Full text of Survey of Current Business : December 1977
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
DECEMBER 1977 /
VOLUME 57 NUMBER
12
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION
1
Fourth Quarter Developments
2
Earnings Changes in the 1974—75 Labor Market Decline
4
National Income and Product Tables
7
State and Local Government Fiscal Position in 1977
16
Plant ami Equipment Expenditures, Quarters of 1977 and
First and Second Quarters of 1978
19
U.S. International Transactions, Third Quarter 1977
25
Subject Guide to Volume 57 (1977 )
Errata for "The International Investment Position of the
United States: Developments in 1976"
47
U.S. Department of Commerce
Juanita M. Kreps / Secretary
Courtenay M* Slater / Chief Economist
for the Department of Commerce
Bureau of Economic Analysis
George Jaszi / Director
Allan H. Young / Deputy* Director
Carol S. Carson / Editor-in-Chief,
Survey of Current Business
Manuscript Editor: Dannelet A. Grosvenor
Statistics Editor: Leo V. Barry, Jr.
Graphics Editor: Billy Jo Hurley
Staff Contributors
to This Issue: Steven V. Dunaway,
David J. Levin, Edward I. Steinberg, John T. Woodward
48
CURRENT BUSINESS STATISTICS
General
S1-S25
Industry
S25-S40
Subject Index (Inside Back Cover)
SURVEY OF CURRENT BUSINESS. Published monthly by
the Bureau of Economic Analysis of the U.S. Department
of Commerce. Editorial correspondence should be addressed to the Editor-in-Chief, Survey of Current Business, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, D . C . 20230.
Annual subscription $19.00 domestic, $23.75 foreign.
Single copy $1.60 domestic, $2.00 foreign.
Subscription prices and distribution policies for the
SURVEY and other Government publications are set by
the Government Printing Office, an agency of the U.5.
Congress. Mail subscription orders and address changes
to the Superintendent of Documents, U.S. Government
Printing Office, Washington, D.C. 20402. Make checks
payable to Superintendent of Documents.
Second-class postage paid at Washington, D.C. and at
additional mailing offices.
The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for
printing this periodical has been approved by the Director of the Office of Management and Budget through September 1,1980.
U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICES
ALA., Birmingham 35205
908 S. 20th St. 254-1331
ALASKA, Anchorage 99501
632 6th Ave. 265-5307
ARIZ., Phoenix 85073
201 N. Central Ave. 261-3285
CALIF., Los Angeles 90049
11777 San Vicente Blvd. 824-7591
CALIF., San Francisco 94102
450 Golden Gate Ave. 556-5868
GA., Savannah 31402
235 U.S. Courthouse & P.O. Bldg.
232-4321
HAWAII, Honolulu 96850
300 Ala Moana Blvd. 546-8694
ILL., Chicago 60603
Rin, 1406 Mid Continental Plaza Bldg.
353-4450
IND., Indianapolis 46204
46 East Ohio St. 269-6214
MICH., Detroit 48226
445 Federal Bldg. 226-3650
N.C., Greensboro 27402
203 Federal Bldg. 378-5345
TEX., Dallas 75242
1100 Commerce St. 749-1515
MINN., Minneapolis 55401
218 Federal Bldg. 725-2133
OHIO, Cincinnati 45202
550 Main St. 684-2944
TEX., Houston 77002
515 Rusk St. 226-4231
MO., St. Louis 63105
120 S. Central 425-3302
OHIO, Cleveland 44114
666 Euclid Ave. 522-4750
NEBR., Omaha 68102
1815 Capitol Ave. 221-3665
OREG., Portland 97204
1220 S.W. 3rd Ave. 221-3001
NEV»» Reno 89509
300 Booth St. 784-5203
PA., Philadelphia 19106
600 Arch St. 597-2850
UTAH, Salt Lake City 84138
125 South State St. 524r-5116
VA., Richmond 23240
8010 Federal Bldg. 782-2246
WASH., Seattle 981O9
Km. 706 Lake Union Bldg. 442-5615
COLO., Denver 80202
19th & Stout St. 837-3246
IOWA, Des Moines 50309
210 Walnut St. 284-4222
N.J., Newark 07102
4th Floor Gateway Bldg. 645-6214
PA., Pittsburgh 15222
1000 Liberty Ave. 644-2850
CONN., Hartford 06103
450 Main St. 244-3530
LA., New Orleans 70130
432 International Trade Mart 589-6546
N. MEX., Albuquerque 87102
505 Marquette Ave., N.W. 766-2386
P.R., San Juan 00913
659 Federal Bldg. 753-4555
FLA., Miami 33130
25 West Flagler St. 350-5267
MD., Baltimore 21202
415 U.S. Customhouse 962-3560
N.Y., Buffalo 14202
111 W. Huron St. 842-3208
S.C., Columbia 29204
2611 Forest Dr. 765-5345
WIS., Milwaukee 53202
517 E. Wisconsin Ave. 291-3473
GA., Atlanta 30309
1365 Peachtree St., N.E. 881-7000
MASS., Boston 02116
441 Stuart St. 223-2312
N.Y., New York 10007
26 Federal Plaza 264-0634
TENN., Memphis 38103
147 Jefferson Ave. 521-3213
WYO., Cheyenne 82001
2120 Capitol Ave. 778-2220
W. VA., Charleston 25301
500 Quarrier St. 343-6181
the BUSINESS SITUATION
CHART 1
Personal Income and Consumption:
Change From Preceding Quarter
Billion $
-20
DISPOSABLE PERSONAL INCOME
80 -
Current $
60
FOLLOW
)WING one of the recom- will reduce the size of the revisions
mendations of the Advisory Commit- that are made each July.
tee on Gross National Product Data
Table 1 shows the 45-day estimate, the
Improvement, the third-quarter esti- 75-day estimate, and the revision in
mates of GNP and other component selected current-dollar, constant-dollar,
series of the national income and prod- and price series components of the
uct accounts (NIPA's) shown in this NIPA's for the third quarter of 1977.
issue of the SURVEY OF CURRENT In dollar terms, the largest revisions
BUSINESS are revised more extensively were the upward revision in personal
than customary.1 In the past, the consumption expenditures (PCE) and
revisions made at this time—that is, the downward revision in government
about 75 days after the close of the purchases. The new PCE estimates
quarter—were confined to net property incorporate a nonroutine revision in
income received from abroad and cor2. For the third quarter of 1977, the following major source
porate profits. According to the new
data became available: For personal consumption expendiprocedure, revisions will be made in all tures,
revised retail sales for July, August, and September,
component series of the NIPA's for and consumption of natural gas for the quarter as a whole;
nonresidential fixed investment, revised shipments of
which significant source data under- for
equipment for September, revised construction put in place
lying the current quarterly estimates for August and September, and business expenditures for
plant and equipment for the quarter as a whole; for residenbecome available subsequent to the tial
investment, revised construction put in place for August
first revisions, which are made about and September; for change in business inventories, revised
values for manufacturing and trade for July, August,
45 days after the close of the quarter.2 book
and September; for net exports of goods and services, revised
The new schedule was recommended merchandise trade for September and net property income
received from abroad for the quarter as a whole; for governbecause it will strengthen the statistical ment
purchases of goods and services, progress payments made
foundation of the current estimates of to defense contractors for the quarter as a whole, and revised
put in place for August and September; for
the NIPA's, and in the hope that it construction
wages and salaries, revised employment, average hourly
40
20 -
Jlni
< -—Constant $
-20
40
l
i
PERSONAL CONSUMPTION EXPENDITURES
Constant $
20
.llllnll.i
1975
1976
1977
1978
Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
77-121
1. The summary chapter of the Committee's report was
published in the September 1977 Statistical Reporter. The
full report is in the press.
earnings, and average weekly hours for September; for corporate profits, revised domestic profits, and net dividends
and branch profits from abroad for the quarter as a whole;
and for net interest, net interest received from abroad for the
quarter as a whole.
Senior Economist, Current Business Analysis Division
BEA invites applications for a position in the Current Business Analysis Division
rated at GS-15 ($36,171-$47,025).
This Division is responsible for the SURVEY OF CURRENT BUSINESS, and does research
on the economic situation and outlook, and related topics.
Applicants must have the expertise necessary to do advanced research of a policyoriented type in some of the following fields: business cycles, employment, fiscal policy,
money andfinance,prices, wage-cost-productivity, and strategic industries such as automobiles and construction. Generally, the results of this research are for publication in
the SURVEY, and accordingly applicants must have writing skill.
Interested persons should write to Carol S. Carson, Chief, Current Business Analysis
Division, Bureau of Economic Analysis, U.S. Department of Commerce, Washington,
D.C. 20230. Applications should include, if possible, a completed Standard Form 171—
the Civil Service Commission's "Personal Qualifications Statement."
SURVEY OF CURRENT BUSINESS
December 1977
the Census Bureau retail sales series,
which is a major source for the goods
component of PCE. This revision
introduces new samples and new seasonal adjustment factors, excludes sales
taxes and finance charges, and substitutes the 1972 Standard Industrial
Classification (SIC) for the 1967 SIC.
In the 1972 SIC, hay, grain, and feed
stores are excluded from retail trade,
and classified instead in wholesale
trade. In the third quarter, sales by
these stores decreased sharply; accordingly, the revised PCE series increased more than the previously published one. Although the direction of the
revision in PCE shown in the table is in
all likelihood correct, the correctness
of its magnitude is uncertain, because
of discontinuities that may have been
introduced into the changes in the retail
sales series by the new statistical
procedures that were* adopted by the
Census Bureau.
as representative of the fourth quarter A $5 billion cost-of-living adjustment to
as a whole, the increase in personal social security benefit payments, which
income was about $47% billion at an became effective July 1, had resulted in
annual rate as compared with $32}£ an unusually large increase in thirdbillion in the third quarter. The major quarter transfer payments.
The fourth-quarter increase in perfactor in this substantial step-up was
the swing in farm proprietors' income sonal income was substantially larger
from a decline of $4 billion in the third than the increase in the third quarter,
quarter to an increase of $6 billion in when the pace of personal income
the fourth. Deficiency—or target price— slowed sharply. However, it was only
payments en wheat under the Agricul- moderately larger than the first- and
ture Act of 1977 accounted for %2% second-quarter increases (chart 1 and
billion of the fourth-quaiter increase in table 2). If wage and salary disburseincome. Most of the remainder of the ments of government and government
swing can be traced tc crop prices; they enterprises and transfer payments are
had declined sharply in the third quar- excluded from personal income to make
ter and made a partial recovery in the it a better approximation of the curfourth. Production expenses, which had rent-dollar value of production in the
declined in the third quarter and private sector, the fourth-quarter inincreased in the fourth, were a partial crease of $37% billion (annual rate) was
offset to the increase in farm receipts. about the same as the increases in the
A larger increase in government pay- first and second quarters. If, in addirolls in the fourth quarter than in the tion, farm proprietors' income, which
third reflected mainly a $3% billion tends to fluctuate widely, is excluded,
(annual rate) Federal pay raise for the fourth-quarter increase of $3IK
Fourth-Quarter Developments civilian and military personnel, which billion is about the same as the firstPersonal income, consumption, and became effective in October. The in- quarter increase and less than the
second-quarter increase. Finally, if atsaving
crease in transfer payments was about
tention is focused on wage and salary
If November personal income is taken $2% billion less than in the third quarter. disbursements in the private sector, the
fourth-quarter increase is substantially
Table 1.—Revisions in Selected Component Series of the NIPA's, Third Quarter of 1977
less than the increases in the first and
second quarters—$20K billion as comLevels
Percent change from preceding quarter
pared with $26 billion and $27 billion.
Judging from the source data avail45-day
75-day Revision 45-day
75-day Revision
estimate estimate
estimate estimate
able as of mid-December, real PCE
increased at about double the thirdBillions of current dollars, seasonally adjusted at annual rates
quarter rate.3 The step-up was in goods;
GNP
1.0
10.0
1,914.9
1,915.9
10.2
0.2
PCE on services appears to have
Personal consumption expenditures
2.0
7.9
1, 216.9 1,218.9
8.6
.7
Nonresidential fixed investment
.
187.5
.8
9.7
186.7
11.6
1.9
increased somewhat less than in the
0
92.5
Residential investment
7.7
92 5
7.7
o
Change in business inventories _.
.5
23.1
23.6
third quarter. The smaller increase in
.1
Net exports
—7.6
—7.5
Government purchases
-2.4
13.7
-2.7
403.3
400.9
11.0
services is largely traceable to the
Federal
-1.2
12.9
149.3
16.7
-3.8
148.1
State and local _
-2.1
252.9
12.0
9.9
— 1.1
254.0
volume of electricity. Electricity prices
National income.
Compensation of employees
Corporate profits with inventory valuation and capital
consumption adjustments...
Other
1,538 8
1,166.9
1,540.5
1,167.4
1.7
.5
9.1
8.0
9.6
8.2
.5
.2
147.8
224.1
149.0
224.1
1.2
0
23.5
6.1
27.6
6.1
4.1
0
Billions of constant (1972) dollars, seascmally adjusted at
annual rates
GNP
Personal consumption expenditures . .
Nonresidential fixed investment
Residential investment. .
Change in business inventories..
Net exports
Government purchases
Federal
_
State and local
_
1 346 1
r
.
858.7
127.1
57 5
15.4
11.9
275.6
104 2
171.4
1 347 4
860.4
127.6
57 5
15.7
12.2
274.0
103 3
170.7
13
1.7
.5
.3o
.3
-1.6
—.9
-.7
4.7
2.2
2.2
— 7
8.5
12.5
6.1
51
3.0
3.9
— 7
0 4
.8
1.7
o
6.1
8.9
4.4
-2.4
-3.6
-1.7
4.8
4.8
4.3
-.2
Index numbers, 1972=]LOO
GNP implicit price deflator.._
G N P fixed-weighted price index
G N P chain price index
142.25
144. 0
142.19
144. 0
-.06
0
5.0
4.9
4.4
-. 1
-.1
3. The major source data that shed light on the fourthquarter GNP are limited to 1 or 2 months of the quarter,
and in some cases are preliminary. These data are: For
personal consumption expenditures (PCE), October and
November retail sales, unit sales of autos through the first 10
days of December, and October and November sales of
trucks; for nonresidential fixed investment, the same data for
autos and trucks as for P C E , October construction put in
place, October shipments of equipment, and business investment plans for the quarter as a whole; for residential investment, October construction put in place, and October housing
starts; for change in business inventories, October book values
for manufacturing and trade, and unit auto inventories
through November; for net exports of goods and services,
October merchandise trade; for government purchases of
goods and services, Federal unified budget outlays for October,
State and local construction put in place for October, and
State and local employment for October and November;
and for GNP prices, the Consumer Price Index for October,
and the Wholesale Price Index for October and November.
SURVEY OF CURRENT BUSINESS
December 1977
Table 2.—Personal Income and
Components
Selected
[Billions of dollars, seasonally adjusted at annual rates]
1976:
IV1977:
I
Personal income
_
Less: Wage and salary
disbursements of
government and
government enterprises
Transfer
payments
44.6
1977:
I1977:
II
40.4
1977:
II1977:
III
32.6
1977:
III1977:
Nov.
47.6
Other GNP components
2.3
2.4
3.4
6.5
5.5
-0.5
5.7
3.4
Equals: Personal
income originating in the private sector
36.8
38.5
23.5
37.7
Less: Farm proprietors'
income
4.1
-1.0
-4.2
6.0
Equals: Personal
income originating in the nonfarm
private
sector
Of which wage and
salary disbursements 1
personal outlays. Reflecting these
changes, the saving rate appears to have
edged up from the 5.5 percent registered
in the third quarter, and substantially
exceeded the low of 4.1 percent, which
it had reached in the first quarter of the
year.
32.7
39.5
27.7
31.7
25.8
27.2
14.7
20.6
1. Includes small amounts of farm wage and salary
disbursements.
Like real PCE, real fixed investment
in the fourth quarter increased substantially more than in the third.
However, in contrast to the prices of
PCE goods and services combined, the
prices of fixed investment goods—
which are especially difficult to measure—accelerated in the fourth quarter.
The acceleration was mainly due to
prices of structures.
Real nonresidential construction continued to increase at about the 8-percent
annual rate registered in the third
quarter. A larger increase in purchases
of producers' durable equipment was
more than accounted for by trucks.
Truck purchases increased sharply,
after declining in the third quarter.
Auto purchases continued to decline.
Purchases of other equipment increased
less in the fourth quarter than in the
third. These purchases include large
and costly items, which tend to have
(Continued on page 23)
CHART 2
Housing Starts and Mobile Home Shipments
Millions of units
3.0
PRIVATE HOUSING STARTS
increased much less than in the third
quarter. The data on which the estimates for electricity are based are incomplete and some of them are subject
to large revisions.
PCE on motor vehicles and parts—
in both current and constant dollars—
increased after a substantial decline in
the third quarter, when purchases of
new cars, trucks, and tires and parts
all showed weakness. In the fourth
quarter, purchases of new cars were
little changed and purchases of trucks,
and tires and parts were up.
Real PCE on other goods showed a
large acceleration over the 4-percent
annual rate of increase registered in the
third quarter. Prices of these goods
increased at about the same rate as in
the third quarter. Prices of food purchased by consumers decelerated, despite the turnaround in wholesale
prices, and gasoline prices accelerated.
The fourth-quarter increase in these
expenditures was widespread, and, in
several major categories, it appears to
have been unsustainably large. Most of
these categories are estimated on the
basis of the revised Census Bureau
retail sales series, which was commented upon earlier.
The large fourth-quarter increase in
personal income carried through to disposable personal income, which outpaced the increase in PCE and other
nl i I i t I 1 i i M i I I i I I i 1 i I i i I 1 i i t i i 1 i I i i i 1 t I i i I I i i i i » I I i i I i I i M i i
1.0
MOBILE HOME SHIPMENTS
0 i 1 I I I I I I I I I I I I I I I I I I I I I I I l I I I l 1 I l l I I 1 I I l l I I I i I l I I I l I i I I I I I II
1973
1974
1975
1976
1977
Seasonally A d j u s t e d a t A n n u a l Rates
Data: Census
U.S. Department of Commerce, Bureau of Economic Analysis
77-12-2
BY EDWARD I. STEINBERG
Earnings Changes in the 1974-75 Labor Market Decline
The effect of the 1974-75 deterioration in labor market conditions varied
markedly among demographic and earnings-level groups, according to an
analysis of data on changes in the first. quarter earnings of workers from 1973
to 1974 and from 1974 to 1975. The
earnings of blacks, young workers, and
workers with low earnings were more
adversely affected than were those of
whites,1 older workers, and workers
with high earnings. Because of the
concentration of female employment in
industries that were relatively unaffected by the recession, the earnings of
women were less affected than were
those of men. Another effect of the
recession seems to have been to induce
some employed workers aged 65 and
over to remain in the labor force longer
than they would have in better times,
in order to bolster reduced family
incomes.
The data
The data are from the Social Security
Administration's Continuous Work
History Sample (CWHS), a file that
contains longitudinal information on a
random 1 percent selection of all
persons having social security numbers
and that follows these same persons
throughout their working lives.2 These
data refer only to earnings subject to
social security taxation; earnings in
uncovered employment and other types
of income (such as interest and dividends) are excluded. The CWHS contains information on about 90 percent
of the employed persons in the United
1. Throughout this article, the term "white" includes
persons of all races other than black, and a small number of
persons whose race is unknown.
2. For a more detailed description of the CWHS, see U.S.
Department of Commerce, Bureau of Economic Analysis,
Regional Work Force Characteristics and Migration Data:
A Handbook on the Social Security Continuous Work History
Sample and Its Application (Washington: U.S. Government
Printing Office, 1976).
States. The major excluded groups
are most civilian employees of the
Federal Government, employees of
some State and local governments, and
railroad employees.
The earnings data used in the
analysis are first-quarter earnings multiplied by 4; they are referred to as
annual earnings for the years 1973, 1974,
and 1975. The analysis compares the
changes that occurred from 1973 to 1974
in the earnings of workers employed in
the first quarter of 1973 with the
changes that occurred from 1974 to
1975 in the earnings of workers em-
ployed in the first quarter of 1974.3
The use of these first-quarter earnings
data permits a comparison of a
year of stability in labor market con3. The analysis will therefore offer no evidence on the
effect of the recession on the earnings of workers who became
employed after the first quarter of 1974, or on the lost earnings of workers who would have become employed had there
been no recession.
The earnings comparisons are in current dollars; accordingly, they do not take account of thr varying impact of
inflation on different demographic groups. Specific price
indexes applicable to the different groups are not available.
Conversion of the earnings for all workers combined to
constant dollars has little effect on the results, because there
were similar increases in the Consumer Price Index from the
first quarter of 1973 to the first quarter of 1974 (9.9 percent)
and from the first quarter of 1974 to the first quarter of 1975
(11.0 percent).
Table 1.—Change in Total Earnings, by Demographic Group and Industry of Employment
IPercent]
All industries
1973-74
All workers _ . . . .
Men
Women
0.0
1 i
-3.3
White men—all ages
16-19
20-24
25-34
35-44
45-54
55-64
65 and over
1.3
29.7
7.0
3.0
2.0
Black men—all ages
16-19
20-24
25-34
35-44
45-54_._
55-64
65 and over
White women—all ages
16-19
20-24
25-34
35-44
45-54
55-64
65 and over .
Black women—all ages
16-19
20-24
25-34
35-44
45-54
55-64
65 and over
-3.4
15.8
-3.7
-6.2
.0
-.5
-6.1
-30.1
-2.7
-1.9
—1.8
-3.0
.0
—.8
—8.1
-36.4
1974-75
1973-74
1974-75
-1.5
-0.4
.7
-5.7
-6.2
-4.5
-14.0
1.3
2.5
-1.4
-2.0
10.4
-2.2
— 1
-3.0
29.7
-12.2
1.0
17.0
-3.9
—5.4
-10.2
-2.8
— 9
2.6
39.4
13.6
24.2
-.6
-2.0
-6.7
-22.5
-1.0
-1.9
-7.6
-26.0
—.5
—8.3
-10.5
-10.1
—7 0
—6.8
-6.8
-11.3
-31.8
-1.7
—6.9
-31.9
1973-74
-12.7
—12 9
—9.6
— 1.0
16.7
.5
1974-75
Retail trade
-3.2
—3 3
—2.5
— 9
—6.5
-30.5
.0
1973-74
Manufacturing
—3.1
—2 5
—4.9
14
-4.3
-29.6
1.0
.
1974-75
Construction
-4.7
35
—5.8
-6.4
-1.1
-1.1
-7.8
-31.1
-6.1
-18.1
—9.4
-6.3
-3.5
-3.1
-8.0
-25.1
3.0
—2 2
-2.0
—3.6
-8.9
—33.6
-5.3
-9.9
— 11.2
-11.4
— 11.5
-16.1
-34.1
3.3
2.6
2.9
2.2
-4.1
-37.0
-7.8
-36.9
-2.8
-23.3
-27.2
-18.2
—22.4
-22.8
-24.0
-24.9
-60.1
-5.3
-1.2
-1.3
-1.0
-7.7
-36.9
-11.4
-25.2
-17.6
-11.6
-7.7
-6.8
-13.1
-43.4
-4.1
-23.3
-9.2
11.7
-15.2
-10.6
-1.6
-9.0
-12.9
-31.5
-5.7
-3.6
-10.5
-8.9
-1.6
-1.7
-6.5
-32.4
-13.2
-19.1
-18.8
-15.2
-10.3
-7.3
-15.3
-38.1
3.2
-20.0
-5.8
-12.4
-5.8
-7.3
-3.1
-1.1
-14.1
-42.4
-20.8
-36.2
-26.2
-20.3
-16.9
-18.1
-25.3
-34.5
-6.6
-6.6
1.9
-3.1
-6.0
-7.8
-15.0
-43.3
-2.7
13.1
.4
-5.5
-1.0
-.4
2.4
2.1
-.1
.9
33.8
9.1
1.2
-2.2
-3.2
-11.1
-26.1
-1.2
24.8
-.3
-4.2
.1
7.3
1.0
-7.4
-6.1
-1.3
-6.9
-8.1
-6.9
-12.4
-30.8
-4.0
8.5
-2.4
-8.0
-25.3
-1.4
-7.4
-1.2
-3.2
-8.2
-25.8
-3.8
3.9
-7.5
-17.2
3.8
-5.3
-.4
6.1
-5.8
-4.0
-5.6
-15.3
-31.2
-.1
-7.1
-7.5
-10. C
-8.4
-26.9
NOTE.—Data refer to persons employed in the base year, which is defined as 1973 for the 1973-74 changes in earnings, and
1974 for the 1974-75 changes. "White" includes persons of all races other than black, as well as a small number of persons
whose race is unknown. Industry classification and ages are as of the base year. Because of the smell sample size, no data
are shown for the age breakdowns among black women in construction.
Source: Continuous Work History Sample, Social Security Administration.
December 1977
ditions with a year of sharply worsening
conditions: The unemployment rates
for the first quarters of 1973, 1974, and
1975 were 4.9, 5.0, and 8.1 percent,
respectively. The sample size of more
than 700,000 workers represents the
more than 70 million workers with
earnings covered by social security in
the first quarter of each base year.
(The base year is 1973 for the 1973-74
earnings changes and 1974 for the
1974-75 changes.) The first-quarter
data file used in the analysis excludes
farm workers and the self-employed,
whose earnings are reported to the
Social Security Administration on an
annual basis. Because of the exclusion
of the self-employed, the analysis in
this article is confined to wages and
salaries.
The 1973-74 and 1974-75 comparisons are presented for workers employed
in three industries in the base year—
construction, manufacturing, and retail
trade—as well as for all covered
workers. The three industries, which
accounted for almost one-half of the
workers in the CWHS file, were characterized by markedly different proportions of female employment and by
differing percent changes in total
employment during the 1974-75 period
covered by the analysis. The percentages of women in the 1974 CWHS file
were 7 percent in construction, 30
percent in manufacturing, and 47 percent in retail trade. From the first
quarter of 1974 to the first quarter of
1975, employment decreased 12 percent
in construction and 9 percent in manufacturing, and remained steady in
retail trade. As will be seen below, the
difference in the industrial mix" of
female employment has an important
bearing on the analysis. No other
significant mix effects were discovered.
Findings
The effect of the recession on the
earnings of various demographic groups
is shown in table 1. The combined
earnings of all workers employed in
1973 were unchanged from 1973 to
1974, and the earnings of those employed in 1974 decreased 3.1 percent from
1974 to 1975. The change for men of
3.6 percentage points (from an increase
of 1.1 percent in 1973-74 to a decrease
SURVEY OF CURRENT BUSINESS
of 2.5 percent i n ' 1974-75) was more
adverse than the change for women of
1.6 percentage points (from a decrease
of 3.3 percent to one of 4.9 percent).
Of the three industries for which
data are shown, earnings were most ad-
versely affected in construction (where
women accounted for 7 percent of employment) and least affected in retail
trade (where women accounted for 47
percent of employment). The earnings
of women employed in construction
Table 2.—Change in Total Earnings, by Earnings Level in Base Year and Industry of
Employment
[Percent]
All industries
Construction
Base-year earnings
Manufacturing
Retail trade
1973-74
1974-75
1973-74
1974-75
1973-74
1974-75
1973-74
All workers:
Under $3,000
$3,000-$4,999
$5,000-$6,999....
$7,000-$9,999
$10,000-$14,999$15,000-$24,999_.
$25,000 and over,
57.1
-2.4
-4.1
-2.4
-1.8
-2.7
-2.2
38.6
-6.3
-8.3
-5.6
-3.2
-2.9
-5.7
108.9
9.1
-1.6
-5.6
-8.3
-9.8
-10.7
71.8
-5.5
-14.9
-16.6
-16.7
-13.9
-15.7
73.3
-3.1
-4.2
-2.1
-1.6
-2.5
.8
38.2
-16.4
-15.6
-9.5
-5.0
-2.7
43.4
-4.6
-5.3
-3.6
-4.3
-5.5
-5.7
29.4
-6.1
-6.5
-5.3
-2.8
-4,6
-9.7
Men:
Under $3,000...
$3,000-$4,999-__.
$5,000-$6,999.___
$7,000-$9,999.___
$10,000-$14,999._
$15,000-$24,999$25,000 and over.
91.3
6.3
-.7
-.9
-1.1
-2.5
-1.9
62.5
-.5
-7.0
-5.5
-3.1
-2.8
-5.4
120.4
10.8
-1.4
-5.7
-8.4
-9.8
-10.6
78.0
-4.6
-14.9
-17.6
-16.8
-14.0
-15.3
113.9
8.7
.4
-.7
-1.1
-2.4
68.4
-5.8
-12.5
-8.8
-4.8
-2.6
-3.7
71.9
5.3
-2.5
-2.1
-3.9
-4.9
-5.4
51.5
2.4
-3.8
-4.6
-2.3
-4.3
-9.5
Women:
Under $3,000...
$3,000-$4,999._..
$5,000-$6,999....
$7,000-$9,999._._
$10,000-$14,999__
$15,000-$24,999._
$25,000 and over.
30.7
-8.6
-7.4
-5.9
-6.3
-6.8
-12.0
20.5
-10.2
-9.4
-5.6
-3.9
-4.4
-15.6
23.4
-4.3
-3.3
-4.0
-4.9
-14.7
-23.6
21.8
-12.1
-14.7
-7.3
-13.0
-10.0
-40.0
36.4
-10.4
-9.2
-6.9
-8.7
-8.8
1.1
8.9
-22.7
-18.6
-11.2
-8.2
-6.1
-16.9
24.6
-10.6
-9.1
-9.2
-9.9
-16.8
-12.8
14.6
-10.8
-9.7
-7.4
-7.7
-11.3
-12.4
1974-75
NOTE.—See table 1.
Source: Continuous Work History Sample, Social Security Administration.
Table 3.—Proportion of Workers With No Reported Earnings the Following Year, by Demographic Group and Industry of Employment
[Percent]
All industries
1973
1974
Construction
1973
1974
Manufacturing
1973
1974
Retail trade
1973
1974
16.8
14.0
21.3
16.9
14.9
20.0
18.3
18.0
21.7
22.2
22.3
21.4
12.7
9.9
19.0
15.4
12.7
21.7
23.3
19.5
27.5
21.6
18.8
24.9
White men—all ages
16-19..
20-24
25-34
35-44..
45-54..
55-64
. 65 and over
13.6
28.8
17.9
11.1
8.8
8.5
13.3
36.3
14.4
29.1
20.4
12.5
9.7
9.2
13.8
33.2
17.5
29.1
20.1
16.1
13.8
14.2
19.8
42.7
21.6
34.2
25.0
20.4
18.5
16.8
23.9
43.6
9.6
24.4
14.8
7.8
5.8
5.4
10.9
40.9
12.1
29.1
20.2
10.9
7.3
6.8
12.5
40.4
19.1
29.8
20.4
14.2
12.1
11.7
15.8
33.7
18.3
28.3
20.2
14.8
12.2
11.6
15.1
28.8
Black men—all ages
16-19.
20-24
25-34
35-44
45-54
55-64
.
65 and over
17.3
36.9
20.6
14.3
12.6
12 3
15.8
36.0
19.4
40.4
24.6
17.5
14.4
13 6
17.1
34.0
22.7
32.8
25.5
21.0
20.9
19.5
22.6
52.4
29.3
52.1
31.6
28.3
26.7
25.1
30.9
55.4
12,7
28,9
17.8
11.1
8.9
7.6
13.4
38.0
17.2
39.2
25.0
16.7
11.7
10.4
14.8
40.2
23.8
40.3
24.6
18.4
17.4
16.0
18.2
32.9
24.3
41.5
24.5
21.2
17.8
15.2
20.1
31.2
21.2
37.0
26 9
22.5
16.0
13 4
16.4
35.7
19.8
33.7
25.0
21.4
15.0
12.8
16.0
31.8
21.5
40.3
26.5
21.5
17.7
16.3
18.4
35.0
21.3
30.2
27.3
23.3
14.2
18.3
21.8
27.2
18.9
36.7
27.0
22.1
14.2
11.5
14.5
38.3
21.3
38.7
29.2
24.4
17.4
13.6
17.7
39.7
27.3
38.1
34.1
30.5
21.3
17.5
17.9
30.9
24.6
34.6
30.5
28.0
19.0
16.2
17.2
27.8
21.5
50.6
27 7
19.7
14 9
14 1
19.4
40.3
21.4
50.1
29.2
20.9
15 5
14.8
17.4
27.4
27.2
24.4
20.0
46.6
25.6
19.7
14.2
12.3
20.4
42.6
24.8
47.1
33.4
24.6
17.3
19.2
24.1
33.3
30.0
52.7
36.6
27.6
19.4
16.4
23.8
33.3
28.6
51.3
35.0
26.2
21.9
17.7
20.7
21.6
All workers
Men
Women
White women—all ages
16-19
20-24
25-34
35-44
. .
45-54
55-64
65 and over _ ._
Black women—all ages
16-19
20-24
25-34
35-44
4.5-54
55-64
65 and over
. . .
. . .
NOTE.—See table 1.
Source: Continuous Work History Sample, Social Security Administration.
SUEVEY OF CUKEENT BUSINESS
6
Table 4.—Proportion of Workers Aged 65
and Over With No Reported Earnings the
Following Year
[Percent]
Base-year earnings
White men:
Under $3,000
$3,000 and over
Black men:
Under $3,000
$3,000 and over
White women:
Under $3,000
$3,000 and over
Black women:
Under $3,000
$3,000 a n d o v e r . . .
1973
1974
42.5
32.0
35.8
31.6
42.2
30.1
37.4
31.3
40.8
29.0
32.9
30.6
42.6
32.4
28.1
25.5
NOTE.—See table 1.
Source: Continuous Work History Sample, Social Security
Administration.
were less affected by the recession than
were those of men in the same industry,
but the earnings of women in manufacturing and retail trade suffered as
much (retail trade) or more (manufacturing) than did the earnings of their
male co-workers. These findings suggest that the smaller impact of the
recession on the earnings of women
than of men is almost entirely attributable to the concentration of female
employment in those industries that
were relatively unaffected by the recession, rather than to the smaller impact
of the recession on the earnings of
women than of men employed in the
same industries.
In the aggregate, and also within
each of the three industries, blacks were
more affected by the recession than
whites. For example, the change in the
earnings of black men was from a decrease of 1.0 percent in 1973-74 to one
of 8.3 percent in 1974-75, compared
with a change for white men from an
increase of 1.3 percent to a decrease of
2.0 percent.
Within each of the race-sex groups,
the magnitude of the adverse effect of
the recession on earnings was, in general, negatively related to age, with the
effect far more pronounced on teenagers
than on any of the other age groups.
Workers aged 65 and over showed little
or no decline in earnings because of the
recession.
Effect by earnings level.—In the aggregate, as well as in each of the three
industries, the effect of the recession on
earnings was largest for workers in the
lowest earnings group (table 2). For
women earning under $3,000, for example, the change was from an earnings
increase of 30.7 percent in 1973-74 to
an increase of 20.5 percent in 1974-75—
a far larger change than for women in
any of the higher earnings groups.
Among workers earning $3,000 and
over, there was a negative relationship
between earnings level and the size of
the adverse effect of the recession,
except for the highest earnings group
($25,000 and over), which contains only
about 2 percent of all workers. Women
earning from $7,000 to $24,999 actually
Table 5.—Distribution of Workers by Percent Change in Earnings
Earnings increases
Earnings decreases
50 per- 20-49.9 10-19.9 Under
perper10 percent
and
cent
cent
cent
over
Base-year earnings
0-9.9
percent
10-19.9 20-49.9 50 perperpercent
and
cent
cent
over
Percent distribution
1973-74
Under $3,000.
$3,000-$4,999.
$5,000-$6,999
$7,00O-$9,999—
$10,000-$14,999
$15,000-$24.999
$25,000 and over
All earnings levels..
173,292
119,245
115,109
135,186
124,125
57,166
13,632
737,755
37.7
18.1
12.5
8.7
5.9
4.9
5.4
16.8
2.9
6.1
5.2
4.2
3.6
3.1
4.8
4.2
4.2
6.4
5.8
5.5
6.3
8.5
10.5
5.9
2.1
3.9
4.1
4.7
6.1
7.8
5.8
4.3
3.3
7.1
8.6
10.3
12.5
13.9
7.9
8.5
5.2
3.2
6.3
15.2
23.8
28.9
32.3
35.6
27.6
21.4
14.4
17.3
18.6
18.4
14.8
12.4
13.6
14.9
15.6
15.0
12.3
8.7
22.3
12.2
35.1
13.9
7.1
4.1
2.6
2.6
3.4
13.1
1974-75
Under $3,000
$3,000-$4,999
$5,000-$6,999
$7,000-$9,999
$10,000-$14.999
$15,000-$24,999
$25,000 and over
All earnings levels..
140,340
109,774
113,917
138,817
135,901
68,675
16,684
724,108
36.7
21.8
15.3
10.6
7.2
5.7
5.8
16.9
3.3
6.6
6.3
5.4
4.6
3.8
5.5
5.0
4.6
7.0
7.1
6.7
6.9
8.2
11.1
6.7
2.2
3.7
4.4
4.9
6.1
7.1
5.5
4.6
2.8
5.7
7.6
9.1
11.2
11.9
8.3
7.8
6.5
3.8
7.5
12.5
19.2
24.2
26.7
29.9
35.5
19.5
13.8
17.8
19.8
21.0
20.4
14.5
15.6
15.0
15.3
15.1
13.6
10.5
10.0
12.8
1. Proportion of workers with earnings in the base year and no earnings the following year.
Source: Continuous Work History Sample, Social Security Administration.
NOTE.—See table 1.
32.5
14.0
6.9
4.2
2.8
2.5
3.8
11.2
December 1977
fared better from 1974 to 1975 than
from 1973 to 1974.
The large year-to-year increases in
earnings for the groups earning under
$3,000 are attributable to the fact that
many workers in these groups were
below their "permanent" earnings
curves in the base year, for reasons such
as illness or their becoming employed
late in the 3-month period on which the
earnings data are based. This hypothesis
is supported by the finding that many
of these ostensibly low earners had very
large increases in earnings from the base
year to the following year. For example,
of the workers earning under $3,000 in
1973 who did not drop out, that is, 62.3
percent of all workers in that earnings
group, 35.1 percent—or more than onehalf—had earnings increases of 50
percent or more from 1973 to 1974
(table 5).
As earnings levels rose from 1973 to
1974, the percentage of all workers
who had earnings under $3,000 fell
from 23.5 to 19.4 percent.4 It is likely
that the proportion of workers in this
lowest earnings group who were below
their "permanent" earnings curves was
higher in 1974 than in 1973. Therefore,
in the absence of the recession, one
would have expected a larger increase
in earnings for this lowest earnings
group from 1974 to 1975 than from 1973
to 1974. The recession-associated decline in the size of the earnings increase
from 57.1 to 38.6 percent is thus
especially striking.
Earnings "dropouts."—The effect of
the recession on the earnings of workers
in various demographic groups can be
separated into two components: the
elimination of earnings for workers who
left the labor force or became unemployed, and the adverse effects on the
year-to-year earnings changes for workers with earnings in both the base year
and the following year. Table 3 shows
the proportions of workers with earnings in the base year who had no earnings the following year.5 Although there
(Continued on page 29)
4. The 1973 percentage can be calculated from table 5, by
dividing the number of workers earning under $3,000 (173,292)
by the total number of workers (737,755); the 1974 percentage
can be similarly calculated.
5. Because the CWHS provides data on only about 90
percent of all employment, some workers with no earnings
in a particular year may have been working in employment
not covered by social security, rather than having been
unemployed or out of the labor force.
SURVEY OF CURRENT BUSINESS
December 1977
NATIONAL INCOME AND PRODUCT TABLES
1976
1975
1976
II
III
1976
1977
IV
I
II
III
1975
1976
II
III
1977
IV
II
III
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1972 dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product
,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7
Personal consumption expenditures..
Durable goods
Nondurable goods.
Services
1,347.4
980.4 1,094.0 1,078.5 1,102.2 1,139.0 1,172.4 1,194.0 1,218.9
775.1
821.3
815.5
822.7
839.8
850.4
854.1
860.4
132.9
409.3
438.2
158.9
442.7
492.3
156.7
437.1
484.6
159.3
444.7
498.2
166.3
458.8
513.9
112.7
307.6
354.8
127.5
321.6
372.2
126.7
319.3
369.6
127.1
321.5
374.0
130.7
329.4
379.7
136.9
329.7
383.8
137.9
330.0
386.3
136.5
332.4
391.4
200.8
177.0
466.6
528.8
178.6
474.4
541.1
177.6
481.8
559.5
189.1
243.3
244.4
254.3
243.4
271.8
294.9
303.6
141.6
173.0
175.2
179.4
169.2
186.7
197.2
Fixed investment
Nonresidential
Structures
Producers' durable equipment..
200.6
230.0
226.1
232.8
244.3
258.0
273.2
280.0
151.5
164.5
163.1
165.6
171.0
177.0
184.0
185.1
149.1
52.9
96.3
161.9
55.8
106.1
159.8
55.8
104.0
164.9
56.0
109.0
167.6
57.0
110.6
177.0
57.9
119.2
182.4
61.0
121.4
187.5
62.6
124.9
112.7
36.3
76.5
116.8
37.1
79.7
115.9
37.1
78.9
118.5
37.1
81.4
119.0
37.3
81.7
124.3
37.0
87.3
126.4
38.2
88.1
127.6
38.9
88.7
Residential
Nonfarm structures
Farm structures
Producers' durable equipmentChange in business inventories.
Nonfarm
Farm
51.5
49.5
.9
1.1
68.0
65.7
1.0
1.3
66.3
64.1
1.0
1.2
67.8
65.7
.9
1.3
76.7
74.3
1.1
1.3
81.0
78.5
1.1
1.4
90.8
88.2
1.2
1.4
92.5
89.9
1.1
1.5
38.8
37.1
.7
.9
47.7
46.0
.7
1.0
47.1
45.4
.7
1.0
47.1
45.4
.6
1.0
52.0
50.2
.7
1.1
52.7
50.9
.7
1.1
57.6
55.7
.8
1.1
57.5
55.7
.7
1.1
-11.5
-15.1
3.6
13.3
14.9
-1.6
18.3
20.4
-2.2
21.5
22.0
-.5
1.4
-2.3
13.8
14.1
-.3
21.7
22.4
-.7
23.6
23.1
.5
-9.9
-11.2
1.2
8.5
10.1
-1.6
12.1
14.3
-2.1
13.8
14.4
-.6
-1.8
.7
-2.5
9.7
9.9
-.2
13.2
13.6
-.5
15.7
15.3
.4
Gross private domestic investment-
Net exports of goods and services
Exports
Imports
Government purchases of goods and services..
Federal
National defense..
Nondefense
State and local
20.4
7.8
10.2
7.9
3.0
-8.2
-9.7
-7.5
22.5
16.0
16.4
17.0
13.8
10.6
9.4
12.2
147.3
126.9
162.9
155.1
160.6
150.4
168.4
160.6
168.5
165.6
170.4
178.6
178.1
187.7
179.9
187.4
89.9
67.4
95.8
79.8
95.2
78.9
97.9
80.9
96.9
83.1
96.9
86.3
98.5
89.1
99.8
87.6
338.9
361.4
358.9
363.0
370.0
374.9
390.6
400.9
263.0
264.4
264.5
264.6
264.6
263.3
270.0
274.0
130.1
86.8
43.3
231.2
128.5
86.0
42.5
230.4
130.2
86.4
43.8
232.7
134.2
88.4
45.8
235.8
96.7
96.5
96.1
96.7
97.1
97.0
101.1
103.3
166.3
167.9
168.4
168.0
167.5
166.4
168.9
170.7
1,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7
1,347.4
1,540.3 1,693.1 1,673.7 1,705.8 1,756.3 1,797.0 1,848. 2 1,892. 2 1,212.0 1,266.2 1,259.4 1,269.8 1,289.2 1,301.2 1,317.5
13.2
-1.8
9.7
12.1
13.8
-11.5
8.5
21.5
23.6
-9.9
13.3
18.3
9
13.8
21.7
1,331. 8
15.7
123.3
83.9
39.4
215.6
136.3
89.7
46.7
238.5
143.6
93.4
50.2
247.0
148.1
95.6
52.5
252.9
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product
Final sales
Change in business inventories.
Goods
Final sales
Change in business inventories.
686.2
697.7
-11.5
764.2
750.9
13.3
761.7
743.4
18.3
776.0
754.5
21.5
774.7
775.6
805.9
792.1
13.8
827.1
805.4
21.7
843.5
819.9
23.6
538.8
548.7
-9.9
580.1
571.6
8.5
579.8
567.6
12.1
586.9
573.0
13.8
581.9
583.7
-1.8
602.4
592.7
9.7
608.5
595.3
13.2
617.0
601.3
15.7
Durable goods
Final sales
Change in business inventories.
258.2
267.5
-9.2
303.4
299.3
4.1
301.9
294.9
7.0
313.4
302.7
10.7
312.6
312.0
334.4
326.6
7.8
341.0
329.5
11.5
342.3
332.1
10.3
212.0
219.2
-7.2
235.2
232.4
2.8
235.9
230.9
5.0
240.8
233.5
7.2
237.0
237.0
.1
252.3
246.7
5.6
254.7
247.4
7.3
253.5
246.8
6.7
Nondurable goods
Final sales
Change in business inventories.
428.0
430.2
-2.2
460.9
451.6
9.3
459.7
448.5
11.2
462.6
451.8
10.9
462.1
463.6
-1.6
471.5
465.6
6.0
486.1
475.9
10.2
501.2
487.8
13.4
326.8
329.5
-2.7
344.9
339.3
5.7
343.9
336.8
7.1
346.1
339.5
6.6
344.8
346.7
-1.9
350.1
346.0
4.2
353.8
347.9
5.8
363.5
354.5
9.0
699.2
143.5
782.0
169.2
770.8
159.4
791.8
159.6
813.8
166.9
833.7
171.2
855.3
187.5
881.6
190.7
560.7
102.7
584.7
109.9
581.7
110.1
587.9
108.8
593.6
111.9
597.1
111.5
602.9
119.3
611.1
119.4
1,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7
1,347.4
1,303.3 1,322.8
1,340.1
1,289.6 1,444.3 1,433.3 1,463. 0 1,485. 2 1,532.3 1,586.4 1,628.1 1,013.7 1,082. 0 1,079.3 1,090.5 1,093.9 1,116. 2 1,134. 9
1,234.6 1,390.9 1,378.0 1,409. 4 1,433.4 1,478. 0 1, 536. 7 1,580.0
974.3 1,043.8 1,042.5 1,051.2 1,054.8 1,077.8 1,099.8
987.8
941.6
966.7
934.9
944.7
934.0
1,115.1 1,258.7 1, 247.0 1,275.4 1,296. 8 1,337. 4 1,392. 7 1, 431.9 870.5
109.6
111.1
112.1
110.2
144.1
108.8
132.3
134.0
140.6
148.0
136.5
119.5
130.9
108.5
103.7
32.2
34.9
35.1
33.0
34.1
45.6
50.8
47.9
47.2
46.4
51.0
50.9
49.2
32.3
33.8
-1.2
5.5
8.0
3.3
5.3
5.9
4.5
3.4
7.0
.2
5.2
4.9
4.5
5.6
1,150. 5
1,112. 7
999.3
113.4
36.2
Services
Structures.
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product .
Gross domestic product
Business
Nonfarm
Nonfarm less housing..
Housing
Farm
Statistical discrepancy...
Residual 1
Households and institutions.
Government
Federal
State and local..
Rest of the world.
1,518.3 1,692.1 1,678.4 1,712.0 1,740.9 1,793.2 1,851.4 1,898.2 1,197.3 1,268.0 1,265.1 1,276.7 1,280.9
1.6
50.4
56.2
55.5
56.4
58.3
60.4
62.0
63.6
38.9
40.2
40.3
40.0
40.6
40.6
41.2
41.7
178.2
59.0
119.2
191.6
62.4
129.2
189.6
61.6
128.1
192.6
61.8
130.7
197.5
64.7
132.8
200.5
65.4
135.1
203.1
65.5
137.6
206.5
65.8
140.7
144.6
48.5
96.1
145.8
48.4
97.3
145.5
48.3
97.2
146.2
48.5
97.7
146.4
48.6
97.8
146.5
48.6
97.9
146.7
48.6
98.1
147.9
48.7
99.2
10.5
14.4
13.5
15.3
14.4
17.6
18.4
17.7
4.9
6.7
6.4
7.0
6.5
7.7
7.9
7.4
HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The
National Income and Product Accounts of the United States, 1929-74:
Statistical Tables (available for $4.95, SN 003-010-00052-9, from
Commerce Department District Office or the Superintendent of
Documents; see addresses inside front cover). Data for 1973 and
1974-76 are in the July 1976 and July 1977 issues of the SURVEY,
respectively (except for seasonally unadjusted quarterly estimates,
which are in the September 1976 and August 1977 issues).
SUEVEY OF CURRENT BUSINESS
8
1976
1975
1976
II
III
December 1977
1976
1977
I
IV
II
III
1975
1976
Seasonally adjusted at annual rates
1,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9
162.5
179.0
177.0
180.9
184.5
189.0
130.9
142.0
140.1
143.5
146.7
149.0
199.8
151.2
154.6
- 3 7 . 4 - 3 7 . 8 - 4 0 . 0 -42.1 - 4 5 . 2
Equals: Net national product.. 1,366. 3 1,
[,527.4 1,514.9 1,546.5 1,570.9 1,621.8 1.676.6 1,,716.0
Less: Indirect business tax
and nontax liability...
Business transfer paym ents
Statistical discrepancy..
Plus: Subsidies less current
surplus of government enterprises
Equals: National income
138.7
150.5
149.1
151.8
155.5
160.1
163.3
166.9
7.0
5.9
8.1
5.5
8.0
4.5
8.2
8.0
8.4
5.3
8.7
3.3
8.9
-1.2
9.1
.5
1.1
.5
.5
.1
1.4
2.3
1,253.4 1,382.7 1,366.7 1,393.9 1,432.2 11,476.8 1,517. 2 1,549.8
Table 5.—Relation of Gross National Product, Net National
Product, and National Income in Constant Dollars (1.10)
[Billions of 1972 dollars]
Gross national product
Less: Capital consumption
allowances with capital consumption adjustment
1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4
122.2
126.0
125.6
126.3
Equals: Net national product.. 1,079. 9 1,148.7 1,145.9 1,,157.
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
enterprises
Residual K.
Equals: National income.
Net national product
127.0
III
1,366.31,527.4 1,514.91,546.51 570.91,621.8 1, 676. 6 1[,716.0
355.71,513. 1 1 ,501.4 1,531. 2 1 556.51,604.2 1, 658. 2 11,698.4
Business
_
1,127.1 1,265.3 1,256.2 1 , 282.2 1, 300.7 1,343.3 1, 393. 1,428.2
Nonfarm
1,084.01,'., 225. 0 1, 213. 9 1,,241.8 1, 262. 1,302.9 1 357. 7 1 , 394.8
Farm
37.2
34.8
37.9
32.4
32.9
36.6
32.5
37.1
Statistical discrepancy
5.9
5.5
4.5
8.0
5.3
.9
3.3 - 1 . 2
50.4
56.2
56.4
Households and institutions.
55.5
58.3
60.4
62.0
63.6
178.2 191.6 189.6
Government.
197.5 200.5 203.1 206.5
192.6
Rest of the world
10.5
14.4
128.0
129. 2
130.4
,160.4 1,182.9 1,201.5 1,217.0
118.9
126.1
124.9
126.9
129.2
131.1
131.9
132.9
5.6
5.2
4.5
7.0
4.9
3.4
.2
1.6
955.3 1,017.4 1,016.5 1,023.5 1, 026. 3 1,048.4 1,069.4 1,082.6
13.5
14.4
17.6
18.4
17.7
15.3
353.9 1,
402.1 1,450.21, 505. 7 1,,540.5
,379.61,
1,206.4 1,349.8 1 340.4 1
Domestic income
387. 6 1,432.6 1, 487.3 1,522.9
,364.3 1,
977.8 1, 102.0 1, 095. ,115*3 1, 131. 8 1,171.7 1, 222. 2 11,252.7
Business
942.3 1,, 069. 2 1,059. 5 1., 084.8 1, 100. 5 1, 135.1 1,187.2 1,221.6
Nonfarm
35.5
30.5
31.4
Farm.
32.7
35.7
36.6
35.0
31.1
Households and institutions- 50.4 56.2 55.5 56.4 58.3 60.4 62.0 63.6
178.2 191.6 189.6 192.6 197.5 200.5 203.1 206.5
Government
National income..
Rest of the world.
1,217.0 1,364.1
10.5
14.4
1,217.0 1,364.1 1,353.9 1,379.6 1,,402.1 1,450.2 1.505.7 1,,540.5
Less: Corporate profits with
inventory valuation
and capital consump99.3 128.1 129.2 133.5 123.1 125.4 140.2 149.0
tion adjustments
88.4
86.5
95.3
98.9 103.1
90.1
92.0
Net interest
79.1
Contributions for social
insurance
110.1 123.8 122.8 124.7 127.5 135.0 138.0 139.9
Wage accruals less disbursements
0
0
0
0
0
0
0
0
Plus: Government transfer
payments to persons.. 169.8 184.7 180.8 186.2 189.5 194.8 194.0 199.5
Personal interest income. 115.6 130.3 127.5 132.3 136.4 140.3 145.4 150.3
88.4
86.5
95.3
Net interest
79.1
98.9 103.1
90.1
92.0
Interest paid by government to persons
40.6
42.3
and business
39.3
39.0
41.2
42.4
Less: Interest received
by government
22.6
24.
22.4
22.3
19.7
23.1
25.5
23.7
Interest paid by consumers to business. _ 22.9 25.0 24.4 25.5 26.3 27.5 28.9 30.4
38.4
35.8
32.4
42.3
Dividends
35.0
36.0
38.5
40.3
Business transfer pay8.4
8.1
ments
7.0
8.0
9.1
8.2
8.7
8.9
Equals: Personal income
II
Table 6.—Net National Product and National Income by Sector in
Current and Constant Dollars (1.11, 1.12)
Net domestic product
-31.7 - 3 7 . 1
IV
Billions of dollars
Table 4.—Relation of Gross National Product, Net National
Product, National Income, and Personal Income (1.9)
Gross national product
III
Seasonally adjusted at annual rates
Billions of current dollars
Less: Capital consumption
allowances with
capital consumption adjustment
Capital consumption
allowances without
capital consumption adjustment
Less: Capital consumption adjustment
II
1977
13.5
15.3
14.4
17.6
18.4
17.7
Billions of 1972 dollars
Net national product
Net domestic product
1,079.9'1,148.7 1,145.9 1,157.4 1,160.41,182.9 1,201.5 1,217.0
1,075.01,142.01,139.51, ,150.4 1,153.91,175.21,193. 6 1,, 209.6
891.4 956.0 953.7 964.2 966.9 988.2 1,005.7 1L, 020.0
Business
860.8 927.0 926.0 934.2 937.2 959.2 980.2 991.9
Nonfarm
25.4
23.0
23.1
25.0; 23.8
25.6
Farm
_
26.6
24.8
.2
7.0
4.5
5.6
5.2
3.4
1.6
4.9
Residual^..
41.2
40.0
40.2
40.6
41.7
40.3
40.6
Households and institutions.
144. 6 145.8 145.5 146.2 146.4 146.5 146.7 147.9
Government
Rest of the world
National incomeDomestic income
Business
Nonfarm
Farm—
Households and institutionsGovernment
Rest of the world .
4.9
6.7
6.4
7.0
6.5
7.4
7.7
955.3 1 017.4 1,016.5 1,023.51, 026.3 1,048.4 1,069.4 1,,082.6
950.41 010.71,010.11,016.51, 019.81,040.7 1,061.5 11,075.2
740.61
26.3
38.9,
144.6
824.7
799.2
25.5
40.2
145.8
824.3
799.3
25.0
40.3
145.5
830.3
805.8
24.5
40.0
146.4
832.8
806.3
26.5
40.6
146.4
853.7
826.4
27.3
40.6
146.5
873.6
846.7
26.9
41.2
146.7
885.6
857.4
28.1
41.7
147.9
4.9
6.7
6.4
7.0
6.5
7.7
7.9
7.4
766.9
1. Equals GNP in constant dollars measured as the sum of final products less GNP in
constant dollars measured as the sum of gross product by industry. The quarterly estimates
are obtained by interpolating the annual estimates with the statistical discrepancy deflated
by the implicit price deflator for gross domestic business product.
NOTE.—Table 6: The industry classification within the business sector is on an establishment basis and is based on the 1972 Standard Industrial Classification.
Footnotes for tables 2 and 3.
1. Equals GNP in constant dollars measured as the sum of final products less GNP in
constant dollars measured as the sum of gross product by industry. The quarterly estimates
are obtained by interpolating the annual estimates with the statistical discrepancy deflated
by the implicit price deflator for gross domestic businss product.
NOTE.—Table 2: "Final sales" is classified as durable or nondurable by type of product.
"Change in business inventories" is classified as follows: For manufacturing, by the type of
product produced by the establishment holding the inventory; for trade, by the type of
product sold by the establishment holding the inventory; for construction, durable; and for
other industries, nondurable.
Table 8: The industry classification within the business sector is on an establishment basis
and is based on the 1972 Standard Industrial Classification.
SURVEY OF CURRENT BUSINESS
December 1977
1976
1975
II
1976
9
1977
III
IV
I
II
1976
III
1975
1976
Seasonally adjusted at annual rates
II
National income
217.0 ,364.1
353.9 ,379.6
402.1 ,450.2 ,505.7 ,540.5
930.3 ,036.3
024.9 ,046.5
074.2 ,109.9
805.7
891.8
882.4
900.2
923.2
951.3
980.9
175.4
630.3
187.2
704.6
185.4
697.0
188.2
712.0
192.5
730.7
194.8
756.4
197.2
783.6
200.6
798.3
124.6
144.5
142.5
146.3
150.9
158.6
163.8
168.5
59.8
64.9
68.6
75.9
68.0
74.5
69.1
77.3
70.9
80.0
75.4
83.2
77.1
86.7
78.2
90.3
Rental income of persons with
capital consumption adjustment
Rental income of persons
Capital consumption adjustment
144.7 ,167.4
86.0
88.0
90.4
86.2
88.7
95.1
97.0
95.5
23.2
18.6
21.6
16.2
16.6
20.7
19.7
15.5
26.8
22.8
25.8
20.3
20.8
25.0
24.2
20.3
-3.6
62.8
-4.2
69.4
-4.2
-4.2
70.0
-4.
72.0
-4.2
74.3
-4.5
77.3
-4.8
80.0
63.4
70.4
70.1
70.7
73.
76.1
-1.2
-1.3
-1.5
-1.1
-1.
-2.0
-1.
-.6
.6
.3
.3
0
-.1
22.3
23.3
22.9
23.3
36.8
40.0
39.4
40.3
24.1
24.5
41.5
42.9
78.9
80.8
24.9
25.5
44.6
45.7
-14.5 -16.7 -16.4 - 1 6 . 9 - 1 7 . 3 -18.4 - 1 9 . 7 -20.2
128.1
129.2
133.5
123.1
125.
140.2
149.0
Corporate profits with inventory valuation adjustment and without capital
consumption adjustment _. 111.5 142.
143.
148.2 137.
141.0 156.2 166.9
123.5 156.
Profits before tax
159.2 159.9 154.8 161.
172.8
174.
50.2
Profits tax liability
66.
65.9
64.7
63.
64.4
69.3
69.
73.4
Profits after tax
92.
93.
94.
90.
97.2 104.3 103.6
32.4
42.3
Dividends
35.
35.8
36. C
38.5
38.
40.
61.2
41.
Undistributed profits56.4
58.
58.
52.
58.8
64.
Inventory valuation adjustment
-12.
-15.5 - 1 1 .
-14.
-16.
-20.6 - 1 7 .
-5.9
Capital consumption adjustment
-12.
-14.
-14.6 - 1 4 .
-14.
-15.6 - 1 5 .
-17.9
90.
92.
129.
133.
123.
125.
64.
66.
65.
63.
64.
35.
63.
35.
67.
36.
38.
61.
38.
Net interest
79.
Addenda:
Corporate profits with inventory valuation and capital
consumption adjustments..
99.
128.
50.
Profits tax liability
Profits after tax with inventory valuation and capital
consumption adjustments.
Dividends
U n d i s t r i b u t e d profits
with inventory valuation and capital consumption adjustments. .
16.
27.
28.
31.
20.
22.
140.
149.0
69.3
70.
40.
30.
79.7
42.3
37.4
919.21,041.91,033.9
056.6 1,070.11,103.3 1,150.0 1,181.9
101.7
111.8
110.4
112.9
115.2
117.6
Net domestic product
Indirect business tax and
nontax liability plus business transfer payments less
subsidies..
817.5
930.1
923.4
943.7
954.9
985.71,030.61,058.3
99.9
108.3
107.7
109.2
111.9
115.0
117.4
119.6
Domestic income
Compensation of employWages and salaries
Supplements to wages
and salaries
717.6
821.8
815.8
834.6
843.0
870.
913.2
938.6
612.9
523.0
690.4
585.9
579.9
698.0
592.1
715.9 ,743.1
606.9 628.
770.9
651.8
786.0
663.3
104.5
103.1
105.9
109.0
119.1
122.6
Capital consumption allowances with capital consumption adjustment
_
Net interest.
11.6
11.4
11.3
11.5
11.7
12.2
12.7
13.2
44.0
51.0
50.3
52.0
52.9 54.0
55.1
57.1
114.8
119.4
123.7
139.5
163.3
69.3
94.0
38.7
55.3
-5.9
•12.2 -14.7 -14.6 -14.7 -14.8 -15.6 -15.9 - 1 7 . 9
Gross domestic product of nonfinancial corporate business... 175.2 991.0
,004.7 1,017.2 1,049.3 1,094.9 1, 124.8
97.3 107.0 105.6 108.0 110.2 112.5
114.2
118.2
Net domestic product
778.0 884.0 877.9 896.7 907.0 936.8
Indirect business tax and nontax
liability plus business transfer
payments less subsidies _
92.1 99.4
100.0 102.5 105.3
107.5
109.4
585.8 784.6 779.1 796.6 804.5 831.6
576.6 650.3 643.3 657.3 674.4 700.6
t92.7 552.6 546.9 558. 572.3 593.1
873.3
727.4
615.
897.2
741.2
626.3
111.7
114.9
78.3 101.9 103.6 106.8 97.1 96.3 109.8
.02.3 130.6 133.5 133.0 128.7 132.4 143.4
40.8 53.7 55.1 54.8 52.7 52.8 57.
61.6 76.9 78.4 78.2 76.0 79.5
85.
29.0 32.4 32.1 33.2 36.0 35.2 37.2
32.5 44.5 46.3 45.0 40.0 44.3 48.
-12.0 -14. -15.5 -11. -16.9 _20.6 -17.8
118.5
142.0
56.9
85.1
39.4
45.7
-5.9
Domestic income.
Compensation of employees
Wages and salaries
Supplements to wages and
salaries
Corporate profits with inventory valuation and capital
consumption adjustments
Profits before t a x —
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
adjustCapital consumption
ment..
Net interest.
83.9
97.
96.4
99.1 102.0 107. J
-12.0 -14.5 -14.4 -14.5 -14.
30.9
32.4
32.
32.6
33.0
,006.6
- 1 5 . 5 -15.8 - 1 7 . 6
34.6
36.
37.5
Billions of 1972 dollars
Gross domestic product of nonfinancial corporate business.... 578.9 731.0 731.3 736.6 736.5 753.3
Capital consumption allowances with
capital consumption adjustment
72.9 74.9 74.7 75.0 75.3 75.8
506.0 656.1 656.6 661.6 661.3 677.5
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies. _
78.3 82.9 82.3 83.1 84.7 86.0
Domestic income
527.7 573.2 574.2 578.5 576.6 591.5
771.7
781.2
76.5
695.2
77.2
704.0
86.2
609.0
86.7
617.3
1.419
1.440
.148
1.271
.151
1.288
1.132
.943
1.148
.949
.142
.075
.152
.073
.068
.047
.079
.048
Dollars
103.1
Table 8.—Gross Domestic Product of Corporate Business (1.15, 7.8)
Gross domestic product
of corporate business...
93.1 119 121.5 125.1 115.4 115.3 129.5
17.4 148.7 151.6 151.4 147.1 151.6 163.3
50.2 64.7 66.1 65.9 63.9 64.4 69.7
67.2 84.0 85.5 85.5 83.2 87.2 93.6
29.4 31.8 31.4 32.4 35.5 34.5 36.5
37.9 52.2 54.1 53.1 47.7 52.7
57.1
-12.0 -14.1 -15.5 -11.7 -16.9 -20.6 -17.8
Capital consumption allowances with
capital consumption adjustment
Corporate profits with inventory valuation and capital
consumption adjustments. . .
III
Corporate profits with inventory
valuation and capital consumption adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
_
Undistributed profits.
Inventory valuation adjustment.
Capital consumption adjustment
Gross domestic product ofl financial corporate business
.4
II
Table 8.—•Gross Domestic Product of Corporate Business—Con.
Compensation of employees
Farm
Proprietors' income with
inventory valuation adjustment and without
capital consumption adjustment
Capital consumption adjustment
Nonfarm
Proprietors' income without inventory valuation
and capital consumption adjustments
Inventory valuation adjustment
Capital consumption adjustment
I
Billions of dollars
Table 7.—National Income by Type of Income (1.13)
Proprietors' income with inventory valuation and capital consumption adjustments.
IV
Seasonally adjusted at annual rates
Billions of dollars
Wages and salaries
Government and government enterprises. _
Other
Supplements to wages and
salaries
Employer contributions
for social insurance
Other labor income . . .
III
1977
Current-dollar cost and profit
per unit ofconstant-dollar
gross
1,289 1.356 1.345 1.364 1.381 1.393
domestic p r o d u c t 2 .
-.
Capital consumption allowances with
capital consumption adjustment—
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
.146 .144 .147 .150 .149
1.209 1.201 1.217 1.231 1.244
,136 .136 .135 .136 .139 .140
1.010 1.073 1.065 1.081 1.092 1.104
Domestic income
.849 .890 .880 .892 .916 .930
Compensation of employees
Corporate profits with inventory
valuation and capital consump.115 .139 .142 .145 .132 .128
tion adjustments
.060 .073 .075 .074 .072 .070
Profits tax liability
Profits after tax with inventory valuation and capital con.055 .066 .066 .071 .060 .058
sumption adjustments
.045 .044 .044 .044 .045 .046
Net interest
.140
1 Consists of the following industries: Banking; credit agencies other than banks; security
and commodity brokers, dealers, and services; insurance carriers; regulated investment
companies; small business investment companies; and real estate investment trusts.
2. Equals the deflator for gross domestic product of nonfinancial corporate business witn
the decimal point shifted two places to the left.
SUEVEY OF CURRENT BUSINESS
10
1976
II
III
1976
1977
1976
1975
December 1977
II
IV
1975
III
1976
Table 9.—Auto Output in Current and Constant Dollars (1.16, 1.17)
Final sales.
Personal consumption expenditures.
New autos..
Net purchases of used
autos
Producers' durable equipment
New autos
New purchases of used
autos
Net exports.
Exports
Imports
Government purchases of
goods and services
62.9
63.5
60.9
66.1
74.1
73.2
70.8
47.5
40.7
30.0
61.8
55.0
61.6
54.5
61.4
54.8
64.9
58.1
73.0
65.0
68.5
62.3
39.2
39.5
37.8
40.8
45.8
73.3
65.1
47.3
10.7
15.8
15.0
16.9
17.3
19.2
17.8
17.4
7.9
12.9
8.8
15.7
8.9
15.6
8.4
15.5
8.7
16.6
9.8
18.8
10.3
19.5
-5.0
-1.6
5.5
7.1
-7.0
-2.6
6.4
8.9
-6.7
-2.5
6.5
9.1
-7.1
-2.4
6.4
8.8
-7.9
-2.6
6.4
9.0
-9.0
-2.5
7.1
9.6
-9.2
-2.8
7.3
10.1
10.1
18.8
-8.7
-4.6
6.8
11.4
.6
.6
.6
.6
.6
.7
.7
.7
44.9
Change in business inventories of new and used
autos
New._
Used
-1.4
-1.8
.4
1.0
1.0
0
1.9
1.8
.1
-.5
0
-.6
1.2
1.0
.2
1.0
1.3
-.3
-.1
-.7
.6
2.4
2.6
-.2
Addenda:
Domestic output of new
autos i
Sales of imported new autos 2 _.
37.2
10.5
50.5
11.5
51.0
11.6
48.2
11.6
52.6
12.6
60.4
14.0
59.4
16.9
58.8
14.8
Billions of 1972 dollars
Auto output _
Final sales
Personal consumption expenditures
_
New autos
Net purchases of used
autos
Producers' durable equipment
New autos.
Net purchases of used
autos
_
Net exports
Exports.
Imports
Government purchases of
goods and services
56.4
48.2
51.2
56.8
49.8
48.6
50.3
55.8
56.1
52.7
41.8
32.6
40.9
30.9
42.5
32.7
46.5
36.3
46.6
37.1
44.5
34.8
9.5
9.2
10.0
9.8
10.2
9.4
9.6
7.4
11.2
8.3
12.9
8.5
12.9
8.1
12.7
8.3
13.3
9.6
14.9
10.0
15. 6
9.7
14.6
-3.8
-.5
4.7
5.3
-4.6
-1.0
5.2
6.2
-4.4
-1.0
5.4
6.4
-4.6
-.9
5.3
6.2
-5.0
-1.0
5.1
6.1
-5.3
-1.0
5.6
6.6
-5.3
-1.1
5.7
6.8
-4.9
-2.0
5.2
7.2
.5
.5
.5
.5
.5
.6
.6
39.8
50.1
51.1
40.9
49.4
33.6
26.0
41.6
32.1
7.5
54.6
I
II
III
Table 10.—Personal Income and Its Disposition (2.1)
Personal income
Wage and salary disbursements
_
Commodity-producing
industries3
Manufacturing
Distributive industries
*...
Service industries 8
Government and government enterprises
1,253.4 1,382.7 1,366.7 1,393. 9 1,432.2 1,476.8 1,517.2 11,549.8
805.7
891.8
882.4
900.2
923.2
951.3
275.0
211.0
195.4
159.9
308.5
238.2
217.1
179.0
306.7
236.7
213.7
176.6
310.8
240.2
220.2
180.9
317.7
245.1
226.4
186.7
329.0
255.4.
234.5
193.0
345.4
265.9
240.5
197.7
351.0
270.0
244.4
202.8
-1.1
-1.4
.3
.7
.7
0
1.3
1.2
.1
-.4
-.1
-.4
.9
.8
.1
1.1
1.2
-.1
3
-.1
.3
1.9
2.0
-.1
Addenda:
Domestic output of new
autos »
Sales of imported new autos 2_.
32.3
9.1
41.3
9.4
42.1
9.5
39.4
9.5
42.1
10.1
47.8
11.1
46.6
13.3
45.6
11.5
1. Consists of final sales and change in business inventories of new autos produced in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.
3. Consists of agriculture, forestry, andfisheries;mining; contract construction; and manufacturing.
4. Consists of transportation; communication; electric, gas, and sanitary services; and
trade.
5. Consists offinance,insurance, and real estate; services; and rest of the world.
NOTE.—Table 10: The industry classification of wage and salary disbursements and proprietors' income is on an establishment basis and is based on the 1972 Standard Industrial
Classification.
998.9
175.4
187.2
185.4
188.2
192.5
194.8
197.2
200.6
Other labor income
64.9
75.9
74.5
77.3
80.0
83.2
86.7
90.3
Proprietors' income with inventory valuation and
capital consumption adjustments
86.0
88.0
90.4
86.2
95.1
97.0
95.5
23.2
62.8
18.6
69.4
21.6
68.8
16.2
70.0
16.6
72.0
20.7
74.3
19.7
77.3
15.5
80.0
25.5
Farm
Nonfarm.
Rental income of persons
with capital consumption
adjustment
22.3
23.3
22.9
23.3
24.1
24.5
24.9
Dividends
32.4
35.8
35.0
36.0
38.4
38.5
40.3
42.3
Personal interest income...
115.6
130.3
127.5
132.3
136.4
140.3
145.4
150.3
Transfer payments
176.8
192.8
188.7
194.3
198.0
203.5
203.0
208.7
81.4
92.9
89.3
95.8
98.4
101.8
108.5
17.4
14.5
15.7
14.4
15.0
14.4
15.1
13.6
15.0
13.9
15.1
14.3
12.3
13.7
11.6
13.3
22.6
25.7
25.7
26.1
26.4
27.1
28.4
29.2
9.2
31.7
9.9
34.3
9.9
34.5
10.0
33.8
10.0
34.3
10.0
37.0
10.2
36.6
10.3
35.6
Less: Personal contributions for social insurance.
50.4
55.2
54.8
55.6
56.6
59.6
60.8
61.7
Less: Personal tax and nontax
payments
169.0
196.9
192.6
200.6
209.5
224.4
224.8
226.1
Old-age, survivors, disability, and health insurance benefits..Government unemployment insurance benefits
Veterans benefits.
Government employees
retirement benefits
Aid to families with dependent children
Other
Equals: Disposable personal
1,084.4 1,185.
income
Change in business inventories of new and used
autos
New
Used..
IV
Billions of dollars
Billions of dollars
46.2
III
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Auto output _
II
1977
Less: Personal outlays
Personal consumption expenditures...
Interest paid by consumers
to business
Personal transfer payments
to foreigners (net)
Equals: Personal saving
1,004. 2 1,,119.
980.4 1,094.0 1,078.5 1, 102. 2 1,139. 0 1 , 172.4 1,194. 0 1,218.9
30.4
24.4
28.9
25.0
27.5
26.3
25.5
22.9
65.9
857.3
890.3
Per capita:
Current dollars..
1972 dollars
5,077
4,014
5,511
4,137
Population (millions).
213.6
215.2
7.4
5.6
Personal saving as percentage
of disposable personal income
1.0
1.1
1.0
1.3
64.8
56.3
51.4
68.5
73.3
890.7
901.5
908.4
924.5
934.4
5,462
4,130
5,540
4,135
5,665
4,177
5,793
4,202
5,967
6,098
4,305
214.'
215.4
215.8
216.2
216.6
217.1
5.4
4.6
4.1
5.3
5.5
.9
80.2
Addenda:
Disposable personal income:
Total, billions of 1972 dollars.
,174.1 1,193. 3 1,222. 6 11,252.4 1,292.5 1,323.8
,103.8 1,128.5 1,166.3 1,201.0 1,223.9 1,250.5
70.3
6.0
SURVEY OF CURRENT BUSINESS
December 1977
1976
1975
II
1976
11
1976
1977
III
IV
I
II
III
1975
1976
1977
III
II
Seasonally adjusted at annual rates
I
IV
II
III
Seasonally adjusted at annual rates
Billions of 1972 dollars
Billions of current dollars
Table 11.—Personal Consumption Expenditures by Major Type of Product in Current and Constant Dollars (2.3, 2.4)
980.4 1,093.9 1,078.5 1,102.2 1,139.0 1,172.4 1,194.0 1,218.9
Personal consumption expenditures-
775.1
821.3
815.5
822.7
839.8
850.4
854.1
860.4
127.1
55.4
52.7
19.0
130.7
56.7
54.6
19.5
136.9
62.7
54.8
19.4
137.9
62.1
55.9
19.8
136.5
59.3
57.0
20.2
132.9
53.9
58.0
21.0
158.9
71.9
63.9
23.1
156.7
71.0
63.0
22.7
159.3
72.1
63.9
23.3
166.3
75.7
66.5
24.1
177.0
85.3
67.4
24.2
178.6
84.5
69.3
24.8
177.6
81.2
70.9
25.5
112.7
45.1
49.8
17.8
127.5
55.7
52.8
19.0
126.7
55.7
52.2
18.7
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
409.3
209.5
70.2
39.1
10.1
80.4
442.7
225.5
76.3
41.4
12.0
87.6
437.1
223.9
74.3
40.3
11.3
87.5
444.7
227.0
76.9
41.2
12.0
87.7
458.8
232.0
79.9
43.5
13.3
90.0
466.6
237.9
79.3
44.1
13.7
91.6
474.4
244.8
80.4
44.3
12.3
92.5
481.8
248.3
83.3
44.2
12.3
93.7
307.6
151.9
61.5
24.8
321.6
159.7
64.7
25.2
319.3
158.6
63.4
25.1
321.5
160.1
64.7
24.9
329.4
163.9
66.8
25.6
329.7
165.4
65.5
25.8
330.0
166.4
66.0
25.6
64.2
66.4
66.7
66.2
67.1
67.1
66.9
332.4
167.6
67.5
25.5
5.0
66.8
Services
438.2
150.8
64.2
29.0
35.2
32.2
191.0
492.3
167.9
73.0
33.3
39.6
36.8
214.6
484.6
166.2
70.4
31.4
39.1
36.3
211.8
498.2
170.4
73.1
32.8
40.3
37.6
217.1
513.9
173.7
78.8
37.6
41.2
38.7
222.8
528.8
177.6
80.7
38.7
42.0
39.5
230.9
541.1
181.9
79.2
36.1
43.1
40.5
239.4
559.5
186.7
85.2
41.0
44.2
42.3
245.3
354.8
129.3
50.1
20.6
29.5
28.4
146.9
372.2
136.3
52.7
21.6
31.1
28.9
154.3
369.6
135.8
51.6
20.7
30.9
28.8
153.3
374.0
137.3
52.5
21.0
31.5
29.0
155.2
379.7
138.2
55.1
23.4
31.8
29.1
157.3
383.8
139.2
55.8
23.6
32.2
29.2
159.6
386.3
140.3
54.6
21.7
32.9
29.3
162.0
391.4
141.8
57.0
23.6
33.4
29.7
162.9
Durable goods
Motor vehicles and parts
Furniture and household equipment
Other
Housing
Household operation
Electricity and gas
Other
Transportation
Other
1976
1975
1976
II
III
5.1
5.7
5.4
5.6
IV
I
II
III
1975
1976
1977
II
III
IV
I
II
III
Seasonally adjusted at annual rates
Billions of dollars
Billions of dollars
Table 12.—Federal Government Receipts and Expenditures (3.2)
Table 13.—State and Local Government Receipts and Expenditures (3.4)
286.9 332.3 329.1 337.1 344.5 364.9 371.2 373.2
Personal tax and nontax receipts.
Income taxes
_.
Estate and gift taxes
Nontaxes
125.6 147.3 143.9 150.3 157.1 170.0 168.6 168.6
120.6 141.6 138.5 144.5 150.7 157.9 163.2 162.8
5.3
5.7
6.3 11.9
5.3
4.9
5.6
5.7
.1
.1
.1
.1
.1
.1
.1
.1
Corporate profits tax accruals
43.1
55.9
57.0
56.9
55.1
55.4
59.9
59.5
Indirect business tax and nontax
accruals
_
_
Excise taxes
_
Customs duties l
Nontaxes
_
24.0
16.4
5.9
23.4
16.9
4.6
1.9
23.2
16.7
4.6
23.7
17.0
4.8
1.8
1.9
23.8
17.3
4.5
2.0
24.2
17.2
5.0
2.0
24.6
17.2
5.4
2.1
25.4
17.5
5.8
2 1
1.7
94.2
Expenditures
105.7
105.0 106.2
108.4 115.4 118.1 119.7
400.4 403.7 411.5 432.1
386.3
357.1
375.3 390.6
123.3 130.1 128.5 130.2 134.2 136.3 143.6 148.1
83.9 86.8 86.0 86.4 88.4 89.7 93.4 95.6
40.2 41.6 41.1 41.2 43.0 43.3 43.3 43.4
23.6 24.1 23.8 23.8 24.8 24.8 24.7 24.8
16.6 17.6 17.4 17.3 18.2 18.5 18.5 18.7
43.7 45.2 44.9 45.2 45.4 46.4 50.2 52.1
Purchases of goods and services
National defense.
_
Compensation of employees
Military
Civilian
Other
Nondefense
Compensation of employees.
Other
39.4
18.8
20.6
Transfer payments.
To persons..
To foreigners
43.3
20.8
22.6
42.5
20.5
22.0
43.8
20.7
23.
45.8
21.7
24.0
46.7
22.1
24.6
50.
22.
28.0
52.5
22.4
30.1
149.1 162.0 157.8 163.9 166.3 170.7 169.3 174.8
146.1 158.8 155.0 160.0 163.1 167.8 166.4 171.2
2.9
3.6
3.1
2.7
3.9
3.
2.9
State
and
local
Net interest paid
_
___
Interest paid
To persons and business
To foreigners
Less: Interest received by Government
Subsidies less current surplus of
Government enterprises.
Subsidies
Less: Current surplus of Government enterprises..
_
_.
54.6
61.0
56.8
63.1
65.
62.0
63.6
72.7
23.3
27.1
22.6
4.
27.
32.
27.7
4,
26.
31.8
27.5
4.4
27.3
32.
28.1
4.6
28.5
33.4
28.7
4.
28.6
34.1
29.
4.9
29.1
35.1
29.9
5.2
29.4
35.6
29.8
5.9
5.0
5.2
5.4
4.9
5.5
6.0
6.2
5.9
5.7
5.5
5.4
5.7
6.0
5.9
6.1
6.3
5.9
6.1
7.2
6.3
6.7
4.7
Surplus or deficit ( - ) , national
income and product accounts.. - 7 0 . 2 -54.0 -46.2 -53.5 -55.9 -38.8 - 4 0 . 3 - 5 8 . 9
Indirect business tax and nontax
accruals
Sales taxes
Property taxes
Other
235.7 264.7 258.4 269.0 277.5
43.4
22.8
14.4
6.2
49.6
26.8
16.0
6.8
48.7
26.1
15.8
6.7
50.3
27.1
16.3
7.0
52.5
29.0
16.3
7.1
7.1
8.9
9.1
9.0
8.8
281.0J 288.1
_ -12.7 -12.5 - 8 . 9 -13.9 - 1 5 . 0 -10.0 - 7 . 9 - 1 1 . 6
-57.6 -41.5 - 3 7 . 3 -39.6 -40.9 -28.8 -32.4 - 4 7 . 3
9.8
9.0
114.7 127.1 126.0 128.1 131.7 135.9 138.6 141.5
51.4 57.3 57.1 57.3 59.1 61.7 63.1 64.2
52.3 57.6 56.9 58.2 59.7 61.0 62.1 63.4
11.0 12.3 12.0 12.5 12.9 13.2 13.5 13.9
Contributions for social insurance
15.9
18.1
17.8
18.5
19.1
19.5
Federal grants-in-aid
54.6
61.0
56.8
63.1
65.5
62.0
Expenditures
301.6
54.4! 56.2 "57.5
30.3 31.4 32.1
16.8 17.2 17.7
7.5
7.7
7.3
19.9
20.2
72.7
229.8 246.2 245.5 247.9 251.1 253.7 262.6 268.7
Purchases of goods and services .
Compensation of employees. _.
Other
.
215.6 231.2 230.4 232.7 235.8 238.5 247.0 252.9
119. 2' 129.2 128.1 130.7 132.8 135.1 137.6 140.7
96.4 102.0 102.3 102.0 103.1 103.4 109.4 112.2
Transfer payments to persons.
23.8 25.9 25.8 26.2 26.5 27.0 27.7 28.3
- 5 . 2 - 5 . 7 - 5 . 7 - 6 . 0 - 5 . 7 - 6 . 2 - 6 . 3 -6.7
10.7 11.6 11.5 11.7 12.0 12.1 12.4 12.6
Net interest paid
Interest paid
Less: Interest received by Government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of government enterprises
18.3
18.7
17.2
17.6
17.7
-4.5 - 5 . 2 - 5 . 0
.2
.2;
-5.1
.2
-5.5 - 5 . 7 - 5 . 7 -5.8
.3
.3
.3
.3
15.9
4.6
17.3
5.4i
5.2
5.3
5.8
6.0
6.0
6.2
18.4
12.9
21.1
26.5
27.3
25.4
32.9
14.5 14.4
3.9, - 1 . 5
14.8
6.2
15.2
11.3
15.4
11.9
15.5
10.0
15.6
17.4
Less: Wage accruals less disbursements
Surplus or deficit (—), national
income and product accounts _
Social insurance funds..
Other funds
5.9
12.1
-6.2
-2.0
Less: Wage accruals less disbursements..
Social insurance funds
Other funds
Receipts.
Personal tax and nontax receipts
Income taxes
Nontaxes
Other
Corporate profits tax accruals
Contributions for social insurance
Grants-in-aid to
governments
5.1
5.9
1976
1977
Seasonally adjusted at annual rates
Receipts-
6.1
1. Includes fees for licenses to import petroleum and petroleum products.
SURVEY OF CURRENT BUSINESS
12
1976
1976
1977
III
II
December 1977
IV
I
II
III
1975
1976
Seasonally adjusted at annual rates
II
III
Receipts from foreigners.
147.3
162.9
160.6
168.4
168.5
170.4
178.1
179.9
Exports of goods and servicesMerchandise
Other
147.3
107.1
40.2
162.9
114.7
48.2
160.6
113.5
47.1
168.4
118.4
50.0
168.5
118.9
49.7
170.4
117.9
52.5
178.1
122.1
56.0
179.9
123.2
56.7
0
0
0
0
0
0
0
0
Payments to foreigners.
147.3
162.9
160.6
168.4
168.5
170.4
178.1
179.9
Imports of goods and services..
Merchandise
Other
126.9
98.0
28.9
155.1
123.9
31.1
150.4
119.7
30.7
160.6
129.5
31.0
165.6
133.2
32.4
178.6
145.8
32.8
187.7
153.3
34.5
187.4
153.4
34.0
Transfer payments (net)
From persons (net)
From government (net)
4.0
.9
3.1
4.2
.9
3.2
3.7
.9
2.7
4.8
.9
3.9
4.2
1.0
3.2
4.0
1.1
2.9
3.9
1.0
2.9
4.9
1.3
3.6
Interest paid by government
to foreigners
4.5
4.5
4.4
4.6
4.7
4.9
5.2
5.9
11.8
-.9
- 5 . 9 -17.1 -18.8 -18.2
-1.5
2.2
195.1
237.0
242.1
244.8
232.2
251.4
277.2
284.5
Gross private saving
259.4 272.5 275.4 277.2 261.6
Personal saving
80.2
65.9
70.3
64.8
56.3
80.2
64.8
65.9
70.3
Undistributed
corporate
profits with inventory
valuation and capital
consumption
adjustments
16.7
27.6
28.0
31.6
20.8
Undistributed profits
41.0
56.4
58.1
58.0
52.5
Inventory valuation adjustment
_
1 4 . 1 -15.5 -11.7 -16.9
-12.0 --14.1
Capital consumption adjustment
-12.2 -14.7 -14.6 -14.7 -14.8
Corporate capital consumption
allowances
with
capital consumption adjustment
101.7 111.8 110.4 112.9 115.2
Noncorporate capital consumption allowances with
capital consumption adjustment
60.8
67.2
66.6
68.0
69.2
Wage accruals less disbursements
00
0 0
0 0 0 0 0
0
262.9
51.4
51.4
292.1
68.5
68.5
310.5
73.3
00
201.0
Gross investment
Gross private domestic invest189.1
ment
Net foreign investment
_ 11.8
Statistical discrepancy...
5.9
00
0 0
0
0
0
0 0
30.3
64.1
37.4
61.2
455.5
65.7
61.3
Nonfarm
Durable goods
_.
Nondurable goods...
383.4
213.8
169.6
394.2
220.9
173.3
Manufacturing
Durable goods
Nondurable goods..
196.3
124.1
72.1
Wholesale trade
Durable goods
Nondurable goods..
Retail trade
Durable goods
Nondurable goods..
Other.
Final sales 2 .
461.5
478.6
482.5
62.8
60.0
492.0
57.6
401.7
225.8
175.9
415.8
231.4
184.4
422.5
235.0
187.6
434.4
243. 5
190.9
201.7
127.5
74.2
206.1
130.8
75.3
210.8
133.1
77.8
213.7
134.4
79.3
219.3
138.9
80.4
72.8
44.3
28.5
74.3
45.6
28.7
75.2
46.0
29.2
78.8
47.5
31.2
79.5
48.8
30.7
80.8
50.6
30.2
77.7
33.6
44.1
80.4
35.8
44.5
81.2
36.5
44.7
86.0
38.2
47.8
39.0
49.5
91.9
40.6
51.4
36.5
37.9
39.1
40.2
40.8
42.4
1,415.0 1,441.5 1,486.1 1,518.5 1,564.7 1,604.4
.317
.271
.316
.273
.311
.270
.315
.274
.308
.270
.307
.271
Billions of 1972 dollars
Inventories *
297.4
300.8
300.4
41.4
302.8
306.1 310.0
42.1
42.0
41.3
41.2
41.3
Nonfarm
Durable goods
Nondurable goods..
255.2
145.6
109.6
258.8
147.4
111.4
259.0
147.4
111.6
261.5
148.8
112.7
264.9
150.7
114.2
268.7
152.4
116.4
-5.9
-15.6 -15.9
-17.9
Manufacturing
Durable goods
Nondurable goods..
126.1
82.0
44.1
127.7
82.4
45.3
128.1
82.7
45.4
128.7
83.0
45.7
130.3
83.8
46.4
131.4
84.2
47.3
117.6
119.4
123.7
Wholesale trade
Durable goods
Nondurable goods..
49.0
31.0
18.0
49.8
31.5
18.3
49.7
31.2
18.5
50.5
31.8
18.7
51.1
32.4
18.6
51.7
32.9
18.8
71.4
73.8
76.2
Retail trade
Durable goods
Nondurable goods..
56.7
24.6
32.1
58.0
25.7
32.3
57.7
25.6
32.0
58.8
26.1
32.7
60.0
26.4
33.6
62.0
27.3
34.7
00
00
Other
23.5
23.4
23.6
23.5
23.6
23.7
0
0
254.7
0
00
276.1
285.4
246.5
252.8
237.5
243.3
-.9
244.4
2.2
254.3
-1.5
243.4 271.8 294.9 303.6
--5.9
5 . 9 -17.1 -18.8 -18.2
5.5
4.5
8.0
3.3
-1.2
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories
calculated from current-dollar inventories shown in this table is not the current-dollar change
in business inventories (CBI) components of GNP. The former is the difference between two
inventory stocks, each valued at end-of-quarter prices. The latter is the change in the physical
volume of inventories valued at average prices of the quarter. In addition, changes calculated
from this table are at quarterly rates, whereas CBI is stated at annual rates.
2. Quarterly totals at annual rates.
3. Equals ratio of nonfarm inventories to final sales of business. These sales include a small
amount of final sales by farms.
NOTE.—Table 16: Inventories are classified as durable or nondurable as follows: For manufacturing, by the type of product produced by the establishment holding the inventory; for
trade, by the type of product sold by the establishment holding the inventory; for construction, durable; and for other nonfarm industries, nondurable. The industry classification is
based on the 1972 Standard Industrial Classification.
Table 17: The industry classification of compensation of employees, proprietors' income,
and rental income is on an establishment basis; the industry classification of corporate profits
and net interest is on a company basis. The industry classification of these items is based
on the 1972 Standard Industrial Classification.
III
-20.6 -17.8
242.5
5.3
449.1
Inventories
Farm.
Farm.
22.5
58.8
Government surplus or deficit—), national income and
product accounts
-64.3 -35.6 -33.3
- 3 3 . 3 -32.4 -29.4 -11.5 -14.9 -26.0
- 5 4 . 0 -46.2
- 7 0 . 2 -54.0
Federal...
-70.2
- 4 6 . 2 -53.5 -55.9 -38.8 -40.3 -58.9
18.4
State and local
5.9
12.9
21.1
26.5
32.9
25.4
27.3
Capital grants received by the
United States (net)
II
Table 16.—Inventories and Final Sales of Business in Current and
Constant Dollars (5.9, 5.10)
Ratio of inventories to
final sales
Nonfarm 3
Table 15.—Gross Saving and Investment (5.1)
Gross saving
I
Billions of dollars
Table 14.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Net foreign investment
IV
Seasonally adjusted at annual rates
Billions of dollars
Capital grants received by the
United States (net)
1977
2
1,067.2 1,076.6 1,095.7 1,106.5 1,121.7 1,134.8
Final sales .
Ratio of inventories to
final sales
Nonfarm 3
. 279 .279
.240
.274
.274
.236
.273
.273
.237
Table 17.—National Income Without Capital Consumption Adjustment by Industry (6.4)
National income without capital consumption adjustment
1,246.7 1,399.3 1,388.9 1,415.0 1,437. 9 1,,488.
545.7 1,583.6
1,236.2 1,384.9 1,375.3 1,399.7 1,423. 4 1,,470.
527. 3 1,,565.9
Domestic income
Agriculture, forestry, and
fisheries
Mining and construction
Manufacturing
Nondurable goods
Durable goods
Transportation
Communication
Electric, gas, and santiary
services..
Wholesale and retail trade..
Wholesale
Retail
Finance, insurance, and real
estate
Services
Government and government enterprises
Rest of the world
42.7
79.7
40.8
87.1
43.5
86.7
38.7
87.5
39.8
89.5
44.4
90.7
44.2
99.5
41.0
102.1
311.5
127.1
184.4
365.0
146.9
218.1
365.3
145.5
219.8
369.9
148.2
221.7
370.8
148.3
222.6
386.5
152.4
234.1
410.8
159.4
251.4
418.3
166.4
251.9
44.5
27.1
50.6
30.9
50.5
30.2
51.7
31.4
52.1
32.5
53.2
33.3
55.5
34.5
56.6
36.0
24.4
25.9
26.1
26.3
25.4
28.0
27.4
29.6
229.5
92.7
136.8
234.8
94.6
140.1
241.8
98.7
143.1
251.4
102.9
148.5
195.4
82.4
113.0
220.7
91.1
1.29.6
216.0
89.8
126.2
225.5
93.7
131.8
143.1
168.2
160.8
188.2
158.3
186.0
163.1
189.5
166.8
195.5
172.2
202.5
177.8
207.9
184.4
214.4
199.5
214.9
212.7
216.0
221.4
225.0
227.9
232.0
10.5
14.4
13.5
15.3
14.4
17.6
18.4
17.7
SURVEY OF CURRENT BUSINESS
December 1977
1976
1975
1976
II
III
13
1976
1977
II
IV
1975
III
1976
II
Seasonally adjusted at annual rates
Rest of the world..
99.3
128.1
129.2
133.5
123.1
125.4
140.2
149.0
93.1
14.8
78.3
119.9
18.0
101.9
121.5
17.9
103.6
125.1
18.3
106.8
115.4
18.3
97.1
115.3
19.1
96.3
129.5
19.7
109.8
139.5
21.0
118.5
6.1
8.1
7.6
8.4
7.7
10.1
10.7
9.6
156.2
166.9
157.4
21.2
6.2
15.1
22.1
142.7
27.1
143.7
25.5
148.2
29.1
137.9
27.4
141.0
24.0
25.4
136.1
77.6
40.1
8.0
8.1
9.9
14.2
37.5
.3
4.3
8.9
5.0
8.5
10.4
31.2
11.0
11.5
11.5
12.1
11.7
12.2
11.6
10.4
11.1
11.6
11.0
11.5
12.2
14.1
13.2
6.1
8.1
7.6
8.4
7.7
10.1
10.7
9.6
Corporate profits before
deduction of capital
consumption allowances with inventory
valuation adjustment.. 201.0
239.9
239.6
246.4
238.3
243.0
259.7
272.7
194.8
19.3
5.7
13.6
231.8
22.9
6.0
16.9
232.0
22.7
5.9
16.8
238.0
23.2
5.9
17.2
230.6
23.3
6.1
17.2
232.9
24.2
6.1
18.1
249.0
25.0
6.3
18.7
263.1
26.4
6.2
20.3
Nonfinancial
Manufacturing
Nondurable goods
Food and kindred
products
Chemicals and allied
products
Petroleum and coal
products
Other
175.6
85.0
46.6
208.9
106.3
55.2
209.3
108.0
54.8
214.8
108.8
56.5
207.3
104.2
53.3
208.7
107.2
53.5
224.0
119.0
57.2
236.7
120.8
60.7
10.4
11.7
11.0
13.2
10.6
8.7
11.9
12.2
11.9
11.2
12.5
13.2
13.2
13.0
13.4
15.3
16.3
15.2
16.3
14.7
16.8
15.5
16.0
14.8
17.6
16.1
18.6
15.5
20.2
Durable goods
Primary metal industries
Fabricated
metal
products
Machinery, except
electrical
Electric and electronic equipment
Motor vehicles and
equipment.
