private
do....
Military
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' income, total?
do
Business and professional9
...do
Farm
do
Rental income of persons
do—
Corporate profits and inventory valuation adjustment, total
bil. $..
By broad industry groups:
Financial institutions
do
Nonflnancial corporations, total
do
Manufacturing, total
..do—
Nondurable 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 INCOME f
800.5
859.4
644.1
941.8
707.1
835.9
627.6
853.6
638.8
865.6
648.8
882.7
661.2
911.0
949.2
684.3
699.6
632.5
497.5
20.0
115.1
80.5
74.1
54.3
19.8
713.1
1,067.4
542.0
426.9
19.6
95.5
61.9
66.9
50.0
16.9
23.9
573.8
449.7
19.4
104.7
70.3
68.7
51.9
16.8
24.5
627.3
493.3
20.3
113.8
79.7
74.2
54.0
20.2
24.1
559.8
438.5
19.8
101.6
67.7
67.9
50.9
16.9
24.4
569.3
446.3
19.3
103.6
69.6
68.3
51.7
16.6
24.7
577.6
452.3
18.9
106.3
71.1
68.6
52.3
16.3
24.7
588.6
461.7
19.6
107.3
72.6
70.2
52.7
17.5
24.4
607.3
476.4
20.9
110.0
77.0
72.5
53.1
19.5
24.1
620.8
488.4
20.1
112.3
78.9
73.2
53.3
19.9
22.6
69.2
80.1
91.1
76.8
80.5
80.9
83.4
86.2
88.0
91.5
104.3
107.9
' 112. 0
13.6
55.6
27.8
17.3
10.5
15.2
64.9
32.5
17.8
14.7
17.5
73.6
40.1
20.0
20.2
14.0
61.8
31.8
17.6
14.2
14.7
65.8
32.7
17.8
14.9
15.9
65.0
31.8
18.0
13.8
16.3
67.1
33.6
17.9
15.7
16.6
69.6
37.3
18.6
18.7
17.3
70.7
38.7
18.5
20.2
17.6
73.9
39.9
20.4
19.5
18.6
80.2
44.7
22.4
22.3
19.8
84.5
49.7
22.8
21.4
86.5
52.4
23.9
28.5
22.3
' 89.7
51.9
25.3
26.6
7.8
20.1
8.6
23.9
9.3
24.2
8.2
21.8
9.1
23.9
9.1
24.1
7.9
25.7
8.5
23.8
23.1
9.8
24.1
25.7
9.2
25.6
8.5
25.6
10.3
27.5
74.0
34.8
39.3
24.7
14.6
-4.8
36.5
85.1
37.4
47.6
25.1
22.5
-4.9
42.0
98.0
42.7
55.4
26.0
29.3
-6.9
45.2
80.8
37.0
43.8
25.3
18.5
-5.0
40.2
85.5
38.4
47.1
25.1
22.0
-5.0
41.4
87.0
38.0
49.0
25.2
23.7
-6.1
42.7
36.4
50.6
24.9
25.7
-3.6
43.5
92.8
40.6
52.2
25.7
26.5
-6.6
43.9
94.8
41.4
53.4
25.9
27.5
-6.7
44.8
98.4
42.9
55.6
26.2
29.4
-6.9
45.7
106.1
45.9
60.3
26.4
33.9
-7.3
46.6
119.6
52.7
66.9
26.9
40.0
-15.4
47.9
128.9
57.4
71.6
27.3
44.2
-21.1
49.4
' 129.0
'•57.6
71.5
28.1
' 43.4
-17.0
51.1
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 1
do
Nondurable goods industries ^
do
808.3
116.6
691.7
635.5
66.2
863.5
117.5
746.0
685.8
60.2
939.2
142.2
797.0
747.2
49.7
840.0
112.6
727.4
668.3
59.2
859.5
115.5
74^.0
680.6
63.5
870.2
118.1
752.0
691.8
60.2
884.4
124.0
760.4
702.6
57.8
910.8
138.0
772.8
720.0
62.9
926.1
140.7
785.4
739.5
45.9
943.7
142.8
800.9
755.1
45.8
976.1
147.4
828.7
774.3
54.4
996.6
145.1
851.5
801.5
50.0
1,019.0
149.3
869.7
818.7
51.0
1,047.1
156.0
891.1
840.1
51.1
79.71
31.95
15.80
16.15
81.21
29.99
14.15
15.84
88.44
31.35
15.64
15.72
17.68
6.69
3.11
3.58
20.60
7.55
3.52
4.03
20.14
7.31
3.40
3.91
22.79
8.44
4.12
4.32
19.38
6.61
3.29
3.32
22.01
7.63
3.71
3.92
21.86
7.74
3.86
3.87
25.20
9.38
4.77
4.61
21.50
7.80
3.92
3.88
24.73
9.16
4.65
4.51
• 25. 04
'9.62
'4.84
'4.78
i 28. 81
11.42
'5.97
'5.45
i 24.19
9.43
4.87
4.56
Nonmanufacturing
Mining
Railroad
Air transportation
_
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries 5- Nondurable goods industries If
47.76
1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16.59
51.22
2.16
1.67
1.88
1.38
15.30
12.86
2.44
10-77
18.05
57.09
10.99
13.06
.54
.47
.60
12.77
.58
.48
.50
.32
3.63
3.19
.44
2.72
4.55
14.38
.61
.48
.73
.39
4.24
3.61
.62
2.95
4.98
14.12
.59
.38
.61
.35
4.39
3.67
.72
2.84
4.97
4.74
4.01
.73
3.39
5.57
13.69
.63
.46
.52
.32
3.95
3.45
.50
2.87
4.94
' 15. 42
'.69
'.48
' .57
'.44
'4.82
'4.04
'.77
3.19
'5.24
17. 39
'.73
'.54
'.60
'.41
'5.74
'4.85
14.76
.70
.54
.51
.38
4.65
4.14
.52
3.94
3.20
.63
2.81
4.44
14.35
.59
.45
.56
.37
4.29
3.60
.69
2.84
5.26
15.57
.49
.34
.34
.28
12.83
.55
.42
.39
.37
4.07
3.35
.71
2.62
4.42
15.83
2.42
1.80
2.46
1.46
17.00
14.48
2.52
11.89
20.07
do...
...do...
...do...
..do...
79.32
30.46
14.21
16.25
81. 61
30.12
14.06
16.06
80.75
29.19
13.76
15.43
83.18
30.35
14.61
15.74
86.79
30.09
15.06
15.02
87.12
30.37
14.77
15.60
87.67
30.98
15.67
15.31
91.94
33.64
16.86
16.78
96.19
35.51
17.88
17.63
97.76
36.58
18.64
17.94
.do.
do.
do.
...do.
do
do
do.
do.
do
do
48.86
51.50
2.08
1.88
2.28
1.40
14.91
12.61
2.30
11.21
17. 72
51.56
2.23
1.72
1.68
1.48
15.87
13.56
2.30
10.73
17.85
52.82
2.30
1.64
2.26
1.33
15.74
13.01
2.74
10.44
19.10
56.70
2.42
2.10
1.96
1.48
16.92
14.27
2.65
11.71
20.10
56.75
2.38
1.88
2.89
1.53
16.60
14.32
2.27
11.59
19.88
56.70
2.40
1.50
2.67
1.41
17.01
14.62
2.38
11.56
20.16
58.30
2.46
1.71
2.33
1.42
17.53
14.67
2.86
12.63
20.21
60.68
61.18
2.04
1.46
1.29
1.33
14.64
12.16
2.48
10.70
17.39
2.59
2.11
2. 21
1.53
18.38
15.40
2.98
12.34
21.53
2.77
1.75
2.72
1.62
18.08
15.55
2.52
12.70
21.55
16,487
10,872
16,78:
10,791
17,282
11,522
17,465
11.53S
18,49
12,36i
507
48£
24.9
648.7
510.9
20.1
117.7
82.5
77.1
55.3
21.8
24.9
Quarterly Data Seasonally Adjusted at Annual Rates
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation._
Public utilities..
Electric
Gas and other
Communication
Commercial and other
.do
do
...do...
.do...
do...
do...
.do...
.do...
do...
.do
3.11
2.70
.41
2.50
.63
.47
.63
.40
.71
.46
.72
.43
4.59
3.91
.68
3.27
5.40
'
'
'
'
100.90
38. 81
19. 73
19. 08
62.09
'2.82
'1.95
'2.49
'1.79
'2 9.37
27.?
1104.94 1 108.16
' 40. 54
42.92
' 20. 94
22.21
' 19. 60
20.71
65.24
' 64.40
'2.85
'1.98
'2.22
'1.53
' 18. 58 r 21. 20
' 16. 00 ' 17. 84
'3.35
'2.58
2.90
2.43
2.16
1.74
21.57
18.49
3.08
13.12
' 21. 36 '2 34. 63
2 34. 43
U.S. BALANCE OF INTERNATIONAL
PAYMENTScf
Quarterly Data Are Seasonally
Adjusted
(Credits -f; debits - )
Exports of goods and services (excl. transfers under
military grants)
mil. $_.
Merchandise, adjusted, excl. military
do
Transfers under U.S. military agency sales contracts
mil. $.Receipts of Income on U.S. investments
abroad
mil. $..
Other services
do
Imports of goods and services
do
Merchandise, adjusted, excl. military
do
Direct defense expenditures
do
Payments of income on foreign investments in the
U.S
mil. $..
Other services
do
62,919
41,964
66,287
42,768
73,462
48,769
1,478
1,912
1,166
11,426
8,052
-59,289
-39,788
-4,852
-5,167
-9,684
12,899
8,710
13,925
9,60:
49!
3,315
2,168
2,128
-65,480 -78,071 -15,533 -16,650
-45,466 -55,681 -10,743 -11,708
-4,829 -4,724 -1,175 -1,214
-4,927 -6,063
-10,258 -11,604
-1,160
-2,455
-1,135
-2,593
954
3,630!
807 -4,610
Balance on goods and services, total
do.
129
2,176! -2,698 -8,912
Merchandise,
adjusted, excl. military
dor
Revised.
» Preliminary.
i Estimates (corrected for systematic biases) for Oct.Dec.
and Jan.-Mar. 1974 based on expected capital expenditures of business. Expected
expend
2
itures for the year 1973 appear on p. 13 of the December 1973 SURVEY.
Includes comhttp://fraser.stlouisfed.org/
munication,
f See corresponding note on p. S-1.
9 Includes inventory valuation adjustment, Bank
ffi Personal
ontlavsfiomnrisfiiwsonal consumDtion expenditures, interest paid by
Federal Reserve
of St. Louis
3,035
2,23:
-17,002
-11,907
-1,204
-1,295
-2,59*
280
-385
15,73?
9,585
17,587
1165
26:
328
19,921 22,611 ' 24,376 26,199
13,213 15,320 ' 16,778 v 18,153
28:
343
'455
• 4,311
3,27C
3,31
3,55'
• 2, 832
2,366
2,18C
2,29C
-16,29' -18,96: -18,88? -19,43C -20,79 -22,46: -23,702
-11,10?r -13,47! -13,31 -13,93^ -14,95! -16,28( •-17,022
-1,10* -1,15 -1,168 -1,18£
-l,23
-1,22: -1,242
-1,526 -1,634 -1,849 -2,20C
-1,425 -1,47
,3
-2,61'
-2,841 -2,85E -2,861 -3,048 -3,164 - 3 , 2 "
3,47(
2,39:
-560
-1,52
-1,374
-1,82
-1,426
-1,77
-939
-1,57
3,866
2,555
-87(
-1,741
4,158
2,790
150
-960
' 674
'— 244
v 4,636
v 2,876
v—24,051
p—17,439
v—1,110
p-2,325
p-3,177
v 2,148
714
consumers, and personal transfer payments to foreigners.
§ Personal saving is excess of disposable income over personal outlays.
liData for individual durable and nondurable goods industries components appear in tne
ar.,
cPMore complete details appear in tne
Ma; June, Sept., and Dec. issues of the SURVEY.
quarterly reviews in the Mar., June, Sept., and Dec. issues of the SURVEY.
SURVEY OF CURRENT BUSINESS
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1971
1970
S-3
1971
1972
Annual total
II
1972
III
IV
II
1973
III
IV
II -
1974
HI v
IV
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE OF INTERNATIONAL
PAYMENTS—Con.
Quarterly Data Are Seasonally Adjusted
Unilateral transactions (excl. military grants), net
mil. $..
Balance on current account
do
Long-term capital, net:
XT S Government
do
Private
.
. do .
Balance on current account and long-term capital
mil. $
Nonliquid short-term private capital flows, net
mil. $..
Allocation of special drawing rights (SDR) do
Errors and omissions, net
do
-3,598
-2,790
-3,744
-8,353
-803
416
151
-859
-728
-958
-678
-978
-1,538
-969
-2,343
-938
-2,364
-954
-1,893
-881
-1,751
-2,018
-1,429
-2,359
-4,401
-1,339
-152
-642
-895
-575
-1,691
-598
-2,018
-544
-289
-1,143
-95
604
-366
-393
-586
781
-336
- -16
'75
201
-317
—363
1,685
-3,031
-9,550
-9,843
-1,386
-2,994
-3,294
-1,881
-3,775
-1,855
-2,652
-1,556
- -944
-609
2,539
-482
-2,347
-1,637
-517
-492
-822
-516
-535
-430
- 9 8 2 - -1,822 —1,404
234
178
310
178
944
-940
-1,626
-3,214
867
717
710
-1,205
-10,784
-3,112
180
-949
179
179
179
-2,391
-5,511
-1,933
177
-742 -1,041
-592
-367
-931
1,217
177
-1,490 - -3,891
425 -1,355
-3,851 -21,965 -13,882 -2,672 -5,698 -9,448 -4,151 -3,188 -2,307 -4.531 -3,851 rr -6,657 —1,588
Net liquidity balance
do
1 418
3,542 -2,958
-647 -2,434 - 1 , 749
- 5 , 988 -7,788
-288
-3,842 1,923
1,456
2,367
7
690
Liquid private capitalflows,net
do
-9,839
-29, 753 -10,340 -5,630 -6,345 -11,882 -5,900 -3,476
-851 -4,524 -1,484 -10,499
335
2,108
Official reserve transactions balance.
do
Changes in liabilities to foreign official agencies:
5,854 10,870
5,738
7,637
27,615
9,720
5,157
2,546
1,057
9,120
Liquid
mil. $
1,645
4,467
-778 — 1 654
11
-551
399
-160
-17
-201
-173
221
1,202
27
34
117
259
Other readily marketable
do . . -810
9
535
341
189
8
8
366
280
-2
-43
78
-167
167
-452
Nonliquid
do
32
682
659
429
2,477
2,348
1,194
-187
-231
-55
-111
220
17
-13
Changes in U.S. official reserve assets, net .do
-4,466 -23,779 -15,826 -3,183 -5,801 -10,079 -4,720 -4,168 -2,376 -5,118 -4,159 -8,623
-770
1,128
Gross liquidity balance, excluding SDR..._do
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes areas shown in
the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov .v
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE f
Seasonally adjusted, at annual rates:
Total personal income
bil. $.
Wage and salary disbursements, total
do
Commodity-producing industries, total-do
Manufacturing
do
Distributive industries
do
Service industries.._
Government
Other labor income
Proprietors' income:
Business and professional
Farm
863.5
939.2
967.0
977.6
989.1
997.4
573.3
206.3
160.5
138.3
627.8
226.0
175.9
151.5
643.8
232.8
181.6
155.2
648.4
235.0
183.8
155.6
654.0
236.8
185.6
157.2
661.7
239.2
187.1
158.7
667.2
242.2
189.6
159.3
671.1
243.5
190.6
160.6
677.6
245.9
192.9
162.2
682.0
248.3
194.7
163.2
688.2
251.7
197.0
164.5
693.2
253.4
197.9
165.3
698.9
254.8
198.7
167.1
706.0
257.8
200.8
168.7
r
711.2
' 259.5
' 202.5
169.6
716.8
261.6
203.9
171.0
do
do
do
104.7
123.9
36.6
116.1
134.2
40.7
119.2
136.7
42.0
119.8
138.1
42.3
121.3
138.7
42.7
122.9
140.9
43.0
124.1
141.6
43.3
124.9
142.2
43.6
126.4
143.1
43.9
126.8
143.7
44.2
127.7
144.4
44.5
129.4
145.1
44.8
130.8
146.2
45.3
132.5
147.0
45.8
' 132.9
149.2
46.2
133.9
150.4
46.7
do
do
51.9
16.8
54.0
,20.2
55.1
20.8
55.1
22.4
55.6
22.3
56.1
24.0
56.3
24.3
56.4
24.6
56.8
24.2
57.3
24.6
57.8
25.9
58.0
27.1
58.1
28.3
'58.5
-28.9
58.7
29.4
24.5
25.1
73.0
93 2
24.1
26.0
78.0
103.0
25.1
26.3
79.6
109.7
24.7
26.3
80.4
113.7
24.9
26.5
81.1
112.6
24.8
26.8
81.9
112.5
24.8
26.9
82.6
113.8
24.6
27.0
83.4
114.5
24.3
27.3
84.5
115.3
57.1
24.4
24.6
27.3
85.7
115.9
24.9
27.4
86.5
116.0
25.0
27.6
87.8
116.9
25.3
28.2
89.0
119.0
25.5
28.3
90.3
120.2
25.6
28.5
9l.5
• 121.1
25.7
28.7
92.5
121.9
43.4
43.6
43.9
44.0
44.2
Rental income of persons
_
do
Dividends
do
Personal interest income
do
Transfer payments
do
Less personal contributions for social insurance
bil. $..
Total nonagricultural income
do
FARM INCOME AND MARKETINGS \
Cash receipts from farming, including Government
payments, total %
mil. $_.
Farm marketings and CCC loans, total
do.
Crops
do_.
Livestock and products, total?
do..
Dairy products
do_.
Meat animals
do_.
Poultry and eggs
do_.
ndexes of cash receipts from marketings and CCC
loans, unadjusted: X
All commodities
1967=100..
Crops
do
Livestock and products
do
Indexes of volume of farm marketings, unadjusted: \
All commodities
1967=100..
Crops
do
Livestock and products
do
1,003.3 1,011.6
1,018.7 1,026.6
1,035.6 1,047.3 1,058.5
1,067.5 1,076.2
r
30.9
34.7
35.4
35.7
35.9
41.7
41.9
42.0
42.4
42.5
42.8
839.8
911.5
938.8
947.7
953.6
957.4
965.3
970.9
979.5
986.4
994.2
5,357
4,750
5,340
5,686
8,475
7,602
7,777
11,402
5,670
1,969
3,701
667
2,438
6,207
2,813
3,394
651
2,135
577
7,521
3,120
4,401
678
2,838
856
7,765
3,690
4,075
696
2,667
- 11,360 10,200
6,200
- 6,616
4,000
- 4,744
700
••702
2,600
- 3,353
600
••663
1,001.8 1,012.1 1,021.8
1,030.0 1,037.9
55,950
64,632
7,453
7,220
5,963
6,412
5,005
52,805
22,245
30,560
6,811
19,524
3,958
60,671
25,075
35,596
7,157
23,955
4,165
7,383
3,827
3,556
602
2,543
387
7,188
4,016
3,172
579
2,178
393
5,901
3,038
2,863
606
1,860
370
6,363
2,943
3,420
618
2,352
424
4,987
1,734
3,253
563
2,279
384
5,347
1,612
3,735
653
2,588
469
4,673
1,375
3,298
651
2,130
487
5,332
1,547
3,785
693
2,542
519
124
121
126
142
136
147
208
249
176
202
261
157
166
198
142
179
192
169
140
113
161
150
105
185
131
89
163
150
101
187
159
128
183
174
183
211
203
218
218
240
202
319
431
235
193
199
198
110
113
108
112
115
109
162
212
124
161
226
113
126
165
98
127
151
108
83
50
109
92
74
106
104
115
95
103
107
100
111
123
101
164
214
124
150
218
95
1967=100..
106.8
115.2
122.7
120.4
117.3
118.9
123.6
124.6
124.5
125.6
128.9
122.4
126.7
131.1
130. 7
127.5
do
do
do
do
do
do
104.7
115.7
119.5
107.4
89.4
111.9
123.6
127.7
117.7
95.5
119.7
133.2
147.0
127.8
100.8
116.1
126.8
141.9
122.3
101.1
112.0
120.2
123.9
115.3
100.5
115.3 I 119.1
125.3 I 129.2
138.5
149.1
119. 0
126.9
101.4
104.9
120.0
130. 8
151.5
130. 2
105.0
118. 9
129. 2
147.6
129.2
104.6
120.0
130.3
147.4
128.6
105.5
125.1
136.4
154.4
133.8
109.2
122.2
118.9
128.6 - 134.1
124.3
100.5
119.2
132.5
105.2
105.7
128.8
141.9
136.6
139.2
110.3
127.6
140.2
147.7
138.6
110.0
123.4
133.2
142.3
132.1
109.5
107.4
117.4
124. 0
123. 5
122.5
122.8
128. 6
129.2
129.9
130.9
131.4
123.7 - 129.2
131.8
132.6
131.4
do
do
do.
105.2
99.4
113.5
114.0
108.4
122.1
122.2
116.4
130.6
120.0
115.3
126.7
116. 3
113.3
120.6
117.6
114.9
121.5
123.2
121.0
126.3
124.6
122.5
127.7
124.7
122.4
128.0
125.8
123.2
129.5
128.9
125.8
133.3
121.1
117.9
125.6
125.3
119.3
133. 9
130.3
126.1
136.3
130. 4
126.8
135.6
127.7
124.5
132.2
Mining
and utilities
..do.
125.2
126.5
118.9
124.1
123.8
r
Revised.
*> Preliminary.
tSee corresponding note on p. S-l.
JSeries revised
http://fraser.stlouisfed.org/
beginning 1969; monthly data prior to May 1972 appear in the Farm Income Situation, July
1973, available
theLouis
U.S. Dept. of Agriculture, Economic Research Service.
9InFederal Reserve
Bankfrom
of St.
128.6
127.5
125.0 I
122.7 123.6
128.2
133.0
137. 2
137.2
132.0
126.6
85
61
104
INDUSTRIAL PRODUCTION d"
Federal Reserve Board Index of Quantity Output
Unadjusted, total index &
By market groupings:
Final products.
Consumer goods
Automotive products
Home goods and clothing
Equipment
Materials
By industry groupings:
Manufacturing
Durable manufactures
Nondurable manufactures.
cfSeries rpv'svd back to 1970 to reflect new seasonal adjustment factors and production
levels. MOi ' ievisions are available upon request.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
December 1973
1973
1972
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. P
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION*— Continued
Federal Reserve Index of Quantity Output—Con.
1967=100.
106.8
115.2
119.2
120.2
121.1
122.2
123.4
123.7
124.1
124.9
125.6
126.7
126.5
126.8
127.0
do...
do._.
do...
106.4
104.7
115.7
113.8
111.9
123.6
117.3
115.3
127.0
118.6
116.3
127.4
119.1
116.8
127.7
120.7
118.6
129.8
121.5
119.3
130.2
121.7
119.6
130.8
122.1
120.0
130.9
122.9
120.8
131.7
123.7
121.3
131.9
124.2
122.1
132.9
123.7
121.4
131.2
124.3
122.6
132.4
124.5
122.8
132.9
do...
do...
do...
do...
115.1
119.5
108.3
140.9
125.7
127.7
112.7
156.5
129.1
132.3
118.9
158.0
131.0
138.3
126.6
160.6
135.0
142.9
133.9
160.0
136.0
138.6
130.2
155.0
137.8
141.7
131.5
161.4
140.4
144.1
130.8
140.5
141.7
128.1
167.5
141.6
142.6
129.8
167.0
141.8
142.6
132.6
161.9
142.4
141.7
134.0
156.7
134.0
121.1
103.9
154.2
138.2
129.8
118.4
151.8
139.1
132.5
122.5
151.5
Homegoods9
do...
Appliances, TV, home audio...do...
Carpeting and furniture
do...
112.6
111.5
117.2
124.5
124.6
132.6
127.3
124.1
137.6
126.9
121.7
137.6
130.5
133.3
139.0
134.5
140.7
142.1
135.8
137.8
145.0
138.3
143.0
145.7
139.8
149.7
146.7
140.9
148.1
147.8
141.3
147.2
148.9
142.9
147.8
155.4
141.1
146.3
154.2
143.0
• 150.2
153.3
142.9
150.3
153.9
Nondurable consumer goods
do.. .
Clothing
do...
Consumer staples
do...
Consumer foods and tobacco...do...
Nonfood staples
do...
115.9
101.4
119.8
113.6
126.3
122.8
109.7
126.2
117.5
135.3
126.2
113.5
129.5
119.5
140.0
126.0
114.8
128.9
119.9
138.3
125.0
112.2
128.4
119.1
138.1
127.4
115.1
130.7
121.1
140.9
127.3
115.2
130.5
121.5
140.0
127.1
115.4
130.3
120.9
140.1
127.1
114.5
130.6
120.9
140.8
128.0
114.2
131.7
120.9
143.1
128.1
116.0
131.4
119.6
143.7
129.0
116.5
132.5
121.3
144.1
130.2
117.0
133.6
121.9
145.8
• 130.1
118.0
133.4
'122.5
'144.8
130.7
Equipment
do...
Business equipment
_do...
Industral equipment?
do.
Building and mining equipment-do
Manufacturing equipment
do
Commercial transit, farm eq 9 —-do
Commercail equipment
do...
Transit equipment
do...
89.4
96.8
92.9
92.9
82.6
95.5
106.1
102.5
104.8
92.7
98.9
111.6
109.1
108.3
101.0
100.7
113.4
110.4
108.7
102.6
101.5
114.4
111.5
112.3
102.5
102.9
116.9
113.0
113.0
Id4.7
104.1
118.2
114.5
115.1
106.1
104.1
118.6
115.6
116.0
107.5
104.7
119.6
117.4
118.1
109.4
105.7
121.3
119.1
118.8
112.0
106.6
122.5
119.8
119.1
113.1
107.3
123.0
120.5
119.6
113.9
107.6
124.6
122.5
123.0
115.1
r 109.0
'126.5
' 124.4
'124.2
'117.3
108.6
125.8
124.2
125.2
117.2
101.2
110.0
89.4
110.3
118.4
96.8
114.4
123.9
96.8
116.6
125.5
101.9
117.6
126.5
101.7
121.4
128.8
110.0
122.4
129.9
111.8
121.9
130.6
110.2
122.2
131.3
107.5
123.7
131.6
109.8
125.4
134.1
109.7
125.8
135.9
109.0
127.0
128.8
137.0 '140.2
108.4 '109.6
127.7
138.4
109.4
"79.7
'80.0
Seasonally adjusted, total index*
By market groupings:*
Products, total
Final products
Consumer goods
Durable consumer goods
Automotive products
Autos
Auto parts and allied goods
134.5
123.2
146.5
do...
77.1
77.9
77.9
79.6
80.1
79.8
80.6
80.1
80.0
79.7
80.1
81.1
do....
do.
do...
112.6
112.6
112.6
121.1
120.8
121.3
124.7
125.6
123.9
127.6
130.0
125.9
127.7
128.7
126.9
128.4
129.6
127.4
129.5
Io0.3
128.9
129.4
130.7
128.3
129.3
132.2
127.0
130.5
132.2
129.2
132.1
135.9
128.9
132.5
134.6
132.7
Materials
do..
Durable goods materials 9
do..
Consumer durable parts
do..
Equipment parts
do..
Nondurable goods materials 9
do. .
Textile, paper and chem materials...do...
Fuel and power, industrial
do_.
107.4
101.7
104.2
87.1
114.1
116.6
116.3
117.4
113.5
113.8
99.3
122.5
129.2
120.9
122.3
120.2
119.0
107.5
125.3
132.9
123.2
122.8
121.4
120.5
109.7
124.6
132.9
122.6
124.4
123.5
123.6
112.0
126.4
136.0
119.5
124.5
124.1
123.9
111.6
126.3
136.0
120.6
126.7
126.6
125.4
113.0
127.7
136.5
122.7
127.0
127.6
125.9
114.6
127.1
136.3
122.6
127.7
127.9
129.0
113.8
128.5
138.8
122.1
128.3
128.6
125.7
118.0
128.9
139.4
122.9
129.0
129.2
128.8
118.2
129.4
140.2
125.3
130.9
' 131.6
126.9
124.5
130.4
142.2
126.9
'130.9
' 131. 8
128.6
' 122.3
' 130. 6
' 142. 4
126.3
'131.3
'132.5
' 129.9
122.1
' 129. 8
' 141. 2
'128.7
131.2
'133.0
' 123.7
' 123.4
129.3
'140.5
'127 6
do..
do..
do. .
do..
do..
do..
do..
105.2
99.4
104.0
100.9
96.6
108.7
107.5
114.0
108.4
113.9
113.1
107.1
123.6
114.8
118.5
113.8
121.3
122.1
118.4
131.5
120.4
119.5
115.3
122.6
122.9
119.2
132.0
122.2
120.4
116.3
124.0
125.4
120.0
134.0
122.3
121.4
117.5
124.3
123.1
118.6
130.0
125.7
122.7
118.7
125.4
124.7
120.0
133.9
126.2
123.4
119.9
125.8
123.5
117.5
134.4
128.4
123.8
120.6
127.2
125.8
119.6
137.8
128.9
124.9
121.9
128.1
126.1
119.8
135.0
130.3
125.6
123.0
128.7
124.5
119.9
131.5
133.4
126.5
123.8
130.6
128.1
120.9
140.3
133.5
'126.1
' 122.6
'129.5
' 125.6
' 118. 5
' 137.5
'133.8
'126.4
'123 4
'129.8
'128.4
' 122. 0
' 133. 9
' 131. 5
126.4
'123.9
' 131.5
130.2
'122.9
146.6
' 132. 7
- -do..
do..
do~.
do _.
94.9
96.2
94.3
103.5
1>7.5
105.7
109.6
108.2
114.0
113.5
114.7
110.1
115.7
115.3
116.1
111.2
116.8
114.4
119.6
112.5
118.4
116.3
120.8
113.7
119.1
117.3
121.2
115.1
121.4
119.0
123.9
115.7
122.6
121.5
123.8
117.3
124.7
124.0
125.4
118.8 ' 119.4 ' 117. 7
127.6
126.9
123. 5
127.1 '128.9
126.1
127.8 ' 128.1 '128.2
do...
do..
do..
do..
92.9
114.1
72.5
108.5
99.0
123.1
75.8
120.2
102.7
128.7
77.6
125.0
105.0
132.3
78.7
125.1
106.6
135.9
78.3
126.6
107.6
139.3
77.1
130.1
110.0
141.5
79.7
131.9
110.3
141.0
80.8
133.8
110.0
140.1
81.1
134.7
111.0
140.9
82.2
138.9
112.2
143.3
82.
140.
112.1 ' 105.7
144.1 ' 131.0
81.3
81.3
140.8 '140.9
Defense and space equipment
Intermediate products
C o n s t r u c t s products
Misc. intermediate products
By industry groupings:*
Manufacturing, total
Durable manufactures
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals. _
Fabricated metal prodctus
Machinery and allied goods 9
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aerospace and misc. trans, eq
Instruments
'79.8
• 132.1 ' 131.0 '130.9
135.3
134.9 ' 135.0
127.7
'129.6 '128.1
'113.9 ' 118.9
' 130.0 '129.0
' 130.0 '128.6
' 130.0
129.5
' 107.3 109.2
'133.9 ' 136.1
'81.7 '83.2
'141.6 '140.9
Lumber, clay, and glass
Lumber and products
Clay, glass, and stone products
do...
do...
do...
111.5
113.9
110.0
120.0
122.4
118.6
124.9
127.3
123.5
124.5
126.8
123.1
123.7
122.7
124.3
126.4
125.8
126.8
127.3
128.5
126.6
129.1
129.5
128.9
129.9
129.1
130.4
130.3
127.5
132.0
129.2
126.6
130.5
129.8
129.
'128.8
125.4
128.4 '128.9
132.3 ' 129.6 '128.8
Furniture and miscellaneous
Furniture and
fixtures
Miscellaneous manufactures
do...
do...
do.. .
111.7
102.1
120.5
122.7
113.5
131.1
126.9
117.6
135.4
126.6
118.5
134.0
127.7
120.3
134.5
130.3
119.1
140.5
132.8
122.3
142.4
133.4
122.8
143.0
133.1
123.8
141.6
136.0
126.5
144.5
135.4
126.5
143.6
135.9 ' 137.5 '138.
' 136.0
127.5 ' 129. 5 '130.4
123.7
143.5
144.9 ' 146.3 142.8
133.8
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather products
do...
do...
do...
do...
do...
113.6
100.7
108.6
97.8
87.4
122.1
108.1
117.4
105.7
88.9
125.2
112.1
123.2
109.5
88.0
125.6
113.0
125.7
110.1
85.9
126.2
113.2
124.2
111.1
87.4
127.0
113.4
125.3
112.3
81.3
128.4
114.4
126.1
112.6
85.1
128.6
114.6
127.1
112.4
85.0
128.4
114.0
126.1
111.7
129.2
113.3
127.2
110.0
83.0
129.3
115.0
119.2
111.0
86.6
130.5
114.5
128.9
112.1
79.2
'130.9 '130.7 ' 130.1
' 116.2
' 115.4 '117.
129.3
' 129.0 '129.4
' 113.6
115.4
' 8 1 . 0 '86.4
83.1
131.1
116.2
Paper and printing
Paper and products
Printing and publishing
do...
do...
do...
107.8
115.8
102.5
116.1
128.
107.9
119.9
131.1
112.4
120.0
131.3
112.6
120.3
133.6
111.3
120.0
131.8
112.1
121.5
134.1
113.0
122.4
137.1
112.4
120.8
133.6
112.2
121.9
135.1
113.
122.8
134.6
114.8
123.8 '124.5 ' 122.1 '120.6
135.3
137.0 ' 134.8 133.1
116.0 ' 116.2 ' 113.6 ' 112.1
122.4
Chemicals, petroleum, and rubber...do...
Chemicals and products
do...
Petroleum products
do...
Rubber and plastics products
do...
124.8
126.4
115.7
126.0
137.8
139.6
120.6
145.5
141.6
143.9
123.8
148.4
142.0
143.2
124.4
151.5
143.8
144.7
125.5
154.7
145.5
146.4
127.3
157.1
146.3
147.2
124.1
160.4
146.3
146.8
123.5
163.4
147.9
147.8
126.9
165.1
150.2
150.
128.5
166.8
149.8
150.4
129.7
163.9
151.8
152.0
129.3
168.8
'151.0
'151.4
'128.2
' 167.9
'151.2
'163.1
129.2
162.1
152.1
154.4
Foods and tobacco
Foods
Tobacco products
do...
do...
do...
113.
114.9
97.
117.6
118.6
103.7
118.5
119.0
111.8
119.0
119.4
112.5
118.
119.
102.5
119.6
120.5
107.9
122.0
122.9
110.3
121.5
121.8
118.1
120.7
121.3
112.9
121.5
122.4
111.2
119.5
120.3
108.1
121.3
122.4
105.3
121.6
'122.0 '122.6
' 122.9 '123.5 '122.6
110.1
109.1
122.7
123.7
Mining and utilities
do
Mining
do...
Metal mining
do.
Stone and earth minerals....I..."."IdolCoal, oil and gas
do
Coal
do.'.
Oil and gas extraction
do
Crude oil
do..
118.9
107.0
121.4
93.2
107.6
99.8
108.9
108.3
124.1
108.8
120.9
98.1
109.2
104.2
110.0
107.3
126.6
110.2
122.8
102.0
110.1
100.8
111.5
107.9
126.7
109.7
124.7
104.4
109.0
102.6
110.0
107.0
126.1
103.
128.1
104.0
103.8
98.6
108.2
106.4
127.3
103.5
130.3
103.9
103.5
99.1
107.7
105.5
128.0
110.2
131.9
107.8
108.4
103.9
109.1
106.
127.3
109.
127.8
103.4
107.6
105.7
107.9
103.7
126.6
109.0
128.5
10S.8
107.1
99.9
103.3
103.6
127.0
109.1
127.0
108.8
107.3
100.9
108.4
104.6
128.
109.5
121.6
105.
108.9
108.0
109.1
104.6
130.4
111.0
128.4
109.1
109.5
109.0
109.5
105.4
'130.7
' 111. 5
' 131.4
' 113.1
' 109. 2
104.0
'110.0
'104.8
'131.4
' 112.1
137.9
109.2
' 110.0
104.9
'110.8
102.8
129.7
111.4
133.9
138.1
119.8
143.4
149.
123.
147.1
154.2
124.0
148.
155.
124.3
148.5
155.6
124.9
151.0
159.1
150.5
158.3
149.6
157.4
148.7
156.2
149.5
156.8
151.5
159.7
Utilities
Electric
Gas
http://fraser.stlouisfed.org/
p
Revised.
v Preliminary.
Federal Reserve Bank of St. Louis
do
do
do
*See note marked " c ? " o n p . S-3.
t Revised data for 1966-72 for the indi-
'150.
'152.
'126.0
'163.6
' 131.4
'112.0
' 136.2
'109.5
' 110.0
110.0
' 110.0
'103.9
' 130.4
130.0
154.8
155.8 ' 165.6
154.8
' 163.9 '163.8 ' 165.1 '164.6
114.0
10S.3
108.6
108.2
December 1973
SURVEY OF CURRENT BUSINESS
Unless otherwise stated In footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of B U S I N E S S STATISTICS
1971
1972
Annual
S-5
1973
1972
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
GENERAL BUSINESS INDICATORS—Continued
B U S I N E S S SALES §
Mfg. and trade sales (unadj.), total fMfg. and trade sales (seas, adj.), total t
Manufaeturing,totaU
Durable goods Industries
Nondurable goods industries
mil. $ . . 1,347,209 1,496,165 133,059
133,511
136,768
141,559 147,013
149,974
138,920
146,361
146,036 154,791
11,347,209 11,496,165 130,336
131,918
133,483 136,863
138,910 141,010
141,274
142,694
142,323
146,469
146,076
146,231 150,188
1671,002
359,371
311,631
do---
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
130,874
144,004
1749,587
406,707
342,880
65,451
36,302
29,149
66,993
36,870
30,123
67,104
36,614
30,490
68,401
37, 773
30,628
69,245
38.122
31.123
69, 719
38,064
31,655
70,468
38,651
31,817
71,284
39,284
32,000
71,616
39,257
32,359
73,248
40,779
32,469
73,021
39,633
73,060
40,162
75,054
41,569
33,485
do_.__ 1 408,850 1448,379
131,814 149,659
...do
do
277,036 298,720
39,106
13,168
25,938
38,713
13,173
25,540
39,417
13,640
25,777
40,707
14, 234
26,473
41,242
14,405
26,837
41,979
14,612
27,367
41,185
14,339
26,846
41,735
14,299
27,436
41,179
13,731
27,448
42,778
14,409
42,363
14,481
27,882
42,525
14,267
28,258
43,081
14,346
28,735
26,212
12,155
14,057
26,962
12,546
14,416
27, 755
12,974
14,781
28,423
13,181
15,242
29,312
13, 720
15,592
29,621
13,806
15,815
29,675
13,964
15,711
29,528
13,781
15,747
30,443
14,039
16,404
30,692
13,950
16,742
30,646
13,968
16,678
32,053
14,511
17,542
204,647 205,517
205,725
205,934
208,303 212,910
.do
do
__do
Retail trade, total t
Durable goods stores
Nondurable goods stores
125,858
..do
do
do
1267,357
122,420
144,937
1298,199
138,446
159,753
25,779
12,016
13,763
Mfg- and trade inventories, book value, end of year
or month (unadj.), total f
..mil. $ . .
181,847
192,593
192,435
195,104 192,593
195,042 198,076 201,231 202,919
Mfg. and trade Inventories, book value, end of year
or month (seas, adj.), total t
mil. $ . .
BUSINESS INVENTORIES 5
183,622
194,151
191,583
192,921
194,151
196,295
198,172 199,525
200,787
202,896 205,252
206,813
208,668
210,191 212,274
do
..do
do
102,445
66,050
107,719
70, 218
37,501
106,617
69,308
37,309
106,974
69,613
37,361
107,719
70,218
37,501
108,187
70,590
37,597
110,174
71,873
38,301
110,577
72, 213
111,625
72,867
38,758
113,025
73,801
39,224
113,910
74,278
39,632
114,907
75,213
39,694
116,114 117,065
76,249 76,828
40,237
Retail trade, total t
Durable goods stores
Nondurable goods stores
do
do
do
54,700
24,442
30, 258
53,934
23,675
30,259
54,658
24,235
30,423
58, 250
25, 797
32,453
31,032
18,296
12,736
31,289
18,628
12,661
33,051
19,321
13,730
56,106
24,538
31,568
33,245
19,457
13,788
68,079
25,454
32,625
31,732
18,884
12,848
55,526
24,472
31,054
32, 582
19,229
13,353
57,285
25,094
32,191
do
do
do
54,700
24,442
30,258
31,732
18,884
12,848
56,636
24, 624
32,012
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
52,261
23,808
28,453
28,916
17, 254
11,662
109,082
71,136
37,946
56,039
24,638
31,401
33,574
19,496
14,078
19,929
14,057
34,148
20,141
14,007
34,653
20,159
14,494
58,797 58,811
25,850 25,790
32,947 33,021
34,964
35,266
20,089
20,257
14,875 '15,009
Manufacturing, total!
Durable goods industries
Nondurable goods industries
59,785
26,292
33,493
35,424
15,055
B U S I N E S S INVENTORY-SALES RATIOS
1.51
1.47
1.46
1.45
1.43
1.43
1.41
1.42
1.42
1.44
1.41
1.43
1.44
1.41
1.82
2.22
.65
1.67
2.00
.57
.90
.53
1.63
1.91
.65
.87
.60
1.60
1.89
.54
.86
.49
1.61
1.92
.55
.87
.60
1.58
1.87
.54
.85
1.58
1.87
.64
.85
.48
1.58
1.89
.54
.87
.48
1.57
1.87
.64
.86
.47
1.57
1.85
.54
.85
.47
1.58
1.88
.55
.86
.47
1.56
1.82
.53
.83
.46
1.57
1.90
.56
.87
.47
1.59
1.90
.56
.87
.47
1.56
1.85
.55
.84
.45
__do___.
.do
...do
do....
1.37
.51
.21
.65
1.29
.48
.20
.61
1.28
.47
.20
.60
1.24
.46
.20
.69
1.23
.45
.20
.58
1.23
.46
.19
.58
1.22
.46
.19
.57
1.21
.46
.19
.56
1.21
.46
.19"
.56
1.21
.46
.19
.56
1.21
.46
.19
.66
1.22
.47
.19
.56
1.19
.46
.19
.54
1.21
.47
.19
.55
1.20
.47
.19
.64
Retail trade, total t
Durable goods stores..
Nondurable goods stores
do....
do
do
1.47
2.06
1.19
1.42
1.90
1.19
1.41
1.84
1.19
1.39
1.79
1.17
1.36
1.72
1.17
1.36
1.71
1.17
1.34
1.68
1.15
1.38
1.72
1.19
.37
.75
.17
1.41
1.85
1.19
1.36
1.79
1.14
1.39
1.79
1.18
1.38
'1.81
1.17
1.39
1.83
1.17
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do....
do
do
1.23
1.60
.92
1.21
1.65
.91
1.19
1.53
.90
1.18
1.61
1.17
1.48
.90
1.16
1.47
.90
1.13
1.42
1.13
1.41
.89
.15
.43
1.16
1.46
.89
1.14
1.44
1.14
1.44
'1.15
'1.45
.90
1.11
1.40
21,583
25,108
2,218
2,171
2,446
2,217
2,153
2,289
2,427
2,499
2,699
2,518
2,530
2,487
2,759
2,660
2,627
2,560
2,351
2,651
2,399
2,646
'2,684
'2,722
2,791
2,769
Manufacturing and trade, total t - ~
Manufacturing, totalt
_
Durable goods Industries
Materials and supplies. _
Work in process
Finished goods
..
ratio..
_
Nondurable goods Industries
Materials and supplies
Work in process
Finished goods
.do
__do
do
do
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total
mil. $.
Seasonally adj., total
do....
Shipments (not seas, adj.), totalt
do....
Durable goods industries, total9t
Stone, clay, and glass products
Prlmary metals
Blast furnaces, steel mills
Nonferrous metals
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
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
Shipments (seas, adj.), totalt
By industry group:
Durable goods industries, total 91
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Nonferrous metals
Fabricated metal products
_
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts....
Instruments and related products
r
2,288
2,268
671,002
749,587
67,222
66,567
63,675
63,764
70,335
72,843
72,014
72,591
76,273
67,354
70,827
75,281
76,877
...do.
do.
do..
do..
do.
359,371
18,535
53,067
25,790
20,170
406,707
22,344
57,941
28,109
21,392
37,058
2,092
5,138
2,481
1,899
36,503
1,987
5,025
2,479
1,811
34,636
1,736
5,051
2,518
1,806
35,061
1,752
5,242
2,679
1,815
1,885
5,793
2,891
2,084
40,328
2,061
6,030
3,012
2,153
39,942
2,064
6,028
2,946
2,222
40,707
2,182
6,195
3,034
2,253
42,641
2,270
6,402
3,119
2,357
36,640
2,045
5,536
2,760
1,991
37,291
2,229
5,846
2,882
2,177
40,945
* 2,189
'6,155
'2,986
'2,320
42,286
2,304
'6,345
3,072
2,325
do.
do.
do.
do.
do.
do..
42,026
55,659
49,169
90,941
58,138
12,275
47,098
61,024
65,950
105,340
66,762
13,393
4,242
6,230
4,998
10,155
6,629
1,209
3,974
5,130
5,109
10,208
6,670
1,232
3,866
5,326
4,959
9,134
5,520
1,175
5,316
4,644
9,784
6,710
1,047
4,372
5,903
5,178
10,769
7,134
1,138
4,403
6,294
5,345
10,854
7,097
1,182
4,426
6,216
5,192
10,663
6,741
1,170
4,503
6,199
5,111
11,151
7,006
1,170
4,732
6,750
5,583
11,249
7,169
1,263
4,295
5,705
4,909
9,151
5,419
1,119
4,455
5,734
5,230
8,281
4,667
1,168
' 4,655
'6,468
'5,654
10,134
'6,227
'1,299
4,843
6,267
5,662
11,158
7,368
1,274
311,631
do
103,632
..do
do.._.
6,528
24,030
do
342,880
114,496
5,863
26,726
30,164
10,012
495
2,323
30,064
10,126
515
2,368
29,039
10,183
489
2,294
28,703
9,687
475
2,215
31,349
10,380
478
2,451
32,515
11,032
486
2,687
32,072
10,683
483
2,501
31,884
10,740
626
2,649
33,632
11,383
555
2,725
30,714
10,806
517
2,200
33,536
11,750
560
2,602
11,982
'516
'2,631
34,592
12,020
534
2,808
25,459
51,872
26,936
17,044
28,278
57,437
29,932
19,185
2,470
4,979
2,628
1,718
2,406
4,845
2,618
1,604
2,288
4,740
2,685
1,490
2,432
4,885
2,649
1,560
2,566
5,579
2,723
1,709
2,652
5,741
2,675
1,766
2,628
5,910
2,723
1,796
2,699
5,784
2,781
1,716
2,833
5,962
2,953
1,794
2,562
5,152
2,919
1,580
2,798
5,536
3,017
1,702
' 2,815
' 5,769
'3,121
' 1,743
2,858
5,666
3,097
1,762
do
.do
do
do
do..
65,451
67,104
68,401
69,245
69,719
70,468
71,284
71,616
73,248
73,021 '73,060
75,054
do..
.do..
do..
do..
do..
36,302
1,968
6,437
2,797
1,910
36,870
2,013
5,349
2,730
1,859
36,614
1,964
5,567
2,823
1,957
37,773
2,025
5,449
2,751
1,909
38,122
2,042
5,652
2,820
2,031
38,064
2,068
5,634
2,784
2,033
38,651
2,029
5,471
2,595
2,061
39,284
2,096
5,710
2,704
2,115
39,257
2,072
5,789
2,753
2,178
40,779
2,075
6,023
2,924
2,245
'40,162
2,084 '2,046
6,165 '6,266
'3,149
2,301 '2,284
41,567
2,169
'6,730
3,479
2,339
do.
do.
.do.
do.
do
do
4,093
5,297
4,756
9,820
4,015
5,488
4,937
9,915
1,158
1,206
4,047
5,534
4,901
9,601
6,194
1,181
4,264
5,684
5,085
10,259
6,650
1,163
4,449
5,635
5,141
10,018
6,407
1,170
4,330
5,818
5,215
9,765
6,342
1,181
4,362
5,975
5,393
10,105
6,254
1,194
4,487
6,047
5,296
10,317
6,395
1.171
4,411
6,159
5,265
10,229
6,250
1,186
4,606
6,240
5,405
11,173
7,055
1,196
Revised.
i Based on data not seasonally adjusted.
2 Advance estimate; total mfrs.
shipments
for Oct. 1973 do not reflect revisions for selected components.
§The term "business"
here
includes
only
manufacturing
and
trade;
business
inventories as shown on p. S-l
http://fraser.stlouisfed.org/
cover data for all types of producers, both farm and nonfarm. Unadjusted data for manufactur-
Federal Reserve Bank of St. Louis
4,385
6,117
5,350
10,281
6,524
1,163
4,677
'4,345
6,381
'6,243
5,392
'5,288
10,697 r 10,809
6,984
1,219
• 1,192
2 41,784
2 6,406
211,338
3 42,308
2 6,816
2 11,048
1 are shown below and on p. S-6; those for wholesale and retail trade on pp. S-ll and S-12.
ing£
[See corresponding ncte on p. S-4
and note marked "t"
on
S-12.
;See
fSee
_
_ _pp.
. . _S-ll
_ - . and
.
T
corresponding note on p. S-7.
9Includes data for items not shown separately.
t OF CUliIREN T 131JSIJNJ
SUJ
S-6
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971 |
1973
1972
1972
Annual
December 1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS*—Continued
Shipments (seas, adj.)%—Continued
By industry group:
Nondurable goods industries, total 9 - - -mil. $..
Food and kindred products
__do
Tobacco products
do
Textile mill products.
_
.do....
Paper and allied products
do.__.
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do...
By market category: t
Home goods and apparel
do
Consumer staples.. __
do
Equipment and defense prod., excl. auto.do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies
_
.do
Supplementary series:J
Household durables
_..
_.do-..
Canital goods industries*^1
do
Nondefense
.
do
Defense
do
29,149
9,637
497
2,133
2,421
4,982
2,550
1,659
30,123
10,008
511
2,331
2,446
5,072
2,640
1,662
30,490
10,284
501
2,381
2,433
5,314
2,668
1,648
30, 628
10,303
505
2,420
2,522
5,245
2,667
1,681
31,123
10,454
503
2,477
2,520
5,464
2,674
1,687
31,655
10,866
498
2,532
2,548
5,488
2,702
1,679
31,817
10,926
499
2,541
2,609
5,409
2,745
1,698
32,000
10,872
520
2,611
2,715
5,387
2,819
1,663
32,359
11,071
515
2,566
2,708
5,593
2,883
1,677
32,469
11,222
506
2,550
2,722
5,641
2,936
1,712
11,827
540
2,550
2,767
5,694
3,017
1,700
11,348
'498
' 2,499
' 2, 739
' 5,575
'3,100
' 1,706
33,485
11,578
536
2,579
2,801
5,691
3,131
1,703
0,141
12,335
6,473
6,354
12,936 12,961
9,638
9,172
7,703
7,334
5,715
5,547
25, 761 25,911
6,5^4
13,148
9,496
7,558
5,979
26,510
6,639
13,532
9,467
7,518
5,943
26, 620
6,761
13,559
10,025
7,482
5,939
26, 702
6,682
13,570
10,192
7,560
6,079
27,201
6.681
13,734
10,279
7,436
6,021
27,465
6,541
13,837
10,480
8,344
6,098
27,948
6,616
14,472
9,954
7,807
5,928
28,244
'6,683
13,929
10,433
'7,898
'5,928
28,189
6,796
14,397
10,219
8,313
6,125
29,204
2,825
10, 681
9,121
1,560
2,835
11,295
9,597
1,698
2,929
11,161
9,531
1,630
2,968
11,155
9,490
1,665
3,011
11, 695
10,055
1,640
2,993
11,844
10,098
1,746
2,975
11,964
10,381
1,583
3,095
12,138
10,465
1,673
3,084 '3,042
11,687 12,032
10,135 10,425
1,552 ' 1,607
165,346 171,555
1133,517 1146,257
191,798 1103.198
i68,594 179,835
156.389 163.500
1255,358 1285,242
7,415
5,484
25,087
6,543
12,741
9,241
7,567
5,580
25,321
127,210 131.354
1109,058 1121,611
189,567 1103,294
U9.491 118,317
2,734
10,539
8,966
1,573
2,922
10, 737
9,165
1,572
do.
do
_do.
102,130
65,620
36,510
107,415
69,803
37,612
106,105 106,623 107.415 108,572 109,737 110,837 111,469 112,604
68,958 69,334 69,803 70, 625 71,453 72,390 72,884 73,562
37,147 37,289 37,612 37,947 38,284 38,447 38,585 39,042
113,175 113,367 114,465 115,045 116,331
73,911 74,051 75,117 •75,707 76, 271
39, 264 39,316 39,348 39,338 40,060
Book value (seasonally adjusted), totalt
do
By industry group:
Durable goods industries, total 9
do
Stone, clay, and glass products
do
Primary metals
do
Blast furnaces, steel mills
_.do
Nonferrous metals
do.