Other
38.3
51.1
53.2
52.3
50.9
53.6
61.8
60.1
Domestic industries
Financiall
Federal Reserve banks
Other
Wholesale and retail trade.
Transportation,
communication, and electric, gas, and sanitary
services
Other
Rest of the world..
III
Table 19.—Implicit Price Deflators for Gross National Product (7.1)
105.4 134.6 136.1 139.8 130.2 131.0 145.5
Domestic industries
19.9
15.0
18.4
19.2
18.1
18.4
18.2
Financial1
5.9
6.2
5.7
6.1
5.9
6.1
6.0
Federal Reserve banks
12.2
13.7
9.4
13.1
12.5
12.2
12.3
Other
90.3 116.4 118.0 121.3 111.8 111.8 125.5
Nonfinancial
76.4
47.9
66.3
68.7
68.4
62.9
Manufacturing
65.2
29.4
33.9
36.4
36.2
37.4
37.0
33.7
Nondurable goods
7.4
7.1
7.7
9.7
8.3
5.6
Food and kindred
5.1
products
Chemicals and allied
products
8.3
7.8
5.9
6.6
7.7
7.4
7.3
Petroleum and coal
10.5
9.9
9.2
9.3
9.9
9.9
7.8
products
10.9
11.2
12.6
8.4
10.3
10.8
Other
11.7
18.5
29.9
32.5
31.0
39.4
29.0
31.5
Durable goods
Primary metal indus2.4
3.5
2.2
2.7
3.3
1.1
1.0
tries
Fabricated
metal
3.5
3.8
3.7
4.1
3.0
3.2
products
2.9
Machinery,
except
5.9
6.3
7.7
6.6
5.7
6.8
4.3
electrical
Electric and elec3.7
3.9
5.3
4.0
3.9
4.6
2.0
tronic equipment
Motor vehicles and
6.9
7.2
7.8
7.3
8.0
equipment
2.0
7.4
7.2
7.9
Other
4.1
7.7
7.7
Rest of the world..
II
Gross national product.. 127.18 133.88 133.06 134.56 136.35 138.13 140.52 142.19
Corporate profits with
inventory
valuation
adjustment and without capital consumption adjustment
_. 111.5
Wholesale and retail trade
Transportation, communication, and electric,
gas,
and
sanitary
services
Other
I
Index number, 1972=100
Table 18.—Corporate Profits by Industry (6.18)
Domestic industriesFinancial i
Nonfinancial
IV
Seasonally adjusted
Billions of current dollars
Corporate profits with
inventory
valuation
and capital consumption adjustment
__.
III
1977
11.8
6.7
6.1
7.2
4.5
5.2
5.5
5.4
4.7
4.9
5.8
6.1
7.8
9.6
9.3
10.0
10.3
10.5
11.5
12.7
4.8
6.6
6.8
6.8
7.0
7.6
8.3
8.0
5.1
9.4
31.5
10.7
12.8
11.1
13.3
10.8
13.3
10.8
13.3
11.9
13.9
13.6
15.9
12.3
16.5
37.4
35.6
38.1
34.8
36.4
42.6
32.6
26.6
36.9
28.3
37.4
28.3
37.9
28.5
36.7
28.4
38.8
29.9
42.0
31.4
6.1
8.1
7.6
8.4
7.7
38.3
28.5
10.1
10.7
9.6
6.0
4.9
4.9
6.7
4.4
Personal consumption expenditures
Durable goods
Nondurable goods..
Services
126.5
133.2
132.3
134.0
135.6
137.9
139.8 141.7
117.9
133.1
123.5
124.7
137.7
132.3
123.8
136.9
131.1
125.3
138.3
133.2
127.2
139.3
135.4
129.3
141.5
137.8
129.5 130.0
143.8 144.9
140.1 142.9
132.4
132.3
145.8
139.8
138.7
150.7
138.6
137.8
150.4
140.6
139.2
150.9
142.9
140.9
152.8
145.8
142.5
156.6
148.5
144.4 146.9
159.7 160.9
125.9
132.8
133.2
132.9
133.1
142.5
143.0
142.9
131.9
140.7
141.0
141.3
133.9
144.1
144.5
145.3
135.4
147.5
148.0
148.9
136.5
153.7
154.3
153.7
137.7
157.6
158.2
157.7
116.7
122.6
122.4
123.4
123.8
125.2
126.6 127.6
163.8
188.
170.0
194.3
168.6
190.7
172.0
198.4
174.0
199.3
175.9
207.0
180.8 180.2
210.6 213.9
128.9
136.7
135.7
137.2
139.8
142.3
144.6 146.3
127.5
129.7
134.8
137.7
133.7
136.8
134.7
138.6
138.2
140.7
140.6
143.4
142.0 143.3
146.2 148.1
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' d u r a b l e
equipment
Residential
Nonfarm structures
Farm structures
Producers' durable
equipment
Change in business inventories
140.8
160.9
161.5
160.6
Net exports of goods and
services. _.
Exports..
Imports..
Government purchases
goods and services
of
Federal
State and local
Table 20.—Fixed-Weighted Price Indexes for Gross National
Product, 1972 Weights (7.2)
Gross national product. _ 127.7
Personal consumption expenditures .
Durable goods
Nondurable goods
Services
134.9
133.9
135.5
137.5
139.9
142.3
144.0
127.2
134.0
133.1
134.8
136.3
138.6
140.9
142.8
118.2
134.4
123.7
124.8
138.9
132.6
124.0
138.2
131.5
125.3
139.6
133.7
127.3
140.4
135.6
129.3
142.7
138.1
130.0
145.3
140.6
130.6
146.6
143.4
133.0
133.1
144.4
141.1
140.3
148.4
139.8
139.3
147.8
142.0
140.9
148.7
144.5
143.0
150.6
148.1
145.1
153.7
151.1
147.6
156.8
153.6
149.8
158.4
126.7
132.8
135.7
142.5
134.4
140.6
136.4
144.0
138.6
147.4
140.3
153.6
142.4
157.4
144.9
160.7
167.1
180.7
172.4
185.2
170.8
183.1
173.9
188.8
176.2
190.6
177.8
194.5
182.6
198.7
182.6
202.7
Gross private domestic invest-
Fixed investment
.
Nonresi dential
Structures Producers'
durable
equipment
Residential
Change in business invenNet exports of goods and services
Exports
Imports
-
Government purchases
goods and services
Federal
State and local
of
129.6
137.1
136.0
137.5
140.4
142.7
144.8
146.6
- -- 129.1
130.0
136.4
137.6
135.0
136.7
136.3
138.3
140.4
140.3
142.3
142.9
143.6
145.7
145.2
147.6
127.6
127.3
127.7
127.4
134. 8
134.4
134.7
134.5
133.9
133.5
133.8
133.0
135.4
135.1
135.3
134.9
137.4
137.1
137.1
137.1
139.8
139.4
139.4
139.0
142.2
141.8
141.9
141.6
143.9
143.4
143.6
143.7
Addenda:
Final sales
Gross domestic product
Business
Nonfarm
1. Consists of the following industries: Banking; credit agencies other than banks; security
and commodity brokers, dealers, and services; insurance carriers; regulated investment
companies; small business investment companies; and real estate investment trusts.
NOTE.—Table 18: The industry classification is on a company basis and is based on the
1972 Standard Industrial Classification.
SURVEY OF CURRENT BUSINESS
14
1976
1975
1976
II
III
December 1977
1976
1977
IV
I
II
III
1975
1976
II
III
Seasonally adjusted
Gross national product.. 127.18 133.88 133.06 134.56 136.35 138.13 140.52 142.19
133.0
132.2
133.6
135.4
137.1
139.5
141.0
126.1
132.5
131.8
133.1
134.9
136.5
138.9
140.4
126.4
125.9
149.0
132.4
132.1
146.1
131.7
131.1
163.9
133.0
132.9
140.9
134.5
134.7
132.9
135.9
135.8
144.8
138.5
138.5
144.2
140.0
140.6
122.5
Households and institutions- 129.5
Government
123.2
139.6
131.5
137.9
130.3
141.1
131.7
143.6
134.9
148.8
136.9
150.6
138.4
152.4
139.7
134.1
133.2
134.8
136.6
138.3
140.8
142.3
126.9
133.5
132.7
134.2
136.1
137.7
140.1
141.6
127.5
127.2
134.8
133.6
133.8
128.7
132.9
132.6
142.5
134.3
134.6
124.6
135.9
136.5
118.4
137.3
137.4
133.9
139.9
140.2
129.8
141.5
142.5
110.5
Households and institutions. 129.5
Government
123.2
139.6
131.5
137.9
130.3
141.1
131.7
143.6
134.9
148.8
136.9
150.6
138.4
152.4
139.7
133.7
132.9
134.3
136.2
138.1
140.3
142.1
Goods
Final sales.
_
Change in business inventories _ _
127.4
127.1
131.7
131.4
131.4
131.0
132.2
131.7
133.1
132.9
133.8
133.7
135.9
135.3
136.7
136.4
Durable goods _ .
Final sales
Change in business inventories
121.8
122.0
129.0
128.8
128.0
127.7
130.2
129.6
131.9
131.7
132.6
132.4
133.9
133.2
135.6
134.6
Rest of the world
137.6
137.7
Domestic income.
Services
Structures
Net domestic product
Business
Nonfarm
Farm
Residual
.. -
National income
124.7
139.7
133.8
145.8
132.5
144.8
133.7
133.1
134.7
146.6
134.0
133.7
137.1
149.1
134.7
134.6
139.6
153.6
III
126.5
Net national product
127.1
133.7
133.2
II
Table 24.—Implicit Price Deflators for Net National Product and
National Income by Sector (7.7)
Final sales
Change in business inventories
133.6
133.1
I
Index numbers, 1972=100
Table 21.—Implicit Price Deflators for Gross National Product by
Major Type of Product (7.3)
131.0
130.6
IV
Seasonally adjusted
Index numbers, 1972=100
Nondurable goods
Final sales
Change in business inventories
1977
137.4
136.8
141.9
157.1
144.3
159.8
Table 22.—Implicit Price Deflators for Gross National Product by
Sector (7.5)
Business
Nonfarm
Farm
.
127 A
Rest of the world
Table 25.—Implicit Price Deflators for Auto Output (7.9)
Gross national product.. 127.18 133.88 133.06 134.56 136.35 138.13 140.52 142.19
Gross domestic product
126.8
133.4
132.7
134.1
135.9
137.6
140.0
141.7
127.2
126.7
128.1
115.2
145.5
133.5
133.3
134.6
121.5
145.1
132.8
132.2
133.5
120.7
157.5
134.2
134.1
135.4
122.3
141.6
135.8
135.9
137.3
123.9
136.2
137.3
137.1
138.4
126.5
145.6
139.8
139.7
141.0
128.6
145.6
141.5
142.0
143.3
130.6
130.5
Households and institutions. 129.5
139.6
137.9
141.1
143.6
148.8
150.6
152.4
Government _
Federal
State and local.
131.5
128.8
132.8
130.3
127.4
131.8
131.7
127.6
133.8
134.9
133.2
135.7
136.9
134.6
138.0
138.4
134.9
140.2
139.7
135.1
141.9
Business..
Nonfarm
Nonfarm less housing
Housing
.
Farm
Residual
123.2
121.6
124.1
Rest of the world
Table 23.—Implicit Price Deflators for the Relation of Gross
National Product, Net National Product, and National Income
(7.6)
Gross national product.
Less: Capital consumption allowances with capital
consumption adjustment
127.18 133.88 133.06 134.56 136.35 138.13 140.52 142.19
133.0
142.1
140.9
143.2
145.3
147.6
149.3
153.2
Equals: Net national product... 126.5
133.0
132.2
133.6
135.4
137.1
139.5
141.0
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
enterprises
Residual
Equals: National income.
Addenda:
Domestic
output of new
autos 1
Sales of imported new autos2
Durable goods
120.6
125.2
125.4
125.2
126.6
128.4
130.5
131.4
127.4
134.1
133.2
134.8
136.6
138.3
140.8
142.3
115.9
125.5
124.1
126.3
129.1
130.3
129.7
116.2
125.1
123.5
126.3
129.1
130.9
130.5
129.8
129.9
121.3
115.1
132.1
122.3
130.4
121.3
133.8
122.5
136.9
124.9
139.9
126.3
139.7
127.4
140.1
128.9
106.4
115.0
106.1
122.1
105.5
121.1
104.0
122.3
105.1
124.7
101.5
126.1
102.2
127.2
104.1
128.7
115.9
134.9
121.9
143.6
120.5
141.7
122.5
143.2
125.3
147.2
125.7
145.5
127.9
148.9
130.0
157.7
118.9
121.8
120.8
121.2
122.5
119.5
121.5
121.8
115.2
122.2
121.1
121.3
122.4
122.5
124.9
124.9
126.2
126.3
127.4
129.0
Table 26.—Implicit Price Deflators for Personal Consumption
Expenditures by Major Type of Product (7.11)
Personal consumption
expenditures.
1. Consists of final sales and change in business inventories of new autos produced in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.
NOTE.—Table 21 "Final sales" is classified as durable or nondurable by type of product.
"Change in business inventories" is classified as follows: For manufacturing, by the type of
product produced by the establishment holding the inventory; for trade, by the type of product sold by the establishment holding the inventory; for construction, durable; and for other
industries, nondurable.
Tables 22 and 24 The industry classification within the business sector is on an establishment basis and is based on the 1972 Standard Industrial Classification.
Auto output.
Final sales
Personal consumption expenditures..
New autos
Net purchases of used
autos
Producers' durable equipment
New autos.
Net purchases of used
autos..
Net exports
Exports
Imports
Government purchases of
goods and services
Change in business inventories of new and used
autos
Motor vehicles and parts
Furniture and household
equipment
Other..
Nondurable goods
Food.
Clothing and shoes.
Gasoline and oil
Fuel oil and coal
Other
Services..
Housing
Household operation..
Electricity and gas..
Other
Transportation
Other.
126.5
133.2
132.3
134.0
135.6
137.9
139.8
117.9
124.7
123.8
125.3
127.2
129.3
129.5
130.0
119.5
129.1
127.4
130.2
133.6
136.1
135.9
136.8
116.5
118.0
120.9
122.1
120.8
121.3
121.2
122.5
121.8
123.9
123.1
124.8
123.9
125.1
124.4
126.1
133.1
137.7
136.9
138.3
139.3
141.5
143.8
144.9
137.9
114.2
157.6
197.5
125.2
141.2
117.9
164.4
212.1
131.9
141.1
117.1
160.3
208.5
131.2
141.7
118.8
165.1
214.0
132.5
141.5
119.6
170.0
218.8
134.3
143.9
121.1
170.7
230.4
136.6
147.2
121.9
173.3
240.0
138.3
148.1
123.4
173.5
244.6
140.3
123.5
132.3
131.1
133.2
135.4
137.8
140.1
142.9
125.7
142.9
161.0
129.6
132.9
141.7
127.6
144.6
164.1
130.3
135.6
144.7
129.6
145.2
166.4
131.2
138.3
147.8
131.7
149.3
173.2
132.4
142.6
150.6
116.6
128.0
140.6
119.2
113.2
130.0
123.2
138.4
154.3
127.4
127.5
139.0
122.4
136.5
151.4
126.5
125.7
138.1
124.1
139.2
156.2
128.0
130.0
139.9
141.7
SUEVEY OF CUERENT BUSINESS
December 1977
1976
1975
1976
II
III
15
1976
1977
IV
I
II
1975
III
1976
II
Seasonally adjusted
Percent
Personal consumption expenditures:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index.
Percent
Percent at annual rate
Durable goods:
Current dollars
1972 dollars
Implicit price deflator._
Chain price index
Fixed-weighted
price
index
Nondurable goods:
Current dollars
1972 dollars
Implicit price deflator._.
Chain price index
Fixed-weighted
price
index
Services:
Current dollars
1972 dollars
Implicit price deflator.~
Chain price index
Fixed-weighted
price
index
11.6
6.0
5.3
5.6
10.2
5.1
4.9
5.3
8.6
3.9
4.6
4.6
6.7
1.2
5.4
5.9
13.2
7.5
5.3
6.9
13.7
6.2
7.1
7.0
10.2
5.1
4.8
4.3
5.6
5.2
4.8
6.0
7.1
7.0
4.8
7.0
7.0
7.6
1.8
5.7
6.6
6.8
8.6
3.0
5.5
5.4
5.4
18.8
11.8
6.2
6.8
28.2
20.2
6.6
6.5
3.0
.6
1.9
2.2
-3.9
1.7
1.8
6.7
6.3
2.2
2.0
13.3
10.2
2.8
2.4
7.0
.3
6.7
6.6
6.8
.3
6.5
7.4
6.4
3.0
3.2
3.6
2.4
6.7
10.2
1.9
8.2
8.2
8.3
11.6
6.0
5.3
5.3
5.3
8.8
4.2
4.4
4.5
4.4
9.1
3.6
5.3
5.2
5.2
14.1
8.6
5.0
4.6
4.6
12.2
5.1
8.9
.2
8:8
19.6
13.1
5.7
5.4
9.4
3.9
5.3
5.3
6.7
1.5
5.2
4.3
9.0
5.6
5.1
4.2
8.8
1.2
7.5
7.6
8.2
4.6
3.4
3.4
6.4
4.1
2.2
2.2
7.1
2.8
4.1
4.1
7.6
3.4
2.1
4.2
3.6
14.3
5.4
8.5
8.1
12.0
3.0
8.7
8.7
12.4
4.9
7.1
7.1
10.8
4.4
6.2
6.4
11.7
4.9
6.4
6.4
13.3
6.2
6.7
5.9
12.0
4.4
7.3
7.4
9.6
2.7
6.8
7.5
8.8
7.2
6.5
6.6
6.0
7.5
7.5
8.2
Gross private domestic investment:
Current dollars
-11.9
1972 dollars
-22.9
Implicit price deflator
Chain price index
Fixed-weighted price index.
28.7
22.2
24.5
18.1
17.3 - 1 6 . 1
20.9
55.5
48.4
38.6
24.3
12.4
7.5
Fixed investment:
Current dollars
-2.5
1972 dollars
-13.7
Implicit price deflator. _ 13.1
Chain price index
13.0
Fixed-weighted
price
index
12.3
14.7
8.6
5.6
6.0
18.3
12.3
6.3
5.9
12.3
6.2
5.8
6.2
21.3
13.8
6.6
7.1
24.4
14.7
8.4
9.0
25.7
16.8
7.6
7.8
6.0
6.6
6.5
7.3
10.2
8.3
-1.0
-13.7
14.7
14.7
3.6
4.8
5.5
11.7
8.3
3.1
4.0
13.4
9.0
4.1
4.6
6.7
1.8
4.8
6.0
24.5
19.0
4.6
5.1
14.4
5.4
4.5
4.6
6.0
Structures:
Current dollars
-2.9
1972 dollars
-14.7
Implicit price deflator
13.8
Chain price index
12.8
Fixed-weighted price
index
12.8
5.6
2.2
3.3
3.1
8.4
3.1
5.2
4.5
1.3
-.1
1.4
2.5
2.3
Nonresidential:
Current dollars
1972 dollars
Implicit price deflator..
Chain price index
Fixed-weighted
price
index
Producers'
durable
equipment:
Current dollars —
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
2.8
I
II
III
Percent at annual rate
Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes—Con.
Exports:
Current dollars
6.8
1972 dollars
-3.3
Implicit price deflator
10.4
Chain price index
11.1
Fixed-weighted price index__ 10.6
10.6
6.6
3.8
3.6
3.1
18.5
9.5
8.2
9.0
8.9
20.9
11.7
8.3
7.6
7.4
.3
-4.2
4.7
5.5
5.4
4.4
.0
4.4
3.2
3.9
19.3
7.0
11.5
11.2
11.2
4.1
5.5
-1.3
-.3
-.1
Imports:
Current dollars
-3.8
1972 dollars.
-12.6
Implicit price deflator
10.1
Chain price index
8.6
Fixed-weighted price index..
8.7
22.2
18.4
3.2
2.9
2.5
20.0
13.9
5.3
3.2
3.7
29.9
10.8
17.3
14.7
13.0
13.0
11.0
1.9
4.1
4.0
35.4
16.5
16.2
6.9
8.3
22.1
13.9
7.2
7.4
8.8
-.7
-6.7
6.4
10.3
8.3
12.0
2.1
9.7
9.6
9.6
6.6
.5
6.0
6.1
5.8
6.1
.8
5.3
4.9
4.5
4.7
.3
4.4
4.8
4.5
7.9
.0
8.0
8.4
8.6
5.4
-1.9
7.4
7.0
6.8
17.9
10.6
6.6
6.2
6.1
11.0
6.1
4.6
4.2
5.1
Federal:
Current dollars
1972 dollars.
Implicit price deflator.—
Chain price index
Fixed-weighted price index
11.0
.9
10.0
9.6
5.5
-.2
5.7
5.9
2.7
-1.3
4.1
3.4
5.6
2.5
3.0
3.8
12.6
1.6
10.8
12.3
6.6
-.3
6.9
5.5
23.3
18.2
4.3
3.3
12.9
8.9
3.6
2.5
9.7
5.6
2.9
3.8
12.8
5.6
3.4
4.5
State and local:
Current dollars
1972 dollars
Implicit price deflator. _.
Chain price index
Fixed-weighted price index
12.6
2.8
9.6
9.6
7.2
1.0
6.2
6.1
8.1
2.0
6.0
5.8
4.2
-1.0
5.2
5.4
5.4
-1.0
6.4
6.3
4.7
-2.8
7.7
7.9
14.9
6.3
8.1
7.9
4.4
S.3
5.2
5.8
5.5
5.0
5.9
7.7
7.9
5.5
9.7
.2
9.5
9.5
9.4
4.3
4.9
5.3
7.9
3.4
4.4
4.6
12.4
6.3
5.8
5.9
9.6
11.9
4.5
5.2
5.6
6.9
5.1
6.5
7.0
9.9
4.4
5.3
4.3
9.4
5.6
5.2
4.8
6.0
7.1
7.0
4.9
13.6
10.5
5.3
4.9
4.3
4.8
Government purchases of
goods and services:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
Addenda:
Final sales:
Current dollars
__
1972 dollars
Implicit price deflator._.
Chain price index
Fixed-weighted price index
38
5.'6
10.3
2.5
7.6
7.0
Gross domestic product:
Current dollars
1972 dollars
Implicit price defla tor
Chain price index
Fixed-weighted price index.
8.5
-1.1
9.7
9.5
9.4
11.4
5.9
5.2
5.6
5.6
10.5
5.2
5.0
5.4
5.2
8.2
3.7
4.4
4.5
4.6
6.9
1.3
5.5
6.0
6.1
12.6
7.2
5.0
6.7
7.0
6.1
7.1
7.0
7.0
11.6
3.9
7.4
6.2
8.0
-1.7
9.9
9.7
12.0
6.7
4.9
5.4
11.2
5.8
5.1
5.4
4.2
4.2
4.3
6.2
1.3
4.9
5.4
13.3
8.4
4.5
6.5
6.9
7.5
7.5
10.9
5.6
5.1
4.3
9.5
5.4
5.3
4.5
5.5
7.5
5.0
7.1
6.0
6.8
6.2
Business:
Current dollars
1972 dollars
Implicit price deflator._
Chain price index
Fixed-weighted price index
14.9
12.8
7.0
5.4
6.7
10.8
7.3
3.3
4.8
8.3
-2.0
10.5
10.4
12.7
7.1
5.2
5.5
10.8
6.4
4.1
4.6
9.4
3.4
5.9
5.6
7.0
1.4
5.5
6.5
16.9
6.3
-3.5
10.2
8.1
24.0
14.7
8.1
8.6
13.1
7.5
2.2
5.2
5.1
9.0
3.7
5.5
8.4
7.8
7.5
11.7
4.8
6.7
5.6
10.3
5.6
6.7
5.8
7.5
6.2
4.2
5.9
8.4
8.3
4.4
5.2
Nonfarm:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
10.1
1.8
9.4
3.8
7.4
2.9
6.7
1.3
10.2
4.9
10.1
3.1
13.4
7.3
10.0
4.3
12.0
2.5
9.3
6.9
.1
-13.2
15.3
15.7
10.2
4.2
5.8
6.8
13.5
10.9
2.4
3.8
20.4
13.4
6.1
5.8
6.
1.6
4.6
6.4
34.7
30.5
3.3
3.5
7.6
3.9
3.6
5.7
15.5
7.1
4.7
6.1
6.5
4.8
6.3
7.1
Residential:
Current dollars
-6.5
1972 dollars
-13.9
Implicit price deflator. _
8.6
Chain price index
8.5
Fixed-weighted
price
8.5
index
32.2
23.2
7.3
7.
36.3
23.0
10.8
10.6
10.1
10.2
63.3
48.8
24.
5.4
17.9
17.9
57.9
42.6
10.8
10.5
7.7
-.7
8.5
8.7
7.
10.
10.1
17.8
10.5
8.7
IV
Seasonally adjusted
Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes (8.9)
Gross national product: I
8.2
Current dollars
1972 dollars
-1.3
Implicit price deflator. __
9.6
Chain price index
9.5
Fixed-weighted
price
index
9.4
III
1977
Disposable personal income:
Current dollars
1972 dollars..
NOTE.—Table 27: The implicit price deflator for GNP is a weighted average
of the detailed price indexes used in the deflation of GNP. In each period, the
weights are based on the composition of constant-dollar output in that period.
In other words, the price index for each item is weighted by the ratio of the
quantity of the item valued in 1972 prices to the total output in 1972 prices.
Changes in the implicit price deflator reflect both changes in prices and changes
in the composition of output. The chain price index uses as weights the composition of output in the prior period, and, therefore, reflects only the change in
prices between the two periods. However, comparisons of percent changes in
the chain index also reflect changes in the composition of output. The fixedweighted price index uses as weights the composition of output in 1972.
Accordingly, comparisons over any timespan reflect only changes in prices.
By DAVID J. LEVIN
State and Local Government Fiscal Position in 1977
THE fiscal position of State and local average pay in education has continued
governments continued to improve in to increase, employment—roughly half
1977, reflecting the second consecutive of the total— has shown little change
year of moderate increases in expendi- since 1974. This leveling was partly due
tures. Receipts increased somewhat less to the worsening financial position of
rapidly than in 1976, but continued to State and local governments in 1974-75,
outpace expenditures. On a national but the peaking of the school-age popuincome and product accounting (NIPA) lation in the early seventies and its
basis, the State and local government subsequent decline was a more importsurplus increased more than $10 billion, ant factor. Because this decline will connearly all in funds other than for social tinue for at least several years, renewed
insurance.
growth in educational employment is
unlikely.
Expenditures
The 1977 increase in State-local
Expenditures increased 8 percent, employee compensation was largely
slightly faster than in 1976, but well due to public service jobs under the
below increases registered in the 1970- Comprehensive
Employment
and
75 period (table 1). The pattern of Training Act (GETA). The effect of
increases reflected that of purchases of the increase in CETA employment on
goods and services, by far the largest total employee compensation was
category of expenditures. Employee limited by the fact that average pay
compensation, which accounts for over for CETA jobs is less than for other
one-half of purchases, increased more State and local jobs. Largely because of
slowly in 1977 than in 1976. Employee the shift toward CETA jobs, average
compensation in education more than pay increased only 6 percent in 1977,
accounted for the slowing. Although compared with average annual increases
of about 7K percent earlier in the
seventies.
It is generally recognized that CETA
programs result in some displacement
of regular State-local employment and
that this displacement tends to increase
over time. Should this tendency continue, State-local employment will grow
very little in 1978 after the program
reaches its target early in the year
(chart 3).
Purchases of structures declined in
1977, as they had in 1976; the decline
occurred in all types of building conCHART 3
Public Service Employment as a Percent
of Total State-Local Government
Employment
Table 1.—State and Local Government Expenditures, NIPA Basis
Calendar years
Percent change
Billions of dollars
1975
1976
1977*
1975
1976
202.8
229.8
246.2
14.5
13.3
7.2
7.8
191.5
106.5
33.8
9.9
41.3
215.6
119.2
34.7
12.4
49.3
231.2
129.2
31.7
13.8
56.5
14.5
9.6
20.0
20.2
23.0
12.6
12.0
2.4
24.4
19.5
7.2
8.4
-8.6
11.4
14.6
8.0
7.8
-4.5
7.6
15.8
20.5
8.2
10.0
2.2
23.8
9.6
11.9
2.4
25.9
10.7
12.7
2.6
1.0
15.6
-11.2
19.5
15.8
15.9
18.0
5.2
9.1
11.8
7.1
8.3
8.0
13.6
3.3
Net interest paid
Interest paid
Less: Interest received by government
-4.9
9.6
14.6
-5.2
10.7
15.9
-5.7
11.6
17.3
15.3
30.1
11.9
8.1
9.1
7.4
9.2
Subsidies less current surplus of government enterprises
Subsidies
Less: Current surplus of government enterprises. .
-4.3
.1
4.4
-4.5
.2
4.6
-5.2
.2
5.4
43.2
.2
36.2
4.1
46.2
17.1
qo c
12.9
^^^
Expenditures
Purchases of goods and services
Compensation of employees
Structures
Medical vendor payments
Other purchases
Transfer payments to persons
Benefits from social insurance funds
Direct relief
Other
•Projected.
16
1977*
1974
1974
265.5
76
74
75
Half Years
U.S. Department of Commerce, Bureau of Economic Analysis.
1971
i^/ i
'•*
73
/o
77
78
December 1977
struction except public housing. Measured in constant dollars, the decline
was about 10 percent. Constant-dollar
structures have declined every year
since 1968, except in 1974 when general
revenue-sharing led to a modest
increase.
In current dollars, educational construction declined 15 percent in 1977
and each of the other major types of
building construction except public
housing declined at least 10 percent.
Nonbuilding construction was slightly
lower in 1977 than in 1976; almost all
of the decline was in highway construction, which was down 10 percent.
During 1977, purchases of structures
were influenced by the weather and by
Federal funding. In the first quarter,
purchases were unusually low because
of abnormally cold weather in January
and February and delays in project
starts until March when the Federal
Government began to allocate funds
from the 1976 Public Works Employment Act (PWEA). In the second
quarter, as the weather improved and
Federal allocations of PWEA funds
were completed, construction recovered
strongly. In the second half of 1977,
construction rose moderately. The
weather and the allocation of Federal
funds affected nonbuilding construction most; building construction was
fairly stable.
Purchases other than compensation
and structures increased somewhat faster in 1977 than in 1976, reflecting less
fiscal stringency. Grants providing general budget support, especially countercyclical fiscal assistance under Title
II of the Public Works Employment
Act, helped to stimulate purchases of
supplies and services from business.
It constant dollars, these purchases
also increased a little faster than in
1976, but fell short of their 1974 and
1975 increases.
Transfer payments increased more
slowly in 1977 than in 1976, reflecting
welfare payments, which increased only
3 percent, as compared with 7 percent
in 1976. The slowing in welfare payments was due to improved economic
conditions and tighter administrative
procedures. Pension payments, the
other major category of transfers,
increased slightly faster than in 1976.
251-139 O - 78 -
SURVEY OF CURRENT BUSINESS
Interest receipts on investments continued to increase faster than interest
payments, even though long-term borrowing by State and local governments
through the first 9 months of 1977
exceeded the record total of 1976. Low
municipal interest rates, which were
one of the inducements to borrow,
limited the increase in interest payments. The borrowing also reflected
the strong increase in the use of
advance refunding techniques; the use
of these techniques added more to
interest receipts than to interest payments.
Advance refunding takes advantage
of differences between the cost of
tax-exempt borrowing by State and
local governments and the yields of
the financial assets in which the proceeds of the borrowing can be invested.
If the differences are sufficiently large,
State and local governments may
engage in extra borrowing and earn
amounts on the investment of its proceeds that are large enough to cover not
only the service on the initial debt
but also part of the service on the
extra borrowing. Because the cost of
tax-exempt State-local borrowing in
1977 was significantly lower than in
1975 and 1976, advance refunding
increased strongly in 1977. Through
the first three quarters of 1977, advance
refunding was about 20 percent of
total long-term borrowing, as compared
with 6 percent in the same period of
1976. The bulk of this refunding was
for revenue bonds rather than for
general obligation issues.
17
Advance refunding is an example of
the increasingly sophisticated financial
management techniques used by State
and local governments. These governments have been trying to improve the
rate of return on their financial assets
for a number of years. In 1959, almost
40 percent of State and local government financial assets (excluding taxes
receivable) yielded little or no return.
These assets include cash, checking
accounts, and tax-exempt municipal
securities. The remainder, which was
invested in assets such as Federal
obligations, mortgages, and time deposits, yielded higher rates of return.
By 1973, the assets yielding little or no
return accounted for less than 20
percent of the total, and by the end of
1976, for only 15 percent. This percentage would have been even lower in
1976 had New York State not been
forced by the New York City financial
crisis to add a significant volume of
the city's debt to its portfolio.
Receipts
State-local receipts increased only
11 percent in 1977, down from over 12
percent in 1976 (table 2). Grants,
contributions, and most general ownsource receipts increased somewhat less
rapidly than in 1976; personal income
taxes increased more rapidly—18% percent, as compared with 17 percent in
1976. Legislative changes—that is,
changes in tax receipts other than those
due to changes in the level of economic
activity—accounted for about 20 per-
Table 2.—State and Local Government Receipts, NIPA Basis
Calendar years
Percent change
Billions of dollars
Receipts
General own-source receipts
Personal tax and nontax receipts
Income taxes
Nontaxes
Other
Corporate profits tax accruals .
Indirect business tax and nontax accruals .
Sales taxes...
Property taxes
Other
1975
1976
1977*
1974
1975
1976
1977*
1974
210.4
235.7
264.7
294.3
8.7
12.0
12.3
11.1
152.6
165.2
185.5
8.3
8.3
12.3
11.4
39.2
20.6
12 8
58
43.4
22.8
14 4
6.2
49.6
26.8
16 0
6.8
8.5
7.8
11.4
4.8
10.6
10.6
12.3
7.1
14.2
17.2
11.0
10.9
14.6
18.5
9.4
11.0
6.5
7.1
8.9
13.0
9.3
25.8
9.0
127.1
57.3
57.6
12.3
8.0
9.3
5.9
12.8
7.3
7.0
7.3
9.0
10.8
11.4
10.1
11.1
10.4
11.3
8.8
12.8
106.9
48 0
48.7
10.1
114.7
51.4
52.3
11.0
Contributions for social insurance.. .
13.9
15.9
18.1
15.1
14.4
14.0
10.6
Federal grants-in-aid
43.9
54.6
61.0
8.2
24.4
11.7
10.4
•Projected.
18
cent of the increase in personal income
taxes in both years. In 1977, the most
significant changes were in New Jersey
(where the full impact of the tax
imposed in 1976 was felt) and in New
York (where a surcharge was dropped
early in the year).
Indirect business taxes increased
more slowly than in 1976, reflecting
sales and property taxes. Other indirect business taxes increased about 13
percent, as compared with 11 percent
in 1976. Severance taxes collected by
Alaska on North Slope oil extraction
accounted for much of the step-up,
which was concentrated in the second
half of the year. Legislative changes
were minor and centered on taxes on
gasoline, alcohol, and tobacco. Maryland introduced the only major change
in general sales taxes, raising the rate
from 4 to 5 percent in June.
Social insurance contributions increased lOji percent, much more slowly
than in 1976. This slowdown reflected
the small addition to State-local employment other than CETA jobs; most
CETA jobs are not covered by Statelocal employee retirement systems.
Grants increased about 10 percent,
somewhat more slowly than in 1976.
More than one-half of the increase was
attributable to economic stimulus programs—PWEA and CETA. Waste
treatment and community development grants increased considerably,
public assistance grants increased more
slowly. Except for highway grants;
which declined about 10 percent, the
remaining grants showed little change.
Highway grants in 1976 were inflated
by payouts of previously impounded
funds; the 1977 decline was a return to a
more normal level.
Fiscal position
Expenditures increased slightly faster
in 1977 than in 1976, reflecting purchases of goods and services. Receipts
increased less rapidly than in 1976,
reflecting Federal grants-in-aid and
most categories of own-source receipts.
Nevertheless, receipts continued to
outpace expenditures, and the overall
State and local government surplus
increased from about $18 billion in 1976
to about $29 billion in 1977. On a
quarterly basis, after increasing during
SURVEY OF CURRENT BUSINESS
1976, the surplus changed little in 1977
except in the third quarter, when it
increased substantially reflecting receipts of Federal grants (chart 4).
State-local social insurance funds
generally record surpluses, but because
these surpluses are not usually available
to finance capital spending or operating
deficits, they should be excluded in
assessing the fiscal position of State and
local governments. Excluding these
funds, the surplus was $13 billion in
1977, up from $4 billion in 1976.
1974
1975
1976
December 1977
contributing factor, and legislative
changes—although they are not likely
to be large—will involve more tax
cuts than increases. Severance tax
yields will continue to increase, but
not at the 1977 rate.
Federal grants will increase more
(Continued on page 23)
CHART 4
State and Local Governments
NIPA SURPLUS OR DEFICIT
Billion $
1977*
NIPA surplus or deficit
Total
Social insurance funds.
Other funds
7.6
5.9
18.4
28.8
10.5
-2.9
12.1
-6.2
14.5
3.9
15.5
13.3
•Projected.
Outlook
Expenditures will accelerate markedly in 1978, about 12-14 percent.
Compensation will increase somewhat
faster in 1978 than in 1977. Increases in
employment, despite a step-up in
CETA employment, will continue to be
moderate, because of an increase in the
displacement of regular State-local employment. However, average pay will
increase more than in 1977, reflecting
the general easing of fiscal stringency.
Construction of sewer, water, and
recreation facilities and general public
buildings will be stimulated by grants
under the provisions of the Public
Works and Clean Water Acts. Highway
construction plans indicate the possibility of renewed growth, and educational construction appears likely to
remain near the 1977 level. Because
fiscal pressures on many State and local
governments have been reduced substantially, purchases other than compensation and structures will increase
about 20 percent. Transfer payments
may increase sharply if new mechanisms
for assisting the poor and aged go into
effect.
Receipts will increase about 10
percent, somewhat less rapidly than in
1977. The rate of increase in general
own-source receipts will continue to
decline—to 10 percent or somewhat
less. Slower economic growth will be a
20
15 -
10 -
-10
1975
1976
1977
Seasonally Adjusted at Annual Rates
* Projected.
U.S. Department of Commerce, Bureau of Economic Analysis.
77-12-4
By JOHN T. WOODWARD
Plant and Equipment Expenditures, Quarters of 1977
and First and Second Quarters of 1978
CHART 5
J3USINESS expects to increase spend- manufacturing, they were in railroads,
ing for new plant and equipment 2.7 air transportation, and communicapercent in the first quarter of 1978 and tions. The planned fourth-quarter inBillion $ (ratio scale)
180
2.5 percent in the second (table 1). crease is also widespread, and reflects
ALL INDUSTRIES
These are larger increases than the 1.4 smaller gains by most major industries
percent planned for the fourth quarter than those in the third quarter. The
of 1977, but smaller than the actual increase in the first quarter of 1978 is
increase of 4.6 percent in the third entirely in nonmanufacturing; the secquarter. The figures are based on the ond-quarter increase is confined to
latest BEA survey, conducted in late manufacturing.
October and November. These plans
The capital spending figures from the
40
put
spending in the first half of 1978 survey are not adjusted for price
-MANUFACTURING
V at a seasonally adjusted annual rate of change. It is difficult to measure the
30 $148.1 billion, 4.7 percent above the change in real spending implied by the
Nondurables
*
second
half of 1977; this compares with plans, because little information is
20 a 6.9-percent increase from the first to available on business expectations for
Durables
15 the second half of 1977.
capital goods prices and on the extent
Capital spending in 1977 is projected to which they are reflected in the plans.
10 i1111II1111 1111 11111 ii 1 1 i 11 1111 1111 1111 it 1
to total $137.0 billion, 13.7 percent If business expects capital goods prices
above 1976; spending rose 6.8 percent to increase at the average 5.7 percent
COMMUNICATION AND COMMERCIAL
from 1975 to 1976 (table 2).1 The annual rate registered in the first three
increase for 1977 is larger than shown by quarters of 1977 by the implicit price
earlier surveys: 13.3 percent in August, deflator for the nonresidential fixed
12.3 percent in May, and 11.7 percent investment component of GNP, the
in February.
plans imply that real spending in the
The 4.6-percent increase in spending first half of 1978 will increase about 2
l l I i l l 111
I l 11 11
15 1 I 1 1 1 1 1 1 I 1 1 1
in the third quarter was the sharpest percent from the second half of 1977,
40
since the first quarter of 1973, and was compared with a 3%-percent increase
-PUBLIC UTILITIES
widespread. In manufacturing, the larg- from the first half of 1977 to the second.
est increases were in the machinery, Using the same procedure, the survey
aircraft, and rubber industries; in non- results indicate a real spending increase
of about 8 percent in 1977, compared
1. Plans have been adjusted for biases (table 6, footnote 2). with 2 percent in 1976.
The adjustments were calculated for each industry. Before
The pattern of deviations between
adjustment, plans for 1977 were $61.44 billion for manufacturing and $76.02 billion for nonmanufacturing. The net effect
planned
and actual spending so far in
of the adjustments was to lower manufacturing $0.41 billion
1977
differed
from that earlier in the
and nonmanufacturing $0.03 billion.
i I 1 1 1 I i 1 I i I 1 M 11 11 11 1 1 1 I i M 111 I 111 l 11 I l
Plant and Equipment Expenditures
15
TRANSPORTATION INCLUDING
RAILROAD
10 -
Table 1.—Expenditures for New Plant and Equipment by U.S. Business
[Billion of dollars, seasonally adjusted at annual rates]
-
8
6
4
3
1978
1977
I
V
I 1111 l 1 11 I 1 1I I II M l ! 1 1 1 1 1 I I 1 1 1 ! 1 1 I I 1 1 1
1968
70
72
74
76
78
Seasonally Adjusted at Annual Rates
o Expectations
U.S. Department of Commerce, Bureau of Economic Analysis
All industries
M anufacturing
Durable
1 1
1 1 1 goods
Nondurable goods.
Nonmanufacturing
-.
II
III
IV i
Ii
III
130.16
134.24
140.38
142.38
146.26
149.86
56.43
26.30
30.13
59.46
27.26
32.19
63.02
29.23
33.79
64.42
29.88
34.54
64.14
30.46
33.68
67.73
31.82
35.91
73.74
74.78
77.36
77.96
82.12
82.13
1. Expected, as reported in late October and November.
19
SUEVEY OF CURRENT BUSINESS
20
economic recovery (the second half of
1975 and 1976), when actual spending
increases fell short of plans. In 1977,
actual spending substantially exceeded
plans reported 3 months earlier in the
third quarter (4.6 percent compared
with 3.1 percent), was about the same
as plans in the second quarter (3.1
percent), and moderately exceeded
plans in the first quarter (4.0 percent
compared with 3.2 percent).
If plans are realized, the spending
increase through the second quarter of
1978 would extend the recovery in
investment to 10 quarters. The rate of
spending, in current dollars, would be
34 percent above the trough in spending
in the fourth quarter of 1975, and, in
real terms, 18K percent. By the 10th
quarter of investment recoveries following other postwar recessions—194849, 1953-54, 1957-58, 1960-61, and
1969-70—real spending had increased
34 percent, 28 percent, 12 percent, 17
percent, and 19 percent, respectively.
It is difficult to assess the likely
course of capital spending in 1978
because the measures that serve as a
gage of future investment activity
exhibit a mixed pattern. BEA's survey
of capacity utilization in manufacturing
revealed a 2-point decline from June
to September, and there was also a
decline in September in the proportion
of manufacturers reporting a need for
more facilities. The Trans-Alaska pipeline, a project of extraordinary size, has
been completed. On the positive side,
starts of new projects in manufacturing
and public utilities rose sharply in
September and the carryover of projects
is at a record high. New orders for
non defense capital goods and capital
appropriations have been rising and are
well-above year earlier levels.
December 1977
The third-quarter advance was stronger
in durables than in nondurables; the
machinery, aircraft, and stone-clay-glass
industries reported large increases. In
the fourth quarter, durables and nondurables account about equally for the
increase. In the first quarter, an
increase in durables is more than offset
by a decline in nondurables. The
sizable increase in the second quarter
is in both durables and nondurables,
with a larger increase in nondurables.
CHART 6
Starts and Carryover of Investment
Projects
Billion $ (Ratio scale)
Manufacturing Programs
MANUFACTURING
Manufacturers' spending rose 6 percent in the third quarter, to a seasonally adjusted annual rate of $63.0
billion, after a 5%-percent increase in
the second quarter. Spending plans
call for an increase of 2 percent in the
fourth quarter, a decline of 0.4 percent
in the first quarter of 1978, and an
increase of 5% percent in the second.
Expenditures
1111111
Table 2,—Expenditures for New Plant and Equipment by U.S. Business: Percent Change
from Preceding Year
200
PUBLIC UTILITIES
150
1977 expected as reported in
Feb.
May
Aug.
Nov.
100
Manufacturing.
_
Durable goods
Primary metals *
Blast furnaces, steel works
Nonferrousmetals-Electrical machinery
Machinery, except electrical
Transportation equipment Motor vehicles...
Aircraft
Stone, clay, and glass.
Other durables
Nondurable goods
Food including beverage
Textiles
Paper
Chemicals
Petroleum
Rubber
Other nondurables
_
_
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
6.8
11.7
12.3
13.3
13.7
9.4
12.7
14.2
15.5
16.3
8.4
13.5
15.9
17.9
19.3
-1.2
-4.8
13.2
11.6
11.7
18.9
2.4
20.7
8.0
-2.3
-3.8
1.4
10.7
18.1
31.0
40.5
12.6
6.8
19.2
2.4
-1.4
6.6
19.0
15.2
35.1
49.7
4.0
7.7
20.3
-1.1
-1.7
.2
23.9
16.8
39.3
55.9
4.4
11.3
25.8
-1.3
-5.9
3.7
26.0
16.6
45.6
63.9
6.4
18.8
24.7
10.3
12.1
12.7
13.5
13.8
15.0
22.4
11.0
6.9
10.5
9.4
6.9
14.3
13.6
12.9
5.8
12.0
27.6
20.7
12.2
11.2
6.9
4.5
17.9
30.4
10.4
11.6
13.9
2.4
5.9
20.4
27.4
11.3
10.8
14.6
3.9
3.4
22.1
31.4
11.0
4.9
10.9
10.9
11.6
11.7
5.4
-1.2
-29.2
14.3
7.2
.3
30.9
-37.1
10.3
6.8
33.8
-34.0
11.3
11.8
32.7
-33.7
11.1
15.2
29.3
10.6
10.6
10.8
17.9
17.0
22.8
17.2
15.5
26.2
18.0
16.3
27.4
17.3
15.6
26.5
4.4
1.9
13.2
11.0
15.3
8.4
14.2
9.7
15.5
60
I
<
All industries
f0^
Carryover*
80
1 1 1
1976
Actual
40
/
30
Starts of Projects
20
\
:
10
8 -
r \ /li E
6 -
j\J
4
3
y^\
\
Expenditures
2
y'E
'
-
1 1111 11111 i i1111111111 1111 111 111111111111111
76
78
1968
70
72
74
•Carryover as of end of period
1. Includes industries not shown separately.
_
-
U.S. Department of Commerce, Bureau of Economic Analysis
SURVEY OF CUEEENT BUSINESS
December 1977
Manufacturers' spending for the full
year 1977 is expected to increase 16
percent from 1976, compared with an
increase of 9}i percent from 1975 to
1976. In durables, a 19-percent increase
in 1977 is widespread. The largest
increases are in motor vehicles, electrical machinery, and "other durables";
spending in iron and steel is expected
to decrease. In nondurables, a 14percent increase reflects large increases
in the petroleum, rubber, textiles, and
food-beverage industries.
The value of manufacturers7 investment
projects started in the third quarter of
1977 totaled $19.8 billion, $4.7 billion
more than in the second (table 3 and
chart 6). Petroleum accounted for $2.4
billion of the increase. Sizable increases
were reported also in paper, chemicals,
nonelectrical machinery, and primary
metals.
The value of new projects started in
the third quarter exceeded capital ex-
21
penditures, so that carryover increased.
At the end of September,- carryover
totaled $42.7 billion, $4.1 billion higher
than at the end of June. Petroleum
accounted for $1.5 billion of the
increase.
more hours than usual, the industry
operated at levels above normal capacity. In the motor vehicle industry, normal capacity is generally based on two
shifts, 5 days a week.
Among other durables industries,
5-point
declines were reported for priCapacity utilization
mary metals, to 79 percent, and airThe utilization rate of manufacturing craft, to 66 percent. Electrical macapacity in September was 82 percent, chinery and stone-clay-glass reported
a decline of 2 points from the post- 2-point declines, to 82 percent and 78
recession peak of 84 percent in June percent, respectively. Nonelectrical ma(table 4 and chart 7). The September chinery reported a 1-point increase, to
rate was 7 points above the trough in 90 percent.
June 1975 and 4 points below the preIn nondurables, rubber declined 3
recession peak of 86 percent in March points, to 84 percent, and chemicals deand June 1973.
clined 2 points, to 77 percent. Textiles
The largest factor in the September and paper reported 1-point declines,
decline was an 11-point drop for motor to 86 percent and 85 percent, respecvehicles, partly due to delays in retool- tively. Food-beverage increased 2 points,
ing for production of some 1978 models. to 78 percent. Petroleum was unchanged
The rates for motor vehicles in March at 91 percent.
and June this year exceeded 100 perThe utilization rates in September for
cent; these rates imply that, by working primary- and advanced-processed goods
Table 3.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities
[Billion of dollars]
Carryover
Starts i
1974
Manufacturing
Durable goods 3 _
Primary metals.
Electrical machinery
Machinery, except electrical _
Transportation equipment 4_
Stone, clay and glass
Nondurable goods 3
Food including beverage.
Textiles
Paper
Chemicals.
Petroleum.
Public utilities.
1977
1976
1975
2
1976
1977
1976
II
III
IV
II
III
March
June
Sept.
Dec
March
June
Sept
52.49
48.24
51.05
11.91
13.05
12.40
13.70
14.71
15.81
18.94
38.62
39.02
37.93
36.25
38.44
39.41
42.74
25.86
18.77
24.30
5.66
5.98
6.34
6.31
6.70
7.44
8.39
16.05
16.43
16.75
15.79
16.70
17.35
18.56
8.20
2.72
5.14
3.32
1.48
5.02
1.85
4.62
2.23
1.22
5.18
3.04
5.42
3.87
1.83
1.31
.67
1.19
.94
.37
1.37
.58
1.39
1.41
.78
1.38
1.03
.51
1.10
1.00
1.46
.95
.53
1.12
.60
1.44
1.51
.46
1.24
.96
1.41
1.70
.61
1.75
1.06
1.80
1.63
.63
7.06
1.54
2.28
2.04
6.99
1.52
2.52
2.11
1.00
6.82
1.63
2.64
2.26
1.09
6.18
1.76
2.51
2.11
1.07
6.11
1.75
2.66
2.56
1.11
5.96
1.96
2.70
2.89
1.22
6.23
2.16
3.02
3.10
1.34
26.63
29.47
26.76
6.24
7.07
6.06
7.38
8.01
8.38
10.55
22.57
22.59
21.18
20.46
21.74
22.06
24.18
3.37
.71
3.08
3.31
.70
3.40
3.89
2.94
.90
.84
.23
.72
1.08
.22
.73
.81
.29
.75
1.16
.16
.74
.83
.24
1.18
.22
1.37
.22
1.29
2.25
.32
2.50
2.35
.34
2,45
2.16
.42
2.33
2.33
.36
2.11
2.33
.39
2.17
2.48
.37
3.22
2.75
.36
2.66
7.36
9.29
7.05
12.85
5.22
10.93
1.04
2.62
1.80
2.52
1.22
2.49
1.17
3.30
1.69
3.59
1.76
3.23
2.04
4.73
7.07
9.27
7.25
9.02
6.79
8.44
6.00
8.50
6.24
9.23
6.64
10.03
45.74
34.50
29.66
10.19
6.19
4.44
8.84
15.55
2.19
8.22
106.24
106.92
105.84
108.22
118.22
6.32
8.98
114.04
115.66
Seasonally adjusted
Manufacturing
Durable goods 3_
Primary metals
Electrical machinery
Machinery, except electrical _
Transportation equipment 4_
Stone, clay, and glass
11.64
12.77
13.22
12.88
15.26
15.15
19.81
38.31
38.41
37.94
37.21
38.36
88.65
42.70
5.70
6.09
6.61
5.72
7.00
7.47
8.61
15.86
16.31
16.77
16.11
16.54
17.20
18.50
1.38
1.03
1.34
1.60
.62
1.88
1.12
1.95
1.59
.56
6.88
1.50
2.24
2.05
1.00
6.97
1.50
2.44
2.09
1.01
6.90
1.67
2.69
2.21
1.03
1.79
2.59
2.18
1.11
5.96
1.70
2.63
2.58
1.12
5.94
1.95
2.61
2.84
1.24
6.32
2.21
3.03
3.02
1.28
1.09
.70
1.26
.95
.39
1.53
.62
1.36
.91
.41
1.53
.85
1.54
1.00
.46
.92
.83
1.28
1.02
.55
1.02
.66
1.55
1.53
.50
5.94
6.68
6.61
7.16
8.26
7.68
11.20
22.45
22.10
21.17
21.10
21.82
21.45
24.20
1.11
.22
.71
.70
.30
.94
1.16
.18
.64
.92
.22
.75
1.16
.22
1.30
.21
1.46
2.26
.31
2.43
2.39
.33
2.34
2.11
.42
2.41
2.35
.19
.62
2.34
.39
2.11
2.48
.37
2.13
2.71
.34
2.74
Chemicals.
Petroleum.
.81
2.59
1.97
1.99
1.09
3.29
1.84
3.62
1.59
2.78
2.07
5.20
6.95
9.34
6.08
8.90
6.56
10.11
8.56
10.22
9.76
3.79
10.23
102.45
107.67
112.03
6.33
9.29
115.45
6.26
8.59
3.43
7.32
8.57
105.55
6.74
8.46
Public utilities.
1.16
2.98
7.54
112.92
116.59
Nondurable goods 3_
Food including beverage.
Textiles
Paper
1. Starts are estimated by adding changes in carryover to expenditures during the given
period.
2. Carryover refers to expenditures yet to be incurred on plant and equipment projects
already underway at end of period.
3. Includes industries not shown separately.
4. Includes guided missiles and space vehicles.
.39
2.20
SUEVEY OF CUREENT BUSINESS
22
•••••
CHART 7
December 1977
i^^^MHMi
Manufacturers' Capacity Utilization
Rates by Major Industry Groups
CHART 8
Manufacturers' Evaluation of Plant and
Equipment Facilities*
Percent
92
Percent of Capital Assets Held by Respondents
Reporting—
60
ALL MANUFACTURERS
88
84
80
76
72 l l I 11 I l 1 I I I 1 11 11 I I I I I I I I I I I
I i 111 > l 11 i 1
I III I
92
Primaiy-Processed
88
84
80
76
72
Advanced-Processed
i i 111 i 111 11 11111 i 111 11 I
1968
70
72
74
72
1968
76
74
78
76
* Relative to prospective operations during the ensuing
12-month period.
Seasonally Adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
U.S. Department of Commerce, Bureau of Economic Analysis
Table 4.—Manufacturers' Capacity Utilization Rates: Operating Rates and Ratios of Operating to Preferred Rates ]
[Seasonally adjusted]
Operating rates (percent)
Industry and asset size
1976
March
All manufacturing.
Ratios of operating to preferred rates
82
June
82
Sept.
80
Dec.
March
81
June
84
Asset size:
$100.0 million and over.
$10.0 to $99.9 million....
Under $10.0 million
Stone, clay, and glass.
82
March
0.86
.84
81
Asset size:
$100.0 million and over..
$10.0 to $99.9 million....
Under $10.0 million
Nondurable goods 4
Sept,
June
0.86
Sept.
0.84
Dec.
0.85
March
0.87
June
0.89
81
86
85
100
65
76
0.87
.86
.83
.86
.86
78
76
.91
.83
.83
.84
.81
78
81
87
91
106
84
84
89
90
104
71
.81
.89
.92
.89
.99
.73
.84
.90
.95
.83
.89
.71
75
81
80
.85
.84
82
.88
.87
.87
Food including beverage.
Textiles
Paper
Chemicals..
Petroleum
Rubber...
.84
.88
.91
.91
.98
.71
Primary-processed goods 5._
Advanced-processed goods"
.87
.86
1. The survey asks manufacturers to report actual and preferred rates of capacity utilization
for the last month of each quarter. Utilization rates for industry and asset-size groups are
weighted averages of individual company rates. See The Utilization of Manufacturing
Capacity, 1965-73," SURVEY OF CURRENT BUSINESS, July 1974, p. 47.
Sept,
78
76
Asset size:
$100.0 million and over..
$10.0 to $99.9 million....
Under $10.0 million
2. Also includes lumber, furniture, fabricated metals, instruments, and miscellaneous.
3. Also includes other transportation equipment.
1977
.84
Durable goods 2 ..
Primary metals
Electrical machinery.
Machinery, except electrical.
Transportation equipment 3 .
Motor vehicles
Aircraft
1976
1977
.87
.85
.88
.88
.87
.85
.85
.87
.86
.96
.87
.94
.92
.84
.87
.88
.89
.86
.87
4. Also includes tobacco, apparel, printing-publishing, and leather.
5. Consists of lumber; stone, clay, and glass; primary metals; fabricated metals; textiles;
paper; chemicals (at 1/2 weight); petroleum; and rubber.
6. Consists of furniture, electrical machinery, machinery except electrical, motor vehicles,
aircraft, other transportation equipment, instruments, food including beverage, tobacco,
apparel, printing-publishing, chemicals (at 1/2 weight), leather, and miscellaneous.
SURVEY OF CURRENT BUSINESS
December 1977
industries were both 82 percent, 2
points below their June rates.
The rate reported by large-sized
firms declined 3 points, to 84 percent,
and that for small-sized firms declined
1 point, to 77 percent. In contrast, the
rate for medium-sized firms increased
1 point, to 80 percent.
Manufacturing companies owning 29
percent of fixed assets reported a need
for more facilities as of the end of
September, 2 points below the percentage reported at the end of June
(table 5 and chart 8). Facilities viewed
as about adequate increased from 62
percent to 64 percent, and facilities
viewed as in excess of needs remained
at 7 percent.
quarter of 1978, and no increase in the
second quarter of 1978.
Railroads and air transportation
reported large spending increases in the
third quarter. In the fourth quarter,
large increases planned by air transportation and gas utilities are partly
offset by declines in mining, railroad,
communication, and the "commercial
and other" group.
The increase planned for the first
quarter is chiefly in railroads, air
transportation, and electric utilities. In
the second quarter, increases in mining
and gas utilities are offset by declines
in air transportation and electric
utilities.
Spending in nonmanufacturing for the
year 1977 is expected to increase 12
Nonmanufacturing Programs percent above 1976 spending, compared with a 5-percent increase from
Nonmanufacturers' spending in- 1975 to 1976. Sizable increases are
creased 3% percent in the third quarter expected in all major groups except
of 1977 to a rate of $77.4 billion, after "other transportation"; this group will
a 1%-percent increase in the second decline 33 K percent in 1977, reflecting
quarter. Plans call for an increase of 1 reduced spending for the Trans-Alaska
percent in the fourth quarter, an pipeline. Spending in air transportation
increase of 5 percent in the first will increase 29 percent, after an equal
Table 5.—Manufacturers' Evaluation of Their Plant and Equipment Facilities 1
[Percent distribution of gross capital assets]
1975
1977
1976
Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept
37
29
Durable goods 2
Primary metals 3
Metal fabricators _.
24
13
31
Nondurable goods2
Food including beverage..
Chemicals
Petroleum
27
45
39
About adequate:
All manufacturing.
64
Durable goods 2
Primary metals
Metal fabricators 3-.
Nondurable goods 2
Food including beverage..
Chemicals
Petroleum
61
61
50
61
Existing plant and equipment exceeds needs:
All manufacturing
Durable goods 2
Primary metals
Metal fabricators 3_.
10
Nondurable goods 2 ...
Food including beverage..
Chemicals
Petroleum
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.
percentage decline last year. In the
other groups, increases range from
10 percent in "commercial and other"
to 17 percent in public utilities. The
value of starts of new projects by public
utilities totaled $10.2 billion in the
third quarter of 1977, up from $3.8
billion in the second quarter and $9.8
billion in the first. Carryover of utility
projects was $116.6 billion at the end
of September, an increase of $3.7
billion from the end of June.
(Table 6 is on page 24)
(Continued from page 18)
than 10 percent. Substantial increases
are expected in at least three programs:
(1) CETA grants will fund a full year
of public service employment for 725,000 persons, up 275,000 from 1977;
(2) PWEA projects approved but not
funded by the Federal Government in
1977 will be funded in 1978; and (3)
Environmental
Protection
Agency
(EPA) grants will reflect recent congressional action providing additional
funds for water treatment plants.
The net effect of these changes in
expenditures and receipts will be a
decline in the NIPA surplus in 1978
to a range of $20 to $25 billion. Even
excluding social insurance funds, State
and local government budgets will
remain in surplus, in a range of $5 to
$10 billion.
(Continued from page 3)
More plant and equipment needed:
AH manufacturing
23
an erratic quarterly pattern, even apart
from timing and other measurement
problems to which estimates of these
purchases are subject. (Plant and
equipment expenditures are discussed
elsewhere in this issue.)
Real residential investment increased
in the fourth quarter after showing no
change in the third. The fourthquarter increase was mainly in new
construction of single-family units.
Starts of these units continued to
increase irregularly through October,
when they reached 1.56 million at a
seasonally adjusted annual rate—surpassing the previous peak in 1973
(chart 2). Starts of multifamily units
and shipments of mobile homes have
increased much less in the current recovery, and remain far below their previous
peaks.
SUEVEY OF CUEEENT BUSINESS
24
December 1977
Table 6.—Expenditures for New Plant and Equipment by U.S. Business 1
[Billions of dollars]
Seasonally unadjusted
1975
1976 19772
1977
1976
I
II
Seasonally adjusted at annual rates
III
IV
II
I
1976
1978
III
IV 2
12
I
II
1977
III
IV
I
II
1978
III
IV 2
12
112.78 120.49 137.02 25.87 29.70 30.41 34.52 29.20 33.73 34.82 39.27 32.85 114.72 118.12 122.55 125.22 130.16 134.24 140.38 142.38 146.26
All industries
Manufacturing
Durable goods
Primary metals3
Blast furnaces, steel works
Nonferrous metals.
Electrical machinery
Machinery, except electrical.
Transportation equipment3.
Motor vehicles
Aircraft <
Stone, clay, and5 glass
Other durables
Nondurable goods
Food including beverage
Textiles
Paper
Chemicals
__
Petroleum
Rubber
_
Other nondurables •
Nonmanufacturing
Mining
_
Railroad
Air transportation
_
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other7
47.95 52.48 61.03 10.96 12.66 13.48 15.38 12.52 14.84 15.60 18.05 14.26 49.21 50.64 54.78 54.44 56.43 59.46 63.02 64.42 64.14
21.84 23.68 28.26
5.99 5.97 5.89
3.03 2.99 2.82
2.28 2.16 2.25
2.31 2.62 3.30
4.50 5.03 5.86
3.24 3.62 5.27
2.06 2.45 4.02
.92
.94 1.00
1.42 1.72 2.04
4.38 4.73 5.90
4.78
1.21
.75
.48
.21
.35
.98
1.14
26.11 28.81 32.77
3.26 3.75 4.15
6.18
7.05
.78
.19
.65
.98
.20
.78
1.43
2.54
1.62
2.78
.66
.81
.93
2.95 3.27 3.40
6.25 6.68 6.90
10.51 11.62 14.18
1.00 1.10 1.44
1.48 1.58 1.76
.61
.45
.48
1.02
.24
.36
5.61
1.43
.70
.52
.60
1.16
.88
.58
.25
.40
.30
.38
1.59
1.10
1.30
1.05
1.37
1.37
1.06
1.48
1.41
1.04
1.08
1.71
1.44
1.12
1.19
1.43
1.23
1.41
1.43
1.83
6.75 21.63 22.54 24.59 25.50 26.30 27.26 29.23 29.88 30.46
1.50 5.51 5.76 6.42 6.12 5.43 5.61 5.98 6.45 6.76
.52 2.90 2.80 3.15 3.10 2.76 2.70 2.83 2.92 2.51
.67 1.96 2.13 2.35 2.19 2.06 2.16 2.30 2.42 2.95
.72 2.30 2.48 2.72 2.86 2.97 3.10 3.45 3.56 3.48
1.37 4.70 4.60 5.16 5.54 6.02 5.46 6.09 5.89 6.35
1.18 3.25 3.47 3.54 4.17 4.53 5.34 5.63 5.54 5.09
.87 2.14 2.22 2.33 3.08 3.46 4.12 4.18 4.29 3.76
.25
.86 1.03
.99
.90
.84
.96 1.17
1.03 1.07
.50 1.56 1.58 1.79 1.90
1.91 1.99 2.12 2.12 2.24
1.48 4.30 4.65 4.97 4.92 5.43 5.75 5.96 6.33 6.55
7.46
1.00
8.06
1.03
8.43
1.11
9.56
1.18
7.51 27.58 28.09 30.20 28.93 30.13 32.19 33.79 34.54 33.68
1.05 3.50 3.91 3.88 3.69 3.72 4.05 4.30 4.48 4.72
1.72
3.69
1.00
2.06
4.16
2.98 3.18 3.50 3.38 3.36 3.36 3.41 3.44 3.42
6.32 6.40 6.97 6.97 6.40 6.63 7.08 7.42 7.08
11.38 11.04 12.38 11.36 12.94 13.92 14.70 14.97 13.72
1.06 1.24 1.04 1.06 1.17 1.38 1.60 1.58 1.86
1.59 1.52 1.56 1.65 1.66 1.89 1.75 1.72 1.98
6.02
1.58
.76
.59
.67
1.26
.89
.58
.25
.42
7.27
1.74
.92
.61
.87
.81
.23
.54
.58
.46
.61
.80
.20
.42
8.12
6.72
.21
.86
.99
.22
.97
.83
.22
.73
1.68
3.07
1.95
3.23
1.45
2.86
.26
.38
.30
.46
.26
.37
7.17
1.49
.69
.58
.85
8.49
1.83
.67
.53
.75
6.79
1.39
.24
.49
.24
.82
1.68
3.48
.35
.47
.30
.51
.24
.85
.39
.44
.88
.67
.26
.61
.24
.44
.48
.22
.74
1.61
3.03
.41
.45
.76
.81
.86
.83
.88
.98
.94
.93
.90
64.82 68.01 75.99 14.91 17.04 16.93 19.14 16.68 18.88 19.21 21.22 18.58 65.51 67.48 67.76 70.78 73.74 74.78 77.36 77.96 82.12
3.79
2.55
4.00
2.52
4.44
2.90
.92
.49
.99
.68
1.04
1.05
1.02
1.16
1.17
1.10
1.11
.64
.70
.59
.67
.78
.86
.83
3.83
2.08
3.83
2.64
4.21
2.69
4.13
2.63
4.24
2.71
4.49
2.57
4.74
3.20
4.30
3.18
4.61
3.80
1.84
3.18
1.30
3.63
1.68
2.41
.26
.72
.42
1.02
.26
.95
.35
.94
.33
.61
.43
.76
.39
.50
.52
.54
.49
.39
1.18
3.29
1.44
4.16
1.12
3.44
1.41
3.49
1.62
2.96
1.43
2.96
1.69
1.96
2.01
1.98
2.39
1.83
20.14 22.28 26.14
17.00 18.80 21.74
3.14 3.47 4.40
4.79
4.18
5.50
4.74
5.52
4.54
.98
6.46
5.34
1.12
5.55
4.78
.77
6.37
5.34
1.03
6.61
5.41
1.20
7.61
6.21
1.40
12.74 13.30 15.36
20.60 20.99 23.06
2.92
4.82
3.33
5.19
3.84
5.78
3.30
5.27
3.86
5.64
4.03 [in CQ
5.73 >iu. oy
.62
.76
3.21
5.21
1. Excludes agricultural business; real estate; medical, legal, educational, and cultural
services; and nonprofit organizations.
2. Estimates are based on planned capital expenditures reported by business in late October
and November 1977. The estimates for the fourth quarter of 1977 and first quarter of 1978 have
been corrected for biases. The adjustment procedures are described in the February 1970 issue
of the SURVEY OF CURRENT BUSINESS. Before adjustment, plans were $137.46 billion for all
ndustries, $61.44 billion for manufacturing, and $76.02 billion for nonmanufacturing.
(Continued from page 23)
5.80
1.19
6.28 21.91 21.85 21.67 23.46 25.35 25.29 26.22 27.41 28.72
5.38 18.56 18.82 18.22 19.49 21.19 21.14 21.90 22.60 23.81
.90 3.36 3.03 3.45 3.96 4.16 4.16 4.32 4.81 4.91
(12.54 12.62 13.64 14.30 14.19 15.32 16.40 |39 09 40.76
y. it. 120.68 20.94 20.99 21.36 22.67 22.73 23.14
Q 4.Q
3. Includes industries not shown separately.
4. Includes guided missiles and space vehicles.
5. Consists of fabricated metal, lumber, furniture, instruments, and miscellaneous.
6. Consists of apparel, tobacco, leather, and printing-publishing.
7. Consists of trade, service, construction, finance, and insurance.
The above discussion indicates that
mainly because higher grain prices
real
final sales in the fourth quarter
The pay raise for Federal Govern- reduced incentives to place crops under
probably
increased more than the 4%
ment employees added $3% billion government loan. CCC operations have
percent
annual
rate of increase regis(annual rate) to the current-dollar no shortrun impact on real GNP,
tered
in
the
third
quarter. On the other
value of Federal purchases in the fourth because the placement of crops under
hand,
it
is
also
probable
that the rate of
quarter, and agricultural price support Government loan or their acquisition
inventory
accumulation
in the fourth
operations of the Commodity Credit by the Government results in offsetting
quarter
was
lower
than
in the third.
Corporation (CCC), which had risen shifts between private business invenOn
the
basis
of
available
data, the net
to $4% billion in the third quarter, tories and Government purchases,
effect
of
these
two
factors
on
the fourthdropped to about $2 billion in the
rather than changes in production. quarter increase of real GNP cannot be
fourth. Aside from these changes,
State and local government purchases quantified. Some acceleration of GNP
Federal purchases—both defense and
increased
more than in the third prices from the third-quarter rate of
nondefense—continued to increase at
quarter.
Public
service employment, increase is indicated, even aside from
about the third-quarter rate. Defense
purchases had increased a little more which had become a significant factor the effect of the Federal pay raise,
than $2 billion in the third quarter, in the increase of these purchases in which added about 0.7 percentage
about the average quarterly increase the third quarter, continued to increase points to the annual rate of increase in
since these purchases were stepped up in the fourth. Recent developments in GNP prices. The acceleration in the
a year ago. CCC price support opera- the outlook for State and local govern- prices of investment goods more than
tions were on a smaller scale in the ment receipts and expenditures are offset the deceleration in the prices of
PCE.
fourth quarter than in the third, discussed elsewhere in this issue.
By STEVEN V. DUNAWAY
U.S. International Transactions, Third Quarter 1977
marked slowdown in the rise in U.S.
assets abroad highlighted U.S. international transactions in the third quarter. Most of the slowdown was
accounted for by a $4.8 billion shift, to
a $0.2 billion reduction, in claims on
foreigners reported by U.S. banks. The
reduction in claims largely reflected
the rise in U.S. short-term interest
rates relative to rates abroad, and some
decline in foreign credit demand. Among
other U.S. assets abroad, outflows for
U.S. direct investments decreased $0.9
billion to $1.1 billion; outflows to
affiliates in both petroleum and nonpetroleum industries decreased. Official
U.S. reserve assets declined $0.2 billion.
In contrast, net U.S. purchases of
foreign securities increased $0.4 billion
to $2.2 billion.
Foreign assets in the United States
increased $12.9 billion, $0.9 billion less
than in the second quarter. A $3.7
billion increase in liabilities to private
foreigners and international financial
institutions reported by U.S. banks—
$1.2 billion smaller than in the previous
quarter—more than accounted for the
slowdown. In addition, net foreign
purchases of U.S. securities other than
U.S. Treasury securities declined $0.2
billion to $0.5 billion, and inflows for
foreign direct investments in the United
States declined $0.1 billion to $0.5
billion. On the other hand, foreign
official assets in the United States
increased $8.2 billion, compared with a
$7.9 billion second-quarter increase.
Dollar assets of industrial countries
increased substantially, primarily reflecting large intervention purchases of
dollars in exchange markets. Official
assets of OPEC members posted a
small rise, and dollar holdings of nonOPEC developing countries declined.
The current account was in deficit
$4.3 billion—the fifth consecutive quarterly deficit. An increase in net service
receipts and a small decline in the mer-
Table A.—Summary of U.S.
chandise trade deficit accounted for
the $0.3 billion decline from the secondquarter deficit. The statistical discrepancy (incorrectly recorded and unrecorded transactions) shifted to an
unprecedented quarterly outflow of
$5.2 billion from an inflow of $1.1 billion in the previous quarter, possibly
reflecting the decline of the dollar in
exchange markets and related shifts of
funds from dollars into other currencies.
The statistical discrepancy was the
first negative one in over 2 years.
U.S. dollar in exchange markets
During the third quarter, there were
relatively large swings in the value of
the dollar against most major currencies. Early in the quarter, the dollar
depreciated sharply against the German
mark, Japanese yen, and Swiss franc,
largely reflecting rising exchange market
concern over the size of the U.S.
current-account deficit, especially in
International Transactions
[Millions of dollars, seasonally adjusted]
Line
Lines in tables 1, 2, and 10 in which transactions
are included are indicated in ( )
1976
1976
II
1977
III
IV
-117,032
-90, 709
-142,
761
-113,
286
-29,475
-25,669
-22,577
-3,092
-62
-75
-2,575
-1,405
-2,145
-1,585
-180
-3,396
151
6,887
145
-2,758
-13,348
-231
15,591
2,527
-825
-9,464
-1,175
-2,372
-350
7,092
-3,072
-23,108
-2,909
-10,
209
163
12,899
2,510
5,719
-3,209
13,781
7,908
5,873
12,923
8,243
4,680
-858
335
-1,193
22,442
10,968
11,473
29,214
21,870
7,344
6,772
10,902
-4,129
1,317
1,106
-5,225
-6,331
6,545
-2,802
-9,347
42,196
29,603
12,593
42,243
29,711
12,532
43,074
29,458
13,616
44,951
30,590
14,361
45,402
30869
14,533
451
279
172
Imports of goods and services (15)
Merchandise, excluding military (16)_.
Other goods and services (17-27)
-159,668
-124,014
-35,654
-37,039
-28,343
-38,732
-29,955
-8,777
-41,321
-32,411
-8,910
-42,580
-46,069
-36,561
-9,508
-48,340
-38,347
-9,993
-48,352
-38,378
-9, 974
-31
19
-3,146
-1,878
-544
-485
-556
-1,475
-461
-572
-473
-637
-526
-723
-492
-785
-567
-10,751
-773
-9,779
-1,578
-8,409
-407
-14, 022
228
331
-10,283
6
-723
-9,254
-944
-7,257
-1,405
-6,597
-1,142
-13,108
1,627
34,520
17,945
16,575
6,856
3,847
3,009
7,385
4,051
3,333
8,201
3,070
5,131
12,079
6,977
5,102
9,866
3,372
1,905
1,268
3,325
U.S.
r
Statistical discrepancy (67)
Revised.
Change:
1976-77
*
12,403
5,934
40,237
28,380
11,857
Foreign assets in the United States, net (increase/
capital inflow (+)) (50)
Foreign official assets, net (51)
Other foreign assets, net (58)
1977
133,427
90, 917
42,510
38,591
27,000
11,591
assets abroad, net (increase/capital outflow
(( )) ))(()3 3 )
-42,959
U.S. official reserve assets, net (34)
-2,530
U.S. Government assets, other than official reserve
assets, net (39)
_
_. -4, 213
U.S. private assets, net (43)
-36,216
1976
121,024
84,983
36,041
163,265
114,694
48,571
U.S. Government grants (excluding military grants
of goods and services) (30)
Remittances, pensions and other transfers (31,32). __
16
II-III
II'
Exports of goods and services (1)
Merchandise, excluding military (2)..
Other goods and services (3-13)
-9,275
January-September
Change:
1977
* Preliminary.
25
251-139 O - 78 -
26
SURVEY OF CURRENT BUSINESS
relation to the current-account positions of Germany and Japan (chart 9
and table C). The strength of the mark
tended to bolster the values against
the dollar of other currencies that
maintain relatively fixed exchange rates
with the mark in the joint European
currency float vis-a-vis the dollar (the
snake), particularly the Dutch guilder
and Belgian franc. In addition, reflecting the close trading relationship
between Germany and France, the
mark's strength contributed to the
appreciation of the French franc against
the dollar. Beginning in early August, a
rise in U.S. short-term interest rates
relative to rates abroad led to some
recovery of the dollar against these
CHART 9
Indexes of Foreign Currency Price of the U.S. Dollar (May 1970=100)
Trade-weighted average against 22 OECD currencies^
100
100
80
80
60
i Ii i i i i Ii i i M I i i i i I 1i Ii i IIi i i i i Ii Iii i Ii i i I i i i i i i i 1
60
Trade-weighted average against 10 currencies^
100
II
60 I I I I I I I I I ! I I I I I I I I I I I I I I I I I I I I I I ! I I I I I I I I I I I M I I ! I I M I I I ! 60
1973
1974
1975
1976
1977
Selected currencies^7
120
CANADA
100
*— '
-—-"•^
80 -
-
M i l l 1 1 1 1 11 11 1 1 1 11 I1I I 1 1 11 1 1 1 1 1 1 I I I I I I I I I I I
60
100
FRANCE
IIIII I II III
I I I I I I I I I I I 60
NETHERLANDS
80
80
60
i i I i i I i I I I i 1 i I I I I 1 i I I M 1 i I I I I I I I I i I
80
i i i i l I I i l I I 1 l i l l I I I I i l l I i i i I i I i i I l I
SWITZERLAND
60
160
I l l I l 1 l I M i I i I i I i I i I I I l 1 I l I l l I I l I l i
I I I I l I l I l I l I l I I l I I i I l I I I i I i l i I i i i I I
ITALY
UNITED KINGDOM
A
140
120 -
80
60
80
60
40
100
100
^
.,„
J
-N—^y
40
160
140
120
100
1 1 ! 1 1M
1i l1l II 1 II 1 1 II 1 1 1 11 M 1 1 1l 1
l I1
I l III l I l I I I I I l I I 1 i I I I I I i l 1 l I I I I I I I 80
1975
1976
1977
1975
1976
1977
1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands,
New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury.
2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board.
3. Data: International Monetary Fund.
NOTE.-Data are for end of month.
U.S. Department of Commerce, Bureau of Economic Analysis.
77-12-9
December 1977
currencies except against the Swiss
franc. By late September, the dollar
resumed its decline against these currencies. In contrast, the dollar was
stable against the British pound sterling
in the first part of the quarter, as
British authorities maintained a target
rate between the pound and the dollar.
Later in the quarter, the British
allowed the pound to float more freely,
and the value of the dollar declined
against the pound. From the end of
June to the end of September, the
dollar declined about 1 percent against
most major European currencies and
against the Japanese yen; against the
Swiss franc, the decline was 5 percent.
The U.S. dollar continued to appreciate against the Canadian dollar, reflecting a narrowing of the spread
between United States and Canadian
interest rates and the weakness of
economic activity in Canada relative
to that in the United States. The dollar
also appreciated against the currencies
of Denmark, Norway, and Sweden.
A realinement of exchange rates within
the European snake led to 5 percent
devaluations of the Danish and Norwegian currencies against the dollar.
The Swedish currency was withdrawn
from the snake and was devalued by
10 percent against the dollar.
The average value of the dollar in
exchange markets showed little net
change from the end of June to the
end of September; movements against
major currencies tended to be offsetting.
Measured in terms of its trade-weighted
average value against the currencies of
ten major industrial countries, the
dollar declined less than 1 percent.
The trade-weighted average value of
the dollar against the currencies of 22
OECD countries increased slightly. The
difference between the two measures is
largely explained by the greater weight
of the Canadian dollar and the inclusion of the Danish and Norwegian
currencies in the latter measure.
Merchandise trade
The U.S. merchandise trade deficit
was $7.5 billion in the third quarter
compared with $7.8 billion in the second. Exports increased 1 percent to
SURVEY OF CURRENT BUSINESS
December 1977
$30.9 billion; volume increased 2 percent and prices declined. Imports were
virtually unchanged at $38.4 billion;
volume declined 1 percent.
Nonagricultural exports increased 4
percent to $24.9 billion; both volume
and prices increased 2 percent. Capital
goods—the largest category of U.S.
exports—led the advance, as shipments
of machinery increased 4 percent. Exports of industrial supplies increased
3 percent, largely due to shipments of
chemicals. Also, there was a 10-percent
increase in consumer goods exports.
Partly offsetting was a decrease in
exports of automotive products to
Canada; automotive production in Canada was reduced due to longer than
usual model changeovers.
Agricultural exports declined 10 percent to $6.0 billion; volume increased
1 percent, and prices for major commodities declined sharply. A 38-percent
decrease in exports of soybeans accounted for a large part of the decrease
in the value of agricultural exports.
Grain exports declined 7 percent, and
cotton exports 30 percent. In contrast,
there was an increase in exports of
tobacco.
Petroleum imports declined 4 percent
to $11.5 billion. All of the decline was
in volume, which dropped to 9.4 million
barrels per day from 9.8 million in the
second quarter. The drop probably was
related to the high level of petroleum
inventories in the United States.
Nonpetroleum imports increased 2
percent to $26.9 billion; volume was
unchanged. Imports of automotive
products from overseas increased 20
percent, reflecting continued brisk sales
in the United States and the rebuilding
of depleted inventories by U.S. importers. Capital goods imports increased
9 percent and industrial supplies 3 percent. In contrast, imports of foods
dropped 17 percent (largely coffee), and
automotive imports from Canada declined 8 percent, largely as a result of
the model changeovers. Imports of consumer goods showed little change.
Although the change in the overall
trade balance was small, there were
significant shifts in the balance by
geographical area. A decline in petroleum imports, accompanied by an increase in exports, led to an $0.8 billion
decline, to $5.7 billion, in the trade
deficit with OPEC members. Likewise,
the trade deficit with non-OPEC developing countries narrowed by $0.5
billion to $1.2 billion, as exports rose
and imports declined. In contrast, a
further increase in imports from Japan
widened the trade deficit with that
country to $2.4 billion, from $2.0 billion. Trade balances with Western
Europe and Canada were virtually unchanged, at a surplus of $1.7 billion
and a deficit of $0.4 billion, respectively.
27
Service transactions and
transfers
unilateral
Net service receipts were $4.6 billion,
$0.2 billion more than in the second
quarter, as receipts from exports of
services increased to $14.5 billion.
Increases in transfers under U.S. military agency sales contracts, receipts of
fees and royalties, and receipts from
other private services more than offset a
decline in direct investment income
receipts. Payments for imports of
services were unchanged at $10.0 billion; declines in payments for travel
and transportation were offset by an
increase in income payments on U.S.
Government liabilities.
Net unilateral transfers increased
$0.1 billion to $1.4 billion. Increases in
U.S. Government grants of agricultural
products to developing countries and
in private remittances accounted for
the increase.
U.S. assets abroad
U.S. assets abroad increased $3.4
billion, $6.9 billion less than in the
second quarter. A small decrease—
compared with a large second-quarter
increase—in U.S. bank-reported claims
and reduced outflows for U.S. direct
investments abroad largely accounted
for this slowdown.
Net capital outflows for U.S. direct
investments abroad were $1.1 billion,
compared with $2.0 billion in the second
Table B.—Selected Transactions with Official Agencies
[Millions of dollars]
January-September
Line
1977
I
1
2
3
4
Changes in foreign official assets in the U.S., net
(decrease —) (line 51, table 1)
Industrial countriesal
Members of OPEC .
Other countries
__
5
Changes in U.S. official reserve assets (increase —)
(line 34, table 1)
6
Activity under U.S. official reciprocal currency arrangements with foreign monetary authorities:
Federal Reserve System drawings, or repayments
(—). net
Drawings
Repayments
_
6a
6b
7
7a
7b
Foreign drawings, or repayments (—), net
Drawings *
Repayments*
17,945
3,939
9,324
4,682
3,847
-522
3,482
887
III
IV
I'
IP
III*
II-III
1976
1977*
4,051
-106
3,263
894
3,070
—342
1,774
1,638
6,977
4 909
805
1,263
5,719
2,168
3,249
302
7,908
5,469
1,073
1,366
8,243
7,188
1,441
-386
335
1,719
368
- 1 , 752
10,968
-970
8,519
3,419
21,870
14,825
5,763
1,282
10,902
15,795
-2,756
-2,137
-1,578
-407
228
-388
6
151
-2,758
-231
2,527
145
-773
-2,530
Change:
1976-77
II
169
—399
-568
154
-153
—191
-191
-100
-100
3
15
-109
-124
-163
-163
-144
-144
35
-144
-179
35
-35
154
-390
-444
35
-451
-486
- 1 16 91
-42
300
2 326
-2,026
500
500
760
774
-14
-300
237
-537
-660
815
-1,475
-100
50
-150
-165
70
-235
-35
130
-70
200
960
1,511
-551
-300
120
-420
-1,260
-1,391
131
p Preliminary.
r Revised.
1. EC (9), other Western Eurpoe, Canada, Japan, Australia, New Zealand, and South
Africa.
2. Partly estimated. Based on data for Indonesia, Venezuela, and Middle East and African
oil-exporting countries.
Change:
1977
1976
1976
-35
3. Excludes transactions designed to consolidate existing swap arrangements in 1976-1,
and to refund a short-term obligation into a medium-term obligation in 1976-IV.
4. Includes drawings on and repayments to the U.S. Treasury Department's Exchange
Stabilization Fund.
SURVEY OF CURRENT BUSINESS
28
quarter. Net outflows to petroleum
affiliates declined $0.7 billion to $1.0
billion; there were smaller outflows to
affiliates in Western Europe and the
Middle East and shifts to net inflows
from affiliates in Canada. Net outflows
to affiliates in non-petroleum industries
were $0.1 billion, following a $0.3
billion second-quarter outflow. Outflows to affiliates in Western Europe
and Latin America were largely offset
by inflows from affiliates in Canada and
several other developed countries.
Claims on foreigners reported by
U.S. banks declined $0.2 billion, in contrast to a $4.6 billion increase in the
second quarter (chart 10). This shift to
small inflows from large outflows partly
reflected a rise in U.S. short-term
interest rates relative to short-term
CHART 10
Capital Flows in U.S. International
Transactions
Billion $
15
CHANGES IN U.S. PRIVATE ASSETS ABROAD, NET
rates abroad, and some slackening in
credit demand in foreign markets. There
were shifts to inflows from Caribbean
branches of U.S. banks from large
outflows in the second quarter and
smaller outflows to the United Kingdom.
Net U.S. purchases of foreign securities were $2.2 billion, $0.4 billion
more than in the second quarter.
Foreign new issues were $2.3 billion, up
$0.3 billion. An increase in Canadian
issues, largely corporate issues, more
than offset a decline in Western European issues. U.S. purchases of foreign
stocks increased $0.1 billion, mainly
reflecting purchases of the stock of a
British petroleum company sold by the
British Government. Redemptions and
sales of outstanding bonds increased
slightly.
U.S. official reserve assets declined
$0.2 billion. The major factor in the
decline was a reduction in the U.S.
reserve position in the International
Monetary Fund. The U.S. reserve
position was reduced as foreign countries repaid earlier dollar drawings.
Foreign assets in the United States
10
-5 1
10
I
I
I
I
1
t
CHANGES IN OTHER FOREIGN ASSETS^IN THE
UNITED STATES, NET
Total
I
j _
I J_
I
1
1975
1976
1977
1. Assets held by private foreigners and international financial institutions;
excludes assets held by foreign official institutions.
U.S. Department of Commerce, Bureau of Economic Analysis
77-1210
-10
Foreign assets in the United States
increased $12.9 billion, following a
$13.8 billion increase in the second
quarter. A slightly larger increase in
foreign official assets was more than
offset by a smaller increase in other
foreign assets.
Foreign official assets in the United
States rose $8.2 billion, $0.3 billion
more than the second-quarter increase
(table B). Intervention purchases of
dollars in exchange markets by several
major industrial countries, primarily in
Western Europe, accounted for most
of the step-up; dollar assets of industrial
countries increased $7.2 billion, $1.7
billion more than in the second quarter.
Official assets of OPEC members increased $1.4 billion, up $0.4 billion.
Dollar holdings of other countries
decreased $0.4 billion—compared with
a $1.4 billion increase in the second
quarter.
Other foreign assets in the United
States increased $4.7 billion, compared
with a $5.9 billion increase in the second
quarter. Liabilities to private foreigners
and international financial institutions
December 1977
reported by U.S. banks (lines 60, 64,
and 65, table 1) increased $3.7 billion,
$1.2 billion less than in the previous
quarter. Smaller inflows of funds from
banks in the United Kingdom more
than accounted for the slowdown. In
contrast, inflows from Caribbean
branches of U.S. banks increased.
Net foreign purchases of U.S. securities other than U.S. Treasury securities
were $0.5 billion, down $0.2 billion.
The decrease probably reflected the
lackluster performance of the U.S.
stock market and uncertainty regarding the foreign exchange value of the
dollar. Inflows for foreign direct investments in the United States declined $0.1 billion to $0.5 billion.
Shifts to inflows from Japan and Latin
America from outflows in the second
quarter were largely offset by smaller
inflows from Western Europe and a
shift to outflows to Canada.
Developments in the first 9
months of 1977
In the first 9 months of 1977, U.S.
current-account transactions were in
deficit by $13.1 billion, compared with
near balance in the same period of
1976. A $16.6 billion increase, to $22.4
billion, in the deficit on merchandise
trade more than accounted for the
increase in the current-account deficit.
Imports increased more rapidly than
exports, largely reflecting the stronger
growth in U.S. economic activity relative to that in most other industrial
countries and increased U.S. dependence on petroleum imports. Imports
were $113.3 billion, 25 percent higher
in value and 16 percent higher in volume
than in 1976. Petroleum imports rose
sharply in response to a rise in domestic
consumption and stockbuilding; prices
rose 9 percent, and volume rose 22
percent, averaging 9.5 million barrels
per day. Nonpetroleum imports were
20 percent higher in value and 11
percent higher in volume. The largest
increases were in imports of industrial
supplies, consumer goods, and foods.
Exports rose 7 percent to $90.9 billion;
volume rose 2 percent. Agricultural
exports rose 8 percent in value and 3
percent in volume; soybeans and cotton
led the advance. Nonagricultural exports increased 7 percent in value and
SUEVEY OF CURRENT BUSINESS
December 1977
2 percent in volume, largely the result
of increases in exports of machinery,
industrial supplies, and consumer goods.
Partly offsetting the increase in the
trade deficit, net service receipts rose
$3.4 billion to $13.0 billion. Large
increases in net investment income
receipts and net receipts on military
transactions exceeded increases in net
payments for travel, passenger fares,
and other transportation.
U.S. assets abroad rose $13.3 billion,
less than half the $28.9 billion increase
in 1976. A much smaller rise in claims
on foreigners reported by U.S. banks—
most of which was attributable to a
large first-quarter reduction—accounted
for over two-thirds of the slowdown.
Contributing factors were rising U.S.
interest rates relative to interest rates
abroad and some slackening in foreign
credit demand. Net U.S. purchases of
foreign securities were one-third lower
than in 1976; the major factor was a
decline in new issues by Canadian
entities. Outflows for U.S. direct investments abroad declined, as slack
business conditions in many countries
reduced funding requirements of overseas affiliates. There was a small increase in U.S. official reserve assets,
compared with the large increase in
1976, reflecting net repayments by
foreign countries of drawings on reciprocal currency (swap) arrangements
with the United States and reduced
dollar drawings from the International
Monetary Fund. The repayments and
the reduced drawings were largely attributable to the dollar's decline in
exchange markets.
Foreign assets in the United States
increased $29.2 billion, compared with
a $22.4 billion increase in the first 9
months of 1976. The change was more
than accounted for by a near doubling
29
of the increase in foreign official assets
in the United States. Official assets of
industrial countries, in contrast to their
1976 decline, increased sharply, reflecting large intervention purchases in exchange markets by several major countries. OPEC members continued to add
to their official dollar holdings, but at a
slower rate than in 1976. Likewise,
there was a smaller increase in dollar
holdings of other countries. Among
other foreign assets in the United
States, purchases of U.S. securities
other than U.S. Treasury securities
showed some increase, particularly in
in foreign purchases of new issues sold
abroad by U.S. corporations. Liabilities
to private foreigners and international
financial institutions increased half as
much as in 1976. Inflows for foreign
direct investments declined slightly.
Table C.—Indexes of Foreign Currency Price of the U.S. Dollar
[May 1970=100]
End of period
1975
I
Trade-weighted average against 22 OECD currencies *
Trade-weighted average against 10 currencies 8
Selected currencies: 3
Canada
France
Germany
Italy
Japan
Netherlands
Switzerland
United Kingdom
II
{Continued from page 6)
III
IV
I
II
III
IV
I
II
III
82.7
79.2
84.7
80.4
89.7
87.1
89.1
86.6
88.8
89.1
89.1
90.4
88.2
90.5
89.7
89.9
90.7
90.3
89.7
89.6
90.3
89.1
93.4
76.4
64.6
100.5
81.9
65.9
58.5
99.7
96.0
73.2
64.8
100.2
82.6
67.2
57.9
109.3
95.5
82.2
73.3
109.3
84.3
75.3
63.6
117.7
94.6
81.3
72.2
108.7
85.0
74.0
60.6
118.7
91.6
84.6
69.9
133.6
83.5
74.0
58.6
125.4
90.2
85.9
70.9
133.7
82.9
75.3
57.2
134.9
90.6
89.3
67.1
136.7
80.1
70.7
56.8
143.2
94.0
90.0
65.0
139.1
81.6
67.7
56.7
141.1
98.4
90.0
65.8
141.1
77.3
68.6
58.8
139.7
98.7
89.1
64.4
140.7
74.6
68.1
56.9
139.6
99.9
88.8
63.5
140.3
74.0
67.3
54.1
137.6
1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway,
Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department
of the Treasury.
were increases in this dropout rate
among workers in the hard-hit construction and manufacturing industries,
the all-industry dropout rate remained
the same from 1973-74 to 1974-75.
By sex, an increase in the rate for men
(from 14.0 to 14.9 percent) was offset
by a decrease for women (from 21.3 to
20.0 percent). The latter change is
attributable to the secular increase in
the female labor force participation
rate, which is due, in part, to a reduced
tendency for women in the labor force
to leave it, and which more than offset
the tendency of the recession to increase
the dropout rate.
The dropout rate declined from
1977
1976
2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board.
3. Data: International Monetary Fund.
1973-74 to 1974-75 for workers aged
65 and over (especially for black
women). Perhaps some of them postponed their retirement in order to supplement other family members' incomes
that were reduced or eliminated by the
recession. The decline in the dropout
rate for workers aged 65 and over was
generally confined to those earning
under $3,000 (table 4).
Changes in individual earnings.—
Table 5 shows the distribution of
earnings changes in 1973-74 and 197475 for workers in various earnings
groups. The recession had only a slight
effect on this distribution. For example,
the proportion of all workers who had
earnings increases of at least 50 percent
fell only from 13.1 percent in 1973-74
to 11.2 percent in 1974-75—a decline
almost entirely accounted for by
workers in the lowest earnings group.
The proportion with earnings decreases
of at least 10 percent rose only from
14.4 percent in 1973-74 to 16.3 percent
in 1974-75. Much more striking than
these changes is the fact that in both
periods, workers in each of the earnings
groups were widely scattered among
the earnings-increase- and earningsdecrease-size categories. Apparently,
the year-to-year variability of individual
earnings (especially when those earnings
are based on data for one quarter) was
sufficiently pronounced to mask the
adverse effects of the recession.
SUEVEY OF CUKRENT BUSINESS
30
December 1977
Table 1.—U.S. International Transactions
[Millions of dollarsi
1976
II
Exports of goods and services 2
10
11
12
13
14
1977
1976
(Credits +; debits - ) *
Line
-
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts.
Travel
--Passenger fares
--Other transportation
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
...
U.S. Government miscellaneous services
Receipts of income on U.S. assets abroad:
Direct investments 4 *
Other private receipts
U.S. Government receipts
III
IV
38,560
40,999
39,897
43,809
42,656
45,836
43,310
114,694
5,213
5,806
1,225
6,529
3,522
844
3,586
478
27,291
1,132
1,357
227
1,465
850
198
823
124
29,390
1,193
1,518
299
1,694
890
207
874
118
27,428
1,403
1,723
427
1,734
857
216
916
116
1,486
1,208
272
1,636
925
224
973
119
29,399
1,912
1,455
246
1,587
814
227
1,028
135
31,781
1,702
1,581
350
1,829
909
228
1,081
123
28,979
1,918
1,772
457
1,814
927
228
1,145
117
11,127
8,955
1,287
2,740
2,075
2,346
2,151
319
2,375
2,376
326
2,354
362
3,099
2,479
3,297
2,547
407
2,835
2,795
323
86
156
94
27
32
-39,269
-41,822
-42,470
-30,358
-1,228
-1,765
-741
-1,528
-83
-49
-448
-242
- 3 1 , 928
-1,237
-2,391
-717
-1,676
-59
-49
-474
-431
-33,599
-1,222
- 1 , 438
-527
-1,676
-46
-49
-497
-307
-286
-1,457
-1,085
-254
-1,439
-1,167
-485
-1,426
-1,199
279
Transfers of goods and services under U.S. military grant programs, net..
16
17
18
19
20
21
22
23
24
25
26
27
Imports of goods and services
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on foreign assets in the United States:
Direct investments 4 *
O ther private payments
U.S. Government payments
-159,668
276
46
-36,108
---
III*
163,265
50
15
II'
-124,014
-4,847
-6,856
-2,542
-6,307
-274
-194
-1,846
-1,228
-1,360
-5,681
-4,520
-28,129
-1,160
-1,262
-557
-1,427
-85
-49
-428
-249
-335
-1,359
-1,069
-49,344
-44,940
-36,150
-1,329
-1,387
-622
-1,697
-61
-50
-521
-347
-240
-1,345
-1,189
-39,117
-1,403
-2,013
-871
-1,862
-57
-50
-540
-38,036
-1,431
-2,525
-782
- 1 , 928
-51
-51
-564
-321
-341
-1,484
-1,271
-279
-1,589
-1,391
28
U.S. military grants of goods and services, net
-156
-94
-27
-32
29
Unilateral transfers (excluding military grants of goods and services), net
-5,023
-995
-1,109
-1,884
-1,036
-1,124
-1,312
-1,302
30
31
32
U.S. Government grants (excluding military grants of goods and services).
U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow (-))..
-3,146
-930
-948
-537
-226
-232
-642
-231
-236
-1,424
-238
-223
-544
-235
-257
-625
-240
-259
-813
-232
-268
-735
-254
-313
-42,959
-10,969
-9,781
-8,282
-13,927
106
-10,280
-3,264
-407
228
33
34
35
36
37
U.S. official reserve assets, net 8 .
Gold
Special drawing rights
—
Reserve position in the International Monetary Fund.
Foreign currencies
-78
- 2 , 212
-240
-45
-237
-491
14
-798
-794
-18
^716
327
-29
-461
718
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term assets
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets, net
-4,213
-6,927
2,585
129
-942
-1,537
649
-54
-947
-1,883
785
151
- 1 , 278
-1,858
559
21
-1,047
-1,649
591
11
-1,134
-1,771
578
-823
-1,487
755
-91
-1,044
-1,744
661
39
-36,216
-4,596
- 8 , 730
-9, 254
-2,427
- 2 , 460
- 7 , 257
-142
-1,357
-6,597
- 1 , 205
-2,743
-13,108
-822
-2,171
1,627
-404
-692
-§, 464
-1,998
- 1 , 784
-2,372
-1,100
-2,190
10
-1,996
-191
-547
145
-1,149
66
657
-10
-957
45
-767
-1,197
47
627
-2,124
- 1 8 , 780
-289
-3,341
-377
-4,377
-978
-2,394
-480
-8,668
-306
3,752
23
-4,576
-441
685
13,781
12,923
U.S. private assets, net
-.
Direct investments abroad 5
Foreign securities. __
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported b y U.S. banks, not included elsewhere:
Long-term. _
Short-term
62
-50
-2,530
-773
-1,578
151
-58
-83
-389
59
133
27
Foreign assets in the United States, net (increase/capital inflow ( + ) ) - .
34,520
6,856
7,385
8,201
12,079
2,510
"Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities 8
Other»_.
Other U.S. Government liabilities w____
U.S. liabilities reported b y U.S. banks, not included elsewhere...
Other foreign official assets n
17,945
9,899
9,333
566
4,938
893
2,215
3,847
2,066
1,998
68
1,524
-412
4,051
2,482
2,166
316
743
135
691
3,070
1,326
1,260
66
1,819
-599
524
6,977
4,025
3,909
116
852
1,769
331
5,719
5,249
5,149
100
712
-420
178
7,908
5,733
5,124
609
456
752
967
8,243
7,570
6,943
627
319
-152
506
Other foreign assets in the United States, net--.
Direct investments in the United States 6 _ .
U.S. Treasury securities.
U.S. securities other than U.S. Treasury securities.
16, 575
2,176
2,783
1,250
3,009
709
437
1,030
5,131
561
3,026
5,102
504
-592
131
3,209
537
1,047
879
5,873
568
-1,370
736
4,680
511
1,247
514
-947
331
-233
394
-162
-76
-241
-56
-311
-229
-145
-183
-222
175
10,807
-105
777
-16
3,544
75
221
4,787
47
-5,345
105
6,239
192
9,866
2,655
1,776
3,890
1,545
793
1,321
-2,719
Memoranda:
Balance on merchandise trade (lines 2 and 16)
B alance on goods and services (lines 1 and 15) 12
Balance on goods, services, ?nd remittances (lines 69, 31, and 32) _
B alance on current account (lines 69 and 29) 12_
-9,320
3,596
1,719
- 1 , 427
2,453
1,995
1,458
1,730
1,262
621
-4,500
-1,925
-2,386
-3,809
-3,014
1,339
847
-6, 751
-2,285
-2, 784
-3,409
-7,336
-3,509
-4,008
-4,821
-9,057
-5,639
-6,205
-6,940
Transactions in U.S. official reserve assets and in foreign official assets in the United States:
Increase (—) in U.S. official reserve assets, net (line 34)
Increase ( + ) in foreign official assets in the United States (line 51 less line 55)
-2,530
13,007
-773
2,323
-1,578
3,308
-407
1,251
228
6,125
-388
5,007
6
7,452
151
7,924
U.S. liabilities to unaffiliated foreigners reported b y U.S* nonbanking concerns:
Long-term...
Short-term
U.S. liabilities reported b y U.S. banks, not included elsewhere:
Long-term
Short-term
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
See footnotes on page 40.
21
-48
-42
SURVEY OF CURRENT BUSINESS
December 1977
31
Table 2.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
1976
(Credits + ; debits - ) 1
Line
II
Exports of goods and services 2
38,591
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts.
Travel
.
Passenger fares
Other transportation
Fees and royalties from affiliated foreigners. _
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on4 U.S.
assets abroad:
Direct investments 6
Other private receipts
U.S. Government receipts
10
11
12
13
27,000
1,095
1,343
267
1,551
885
198
823
131
14
Transfers of goods and services under U.S. military grant programs, net..
15
Imports of goods and services
16
17
18
19
20
21
22
23
24
25
26
27
28
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to affiliated foreigners...
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on
foreign assets in the United States:
Direct investments 4 5_
_
Other private payments
_
_
U.S. Government payments
_
_
U.S. military grants ofgoods and services, n e t . . . - .
29
Unilateral transfers (excluding military grants of goods and services), net
30
31
32
U.S. Government grants (excluding military grants of goods and services)U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow (—))
8
U.S. official reserve assets, n e t . .
Gold
.--Special drawing rights.
_
_
Reserve position in the International Monetary Fund _
Foreign currencies
40,237
1,189
1,492
312
1,628
879
207
874
109
IV
II r
42,196
42,243
43,074
44,951
45,402
29,603
1,472
1,494
327
1,671
897
216
916
117
29,711
1,457
1,477
319
1,679
861
224
973
121
29,458
1,845
1,426
287
1,679
848
227
1,028
143
30,590
1,714
1,553
358
1,755
899
228
1,081
113
2,008
1,535
351
1,747
971
228
1,145
118
2,857
2,314
250
3,244
2,537
3,644
2,634
2,851
2,122
2,596
2,225
2,823
325
346
366
50
86
156
-37,039
2,294
-38,732
-41,321
-28,343
-1,160
-1,698
-644
-1,488
-85
-49
-428
-283
-317
-1,446
-1,098
-29,955
-1,228
-1,637
-596
-1,536
-83
-49
-448
-313
-286
-1,510
-1,091
-32,411
-1,237
-1,710
-640
-1,600
-59
-49
-474
-325
-284
-1,378
-1,154
-50
-86
-1,029
352
-42,580
-33,305
- 1 , 222
-1,811
-662
-1,683
-46
-49
-497
-308
46
-46,069
27
32
-48,352
-38,347
-1,403
-1,872
-707
-1,872
-57
-50
-540
-38,378
-1,431
-1,819
-703
-1,838
-51
-51
-564
-1,541
-316
-1,524
-1,375
-473
-1,347
- L 177
-156
-94
-46
-1,015
-1,936
-1,045
-1,163
-544
-226
-259
-556
-231
-228
-1,475
-238
-223
-572
-235
-637
-240
-286
-1,215
-723
-232
-260
-10,751
-9,779
-8,409
-14,022
331
-10,283
-407
228
-29
-773
-1,578
3,349
-48,340
-36,561
-1,329
-1,853
-722
-1,770
-61
-50
-521
-321
-224
-1,436
-1,221
- 1 , 277
-27
-32
-1,352
-785
-254
-313
-3,396
151
-58
-83
-80
169
-9
133
27
-1,631
662
60
-825
-1,386
652
-91
-1,175
-1,948
734
39
-13,108
-822
-2,171
1,627
-404
-692
-9,464
-1,998
-1,784
-2,372
-1,100
-2,190
66
657
-10
-957
45
-767
68
-1,197
47
627
-377
-4,377
-978
-2,394
-480
-306
3,752
23
-4,576
-441
685
14
-798
-794
-18
-716
327
-461
718
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
_
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets, n e t .
-723
-1,402
733
-54
-944
-1,778
683
151
-1,405
-2,058
632
21
-1,142
-1,689
536
11
U.S. private assets, net
_
Direct investments abroad s
_
__
Foreign securities
_
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
_
Short-term
_
_
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
_
Short-term
_._
_
-9,254
-2,427
-2,460
-7,257
-1,357
-6,597
-1,205
-2,743
-191
-547
145
-1,149
-289
-3,341
-142
59
-909
Foreign assets in the United States, net (increase/capital inflow ( + ) ) .
6,856
7,385
8,201
12,079
2,510
13,781
12,923
Foreign official assets in the United States, net _
U.S. Government securities8
U.S. Treasury securities
Others
_
Other U.S. Government liabilities 10.
.___
U.S. liabilities reported by nU.S. banks, not included elsewhere
Other foreign official assets
__
Other foreign assets in the United States, net
Direct investments in the United States «_._
U.S. Treasury securities
_..
U.S. securities other than U.S. Treasury securities.
3,847
2,066
4,051
2,482
3,070
1,326
1,260
66
1,819
-599
524
5,131
561
3,026
6,977
4,025
3,909
5,719
5,249
5,149
7,908
5,733
5,124
116
852
100
712
609
456
1,769
-420
8,243
7,570
6,943
627
319
-152
506
4,680
511
1,247
514
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
_.
Short-term
68
III
-45
-237
-491
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
67
67a
1977
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed).
Of which seasonal adjustment discrepancy
Memoranda;
Balance on merchandise trade (lines 2 and 16) 12
_
Balance on goods and services (lines 1 and 15)
_
_.
Balance on goods, services, and remittances (lines
69,
31,
and 32).
Balance on current account (lines 69 and 29) 12
Transactions in U.S. official reserve assets and in foreign official assets in the United States:
Increase ( - ) in U.S. official reserve assets, net (line 34)
Increase (+) in foreign official assets in the United States (line 51 less line 55)
See footnotes on page 40.
2,166
1,524
-412
669
3,009
709
437
1,030
316
743
135
691
3,333
504
-592
131
331
178
5,102
-3,209
403
-88
21
1,047
537
752
967
5,873
568
-1,370
879
-233
-162
-76
-241
-56
-311
-229
-145
-183
-222
-48
-42
-105
111
-16
3,544
75
221
4,787
47
-5,345
105
6,239
192
2,306
3,372
717
1,905
129
1,268
-2, 622
3,325
1,780
1,317
524
1,106
-215
-5,225
-2,506
-1,343
-1,575
1,505
1,046
490
-2,808
875
414
-1,061
-3,594
-337
-810
-1,382
-7,103
-2,995
-3,521
-4,158
-7,757
-3,389
-3,881
-4,604
-7,509
-2,950
-3,517
-4,302
-1,578
3,308
-407
1,251
228
6,125
5,007
6
7,452
151
7,924
1,552
1,067
523
-773
2,323
SUEVEY OF CUREENT BUSINESS
32
December 1977
Table 3.—U.S. Merchandise Trade
[Millions of dollars]
Not seasonally adjusted
Line
1976
1976
Seasonally adjusted
1976
1977
1977
I
II
III
IV
I
II r
III*
I
II
III
IV
I
II r
27,314
29,635
27,305
30,548
29,424
31,654
28,742
27,036
28,655
29,486
29,688
29,478
30,477
20
19
30
22
12
27
22
17
157
22
25
139
22
14
285
32
23
234
38
25
201
20
19
30
22
12
27
22
17
157
22
25
139
22
14
285
32
23
234
III*
Balance of payments adjustments to Census trade
data:
EXPORTS
A
Merchandise exports, Census basis,* including reexports and excluding military grant shipments.. 14,802
1
30,628
Adjustments:
2
3
4
Private gift parcel remittances
86
Virgin Islands exports to foreign countries
73
Gold exports, nonmonetary
353
Inland U.S. freight to Canada
659
U.S.-Canadian
reconciliation
adjustments,
1,546
n.e.c, net 2
Merchandise exports transferred under U.S.
military agency sales
contracts
identified
in
-2,975
Census documents 3
_
_
150
Other adjustments, net 4
Of which quarterly allocation of5 annual seasonal adjustment discrepancy
5
6
7
8
9
10
Equals: Merchandise exports, adjusted to balance
of payments basis, excluding "military" (table
1, line 2)
38
156
179
157
167
186
163
159
165
167
168
172
25
201
167
414
294
364
474
319
456
372
414
294
364
474
319
456
372
-720
-690
-728
-837
-794
-855
-742
-720
-837
-794
-855
-742
89
134
47
-38
51
180
42
-690
-105
-728
58
118
32
-38
51
180
—16
-16
-16
-15
167
172
14,694
27,291
29,390
27,428
30,585
29,399
31,781
28,979
27,000
28,380
29,603
29,711
29,458
30,590
30,869
20,678
27,323
29,418
31,402
32,535
34,990
37,911
36,997
27,503
28,979
31,845
32.199
35.401
37.141
37,339
2,469
939
609
105
568
167
512
305
780
362
724
347
670
472
620
412
609
105
568
167
512
305
780
362
724
347
670
472
620
412
-22
147
-189
-34
81
-78
142
-63
70
-62
210
-72
166
-111
-56
54
-37
45
-78
142
-63
70
34
36
IMPORTS
Merchandise imports, Census basis i (general imports). . . .
11
Adjustments:
12
13
14
Virgin Islands imports from foreign countries
Gold imports, nonmonetary
U.S.-Canadian
reconciliation
adjustments,
n e e net 2
Merchandise imports of U.S. military
agencies
identified in Census documents 3
Other adjustments, net 5
Of which quarterly allocation of annual seasonal
adiu^tment discreoancv '
15
16
17
18
Equals: Merchandise imports, adjusted to balance
of payments basis excluding "military" (table 1,
line 16)
B
Merchandise trade, by area, adjusted 7to balance of
payments basis, excluding military:
-98
-22
147
-189
-34
81
-301
-62
176
-72
130
-111
-56
12
-37
45
327
9
49
40
42
24,014
28,129
30,358
31,928
33,599
36,150
39,117
38,036
28,343
29,955
32,411
33,305
36,561
38,347
38,378
14,694
31,934
24,968
5,074
19,171
6,966
27,291
7,391
5,751
1,145
4,443
1,640
29,390
7,961
6,168
1,216
4,775
1,793
27,428
7,367
5,728
1,279
4,288
1,639
30,585
9,215
7,321
1,434
5,665
1,894
29,399
8,819
6,861
1,458
5,169
1,958
31,781
9,201
7,201
1,552
5,404
2,000
28,979
7,898
6,145
1,375
4,566
1,753
27,000
7,072
5,569
1,092
4,315
1,503
28,380
7,671
5,970
1,219
4,570
1,701
29,603
8,424
6,492
1,392
4,919
1,932
29,711
8,767
6,937
1,371
5,367
1,830
29,458
8,460
6,652
1,395
5,023
1,808
30,590
8,793
6,883
1,561
5,171
1,910
30,869
9,057
6,975
1,501
5,248
2,082
Eastern 2Europe
Canada
Latin American Republics and other Western
Hemisphere
4,057
26,336
1,127
6,306
1,084
7,151
930
6,023
916
6,856
855
6,898
684
7,702
466
6,406
1,034
6,444
1,071
6,558
1,131
6,636
821
6,698
16, 843
4,150
4,226
4,112
4,355
3,861
4,334
5,002
4,288
4,128
4,257
4,170
790
7,053
3,989
681
7,066
4,231
7,055
5,188
Japan
Australia, New Zealand and South Africa
Other countries in Asia and Africa
10,196
3,920
21,408
2,408
906
5,003
2,462
1,038
5,468
2,613
973
5,410
2,713
1,003
5,527
2,809
961
5,196
2,553
889
6,418
2,475
996
5,736
2,299
906
4,941
2,496
1,038
5,315
2,724
973
5,568
2,677
1,003
5,584
2,688
961
5,134
2,592
889
6,249
2,581
996
5,901
16
103
-110
-9
383
89
-m
EXPORTS
1
Total, all countries (A-10)
Western Europe
.
.
European Communities (9)
United Kingdom.
. ..
European Communities (6)
Western Europe, excluding EC (9)
2
3
4
5
6
7
8
9
10
11
12
13
Seasonal adjustment discrepancy (Bl less B2, 7-12)
15
16
Memoranda:
Developed
countries 7
OPEC 7
Other developing countries 7
17
Total, all countries (A-18)
14
575
72,386
11,558
26,693
17,011
2,490
6,663
18, 612
2,926
6,768
16,976
2,867
6,655
19, 787
3,275
6,607
19,487
2,873
6,184
20, 345
3,392
7,360
17,775
3,340
7,398
16,721
2,567
6,662
17,763
2,817
6,626
18,757
3,009
6,816
19,145
3,165
6,589
19,162
2,968
6,155
19, 340
3,262
7,218
19, 689
3,494
7,595
. . . . . . . . 124,014
28,129
30,358
31,928
33,599
36,150
39,117
38,036
28,343
29,955
32,411
33,305
36,561
38,347
38,378
Western Europe
European Communities (9).. United Kingdom
European Communities (6)
Western Europe, excluding EC (9)
23,003
17,739
4,160
12,823
5,264
5,526
4,2C0
5,620
4,304
1,057
3,072
1,316
6,131
4,814
1,079
3,540
1,317
6,463
5,004
1,142
3,660
1,459
7,112
5,651
1,331
4,115
1,461
7,364
5,866
1,354
4,307
1,498
5,528
4,221
3,047
1,326
5,726
4,421
1,051
3,164
1,305
3,047
1,307
5,675
4,390
1,025
3,164
1,285
5,733
4,352
1,089
3,072
1,381
6,067
4,776
1,053
3,540
1,291
6,462
5,026
1,163
3,660
1,436
7,057
5,616
1,301
4,115
1,441
7,315
5,889
1,394
4,307
1,426
Eastern 2Europe
Canada
Latin American Republics and other Western
Hemisphere
875
26,442
199
5,963
215
7,082
239
6,403
222
6,994
222
7,081
315
7,887
296
7,004
199
6,099
215
6,710
239
6,858
222
6,775
222
7,274
17,204
4,188
4,092
4,204
4,720
5,823
5,409
4,839
4,082
4,176
4,256
4,690
5,679
315
7,457
5,412
7,490
4,902
3,482
556
8,215
3,854
589
8,800
4,130
703
10,699
4,132
571
11,858
4,592
693
13,109
4,894
731
12,908
3,557
598
7,918
3,823
593
9,050
3,970
615
10,931
4,181
673
10,581
4,212
611
11, 439
4,556
698
13,507
5,007
749
13,129
-287
-191
116
662
-655
-510
16,801
6,422
6,798
17,176
7,650
7,383
17,696
7,545
7,577
18,559
8,511
8,428
19,768
9,765
8,921
20,561
9,179
8,775
IMPORTS
18
19
20
21
22
23
24
25
„.
27
28
Japan _
Australia, New Zealand, and South Africa
Other countries in Asia and Africa
29
Seasonal adjustment
23-28)
26
30
31
32
4,065
631
10,766
discrepancy (17 less B18,
Memoranda:
Developed
countries 7
OPEC 7
Other developing countries 7
See footnotes on page 41.
15,531
2,479
38, 480
973
993
362
67,455
27,409
27,966
15, 527
6,145
6,258
17,251
6,131
6,755
16,719
7,455
7,361
17,958
7,678
7,592
18,247
8,996
8,506
20,284
9,316
8,969
19,993
8,931
8,739
15,782
5,792
6,208
296
SURVEY OF CURRENT BUSINESS
December 1977
33
Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
1976
Line
1976
II
Seasonally adjusted
1977
III
IV
4,500
1,747
1,424
222
1,216
323
3,014
3,084
2,507
355
2,125
577
691
694
-138
1976
II
1977
II r
III*
III
-7,336
2,089
1,550
221
1,289
539
-9,057
534
279
21
259
255
-1,343
1,544
1,348
99
1,268
196
-1,575
1,996
1,580
194
1,406
416
-2,808
2,691
2,140
303
1,847
551
-185
170
-598
835
345
856
-152
892
-222
II'
IV
III v
Merchandise trade, by area, adjusted to balance of
payments basis, excluding military—Continued
BALANCE (EXCESS OF EXPORTS+)
Total, all countries
Western Europe
European Communities (9)
--United Kingdom
European Communities (6)
Western Europe, excluding EC (9)..
-9,320
7,229
914
6,348
1,702
Eastern 2Europe
Canada
Latin American Republics and Other Western
Hemisphere
-
3,182
-106
Japan
Australia, New Zealand and South Africa.
Other countries in Asia and Africa
5,335
1,441
•17,072
-838
1,865
1,551
172
1,396
314
-968
2,235
1,747
165
1,611
488
928
343
-361
1,074
350
3,212
134
-92
-365
•1,392
449
-3,332
-1,452
342
-5,356
-1,417
300
-5,172
Seasonal adjustment discrepancy (BIS less B29)m_.
Memoranda:
Developed
countries 7
_
OPEC 7
_
Other developing countries 7
1,484
4,931
•15,851 -3,655
405
1,273
6,751
2,356
1,857
316
1,509
499
633
-183
-1,962
163
206
-48
-2,039
-2,419
265
-7,172
-1,258
308
-2,977
-1,327
445
-3,735
-1,246
358
-5,363
890
81
196
-6,691
-7,103
1,998
1,626
232
1,363
372
599
568
-221
-7,757
1,736
1,267
260
1,056
469
-7,509
1,742
1,086
107
941
656
279
-435
-77
-1,075
•1,323
390
-6,662
-3,594
2,700
2,161
318
1,827
539
-346
-1,690 -1,181
-520
-1,504
330
-4,997
-126
-1,524
350
-6,305
-279
-1,964
191
-7,258
-2,426
247
-7,228
744
26
-428
-6,503
-1,703
-872
-5,685
-1,180
1,361
-3,205
13
257
•4,588
-706
1,829
-4,403
-985
1,240
-6,123
-2,322
61
-5,924
-1,609
-2,218
-5,591
-1,341
939
-3,225
454
962
-3,605
-172
1,581
-4,641
-567
1,449
-4,380
29,603
29,458
6,118
23,340
30,590
23,891
6,019
24,850
-5,543
-2,273
Merchandise trade, by principal end-use category,
adjusted to balance of payments basis, excluding
military:
EXPORTS
114,694
23,381
91,313
27,291
5,694
21,597
29,390
5,680
23,710
27,428
5,424
22,004
30,585
6,583
24,002
29,399
6,415
22,984
31,781
6,492
25,289
28,979
5,222
23,757
27,000
5,410
21,590
28,380
5,846
22,534
23,364
29,711
5,886
23,825
19,795
19,374
12,216
3,323
4,725
4,665
2,979
816
4,855
4,776
3,016
776
4,671
4,527
3,180
494
5,544
5,406
3,041
1,237
5,009
4,921
2,659
1,272
5,267
5,138
2,685
1,325
4,280
4,064
2,492
477
4,609
4,528
2,979
720
4,960
4,861
3,016
780
5,360
5,226
3,180
860
4,866
4,759
3,041
963
4,902
4,797
2,659
1,117
5,401
5,248
2,685
1,329
4,932
4,710
2,492
827
Industrial supplies and materials.
Agricultural
Nonagricultural
_
Fuels and lubricants
Petroleum and products 8__.
32.510
3,729
28,781
4,666
1,091
7.627
965
6,662
935
241
8.273
844
7,428
1,290
263
8.075
838
7,236
1,147
8.535
1,082
7,455
1,294
318
8,569
1,373
7,196
899
302
9,224
1,183
8,041
1,399
8,809
990
7,819
1,299
352
7,659
817
6,855
1,086
241
7,988
846
7,101
1,200
263
8,323
1,028
7,314
1,174
8,540
1,038
7,511
1,206
318
8,602
1,175
7,394
1,039
302
8,914
1,197
7,695
1,295
330
9,082
1,222
7,903
1,328
352
Capital goods, except automotive
__
Machinery, except consumer-type
Civilian aircraft, complete—all types.
Other transportation equipment
38,716
31,751
3,221
779
9,305
7,700
652
208
10,066
8,157
961
178
9,167
7,689
665
123
10,178
8,205
943
270
9,597
8,206
516
120
10,243
8,569
824
124
9,529
8,189
517
131
9,105
7,675
514
201
9,531
7,837
790
8,033
927
155
10,216
8,206
990
254
9,427
8,182
431
114
9,728
8,237
701
117
10,233
8,561
742
162
Automotive vehicles, parts, and engines.
To Canada »
To all other areas
12,100
8,429
3,671
2,885
2,052
3,232
2,325
2,657
1,782
875
3,326
2,270
1,056
3,193
2,334
859
3,464
2,520
2,714
1,798
2,850
2,018
856
3,023
2,121
3,051
2,107
924
3,176
2,183
1,011
3,157
2,295
3,241
2,300
3,125
2,131
833
907
1,923
2,084
2,135
1,913
1,962
2,001
2,131
2,148
Total (A-10).
Agricultural products
Nonagricultural products
Foods, feeds, and beverages._
Foods, feeds, and beverages—agriculturalGrain
Soybeans
_
Consumer goods (nonfood), except automotive.
All other, including balance of payments adjustments, not included in lines C 4-20
Seasonal adjustment discrepancy (Cl less C4,8,13,
17,20, and21)
8,007
3,566
1,900
2,100
849
864
935
944
916
2,305
2,286
1,278
1,361
954
796
918
-81
120
-US
915
964
2,157
2,382
1,196
1,408
-47
-293
38,347
3,882
34,465
38,378
3,177
35,201
IMPORTS
Total (A-18)
Agricultural products
Nonagricultural products,.
Foods, feeds, and beverages..
38
24,014 28,129 30,358
11,215
2,684 2,814
.12, 799 25,445 27,544
31,928
2,793
29,135
33,599
2,924
30,675
36,150
3,617
32,533
39,117
3,945
35,172
38,036
3,056
34,980
28,343
2,649
25,694
2,877
2,970
3,127
3,577
4,011
3,198
2,664
11,584
2,610
29,955 32,411
2,767 2,914
27,188 29,497
2,838
2,885
30,420
36,561
3,614
32,947
3,065
3,017
3,650
3,956
3,300
19,102
11,679
11,032
21,228
12,612
11,934
21,053
12,180
11,456
Industrial supplies and materials.
Fuels and lubricants
Petroleum and products 8
64,727
37,079
34,573
14,478
8,549
7,998
15,422
8,474
7,904
17,013
9,737
9,179
17,814
10,319
9,492
19,692
12,297
11,622
20,771
12,091
11,415
20,562
11,830
11,163
14,051
8,097
7,571
15,714
8,823
8,252
17,411
10,014
9,408
17,551
10,145
9,342
Capital goods, except automotive
Machinery, except consumer-type.
Civilian aircraft, engines, parts
11,062
10,656
406
2,576
2,465
112
2,791
2,695
96
2,719
2,622
97
2,976
2,874
101
3,059
2,952
107
3,379
3,241
138
3,473
3,336
137
2,572
2,475
112
2,716
2,636
2,812
2,685
97
2,962
2,860
101
3,056
2,964
107
3,291
3,175
138
3,587
3,410
137
Automotive vehicles, parts, and engines.
From Canada
_._
From all other areas.
16,365
8,056
4,060
1,907
2,154
4,425
2,175
2,249
3,724
1,806
1,917
4,156
2,168
4,492
2,398
2,094
4,944
2,606
4,297
1,890
2,407
3,959
1,860
2,056
4,078
2,032
2,057
4,224
2,152
2,046
4,104
2,012
2,149
4,392
2,348
2,002
4,567
2,450
2,139
4,863
2,245
2,569
Consumer goods (nonfood), except automotive..
All other, including balance of payments adjustments, not included in lines C 26-36
18,436
3,861
4,327
5,125
5,123
4,962
5,442
6,087
4,193
4,487
4,793
4,963
5,376
5,628
5,668
1,840
544
516
377
368
570
419
557
526
377
380
582
420
Seasonal adjustment discrepany (C2S less C26, 27,
80, S3, $6, and 37)
See footnotes on page 41.
403
347
-M
-274
S81
-905
-513
SURVEY OF CUKKENT BUSINESS
34
December 1977
Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
D
1
1976
1976
Line
Seasonally adjusted
1977
1976
1977
I
II
III
IV
I
II
III
I
II
III
IV
I
II
III
27,334
29,668
27,429
30,561
29,454
31,667
28,752
27,056
28,688
29,610
29,701
29,508
30,491
30,638
5,647
23,274
91, 718 21,687
91,528 21,667
5,665
24,003
23,970
5,414
22,015
21,891
6,548 6,367
24, 013 23,087
24, 000 23,057
6,461
25,206
25,192
5,192
23,560
23,550
5,363
21,693
21,673
5,831
22,857
22,824
5,851 6,070
23,850 23,438
23,837 23,408
6,668
23,823
23,809
5,989
24,649
24,639
Merchandise
trade, by end-use category, Census
basis, 1 including military grant shipments:
Merchandise exports, Census basis, including
114,992
military grant shipments (A-l)
5
6
7
8
Foods, feeds, and beverages
Grains and preparations
Soybeans
Other foods, feeds, and beverages
19,677
. 12,193
3,315
4,169
4,677
2,965
811
901
4,841
3,024
776
1,041
4,656
3,174
491
992
5,503
3,030
1,237
1,235
4,958
2,651
1,258
1,048
5,238
2,678
1,341
1,219
4,250
2,500
470
1,280
4,561
2,965
715
946
4,946
3,024
780
1,032
6,229
23,381
23,257
5,345
3,174
857
1,086
9
32,005
Industrial supplies and nmaterials 10
Fuels and lubricants
. 4,697
2,706
Paper and paper base stocks
2,962
Textiles supplies and materials
. .
1,058
Raw cotton, including linters . . ._ .
922
Tobacco, unmanufactured
8,048
Chemicals, excluding medicinals
Other nonmetals (hides, tallow, minerals,
6,813
wood, rubber, tires, etc.)
7,572
7,882
1,150
8,539
1,299
7,603
1,112
716
702
229
282
704
602
137
314
7,927
1,203
704
992
502
178
686
688
211
171
2,003
8,337
1,293
655
810
307
301
2,041
8,909
1,399
1,917
8,214
1,293
686
751
264
151
2,087
8,247
961
704
666
203
301
2,124
2,175
2,310
1,906
1,651
1,739
1,636
1,787
1,893
1,937
1,831
1,602
725
2,354
145
204
613
216
160
570
113
154
123
543
571
529
2
3
4
10
11
12
13
14
15
16
17
18
19
Agricultural products
-.
Nonagricultural products
.
.
Excluding military grant shipments
Steelmaking materials
Iron and steel products
- Other metals, primary
and advanced, including advanced steel 10
_
577
661
735
284
169
594
899
653
994
500
305
4,825
3,030
963
1,105
4,851
2,651
1,103
1,096
5,372
2,678
1,345
1,208
4,902
2,500
820
1,399
8,132
1,177
8,343
1,205
8,280
1,039
8,599
1,295
8,812
1,328
661
814
365
216
655
858
345
221
2,039
2,000
2,103
653
914
390
316
2,111
704
917
440
201
716
783
309
362
2,126
2,308
1,665
1,716
1,830
1,838
1,857
1,923
169
185
198
173
132
112
600
579
588
587
139
566
539
524
2,779
650
691
718
720
723
800
747
642
680
748
709
716
787
780
38,330
Capital goods, except automotive
31,375
Machinery, except consumer-type
Electrical and electronic, including parts
6,676
and attachments
Nonelectrical, including parts and attach24,698
ments
. -. Construction machinery and nonfarm
5,941
tractors
Textile and other specialized industrymachinery
__. 1,985
9,976
Other industrial machinery, n.e.c
Agricultural machinery and farm tractors.. 1,617
Business and office machines, computers,
3,297
etc
Scientific, professional, and service1,884
industry epuipment
9,200
7,599
9,983
8,075
9,070
7,596
10,077
8,105
9,498
8,110
10, 111
8,441
9,423
8,086
9,000
7,574
9,448
7,755
9,767
7,940
10,115
8,106
9,328
8,086
9,596
8,109
10,127
8,458
1,607
1,800
1,764
1,763
1,815
2,121
6,186
6,334
6,311
6,270
6,611
1,464
1,477
1,401
1,320
1,358
512
526
548
2,520
431
2,589
369
2,638
395
1,102
469
482
450
6,176
3,204
779
1,393
1,730
649
208
11,243
7,572
3,671
3,266
1,997
5,979
2,646
1,813
1,449
1,639
1,343
1,548
1,664
1,685
1,399
1,401
1,521
1,521
1,536
1,612
1,565
1,584
Consumer goods (nonfood), except automotive.__
Consumer durables, manufactured
Consumer nondurables, manufactured
Unmanufactured consumer goods (gem stones,
precious and nonprecious)
7,901
3,520
4,055
1,871
833
1,893
825
2,107
920
1,105
1,971
868
952
1,939
867
1,057
2,121
910
1,196
2,346
941
1,27S
91
73
77
81
81
81
2,107
933
1,051
83
2,120
942
1,105
86
2,269
976
1,196
97
2,250
894
1,279
326
2,060
933
1,051
76
1,884
852
952
2,077
929
1,057
78
86
86
43
44
45
46
Special category (military-type goods)
Exports, n.e.c, and reexports
Domestic (low-value, miscellaneous)
Foreign (reexports)
2,600
3,237
1,562
1,675
639
664
664
633
639
717
834
759
902
405
497
965
417
548
772
382
664
633
806
380
426
664
800
415
385
834
1,030
759
729
362
367
717
746
392
841
396
878
392
925
407
962
402
1,008
344
453
493
513
544
47
Seasonal adjustment discrepancy (Dl less D5, 9,
20, 88, 89, 48, and 44)
188
88
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Other transportation epuipment
Automotive vehicles,
parts and engines
To Canada 9
To all other areas
Passenger cars, new and used
Trucks, buses, and special vehicles
Bodies, engines, parts and accessories, n.e.c
See footnotes on page 41.
1,528
1,675
1,708
1,765
1,786
1,889
1,799
1,505
6,071
6,400
5,887
6,340
6,324
6,552
6,287
6,055
1,476
1,577
1,420
1,468
1,369
1,397
1,319
1,509
465
525
466
506
538
523
471
513
489
512
2,476
421
2,535
472
2,377
356
529
2,588
368
2,545
441
2,661
437
2,503
356
2,449
411
2,466
398
2,504
394
2,557
414
764
809
820
903
948
965
1,049
751
809
862
874
932
966
483
515
554
538
457
458
477
492
501
527
572
1,351
1,702
1,546
1,205
1,224
662
934
820
514
505
1,536
1,658
1,138
1,392
781
917
428
697
178
123
270
124
131
201
169
155
1,758
1,001
254
1,486
959
1,267
. 513
120
114
117
739
162
3,089
2,182
2,458
1,583
3,050
1,994
1,056
3,055
2,196
3,276
2,332
2,566
1,650
2,611
1,779
2,880
1,978
2,852
1,908
2,900
1,907
1,011
3,019
2,157
3,053
2,112
2,977
1,982
833
769
428
907
893
557
875
619
495
995
985
517
859
915
476
82
872
385
487
944
1,086
505
425
605
917
671
496
856
783
434
385
-14
6,123
1,491
880
832
508
924
813
524
995
838
531
-99
886
931
484
968
915
1,010
460
-46
964
882
635
433
584
-293
December 1977
SUEVEY OF CUEEENT BUSINESS
35
Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
Line
1976
1976
I
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
Merchandise imports, Census basis, (A-ll) _
Foods, feeds, and beverages _
Coffee, cocoa, and sugar..
_
Green coffee
Cane sugar
Other foods, feeds, and beverages. _
Industrial supplies and materials w. _ _ __ _.
Fuels and lubricants ** 8
Petroleum and products . .
Paper and paper base stocks.
_.
Materials associated with nondurable goods
and
farm
output,
n.e.s
>
n
extile supplies and materials _ _ _
Tobacco, unmanufactured
Chemicals, excluding medicinal
Other (hides, copra, materials for making
photos, drugs, dyes)
Building materials, except metals
Materials associated with durable goods output,
n.e.s.io
Steelmaking materials. _
_
Iron and steel products
Oth»r 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 specializedindustry machinery and nonfarm tractors
__
Other industrial machinery, n.e s
Agricultural machinery and farm tractors..
Business and office machines, computers,
etc
Scientific, professional and service-industry
equipment, and miscellaneous transportation equipment..
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
_
Automotive vehciles, parts, and engines, _
From Canada
From all other areas
Passenger cars, new and used
_ _
Trucks, buses, and special vehicles
Bodies, engines, parts and accessories, n.e.s
Consumer goods (nonfood), except automotive...
Consumer durables, manufactured
Consumer nondurables, manufactured..
Unmanufactured consumer goods (gems, nursery stock)
_
. . .
Imports, n.e.s. (low value, goods returned, military aircraft, movies, exhibits)
Seasonal adjustment discrepancy (D48 less D49, 54,
69 80 86 and 90)
See footnotes on page 41.
Seasonally adjusted
1977
1976
1977
II
III
IV
I
II
III
I
II
III
IV
I
II
120,678 27,323
29,418
31,402
32,535
34,990
37,911
36,997
27,503
28,979
31,845
32,199
35,401
37,141
37,339
2,603
887
552
230
1,716
2,867
1,030
599
339
1,837
2,961
1,112
678
344
1,848
16,144
9,247
8,727
905
3,117
1,115
803
241
2,004
3,570
1,607
1,265
194
1,962
4,002
1,674
1,269
250
2,329
3,186
1,024
637
284
2,162
2,657
887
552
299
1,744
2,828
1,030
599
307
1,829
3,056
1,112
678
281
1,930
3,007
1,115
803
267
1,902
3,643
1,607
1,265
253
1,992
3,947
1,674
1,269
226
2,320
3,288
1,024
16,526
9,500
8,726
884
18,419
11, 510
10,937
880
19,361
11,194
10,553
893
13,288
7 506
7,006
685
14,811
8,242
7,674
861
16,542
9,524
8,956
920
16,263
9,326
8,576
909
17,829
10,892
10,347
870
1,535
393
62
1,709
394
104
847
797
586
1 527
396
88
1,540
380
74
1,529
393
83
755
1 497
405
147
670
1,769
432
72
672
666
1,623
394
78
19,932
11,930
11,273
896
1,806
421
71
19,852
11,544
10,846
908
1,444
380
45
19,475
11,409
10, 754
927
1,817
421
85
732
822
356
375
419
397
429
473
626
725
734
714
504
847
4,645
11,548
4,144
2,632
1,154
7,405
60,904
34,598
32,211
3,375
6,093
1,574
392
2,579
13, 715 14, 519
7,893
7,958
7,432
7,326
694
892
1,576 1,538
405
396
187
98
604
676
629
1,547
2,362
378
370
390
409
456
464
469
588
656
649
683
813
883
14,476
1,873
4,379
3,019
3 608
3,891
'3,968
3,637
4,509
6,569
1,186
469
304
925
512
511
655
III
637
231
2,257
1,888
432
108
852
499
512
4,622
3,192
3 682
3 919
3 683
3 836
4 601
585
434
547
463
376
471
540
1,064
1,156
1,225
1,124
1,556
1,688
1,571
466
591
1,023
1,129
1,302
1,123
1,495
1,647
429
934
1,467
1,490
1,426
1,426
1,662
1,571
1,186
1,467
1,490
1,426
1,426
1,662
718
819
842
819
603
653
682
718
819
842
819
269
2,656
603
653
682
10,946
10,540
2,537
2,426
2,721
2,625
2,751
2,654
2,937
2,835
3,013
2,906
3,350
3,212
3,443
3,306
2,533
2,436
2,646
2,566
2,844
2,717
2,923
2,821
3,010
2,918
3,262
3,146
3,557
3,380
3,767
6,773
805
1,620
922
1,703
993
1,661
1,047
1,789
998
1,907
1,101
2,111
1,227
2,079
857
1,585
909
1,652
984
1,739
1,017
1,797
1,063
1,866
1,085
2,052
1,211
2,177
1,269
2,504
1,056
316
334
302
317
360
397
430
316
334
302
317
360
397
430
1,284
597
592
648
667
704
274
309
237
236
286
285
303
311
385
356
776
785
597
359
267
364
371
592
648
667
704
776
785
257
274
276
249
269
318
251
280
304
330
370
350
366
365
659
147
165
163
184
201
215
226
147
165
163
184
201
215
226
406
94
112
21
96
18
97
35
101
20
107
37
138
50
137
54
112
21
96
18
97
35
101
20
107
37
138
50
137
54
16,155
7,846
8,308
8,947
2,062
5,146
18,410
9,653
7,485
3,998
1,845
2,154
2,367
4,359
2,109
2,249
2,540
3,683
1,765
1,917
1,834
4,115
2,127
1,988
2,206
4,431
2,337
2,094
2,536
4,864
2,526
2,338
2,823
4,229
1,822
2,407
2,411
3,897
1,798
2,056
2,242
4,012
1,966
2,057
2,250
4,183
2,111
2,046
2,185
4,063
1,971
2,149
2,270
4,331
2,287
2,002
2,404
4,487
2,370
2,139
2,498
4,795
2,177
2,569
2,863
1,128
3,856
1,896
1,650
1,264
4,320
2,234
1,779
1,371
5,119
2,628
2,161
1,383
5,115
2,895
1,895
1,298
4,957
2,727
1,830
1,397
5,436
2,981
1,994
1,271
6,080
3,212
2,431
1,142
4,188
2,141
1,723
1,239
4,480
2,316
1,887
1,442
4,787
2,477
1,968
1,323
4,955
2,719
1,907
1,319
5,371
3,061
1,908
1,372
5,622
3,076
2,112
1,334
5,661
3,005
2,208
1,272
309
307
331
325
399
461
437
309
307
331
325
399
461
437
2,717
614
633
744
726
600
784
698
627
643
747
700
612
796
699
SIS
-w
988
605
503
554
478
527
597
644
547
531
526
518
-S14
487
628
613
-905
594
-513
SUEVEY OF CUEEENT BUSINESS
36
December 1977
Table 4.-—Selected U.S. Government Transactions
[Millions of dollars]
1976
II
Al
la
1977
1976
Line
9,944
U.S. Government grants (excluding military) and transactions increasing Government assets, total.
III
IV
II r
2,128
2,373
3,261
2,182
2,336
2,391
2,439
2,000
2,183
3,512
2,250
2,208
2,200
2,694
3,146
879
2,266
537
29
507
642
100
542
1,424
745
678
544
5
539
625
139
486
813
245
568
735
117
618
6,927
1,102
5,778
44
3
1,537
155
1,368
14
(*)
1,883
364
1,503
15
1
1,858
345
1,507
5
1
1,649
238
1,400
10
1
1,771
185
1,569
9
1,487
227
1,228
11
21
1,744
243
1,495
6
-1
-129
54
-23
-151
-36
-21
-16
-11
-13
-25
91
-10
-39
-24
(*)
22
31
(*)
(*)
20
35
(*)
(*)
25
44
C)
26
4
62
-17
-91
-7
2
(*)
85
30
78
-40
80
3
(*)
107
50
-11
(*)
71
-3
91
-11
-35
42
-38
52
1,102
1,170
4,869
1,989
890
251
296
-33
155
160
1,272
437
131
55
71
-11
364
365
857
542
275
57
62
-24
345
407
1,684
494
346
70
85
-3
238
1,057
516
138
69
78
5
185
188
1,329
506
172
65
80
-30
227
349
1,022
435
264
98
107
104
243
409
1,175
325
321
65
86
-12
4,439
1,200
1,739
876
100
764
453
782
1,814
961
250
464
356
91
16
129
109
1,894
1,162
326
144
135
9
2,725
1,243
336
861
118
1,656
1,072
288
271
266
2,015
983
272
624
486
1,912
932
322
349
103
2,008
1,145
345
336
219
138
52
178
245
109
321
117
36
279
28
71
129
62
Seasonally adjusted
By category
Grants, net (table 1, line 30, with sign reversed).
Financing military purchases »._
Other grants
Loans and other long-term assets (table 1, line 40, with sign reversed)
Capital subscriptions and contributions to international financial institutions, excluding IMFCredits repayable in U.S. dollars
Credits repayable in foreign currencies
_
_
Other long-term assets
_
Foreign currency holdings and short-term assets, net (table 1, line 42, with sign reversed).
Foreign currency holdings (excluding administrative cash holdings), net
Receipts from—
Sales of agricultural commodities
Interest
Repayments of principal
Reverse grants
Other sources
.-.
_
Less disbursements for—
Grants and credits in the recipient's currency
Other grants and credits
_
Other U.S. Government expenditures
__
Assets held under Commodity Credit Corporation
Charter
Act,
net
_
Assetsfinancingmilitary sales contracts, net 2
_
Other short-term assets (including changes in administrative cash holdings), net
87
154
39
4
296
-31
20
44
(*)
18
46
(*)
29
32
1
1
9
C)
(•)
86
-21
By program
Capital subscriptions and contributions to internationalfinancialinstitutions, excluding IMF.
Under farm product disposal programs.
Under Foreign Assistance Act and related programs
_
Under Export-Import Bank Act
Other assistance programs
_
Other foreign currency assets acquired (lines A13, A14, and A16)
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)...
Other (including changes in administrative cash holdings), net
By disposition 3
31
32
33
34
35
36
37
38
39
40
41
42
43
Bl
2
3
4
5
6
7
Cl
2
3
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. merchandise
Expenditures on U.S. services *
Financing of military sales contracts by U.S. Government 6 (line C6).-.
By long-term credits l
By short-term credits .
By grants 1
U.S. Government grants and credits to repay prior U.S. Government credits l *
U.S. Government long- and short-term credits to repay prior U.S. private credits
Increase in liabilities associated with U.S. Government
grants and transactions increasing Government
assets (including changes in retained accounts) fl (line Cll)
Less receipts on short-term U.S. Government assets (a)financingmilitary sales contracts l and (b) financing
repayments of private credits
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
Estimated dollar payments to foreign countries and internationalfinancialinstitutions
Repayments on U.S. Government long-term assets, total (table 1, line 41)
Receipts of principal on U.S. Government credits
Under farm product disposal programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Other assistance programs..
Receipts on other long-term assets__
U.S. Government liabilities other than securities, total, net increase ( + ) (table 1, line 55)
Associated with military sales contracts2
U.S. Government cash receipts from foreign governments
(including principal repayments on credits financing military sales contracts), net of refunds 1
Less U.S. Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United
States
Plusfinancingof military sales contracts by U.S. Government8 (line A34)..
By long-term credits
By short-term credits i
By grants L..
10
219
232
-3
226
296
1,855
314
479
2,585
649
785
2,550
222
775
1,018
535
646
33
237
232
144
756
61
209
301
185
743
50
341
C)
-1
-3
-1
21
49
13
14
85
78
80
107
536
526
322
479
559
559
42
180
202
135
591
590
87
149
283
71
578
573
53
175
265
81
755
728
67
222
317
122
45
86
431
661
661
48
174
265
174
34
4
29
(*)
1
5
27
4,938
1,524
743
1,819
852
712
456
4,426
1,503
721
1,403
799
612
434
290
8,213
2,246
1,858
2,041
2,068
1,992
1,883
1,955
314
75
96
54
92
95
82
1,739
876
100
764
464
356
91
16
144
135
861
118
271
266
624
486
349
103
219
138
245
117
5,213
1.132
1,193
1,912
1,702
1,918
743
(*)
319
2
Less transfers of goods and services (including transfersfinancedby grants to Israel, and by credits) * (table
1, line 3)
Associated with U.S. Government
grants and transactions increasing Government assets (including changes
in retained accounts)6 (line A40)
--,Associated with other liabilities
._
Sales of nuclear materials by Energy Research and Development Administration.
Other sales and miscellaneous operations
See footnotes on page 41.
-3
515
56
458
C)
21
-1
22
1,403
1,486
-1
-1
417
30
387
102
33
70
(*)
23
9
14
(*)
28
17
11
SURVEY OF CURRENT BUSINESS
December 1977
37
Table 5.—Direct Investment: Capital, Income and Adjusted Earnings
[Millions of dollars]
1976
(Credits (+); debits (-))
Line
1977
1976
I
II
Ill
I
IV
II r
Ill*
U.S. direct investment abroad:
1
Net capital outflows (—) (table 1, line 44) . . . .. .
By type:
Transactions with incorporated foreign affiliates . Intercompany accounts: short-term
long-term
Capital stock
and other equity, net . .
Increase12
.
_.
. .
... _. .
Decrease
Transactions with unincorporated foreign affiliates
2
3
4
5
6
7
8
By industry of foreign affiliate:3
Petroleum.
Manufacturing._. .
Other
Receipts of income (table 1, line 11)
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
-
-4,596
-2,427
-142
-1,205
-822
-404
-1,998
-1,100
-1,974
-888
71
-1,157
- 2 , 649
1,492
-1,676
-962
—93
-621
-825
204
591
263
226
103
-320
423
318
326
—115
107
—453
560
-1,208
-515
53
-747
—1 050
304
-653
-231
—91
-331
—415
84
-726
-599
26
-153
—406
253
-2,622
-751
-733
- 1 , 523
386
248
-1,272
n.a.
n.a.
n a.
n.a.
n.a.
n.a.
n.a.
-2,409
-928
-1,259
-1,009
-481
-937
-233
176
-85
-669
-352
-185
-499
-272
-52
459
-420
-443
-1,705
56
-349
-959
n.a.
n.a.
2,740
2,346
2,375
3,666
3,099
3,297
2,835
747
5,625
4,754
1,575
177
988
1,107
170
1,069
946
184
1,246
1,998
217
1,451
1,407
172
1,521
1,618
210
1,469
1,331
166
1,338
4,334
3,059
3,734
1,481
456
803
709
698
939
825
673
878
1,320
1,232
1,114
1,208
880
1,011
1,359
854
1,083
1,040
1,069
7,737
1,741
2,579
2,078
1,339
1,961
2,034
n.a.
686
4,186
2,865
—438
1,436
743
474
1,343
761
392
829
858
259
579
502
360
878
723
179
1,159
697
18, 863
4,481
4,924
4,453
5,005
5,060
5,332
5,020
7,245
6,598
1,042
1,892
1,546
1,183
2,041
1,700
1,216
1,501
1,736
1,579
1,811
1,616
1,568
1,758
1,734
1,538
2,013
1,781
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
11,127
By type:
Interest ._
Dividends
_
. .
Earnings of unincorporated foreign affiliates - - By industry of foreign affiliate:3
Petroleum
A.
Manufacturing
..
. _. .
Other
Memoranda:
Reinvested earnings of incorporated
foreign affiliates (excluded from lines 1 and 12). . . .
By industry of foreign affiliate:3
Petroleum .
Manufacturing.. ._
Other
Adjusted earnings (line 12 plus line
19) _
By industry of foreign affiliate:3
Petroleum
M anufacturing
Other . _
726
Foreign direct investment in the United States:
27
Net capital inflows (+) (table 1, line 59)
By type:
2,176
709
504
561
403
537
568
511
28
29
30
31
32
Transactions with incorporated U.S. affiliates
Intercompany accounts
Capital stock
and other equity, net
Increase 12
Decrease
.....
Transactions with unincorporated U.S. affiliates
By industry of U.S. affiliate: 3
Petroleum
.
Manufacturing
Other
.
Payments of income (table 1, line 25)
By type:
Interest
_
Dividends
Earnings of unincorporated U.S. affiliates
By industry of U.S. affiliate:3
Petroleum
Manufacturing
^
1,913
830
1,083
1,180
-97
672
339
334
361
-27
496
259
236
242
—6
541
284
256
286
-30
205
-52
257
291
-34
664
474
190
204
-14
584
466
118
124
-7
526
198
328
361
-32
263
37
8
20
198
-127
-16
-15
394
569
1,214
188
159
363
24
222
258
94
243
224
89
-55
369
-48
111
474
88
156
324
93
281
138
-1,360
-335
-286
-254-
-485
-240
-341
-279
—105
—651
-604
-24
-135
-177
-27
-155
-104
-27
-132
-95
-27
-229
-229
-21
-159
-60
-32
-201
-108
-25
-190
-64
-264
-333
-763
-52
-77
-205
-70
-59
-157
-42
-78
-135
-100
-119
-266
-60
-64
-117
-55
-128
-158
-46
-125
-108
1,585
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
534
596
456
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
33
34
35
36
37
38
39
40
41
42
43
Other
. . . .
__.
. . .
- . .. .
...
i>
Memoranda:
44
45
46
47
48
49
50
51
Reinvested earnings of incorporated
U.S. affiliates (excluded from lines 27 and 37) . . . .
By industry of U.S. affiliate: 3
Petroleum
Manufacturing
.
Other
Adjusted earnings (line 37, with3 sign reversed, plus line 44)
By industry of U.S. affiliate:
Petroleum _ .
Manufacturing
Other
See footnotes on page 41.
...
2,945
....
798
929
1,218
n.a.
n.a.
n.a.
SURVEY OF CURRENT BUSINESS
38
December 1977
Table 6.—Securities Transactions
[Millions of dollars]
Al
1976
(Credits (+); debits (-))
Line
1977
1976
Foreign securities, net U.S. purchases(-), balance of payments basis (table 1, line 45, or lines
6+17 below)
.
I
II
III
IV
-8,730
-2,460
-1,357
-2,743
-2,171
-822
-110
-46
-167
-322
-168
-110
-23
-46
-167
-63
-87
-81
12
-9
-9
-46
-125
13
41
25
-104
-139
12
(*)
23
I
IIr
-692
-1,784
III*
-2,190
Stocks:
3
4
6
Treasury basis, net *
- Adjustments:
Less recorded in table 1, line 44 as U.S. direct investment abroad _
Plus exchange of stock associated with direct investment in the United States
Plus other adjustments
6
7
Balance of payments basis, net
NPWIV issued in the United States
2
s
9
10
11
12
13
-
--
-
--
- _
-
-
--
-
-297
1
-82
-189
-77
-114
-14
—297
-68
83
-49
12
110
10
-112
-124
-104
101
15
-100
-166
-76
112
30
-229
-269
-55
83
12
-63
-63
_- -
-114
- - --
-
Of which C2anada
Other foreign stocks
Western Europe
Canada
Japan
_
Other
-189
1
- -- - -
-
-
-155
-394
49
141
49
Bonds:
14
16
16
Treasury basis, net'
Adjustments:
Plus additional Canadian redemptions 2
Plus other adjustments
17
Balance of Davments basis net
--
18
19
20
NPWIV issued in the United States
Bv tvDe* Drivatelv placed
publicly offered
21
22
23
24
25
26
27
28
29
30
Bv area* Western Europe
Canada
Japan
Latin America
Other countries
_
International financial institutions'
Redemptions of U S -held foreign bonds 2
Canada
_
_
Other countries
International financial institutions 3
31
32
33
34
35
Other transactions in outstanding bonds 2 Western Europe
_
Canada
_
Japan
Other
Bl
-8,646
- -
-
-
-
-
__ _ _
-- -
_
__ _
- - __-
__
_
______
_ -
_
__
_-
_
_ _
__
____
U.S. securities, excluding Treasury issues and transactions by foreign official agencies, net
foreign purchases (+), balance of payments basis (table 1, line 61 or lines 5+12 below)
-1,408
-2,417
-2,664
92
-2,171
-603
-1,670
- / , 898
78
239
-2
69
-2
-8,408
-2,350
-1,311
-2,576
-2,171
-503
-1,670
—1,893
-9,954
—2, 752
-7,202
-2,830
—938
-1,892
-1,622
-375
-1,247
-3,011
-819
-2,192
-2,491
-620
-1,871
-1,272
-448
-824
-1,981
-585
-1,396
-2,276
-585
-1,691
-1,526
-5,327
—255
-69
—1,093
-1,684
1,216
654
173
387
-385
-2,013
—50
-46
-76
-260
400
152
25
223
-359
-860
— 105
-23
-275
-265
-1,318
-100
-517
-1,136
-266
-738
-150
-404
-924
279
192
26
61
-338
-500
315
144
106
65
-117
-1
501
125
33
343
-483
-439
-147
-260
-52
-600
147
65
46
36
-293
-979
-41
-84
-129
-750
216
85
7S
52
331
343
-243
-32
263
80
198
-97
-28
156
47
-42
7
91
140
-74
2
23
8
143
4
-42
-30
-14
90
268
190
27
-68
119
165
108
-63
-16
135
167
94
-120
-92
285
1,250
1,030
131
68
21
879
736
514
2,747
U4H
780
842
181
686
726
499
220
166
16
38
Stocks:
2
3
4
5
6
7
8
9
Treasury basis, netl
Adjustments:
-
Plus other adjustments *
Balance of payments basis, net
Western Europe
Canada
Japan
Other
_
_
90
-1,804
-
-
-_ --
-
-
-
_
_-
-661
853
331
233
68
221
943
667
103
11
162
1,208
281
—90
-688
102
29
-42
46
69
-860
-806
-18
-108
94
-6
2
-174
-257
78
17
-12
-160
376
249
46
18
63
-485
290
-362
301
-41
9
21
137
174
4
-3
-38
1,491
1,050
Bonds:
10
Treasury basis net*
5
11
Adjustments: *
12
13
14
Balance cf payments basis, net
_ _ _ __
New issues sold abroad by U S. corporations *
Investments by international financial institutions 3 in nonguaranteed bonds of U.S.
federally sponsored agencies
Other transactions in U.S. bonds
-
15
16
Of which United Kingdom
See footnotes on page 41.
- -
_
_
-
-
-810
-144
418
-889
816
-280
248
-47
687
-85
-1,045
-673
397
287
87
94
29
69
86
29
196
95
503
322
446
161
377
125
10
101
21
-28
-5
-35
6
51
-12
113
-17
198
-5
290
244
82
-15
1
32
64
259
238
-25
8
December 1977
SURVEY OF CURRENT BUSINESS
39
Table 7.—Claims and Liabilities Reported by U.S. Nonbanking Concerns
[Millions of dollars]
Al
2
3
4
5
6
7
Claims, total
Bl
2
3
4
5
6
7
8
9
10
11
12
1976
.
Long-term (table 1, line 46)
.
Short-term (table 1, line 47)
Payable in dollars
By type:
Deposits of major U.S. corporations
...
Short-term investments of major U.S. corporations *
Other
,
By area:
United Kingdom
Other Western Europe
.
Canada
—
Japan
_
_
--.
Bahamas
Other
Payable in foreign currencies
By type:
Deposits
_
Of which major U.S. corporations
Short-term investments of major U.S. corporations K.
Other
_
By area:
Western Europe
_
Canada
Japan
_
Other
23
24
1976
(Credits(-f); increase in U.S. liabilities or decrease in U.S. assets.
D e b i t s ( - ) ; decrease in U.S. liabilities or increase in U.S. assets.)
Line
-
—
Memoranda:
U.S. dollar deposits in Canadian banks:
As reported by major U.S. corporations other than banks (included in line A£ above)
As reported in Canadian banking statistics
Liabilities, total
Long-term (table 1, line 62) 2
Short-term (table 1, line 63) 2
Payable in dollars
United Kingdom
Other Western Europe
Japan
Other Asia
Africa....
Other
Payable in foreign currencies
Of which Western Europe
-
IV
I
II r
III*
-738
-1,004
723
-967
-722
-1,129
674
-191
-547
-665
145
66
657
702
-10
-957
-1,001
45
-767
-798
68
-1,197
-1,075
47
627
n.a.
-1,721
-42
-400
-650
-621
-62
47
-626
271
-25
456
-721
-3
-277
-842
-82
126
-1,103
-17
45
715
63
n.a.
-496
-261
-333
-380
-231
-180
23
-2
-66
-255
-581
241
9
-3
111
218
126
-39
-62
-148
68
-443
-377
-47
56
-9
-1
-458
-339
-590
-40
—37
54
-355
-107
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,967
2,320
2,166
3
735
3 2,169
3 4,661
-41
-1,149
-1,199
48
-318
20,513
3
4,999
15,514
15,018
3
5,709
408
8,901
3
3
3
-701
-444
-221
167
118
50
-45
44
32
-122
n.a.
3 1,122
185
178
-41
23
87
79
-7
38
-18
4
54
14
2
-11
-12
-35
114
106
-76
6
55
66
-16
-7
-17
-16
-99
-6
n.a.
33
27
n.a.
3 448
&56
373
3 301
25
-8
146
4
44
54
10
10
-20
34
58
-22
-85
-11
49
2
86
-85
29
14
36
46
-54
4
11
-102
-18
-13
n.a.
n.a.
n.a.
n.a.
3 323
3404
3 198
3
197
-5
-96
-75
-79
-107
106
-188
-70
-889
—5
169
890
2,905
-8*5
-tm
388
-158
-12
-39
-616
161
-238
-297
-242
-374
-405
-90
10,339
-947
-162
-241
-56
-47
-108
-27
-17
211
-102
-4
-311
-316
-63
286
198
454
-233
394
349
-18
-29
13
-10
112
281
247
-229
-145
-73
-118
60
-22
-104
-16
127
-183
-222
-106
11
82
6
-178
-1
-26
-48
-42
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3,622
6,717
3 6,111
3 812
3 1,476
3 127
3 1,089
3 578
3 2,029
5
-75
45
42
-25
-9
-20
-6
-43
51
-46
-116
-76
n.a.
n.a.
-288
-261
—
III
10
-1,996
-2,163
331
326
-
II
-1,986
72
..-
I
Amounts
outstanding
Sept. 30,
1977
1977
-76
-51
-107
111
-20
10
25
-70
•-54
69
75
-55
-39
75
163
See footnotes on page 41.
Table 8.—Claims on Foreigners Reported by U.S. Banks
IMillions of dollars]
(Credits (+); decrease in U.S. assets. Debits ( - ) ; increase in U.S. assets.)
1976
I
1
2
3
4
Total...
Long-term (table 1, line 48)
Payable in dollars
Of which loans.
5
Payable in foreign currencies
6
7
Short-term (table 1, line 49)
Payable in dollars
By type:
Loans
Acceptances
Collections outstanding._r_
Other 1..
By area:
United Kingdom
Other Western Europe
Japan
Canada 2
Caribbean
Other...
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
_
Payable in foreign currencies
By type:
Deposits
Foreign government obligations and commercial and finance paper._ . . . . .
Other
By area:
Western Europe
Canada
Other
See footnotes on page 41.
Amounts
outstanding
Sept. 30,
1977
1977
1976
Line
II
I
IV
III
II r
III v
-20,904
-3,630
-4,754
-3,372
-9,148
3,445
-4,553
244
81,670
-2,124
—2,093
-1,619
-289
—257
-164
-377
—404
-263
-978
—958
-810
-480
-474
-382
-306
-264
-314
23
33
125
-441
-425
-297
12,622
12,407
10,583
-31
-32
27
-20
-6
-42
-10
-16
215
-18,780
-18,478
-3,341
-3,358
-4,377
-4,108
-2,394
-2,314
-8,668
-8,698
3,752
4,004
-4,576
-4,695
685
649
69,048
67,305
—5 101
—1 220
—379
-11,778
—390
3
100
-3,071
—1 568
—396
-150
-1,994
276
327
-229
-2,688
—3,419
-1,154
-100
-4,025
2,376
-432
-434
2,494
-324
-376
-227
-3,768
-2,169
-465
—1 415
—1,481
-45
—459
—11 238
- 3 840
109
62
684
—222
—3,599
-392
-554
-116
-89
—219
—2,049
-1,081
275
-1,245
-1,338
956
-772
22
-2,833
-2,532
1,520
-337
-1,412
-615
-553
-92
-360
—302
17
-269
-80
30
—406
225
-121
— 141
167
—9
-155
-14
-100
-76
-34
50
14
-234
19
21
-157
63
-28
239
660
—174
56
122
-161
-161
-30
-78
-110
41
48
-59
104
-351
-11
-11
141
-44
144
-64
693
526
524
177
-305
-89
132
—40
-2,757
165
22
-26
37
-7
140
550
76
-1,250
-1,005
1,403
-928
18,259
13,631
6,025
29,39C
6,624
5,796
9,182
2,861
19,308
23,534
-252
119
36
1,743
-37
255
1
844
219
917
729
-5
392
2,891
SURVEY OF CURRENT BUSINESS
40
December 1977
Table 9.—Foreign Official Assets in the United States and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
1976
Line
(Credits (+); increase in foreign assets. Debits ( - ) ; decrease in foreign assets.)
II
Foreign official assets in the United States, net (table 1, line 51)
Al
2
3
4
5
6
7
10
11
12
13
14
15
16
17
18
Bl
IV
II'
3,847
4,051
3,070
6,977
5,719
7,908
8,243
128,147
9,333
3,526
3,526
1,998
807
807
2,166
530
530
1,260
133
133
3,909
2,056
2,056
5,149
2,673
2,673
5,124
923
923
6,943
-542
-542
87,578
40,780
40,780
5,117
690
743
-53
566
4,938
893
421
472
750
-1,134
856
2,215
1,117
74
74
1,437
199
199
1,575
-448
-448
68
1,524
-412
386
-798
27
-793
-32
669
316
743
135
148
-13
-39
-235
261
691
66
1,819
-599
-81
-518
-88
-251
-179
524
988
865
918
-53
116
852
1,769
-32
1,801
850
145
806
331
1,984
492
577
-85
100
712
-420
-174
-246
-756
-55
565
178
4,368
-167
-81
-86
609
456
752
308
444
67
241
136
967
7,253
232
318
-86
627
319
-152
-60
-92
428
-522
2
506
25,670
21,128
19,839
1,289
4,740
11,612
17,074
1,074
16,000
3,133
1,984
10,883
7,143
2,936
4,800
4,920
-4,251
4,974
3,745
64,801
2,102
2,022
2,878
-4,487
3,874
3,737
86
365
2,689
1,022
1,493
n.a.
1,640
-1,003
-122
1,204
115
1,089
-288
209
1,168
-300
2,372
-60
2,162
-56
2,218
853
-309
1,674
1,672
-38
23
1,999
23
1,976
134
451
1,391
-717
-4,818
-11
-4,476
26
-4,502
-712
-525
-3,265
703
1,675
-8
3,882
3
3,879
1,173
354
2,352
n.a.
n.a.
21
3,716
62
3,654
113
-263
3,804
6 18,355
121
40,954
713
40,241
9,678
1,861
28,702
2,709
2,850
147
2,703
-141
-151
10
151
53
-194
-132
566
-59
625
-698
-233
-465
-9
43
-499
232
-632
-259
-373
864
9
855
128
-32
759
1,843
3,009
1,795
1,214
-1,166
28
-1,194
73
-9
-1,258
651
-602
-57
2,935
140
2,795
871
72
1,852
766
-93
-1,330
1,237
859
45
814
-41
51
804
-379
827
42
785
-1,206
3
-1,209
-87
37
-1,159
95
-1,584
-222
-1,362
1,679
12
1,667
25
-86
1,728
-718
758
-645
1,403
-1,476
51
-1,527
-14
-22
-1,491
7,744
5,734
1,875
3,859
2,010
330
1,680
214
134
1,332
2,972
149
-127
276
2,823
104
2,719
768
1,701
250
159
-7
-66
59
166
13
153
-205
424
-66
602
100
59
41
502
31
471
103
280
88
935
-6
-76
70
941
24
917
540
244
133
1,276
62
-44
106
1,214
36
1,178
330
753
95
615
231
50
181
384
18
366
-147
471
42
1,005
222
-81
303
783
90
693
-79
299
473
726
468
237
231
258
79
179
81
334
-236
15,982
1,960
405
1,555
14,022
391
13,631
3,870
73,628
2,133
Other foreign assets in the United States: U.S. Treasury securities and U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, lines 60, 64 and 65)..
13,765
1,109
8,084
1,082
3,470
330
3,663
729
-216
8,300
222
8,078
1,570
423
6,085
International financial institutions 4
U.S. Treasury securities
Bills and certificates
Marketable bonds and notes
U.S. liabilities reported by U.S. banks.
Long-term
Short-term
_
Demand deposits
Time deposits *._
Other obligations »
Other private foreign residents and unallocated..
U.S. Treasury securities
Bills and certificates.
Bonds and notes
U.S. liabilities reported by banks
Long-term
Short-term_._
Demand deposits
Time deposits»
Other obligations *
Foreign branches of U.S. banks2 3
Foreign head offices
and affiliated organizations abroad of U.S. agencies, branches,
and subsidiaries 2 3
Others**
U.S. Treasury bills and certificates
U.S. liabilities reported by U.S. banks
Long-term
Short-term
_
Demand deposits
Time deposits * l
Other obligations
III
17,945
U.S. Treasury securities (table 1, line 53)
Bills and certificates
Denominated in U.S. dollars
Denominated in foreign currencies
Bonds and notes, marketable
Bonds and notes, nonmarketable
Denominated in U.S. dollars
Denominated in foreign currencies
Other U.S. Government securities (table 1, line 54)
Other U.S. Government liabilities (table 1, line 55)
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line 56) . .
Long-term
Short-term
Demand deposits
Time deposits 1
Other obligations»_
Other foreign official assets (table 1, line 57)
Foreign commercial banks
Amounts
outSept. 30,
1977
1977
1976
41,075
5
4,346
See footnotes on page 41.
Footnotes to U.S. International Transactions Tables 1-10
General notes for all tables:
r
Revised.
•p Preliminary.
* Less than $500,000 ( ± ) .
n.a. Not available.
Details may not add to totals because of rounding.
Table 1:
1. Credits, + : exports of goods and services; unilateral transfers to United States; capital
inflows (increase in foreign assets (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 foreign assets (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 (see line 14).
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, excludes imports of goods under direct defense expenditures identified in
Census import documents, and reflects various other adjustments (for valuation, coverage,
and timing) of Census statistics to a balance of payments basis; see table 3.
4. Consists of interest, dividends, and branch earnings.
5. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.
6. For all areas, amounts outstanding September 30, 1977, were as follows in millions of
dollars: line 34,18,988; line 35,11,658; line 36, 2,489; line 37, 4,776; line 38, 65.
7. Includes sales of foreign obligations to foreigners.
8. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible bonds and notes.
9. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere,
and of debt securities of U.S. Government corporations and agencies.
10. Includes, primarily, U.S. Government liabilities associated with military sales contracts
and other transactions arranged with or through foreign official agencies; see table 4.
11. Consists of investment in U.S. corporate stocks and in debt securities of private corporations and State and local governments.
12. Conceptually, the sum of lines 71 and 66 (total, all areas) is equal to "net foreign investment" in the national income and product accounts (NIPA's) of the United States. Beginning
with 1973-IV, however, the foreign transactions account in NIPA's excludes the shipments
and financing of extraordinary military orders placed by Israel. Line 69 (total, all areas)
differs from net exports of goods and services in the NIPA's due to the omission in the N I P A
net exports of shipments of extraordinary military orders placed by Israel and of U. S. Government interest income payments to foreigners. The latter are classified in a separate category
in the foreign transactions account in NIPA's.
Table 2:
For footnotes 1-12, see table 1.
December 1977
SUEVEY OF CURRENT BUSINESS
41
Table 3:
6. Excludes liabilities associated with military sales contractsfinancedby U.S. Government
grants and credits and included in line C2.
1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation: imports, Census basis, represent transaction values, f.a.s. foreign port of exportation.
Table 5:
2. Adjustments in lines A6, A14, B8, B24, and B40 reflect the reconciliation of discrepancies
in the merchandise trade statistics published by the United States and the counterpart
1. Acquisition of capital stock of existing and newly established companies, capitalization
statistics published by Canada.
of intercompany accounts, and other equity contributions.
3. Exports of military equipment under U.S. military agency sales contracts with foreign
2. Sales and liquidations of capital stock and other equity holdings, total and partial.
governments (line A7), and direct imports by the Department of Defense and the1 Coast
3. Petroleum includes the exploration, development and production of crude oil and gas,
Guard (line A15), to the extent such trade is identifiable from Customs declarations. These
and the transportation, refining and marketing of petroleum products exclusive of petroexports are included in tables 1, 2, and 10, line 3 (transfers under U.S. military agency sales
chemicals. Manufacturing excludes petroleum refining and the smelting operations of mining
contracts); and the imports are included in tables 1, 2, and 10, line 17 (direct defense expendicompanies. "Other" industries includes industries other than petroleum and manufacturing,
tures).
the major ones being agriculture, mining and smelting, public utilities, transportation, trade,
4. Addition of electric energy; deduction of exposed motion picture film for rental rather
insurance, finance and services.
than sale; deduction of exports to the Panama Canal Zone; net change in stock of U.S.-owned
grains in storage in Canada; net timing adjustments for goods recorded in Census data in one
Table 6:
period but found to have been shipped in another; and coverage adjustments for special
1. As published in Treasury Bulletin. Treasury data are based on transactions by foreigners
situations in which shipments were omitted from Census data.
reported by banks and brokers in the United States; net purchases by foreigners (+) corre5. Correction for discrepancy between sum of four quarters, seasonally adjusted, and the
spond to net U.S. sales (+).
unadjusted annual totals.
2. Redemptions consists of scheduled retirements and identifiable premature retirements of
6. Addition of electrical energy; deduction of foreign charges for repair of U.S. vessels abroad,
U.S.-held foreign debt securities, and estimates for redemptions of Canadian issues held by
which are included in tables 1, 2, and 10, line 20 (other transportation); deduction of imports
U.S. residents, based on Canadian statistics. Unidentifiable nonscheduled retirements
from Panama Canal Zone; net timing adjustments for goods recorded in Census data in one
appear in line 31.
period but found to have been shipped in another; and coverage adjustments for special situ3. Consists of International Bank for Reconstruction and Development (IBRD), Interations in which shipments were omitted from Census data.
national Development Association (IDA), International Finance Corporation (IFC), Asian
7. Annual and unadjusted quarterly data shown in this table correspond to country and area
Development Bank, (ADB), and Inter-American Development Bank (IDB).
data in table 10, lines 2 and 16, except that imports from international organizations, namely,
4. Mainly reflects exclusion of investments by foreign official agencies in U.S. corporate
purchases of nonmonetary gold from the IMF, are included in data for Other countries in
Asia and Africa. The memorandum items are denned as follows: Developed countries: Western stocks and in debt securities of U.S. Government corporations and agencies, private corporations, and State and local governments. These investments are included in table 1, lines 54
Europe, Canada, Japan, and Australia, New Zealand, and South Africa; OPEC: Venezuela,
and 57.
Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia, Algeria, Libya, Nigeria, Gabon; Other developing countries: Latin American Republics, Other 5. 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.
Western Hemisphere, and Other countries in Asia and Africa, less OPEC and the IMF.
8. The BE A definition for "petroleum and products" (lines C12, C29, and D56) includes
Table 7:
propane and butane, inline with current Bureau of Mines and Federal Energy Administration
practice.
1. Consists of negotiable and other readily transferable foreign obligations payable on demand
9. This statistical identification of automotive products exports to Canada (line D34) is not
or having a contractual maturity of not more than one year, including loans payable on
as complete and comprehensive as the identification under the U.S.-Canada Automotive
demand. Excludes other types of loans, acceptances and accounts receivable.
Products Trade Act. However, the underestimation of automotive shipments to Canada
2. Includes funds obtained by finance and subsidiaries incorporated in the Netherlands
due to unreported exports, amounting to about $1,350 million in 1976, has largely been corAntilles from sources other than sales of newly issued securities to the extent that they are
rected in line C18.
transferred to U.S. parent companies.
10. Includes silver ore and bullion.
3. Outstanding amounts as of June 30, 1977.
11. Includes nuclear fuel materials and fuels.
Table 8:
NOTE.—The "seasonal adjustment discrepancy lines" (BIS, B29, B45, C22, CSS, T>4.7, and
1. Includes claims of U.S. banks on their foreign branches and those of U.S. agencies and
D91) show the difference between total exports and imports and the sum of major items
branches of foreign banks on their head offices and foreign branches of such head offices.
independently adjusted.
2. Mainly claims on U.S. branches in the Bahamas and Cayman Islands.
Table 4:
1. Expenditures to release Israel from its contractual liability to pay for defense articles
and services purchased through military sales contracts—authorized under Public Law
93-199 and subsequent similar legislation—are included in line A3. Deliveries against these
military sales contracts are included inline C10; see footnote 2. Of the line A3 items, part of the
military expenditures is applied in lines A38 and A41 to reduce short-term assets previously
recorded in lines A36 and C8; this application of funds is excluded from lines C3 and C4. A
second part of line A3 expenditures finances future deliveries under military sales contracts
and is applied directly to lines A37 and C9. A third portion of line A3, disbursed directly to
finance purchases by Israel and other countries from commercial suppliers, is included in
line A32:
2. 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.
Purchases by foreigners directly from commercial suppliers are not included as transactions
under military sales contracts. The entries for the several categories of transactions related to
military sales contracts in this and other tables are partially estimated from incomplete data.
3. The identification of transactions involving direct dollar outflows from the United States
is made in reports by each operating agency.
4. Line A33 includes foreign currency collected as interest and lines A38 and B2 include
foreign currency collected as principal, as recorded in lines A13 and A14, respectively.
5. Includes (a) advance payments to the Defense Department (on military sales contracts)
financed by loans extended to foreigners by U.S. Government agencies and (b) the counter
value of the part of line C10 which was delivered without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release foreign purchasers
from liability to make repayment.
Table 9:
1. Time deposits with maturity of 1 year or less; negotiable certificates of deposit with a
maturity of 1 year or less are included in "other obligations."
2. Excludes long-term liabilities in line B8.
3. Coverage of lines B3 and B4 is limited to Western Europe, Canada, Japan, Bahamas,
and Cayman Islands.
4. Consists of International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian
Development Bank (ADB), and Inter-American Development Bank (IBD).
5. Outstanding amounts as of June 30, 1977.
Table 10:
For footnotes 1-12, see table 1.
13. The "European Communities (9)" includes the "European Communities (6)", the
United Kingdom, Denmark, and Ireland.
14. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxembourg, the Netherlands, the European Atomic Energy Community, the European Coal and
Steel Community, and the European Investment Bank.
15. Includes transactions with U.S. affiliated shipping companies operating under the flags
of Honduras, Liberia, and Panama, and U.S. affiliated multinational trading companies,
finance, and insurance companies, not designated by country.
16. Details not shown separately; see totals in lines 51 and 58.
17. Details not shown separately are included in combined lines 64 and 65.
SUEVEY OF CUEEENT BUSINESS
42
December 1977
Table 10.—U.S. International
[Millions
Western Europe
(Credits + ; debits - ) i
Line
Other transportation
Fees and royalties from affiliated foreigners..
Fees and royalties from unaffiliated foreigners.
Other private services
U.S. Government miscellaneous services
Receipts of income on U.S. assets abroad:
Direct investments *.«
Other private receipts
U.S. Government receipts
Transfers of goods and services under U.S.
military grant programs, net.
Imports of goods and services
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreignersPrivate payments for other services
U.S. Government payments for miscellaneous services.
Payments of income on foreign assets in the
United States:
Direct investments 4 s
Other private payments
U.S. Government payments
U.S. military grants of goods and services, net.
Unilateral transfers (excluding military grants
of goods and services), net.
U.S. Government grants (excluding military
grants of goods and services).
U.S. Government pensions and other
transfers.
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow ( - ) ) .
U.S. official reserve assets, net •
Gold
Special drawing ri ghts
Reserve position in the International
Monetary Fund.
Foreign currencies
U.S. Government assets, other than official
reserve assets, net.
U.S. loans and other long-term
assets
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S.
short-term assets, net.
U.S. private assets, net
Direct investments abroad «
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not
included elsewhere:
Long-term
Short-term
Foreign assets in the United States, net (increase/capital inflow (+)).
Foreign official assets in the United States,
net.
U.S. Government securities
U.S. Treasury securities "
Other»
Other U.S. Government liabilities 10
U.S. liabilities reported by U.S. banks, not
included elsewhere.
Other foreign official assets "
Other foreign assets in the United States, net
Direct investments in the United States «.
U.S. Treasury securities
U.S. securities other than U.S. Treasury
securities.
U.S. liabilities to unaffiliated foreigners
reported by U.S. nonbanking concerns:
Long-term
S hort-term
U.S. liabilities reported by U.S. banks, not
included elsewhere:
Long-term
Short-term
Allocations of special drawing rights
Statistical discrepancy (sum of above items
with sign reversed).
70
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on goods and services (lines 1 and 15)12.
Balance on goods, services, and remittances
(lines 69, 31, and 32).
Balance on current account (lines 69 and 29)
See footnotes on page 41.
1977
1976
1976
1977
1976
II
Exports of goods and services 2
Merchandise, adjusted, excluding military 3.
Transfers under U.S. military agency sales
contracts.
Travel
_
European Communities (9)«
44,410 10,221
31,934 7,391
1,130
359
III
IV
11,043
7,961
251
10,462
7,367
288
12,684
9,215
I
II'
III v
1977
II
III
IV
I
12,217
8,819
342
12,991
9,201
181
11,823
'378
34,083
24,968
593
7,813
5,751
200
8,432
6,168
177
7,949
5,728
124
9,890
7,321
92
II r
HI p
9,366 10,077
6,861 7,201
182
83
9,184
6,145
205
852
439
2,373
1,700
383
145
72
535
450
91
222
114
627
424
94
266
148
620
395
97
219
104
591
432
100
172
77
593
430
102
254
139
705
459
103
295
168
702
438
104
646
341
1,539
1,471
319
107
54
349
397
76
169
89
407
362
79
205
119
401
335
81
165
79
382
378
84
143
60
383
371
85
195
108
476
397
85
226
134
473
386
86
647
168
153
46
161
41
164
41
40
175
52
187
35
199
37
455
106
107
32
113
26
116
25
119
24
123
36
130
18
137
21
2,996
1,525
263
14
350
58
-1
718
368
63
3
591
400
1,119
408
56
7
1,025
402
30
1
465
24
2
1,074
494
37
1
2,351
1,176
120
-2
454
269
20
-1
535
283
25
(*)
474
308
32
315
43
800
306
18
-1
25
965
381
25
(*)
-9,243 -10,016 -10,031 -10,109 -10,391 -11,897 -12,449 -29,771
-5,526 - 5 , 726 - 5 , 620 - 6 , 1 3 1 - 6 , 4 6 3 - 7 , 1 1 2 - 7 , " " ' -17, 739
-735
-648
-699
-771 - 2 , 2 7 0
-692
-667
-633
-646
-590
-816 - 1 , 3 6 4
-258
-227
-739
-329
6
9
7
-589 - 1 , 379
-588
4
3
3
-388
-527
-390
-695
-718 - 1 , 4 9 4
-556
-701
-526
-609
-604
-18
-43
3
4
4
6
-53
-22
-28
-26
-44
-43
-42
-42
-42
-43
-151
-4:
-236
2
2
4
1
7
2
-209
-190
-640
-158
-199
-70
-71
-61
-76
-60
-93
-171
-86
-6,861
-4,200
-575
-144
-271
-7,580
-4,421
-575
-435
-422
-362
-11
-37
-151
-40
-7,503
-4,304
-577
-516
-154
-516
-456
-140
-472
-445
(*)
-39,399
-23,003
-2,640
-1,885
-1, ~"
-2,295
-150
-169
-719
-314
-873
-3,170
-2, 289
-14
-318
-206.
-777
-589
1
-54
-195
-816
-564
-3
-69
-10
-88
-101
-423
193
57
-8,587 - 2 , 1 5 3
60
-105
41
-2,292
-179
-775
-561
-4
-89
-696
-1,987
-1,""
2
-106
-238
-860
-725
-1
-78
-38
-24
-17
-15
-1
-110
-112
-116
-290
-69
-72
73
53
-4,598 - 1 , 0 3 3
329
-6,982
86
-1,920
77
-1,887
27
-4
-500
-400
300
596
179
-500
53
-400
42
300
70
596
14
4
6
-160
170
-6
-126
254
5!
-35
56
32
-40
74
-35
81
24
-17
43
-12
-48
42
13
-4,515 -1,064
-730
- 1 , 235
-447
-54T
-7,15'
-2,283
-1,640
-1,473 - 1 , 5 2 9
-996
-16
-303
-463
-781
-547
-321
-3,374
-723
-554
-34
-111
-107
43
52
-652 -3,490
37
-162
327
658
-91
19
-491
-434
-47
327
-78
658
-118
-91
-223
19
-103
-142
111
34
-193
134
12
-255
152
25
-211
111
-18
-344
104
18
-185
143
-62
-8,40; -1,665
-2,913 - 1 , 1 7 7
-1,433 - 2 4 4
-1,811
-171
-343
-901
-592
-4,030
-974
-513
151
-646
-179
30
165
49
-13
125
-731
-472
-10
-411
-3,072
6,531
-55
227
-1,625
-44
-832
95
-248
-36
77 - 2 , 5 4 4
8,170
-109
293 - 2 , 3 8 8
-932
-848
(16)
(16)
124
(16)
6,239
1,492
(16)
656
-764
-416
(15)
(16)
(16)
764
459
(16)
(16)
1,027
288
(16)
(16)
(16)
740
45:
-258
1,279
-814
-99
-2,038
8,890
-35
-496
8,01
-272
-2,364
6,008
4,461
2,182
5,334
7,345
(16)
(16)
(16)
(16)
(16)
(16)
-46
-151
~5C
-202
-155
-21
-204
(16)
(16)
1,238
41!
8,93:
5,01:
1,865
977
933
2,235
1,027
963
1,74'
432
37'
923
95*
343
101
(16)
3,708 - 2 , 9 9 6
294
296
100
2,855
4,693
13'
-735
(16)
-2,638
4,78:
643
-74
677
-20C
18
-619
169
-156
-2
-38
-171
-55
-181
-825
-633
-2
-55
-434
-800
508
53
C)
-7,827 -7,874 -9,217 -9,700
-4, 814 -5,004 - 5 , 651 -5,866
-544
-604
-669
-648
-269
-153
-587
-452
-297
-305
-436
-503
-393
-470
-455
-453
-2
-10
-11
-38
-39
-39
-181
-191
-200
-209
-43
-33
-42
-39
-155
-747
-575
-1
-97
-293
-802
-575
-491
-240
-37
-136
-34
C)
(16)
-7,14!
64:
-300
-246
(16)
-753
104
(16)
3,557
618
(16)
07)
-1
-48
(16)
-147
-485
-482
1
17
45
-410
(17)
-150
-537
-536
-76
87
78
- 4 1 1 -2,764
C)
C)
-76
-78
-78
73
119
105 -4,001
94
-681
C)
(*)
73
-57
95 - 4 , 0 1 5
-704 - 8 8 0
-124 - 4 9 0
23
-108
-102
-35
293
-662
-857 -1,820
-23
-11
128 -2,123
6,955
1,729
-254
-93
1,262 - 2 , 0 0 7
155 6,964
-31
-74
7,381
07)
(17)
07)
07)
07)
-81
-55
7
7
374
142
17
C )
(17)
0)
262
442
(17)
(17)
278
(17)
-64
07)
288
(17)
586
(17)
53
(17)
571
07)
334
562
395
92
36
38
440
552
-168
6
-1
-178
-504
-437
-163
40
-124
-144
-78
-141
-139
-192
-218
-310
-168
-10
-5,33
(16)
17
-738
-751
-470
-11
660
(16)
-200
-550
-626
-2
-351
1,356
(16)
-73
-131
-473
-477
41
i
(*)
0)
670
409
-255
-513
-477
7
5,032 17-1,423 17-1,851 1 1,477 17 6,829
-28
07)
351
(17)
253
1719 17 5,966 17 6,958
-6,278 -3,376
1,807
2,849 -1,777 -6,256 - 1 , 7 4 9 - 3 , 8 6 5 -6,201
3,084
2,576
2,508
2,356
1,826
1,753
2,089
1,094
1,055
534
-626
-688
7,229
4,313
4,351
1,551
952
970
1,74:
85!
85:
1,424
446
459
2,507
2,063
2,065
1,857
1,493
1,490
1,550
861
902
279
-515
-49!