102,445
107, 719 106,617 106,974 107,719 108,187 109,082 110,174 110,577 111,625
113,025 113,910 114,907 '116,114 117,065
Inventories, end of year or month:t
Book value (unadjusted), total
Durable goods industries, total
Nondurable goods industries, total
71,136
2,446
9,483
5,043
3,384
71,873
2,495
9,365
4,915
3,391
72,213
2,477
9,425
4,925
3,421
72,867
2,524
9,425
4,940
73, S01 74,278
2,669
2,593
9,452
9,391
4,830 4,869
3,472 3,475
75,213
2,679
9,346
4,820
3,388
'76,249
' 2,702
'9,323
' 4,791
'3,358
76,828
2,719
9,233
4,677
3,371
7,832
7,762
14,175 14,386
10,381
10,279
15, 979 16,150
4,589
4,603
2,717
2,719
8,062
7,887
14,482 14,652
10,654 10,768
16, 217 16,320
4,553
4,530
2,627
2,659
8,203
14,843
10,954
16,492
4,644
2,698
8,113
14,975
11,030
16,604
4,732
2,713
8,189
15,172
11,211
16,634
4,799
2,744
8,230
15,386
11,369
16,977
5,074
2,823
8,238
15,504
11,514
17,029
5,102
2,879
8,378
15,681
11,742
17,328
5,107
2,978
' 8,519
'15,952
'11,834
'17,690
5,436
3,031
8,460
16,136
12,077
17, 796
5,380
3,071
19, 902 20,010
3,280 3,283
6,516
6,411
3,022
3,071
20,252
3,309
6,640
3,035
20,463
3,302
6,744
3,034
20,659
3,267
6,857
3,081
20,887
3,328
7,017
3,139
21,198
3,348
7,157
3,195
21,424
3,326
7,245
3,433
21, 721
7,411
3,413
22,080 22,621
3,377 '3,355
7,602 ' 7,769
3,407 '3,667
22,961
3,380
7,914
3,626
31,639
3,451
11,077
11,539
32,074
3,485
11,250
11,774
32,286
3,474
11,414
11,860
32,559
3,488
11,526
11,952
33,005
3,466
11, 741
12,036
33,114
3,509
11,801
12,064
33,318
3,544
11,964
11,999
33,735
3,493
12,237
12,100
33,944
3,514
12,358
12,133
34,461 34,742
3,477 ' 3,496
12,539 12,675
12,384 12,439
35,079
3,455
12,969
12,609
18.106
2,961
6,973
1,373
18.072
2,939
6,966
1,369
18,134
2,890
7,001
1,354
18,052
2,792
7,082
1,322
18,114
2,693
7,150
1,334
18,209
2,632
7,199
1,375
18,212
2,588
7,187
1,401
18,351
2,533
7,262
1,440
18,642
2,572
7,273
1,444
18,613
2,549
7,249
1,483
18,672
2,492
7,282
1,537
18,788
2,398
7,330
1,561
37,501
9,421
4,044
2,875
7,018
2,300
2,383
37,309
9,448
2,279
4,029
2,861
6,999
2,351
2,324
37,361
9,434
2,319
4,034
2,871
7,019
2,345
2,345
37,501
9,421
2,369
4,044
2,875
7,018
2,300
2,383
37,597
9,595
2,338
4,060
2,882
7,002
2,262
2,380
37, 946
9,723
2,343
4,106
2,885
6,992
2,280
2,391
38,301
9,830
2,326
4,192
2,912
6,955
2,268
2,397
38,364
9,760
2,333
4,255
2,915
6,998
2,345
2,389
38,758
9,864
2,352
4,295
2,948
7,036
2,321
2,457
39,224
10,042
2,343
4,317
2,992
7,046
2,335
2,484
39,632
10,135
2,331
4,349
3,006
7,136
2,412
2,532
10,011
2,399
4,379
3,032
7,140
2,388
2,539
4,436
3,070
7,175
2,391
2,551
40,237
10,145
2,427
4,401
3,084
7,160
2,503
2,583
13,578
5,647
17,170
13,865
5,968
17,668
13,780
5,928
17,601
13,808
5,927
17,626
13,865
5,968
17,668
13,965
5,960
17,672
14,251
6,006
17,689
14,406
6,048
17,848
14,531
6,093
17,740
14,660
6,134
17,964
15,010
6,151
18,063
15,350
6,177
18,105
15,514 15,554
6,250 '6,298
17,930 18,013
15,721
6,338
18,178
do
do
do
do
do
do
10,891
14,020
25, 659
5,547
8,432
37,896
11,852
14,373
27,251
6,081
8,931
39,231
11, 629
14,295
26, 612
6,153
11, 703
14,314
26,917
6,113
8,801
39,126
11,852
14,373
27,251
6,081
8,931
39,231
11,929
14,374
27,452
6,097
12, 404
14,575
27, 931
6,264
39,393
12,208
14,474
27,656
6,152
8,950
39,642
12,299
14, 613
28,237
6,323
9,044
40,061
12,426
14,849
28,338
6,432
9,235
40,345
12,586
14, 976
28, 680
6,753
9,378
40,652
12, 707
15,254
28,912
6,708
9,446
40,883
12,842 12,929
15,345 15,417
29,464 29,820
6,749 '7,084
9,590 ' 9,760
40,917 41,104
13,151
15,612
30,239
7,038
9,679
41,346
do.
do.
do.
do.
5,054
29,030
24,445
4,585
5,562
30,771
25, 684
5,087
5,446
29,998
25,020
4,978
5,498
30,300
25,312
4,988
5,562
30,771
25,684
5,087
5,613
31,087
25,877
5,210
5,746
31,345
26,097
5,248
5,779
31, 677
26,411
5,266
5,758
31,931
26,547
5,384
5,870
32,101
26,717
5,384
5,904
32,490
27,013
6,477
5,936
32,740
27,306
5,434
5,998 '6,065
33,351 33,691
27,796 •28,163
5,528
5,555
6,198
34,804
29,280
5,524
1668,784 1762,170
357,010 418,400
311,774 343,770
67,957
37,690
30,267
67,075
36,827
30,248
65,814
36,730
29,084
66,527
37,657
28,870
73,046
41,467
31,579
76,638
43,926
32,712
74,476
42,241
32,235
74,318
42,341
31,977
78,486
44,914
33,572
70,068
39,411
30,657
73,233 •76,978 79,047
39,737 •42,703 • 44,517
33,496 •34,275 34,605
762,170
66,355
67, 726 68,908
70,016
71, 022
72,806
73,325
74,535
75.361
75,145
76,113 •75,129
77,429
42,697
6,658
3,493
2,219
42, 689
7,150
3,912
2,296
42, 259
'6,325
'3,068
'2,338
• 44,037
' 6,868
3,267
2,478
5,008
6,902
5,676
10,980
2,698
4,903 ' 4,982
6,647 ' 6,922
5,701 ' 5,537
10,948 10,978
2,867 '3,063
5,116
7,268
5,820
11,368
3,173
66,050
2,362
9,219
4,913
3,393
70,218
2,463
9,658
5,268
3,354
2,454
9,716
5,393
3,362
Fabricated metal products
do.Machinery, except electrical
do_.
Electrical machinery
do._
Transportation equipment
do..
Motor vehicles and parts
do..
Instruments and related products, .do..
7,539
13,735
9,756
14,836
4,202
2,546
7,832
14,386
10,381
16,150
4,589
2,717
7,781
14,010
10,197
15,931
4,659
2,715
By stage of fabrication:!
Materials and supplies 9
do__
Primary metals
do..
Machinery (elec. and nonelec.).—do__
Transp ortation equipment
do..
19,270
3,315
6,121
3,253
20,010
3,283
6,516
3,022
19,790
3,271
6,303
3,169
Work in process9
do
Primary metals
do
Machinery (elec. and nonelec.)...do
Transportation equipment
do
29,142
3,175
10,492
10,038
32,074 31,412
3,484
3,485
11,250 10,931
11, 774 11,389
Finished goods 9
do
Primary metals
_
do
Machinery (elec. and nonelec.)...do
Transportation equipment
do
17, 638
2,729
6,878
1,545
18.134
2,890
7,001
1,354
Nondurable goods industries, total9-.do
Food and kindred products
do
Tobacco products...
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
.do
By stage of fabrication:t
Materials and supplies
do
Work in process
do
Finished goods
do
36,395
9,298
2,157
3,806
2,846
6,877
2,367
2,202
By market category:*
Home goods and apparel
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series'X
Household durables
Capital goods industriescf
Nondefense
Defense
' 3,152
'12,096
'10,386
'1,710
New orders, net (not seas, adj.), totalt
Durable goods industries, total
Nondurable goods industries, total
do
do.
do.
New orders, net (seas, adj.), total*
By industry group:
Durable goods industries, total 9
Primary metals
Blast furnaces, steel mills
Nonferrous metals
do
do.
do.
..do.
do
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment..
Aircraft, missiles, and parts
do..
do..
do..
do..
do..
668,784
357,010
52,048
25,220
19,760
39,098
69,613
2,454
9,670
5,356
3,325
70,218
2,463
9,658
5,268
3,354
70,590
2,468
9,575
5,161
3,364
8,942
9,062
418,400 37,127
60,143
5,512
29,813
2,870
21, 670 1,859
37,462
5,449
2,757
1,916
38,325
5,557
2,767
1,970
39,218
5,694
2,819
2,047
39, 765
6,015
3,061
2,138
41, 021
6,500
3,459
2,146
41,341
6,656
3,604
2,147
42,449 43,016
7,042 7,015
3,729 3,817
2,316
2,232
4,109
5,580
4,986
10,150
2,705
3,983
5,886
5,152
9,813
2,369
4,393
6,101
5,010
10,226
2,960
4,449
6,116
5,320
10,657
2,889
4,635
6,093
5,496
10,203
2,727
4,556
6,443
5,727
10,281
2,674
4,488
6,411
5,710
10,503
2,678
4,861
4,672
6,544 6,719
5,696
5,682
10, 739 11,329
3,068 3,269
41,576 48,075
55,014 63,779
49, 769 57,171
89,841 109,377
21,869 29,615
311,774 343,770 29,228 30,264 30,583
Nondurable goods industries, total
do
7,739
7,548
7,815
80,456 89,291
Industries with unfilled orders©
do.
231,318 254,479 21,680 22,449 22,844
Industries without unfilled orders^
do.
Digitized forr FRASER
Revised.
» Based on data not seasonally adjusted.
* Advance estimate; total mfrs.
http://fraser.stlouisfed.org/
new orders for Oct. 1973 do not reflect revisions for selected components.
JSee corresponding
note
on
p.
S-7.
9
Includes
data
for
items
not
shown
separately.
©"Capital goods
Federal Reserve Bank of St. Louis
2,472
7,342
'1,584
39,865
10,027
'
'
'
'
'
30, 798 31,257 31,785 31, 984 32,086 32,345 32,448 33,424 32,870 33,477
8,417
8,370 ' 8, 260 8,492
8,242
8,301
8,186
7,919
8,009
8,081
22,879 23,248 23,704 23,683 23,669 24,159 24,206 25, 054 24,610 24,985
(old series) categories.
©See corresponding note on p. S-7.
ifFor these industries (food and kindred products, tobacco manufactures, apparel and
other textile products, petroleum and coal products, chemicals and allied products, ana
SUEVEY OF CUKEENT BUSINESS
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1973
1972
1972
Annual
S-7
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSJ-Continued
New orders, net (seas. adj.)J—Continued
By market category:
Home goods and apparel
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital poods industries^
Nondefense
Defense
' 6,732 6,865
13,926 14,396
11,107 11,271
' 8,105 8,310
' 6,458 6,606
28,801 29,981
mil. $_
do
do
do
_do
do
2 65,383
2133,569
2 91,469
2 68,773
2 55,786
2253,S04
2 71,896
2146,254
2108,318
2 80,395
2 64,323
2290,984
6,205
12,330
9,363
7,501
5,439
25,517
6,493
12,742
9,810
7,605
5,565
25,511
6,315
12,941
9,864
7,449
5,909
26,430
6,393
6,694
12,964 13,146
10,100
10, 205
7,655
7,913
6,118
5,895
26,646 27,309
6,707 6,858
13,533 13,565
10, 724 10,903
7,577 7,523
6,190
6,017
28,075 28,459
6,695
13,561
11,097
7,746
6,423
29,013
6,778
13,738
11,520
7,708
6,240
29,377
6,642
13,846
10,753
8,322
6,406
29,176
6,491
14,480
10,939
8,060
6,417
29,726
do
do...
do...
do...
2 27,200
2107,755
231,645
2128,461
2107,790
2 20,671
2,797
11,062
9,625
1,437
2,860
11,124
9,699
1,425
2,785
11,815
9,991
1,824
2,751
12,037
10,277
1,760
3,061
11,830
10,105
1,725
3,033
12,461
10,572
1,889
3,077
12,571
10,619
1,952
3,007
12,768
10,919
1,849
3,078
13,590
11,415
3,154
12,603
11,404
1,199
2,996 ' 3,055
12,887 12,832
11,032 11,267
1,855 '1,565
' 3, 220
• 13,488
• 11,595
'1,893
13,276
i 13,669
i 11,883
i 1,786
85,314
81,345
82, 667 83,175
78,927 79,251
3,740 3,924
85,314
81,345
3,969
88,077
83,941
4,136
90,788
86,422
4,366
94,583
90,020
4,563
97,044
92,316
4,728
98,772 100,983 103,699 106,104 107,800 109,970
93,950 96,222 98,995 101,441 ••103,198 105,436
4,822 4,761
4,602
4,704 4,663
4,616
107,381
219,686
2,175
Unfilled orders, end of year or month (unadjusted),
total*
.mil. $.
Durable goods industries, total
do
Nondur. goods ind. with unfilled orders©.... do
72,731
69,652
3,079
Unfilled orders, end of year or month (seasonally
adjusted), totalf
mil. $..
By industry group:
Durable goods industries, total 9
do
Primary metals
do_
Blast furnaces, steel mills
do.
Nonferrous metals
do.
73,282
86,020
83,483
84,216
86,020
87,635
89,412
92,499
95,354
98,602 102,355 104,246 107,344 109,410 111,787
70,152
5,657
3,216
1,571
81,986
7,964
5,008
1,861
79,683
7,874
5,037
1,791
80,275
7,974
5,064
1,843
81,986
7,964
5,008
1,861
83,431
8,209
5,076
1,999
85,074
8,572
5,317
2,106
88,031
9,438
5,992
2,219
90,719
10,623
7,000
2,305
93,882
11,954
8,025
2,506
97,647
13,181
9,089
2,560
99,560 102,621 104,716
13,815 14,798 14,857
10,540 10,459
9,658
2,528 ' 2,582
2,534
107,185
14,996
10,246
2,722
9,943
12,150
14,511
22,098
15,400
10,926
14, 917
15, 748
26,107
18,010
10,612
13,952
15,424
25,584
17,596
10,580
14,350
15, 639
25,482
17,468
10,926
14,917
15, 748
26,107
18,010
11,111
15,349
15,983
26,505
18,198
11, 297
15,807
16,338
26,690
18,330
11,523
16,432
16,850
27, 206
18, 617
11,650
16,866
17,166
27,604
18,497
12.024
17,365
17,566
28.025
18,663
12,285
17,926
17,984
29,126
19,009
12,686
18,587
18,256
18,748
13,206 13,842
19,118 •19,798
18,610 •18,857
29,598 •29,878
19,003 19,148
14,281
20,685
19,284
30,443
30,437
3,130
4,034
3,800
3,941
4,034
4,204
4,338
4,468
4,635
4,720
4,708
4,686
4,723
'4,694
4,689
2,083
38,696
9,433
23,070
2,432
44,365
10,270
28,953
2,515
42,951
9,923
28,094
2,466
43,558
9,908
28,284
2,432
44,365
10,270
28,953
2,355
45,142
10,450
29,688
2,493 2,562 2,663
45, 843 47,159 48,076
10,589 10,836 10,915
30,487 31,942 33,700
2,668
49,165
11,258
35,511
2,770
50,683
11,477
37,425
2,877
50,932
11,785
38,652
2,761
52,173
12, 274
40,136
'2,806
53,052
12,805
40,747
2,877
54,099
13,286
41,525
1,637
43,298
26,079
17,219
1,933
2,035
50,165 48,644
30, 612 29,208
19,553 19,436
1,073
49,031
29,742
19,289
1,933
50,165
30,612
19,553
1,849
1,981
50,907 51,576
31,292 31,866
19, 615 19,710
2,046 2,112 2,127
52,882 53, 755 54,679
32, 948 33,509 34,329
19,934 20,246 20,350
2,230
56,308
35,364
20,944
2,288 2,201
56, 773 57, 974
37, 202
20,470 20,772
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
do__
do
do
..do
do
Nondur. goods ind. with unfilled orders©..do
By market category:!
Home goods, apparel, consumer staples...do
Equip, and defense prod., incl. auto
do
Construction materials and supplies
do
Other materials and supplies..;
do
Supplementary series :$
Household durables
...do
Capital goods industries^
dc
Nondefense
do
Defense
...do
' 2, 213 ' 2, 281
58,771 60,165
38,042 ' 39,253
20,729 ' 20,912
109,041
i 14,932
i 30,800
' 2,390
i 61,449
i 40,393
i 21,056
BUSINESS INCORPORATIONS^
New incorporations (50 States and Dist. Col.):
Unadjusted©
number.. 287,577
Seasonally adjusted©
do
INDUSTRIAL AND COMMERCIAL
FAILURES©"
Failures, total
number..
Commercial service
do
Construction
_
do
Manufacturing and mining
do
Retail trade
do
Wholesale trade
_
do
Liabilities (current), total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
..thous. $__
...do
do
_
do
do
do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns..
316,601
26,736
27,417
23,991
26,387
26,059
27,614
30,114
27,173
10,326
1,464
1,545
1,932
4,428
957
9,566
1,252
1,375
1,576
4,398
965
755
88
106
125
363
73
799
91
127
121
393
67
708
98
118
108
308
76
772
90
105
125
376
76
1,916,929
356,923
222,357
712,611
444,086
180,952
2,000.244
231,813
193,530
766, 991
558, 270
249,640
52,974
14,072
12, 737
47,907
63, 580
14,678
2
41.7
2 38.3
26, 821 31,967
28,640 29,914
29,304
28,693
30,476
28,422
29,003
27,859
27,797
27,832
874
117
115
137
411
94
796
94
119
112
396
75
97
149
106
840
94
124
125
411
714
89
120
120
316
753
85
94
126
378
70
208,583 86,786 205,837 .37,162 252,319
17,502 16,089 17, 526 5,407 37, 035
22,044 13,728 20, 282 18,490 21,120
52,284 19,266 LI 5,440 73,929 81, 669
105,445 22,401 37, 826 30,184 73,237
11,308 15,302 14, 763 9,152 36, 258
38.5
37.4
34.9
36.0
.19,343 L67,949
8,071
9,290
19,202 37,9o2
38,588 57, 965
33,528 33,665
19,954 29,067
35.9
35.2
6.3
27,510 *23,465
27,696 '26,277
837
114
112
130
396
85
180,209 206,186 190,147
9,822 37,197 17,188
16, 928
89,959
36,923
26,577
38.2
717
105
121
130
301
60
772
109
139
117
334
73
.89,473 .85, 660
21,054 30, 201
44,024 34,791
54,935 60,400
46,552 41,487
22,908 18,781
33,800
55,995
42, 572
36,622
21, 225
55, 207
68,438
28,089
35.7
39.1
38.6
37.0
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
1910-14=100..
Crops 9
do
Commercial vegetables
.do
Cotton
do
Feed grains and hay
do
Food grains
_
do
Fruit
_
do....
Tobacco
do
Livestock and products?
do
Dairy products
_
...do
Meat animals
do
Poultry and eggs
do
285
242
322
206
185
167
261
619
321
354
402
133
320
261
327
243
183
192
280
685
371
366
494
137
329
264
300
216
188
228
325
702
385
383
513
136
332
272
354
229
192
239
277
704
383
391
497
151
349
287
336
216
221
283
265
704
402
391
527
168
365
295
402
187
223
283
282
707
424
391
560
192
379
299
395
199
216
243
301
704
447
392
612
179
405
316
411
222
218
251
331
704
481
388
669
204
400
324
463
229
220
262
316
707
466
381
638
211
413
348
434
255
243
262
316
707
469
378
650
204
437
385
444
249
281
291
345
706
480
378
664
221
438
371
430
257
288
294
335
703
495
386
687
228
527
440
360
310
363
506
322
709
602
411
849
310
486
414
325
377
325
528
325
729
548
456
731
282
468
411
318
370
331
501
351
724
518
482
670
254
503
505
635
240
Prices paid:
All commodities and services
do
Family living items
do
Production items
_
do
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100..
352
382
331
371
401
350
377
404
358
381
408
361
386
410
369
394
414
379
401
421
386
409
426
396
413
433
399
421
438
409
434
443
428
433
443
426
451
453
451
447
456
441
447
458
'439
452
470
439
410
432
440
443
449
458
465
473
480
488
500
499
516
512
514
518
Parity ratio §
do
69
74
75
75
78
r
Revised.
p Preliminary.
* Advance estimate;2 total mfrs. unfilled orders for Oct.
1973 do not reflect revisions for selected components.
Based on unadjusted data.
J Revised
back
to 1966 to reflect benchmarking to Annual Surveys of Manufactures (1966-71)
Digitized
FRASER
andforcalculation
of new seasonal factors. Revisions and further details available from the
Census Bureau as follows: 1966—Mfrs. Shipments, Inventories, and Orders: 1966-72, M3-1.4,
http://fraser.stlouisfed.org/
Revised; 1967-Mar. 1973—Mfrs. Shipments, Inventories, and Orders: 1967-73, M3-1.5.
ifSee
Federal Reserve Bank of St. Louis
459
408
337
350
330
518
314
735
80
82
85
86
89
83
87
88
102
91
95
© Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries, unfilled orders for other nondurable goods are zero.
9 Includes data for items not shown separately.
d"Compiled by Dun & Bradstreet,
Inc. (failures data for 48 States and Dist. of Col.).
© Revisions for Jan.-Dec. 1970 (unadj.)
and Mar. 1970-Dec. 1971 (seas, adj.) will be shown later.
§ Ratio of prices received to prices
paid (parity index).
December 1973
SUKVEY OF CUK KEJN'
S-8
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1971
Annual
1973
1972
1972
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
COMMODITY PRICES—Continued
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unadjusted Indexes:
All items
Special group indexes:
All items less shelter
All items less food
All items less medical care
---1967=100-.
121.3
125.3
126.6
126.9
127.3
127.7
128.6
129.8
130.7
131.5
132.4
132.7
135.1
135.5
136.6
137.6
do
. . . -.do ._
do...
119.3
122.1
120.9
122.9
125.8
124.9
124.2
127.1
126.2
124.6
127.4
126.6
124.8
127.6
126.9
125.3
127.5
127.3
126.4
127.9
128.2
127.8
128.4
129.5
128.9
129.1
130.5
129.7
129.7
131.3
130.6
130.3
132.2
131.0
130.4
132.5
133.5
130.9
135.0
133.6
131.8
135.4
134.5
133.1
136.4
135.6
134.0
137.5
- do
__do
do ._
do
do
..do
do
117.4
117.7
117.0
116.5
116.8
128.4
130.8
120.9
121.7
119.8
118.9
119.4
133.3
135.9
122.3
123.1
121.3
120.1
120.8
134.6
137.2
122.7
123.5
121.7
120.3
121.0
134.9
137.6
122.9
123.8
121.7
120.3
121.1
135.4
138.0
123.4
124.7
120.9
119.9
120.5
135.7
138.3
124.5
126.2
121.6
119.9
120.9
136.2
138.7
126.1
128.3
122.4
120.2
121.5
136.6
139.2
127.4
129.7
123.3
121.0
122.3
137.1
139.6
128.3
130.7
124.0
121.8
123.0
137.6
140.1
129.4
132.0
124.7
122.3
123.7
138.1
140.7
129.7
132.4
124.4
122 A
123.5
138.4
141.0
132.8
136.6
124.7
122.6
123.8
139.3
141.9
132.8
136.5
125.5
122.6
124.3
140.6
143.4
133.5
137.4
127.0
123.2
125.4
142.2
145.2
134.7
138.9
128.5
123.3
126.3
143.0
146.1
Food 9
do
Meats, poultry, and
fish
- - do
Dairy products
.
_
_.do_ __
Fruits and vegetables
do
Housing
do
Shelter 9~
.. -do
Rent .
._
do. __
Homeownership
do
Fuel and utilities 9
do
Fuel oil and coal
_ - _ do _
Gas and electricity.- _ _
do _.
Household furnishings and operation...do
Apparel and upkeep
do
Transportation
_ _ _.do
Private
__ _
do
New cars
do
Used cars
do
Public
do
Health and recreation 9
do^ . .
Medical care
do
Personal care _ .
..
do _
Reading and recreation
___do
118.4
116.9
115.3
119.1
124.3
128.8
115.2
133.7
115 1
117.5
114.7
118.1
119 8
118.6
116.6
112.0
110.2
137.7
122.2
128.4
116.8
119.3
123.5
128.0
117.1
125.0
129.2
134.5
119.2
140.1
120.1
118.5
120.5
121.0
122.3
119.9
117.5
111.0
110.5
143.4
126.1
132.5
119.8
122.8
124.9
131.3
117.1
124.5
130.4
136.0
120.3
141.8
120.6
118.1
120.9
121.8
124.3
121.2
118.7
110.1
115.2
144.1
127.2
133.9
120.8
124.0
125.4
131.5
117.7
126.5
130.8
136.2
120.5
142.0
121.7
119.3
122.2
122.1
125 0
121 4
119.0
110 2
116 0
144.1
127 4
134 1
121 0
124.1
126.0
131.2
118.3
127.3
131.2
136.8
121.0
142.6
121.9
119.4
122.5
122.3
125.0
121.3
118.9
110 6
115.0
144.5
127.5
134 4
121 5
124.0
128.6
136.1
119.1
130.5
131.5
137.0
121.8
142.6
122.8
120.7
124.1
122.2
123.0
121.0
118.5
111.1
112.8
144.3
127.8
134.9
121.8
124.1
131.1
142.8
121.0
133.3
132.0
137.4
122.3
142.9
124.1
127.2
124.5
122.6
123.6
121.1
118.7
111 0
112 4
144.3
128 1
135 3
122 4
124.3
134.5
152.7
121.5
136.8
132.4
137.7
122.8
143.2
124.6
127.8
125.0
123.0
124.8
121.5
119.1
110.8
113.7
144.5
128.6
135.8
123.1
124.5
136.5
155.4
121.8
141.8
132.8
138.1
123.2
143.6
125.1
128.3
125.5
123.6
125.8
122.6
120.3
111.1
117.3
143.9
129.2
136.2
123.8
125.2
137.9
155.6
123.2
144.6
133.3
138.7
123.7
144.2
125.4
129.3
125.7
123.9
126.7
123.5
121.3
111.1
120.6
143.9
129.6
136 6
124.4
125.6
139.8
156.5
124.1
151.7
133.9
139.4
124.0
145.0
125.6
131.6
125.4
124.7
126.8
124.6
122.4
111.0
122.3
144.9
130.0
137.0
124.9
125.9
140.9
157.8
124.1
153.7
134.2
139.7
124.4
145.2
125.7
131.7
125.5
125.0
125.8
124.8
122.6
110.9
122.7
144.9
130.3
137.3
125.3
126.2
149.4
184.0
126.6
152.6
135.2
141.1
125.0
147.0
126.3
132.8
125.8
125.3
126.5
124.5
122.3
110.6
121.3
144.9
130.5
137.6
125.7
126.1
148.3
180.2
130.3
137.3
136.6
142.9
125.4
149.2
126.8
133.6
126.5
126.1
128.3
123.9
121.6
109.1
120.3
145.5
131.1
138.3
126.3
126.8
148.4
170.7
137.3
138.8
138.1
144.7
125.9
151.5
128.6
141.1
127.4
126.7
129.6
125.0
122.9
111.9
118.5
145.2
132.1
140.6
127.3
127.2
150.0
167.4
141.2
143.7
139.4
145.6
126.3
152.6
132.1
155.6
129.8
127.5
124.5
119.4
128.1
126.2
118 7
131.6
130.8
125.0
134.8
134.4
127.5
139.3
143.0
136 6
147 5
149.9
142.3
155.3
152.9
145.4
153.2
161.1
158.6
162.9
171.2
172.8
170.1
181.9
187.2
178.1
207.8
236.6
189.8
194.9
208.0
186.3
192.0
197.7
188.1
192.1
191.5
192.4
Commodities
Nondurables
Nondurables less food
Durables 9
Commodities less food
Services
Services less rent
-
130.5
125.8
123.8
112.2
116.1
144.6
132.6
140.9
128.1
127.5
WHOLESALE PRICEScf
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities:
22 Commodities
1967=100..
9 Foodstuffs
do
13 Raw industrials
do
All commodities
.
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, etc
Finished goods©—
.
Consumer finished goods
Producer finished goods
By durability of product:
Durable goods
Nondurable goods
Total manufactures. _ _
Durable manufactures
N on durable manufactures
U08.0 »1 120.0
U09.3
115.0
1107. 1 1 123.0
do
113.9
119.1
120.0
120.7
122.9
124.5
126.9
129.7
130.7
133.5
136.7
134.9
142.7
140.2
139.5
141.8
do...
do
do
do
do
115.0
114.0
113.5
112.7
116.6
127.6
118.7
117.2
116.6
119.5
129.2
119.9
117.6
117.1
119.7
130.4
120.6
118.3
117.9
119.9
138.3
122.3
119.5
119.3
120.3
143.3
123.1
121.0
121.2
120.6
151.3
125 1
122.5
122.9
121.2
159.0
127.4
124.6
125. 5
121.7
158.8
128.5
125.6
126.6
122.3
167.7
131.5
126.8
127.9
123.1
177.5
134.3
128.7
130.2
123.4
170.9
131.8
128.8
130.4
123.5
207.5
136.1
132.9
135.4
123.9
197.1
133.9
132.2
134.5
124.2
185.7
134.6
132.8
135.0
125.1
182.7
136.4
136.8
139.9
125.7
do
do
do
do
__do
117.0
111.7
113.8
117.0
110.5
121.1
117.6
117.9
121.1
114.7
121.7
118.8
118.8
121.7
115.8
121.8
120.0
119.2
121.8
116.5
122.1
123.5
120.7
122.1
119.2
122.7
125.9
121.6
122.6
120.6
123.9
129.2
123.6
123.7
123.4
125.6
132.9
125.7
125.4
125.9
127.0
133.5
126.7
126.7
126.6
128.0
137.7
128.7
127.7
129.7
128.2
143.1
130.9
127.8
134.0
128.0
140.1
129.8
127.6
132.0
128.5
153.3
134.0
128.0
140.1
128.9
148.7
132.5
128.3
136.6
129.7
146.9
133.0
129.0
136.9
131.1
149.8
135.8
130.1
141.6
do
113.8
122.4
123.3
125.3
132.6
137.0
142.4
149.0
147.9
154.9
163.6
156.9
184.5
173.5
166.8
164.4
Farm products 9
do
Fruits and vegetables, fresh and dried -do
Grains
do
Live poultry
do
Livestock .
do
112.9
120.1
100.9
100 3
118.3
125.0
127.6
102.9
104.0
142.5
125.5
122.8
109.2
103.8
144.2
128.8
141.8
113.6
102 8
139.5
137 5
134.6
137.6
103 6
152.6
144.2
151.2
135.6
127.9
159.4
150 9
146.9
128. 2
137 0
177.8
160.9
158.5
126.1
164.S
194.4
160.6
176.0
130.9
185.8
184.1
170.4
186.0
149.9
180 3
188.7
182.3
197.5
178.6
184.5
193.8
173.3
187.8
157.2
189.5
199.3
213.3
162.2
266.4
269.7
243.3
200.4
149.0
231.5
226.5
207.4
188.4
162.1
229.0
189.2
185.5
184.0
168.2
220.8
154.4
180.0
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products
Dairy products
Fruits and vegetables, processed
Meats, poultry, and
flsh
114.3
115.8
111.4
115.4
114.3
116.0
120.8
118.0
114.7
118.6
119.7
130.0
121.8
118.8
116.9
120.0
121.8
130.4
123.1
119.4
118.3
121.8
123.8
127.9
129.4
119.7
120.1
123 0
124.7
136.3
132.4
119.8
121.0
123.8
125.3
145.2
137.0
120.0
120.8
124.0
125.9
153.1
141.4
120.8
121.3
126.8
126.2
165.1
139.8
121.4
123.7
127.2
126.6
163.2
145.0
121.9
124.3
126.5
127.2
162.5
151.8
121.4
125.9
127.5
127.9
164.9
146.5
121.1
125.5
127.1
127.7
169.7
166.2
121.2
136.2
131.3
129.3
198.3
156.3
121.6
147.7
137.2
130.0
187.3
153.1
123.0
150.5
139.6
135.0
170.2
151.9
123.8
156.2
139. <
136.3
165.0
Farm prod., processed foods and feeds
do
.do
do
do
do._.
do_.
do
114.0
117.9
118.8
119.1
119.4
120.0
121.3
122.7
124.4
125.8
126.9
126.9
127.4
128.1
129.6
133.5
Chemicals and allied products 9 _ Agric. chemicals and chem. prod
Chemicals, industrial
Drugs and pharmaceutical
Fats and oils, inedible
Prepared paint
do
do...
do_.
do._.
do
do
104.2
92.2
102.0
102.4
133.5
115.6
104.2
91.7
101.2
103.0
115.8
118.0
104.4
92.1
100.8
103.3
117.2
118.2
104.7
92.4
100.9
103.6
123.2
118.2
104.8
92.5
101.0
103.7
128.2
118.2
105.1
93.0
101.4
103.5
130.3
119.4
105.6
93.1
101.8
103.6
139.1
119.4
106.7
93.fi
101.9
103.8
173.9
119.9
107.7
94.5
102.6
103.8
184.0
120.3
109.3
94.7
102.7
104.0
232.0
120.8
110.4
95.0
103.0
104.4
263.6
121.0
110.8
96.7
103.4
104.4
263.2
121.0
111.0
95.9
103.5
104.3
273.2
121.0
111.5
95.9
104.3
104.7
279.5
121.2
112.7
95.9
105.3
104.7
273.0
126.0
113.5
104.9
105.4
104.9
241.8
128.1
Fuels and related prod., and power 9
Coal
Electric power
..
Gas fuels.. _
Petroleum products, refined
do_do
do .
do
do. - -
114.2
181.8
113.6
108.0
106.8
118.6
193.8
121.5
114.1
108.9
120.6
192.4
123.1
117.5
111.5
121.3
201.2
123.0
119.0
111.5
121.9
205.5
122.9
119.2
112.0
122.2
205.5
123.8
118.4
112.3
126.0
206.9
125.9
118.6
118.7
126.7
207.4
126.8
118.9
119.4
131.8
213.8
127.6
120.1
127.9
135.5
214.2
128.2
121.4
133.9
142.8
215.1
128.4
128.0
146.6
142.8
214.0
129.0
128.7
146.1
142.9
214.4
129.1
130.4
145.9
144.8
222.6
130.9
132.2
146.1
150.5
224.1
132.1
133.4
156.6
179.2
239. C
133.5
133.1
210.9
115.2
115.1
107.4
103.0
122.3
123.3
92.2
91.6
and fuels.
115.2
107.7
123.2
91.6
115.9
109.0
123.6
92.0
116.0
109.0
124.4
91.5
116.6
109.1
125.2
91.5
117.2
109.5
126.6
Industrial commodities
111.4
109.9
112.0
112.4
Furniture and household durables 9
do..112.3
107.6
107.2
107.9
108.0
108.0
Appliances, household
_ _. do ..
117.3
114.8
118.1
118.5
Furniture, household,. . . .
do..117.7
93.8
92.7
Home electronic equipment..
do...
92.9
92.5
92.3
1
Computed by BEA.
9 Includes data for items not shown separately.
cfFor actual
wholesale prices of individual commodities, see respective commodities.
113.5
113.1
112.6
114.1
107.8
108.3
108.2
108.4
119.1
119.4
120.0
121.8
92.4
92.4
92.2
92.2
G Goods to users, incl. raw foods
91.5
December 1973
S-9
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
Annual
1973
1972
1972
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
COMMODITY PRICES—Continued
WHOLESALE PRICEStf—Continued
(U.S. Department of Labor Indexes— Continued)
All commodities—Continued
Industrial commodities—Continued
Hides, skins, and leather products 9
1967=100.
Footwear
_
_
do...
Hides and skins
do...
Leather
do...
Lumber and wood products
do...
Lumber
.do...
114.0
116.8
115.1
112.5
127.0
135.5
131.3
124.5
213.7
140.3
144.3
159.4
139.8
127.0
270.8
153.3
149.2
166.1
144.0
128.5
287.0
162.6
149.4
166.8
142.2
128.7
255.2
162.2
149.8
167.9
143.9
129.0
274.0
162.8
151.0
169.0
144.9
130.9
272.7
162.9
161.0
182.3
143.5
131.1
246.4
164.5
173.2
195.8
145.0
131.5
270.2
161.1
182.0
207.2
142.2
129.3
253.5
159.7
186.9
215.4
140.9
129.3
241.6
156.4
183.1
214.8
141.4
129.5
246.3
156.8
177.8
209.6
143.0
129.7
261.6
157.5
178.8
210.8
143.8
130.3
257.3
162.8
181.9
216.9
143.8
131.0
256.3
160.7
180.3
214.5
143.0
131.9
239.8
160.4
184.7
211.1
Machinery and equipment 9 .
do...
Agricultural machinery and equip
do...
Construction machinery and equip
do...
Electrical machinery and equip
..do,..
Metalworking machinery and equip
do...
115.5
117.2
121.4
109.5
117.3
117.9
122.3
125.7
110.4
120.2
118.4
122.6
126.1
110.5
121.2
118.5
122.9
126.3
110.6
121.3
118.6
122.9
126.3
110.6
121.3
118.9
123.6
126.6
110.9
121.8
119.4
124.4
127.4
111.0
122.5
120.0
124.7
128.6
111.3
123.4
120.8
124.7
130.4
111.7
124.5
121.5
125.0
130.9
112.3
125.2
121.9
125.4
131.3
112.7
125.6
122.0
125.5
130.9
112.7
125.8
122.3
125.5
131.4
112.7
125.8
122.6
125.6
131.4
112.8
126.6
123.1
127.5
132.5
113.0
127.5
123.8
128.9
132.7
113.3
128.0
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
do...
do...
do...
do...
119.0
115.5
121.8
116.0
123.5
118.2
128.4
116.9
124.1
119.2
128.9
117.3
124.1
119.2
129.0
117.2
124.4
119.2
129.5
117.4
125.6
118.8
131.9
117.9
126.9
119.2
133.0
121.0
129.2
119.5
133.3
128.3
130.5
120.5
134.0
131.4
131.7
120.2
135.3
133.2
132.5
120.7
135.9
135.0
132.8
120.9
135.9
135.9
133.7
120.7
136.0
137.9
134.4
120.7
136.5
138.5
135.9
120.8
138.6
140.7
138.5
121.1
141.6
144.9
Nonmetallic mineral products 9
do...
Clay prod., structural, excl. refractories
do...
Concrete products._
_
—do...
Gypsum products
do...
Pulp, paper, and allied products
.do...
Paper
do...
Rubber and plastics products
do...
Tires and tubes
do...
122.4
126.1
127.3
127.3
127.4
128.2
128.4
129.0
130.0
130.5
131.1
130.0
130.0
129.9
130.9
131.5
114.2
120.6
106.8
110.1
114.1
109.2
109.2
117.3
125.6
114.7
113.4
116.3
109.3
109.2
118.4
127.2
115.5
114.7
116.8
109.5
109.7
118.8
127. i
115.0
115.0
117. 4
109.8
109.7
118.9
127.5
114.8
115.1
117.5
109.8
109.7
120.3
128.5
117.4
115.8
117.8
110.0
109.7
121.5
128.9
115.8
116.5
118.5
110.1
109.3
122.2
129.6
118.1
118.3
119.2
110.3
109.3
123.0
130.8
119.6
119.8
120.2
110.6
109.4
123.6
131.5
120.4
120.7
120.8
111.5
110.0
123.8
132.3
124.1
122.0
122.5
112.6
110.4
123.8
132.3
122.9
122.3
121.8
112.9
110.4
123.9
132.3
122.5
123.3
121.5
113.1
110.4
123.9
132.5
122.0
124.4
121.7
112.8
110.4
124.6
133.6
122.4
125.8
122.3
114.0
115.1
124.6
134.1
122.0
127.6
124.7
114.8
116.3
Textile products and apparel 9
Apparel
"...
Cotton products
Manmade fiber textile products.__
Wool products
do...
do...
do...
do...
do...
108.6
112.9
110.6
100.8
93.5
113.6
114.8
121.8
108.0
99.4
114.8
115.6
124.0
108.6
106.6
115.1
115.9
124.2
109.5
107.1
115.6
116.0
124.8
110.3
108.8
116.6
116.5
126.0
111.4
114.5
117.4
116.8
128.2
111.8
119.2
119.0
117.0
130.0
115.2
127.7
120.8
117.7
133.3
118.7
129.8
122.3
118.4
137.4
121.5
127.5
123.7
118.8
141.3
122.9
131.3
124.2
118.8
144.6
123.1
132.1
125.2
119.3
147.3
123.7
134.9
126.8
119.5
153.1
126.7
133.7
128.5
121.5
155.5
127.7
130.2
130.0
121.9
161.2
128.6
128.9
Transportation equipment9...Dec. 1968=100Motor vehicles and equip
1967=100.
110.3
114.7
113.7
118.0
112.9
116:9
113.0
117.0
114.1
118.2
114.2
118.2
114.5
118.6
114.9
119.0
115.1
119.1
115.0
118.9
115.0
119.0
115.1
119.0
114.5
118.3
115.9
120.0
116.1
120.1
Miscellaneous products 9
Toys, sporting goods, etc
Tobacco products
112.8
112.6
116.7
114.6
114.4
117.5
115.0
114.9
117.5
115.0
115.0
117.5
114.2
118.4
115.1
115.1
117.5
115.8
116.2
117.5
117.1
116.5
121.0
117.9
117.1
121.8
118.6
117.2
122.0
119.5
117.3
122.3
120.2
117.5
122.5
120.9
117.6
122.5
121.0
117.8
122.5
121.1
118.3
122.5
121.0
119.2
122.7
121.3
119.9
122.8
$0.878
.824
$0,840
.798
$0.833
.790
$0,829
.788
$0.814
.786
$0.803
.783
$0,788
.778
$0.771 $0.765
.770
.765
$0,749
.760
$0.732
.755
$0,741
.754
$0,701
.740
$0,713
.738
$0,717
.732
$0,705
.727
11,728
12,277
12,421
12,772 ' 12,557
12,161
9,712 ••9,464
5,545 •"5,364
4,551 ••4,411
9,298
5,040
4,129
2,584
595
1,441
do...
do...
do...
PURCHASING POWER OF THE DOLLAR
As measured b y Wholesale prices
Consumer prices
1967=$1.00.
do...
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION P U T IN PLACE 1
New construction (unadjusted), total 1
mil. $_. 109,238
Private, total 9
do
Residential (including farm)
do
New housing units
do
Nonresidential buildings, except farm and pubill. ~
lie utilities, total 9
mil.
Industrial
do.
Commercial
do.
Public utilities:
Telephone and telegraph
do.
Public, total 9
_
7,341
4,249
3,553
4,008
3,328
7,639
4,348
3,559
8,305
4,800
3,822
8,881
5,177
4,096
9,378
5,476
4,411
9,572
5,555
4,544
22,479
5,423
11,619
24,036
4,676
13,462
2,221
397
2,121
399
2,051
420
1,929
391
1,862
360
2,063
418
2,194
437
1,235
2,302
446
1,322
2,428
510
2,483
545
2,550 '2,487
-560
587
1,372
1,384
1,422
356
348
379
1,162
75
52
106
2,899
1,066
81
57
107
1,015
2,849
1,020
83
43
101
1,082
3,060
1,061
75
42
103
1,088
1,051
1,154
314
223
245
300
2,885
1,102
73
47
100
1,045
2,542
958
71
43
108
914
2,388
2,231
2,208
2,422
1,012
77
51
103
717
1,051
66
56
94
579
1,075
83
48
94
643
128.5
126.8
131.6
135.5
1,001
57
45
96
598
136.1
138.0
135.5
136.5
135.9
138.4
138.1 '137.2
134.7
96.2
97.5
98.4
101.8
103.9
104.3
103.0
104.1
104.9
106.9
107.0 '104.3
102.7
56.4
46.9
57.2
47.8
57.5
48.0
59.1
48.1
61.2
49.6
59.9
48.9
59.8
49.2
60.1
49.5
60.2
49.5
60.0
49.2
'58.9
'48.2
56.1
45.8
24.3
4.3
13.7
24.5
4.6
13.6
24.8
4.8
13.9
26.3
5.3
15.0
61.2
49.4
26.2
5.2
14.9
26.7
5.5
15.1
27.0
5.3
15.5
27.7
5.3
16.1
28.0
5.9
15.7
28.9
6.3
16.1
28.6
6.7
15.8
'27.2
'6.3
28.3
6.5
15.6
3.4
3.5
3.5
3.6
3.6
3.6
3.6
4.0
3.9
4.1
4.3
do.
32.3
29.3
33.1
33.7
32.3
33.6
32.6
32.3
31.0
31.5
31.1
do..
do.
do..
do..
do..
13.3
.9
.5
1.1
10.6
3,005
29,871
11,397
1,136
572
901
10,658
30,196
11,500
875
534
1,080
10,448
11.1
.7
.5
1.2
10.6
' Revised.
* Preliminary.
cfSee corresponding note on p. S-8.
9 Includes data for items not shown separately.
1fBeginning Jan. 1969, data have been revised to reflect the incorporation of new basic
'1,408
1,137
do..
-
9,572
8,114
4,677
3,954
307
Residential (including farm)
do
New housing units
do
Nonresidential buildings, except farm and public utilities, total 9
bil. $..
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do....
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets
10,502
8,506
4,946
4,181
1,187
New construction (seasonally adjusted at annual
rates), total 1
bil. $_.
Public, total 9
10,885
11,048
8,686
5,046
4,236
307
do
do
do
do....
do
Private, total 9
10,061
11,571
93,640
54,1£6
44,736
1,274
do..
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities.
Highways and streets
9,201
123,836
79,367
43,268
35,066
12.9
1.2
11.0
336
2,580
•••a
52
85
727
2,847
2,863
53
'15.1
4.0
31.9
'32.9
12.1
11.7
14.2
12.7
13.4 '12.1
14.0
13.7
12.5
1.0
.8
.7
1.0
.9
.9
1.0
.6
.7
.7
.6
.6
1.0
.6
.5
.5
1.1
1.2
1.3
1.4
1.2
.6
1.3
1.2
1.3
1.0
10.8
'1.0
10.9
10.1
11.0
10.5
9.6
10.4
11.2
data and the introduction of new seasonal factors based upon data through 1972; monthly
data are available upon request.
SUEVEY OF CUEEENT BUSINESS
S-10
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
| 1972
Annual
December 1973
1972
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION CONTRACTS
Construction contracts in 60 States (F. W. Dodge
Division, McGraw-HiJl):
Valuation, total mil. $..
Index (mo. data seas, adj.)
Public ownership
Private ownership
By type of building:
Nonresidential
Kesldential
Non-building construction
New construction planning
(Engineering News-Record) O
80,188
•91,225
8,202
7,248
6,464
6,795
6,839
8,644
8,814
9,428
9,910
9,228
1967=100..
U45
165
171
177
163
181
191
193
177
173
183
175
206
182
191
mil. $_.
do—
23,927
56,261
• 24,031
' 67,155
1,641
6,561
1,785
5,462
1,650
4,814
1,717
5,122
2,046
6,599
2,071
6,743
2,359
7,069
2,995
6,916
2,581
6,647
2,968
7,335
2,328
5,822
2,055
6,928
do—
do—
do
25,590
34,714
19,883
' 27,116
• 45,107
19,000
2,389
4,251
1,562
2,184
3,663
1,402
2,212
3,120
1,132
1,918
4,877
2,420
3,195
1,180
2,229
3,277
1,333
2,707
4,643
1,294
2,634
4,512
1,668
4,754
2,045
2,976
4,612
2,323
2,991
4,224
2,013
3,241
4,233
2,828
2,719
3,638
1,794
2,758
3,673
2,552^
do—
65,578
68,001
6,489
8,032
7,679
6,102
6,014
7,600
5,710
6,602
4,026
5,070
8,373
7,416
8,518
2,084.5
1.518.5
2,052.2
1,161.0
2,378.5
1,732.7
2,356.6
1,309.2
218.2
158.0
216.5
117.0
187.1
137.1
185.7
97.4
152.7
116.2
150.5
73.2
147.3
113.0
146.6
77.1
139.5
106.1
138.0
73.6
201.1
152.7
200.0
105.1
205.4
154.5
205.0
120.5
234.2
171.7
234.0
131.6
203.4
147.5
202.6
114.8
203.2
141.6
202.6
114.7
199.9
147.2
197.2
106.8
148.9
101.8
148.4
'84.5
148.7
99.2
146.3
'85.7
132.7
2,446
1,315
2,395
1,324
2,497
1,450
2,456
1,372
2,260
1,245
2,123
1,202
2,413
1,271
2,128
1,124
2,191
1,247
2,094
1,125
1,804
1,207
'951
945
1,269
646
8,151
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Inside SMSA's
Privately owned
One-family structures
thous..
do....
do....!
do
Seasonally adjusted at annual rates:f
Total privately owned
One-family structures
do.
do.
New private housing units authorized by building
permits (14,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total
thous..
One-family structures....
do
Manufacturers' shipments of mobile homes:
Unadjusted
..do
Seasonally adjusted at annual rates
do
1,952
928
2,219
1,033
2,318
1,138
2,226
1,013
2,399
1,001
2,233
1,082
2,209
1,079
2,129
1,022
1,939
945
954
2,030
934
1,780
904
1,750
805
1,596
778
1,316
'654
496.6
575.!
54.4
551
50.7
670
38.0
610
40.7
42.9
642
57.0
737
61.6
57.3
661
57.3
616
50.3
53.7
546
44.8
473
46.0
444
142
143
144
144
145
147
149
150
151
152
153
'154
155
1,399
1,588
1,441
1,319
1,318
1,405
1,590
1,443
1,319
1,320
1,407
1,592
1,443
1,319
1,320
1,426
1,670
1,456
1,349
1,335
1,464
1,696
1,513
1,406
1,372
1,496
1,728
1,569
1,434
1,413
1,512
1,752
1,584
1,437
1,430
1,517
1,752
1,581
1,440
1,441
1,522
1,753
1,582
1,497
1,441
1,523
1,752
1,580
1,499
1,471
1,539
1,762
1,591
1,522
1,464
1,547
1,757
1,659
1,518
1,461
1,547
1,756
1,659
1,517
1,461
131.4
70.5
CONSTRUCTION COST INDEXES
Dept. of Commerce composite
American Appraisal Co., The:
Average, 30 cities—
Atlanta
New York
San Francisco
St. Louis
_
1967=100.
—
1913=100.
.do...
__do_.__
do.
do.
Associated General Contractors of America, Inc.,
The (building only) <?.
1967=100.
Boeckh indexes:
Averago, 20 cities:
Apartments, hotels, office buildings
1967=100..
Commercial and factory buildings
doResidences
_.do_
Engineering News-Hecord:
Building
1967=100.
Construction
do...
Federal Highway Adm.—Highway construction:
Composite (avg. for year or qtr.)
1967=100.__
130
1,268
1,411
1,359
1,174
1,219
1,369
1,563
1,436
1,285
1,286
135.0
133.9
132.8
145.4
144.8
145.8
140.5
146.7
155.2
163.0
131.7
138.2
175.7
189.7
207.8
187.0
185.4
193.7
157.8
180.3
170.5
180.9
169.5
193.0
199.7
207.0
193.8
189.5
209.0
192.0
204.2
189.6
193.1
201.7
163.8
182.7
209.0
175.0
193.9
219.3
193.2
211.7
275.4
175.8
192,0
198.6
156.7
163.4
144.2
168.1
190.6
143.3
168.5
186.9
148.5
206.2
213.0
201.0
192.4
202.8
217.1
208.2
210.1
277.9
209.4
197.0
282.7
200.1
180.8
285.0
366.8
225.2
12.3
147
15.7
189
12.6
162
16.4
207
9.7
131
12.0
194
9.4
124
15.5
222
8.2
100
15.3
217
9.2
93
18.4
201
6.3
68
15.9
8.4
15.1
161
9.1
103
14.9
166
12.4
135
6.6
70
13.5
143
7.6
94
10.5
133
598.00
737.74
592.11
435.11
731.77
577.47 396.44 462.88
687. 68 630.43 599.05
374.25
618.02
385.90
655.67
381.62
650.60
393.06
665.86
295.11
56030
560.30
266. 34
56104
561.04
148.6
148.3
149.8
148.3
147.9
149.5
158.4
167.0
160.1
168.3
161.4
169.0
163.2
171.1
151.6
152.6
156.3
164.9
172.2
167.3
173.7
168.0
174.4
168.9
175.0
137.8
144.4
154.5
155.3
160.7
153.7
155.1
160.1
168.5
176.5
168.3
177.0
157.8
157.7
163.9
169.4
178.8
170.4
179.7
172.3 2171.2
180.0 3180.3
145.9
CONSTRUCTION MATERIALS
Output index:
Composite, unadjusted 9
1947-49=100.