2,47(
1,72S
1,039
-704
4,35C
970
85'
459
2,065
1,489
902
-499
SUKVEY OF CURRENT BUSINESS
December 1977
43
Transactions, by Area
of dollars]
European Communities
United KingdomL
1977
1976
1977
1976
Eastern Europe
(6)"
1976
1976
1976
I
II
III
IV
I
III*
II r
Line
1977
1976
I
II
III
IV
I
III*
II r
I
II
III
I
IV
III*
II r
8,170
5,074
175
1,799
1,145
40
1,972
1,216
66
2,117
1,279
47
2,282
1,434
23
2,222
1,458
36
2,441
1,552
17
2,349
1,375
40
24,879
19,171
401
5,781
4,443
156
6,198
4,775
108
5,597
4,288
73
7,302
5,665
65
6,834
5,169
142
7,280
5,404
65
6,548
4,566
158
183
127
503
472
101
35
20
114
122
23
42
33
130
115
25
58
45
135
115
26
48
29
124
119
27
34
21
127
103
28
42
40
159
134
27
66
51
158
132
27
433
198
941
957
212
67
32
214
265
52
118
52
252
235
53
140
69
241
210
54
108
45
234
247
55
103
36
232
259
56
143
63
289
249
57
152
77
288
242
58
108
24
35
22
26
22
35
20
4
5
5
6
6
6
154
43
36
9
38
13
39
15
40
6
41
8
45
6
46
8
282
55
66
21
71
11
72
8
74
16
76
26
80
10
85
11
89
7
20
1
22
2
23
2
24
2
25
2
27
2
566
725
48
84
167
6
109
180
6
(*)
152
192
13
221
186
24
(*)
185
178
4
205
208
9
214
227
1,724
439
65
2
354
100
13
—1
405
101
18
(*)
313
113
18
(*)
652
126
16
598
126
13
-1
753
153
15
745
151
18
(*)
99
47
24
12
23
12
25
9
27
14
29
10
30
18
29
15
11
12
13
14
-8,027 - 1 , 8 1 7 -2,065 -2,070 - 2 , 0 7 5 -2,052 -2,519 -2,659 -20,587 - 4 , 7 9 9 - 5 , 1 9 6 - 5 , 1 1 3 - 5 , 4 8 0 -5,543 -6,364 -6,648 - 1 , 0 6 1
- 9 7 3 - 1 , 0 5 1 - 1 , 0 5 7 - 1 , 0 7 9 - 1 , 1 4 2 - 1 , 3 3 1 - 1 , 3 5 4 - 1 2 , 823 - 3 , 0 4 7 - 3 , 1 6 4 - 3 , 0 7 2 - 3 , 5 4 0 -3,660 - 4 , 1 1 5 - 4 , 3 0 7
-875
-4,160
-500
-565
-82
-75
-485
-462
-504
-554
—2
-287
-68
- 8 8 - 1 , 929
-482
-62
-84
-82
-263
-48
-156
-749
-242
-159
-104
-231
-74
-494
-100
-232
- 90
-258
-190
-44
-185
-242
-105
-142
-787
-253
-168
-165
-300
-12
-503
-110
-165
-149
-217
-146
-121 -170
-243
-143
-151
-791
-192
-209
-238
-232
-63
-624
-164
-197
-183
-208
-166
-192
-192
c
-2
-5
-6
-18
-6
—7
-8
-3
—1
-6
4
-1
-22
-16
-16
-17
-17
-83
-20
-21
-16
-17
-21
-21
-66
-22
-16
-22
-58
-67
—2
-421
-50
-60
-66
-90
-100
-111 -120
-212
-127
-45
-132
-13S
-63
c
-39
3
1
-30
-32
3
1
-13
-4
-135
-26
-38
26
-6
-6
-6
07
-226
-199
(•)
-270
-215
-1
-14
-6
-15
-297
-239
-1
-27
-4
-17
-268
-222
(*)
-18
-1
-17
-263 -362
-222 -315
(*)
-7
-11
-1
-7
-15
-15
-360
-296
-1
-31
-4
-16
-7
(*)
-1
-7
-7
(*)
-351
-993
-80
(*)
-44
-69
-249
-28
-9
-81
-261
-15
(*)
-6
-64
-225
-19
-12
-137
-258
-19
(*)
-17
—43
-235
-34
-58
-274
-64
-47
-286
-115
-18
-17
-16
-342
-983
-1,752
2
116
-78
-234
-448
1
34
-72
-253
-432
(*)
20
—1
-44
-11
-11
-11
-11
2
5
-817 -1,715
-2
-205
-6
-818
-400
-200
600
600
4
15
-400
21
-200
39
-80
99
21
—14
27
2
-29
30
20
-30
25
5
-3,594
-1,402
-186
- 8 3 2 -1,336
-527
—392
-57
-31
99
-538
47
-380
-16
-320
-217
-1,350
3,480
-71
157
83
-64
-514
-234
(17)
(17)
-10
07)
11
351
(17)
9
(17)
68
236
-74
-27
-55
209 - 1 , 2 0 2
762 2,869
-17
-11
-33
-5
-311
94
(*)
-53
-56
341
86
-3,258 -1,112
76
-119
-4
-500
28
_1
-57
-59
91
87
-169 -1,858
-88
-235
-436
1
24
(*)
-91
-260
-460
70
(*)
20
500
67
-4
1
4
4
-2
13
16
-3
17
-6
-9
20
7
-37
135
26
-16
26
27
-10
41
-11
-1
49
20
—9
20
-9
-34
23
15
501 - 2 , 4 5 1
—466 - 4 1 8
-35
85
-329
-448
-238
-3,379
—750
-1,453
-648
—469
-249
-139
408
-427
-14
-553
498
38
-186
-1
-34
14
-36
-34
-203
59
87
-17
-85
-22
-77
949 - 1 , 4 0 8
461 2,745
-8
-133
5,374
44
-36
-50
-142
142
-978
2,258 - 1 , 3 5 0 - 1 , 3 6 4
-64
-86
1,082
6
-892
3,890
-185
294
-523
(17)
<«>
<»>
(17)
07)
(17)
2
4
-132
(17)
-13
(17)
10
07)
( 17 )
106
218
(17)
(17)
1,028
07)
(17)
-90
(17)
260
(17)
07)
-41
(17)
6
(17)
295
252
(17)
(17)
134
(17)
221
(17)
-16
-19
-15
-19
(+)
-18
07)
140
1
-273
—321
-57
—24
-92
—110
-31
—126
-93
—61
-100
—319
-112
—18
-5
—115
-234
—113
-106
61
-34
—33
-43
—16
-51
—125
-119
1
-52
9
5
-40
-4
—9
222
47
34
355
207
190
316
171
153
221
-77
-95
99
-27
-99
34
190
153
-95
118
43
44
45
17 3,757 17 - 7 7 9 17 3,041 17 1,925
-10
81
-64
2
11
-6
-81
11
101
30
10
46
47
20 - 1 3 8
4
20
31
23
-74
-65
39
-43
-53
-10
36
16
2
37
71
3
48
49
50
16
CO
(17)
(*)
(*)
(17)
(17)
(17)
(*)
(*)
fI
(17)
(17)
(17)
-23
165
-93
-99
16
(17)
132
172
-18
-27
-226
O7)
38
914
143
99
39 - 1 0 5
(17)
—47
460 - 1 , 4 3 1 -.3,382
101
(17)
-44
- 5 9 1 - 2 , 2 4 1 -1,121
40
41
42
47
23
-36
4
2,048
—60 -112
35
31
11
13
-145
-18
56
217
761
—91
19
14
-22
115
1,989
130
-23
20
5
-75
-581
07)
38
39
-87
3,623
265
1,437 1 7 -1,692 1 7 -1,555
32
33
- 9 2 -137
21
77
6
3
-3
34
428
17
31
-60
80
12
-8
-20
404
5,024
-6
-13
54
-18
2
81
84
7
3
-57
26
-13
80
17 2,340
-12
63
—1
89
657 7 2,837
-6
-12
-41
-6l
-191
183
i7
-5
-11
-287
-113
-260
-234
-202
461
-6
-12
-12
29 - 2 1 8
34
35
36
37
- 3 7 8 -1,495
-184
-427
-201
-425
(17)
30
(*)
_
-5
25
26
27
28
29
(*)
436
17 3,296 7-128 17-70
—5
15
16
17
18
19
20
21
22
23
24
A
-18
-377
198
26
403
(*)
-6
-21
52
-16
(17)
(*)
-6
-16
48
-35
(17)
(*)
-6
-10
-71
32
(17)
9
10
-3
(*)
-153
33
5
29
2
-3
(*)
36
-67
18
4
5
6
7
8
-2
(*)
-6
-500
36
1
2
3
-2
-11
133
-4
125
565
466
-2
(*)
-45
-344
_2
802
684
-2
(•)
105
-224
4
(*)
948
855
-2
131
83
- 3 7 0 -1,484
-4
1,015 1,015
930
916
-7
(*)
-21
-59
1,182
1,084
(*)
-61
18
40
-30
C)
-60
500
-737 -1,856
-83
-605
-267
-510
-152
-262
-497
(*)
43
1,214
1,127
—5
11
(17)
(17)
-224
-117
-252
-453
7
__7
8
(17)
193
-11
-6
507 - 2 , 4 3 9
(17)
(»)
(17)
(17)
—8
17
-6
- 6 -1,421
—410
-73
-54
-45
(17)
(17)
(17)
O
-12
-11
-75
-245
-420
(*)
34
4,426
4,057
(17)
(17)
(17)
(17)
2
( 17 )
(17)
(17)
(17)
f
(17)
(17)
1
I
1
—3
(*)
1
—2
6
54
53
55
56
57
58
59
60
61
62
63
1
3
—8
-1
7
-4
—11
67
1
17 68 17 —42
17 31
"25
1754
17-78
-943
-513
-483
-615
-491
-243
64
65
66
67
-421 - 3 , 1 2 5 - 1 , 7 0 9 -3,007 - 1 , 0 6 8
17 - 3 f
(
-3,408
1,445
21
-309
-325
6,348
4,292
4,409
1,396
983
1,017
1,611
1,002
1,022
1,216
485
519
2,125
1,823
1,852
1,509
1,291
1,315
1,289
916
986
259
-100
-57
3,182
3,365
3,299
928
988
971
869
912
895
691
719
700
694
747
732
633
686
667
369
440
426
170
205
186
68
69
70
-325
4,408
1,017
1,022
519
1,851
1,314
986
-57
3,294
971
891
700
732
667
426
186
71
-211 -4,737
SURVEY OF CUEEENT BUSINESS
44
December 1977
Table 10.—U.S. International
[Millions
Canada
(Credits + ; debits - )
Line
l
Latin American Republics and Other Western Hemisphere
1976
1976
1977
1977
1976
1976
II
III
IV
II r
HI P
II
III
IV
II r
HI v
33,528 8,005 8,924 7,916 8,684 8,868! 9,666 8,422 26,516 6,130 6,564 6,636 7,007 6,436 7,005 7,811
Exports of goods and services 2
7,702 6,406 16,843 4,150 4,226 4,112 4,355 3,861 4,334 5,002
6,306 7,151 6,023 6,856
Merchandise, adjusted, excluding military '
18
21
76
16
25
22
14
11
141
Transfers under U.S. military agency sales contracts.
29
40
29
55
18
41
48
622
1,983
652
550
2,076
569
503
325
459
588
545
587
448
Travel
579
460
45
190
36
63
52
37
Passenger fares
83
47
148
147
192
485
168
186
123
117
725
216
107
129
182
Other transportation
125
217
180
70
633
178
170
68
78
130
160
299
66
Fees and royalties from affiliated foreigners
163
140
70
95
170
83
15
11
15
16
11
11
17
Fees and royalties from unaffiliated foreigners
40
10
10
61
17
17
11
10
16
143
126
185
188
130
169
Other private services
520
126
753
229
235
148
120
244
126
211
2
17
17
19
U.S. Government miscellaneous services
13
2
17
3
70
20
4
3
2
17
18
Receipts of income on4 U.S. assets abroad:
246
512
1,376
323
438
460
623
Direct investments s
2,098
560
490
515
326
300
265
271
688
657
799
657
708
828
866
2,983
Other private receipts
2,050
943
608
597
455
502
555
537
818
65
3
55
73
73
U.S. Government receipts
82
277
71
17
3
2
6
3
85
3
1
3
4
Transfers of goods and services under U.S. military
1
16
3
7
grant programs, net.
Imports of goods and services
-29,691 -6,548
-7,553 - 7 , '
-7,671 -8,740 -8,174 -22,887 -5,582 -5,449 - 5 , 6 8 1 -6,175 - 7 , 3 6 2 -6,968 -6,451
Merchandise, adjusted, excluding military 3
-26,442 -5,963 -7,082 -6,403 -6,994 -7,081 -7,887 -7,004 -17,204 -4,188 -4,092 - 4 , 2 0 4 -4,720 - 5 , * -5,409 -4,839
-46
-34
-56
-36
-39
-40
Direct defense expenditures
-172
-48 -45 - 1 5 8
-32
-42
-45
-44
-52
-36
Travel
-1,371
-137
-335
-703
-196 -136 -379 -718 - 2 , 7 3 9 - 7 1 2 - 6 3 5 - 7 1 1 - 6 8 1 - 7 8 3 - 7 2 6 - 7 5 4
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on foreign assets in the United
States:
Direct investments *«
Other private payments. _
U.S. Government payments
U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of goods
and services), net.
U.S. Government grants (excluding military grants of
goods and services).
U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. assets abroad, net (increase/capital
outflow (-))..
U.S. official reserve assets, net 8
Gold
Special drawing rights
Reserve position in the International Monetary
Fund
Foreign currencies
U.S. Government assets, other than official reserve
assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans7
U.S. foreign currency holdings and U.S. short-term
assets, net
U.S. private assets, net
Direct investments abroad 5
Foreign securities
U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not included
elsewhere:
Long-term
Short-term
Foreign assets ni the United States, net (increase/capital inflow (+))
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities *
Other 9.
Other U.S. Government liabilities 10
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets u
Other foreign assets in the United States, net
Direct investments in the United States 5
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities.
U.S. liabilities to unaffiliated foreigners reported
by U.S. nonbanking concerns:
Long-term
Short-term
U.S. liabilities reported by U.S. banks not included
elsewhere:
Long-term
Short-term
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign
reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on goods and services (lines 1 and 15) 12
Balance on goods, services, and remittances (lines 69,
31, and 32)
Balance on current account (lines 69 and 29) 12
See footnotes on page 41.
-135
-7
-336
-18
-71
-39
-2
-77
-5
-97
-38
-2
-84
-4
-99
-30
-2
-86
-5
-102
-28
-1
-88
-5
-215
-402
-224
-94
-58
-47
-105
-58
-23
-100
-57
-76
-103
-51
-128
-31
-28
-33
-36
-118
-29
-9
-2
- 5 , 7 9 6 -2,326
-11
-29
16
2
-29
1
-946
- 5 , 7 8 6 -2,317
-102
-86
- 4 , 9 2 8 -1,946
-13
8
-5
1
-1
-5
5
C)
-14
-21
-233
-32
-283
1,723
-15
-100
1,423
-20
-249
-113
-33
-3
677
36
69
-264
-168
(16)
46
(16)
1,405
247
296
(16)
-70
81
(16)
12
(16)
881
96
145
(16)
18
(16)
(16)
-50
88
&
57
-72
122
(16)
-11
18
(16)
-4
(*)
22
57
(16)
-55
-46
(16)
(16)
82
129
8
-722
23
100
110
(16)
-54
-147
1
-1
-162
-65
-69
-157
-4
-1
-164
-58
-32
-206
-11
-3
-168
-40
-232
-10
-3
-226
-23
-239
-15
-3
-182
-73
-221
-18
-7
-179
-15
-213
-19
-4
-186
-108
-241
-21
-1
-195
-27
-301
-21
-1
-208
-59
-105
-63
-65
-27
-112
-82
-350
-17,100 - 4 , 7 4 5
-300
-295
139
5
-274
147
4
3,179 -3,442 - 5 , 0 5 9
276 - 2 6 0
-91
-10
-20
27
1,230
-76
100
2,154
-39
-112
-54
-236
90
25
-744
18
-795
32
-528
-12
111
-435
-467
-288
2,646 -3,031 - 3 , 9 8 8
939 1,971
2,257
-38
2,021
290
-105
1,402
1,813
3,836
-363
177
-2
-226
107
13
168
-490
55
239
-188
(16)
293
-59
(16)
-1
(16)
(17)
(17)
(17)
17
(16)
-123
-326
121
-242
104
-2
-150
28 - 1 , 3 4 0
220 -13,501 -3,836
276
105
4,891
-33
-104
-177
-253
170
4
- 1 -1,085
6
558
-2
13
-137
-196
-71
150
-152
-79
47
111
-154 -1,191
-73
-32
-31
-95
-81
1,178 - 2 , 1 5 6
150
150
150
-202
-107
(16)
-15
75
-28
-28
-29
-91
-93
-85
3,728 - 3 , 5 4 9 -5,078
-360
60
-189
(16)
23
(16)
-72
-153
-1
-1
-165
-77
-140
(16)
)_
-26
52
-36
-150
-4
-2
-157
-77
-167
-898
-54
-16
-755
4
338
28
-65
-148
-11
-1
-147
-72
-64
-131
(*)_
-514
(*)
(16)
-147
-54
-49
-137
-12
-1
-142
-60
-214
-567
-26
-5
-593
-262
- 7 2 8 -16,286 -4,606
-164
-70
287
-146
200
-217
- 5 1 3 -I, 1
-219
72
-688
-384
-271
5
(16)
-1
8
2
-9
-139
(16)
(16)
-7
(16)
-34
-4
-725
5
-41
32
(16)
-2
-109
-41
-31
-10
-156
-982 -1,538 -1,225
-950
-20
280 - 3 7 9
83
- 7 5 4 -1,219 - 1 , 0 1 0
542
-26
-99
-43
-31
-30
-30
6
-3
-5
-987 -1,537 -1,220
-44
-126
318
-118
-35
-2
-41
-341
(16)
-114
-31
-2
-92
-19
-24
-5
-9
1
-5
-82
-26
-2
-88
-4
47
12
37
17
-20
44
-19
198
130
()
-28
104
()
-21
263
37
(17)
-6
-4
(17)
-27
- (
-523
56
-20
851
432
-738
409
9,334
4,462
581
1,837
-106
3,837
3,709
343
1,457
1,426
1,031
1,003
-380
363
330
-138
986
950
-183
1,196
1,172
-185
926
885
249
211
-361
3,629
3,167
-38
727
618
134
1,115
995
-92
954
3,709
1,426
1,003
330
950
1,172
211
2,875
559
772
-19
-32
54
91
27
(17)
95
-5
35
77
07)
(17)
12
6
17 4,457 17 - 6 4 6 17 2, 266 17 995 171, 842
364
24
-7
(17)
(17)
114
07)
(17)
2,453
3
-101
-5
17 143 17 1,828 17 3,779
-356
501 - 4 , 8 1 2
-1,962 -1,075
37
833 - 9 2 7
719 -1,040
163
1,360
1,223
-158
1,153
654 - 1 , 1 1 2
SURVEY OF CURRENT BUSINESS
December 1977
45
Transactions, by Area—Continued
of dollars]
Australia, New Zealand, and South Africa
Japan
1977
1976
1977
1976
1976
1976
1976
I
I
III
IV
3,517
2,613
11
139
99
205
73
62
29
4
3,487
2,713
12
92
60
191
74
65
30
6
3,612
2,809
15
116
74
177
48
65
31
9
3,375
2,553
6
108
66
198
74
65
33
6
3,340
2,475
7
112
90
197
78
64
34
10
67
204
12
(*)
39
197
75
181
12
(*)
83
174
11
61
199
13
3,124
2,408
8
115
67
157
35
55
25
6
3,237
2,462
10
93
59
191
75
59
27
192
797
39
33
203
12
(*)
53
194
7
7
I
II r
II
5,718 1,252 1,506
3,920 906 1,038
39
10
6
159
23
51
37
125
21
36
47
169
202
52
51
46
11
11
34
44
192
1
1
2
652
184
26
119
37
3
162
49
10
- 1 8 , 6 0 1 -4,162 - 4 , 6 4 3 - 4 , 8 7 2 - 4 , 9 2 5 - 4 , 8 1 6 - 5 , 4 2 0 - 5 , 7 0 2 - 2 , 9 5 2
- 1 5 , 5 3 1 -3,482 - 3 , 8 5 4 - 4 , 0 6 5 - 4 , 1 3 0 - 4 , 1 3 2 - 4 , 5 9 2 - 4 , 8 9 4 -2,479
-769
-159
-223
-191
-197
-199
-21
-177
-192
-145
-27
-48
-55
-38
-32
-23
-36
-90
-120
-27
-36
-39
-42
-32
-18
-35
-108
-885
-198
-214
-263
-238
-236
-207
-273
-77
7
36
9
11
11
11
1
10
9
9
—z
—4
—3
—1
—3
—3
—3
-72
2
0
-15
2
1
-18
-16
-24
-28
-7
-8
-- 11 90
-- 2
12
0
-4
-31
-8
-16
-681
-556
-5
-25
-31
-18
1
-690
-589
-5
-15
-24
-18
(*)
-59
-324
-692
(*)
-49
-20
-76
-156
(*)
-10
2
-84
-165
-21
-28
-605
(*)
7
(
-5
-9
-5
-6
II '
I
IV
III
1,398 1,562 1,324
973 1,003 961
11
12
7
46
39
15
44
24
20
45
42
39
47
53
50
12
12
13
53
61
63
1
1 (*)
III*
I
II
8,548
5,410
1,032
97
74
360
90
14
247
34
8,991
5,527
1,170
73
37
310
103
14
270
37
8,768
5,196
1,468
52
38
296
79
14
289
37
10,174
6,418
1, 472
79
52
350
69
14
312
37
9,518
5,736
1,462
106
77
357
84
15
335
33
1
2
3
4
5
6
7
8
9
10
247 .113
58
40
9
4
178
75
9
124
50
4
3,665
1,056
623
356
1,287
256
135
47
603
266
155
81
778
266
148
148
997
267
184
80
883
274
141
42
896
282
195
24
836
314
163
29
11
12
13
14
- 7 5 3 -828 -709
-631 -703 -571
-5
-7 - 5
-15 -35 -38
-28 -25 -36
-20 -20 -19
(*)
(*)
(*)
(*)
C )
-4
-3
-3
-6
-10
-7
-833
-693
-5
-21
-28
-41
(*)
(*)
-4
-9
- 8 6 1 -42,788 - 9 , 2 3 0 - 9 , 8 9 4 -11,875 -11,789 -13,017 -14,385 -14,365
- 7 3 1 -38,171 - 8 , 2 1 5 - 8 , 7 9 4 -10,612 -10,550 -11,679 -12,876 -12,831
-271
-282
-364
-382
-363
- 5 -1,085 -234
-298
-158
-142
-175
-156
-552
-117
-14
-130
-147
-152
-31
-54
-31
-36
-42
-29
-27
-40
2
2
7
285
-172
-735
-175
-190
2
7
1
-44
-198
-1
-1
-4
-1
-1
1
{*)
3
(*)
*~
(*)
I )
(*)
—1
-33
-34
-28
-24
-27
-6
-29
-107
-79
-84
-- 72 9
2
-75
-89
-67
-6
-300
-69
15
16
17
18
19
20
21
22
23
24
124
40
3
-32
-728
-926
—356
-3,369
-8
-162
-186
—47
629
-8
-6
-202
-179
-219
-257
-148
—81
-694 -1,434
-10
-185
-265
—80
-612
-5
-199
-267
-42
-730
-7
-217
-310
-24
-917
-11
-230
-321
-29
-824
25
26
27
28
29
—2,454
—389
—474 - 1 , 2 2 0
—372
-480
-652
-535
30
-59
-155
-1,064
-53
-187
-1,605
-56
-195
-206
-54
-211
-1,707
-59
-230
-1,307
31
32
33
34
35
36
37
-535
-622
-640
-517
-442
-785
38
39
-946
312
-98
-936
278
123
-862
254
-14
-897
249
8
-837
295
25
-758 -1,073
365
259
-48
29
40
41
42
42 - 3 , 7 9 0 - 1 , 4 9 8
126 - 1 , 5 2 0 - 1 , 2 9 3
-580
-128
-78
-884
-433
4
-443
-372
-392
-965
579
-64
310 - 1 , 2 6 6
434
-912
-74
65
-522
-580
216
43
44
45
-32
103
-54
21
-31
-8
41
6
11
15
46
47
56
-67
4,020
130
-596
2,873
-85
-99
1,749
48
49
50
(17)
00
c)
-14
-29
-88
(*)
-8
-24
-1
-7
-21
-9
-7
-24
-5
-6
-19
-4
-6
-22
-6
-7
-20
-6
-9
-12
-12
-7
-15
-27
-7
-7
-7
-7
-8
-7
-7
-5
-6
148
-6
-6
-42
-6
—9
-9
-5
-8
-702
-5
1,326
1
-8
-635
-4
-11
498
-9
-19
-684
-2
-2
-3
—4 - 5
-6
103 -276 - 3 3 8
-2
-5
-221
-56
13
-21
-19
-29
-5
22
33
42
-2
32
-16
1
29
7 -2,529
-732
-204
140
8
-25
36
1
-100
76
3
-42
20
2
-37
7
-3
36
-35
67
9
-8
2
4
-5
35
2
-11
3
-7
-2
-11
3
28
10 (*)
-3
30
1
- 1 -3,641
1,093
7
1
19
-549
-225
-246
135
-289
-110
-21
249
-62
10
-188
-92
119 - 3 0 3 - 3 8 8
82 - 8 1 - 7 3
11
3 -196
-250
-18
2
11
218
-1
-31
6
-7
2
-1
-1
16
-91
-216
3,791
4
563
2,112
(17)
j en
86
00
255
(17)
(*)
(*)
-673
4
19
1,331
123
-195
-657
-172
-65
465
-35
-106
-726
-113
-418
5
160
1
96
-19
-55
-13
36
2
6
2
-29
-177
494
-45
170
1,602
-21
-772
-416
-35
1,512
-429
7
-450
245
21
583
593
-71
-132
-70
6
-75
- 1 6 -141
61
-2
17 - 1 9 - 2 6
25 (*) - 2 5 2
-301
173 176
(17)
(17)
(17)
(17)
00
00
(17)
00
17
(17)
5
00
154
(17)
51
38
1
-67
-3
12
-5
-17
41
(17)
35
(17)
(17)
4
2,100 - 1 , 2 1 1
23
(17)
50
17 3, 467 17 1,927
27
(*)
-4
(17)
11
37
(17)
(17)
14
00
212
(17)
37
(17)
-66
(17)
102
- 8 2 -460
16 - 1 3 0
- 2 0 -205
-5
18
00
2
106
26
(17)
4
(17)
-1
-7
40
(17)
00
(17)
16
-6
(17)
26
(17)
00
(17)
c)
(17)
38
13
-4
-3
13
A
(17)
-57
226
7
-283
-17
-232
-112
-30
-63
23 - 1 , 5 5 8
-609
15,250
-45
-202
5,473
157
-336
4,355
-97
-78
348 - 1 , 3 6 8
3,649
1,773
(17)
(17)
(17)
(17)
(17)
(-')
4,530
1,632
(17)
00
81
(17)
-2
(17)
00
-13
-1
2
-136
67
21
(17)
-57
-2
-226
-57
-689
-183
-5
-163
49 - 6 , 3 1 9 - 2 , 2 3 0 - 1 , 4 1 9
-16
(17)
(17)
7
(17)
43
(17)
547
00
1,734
(17)
(17)
(17)
20
11
—2
(17)
(17)
46
129
-3
-5
-47
16
-23
-29
12
-58
27
-8
-44
17 422 17 1,548 17 - 4 3 0 i 7 -7OO
17 271
7
17 357 17 - 1 4 7 17-14 17 4117 - 3 4 9 17 17517 19317 - 1 9 7 17 - 6 2 1 17 10,038 1 3,685 17 3,681 17 1,698
2,443
1,286 - 1 , 9 8 5 - 4 7 7 - 4 4 2
965
14
-15
-223
2,568
321
-1
5 -40
2 -14
4
2
-7
-4
1
-29
1
17
-5
-441 -624 -445
-245
-2
8
-25
(17)
(17)
20
(17)
-11
(17)
30
40
26
-13
-23
26
-43
-74
682
2
100
-1
81
-5
224
-70
277
-6
47
10
-171
346
{g
{ 54
55
f 56
(17)
3,411 - 1 , 4 7 2
-537
2,177
[ 58
59
60
-37
61
—2
(17)
19
100
(
17974 17 3,373 17 2,860 17 1,323 \
3,243
1,166
-5,335 - 1 , 0 7 4 - 1 , 3 9 2 - 1 , 4 5 2 - 1 , 417 - 1 , 3 2 3 - 2 , 0 3 9 - 2 , 4 1 9
-5,237 - 1 , 0 3 8 - 1 , 4 0 5 - 1 , 3 5 5 -1,438 - 1 , 2 0 5 - 2 , 0 4 5 - 2 , 3 6 3
-5,286 - 1 , 0 4 9 - 1 , 4 1 7 - 1 , 370 - 1 , 4 5 1 -1,217 - 2 , 0 5 2 - 2 , 378
1,441
2,766
2,739
350
571
563
449
816
809
342
646
639
300
734
727
390
616
607
196
585
578
265 -16,763 - 3 , 2 1 2 - 3 , 3 2 6 - 5 , 2 0 2
592 - 8 , 9 7 3 - 1 , 1 4 3 - 1 , 7 0 4 - 3 , 3 2 7
585 - 9 , 8 8 7 - 1 , 3 8 3 - 1 , 9 2 5 - 3 , 5 4 1
- 5 , 286 - 1 , 0 4 9 - 1 , 4 1 7 - 1 , 3 7 0 - 1 , 4 5 1 - 1 , 2 1 7 - 2 , 0 5 2 - 2 , 3 7 8
2,739
563
809
639
727
607
578
585 -12,342 - 1 , 7 7 1 - 2 , 399 - 4 , 7 6 1 - 3 , 4 1 1 - 4 , 9 7 9
227
57
15
28
7
560
618
(17)
11
2
III*
8,190
5,468
887
80
45
317
95
13
226
34
5
-49
-194
-18
40
II r
8,087
5,003
692
47
31
289
92
12
204
39
-14
-56
-175
-28
23
I
33,816
21,408
3,781
297
186
1,276
381
53
947
145
2
-58
-170
(*)
-13
1
IV
1,453
996
11
58
40
44
51
12
64
1
-29
-83
-184
(*)
-13
-7
III
1,418
889
9
45
42
44
50
12
63
1
-12
-82
-187
(*)
-15
-2
-2
-4
-6
- 8 4 -428
Line
1977
1976
III*
II
13,365
10,196
41
439
284
745
257
241
111
23
(*)
Other countries in Asia and Africa
3,963
5,229
- 5 , 0 2 3 - 6 , 4 8 3 - 6 , 458 - 7 , 0 9 5
- 2 , 798 - 4 , 249 - 4 , 2 1 1 - 4 , 8 4 8
-3,039 -4,500 -4,476 -5,137
-5,128 -5,672
62
63
64
65
66
67
68
69
70
71
SURVEY OF CURRENT BUSINESS
46
December 1977
Table 10.—U.S. International Transactions, by Area—Continued
[Millions of dollars]
International Organizations and Unallocated w
(Credits + ; debits - ) i
Line
1976
1976
II
Exports of goods and services 2
_
Merchandise, adjusted, excluding military *
Transfers under U.S. military agency sales contracts.
Travel...
Passenger fares
_
Other transportation
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on U.S. assets abroad:
Direct investments * •
Other private receipts
U.S. Government receipts
1977
III
IV
II r
III*
1,486
349
353
405
380
483
405
380
650
49
150
13
162
15
171
12
167
10
161
11
133
10
134
12
327
50
80
13
90
14
98
16
147
263
-4
47
42
-5
80
118
4
4
110
6
Transfers of goods and services under U.S. military grant programs, net.
Imports of goods and services
16
17
18
19
20
21
22
23
24
25
26
27
Merchandise, adjusted, excl uding military 3
Direct defense expenditures
Travel
. fares
Passenger
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on
foreign assets in the United States:
Direct investments 4 *
Other private payments
U.S. Government payments
-435
-43
-1,317
-1
-250
-19
-294
-414
-7
-318
(*)
-42
-761
-679
-710
-740
-587
-154
-149
-179
-233
-77
-356
-17
-349
-17
-294
-7
-316
-14
-318
()
-152
-53
-110
-123
-247
-34
-46
-32
-48
-33
-67
~-2i
C)
-81
-29
-76
-68
28
U.S. military grants of goods and services, net
29
Unilateral transfers (excluding military grants of goods and services), net
-307
-79
-53
-106
30
31
32
U.S. Government grants (excluding military grants of goods and services)..
U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow ( - ) ) _
-307
-79
-53
-106
3,525
288
-955
1,906
-952
-430
-870
-624
2,290
282
-784
-734
-490
-447
-58
-163
124
-29
-461
-83
-80
133
33
34
35
36
37
38
U.S. official reserve assets, n e t 6
Gold.
Special drawing rights
Reserve position in the International Monetary Fund_
Foreign currencies
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
-69
-48
-114
-48
-114
-78
-2,212
-45
-237
14
798
-18
-716
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets, net
-753
-758
5
107
110
3
180
180
-319
-320
2
148
148
135
139
3
167
167
-119
-120
2
U.S. private assets, net
Direct investments abroad 5
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term.
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term
-482
423
-906
677
472
205
9
-14
23
-853
-155
-314
120
-434
152
-146
333
-540
90
-617
-629
155
-797
-11
-3
10
62
-769
Foreign assets in the United States, net (increase/capital inflow ( + ) ) .
Foreign official assets in the United States, net
U.S. Government securities8
U.S. Treasury securities
Other»
Other U.S. Government liabilities w
r
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets «
Other foreign assets in the United States, net
Direct investments in the United States 5
U.S. Treasury securitiesU.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed) - . .
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on goods and services (lines 1 and 15) 12
Balance on goods, services, and remittances (lines
69, 31, and 32).
Balance on current account (lines 69 and 29) 12
See footnotes on page 41.
-1
(*)
1
2,347
2,347
""('17")""'"
)
(*)
-213
212
1,714
-213
212
1,714
00
(17))
-34
634
634
7
0 )
62
-338
(17)
(17)
-13
3
-769
7
0)
22
31
w 2,325
17 - 2 4 4
17 217
171,705
"647
2,287
90
857
654
686
1,044
1,218
1,714
-154
-357
-357
-463
-149
-299
-299
-165
-6
-61
-61
-114
-179
-228
-228
-276
-336
-411
-77
-207
-207
-322
-309
-1,110
-13
17 - 3 2 5
17 53
17 - 7 7 3
SUEVEY OF CUKEENT BUSINESS
December 1977
47
Subject Guide
Volume 57 (1977)
ARTICLES and sections of the monthly "Business Situation" are listed below by
subject. Title, author, and issue and beginning page numbers are given. Discussions
of the national income and product estimates and the national income and product
tables appeared in each issue.
NATIONAL
Capacity utilization in manufacturing
See Plant and equipment expenditures.
Debt
Public and Private Debt, 1965-76. Jeanette Honsa. 7-15.
Earnings
Earnings Changes in the 1974-75 Labor Market Decline. Edward I.
Steinberg. 12-4.
Reconciliation of BEA Compensation and BLS Earnings. 5-3, 8-3,
11-2.
Econometric models
Policy Multipliers in the BEA Quarterly Econometric Model. Albert
A. Hirsch. 6-60.
Employment and unemployment
Employment and Unemployment. 3-3, 6-3.
Fixed capital stock
Fixed Nonresidential Business and Residential Capital in the United
States, 1974-76. 8-57.
Government
transactions
Federal Budget Developments. 5-1, 8-2, 11-2.
Federal Fiscal Programs. Charles A. Waite, Joseph C. Wakefield.
3-14.
State and Local Government Fiscal Position in 1977. David J. Levin.
12-16.
Input-output
New Construction and State and Local Government Purchases in the
1967 Input-Output Study. Philip M. Ritz. 11-19.
Inventories and sales
Manufacturing and Trade Inventories and Sales in Constant Dollars.
1975:I-1976:IV, 2-13. 1975:1-1977:1, 5-14. 1973:IV-1977:II,
8-58. 1976:1-1977:111, 11-13.
Revised Inventory and Sales Estimates, 1958-75. 1-21.
Motor vehicles
Motor Vehicle Sales. 9-4.
National income and product accounts (NIPA's)
NIPA errata for 7-16. 8-4, 9-7.
Revised NIPA Estimates. 7-1.
Seasonally Unadjusted NIPA Estimates. 8-60.
Summary National Income and Product Series, 1929-76. 8-62.
U.S. National Income and Product Accounts: Revised Estimates,
First Quarter of 1974 to First Quarter of 1977, Preliminary Estimates, Second Quarter of 1977. 7-16.
Plant and equipment
expenditures
Plant and Equipment Expenditures. John T. Woodward. Year 1977,
1-20. First and second quarters and second half of 1977, 3-26.
Four quarters of 1977, 6-16 and 9-17. Four quarters of 1977 and
first and second quarters of 1978, 12-19.
Pollution abatement and control
Capital Expenditures by Business for Pollution Abatement, 1976 and
Planned 1977. Frank W. Segel, Betsy C. Dunlap. 6-13.
Pollution Abatement and Control Expenditures, 1974. Frank W.
Segel, Gary L. Rutledge, Frederick J. Dreiling. 2-14.
Profits
Alternative Estimates of Capital Consumption and Profits of Nonfinancial Corporations, 1974-76. 8-56.
Corporate Profits: Fourth Quarter 1976. 3-4.
Revised First-Quarter Corporate Profits and GNP. 6-3.
INTERNATIONAL
Balance of payments
U.S. International Transactions. Fourth Quarter and Year 1976,
Louis J. Moczar, 3-37. First Quarter 1977, Christopher L. Bach,
6-25. Second Quarter 1977, Christopher L. Bach, 9-31. Third
Quarter 1977, Steven V. Dunaway, 12-25.
Foreign investment in United States
Foreign Direct Investment in the United States, 1976. Ida May
Mantel. 10-26.
Investment
position
International Investment Position of the United States: Developments in 1976. Russell B. Scholl. 10-19.
International investment errata for 10-19. 12-48.
Travel
International Travel and Passenger Fares, 1976. Etienne Miller,
Joan Bolyard. 6-21.
U.S, investment abroad
Capital Expenditures by Majority-Owned Foreign Affiliates of
U.S. Companies, 1976 and 1977, R. David Belli, 3-32. 1977 and
1978, L.A. Lupo, 9-23.
Gross Product of Foreign Affiliates of U.S. Companies. Ned G.
Howenstine. 2-17.
Sales by Majority-Owned Foreign Affiliates of U.S. Companies,
1975. William K. Chung. 2-29.
U.S. Direct Investment Abroad in 1976. Obie G. Whichard. 8-32.
SURVEY OF CURRENT BUSINESS
48
REGIONAL
Personal income
County and Metropolitan Area Personal Income. Regional Economic
Measurement Division. 4-23.
Per Capita Income: Regional and Metropolitan-Nonmetropolitan
Patterns, 1965-75. Howard L. Friedenberg, Eleanor Curry. 11-14.
State Personal Income. Robert B. Bretzfelder. 1975: III-1976: III,
1-18. 1975:1-1976: IV, 4-18. 1976:1-1977:1, 7-12. 1973: IV-1977:
II, 10-17.
December 1977
State Personal Income, 1975-76. Robert B. Bretzf elder. 8-14
State Personal Income Revisions, 1971-76. Regional Economic
Measurement Division Staff. 8-15.
Transfer payments
Transfer Payments: Regional Patterns, 1965-75. Vernon Renshaw,
Howard L. Friedenberg. 5-15.
Errata
International investment errata for 10-19. 12-48.
NIPA errata for 7-16. 8-4, 9-7.
Errata for "The International Investment Position of the United States: Developments in 1976," Published in the
October 1977 Survey of Current Business
Corrections are shown here for certain items in Table 3.—International Investment Position of the United States at
Yearend.
Line
*eriod
Western Europe
Latin American Republics and
other Western Hemisphere
Other foreign countries
Published
Correct
Published
Correct
Published
1975
1976
- 4 5 , 474
- 4 5 , 851
- 4 7 , 662
- 4 8 , 433
39, 505
52, 519
38, 876
51, 779
14, 834
5,444
17, 651
8,766
24
1975
1976
124, 778
136, 695
126, 966
139, 277
21, 667
26, 941
22, 296
27, 681
34, 625
51, 782
31, 808
48, 460
32
1975
1976
77, 452
89, 013
79, 640
91, 595
16, 994
21, 807
17, 623
22, 547
n.s.s.
n.s.s.
n.s.s.
n.s.s.
34
1975
1976
32, 233
38, 460
34, 421
41, 042
1,645
2, 144
2,274
2,884
4,418
5,538
1,601
2,216
36
1975
1976
23, 503
28, 090
25, 691
30, 672
1,394
1,807
2,023
2,547
4,349
5,489
1,532
2, 167
Correct
n.s.s. Not shown separately.
U.S. GOVERNMENT PRINTING OFFICE : 1978—O-251-139
CURRENT BUSINESS STATISTICS
JL HE STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
That volume (available from the Superintendent of Documents for $6.80) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterly
series), annually, 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively. Unless otherwise noted, revised monthly data
for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 187-88. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data
from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
OF CURRENT BUSINESS.
1974
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1975
1974
1976
III
IV
I
II
1977
1976
III
IV
I
II
III
IV
I
II
III
Annual total
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
Gross national product, total t
bil.$.. 1,412.9
1,528.8 1,706.5 1,430.1 1,452.4 1,453.9 11,496.6 1, 564.9 1,600.7 1,651.2 1,691.9 1, 727.3 1,755.4 1,810.8 1,869. 9 '1,915.9
980.4 1,094. 0
909.0
916.2
936.5
965.9
995.1 1,024.1 1, 056. 0 1,078. 5 1,102. 2 1,139. 0 1,172.4 1,194. 0 '1,218.9
Durable goods, total?
do
Motor vehicles and parts
do
Furniture and household equipment...do
Nondurable goods, total 9
do.
Clothing and shoes
do.
Food
do..
Gasoline and oil
do..
122.0
48.0
54.9
132.9
53.9
58.0
158. 9
71.9
63.9
127.7
52.3
56.1
118.7
44.8
54.7
122.8
48.0
54.8
127.8
49.9
57.4
136.7
56.5
58.7
144.3
61.3
61.0
153.3
68.8
62.0
156. 7
71.0
63.0
159. 3
72.1
63.9
166.3
75.7
66.5
177.0
85.3
67.4
178.6
84.5
69.3
376.3
65. 3
189.8
36.4
409.3
70.2
209.5
39.1
442.7
76.3
225.5
41.4
383.9
66.4
193.8
38.0
388.5
65.0
198.1
39.2
394.0
66.6
202.6
38.2
406.4
69.8
207.9
39.7
415.0
71.5
212.1
39.1
421.9
73.0
215.4
39.8
430.4
74.2
219.3
40.6
437.1
74.3
223.9
40.3
444.7
76.9
227.0
41.2
458.8
79.9
232.0
43.5
466.6
79.3
237.9
44.1
474.4 '481.8
83.3
80.4
244.8 ' 248. 3
44.2
44.3
Services, total 9
Household operation
Housing
Transportation
391.3
56.1
136. 5
30.7
438.2
64.2
150.8
32.2
492.3
73.0
167.9
36.8
397.4
57.2
138.2
31.1
408.9
59.3
141.7
31.6
419.7
61.4
145.1
31.6
431.7
63.7
148.5
31.6
443.4
65.3
152.4
32.2
457.9
66.3
157.2
33.2
472.4
69.5
161.5
34.8
484.6
70.4
166.2
36.3
498.2
73.1
170.4
37.0
513.9
78.8
173.7
38.7
528.8
80.7
177.6
39.5
214.6
189.1
243.3
210.7
210.4
175.1
171.2
205.4
204.7
231.3
244.4
254.3
243.4
Personal consumption expenditures, total.-do
889.6
'177.6
'81.2
70.9
271.8
541.1 ' 559.5
79.2 '85.2
181.9 ' 186. 7
40.5
42.3
294.9 ' 303. 6
Fixed investment
Nonresidential
Structures
Producers' durable equipment
do..
do..
do.
do..
205.7
150.6
54.5
96.2
200.6
149.1
52.9
96.3
230.0
161.9
55.8
106.1
208.4
153.5
54.7
203 6
153.2
55.6
97.5
197.1
149.8
53.3
96.5
196.3
147.7
51.9
95.7
200. 5
148.2
52.8
95.4
208.4
150.7
53.4
97.4
216.8
155. 4
54.7
100.8
226.1
159.8
55.8
104.0
232.8
164.9
56.0
109.0
244.3
167.6
57.0
110.6
258. 0
177.0
57.9
119.2
273.2 ' 280.0
182.4 ' 187.5
61.0 ' 62.6
121.4 ' 124. 9
Residential
Change in business inventories
Nonfarm
do.
do.
do.
55.1
8.9
10.8
51.5
-11.5
-15.1
68.0
13.3
14.9
54.9
2.3
2.4
50.5
6.8
10.7
47.3
-22.0
-25.9
48.6
-25.1
-26.9
52.3
4.9
1.4
57.6
-3.6
-9.2
61.4
14.5
15.9
66.3
18.3
20.4
67.8
21.5
22.0
76.7
-.9
1.4
81.0
13.8
14.1
Net exports of goods and services
Exports
Imports
do.
do.
do..
6.0
137.9
131.9
20.4
147. 3
126.9
162.9
155.1
2.4
140.6
138.2
8.2
150. 5
142.3
15.4
147.4
131.9
24.3
142.7
118.3
20.8
146. 9
126.1
20.8
152.1
131.3
10.2
153. 9
143.7
10.2
160.6
150. 4
7.9
168.4
160.6
3.0
168.5
165. 6
-8.2
170.4
178.6
-9.7 '-7.5
178.1 ' 179.9
187.7 ' 187. 4
302.7
111.1
77.0
191.5
338.9
123.3
83.9
215. 6
361.4
130.1
86.8
231.2
308.0
113.0
77.9
195.0
317.5
116.9
79.6
200.7
326.0
119.6
81.6
206.4
335.2
121.8
83.0
213.3
343. 5
123.8
84.4
219.7
351. 0
128.1
86.7
222. 9
353. 6
127.6
86.3
225. 9
358. 9
128. 5
86.0
230.4
363.0
130.2
86.4
232. 7
370.0
134. 2
88.4
235.8
374.9
136.3
89.7
238.5
390.6
143.6
93.4
247.0
do
do
do
do
Gross private domestic investment, total-..do.
Govt. purchases of goods and services, total.do
Federal
do
National defense
do
State and local
do
By major type of products
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
Structures
Change in business inventories
Durable goods
Nondurable goods
do
do
do
do
do
do
do.
do.
do.
1, 404. 0
629.7
240.8
389.0
626.8
147.4
8.9
7.1
1.8
1, 540. 3 1,693.1
697.7
750.9
267. 5
299.3
430.2
451.6
699. 2
782.0
143. 5
160.2
-11.5
-9.2
-2.2
13.3
4.1
9.3
, 427. 8 1,445. 5
644.0
643.7
248.2
241.3
395.8
402.3
635.8
656. 7
147. 9
145.1
2.3
6.3
-4.0
6.8
12.2
-5.4
90.8
21.7
22.4
92.5
'23.6
'23.1
' 400.9
' 148.1
' 95. 6
' 252. 9
, 475. 0 1,521. 7 1,506. 6 1,604. 4 1, 636. 7 1,673. 7 1, 705. 8 1,756.3 1,797.0 1,848.2 '1,892.2
805.4 ' 819. 9
792.1
743.4
665.8
692.9
725. 2
730.0
754. 5
775. 6
706.6
329. 5 ' 332. 1
326. 6
250. 6
263.8
283.1
287.6
302.7
272. 5
294. 9
312.0
475. 9 r 487. 8
465. 6
415. 2
429.1
442.1
442.4
451. 8
434.2
448. 5
463.6
855. 3 '881.6
833. 7
670. 5
689. 5
728.3
751. 6
791. 8
708.4
770.8
813.8
187. 5 ' 190.7
171.2
138.8
139.3
150. 8
155. 0
159. 6
145. 0
159. 4
166. 9
21.7 ' 23. 6
21. 5
13.8
-22.0 - 2 5 . 1
14. 5
18.3
—.9
4.9
-3.6
11.5 ' 10. 3
7.8
7.0
10.7
-2.0
.6
- 1 2 . 8 -11.7
- 2 . 1 -10.3
13.4
10.2
6.0
11.2
6.7
10.9
16.6
-1.6
- 9 . 2 -13.4
7.0
GNP in constant (1972) dollarsf
Gross national product, totalt
bil.$_. 1,217.8
Personal consumption expenditures, total-.do
760.7
1,202.1 1, 274. 7 1, 216. 9 1,199. 7 1,169. 8 1,188. 2 1,220. 7 1,229.8 1, 256. 0 1,271.5 1,283.7 1,287. 4 1,311.0 1,330. 7 '1,347.4
854.1 ' 860. 4
850.4
807.2
815. 5
822.7
770.4
780.2
839.8
756.9
752.9
792.8
821.3
775.1
766.6
.do.,
.do..
_do_.
112.5
303.9
344.3
112.7
307.6
354. 8
127.5
321.6
372.2
115.6
305. 3
345.6
104.3
301.2
347.4
106.2
301. 8
349.0
109.0
308.4
353.0
115.4
308.6
356. 2
120.2
311.5
361.2
125.4
316.1
365. 6
126.7
319. 3
369.6
127.1
321. 5
374.0
130.7
329.7
379. 7
136.9
329.7
383.8
136. 5
137.9
330.0 ' 332. 4
386.3 '391.4
Gross private domestic investment, total...do..
183.6
141.6
173.0
176.6
170.6
133.0
130.9
153.1
149.2
168.1
175. 2
179.4
169.2
186.7
197.2
177.0
124.3
52.7
9. 7
184.0 ' 185.1
126.4 ' 127.6
57.5
57. 6
13.2 '15.7
Durable goods
Nondurable goods.
Services
Fixed investment
Nonresidential
Residential
Change in business inventories
do.
do.
do.
do.
130.6
45. 0
8.0
Net exports of goods and services
do.
15.9
22.5
16.0
15.3
17.9
20.5
24.5
22.7
22.3
16.8
16.4
17.0
13.8
10.6
257.7
95.8
161.8
263.0
96.7
166.3
264.4
96.5
167. 9
258.5
96.4
162.1
258.3
95. 7
162.6
259. 4
96.0
163.4
262.3
96. 5
165. 8
264.8
96.9
167.8
265. 4
97.4
168.0
263.9
96.4
167.5
264. 5
96.1
168.4
264.6
96.7
168.0
264.6
97.1
167.5
263.3
97.0
166.4
Govt. purchases of goods and services, total-do
Federal
do.. _
State and local
do_._
151. 5
112.7
164. 5
116.8
47.7
-9.9
174.6
130.6
44.0
2.0
163.8
124.1
39.7
6.8
r
Revised.
p Preliminary.
tRevised series. Estimates of national income and product
and personal income have been revised back to 1973 (see p. 16 ff. of the July 1977 SURVEY);
152. 9
116.6
36.3
-20.0
148.9
112.0
36.9
-18.0
150.2
111.0
39.3
2.9
153. 8
111.3
42.6
-4.6
158. 4
113.7
44.8
9.7
163.1
115. 9
47.1
12.1
165. 6
118. 5
47.1
13.8
171.0
119. 0
52. 0
-1.8
9.4
' 200.8
' 12. 2
270.0 ' 274.0
101.1 ' 103. 3
168.9 ' 170.7
revisions prior to May 1976 for personal income appear on p. 28 of the July 1977 SURVEY.
9 Includes data for items not shown separately.
S-l
S-2
SUEVEY OF CUEKENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1974
1975
1975
1976
I
Annual total
II
December 1977
1976
III
IV
I
II
1977
III
I
IV
II
1978
III
I
IV
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCTf-Con.
Quarterly Data Seasonally Adjusted
Implicit price deflators: f
Gross national product...
.Index, 1972=100.
Personal consumption expenditures
do
Durable goods
do_
Nondurable goods
do.
Services
do.
Gross private domestic investment:
Fixed investment..
do.
Nonresidential
do.
Residential
do.
Govt. purchases of goods and services
Federal
State and local
Quarterly Data Seasonally Adjusted at Annual
do..
do.
do.
116.02
116.9
108.4
123.8
113.6
127.18
126.5
117.9
133.1
123.5
133.88
133.2
124.7
137.7
132.3
117.1
115.3
122.3
132.4
132.3
132.8
139.8
138.7
142.5
117.5
115.9
118.4
128.9
127.5
129.7
136.7
134.8
137.7
1,136.0
do
do
do
do....
do—
875.8
764.1
160.0
604.1
111.7
Proprietors' income with inventory valuation
and capital consumption adjustments,
total
bil. $..
Farm
do
Nonfarm
do
Rental income of persons with capital consumption adjustment
bil. $..
86.2
25.4
60.9
21.4
Compensation of employees, total
Wages and salaries, total
Govt. and govt. enterprises
Other
Supplements to wages and salaries
Inventory valuation adjustment
Capital consumption adjustment
Net interest
130.17
129.2
120.1
135.5
126.8
131.47
130.8
122.2
136. 2
129.2
133.06
132.3
123.8
136.9
131.1
128.9
128.5
130.3
131.8
131.8
131.7
133.5
133.6
133.2
135.5
135.5
135.4
136.9
136.8
137.1
138.6
137.8
140.7
140.6
139.2
144.1
142.9
140.9
147.5
145.8
142.5
153.7
140.52 142.19
141.7
139.8
129.5 ' 130. 1
143.8
144.9
140.1 ' 142. 9
151.3
148.5
146.9
144.4
160.9
157.6
125.7
124.5
126.3
127.8
126.3
128.6
129.7
127.7
130.9
132.3
131.5
132.7
134.0
132.4
134.9
135.7
133.7
136.8
137.2
134.7
138.6
139.8
138.2
140.7
142.3
140. 6
143.4
144.6 r 146. 3
142.0 ' 143. 3
146.2 ' 148. 1
138.13
137.9
129.3
141.5
137.8
1,217.0 1,364.1 1,156.0 1,191.4 1,244.9 1,275.7 1,321.0 1,353.9 1,379.6
1,402.1 1,450. 2 1,505. 7 1,540.5
999.6 1,024.9 1,046.5 1,074. 2 1,109.9 1,144.7 1,167.4
923.2
' 998. 9
882.4
900.2
951.3
861.5
197.2
188.2
192.5
200.6
185.4
194.8
182.7
783.6
712.0
730.7
' 798. 3
697. 0
756. 4
678.8
146.3
163.8
150.9
168.5
142.5
158. 6
138.1
930.3 1,036.3
805.7
891.8
175.4
187.2
630.3
704.7
124.6
144.5
904.6
785.1
169.8
615.2
119.6
914.4
792.4
173.7
618.6
122.1
936. 7
810.5
176.9
633.5
126.3
965. 6
834.9
181.2
653.8
130.7
86.0
23.2
62.8
88.0
18.6
69.4
78.9
18.3
60.6
84.3
22.7
61.6
90.4
26.2
64.2
90.4
25.5
64.9
86.9
20.0
66.9
90.4
21.6
68.8
86.2
16.2
70.0
88.7
16.6
72.0
95.1
20.7
74.3
97.0
19.7
77.3
95.5
15.5
80.0
22.3
23.3
22.1
22.3
22.2
22.6
23.0
22.9
23.3
24.1
24.5
24.9
25.5
83.6
99.3
128.1
74.0
92.7
115.6
114.7
126.5
129.2
133.5
123.1
125.4
140.2
• 149. 0
76.9
14.4
62.5
36.6
11.5
105.4
15.0
90.3
47.9
18.5
134.6
18.2
116.4
66.3
29.9
77.2
15.1
62.1
29.4
9.0
98.4
14.3
84.1
43.4
15.4
122.6
14.7
107.9
59.6
25.9
123.2
16.1
107.1
59.1
23.8
132.4
17.8
114. 6
65.3
27.2
136.1
18.1
118.0
68.7
32.5
139.8
18.4
121.3
68.4
31.0
130.2
18.4
111.8
62.9
29.0
131.0
19.2
111.8
65.2
31.5
145.5
19.9
125.5
76.4
39.4
157. 4
'21.2
136.1
77.6
37.5
5.6
9.6
9.3
6.1
11.1
6.3
12.1
11.1
6.0
8.6
12.1
7.6
11.6
10.1
11.5
10.7
123.5
50.2
73.4
32.4
41.0
113.9
45.9
68.2
32.2
36.0
137.7
56.3
81.4
32.9
48.5
141.0
57.9
83.1
32.5
50.6
153.5
63.1
90.4
33.6
56.8
159.2
66.1
93.1
35.0
58.1
12.2
8.4
159.9
65.9
94.0
36.0
58.0
10.4
7.7
126.9
52.4
74.5
31.0
43.6
5.3
6.0
101.5
40.8
60.8
32.0
28.8
8.5
6.2
do..
do..
do..
do..
do..
11.5
8.1
156.9
64.7
92.1
35.8
56.4
154.8
63.9
90.9
38.4
52.5
161.7
64.4
97.2
38.5
174.0
69.7
104.3
40.3
64.1
14.1
'9.6
• 173. 8
'69.3
103. 6
'43.3
'61.2
do
do...
do...
-40.4
-2.9
69.0
-12.0
-12.2
79.1
-14.1
-14.7
88.4
-18.3
-9.2
76.4
-9.3
-11.9
77.6
-8.8
-13.3
79.9
-11.8
-14.5
82.3
-12.4
-14.6
85.0
-15.5
-14.6
86.5
-11.7
-14.7
90.1
-16.9
-14.8
92.0
-20. 6
-15.6
95.3
-17.8
-15.9
98.9
Corp. profits with inventory valuation and capital consumption adjustments, total
bil. $_.
Corp. profits with invent, val. adj.:
Domestic, total
do....
Financial
do
Nonfmancial, total 9
do
Manufacturing, total 9
do
Durable goods
do
Transportation, communication, and
electric, gas, and sanitary serv
bil. $..
Rest of the world
do
Profits before tax, total
Profits tax liability
Profits after tax
Dividends
Undistributed profits
128.28
127.5
118.4
134.5
124.5
Rates
bil. $.
National income, totalt - - -
134. 56 136. 35
134.0
135.6
125.3
127.2
138.3
139.3
133.2
135.4
124. 21 125.96
123.7 125.4
117.2
115.6
131.8
130.6
122.3
120.3
-5.9
-17.9
103.1
DISPOSITION OF PERSONAL INCOMEf
Personal income, total
Less: Personal tax and nontax payments
Equals: Disposable personal income
Less: Personal outlays©
Equals: Personal saving§
bil. $_. 1,154.9
do
170.3
do
984.6
do
913.0
do
71.7
1, 253.4 1,382.7 1,205.1 1,234.7 1,269.7 1,304.0 1,338.1 1,366.7 1,393.9 1,432.2 1,476.8 1,517. 2 1,549.8
192.6
169.0 196.9
200.6
209.5
224.8 ' 226.1
142. 5
173. 9
179.6
224.4
179.9
184.8
1,084.4 1,185. 8 1,025.4 ,092.2 11,095.7 1,124.1 1,153. 3 1,174.1 1,193. 3 1, 222. 6 1,252.4 1,292.5 1,323.8
1,004. 2 1,119.9
960.1 989.1 1,019.1 1,048.6 1,080.9 1,103. 8 1,128. 5 1,166. 3 1,201. 0 1,223.9 1,250.5
0.3
68.5 '73.3
56.3
103.1
76. 7
64.8
80.2
65.9
65.4
51.4
75.5
72.4
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
Manufacturing
Durable goods industries^
Nondurable gcods industries^
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public ultilities
Electric
Gas and other
Communication
Commercial and other
Seas. adj. qtrly. totals at annual rates:
All industries. __
Manufacturing
Durable goods industries!!
Nondurable goods industries^
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
....bil. $.
do. _ .
do...
do...
112.40
46.01
22.62
23.39
112. 78 120.49
47.95 52.48
21.84 23.68
26.11 28.81
25.82
10.84
5.10
5.74
28.43
12.15
5.59
6.55
27.79
11.67
5.16
6.51
30.74
13.30
5.99
7.30
25.87
10.96
4.78
6.18
29.70
12.66
5.61
7.05
30.41
13.48
6.02
7.46
34.52
15.38
7.27
8.12
29.20
12.52
5.80
6.72
17.04
.99
.68
.42
1.02
16.93
1.04
.64
.26
.95
19.14
1.05
.70
.35
.94
5.52
4.54
.98
3.33
5.19
16. 68
1.02
.59
.33
.61
6.46
5.34
1.12
3.84
5.78
5.55
4.78
.77
3.30
5.27
6.37
5.34
1.03
3.86
5.64
'6.61
'5.41
'1.20
4.03
5. 73
134.24
59.46
27.26
32.19
'140.38
' 63.02
' 29. 23
' 33. 79
142. 38 U46.26
64. 42 64.14
29. 88 30.46
34. 54 33.68
r 74. 78 ' 77. 96
4.49 '4.74
2.57 '3.20
1.43
'1.69
2.96 ' 1.96
82.12
82.12
' 4. 30 4.61
3.80
'3.18
2.39
'2.01
1.83
'1.98
66.39
3.18
2.54
2.00
2.12
64.82
3.79
2.55
1.84
3.18
68.01
4.00
2.52
1.30
3.63
14.98
.91
.59
.44
.62
16. 28
.97
.71
.47
.77
16.12
.94
.62
.50
.85
17.44
14.91
.97
.62
.43
.93
.92
.49
.26
.72
do.
do.
do.
do.
do.
20.55
17.63
2.92
13.96
22.05
20.14
17.00
3.14
12.74
20.60
22.28
18.80
3.47
13.30
20.99
4.42
3.84
.58
3.11
4.88
4.94
4.15
.79
3.22
5.19
5.07
4.16
.91
3.14
5.00
5.70
4.85
4.79
4.18
3.26
5.52
2.92
4.82
5.50
4.74
.76
3.21
5.21
do.
do_
do.
do.
114.57
49.05
22.86
26.20
112.46
48.78
22.59
26.19
112.16
47.39
21.01
26.38
111.80
46.82
21.07
25.75
114.72
49.21
21.63
27.58
118.12
50.64
22.54
28.09
122.55
54.78
24.59
30.20
125.22
54.44
25.50
28.93
130.16
56. 43
26. 30
30.13
do..
do..
do.
do..
do..
65.52
3.76
2.39
2.09
2.82
63.68
3.78
2.70
1.60
2.75
64.76
3.82
2.75
2.12
2.99
64.98
3.82
2.39
1.65
3.56
65.51
3.83
2.08
1.18
3.29
67.48
3.83
2.64
1.44
4.16
67.76
4.21
2.69
1.12
3.44
70.78
4.13
2.63
1.41
3.49
73.74
4.24
2.71
1.62
2.96
do.
do.
do.
do.
do.
20.28
17.03
3.25
13.36
20.82
19.52
16.41
3.11
12.50
20.83
19.79
16.58
3.21
12.95
20.34
20.91
17. 92
3.00
12.22
20.44
21.91
18.56
3.36
12.54
20.68
21.85
18.82
3.03
12.62
20.94
21.67
18.22
3.45
13.64
20.99
23.46
19.49
3.96
14.30
21.36
25.35
21.19
4.16
14.19
22.67
' Revised.
v Preliminary.
1 Estimates (corrected for systematic biases) for Oct.Dec. 1977 and Jan.-Mar. 1978 based on expected capital expenditures of business.
Expected
2
expenditures for the year 1977 appear on p. 24 of the Dec. 1977 SURVEY.
Includes communication.
tSee corresponding note on p. S-l.
9 Includes data for items not shown
separately.
©Personal outlays comprise personal consumption expenditures, interest paid
• 34. 82
15. 20
'7.17
'8.43
do.
do.
do..
do..
do.
.85
.62
139. 27 1 32.85
18. 05 14.26
6.75
'8.49
7.51
' 9. 56
33.73
14.84
6.79
8.06
18.88
1.16
.67
.43
.76
• 19. 21 •21.22
'1.17 '1.10
'.86
'.78
'.52
'.39
'.54
'.50
18. 58
1.11
.83
.49
.39
'7.61
'6.21
'1.40
6.28
5.38
.90
2
10. 59
25.29 ' 26. 22 27. 41
21.14 '1.90 22. 60
4.16 '4.32 '4.31
15.32
16.40
22.73
23.14 239. 09
2 9.48
28.72
23.81
4.91
2
40.76
by consumers to business, and personal transfer payments to foreigners (net).
§ Personal saving is excess of disposable income over personal outlays.
lIData for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.
SURVEY OF CUREENT BUSINESS
December 1977
1974
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
Annual total
1975
1974
1976
III
S-3
IV
I
1977 »
1976
II
III
I
IV
III
II
IV
I
II '
III
44,951
30,590
45,402
30,869
1,714
6,660
5,987
2,008
6,430
6,095
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. INTERNATIONAL TRANSACTIONS
Quarterly Data Are Seasonally Adjusted
(Credits + ; debits - )
Exports of goods and services (excl. transfers under
military grants)
mil. $.. 138,303
Merchandise, adjusted, excl. military
do
98,306
Transfers under U.S. military agency sales con2,952
tracts
mil. $..
Receipts of income on U.S. assets abroad...do
19, 763
Other services
do
17,281
Imports of goods and services
do
Merchandise, adjusted, excl. military
do
Direct defense expenditures
do
Payments of income on foreign assets in the
U.S
mil. $..
Other services
do
147,600 163,265
107,088 114,694
35,296
25,033
5,213
21,369
21,990
781
5,108
4,374
3,919
17,330
19,263
36,907 35,719 36,780 38,195 38,591 40,237 42,196 42,243 43,074
27,018 25,851 26,562 27, 657 27, 000 28, 380 29,603 29,711 29,458
1,457
1,845
957
1,189 1,472
850
924
874
1,164
1,095
5,421
6,133
5,584 4,283 4,306 4,403 4,338
5,298 5,167 5,483
5,654
4,633 4,682 4,688 4,858 5,036
5,198 '5,501 5,638
5,638
37,668
26,601
-136,143 -131,436 -159,668 -35,628 -36,713 -34,199 -30,688 -32,645 -33,906 -37,039 -38,732 -41,321 -42,580 -46,069 -48,340 -48,352
-103,673 - 9 8 , 0 4 3 -124,014 -27,374 -27,996 -25,563 -22,566 -24,483 -25,431 -28,343 -29,9o5 -32,411 -33,305 -36,561 -38,347 -38,378
-5,035
- 4 , 7 9 5 -4,847 -1,265 -1,319 -1,317 -1,185 -1,096 - 1 , 1 9 8 -1,160 -1,228 -1,237 -1,222 -1,329 -1,403 - 1 , 431
- 1 1 , 0 1 9 - 1 1 , 3 7 6 -11,561 -2,877 -3,029 -3,052 - 2 , 799 -2,784 - 2 , 741 -2,861 -2,887 -2,816 -2,997 -2,881 -3,156 - 3 , 2 1 5
- 1 6 , 416 - 1 7 , 2 2 1 -19,247 -4,112 -4,369 -4,267 -4,138 -4,282 - 4 , 5 3 6 - 4 , 675 -4,662 -4,857 - 5 , 056 - 5 , 298 -5, 434 - 5 , 326
Unilateral transfers (excl. military grants), net
mil. $.. - 7 , 1 8 8
U.S. Government grants (excl. military)...do
-5,475
Other
do.... -1,714
-4,612
-2,893
-1,719
-5,023
-3,146
-1,878
-1,263 -1,098
-811
-660
-452
-438
-1,195 -1,110 -1,070 - 1 , 2 3 8 -1,029
-617
-805
-718
-753
-544
-453
-433
-392
-442
-485
-1,015
-556
-459
-1,936 -1,045
-1,475 -572
-473
-461
-1,163 -1,215 - 1 , 352
-785
-637
—723
-526
-567
-492
U.S. assets abroad, net
do.
U.S. official reserve, net
do.
U.S. Gov't, other than official reserve, net-.-do.
U.S. private, net
do_
Direct investments abroad
do.
- 3 1 , 5 4 8 -42,959
- 6 0 7 -2,530
- 3 , 4 6 3 -4,213
- 2 7 , 4 7 8 -36,216
- 6 , 2 6 4 -4,596
-5,689 -10,023
137
-1,003
-937
-354
-4, 332 -9,223
-2,379 -2,980
-8,749
-325
-874
-7,550
-2,193
-7,881 -3,081 -11,836 -10,751
-342
89
-29
-773
-745
-977
-867
-723
-6,985 -1,994 10,948 -9,254
527 - 2 , 3 0 6 -2,427
-2,292
-9,779
-1, 578
-944
-7,257
-142
-8,409 -14,022
-407
228
-1,405 -1,142
-6,597 -13,108
-1,205 -822
331 -10,283 -3,396
151
6
-388
-825 -1,175
-909
1,627 -9,464 -2,372
-404 -1,998 -1,100
-27,029
-1,434
365
-25,960
-1,368
Foreign assets in the U.S., net
Foreign official, net
Other foreign, net
Direct investments in the U.S
do.
do.
do.
do.
33,612
10,981
22,631
3,695
14,336
6,960
7,376
1,414
Allocation of special drawing rights
Statistical discrepancy
Memoranda:
do.
do.
-1,555
5,660
on merchandise trade
do.
on goods and services
do.
on goods, services, and remittances.-do.
on current account
do.
-5,367
2,160
447
-5,028
Balance
Balance
Balance
Balance
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S
1975
8,792
3,149
5,642
1.211
9,162
4,256
4,906
759
2,443
3,452
-1,009
93
9,866 -1,507
1,004
4,793
-2,341 -1,395
-332
955
517
-784
-143
-1,595
1,455
2,708
2,266
1,513
34,520
17,945
16,575
2,176
9,045 -9,320
16,164 3,596
14,444 1,719
11,552 -1,427
2,416
-1,603
4,019
-342
297 -2,400
3,285
5,031
4,639
3,921
2,079
4,135
3,682
3,065
5,814
2,832
2,982
1,137
6,856
3,847
3,009
709
7,385
4,051
3,333
504
8,201 12,079
3,070 6,977
5,131 5,102
403
561
2,971
3,372
1,905
1,268
-1,343 - 1 , 5 7 5
1,552 1,505
1,067 1,046
490
523
875
414
2,226
4,289
3,856
3,051
Oct.
Nov.
•1,061
2,510
5,719
-3,209
537
13, 781 12,923
7,908 8,243
5,873 4,680
511
568
3,325
1,317
1,106 - 5 , 225
-3,594
-337
-810
-1,382
-7,103
-2,995
-3,521
-4,158
-7, 757
-3,389
-3, 881
-4, 604
-7,509
-2,950
-3,517
- 4 , 302
Aug.
Sept.
Oct.
Nov.
1977
1976
1976
Annual
3,663
2,279
1,384
526
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME BY SOURCE!
Seasonally adjusted, at annual rates:t
Total personal income
bil. $_
1,253.4
1,382.7
1,414.2
1,432.1
1,450.2
1,454.3
1,477.0
1,499.1
1,517.3
1,524.3
980.5
319.1
208.7
240.9
992.9
350.6
269.8
242.8
' 997. 9 '1,006.0 '1,020.3 1, 026.0
360.7
' 345. 5 ' 352. 9 ' 358. 0
277.3
271.1 ' 275. 0
269.2
249.1
' 244. 5 ' 246. 0 ' 248. 6
198.4
198.1
87.9
200.4
199.1
89.1
' 203. 2
200.7
90.3
' 204. 9
202.1
91.5
' 207. 8
' 206. 8
92.8
209.1
207.1
94.0
16.5
79.2
15.1
80.2
14.9
80.8
' 17. 5
'81.7
21.5
82.4
Wage and salary disbursements, total
do
Commodity-producing industries, totaLdo.__ _
Manufacturing
d o . . _.
Distributive industries
do. _ _ _
805.7
275.0
211.0
195.4
891.8
308.5
238.2
217.1
914.0
313.4
241.4
224.2
923.9
318.5
245.8
226.1
931.7
321.1
248.2
228.9
937.3
320.5
250.3
231.4
951.7
328.7
255.3
235.5
904.9
337. 0
200. 7
230.8
974.1
341.7
202. 8
239.0
982.0
345.3
200. 2
241.1
Service industries
Govt. and govt. enterprises
Other labor income
Proprietors' income:A
Farm
Nonfarm
do....
do..__
do....
159.9
175.4
64.9
179.0
187.2
75.9
184.9
191.5
79.1
180. 0
192. 7
80.0
188.4
193. 3
81.0
191.4
194. 0
82.1
192.7
194.8
83.2
194.9
195. 6
84.4
190.4
190.4
85.5
198.3
197.2
86.7
do
do__~~
23.2
62.8
18.6
69.4
15.3
70.8
10.4
72.1
18.1
73.2
19.0
72.5
21.0
74.4
21.7
70.0
20.9
70.9
19.8
77.2
18.4
77. G
24.1
24.0
23.9
24.4
24.4
24.0
24.8
23.3
24.3
37.2
38.5
36.7
41.2
37.9
39.0
39.0
35.8
39.3
130.4
140.3
135.2
137. 0
139.0
141.8
145.2
130.3
143.5
198.4
203.0
195.5
200. 0
200.5
200. 9
202. 9
192.8
200. 0
50. 7
59.0
56. 1
57.0
59.0
00.2
00.9
55.2
00. 6
1,351.3 1,385.5 1,402.1 1,418.5 1,421.1 1,442. 4 1,403.7 1,475.3 1,483.5
25. 0
41.9
147.4
200.0
01.0
1,491.0
Rental income of persons, with capital consumption adjustment
bil. $_.
22.3
Dividends
do
32.4
115.6
Personal interest income
do
Transfer payments
do
176.8
Less personal contributions for social insurance bill.$
50.4
Total nonfarm income
do..
1,218.8
1,539.2 '1,549.0 '1,561.3 '1,582.6 1,597.4
1,510.1
26.4
'26.2
24.7
25.7
26.0
42.9
42.7
42.0
42.4
42.6
154.9
149.1
150.4
151.3 ' 153.1
212.1
207.2
208.6
210.2 ' 210. 9
62.8
'62.6
61.5
61.6
62.0
1,508.3 '1,519.5 '1,531.8 '1,550.3 1,561. 0
FARM INCOME AND MARKETING*
Cash receipts from farming, including Government
payments, total}
mil. $..
Farm marketings and CCC loans, total
Crops
Livestock and products, total 9
Dairy products
Meat animals
Poultry and eggs
do
do
do
do
do
do
Indexes of cash receipts from marketings and CCC
loans, unadjusted:$
All commodities
1967=100. _
Crops
do
Livestock and products
do
Indexes of volume of farm marketings, unadjusted:!
All commodities
1967=100..
Crops
do
Livestock and products
do
88,884
' 95,060
• 10,828
10,093
• 8,751
• 0,742
' 6,970
• 0,557
r
' 0,032
' 2,987
' 3, 045
879
2,181
'544
r
0,847
' 2,897
r
3, 950
982
2,309
020
- 0,480
' 2,694
' 3, 792
990
• 2,101
583
' 0,828
' 2,824
' 4,004
1,042
' 2,320
582
88,077
45,053
43,024
9 909
25,818
6,791
94,326
47,937
40,389
11,425
27,188
7,192
10,756
6, 021
4,135
939
2,520
027
9,999
0,100
3,833
901
2,291
001
8,608
4,787
3,821
939
2,223
004
• 8,007
' 4,452
3, 015
943
• 2,003
565
206
244
176
220
200
190
301
431
204
280
401
189
241
312
188
220
'290
178
»" 186
' 194
r 179
'192
'189
194
'184
r
175
'187
'113
' 124
106
121
134
111
170
229
129
102
221
121
135
100
114
'123
' 140
107
'102
'96
100
' 103
'88
'114
'97
81
'109
' Revised.
v Preliminary.
fSee corresponding note on p. S-l.
AIncludes inventory valuation and capital consumption adjustments.
JSeries revised beginning 1973;
• 8,170
' 7 224
r 7 335
r 7 673
8 034
'
'
'
'
'
7,192
3,304
3,888
1, 021
2,201
' 014
' 7,354
' 3,570
' 3, 784
1,006
' 2,090
r
033
' 7,025
' 3,604
' 3,901
' 1,995
'2,278
'642
7,940
3,938
4,008
972
2,359
634
10,000
5,600
4,400
1,000
2,800
600
'191
'184
'197
'202
' 215
' 191
'206
'232
' 186
'214
'239
' 195
223
256
197
282
365
219
'100
'82
' 113
'111
'111
'112
'117
'134
'100
'120
' 141
'112
128
148
113
167
222
128
0 800
revisions for periods prior to May 1976 are available from t h e U . S . D e p t . of Agr., Economic
Research Service.
9 Includes d a t a for items not shown separately.
S-4
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
December 1977
1976
Oct.
Nov.
1977
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Oct. v
Nov. »
142. 4
142.9
140.3
Sept.
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTIONS
Federal Reserve Board Index of Quantity
Output
Not Seasonally Adjusted
1967=100..
117.8
129.8
133.8
132.1
128.3
128.8
133.6
135.7
136.2
137.2
141.5
134.1
' 138. 2
B y market groupings:
Products, total
Final products
Consumer goods
Durable consumer goods
Nondurable consumer goods
Equipment
Intermediate products
Materials
do
do
do
do
do
do
do
do
119.3
118.2
124.0
121.4
125.1
110.2
123.1
115.5
129.3
127.2
136.2
141.4
1S4.1
114.6
137.2
130.6
134.2
131.7
142.9
149.2
140.4
116.2
143.7
133.3
131.9
129.7
138.2
147.1
134.7
117.9
140.1
132.4
127.1
125.1
131.0
137.1
128.6
116.8
134.3
130.1
128.4
127.2
135.0
142.2
132.1
116.5
133.2
129.3
132.9
131.7
140.1
150.8
135.8
120.0
137.4
134.5
134.3
132.6
141.9
156.7
136.0
119.8
140.4
137.7
135.0
133.1
141.8
155.6
136. 3
121.1
142.5
137.7
135.9
133.5
142.0
156.8
136.1
121.9
144.7
139. 2
141.5
139.4
149.2
164.2
143.3
126.0
149.2
141.4
135.0
132.5
140.0
142.3
139.1
122.1
144.5
132.6
1
' 145.1
142.8
' 152. 7
' 159. 0
' 150.2
' 129. 2
' 153. 4
' 138. 2
144.3
142.2
153.1
169.4
146.5
127.4
151.9
140.8
139.9
137.4
145.0
158.6
139.6
127.0
149.5
140.8
By industry groupings:
Mining and utilities
do.
128.5
131.6
130.7
132.2
136.5
140.1
138.1
135.0
132.4
132.6
13G.9
140.6
• 138. 8 ' 137. 7
134.6
134.6
132.8
143.2
125.7
135.7
146.0
128.5
136.4
146.3
129.7
137.8
147.8
130.8
141.9
152.8
134.3
133. 2
144.1
125. 6
138.2
143.0
• 154.1 ' 156. 3
' 127. 2 ' 133. 7
144.1
156. 0
135.9
140. 5
150. 7
133.4
Total index
139. 5
• 136. 4
• 145. 9
• 140. 0
• 148. 2
• 123. 5
• 150.9
• 136. 3
116.3
126.4
109.3
129.5
140.9
121.7
134.3
148.3
124.6
132.0
143.3
124.2
127.1
136.0
120.8
127.2
137.0
120.5
117.8
129.8
130.2
131.5
133.0
132.3
133.2
135.3
136.1
137.0
137.8
138.7
• 138.1
138. 6
139.0
139.7
do.
do.
do.
119.3
118.2
124.0
129.3
127.2
136.2
129.2
126.7
135.9
131.3
129.3
138.4
133.4
131.5
141.3
133.1
130.8
139.9
133.6
131.6
140.5
135.1
133.3
142.9
135.8
134.1
142.9
136.5
134.7
143.1
137.3
135.4
143.8
138.7
136.8
145.4
138. 4 ' 138.8
• 136. 3 ' 136.8
• 144. 7 r 144.9
138.9
136.9
145.5
139.4
137.0
145.4
do.
do_
do.
do.
do.
121.4
125.8
113.7
101.1
156.6
141.4
154.8
149.8
132.0
167.6
138.9
147.8
136.3
120.2
176.6
143.7
161.6
154.0
138.4
180.5
150.5
178.8
176.9
156.3
183.4
145.4
164.2
155.8
136.9
185.6
146.1
161.7
152.7
132.8
184.3
152.4
178. 3
176.1
155.8
184.1
151.5
173.9
171.2
150.6
181.3
152.2
172.8
167.4
148.5
186.6
155.8
179.8
177.4
156.8
185.8
158.0
• 184.8
184.1
161.4
186.6
• 154. 7 ' 155. 8
• 177. 2 ' 177. 7
• 173.1 - 172. 8
150.9
151.6
' 187. 3 ' 189.7
157.9
182.0
178.4
154.3
191.4
loo. 9
175.1
168.2
147.5
192.7
Home goods
do.
Appliances, air cond., and T V . . . d o .
Carpeting and furniture
do_
118.8
98.0
126.8
133.9
114.6
144.1
133.9
115.7
146.2
133.7
114.9
143.6
134.5
110.3
144.7
134.8
113.4
143.7
137.3
118.5
146.0
137.9
124.1
144.6
138.8
126.4
145.0
140.6
131.0
147.3
142.3
133.1
151.2
142.9
130.1
154.1
142.1 ' 143. 5
• 129. 6 ' 129. 4
• 154. 8 ' 159. 0
144.5
131.1
160.6
145.1
132.3
do.
do.
do.
do.
do.
125.1
111.6
128.8
122.8
135.8
134.1
124.0
136.9
130.7
144.1
134.7
123.3
138.0
133.1
143.7
136.2
123.1
139.8
132.4
148.2
137.6
124.1
141.3
131.8
152.3
137.7
123.7
141.7
131.5
153.4
138.3
123.6
142.2
133.3
152.6
139.1
123.9
143.3
136.0
151.8
139.4
124.4
143.6
136.1
152.5
139.5
125.5
143.4
135.0
153.2
139.1
125.7
142.9
135.4
151.7
140.3
124.1
144.8
137.1
153.8
140.6 '
126. 4
• 144. 6 '
• 137. 9 '
• 152. 4 '
140. 6
128.0
144. 2
137. 2
152. 3
140.5
141.2
143.7
135.7
153.0
154.1
Equipment
do.
Business equipment
do.
Industrial equipment 9
do.
Building and mining equipment.do.
Manufacturing equipment
do.
110.2
128.2
121.2
168.3
99.9
114.6
136.3
128.0
177.7
106.5
114.2
135.7
129.6
181.2
108.1
116.8
140.1
131.1
181.5
109.9
118.0
142.3
132.3
183.7
110.8
118.4
142.3
131.3
187.4
107.8
119.2
143.5
133.2
192.9
108.5
120.0
144.8
134.4
197.9
109.0
122.1
147.1
136.3
200.5
112.0
123.2
148.9
138.4
205.3
112.8
124.1
150.1
140.0
208.1
llo.O
124.8
151.2
140.7
210.6
114.3
• 124. 9
• 151.1
• 140. 4
203.9
115.3
' 125. 6
' 152. 2
r
141. 4
' 204. 5
'117.6
125.2
152.6
142.1
205.4
119.0
125.4
153.0
143.1
205.1
120.4
Commercial, transit, farm eq. 9 . . _do_
Commercial equipment
do.
Transit equipment
do.
136.3
157.8
101.9
145.8
173.5
104.1
142.6
177.5
97.6
150.6
179.6
107.8
154.1
184.3
108.0
155.0
18o.2
108.4
155.3
185.6
108.7
156.9
186.1
113.0
159.5
189.7
115.2
161.2
191.1
116.5
161.9
191.4
118.5
163.3
191.7
121.5
• 163. 4 ' 164.6
• 193.0 ' 193. 7
121.9 ' 125. 5
164.6
195.0
121.7
164.7
197.3
117.8
Manufacturing
Nondurable manufactures
Durable manufactures
do.
do.
do.
Seasonally Adjusted
Total index
By market groupings:
Products, total
Final products
Consumer goods
Durable consumer goods
Automotive products
Autos and utility vehicles
Autos
Auto parts and allied goods
Nondurable consumer goods
Clothing
Consumer staples
Consumer foods and tobacco
Nonfood staples
Defense and space equipment
Intermediate products
Construction supplies
Business supplies
Materials
Durable goods materials 9
Durable consumer parts
Equipment parts
Nondurable goods materials 9
Textile, paper, and chemical
Energy materials
By industry groupings:
Mining and utilities
Mining
Metal mining
Coal
Oil and gas extraction 9
Crude oil
Natural gas
Stone and earth minerals
Utilities
Electric
Manufacturing
Nondurable manufactures
Foods 9
Meat products
Dairy products
Beverages
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Basic chemicals.
1967=100.
1
144.6
do.
80.0
78.4
78.0
77.6
77.2
78.0
78.5
78.5
79.9
80.0
80.3
80.4
79.3
79.0
do.
do.
do.
123.1
116.3
129.8
137.2
132.6
141.8
138.8
134.8
142.8
139.0
135.8
141.9
140.5
135.5
145.3
142.2
136.2
148.0
141.6
135.6
147.6
141.8
136.4
147.3
142.3
137.2
147.5
143.5
138.7
148.4
144.7
139.9
149.6
146.3
141.2
151.3
• 146.1 ' 146. 4
141.7 ' 143. 3
' 150. 6 r 149. 6
146.8
144.1
149.6
148.0
145.6
do.
do.
do.
do.
do.
do.
do.
115.5
109.1
97.7
118.9
126.6
129.0
117.2
130.6
126.8
121.6
133.9
146.3
151-1
120.2
131.8
128.3
118.4
138.0
147.5
152.5
120.8
131.9
128.2
126.2
137.2
147.3
151.4
121.9
132.0
128.7
126.3
138.8
145.8
150.3
123.4
131.1
127.4
121.8
135.1
144.8
149.3
123.3
132.7
128.4
124.1
137.3
150.4
153.9
120.8
135.5
131.9
126.8
1S7.8
153.3
158. 4
121.8
136.5
133.8
129.4
140.7
153.7
159.0
121.3
137.8
135.2
132.0
141.7
155.4
160.7
122.3
138.7
136.4
134.5
143.0
154.7
160.1
124.3
138.9
136.8
137.2
145. 0
154.1
158.9
125.2
• 137. 6
' 135. 4
• 135. 2
145. 6
• 155.1
159. 6
• 121. 4
138. 2
135. 7
136. 2
146. 8
154. 5
159. 8
123. 7
139.1
137.1
136.6
147.6
154.5
159.5
125.1
140.1
138.3
137.9
148.6
155.8
160.3
do.
do.
do.
do.
128.5
112.8
115.8
113.4
131.6
114.2
122.8
117.2
132.5
116.1
126.1
126.4
133.8
115.3
124.5
122.1
135.4
115.4
126.8
120.6
137.0
112.8
130.6
95.3
137.1
116.3
128.5
100.8
136.6
120.6
133.8
124.1
135.7
119.2
126.1
118.4
137.1
119.5
120.5
122.4
138.8
122.8
121.3
133.4
139.4
119.8
101.9
120.7
134. 4
115.4
70.0
113.6
• 135. 2
• 118. 4
'71.4
133.0
136.3
119.4
79.6
141.4
137.2
119.8
do.
do_.
do.
do.
113.3
94.9
111.0
107.0
112.0
92.2
109.5
118.3
112.5
91.4
109.4
120.0
112.3
91.2
108.3
120.8
112.8
91.5
111.3
118.0
112.0
89.7
109.5
121.6
115.8
91.3
112.8
124. Q
117.5
90.7
112.0
126.1
117.5
91.0
110.1
124.0
118.3
89.3
113.1
123.0
121.3
93.9
114.0
122.5
120.6
94.3
112.6
126.7
119. 3
'92.8
• 120. 2
'94.7
119.3
93.7
118.5
125.0
126.7
128.4
154.6
171.8
157.9
176.1
163.8
183.6
160.3
179.1
154.8
154.0
156.7
156.8
161.4
' 155. 7
154. 0
155.0
156.6
139.9
150.2
80.8
'80.9
'
'
'
'
'
r
'
140.6
do.
do.
do..
do.
do.
do.
do.
do.
146.0
160.8
151.0
167.6
150.8
167.0
116.3
126.4
123.4
102.6
109.3
145.8
129.5
140.9
132.3
111.2
113.8
156.7
129.8
141.9
134.8
116.0
114.7
163.4
131.4
143.0
134.3
115.9
116.3
156.2
132.5
143.3
132.9
112.0
115.9
155.4
131.6
143.4
134.2
109.8
115.7
161.1
132.6
145.3
136.4
117.6
116.1
161.1
135.1
147.0
138.7
118.7
116.5
168.3
135.8
147.0
138.0
114.4
116.8
169.8
137.1
148.5
138.3
111.3
116.6
172.7
137.8
148.4
136.9
114.5
115.5
166.2
138.5
148.6
138.3
111.6
117.0
172.4
138.6
139.1
• 149. 4 149. 7
• 139. 3 138. 5
116.1
116.1
118.9
118.2
• 168. 0 • 166. 7
139.4
149.6
137.6
112.0
118.9
168.2
do.
...dodo_.
do.
111.8
122.3
107.6
116.3
117.9
136.4
122.2
133.0
118.3
134.2
122.9
132.3
119.6
133.3
122.7
132.5
119.2
123.7
124.9
131.4
114.8
132.2
123.0
130.6
116.8
132.3
124.4
136.5
104.3
134.4
122.2
135.5
112.1
134.6
121.4
136.3
105.2
136.0
123.5
139.5
119.2
13o. 4
122.1
139.3
114. 5 • 117.0 113.5
137.2 • 136. 6 • 139. 5
121.1 • 124.1 127.7
139. 2 140.3 • 139. 9
140.7
138.7
139.2
do.
do_
do.
113.4
147.2
135.9
120.6
169.3
158.6
119.3
170.7
159.1
119.7
173.7
161.2
123.0
173.1
158.4
124.7
172.2
155.6
122.4
174. 9
161.8
124.8
180.0
167.7
123.4
180.6
169.3
124.4
182.8
168.7
124.1
183.5
170.2
124.9
182.6
166.7
125.0 • 124. 3
• 182. 6 • 181. 7
168.7 • 166.4
125.2
181.2
164.1
125.7
141.1
140.0
140.4 • 139.9 • 141.9 140.2
145.2
143.4
142.4
135.8
138.9
139.7
130.3
143.3
133.1
124.1
Petroleum products
do.
239.5
235. 2 235.2
237.4 ' 142. 2
232.4
215.5
216.9
220.3
226.0
218.9
200.2
225.6
166.7
211.1
Rubber and plastics products
do.
76.7
74.1
74.1
76.2
74.2 I
75.8
75.0
74.7
74.8
76.5
80.9
74.5
'74.0
73.8
Leather and products
do.
77.2
l
'Revised.
p Preliminary.
Estimated.
d" Monthly revisions back to 1967 will be
N O T E F O R P . S-5:
O Revised back to Jan. 1975 to reflect corrections in reporting errors in the machinery inshown later; effective Sept. 1977 SURVEY, indexes revised to reflect more up-to-date informadustry, and corrections in classifications in t h e aircraft and machinery industries; revisions
tion.
9 Includes data for items not shown separately.
prior to Apr. 1976 are available from the Bur. of the Census, Wash., D . C . 20233.
SUEVEY OF CURRENT BUSINESS
December 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
S-5
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.p
Nov.i
131.3
75.5
131.8
107.2
131.8
'75.1
136.1
111.2
132.4
73.6
136.9
132.8
73.1
142. 9
148. 8
112. 5
110.6
102.8
114.1
114.5
145.6
145.5
109. 0
104.6
101.3
102.2
117.0
146.2
147.1
113.2
107.6
99.0
110.4
123.8
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION %— Continued
Federal Reserve Board Index of Quantity
Output—Continued
Seasonally Adjusted—Continued
By industry groupings—Continued
Manufacturing—Continued
Durable manufactures
Ordnance, pvt. and govt
Lumber and products
Lumber
1967=100—
do
do
do
Furniture and
fixtures
Clay, glass, and stone products
Primary metals
Iron and steel
Basic iron and steel
Steel mill products
Nonferrous metals
do
_._do
do
do
do
do
do
109.3
76.6
107.6
93.9
121.7
72.7
125.1
105.8
121.4
72.3
129.6
116.4
123.4
71.6
129.5
108.5
125.0
71.3
128.1
96.9
123.4
72.6
132.7
113.9
124.0
72.6
122.2
109.9
126.8
72.8
132.1
109.0
128.0
74.6
130.6
109.2
129.3
74.4
133.0
112.5
130.5
74.1
132.4
104.9
131.6
75.0
132.9
112.4
118.2
117.8
96.4
95.8
92.9
99.5
97.5
132.7
137.1
108.9
104.9
100.7
108.9
115.9
134.5
139.9
109.9
105.1
99.3
109.3
118.3
133.7
143.2
104.6
100.3
95.7
100.7
112.4
135.7
142.8
101.5
93.4
90.1
94.9
116.1
135.1
137.1
100.8
89.7
84.6
88.7
121.7
137.1
139.0
100.2
91.3
87.7
91.4
116.4
135.1
143.7
108.3
97.9
95.4
98.2
126.8
135.4
145.0
112.2
103.9
97.8
106.8
126.8
137.5
145.0
117.1
111.0
104.0
116.7
127.9
139.9
147.7
114.7
109.2
100. 5
110.4
124.0
143.0
148.0
114.4
110.9
101.0
116.3
118.0
1
114.7
Fabricated metal products
Nonelectrical machinery
Electrical machinery
do_
do_
do_
109.9
125.1
116.5
123.3
135.0
131.6
123.5
134.3
135.0
126.7
137.5
135.7
128.1
141.5
135.1
125.7
139.9
134.0
125.8
139.8
137.6
127.5
139.8
137.6
127.6
142.9
139.6
128.2
142.6
141.8
130.8
144.0
142. 0
132.0
145.7
143.0
134.0
145.2
143. 9
134.0
147.4
144.7
133.7
148.4
144.9
135. 2
150.0
145.5
Transportation equipment
Motor vehicles and parts
Aerospace and misc. trans, eq
do_.
do_.
do..
97.4
111.1
84.5
110.6
140.7
82.2
104.3
128.4
81.6
112.7
145.5
81.7
117.4
155.0
81.9
113.5
145.5
83.4
113.4
145.4
83.3
120.5
161.2
82.3
119.8
158.1
120.3
157.7
85.2
123.7
103. 2
86.5
125.6
100. 2
87.3
124.3
164.4
"86.5
125.5
165.6
'87.7
124.7
167.6
84.1
121.5
161.9
83.4
Instruments
do_
132.3
148.2
150.2
150.3
155.8
153.7
157.0
156.9
157.8
157.4
158.2
159.0
158.3
160.3
162.4
161.5
04,834 205,014 210,551 .91,565 203,279 227, 787 223,233 224,288
232,457
213,320 226,193 '229,699 232,594
1,162,751 2,401.414 199,509 203,731 212,095 209,950 215,281 221,903 221,167 221,327
222,240
!21,255 223,004 '224,242 226, 799
BUSINESS SALES §
Mfg. and trade sales (unadj.), total f©A
mil. $__ 1,162,751 2,401,414
Mfg. and trade sales (seas, adj.), total t© A . -do
Manufacturing, total t©
Durable goods industries
Nondurable goods industries©
Retail trade, total
Durable goods stores
Nondurable goods stores
do
do
do
do____
do
do
1,046,710 21,178,013
526,950 604,706
519,760 573,499
580,445 642,507
178,887 210,530
401,558 431,977
97,043
49,029
48,014
54,171
17,050
30,515
99,919
51,238
48,681
54,822
18,098
30,724
104,475 103,569
55,295 53,341
50,228
49,180
50,085 '•>o, 7 0 3
19,038 18,800
37,04' 30,843
106,133 111,241 109,040 109,458 110,080 109,208 111,376 111,921 112, 745
54,703 58,849 50,704 56,717 57,570 50,820 58,087 58,608 59, 065
51,430 52,392 53,876 52,741 53,110
53,289 53,313 53, 680
59,014 60,635
58,552
59,020
57,825
57,291 57,990 D^y 142 58,003
19,382 19,803 19,833 19,510 19,430 19,505 19,984 19,763 20,762
39,251 39,873
39,047
39,030
38,389
37,909 38,127 38,309 38,487
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do
do
do
535,590
220,094
315,502
580,894
240,732
334,102
48,355
20,997
27,358
48,990
21,151
27,839
50,935
21,042
29,293
51,857
22,025
29,232
53,385
22,941
30,444
53,800
23,275
30,591
53,735
23,419
30,310
Mfg. and trade inventories, book value, end of year
or month (unadj.), total t A
mil. $_
281,100
300,412 306,318 310,518 306,412 109,471 313,189 117,913 320,078
320,000
321,209
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total t A
mil. $_
281,837
300,325 305,234 306,151 300,325 309,003 311,232 114,875 317,873 320,492 322,899 324,107
166,587 166,674 167,114 166,587 167,482 168,449 09,379 170,747 172,029 173,818 174,571
105,729 105,589 106,128 105,729 106,562 107,222 .07,685 108,190 109,154 110,421 110,978
60,858 61,085 60,986 60,858 60,920 61,227 01,694 62,557 03,475 63,397 03,593
50,078
21, 785
28,893
52,072
22,021
30,051
53,495
23,020
29,875
53,208
24,390
28,818
53,307
24,150
29,157
53,419
24, 941
28,478
BUSINESS INVENTORIES §
120,590 321,713 '326,017 332, 282
320,849 •329,510
175,104 176,164
111,452 111,787
• 63,652 64,377
Manufacturing, totalf
Durable goods industries
Nondurable goods industries
do___
do--_
do
155,693
100,310
55,382
Retail trade, totalA
Durable goods stores
Nondurable goods stores
do__.
do
do___
ri,031
31,632
39,399
78,431
35,007
43,304
78,007
34,450
43,557
77,988
34,875
43,113
78,431
35,007
43,304
79,458
35,588
43,870
79,721
35,510
44,205
81,190
36,150
45,040
81,825
30,094
45,731
83,025
36,818
40,207
84,134
37,104
47,030
85,320
38,130
47,190
80,050
38,577
48,073
87,208
38,520
48,088
87,462
38, 752
48, 710
Merchant wholesalers, totalA
Durable goods establishments
Nondurable goods establishments
do___
do
do...
55,113
34,605
20,508
01,307
38,177
23,130
00,553
38,100
22,453
01,049
38,205
22,844
01,307
38,1"""
23,130
02,123
38,819
23,304
03,002 04,300
39,204 39,527
23, 798 24, 773
05, 301
39,809
25,492
04,838
40,224
24,014
04,947
40,870
24,071
04,210
41,404
22,806
05, 095
42,396
22,099
66,119
42,896
23,223
66, 410
43, 231
23,179
1. 45
1.45
1.46
1.47
1.46
1.62
2.00
.66
.81
.53
1.59
1.96
.64
.80
.52
1.56
1.91
.03
.77
.50
1. 58
1.92
.65
.76
.51
1. 45
1.57
1.92
.05
.75
.51
1.46
1.67
1.67
2.06
2.06
.69
.84
.54
1.42
1.52
1.83
.61
.74
.49
1. 44
1.64
2.04
1. 44
1.59
1.90
.62
.77
.51
1.47
1.80
2.34
1.53
1.71
1.71
2.14
2.14
.71
.87
.57
1.50
__do_
do..
do_
do_.
do_.