Seasonally adjusted
do
Iron and steel products, unadjusted
do
Lumber and wood products, unadj__
do
Portland cement, unadjusted
do
317.9
REAL ESTATE%
Mortgage applications for new home construction:
FHA net applications
thous. units.
Seasonally adjusted annual rates
do
Requests for VA appraisals
do
Seasonally adjusted annual rates
..do.
217.9
209.2
Home mortgages insured or guaranteed b y Fed. Hous. Adm.: Face amount
.mil. $. 10,374.54 8,067.06
Vet. Adm.: Face amount§
.do
6,065.83 8,419.86
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
New mortgage loans of all savings and loan associations, estimated total
mil. $..
By purpose of loan:
Home construction
do....
Home purchase
do....
All other purposes
__,_do.__.
Foreclosures.
Fire losses (on bldgs., contents, etc.)t
number.
mil. $.
3.6
42
12.3
141
10.7
136
791.77
7,936
7,979
7,045
7,979
7,831
7,944
8,420
9,429
10,156
11,142
12,365
13,511
14,298
14,799
4,591
3,702
3,710
4,990
4,989
5,477
5,738
5,059
4,791
' 3,177
2,788
667
2,167
1,757
590
1,970
1,142
614
2,019
1,077
887
2,685
1,418
886
2,762
1,341
931
3,141
1,405
903
3,469
1,366
851
3,079
1,129
532
1,548
708
10,382
11,755
18,458 12,222
11,718
12,719
11,509
11,070
218
229
224
223
218
'572
801
3,059 '1,838
1,111
'767
11,239
10,014
221
222
7,245
39,485
51,408
4,522
6,835
18,810
13,840
8,553
26, 015
16,240
761
2,423
1,338
116,704
132,335
10,834
2,316
2,304
182
4,393
714
2,307
1,372
10,857
164
194
•" Revised.
r> Preliminary.
* Computed from cumulative valuation total.
2 index
as of Dec. 1,1973: Building, 171.8; construction, 180.8. ©Data for Aug. and Nov. 1972 and
Mar., May, and Aug. 1973 are for 5 weeks; other months, 4 weeks.
9 Includes data for items
not shown separately.
§Data include guaranteed direct loans sold.
cf New base; com-
7.4
218
213
200
parable data for earlier periods will be shown later.
1[Home mortgage rates (conventional
1st mortgages) are under money and interest rates on p . S-17.
fBeginning Jan. 1970, data
include estimates for uninsured fire losses and are not comparable with those for earlier
periods. Revised monthly data back to 1970 are available upon request.
December 1973
SUKVEY OF CJJKJKEJN'JF BUSIJNESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1971
1973
1972
| 1972
Annual
S-11
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonally adjusted:!
Combined i n d e x t - —
Television (network)
Spot TV
Magazines
Newspapers
advertising
index,
272
377
195
162
242
287
410
192
163
238
275
418
187
164
136.5
5.0
15.1
2.1
13.5
11.8
138.5
4.1
11.7
2.1
13.6
13.7
111. 2
3.5
6.8
1.0
11.5
9.7
72.5
1.7
5.9
1.0
9.3
5.0
91.0
76.7
29.7
20.6
116.2
512.7
10.2
10.2
2.4
1.7
11.1
53.2
11.4
9.5
3.0
1.9
11.4
56.0
14.8
4.9
1.9
1.3
11.3
44.6
3.4
2.9
1.9
.9
7.2
33.4
3.208.2 3,648.6
100.8
102.5
751.7
914.9
103.1
122.1
445.4
504.4
1.807.3 2,004.7
333.7
8.2
82.9
11.6
50.6
180.3
339.1
8.8
72.8
9.4
50.5
197.6
306.4
5.9
64.4
9.8
35.4
190.9
298,199
138,446
159,753
12,604
14,219
27,154
12,301
14,853
28,828
16,987
11,841
31,895
18,672
13,223
31,255
18,250
U, 005
mil. $.. 408,850
131,814
do
78,916
do
72,538
do
6,378
do
448,379
39,014
149,659
88,612
81,521
7,091
8,043
7,396
647
18,560
11,004
6,221
21,315
12,550
7,029
Lumber, building, hardware group
do__„_ 17,378
13,733
Lumber, bldg. materials dealerscf
do
3,645
Hardware stores
do
277,036
Nondurable goods stores 9 do
20,804
Apparel group
_
—do..
4,727
Men's and boys' wear stores
do_.
8,193
Women's apparel, accessory stores do
3,532
Shoe stores..
—
do
13,736
Drug and proprietary stores.
do
31,131
Eating and drinking places
do
89,239
Food group
_
do
Grocery stores
d o — 82,793
Gasoline service stations.
do.__. 29,163
175
144
233
300
365
184
155
232
287
380
191
146
231
277
384
192
149
233
282
344
187
2.2
8.8
1.7
11.7
8.6
109.8
4.9
11.3
2.8
12.1
8.0
126.7
5.7
13.6
3.4
11.6
9.5
126.7
109.8
81.3
3.5
2.0
13.3
11.0
2.5
1.5
7.8
1.2
13.0
12.6
10.1
8.1
38.0
5.1
6.5
2.5
2.0
8.3
46.2
6.9
9.5
2.7
2.0
9.3
52.5
8.0
9.4
3.9
2.0
8.7
7.4
7.3
3.4
1.3
8.6
5.6
3.9
2.6
1.1
8.4
53.1
44.4
30.6
279.6
6.9
79.8
13.6
36.4
143.0
274.1
7.8
76.9
8.3
37.3
143.9
315.5
8.7
87.4
11.4
43.7
164.4
340.7
9.7
92.2
15.2
46.9
176.8
338.5
316.3
298.8
9.7
8.8
91.2
10.4
44.5
182.8
90.2
11.6
40.8
164.9
8.8
91.8
17.8
30.4
150.0
26,089
11,557
14,532
26,326
11,856
14,470
25,562
11,699
13,863
29,852
13,831
16,021
28,859
13,841
15,018
31,232
14,828
16,404
30,104
14,567
15,537
29,892
14,073
15,819
32,391 '29,849
14,958 '13,739
17,433 16,110
34,205
15,585
18,620
31,665
18,471
13,194
31,895
18,672
13,223
32,865
18,970
13,895
33,171
19,139
14,032
33,493
19,525
13,968
33,614
19,714
13,900
33,820
20,062
13,758
33,921
20,329
13,592
34,295
20,390
13,905
34,317 '34,728
20,188 '20,168
14,129 14,560
35,706
20,312
15,394
39,790
13,229
7,775
7,136
"47,004
35,768
12,154
7,504
7,019
34,977
12,284
7,612
7,143
41,309
14,853
9,374
8,761
614
40,686
43,190
15,465
9,428
8,744
43,597
15,410
9,242
8,522
41,674
14,518
8,707
8,016
691
43,143
14,654
8,519
7,809
710
' 40,906 '43,709 i 44,681
• 13,718 '15,190 1 14,320
' 7,843
' 7,188
8,290
'656
709
1,863
1,107
599
1,959
1,166
623
2,330
1,235
854
1,789
1,044
595
1,754
1,058
563
1,927
1,158
610
1,856
1,137
578
1,953
1,214
2,032
1,228
670
1,940
1,179
634
2,047
1,229
680
' 1,972 '2,057 1 2,142
' 1,142
1,217
680
'678
20,064
15,973
4,091
298,720
21,993
6,198
8,386
3,774
1,924
1,567
^57
25,445
1,923
445
737
340
1,759
1,398
361
26,561
2,055
504
777
351
1,664
1,212
452
33,279
3,177
1,470
1,198
272
1,861
1,487
374
26,151
2,007
440
743
408
2,185
1,704
2,080
1,668
1,460
339
585
247
1,746
1,417
329
26,456
1,829
399
712
342
2,098
1,656
27,725
1,920
28,187
1,986
1,197
480
1,458
1,188
270
23,614
1,608
424
595
283
27,156
1,749
397
14,523
33,891
95,020
88,340
31,044
1,189
2,902
7,862
7,293
2,686
1,201
2,782
7,991
7,441
2,668
1,668
2,910
8,948
8,321
2,724
1,205
2,715
7,995
7,468
2,589
1,151
2,623
7,646
7,106
2,474
1,222
2,975
8,792
8,202
2,773
1,219
2,950
8,171
7,579
2,808
1,281
3,238
8,745
8,139
2,947
1,300
3,353
9,135
8,512
3,008
1,240
3,359
8,976
8,345
3,088
1,303 ' 1,226 '1,304
3,556
' 3, 343
9,344
' 8,945
'8,242 ' 8,324
3,023 ' 2,827 ' 2,948
68,134
74,903
6,540
7,487
10,755
4,999
4,933
6,307
6,467
6,713
6,771
6,269
6,915
62, 242
42,027
4,301
6,972
8,773
68,936
46,560
4,722
7,498
9,215
5,985
4,025
477
604
757
39,106
13,168
7,853
7,195
658
6,887
4,642
620
678
779
38,713
13,173
7,825
7,215
610
10,243
7,144
528
1,258
1,069
39,417
13,640
8,300
4,572
3,091
300
477
4,469
2,976
340
481
667
41,242
14,405
8,575
7,945
630
5,776
5,975
4,055
425
645
718
41,185
14,339
8,555
7,927
6,194
4,229
6,284
4,308
5,799
3,910
41,735
14,299
8,503
7,870
41,179
13,731
7,943
7,328
42,778
14,409
8,654
7,992
662
4,286
453
677
819
42,363
14,481
8,645
7,968
677
1,846
1,093
602
1,846
1,093
591
1,808
1,048
601
1,995
1,203
2,006
1,181
675
2,000
1,217
637
2,025
1,189
685
219
262
'341
186
••153
228
275
348
184
Magazine advertising (general and natl. farm magazines):
Cost, total..
—
mil. $.. 1,251.4
47.0
Apparel and accessories..
.
do
111.3
Automotive, incl. accessories
_..do_—.
19.2
Building materials
do
158.6
Drugs and toiletries
do—.
108.1
Foods, soft drinks, confectionery———do
1,297.7
44.4
119.8
23.2
148.2
115.2
88.2
64.0
33.1
17.8
118.2
486.0
Beer, wine, liquors...„
do._.
Household equip., supplies, furnishings., do. __
Industrial materials....-..
do...
Soaps, cleansers, etc.——
do.__
Smoking materials.
-do...
Another.
_
do...
Newspaper advertising expenditures (64 cities): ©
Total*
mil. $.
Automotive
...—do—
Classified
-..
'.
do—.
Financial
do...
General
_
do
Retail.
-.
do...
219
281
224
289
367
179
137
199
233
302
175
141
1957-59=100.
do___
—_do___
do___
do—_
3.7
3.8
1.6
1.4
3.5
8.3
9.3
176
8.4
77.2
3.7
6.0
1.3
10.6
5.3
117.1
6.2
7.9
2.7
11.2
6.8
141.7
5.9
13.5
2.8
13.2
8.7
3.9
3.5
2.6
1.1
8.1
31.0
6.4
6.7
4.2
1.7
9.2
54.1
10.7
9.4
4.4
2.2
11.1
59.9
302.8
9.2
91.8
8.7
29.4
163.8
316.9
8.8
88.6
9.5
41.6
168.3
WHOLESALE TRADE
Merchant wholesalers sales (unadj.), total-.mil. $_. 267,357
122,420
Durable goods establishments._,
do
Nondurable goods establishments
d o — 144,937
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $..
Durable goods establishments
do_—.
Nondurable goods establishments
do
RETAIL TRADE J
All retail stores:*
Estimated sales (unadj.), total t
Durable goods stores 9
Automotive group
_
Passenger car, other auto, dealers
Tire, battery, accessory dealers.
Furniture and appliance group 9
do
Furniture, homefurnishings stores—..do
Household appliance, TV, radio.._..do
General merchandise group with nonstores9
mil. $..
General merchandise group without nonstores9§__.mil. $..
Department stores
do
Mail order houses (dept. store mdse).do....
Variety stores
do
Liquor stores
do—
Estimated sales (seas, adj.), total %
do..
Durable goods stores 9 do_.
Automotive group
_
do_.
Passenger car, other auto, dealers
do_.
Tire, battery, accessory dealers...
do_.
Furniture and appliance group 9
„„do_ L
Furniture, homefurnishings stores
do
Household appliance, TV, radio
do..
13,725
7,274
6,624
650
827
7,729
671
1,711
1,780
1,747
Lumber, building, hardware group
do_.
1,379
1,427
1,390
Lumber, bldg. materials dealersd"
do__
332
353
357
Hardware stores....—
do—
' Revised.
i Advance estimate. ©Source: Media Records, Inc. 64-City Newspaper Advertising
Trend Chart.
*New series. Beginning Jan. 1971 the series was revised to reflect trends in
newspaper advertising expenditures in 64 cities instead of linage in 52 cities as formerly published.
^Revised to reflect new sample design, improved techniques, and new information
from the 1967 Census of Business; revisions for periods prior to Oct. 1970 appear on p. 55 ff.
of the Dec. 1971 SURVEY (complete details appear in the Census Bureau Monthly Retail
692
40,707
14,234
8,507
7,904
1,962
1,145
640
2,021
1,215
473
601
740
41,979
14,612
8,769
8,127
642
2,014
1,184
659
14,535
8,989
8,347
642
684
602
442
448
738
324
419
648
789
633
2,024
1,208
658
635
720
481
472
756
345
370
669
825
615
412
677
299
401
603
826
2,066
2,180 '1,937
1,655
1,770 '1,536
'401
411
410
28,489 '27,188 '28,519 i 30,361
1,939 ' 1,974 ' 2,024 12,257
411
'412
464
698
'747
759
378
'401
371
11,304
13,203
i 9,272
i 8,655
13,013
' 6,594 ' 7,159
' 6,072 ' 6,543 i 7,764
' 4,142 '4,379 15,222
557
'414
666
'630
785
'759
'42,525 '43,081 43,127
'14,267 '14,346 114,310
8,497
'8,457
' 7,771 7,799
'2,063
'1,214
2,013
1,175
1,864
1,894
'1,836
1,894
1,896
1,946
1,937 1,936
1,939
1,915
1,469
1,503 I ' 1 , 4 2 8
1,547
1,508
1,556
1,545
1,546
1,520
1,515
395
391
I
'
4
0
8
389
426
393
381
370
379
Trade Report, Aug. 1971 issue). 9 Includes data for items not shown separately.
tForrnerly Marketing/Communications advertising index. Series revised in June 1971;
comparable 1970 monthly data are in the SURVEY for that month (no comparable earlier data
are available).
cf Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical
stores.
§Except department stores mail order.
SUKVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S STATISTICS
1971
1972
December 1973
1973
1972
Oct.
Annual
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
May-
June
July
Aug.
S3pt.
Oct.
Nov.
DOMESTIC TRADE—Continued
RETAIL TRADEf—Continued
All retail storesf—Continued
Estimated sales (seas, adj.)—Continued
Nondurable goods stores 9
mil. $.
Apparel group
do—
Men's and boys' wear stores
do—
Women's apparel, accessory stores..-do._.
Shoe stores
do._.
Drugand proprietary stores
do.
Eating and drinking places
do..
Food group
do..
Grocery stores
do..
Gasoline service stations
do.
General merchandise group with nonstores 9--...mil. $..
General merchandise group without nonstores 9 §
...mil. $_,
Department stores
do—
Mail order houses (dept. store mdse.)-do...
Variety stores
do....
Liquor stores
-do—
Estimated inventories, end of year or month: t
Book value (unadjusted), total |
mil. $..
Durable goods stores 9
do
Automotive group
_-do—
Furniture and appliance group
do—
Lumber, building, hardware group, . d o —
50,889
23,152
11,384
3,657
3,219
25,938
1,947
468
718
350
25,540
1,891
445
710
344
25,777
1,899
438
730
347
26,473
1,949
476
741
26,837
2,012
471
788
348
27,367
2,175
506
825
397
26,846
1,878
444
706
27,436
1,974
456
753
335
27,448
2,009
463
780
28,369
2,039
469
788
349
27,882
1,975
450
730
352
28,258
2,042
-•462
'764
'371
28,735
2,041
505
728
377
1,226
2,873
8,209
7,637
2,686
1,250
2,913
8,134
7,570
2,681
1,236
2,957
8,071
7,503
2,713
1,246
3,057
8,476
7,894
2,714
1,264
3,057
8,409
7,800
2,821
1,241
3,089
8,431
7,834
2,821
1,280
8,616
8,012
2,868
1,291
3,096
8,665
8,074
2,884
1,314
3,085
8,598
8,000
2,843
1,306
3,122
9,128
8,507
2,908
1,298
3,168
8,964
8,345
2,836
1,278
3,261
8,992
8,376
2,876
1,336
3,310
9,210
8,590
3,017
6,548
6,354
6,362
6,590
6,753
7,137
6,696
6,917
6,939
7,051
6,923
6,065
4,111
432
643
800
5,833
3,954
415
624
763
5,884
4,034
366
647
740
6,095
4,121
412
681
759
6,223
4,233
429
661
795
6,621
4,461
489
715
779
6,166
4,189
452
635
783
4,346
453
667
799
6,430
4,352
450
686
807
6,638
4,423
486
684
817
6,402
4,351
442
682
810
'6,486
4,406
'468
'689
'807
6,449
4,340
483
697
812
55,075
22,984
10,165
3,803
3,574
56,816
23,908
10,707
3,923
3,646
53,283
23,782
10,950
3,746
3,631
53,605
24,078
11,222
3,754
3,692
57,836 58,223
26,976 26,335
12,613 12,823
4,008
3,932
4,006 4,061
58,421
26,538
13,085
3,996
4,031
58,063
26,195
12,909
3,959
4,037
57,152
24,320
10,977
3,988
3,967
58,530
24,756
11,300
4,028
3,948
60,873
25,347
11,687
4,147
3,974
55,168 56,901
24, 839 26,574
11,845 12,346
3,816
3,766
3,910
3,809
6,982
Nondurable goods stores 9
do
Apparel group
do
Food group
do
General merchandise group with nonstores
mil. $..
Department stores
do—
27,737
4,397
5,507
53, 283
23, 782
10, 950
3,746
3,631
29,501
4,556
5,859
32,091
5,188
5,893
32,908
5,302
6,030
29,501
4,556
5,859
29,527 30,329
4,354 4,616
5,728
5,731
31,327
4,834
5,892
31,860
4,886
6,012
31,888
4,819
6,020
31,883
4,804
6,137
31,868
4,823
6,046
32,832
5,061
6,154
33,774
5,205
35,526
5,443
6,531
11,062
6,613
11, 784 13,680
7,075 8,316
14,132
8,759
11,784
7,075
12,097
7,200
12,628
7,470
13,203
7,859
13,482
7,994
13,541
7,993
13,533
7,899
13,692
8,022
14,154
8,359
14,678
8,645
15,830
9,332
Book value (seas, adj.), total t
do—
Durable goods stores 9
do
Automotive group
do—
Furniture and appliance group
_.do—
Lumber, building, hardware group..-do
52,261
23,808
11,772
3,604
3,312
63,934
23,675
10,918
3,714
3,628
54,658
24,235
11,247
3,761
3,705
54,700 55, 526 56,039
24,442 24,472 24,638
11,324 11,335 11,522
3,791
3,886 3,851
3,732 3,764 3,824
56,106
24,538
11,436
3,835
3,826
56,636
24,624
11,508
3,886
57,285
25,094
11,786
3,972
3,931
58,079
25,454
12,027
4,004
3,964
58,250
25,797
12,424
3,995
4,029
58,797
25,850
12,431
4,016
4,015
58,811
25,790
12,256
4,020
4,012
59,785
26,292
12,662
4,062
4,051
Nondurable goods stores 9
do—
Apparel group
do
Food group
do
General merchandise group with nonstores
..mil. $_.
Department stores
...do—
28,453
4,580
5,442
54, 700
24, 442
11, 324
3,791
3,732
30, 258
4,746
5, 790
11,753
7,035
12, 521 12,388
7,527 7,485
125,607
Firms with 11 or more stores: t
Estimated sales (unadj.), total 939
ien's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places...
Furniture and appliance group
do.
do
do
do
_._do___
..do
do
do
General merchandise group with nonstores 9
mil. $..
General merchandise proup without nonstores §
mil. $..
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores
Tire, battery, accessory dealers
Estimated sales (seas, adj.), total 9 G
do_.
do.
do.
30,258
4,746
5,790
31,054
4,722
5,815
31,401
4,818
5,806
31,568
4,868
5,892
32,012
4,920
6,012
32,191
4,902
6,026
32,625
4,983
6,168
32,453
4,962
32,947
4,972
6,260
33,021
4,938
6,379
33,493
5,063
6,422
12,690
7,710
12,521
7,527
13,095
7,818
13,356
7,955
13,427
7,963
13,696
8,124
13,664
8,049
13,921
8,201
13,938
8,228
14,161
8,401
14,076
8,297
14,423
8,445
137, 650 11,826
12,814
16,906
10,482
10,162
12,377
12,119
12,665
12,956
12,223
13,016
12,437
13,131
584
75
213
168
442
222
168
910
126
335
234
695
240
221
405
53
141
123
420
228
160
383
40
152
112
407
222
154
520
56
193
147
440
263
178
610
64
215
191
445
263
167
536
63
200
144
479
277
159
555
66
200
••162
498
286
178
460
45
172
139
471
286
166
637
49
186
168
494
305
169
'555
'54
'192
'185
'465
'279
'174
548
63
191
163
494
263
170
5,741
750
2,123
1,498
4,693
2,735
1,600
6,055
782
2,194
1,694
5,246
2,887
1,902
545
66
194
162
431
229
171
62,092
58,113
5,096
5,904
8,630
3,878
3,830
4,964
5,076
5,268
5,322
4,930
5,426
5,158
5,620
49,008
36,544
6,398
55,100
41,053
5,933
4,785
3,552
481
5,593
4,102
548
6,286
1,029
3,680
2,736
376
3,609
2,644
378
4,686
3,451
476
4,836
3,601
518
5,005
3,745
518
5,077
3,831
543
3,482
487
5,172
3,819
542
4,907
3,670
'509
5,298
3,880
540
45,235
1,955
49,206
2,094
4,090
186
4,232
188
4,727
198
4,243
141
4,032
134
4.719
180
4,235
192
4,524
189
4,723
202
4,586
197
4,762
200
• 4,54:
'176
4,648
193
12,202
11,944
11,830
12,477
12,503
12,814
12,524
12,742
12,646
13,172
12,820 ' 13,013
13,27'
551
66
189
172
455
223
531
63
194
159
460
240
528
62
188
157
451
243
544
64
197
166
461
252
574
59
226
168
472
260
616
72
224
173
454
270
548
63
202
157
483
258
550
64
208
148
480
262
556
62
204
154
507
263
565
59
210
173
495
255
530
57
185
154
487
274
'556
'60
'198
' 165
'499
'282
5,147
5,008
5,023
5,242
5,331
5,565
5,252
5,426
5,450
5,490
5,454
'5,471
5,55'
4,874
3,647
509
4,748
3,536
499
4,798
3,580
521
4,986
3,692
546
5,076
3,772
525
5,303
3,922
557
4,991
3,720
518
5,158
3,841
518
5,198
3,850
560
5,236
3,866
668
5,196
3,846
553
'5,234
r
3,875
'561
5,293
3,919
564
4,384
191
4,288
177
4,139
166
4,480
185
190
4,525
184
4,533
174
4,406
172
4,848
191
4,592
189
' 4,712
'190
4,852
184
24,143 23,703
7,845 7,822
16,298 15,881
9,417 9,333
14, 726 14,370
23,655
7,910
15,745
9,441
14,214
23,957
8,065
15,892
9,705
14,252
24,547
8,367
16,180
10,195
14,352
24,712
8,541
16,171
10,205
14,507
24,363
8,452
15,901
9,823
14,530
• 24,582
' 8,592
• 15,990
' 9,948
14,634
24,762
8,601
16,161
10,04"
14,715
25,274
8,674
16,600
10,296
14,978
24,106
8,205
15,901
9,800
14,306
24,232
8,276
15,956
9,785
14,447
24,665
8,467
16,198
10,040
14,625
24,790
8,383
16,407
9,995
14,795
24,869
8,394
16,475
9,897
14,972
25,064
'8,482
16,582
10,037
15,027
24,943
8,352
16,591
9,988
14,955
25,341
8,395
16,946
10,125
15, 216
„ _P9
do.
Glen's and boys' wear stores
do.
Women's apparel, accessory stores
do.
Shoe stores
_
do.
Drug and proprietary stores
do..
Eating and drinking places.—
do_.
General merchandise group with nonstores 9
mil. $.
General merchandise group without nonstores §
mil. $.
Dept. stores, excl. mail order sales
do
Variety stores
_
do
Grocery stores
do.
Tire, battery, accessory dealers
do.
All retail stores, accts. receivable, end of yr. or mo.: cf
Total (unadjusted)
mil. $_.
Durable goods stores
...do
Nondurable goods stores
do....
Charge accounts
do
Installment accounts
_
do
Total (seasonally adjusted)
Durable goods stores
Nondurable goods stores
Charge accounts
Installment accounts
do....
do....
do....
do...
do....
30,259 30,423
4,835 4,860
5,800 5,815
23,514
7,753
15,761
9,385
14,129
25,068
8,115
16,953
10,090
14,978
23,061
8,010
15,051
9,664
13,397
23,563
7,942
15,621
9,653
13,910
25,068
8,115
16,953
10,090
14,978
22,046
7,580
14,466
8,986
13,060
23,518
7,940
15,578
9,671
13,847
23,139
7,757
15,382
9,530
13,609
23,364
7,847
15,517
9,524
13,840
23,518 23,669
7,940
8,053
15, 578 15,616
9,671
9,567
13,847 14,102
r
Revised.
* Advance estimate.
fSee note marked "J" on p. S-ll.
JSeries revised
to reflect benchmarking to the levels of the 1968-71 Annual Retail Trade Reports (Census
and also recalculation of seasonal factors for all lines of trade; description of revisions
DigitizedBureau),
for FRASER
and revised data appear on p. 55 ff. of the Dec. 1971 SURVEY (1968-69) and pp. 24-25 of the
23,983
8,123
15,860
9,749
14,234
541
63
180
168
512
278
Oct. 1972 SURVEY (1970-71).
9 Includes data not shown separately.
§Except department
stores mail order.
cfSee note marked "J" on p. S-ll; data prior to Feb. 1971 will be shown
later.
0Revised data (seas, adj.) back to Jan. 1971 appear in the Census Bureau Monthly
Retail Trade Report, Dec. 1972 issue.
SURVEY OF CURRENT BUSINESS
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
S-13
1973
1972
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. *
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, Incl. armed forces overseasf
mil.. »207.04
1
208.84
209.29
209.44
209.58
209.72 209.83
210.04
210.16
210.28
210.40
210.54
210.69
210.84
88,122 89,075
85,718 86,683 3 87,325 87,473
81,043 81,838 2 82,814 83,299
3,295
2,955 2,956 3,131
78,088 78,882 79,683 80,004
4,174
4,675 4,845 4,512
89,891
87,557
83,758
3,467
80,291
3,799
92,729
90,414
85,667
4,053
81,514
4,847
93,227
90,917
86,367
4,166
82,201
4,550
92,436
90,129
85,921
3,826
82,095
4,208
91,298
89,006
84,841
3,436
81,406
4,165
92,046
89,757
86,994
3,525
82,469
3,763
87,569 3 88,268 88,350
83,127 "83,889 83,917
3,424 3,480
3,311
79,703 80,409 80,606
4,442 4,379
4,433
895
763
859
88,405
84,024
3,275
80,749
4,381
802
88,932
84,674
3,403
81,271
4,258
775
88,810
84,614
3,516
81,098
4,196
750
88,651
84,434
3,443
80,901
4,217
796
89,403
85,127
3,370
81,757
4,276
778
89,764
85,695
3,471
82,224
4,069
776
4.8
3.1
4.9
14.3
4.2
8.7
2.1
3.0
5.2
4.7
8.2
4.1
4.8
3.1
4.8
14.4
4.2
9.4
2.1
2.9
5.1
4.5
2.9
4.4
13.9
4.1
8.3
2.1
2.7
5.1
4.8
9.9
4.2
4.1
4.5
9.1
3.7
3.6
209.92
LABOR FORCE §
Labor force, persons 16 years of age and over._thous.
Civilian labor force
do.._
Employed, total
do
Agriculture
do
Nonagricultural industries
do
Unemployed
do...
Seasonally Adjusted
Civilian labor force
do..
Employed, total
do..
Agriculture
do.
Nonagricultural industries
do.
Unemployed
do
Long-term, 15 week" and over
do
Rates (unemployed in each group as percent
of total in the group):
All civilian workers
Men, 20 years and over
Women, 20 year*! and over
Both sexes, 16-19 years
White
Negro and other races
Married men
Occupation: White-collar workers
Blue-collar workers
Industry of last job (nonagricultural):
Private wage and salary workers
Construction
Manufacturing
Durable goods
84,113
79,120
3,387
75,732
4,993
88,991 89,591
* 86, 542 87,176
* 81, 702 82,707
3,472
3,721
« 78, 230
2 4,840 4,470
1,181
1,158
87,236
82,397
3,658
78,739
4,839
1,117
87,023
82,525
3,556
78,969
4,498
1,068
87,267
82,780
3,650
79,130
4,487
1,001
86,921
82,555
3,501
79,054
4,366
919
5.9
4.4
5.7
16.9
5.4
9.9
3.2
3.6
7.4
5.5
3.9
5.5
15.4
5.0
10.0
2.8
3.5
6.0
5.2
3.5
5.0
15.6
4.6
10.1
2.5
3.1
5.8
5.3
10.5
4.6
4.2
5.1
3.4
5.1
15.7
4.6
9.6
2.4
3.3
5.6
5.2
9.8
4.4
3.9
5.0
3.3
5.3
14.3
4.6
8.9
2.4
3.2
5.6
6.2
10.4
6.8
7.0
5.6
4.0
5.4
16.2
5.0
10.0
2.8
3.4
6.5
5.7
10.3
5.6
5.4
74,449
60,804
74,778
61,071
5.6
10.3
5.1
4.5
89,400 89,437
86,969 86,997
82,703 82,881
3,363 3,16S
79,340 79,719
4,266 4,116
5.0
3.4
4.9
14.2
4.4
9.0
2.5
2.9
5.4
5.0
3.4
4.7
15.4
4.5
9.1
2.4
3.1
5.4
5.0
3.4
4.6
15.4
4.4
9.4
2.3
2.8
5.4
4.8
3.2
4.9
13.3
4.3
8.5
2.3
2.8
5.3
4.7
3.0
4.9
14.4
4.1
9.3
2.1
2.9
5.3
5.1
9.0
5.0
4.6
5.1
3.4
4.9
15.8
4.6
9.0
2.4
3.0
5.7
5.1
8.7
4.5
4.3
4.9
8.5
4.6
4.5
9.4
4.3
3.8
4.9
9.0
4.5
4.1
4.7
7.9
4.4
3.7
4.7
9.6
3.8
3.3
73,343
59,772
73,724
69,993
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:J
Total, not adjusted for seasonal variation...thous..
Private sector (excl. government)
do
Seasonally Adjusted
Total employees, nonagricultural payrolls X—do
Private sector (excl. government)
do
Nonmanufacturlng industries*
do
Goods-producing*
do
Mining
do
Contract construction
do
70,646
57,790
72,764
59,475
74,118
74,265
60,459
74,861
61,068
75,404
61,589
76,308 75,3P8
6?, 565 62,317
75,686 ' 76,238
62,715 ' 62,819
76,827
63,044
70,645
57,790
39,262
22,542
602
3,411
72,764
59,475
40,541
23,061
607
3,521
73,584 73,835 74,002 74,262 74,715 74,914
60,178 60,382 60,500 60,774 61,182 61,340
40,968 41,070 41,098 41,311 41,596 41,697
23,379 23,444 23,468 23,571 23,792 23,857
612
608
610
607
608
610
3,524 3,459 3,498
3,561
3,604
75,105
61,491
41,764
23,906
608
3,571
75,321
61,679
41,897
24,010
608
3,620
75,526
61,867
42,011
24,139
629
3,654
75,478
61,883
42,079
24,115
631
3,680
75,747 75,961
62,110 ' 62,305
42,249 ' 42,423
24,171 24,215
633
634
3,676 '3,700
76,275
62,601
42,594
24,335
Manufacturing
do
Durable goods
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies, .do
Transportation equipment
do
Instruments and related products..do
Miscellaneous manufacturing
do
Nondurable goods
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products, -do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products, nee.do
Leather and leather products
do
Service-producing*
do
Trans., comm., electric, gas, etc
do
Wholesale and retail trade
do
Wholesale trade
do....
Retail trade
do
Finance, insurance, and real estate
do
Services
do
Government
do
Federal
do
State and local
do
18,529
10,565
192
581
458
634
1,227
1,328
1,805
1,768
1,724
437
410
7,964
1,758
76
957
1,336
684
1,071
1,008
191
581
302
48,103
4,442
15,142
3,809
11,333
3,796
11,869
12,856
2,664
10,191
18,933
10.884
188
612
19,210 19,312
11,112 11,194
191
196
621
616
506
503
671
673
1,274
1,278
1,400
1,393
1,932
1,909
1,878
1,888
1,782
1,800
470
466
429
431
8,098 8,118
1,746
1,743
68
70
1,008
1,003
1,347
1,343
706
706
1,088
1,086
1,013
1,010
189
189
662
644
302
304
50,206 50,391
4,640 4,549
15,839 15,911
3,968
11,881 11,948
3,981
12,451 12,497
13,406 13,453
2,639 2,644
10,767 10,809
19,686 19,643
11,421 11,463
198
197
628
630
514
517
682
687
1,286
1,280
1,432
1,436
1,973
1,990
1,945
1,957
1,845
1,846
481
484
437
439
8,165
8,180
1,751
1,748
73
76
1,023
1,023
1,349
1,360
711
715
1,092
1,094
1,014
1,018
185
186
672
674
295
296
50,923 51,067
4,580 4,580
16,114 16,163
4,022
4,029
12,092 12,134
4,014
4,024
12,682 12,716
13,533 13,574
2,628
2,631
10,905 10,943
19,727
11,534
195
631
520
687
1,288
1,448
2,006
1,970
1,869
481
439
8,193
1,746
76
19,782
11,602
193
629
523
692
1,299
1,456
2,021
1,984
1,877
19,856
11,654
192
628
527
693
1,308
1,457
2,040
2,008
1,871
494
436
8,202
1,729
76
1,024
1,351
719
1,100
1.030
186
687
300
51,3S7
4,597
16,262
4,072
12,190
4,049
12, 820
13,659
2,613
11,046
19,804
11,646
193
628
522
697
1,308
1,459
2,040
2,009
1,858
494
438
8,158
1,720
76
1,021
1,319
716
1,101
1,034
186
690
295
51,363
4,598
16,294
4,071
12,223
4,048
12,828
13,595
2,588
11,007
19,861 ' 19,882 >• 20,007
11,692 ' 11,708 r 11,800
'190
191
192
'631
'632
631
'525
'527
527
'696
'699
694
1,339 ' 1,355
1,323
1,456 ' 1 , 4 6 6
1,459
2,065 2,073 ' 2 , 0 8 7
2,006 2,010 ' 2 , 0 3 9
1,850 ' 1,859
1,859
'503
'507
600
435
438
436
8,174 ' 8 , 2 0 7
8,169
1,706 ' 1,719 ' 1,731
'72
70
72
1,025 ' 1 , 0 2 8
1,026
1,337 ' 1,337 ' 1 , 3 4 0
'725
'719
721
'1,097
1,100 '1,097
T
'
1
,
041
1,038
1,031
'190
190
189
'
6
87
'683
691
'296
'296
296
51,576 51,746 '51,940
4,617 ' 4,629 ' 4,670
16,352 r16,388 • 16,472
4, 111 ' 4,137
4,099
12,253 12,277 12,335
4,064 • 4,078 ' 4 , 0 8 9
12,906 12,995 13,035
13,637 13,656 13,674
2,599 ' 2,613 ' 2,626
11,038 11,043 11,048
1,235
1,371
1,864
1,747
456
425
8,049
1,751
72
991
1,335
697
1,080
1,002
190
627
304
49,704
4,495
15,683
3,918
11,765
3,927
12,309
13,290
2,650
10,640
19,402
11,270
196
623
508
673
1,286
1,407
1,950
1,908
1,814
472
433
8,132
1,744
72
1,015
1,345
707
1,090
1,014
189
657
299
50,534
4,558
15,946
3,970
11,976
3,991
12,537
13,502
2,650
10,862
19,463
11,326
197
624
511
674
1,284
1,419
1,966
1,926
1,817
477
433
8,137
1,749
72
1,014
1,337
708
1,093
1,016
189
664
295
50,681
4,574
16,013
4,001
12,012
3,995
12, 621
13,478
2,634
10,844
1,023
1,357
712
1,096
1,021
183
680
299
51,199
4,591
16,217
4,044
12,173
4,031
12,746
13,614
2,628
10,986
490
438
8,180
1,736
76
1,022
1,351
719
1,095
1,025
182
676
298
51,311
4,593
16,256
4,046
12, 210
4,044
12,776
13,642
2,641
11,001
Production or nonsupervisory workers on private
49,223 60,256 50,442 50,689 49,366 49,562 49,994 50,564 51,026 51,899 51,616 51.976 52,063 ' 52,277
nonagric. payrolls, not seas, adjusted!...thous.. 47,732
13,434
13,838 14,226 14,281 14,282 14,130 14,258 14,345 14,394 14,457 14,739 14,458 14,727 14,841 14,864
Manufacturing
do
Seasonally Adjusted
Production or nonsupervisory workers on private
51,241 51,247 51,442 51,592 51,847
nonagricultural payrollsX*
thous.. 47,732
49,223 49,839 50,021 50,106 50,316 50,708 50,830 50,947 51,090
16,717
Goods-producing*
do
17,205 17,486 17,539 17,555 17,624 17,827 17,890 17,920 17,996 18, 111 18,093 18,135 18,155 18,253
'483
488
479
483
461
477
462
464
462
461
451
460
469
458
Mining*
do....
459
2,984
3,041 '3,063 ' 3 , 0 4 8
3,020 3,048
2,867 2,961
2,977 2,938
2,832
2,944 2,906 2,841
2,908
Contract construction*
do
13,434
14,082 14,175 14,256 14,296 14,402 14,451 14,521 14,551 14,614 14,566 14,611 '14,609 14,717
Manufacturing
do
8,528
' 8,679
8,597
8,573 8,562
7,598
8,124
8,200 8,266 8,307 8,386 8,425 8,483
Durable goods
do
7,919
'96
99
97
102
98
'96
102
101
103
96
94
96
102
102
Ordnance and accessories
do
•New series; see also note " J " .
'Revised. * Preliminary. l As of July 1. 2 See note § below.
t S e e n o t e " f , " p . S-14.
{Effective Oct. 1972 SURVEY, employment, hours, earnings, etc., reflect revised bench§E£fective Jan. 1972, data are adjusted to the 1970 Census and are not directly comparable
marks and seasonal factors, and are not comparable with figures in earlier SURVEYS and in
with earlier data. On unadjusted basis, 330,000 were added to civilian labor force and 301,000
BUSINESS STATISTICS. Unadjusted data through June 1972 and seasonally adjusted data
to civilian employment. Effective Mar. 1973, subsequent adjustments added 60,000 to the
through Dec. 1967 appear in BLS Bulletin 1312-9, EMPLOYMENT & EARNINGS, 1909-72. Effeclabor force and to total employment. Beginning in the Feb. 1973 SURVEY, data reflect new
tive June 1973 SURVEY, all seasonally adjusted data again reflect new factors; comparable
seasonal factors; comparable earlier figures appear in EMPLOYMENT & EARNINGS (Feb. 1973),
data, 1968-73, appear in EMPLOYMENT & EARNINGS (June 1973), BLS.
U SFRASER
D L , BLS.
Digitized for
SUEVEY OF CUEEENT BUSINESS
S-14
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1971
1973
1972
1972
Annual
December 1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT—Continued
Seasonally Adjusted
Production or nonsupervisory workers on payrolls^
—Continued
Manufacturing, durable goods industries—Con.
Lumber and wood products
thous..
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing
do
Nondurable goods
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
_
do
Apparel and other textile products...do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
do.
Rubber and plastics products, n e c . d o
.do....
Leather and leather products
Service-producing*
do
Transportation, comm., elec, gas, etc* do
Wholesale and retail trade*
do
Wholesale trade*
do....
Retail trade*
do
Finance, insurance, and real estate*
do
Services*
do
500
377
503
968
527
408
527
984
1,010
1,178
1,171
1,218
531
416
537
535
419
539
538
421
538
1,049
1,236
1,238
1,248
1,023
1,069
1,277
1,278
1,278
1,025
1,075
1,298
1,288
1,294
261
316
276
331
284
335
287
338
1,033
1,082
1,314
1,306
1,305
6,836
1,186
5,919
1,180
5,958
1,175
539
424
539
1,031
1,091
1,324'
1,316
1,310
543
426
547
543
428
550
544
430
550
542
428
555
542
436
555
541
431
557
1,033
1,104
1,328
1,337
1,327
1,027
1,108
1,343
1,349
1,334
1,033
1,118
1,356
1,361
1,351
1,044
1,123
1,366
1,370
1,354
1,052
1,126
1,380
1,389
1,348
1,050
1,127
1,379
1,392
1,338
289
338
292
339
5,975
1,171
5,990
1,175
5,988
1,181
6,016
1,184
6,026
1,181
6,038
1,178
1,172
1,161
1,173
1,174
1,182
57
887
59
894
59
893
295
343
61
902
298
343
63
900
296
343
63
900
59
871
55
882
1,168
1,165
1,171
1,176
623
654
580
117
448
268
537
657
581
117
489
261
545
659
587
118
505
261
646
659
589
119
513
258
547
660
590
119
517
257
31,015
3,844
13,439
3,181
10, 258
2,984
10,748
32,018
3,883
13, 923
3,278
10, 645
3,072
11,140
32,353
3,922
14,067
3,315
10,752
3,097
11, 267
32,482
3,930
14,137
3,319
10,818
3,106
11,309
32,550
3,937
14,157
3,324
10,833
3,111
11,345
32,692
3,947
14, 211
3,350
10,861
3,111
11,423
32,881
3,949
14,320
3,363
10,957
3,127
11,485
32,940
3,945
14,362
3,372
10,990
3,134
11,499
33,027
3,952
14,404
3,381
11,023
3,139
11,532
37.0
42.3
37.3
39.9
37.2
42.5
37.0
40.6
37.3
37.3
42.5
37.4
40.8
40.7
37.2
37.1
42.4
36.9
41.0
40.8
37.0
37.2
41.8
35.8
41.2
40.7
36.9
36.6
41.5
36.1
40.0
40.3
37.2
36.8
42.0
36.2
40.6
41.0
37.1
36.9
41.9
37.0
40.8
40.9
42.0
41.6
63
839
648
662
590
119
522
253
552
661
587
115
529
252
554
661
592
117
531
263
544
434
554
1,066 '
1,129 '
1,399 '
1,384 '
1,339 '
'544
'434
'554
1,082
1,123
1,398
1,386
1,332
561
545
434
565
1,099
1,131
1,431
1,418
1,306
317
306
341
306
342
6,023
1,170
6,041
1,165
6,004
1,160
'1,096
' 1,132
'1,413
'1,415
'1,332
311
311
'314
340
339
'342
6,014 '6,010 ' 6,038
1,144 ' 1,157 ' 1,169
60
902
57
899
1,174
1,175
1,140
1,161
'902
' 1,160
'563
'661
'609
'120
'542
'253
' 33,594
' 4,018
'14,604
' 3,457
' 11,147
' 3,163
' 11,809
6,057
1,188
63
904
1,150
564
664
607
122
540
255
33,693
3,998
14,679
3,480
11,199
3,163
11,853
37.0
37.0
'42.4
'36.9
40.7
40.6
3.7
37.0
36.9
42.6
38.6
40.8
40.6
3.7
304
343
63
900
63
900
64
899
557
664
599
117
544
257
558
663
605
118
546
253
33,094
3,957
14,435
3,385
11,050
3,143
11,559
33,130
3,960
14,421
3,406
11,015
3,144
11,605
33,154
3.952
14,449
3,404
11,045
3,142
11,611
33,307
3,969
14,489
3,423
11,066
3,153
11,696
' 1,160
'558
'661
'606
'120
'538
'254
' 33,437
' 3,972
' 14,527
' 3,432
' 11,095
3,162
' 11,776
37.2
36.9
41.7
37.0
40.7
40.9
37.2
37.0
42.5
37.5
40.7
40.7
3.9
37.1
37.4
42.5
37.4
40.9
40.6
3.8
37.2
37.6
42.4
37.5
40.5
40.7
37.0
37.5
42.6
37.1
40.5
40.5
37.2
37.3
'42.9
'36.7
41.0
40.8
3.8
3.7
3.8
41.8
41.6
41.4
41.4
41.1
41.4
552
663
593
115
536
256
'544
'434
557
661
596
115
531
256
561
662
603
120
547
254
59
339
AVERAGE HOURS PER WEEK
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.
payrolls: ^Seasonally adjusted
hours..
Not seasonally adjusted
do
Mining
do
Contract construction
do
Manufacturing: Not seasonally adjusted.. _do
Seasonally adjusted
do
Overtime hours
do
Durable goods
do
Overtime hours
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies
do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing ind
do
Nondurable goods
do
Overtime hours
do
Food and kindred products
do
Tobacco manufactures!
do
Textile mill products.
do
Apparel and other textile products
do
Paper and allied products
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
Trans., comm., elec, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
do
do
do
do
do
do
2.9
3.5
40.4
41.3
3.6
3.7
3.8
3.7
41.4
41.7
41.5
41.3
3.9
3.9
4.1
3.6
3.8
3.9
4.0
4.1
4.4
4.1
4.4
4.2
4.0
4.1
41.7
40.3
39.8
41.6
40.4
40.4
40.6
39.9
40.7
39.8
38.9
42.2
41.0
40.5
41,9
41.6
41.2
42.0
40.5
41.8
40.5
39.3
42.5
41.0
40.3
42.1
42.2
41.4
42.4
40.6
41.7
40.6
39.3
42.3
41.0
40.3
41.8
42.7
41.6
42.6
40.8
42.2
40.5
39.3
42.5
39.8
40.0
41.6
42.4
41.6
42.6
40.5
42.4
40.6
39.1
'41.3
'4.0
'42.4
'40.3
'39.5
'41.9
'42.6
'41.5
'42.8
'40.0
'41.6
40.8
38.6
41.3
3.9
42.7
40.3
39.6
42.2
42.5
41.7
42.8
39.9
40.9
40.9
38.9
39.6
39.6
39.6
3.3
3.4
3.5
3.4
3.4
3.4
3.5
3.6
3.3
39.5
3.4
39.8
'39.7
40.3
37.8
40.6
35.6
40.4
37.4
41.3
36.0
40.4
38.0
41.3
36.2
40.3
38.0
41.3
36.1
40.4
37.9
41.2
35.7
40.2
36.0
40.8
35.9
40.4
38.5
40.8
35.7
40.6
37.9
'40.9
35.9
' 40* 7
'4o!o
'40.5
'35.8
39.7
3.4
40.8
42.0
40.6
35.6
42.9
38.0
42.0
42.3
41.3
37.9
43.1
38.2
41.9
42.4
41.6
37.8
42.9
37.7
41.9
42.2
41.3
36.5
40.2
38.8
41.3
36.2
43.1
38.0
42.0
42.0
41.5
37.9
40.1
37.8
40.8
36.0
42.8
37.9
41.8
42.2
41.2
38.3
42.8
38.0
41.9
41.9
41.5
38.2
42.8
38.0
42.0
42.1
40.8
37.9
42.7
37.8
42.0
41.7
40.7
38.1
42.7
37.7
42.1
42.4
40.8
37.8
42.4
37.7
42.1
42.1
40.5
38.1
'42.8
38.0
42.0
'42.5
'41 0
38.4
'42.6
'37.8
'41.9
'42.1
'40.9
'38.0
42.8
38.0
41.8
42.2
41.2
38.0
40.2
35.1
39.8
33.7
37.0
34.2
40.4
35.1
39.8
33.6
37.2
34.1
40.5
35.1
39.8
33.5
37.2
34.2
40.4
35.0
39.8
33.5
37.0
34.1
40.5
35.1
39.7
33.6
37.1
34.0
40.6
34.9
39.7
33.4
37.0
34.1
40.2
38.4
41.2
36.0
43.0
38.0
42.0
41.9
41.5
37.8
40.4
35.0
39.7
33.5
37.1
34.1
40.1
39.2
41.6
36.1
42.1
37.5
41.6
42.4
40.3
37.7
40.1
36.6
39.5
34.5
42.5
37.8
41.6
41.9
41.0
37.2
41.9
40.7
40.1
42.3
41.9
41.6
42.6
40.6
42.1
40.7
39.1
39.6
3.4
40.4
37.9
40.9
36.0
'42.5
'40.7
39.7
42.2
42.7
'41.5
'43.0
'40.4
'41.1
40.9
39.1
39.8
42.0
41.1
40.4
42.3
42.2
41.8
42.5
40.6
43.5
40.8
39.0
39.8
41.5
40.7
39.7
42.0
41.8
41.3
42.4
40.1
41.0
40.4
38.7
39.8
42.4
41.0
40.6
42.3
42.1
41.7
42.6
40.6
42.0
40.7
39.3
39.8
42.7
40.5
39.8
42.1
42.2
41.6
42.2
40.2
42.3
40.6
38.9
39.7
42.7
40.7
40.6
42.2
42.4
41.9
42.9
41.1
43.2
40.8
39.4
39.7
41.9
40.9
40.1
42.2
41.9
41.5
42.5
40.1
41.9
40.5
38.9
39.3
42.5
39.9
39.0
41.1
42.4
41.4
42.4
40.4
42.3
40.4
38.7
39.1
40.4
34.8
39.7
33.4
37.0
34.0
40.7
34.8
39.5
33.4
37.2
34.1
41.0
34.8
39.7
33.4
37.0
34.2
40.7
34.9
39.5
33.5
37.1
34.4
40.7
34.7
39.5
33.2
37.2
34.2
40.9
34.5
39.4
33.0
37.0
34.2
'40.6
34.6
39.5
33.2
37 2
34.1
'40.5
34.5
'39.3
33.0
36.8
34.0
40.5
34.6
39.5
33.0
36.9
34.0
2.8
3.0
3.9
3.3
4.0
3.4
MAN-HOURS
Seasonally Adjusted
Man-hours of wage and salary workers, nonagric.
establishments, for 1 week in the month, seasonally adjusted at annual rate J.-bil. man-hours.. 137. 72 142.46 144.27 144.60 144.52 145.15 146. 28 146.38 146.98 147.50 147.92 147.69 147.73 ' 148.42 ' 148.64 149.07
Total private sector*
do.
115.37 116.90 117. 20 117.10 117. 67 118.69 118. 85 119.37 119.84 120. 22 119.95 120.01 ' 120.58 ' 120.77 121.47
111. 72
1.42
Mining
do.
1.32
1.34
1.34
1.34
1.32
1.32
1.34
1.33
1.32
1.34
1.39
1.39
1.40
1.41 '1.41
7.44
Contract construction
do
6.62
6.78
6.94
6.78
6.46
6.57
6.76
6.93
6.87
7.06
7.11
7.18
7.09 '7.06
'7.08
42.05
Manufacturing
do.
38.34
39.68
40.35
40.69
40.74
40.94
41.37
41.35
41.62
41.58
41.65
41.54
41.50 '41.77 ' 41.96
Transportation, comm., elec, gas
do
9.79
9.29
9.47
9.58
9.58
9.62
9.66
9.62
9.62
9.72
9.79
9.73
9.73
9.82 '9.77
'9.84
Wholesale and retail trade
do
29.79
27.74
28.68
28.88
29.01
29.11
29.12
29.37
29.39
29.45
29.56
29.60
29.46
29.42 '29.64 ' 29.62
Finance, insurance, and real estate
do
7.85
7.30
7.59
7.68
7.67
7.71
7.69
7.74
7.74
7.80
7.78
7.81
7.83
7.82
7.89
7.82
Services
do
23.14
21.11
21.83
22.12
22.14
22.15
22.38
22.49
22.48
22.60
22.72
22.93
22.81
22.95 23.04 ' 23.05
Government*
do
27.59
26.00
27.09
27.37
27.40
27.43
27.47
27.59
27.53
27.61
27.67
27.70
27.74
27.73 '27.84 ' 27.87
Indexes of man-hours (aggregate weekly): t D
Private nonagric. payrolls, total*
1967=100.. 102.8
112.2
106.6
108.2
111.1
108.4
108.4
110.8
110.9 '111.4 '111.6
108.1
109.9
110.4
110.9
109.8
Goods-producing*
do.