1.60
1.95
.65
.78
.52
1.57
1.92
.64
.77
.51
'1.57
1.91
.64
'.76
'.50
1.56
1.89
.63
.75
.51
do_
do_
do_
do_
1.26
1.23
1.27
1.27
.56
.18
.53
1.25
1.25
.53
.19
.53
1.24
.53
.19
.52
1.21
.51
.18
.52
1.19
.51
.18
.51
1.18
.50
.18
.49
1.18
.51
.18
.50
1.20
.51
.18
.51
1.19
.51
.18
.51
1.21
.50
.18
.52
1.21
.50
.18
.52
' 1.21
'.50
.18
' .52
1.20
.50
.18
.53
do_
do_.
do..
1.-15
2.07
1.17
1.41
1.89
1.17
1.44
1.44
1.
95
1.95
1.19
1.19
1.42
1.42
1.93
1.93
1.17
1.17
1.38
1.84
1.15
1.43
1.89
1.19
1.39
1.83
1.17
1.40
1.82
1.18
1.41
1.82
1.19
1.43
1.89
1.20
1.45
1.91
1.23
1.40
1.95
1.21
1.47
1.93
1.23
1.48
1.95
1.24
1.44
1.87
1.22
1.24
1.88
.80
1.21
1.78
.79
1.25
1.25
1.81
1.81
.82
.82
1.25
1.25
1.81
1.81
.82
.82
1.20
1.76
.79
1.23
1.78
.81
1.22
1.74
.81
1.22
1. 75
.82
1.22
1.74
.84
1.20
1.73
.80
1.21
1.75
.79
1.20
1. 75
.70
1.22
1.74
.79
1.24
'1.78
.80
1.24
1.73
.82
50,516
60,547
5,574
5,391
—
6,041
5,502
4,399
4,690
4,697
4,870
5,677
5,312
5,491
5,378
5,363
5,148
5,580
5,430
1,046,710 1,178,013 101,180 100,128 98,023
96,387
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total|©A
Manufacturing, totalf©
Durable goods industries!
Materials and supplies
Work in process
Finished goods
Nondurable goods industries!©
Materials and supplies
Work in process
Finished goods.,
Retail trade, totalA
Durable goods stores
Nondurable goods stores
ratio-
Merchant wholesalers, totalA
do
Durable goods establishments
do
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales: O
Durable goods industries:
Unadjusted, total
mil. $_.
Seasonally adj., total
do
Shipments (not seas, adj.), totalf©
do_
Durable goods industries, total 9f
do
526,950 604,514 51,660 51,345 50,798
Stone, clay, and glass products
do
27,314
30,435
2,710
2,573
2,320
Primary metals
do.___ 78,959
88,826
7,454
7,086 6,752
Blast furnaces, steel mills
do
40,210
45,137
3,641
3,547 3,357
Nonferrous and other primary met
do
30,081
34.110
2,961
2,743
2,694
p
l
2
'Revised.
Preliminary.
Estimated.
Based on data not seasonally adjusted.
3
Advance estimate; total mfrs. shipments for Oct. 1977 do not reflect revisions for selected
components.
JSee note marked "of" on p. S-4.
§The term "business" here includes
only manufacturing and trade; business inventories as shown on p. S-l cover data for all
types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown
106,743 114,201 111,242 110,762 110,036
5,696
5,149
4,741
4,633
5,641
5,206
5,089
5,277
102,201 109,894 '116,853 117,861
48,858 54,715 60,550 58,171 58,405 62,349 52,379 55, 768 61,415 62,694 59,085
2,856 3,281 ' 3,189 3,129
3,249
2,904
2,991
2,943
2,286
2,546
8,544 r 8,354 i"8,"040"
7,991
7,483
9,070
8,630
8,601
8,847
6,980
7,774
3,882 4,154 ' 4,350 4,198
4, 282
4,384
4,735
4,539
3,457
3,831
2,932
'
3,216 3,108
3,436
3,334
2,779
3,337
3,390
2,745
3,089
below on pp. S-6 and S-7; those for wholesale and retail trade on pp. S-ll and S-12.
tSee
corresponding note on p. S-6.
©Unadj. and seas. adj. mfrs. shipments and new orders
(totals and total nondurables) were revised back to Dec. 1975; revisions prior to Mar. 19/6
- - - from ~
" Census,
~
— • D.C. 20233.
ASee notes " T ' a n d "_t
are available
Bureau of" the
Wash.,
9 Includes data for
on p. S-12 for retail trade and note " 0 " on p. S-ll for wholesale trade.
items not shown separately.
©See corresponding note on p. S-4.
SUEVEY OF CURRENT BUSINESS
S-6
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
Annual
December 1977
1976
Oct.
Nov.
1977
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Oct.
Nov.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSf—Continued
Shipments (not seas, adj.)t—Continued
Durable goods industries!—Continued
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
Chemical and allied products
Petroleum and coal products
Rubber and plastics products
68,892
mil. $„.
98,147
do
63, 716
do
113,369
do.
70,581
do.
22,601
do
79,659
109,652
72,039
136,130
91,115
24, 905
6,693
9,127
6,383
11,307
7,587
2,177
6,534
8,966
6,407
12,265
8,687
2,210
6,505
9,477
6,565
11,996
7,925
2,197
6,162
8,785
6,012
11,803
8,362
2,036
6,926
9,953
6,634
13,049
9,001
2,193
7,689
10,772
6,813
14,773
10,300
2,372
7,496
10,222
6,601
13,806
9,681
2,271
7,397
10,096
0,493
14,180
9,711
2,295
7,924
10, 686
7,166
15,155
10,606
2,452
6,600
9,137
6,236
12,175
8,207
2,100
7,438
9,716 ' 10,622
6,780 ' 7, 401
11,278 '14,181
7,455 ' 9, 805
2,313 ' 2, 497
10, 434
7,424
15,562 114,317
10, 972
2,501
do..
do..
do _.
do..
519,760
171,794
7,805
32,874
573,498
176,150
8,087
37,583
49,514 48,783
15, 289 15, 024
753
650
3,198
3,201
47,225
14,599
751
3,097
47,529
14,283
669
2,949
52, 028
15,475
671
3,270
53,651
15, 797
714
3,659
53,071
15,429
696
3,543
52,357
15,028
723
3,571
54, 287
15,817
738
3,725
49,822
14,706
689
2,988
54,126 " 55,438
15,774 '16,110
749
'726
3,640 ' 3, 833
55, 370
16, 256
701
3,908
do..
do..
do..
do..
43, 463
90, 370
69, 692
28,081
50, 227
101,385
82, 640
32, 572
4,255
8,315
7,103
2,832
4,140
8,239
7,153
2,760
4,011
7,979
7,496
2,570
4,174
8,186
7,749
2,713
4,492
9,399
7,948
3,054
4,647
10,218
7,597
3,215
4,683
10,069
7,838
3,140
4,570
9,783
8,055
3,142
4,822
9,807
8,131
3,294
4,220
8,552
8,122
2,812
4,675
9,319
8,122
3,109
109,458 110,680
109,208
' 4, 587
' 9, 851
'8,117
' 3, 256
4,605
9,244
8,274
3,245
111,376 111,921 112,745
97,043
99,919
104,475 103,569
106,133
111,241
109,640
49,029
2,471
7, 355
3,681
2,877
51,238
2,569
7,283
3,714
2,751
55,295
2, 703
7,298
3,583
2,910
53,341
2,644
7,334
3,467
3,020
54,703
2,765
7,590
3,708
3,019
58,849
2,989
8,566
4,298
3,387
56,764
2,842
8,136
4,032
3,251
56,717
2,860
8,296
4,244
3,169
57,570
3,010
8,428
4,471
3,050
56,820
2,906
8,174
4,248
3,011
3,080
8,281
4,273
3,073
6,309
9,204
6,037
10,102
6,483
6,610
9,282
6,298
11,616
8,004
2,123
6,961
9,546
6,688
14,176
10,036
2,198
6,764
9,471
6,625
12,642
8,556
2,228
7,048
9,713
0,594
12,824
8,665
2,258
7,707
9,904
6,655
14,367
10,126
2,344
7,370
10,017
6,602
13,341
9,338
2,323
7,253
10,060
0,555
13,325
9,074
2,321
7,461
'9,716
6,753
13,862
9,712
2,324
6,972
10,037
6,900
13,548
9,403
2,280
7,303
10,465
6,912
13,193
9,195
2,339
' 7, 432 7,615
• 10,333 10, 514
' 6, 946 7,024
13, 603 '13,824
' 9, 367 9, 371
' 2, 319 2,377
48,014
14,807
749
2,974
4,137
8,361
7,163
2,690
48,681
14, 773
640
3,143
4,153
8,827
7,154
2,806
49,180
14,603
753
3,302
4,296
8,637
7,484
2,815
50,228
14,920
704
3,269
4,358
8,661
7,878
2,950
51,430
15,277
703
3,346
4,435
9,126
7,833
3,037
52,392
15,451
738
3,503
4,579
9,682
7,660
3,118
52,876
15,778
728
3,593
4,702
9,480
7,884
2,995
52,741
15,201
709
3,558
4,593
9,304
8,159
3,110
53,110
15, 822
695
3,464
4,586
9,554
7,921
3,120
52,388
15,513
676
3,423
4,433
9,064
8,080
3,010
53,289
15,768
708
3,537
4,548
9,206
8,073
3,070
• 53,313 53, 680
' 15,383 15, 746
697
'731
' 3, 589 3,643
' 4, 441 4,482
' 9, 578 9,306
' 8, 067 8,336
3,084
' 3,155
1 83,200
93,039
210,221 1217,379
147,173 '162,383
i 86,063
109,437
i 83,256
100,342
1
436,796 1495,602
7,710
18,305
13,625
8,014
8,431
40,958
7,943
18,297
13,815
9,603
8,505
41,756
7,973
18,317
14,663
11,711
42,913
8,138
18,594
14,297
10,267
8,611
43,662
8,285
19,001
14,387
10,524
9,233
44,703
8,398
19,323
14,736
12,142
9,795
46,815
8,294
19,521
14,735
11,293
9,483
46,314
8.520
19,041
14,935
10,940
9,431
40,591
8,579
19, 510
14, 736
11,490
9,665
46,904
8,716
19,065
14,830
11,105
9,480
46,012
19,638
15,244
10,959
9,985
46,652
' 8, 994
• 19,453
15,234
11,179
10,149
46,912
135,430
•164,374
140,651
i 23,725
i 38,579
1
181,624
U55,317
i 26,307
3,202
15,371
13,143
2,228
3,263
15.450
13,206
2,244
3,319
16.446
13,931
2,515
3,333
16,217
13,570
2,647
3,366
10.391
13,776
2,615
3,542
16,815
14,204
2,611
3,373
10,730
14.234
2,496
3,422
16,934
14,350
2,578
3,631
16,581
14,030
2,551
3,507
17,107
14,529
2,578
3,688
17,436
14,935
2,501
3,754 '3,850
17,511 17, 975
14, 943 '15,432
2,543
2,568
155,825
99,853
55, 972
167,299
105,516
61, 783
[65,320 166,528 167,299
[04,483 105,193 105,516
60,837 61,335 61,783
69,300
07,378
61,922
170,396
108,439
61,957
170,818
108,726
62,092
171,886
109,218
173,087
109,925
63,162
173,022
110,229
62, 793
172,902
110,110
62,792
173,730 174,161 175,395
110,656 110,740 110, 889
63,074 • 63,421 64, 506
do
155,693
166,587
66,674 167,114 166,587
67,482
L68,
449
169,379
170,747
172,029
173,818
174,571
.74,571
175,104
do
do
do
do
.do
100,310
3,848
15,527
8,483
6,113
105, 729
4,194
17,329
10,179
6,178
105,589
4,092
17,113
10,100
6,043
06,128 105,729
4,130
4,194
17,178 17,329
10,072 10,179
6,126
6,178
.06,562
4,248
17,197
10,148
6,100
07,222
4,234
17, 276
10,154
6,154
107,685
4,142
17, 323
10,232
6,101
108,190
4,193
17,332
10,215
109,154
4,258
17,584
10,444
0,159
110,421
4,251
17, 645
10,500
6,150
110,978
4,321
17,819
10,591
6,216
111,452 111,787 112,075
4,314 ' 4,348
4,399
17,759 • 17,640 17, 830
10,519 1 10,323 10, 394
6,213 ' 6, 242 6,346
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do
Motor vehicles and parts
do
Instruments and related products..do
12,931
23,479
12,883
19,048
5,978
4,290
13,173
23,987
14,112
19,121
6,301
4,574
13,131
23,885
13,961
19, 823
6,764
4,524
13,183
23,845
14,009
20,046
6,974
4,581
13,173
23,987
14,112
19,121
6,301
4,574
13,344
24,281
14,054
19,245
6,429
4,657
13,249
24,253
14,317
19,512
6,540
4,687
13,265
24,417
14, 647
19,428
6,548
4,728
13,332
24,476
14,741
19,594
6,476
4,721
13,390
24,506
15,088
19,735
0,624
4,785
13,472
24,871
15,343
20, 370
7,191
4,735
13,682
25,018
15,250
20,377
7,079
4,839
13,763
25,148
15,379
20,555
7,112
4,878
• 13,897
• 25,242
' 15,488
' 20,537
r 7, 0G6
' 4, 933
34,621
8,059
10,794
4,586
35,047
7,907
10,872
5,164
35,320
7,864
11,013
5,264
34,621
8,059
10,794
4,586
35,141
8,044
10,876
4,800
35,229
8,174
10,842
4,845
35,798
8,354
10,985
4,815
35,758
8,300
10,865
4,801
36,015
8,267
11,003
5,448
37,289
8,287
11,148
5,885
37,209
8,379
11,237
5,707
37,312
8,274
11,227
6,026
37, 358 37, 475
' 8, 131 8,245
11,571 11,404
r
5,960
6, 012
Work in process9
do..
Primary metals
do.
Machinery (elec. and nonelec.)._-do.
Transportation equipment
do..
43,020
5,950
16,277
12,059
42, 627
5,828
15,929
12,163
43,005
5,967
16,112
12,160
43,020 43,235
5, 950 5,838
16,277 16,455
12,059 11,972
43,611
5,846
16,564
12,206
43,343
5,743
16,660
12,188
43,805
5,651
17,003
12, 364
43,339
5,789
17,079
11,758
43, 584
5,809
17,231
11,692
44,120
5,892
17,199
11,936
44,529
5,977
17,412
11,826
1
Finished goods 9
do
Primary metals
do
Machinery (elec. and nonelec.)...do
Transportation equipment
do
28,088
3,320
11, 028
2,476
27,915
3,378
11,045
2,496
27,803
3,347
10, 729
2,622
28,088
3,320
11, 028
2,476
28,186
3, 315
11,004
2,473
28,382
3,256
11,164
2,461
28,544
3,226
11,419
2,425
28,627
3,381
11,349
2,429
29,200
3,528
11,572
2,529
29,548
3,549
11,835
2,793
29,649
3,548
11,832
2,734
29,611
3, 508
11,888
2,703
29,499 30,190
' 3, 555 3,697
11,565 11,964
' 2, 787
55,382
14,328
3,295
4,834
4,646
11,695
4,710
3,652
60,858
15,648
3,508
5,253
5,200
13,032
5,148
3,888
61,085
15,876
3,659
5,158
5,228
13,040
5,058
3,763
15,694
3,630
5,176
5,292
13,088
5,053
3,855
60,858
15,648
3,508
5,253
5,200
13,032
5,148
3,888
60,920
15,775
3,471
5,269
5,220
13,009
5,156
3,965
61,227
15,973
3,518
5,360
5,273
12,991
5,083
4,000
61,694
16,130
3,484
5,368
5,352
12,962
5,156
4,079
62,557
16,530
3,549
5,426
5,439
13,038
5,252
4,016
03, 475
10,819
3,582
5,473
5,534
13,152
5,407
4,087
63,397
16,360
3,596
5,473
5,568
13,306
5,546
4,104
63,593
16,127
3,647
5,464
5,625
13,549
5,654
4,112
63,652
16,120
3,561
5,461
5,649
13,746
5,686
4,137
64,377 64, 754
16,590 16, 463
3,646
'3,712
5,449
' 5,413
r 5, 628 5,660
13,949 14,226
r 5, 846 5,830
4,169
' 4,185
""'""""
"
26,013
9,182
25, 663
26,880
8,524
25,681
25,843
9,171
25,972
26,013
9,182
25,663
25,678
9,067
26,175
25,988
9,141
26,098
26,405
9,356
25,933
26,810
9,379
26,368
27,008
9,422
20,985
26, 842
9,429
27,126
26,701
9,574
27,318
26,579 ' 26,765
9,629
9, 547
27,526 '27,983
Shipments (seas, adj.), totalf©
do.
By industry group:
Durable goods industries, total 9
do..
Stone, clay, and glass products
do.
Primary metals
do..
Blast*furnaces, steel mills
do.
Nonferrous and other primary met., .do..
Fabricated metal products
Machinery, except electrical
Electrical machin ery
Transportation equipment
Motor vehicles and parts
Instruments and related products
do
do
do
do
do
do
Nondurable goods industries, total 9 ©...do..
Food and kindred products
do..
Tobacco products
do..
Textile mill products
do..
Paper and allied products
do..
Chemicals and allied products
do..
Petroleum and coal products
do..
Rubber and plastics products
do..
By market category: f
Home goods and apparel©
do
Consumer staples
do
Equipment and defense prod., excl. auto.do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Capital goods industries
do
Nondefense
do
Defense
do
Inventories, end of year or month:!
Book value (unadjusted), totalf
Durable gocds industries, total
Nondurable goods industries, total
Book value (seasonally adjusted), totalf
By industry group:
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Nonferrous and other primary met
do
do
do
By stage of fabrication:!
Materials and supplies 9
do
Primary metals
do
Machinery (elec. and nonelec.).-.do
Transportation equipment
do
Nondurable goods industries, total 9 ...do
Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products.
do
Rubber and plastics products
do..
By stage of fabrication:!
Materials and supplies
do
Work in process
do
Finished goods
do
'
2
' Revised.
i Based on data not seasonally adjusted.
Advance estimate; total mfrs.
shipments for Oct. 1977 do not reflect revisions for selected components.
t Revised series.
Data revised back to Jan. 1958 to reflect (1) updating of benchmarks used in developing shipments and inventory estimates, (2) recalculation of estimated new orders. (3) changes required
to conform to revised 1972 SIC categories, and (4) use of new seas. adj. factors. A detailed
description of this comprehensive revision and historical data appear in report M3-1.6, "Man-
58, 608 59,262 158,986
2,851
' 2, 955
8,440 '8,246 18,269
' 4, 372 4,245
3,020
' 3,119
13,575
9,127
19, 505
15, 664
11, 222
10, 201
47, 026
13, 824
17,776
15,178
12,598
176,164 176, 829
13, 888
25, 532
15,473
20,147
44,750 44, 410
' 5, 954 5,888
17,594 17,637
11,738 11, 339
26, 651
9,621
28,482
ufacturers' Shipments, Inventories, and Orders; 1958-1976 (Revised)," available for $2.25
from the Subscribers Services Section, Bur. of the Census, Wash., D.C, 20233. Data back to
Jan. 1958 for mfg. and trade sales and invent, and inventory-sales ratios appear on p. 22 fE. of
the Jan. 1977 SURVEY.
©See corresponding note on p . S-5.
9Includes data for items
not shown separately.
SURVEY OF CURRENT BUSINESS
December 1977
1976
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
Annual
S-7
1976
Oct.
Nov.
1977
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSf—Continued
Inventories, end of year or montht—Continued
Book value (seasonally adjusted)—Continued
By market category:!
Home goods and apparel
mil. $_
Consumer staples
do.. _
Equip, and defense prod., excl. auto__ . d o . . .
Automotive equipment
do.._
Construction materials and supplies
do...
Other materials and supplies
do
Supplementary series:
Household durables
do...
Capital goods industries
do...
Nondefense
do...
Defense
do...
New orders, net (not seas, adj.), total tA
Durable goods industries, total
Nondurable goods industries, total A
13,005
21,526
38,429
7,885
13,323
61,525
14,039
23,119
38,842
8,430
14,161
67,996
14,377
23,466
38.875
8.692
13,884
67,380
14,143
23,367
38,943
8,993
13,983
67,685
14,039
23,119
38,842
8,430
14,161
67,996
14,003
23,164
39,044
8,601
14,615
68,055
14,056
23,327
39,231
8,718
14,663
68,454
14,296
23,531
39,393
8,728
14,560
68,871
14,608
23,928
39,638
8,691
14,523
69, 359
14,747
24,137
39,855
8,777
14,536
70,577
14,888
23,943
40,267
9,363
14,290
71,067
14, 699
23,962
40, 701
9,189
14,465
71, 555
14, 708 14,614
24, 217 •24,911
40,901 •41,250
9,298 -9,278
14,462 14,677
71,518 71,434
6,578
42,341
35,772
6,568
6,923
43,104
36,527
6,577
7.059
42,942
36, 095
6,847
6,996
43,124
36,277
6,847
6,923
43,104
36,527
6,577
6,936
43,311
36,702
6,609
7,117
43,737
37,112
6,625
7,275
43,992
37,475
6,517
7,407
4,335
47, 733
36,602
7,494
44,671
38,034
6,637
7,565
45,206
38,332
6,864
7,487
45,391
38, 455
6,936
7,524
7,559 '7,517
45,641 •45,897 45,713
38,715 39,043 39,117
6,926 ' 6,854 6,596
1,027,905 1,183,468 102,473
505,969 608,170 52,814
521,936 573, 796 49,659
100,039
51,386
48,653
99,575
52,139
47,436
98,810
51,048
47,762
107,879 114,873
55,651 60,900
52,228 53,973
113,054
59,824
53,230
111,066
58,899
52,167
117,795 103,311 111,036 117,055 121,412
63,372 53, 317 57,107 •61,713 66,022
54,224 49,994 53,929 •55,342 55,368
l,027,905 21,183,468 99,006
100,784 106,608 105,288 106,575 111,788 111,547 111,693
do.
do.
do.
New orders, net (seas, adj.), total tA
do.
By industry group:
Durable goods industries, totalt
do.
Primary metals
do..
Blast furnaces, steel mills
do.
Nonferrous and other primary met-.-do.
2
14,652
24,740
41,245
9,365
14,836
71,991
60,51C
111,702 108,598 111,494 112,441 116,303
505,969
71,792
35,779
28,209
609,450
90, 046
45,846
34,956
50,754
7,019
3,485
2,790
52,235
7,529
3,650
3,080
57,040
7,252
3,808
2,629
55,037
7,987
4,054
3,040
55,133
7,974
4,068
3,031
59,160
8,647
4,304
3,438
58,652
7,904
3,906
3,102
59,176
9,079
5,089
3,062
58,378
7,959
3,945
3,077
56, 031
8,311
4,316
3,057
58,270
8,576
4,382
3,234
58,048
8, 692
'4,513
'3,208
62,503
'8,094
4,137
2,986
do.
do..
do..
do.
do..
66,712
92,795
61,720
109,511
26,316
79, 256
108,236
74,111
138,649
30,009
6,425
9,413
6,463
11,369
3,539
6,805
9,336
6,408
12,102
2,882
7,072
9,629
7,139
15,487
3,924
6,924
10,219
6,871
12,630
2,311
6,960
9,998
6,713
12,614
2,329
7,832
9,991
6,338
14,564
2,887
7,363
9,791
6,941
15,128
4,252
7,337
10,143
7,163
14,179
3,421
7,236
10,572
6,866
14, 725
3,814
6,798
10,130
6,901
12,667
2,123
7,346
10,897
6,973
12,417
2,183
'7,204
10, 823
'7,070
13,145
'2,682
7,921
11,000
7,172
16,141
4,281
Nondurable goods industries, total A
do..
Industries with unfilled orders©
do.
Industries without unfilled orders^A-.-do.
521, 936
113,179
408,757
574,016
127,856
446,160
48,252
11,453
36,799
48,549
11,243
37,306
49,560
11,289
38, 271
50,251
11,019
39,232
51,442
11,240
40,202
52,628
11,772
40,856
52,895
11,789
41,106
52,517
11,484
41,033
53,146
11,787
41,359
52,567
11,756
40,811
53,224 '53,393
11,922 11,9&5
41,302 •41,408
53,783
12,055
41,728
do
do
do
do
do
do
2 83,408
210,267
141,257
2 84,741
2 81,372
426,941
2 93,224
217,424
163,818
110,631
2
99,180
2 498,255
7,888
18,277
15,082
8,036
8,435
41,288
7,945
18,274
13,897
9,628
8,721
42,319
7,981
18,310
15,929
11,800
9,075
43,505
8,171
18,624
13,994
10,482
8,733
45,284
8,413
19,008
14,323
10,717
9,227
44,884
8,273
19,316
14,478
12,413
9,706
47,570
8,377
19,514
16,169
11,627
9,545
46,315
8,588
19,032
15,948
11,074
9,564
47,487
8,549
19,531
15,799
11,542
9,683
46,440
8,796
19,108
14, 484
11,022
9,418
45, 770
9,161
19,660
14,332
11,076
10,129
47,136
'9,025
19,432
15,242
11,016
9,883
47,843
9,443
19,487
17,850
11,243
10,437
47,843
do
do
do
do
2 35,509 2 38, 599
155, 968 2183,614
130,782 2 153,845
2 25,185 2 29,338
3,379
16,964
14,124
2,840
3,284
15,875
12,734
3,141
3,314
17,885
13,835
4,050
3,351
16,570
14,621
1,949
3,510
16,136
14,249
1,887
3,425
16,775
14,561
2,214
3,443
18,27G
14,679
3,597
3,493
18,293
15,000
3,293
3,587
17,717
15,555
2,182
3,589
16,341
14,409
1,932
3, 931
16,676
14,678
1,998
'3,773 '4,066
17, 819 '20,770
16,189 ' 16,504
1,630
4,268
174,222
166,408
7,814
172,731
164,998
7,733
172,646 174,222 176,648 177,780 178,453 180,255
165,040 166,408 168,599 169,532 109,884 171,526
8,729
7,606
7,814
8,049
8,569
8,248
180,563
172,024
8,539
181,521 182,632
173,045 173,984
8,476
175,453
172,468
17 180,065
173,333 175,453 177,179 177,623 178,167
182,301
183,150
109,704
17,122
10,977
5,063
171,587
16,890
10,851
4,914
174,047
17,673
11,696
4,807
174,859 174,072
17,205 17, 342
11,171 11, 239
4,834
4,880
174,245 174,682 '177,923 1180,279
17,634 17,887 '17,733
18, 209
11,347 '11,489 11,381
5,12J
5,094
5,040
23,494
44,133
23 772
54,'517
36,387
23,577
44,215
24,383
55,371
36,941
8,254
23, 353
44, 894
24,497
56, 234
38,022
23,222
45, 420
24,556
54,575
36,928
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
.
By market category:t
Home goods and apparel A
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
Unfilled orders, end of year or month (unadjusted),
totalt
mil. $_. 170.243
Durable goods industries, total
do
162,726
Nondur. goods ind. with unfilled orders©. -do
7,517
Unfilled orders, end of year or month (seasonally
adjusted) totalt
mil. $__
By industry group:
Durable goods industries, total 9
do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous and other primary met...do
171,438
2
163,582
14,742
9,287
4,091
167,261
16,004
9,993
4,980
164,522
15,804
9,832
4,932
165,519 167,261 L68,962 169,394
16,051 16,004 16,658 17,041
9,768
9,993 10,580 10,939
5,261
4,980
5,000
5,012
do
do
do
do
do
23,690
45,472
21,230
50,236
33,106
23,302
43,808
23,251
52,753
34,746
22,997
43,914
22,678
50,958
32,982
23,302
Nondur. goodsind. with unfilled orders©_do
By market category:t
Home goods, apparel, consumer staples, .do
Equip, and defense prod., incl. auto
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Capital goods industries
do
Nondefense
do
Defense
do
7,856
8,192
7,946
23,192
43,843
22,812
51,445
33,553
7,814
3,209
98,742
19,197
50,290
3,302
101,063
18,014
53,074
3,324
99,604
17,620
51,920
3,303
99,712
17,836
52,482
2,623
108,533
79,323
29,210
2,644
110,060
77,829
32,231
326,345
375,766
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
BUSINESS INCORPORATIONS©
New incorporations (50 States and Dist. Col.):
Unadjusted
number..
Seasonally adj usted
do
INDUSTRIAL AND COMMERCIAL
FAILURES©
Failures, total
number..
Commercial service
do
Construction
do
Manufacturing and mining
do
Retail trade
do
Wholesale trade
do
11,432
1,637
2,262
1,645
4,799
1,089
1,331
1,770
1,360
4,139
1,028
3,011,271
490,140
428,737
1,121,722
556, 912
413,760
23,464
44,279
23,575
52, 744
34, 793
23,374
44,419
23,741
52,534
34,537
8,217
8,229
23,501
44,301
23,437
52,729
34, 692
8,463
3,302
3,366
3,501
101,063 100,978 101,108
18,014 18,135 18,129
53,074 54,700 54,885
3,370
101,119
18,040
55,638
3,445
3,507
102,888 104,032
18,102 18,235
55,630 50,527
2,629
108,198
78,398
29,800
2,650
2,644
2,663
2,807
108,623 110,060 10,415 110,163
77,925 77,829 78,879 79,354
30,698 32, 231 31,536 30,809
2,692
110,119
79,708
30,411
2,761
111,004
80,152
31,512
2, 790
2,874
2,835
113,020 114,159 113,391
80,794 82,302 82,179
32,220 31, 857 31,212
30,749
32,887
29,845
33,496
35,130
33,394
35,797
33, 707
36, 577
34, 442
745
90
138
105
339
73
770
101
153
101
317
98
23,251
52,753
34,746
8,192
33,562
33,495
33,852
34,508
696
664
99
87
128
107
105
74
295
315
69
81
200,441 .08,539
21,163 27, 408
56,468 24,419
47,747 63,480
43,259 36,825
31, 804 1G, 407
Liabilities (current), total
thous. $.. 4,380,170
83,572 277,598
Commercial service
do
475,485
16,089 35,323
Construction
do
640,845
38,074 21,647
Manufacturing and mining
do
1,020,609
56,138 123,329
Retail trade
do
1,835,908
41,357 39,296
Wholesale trade
do
407,323
31,914 58,003
Failure annual rate (seasonally adjusted)
2 42.6
2 34.8
34.7
33.8
32.0
No. per 10,000 concerns..
'Revised.
* Preliminary.
* Advance estimate; totals for mfrs. new and unfilled
2
orders for Oct. 1977 do not reflect revisions for selected components.
Based on unadjusted
data.
t See corresponding note on p. S-6.
9 Includes data for items not shown separately.
A See note marked " © " on p. S-5.
© Includes textile mill prod., leather and
prod., paper and allied prod., and print, and pub. ind.; unfilled orders for other nondurable
goods are zero.
182,541
30,348
33,095
8,478
8,291
23,179
44, 988
24,500
55,351
37,425
8,469
183,774 '183,974
175,322 1"5,617
8,452
8,357
61, 343
i 8,744
14,433
i 3,931
19,011
15,281
i 3, 730
187,528
179,950 ^80,374
8,356
182,646 '183,166 186,722
' 22,995
'45,909
'24,679
54,114
'36,839
r
8,484
8,401
23, 301
46,397
24,827
56,431
38,231
8,584
57, 290
3, 622
3, 498
3,903
3,135
3,408
105,o34 104,906 104,111 112,935 115,804
18,253 18,191 18, 335 83,167 84, 222
56,065 55,822 56,297 29, 768 31,582
39, 909
37,229
35,963
35, 749
3,135 ' 3, 352
3,115
112,630 112,935 115,730
81, 923 8:-?, 167 ' 84, 236
30, 707 29, 768 r31, 494
39,169
36,110
13,456
116,966
84,339
32, 627
39,525
37, 812
804
693
732
513
724
858
109
85
<)4
63
104
99
137
142
139
147
83
158
108
114
98
110
102
91
367
284
300
223
398
319
83
68
76
53
82
88
194,197 248,190 207,272 1473,886 305,860 )77,825
41,971 37,873 45,938 14,647 21,041 89,511
29,435 33,487 40,516 141,306 29,165
9,653
72,809 71,219 43,570 52,094 166,517 443,140
33,854 54,743 58,477 37,874 42,515 18,494
16,128 50,874 18,771 227,965 46,622 17,027
24.1
29.6
30.8
28.4
30.2
32.3
31.8
^ For these industries (food and kindred prod., tobacco mfs., apparel and other textile
prod., petroleum and coal prod., chem. and allied prod., rubber and plastics prod.) sales are
considered equal to new orders.
O Compiled by Dun & Bradstreet, Inc. (failures data
for 48 States and Dist. of Col.; Hawaii included beginning July 1975; Alaska, beginning
Sept. 1976).
UXVXV
ouxvv _c_ x '
S-8
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
t h e 1975 edition of B U S I N E S S S T A T I S T I C S
1975
JL>ecembe r 1977
1976
1976
Oct.
Annual
DUO xrv T J £
Nov.
1977
Dec.
Jan.
Feb.
Mar.
Apr.
May-
June
July
Aug.
Sept.
Oct.
Nov.
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS*
Prices received, all farm products
Crops 9
463
465
446
432
446
457
468
474
477
484
461
451
438
435
'444
452
458
348
400
426
313
899
474
537
567
235
444
456
504
379
354
300
907
485
591
569
233
438
489
528
360
297
360
948
454
609
506
225
419
482
550
322
283
295
948
446
605
487
231
427
456
533
347
277
274
973
465
595
523
241
445
574
526
361
282
271
959
467
590
530
240
457
637
540
362
287
276
954
478
584
546
252
475
641
589
365
282
297
957
471
577
544
240
479
507
572
359
277
319
967
473
577
551
232
482
482
567
352
261
374
966
485
571
585
220
447
435
516
328
245
354
966
476
574
568
217
410
447
533
291
243
342
841
493
581
590
231
390
438
514
260
259
383
977
487
593
'579
223
384
449
499
255
263
400
1,074
487
612
569
226
'401
' 476
'448
'264
'281
'503
983
'488
'624
573
214
533
533
528
565
563
560
565
572
557
564
575
554
569
578
559
578
2 553
569
584
2 556
578
590
2 562
583
597
2 565
592
601
2 570
594
597
2 573
588
595
2 577
582
591
2 579
576
589
2 582
572
'591
2 584
'574
593
2 585
576
614
653
652
652
657
673
679
685
692
695
692
690
686
685
'684
687
76
71
68
66
68
68
69
69
69
70
67
65
64
64
'65
66
161.2
170.5
173.3
173.8
174.3
175.3
177.1
178.2
179.6
180.6
181.8
182. G
183.3
184.0
184.5
185.4
159.1
157.1
160.9
168.3
167.5
171.0
170.8
172.4
171.6
171.6
172.7
172.2
172.2
173.2
173.1
172.9
174.2
175.0
174.0
176.0
176.1
175.1
177.0
177.5
176.2
178.4
178.4
177.3
179.4
' 179.6
178.4
180.6
180.2
r 179.1
181.4
180.8
' 179.8
182.0
181.2
180.9
182.6
181.7
181.6
183.1
182.5
182.5
184.1
158.4
163.2
151.7
145.5
149.1
166.6
171.9
167.4
171.0
161.0
157.8
159.6
184.1
190.8
181.6
174.8
172.7
175.5
167.7
171.3
161.9
158.0
160.3
185.1
191.8
168.7
172.4
161.9
158.9
160.6
187.4
194.3
183.4
172.3
171.3
177.6
170.9
175.0
163.1
159.7
161.6
188.7
195.6
187.7
174.7
171.1
194.7
171.8
175.9
163.9
160. 8
162. 6
190.0
197.0
188.6
175. 0
171.2
196.8
175.8
180.1
166.6
164. 3
16.5.6
195.3
202.8
194.6
180.4
174.1
191.1
194.5
182.1
175.4
183.2
177.0
181.4
169.2
165.0
167.4
198.5
206.2
194.4
180.9
176.2
184.0
177.9
182.4
170.1
165.5
168.1
199.5
207.2
193.6
178.5
174.3
196.8
176.3
180.8
167.3
164.3
166.0
196.3
203.8
195.2
181.8
175.1
192.1
176.6
181.0
168.4
164.5
166.7
197.7
205.3
190.9
174.6
171.4
203.0
174.3
178.3
165.7
163.4
164.7
192.2
199.4
191.7
175.9
173.1
195.1
175.4
179.7
166.6
163.9
165.4
193.7
201.1
181.1
172.0
171.7
174.8
168.1
171.7
162.3
158.4
160.6
185.8
192.6
181.7
170.2
171.4
175.5
173.3
177.4
164.7
162.2
163.6
191.2
198.4
175.4
178.0
156.6
171.0
165.2
169.2
158.3
154.3
156.6
180.4
186.8
180.8
179.4
169.3
175.4
166.8
169.7
137.3
181.7
167.8
235.3
169.6
158.1
177.2
179.0
144.7
191.7
182.7
250.8
188.8
168.5
180.1
182.0
146.9
194.8
186.5
253.1
193.9
170.9
180.7
182.1
147.5
194.8
188.2
258.0
195.5
171.7
181.6
182.4
148.3
195.0
192.0
264.5
201.4
172.3
183.1
184.1
149.5
196.7
194.8
271.7
204.2
172.6
184.3
185.3
150.2
198.1
196.4
278.3
205.4
173.6
185.5
186.3
150.8
199.3
198.5
281.4
208.5
174.6
186.7
187.7
151. 6
201.0
199.4
282.0
209.8
175.4
187.6
188.9
152.2
202.3
200.2
282.6
210.9
175.9
189.0
190.3
152.9
203.9
201.8
283.1
213.0
177.1
190.5
192. 2
153.6
206.2
203. 5
283.7
216.0
177.4
191.4
193.2
154.4
207.4
204.5
284.1
217.4
178.1
192.7
194.7
155.3
209.1
205.5
285.1
218.0
178.9
193.6
195.6
156.1
210.0
206.8
287.2
219.3
179.5
194.6
196.9
157.0
211.5
207.4
289.9
219.5
180.1
142.3
150.6
149.8
127.6
146.4
158.6
147.6
165.5
164.6
135.7
167.9
174.2
150.9
170.9
170.2
139.1
179.9
177.4
151.9
171.4
170.6
139.7
179.0
177.6
151.8
171.4
170.7
140.4
178.0
178.0
150.0
172.2
171.5
141.1
177.7
178.7
150.8
173.2
172.6
140.7
179.1
178.9
151.7
174.7
174 0
140.9
182.7
180.4
152.3
176. 7
176. 2
140.6
187.8
180.4
153.4
178.1
177.7
141.4
191.4
181.5
153.9
179.1
178 6
141.7
192 2
183.2
1.53.4
179.2
178.7
141.6
190.6
183. 5
154.8
178.8
178.2
141.6
186.4
183.5
156.2
178.4
177 8
141.1
182 5
184.1
157.2
178.6
177.9
145.7
178.0
184.4
158.5
178.7
178.0
148.2
175.0
184.7
153.5
168.6
150.7
144.4
163.3
184.7
160.5
151.2
166.1
188.9
163.9
153.5
167.3
191.3
164.8
154.1
168.0
192.3
165.2
154.4
169.0
194.1
166.2
154.9
169.8
195.8
166.7
155.5
170.7
197.6
107. 3
155.8
171.4
199.1
168.4
156.0
172.3
200.5
169.5
156.8
173.2
201.8
170.6
157.6
174.1
203. 5
171. 3
157.7
174.7
204.9
172.1
158.1
176.1
206.3
172.8
159.8
177.1
207.2
173.9
160.6
177.9
208.1
175.5
160.9
0.3
167.1
159.0
182.2
180.3
0.3
167.4
159.6
181.7
179.6
0.4
168.0
160.4
181.9
179.7
1.0
171.4
162.7
187.1
185.4
0 6
172.2
163. 4
188.2
186. 4
0 8
173.6
164.0
191.0
189.3
0.6
174.5
164.7
192.4
190.7
0 6
175.3
165.1
193.9
192.1
0.4
175. 5
165.3
194.0
191.9
0.3
176.0
165.8
194.5
192.3
0 3
176.3
166.2
194.7
192.4
0.3
176.7
166.7
194.9
192.5
0.5
177.6
167.5
196.1
193.9
do
do
187.9
256.5
188.7
257.0
191.8
261.4
•0.8
• 169.4
«161.6
• 183.5
° 181. 3
• 194. 0
a
266. 6
194.6
272.0
199.8
282.9
202 0
285.4
204.3
287.1
205.9
289.6
206 9
290.9
do
150.6
• 151. 7
152.0
152.6
153.2
154.2
154.8
155.4
155.4
do_._
170.2
169.5
138.2
171.0
170.3
138.6
171.9
171.5
139.2
a
173.5
• 173. C
• 140.0
175.1
174.8
140.1
177.9
177.4
140.5
178.4
177.6
141.7
178.1
177.5
142.0
177.4
176.8
142.3
177. 6
176.8
143.2
177.7
177 1
144.0
208 3
291.0
155.6
177.9
177.2
144.8
208.0
288.7
149.9
197 3
278.1
152.3
176. 2
175 7
140.6
198 4
280.6
149.4
184.0
184.8
185.5
• 187. 2
188.4
189.9
191.4
192.7
194.2
195.7
196.7
197.7
198.4
199.2
1910-14=100do
do—
Cotton
___ _ -Feed grains and hay
do
Food grains
-- do
Fruit
Tobacco
--- do
Livestock and products 9
--- do
_do-___
Dairv products
-- -.doIVTpat Rtiiixiftls
Poultrv and etrcs
-Prices paid:
do
All commodities and services
Familv living items
- - do
Production items
-- _do—
All commodities and services, Interest, taxc s, and
wage rates (parity index)
_ 1910-141=100..
Paritv ratio 5
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
All items
1967 = 100 _
Special group indexes:
_do—
All items less shelter
All Items less food
do__ _
All items less medical care
do
Commodities
do
Nondurables
do
Nondurables less food
do
Durables
.doCommodities less food
do
Services
do „
Services less rent
do _
Food 9
Meats poultry, and fish
d o do
Dairy products
do ___
Fruits and vegetables
do
Housing
Shelter 9
—
do
Rent
do ___
Homeownership
.doFuel and utilities 9 do
Fuel oil and coal
do ___
Gas and electricity
Household furnishings and operation ._ - d o Apparel and upkeep
do _ do
Transportation
do
Private
New cars
__
__ _
doUsed cars
Public
do _
do
Health and recreation 9
Medical care
__
d o Personal care
_._ _
_ _
Reading and recreation
do
Seasonally AdjustedH
All items Dercent chancre from rjrevious mon t h
Commodities
1967 -100
Commodities less food
do
do
Food
do
Food at home
Fuel oil and coal
Transportation.
Private
New cars
Services
._
_
do
do
do
r
450
421
540
442
293
307
441
1,025
480
630
554
216
195.6
181.9
176.5
188.7
Io6.3
178.3
177.6
147.0
WHOLESALE PRICES d"
(U.S. Department of Labor Indexes)
Not SeasonallyAdjusted
Spot market prices, basic commodities:
22 Commodities
196'r=ioo__ i 198.2 1201.0
200.6
213.0
218.7
197.2
204.1
207.3
200.8
196.5
220.8
201.3
218.4
205.9
203.3
208.5
9 Foodstuffs
208.0
196.7
219.4
203.3
i 201. 6
191.7
203.8
189.2
198.0
» 227.3
219.0
212.0
208.8
201.2
211.3
198.9
do
13 R a w i n d u s t r i a l s
__
216.4
203.2
218.1
210.2
do
201.6
201.0
204.1
202.7
» 180.4 1200.6
221.9
222.8
203.8
206.4
204.7
202.9
All c o m m o d i t i e s © _ _ _ _ _ _
__ _
194.9
187.1 ' 188.1 ' 190.2
195.3
do
185.6
194.6
183.0
174.9
185.3
194.3
194.4
192.0
196.3
197.0
195.2
By stage of processing:
Crude materials for further processing. _.
205.1
204.5
207.9
213.2
207.3
207.8
196.9
204.1
208.1 ' 215. 5
208.0
210.5
226.1
219.9
224.4 ' 215.4
Intermediate materials, supplies, etc
189.3
194.0 '195.0 ' 196.6
202.7
193.1
192.7
203.4
204.2
-do180.0
204.4
204.8
202.0
201.2 r 202. 1
198.7
Finished goods O
17.5.1 ' 176.6
170.3
174.0
181.3
172.2
172.3
181.3
181.8
163.4
do
183.9
184.5
180.5
178.8
177.5
180.3
Consumer finished goods
169.0
170.0
172.0 r 173.2 ' 175.0
180.2
179.7
180.2
163.6
170.1
181.4
181.8
179.3
177.5
176.1
' 179. 4
177.2
173.2
178.7 ' 179.6
183. 8
180. 2
185.6
162.5
"do"""
177.6
184.7
189.9
190.8
183.1
181.6
180.7
Producer finished goods
182.4
By durability of product:
Durable goods
165.8
183.0
186.4
179.8
181.1
182.3
188.2
do
176.0
180.0
192.9
185. 9
189.5
190.8
192.6
184.8
186.7
Nondurable goods
_
181.7
195.0
201.7
189.0
191.2
191.9
199.4
188.0
189.3
199.4
do
200.5
197.8
198.0
198.4
197.1
199.9
do
171.1
190.2
181.5
183.2 '184.2 ' 185.4
191.0
Total manufactures . _
179.0
181.9
193.7
188.9
191.1
191.9
193.1
186.9
190.4
165.6
179.7
181.0
182.1 ' 182.9
188.3
Durable manufactures
do
175.6
180.0
193.2
184.5 r 186. 2
189.5
190.9
192.8
184.3
186.6
176.6
194.1
182.9
185.0 ' 185.8 ' 187, 6
193.3
182.1
183.4
193.5
Nondurable manufactures
do
192.0
192.3
192.4
192.8
189.2
193.9
1
••Revised.
^Preliminary.
"See n o t e " 1" for this page.
Computed by BEA.
to 1967) to reflect new seasonal factors.
cfFor actual wholesale prices of individual com2
Beginning Jan. 1977, the consumer price index replaces the family living items index,
modities see respective commodities.
©Monthly data for 1976 have been revised to reflect
f Data revised back to 1965 to reflect new base weights; comparable data for earlier period will
the availability of late reports and corrections by respondents.
©Goods to users, incl.
be shown later.
9 Includes data for items not shown separately.
§ Ratio of prices received
raw foods and fuels.
to prices paid (parity index).
^Beginning Feb. 1977 SURVEY, data have been revised (back
SUKVEY OF CURRENT BUSINESS
U
h
iSe Stated
?hrn S «r°i!
I 9 iQ77
and ^
i n foot
notes below, data
1975
1976
1977
1976
H S S JA
descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
Annual
S-9
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
COMMODITY PRICES—Continued
(U. WHOLESALE PRICES cf-Continu ed
.«. Department of Labor Indexes)—Comtinued
All commodities®—Continued
Farm prod., processed foods and feeds. 1967 = 100Farm products 9
- do. -.
Fruits and vegetables, fresh and dried-.do...
Grains
do._.
Live poultry
do...
Livestock
do...
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products
Dairy products
Fruits and vegetables, processed
Meats, poultry, and fish
Industrial commodities
Chemicals and allied products 9
Agric. chemicals and chem. prod
Chemicals, industrial
Drugs and Pharmaceuticals
Fats and oils, inedible..,.
Prepared paint
.
184.2
186.7
183.7
223.9
189.8
187.9
183.1
191.0
178.4
205.9
166.9
173.3
179.5
186.7
192.4
186.7
150.5
156.1
178.3
183.6
166.5
175.4
139.1
154.4
183.9
191.6
174.5
180.6
145.7
166.1
184.8
193.5
198.4
184.9
153.7
166.0
188.4
' 199.1
212.6
185.8
183.7
166.2
190.9
202.5
219.2
183.4
177.2
163.5
195.9
208.2
205.7
184.4
182.3
167.9
196.8
204.3
201.8
171.2
183.1
180.2
191.5
192.7
176.2
157. 7
182.7
172.3
189.3
190.5
182.0
153.3
193.7
180.5
184.2
181.2
176.4
142.5
176.1
175.2
183.9
181.9
182.8
144.2
181.7
172.9
184.2
182.4
187.9
144.7
170.5
177.5
186.8
185.5
192.9
164.6
162.7
171.6
do...
do...
do...
do...
do...
do...
182.6
162.4
178.0
155.8
169.8
191.0
178.0
173.5
172.1
168.5
170.2
181.6
174.9
177.5
169.9
169.8
174.4
168.5
174.8
178.8
168.7
168.1
175.7
168.4
179.0
183.8
168.6
167.3
175.6
176.9
179.3
184.1
168.4
166.8
175.4
176.6
181.9
189.3
169.9
166.9
182.9
177.4
183.9
199.6
171.5
168.0
184.0
174.2
188.5
202.1
171.6
173.5
185.2
174.9
r 191. 9
206.0
172.0
174.2
185. 8
183.8
190.1
207.7
171.3
174.3
187.8
183.4
187.8
204.7
172.0
175.1
188.5
189.5
185.1
205.5
172.1
175.3
190.1
182.7
184.2
204.8
172.8
175.7
191.2
182.7
184.5
204.3
175.4
175.9
190.3
184.7
186.7
200.6
179.7
176.9
193.0
183.4
do.,.
171.5
182.4
186.3
187.1
187.4
188.4
' 190. 0
191.7
193.3
194.2
194.6
195.8
196.9
197.8
199.1
199.2
do
do" "
do
do "
do
* do
181. 3
203.6
206.9
126.6
255.2
166.9
187.2
188.3
219.3
134.0
249. 9
174.4
188.6
186.8
222.2
135.4
251.2
176.9
188.6
184.1
222.6
135.9
251.2
177.3
188.2
183.4
221.5
136.4
254.6
177.3
188.9
182.2
222.1
137.5
253.9
177.3
' 190.1
183.5
222.9
138.4
253.9
177.3
191.2
187.1
222.4
139.0
273.7
178.9
192.9
189.0
223.5
139.6
304.9
180.6
r 194. 0
187.7
224.0
139.7
337.5
181.7
193.9
189.0
224.1
140.8
318.8
182.3
193. 5
188.4
224.4
141.2
281.9
183.9
193.5
188.9
224.7
141.2
268.9
183.9
193.2
189.9
224.2
141.4
246.9
185.1
193.5
190.0
224.7
141.8
260.9
185.1
193.8
188.1
224.9
142.2
265.4
186.7
Fuels and related prod., and power 9
Coal
Electric power
Gas fuels
Petroleum products, refined-
do.
do.
do.
do.
do.
245.1
385.8
193.4
216.7
257.5
265.6
368.7
207.6
286.8
276.6
277.1
368.4
213.2
330.9
285.0
281.6
369.1
214.0
365.0
285.8
279.0
374.0
211.5
337.6
287.6
r
278. 8
376.3
214.0
322.2
289.2
' 289.1
377.5
219.8
363.7
295.1
293.7
378.8
223.4
370.9
301.9
298.8
379.8
229.4
379.0
306.8
' 302. 4
386.9
230.7
390.2
310.1
304.0
390.6
234.4
386.6
311.6
306.6
393.0
239.2
391.9
312.9
309.5
394.5
244.7
400.9
313.0
309.7
395.2
242.7
405.4
312.8
310.6
397.8
242.6
407.0
313.8
310.4
400.1
237.8
414.1
313.4
Furniture and household durables 9
Appliances, household
Furniture, household
Home electronic equipment
do.
do.
do.
do.
139.7
132.3
146.3
93.5
145. 6
139.2
153.6
91.3
147.2
140.4
156.5
91.3
147.5
140.6
157.5
91.0
147.9
141.0
158.6
90.9
r
148.8
141.2
158.7
89.6
149.1
142.1
158.9
89.3
149.6
142.9
159.7
89.4
150.1
143.3
160.7
88.3
r 150. 6
143.2
161.1
88.4
151.3
144.5
162.2
88.3
151.2
145.4
162.8
86.8
152.4
146.2
163.1
86.8
152.5
147.1
163.1
86.3
153.0
147.4
164.1
86.3
153.6
147.9
165.1
86.4
Hides, skins, and leather products 9
Footwear
Hides and skins
Leather
Lumber and wood produds
Lumber
do..
do.
do.
do.
do..
do.
148.5
147.8
174.5
151.5
176.9
192. 5
167.8
158.9
258.4
188.1
205.6
233.0
170.9
162.6
251.4
193.1
213.6
245.6
169.8
162.9
231.8
191.4
214.3
244.3
171.5
163.8
251.2
191.7
220.0
252.1
' 175.3
164.5
278.9
192.9
' 222. 8
257.8
r 176. 9
165.9
282.5
201.3
r 224. 4
259.3
177.9
166.4
285.9
201.4
229.0
266.4
179.9
167.2
305.0
204.1
229.8
268.8
181.9
168.2
313.0
210.7
r 229. 5
267.8
179.7
168.6
288.8
202.1
228.7
264.6
180.3
170.3
291.5
198.6
235.5
275.9
180.5
170.4
288.3
200.3
242.7
286.4
179.9
170.5
274.4
200.5
252.4
301.3
179.6
171.7
268.3
196.4
247.3
292.4
180.3
172.0
273.2
197.0
243.2
284.8
Machinery and equipment 9
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip
Metalworking machinery and equip
do..
do.
do.
do..
do..
161.4
168.6
185.2
140.7
171.6
171.0
183.0
198.9
146.7
182.7
174.0
186.3
202.7
149.2
185.8
174.5
188.8
204.5
149.5
187.3
175.4
190.6
205.8
150.0
188.7
' 176.7
192.3
208.8
151.3
190.9
177.5
193.3
209.1
151.1
192.7
178.2
194.5
208.3
152.0
193.7
178.9
194.8
210.2
151.9
194.7
180.0
195.1
213.0
152.7
195.7
180.8
196.0
213.2
153.0
197.9
181.9
196.6
214.9
154.1
199.2
182.8
198.4
215.8
154.6
200.6
183.9
200.4
215.7
155.8
201.7
185.7
201.4
218.3
157.3
203.6
186.7
204.1
221.4
157.8
204.9
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
do.
do.
do.
do.
185.6
150.7
200.9
171.6
195.9
158.0
215.9
181.6
200.0
160.1
218.8
188.4
200.1
160.9
218.9
187.5
200.9
161.8
222.6
185.1
<• 2 0 2 . 1
162.9
224.2
185,3
' 203. 2
163.1
224.7
188.3
206.5
163.7
227.4
195.8
208.2
163.5
228.3
200.1
r 208. 5
164.0
227.9
200.9
207.8
164.5
226.9
197.3
210.7
165.4
231.1
198.0
211.7
166.0
233.1
198.5
212.6
166.4
235.7
195.1
211.8
168.0
234. 2
193.5
212.0
168.3
233.4
194.2
Nonmetallic mineral products 9
Clay prod., structural, excl. refrac
Concrete products
Gypsum products
Pulp, paper, and allied products
Paper
Rubber and plastics products
Tires and tubes
do..
do..
do..
do..
do..
do..
do.
do..
174.0
151.2
170.5
144.0
170.4
172.9
150. 2
148.5
186.3
163.5
180.1
154.4
179. 4
182.3
159.2
161.5
189.4
166.2
181.4
159.1
181.6
185.9
164.6
172.9
189.5
168.2
182.4
160.1
181.5
186.2
164.8
172.1
189.6
168.8
183. 0
160.1
181.8
186.6
164.7
172.3
r
192. 4
170.1
187.0
160.8
182.9
188.9
164.6
170.0
r 193. 6
167.8
187.8
160.8
183.0
189.4
r 164. 2
163.6
195.1
170.7
188.4
164.0
183.6
192.0
164.6
165.6
198.6
177.5
189.9
172.2
185. 3
193.3
165.7
169.9
r 199. 3
174.2
190.5
175.9
r 186. 2
194.1
r 166. 3
167.8
200.4
180.2
190.9
187.1
187.3
194.3
167.4
167.8
201.5
183.8
192.8
186.6
187.7
195.6
168.9
171.3
202.4
184.5
193.5
189.8
187.8
196.2
169.1
171.1
204.2
185.7
194.0
193.7
188.5
196.3
169.4
171.1
205.3
187.8
195.0
201.6
188.8
197 1
170.0
171.9
205.6
185.1
195.4
203.2
188.3
197.5
170.0
171.6
Textile products and apparel §
do
Synthetic fibers
Dec. 1975=100..
Processed yarns and threads
do
Gray fabrics
do
Finished fabrics
do
Apparel
1967=100.
Textile house furnishings
do
137.9
149.3
101.9
98.0
107.4
100.3
142.2
162.4
150.1
101.7
97.5
109.1
101.4
142.9
163.2
149.9
101.6
97.2
107.7
101.5
142.9
162.7
r
133.4
151.9
148.2
102.4
99.5
106.1
101.1
139.9
159.3
150. 8
102.6
96.6
105.1
100.4
144.8
165.5
r 151. 7
103.4
97.2
103.8
101.2
145.6
167.1
152.4
103.2
98.7
104.5
103.0
146.0
170.4
153. 7
106.4
101.5
105.0
104.3
146. 5
170.4
154.0
107.0
102.3
105.1
104.9
146.6
169.7
154.4
109.5
103.4
104.5
104.5
147.2
169.7
154.4
109.2
103.4
104.9
104.3
147.2
169.7
154.4
109.6
103.0
103.3
104.2
147.4
171.2
155.1
109.6
102.1
103.0
104.2
148.4
174.7
155.2
109.5
101.2
103.7
104.1
148.6
175.6
155.3
109.6
100.4
105.2
103.3
149.1
175.6
Transportation equipment 9 ...Dec. 1968 = 100.
Motor vehicles and equip..
..1967=100.
141.5
144.6
151.1
153.8
156.1
159.0
156.2
159.2
157. 0
159.5
157.1
159.2
157.2
159.4
158.4
160.7
158.7
161.0
r 159. 1
' 161. 4
r 159.4
r 161. 8
159.5
161.8
160.6
163.1
161.4
163.8
167.9
170.8
168.0
170.6
0.5
0.6
0.6
"0.5
1.0
1.1
1.1
0.4
-0.7
-0.1
0.1
0.5
0.8
0.7
206.0
204.4
213.0
205.4
r
Seasonally Adjusted*
All commodities, percent change from previous
month
By stage of processing;
Crude materials for further processing. .1967=100.
Intermediate materials, supplies, etc
do
Finished goods:
Consumer finished goods
do
Food
do
Finished goods, exc. foods
do...
Durable
do...
Nondurable
do...
Producer finished goods
do
By durability of product:
Total manufactures
Durable manufactures
Nondurable manufactures
do.
do.
do.
Farm products
do.
Processed foods and feeds
do.
PURCHASING POWER OF THE DOLLAR
As measured by—
Wholesale prices
1967=$1.00.
Consumer prices
do...
$0.572
.621
$0,546
.587
202.2
192.7
207.1
193.6
208.2 • 208. 8
194.8
-195.8
218.6
197.4
220.8
199.3
230.1
201.4
226.9
202.0
214.9
201.6
210.5
201.9
203.6
202.0
203.6
203.4
169.6
176.4
164.6
146.5
176.7
176.3
169.9
175.7
165. 3
146.8
178.0
177.0
171.9
180.7
165. 8
146.9
178.4
178.4
•173.0
"180. 6
•167.5
-148.1
•180.5
•179.0
174.6
184.2
168.1
148.9
181.0
180.1
r 176. 0
186.2
169.3
149.4
182.7
180.8
r 178. 4
190.8
170.5
150.6
183.8
181.8
r 180. 3
r 194. 6
r 171. 3
151.1
184.6
182.8
179.9
192.3
171.9
151.6
185.6
183.6
179.7
191.0
172.3
152.0
185.9
184.4
179.5
189.2
172.9
153.5
185.9
185.2
180.1
188.6
174.1
153.6
187.8
186.1
181.0
189.2
175.1
155.3
188.4
189.9
181.6
190.0
175.6
155.5
189.1
190.2
181.0
179.3
182.4
182.1
180.4
183.2
183.4
181.7
185.0
•184.2
• 182.5
*185.8
186.0
183.5
188.0
187.7
184.7
189.6
189.7
185.4
193.5
190.6
r 185. 8
195.5
190.6
186.2
194.7
190.4
187.9
192.5
190.3
189.1
191.0
191.1
190.9
191.1
192.5
192.4
192.2
193.9
193.6
193.3
188.2
174.9
187.1
175.6
191.9
178.8
• 194.0
•178.5
198.3
181.9
203.5
185.3
210.4
190.1
r 205. 5
r 193. 4
191.3
190.2
187.9
185.6
179.9
184.2
179.6
183.1
184.0
184.5
189.5
187.7
$0,540
.577
$0.539
.575
$.534
.574
$0.532
.570
$0.526
.565
$0.521
.561
$0.515
.557
$0.512
.554
$0.514
.550
$0.513
.548
$0.514
.546
$0,512
.543
$0,509
.542
$0,508
r
a
Revised.
See note "X" for this page.
<? See corresponding note on p. S.8.
9 Includes data for items not shown separately.
§ Effective with Jan. 1976 reporting, the
textile products group has been extensively reclassified; no comparable data for earlier pe-
251-139 O - 78 - S-2
.539
riods are available for the newly introduced indexes.
X Beginning in the February 1977
SURVEY, data have been revised (back to 1967) to reflect new seasonal factors.
~ «—
corresponding note on p. S-8.
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
1975
1976
Annual
December 1977
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE J
New construction (unadjusted), total
mil. $.
Private, total 9
do...
Residential (including farm)
do - -.
New housing units
do...
Nonresidential buildings, except farm and public utilities, total 9
mil. $..
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
Public, total 9
do
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets
do
do
do
do
do
134,293
147,481
13,987
13,588
12,107
10,028
10,052
11,739
13,150
14,619
15, 752
15,839
16,385
16,533
16,420
93,623
46,472
34,408
109,500
60,520
47,277
10,575
6,073
4,834
10,496
6,026
4,694
9,518
5,261
4,053
7,940
4, 365
3,438
7,915
4,368
3,536
9,300
5,353
4,351
10,392
6,230
4,839
11,418
7,124
5,518
12,115
7,611
6,037
12,265
7,717
6,306
"12,565
' 7, 844
' 6,471
12,710
' 7, 837
r
6, 491
12,784
7,802
6,481
26,407
8,018
12,806
26,091
7,183
12,756
2,367
610
2,281
581
2,179
591
1,836
468
915
2,078
554
2,204
582
1,108
2,254
600
1,142
2,394
602
2,497
620
1,129
1,062
1,265
1,329
2,595
658
1,380
1,191
1,804
456
906
3,683
3,777
240
263
333
350
364
367
348
401
354
40,670
37,981
15,254
668
918
1,390
10,861
13,214
628
971
1,508
9,754
New construction (seasonally adjusted at annual
rates), total
bil. $..
Private, total 9
do
Residential (including farm)
do
New housing units
do
Nonresidential buildings, except farm and public utilities, total 9
bil. $..
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
Public, total 9
do.,..
Buildings (excluding military) 9
do_
Housing and redevelopment
do.
Industrial
do.
Military facilities
do.
Highways and streets
do..
1,051
2,137
3,412
1,076
58
86
118
1,023
3,093
978
54
73
133
811
2,590
917
58
150.1
349
2,759
3,201
998
66
96
120
583
1,005
76
95
136
809
3,637
1,126
98
105
131
1,073
2,439
3, 820 ' 3,823
Public ownership
Private ownership
B y t y p e of building:
Nonresidential
Residential
Non-building construction
New construction planning
(Engineering News-Record) O
3,636
1,197
87
106
133
1,063
• 1,147
'71
101
123
' 1,138
125
515
895
58
84
121
312
822
59
80
122
323
148.1
156.9
163.8
167.6
172.2
174.4
172.3
• 170. 9
r
174.9
176.0
131.4
133.8
135.0
133.0
132. 7
r
135. 6
138.5
82.5
65.8
82.2
66.0
79.6
65.1
79.1
'65.1
'80.9
'66.3
84.2
68.6
29.2
7.2
29.2
7.6
15.3
'29.9
' 7. 5
29.6
7.4
15.7
924
71
92
120
439
153.8
155.4
114.8
119.0
121.2
116.2
122.4
128.4
65.5
50.9
69.6
52.7
71.1
54.8
66.5
52.1
72.1
58.3
76.7
62.2
79.6
63.5
26.0
6.9
12.7
25.8
6.7
12.6
25.9
6.6
12.8
24.8
6.2
12.5
24.9
6.3
12.5
26.7
7.2
13.7
27.4
7.3
13.9
27.0
7.2
13.8
28.5
7.1
15.2
3.9
4.1
4.0
4.0
3.9
4.0
4.0
4.3
4.4
35.3
34.9
34.3
32.0
34.5
35.4
36.2
38.4
39.4
12.1
.6
1.0
1.4
9.0
11.1
.6
1.0
1.5
8.5
10.8
.6
.8
1.5
8.2
11.8
.8
1.0
1.5
7.2
11.5
1.0
1.0
1.6
8.4
11.8
1.0
1.0
1.5
9.2
12.4
.9
1.1
1.5
9.1
12.2
1.0
1.0
1.6
• 1,132
91
91
127
1,087
' 15.5
4.3
' 16.0
4.5
4.5
37.5
13.1
1.2
1.1
1.6
10.8
39.2
'13.8
1.0
1.3
1.5
9.5
12.7
.8
1.4
1.4
9.4
'39.3
CONSTRUCTION CONTRACTS
Construction contracts in 50 States ( F . W . Dodge
Division, McGraw-Hill):
Valuation, total
mil. $ . .
Index (mo. data seas, adj.)
1967=100..
2,692
662
1,458
401
410
1
3,574
<• 2,677
'656
r
1,452
12.5
.8
1.1
1.4
9.5
'13.4
.9
1.4
1.5
'8.9
92,659
U68
107,158
1
194
10,063
240
7,691
210
7,196
183
6,748
203
7,523
212
9,937
207
12,079
250
15,932
317
15,417
307
11,246
218
14,231
267
13,713
279
10, 581
244
32,198
60,460
29, 246
77,913
2,235
7,798
2,123
5,568
2,091
5,106
1,793
4,955
2,007
5,516
2,655
7,282
2,576
9,502
2,956
12, 976
5,424
9,993
2,688
8,558
3,458
10, 772
3,249
10,464
2,855
7,725
do
do
do
31,647
31,261
29,751
30,045
43,651
33,463
2,728
4,064
3,271
2,491
3,716
1,484
2,133
3,236
1,828
2,163
2,927
1,658
1,879
3,427
2,217
3,003
5,149
1,785
2,890
5,266
3,922
3,047
5,660
7,225
3,063
5,945
6,409
2,997
5,548
2,702
3,785
6,148
4,297
3,617
5,518
4,578
3,154
5,452
1,975
do
83,795
88,457
«7,351
9,771
10,674
9,351
4,438
6,441
5,526
6,979
7,045
6,844
7,736
9,091
8,238
1,171.4
766.8
1,160.4
892.2
1, 547. 6
1,048.3
1,537.5
1,162.4
149.8
98.1
148.4
109.1
128.2
89.5
127.1
89.4
108.1
78.6
107.4
71.6
81.5
63.9
81.3
55.7
112.7
80.7
112.5
87.2
173.6
124.4
173.6
125.8
182.4
126.4
182.2
138.8
201.3
134. 7
201.3
152.2
197.8
131.1
197.6
149.1
189.8
130.3
189.8
138.2
194.2
129.9
194.0
140.5
177.8
• 121. 2
177.7
• 131. 6
1,715
1,269
1,706
1,236
1,889
1,324
1,384
1,006
1,802
1,424
2,089
1,503
1,880
1,413
1,937
1,455
1,897
1,389
2,083
1,437
2,029
1,453
2,065
1, 523
2,224
1, 581
2,105
1,535
1,850
1,216
1,891
1,260
mil. $ . .
do
7,313
H O U S I N G STARTS A N D P E R M I T S
N e w housing units started:
Unadjusted:
Total (private and public)
Inside S M S A ' s
Privately owned
One-family structures
Seasonally adjusted at annual rates:
Total privately owned
One-family structures
thous..
do
do
do
do
do
N e w private housing units authorized b y building
permits (14,000 permit-issuing places):
M o n t h l y data are seas. adj. at annual rates:
Total
thous..
One-family structures
do
Manufacturers' shipments of mobile homes (Manufactured Housing I n s t i t u t e ) :
Unadjusted
thous..
Seasonally adjusted at annual rates
do
939
676
1,296
894
1,481
1,583
1,055
1,532
1,047
1,333
1,526
1,060
1,687
1,188
1,605
1,051
1,615
1,077
1,678
1,105
1,639
1,089
1,772
1,156
1,695
1,135
212.7
246.1
21.9
263
17.8
247
15.0
248
14.7
258
2 18.0
2 275
23.4
275
24.2
252
24.9
251
26.8
264
22.3
251
27.3
270
26.8
300
•
•
•
•
194.
131.
194.
136.
5
3
5
9
155.0
109.6
153.8
109.3
27.4
' 319
CONSTRUCTION COST INDEXES
Dept. of Commerce compositecf
1972=100..
138.2
143.5
145.3
146.1
146.7
149.0
150.5
150.9
152.7
154. 4
156.2
157.3
159.3
162.0
161.5
American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco
St. Louis
1913=100..
do
do
do
do
1,716
1,871
1,827
1,698
1,659
1,870
2,009
1,943
1,906
1,803
1,914
2,048
1,975
1,961
1,841
1,912
2,044
1,980
1,957
1,839
1,916
2,050
1,983
1,961
1,842
1,921
2,088
1,990
1,967
1,850
1,931
2,090
1,994
2,009
1,851
1,938
2,098
2,000
2,017
1,860
1,949
2,112
2,003
2,022
1,864
1,967
2,116
2,012
2,027
1,868
1,988
2,118
2,013
2,029
1,895
2,014
2,143
2,115
2,044
1,921
2,037
2,181
2,132
2,082
1,942
2, 050
2,190
2,136
2,173
1,946
2,052
2,182
2,127
2,166
1,938
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings§.1972=100..
127.2
137.3
142.6
Commercial and factory buildings
do
130.4
141.5
147.0
Residences
do
125.9
136.2
142.9
2
' Revised.
J» Preliminary.
i Computed from cumulative valuation total.
Unadjusted data for Jan.-Dec. 1976 and seasonally adjusted data for Jan. 1974-Dec. 1970 will be
available later.
JData for new construction have been revised back to Jan. 1973. The revised data are
available from the Bureau of the Census, Washington, D.C. 20233.
©Data for July, Sept., Dec. 1976 and Mar., June 1977 are for 5 weeks; other months, 4 weeks.
143.6
147.8
143.3
146.3
150.1
145.3
147.8
151.6
147.0
149.9
154.2
149.9
151.5
155.7
152.2
2,062
2,187
2,129
2,166
1,959
152.5
157.5
153.2
9 Includes data for items not shown separately.
d*This index has been revised to a new comparison base (1972=100); monthly data back
to Jan. 1964 are available upon request.
he 1972=100 base; monthly data for earlier periods will be
§These indexes are
restated on the
c
available later.
Corrected.
SUEVEY OF CURRENT BUSINESS
Unless otherwise
stated in footnotes below, data
Jh?i&« I ^ l a n d J««riptt^e notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
3-11
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
225.2
236.5
227.8
240.1
230.0
243.0
234.9
246.2
239.6
249.0
1237.4
1247.6
7.9
96
15.8
194
9.1
115
15.4
185
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES—Con.
Engineering News-Record:
Building
Construction
1967=100..
do
193.3
205.7
210.9
223.4
Federal Highway Adm.—Highway construction:
Composite (avg. for year or qtr.)
1967 = 100--
203.8
199.3
160.4
174.3
176.7
159.6
163.4
171.9
152.4
176.1
139.6
147.5
147.7
167.8
188.1
195.5
179.0
174.8
140.9
166.9
182.9
141.9
191.2
192.3
139.9
204.2
223.7
129.0
188.7
190.4
122.7
186.9
138.6
106.5
185.5
83.5
118.8
184.2
125.0
160.2
217.3
187.5
149.0
201.2
213.6
156.8
167.0
146.0
238.3
269.5
242.5
82.3
95.0
157.7
183.4
7.7
93
15.4
190
9.1
115
16.0
193
8.7
125
14.5
234
6.8
107
15.6
230
11.2
156
18.6
254
10.6
111
22.5
240
10.8
125
19.7
216
12.3
126
18.4
203
9.1
95
20.0
216
9.2
116
17.3
205
218.4
230.7
218.9
231.5
219.7
231.8
220.4
232.2
221.9
233.2
200.4
222.6
234.0
222.9
235.0
223.0
234.1
215.9
215.4
202.2
CONSTRUCTION MATERIALS
Output index:
Composite, unadjusted 9 cf
1947-49=100..
Seasonally adjustedcf
do
Iron and steel products, unadjusted
do
Lumber and wood products, unadj
do
Portland cement, unadjusted
do
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
Home mortgages insured or guaranteed by—
Fed. Hous. Adm.: Face amount
mil. $-. 6,166.12 6,362.12 544.50 557.75 508.00 608. 67 699.49 676. 86 654.86 996. 87
Vet. Adm.: Face amount§
..do
8,863.84 10,414.77 827.26 1,053.18 962.30 989. 22 988.50 1,041.52 903. 75 1,137.86
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $- - 17,845
15,862 15,865 15, 765 15,862 15,183 14,816 14,462 14, 952 15,148
New mortgage loans of all savings and loan associations, estimated total
mil. $- - 55,040
9,800
78,792
8,211
6,526 7,287 5,448 5,631
By purpose of loan:
10,097
Home construction
do
14,820 1,332
1,919
1,716
1,758
1,421
1,005
1,071
1,306
32,106
Home purchase
do
48,252 4,183
6,021
3,958
4,780 5,426
4,178 3,310 3,375
12,837
All other purposes
do
15, 720 1,293
1,782
1,860
1,185
1,262
1,133
1,688
1,715
Foreclosures
number.. 142,803
Fire losses (on bldgs., contents, etc.)
...mil. $..
3,560
3,558
247
238
362
314
10.0
112
19.9
207
9.6
108
15.8
187
654.11 680. 64 874. 33 660. 71 707.90 830.30
1,184.57 942. 53 1,527.21 1,541.53 1,070.96 1,311.79
16,369
17,054
17,746
15,717
15,861
11,269
9,664
10,893 ' 9,869
9,178
2,104
7,105
2,060
1,841
6,183
1,640
2,084 '1,894
6,947 ' 6, 240
1,862 ' 1,735
1,739
5,689
1,750
347
323
306
304
310
338
285
274
18,492
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonally adjusted:
Combined index
Network TV
Spot TV
Magazines
Newspapers
advertising
index,
1967=100.
do...
do...
do
-do
147
160
166
119
142
180
191
215
143
175
190
198
219
154
195
189
206
226
146
178
183
194
209
151
180
192
215
213
148
194
192
212
213
163
177
200
223
219
168
187
199
227
210
166
184
210
229
225
184
198
205
239
215
176
178
209
234
234
169
193
217
241
240
168
221
209
225
230
180
198
217
247
220
175
225
Magazine advertising (general and natl. farm magazines) :
Cost, total
mil. $.
Apparel and accessories
do
Automotive, incl. accessories
do
Building materials
do
Drugs and toiletries
_do
Foods, soft drinks, confectionery
do
1,336.3
47.0
101.5
20.7
140.6
92.0
1, 622.0
56.4
142.0
28.4
165.2
120.5
182.4
7.1
19.6
3.5
17.6
15.3
194.0
6.3
18.9
2.2
16.9
17.2
141.5
4.2
8.8
2.1
14.4
12.7
111.7
3.4
9.6
1.4
12.3
135.9
3.2
13.5
2.0
16.0
11.7
154.4
5.9
14.8
3.5
17.0
11.5
176.6
7.1
17.4
4.5
17.2
13.7
200.5
7.2
20.6
4.6
21.3
14.1
150. 7
3.5
15.9
3.3
17.8
12.0
119.1
2.2
10.5
1.7
13.0
10.4
122.3
4.6
9.7
1.4
14.1
10.7
173.1
9.4
8.5
3.9
16.9
11.9
221.4
8.4
21.3
4.5
20.2
16.1
Beer, wine, liquors
do...
Household equip., supplies, furnishings. _ do...
Industrial materials
do...
Soaps, cleansers, etc
do. _.
Smoking materials
do...
All other
do.. -
100.9
55.1
34.2
19.4
144.2
580.7
110.9
83.6
46.9
25.0
161.7
681.2
12.5
10.8
5.0
2.8
13.3
74.9
15.8
11.7
5.4
2.6
14.9
82.1
17.3
6.3
3.8
1.9
12.8
57.0
4.1
3.1
2.9
2.2
12.9
52.9
5.0
5.3
3.6
2.8
13.6
59.1
8.0
8.8
3.7
2.7
13.3
65.0
9.6
11.0
4.7
3.7
13.7
74.0
11.2
15.0
6.0
4.2
16.9
79.4
10.6
7.7
4.1
2.0
15.7
58.1
7.2
7.1
2.5
1.8
17.0
45.7
6.9
6.0
2.9
2.2
17.8
46.0
10.5
11.9
5.3
2.9
15.8
76.2
17.7
13.3
4.8
3.5
20.8
90.7
Newspaper advertising expenditures (64 cities): ©
Total
mil. $.
Automotive
declassified
do.. .
Financial
do...
General... . _
. .
...do...
Retail
do...
4,117.4
93.3
982.2
130.8
547.1
2,364.0
478.4
12.3
100.0
11.2
68.4
286.6
446.6
7.3
83.1
12.0
51.9
292.3
429.3
12.1
116.8
13.7
61.4
225.3
393.1
12.1
101.9
9.3
55.9
214.0
494.7
14.6
130.3
13.4
69.3
267.1
492.6
14.5
133.6
13.9
69.0
261.7
555.7
14.8
146.9
13.0
81.8
299.3
505.5
13.3
136.3
14.7
66.1
275.1
456.5
11.2
142.7
13.4
48.9
240.4
472.0
10.9
141.3
9.4
54.9
255.4
501.3
12.0
134.0
13.3
72.2
269.8
586.7
16.7
151.5
17.6
86.5
314.4
49,525
20,904
28,621
51,217
20,758
30,459
46,352
18,895
27,457
47,683
20,013
27,670
56,383
24,008
32,375
53,357
23,356
30,001
54,633
24,159
30,474
55,597 '54,505
25,998 '25,461
29,599 '29,044
54,031
25,321
28,710
5,068. 5 ' 521.1
120.6
'13.5
1,255. 6 '127.1
139.8
'15.3
694.6
'78.9
2,858.0 '286.4
WHOLESALE TRADE O
Merchant wholesalers sales (unadj.), total 0 mil. $.. 535,596
Durable goods establishments
do
200,094
Nondurable goods establishments
do
315,502
580,894
246,732
334,162
48,924
21,358
27,566
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total O mil. $.. 55,727 62,056 60,898 62,179 62,056
Durable goods establishments
do
34,123
37,628 37,740 37,879 37,628
Nondurable goods establishments
do.... 21,604 24,429 23,158 24,300 24,429
f
Revised.
P Preliminary.
i Index as of Dec. 1, 1977: Building, 237.9; construction,
248.5.
9 Includes data for items not shown separately.
§ Data include guaranteed
direct loans sold.
H Home mortgage rates (conventional 1st mortgages) are under money and interest rate
on p. S-18.
©Source: Media Records, Inc. 64-City Newspaper Advertising Trend Chart.
cf Monthly
revisions back to Jan. 1974 will be shown later.
55,794 51,290
25,292 22,915
30,502 28,375
62,910 63,985 65,097 65,042 64,088 64,117 63,666 64,105 '65,291 66,729
38,455 39,362 39,965 40,168 40, 763 41,593 41,738 42,142 ' 42,484 42, 841
24.455 24,624 25,131 24,874 23,324 22,523 21,928 21,963 '22,807 23,887
©Beginning Nov. 1977 SURVEY, data revisedI 1to reflect new sample design, benchmarking
he classifications
to the 1972 SIC,
to the 1967 and 1972 Censuses, conversion of the
c
.. , addition of
farm assemblers and bulk petroleum establishments, and revision and updating of seasonal
factors. Revisions back to Jan. 1967, as well as a summary of the changes, appear in the report,
Monthly Wholesale Trade: January 1967-August 1977 (Revised) available from the Census
Bureau, Washington, D.C. 20233.
S-12
December 1977
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descrirtive notes are as shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S
1975
1976
Annual
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores: f
Estimated sales (unadj.), totalU
61,852
642,507
54,730
55,361
67,311
48,826
48,853
57,203
58,634
58,893
60,027
59,835
60,702
178,887
210,530
17,643
17,592
19,591
15,438
16,349
20,328
20,559
20,961
21,829
20,553
21,182
19,551
26,262
17,793
4,935
32,226
22,206
5,659
2,869
2,015
483
2,793
1,966
500
2,837
1,791
607
2,027
1,428
367
2,198
1, 595
363
2,865
2,043
477
3,251
2,189
579
3,515
2,338
592
3,622
2,538
593
3,493
2,485
585
3,657
2,669
556
i 3,401
do
do
do
105,288
88,732
9,386
125,685
108, 616
10,089
10,430
9,147
854
10,162
8,905
892
10,204
8,865
940
9,556
8,475
785
10,329
9,117
773
13,057
11,377
1,021
12,851
10,974
1,051
12,878
10,972
1,028
13,555
11,595
1,099
12,520
10,679
1,058
12,713
10,981
1,072
Furniture, home furn., and equip
do
Furniture, home furnishings stores. __do
Household appliance, radio, TV
do
28,114
16,740
8,898
31,368
18,665
9,784
2,657
1,609
820
2,831
1,722
856
3,488
1,883
1,192
2,384
1,434
735
2,406
1,474
720
2,787
1,722
846
2,730
1,691
825
2,763
1,715
823
2,852
1,782
851
2,884
1,751
907
2,946
1,823
881
do
do
do
do
401,558
73,761
57,442
8,309
431,977
79,258
62,900
7,598
37,087
6,712
5,360
613
37.769
7,764
6,242
674
47,720
12,242
9,805
1,270
33, 388
4,828
3,840
426
32, 504
4,903
3,873
459
36,875
6,347
5,044
584
38,075
6,911
5,470
673
37,932
6,860
5,457
635
38,198
6,887
5,487
645
39,282
6,920
5,492
655
39,520 ' 38,790 ' 40,040 * 41,480
7, 530 » 8, 780
7,258 ' 7,143
7,134
5,837 - 5, 797 6,108
••589
634
Food stores
Grocery stores
Gasoline service stations
do
do
do
138,006
128,875
47,387
145,939
136,100
51,265
12,494
11,645
4,481
11,907
11,108
13.728
12,811
4,604
11,905
11,178
4,326
11,461
10, 729
4,014
12, 695
11,858
4,477
13,047
12,172
4,631
12,846
11,984
4,826
13,102
12,208
4,864
13,783
12,900
5,113
13,082 ' 13,194 ' 13,162 » 13,143
12,220 ' 12,349 ' 12,275 i 12,247
5,070 ' 4, 787 ' 4, 912 i 4, 749
Apparel and accessory stores
Men's and boys' clothing
do
do
31. 669
6,802
33,188
6, 683
2,877
551
2, 966
599
4,689
1,041
2,224
470
2,110
419
2,524
475
2, 754
542
2,543
508
2,524
526
2,465
469
2,733
495
' 2,694 '2,880
'484
540
Women's clothing, spec, stores, furriers -do
Shoe stores
do
11,760
5, 554
12,702
5,575
1,146
475
1,149
470
1,699
642
823
377
827
346
977
437
1,010
505
975
435
939
424
929
436
1,038
504
' 1,083
••520
Eating and drinking places
do.-.
Drug and proprietary stores
do--_
Liquor stores
do.. Mail-order houses (dept. store mdse.)§--do.-.
51,427
19,412
12,169
5,541
58.008
20,716
12,734
6,099
5.026
1,709
1,058
4, 689
1,731
1,065
4.943
2,444
1,503
4,466
1,647
919
4,542
1,652
950
5.073
1,792
1,012
5,250
1.797
1,066
5,466
1,825
1,064
5,607
1,828
1,087
5,844
1,831
1,135
5,898
1,833
1,067
' 5,485 ' 5,559
' 1,794 '1,816
' 1, 028 1,068
623
810
657
390
418
601
514
473
463
470
58,003
57,825
58,552
mil. $.. 580,445
Durable goods stores 9
do
Building materials, hardware, garden supply,
and mobile home dealers 9
mil. $._
Building materials and supply stores-do
Hardware stores
do
Automotive dealers 9
Motor vehicle dealers
Auto and home supply stores
Nondurable goods stores
General merch. group stores
Department stores
Variety stores
Estimated sales (seas, adj.), totalf
do...
Durable goods stores 9
do
Building materials, hardware, garden supply,
and mobile home dealers 9
mil. $..
Building materials and supply stores .do
Hardware stores
do
Automotive dealers
Motor vehicle dealers
Auto and home supply stores
Food stores
Grocery stores
Gasoline service stations
do
do
do
do.
do..
do.
, . __do_.
do
do
do
Apparel and accessory stores
do
Men's and boys' clothing
do
Women's clothing,spec, stores, furriers-do
Shoe stores
do
Eating and drinking places
do
Drug and proprietary stores
do
Liquor stores
do
Mail-order houses (dept. store mdse.)§.do
Estimated inventories, end of year or month:f
Book value (unadjusted), totalf
mil. $..
Durable goods stores 9
do
Building materials and supply stores.do
Automotive dealers
do
Furniture, home furn., and equip do
54,822
56,685
55,703
57,291
17,656
18,098
19,038
2,910
2 030
485
18,860
19,382
11.562
10, 668
894
2,807
1,911
493
11.626
10, 664
962
2.991
2,090
489
11,835
10,859
976
3,123
2,186
526
12,135
11,092
1,043
2. 734
1,869
477
10.490
9, 629
861
Furniture, home furn., and equip. 9---do.
Furniture, home furnishings stores---do.
Household appliance, radio, TV
do_
Nondurable goods stores
General merch. group stores
Department stores
Variety stores
54,171
2,816
1,949
485
10.816
9 950
866
57,990
19,863
58,142
19,833
3,135
2,190
544
12.055
11,069
573
11,786
1,054
1,114
' 2,842 ' 2,875
1,749
'1,695
874
'549
1,169
514
1
19,516
19,436
19,505
19,984 ' 19,763 ' 20,762
3,129
2,187
543
11,734
10,763
971
3,143
2,211
540
11,700
10,712
3,175
2,230
552
11,652
10,666
3,229
2,287
543
11,980
10,972
1,008
2,843
1,714
2,815
1,726
848
2,891
1,750
887
2,920
1,772
2,647
1,5*0
837
2,704
1 630
835
2,728
1,632
844
2,667
1,635
800
2,780
1,682
841
2.819
1,719
874
2.836
1,721
36,515
6,687
5,327
613
36, 7?4
6.769
5, 398
613
37.647
6.995
5, 551
686
36.843
6,682
5,388
590
37.909
6.930
5 550
628
38,127
6,995
5, 577
655
38,309
7,059
5, 588
679
38.487 38.389 39,047
7,452
7,094
7.066
5, 629 5, 635 5,966
707
689
663
7,363
5,944
644
39,251 39,873 i 40,463
'7,403 ' 7,629 i 7, 651
' 5,952 ' 6,176 * 6,171
645
'627
12.266
11.428
4,386
12.260
11,418
4, 469
12. 66?
11,^32
4,602
12.217
11.416
4, 589
12.612
11,785
4, 605
12. 78-1
11,938
4,642
12.933
12.060
4,723
13.085
12,235
4,710
13,014
12,168
4,696
13,080
12,237
4,827
13,005
12,171
4,712
13,099 ' 13,196 113,578
12,251 ' 12,324 i1 12,626
4,826
"4,693 '4,816
2,815
561
1,091
464
2.790
550
1,066
462
2,794
55S
1,050
467
2,700
547
1,001
451
2, 798
561
1,071
462
2,780
550
1,068
457
2,726
554
1,033
454
2,700
535
1,020
462
2,663
528
1,000
449
2,714
527
1,017
474
2,782
548
1,062
482
" 2, 696 ' 2,844 » 2, 959
556
'530
1,120
'1,064
'467
508
4,906
1,742
1,066
525
4,899
1,765
1,057
520
4, 960
1,826
1,056
525
4,«91
1.757
1,051
578
5.255
1,804
1,125
526
5,290
1. R25
1,079
559
5, 232
1,834
1,093
564
5.283
1.845
1,101
522
5.262
1.844
1,096
561
5,346
1,874
1,087
571
5,372 ' 5,529 ' 5,434 i1 5,549
1,889
1,853 ' 1,892 '1,857
1,085
1,067 '1,007
602
'545
558
80,100
33,756
5.092
17,072
5,931
81.811
34,988
5.100
18 043
6,028
77.057
34.924
4.957
18,852
5, 726
77.261
35.361
5.057
19,117
5,778
78.808
36.017
5,2S1
19,521
5,908
81.998
37.336
5. 467
20. 339
6,049
83,150 83.485
37.616 37,789
5. 474
5.511
20,432 20.414
6,226
6,162
84.070
37,950
5,450
20.461
6,322
84,028
37,762
5,384
20,263
6,273
83,878
36,072
5,389
18,385
6,326
86,565
36,739
5,487
18,444
6,577
90,158
37,964
5,429
19, 317
6,701
do
do
do
do
do
38,382
14, 555
9,735
8,189
5,342
42,133
16,790
11,429
8,873
6,066
46,344
19.788
13.462
8,772
6,942
46,823
19.914
13,825
9,153
6,909
42.133
16,790
11.429
8,873
6,066
41.900
16.809
11.380
8,704
5,900
42.791
17.719
12.000
8. 555
6,042
44.662
18.691
12.796
8.832
6,395
45.534
19.367
13.P20
8,895
6,468
45,696
19,755
13.457
8.970
6,418
46.120
20.003
13,574
8,995
6,445
46,266
20,432
13,591
8,863
6,460
47,806 f 49,826
21,593 22,705
14,360 15,155
8,773 ' 8,913
6,682 ' 7,059
52,194
24,398
16,614
9,175
7,324
Book value (peas, adj.), totalf
do
Durable goods stores 9
do
Building materials and supply stores.do
Automotive dealers
do
Furniture, home furn., and equip do
71,031
31,632
4,680
16,876
5,315
78,431
35,067
5,180
18,684
5,743
78,
34,
5,
17.
5,
007
450
175
895
736
77,988
34,875
5.236
18.207
5,757
78, 431
35,0r>7
5,180
18,6«4
5,743
79,458
35.588
5,197
18,965
5,890
79.721
35,516
5. ?76
18.824
6,066
81,825
36,150
5 339
19,224
6,166
81.825
36,094
5.288
19,149
6,181
83.095
36,818
5,350
19,591
6,289
84,134
37.104
5.271
19,827
6,373
85,326
38,130
5,378
20,551
6,336
86,650
38,577
5,406
20,751
6,332
87,208
38,520
5,571
20,157
6,499
87,462
38,752
5,484
20,334
6,449
39,399
16,876
10,502
8,060
5,594
43, 364
18,119
12,342
8,733
6,352
43, 557
17. 937
12. 117
8, 600
6, 410
43,113
17.660
12,053
8,776
6,287
43,364
18,119
12.342
8,733
6, 352
43,870
18.273
12,410
8.801
6,392
44.205
18.857
12,875
8.641
6.294
45,046
19,075
13.057
8,859
6,414
45.731
19,467
13,233
8,904
6,514
46.207
19,931
13,525
9,024
6,516
47,030
20,446
13,894
9,086
6,651
47,196
20,698
13,911
8,998
6,653
48,073
21,444
14,360
8,943
6,629
48,688
21,719
14,484
9,086
6,674
48,710
21,956
14,847
8,986
6,725
do
do...
do_ _.
do.. _
do _ . .
1
' Revised.
Advance estimate.
HEffective Nov. 1977 SURVEY OF CURRENT BUSINESS, primates have been revised to reflect a new sample design, benchmarking to the 1967
and 1972 Censuses, redefinition of sales to exclude sales taxes and finance charges, classifications based on the 1972 Standard Industrial Classification (SIC), and revision and updating
of seasonal adjustment factors. Revisions back to Jan. 1967, as well as a summary of the
61,572
i 21,109
13,442
" 3, 297 ' 3, 410
" 2, 335 2,426
563
•"550
112,687
11,694 • 12,503
10,642
1,110
' 1,081
2, 922
'2,859 ' 2,907
1,746
'1,710
905
'894
77,057
31,924
4,957
18,852
5,726
Nondurable goods stores 9
General merch. group stores
Department stores
Food stores
Apparel and a ccessory stores
» 5, 321
1
1,844
719
59,020 ' 59,014 ' 60,035
69, 548
31,166
4,479
16,690
5,294
Nondurable goods stores 9
General merch. group stores
Depa rtment stores
Food stores
Apparel and accessory stores
i 3,107
changes, appear in the report, Monthly Retail Sales: January 1967-August 1977 (Revised),
available from the Census Bureau, Washington, D.C. 20233.
9Includes data not shown
separately.
§Includes sales of mail-order catalog desks within department stores oi mailorder firms. ISeries revised, beginning Jan. 1967, to reflect the 1972 SIC designations.
e
Revised historical data will be available later.
Corrected.
December 1977
SURVEY OF CURRENT BUSINESS
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
S-13
1977
1976
Annual
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Aug.
Sept.
2 20,300
20,158
21,558
2 260
1,527
249
2 18,742
2
6,473
2 5,529
2 495
2 449
18,631
6,340
5,423
473
444
2 6,989
2 6,894
7,154
7,074
2 1,006
979
2 416
2 245
2
242
391
226
259
2 1,120
2
840
1,030
834
2 20,287
2
245
2 5,630
2
498
2 6,908
20,934
255
5,568
504
7,110
July
Oct.
Nov.
217.33
217.48
DOMESTIC TRADE—Continued
RETAIL TRADE t—Continued
Firms with 11 or more stores:
Estimated sales (unadjusted), totalj
mil. $.
Durable goods stores
do
Auto and home supply stores
do
Nondurable goods stores 9 - -. do
General merchandise group stores
do
Department stores
do
Variety stores
do
Miscellaneous general stores
do
Food stores
do
Grocery stores
do
Apparel and accessory stores 9
do
Women's clothing, specialty stores, furriers
mil $
Family clothing stores..
do
Shoe stores
do
Eating places
do
Drug stores and proprietary stores. . . do
Estimated sales (seas, adj.), totalt9. - - do
Auto and home supply stores
do
Department stores
do
Variety stores
. ..
do
Grocery stores
.
do
Apparel and accessory stores... _
do
Women's clothing, spec, stores, furriers.do
Shoe stores
.
do
Drug stores and proprietary stores . do
All retail stores, accts. receivable, end of yr. or mo :
Total (unadjusted)
.
mil. $
Durable goods stores
do
Nondurable goods stores
do
Charge accounts
do
Installment accounts
do
Total (seasonally adjusted) .
do
D urable goods stores...
do
Nondurable goods stores...
do
Charge accounts
do
Installment accounts
do
1
2
l,017
2 428
2
227
844
29,625
8,901
20,724
32,153
9,515
22,638
29,325
9,480
19,845
29,963
9,398
20,565
32,153
9,515
22,638
30,789
9,037
21,752
30,222
9,052
21,170
30,227
9,348
20,879
30,755
9,628
21,127
31,435
9,965
21,470
31,259 '30, 922
10,218 '10,120
20,988 '20, 802
31,260
10,233
21,027
11,428
18,197
12,889
19,264
12,347
16, 978
12,406
17,557
12,889
19,264
12,215
18,574
12,126
18,096
12,424
17,803
12,881
17,874
13,418
18,017
13,254 '12,824
18,005 '18,098
12 964
18,296
27,764
8,799
18,965
30,323
9,481
20,842
29,312
9,175
20,137
29,698
9,385
20,313
30, 323
9,481
20,842
30,500
9,419
21,081
30,664
9,537
21,127
30,885
9,770
21,115
31,078
9,846
21,232
31,288
9,852
21,436
31,274 '31,466
10,001 ' 9, 907
21,273 '21, 559
31,761
10,008
21, 753
11,028
16, 736
12,591
17, 732
12,098
17, 214
12,313
17,385
12,591
17,732
12,596
17,904
12,711
17,953
12,871
18,014
12,883
18,195
12,957
18,331
12,899 '12, 809
18,375 18, 657
13,056
18,705
216.82
216.99
952
376
227
886
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseast
mil.
LABOR FORCEH
Not Seasonally Adjusted
Labor force, total (including armed forces), persons
16 years of age and over
thous.
Civilian labor force
"" do _"
Employed, total
YYYYYYYY.Ydo
Agriculture
" _" [do
Nonagricultural industries
do
Unemployed
do... ~
Seasonally Adjusted!!
Civilian labor force
do
Employed, total
do
Agriculture
do
Nonagricultural industries
"!
do
Unemployed
do.
Long-term, 15 weeks and over
dol"]
Rates (unemployed in each group as percent
of total in the group):
All civilian workers
Men, 20 years and over
_"""
Women, 20 years and over..." I
Both sexes, 16-19 years
White
Black and other
Married men, wife present-.
Occupation: White-collar workers
Blue-collar workers
I n d u s t r y of last job (nonagricultural):
P r i v a t e wage and salary workers. _
Construction
Manufacturing
Durable g o o d s " . " . " " ! " " "
1
213.50
94, 793
92, 613
84,783
3,380
81,403
7,830
1
215.14
96,917
94,773
87,485
3,297
84,188
7,288
215. 89
216. 02
216.15
216. 26
216. 40
216. 53
97,677
95,530
88,697
3,447
85,250
6,833
97, 786
95,637
88, 542
3,081
85,460
7,095
97,662
95,517
88,494
2,850
85, 645
7,022
96,837
94,704
86,856
2,672
84,184
7,848
97,478
95,340
87,231
2,709
84,522
8,109
97, 909
95,771
88,215
2,804
85,411
7,556
97, 958
95,826
89,258
3,140
86,118
6,568
98,321 101,264 101,449 101,210
96,193 99,135 99,314 99,073
90,042 91,682 92,372 92,315
3,682
3,820
3,790
3,478
86,564 87,862 88,582 88,633
6,757
7,453
6,941
6,151
95,302
87,738
3,310
84, 428
95,871
88,220
3,248
84,972
95,960
88,441
3, 257
85,184
95,516
88,558
3, 090
85,468
96,145
3,090
85,872
96,539
89,475
3,116
86,359
96,760
90,023
3,260
86,763
97,158
90,408
3, 386
87,022
97,641
90,679
3,338
87,341
97,305
90,561
3,213
87,348
97,697
90, 771
3,252
87,519
217.16
99,815 100,585 100,951
97,684 98,451 98,819
91, 247 92,230 92,473
3,326
3,181
3,408
87,921 88,822 «9 292
6, 346
6,437
6,221
97,868 98,102
91, 095 91,230
3,215
3,272
87,880 87,958
98,998
92,180
3,362
88,818
2,483
2,339
7,564
2,360
7,651
2,517
7,519
2,514
6,958
2,283
7,183
2,182
7,064
1,923
6,737
1,816
6,750
1,836
6,962
1,737
6,744
1,834
6,926
1,808
6,773
1,866
6,872
1,862
6,818
1,933
8.5
6.7
8.0
19.9
7.7
5.9
7.4
19.0
7.9
6.2
7.6
19.0
8.0
6.3
7.6
19.2
6.2
7.4
19.0
7.3
5.6
6.9
18.7
7.5
5.8
7.2
18.5
7.3
5.4
7.2
18.8
7.0
5.0
7.0
17.8
6.9
5.3
6.6
17.9
7.1
5.0
7.2
18.6
6.9
5.1
6.9
17.4
7.1
5.2
7.1
17.5
6.9
4.9
7.0
18.1
7.0
5.3
6.8
17.3
6.9
4.9
7.1
17.1
13.9
5.1
7.0
13.1
4.2
7.2
13.4
4.4
7.3
13.5
4.5
7.1
13.4
4.3
12.5
3.8
6.7
13.1
4.1
12.7
3.7
6.3
12.3
3.6
6.2
12.9
3.6
6. 3
13.2
3.4
6.1
13.2
3.4
6.1
14.5
3.5
6.1
13.1
3.4
6.1
13.9
3.7
6.0
13.8
3.4
4.7
11.7
4.6
9.4
4.6
9.8
4.7
9.7
4.5
9.6
4.5
8.4
4.6
8.7
4.7
8.3
4.4
7.8
4.2
7.7
4.0
8.2
4.2
8.4
4.2
7.9
4.1
8.3
4.3
7.9
9.2
18.1
10.9
11.3
7.9
15.6
7.9
7.7
8.2
15.1
8.2
8.0
8.2
15.4
8.2
7.7
7.9
14.1
8.2
8.0
7.4
14.9
6.9
6.5
7.6
15.2
7.1
7.0
7.4
14.2
6.6
6.1
7.0
12.0
6.7
6.0
6.9
12.6
6.3
5.6
6.8
12.1
6.7
6.1
7.0
11.5
7.0
6.5
6.9
10.4
7.2
7.1
12.2
7.0
6.3
6.9
11.3
6.8
6.3
••Revised
1 As of July 1.
2 See note ' T ' on p. S-12; revised data for earlier periods for
11 or more stores sales will be available later.
JSee note "V on p. S-12.
^Revisions back to Oct. 1973 appear in "Population Estimates and Projections: Estimates
?T 1 e ,?£R u l 3 t l o n of t h e Un rted States and Components of Change—1930-75," P-25, No. 632
(July 1976), Bureau of the Census.
216. 67
215. 76
7.1
13.0
6.2
5.7
*I Effective with the Feb. 1977 SURVEY, the labor force series reflect new seasonal factors.
D a t a have been revised back to 1972; comparable monthly figures for 1972-75 appear in E M PLOYMENT AND EARNINGS (Feb. 1977), U.S. Department of Labor, Bureau of Labor Statistics.
December 1977
SURVEY OF CURRENT BUSINESS
U
f£!"
tfEKrta!.?ated.
in footnotes
below, data
1975
1976
1977
1976
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S
Annual
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT!©
Employees on payrolls of nonagricultural estab -0
Total, not adjusted for seasonal variation..thous
Private sector (excl. government)
do...
77,051
62,330
79,443
64,496
80,572
65,468
80,943
65,675
77,051
62,330
43,983
22,603
745
3,512
79,443
64,496
45,540
23,332
783
3,594
••79,835
'64,838
'45,868
'23,356
800
' 3,586
'80,127
'65,094
'46,024
'23,484
805
'3,609
18,347
10,679
171
557
451
614
1,180
1,336
2,069
1,761
1,649
489
404
82,397 '83, 146 '83,678
67,921 '68,143 '68,221
84.065
68,414
'82,905
'67,558
'47,903
'24,438
'859
'3,924
83,217
67,809
48,091
24,534
863
3,953
18,956 '18,970 '19,070 '19,114 '19,219 '19,278 '19,417 '19,499 '19,566 '19,611 '19,666 '19,594 '19,612 '19,655
11,026 '11,046 '11,126 '11,165 11,236 '11,261 '11,373 '11,404 '11,451 '11,484 '11,548 '11,527 '11,545 '11,597
'156
158
156
'156
155
'150
'157
157
156
156
156
156
'156
'156
'614
606
'642
'648
'652
621
'640
'625
'638
625
'627
633
638
'635
491
'492
490
'515
'508
'510
'510
510
'494
'495
'498
503
'506
'508
630
626
'658
'658
656
636
'659
'630
'633
'622
659
'653
'643
'650
1,194 ' 1,189 ' 1,185 ' 1,185 ' 1,180 '1,200
1,190
1,218 '1,204 '1,202 '1,211 '1,206
1,208 '1,215
1,387 ' 1,390 '1,397 ' 1,405 '1,415 '1,420
1,452 '1,459 '1,460 '1,456 '1,474
1,432
1,433 ' 1,444
2,074 '2,089 ' 2,102
2,202 '2,210 '2,217 ' 2,242
2,107 ' 2,122
2,134
2,165 ' 2,170
2,142
2,150
1,863
1,832 ' 1,850 '1,858
1,874 '1,890
1,906 '1,915 ' 1,925 ' 1,931 ' 1,959 ' 1,951 '1,944 ' 1,962
1,733 ' 1,703 ' 1,746 ' 1,765 ' 1,787 ' 1, 786
1,808 ' 1,802 ' 1,797 '1,802 '1,813 '1,802 '1,809 ' 1,795
'512
509
'528
'530
514
517
'526
521
'523
527
'527
'528
526
'525
'417
'414
421
'414
414
'409
'411
'423
425
420
'418
424
'422
'424
19,718
11,645
151
663
519
668
1,211
1,485
2,240
1,972
1,791
532
413
81,332
66,042
82,029
66,684
82, 930
67,642
82,167
67,567
'80,370 '80,574 '80,870 '81,331 '81,620
'65,336 65,552 '65,854 '66,300 '66,571
'46,222 '46,333 '46,576 '46,883 '47,072
'23,528 '23,585 '23,763 '24,017 '24,176
'809
817
'824
'841
847
3,605 ' 3,549 ' 3,661
3,759 ' 3,830
'81,837
'66,730
'47,164
'24,264
845
3,861
'82,157
'66,961
'47,350
'24,355
'856
3,876
'82,407
'67,184
'47,518
'24,412
'833
'3,913
81,099
65,838
79,473
64,414
79,734
64,488
80,547
65,232
Seasonally Adjusted f
Total employees, nonagricultural payrolls!Odo
Private sector (excl. government)..
do ""
Nonmanufacturing industries.
do"""
Goods-producing...
__
" do""
Mining
"
do~"
Contract construction... .
"do""
Manufacturing
.
do
Durable goods
........
do
Ordnance and accessories....""" do
Lumber and wood products...I
do
Furniture and
fixtures
" do
Stone, clay and glass products
do
Primary metal industries
"do""
Fabricated metal products
do
Machinery, except electrical...
do
Electrical e quipment and supplies do
Transportation equipment
do
Instruments and related products..do
Miscellaneous manufacturing
"dol"
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
C hemicals and allied products.. " do "
Petroleum and coal products
do
Rubber and plastics products, nee "do"
Leather and leather products
do..
Service-producing
do
Trans., eomm., 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
I."do"
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted©... thous.
Manufacturing
do
8,073
1,683
67
991
1,287
705
1,118
1,064
212
679
267
'57,107 '57,314 '57,444 '57,573 '57,802 '57,995 '58,169 '58,403 '58,467
4,553 ' 4,563
4,572 ' 4,581 ' 4,616 '4,607
4,586 ' 4,588
4,575
'18,039 '18,118 '18,175 '18,202 '18,264 '18,322 '18,377 '18,431 '18,411
4,334
4,394
4,398 ' 4,410 ' 4,417
4,354
4,371 ' 4,379 '4,387
'13,705 '13,764 '13,804 '13,823 '13,877 '13,928 '13,979 '14,021 '13,994
4,506 '4,524 '4,545 ' 4,571
4,431
4,453
4,463 ' 4,481 ' 4,494
15,068 15,149 15,182 15,197 '15,260 15,372 '15,448 '15,482 '15,531
'15,016 15,031 '15,049 '15,107 '15,196 15,223 '15,239 '15,329 '15,347
2,721 ' 2,732 '2,728 ' 2,730
2,735
2,721
2,725 ' 2,721 ' 2,725
'12,295 12,306 '12,328 '12,382 '12,461 12,502 12,507 '12,601 '12,617
58,683
4,612
18,465
4,434
14,031
4,592
15,606
15,408
2,731
12,677
55,428 '55,718 '55,926 '56,002
14,024 '14,217 '14,401 '14,349
56,166
14,354
'54,823 '54,972 '55,122 '55,117 '55,267 '55,349
'17,806 '17,881 17,888 '17,784 '17,829 '17,910
'645
609
'643
'645
624
637
'3,067 '3,100 '3,119 '3,097 '3,095 ' 3,124
'14,102 '14,136 '14,145 '14,078 '14,091 '14,141
'8,211
8,240 '8,271 '8,252 ' 8,266 '8,321
'72
73
'73
'71
'70
'67
'544
544
'548
'553
'555
543
'416
'418
424
'423
420
'419
527
'527
523
'524
'524
'521
'943
'937
948
'945
'952
954
1,103 '1,106 ' 1,104 ' 1,102 '1,118
'1,096
'1,404 '1,409 '1,438 '1,443 '1,444 '1,463
'1,285 ' 1,287 '1,299 '1,296 '1,289 '1,302
' 1,272 ' 1,279 ' 1,281 '1,279 '1,285 '1,287
323
323
'322
'321
'324
'325
'314
'309
'311
315
'324
321
55,588
17,997
648
3,149
14,200
8,367
67
567
427
533
949
1,129
1,461
1,316
1,279
326
313
7,930
1,710
76
966
1,299
676
1,080
1,034
203
614
272
54,448
4,498
17,000
4,177
12,824
4,223
14,006
14,720
2,748
11,973
56, 111
4,509
17,694
4,263
13,431
4,316
14,644
14,948
2,733
12,215
••56,479
••4,511
'17,807
'4,288
'13,519
4,359
'14,805
'14,997
' 2,727
'12,270
'56,643
' 4,523
'17,848
4,291
'13,557
4,381
'14,858
'15,033
' 2,731
12,302
'56,842
' 4,549
'17,925
' 4,305
'13,620
' 4,398
14,936
'15,034
2,720
'12,314
'56,989
'4,544
'17,994
4,323
'13,671
' 4,419
15,010
'15,022
2,721
'12,301
51,149
13,070
53,054
13, 625
53,928
13,807
54,090
13,839
54,219
13,730
52,746
13,606
53,481
13,763
54,222
13,893
51,149
16,440
565
2,805
13,070
7,543
80
464
364
485
919
996
1,346
1,140
1,148
293
309
53,054 '53,307 '53,537 '53,718 '53,800 '54,080 '54,462
17,067 '17,058 '17,171 '17,186 '17,180 '17,349 '17,594
605
612
613
593
617
609
'636
2,852 ' 2,871
2,849
2,854 ' 2,764 '2,880 ' 2,983
13,625 '13,601 '13,688 '13,719 '13,807 '13,852 '13,975
7,866 '7,858 ' 7,932 ' 7,967 ' 8,024 ' 8,039 ' 8,137
72
'70
'70
70
70
70
'70
508
'516
'524
528
'532
529
538
402
403
406
'404
'405
'409
413
498
501
506
'501
'502
'489
'511
933
934
'929
'925
'925
'919
'939
1,046 ' 1,046 ' 1,053 ' 1,061
1,069 '1,075 ' 1,084
1,339 ' 1, 338 ' 1,354
1,358 '1,370
1,378 ' 1,385
1,210
1,224 '1,229 '1,233 '1,239 '1,254
'1,267
1,226 '1,197 '1,235 '1,250 ' 1,273 '1,267 '1,284
310
'312
'313
'316
320
318
321
322
317
315
'319
'324
'326
'325
'54,693
'17,739
'639
' 3,056
'14,044
' 8,167
'71
'540
'417
'518
944
1,085
' 1,390
'1,276
' 1,279
322
'325
'7,949
'1,711
75
'961
'1,273
'682
1,089
'1,042
204
'648
'264
'82,763
'67,434
'47,822
'24,360
'856
' 3,892
'8,058
' 1,692
'68
'987
'1,284
'703
'1,116
' 1,058
'211
'673
'266
7,668
1,676
78
902
1,235
643
1,079
1,013
197
588
257
' 7,924 ' 7,944
r 1,710 '1,713
'75
'75
961
'962
' 1,275 '1,278
'678
680
1,087
1,089
' 1, 033
1,038
202
203
'638
642
'265
'264
'82,474
'67,235
'47,641
'24,305
818
'3,893
'7,983 '8,017
1,727
' 1,723
'73
73
'967
'960
'1,279 '1,282
'687
'685
'1,092 '1,096
'1,045 '1,049
205
205
'666
656
265
265
52,803
13,600
'8,044
'1,732
'69
'974
' 1,284
'689
'1,099
' 1,052
207
'672
'266
'8,095
'1,741
'74
'979
'1,290
'695
' 1,103
'1,057
'209
'681
'266
' 8,115
'1,733
'72
'986
'1,292
'701
'1,108
'1,062
210
'684
'267
54,787
14,021
' 8,127
' 1,736
72
'986
' 1,301
703
'1,113
'1,061
210
680
265
55,593
14,258
8,118
'1,728
72
992
'1,292
705
'1,114
1,064
210
'683
'258
'8,067
1,710
68
'982
' 1,286
'704
'1,114
'1,061
'210
'671
'261
'8,067
'1,711
'67
'985
'1,285
'702
'1,116
' 1,058
'210
'671
'262
Seasonally Adjusted f
Production or nonsupervisory workers on private
nonagricultural payrollst~
thous..
Goods-producing
. do
Mining
do
Contract construction.
do
Manufacturing
do
Durable goods
do
Ordnance and accessories
do
Lumber and wood products . . .
do
Furniture and
fixtures
do...!
Stone, clay, and glass products... do
Primary metal industries
do.. .
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies. _ .do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing
do
Nondurable goods
do
5,759 ' 5,743 ' 5,756 ' 5,752
5,528
Food and kindred products
do
1,136
1,164 '1,161 ' 1,164 ' 1,160
Tobacco manufactures
do
65
63
'63
'62
62
Textile mill products
do
838
844
783
'838
'837
Apparel and other textile products...do
1,061
1,117 '1,093 '1,095 '1,092
Paper and allied products
do
483
512
'513
'516
'515
Printing and publishing
do
'631
632
631
630
636
Chemicals and allied products
do
570
589
588
'591
'591
Petroleum and coal products
do.
131
132
131
125
132
Rubber and plastics products, nee. ..do
450
475
'498
501
'507
219
234
'227
'225
'225
Leather and leather products
do
Service-producing
do
34,709
35,988 '36,249 '36,366 '36,532
Transportation, comm., elec, gas, etc do
3,857
3,862
3,856 ' 3,865 '3,904
Wholesale and retail trade
do
15,013
15,641 '15,733 '15,770 '15,827
Wholesale trade
do
3,462
3,529 ' 3,550
3,553
3,562
Retail trade
do
11,552
12,113 '12,183 '12,217 '12,265
Finance, insurance, and real estate
do
3,221
3,293
3,325
3,345 ' 3,357
Services
do
12,617
13,191 13,335 13,386 '13,444
' Revised.
v Preliminary.
OSee end of notet for this page.
fBeginning in the Dec. 1976 SURVEY, figures for employees on payrolls of establishments
as well as hours, earnings, and labor turnover reflect revised seasonal factors. Generally,
data are affected back to 1971. A modification has been made in the method to seasonally
adjust most aggregated hours and earnings series (e.g., hours per worker on total private
nonagricultural payrolls, the manufacturing division, durable goods subdivision, etc.).
Aggregate levels are now the weighted averages of their seasonally adjusted components;
heretofore these levels were directly adjusted. Previously published hours are subject to
'5,891
' 1,181
'58
'860
'1,109
'527
'642
'610
'137
'538
'229
' 5,896
' 1,181
'59
860
'1,117
'528
642
'610
138
'534
227
' 5,874
' 1,170
57
'866
1,105
529
642
612
137
'536
'220
'5,820
' 1,139
'55
860
1,100
528
'641
'607
'139
'524
227
5,833
1,131
53
865
1,102
531
643
611
141
528
228
'36,620 '36,731 '36,868 '36,954 '37,017
3,882
3,878 ' 3,886 ' 3,893 ' 3,903
15,876 '15,927 '15,994 '16,035 '16,064
3,572 '3,588
3,602 '3,614 '3,622
12,304 '12,339 '12,392 '12,421 '12,442
' 3,371
3,382 '3,393
3,410
3,402
13,491 13,544 '13,595 13,624 '13,640
'37,091
' 3,903
'16,114
3,623
'12,491
' 3,420
'13,654
'37,234 '37,333 '37,438 '37,439
3,885 '3,890 '3,918 '3,899
'16,165 '16,208 '16,234 '16,197
' 3,627 '3,629 ' 3,639 ' 3,638
'12,538 '12,579 ' 12,595 '12,559
'3,437 ' 3,439 ' 3,459 ' 3,476
'13,747 13,796 '13,827 '13 867
37,591
3,911
16,240
3,656
12,584
3,493
13,947
' 5,783
' 1,170
60
'838
1,096
517
'632
'596
133
'514
227
'5,813
1,175
60
'842
'1,100
'518
635
'600
132
'524
227
'5,838 '5,877
' 1,181 '1,187
56
60
'849
'855
' 1,102 ' 1,107
'519
'522
'636
639
602
'606
135
'137
'530
'536
'228
'228
'5,826
1,156
'54
'855
1,102
528
640
'609
137
'522
'223
'5,825
' 1,157
'54
'857
'1,100
'526
'639
'608
138
'522
224
revision as follows: Manufacturing, durable and nondurable goods beginning 1947, total
private and total trade, 1964, overtime hours, 1956. Effective with the Feb. 1977 SURVEY,
the data reflect corrections made (back to July 1975) to employment levels in 4 divisions
(construction, retail trade, services, and State and local government) to adjust for the formation of new businesses during the recovery phase of the 1973-75 recession. For current
factors, historical data, and methodology, see the Dec. 1976 and Feb. 1977 issues of EMPLOYMENT AND EARNINGS (U.S.D.L., BLS), available from U.S. Gov't. Printing Office, Wash.
D.C. 20402.
December 1977
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
S-15
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. p Nov. v
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEKf
Seasonally Adjustedt
Avg. weekly hours per worker on private nonagric.
payrolls:U Seasonally adjusted!
hours__
Not seasonally adjusted
do
Mining
do
Contract construction
do
Manufacturing: Not seasonally adjusted
do
Seasonally adjusted
do
Overtime hours
do
2.6
3.1
'30.2
36.2
43.3
' 37.3
40.0
39. 9
'3.0
Durable goods
Overtime hours
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
do
do
do
do
do
do
do
do
do
do
do
do
do
39.9
2.5
41.3
39.1
37.9
40.6
40.0
40.0
40.9
39. o
40.3
39. 5
38.3
40.6
3.1
40.7
40.2
38.7
41.2
40.6
40.7
41.1
40.0
41.6
40.4
38.7
40. 5
'3.1
M0. 7
40.3
38.4
Ml. 3
MO. 3
M0. 5
41.2
M0.1
Ml. 4
40.3
38.7
M0. 7
3.2
40.6
40.3
38.6
41.2
M0.4
40.8
Ml. 4
M0. 2
42.0
40.4
40.5
3.3
M0.9
40.3
38.5
41:2
M0.2
40.5
41.2
40.2
Ml. 2
M0. 6
38.9
40.0
3.4
MO. 6
MO.O
'36.9
MO.O
M0.1
'39.8
M0. 5
39. 4
Ml. 6
'39.7
'38.1
40.8
'3.4
M0.8
M0. 4
'38.2
41.4
M0. 7
40.8
Ml. 4
M0. 5
Ml. 0
M0.9
39.5
41.0
'3.5
M0. 7
MO. 2
38. 0
41.4
41.1
41.0
41. 5
40.3
'42 0
40.4
'39.2
40.8
'3.5
'41.0
40.0
'38.5
41.7
Ml.4
M0. 8
Ml. 4
M0.1
M2.0
M0. 3
'39.0
'41.0
3.6
41.1
40.0
38.7
M1.0
Ml. 5
41.0
41.0
MO. 2
M2.5
40.4
39.0
41.2
'3.0
M0.8
39.9
'38.9
'41.fi
Ml. 5
41.3
M2.0
40.4
'42. 8
40.7
'39.3
M0.9
3.6
M0. 3
40.4
'38.8
41.4
Ml. 1
41.0
Ml. 8
40.2
'42. 0
M0. 3
38.7
M0.9
3.5
40.2
'39.6
39.0
41.4
'41.0
MO. 9
Ml. 8
40.3
'42.3
40.3
38.8
M1.0
3.5
M0.6
MO.O
'39.2
M1.0
M0. 9
M0. 9
41.8
MO. 3
M2.6
40.3
39.0
Ml. 2
'3.5
M0. 7
MO. 2
'39.7
M1.0
Ml. 2
Ml. 1
M2.0
M0. 3
M2.8
40.6
39.1
41.2
3.7
40.0
40.6
39.9
41.1
41.5
41.2
42.1
40.1
42.5
40.3
39.0
Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
do..
do _
do..
do..
dodo_
38.8
2.7
40.3
38.0
39.2
35.1
39.3
3.0
40.3
37.8
40.1
35.6
39.1
2.8
40.3
37. 5
'39.5
35.0
39.2
3.0
M0. 3
'38.8
3.0
'39.4
36.1
M0.1
34.2
'39.5
3.2
40.3
'39.1
40.5
'35.0
39. 5
3.1
40.2
'38.2
M0. 7
35. 0
'39.6
3.2
40.3
'38.2
40. 5
'35.3
39.5
'3.2
MO.O
'38.4
MO. 5
'35. 6
'39.5
3.1
40.0
'38.7
M0. 3
'35.8
39.3
3.0
'39.8
'38.6
MO. 1
35. 3
'39.3
3.1
39.7
'37.8
MO. 2
'35.5
'39.3
3.0
39.5
'38.6
M0. 3
'35.3
'39.4
3.1
'39.5
'38.3
M0. 6
35. 5
39. 5
3.2
39.9
38.2
40.6
35.6
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
do^
do_
do.
do..
do_
do..
41.6
37.0
40.9
41.6
39.7
37.4
42.4
37. 5
41.6
42.2
40.7
37.3
M2.2
37.5
41.0
'42.1
41.0
36.4
'36.8
39.8
'35.2
42.4
37.6
41.7
'42. 0
Ml. 2
30.4
39.3
'3.0
40.1
37. 5
40.1
'35.2
M2.5
37.7
41.7
M2.4
41.4
'36.4
41.9
'37.5
41.0
42.3
40.9
35.3
42.7
'37.8
41.7
'42.4
Ml. 3
'36.8
42.8
37.7
41.8
M2.9
41.2
'30.5
M3.5
'37.8
Ml. 8
42.7
Ml. 3
'37.3
M2.9
37.6
41.7
42.0
41.3
37.1
43.1
37.7
41.9
M3.1
Ml. 2
37.2
42.7
37.8
41.7
'42.8
40.6
36.8
42.4
37.7
41.8
43.0
MO. 8
'37.3
M2.7
'38.0
Ml. 7
42.8
M0. 7
'37.0
'42. 8
37.9
'41. 6
'43. 3
MO. 9
'37.6
42.7
38.0
41.7
43.1
40.6
37.8
do..
do.
do_
do.
do_
do_
39.6
33.8
38.6
32.4
36. 5
33.8
39.9
33.6
38.8
32.1
36.6
33.5
39.8
'33.6
38.7
'32.1
36.7
33.6
40.2
33.4
38.7
31.9
36.7
33.5
M0.4
33.6
38.6
32.2
36.7
33.5
39.8
'33.3
38.7
'31.7
'30.7
33.5
40.5
33.4
39.1
31.8
30.6
'33.5
40.3
'33.4
38.9
'31.8
36.7
33.5
40.1
'33.4
'38.9
'31.8
36.6
33.5
MO. 3
'33.5
'38.8
31.9
30.7
33.5
40.1
33.3
38.8
31.7
36.6
33.3
39.9
33.3
38.8
31.7
30.6
33.2
40.0
33.2
38.8
31.6
36.7
33.2
'39.9
33.2
38.8
31.6
'36.6
'33.2
'39.9
'33.5
'39.1
'31.9
36.7
33.4
40.1
33.1
38.9
31.4
36.6
33.3
157.14
127.09
' 1. 97
' 7.37
' 40.86
' 9. 58
' 31.94
'8.65
' 26. 73
' 30.05
158. 66
128.01
' 1.99
'7.51
'41.06
'9.56
' 32.19
'8.72
' 26. 97
' 30. 65
157. 78
128.07
2.00
7. 59
41. 23
9.62
31.88
8.74
27.02
29.81
'115 9
100.9
' 142. 5
'110.4
'97.8
'98.4
96.9
' 120. 4
' 103.9
121.8
'117.8
123.3
' 133. 2
' 140. 9
'110.8
'101.8
' 143. 0
'112.7
'98.5
'99.5
'97.1
'127.2
' 103. 4
'122.7
'118.7
' 124.1
'134.2
r
142. 2
116.9
102.4
144.3
113.9
99.0
100.0
97. 5
126. 9
104.3
121.4
118.7
122.4
134.5
142.6
5.36
'7.058.20
'5.75
5.48
6.14
5.83
'6.37
'5.12
4.39
5.87
'7.70
5.95
'6.32
5.46
7.27
5.28
4.38
'5.40
'7.07
'8.24
5.78
5.53
'6.18
' 5. 90
' 6. 33
' 5. 23
' 4. 39
' 5. 90
'7.68
6.00
'6.38
5.47
' 7. 43
5.27
4.40
5.40
7.09
8.21
5.81
5.56
6.21
5.93
6.44
5.21
4.41
5. 92
7.72
6.03
6.39
5.50
7.47
5.31
4.44
Leather and leather products
Trans., comm., elec., gas, exc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
36.1
42.3
36.6
39.4
36.2
42.8
37.1
40.0
36.2
36.1
43.3
37.3
40.3
40.1
3.1
36.2
36.4
M3.6
'37.2
40.6
40.0
3.2
35.8
35.4
M3.1
35. 4
39.0
39. 5
3.2
'36.2
35.9
'43. 5
'37.5
39.9
40.3
3.3
'36.2
30.0
'44. 2
'37.2
40.2
40.4
3.3
36.2
36.0
'44. 3
37.3
40.0
40.3
3.4
36.3
36.1
M4.1
37.4
40.3
40.4
3.4
36.2
30.4
M4.1
'30.8
40.8
40.5
3.4
36.1
36.5
44.8
'36.9
40.1
M0.2
3.4
36.0
36.5
44.2
'36.5
40.3
40.3
3.3
36.0
'36.2
'44. 3
'36.4
M0. 6
'40.3
3.3
'36.2
'36.2
'44. 5
'36.8
40.5
M0. 4
3.5
36.1
36.0
44.5
36.9
40.6
40.5
3.5
AGGREGATE EMPLOYEE-HOURS
Seasonally Adjusted
Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the month, seasonally adjusted at annual ratef
bil. hours. . 146.92
Total private sector
do
117.84
Mining
do
1.64
Contract construction
do
6.68
Manufacturing
do
37.63
Transportation, comm., elec., gas
do
9.26
Wholesale and retail trade
d o ' _~ ~ 29.99
Finance, insurance, and real estate
do
8.02
Services
do
24.62
Government
do
29.09
Indexes of employee-hours (aggregate weekly) :^ff
Private nonagric. payrolls, total
1967 = 100..
107. 5
Goods-producing
_.
do
91.2
Mining
."
do"!"!
119. 5
Contract construction
do
100.6
Manufacturing
do
88.8
Durable goods
do
87. 5
Nondurable goods
do
90.8
Service-producing
d o ' '.'.'.'. 118.8
Transportation, comm., elec., gas
do
101.7
Wholesale and retail trade
do
114.7
Wholesale trade
do
111.6
Retail trade
do
115. 8
Finance, insurance, and real estate. _ do
123. 5
Services
do
130.9
151. 39 152. 70 152. 59 153. 61 152.15 154. 92 155. 51 156.00 156. 65 156. 58 157.11 156. 99
122.09 122. 62 123. 20 123. 80 122. 96 124. 96 125. 89 126. 35 126. 78 126. 61 126. 80 126. 72
1.74
1.80
1.84
1.82
1. 96
1.81
1.94
1.87
1.94
1. 93
1.96
1.88
6.93
6.95 '7.00
6.99
6.56 ' 7.17
7.45
7.25
7.51
7.42 '7.51
' 7. 39
39.31
39.18 ' 39. 56 39. 56 39. 42 40.06
40. 65 40. 93 41. 05 ' 40. 92 ' 40. 77
40.48
' 9. 36
9.33 ' 9. 46
9.54
9. 59
9.42
9. 59
9. 59
9. 55
9. 49 ' 9. 53
9. 57
31.02 31.15 r 31.12
31.40
31.14
31.52
31.80
31. 70 ' 31. 82 ' 31. 84
31. 76 31.81
8.21
8.32
8.40
8.46
8.49
8.43
8. 55
8.54
8.58 '8.63
8.36
8.50
25. 51 25. 89 ' 25. 88 26.02
26.15
26.33
26.47
26.40 ' 26. 54 ' 26. 67
26. 39 26.45
' 29.30 30.08
29. 81 29.19
29.40
29. 96 29. 62 29. 65 29. 87 29. 97 30. 32 ' 30. 27
111.9
96.3
127.0
103.6
94. 0
92.7
9",. 8
122.1
102.4
118. 9
114.3
120.6
126.9
135.8
'112.3
'90.1
131.1
104.2
'93.5
'92.5
'95.1
123. 5
102.0
'119.4
'114.7
'121.1
128.3
137.6
112.8
'97.1
132. 6
'104.9
94. 5
93.8
'95.fi
'123.7
' 103. 3
'119.1
114.8
'120.7
129.1
137.7
4.87
6.42
7.68
5.19
5. 00
5. 55
5. 34
5.72
4.71
3.98
5.29
6.80
5. 43
5. 76
4.91
6.54
4.87
4.01
4.98
6.56
7.85
5.28
5.08
5. 62
5.40
5.89
4.87
4.06
5.43
6.90
5.49
5.83
5.03
6.58
4.95
4.06
5.00
6.62
7.86
5.34
5.14
5.68
5.46
5.98
4.86
4.07
5.45
6.94
5.53
5.91
5.07
6. 69
4.99
4.08
113.3
'97.0
' 133. 7
'104.0
'94.5
'93.7
'95.7
' 124. 7
' 104. 9
' 120. 3
114.8
'122.3
' 129. 6
'138.3
112.3
95.2
-•131.3
'95.9
'93.9
93.2
'94.9
124.1
102.7
'119.4
115. 4
'120.8
'130.1
138.8
114.2
'98.6
-•134.3
'105.8
'9(5.1
'95.2
'97.3
' 125. 0
104. 4
' 120. 3
'117.1
'121.0
130. 2
'139.3
r
115.0
' 100.1
' 140. 0
' 108. 7
'97.2
90.8
'97. 7
' 125. 3
' 104. 1
'120.7
110.9
' 122.1
' 131. 0
'139.8
'115.4
'100.8
'141. (J
'111.7
97. 5
'90.9
98.5
' 125. 5
' 103. 8
'121.0
'117.3
' 122. 4
'131.0
140.1
'115.9
'101.4
' 140. 0
'112.4
'98.1
'97.8
'98.5
r
125. 9
'104.0
'121.4
117.3
' 123. 0
131.0
' 140. 3
5.12
6. 78
5.48
5.27
5.84
5.01
0.12
4.89
4.19
5.57
7.13
5. 05
0.04
5.18
0.99
5.10
4.27
5.15
6.80
5.52
5. 31
5.88
5.65
6.14
4.94
4.21
5.66
7.22
5.67
6.07
5.20
7.01
5.11
4.27
5.19
0.81
7.91
5.50
5.34
5.95
5.70
0. If)
4.97
4.23
5.73
7. 39
5.73
0.10
5.23
7.10
5.13
4.31
115. 8
101.8
'142.3
r
111.8
'98.7
98.7
'98.7
' 125. 0
' 104.1
'121. 2
117.3
' 122. 7
'131.7
' 139. 0
'115.8
101.4
139.9
P
112.8
'98.0
98.3
'97.7
115. 0
100. 6
134.7
'110.8
'97.0
'98.1
90.9
'120.1
r -JO-") g
103.1 '103.5
r
121. 0
'121.fi
-117.
5
'117.5
r
r
123.1
123.1
'
132.
7
' 132. 3
140.0
'140.1
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker :1f
Not seasonally adjusted:
Private nonagric. payrolls
dollars
M ining
do
d
Contract construction
'.
do
M anufacturing
do
Excluding overtime
. do
Durable goods
do.."
Excluding overtime
do
Ordnance and accessories
do
Lumber and wood products
. .do
Furniture and fixtures
do
Stone, clay, and glass productsdo
Primary metal industries
do
Fabricated metal products
.
do
Machinery, except electrical.— .. do
Electrical equipment and supplies, d o . . .
Transportation equipment..
do
Instruments and related products..do
Miscellaneous manufacturing ind .do
t Se
S ^ SV
4.54
5.90
7.25
4.81
4. 66
5.14
4.98
5. 23
4.28
3. 75
4.89
6.17
5. 04
5.36
4. 58
6.02
4. 56
3.79
5.02
6.71
5.42
5.21
5.78
5.55
6.05
4.88
4.13
5.47
7.00
5.62
5.99
5.15
6.94
5.09
4.18
5.07
6.76
.96
5.46
5.25
5.81
5.59
6.06
4.95
4.15
5.50
7.03
5.58
6.01
5.16
6.95
5.10
4.24
5.09
G. 76
5.43
5.24
5.79
5.57
6. 06
4.91
4.16
5.54
7.06
5.57
0.02
5.17
0.87
5.10
4.25
5.22
6.88
7.97
5.60
5.37
6.00
5.74
6.15
5.01
4.28
5.79
7.45
5.82
6.15
5.29
7.18
5.15
4.31
5. 25
0. 90
8.00
5. 05
5. 43
0. 03
5. 79
0. 24
5.07
4.29
5. 83
7.52
5. 84
0.17
5. 34
7.15
5.20
4.33
5.26
6.86
8.06
5.65
5.42
6.03
5.76
6.30
5.13
4.35
5.84
7.60
5.87
6.21
5.40
7.11
5.21
4.33
§ N O T E F O R P . S-16—Effective with the May 1977 SURVEY, the indexes have been
slightly revised (and reflect an improvement in the processing system and corrections to the
data file) back to 1964.
CVJill
S-16
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1
UUit
15 U
December 1977
1977
1976
1976
Oct.
Annual
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct. v
Nov.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS—Con.
Avg. hourly earnings per worker, private nonagric.
payrolls. Not seas. adj. U—Continued
Manufacturing—Continued
Nondurable goods
dollars..
do
Excluding overtime
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do
Annaxel and other textile Drod
do
Paper and allied products
...do....
Printing and publishing
...do...
Chemicals and allied products
do ..
Petroleum and coal products
Rubber and plastics products, nee _do---_
do
Leather and leather products
Transportation comm. elec, gas . _. -do --- .do....
Wholesale and retail trade
do
Wholesale trade
do -.
Retail trade
Finance insurance and real estate
do Services
Seasonally adjusted:!
do
Private nonagricultural payrolls
Mining
Contract construction
- -_-do.--do -.
M^ anuf acturing
Transportation comm elec cas
do
Wholesale and retail trade
do
Finance insurance and real estate
do .-Services
Indexes of avg. hourly earnings, seas, adj.: 0 If t
Private nonfarm economy:
Current dollars
1967 = 100_ ...do..-1967 dollars A
do --.
Mining
do
Contract construction
do - Manufacturing
Transportation comm., elec, gas _ do
Wholesale and retail trade
Finance insurance and real estate- - do .-.
do
Services
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): cf
$ per hr_.
Common labor
. . .
do
Skilled labor
Farm (U.S.) wage rates, hired workers, by
method of pay:
All workers, including piece-rate
$ per hr_.
An
Workers paid per hour, cash wages only- _do
Avg. weekly earnings per worker, ^private nonfarm:t
Current dollars, seasonally adjusted Spendable earnings (worker with 3 dependents):
Current dollars seasonally adjusted
1967 dollars seasonally adjusted A
Current dollars, not seasonally adjusted
dollars.Private nonfarm total
Mining
do
Contract construction
do
Manufacturing
do
Durable goods
- do . . .
Nondurable goods
Transportation, comm., elec, gas__.
YYdoYYY
Wholesale and retail trade
_do .
Wholesale trade
do
Retail trade
Finance, insurance, and real estate . .. do_--do_—
Services
4.35
4.20
4.57
4.51
3.40
3.19
4.99
5.36
5.37
6.42
4.35
3.23
5.92
3.75
4.89
3.34
4.13
4.06
4.68
4.51
4.96
4.91
3.67
3.41
5.43
5.69
5.89
7.14
4.62
3.44
6.46
3.97
5.18
3.55
4.36
4.36
4.80
4.62
5.04
4.69
3.79
3.49
5.57
5.77
6.04
7.20
4.86
3.47
6.63
4.06
5.28
3.63
4.41
4.44
4.84
4.67
5.09
4.87
3.81
3.50
5.62
5.82
6.09
7.26
4.94
3.50
6.65
4.08
5.31
3.65
4.40
4.49
4.90
4.71
5.16
5.04
3.83
3. 52
5.66
5.86
6.14
7.29
5.01
3.53
6.65
4.07
5.34
3. 65
4.43
4.52
4.95
4.77
5.22
5.16
3.83
3.57
5.69
5.92
6.18
7.40
5.07
3.57
6.70
4.17
5.41
3.73
4.52
4.60
4.93
4. 75
5.22
5. 37
3.84
3.55
5.69
5.93
6.18
7.63
5.03
3.60
6.74
4.20
5.40
3.76
4.52
4.61
4.95
4.77
5. 22
5. 36
3. 85
3. 57
5. 72
5.97
6.21
7.68
5.03
3.61
6.71
4.20
5.41
3.76
4.51
4.62
4.99
4.81
5. 26
5.69
3.87
3.57
5.79
5.98
6.27
7.70
5.06
3.61
6.80
4.23
5.48
3.78
4.54
4.64
4.99
4.81
5. 28
5. 58
3.86
3.56
5.80
60.2
6.29
7.69
5.05
3.63
6.83
4.25
5.52
3.80
4.58
4.67
5.03
4.83
5.28
5.77
3.90
3.62
5.86
6.06
6.35
7.73
5.12
3.63
6.83
4.26
5.51
3.82
4.54
4.66
5.10
4.91
5.32
5. 68
4.02
3.59
5.97
6.09
6.44
7.78
5.12
3.60
6.97
4.28
5.56
3.84
4.59
4.68
5.11
4.92
5.36
5.43
4.05
3.62
6.00
6.15
6.45
7.73
5.14
3.62
6.99
4.28
5.56
3.83
4.60
4.68
5.17
4.96
5.42
'5.37
4.08
3.68
'6.07
'6.21
6.52
'7.79
5.18
3.67
7.10
4.34
'5.63
3.88
'4.65
'4.80
5.18
4.97
' 5. 43
' 5. 31
4.08
'3.69
'6.10
'6.23
'6.57
'7.82
'5.20
3.68
'7.13
'4.37
'5.68
3.91
'4.72
4.84
5.21
5.01
5.51
5.41
4.09
3.70
6.08
• 6.26
6.59
7.86
5.21
3.72
7.18
4.37
5.67
3.90
4.70
4.85
4.54
5.90
7.25
4.81
5.92
3.75
4.13
4.06
4.87
6.42
7.68
5.19
6.46
3.97
4.36
4.36
'4.96
'6.61
'7.77
5.29
6.58
4.05
4.43
'4.44
5.00
'6.61
7.81
5.34
6.62
4.08
'4.43
4.48
5.02
6.67
'7.83
5.38
' 6. 65
4.11
4.43
4.50
5.07
'6.69
'7.92
5.43
'6.70
4.15
'4.52
4.58
'5.10
'6.71
'7.90
'5.45
6.74
'4.17
4.48
4.58
'5.13
'6.77
'7.91
5.49
'6.76
'4.20
4.50
4.61
5.17
6.79
7.95
5.53
6.83
4.23
4.54
4.64
5.20
6.82
'7.97
5.57
6.88
4.24
'4.56
'4.66
5.22
'6.91
'8.04
5.61
'6.88
4.26
4.54
'4.67
5.27
6.95
'8.06
'5.66
'7.00
4.30
4.60
4.72
5.28
6.92
'8.08
'5.68
'6.93
4.31
'4.61
'4.76
'5.32
'7.03
8.09
'5.73
7.03
4.33
'4.65
'4.78
'5.37
'7.12
'8.16
5.79
'7.07
'4.36
'4.74
4.84
5.39
7.08
8.15
5.81
7.15
4.37
4.73
4.84
172.5
107.0
182.9
175. 4
171.6
181.8
168.0
161.5
175.2
185. 0
108. 5
199.2
185. 6
184.7
198.6
178.6
180. 5
188.4
188.4
108.9
205.1
188.0
188.4
202.4
182.1
173.3
191.5
189.7
109.3
205. 2
189. 2
189. 8
203. 5
183.4
173.3
193. 2
190.7
109. 4
207.3
189.8
191.0
203. 5
184.7
173.1
194.4
192. 6
109. 7
208.2
191.8
192.3
205.3
186.2
176.7
197.5
193.2
109. 0
' 209. 9
' 191.4
' 193. 4
206.2
' 187. 4
' 175. 5
' 197. 3
194.2
108.8
210.6
191. 8
194.3
206.9
188.7
176.1
198.7
195.6
108. b
211.5
193.2
195.6
209.2
190.0
177.8
199.9
' 196.4
108.6
213.1
193.3
196.9
209.9
190. 6
178.5
200.5
' 197.4 ' 199.4
' 108.5 '109.2
215.4 ' 217.1
' 194. 9 ' 195.1
198.5 '200.3
' 210. 3 ' 214.3
191.1 ' 193.1
' 177. 7
180.3
' 201.4 '203.5
' 199.9
'109.1
' 217.4
195.8
' 201. 2
'212.4
' 193.3
' 180.6
204.8
' 201. 2
'109.5
' 218.8
' 196. 2
202.7
215.0
194.4
'181.8
' 205.8
'203.0
' 110.1
' 221. 3
' 197.7
'204.1
' 216. 4
' 196.1
' 185.1
'208.3
203.5
109.9
221.0
197.6
205.2
218.3
196.1
185.2
208.2
8.30
11.01
8.93
11.85
9.17
12.16
9.19
12.16
9.20
12.21
9.20
12.21
9.22
12.25
9.24
12.25
9.24
12.27
9.24
12.27
9.55
12.75
9.64
12.75
9.68
12.85
9.68
12.87
9.69
12.90
2.43
2.38
2 60
2.45
6.237
2.66
2.61
2 81
2.65
6.929
2.80
2.75
2.94
2.81
163.89
101. 67
176. 29
103.40
r
6,987
9.37
12.49
2.82
2.77
3.00
2.84
2.96
2.90
3.12
2.86
2.77
2.74
2.93
2.81
2.99
2.92
3.24
3.08
' , 84.62 185.71 187.15 188. 76
' 104.13 104.10 104. 09 104. 34
' 162.76 163.58 164. 66 165. 87
' 91. 80 ' 91. 69
91.58
91.69
182. 73 183.96 185. 40 187. 36
292.71 296. 29 298. 52 300. 32
288. 41 289. 62 291. 56 296. 63
216. 66 220. 30 220. 80 224. 07
233.92 238. 27 239. 32 243.95
192. 76 194. 54 195.11 196.11
270. 95 267. 73 271. 32 273. 20
138. 60 139. 02 140. 01 141.10
209. 52 209.37 212.08 213. 62
117. 69 118. 06 119.07 120.08
165. 88 165. 07 166.16 167.63
153. 97 153. 85 154. 51 155.51
188.96
103. 88
172. 67
94.93
190. 01
306.85
298. 08
228. 48
249. 00
200.19
275. 25
143.14
214.34
122. 62
166.16
156.11
190. 25
104.19
173. 69
95.12
191. 63
309.81
302. 40
226. 57
244. 82
200.43
280. 89
145.95
216. 84
125. 57
168.45
158.18
190.08
103. 76
173. 55
94.73
191. 99
303. 21
301.44
227. 70
246. 02
201. 85
282. 40
145. 52
216. 28
214. 86
169. 28
157. 72
191.52
104.00
174.69
'95.04
194.03
315.14
304.22
233.45
253.58
204.73
' 284.71
' 144.52
' 219.01
122. 61
' 169.73
' 159.36
194.39
105. 38
176.94
' 96. 01
' 195. 48
' 318.15
' 309.82
234.09
' 254.62
204.61
' 285.91
' 145.52
' 222.09
123. 56
' 173.22
' 161.17
145. 93
90.53
179.55
103.79
156. 50 158.95
91.79 ' 91.88
163.89
249. 57
265. 35
189. 61
205.09
168. 78
234. 43
126. 75
188. 75
108. 22
150. 75
137. 23
176. 29
274. 78
284.93
207. 60
225. 33
183. 92
257. 75
133. 39
200. 98
113. 96
159. 58
146.06
80
95
96
99
105
105
106
108
109
112
114
121
122
120
128
3.7
2.0
4.2
1.4
3.9
2.6
3.8
1.7
3.5
2.5
3.0
1.9
3.4
1.2
2.2
1.3
3.5
1.0
3.7
2.1
3.4
1.3
4.0
2.6
3.4
1.6
3.8
2.7
3.4
1.7
4.6
3.4
3.5
1.9
4.9
3.7
3.5
1.9
4.2
3.9
4.3
1.9
5.2
3.9
5.1
3.1
4.6
3.5
4.8
2.8
3.8
2.9
1.5
1.8
1.4
1.0
.9
.8
.8
1.5
1.0
1.1
'3.9
'2.5
3.6
1.5
1.3
'4.1
'2.6
'3.7
1.7
'1.2
3.7
2.2
3.9
1.4
o 1.7
4.0
2.7
'3.8
1.8
'1.2
4.6
2.9
4.1
1.9
1.4
'4.2
3.0
'3.8
1.9
'1.1
'4.0
3.0
3.8
1.9
'1.1
4.1
3.0
3.8
1.9
1.1
3.9
2.b
'3.8
'1.8
1.2
'3.8
'2.7
3.9
1.8
1.3
'3.8
2.7
'3.9
1.8
1.3
351
518
109
176
1,160
314
549
391
600
222
340
2,094
615
850
202
308
3,045
551
908
664
968
609
1 032
458
904
254
455
4,131
205
362
3,292
289
483
3,864
155
405
4,359
181.00
104.32
160.04
92.24
180. 28 180. 50
287. 33 288. 63
299. 87 289. 25
211.20 215.20
228.17 232. 31
188.16 190. 70
265. 20 267. 33
135. 20 135. 46
204.34 205. 50
115. 43 115. 34
161. 85 161. 04
148. 74 149.97
181. 72
104. 32
160. 58
92.18
182. 73
293. 23
289. 98
220. 05
238. 71
194. 53
269. 33
137. 97
20. 826
118. 63
162. 58
150.97
181. 51
[03. 37
160. 42
91.36
179.48
286. 62
269.84
212. 94
229. 50
189. 59
264. 65
136. 78
208. 29
116. 00
166. 34
153.18
194.58
177.09
95.62
194.40
317. 63
298.84
235.89
256. 47
206.32
287.92
143. 77
220. 56
121.29
171.55
161. 02
HELP-WANTED ADVERTISIN G
367 = 100-LABOR TURNOVER
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 en-lployees-.
-..do
New hires
- . .
...do....
Separation rate, total
do
Quit
do
Layoff
Seasonally adjusted:t
do.-Accession rate, total
New hires
... ....do...
do
Senaration rate total
Quit
....do...
.
.
.
.
d
o...
Layoff
2.1
1.3
1.7
1.5
'3.6
'3>
'1.6
'1.5
q o
1.9
1.1
WORK STOPPAGES O
Industrial disputes:
Number of stoppages:
Beginning in month or year
In effect during month
Workers involved in stoppages:
Days idle during month or year
number.
do-.thous
do
....do...
5,031
5,600
559
1 024
452
861
248
607
1,746
2,500
31,237
38,000
152
429
4,348
201
426
2,391
168
1,459
' Revised.
»Preliminary.
H Production and nonsupervisory workers.
QThe
indexes exclude effects of changes in the proportion of workers in high-wage and low-wage
industries, and the manufacturing index also excludes effects of fluctuations in overtime
premiums; see note " § , " p. S-15.
AEarnings in 1967 dollars reflect changes in purchasing
power since 1967 by dividing by Consumer Price Index; effective Feb. 1977 SURVEY, data
reflect new seas, factors for the CPI.
fEffective with the Dec. 1976 SURVEY , seas, adjusted
hourly and weekly earnings were revised back to 1964; subsequent revisions appear in Feb.
158
'260
1,356
566
872
175
335
3,408
480
853
171
329
3,810
1977 SURVEY (see f, P- S-14). Seas, adjusted total accession and total separation rates in manufacturing reflect a new seas, adjustment method: These levels are the sum of their seas, adjusted components (total rates were revised back to 1951 and 1930).
cfWages as of Dec. 1,
1977:
Common, $9.74; skilled, $12.94.
ORevisions for 1975 are in the July 1976 SURVEY.
a
Does not reflect those layoffs of less than 7 consecutive days caused by cold weather or
energy supplies.
December 1977
SUJK Viiil
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
3-17
1976
1976
Oct.
Annual
U±« UUKJ KJUJN i- I3U>
1977
Dec.
Nov.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
weekly §9
-thous..
State programs (excl. extended duration prov.):
thous .
Initial claims
Insured unemployment, avg. weekly_--do
Percent of covered employment: A
TJnadiusted
Beneficiaries average weekly
Benefits paid §
- -
4,943
3,822
3,217
3,453
3,884
4,442
4,448
3,972
3,506
3,105
2,939
3,065
2,751
2,643
2,649
24,863
3,986
20,065
2,991
1,513
2,466
1,767
2,694
2,252
3,103
2,552
3,638
1,995
3,647
1,483
3,173
1,357
2,752
1,325
2,414
1,429
2,289
1,707
2,465
1,467
r 2,322
1,229
2,089
2,071
6.0
4.6
2,450
8,974. 5
3.7
5.0
1,913
590.6
4.1
4.8
2,046
666.7
4.7
4.4
2,368
819.0
5.5
4.2
2,975
955.3
5.5
4.8
4.2
3.8
3,106
2,897
975.6 1,038. 5
4.1
3.7
2.363
763.7
3.6
3.7
1,998
666.0
3.4
3.8
1,988
658. 3
3.6
39
1,898
592.4
3.4
4.1
r 1, 933
671.3
3 1
4 1
1,693
565.2
4 0
3,371
. thous-_
_mil. $_. 11,754.7
Federal employees, insured unemployment,
average weekly
thous
Veterans' program (UCX):
do . .
Initial claims
Insured unemployment, avg. weeklydo
Beneficiaries average weekly
mil. $
Benefits Daid
Railroad program:
- thous .Applications
Insured unemployment avg. weekly do
mil. $ . .
Benefits paid
45
50
50
52
55
60
59
57
50
43
41
41
39
38
40
413
100
101
528. 5
401
98
98
34
92
88
30.1
33
96
90
32.4
35
101
96
36.0
33
103
104
35.6
29
101
99
32.5
31
95
97
36.9
26
87
85
29.6
26
78
74
27.2
32
74
76
28.0
32
76
71
r
25.1
34
74
72
28.2
31
69
65
25 0
67
153
27
89.5
115
27
134.8
7
22
8.6
9
24
9.5
6
23
10.1
8
29
11.0
8
30
10.9
5
28
13.5
3
21
9.1
2
16
6.2
11
13
6.7
17
15
4.7
13
18
5.9
10
20
5. 5
7
20
7.4
23,091 23,317
59,397 59,952
44, 886 44,815
7,854
8,094
37,032 36, 721
14,511 15,137
23,908
63,920
48,147
8,784
39,363
15,773
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $..
Commercial and financial co. paper, total--do
Financial companies
do
Dealer placed
do
Directly placed
do
Nonfmancial companies
do —
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit A dm.:
Total, end of period
mil. $ -.
Farm mortgage loans:
Federal land banks
do —
Loans to cooperatives--do
Other loans and discounts
do
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 SMSA's)O
bil. $..
New York SMSA
do....
Total 232 SMSA's (except N.Y.)
do_
6 other leading S M S A 'si
do.
226 other SMSA's
do.
Federal Reserve banks, condition, end of period:
Assets, total 9
mil. $.
18,727
47,690
37,515
6,239
31,276
10,175
22,523
52,011
39,680
7,294
32, 386
12,331
20,312
51,334
38,518
6,674
31,844
12,816
20,678
53,080
39,768
7,113
32,655
13,312
22,523
52,011
39,680
7,294
32,386
12,331
22,362
53,905
40,100
7,347
32,753
13,805
22,187
54,432
39,683
7,291
32, 392
14,749
22, 694
54,671
40,980
7,271
33,709
13,691
22,899
56,333
41,613
7,325
34,288
14,720
23,201
57,573
43,136
7,492
35,644
14,437
23,440
59,372
44,642
7,761
36,881
14,730
23, 499
58,760
44,404
7,935
36,469
14,356
31, 741
36,740
36, 290 36,387
36,740
37,507
38,199
39,141
39,581
40,035
40,322
40, 644 40,889
41,112
41,442
16,564
3,979
11,198
19,127
4,931
12,682
18,741
4,872
12,677
19,127
4,931
12,682
19,298
5,596
12,612
19,530
5,924
12,745
19,944
6,140
13,057
20,242
5,924
13,416
20,540
5,654
13,841
20,820
5,232
14,271
21,076
5,001
14,566
21, 302
4,914
14,673
21,524
4,953
14,635
21,714
5,407
14, 321
18,918
4,997
12,472
i, 288.130,145.4 30,421.7 30,585.5 32,028.5 32,394.9
(,049.0 28,,911. 0 29,
!7,396. 0 28,
3,522.0 .3,495.5 13,835.0 4,411.8 ~.4,898.0 14,612.1 14,988.9 15,73 ~ 15,516.4
876.3 15,247.4 15,809.6 15,596.516,284.2 16,878.5
3.874.0 4,553.5 15,076.1
5,447. 5,693. 2 5,917.1 5,864.3 5,887.1 6,155.7 6,055.5! 6,420.4 6,213.1
8.426.1 8,860.4 9,159.0 9,012.0 9,360.2 9,653.9 9,541.1 9,863.8 10,665.4
123,997
133,540
130,076 126,844
133,540 125,517
127,056
129,044 135,084
131,108
99,149
211
87, 934
11,599
107,718
25
97,021
11,598
105,069 101,380
40
44
95,839 91,660
11,598 11,598
107,718 103,644
47
25
97, 021 94,134
11, 598 11,658
105,622
24
95,837
11,651
106,609 111,163
271
379
95, 987 99,967
11, 636 11,636
108,982 114,757 110,203 109,302
1,265
400
260
788
97,394 102,239 98,711 98,436
11,629 11,620 11,595 11,595
do.
123,997
133,540
130,076 126,844
133,540 125,517
127,056
129,044 135,084
131,108
137,763 133,932 134,425
do
do
do
34,780
26, 052
78, 770
38,016
25,158
85,590
38,014
26,461
82,072
31,332
23,239
84, 281
38,016
25,158
85,590
35,833
23,411
81,198
36,313
22,916
81,709
35, 950
27,814
83,257
40,297
25,773
83,757
36,114
29,009
85,333
40,872
24,562
86,326
36,748
26,912
86,674
35,591
28,262
87,506
40,928 30.379
23, 953 22,841
87,361 88.380
All member banks of Federal Reserve System,
averages of daily figures
Reserves held, total
mil. $ . . ' 34,989
i 34, 727
R equired
do
1262
Excess
do
i 127
Borrowings from Federal Reserve banks
do
i 148
Free reserves
do
35,136
34,964
172
62
122
34,305
34,116
189
66
155
34,797
34,433
35,136
34,964
172
62
122
36, 290
35,796
494
61
441
34,199
34,234
-35
34,135
33,870
265
110
168
34,613
34,602
11
73
-48
34,732
34,460
272
200
103
34,406
34,293
113
262
-94
35,391
35,043
348
336
72
35,186
34,987
199
1,071
-771
35,156 35,860
34,965 r35,521
191
••339
1,319
634
-331
Reserve bank credit outstanding, total 9 - do
Time loans
do
U.S. Government securities
do
Gold certificate account
do
Liabilities, total 9
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
D e m a n d , adjustedd"
mil. $__
84
301
137,763 133,932 134,425
139,288 128,999 v 133,618
115,972 106,794 109,756
925
'923
1,069
104,715 94,597 96,477
11,595
11,595 11,595
139,288 128,999 v 133,618
30,069
26, 372
91,229
839
'35, 646
193
P35,
p-564
112,124
112,773 106,173
110,999 112,773 109,046 107,755 107,553
109,800 109,343 110,328 110,421 113,266 109,130
113,077 113,231
183,073 181,528 172,695 173,182 170,784
130,287 130,575 123,671 124,769 123,138
6,816
5,814
6,597
6,222
6,041
1,467
1,045
1,385
1,313
1,620
27,430 27,383 25, 238 25, 900 26,323
173,317 185,989 176,016 179,973 182,949 176,535
125,598 132,874 126,871 128,296 130,848 125,685
6,205
"'" 6,678
6,320
6,298
6,079
5,748
4,881 1,083
1,013
1,349
2,777
5,352
22, 780 29,090 25,407 26,049 26,607 25,178
182,852 189,514
131,535 135,815
6,235
6,630
2,707
1,196
27,714 29,389
D e m a n d , total 9
Individuals, partnerships, and corp
State and local governments
U. S. Government
Domestic commercial banks
do_
dodo_
do.
do.
184,174
132,245
6,967
1,386
29,322
181,528 178,639
130,575 126,323
6,336
6,041
2,676
1,620
27,383 28,789
Time, total 9
Individuals, partnerships, and corp.:
Savings
Other time
do-
227,729
231,416 221,646 224,828
231,416 230,446 230,598 234,857
231,856 235,803 237,934 238,498 239,513 241,749
243,106 246, 729
do_
do_
68, 445
115,961
89,473 84,907 86,851
107,545 103,456 105,244
89,473 91,515 92,711 94,998
107,545 105,159 104,540 106,157
94,700 94,412 94,088 94,331 93,598 93,405
104, 251 107,151 109,686 110,461 112,131 113,712
92,844 92,276
114,681 117,672
Loans (adjusted), total cf
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
O ther loans
do_
dodo
do_
do^
do -
285,499
120,661
8,933
27,180
59, 530
87,404
291,495 284,878 290,428 291,495 289, 825 290,042 291,422
116,480 114,619 115,507 116,480 114,771 116,187 116,791
12,327 11,319 12,617 12,327 12,213 11,625 11,682
22,964 23,560
24,540 24,053 23,863 24,540 23,264
63,409 62,869 63, 227 63,409 63,945 64,485 64,974
96,816 92,359 94,157 96,816 95, 291 93, 696 93,940
Investments, total
U.S. Government securities, total
Notes and bonds
O ther securities
do.
do_
do_
do -
100,345
40,178
26,464
60,167
111,452 104, 630 108,501
50,076 44,458 47,615
36,825 33,632 36,089
61,376 60,172 60,886
111,452 107,418 109,504 109,507
50,076 47,615 49,649 49,489
36,825 36,494 39,429 39,730
61,376 59, 803 59,855 60,018
r
Revised.
P Preliminary.
i Average for Dec.
§ Insured unemployment (all programs) data include claims filed under extended duration provisions of regular State laws;
amounts paid under these programs are excluded from State benefits paid data.
ATnsured
unemployment as % of average covered employment in a 12-month period.
9 Includes
data not shown separately.
cf For demand deposits, the term "adjusted" denotes demand
deposits other than domestic commercial bank and U.S. Government, less cash items in
292, 549 298,242 299,724 305,006 305,789
117, 447 117,982 119,439 119,308 119,292
11,966 12, 748 12,296 13,667 12,854
23, 017 23,208 23, 013 22, 461 22, 507
65,432 66,304
7,721 68,958 69,999
93, 538 100;
""1,307
101,205 102,341
111, 176
47, 696
40,099
63, 480
,594 112,249 110,660 111, 345
111,
48,273 48,295 46,726 46,485
39,459 39,153 38,701 38,458
63, 321 63,954 63,934 64,860
316,908 318,767
120,290 123,508 123,573
13,075 12,905 13,167
22, 525 23,188 23,285
71,353 72,490 73,444
101,651 105,016 107,158
111,301
45,713
38,073
65,588
110,989 112,725
44,816 45,659
37,212 37, 468
66,173 67,066
process of collection; for loans, exclusive of loans to and Federal funds transactions with
domestic commercial banks and after deduction of valuation reserves (individual loan items
are shown gross; i.e., before deduction of valuation reserves).
OTotal SMSA's include
some cities and counties not designated as SMSA's.
U Includes Boston, Philadelphia,
c
Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
Corrected.
S-18
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
J ^ S S S IJ>7Aand descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
December 1977
1976
Oct.
' Nov.
1977
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
812.4
557.7
102.8
151.9
819.4
562.1
104.6
152.7
825.5
567.0
105.3
153.2
831.8
574.5
102.9
154.4
840.4
582.4
102.6
155.4
843.1
587.6
99.5
156.0
852.6
597.8
97.2
157.6
866.1
611.2
95.0
159.9
6.00
Nov.
FINANCE—Continued
BANKING-Continued
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates), seas adj.:f
Total loans and investments©
bil $
Loans©
d ' *"
U.S. Government securities..
"do"""
Other securities
— "II"""do"I!
Money and interest rates:§
Bank rates on short-term business loans:
In 35 centers.
percent per annum
New York City
<j0 ""
7 other northeast centers. .
do
8 north central centers...
do""'
7 southeast centers...
do"""
8 southwest centers
""do"""
4 west coast centers
do"""
721.1
496.9
79.4
144.8
784.4
538.9
97.3
148.2
18.65
18.37
18.91
18.54
i 9.01
18.75
18.86
7.52
7.12
7.88
7.48
7.74
7.54
7.80
Discount rate (N.Y.F.R. Bank), end of year or
m o n t h
percent..
771.6
529.6
94.4
147.6
778.8
533.1
95.4
150.3
784.4
538.9
97.3
148.2
786.6
540.9
96.9
148.8
796.4
545.4
101.5
149.5
803.0
551.0
103.6
148.4
7.28
6.88
7.62
7.28
7.51
7.33
7.52
6.00
5.25
5.50
5.43
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.27
5.75
5.80
do....
18.14
17.35
7.15
7.11
7.10
7.03
7.05
6.97
6.85
6.78
6.76
6.75
6.78
6.89
6.95
Home mortgage rates (conventional 1st mortgages) :H
New home purchase (U.S. avg.)
percent..
Existing home purchase (U.S. avg.)
do
18.75
19.01
18.76
18.92
8.85
8.94
8.83
8.91
8.87
8.90
8.82
8.84
8.78
8.80
8.74
8.76
8.73
8.74
8.74
8.75
8.78
8.78
8.81
8.86
8.82
8.86
'8.84
8.85
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
2
2
2
2
6.29
6.32
6.15
8.02
'5.19
2 5.35
2 5.22
5.06
5.22
5.08
7.50
4.90
5.05
4.92
7.50
4.62
4.70
4.56
4.81
4.74
4.64
4.83
4.82
4.75
4.80
4.87
4.77
4.78
4.87
4.81
5.34
5.35
5.13
5.39
5.49
5.38
5.43
5.41
5.38
5.88
5.84
5.71
6.16
6.17
6.04
6.57
6.55
6.41
6.58
6.59
6.49
2 5.838
2 7.55
2 4.989
2 6.94
4.930
6.50
4.810
6.35
4.354
5.96
4.597
6.49
4.662
6.69
4.613
6.73
4.540
6.58
4.942
6.76
5.004
6.58
5.146
6.67
5.500
6.90
5.770
6.92
6.188
7.23
6.160
7.28
164,169
51,413
4,323
5,556
193,328
4,841
6,736
15,060
4,704
363
541
16,813
5,004
387
567
19,588
5,162
382
551
14,051
4,297
272
410
14,571
4,949
322
461
18,899
6,711
453
652
18,733
6,304
493
690
19,275
6,473
445
704
20,765
7,197
496
821
18,801
6,286
484
740
21,314
7,035
540
850
19,298
6,178
454
740
18,784
5,898
464
696
20,428
4,024
25,862
4,783
2,162
417
2,305
431
3,050
505
2,207
454
1,945
417
2,267
467
2,361
446
2,485
472
2,066
506
2,453
2,934
555
2,937
513
2,818
475
do..
do..
do.
do.
156,665
48,406
4,517
4,675
172,795
52,750
4,691
5,151
14,522
4,487
377
470
15,062
4,577
384
436
15,337
4,514
371
452
14,813
4,483
366
443
14,532
4,407
380
438
16,888
5,334
428
509
15,790
4,850
417
498
10,167
4,914
420
512
10,591
5,225
410
529
15,828
4,811
398
509
10,927
5,312
440
553
10,301
4,998
386
530
16,937
5,260
415
525
do
do.
19,208
4,010
24,012
4,552
2,039
379
2,167
401
2,262
407
2,273
429
2,107
404
2,370
472
2,167
426
2,412
418
2,390
424
2,201
428
2,401
441
2,513
418
2,640
429
do.
do.
do.
do.
15,844
4,834
361
549
16,712
5,312
403
622
17,677
5,869
470
624
17,241
5,511
372
571
17,595
5,819
383
577
18,496
6,199
445
648
18,784
6,106
479
668
18,503
0,048
415
636
18,810
6,063
420
680
18,631
5,966
455
671
19,204
6, 158
479
733
19,164
0,109
424
679
19,787
6,083
457
718
do.
do.
2,266
421
2,260
430
2,297
441
2,182
465
2,408
465
2,400
475
2,576
475
2,021
506
2,640
521
2,506
499
2,711
510
2,847
485
2,973
487
...do..
do_.
.do..
do..
14,753
4,500
386
469
15,077
4,630
406
459
15,236
4,667
385
463
15,084
4,712
393
463
15,610
4,801
412
478
15,525
4,816
391
15,886
4,901
414
480
15,849
4,801
421
502
16,388
5,100
380
505
10,107
4,897
397
500
16,553
5,104
424
551
16,814
5,005
392
536
17,160
5,234
413
517
do..
.do..
2,095
383
2,148
403
2,228
415
2,176
421
2,201
420
2,142
422
2,298
415
2,430
402
2,403
431
2,382
459
2,396
450
2,567
430
2,687
430
185,489 184,728
184,766
180,770
189,720
192,828
190,998
60,473
14,421
10,978
07,850
14,447
11,122
09,298
14,521
11,315
70,857
14,540
11,507
72,829
14,027
11,794
74,304
14,713
12,025
76,027
14,812
12,329
77,207
14,880
12,532
77,845
14,929
12,703
12,051
3,504
80,519
12,829
3,551
87,283
Federal intermediate credit bank loans
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent
3-5 year issues
do
8.79
8.83
CONSUMER CREDIT*
(Short- and Intermediate-term)
Installment credit extended and liquidated:
Unadjusted:
Extended, total9
mil. I
Automobile paper
do..
Mobile home
~___dol.
Home improvement
do..
Revolving:
Bank credit card
do
Bank check credit
do
Liquidated, total9
Automobile paper
Mobile home
Home improvement
Revolving:
Bank credit card..
Bank check credit...
Seasonally adjusted:
Extended, total 9
Automobile paper
Mobile home
Home improvement
Revolving:
Bank credit card
Bank check credit
Liquidated, total 9
Automobile paper
Mobile home
Home improvement
Revolving:
Bank credit card
Bank check credit
_
Total installment credit outstanding, end of year or
month
_
mil. $..
By credit type:
Automobile
do
Mobile home
do
Home improvement...
do
Revolving:
Bank credit card
do
Bank check credit
do....
All other
do
185,489
179,487
181,237
55,879
14,423
9,405
66,116
14,572
10,990
65,042
14,559
10,763
65,469
14,561
10,891
66,116
14,572
10,990
65,930
14,479
10,950
9,501
2,810
72, 937
11,351
3,041
79,418
10,425
2,913
75,785
10,563
2,943
76,810
11,351
3,041
79,418
11,285
3,066
79,012
11,123
3,080
78,091
10,020
3,075
79,203
11,215
3,094
80,277
11,287
3,148
81,488
11,503
3,230
82,955
11,754
3,295
83,880
12,227
3,409
85,554
89,393
38,790
30,410
18,378
7,757
89,484
38,868
30,701
17,860
7,852
90,585
39,188
31,448
17,585
7,971
92,377
39,561
31,912
17,734
8,130
93,875
40,127
32,704
17,911
8,211
96,149
40,712
33,750
18,032
8,355
97,794
41,398
34,122
18,137
8,520
100,059 101,564 102,504
41,987 42,333 42,704
35,077 35,779 35,993
18,475 18,725 18,961
8,760
8,894
8,978
By holder:
88,112 89,511
Commercial banks
do.
89,511 87,689
78,667
38,090 38,639
37,779
Finance companies
do_
38,639
35, 994
30,546 29,711 30,053 30,546
Credit unions
do.
25,666
17,335 19,052
16,777
19,052
18,002
Retailers
__do.
7,647
7,531
7,741
7,741
6,626
Others
do.
r
2
Revised.
v Preliminary.
1 Average for year.
Daily average.
©Adjusted to
exclude interbank loans.
§ For bond yields, see p. S-21.
f Beginning Jan. 1959, monthly
d a t a have been revised to reflect new seasonal factors and adjustment to bench marks for the
latest call date (Dec. 31, 1975). Revisions are available from the Federal Reserve Board.
Washington, D . C . 20551.
J D a t a have been revised back to 1970, noninstallment credit
199,971 204,358 207,294 209,141
164,955
is no longer available on a monthly basis. "Personal loans" and "other consumer goods
paper" have been combined to form an "all other" category. Earlier monthly data are
available from the Federal Reserve Board, Washington. D . C . 20551.
11 Beginning Jan.
1973, data have been revised; revisions for Jan. 1973-April 1975 will be shown later.
9 Includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
1975
Unless otherwise stated in footnotes below, data
J!?rO,Untt 1 9 7 4 a n d descri Pt»ve notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
Annual
S-19
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net)
Budget surplus or deficit (—)
...mil. $.. 280,997
do
>326,105
.do
-45,108
Budget fin ancin g, total
Borrowing from the public.
Reduction in cash balances
do
do
do
Gross amount of debt outstanding
do
Held by the public.
do
Budget receipts by source and outlays by agency:
Receipts (net), total
.mil. $..
Individual income taxes (net)
do
Corporation income taxes (net)_.
...do
Social insurance taxes and contributions (net)
mil. $_.
Other
do....
'45,108
50,853
1-5,745
1
544,131
396,906
299,197 21,018
25,694
29,954
24,817
29,471
24,182
365,648 34,000
33,079
34,292
31,890 32,617
30,735
-66,451 -12,981 - 7 , 3 8 5 - 2 , 4 1 9 - 2 , 6 6 4 - 6 , 5 5 4 - 9 , 4 7 5
1
66,451
82, 913
-16,462
1
7,385
6,738
647
2,419
6,306
-3,887
2,664
3,157
-493
631,385 549,276 556,282 564,794 664,852
479,819 502,713 509,451 15,757 "18,914
280,997 '299.197
122,386
130,795
* 40,621 41,409
1
12,981
4,386
8,595
6,554
9,118
-2,564
9,475
5,351
4,124
.74, 280 50,141
.28,033 533,383
39,832 27,549
35,363 33,592
4,469 - 6 , 0 4 3
43,075 24,952 29, 676
32,881 33, 630 34, 720
10,194 - 8 , 6 7 8 - 5 , 0 4 4
-4,469
1,206
-5,675
10,194
5,044 - 1 , 5 4 5
;, 678
518 - 1 , 8 0 3
7,780 10,024
10,712 10,481 - 2 , 7 3 6 -11,569
6,043
-2,871
8,914
36,642
35,097
1,545
681,905 32,965 585, 249 384, 592 695,48-5
534,590 531,719 >32, 237 534, 039 541,819
'09,138
>51,843
21,018
11,095
1,027
25,694
12,530
29,471
12,662
7,633
29,954
18,085
1,694
24,182
8,370
948
24,817
5,777
8,719
39,832
18,476
7,974
27,549
9,289
1,096
43,075
17,949
14,379
24,952
12,438
1,538
29,676
12,725
809
36,642
17,327
8,376
86,441
31,549
92,714
34,281
6,199
2,697
9,432
3,032
6,207
2,969
7, 320
2, 853
10,764
4,099
7,413
2,908
10,703
2,678
14,203
2,961
3,052
7,961
3,016
12, 958
3,185
7,828
3,112
Outlays, total 9
do
1326,105
Agriculture Department.
do
i 9,725
Defense Department, military
do
i 85,420
Health, Education, and Welfare Department
mil. $.. 112,411
i 41,177
Treasury Department
.do
i 3,267
National Aeronautics and Space Adm
do
1
16,575
Veterans Administration.
do
365,648
12, 796
88,036
34,000
982
7,244
33,079
1,875
7,820
31,890
1,165
8,305
32,617
1, 372
8, 004
30,735
1,286
7,907
34,292
1,705
8,146
35,363
1,825
7,745
33,592
1,102
7,954
32,881
1,316
8,364
33, 630
965
8,317
34,720
1,674
7,851
35,097
1,471
8,094
128,785
i 43,527
»3,670
i 18,415
11,635
4,743
368
1,382
11,983
3,286
359
1,723
11,968
6,256
345
1,459
11. 918
4, 666
275
1, 640
12,136
2,889
321
1,574
12,458
2,736
352
1,611
12,318
5,012
322
1,683
12,311
3,053
309
1,649
12,434
6,031
314
1,218
12,387
4,930
299
1,334
12,961
3,113
3.55
1,417
12,944
2,970
324
1,329
1
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates :f
Federal Government receipts, totalt
bil. $-.
332.3
344.5
364.9
371.2
373.2
Personal tax and nontax receipts
do
Corporate profit tax accruals
do
Indirect business tax and nontax accruals-do
Contributions for social insurance
do
125.6
43.1
24.0
94.2
147.3
55.9
23.4
105.7
157.1
55.1
23.8
108.4
170.0
55.4
24.2
115.4
168.6
59.!
24.6
118.1
168.6
' 59. 5
r 25. 4
119.7
Federal Government expenditures, totalf..do
357.1
386.3
400.4
403.7
411.5
432.1
123.3
83.9
130.1
86.8
134.2
88.4
136.3
89.7
143.6
93.4
148.1
149.1
54.6
23.3
162.0
61.0
27.2
166.3
65.5
28.5
170.7
62.0
28.6
169.3
63.6
29.1
174.8
•"72.7
29.4
6.7
5.9
6.0
6.1
5.9
7.2
.0
.0
.0
do
-70.2
-54.0
-55.9
Institute of Life Insurance:
Assets, total, all U.S. life insurance cos
Government securities
Corporate securities.
Mortgage loans, total
Nonfarm
bil. $.
._ .do
_ .do
do...
do
289.30
15.18
133.90
89.17
82.41
321. 55
20.26
154.93
91.55
84.13
314.84
20.20
151.10
90.29
83.07
317.50
20.66
152.11
90.79
83.50
321.55
20. 26
154.93
91.55
84.13
322.49
19.75
157. 26
91.62
84.19
324.16
20.12
158.38
91.65
84.13
326. 75
20.98
158. 70
91.79
84.15
328.79
21.03
160.29
92.20
84.38
331.03
21.08
161.52
92.36
84.43
334.39
21.25
164.19
92.85
84.71
336. 65
21. 64
165. 78
93.11
84.87
338. 96
21.98
166.94
93. 33
85.00
341.38
22.54
167. 58
94.07
85.60
Real estate.
Policy loans and premium notes
Cash..
Other assets
do.
do.
do.
do.
9.62
24.47
1.92
15.05
10.48
25.83
2.00
16.50
10.23
25.59
.91
16.50
10.24
25.70
1.17
16.82
10.48
25.83
2.00
16.50
10.55
25.92
1.51
15.88
10.63
26.05
1.37
15.96
10.74
26.21
1.56
16.75
10.80
26.36
1.48
16.63
10.82
26.50
1.62
17.12
10.90
26.66
1.56
16.98
10.90
26.78
1.50
16.95
10.93
26. 9,5
1.60
17.24
10.93
27.09
1.60
17.57
2 288,857
185,779
2 96,349
6,729
319,653
219,336
103,940
6,378
24,409
17,720
6,171
518
27,619
18,394
8,718
507
39,803
21,973
17,350
480
26,002
15, 970
9,534
498
24,722
17,114
7,114
494
30,116
20,858
8,649
609
26,722
19,400
6,786
536
27,414
20,115
6,717
582
30,990
21,024
9,430
536
27,191
17,833
8,624
734
29,9G1
20,418
9,036
507
33,217
19,689
13,020
508
29, 396
20, 750
8,088
558
11,599
93
458,853
456,638
11,598
331
347,516
331,017
11,598
85
75,341
27,258
11,598
11,650
39
65,292
23,349
11, 636
33
5,898
25,981
11,636
-11
1,908
23, 716
11,629
61
67,104
28,825
11,620 11,595
5
37
27,107 245, 864
99,552 26,458
11,595
62
96,536
42, 507
11, 595
44
7,456
88,226
11,595
85
8,395
23,134
11,598 11,658
43
71
52,805 142,509
33,933 30,384
960.9
68.7
962.4
65.2
83.2
5.7
81.1
6.1
73.5
5.8
72.6
5.8
78.5
6.4
78.5
5.7
79.0
G.9
80.2
5.9
81.1
6.0
83.2
84.4
5.5
80.2
5,367
36,458
4.409
6,987
23,672
4.535
3,557
41,854
4.842
6,714
31,170
4.777
4,629
25,796
4.692
4,632
30,236
4.443
14,562
17,886
4.498
7,824
31, 290
4.444
10,088
31,776
4.539
4,565
26,395
c 4. 763
1,054
2,267
1,982
1,481
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 (—)..
-38.8
.0
.0
-40.3
—58.9
LIFE INSURANCE
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance):
Value, estimated total
mil. $.
Ordinary (incl. mass-marketed ord.)_.-do...
Group
do...
Industrial
do...
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)...mil. $.
Net release from earmark§
do
Exports._
thous. $.
Imports
do.._
Production :1f
South Africa
Canada.
_.
.mil. I
do.
75.2
6.3
Silver:
Exports
. .
.
thous. $ r 147,568
61,434
2,601 2,912 5,304
Imports
do
330,556 325,252 23,249 31,533 38,765
Price at New York
dol. per fine o z . .
4.419
4.353
4.225
4.369
4.348
Production:
United States
...thous. fine oz..
36,627
26,708
2,104 2,430
4,388
r
J
Revised.
v Preliminary.
Data shown in 1975 and 1976 annual columns are for
fiscal years ending June 30 of the respective years; they include revisions not distributed
to months.
* includes $1,694 mil. Vets group life ins.
9 Includes data for items not
shown separately.
2,085
2,026
1,644
2,169
2,44G
2,800
4.828
tData have been revised back to 1946 (see table 3.2 in the Jan. 1976 and July 1977 SURVEYS
for earlier data).
§Or increase in earmarked gold (—).
^Valued at $38 per fine ounce from Jan. 1972-Sept.
c
1973; at $42.22 thereafter.
Corrected.
S-20
December 1977
SUEVEY OF CURRENT BUSINESS
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
Annual
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FINANCE—Continued
MONETARY STATISTICS—Continued
Currency in circulation (end of period)
_bil. $..
Money supply and related data (avg. of daily
Unadjusted for seasonal variation:
Total money supply
Currency outside banks
Demand deposits
Time deposits adjusted^
U.S. Government demand depositsU
fig.): ©
Adjusted for seasonal variation:
Total money supply
Currency outside banks
D em and deposits
Time deposits adjustedif
bil. $_
.do...
do
do.
do._-
6.5
93.7
90.3
3.0
93.7
91.2
91.7
93.4
94.0
95.6
96.7
97.0
97.9
97.8
98.9
289.5
71.0
218.5
436.1
3.7
304.2
77.8
226.5
468.0
4.2
309.3
79.6
229.7
477.8
4.0
312.3
80.7
231.6
480.5
4.2
321.3
82.0
239.3
488.2
4.7
319.7
80.5
239.2
494.6
4.2
309.9
80.8
229.1
498.6
4.4
312.4
81.6
230.9
504.6
4.5
322.3
82.8
239.6
507.7
5.6
315.5
83.4
232.1
511.8
3.8
321.4
84.2
237.1
516.1
5.2
372.2
85.7
241.4
519.6
3.9
325. 2
85.8
239.3
523.7
3.7
328.2
86.1
242.1
526.1
5.4
332.5
86.9
245.6
532.2
4.1
P335.3
88.4
246.9
536.2
3.8
310.4
79.8
230.6
477.8
310.4
80.2
230.2
484.2
312.4
80.5
231.9
491.1
313. 8
81.1
232.7
495.6
314.0
81.8
232.1
500.0
315.4
82.2
233.2
502.8
320.5
83.1
237.4
505.7
320.7
83.6
237.1
509.2
321.9
84.0
238.0
514.8
326.8
85.1
241. 7
519.5
328.4
85.5
242.9
522.5
330.4
86.4
244.0
525.8
333.7
87.1
246.6
532.2
333.2
87.8
245.5
540.3
3,636
1,101
v 3,135
p 1,249
do.
do.
do _
do.
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMSA's)©. .ratio of debits to deposits
New York SMSA
do .
128.3
335.0
143.9
391.9
146.4
416.2
147.3
395.1
153.5
419.8
154.3
443.5
153.3
437.3
155.2
436.0
158.2
465.2
160.2
474.9
160.6
452.1
82.9
119.1
68.8
90.7
129.4
75.7
89.7
126.6
75.5
93.2
131.7
78.4
97.0
136.9
81.7
94.6
133.9
79.4
93.8
129.9
79.9
97.3
135.2
82.5
96.8
134.7
82.1
97.7
139.8
81.7
100.8
135.9
87.7
49,135
5,154
409
1,801
6,703
64,519
5,826
809
2,270
7,610
15,575
1,314
133
471
1,630
15,584
1,164
168
482
1,934
19,722
1,573
168
618
2,248
16,753
1,383
236
568
2,004
Petroleum and coal products
do
Stone, clay, and glass products
do
Primary nonferrous metal
.do
Primary iron and steel
do
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil. $..
9,307
2,280
11,725
1,447
913
2,085
2,963
344
190
468
2,999
160
258
204
3,057
542
364
520
3,092
577
181
-250
2,523
3,196
681
726
1,040
Machinery (except electrical)
Elec. machinery, equip., and supplies
6,311
2,564
7,889
4,073
2,041
1,200
1,937
1,055
2,401
1,434
2,241
1,332
1,039
1,737
7,481
1,687
5,099
401
1,284
2,455
446
1,655
2,396
583
2,003
3,171
518
939
3,004
19,968
22,763
6,582
6,049
6,537
6,209
Total 232 SMSA's (except N.Y.)
6 other leading SMSA'scf
226 other SMSA's
do.
do
..do.
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade Comm.):
Net profit after taxes, all industries
..mil. $_.
Food and kindred products
do
Textile mill products
...do
Paper and allied products
do
Chemicals an d allied products
do
do
do
Transportation equipment (except motor
vehicles, etc.)
mil. $_.
Motor vehicles and equipment
do
All other manufacturing industries
do
Dividends paid (cash), all industries
do
SECURITIES ISSUED
Securities and Exchange Commission:!
Estimated gross proceeds, total
By type of security:
Bonds and notes, corporate
Common stock
Preferred stock
By type of issuer:
Corporate, total9
Manufacturing
Extractive (mining)
Public utility
.
Transportation
Communication
Financial and real estate
State and municipal issues (Bond Buyer):
Long-term
Short-term
_
mil. $..
!
56,131
57,647
4,445
4,175
6,456
3,908
3,137
6,314
3,312
4,111
5,954
4,076
3,336
do
41,664
41,070
3,236
2,614
5,290
3,002
1,833
4,644
2,721
2,604
4,064
3,158
2,615
do
do
7,413
3,458
8,305
2,789
673
276
408
282
612
308
499
103
692
128
675
520
428
163
1,036
212
703
332
368
327
379
178
.mil. $.. 52,539
do
18,651
do
1,628
do
15,894
52,161
15,479
1,771
14,395
4,185
1,349
18
1,414
3,304
510
104
1,327
6,210
2,385
275
1,156
3,604
906
206
986
2,653
743
172
435
5,839
1,125
154
1,598
3,852
652
133
1,612
5,099
1,182
399
1,466
3,853
1,309
3,172
966
296
497
2,634
4,464
3,596
3,561
10,229
130
155
112
190
754
462
196
1,217
36
50
1
557
477
317
808
1,462
3,312
1,348
147
774
100
334
529
129
294
928
128
416
1,144
••231
195
45
1,092
29,326
28,973
33, 845
21, 905
3,520
1,244
3,249
1,510
2,333
1,126
3,371
1,363
3,136
1,324
4,026
1,506
3,448
5,000
4,237
1,334
5,668
2,294
• 3,107
1,417
3,997
1,398
3,787
2,223
9,301
8,469
832
9,523
8,679
844
9,701
8,891
810
9,885
9,078
807
10,068
9,267
801
10,255
9,432
10,490
9,667
823
10,592
9,763
829
10,617
9, 793
196
do
do . .
do
do
do
'277
1,150
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers and banks, end of month,
1
9,011
8,772
9,011
8,640
total...
mil. $._ 6,500
»5,540
8,166
8,166
7,704
7,790
At brokers
do
i960
845
845
850
1,068
At banks
do
Free credit balances at brokers:
585
U75
615
585
611
Margin accounts
do
1,855
1,855
1,740
1,580
Cash accounts
d o . . . . * 1,525
r
2
Revised.
J> Preliminary.
* End of year.
Beginning Jan. 1973, does not include
noncorporate bonds and notes formerly included.
©Effective February 1976 SURVEY,
data revised to reflect: Annual review of seasonal factors; regular benchmark adjustment;
effect of changes in check collection procedures (Regulation J); and adjustments to include
new figures from internationally oriented banking institutions. Monthly revisions back to
1970 are in the Feb. 1976 Federal Reserve Bulletin.
600
605
600
595
625
605
645
015
605
1,745
1,745
1,860
1,805
1,720
1,710
1,815
1,715
1,930
11 At all commercial banks.
©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.
§ Data revised back to 1973; no monthly revisions for 1973-7o are
available.
9 Includes data not shown separately.
SUEVEY OF CURRENT BUSINESS
December 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
t h e 1975 edition of B U S I N E S S S T A T I S T I C S
1975
1976
Annual
S-21
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Compositecf
dol. per $100 bond._
Domestic municipal (15 bonds).
do
59.5
58.0
72.5
59.1
76.3
59.2
76.4
61.3
80.0
60.3
79.9
59.4
79.3
59.1
79.3
59.4
80.8
59.2
80.5
60.1
81.6
60.0
81.9
60.1
82.4
60.4
83.3
'81.2
59.2
83.2
58.96
59.93
60.21
62.05
59.73
56.23
55.83
56.31
56.06
57.38
57.48
57.30
57.77
56.68
56.24
,178.34
,262.11
365.41
387.33
519.59
495.77
366.81
412.69
347.46
390.74
450.47
365.10
391.43
335.65
335.80
353.57
.percent..
9.57
9.01
8.71
8.66
8.47
8.41
8.48
8.51
8.49
8.47
8.38
8.33
8.34
8.31
8.42
8.48
do
do
do
do
8.83
9.17
9.65
10.61
8.43
8.75
9.09
9.75
8.32
8.48
8.73
9.29
8.25
8.46
8.69
9.23
7.98
8.24
8.53
9.12
7.96
8.16
8.45
9.08
8.04
8.26
8.49
9.12
8.10
8.28
8.55
9.12
8.04
8.28
8.55
9.07
8.05
8.28
8.55
9.01
7.95
8.19
8.46
8.91
7.94
8.12
8.40
8.87
7.98
8.17
8.40
8.82
7.92
8.15
8.37
8.80
8.04
8.26
8.48
8.89
8.08
8.34
8.56
8.95
Industrials.
.
Public utilities
...
_
Railroads
Domestic municipal:
Bond Buyer (20 bonds)
. . .
Standard & Poor's Corp. (15 bonds).
do
do
do
9.25
9.88
9.39
8.84
9.17
8.85
8.58
8.83
8.54
8.54
8.77
8.48
8.33
8.61
8.39
8.24
8.59
8.27
8.33
8.63
8.26
8.36
8.66
8.26
8.32
8.65
8.17
8.30
8.64
8.12
8.23
8.53
8.06
8.18
8.48
8.02
8.21
8.47
8.05
8.19
8.43
8.03
8.27
8.56
8.07
8.36
8.61
8.10
do
do
7.08
6.89
6.56
6.49
6.33
6.06
6.03
6.05
5.83
5.69
5.93
5.70
5.92
5.75
5.85
5.76
5.68
5.61
5.72
5.64
5.56
5.53
5.62
5.50
5.54
5.46
5.51
5.37
5.55
5.53
5.47
5.38
U.S. Treasury bonds, taxable 0.__
do
6.78
6.65
6.62
6.39
6.68
7.15
7.20
7.14
7.17
6.99
6.97
7.00
6.94
7.08
7.14
7.58
7.62
7.67
U.S. Treasury bonds, taxableif- ___
56.2
68.9
do
Sales:
57.44
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
. _
mil. $_.
Face value
do
0,705.85
9,345.90
New York Stock Exchange:
Market value
do
9 070 20
Face value
do
0 302 08
New York Stock Exchange, exclusive of some
stopped sales face value total
mil $
Yields:
Domestic corporate (Moody's)§...
By rating:
Aaa
Aa
A
Baa
By group:
.
Stocks
Dividend rates, prices, yeilds, 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
6.98
0)
Price per share, end of mo., composite _. _do ..
Industrials
do
Public utilities
do
Railroads
do_._
<•>
Yields. COmDOSite
nprppnt
Industrials
do
Public utilities
do...
Railroads
do
N.Y. banks
do
Property and casualty insurance cos
do...
(«)
Earnings per share (indust., qrtly. at ann. rate;
pub.util.andRR.,forl2mo.endingeachqtr.):
Indust rials
dollars
Public utilities
" do
Railroads
do
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
. percent
0)
8.36
8.06
7.80
7.80
7.70
7.54
7.55
7.56
7.60
7.63
7.62
7.51
247.25
802.49
79.81
163.39
303.91
974.92
92.28
214.03
300.04
951.95
97.33
208.18
303.03
944. 58
99.59
217. 63
317. 03
976.86
105. 33
232.43
317. 79
970.62
108.88
232.67
308.93
941. 77
107.49
227.29
309. 63
946.11
106. 48
225.94
308.71
929.10
107.71
231.00
312. 74
926.31
110.49
240. 75
311.38
916.56
113.63
237.48
311.20
908.20
117.11
236.39
296.
872.
113.
219.