105.0
94.0
98.1
100.1
100.5
99.8
99.5
102.1
102.4
102.9
103.1
103.4
103.4
103.1 ' 103.7
104.1
Mining*
do
104.2
95.6
97.5
97.8
97.4
95.8
95.9
97.5
96.9
96.2
98.0
101.4
101.6
102.9 ' 103.7 '103.5
Contract construction*
do.... 103.5
115.9
105.5
107.9
105.0
99.7
101.4
105.0
107.9
106.5
109.7
110.7
112.0
110.6 ' 110.2 ' 110.2
'Revised.
v Preliminary.
* New series.
JSee note "%" p. S-13.
f Production
N O T E FOR S-13: fRevisions (back to 1960), to adjust to the 1970 Census, appear in "Estihttp://fraser.stlouisfed.org/
and nonsupervisory workers.
mates of the Population of the United States and Components of Change: 1972," P-25,
§ RevisedBank
beginning
1971 to correct errors of estimation; revisions are shown at the
No. 499 (May 1973), Bureau of the Census.
Federal Reserve
of St.June
Louis
S-15
SUKVEY OF CURRENT BUSINESS
December 197S
Unless otherwise stated in footnotes below, data
through 1970 and descrintive notes are »s shown
in the 1971 edition of BUSINESS STATISTICS
1971
Annual
1973
1972
1972
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Oct.
Nov.'
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
MAN-HOURS—Continued
Indexes of man-hours, private nonagric. payrolls,
goods-producing indus.J, Useas. adjusted—Con.
Manufacturing
1967=1 no
Durable goods
. . do
Nondurable goods
...do
Service-producing*
do
Transportation, comm., elec, gas*_. . . . d o . . . .
Wholesale and retail trade*
...do
Wholesale trade*
...do.
Retail trade*
do
Finance, insurance, and real estate* . ...do
_._do
Services*
92 3
89.1
97.1
108.9
102.7
106.7
105.5
107 1
116.1
112.8
96 8
94.9
99.5
112 5
104.4
110.4
109.0
110 9
120.1
116.8
98 8
97 8
100.4
113 6
105.6
111 2
110.1
111 6
121.2
118.3
99 8
99 2
100 7
113 8
105.6
111 7
110 3
112 3
120 9
118.4
99 9
99 6
100 4
114 1
106.0
112 0
110.1
112 8
121.4
118.4
99 3
99 6
98.8
114 5
106.6
112.0
111.0
112 4
121.1
119.6
101.7
102.1
101.2
115 2
106.1
113.1
111.4
113.7
122.0
120.2
101 6
101 7
101.6
115 1
106.0
113.2
111.7
113 7
122 0
120.0
102.5
103.0
101.7
115.7
107.0
113.4
111.5
114.1
122.8
120.7
102.1
102.8
101.1
116.1
107.9
113.7
112.2
114.3
122.3
121.4
102.2
102.9
101.2
116.5
107.2
113.8
112.3
114.3
122.7
122.6
102.0
102.9
100.6
116.0
107.0
113.2
112.2
113.6
122.9
121.9
101.8
102.6
100.7
116.3
107.9
113.0
112.6
113.1
122.7
122.8
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per workerrift
Not seasonally adjusted:
Private nonagric. payrolls
.dollars
Mining
do
Contract construction
—do....
Manufacturing
. do
Excluding overtime
—do....
dn
Durable goods
Excluding overtime
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and fixtures .
do
Stone, clay, and glass products ...do
Primary metal industries. _. . ...do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and suppli js.do
Transportation equipment
—do.._.
Instruments and related product s.-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 prod
do
Paper and allied products
do
Printing and publishing..
. . do
Chemicals and. allied products.. ___do
Petroleum and coal products
do
Rubber and plastics products, nee .do
Leather and leather products . . . d o
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Wholesale trade
do
Retail trade
...do....
Finance, insurance, and real estate . . . . d o
do
Services
3.43
4.06
5.69
3.56
3.44
3.79
3.66
3.84
3.15
2.90
3.66
4.23
3.74
3.99
3.48
4.41
3.52
2.97
3.26
3.14
3.38
3.15
2.57
2.49
3.67
4.20
3.94
4.57
3.40
2.60
4.20
2.87
3.67
2.57
3.28
3.01
3.65
4 38
6.06
3.81
3.65
4.05
3.88
4.09
3.31
3.06
3.91
4.66
3.99
4.27
3.67
4.73
3.72
3.11
3.47
3.33
3.60
3.43
2.73
2.61
3.94
4.48
4.20
4.95
3.60
2.71
4.64
3.0?
3.88
2.70
3.45
3.18
3.74
4 41
6.22
3.86
3.69
4.11
3.92
4.13
3.37
3.12
4.02
4.74
4.05
4.35
3.71
4.81
3.73
3.13
3.52
3.37
3.63
3.38
2.76
2.67
4 02
4.55
4.28
5.01
3.69
2.72
4.80
3.06
3.93
2.74
3.48
3.24
3 74
4 47
6.23
3 89
3.72
4 14
3.95
4.13
3.40
3 13
4 00
4.80
4.07
4 38
3.74
4.87
3.74
3.15
3.53
3.38
3.66
3.49
2.78
2.68
4 03
4 56
4.29
5.02
3.68
2.72
4.82
3.07
3 94
2.75
3.49
3 25
3.74
4 55
6.32
3.95
3.78
4.21
4.01
4.18
3.38
3.15
4.02
4.81
4.13
4.44
3.79
5.01
3.83
3.19
3.58
3.43
3.72
3.49
2.83
2.69
4.06
4.59
4.33
5.03
3.72
2.74
4.86
3.07
3.99
2.75
3.52
3.27
3.77
4 60
6.42
3.98
3.81
4 23
4.04
4.16
3.45
3 15
4.03
4.87
4.13
4.44
3.80
5.00
3.82
3.24
3.61
3.47
3.75
3.66
2.87
2.72
4 06
4 56
4.36
5.09
3.74
2.77
4.87
3.11
3 99
2.78
3.54
3 27
3.78
4 55
6.31
3.97
3.80
4.23
4.03
4.15
3.47
3.17
4.04
4.86
4.15
4.45
3.78
5.00
3.82
3.22
3.59
3.45
3.75
3.65
2.88
2.72
4.07
4.58
4.35
5.09
3.73
2.78
4.90
3.13
4.02
2.80
3.56
3.28
3.80
4 55
6.28
3.98
3.81
4 23
4.03
4.17
3.47
3 19
4.07
4.88
4.15
4.46
3.79
4.96
3.82
3.23
3.61
3.46
3.77
3.70
2.88
2.73
4.08
4.60
4.36
5.15
3.73
2.80
4.89
3.14
4.03
2.81
3.55
3.30
3.83
4.60
6.31
4.01
3.83
4.26
4.06
4.18
3.51
3.21
4.11
4.92
4.19
4.49
3.81
5.00
3.81
3.22
3.63
3.48
3.78
3.81
2.90
2.74
4.11
4.63
4.40
5.22
3.76
2.79
4.96
3.16
4.07
2.83
3.59
3.32
3.85
4.61
6.34
4.02
3.85
4.28
4.08
4.23
3.54
3.24
4.14
4.95
4.21
4.50
3.81
5.00
3.86
3.26
3.64
3.50
3.82
3.84
2.90
2.74
4.12
4.67
4.42
5.22
3.71
2.80
4.96
3.17
4.09
2.84
3.57
3.32
3.87
4 67
6.35
4.04
3.86
4.30
4.09
4.22
3.61
3.25
4.17
4.96
4.24
4.50
3.83
5.05
3.84
3.27
3.66
3.51
3.82
3.91
2.90
2.75
4.16
4.68
4.46
5.24
3.75
2.80
4.99
3.19
4.10
2.86
3.58
3.34
3.90
4.70
6.40
4.06
3.89
4.31
4.12
4.28
3.59
3.25
4.20
5.00
4.24
4.51
3.86
5.06
3.87
3.26
3.70
3.55
3.82
3.97
2.89
2.74
4.23
4.70
4.49
5.26
3.82
2.79
5.04
3.20
4.12
2.86
3.61
3.36
3.43
4.06
5.69
3.56
4.20
2.87
3.28
3.01
3.65
4.38
6.06
3.81
4.64
3.02
3.45
3.18
3.73
4 41
6 15
3.88
4.80
3.06
3.49
3 23
3.73
4 44
6 19
3.89
4.81
3.07
3.49
3 24
3.75
4.53
6.29
3.93
4.85
3.09
3.53
3.27
3.77
4.58
6.37
3.97
4.86
3.09
3.53
3.26
3.78
4.52
6.29
3.96
4.90
3.11
3.53
3.27
3.81
4.54
6.31
3.98
4.92
3.13
3.54
3.30
3.84
4.59
6.35
4.01
4.97
3.15
3.58
3.32
3.85
4.62
6.34
4.02
4.97
3.16
3.56
3.32
3.87
4.70
6.43
4.04
5.01
3.19
3.59
3.36
129.7
106.9
127.2
138.1
127.5
130.0
128.3
126.8
131.1
137.9
110.1
136.7
146 9
135 4
143.7
135.0
133.4
138.4
140.4
110.9
137.8
149 2
137 5
148.2
137.2
135.4
140.7
140.7
110.8
138.4
149.6
138 0
148.7
137.4
135.2
141.0
141.9
111.5
140.9
151.8
138 8
150.1
138.4
136.5
142.0
142.3
111.3
142.4
154.0
139.5
150.4
138.7
136.8
142.2
142.5
110.7
141.5
151.6
139.7
151.5
139.2
137.0
142.3
143.3
110.4
142.5
152.6
140.4
152.1
140.2
136.9
143.6
144.4
110.5
144.0
153.4
141.1
154.6
141.2
139.1
144.7
144.7
110.1
144.8
153.7
141.8
153.5
141.7
138.5
144.7
6.010
8.340
1.73
6 642
9.146
1.84
6.813
9.490
1.82
6.836
9.378
6.841
9.396
6.896
9.410
1.98
6.896
9.410
6.897
9.414
6.910
9.490
1.97
126.91
104.62
135.78
108.36
140. 62 141.35
109. 22 108.83
124. 26
95.67
Seasonally adjusted:*
Private nonagricultural payrolls
do
Mining
do
Contract construction
do
Manufacturing
. . do
Transportation, comm., elec, g a s . . . . . . d o . . . .
Wholesale and retail trade. .
. do
Finance, insurance, and real estate . —do
do
Services
Indexes of avg. hourly earnings, seas, a d j . : (D*f
Private nonfarm economy:
Current dollars
1967=100
. do
1967dollarsA
Mining
. do
Contract construction
do
Manufacturing
do
Transportation, comm., elec, gas
...do....
.. do
Wholesale and retail trade
Finance, insurance, and real estate... . . . d o . . . .
Services
. do
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (E NR): c?
Common labor
$ per hr
Skilled labor
do
Farm, without board or rm., 1st of mo.. . . . d o . . . .
Railroad wages (average, class I)
do
Avg. weekly earnings per worker, ^private nonfarm:
Current dollars, seasonally adjusted*
1967 dollars, seasonally adjusted*A .
Spendable earnings (worker with 3 depe ndents):
Current dollars, seasonally adjusted..
1967 dollars, seasonally ad justed A
112.12
92.43
120. 79
96.40
139.13 138.76 138. 75 139.11
109. 89 109. 28 109. 05 108. 79
123.43
97.49
123.14
96.98
123.14
96.78
Current dollars, not seasonally adjusted
126.91
135.78
139.50 138.75 139.13
Private nonfarm, total
. dollars
Mining
171.74
186.15 189.19 189.98 191.10
do
212. 24 224.22 237.60 224. 28 222.46
Contract construction
....do...
142.04
154.69 157.49 159.49 162. 74
do
Manufacturing
153.12
Durable goods
167. 27 170.57 173. 05 177.24
do
128.12
140.10 141.20 142.84
137.76
Nondurable goods
. . do
Transportation, comm., elec, gas . . — d o . . .
168.84
187. 46 194.88 195.21 197. 80
106.79 106.53 108.37
100.74
Wholesale and retail trade
106.00
....do146.07
154.42 156.41 156.81 160.00
Wholesale trade
do
Retail trade
86.61
91.24
91.30
93.23
90 72
do
129.80 129.13 130.59
121.36
128.34
Finance, insurance, and real estate -.- do. .
108.44 110.48 110.50 111. 18
Services
102.94
—do...
' Revised.
*> Preliminary.
i Includes adjustments not distributed by months.
JSee corresponding note, p . S-13.
^Production and nonsupervisory workers.
*New
series.
°
Line-haul
roads;
omits
wages
in switching and terminal companies.
Digitized forOSource:
FRASER
USDL, Bureau of Labor Statistics; the indexes exclude effects of changes in the
proportion of workers in high-wage and low-wage industries, and the total and manufacturing
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
122.51
95.81
123.70
96.08
102.6
103.5
101.2
116.8
107.2
113. 8
113.1
114.1
123.7
123.3
103.0
'104.2
' 101. 3
' 116.8
'108.2
' 113.8
' 113.4
' 114.0
'122.4
' 123.3
103.1
104.0
101.9
117.2
107.7
114.6
114.7
114.5
122.8
123.7
3.91
4 69
6.46
4.06
3.88
4.31
4.11
4.29
3.62
3.28
4.21
5.10
4.24
4.53
3.88
5.02
3.87
3.26
3.70
3.54
3.83
3.73
2.92
2.79
4.24
4.70
4.50
5.24
3.81
2.80
5.12
3.21
4.13
2.87
3.60
3.34
'3.99
'4.78
••6.64
4.13
3.93
4.39
4.17
4.37
'3.68
3.33
4.26
'5.16
4.30
4.61
3.91
'5.10
3.93
3.31
3.75
3.58
3.85
3.68
3.02
2.84
'4.26
'4.76
4.53
'5.29
3.86
'2.84
'5.19
'3.26
'4.19
'2.92
'3.66
'3.44
3.99
'4.76
'6.65
'4.14
3.95
'4.39
4.18
'4.38
'3.66
'3.34
4.27
'5.15
'4.32
'4.62
'3.91
5.15
3.93
3.31
3.76
3.60
3.89
'3.75
3.03
'2.84
'4.26
'4.74
'4.53
'5.26
'3.87
2.86
'5.19
'3.27
'4.19
'2.93
'3.65
'3.44
4.00
4.78
6.66
4.15
3.96
4.40
4.20
4.44
3.65
3.35
4.28
5.19
4.34
4.64
3.92
5.14
3.93
3.34
3.77
3.61
3.90
3.86
3.05
2.85
4.28
4.74
4.54
5.25
3.88
2.88
5.21
3.29
4.21
2.95
3.66
3.45
3.91
4.74
6.46
4.07
5.03
3.21
3.61
3.38
3.92
4.73
6.50
4.09
5.11
3.23
3.61
3.37
'3.96
'4.78
'6.59
4.13
'5.15
'3.26
'3.67
'3.42
3.98
'4.76
'6.58
'4.16
'5.18
'3.27
'3.66
'3.43
3.99
4.75
6.62
4.15
5.20
3.29
3.66
3.44
146.0
110.4
146.2
155.4
142.7
155.0
142.9
139.5
146.3
146.9
110.9
147.9
156.3
143.7
155.6
143.6
140.9
147.3
147.6
109.3
147.5
157.2
144.5
157.7
144.4
140.9
146.9
'149.0
' 110.0
' 149.5
159.1
145.4
' 158.5
' 145.7
' 143.4
' 148. 8
'149.7
' 109.6
150.1
109.0
158.9
146.5
160.4
145. 4
142.9
'149.3
160.9
147.1
149.7
6.93
9.48
7.04
9.52
7.09
9.55
2.02
7.18
9.66
7.22
9.72
7.22
7.25
142.85
109.30
143.22
108.94
143.58
108.60
145.45
109.77
125.42
95.96
125.70
95.61
125.98
95.29
127.42
96.16
145.04 ' 147.31
107.39 ' 108.72
127.11 ' 128.87
94.11 ' 95.11
147.26
107.80
128.82
'
'
'
'
'
'
'
'
'r
Q ftft
1.97
147.63
1 0 7 . &o
129.11
QQ 7C
147.63 147.60
137. 98 139.10 140.22 141.33 142.45 144.74 146.64 146.63 ' 148.83 r
189.98 188.37 188.37 191.82 195.46 200.34 200.22 200.73 ' 205.54 r 203.73 90J. 11
223.42 220.22 229. 85 232.21 237.75 241.94 245.76 247.42 ' 251.66 250.71 169.32
159.20 161.18 162.38 163.21 163.61 165. 24 164.43 164.43 169.33 r 168.50 182.16
173.43 175.97 175. 97 177.22 178.05 179.31 177.14 176.28 183.06 r 181.75 1 ^O 4.9
139.71 141. 09 142.96 143.39 143.78 145. 67 146. 89 147.26 r 150.00
211 53
195.77 197.47 196.58 199.39 201.87 204.09 207.14 210.43 r 211.75 r 119 1 fi 112 85
107.30 107. 99 108.33 108.70 109.37 112.29 113.92 113.63 113.12 164.69 166.30
157.61 158.79 159.59 159.95 161.56 162.36 163.56 163.55 ' r 165.51
Qfi 4 7
91.46
92.12
92.45
93.39
93.72
96.67
98.10
97.87
96.94 r
130.98 132.08 131.35 133.55 131.73 132.82 134. 65 133.56 r 135.79 134.69 116 96
r
l
i
e
a9
110.85 111.19 111.87 112.88 112.55 114. 90 116.93 115.90 117.30 r
indexes also exclude,:
premiums. See also no
$9.84.
AEarnings expressed in 1967 dollars are adjusted for c h a n g e s i n ^ »
since the base period, 1967, by dividing by the Consumer Price Index for the respective
S-16
December 1973
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
1973
1972
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP-WANTED ADVERTISING
Seasonally adjusted indexf
1967=100..
LABOR TURNOVER*
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employees..
New hires
do...
Separation rate, total
do....
Quit
do....
Layoff
do
Seasonally adjusted:
Accession rate, total
do
New hires
do
Separation rate, total
do....
Quit
do....
Layoff
do....
82
••101
109
109
117
122
119
121
121
122
123
131
126
121
•122
3.9
2.5
4.2
1.8
1.6
4.4
3.3
4.2
2.2
1.1
4.8
3.8
4.3
2.5
3.6
2.9
3.7
1.9
1.0
2.7
2.0
3.6
1.6
1.3
4.6
3.5
4.2
2.2
1.0
4.0
3.1
3.7
2.1
.8
4.4
3.5
4.2
2.5
.8
4.5
3.6
4.1
2.4
.7
5.3
4.4
4.3
2.7
5.9
5.0
4.4
2.8
5.1
4.1
5.1
2.8
1.4
6.2
5.0
6.5
4.5
.8
5.7
4.7
5.7
3.9
.7
P4.3
P4.9
J>3.0
P.8
4.6
3.5
4.0
2.3
4.5
3.6
4.1
2.4
4.3
3.5
4.1
2.5
1.0
4.9
4.0
4.4
2.6
.9
4.8
3.9
4.4
2.7
.9
4.9
4.0
4.7
2.9
4.9
3.9
4.4
2.6
.8
5.1
4.3
4.7
2.8
.8
4.5
3.6
4.7
2.9
.8
4.8
3.9
4.5
2.8
1.0
4.7
3.8
5.1
3.0
4.7
3.7
'395
••665
'327
'595
'158
'411
380
590
410
670
470
710
580
860
520
840
500
830
'173
'277
1,342
'85
'202
1,351
'35
'162
1,018
310
480
118
145
141
200
1.281
110
156
1,330
146
167
1,890
155
253
2,483
238
299
2,173
253
377
2,510
.9
INDUSTRIAL DISPUTES
Work stoppages:
Number of stoppages:
6,138
••5,010
Beginning in month or year
number..
In effect during month
do
Workers involved in stoppages:
3,280 ' 1,714
Beginning in month or year
thous...
In effect during month
__.
do....
~47,"589' "27,066
Man-days idle during month or year
do
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
2,186
2,593
weekly §9
thous..
State programs:
13,580
15,337
Initial claims
do
1,848
2,150
Insured unemployment, avg weekly...do
Percent of covered employment:^
3.5
4.1
Unadjusted
Seasonally adjusted
1,470
1,814
Beneficiaries, average weekly
thous_.
Benefits paid
mil. $.. 4,957.0 4,471.0
Federal employees, insured unemployment,
average weekly
thous..
Veterans' program (UCX):
Initial claims
do..
Insured unemployment, avg weekly...do
Beneficiaries, average weekly
do
Benefits paid
mil. $..
Railroad program:
Applications
thous..
Insured unemployment, avg weekly...do
Benefits paid
mil. $..
4.4
2.4
.7
P5.0
P3.9
P4.6
P2.8
P.8
500
850
420
740
167
341
2,698
259
360
2,696
164
261
2,421
1,512
1,692
1,993
2,333
2,250
2,075
1,828
1,610
1,523
1,640
1,572
1,440
*1,451
955
1,357
1,119
1,507
1,347
1,801
1,539
2,124
1,000
2,062
916
1,898
920
1,669
887
1,465
865
1,383
1,231
1,505
954
1,436
762
1,299
»1,298
3.7
3.8
3.4
2.8
2.7
2.8
1,758 1 1,803
1,752
» 465.3 415.0 »440.9
2.8
2.7
1,504
2.5
2.7
1,299
1339.2
2.4
2.7
1,210
1286.6
2.5
2.6
1,202
1296.3
2.4
2.7
1,229
i 316.3
2.1
2.8
1,115
251.2
2.5
3.3
1,129
280.3
2.7
3.2
1,203
307.2
3.3
3.0
1,350
342.0
*2.1
P2.8
34
31
28
28
42
42
622
131
115
356.0
523
106
102
361.8
31
69
66
18.2
30
67
66
18.0
35
70
64
16.9
39
76
74
20.9
35
76
73
17.8
72
74
20:0
26
64
65
17.0
27
58
58
16.7
28
56
54
14.3
32
59
55
15.3
31
59
59
17.4
26
53
53
13.6
26
75.7
105
20
51.5
16
3.6
12
20
3.5
11
16
3.8
7
21
5.9
18
3.8
26
15
3.7
13
2.9
3
10
2.3
7
9
1.7
13
9
1.5
7
9
1.8
10
1.6
4
9
1.9
34,721
12,172
22, 649
6,748 6,864 6,898 6,564 6,734 6,859
35,651 35,775 34,721 35, 727 35,196 34,052
13,558 13,221 12,172 12,552 10,924 9,359
22,093 22,554 22,549 23,175 24,272 24,693
6,713
34,404
9,334
25,070
35,672
9,436
26,236
7,237
35,786
9,489
26,297
7,693
35,463
9,161
26,302
7,734
37,149
9,026
28,123
8,170
37,641
10,198
27,443
8,237
41,602
13,046
28,556
18,294
18,012
19,733
20,075
20,319
20,641
20,856
21,206
21,346
21,454
10,118
2,725
7,798
10,256
2,811
7,789
10,441
2,865
7,899
10,592
2,738
8,016
10,781
2,711
7,961
37
39
34
744
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers acceptances
_
mil. $..
7,889
Commercial and finance co. paper, total
do
2 32,126
Placed through dealers
do
11,418
Placed directly (finance paper)
do
a 20,708
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
mil. $..
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
do...
Other loans and discounts
do
16,347
7,917
2,076
6,354
9,107
2,998
6,889
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted: ©
Total (233 SMSA's)©
bil. $.
New York SMSA
do....
Total 232 SMSA's (except N.Y.)
6 other leading SMSA'si
226 other SMSA's
8,857
2,335
6,799
18,046
8,972
2,313
6,761
18,294
9,107
2,298
6,889
3,896.7 15,154.7 14,783.7
6,148.6 6,979.3 6.604.8
7,748.1 8,175.3 8.178.9
3, 225.8 3,411.9 3.495.4
4,522.3 4,763.5 4.683.5
do..
do..
do
18,925
9,251
2,808
6,866
19,343
9,387
2,936
7,020
9,591
2,895
7,246
9,767
2,859
7,449
9,953
2,765
7,601
15,444.5 16,069.5 15,954.5 15,966.3 16,447.0 16,634.4 17,218.8 17,885.3 '17,914.5 18,378.5
6,855.4 7,227.0 6,844.8 6,927.5 7,177.0 7,224.6 7,381.4 7,744.6 8,025.3 8,137.2
8,589.1 8,842.4
3,631.7 3,804.8
4,957.3 5,037.6
9,109.7
3,868.7
5,241.0
9,038.8
3,852.6
5,186.2
9,270.1
3,913.4
5,356.7
9,409.8 ^,837.4 10,140.6 »9f889.1 10,241.3
4,046.6 4,277.8 4,315.3 '4,192.1 4,413.5
5,363.3 '5,55.95 5,825.3 '5,697.1 5,827.8
Federal Reserve banks, condition, end of period:
Assets, total 9
mil. $..
99,523
97,675 100,039
93,635
97,675
99,061
99,492
99,325 100,010 100,010 100,509 104,439
101,577
Reserve bank credit outstanding, total 9 ..do
Discounts and advances
do
U.S. Government securities
do
75,821
39
77,291
1,981
75,173
481
73,476
501
77,291
1,981
77,228
1,310
78,539
1,564
79,717
2,048
82,489
2,842
70,218
69,906
70,094
69,501
69,906
72,022
72,620
10,303
Gold certificate account
Liabilities, total 9
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation
do
do....
do
Ido.I.I
do
9,875
99,523
31,475
27,780
54,954
79,392
1,224
80,355
1,770
83,349
2,245
74,276
75,495
74,128
75,022
77,098
10,303
10,303
10,303
10,303
10,303
81,123
1,558
85,454
2,198
76,093
76,165
78,491
10,303
10,303
11,460
11,460
10,303
10,303
10,303
10,303
97,675 100,039
28,667 29,159
25,647 26,757
59,914 57,062
93,635
25,666
23,667
58,419
97,675
28,667
25,647
59,914
99,492 99,325 100,010 100,010 100,509 104,439 101,577 101,944 107,422
30,814 31,626 30,968 29,123 29,920 32.461 30,822 30,919 34,886
30,458 27,653 27,713 25,700 24,892 24,818 28,195 28,955 28,240 31,787
26,727 58,466 58,676 59,414 60,223 60,847 61,362 61,640 61,628 62,120
58,402
cflnsured unemployment as % of average covered employment in a 12-month period.
©Series revised to reflect recalculation of seasonal factors and trading-day adjustment;
revisions back to 1964 are shown in the July 1972 Federal Reserve Bulletin, p. 634.
JSee
note " t " , p. S-13.
©Total SMSA's include some cities and counties not designated as SMSA's.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland and Los
Angeles-Long Beach.
h.
9 Includes data, not
not shown separately.
10,303
2
' Revised.
* Preliminary.
i See note " § " , this page.
Beginning Dec. 1971, data
on new basis reflect inclusion of paper issued directly by real estate investment trusts and
several additional finance companies. § Insured unemployment (all programs) data include
claims filed under extended duration provisions of regular State laws; amounts paid under
Digitizedthese
for FRASER
programs are excluded from the annual figure and, beginning Jan. 1973, from
the monthly data.
° For Jan.-Sept. 1972 revisions, see footnote, p. S-21.
e Estimate.
http://fraser.stlouisfed.org/
t Revised (back to 1951) to reflect new seasonals and other modifications.
Federal Reserve Bank of St. Louis
79,832
1,716
101,944 107,422 *103,481
99,061
*103,481
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
B\Jt5 JUNE
S-17
1972
1972
E n d of year
1
OF iUUK1
SUK
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FINANCE—Continued
B ANKIN G— 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: t
Demand, adjusted^
mil. $-
131,329 131,353 33,803 • 31,774
131,164 1 31,134 33,556 31,460
1219
*314
U65
247
6C6
U07 11,049
574
158 1 - 8 3 0 - 3 2 7 <-292
91,683
106,219
96,220
97,444
31,353
31,134
219
1,049
-830
32,962 31,742 31,973 32,277
32,620 31,537 31,678 32,125
342
205
295
152
1,165
1,593
1,858
1,721
- 8 2 3 -1,388 -1,563 -1,560
106,219 97,765
95,489
96,237
97,246
32,393 32,028 33,524
32,275 31,969 33,202
322
118
59
1,786
2,051
1,789
-1,638 -1,653 -1,605
33,785 34,019 34,912
33,539 33,782 34,712
'200
246
237
2,143
1,861 ' 1,467
1,734 -1,477 -1,141
95,932
96,481
97,944 100,189
97,578
99,312
do...
do...
.do...
--do—
do...
152,699
106,885
6,563
7,571
20,880
169,768 155,144 152,024 169,768 156,909 157,135 149,421 156,704 150,507 149,950 157,605 143,547 156,014 161,409
121,308 109,379 108,876 121,308 110,248 109,337 105,786 109,067 109, 212 107,431 111,528 105,789 110,371 112,252
7,221
7,180
7,403
7,221
6,561
6,483
6,901
5,697
6,968 6,582
7,504
6,417
7,133
6,469
6,469
6,289
2,891
3,888
3,010
1,816
4,824
7,230 7,258
7,447
5,646
5,512
3,557
22,412 21,947 20,620 22,412 21,992 22,531 19,059 21,021 20,342 19,362 22,749 19,072 21,246 24,503
do...
140,932
160,661 157,686 158,858 160,661 162,936 168,212 174,302 176,383 180,341 179,961 185,434 190,776 189,784 188,848
do...
do...
54,542
61,274
Loans (adjusted), totaled
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
Other loans
do...
do
do...
.do
do
do...
192,238
83,770
8,835
14,504
38,400
57,183
Investments.totalt
U.S. Government securities, total
Notes and bonds
_
Other securities
do...
do...
do...
do...
81,033
28,944
24,605
52,089
85,146
29,133
22,552
56,013
81,615
25,985
21,837
55,630
83,394
27,925
22,357
55,469
85,146
29,133
22,552
56,013
84,343
28,926
22,426
55,417
80,868
25.663
21,066
55,205
80,653
25,373
20,473
55,280
79,618
24,495
19,973
55,123
79,498
23,991
19,770
55, 507
79,388
23,839
19,800
55,549
78,333
22,301
19,447
55,970
78,466
22,100
18,594
56,366
80,235
22,523
19,202
57,712
82,193
23,191
19,255
59,002
Commercial bank credit Oast Wed. of mo., except
for June30and Dec. 31 rail dates),seas adj.;|
Total loans and investments©
_.bil. $..
LoansO—
-do—
U.S. Government securities
do
Other securities
do
••484.8
' 320. 3
'60.1
'104.4
'556.4
' 377. 8
'61.9
' 116. 7
540.4 '549.9
365.7 ' 372. 9
'60.3
'60.9
114.4 ' 116.1
•556.4
377. 8
'61.9
' 116.7
564. 7
385.8
'61.8
117.1
575. 4
397. 2 • 405. 8
'60.4
'60.6
1
117. 6 ' 117. 4
411.1
'61.0
117. 5
' 597.7
417.4
'61.0
119.3
•602.0
• 420.3
'61.6
• 120.1
608.2
427. 3
'59.6
121.3
616.0
435.3
'57.7
123.0
618.2
438.1
56.3
123.8
621.7
440.0
54.9
126.8
6.32
2 6.01
'6.56
3 5.82
2 5.57
2 6.07
6.09
6.61
»6.30
2 6.62
2 6.46
2 6.38
2 6.02
2 5.80
Demand, total 9
---Individuals, partnerships, and corp
State and local governments
U.S. Government
Domestic commercial banks. _
Time, total 9
Individuals, partnerships, and corp.:
Savings
Other time
Money and interest rates: §
Bank rates on short-term business loans:
In 35 centers
percent per annum..
New York City
do....
7 other northeast centers
do
8 north central centers
7 southeast centers
8 southwest centers
4 west coast centers
do
do
do
do
Discount rate (N.Y.F.R. Bank), end of year or
month
..percent..
3
58,219
86,317
58, 250
87,207
226,042 215, 876 217,337 226,042 225,628 232,731 238,308 242,960 246,091
91,442 88,014 88,642 91,442 92,314 96,250 99,872 102,487 102, 794
12,535 12,218 11,868 12,535 12,007 11,457 10,671 10,054 10,119
20,524 18,234 18,249 20,524 19, 850 20,938 22,246 23,107 23,651
45,992 44,972 45,630 45,992 46,473 46,955 47, 501 48,193 49,060
72,063 63,989
72,063 68,619 72,218 72,812 74,540 74,849
250,625
104,997
9,705
24,879
50,003
75,226
58,572
72,334
58,113
71,778
2 5.74
2 6.07
58,184
73,103
58,572
72,334
58,186
74,310
58,091
78,195
58,591
82,599
58,093
83,266
6.52
6.22
57,345 56,289 56,162 66,126
92,791 97,901 96,590 95,525
256,139 256,849 259,742 259,283
107, 557 106,897 108,362 106,890
9,629
9,130
9,301
9,457
26,496 25,762 26,299 25,647
51, 006 51,933 53,083 53,731
76,612 77,969 79,276 80,298
9.24
9.08
9.49
7.35
7.04
7.71
6.45
.76
6.63
6.50
6.27
6.56
6.36
6.41
7.44
9.24
1.25
7.37
7.33
7.25
9.16
9.25
4.50
4.50
4.50
4.50
4.50
5. CO
5.50
5.50
5.50
6.50
7.00
7.50
7.50
7.50
» 6.37
2 6.00
5.90
6.05
6.20
6.32
6.40
6.50
6.71
7.08
7.21
7.38
7.42
8.05
Home mortgage rates (conventional 1st mortgages) :
New home purchase (U.S. avg.)
percent..
Existing home purchase (U.S. avg.)
do
» 7.59
3 7.54
2 7.45
2 7.38
7.48
7.43
7.50
7.44
7.51
7.45
»7.68
«7.68
7.70
7.72
7.68
7.69
7.71
7.70
7.71
7.77
7.79
7.79
7.87
7.84
7.94
8.01
8.17
8.26
'8.31
'8.50
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)... do
Commercial paper (prime, 4-6 months)..do...
Finance Co. paper placed directly. 3-6 mo. do
Stock Exchange call loans, going rate
do
3 4.85
3 5.11
3 4.91
«5.73
•4.47
3 4.69
3 4.52
>5.16
5.05
5.30
5.13
5.70
5.01
5.25
5.13
5.75
5.16
5.45
5.24
5.75
5.60
5.78
5.56
6.01
6.14
6.22
5.97
6.29
6-82
6.89
6.44
6.80
6.97
7.14
6.76
7.00
7.15
7.27
6.85
7.18
7.98
7.99
7.41
7.83
9.19
9.18
8.09
8.41
10.18
10.21
8.90
9.41
10.19
10.23
8.90
10.04
9.07
8.92
7.84
10.02
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent.
3-5 year issues
do
3 4.348
3 5.77
3 4.071
3 5.85
4.719
6.11
4.774
6.03
5.061
6.07
5.307
6.29
5.558
6.61
6.054
6.85
6.289
6.74
6.348
6.78
7.188
6.76
8.015
7.49
8.672
7.75
8.478
7.16
7.156
0.81
mil. $-
138,394
157,564 150,576 152,968 157,564
do
111,295
127,332 122,505 124,325 127,332
Federal intermediate credit bank loans
do
CONSUMER CREDIT If
(Short- and Intermediate-term)
Total outstanding, end of year or month
Installment credit, total
Automobile paper
Other consumer goods paper
Repair and modernization loans
Personal loans._
By type of holder:
Financial institutions, total
Commercial banks
Finance companies
_
do
do
do
do
34,353
5,413
32,865
do..
do.
do
97,144
51,240
28,883
44,129
40,080
6,201
36,922
43,162
37,216
6,124
36,003
43,674
38,064
6,174
36,413
44,129
40,080
6,201
36,922
27,368 127,959 129,375 131,022 133,531 136,018 138,212 140,810 142,093 143,610
44,353
39,952
6,193
36,870
44,817
39,795
6,239
37,108
45,610
39,951
6,328
37,486
46,478
40,441
6,408
37,695
47,518
41,096
6,541
38,376
48,549 49,352 50,232
41,853 42,575 43,505
6,688 6,845 7,009
38,928 39,440 40,064
50,557
44,019
7,120
40,397
51,092
44,632
7,235
40,651
111,382 108,405 109,673 111,382 111,690 112,630 114,190 115,727 118,165 120,450 122,479 .24,823 L26.040 127,303
59,783 58,266 58,878 59, 783 60,148 60,582 61,388 62,459 63,707 64,999 66,065 67,381 67,918 68,627
32,088 30,970 31,427 32,088 32,177 32,431 32,750 33,078 33,859 34,367 35,020 35,634 35,993 36,365
14,770
Credit unions
do.
16,913 16,556 16,742 16,913
2,251
2,598
2,626
2,613
Miscellaneous lenders
do....
2,598
14,151
Retail outlets, total
do
15,950 14,100 14, 652 15,950
261
259
257
261
226
Automobile dealers
do
' Revised, v Preliminary.
1 Average
for Dec.
2 Average for year.
3 Daily average.
* See note " © " for this
8
page.
Beginning Jan. 1973, data reflect changes in sample and weighting.
©Beginning Nov. 1972, data are not comparable with those for earlier periods because of regulatory
changes affecting reserve requirements (Regulation D) and check collection processing
(Regulation J) that became effective in early November.
Digitized forcfFor
FRASER
demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial
bank and U.S. Government, less cash items in process of collection; for loans,
http://fraser.stlouisfed.org/
exclusive of loans to and Federal funds transactions with domestic commercial banks and
Federal Reserve Bank of St. Louis
57,227 157,582 159,320 161,491 164,277 167,083 169,148 171,978 173,036 174,840
16,847
2,518
16,973
2,644
17,239
2,813
17,455
2,735
17,832
2,767
18,269
2,815
18,517
2,877
18,961
2,847
19,207
2,922
19,339
2,976
15,329 15,185 15,295 15,366 15,568 15,733 15,987 16,053 16,303
300
297
266
296
272
278
284
293
after deduction of valuation reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
tRevisions for months prior to Feb. 1971 will be shown later.
9Includes data not shown separately.
OAdjusted to exclude interbank leans.
§ For
bond yields, see p. S-20.
HRevised: new data incorporate adjustment of sample-based estimates to reflect recent
benchmarks and new seasonal factors. Monthly revisions appear in the October 1972 Federal Reserve Bulletin.
tBeginning Jan. 1959, monthly data have been revised to reflect
new seasonal factors and adjustment to benchn arks for the latest call date (June 30, 1973).
Revisions are in the Nov. 1973 Federal Reserve Bulletin.
15,678
SUJKVE5t OF C\JhIRKN
S-18
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
Decembei• 1973
JS1JNJ
1973
1972
Oct.
Annual
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
FINANCE—Continued
CONSUMER CREDIT If—Continued
Outstanding credit—Continued
NoninstailiIment credit, total.
mil$.
Single-payment loans, total
do.._
Commercial banks
do...
Otherfinancialinstitutions
do._.
Charge accounts, total
Retail outlets
Credit cards
Service credit
27,099
10,585
9,316
1,269
30, 232
12, 256
10, 857
1,399
28,071
11,717
10,339
1,378
28,643
11,917
10,527
1,390
30,232
12,256
10,857
1,399
29,859
12,204
10,825
1,379
29,623
12,409
10,989
1,420
29,945
12,540
11,074
1,466
30,469
12,686
11,237
1,449
30,746
12,817
11,359
1,458
31,065
12,990
11,520
1,470
30,936
12,968
11,491
1,477
31,168
13,111
11,655
1,456
30,942
13,088
11,608
1,480
31,230
13,145
do.
do.
do..
do.
8,350
8,397
1.953
8,164
9,002
7,055
1,947
8,974
7,780
5,794
1,986
8,574
8,010
6,081
1,929
8,716
9,002
7,055
1,947
8,974
8,357
6,402
1,955
9,298
7,646
5,735
1,911
9,568
7,702
5,825
1,877
9,703
8,036
6,129
1,907
9,747
8,319
6,387
1,932
9,610
8,555
6,544
2,011
9,520
8,479
6,424
2,055
9,489
8,605
6,475
2,130
9,452
8.335
6,229
2,106
9,519
8,590
9,495
do..
do..
do_.
do..
do..
do..
do..
do.
124,281
34,873
47,821
41,587
142,951
40,194
55, 599
47, 111
12,337
3,663
4,831
3,843
12,806
3,505
5,202
4,052
13,643
3,195
6,171
4,277
11,923
3,393
4,949
3,581
11,214
3,407
4,252
3,555
13,681
4,164
5,169
4,348
13,661
4,101
5,378
4,182
14,792
4,409
5,698
4,685
14,608
4,313
5,678
4,617
14,812
4,177
5,753
4,882
15,099
4,252
6,065
4,782
12,624
3,476
5,217
3,931
14,454
4,196
5,894
4,364
115,050
126, 914
34, 729
49, 872
42, 313
11,025
3,145
4,360
3,520
10,986
2,993
4,354
3,639
10,636
2,740
4,155
3,741
11,887
3,169
5,077
3,641
10,623
2,943
4,409
3,284
12,265
3,371
5,013
3,881
12,014
3,233
4,888
3,893
12,283
3,369
5,043
3,871
12,121
3,282
4,921
3,918
12,618
3,374
5,031
4,213
12,501
3,372
5,135
3,994
11,341
3,151
4,703
3,487
12,937
3,661
5,281
3,995
13.465
3,822
5,349 ! 5,563
4,502 4,080
5,504
4,439
13,646
3,762
5,505
4,379
14,542
3,930
5,943
4,639
14,294
3,958
5,961
4,365
13,691
3,939
5,537
4,215
14,149
3,912
5,911
4,326
12, 061 11,941
3,218 I 3,261
4,963
4,917
3,880
12,034
3,253
4,955
3,826
12,544
3,334
5,141
4,069
12,399
3,293
5,168
3,938
12,332
3,406
5,072
3,854
12,446
3,427
5,149
3,873
18, 972 21,130 18,067 15,987 25,860 16,584 28,537 18,121
19, 721 23,631 20,227 20,806 22,306 20,157 20,814 22,607
—750 -2,501 -2,160 -4,820
-5,317 -4,418
3,554 -3,573
7,723 -4,486
750
5,317
2,501
4,418
4,820 -3,554
3,573 -7,723
4,486
2,160
4,197
1,519
2,851
5,298
3,005 -2,159 -1,970 -2,369
-713
3,863
—3,447
2,466
1,815 ;-1,395
5,543 -5,354
5,199
-1,703
21,291
22,139
25,007
20,736
17,637
23,092
Installment credit extended and repaid:
Unadjusted:
Extended, total
Automobile paper
Other consumer goods paper
Allother
Repaid, total
Automobile paper.
Other consumer goods paper
Allother
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
do..
do..
do..
do..
12,404
3,504
4,971
3,929
12,846
3,620
5,118
4,108
12, 627
3,763
4,876
3,988
13,304
4,006
5,282
4,016
13,434
3,972
5,245
4,217
13 RK2
Repaid, total
Automobile paper
Other consumer goods paper
All other
do..
do..
do..
do..
10,908
3,041
4,354
3,513
11,128
3,023
4,444
3,661
10,964
2,977
4,341
3,646
11,355
3,097
4,649
3,609
11,437
3,145
4,627
3,665
11,808
3,225
4,755
3,828
44,933
38,724
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net)
Budget surplus or deficit (—)
Budgetfinancing,total
Borrowing from the public
Reduction in cash balances
mil. $.
do..
188,392 208, 649
211,425 231, 876
do
do
do
do
-23,033 1-23,227
i 23,033 23, 227
» 19,448 19, 442
» 3,794 i 3, 785
Gross amount of debt outstanding
do.
Held by the public
do.
Budget receipts by source and outlays by agency:
Receipts (net), total
mil. $.
Individual income taxes (net)
do...
Corporation income taxes (net)
do...
Social insurance taxes and contributions
(net)
mil.$_.
Other
do.
Outlays, total9
do...
Agriculture Department
do
Defense Department, military
do...
Health, Education, and Welfare Department
mil.S.
Treasury Department
do
National Aeronautics and Space Adm do
Veterans Administration
do...
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
Federal G overnment receipts, total
bil. $.
Personal tax and nontax receipts
do
Corporate profit tax accruals
do
Indirect business tax and nontax accruals.do
Contributions for social insurance
do...
Federal Government expenditures, total...do
Purchases of goods and services
do...
National defense
do...
Transfer payments
.do..
Grants-in-aid to State and local govts
do...
Net interest paid
do
Subsidies less current surplus of government
enterprises
bil. $..
Less: Wage accruals less disbursements—do...
Surplus or deficit (—)
do...
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance cos. ...bil. $.
Government securities
do
Corporate securities
do...
Mortgage loans, total
do...
Nonfarm
do
Real estate
do.
Policy loans and premium notes
do.
Cash
do..
Other assets
r
I.IIIIIIIIIIdoI
409,468
304,328
14,738
20,055
16,748
21,165
I
437,329 450,604 455,285 460,243 461,030 465,792 469,587 467,322 467,555 468,426 469, 296 472,438 472,073 473,139
323,770 331,660 336,958 341,155 342,674 346,637 349,542 347,383 345,414 343,045 342,332 341,769 342,333 343,727
188,392 208, 649
» 86,230 i 94, 737
26,785 i 32,166
14,738
7,595
965
16,748
8,613
559
18,972
8,206
5,632
21,130
12,897
1,382
18,067
8,067
672
15,987
3,409
4,867
25,860
11,587
5,657
16,584
3,825
923
28, 537
12,306
8,796
18,121
8,814
1,350
21,291
9,279
25,007
11,707
5,247
17,637
9,230
1,053
» 48,578 i1 53,914
» 26,798 27, 832
3,759
2,420
4,969
2,606
2,975
2,160
4,486
2,366
7,029
2,298
5,340
2,371
6,359
2,258
9,380
2,456
5,081
2,354
5,336
2,621
8,778
2,539
5,409
2,644
4,712
2,641
211,425 231, 876
18,560 i 10, 943
»74,546 i 75,150
20,055
1,082
6,066
21,165
680
6,250
19, 721
205
5,965
23,631
1,366
6,332
20,227
770
6,075
20,806
328
6,633
22,306
643
6,207
20,157
62
6,238
20, 814 22,607
273
2,326
7,473
5,033
22,139
847
6,662
20,736
249
6,032
23,092
799
6,523
161,866
i 20,990
i 3,381
19,756
71, 779
22,124
3,422
10, 710
7,044
1,720
271
7,037
2,098
272
1,276
6,972
4,518
284
7,121
4,210
271
1,154
7,051
2,148
241
1,043
6,554
2,475
301
1,061
7,125
3,760
265
1,111
7,583
2,214
255
1,014
6,902
3,863
278
1,097
7,203
2,284
262
1,050
7,396
7,415
3,763
198.9
228.7
236.9
253.6
262.4
33.3
20.4
55.2
107.9
37.8
19.9
63.0
111.3
40.7
20.3
64.6
108.5
46.6
20.7
77.8
111.4
50.8
21.2
79.1
' 116. 9
51.0
'20.8
P80.8
221.0
244.6
260.3
258.6
262.4
'265.6
98.1
71.6
104.4
74.4
102.7
72.4
105.5
74.3
107.3
74.2
' 106.8
'74.2
74.9
29.1
13.6
82.9
37.7
13.5
91.0
46.1
13.7
91.8
41.1
14.7
93.8
40.5
15.6
P40.5
J>16.2
5.3
6.1
6.7
5.5
5.1
'5.3
7,815
2,124
301
862
2,551
246
249
1,056
'96.6
.0
-23.4
-22.2
-15.9
222.10
11.00
99.80
75.50
69.90
239.73
11.37
112.98
76.95
71.27
236.23
11.47
111.66
75.69
70.06
238.34
11.62
113.18
75.90
70.27
239.73
11.37
112.98
76.95
71.27
241.02
11.19
114.53
77.48
71.86
6.90
17.06
1.76
10.07
7.30
18.00
1.98
11.15
7.22
17.86
1.46
10.86
7.26
17.93
1.43
11.02
7.30
18.00
1.98
11.15
7.37
18.08
1.60
10.78
Revised.
» Preliminary.
• Corrected.
shown in 1971 and 1972 annual columns are for fiscal years ending June 30 of the
Digitized respective
forData
FRASER
years; they include revisions not distributed to months.
1
4,271 -5,455
847 -4,271
5,455
564
-563
1,395
1,410 - 4 , 8 3 5
4,060
-847
'4.0
-5.0
242. 07 243.08
11.15
11.14
115.39 115.97
77.59
77.51
71.95
71.89
242.56
11.46
115.18
77.26
71.61
243.59
11.43
115.90
77.40
71.72
244.53
11.36
116.15
77.91
72.19
247.08
11.43
118.06
78.24
72.47
247.66
11.42
117.84
78.66
72.84
250.20
11.40
119.20
79.04
73.18
251.59
11.40
119.71
79.52
73.62
7.45
18.29
1.55
11.08
7.52
18.42
1.66
11.07
7.54
18.53
1.
11.09
7.55
18.67
1.78
11.10
7.58
18.84
1.
11.13
7.63
19.18
1.73
11.20
7.68
19.51
1.81
11.56
7.76
19.77
1.83
11.59
7.43
18.17
1.57
10.86
f See similar note on p. S-17.
9 Includes data for items not shown separately.
Nov.
SURVEY OF CURRENT BUSINESS
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
S-19
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Oct.
Nov.
FINANCE—Continued
LIFE INSURANCE-Continued
Institute of Life Insurance—Continued
Payments to policyholders and beneficiaries in
U.S., total
mil. $.
Death benefits
- do
7,177.2
7,423.3
990.2
256.8
8,574.1
8,007.0
1,000.4
271.2
1,944.4
2,881.6
3,680.9
2,213.2
3,027.4
4,054.9
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance) :i
Value, estimated total
mil. $.~ 189,484
Ordinary (incl. mass-marketed ord.)— . d o . . . 132,803
49,407
Group
do
7,274
Industrial.
-do
208,497
146,116
55,054
7,327
17,371
12,686
4,118
567
17,531
12,855
4,116
560
23,526
13,838
9,181
507
15,285
11,316
3,443
626
16,265
12,048
3,691
526
20,604
14,905
5,077
622
18,793
13,733
4,458
602
19,244
14,362
4,274
608
19,680
13,858
5,242
580
18,861
13,115
5,204
542
18,984
13,555
4,851
578
17,092
12,496
4,020
576
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)_..mil. $.
Net release from earmark!
_ do. _
Exports
..thous. $.
Imports..
do
10,132
-889
51,249
283,948
10,410
-1,715
63,053
357,689
10,410
0
4,257
29,216
10,410
1
983
44,535
10,410
0
3,322
42,212
10,410
4
2,786
19,745
10,410
4
2,015
32,487
10,410
3
2,405
27,526
10,410
6
2,899
41,127
10,410
2
3,056
33,070
10,410
25
21,503
34,990
10,410
22
24,958
27,134
10,410
9
4,012
17,061
10,410 11,567
18 -1,685
4,973 23,586
36,162 33,770
1,098.7
77.3
1,109.8
77.2
94.2
6.3
91.5
6.0
84.3
6.3
88.2
6.2
86.5
6.1
88.5
6.3
86.6
6.2
86.0
6.8
87.6
6.4
88.3
5.6
5.7
19,499
49,507
1.546
31,592
59,357
1.685
1,515
5,911
1.811
1,640
5,735
1.832
2,331
4,765
1.976
616
8,287
2.017
436
6,993
2.236
1,960
8,664
2.309
856
6,838
2.207
1,718
7,490
2.401
876
15,231
2.621
5,627
32,988
2.706
4,563
27,569
2.636
41,030
39,727
2,865
2,420
3,212
3,275
3,629
2,953
4,615
4,118
3,036
2,089
3,385
61.1
66.5
63.6
65.1
66.5
64.3
64.7
65.2
66.1
67.2
67.8
68.2
68.4
231.2
51.1
180.1
254.0
6.5
246.2
54.6
191.6
293.4
7.3
251.2
55.7
195.5
305.9
6.6
254.3
56.7
197.7
307.7
6.2
262.9
57.8
205.0
311.7
7.3
262.6
56.7
205.9
316.6
8.0
254.0
56.7
197.3
322.5
9.6
254.1
57.3
196.7
331.4
10.1
259.5
58.2
' 201. 3
336.1
8.2
256.0
58.7
197.3
340.9
8.4
261.2
59.4
201.8
342.7
6.9
263.2
59.9
203.2
345.8
6.3
260.7
60.0
200.8
354.7
4.0
264.0
261.9
60.3
60.1
201.8 ' 203.6
357.2 '358.2
6.8
6.1
268.5
61.4
207.2
356.7
4.2
251.6
55.7
195.9
304.8
252.7
56.2
196.5
308.4
255.5
56.8
198.7
312.8
255.4
57.0
198.4
317.0
256.7
57.5
199.3
322.6
256.6
57.9
198.7
330.9
258.2
58.7
199.5
336.7
260.5
59.0
201.6
341.8
263.2
59.4
203.9
344.1
264.3
59.5
204.9
347.7
263.9
59.7
204.2
353.6 '
263.4
60.1
203.3
355.6
264.4
60.3
'204.0
'356.1
266.8
60.8
205.9
356.8
86.7
208.3
59.2
89.2
47.8
93.5
229.2
62.1
93.9
50.0
90.7
215.7
61.8
95.6
48.9
93.8
224.0
64.1
97.9
51.2
97.9
238.0
66.1
103.1
52.0
97.1
228.3
67.8
104.4
53.9
95.7
228.9
66.2
101.8
52.5
97.8
235.1
67.3
103.6
53.6
99.9 '102.6
245.0
247.5
68.7 ' 71.3
107.5
111.5
54.0
'55.8
107.4
106.1
266.4
252.5
72.4
73.6
113.5 '111.5
57.5
58.4
109.4
265.3
74.6
116.3
58.6
Disability payments
_ _ _ _ _ _ do_ _
Production:
South Africa
Canada
Silver:
Exports
Imports
Price at New York
Production:
mil $
do
thous. $..
do
dol. per fine oz__
United States
Currency in circulation (end of period)
do
bil. $_.