79
26
34
46
291.30
853.30
112. 37
215.34
283.38
823.96
111.76
209.30
284. 77
828.51
110.85
212. 22
86.16
96.56
94.63
81.18
102.01
114.35
115.52
92.73
101.89
114.03
113.16
92.34
101.19
112.96
111.33
90.98
104. 66
116. 33
114.30
92.90
103.81
115.17
113.12
91.21
100.96
112.14
110.71
87.93
100.57
111.88
111.52
86.85
99.05
109.89
110.76
84.03
98.76
109.10
109.28
83.43
99.29
109.46
108.17
84.36
100.18
110.12
107.69
85.21
97.75
107. 50
105. 52
85.13
96.23
105.94
102.76
85.20
93.74
103.18
99.79
83.15
94.28
103. 71
100.76
83.90
48.16
Utilities (40 Stocks)..
do
41.17
Transportation (20 Stocks)* .
1970= i6
45.87
Railroads (10 Stocks)
1941-43=10
37.48
Financial (40 Stocks)* .
1970=10
NewYorkCitybanks(6Stocksj_l941-43=10- "~5_..~48 ""52."i4
97.96
Banks outside N.Y.C. (10 Stocks)
do.
80.52
105.01
Property-Casualty Insurance (6 Stocks)-do
88.72
50.18
13.58
44.89
11.53
49.40
94.65
113.33
50.55
13.99
46.93
11.58
47.73
94.88
113. 66
53.01
14.97
50.48
12.42
51.25
106. 37
119.40
54.01
14.85
50.24
12.30
53.49
107. 79
115.06
52.88
14.12
49.27
11.75
51.20
102.44
109.29
52.14
14.08
50.21
11.57
49.34
100.68
107.00
52.57
14.38
52.83
11.41
47.94
97.47
108.19
53.68
15.00
54.14
11.59
47.63
96.14
117.06
55.29
14.82
53.06
11.74
47.61
95.30
121.39
56.95
14.68
53.12
12.11
50.04
98.88
121.13
55.42
13.74
49.19
11.95
48.39
' 99. 68
114. 79
54.61
13.45
48.11
11.61
45.84
97.22
111. 00
54.26
12.97
46.23
11.09
42.36
94.40
106.53
54.46
13.23
46.44
11.25
42.57
94.92
109.22
Prices:
Dow-Jones averages (65 stocks) _
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation: d1
Combined index (500 Stocks) . .
Industrial, total (400 Stocks) 9
Capital goods (111 Stocks)
Consumer goods (189 Stocks)
1941-43=10
do
do
do
M I 1 ! 6 ^ ? 6 ^ , 1 N o l o n g e r available.
§ Revised yields by rating for Jan. 1974-Nov. 1976
will be shown later.
cf Number of issues represents number currently used; the change in number does not
affect continuity of the series,
sumed 3 percent 20-year bond.
7.55
If Prices are derived from average yields on basis of an asO For bonds due or callable in 10 years or more.
9 Includes data not shown separately.
* New series.
S-22
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
December 1977
1977
1976
Nov.
Oct.
Dec.
Jan.
Mar.
Feb.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—Continued
New York Stock Exchange common stock indexes:
Composite
12/31/65=50..
In dust rial
do
Transportation
do
Utility
do
Finance
do
45.73
50. 52
31.10
31.50
47.14
Sales:
Total on all registered exchanges (SEC):
Market value
mil. $.. 157,260
6,221
Shares sold
millions..
On New York Stock Exchange:
Market value
mil. $_. 133,684
5,051
Shares sold (cleared or settled)
millions..
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
4,693
(sales effected)—
millions..
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $..
Number of shares listed
millions..
685.11
22,478
54.46
60.44
39. 57
36.97
52.94
54.43
60.07
38.37
38.33
52.74
54.17
59.45
39.28
38.85
53.25
56.34
61.54
41.77
40.61
57.45
56. 28
61. 26
41.93
41.13
57.86
54.93
59.65
40.59
40.86
55.65
54.67
59. 56
40.52
40.18
54.84
53.92
58.47
41.51
40.24
54.30
53.96
58.13
43.25
41.14
54.80
54.30
58.44
43.29
41.59
55.29
54.94
58.90
43.52
42.44
57.29
53.51
57.30
41.04
41.50
56.52
52.66
56.41
39.99
40.93
55.33
194,969
15,158
507
12,983
504
18,759
685
17,436
647
15, 794
575
15,890
579
15,645
554
15,949
569
15,619
617
16,635
610
15,754
617
164,545 12,736
» 5, 649
408
11,089
413
15, 692
541
14,526
509
13, 309
457
13, 223
453
12,884
429
13,370
454
13,244
504
13, 779 13,411
507
483
13, 673
958
11,378
404
484
5,360
361
381
535
502
398
435
403
426
858. 30
24,500
809.44
24,212
810.81
24,354
858. 30
24,500
822.53
24,532
802. 50
24,612
795. 83
24, 681
800.08
24,787
788. 31
25,092
51.37
54.99
38.33
40.38
53.24
51.87
55.62
39.30
40.33
54.04
414
495
828. 46 815.74 799.18 798. 95 766.20
25,428 25, 668 25, 733 25,875 25,913
793.99
26,000
450
433
384
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports, totals
Excl. Dept. of Defense shipments
Seasonally adj usted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
0,784.9
192.7
14,802.3 10,079.8 9.086.7
9,697." ,593.6
.0,870.8
.0,397.1
975.9
598.9
1,052.3 0,546.0 0,866.4 0,254.9 508.5
403.7 LI,044.5 0,540.5 0,861.3 0,251.9 505.3
807.8 L0,071.6 i,970.2 0,394.6 0,112.3 0,149.8
510.3
417.0
471.9
!,571.6 !, 400. 2 710.2
235. 3 267.1
218.2
\, 356.1 1,097.7 i, 564. 8
371.2
430.5
195.5
922.1
413.0
367.5
238.8
140.9
:, 070.3
662.4
742.7
!, 053. 8
778.2
906.3
891.4
562.5
619.4
, 012.8 !,500.4
584.8
730.5
650.8
717.9
66.1
100.4
55.9
103.5
64.9
113. 5
60.2
88.7
76.8
128.9
394.3
535.6
182.3
107.2
41.7
47.6
195.5
79.7
25.1
47.8
224.1
80.3
28.7
46.9
161.1
57.1
23.5
44.2
810.1 1,036.0
818.6
831.5
9,562.7 .0,143.9
87.7
99.4
897.1
55.7
61.7
915.3
92.9
54.5
894.8
3,448.9
354.2
285.0
64.9
8.1
6.9
3.6
5, 729.8
608.9
576.1
3, 068. 4
2, 308. 2
4,798. 5
306.7
122.1
469.7
269.0
174.2
381.6
do
do
07,130.4
do
do
do
do
4,948.9 5,205.9
28,223.2 29,731.2
2,339.5 2,689.9
32,731.8 35,902.9
Northern North America
Southern North America
South America
do..
do.
do.
21,752.4 !4,113.5 1,075.9
638.8
8,288.1 8,367.7
8,802.6 8,600. 5 698.3
By leading countries:
Africa:
Egypt
Republic of South Africa
do.
do
1, 302. 4
810.0
1,347.8
do
do.
do.
do.
1,835.0
1,289.7
372.0
393.4
2,199.2
1,134.7
Asia; Australia and Oceania:
Australia, including New Guinea.
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
do.
do.
do.
Europe:
France
do— 3,031.0
German Democratic Republic (formerly E.
Germany)
mil. $.
17.3
Federal Republic of Germany (formerly W.
Germany)
mil. $. _ 5,194.1
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
Latin American Republics, total 9
Argentina
Brazil
Chile
Colombia
Mexico
Venezuela
Exportsof U.S. merchandise, totald*
Excluding military grant-aid
Agricultural products, total
Nonagricultural products, total
do.
do
do-
2,866.9
1,834.6
4,527.4
do.
21,743.9 24,108.9 2,075.4
15,655.0 15,492.1 1,219.3
39.6
543.7
628.3
200.8
3,056. 2 2,809.1
62.8
507.7
533.4
54.4
702.7
643.0
367.4
5,141.3 4,989.5
234.8
2,627.8
2,243. 3
106,102.1 113,318.5 9,928.9
105,641.0 113,128.4 9.924.6
21,885.7 22,996. 3 2.250.7
84,216.5 90,326.8 7,679.0
do..
do..
do..
do..
do..
do.
do .
do-._
do...
do...
do.. .
>,408.7
14,992.4 i0,084.2 ',691.9
mil. $_. 07,591.6
881.9
0,361.7 9,312.1
879.0
562.7
0,358.1 ,309.5
0,915.9 9,190.0
486.7
413.4
541.6
577.5 !, 413.1 I, 526. 6
244.8
249. 6
278.2
745.3 !, 434. 2 :, 009.4
523.7
1,963.5
222.3
:, 260.2
458.9
679.5
215.0
087.9
!, 260.7
687.1
772.0
!, 438.5
674. 5
748.4
, 322. 8 ,817.8
794.8
708.2
817.6
765.3
768.3
737.3
818.9
:, 145. 2
809.2
, 021.1
121.3
91.5
104.9
87.9
102.3
95.4
73.9
76.3
101.6
87.8
65.5
82.8
78.4
84.0
199.5
39.9
14.1
40.5
202.2
74.3
31.9
41.8
201.1
39.4
35.7
44.5
180.6
87.1
48.3
38.8
181.6
94.3
21.4
37.4
202.3
62.7
38.1
45.1
210.3
46.3
16.5
45.2
233.2
48.7
14.8
49.0
57.5
58.2
899.2
58.7
78.3
914.3
72.9
71.0
976.9
64.9
61.7
859.7
56.5
69.8
901.7
77.4
83.3
814.0
65.9
69.2
871.6
53.3
88.2
787.4
51.8
88.8
801.9
271.8
317.7
333.3
319.6
311.8
287.5
247.2
245.6
321.4
4.2
4.3
4.8
.6
2.1
.9
4.5
1.3
.3
606.2
471.4
484.6
543.2
539.8
550.1
523.8
448.9
428.5
501.9
277.0
172.4
454.0
229.3
179.6
411.3
255.1
196.0
446.5
307.9
223.6
485.9
289.8
239.8
460.9
254.9
104.9
456.3
227.7
107.5
568.9
182.5
91.4
465.7
169.9
48.4
382.4
208.1
88.8
440.0
525.9
483.6
', 825.0 :, 698.5
245.2
241.2
i, 507. 3 i, 358.2
2,070. 0 2,053. 7 1,891.2 2,012.7 2,500.1 2,260.3 2,438.1 2, 322. 5 1,817.6 1,768.1 2,144.8
1, 267. 5 1,543. 7 1,063. 2 1,113.1 1,320.5 1,326.8 1,305.7 1, 340. 6 1,486.9
38.1
55.2
65.2
46.5
78.9
102.5
52.5
51.7
57.2
195.1
182.4
225.1
177.1
174.8
221.1
210.9
211.9
233.9
30.1
48.6
40.0
46.1
34.3
58.7
46.2
42.6
35.8
46.8
76.4
60.8
43.1
63.4
85.5
67.7
56. 6
61.5
312.1
408.9
477.6
294.1
371.8
436.6
373.0
358.1
361. 3
223.6
240.8
288.3
205.0
272.1
278.1
247.6
265.7
250.6
9,539.4 10,596.3 8,834.3 9,275.7 10,857. 10,348.1 10,674.0 10,040.1 9,347. 6
9,534.2 10,592.3 8,817.6 9,270.7 10,849. 10,342.6 10,669.0 10,037.1 9, 344.4
2,120.9 2,081.4 1,906.8 2,045.9 2,293. 2,208.9 2,199.4 1,882.1 1,748.9
7,414.0 8,528.6 6,927. 5 7,229.9 8,564. 8,139.3 8,474.7 8,158. 0 7,598. 8
1,419. 4 1,676.1
59.5
65. 6
317. 8
218.8
45.1
50.7
85.2
64.6
418.2
408. 6
354.4
259.6
8,708. 6
8,705."
1,541.
7,167. 0
10,148. i
10,144.
1,733.8
8, 414. 2
By commodity groups and principal commodities:
;5.3
1,299. 2 1,220.8 1,077.0 1,114.1 1,287.7 1,232.6 1,232.2 1,145. 9 1,161.9 1,138. 4 1, 244.3
Food and live animals 9
mil. $. 15, 484. 3 15,710.1 1,515.8
60.7
54.4
75.3
65.4
67.5
67.0
62.6
69.0
78.0
63.5
69.2
64.9
798.0
527. 7
Meats and preparations (incl. poultry).do...
741.6
679.4
777.7
684.0
801.9
725.1
718.3
70.8
755.7
852.7
780.1
Grains and cereal preparations
do... 11,641.7 10,910.9 1,046.0
133.7
67.3
201.8
166.3
157.2
156.6
155. 6
142.5
149.8
128.8
126.5
112.0
191.9
1,523.5
1,
308.4
Beverages and tobacco
do...
1,188.2
1,040.8
1,241.8
1308.2 1,310.8 1,051.0
908.7.
686.2
798.9 1,017.0
908.
Crude materials, inedible, exc. fuels 9
do... 9, 783. 6 10,890.7 1,049.5 1,118.2 1,101.9
181.5
126.2
! ^ - 3 '189.4
143.0 167.5 98.4
98.4
61.6 67.0
130.4
1304
80.7
991." 1,048."
Cotton, raw, excl. linters and waste
do...
433.9
369.2
223. 3 133.4 113.6
455.1
528.1
294.8
223.3
386.3
401.8
448.7
518.4
3,315.4
2,865.
Soybeans, exc. canned or prepared
do...
73.
93.5
125.0
94-6
101.4 110.6 140.6 125.0
89.5 104.5
104.
102.8
100.
Metal ores, concentrates, and scrap
do... 1,355.2 1, 284.5
T
cipal commodities, because of revisions to the totals not reflected in the component items.
Revised.
* Annual total reflects revisions not distributed to the monthly data.
9 Includes data not shown separately.
cf Data may not equal the sum of the geographic regions, or commodity groups and prin-
December 1977
UJb UUltJKJiiJN JL -DUSJJNJi
sun
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1975
1976
Oct.
Annual
S-23
Nov.
1977
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
397.8
258.8
108.8
333.6
206.7
109.2
401.4
259.7
134.1
366.2
FOREIGN TRADE OF THE UNITED STATES—Continued
.
— —
VALUE OF EXPORTS—Continued
Exports of U.S. merchandise—Continued
By commodity groups and principal commodities—Continued
Mineral fuels, lubricants, etc. 9
mil. $..
do
"Pptrolpmn and Drodlicts
Animal and vegetable oils, fats, waxes.
4,469. 5
3,343.0
D07.9
217.3
122.3
80.7
267.8
158.3
97.9
290.4
180.6
101.0
397.3
280.9
97.3
432.3
284.3
134.1
398.1
295.5
98.3
978.1
83.1
79.0
94.8
77.3
94.8
134.5
106.1
127.3
122.5
129.3
106.6
108.3
99.8
do
9, 958. 7
815.4
829.3
928.9
809.3
910.0
943.1
903.3
918.8
918.9
958.0
883.2
,062.4
740.9
do
do _
10,919.2
1,624.5
2,457.0
1,090.0
11,206.1
1,970.0
1,906.2
1,088.4
906.7
174.4
140.5
97.0
904.8
170.5
147.6
92.0
996.4
178.9
167.9
95.7
871.0
159.5
130.1
87.3
926.0 1,035.7 1,003.9 1,002.1
185.6
170.7
175.7
164.3
140.6
147.1
157.3
139.1
79.9
95.0
103.8
100.4
981.6
169.6
139.5
93.4
890.8
156.9
132.0
87.0
862.4
140.0
133.7
80.2
, 054.3
194.8
152.7
97.2
779.0
TVTi^ppll^TiPons manufactured articles
do
Commodities not classified
361.1
234.0
110.0
943.8
do
do
do
do
do
do . . .
do
Construction exc&v and. mining
379.1
270.3
88.8
8, 691. 2
do
TYansnort 60UiDm6nt total
IVTotor VPVUPIPS and Darts
407.2
294.4
90.9
do
Machinery and transport equipment, total
mil. $ . . 45,667.6
TVTapV.ir.prv total Q
4,225.8
2,988.2
997.9
49,501.2 4,229.0 4,067.7
4,822.0 3,824.5 3,869.2 4,819.7 4,416.1 4,633.6 4,325.9 3,868. 6 3,677. 2 4, 367. 4 4, 236. 6
28,477.1 31,289.0 2,726.9 2,530.4 2,857.5 2,520.3 2,545.5 3,009. 5 2,789.1 2,826.8 2,753.7 2,627. 7 2,432.5 2,860. 0
150.2
162.4
152.2
165.4
196.2
125.5
161.1
183.2
100.3
163.4
156.9
147.3
2,092.2 2,107.7
62.1
78.8
86.7
62.2
67.8
67.0
55.0
'48.2
00.0
75.1
59.8
68. 9
949.2
918.2
359.9
362.6
410.3
305.4
441.7
415.3
374.8
401.3
401.5
362.2
374.2
404.6
4,733.8 4,945.1
833.3
733.2
892.5
759.0
764.7
960.5
778.4
879.4
870.7
844.2
851.6
901. 7
819.5
7,582.0 9,278. 5
17,190.5 18,210.4 , 502.1 1,537. 3 1,964.2 1,304. 2 1,323.7 1,810.2 1,027.0 ,800.8 1,572.2 1, 204.8 1,244. 7 , 507. 5 1,794. 0
915.2
997.6 1,018.1
868.7
884.1 1,182. 8
988.5 1,156. 5 1,037.8
786.7
711.8 , 048. 9
10,028.2 10,949.1
5,672.7
6,574.9
560.1
544.5
611.0
518.1
556.8
654.4
601.4
622.3
648.1
607.0
587.3
666.8
597.1
3,162. 0
2,749.4
212.2
191.2
267.5
232.9
215.2
292.5
207.3
265.8
305.7
269.0
278.2
242.5
230.0
VALUE OF IMPORTS
Spasonallv adjusted
By geographic regions:
Africa
Asia
Australia and Oceania. __ ._
EuroDe
do
do
96 116 0 120 677 6 10,023.1 11,061.6 11,450.2 10,932.9 10,505.2 13,551.7 12,434.0 11,900.3 13,569.7 11,859.8 12,661. 5 12,475.7 11 813.6
10,555.1 10,622.9 11,020.4 11,268.7 11,673.7 12,459.0 12,593.3 11,615.9 12,932.1 12,476.1 12, 232. 2 12,361.1 12,287.9
do
8 304 6 12 639 3 , 098. 7 1,110.3 1,333.3 1,244.0 1,197.7 1,610.1 1,722.4 1, 274. 7 1,583. 7 1,306.1 1,382. 5 1 466.8
27,054.6 39,366.1 3,312.8 3,714.5 3,578.3 3, 759. 7 3,299.7 4, 209.8 3,871.1 4,004.3 4,625.6 4, 228. 9 4,593.1 4, 382. 4
160.7
105.3
144.5
122.5
128.3
130.8
142.6
148.0
179.5
151.3
153.0
149.9
1,508.2 1,671.1
21,465.9 23,640.2 , 950.8 2,166.7 2,162.3 2,040.8 1,903.2 2,677. 7 2,309.5 2,356.5 2,603.8 2,376.6 2,631.8 2, 389.1
do
do
. . . d o . . . . 21,754.7 26,246.9 2,171. 7 2,338.4 2,438. 7 1, 986.7 2,184. 6 2,732.5 2,482. 3 2,504. 0 2, 791.4 2,233. 5 2,146.1 2, 487. 5
710.4
836.0
912.9
925.6
958.2 1, 273. 2 L, 095.0
905.7 ., 005. 5
901.3
992 4
808.8
8,821.6 9 347 5
do
870.5
816.7
934.6
816.4
734.7
664.8
825.0
720.1
742.4
863.6
643.7
790.3
7,219.3 7 760 5
do
Northern North America
Soiitriprn North Ainprica
South Amprioa
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
Europe:
.
North and South America:
Canada
do
Latin American Republics, total 9 _
"...do..."
Argentina
do
Brazil..
Chile
do
Colombia _ .
________
do
Mexico
do
Venezuela . . .
do
By commodity groups and principal c 3mmodities:
Agricultural products, total .
mil. $ . .
Nonagricultural products, total
...do
Food and live animals 9
Cocoa or cacao beans _
Coffee
.
Meats and preparations._ _
Sugar _
do
do
do
. do
do
...
.
Crude materials, inedible, exc. fuels 9
Metal ores
Paper base stocks
Textile fibers
Rubber
Animal and vegetable oils and fats
Chemicals
.-.do....
"do
do
do
do
2,136.9
11 2
2 509 3
13.6
5,381.5 5 591 2
2 397 1 2,529.7
254.4
220 2
3,784.4 4,253. 7
.9
95.0
1.1
76.0
1.0
74.6
.8
76.3
2.1
90.3
17.1
104.0
18.7
115.1
18.6
93.1
16.2
101.6
12.9
100.2
27.9
117.1
204.6
294.8
230.3
233.0
191.7
242.1
217.9
253. 4
268.5
270.6
298.4
1 i
1 5
9
1.1
1.3
1.8
7
1 8
1.4
.8
1.3
2.2
482.0
190.5
19.9
368.4
541.7
214 4
20.4
356.5
538.1
238 1
16.6
383.2
523.1
207.9
12.8
341.8
444.2
209.5
15.8
310.0
577.0
310.7
30.8
492.2
572. 0
205 0
23.0
434.9
589.5
240 1
22.0
422.3
661.7
276.9
21.0
507.0
625.5
248.1
24.8
416.2
648.7
311.3
26.0
498.1
627.0
252.9
10.9
459. 1
250.3
21,746.7 26,237.6 2,171.5 2,337.4 2,436.9 1,985.4 2,183. 4 2,721.4 2,480.7 2, 504. 5 2, 789. 0 2, 231. 7 2,142. 8 2, 485. 7
11, 839.8 13,226. 6 1,062.5 1,264.7 1,397.7 1,380.4 1, 339.5 1,608.5 1,554.1 1,308.7 1, 424.7 1,197. 2 1,304.1 1, 268. 9
30.6
27.7
37.3
26.6
28.5
26.3
214.6
29.5
29.5
33.5
20.4
30.5
28.4
307.9
238. 9
211.1
182.2
182.8
193.5
141.2
1 464 3 1,736.6
120 9
210 5
242 3
181 2
168 0
209 6
22.4
13.0
18.5
18.5
18.8
16 4
16 6
17.6
24 9
137 7
22 6
20 8
34 2
83.2
99.5
35. 7
97.3
51.1
62.4
62.9
590.2
39.8
00 0
41 2
69 9
53 3
654.8
325.3
369.1
ogi o
369. 5
322.5
431. 5
417.4
356 5
380 4
344 5
3,058 6
402 2
361 1
386.9
349.7
343.9
478.0
411.3
348.4
304.5
3,623.9 3,574. 4
306.9
255 9
354 2
296.6
396 3
9,489.8 11,178.7
817.6
990.0 1,106. 0 1,124.6 1,142.5 1,343.1 1.404.3 1.279.9 1,251.7 1, 010. 5 1,019.9 1,013.3
86,650.5 109,498.7 9, 222. 3 10,071.7 10,344.2 9,808.3 9, 362. 6 12, 208. 6 11,030.3 10,020.4 12,318.0 10,849.3 11,641.6 11,462.4
8,503. 3 10,267. 4
321.1
357.9
1,560.9 2,632. 3
1,141.2 1 447 0
1,870.1 1,154.0
776.5
14 3
164.9
122.8
99.7
924.3 1,031.4 1,008.1 1, C42.3 1,214.1 1,325.0 1,182. 3 1,139.2
43.6
70.0
44.1
57.2
46.9
31 7
41 0
23.8
478.5
401.6
360.5
294.9
385.0
389.1
519 0
343 7
114.3
88.7
102.7
109.5
109.5
110.1
90 9
114 5
62.1
45.4
55.5
86.5
78.8
82.9
86.2
87.9
938.9
38 7
244.7
106.4
86.2
934. 6
37. 9
215.1
112.9
89.6
895. 9
25 3
177 5
111.4
108.4
784.4
1,419.5
1,623.7
139.1
137.9
155.4
128.1
117.8
156.4
119.5
142.7
152.3
112.5
162.5
187.0
139.7
5,566.2
1,976.7
1,067.5
174.4
364.7
7,013.8
602.4
202 9
102.3
22.2
40.2
578.3
171.3
102.0
18.9
41.6
668.1
225 6
102 4
23 8
54.9
545.0
139. 0
91.9
19.3
56.2
547.0
126.4
111.6
16.5
45.3
639.1
116.1
117. 5
21.6
67.2
020.0
150 9
102 5
18 2
58.5
081. 5
207.9
100.0
27.3
41.2
775.9
246.1
127.2
24.4
58.2
677.2
206 5
94.8
20.2
60.3
734.0
238. 9
113.6
23.5
40.5
708.0
197 8
91 4
15. 7
62.3
640.1
.
do
do
553 9
3,695. 9
14 702 5
do
do __ 4,594.5
1 427 3
do
do
2,580.7
. - . d o . . . . 1,218.6
r
Revised.
9 Includes data not shown separately,
chiefly by material.
26.9
106.7
249.3
520.0
26 475 6
2 893 1 3,069. 9 3 332 8 3, 512. 6 3, 232.9 4,679. 7 4 005 0 3,208. 9 4,008.9 3 531 4 3,761.9 3 809 6 3 396 5
do
. . . d o - . . . 24,814. 3 31, 794. 5 2,609. 6 2,854.8 3,115. 2 3, 296. 8 3,032. 3 4,437.5 3,844. 5 2,992.1 3, 779. 3 3, 331. 2 3, 556. 4 3,538. 6
Minerals fuels lubricants etc
Petroleum and products
Manufactured goods 9 *[
Iron and steel
Newsprint
Nonferrous metals
Textiles
92 5
924.8
99.4
76.2
96.4
95.1
127.1
117.2
104.8
117.3
127.0
83.8
97.8
do
1,183.0 1 285 7 127.6
47.7
55.8
61.3
75.0
64.3
67.2
63.1
54.5
53.3
65.4
72.2
48.8
do
548.2
' 708* 2
4.4
5.9
5.1
5.1
4.2
3.7
7.4
5.3
5.2
3.5
5.7
4.6
do
48.8
69 8
101.3
90.0
107.7
143.6
117.0
113.1
64.4
105.7
82.4
109.9
83.1
113.8
766.4
do
939 6
306.4
273.1
334.5
272.4
296.7
319.8
296.6
340.4
199.
4
250.2
300.7
240.3
. do . . . 2,220.6 3,004.3
71.5
79.2
82.3
110.8
89.5
99.0
120.2
62.9
92.1
93.2
100.5
754.2
75.6
do
882 9
. . d o . . . 11,268.0 15,504.2 1,296.7 1,426.9 1,412.8 1,411.6 1,197.7 1,541.6 1,411.9 1,545.4 1,619. 8 1, 520. 7 1, 763. 3 1,624. 2
France
_
German Democratic Republic (formerly E.
Germany)
mil. $
Federal Republic of Germany (formerly W.
Germany
mil. $_.
do
Italy
Union of Soviet Socialist Republics
do
United Kingdom
do
B everages and tobacco
27.5
840.9
do
463 9
4,771.8
18 6
471.6
62.2
473. 9
50 0
453.6
53.2
402.1
52.9
407.1
45.0
517.1
?'G 0
475.4
42.1
481.0
09.7
505.5
42 0
414.3
53. 3
502. 7
41 7
474.8
29.2
406.8
17 615 5 1 5°0 1 1,606. 8 1 629 0 1 498 0 1 397 0 1 773 9 I 073 9 1 850 0 1 999 9 1 761 9 1 954 8 1 932 5 1 765.2
593. 5
488.2
4,346. 6
398.0
528.2
455.8
318.5
366.6
437.8
374.9
355. 0
568. 9
528. 9
149 1
139 4
1 742 4 157 9
166 8
144 7
171 0
157 2
142 8
174 0
160 3
134 0
147 4
307. 9
285.2
250.4
334.7
371. 7
3,500. 8
258.7
272. 4
365.1
324.3
349.8
358.3
339.1
156. 6
122.2
141.2
133.2
169.2
1,634.8
145.3
143.4
14L2
156.3
150.7
144.7
139.9
H Manufactured goods—classified
Nov.
SUKVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
December 1977
1977
1976
Oct.
Annual
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Oct.
Sept.
Nov.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF IMPORTS—Continued
General imports—Continued
By commodity groups and principal commodities—Continued
Machinery and transport equipment—mil. $..
TVfafhinprv total 9
do
M^talworkincr
do
E lectrical
do
TransDort eouioment
do
Automobiles and parts
.
do
Miscellaneous manufactured articles. . .do. _
Commodities not classified
Indexes
.do
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967=100
Quantity
- do
Value
do
General imports:
Unit value
do
Quantity
do
Value
-do .
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shinniner wpiffht
thous sh tons
Value
mil $
General imports:
Rhi'HTYiTiEr wpicrht
Value
thous sh tons
mil $
23,457.2 29,823.9 2,354.4 2,723. 7 2,795.4 2,569.3 2,504.5 3,151.4 2,864.5 2, 951. 0 3,294.6 2,881. 7 2,852. 6 2,874.9 3,069.4
11 727 4 15,183.7 1,343.2 1,429.3 1,452.5 1,311.6 1,229.7 1,527.3 1,363.8 1 477.8 1,623. 5 1,490. 3 1 534 7 1 531 2
29.6
33.5
34.4
30.5
35.8
30.1
32.2
32.6
361.8
40.7
37.1
361.5
39 7
39.8
712.9
746.8
676.3
609.1
563.7
712.5
624.5
781.7
733.8
687.8
4,911.2 7,424.2
741.4
766.6
11,737.2 14,640.2 1,011.1 1,294.3 1,343.0 1,257.7 1,274.8 1,624.1 1,500.7 1,473. 2 1,671.1 1,391.4 1,317.9 1,343. 7
891.9 1,173.8 1,228.8 1,132.0 1,153.6 1,465.0 1,340.9 1,325.5 1,474.2 1, 234. 5 1,118.3 1,193. 8
9,920.7 13,103.9
9,224.4 12,563.9
1,101.0 1,231.3 1,114. 2 1,045.9 1,002.2 1,169.6 1,047.3 1,125.2 1,328.5 1,294.9 1,471.8 1,332. 7 1,354. 5
2,517.6
2,537.7
216.4
253.4
220.1
170.6
201.5
205.3
201.4
235.6
295.2
204.9
233.2
218.7
227.8
195.1
176.7
344.9
202.1
182.7
369.1
206.7
188.0
388.6
207.3
180.0
373.1
209.1
198.6
415.3
209.0
165.2
345.3
208.1
174.4
363.0
211.3
201.1
424.8
212.2
190.9
405.0
213.4
195.7
417.8
212.6
184.9
393.0
211.3
173.2
365.9
211.0
161.5
340.9
212,2
187.2
397.2
210.6
169.5
357.0
241.2
149.4
360.5
248.8
182.1
452.9
253.4
177.9
450.8
253.7
196.3
498.0
255.4
201. 8'
515.4
259.2
189.7
491.7
260.3
181.5
472.4
267.3
228.0
609.5
265.5
210.4
558.6
272. 6
196.7
536.1
268.7
227.3
610.9
270.4
197.0
532.7
273.3
207.6
567.4
273.4
204.7
559.5
272.6
194.7
530.8
269,182
61,408
283,070
64,712
26,017
5,811
25,608
5,605
24, 036
6,023
18,358
4,982
20,251
5,342
21, 946
5,951
24,776
5,976
24,928
6,055
24,062
5,617
427,865
63,469
517,450
81,171
44,092
6,760
46,144
7,409
49,169
7,770
48,422
7,813
42,517
7,128
58,314
9,447
50,723
8,600
45,746
8,175
56,066
9,495
18.85
60.1
2,425
19.49
61.8
2,515
p15. 61
p 54.1
P2, 128
p 12.34 "p 11.70
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
Passpnffpr-load factor §
Ton-miles (revenue), totals
bil
Dercent
Operating revenues (quarterly) 9 O
Passencrer revenues
Cargo revenues
Mail revenues
Net income after taxes (quarterly) O
Domestic operations:
Passenger-miles (revenue)
Cargo ton-miles
Mail ton-miles
Operating revenues (quarterly) 0
Operating expenses (quarterly)O...
Net income after taxes (quarterly) O
International operations:
Passenger-mile (revenue)
Cargo ton-miles
Mail ton-miles
Operating revenues (quarterly)©
0 perating expenses (quarterly) O
Net income after taxes (quarterly)O
Urban Transit Systems
Passengers carried (revenue)
.
Motor Carriers
15,356 P17,506
12,354 P14, 267
PI, 497
1,310
P328
311
15,228 P16,783
-72
bil
mil
do
mil. $..
.do
do
131.73
2,747
bil
mil
do.
mil. $_.
do
do....
mil.
Net income, after extraordinary and prior period
charges and credits
mil. $.
Tonnage hauled (revenue), common and contract
carrier service
mil. tons..
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common and contract carriers of property
(qtrly.) cf
average same period 1967=100
Common carriers of general freight, seas, adj.f
1967=100..
Class I RailroadsA
Financial operations, qtrly, (AAR), excl. Amtrak:
Operating revenues, total© 9
mil. $.
••Revised.
p Preliminary.
178.99
55.4
24,121
mil. $..
do
do
do
do
Carriers of property, large, class I, qtrly.:*
Number of reporting carriers
Passenger, excl. Amtrak
Operating expenses©
Tax accruals and rents.
Net railway operating income
Net income (after taxes) ©
162.81
53 7
mil.. 22,186
do
.do
do...
do
.do
145.27
2,909
583
719
12,020
11,902
—46
P13, 901
P13, 326
31.08
2,048
426
33.72
2,187
407
3,336
3,326
—25
P3,605
P3,457
5,643
5,690
14.32
52.9
1,990
12.99
51.9
1,832
15.19
54.6
2,066
12.94
51.0
1,747
15.46
54.7
2,098
P4, 428
P3, 542
P405
4,437
3,638
375
P4, 304
4,446
-37
15.39
55.6
2,057
15.34
54.0
2,060
17.02
57.6
2,240
P 4, 896
p 4, 026
7Q
*>62
p 4,651
11.66
10.74
12.56
12.23
10.72
12.83
12.59
12.31
13.69
15.00
15.62
255
64
238
64
245
84
211
57
213
56
265
66
250
63
259
58
272
61
263
57
278
60
P269
384
186
34
386
194
34
P327
426
442
463
168.1
167.5
165.6
3,590
3,580
P3,568
P3, 455
2.66
2.25
2.63
2.87
206
32
194
36
172
47
146
30
222
153
30
471
492
468
263
185
35
280
171
34
303
173
35
465
577
332
172
35
P956
463
467
471
99
9,703
99
211,362
99
3,040
100
3,030
100
3,395
239
341
177
199
90
53
54
51
123
57
121
137
127
131.7
152.3
16,357
15 346
297
13,207
2,799
18,560
17,422
330
14,948
3,182
U08
1273
153.0
i Before extraordinary and piior period items.
154.0
154.8
4,742
4 448
83
3,864
776
1fi9
121
2
Annual
P31
p 1,011
... i \
474
P60
p 3, 885
p 3,695
p 159
847
865
P849
total; quarterly revisions not available.
9 Includes data not shown separately.
U Applies to passengers, baggage, cargo, and mail carried.
§ Passenger-miles as a percent of
available seat-miles in revenue service reflects proportion of seating capacity actually sold
and utilized.
0 Total revenues, expenses, and income for all groups of carriers also reflect
nonscheduled service. * New Series. Source: ICC (no comparable data prior to 1972).
cf Indexes are comparable for the identical quarter of each year (and from year to year).
15.09
53.8
1,952
489
147
159.5
165.6
165.5
4,738
4 459
81
3,902
825
21
1-29
166.4
166.6
165.8
5,269
4,972
84
4,148
893
228
1228
5,002
4,158
6
AEffective 1976, defined as those with annual revenues of $10 million or more; restated 1975
data reflect changes. ©Natl. Railroad Pass. Corp. (Amtrack) operations (not included in
AAR data above), 1975 and 1976 (mil. $): Oper. revenues, 235; 287; net loss, 353; 469 (ICC).
° Domestic trunk operations only (domestic trunks average about 90% of total domestic
operations).
t Effective Mar. 1977 SURVEY, revised back to 1957 to new tiading day and
seas. adj. factors.
December 1977
SURVEY OF CURRENT BUSINESS
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
Annual
3-25
1977
1976
Oct.
Nov.
Jan.
Dec.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Class I Railroads A—Continued
Traffic:
Ton-miles of freight (net), total, atrly
biL.
Revenue ton-miles, qtrly. (AAR)
do
Revenue per ton-mile
cents..
Price index for railroad freight
1969=100..
Passengers (revenue) carried 1 mile
mil..
778.4
754. 6
2.043
169.4
9,765
822.5
794.9
186.6
191.1
191.1
191.6
198.0
118
28.76
60
20.98
64
127
31.32
63
22.48
67
138
33.43
72
23.36
70
122
32.54
63
22.07
60
128
31.46
46
21.88
50
8,050
8,177
6,176
5,326
2,334
60,527
7,700
7,755
6,264
5,382
2,817
60,521
687
594
491
447
146
4,847
535
496
408
374
172
2,608
mil. $..
do
do
do
do
mil-
32,070
15,256
12,692
20,664
5,792
132.3
36,602
16,621
14,618
23,321
6,679
138.5
3,156
1,475
1,251
2,009
590
137.7
mil. $.
do
do...
504.8
403.9
70.7
527.7
423.0
75.4
do...
do...
do...
315.9
223.6
74.6
349.5
256.3
71.9
207.7
195.6
216.0
198.0
-8.2
'8.3
198.2
198.2
114
34.45
57
23.15
61
122
33.71
63
23.27
65
145
33.92
67
23.66
71
128
34.69
64
24.06
70
144
35. 72
70
24.29
72
147
34.89
71
25.07
77
468
578
452
405
183
1,849
588
552
493
399
207
511
549
354
304
222
1,971
618
625
472
347
330
2,417
645
646
480
399
357
3,691
643
733
488
419
354
4,567
3,151
1,474
1,242
2,031
576
138.1
3,174
1,438
1,259
2,173
497
138.5
3,222
1,488
1,295
2,033
587
138.9
3,159
1,488
1,216
1,985
578
139.5
3,364
1,520
1,391
2,163
585
139.9
3,360
1,531
1,288
2,224
399
140.3
43.7
33.9
7.3
44.1
34.5
7.1
45.1
36.7
6.0
43.2
34.4
6.2
43.3
33.7
7.1
47.9
37.6
7.6
30.1
20.2
8.1
29.8
21.0
30.6
23.6
4.7
31.1
21.3
7.6
29.8
21.0
7.1
34.8
22.6
10.3
202.1
208.9
200.8
201.7
3 66.3
198.4
198.5
198.5
157
34.06
64
25.81
138
34.98
69
26.10
81
138
35.20
67
25. 07
71
155
36.68
76
25.72
76
710
853
572
462
371
8,252
919
926
729
548
288
12,107
1,002
801
769
661
271
11,159
719
746
614
500
206
6,355
760
628
528
471
158
5,086
3,364
1,545
1,351
2,142
607
140.1
3,397
1,548
1,368
2,163
624
141.0
3,290
1,547
1,323
1,959
827
141.5
3,488
1,557
1,450
2,243
631
142.1
3,467
1,586
1,376
2,291
591
143.0
46.0
34.6
9.0
46.6
35.8
8.2
48.4
37.4
8.4
45.2
36.2
6.6
47.4
38.1
6.7
46.8
37.9
6.3
46.7
37.3
31.7
23.1
8.3
32.9
22.4
8.9
33.1
20.0
11.5
31.8
22.5
7.7
33.8
22.9
9.3
34.3
22.6
9.7
34.0
22.5
9.8
198.4
3 64.0
Travel
Hotels and motor-hotels:
Restaurant sales index
same month 1967 = 100.
Hotels: Average room saleif
dollars..
Rooms occupied
% of total.
Motor-hotels: Average room saleif
dollars..
Rooms occupied
% of total.
Foreign travel:
U.S. citizens: Arrivals©
thous..
Departures©
do
Aliens: Arrivals©
do
Departures©
do
Passports issued
do
National parks, visits§
do
1
180
2,634
COMMUNICATION
Telephone carriers:
Operating revenues 9
Station revenues
Tolls, message
Operating expenses (excluding taxes)
Net operating income (after taxes)
Phones in service, end of period
Telegraph carriers:
Domestic:
Operating revenues
Operating expenses
Net operating revenues (before taxes)
Overseas, total:cf
Operating revenues
Operating expenses
Net operating revenues (before taxes)
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% Al2O3)i
thous. sh. tons.
Chlorine gas (100% Cla)t
do
Hydrochloric acid (100% HC1)J
do
Phosphorus, elementalt
do Sodium carbonate (soda ash), synthetic (58%
NajO)t
thous. sh. tons.
Sodium hydroxide (100% NaOH)t
do....
Sodium silicate, anhydrous}:
do
Sodium sulfate, anhydrous?
do
Sodium trypolyphosphate (100% NajP30io)I
do
Titanium dioxide (composite and pure) t--.do
Sulfur, native (Frasch) and recovered:
Production
thous. Ig. tons
Stocks (producers') end of period..
do
1,163
9,167
2,009
450
1, 230
10,378
2,496
437
104
902
199
34
104
204
34
101
889
207
41
78
792
179
33
82
794
183
33
93
883
203
39
104
901
214
38
97
204
41
917
232
38
98
820
220
34
112
-•877
32
93
871
216
34
161
'860
79
'95
147
859
61
94
-•243
'•101
138
797
58
107
118
104
154
848
65
90
61
52
50
47
58
48
68
60
61
57
61
62
61
54
57
61
'63
58
61
728
5,598
768
5,563
740
5,631
711
5,613
774
5,616
784
5,607
801
5,562
826
5,578
826
5,584
787
5,552
767
5,445
1,343
592
' 158
667
167
742
2,970
1,335
639
'134
678
183
724
2,905
1, 5?8
646
' 186
691
177
736
3,030
1,104
550
157
567
156
631
2,631
1,149
557
136
579
183
654
2,634
1,543
716
173
710
244
771
3,062
1,617
704
163
708
253
745
3,007
1,571
723
178
722
298
700
3,079
1,491
614
178
649
189
714
2,928
1,510
587
151
640
212
663
2,684
1,552
'585
'195
670
222
r 702
2,837
1,499
607
125
660
229
719
2,892
1,434
640
150
680
223
757
3,014
541
370
561
1,062
520
458
437
1,847
88
1,323
156
514
469
434
1,981
126
1,308
171
474
396
527
1,588
29
1,070
144
493
388
431
1,757
60
1,259
147
571
261
803
1,873
68
1,364
122
595
244
947
1,764
85
1,480
72
600
343
528
1,719
69
1,275
113
581
428
394
1,810
63
1,309
131
526
432
427
1,909
105
1,332
155
564
407
756
2,043
108
1,467
173
590
471
497
2,311
151
1,666
214
604
552
363
2,101
124
1,561
12
28
23
245
312
15
72
63
219
566
774
602
498
6,132
7,475
1
5
4
139
103
'Revised,
v Preliminary.
i Annual total; monthly revisions are not available.
2
1 or six months ending in month shown.
3 For month shown.
* Restated 4th qtr. 1975.
ASee " A " note, p. S-24.
TAverage daily rent per occupied room, not scheduled rates.
9 Includes data not shown separately.
©Effective 1976, data are compiled by U.S. Dept. of Transportation from INS records
and refer to air travel; travel by sea is omitted (for 1973-75, average annual arrivals and departures by sea are as follows—units and order as above: 814; 784; 159; 129).
24
23
641
3
29
48
501
16
37
42
913
19
54
940
22
46
34
723
23
15
28
632
13
16
13
571
11
19
10
757
0
13
10
852
19
1
2,802
9,635
724
1,227
2,344
10,516
747
1,232
167
908
63
105
770
603
724
713
65
57
10,180
5,126
19,402
5,563
790
5,599
16,419
7,088
2,106
7,527
2,068
7,677
32,360
16,716
7,186
' 2, 010
7,892
2,068
7,955
33,501
189
893
64
165
884
65
' 114
131
791
63
159
896
65
101
168
882
61
117
160
148
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrousJ
thous. sh. tons..
Ammonium nitrate, original solution}
do
Ammonium sulfate t
.
. . _do
Nitric acid (100% HNOa)t
". .V.'.ldo" V
Nitrogen solutions (100% N)t
do
Phosphoric acid (100% PjO6) t- do
Sulfuricacid (100%HjSO4)t
do
Superphosphate and other phosphatic fertilizers
(100% P ? O S ):
Production
thous. sh. tons..
Stocks, end of period...
do
Potash, deliveries (KjO)._
. .
do
Exports, total 9
do
Nitrogenous materials
do
Phosphate materials
do
Potash materials
. . . do
Imports:
A m m o n i u m nitrate
do
A m m o n i u m sulfate
. do
Potassium chloride
do
Sodium nitrate
do~._
5,573
5,824
569
469
6,282
5,079
19, 614 118,324
1,397
1,239
13,789 112,351
1,419
1,670
139
505
18
§ Effective Jan. 1976, data include visits to Voyageurs National Park (no count of visits for
earlier periods is available); data for Mar .-July 1976 are restated to delete visits to Platt National Park which was reclassified as a national recreation area.
<f Includes data for Western Union Int. Cable & Wireless.
JMonthly revisions back to 1971 are available upon request.
I U* U U 1
S-26
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
T 131JblJN- E S S
December 1977
1976
Oct.
Annual
Nov.
1977
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Industrial Gases*
Production:
6,704
Acetylene
mil. cu. ft_.
Carbon dioxide, liquid, gas, and solid
1,850
thous sh. tons..
Hydrogen (high and low purity)
mil. cu. ft.. 73,552
Nitroeen (high and low purity)
. . . . d o . . . . 252,368
Oxygen (high and low purity)
....do.... 352,554
7,111
577
557
537
565
531
538
428
544
509
457
1,967
81,641
289,926
382,914
171
164
154
141
160
184
185
186
197
204
6,999
25,886
32,312
6,958
25,568
30,729
6,876
26,159
29,989
6,265
24,744
29, 867
6,348
23,655
28,938
7,329
26,349
34,653
7,031
25,576
33,401
7,169
27,119
34,943
7,404
29,651
33,028
7,244
27,342
31,401
7,374
28 876
32,287
2.6
11.7
10.2
484.1
26.8
74.8
70.7
2.5
11.9
12.2
460.0
28.2
78.2
67.0
2.7
11.4
14.7
464.5
25.4
82.2
73.1
2.2
10.3
352.8
25.5
81.2
82.0
2.3
19.2
11.9
338.1
22.8
71.2
75.5
2.5
14.3
12.0
405.5
25.1
94.1
86.3
2.5
11.2
15.8
530.6
20.2
92.6
82.5
3.2
11.2
10.1
504.5
19.2
68 9
71.1
2.7
15.2
11.5
497.0
24.3
84.5
84.8
2.1
11.2
14.2
465 2
20.2
97 4
83.6
24
13 1
11.2
491 6
27.4
90 5
72.9
40.1
36.0
42.8
33.6
47.7
30.5
36.5
32.8
37.7
34.8
42.8
38.8
39.2
35.5
43.5
33.5
43.2
41.4
40.3
27.2
40.9
36.7
5.1
7.6
6.0
6.5
7.4
5.7
Organic Chemicals cf
Production:
mil. lb.. 125.4
128.3
Aoptvlsalicvlic acid (asrjirin)
177.1
mil. gal.. 179.2
CJrposotG oil
Ethyl acetate (85%)
..mil. lb.. U71.2 i 215.6
14,558.1
15,449.3
Formaldehvde (37% HCHO)
do ...
264.4
321.2
Glycerin refined all grades
..do....
i 779. 6
1 940.1
lVTpthanol svnthetic
mil. gal
mil. lb.. i 702.2 1 902.4
Phthalic anhvdride
ALCOHOLt
Ethyl alcohol and spirits:
526.4
499.6
Production
mil. tax eal .
do
391.2
416.0
Used for denaturation
77.8
78.4
do
Taxable withdrawals
106.1
85.3
Stocks end of period
• . - - . ..do....
Denatured alcohol:
207.3
225.1
Production
mil. wine gal.
do
207.1
225.4
Consumption (withdrawals)
d
o
2.7
3.2
Stocks end of period
8.9
5.8
505
217
6.5
7.1
73.7
77.0
85.3
77.5
79.0
75.4
72.0
77.7
73.7
79.0
81.4
19.2
19.0
2.9
18.7
18.3
3.4
16.7
16.9
3.2
17.6
18.5
2.5
18.9
18.4
3.0
20.7
20.7
2.9
19.1
19.3
2.7
18.0
17.5
3.0
22.4
22.8
3.5
14.9
14.7
2.8
19.8
20.1
2.7
139.5
768.8
235.4
400.2
419.2
128.3
743.7
196.6
390.3
40?. 2
120.6
773.3
168.5
389.9
355.2
125.3
729.6
237.0
329.9
337.9
129.1
654.4
243.6
358.9
376.2
143.0
851.3
229.9
472.9
443.0
142.1
833.7
236.2
461.9
451.4
138.5
853.1
229.1
449.7
450.0
141.1
838.3
227.9
458.7
462.7
125.4
882.7
202.3
406.5
441.1
138.4
874.7
197.8
423.9
439.2
370.7
190.5
180.2
342.9
165.7
177.2
285.9
127.2
158.7
311.9
141.1
170.8
377.8
197.9
179.9
429.7
231.6
198.2
7.1
1 7
13 5
7.8
512 6
26.6
70 3
72 1
25.6
7.5
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
Polvpthvlene and cooolvmers
Pol ypropylene
Polystyrene and copolymers
Polyvinyl chloride and copolymers
11,274.9
17,482.7
i1,903.4
13,877.3
i3,694.6
11,305. 3
18,774.7
12,551.0
14,742.9
14,544.8
mil. l b . . 2,325.7
2,543. 0
4,026.6
2,079.0
1,947.6
4,685.9
2,446.4
2,239. 6
mil. lb_.
do
do .
do....
do
146.3
841.5
218.9
422.1
417.8
MISCELLANEOUS PRODUCT S
Explosives (industrial), shipments, quar terly
Paints, varnish, and lacquer, factory shi]pments:
mil. $
Total shipments
do
Trade Droducts
Industrial finishes
do
653.6
280.0
122.6
157.5
623.2
393.1
200.8
192.3
707.4
697.1
445.5
237.7
207.9
393.3 •"445.1
216.6 r 239. 6
176.7 r 205. 4
413.6
209.8
203.8
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr. *2,001,000
Electric utilities, total
do.
'1,916,000 '2,036.487 163,632 168,994 183,080 196,308 162,840 168,641 156,885 168,163 180, 236 197,930 195,861
,616,000 1,752,807 142,595 149,192 162,868 175,574 147,543 148,832 138,247 149,466 163, 039 181,138 179,289
By fuels
do.
300,000 283,680 21,037 19,802 20,212 20,734 15,298 19,808 18,637 18, 697 17,197 16,791 16,572
By waterpower
do.
Industrial establishments, total
By fuels
B y waterpower
do.
do.
do .
v84,969
81,649
3,320
Sales to ultimate customers, total (Edison Electric
Institute)
mil. kw.-hr.. 1,733,024 1,849,625 152,207
Commercial and industrial:
418,069 440,625 36, 667
Small light and power§
do
661,558 725,169 62,371
Large light and power §
do
354
4,273
586,149
4,338
613,072
47,296
13,907
43,625
5,443
14,413
45,625
6,383
1,259
3,744
516
Revenue from sales to ultimate customers (Edison
46,853.5
Electric Institute)
mil.:
53,462. S
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
do.
do.
do..
do.
do.
r
4,533.4
151,824 161,850 170,277 165,226 156,887 150,833 149,545 160,170 172,569 176,889
35,760 36,916 39,133 37, 945 36,222 35,341 36,227 39, 511 43,180 44,345
61,511 61,956 60,314 59,493 62,043 62,004 63, 549 65,493 63, 584 64,971
365
48,582
1,314
3,748
550
392
56,893
402
64,516
451
61,705
1,319
3,839
535
1,376
3,982
554
1,241
3,815
576
335
52,686
1,185
3,837
580
331
47,736
1,123
3,710
588
328
44,005
1,113
3,729
595
336
49,481
1,074
3,705
571
331
59,748
1,141
4,008
332
61,541
1,123
4,009
569
4,453. 3 4,734.9 5,107. 7 5,005. 4 4,846.9 4,685.5 4, 683. 4 5,100. 6 5, 775.4 5,967. 7
GAS
Total utility gas, quarterly
(American Gas Association):
Customers, end of period, total..
Residential
Commercial
Industrial
Other
Sales to customers, total.
Residential
Commercial
Industrial
Other
Revenue from sales to customers, total
. thous .
44,839
45,128
45,128
45,670
45,295
do.
do.
do..
do.
41, 210
3,393
182
54
41,519
3,377
2
179
2 53
41,519
3,377
179
53
41,950
3,483
184
41,685
3,378
178
53
14,863
14,814
3,890
4,991
2,387
6,837
5,014
2,423
2 7,107
2 270
1,438
683
1,692
'75
19,074
23,701
• 6,783
tril. B t u .
do.
do.
do .
do.
mil. $..
2,966
9,941
Residential
do.
8,445
1,247
4,075
Commercial
do.
3,303
2,435
Industrial
do.
6,718 2 9,374
1
2 311
Other
do.
608
T
J
Revised.
*> Preliminary.
Reported
annual
total;
revisions
are
not
distributed
to
2
the monthly data.
Beginning 1976, Industrial includes electric generation, prior to 1976,
electric generation was included with other.
§Data are not wholly comparable on a year
54
4,949
2,348
1,002
1,412
187
3,067
851
441
1,723
51
2,088
5,021
852
1,974
2,887
2,263
71
240
to year basis because of changes from one classification to another.
cTData are reported on
the basis of 100 percent content of the specified material unless otherwise indicated.
{Monthly revisions back to 1973 are available upon request.
CUEKENT
December 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
1976
Oct.
Annual
S-27
Nov.
1977
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Sept.
July
Aug.
16.90
15.71
15.37
15.92
14.80
15.13
15.31
14.64
14.44
11.24
11.40
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES 9
Beer:
163.66
Production
mil. bbl_. 160. 60
150. 39
148. 64
Taxable withdrawals
do
12.74
11.94
Stocks, end of period
do
Distilled spirits (total):
160.42
Production
mil. tax gal.. 144. 24
Consumption, apparent, for beverage purposes
mil. wine gal.. 1422. 61 7 425.89
216.34
Taxable withdrawals
mil. tax gal.. 229.74
793.87
752.85
Stocks, end of period
do
113.46
112.71
Imports
mil. proof gal. Whisky:
59.64
79.12
Production
mil. tax gal..
140.82
126.62
Taxable withdrawals
do
737.39
692.34
Stocks, end of period
do
92.07
94. 98
Imports
mil. proof gal..
Rectified spirits and wines, production, total
mil. proof gal..
Whisky
do
Wines and distilling materials:
Effervescent wines:
Production
mil. wine gal..
Taxable withdrawals
do
Stocks, end of period
do
Imports
do
Still wines:
Production-.
...do
Taxable withdrawals
do
Stocks, end of period
do—
Imports
do
Distilling materials produced at wineries-.-do
13.42
12.22
13.69
11.29
10.52
13.48
11.19
10.83
11.94
11.98
10.01
14.01
11.48
10.43
13.95
16.20
14.55
14.59
16.03
14.28
15.03
16.79
15.00
15.57
15.04
14.91
12.16
11.33
12.98
14.84
13.61
15.25
13.85
34.37
21.01
'61.12
11.16
41.81
20.67
756. 50
13.37
53.41
17.46
752.85
12.14
28.97
16.85
'47.64
7.08
28.16
15.41
745. 49
7.03
36.67
19.51
743. 22
9.47
33.29
17.44
'40. 35
8.28
32.76
16.85
'37. 50
38. 02
14.45
17.79
19.79
'37. 26 735. 02 728. 33
9.23
7.94
7.21
7.46
13.76
02. 24
9.22
6.16
12.63
696. 27
10.99
5.36
9.71
692.34
9.93
5.81
10.12
587.72
5.59
6.71
9.11
685. 03
5.62
7.85
11.04
682. 68
7.58
10.04
680.51
6.66
8.14
9.18
78.26
6.97
6.14
8.08
7.84
9.70
'8. 68 677.94
6.12
7.56
6.17
11.40
672. 33
5.82
13.30
12.89
13.57
11.58
13.27
9. 33
10. 91
112.50
46.64
107.70
41.84
9.96
4.00
10.04
3.94
9.79
3.51
7.92
2.95
7.23
2.74
10.34
3. 83
8.07
2.80
8.89
3.20
9.50
3.48
7.48
3.01
9.84
3.65
19. 37
18.46
7. 90
1.93
20.59
19.22
8.35
2.56
2.05
2.61
9.94
.23
2.14
2.86
8.99
.39
1.75
2.34
8.35
.40
1.86
1.06
9.05
.25
1.92
.96
9.94
.16
1.92
1.41
10.37
.21
1.77
1.01
11.03
.22
1.25
1.70
10.60
1.13
1.60
10.00
.21
1.29
1.06
10.17
.17
2.13
1.57
10. 00
.24
2.02
2.13
10.41
384.82
300. 25
451. 34
47. 39
405. 78
298. 25
473.70
56.36
147. 98
24.68
488. 22
4.28
45.88
26.13
499. 43
5.36
15.19
27.34
473.70
5.80
6.89
23.31
452.46
5.16
6.37
21.31
429.28
4.63
7.38
31.19
398. 03
5.13
7.51
25. 02
378.12
5.19
6.65
24. 29
357. 30
5.91
4.05
3. 55 19.58
26.32
22.29 25. 93
332. 30 309. 38 298. 78
0.33
6.26
0.39
123. 68
25.98
392. 22
0.97
338. 20
344. 77
123.10
36.84
16.48
8.58
16.62
10.73
6.93
8.80
6.06
2.07
19.87
89.85
983.8
10. 9
.818
978.6
47.1
.944
78.1
60.7
.934
77.6
47.3
.929
92.5
47.1
.929
105.6
67.6
.927
96.2
94.3
.929
98.4
106.4
.952
100.4
128.5
1.032
103. 9
164.0
1.029
95.0
201.3
1. 029
84.2
208.4
1.031
78.2
207.7
1.037
75.5
' 203. 4
1.051
197.1
1.056
.27
5.55
DAIRY PRODUCTS
Butter, creamery:
Production (factory)t
mil. lb_.
Stocks, cold storage, end of period
do—
Price, wholesale, 92-score (N.Y.)
$ per lb_.
Cheese:
Production (factory) total J
mil. lb_.
American, whole milk!
do—
Stocks, cold storage, end of period
do—
American, whole milk
do—
Import s
do—
Price, wholesale, American, single daisies (Chicago)
$perlb.
Condensed and evaporated milk:
Production, case goods!
mil. lb_
Stocks, manufacturers', case goods, end of month
or year
mil. lb.
Exports:
Condensed (sweetened)
do...
E vaporated (unsweetened)O
do. -.
Fluid milk:
Production on farms J
do. -.
Utilization in mfd. dairy products!
do...
Price, wholesale, U.S. average!
$ per 100 lb.
Drymilk:
Production:
Dry whole milk!
mil. lb.
Nonfat dry milk (human food)!
do._.
Stocks, manufacturers', end of period:
Dry whole milk
do,..
Nonfat dry milk (human food)
do...
Exports:
Dry whole milk
do
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
milk (human food)
$ per lb- -
2,811.4
1,654. 6
3, 336. 6
2,062. 4
255.6
151.3
257.0
146.8
281.1
169.1
264.8
166.8
254.0
158.8
299.2
183.4
301.9
193.8
326.6
211.9
314.1
200. 3
282. 6
176. 2
271. (
162.",
251.4
142.8
254. 3
145.2
367.8
307.0
179.5
478.4
411.3
206.8
501.4
435.6
16.7
482.0
414.0
23.4
478.4
411.3
42.6
485.7
417.1
18.0
470.6
403.5
10.6
486.9
422. 5
12.5
511.4
447.4
11.2
558.5
491.5
11.4
583. 9
510. 6
17.1
592. 3
518.3
16.9
590.1
516.9
10. 6
r 554. 0
r 483. 2
18.7
499.5
431.0
17.7
1.044
1.161
1.142
1.140
1.140
1.140
1.140
1.152
1.193
1.193
1.194
1.194
1.194
1.205
1.206
926.9
895.5
56.6
50.2
61.3
62.5
63.3
68.8
81.6
85.7
80.2
76.9
71.7
59.6
53.3
58.6
70.6
131.7
96.9
70.6
66.3
63.5
63.0
66.4
101.5
127.7
133.2
158.7
148.6
134.3
1.8
53.0
4.4
44.5
2.8
.2
1.9
.5
2.4
.3
3.0
.4
1.8
.6
2.3
3.6
2
2." 6
.3
1.1
.1
2.1
1.5
115,326
59,230
8.75
120,356
63, 672
9. 66
9,643
4,718
9.96
9,233
4,563
9.89
9,678
5,066
9.72
9, 910
5,259
9.65
9,351
5,100
9.54
10,562
5,847
9.43
10,741
5,992
9.43
11,295
6, 465
9. 34
11,103
6,360
9.38
63.1
1,001.5
78.1
926.2
4.6
56.5
5.2
53.9
5.0
73.7
6.1
71.5
6.4
72.3
7.6
87.5
6.3
107.1
7.6
119.6
5.6
132.7
5.6
47.1
9.1
94.0
10.5
99.8
10.7
89.2
9.1
94.0
11.1
87.8
84.9
10.1
10G.6
119.7
35.5
90.6
31.6
10.3
1.9
.3
1.9
3.2
1.8
.3
2.4
.2
1.6
.1
2.5
.1
2.3
.1
2.5
4.3
.633
.635
.633
.632
.625
.623
.628
.653
208.8
219.4
Exports, including oatmeal
do.
Price, wholesale, No. 2, white (Minneapolis)
$ per bu-_
r
2,529.0
2,813. 6
294.6
244.0
201.4
2.8
10,715 10,410
5,825
5,580
9.50 ! 9.
9,907
4,985
10.00
9,902
4,861
10.20
4.3
120.7
6.5
100.6
4.2
78.4
4.2
71.5
10.0
127.1
9.4
128.8
109.4
6.3
88.6
5.8
69.3
1.9
11.8
2.3
3.7
2.1
4.9
2.0
4.8
1.7
1.4
9,497
p 10. 30
.680
214.2
257.6
182.6
r 3 374.4
276.4
162.9
113.5
31.8
3.80
3.60
3 5,797.0
4,448.6
3,179.2
1,269.4
1,321.8
3 372. 5
272.0
154.5
117.5
52.1
13.4
7.3
3.11
3.06
3.09
3.10
3.11
3.09
2.75
2.75
2.76
2.80
198.0
404. 9
6.3
391.4
251.8
139.6
9.5
1.84
1.86
2 21
2.09
121.0
878. 8
440. 9
438. 0
137.5
2 s 125.
272.0
154.5
117.5
2.80
2.75
97.3
1.1
1.8
2.90
2.85
2.79
2.79
2.28
2.32
1.95
1.97
2.23
2.27
2.33
2.32
6 6,366. 86,366.9
3 6,216.0
4,860.""
3,317.0
1,543.^
1,748.0
179.2
2.56
3.46
4,860.7
3,317.0
1,543."
180.2
136.6
2.40
2.48
119.
2.60
2.61
3,273.3
2,113.9
1,159.3
150.9
2 2,350.
2 1,563.
141. e
2.42
2.50
125.9
116.5
2.26
2.04
1.80
2.08
i 747.9
• 3 642.0 3 546.
420.7
501.7
347.3
407.6
73,
94.1
263.
420.7
347.3
73.5
16.2
12.1
1.0
1.67
1.7-
1.67
685.1
569,
115.5
2 5168.
2 5 132.
5 35.
1.1
1.92
Revised.
p Preliminary* Includes Hawaii, not available on a m o n t h l y basis;
2
3
m o n t h l y revisions will be shown later.
Stocks as of J u n e 1.
Crop estimate for the
year.
* Previous year's crop; new crop not reported until Oct. (beginning of n e w c i o p year).
5
Previous year's crop; new crop not reported until J u n e (beginning of crop year). 6 Nov. 1
1.211
.624
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat)..-mil. bu.Barley:
Production (crop estimate)
do
Stocks (domestic), end of period
do
On farms
do
Off farms
do
Exports, including malt §
do
Prices, wholesale (Minneapolis):
No. 2, malting
$ per bu._
No. 3, straight
do
Corn:
Production (crop estimate, grain only)..mil. bu..
Stocks (domestic), end of period, total
do
On farms
do
Off farms
do
Exports, including meal and flour
do
Price, wholesale:
Weighted avg., selected markets, all grades
$ per bu.
Oats:
Production (crop estimate)
mil. bu.
Stocks (domestic), end of period, total
do_._
On farms
do-..
Off farms
do---
1.050
1.78
1.81
1.75
1.82
1.66
1.37
1.14
1.04
1.12
1.34
estimate for 1977 crop.
? Reported annual total, including Hawaii; m o n t h l y d a t a are
8
preliminary and subject to revision.
Dec. 1 estimate for 1977 crop.
#
§ Excludes pearl barley.
9 Scattered m o n t h l y revisions back to 1973 are ^available.
O Revised m o n t h l y data for 1975
I Revised m o n t h l y data back to 1973 are available,
will be shown later.
S-28
SUKVEY OF CUKRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
December 1977
1976
1976
Oct.
Annual
Nov.
1977
Dec.
Jan.
Feb.
Mar.
Apr.
May-
June
July
Aug.
Oct.
Sept.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN A N D GRAIN PRODUCTS—Con.
Rice:
Production (crop estimate)
mil. bags 9 . . * 128.4
California mills:
Receipts, domestic, rough
mil. lb_.
2,346
Shipments from mills, milled rice
do
1,705
Stocks, rough and cleaned (cleaned basis), end
of p e r i o d . . .
mil. lb_.
138
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
-..mil. lb..
Shipments from mills, milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil. lb_.
Exports
do.
Price, wholesale, N o . 2, medium grain (Southwest Louisiana)
$ per l b .
Rye:
Production (crop estimate)
mil. b u .
Stocks (domestic), end of period
do...
Price, wholesale, No. 2 (Minneapolis)..$ per b u .
Wheat:
Production (crop estimate), total
Spring wheat
Winter wheat
Distribution, quarterly cf
99.2
'i 115. 6
2,220
1,492
199
77
122
83
104
32
110
76
158
133
127
158
156
8,461
5,312
9,563
5,481
2,529
552
709
573
675
572
2,150
2,682
3,011
2,877
4,711
4,640
308
406
.190
.140
.130
U5. 9
9.5
2.78
15. 0
9.3
2.92
275
153
74
163
121
147
113
216
114
138
136
132
171
624
521
729
507
505
292
526
199
555
207
521
2,682
2,475
2,454
1,850
1,424
1,044
574
233
313
263
529
381
.123
.123
.113
.118
.133
.156
.155
2.59
9.3
2.66
2.84
3*4.5
2.87
587
2,161
487
.121
219
177
305
245
85
121
189
36
185
149
82
166
123
1,242
518
3,474
556
753
531
407
2,763
750
498
.153
494
511
188
.145
.150
.154
.205
1.82
14.7
2.23
8
2.71
2.82
2.87
6.4
2.88
2.56
1.92
18. 2
'17.0
2.26
2.55
2,027
»498
«1,529
2,026
9 499
1,527
mil. b u .
do...
do...
do._.
n 2,122
i 482
n 1, 640
1,860
•» 2,142
'i 582
i 1, 560
1,754
Stocks (domestic), end of period, total
On farms
Off farms
do...
do...
do...
1,384.6
546.6
838.0
1,780.1
663.8
1,116.4
Exports, total, including
Wheat only
do.
do.
1,158.2
1,134. 5
1,001.3
968.9
101.0
98.7
54.3
53.3
57.4
56.9
51.9
49.0
63.1
57.7
66.5
50.7
75.7
68.1
70.8
66.4
78.5
75.6
85.6
82.8
96.1
93.4
110.2
108.5
69.4
68.3
4.60
3.96
4.10
3.50
3.27
2.80
3.17
2.79
3.08
2.71
3.08
2.68
3.08
2.77
3.11
2.76
3.03
2.60
2.87
2.41
2.72
2.38
2.57
2.38
2.59
2.35
2.86
2.52
2.92
2.60
3.02
2.84
4.84
3.87
3.17
3.08
2.96
2.97
3.01
3.00
2.94
2.82
2.64
2.57
2.55
2.82
3.04
3.13
247,080
4,485
555,891
259, 483
4,643
584, 082
22,723
410
51,216
21,031
380
47,486
20,804
373
46,931
21,320
380
48,035
21,425
385
48,023
24,321
430
54,434
20,632
370
46,402
20,861
375
46,870
20,529
367
46, 261
19,393
345
43,518
23,023
410
51,712
22,039
3,907
10,178
4,334
13,907
997
447
4,334
188
1,218
2,334
4,248
2,519
3,272
1,857
4,167
1,248
1,194
10.552
9.365
9.509
» 8.303
8.375
7.375
7.913
6.938
7.838
6.838
7.750
6.763
7.863
6.813
7.725
6.525
7.125
6.200
6.925
5.838
6.500
5.575
3,894
36,904
4,438
38,992
394
3,336
388
3,154
420
3,205
408
3,272
380
3,041
457
3, ?30
3,033
353
3,054
44.61
33.42
40.44
39.11
37.65
45.18
37.88
36.07
47.25
39.15
35.07
44.90
39.96
35.19
49.58
38.38
34.87
53.12
37.98
36.54
54.88
37.28
38.29
52.26
40.08
41.33
52.88
64,926
70, 454
6,929
7,110
6,525
5,840
5,825
7,236
48.30
43.19
32.69
31.96
38.28
39.65
40.40
17.1
17.5
14.1
15.4
16.2
16.2
16.8
7,552
6,474
556
517
534
498
461
579
539
474
550
44.42
47.84
39.75
39.00
45.00
49.50
50.25
51.50
56.75
56.75
36,213
675
864
1,694
39,060
5 733
1,305
7
1,868
3,497
688
130
170
3,453
726
117
134
3,367
733
128
94
3,238
745
100
131
3,084
755
100
150
3,549
795
103
143
3,200
818
113
147
24,500
360
46
1,304
26,480
5 464
82
1,467
2,278
414
8
139
2,168
439
7
104
2,190
464
6
64
2,185
486
6
100
2,044
485
7
123
2,259
504
8
107
.619
.645
.662
.630
.605
flour
Prices, wholesale:
N o . 1, d a r k northern spring (Minneapolis)
$ per b u .
No. 2, h d . and dk. h d . winter (Kans. City) do....
Weighted avg., selected markets, all grades
$ per b u .
Wheat flour:
Production:
Flour
thous. sacks (100 lb.)Offal
.
thous. sh. t o n s .
Grindings of wheat
thous. b u .
Stocks held b y mills, end of period
thous. sacks (100 l b . ) .
Exports
do...
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 1001b.
Winter, hard, 95% patent (Kans. C i t y ) . . d o . . .
406
392
1,780.1
663.8
1,116.4
1,388.1
509.5
878.5
2
278
2 742
!, 396.5
, 031. 6
, 364.9
n,no.8
4 424.9
•4685.9
••378
49,258
22,047
380
49, 334
1,146
3,537
730
473
6.588
5.850
5.913
7.025
6.088
7.188
6.325
368
3,374
352
3,085
411
3,489
403
3,320
392
3,282
41.98
39.88
54.92
40.24
38.22
51.60
40.94
38.90
46.95
40.11
39.61
46.20
40.35
39.04
41.54
42.29
40.18
42.50
0,400
5,877
5,695
6,149
6,514
6,507
37.61
37.20
41.94
43.89
45.76
44.34
41.39
40.97
15.8
15.6
18.4
19.8
23.9
26.3
25.1
' 23. 9
568
525
53.00
41.25
50.75
55.75
56.88
3,122
798
110
147
3,298
726
103
130
2,925
629
112
147
3,405
568
110
158
3,354
••580
125
167
3,344
539
106
11
2,049
484
6
111
2,052
456
2,031
385
8
11
2,302
361
10
129
2,193
••357
2,165
113
2,247
425
8
101
8
140
8
95
.640
.675
.660
.668
.661
.66'
.694
7.338
6.575
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals.
Cattle
do...
Prices, wholesale:
Beef steers (Omaha)
$ per 100 l b .
Steers, stocker and feeder (Kansas City).-do_._
Calves, vealers (So. St. Paul)t
do...
Hogs:
Slaughter (federally inspected)...thous. animals.
Prices:
Wholesale, average, all weights (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 100 lb.
MEATS
Total meats (excluding lard):
Production, totalt
Stocks, cold storage, end of period O
Exports (meat and meat preparations)
Imports (meat and meat preparations)
mil. lb.
do...
do...
do...
Beef and veal:
Production, totalt
do
Stocks, cold storage, end of period O
do
Exports
do
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 lbs.) (East Coast)
$perlb.
Lamb and mutton:
Production, totalt
Stocks, cold storage, end of period
r
mil. lb.
do.
.754
.644
399
12
361
15
39.44
50.00
.690
12
3
Revised. » Crop estimate for the year. 2 See "cf" note, this page.
Stocks as of June 1.
5
Previous year's crop; new crop not reported until June (beginning of new crop year).
See
7
" O " note, this page.
«Average for 11 months (Jan.-June, A u g . - D e c ) .
Reflects
8
8
revisions not available b y m o n t h s .
Nov. 1 estimate of 1977 crop.
Dec. 1 estimate of
1977 crop.
9 Bags of 100 lbs.
cf D a t a are quarterly except t h a t beginning 1975, June
figures cover Apr., May and Sept. covers June-Sept.
4
41.83
38.79
40.98
O Effective April 1977 SURVEY, data beginning Feb. 1976 are restated to exclude cooler meats;
comparable earlier data will be shown later.
f See corresponding note, p. S-29.
© Effective July 1977 SURVEY, monthly prices are restated through May 1977 to coincide with
published annual averages which are for "all weights, excluding sows"; comparable monthly
data prior to May 1976 will be shown later.
S-29
SUEVEY OF CURRENT BUSINESS
December 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Oct.
Annual
1977
1976
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
M E ATS—Continued
Pork (excluding lard):
Production, totalt
mil. lb
Stocks, cold storage, end of periodA
do
Exports
.
.
do..
Imports
do
Prices, wholesale:
Hams, smoked composite
$ per lb_.
Fresh loins, 8-14 lb. average (New York)...do..
POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. lb..
Stocks, cold storage (frozen), end of period, total
mil. lb..
Turkeys
do
Price, in Georgia producing area, live broilers
$perlb_.
Eggs:
Production on farms t
mil. cases©
Stocks, cold storage, end of period:
Shell
thous. casesO
Frozen
mil. lb
Price, wholesale, large (delivered; Chicago)
$per doz.-
1,255
219
26
1,146
212
21
1,024
197
18
30
29
27
29
27
24
22
18
.742
.855
.749
.932
.742
1.004
«.74O
1.042
.801
.979
.776
.986
.889
.984
780
938
895
988
1,095
988
1,179
1,115
1,092
603
446
26
26
23
.736
.843
.875
.760
1.007
.860
.758
.971
10,434
11,739
1,094
1,021
928
849
.205
453
299
.200
15.2
14.8
28
26
32
29
.594
.678
Cocoa (cacao) beans:
Imports (incl. shells)
thous. lg. tons..
Price, wholesale, Accra (New York)
$ per lb..
233.0
.759
235.4
1.092
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagsd*..
Roastings (green weight)
do
3,300
18,551
2,805
19,063
Imports, total
do
From Brazil. _.
.
..do
Price, wholesale Santos, No 4 (N Y ) $ per lb
Confectionery, manufacturers' sales
mil. $
20,289
3,748
i .678
2,830
2
178.9
180.1
22
36
665
512
869
179
21
408
252
481
328
.250
353
201
.255
566
408
.270
.245
.245
.235
15.2
14.5
14.7
14.9
14.8
15.5
42
25
33
28
40
32
38
35
47
35
49
34
51
33
.675
.624
.557
.570
.628
.593
.593
.537
19.0
2.075
16.1
1.983
25.1
1.993
13.6
1.993
10.9
1.993
10.8
1.993
6.2
2.560
8.1
2.500
303
168
.240
279
142
266
130
281
138
.195
335
190
.220
.250
.250
15.4
15.2
13.7
15.4
14.8
25
26
28
26
29
27
44
25
42
25
.706
.767
.823
.787
.756
8.2
1.325
11.6
1.615
16.5
1.543
30.6
1.730
21.5
1.903
363
203
1,150
169
26
.836
.832
25
.855
.977
363
203
.240
1,131
••159
27
1,074
145
23
.787
.916
25
.882
.993
314
195
.269
1,022
229
25
1,120
261
22
1,188
201
33
327
1,044
268
26
1,256
223
28
1,013
200
21
12,219
3 212
311
* 318
11,314
249
207
.971
.901
.215
MISCELLANEOUS FOOD PRODUCTS
Fish:
Stocks, cold storage, end of period]:
mil. lb..
Sugar (United States):
Deliveries and supply (raw basis):§
Production and receipts:
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
3,519
4,752
19,788
3,092
1.228
2,912
1,013
1,649
1,858
1,994
1,707
1,839
1,824
1,224
143
477
500
641
466
225
483
198
267
282
233
223
270
280
211
356
371
366
381
371
362
316
312
5 192
5 742
730
1,174
1 214
775
459
275
10,127
9,974
2,731
10,926
10,859
3,324
858
827
853
1,660
816
2,504
831
832
827
3,324
828
3,624
756
98
695
71
678
5
192
188
135
284
330
308
301
323
366
••393
'434
202
206
104
68
73
147
898
878
1,030
976
1,130
1,005
895
3,302
2,782
2,424
2,019
1,293
935
727
1,764
807
456
111
7
474
78
8
569
181
24
481
84
16
Q74.
"416
M38
3,447
13,510
4,356
3,246
2,112
3,000
3,031
3,680
4,331
415
148
900
214
455
109
18
269
79
26
427
125
1
247
53
2
418
72
21
321
109
13
407
107
31
389
67
33
388
86
13
.229
.135
.112
.106
.102
.105
.113
.117
.124
.112
.100
.095
.110
.108
.098
.114
1.115
.172
1.134
.165
.155
.191
15,932
9,994
9,702
$ per lb
1.155
.172
1.131
.157
15,064
22, 389
23,302
27,345
22,335
22,252
296.7
127.8
301.2
119.8
357.9
113.9
313.8
115.3
331.2
144.7
295.5
134.1
260.6
138.2
325.1 r 325. 5
125.8 «• 117.9
336.5
113.5
344.8
104.0
311.5
117.8
316.9
118.1
399.5
97.9
340.2
91.5
372.4
105.8
340.4
100.3
327.1
101.5
374.8 r 364. 9
90.6 r 88.7
377.8
110.6
233 2
69 8
246.0
67.2
242.3
67.4
236.5
70.7
232.7
71.8
197.3
77.3
.455
.455
.455
.455
.455
.462
.518
178.8
91.0
.528
179.8
81.0
.544
164.8
73.7
.547
198.2 ••209.1
68.6 ••58.9
.518
.535
218.1
76.0
.513
45.1
64.3
53.3
42.5
59.7
49.8
43.5
63.7
47.5
42.4
58.5
49.1
42.9
58.9
51.7
49.9
74.7
43.6
45.7
60.9
58.5
45.2
60.6
59.5
44.2
63.1
58.8
39.2
59.2
56.3
159,287
181,304
18, 273
16,059
mil lb
do
3 687 3
124 7
3 913 4
127.7
331 2
126 8
324 3
120 5
309.6
127.7
do
do
3,947.2
90 8
4, 343.0
104.0
361 2
96 4
351 4
89 4
Margarine:
Production
do
2 399 3
Stocks, end of period©
do
60.1
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
$perlb..
.525
2,629.7
67.2
215 6
72 2
.443
535.5
660.5
47.5
thous. lb
1,951 * 2,151
1.142
.181
16,133
1.986
.311
r
1.121
.171
15,683
$ per 5 lb_.
$ per lb..
761
3,758
1.126
.151
1.114
.160
.
635
1
154
69,735
1.163
.172
..
1,024
1,017
3,430
1 137
sh. tons.. 205,989
1.262
.190
Tea, imports
764
2 617
2,350
3,115
3 239
875
3,191
1,550
thous. sh. tons
do
.
do
Prices (New York):
Raw, wholesale
Refined:
Retail (incl. N.E. New Jersey)
Wholesale (excl. excise tax)
2,805
4,621
2.500
1.115
.156
1.101
.160
1.106
.167
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production!
Stocks, end of period© .
Salad or cooking oils:
Production J
...
Stocks, end of period©
Animal and fish fats:
Tallow, edible:
Production (quantities rendered)
Consumption in end products.. .
Stocks, end of period^
mil. lb..
do
do
513.5
649.7
37 8
Tallow and grease (except wool), inedible:
501.8
Production (quantities rendered)
do
487.4
4,655.4 5,674. 6 500.2
261.4
Consumption in end products!
do
307.4
265.6
2,908. 4 3,367.2
354.8
Stocks, end of periodff
..
do
371.5
384.5
354.8
276.6
r
Revised.
v Preliminary.
* Average for Jan. and Feb. 2 Average for 2 mos. (May
and Sept.). 5 3 See " A " note, this page.
* Reflects revisions not distributed to the
months.
Beginning July 1977, prices represent Midwest and Los Angeles and are not
comparable with those for earlier periods which represent East coast and Los Angeles.
©Cases of 30 dozen.
of Bags of 132.276 lb.
§Monthly data reflect cumulative revisions
for prior periods.
9 Includes data not shown separately; see also note "§"•
©Producers'
43.4
68.4
51.8
••47.6
••74.9
••33.5
.513
46.0
69.4
32.7
408.4
432.1 r 422. 2
422.2
439.6
450.5
398.1
484.4
464.1
440.9
263.8
262.1 r 255.7
276.5
242.0
274.0
265.0
270.9
261.7
237.5
r
359.
3
350.3
356.0
326.0
352.6
372.8
359.3
402.7
357.5
377.9
and warehouse stocks.
If Factory and warehouse stocks.
t Monthly revisions back to
1974 are available.
AEffective April 1977 SURVEY, data beginning Feb. 1976 are restated
to exclude cooler pork; comparable earlier data will be shown later.
| Revised series.
Beginning May 1977 SURVEY, data represent total commercial slaughter (excluding rendered
pork fat and lard), whereas the price for calves (p. S-28), represents a different market.
Comparable data prior to Mar. 1976 will be shown later.
S-30
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
December 1977
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATED
PRODUCTS—Continued
Vegetable oils and related products:
Coconut oil:
Production, refined
mil. lb
do
Consumption in end products ._
Stocks, refined, end of period If
...do....
Imports... .
do
Corn oil:
Production: Crude _
do
do
Refined
Consumption in end products.
.do
Stocks, crude and ref., end of period If do
Cottonseed oil:
Production: Crude
do
do
Refined. .
do
Consumption in end products
Stocks, crude and ref., end of period If
do
Exports (crude and refined)
Price, wholesale (N.Y.)
$ per lb..
Soybean oil:
Production: Crude
mil. Ih
do
Refined
do
Consumption in end products
Stocks, crude and ref., end of period H. do
Exports (crude and refined)
...do....
Price, wholesale (refined; N.Y.)..
$perlb__
TOBACCO
Leaf:
•mil.lb
Production (crop estimate)
Stocks, dealers' and manufacturers', end of period
mil lh
lb
Exports, incl. scrap and stems
tlIOUS
do
Imports, incl. scrap and stems
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
_
millions..
Taxable
Ho
do
Cigars (larger taxable
Exports, cigarettes
do
716.2
865.3
26.7
869.1
849.2
990.3
40.1
1,206.9
64.7
79.2
35.8
72.0
87.1
42.1
6175.9
58 5
75.1
40.1
144.1
57 0
73.4
35.3
86.8
60 2
69.9
38.6
128.8
67.3
82.6
33.4
99.2
59 3
73.0
37.7
64.9
67 6
73.9
46.9
89.4
69.8
79.1
41.4
108.8
67.1
63.1
48.0
66.3
49 1
71.9
42.9
75.0
'59.4
'73.1
40.1
76.1
56.5
76.4
38.0
29.4
458.8
496.6
475.6
39.5
692.4
562.2
517.0
42.1
62.0
47.4
40.2
47.0
50.4
45.7
43.2
43.1
51.3
44.9
43.6
42.1
48 1
47.2
47.7
33.4
49.0
44.0
45.2
28.6
59.2
51.1
41.7
32.4
55.6
42.4
37.1
43.2
58.1
50.7
44.0
61.2
57.9
46.3
39.3
62.1
64.0
43.9
40.7
64.7
59.3
53.2
49.1
54.8
'53.7
49.0
'48.2
'45.8
58.8
51.8
46.0
39.2
1,215.0
1,112.7
660.7
984.3
819.8
578.8
80.1
37.7
43.7
129.2
73.0
56.6
135.6
86.2
48.0
135 0
95.4
47.9
134.3
98.0
47.8
134.4
103.5
55.7
91.1
79.2
56.7
89.3
82.0
56.1
78.5
73.3
56.2
67.3
55.8
45.9
63.0
57.8
51.8
'60.1
48.7
48.6
115.8
64.2
45.4
160.3
656.5
.322
191.6
520.9
.297
115.5
33.6
.283
167.2
15.7
.290
191.6
76.6
.283
207.7
50.4
.278
233.0
80.5
.283
237.5
104.2
.323
226.9
72.4
.350
214.0
23.0
.360
182.5
58.3
.360
153.0
57.4
.280
122.2
52.5
.275
'79.4
65.5
.245
89.8
35.4
.265
7,861.7
6,422.9
6,830.3
9,639.6
7,185.4
7,576.6
807.4
575.4
621.3
804.0
596. 3
609.1
805.7
578 0
613.8
786 7
553 5
571.5
791.2
567.3
591.2
823.7
698.7
694.5
747.3
624.7
597.0
682.4
639 1
611.0
631.1
578.1
553.8
566.6
553.1
517.9
553.6
648.4
629.8
578.2
612.0
' 621. 5
826.6
694.2
656.4
799.9
758.0
.286
1,488.1
1,088.4
.244
1,350.5
100.8
.254
1,431.9
107.7
.276
1,488.1 1,599.5
75.8
103.7
.262
.252
1,609.4
92.3
.275
1,486. 4 1,478.9
236.4
103.3
.318
.358
1,355.0
209.4
.353
1,168.4
159.9
.330
1,032.0
154.2
.271
937.3
72.0
.275
' 766. 6
66.0
.249
755.4
108.8
.246
i 2,182
» 2,136
4,738
563,030
320,318
4,978
577,997
310,393
52,862
21,582
51,307
17,573
4 978
75,600
25, 764
76,832
26,580
52,964
26,118
4 797
54,695
22,075
3l,27l
36,471
38,003
17,482
4,425
41,525
22,762
49,692
27,333
47,506
32,360
4,719
66,331
33,271
17,850
22,997
62,278
588,345
4,476
49,935
72,125
617,112
4 041
61,370
6,887
52,247
388
6,218
6,185
50,541
340
4,383
0,032
43,739
264
5,987
4,896
49,029
247
3,823
5,295
49,198
280
4,161
7,085
53,374
332
6,180
6,371
45,071
295
5,676
6,432
46, 687
344
6,267
7,991
55,079
350
5,781
5,935
43,260
274
5,887
8,031
56,151
314
6,442
7,716
49,144
324
7,530
3,570
.270
.260
91,918 10 1,927
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total9
thous. $..
Calf and kip skins
thous. skins..
Cattle hides
thous. hides..
Imports:
Value, total 9
Sheep and lamb skins
Goat and kid skins
thous $
thous. pieces..
do
Prices, wholesale, f.o.b. shipping point:
Calfskins, packer, heavy, 9^/15 l b .
Hides, steer, heavy, native, over 53 lb
$ per lb_.
do
296,279
2,403
21,269
552,276
2,162
2 25,270
48,140
217
2,040
46,132
145
2,042
48,522
158
2,282
50,536
194
2,276
47,158
182
1,998
55,844
144
2,289
53,264
250
2,167
48,048
174
2,016
49,051
171
2,023
51,786
246
2,189
46,500
187
1,937
50,381
249
2,157
39,260
179
1,631
78 100
15,520
879
89 100
16,603
1,255
6 100
817
69
4 400
523
55
3 500
467
122
5 200
815
136
6 300
1,166
116
9 400
1,942
118
7 700
1,355
144
12,200
2,260
123
10,600
1,721
83
9,600
1,601
68
9,400
1,385
72
9,500
1,295
151
482
44
s.350
.234
7.754
.338
.900
.318
.700
.290
.700
.323
.800
.358
.900
.363
.900
.373
.900
.401
1.150
.413
1.150
.363
.900
.381
.900
.368
.900
.348
.338
2 203,707
14,361
15,108
18,388
18,630
19,272
23,315
18,338
16,714
16,205
18,612
12,276
16,838
12,807
8197.9
207.1
195.6
211.4
211.4
211.4
211.4
201.3
207.1
207.1
207.1
192.7
422,507
33,166
29.969
29,232
30,898
31,316
34,600
31,305
32,798
33,220
24,931 ' 34,600
32, 454
345,433
64,880
10,064
2,130
25,521
6,624
882
139
23,556
5,483
775
155
24,860
3,294
923
155
25,489
4,392
825
192
25,479
4,745
872
220
26,295
4,961
1 081
243
25,029
5,149
965
162
26,050
5,566
989
193
26,242
5,867
927
184
20,509 ' 27,260
3,870 ' 6,134
441
'925
'281
111
25,274
6,116
813
251
6,023
461
498
564
391
436
475
463
412
477
422
475
549
369
179.1
184.1
184.1
184.1
184.1
188.9
191.3
192.5
192.5
192.5
194.8
194.8
194.8
197.9
197.9
170.2
143.8
170.2
143.8
173.3
146.8
173.3
146.8
.750
.348
LEATHER
Production:
Cattle hide and side kip thous hides and kips
Goat and kid
thous skins
Sheep and lamb
do
Exports:
Upper and lining leather.
thous. sq. ft.. 2 184,104
Prices, wholesale, f.o.b. tannery:
Sole, bends, light .
index 1967—100
* 151.1
Upper, chrome calf, B and C grades
index 1967-100
LEATHER MANUFACTURES
Shoes and slippers:
Production, total
thous. pairs 413,080
Shoes, sandals, and play shoes, except athletic
thous. pairs.. 331,232
Slippers
do
70,536
Athletic
do
7 917
3,392
Other footwear
do
Exports
do
2 4,332
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
165.0
151.8
6 133.5
163.8
143.4
166.8
145.1
169.3
145.1
169.3
145.1
' Revised. i Crop estimate for the year. 2 Annual total reflects revisions not distributed to the monthly data. 3 Average for Jan.-May and July-Dec. 7 4 Jan.-June and
Aug.-Dec. 5 Jan., Feb., and Dec.
«Data include imports for Oct.
Average for Jan.,
169.3
145.2
169.3
145.2
173.0
145.2
173.0
143.8
173.0
143.8
173.0
143.8
170.2
143.8
201.3
9
Feb., and Apr.-Dec. 8 Average for Jan.-Nov.
Nov. 1 estimate for 1977 crop.
10 Dec. 1 estimate for 1977 crop.
9 Includes data for items not shown separately.
H Factory and warehouse stocks.
December 1977
I OF
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
cun ,KEJN T
BL iSLNl
S-31
1977
1976
Annual
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
LUMBER AND PRODUCTS
LUMBER—ALL TYPES 9
National Forest Products Association:
Production, total
mil. bd. ft.. 132,087
Hardwoods
do
5,872
Softwoods
do
26,215
137,153
6,830
30,323
3,305
550
2,755
2,972
496
2,476
2,921
428
2,493
2,822
370
2,452
2,930
460
2,470
3,388
532
2,856
3,260
536
2,724
3,253
545
2,708
3,160
575
2,585
2,975
507
2,468
3,290
583
2,707
3,368
526
2,842
* 37,030
6,833
' 30,197
3,167
525
2,642
2,911
510
2,401
2,951
426
2,525
2,683
385
2,298
2,873
478
2,395
3,362
543
2,819
3,364
575
2,789
3,314
548
2,766
3,387
590
2,797
3,077
492
2,585
3,358
583
2,775
3,296
516
2,780
4,859
799
4,060
Shipments, total
Hardwoods
Softwoods
do.
do.
do.
132,254
5,799
26,455
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
do.
do.
do.
4,967
875
4,092
5,091
882
4,209
4,991
847
4,144
5,062
843
4,219
5,032
845
4,187
5,171
830
4,341
5,228
812
4,416
5,325
867
4,458
5,197
802
4,395
5,133
796
4,337
4,964
781
4,183
4,845
788
4,066
4,787
789
3,998
do.
do.
1,643
5,968
1,909
8,178
160
715
140
759
150
779
144
147
721
142
890
167
150
906
116
934
156
920
7,430
550
;,377
634
722
622
673
618
696
634
675
674
637
748
631
537
547
715
573
663
504
726
497
1,322
;,293
949
736
733
931
700
677
954
675
680
949
720
671
998
686
675
1,009
733
621
745
784
977
725
573
7,134
7,196
920
771
672
743
736
1,016
737
773
941
656
690
907
599
621
885
682
689
878
772
732
918
932
505
125
602
180
422
70
19
51
31
8
23
45
18
27
42
10
31
37
13
24
65
8
57
38
8
30
53
16
37
43
12
31
34
13
21
35
11
24
158. 88
191.24
207.79
204.02
218.76
228.38
225.50
256.92
237.27
218.03
mil. bd. ft..
do
i 7,251
453
17,879
443
695
375
660
443
587
416
790
495
790
505
757
509
838
562
707
523
524
Production
do.
Shipments
do.
Stocks (gross), mill and concentration yards, end
of period
mil. bd. ft..
i1 6,967
7,142
17,987
i 7,889
761
738
656
633
663
658
651
614
735
499
702
652
787
794
778
780
729
753
728
785
708
746
759
797
646
447
742
723
1,227
1,232
1,269
1,319
1,312
1,310
1,286
1,229
1,191
1,153
1,172
9,455
14,938 18,473
9,194
15,682
263.7
275.9
284.2
287.9
288.6
290.6
254.8
259.1
260.2
262.4
Exports, total sawmill products
Imports, total sawmill products
SOFTWOODS
Douglas fir:
Orders, new
Orders, unfilled, end of period
mil. bd. ft_.
do
Production
Shipments
Stocks (gross), mill, end of period
_. do..
do.
do.
Exports, total sawmill products
Sawed timber
Boards, planks, scantlings, etc
do
do
do
Price, wholesale:
Dimension, construction, dried, 2" x 4", R. L.
$perM bd. ft..
Southern pine:
Orders, new.
Orders, unfilled, end of period
232. 09 226.05 225.42
213.7
230.93 242.51
1,134
1,232
1,204
M bd. ft..
67,502
140,386
9,114
12,833
17,349
Prices, wholesale (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, C and better, F. G., 1" x 4", S. L.
1967 = 100..
166.6
207.5
246.0
244.3
246.1
249.2
247.8
252.4
226.9
233.6
237.7
238.4
238.4
238.4
238.4
240.5
242.7
243.8
246.0
251.5
8,665
538
9,760
554
825
555
812
604
786
554
669
550
738
555
922
589
808
576
812
540
1,015
637
824
604
908
606
884
554
847
563
781
763
822
836
732
673
753
733
820
821
876
848
840
918
822
857
892
906
941
936
860
838
1,329
1,315
1,374
1,394
914
888
1,420
1,419
1,447
1,369
1,334
1,320
Exports, total sawmill products
Western pine:
Orders, new
Orders, unfilled, end of period
mil. bd. ft..
do
Production
Shipments
do.
do.