Money supply and related data (avg. of dailyfig.):0
Unadjusted for seasonal variation:
Total money supply
bil. $
Currency outside banks___
do
Demand deposits _
do
Time deposits adjusted^
do
U.S. Government demand deposits^
do
Adjusted for seasonal variation:
Total money supply
Currency outside banks
do
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:}
Total (233 SMSA's) O__ratio of debits to deposits..
New York SMS A
- do
Total 232 SMSA's (except N.Y.)
_.do_...
6 other leading SMSA'sd"do
226 other SMSA's
do.—
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 nonferrousmetal
_.do
Primary Iron and steel
do
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil. $..
Machinery (except electrical)
do
Elec. machinery, equip., and supplies
do
Transportation equipment (except motor
vehicles, etc.)
mil. $.
Motor vehicles and equipment
do
All other manufacturing industries
_do
Dividends paid (cash), all industries
do
Electric utilities, profits after taxes (Federal Reserve)
mil $
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes, total
Corporate
_
mil.$.
do_._
do___
1,871
22,200
2.886
68.2
69.0
36,467
3,021
659
10,125
807
196
10,506
766
190
12,972
897
256
11,649
996
199
603
501
3,780
1,012
941
4,499
234
279
1,157
370
291
1,337
574
402
1,473
443
370
1,441
5,829
853
621
748
5,151
1,060
687
1,022
1,478
252
168
327
1,406
168
252
336
1,690
376
363
1,998
407
290
411
1,070
1,569
374
465
2,489
2,563
3,481
2,999
877
956
1,091
851
585
3,097
4,990
15,252
780
3,639
5,944
16,110
175
1 115
1,730
4,553
223
1,393
1,369
4,122
106,430
96,481
9,505
10,987
8,210
7,440
8,051
9,953
83,429
92,289
2,625
2,336
2,343
28,896
31,883
498
1,033
880
9,694
10,459
fJomTnon 9tnf*lr
Hn
272
Preferred stock
do_._
421
154
3,367
3,683
J
' Revised. * Preliminary.
Beginning Jan. 1972 valued $38 per fine ounce.
§Or increase in earmarked gold (—) .SEffective February 1973 SURVEY, data revised to reflect:
Annual review of seasonal factors; regular benchmark adjustment; effect of changes in check
collection procedures (Regulation J); and adjustments to include new figures from internationally oriented banking institutions. Monthly revisions back to 1959 are in the Feb. 1973
Reserve Bulletin.
DigitizedFederal
for FRASER
3,277
30,764
2.675
31,038
2,754
558
6,523
7,325
9,030
458
608
6,567
11,219
19,820
14,662
4,614
544
11,567
564
1,340
994
288
1,461
1,811
4,268
1,237
974
191
467
1,692
4,126
7,943 ••7,643 ' 8,019
8,012
7,467
5,809 10,403 7,122 '6,882 ••7,596
7,213
5,472
6,320
1,312
1,722
2,757 ' 1,870 '1,382
1,739
2,117
1,276
957
429
330
627
606
'536
558
913
984
832
115
'94
187
216
226
200
137
172
833
HAt all commercial banks. JSeries revised to reflect recalculation of seasonal factors; revisions
back to 1964 are shown in the July 1972 Federal Reserve Bulletin, p . 634. ©Total SMSA s
include some cities and counties not designated as SMSA's. ^Includes Boston, Philadelphia,
Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
|
1972
1973
1972
Oct.
Annual
December 1973
MEN T BLJS1JNIJ
SUJRVEY OF
S-20
Nov.
Dec.
Jan.
Feb.
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...
3,377
426
338
794
3,396
589
176
861
2,327
176
90
900
1,962
213
68
596
3,933
490
91
931
2,497
282
141
519
2,537
399
109
765
3,578
'728
50
1,596
2,631
••533
'102
'920
1,806
'279
141
'509
1,857
336
59
585
1,074
658
730
238
50
1,165
121
33
903
100
174
751
108
1.008
1,222
92
258
971
245
374
581
183
332
517
'250
'303
'374
'325
'318
137
240
341
54,523
17,080
23,028
5,714
2,530
1,970
7,610
3,590
1,817
4,814
2,553
1,760
4,196
1,199
1,889
5,363
1,603
1,445
5,096
606
2,304
4,070
564
1,688
8,681
3,353
1,870
4,365
559
2,046
5,012
490
1,992
6,214
3,097
1,474
6,155
2,432
1,609
24,370
26,281
22,941
25,222
1,970
1,587
1,814
2,764
1,801
1,640
1,887
1,622
1,445
1,130
2,297
1,638
1,688
2,062
1,870
2,492
2,031
2,517
1,992
1,924
1,474
1,744
1,630
2,750
2,200
2,431
i 6,535
15,700
9,024
8,081
943
1,351
9,068
8,166
902
1,396
9,045
8,180
865
1,528
8,840
7,975
865
1,484
8,620
7,753
867
1,508
8,344
7,465
879
1,566
8,165
7,293
872
1,482
7,650
6,784
866
1,502
7,287
6,416
871
6,243
6,056
i 1,298
19,045
i 8,180
1865
i 1,528
1387
11,837
1414
11,957
1,708
390
1,828
414
1,957
413
1,883
431
1,770
442
1,719
389
1,536
413
1,564
396
1,472
379
1,542
348
1,462
65.0
80.0
65.9
84.4
65.5
85.2
65.9
87.1
66.0
87.1
66.0
86.9
65.5
86.1
65.2
84.1
64.9
85.7
64.7
86.1
64.4
85.8
63.8
83.2
61.0
82.2
61.2
86.2
62.1
86.9
67.73
68.71
68.09
9.87
68.68
65.89
64.09
63.69
64.39
63.43
62.61
60.87
58.71
61.81
63.13
Sales:
Total,excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil. $.- 8,803.91 9,515.67 676.38
Face value
do
10,157.90 10,077.35 747.69
935.61
989.33
807.45
866.54
841.21
952.20
734.02
790.10
783.47
869.21
781.70
923.56
645.90
738.59
615.35
725.34
604.89
701.33
766.20
852.43
622.72
664.91
741.95
823.72
Transportations
Communication
Financial and real estate
Noncorporate, total9
U.S. Government
State and municipal
State and municipal issues (Bond Buyer):
Long-term
Short-term
46,025
11,645
1,261
11,752
41,957
6,629
2,010
11,357
3,791
383
278
1,280
do...
do...
do...
2,411
5,818
8,662
3,048
4,817
10,580
do...
do...
do...
60,406
17,325
24,370
do...
do...
165
371
SECURITY MARKETS
Stock Market Customer Financing*
Margin credit at brokers and banks, end of month,
total
_
mil. $.
At brokers
do...
At banks
do...
Other security credit at banks
do...
Free credit balances at brokers:
Margin accounts
do...
Cash accounts
do...
1835
Bonds
Prices:
Standard <fr Poor's Corporation:
High grade corporate:
Composite^
dol. per $100 bond..
Domestic municipal (15 bonds)
do
U.8. Treasury bonds, taxablei
New York Stock Exchange:
Market value
Face value
do...
62.1
85.0
8,009.57 8, 717.24
9,080.68 9,168.52
629.34
692.12
886.17
928.53
740. 76 786.18
790.08 837.91
692.06
738.43
740.12
828.62
747.12
810.76
606.45
684.98
585.14
679.35
579.43
663.75
744.67
807.02
697.88
632. 78
691.10
759. 22
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $.. 6,563.82 5,444.12
370.69
463.55
417.92
448.44
362.93
392.08
351.32
379.95
335.55
354.44
351.15
355.69
399. 52
7.69
7.52
7.47
7.49
7.57
7.62
7.62
7.62
7.69
7.80
8.04
8.00
7.90
8.02
7.37
7.55
7.71
8.13
7.45
7.64
7.86
8.24
7.68
7.84
8.11
8.53
7.63
7.86
8.11
8.63
7,00
7.84
7.98
8.41
7.67
7.90
8.07
8.42
Yields:
Domesticcorporate (Moodyfs)
By rating:
Aaa
Aa
A
Baa
do.
do.
percent..
7.94
7.63
344.40
do.—
do
do
do
7.39
7.78
8.03
8.56
7.21
7.48
7.66
8.15
7.21
7.45
7.64
8.06
7.12
7.39
7.58
7.99
7.08
7.36
7.50
7.93
7.15
7.37
7.53
7.90
7.22
7.47
7.60
7.97
7.29
7.49
7.66
8.03
7.26
7.49
7.64
8.09
7.29
7.49
7.64
8.06
do
.do...
do....
7.57
8.13
8.38
7.35
7.74
7.98
7.36
7.63
7.97
7.28
7.65
7.95
7.22
7.48
7.91
7.27
7.51
7.87
7.34
7.61
7.92
7.43
7.64
7.94
7.43
7.64
7.98
7.41
7.63
8.01
7.49
7.69
8.07
7.59
7.81
8.17
7.91
8.06
8.32
7.89
8.09
8.37
7.70
8.04
8.24
7.81
8.11
8.28
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
do...
do....
5.46
5.70
5.25
5.27
5.04
5.20
4.99
6.03
5.11
5.03
5.16
5.05
5.22
5.12
5.26
5.30
5.10
5.16
5.22
5.12
5.25
5.15
6.59
5.39
5.34
5.47
5.00
5.11
6.17
5.05
5.15
5.17
U.S. Treasury bonds, taxableO
do
5.74
5.63
5.69
6.50
6.63
5.94
6.14
6.20
6.11
6.22
6.32
6.53
6.81
0.42
6.20
6.31
8.81
9.50
4.77
3.78
7.28
10.62
8.92
9.61
4.87
3.73
7.32
10.99
8.98
9.62
4.89
3.79
7.31
11.02
9.21
9.97
4.90
3.83
7.31
11.02
9.22
9.97
4.92
3.92
7.39
11.10
9.29
10.06
4.95
3.95
7.39
11.38
9.32
10.09
4.98
3.96
7.39
11.53
9.34
10.10
4.99
3.96
7.54
11.53
9.38
10.17
4.99
4.00
7.54
11.53
10.18
4.99
4.00
7.54
11.64
9.41
10.19
5.00
3.97
7.54
12.89
9.53
10.45
5.01
3.97
7.54
13.20
9.59
10.53
5.02
4.06
7.54
13.23
9.62
10.58
5.03
4.06
7.54
11.88
9.73
10.75
5.03
4.09
7.55
11.88
10.16
11.22
5.03
4.09
7.55
11.90
311. 61 298. 69 298.30
388.63 373.23 374.61
75.20
79.43 77.54
84.58
86.38 81.39
286.63
358.35
74.73
77.95
281.78
352.21
74.69
71.60
280.68
351.31
72.89
71.40
289.38
363.50
69.70
74.55
279.26
350.38
67.87
71.44
287. 99
357.90
72,38
77.35
282.50
361.44
08.21
80.73
258.72
320.11
60.95
83.85
3.13
2.70
6.64
4.68
3.30
3.20
3.27
2.84
6.68
5.13
3.49
3.56
3.33
2.89
6.68
5.59
3.46
3.71
3.35
2.90
6.86
5.56
3.20
3.82
3.29
2.87
7.19
5.33
2.91
3.60
3.43
3.01
7.40
5.68
2.83
3.69
3.34
2.96
6.95
5.25
2.75
3.20
3.37
2.97
7.37
5.07
2.70
3.28
3.93
3.51
8.25
4.88
3.02
3.38
By group:
Industrials
Public utilities...
Railroads
. .
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars.
Industrials
do
Public utilities
do.."
Railroads
do..
N.Y. banks
do...
Property and casualty insurance cos
do
Price per share, end of mo., composite
Industrials
Public utilities
Railroads
do...
do..
do.
do...
261.43
318.75
84.16
85.12
290.65
362.44
80.20
91.00
295. 56
365.83
83.36
S3.85
309.50
383.21
86.86
93.33
313.81
389.48
83.61
91.26
Yields, composite
Industrials
Public utilities
Railroads
N.Y. banks
Property and casualty insurance cos
percent.
do..
do...
do...
...do...
do...
3.37
2.98
5.67
4.44
4.14
3.25
3.07
2.65
6.07
4.10
3.35
2.92
3.04
2.63
5.87
4.52
3.05
2.70
2.98
2.60
5.64
4.10
3.17
2.52
2.94
2.56
5.88
4.30
3.06
2.67
Earnings per share (Indust., qtrly. at ann. rate;
pub. util. and RR., for 12 mo. ending each qtr.):
Industrials
dollars
Public utilities
do.
Railroads
do.
17.55
24.42
20.28
7.73
7.14
7.73
6.71
3.93
6.71
' Revised.
» Preliminary.
i End of year.
*New series; more detailed information
Digitizedappears
for FRASER
in the February 1972 Federal Reserve Bulletin.
QIncludes
data
not
shown
separately.
{Beginning
April 1971 SURVEY, data rehttp://fraser.stlouisfed.org/
stated to include "other transportation" in addition to railroad data formerly shown.
Federal Reserve Bank of St. Louis
2.98
2.59
6.23
4.57
3.07
3.09
3.12
2.70
6.42
4.87
3.26
3.30
P27.15
23.95
P23.75
.78
P7.63
7.17
'7.10
o" Number of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
IPrices are derived from average yields on basis of an assumed 3 percent 20-year bond.
G For bonds due or callable in 10 years or more.
SUEVEY OF CUREENT BUSINESS
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
S-21
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May-
June
Ju'y
Aug.
Sept.
Oct.
Nov.
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
percent..
Prices:
Dow-Jones averages (65 stocks)_._
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
._
Standard & Poor's Corporation:d*
Industrial, public utility, and railroad:
Combined index (500 stocks)
1941-43=10..
6.75
6.89
298.12
884.76
117.22
217.20
319.36
950.71
112.83
241.44
7.03
6.92
6.93
6.87
321.92 322.19 332.15 325.94
944.10 1,001.19 1,020.32 1,026.82
113.06 121.33 121. 47 118.06
215. 88 227.89 232.74 216.58
6.91
7.03
7.11
7.13
7.25
7.35
7.43
7.38
7.18
7.40
308.40
974.04
113.08
202. 04
300.94
957.35
109.52
194.60
297.65
944.10
108. 02
194.22
286.34
922.41
107.38
175. 53
274.32
893.90
105. 34
159. 79
275.35
903. 61
101.38
162. 70
267. 36
883.73
95.72
157. 72
277. 54
909. 98
99.96
166. 82
295.03
967. 62
101. 67
182. 75
272.02
878.98
93.18
175.93
98.29
109.20
109. 56
115.05
117.50
118.42
114.16
112.42
110.27
107. 22
104.75
105.83
103.80
105. 61
109.84
102.03
..do..-.
do....
do
-do....
do....
108.35
102. 80
99.78
59.33
41.94
121.79
119.39
113.90
56.89
44.11
122. 39
119. 50
112. 94
56.66
41.20
128.29
122.11
119.51
61.16
42.41
131.08
124.57
122. 26
61.73
44.62
132.55
127.04
122.57
60.01
42.87
127.87
125. 56
117.54
57.52
40.61
126. 05
124.53
116.41
55.94
39.29
123.56
120.38
111.24
55.34
35.88
119. 95
116. 48
107.44
55.43
36.14
117.20
114.75
104. 83
54.37
34.35
118. 65
116.31
105. 94
53.31
35.22
116. 75
115.98
104.35
50.14
33.76
118. 52
116. 60
105.16
52.31
35.49
123. 42
122. 30
106. 58
53.22
38.24
114.64
115.48
96.97
48.30
39.74
do_-.
do....
46.31
87.06
57.37
105.81
63.99
118. 20
63.45
117.74
62.48
114. 24
65.03
113.88
59.30
103.73
61.21
105.59
59.50
100.49
59.79
97.72
58.28
97.45
66.05
102. 23
66.62
102.43
71.08
107. 24
73.43
113.30
69.63
107.01
Property-liability insurance (16 stocks)..do...
115.04
132.58
133. 04
149.68
144.16
134.69
124.23
124.67
119.77
109. 50
113.36
122. 09
114.02
115.33
119. 88
117.72
New York Stock Exchange common stock indexes:
Composite.
12/31/65=50..
Industrial
do
Transportation
do
Utility
_
do.__.
Finance
-_.
_
do
54.22
57.92
44.35
39.44
70.38
60.29
65.73
50.17
38.48
78.35
59.99
65.35
44.95
38.93
79.64
62.99
68.29
47.50
41.81
84.57
64.26
69.96
48.44
42.28
83.45
64.38
70.55
45.14
41.72
81.62
61.52
67.67
42.34
39.95
74.47
60.15
66.20
40.92
39.13
72.32
58.67
64.41
40.57
38.97
69.42
56.74
62.22
36.66
39.01
65.33
55.14
60.52
33.72
37.95
63.52
56.12
61.53
34.22
37.68
68.95
55.33
ol.09
33.48
35.40
68.26
56.71
62.25
35.82
36.79
72.23
59.26
65.29
39.03
37.47
74.98
54.59
60.15
36.31
34.73
67.85
185,027
5,916
204,032
6,299
14, 810
461
18, 540
556
17,856
547
18,926
565
15,062
446
16,486
519
12,878
408
14,931
475
12, 085
409
11,927
399
12,659
424
12,623
412
18,726
587
147,098
4,265
159, 700
4,496
11,930
346
15,047
414
14,473
398
15,407
414
12, 323
330
13,449
382
10,591
301
12,343
357
9,852
308
9,717
306
10,342
330
10,395
309
15, 644
457
3,891
4,138
317
406
345
394
318
342
278
337
269
308
271
329
423
741.83
17,500
871.54
19,159
824. 96
19,002
863. 52
19,063
871. 54
19,159
854.13
19,323
816. 96
19,403
809. 76
19, 525
775.81
19,686
758.59
20,066
752.58
20,327
792.06
20,466
765. 77
20,521
807. 24
20,548
808. 69
20,607
Industrial, total (425 stocks) 9
Capital goods (116 stocks)
Consumers' goods (184 stocks)
Public utility (55 stocks)
Railroad (20 stocks)
Banks:
New York City (9 stocks)
Outside New York City (16 stocks)
Sales:
Total on all registered exchanges (SEC):
Market value
mil. $..
Shares sold
millions..
On New York Stock Exchange:
Market value
mil. $..
Shares sold (cleared or settled)
millions..
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
millions.
Shares listed, N . Y . Stock Exchange, end of period:
Market value, all listed shares
bil. $_
Number of shares listed
millions.
400
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value of Exports
Exports (mdse.), incl. reexports, total
Excl. Dept. of Defense shipments
Seasonally adjusted
By
Africa
_
_
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
_
Pakistan
Malaysia
__
Indonesia
Philippines
Japan
Europe:
France
East Germany
West Germany
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
r
4,508.5
4,613.5
4,722.7 4.789.1 4,900.6 5.975.7 5,595. 8 6,064.0 5, 896.9 5,387.7 5,810. 4 6,015.6 6,783.5
4,441.0
4,316.3
4,582.9
4,472.9
4,690.6 4.747.2 4, 864.0 5.922.8 5,560.5 6,023.0 5, 858.4 5,321. 6 5,778. 5 5,959.0 6,749.3
4,558.0 4,977.1 5, 064.6 5,379.5 5,487.0 5, 602. 8 5, 778.1 5,868.5 6,004. 3 6,448.4 6,431.6
1,694.3 1,672.0
146.6
150.9
9.855.3 11,275. 7 1,016.8 1,072.5
93.9
93.9
1.168.4 1,034.9
1,407. 2 1,535.8
14,562.3
171.3
199.2
142.3
154.8
200.4
172.2
188.4
167.4
149.1
232.0
217.4
1,130.6 1,161.1 1,216.8 1,536.9 1,417.7 1,444.2 1.444.2 1,466.3 1, 574. 0 1,692.6 1,714.0
125.5
142. 4
150.5
158.1
82.8
128.5
96.0
109.3
134.0
107.2
135.2
1,629.6 1,649.5 1, 705.5 2,132.3 1,827. 4 2,022. 5 1,899.0 1, 729. 6 1,825.8 1,772.4 2,061.3
mil. $ . . 44,129.9
do
do
_..do.
do.
do_
do.
do_.
do..
do..
_do____
do
43, 548.6
10,367.4 12,419.0 1,158. 3 1,138.6 1,060.0 1.080.3 1,090.4 1,283.3 1,314.1 1, 422.1 1.334.3 1,049.3 1,080. 9 1,190. 9 1,516.4
427.4
3,154. 5 3, 564.2
415.9
349.6
327.0
308.9
363.1
410.5
509.2
325.6
383.8
453.3
324.2
449.2
357.3
3,327.7 3,711.4
303.9
353.6
337.7
353.0
352.2
375.2
296.1
552.8
442.9
307.5
447.5
356.8
62.9
622.3
76.1
597.1
3.0
70.1
8.8
50.9
2.9
53.9
7.4
61.3
12.5
55.1
29.9
52.5
12.7
57.6
26.2
56.5
34.4
60.3
20.7
59.8
13.2
60.8
33.4
66.9
6.0
77.5
do
1,018. 3
do
648.1
___do.__T
211.4
do
71.5
857.0
350.0
183.0
128.0
75.3
21.0
16.0
18.7
76.1
25.3
8.9
8.5
67.5
27.6
14.2
9.1
86.7
23.8
15.7
8.1
89.2
28.7
21.0
11.7
80.3
39.4
10.3
11.2
90.5
35.1
16.6
8.6
130.2
31.4
16.0
12.8
108.6
35.5
15.7
10.4
107.6
37.3
24.9
12.3
135.2
49.7
9.0
14.3
106.7
82.1
19.0
15.2
116.5
61.8
22.6
19.7
do
do..
do..
263.0
340.2
4,054. 8
307.6
365.6
4,941.2
21.1
29.5
463.7
24.0
29.4
488.5
44.0
32.0
511.6
46,3
25.3
547.8
34.1
29.1
565.3
21.8
32.4
771.7
27.2
41.4
657.5
. 30.6
39.0
697.9
35.7
44.6
706.2
34.4
45.6
621.9
30.2
41.4
747.8
41.5
41.3
704.1
42.8
44.7
757.4
do..
_do_.
do..
1,373.2
25.4
2,831.1
1,609.6
14.9
2,811.2
150.6
.2
247.3
151.2
.3
262.9
160.9
3.0
272.0
187.4
.3
246.5
180.2
2.4
259.1
240.6
.8
314.0
191.4
2.0
306.9
200.1
1.2
293.6
160.5
.6
322.1
154.0
.8
280.9
165.2
11.0
167.2
.3
298.5
200.8
.5
355.3
do.
do..
dc
1,313.9
160.9
2,369.2
1,425.2
546.7
2,658.2
100.9
64.0
215.2
129.4
56.1
275.3
138.9
101.4
241.0
129.6
98.3
249.7
143.3
99.8
238.0
183.5
111.6
310.4
188.7
103.1
248.9
172.6
137.7
340.5
225.3
142.9
282.5
182.3
103.8
272.5
166.9
97.3
267.9
152.8
77.1
289.0
169.8
76.8
346.4
d o . . . . 10,365.4 12,415.4 1,157.9 1,138.5
1,060.0 1,080.1 1,090.1 1,283.2 1,313.5 1,422.0 1,334.1 1,049.1 1,080.8 1,190.7 1,516.3
Revised.
rf Number of stocks represents number currently used; the change in number doe not
affect continuity of the series.
9 Includes data not shown separately.
N O T E F O R P . S-16, W O R K S T O P P A G E S : Revisions for Jan.-Sept. 1972 are as
follows: Number beginning in month, 427; 419; 421; 498; 541; 491; 404; 485: 444; number in
effect, 643; 675; 727; 759; 860; 818; 706; 790; 733; workers involved beginning in month (thous.),
80; 86; 162; 187; 155; 311; 130; 168; 143; workers involved during month (thous.), 195; 183; 220;
257; 249; 413; 384; 270; 260; man-days idle (thous.), 2,530; 1,849; 1,830; 2,258; 2,604; 3,606; 3,437;
2,840; 2,403.
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
| 1972
Annual
Oct.
Nov.
1973
Dec.
Jan.
Exports of U.S. merchandise, total
Excluding military grant-aid
Agricultural products, total
Nonagricultural products, total
do..
do..
do..
do_.
43,491. 8
42, 910. 5
7, 698. 0
35,793.7
July
Aug.
Sept.
Oct.
809.2
53.5
183.2
14.8
44.2
271.7
82.0
974.4
59.1
231.0
38.6
41.1
318.1
99.2
5, 936. 5
5, 879. 9
1,448.7
4,487. 8
6, 668.1
6, 633. 9
1,733. 7
4, 934. 4
STATES—Continued
688.1
30.6
139.3
11.2
27.0
240.4
77.9
705.7
29.4
149.0
19.4
39.0
235.8
71.4
706.3
25.2
151.3
10.2
33.2
253.0
81.9
812.9
57.9
160.8
15.2
47.3
268.1
84.8
4, 719.5
4,677. 7
1,136.1
3, 583. 5
4, 831.1
4, 794. 5
1,179.4
3. 651. 7
5,878. 7
5, 825.8
1,407.7
4,471.0
5,491. 8
5,456.4
1, 264.1
4, 227. 7
5,967. 7
5,926. 7
1,364.9
4,602. 8
5, 793.4
5, 754.9
1,376.0
4,417.4
5,305.9
5,239.8
1,218.1
4,087.8
5, 706. 5
5,674. 6
1,469. 5
4,236.9
21.7
476.7
669.4
26.2
455.5
802.3
48.4
531.1
767.9
45.6
510.0
834.7
45.1
565.1
949.6
38.5
660.3
48,978.6 4,447.2 4,527.2
48,419.1 4,379.7 4,496.6
9,409.6
908.0 1, 079. 9
39,466.6 3,540.9 3,447. 2
4,649.2
4,617.1
1,110.8
3,540.9
658.0
23.1
441.4
615. 7
23.9
384.8
June
644.4
34.9
118.4
15.6
32.1
214.8
94.9
547.4
28.0
113.7
14.0
23.6
180.2
74.4
550.6
29.9
337.4
May-
648.7
27.3
123.0
15.4
34.9
215.6
81.0
604.9
27.1
119.7
14.4
32.9
188.9
96.6
By commodity groups and principal commodities:
Food and live animals 9
mil. $.. 4, 366. 6 5,660.8
252.0
192.0
Meats and preparations (incl. poultry) __do
2, 449.1 3, 505.0
Grains and cereal preparations
do.
908.5
709.2
Beverages and tobacco
do.
Apr.
554.4
20.8
101.4
14.1
30.3
180.6
92.5
648.7
26.8
104.2
9.6
26.4
184.4
76.2
617.9
45.1
118.5
15.5
26.9
207.6
73.1
Mar.
Feb.
FOREIGN TRADE OF THE UNITED
FOREIGN TRADE—Continued
Value of Exports—Continued
Ex ports (mdse.), Incl. reexports—Continued
ty leading countries—Continued
North and South America—Continued
Latin American Republics, total?
mil. $-. 5,666. 5 6,471. 2
400.1
390.9
Argentina
do.
966.3 1,242.9
Brazil
do.
223.7
187.0
Chile
do377.5
317.3
Colombia
do_
1, 620. 0 1,982.2
Mexico
do923.7
787.1
Venezuela
do.
December 1973
901.9 1, 207. 5 1,191.0 1,216.0
28.7
32.4
27.5
44.7
921.1
920.2
660.5
847.3
85.8
94.8
90.5
62.9
74.5
78.4
74.8
68.4
73.3
72.1
77.3
92.9
110.6
Crude materials, inedible, exc. fuels 9
Cotton, raw, excl. linters and waste
Soybeans, exc. canned or prepared
Metal ores, concentrates, and scrap
do
do.
do.
do
4,328. 6 5,030.5
502.8
583.2
1,324.8 1, 507. 7
507.9
486.7
500.0
30.4
186.2
51.2
566.0
55.9
214.8
44.2
566.4
85.7
185.5
61.6
586.4
103.2
185.9
55.8
663.1
82.0
254.6
59.3
840.7
104.7
304.4
90.8
718.0
92.5
248.1
67.5
779.7
69.8
290.4
101.3
676.6
81.5
187.0
93.3
562.7
58.6
112.0
129.0
558.9
52.1
93.4
129.4
506.3
47.5
50.1
106.0
749.8
50.2
278.0
90.7
Mineral fuels, lubricants, etc. 9
Coal and related products
Petroleum and products
Animal and vegetable oils, fats, waxes
Chemicals
Manufactured goods 9
Textiles
Iron and steel
Nonferrous base metals
do..
do..
do..
do..
do..
do_.
do..
do.
do..
1,497. 4
950.7
478.9
615.2
3,836.0
4.413. 4
632.1
791.6
595.6
1,552.5
1,019.1
445.0
508.0
4,132.9
4,904.1
778.8
825.9
566.8
137.1
91.1
37.2
35.2
392.9
445.7
74.2
70.9
61.5
146.9
95.3
41.8
47.8
331.9
426.4
72.0
66.2
47.1
127.4
67.5
41.4
35.9
386.0
440.6
75.5
71.2
51.2
105.3
62.0
36.2
44.0
403.8
478.2
78.3
85.5
57.8
106.7
55.5
36.3
44.8
384.7
457.6
71.6
75.2
54.1
121.2
71.4
38.2
61.0
441.8
534.0
85.9
98.0
59.7
142.0
9M
40.2
141.0
95.9
40.7
137.8
91.1
39.8
58.9
475.8
587.0
96.4
102.2
71.2
132.3
81.3
44.2
59.9
468.0
556.6
89.0
103.2
78.7
153.6
102.8
41.8
60.2
516.6
607.1
94.9
107.3
87.1
121.6
65.7
48.0
66.2
505.6
648.8
120.1
106.8
95.8
177.1
119.6
49.9
59.1
553.1
709.2
127.0
127.4
103.8
Machinery and transport equipment, total
mil. $.. 19, 459. 8
11,560.9
Machinery, total 9
do
596.7
Agricultural
do
404.5
Metalworking
do
1, 404. 2
Construction, excav. and mining
do
3, 066. 7
Electrical
do
7, 899. 0
Transport equipment, total
do
4,157.1
Motor vehicles and parts
do
2,
734.1
Miscellaneous manufactured articles.
do
1, 631. 4
Commodities not classified
do
Value of Imports
45,562.7
General imports, total
do
Seasonally adjusted
do
By geographic regions:
1, 236. 3
Africa
do
11,779.5
Asia
do
894.9
Australia and Oceania
do
12,881.1
Europe
do
12,695.4
Northern North America
do
3, 000.5
Southern North America
do
3,033. 7
South America
do
By leading countries:
Africa:
19.1
Egypt
do..
286.5
Republic of South Africa
do..
Asia; Australia and Oceania:
636.1
Australia, including New Guinea
do..
329.1
India
do..
Pakistan
do_.
77.1
Malaysia
do..
269.0
Indonesia
do..
207.2
Philippines
do.
495.6
Japan
do.
7, 258. 8
Europe:
France
do
1, 087. 7
East Germany
do
10.1
West Germany
do
3, 650. 5
Italy
do
1,405. 7
Union of Soviet Socialist Republics
do
57.2
United Kingdom
___do
2, 498. 5
North and South America:
Canada
do
12,691.5
Latin American Republics, total 9
do
4, 881. 0
Argentina
do
175.8
Brazil
do.
761.7
Chile
do
90.9
Colombia
do
239.2
Mexico
do
1,261.6
Venezuela
do
1,215.9
By commodity groups and principal commodities:
Agricultural products,total..._
mil. $.. 5, 765. 5
d o . . . . 39,797.3
Nonagricultural products, total
r
Revised.
9 Includes data not shown separately.
38.0
54.4
443.6
460.0
578.4
94.2
564.9
91.8
98.6
69.0
109.7
64.3
21,532.7 1,885.9 1,904.1 1,937. 2 1,956.4 2, 026. 9 2, 527.8 2, 250.0 2, 569. 7 2,317. 7 2,050.3 2,067. 6 2,319. 4 2, 551. 0
13, 244.4 1,132. 6 1,185. 2 1,199. 0 1, 222. 6 1, 223. 0 1,444. 5 1,360.9 1,474. 2 1,428. 8 1,383.2 1, 402.1 1, 433. 6 1,631.9
75.5
105.0
92.6
61.8
64.3
69.0
62.8
97.0
86.6
749.6
59.3
78.3
86.5
79.0
44.2
32.5
37.2
44.4
42.1
39.2
35.6
30.6
31.4
37.0
35.8
410.0
50.6
38.7
181.0
180.7
176.3
135. 0 151.0
178.2
130.4
124.1
148.1
179.8
182.9
1,601.1
191.7
169.1
429.9
409.7
389.6
414.1
369.7
337.5
352.4
334.8
341.3
439.5
413.8
3,697.8
489.1
397.9
885.8
919.0
889.1 1,095.5
738.2
665.4
733.8
8,296.6
721.8
803.9 1, 083.4
889.0
754.8
667.1
468.9
527.8
551.0
389.5
543.6
521.7
4, 796.4
474.2
477.5
407.7
620.7
426.7
455.8
448.5
336.9
325.7
324.3
331.0
334.7
345.4
3,189.7
270.8
282.8
275.1
378.5
276.3
264.9
147.7
168.4
145.7
126.8
132.6
1,559.4
146.7
171.1
131.0
193.2
118.9
131.0
163.8
128.7
5,201.4
5,147.9
4,795.7 5,423.0 4,944. 6 5, 595. 6 5.347.3 6,032. 0 5,900. 8 5,651.8 5,997. 4 5, 288.3 6,373. 3
5,002.3 5, 280. 9 5,540. 8 5,432.1 5, 290. 7 5, 760. 7 5, 793.6 5, 762.4 6, 020.9 5, 575.1 5,904. 5
'55,582.8
5,008.5
4,737.5
1.595.2
15, 111. 5
1,145.4
15, 740.3
14,915.3
3.536.3
3,460.0
244.9
232.8
182.5
184.2
216.4
164.7
155.4
245.9
226.3
165.5
141.4
187.5
201.2
, 398. 7 1,404.1 1, 247. 6 1, 364. 3 1, 245. 0 1,413.3 1.352.4 1,515. 7 1,549.1 1,567.0 1, 789. 0 1, 502. 8 1, 656. 9
165.1
116.5
90.1
108.5
90.1
83.4
101.2
175.0
120.3
101.0
123.4
123.0
124.0
, 355.3 1,491.7 1,366. 4 1, 555. 3 1, 405. 2 1,587.9 1,529. 7 1, 723.2 1,628.9 1, 668. 8 1, 769.1 1,402. 9 1, 804. 8
,372.9 1,456.8 1, 302. 4 1, 477. 9 1,337. 8 1,546.9 1,443.4 1,667.1 1,673. 7 1,395.7 1,177.7 1,329. 3 1,648.3
435.7
357.9
377.7
428.3
411.6
450.8
310.9
368.4
419.2
305.5
418.4
287.7
364.5
416.3
343.1
297.4
301.8
324.3
388.1
393.4
314.3
283.9
356.4
316.0
325.5
16.9
324.7
33.9
1.6
26.5
1.6
23.1
3.7
25.2
.5
37.2
1.2
30.1
2.6
32.3
1.4
31.7
2.2
28.4
1.0
38.5
4.9
27.0
2.5
33.6
819.9
426.6
40.2
301.2
277.8
483.5
9, 064.3
89.1
27.3
2.5
33.9
28.2
34.9
819.0
79.9
34.0
2.3
24.9
24.2
41.5
863.9
61.9
29.1
2.6
21.8
26.1
56.0
724.6
72.3
35.2
3.3
23.3
29.4
35.0
800.8
62.3
29.0
3.3
23.6
25.0
31.3
708.7
61.9
38.4
3.6
30.9
34.2
50.3
792.2
70.7
29.7
2.5
25.4
30.1
44.6
779.9
76.9
35.9
2.3
40.7
43.8
56.1
812.6
82.5
39.2
1.7
40.0
48.4
55.0
810.9
84.0
33.1
3.4
38.5
32.5
80.9
821.1
123.8
40.8
80.3
42.2
38.0
51.4
75.6
944.1
39.5
48.7
71.3
753.4
1,368.5
10.3
4.248.7
1.755.8
95.4
2.985.9
113.8
.7
364.5
124.4
9.5
271.8
127.1
1.0
380.9
166.2
11.1
319.0
121.6
.8
357.5
147.9
12.8
264.7
138.1
.9
421.2
170.2
18.4
296.4
123.1
.5
379.7
162.6
12.5
266.6
128.3
.7
436.8
167.0
15.5
292.6
140.9
.6
415.3
138.9
17.8
288.6
153.3
1.1
482.8
156.6
10.9
317.0
145.7
1.2
460.1
166.8
11.4
298.5
162.3
1.1
470.9
166.7
12.5
300.1
168.7
121.3
.9
1.0
482.1
208.2
18.7
343.0
341.8
141.2
19.1
259.1
14,908.9
5, 772.1
201.4
941.6
82.9
284.1
1,631.6
1,297. 5
372.3
6,504.9
49,050.4
1.1
488.9
17.1
85.2
7.1
26.1
125.2
101.9
1,456.5 1,301.8
521.1
486.1
21.3
16.3
70.6
78.9
5.3
6.8
27.9
23.2
149.4
146.6
134.4
108.8
4.2
3.8
3.7
31.9
114.5
41.6
3.1
41.8
44.5
42.3
823.6
131.9
.9
530.4
155.2
22.8
317.9
, 477. 8 1,337. 8 1,546.1 1,443.4 1,666.4 1,672. 8 1,394.5 1,176.1 1,327.4 1,647.5
700.8
570.8
671.8
569.8
644.4
604.9
604.1
562.5
608.9
615.8
26.4
21.2
22.4
24.9
18.6
17.9
23.6
15.5
16.9
24.4
108.9
89.9
77.2
99.0
94.5
74.2
102.7
85.3
80.5
131.2
12.1
3.8
1.5
1.0
6.5
2.9
4.9
5.4
12.4
13.3
35.7
29.4
21.9
34.7
33.6
32.8
38.7
30.1
35.1
24.9
207.9
164.2
198.0
193.2
206.6
170.8
196.8
189.5
170.5
161.7
159.1
147.2
107.8
128.5
130.8
126.8
121.9
109.2
130.6
709.4
787.8
670.1 641.8 725.4
644.5
680.3
554.1 564.3
659.7
618.1 666.0
,426.7 4,635.7 4,230.7 4,763.3 4,326.5 4,929.6 4,637.8 5,244.2 5,230.7 5,010.0 5,272.0 4,641.8
715.6
Nov
SURVEY OF CURRENT BUSINESS
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
S-23
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE—Continued
Value of Imports-—Continued
General imports—Continued
By commodity groups and principal commodities:
Food and live animals 9
mil. $_. 6,628.6
Cocoa or cacao beans
do....
181.3
Coffee
d o . . . 1,166.6
Meats and preparations
do
1,060.1
Sugar
do...
763.6
Beverages and tobacco
do
876.5
3,382.0
Crude materials, inedible, exc. fuels?
do
Metal ores
do.._ 1,043.9
Paper base stocks
do...
602.3
Textile
fibers
do...
158.4
Rubber
do
216.0
Mineral fuels, lubricants, etc
Petroleum and products
Animal and vegetable oils and fats
do...
do
do....
Chemicals
do
Manufactured goods?
Iron and steel
Newsprint
Nonferrous metals
Textiles
Machinery and transport equipment
Machinery, total?
Metalworking
Electrical
do...
do...
do...
do...
do...
do...
do
do...
do...
Transport equipment
Automobiles and parts
Miscellaneous manufactured articles
do...
do...
do...
C ommodities not classified
do...
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967 = 100.
Quantity
do__.
Value
_
do...
General imports:
Unit value
do
Quantity
do...
Value
do
Shipping Weight and Value
Waterborne trade:
Exports (lncl. reexports):
Shipping weight
thous. sh. tons.
Value
mil. $..
General imports:
Shipping weight
thous. sh. tons..
Value
mil.$.
3,714.8
3,323.3
150.7
1.181.7
1.222.8
824.1
1,009.4
3,859.8
1,021.6
509.9
195.9
196.2
4,798.9
4,299.6
539.4
23.6
83.7
89.6
62.7
99.3
324.9
88.5
38.5
14.9
18.3
616.7
25.7
132.9
108.8
71.9
109.2
388.5
84.4
56.7
21.9
19.5
668.4
24.1
121.5
99.7
48.9
347.3
87.8
45.9
15.7
18.0
545.1
6.8
103,5
111.9
52.4
117.3
383.1
112.5
49.0
16.9
17.6
412.4
371.0
417.0
374.4
475.7
431.1
532.7
585.1
8.0
128.8
127.0
62.0
107.1
488.1
658.3
21.6
145.2
119.8
80.3
98.9
341.2
62.6
48.1
21.0
18.0
630.1
20.1
141.1
96.6
72.1
83.5
383.8
69.8
52.2
21.8
23.3
494.9
452.4
595.1
553.7
76.3
92.7
50.0
19.2
20.0
444.3
103.6
57.5
23.2
27.0
627.1
15.5
126.1
120.8
69.3
97.3
453.1
121.9
51.9
21.0
29.2
598.9
14.4
117.0
125.7
75.5
94.4
431.3
128.4
55.3
22.1
22.3
696.9
10.1
127.6
175.1
100.6
91.2
408.7
128.6
45.0
20.6
38.9
616.7
6.3
102.2
143.8
79.9
91.0
386.8
99.9
51.8
15.9
39.1
707.0
3.2
124.8
200.1
39.2
128.0
490.7
148.8
70.1
17.4
42.6
502.2
463.2
609.4
565.2
604.3
566.7
554.9
515.5
776.4
728.8
694.9
648.5
794.7
740.9
732.7
24.0
180.1
135.9
85.5
102.5
171.6
179.6
15.5
10.1
21.7
1,612.3
2,014.8
165.8
177.4
166.4
9,545.8
2,725.2
988.5
1,551.6
1,391.2
11,421.5 1,086.4 1,072.5
303.8
2, 926. 4 314.9
96.4
96.5
1,053.9
173.0
1,933.2
179.8
141.5
125.8
1,528.4
13,873.2
5,967.8
106.8
2,555.1
17,420.1 1,523.6 1,713.6 1,492.3 1,675.9 1,560.0 1,813.0 1,710.1 1,954.3 1,918.2 1,700.7 1,683.7 1,507.6 1,943.9
759. 4 934.9
737.5
812.3
698.4
806.8
855.3
907.2
647.4
702.0
853.8
865.0
7,786. 9 687.4
14.5
17.4
13.3
10.9
14.4
15.6
12.8
16.5
14.5
17.3
11.8
19.1
140.4
11.4
358.1
332.0
363.8
344.4
284.6
377.4
391.2
466.3
275.0
387.0
317.0
421.6
3,375.4
331.4
965.2
748.2 1,009.0
9,613.2
977.5
903.3 1,100.5 1,053. 2 845.4
858.0 1,000.6
844.5
776.6
836.0
797.7
602.8
841.0
748.3
706.7
7,945.9
715.8
867.2
805.0
941.7
608.3
697.3
699.6
896.2
666.2
621.4
643.2
720.4
6,910.6
631.5
609.8
781.3
584.2
820.0
649.7
663.0
618.2
697.1
143.9
144.9
151.3
141.4
153.8
160.2
1,598.0
162.8
128.7
166.7
131.6
144.6
147.1
160.9
7,905.5
6,776.4
5,372.9
1,475.6
8.8
189.1
968.4 1,107.8
240.7
87.9
110.6
161.5
224.7
114.4
144.2
16.8
14.7
13.6
15.8
19.8
18.9
23.6
21.2
25.5
190.2
202.7
221.9
213.1
208.7
185.8
206.2
189.2
206.1
983.8 1,078.2
220.1
232.0
107.3
90.6
199.5
178.2
143.5
124.1
992.8 1,178.7 1,114. 0 1,192.7 1,135.2
204.4
296.2
243.5
279.5
273.4
100.5
104.8
109.4
97.4
80.9
159.1
188.8
186.2
178.9
211.2
136.6
133.5
137.8
128.3
128.9
968.9 1,136.0
220.9
258.9
83.6
93.1
188.4
209.5
116.5
132.0
114.4
122.4
140.0
117.6
134.3
158.0
118.4
145.0
171.6
122.8
143.3
176.1
122.6
144.6
177.3
123.5
147.5
182.1
126.8
148.0
187.7
127.2
179.3
228.0
128.4
166.3
213.6
132.4
175.3
232.1
134.5
167.5
225.3
137.6
149.1
205.2
142.9
155.5
222.2
141.6
162.5
'230.2
147.1
176.6
259.8
117.4
144.5
169.6
126.1
163.8
206.6
129.8
172.1
223.5
130.4
177.5
231.6
130.3
164.3
214.0
133.3
181.5
242.0
134.3
164.3
220.7
137.5
181.6
249.7
145.1
164.5
238.6
146.9
183.3
269.2
147.8
178.2
263.3
160.3
167.8
252.2
153.6
174.4
267.6
152.3
154.9
235.9
159.6
178.2
284.4
204,132
22,610
230,176
25,520
21,680
2,338
21,943
2,449
20,720
2,531
19,814
2,600
18,865
2,633
22,218
3,144
22,741
2,946
24,391
3,177
24,609
3,182
313,167 350,845 30,923
26,993 33,617 3,107
32,531
3,076
33,428
2,853
33,411
3,207
29,981
2,919
34,408
3,319
31,522
3,171
38,259
3,680
37,023
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
bll
Passenger-load factor§
percent..
Ton-miles (revenue), totals
milll
Operating revenues9O
Passenger revenues
Freight and express revenues
Mail revenues
Operating expensesO
Net income after taxes©
Domestic operations:
Passenger-miles (revenue)
Express and freight ton-miles...
Mail ton-miles
Operating revenues©
Operating expensesO
Net income after taxes©
International operations:^
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton-miles
Operating revenues©
Operating expensesO
Net income after taxes©
135.66
48.5
18,685
152.41
53.0
20,746
mil. $..
do
Ido___I
do
IldoZZIZ
Ido
10,046
8,220
826
288
9,717
30
11,163
9,271
bil
mil..
do
106.44
2,278
708
118.14
2,567
mil.$_.
.do....
do....
7,753
7,496
31
8,652
8,158
196
...bil..
...mil.,
.do....
29.22
1,518
617
34.27
1,738
515
mil.$__
" do
do
2,292
2,512
2,420
26
2,221
-1
12.29
50.9
1,725
11.52
50.0
1,687
13.08
53.1
1,842
11.05
47.9
1,534
2,812
271
10, 579
222
9.50
235
55
9.25
253
57
10.42
237
75
9.80
208
56
8.80
203
52
2,212
2.66
155
600
613
-18
13.16
50.3
1,822
14.95
55.0
2,008
16.00
54.9
2,088
P16.
98
^57.5
230
P13.15
P2,
P\,
12.00
235
51
P12.
96
P9.86
P4.02
*164
M3
P3.29
843
3,111
2,599
260
67
2,923
10.26
246
61
10.44
226
55
10.11
255
58
2,207
2,206
-29
52
2.27
169
65
13.24
51.8
1,796
-46
2,093
2.79
164
42
12.94
50.2
1,814
2,785
2,322
241
2,308
268
76
2,705
34
938
Local Transit Lines
Fares, average cash rate
cents.
26.6
27.4
27.8
27.8
27.8
424
Passengers carried (revenue)
mil..
5,497 '6,272
'454
446
f
Revised.
» Preliminary.
9 Includes data not shown separately.
IFApplies to passengers, baggage, cargo, and mail carried.
§Passenger-miles as a percent of available seat-miles in revenue service; reflects proportion
12.50
49.1
1,696
136
46
2.24
133
42
2.68
166
47
579
602
-17
11.55
258
55
*10.13
P256
2,433
2,267
77
2.80
148
43
3.05
150
43
3.39
157
43
4.00
162
40
678
656
11
27.7
27.7
27.7
27.8
27.8
27.8
27.8
27.8
27.8
27.8
462
408
413
391
420
512
448
465
438
424
of seating capacity actually sold and utilized.
©Total revenues, expenses, and income
for all groups of carriers also reflect nonseheduled service.
cf Effective July 1973, carrier
group referred to as "International;" no change in comparability of data.
OF CUREENT
S-24
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1972
1972
Annual
December 1973
Oct.
1973
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Motor Carriers (Intercity)
Carriers of property, class I : A
Number of reporting carriers
mil. $
Operating revenues, total
do
Expenses total
Freight carried (revenue)
_ _ _ _ _ mil. tons
Freight carried, volume indexes, class I and II
(ATA):
Common and contract carriers of property
(qtrly.)cf - ...average same period, 1967=100..
Common carriers of general freight, seas. adj.
1967=100
Carriers of passengers, class I:
Number of reporting carriers
Operating revenues total
mil. _>
do
Expenses total
mil..
Passengers carried (revenue)
Class I Railroads
Financial operations, qtrly. (AAR):
Operating revenues, total 9
mil. $
Freight
do
Passenger ©
do
Operating expenses ©
do
Tax accruals and rents
do
Net railway operating income
do
do __
Net income (after taxes) ©
Traffic:
Ton-miles of freight (net), revenue and nonrevenue
bil
Revenue ton-miles, qtrly. (AAR)
do
Revenue per ton-mile
_ cents..
Passengers (revenue) carried 1 mile
mil
Travel
Hotels and motor-hotels: §
Average sale per occupied room
d ollars.Rooms occupied
.
% of total..
= 100..
Restaurant sales index...same mo. 1951
Foreign travel:
U.S. citizens: Arrivals
thous..
Denartures
do
Aliens* Arrivals
do
DpDartnres
do
Passports issued
..
do
do
National parks, visits'^
1
i 1,475
12,693
11,907
596
1,475
14,270
13,434
642
1,475
8
7,194
8 6,766
8 321
128.0
119.0
7
124.5
136.4
759.9
665.4
166.7
172
768.1
682.5
156.8
12,697
11,793
7
294
7
144.9
150 2
94
1,720
1011 47
"39
94
2,007
10
51
44
124.0
140.0
154 8
160.1
166.0
11
153.1
94
2,109
10 64
47
94
U.824
6 42
145.0
162. 5
162.2
163 4
7
7
3 475
3,255
7
60
159.6
162.6
159.3
71
8 366. 8
8 346. 7
8 73.5
71
13
353 7
13
331. 9
13
77.1
13,411
12, 571
7
257
94
2,151
1051
46
94
i2l,895
10 12 64
12 43
7
3,523
3,305
7
59
7
3,727
3,484
3,633
10,058
1 939
700
8 351
10, 550
2,026
835
«500
2,716
509
250
• 184
2,761
562
200
•119
2,925
592
211
6 151
752 2
739.7
1.594
8,901
800.8
780.7
1.616
8,560
204 4
204.1
8 435. 9
213.0
2 60.8
2 64.8
2 83.1
2 69.5
18.74
60
114
19.21
62
123
' 20.04
71
125
19.38
60
111
18.88
48
122
19.52
57
105
19.85
60
118
20.32
65
143
20.06
67
129
20.53
69
153
20.39
68
143
20.25
65
130
20.93
70
128
20.71
66
135
21.09
73
132
7,591
7,059
4 325
3,567
* 9, 068
* 8, 312
4,310
771
625
434
383
664
542
368
324
543
606
407
382
663
548
452
342
589
583
346
272
713
686
426
343
780
746
451
359
775
787
427
376
790
941
474
418
993
1,020
615
480
1,172
870
663
628
2,399
48,863
2 728
54,087
140
3,896
132
2,055
119
1,716
183
1,656
230
1,848
322
2,252
345
3,356
335
4,826
306
7,618
255
10, 030
213
10, 296
152
5,615
148
4,159
20, 410
9 970
7 945
13* 253
3 487
111.6
23,079
11 261
8 984
14 869
4 032
117.3
3 5, 297
3 2 593
3 2 032
3
3' 504
3 906
3 111.6
6,033
2 923
2 371
3 867
1 088
117.3
o 6,214
» 2 985
» 2 467
• 3 928
• 1 108
»119 1
396 8
337.0
31 7
' 431 7
349.7
' 55 1
108 1
81 3
18.5
110 8
90.4
12 0
206 0
150.8
44.3
226 0
163.7
49.4
58 5
44 1
11 0
61 2
43 5
14 3
4
2,898
572
163
6
83
2 66.9
132
COMMUNICATION (QTRLY.)
Telephone carriers (63 carriers except as noted):
rr>
Operating revenues 9
^*
Station revenues
do
Tolls, message
do
Operating expenses (excluding taxes)
do
Net operating income (after taxes)
do
Phones in service end of period
mil
Telegraph carriers:
Domestic:
Operating revenues
mil $
Operating expenses
do
Net operating revenues (before taxes)
do
International:
Operating revenues
do
Operating expenses
Net operating revenues (before taxes)...do . . .
j
113.7
93 4
15.7
63.8
44 2
16.2
!
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Acetylene*
mil. cu. ft.
12,349
11, 568
Ammonia, synthetic anhydrousj.thous. sh. tons
* 14,538 415,193
Carbon dioxide, liquid, gas, and solidf
do...
1,344
1,481
9,352
Chlorine gas (100% Cl a )t
do
' 9, 873
2,099
Hydrochloric acid (100% HCl)j
do
' 2,302
Nitric acid (100% HNO 3 )t
do... "*7,638 '4 7,981
319,171
Oxygen (high and low purity)©
mil. cu. ft
353,190
Phosphoric acid (100% P3Os)t
thous. sh. tons. '* 5,970 '*6,531
Sodium carbonate (soda ash), synthetic (58%
' 4, 298
Na 3 O)t
thous. sh. tons.
' 4,310
138
Sodium bichromate and chromatet . . do
'147
9,667 ' 10, 217
Sodium hydroxide (100% NaOH)J_
_ do._
••636
Sodium silicate, anhydroust
..do..
'661
1,356
Sodium sulfate, anhydroust
do
'1,327
Sulfuricacid (100% HaSO«)t
-do_.
29,035
31,300
1,167
128
'850
'202
608
31,796
557
1,151
119
'842
'202
587
30,992
510
993
1,183
106
'852
'201
597
32,065
528
376
'13
'882
'66
'115
2,672
376
'13
'869
'71
'111
2,669
366
'13
'889
'59
'112
2,713
'J Revised.
*> Preliminary.
1 Number of carriers filing complete reports for the year.
For month shown.
3 For 4th qtr. 1971. 4 Annual total reflects revisions not distributed to the monthly or7 quarterly data.
5 F o r 2d qtr. 1972.
5 Before extraordinary and
prior period items.
Reporting roads only; excludes AMTRAK operations.
« For six
months ending in month shown.
» For 66 carriers.
10 Beginning 1973, data refer to
net income after extraordinary and prior period charges and credits and not to expenses.
11 For 1st qtr. 1972.
12 For 3d qtr. 1972.
13 For 1st half of 1972.
A Quarterly data beginning 1973 (and restated 1972 figures) are for large class I motor carriers and include operations of most of those with annual revenues of $30 mil. in 1972. Tonnage
855
965
1,197 1,135
102
98
849
779
198
180
582
608
31, 084 29,286
524
469
333
12
879
42
103
2,501
328
11
808
53
110
2,518
717
1,319
108
862
211
616
32,945
567
661
1,316
102
848
202
644
31,627
567
659
1,353
112
886
209
661
32,203
586
633
1,324
120
838
196
622
31,273
525
627
1,254
126
875
191
611
32, 328
531
'650
' 1,254
'136
'866
210
'608
31, 667
'540
622
1,346
118
835
189
588
31,9y8
532
350
13
895
65
141
2,672
330
12
882
64
138
2,634
337
12
928
72
120
2,840
297
12
870
60
110
2,573
304
13
904
60
122
2,559
338
15
'895
58
12
2,758
261
11
868
60
108
2,525
hauled refers to common and contract services.
^Indexes are comparable for the identical quarter of each year (and from year to year).
©Natl. Railroad Pass. Corp. (AMTRAK), not included in AAR data above, for 1972 and
1st 6 months 1973 (mil. dol.): Pass, revenues, 138; 74; net income, -148: - 7 9 (ICC).
9 Includes data not shown separately.
t Revised
monthly data back to 1969 will be shown later.
T
ONot'comparable with data in 1971 BU3IN ESS STATISTICS.
§Effective Jan. 1972, data reflect an expanded sample that includes many motor-hotels.
If Data include visits, effective Jan. 1972, to Arches and Capitol Reef National Parks, and
effective July 1973 to Voyageurs Natl. Park.
SURVEY OF CURRENT BUSINESS
December 1973
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1972
Oct.
Annual
S-25
1972
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
2.4
8.4
'18.5
Nov.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Organic chemicals, production:cf©
Acetic anhydride
Acetylsallcyllc acid (aspirin)
Creosote oil
Ethyl acetate (85%)
_
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
_
Stocks, end of period
Methanol, synthetic
Phthalic anhydride.—
3.0
7.8
18.1
479.6
()
2.8
11.4
3.0
10.7
2.4
8.9
2.4
9.1
18.4
458.5
2.3
8.7
20.3
460.0
14.7
465.7
23.8
519.2
24.5
527.7
26.7
24.3
87.5
71.2
30.9
25.6
84.4
77.7
31.5
24.7
83.5
75.5
28.1
23.8
79.4
71.4
30.8
21.6
93.1
1,612.9
31.7
i115.7
1,660.6
134.6
119.1
2.9
11.0
130.1
2.5
8.9
m i l . l b . . i159.3
14,621.6
do
i 217.2
5,500.0
19.8
458.8
__.mll. l b ~
do
- m i l . gaL.
2.5
8.5
2.4
9.1
17.1
511.3
3.0
8.7
18.7
524.5
15.0
506.9
21.3
525.1
•503.2
3.0
8.8
15.6
543.8
29.5
22.6
88.7
81.9
29.8
17.1
79.7
91.6
30.0
15.0
94.3
87.3
29.9
18.2
85.6
80.1
31.5
15.6
94.5
92.2
27.6
16.7
90.8
85.2
29.9
16.0
83.9
81.3
do
do
.mil. gal__
mil. l b ~
339.8
28.2
i 745.5
i 794.4
25.6
i 897. 0
1936.0
30.8
24.5
64.7
75.5
Ethyl alcohol and spirits:X
Production
_
Stocks, end of period
Used for denaturation
Taxable withdrawals
—mil. tax gal..
_
-do—
_._do
-do
552.9
132.8
432.7
88.0
621.3
76.9
453.0
82.5
59.3
105.4
40.7
7.3
51.5
96.2
37.3
7.0
53.4
76.9
35.3
6.8
67.1
95.9
41.3
6.1
62.5
90.7
37.5
4.9
57.1
87.8
41.3
6.2
68.4
97.6
36.7
5.7
58.1
87.7
38.8
6.6
55.9
89.6
37.8
6.4
54.2
94.3
34.3
5.6
57.4
90.9
6.2
59.9
81.1
38.0
5.8
Denatured alcohol:!
Production
_
Consumption (withdrawals).
Stocks, end of period
mil. wine gal_
do
do
234.1
234.6
2.9
245.9
246.6
2.0
21.9
22.0
2.6
20.1
19.9
2.8
19.1
19.5
2.0
22.2
21.8
2.8
20.2
20.4
2.6
22.2
22.5
2.5
19.8
19.6
2.7
21.6
21.5
2.8
20.3
20.2
2.9
18.9
19.1
2.8
22.1
22.1
2.7
20.3
20.3
2.8
thous. sh. tons.. » 17,106
1,050
do
1
—do
13,431
_
do
1,033
19,612
1,123
14,953
1,363
1,702
135
1,209
140
1,358
88
1,013
75
1,699
107
1,103
111
1,666
81
1,259
95
1,451
52
1,054
136
1,830
91
1,438
129
1,770
109
1,391
83
1,518
110
1,141
114
1,540
68
1,109
146
1,785
88
1,295
184
1,899
95
1,376
125
1,639
92
1,115
192
378
264
4,865
111
20
23
507
1
20
22
303
9
17
14
274
6
27
26
442
16
28
23
431
3
46
761
1
74
46
713
0
37
22
547
3
25
12
305
15
11
261
0
11
12
295
0
16
23
385
5
16
4,913
494
246
330
511
782
706
581
220
335
415
'601
4,966
6,482
433
461
347
477
418
433
477
437
491
333
494
233
495
233
444
349
'430
'363
432
340
2,120.0
2,108.7
2,830.9
1, 562.8
1,268.2
3,009.2
1,659.3
1,349,8
254.0
135.4
118.6
224.7
113.8
110.8
190.0
95.0
95.0
225.5
114.6
111.0
235.0
124.7
110.3
264.0
140.1
123.9
270.0
147.4
122.6
294.4
161.6
132.8
297.5
166.3
131.2
<8,620
4,120
* 9,218
3,794
805
4,019
775
4,003
785
3,956
806
3,844
709
3,817
835
3,791
807
3,774
848
3,763
839
3,805
799
3,756
851
3,801
'829
3,820
3,903
(*)
mil. lb__
1706.7
do.
()
i1,180.9 11,680.1
do.
i 769.8
do_
(2)
173.3
156.9
155.4
215.7
162.9
182.6
159.1
172.6
169.4
149.5
147.1
• 161.3
163.7
404.4
384.1
406.9
377.1
669.0
413.0
396.7
421.6
384.2
679.6
403.1
363.2
638.5
443.6
395.0
721.0
407.3 418.4
385.9 388.8
705.8
420.5
358.7
682.2
411.6
354.1
699.7
410.0
349.8
696.9
•395.8
305.9
686.1
362.8
374.9
786.2
ALCOHOL
FERTILIZERS
Exports, total 9
—
Nitrogenous materials
Phosphate materials
Potash materials.
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chlorfde
Sodium nitrate
do..
do_.
do_.
do.
_
Potash deliveries (KjO)
_do—.
Superphosphate and other phosphatic fertilizers
(100% P|O»):
Production!
thous. sh. tons_.
Stocks, end of period
_do
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly §
mil. lb._
Palnts, varnish, and lacquer, factory shipments:
Total shipments
mil. $.
Trade products
do.__
Industrlal
flulshes
do...
Sulfur, native (Frasch) and recovered:
Production.._
thous. lg. tons..
Stocks (producers'), end of period
do.
1
374
229
4,549
203
5,026
491
455
528.5
476.0
479.1
446
298
1,764
69
1,362
120
551.2
• 279.4 301.7
163.6
171.3
115.8
130.4
275.8
144.8
131.0
PLASTICS AND RESIN MATERIALS
Production:
Thermosetting resins:
Alkyd resins
Polyester resins
Phenolic and other tar acid resins
Urea and melamine resins
Thermoplastic resins:
Cellulose plastic materials
Coumarone-indene and petroleum
resins
Styrene-type materials (polystyrene)
Vinyl resins (resin content basis)1f
Polyethylene
do
polymer
mil.lb..
()
do
13,990.4 14,602.0
do.
14,102.8 14,288.9
do.
16,381.3 17,629.5
ELECTRIC POWER AND GAS
ELECTRIC P O W E R
Production (utility and industrial), total X
mil. kw.-hr__ 1,717,620 1,853,390 152,759 162,625 163,329 168,386
Electric utilities, total
By fuels
By waterpower
Privately and municipally owned utll
Other producers (publicly owned)
Industrial establishments, total
By fuels
_
By waterpower
_
do.__ 1,613,936 1,747,323 143,742 143,867 154,350 159,320
do
1,347,616 1,474,589 124,401 122,473 129,587 133,398
do
266,320 272,734 19,341 21,394 24,763 25,921
do
do
do
do
do
1,322,540 1,435,599 118,971 118,425 126,636 130,009
291,396 301,724 24,771 25,443 27,714 29,311
103,585
100,325
3,260
106,067
102,678
3,389
9,018
8,747
271
8,758
8,460
298
8,979
8,669
310
' Revised.
*> Preliminary.
i Reported annual total reflecting revisions not
distributed to the monthly data. » Series
4
discontinued.
• Less than 500 short tons.
Annual total reflects sulfur content, whereas
monthly data are gross weight.
f Beginning Jan. 1972, data exclude polyvinyl acetate,
poly vinyl alcohol, and other vinyl resins.
9,066
8,736
330
0 Except for glycerin, scattered revisions have been made in the annual data back to 1965;
monthly revisions are not available.
. . .
, „
!jQ .
cfData are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
9 Includes data not shown separately.
§Data exclude black blasting powder.
X Revised monthly data for 1970 will be shown later.
KVJii X
S-26
1971
FTTIIAHA otherwise stated in footnotes below* data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS S T A T I S T I C S
T
JtSlJttlJN
December 197(
1972
1972
Oct.
Annual
UJb U U 1
1973
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May-
June
July
Aug.
Sept.
Oct.
Nov.
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER—Continued
Sales to ultimate customers, total (Edison Electric
Institute)
mil. kw.-hr_. 1,466,441 1,577,714 135,133 131,021 134,957 143,115 139,596 136, 747 131,897 131, 814 139,014 149,064 154. 594
Commercial and industrial:
Small light and power§
d o . . . . 333,752 361,859 31,384 29,781 30,021 31, 665 31,124 30, 646 29,848 30, 838 33,745 36,733 37,704
592, 699 639,467 56,259 55,404 54, 111 55, 111 54,619 55,627 55,753 56,784 57, 542 57,091 59,023
Large light and power§.
do
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
.-do
do
do
do
do
4,537
479,080
4,440
511,423
347
41,929
358
40, 253
395
45,137
390
50, 700
379
48,428
397
45,126
325
41,142
322
39,102
330
42,451
324
49,781
335
52,341
11,673
39,819
4,880
12,193
43,190
5,142
1,076
3,704
435
1,124
3,687
415
1,165
3,705
424
1,187
3,641
422
1,092
3,534
420
1,078
3,447
426
1,021
3,381
426
978
3,316
473
951
3,501
494
966
3,687
482
1,002
3,712
477
Revenue from sales to ultimate customers (Edison
Electric Institute)
.mil. $_. 24,725. 2 27, 921.1 2,417.1 2,333.4 2,402.1 2, 640.6 2, 511. 3 2,472. € 2,403.4 2,423. 5 2, 592. 6 2,800.9 2,891.1
GASf
Total utility gas, Quarterly
(American Gas Association):
Customers, end of period, total
Residential.
CommercialIndustrial..
Other
Sales to customers, total
Residential
Commercial
Industrial
Other
Revenue from sales to customers, total
Residential
Commercial
Industrial
Other
thous..
do
do
do
do
42,660
39,189
3,218
206
47
43,370
39,776
3,330
216
49
43,370
39,776
3,330
216
49
43,826
40,171
3,366
208
81
43,451
39,902
3,290
213
46
trll. B t u . .
do
do
do
do
16,680
5,040
2,156
8,643
841
17,110
5,148
2,280
8,798
883
4,302
1,395
623
2,064
220
5,286
2,256
966
1,850
213
3,930
mil. $_.
...do
do
do
do
11,355
5,635
1,829
3,568
323
12,488
6,105
2,066
3,955
362
3,289
1,663
564
969
94
4,563
2,552
892
1,005
114
3,039
1,415
491
1,017
115
508
2,128
205
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
mil. b b L .
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_.
137.36
127.40
12.23
141. 25
131.81
12.44
11.15
10.61
13.36
9.92
9.92
12.77
9.59
9.27
12.44
10.98
9.67
13.07
10.72
9.43
13.70
13.14
12.01
14.00
12.86
11.65
14.42
13.83
12.87
14.48
13.09
12.55
14.20
13.76
12.77
14.30
14.17
13. 68
13.81
12.12
11.50
13.58
11.77
13.20
183.28
183.73
16.08
16.33
15.52
15.25
15.75
18.44
16.14
18.31
17.49
382. 35
182. 07
996. 62
102.14
2 393.37
200.43
971.70
100.16
33.73
22.14
977.70
11.61
39.52
20.75
972. 30
11.64
48. 34
16.46
971. 70
12.65
28.22
15.14
970.43
7.77
26.73
13.87
971. 96
6.78
33.80
17.98
972. 74
8.37
30.44
16.00
971. 86
7.58
33.64
19.36
970.31
9.30
33.65
17.39
971. 05
8.17
29.64
14.22
965. 20
7.12
32.29
18.04
959.75
7.73
17.03
954.16
8.20
119. 38
116. 84
945.80
1 89. 29
116.56
130.09
924.41
87.69
9.32
15.86
929. 65
10.17
10.52
14.29
924. 70
10.29
9.94
10.22
924.41
11.33
10.47
9.64
924.02
6.68
11.00
8.90
926. 03
5.70
11.89
11.33
926.32
7.21
11.18
10.23
926. 58
6.55
11.93
11.96
925.34
7.95
10.78
10.44
926.11
5.34
8.86
922. 29
6.07
6.61
10.62
917. 57
6.68
6.95
10.05
912. 87
7.08
120.30
62.60
12.59
12.29
6.35
9.21
4.14
9.24
3.86
7.51
3.53
9.77
4.40
9.11
4.42
10.78
5.27
9.70
4.62
7.60
3.48
9.74
4.49
9.47
4.43
21.13
20.36
8.09
1.98
1.91
2.51
9.64
.20
1.98
2.80
8.71
.24
2.30
2.74
8.09
.31
1.41
1.11
8.19
.18
1.42
1.10
8.44
.15
1.93
1.24
9.07
.18
1.91
1.06
9.88
.14
1.72
1.54
10.00
.15
.85
1.58
9.17
.14
1.26
.90
9.45
.14
1.73
1.15
9.95
.12
1.99
1.56
10.29
.10
.20
301.16
269. 89
350. 88
45.07
84.87
25.04
356.65
3.90
42.62
25.09
366.39
4.94
19.87
25.39
350. 88
4.66
12.26
22.13
331. 79
4.38
10.28
20.90
314. 70
3.52
12.19
26.26
294. 31
4.30
10.54
22.87
277.34
4.42
10.01
24.54
257. 93
5.10
8.83
22.60
236.95
4.93
8.42
18.19
221. 03
4.86
18.80
21.80
214. 87
4.26
89.49
20.00
275.43
3.97
4.35
402.38
261.10
60.38
6.96
7.84
1.97
3.05
4.25
1.10
3.41
4.18
1.32
30.24
136.45
.mil. lb_. 1,143.7
96.8
do
$ per lb_
1,101.9
107.5
76.2
154.7
.708
73.5
132.5
.703
81.6
107.5
.715
96.1
108.7
.687
84.4
109.5
.687
90.6
116.6
93.7
125.8
.624
100.3
140.8
.620
87.6
149.4
.619
69.1
143.4
.639
58.4
114.3
51.3
93.5
mil. lb__ 2,380.4
do
1,511.5
2,606.7
1,644.3
197.3
119.5
184.9
107.9
204.7
119.5
202.9
123.5
193.7
120.1
226.5
142.7
238.8
151.3
261.6
171.7
261.6
172.4
238.1
154.7
218.3
137.6
186.5
110.3
304.3
238.9
95.5
331.4
269.4
179.4
379.3
314.2
17.8
353.6
291.7
20.3
331.4
269.4
19.9
322.1
260.4
15.2
321.1
260.1
11.4
302.4
244.9
14.9
303.4
247.3
12.2
330.6
271.1
16.1
376.3
309.6
20.2
393.3
320.6
31.2
396.4
321.5
14.5
382.5
310.7
13.0
364.8
294.6
28.9
.671
.671
.714
.714
.718
.718
.736
.736
.744
.745
.746
.765
.783
.792
.802
.801
.847
.898
.941
2
Rectified spirits and wines, production, total
mil. proof gal.. • 115.18
Whisky
___do____ r 61. 91
Wines and distilling materials:
Effervescent wines:
24.60
Production
mil. wine gal__
22.10
Taxable withdrawals
_
_
...do
8.57
Stocks, end of period
_
__.do
1.88
Imports
.do
Still wines:
357.36
Production
do
246.97
Taxable withdrawals
do
366.31
Stocks, end of period
do
i34.28
Imports
do
Distilling materials produced at wineries...do
9.75
DAIRY PRODUCTS
Butter, creamery:
Production (factory) t
Stocks, cold storage, end of period
Price, wholesale, 92-score (N.Y.)
Cheese:
Production (factory), totalj
American, whole milkf
Stocks, cold storage, end of period
do
American, whole milk
do
Imports
do
Price, wholesale, American, single daisies (Chicago)
$perlb__
T
2
Revised, i Reported annual total; revisions are not distributed to the monthly data.
Includes Hawaii; no monthly data available for Hawaii.
{Data are not wholly comparable on a year to year basis because of changes from one
67.7
classification to another.
fData restated to represent the total gas utility industry, 99
percent of which is natural gas; also, sales are expressed in B.t.u. instead of therms.
% Revised data for months prior to May 1971 will be shown later.
SUEVEY
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
In the 1971 edition of BUSINESS S T A T I S T I C S
1971
S-27
1972
1972
Oct.
Annual
CUEEENT
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOOD AND KINDRED PRODUCTS: TOBACCO—Continued
I
DAIRY PRODUCTS—Continued
Condensed and evaporated milk:
Production case goodscT
mil. lb.
Stocks, manufacturers', case goods, end of month
or vearrf
mil. lb
Exports:
Condensed (sweetened)
Evaporated (unsweetened)
do .
do
1,268.1
1,170.3
83.8
69.6
80.8
75.8
73.5
92.4
97.4
114.2
114.6
101.0
99.4
83.9
88.6
74.7
138.8
104.1
74.7
60.2
55.2
35.6
56.2
85.4
114.1
133.6
67.1
95.6
35.1
32.7
14.4
40.5
.1
2.9
.2
4.4
.3
3.2
.2
3.8
.1
3.5
.2
4.8
(l)
4.0
.1
3.1
.2
3.0
.1
3.0
.1
4.6
.1
1.9
120, 278
8
60,930
6.07
9,460
4,330
6.38
8,987
3,962
6.52
9,401
4,284
6.54
9,630
4,713
6.55
9,055
4,475
6.56
10,321
5,176
6.52
10,488
5,386
6.40
11,078
5,960
6.37
10,706
5,923
6.37
10,105
5,261
6.52
9,598
4,779
7.17
9,044
3, 994
7.81
79.3
1,223. 5
6.8
63.6
6.3
57.2
6.1
72.1
6.7
85.2
5.9
79.9
6.9
95.1
8.6
97.3
9.3
121.5
9.3
119.0
6.4
87.1
5.9
64.0
5.5
51.1
3.4
37.9
4.8
47.9
4.7
34.9
3.4
37.9
4.4
34.5
4.1
36.9
3.4
38.3
5.2
66.8
5.1
75.4
9.0
96.6
9.6
91.0
8.2
89.0
7.3
84.7
38 3
164.1
3.0
10.8
2.4
7.9
2.0
3.7
3.7
3.6
4.3
.4
4.1
1.4
4.6
1.0
5.2
.2
6 2
1 5
3.8
•2
3.7
.2
5.9
.7
.331
.342
.359
.376
.394
.398
.422
.440
.445
.448
.458
.484
.500
7 1,204.5 71,789.3
168.8
181.2
202.1
211.2
192.2
216.2
217.4
243.0
282.7
257.8
301.0
267.6
3.4
2.1
361.8
246.2
115.6
7.3
2.7
5.4
263.7
166.4
97.3
7.7
7.5
10.4
3162 5
3 88 8
3 73 8
7 6
9 8
8.8
425 0
287 4
137.5
11.9
5 8
1.32
1.32
1.32
1.32
1.43
1.42
1.57
1.56
1.54
1.53
1.60
1.59
1.62
1.61
1.64
1.64
1.72
1.69
1.79
1.80
2.47
2.44
2.62
2.60
2.60
2.60
79.8
91.0
4,815
3,674
1,141
84.2
102.5
92.0
3,330
2,375
955
104.6
92.0
92.2
1 931
1 366
564
136 6
124 3
1.31
1.28
1.31
1.30
1.53
1.54
1.55
1.57
1.57
1.57
1.57
1.56
1.63
1.65
2.01
2.02
2.43
2.30
2.59
2.33
Fluid milk:
118,532
do
Production on farms
«60,369
Utilization in mfd. dairy products
do
Price, wholesale, U.S. average
$ per 100 lb_. 5.87
Dry milk:
Production:
7 77.8
Dry whole milk
mil. lb
1,417.6
do
Nonfat dry milk (human food)
Stocks, manufacturers', end of period:
4.0
do
Dry whole milk
«77.0
Nonfat dry milk" (human food)
. do
Exports:
25.0
do
Dry whole milk
Nonfat dry milk (human food)
do _ 7124.2
Price, manufacturers' average selling, nonfat dry
.307
milk (human food)
$ per lb..
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats rye, wheat),..mil. bu._
Barley:
Production (crop estimate)
do
do
Shocks (domestic), end of period
do
On farms
_
__ _
Off farms
do
do
Exports including malt§
Prices, wholesale (Minneapolis):
No 2 malting
$ per bu..
do
No. 3, straight
Corn:
Production (crop estimate, grain only) mil. bn
Stocks (domestic), end of period, total . do..
do
On farms
do
Off farms
Exports, including meal and flour . .. -. do _
Prices, wholesale:
No. 3, yellow (Chicago)
$ per bu_.
Weighted avg., 5 markets, all grades.. . do .
2 463.6
392.4
255.5
136.9
7 53.2
1.21
1.20
2 5,641
4,700
3,551
1,149
7 511.7
1.39
U.36
2 423. 5
361.8
246.2
115.6
60.6
1.23
1.23
2 5, 553
4,815
3,674
1,141
886.2
1.30
1.26
3.8
9,015
4,109
'8.29
p 8.55
1.5
.2
237.0
H424 5
2.52
2.49
io 5 678
Oats:
2 881
r2 692
Production (crop estimate). __.. . . . . .mil. bu.
943
780
780
do....
Stocks (domestic), end of period, total.
693
559
559
do
On farms
251
220
220
_ do
Off farms..
7.1
.7
do
.6
.7
Exports, including oatmeal _ ..
25.2
Price, wholesale, No. 2, white (Chicago)
«.75
1.00
«.85
$ per bu_.
Rlce:
»85.8
Production (crop estimate)
mil. bacrso
«•2 85. 4
California mills:
2,004
102
mil. lb
174
Receipts, domestic, rough.
1 774
120
1,446
71
46
112
1,266
Shipments from mills, milled rice
do ._
Stocks, rough and cleaned (cleaned basis), end
98
114
117
of period
mil. lb
86
86
Southern States mills (Ark., La., Tenn., Tex.):
7,472
1,728
645
Receipts, rough, from producers
mil. lb__ 5,567
270
4,206
5,133
528
Shipments from mills, milled rice .
do
503
453
Stocks, domestic, rough and cleaned (cleaned
1,737
1,967
2,275
2,217
basis), end of period
- mil. lb
1,967
3,252
do
4,447
313
444
407
Exports
Price, wholesale, Nato, No. 2 (New Orleans)
9
.098
.087
.105
.125
$perlb_.
.125
Rye:
Production (crop estimate)
mil. bu
2 49.3 r 2 29. 2
54.1
54.6
54.1
Stocks (domestic), end of period
do _
1.06
1.07
1.08
1.15
1.18
Price, wholesale, No. 2 (Minneapolis)..$ per bu._
Wheat:
Production (crop estimate), total
mil. bu _ 21,618 21, 545
r2 36O
2 474
Spring wheat
. . . . do.—
21,144 r 2 1, 185
Winter wheat
. . . do—
1,482
1,697
470
Distribution
—.do—
Stocks (domestic), end of period, total. — d o —
1,547
1,396
1,396
694
507
507
On farms
-..do....
853
889
889
Off farms
—do—
2
'Revised.
* Preliminary. » Less than 50 thousand pounds. Crop estimate for the year.
3
Previous years' crop; new crop not reported until beginning of new crop year (July for
barley, oats, rye, and wheat; Oct. for corn). < Effective May 1971, weighted average, 4
markets, all grades. c Average for Jan.-April, June-Oct., and Dec. • Average for JulySept., and Dec. 7 Annual total reflects revisions not distributed to the months.
(i)
.5
.9
138.1
707
403
3 304
112.4
92 3
2.98
2.70
2.39
2.40
2.34
2.35
3
412
3 231
3 Igl
40
7 0
.95
1.03
2.53
2.39
ii 664
3
586
380
207
.5
3
845
645
200
6 9
5 8
5.7
5 2
9 1
n 92 8
186
97
215
182
252
141
272
311
151
123
120
83
93
47
78
80
18
48
274
112
135
120
174
80
62
61
77
52
g
144
252
438
124
384
90
367
57
313
67
234
41
227
37
259
645
233
1,294
346
2, 263
476
1,713
329
1,429
299
1,138
478
876
423
672
• 271
499
159
240
204
435
132
951
215
1,922
253
.129
.129
.129
.153
.153
.153
.153
.163
.185
.213
1.17
1.20
48.9
1.12
1.18
1.27
33 3
1.35
1.52
2.23
36 2
2.92
2.70
3
.295
n 26 4
470
r 498
927
316
611
3
430
3 125
3 305
2.46
l i 7ii
ii 442
l i 270
682
1 475
636
839
s Revised monthly data for Jan. 1970-June 1972 will be shown later.
» Effective May 1972,
price is for No. 2 (Southwest Louisiana). i° Nov. 1 estimate of 1973 crop. u Dec. 1
estimate of 1973 crop.
cfCondensed milk included with evaporated to avoid disclosing operations of individual
firms. §Excludes pearl barley.
9 Bags of 100 lbs.
OF CUERENT BUSINESS
S-28
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
December 1973
1972
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS—Con.
Wheat—Continued
Exports total including
flour
Wheat only
_
._ mil. b u . .
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu_.
No. 2, hd. and dk. hd. winter (Kans. City).do.—
Weighted avg., 6 markets, all grades._ . do
i 817. 0
i 778. 5
85.0
82.6
87.4
83.5
109.7
107.3
105.5
101.9
94.3
92.9
101.9
98.1
111.4
108.8
130.6
128.3
128.4
126.1
113.2
110.1
143.6
139.9
135.3
131.6
123.2
122.1
1.86
1.86
1.87
2.12
2.18
2.12
2.23
2.29
2.20
2.42
2.60
2.42
2.42
2.67
2.46
2.28
2.48
2.36
2.32
2.50
2.40
2.39
2.55
2.45
2.61
2.64
2 62
2.75
2.79
2.77
3.06
2.84
3.22
4.49
4.71
4.92
4.84
5.09
5.34
4.50
4.72
4.87
250,441
4,303
557, 801
22,493
384
50,121
21,072
361
46,822
20,799
358
46,380
21,346
375
47,529
20,023
346
44,475
21,051
358
46,777
19,310
327
42,792
20,603
354
45,808
19,771
342
43,765
20,068
348
44,681
21,893
380
48,889
4 746
16, 549
1,049
1,665
4,746
1,049
1 553
611
5,581
1,626
1,134
977
993
1 352
1,596
4 174
1,607
483
6.534
5.867
6.850
6.413
6,938
6.500
7.625
7.500
7.613
7.375
7.138
6.813
7.263
6.875
7.325
7.163
7.313
7.038
7.875
7.738
7.738
7.538
10.280
9.388
10.600
10.463
9.913
9.863
2,807
31 419
2,421
32 266
211
2 909
209
2 705
202
2 615
209
2 807
169
2,422
188
2,618
139
2 167
131
2,692
117
2,560
118
2 441
115
2 363
128
2,360
168
2,863
32.03
32.09
38.58
35.49
38.89
46.88
34.68
40.87
49.00
33.38
40.66
49.00
36.58
42.61
49.00
40.25
44.25
49.00
42.76
48 06
54.00
44.98
50.90
56.00
44.61
50.67
57.80
45.83
50.79
57.50
46.66
49.38
61.40
47.77
53.23
59.30
53.13
56.40
67.50
45.05
49.73
56.40
41.33
49.84
53.40
86,667
78,759
7,048
6,988
6,197
6,641
5,712
6,652
5,992
6,637
5,711
4,996
5,569
5,348
6.613
18.41
26.58
27.37
26.91
29.33
31.28
35.47
37.62
35.12
35.82
37.66
45.69
55.28
42.96
41.28
39.89
14 5
22 2
23 0
22 3
20 8
22.3
25.3
28 0
24.7
21.9
18.7
20 2
21.1
20.4
18.8
18.5
627.1
588.3
2
1.77
1.60
1.72
Wheat flour:
Production:
Flour
.
thous. sacks (1001b.).. 249,810
4,279
Offal
thous. sh. tons..
Grindings of wheat
thous. bu._ 555,092
Stocks held by mills, end of period
4,362
thous sacks (100 lb.)_
16,637
Exports
. .
. do
Prices, wholesale:
Spring, standard patent (Minneapolis)
6.145
$ per 100 1 b 5.446
Winter, hard, 95% patent (Kans. C i t y ) . _ d o . . -
2
5,393
4.50
4.78
4.91
21,589 21,982
385
373
48, 111 49,258
10. 225
10.113
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals..
Cattle
.
do
Prices, wholesale:
Beef steers (Omaha)
$ per 100 l b .
Steers, stockerand feeder (Kansas City)__do
Calves, vealers (Natl. Stockyards, Ill.)__do
Hogs:
Slaughter (federally inspected)..-thous. animals..
Wholesale, average, all grades (Sioux City)
$ per 1001b..
Hog-corn price ratio (bu. of corn equal in value
to 100 lb. live hog) Sheep and lambs:
Slaughter (federally inspected)..-thous. animals..
Price, wholesale, lambs, average (Omaha)
$ per 1001b..
39.56
47.63
57.50
10,256
9,905
937
828
751
835
700
710
690
858
727
807
844
789
915
27.43
30.13
26.75
27.00
29.25
33.62
39.25
40.75
34.50
36.25
38.00
39.25
41.50
33.38
31.75
36,209
35,632
3,228
3,130
2,893
3,077
2,658
2,911
2,511
2,992
2,747
2,561
2,567
2,549
3,140
796
642
702
670
680
661
687
706
700
675
590
508
67
202
57
174
57
138
48
165
52
148
81
133
75
149
166
66
143
49
153
57
209
'527
53
159
601
1547
U,789
670
614
2,012
19,697
375
44
i 1 265
20,523
380
54
1,461
1,876
337
4
156
1,762
363
7
131
1,693
380
6
101
1,801
395
5
121
1,552
383
4
108
1,645
369
6
94
1,363
374
5
104
1,696
349
7
119
1,624
333
8
102
1,566
309
6
116
1,482
264
6
167
1,515
'253
5
123
1,850
291
8
161
.547
3.577
.548
.533
.590
.645
.690
.712
.719
.710
.728
.749
.713
.671
522
19
515
16
49
18
44
17
40
16
45
13
38
11
39
11
38
13
47
15
38
16
42
14
42
13
40
13
47
13
15,989
14,594
1,303
1,325
1,160
1,232
1,068
1,227
1,110
1,250
1,086
953
1,040
994
1,243
12,551
214
105
395
1,132
209
17
35
1,144
242
7
35
1,015
214
7
31
1,077
207
6
34
938
204
12
30
1,074
242
33
29
976
248
31
37
1,079
259
29
37
940
253
14
35
839
202
6
30
924
180
4
34
1,094
222
14
37
.628
.645
.641
.682
.703
.644
.752
.720
.730
.768
.705
.799
.798
.756
.764
.737
.722
.737
.745
.730
.794
.883
1.045
1.167
882
'198
6
30
.839
.866
.784
.957
.765
1,465
51
164
.148
123
44
12
.153
130
58
32
.164
103
51
4
.157
111
52
19
.156
92
44
5
.178
109
50
7
.205
95
49
11
.203
122
50
5
.215
105
40
17
.238
83
34
4
.240
82
32
7
.425
80
28
3
.245
106
35
14
.320
.265
10,883
1,091
977
833
855
721
781
725
886
949
920
1,070
910
1,120
578
456
.230
34.75
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in), inspected
slaughter
__mil. l b . .
Stocks (excluding lard), cold storage, end of
period
mil. l b .
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 lbs.) (New York)
$ per lb._
Lamb and mutton:
Production, inspected slaughter. _
Stocks, cold storage, end of period
Pork (including
slaughter
lard),
production,
mil. lb_.
do
inspected
mil. lb
Pork (excluding lard):
113,452
Production, inspected slaughter
do
330
Stocks, cold storage, end of period
do
72
Exports
do
357
Imports
do
Prices, wholesale:
Hams, smoked composite
$ per lb._
.534
Fresh loins, 8-14 lb. average (New York)..do
.498
Lard:
Production, inspected slaughter
mil. l b . . 1,830
Stocks, dry and cold storage, end of period..do
100
Exports
do
282
Price, wholesale, refined (Chicago)
$ per lb._
.147
72
207
.648
POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. lb__ 10,357
Stocks, cold storage (frozen), end of period, total
378
mil. lb_223
Turkeys
do
Price, in Georgia producing area, live broilers
.128
$ per lb.
•• Revised.
1
Annual total reflects revisions not distributed to the months.
324
208
590
473
413
297
324
208
.133
.135
.130
.130
294
187
251
153
204
116
179
90
174
88
229
138
292
200
357
262
465
354
.155
.190
.235
.255
.220
.240
.260
.420
.305
* Effective May 1971, data are for 5 markets; beginning April 1972, for 4 markets.
» Beginning Jan. 1972, price for East Coast (New York and Philadelphia average).
.185
SURVEY OF CURRENT BUSINESS
December 1973
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1972
1972
Annual
S-29
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
14.6
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS-Continued
duction on farms...
mil. cases©.
Stocks,cold storage, end of period:
Shell
thous. casesOFrozen
mil. lb.
Price, wholesale, large (delivered; Chicago)
$ per doz_
194.9
15.9
15.8
14.4
16.1
15.7
16.0
15.1
15.2
15.0
562
.650
.756
29.3
.614
17.0
.674
15.8
.870
9.9
.790
2,040
321
.650
154
2,494
475
.650
143
4,325
4,784
1,710
424
.670
135
1,573
211
.700
114
263
270
291
324
15.3
116
58
.332
.338
.498
.526
.431
.499
.500
36.1
.384
38.1
.369
34.2
27.7
.414
29.0
.625
.632
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl. shells)
_
thous. Ig. tons.
Price, wholesale, Accra (New York)
$ per lb.
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagsdF.Roastlngs (green weight)
do...
315.8
4,000
19,607
3,663
20,075
Imports, total
do...
From Brazil
do...
Price, wholesale, Santos, No. 4 (N.Y.)..$ per lb_.
Confectionery, manufacturers' sales
mil. $_
Fish:
Stocks, cold storage, end of period
mil. lb_
8ugar (United States):
Deliveries and supply (raw basis) :§
Production and receipts:
Production
thous. sh. tons..
Entries from off-shore, total 9
do
Hawaii and Puerto Rico
do...
Deliveries, total 9
For domestic consumption
Stocks, raw and ref., end of period
Exports, raw and refined
Imports:
Raw sugar, total 9
From the Philippines
Refined sugar, total
do
do
do
thous. sh. tons..
do
do.
Prices (New York):
Raw, wholesale
$per lb
RefinedRetail (incl. N.E. New Jersey)....$ per 5 lb._
Wholesale (excl. excise tax).
$ per lb_.
Tea, imports
3,920
5,203
2,057
454
.580
195
1,643
430
.560
199
1,288
319
.570
172
1,996
696
.570
184
1,844
250
.620
172
2,101
266
.655
182
2.8
.805
• 4,597
4,333
1,731
411
.700
183
1,399
348
.725
••233
1,624
489
.723
224
302
415
419
416
416
382
344
4,585
6,601
1,230
4,938
6,700
1,262
783
481
179
1,028
391
30
996
396
43
650
547
55
397
379
49
305
536
90
281
617
120
212
592
137
168
648
140
112
707
103
77
408
92
135
587
138
11,439
11, 288
2,687
11, 531
11,420
2,757
865
853
1,638
855
849
2,217
1,043
1,035
2,757
787
780
2,941
743
738
3,038
1,058
1,049
2,777
892
886
2,831
2,604
1,063
1,058
2,291
1,027
1,025
2,040
1,203
1,197
1,454
1,026
1,022
'979
1,237
481
778
67
61
104
35
1,454
64
134
137
313
286
196
299
6,262
1,544
48
6,154
1,246
76
352
45
35
317
117
2
381
143
5
435
104
1
288
47
5
441
127
3
475
139
2
506
168
1
418
153
448
262
5
666
215
5
393
285
1
220
24
0
sh. tons..
_
3,663
5,127
5.4
.758
1
408
.085
.091
.094
.090
.092
.094
.092
.094
.097
.100
.103
.102
.108
.109
.112
.695
.117
.704
.123
.704
.124
.711
.122
.713
.122
.713
.122
.725
.132
.734
.132
.736
.133
.751
.127
.767
.127
.775
.132
.779
.137
.803
.137
.821
.141
thous. lb_. 175,432
151,495
14,348
11,460
10,731
15,481
14,295
15,399
14,107
17,423
12,425
13,660
12,614
12,527
16, 878
295.5
140.5
275.6
128.8
317.6
125.1
275.3
136.8
291.6
120.6
262.5
137.3
240.4
120.4
294.7
86.2
261.9
'95.2
320.6
92.9
314.1
88.8
367.9
88.8
306.2
92.6
352.3
112.2
287.1
72.3
330.4
52.2
288.3
232.5
80.6
191.5
80.2
198.4
70.1
184.3
66.6
354.3
90.9
200.1
68.2
337.0
98.2
327.5
61.8
168.3
69.7
151.7
57.4
187.7
47.1
185.7
'58.4
224.4
60.6
.313
.313
.313
.317
.324
.327
.327
.348
.367
.373
44.4
54.1
50.8
34.2
54.3
43.9
40.5
61.8
31.8
32.4
44.9
28.3
39.5
44.3
26.9
41.7
22.8
34.9
36.2
22.2
27.1
36.7
20.8
35.8
'35.8
'18.7
48.1
51.2
26.7
408.1
232.6
343.0
341.1
205.7
392.0
365.5
234.7
363.7
312.3
205.3
336.3
375.9
231.1
313.4
352.0
206.8
326.2
345.5
191.4
370.3
335.3
199.6
363.5
320.2
197.0
328.4
403.9
231.1
388.0
3.7
2.0
1.8
1.8
2.1
2.1
2.4
3.1
1.8
<*)
50.1
69.4
240.4
112.5
()
56.5
79.4
218.8
70.9
()
54.2
71.0
181.0
36.7
()
54.0
78.2
166.6
43.7
()
44.2
64.7
148.4
41.9
FATS. OILS, AND RELATED PRODUCTS
Baking or frying fats (Incl. shortening):
Production
....mil. lb.. 3,515.0 3,532. 5 329.2 316.1
288.6
Stocks, end of period©
do
127.6
127.3
118.7
127.8 127.3
Salad or cooking oils:
Production
do
3,600.0 3,904. 8 320.2 307.5 317.0
Stocks, end of period©
do
92.0
76.1
85.6
84.5
85.6
Margarine:
Production
do
2,290.0 2,361. 2 203.5 215.8 228.4
Stocks, end of period©
do
67.1
69.3
67.7
69.8
Price, wholesale (colored; mfr. to wholesaler or"
large retailer; delivered).
$perlb._
.313
.313
.313
.313
Animal and fish fats:A
Tallow, edible:
Production (quantities rendered)
mil. lb_.
52.9
644.8
61.6
641.6
48.1
Consumption in end products
_
do
633.6
59.1
63.9
47.3
Stocks, end of period!
do_.
45.3
37.2
41.3
38.3
46.3
Tallow and grease (except wool), inedible:
4,967.7 4,834.3 423.6
Production (quantities rendered)
do
424.9
404.2
Consumption in end products
do... 2,622.7 2, 761. 6 240.3
222.5
204.5
Stocks, end of period 1
Ido
379.7
346.1
330.7
323.5
346.1
Fish and marine mammal oils:
57.1
41.9
Consumption in end products
_
do
3.5
3.3
3.2
Vegetable oils and related products:
Coconut oil:
Production: Crude
mil lb
()
()
()
<*)
()
Refined
do
653.3
48.0
54.2
44.9
593.0
Consumption in end products
do
740.4
69.7
70.9
66.5
824.9
Stocks, crude and ref., end of period 1f
do
182.1
229.1
186.1
191.1
229.1
Imports
do
67.0
60.4
37.3
677.0
628.6
Corn oil:
Production: Crude..
_
do
485.1
607.2
44.1
40.3
40.1
Refined
do.I.~
440.3
464.5
43.0
42.8
38.1
Consumption in end products
do.I..
446.3
463.7
39.6
41.6
41.1
Stocks, crude and ref., end of periodf
do
57.0
73.3
76.8
72.7
76.8
d
' Revised.
v Preliminary.
Data withheld to avoid disclosure of operations of individual
firms. » Reflects revisions not available by months.
* Average for Jan.-Nov.
3
Average for Apr.-June and Aug.-Dec.
< Less than 500 sh. tons.
« Corrected.
()
58.7
80.5
232.5
69.8
(0
62.5
82.1
183.4
61.3
()
()
47.5
46.6
68.2
73.8
140.4 '114.3
64.1
29.8
()
51.4
83.5
79.9
46.7
44.7
46.2
44.3
'43.8
40.6
46.3
45.9
45.8
50.7
41.0
41.9
'42.6
51.2
40.4
44.1
44.1
51.3
45.4
39.5
45.5
37.4
'42.6
40.2
41.7
57.4
71.9
66.7
88.4
92.1
'56.6
79.5
91.2
1
GCases of 30 dozen.
d Bags of 132.276 lb.
§Monthly data reflect cumulative revision
/or prior periods.
9 Includes data not shown separately: see also note " §".
AFor data
on lard, see p. S-28.
©Producers' and warehouse stocks.
^Factory and warehouse
stocks.
42.6
45.3
41.6
69.7
41.7
34.7
39.7
65.9
SU KVJtt Y OJb (JU1
S-30
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971 |
1972
December 1973
1972
Oct.
Annual
T 131JS1JN E S S
1973
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—Continued
Cottonseed cake and meal:
1,720.6 1, 923. 8
Production
thous. sh. tons
93.1
50.0
. do
Stocks (al oil mills), end of period
Cottonseed oil:
mil. lb— 1,209.4 1,355. 2
Production* Crude
985.7
1,133.5
do__Refined
1
712.0
728.5
Consumption in end products
do
Stocks, crude and refined (factory and ware188.3
187.4
mil,
lb
house), end of period
2 400. 7
475.4
do
Exports (crude and refined)
.190
.159
Price, wholesale (N.Y.)
__ .—$ per lb_.
Linseed oil:
Production, crude (raw)
_. . mil. l b Consumption in end products
_ do
Stocks, crude and refined (factory and waremil, lb
house), end of period
Price, wholesale (Minneapolis)
_._$ per lb__
Soybean cake and meal:
Production. _._ __ __ _. . thous. sh. tons..
Stocks (at oil mills), end of period.. ~ .. do
Soybean oil:
Production* Crude
"mil lb
do
Refined
Consumption in end products
do
Stocks, crude and refined (factory and waremil lb
house), end of period
. _ do...
Exports (crude and refined)
Price, wholesale (refined; N.Y.)
$ per lb_.
200.4
37.6
242.4
44.5
228.4
50.0
238.7
48.7
218.0
51.7
236.8
73.2
208.9
100.6
195.7
114.8
158.8
122.1
131.0
108.9
125.6
81.9
••83.1
' 55. 0
169.2
61.6
139.3
95.4
65.7
165.5
121.9
68.7
157.3
140.1
63.5
163.3
124.9
61.2
152.0
135.0
55.4
163.4
140.7
88.4
172.0
128.9
73.7
136.3
126.0
88.1
108.4
99.1
80.5
92.9
76.8
69.5
87.8
102.7
66.1
••56.2
66.6
••52.3
119.6
88.2
69.8
142.5
18.9
.150
161.5
70.6
.139
187.4
32.2
.141
215.4
57.9
.141
239.1
56.6
.166
212.7
78.7
.185
220.6
40.7
.190
232.5
63.7
.210
215.8
55 3
.223
190.0
39.0
181.6
23.8
' 114. 4
43.2
117.6
22.6
.220
412.2
213. 6
439. 7
243.7
34.0
21.7
35.0
18.5
28.2
17.1
31.3
15.8
25.1
14.5
26.5
18.7
28.5
17.3
30.2
20.2
39.9
21.1
29.6
19.8
33.4
20.2
39.1
'17.0
40.7
17.2
224.8
.089
253.7
.092
258.4
.095
246.3
.095
253.7
.095
225.3
.095
224.1
.095
177.3
.095
153.4
.095
127.1
.095
113.0
.140
86.4
.150
71.6
.150
••90.3
.150
86.6
.150
17,104.2
119.8
16, 993.1
180.5
1,519.2
148.3
1,612.0 1,571.5
180.5
133.7
1,611.9
162.3
1,479.7
177.8
1,461.6
167.1
1,324.3
169.4
1,406.2 1,189.1
156.5
158.5
1,009. 0
166.0
1,078.3
168.1
8,081.5
6,298. 0
6, 322 9
8,083. 7
6,464.0
6,748. 7
713.3
561.1
595.1
742.4
558. 0
584.7
716 6
553.9
588.1
723 5
570.1
539. 2
676.8
519.4
538.9
680.8
575.2
589.0
618 3
511.8
521.2
655.8
538.9
581.8
553.1
514.2
534.3
470 1
428.9
464.2
510.5
538.8
569.3
r
439. 8
r 502. 3
r 522.7
671.3
574.4
614.2
802.2
21,611.7
.151
896.5
1,148. 7
.131
806.2
58.4
.120
839.1
109.7
.117
896.5
50.7
.124
948 6
52.7
.117
966.5
120. 9
.150
920.5
132.3
.166
1 004.8
49.3
.174
900.1
111.8
.189
822.7
90.3
.226
748.7
81.5
620.1
39.7
r 515.5
45.2
529.7
12.9
.309
40,122
19, 069
.135
r 948. 7 1,435. 4
•• 141. 8
188.5
.219
TOBACCO
Leaf:
1
1 , 705
Production (crop estimate)
mil lb
Stocks, dealers' and manufacturers' end of period
4,828
mil. lb._
Exports, incl. scrap and stems
thous lb 2 474,209
2
248,529
Imports incl scrap and stems
do
4,700
606,176
240,509
54,114
20,924
63,105
17,123
4,700
56,151
19,637
43,050
21, 516
45, 276
24,416
4,459
45,597
20,052
43, 573
20,904
46,140
25,603
4,039
45,321
19,045
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large), taxable
Exports cigarettes
47,172
551,016
5,894
34,602
2,907
51,321
561
3,544
4,136
46,937
520
3,476
4,079
35, 762
344
3,089
4,070
48, 230
464
2,343
4,917
45,576
402
3,546
5,219
49,346
463
3,834
4,821
44, 693
485
4,226
3,988
52, 042
507
2,642
4,237
50,757
483
2,917
millions.,
do
do
do
49,206
528, 858
6,506
31,802
1
5
1,749
1,788
40, 593
21,650
4,196
54,580
21,565
70,213
26,113
4,469
43,525
403
3,133
4,913
56, 821
506
4,391
4,857
46,122
442
3,544
3,814
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
thous. $__ 155,821 292,023 36,113
Calf and kip skins
thous. skins..
2, 222
2,064
164
Cattle hides
thous. hides.. 15,962
17, 589 1,893
Imports:
Value, total 9
Sheep and lamb skins
Goat and kid skins
thous. $..
thous. pieces..
do
52,100
19, 283
1,956
65, 200
16, 852
3,355
5,700
704
425
Prices, wholesale, f.o.b. shipping point:
Calfskins, packer, heavy, 9H/15 lb
$ per lb__
Hides, steer, heavy, native, over 53 lb_
do
.294
.145
.563
.296
.660
.405
LEATHER
Production:
Calf and whole kip
thous. skins..
Cattle hide and side kip
thous. hides and kips._
Goat and kid
thous. skins__
Sheep and lamb
do
1,621
20,477
3,148
21,385
1,603
20,084
3,522
20,191
Exports:
Upper and lining leather.
82,944 3 117,556
thous. sq. ft..
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100..
Upper, chrome calf, B and C grades
index, 1987=100..
40, 816 37, 255 35, 887
156
172
223
1,733 I 1,524 1,461
j
45,483
177
1,837
44,199
200
1,802
30, 863
131
1,340
33, 474
209
1,411
25,441
113
1,266
23,731
117
1,155
24,077
135
1,100
25, 636
139
1,229
30,958
138
1,463
4,200 I 3,800
326
405
159
165
7,000
910
256
7,500
1,437
253
9,700
1,883
152
9,400
1,547
237
8,700
1,219
272
7,900
804
52
8,600
1,598
83
6,900
1,157
113
4,600
540
55
4,400
684
27
. 650
.430
.660
.320
.660
.340
.660
.335
.660
.283
.610
.383
.610
.363
.610
.338
.610
.363
.610
.383
.610
.355
.610
.363
133
1,712
309
1,663
143
1,546
291
1,727
106
1,387
330
1,614
114
1,504
278
1,312
88
1,446
215
1, 268
99
1,637
246
1,422
77
1,515
251
1,374
117
1,627
257
1,418
124
1,582
248
1,380
81
1,141
141
122
1,463
103
1,413
1,087
991
11,413
10,323
8,223
8,746
7,872
9,254
11,311
12,618
10,873 |
8,154
10,353
9,919
10,184
194.2
166.8
166.8
187.0
179.8
114.4
s 157. 5
194.2
194.2
194.2
194.2
194.2
194.2
194.2
81.8
106.7
117.9
117.9
117.9
117.9
117.9
117.9
124.2
LEATHER MANUFACTURES
Shoes and slippers:
Production, total
thous. pairs_. 535,777
Shoes, sandals, and play shoes, except athletic
thous. pairs.. 425,875
98,147
Slippers
do
8,440
Athletic
do
3,315
Other footwear
do
525,665
46,243 I 41,058
38,547
42, 574
41, 555
46,495
41,678
41,669
41,513
31, 939 '43,971
417,604
98, 272
8,726
2,053
34,615
10,818
810
155
30, 663
9,305
861
227
31,298
6,364
705
180
34,301
7, 249
861
163
33, 265
7,343
802
145
36, 761
8,701
884
149
32, 584
8,059
860
175
31, 395
9,094
943
237
32, 301
8,169
842
201
25,536
5.745
569
89
2,106
a 2, 253
218
231
220
190
226
254
264
284
335
312
117.5
128.6
131.4
135.0
135.0
135. 0
138.9
138.9
140.1
140.1
140.1
120.1
121. 2
125.7
< 127. 0
127.9
129.2
129.2
129.2
131.2
131.2
135.5
130.4
135.5
121.1
135.5
121.1
Exports
do.