8,445
8,519
9,789
9,744
872
805
Stocks (gross), mill, end of period
do.
1,270
1,315
1,311
Price, wholesale, Ponderosa, boards, No. 3,1" x 12",
R. L. (6'and over)
$ per M bd. ft..
131.97
184. 31 198. 68 198. 57 206.15
227.16
16, 361 13,413
232.18
17,548
258.5 r 259.9
245. 58 251. 21 239.98
216. 44
219.96
1, 325
1,347
232. 57 236. 48 235.28
215.40
HARDWOOD FLOORING
Oak:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
.mil. bd. ft..
do.
do.
do.
do.
7.6
5.3
9.4
5.6
9.4
9.3
7.2
7.1
9.5
9.1
6.1
104.2
4.5
114.5
4.2
8.2
5.2
8.0
4.4
8.5
4.2
9.3
5.1
7.4
5.0
11.8
6.2
10.1
7.0
98.8
12.5
104.5
109.3
8.9
9.6
8.6
7.5
8.3
8.3
7.1
8.8
8.1
8.9
7.8
8.5
8.1
7.9
7.5
8.5
9.8
10.5
7.7
9.6
7.0
8.3
8.7
5.6
11.1
7.6
10.0
10.6
5.1
9.4
7.3
9.1
6.4
10.1
9.7
5.4
9.7
10.0
5.1
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
_ .thous. sh. tons..
Scrap
do
Pig iron
do
Imports:
Steel mill products...
Scrapf..
Pig ironf
do..
do.
do.
2,953
9,608
60
2,654
8,120
57
12,012
305
478
14,285
507
415
183
644
4
186
554
6
228
162
511
4
205
465
3
202
532
11
449
4
178
524
10
151
654
136
594
4
143
438
3
171
598
3
125
474
2
1,597
50
23
1,364
34
64
1,121
55
1,002
53
20
1,175
62
17
1,115
80
14
1,817
43
1,819
41
58
1,582
35
22
1,831
67
19
2,057
62
25
1,762
40
54
3,786
3,090
6,873
9,890
3,661
2,940
6,508
9,988
3,497
3,338
6,735
9,723
3,591
3,567
6,663
9,828
4,436
4,393
8,255
9,864
4,333
4,340
8,107
9,908
4,571
4,456
8,570
9,720
4,570
3,961
8,507
10,625
3,961
3,961
7,527
10,553
' 4,207
-•4,051
* 7,734
r 9, 760
v 4,208
v 4,0 7 7
v 7,674
p 9,897
Iron and Steel Scrap';
Production
Receipts, net
Consumption
Stocks, end of period
thous. sh. tons
do
do
do.
i 46,042 i 50,035
i 36,753 i 41,144
i 82,331 i 89,914
18,766
19,988
4,113
3,247
7,345
9,928
Prices, steel scrap, No. 1 heavy melting:
60.02 63.22
73.62
61.69
70.83
Composite (5 markets)
$ per lg. t o n . .
79.10
72.50
67.50 64.00 69.00
Pittsburgh district
do.
Revised.
v Preliminary.
1 Annual data; monthly revisions are not available.
2
Effective with Feb. 1977, composite reflects substitution of Los Angeles for San Francisco;
effective July 1977, it reflects addition of Detroit and Houston.
9 Totals include data for types of lumber not shown separately.
63.32 2 60.47 260.65 2 59.53 51.77
68.01
67.03
73.66 74.03
64.00 56.00 "5L00
67.00
66.50
67.50
74.00 74! 00 76.00 75.50 70.50
f Effective Aug. 1976 SURVEY, scrap excludes imports of rerolling rails and pig iron excludes
sponge iron imports previously included.
, ,
,
, nv
H Effective with 1974 annual and Jan, 1975 figures, data reflect expanded sample and exclusion of direct-reduced (prereduced) iron, previously included in scrap series.
S-32
i OF (JU1CKEJN T ±HJS1JN
su
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1977
1976
1976
Annual
December 1977
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
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...
U.S. arid foreign ores and ore agglomerates:
Receipts at iron and steel plants. _.
do...
Consumption at iron and steel plants
do...
Exports
do...
75,967
46,742
79,200
77, 216
44,390
6,755
7,639
4,114
6,C90
6,806
3,904
6,134
5,528
3,422
5,642
2,220
2,252
5,968
2,139
1,184
6,205
2,156
881
6,084
4,824
2,051
6,971
8,176
3,078
7,429
9,432
4,299
6,677
9,616
3,520
1,805
5,590
4,961
1,763
2,459
4,245
4,083
.12,718
.06,230
2,538
17,697
14,324
2,913
LI, 432
8,976
0,053
8,205
268
9,274
8,195
238
3,471
7,873
123
3,232
7,890
2
4,251
9,641
31
7,058
9,667
364
1,119
0,930
376
2,680
.0,108
393
3,174
9,436
476
0,566
9,074
147
7,958
8,504
2
,351
8,685
69,144
12,299
52,231
4,614
75,035
14,026
56, 246
4,763
1,430
14,171
r
3,240
13,460
33, 319 55,167
3,940
4,613
'5,035
14,026
56,246
4,763
73,533
17,117
il, 843
4,573
2,233 70,055
!0,928 24,978
[7,186 41,804
3,273
4,119
«, 485
!6,220
19,195
3,070
,701
15,012
19,381
3,308
18,502 39,691
!3,002 20,247
H,991 45,793
3,509 3,651
17,211
.6,460
t7,224
3,527
55,923
15,739
6,678
3,506
L5,344
3,484
1,033
1,053
75
93
114
70
53
29
48
121
119
62
87
79,923
79,638
i 1,435
86,870
86,929
1,513
6,382
6,402
1,492
6,272
6,275
1,513
5,985
5,984
1,530
5,827
5,860
1,520
7,174
7,227
1,505
7,382
7,396
1,526
7,962
8,053
1,508
7,530
7,535
1,526
7,008
7,001
1,564
6,763
6,832
1,573
6,526
6,686
1,532
6,595
1,486
181.76
182. 33
182.25
82. 25
.82.25
178.00
.78.00
.78.00
.78.00
.78.00
.78.00
.91.00
.91.00
994
12,444
6,434
834
14,179
7,008
842
1,205
820
1,160
545
1,036
482
883
1,088
479
901
1,130
507
884
1,362
629
920
1,302
632
964
1,357
660
920
1,425
923
1,106
557
'940
1,276
'658
864
1,264
64
729
431
56
847
491
Steel (raw):
Production
thous. sh. tons..
Rate of capability utilization*
percent. .
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total
do...
For sale, total
do...
Steel Mill Products
116,642
76.2
127,943
80.9
10,295
75.8
9,494
72.2
9,215
67.8
9,089
66.8
8,859
72.1
11,049
81.2
11,167
83.3
12,201
88.1
11,384
84.9
748
1,927
1,575
432
1,805
1,512
429
155
132
424
145
123
432
144
125
450
137
121
446
131
116
436
160
139
447
145
123
439
156
133
427
165
143
444
113
97
441
131
111
411
134
114
Steel products, net shipments:
Total (all grades)
thous. sh. tons.
By product:
Semifinished products
do...
Structural shapes (heavy), steel p i l i n g . . . d o . . .
Plates
do...
Rails and accessories
do...
Bars and tool steel, total
do...
Bars: Hot rolled (incl. light shapes)
do.-..
Reinforcing
do...
Cold
finished
do...
79, 957
89,447
6,717
6,334
6,459
6,690
8,750
7,981
8,369
8,811
6,986
7,737
7,662
7,400
3,911
5,121
8,761
1,965
4,:
4,187
7,160
2,017
323
559
158
319
307
510
182
321
303
540
187
275
299
525
143
295
320
554
141
380
750
193
386
374
702
164
385
417
713
175
401
410
719
164
265
339
57'
134
311
409
581
145
35'
362
58'
169
359
334
581
155
13,367
8,146
3,666
1,486
14,234
»8, 664
13,876
1,618
1,164
664
355
138
1,041
614
291
128
1,013
611
274
122
1,024
624
265
129
1,086
663
281
136
1,425
874
377
166
1,373
834
373
159
1,417
848
39'
164
1,514
926
408
173
1,140
642
364
128
1,296
757
372
160
1,297
775
3G9
146
1,29'
79
345
8,228
2,154
5,687
30,763
11, 222
12,841
6,265
2,461
6,436
42,303
15,090
18,265
494
199
464
3,328
1,164
1,460
456
168
457
3,279
1,127
1,474
460
166
470
2,873
1,037
1,228
437
170
622
2,963
1,004
1,322
528
183
505
3,077
1,113
1,343
679
239
782
3,9i;
1,363
1,697
614
234
457
3,678
1,292
1,595
625
221
474
3,941
1,412
1,665
677
240
561
4,12'
1,429
1,72'
625
172
502
3,233
1,144
1,35'
3,462
1,205
1,422
654
203
539
3,493
1,164
1,481
65"
20
45:
3,363
i, ise
1,407
Stocks, total, end of period
At mines
A t furn ace yards
At U.S. docks
do...
do...
do...
do...
Manganese (mn. content), general imports...do...
Pig Iron and Iron Products
Pig iron:
.,
„
Production (excluding production of ferroalloys)
thous. sh. tons.
Consumption
do...
Stocks, end of period
do...
Price, basic furnace
$ per sh. ton.
Castings, gray and ductile iron:
Orders, unfilled, for sale, end of period
thous. sh. tons.
Shipments, total
dd oo . . .
For sale
-Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons
Shipments, total
do..
do
For sale
-Steel, Raw and Semifinished
Pipe and tubing
do..
Wire and wire products
do..
Tin mill products
do..
Sheets and strip (incl. electrical), t o t a l . . - d o . .
Sheets: Hot rolled
do_.
Cold rolled
do...
160
By market (quarterly shipments):
3,156
15,622 < 14,615
Service centers and distributors©
do...
1,713
8,767 •7,508
Construction, incl. maintenance©
do.
960
3,927
4,502
Contractors' products
do
4,873
15, 214 21,351
Automotive
do
848
3,152
3,056
Rail transportation
do
1,237
5,173
5,180
Machinery, industrial equip., tools
do...
1,428
6,053
6,914
Containers, packaging, ship, materials. _ . d o . - . 22,049 * 26,371
5,828
Other©
do
Steel mill shapes and forms, inventories, end ol
period—total for the specified sectors:
36.4
35.
36.1
36.4
mil. sh. tons.
Producing mills, inventory, end of period:
12.2
12.0
12.2
12.2
10. C
Steel in process
mil. sh. tons
7.3
7.2
7.5
7.5
Finished steel
do...
Service centers (warehouses), inventory, end OJ
6.2
6.4
6.5
period
mil. sh. tons
Consumers (manufacturers only):
10.2
10.3
10.2
10. £
Inventory, end cf period
do..
5.
5.
4.
58. £
Receipts during period
do_.
5.
4.
4.
62.
Consumption during period
do._
r
Revised.
p Preliminary.
1 Annual data; monthly or quarterly revisions are not
available.4
» For month shown.
3 Avg. for 8 months; price not available for July-Oct.
1976.
See note " © " f o r this page.
•New series. Source: American Iron and Steel Institute. The production rate of capability utilization is based on tonnage capability to produce raw steel for a full order book
3,492
i,68:
5,324
788
1,31!
1,97
6,37:
36.1
35.5
12.2
7.
11.9
7.1
34.
10, 319 10,392
76.7
77.2
3,844
1,95"
1,14!
5,109
806
1,32'
1,74!
6,44i
4,27:
2,16:
1,32
5,963
869
1,496
1,69
7,37'
35.
11.
7.
'34.
10,050 •10,442
77.2 P 7 7 . 7
2
1,17
2
1,8O.;
2 25*
2 60;
237
248:
22,21:
'35.
11.
10.
6.3
10.2
5.0
5.0
'10.
5.
'5.
based on the current availability of raw materials, fuels and supplies, and of the industry's
coke, iron, steelmaking, rolling and finishing facilities. Data prior to 1975 are not available.
©Beginning Jan. 1976, data are not comparable with those for earlier periods since oil &
gas supply houses and pipelines, which were formerly shown in "Service centers and distributors" and "Construction, incl. maintenance," respectively, are now included in "Other. '
December 1977
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
S-33
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Aug.
July
Sept.
Oct.
Nov.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons..
Recovery from scrap (aluminum content)..do
Imports (general):
Metal and alloys, crude
Plates, sheets, bars, etc
Exports:
Metal and alloys, crude
Plates, sheets, bars, etc
3,879
»1,156
4,251
1,346
391
118
387
119
400
106
399
109
352
109
379
124
371
123
120
117
379
103
376
116
366
119
do
do
457.9
61.0
568.7
87.1
34.2
5.9
33.6
6.5
25.9
6.5
15.8
5.5
48.5
5.0
68.6
6.0
59.3
6.1
59.8
4.8
74.1
6.8
67.5
5.8
75.9
8.0
42.2
8.0
49.6
5.8
do
do
185. 8
185.4
152.4
222.1
7.5
18.3
12.7
21.0
9.8
13.2
10.6
18.1
4.3
11.7
10.4
9.8
2.2
7.9
6.7
18.1
5.8
6.6
2.9
13.9
.4449
.4800
.4800
.4800
.4800
.4878
.5100
.5100
5100
5300
'9.3
18.7
5300
'9.0
'15.7
.3979
13.1
19.2
.4800
.5300
5300
9,804
7,427
4,052
1,376
12,568
9,716
5,584
1,845
,015.6
784.0
454.2
150.8
960.9
742.5
432.5
160.6
,055.6
802.3
494.3
147.6
885.8
742.5
422.5
168.7
976.9
752.7
429.6
166.9
,432.1
,022.6
606.3
186.7
204.6
952.1
557.4
166.2
,175.1
948.3
541.6
172.8
,208.4
915.4
528.2
176.5
975.2
800.3
472.3
130.2
083.8 1,050.6
878.5
866.9
510. 4
496.6
164.2
165.2
5,631
5,589
5,689
5,631
5,804
5,874
5,648
5,579
5,535
5,452
5,591
5,644
5,601
1,611.3
11,539.3
11,422.7
U16.6
149.2
134.8
126.9
7.9
26.0
135.9
133.0
121.1
11.8
41.0
138.4
136.0
124.0
12.0
30.0
142.0
125.5
118.0
7.5
30.0
131.9
123.6
114.4
9.2
31.0
159.0
169.6
160.1
9.5
32.0
147.1
166.2
157.3
8.8
36.0
146.5
166.9
156.4
138.6
176.9
166.5
10.4
70.1
46.2
44.4
1.8
102.5
69.1
66.3
2.8
107. 3
88. 5
80. 1
3. 4
39.2
26.8
29.9
21.7
34.1
17.7
49.6
35.0
44.2
28.6
41.9
36.0
45.2
40.4
49.1
39.7
37.3
31.7
42.5
40.4
13.9
3.7
11.1
1.8
13.6
2.6
13.1
3.9
14.7
4.0
20.7
5.2
20.6
5.3
17. 5
1.6
22.0
4.4
16.6
4.6
.7120
.6800
.6379
.6062
.6062
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. lb._
do
do
do
Inventories, total (ingct, mill products, and
5,999
scrap), end of period
mil. lb..
Copper:
Production:
Mine, recoverable copper
thous. sh. tons_. 1,413.4
1,443.4
Refinery, primary
do
1,286.2
From domestic ores
do
157.2
From foreign ores
do
330.0
Secondary, recovered as refined
do
Imports (general):
Refined, unrefined, scrap (copper cont.).. .do
Refined
do...
Exports:
Refined and scrap
do...
Refined
do...
Consumption, refined (by mills, etc.)
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—
Lead:
Production:
Mine, recoverable lead
thous. sh. tons..
Recovered from scrap (lead cont.)
do.
Imports (general), ore (lead cont.), metal...do...
Consumption, total
do...
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. tons..
Refiners' (primary), refined and antimonial
(lead content)
thous. sh. tons.
Consumers' (lead content)d"
do._.
Scrap (lead-base, purchased), all smelters
(gross weight)
thous. sh. tons.
Price, common grade, delivered
$ per lb.
Tin:
Imports (for consumption):
Ore (tin content)!
metric tons.
Metal, unwrought, unalloyedt
do...
Recovery from scrap, total (tin cont.)f
do...
As metal f
do...
Consumption, totalt
do...
Primary f
do...
Exports, incl. reexports (metal )f
do
Stocks, pig (industrial), end of periodt
do
Price, Straits quality (delivered)*
$ per lb_Zinc:
Mine prod., recoverable zinc
Imports (general):
Ores (zinc content)
Metal (slab, blocks)
547.4
384.1
42.4
30.2
19.1
10.4
250.0
113.1
22.7
11.5
20.4
7.3
40.6
26.8
17.1
6.8
1,995
651
177
519
146
568
152
499
651
177
647
178
668
181
557
666
194
U98
662
220
679
226
.6416
.6956
.7206
.7062
.6577
.6624
.6862
.7255
.7439
.7261
2,025
2,056
512
2,517
2,383
547
1621.5
1 658.5
188.6
1,297.1
i 609.5
682.5
49.0
58.4
49.7
64.9
51.2
57.3
45.0
54.3
49.1
58.3
56.8
68.2
53.2
61.4
48.4
61.1
50.5
64.9
39.0
54.0
52.1
62.6
46.2
65.7
49.0
224.6
1,429.1
21.5
130.4
18.5
122.5
24.3
120.0
19.7
123.4
24.0
114.5
22.3
134.4
15.4
126.9
19.8
121.8
6.2
126.2
21.2
105.0
10.0
133.5
4.6
124.0
191.4
180.7
182.9
187.2
180.7
169.8
173.2
162.5
163.4
158.0
157.1
163.1
196.7
81.3
133.3
43.7
110.1
51.8
109.5
43.8
108.0
43.7
110.1
36.5
104.2
27.1
106.1
22.7
104.9
20.5
101.6
19.
101.1
14. c
115.2
13.2
120.8
12.7
119.7
11.1
118.2
87.8
.2153
96.0
.2310
97.1
.2574
95.6
.2579
96.0
. 2582
85.0
.2686
84.0
.2869
89.3
.3100
90.6
.3100
89.0
.3100
85.2
.3100
90.6
.3100
90.5
.3100
.3100
.3102
6,415
44, 365
15,869
1,917
55,800
43,620
5,733
45,055
14,057
2,393
67,567
53,850
0
2,195
1,245
249
6,395
5,120
838
3,484
1,245
208
5,950
4,609
1,346
4,956
1,275
193
5,700
4,600
2
4,016
1,140
120
5,600
4,400
1,079
4,577
1,275
125
5,500
4,500
522
4,523
1,480
150
6,800
5,300
499
3,955
1,300
150
5,800
4,600
497
3,711
1,205
135
5,800
4,70C
2,429
3,549
• 1, 295
155
6,000
4,800
0
4,084
•1,160
0
4,406
1, 425
155
5,800
4,500
0
3,541
0
4,056
79
2,337
7,282 r 7,929
4.0044
> 3. 7982
266
7,213
4.0778
352
7,282
4.1817
594
8,032
4. 6347
606
7,883
5.0743
616
5,874
5.1893
370
6,175
4.8007
11
5,644
4.886:
4,720
4.8179
1
3,597
9,536
3. 3982
582
581
142
r~
5,200
4,200
214
549
• 6,305 5,55'
5.1804 5.5637
484.5
40.6
37.3
36.6
39.1
40.5
41.9
40.2
145.0
380.4
97.1
714.5
2.6
63.7
8.9
52.4
8.0
62.5
10.3
34.0
4.3
37.8
7.3
51.6
4.7
60.
52.
do.
do.
182.7
223.8
96.6
202.3
7.8
16.0
6.8
15.7
7.1
15.1
6.3
15.0
7.7
15.2
16.
8.3
16.
16.
438.1
57.
925.3
6.9
498.9
63.6
1,127.
3.
42.7
3.9
91.-
37.0
4.2
81.4
41.4
3.7
79.
42.5
3.1
83.6
36.8
28
82.0
38.8
4.
106.
40.
2.
96.
32.
4.
96.
27.
4.
100.
23.
3.
80.
21.
3.
98.
75.7
107.3
.3896
88.
111.
.370
72.6
136.
.370
82.7
124.3
.370
88.
111.
.370
90.
112.
.3700
84.2
105.2
.370
58.9 67.
108.0 116.
. 3700
.3700
78.
107.
.355
77.
89.
.340
74.
83.
.340
64.
86.
.3400
1
2
Revised.
Annual
data; monthly revisions are not available.
Less than 50 tons.
4
3 See "*" note.
For month shown.
& Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
§ All data (except annual production figures) reflect GSA remelted zinc and zinc purchased
for direct shipment.
O Revised Dec. 31 stocks for 1970-73 (thous. tons): 124.2; 48.6; 30.1,
25.9. Producers' stocks elsewhere, end of Nov. 1977, 42,174 tons.
.6062
728
724
155
701
659
145
469.4
Slab zinc: §
Production (primary smelter), from domestic
and foreign ores
thous. sh. tons..
Secondary (redistilled) production
do
Consumption, fabricators
do
Exports
do....
Stocks, end of period:
Producers', at smelter (ABMS)O
do
Consumers'
.. .
. do
Price, Prime Western
$perlb_.
r
330.0
146.8
333.1
172.4
1.541
538
177
do
do
thous. sh. tons..
Consumption (recoverable zinc content):
Ores
Scrap, all types
10.5
39.0
5300
.3200
5,900
4,700
5,378
5638
6.0794
6.2093
32.
11. £
43.
4.
11.
55.
'42.
15.8
59.
81.
.340
60.
65.3
.319
e series
e
New
effective with data for Jan. 1976, Source: Metals Week. MW Composite monthly
price (Straits quality, delivered) is based on average of daily prices at two markets (1 enang,
Malaysia-settlement, and LME 3-month—High grade), and includes fixed charges plus
dealer's and consumer's 70-day financing costs; no comparable earlier prices are avaiiame.
t Effective with the Apr. 1977 SURVEY, data are expressed in metric tons (to convert u.b.
long tons to metric tons, multiply by factor, 1.01605).
SUEVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are es shown in
the 1975 edition of BUSINESS S T A T I S T I C S
1975
1976
1977
1976
Oct.
Annual
December 1977
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly. 9 O
mil. $^.
Electric processing heating equip
do.., _
Fuel-fired processing heating equip
do
146.4
43.6
52.4
184.3
35.8
77.3
Material handling equipment (industrial):
Orders (new), index, seas, adj
1967=100..
135.6
167.5
151.7
177.9
198.5
209.7
226.1
227.7
235.7
220. 6
236.4
139.0
15,063
19,381
15,786
16,152
1,403
1,615
1,527
1,629
1,396
1,618
1,242
1,678
1,439
1,660
1,569
1,912
1,385
1,674
1,351
1,929
1,676
2,182
1,011
1,171
33,930
3,519
3,520
2,594
3,669
4,014
4,274
3,677
Industrial trucks (electric), shipments:
Hand (motorized)
number..
Rider-type
.do
Industrial trucks and tractors (internal combustion
engines), shipments...
number..
Industrial supplies, machinery and equipment:
New orders index, seas, adjusted
1967-69=100..
Industrial suppliers distribution:
Sales index, seas, adjusted
1967=100..
Price index, not seas. adj. (tools, material handling
equip., valves, fittings, abrasives, fasteners,
metal products, etc.).
1967=100..
Machine tools:
Metal cutting type tools:
Orders, new (net), total
Domestic
Shipments, total
Domestic
Order backlog, end of period
Metal forming type tools:
Orders, new (net), total
Domestic
Shipments, total
Domestic
Order backlog, end of period
39.3
17.0
49.0
12.6
18.1
45.5
18.2
36.2
18.5
17.6
22.3
3,956
1,535
1,844
1, 705
1,661
3,442
3,887
1,760
1,930
165.4
171.2
171.9
178.7
187.6
188.3
194.6
201.7
198.8
199.1
199.5
195.4
200.0
206.2
165.2
183.8
186.6
186.8
187.5
191.2
186.4
196.9
205.0
201.9
207.5
207.9
218.6
224.7
214.7
169.4
178.4
181.5
182.9
183.7
185.8
187.5
188.2
188.7
189.4
190.3
192.0
192.7
193.6
mil. $.. 915.90 , 662.15 190.55
do
780.50 ., 476. 60 168.60
do
,878.65 ,482.10 112. 60
do
,548.10 ., 269.85 96.95
do
1,062.4 1,242.4 ,149.0
201.30
191.35
117.10
106.10
1,233.2
135.35
117.20
111.90
99.50
, 325.1
200.20
186.95
129.90
117.50
1,395.4
196.75
188.05
125.25
110.95
1,466.9
199. 70
175.00
130.50
118.20
1,536.1
187.25
159.55
155.05
136.50
1,568.2
150.00 147.70
124.95 135.95
122.40 106.25
97.75
114.00
, 595.8 1,637.3
55.15
51.35
51.50
45.70
217.3
66.25
60.10
55.20
50.65
228.3
70.00
62.30
67.20
64.30
231.1
do
do
do
do
do
Tractors used in construction, shipments, qtrly:
Tracklaying, total
..
units
mil. $..
Wheel (contractors' off-highway)
units..
mil.$__
Tractor shovel loaders (integral units only), wheel
and tracklaying types
units..
mil. $..
Tractors, wheel, farm, nonfarm (ex. garden and
construction types), ship., qtrly
units..
mil. $..
142.3
48.80
39.05
50.50
41.95
214.6
43.85
39.00
59.90
46.60
198.6
171.10 153.45
150.50 139. 70
94.30
161.95
80.55
145.70
,242.4 1,301.6
58.15
53.50
47.55
40.65
209.2
46.15
42.50
50.75
36.45
204.6
56.55
52.65
56.75
50.65
204.4
270.45
212.65
573.05
484.50
218.6
568.05
508.95
577.55
473. 50
209.2
20,453
1,111.5
4,592
289.6
19,533
1,025.7
3.772
238.3
4,321
248.6
8] 3
49.5
267.8
1,119
69.
291.1
1,263
84.2
37,956
1,132.7
34,543
975.7
207,036
2,451.5
7,628
222.9
10,827
322.4
11,619
361.9
43,112
522.3
60,072
785.5
60, (
770.2
224,259
2,321.5
62.55
53.00
53.30
49.15
213.6
70.05
64.50
45.25
41.55
225.9
212.3
198. 50 160.10
174.40 150.55
166. 50 140.95
147. 55 131.40
1,669.3 1,688.4
53.65 v 83.80
102.95
97.35 r 50.80 v 78.45
54.70
38.70
44. 95
49.75
34.05
41.10
320.2
358.0
328.9
4,472
265.2
39,271
534.6
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement), ship
thous..
42,582
49,203
5,313
5,052
5,460
4,909
4,314
3,947
3,183
3,302
3,513
3,280
5,079
5,685
6,030
Radio sets, production, total market
thous.
34,516
Television sets (incl. combination models), production, total TO arket
thous.. 10,637
44,102
5,365
3,616
2 3,526
2,697
2,738
' 3,832
2,935
3,391
2 3,684
4,404
5,853
'7,209
4,891
5, 061
14,131
1,407
1,219
2 1,216
1,103
1,141
1,346
1,203
1,255
2 1,431
1,127
1,068
' 1,653
1,380
1,366
i 24,292
2,670
2,702
2,080
12,082
4,577
2,457
4,228
2,869
7,817
25,800
i 2,962
3,140
2,515
2,462
4,817
1,548
4,492
3,173
9,285
2.342
134. 7
• 324. 0
232.6
225. 3
403.3
•106.5
• 372. 7
• 297.1
1,868
83.6
301.4
193.8
207.8
330.7
84.9
345.0
295.3
1,714
186.9
245.3
202.4
187.5
289.5
81.3
277.1
217.8
2,490.9
1,967
219.2
239.4
224.3
187.0
354.9
101.1
352.0
247.7
2,179
253.4
272.0
228.7
193.4
374.6
107.1
406.6
292.2
2,903
427.7
316.4
252.1
250.4
505.8
152.5
478.3
336.5
2,489. 3
2,506
488.1
235.7
225.5
215.5
419.9
114.9
361.5
241.5
2,580
440.8
255.5
229.1
242.3
456. 7
136.2
404.9
246.3
3.036
393.4
327.8
256. 4
288.9
659.1
196. 3
465.4
291.3
2,556
411.1
202.5
228.4
222.9
525.0
194.8
361.8
246.3
2,828
106.0
311.9
274.2
290.2
599.2
207.
495.2
330.2
* 2,732 * 2, 647
101.8
91.3
339.1
276. 4
272.0
270.8
277.7
285.2
461.4
565.
97.1
142.9
467.9 .413.6
343.5
375.6
1,186
1,618
2,645
1,554
1,824
3,112
169.8
148.1
246.4
132.6
136.1
240.4
125.1
152.4
251.5
129.2
113.6
249.9
118.5
133.7
273.7
127.9
170.0
296.9
120.9
142.5
99.5
151.8
286.2
116.8
161.3
288.4
102.8
118.
128.3 • 144. 0
• 146. 6 161.3
575
26
46. 650
400
64
605
55
'550
94
555
60
46.650
46. 579
46. 579
46. 579
44,555 50,365 65,020 58,893 60,799 61,078 47,785 55,920
9 Includes data not shown separately.
{Monthly revisions back to 1973 are available upon request.
OEffective 1976, data reflect additional reporting firms.
65,505
64, 415
Household major appliances (electrical), factory
shipments (domestic and export) 9
thous.
Air conditioners (room)
do
Dishwas hers
do
Disposers (food waste)
do...
Ranges
.._.do_._
Refrigerators
do...
Freezers
do...
Washers
do...
Dryers (incl, gas)
do...
Vacuum cleaners (qtrly.)
-do.-.
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments.thous.
Ranges, total, sales
do...
Water heaters (storage), automatic, sales
do...
148,
140.6
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production t
thous. sh. tons..
6,203 i 6,228
475
M90
490
Exports
do
640
42
615
56
23
Price, wholesale, chestnut, f.o.b. car at mine
$ per sh. ton.. 44.856
46.428 46.428 46.428 46.428
Bituminous:
1
r
Production t
thous. sh. tons..! 648,438 '• 678,68o 57,500 56,995 57,046
'2 Revised.
v Preliminary.
i Annual data; monthly or quarterly revisions not avail.
Data cover 5 weeks; other periods, 4 weeks.
3 Fpr month shown.
* Includes U.S.
produced and imported microwave ovens and combination microwave oven/ranges as follows:
1976—Oct. 227,200; 1977—Oct. 326,100; products do not add to total shipments (which also
includes compactors and dehumidifiers not shown separately) because of overlapping product
categories.
405
36
46. 550
435
42
46. 550
600
59
500
18
550
84
46.550
46. 550
46. 550
46.579
December 1977
8-35
SURVEY OF CUKEENT BUSINESS
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
Oct.
Annual
1977
1976
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous—Continued X
Industrial consumption and retail deliveries, 2
total 9
thous. sh. tons.. 556,301
403,249
Electric power utilities
do
145,746
Mfg. and mining industries, total
do
83,272
Coke plants (oven and beehive)
do
Retail deliveries to other consumers
do
2 7, 282
Stocks, industrial and retail dealers' end of
period, total
thous. sh. tons.. 127,115
Electric power utilities
do
109,707
Mfg. and mining industries, total
do
17,175
Oven-coke plants
do
8,671
COKE
Production:
Beehive
Oven (byproduct)
Petroleum coke §
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
49,248
36,619
12,067
7,042
51,320
38,178
12,401
6,901
55,642
40,950
13,521
6,941
57, 052
43,094
12,808
6,408
50,776
37,524
12,522
6,274
50,238
37,145
12,568
7,043
46,888
33,851
12,456
6,806
50,015
37,023
12,566
6,991
6,900
560
740
1,170
1,150
730
525
580
425
33,581 134,117
17,459 117,322
15,932 16,585
9,037 9,605
33,673
16,554
16, 879
9,804
133,673
116,554
16,879
9,804
52,294 57, 287
39, 940 44,797
11,987 12,109
6,679
'6,807
55,627
43,957
11, 344
6,164
380
325
365
18, 080 114,387 122,584 129,830 137,518 .44, 269 37,462 .36, 832
03,883 101,065 107,374 113,631 120,358 .25,399 .21,052 .21, 249
14, 067 13,182 15,055 16,059 17,000 18,695 16,210 15, 393
7,463
8,107
9,025 9,898 10,625 12, 035 9, 815 9, 043
233
240
190
210
240
130
140
155
140
160
175
200
190
do
Index, 1967=100..
65,669
387.0
59,406
367.5
5,871
367.2
5,451
368.0
4,625
373.0
2,143
375.3
3,079
376.5
3,390
378.0
5,639
379.1
5,673
386.1
6,019
389.7
5,158
392.2
4,279
393.7
thous. sh. tons..
do
do
2 727
56,494
25,848
605
57,728
26,029
42
4,857
2,135
42
4,752
2,099
55
4,751
2,211
49
4,412
2,135
37
4,273
2,005
37
4,696
2,239
36
4,672
2,183
26
4,819
2,222
'38
do
do
do
do
4,996
4,718
278
1,472
6,487
6,173
314
2,127
5,179
4,939
241
1,986
5,799
5,539
261
2,081
6,487
6,173
314
2,127
6,970
6,660
310
2,184
7,247
6,953
294
2,282
7,297
7,005
292
2,300
7,054
6,765
290
2,383
6,749
6,614
235
2,434
6,481
6,247
234
2,432
6,531
6,309
221
do .
1,273
1,315
91
90
32
91
51
108
108
95
160
126
136
17,020
253.6
5,081.4
89
1,396
264.4
428.0
1,291
264.4
437.3
90
1,512
264.4
457.0
91
1,391
262.9
453.6
89
1,321
274.2
425.6
93
1,817
270.0
456.3
90
1,405
271.0
438.5
89
1,382
271.0
462.8
89
1,720
271.8
458.0
1,304
270.8
1,400
273.1
1,924
276.1
1,562
278.6
282.9
6.242.6
533.0
532.8
559.1
566.1
549.7
589.0
554.0
566.0
2.971.7
601.0
249.5
50.7
248.2
50.8
241.5
49.2
242.4
51.5
248.3
52.0
241.2
50.1
177.1
55.6
184.8
75.4
196.0
79.3
225.9
45.8
180.9
91.1
248.7
53.7
1,946.9
723.1
241.3
49.7
179.1
62.7
206.7
79.9
204.2
56.0
212.4
53.4
210.6
55. 5
-46.9
Retail dealers
Exports
Price, wholesale
597,479
445, 750
144,817
84,324
do _
Exports
5,037
394.4
4,871
397.0
399.4
4,642
*159
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
number. 216,408
Price, wholesale
Index, 1967=100.
245.7
Gross input to crude oil distillation units, .mil. bbl. 4,709.3
Refinery operating ratio
% of capacityAll oils, supply, demand, and stocks:
New supply, total eft
mil. bbl. 5,876.9
Production:
8
Crude petroluem X
d o . . . 3,056.
609.7
Natural-gas plant liquids
do
Imports:
1,511.2
Crude and unfinished oils
do
Refined products X
do
699.2
Change in stocks, all oils (decrease,—)
do.
3 11.8
Demand, total X
do..
6,033.9
Exports:
Crude petroleum
do.
2.1
Refined products
do.
74.3
-14.4
36.3
34.2
50.2
23.9
640.9'
578. 5
566.1
533.8
534.7
548.2
1.1
7.6
.4
5.5
1.0
5.4
.5
2.8
6.2
.3
6.5
565.4
212.2
6.5
635.7
222.2
9.4
634.9
201.2
11.1
1.7
4.9
572.0
194.1
7.4
559.7
215.0
4.4
527.1
221.5
3.5
525. 8
219. 2
3.2
541.5
229. 3
2.9
-21.1
12.3
-23.0
-69.0
6,465.7
534.7
575.8
644.3
.6
5.6
.9
9.5
528.6
215.9
4.8
do.
do.
do.
5,957.5
2,450.3
58.0
2.9
78.7
6,384.1
2,567.2
61.8
Distillate fuel oil X
Residual fuel oil X
Jet fuel
do
do.
do.
1,040.6
898.6
365.3
1,145.6
1,019. 6
361.4
93.9
77.9
28.2
111.4
97.6
29.4
144.2
111.8
31.8
158.4
116.0
32.7
132.0
102. 5
29.0
106.0
97.6
32.3
88.3
85.7
30.6
86.1
84.3
30.8
83.3
88.6
29.7
Lubricants X
Asph alt
Liquefied gases
do.
do .
do.
50.2
147.4
486.4
55.7
146.8
514.0
4.6
15.2
46.4
4.5
11.2
52.4
4.6
6.1
59.6
4.4
5.0
59.8
3.5
5.3
53.6
5.9
8.1
42.0
4.7
9.9
36.8
5.3
14.9
36.2
5.3
19.8
37.1
do
do
do
do
1,133. 0 1,111.8 1,203.9 1,180. 8 1,111.8 1, 064. 9 1,050.5
285.5
291.4
271.4
294.0
298.8
297.7
285.5
118.6
108.5
120.5
113.7
118.3
112.1
118.6
707.7
650.6
761.5
787.9
707.7
747.9
658.8
299.5
113. 6
673.8
do.
do.
do.
2,393.6
.8
238.0
Domestic product demand, total 9 X
Gasoline
Kerosene
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
2,517.0
1.3
234.3
208.1
0)
229.1
209.3
0)
230.5
223.5
.2
234.3
Priees (excl. aviation):
Wholesale, regular
Index, 2/73 = 100—
233.6
243.8
211.8
244.7
242.2
Retail (regular grade, excl. taxes), 55 cities
(mid-month)
$ per gal.474
.455
.486
.487
.483
Aviation gasoline:
Production
mil. b b l .
13.3
13.7
1.1
1.0
1.0
Exports
do _..
.1
0)
.2
0)
0)
3.0
Stocks, end of period
do
2.8
2.8
2.8
2.7
Kerosene:
Production
do...
4.8
4.9
55.7
6.9
55.7
Stocks, end of period
do...
12.5
15.6
12.5
14.4
15.6
Price, wholesale (light distillate)
312.3
Index, 1967 = 100. _.
312.3 316.0
316.0 320.2
323.2
285.6
r
1
2
Revised.
Less than 50 thousand barrels.
Reflects revisions not available by
months.
3 Not comparable with data for earlier periods because stocks cover 100 additional
terminals beginning Dec. 1974.
* Oct. includes exports for Sept.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.
1,121.0 1,171.2 1,195.1
328.6
318.6
333. 6
122.5
116.2
124.6
720.2
686.2
736.9
215.8
.3
255.5
191.6
.1
258.1
214.0
0)
264.7
210.2
0)
261.5
216.8
.1
265.3
0)
259.1
239.9
240.4
245.6
249.5
254.5
258.9
261.2
260.5
259. 6
257.5
256.3
.484
.488
.496
.503
.510
.517
.517
.517
.515
.518
.513
.8
.7
0)
2.6
7.1
11.7
1.2
0)
2.6
1.1
1.3
0)
2.8
(0
2.6
0)
2.8
0)
3.7
16.8
15.0
325.6
355.0
339.2
346.6
351.7
357.2
360.5
362.8
363.5
cf Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
t Monthly revisions back to 1973 for bituminous coal and back to 19/4
for petroleum and products are available upon request.
7.9
10.5
5.5
13.6
3.8
14.1
SUKVEY OF CURRENT BUSINESS
S-36
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976 v
1977
1976
Oct.
Annual
December 1977
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Contimied
Refined petroleum products-—Continued
Distillate fuel oil:
Production
mil. bbL_
Imports?
do....
do
Exports
Stocks, end of period.
do
Price, wholesale (middle distillate)
Index, 1967 = 100..
.4
92.9
95.4
100.9
4.0
5.5
104.6
10.8
103.7
18.6
98.6
16.1
90.0
4.4
4.6
.1
96.9
3.1
4.0
208.8
186.0
235.6
223.7
186.0
143.0
133.3
141.9
148.3
162.2
178.9
309.4
337.0
341.2
344.3
349.8
359.0
369.4
377.8
384.0
387.0
386.8
388.7
388.8
388.9
389.1
392.2
Index, 1967= 100..
451.0
446.5
5.3
74 1
495.5
504.0
511.7
42
72 3
452.9
41.9
38.2
2
79 1
457.1
47.4
44.2
5
73 3
462.4
54.9
55.5
1
72 3
480.4
58.6
49.5
1
64 7
492.3
54.6
54.4
2
71 4
523.1
53.2
43.9
1
71 2
533.1
50.6
33.7
1
70 2
545.9
51.8
35.5
.2
73.4
544.0
35.4
1
71 9
524.5
510.2
513.6
512.7
522.1
511.3
.mil . bbl._
do
318.0
30.4
335.8
32.1
27.6
34.0
27.6
33.9
27.9
32.1
28.4
30.2
27.3
30.5
29.6
30.7
29.7
32.4
30.4
33.6
34.7
do
do
do
56.2
61 8
5.4
5.5
12.3
12.1
12.3
12.3
50
.7
12.3
47
14.3
13.0
12.0
11.6
11.4
10.6
do
do
144.0
22.8
139.7
19.4
13 1
16.4
11.1
16.7
8.5
19.4
6.5
20.9
7.6
23.3
10.3
25.6
11.0
26.7
13.7
25.8
22.5
557.5
444.1
113.4
125.1
561.9
437.4
124.6
116.3
46.8
37.2
9.6
143.9
47.0
37.1
9.9
134.2
48.3
37.8
10.6
116.3
46.3
36.3
10.0
98.9
42.9
33.5
9.4
86.5
48.7
38.4
10.2
91.2
47.4
37.3
10.1
98.6
49.8
37.4
c 12.3
109.9
119.3
5.899
6,524
Imports t
Price, wholesale
1,070.2
52.5
.3
Tnil v*TVl
do
do
do
Residual fuel oil:
"Production
ExDorts
Stocks end of neriod
968.6
56.7
Jet fuel:
P roduction
Stocks end of neriod
Lubricants:
Production
Exports
Stocks end of Deriod
Asphalt:
Production
Stories end of npriod
Liquefied gases (incl. ethane and ethylene)
Production total
do
At eras nrocessinsr nlants (1i P G )
At refineries CL R G )
do
do
do
9.1
9.5
5 5
.9
54
.9
.9
.7
.8
5 3
1.0
5.6
.9
.9
35.9
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulp wood:
Receipts. _
thous. cords (128 cu. ft.).
Consumption
do...
Stocks, end of period.
.do...
65,456
65,421
6,571
73,583
73,209
6,805
6,443
6,506
6,270
5,930
6,069
6,111
5,897
5,571
6,445
5,818
6,373
6,180
6,176
6,005
6,247
6,595
6,562
6,331
6,244
6,436
6,046
6,480
6,568
6,127
6,530
6,489
6,194
6,091
6,054
6,141
6,485
6,390
6,302
Waste paper:
Consumption
Stocks, end of period.
10,367
731
12,103
772
888
710
772
772
825
709
815
718
732
890
714
931
682
918
701
803
721
'920
••679
<43,084 * 48,804
1,583
1,400
3 29,213 '33,615
1,951
2,079
4,351
4,797
(*)
3 3,627
3 3, 201
4,123
117
2,976
199
382
3,966
138
2,813
189
411
3,336
112
2,438
169
337
3,753
139
2,758
180
360
3,850
120
2,741
174
402
4,112
152
3,026
191
390
3,999
127
2,986
172
376
4,148
139
3,086
190
4,083
124
3,053
186
382
3,791
98
2,839
164
4,026
135
3,001
167
387
449
415
280
317
413
354
338
339
327
337
1,020
605
354
62
1,045
593
390
63
1,132
640
424
1,132
644
415
72
1,145
664
413
1,175
677
424
75
1,185
693
412
1,188
714
397
77
thous. sh. tons.
do
WOODPULP
Production:
Total, all grades
thous. sh. tons.
Dissolving and special alpha.
...do...
Sulfate..
do...
Sulfite_.
do...
Groundwood..
do...
Defibrated or exploded, screenings, etc...do...
Soda and semichemical
do...
Stocks, end of period:
Total, all mills
do.
Pulp mills.
do.
Paper and board mills..
do.
Nonpaper mills
do.
Exports, all grades, total..
do.
Dissolving and special alpha.
do.
All other
do.
Imports, all grades, total
do.
Dissolving and special alpha.
do.
Allother.
do.
839
U,158
6 519
552
87
'51,344
5 656
623
65
68
12,565
692
* 1,872
12,518
730
i 1,787
201
65
136
191
60
131
210
54
156
184
53
131
236
76
160
236
65
172
246
84
162
270
80
191
206
57
150
213
58
155
212
63
150
i 3,078
140
i 2,937
i 3,727
23
286
297
11
286
303
17
281
17
263
334
8
326
359
14
345
306
19
287
304
21
385
18
366
281
10
271
350
17
332
4,
2,222
2,239
8
383
4,682
2,135
2,168
7
372
5,432
2,425
2,502
9
496
5,148
2,281
2,399
8
459
5,351
2,357
2,509
5,287
2,340
2,460
4,715
2,108
2,15^
5,416
2, 397
2,475
476
478
445
'53c
2,228
9
448
174.6
144.8
173.
144.5
172.6
145.
174.5
148.8
179.0
151.3
179. £
153.
180.6
157.8
180.4
162.4
180.
166.7
188
i 3,539
1,133 ' 1, 344
656
670
623
395
65
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted...thous. sh. tons. 52,521 60,043 5,155 4,912 4,500
Paper
do... 23,306 26,534 2,258 2,190 2,066
Paperboard
.do... 24,452 27,960 2,419 2,280 2,028
8
10
130
115
10
Wet-machine board
.do...
432
397
5,419
4,648
468
Construction paper and board
do...
Wholesale price indexes:
Book paper, A grade
1967=100.
178.7 178.5 177.5
170.3
190.4
Paperboard.
do...
141.2 141.8 144.2
127.1
138.
Building paper and board
do...
r
Revised.
»
Preliminary.
1
Reported annual total; revisions not allocated to the months. 2 Less than 50 thousand
barrels. s Beginning with January 1975, data for soda combined with those for sulphate;
not comparable with data for earlier periods.
Q
I
g
4,905
2,220
177.8
168.8
174.2
168.3
4
Beginning March 1975, data for defibrated or exploded, screenings, etc., not available;
not comparable with those for earlier periods. 5 Data exclude small amounts of pulp
because reporting would disclose the operations of individual firms.
JMonthly revisions back to 1974 are available upon request. e Corrected.
SURVEY OF CURRENT BUSINESS
December 1977
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
t h e 1975 edition of B U S I N E S S S T A T I S T I C S
1976
Annual
S-37
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS-Con.
Selected types of paper (API):
Groundwood paper, uncoated:
Orders, new
thnns. sh. tons
Orders, unfilled, end of period
do
Shipments
do....
Coated paper:
Orders, new
do
Orders, unfilled, end of period
do
do....
Shipments
Uncoated free sheet papers:
_-,
do...
Orders, new..
do
Shipments
Unbleached kraft packaging and industrial converting papers:
Orders, new
thnns. sh tnns
do
Orders, unfilled, end of period
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 perioddo
Consumption by publishers cf
do
Stocks at and in transit to p ublishers, end of
period
thous sh tons
Hn
Imports
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered .
Index, 1967=100
' 1,245
••172
1,189
' 1,300
'151
' 1, 278
'110
' 171
'113
'95
'150
'103
'103
'151
'104
'99
' 131
'107
'98
'134
'98
'106
'138
'106
113
142
107
112
151
108
120
167
103
112
168
111
121
178
115
107
180
105
110
173
112
' 3,183
••315
' 3,212
' 3 956
'337
3,981
' 346
-367
'346
297
'345
33b
' 327
337
'332
' 362
' 363
331
' 333
'369
331
' 374
'363
382
'360
'388
343
' 346
'387
350
' 365
'383
'365
319
'383
317
396
400
383
'357
'393
'356
377
398
381
' 5,340
5,471
v 6,354
' 6, 771
'508
'528
'504
'515
'528
'498
'555
'528
557
'521
'635
'617
'591
'574
'557
'568
'571
'576
'518
'527
565
592
542
552
583
600
3,422
149
3,406
3,979
3,908
4,186
341
365
315
359
300
340
320
363
324
340
350
374
360
371
374
342
375
365
7,679
7,727
95
8,915
8 712
299
837
813
369
794
813
350
718
769
299
733
653
379
690
648
420
726
734
412
732
729
416
755
747
424
760
768
416
721
730
408
783
757
434
713
738
408
840
856
392
3 614
3,613
21
3 686
3*678
29
321
316
36
322
321
36
282
289
29
323
312
41
291
285
47
333
321
58
306
299
64
323
324
63
330
333
59
307
306
60
336
331
65
293
300
58
332
334
55
6,363
6,534
599
595
575
529
483
572
563
599
556
524
539
561
628
734
921
884
906
921
873
896
897
873
831
835
832
851
827
800
5,847
6,569
581
662
594
468
500
599
495
530
608
483
558
184.0
198.2
205.3
205.3
207.6
209.4
209.4
216.7
216.7
216.7
216.7
216.7
216.7
216.7
216.7
216.7
Paperboard (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons..
Orders, unfilled§.
.
do
Production, total (weekly avg.)
do....
'479
' 1, 031
476
' 552
' 1,070
547
574
1,096
564
542
1,088
561
385
'1,070
471
528
1,089
504
553
1,097
561
596
1,189
581
580
1,217
585
598
1,208
599
577
1,182
580
506
1,220
501
546
1,148
572
518
1,135
515
578
1,146
568
548
1,132
550
Paper products:
Shipping containers, corrugate d and solid fiber
shipments
mil. sq. ft. surf, area.
194,329
216,371
19,073
18,097
16,672
16,189
17,656
19,783
18,956
19,377
19,505
17,251
19,694
20,002
19,711
Folding paper boxes, shipments ..thous. sh. tons., 2,380.0
mil. $ . 1,755.0
2,592.0
1,979.0
229.8
178.6
210.8
165.6
227.1
177.4
207.5
163.0
197.6
157.2
' 231.0
182.3
206.1
163.9
219. 5
176.0
220.0
176.8
183.3
148.4
226.1
184.1
' 218. 6
' 178.1
229.5
184.6
72.06
123.91
71.16
57.43
126.72
72.86
49.28
76.27
73.20
.391
.399
' .448
c .443
14.86
26.14
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. metric tons..
Stocks, end of period
do
Imports, incl. latex and guayule.. thous. lg. tons_.
669.97
105.38
656. 60
730.73
141.84
712.90
64.48
56.86
50.01
52.30
Price, wholesale, smoked sheets (N.Y.)..$ per lb._
.299
.395
.420
.430
.400
thous. metric tons.. 1,937.85 2,303.75
do
2,022.43 2,175.26
do
369. 86
458.12
209.50
213. 31
206.33
211.87
210.92
200.56
i 458.12
Synthetic rubber:
Production
C onsumption
Stocks, end of period
Exports (Bu. of Census)
Reclaimed rubber:
Production...
Consumption
Stocks, end of period
thous. lg. tons..
thous. metric tons_.
do
do
267.99
78.23
100.22
10.18
78.46
81.89
16.81
9.52
7.86
8.31
8.44
59.43
» 141.84
67.27
119.92
70.19
68.50
127.04
55.61
77.57
123.77
82.29
68.60
118.30
72.18
67.66
119.10
49.98
.408
.408
.416
.406
.408
203.95 193.03
216.92 202. 68
441. 37 431.81
213.07
238.09
407.62
204.80
200.42
412.85
211. 45 201.84
220.14 206. 75
1409.35 1402.18
21.48
20.78
21.13
19.11
20.97
8.43
8.10
16.81
6.74
9.78
» 15. 95
6.77
8.96
15.83
7.90
9.68
16.66
.396
7.02
9.78
16.26
6.75
9.40
113.99
7.34
8.83
14. 78
.438
191.32
159.78
430.43
TIRES AND TUBES
Pneumatic casings, automotive:
Production
thous. . 186.705
187,953
21,113
18,827
20,194 2 20,638
20,094
22, 640 20,087
19,512
20, 734
15,050
19, 495
19, 321
Shipments, total
Original equipment
Replacement equipment
Exports
do
do
do
do
196,295
47,467
142.706
6,122
210,702
60,138
145,869
4,695
18,718
4,373
14,013
332
16,873
5,419
11,064
391
16,466
6,241
9,731
494
16,773
2
5,835
10,496
2 442
16,609
4,838
11,282
21,022 20,530
6,423 5,766
14,020 14,313
451
579
19,790
5,828
13,501
461
22, 758
6,511
15,742
504
17,177
4,474
12,298
404
18,262
4,425
13, 400
436
20,558
5,750
14, 383
425
Stocks, end of period
Exports (Bu. of Census)...
Inner tubes, automotive:
Production
Shipments
Stocks, end of period
Exports (Bu. of Census)
do.
do.
50,020
6,124
34,768
4,784
27,581
30,200
397
34,768 2 39,010
519
483
43,212
546
45,616
637
45,832
618
46,231
504
44,887
525
43,460
514
45,229
448
44,542
544
.do.
do.
do
do
32,584
34,581
9,212
27,548
33,304
5,106
3,167
2,867
2,505
4,679
255
2,461
2,281
4,912
249
186
240
229
285
193
190
127
170
2,362
2,315
5,106
357
' Revised.
i Producers' stocks are included; comparable data for earlier periods will be
shown later.
2 Beginning Jan, 1977, data cover passenger car and truck and bus tires;
motorcycle tires and tires for mobile homes are excluded.
253
d"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
c
month; annual data are as of Dec. 31.
Corrected.
SURVEY OF CURRENT BUSINESS
S-38
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
1975
1976
Annual
December 1977
1977
1976
Oct.
Nov.
Jan.
Dec.
Mar.
Feb.
May
June
July
Aug.
Sept.
35, 713
40,197
45,090
40,537
45,521
41,952
792. 6
4.7
127.8
700.0
4.7
109.3
• 812. 3
'4.2
113.7
740.6
4.4
99.4
5.3
5.3
6.4
25.9
22.7
'27.9
27.0
201.4
207.8
209.2
212.2
214.2
Apr.
Oct.
Nov.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
thous.bbl.
367,436
385,750
37,404
31,686
23,165
13,963
296.6
2.6
45.5
20, 910 31,346
CLAY CONSTRUCTION PRODUCTS
Shipment s:t
Brie k, unglazed (common and face)
mil. standard brick.. 6,261.9
Structural tile, except facing
thous. sh. tons..
79.5
Sewer pipe and fittings, vitrified
do
Facing tile (hollow), glazed and unglazed
1,189.9
mil. brick equivalent..
Floor and wall tile and accessories, glazed and
73.4
unglazed...
mil. sq. ft..
Price index, brick (common), f.o.b. plant or N.Y.
251.7
dock
1967 = 100..
7,034.4
71.0
631.4
3.7
617.0
3.7
489.4
4.3
1,097.8
91.0
86.4
62.5
64.8
5.0
4.7
4.3
276.7
23.6
23.1
21.7
160.5
177.0
180.9
184.6
185.9
thous. $..
do
do
467,994
76,229
391,765
644, 751
101,739
543,012
thous. gross _
GLASS AND GLASS PRODUCTS
Flat glas s, mfrs.' shipments
Sheet (window) glass, shipments
Plate and other flat glass, shipments
Glass containers:
Productionj
3.3
18.9
188.2
437.9
3.4
687.8
3.4
727.3
4.3
782.4
4.1
65.8
102.3
107.2
113.6
2.9
5.5
5.6
5.6
21.6
22.6
22.8
23.8
191.6
194.8
195.8
198.2
171,412
24,532
146,880
181,769
165,553
283,055
302,500
27, 578
24,211
21,020
22,636
24,292
28,109
24,433
25,686
27,059
26,481
29,515 '21,251
25,960
do
279,022
292,345
22,716
21,804
22,943
22,177
22,456
34,t76
21,161
23,869
26,526
24,472
35,382 '23,828
21,478
do
do
do
do
25,266
64,418
76,835
23,406
25,727
65,093
81,938
22,674
1,679
4,356
6,861
1,892
1,486
4,926
5,925
1,986
1,727
5,736
6,070
2,004
2,244
4,352
5,909
1,813
2,115
4,608
5,890
1,709
3,060
7,142
9,074
2,849
1,567
4,521
7,670
1,630
1,925
5,450
8,452
1,787
2,155
6,697
8,794
1,939
1,633
6,218
8,434
1,551
3,289
8,451
10,179
2,685
'1,987
' 4,902
' 7, 574
'1,821
1,515
4, 442
6, 53
1,955
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
and fruit jars) $ O
thous. gross.
59,287
61,504
4,996
4,820 4,712
5,049
7,897
3,471
4,025
4,502
4,324
7,363
' 5, 015
4,636
Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do..
Chemical, household and industrial
do..
25,775
4,035
30,798
4,611
2,625
307
2,357
304
2,373
321
2,736
339
2,744
341
3,687
467
2,171
231
1,997
233
2,150
289
2,039
273
2,998 ' 2, 226 2,140
417
' 303
253
37,666
42,800
43,337
45,039
42,800
41,932
43,266
36,408
40,414
41,613
42,077
43,019
9,751
9,181
i11,980
111,036
1,150
1,021
1,160
919
1,132
927
591
940
863
952
843
1,092
1,046
1,121
1,002
1,134
1,020
1, 151
1, 044
533
284
541
515
565
771
600
312
276
348
459
502
572
528
585
Shipments, domestic, total}:
Narrow-neck containers:
Food
Beverage
B eer
Liquor and wine
Stocks, end of periodj.
do...
215.7
37,253 '33,976 38,449
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc. byproduct)..thous. sh. tons.
Calcined
do...
1
1
r
1,124
1,032
1,186
1,072
1,187
1,048
Imports, crude gypsum
do.
5,448
6,231
623
572
Sales of gypsum products:
Uncalcined
do .
i 4,878
5,030
427
445
476
do..
293
305
27
23
22
28
27
26
24
25
do..
do..
176
360
162
329
13
29
11
23
10
22
14
27
12
25
12
25
13
29
10
27
12
32
12
28
10,804
182
292
198
8,214
1,790
127
113,156
184
362
1272
110,117
i 2,029
191
1,203
16
32
23
927
186
19
11
27
1,135
14
32
24
876
174
15
949
1,029
11
12
23
24
20
19
723 ! 799
161
160
14
13
1,382
17
38
30
1,061
214
21
1,201
13
29
28
917
190
24
1,281
17
35
26
981
202
19
1, 380
15
40
31
1, 055
219
20
1,262
14
36
23
970
198
20
1,421
17
41
94
1,102
217
20
1,333
10
39
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
mil. sq. ft.
do...
do...
do...
do_ -.
do...
do...
1,165
15
31
23
900
183
13
20
720
566
2.')
1,032
206
22
TEXTILE PRODUCTS
i
FABRIC (GRAY)
Knit fabric production off knitting machines (own
use, for sale, on commission), qtrly*
mil. lb_.
Knitting machines active last working day*, .thous..
1,955.8 '1,790.9
47.1
43.5
' 402. 3
43.5
7 419. 4
7 35.7
7
454. 3
7 35.6
Woven fabric (gray goods), weaving mills:
2 923
953
820 21, 027
785
805
769
792
613
9 777
Production total Q
mil linear vd
817 21 057
10 448
781
387
315
2 432
348
251
335
327
4,326
2 371
344
352
341
2 448
4,450
Cotton
do
558
462
2
585
356
464
443
471
5,913
436
2
545
5,356
457
2
600
431
M!anmade
fiber
do
1,082
1,212
1,205 ' 1,118
1,099
1,153
1,187
1,203
1,196
1,180
1,203
1,203
1 213
1 210
Stocks total end of period 9 cT
do
345
365
388
380
489
424
391
429
415
431
426
425
431
Cotton
do
425
712
'748
767
817
819
605
759
770
760
767
766
767
778
M^anmade
fiber
do
781
r
1
722
1,728
1,980
1,905
1,839
1,912
2,113
2,590
2,008
1,830
1,830
1,766
1,991
1,770
Orders, unfilled, total, end of period 9 If..-do
742
'698
846
794
765
1,144
796
895
921
869
Cotton
do
772
789
753
789
985
1,074 ' 1,023
1,134
1,414
1,084
1,086
1,111
1,149
1,008
M^anmade
fiber
do
1 008
1 081
993
1 017
COTTON
Cotton (excluding linters):
Production:
3
7,502 ] 1, 722
695
2,366
85
U0, 343
3,703
8,151 «10,348
7,658
9,887 10,251
G innings A
thous running bales
«14,385.8
•10,580.6
Cron estimate
thons net weisht bales (D 3 8,301.6 410,580 6
2
' 2 605
510
'492
2 616
395
528
507
501
6,142
2 582
653
507
510
528
6,833
Consumption . .
thous. running bales..
Stocks in the United States, total, end of period 9
3,496 ' 2, 920 '16,139 '14, 798 14,680
6,642
4,571
9,544
9,610
7,819
5,570
8,716
9,610 10,859 10,297
thous. running bales..
3,483 ' 2, 909 ' 16,127 ' 14, 787 *>14, 671
4,554
9,528
9,581
7,793
6,618
5,550
9,581 10,826 10,266
8,689
Domestic cotton, total
. - . ..do
126
3,498
375
75 ' 13, 389 '11,270 p 7,608
7,005
1,247
787
944
563
1,009
945
1,247
On farms and in transit.
do
2,264 ' 1, 787 ' 1, 773 ' 2 , 6 3 8 p 6, 219
3,005
2,980
5,912
7,377
4,707
5, 777
3,815
6,709
7,431
7,377
Public storage and compresses
do
'965
1,093
841
1,174
1,072
856
1,124
'
1,047
'879
957
1,172
971
1,152
957
Consuming establishments
do
2
^Monthly revisions back to 1975 for shipments of clay construction products and for Jan.' Revised.
1 Annual total; revisions not
allocated
to
the
months
or
quarters.
Data
3
Mar. 1975 for glass containers will be shown later.
9 Includes data not shown separately.
cover 5 weeks;
other months, 4 weeks.
Crop for the year6 1975. 4 Crop for the year
5
cf Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
1976.
Beginning 1st Qtr 1977, data no longer available.
Dec. 1 estimate of 1977 crop.
7
toweling, and blanketing, and billed and held stocks of denims.
Beginning 1st Qtr. 1977, data exclude garment lengths, trimming, and collars; not com^[Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
parable with earlier data.
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,
0Bales of 480 lbs.
©Includes data for "dairy products."
and blanketing.
ACumulative ginnings to end of month indicated.
*New series.
Source: BuCensus.
Data cover warp and weft knit yard goods and knit
garment lengths, trimmings, and collars; no quarterly data prior to 1974 are available.
SURVEY\OF CURRENT BUSINESS
December 1977
1975
U n l e s s o t h e r w i s e stated in footnotes below, data
through 1974 and descriptive notes are a s s h o w n in
the 1975 edition of B U S I N E S S S T A T I S T I C S
1976
Annual
3-39
1977
1976
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
149
1
'5.31
P52.3
TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES—Con.
Cotton (excluding linters)—Continued
Exports
thous. running bales..
Imports
thous. net-weight(T bales..
Price (farm), American uplandif
cents per lb__
Price, Strict Low Middling, Grade 41, staple 34
(1M •*), average 10 markets
cents per l b . .
Spindle activity (cotton system spindles):
Active spindles, last working day, total
mil_.
Consuming 100 percent cotton.
.do
Spindle hours operated, all fibers, total
_bil..
Average per working day
do_.
Consuming 100 percent cotton
do..
Cotton cloth:
Cotton broadwoven 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
Exports, raw cotton equiv thous. net-weightCDbales
Imports, raw cotton equivalent...
.do.
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Filament yarn (acetate).
mil. lb__
Staple, incl. tow (rayon)
do....
Noncellulosic, except textile glass:
Yarn and monofilaments
do....
Staple, incl. tow
_ . .do
Textile glass
fiber
do....
Fiber stocks, producers', end of period:
Filament yarn (acetate)
mil. l b . .
Staple, incl. tow (rayon)
do
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do
Staple, incl. tow
do
Textile glass
fiber
do,....
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total 9
mil. lin. y d . .
Filament yarn (100%) fabrics 9
do
Chiefly rayon and/or acetate fabrics
do
Chiefly nylon fabrics
do
Spun yarn (100%) fab., exc. blanketing 9-do
Rayon and/or acetate fabrics, blends...do
Polyester blends with cotton
do
Filament and spun yarn fabrics
do
Manmade fiber gray goods, owned by weaving
mills:
Ratio, stocks to unfilled orders, end of period...
Prices, manufacturer to mfr., f.o.b. mill:*
50/50 polyester/carded cotton printcloth, gray,
48", 3.90 yds./lb., 78x54-56
$ per y d . .
65% poly./35% comb. cot. broadcl., 3.0 oz/sp yd,
45 , 128x72, gray-basis, wh. permpresfin.
$ per yd_.
Manmade fiber knit fabric prices, f.o.b. mill:*
65% acetate/35% nylon tricot, gray, 32 gauge, 54",
3.2 oz./linear y d . .
$ per yd_.
100% textured polyester DK jacquard, 11 oz./
linear yd., 60", yarn dyed, finished...$ per y d . .
Manmade fiber manufactures:
Exports, manmade fiber equivalent
mil. lbs..
Yarn, tops, thread, cloth
do
Cloth, woven
do
Manufactured prods., apparel, furnishings .do
Imports, manmade fiber equivalent
do
Yarn, tops, thread, cloth
do
Cloth, woven
do
Manufactured prods., apparel, furnishings.do
Appare 1, total
do
Knit apparel.
do
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
mil. lb
Carpet class
do
Wool imports, clean yield
do
Duty-free (carpet class)
do
Wool prices, raw,
shorn,
clean
basis,
delivered
to
U.S. mills:cf1
Domestic—Graded territory, 64's, staple 2VX"
and up
cents per l b . .
Australian, 64's, Type 62, duty-paid
..do
Wool broadwoven goods, exc. felts:
Production (qtrly.)
.mil. lin. y d . .
3,840
50
158.0
17.1
8.0
93.2
.352
46.5
3,431
96
64.7
217
26
62.5
265
0
65.2
1
63.1
354
2
62.3
509
548
63.9
67.8
400
2
67.2
462
1
61.1
282
18
63.1
181
1
60.9
200
1
59.1
7
73. 4
77.0
76.5
73.1
67.0
72.2
75.8
73.7
70.6
61.1
58.2
52.5
49.3
16.8
7.5
105.6
.406
48.1
17.0
7.6
8.3
.413
3.7
16.9
7.4
7.8
.390
3.4
16.8
7.5
16.7
7.4
8.0
.402
3.5
16.8
7.3
8.2
.412
3.5
16.9
7.2
>10.3
.413
2 4.4
17.0
7.1
8.2
.410
3.5
16.8
7.0
8.3
.417
3.5
16.8
7.0
2 10.2
.406
2 4.2
16.8
7.0
6.7
.334
2.8
'16.5
6.8
'8.1
'.405
3.3
16.5
6.8
2 9.2
.368
'24.1
3.4
12.7
11.6
11.0
14.4
10.6
11.3
11.1
4.7
4.7
6.1
4.6
4.3
4.4
.41
36.9
43.7
.40
36.5
44.2
.42
29.4
39.6
'.44
31.0
42.7
40.2
48.1
24.8
35.5
.359
2 4.0
4,095
4,446
«12.3
»13.2
11.9
11.3
12.0
10.8
10.5
11.5
•5.9
'4.7
4.6
4.9
5.0
4.6
4.7
4.5
«.5O
488.3
487.1
3.36
556.0
718.3
.38
57.5
48.0
.43
45.6
57.7
.42
53.2
52.4
.42
42.8
47.7
.44
51.6
50.2
301.3
370.9
286.9
475.4
60.3
121.4
71.9
135.5
3,197.2
2,676.8
546.5
3, 286.5
3,319. 2
676.0
829.9
833.3
176.1
18.6
51.2
18.1
30.0
280.6
234.7
101.7
1,139
1,207
47.1
46.9
.38
47.2
41.2
132.7
' 882. 3
' 892.0
160.5
' 931. 7
193.2
923.4
3.7
208.9
18.1
30.0
15.4
40.6
14.0
41.8
299.8
289.0
79.4
299.8
289.0
79.4
' 293. 2
' 300.5
57.0
' 298. 8
• 301. 0
57.6
5,278.3 6,092.4
1,688.0 1,984.4
325.
378.2
279.0
356.8
3,036.5 53,500.4
172.4
184.8
2,359.5 2,713.2
257.1
320.5
1,458.8
467.7
96.4
1,553.8
497."
94.0
96.2
1,569.1
510.8
93.4
97.9
907.4
74.6
675.7
84.4
4
!
.33
840.0
42.6
647.8
83.8
3.30
.37
.38
.40
«.416
.418
.414
.409
.725
.767
.760
.768
53.3
694.1
88.3
.47
.771
.49
.759
.44
.40
.42
.45
.389
.400
.399
.388
.760
.764
.765
.754
.420
'.46
.42
.396
.393
.405
.424
.441
.750
.750
.741
.741
.727
.446
.450
.440
.438
.445
.435
1.662
1.668
1.642
1.642
1.609
31.77
18.34
11.22
13.43
43.12
8.72
5.18
34.40
30.09
19.50
31.55
17.59
11.19
13.96
29.36
15.82
9.42
13.54
53.60
10.36
5.74
43.24
38.75
24.39
27.08
13.92
9.36
13.16
55. 03
13.05
7.87
41.98
36. 72
22.78
35.02
18.55
11.88
16.48
51.74
10.90
6.56
40.84
36.23
21.88
25.81
14.11
9.60
11.63
46.60
9.31
5. 76
37.29
7.9
.9
5.1
1.7
1.1
7.4
2.6
2 1.3
7.4
2.5
4.0
1.9
'7.4
'1.1
4.7
1.5
182.5
228.3
182.5
228.0
182.5
226.3
182.5
227.0
182.5
224.0
.340
.341
.343
.345
.350
.383
.419
1.834
1.824
1.696
1.741
1.789
1.819
1.846
323.73
188.43
142.89
135.30
400.38
69.23
54.02
331.14
2»9. 00
194. 89
352.17
201.92
139.17
150. 25
479.32
83.82
64.41
395.49
343. 25
209.80
30.76
17.91
12.24
12.85
36.88
6.40
4.96
30.48
26.67
15.02
31.33
18.12
11.83
13.21
40.68
7.45
5.64
33.22
28.61
17.42
32.12
18.95
11.65
13.17
34.55
7.53
5.66
27.02
22.58
11.42
27.67
16.50
10.64
11.16
34.20
7.57
5.25
26.63
22.58
11.81
30.77
18.97
10.56
11.79
32.55
7.38
4.40
25.17
21.51
11.49
34.18
20.02
11.82
14.17
36.92
9.19
5.15
27.74
23.11
13. 62
32.02
18.07
11.68
13.95
35.83
7.50
4.95
28.33
23.76
14.30
94.1
15.9
33.6
17.0
106.7
15.1
58.0
18.9
7.9
1.2
4.0
1.3
3.3
1.3
2 9.0
2 1.5
4.4
1.6
8.2
1.2
5.2
1.6
8.3
1.1
5.0
2.0
10.0
2
1.5
4.7
1.4
150.2
205.8
182.1
6 217.5
192.5
232.5
192.5
224.0
187.5
227.3
187.5
229.0
187.5
227.3
182.5
227.6
78.9
97.3
21.9
13.1
48.0
356.0
315.2
bl.2
1.695
.412
«1.846
2
6.8
1,147
74.8
136.7
4
48.0
58.01
9.98
5.81
48.03
42.29
27.27
2 9.5
26.2
27.1
224.9
250.4
2
32. 59
20.05
8. 6
2 1.1
2.4
2.2
.3
182.5
227.0
182.5
227.0
182.5
230.5
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other), shipments, quarterly
mil. sq. yds..
' 921.1
834.0
232.6
APPAREL
Women's, misses', juniors' apparel cuttings:*
Coats
thous. units.. • 20,876 r 20, 689 <• 2,000 '1,902
1,406
Dresses
do
174,695 170,744 14,106 12,592 ' 10,353
Suits (incl. pant suits, jumpsuits)
do
34,468 ' 34, 050 ' 3, 381 r 3, 208 3,144
Blouses
thous. dozen.. • 18,971 " 19,735 ' 1,685 ' 1,605
1,627
Skirts
.
do
452
' 4, 692
415
'4,929
312
2
' Revised.
v Preliminary.
i Season average.
For 5 weeks, other months, 4 weeks.
3 Monthly average.
< Effective Sept. 1976 SURVEY, data omit production and stocks of
saran and spandex yarn.
a Effective 1976, production of blanketing is includede in 100%
spun yarn fabric
(prior to 1976, in "all other group," not shown separately).
Avg. for
7
May-Dec. •
Average for sales prior to Apr. 1, 1977.
s Avg. for Feb.-Dec.
H Based on 480-lb. bales, p price reflects sales as of the 15th; restated ' price reflects total
quantity purchased and dollars paid for entire month (' price includes discounts and
premiums).
9 Includes data not shown separately.
0 Net-weight (480-lb.) bales.
2,053
• 1,187 1,185 ' 1,087 r 1,078 '1,285 '1,744 ' 1,524
13,473 ' 15,114 r 18,524 '16,570 14,317 14,533 11,486 13, 757
'
3,
019
'
2,
264
'
3,
064
• 3,402
3,448 r 3,488 '2,697
r
1,829
" 1, 540 1,540
1,765 ' 1,647 ' 1, 748 '1,320
1,709
'373
'474
'466
'568
'481
'450
'443
481
cf Effective Jan. 1976, specifications for the price formerly designated fine good French
combing and staple have been changed as shown above. Effective with the May 1976 SURVEY
the foreign wool price is quoted including duty.
*New series. Apparel (BuCensus)—Annual totals derived from firms accounting for 99%
of total output of these items; current monthly estimates, from smaller sample. Monthly data
for 1975, adjusted to annual totals, are available. Coats exclude all fur, leather, and raincoats.
Suits omit garments purchased separately as coordinates. Except for the year 1974, earlier
monthly data are available, except for suits. Prices (USDL, BLS)—Data not available prior
to 1976.
SURVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual r
December 1977
1977
1976
Oct.'
Nov.r
Dec*
Jan.r
Feb.'
Mar.'
Apr.r
May
Juner
July
Aug.
Sept.
Oct.
833
8,633
1,163
2,129
19,820
1,398
1,151
10,085
1,269
2,882
24,084
1,565
1,349
10,682
1,500
2,875
23,283
24,594
Nov.
TEXTILE PRODUCTS—Continued
APPAREL-Con.
Men's apparel cuttings:
Suitst
thous. units..
Coats (separate), dress and sport}
.do
Trousers (separate), dress and sport}
do
Slacks (jean cut), casual }_. _
.thous. doz..
Shirts, dress, sport, inc. knit outerwear }...do
Hosiery, shipments..
thous. doz. pairs..
°13,749
«11,544
118,944
10,940
32,645
225,514
• 16,224
«12,874
132,163
11, 732
31,167
240,918
1,422
1,411
11,225
1,009
3,150
20,954
1,265
1,130
9,996
822
2,953
19,719
1,133
1,153
8,185
1,004
2,653
18,157
1,225
1,161
9,923
941
2,908
17,369
1,361
1,140
11,676
188
2,981
18,115
1,460
1,316
12, 780
1,425
3,127
21,399
1,462
1, 355 1,329
1,046
1,038
1,087
11,806 11,986 11,734
1,367
1,429
1,316
2,959
2, 550 2,816
18,505 18, 737 21,618
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly, total
mil. $.
U.S. Government..
...do,..
Prime contract.
do_._
Sales (net), receipts, or billings, qtrly, total do...
U.S. Government
do...
Backlog of orders, end of period 9
do
U.S. Government
do
Aircraft (complete) and parts
...do
Engines (aircraft) and parts
do
Missiles, space vehicle systems, engines, propulsion units, and parts
mil. $..
Other related operations (conversions, modifications), products, services
mil. $..
Aircraft (complete):
Shipments..
do
Airframe weight
thous. lb_.
Exports, commercial.
_
mil. $..
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants), total
thous.
Domestic
do
Retail sales, total, not seasonally adj..
do...
Domestics A_ _
__
do...
ImportsA-.
"~do"]I
Total, seas, adjusted at annual rate t
.mil.
Domestics A t-do...
ImportsA t
do...
Retail inventories, end of mo., domestics: A
Not seasonally adjusted
...thous.
Seasonally adjusted!
"..do...
Inventory-retail sales ratio, domestics A tExports (BuCensus), assembled cars
thous.
To Canada
_ do
Imports (BuCensus), complete units..
do"""
From Canada, total
do
Registrations©, total new vehicles
do
Imports, incl. domestically sponsored._~"do".~_.
Trucks and buses:
Factory sales (from U.S. plants), total
thous..
Domestic
do
Retail sales, seasonally adjusted:*
Light-duty, up to 14,000 lbs. GVW
do
Medium-duty, 14,001-26,000 lbs. GVW do
Heavy-duty, 26,001 lbs. and over GVW__do___.
Retail inventories, end of period, seasonally adjusted*
thous..
Exports (BuCensus), assembled units
do....
Imports (BuCensus), including separate chassis
and bodies
thous..
Registrations©, new vehicles, excluding buses not
produced on truck chassis
thous..
Truck trailers and chassis, complete (excludes detachables), shipments
„
.number.
Vans
do....
Trailer bodies (detachable), sold separately _ do
Trailer chassis (detachable), sold separately do
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt cars and
cars for export):
Shipments
...number..
Equipment manufacturers
do
New orders
do
Equipment manufacturers
do
Unfilled orders, end of period
do
Equipment manufacturers
do
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
.thous..
Held for repairs, % of total owned
Capacity (carrying), total, end ofmo-.mil. tons..
Average per car
tons.
28,995
18,593
26,647
29,473
17,314
35,991
21,056
32,390
30,363
19,083
11,029
6,956
9,658
7,485
5,099
6,554
4,
5,692
7,588
4,950
9,719
5,309
8,967
8,537
5,185
35,038
22,168
15,389
3,503
39,682
22,121
17,321
3,558
39,682
22,121
17,321
3,558
38,668
23, 260
16,071
3,733
39,850
23,384
17,750
3,614
6,415
6,286
6,000
5,741
4,071
5,542
5,654
5,657
5,542
4,967. 6 4,646.8
60,480
50,314
i 3,207
395.4
3,961
295.6
431.6
4,037
223.0
529. 5
5,405
420.6
210.8
2,498
217.9
2,794
63.7
411.6
4,254
286.8
374.7
4,007
267.9
458.3
5,578
218.7
490.0
4,817
287.3
325.6
3,212
165.3
335. 7
3,578
176.6
403.7
3,813
170.6
8,498
7,838
690.8
628.6
868
731
138
9.6
7.8
1.8
766.1
701.5
840
721
119
9.8
8.1
1.7
732.7
679.1
807
695
112
11.3
9.7
1.6
675.7
625.8
811
666
144
11.0
9.1
1.9
953.1
871.5
1,084
896
189
12.2
10.3
1.9
815.5
741.5
1,029
822
207
11.8
9.4
2.5
868.3
794.0
1,054
834
220
11.5
8.9
2.5
951.4
885.4
111.7
920
198
11.7
9.6
2.1
679.5
645.2
913
731
182
10.9
8.7
2.2
505.4
473.5
931
727
204
11.5
9.4
2.1
738.9 2 870.*, 2 787.1
671.2
'829 '1,014
738
870
657
P144
'144
172
PIO.5
10.5 '11.0
8.4
9.1
8.6
P2.1
1.8
1.9
1,364
1,437
2.2
1,423
1,455
2.2
1,465
1,512
1.9
683.7
635.8
725
602
123
10.5
8.8
1.7
1,594
1,532
2.1
1,645
1,539
2.0
1,697
1,578
1.8
1,697
1,583
2.0
1,747
1,602
2.2
1,806
1,627
2.0
1,763
1, 751
2.4
1,563
1,668
2.1
1,609
1,718
2.4
6,713
6,073
8,640
7,053
1,587
10,110
8,611
1,498
1,419
1,460
2.6
1,465
1,512
2.1
1,629
1,683
2.2
1,709
1,718
2.4
58. 61. 70. 9,5
38.70
27.85
67.56
88.62
50.21
65.18
640.30
59.95
60.75
680.46
69.38
47.06
84.01
58. 61
49.42
32.35
23.39
60.08
79.98
40.56
550.81
49.53
54.55
44.33
573.47
56.88
39.32
74.33
225. 28
199.95
2,074.7 2,536.7 157.63 208.02 227.08 210. 59 201.76 259.60 246.25 240.46 265. 85 231. 57 210. 38
61.04
54.72
35.17
63.26
93.77
62.01
80.83
54.35
75.51
91.49
825.6
74.23
75.11
733.8
98.71
*8,262 * 9,752 « 797.0 < 762. 7 < 845.6 * 726.0 4 717. 2 s 826.2 5 916.7 51,007.3 >1,041.(3 31,005.0 51,018.0 3 912.5 3 859.1
3
137.8
3198.
6
3173.9
s
200.
8
s
198.
9
5
202.
9
*
110.
2
<
129.2
*
126.
8
3
149.3
<
130.3
<
124.5
< 1,501 < 1,447
s 175.9
2,979
2,734
208.3
191.4
242.4
222.3
243.3
221.5
251.8
230.9
261. 8
241.2
334.8
307.3
288.4
266.2
290.4
269.2
316.2
290.9
264.6
245.4
274.4
256.9
305.4 2 323. 9 2 286. 8
280.3
2,076. 0 2, 762.8
161.7
168.9
119.6
106.1
223.9
12.5
9.6
221.4
12.6
10.5
243.2
12.7
10.5
263.0
14.1
13.0
290.9
17.0
14.0
263.0
14.4
14.4
240.5
14.3
15.3
252.9
15.1
14.8
224.4
13.7
13.7
261.3
13.3
14.6
248.9
12.7
14.0
280.6
15.0
15.3
485.7
223.47
546.4
199. 63
535.2
14.98
549.3
14.67
551.4
18.26
563. 5
17.11
270.6
14.4
12.8
555. 5
14.99
508. 2
20.18
565. 3
15.46
585. 6
18.63
590.1
19.55
630.0
19.10
'676.5
15.48
089. 4
14.95
719.5
15. 68
466.28
812.83
56.21
67.54
64.09
67.27
68.54
77.55
75.56
68.94
64.49
52.53
58.75
2,272
2,003
< 2,397
< 3,058 < 252.6 * 240. 9 < 264. 2 « 235. 8 < 238.1 3 273. 6 5 290. 0 5 305.4 5 318. 0 3 298.4 s 313. 4
78,296
43,596
'8,072
2,936
105,401
61, 726
7,316
5,678
i 72,392
« 65,870
i 33,457
i 32,032
40,135
34,025
1,359
8.6
99.09
72.89
9,091
5,714
428
576
10,223
6,125
504
1,199
9,548
5,617
822
1,148
i 52,504 3,906
i 45, 618 3,434
i 36, 048 4,273
i 30, 546 4,073
23,415 26,549
18, 733 21,364
4,103
3,680
2,494
2,494
24,839
20,077
4,774
4,293
3,462
3,061
23,415
18,733
1,340
9.1
98.70
73.66
1,339
8.9
99.08
74.01
1,332
8.8
97.71
73.37
1,332
8.8
97.71
73.37
r
Revised.
v Preliminary.
1 Annual total includes revisions not distributed by
months. 3 Estimate of production, not factory sales. 3 Excludes 2 States. 4 Excludes
1 State. s Excludes 3 States.
tAnnual figures, "Apparel 1975," MA-23A(75)-l. Survey expanded and classification
changed; not comparable with data prior to 1974.
9Total includes backlog for nonrelated products and services and basic research.
. tSeas. adj. data (1971-74) in the Mar. 1976 SURVEY, p. 5, do not reflect end-digit revisions to
imports and total sales introduced in the Feb. 1977 SURVEY.
ADomestics include U.S.-type cars produced in the United States and Canada; imports
565. 2
4,741
434.5
8,756
5,552
625
1,565
11,145
7,057
746
1,447
3,401
3,344
3,048
2,852
4,291
3,548
3,891
3,448
24, 202 24,316
19,463 19,969
1,328
8.9
98.63
74.27
1,324
8.9
99.43
72.91
02.20
4
307.2
12,788
8,256
450
1,606
13,547
8,205
753
1,744
14,856
8,560
679
1,519
12,785 15,184 15,015
' 7, 343 ' 9, 598 9,460
605
'653
564
2,222
1,761
1,035
3,604
5,321
3,327
4,834
3,578
3,956
3 578 3,956
22', 642 22,703
18,782 19,120
4,982
4,459
6,334
6,234
24,082
20, 922
4,899
4,582
7,401
7,286
26,003
23,545
3,432
3,146
6,073
6,073
29,411
26,579
4.370
3,887
4,412
4,412
29,216
26,867
1,319
8.9
1,312
8.9
97.91
74.62
1,310
8.6
97.96
74.75
1,305
8.7
97.67
74.85
1,302
8.6
97.56
74.94
13,203
8,429
420
1,349
1,323
8.8
98.48
74.36
98.22
74.46
270.8
13.5
14. 5
282. 6
5,232 3,896
4,699 3,452
5,376 5,673
4,976 3,173
29,343 30,973
27,127 26, 701
1,299
8.7
97.46
75.05
1,294
8.7
97.19
75.13
cover foreign-type cars and captive imports, and exclude domestics produced in Canada.
©Courtesy of R. L. Polk & Co.; republication prohibited.
§ Excludes railroad-owned private refrigerator cars and private line cars.
*New series. Source: Motor Vehicle Manufacturers Assn. of the U.S. (seas, adjustment
by BEA). Reporting firms do not represent the entire industry. Motor coaches are not
covered. Sales include imports of U.S. manufacturers only (all other imports are not covered).
Units refer to complete vehicles and to chassis sold separately. Gross vehicle weight refers
to the weight of the vehicle with full load. Seasonally adjusted monthly data back to 1971
are available. aExcludes leisure-type; not strictly comparable with 1974.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate.
Domestic trade
1-7
8, 9
10,11
11-13
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
13-17
17-22
22-24
24,25
Industry:
Chemicals
and allied p
products
Chec
Electric
power and
l
d gas.
Food and kindred products; tobacco
Leather and products
25, 26
26
26
27-30
30
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
31
31-34
34-36
36,37
Rubber and rubber products.
Stone, clay, and glass products
Textile products
Transportation equipment
37
38
38-40
40
INDIVIDUAL SERIES
Advertising...
11,16
Aerospace vehicles
40
Agricultural loans
17
Air carrier operations
24
Air conditioners (room)
34
Aircraft and parts
7,40
Alcohol, denatured and ethyl
26
Alcoholic beverages
11,27
Aluminum
33
Apparel
1,4,8,9,11-16,40
Asphalt
35,36
Automobiles, etc
1,4-6,8,9,11,12,20,23,24,40
Banking
Barley. .
Battery shipments
Beef and veal
Beverages
Blast furnaces, steel mills
Bonds, issued, prices, sales, yields
Brass and bronate
Brick
Building and construction materials... .
Building costs
Building permits
Business incorporations (new), failures.
Business sales and inventories.
Butter
17,18
27
34
28
9,11, 22, 23,27
5-7
20,21
33
38
4,6,
7,11 ,31,38
10,11
10
7
5
27
. 28
Cattle and calves
Cement and concrete products
9, 11,38
9
Cereal and bakery products
13
Chain-store sales, firms with 11 or more stores. ..
27
Cheese
Chemicals.
4,6,9,14-16,20,23, 25,26
30
Cigarettes and cigars
9,38
Clay products
Coal
4,9,23, 34,35
23,29
Cocoa
23,29
Coffee
35
Coke
34
Combustion, atmosphere, heating equipment.....
Communication
2, 20,25
29
Confectionery, sales
Construction:
10
Contracts
10,11
Costs
Employment, unemployment, hours, earnings.. 13-16
1
Fixed investment, structures
10,11
Highways and roads
10
Housing starts
11
Materials output indexes
10
New construction put in place
18
Consumer credit.
1
Consumer expenditures
4
Consumer goods output, index
8
Consumer Price Index
33
Copper
27
Corn
8
Cost of living (see Consumer Price Index)
Cotton, raw and manufactures
8,9,22, 38,39
Cottonseed oil
30
Credit, short- and intermediate-term
18
Crops
3,8,27,28, 30,38
Crude oil
4,35
Currency in circulation
20
Dairy products
3,8,9,27
Debits, bank
17
Debt, U.S. Government
19
Deflators, GNP
2
Department stores, sales, inventories
12,13
Deposits, bank
17,20
Dishwashers
34
Disputes, industrial.
16
Distilled spirits.
27
Dividend payments, rates, and yields. . . . . . . 2,3, 20, 21
Drugstores, sales
12,13
3a
Earnings, weekly and hourly
15,16
Eating and drinking places
12,13
Eggs and poultry
3,8,9,29
Electric power
4,9,26
Electrical machinery and equipment
5-7,
9,14,15,20,23,24,34
Employee-hours, aggregate, and indexes
15
Employment
13, 14
Expenditures, U.S. Government
19
Explosives
26
Exports (see also individual commodities)
1,3,22-24
Failures, industrial and commercial
7
Farm income, marketings, and prices.
2,3,8,9
Farm wages
16
Fats and oils
9,23,29,30
Federal Government
finance
19
Federal Reserve banks, condition of
17
Federal Reserve member banks
17
Fertilizers
9,25
Fire losses
11
Fish
29
Flooring, hardwood
31
Flour, wheat
28
Food products
1,4,6,8,9,14-16,20,22,23,27-30
Foreclosures, real estate
11
Foreign trade (see also individual commod.)
22-24
Freight cars (equipment)
40
Fruits and vegetables
8,9
Fuel oil
35,36
Fuels
4,8,9,23, 34-36
Furnaces
34
Furniture
5,9,12-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product.
Gross national product, price deflators
Gross private domestic investment
Gypsum and products
4,9,26
1,35
38
26
19
8,9,22,27,28
12,13
1
2
1
9,38
12
Hardware stores
9,34
Heating equipment
Hides and skins
9,30
Highways and roads
10,11
Hogs
28
Home electronic equipment
9
Home Loan banks, outstanding advances
11
Home mortgages
11
Hosiery
40
Hotels and motor-hotels
25
Hours, average weekly
15
Housefurnishings
1,4, 5,8, ,11,12
Household appliances, radios, and television sets.
4,
8,9, 12,34
Housing starts and permits.
10
Imports (see also individual commodities). . . 1,3, 23, 24
Income, personal
2, 3
Income and employment tax receipts
19
Industrial production indexes:
By industry
4,5
By market grouping
4
Installment credit
13,18
Instruments and related products
5,6,14,15
Insurance, life
19
Interest and money rates
18
International transactions of the United States . . .
3
Inventories, manufacturers* and trade
5-7,11,12
Inventory-sales ratios
5
Iron and steel
5,9,11,20, 23,31,32
Labor advertising index, stoppages, turnover
Labor force
Lamb and mutton
16
13
28
Lead
33
Leather and products
4,9,14-16, 30
Life insurance.
19
Livestock
3,8, 9, 28
Loans, real estate, agricultural, bank (see also
Consumer credit)
11,17,18
Lubricants
35, 36
Lumber and products
5,9,11,12,14,15,20, 31
Machine tools
34
Machinery
5-7,9,14,15,20,23,24, 34
Mail order houses, sales
12
Manmade fibers and manufactures.
9,39
Manufacturers* sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, earnings
14-16
Manufacturing production indexes
4, 5
Margarine
29
Meat animals and meats
3,8,9,22, 23,28,29
Medical and personal care
8
Metals
4-7,9,14,15,20,22,23,31-33
Milk
27
Mining and minerals
2, 4,9,14-16,20
Monetary statistics
19, 20
Money supply
20
Mortgage applications, loans, rates
11,17-19
Motor carriers
24
Motor vehicles
1,4-6,8,9,11,20,23,40
National defense expenditures
1,19
National income and product
1,2
National parks, visits
25
Newsprint
23,37
New York Stock Exchange, selected data
21,22
Nonferrous metals
5-7,9,20,23,33
Noninstallment credit
18
Oats
Oils and fats
Orders, new and unfilled, manufacturers*
Ordnance
27
9,23,29,30
7
14,15
Paint and paint materials
Paper and products and pulp
9,26
4,6,
9,14-16,20,23,36,37
Parity ratio
8
Passenger cars.
1,4-6,8,9,11,12,20,23, 24,40
Passports issued
25
Personal consumption expenditures
1
Personal income
2, 3
Personal outlays
2
Petroleum and products
4, 6,
8,9,14,15,20,23,35,36
Pig iron
31, 32
Plant and equipment expenditures
2
Plastics and resin materials
26
Population
13
Pork
28,29
Poultry and eggs.
3,8, 9,29
Price deflators, implicit, GNP
2
Prices (see also individual commodities)
8,9
Printing and publishing
4,14-16
Private sector employment, hours, earnings
13-16
Profits, corporate
2,20
Public utilities
2,4,10, 20,21, 26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radio and television
4,11,34
Railroads
2,16,17,21,24,25,40
Ranges
34
Rayon and acetate
39
Real estate
11,17,19
Receipts, U.S. Government
19
Recreation
8
Refrigerators
34
Registrations (new vehicles)
40
Rent (housing)
8
Retail trade
5,7,12-16,18
Rice
28
Rubber and products (incl. plastics).
4,6,
9,14-16,23,37
Saving, personal
2
Savings deposits
17
Securities issued
20
Security markets
20-22
Services
1,8,14-16
Sheep and lambs
28
Shoes and other footwear
9,12,30
Silver
19
Soybean cake and meal and oil
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures
23,31,32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
21,22
Stone, clay, glass products
5, 6,9,14,15,20, 38
Sugar
23,29
Sulfur
25
Sulfuric acid
25
Superphosphate
25
Tea imports
29
Telephone and telegraph carriers
25
Television and radio
4,11,34
Textiles and products
4,6,9,14-16,20,23,38-40
Tin
33
Tires and inner tubes
9,12,13, 37
Tobacco and manufactures
, 4,6,8,14,15,30
Tractors.
34
Trade (retail and wholesale)
5,11,12,14-16
Transit lines, urban
24
Transportation
1,2,8,14-16,20-22,24, 25
Transportation equipment
5-7,14,15, 20,40
Travel
24,25
Truck trailers
40
Trucks (industrial and other)
34,40
Unemployment and insurance
13,17
U.S. Government bonds
17-21
U.S. Government
finance
19
U.S. International transactions
3
Utilities
2,4,8,10, 21,22,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans' unemployment insurance
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat
Wholesale Price Indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
flour
34
i i 15f SX
23,29,30
8,9
1•
2,3,15, 16
34
*J4
J
j>
~'^'ii *,* i ?
5,7,11,14-16
o Jg
*• 3 *
33
JNITED
STATES
VIENT PRINTING OFFIC
DOCUMENTS
DEPARTMENT
HINGTON, D.C. 2 0 4 0 2
GNP estimates within 21+ hours of official release—in the detail shown in the
"National Income and Product Tables" in the SURVEY OF CURRENT BUSINESS—
are available by Mailgram. This fast service is called NIPAGRAM (national
income and product accounts by Mailgram), and it delivers estimates on the 650
series shown in the 27 "National Income and Product Tables" in the SURVEY OF
CURRENT BUSINESS.
Annual subscription to NIPAGRAM costs $120 for the contiguous United
States and Hawaii, and $145 for Alaska and Canada.
Orders for NIPAGRAM should be addressed to the U.S. Department of
Commerce, National Technical Information Service, 5285 Port Royal Road,
Springfield, Va. 22161. Those who have a deposit account with NTIS or wish to
use American Express can place orders by telephone. The number is (703)
557-4630.
@FedFRASER