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
index, 1967=100..
Women's oxfords, elk side upper, Goodyear
welt
index, 1967=100..
Women's pumps, low-medium quality.__do
r
1
Revised.
» Crop estimate for the year.
Annual total reflects revisions not distributed to the monthly data.
' Average for Jan.-July and Oct.-Dec.
4
Jan.-Aug. average.
« Nov. 1 estimate of 1973 crop.
9 Includes data for items not shown separately.
39,187
45,228
33,079 29,252
8,886
• 9,724
867
•"924
182
33,589
10,415
944
280
357
320
406
140.1
140.1
140.1
142. e
135.5
121.1
135.5
121.1
135.5 i
121.1 i
135.5
121.1
135.5
121.1
S-31
SURVEY OF CURRENT BUSINESS
December 1973
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1972
Annual
1972
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
3,207
549
2,658
3,038
580
2,458
3,456
631
2,825
3,250
631
2,618
3,453
682
2,771
Sept.
Oct.
Nov.
LUMBER AND PRODUCTS
LUMBER—ALL TYPES?
National Forest Products Association:
Production, total
mil. bd. ft.. i 36,693
6,949
Hardwoods
do
29, 744
Softwoods
do
Shipments, total
Hardwoods
Softwoods
do
do
do
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
Exports, total sawmill products
Imports, total sawmill products
SOFTWOODS
Douglas fir:
Orders, new
Orders, unfilled, end of period
1
7,244
31,622
3,528
627
2,901
3,193
615
2,578
2,664
430
2,234
3,012
535
2,477
3,074
545
2,529
3,456
567
2,890
3,272
510
2,763
3,290
37,769
7,455
30,314
i 40,070
7,731
3,520
627
2,893
3,203
615
2,588
2,776
479
2,297
3,153
678
2,475
3,102
606
2,496
3,474
642
2,832
3,386
620
32,339
3,351
563
3,264
544
2,720
3,044
534
2,511
3,402
582
2,820
3,096
578
2,518
3,312
628
2,683
5,288
999
4,289
4,086
512
3,574
4,149
441
3,708
4,094
438
3,656
4,086
512
3,574
3,954
369
3,586
3,926
307
3,619
3,802
224
3,677
3,896
222
3,674
3,835
150
3,686
3,765
152
3,613
3,758
198
3,561
3,813
248
3,565
3,967
301
4,108
355
3,753
1,081
7,599
1,390
9,428
139
815
104
103
125
935
130
760
176
883
194
837
201
931
174
152
823
181
623
204
1,453
192
763
8,507
666
9,242
617
776
686
577
636
617
759
666
720
695
752
783
731
692
643
726
736
622
742
747
779
552
596
735
743
710
768
736
691
813
877
807
883
814
804
769
780
682
713
823
814
840
797
715
670
722
667
852
682
632
784
774
784
813
636
792
820
854
35
4
31
25
4
21
46
16
31
45
14
31
53
6
47
53
13
40
47
10
37
56
16
40
do
do
do
do
do
mil. bd. ft..
do
2,76b
491
2,799
Production
Shipments
Stocks (gross), mill, end of period
do
do
do
8,283
8,398
943
8,983
9,191
735
Exports, total sawmill products
Sawed timber
Boards, planks, scantlings, etc
do
do
do
329
88
240
405
111
294
117.68
144. 27
150.70
151. 28
151. 28
152.46
168.46
193.96
197.22
209.91
192.13
180. 93
180.19
190.27
176.11
7,942
421
i 8,539
435
794
504
706
494
634
435
677
472
703
536
763
561
644
525
726
556
656
546
609
528
550
564
497
7, 734
7,894
i 8,337
i 8,525
815
800
710
716
697
693
659
640
640
639
731
738
643
680
705
695
649
666
628
627
576
412
684
661
Prices, wholesale:
Dimension, construction, dried, 2 " x 4 " , R. L.
$ per M bd. ft_.
Southern pine:
Orders, new
Orders, unfilled, end of period
1
mil. bd. ft_.
do
Production
Shipments
1
do
do
1
Stocks (gross), mill and concentration yards, end
of period
mil. bd. ft..
769
720
901
63
13
50
644
617
170.43
1,216
1,028
1,030
1,024
1,028
1,047
1,048
1,041
1,004
1,014
997
998
1,019
1,046
1,069
M bd. ft_.
64, 923
64,456
7,728
4,429
6,618
4,877
4,715
6,508
10,020
8,803
9,580
7,946
9,696
11,037
8,826
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L .
1967=100..
Flooring, C and better, F . G., 1" x 4", S. L.tf1
1967=100..
133.7
154.7
159.9
159.9
159.9
160.4
168.5
176.5
188.4
195.0
204.9
201.4
214.1
217.6
217.7
218.8
132.8
140.8
141.8
143.4
143.4
143.4
150.3
162.7
169.9
178.6
200.1
185.9
192. 4
211.0
211.0
214.3
10, 299
362
10,756
555
929
555
803
555
820
569
877
616
950
629
877
602
901
552
885
551
949
631
957
627
872
592
918
584
10,019
10, 271
10,395
10,563
956
965
731
494
812
792
723
742
745
806
818
830
933
934
904
971
951
882
886
857
869
970
961
924
907
937
926
1,382
1,214
1,213
1,233
1,214
1,153
1,141
1,167
1,187
1,183
1,171
1,180
1,197
1,208
96.44
130. 91
138.44
138.05
136. 37
139.85
154. 21
212.59
243.95
228.13
197. 73
160.65
155. 33
154.98
323.3
8.1
306.6
320.9
22.0
268.2
11.6
20.2
13.4
17.3
14.6
11.6
18.4
9.2
14.8
7.9
16.3
7.3
13.3
5.0
15.1
4.0
16.2
6.0
13.2
6.3
17.4
5.5
14.9
5.5
244.8
261.1
6.6
20.4
20.8
6.8
15.4
14.8
16.8
18.6
5.7
14.9
15.8
5.1
16.3
17.1
4.6
15.1
15.9
3.8
15.8
16.6
3.7
14.6
15.3
12.6
11.6
3.6
18.9
18.1
4.4
15.4
15.0
4.5
15.7
4.8
18.5
16.4
6.1
Exports, total sawmill products
Western pine:
Orders, new
Orders, unfilled, end of period
Production
Shipments
mil. bd. ft_.
do
__
do
do
Stocks (gross), mill, end of period
do
Price, wholesale, Ponderosa, boards, No. 3 , 1 " x
12", R. L. (6' and over)
$ per M bd. ft._
HARDWOOD FLOORING
Oak:
Orders, new
Orders, unfilled, end of period
mil. bd. ft._
do
Production
__
Shipments
Stocks (gross), mill, end of period
.do
do
do
12.2
19.3
20.0
6.8
937
1,137
183.12
155. 90
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
Scrap
Pig iron
thous. sh. tons..
do
do
2,827
6,256
34
2,873
7,383
15
252
653
2
207
695
2
245
895
3
288
900
(3)
221
836
1
323
1,090
1
340
771
2
372
1,217
1
323
1,057
2
343
1,130
1
324
1,234
1
281
1,025
3
374
757
1
18,304
325
320
17,681
373
653
1,910
26
68
1,824
32
49
1,609
35
116
1,381
36
27
1,306
25
7
1,170
31
11
1,051
33
59
1,604
46
71
1,229
51
53
1,380
39
45
1,316
36
36
1,075
20
41
1,235
33
24
thous. sh. tons.. ••49,194 i 51,184
do
'i 34,208 i 42,599
do
* 82,817 i 94,300
do
8,494
8,169
4,542
3,480
8,149
8,593
4,342
3,351
7,877
8,390
4,408
3,187
7,848
8,134
4,731
3,459
8,381
7,878
4,465
3,328
7,866
7,918
5,071
3,899
8,915
7,973
5,013
3,693
8,846
7,843
5,099
3,856
9, 039
7,792
4,810
3,668
8,495
7,789
4,539
3,356
7, 832
7,878
Imports:
Steel mill products
Scrap
Pig iron
do
do
do
1
Iron and Steel Scrap
Production
Receipts, net
Consumption
Stocks, end of period
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per lg. t o n . .
33.19
34. 65 36.62
37.09
39.08
Pittsburgh district
do
38.00
38.50
40.50
43.00
36.80
r
Revised.
v Preliminary.
Annual data; monthly revisions are not available.
2
Beginning Jan. 1971, data 3reflect changes in size specifications, and are not comparable with
t hose for earlier periods.
Less than 500 tons.
'4,725 M,566
I r 3,433 ! * 3,358
! ' 8,107 ! v 8,292
r 7 912 v 7,453
65.89
77.53
52.95
43.53
48.27
44. 57 ' 49.65 52.92
56.28
52.95
46.37
64.50
80.50
56.00 i 58.50
48.00
44.50
52.50
55. 50
48.00
55.50
48.50
9 Totals include data for types of lumber not shown separately.
d* Through March
1971 data are for flooring, B and better, F.G., 1" x 4", S.L., beginning April 1971, they are
for flooring, C and better, F.G., 1" x 4", S.L.
SURVEY
S-32
Annual
December 1973
1972
1972
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
CUEEENT BUSINESS
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous. lg. tons.
Shipments from mines
do...
Imports
do...
»80,762
i 77,692
40,124
75,285
78,201
35,761
6,536
9,062
3,695
7,677
4,501
5,553
5,883
2,757
6,551
2,035
1,783
5,260
2,492
1,585
5,931
2,367
1,529
5,987
6,635
2,863
9,046
10,414
3,977
8,940
10,404
4,577
8,617
11,066
4,353
8,911
10,868
5,071
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do.
Consumption at iron and steel plants
do.
Exports
do.
114,051
108,966
3,061
112,303
119,937
2,095
13,176
10,294
275
11,094
10,205
91
9,037
10, 729
213
4,018
11,156
84
4,561
10,423
46
4,334
11,542
65
9,058
11,404
215
14,419
11,771
164
14,363
11,408
331
15,657
11,636
371
14,940
11,645
425
78,815
17,653
57, 738
3,424
66,962
14,289
50,061
2,612
70,159
17,019
50,862
2,278
69,063 66,962
14, 893 14, 289
51,751 50,061
2,419
2,612
63,232
17,973
42,923
2,336
59,565
20,626
37,061
1,878
55,267
24,174
29,853
1,240
52,347
23,537
27,582
1,228
53,499
22,096
30,230
1,173
55,301
20,642
33,204
1,455
57,006
18,196
37,231
1,579
53,415
16,125
40,524
1,766
do___
1,019
949
90
74
50
106
72
52
101
58
85
51
127
Pig Iron:
Production (excluding production of ferroalloys)
thous. sh. tons_
Consumption
do...
Stocks, end of period
do.._
81,299
11 81, 215
1, 779
88,952
89,140
1,660
7,606
7,684
1,745
7,475
7,438
1,711
7,960
7,682
1,656
8,199
8,242
1,655
7,756
7,778
1,542
8,627
8,762
1,450
8,490
8,526
1,415
8,468
8,571
1,295
8,516
8,506
1,372
8,282
8,087
• 8, 290 *7,938
• 1,335 1 2 8 4
8,588
8,931
1,358
80.33
71.38
81.70
81.70
72.21
81.70
72.21
74.33
()
71.99
74.33
71.99
75.89
77.90
75.89
77.90
75.89
77.90
75.89
77.90
75.89
75.89
75.89
1,102
1,319
692
1,140
1,206
641
1,245
1,425
709
1,237
1,362
690
1,297
1,542
781
1,339
1,437
746
1,383
1,550
815
1,447
1,500
815
1,493
•1,312
727
1,527
1,364
802
110
87
52
115
95
67
116
88
51
118
96
57
124
62
131
'77
'49
138
83
51
Stocks, total, end of period
At mines
At furnace yards
At U.S. docks
Manganese (mn. content), general imports
do.
do.
do.
do-
Pig Iron and Iron Products
Prices:
Composite
$ per lg. ton.
Basic (furnace)II
$ per sh. ton.
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
For sale...
do..
1
76.03
67.70
68.75
3
74.33
835
13,839
7,606
1,140
15,320
8,293
882
606
96
960
578
1,093
1,415
771
75.89
Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons.. 120,443
Index
daily average 1967 = 100..
94.7
8teel castings:
Orders, unfilled, for sale, end of period
281
thous. sh. tons.
1,689
Shlpments, total
do—_
1,296
For sale, total
do.._
Steel Mill Products
Steel products, net shipments:
Total (all grades)
.thous. sh. tons.. » 87,038
By product:
Semifinished products
do__.
4,962
Structural shapes (heavy), steel piling... do
6,666
Plates
do
7,939
Rails and accessories
do_
1,664
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
By market (quarterly shipments):
Service centers and distributors
Construction, incl. maintenance
Contractors' products
Automotive
do.
do.
do
do
Rail transportation
do.
Machlnery, industrial equip., tools
do.
Contalners, packaging, ship, materials _ do
Other.
'.do".
Steel mill products, inventories, end of period:
Consumers'(manufacturers only)..mil. sh. tons
Receipts during period.
do
Consumption during period
do
11,657
107.9
11,398
109.0
11,878
109.9
12,373
114.5
11,626
119.1
13,088
121.1
12,789
122.3
13,174
121.9
12,488
119.4
12,290
113.8
12,181
112.7
318
1,609
1,321
322
163
128
311
135
111
318
144
120
148
123
364
150
124
407
168
140
444
157
131
471
162
136
535
164
140
602
122
102
147
126
91,805
8,243
8,044
8,127
9,111
8,665
9,861
9,163
10,023
9,657
8,703
9,422
8,905
609
664
129
469
519
671
124
466
689
816
148
463
500
702
146
460
452
679
138
529
562
821
167
460
604
785
146
540
672
847
156
477
619
806
143
424
596
786
125
479
622
853
119
584
801
126
475
671
879
145
1,381
819
400
153
645
264
494
3,674
1,311
1,474
1,347
825
367
147
621
243
445
3,606
1,318
1,423
1,362
873
338
143
732
235
436
3,342
1,250
1,312
1,412
880
350
173
653
275
772
4,188
1,458
1,761
1,374
845
359
161
646
251
845
3,820
1,332
1,605
1,667
1,033
434
190
776
318
486
4,535
1,568
1,883
1,522
937
396
179
737
293
483
4,134
1,388
1.744
1,660
977
481
192
818
292
586
4,453
1,449
1,908
1,578
952
434
184
785
286
629
4,334
1,439
1,801
1,419
829
418
164
708
240
594
3,812
1,320
1,521
1,531
890
445
187
791
273
626
4,128
1,394
1,679
1,470
864
422
176
729
266
565
3.S71
1,290
1,606
1,649
939
496
205
864
292
609
4,307
1,489
1,730
1
4,917
5,656
7,553
1,601
14,156
8,179
4,521
1,378
7,574
2,791
6,811
35, 574
11,760
14,898
» 15,518
9,299
4,454
1,675
7,609
2,952
6,135
39, 862
14,036
16,123
16,184
i 9,541
4,946
17,483
9,299
5,055
18,217
5,140
2,396
1,346
4,819
5,322
2,556
1,459
6,129
5,842
2,980
1,721
6,153
5,580 22 2,055
2,917 l,053
1,651
2 604
5,611 2 2,001
3,004
4,903
7,212
23,765
2,730
5,396
6,616
»25,893
728
1,514
1,511
6,960
771
1,607
2,186
7,613
842
1,628
1,870
7,806
775
1,507
1,903
7,087
10.0
67.6
67.0
8.8
68.0
69.2
1
8.8
5.4
5.5
8.9
7.0
6.9
9.0
6.7
Service centers (warehouses)
do
7.4
8.6
7.2
7.8
8.6
Producing mills:
In process (ingots, semifinished, etc.)
do....
10.6
11.3
11.3
11.2
11.3
Finished (sheets, plates, bars, pipe, e t c . ) . d o . . . .
8.8
10.2
10.0
10.1
10.2
Steel (carbon), finished, composite price.. .$ per lb_.
. 1089
.1189 .1191 .1191 .1191
' Revised.
r Preliminary.
i Annual data: monthly or quarterly revisions are not
available.
» For month shown.
»Average for 11 months.
« Series discontinued.
8.1
11.0
10.0
12,229 12,876 P12,582
117.0 ' 119. 2 i "120.3
133,241
104.5
8.9
6.5
6.6
8.9
6.0
6.0
8.9
7.1
7.2
9.0
6.7
6.6
9.5
7.5
7.0
9.7
7.2
7.0
9.9
6.5
10.0
7.0
7.6
8.0
8.5
8.4
8.0
8.4
'8.6
10.8
9.7
10.5
9.2
10.2
9.0
10.0
9.0
10.0
8.0
10.0
7.9
10.0
7.6
6.3
10.7
'7.1
'6.4
9.9
7.5
2 293
2 556
2,666
PIO.7
P7.3
*>7.3
'9.5
P7.3
ifEffective May 1973 SURVEY, prices are in terms of dollars per short ton.
SURVEY OF CURRENT BUSINESS
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
S-33
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May-
June
July
Aug.
Sept.
Oct.
Nov.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons..
Eecovery from scrap (aluminum content)..do
Imports (general):
Metal and alloys, crude
Plates, sheets, etc
Exports:
Metal and alloys, crude
Plates, sheets, bars, etc.*
3,925
1943
4,122
1,041
363
90
357
83
364
do.
do.
560.4
71.0
646.4
80.9
47.0
5.4
54.5
6.0
58.2
6.5
do
do
112.3
149.0
108.3
154.0
14.2
14.4
53.3
5.9
10.0
14.8
14.0
13.7
.2900
.2645
.2500
.2500
.2500
Price, primary ingot, 99.5% minimum_..$ per lb..
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)
Mill products, total...
Sheet and plate
Castings.
__
mil. l b . .
.do
do
do
_
Inventories, total (ingot, mill prod., and scrap),
end of period
mil. lb.
Copper:
Production:
Mine, recoverable copper.._:..thous. sh. tons.
Refinery, primary
do
From domestic ores
do
From foreign ores
do
Secondary, recovered as refined
do-_Imports (general):
Refined, unrefined, scrap (copper cont.) ..do
Refined
do
Exports:
Refined and scrap
do
Refined
do
10, 258.2 11,821.8 1,015.4
7,846. 2 9, 209. 2
794.2
3,976.4 4,760. 4 397.3
1,577. 2 1,860. 0 165.8
5,029
4,804
1,522.2
1,591.8
1,410.5
181.3
371.0
1, 664.8
1, 809.1
1, 616. 2
192.8
383.0
140.6
149.2
131.2
18.0
365.8
162.1
423.6
189.8
267.7
182.7
372
87
351
99
371
90
6.2
50.9
6.4
43.1
4.6
12.4
18.5
11.5
13.1
10.6
18.5
.2500
.2500
.2500
12.4
19.4
.2500
1,038.8 1,024.0 1,157.0 1,101. 8
776.9
765.8
826.3 818.8
404.4
424.2 430.5
393.0
154.3
186.3
178.6
171.6
46.0
3.6
10.3
17.3
14.1
15.1
29.8
18.7
31.2
20.5
.2500
.2500
.2500
.2500
.2500
.2540
152.1
168.7
153.7
15.0
147.5
163.4
147.3
16.1
4 118
130.5
145.0
132.8
12.2
• 142.6
137.2
127.5
139.4
135.1
121.3
13.8
39.9
18.2
44.6
21.5
27.9
12.7
31.5
16.2
21.5
10.4
36.4
12.2
21.1
8.0
25.5
10.2
42.3
17.1
24.4
15.6
12.8
28.8
17.7
23.4
13.5
31.1
18.3
48.9
19.7
36.3
18.4
28.5
16.2
26.0
15.9
.6008
.6008
137.3
157.4
141.1
16.4
135.7
143.8
128.8
15.0
43.0
21.7
47.6
23.3
22.8
11.6
40.8
21.3
20.3
13.7
15.8
10.7
19.9
14.7
22.1
15.9
578.6
618.9
595.1
51.7
49.5
46.1
51.6
45.0
45.4
53.5
55.3
49.5
56.2
261.7
Imports (general), ore (lead cont.), metal...do
1,431.5
Consumption, total
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. tons_.
154.7
Refiners' (primary), refined and antimonial
52.1
(lead content)
thous. sh. tons_.
125.6
Consumers' (lead content)^
do
Scrap (lead-base, purchased), all smelters
76.2
(gross weight)
thous. sh. tons..
.1380
Price, common grade A
$ per lb_.
344.6
1,485.3
22.6
127.6
27.2
126.8
23.6
116.0
45.1
128.8
168.0
169.4
173.0
168.0
64.5
113.2
63.7
119.4
64.2
117.2
64.5
113.2
60.2
.1503
63.3
.1467
53.7
.1450
3,060
4,216
» 46,940 52, 451
120,096
20,180
i 2,324 1 2,199
i69,950 i 69,033
151,980
53,506
599
6,532
1,685
215
5,700
4,345
91
4,723
1,820
180
5,365
4,115
4 601
271
114
4 650
180
229
103
.6008
.6008
.6008
.60C8
44.8
56.4
39.3
56.8
56.1
59.1
43.4
56.3
51.4
45.7
' 55. 7
52.9
51.1
47.3
27.6
124.1
17.7
134.4
16.5
121.7
22.1
123.7
21.3
124.0
36.5
99.7
28.4
123.1
13.3
122.2
165.9
151.9
141.7
127.4
126.3
134.3
154.2
144.7
147.2
57.3
115.1
51.6
109.8
39.7
115.6
32.9
117.1
34.7
118.7
21.8
131.0
59.3
.1482
59.9
.1526
63.0
.1600
64.9
.1602
.1648
64.2
.1650
25.2
128.7
64.2
.1650
27.7
119.3
60.2
.1450
33.1
120.3
64.3
.1650
496
4,135
1,470
135
5,525
4,180
504
5,103
1,670
175
5,870
4,735
709
2,967
1,710
145
5,945
4,625
452
5,221
1,955
150
6,370
5,025
16
3,547
1,755
155
6,310
5,040
564
5,474
1, 725
190
6,465
5,185
4,083
1,705
160
6,230
4,850
0
4,858
1,290
150
5,210
4,255
226
126
11,766 10,270
1. 7625 1.7904
311
1.9197
130
9,610
2.0509
95
9,270
2.0244
51
8,155
2.0911
.5061
.5239
.5457
786
699
187
.5978
878
791
200
70.7
.1650
.1650
0
3,622
1,900
165
5,630
4,460
190
3,193
496
2,615
158
291
9,030 8,895
2.1227 2.3755
249
10,795
2.4345
113
9,645
2. 4023
5,820
4,580
2,306
9,804
1. 6734
1,466
11,766
1.7747
34
11,370
1.8040
81
12,180
1.7721
thous. sh. tons.
502.5
i 478.3
40.7
38.9
33.9
40.8
36.5
39.3
36.9
40.1
36.8
40.0
'40.9
42.8
do _
do__-
342.6
319.6
254.9
522.6
21.8
46.9
14.4
60.4
11.8
37.8
22.0
19.8
46.2
20.4
52.1
18.0
38.8
20.6
40.7
19.0
50.3
12.1
53.4
16.2
49.8
9.8
40.7
do—
do__.
i 119.3
i 277.3
1118.3
1 292.1
12.1
22.0
13.2
22.8
13.3
21.9
13.7
22.0
12.7
22.1
13.9
22.8
15.1
22.3
14.9
25.6
12.5
24.8
11.5
23.0
11.7
24.6
12.7
25.2
56.0
5.8
129.6
()
50.7
5.3
123.7
.1
56.8
6.4
134.7
.3
54.1
6.4
128.3
.4
53.2
6.4
134.0
.4
47.3
5.3
122.3
.6
49.8
5.3
111.4
1.0
48.6
6.8
124.1
1.5
50.7
6.2
121.9
1.2
Exports, incl. reexports (metal)
Stocks, pig (industrial), end of period
Price, pig, Straits (N.Y.), prompt
do.._
do _.
$ per lb.
Consumption (recoverable zinc content):
Ores
Scrap, all types
Slab zinc:
Production (primary smelter), from domestic
51.8
56.6
57.1
and foreign ores
thous. sh. tons._ i 766.4 i 639.4
5.3
6.4
7.0
67.5
180.9
Secondary (redistilled) production
do
112.8
129.0
123.6
i1,254.1 11,418.3
Consumption, fabricators.
do
.2
0
4.3
Exports
do
13.3
Stocks, end of period:
Producers', at smelter (ZI)O
do . .
Ml.3
» 21.2
31.2
32.3
31.8
Consumers'
do
* 104.3 1126.1
140.4
143.9
138.8
Price, Prime Western
$perlb-.
.1613
.1775
.1800
.1800 .1811
r
Revised.
v Preliminary. 3 » Annual data; monthly revisions are not available.
2
Average for 11 months.
Less than 50 tons.
* For quarter ending in month shown.
* New series.
.2625
1,257.1 1,182.4
1,266.8 1,242.7 1,117.6 1,203.4 1,191.4
882.9
886.3 r 918. 1
951.3 r 910. 2 * 973.4 r 954. 9
465.1
498.2
467.5
517.7
502.0 479.1
480.8
155.0
173.2
180.0
138.3
191.9
172.7
' 162. 6
150.4
158.1
143.1
15.0
137.4
143.8
132.7
11.1
*94
' 3,016
2,647
767
33.0
3.8
11.1
17.0
36.0
4.9
16.4
15.7
151.9
166.7
145.6
21.0
4 108
135.3
157.6
134.9
22.7
2,711
2,354
705
Zinc:
Mine prod., recoverable zinc
Imports (general):
Ores (zinc content)
Metal (slab, blocks)
34.6
4.3
4,490
.5124
lg. tons_.
do
do
do
do
do
50.7
• 4,544
2.5201
Tin:
Imports (for consumption):
Ore (tin content)
Metal, unwrought, unalloyed
Recovery from scrap, total (tin cont.)
As metal
Consumption, total
Primary
44.7
5.6
4,574
2,230
271
114
Lead:
Production:
Mine, recoverable lead
thous. sh. tons__
Recovered from scrap (lead cont.)
do
372
82
4,547
4,764
.5061
374
87
4,561
4,840
.5061
382
81
4,622
4,804
283.0
187.7
2,014
277
174
Consumption, refined (by mills, etc.)
do
Stocks, refined, end of period
do
Fabricators'
do
Price, electrolytic (wirebars), dom., delivered
$ per lb.Copper-base mill and foundry products, shipments
(quarterly total):
Brass mill products
mil. lb..
Copper wire mill products (copper cont.) do
Brass and bronze foundry products
do
373
90
306
2.4591
2. 6244
15.7
51.5
22.2
27.4
25.1
32.3
31.6
30.4
24.6
32.7
28.1
29.7
31.3
115.1
110.9
116.3
117.8
127.4
114.0
120.9
123.9
121.1
.2034
.2034
.2031
.2031
.2037
.2032
.2039
.1866
.1928 .1985
AEffective Dec. 1971, nationwide delivered price substituted for N.Y.-basis price,
cflncludes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
©Producers' stocks elsewhere, end of Nov. 1973, 5,800 short tons.
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated in footnotes below, data
through 1970 a n d descriptive notes a r e a s shown
In the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1973
1972
1972
Annual
December 1973
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
84.6
166.5
119.7
Aug.
Sept.
Oct.
Nov.
METALS AND MANUFACTURES—Continued
MACHINERY AND E Q U I P M E N T
Foundry
equipment (new), new orders, net
mo. avg. shipments 1967=100..
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly
mil. $..
Electric processing heating equip
do
Fuel-fired processing heating equip
do
Material handling equipment (industrial):
Orders (new), index, seas, adjt
1967 = 100..
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (internal combustion
engines), shipments^.
__ _ _ number
84.2
75.4
63.7
7.5
30.3
79.3
12 8
41.3
101.1
58.2
101.1
74.6
83.9
21.1
3.4
11 4
113.6
108.7
97.2
84.0
133.3
33.8
4. 1
23.2
32.8
5.2
18.9
27.0
5.7
13. 0
157.4
164.1
180.6
186.7
174.0
168.0
186.5
209.6
207.4
1,476
1,701
1,544
1,525
1,696
1,626
1,849
1,978
1,740
1,860
2,001
2,055
2,155
1,947
1,621
1,361
1,765
1,737
1,890
1,876
3,995
4,000
3,828
3,797
4,809
4,260
4,654
4,865
3,568
3,869
4,484
123.7
127.8
129.5
130.4
134.6
139.1
144.2
147.7
148.0
154.0
156.8
153.7
156.6
120.3
118.9
123.5
121.5
130.5
129.4
129.9
135.4
140.0
143.4
144.8
154.4
146.8
144.2
608. 75 1, 008. 95
524.10
877. 25
672. 30
714. 45
554. 20
627.15
702.0
407.5
94.45
84.35
63.85
56.05
629.6
112.70
103.45
66.20
58.80
676.1
118. 30
104.20
92.40
83.45
702.0
124. 80
103. 25
66.15
58.60
760.6
130.40
117.80
74.40
67.40
816.6
170. 80
149.10
98.80
83.95
888.6
159. 95
145. 90
76.30
68.80
972.2
252. 40
223. 20
325. 60
285. 60
161.8
403.05
368. 20
304. 25
267. 20
260.5
47.35
42.10
27.40
25.95
226.2
53.20
48.90
30.65
26.05
248.8
37.65
34.10
25. 95
21.45
260.5
56.85
49.55
27.15
25. 70
290.2
72.45
66.40
28.70
25. 85
334.0
76.70
72.05
35.35
33.55
375.4
80.95
74.45
30.60
28.60
425.8
u n i t s . . 1 18,520
mil. $.
i 479.6
Wheel (contractors' off-highway) _
units
i 4,334
mil. $.. i 166. 9
Tractor shovel loaders (integral units only), wheel
1
and tracklaying types
units
27,145
mil. $.. 1 640. 9
Tractors, wheel (excl. garden and contractors' offhighway types)
units., 165,343
mil. $.. i 891.9
21,225
546.0
i 5, 056
i 198. 5
4 591
120 1
2 94Q
2
35 1
6,405
190.9
1,430
55.0
46,052
1
801.7
11 798
205 8
13, 831
222.6
14 350
255.0
196,988
1,141.0
50,466
321 5
55, 087
345.6
61,111 3 11,829 3 13,912 3 20,563
3 83.0 3 84.1 3 137.7
382.6
Industrial supplies, machinery and equipment:
New orders index, seas, adjusted*!-1967-69=100..
Industrial suppliers distribution:
Sales index, seas, adjusted*...
1967=100
Machine tools:
Metal cutting type tools:
Orders, new (net), total
mil. $_.
Domestic
do
Shipments, total _
do
Domestic
do
Order backlog, end of period
. do
Metal forming type tools:
Orders, new (net), total
Domestic _ _ _ _ _ _ _ _ _ _
Shipments, total
Domestic .
Order backlog, end of period
do
do
do
do
do
-..
99.6
128.4
132.9
12,644
14,621
15,482
16, 902
1,377
1,457
1,416
1,518
36, 645
40, 698
3,589
99.1
116.3
104.7
Tractors used in construction:
Tracklaying, total
155.0
149.4
1
154. 85 133. 20
139. 55 110.00
100. 60 102. 90
84.55
9G. 40
1,026.4 1, 056. 7
70.95
66.50
38.25
35.30
458.5
78.20
74.15
42.05
39. 85
494.6
2
149.9
131.30 1?7.35 '168.70 *>185.40
108. 20 111.45 ' 138.80 P166.75
72.65
76.90 ' 95.75 P96 .85
63.15
64.85 ' 7 9 . 4 5
P84 .30
1,115.4 1,165.9 '1,238.9 *1,327.5
52.90
48.40
30.05
27.45
517.4
6,467 3 1, 793
3 54.4
192.8
1 747
2
67.7
58.30
52.50
33.85
29. 35
541.9
' 61.55
' 53.50
' 36.40
'32.40
'567.1
.50
.45
.40
.85
*>602.2
P73
P66
P38
P31
3 1,756 3 2,170
3 58.1 3 62 2
ELECTRICAL E Q U I P M E N T
Batteries (auto, replacement), shipments
thous..
Electronic components, factory se,las:cf
Semiconductors:
Discrete devices
mil $
Integrated circuits
do
Tubes, selected power, spec, purpose, qtrly~do
Microwave..
do
Electro-optical
do
High vacuum, gas, and vapor..
do
Capacitors
do
Motors and generators:
New orders, index, qtrly
1967—100
39,144
43,220
4,553
4,507
1621
534
4,473
7
124
180
176
435
323
150
92
82
438
87.1
99.3
Radio sets, total, production^
thous
Television sets (incl. combination), prodd"...do
18, 579
11, 197
20,086
13, 507
1,786
1,184
1,658
1,200
Household electrical appliances, factory sales:
Air conditioners (room)
thous
Dishwashers*
do
Disposers (food waste)*..
do
Ranges
do
Refrigerators
do
Washers
do
Dryers (incl. gas)
do
Vacuum cleaners
. .
do
5,438
2 477
2,292
2,714
5,691
4,608
3,377
7,973
4,508
3,199
2,772
3,232
6,315
5,107
3,925
8,337
137.4
333.1
243.7
312.7
606.5
496.5
442.4
838.1
157.2
308.9
236.4
297.0
502.2
439.0
384.0
764.0
1,795
2,549
3,088
2,066
2,661
3,163
216.0
232.3
291.4
178.2
224.1
249.8
166. 6
79. 4
47. 2
7
39. 9
39.7
4,226
3,108
2,837
2,503
2,631
44.5
«92.1
42.0
27.8
29 2
50.8
50.3
52.6
7
7
40.3
37.9
«43.2
122. 0
105.0
2,807
2,915
4,120
4,525
4,830
53.3
127 2
134 2
4
4 1, 681
2,916
1,189
3,860
1,341
* 3, 990
* 1, 778
3,067
1,018
3,935
1,424
448. 9
252.3
224. 5
240. 0
452. 8
417. 2
318. 2
775.3
782.4
322.7
254.0
293.8
579.8
464.8
331.9
795.9
686.4
296.9
245.6
286.4
554.1
428.5
305.4
710.5
722.4
325.2
260.6
311.9
623. 8
476.0
309.3
677.6
771.6
304.1
268.2
292. 6
618.5
463.4
330.3
671.7
306.2
272.4
236.0
304.0
703.2
432.5
319. 2
632.5
133.0
205, 9
278.9
161.8
260.9
280.3
148.8
206.3
275.0
145.5
230.6
281.8
136.6
238.7
263.1
' 143.1
166.8
225. 4
633
91
601
72
429
33
580
95
525
37
'606
97
20. 703
20. 703
* 2,132 «4,025
* 1,353 s 1,252
5,209
1,425
293.1
267.7
232.8
258.9
409.5
381.9
335.7
625.4
486.8
284.9
215.4
285.2
472.3
457.2
379.3
727.9
157.2
218.2
254.1
163.9
174.8
278.2
6,303
* 1 , 778
3,870
1,535
146.0
318.2
252.5
295.2
707.8
543.3
422.3
755.2
128.7
322.1
266.9
294.0
578.6
502.3
419.2
857.9
204.0
379.3
280. 5
331.3
596. 2
580.0
470.6
929.5
' 146. 0
210.7
' 251. 7
r 149. 5
' 232.1
' 228.3
*154.8
3,952
1,453
GAS E Q U I P M E N T (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments* thous
Ranges, total, sales!
do
Water heaters (storage), automatic, sales*
do
P195.1
P278. 9
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
682
16,637
Production
thous. sh. t o n s . . «8,727
623
531
671
89
780
121
Exports
41
d o
Price, wholesale, chestnut, f.o.b. car at mine
17.
673
19.110
18.
228
19.110
19.110
,
Spersh. ton..
Dl.
Bituminous:
8
552,192 '591,560
51,670 49,805 44,460
Production
thous. sh. t o n s . .
' Revised.
v Preliminary.
i Annual data; revisions are not available.
2 Excludes
figures for rubber-tired dozers.
3 F o r m 0 n t h shown.
< Data cover 5 weeks; other periods,
6
4 weeks.
« See note "<?".
Monthly revisions are available upon request.
' *or 6 months ending in month shown
{Revisions for Jan. 1970-Feb. 1972, comparable with indexes shown effective May 1973
SLRVEY, appear at bottom of p. S-34, Sept. 1973 SURVEY.
ifSee "<[" p S-35
cf Effective Jan. 1973, data reflect total market: Those produced in the United States, imports by L .b. manufacturers for sale under their brand name and, beginning 1973, also those
imported directly for resale.
fEfiective Mar. 1973 SURVEY, index revised back to 19o».
516
40
560
5
633
93
574
58
19.110
19.110
19.110
19.600
19. 600
19.600
19.845
20. 458
48,740
44, 960
49,640
40, 620
51, 020
46,010
43,675
55,005 P 48,785 *>55, 660
P627
* N e w series. Industrial hardware supplies and machinery ( m a r k e t e d t h r o u g h d i s t r i b u t o r s ) —
orders index (Amer. S u p p l y & Mach. Mfrs. Assn.) a n d sales index ( N a t l . & S o u t h e r n I n d .
D i s t r i b u t o r s Assns.) are based on 2-month m o v i n g average of selected m e m b e r s ' operations
a n d are adjusted for n o . of w o r k i n g d a y s . Effective J u n e 1973 S U R V E Y , sales i n d e x revised
b a c k t o 1970.
Dishwashers a n d disposers (Assn. of H o m e A p p l i a n c e Mfrs.) a n d gas equip>ment ( G a s A p p l i a n c e Mfrs. Assn.) reflect total i n d u s t r y sales. M o n t h l y d a t a prior t o 1971
are available u p o n request.
SURVEY OF CURRENT BUSINESS
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1972
1972
Annual
S-35
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
June
July
Aug.
Sept.
44, 600 ' 45,846
29,655 31,824
14,448 '13,497
7,772
8,048
48, 577
34,620
13,364
7,964
49,666
35,933
13,119
7,894
46,229
32,735
12,732
7,602
510
580
600
750
May
Oct.
Nov.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous—Continued
Industrial consumption and retail deliveries,
total9
thous. sh. tons.. 494,862 519, 689 43,362
326, 280 348, S25 28,967
Electric power utilities
do.
Mfg. and mining industries, total
do.
157,024 159,253 13,164
87,272
7,345
Coke plants (oven and beehive)
do
82,809
Retail deliveries to other consumers
do..
Stocks, industrial and retail dealers', end of period,
total
thous. sh. tons.
Electric power utilities
do
Mfg. and mining industries, total
do
Oven-coke plants
do
Retail dealers
do.
89,985
76, 987
12, 778
7,199
11,748
1,214
48,077
32,286
14,328
7,630
51,208
34,175
15,486
7,804
45,993
30,425
14,322
7,182
45,905
30, 533
14,450
7,950
43, 673
28,868
14,262
7,727
1,305
1,455
1,663
1,246
920
530
480
115,313 117,668 119,211 115,313 108,590 106,422 109, 065 110,861 114,551 r 107,616 105, 027 104,488 103,501
98,450 100,656 101,953. 98,450 92, 279 89,516 92, 246 92,971 97,470 ' 90,747 90, 818 90,055 88,886
16, 573 16,687 16,958 16,573 15, 996 16,601 16,499 17,550 16, 681 r 16,594 13, 949 14,123 14, b40
8,973
9,052 9,418
8,439
8,498
8,381
8,500
8,821
8,544
6,039
6,493
6,515
8,973
220
290
325
300
56,633
55,960
5,173
5,380
9.696
11.209
10.378
11.367
10.443
11.120
10.933
11.990
11. 209
12. 240
11. 209
12.240
772
56,664
21, 823
654
59, 853
23,953
53
6,026
2,219
62
4,914
2,148
70
5,183
2,254
3,510
3,376
134
1,489
1,509
2,941
2,590
351
1,563
1,232
3,089
2,729
360
1,570
132
3,011
2,662
349
1,485
80
number.. 2 11,858
$ per bbl
3.41
mil. bbL. 4,087.8
% of capacity,.
86
11, 348
3.45
4, 281. 6
792
3.51
368.1
860
3. 51
355. 6 '
mil. bbl,_ 5,610. 7 5, 837.3
508.5
485.1
620.7
517.6
490.7
543.0
497.8
523.6
505.3
631. 2
540.8
516.7
3,453.9
623.9
3,459.1
643.0
294.3
55.3
283.3
53.4
289.8
64.0
284.6
52.9
262.5
49.8
284. 4
54.8
277.0
53.2
288.4
54.9
276.3
52.6
285. 0
54.8
284.0
55.1
272. 3 .
53.1
658.6
774.3
856. 8
878.4
82.2
76.6
72.8
75.6
87.4
89.6
88.0
92.2
82.9
95.5
102.2
101.6
96.2
71.4
103.7
76.7
101.3
75.1
113 0
78.3
115.9
85.8
108.7
82.5
26.1
Exports
„--do.
Prlces, wholesale:
Screenings, indust. use, f .o.b. mine
$ per sh. ton,.
Domestic, large sizes, f.o.b. mine
do.
COKE
Production:
Beehive
Oven (byproduct)
Petroleum coke§
Stocks, end of period:
Oven-coke plants, t o t a l s
At furnace plants
*
At merchant plants
Petroleum coke
Exports
11,351
44,409
29,691
13,394
7,165
thous. sh. tons,.
do.
..do.
do.
do.
do.
do.
do.
305
320
340
360
275
260
310
275
3,377
5,063
5,140
4,969
4,188
5,133
3, 424
5,882
11.311
12. 240
11.160
11. 267
11. 541
11. 267
11. 570
11. 283
11.616
11,551
11.551
12.040
12.129
53
5,364
2,282
62
4,891
2,012
5,356
2,227
64
5,262
2,175
66
5,454
2,229
60
5,325
2,315
64
5,307
2,351
71
5,383
2,309
67
5,153
68
5,358
2,941
2,690
351
1,563
179
2,824
2,497
326
1,720
76
2,560
2,269
291
1,795
34
2,291
2,039
252
1,948
114
2,035
1,829
206
1,895
61
1, 796
1,638
159
1,922
227
1, 712
1,572
139
1,965
108
1,514
1,367
148
2,057
119
1,520
1,370
150
2,087
111
1,501
1,375
126
2,027
211
1,435
1,331)
96 :
985
3. 51
375. 5
91
758
3.51
377.9
91
777
3.51
341.2
90
953
3.56
378.2
90
3.77
366.2
90
749
3.77
380.7
90
767
4.13
385.9
94
912
4.11
395.2
94
724
4. l i
391.7
93
854
4.12
376.8
790
4.12
315
290
3,392
2,954
13.010
109
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price at wells (Oklahoma)
Runs to stills
Refinery operating ratio
All oils, supply, demand, and stocks:
New supply, totald"
Production:
Crude petroleum
Natural-gas plant liquids
Imports:
Crude and unfinished oils
Refined products
Change In stocks, all oils (decrease,—)
Demand, total
Exports:
Crude petroleum
Refined products
Domestic demand, total 9
Gasoline
Kerosene
Distillate fuel oil
Residual fuel oil
Jet fuel
Lubricants
Asphalt
Liquefied gases
_
Stocks, end of period, total
Crude petroleum
Unfinished oils, natural gasoline, etc
Refined products
Refined petroleum products:
Gasoline (incl. aviation):
Production
Exports
Stocks, end of period
__
do
do
do
do....
do
-85.0
4.4
-36.7
-54.9
-53.3
-38.8
20.5
25.9
20.4
24.3
28.3
10.7
18.7
5,499. 4 5,929.6
503.5
523.5
574.6
571.4
526.5
527.9
475.1
505.9
486.2
' 501.3
533.2
492.5
do
do
do
do
do
.5
.2
81.3
81.3
5,848.1
5,417.6
2, 213. 2 2, 350. 4
85.9
90.9
0
7.3
496.2
198.5
7.4
0
7.4
516.1
195.5
8.6
0
7.5
667.1
198.8
11.4
0
6.5
564. 9
190.9
12.6
0
7.3
519. 2
181.5
10.8
0
6.9
520.9
203.2
6.2
0
8.3
466.9
197.5
4.9 |
.1
7 2
498.6
215.7
4.1
0
6.4
479.7
210.3
3.5
.2
7 2
' 493.8
218 9
4.6
0
6.7
526.4
226.6
4.5
.2
7.1
485.2
198.7
5.5
101.5
85.3
31.5
131.2
97.6
31.9
128.2
101.1
34.4
118.8
92.5
30.5
102.7
95.2
30.8
79.0
74.2
30.4
82.2
78.1
34.5
72.4
78.0
30.2
••72.2
75.3
32.4
79.2
84.1
32.5
79.8
80.0
31.9
4.6
11.1
52.6
3.9
6.8
60.0
4.6
5.6
61.8
4.6
6.4
52.0
4.9
8.1
43.6
4.4
11.3
5 1
16 1
39.3
4.6
20. 1
34.5
5 4
23 4
34.2
5.3
26.1
39.4
4.6
21.1
38.7
050.6 1,013.9
253. 7
251.3
110. 2
107.5
686.6
655.1
959.0
246.4
100.8
611.7
905, 7
237. 5
94.0
574.3
866. 9
235.4
93.7
537.8
887. 4
244.1
103.6
539.7
913.3
248.8
111.6
552.9
933 7
257.9
112 7
563.1
958.0
248.9
111.0
598.2
r 98(j 3
243.7
109 5
'633.1
204.6
.2
211.7
194.9
200.7
197.9
217.1
173.0
.2
220.0
192.2
.1
211.1
192.9
.1
208.2
209.8 I
.2 i
205.3
211.3
213.2
211.6
218.3
.1
215. 0
215.4
.1
208.6
213.9
.120
.125
.130
.130
.133
.145
.145
.145
.145
.155
.248
.259
.265
.268
.268
.268
.267
.277
.286
1.4
1.3
971.3
838.0
368.7
1,066. 0
925. 6
382.5
do..
do..
do..
49.3
158.5
456.8
52.8
163.8
515.3
1,043.9
259.6
106.8
677.5
959.0
246.4
100.8
611.7
do
do
do
do
do..
...do..
do..
2, 202.6 2,320. 0
1.6
1.0
223.8
217.1
85.5
73.2
36.3 I
4.6
17.6
46.9
0)
0)
Prices (excl. aviation):
Wholesale, ref. (Okla., group 3)
$ per gal._
.120
.120
.119
.120
.120
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal.
.252
.250
.245
.253
.252
Aviation gasoline:
Production
..mil. bbL.
18.5
17.0
1.7
1.2
1.5
Exports
do
1.2
(l)
.5
0)
0)
Stocks, end of period
do
4.4
3.8
4.1
4.3
4.3
Kerosene:
Production
..do
87.5
80.1
6.4
7.8
9.0
Stocks, end of period
do
24.4
19.1
22.0
21.4
19.1
Price, wholesale, bulk lots (N.Y. Harbor)
$ per gal..
.126
.127
.127
.127
r
1
Revised,
Less than 60 thousand barrels.
a Reflects revisions not available by
months.
«Withheld to avoid disclosing individual company data.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.
::::::::
do
do..
do_.
do--
0)
226.0
1.0
3.6
1.2
.1
3.3
1.2
(l)
3.3
0)
9.5
16.0
9.4
14.6
8.0
16.4
6.6
18.1
5.2
19.1
.127
.138
.138
.138
.138
(0
4.0
0)
1.6
0)
i
997.0 1,015.6
248.3
241. 3
109.4
106.4
665.0
642,2
.178
1.9
0)
0)
3.5
3.4
3.4
4.5
20.2
4.9
20.5
5.4
21.6
22. 1
.138
.138
.138
.138
3.1
4.32
.146
.166
d" Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
N O T E F O R P . S-34—Industrial trucks and tractors:
If Revisions for 1971 appear in July 1973 SURVEY, p. S-35.
S-36
CU1 {REN T BlJiSlJN ESS
su.
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1972
Annual
December 1973
1972
Oct.
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
84.8
6.6
.3
137.9
85.4
9.9
.1
' 160.9
86.9
8.9
.3
177.3
8.9
.8
190.2
Oct.
Nov.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products—Continued
Distillate fuel oil:
Production
mil. hbl
Tmnorts
do
do
Exnorts
do
Stocks end of period
Price, wholesale (N.Y. Harbor, No. 2 fuel)
$ per gal..
Residual fuel oil:
Production
mil Y\M
Imnorts
do
Exnorts
do
do
Stocks end of period
Price, wholesale (Okla., No. 6)
._ $perbbL_
Jet fuel:
Production
Stocks end of period
Tlllsfl^
(2)
195.6
182.6
91.2
11.8
.2
154.3
94.0
11.2
.3
131.0
82.3
18.8
.1
113.3
82.8
18.0
1
111.3
75.4
7.2
2
114.7
78.9
7.7
1
119.1
.117
.117
.117
.117
.117
.128
.128
.128
.128
.138
.138
.128
.128
292 5
637 4
12 1
55.2
2.35
23 1
51 3
15
63.8
2.35
26 7
63 1
34 5
61.3
29 1
58 0
29.6
67.7
26.3
51.1
27 4
49.5
26 4
57 3
55.2
.8
1.2
2
47.0
2.60
61.8
2.60
53.4
2.60
.9
43.1
2.35
44.7
2.35
1.1
49.2
2.35
29 4
51 7
12
49.2
2.60
27 4
52 7
67.7
2.35
34 9
61 0
10
55.2
2.35
53.6
2.60
55.1
2.60
304 7
27.7
310.0
25.5
25.5
28.6
24.0
26.6
25.1
25.5
26.8
24.8
25.2
25.4
28.4
27.6
26.6
27.9
26.0
25.8
25.1
25.4
25.6
25.7
26.2
24.9
25.1
65 5
15.8
15.0
65.3
15.0
13.3
13.2
^ r»«»r rral
270
4 270
mil. bbl
157 0
21.2
155.3
21.6
16.1
17.2
11.4
18.4
9.1
7.9
21.6
24.3
27.6
10.1
30.0
12.1
31.0
14.7
30.2
16.8
27.3
17.7
22.9
18.9
16.8
14.9
547.9
417.6
130.2
94.7
575.1
444.7
130.4
85.7
49.1
38.4
10.7
115.5
47.7
37.6
10.1
103.2
49.0
38.2
10.8
85.7
48.6
37.4
11.2
69.2
45.5
35.4
10.1
59.9
50.4
38.7
11.7
63.8
48.9
37.7
11.2
70.4
61.5
38.4
13.0
80.0
48.4
36.8
11.6
90.0
49.2
36.5
12.7
101.0
48.7
36.6
12.1
106.8
111.3
93 246
35,307
57,939
3 97,696
3 35,466
3 62,230
186
3 136
3 367
3 895
do
Liquefied gases (incl. ethane and ethylene):
Production total
mil. hhi
At gas processing plants (L.P.G.)..
do....
At refineries (L.R.G.)
do
Stocks (at plants and refineries) _
....do . .
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
81.7
6.8
.116
Lubricants:
do
Production
do
Exports
dn
Stocks end of period
Price, wholesale, bright stock (mldcontinent,
fob
84.5
6.3
(2)
274 7
577 7
13 2
59.7
2.37
mil. bbl
do
Asphalt:
Production
Stocks end of period
963.6
66.4
12
154.3
912.1
65.8
28
190.6
do
do
thous sh. tons..
375
916
6.6
1.2
9
6.4
1.4
12.9
5.5
1.4
13.3
1.0
5.7
9
5.4
5.9
5.5
5.8
1.2
1.1
1.2
1.2
1.2
13.4
13.3
13.3
13.4
12.9
5.4
6.8
12.8
12.2
1.2
1.0
.137
.159
3.00
3.25
.7
5.6
1.0
1.0
11.8
11.8
2 60
8.3
36.0
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._
67,220
67,501
5,371
67,680
69,170
5,165
5,944
6,084
5,697
6,597
5,852
5,453
5,294
5,609
5,165
5,458
5,905
4,701
5,693
5,707
4,734
5,994
6,044
4,636
5,603
5,897
4,343
6,027
6,133
4,291
6,234
6,074
4,330
5,998
5,845
4,421
6,347
6,097
• 4,515
5,956
5,746
4,890
thous. sh. tons
do_.
10,997
558
11.269
626
1,010
685
971
604
626
1,008
608
950
575
1,078
646
1,012
509
1,069
495
1,032
472
926
492
'1,047
••471
974
433
thous. sh. tons
do._
do...
do._
43,933
1,671
29,551
2,101
46,341
1,676
31,255
2,129
4,123
144
2,788
200
3,876
143
2,600
178
3,662
129
2,468
166
4,054
145
2,748
186
3,743
129
2,536
173
4,217
155
2,845
206
3,983
125
2,715
186
4,189
141
2,838
197
4,058
148
2,714
198
3,928
118
2,663
185
4,181
144
2,803
205
3,849
113
2,619
186
do...
do._.
do_.
4,462
2,405
3,743
4,617
2,720
3,943
380
266
345
376
255
325
355
229
317
375
255
343
351
249
305
390
271
351
365
257
335
409
264
412
253
333
253
317
421
258
351
350
253
329
do
do...
do...
do...
1.093
623
398
71
803
323
393
862
399
388
75
371
390
78
803
323
393
797
357
370
791
350
376
65
788
341
381
777
330
377
70
782
324
379
78
807
343
385
79
736
318
339
79
-736
327
'341
684
294
329
62
2,253
793
1,460
195
72
123
229
73
155
150
61
174
70
104
187
61
126
198
74
124
214
65
149
184
68
116
210
60
150
181
62
119
196
47
149
198
53
144
211
62
149
3,728
224
13,504
334
16
319
346
17
363
278
8
271
18
376
338
11
327
359
6
353
329
13
316
365
22
343
333
17
315
324
17
307
250
3
247
279
10
270
17
339
55,032
23,817
26,103
137
4,975
59,310
25,320
28,637
13G
5,217
5,258
2,227
2,552
11
467
5,065
2,178
2,449
11
428
4,612
2,039
2,171
10
392
5,149
2,226
2,485
12
425
4,856
2,076
2,338
11
432
5,416
2,312
2,605
11
5,171
2,191
2,487
11
482
5,505
2,363
2,633
12
497
5,196
2,213
2,509
12
462
4,919
2,123
2,332
10
454
•5,380
' 2,280
2,594
11
'495
4,814
2,052
2,304
11
447
110.6
102.4
103.0
109.0
105.5
106.4
109.6
106.8
107.3
109.6
106.8
107.2
109.6
107.1
107.2
109.6
108.2
107.1
109.6
109.7
108.1
111.0
110.7
108.5
111.7
113.0
109.3
111.7
114.6
110.8
112.4
116.7
111.7
112.4
116.7
112.2
112.4
116.7
112.8
112.4
116.7
115.9
WOODPULP
Production:
Total, all grades
Dissolving and special alpha
Sulfate
Sulflte
Groundwood
Deflbrated or exploded
Soda, semichem., screenings, etc
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills
Exports, all grades, total
Dissolving and special alpha
All other
___
Tmports, all grades, total
Dissolving and special alpha
All other
do...
do-_.
do...
do__.
do_..
do_..
1
2,175
1
1,385
1
13,515
313
i 3,202
1
790
1
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted...thous. sh. tons.
Paper
_
do...
Paperboard
do..Wet-machine board
do...
Construction paper and board
do...
Wholesale price indexes:
Book paper, A grade
1967 = 100.
Paperboard
do__.
Building paper and board...
do...
r
1
Revised.
Reported annual total; revisions not allocated to the months.
8
1
Less than 50 thousand barrels.
Monthly data no longer furnished.
< Average for May and June.
115.3
118.0
117.7
115.3
119.7
118.8
SURVEY OF CUERENT BUSINESS
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1972
Annual
]PULP.,
S-37
1972
Oct.
Nov.
1973
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug
Sept.
Oct.
Nov.
PAPER, AND PAPER PRODUCTS—ContinuedI
PAPER AND PAPER PRODUCTS—Con.
Selected types of paper (API):
Groundwood paper, uncoated:
Orders new
thous. sh. tons
Orders' unfilled, end of period _
do
Shipments
do
Coated paper:
Orders new
_ __ ._
do
Orders unfilled end of period
do
Shipments
do
Uncoated book and writing and related papers1, t
Orders new
do
Shipments
_
do
Unbleached kraft packaging and industrial converting papers:
Orders new
do
Orders, unfilled, end of period
do
Shipments
do
Tissue paper production
. .
do
Newsprint:
Canada:
Production
_
Shipments from mills
Stocks at mills, end of period
.
do
do
do
United States:
Production
___
do
Shipments from mills
..
do
Stocks at mills, end of period
do
Consumption by publishersd*
do. _.
Stocks at and in transit to publishers, end of
period
thous. sh. tons
Imports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh. ton
Paper board (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons_.
Orders, unfilled §
- do
Production, total (weekly avg.)
do
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf, area..
Folding paper boxes
thous. sh. tons..
mil$__
1,216
80
1,229
1,405
164
1,317
133
131
120
134
154
115
118
164
107
126
174
115
102
188
99
134
181
121
132
205
'106
112
192
124
125
195
'122
'130
'207
'109
136
211
'132
112
219
120
3,255
287
3,251
3,630
393
3,522
335
374
321
310
372
314
298
393
291
332
379
'316
348
445
'304
354
448
'348
329
457
'319
344
462
342
318
462
'331
'292
'420
'312
316
435
'326
293
419
302
6,089
6,023
554
540
536
528
508
503
566
•"561
554
'517
647
'583
586
'541
616
'592
598
'564
'522
'542
'572
'588
588
536
3,868
156
3,755
3,750
4,039
241
3,916
3,978
368
204
337
352
342
218
339
333
324
241
326
314
303
213
322
349
316
212
317
320
366
219
347
353
331
219
327
339
355
214
354
349
319
192
340
334
323
190
'314
314
352
196
'346
'336
325
188
322
308
8,297
8,210
323
8,661
8,740
244
784
832
359
750
796
313
735
804
244
767
729
283
722
730
274
811
788
297
773
801
270
813
825
258
803
799
267
763
770
260
672
646
286
584
655
214
704
710
209
3,296
3,288
41
3,422
3,437
27
293
303
41
293
300
35
278
286
27
297
293
31
275
271
35
312
310
36
292
290
38
309
313
34
282
281
35
278
278
35
288
292
30
258
262
27
291
292
25
7,057
7,569
701
698
661
610
585
671
682
702
642
620
610
608
652
705
544
583
539
544
573
601
637
637
642
671
670
628
606
590
6,881
7,101
615
640
650
710
578
679
634
656
678
606
586
511
567
157.00
163.20
163.70
163. 70
163.70
163.70
166. 70
167.75
168.58
168.58
168. 58
169.42
169.42
170.25
170.25
474
917
601
578
1,446
549
589
1,505
575
568
1,481
573
741
1,446
537
526
1,599
495
611
1,664
576
629
1,792
592
611
1,905
584
594
1,899
588
596
1,860
583
541
1,874
518
595
1,903
587
191,832
211,926
19,721
18,643
17,158
17,990
17,530
20,434
18,192
19,758
19,591
16,762
20, 239
18, 267
21,744
2,445. 0
1,250. 0
2,525.0
1,330.0
230.7
123.6
208.7
111.5
219.1
118.2
210.0
113.4
194.2
105.6
221.6
120.7
207.1
112.9
212.1
116.4
210.4
117.3
188.4
104.3
227.8
128.8
' 213. 2
' 124. 0
232.2
129.1
48.97 ' 56. 40
111.49 ;'111.04
40.71
66.26
56.30
121. 68
63.69
63.41
114. 92
60.17
179. 67
573
579
575
1,909 1,816. 6 1,722. 7
590
548
585
10,410
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. lg. tons
Stocks, end of period
do_.
Imports, inch latex and guayule
do__
Price, wholesale, smoked sheets (N.Y.)._$ per lb
Synthetic rubber:
Production
thous. lg. tons
Consumption
do_.
Stocks, end of period..
do__
Exports (Bu. of Census)
do..
Reclaimed rubber:
Production
do..
Consumption
do_.
Stocks, end of period
do_.
TIRES AND TUBES
Pneumatic casings, automotive:
Production
thous
Shipments, total
Original equipment
Replacement equipment
Exports
Stocks, end of period...
Exports (Bu. of Census)
Inner tubes, automotive:
Production
Shipments
Stocks,end of period
,
Exports (Bu. of Census)
_
_
677. 81
133.32
612.72
»640.40
J>116. 72
602.16
58.47
109.59
54.73
52.57
112.30
55.32
.180
.181
.194
.205
2,241.00 v2,424. 7
2,104.87 v2,291. 5
488.17
*495. 7
211.64
210.19
504.39
201. 65
193. 96
495. 66
52.88 « 58.08
116. 72 2122.84
56.04
57.67
56.83
116.77
48.09
63.15
120.47
59.44
59.43
117.54
43.26
57.34
116.17
55.48
54.46
111. 08
53.44
.228
.255
.286
.308
.310
.368
.413
.413
.364
.336
199.14 2217.35
193. 45 2 206.51
495.68 2 471.86
209.17
199.80
473.14
218.54
220.64
454.83
223.63
199.03
461.63
222. 59
197. 72
469.41
199. 86
196.06
469.93
210.04
180.33
499.28
220. 38
209.48
505.91
210. 67
209.08
517.18
227.49
231.70
507.40
.210
269.82
257.10
24.04
21.92
23.99
23.65
22.20
22.99
22.36
24.18
23.58
20.86
18.96
199.19
200.47
22.67
*>194.45
*>187. 58
*19. 91
16.41
16.44
19.17
14.87
14.45
19.29
15.20
14.71
19.91
' 19.08
215.92
2 19.33
20.52
16.30
19.49
22.29
17.40
19.42
19.39
14.35
20.55
19.02
13.42
22.40
18.46
13.81
23.16
16.79
11.38
25.04
15.30
' 11. 89
' 23.87
25.01
11.71
11.27
22.18
13.04
14.52
21.43
216,361
229,611
20, 999
18,721
19,387
21,001
19,993
22,229
19,193
18,693
17,752
14, 287
17,325
17,727
do._
do..
do..
do..
214,539
58,941
153,646
1,953
227,965
63,870
161,766
2,328
21, 840
6,201
15,415
224
17,647
5,922
11,564
161
15,677
5,178
10,263
236
17,769
6,513
11,005
251
17,780
6,054
11, 521
204
22,352
7,114
14,907
330
23,429
6,211
16,950
268
21,646
6,360
14,969
317
21,994
6,562
15,099
332
19,433
4,671
14, 462
300
19,658
4,473
14,892
293
20, 765
5,424
14,920
421
do..
__.do-_
54,982
1,589
60,255
2,127
55,769
211
56,319
180
60,255
214
63,646
236
66,419
131
66,708
310
62,872
295
60,485
404
56,834
440
52,341
349
50,392
245
47,775
429
do._
do_.
do..
do..
35,562
40,476
8,271
979
38,705
41,774
9,391
766
3,323
3,878
9,144
63
3,166
3,392
9,168
40
2,950
2,977
9,391
68
3,425
3,804
9,605
61
3,564
3,616
9,896
66
3,836
4,085
10,153
71
3,364
3,912
10,175
149
3,438
3,568
10,366
121
3,233
3,919
10,203
149
'2.350
3,348
9,633
67
2,950
3,688
3.209
3,736
9,234
82
' Revised.
v Preliminary.
i Reported annual total; revisions not allocated to months.
2 Publication of monthly rubber statistics was discontinued by the Census Bureau effective
with the Dec. 1972 report (Series M30A). Data beginning Jan. 1973 are from the Rubber
Manufacturers Association and are not strictly comparable with earlier data.
29.34 |
9,311
110
X Represents the sum of book paper, uncoated and writing and related \ . ; formerly
shown separately; data for new orders no longer available for the individual items.
cf As reported by publishers accounting for about 75 percent of total newsprint consumption.
§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.
SUKVEY OF CURKENT BUSINESS
S-38
Annual
1973
1972
1972
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
December 1973
Oct.
Nov.
Dec.
Feb.
Jan.
Mar.
Apr.
May
June
July
Aug.
Sept.
47,633
53,138
43,367
' 832. 9 868.0
10.5
9.2
174.2
1
160. 6
13.0
'II. 3
27.5
'25.2
131.5
131.3
706.5
10.0
Oct.
Nov.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cements.
_.thous. bbl__ 1420,238 '•1433,149 46, 048
Shipments:
Brick, unglazed (common and face)
mil. standard brick, _ 7,569,7
Structural tile, except facing
thous. sh. tons,.
157.0
Sewer pipe and fittings, vitrified
do
I 1,720.
Facing tile (hollow),, gglazed
l a d and
d unglazed
l d
j
mil. brick equivalent. _
155.4
Floor and wall tile and accessories, glazed and unglazed
mil. sq. ft..
276.1
Price index, brick (common), f.o.b. plant or
N.Y. dock
1967 = 100..
117.4
24,112
23,915
24,824
33, 606
36,106
46,452
47,181
782.4
7.3
783.6
6.4
861. 7
7 2
862.1
8.3
138.5
8,402.2
100.5
752.0
7.2
699.6
6.1
569.8
5.2
616.8
5.1
610.2
5.8
1,718.0
158.2
136.9
101.3
99.5
96.1
136.3
133.3
12,4
11.6
8.4
8.2
•8.4
UO.l
307,9
27.6
24.3
21.3
24.4
122.1
123.7
124.1
124.5
127.4
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.'shipments
33,197
50, 213
i
CLAY CONSTRUCTION PRODUCTS
15L8
161.9
9.9
11.7
12.1
22.2
26.8
26.4
27.3
26.0
129.1
130.1
130.8
130.9
131.3
5
155.7
10.1
23.4
131.5
thous. $._ 464,674
550,292
148,539
142,251
147,118
148,724
Sheet (window) glass, shipments
do
150, 344
314,330
Plate and other flat glass, shipments
do
Glass containers:
Production
thous. gross. . 263,780
157,187
393,105
37,704
110,835
37,519
104,732
' 38,680
108,438
37,396
111,328
132.1
267,347
24,351
21,014
18, 622
22,253
22,320
25,089
23,076
24,772
24,476
22,922 •24,270
22,116
24,604
do
255, 261
264,869
22,119
20, 754
20,058
21,281
19,537
23,567 i 21,881
26,458
23,813
21,684 '26, 206 22,543
23,303
do
do
do
do
24,310
67, 652
53,189
21,146
24,333
71,053
54,404
22,425
1,766
5,257
4,436
2,132
1,645
5,201
3,903
2,052
1,475
5,558
4,013
1,837
1,876
5,236
4,217
1,865
1,983
4,756
3,902
1,652
2,290
5,880
5,289
2,104
1,987
5,506
5,104
1,861
2,296
7,030
5,836
2,218
1,856
7,094
5,359
1,886
1,482
6,590
5,408
1,439
• 2,240
' 6,816
1
5,805
•1,899
2,565
5,739
4,995
1,630
1,875
5,389
5,114
2, Ib8
Wide-mouth containers:
Food (incl. packer's tumblers, Jelly glasses,
and fruit jars)
thous. gross..
Dairy products
do
57,208
305
58,241
238
5,426
26
4,359
21
5,006
20
4,378
14
4,749
16
4,483
16
5,692
25
4,654
13
4,300 j r 6,301
12
21
4,933
14
5,343
16
Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do.
Household and industrial
do.
27,645
3,906
29,892
4,283
2,683
393
2,692
348
2,492
303
2,694
367
2,496 I
356
2,856
383
2,536
2,925
436
2,582
369
2,156
297
' 2,739
385
2,330 I 3,014
337 j
384
35,652
35,842
37,474
37,424
35,842
36,705
40,282
41,008
38,727
39,107
39,936
'37,681
36,587 I 37,419
Shipments, domestic, total.Narrow-neck containers:
Food..
Beverage...
Beer
Liquor and wine
Stocks, end of period
do...
39,208
132.1
GYPSUM AND PRODUCTS (QTRLY)
Production:
Crude gypsum
Calcined
Imports, crude gypsum
thous. sh. tons.
do...
do...
Sales of gypsum products:
Uncalcined
Calcined:
Industrial plasters
Building plasters:
Regular basecoat
All other (incl. Keene's cement)
Board products, total©
Lath
Veneer base
Gypsum sheathing
_
Regular gypsum board
Type X gypsum board
Predecorated wallboard
do...
1
10,418
19,526
i 6,094
i 4,305
do...
do...
do...
mil. sq. ft.
do...
do
_do...
do...
do...
do...
382
534
11,939
477
292
272
9,014
1,766
117
3,270
3,020
' 12,368
' 11,984
7,718
4,719
309
80
330
513
14,372
451
357
343
10,738
2,279
204
71
124
3,657
102
92
82
2,733
587
60
2,924
3,081
3,473
3,182
3,777
3, 259
1,572
1,904
2,079
862
1,580
1,554
91
79
79
128
3,812
93
102
96
2,784
678
60
72
118
3,899
76
123
3,661
110
97
80
2,719
603
52
101
88
2,870
701
56
TEXTILE PRODUCTS
1
WOVEN FABRICS t
Woven fabrics (gray goods), weaving mills:
Production, totalQ-mil. linear yd_- 10,913
Cotton
.
.
do
6,148
Manmade
fiber
do
4,657
Stocks, total, end of period 9 d*
Cotton
Manmade
fiber
.
11,098
5,666
5,336
436
425
2 1,121
2 549
3 563
832
399
425
2 1,178
2 561
2 604
933
429
494
453
501
2 556
2 599
948
445
492
942
444
2 934
2 430
2 495
903
414
480
1, 1UO
-do
do
do
1,089
472
608
983
408
567
980
418
555
973
416
550
983
408
567
958
407
545
367
524
871
352
513
342
483
789
321
462
800
310
484
792
311
477
764
315
445
Orders, unfilled, total, end of period9 1f._.do
Cotton
_
do
Manmsde
fiber
do
2,657
1,494
1,138
4,164
2,111
2,010
3,653
1,944
1,680
3,986
2,100
1,854
4,164
2,111
2,010
4,193
2,140
2,000
4,334
2,192
2,087
4,673
2,338
2, 283
4,840
2,432
2,358
4,666
2,280
2,337
4,489
2,174
2,272
4,251
2,078
2,133
1,799
2,049
COTTON
Cotton (excluding llnters):
Production:
GinningsA
thous. running bales.. 310,229 * 13,267 6,845
9,308 11,603
Crop estimate, 480-pound bales, net weight
thous. bales.. 310,477 * 13,702
Consumption
_
do
8,128
2 739
544
593
7,777
8tocks In the United States, tcta.1- end of period
i
thous. bales.. 10,054
12,333 14,997 ! 13,
12,333
Domestic cotton, total
_..do
10,035
12,319 14,979 i 13,
12,319
On farms and in transit
_.do
2,389
3,346
3,346
8, 400
Public storage and compresses. _
do
6,416
7,947
7,947
5,601 i 6,
1,230
1,026
1,026
Consuming establishments
do
888
19
14
14
Foreign cotton, total.,
do
18
r
Revised.
* Reported annual total; revisions3 not allocated to the months
or quarter.
2
4
Data cover 5 weeks; other months, 4 weeks.
Crop for the6 year 1971.
Crop for the
year 1972.
s Excludes unglazed and salt glazed facing title.
Dec. 1 estimate of 1973 crop.
©Data for total board products are available back to 1947.
JMonthly revisions (1968-72),
reflecting recent benchmark adjustments, appear in "Woven Fabrics: Production, Stocks,
Unfilled Orders," M22A—Supplement (Dec. 1972) and Supplement 3 (Aug. 1973), Bureau
Digitized forand
FRASER
of the Census.
9 Includes data not shown separately.
2 747
«13,702
597
5,012
135
12,269 U3,267
601
2 719
579
575
2
573
567 !
'543
9,202
113,067
2 705 !_
7,351
3,929 15,985 •15,217 14, 393
6,203 5,200
9,883 8,781
7,336
3,916
6,191
15, 975 •15,206 14,383
9,866
8,766
5,187
9, 031
350 13,160 12,836
1,376
1,065
2, 041 1,895
878
4,329
2,074
4,397 3,476
1,494 ' 1,249
6, 527 5, 463
2,737
1,023
1,492
1,321 ' 1 , 1 2 1
1,298
1,408
1, 563 1,650
1,572
11
10
12
17
15
13
15
10
13
d" Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims.
If 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.
A Cumulative ginnings to end of month indicated.
10, 890
10,874
2,420
7,321
1,133
16
SURVEY OF CURRENT BUSINESS
December 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
S-39
1973
1972
1972
1
Annual
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (excluding llnters)—Continued
Exports._
thous. bales..
Imports
do
»4,128
3,089
75
191
352
2
534
654
4
528
3
677
3
607
2
437
4
500
2
Price (farm), American upland©..cents per l b . . .
Price, SLM (41) staple 34,12 markets*©.—do....
128.1
133.0
«26.6
135.6
26.7
25.7
27.4
27.2
25.2
29.3
22.4
32.3
22.8
33.2
26.2
35.0
27.1
40.2
30.2
45.2
mil..
do
bil_.
do
do
18.4
11.4
113.8
.438
70.3
18.3
10.4
115.9
.445
67.7
18.2
10.5
9.1
.455
6.2
18.4
10.5
»11. 5
.460
2 6.4
18.3
10.4
8.3
.416
4.7
18.1
10.2
9.3
.464
5.2
18.1
10.0
9.3
.464
5.1
18.1
10.0
2 11.6
Cotton yarn, price, 36/2, combed, knit
$ per l b . .
Cotton cloth:
Cotton broad woven goods over 12" in width:
Production (qtrly.)
mil. lin. yd-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 f.
1.061
7 1.105
1.107
1.103
1.105
18.4
10.4
2 11.6
.463
3 6.4
1.107
1.127
1.147
6,149
5,666
16.9
22.7
4.5
4.1
.27
.18
312.6
669.5
409.2
735.5
39.0
64.6
34.0
63.6
36.0
46.0
32.3
68.0
»45.10
52.12
61.65
60.62
59.10
15.8
22.2
18.1
«25.0
18.3
U8.3
•25.0
18.3
25.0
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
Exports, raw cotton equiv
thous. bales..
Imports, raw cotton equiv
do
Mill margins:
Carded yarn cloth average
cents per lb_.
Prices, wholesale:
Print cloth, 383^-inch, 64 x 54cTcents per yard..
Sheeting, class B, 40-inch, 48 x 44-48d"-do....
1,384
19.3
3.8
.20
Prices,manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 denier
$ per lb_.
Yarn: Rayon (viscose), 150 denier
do....
Acrylic (spun),knitting, 2/20, 3-6D..do....
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total 9
mil. lin. yd-.
Filament yarn (100%) fabrics9
do
Chiefly rayon and/or acetate fabrics
do
Chieflyy nylon
fabrics
do
y
f b exc. blanketing9
blk
Spun yarn (100%) fab.,
-do....
Rayon and/or acetate fabrics and blends
do....
Polyester blends with cotton
do
Filament and spun yarn fabrics (combinations
and mixtures)
mil. lin. y d . . .
266
259
3
36.7
66.9
44.6
80.5
43.6
75.3
.462
2 6.3
18.1
9.9
9.2
.458
5.0
18.1
9.9
9.1
.456
5.0
17.8
9.9
2 9.3
.372
2 5.0
18.0
9.9
9.0
.452
4.9
'18.1
9.8
8.9
.444
4.8
18.1
9.8
2 11.6
.463
2 6.2
1.174
1.225
U.235
1.225
22.7
22.0
22.6
23.2
24.0
22.5
21.4
26.2
19.3
17.6
16.5
3.8
4.1
3.8
3.6
3.2
3.2
3.0
2.8
3.6
2.9
2.6
2.7
.18
.18
.16
.14
.14
.13
.13
.14
.15
.15
.16
30.7
46.4
38.3
59.4
38.0
56.0
38.8
59.2
37.9
56.2
35.4
54.2
33.9
58.1
42.5
49.4
43.8
60.4
56.91
57.27
59.28
59.78
58.39
62.51
62.63
48.85
36.37
> 51.88
18.3
25.5
19.5
28.0
19.6
28.5
33.0
.17
33.0
1,920.5
155.0
174.3
2,023.4
158.0
168.6
2,099.2
164.6
168.2
2,085. 8
153.7
172.6
765.4
673.3
152.5
813.1
720.3
163.4
827.8
765.9
172.7
843.:
745.9
170.4
130,511
181,612
117,405
205,485
10,034
18,979
10,054
17, 810
249,819
175,306
249,948
157,857
24,938
14,622
28, 804
13,527
65.2
40.7
61.6
61.5
61.6
61.5
60.3
50.9
48.6
32.5
47.8
26.5
297.6
252.9
89.7
293.7
298.1
84.0
293.7
298.1
84.0
279.9
259.3
75.4
250.0
228.6
'70.2
255.6
205.9
69.4
.61
.62
~f.~26
1.03
1.22
4, 885.6
1,433.1
521.1
296.1
2, 773.9
381.8
1, 998.5
450.5
.62
1.04
1.24
13,463
22, 212
20,452
13, 575
.62
.62
1.05
1.22
1.05
1.25
5,530.9
1, 723.0
506.2
377.0
3,062.6
428.2
2,190.1
1, 468.1
452.9
124.5
515.4
14,122
23,831
14, 205
27, 654
18,196
25,082
20,794
27,438
19,451
28,661
21,773
24,730
19,802
25,523
26,738
12,604
22,097
14,929
22,692
14,504
19,277
10,329
16,876
16,759
14,695
16,276
11,281
18,172
1.05
1.25
.61
1.02
1.26
.61
1.02
1.28
.61
1.03
1.30
.61
1.05
1.31
.61
1.05
1.31
839.4
1,555.4
480.0
126.2
99.7
895.4
1,540.4
466.8
122.2
93.9
896.4
112.5
602.6
115.5
641.0
116.7
639.0
120.0
123.6
119.6
98.2
.61
1.05
1.31
17, 099 27, 451 25,270
21,1^6 29,190 29,687
10, 511 6,877 8,242
13,033 11,032 14,487
.61
1.05
1.32
1.05
1.32
8.0
2.3
2.8
2.1
WOOL
Wool consumption, mill (clean basis):
Apparel class
Carpet class
Wool imports, clean yield
Duty-free (carpet class)
mil. lb..
do
do
do
116.2
74.8
126.6
83.9
142.2
76.4
96.6
71.8
10.9
6.0
5.8
4.4
3 12.5
3 6.5
6.7
4.2
9.2
4.5
5.7
4.2
2 12.6
25.9
7.7
4.3
9.9
5.1
7.2
4.7
4.2
5.7
3.1
210.9
25.O
5.6
3.6
10.1
3.7
6.4
4.3
9.7
3.5
6.8
5.3
2 8.7
2 2.9
5.6
4.7
2.9
4.7
3.5
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
Graded fleece, % blood
Australian, 64s, warp and half-warp
__$ per lb_.
do
do
.664
.656
.802
1.157
.925
1.321
1.455
1.165
1.672
1.635
1.310
1.771
1.650
1.325
1.975
1.880
1.545
2.523
2.325
1.819
3.118
3.025
2.075
3.968
2.338
1.462
2.955
2.335
1.375
2.575
1.600
3.242
2.600
1.650
3.215
2.750
1.700
3.210
135.7
143.1
176.6
157.1
147.8
149.7
154.3
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
122.7
119.9
126.4
system, wholesale price
1967=100..
106.3
94.4
Wool broadwoven goods, exc. felts:
26.6
Production (qtrly.)
mil. lin. yd.
101.8
113.3
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. mill
1967=100
r
2
3
Revised.
1 Season average.
For 5 weeks; other months,
4 weeks.
Less than 500
J
bales.
* Price not directly comparable with earlier data.
Revised total; revisions not
distributed
by
months.
«
Beginning
Aug.
1971,
net
weight
basis;
1971
average
is for Aug.7
9
9
Dec.
Avg. for Oct.-Dec.
Avg. for Nov.-Dec.
Season average based on sales
through May.
10 For 24 cloths only; for months shown, number of cloths included in
average has declined from 47 to 39 for July-Sept. 1973.
*New series. Effective with Aug. 1973 SURVEY, market price refers to Strict low middling
41) staple cotton, lMe"; monthly prices back to 1947 are available.
O Beginning
Digitized(grade
for FRASER
29.7
41.2
66.7
1,349
1,396
20.5
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil. lb. 6,125.4 7, 293. 6
Filament yarn (rayon and acetate)
do
752.7
653.1
Staple, incl. tow (rayon)
do
611.7
713.2
Noncellulosic, except textile glass:
Yarn and monofilaments
...do
2,187. 9 2,773.3
Staple, incl. tow
do.... 2,104. 9 2, 582.4
Textile glass
fiber
do
468.2
571.6
Exports: Yarns and monofllaments
thous. lb.
Staple, tow, and tops
do-__
Imports: Yarns and monofilaments
do...
Staple, tow, and tops
do___
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
mil. lb.
Staple, incl. tow (rayon)
do__.
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do
Staple, incl. tow
__do.__
Textile glass
fiber
do...
329
29.5
46.0
381
2
30.4
52.1
2.750
'1.512
' 2.942
.61
1.05
1.32
.61
1.05
1.32
2.630
1. 420
2.741
2.419
1.475
2.596
29.8
Aug. 1971, prices are on 480-lb. net-weight bale basis (for earlier months, on 500-lb. grossweight bale basis); to compute comparable prices for earlier months, multiply farm price by
1.04167.
t Effective with the Oct. 1972 SURVEY, series restated on an unadjusted basis.
9 Includes data not shown separately.
<? Effective Nov. 1972, specifications were changed: Print cloth, to 64x56; sheeting, to 47x44.
S-40
5.LJNE
SURVEY OF CURRENT
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
|
1973
1972
1972
Annual
December 1973
Oct.
Nov.
Dec.
Jan.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
17,805
17,875
22, 267
19,851
23,066
19,982
22,077
Mar.
Nov.
TEXTILE PRODUCTS—Continued
APPAREL
Hosiery, shipments
thous. doz. pairs..
Men's apparel, cuttings:t
Tailored garments:
Suits
thous. units-.
Coats (separate), dress and sport.
do
Trousers (separate), dress and sport
do
Shirts (woven), dress and sport
thous. doz...
Women's, misses', juniors' apparel, cuttings:!
Coats ._
thous. units
Dresses
^
-do
Blouses and shirts
thous. doz
Skirts
do
210,872
228,723
22,044
20,223
14,420
16,477
14,403
183,738
20,795
18,174
18,202
182,034
20,914
1,635
1,667
14,750
1,700
1,663
1,639
15,130
1,820
1,278
1,304
11,903
1,383
20,690
233,926
12,639
5,927
20,877
221,546
13,824
5,319
2,298
17,995
1,299
446
2,066
17,188
1,053
330
1,425
13,747
1,004
270
15,747
16,237
20,354
•
-
1,392
17,089
1,485
756
1,332
18,744
1,589
680
1,492
20,864
1,722
858
1,571
20,648
1,677
740
1,751
16,614
1,753
737
-
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly. total
mil. $
U.S. Government
do__.
Prime contract
do___
Sales (net), receipts, or billings, qtrly. total.-do
U.S. Government
do_
21,553
15,229
19,028
21, 679
14,114
23,842
14,817
21,274
21,499
13,492
5,965
3,554
5,254
5,674
3,445
7,115
3,568
6,381
5,637
3,403
6,100
3,710
5,568
6,532
3,723
24,579
Backlog of orders, end of period?
do
13,997
U.S. Government
do
Aircraft (complete) and parts
_
__.do
11, 999
Engines (aircraft) and parts
do
2,281
Missiles, 9pace vehicle systems, engines, propulsion units, and parts
mil. $-.. 4,780
Other related operations (conversions, modifications), products, services
mil. $.. 3,274
«
Aircraft (complete):
2,973.9
Shipments
do
48,818
Airframe weight
thous. lb.. 1 1,906.8
Exports, commercial
mil. $_.
MOTOR VEHICLES
Factory sales (from plants in U.S.), total thous. 10,637.7
Domestic
do... 10,036.0
Passenger cars, total
do._-. 8.584.6
Domestic
do
8.121.7
Trucks and buses, total
do
2,053.1
Domestic
do
1,914.3
26,922
15,322
13,060
2,572
26,922
15,322
13,060
2,572
28,400
15,487
13,736
2,650
27,968
15,474
13,507
2,763
5,272
5,272
5,553
5,256
2,990
2,990
2,923
2,785
Retail sales, new passenger cars :
Total, not seasonally adjusted
thous..
DomesticsA—
do
Imports A
do
Total, seasonally adjusted at annual rates...mil..
DomesticsA
do
ImportsA—do
Retail inventories, new cars (domestics), end of
period: A
Not seasonally adjusted
thous..
Seasonally adjusted
do
436.9
5,376
145.2
332.2
4,630
89.0
• 252.4
4,196
125.0
907.6 ,164.3 1,108. 2 1,220.0 1,096.5 1,219.8 1,186.3
852.6 1, 107.3 1,053.1 1,143.1 1,021.5 1,140.4 1,122.5
940.9
921.3
844.0
706.0
855.1
941.2
900.5
873.3
880.1
786.6
666.2
815.5
882.8
859.8
265.0
278.9
252.5
201.6
253.2
278.7
263.8
249.2
260.3
234.8
186.3
237.7
260.3
247.5
949.1
898.3
714.0
677.5
235.1
220.8
640.1
603.6
440.3
415.7
199.7
187.8
1,086
909
177
11.6
9.7
1.9
960
808
152
11.9
10.0
1.8
152
11.6
9.9
1.7
875
754
121
11.6
10.2
1.5
979
858
121
9.8
8.4
1.3
1,648
1,452
1,708
1,523
1,612
1,592
1,387
1,553
1,360
1,478
1,479
1,664
1.6
1.9
1.9
1.7
2.4
49.52
45.81
13.49
41.74
38.24
12.96
30.27
26.08
12.67
20.95
18.68
9.18
40.33
37.55
9.14
54.46
47.32
14.08
203. 09 251.29
64.37
98.25
51.39
37.36
14,205 14,573
8,950 9,222
232.73
91.01
48.41
13,696
9,000
189.15
56.34
37.68
12,906
8,792
149.32
28.86
39.79
12,997
137. 95
58.98
39.58
12,846
8,374
203.04
85.62
48.86
2,540
3,013
1,975
1,897
3,231.8
47,694
1,608.7
270.0
3,785
102.5
297.1
4,076
120.5
11,270.7
10,646. 8
8,823.9
8,352.5
2, 446.8
2,294.4
1,135.6
1,066.0
895.7
841.7
239.9
224.3
1,111.0
1,048.9
873.4
827.4
237.5
221.5
10,250
8,681
1,568
10,949
9,327
1,622
1,069
932
137
11.2
9.6
1.6
1,032
891
141
11.6
9.8
1.8
848
719
128
11.1
9.2
1.9
876
736
140
12.1
10.2
1.9
920
775
146
12.3
10.3
2.0
1,143
964
179
13.0
11.0
2.0
1,024
863
162
12.4
10.5
1.9
1,145
972
173
12.5
10.7
1.8
1,447
1,590
1,311
1,454
1,288
1,492
1,313
1,473
1,311
1,454
1,528
1,535
1,649
1,563
1,652
1,493
1,654
1,480
1.8
1.8
334.8
4,555
85.7
277.1
3,912
114.7
390.6
5,435
182.5
364.6
5,462
325.2
435.8
7,121
205.0
599.6
7,698
314.2
Inventory-sales ratio, new cars (domestics) A
2.1
2.0
ratio..
Exports (Bureau of the Census):
Passenger cars (new), assembled
thous.. 386.64 410.25
348.40
376.23
To Canada
_
do
100.04
120.62
Trucks and buses (new), assembled
...do
Imports (Bureau of the Census):
!,587.48 ,485.90
Passenger cars (new), complete units
.do
802. 28 842.30
From Canada, total
do
203.10 3 429.41
Trucks and buses t do
Truck trailers (complete), shipments
number.. 103,784 141,143
95, 281
65,785
Vans
do
Trailer bodies and chassis (detachable), sold
separately
number.. 18,509 33, %4
Registrations (new vehicles):©
Passenger cars
thous.. < 9,830.6 U0,487.8
Imports, incl. domestically sponsored
do
< l,487.6|i < 1,529.4
Trucks
do
* 1,993.2 i * 2,514.0
1.9
46.36
42.49
11.58
38.06
34.04
12.70
39.10
34.40
11.91
36.76
31.47
13.13
34.93
31.18
12.76
53.32
48.59
15.50
198.80
74.99
35.48
13,383
8,900
229.71
86.87
44.44
11,140
7,476
204.92
67.92
33.70
12,220
8,228
235.42
87.36
44.65
11,633
7,524
219.15
74.65
31.75
13,622
8,612
246.53
89.82
38.89
3,444
3,208
3,550
3,385
3,748
3,353
4 914.9
128.8
192.7
4
946.9
135.1
238.4
14,672
9,599
51.06
46.94
14.80
2,655
2,061
4
828. 6 4 842.9 4 998.4
58.7 '1,061.2 •1,068.9 •1,103.1
«136. 8 4'4119.1 *127.8 ' 4 1 6 2 . 4 '4 147.6 '4170. 6 '4163.7 '4167.3
262.7
264.7 '4 279. 2 '4 281.1
* 253.8 ' 207.1 •* 214.7 ' 4 260.1
297.9
4,252
210.9
88.7
943.4 1,231.9
878.0 1,143.7
955.5
716.9
887.2
666.1
276.4
226.5
256.5
211.9
4
4 979. 6 4 815. 9 4 919. 5
6 151.1 4 132. 6 116. 5
«275.0 4 240. 8 4 252.2
RAILROAD EQUIPMENT
Freight cars (all railroads and private car lines):
4,797
6,373
4,464
Shipments
number
4,207
3,727
3,969
4,782
47,460
4,069
4,677
4,647
4,475
4,001
5,157
155,331
6,016
4,505
4,215
Equipment manufacturers
do
3,466
3,557
4,536
41,971 '3,563
3,830
3,766
4,414
4,191
4,390
4,912
148,014
13,535
8,142
5,461
New orders
do
'3,296
5,582
5,357
5,425
47,922
4,725
9,811
6,551 11,664
5,484 13,994
152,482
7,442 13,410
5,461
Equipment manufacturers
do
5,282
4,957
5,084
42,323 '3,096
4,708
8,661
6,121 10,964
5.433 13,894
i 46, 913
Unfilled orders, end of period
do
21,244 19,822 21,114 21,244 22,283 26,134 26,535 36,527 38,027 44,469 46,097 47, 067 50,781 57,313
22,221
Equipment manufacturers
do.._
17,666 16,010 17,314 17,666 18,610 23,545 24,140 34,267 35,624 41,600 43,189 44,408 47,714 55,078
18, 753
Freight cars (revenue), class 1 railroads (AAR):§
1,395
1,393
1,396
Number owned, end of period
thous.. 1,422
1,412
1,401
1,413
1,402
1,411
1,409
1,409
1,407
1,411
1,403
1,408
6.2
6.2
6.1
Held for repairs, % of total owned
6.0
6.0
5.9
5.8
5.7
5.8
5.9
5.9
5.8
5.6
5.8
5.7
Capacity (carrying), aggregate, end of period
97.89
97.94
97.95
98.12
97.95
98.10
mil. tons.. 97.14
98.07
98.08
98.08
98.09
98.15
98. 20 98.41 98.12
70.12
70.20
70.31
Average per car .
tons.. 68.29
70.06
69.35
69.44
69.97
69.61
69.64
69.53
69.53
69. 74 69.83 69.93
f
2
9 Total includes backlog for nonrelated products and services and basic research.
Revised. i Annual total includes revisions not distributed by months.
Estimate
of production, not factory sales.
3 Effective Feb. 1972, imports include trucks valued
ADomestics include U.S.-type cars produced in the United States and Canada; imports
less than $1,000 each. 4 Excludes 1 State.
5 Excludes 2 States. t Revisions appear
cover foreign-type cars and captive imports, and exclude domestics produced in Canada.
in Census reports, Men's and Women's Selected Monthly Apparel Cuttings, 1970-72, Revised
1[Effective Sept. 1973 SURVEY, data include imports of separate chassis and bodies; comand 1971-72 (MA-23A Supplements), Feb. and Sept. 1973. Beginning 1973, a new panel of
parable data for Jan.-June 1972 appear in the Sept. 1973 SURVEY.
items is planned for men's apparel; data are not presently available.
©Courtesy of R. L. Polk & Co.; republication prohibited.
§Excludes railroad-owned private refrigerator cars and private line cars.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S 1 - S 4 0
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
1-7
7-9
9,10
11,12
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communications
13-16
16-21
21-23
23,24
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
24,25
25,26
26-30
30
Lumber and products
Metals and manufactures
Petroleum, coal, and product*
Pulp, paper, and paper products
31
31-34
34-36
36,37
Rubber and rubber products
Stone, day, and glass products
Textile products
Transportation equipment
37
38
38-40
40
INDIVIDUAL SERIES
Advertising
11,16
Aerospace vehicles
4,40
Agricultural loans
16
Air carrier operations
23
Air conditioners (room)
34
Aircraft and parts
6,7,40
Alcohol, denatured and ethyl
25
Alcoholic beverages
11,26
Aluminum
33
Apparel
1,3,4,8,9,11-15,40
Asphalt and tar products
35,36
Automobiles, etc
1,3-6,8,9,11,12,19,22,23,40
Balance of international payments
2,3
Banking
16,17
Barley
27
Battery shipments
34
Beef and veal
28
Beverages
8,11,22,23.26
Blast furnaces, steel works, etc
5-7
Bonds, outstanding, issued, prices, sales, yields
19,20
Brass and bronze
33
Brick
38
Building and construction materials
4-7,
9,10,31,36,38
Building costs
10
Building permits
10
Business incorporations (new), failures
7
Business sales and inventories
5
Butter
26
Cattle and calves
28
Cement and concrete products
9,10,38
Cereal and bakery products
8
Chain-store sales, firms with 11 or more stores...
12
Cheese
26
Chemicals
4-6,8,13-15,19,22-25
Cigarettes and cigars
30
Clay products
9,38
Coal
4,8,22,34,35
Cocoa
23,29
Coffee
23,29
Coke
35
Combustion, atmosphere, heating equipment
34
Communication
2,20,24
Confectionery, sales
29
Construction:
Contracts
10
Costs
10
Employment, unemployment, hours, earnings.. 13-15
Fixed investment, structures
1
Highways and roads
9,10
Housing starts
10
Materials output indexes
10
New construction put in place
9
Consumer credit
17,18
Consumer expenditures
..
1
Consumer goods output, index
3,4
Consumer price index
8
Copper
33
Corn
27
Cost of living (see Consumer price index)
8
Cotton, raw and manufactures
7,9,22,38,39
Cottonseed cake and meal and oil
30
Credit, short- and intermediate-term
17,18
Crops
3,7,27,30,38
Crude oil
4,35
Currency in circulation
19
Dairy products
Debits, bank
Debt, U.S. Government
Department stores
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drug stores, sales
3,7,8,26,27
16
18
11,12
16,17,19
34
16
26
2, 3,19-21
11,12
Earnings, weekly and hourly
15
Eating and drinking places
11,12
Eggs and poultry
3,7,8,28,29
Electric power
4,8,25,26
Electrical machinery and equipment
4-7,
9,13-15,19,22,23,34
Electronic components
34
Employment estimates
13,14
Expenditures, U.S. Government
18
Explosives
25
Exports (see also individual commodities).... 1,2,21-23
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,7,8
Farm wages
15
Fats and oils
8,22,23,29,30
Federal Government
finance
18
Federal Reserve banks, condition of
16
Federal Reserve member banks
17
Fertilizers
8,25
Fire losses
10
Fish oils and
fish
29
Flooring, hardwood
31
Flour, wheat
28
Food products
1,4-8,11-15,19,22,23,26-30
Foreclosures, real estate
10
Foreign trade (see also individual commod.)
21-23
Foundry equipment
34
Freight cars (equipment)
40
Fruits and vegetables
7,8
Fuel oil
35,36
Fuels
4,8,22,23,34-36
Furnaces
34
Furniture
4,8,11-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product
Gross private domestic investment
Gypsum and products
4,8,26
1,35
38
25
19
7,8,22,27,28
11,12
1
1
9,38
National defense expenditures
1,18
National income and product
1,2
National parks, visits
24
Newsprint
23,37
New York Stock Exchange, selected data
20,21
Nonferrous metals
4,9,19,22,23,33
Noninstalhnent credit
18
Oats
Oils and fats
Orders, new and unfilled, manufactures*
Ordnance
Paint and paint materials
Paper and products and pulp
8,25
4-6,
9,13-15,19,23,36,37
Parity ratio
7
Passenger cars
1,3-6,8,9,11,12,19,22,23,40
Passports issued
24
Personal consumption expenditures
1
Personal income
2,3
Persona] outlays
2
Petroleum and products
4-6,
8,11-15,19,22.23,35,36
Pig iron
31,32
Plant and equipment expenditures
2
Plastics and resin materials
25
Population
13
Pork
28
Poultry and eggs
3,7,8,28,29
Prices (see also individual commodities)
7-9
Printing and publishing
4,13-15
Private sector employment, hours, earnings
13-15
Profits, corporate
2,19
Public utilities
2-4,9,19-21,25,26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radio and television
Railroads
Ranges
Rayon and acetate
Real estate
Receipts, U.S. Government
Recreation
4,11,34
2,15,16,20,21,24,40
34
39
10,17,18
18
8
Refrigerators
Hardware stores
11
Heating equipment
9,34
Hides and skins
9,30
Highways and roads
9,10
Hogs
28
Home electronic equipment
8
Home Loan banks, outstanding advances.
10
Home mortgages
10
Hosiery
40
Hotels, and motor-hotels
24
Hours, average weekly
14
Housefurnisbings
1,4,8,11,12
Household appliances, radios, and television sets*
4,
8,11,34
Housing starts and permits
10
Imports (see also individual commodities)... 1,2,22,23
Income, personal
2,3
Income and employment tax receipts
18
Industrial production indexes:
By industry
3,4
By market grouping
3,4
Installment credit.
12,17,18
Instruments and related products
4-6,13-15
Insurance, life
18,19
Interest and money rates
17
Inventories, manufacturers* and trade
5,6,11,12
Inventory-sales ratios
5
Iron and steel
4-7,9,10,19,22,23,3], 32
Labor advertising index, stoppages, turnover..
16
13
Labor force
28
Lamb and mutton
28
Lard
33
Lead.
Leather and products
4,9,13-15,30
life insurance
18,19
Unseed oil
30
Livestock
3,7,8,28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
10,16,17,18,20
Lubricants
35,36
Lumber and products
4,9,10-15,19,31
Machine tools
34
Machinery
4-7,9,13-15,19,22,23,34
Mail order houses, sales
11
Man-hours, aggregate, and indexes
14,15
Manmade fibers and manufactures
9,39
Manufacturers* sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, man-hours, earnings. . . 13-15
Manufacturing production indexes
3,4
Margarine
29
Meat animals and meats
3,7,8,22,23,28
Medical and personal care
8
Metals
4-7,9,19,22,23,31-33
Milk
27
Mining and minerals
2-4,9,13-15,19
Monetary statistics
19
Money supply
19
Mortgage applications, loans, rates
10,16,17,18
Motor carriers
23,24
Motor vehicles
1,4-6,8,9,11,19,22,23,40
Motors and generators
34
27
8,22,23,29,30
6,7
13-15
Registration (new vehicles)
Rent (housing)
Retail trade
Rice
Roofing and siding, asphalt
Rubber and products (ind. plastics)
34
40
8
5,7,11-15,17
27
36
4-6,
9,13-15,23.37
Saving, personal
2
Savings deposits
17
Securities issued
19,20
Security markets
20.21
Services
1,8,13-15
Sheep and lambs
28
Shoes and other footwear
9,11,12,30
SUver
19
Soybean cake and meal and oil
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures
22,23,31,32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
20,21
Stone, clay, glass products
4-6,9,13-15,19,38
Sugar
23,29
Sulfur
25
Sulfuric add
24
Superphosphate
25
Tea imports
29
Telephone and telegraph carriers
24
Television and radio
4,11,34
Textiles and products.... 4-6,9,13-15,19,22,23,38-40
Tin
33
Tires and inner tubes
9,11,12,37
Tobacco and manufactures
4-7,9,11,13-15,30
Tractors
3*
Trade (retail and wholesale)
Transit lines, local
Transportation
Transportation equipment
Travel
Truck trailers
Trucks (industrial and other)
5,11,12
23
1,2,8,13,23,24
4-7,13-15,19.40
23,24
40
34,40
Unemployment and insurance
U.S. Government bonds
U.S. Government
Utilities
13,16
16-18,20
finance
«*
2-4,9,19-21,25,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans' benefits
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat
Wholesale price indexes
Wholesale trade
-.
Wood pulp
Wool and wool manufactures
Zinc.
, , J4
• • 11,12
23,29,30
?;«
16
flour
2,3,15
3*
n _ j>4
o o
±'~'ii . , ; ?
5,7,11,13-15
ov Jg
«iV
33
UNITED STATES
GOVERNMENT PRINTING OFFICE
PUBLIC
DOCUMENTS
DEPARTMENT
WASHINGTON. D.C. 20402
OFFICIAL
BUSINESS
Volume 53
Number 12
1973
CONTENTS—SURVEY OF CURRENT RUSINESS
DOMESTIC ECONOMY
Business Capital Spending Expectations, 1973
The U.S. Economy in 1972
Financial Markets Tighten
Wages Under Collective Bargaining
State and Local Government Finance and Investment
in 1972
Government Gross Fixed Capital Formation
Federal Fiscal Programs
Inventory-Sales Ratios in Manufacturing and Trade,
1961-72
Financial Developments
Business Investment
Corporate Profits
Consumer Demand
Recent Price Developments
Employment and Production
Investment Programs and Sales Expectations for 1973..
Consumer Demand and Income
Measures of Labor Earnings
GNP by Major Industry, 1972
The Composition of Value Added in the 1963 InputOutput Study
First Quarter Profits
National Accounts in the First Quarter
Orders and Backlogs in Durable Goods Manufacturing.
Public and Private Debt—1965-72
Residential Construction Boom, 1970-73
Revised Estimates of Federal Budget
1973 Plant and Equipment Expenditure Programs....
National Income and Product Accounts Revisions....
Employment and Hours
Sales of Trucks arid Buses
Starts and Carryover of Investment Projects: Revised
Data
U.S. National Income and Product Accounts, 1969-72
(data)
Monetary Policy
Commercial Banks
Residential Construction and Finance
Wages Under Collective Bargaining
National Accounts in the Second Quarter
Alternative Measures of Price Change for GNP, 1970-73.
The BEA Quarterly Model as a Forecasting Instrument
Capital Spending
Export and Import Demand
Inventories
Personal Income
Capital Expenditures Rise to Continue Through 1973..
Bureau of Economic Analysis Staff Papers
State-Local Fiscal Position
Housing
Mortgage Credit
Nonfinancial Corporate Profits
Alternative Calculations of Constant Dollar GNP
The Shift to Services and t h e Rate of Productivity
Change
Demand for Labor
Digitized forIndustrial
FRASER Production
DOMESTIC ECONOMY—Con.
No.
Page
1
1
2
2
11
12
2
4
2
2
2
6
7
18
2
3
3
3
3
3
3
3
4
4
4
41
1
2
3
3
5
6
16
3
4
19
4
5
5
5
5
5
6
6
7
7
7
34
1
2
4
13
14
3
8
2
3
4
7
7
7
8
8
8
8
8
8
14
2
3
4
5
52
15
8 24
9
2
9
3
9
4
9
5
9 15
9 56
10
2
10
3
10
4
10
6
10
9
10 20
11
1
11
3
Productivity and Labor Cost
National Accounts in the Third Quarter
Industry Inventory Requirements: An Input-Output
Analysis
GNP Originating in General Government (data)
Business Capital Spending
Personal Income
Capital Spending Expected to Rise Through First Half
of 1974
No.
Page
11
11
4
6
11
11
12
12
15
23
2
3
12
INTERNATIONAL TRANSACTIONS
No.
Worldwide Sales by U.S. Multinational Companies....
Foreign Direct Investments in the United States, 1962—
71
U.S. Balance of Payments Developments: Fourth
Quarter and Year 1972
Plant and Equipment Expenditures of U.S.-Owned
Foreign Affiliates: Revised Estimates for 1972 and
1973
International Travel, Passenger Fares, and Other
Transportation in the U.S. Balance of Payments:
1972
U.S. Balance of Payments Developments: First Quarter
1973
The International Investment Position of the United
States: Developments in 1972
Foreign Direct Investments in the United States in
1972
U.S. Direct Investment Abroad in 1972
U.S. Balance of Payments Developments: Second
Quarter 1973.
Employment and Payroll Costs of U.S. Multinational
Companies
U.S. International Transactions in Royalties and Fees:
Their Relationship to the Transfer of Technology...
Property, Plant, and Equipment Expenditures by
Majority-Owned Foreign Affiliates of U.S. Companies: Revised Estimates for 1966—72 and Projections for 1973 and 1974
U.S. Balance of Payments Developments: Third
Quarter and First Nine Months of 1973
1
Page
38
2
29
3
22
3
45
6
12
6
17
8
18
8
9
50
20
9
35
10
36
12
14
12
12
33
REGIONAL ECONOMICS
No.
Regional and State Personal Income Developments
(1972-HI)
Regional and State Income Gains in 1972
Sensitivity of State and Regional Income to National
Business Cycles
Metropolitan Area Income in 1971
Regional and State Personal Income: First Quarter
Developments
State and Regional Personal Income, 1959-72
Regional and State Personal Income: Second Quarter
Developments
1
4
30
16
4
5
22
23
7
8
6
39
10
18
@FedFRASER